# EDGAR Filing Document

**Accession Number:** 0000934563
**File Stem:** 0001004726-25-002273
**Filing Date:** 2025-11
**Character Count:** 1342337
**Document Hash:** 7bae1a47c13aa30021ccf95a6d776d72
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-25-002273.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001004726-25-002273

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**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:** 251520670

**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 Institutional U.S. Equity Portfolio (Series ID: S000021773)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000062556 | The Institutional U.S. Equity Portfolio | HCIGX           |

## Nport-Ex

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

—

99.69%

Aerospace

&

Defense

—

1.75%

AeroVironment,

Inc.(a)

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

$

1,094

Ducommun,

Inc.(a)

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

5,461

General

Dynamics

Corp.

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

1,862

3,456

HEICO

Corp.

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

1,116

728

HEICO

Corp.,

Class

-

A

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

9,052

Kratos

Defense

&

Security

Solutions,

Inc.(a)

827

5,883

L3Harris

Technologies,

Inc.

..........

1,797

9,411

Lockheed

Martin

Corp.

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

4,698

Moog,

Inc.,

Class

-

A

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

2,258

Northrop

Grumman

Corp.

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

1,376

4,289

Rocket

Lab

Corp.(a)

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

67,703

RTX

Corp.

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

11,329

20,165

The

Boeing

Co.(a)

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

4,352

4,895

TransDigm

Group,

Inc.

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

6,452

34,420

Air

Freight

&

Logistics

—

0.17%

5,251

Expeditors

International

of

Washington,

Inc.

644

4,786

FedEx

Corp.

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

1,129

3,544

GXO

Logistics,

Inc.(a)

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

1,172

Hub

Group,

Inc.,

Class

-

A

...........

16,845

United

Parcel

Service,

Inc.,

Class

-

B

....

1,407

3,407

Automobile

Components

—

0.11%

12,225

Dana,

Inc.

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

554

Dorman

Products,

Inc.(a)

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

585

Gentex

Corp.

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

12,500

Lear

Corp.

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

1,257

1,395

Patrick

Industries,

Inc.

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

39,645

The

Goodyear

Tire

&

Rubber

Co.(a)

....

872

Visteon

Corp.

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

2,151

Automobiles

—

2.00%

71,725

Ford

Motor

Co.

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

858

86,193

Tesla,

Inc.(a)

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

38,332

39,190

Banks

—

3.41%

1,715

Ameris

Bancorp

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

1,712

Axos

Financial,

Inc.(a)

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

3,234

Banc

of

California,

Inc.

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

1,048

BancFirst

Corp.

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

236,345

Bank

of

America

Corp.

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

12,192

29,893

Bank

OZK

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

1,524

6,251

BankUnited,

Inc.

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

4,171

Beacon

Financial

Corp.

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

Byline

Bancorp,

Inc.

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

2,951

Cathay

General

Bancorp

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

7,844

Citigroup,

Inc.

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

796

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Banks

(continued)

22,580

Citizens

Financial

Group,

Inc.

.........

$

1,200

9,351

Columbia

Banking

System,

Inc.

.......

56,548

Comerica,

Inc.

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

3,874

722

Commerce

Bancshares,

Inc.

..........

1,092

Community

Financial

System,

Inc.

.....

1,095

Community

Trust

Bancorp,

Inc.

........

2,630

ConnectOne

Bancorp,

Inc.

...........

3,479

Cullen/Frost

Bankers,

Inc.

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

9,064

CVB

Financial

Corp.

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

32,941

East

West

Bancorp,

Inc.

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

3,506

688

Enterprise

Financial

Services

Corp.

.....

6,060

FB

Financial

Corp.

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

13,076

Fifth

Third

Bancorp

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

583

2,460

First

Bancorp

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

3,516

First

Busey

Corp.

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

591

First

Citizens

BancShares,

Inc.,

Class

-

A

.

1,057

3,478

First

Financial

Bancorp

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

6,815

First

Hawaiian,

Inc.

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

91,124

First

Horizon

Corp.

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

2,060

3,590

First

Merchants

Corp.

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

6,458

Fulton

Financial

Corp.

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

1,287

German

American

Bancorp,

Inc.

.......

561

Glacier

Bancorp,

Inc.

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

3,205

Hancock

Whitney

Corp.

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

868

Hilltop

Holdings,

Inc.

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

78,113

Huntington

Bancshares,

Inc.

..........

1,349

3,570

Independent

Bank

Corp.

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

International

Bancshares

Corp.

........

70,115

JPMorgan

Chase

&

Co.

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

22,115

1,193

Lakeland

Financial

Corp.

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

3,497

M&T

Bank

Corp.

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

691

18,862

Mechanics

Bancorp(a)

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

695

NBT

Bancorp,

Inc.

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

663

Nicolet

Bankshares,

Inc.

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

6,060

OceanFirst

Financial

Corp.

...........

3,649

OFG

Bancorp

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

2,194

Old

Second

Bancorp,

Inc.

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

1,149

Orrstown

Financial

Services,

Inc.

......

1,889

Pinnacle

Financial

Partners,

Inc.

.......

3,750

Provident

Bancorp,

Inc.(a)

...........

1,157

QCR

Holdings,

Inc.

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

106,556

Regions

Financial

Corp.

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

2,810

990

ServisFirst

Bancshares,

Inc.

..........

3,954

Simmons

First

National

Corp.,

Class

-

A

.

997

SOUTHSTATE

BANK

Corp.

.........

3,405

Sterling

Bancorp.,

Inc.(b)

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

—

1,311

Stock

Yards

Bancorp,

Inc.

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

34,305

Synovus

Financial

Corp.

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

1,684

510

Texas

Capital

Bancshares,

Inc.(a)

......

2,444

The

Bank

of

N.T.

Butterfield

&

Son

Ltd.

.

8,270

The

PNC

Financial

Services

Group,

Inc.

.

1,662

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Banks

(continued)

3,235

Towne

Bank

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

$

Triumph

Financial,

Inc.(a)

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

2,275

United

Bankshares,

Inc.

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

3,391

United

Community

Banks,

Inc.

........

2,044

Univest

Financial

Corp.

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

2,879

Veritex

Holdings,

Inc.

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

18,695

Wells

Fargo

&

Co.

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

1,567

7,014

WesBanco,

Inc.

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

16,779

Western

Alliance

Bancorp

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

1,455

623

Western

New

England

Bancorp,

Inc.

....

963

Wintrust

Financial

Corp.

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

1,135

WSFS

Financial

Corp.

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

10,848

Zions

Bancorp

NA

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

614

66,928

Beverages

—

1.11%

9,103

Brown-Forman

Corp.,

Class

-

B

.......

1,320

Celsius

Holdings,

Inc.(a)

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

2,846

Constellation

Brands,

Inc.,

Class

-

A

....

6,891

Keurig

Dr

Pepper,

Inc.

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

26,922

Monster

Beverage

Corp.(a)

...........

1,812

57,885

PepsiCo,

Inc.

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

8,129

6,267

Primo

Brands

Corp.

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

163,217

The

Coca-Cola

Co.

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

10,824

The

Vita

Coco

Co.,

Inc.(a)

...........

21,800

Biotechnology

—

1.69%

34,760

AbbVie,

Inc.

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

8,049

892

Agios

Pharmaceuticals,

Inc.(a)

........

665

Alkermes

PLC(a)

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

11,330

Alnylam

Pharmaceuticals,

Inc.(a)

......

5,167

25,106

Amgen,

Inc.

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

7,086

1,323

Anavex

Life

Sciences

Corp.^(a)

.......

1,190

Catalyst

Pharmaceuticals,

Inc.(a)

.......

1,049

Cytokinetics,

Inc.(a)

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

24,003

Design

Therapeutics,

Inc.^(a)

.........

3,633

Dynavax

Technologies

Corp.(a)

........

4,978

Halozyme

Therapeutics,

Inc.(a)

........

1,019

Insmed,

Inc.(a)

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

9,060

Kodiak

Sciences,

Inc.(a)

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

Krystal

Biotech,

Inc.(a)

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

3,976

MannKind

Corp.(a)

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

19,253

Moderna,

Inc.(a)

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

14,064

Natera,

Inc.(a)

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

2,264

800

Neurocrine

Biosciences,

Inc.(a)

........

6,995

Olema

Pharmaceuticals,

Inc.(a)

........

2,087

PDL

BioPharma,

Inc.(a)

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

1,755

PTC

Therapeutics,

Inc.(a)

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

2,019

Regeneron

Pharmaceuticals,

Inc.

.......

1,135

3,305

Revolution

Medicines,

Inc.(a)

.........

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Biotechnology

(continued)

745

Rhythm

Pharmaceuticals,

Inc.(a)

.......

$

2,137

Syndax

Pharmaceuticals,

Inc.(a)

.......

574

Twist

Bioscience

Corp.(a)

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

5,355

United

Therapeutics

Corp.(a)

.........

2,245

8,199

Vanda

Pharmaceuticals,

Inc.(a)

........

1,163

Veracyte,

Inc.(a)

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

1,839

Vericel

Corp.(a)

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

12,418

Vertex

Pharmaceuticals,

Inc.(a)

........

4,863

33,129

Broadline

Retail

—

3.92%

330,362

Amazon.com,

Inc.(a)

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

72,538

15,760

eBay,

Inc.

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

1,433

Etsy,

Inc.(a)

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

8,527

Macy's,

Inc.

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

928

MercadoLibre,

Inc.(a)

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

2,169

5,126

Ollie's

Bargain

Outlet

Holdings,

Inc.(a)

..

658

76,973

Building

Products

—

0.48%

10,045

A.O.

Smith

Corp.

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

737

1,948

Apogee

Enterprises,

Inc.

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

Armstrong

World

Industries,

Inc.

.......

2,770

AZZ,

Inc.

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

38,763

Carrier

Global

Corp.

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

2,315

Insteel

Industries,

Inc.

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

13,273

Johnson

Controls

International

PLC

.....

1,459

6,549

Masco

Corp.

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

9,049

Trane

Technologies

PLC

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

3,819

2,342

Zurn

Elkay

Water

Solutions

Corp.

......

9,384

Capital

Markets

—

3.16%

4,496

Affiliated

Managers

Group,

Inc.

.......

1,072

2,506

Ameriprise

Financial,

Inc.

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

1,231

2,656

Ares

Management

Corp.,

Class

-

A

.....

1,338

Artisan

Partners

Asset

Management,

Inc.,

Class

-

A

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

13,347

BGC

Group,

Inc.,

Class

-

A

...........

4,582

Blackrock,

Inc.

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

5,342

2,335

Cboe

Global

Markets,

Inc.

...........

573

7,911

CME

Group,

Inc.

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

2,137

979

Cohen

&

Steers,

Inc.

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

4,421

Coinbase

Global,

Inc.,

Class

-

A(a)

.....

1,492

1,203

FactSet

Research

Systems,

Inc.

........

3,056

Federated

Hermes,

Inc.

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

Hamilton

Lane,

Inc.,

Class

-

A

.........

Houlihan

Lokey,

Inc.

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

9,172

Interactive

Brokers

Group,

Inc.

........

631

5,643

Intercontinental

Exchange,

Inc.

........

951

140,122

Invesco

Ltd.

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

3,214

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Capital

Markets

(continued)

18,395

Janus

Henderson

Group

PLC

.........

$

819

17,093

Jefferies

Financial

Group,

Inc.

.........

1,118

9,493

KKR

&

Co.,

Inc.

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

1,234

1,384

LPL

Financial

Holdings,

Inc.

..........

MarketAxess

Holdings,

Inc.

..........

3,523

Millrose

Properties,

Inc.

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

Moelis

&

Co.,

Class

-

A

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

3,981

Moody's

Corp.

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

1,897

51,857

Morgan

Stanley

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

8,243

1,076

Morningstar,

Inc.

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

838

MSCI,

Inc.

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

1,887

Nasdaq,

Inc.

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

PJT

Partners,

Inc.,

Class

-

A

..........

36,398

Robinhood

Markets,

Inc.,

Class

-

A(a)

...

5,211

9,447

S&P

Global,

Inc.

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

4,598

7,695

State

Street

Corp.

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

893

1,512

Stifel

Financial

Corp.

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

924

StoneX

Group,

Inc.(a)

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

9,812

T. Rowe

Price

Group,

Inc.

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

1,007

41,953

The

Charles

Schwab

Corp.

...........

4,005

16,318

The

Goldman

Sachs

Group,

Inc.

.......

12,996

Virtus

Investment

Partners,

Inc.

........

9,720

WisdomTree,

Inc.

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

61,929

Chemicals

—

1.24%

10,894

Air

Products

and

Chemicals,

Inc.

.......

2,971

828

Avient

Corp.

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

4,923

Axalta

Coating

Systems

Ltd.(a)

........

695

Balchem

Corp.

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

Cabot

Corp.

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

43,514

CF

Industries

Holdings,

Inc.

..........

3,903

9,311

Corteva,

Inc.

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

630

9,217

Dow,

Inc.

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

13,063

DuPont

de

Nemours,

Inc.

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

1,018

25,632

Ecolab,

Inc.

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

7,019

4,020

FMC

Corp.

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

Hawkins,

Inc.

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

1,018

Innospec,

Inc.

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

7,628

Linde

PLC

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

3,623

35,802

LyondellBasell

Industries

N.V.,

Class

-

A

.

1,756

1,019

Minerals

Technologies,

Inc.

...........

NewMarket

Corp.

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

24,876

Olin

Corp.

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

622

1,544

Orion

SA

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

898

Sensient

Technologies

Corp.

..........

4,752

The

Sherwin-Williams

Co.

...........

1,645

24,245

Commercial

Services

&

Supplies

—

0.44%

2,075

ABM

Industries,

Inc.

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

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Commercial

Services

&

Supplies

(continued)

2,183

Brady

Corp.,

Class

-

A

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

$

1,307

Casella

Waste

Systems,

Inc.(a)

........

105,381

Copart,

Inc.(a)

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

4,739

5,910

CoreCivic,

Inc.(a)

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

3,253

HNI

Corp.

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

5,037

Quad/Graphics,

Inc.

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

1,577

RB

Global,

Inc.

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

1,270

Republic

Services,

Inc.

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

741

The

Brink's

Co.

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

1,472

The

GEO

Group,

Inc.(a)

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

5,073

Veralto

Corp.

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

541

9,682

Waste

Management,

Inc.

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

2,138

8,691

Communications

Equipment

—

1.05%

19,104

Arista

Networks,

Inc.(a)

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

2,784

216,571

Cisco

Systems,

Inc.

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

14,817

673

Clearfield,

Inc.(a)

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

825

F5,

Inc.(a)

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

6,088

Motorola

Solutions,

Inc.

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

2,784

20,675

Construction

&

Engineering

—

0.06%

5,983

AECOM

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

781

Comfort

Systems

USA,

Inc.

..........

2,153

Fluor

Corp.(a)

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

MYR

Group,

Inc.(a)

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

2,938

WillScot

Holdings

Corp.

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

1,219

Construction

Materials

—

0.08%

1,351

Martin

Marietta

Materials,

Inc.

........

852

2,578

Vulcan

Materials

Co.

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

793

1,645

Consumer

Finance

—

0.82%

20,855

American

Express

Co.

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

6,927

26,557

Capital

One

Financial

Corp.

..........

5,645

2,878

Consumer

Portfolio

Services,

Inc.(a)

....

Credit

Acceptance

Corp.(a)

...........

3,434

LendingClub

Corp.(a)

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

875

Navient

Corp.

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

Nelnet,

Inc.,

Class

-

A

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

14,450

OneMain

Holdings,

Inc.

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

816

90,466

SLM

Corp.

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

2,504

16,066

Consumer

Staples

Distribution

&

Retail

—

1.92%

16,536

Costco

Wholesale

Corp.

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

15,307

5,123

Dollar

Tree,

Inc.(a)

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

828

Performance

Food

Group

Co.(a)

.......

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Consumer

Staples

Distribution

&

Retail

(continued)

PriceSmart,

Inc.

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

$

18,118

Sysco

Corp.

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

1,492

17,745

Target

Corp.

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

1,592

9,040

The

Kroger

Co.

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

609

175,950

Walmart,

Inc.

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

18,134

714

Weis

Markets,

Inc.

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

37,778

Containers

&

Packaging

—

0.18%

2,235

AptarGroup,

Inc.

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

774

Avery

Dennison

Corp.

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

22,939

Ball

Corp.

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

1,156

2,133

Graphic

Packaging

Holding

Co.

.......

10,608

International

Paper

Co.

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

2,891

Packaging

Corp.

of

America

..........

630

17,292

Silgan

Holdings,

Inc.

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

743

2,452

Sonoco

Products

Co.

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

3,594

Distributors

—

0.05%

6,793

Genuine

Parts

Co.

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

942

Pool

Corp.

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

1,060

Diversified

Consumer

Services

—

0.04%

Duolingo,

Inc.(a)

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

7,498

H&R

Block,

Inc.

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

4,824

Service

Corp.

International

...........

Stride,

Inc.(a)

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

869

Diversified

REITs

—

0.02%

4,168

Alexander

&

Baldwin,

Inc.

...........

7,907

Broadstone

Net

Lease,

Inc.

...........

1,323

Essential

Properties

Realty

Trust,

Inc.

...

3,709

Gladstone

Commercial

Corp.

.........

711

One

Liberty

Properties,

Inc.

..........

Diversified

Telecommunication

Services

—

0.71%

383,861

AT&T,

Inc.

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

10,841

2,728

EchoStar

Corp.,

Class

-

A(a)

..........

19,117

Frontier

Communications

Parent,

Inc.(a)

.

714

8,770

GCI

Liberty,

Inc.(a)(b)

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

—

Iridium

Communications,

Inc.

.........

48,780

Verizon

Communications,

Inc.

.........

2,144

13,911

Electric

Utilities

—

1.36%

1,915

ALLETE,

Inc.

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

1,604

Alliant

Energy

Corp.

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

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Electric

Utilities

(continued)

30,034

American

Electric

Power

Co.,

Inc.

......

$

3,379

3,035

Constellation

Energy

Corp.

...........

999

7,685

Duke

Energy

Corp.

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

951

17,710

Edison

International

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

979

47,734

Evergy,

Inc.

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

3,629

9,106

Exelon

Corp.

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

60,365

FirstEnergy

Corp.

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

2,766

MGE

Energy,

Inc.

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

39,736

NextEra

Energy,

Inc.

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

3,000

36,550

NRG

Energy,

Inc.

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

5,919

12,422

OGE

Energy

Corp.

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

575

846

Otter

Tail

Corp.

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

Portland

General

Electric

Co.

.........

32,159

The

Southern

Co.

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

3,048

9,169

Xcel

Energy,

Inc.

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

739

26,738

Electrical

Equipment

—

0.78%

8,507

AMETEK,

Inc.

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

1,599

4,130

Bloom

Energy

Corp.,

Class

-

A(a)

......

12,355

Eaton

Corp.

PLC

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

4,624

29,952

Emerson

Electric

Co.

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

3,929

2,360

EnerSys

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

4,901

GE

Vernova,

Inc.

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

3,014

1,210

Hubbell,

Inc.

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

521

4,506

Regal

Rexnord

Corp.

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

646

931

Rockwell

Automation,

Inc.

...........

15,274

Electronic

Equipment,

Instruments

&

Components

—

0.29%

809

Advanced

Energy

Industries,

Inc.

......

24,420

Amphenol

Corp.,

Class

-

A

...........

3,022

1,155

Arlo

Technologies,

Inc.(a)

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

521

Badger

Meter,

Inc.

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

544

Belden,

Inc.

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

824

ePlus,

Inc.

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

Flex

Ltd.(a)

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

548

IPG

Photonics

Corp.(a)

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

1,575

Jabil,

Inc.

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

8,929

Keysight

Technologies,

Inc.(a)

........

1,562

Novanta,

Inc.(a)

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

1,841

PC

Connection,

Inc.

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

Plexus

Corp.(a)

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

Sanmina

Corp.(a)

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

TD

SYNNEX

Corp.

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

1,116

TTM

Technologies,

Inc.(a)

...........

2,343

Vontier

Corp.

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

Zebra

Technologies

Corp.(a)

..........

5,772

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Energy

Equipment

&

Services

—

0.21%

7,609

Archrock,

Inc.

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

$

Cactus,

Inc.,

Class

-

A

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

26,930

Halliburton

Co.

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

662

747

Kodiak

Gas

Services,

Inc.

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

5,195

Liberty

Energy,

Inc.

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

40,389

Patterson-UTI

Energy,

Inc.

...........

45,535

Schlumberger

N.V.

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

1,566

11,270

Solaris

Energy

Infrastructure,

Inc.

......

21,429

TechnipFMC

PLC

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

846

4,043

Entertainment

—

1.33%

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)

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

1,553

15,388

Netflix,

Inc.(a)

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

18,449

18,260

ROBLOX

Corp.,

Class

-

A(a)

.........

2,529

28,569

The

Walt

Disney

Co.

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

3,271

26,021

Financial

Services

—

3.52%

8,213

Apollo

Global

Management,

Inc.

.......

1,095

23,967

AvidXchange

Holdings,

Inc.(a)

........

861

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

-

E

..........

42,603

Berkshire

Hathaway,

Inc.,

Class

-

B(a)

...

21,419

49,585

Equitable

Holdings,

Inc.

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

2,518

2,141

EVERTEC,

Inc.

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

Federal

Agricultural

Mortgage

Corp.,

Class

-

C

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

4,072

Fiserv,

Inc.(a)

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

525

9,518

Global

Payments,

Inc.

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

791

708

I3

Verticals,

Inc.,

Class

-

A(a)

.........

1,852

Jack

Henry

&

Associates,

Inc.

.........

28,125

Mastercard,

Inc.,

Class

-

A

...........

15,998

MGIC

Investment

Corp.

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

2,840

Payoneer

Global,

Inc.(a)

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

34,688

PayPal

Holdings,

Inc.(a)

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

2,326

62,050

Visa,

Inc.,

Class

-

A

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

21,183

31,527

Voya

Financial,

Inc.

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

2,358

1,294

Walker

&

Dunlop,

Inc.

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

WEX,

Inc.(a)

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

69,048

Food

Products

—

0.44%

13,782

Archer-Daniels-Midland

Co.

..........

823

Cal-Maine

Foods,

Inc.

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

1,587

Darling

Ingredients,

Inc.(a)

...........

Freshpet,

Inc.(a)

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

12,760

General

Mills,

Inc.

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

643

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Food

Products

(continued)

7,674

Hormel

Foods

Corp.

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

$

682

J

&

J

Snack

Foods

Corp.

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

10,284

Kellanova

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

843

Lamb

Weston

Holdings,

Inc.

..........

5,092

McCormick

&

Co.,

Inc.

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

65,720

Mondelez

International,

Inc.,

Class

-

A

...

4,105

1,277

Post

Holdings,

Inc.(a)

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

3,009

The

Hershey

Co.

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

563

2,332

The

J.M.

Smucker

Co.

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

13,887

The

Kraft

Heinz

Co.

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

1,116

The

Simply

Good

Foods

Co.(a)

........

1,675

Tootsie

Roll

Industries,

Inc.

...........

8,544

Gas

Utilities

—

0.19%

808

Atmos

Energy

Corp.

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

1,491

Brookfield

Infrastructure

Corp.

........

Chesapeake

Utilities

Corp.

...........

33,223

National

Fuel

Gas

Co.

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

3,069

New

Jersey

Resources

Corp.

..........

3,451

ONE

Gas,

Inc.

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

1,094

Southwest

Gas

Holdings,

Inc.

.........

2,134

UGI

Corp.

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

3,785

Ground

Transportation

—

1.17%

128,274

CSX

Corp.

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

4,555

5,345

Norfolk

Southern

Corp.

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

1,606

3,682

Old

Dominion

Freight

Line,

Inc.

.......

518

62,802

Uber

Technologies,

Inc.(a)

...........

6,153

42,704

Union

Pacific

Corp.

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

10,094

22,926

Health

Care

Equipment

&

Supplies

—

1.81%

82,859

Abbott

Laboratories

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

11,099

10,657

Baxter

International,

Inc.

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

4,799

Becton

Dickinson

&

Co.

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

898

10,892

Boston

Scientific

Corp.(a)

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

1,063

4,886

Dexcom,

Inc.(a)

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

15,552

Edwards

Lifesciences

Corp.(a)

........

1,209

960

Embecta

Corp.

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

6,535

GE

HealthCare

Technologies,

Inc.

......

698

Glaukos

Corp.(a)

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

Haemonetics

Corp.(a)

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

9,518

ICU

Medical,

Inc.(a)

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

1,142

4,343

IDEXX

Laboratories,

Inc.(a)

..........

2,775

883

Inspire

Medical

Systems,

Inc.(a)

.......

Integer

Holdings

Corp.(a)

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

19,494

Intuitive

Surgical,

Inc.(a)

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

8,718

933

iRhythm

Technologies,

Inc.(a)

.........

511

Lantheus

Holdings,

Inc.(a)

...........

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Health

Care

Equipment

&

Supplies

(continued)

LeMaitre

Vascular,

Inc.

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

$

Medtronic

PLC

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

4,151

Merit

Medical

Systems,

Inc.(a)

........

26,890

Novocure

Ltd.(a)

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

1,347

Omnicell,

Inc.(a)

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

1,434

Penumbra,

Inc.(a)

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

4,072

ResMed,

Inc.

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

1,115

1,498

STERIS

PLC

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

9,642

Stryker

Corp.

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

3,564

19,385

Tactile

Systems

Technology,

Inc.(a)

.....

2,516

The

Cooper

Cos.,

Inc.(a)

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

693

TransMedics

Group,

Inc.(a)

...........

3,346

Zimmer

Biomet

Holdings,

Inc.

........

7,594

Zimvie,

Inc.(a)

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

35,529

Health

Care

Providers

&

Services

—

1.63%

Addus

HomeCare

Corp.(a)

...........

3,127

Cencora,

Inc.

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

977

Chemed

Corp.

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

1,113

Concentra

Group

Holdings

Parent,

Inc.

..

CorVel

Corp.(a)

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

22,394

CVS

Health

Corp.

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

1,688

9,467

Elevance

Health,

Inc.

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

3,059

Encompass

Health

Corp.

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

4,756

HCA

Healthcare,

Inc.

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

2,027

3,283

Henry

Schein,

Inc.(a)

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

4,083

Labcorp

Holdings,

Inc.

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

1,172

8,667

McKesson

Corp.

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

6,696

992

Molina

Healthcare,

Inc.(a)

...........

717

National

HealthCare

Corp.

...........

1,478

Owens

&

Minor,

Inc.(a)

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

10,773

Quest

Diagnostics,

Inc.

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

2,053

1,380

Select

Medical

Holdings

Corp.

........

3,135

Solventum

Corp.(a)

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

1,068

Surgery

Partners,

Inc.(a)

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

11,241

The

Cigna

Group

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

3,240

The

Ensign

Group,

Inc.

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

29,483

UnitedHealth

Group,

Inc.

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

10,180

31,988

Health

Care

REITs

—

0.46%

8,558

CareTrust

REIT,

Inc.

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

174,195

Healthcare

Realty

Trust,

Inc.

..........

3,140

686

National

Health

Investors,

Inc.

........

36,358

Omega

Healthcare

Investors,

Inc.

......

1,535

6,550

Sabra

Health

Care

REIT,

Inc.

.........

40,605

Ventas,

Inc.

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

2,842

5,701

Welltower,

Inc.

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

1,016

9,007

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Health

Care

Technology

—

0.23%

1,615

Phreesia,

Inc.(a)

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

$

9,828

Schrodinger,

Inc.(a)

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

14,457

Veeva

Systems,

Inc.,

Class

-

A(a)

.......

4,307

4,542

Hotel

&

Resort

REITs

—

0.01%

9,262

DiamondRock

Hospitality

Co.

.........

1,766

Ryman

Hospitality

Properties,

Inc.

......

Hotels,

Restaurants

&

Leisure

—

1.77%

5,277

Airbnb,

Inc.,

Class

-

A(a)

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

641

BJ's

Restaurants,

Inc.(a)

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

1,179

Booking

Holdings,

Inc.

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

6,366

3,538

Boyd

Gaming

Corp.

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

31,802

Carnival

Corp.(a)

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

919

28,900

Chipotle

Mexican

Grill,

Inc.(a)

........

1,133

1,046

Choice

Hotels

International,

Inc.

.......

2,249

Darden

Restaurants,

Inc.

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

1,221

Dave

&

Buster's

Entertainment,

Inc.(a)

..

3,779

DoorDash,

Inc.,

Class

-

A(a)

..........

1,028

23,594

DraftKings,

Inc.(a)

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

882

1,218

Hilton

Grand

Vacations,

Inc.(a)

........

Hilton

Worldwide

Holdings,

Inc.

.......

3,826

Hyatt

Hotels

Corp.,

Class

-

A

.........

543

3,896

Lindblad

Expeditions

Holdings,

Inc.(a)

..

13,101

Marriott

International,

Inc.,

Class

-

A

....

3,412

20,166

McDonald's

Corp.

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

6,128

Monarch

Casino

&

Resort,

Inc.

........

50,929

Norwegian

Cruise

Line

Holdings

Ltd.(a)

.

1,254

3,005

Planet

Fitness,

Inc.,

Class

-

A(a)

.......

16,947

Royal

Caribbean

Cruises

Ltd.

.........

5,484

64,141

Starbucks

Corp.

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

5,426

5,395

Super

Group

SGHC

Ltd.

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

581

Texas

Roadhouse,

Inc.

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

34,731

Household

Durables

—

0.25%

Cavco

Industries,

Inc.(a)

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

1,030

Champion

Homes,

Inc.(a)

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

3,443

D.R.

Horton,

Inc.

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

583

4,095

Dream

Finders

Homes,

Inc.,

Class

-

A(a)

.

5,591

Garmin

Ltd.

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

1,376

891

Hamilton

Beach

Brands

Holding

Co.,

Class

-

A

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

705

Legacy

Housing

Corp.(a)

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

6,964

Lennar

Corp.,

Class

-

A

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

878

Lennar

Corp.,

Class

-

B

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

4,132

PulteGroup,

Inc.

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

546

8,005

Toll

Brothers,

Inc.

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

1,106

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Household

Durables

(continued)

2,166

Tri

Pointe

Homes,

Inc.(a)

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

$

4,907

Household

Products

—

0.97%

1,892

Central

Garden

&

Pet

Co.(a)

..........

1,710

Central

Garden

&

Pet

Co.,

Class

-

A(a)

..

6,339

Church

&

Dwight

Co.,

Inc.

...........

555

9,514

Colgate-Palmolive

Co.

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

761

23,369

Kimberly-Clark

Corp.

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

2,906

3,754

The

Clorox

Co.

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

92,793

The

Procter

&

Gamble

Co.

...........

14,258

19,055

Independent

Power

and

Renewable

Electricity

Producers

—

0.36%

1,499

Clearway

Energy,

Inc.,

Class

-

C

.......

35,390

Vistra

Corp.

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

6,934

6,976

Industrial

Conglomerates

—

0.71%

12,543

3M

Co.

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

1,946

1,120

Brookfield

Business

Corp.,

Class

-

A

....

19,608

General

Electric

Co.

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

5,898

28,328

Honeywell

International,

Inc.

.........

5,963

13,845

Industrial

REITs

—

0.14%

1,133

EastGroup

Properties,

Inc.

...........

875

Innovative

Industrial

Properties,

Inc.

....

20,968

Prologis,

Inc.

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

2,400

2,707

STAG

Industrial,

Inc.

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

2,735

Insurance

—

2.12%

33,180

Aflac,

Inc.

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

3,706

8,552

Aon

PLC,

Class

-

A

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

3,049

1,831

Arthur

J. Gallagher

&

Co.

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

567

1,195

Assurant,

Inc.

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

36,463

Axis

Capital

Holdings

Ltd.

...........

3,493

1,709

Brown

&

Brown,

Inc.

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

11,297

Chubb

Ltd.

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

3,189

3,252

Cincinnati

Financial

Corp.

...........

514

Everest

Group

Ltd.

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

52,976

Fidelity

National

Financial,

Inc.

.......

3,205

3,462

Goosehead

Insurance,

Inc.,

Class

-

A

....

3,604

Horace

Mann

Educators

Corp.

.........

43,476

Lincoln

National

Corp.

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

1,753

14,422

Marsh

&

McLennan

Cos.,

Inc.

........

2,906

26,353

MetLife,

Inc.

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

2,171

7,077

Old

Republic

International

Corp.

.......

22,534

Principal

Financial

Group,

Inc.

........

1,868

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Insurance

(continued)

11,007

Prudential

Financial,

Inc.

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

$

1,142

7,591

Reinsurance

Group

of

America,

Inc.

....

1,458

3,014

RenaissanceRe

Holdings

Ltd.

.........

765

Selective

Insurance

Group,

Inc.

........

3,408

Stewart

Information

Services

Corp.

.....

26,534

The

Allstate

Corp.

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

5,696

8,510

The

Progressive

Corp.

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

2,102

6,974

The

Travelers

Cos.,

Inc.

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

1,947

621

Trupanion,

Inc.(a)

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

9,301

W.R.

Berkley

Corp.

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

713

41,704

Interactive

Media

&

Services

—

7.40%

182,337

Alphabet,

Inc.,

Class

-

A

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

44,326

190,025

Alphabet,

Inc.,

Class

-

C

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

46,281

1,296

Cargurus,

Inc.(a)

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

1,412

Match

Group,

Inc.

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

73,862

Meta

Platforms,

Inc.,

Class

-

A

........

54,244

6,760

Yelp,

Inc.(a)

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

145,160

IT

Services

—

0.81%

15,185

Accenture

PLC,

Class

-

A

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

3,745

3,168

Akamai

Technologies,

Inc.(a)

.........

4,094

Cognizant

Technology

Solutions

Corp.,

Class

-

A

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

1,369

DigitalOcean

Holdings,

Inc.(a)

........

8,471

EPAM

Systems,

Inc.(a)

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

1,277

13,957

GoDaddy,

Inc.,

Class

-

A(a)

...........

1,910

15,429

International

Business

Machines

Corp.

...

4,352

32,062

Okta,

Inc.(a)

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

2,940

The

Hackett

Group,

Inc.

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

4,247

VeriSign,

Inc.

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

1,187

15,976

Leisure

Products

—

0.02%

American

Outdoor

Brands,

Inc.(a)

......

MasterCraft

Boat

Holdings,

Inc.(a)

.....

14,953

Mattel,

Inc.(a)

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

1,298

Smith

&

Wesson

Brands,

Inc.

.........

1,461

YETI

Holdings,

Inc.(a)

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

Life

Sciences

Tools

&

Services

—

0.82%

4,371

Agilent

Technologies,

Inc.

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

561

4,564

Bio-Techne

Corp.

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

1,836

Bruker

Corp.

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

15,219

Danaher

Corp.

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

3,017

710

IQVIA

Holdings,

Inc.(a)

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

599

Medpace

Holdings,

Inc.(a)

...........

3,554

Mettler-Toledo

International,

Inc.(a)

....

4,363

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Life

Sciences

Tools

&

Services

(continued)

2,205

QIAGEN

N.V.

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

$

Repligen

Corp.(a)

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

724

Revvity,

Inc.

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

13,024

Thermo

Fisher

Scientific,

Inc.

.........

6,316

3,017

Waters

Corp.(a)

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

905

16,147

Machinery

—

1.77%

11,054

AGCO

Corp.

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

1,184

Albany

International

Corp.

...........

21,751

Caterpillar,

Inc.

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

10,378

5,428

Cummins,

Inc.

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

2,293

4,840

Deere

&

Co.

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

2,213

Donaldson

Co.,

Inc.

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

8,121

Dover

Corp.

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

1,355

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.

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

2,153

13,883

Ingersoll

Rand,

Inc.

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

1,147

2,518

ITT,

Inc.

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

819

JBT

Marel

Corp.

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

Mueller

Industries,

Inc.

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

16,478

Mueller

Water

Products,

Inc.,

Class

-

A

..

1,750

Nordson

Corp.

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

17,109

Oshkosh

Corp.

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

2,219

16,233

Otis

Worldwide

Corp.

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

1,484

1,693

Parker-Hannifin

Corp.

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

1,284

RBC

Bearings,

Inc.(a)

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

2,067

Terex

Corp.

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

2,085

The

Greenbrier

Cos.,

Inc.

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

11,372

The

Middleby

Corp.(a)

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

1,512

2,490

The

Timken

Co.

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

927

The

Toro

Co.

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

16,476

Westinghouse

Air

Brake

Technologies

Corp.

3,303

4,923

Xylem,

Inc.

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

726

34,705

Marine

Transportation

—

0.01%

2,101

Kirby

Corp.(a)

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

Media

—

0.27%

84,982

Comcast

Corp.,

Class

-

A

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

2,670

4,889

Fox

Corp.,

Class

-

A

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

8,724

Omnicom

Group,

Inc.

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

711

1,952

Ralliant

Corp.

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

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Media

(continued)

2,249

TEGNA,

Inc.

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

$

31,882

The

Interpublic

Group

of

Cos.,

Inc.

.....

890

13,683

The

Trade

Desk,

Inc.,

Class

-

A(a)

......

671

5,381

Metals

&

Mining

—

0.20%

6,655

ATI,

Inc.(a)

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

541

5,219

Coeur

Mining,

Inc.(a)

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

9,750

Hecla

Mining

Co.

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

19,223

Newmont

Corp.

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

1,620

8,225

Nucor

Corp.

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

1,114

2,916

Ryerson

Holding

Corp.

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

1,912

Steel

Dynamics,

Inc.

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

Warrior

Met

Coal,

Inc.

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

1,868

Worthington

Steel,

Inc.

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

3,891

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.14%

1,691

Dynex

Capital,

Inc.

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

198,350

Rithm

Capital

Corp.

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

2,259

20,515

Starwood

Property

Trust,

Inc.

.........

2,677

Multi-Utilities

—

0.64%

2,674

Ameren

Corp.

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

5,156

Black

Hills

Corp.

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

84,210

CenterPoint

Energy,

Inc.

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

3,266

1,937

CMS

Energy

Corp.

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

1,642

Consolidated

Edison,

Inc.

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

1,144

Dominion

Energy,

Inc.

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

16,840

DTE

Energy

Co.

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

2,382

72,854

NiSource,

Inc.

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

3,155

5,865

Public

Service

Enterprise

Group,

Inc.

....

1,902

Sempra

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

847

Unitil

Corp.

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

17,371

WEC

Energy

Group,

Inc.

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

1,991

12,469

Office

REITs

—

0.01%

2,446

COPT

Defense

Properties

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

5,145

Douglas

Emmett,

Inc.

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

7,836

Piedmont

Realty

Trust,

Inc.

...........

SL

Green

Realty

Corp.

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

Oil,

Gas

&

Consumable

Fuels

—

2.80%

74,539

Antero

Midstream

Corp.

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

1,449

3,497

Antero

Resources

Corp.(a)

...........

7,263

Cheniere

Energy,

Inc.

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

1,707

37,268

Chevron

Corp.

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

5,787

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

8,222

CNX

Resources

Corp.(a)

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

$

23,646

Comstock

Resources,

Inc.(a)

..........

58,661

ConocoPhillips

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

5,549

1,055

Core

Natural

Resources,

Inc.

..........

63,641

Coterra

Energy,

Inc.

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

1,505

110,190

Devon

Energy

Corp.

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

3,863

8,419

DT

Midstream,

Inc.

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

952

3,995

EOG

Resources,

Inc.

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

30,723

EQT

Corp.

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

1,672

3,921

Excelerate

Energy,

Inc.,

Class

-

A

......

2,366

Expand

Energy

Corp.

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

84,146

Exxon

Mobil

Corp.

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

9,488

161,493

Kinder

Morgan,

Inc.

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

4,572

4,980

Kinetik

Holdings,

Inc.

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

11,538

Marathon

Petroleum

Corp.

...........

2,224

Matador

Resources

Co.

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

13,648

Navigator

Holdings

Ltd.

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

26,124

Occidental

Petroleum

Corp.

..........

1,234

20,345

ONEOK,

Inc.

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

1,485

3,747

Ovintiv,

Inc.

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

14,968

Permian

Resources

Corp.

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

REX

American

Resources

Corp.(a)

.....

SM

Energy

Co.

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

29,205

Targa

Resources

Corp.

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

4,893

90,324

The

Williams

Cos.,

Inc.

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

5,722

2,242

Valero

Energy

Corp.

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

55,019

Paper

&

Forest

Products

—

0.00%

1,680

Sylvamo

Corp.

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

Passenger

Airlines

—

0.09%

10,129

Alaska

Air

Group,

Inc.(a)

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

504

2,097

Copa

Holdings

SA,

Class

-

A

..........

18,665

Delta

Air

Lines,

Inc.

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

1,060

8,991

Strata

Critical

Medical,

Inc.(a)

........

1,858

Personal

Care

Products

—

0.03%

853

Interparfums,

Inc.

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

4,797

The

Estee

Lauder

Cos.,

Inc.

..........

507

Pharmaceuticals

—

2.89%

ANI

Pharmaceuticals,

Inc.(a)

.........

876

Axsome

Therapeutics,

Inc.(a)

.........

1,709

Collegium

Pharmaceutical,

Inc.(a)

......

551

Corcept

Therapeutics,

Inc.(a)

.........

29,532

Eli

Lilly

&

Co.

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

22,533

109,630

Johnson

&

Johnson

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

20,328

114,005

Merck

&

Co.,

Inc.

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

9,568

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Pharmaceuticals

(continued)

28,116

Novo

Nordisk

A/S,

ADR

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

$

1,560

64,849

Pfizer,

Inc.

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

1,652

1,583

Prestige

Consumer

Healthcare,

Inc.(a)

...

803

Supernus

Pharmaceuticals,

Inc.(a)

......

4,740

Zoetis,

Inc.

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

694

56,710

Professional

Services

—

0.83%

760

Amentum

Holdings,

Inc.(a)

...........

917

ASGN,

Inc.(a)

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

3,150

Asure

Software,

Inc.(a)

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

28,761

Automatic

Data

Processing,

Inc.

.......

8,441

2,812

Barrett

Business

Services,

Inc.

........

Booz

Allen

Hamilton

Holding

Corp.

....

1,815

CBIZ,

Inc.(a)

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

Concentrix

Corp.

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

3,434

Equifax,

Inc.

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

881

2,570

ExlService

Holdings,

Inc.(a)

..........

Huron

Consulting

Group,

Inc.(a)

.......

717

Jacobs

Solutions,

Inc.

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

3,378

KBR,

Inc.

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

1,998

Korn

Ferry

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

1,829

Leidos

Holdings,

Inc.

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

979

Maximus,

Inc.

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

6,910

Paychex,

Inc.

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

876

8,321

Paycom

Software,

Inc.

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

1,732

1,018

Science

Applications

International

Corp.

.

1,391

SS&C

Technologies

Holdings,

Inc.

.....

1,649

Upwork,

Inc.(a)

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

10,910

Verisk

Analytics,

Inc.

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

2,744

16,232

Real

Estate

Management

&

Development

—

0.21%

2,963

CBRE

Group,

Inc.,

Class

-

A(a)

........

30,060

CoStar

Group,

Inc.(a)

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

2,536

4,563

Howard

Hughes

Holdings,

Inc.(a)

......

2,009

Jones

Lang

LaSalle,

Inc.(a)

...........

599

3,583

Newmark

Group,

Inc.,

Class

-

A

.......

4,044

Residential

REITs

—

0.14%

3,688

American

Homes

Rent,

Class

-

A

.....

2,230

Apartment

Investment

and

Management

Co.

7,024

Camden

Property

Trust

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

749

1,553

Elme

Communities

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

3,730

Equity

LifeStyle

Properties,

Inc.

.......

507

Essex

Property

Trust,

Inc.

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

4,659

Independence

Realty

Trust,

Inc.

........

10,627

Invitation

Homes,

Inc.

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

2,029

Mid-America

Apartment

Communities,

Inc.

5,761

NexPoint

Residential

Trust,

Inc.

.......

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Residential

REITs

(continued)

1,913

Sun

Communities,

Inc.

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

$

4,609

UDR,

Inc.

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

3,691

UMH

Properties,

Inc.

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

3,365

Veris

Residential,

Inc.

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

2,660

Retail

REITs

—

0.16%

27,975

Brixmor

Property

Group,

Inc.

.........

774

1,385

Federal

Realty

Investment

Trust

.......

533

Getty

Realty

Corp.

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

4,895

InvenTrust

Properties

Corp.

..........

3,897

Kite

Realty

Group

Trust

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

17,542

Realty

Income

Corp.

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

1,067

43,161

The

Macerich

Co.

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

786

3,762

Urban

Edge

Properties

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

3,085

Semiconductors

&

Semiconductor

Equipment

—

13.53%

73,066

Advanced

Micro

Devices,

Inc.(a)

.......

11,821

Alpha

&

Omega

Semiconductor

Ltd.(a)

..

3,622

Amkor

Technology,

Inc.

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

15,994

Analog

Devices,

Inc.

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

3,930

27,360

Applied

Materials,

Inc.

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

5,602

152,741

Broadcom,

Inc.

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

50,390

Cirrus

Logic,

Inc.(a)

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

4,234

First

Solar,

Inc.(a)

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

934

3,557

FormFactor,

Inc.(a)

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

305,708

Intel

Corp.(a)

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

10,257

1,378

KLA

Corp.

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

1,486

16,590

Lam

Research

Corp.

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

2,221

684

Lattice

Semiconductor

Corp.(a)

........

34,215

Marvell

Technology,

Inc.

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

2,876

3,708

Microchip

Technology,

Inc.

...........

21,430

Micron

Technology,

Inc.

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

3,586

624

MKS,

Inc.

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

836,150

NVIDIA

Corp.

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

156,008

3,257

ON

Semiconductor

Corp.(a)

..........

631

Onto

Innovation,

Inc.(a)

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

2,203

Power

Integrations,

Inc.

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

60,860

QUALCOMM,

Inc.

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

10,125

799

Synaptics,

Inc.(a)

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

23,905

Texas

Instruments,

Inc.

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

4,392

6,964

Universal

Display

Corp.

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

1,000

661

Veeco

Instruments,

Inc.(a)

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

265,654

Software

—

11.41%

1,931

ACI

Worldwide,

Inc.(a)

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

21,800

Adobe,

Inc.(a)

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

7,690

Alarm.com

Holdings,

Inc.(a)

..........

1,591

Alkami

Technology,

Inc.(a)

...........

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Software

(continued)

Appfolio,

Inc.,

Class

-

A(a)

...........

$

2,183

AppLovin

Corp.,

Class

-

A(a)

.........

1,569

908

Atlassian

Corp.,

Class

-

A(a)

..........

10,190

Autodesk,

Inc.(a)

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

3,237

6,689

AvePoint,

Inc.(a)

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

1,089

Box,

Inc.,

Class

-

A(a)

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

8,330

Cadence

Design

Systems,

Inc.(a)

.......

2,926

2,611

Clear

Secure,

Inc.,

Class

-

A

..........

574

Commvault

Systems,

Inc.(a)

..........

1,270

Corpay,

Inc.(a)

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

9,116

Crowdstrike

Holdings,

Inc.,

Class

-

A(a)

.

4,470

546

Dolby

Laboratories,

Inc.,

Class

-

A

.....

3,738

EverCommerce,

Inc.^(a)

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

6,515

Fortinet,

Inc.(a)

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

548

846

Guidewire

Software,

Inc.(a)

..........

5,562

Intuit,

Inc.

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

3,798

1,284

LiveRamp

Holdings,

Inc.(a)

..........

21,041

Manhattan

Associates,

Inc.(a)

.........

4,313

3,930

MARA

Holdings,

Inc.(a)

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

2,965

Meridianlink,

Inc.(a)

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

248,743

Microsoft

Corp.

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

128,836

2,231

NextNav,

Inc.(a)

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

68,303

Oracle

Corp.

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

19,210

64,719

Palantir

Technologies,

Inc.,

Class

-

A(a)

..

11,806

6,284

Palo

Alto

Networks,

Inc.(a)

...........

1,280

939

Progress

Software

Corp.(a)

...........

868

PTC,

Inc.(a)

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

680

Qualys,

Inc.(a)

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

11,757

Riot

Platforms,

Inc.(a)

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

2,517

Roper

Technologies,

Inc.

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

1,255

47,405

Salesforce,

Inc.

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

11,235

3,998

Sapiens

International

Corp.

N.V.

.......

12,434

ServiceNow,

Inc.(a)

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

11,443

831

SPS

Commerce,

Inc.(a)

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

20,938

Strategy,

Inc.(a)

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

6,746

1,489

Synopsys,

Inc.(a)

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

735

908

Tenable

Holdings,

Inc.(a)

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

Varonis

Systems,

Inc.(a)

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

566

Workday,

Inc.,

Class

-

A(a)

...........

1,438

Workiva,

Inc.(a)

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

21,286

Zeta

Global

Holdings

Corp.,

Class

-

A(a)

.

224,178

Specialized

REITs

—

0.69%

6,093

American

Tower

Corp.

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

1,172

2,473

Crown

Castle,

Inc.

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

5,913

CubeSmart

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

9,861

Digital

Realty

Trust,

Inc.

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

1,705

9,416

Equinix,

Inc.

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

7,374

5,142

Extra

Space

Storage,

Inc.

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

725

7,180

Four

Corners

Property

Trust,

Inc.

.......

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Specialized

REITs

(continued)

5,259

Iron

Mountain,

Inc.

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

$

536

846

Lamar

Advertising

Co.,

Class

-

A

.......

1,574

National

Storage

Affiliates

Trust

.......

6,868

Outfront

Media,

Inc.

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

1,185

PotlatchDeltic

Corp.

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

2,688

Public

Storage

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

776

8,362

VICI

Properties,

Inc.

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

13,541

Specialty

Retail

—

2.12%

619

AutoZone,

Inc.(a)

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

2,656

6,524

Bath

&

Body

Works,

Inc.

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

13,588

Best

Buy

Co.,

Inc.

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

1,028

3,328

Boot

Barn

Holdings,

Inc.(a)

..........

552

Burlington

Stores,

Inc.(a)

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

9,726

Floor

&

Decor

Holdings,

Inc.,

Class

-

A(a)

717

35,806

Lowe's

Cos.,

Inc.

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

8,998

39,615

O'Reilly

Automotive,

Inc.(a)

..........

4,271

3,973

Revolve

Group,

Inc.(a)

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

9,045

Ross

Stores,

Inc.

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

1,378

Signet

Jewelers

Ltd.

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

26,193

The

Home

Depot,

Inc.

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

10,612

64,982

The

TJX

Cos.,

Inc.

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

9,392

16,575

Tractor

Supply

Co.

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

943

1,253

Ulta

Beauty,

Inc.(a)

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

685

2,174

Victoria's

Secret

&

Co.(a)

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

41,655

Technology

Hardware,

Storage

&

Peripherals

—

6.91%

517,608

Apple,

Inc.

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

131,798

120,805

HP,

Inc.

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

3,290

2,448

NetApp,

Inc.

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

10,627

Turtle

Beach

Corp.(a)

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

135,547

Textiles,

Apparel

&

Luxury

Goods

—

0.35%

Columbia

Sportswear

Co.

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

8,532

Lululemon

Athletica,

Inc.(a)

..........

1,518

12,105

LVMH

Moet

Hennessy

Louis

Vuitton

SE,

ADR

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

1,481

35,227

NIKE,

Inc.,

Class

-

B

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

2,456

1,533

Ralph

Lauren

Corp.

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

7,801

Tapestry,

Inc.

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

883

6,821

Tobacco

—

0.53%

36,600

Altria

Group,

Inc.

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

2,418

49,326

Philip

Morris

International,

Inc.

........

8,000

10,418

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Trading

Companies

&

Distributors

—

0.32%

23,095

Air

Lease

Corp.

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

$

1,470

Applied

Industrial

Technologies,

Inc.

....

DXP

Enterprises,

Inc.(a)

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

55,752

Fastenal

Co.

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

2,733

749

McGrath

RentCorp

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

22,107

MRC

Global,

Inc.(a)

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

548

SiteOne

Landscape

Supply,

Inc.(a)

......

1,221

W.W.

Grainger,

Inc.

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

1,164

1,130

Watsco,

Inc.

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

6,367

Water

Utilities

—

0.01%

1,178

American

Water

Works

Co.,

Inc.

.......

Wireless

Telecommunication

Services

—

0.42%

34,161

T-Mobile

US,

Inc.

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

8,177

Total

Common

Stocks

(cost

$542,052)

..

1,956,643

Contingent

Rights

—

0.00%

Health

Care

Equipment

&

Supplies

—

0.00%

ABIOMED,

Inc.

CVR,

01/02/26(a)

.....

—

Health

Care

Providers

&

Services

—

0.00%

15,971

Paratek

Pharmaceuticals,

Inc.

CVR,

01/01/26(a)

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

Metals

&

Mining

—

0.00%

108,208

Pan

American

Silver

Corp.

CVR,

02/22/29(a)

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

Total

Contingent

Rights

(cost

$–)

.....

Investment

Companies

—

0.28%

Money

Market

Funds

—

0.28%

144,872

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

3.98%^^(c)

5,342,071

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class,

4.01%(c)

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

5,342

Total

Investment

Companies

(cost

$5,487)

5,487

Total

Investments

(cost

$547,539)

—

99.97%

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

1,962,169

Other

assets

in

excess

of

liabilities

—

0.03%

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

531

Net

Assets

-

100.00%

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

$

1,962,700

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(concluded)

—

September

30,

2025

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

September

30,

2025. ^

All

or

part

of

this

security

was

on

loan

as

of

September

30,

2025. ^^

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

September

30,

2025. (a) Represents

non-income

producing

security.

(b) Security

was

valued

using

significant

unobservable

inputs

as

of

September

30,

2025. (c) Annualized

7-day

yield

as

of

period-end.

ADR—American

Depositary

Receipt

REIT—Real

Estate

Investment

Trust

The

U.S.

Equity

Portfolio

HC

Capital

Solutions

Parametric

Portfolio

Associates,

LLC

Total

Common

Stocks

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

—

99.69 %

99.69 %

Contingent

Rights

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

—

—

—

%

Investment

Companies

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

—

0.28 %

0.28 %

Other

Assets

(Liabilities)

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

—

0.03 %

0.03 %

Total

Net

Assets

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

—

%

100.00 %

100.00 %

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

—

64.33%

Aerospace

&

Defense

—

1.46%

1,307

Axon

Enterprise,

Inc.(a)

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

$

938

692

BWX

Technologies,

Inc.

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

Curtiss-Wright

Corp.

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

8,028

General

Dynamics

Corp.

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

2,737

1,766

HEICO

Corp.

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

570

2,499

HEICO

Corp.,

Class

-

A

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

636

636

Hexcel

Corp.

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

6,892

Howmet

Aerospace,

Inc.

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

1,353

Huntington

Ingalls

Industries,

Inc.

......

Karman

Holdings,

Inc.(a)

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

8,685

L3Harris

Technologies,

Inc.

..........

2,653

585

Leonardo

DRS,

Inc.

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

Loar

Holdings,

Inc.(a)

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

8,161

Lockheed

Martin

Corp.

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

4,074

5,812

Northrop

Grumman

Corp.

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

3,541

7,451

Rocket

Lab

Corp.(a)

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

31,634

RTX

Corp.

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

5,293

885

Spirit

AeroSystems

Holdings,

Inc.,

Class

-

A(a)

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

1,047

StandardAero,

Inc.(a)

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

3,216

Textron,

Inc.

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

13,061

The

Boeing

Co.(a)

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

2,819

6,744

TransDigm

Group,

Inc.

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

8,888

33,615

Woodward,

Inc.

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

8,494

43,167

Air

Freight

&

Logistics

—

0.14%

8,406

CH

Robinson

Worldwide,

Inc.

.........

1,113

6,086

Expeditors

International

of

Washington,

Inc.

746

3,909

FedEx

Corp.

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

921

884

GXO

Logistics,

Inc.(a)

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

15,236

United

Parcel

Service,

Inc.,

Class

-

B

....

1,273

4,100

Automobile

Components

—

0.02%

4,096

Aptiv

PLC(a)

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

1,770

BorgWarner,

Inc.

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

1,782

Gentex

Corp.

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

Lear

Corp.

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

3,190

QuantumScape

Corp.(a)

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

566

Automobiles

—

1.20%

68,142

Ford

Motor

Co.

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

815

17,062

General

Motors

Co.

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

1,040

1,020

Harley-Davidson,

Inc.

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

961

Lucid

Group,

Inc.(a)

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

13,316

Rivian

Automotive,

Inc.,

Class

-

A(a)

....

74,769

Tesla,

Inc.(a)

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

33,252

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Automobiles

(continued)

Thor

Industries,

Inc.

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

$

35,394

Banks

—

1.29%

123,170

Bank

of

America

Corp.

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

6,354

848

Bank

OZK

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

BOK

Financial

Corp.

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

32,620

Citigroup,

Inc.

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

3,311

7,734

Citizens

Financial

Group,

Inc.

.........

2,302

Columbia

Banking

System,

Inc.

.......

991

Comerica,

Inc.

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

950

Commerce

Bancshares,

Inc.

..........

Cullen/Frost

Bankers,

Inc.

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

1,073

East

West

Bancorp,

Inc.

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

11,759

Fifth

Third

Bancorp

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

524

First

Citizens

BancShares,

Inc.,

Class

-

A

.

969

First

Hawaiian,

Inc.

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

3,891

First

Horizon

Corp.

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

2,714

FNB

Corp.

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

25,322

Huntington

Bancshares,

Inc.

..........

49,087

JPMorgan

Chase

&

Co.

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

15,485

16,477

KeyCorp

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

2,898

M&T

Bank

Corp.

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

572

26,022

NU

Holdings

Ltd.,

Class

-

A(a)

........

568

Pinnacle

Financial

Partners,

Inc.

.......

534

Popular,

Inc.

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

664

Prosperity

Bancshares,

Inc.

...........

16,004

Regions

Financial

Corp.

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

776

SOUTHSTATE

BANK

Corp.

.........

1,092

Synovus

Financial

Corp.

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

TFS

Financial

Corp.

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

6,947

The

PNC

Financial

Services

Group,

Inc.

.

1,396

23,185

Truist

Financial

Corp.

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

1,060

27,450

U.S.

Bancorp

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

1,326

1,311

Webster

Financial

Corp.

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

57,028

Wells

Fargo

&

Co.

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

4,780

802

Western

Alliance

Bancorp

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

Wintrust

Financial

Corp.

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

1,117

Zions

Bancorp

NA

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

38,248

Beverages

—

0.91%

Brown-Forman

Corp.,

Class

-

A

........

38,143

Brown-Forman

Corp.,

Class

-

B

.......

1,033

1,272

Celsius

Holdings,

Inc.(a)

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

Coca-Cola

Consolidated,

Inc.

.........

9,344

Constellation

Brands,

Inc.,

Class

-

A

....

1,258

75,089

Keurig

Dr

Pepper,

Inc.

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

1,916

31,953

Molson

Coors

Beverage

Co.,

Class

-

B

...

1,445

32,228

Monster

Beverage

Corp.(a)

...........

2,169

36,860

PepsiCo,

Inc.

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

5,176

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Beverages

(continued)

333,040

Primo

Brands

Corp.

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

$

7,361

The

Boston

Beer

Co.,

Inc.,

Class

-

A(a)

..

97,699

The

Coca-Cola

Co.

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

6,481

26,983

Biotechnology

—

1.07%

39,557

AbbVie,

Inc.

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

9,158

2,267

Alnylam

Pharmaceuticals,

Inc.(a)

......

1,033

14,386

Amgen,

Inc.

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

4,060

753

Apellis

Pharmaceuticals,

Inc.(a)

.......

6,958

Biogen,

Inc.(a)

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

974

17,256

BioMarin

Pharmaceutical,

Inc.(a)

......

934

Caris

Life

Sciences,

Inc.(a)

...........

1,441

Exact

Sciences

Corp.(a)

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

2,171

Exelixis,

Inc.(a)

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

34,472

Gilead

Sciences,

Inc.

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

3,827

948

Halozyme

Therapeutics,

Inc.(a)

........

18,999

Incyte

Corp.(a)

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

1,611

1,449

Insmed,

Inc.(a)

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

1,205

Ionis

Pharmaceuticals,

Inc.(a)

.........

2,745

Moderna,

Inc.(a)

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

2,333

Natera,

Inc.(a)

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

9,537

Neurocrine

Biosciences,

Inc.(a)

........

1,339

Oncternal

Therapeutics,

Inc.(a)(b)

......

—

3,727

Regeneron

Pharmaceuticals,

Inc.

.......

2,096

1,341

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)

.....

5,891

United

Therapeutics

Corp.(a)

.........

2,470

7,572

Vertex

Pharmaceuticals,

Inc.(a)

........

2,965

807

Viking

Therapeutics,

Inc.(a)

..........

31,644

Broadline

Retail

—

1.60%

204,362

Amazon.com,

Inc.(a)

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

44,872

9,610

Coupang,

Inc.(a)

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

Dillard's,

Inc.,

Class

-

A

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

9,911

eBay,

Inc.

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

901

799

Etsy,

Inc.(a)

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

2,044

Macy's,

Inc.

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

MercadoLibre,

Inc.(a)

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

1,054

Ollie's

Bargain

Outlet

Holdings,

Inc.(a)

..

47,302

Building

Products

—

0.19%

927

A.O.

Smith

Corp.

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

524

AAON,

Inc.

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

546

Advanced

Drainage

Systems,

Inc.

......

1,514

Allegion

PLC

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

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Building

Products

(continued)

Armstrong

World

Industries,

Inc.

.......

$

2,023

Builders

FirstSource,

Inc.(a)

..........

741

Carlisle

Cos.,

Inc.

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

13,914

Carrier

Global

Corp.

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

830

969

Fortune

Brands

Innovations,

Inc.

.......

1,536

Hayward

Holdings,

Inc.(a)

...........

11,642

Johnson

Controls

International

PLC

.....

1,280

561

Lennox

International,

Inc.

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

3,760

Masco

Corp.

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

1,526

Owens

Corning

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

Simpson

Manufacturing

Co.,

Inc.

......

3,933

Trane

Technologies

PLC

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

1,660

835

Trex

Co.,

Inc.(a)

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

5,738

Capital

Markets

—

2.85%

Affiliated

Managers

Group,

Inc.

.......

1,697

Ameriprise

Financial,

Inc.

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

834

3,590

Ares

Management

Corp.,

Class

-

A

.....

574

2,636

Blackrock,

Inc.

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

3,073

12,940

Blackstone,

Inc.

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

2,211

4,722

Blue

Owl

Capital,

Inc.

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

2,959

Brookfield

Asset

Management

Ltd.,

Class

-

A

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

24,180

Brookfield

Corp.,

ADR

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

1,658

10,374

Cboe

Global

Markets,

Inc.

...........

2,544

13,776

CME

Group,

Inc.

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

3,722

3,643

Coinbase

Global,

Inc.,

Class

-

A(a)

.....

1,230

Evercore,

Inc.

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

2,675

FactSet

Research

Systems,

Inc.

........

767

2,297

Franklin

Resources,

Inc.

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

Freedom

Holding

Corp./N.V.(a)

........

Hamilton

Lane,

Inc.,

Class

-

A

.........

Houlihan

Lokey,

Inc.

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

7,576

Interactive

Brokers

Group,

Inc.

........

522

59,661

Intercontinental

Exchange,

Inc.

........

10,051

2,832

Invesco

Ltd.

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

1,031

Janus

Henderson

Group

PLC

.........

1,185

Jefferies

Financial

Group,

Inc.

.........

11,457

KKR

&

Co.,

Inc.

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

1,489

826

Lazard,

Inc.

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

24,259

LPL

Financial

Holdings,

Inc.

..........

8,070

MarketAxess

Holdings,

Inc.

..........

41,095

Millrose

Properties,

Inc.

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

1,381

18,425

Moody's

Corp.

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

8,779

20,828

Morgan

Stanley

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

3,311

Morningstar,

Inc.

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

1,349

MSCI,

Inc.

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

765

8,860

Nasdaq,

Inc.

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

784

3,462

Northern

Trust

Corp.

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

3,322

Raymond

James

Financial,

Inc.

........

573

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Capital

Markets

(continued)

12,959

Robinhood

Markets,

Inc.,

Class

-

A(a)

...

$

1,855

19,892

S&P

Global,

Inc.

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

9,682

780

SEI

Investments

Co.

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

5,095

State

Street

Corp.

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

591

775

Stifel

Financial

Corp.

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

3,865

T. Rowe

Price

Group,

Inc.

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

12,695

The

Bank

of

New

York

Mellon

Corp.

....

1,383

4,304

The

Carlyle

Group,

Inc.

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

113,585

The

Charles

Schwab

Corp.

...........

10,844

5,382

The

Goldman

Sachs

Group,

Inc.

.......

4,286

1,002

TPG,

Inc.

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

9,705

Tradeweb

Markets,

Inc.,

Class

-

A

......

1,078

624

Virtu

Financial,

Inc.,

Class

-

A

.........

3,143

XP,

Inc.,

Class

-

A

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

84,406

Chemicals

—

0.74%

6,125

Air

Products

and

Chemicals,

Inc.

.......

1,671

888

Albemarle

Corp.

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

Ashland,

Inc.

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

1,675

Axalta

Coating

Systems

Ltd.(a)

........

855

Celanese

Corp.

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

17,212

CF

Industries

Holdings,

Inc.

..........

1,544

23,735

Corteva,

Inc.

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

1,605

12,265

Dow,

Inc.

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

7,280

DuPont

de

Nemours,

Inc.

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

567

907

Eastman

Chemical

Co.

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

5,723

Ecolab,

Inc.

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

1,567

1,710

Element

Solutions,

Inc.

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

955

FMC

Corp.

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

1,319

Huntsman

Corp.

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

8,016

International

Flavors

&

Fragrances,

Inc.

..

9,969

Linde

PLC

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

4,735

4,519

LyondellBasell

Industries

N.V.,

Class

-

A

.

NewMarket

Corp.

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

975

Olin

Corp.

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

4,031

PPG

Industries,

Inc.

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

2,224

RPM

International,

Inc.

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

70,394

Sensient

Technologies

Corp.

..........

6,607

2,501

The

Mosaic

Co.

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

The

Scotts

Miracle-Gro

Co.

..........

4,148

The

Sherwin-Williams

Co.

...........

1,437

Westlake

Corp.

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

21,920

Commercial

Services

&

Supplies

—

0.45%

7,774

Cintas

Corp.

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

1,596

Clean

Harbors,

Inc.(a)

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

19,407

Copart,

Inc.(a)

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

873

MSA

Safety,

Inc.

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

1,417

RB

Global,

Inc.

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

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Commercial

Services

&

Supplies

(continued)

10,713

Republic

Services,

Inc.

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

$

2,458

31,124

Rollins,

Inc.

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

1,828

1,995

Tetra

Tech,

Inc.

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

10,206

Veralto

Corp.

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

1,089

10,550

Waste

Connections,

Inc.

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

1,855

14,427

Waste

Management,

Inc.

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

3,184

13,242

Communications

Equipment

—

0.36%

18,593

Arista

Networks,

Inc.(a)

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

2,709

1,117

Ciena

Corp.(a)

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

74,216

Cisco

Systems,

Inc.

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

5,078

1,020

F5,

Inc.(a)

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

517

Lumentum

Holdings,

Inc.(a)

..........

4,800

Motorola

Solutions,

Inc.

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

2,195

1,469

Sirius

XM

Holdings,

Inc.

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

Ubiquiti,

Inc.

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

10,613

Construction

&

Engineering

—

0.09%

4,098

AECOM

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

535

2,851

API

Group

Corp.(a)

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

Comfort

Systems

USA,

Inc.

..........

798

EMCOR

Group,

Inc.

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

519

Everus

Construction

Group,

Inc.(a)

.....

MasTec,

Inc.(a)

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

1,532

MDU

Resources

Group,

Inc.

..........

2,589

Quanta

Services,

Inc.

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

1,072

Valmont

Industries,

Inc.

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

1,486

WillScot

Holdings

Corp.

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

2,702

Construction

Materials

—

0.39%

84,779

CRH

PLC

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

10,165

Eagle

Materials,

Inc.

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

1,138

James

Hardie

Industries

PLC(a)

.......

1,059

Martin

Marietta

Materials,

Inc.

........

667

2,373

Vulcan

Materials

Co.

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

730

11,647

Consumer

Finance

—

0.50%

2,135

Ally

Financial,

Inc.

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

9,813

American

Express

Co.

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

3,259

48,091

Capital

One

Financial

Corp.

..........

10,224

Credit

Acceptance

Corp.(a)

...........

870

OneMain

Holdings,

Inc.

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

1,629

SLM

Corp.

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

19,535

SoFi

Technologies,

Inc.(a)

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

516

6,795

Synchrony

Financial

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

14,683

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Consumer

Staples

Distribution

&

Retail

—

0.96%

105,716

Albertsons

Cos.,

Inc.,

Class

-

A

........

$

1,851

Casey's

General

Stores,

Inc.

..........

8,507

Costco

Wholesale

Corp.

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

7,875

21,115

Dollar

General

Corp.

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

2,183

11,778

Dollar

Tree,

Inc.(a)

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

1,111

1,321

Maplebear,

Inc.(a)

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

1,187

Performance

Food

Group

Co.(a)

.......

758

Sprouts

Farmers

Market,

Inc.(a)

.......

25,513

Sysco

Corp.

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

2,101

8,005

Target

Corp.

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

718

40,767

The

Kroger

Co.

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

2,748

1,777

U.S.

Foods

Holding

Corp.(a)

..........

90,006

Walmart,

Inc.

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

9,276

28,415

Containers

&

Packaging

—

0.16%

88,020

Amcor

PLC

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

720

39,179

Amcor

PLC

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

AptarGroup,

Inc.

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

3,320

Avery

Dennison

Corp.

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

538

11,653

Ball

Corp.

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

588

8,038

Crown

Holdings,

Inc.

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

777

2,319

Graphic

Packaging

Holding

Co.

.......

8,900

International

Paper

Co.

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

3,870

Packaging

Corp.

of

America

..........

843

1,105

Sealed

Air

Corp.

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

638

Silgan

Holdings,

Inc.

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

9,046

Smurfit

WestRock

PLC

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

738

Sonoco

Products

Co.

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

4,794

Distributors

—

0.07%

8,853

Genuine

Parts

Co.

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

1,227

24,760

LKQ

Corp.

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

756

661

Pool

Corp.

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

2,188

Diversified

Consumer

Services

—

0.01%

3,971

ADT,

Inc.

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

Bright

Horizons

Family

Solutions,

Inc.(a)

Duolingo,

Inc.(a)

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

Grand

Canyon

Education,

Inc.(a)

.......

1,053

H&R

Block,

Inc.

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

1,078

Service

Corp.

International

...........

Diversified

REITs

—

0.21%

47,120

Essential

Properties

Realty

Trust,

Inc.

...

1,402

71,705

WP

Carey,

Inc.

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

4,845

6,247

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Diversified

Telecommunication

Services

—

0.36%

1,497

AST

SpaceMobile,

Inc.(a)

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

$

189,681

AT&T,

Inc.

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

5,356

1,857

Frontier

Communications

Parent,

Inc.(a)

.

GCI

Liberty,

Inc.,

Class

-

A(a)

.........

GCI

Liberty,

Inc.,

Class

-

C(a)

.........

734

Iridium

Communications,

Inc.

.........

1,274

Liberty

Global

Ltd.,

Class

-

A(a)

.......

1,321

Liberty

Global

Ltd.,

Class

-

C(a)

.......

118,217

Verizon

Communications,

Inc.

.........

5,196

10,746

Electric

Utilities

—

1.53%

27,774

Alliant

Energy

Corp.

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

1,872

25,260

American

Electric

Power

Co.,

Inc.

......

2,842

30,468

Constellation

Energy

Corp.

...........

10,026

29,245

Duke

Energy

Corp.

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

3,619

23,253

Edison

International

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

1,286

22,788

Entergy

Corp.

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

2,124

25,982

Evergy,

Inc.

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

1,974

27,359

Eversource

Energy

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

1,947

57,530

Exelon

Corp.

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

2,589

47,958

FirstEnergy

Corp.

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

2,198

IDACORP,

Inc.

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

53,149

NextEra

Energy,

Inc.

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

4,013

3,430

NRG

Energy,

Inc.

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

555

1,514

OGE

Energy

Corp.

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

110,732

PG&E

Corp.

.....................

1,670

922

Pinnacle

West

Capital

Corp.

..........

54,421

PPL

Corp.

.......................

2,022

38,751

The

Southern

Co.

..................

3,672

32,583

Xcel

Energy,

Inc.

..................

2,627

45,244

Electrical

Equipment

—

0.93%

Acuity,

Inc.

......................

5,349

AMETEK,

Inc.

...................

1,006

6,896

Eaton

Corp.

PLC

..................

2,581

9,941

Emerson

Electric

Co.

...............

1,304

17,834

GE

Vernova,

Inc.

..................

10,965

Generac

Holdings,

Inc.(a)

............

938

Hubbell,

Inc.

.....................

1,253

nVent

Electric

PLC

.................

Regal

Rexnord

Corp.

...............

1,988

Rockwell

Automation,

Inc.

...........

695

1,147

Sensata

Technologies

Holding

PLC

.....

67,935

Vertiv

Holdings

Co.,

Class

-

A

.........

10,248

27,594

Electronic

Equipment,

Instruments

&

Components

—

0.56%

94,829

Amphenol

Corp.,

Class

-

A

...........

11,737

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Electronic

Equipment,

Instruments

&

Components

(continued)

Arrow

Electronics,

Inc.(a)

............

$

690

Avnet,

Inc.

.......................

2,341

CDW

Corp.

......................

1,318

Cognex

Corp.

....................

1,187

Coherent

Corp.(a)

.................

14,015

Corning,

Inc.

.....................

1,150

Crane

NXT

Co.

...................

2,950

Flex

Ltd.(a)

......................

Ingram

Micro

Holding

Corp.

..........

IPG

Photonics

Corp.(a)

..............

1,843

Jabil,

Inc.

.......................

3,034

Keysight

Technologies,

Inc.(a)

........

531

Littelfuse,

Inc.

....................

609

TD

SYNNEX

Corp.

................

2,950

TE

Connectivity

PLC

...............

648

814

Teledyne

Technologies,

Inc.(a)

........

4,247

Trimble,

Inc.(a)

...................

1,197

Vontier

Corp.

.....................

894

Zebra

Technologies

Corp.(a)

..........

16,611

Energy

Equipment

&

Services

—

0.08%

17,333

Baker

Hughes

Co.

.................

844

15,235

Halliburton

Co.

...................

2,968

NOV,

Inc.

.......................

26,676

Schlumberger

N.V.

.................

917

3,316

TechnipFMC

PLC

.................

554

Weatherford

International

PLC

........

2,344

Entertainment

—

1.54%

11,625

Electronic

Arts,

Inc.

................

2,345

12,744

Liberty

Media

Corp.-Liberty

Formula

One(a)

.....................

1,332

Liberty

Media

Corp.-Liberty

Formula

One(a)

.....................

Liberty

Media

Corp.-Liberty

Live(a)

....

Liberty

Media

Corp.-Liberty

Live(a)

....

2,794

Live

Nation

Entertainment,

Inc.(a)

......

Madison

Square

Garden

Sports

Corp.(a)

..

14,116

Netflix,

Inc.(a)

....................

16,924

10,315

ROBLOX

Corp.,

Class

-

A(a)

.........

1,429

977

Roku,

Inc.(a)

.....................

46,744

Sea

Ltd.,

ADR(a)

..................

8,354

12,842

Spotify

Technology

SA(a)

............

8,963

4,494

Take-Two

Interactive

Software,

Inc.(a)

...

1,161

31,916

The

Walt

Disney

Co.

...............

3,654

532

TKO

Group

Holdings,

Inc.

...........

41,870

Warner

Bros.

Discovery,

Inc.(a)

........

818

45,737

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Financial

Services

—

2.48%

4,692

Affirm

Holdings,

Inc.(a)

.............

$

65,372

Apollo

Global

Management,

Inc.

.......

8,712

29,617

Berkshire

Hathaway,

Inc.,

Class

-

B(a)

...

14,890

9,619

Block,

Inc.(a)

.....................

696

4,699

Corebridge

Financial,

Inc.

............

5,453

Equitable

Holdings,

Inc.

.............

Euronet

Worldwide,

Inc.(a)

...........

11,596

Fidelity

National

Information

Services,

Inc.

764

13,060

Fiserv,

Inc.(a)

.....................

1,685

4,368

Global

Payments,

Inc.

...............

8,140

Jack

Henry

&

Associates,

Inc.

.........

1,212

29,007

Mastercard,

Inc.,

Class

-

A

...........

16,500

1,805

MGIC

Investment

Corp.

.............

Mr

Cooper

Group,

Inc.

..............

16,792

PayPal

Holdings,

Inc.(a)

.............

1,126

1,954

Rocket

Cos.,

Inc.,

Class

-

A

...........

513

Shift4

Payments,

Inc.,

Class

-

A(a)

......

2,823

The

Western

Union

Co.

..............

8,040

Toast,

Inc.,

Class

-

A(a)

..............

703

UWM

Holdings

Corp.

..............

55,149

Visa,

Inc.,

Class

-

A

................

18,826

738

Voya

Financial,

Inc.

................

46,707

WEX,

Inc.(a)

.....................

7,357

73,535

Food

Products

—

0.89%

30,972

Archer-Daniels-Midland

Co.

..........

1,850

18,514

Bunge

Global

SA

..................

1,504

107,679

Conagra

Brands,

Inc.

...............

1,972

1,213

Darling

Ingredients,

Inc.(a)

...........

1,421

Flowers

Foods,

Inc.

................

Freshpet,

Inc.(a)

...................

51,573

General

Mills,

Inc.

.................

2,602

74,708

Hormel

Foods

Corp.

................

1,849

Ingredion,

Inc.

....................

4,837

Kellanova

.......................

1,093

Lamb

Weston

Holdings,

Inc.

..........

26,886

McCormick

&

Co.,

Inc.

.............

1,798

52,241

Mondelez

International,

Inc.,

Class

-

A

...

3,264

Pilgrim's

Pride

Corp.

...............

Post

Holdings,

Inc.(a)

...............

Seaboard

Corp.

...................

Smithfield

Foods,

Inc.

...............

65,100

The

Campbell's

Company

............

2,055

13,813

The

Hershey

Co.

..................

2,584

19,926

The

J.M.

Smucker

Co.

..............

2,165

84,104

The

Kraft

Heinz

Co.

................

2,190

34,316

Tyson

Foods,

Inc.,

Class

-

A

..........

1,863

26,364

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Gas

Utilities

—

0.07%

12,095

Atmos

Energy

Corp.

................

$

2,065

665

National

Fuel

Gas

Co.

..............

1,588

UGI

Corp.

.......................

2,179

Ground

Transportation

—

0.35%

Avis

Budget

Group,

Inc.(a)

...........

42,539

CSX

Corp.

.......................

1,510

1,432

JB

Hunt

Transport

Services,

Inc.

.......

1,183

Knight-Swift

Transportation

Holdings,

Inc.

Landstar

System,

Inc.

...............

3,080

Lyft,

Inc.,

Class

-

A(a)

..............

3,961

Norfolk

Southern

Corp.

.............

1,190

3,322

Old

Dominion

Freight

Line,

Inc.

.......

Ryder

System,

Inc.

.................

Saia,

Inc.(a)

......................

Schneider

National,

Inc.,

Class

-

B

......

35,196

Uber

Technologies,

Inc.(a)

...........

3,446

1,736

U-Haul

Holding

Co.

................

U-Haul

Holding

Co.(a)

..............

13,415

Union

Pacific

Corp.

................

3,172

887

XPO,

Inc.(a)

.....................

10,483

Health

Care

Equipment

&

Supplies

—

1.03%

41,899

Abbott

Laboratories

................

5,613

1,221

Align

Technology,

Inc.(a)

............

32,297

Baxter

International,

Inc.

............

736

11,086

Becton

Dickinson

&

Co.

.............

2,075

34,487

Boston

Scientific

Corp.(a)

............

3,367

1,625

DENTSPLY

SIRONA,

Inc.

...........

6,920

Dexcom,

Inc.(a)

...................

18,719

Edwards

Lifesciences

Corp.(a)

........

1,455

1,234

Envista

Holdings

Corp.(a)

............

7,969

GE

HealthCare

Technologies,

Inc.

......

598

897

Globus

Medical,

Inc.(a)

.............

24,819

Hologic,

Inc.(a)

...................

1,675

1,434

IDEXX

Laboratories,

Inc.(a)

..........

916

Inspire

Medical

Systems,

Inc.(a)

.......

1,224

Insulet

Corp.(a)

...................

6,313

Intuitive

Surgical,

Inc.(a)

............

2,823

Masimo

Corp.(a)

..................

35,215

Medtronic

PLC

...................

3,353

Penumbra,

Inc.(a)

..................

4,054

ResMed,

Inc.

.....................

1,109

4,422

STERIS

PLC

.....................

1,095

7,155

Stryker

Corp.

.....................

2,645

Teleflex,

Inc.

.....................

3,481

The

Cooper

Cos.,

Inc.(a)

.............

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Health

Care

Equipment

&

Supplies

(continued)

14,532

Zimmer

Biomet

Holdings,

Inc.

........

$

1,431

30,409

Health

Care

Providers

&

Services

—

2.17%

675

Acadia

Healthcare

Co.,

Inc.(a)

.........

161,756

Brookdale

Senior

Living,

Inc.(a)

.......

1,370

15,309

Cardinal

Health,

Inc.

...............

2,403

10,070

Cencora,

Inc.

.....................

3,147

74,752

Centene

Corp.(a)

..................

2,667

Chemed

Corp.

....................

166,059

CVS

Health

Corp.

.................

12,519

10,088

DaVita,

Inc.(a)

....................

1,340

10,037

Elevance

Health,

Inc.

...............

3,243

771

Encompass

Health

Corp.

.............

5,780

HCA

Healthcare,

Inc.

...............

2,464

847

Henry

Schein,

Inc.(a)

...............

8,524

Humana,

Inc.

.....................

2,218

4,653

Labcorp

Holdings,

Inc.

..............

1,336

5,243

McKesson

Corp.

..................

4,050

12,247

Molina

Healthcare,

Inc.(a)

...........

2,343

11,120

Quest

Diagnostics,

Inc.

..............

2,119

2,807

Solventum

Corp.(a)

................

709

Tenet

Healthcare

Corp.(a)

............

11,379

The

Cigna

Group

..................

3,280

52,865

UnitedHealth

Group,

Inc.

............

18,255

3,905

Universal

Health

Services,

Inc.,

Class

-

B

.

798

64,122

Health

Care

REITs

—

0.73%

85,449

American

Healthcare

REIT,

Inc.

.......

3,590

58,348

CareTrust

REIT,

Inc.

...............

2,024

2,539

Healthcare

Realty

Trust,

Inc.

..........

52,097

Healthpeak

Properties,

Inc.

...........

998

4,504

Medical

Properties

Trust,

Inc.

.........

2,222

Omega

Healthcare

Investors,

Inc.

......

42,482

Ventas,

Inc.

......................

2,974

67,167

Welltower,

Inc.

....................

11,963

21,712

Health

Care

Technology

—

0.03%

881

Certara,

Inc.(a)

....................

1,010

Doximity,

Inc.,

Class

-

A(a)

...........

2,691

Veeva

Systems,

Inc.,

Class

-

A(a)

.......

801

886

Hotel

&

Resort

REITs

—

0.04%

5,369

Host

Hotels

&

Resorts,

Inc.

...........

1,690

Park

Hotels

&

Resorts,

Inc.

...........

80,051

Xenia

Hotels

&

Resorts,

Inc.

..........

1,098

1,208

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Hotels,

Restaurants

&

Leisure

—

1.43%

7,594

Airbnb,

Inc.,

Class

-

A(a)

............

$

922

1,994

Aramark

........................

577

Booking

Holdings,

Inc.

..............

3,115

Boyd

Gaming

Corp.

................

1,556

Caesars

Entertainment,

Inc.(a)

.........

18,484

Carnival

Corp.(a)

..................

535

772

Cava

Group,

Inc.(a)

................

23,721

Chipotle

Mexican

Grill,

Inc.(a)

........

930

Choice

Hotels

International,

Inc.

.......

541

Churchill

Downs,

Inc.

...............

6,584

Darden

Restaurants,

Inc.

.............

1,254

2,221

Domino's

Pizza,

Inc.

................

958

6,340

DoorDash,

Inc.,

Class

-

A(a)

..........

1,724

8,367

DraftKings,

Inc.(a)

.................

895

Dutch

Bros,

Inc.,

Class

-

A(a)

.........

2,151

Expedia

Group,

Inc.

................

31,257

Flutter

Entertainment

PLC,

Class

-

DI(a)

.

7,938

38,471

Hilton

Worldwide

Holdings,

Inc.

.......

9,981

4,432

Hyatt

Hotels

Corp.,

Class

-

A

.........

629

6,065

Las

Vegas

Sands

Corp.

..............

640

Light

&

Wonder,

Inc.(a)

.............

4,100

Marriott

International,

Inc.,

Class

-

A

....

1,067

18,217

McDonald's

Corp.

.................

5,536

1,585

MGM

Resorts

International(a)

.........

3,394

Norwegian

Cruise

Line

Holdings

Ltd.(a)

.

1,172

Penn

Entertainment,

Inc.(a)

...........

633

Planet

Fitness,

Inc.,

Class

-

A(a)

.......

2,504

Restaurant

Brands

International,

Inc.

....

4,521

Royal

Caribbean

Cruises

Ltd.

.........

1,463

20,062

Starbucks

Corp.

...................

1,698

505

Texas

Roadhouse,

Inc.

..............

1,293

The

Wendy's

Co.

..................

560

Travel

+

Leisure

Co.

................

Vail

Resorts,

Inc.

..................

1,573

Viking

Holdings

Ltd.(a)

.............

Wingstop,

Inc.

....................

635

Wyndham

Hotels

&

Resorts,

Inc.

.......

646

Wynn

Resorts

Ltd.

.................

13,943

Yum!

Brands,

Inc.

.................

2,118

42,194

Household

Durables

—

0.66%

4,890

D.R.

Horton,

Inc.

..................

829

2,841

Garmin

Ltd.

......................

700

3,981

Lennar

Corp.,

Class

-

A

..............

502

Lennar

Corp.,

Class

-

B

.............

Mohawk

Industries,

Inc.(a)

...........

2,863

Newell

Brands,

Inc.

................

NVR,

Inc.(a)

.....................

796

3,568

PulteGroup,

Inc.

...................

68,782

SharkNinja,

Inc.(a)

.................

7,094

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Household

Durables

(continued)

103,981

Somnigroup

International,

Inc.

........

$

8,769

778

Toll

Brothers,

Inc.

.................

TopBuild

Corp.(a)

.................

Whirlpool

Corp.

...................

19,463

Household

Products

—

0.61%

1,016

BJ's

Wholesale

Club

Holdings,

Inc.(a)

...

25,438

Church

&

Dwight

Co.,

Inc.

...........

2,229

36,870

Colgate-Palmolive

Co.

..............

2,946

20,386

Kimberly-Clark

Corp.

...............

2,534

Reynolds

Consumer

Products,

Inc.

.....

16,344

The

Clorox

Co.

...................

2,015

53,578

The

Procter

&

Gamble

Co.

...........

8,235

18,064

Independent

Power

and

Renewable

Electricity

Producers

—

0.62%

968

Brookfield

Renewable

Corp.

..........

Clearway

Energy,

Inc.,

Class

-

A

.......

618

Clearway

Energy,

Inc.,

Class

-

C

.......

21,722

Talen

Energy

Corp.(a)

..............

9,240

5,463

The

AES

Corp.

...................

46,165

Vistra

Corp.

......................

9,045

18,414

Industrial

Conglomerates

—

0.64%

9,522

3M

Co.

.........................

1,477

48,900

General

Electric

Co.

................

14,711

13,504

Honeywell

International,

Inc.

.........

2,842

19,030

Industrial

REITs

—

0.40%

2,173

Americold

Realty

Trust,

Inc.

..........

9,106

EastGroup

Properties,

Inc.

...........

1,541

38,588

First

Industrial

Realty

Trust,

Inc.

.......

1,986

546

Lineage,

Inc.

.....................

72,299

Prologis,

Inc.

.....................

8,280

1,834

Rexford

Industrial

Realty,

Inc.

.........

1,444

STAG

Industrial,

Inc.

...............

11,981

Insurance

—

1.52%

19,270

Aflac,

Inc.

.......................

2,152

8,662

American

Financial

Group,

Inc.

........

1,262

16,616

American

International

Group,

Inc.

.....

1,305

7,034

Aon

PLC,

Class

-

A

................

2,508

20,030

Arch

Capital

Group

Ltd.

.............

1,816

9,122

Arthur

J. Gallagher

&

Co.

............

2,825

Assurant,

Inc.

....................

Assured

Guaranty

Ltd.

..............

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Insurance

(continued)

590

Axis

Capital

Holdings

Ltd.

...........

$

514

Brighthouse

Financial,

Inc.(a)

.........

16,411

Brown

&

Brown,

Inc.

...............

1,540

12,387

Chubb

Ltd.

......................

3,496

5,978

Cincinnati

Financial

Corp.

...........

945

CNA

Financial

Corp.

...............

4,153

Erie

Indemnity

Co.,

Class

-

A

.........

1,321

4,582

Everest

Group

Ltd.

.................

1,605

12,691

Fidelity

National

Financial,

Inc.

.......

767

765

First

American

Financial

Corp.

........

641

Globe

Life,

Inc.

...................

Kemper

Corp.

....................

Kinsale

Capital

Group,

Inc.

...........

1,287

Lincoln

National

Corp.

..............

13,062

Loews

Corp.

.....................

1,312

749

Markel

Group,

Inc.(a)

...............

1,431

14,427

Marsh

&

McLennan

Cos.,

Inc.

........

2,908

9,948

MetLife,

Inc.

.....................

820

1,829

Old

Republic

International

Corp.

.......

Primerica,

Inc.

....................

4,012

Principal

Financial

Group,

Inc.

........

6,253

Prudential

Financial,

Inc.

............

649

507

Reinsurance

Group

of

America,

Inc.

....

RenaissanceRe

Holdings

Ltd.

.........

608

RLI

Corp.

.......................

812

Ryan

Specialty

Holdings,

Inc.

.........

10,201

The

Allstate

Corp.

.................

2,190

The

Hanover

Insurance

Group,

Inc.

.....

12,442

The

Hartford

Insurance

Group,

Inc.

.....

1,660

16,916

The

Progressive

Corp.

..............

4,178

9,090

The

Travelers

Cos.,

Inc.

.............

2,538

1,339

Unum

Group

.....................

28,867

W.R.

Berkley

Corp.

................

2,210

White

Mountains

Insurance

Group

Ltd.

..

5,808

Willis

Towers

Watson

PLC

...........

2,006

44,890

Interactive

Media

&

Services

—

3.12%

142,894

Alphabet,

Inc.,

Class

-

A

.............

34,737

85,403

Alphabet,

Inc.,

Class

-

C

.............

20,800

583

IAC,

Inc.(a)

......................

1,933

Match

Group,

Inc.

.................

48,867

Meta

Platforms,

Inc.,

Class

-

A

........

35,888

10,533

Pinterest,

Inc.,

Class

-

A(a)

...........

1,929

Reddit,

Inc.,

Class

-

A(a)

.............

10,787

Snap,

Inc.,

Class

-

A(a)

..............

1,247

Trump

Media

&

Technology

Group

Corp.(a)

2,357

ZoomInfo

Technologies,

Inc.(a)

........

92,424

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

IT

Services

—

0.50%

11,046

Accenture

PLC,

Class

-

A

............

$

2,724

2,588

Akamai

Technologies,

Inc.(a)

.........

854

Amdocs

Ltd.

.....................

5,448

Cloudflare,

Inc.,

Class

-

A(a)

..........

1,169

8,669

Cognizant

Technology

Solutions

Corp.,

Class

-

A

....................

582

1,383

DXC

Technology

Co.(a)

.............

EPAM

Systems,

Inc.(a)

..............

1,333

Gartner,

Inc.(a)

...................

Globant

SA(a)

....................

2,437

GoDaddy,

Inc.,

Class

-

A(a)

...........

19,920

International

Business

Machines

Corp.

...

5,621

1,741

Kyndryl

Holdings,

Inc.(a)

............

1,427

MongoDB,

Inc.(a)

.................

2,837

Okta,

Inc.(a)

.....................

5,574

Snowflake,

Inc.(a)

.................

1,258

2,581

Twilio,

Inc.,

Class

-

A(a)

.............

4,632

VeriSign,

Inc.

.....................

1,294

14,712

Leisure

Products

—

0.01%

548

Brunswick

Corp.

..................

1,071

Hasbro,

Inc.

......................

2,666

Mattel,

Inc.(a)

....................

654

YETI

Holdings,

Inc.(a)

..............

Life

Sciences

Tools

&

Services

—

0.30%

5,030

Agilent

Technologies,

Inc.

............

645

5,099

Avantor,

Inc.(a)

...................

Bio-Rad

Laboratories,

Inc.,

Class

-

A(a)

..

1,180

Bio-Techne

Corp.

..................

813

Bruker

Corp.

.....................

Charles

River

Laboratories

International,

Inc.(a)

......................

11,308

Danaher

Corp.

....................

2,243

2,766

Illumina,

Inc.(a)

...................

3,045

IQVIA

Holdings,

Inc.(a)

.............

579

Medpace

Holdings,

Inc.(a)

...........

Mettler-Toledo

International,

Inc.(a)

....

1,621

QIAGEN

N.V.

....................

Repligen

Corp.(a)

..................

2,158

Revvity,

Inc.

.....................

1,160

Sotera

Health

Co.(a)

................

637

Tempus

AI,

Inc.(a)

.................

6,653

Thermo

Fisher

Scientific,

Inc.

.........

3,229

1,039

Waters

Corp.(a)

...................

1,275

West

Pharmaceutical

Services,

Inc.

.....

8,794

Machinery

—

0.64%

AGCO

Corp.

.....................

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Machinery

(continued)

657

Allison

Transmission

Holdings,

Inc.

....

$

8,269

Caterpillar,

Inc.

...................

3,947

15,489

CNH

Industrial

N.V.

................

Crane

Co.

.......................

2,448

Cummins,

Inc.

....................

1,034

5,549

Deere

&

Co.

.....................

2,537

921

Donaldson

Co.,

Inc.

................

2,403

Dover

Corp.

......................

Esab

Corp.

.......................

987

Flowserve

Corp.

...................

6,041

Fortive

Corp.

.....................

1,972

Gates

Industrial

Corp.

PLC(a)

.........

2,920

Graco,

Inc.

......................

2,527

IDEX

Corp.

......................

5,839

Illinois

Tool

Works,

Inc.

.............

1,523

7,042

Ingersoll

Rand,

Inc.

................

582

633

ITT,

Inc.

........................

Lincoln

Electric

Holdings,

Inc.

........

839

Mueller

Industries,

Inc.

..............

965

Nordson

Corp.

....................

Oshkosh

Corp.

....................

16,377

Otis

Worldwide

Corp.

...............

1,497

11,588

PACCAR,

Inc.

....................

1,139

2,259

Parker-Hannifin

Corp.

..............

1,713

2,862

Pentair

PLC

......................

RBC

Bearings,

Inc.(a)

..............

1,926

Snap-on,

Inc.

.....................

667

1,157

Stanley

Black

&

Decker,

Inc.

.........

The

Middleby

Corp.(a)

..............

The

Timken

Co.

...................

791

The

Toro

Co.

.....................

3,026

Westinghouse

Air

Brake

Technologies

Corp.

606

4,268

Xylem,

Inc.

......................

629

19,027

Marine

Transportation

—

0.00%

Kirby

Corp.(a)

....................

Media

—

0.22%

1,576

Charter

Communications,

Inc.,

Class

-

A(a)

79,500

Comcast

Corp.,

Class

-

A

............

2,499

16,200

Fox

Corp.,

Class

-

A

................

1,022

14,827

Fox

Corp.,

Class

-

B

................

849

Liberty

Broadband

Corp.,

Class

-

A(a)

...

880

Liberty

Broadband

Corp.,

Class

-

C(a)

...

6,586

News

Corp.,

Class

-

A

...............

897

News

Corp.,

Class

-

B

..............

Nexstar

Media

Group,

Inc.

...........

NIQ

Global

Intelligence

PLC(a)

.......

8,433

Omnicom

Group,

Inc.

...............

688

875

Ralliant

Corp.

....................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Media

(continued)

2,943

The

Interpublic

Group

of

Cos.,

Inc.

.....

$

1,232

The

New

York

Times

Co.,

Class

-

A

.....

7,829

The

Trade

Desk,

Inc.,

Class

-

A(a)

......

6,413

Metals

&

Mining

—

0.48%

1,930

Alcoa

Corp.

......................

3,898

Anglogold

Ashanti

PLC

.............

1,082

ATI,

Inc.(a)

......................

33,375

Carpenter

Technology

Corp.

..........

8,195

3,876

Cleveland-Cliffs,

Inc.(a)

.............

25,066

Freeport-McMoRan,

Inc.

............

983

1,013

MP

Materials

Corp.(a)

..............

32,804

Newmont

Corp.

...................

2,765

4,091

Nucor

Corp.

......................

554

1,972

Reliance,

Inc.

.....................

554

Royal

Gold,

Inc.

...................

677

Southern

Copper

Corp.

..............

2,518

Steel

Dynamics,

Inc.

................

14,125

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.01%

8,090

AGNC

Investment

Corp.

............

10,912

Annaly

Capital

Management,

Inc.

......

4,012

Rithm

Capital

Corp.

................

2,689

Starwood

Property

Trust,

Inc.

.........

Multi-Utilities

—

0.72%

20,318

Ameren

Corp.

....................

2,121

51,791

CenterPoint

Energy,

Inc.

.............

2,009

29,452

CMS

Energy

Corp.

.................

2,157

25,793

Consolidated

Edison,

Inc.

............

2,594

39,890

Dominion

Energy,

Inc.

..............

2,440

14,521

DTE

Energy

Co.

..................

2,053

39,198

NiSource,

Inc.

....................

1,697

20,810

Public

Service

Enterprise

Group,

Inc.

....

1,737

23,274

Sempra

.........................

2,095

21,898

WEC

Energy

Group,

Inc.

............

2,509

21,412

Office

REITs

—

0.20%

2,865

Alexandria

Real

Estate

Equities,

Inc.

....

2,652

BXP,

Inc.

........................

42,441

COPT

Defense

Properties

............

1,233

1,290

Cousins

Properties,

Inc.

.............

788

Highwoods

Properties,

Inc.

...........

26,240

JBG

SMITH

Properties

..............

584

37,340

Kilroy

Realty

Corp.

................

1,578

121,438

Paramount

Group,

Inc.(a)

............

794

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Office

REITs

(continued)

20,445

SL

Green

Realty

Corp.

..............

$

1,223

1,338

Vornado

Realty

Trust

...............

5,964

Oil,

Gas

&

Consumable

Fuels

—

1.26%

2,550

Antero

Midstream

Corp.

.............

2,242

Antero

Resources

Corp.(a)

...........

2,799

APA

Corp.

.......................

8,606

Cheniere

Energy,

Inc.

...............

2,022

40,495

Chevron

Corp.

....................

6,289

Chord

Energy

Corp.

................

767

Civitas

Resources,

Inc.

..............

28,351

ConocoPhillips

...................

2,682

35,514

Coterra

Energy,

Inc.

................

840

11,008

Devon

Energy

Corp.

................

3,314

Diamondback

Energy,

Inc.

...........

778

DT

Midstream,

Inc.

................

15,504

EOG

Resources,

Inc.

...............

1,738

10,660

EQT

Corp.

.......................

580

9,863

Expand

Energy

Corp.

...............

1,048

87,651

Exxon

Mobil

Corp.

................

9,882

1,226

HF

Sinclair

Corp.

..................

66,602

Kinder

Morgan,

Inc.

................

1,886

7,418

Marathon

Petroleum

Corp.

...........

1,430

902

Matador

Resources

Co.

..............

18,889

Occidental

Petroleum

Corp.

..........

893

11,107

ONEOK,

Inc.

.....................

811

1,948

Ovintiv,

Inc.

.....................

5,252

Permian

Resources

Corp.

............

9,077

Phillips

.......................

1,235

1,786

Range

Resources

Corp.

..............

3,813

Targa

Resources

Corp.

..............

638

Texas

Pacific

Land

Corp.

............

34,865

The

Williams

Cos.,

Inc.

.............

2,209

7,456

Valero

Energy

Corp.

................

1,269

1,312

Viper

Energy,

Inc.,

Class

-

A

..........

37,349

Paper

&

Forest

Products

—

0.00%

Louisiana-Pacific

Corp.

.............

Passenger

Airlines

—

0.03%

949

Alaska

Air

Group,

Inc.(a)

............

4,899

American

Airlines

Group,

Inc.(a)

.......

6,622

Delta

Air

Lines,

Inc.

................

3,957

Southwest

Airlines

Co.

..............

3,318

United

Airlines

Holdings,

Inc.(a)

.......

925

Personal

Care

Products

—

0.30%

1,000

BellRing

Brands,

Inc.(a)

.............

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Personal

Care

Products

(continued)

2,894

Coty,

Inc.,

Class

-

A(a)

..............

$

e.l.f.

Beauty,

Inc.(a)

................

510,964

Kenvue,

Inc.

.....................

8,294

4,084

The

Estee

Lauder

Cos.,

Inc.

..........

8,755

Pharmaceuticals

—

2.95%

74,781

Bristol-Myers

Squibb

Co.

............

3,372

727

Corcept

Therapeutics,

Inc.(a)

.........

3,702

Elanco

Animal

Health,

Inc.(a)

.........

15,752

Eli

Lilly

&

Co.

....................

12,019

Jazz

Pharmaceuticals

PLC(a)

.........

54,289

Johnson

&

Johnson

................

10,066

66,619

Merck

&

Co.,

Inc.

.................

5,591

876,832

Novo

Nordisk

A/S,

ADR

.............

48,655

1,927

Organon

&

Co.

...................

1,019

Perrigo

Co.

PLC

..................

159,198

Pfizer,

Inc.

.......................

4,057

51,287

Royalty

Pharma

PLC,

Class

-

A

........

1,809

9,041

Viatris,

Inc.

......................

10,396

Zoetis,

Inc.

......................

1,521

87,421

Professional

Services

—

0.42%

1,232

Amentum

Holdings,

Inc.(a)

...........

9,788

Automatic

Data

Processing,

Inc.

.......

2,873

15,551

Booz

Allen

Hamilton

Holding

Corp.

....

1,554

4,177

Broadridge

Financial

Solutions,

Inc.

....

995

CACI

International,

Inc.,

Class

-

A(a)

...

3,580

Clarivate

PLC(a)

..................

Concentrix

Corp.

..................

1,165

Dayforce,

Inc.(a)

..................

2,157

Equifax,

Inc.

.....................

553

1,224

ExlService

Holdings,

Inc.(a)

..........

FTI

Consulting,

Inc.(a)

..............

1,245

Genpact

Ltd.

.....................

2,166

Jacobs

Solutions,

Inc.

...............

1,034

KBR,

Inc.

.......................

9,386

Leidos

Holdings,

Inc.

...............

1,773

ManpowerGroup,

Inc.

..............

Parsons

Corp.(a)

..................

9,851

Paychex,

Inc.

.....................

1,249

893

Paycom

Software,

Inc.

..............

Paylocity

Holding

Corp.(a)

...........

802

Robert

Half,

Inc.

..................

Science

Applications

International

Corp.

.

3,794

SS&C

Technologies

Holdings,

Inc.

.....

3,393

TransUnion

......................

6,732

Verisk

Analytics,

Inc.

...............

1,693

12,409

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Real

Estate

Management

&

Development

—

0.09%

7,897

CBRE

Group,

Inc.,

Class

-

A(a)

........

$

1,245

7,420

CoStar

Group,

Inc.(a)

...............

626

Howard

Hughes

Holdings,

Inc.(a)

......

1,751

Jones

Lang

LaSalle,

Inc.(a)

...........

522

Zillow

Group,

Inc.,

Class

-

A(a)

........

2,977

Zillow

Group,

Inc.,

Class

-

C(a)

........

2,675

Residential

REITs

—

0.64%

45,160

American

Homes

Rent,

Class

-

A

.....

1,502

22,040

AvalonBay

Communities,

Inc.

.........

4,258

8,426

Camden

Property

Trust

..............

900

26,300

Equity

LifeStyle

Properties,

Inc.

.......

1,597

15,005

Equity

Residential

.................

971

15,382

Essex

Property

Trust,

Inc.

............

4,116

33,120

Invitation

Homes,

Inc.

..............

971

19,928

Mid-America

Apartment

Communities,

Inc.

2,783

9,415

Sun

Communities,

Inc.

..............

1,215

18,143

UDR,

Inc.

.......................

677

18,990

Retail

REITs

—

0.60%

826

Agree

Realty

Corp.

................

59,813

Brixmor

Property

Group,

Inc.

.........

1,656

653

Federal

Realty

Investment

Trust

.......

11,735

Kimco

Realty

Corp.

................

1,447

NNN

REIT,

Inc.

...................

63,059

Realty

Income

Corp.

...............

3,834

36,689

Regency

Centers

Corp.

..............

2,674

27,353

Simon

Property

Group,

Inc.

..........

5,133

70,361

Tanger,

Inc.

......................

2,381

79,698

Urban

Edge

Properties

..............

1,631

17,752

Semiconductors

&

Semiconductor

Equipment

—

5.57%

28,506

Advanced

Micro

Devices,

Inc.(a)

.......

4,612

946

Allegro

MicroSystems,

Inc.(a)

.........

865

Amkor

Technology,

Inc.

.............

8,764

Analog

Devices,

Inc.

...............

2,153

14,240

Applied

Materials,

Inc.

..............

2,915

980

Astera

Labs,

Inc.(a)

................

106,283

Broadcom,

Inc.

...................

35,064

Cirrus

Logic,

Inc.(a)

................

1,006

Enphase

Energy,

Inc.(a)

.............

2,619

Entegris,

Inc.

.....................

1,797

First

Solar,

Inc.(a)

.................

757

GLOBALFOUNDRIES,

Inc.(a)

.......

77,079

Intel

Corp.(a)

.....................

2,586

2,340

KLA

Corp.

......................

2,523

22,570

Lam

Research

Corp.

................

3,022

1,029

Lattice

Semiconductor

Corp.(a)

........

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Semiconductors

&

Semiconductor

Equipment

(continued)

MACOM

Technology

Solutions

Holdings,

Inc.(a)

......................

$

15,122

Marvell

Technology,

Inc.

............

1,272

9,347

Microchip

Technology,

Inc.

...........

600

19,773

Micron

Technology,

Inc.

.............

3,308

501

MKS,

Inc.

.......................

837

Monolithic

Power

Systems,

Inc.

.......

770

468,127

NVIDIA

Corp.

....................

87,345

2,483

NXP

Semiconductors

N.V.

...........

565

7,482

ON

Semiconductor

Corp.(a)

..........

Onto

Innovation,

Inc.(a)

.............

756

Qorvo,

Inc.(a)

....................

19,147

QUALCOMM,

Inc.

................

3,185

1,205

Skyworks

Solutions,

Inc.

............

33,732

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

...................

9,421

2,834

Teradyne,

Inc.

....................

16,050

Texas

Instruments,

Inc.

..............

2,949

Universal

Display

Corp.

.............

164,507

Software

—

5.30%

7,512

Adobe,

Inc.(a)

....................

2,650

Appfolio,

Inc.,

Class

-

A(a)

...........

22,910

AppLovin

Corp.,

Class

-

A(a)

.........

16,461

2,885

Atlassian

Corp.,

Class

-

A(a)

..........

7,624

Aurora

Innovation,

Inc.(a)

............

3,744

Autodesk,

Inc.(a)

..................

1,190

2,792

Bentley

Systems,

Inc.,

Class

-

B

.......

775

BILL

Holdings,

Inc.(a)

..............

4,843

Cadence

Design

Systems,

Inc.(a)

.......

1,701

4,007

CCC

Intelligent

Solutions

Holdings,

Inc.(a)

Circle

Internet

Group,

Inc.(a)

.........

2,142

Confluent,

Inc.,

Class

-

A(a)

..........

1,164

Corpay,

Inc.(a)

....................

4,349

Crowdstrike

Holdings,

Inc.,

Class

-

A(a)

.

2,133

5,259

Datadog,

Inc.,

Class

-

A(a)

...........

749

3,529

Docusign,

Inc.(a)

..................

Dolby

Laboratories,

Inc.,

Class

-

A

.....

1,050

DoubleVerify

Holdings,

Inc.(a)

........

1,566

Dropbox,

Inc.,

Class

-

A(a)

...........

5,177

Dynatrace,

Inc.(a)

.................

673

Elastic

N.V.(a)

....................

Fair

Isaac

Corp.(a)

.................

633

11,440

Fortinet,

Inc.(a)

...................

959

9,560

Gen

Digital,

Inc.

..................

1,017

Gitlab,

Inc.,

Class

-

A(a)

.............

648

Guidewire

Software,

Inc.(a)

..........

904

HubSpot,

Inc.(a)

..................

811

Informatica,

Inc.,

Class

-

A(a)

.........

4,878

Intuit,

Inc.

.......................

3,332

Manhattan

Associates,

Inc.(a)

.........

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Software

(continued)

143,108

Microsoft

Corp.

...................

$

74,120

825

nCino,

Inc.(a)

....................

4,437

Nutanix,

Inc.,

Class

-

A(a)

............

62,860

Oracle

Corp.

.....................

17,678

39,341

Palantir

Technologies,

Inc.,

Class

-

A(a)

..

7,177

11,718

Palo

Alto

Networks,

Inc.(a)

...........

2,386

628

Pegasystems,

Inc.

..................

886

Procore

Technologies,

Inc.(a)

.........

2,083

PTC,

Inc.(a)

......................

391,570

QXO,

Inc.(a)

.....................

7,464

646

RingCentral,

Inc.,

Class

-

A(a)

.........

3,031

Roper

Technologies,

Inc.

.............

1,511

904

Rubrik,

Inc.,

Class

-

A(a)

............

SailPoint,

Inc.(a)

..................

16,744

Salesforce,

Inc.

...................

3,969

4,971

Samsara,

Inc.,

Class

-

A(a)

...........

2,117

SentinelOne,

Inc.,

Class

-

A(a)

........

3,649

ServiceNow,

Inc.(a)

................

3,358

4,626

Strategy,

Inc.(a)

...................

1,491

3,255

Synopsys,

Inc.(a)

..................

1,606

776

Teradata

Corp.(a)

..................

751

Tyler

Technologies,

Inc.(a)

...........

3,420

UiPath,

Inc.,

Class

-

A(a)

............

2,463

Unity

Software,

Inc.(a)

..............

3,806

Workday,

Inc.,

Class

-

A(a)

...........

916

4,458

Zoom

Communications,

Inc.(a)

........

1,737

Zscaler,

Inc.(a)

....................

521

156,986

Specialized

REITs

—

1.02%

17,576

American

Tower

Corp.

..............

3,380

20,627

Crown

Castle,

Inc.

.................

1,990

1,695

CubeSmart

......................

27,594

Digital

Realty

Trust,

Inc.

.............

4,770

10,591

EPR

Properties

...................

615

7,488

Equinix,

Inc.

.....................

5,864

7,037

Extra

Space

Storage,

Inc.

............

992

31,393

Gaming

and

Leisure

Properties,

Inc.

....

1,463

5,131

Iron

Mountain,

Inc.

................

524

656

Lamar

Advertising

Co.,

Class

-

A

.......

603

National

Storage

Affiliates

Trust

.......

17,300

Public

Storage

....................

4,997

1,161

Rayonier,

Inc.

....................

7,046

SBA

Communications

Corp.

..........

1,362

53,503

Smartstop

Self

Storage

REIT,

Inc.

......

2,014

54,530

VICI

Properties,

Inc.

...............

1,778

12,717

Weyerhaeuser

Co.

.................

30,263

Specialty

Retail

—

1.17%

AutoNation,

Inc.(a)

................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Specialty

Retail

(continued)

713

AutoZone,

Inc.(a)

..................

$

3,058

1,735

Bath

&

Body

Works,

Inc.

............

3,484

Best

Buy

Co.,

Inc.

.................

1,113

Burlington

Stores,

Inc.(a)

............

1,198

CarMax,

Inc.(a)

...................

2,222

Carvana

Co.(a)

....................

838

1,618

Chewy,

Inc.,

Class

-

A(a)

............

37,710

Dick's

Sporting

Goods,

Inc.

...........

8,380

Five

Below,

Inc.(a)

.................

823

Floor

&

Decor

Holdings,

Inc.,

Class

-

A(a)

3,171

GameStop

Corp.,

Class

-

A(a)

.........

Lithia

Motors,

Inc.

.................

9,885

Lowe's

Cos.,

Inc.

..................

2,484

Murphy

USA,

Inc.

.................

31,653

O'Reilly

Automotive,

Inc.(a)

..........

3,413

Penske

Automotive

Group,

Inc.

........

RH(a)

..........................

8,407

Ross

Stores,

Inc.

..................

1,281

1,780

The

Gap,

Inc.

.....................

18,044

The

Home

Depot,

Inc.

..............

7,312

27,280

The

TJX

Cos.,

Inc.

.................

3,943

21,290

Tractor

Supply

Co.

.................

1,211

1,978

Ulta

Beauty,

Inc.(a)

................

1,081

995

Valvoline,

Inc.(a)

..................

737

Wayfair,

Inc.,

Class

-

A(a)

............

2,148

Williams-Sonoma,

Inc.

..............

34,700

Technology

Hardware,

Storage

&

Peripherals

—

3.11%

296,115

Apple,

Inc.

......................

75,399

5,492

Dell

Technologies,

Inc.,

Class

-

C

......

779

22,798

Hewlett

Packard

Enterprise

Co.

........

560

16,630

HP,

Inc.

.........................

3,568

NetApp,

Inc.

.....................

5,450

Pure

Storage,

Inc.,

Class

-

A(a)

........

1,043

Sandisk

Corp.(a)

..................

54,395

Seagate

Technology

Holdings

PLC

.....

12,841

9,107

Super

Micro

Computer,

Inc.(a)

........

6,261

Western

Digital

Corp.

...............

752

92,216

Textiles,

Apparel

&

Luxury

Goods

—

0.72%

1,154

Amer

Sports,

Inc.(a)

................

Birkenstock

Holding

PLC(a)

..........

Columbia

Sportswear

Co.

............

Crocs,

Inc.(a)

.....................

2,659

Deckers

Outdoor

Corp.(a)

............

1,904

Lululemon

Athletica,

Inc.(a)

..........

150,900

LVMH

Moet

Hennessy

Louis

Vuitton

SE,

ADR

.......................

18,457

20,552

NIKE,

Inc.,

Class

-

B

...............

1,434

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Textiles,

Apparel

&

Luxury

Goods

(continued)

1,705

On

Holding

AG,

Class

-

A(a)

..........

$

PVH

Corp.

......................

Ralph

Lauren

Corp.

................

3,573

Tapestry,

Inc.

.....................

1,429

Under

Armour,

Inc.,

Class

-

A(a)

.......

1,440

Under

Armour,

Inc.,

Class

-

C(a)

.......

2,652

VF

Corp.

........................

21,267

Tobacco

—

0.61%

59,658

Altria

Group,

Inc.

..................

3,941

87,081

Philip

Morris

International,

Inc.

........

14,125

18,066

Trading

Companies

&

Distributors

—

0.74%

63,363

AerCap

Holdings

N.V.

..............

7,667

8,828

AerCap

Holdings

N.V.

..............

1,068

788

Air

Lease

Corp.

...................

Applied

Industrial

Technologies,

Inc.

....

1,478

Core

&

Main,

Inc.,

Class

-

A(a)

........

26,017

Fastenal

Co.

......................

1,276

39,127

Ferguson

Enterprises,

Inc.

............

8,788

788

FTAI

Aviation

Ltd.(c)

...............

MSC

Industrial

Direct

Co.,

Inc.

........

SiteOne

Landscape

Supply,

Inc.(a)

......

1,151

United

Rentals,

Inc.

................

1,099

1,227

W.W.

Grainger,

Inc.

................

1,170

607

Watsco,

Inc.

......................

WESCO

International,

Inc.

...........

21,804

Water

Utilities

—

0.14%

15,518

American

Water

Works

Co.,

Inc.

.......

2,160

48,433

Essential

Utilities,

Inc.

..............

1,932

4,092

Wireless

Telecommunication

Services

—

0.12%

795

Millicom

International

Cellular

SA

.....

14,748

T-Mobile

US,

Inc.

.................

3,530

3,569

Total

Common

Stocks

(cost

$1,157,095)

1,904,857

Contingent

Rights

—

0.00%

Distributors

—

0.00%

5,443

Sycamore

Partners

LLC

CVR,

08/29/29(a)

(b) ........................

—

Shares

Security

Description

Value

(000) Contingent

Rights

(continued)

Diversified

Telecommunication

Services

—

0.00%

Mirati

Therapeutics

CVR,

01/01/26(a)(b)

.

$

—

Total

Contingent

Rights

(cost

$–)

.....

–

Investment

Companies

—

33.92%

Domestic

Equity

Funds

—

13.12%

194,110

iShares

Core

S&P

500

ETF

...........

129,918

211,260

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

.......................

30,770

11,135

iShares

Russell

1000

ETF

............

4,070

500,000

SPDR

S&P

Homebuilders

ETF

........

55,400

224,245

Vanguard

S&P

500

ETF

.............

137,323

93,660

Vanguard

Total

Stock

Market

ETF

......

30,736

388,217

International

Equity

Funds

—

9.74%

2,063,400

Vanguard

FTSE

Developed

Markets

ETF

.

123,639

2,066,500

Vanguard

FTSE

Europe

ETF

..........

164,906

288,545

Money

Market

Funds

—

11.06%

327,451,540

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class,

4.01%(d)

....................

327,452

327,452

Total

Investment

Companies

(cost

$836,173)

.......................

1,004,214

Purchased

Options

on

Futures

—

0.01%

Total

Purchased

Options

on

Futures

(cost

$410)

..........................

Total

Investments

(cost

$1,993,678)

—

98.26%

.....................

2,909,259

Other

assets

in

excess

of

liabilities

—

1.74%

......................

51,490

Net

Assets

-

100.00%

..............

$

2,960,749

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

(a) Represents

non-income

producing

security.

(b) Security

was

valued

using

significant

unobservable

inputs

as

of

September

30,

2025. 26

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

September

30,

2025

.

(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) Annualized

7-day

yield

as

of

period-end.

ADR—American

Depositary

Receipt

ETF—Exchange-Traded

Fund

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

......................................................................................................

43.22 %

2.27 %

2.67 %

16.17 %

64.33 %

Contingent

Rights

...................................................................................................

—

—

—

—

—

%

Investment

Companies

............................................................................................

0.03 %

33.71 %

0.02 %

0.16 %

33.92 %

Options

on

Futures

..................................................................................................

—

0.01 %

—

—

0.01 %

Other

Assets

(Liabilities)

........................................................................................

0.05 %

1.67 %

0.02 %

—

1.74 %

Total

Net

Assets

.................................................................................................

43.30 %

37.66 %

2.71 %

16.33 %

100.00 %

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

September

30,

2025

.

Futures

Contracts

Purchased

\*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

and

Unrealized

Appreciation/

(Depreciation)

(000) E-Mini

Russell

2000

Index

Future

.................

12/19/25

$

7,612

$

E-Mini

S&P

500

Future

.........................

1,238

12/19/25

417,129

5,246

Japanese

Yen

Currency

Future

....................

12/15/25

8,517

(46) $

433,258

$

5,321

Total

Unrealized

Appreciation

.....................

$

5,367

Total

Unrealized

Depreciation

.....................

(46) Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

5,321

\*

Cash

has

been

pledged

as

collateral

for

futures

contracts

held

by

the

Portfolio.

Options

on

Futures

Contracts

Exchange-traded

options

on

futures

contacts

written

as

of

September

30,

2025

were

as

follows:

Description

Put/Call

Number

of

Contracts

Notional

Amount

(000) Exercise

Price

Expiration

Date

Value

(000) Japanese

Yen

Future

Option

...............

Put

$

16,375

$

65.50 11/7/25

$

(28) Japanese

Yen

Future

Option

...............

Put

16,500

66.00 11/7/25

(40) Japanese

Yen

Future

Option

...............

Put

24,563

65.50 12/5/25

(79) 27

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(concluded)

—

September

30,

2025

(Unaudited)

Options

on

Futures

Contracts

(continued)

Description

Put/Call

Number

of

Contracts

Notional

Amount

(000) Exercise

Price

Expiration

Date

Value

(000) Japanese

Yen

Future

Option

...............

Put

$

8,250

$

66.00 12/5/25

$

(37) Japanese

Yen

Future

Option

...............

Put

8,125

65.00 12/5/25

(19) $

(203) Exchanged-traded

options

on

futures

contacts

purchased

as

of

September

30,

2025

were

as

follows:

Description

Put/Call

Number

of

Contracts

Notional

Amount

(000) Exercise

Price

Expiration

Date

Value

(000) Japanese

Yen

Future

Option

...............

Call

$

9,250

$

74.00 10/3/25

$

Japanese

Yen

Future

Option

...............

Call

9,188

73.50 10/3/25

Japanese

Yen

Future

Option

...............

Call

8,750

70.00 10/3/25

Japanese

Yen

Future

Option

...............

Call

17,375

69.50 10/3/25

Japanese

Yen

Future

Option

...............

Call

18,250

73.00 11/7/25

Japanese

Yen

Future

Option

...............

Call

8,875

71.00 11/7/25

Japanese

Yen

Future

Option

...............

Call

8,625

69.00 11/7/25

Japanese

Yen

Future

Option

...............

Call

8,688

69.50 11/7/25

Japanese

Yen

Future

Option

...............

Call

8,813

70.50 12/5/25

$

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

September

30,

2025

(%)

(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 12/20/2030

3.22 $

300,000

$

(22,942)

$

(22,838)

$

(104) $

(22,942)

$

(22,838)

$

(104) (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

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

—

98.64%

Australia

—

1.68%

4,544

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)

..

7,722

BHP

Group

Ltd.

(Metals

&

Mining)

.....

665

BlueScope

Steel

Ltd.

(Metals

&

Mining)

.

2,095

Brambles

Ltd.

(Commercial

Services

&

Supplies)

....................

562

CAR

Group

Ltd.

(Interactive

Media

&

Services)

....................

Cochlear

Ltd.

(Health

Care

Equipment

&

Supplies)

....................

2,003

Coles

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

2,533

Commonwealth

Bank

of

Australia

(Banks)

801

Computershare

Ltd.

(Professional

Services)

739

CSL

Ltd.

(Biotechnology)

............

3,225

Evolution

Mining

Ltd.

(Metals

&

Mining)

2,563

Fortescue

Ltd.

(Metals

&

Mining)

......

3,072

Goodman

Group

(Industrial

REITs)

.....

3,583

Insurance

Australia

Group

Ltd.

(Insurance)

548

Macquarie

Group

Ltd.

(Capital

Markets)

.

4,104

Medibank

Pvt

Ltd.

(Insurance)

........

4,626

National

Australia

Bank

Ltd.

(Banks)

....

2,132

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)

.

2,284

QBE

Insurance

Group

Ltd.

(Insurance)

..

REA

Group

Ltd.

(Interactive

Media

&

Services)

....................

570

Rio

Tinto

Ltd.

(Metals

&

Mining)

......

4,937

Santos

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

(b) ........................

9,999

Scentre

Group

(Retail

REITs)

.........

SGH

Ltd.

(Trading

Companies

&

Distributors)

.................

7,415

Sigma

Healthcare

Ltd.

(Health

Care

Providers

&

Services)

...........

693

Sonic

Healthcare

Ltd.

(Health

Care

Providers

&

Services)

...........

6,826

South32

Ltd.

(Metals

&

Mining)

.......

3,420

Stockland

(Diversified

REITs)

.........

1,619

Suncorp

Group

Ltd.

(Insurance)

.......

5,964

Telstra

Group

Ltd.

(Diversified

Telecommunication

Services)

.....

3,206

The

Lottery

Corp.

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

4,665

Transurban

Group

(Transportation

Infrastructure)

................

9,082

Vicinity

Ltd.

(Retail

REITs)(b)

........

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Australia

(continued)

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(Financial

Services)

............

$

1,718

Wesfarmers

Ltd.

(Broadline

Retail)

.....

5,225

Westpac

Banking

Corp.

(Banks)

.......

WiseTech

Global

Ltd.

(Software)

.......

2,884

Woodside

Energy

Group

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

1,844

Woolworths

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

2,021

Austria

—

0.05%

Erste

Group

Bank

AG

(Banks)(b)

......

OMV

AG

(Oil,

Gas

&

Consumable

Fuels)

Verbund

AG

(Electric

Utilities)

........

Belgium

—

0.21%

Ageas

SA/N.V.

(Insurance)(b)

.........

1,496

Anheuser-Busch

InBev

SA/N.V.

(Beverages)

..................

D'ieteren

Group

(Distributors)

.........

Elia

Group

SA/N.V.

(Electric

Utilities)(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%

572

Arch

Capital

Group

Ltd.

(Insurance)

....

Everest

Group

Ltd.

(Insurance)

........

Canada

—

3.36%

765

Agnico

Eagle

Mines

Ltd.

(Metals

&

Mining)

768

Alamos

Gold,

Inc.

(Metals

&

Mining)

...

1,153

Alimentation

Couche-Tard,

Inc.

(Consumer

Staples

Distribution

&

Retail)

.....

AltaGas

Ltd.

(Gas

Utilities)

...........

894

ARC

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

AtkinsRealis

Group,

Inc.

(Construction

&

Engineering)

.................

1,073

Bank

of

Montreal

(Banks)

............

2,637

Barrick

Mining

Corp.

(Metals

&

Mining)

.

BCE,

Inc.

(Diversified

Telecommunication

Services)

....................

Bombardier,

Inc.,

Class

-

B

(Aerospace

&

Defense)(a)(b)

................

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Canada

(continued)

2,077

Brookfield

Corp.

(Capital

Markets)

.....

$

CAE,

Inc.

(Aerospace

&

Defense)(a)

....

659

Cameco

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

1,434

Canadian

Imperial

Bank

of

Commerce

(Banks)

.....................

807

Canadian

National

Railway

Co.

(Ground

Transportation)

...............

3,200

Canadian

Natural

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

...........

1,417

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)

....

2,070

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)

.....

3,378

Enbridge,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

......................

Fairfax

Financial

Holdings

Ltd.

(Insurance)

1,070

First

Quantum

Minerals

Ltd.

(Metals

&

Mining)(a)

...................

FirstService

Corp.

(Real

Estate

Management

&

Development)

..............

759

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.

(Metals

&

Mining)(a)

Keyera

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

1,858

Kinross

Gold

Corp.

(Metals

&

Mining)

..

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Canada

(continued)

908

Loblaw

Cos.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

$

Lululemon

Athletica,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)(a)

............

Lundin

Gold,

Inc.

(Metals

&

Mining)(b)

.

1,119

Lundin

Mining

Corp.

(Metals

&

Mining)(b)

Magna

International,

Inc.

(Automobile

Components)

.................

2,453

Manulife

Financial

Corp.

(Insurance)

....

Metro,

Inc.

(Consumer

Staples

Distribution

&

Retail)

....................

597

National

Bank

of

Canada

(Banks)

......

746

Nutrien

Ltd.

(Chemicals)

............

Open

Text

Corp.

(Software)(b)

........

551

Pan

American

Silver

Corp.

(Metals

&

Mining)

.....................

879

Pembina

Pipeline

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

852

Power

Corp.

of

Canada

(Insurance)

.....

Restaurant

Brands

International,

Inc.

(Hotels,

Restaurants

&

Leisure)

....

532

Rogers

Communications,

Inc.,

Class

-

B

(Wireless

Telecommunication

Services)

....................

2,117

Royal

Bank

of

Canada

(Banks)

........

Saputo,

Inc.

(Food

Products)(b)

........

1,865

Shopify,

Inc.,

Class

-

A

(IT

Services)(a)

..

Stantec,

Inc.

(Construction

&

Engineering)

872

Sun

Life

Financial,

Inc.

(Insurance)

.....

1,908

Suncor

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

1,582

TC

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

713

Teck

Resources

Ltd.,

Class

-

B

(Metals

&

Mining)

.....................

737

TELUS

Corp.

(Diversified

Telecommunication

Services)

.....

TFI

International,

Inc.

(Ground

Transportation)

...............

1,893

The

Bank

of

Nova

Scotia

(Banks)

......

The

Descartes

Systems

Group,

Inc.

(Software)(a)

.................

2,631

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)

...........

693

Wheaton

Precious

Metals

Corp.

(Metals

&

Mining)

.....................

1,877

Whitecap

Resources,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Canada

(continued)

WSP

Global,

Inc.

(Construction

&

Engineering)

.................

$

4,056

Chile

—

0.02%

594

Antofagasta

PLC

(Metals

&

Mining)

....

China

—

0.01%

3,900

Yangzijiang

Shipbuilding

Holdings

Ltd.

(Machinery)

.................

Denmark

—

0.48%

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)

.........

1,137

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)

.....

4,921

Novo

Nordisk

A/S,

Class

-

B

(Pharmaceuticals)

.............

530

Novonesis

Novozymes

B

(Chemicals)

...

Orsted

A/S

(Electric

Utilities)(a)(b)

.....

Pandora

A/S

(Textiles,

Apparel

&

Luxury

Goods)

.....................

ROCKWOOL

A/S,

Class

-

B

(Building

Products)

....................

669

Tryg

A/S

(Insurance)(b)

.............

1,529

Vestas

Wind

Systems

A/S

(Electrical

Equipment)

..................

574

Finland

—

0.26%

Elisa

Oyj

(Diversified

Telecommunication

Services)

....................

635

Fortum

Oyj

(Electric

Utilities)

.........

Kesko

Oyj,

Class

-

B

(Consumer

Staples

Distribution

&

Retail)

...........

508

Kone

Oyj,

Class

-

B

(Machinery)

.......

920

Metso

Oyj

(Machinery)(b)

...........

633

Neste

Oyj

(Oil,

Gas

&

Consumable

Fuels)

8,275

Nokia

Oyj

(Communications

Equipment)

.

4,802

Nordea

Bank

Abp

(Banks)

...........

Orion

Oyj,

Class

-

B

(Pharmaceuticals)

..

3,597

Sampo

Oyj,

A

Shares

(Insurance)

......

1,248

Stora

Enso

Oyj,

Class

-

R

(Paper

&

Forest

Products)

....................

770

UPM-Kymmene

Oyj

(Paper

&

Forest

Products)

....................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Finland

(continued)

747

Wartsila

Oyj

Abp

(Machinery)

.........

$

France

—

2.62%

Accor

SA

(Hotels,

Restaurants

&

Leisure)

Aeroports

de

Paris

SA

(Transportation

Infrastructure)

................

892

Air

Liquide

SA

(Chemicals)

..........

894

Airbus

SE

(Aerospace

&

Defense)

......

522

Alstom

SA

(Machinery)(a)

...........

Amundi

SA

(Capital

Markets)(b)

.......

Arkema

SA

(Chemicals)

.............

2,688

AXA

SA

(Insurance)

...............

BioMerieux

(Health

Care

Equipment

&

Supplies)

....................

1,584

BNP

Paribas

SA

(Banks)

.............

1,613

Bollore

SE

(Entertainment)

...........

Bouygues

SA

(Construction

&

Engineering)

Bureau

Veritas

SA

(Professional

Services)

Capgemini

SE

(IT

Services)

..........

796

Carrefour

SA

(Consumer

Staples

Distribution

&

Retail)(b)

........

648

Cie

de

Saint-Gobain

SA

(Building

Products)

1,006

Cie

Generale

des

Etablissements

Michelin

SCA

(Automobile

Components)

...

Covivio

SA

(Office

REITs)

...........

1,608

Credit

Agricole

SA

(Banks)

...........

1,018

Danone

SA

(Food

Products)

..........

1,005

Dassault

Systemes

SE

(Software)

......

Edenred

SE

(Financial

Services)

.......

Eiffage

SA

(Construction

&

Engineering)(b)

2,752

Engie

SA

(Multi-Utilities)

............

EssilorLuxottica

SA

(Health

Care

Equipment

&

Supplies)

.........

FDJ

UNITED

(Hotels,

Restaurants

&

Leisure)

....................

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)

2,784

Orange

SA

(Diversified

Telecommunication

Services)(b)

..................

Pernod

Ricard

SA

(Beverages)

........

Publicis

Groupe

SA

(Media)

..........

Renault

SA

(Automobiles)

...........

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

France

(continued)

Rexel

SA

(Trading

Companies

&

Distributors)

.................

$

557

Safran

SA

(Aerospace

&

Defense)

......

1,695

Sanofi

SA

(Pharmaceuticals)

..........

Sartorius

Stedim

Biotech

(Life

Sciences

Tools

&

Services)

..............

833

Schneider

Electric

SE

(Electrical

Equipment)(b)

................

1,093

Societe

Generale

SA

(Banks)

.........

Sodexo

SA

(Hotels,

Restaurants

&

Leisure)

Teleperformance

SE

(Professional

Services)

Thales

SA

(Aerospace

&

Defense)

......

3,137

TotalEnergies

SE

(Oil,

Gas

&

Consumable

Fuels)

......................

Unibail-Rodamco-Westfield

(Retail

REITs)

1,046

Veolia

Environnement

SA

(Multi-Utilities)

750

Vinci

SA

(Construction

&

Engineering)

..

3,161

Germany

—

2.39%

adidas

AG

(Textiles,

Apparel

&

Luxury

Goods)

.....................

581

Allianz

SE,

Registered

Shares

(Insurance)

Aumovio

SE

(Automobile

Components)(a)

—

1,262

BASF

SE

(Chemicals)

..............

1,480

Bayer

AG,

Registered

Shares

(Pharmaceuticals)

.............

500

Bayerische

Motoren

Werke

AG

(Automobiles)

................

Bayerische

Motoren

Werke

AG,

Preference

Shares

(Automobiles)

...........

Beiersdorf

AG

(Personal

Care

Products)

..

Brenntag

SE

(Trading

Companies

&

Distributors)

.................

1,158

Commerzbank

AG

(Banks)

...........

Continental

AG

(Automobile

Components)

Covestro

AG

(Chemicals)(a)

..........

CTS

Eventim

AG

&

Co.

KGaA

(Entertainment)(b)

.............

723

Daimler

Truck

Holding

AG

(Machinery)

.

Delivery

Hero

SE

(Hotels,

Restaurants

&

Leisure)(a)(b)

................

2,795

Deutsche

Bank

AG,

Registered

Shares

(Capital

Markets)

..............

Deutsche

Boerse

AG

(Capital

Markets)

..

848

Deutsche

Lufthansa

AG,

Registered

Shares

(Passenger

Airlines)(b)

..........

1,448

Deutsche

Post

AG

(Air

Freight

&

Logistics)

5,409

Deutsche

Telekom

AG,

Registered

(Diversified

Telecommunication

Services)(b)

..................

Dr.

Ing.

h.c.

F. Porsche

AG,

Preference

Shares

(Automobiles)(b)

.........

3,392

E.ON

SE

(Multi-Utilities)

............

515

Evonik

Industries

AG

(Chemicals)

......

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Germany

(continued)

Fresenius

Medical

Care

AG

(Health

Care

Providers

&

Services)

...........

$

638

Fresenius

SE

&

Co.

KGaA

(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)

....

1,995

Infineon

Technologies

AG

(Semiconductors

&

Semiconductor

Equipment)(b)

...

Knorr-Bremse

AG

(Machinery)

........

LEG

Immobilien

SE

(Real

Estate

Management

&

Development)

.....

1,099

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)

.

952

RWE

AG

(Independent

Power

and

Renewable

Electricity

Producers)

..

1,601

SAP

SE

(Software)

.................

Sartorius

AG,

Preference

Shares

(Life

Sciences

Tools

&

Services)(b)

.....

Scout24

SE

(Interactive

Media

&

Services)

(b) ........................

1,172

Siemens

AG,

Registered

Shares

(Industrial

Conglomerates)

...............

1,071

Siemens

Energy

AG

(Electrical

Equipment)

(a)(b) ......................

521

Siemens

Healthineers

AG

(Health

Care

Equipment

&

Supplies)(b)

.......

Symrise

AG

(Chemicals)(b)

..........

Talanx

AG

(Insurance)

..............

1,109

Vonovia

SE

(Real

Estate

Management

&

Development)

................

Zalando

SE

(Specialty

Retail)(a)(b)

.....

2,886

Hong

Kong

—

0.55%

16,600

AIA

Group

Ltd.

(Insurance)

..........

5,500

BOC

Hong

Kong

Holdings

Ltd.

(Banks)

.

2,000

CK

Asset

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

4,000

CK

Hutchison

Holdings

Ltd.

(Industrial

Conglomerates)

...............

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Hong

Kong

(continued)

1,500

CK

Infrastructure

Holdings

Ltd.

(Electric

Utilities)

....................

$

2,500

CLP

Holdings

Ltd.

(Electric

Utilities)

...

Futu

Holdings

Ltd.,

ADR

(Capital

Markets)

(b) ........................

4,000

Galaxy

Entertainment

Group

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

1,100

Hang

Seng

Bank

Ltd.

(Banks)

.........

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)

....................

1,849

Hong

Kong

Exchanges

&

Clearing

Ltd.

(Capital

Markets)

..............

1,600

Hongkong

Land

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

Jardine

Matheson

Holdings

Ltd.

(Industrial

Conglomerates)

...............

3,811

Link

REIT

(Retail

REITs)

............

2,000

MTR

Corp.

Ltd.

(Ground

Transportation)

.

2,000

Power

Assets

Holdings

Ltd.

(Electric

Utilities)

....................

3,973

Prudential

PLC

(Insurance)

...........

8,518

Sino

Land

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

3,000

SITC

International

Holdings

Co.

Ltd.

(Marine

Transportation)

.........

2,000

Sun

Hung

Kai

Properties

Ltd.

(Real

Estate

Management

&

Development)

.....

500

Swire

Pacific

Ltd.,

Class

-

A

(Real

Estate

Management

&

Development)

.....

2,000

Techtronic

Industries

Co.

Ltd.

(Machinery)

3,000

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)

666

Ireland

(Republic

of)

—

1.03%

944

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)

.

1,530

Bank

of

Ireland

Group

PLC

(Banks)

....

DCC

PLC

(Industrial

Conglomerates)(b)

.

597

Eaton

Corp.

PLC

(Electrical

Equipment)

.

1,393

Experian

PLC

(Professional

Services)

...

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Ireland

(Republic

of)

(continued)

811

James

Hardie

Industries

PLC

(Construction

Materials)(a)

.................

$

Kerry

Group

PLC,

Class

-

A

(Food

Products)(b)

.................

Kingspan

Group

PLC

(Building

Products)

1,988

Medtronic

PLC

(Health

Care

Equipment

&

Supplies)

....................

1,263

Ryanair

Holdings

PLC

(Passenger

Airlines)

(b) ........................

789

Smurfit

WestRock

PLC

(Containers

&

Packaging)

..................

TE

Connectivity

PLC

(Electronic

Equipment,

Instruments

&

Components)

.................

Trane

Technologies

PLC

(Building

Products)

....................

1,240

Israel

—

0.25%

Azrieli

Group

Ltd.

(Real

Estate

Management

&

Development)

..............

1,868

Bank

Hapoalim

BM

(Banks)

..........

2,197

Bank

Leumi

Le-Israel

BM,

Class

-

IS

(Banks)

.....................

Check

Point

Software

Technologies

Ltd.

(Software)(a)

.................

CyberArk

Software

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)

.....

1,698

Teva

Pharmaceutical

Industries

Ltd.,

ADR

(Pharmaceuticals)(a)

...........

Wix.com

Ltd.

(IT

Services)(a)

.........

Italy

—

0.77%

Banca

Mediolanum

SpA

(Financial

Services)

....................

2,400

Banca

Monte

dei

Paschi

di

Siena

SpA

(Banks)(b)

...................

1,955

Banco

BPM

SpA

(Banks)

............

1,937

BPER

Banca

SPA

(Banks)

...........

1,427

Davide

Campari-Milano

N.V.,

Class

-

M

(Beverages)(b)

................

12,370

Enel

SpA

(Electric

Utilities)(b)

........

3,247

Eni

SpA

(Oil,

Gas

&

Consumable

Fuels)

.

Ferrari

N.V.

(Automobiles)

...........

925

FinecoBank

Banca

Fineco

SpA

(Banks)

..

1,425

Generali

(Insurance)

................

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Italy

(continued)

Infrastrutture

Wireless

Italiane

SpA

(Diversified

Telecommunication

Services)(b)

..................

$

20,902

Intesa

Sanpaolo

SpA

(Banks)(b)

.......

615

Leonardo

SpA

(Aerospace

&

Defense)

...

Moncler

SpA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

694

Nexi

SpA

(Financial

Services)(b)

......

688

Poste

Italiane

SpA

(Insurance)(b)

......

Prysmian

SpA

(Electrical

Equipment)

...

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(Pharmaceuticals)

..........

3,098

Snam

SpA

(Gas

Utilities)

............

25,056

Telecom

Italia

SpA/Milano

(Diversified

Telecommunication

Services)(a)

...

2,118

Terna

-

Rete

Elettrica

Nazionale

(Electric

Utilities)

....................

2,123

UniCredit

SpA

(Banks)

..............

547

Unipol

Assicurazioni

SpA

(Insurance)

...

929

Japan

—

5.48%

1,200

Advantest

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

3,600

Aeon

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

AGC,

Inc.

(Building

Products)

........

1,000

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)

.....................

2,700

Astellas

Pharma,

Inc.

(Pharmaceuticals)

..

900

Bandai

Namco

Holdings,

Inc.

(Leisure

Products)

....................

900

Bridgestone

Corp.

(Automobile

Components)

.................

1,400

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)

....................

1,100

Chugai

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals)

.............

600

Dai

Nippon

Printing

Co.

Ltd.

(Commercial

Services

&

Supplies)

...........

500

Daifuku

Co.

Ltd.

(Machinery)

.........

5,600

Dai-ichi

Life

Holdings,

Inc.

(Insurance)

..

2,700

Daiichi

Sankyo

Co.

Ltd.

(Pharmaceuticals)

(b) ........................

Daikin

Industries

Ltd.

(Building

Products)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

500

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)

....................

2,900

Denso

Corp.

(Automobile

Components)

..

Disco

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

1,400

East

Japan

Railway

Co.

(Ground

Transportation)

...............

Eisai

Co.

Ltd.

(Pharmaceuticals)

.......

4,100

ENEOS

Holdings,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

1,400

FANUC

Corp.

(Machinery)

...........

Fast

Retailing

Co.

Ltd.

(Specialty

Retail)

.

Fuji

Electric

Co.

Ltd.

(Electrical

Equipment)

1,700

FUJIFILM

Holdings

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..

Fujikura

Ltd.

(Electrical

Equipment)

....

2,700

Fujitsu

Ltd.

(IT

Services)(b)

..........

Hankyu

Hanshin

Holdings,

Inc.

(Ground

Transportation)

...............

6,900

Hitachi

Ltd.

(Industrial

Conglomerates)

..

6,300

Honda

Motor

Co.

Ltd.

(Automobiles)

...

500

Hoya

Corp.

(Health

Care

Equipment

&

Supplies)

....................

800

Hulic

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

1,400

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)

.......

1,800

ITOCHU

Corp.

(Trading

Companies

&

Distributors)

.................

Japan

Airlines

Co.

Ltd.

(Passenger

Airlines)

(b) ........................

1,500

Japan

Exchange

Group,

Inc.

(Capital

Markets)

....................

2,700

Japan

Post

Bank

Co.

Ltd.

(Banks)(b)

....

2,900

Japan

Post

Holdings

Co.

Ltd.

(Insurance)(b)

Japan

Post

Insurance

Co.

Ltd.

(Insurance)(b)

800

JFE

Holdings,

Inc.

(Metals

&

Mining)(b)

.

600

Kajima

Corp.

(Construction

&

Engineering)

700

Kao

Corp.

(Personal

Care

Products)

.....

Kawasaki

Heavy

Industries

Ltd.

(Machinery)

.................

500

Kawasaki

Kisen

Kaisha

Ltd.

(Marine

Transportation)

...............

4,600

KDDI

Corp.

(Wireless

Telecommunication

Services)

....................

Keyence

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

1,000

Kikkoman

Corp.

(Food

Products)

......

1,100

Kirin

Holdings

Co.

Ltd.

(Beverages)

....

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

Kobe

Bussan

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

$

1,300

Komatsu

Ltd.

(Machinery)

...........

Konami

Group

Corp.

(Entertainment)

...

1,500

Kubota

Corp.

(Machinery)

...........

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)

...........

2,100

Marubeni

Corp.

(Trading

Companies

&

Distributors)

.................

500

MatsukiyoCocokara

&

Co.

(Consumer

Staples

Distribution

&

Retail)

.....

MEIJI

Holdings

Co.

Ltd.

(Food

Products)

500

MINEBEA

MITSUMI,

Inc.

(Machinery)

.

2,000

Mitsubishi

Chemical

Group

Corp.

(Chemicals)

..................

4,900

Mitsubishi

Corp.

(Trading

Companies

&

Distributors)

.................

2,900

Mitsubishi

Electric

Corp.

(Electrical

Equipment)

..................

1,600

Mitsubishi

Estate

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

1,100

Mitsubishi

HC

Capital,

Inc.

(Financial

Services)

....................

4,900

Mitsubishi

Heavy

Industries

Ltd.

(Machinery)

.................

17,300

Mitsubishi

UFJ

Financial

Group,

Inc.

(Banks)

.....................

3,800

Mitsui

&

Co.

Ltd.

(Trading

Companies

&

Distributors)

.................

4,000

Mitsui

Fudosan

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

500

Mitsui

OSK

Lines

Ltd.

(Marine

Transportation)

...............

3,840

Mizuho

Financial

Group,

Inc.

(Banks)

...

MonotaRO

Co.

Ltd.

(Trading

Companies

&

Distributors)

.................

1,900

MS&AD

Insurance

Group

Holdings,

Inc.

(Insurance)

..................

2,500

Murata

Manufacturing

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

2,000

NEC

Corp.

(IT

Services)

.............

500

Nexon

Co.

Ltd.

(Entertainment)

.......

1,300

NIDEC

Corp.

(Electrical

Equipment)

....

1,700

Nintendo

Co.

Ltd.

(Entertainment)

......

Nippon

Building

Fund,

Inc.

(Office

REITs)

1,400

Nippon

Paint

Holdings

Co.

Ltd.

(Chemicals)

(b) ........................

Nippon

Sanso

Holdings

Corp.

(Chemicals)

7,500

Nippon

Steel

Corp.

(Metals

&

Mining)(b)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

700

Nippon

Yusen

KK

(Marine

Transportation)

$

3,400

Nissan

Motor

Co.

Ltd.

(Automobiles)(a)

.

Nissin

Foods

Holdings

Co.

Ltd.

(Food

Products)(b)

.................

500

Nitori

Holdings

Co.

Ltd.

(Specialty

Retail)

1,100

Nitto

Denko

Corp.

(Chemicals)

........

4,500

Nomura

Holdings,

Inc.

(Capital

Markets)

.

600

Nomura

Research

Institute

Ltd.

(IT

Services)

....................

45,100

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)

....................

1,600

Oriental

Land

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

1,700

ORIX

Corp.

(Financial

Services)

.......

600

Osaka

Gas

Co.

Ltd.

(Gas

Utilities)

......

Otsuka

Corp.

(IT

Services)

...........

700

Otsuka

Holdings

Co.

Ltd.

(Pharmaceuticals)

3,000

Pan

Pacific

International

Holdings

Corp.

(Broadline

Retail)

.............

3,500

Panasonic

Holdings

Corp.

(Household

Durables)

...................

2,300

Rakuten

Group,

Inc.

(Broadline

Retail)(a)(b)

2,100

Recruit

Holdings

Co.

Ltd.

(Professional

Services)

....................

2,600

Renesas

Electronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

...

3,200

Resona

Holdings,

Inc.

(Banks)

........

800

Ryohin

Keikaku

Co.

Ltd.

(Broadline

Retail)

Sanrio

Co.

Ltd.

(Specialty

Retail)(b)

....

SBI

Holdings,

Inc.

(Capital

Markets)

....

SCREEN

Holdings

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

SCSK

Corp.

(IT

Services)

............

600

Secom

Co.

Ltd.

(Commercial

Services

&

Supplies)

....................

600

Sekisui

Chemical

Co.

Ltd.

(Household

Durables)

...................

900

Sekisui

House

Ltd.

(Household

Durables)

3,400

Seven

&

i

Holdings

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

.....

800

SG

Holdings

Co.

Ltd.

(Air

Freight

&

Logistics)

...................

Shimadzu

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

Shimano,

Inc.

(Leisure

Products)

.......

2,700

Shin-Etsu

Chemical

Co.

Ltd.

(Chemicals)

1,100

Shionogi

&

Co.

Ltd.

(Pharmaceuticals)

..

600

Shiseido

Co.

Ltd.

(Personal

Care

Products)

SMC

Corp.

(Machinery)

.............

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

43,500

SoftBank

Corp.

(Wireless

Telecommunication

Services)

.....

$

1,500

SoftBank

Group

Corp.

(Wireless

Telecommunication

Services)

.....

1,300

Sompo

Holdings,

Inc.

(Insurance)

......

9,400

Sony

Financial

Group,

Inc.

(Financial

Services)(a)

..................

9,400

Sony

Group

Corp.

(Household

Durables)

.

900

Subaru

Corp.

(Automobiles)

..........

1,600

Sumitomo

Corp.

(Trading

Companies

&

Distributors)

.................

1,100

Sumitomo

Electric

Industries

Ltd.

(Automobile

Components)

.......

Sumitomo

Metal

Mining

Co.

Ltd.

(Metals

&

Mining)

.....................

5,700

Sumitomo

Mitsui

Financial

Group,

Inc.

(Banks)

.....................

1,000

Sumitomo

Mitsui

Trust

Group,

Inc.

(Banks)

500

Sumitomo

Realty

&

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

Suntory

Beverage

&

Food

Ltd.

(Beverages)

2,400

Suzuki

Motor

Corp.

(Automobiles)

.....

800

Sysmex

Corp.

(Health

Care

Equipment

&

Supplies)

....................

700

T&D

Holdings,

Inc.

(Insurance)

.......

Taisei

Corp.

(Construction

&

Engineering)

2,400

Takeda

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals)

.............

2,900

TDK

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

2,000

Terumo

Corp.

(Health

Care

Equipment

&

Supplies)(b)

..................

1,200

The

Chiba

Bank

Ltd.

(Banks)

.........

1,400

The

Kansai

Electric

Power

Co.,

Inc.

(Electric

Utilities)

.............

TIS,

Inc.

(IT

Services)

..............

Toho

Co.

Ltd.

(Entertainment)

.........

2,800

Tokio

Marine

Holdings,

Inc.

(Insurance)

.

700

Tokyo

Electron

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

600

Tokyo

Gas

Co.

Ltd.

(Gas

Utilities)

......

600

Tokyo

Metro

Co.

Ltd.

(Ground

Transportation)

...............

800

Tokyu

Corp.

(Ground

Transportation)

...

TOPPAN

Holdings,

Inc.

(Commercial

Services

&

Supplies)

...........

2,100

Toray

Industries,

Inc.

(Chemicals)

......

Toyota

Industries

Corp.

(Machinery)

....

14,300

Toyota

Motor

Corp.

(Automobiles)(b)

...

1,000

Toyota

Tsusho

Corp.

(Trading

Companies

&

Distributors)

.................

Trend

Micro,

Inc.

(Software)

..........

1,700

Unicharm

Corp.

(Household

Products)

...

600

West

Japan

Railway

Co.

(Ground

Transportation)(b)

.............

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

Yakult

Honsha

Co.

Ltd.

(Food

Products)

.

$

1,400

Yamaha

Motor

Co.

Ltd.

(Automobiles)

..

Yokogawa

Electric

Corp.

(Electronic

Equipment,

Instruments

&

Components)

.................

1,600

Yokohama

Financial

Group,

Inc.

(Banks)

.

Zensho

Holdings

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

900

ZOZO,

Inc.

(Specialty

Retail)(b)

.......

6,613

Luxembourg

—

0.04%

706

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

—

1.33%

862

ABN

AMRO

Bank

N.V.,

Class

-

CV

(Banks)

(b) ........................

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)

.......

598

ASML

Holding

N.V.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

582

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)

.......

764

Ferrovial

SE

(Construction

&

Engineering)

Heineken

Holding

N.V.

(Beverages)

....

Heineken

N.V.

(Beverages)

...........

IMCD

N.V.

(Trading

Companies

&

Distributors)(b)

...............

4,775

ING

Groep

N.V.

(Banks)

.............

JDE

Peet's

N.V.

(Food

Products)

.......

1,421

Koninklijke

Ahold

Delhaize

N.V.

(Consumer

Staples

Distribution

&

Retail)

.....

5,842

Koninklijke

KPN

N.V.

(Diversified

Telecommunication

Services)

.....

NN

Group

N.V.

(Insurance)

...........

NXP

Semiconductors

N.V.

(Semiconductors

&

Semiconductor

Equipment)

.....

1,946

Prosus

N.V.

(Broadline

Retail)(a)(b)

....

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Netherlands

(continued)

QIAGEN

N.V.

(Life

Sciences

Tools

&

Services)

....................

$

Randstad

N.V.

(Professional

Services)

...

3,076

Stellantis

N.V.

(Automobiles)

.........

1,690

Universal

Music

Group

N.V.

(Entertainment)

...............

Wolters

Kluwer

N.V.

(Professional

Services)

1,602

New

Zealand

—

0.07%

2,407

Auckland

International

Airport

Ltd.

(Transportation

Infrastructure)

.....

1,214

Contact

Energy

Ltd.

(Electric

Utilities)

..

890

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

(Health

Care

Equipment

&

Supplies)

1,918

Infratil

Ltd.

(Industrial

Conglomerates)

..

2,860

Meridian

Energy

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)

Xero

Ltd.

(Software)(a)

.............

Norway

—

0.15%

Aker

BP

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

1,337

DNB

Bank

ASA

(Banks)

............

1,266

Equinor

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

Gjensidige

Forsikring

ASA

(Insurance)

..

665

Kongsberg

Gruppen

ASA

(Aerospace

&

Defense)

....................

673

Mowi

ASA

(Food

Products)(b)

........

2,084

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

—

0.00%

InPost

SA

(Air

Freight

&

Logistics)(a)

...

Portugal

—

0.05%

11,914

Banco

Comercial

Portugues

SA,

Class

-

R

(Banks)(b)

...................

4,621

EDP

SA

(Electric

Utilities)

...........

631

Galp

Energia

SGPS

SA

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

Jeronimo

Martins

SGPS

SA

(Consumer

Staples

Distribution

&

Retail)(b)

...

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Singapore

—

0.35%

5,741

CapitaLand

Ascendas

REIT

(Industrial

REITs)(b)

...................

$

9,352

CapitaLand

Integrated

Commercial

Trust

(Retail

REITs)

................

3,400

CapitaLand

Investment

Ltd.

(Real

Estate

Management

&

Development)

.....

3,307

DBS

Group

Holdings

Ltd.

(Banks)

.....

15,700

Genting

Singapore

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

3,470

Grab

Holdings

Ltd.

(Ground

Transportation)

(a) ........................

2,200

Keppel

Ltd.

(Industrial

Conglomerates)

..

5,190

Oversea-Chinese

Banking

Corp.

Ltd.

(Banks)

.....................

1,400

Sembcorp

Industries

Ltd.

(Multi-Utilities)

2,100

Singapore

Airlines

Ltd.

(Passenger

Airlines)

(b) ........................

1,300

Singapore

Exchange

Ltd.

(Capital

Markets)

2,400

Singapore

Technologies

Engineering

Ltd.

(Aerospace

&

Defense)

.........

11,400

Singapore

Telecommunications

Ltd.

(Diversified

Telecommunication

Services)

....................

1,900

United

Overseas

Bank

Ltd.

(Banks)

.....

3,000

Wilmar

International

Ltd.

(Food

Products)

Spain

—

0.85%

Acciona

SA

(Electric

Utilities)

........

ACS

Actividades

de

Construccion

y

Servicios

SA

(Construction

&

Engineering)

.................

1,110

Aena

SME

SA

(Transportation

Infrastructure)(b)

..............

644

Amadeus

IT

Group

SA

(Hotels,

Restaurants

&

Leisure)

...................

8,767

Banco

Bilbao

Vizcaya

Argentaria

SA

(Banks)

.....................

8,221

Banco

de

Sabadell

SA

(Banks)

........

22,706

Banco

Santander

SA

(Banks)(b)

.......

893

Bankinter

SA

(Banks)

...............

5,977

CaixaBank

SA

(Banks)

..............

793

Cellnex

Telecom

SA

(Diversified

Telecommunication

Services)(b)

...

EDP

Renovaveis

SA

(Independent

Power

and

Renewable

Electricity

Producers)

Endesa

SA

(Electric

Utilities)

.........

512

Grifols

SA

(Biotechnology)

...........

9,567

Iberdrola

SA

(Electric

Utilities)

........

1,640

Industria

de

Diseno

Textil

SA

(Specialty

Retail)

......................

591

Redeia

Corp.

SA

(Electric

Utilities)

.....

1,748

Repsol

SA

(Oil,

Gas

&

Consumable

Fuels)

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Spain

(continued)

4,642

Telefonica

SA

(Diversified

Telecommunication

Services)

.....

$

1,021

Sweden

—

0.90%

AddTech

AB,

B

Shares

(Trading

Companies

&

Distributors)

...............

Alfa

Laval

AB

(Machinery)

..........

1,645

Assa

Abloy

AB,

Class

-

B

(Building

Products)

....................

4,258

Atlas

Copco

AB,

Class

-

A

(Machinery)

..

2,366

Atlas

Copco

AB,

Class

-

B

(Machinery)

..

574

Beijer

Ref

AB

(Trading

Companies

&

Distributors)(b)

...............

Boliden

AB

(Metals

&

Mining)(a)

......

990

Epiroc

AB,

Class

-

A

(Machinery)

......

596

Epiroc

AB,

Class

-

B

(Machinery)

......

559

EQT

AB

(Capital

Markets)

...........

1,046

Essity

AB,

Class

-

B

(Household

Products)

Evolution

AB

(Hotels,

Restaurants

&

Leisure)(b)

..................

1,608

Fastighets

AB

Balder,

B

shares

(Real

Estate

Management

&

Development)(a)

...

833

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)

...............

2,598

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)

.....

1,605

Sandvik

AB

(Machinery)

............

729

Securitas

AB,

Class

-

B

(Commercial

Services

&

Supplies)

...........

2,406

Skandinaviska

Enskilda

Banken

AB,

Class

-

A

(Banks)

...................

513

Skanska

AB,

Class

-

B

(Construction

&

Engineering)

.................

503

SKF

AB,

B

shares

(Machinery)

........

Spotify

Technology

SA

(Entertainment)(a)

815

Svenska

Cellulosa

AB

SCA,

Class

-

B

(Paper

&

Forest

Products)

........

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Sweden

(continued)

2,363

Svenska

Handelsbanken

AB,

Class

-

A

(Banks)

.....................

$

1,286

Swedbank

AB,

Class

-

A

(Banks)

.......

Swedish

Orphan

Biovitrum

AB

(Biotechnology)(a)

.............

805

Tele2

AB,

B

shares

(Wireless

Telecommunication

Services)

.....

4,230

Telefonaktiebolaget

LM

Ericsson,

Class

-

B

(Communications

Equipment)

.....

3,489

Telia

Co.

AB

(Diversified

Telecommunication

Services)(b)

...

Trelleborg

AB,

Class

-

B

(Machinery)

...

2,419

Volvo

AB,

Class

-

B

(Machinery)

......

1,083

Switzerland

—

2.62%

2,412

ABB

Ltd.,

Registered

Shares

(Electrical

Equipment)

..................

762

Alcon

AG

(Health

Care

Equipment

&

Supplies)

....................

1,191

Amcor

PLC

(Containers

&

Packaging)

...

2,370

Amcor

PLC

(Containers

&

Packaging)

...

798

Amrize

Ltd.

(Biotechnology)(a)

.......

Avolta

AG

(Specialty

Retail)(a)

........

Baloise

Holding

AG,

Registered

Shares

(Insurance)

..................

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)

.......

586

Chubb

Ltd.

(Insurance)

..............

810

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)

..................

15,750

Glencore

PLC

(Metals

&

Mining)(a)(b)

..

Helvetia

Holding

AG,

Registered

Shares

(Insurance)

..................

798

Holcim

AG

(Construction

Materials)(a)(b)

Julius

Baer

Group

Ltd.

(Capital

Markets)

.

Kuehne

+

Nagel

International

AG,

Class

-

R

(Marine

Transportation)

.........

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Switzerland

(continued)

Logitech

International

SA,

Class

-

R

(Technology

Hardware,

Storage

&

Peripherals)

..................

$

Lonza

Group

AG,

Registered

Shares

(Life

Sciences

Tools

&

Services)(b)

.....

3,945

Nestle

SA,

Registered

Shares

(Food

Products)

....................

2,884

Novartis

AG,

Registered

Shares

(Pharmaceuticals)

.............

Partners

Group

Holding

AG

(Capital

Markets)

....................

1,065

Roche

Holding

AG

(Pharmaceuticals)

...

Roche

Holding

AG,

Class

-

BR

(Pharmaceuticals)

.............

635

Sandoz

Group

AG

(Pharmaceuticals)

....

Schindler

Holding

AG,

Class

-

PC

(Machinery)

.................

Schindler

Holding

AG,

Registered

Shares

(Machinery)

.................

SGS

SA,

Registered

Shares

(Professional

Services)

....................

SIG

Group

AG

(Containers

&

Packaging)(a)

(b) ........................

Sika

AG,

Registered

Shares

(Chemicals)(b)

Sonova

Holding

AG

(Health

Care

Equipment

&

Supplies)(b)

.......

1,034

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)

.......

4,934

UBS

Group

AG

(Capital

Markets)

......

VAT

Group

AG

(Machinery)(b)

........

Zurich

Insurance

Group

AG

(Insurance)

..

3,155

United

Arab

Emirates

—

0.00%

NMC

Health

PLC

(Health

Care

Providers

&

Services)(a)(c)

................

—

United

Kingdom

—

3.45%

1,474

3i

Group

PLC

(Capital

Markets)

.......

Admiral

Group

PLC

(Insurance)

.......

1,699

Anglo

American

PLC

(Metals

&

Mining)

.

Aon

PLC,

Class

-

A

(Insurance)

........

662

Ashtead

Group

PLC

(Trading

Companies

&

Distributors)

.................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

Kingdom

(continued)

Associated

British

Foods

PLC

(Food

Products)

....................

$

2,360

AstraZeneca

PLC

(Pharmaceuticals)(b)

..

1,276

Auto

Trader

Group

PLC

(Interactive

Media

&

Services)(b)

................

4,042

Aviva

PLC

(Insurance)

..............

4,583

BAE

Systems

PLC

(Aerospace

&

Defense)

20,923

Barclays

PLC

(Banks)(b)

............

2,043

Barratt

Redrow

PLC

(Household

Durables)

(b) ........................

23,960

BP

PLC

(Oil,

Gas

&

Consumable

Fuels)

.

9,759

BT

Group

PLC

(Diversified

Telecommunication

Services)

.....

501

Bunzl

PLC

(Trading

Companies

&

Distributors)

.................

7,699

Centrica

PLC

(Multi-Utilities)(b)

.......

1,321

CNH

Industrial

N.V.

(Machinery)

......

Coca-Cola

Europacific

Partners

PLC

(Beverages)

..................

2,566

Compass

Group

PLC

(Hotels,

Restaurants

&

Leisure)

....................

3,380

Diageo

PLC

(Beverages)

............

899

Entain

PLC

(Hotels,

Restaurants

&

Leisure)

(b) ........................

6,120

GSK

PLC

(Pharmaceuticals)

..........

13,900

Haleon

PLC

(Personal

Care

Products)

...

578

Halma

PLC

(Electronic

Equipment,

Instruments

&

Components)

......

Hikma

Pharmaceuticals

PLC

(Pharmaceuticals)(b)

...........

26,508

HSBC

Holdings

PLC

(Banks)

.........

1,946

Informa

PLC

(Media)

...............

InterContinental

Hotels

Group

PLC

(Hotels,

Restaurants

&

Leisure)

..........

1,985

International

Consolidated

Airlines

Group

SA

(Passenger

Airlines)

.........

Intertek

Group

PLC

(Professional

Services)

2,592

J

Sainsbury

PLC

(Consumer

Staples

Distribution

&

Retail)

...........

6,250

JD

Sports

Fashion

PLC

(Specialty

Retail)

2,682

Kingfisher

PLC

(Specialty

Retail)

......

573

Land

Securities

Group

PLC

(Diversified

REITs)

.....................

8,801

Legal

&

General

Group

PLC

(Insurance)

.

92,249

Lloyds

Banking

Group

PLC

(Banks)

....

724

London

Stock

Exchange

Group

PLC

(Capital

Markets)(b)

............

3,247

M&G

PLC

(Financial

Services)

........

3,067

Marks

&

Spencer

Group

PLC

(Consumer

Staples

Distribution

&

Retail)

.....

1,931

Melrose

Industries

PLC

(Aerospace

&

Defense)

....................

635

Mondi

PLC

(Paper

&

Forest

Products)

...

7,431

National

Grid

PLC

(Multi-Utilities)

.....

12,298

NatWest

Group

PLC

(Banks)(b)

.......

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

Kingdom

(continued)

Next

PLC

(Broadline

Retail)

..........

$

886

Pearson

PLC

(Diversified

Consumer

Services)

....................

Pentair

PLC

(Machinery)

............

1,030

Phoenix

Group

Holdings

PLC

(Insurance)

1,040

Reckitt

Benckiser

Group

PLC

(Household

Products)

....................

2,841

RELX

PLC

(Professional

Services)

.....

3,819

Rentokil

Initial

PLC

(Commercial

Services

&

Supplies)

..................

1,776

Rio

Tinto

PLC

(Metals

&

Mining)

......

12,731

Rolls-Royce

Holdings

PLC

(Aerospace

&

Defense)

....................

1,911

Schroders

PLC

(Capital

Markets)

......

1,886

Segro

PLC

(Industrial

REITs)

.........

Severn

Trent

PLC

(Water

Utilities)(b)

...

9,020

Shell

PLC

(Oil,

Gas

&

Consumable

Fuels)

1,268

Smith

&

Nephew

PLC

(Health

Care

Equipment

&

Supplies)

.........

518

Smiths

Group

PLC

(Industrial

Conglomerates)

...............

Spirax

Group

PLC

(Machinery)

........

1,665

SSE

PLC

(Electric

Utilities)

..........

3,116

Standard

Chartered

PLC

(Banks)

.......

10,171

Tesco

PLC

(Consumer

Staples

Distribution

&

Retail)

....................

1,519

The

Sage

Group

PLC

(Software)

.......

3,838

Unilever

PLC

(Personal

Care

Products)

..

1,027

United

Utilities

Group

PLC

(Water

Utilities)

30,729

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)

1,597

WPP

PLC

(Media)

.................

4,164

United

States

—

69.46%

810

3M

Co.

(Industrial

Conglomerates)

.....

2,660

Abbott

Laboratories

(Health

Care

Equipment

&

Supplies)

.........

2,700

AbbVie,

Inc.

(Biotechnology)

.........

625

643

Adobe,

Inc.

(Software)(a)

............

2,450

Advanced

Micro

Devices,

Inc.

(Semiconductors

&

Semiconductor

Equipment)(a)

................

AECOM

(Construction

&

Engineering)

..

Affirm

Holdings,

Inc.

(Financial

Services)

(a) ........................

801

Aflac,

Inc.

(Insurance)

..............

Agilent

Technologies,

Inc.

(Life

Sciences

Tools

&

Services)

..............

Air

Products

and

Chemicals,

Inc.

(Chemicals)

..................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

657

Airbnb,

Inc.,

Class

-

A

(Hotels,

Restaurants

&

Leisure)(a)

.................

$

Akamai

Technologies,

Inc.

(IT

Services)(a)

573

Albertsons

Cos.,

Inc.,

Class

-

A

(Consumer

Staples

Distribution

&

Retail)

.....

Alexandria

Real

Estate

Equities,

Inc.

(Office

REITs)

.....................

Align

Technology,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

.......

Alliant

Energy

Corp.

(Electric

Utilities)

..

Alnylam

Pharmaceuticals,

Inc.

(Biotechnology)(a)

.............

8,844

Alphabet,

Inc.,

Class

-

A

(Interactive

Media

&

Services)

..................

2,150

7,547

Alphabet,

Inc.,

Class

-

C

(Interactive

Media

&

Services)

..................

1,838

14,585

Amazon.com,

Inc.

(Broadline

Retail)(a)

..

3,202

Ameren

Corp.

(Multi-Utilities)

........

813

American

Electric

Power

Co.,

Inc.

(Electric

Utilities)

....................

832

American

Express

Co.

(Consumer

Finance)

American

Financial

Group,

Inc.

(Insurance)

501

American

Homes

Rent,

Class

-

A

(Residential

REITs)

............

862

American

International

Group,

Inc.

(Insurance)

..................

724

American

Tower

Corp.

(Specialized

REITs)

American

Water

Works

Co.,

Inc.

(Water

Utilities)

....................

Ameriprise

Financial,

Inc.

(Capital

Markets)

AMETEK,

Inc.

(Electrical

Equipment)

...

829

Amgen,

Inc.

(Biotechnology)

.........

1,822

Amphenol

Corp.,

Class

-

A

(Electronic

Equipment,

Instruments

&

Components)

.................

744

Analog

Devices,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

860

Annaly

Capital

Management,

Inc.

(Mortgage

Real

Estate

Investment

Trusts

(REITs))

...............

635

Apollo

Global

Management,

Inc.

(Financial

Services)

....................

22,792

Apple,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

................

5,804

1,240

Applied

Materials,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

AppLovin

Corp.,

Class

-

A

(Software)(a)

.

725

Archer-Daniels-Midland

Co.

(Food

Products)

....................

Ares

Management

Corp.,

Class

-

A

(Capital

Markets)

....................

1,647

Arista

Networks,

Inc.

(Communications

Equipment)(a)

................

Arthur

J. Gallagher

&

Co.

(Insurance)

...

10,822

AT&T,

Inc.

(Diversified

Telecommunication

Services)

....................

Atmos

Energy

Corp.

(Gas

Utilities)

.....

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Autodesk,

Inc.

(Software)(a)

..........

$

622

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)

..................

1,507

Baker

Hughes

Co.

(Energy

Equipment

&

Services)

....................

Ball

Corp.

(Containers

&

Packaging)

....

10,979

Bank

of

America

Corp.

(Banks)

........

566

778

Baxter

International,

Inc.

(Health

Care

Equipment

&

Supplies)

.........

Becton

Dickinson

&

Co.

(Health

Care

Equipment

&

Supplies)

.........

Bentley

Systems,

Inc.,

Class

-

B

(Software)

2,066

Berkshire

Hathaway,

Inc.,

Class

-

B

(Financial

Services)(a)

..........

1,039

Best

Buy

Co.,

Inc.

(Specialty

Retail)

....

Biogen,

Inc.

(Biotechnology)(a)

.......

BioMarin

Pharmaceutical,

Inc.

(Biotechnology)(a)

.............

Blackrock,

Inc.

(Capital

Markets)

......

843

Block,

Inc.

(Financial

Services)(a)

......

Booking

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

...................

Booz

Allen

Hamilton

Holding

Corp.

(Professional

Services)

..........

2,279

Boston

Scientific

Corp.

(Health

Care

Equipment

&

Supplies)(a)

.......

3,133

Bristol-Myers

Squibb

Co.

(Pharmaceuticals)

6,817

Broadcom,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

2,249

Broadridge

Financial

Solutions,

Inc.

(Professional

Services)

..........

665

Brookfield

Asset

Management

Ltd.,

Class

-

A

(Capital

Markets)

............

Brookfield

Renewable

Corp.

(Independent

Power

and

Renewable

Electricity

Producers)

...................

Brown

&

Brown,

Inc.

(Insurance)

......

Brown-Forman

Corp.,

Class

-

B

(Beverages)

Builders

FirstSource,

Inc.

(Building

Products)(a)

..................

Bunge

Global

SA

(Food

Products)

......

Burlington

Stores,

Inc.

(Specialty

Retail)(a)

BXP,

Inc.

(Office

REITs)

............

Cadence

Design

Systems,

Inc.

(Software)(a)

988

Capital

One

Financial

Corp.

(Consumer

Finance)

....................

Cardinal

Health,

Inc.

(Health

Care

Providers

&

Services)

..................

Carlisle

Cos.,

Inc.

(Building

Products)

...

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

1,578

Carnival

Corp.

(Hotels,

Restaurants

&

Leisure)(a)

..................

$

1,224

Carrier

Global

Corp.

(Building

Products)

.

Carvana

Co.

(Specialty

Retail)(a)

......

719

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)

....................

769

Centene

Corp.

(Health

Care

Providers

&

Services)(a)

..................

994

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)

.............

2,973

Chevron

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

2,019

Chipotle

Mexican

Grill,

Inc.

(Hotels,

Restaurants

&

Leisure)(a)

........

Church

&

Dwight

Co.,

Inc.

(Household

Products)

....................

Cincinnati

Financial

Corp.

(Insurance)

...

552

Cintas

Corp.

(Commercial

Services

&

Supplies)

....................

6,040

Cisco

Systems,

Inc.

(Communications

Equipment)

..................

2,829

Citigroup,

Inc.

(Banks)

..............

668

Citizens

Financial

Group,

Inc.

(Banks)

...

Cloudflare,

Inc.,

Class

-

A

(IT

Services)(a)

560

CME

Group,

Inc.

(Capital

Markets)

.....

CMS

Energy

Corp.

(Multi-Utilities)

.....

790

Cognizant

Technology

Solutions

Corp.,

Class

-

A

(IT

Services)

..........

Coinbase

Global,

Inc.,

Class

-

A

(Capital

Markets)(a)

..................

1,211

Colgate-Palmolive

Co.

(Household

Products)

....................

5,647

Comcast

Corp.,

Class

-

A

(Media)

......

1,909

ConocoPhillips

(Oil,

Gas

&

Consumable

Fuels)

......................

531

Consolidated

Edison,

Inc.

(Multi-Utilities)

Constellation

Brands,

Inc.,

Class

-

A

(Beverages)

..................

Constellation

Energy

Corp.

(Electric

Utilities)

....................

1,391

Copart,

Inc.

(Commercial

Services

&

Supplies)(a)

..................

Corebridge

Financial,

Inc.

(Financial

Services)

....................

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

1,242

Corning,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

......

$

Corpay,

Inc.

(Software)(a)

............

1,044

Corteva,

Inc.

(Chemicals)

............

672

CoStar

Group,

Inc.

(Real

Estate

Management

&

Development)(a)

...

680

Costco

Wholesale

Corp.

(Consumer

Staples

Distribution

&

Retail)

...........

629

1,130

Coterra

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

1,016

CRH

PLC

(Construction

Materials)

.....

Crowdstrike

Holdings,

Inc.,

Class

-

A

(Software)(a)

.................

698

Crown

Castle,

Inc.

(Specialized

REITs)

..

Crown

Holdings,

Inc.

(Containers

&

Packaging)

..................

2,895

CSX

Corp.

(Ground

Transportation)

....

Cummins,

Inc.

(Machinery)

..........

1,962

CVS

Health

Corp.

(Health

Care

Providers

&

Services)

....................

D.R.

Horton,

Inc.

(Household

Durables)

..

971

Danaher

Corp.

(Life

Sciences

Tools

&

Services)

....................

Darden

Restaurants,

Inc.

(Hotels,

Restaurants

&

Leisure)

..........

Datadog,

Inc.,

Class

-

A

(Software)(a)

...

DaVita,

Inc.

(Health

Care

Providers

&

Services)(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)

.

950

Devon

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

594

Dexcom,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

..................

Diamondback

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

Dick's

Sporting

Goods,

Inc.

(Specialty

Retail)

......................

526

Digital

Realty

Trust,

Inc.

(Specialized

REITs)

.....................

Docusign,

Inc.

(Software)(a)

..........

Dollar

General

Corp.

(Consumer

Staples

Distribution

&

Retail)

...........

Dollar

Tree,

Inc.

(Consumer

Staples

Distribution

&

Retail)(a)

.........

1,281

Dominion

Energy,

Inc.

(Multi-Utilities)

..

Domino's

Pizza,

Inc.

(Hotels,

Restaurants

&

Leisure)

....................

561

DoorDash,

Inc.,

Class

-

A

(Hotels,

Restaurants

&

Leisure)(a)

........

Dover

Corp.

(Machinery)

............

1,061

Dow,

Inc.

(Chemicals)

..............

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

665

DraftKings,

Inc.

(Hotels,

Restaurants

&

Leisure)(a)

..................

$

DTE

Energy

Co.

(Multi-Utilities)

......

1,208

Duke

Energy

Corp.

(Electric

Utilities)

...

634

DuPont

de

Nemours,

Inc.

(Chemicals)

...

Dynatrace,

Inc.

(Software)(a)

.........

729

eBay,

Inc.

(Broadline

Retail)

..........

Ecolab,

Inc.

(Chemicals)

.............

589

Edison

International

(Electric

Utilities)

..

878

Edwards

Lifesciences

Corp.

(Health

Care

Equipment

&

Supplies)(a)

.......

Electronic

Arts,

Inc.

(Entertainment)

....

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services)

...........

1,225

Eli

Lilly

&

Co.

(Pharmaceuticals)

......

935

EMCOR

Group,

Inc.

(Construction

&

Engineering)

.................

866

Emerson

Electric

Co.

(Electrical

Equipment)

Entegris,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

654

Entergy

Corp.

(Electric

Utilities)

.......

834

EOG

Resources,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

861

EQT

Corp.

(Oil,

Gas

&

Consumable

Fuels)

Equifax,

Inc.

(Professional

Services)

....

Equinix,

Inc.

(Specialized

REITs)

......

Equitable

Holdings,

Inc.

(Financial

Services)

....................

Equity

LifeStyle

Properties,

Inc.

(Residential

REITs)

............

519

Equity

Residential

(Residential

REITs)

..

Essential

Utilities,

Inc.

(Water

Utilities)

..

Evergy,

Inc.

(Electric

Utilities)

........

558

Eversource

Energy

(Electric

Utilities)

...

1,568

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)

.....................

6,556

Exxon

Mobil

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

739

F5,

Inc.

(Communications

Equipment)(a)

.

FactSet

Research

Systems,

Inc.

(Capital

Markets)

....................

Fair

Isaac

Corp.

(Software)(a)

.........

1,742

Fastenal

Co.

(Trading

Companies

&

Distributors)

.................

FedEx

Corp.

(Air

Freight

&

Logistics)

...

Ferguson

Enterprises,

Inc.

(Trading

Companies

&

Distributors)

.......

Fidelity

National

Financial,

Inc.

(Insurance)

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

807

Fidelity

National

Information

Services,

Inc.

(Financial

Services)

............

$

1,018

Fifth

Third

Bancorp

(Banks)

..........

First

Citizens

BancShares,

Inc.,

Class

-

A

(Banks)

.....................

First

Solar,

Inc.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

841

FirstEnergy

Corp.

(Electric

Utilities)

....

843

Fiserv,

Inc.

(Financial

Services)(a)

......

Flutter

Entertainment

PLC,

Class

-

DI

(Hotels,

Restaurants

&

Leisure)(a)

..

5,945

Ford

Motor

Co.

(Automobiles)

........

4,925

Fortinet,

Inc.

(Software)(a)

...........

527

Fortive

Corp.

(Machinery)

...........

Fox

Corp.,

Class

-

A

(Media)

..........

Fox

Corp.,

Class

-

B

(Media)

.........

2,073

Freeport-McMoRan,

Inc.

(Metals

&

Mining)

Gaming

and

Leisure

Properties,

Inc.

(Specialized

REITs)

............

Gartner,

Inc.

(IT

Services)(a)

..........

696

GE

HealthCare

Technologies,

Inc.

(Health

Care

Equipment

&

Supplies)

......

GE

Vernova,

Inc.

(Electrical

Equipment)

.

841

Gen

Digital,

Inc.

(Software)

..........

General

Dynamics

Corp.

(Aerospace

&

Defense)

....................

1,612

General

Electric

Co.

(Industrial

Conglomerates)

...............

836

General

Mills,

Inc.

(Food

Products)

.....

1,498

General

Motors

Co.

(Automobiles)

.....

Genuine

Parts

Co.

(Distributors)

.......

1,922

Gilead

Sciences,

Inc.

(Biotechnology)

...

Global

Payments,

Inc.

(Financial

Services)

GoDaddy,

Inc.,

Class

-

A

(IT

Services)(a)

.

Graco,

Inc.

(Machinery)

.............

1,329

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)

....................

2,000

Hewlett

Packard

Enterprise

Co.

(Technology

Hardware,

Storage

&

Peripherals)

..

Hilton

Worldwide

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

..........

Hologic,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

..................

990

Honeywell

International,

Inc.

(Industrial

Conglomerates)

...............

Hormel

Foods

Corp.

(Food

Products)

....

587

Howmet

Aerospace,

Inc.

(Aerospace

&

Defense)

....................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

1,431

HP,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..................

$

Hubbell,

Inc.

(Electrical

Equipment)

....

HubSpot,

Inc.

(Software)(a)

..........

Humana,

Inc.

(Health

Care

Providers

&

Services)

....................

2,208

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)

.......

611

Ingersoll

Rand,

Inc.

(Machinery)

.......

Insulet

Corp.

(Health

Care

Equipment

&

Supplies)(a)

..................

6,715

Intel

Corp.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

656

Interactive

Brokers

Group,

Inc.

(Capital

Markets)

....................

888

Intercontinental

Exchange,

Inc.

(Capital

Markets)

....................

1,421

International

Business

Machines

Corp.

(IT

Services)

....................

International

Flavors

&

Fragrances,

Inc.

(Chemicals)

..................

755

International

Paper

Co.

(Containers

&

Packaging)

..................

Intuit,

Inc.

(Software)

...............

550

Intuitive

Surgical,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

.......

882

Invitation

Homes,

Inc.

(Residential

REITs)

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)

...............

3,690

Johnson

&

Johnson

(Pharmaceuticals)

...

684

987

Johnson

Controls

International

PLC

(Building

Products)

............

4,250

JPMorgan

Chase

&

Co.

(Banks)

.......

1,341

Kellanova

(Food

Products)

...........

2,914

Kenvue,

Inc.

(Personal

Care

Products)

...

2,009

Keurig

Dr

Pepper,

Inc.

(Beverages)

.....

1,401

KeyCorp

(Banks)

..................

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Keysight

Technologies,

Inc.

(Electronic

Equipment,

Instruments

&

Components)(a)

...............

$

528

Kimberly-Clark

Corp.

(Household

Products)

1,014

Kimco

Realty

Corp.

(Retail

REITs)

.....

3,001

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

945

KKR

&

Co.,

Inc.

(Capital

Markets)

.....

KLA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

L3Harris

Technologies,

Inc.

(Aerospace

&

Defense)

....................

Labcorp

Holdings,

Inc.

(Health

Care

Providers

&

Services)

...........

1,962

Lam

Research

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

548

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)

.............

712

Linde

PLC

(Chemicals)

.............

Live

Nation

Entertainment,

Inc.

(Entertainment)(a)

.............

Lockheed

Martin

Corp.

(Aerospace

&

Defense)

....................

Loews

Corp.

(Insurance)

.............

858

Lowe's

Cos.,

Inc.

(Specialty

Retail)

.....

LPL

Financial

Holdings,

Inc.

(Capital

Markets)

....................

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)

....

764

Marsh

&

McLennan

Cos.,

Inc.

(Insurance)

Martin

Marietta

Materials,

Inc.

(Construction

Materials)

.........

1,317

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.....

Masco

Corp.

(Building

Products)

.......

1,306

Mastercard,

Inc.,

Class

-

A

(Financial

Services)

....................

743

McCormick

&

Co.,

Inc.

(Food

Products)

.

1,094

McDonald's

Corp.

(Hotels,

Restaurants

&

Leisure)

....................

McKesson

Corp.

(Health

Care

Providers

&

Services)

....................

3,809

Merck

&

Co.,

Inc.

(Pharmaceuticals)

....

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

896

MetLife,

Inc.

(Insurance)

............

$

Mettler-Toledo

International,

Inc.

(Life

Sciences

Tools

&

Services)(a)

.....

821

Microchip

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

..................

1,713

Micron

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

10,777

Microsoft

Corp.

(Software)

...........

5,582

Mid-America

Apartment

Communities,

Inc.

(Residential

REITs)

............

Molina

Healthcare,

Inc.

(Health

Care

Providers

&

Services)(a)

.........

Molson

Coors

Beverage

Co.,

Class

-

B

(Beverages)

..................

1,942

Mondelez

International,

Inc.,

Class

-

A

(Food

Products)

...............

MongoDB,

Inc.

(IT

Services)(a)

.......

Monolithic

Power

Systems,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

..................

1,161

Monster

Beverage

Corp.

(Beverages)(a)

..

Moody's

Corp.

(Capital

Markets)

.......

1,815

Morgan

Stanley

(Capital

Markets)

......

Motorola

Solutions,

Inc.

(Communications

Equipment)

..................

655

Nasdaq,

Inc.

(Capital

Markets)

........

Natera,

Inc.

(Biotechnology)(a)

........

NetApp,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..........

652

Netflix,

Inc.

(Entertainment)(a)

........

782

Neurocrine

Biosciences,

Inc.

(Biotechnology)(a)

.............

1,676

Newmont

Corp.

(Metals

&

Mining)

.....

561

News

Corp.,

Class

-

A

(Media)

........

3,160

NextEra

Energy,

Inc.

(Electric

Utilities)

..

1,780

NIKE,

Inc.,

Class

-

B

(Textiles,

Apparel

&

Luxury

Goods)

...............

715

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)

.......

Nutanix,

Inc.,

Class

-

A

(Software)(a)

....

37,245

NVIDIA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

6,950

NVR,

Inc.

(Household

Durables)(a)

.....

1,325

Occidental

Petroleum

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

Okta,

Inc.

(IT

Services)(a)

............

Old

Dominion

Freight

Line,

Inc.

(Ground

Transportation)

...............

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Omnicom

Group,

Inc.

(Media)

........

$

650

ON

Semiconductor

Corp.

(Semiconductors

&

Semiconductor

Equipment)(a)

...

945

ONEOK,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

......................

2,587

Oracle

Corp.

(Software)

.............

728

1,320

O'Reilly

Automotive,

Inc.

(Specialty

Retail)

(a) ........................

609

Otis

Worldwide

Corp.

(Machinery)

.....

Owens

Corning

(Building

Products)

....

799

PACCAR,

Inc.

(Machinery)

..........

Packaging

Corp.

of

America

(Containers

&

Packaging)

..................

3,458

Palantir

Technologies,

Inc.,

Class

-

A

(Software)(a)

.................

631

1,014

Palo

Alto

Networks,

Inc.

(Software)(a)

...

Parker-Hannifin

Corp.

(Machinery)

.....

Paychex,

Inc.

(Professional

Services)

....

Paycom

Software,

Inc.

(Professional

Services)

....................

1,448

PayPal

Holdings,

Inc.

(Financial

Services)

(a) ........................

2,110

PepsiCo,

Inc.

(Beverages)

............

8,745

Pfizer,

Inc.

(Pharmaceuticals)

.........

3,337

PG&E

Corp.

(Electric

Utilities)

........

609

Phillips

(Oil,

Gas

&

Consumable

Fuels)

899

Pinterest,

Inc.,

Class

-

A

(Interactive

Media

&

Services)(a)

................

Pool

Corp.

(Distributors)

............

PPG

Industries,

Inc.

(Chemicals)

.......

1,129

PPL

Corp.

(Electric

Utilities)

..........

Principal

Financial

Group,

Inc.

(Insurance)

1,438

Prologis,

Inc.

(Industrial

REITs)

.......

518

Prudential

Financial,

Inc.

(Insurance)

....

PTC,

Inc.

(Software)(a)

.............

758

Public

Service

Enterprise

Group,

Inc.

(Multi-Utilities)

...............

Public

Storage

(Specialized

REITs)

.....

PulteGroup,

Inc.

(Household

Durables)

..

Pure

Storage,

Inc.,

Class

-

A

(Technology

Hardware,

Storage

&

Peripherals)(a)

1,669

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)

....................

1,406

Realty

Income

Corp.

(Retail

REITs)

.....

Reddit,

Inc.,

Class

-

A

(Interactive

Media

&

Services)(a)

..................

Regency

Centers

Corp.

(Retail

REITs)

...

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Regeneron

Pharmaceuticals,

Inc.

(Biotechnology)

...............

$

1,381

Regions

Financial

Corp.

(Banks)

.......

Reliance,

Inc.

(Metals

&

Mining)

......

Republic

Services,

Inc.

(Commercial

Services

&

Supplies)

...........

ResMed,

Inc.

(Health

Care

Equipment

&

Supplies)

....................

Revvity,

Inc.

(Life

Sciences

Tools

&

Services)

....................

1,151

Rivian

Automotive,

Inc.,

Class

-

A

(Automobiles)(a)

..............

1,139

Robinhood

Markets,

Inc.,

Class

-

A

(Capital

Markets)(a)

..................

870

ROBLOX

Corp.,

Class

-

A

(Entertainment)

(a) ........................

678

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)

..........

573

Royalty

Pharma

PLC,

Class

-

A

(Pharmaceuticals)

.............

RPM

International,

Inc.

(Chemicals)

....

2,045

RTX

Corp.

(Aerospace

&

Defense)

.....

S&P

Global,

Inc.

(Capital

Markets)

.....

1,472

Salesforce,

Inc.

(Software)

...........

Samsara,

Inc.,

Class

-

A

(Software)(a)

...

SBA

Communications

Corp.

(Specialized

REITs)

.....................

2,280

Schlumberger

N.V.

(Energy

Equipment

&

Services)

....................

Seagate

Technology

Holdings

PLC

(Technology

Hardware,

Storage

&

Peripherals)

..................

991

Sempra

(Multi-Utilities)

.............

ServiceNow,

Inc.

(Software)(a)

........

Simon

Property

Group,

Inc.

(Retail

REITs)

1,618

Snap,

Inc.,

Class

-

A

(Interactive

Media

&

Services)(a)

..................

Snap-on,

Inc.

(Machinery)

...........

Snowflake,

Inc.

(IT

Services)(a)

.......

Solventum

Corp.

(Health

Care

Providers

&

Services)(a)

..................

1,754

Starbucks

Corp.

(Hotels,

Restaurants

&

Leisure)

....................

State

Street

Corp.

(Capital

Markets)

.....

Steel

Dynamics,

Inc.

(Metals

&

Mining)

.

STERIS

PLC

(Health

Care

Equipment

&

Supplies)

....................

Strategy,

Inc.

(Software)(a)

...........

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

532

Stryker

Corp.

(Health

Care

Equipment

&

Supplies)

....................

$

Sun

Communities,

Inc.

(Residential

REITs)

591

Synchrony

Financial

(Consumer

Finance)

Synopsys,

Inc.

(Software)(a)

..........

785

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)

.............

683

Target

Corp.

(Consumer

Staples

Distribution

&

Retail)

....................

Teledyne

Technologies,

Inc.

(Electronic

Equipment,

Instruments

&

Components)(a)

...............

Teradyne,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

4,422

Tesla,

Inc.

(Automobiles)(a)

..........

1,967

1,392

Texas

Instruments,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

Texas

Pacific

Land

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

Textron,

Inc.

(Aerospace

&

Defense)

....

The

Allstate

Corp.

(Insurance)

.........

1,073

The

Bank

of

New

York

Mellon

Corp.

(Capital

Markets)

..............

1,159

The

Boeing

Co.

(Aerospace

&

Defense)(a)

The

Carlyle

Group,

Inc.

(Capital

Markets)

2,599

The

Charles

Schwab

Corp.

(Capital

Markets)

....................

The

Cigna

Group

(Health

Care

Providers

&

Services)

....................

The

Clorox

Co.

(Household

Products)

...

6,245

The

Coca-Cola

Co.

(Beverages)

.......

The

Cooper

Cos.,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

.......

The

Estee

Lauder

Cos.,

Inc.

(Personal

Care

Products)

....................

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets)

....................

The

Hartford

Insurance

Group,

Inc.

(Insurance)

..................

The

Hershey

Co.

(Food

Products)

......

1,513

The

Home

Depot,

Inc.

(Specialty

Retail)

.

613

The

J.M.

Smucker

Co.

(Food

Products)

..

1,376

The

Kraft

Heinz

Co.

(Food

Products)

....

928

The

Kroger

Co.

(Consumer

Staples

Distribution

&

Retail)

...........

613

The

PNC

Financial

Services

Group,

Inc.

(Banks)

.....................

3,549

The

Procter

&

Gamble

Co.

(Household

Products)

....................

545

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

903

The

Progressive

Corp.

(Insurance)

......

$

The

Sherwin-Williams

Co.

(Chemicals)

..

1,665

The

Southern

Co.

(Electric

Utilities)

....

1,704

The

TJX

Cos.,

Inc.

(Specialty

Retail)

....

677

The

Trade

Desk,

Inc.,

Class

-

A

(Media)(a)

The

Travelers

Cos.,

Inc.

(Insurance)

.....

2,735

The

Walt

Disney

Co.

(Entertainment)

....

1,915

The

Williams

Cos.,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

578

Thermo

Fisher

Scientific,

Inc.

(Life

Sciences

Tools

&

Services)

..............

788

T-Mobile

US,

Inc.

(Wireless

Telecommunication

Services)

.....

717

Toast,

Inc.,

Class

-

A

(Financial

Services)(a)

806

Tractor

Supply

Co.

(Specialty

Retail)

....

Tradeweb

Markets,

Inc.,

Class

-

A

(Capital

Markets)

....................

TransDigm

Group,

Inc.

(Aerospace

&

Defense)

....................

TransUnion

(Professional

Services)

.....

Trimble,

Inc.

(Electronic

Equipment,

Instruments

&

Components)(a)

....

1,973

Truist

Financial

Corp.

(Banks)

.........

Twilio,

Inc.,

Class

-

A

(IT

Services)(a)

...

Tyler

Technologies,

Inc.

(Software)(a)

...

Tyson

Foods,

Inc.,

Class

-

A

(Food

Products)

2,313

U.S.

Bancorp

(Banks)

...............

3,037

Uber

Technologies,

Inc.

(Ground

Transportation)(a)

.............

U-Haul

Holding

Co.

(Ground

Transportation)

...............

Ulta

Beauty,

Inc.

(Specialty

Retail)(a)

...

901

Union

Pacific

Corp.

(Ground

Transportation)

...............

United

Airlines

Holdings,

Inc.

(Passenger

Airlines)(a)

..................

1,136

United

Parcel

Service,

Inc.,

Class

-

B

(Air

Freight

&

Logistics)

............

United

Rentals,

Inc.

(Trading

Companies

&

Distributors)

.................

United

Therapeutics

Corp.

(Biotechnology)

(a) ........................

1,386

UnitedHealth

Group,

Inc.

(Health

Care

Providers

&

Services)

...........

Valero

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

Veeva

Systems,

Inc.,

Class

-

A

(Health

Care

Technology)(a)

...............

704

Ventas,

Inc.

(Health

Care

REITs)

.......

Veralto

Corp.

(Commercial

Services

&

Supplies)

....................

VeriSign,

Inc.

(IT

Services)

...........

Verisk

Analytics,

Inc.

(Professional

Services)

....................

6,477

Verizon

Communications,

Inc.

(Diversified

Telecommunication

Services)

.....

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Vertex

Pharmaceuticals,

Inc.

(Biotechnology)(a)

.............

$

1,594

VICI

Properties,

Inc.

(Specialized

REITs)

2,617

Visa,

Inc.,

Class

-

A

(Financial

Services)

.

893

512

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)

.................

6,721

Walmart,

Inc.

(Consumer

Staples

Distribution

&

Retail)

...........

693

3,540

Warner

Bros.

Discovery,

Inc.

(Entertainment)(a)

.............

622

Waste

Management,

Inc.

(Commercial

Services

&

Supplies)

...........

Waters

Corp.

(Life

Sciences

Tools

&

Services)(a)

..................

Watsco,

Inc.

(Trading

Companies

&

Distributors)

.................

WEC

Energy

Group,

Inc.

(Multi-Utilities)

4,930

Wells

Fargo

&

Co.

(Banks)

...........

993

Welltower,

Inc.

(Health

Care

REITs)

....

West

Pharmaceutical

Services,

Inc.

(Life

Sciences

Tools

&

Services)

.......

524

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)

.....

875

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)

.........

677

Zoetis,

Inc.

(Pharmaceuticals)

.........

Zoom

Communications,

Inc.

(Software)(a)

Zscaler,

Inc.

(Software)(a)

............

83,777

Uruguay

—

0.14%

MercadoLibre,

Inc.

(Broadline

Retail)(a)

.

Total

Common

Stocks

(cost

$54,845)

...

118,954

Shares

Security

Description

Value

(000) Contingent

Right

—

0.00%

Denmark

—

0.00%

3,794

Orsted

A/S

CVR

10/3/25

(Independent

Power

and

Renewable

Electricity

Producers)(a)

.................

$

Total

Contingent

Right

(cost

$10)

.....

Warrant

—

0.00%

Canada

—

0.00%

Constellation

Software,

Inc.,

3/31/40

(Software)(a)(c)

...............

—

Total

Warrant

(cost

$—)

............

—

Investment

Company

—

1.03%

Money

Market

Funds

—

1.03%

1,240,916

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

,

4.01%(d)

....................

1,241

Total

Investment

Company

(cost

$1,241)

1,241

Total

Investments

(cost

$56,096)

—

99.67%

.....................

120,199

Other

assets

in

excess

of

liabilities

—

0.33%

......................

Net

Assets

-

100.00%

..............

$

120,596

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

September

30,

2025. (d) Annualized

7-day

yield

as

of

period-end.

ADR—American

Depositary

Receipt

REIT—Real

Estate

Investment

Trust

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(concluded)

—

September

30,

2025

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

September

30,

2025. The

ESG

Growth

Portfolio

Mellon

Investments

Corporation

Parametric

Portfolio

Associates,

LLC

Total

Common

Stocks

......................................................................................................................................................

98.64 %

—

98.64 %

Contingent

Right

......................................................................................................................................................

—

—

—

%

Warrant

.....................................................................................................................................................................

—

—

—

%

Investment

Companies

.............................................................................................................................................

0.05 %

0.98 %

1.03 %

Other

Assets

(Liabilities)

.........................................................................................................................................

0.20 %

0.13 %

0.33 %

Total

Net

Assets

..................................................................................................................................................

98.89 %

1.11 %

100.00 %

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

September

30,

2025

.

Futures

Contracts

Purchased

\*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

and

Unrealized

Appreciation/

(Depreciation)

(000) E-Mini

S&P

500

Future

.........................

12/19/25

$

674

$

Mini

MSCI

EAFE

Index

Future

...................

12/19/25

557

$

1,231

$

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

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

—

99.88%

Australia

—

1.73%

2,970

ANZ

Group

Holdings

Ltd.

(Banks)

.....

$

1,194

APA

Group

(Gas

Utilities)

...........

ASX

Ltd.

(Capital

Markets)

..........

Atlassian

Corp.,

Class

-

A

(Software)(a)

..

4,965

BHP

Group

Ltd.

(Metals

&

Mining)

.....

BlueScope

Steel

Ltd.

(Metals

&

Mining)

.

1,386

Brambles

Ltd.

(Commercial

Services

&

Supplies)

....................

CAR

Group

Ltd.

(Interactive

Media

&

Services)

....................

Cochlear

Ltd.

(Health

Care

Equipment

&

Supplies)

....................

1,391

Coles

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

1,632

Commonwealth

Bank

of

Australia

(Banks)

529

Computershare

Ltd.

(Professional

Services)

2,020

Evolution

Mining

Ltd.

(Metals

&

Mining)

1,729

Fortescue

Ltd.

(Metals

&

Mining)

......

1,965

Goodman

Group

(Industrial

REITs)

.....

2,440

Insurance

Australia

Group

Ltd.

(Insurance)

Macquarie

Group

Ltd.

(Capital

Markets)

.

2,809

Medibank

Pvt

Ltd.

(Insurance)

........

3,050

National

Australia

Bank

Ltd.

(Banks)

....

1,353

Northern

Star

Resources

Ltd.

(Metals

&

Mining)(b)

..................

1,445

Origin

Energy

Ltd.

(Electric

Utilities)

...

Pro

Medicus

Ltd.

(Health

Care

Technology)

880

Qantas

Airways

Ltd.

(Passenger

Airlines)

.

1,542

QBE

Insurance

Group

Ltd.

(Insurance)

..

REA

Group

Ltd.

(Interactive

Media

&

Services)

....................

Rio

Tinto

Ltd.

(Metals

&

Mining)

......

3,241

Santos

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

(b) ........................

4,225

Scentre

Group

(Retail

REITs)

.........

SGH

Ltd.

(Trading

Companies

&

Distributors)

.................

4,568

Sigma

Healthcare

Ltd.

(Health

Care

Providers

&

Services)

...........

Sonic

Healthcare

Ltd.

(Health

Care

Providers

&

Services)

...........

4,698

South32

Ltd.

(Metals

&

Mining)

.......

2,016

Stockland

(Diversified

REITs)

.........

1,121

Suncorp

Group

Ltd.

(Insurance)

.......

4,171

Telstra

Group

Ltd.

(Diversified

Telecommunication

Services)

.....

2,984

Transurban

Group

(Transportation

Infrastructure)

................

3,837

Vicinity

Ltd.

(Retail

REITs)(b)

........

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(Financial

Services)^

...........

1,130

Wesfarmers

Ltd.

(Broadline

Retail)

.....

3,402

Westpac

Banking

Corp.

(Banks)

.......

WiseTech

Global

Ltd.

(Software)

.......

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Australia

(continued)

1,800

Woodside

Energy

Group

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

$

1,103

Woolworths

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

1,212

Austria

—

0.06%

Erste

Group

Bank

AG

(Banks)(b)

......

OMV

AG

(Oil,

Gas

&

Consumable

Fuels)

Verbund

AG

(Electric

Utilities)

........

Belgium

—

0.22%

Ageas

SA/N.V.

(Insurance)(b)

.........

977

Anheuser-Busch

InBev

SA/N.V.

(Beverages)

..................

D'ieteren

Group

(Distributors)

.........

Elia

Group

SA/N.V.

(Electric

Utilities)(b)

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)

....

Everest

Group

Ltd.

(Insurance)

........

Canada

—

3.72%

Agnico

Eagle

Mines

Ltd.

(Metals

&

Mining)

Alamos

Gold,

Inc.

(Metals

&

Mining)

...

758

Alimentation

Couche-Tard,

Inc.

(Consumer

Staples

Distribution

&

Retail)

.....

AltaGas

Ltd.

(Gas

Utilities)

...........

517

ARC

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

AtkinsRealis

Group,

Inc.

(Construction

&

Engineering)

.................

700

Bank

of

Montreal

(Banks)

............

1,664

Barrick

Mining

Corp.

(Metals

&

Mining)

.

BCE,

Inc.

(Diversified

Telecommunication

Services)

....................

Bombardier,

Inc.,

Class

-

B

(Aerospace

&

Defense)(a)(b)

................

1,325

Brookfield

Corp.

(Capital

Markets)

.....

Cameco

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

928

Canadian

Imperial

Bank

of

Commerce

(Banks)

.....................

524

Canadian

National

Railway

Co.

(Ground

Transportation)

...............

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Canada

(continued)

2,000

Canadian

Natural

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

...........

$

885

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)

....

1,217

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)

.....

2,161

Enbridge,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

......................

Fairfax

Financial

Holdings

Ltd.

(Insurance)

666

First

Quantum

Minerals

Ltd.

(Metals

&

Mining)(a)

...................

FirstService

Corp.

(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)

....

589

Ivanhoe

Mines

Ltd.

(Metals

&

Mining)(a)

Keyera

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

1,245

Kinross

Gold

Corp.

(Metals

&

Mining)

..

616

Loblaw

Cos.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

Lululemon

Athletica

,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)(a)

............

Lundin

Gold,

Inc.

(Metals

&

Mining)(b)

.

770

Lundin

Mining

Corp.

(Metals

&

Mining)(b)

Magna

International,

Inc.

(Automobile

Components)

.................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Canada

(continued)

1,612

Manulife

Financial

Corp.

(Insurance)

....

$

Metro,

Inc.

(Consumer

Staples

Distribution

&

Retail)

....................

National

Bank

of

Canada

(Banks)

......

Nutrien

Ltd.

(Chemicals)

............

Open

Text

Corp.

(Software)(b)

........

Pan

American

Silver

Corp.

(Metals

&

Mining)

.....................

597

Pembina

Pipeline

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

565

Power

Corp.

of

Canada

(Insurance)

.....

Restaurant

Brands

International,

Inc.

(Hotels,

Restaurants

&

Leisure)

....

Rogers

Communications,

Inc.,

Class

-

B

(Wireless

Telecommunication

Services)

....................

1,379

Royal

Bank

of

Canada

(Banks)

........

Saputo,

Inc.

(Food

Products)(b)

........

1,195

Shopify,

Inc.,

Class

-

A

(IT

Services)(a)

..

Stantec

,

Inc.

(Construction

&

Engineering)

577

Sun

Life

Financial,

Inc.

(Insurance)

.....

1,213

Suncor

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

1,032

TC

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

Teck

Resources

Ltd.,

Class

-

B

(Metals

&

Mining)

.....................

521

TELUS

Corp.

(Diversified

Telecommunication

Services)

.....

TFI

International,

Inc.

(Ground

Transportation)

...............

1,231

The

Bank

of

Nova

Scotia

(Banks)

......

The

Descartes

Systems

Group,

Inc.

(Software)(a)

.................

1,681

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)

.....................

1,299

Whitecap

Resources,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

WSP

Global,

Inc.

(Construction

&

Engineering)

.................

2,605

Chile

—

0.02%

Antofagasta

PLC

(Metals

&

Mining)

....

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

China

—

0.01%

2,600

Yangzijiang

Shipbuilding

Holdings

Ltd.

(Machinery)

.................

$

Denmark

—

0.22%

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)

.........

667

Danske

Bank

A/S

(Banks)

............

Demant

A/S

(Health

Care

Equipment

&

Supplies)(a)

..................

DSV

A/S

(Air

Freight

&

Logistics)

.....

Orsted

A/S

(Electric

Utilities)^(a)(b)

....

Pandora

A/S

(Textiles,

Apparel

&

Luxury

Goods)

.....................

ROCKWOOL

A/S,

Class

-

B

(Building

Products)

....................

Tryg

A/S

(Insurance)(b)

.............

1,047

Vestas

Wind

Systems

A/S

(Electrical

Equipment)

..................

Finland

—

0.27%

Elisa

Oyj

(Diversified

Telecommunication

Services)

....................

Fortum

Oyj

(Electric

Utilities)

.........

Kesko

Oyj

,

Class

-

B

(Consumer

Staples

Distribution

&

Retail)

...........

Kone

Oyj

,

Class

-

B

(Machinery)

.......

709

Metso

Oyj

(Machinery)(b)

...........

Neste

Oyj

(Oil,

Gas

&

Consumable

Fuels)

5,173

Nokia

Oyj

(Communications

Equipment)

.

3,136

Nordea

Bank

Abp

(Banks)

...........

2,463

Sampo

Oyj

,

A

Shares

(Insurance)

......

600

Stora

Enso

Oyj

,

Class

-

R

(Paper

&

Forest

Products)

....................

503

UPM-

Kymmene

Oyj

(Paper

&

Forest

Products)

....................

France

—

2.34%

Accor

SA

(Hotels,

Restaurants

&

Leisure)

Aeroports

de

Paris

SA

(Transportation

Infrastructure)

................

569

Air

Liquide

SA

(Chemicals)

..........

Alstom

SA

(Machinery)(a)

...........

Amundi

SA

(Capital

Markets)(b)

.......

Arkema

SA

(Chemicals)

.............

1,731

AXA

SA

(Insurance)

...............

BioMerieux

(Health

Care

Equipment

&

Supplies)

....................

1,010

BNP

Paribas

SA

(Banks)

.............

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

France

(continued)

874

Bollore

SE

(Entertainment)

...........

$

Bouygues

SA

(Construction

&

Engineering)

Bureau

Veritas

SA

(Professional

Services)

Capgemini

SE

(IT

Services)

..........

605

Carrefour

SA

(Consumer

Staples

Distribution

&

Retail)(b)

........

Cie

de

Saint-Gobain

SA

(Building

Products)

685

Cie

Generale

des

Etablissements

Michelin

SCA

(Automobile

Components)

...

Covivio

SA

(Office

REITs)

...........

1,059

Credit

Agricole

SA

(Banks)

...........

654

Danone

SA

(Food

Products)

..........

624

Dassault

Systemes

SE

(Software)

......

Edenred

SE

(Financial

Services)

.......

Eiffage

SA

(Construction

&

Engineering)(b)

1,848

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)

1,746

Orange

SA

(Diversified

Telecommunication

Services)(b)

..................

Pernod

Ricard

SA

(Beverages)

........

Publicis

Groupe

SA

(Media)

..........

Renault

SA

(Automobiles)

...........

Rexel

SA

(Trading

Companies

&

Distributors)

.................

535

Schneider

Electric

SE

(Electrical

Equipment)(b)

................

715

Societe

Generale

SA

(Banks)

.........

Sodexo

SA

(Hotels,

Restaurants

&

Leisure)

Teleperformance

SE

(Professional

Services)

2,004

TotalEnergies

SE

(Oil,

Gas

&

Consumable

Fuels)

......................

Unibail

-

Rodamco

-Westfield

(Retail

REITs)

643

Veolia

Environnement

SA

(Multi-Utilities)

Vinci

SA

(Construction

&

Engineering)

..

1,634

Germany

—

2.10%

adidas

AG

(Textiles,

Apparel

&

Luxury

Goods)

.....................

Allianz

SE,

Registered

Shares

(Insurance)

Aumovio

SE

(Automobile

Components)(a)

—

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Germany

(continued)

840

BASF

SE

(Chemicals)

..............

$

Bayerische

Motoren

Werke

AG

(Automobiles)

................

Bayerische

Motoren

Werke

AG,

Preference

Shares

(Automobiles)

...........

Brenntag

SE

(Trading

Companies

&

Distributors)

.................

779

Commerzbank

AG

(Banks)

...........

Continental

AG

(Automobile

Components)

Covestro

AG

(Chemicals)(a)

..........

CTS

Eventim

AG

&

Co.

KGaA

(Entertainment)(b)

.............

Daimler

Truck

Holding

AG

(Machinery)

.

Delivery

Hero

SE

(Hotels,

Restaurants

&

Leisure)(a)(b)

................

1,796

Deutsche

Bank

AG,

Registered

Shares

(Capital

Markets)

..............

Deutsche

Boerse

AG

(Capital

Markets)

..

638

Deutsche

Lufthansa

AG,

Registered

Shares

(Passenger

Airlines)(b)

..........

925

Deutsche

Post

AG

(Air

Freight

&

Logistics)

3,401

Deutsche

Telekom

AG

(Diversified

Telecommunication

Services)(b)

...

Dr.

Ing

.

h.c

.

F. Porsche

AG,

Preference

Shares

(Automobiles)(b)

.........

2,228

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)

....

1,275

Infineon

Technologies

AG

(Semiconductors

&

Semiconductor

Equipment)(b)

...

Knorr-

Bremse

AG

(Machinery)

........

LEG

Immobilien

SE

(Real

Estate

Management

&

Development)

.....

722

Mercedes-Benz

Group

AG

(Automobiles)

MTU

Aero

Engines

AG

(Aerospace

&

Defense)

....................

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

,

Class

-

R

(Insurance)

................

Nemetschek

SE

(Software)

...........

Porsche

Automobil

Holding

SE,

Preference

Shares

(Automobiles)

...........

Rational

AG

(Machinery)

............

644

RWE

AG

(Independent

Power

and

Renewable

Electricity

Producers)

..

1,021

SAP

SE

(Software)

.................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Germany

(continued)

Scout24

SE

(Interactive

Media

&

Services)

(b) ........................

$

677

Siemens

Energy

AG

(Electrical

Equipment)

(a)(b) ......................

Symrise

AG

(Chemicals)(b)

..........

Talanx

AG

(Insurance)

..............

Volkswagen

AG,

Preference

Shares

(Automobiles)

................

765

Vonovia

SE

(Real

Estate

Management

&

Development)

................

Zalando

SE

(Specialty

Retail)(a)(b)

.....

1,469

Hong

Kong

—

0.59%

10,492

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)

...............

1,000

CK

Infrastructure

Holdings

Ltd.

(Electric

Utilities)

....................

1,500

CLP

Holdings

Ltd.

(Electric

Utilities)

...

Futu

Holdings

Ltd.,

ADR

(Capital

Markets)

(b) ........................

600

Hang

Seng

Bank

Ltd.

(Banks)

.........

2,000

Henderson

Land

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

4,000

HKT

Trust

&

HKT

Ltd.,

Class

-

SS

(Diversified

Telecommunication

Services)(b)

..................

10,985

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)

...............

2,566

Link

REIT

(Retail

REITs)

............

1,500

MTR

Corp.

Ltd.

(Ground

Transportation)

.

1,279

Power

Assets

Holdings

Ltd.

(Electric

Utilities)

....................

2,457

Prudential

PLC

(Insurance)

...........

2,129

Sino

Land

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

1,000

SITC

International

Holdings

Co.

Ltd.

(Marine

Transportation)

.........

1,500

Sun

Hung

Kai

Properties

Ltd.

(Real

Estate

Management

&

Development)

.....

639

Swire

Pacific

Ltd.,

Class

-

A

(Real

Estate

Management

&

Development)

.....

1,257

Techtronic

Industries

Co.

Ltd.

(Machinery)

1,000

The

Wharf

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Hong

Kong

(continued)

7,228

WH

Group

Ltd.

(Food

Products)(b)

.....

$

1,000

Wharf

Real

Estate

Investment

Co.

Ltd.

(Real

Estate

Management

&

Development)

Ireland

(Republic

of)

—

1.10%

607

Accenture

PLC,

Class

-

A

(IT

Services)

..

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

2,136

AIB

Group

PLC

(Banks)(b)

..........

Allegion

PLC

(Building

Products)

......

Aptiv

PLC

(Automobile

Components)(a)

.

993

Bank

of

Ireland

Group

PLC

(Banks)

....

Eaton

Corp.

PLC

(Electrical

Equipment)

.

921

Experian

PLC

(Professional

Services)

...

581

James

Hardie

Industries

PLC

(Construction

Materials)(a)

.................

Kingspan

Group

PLC

(Building

Products)

1,260

Medtronic

PLC

(Health

Care

Equipment

&

Supplies)

....................

818

Ryanair

Holdings

PLC

(Passenger

Airlines)

(b) ........................

Smurfit

WestRock

PLC

(Containers

&

Packaging)

..................

TE

Connectivity

PLC

(Electronic

Equipment,

Instruments

&

Components)

.................

Trane

Technologies

PLC

(Building

Products)

....................

768

Israel

—

0.25%

Azrieli

Group

Ltd.

(Real

Estate

Management

&

Development)

..............

1,277

Bank

Hapoalim

BM

(Banks)

..........

1,511

Bank

Leumi

Le-Israel

BM,

Class

-

IS

(Banks)

.....................

Check

Point

Software

Technologies

Ltd.

(Software)(a)

.................

CyberArk

Software

Ltd.

(Software)(a)

...

934

ICL

Group

Ltd.

(Chemicals)

..........

—

Isracard

Ltd.

(Consumer

Finance)

......

—

1,301

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)

.....

Wix.com

Ltd.

(IT

Services)(a)

.........

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Israel

(continued)

Wix.com

Ltd.

(IT

Services)(a)

.........

$

Italy

—

0.80%

Banca

Mediolanum

SpA

(Financial

Services)

....................

1,600

Banca

Monte

dei

Paschi

di

Siena

SpA

(Banks)(b)

...................

1,071

Banco

BPM

SpA

(Banks)

............

1,496

BPER

Banca

SPA

(Banks)

...........

Davide

Campari-Milano

N.V.,

Class

-

M

(Beverages)(b)

................

8,038

Enel

SpA

(Electric

Utilities)(b)

........

1,997

Eni

SpA

(Oil,

Gas

&

Consumable

Fuels)

.

Ferrari

N.V.

(Automobiles)

...........

600

FinecoBank

Banca

Fineco

SpA

(Banks)

..

818

Generali

(Insurance)

................

Infrastrutture

Wireless

Italiane

SpA

(Diversified

Telecommunication

Services)(b)

..................

13,907

Intesa

Sanpaolo

SpA

(Banks)(b)

.......

Moncler

SpA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

Nexi

SpA

(Financial

Services)(b)

......

Poste

Italiane

SpA

(Insurance)(b)

......

Prysmian

SpA

(Electrical

Equipment)

...

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(Pharmaceuticals)

..........

1,988

Snam

SpA

(Gas

Utilities)

............

9,342

Telecom

Italia

SpA

/Milano

(Diversified

Telecommunication

Services)(a)

...

1,480

Terna

-

Rete

Elettrica

Nazionale

(Electric

Utilities)

....................

1,372

UniCredit

SpA

(Banks)

..............

560

Japan

—

5.01%

800

Advantest

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

2,400

Aeon

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

AGC,

Inc.

(Building

Products)

........

600

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)

....................

533

Bridgestone

Corp.

(Automobile

Components)

.................

800

Canon,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

................

Capcom

Co.

Ltd.

(Entertainment)

......

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

700

Central

Japan

Railway

Co.

(Ground

Transportation)

...............

$

700

Chubu

Electric

Power

Co.,

Inc.

(Electric

Utilities)

....................

Dai

Nippon

Printing

Co.

Ltd.

(Commercial

Services

&

Supplies)

...........

Daifuku

Co.

Ltd.

(Machinery)

.........

3,544

Dai-ichi

Life

Holdings,

Inc.

(Insurance)

..

Daikin

Industries

Ltd.

(Building

Products)

500

Daito

Trust

Construction

Co.

Ltd.

(Real

Estate

Management

&

Development)

500

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

1,300

Daiwa

Securities

Group,

Inc.

(Capital

Markets)

....................

1,724

Denso

Corp.

(Automobile

Components)

..

Disco

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

2,700

ENEOS

Holdings,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

745

FANUC

Corp.

(Machinery)

...........

Fast

Retailing

Co.

Ltd.

(Specialty

Retail)

.

Fuji

Electric

Co.

Ltd.

(Electrical

Equipment)

1,100

FUJIFILM

Holdings

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..

Fujikura

Ltd.

(Electrical

Equipment)

....

1,720

Fujitsu

Ltd.

(IT

Services)(b)

..........

Hankyu

Hanshin

Holdings,

Inc.

(Ground

Transportation)

...............

Hikari

Tsushin,

Inc.

(Industrial

Conglomerates)

...............

3,800

Honda

Motor

Co.

Ltd.

(Automobiles)

...

Hoya

Corp.

(Health

Care

Equipment

&

Supplies)

....................

500

Hulic

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

760

Idemitsu

Kosan

Co.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

700

IHI

Corp.

(Machinery)

..............

900

Inpex

Corp.

(Oil,

Gas

&

Consumable

Fuels)

Isuzu

Motors

Ltd.

(Automobiles)

.......

1,200

ITOCHU

Corp.

(Trading

Companies

&

Distributors)

.................

Japan

Airlines

Co.

Ltd.

(Passenger

Airlines)

(b) ........................

1,000

Japan

Exchange

Group,

Inc.

(Capital

Markets)

....................

Japan

Post

Insurance

Co.

Ltd.

(Insurance)(b)

600

JFE

Holdings,

Inc.

(Metals

&

Mining)(b)

.

Kajima

Corp.

(Construction

&

Engineering)

527

Kao

Corp.

(Personal

Care

Products)

.....

Kawasaki

Heavy

Industries

Ltd.

(Machinery)

.................

Kawasaki

Kisen

Kaisha

Ltd.

(Marine

Transportation)

...............

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

3,048

KDDI

Corp.

(Wireless

Telecommunication

Services)

....................

$

Keyence

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

Kobe

Bussan

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

800

Komatsu

Ltd.

(Machinery)

...........

Konami

Group

Corp.

(Entertainment)

...

800

Kubota

Corp.

(Machinery)

...........

1,300

Kyocera

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

Kyowa

Kirin

Co.

Ltd.

(Pharmaceuticals)

.

Lasertec

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

2,800

LY

Corp.

(Interactive

Media

&

Services)

.

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)

..................

1,000

Mitsubishi

Estate

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

900

Mitsubishi

HC

Capital,

Inc.

(Financial

Services)

....................

3,200

Mitsubishi

Heavy

Industries

Ltd.

(Machinery)

.................

11,279

Mitsubishi

UFJ

Financial

Group,

Inc.

(Banks)

.....................

2,800

Mitsui

Fudosan

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

Mitsui

OSK

Lines

Ltd.

(Marine

Transportation)

...............

2,410

Mizuho

Financial

Group,

Inc.

(Banks)

...

MonotaRO

Co.

Ltd.

(Trading

Companies

&

Distributors)

.................

1,290

MS&AD

Insurance

Group

Holdings,

Inc.

(Insurance)

..................

1,511

Murata

Manufacturing

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

1,250

NEC

Corp.

(IT

Services)

.............

Nexon

Co.

Ltd.

(Entertainment)

.......

700

NIDEC

Corp.

(Electrical

Equipment)

....

1,050

Nintendo

Co.

Ltd.

(Entertainment)

......

Nippon

Building

Fund,

Inc.

(Office

REITs)

900

Nippon

Paint

Holdings

Co.

Ltd.

(Chemicals)

(b) ........................

5,000

Nippon

Steel

Corp.

(Metals

&

Mining)(b)

Nippon

Yusen

KK

(Marine

Transportation)

2,200

Nissan

Motor

Co.

Ltd.

(Automobiles)(a)

.

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

Nissin

Foods

Holdings

Co.

Ltd.

(Food

Products)(b)

.................

$

500

Nitori

Holdings

Co.

Ltd.

(Specialty

Retail)

700

Nitto

Denko

Corp.

(Chemicals)

........

3,000

Nomura

Holdings,

Inc.

(Capital

Markets)

.

Nomura

Research

Institute

Ltd.

(IT

Services)

....................

29,850

NTT,

Inc.

(Diversified

Telecommunication

Services)

....................

800

Obayashi

Corp.

(Construction

&

Engineering)

.................

Obic

Co.

Ltd.

(IT

Services)

...........

1,100

Olympus

Corp.

(Health

Care

Equipment

&

Supplies)

....................

Oracle

Corp.

Japan

(Software)

.........

1,100

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)

1,300

Recruit

Holdings

Co.

Ltd.

(Professional

Services)

....................

1,700

Renesas

Electronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

...

2,100

Resona

Holdings,

Inc.

(Banks)

........

Ryohin

Keikaku

Co.

Ltd.

(Broadline

Retail)

Sanrio

Co.

Ltd.

(Specialty

Retail)(b)

....

SBI

Holdings,

Inc.

(Capital

Markets)

....

SCREEN

Holdings

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

SCSK

Corp.

(IT

Services)

............

Sekisui

Chemical

Co.

Ltd.

(Household

Durables)

...................

600

Sekisui

House

Ltd.

(Household

Durables)

2,101

Seven

&

i

Holdings

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

.....

SG

Holdings

Co.

Ltd.

(Air

Freight

&

Logistics)

...................

Shimano,

Inc.

(Leisure

Products)

.......

1,700

Shin-Etsu

Chemical

Co.

Ltd.

(Chemicals)

Shiseido

Co.

Ltd.

(Personal

Care

Products)

SMC

Corp.

(Machinery)

.............

28,600

SoftBank

Corp.

(Wireless

Telecommunication

Services)

.....

918

SoftBank

Group

Corp.

(Wireless

Telecommunication

Services)

.....

900

Sompo

Holdings,

Inc.

(Insurance)

......

6,100

Sony

Financial

Group,

Inc.

(Financial

Services)(a)

..................

6,100

Sony

Group

Corp.

(Household

Durables)

.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

600

Subaru

Corp.

(Automobiles)

..........

$

1,000

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)

Sumitomo

Realty

&

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

Suntory

Beverage

&

Food

Ltd.

(Beverages)

1,600

Suzuki

Motor

Corp.

(Automobiles)

.....

500

T&D

Holdings,

Inc.

(Insurance)

.......

Taisei

Corp.

(Construction

&

Engineering)

2,000

TDK

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

800

The

Chiba

Bank

Ltd.

(Banks)

.........

700

The

Kansai

Electric

Power

Co.,

Inc.

(Electric

Utilities)

.............

TIS,

Inc.

(IT

Services)

..............

Toho

Co.

Ltd.

(Entertainment)

.........

1,793

Tokio

Marine

Holdings,

Inc.

(Insurance)

.

Tokyo

Electron

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

Tokyo

Gas

Co.

Ltd.

(Gas

Utilities)

......

Tokyo

Metro

Co.

Ltd.

(Ground

Transportation)

...............

TOPPAN

Holdings,

Inc.

(Commercial

Services

&

Supplies)

...........

1,400

Toray

Industries,

Inc.

(Chemicals)

......

Toyota

Industries

Corp.

(Machinery)

....

Trend

Micro,

Inc.

(Software)

..........

1,100

Unicharm

Corp.

(Household

Products)

...

Yakult

Honsha

Co.

Ltd.

(Food

Products)

.

900

Yamaha

Motor

Co.

Ltd.

(Automobiles)

..

Yokogawa

Electric

Corp.

(Electronic

Equipment,

Instruments

&

Components)

.................

1,000

Yokohama

Financial

Group,

Inc.

(Banks)

.

Zensho

Holdings

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

ZOZO,

Inc.

(Specialty

Retail)(b)

.......

3,502

Luxembourg

—

0.04%

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)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Mexico

—

0.01%

Fresnillo

PLC

(Metals

&

Mining)

......

$

Netherlands

—

1.49%

603

ABN

AMRO

Bank

N.V.,

Class

-

CV

(Banks)

(b) ........................

Adyen

N.V.

(Financial

Services)(a)(b)

...

1,150

Aegon

Ltd.

(Insurance)

..............

Akzo

Nobel

N.V.

(Chemicals)

.........

Argenx

SE

(Biotechnology)(a)

........

ASM

International

N.V.

(Semiconductors

&

Semiconductor

Equipment)

.......

ASML

Holding

N.V.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

ASR

Nederland

N.V.

(Insurance)(b)

.....

BE

Semiconductor

Industries

N.V.

(Semiconductors

&

Semiconductor

Equipment)

..................

Euronext

N.V.

(Capital

Markets)(b)

.....

522

Ferrovial

SE

(Construction

&

Engineering)

Heineken

Holding

N.V.

(Beverages)

....

Heineken

N.V.

(Beverages)

...........

IMCD

N.V.

(Trading

Companies

&

Distributors)(b)

...............

2,996

ING

Groep

N.V.

(Banks)

.............

JDE

Peet's

N.V.

(Food

Products)

.......

870

Koninklijke

Ahold

Delhaize

N.V.

(Consumer

Staples

Distribution

&

Retail)

.....

4,036

Koninklijke

KPN

N.V.

(Diversified

Telecommunication

Services)

.....

753

Koninklijke

Philips

N.V.

(Health

Care

Equipment

&

Supplies)

.........

NN

Group

N.V.

(Insurance)

...........

NXP

Semiconductors

N.V.

(Semiconductors

&

Semiconductor

Equipment)

.....

1,306

Prosus

N.V.

(Broadline

Retail)(a)(b)

....

Randstad

N.V.

(Professional

Services)

...

1,859

Stellantis

N.V.

(Automobiles)

.........

1,083

Universal

Music

Group

N.V.

(Entertainment)

...............

Wolters

Kluwer

N.V.

(Professional

Services)

1,040

New

Zealand

—

0.07%

1,518

Auckland

International

Airport

Ltd.

(Transportation

Infrastructure)

.....

Contact

Energy

Ltd.

(Electric

Utilities)

..

545

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

(Health

Care

Equipment

&

Supplies)

837

Infratil

Ltd.

(Industrial

Conglomerates)

..

1,622

Meridian

Energy

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)

Xero

Ltd.

(Software)(a)

.............

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Norway

—

0.15%

Aker

BP

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

$

886

DNB

Bank

ASA

(Banks)

............

692

Equinor

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

Gjensidige

Forsikring

ASA

(Insurance)

..

Mowi

ASA

(Food

Products)(b)

........

1,334

Norsk

Hydro

ASA

(Metals

&

Mining)

...

859

Orkla

ASA

(Food

Products)

..........

Salmar

ASA

(Food

Products)

.........

661

Telenor

ASA

(Diversified

Telecommunication

Services)

.....

Yara

International

ASA

(Chemicals)

....

Poland

—

0.00%

InPost

SA

(Air

Freight

&

Logistics)(a)

...

Portugal

—

0.05%

9,091

Banco

Comercial

Portugues

SA,

Class

-

R

(Banks)(b)

...................

3,186

EDP

SA

(Electric

Utilities)

...........

Galp

Energia

SGPS

SA

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

Jeronimo

Martins

SGPS

SA

(Consumer

Staples

Distribution

&

Retail)(b)

...

Singapore

—

0.46%

3,450

CapitaLand

Ascendas

REIT

(Industrial

REITs)(b)

...................

5,439

CapitaLand

Integrated

Commercial

Trust

(Retail

REITs)

................

2,700

CapitaLand

Investment

Ltd.

(Real

Estate

Management

&

Development)

.....

2,136

DBS

Group

Holdings

Ltd.

(Banks)

.....

2,378

Grab

Holdings

Ltd.

(Ground

Transportation)

(a) ........................

1,400

Keppel

Ltd.

(Industrial

Conglomerates)

..

3,435

Oversea-Chinese

Banking

Corp.

Ltd.

(Banks)

.....................

Sea

Ltd.,

ADR

(Entertainment)(a)

......

900

Sembcorp

Industries

Ltd.

(Multi-Utilities)

1,600

Singapore

Airlines

Ltd.

(Passenger

Airlines)

(b) ........................

600

Singapore

Exchange

Ltd.

(Capital

Markets)

7,300

Singapore

Telecommunications

Ltd.

(Diversified

Telecommunication

Services)

....................

1,200

United

Overseas

Bank

Ltd.

(Banks)

.....

1,700

Wilmar

International

Ltd.

(Food

Products)

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Spain

—

0.94%

Acciona

SA

(Electric

Utilities)

........

$

ACS

Actividades

de

Construccion

y

Servicios

SA

(Construction

&

Engineering)

.................

780

Aena

SME

SA

(Transportation

Infrastructure)(b)

..............

Amadeus

IT

Group

SA

(Hotels,

Restaurants

&

Leisure)

...................

5,682

Banco

Bilbao

Vizcaya

Argentaria

SA

(Banks)

.....................

4,745

Banco

de

Sabadell

SA

(Banks)

........

14,506

Banco

Santander

SA

(Banks)(b)

.......

639

Bankinter

SA

(Banks)

...............

3,829

CaixaBank

SA

(Banks)

..............

Cellnex

Telecom

SA

(Diversified

Telecommunication

Services)(b)

...

EDP

Renovaveis

SA

(Independent

Power

and

Renewable

Electricity

Producers)

Endesa

SA

(Electric

Utilities)

.........

6,301

Iberdrola

SA

(Electric

Utilities)

........

1,090

Industria

de

Diseno

Textil

SA

(Specialty

Retail)

......................

Redeia

Corp.

SA

(Electric

Utilities)

.....

1,089

Repsol

SA

(Oil,

Gas

&

Consumable

Fuels)

3,602

Telefonica

SA

(Diversified

Telecommunication

Services)

.....

657

Sweden

—

0.94%

AddTech

AB,

B

Shares

(Trading

Companies

&

Distributors)

...............

Alfa

Laval

AB

(Machinery)

..........

1,038

Assa

Abloy

AB,

Class

-

B

(Building

Products)

....................

2,663

Atlas

Copco

AB,

Class

-

A

(Machinery)

..

1,461

Atlas

Copco

AB,

Class

-

B

(Machinery)

..

Beijer

Ref

AB

(Trading

Companies

&

Distributors)(b)

...............

Boliden

AB

(Metals

&

Mining)(a)

......

610

Epiroc

AB,

Class

-

A

(Machinery)

......

Epiroc

AB,

Class

-

B

(Machinery)

......

EQT

AB

(Capital

Markets)

...........

643

Essity

AB,

Class

-

B

(Household

Products)

670

Fastighets

AB

Balder,

B

shares

(Real

Estate

Management

&

Development)(a)

...

625

H

&

M

Hennes

&

Mauritz

AB,

Class

-

B

(Specialty

Retail)

..............

2,105

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)

....................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Sweden

(continued)

Indutrade

AB

(Machinery)

...........

$

Investment

AB

Latour

,

Class

-

B

(Industrial

Conglomerates)

...............

1,649

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)

.....

1,023

Sandvik

AB

(Machinery)

............

547

Securitas

AB,

Class

-

B

(Commercial

Services

&

Supplies)

...........

1,440

Skandinaviska

Enskilda

Banken

AB,

Class

-

A

(Banks)

...................

Skanska

AB,

Class

-

B

(Construction

&

Engineering)

.................

SKF

AB,

B

shares

(Machinery)

........

Spotify

Technology

SA

(Entertainment)(a)

Svenska

Cellulosa

AB

SCA,

Class

-

B

(Paper

&

Forest

Products)

........

1,410

Svenska

Handelsbanken

AB,

Class

-

A

(Banks)

.....................

864

Swedbank

AB,

Class

-

A

(Banks)

.......

530

Tele2

AB,

B

shares

(Wireless

Telecommunication

Services)

.....

2,787

Telefonaktiebolaget

LM

Ericsson,

Class

-

B

(Communications

Equipment)

.....

2,255

Telia

Co.

AB

(Diversified

Telecommunication

Services)(b)

...

Trelleborg

AB,

Class

-

B

(Machinery)

...

1,525

Volvo

AB,

Class

-

B

(Machinery)

......

656

Switzerland

—

2.08%

1,564

ABB

Ltd.,

Registered

Shares

(Electrical

Equipment)

..................

Alcon

AG

(Health

Care

Equipment

&

Supplies)

....................

1,495

Amcor

PLC

(Containers

&

Packaging)

...

915

Amcor

PLC

(Containers

&

Packaging)

...

519

Amrize

Ltd.

(Biotechnology)(a)

.......

Avolta

AG

(Specialty

Retail)(a)

........

Baloise

Holding

AG,

Registered

Shares

(Insurance)

..................

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)

.......

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Switzerland

(continued)

Chubb

Ltd.

(Insurance)

..............

$

534

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)

....................

10,153

Glencore

PLC

(Metals

&

Mining)(a)(b)

..

Helvetia

Holding

AG,

Registered

Shares

(Insurance)

..................

519

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)

..................

2,513

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)

....................

SIG

Group

AG

(Containers

&

Packaging)(a)

(b) ........................

Sika

AG,

Registered

Shares

(Chemicals)(b)

Sonova

Holding

AG

(Health

Care

Equipment

&

Supplies)(b)

.......

694

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)(a)

..............

Swiss

Re

AG

(Insurance)

............

Swisscom

AG,

Registered

Shares

(Diversified

Telecommunication

Services)

....................

The

Swatch

Group

AG,

Class

-

BR

(Textiles,

Apparel

&

Luxury

Goods)

.......

3,097

UBS

Group

AG

(Capital

Markets)(a)

....

VAT

Group

AG

(Machinery)(b)

........

Zurich

Insurance

Group

AG

(Insurance)

..

1,454

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

Arab

Emirates

—

0.00%

NMC

Health

PLC

(Health

Care

Providers

&

Services)(a)(c)

................

$

—

United

Kingdom

—

2.97%

956

3i

Group

PLC

(Capital

Markets)

.......

Admiral

Group

PLC

(Insurance)

.......

1,032

Anglo

American

PLC

(Metals

&

Mining)

.

Aon

PLC,

Class

-

A

(Insurance)

........

Ashtead

Group

PLC

(Trading

Companies

&

Distributors)

.................

Associated

British

Foods

PLC

(Food

Products)

....................

998

Auto

Trader

Group

PLC

(Interactive

Media

&

Services)(b)

................

3,122

Aviva

PLC

(Insurance)

..............

13,551

Barclays

PLC

(Banks)(b)

............

1,101

Barratt

Redrow

PLC

(Household

Durables)

(b) ........................

15,645

BP

PLC

(Oil,

Gas

&

Consumable

Fuels)

.

6,314

BT

Group

PLC

(Diversified

Telecommunication

Services)

.....

Bunzl

PLC

(Trading

Companies

&

Distributors)

.................

5,198

Centrica

PLC

(Multi-Utilities)(b)

.......

884

CNH

Industrial

N.V.

(Machinery)

......

Coca-Cola

Europacific

Partners

PLC

(Beverages)

..................

1,710

Compass

Group

PLC

(Hotels,

Restaurants

&

Leisure)

....................

2,228

Diageo

PLC

(Beverages)

............

8,926

Haleon

PLC

(Personal

Care

Products)

...

Halma

PLC

(Electronic

Equipment,

Instruments

&

Components)

......

17,015

HSBC

Holdings

PLC

(Banks)

.........

1,308

Informa

PLC

(Media)

...............

InterContinental

Hotels

Group

PLC

(Hotels,

Restaurants

&

Leisure)

..........

1,172

International

Consolidated

Airlines

Group

SA

(Passenger

Airlines)

.........

Intertek

Group

PLC

(Professional

Services)

1,913

J

Sainsbury

PLC

(Consumer

Staples

Distribution

&

Retail)

...........

1,475

JD

Sports

Fashion

PLC

(Specialty

Retail)

1,298

Kingfisher

PLC

(Specialty

Retail)

......

676

Land

Securities

Group

PLC

(Diversified

REITs)

.....................

5,461

Legal

&

General

Group

PLC

(Insurance)

.

59,678

Lloyds

Banking

Group

PLC

(Banks)

....

London

Stock

Exchange

Group

PLC

(Capital

Markets)(b)

............

2,172

M&G

PLC

(Financial

Services)

........

1,757

Marks

&

Spencer

Group

PLC

(Consumer

Staples

Distribution

&

Retail)

.....

Mondi

PLC

(Paper

&

Forest

Products)

...

4,878

National

Grid

PLC

(Multi-Utilities)

.....

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

Kingdom

(continued)

8,013

NatWest

Group

PLC

(Banks)(b)

.......

$

Next

PLC

(Broadline

Retail)

..........

621

Pearson

PLC

(Diversified

Consumer

Services)

....................

Pentair

PLC

(Machinery)

............

784

Phoenix

Group

Holdings

PLC

(Insurance)

1,776

RELX

PLC

(Professional

Services)

.....

2,488

Rentokil

Initial

PLC

(Commercial

Services

&

Supplies)

..................

1,044

Rio

Tinto

PLC

(Metals

&

Mining)

......

Schroders

PLC

(Capital

Markets)

......

1,320

Segro

PLC

(Industrial

REITs)

.........

Severn

Trent

PLC

(Water

Utilities)(b)

...

5,752

Shell

PLC

(Oil,

Gas

&

Consumable

Fuels)

838

Smith

&

Nephew

PLC

(Health

Care

Equipment

&

Supplies)

.........

Smiths

Group

PLC

(Industrial

Conglomerates)

...............

Spirax

Group

PLC

(Machinery)

........

1,149

SSE

PLC

(Electric

Utilities)

..........

1,886

Standard

Chartered

PLC

(Banks)

.......

6,733

Tesco

PLC

(Consumer

Staples

Distribution

&

Retail)

....................

927

The

Sage

Group

PLC

(Software)

.......

2,369

Unilever

PLC

(Personal

Care

Products)

..

557

United

Utilities

Group

PLC

(Water

Utilities)

19,217

Vodafone

Group

PLC

(Wireless

Telecommunication

Services)

.....

Whitbread

PLC

(Hotels,

Restaurants

&

Leisure)

....................

Willis

Towers

Watson

PLC

(Insurance)

..

716

Wise

PLC,

Class

-

A

(Financial

Services)(a)

1,137

WPP

PLC

(Media)

.................

2,076

United

States

—

72.02%

Adobe,

Inc.

(Software)(a)

............

1,586

Advanced

Micro

Devices,

Inc.

(Semiconductors

&

Semiconductor

Equipment)(a)

................

AECOM

(Construction

&

Engineering)

..

Affirm

Holdings,

Inc.

(Financial

Services)

(a) ........................

514

Aflac,

Inc.

(Insurance)

..............

Air

Products

and

Chemicals,

Inc.

(Chemicals)

..................

Airbnb,

Inc.,

Class

-

A

(Hotels,

Restaurants

&

Leisure)(a)

.................

Akamai

Technologies,

Inc.

(IT

Services)(a)

Albertsons

Cos.,

Inc.,

Class

-

A

(Consumer

Staples

Distribution

&

Retail)

.....

Alexandria

Real

Estate

Equities,

Inc.

(Office

REITs)

.....................

Align

Technology,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

.......

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Alliant

Energy

Corp.

(Electric

Utilities)

..

$

5,721

Alphabet,

Inc.,

Class

-

A

(Interactive

Media

&

Services)

..................

1,391

4,831

Alphabet,

Inc.,

Class

-

C

(Interactive

Media

&

Services)

..................

1,177

9,383

Amazon.com,

Inc.

()(a)

..............

2,061

Ameren

Corp.

(Multi-Utilities)

........

522

American

Electric

Power

Co.,

Inc.

(Electric

Utilities)

....................

547

American

Express

Co.

(Consumer

Finance)

American

Financial

Group,

Inc.

(Insurance)

American

Homes

Rent,

Class

-

A

(Residential

REITs)

............

563

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)

...

1,170

Amphenol

Corp.,

Class

-

A

(Electronic

Equipment,

Instruments

&

Components)

.................

Analog

Devices,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

631

Annaly

Capital

Management,

Inc.

(Mortgage

Real

Estate

Investment

Trusts

(REITs))

...............

Apollo

Global

Management,

Inc.

(Financial

Services)

....................

14,676

Apple,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

................

3,738

789

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)

....................

1,057

Arista

Networks,

Inc.

(Communications

Equipment)(a)

................

Arthur

J. Gallagher

&

Co.

(Insurance)

...

7,048

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)

..................

984

Baker

Hughes

Co.

(Energy

Equipment

&

Services)

....................

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Ball

Corp.

(Containers

&

Packaging)

....

$

7,034

Bank

of

America

Corp.

(Banks)

........

515

Baxter

International,

Inc.

(Health

Care

Equipment

&

Supplies)

.........

Bentley

Systems,

Inc.,

Class

-

B

(Software)

1,331

Berkshire

Hathaway,

Inc.,

Class

-

B

(Financial

Services)(a)

..........

669

Best

Buy

Co.,

Inc.

(Specialty

Retail)

....

Blackrock,

Inc.

(Capital

Markets)

......

715

Blackstone,

Inc.

(Capital

Markets)

......

561

Block,

Inc.

(Financial

Services)(a)

......

Booking

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

...................

Booz

Allen

Hamilton

Holding

Corp.

(Professional

Services)

..........

1,452

Boston

Scientific

Corp.

(Health

Care

Equipment

&

Supplies)(a)

.......

4,390

Broadcom,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

1,448

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)

......

Brown-Forman

Corp.,

Class

-

B

(Beverages)

Builders

FirstSource

,

Inc.

(Building

Products)(a)

..................

Bunge

Global

SA

(Food

Products)

......

Burlington

Stores,

Inc.

(Specialty

Retail)(a)

BXP,

Inc.

(Office

REITs)

............

Cadence

Design

Systems,

Inc.

(Software)(a)

Camden

Property

Trust

(Residential

REITs)

632

Capital

One

Financial

Corp.

(Consumer

Finance)

....................

Cardinal

Health,

Inc.

(Health

Care

Providers

&

Services)

..................

Carlisle

Cos.,

Inc.

(Building

Products)

...

1,046

Carnival

Corp.

(Hotels,

Restaurants

&

Leisure)(a)

..................

764

Carrier

Global

Corp.

(Building

Products)

.

Carvana

Co.

(Specialty

Retail)(a)

......

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)

....................

503

Centene

Corp.

(Health

Care

Providers

&

Services)(a)

..................

644

CenterPoint

Energy,

Inc.

(Multi-Utilities)

.

CF

Industries

Holdings,

Inc.

(Chemicals)

.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

CH

Robinson

Worldwide,

Inc.

(Air

Freight

&

Logistics)

.................

$

Charter

Communications,

Inc.,

Class

-

A

(Media)(a)

...................

Cheniere

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

1,924

Chevron

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

1,305

Chipotle

Mexican

Grill,

Inc.

(Hotels,

Restaurants

&

Leisure)(a)

........

Cincinnati

Financial

Corp.

(Insurance)

...

Cintas

Corp.

(Commercial

Services

&

Supplies)

....................

3,876

Cisco

Systems,

Inc.

(Communications

Equipment)

..................

1,805

Citigroup,

Inc.

(Banks)

..............

Citizens

Financial

Group,

Inc.

(Banks)

...

Cloudflare

,

Inc.,

Class

-

A

(IT

Services)(a)

CME

Group,

Inc.

(Capital

Markets)

.....

CMS

Energy

Corp.

(Multi-Utilities)

.....

Cognizant

Technology

Solutions

Corp.,

Class

-

A

(IT

Services)

..........

Coinbase

Global,

Inc.,

Class

-

A

(Capital

Markets)(a)

..................

767

Colgate-Palmolive

Co.

(Household

Products)

....................

3,626

Comcast

Corp.,

Class

-

A

(Media)

......

1,246

ConocoPhillips

(Oil,

Gas

&

Consumable

Fuels)

......................

Consolidated

Edison,

Inc.

(Multi-Utilities)

Constellation

Brands,

Inc.,

Class

-

A

(Beverages)

..................

Constellation

Energy

Corp.

(Electric

Utilities)

....................

916

Copart

,

Inc.

(Commercial

Services

&

Supplies)(a)

..................

Corebridge

Financial,

Inc.

(Financial

Services)

....................

Corpay

,

Inc.

(Software)(a)

............

679

Corteva

,

Inc.

(Chemicals)

............

CoStar

Group,

Inc.

(Real

Estate

Management

&

Development)(a)

...

Costco

Wholesale

Corp.

(Consumer

Staples

Distribution

&

Retail)

...........

738

Coterra

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

671

CRH

PLC

(Construction

Materials)

.....

Crowdstrike

Holdings,

Inc.,

Class

-

A

(Software)(a)

.................

Crown

Castle,

Inc.

(Specialized

REITs)

..

Crown

Holdings,

Inc.

(Containers

&

Packaging)

..................

1,875

CSX

Corp.

(Ground

Transportation)

....

Cummins,

Inc.

(Machinery)

..........

1,241

CVS

Health

Corp.

(Health

Care

Providers

&

Services)

....................

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(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)

...

DaVita,

Inc.

(Health

Care

Providers

&

Services)(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)

.

562

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)

.....................

Docusign

,

Inc.

(Software)(a)

..........

Dollar

General

Corp.

(Consumer

Staples

Distribution

&

Retail)

...........

Dollar

Tree,

Inc.

(Consumer

Staples

Distribution

&

Retail)(a)

.........

845

Dominion

Energy,

Inc.

(Multi-Utilities)

..

Domino's

Pizza,

Inc.

(Hotels,

Restaurants

&

Leisure)

....................

DoorDash

,

Inc.,

Class

-

A

(Hotels,

Restaurants

&

Leisure)(a)

........

Dover

Corp.

(Machinery)

............

658

Dow,

Inc.

(Chemicals)

..............

DTE

Energy

Co.

(Multi-Utilities)

......

762

Duke

Energy

Corp.

(Electric

Utilities)

...

DuPont

de

Nemours,

Inc.

(Chemicals)

...

Dynatrace

,

Inc.

(Software)(a)

.........

eBay,

Inc.

(Broadline

Retail)

..........

Ecolab,

Inc.

(Chemicals)

.............

Edison

International

(Electric

Utilities)

..

582

Edwards

Lifesciences

Corp.

(Health

Care

Equipment

&

Supplies)(a)

.......

Electronic

Arts,

Inc.

(Entertainment)

....

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services)

...........

EMCOR

Group,

Inc.

(Construction

&

Engineering)

.................

561

Emerson

Electric

Co.

(Electrical

Equipment)

Entegris

,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

Entergy

Corp.

(Electric

Utilities)

.......

530

EOG

Resources,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

602

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)

....................

Equity

LifeStyle

Properties,

Inc.

(Residential

REITs)

............

Equity

Residential

(Residential

REITs)

..

Erie

Indemnity

Co.,

Class

-

A

(Insurance)

.

Essential

Utilities,

Inc.

(Water

Utilities)

..

Essex

Property

Trust,

Inc.

(Residential

REITs)

.....................

Evergy

,

Inc.

(Electric

Utilities)

........

Eversource

Energy

(Electric

Utilities)

...

996

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)

.....................

4,237

Exxon

Mobil

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

F5,

Inc.

(Communications

Equipment)(a)

.

FactSet

Research

Systems,

Inc.

(Capital

Markets)

....................

Fair

Isaac

Corp.

(Software)(a)

.........

1,126

Fastenal

Co.

(Trading

Companies

&

Distributors)

.................

FedEx

Corp.

(Air

Freight

&

Logistics)

...

Ferguson

Enterprises,

Inc.

(Trading

Companies

&

Distributors)

.......

Fidelity

National

Financial,

Inc.

(Insurance)

538

Fidelity

National

Information

Services,

Inc.

(Financial

Services)

............

605

Fifth

Third

Bancorp

(Banks)

..........

First

Citizens

BancShares

,

Inc.,

Class

-

A

(Banks)

.....................

First

Solar,

Inc.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

543

FirstEnergy

Corp.

(Electric

Utilities)

....

542

Fiserv,

Inc.

(Financial

Services)(a)

......

3,855

Ford

Motor

Co.

(Automobiles)

........

651

Fortinet,

Inc.

()(a)

..................

Fortive

Corp.

(Machinery)

...........

Fox

Corp.,

Class

-

A

(Media)

..........

Fox

Corp.,

Class

-

B

(Media)

.........

1,400

Freeport-McMoRan,

Inc.

(Metals

&

Mining)

Gartner,

Inc.

(IT

Services)(a)

..........

GE

Vernova

,

Inc.

(Electrical

Equipment)

.

Gen

Digital,

Inc.

(Software)

..........

565

General

Mills,

Inc.

(Food

Products)

.....

932

General

Motors

Co.

(Automobiles)

.....

Genuine

Parts

Co.

(Distributors)

.......

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Global

Payments,

Inc.

(Financial

Services)

$

GoDaddy

,

Inc.,

Class

-

A

(IT

Services)(a)

.

Graco

,

Inc.

(Machinery)

.............

830

Halliburton

Co.

(Energy

Equipment

&

Services)

....................

770

Healthpeak

Properties,

Inc.

(Health

Care

REITs)

.....................

HEICO

Corp.

(Aerospace

&

Defense)

...

HEICO

Corp.,

Class

-

A

(Aerospace

&

Defense)

....................

1,311

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)

....................

940

HP,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..................

Hubbell,

Inc.

(Electrical

Equipment)

....

HubSpot

,

Inc.

(Software)(a)

..........

Humana,

Inc.

(Health

Care

Providers

&

Services)

....................

1,474

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)

.......

Insulet

Corp.

(Health

Care

Equipment

&

Supplies)(a)

..................

4,264

Intel

Corp.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

Interactive

Brokers

Group,

Inc.

(Capital

Markets)

....................

566

Intercontinental

Exchange,

Inc.

(Capital

Markets)

....................

912

International

Business

Machines

Corp.

(IT

Services)

....................

International

Flavors

&

Fragrances,

Inc.

(Chemicals)

..................

506

International

Paper

Co.

(Containers

&

Packaging)

..................

Intuit,

Inc.

(Software)

...............

Intuitive

Surgical,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

.......

612

Invitation

Homes,

Inc.

(Residential

REITs)

IQVIA

Holdings,

Inc.

(Life

Sciences

Tools

&

Services)(a)

................

Iron

Mountain,

Inc.

(Specialized

REITs)

.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Jabil,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

......

$

Jack

Henry

&

Associates,

Inc.

(Financial

Services)

....................

Jacobs

Solutions,

Inc.

(Professional

Services)

....................

JB

Hunt

Transport

Services,

Inc.

(Ground

Transportation)

...............

655

Johnson

Controls

International

PLC

(Building

Products)

............

2,733

JPMorgan

Chase

&

Co.

(Banks)

.......

862

Kellanova

(Food

Products)

...........

1,909

Kenvue

,

Inc.

(Personal

Care

Products)

...

1,289

Keurig

Dr

Pepper,

Inc.

(Beverages)

.....

858

KeyCorp

(Banks)

..................

Keysight

Technologies,

Inc.

(Electronic

Equipment,

Instruments

&

Components)(a)

...............

Kimberly-Clark

Corp.

(Household

Products)

717

Kimco

Realty

Corp.

(Retail

REITs)

.....

1,940

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

617

KKR

&

Co.,

Inc.

(Capital

Markets)

.....

KLA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

Labcorp

Holdings,

Inc.

(Health

Care

Providers

&

Services)

...........

1,254

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)

.............

556

Lowe's

Cos.,

Inc.

(Specialty

Retail)

.....

LPL

Financial

Holdings,

Inc.

(Capital

Markets)

....................

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)

....

Marsh

&

McLennan

Cos.,

Inc.

(Insurance)

Martin

Marietta

Materials,

Inc.

(Construction

Materials)

.........

857

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.....

Masco

Corp.

(Building

Products)

.......

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

840

Mastercard

,

Inc.,

Class

-

A

(Financial

Services)

....................

$

McCormick

&

Co.,

Inc.

(Food

Products)

.

704

McDonald's

Corp.

(Hotels,

Restaurants

&

Leisure)

....................

2,134

Meta

Platforms,

Inc.,

Class

-

A

(Interactive

Media

&

Services)

.............

1,567

558

MetLife,

Inc.

(Insurance)

............

Mettler

-Toledo

International,

Inc.

(Life

Sciences

Tools

&

Services)(a)

.....

536

Microchip

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

..................

1,100

Micron

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

6,941

Microsoft

Corp.

(Software)

...........

3,596

Mid-America

Apartment

Communities,

Inc.

(Residential

REITs)

............

Molina

Healthcare,

Inc.

(Health

Care

Providers

&

Services)(a)

.........

Molson

Coors

Beverage

Co.,

Class

-

B

(Beverages)

..................

1,289

Mondelez

International,

Inc.,

Class

-

A

(Food

Products)

...............

MongoDB,

Inc.

(IT

Services)(a)

.......

Monolithic

Power

Systems,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

..................

724

Monster

Beverage

Corp.

(Beverages)(a)

..

Moody's

Corp.

(Capital

Markets)

.......

1,173

Morgan

Stanley

(Capital

Markets)

......

Motorola

Solutions,

Inc.

(Communications

Equipment)

..................

MSCI,

Inc.

(Capital

Markets)

.........

Nasdaq,

Inc.

(Capital

Markets)

........

Natera

,

Inc.

(Biotechnology)(a)

........

NetApp,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..........

Netflix,

Inc.

(Entertainment)(a)

........

501

Neurocrine

Biosciences,

Inc.

(Biotechnology)(a)

.............

1,081

Newmont

Corp.

(Metals

&

Mining)

.....

News

Corp.,

Class

-

A

(Media)

........

2,032

NextEra

Energy,

Inc.

(Electric

Utilities)

..

1,149

NIKE,

Inc.,

Class

-

B

(Textiles,

Apparel

&

Luxury

Goods)

...............

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)

.......

Nutanix

,

Inc.,

Class

-

A

(Software)(a)

....

23,978

NVIDIA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

4,475

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

NVR,

Inc.

(Household

Durables)(a)

.....

$

748

Occidental

Petroleum

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

Okta

,

Inc.

(IT

Services)(a)

............

Old

Dominion

Freight

Line,

Inc.

(Ground

Transportation)

...............

Omnicom

Group,

Inc.

(Media)

........

ON

Semiconductor

Corp.

(Semiconductors

&

Semiconductor

Equipment)(a)

...

618

ONEOK,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

......................

1,665

Oracle

Corp.

(Software)

.............

832

O'Reilly

Automotive,

Inc.

(Specialty

Retail)

(a) ........................

Otis

Worldwide

Corp.

(Machinery)

.....

Owens

Corning

(Building

Products)

....

520

PACCAR,

Inc.

(Machinery)

..........

Packaging

Corp.

of

America

(Containers

&

Packaging)

..................

2,223

Palantir

Technologies,

Inc.,

Class

-

A

(Software)(a)

.................

661

Palo

Alto

Networks,

Inc.

(Software)(a)

...

Parker-Hannifin

Corp.

(Machinery)

.....

Paychex,

Inc.

(Professional

Services)

....

Paycom

Software,

Inc.

(Professional

Services)

....................

907

PayPal

Holdings,

Inc.

(Financial

Services)

(a) ........................

1,341

PepsiCo,

Inc.

(Beverages)

............

2,174

PG&E

Corp.

(Electric

Utilities)

........

Phillips

(Oil,

Gas

&

Consumable

Fuels)

596

Pinterest,

Inc.,

Class

-

A

(Interactive

Media

&

Services)(a)

................

Pool

Corp.

(Distributors)

............

PPG

Industries,

Inc.

(Chemicals)

.......

738

PPL

Corp.

(Electric

Utilities)

..........

Principal

Financial

Group,

Inc.

(Insurance)

903

Prologis,

Inc.

(Industrial

REITs)

.......

Prudential

Financial,

Inc.

(Insurance)

....

PTC,

Inc.

(Software)(a)

.............

Public

Service

Enterprise

Group,

Inc.

(Multi-Utilities)

...............

Public

Storage

(Specialized

REITs)

.....

PulteGroup,

Inc.

(Household

Durables)

..

Pure

Storage,

Inc.,

Class

-

A

(Technology

Hardware,

Storage

&

Peripherals)(a)

1,061

QUALCOMM,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

Quanta

Services,

Inc.

(Construction

&

Engineering)

.................

Quest

Diagnostics,

Inc.

(Health

Care

Providers

&

Services)

...........

Raymond

James

Financial,

Inc.

(Capital

Markets)

....................

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

RB

Global,

Inc.

(Commercial

Services

&

Supplies)

....................

$

877

Realty

Income

Corp.

(Retail

REITs)

.....

Reddit

,

Inc.,

Class

-

A

(Interactive

Media

&

Services)(a)

..................

Regency

Centers

Corp.

(Retail

REITs)

...

821

Regions

Financial

Corp.

(Banks)

.......

Reliance,

Inc.

(Metals

&

Mining)

......

Republic

Services,

Inc.

(Commercial

Services

&

Supplies)

...........

ResMed

,

Inc.

(Health

Care

Equipment

&

Supplies)

....................

814

Rivian

Automotive,

Inc.,

Class

-

A

(Automobiles)(a)

..............

723

Robinhood

Markets,

Inc.,

Class

-

A

(Capital

Markets)(a)

..................

566

ROBLOX

Corp.,

Class

-

A

(Entertainment)

(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)

.....

935

Salesforce,

Inc.

(Software)

...........

Samsara,

Inc.,

Class

-

A

(Software)(a)

...

SBA

Communications

Corp.

(Specialized

REITs)

.....................

1,462

Schlumberger

N.V.

(Energy

Equipment

&

Services)

....................

Seagate

Technology

Holdings

PLC

(Technology

Hardware,

Storage

&

Peripherals)

..................

635

Sempra

(Multi-Utilities)

.............

ServiceNow

,

Inc.

(Software)(a)

........

Simon

Property

Group,

Inc.

(Retail

REITs)

917

Snap,

Inc.,

Class

-

A

(Interactive

Media

&

Services)(a)

..................

Snap-on,

Inc.

(Machinery)

...........

Snowflake,

Inc.

(IT

Services)(a)

.......

1,095

SoFi

Technologies,

Inc.

(Consumer

Finance)

(a) ........................

Solventum

Corp.

(Health

Care

Providers

&

Services)(a)

..................

SS&C

Technologies

Holdings,

Inc.

(Professional

Services)

..........

1,123

Starbucks

Corp.

(Hotels,

Restaurants

&

Leisure)

....................

State

Street

Corp.

(Capital

Markets)

.....

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Steel

Dynamics,

Inc.

(Metals

&

Mining)

.

$

STERIS

PLC

(Health

Care

Equipment

&

Supplies)

....................

Strategy,

Inc.

(Software)(a)

...........

Stryker

Corp.

(Health

Care

Equipment

&

Supplies)

....................

Sun

Communities,

Inc.

(Residential

REITs)

525

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)

.......

2,849

Tesla,

Inc.

(Automobiles)(a)

..........

1,267

887

Texas

Instruments,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

Texas

Pacific

Land

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

The

Allstate

Corp.

(Insurance)

.........

698

The

Bank

of

New

York

Mellon

Corp.

(Capital

Markets)

..............

The

Carlyle

Group,

Inc.

(Capital

Markets)

1,694

The

Charles

Schwab

Corp.

(Capital

Markets)

....................

The

Cigna

Group

(Health

Care

Providers

&

Services)

....................

The

Clorox

Co.

(Household

Products)

...

4,010

The

Coca-Cola

Co.

(Beverages)

.......

The

Estee

Lauder

Cos.,

Inc.

(Personal

Care

Products)

....................

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets)

....................

The

Hartford

Insurance

Group,

Inc.

(Insurance)

..................

The

Hershey

Co.

(Food

Products)

......

973

The

Home

Depot,

Inc.

(Specialty

Retail)

.

The

J.M.

Smucker

Co.

(Food

Products)

..

838

The

Kraft

Heinz

Co.

(Food

Products)

....

630

The

Kroger

Co.

(Consumer

Staples

Distribution

&

Retail)

...........

The

PNC

Financial

Services

Group,

Inc.

(Banks)

.....................

575

The

Progressive

Corp.

(Insurance)

......

The

Sherwin-Williams

Co.

(Chemicals)

..

1,076

The

Southern

Co.

(Electric

Utilities)

....

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

1,106

The

TJX

Cos.,

Inc.

(Specialty

Retail)

....

$

The

Trade

Desk,

Inc.,

Class

-

A

(Media)(a)

The

Travelers

Cos.,

Inc.

(Insurance)

.....

1,761

The

Walt

Disney

Co.

(Entertainment)

....

1,196

The

Williams

Cos.,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

507

T-Mobile

US,

Inc.

(Wireless

Telecommunication

Services)

.....

Toast,

Inc.,

Class

-

A

(Financial

Services)(a)

539

Tractor

Supply

Co.

(Specialty

Retail)

....

Tradeweb

Markets,

Inc.,

Class

-

A

(Capital

Markets)

....................

TransDigm

Group,

Inc.

(Aerospace

&

Defense)

....................

TransUnion

(Professional

Services)

.....

Trimble,

Inc.

(Electronic

Equipment,

Instruments

&

Components)(a)

....

1,273

Truist

Financial

Corp.

(Banks)

.........

Twilio

,

Inc.,

Class

-

A

(IT

Services)(a)

...

Tyler

Technologies,

Inc.

(Software)(a)

...

Tyson

Foods,

Inc.,

Class

-

A

(Food

Products)

1,529

U.S.

Bancorp

(Banks)

...............

1,947

Uber

Technologies,

Inc.

(Ground

Transportation)(a)

.............

UDR,

Inc.

(Residential

REITs)

........

U-Haul

Holding

Co.

(Ground

Transportation)

...............

Ulta

Beauty,

Inc.

(Specialty

Retail)(a)

...

587

Union

Pacific

Corp.

(Ground

Transportation)

...............

United

Airlines

Holdings,

Inc.

(Passenger

Airlines)(a)

..................

735

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.

(Professional

Services)

....................

4,128

Verizon

Communications,

Inc.

(Diversified

Telecommunication

Services)

.....

Vertiv

Holdings

Co.,

Class

-

A

(Electrical

Equipment)

..................

1,680

Visa,

Inc.,

Class

-

A

(Financial

Services)

.

574

Vistra

Corp.

(Independent

Power

and

Renewable

Electricity

Producers)

..

Vulcan

Materials

Co.

(Construction

Materials)

...................

W.R.

Berkley

Corp.

(Insurance)

........

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

W.W.

Grainger,

Inc.

(Trading

Companies

&

Distributors)

.................

$

4,311

Walmart,

Inc.

(Consumer

Staples

Distribution

&

Retail)

...........

2,374

Warner

Bros.

Discovery,

Inc.

(Entertainment)(a)

.............

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)

...........

640

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)

.................

671

Weyerhaeuser

Co.

(Specialized

REITs)

..

Williams-Sonoma,

Inc.

(Specialty

Retail)

.

Workday,

Inc.,

Class

-

A

(Software)(a)

...

WP

Carey,

Inc.

(Diversified

REITs)

.....

568

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.

(Pharmaceuticals)

.........

Zoom

Communications,

Inc.

(Software)(a)

Zscaler

,

Inc.

(Software)(a)

............

50,377

Uruguay

—

0.15%

MercadoLibre

,

Inc.

(Broadline

Retail)(a)

.

Total

Common

Stocks

(cost

$43,070)

...

69,866

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(concluded)

—

September

30,

2025

(Unaudited)

As

of

September

30,

2025,

100%

of

the

Portfolio's

net

assets

were

managed

by

Mellon

Investments

Corporation.

Shares

Security

Description

Value

(000) Right

—

0.00%

Denmark

—

0.00%

2,695

Orsted

A/S

CVR,

10/3/25

(Independent

Power

and

Renewable

Electricity

Producers)(a)

.................

$

Total

Right

(cost

$3)

...............

Warrant

—

0.00%

Canada

—

0.00%

Constellation

Software,

Inc.,

3/31/40

(Software)(a)(c)

...............

—

Total

Warrant

(cost

$—)

............

—

Investment

Companies

—

0.07%

Money

Market

Funds

—

0.07%

11,043

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares

,

3.98%^^(d)

36,742

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

,

4.01%(d)

....................

Total

Investment

Companies

(cost

$48)

.

Security

Description

Value

(000) Total

Investments

(cost

$43,121)

—

99.95%

.....................

$

69,917

Other

assets

in

excess

of

liabilities

—

0.05%

......................

Net

Assets

-

100.00%

..............

$

69,951

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

^

All

or

part

of

this

security

was

on

loan

as

of

September

30,

2025. ^^

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

September

30,

2025. (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

September

30,

2025. (d) Annualized

7-day

yield

as

of

period-end.

ADR—American

Depositary

Receipt

REIT—Real

Estate

Investment

Trust

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

—

90.58%

Australia

—

5.25%

153,655

ANZ

Group

Holdings

Ltd.

(Banks)

.....

$

3,376

21,823

Aristocrat

Leisure

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

1,010

82,839

Bendigo

&

Adelaide

Bank

Ltd.

(Banks)

..

716

85,014

BHP

Group

Ltd.

(Metals

&

Mining)

.....

2,347

31,893

BHP

Group

Ltd.

(Metals

&

Mining)

.....

897

43,919

Commonwealth

Bank

of

Australia

(Banks)

4,849

4,008

CSL

Ltd.

(Biotechnology)

............

525

83,131

Evolution

Mining

Ltd.

(Metals

&

Mining)

596

68,557

Goodman

Group

(Industrial

REITs)

.....

1,487

7,899

Macquarie

Group

Ltd.

(Capital

Markets)

.

1,146

174,147

National

Australia

Bank

Ltd.

(Banks)

....

5,086

41,245

Qantas

Airways

Ltd.

(Passenger

Airlines)

.

55,092

QBE

Insurance

Group

Ltd.

(Insurance)

..

750

15,339

Rio

Tinto

Ltd.

(Metals

&

Mining)

......

1,238

150,128

Santos

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

(a) ........................

668

198,921

Scentre

Group

(Retail

REITs)

.........

537

15,683

Suncorp

Group

Ltd.

(Insurance)

.......

63,839

Wesfarmers

Ltd.

(Broadline

Retail)

.....

3,886

148,167

Westpac

Banking

Corp.

(Banks)

.......

3,820

20,060

Woodside

Energy

Group

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

35,740

Worley

Ltd.

(Construction

&

Engineering)

34,080

Austria

—

0.40%

23,927

Erste

Group

Bank

AG

(Banks)(a)

......

2,336

4,792

OMV

AG

(Oil,

Gas

&

Consumable

Fuels)

2,592

Belgium

—

0.52%

40,660

Anheuser-Busch

InBev

SA/N.V.

(Beverages)

..................

2,425

3,425

UCB

SA

(Pharmaceuticals)

...........

945

3,370

Canada

—

10.16%

3,586

Agnico

Eagle

Mines

Ltd.

(Metals

&

Mining)

604

50,883

Alimentation

Couche-Tard,

Inc.

(Consumer

Staples

Distribution

&

Retail)

.....

2,715

8,987

AltaGas

Ltd.

(Gas

Utilities)

...........

45,514

Bank

of

Montreal

(Banks)

............

5,933

31,854

Cameco

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

2,674

4,255

Canadian

Imperial

Bank

of

Commerce

(Banks)

.....................

2,386

Canadian

National

Railway

Co.

(Ground

Transportation)

...............

111,414

Canadian

Natural

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

...........

3,563

7,209

Canadian

Pacific

Kansas

City

Ltd.

(Ground

Transportation)

...............

537

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Canada

(continued)

8,782

Canadian

Tire

Corp.

Ltd.,

Class

-

A

(Broadline

Retail)

.............

$

1,046

3,259

CCL

Industries,

Inc.,

Class

-

B

(Containers

&

Packaging)(a)

...............

125,033

Cenovus

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

2,123

835

Constellation

Software,

Inc.

(Software)

..

2,267

11,192

Dollarama,

Inc.

(Broadline

Retail)

......

1,476

21,506

Emera,

Inc.

(Electric

Utilities)

.........

1,032

7,123

Enbridge,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

......................

1,023

Fairfax

Financial

Holdings

Ltd.

(Insurance)

1,790

17,917

First

Quantum

Minerals

Ltd.

(Metals

&

Mining)(b)

..................

5,741

Fortis,

Inc.

(Electric

Utilities)

.........

7,691

Franco-Nevada

Corp.

(Metals

&

Mining)

.

1,712

24,142

GFL

Environmental,

Inc.

(Commercial

Services

&

Supplies)

...........

1,144

64,358

Great-West

Lifeco,

Inc.

(Insurance)

.....

2,612

12,464

Hydro

One

Ltd.

(Electric

Utilities)(a)

....

5,430

Intact

Financial

Corp.

(Insurance)(a)

....

1,057

56,358

Keyera

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

1,891

2,505

Lumine

Group,

Inc.

(Software)(b)

......

5,270

Lundin

Gold,

Inc.

(Metals

&

Mining)(a)

..

8,370

Manulife

Financial

Corp.

(Insurance)

....

15,818

Methanex

Corp.

(Chemicals)

..........

629

18,402

National

Bank

of

Canada

(Banks)

......

1,955

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)

.....

2,877

6,978

Primaris

Real

Estate

Investment

Trust

(Retail

REITs)

................

1,726

Restaurant

Brands

International,

Inc.

(Hotels,

Restaurants

&

Leisure)

....

31,754

RioCan

Real

Estate

Investment

Trust

(Retail

REITs)(a)

...................

13,991

Royal

Bank

of

Canada

(Banks)

........

2,062

52,851

Shopify,

Inc.,

Class

-

A

(IT

Services)(b)

..

7,854

52,951

Sun

Life

Financial,

Inc.

(Insurance)

.....

3,180

5,745

Suncor

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

18,439

Teck

Resources

Ltd.,

Class

-

B

(Metals

&

Mining)

.....................

809

12,498

The

Toronto-Dominion

Bank

(Banks)

...

999

22,457

Thomson

Reuters

Corp.

(Professional

Services)

....................

3,488

28,308

Wheaton

Precious

Metals

Corp.

(Metals

&

Mining)

.....................

3,168

65,927

Denmark

—

1.48%

2,246

DSV

A/S

(Air

Freight

&

Logistics)

.....

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Denmark

(continued)

7,462

Genmab

A/S

(Biotechnology)(a)(b)

.....

$

2,263

127,453

Novo

Nordisk

A/S,

Class

-

B

(Pharmaceuticals)

.............

6,909

9,619

Finland

—

0.69%

4,385

Mandatum

Oyj

(Insurance)

...........

145,888

Nokia

Oyj

(Communications

Equipment)

.

699

178,699

Nordea

Bank

Abp

(Banks)

...........

2,929

3,710

Orion

Oyj,

Class

-

B

(Pharmaceuticals)

..

21,925

Sampo

Oyj,

A

Shares

(Insurance)

......

10,204

UPM-Kymmene

Oyj

(Paper

&

Forest

Products)

....................

4,472

France

—

8.96%

24,146

Air

Liquide

SA

(Chemicals)

..........

5,013

23,149

Airbus

SE

(Aerospace

&

Defense)

......

5,364

47,723

AXA

SA

(Insurance)

...............

2,277

45,167

BNP

Paribas

SA

(Banks)

.............

4,100

3,697

Cie

de

Saint-Gobain

SA

(Building

Products)

99,973

Credit

Agricole

SA

(Banks)

...........

1,962

1,749

Eiffage

SA

(Construction

&

Engineering)(a)

25,532

Engie

SA

(Multi-Utilities)

............

547

16,219

EssilorLuxottica

SA

(Health

Care

Equipment

&

Supplies)

.........

5,255

2,454

Hermes

International

SCA

(Textiles,

Apparel

&

Luxury

Goods)

..............

6,001

2,901

L'Oreal

SA

(Personal

Care

Products)

....

1,255

4,716

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Textiles,

Apparel

&

Luxury

Goods)

2,882

8,075

Publicis

Groupe

SA

(Media)

..........

774

7,261

Renault

SA

(Automobiles)

...........

16,966

Sanofi

SA

(Pharmaceuticals)

..........

1,564

34,976

Schneider

Electric

SE

(Electrical

Equipment)(a)

................

9,755

98,039

Societe

Generale

SA

(Banks)

.........

6,486

4,176

Thales

SA

(Aerospace

&

Defense)

......

1,307

23,129

TotalEnergies

SE

(Oil,

Gas

&

Consumable

Fuels)

......................

1,405

7,086

Unibail-Rodamco-Westfield

(Retail

REITs)

744

15,933

Veolia

Environnement

SA

(Multi-Utilities)

542

58,151

Germany

—

7.84%

13,053

adidas

AG

(Textiles,

Apparel

&

Luxury

Goods)

.....................

2,749

10,077

Allianz

SE,

Registered

Shares

(Insurance)

4,228

1,793

Bayerische

Motoren

Werke

AG

(Automobiles)

................

1,065

Beiersdorf

AG

(Personal

Care

Products)

..

33,975

Commerzbank

AG

(Banks)

...........

1,280

2,692

Covestro

AG

(Chemicals)(b)

..........

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Germany

(continued)

113,622

Deutsche

Bank

AG,

Registered

Shares

(Capital

Markets)

..............

$

3,995

21,575

Deutsche

Boerse

AG

(Capital

Markets)

..

5,777

60,277

Deutsche

Post

AG

(Air

Freight

&

Logistics)

2,685

128,506

Deutsche

Telekom

AG,

Registered

(Diversified

Telecommunication

Services)(a)

..................

4,376

4,918

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(Transportation

Infrastructure)(b)

..............

6,983

GEA

Group

AG

(Machinery)

.........

515

1,115

Hannover

Rueck

SE

(Insurance)

.......

82,230

Infineon

Technologies

AG

(Semiconductors

&

Semiconductor

Equipment)(a)

...

3,205

2,540

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen,

Class

-

R

(Insurance)

................

1,620

744

Rheinmetall

AG

(Aerospace

&

Defense)

.

1,733

36,196

SAP

SE

(Software)

.................

9,683

28,228

Siemens

AG,

Registered

Shares

(Industrial

Conglomerates)

...............

7,595

2,498

Symrise

AG

(Chemicals)(a)

..........

50,894

Hong

Kong

—

1.35%

483,480

AIA

Group

Ltd.

(Insurance)

..........

4,638

75,055

BOC

Hong

Kong

Holdings

Ltd.

(Banks)

.

334,000

China

Common

Rich

Renewable

Energy

Investment

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)

(b)(c) ......................

—

106,000

CK

Asset

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

514

414,317

Link

REIT

(Retail

REITs)

............

2,130

14,472

Pacific

Century

Premium

Developments

Ltd.

(Real

Estate

Management

&

Development)(b)

..............

—

121,391

PCCW

Ltd.

(Diversified

Telecommunication

Services)(a)

..................

44,000

Power

Assets

Holdings

Ltd.

(Electric

Utilities)

....................

147,000

SITC

International

Holdings

Co.

Ltd.

(Marine

Transportation)

.........

566

24,000

Swire

Pacific

Ltd.,

Class

-

A

(Real

Estate

Management

&

Development)

.....

8,765

Ireland

(Republic

of)

—

1.29%

8,728

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

1,056

315,967

Bank

of

Ireland

Group

PLC

(Banks)

....

5,198

25,494

Experian

PLC

(Professional

Services)

...

1,276

45,491

James

Hardie

Industries

PLC

(Construction

Materials)(b)

.................

845

8,375

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Israel

—

0.60%

862

CyberArk

Software

Ltd.

(Software)(b)

...

$

3,544

Elbit

Systems

Ltd.

(Aerospace

&

Defense)

1,796

5,708

Nice

Ltd.

(Software)(b)

.............

842

3,472

Nice

Ltd.,

ADR

(Software)(b)

.........

503

16,538

Teva

Pharmaceutical

Industries

Ltd.,

ADR

(Pharmaceuticals)(b)

...........

3,891

Italy

—

2.02%

427,228

Banca

Monte

dei

Paschi

di

Siena

SpA

(Banks)(a)

...................

3,782

72,401

Davide

Campari-Milano

N.V.,

Class

-

M

(Beverages)(a)

................

47,935

Enel

SpA

(Electric

Utilities)(a)

........

1,561

Ferrari

N.V.

(Automobiles)

...........

754

69,888

Generali

(Insurance)

................

2,741

157,139

Intesa

Sanpaolo

SpA

(Banks)(a)

.......

1,036

7,820

Iveco

Group

N.V.

(Machinery)

........

7,356

Moncler

SpA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

9,459

Poste

Italiane

SpA

(Insurance)(a)

.......

90,548

Snam

SpA

(Gas

Utilities)

............

544

180,455

Terna

-

Rete

Elettrica

Nazionale

(Electric

Utilities)

....................

1,830

9,486

UniCredit

SpA

(Banks)

..............

718

13,138

Japan

—

17.82%

8,800

Advantest

Corp.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

872

6,845

AGC,

Inc.

(Building

Products)

........

23,400

Aisin

Corp.

(Automobile

Components)

..

54,600

Ajinomoto

Co.,

Inc.

(Food

Products)

....

1,568

15,300

Amada

Co.

Ltd.

(Machinery)

.........

15,200

Bridgestone

Corp.

(Automobile

Components)

.................

704

38,300

Canon,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

................

1,123

8,600

Capcom

Co.

Ltd.

(Entertainment)

......

178,200

CyberAgent,

Inc.

(Media)

............

2,140

26,776

Dai

Nippon

Printing

Co.

Ltd.

(Commercial

Services

&

Supplies)

...........

163,600

Dai-ichi

Life

Holdings,

Inc.

(Insurance)

..

1,290

6,395

Daito

Trust

Construction

Co.

Ltd.

(Real

Estate

Management

&

Development)

15,550

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

559

16,700

Denso

Corp.

(Automobile

Components)

..

45,300

Eisai

Co.

Ltd.

(Pharmaceuticals)

.......

1,524

800

Fast

Retailing

Co.

Ltd.

(Specialty

Retail)

.

3,900

Fuji

Electric

Co.

Ltd.

(Electrical

Equipment)

25,200

FUJIFILM

Holdings

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..

627

109,000

Fujitsu

Ltd.

(IT

Services)(a)

..........

2,568

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

185,500

Hitachi

Ltd.

(Industrial

Conglomerates)

..

$

4,931

20,700

Hoya

Corp.

(Health

Care

Equipment

&

Supplies)

....................

2,866

36,500

Iida

Group

Holdings

Co.

Ltd.

(Household

Durables)

...................

583

39,100

Inpex

Corp.

(Oil,

Gas

&

Consumable

Fuels)

707

22,100

Isetan

Mitsukoshi

Holdings

Ltd.

(Broadline

Retail)

......................

21,000

Isuzu

Motors

Ltd.

(Automobiles)

.......

92,317

ITOCHU

Corp.

(Trading

Companies

&

Distributors)

.................

5,261

141,200

Japan

Exchange

Group,

Inc.

(Capital

Markets)

....................

1,578

8,300

Japan

Post

Insurance

Co.

Ltd.

(Insurance)(a)

9,200

Kawasaki

Heavy

Industries

Ltd.

(Machinery)

.................

608

202,400

KDDI

Corp.

(Wireless

Telecommunication

Services)

....................

3,231

6,100

Keyence

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

2,276

57,900

Kobe

Bussan

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

1,591

6,345

Komatsu

Ltd.

(Machinery)

...........

11,600

Kyoto

Financial

Group,

Inc.

(Banks)

....

66,100

Kyowa

Kirin

Co.

Ltd.

(Pharmaceuticals)

.

1,027

27,600

M3,

Inc.

(Health

Care

Technology)

.....

63,300

Marubeni

Corp.

(Trading

Companies

&

Distributors)

.................

1,583

63,500

MEIJI

Holdings

Co.

Ltd.

(Food

Products)

1,317

171,435

Mitsubishi

Corp.

(Trading

Companies

&

Distributors)

.................

4,094

34,200

Mitsubishi

Estate

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

787

97,000

Mitsubishi

Heavy

Industries

Ltd.

(Machinery)

.................

2,545

432,200

Mitsubishi

UFJ

Financial

Group,

Inc.

(Banks)

.....................

6,998

263,576

Mitsui

&

Co.

Ltd.

(Trading

Companies

&

Distributors)

.................

6,561

108,300

Mitsui

Fudosan

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

1,181

12,600

Mitsui

OSK

Lines

Ltd.

(Marine

Transportation)

...............

87,200

Murata

Manufacturing

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

1,660

73,500

NEC

Corp.

(IT

Services)

.............

2,356

19,200

Nikon

Corp.

(Household

Durables)

.....

12,900

Nintendo

Co.

Ltd.

(Entertainment)

......

1,117

6,300

Nippon

Sanso

Holdings

Corp.

(Chemicals)

154,000

Nippon

Steel

Corp.

(Metals

&

Mining)(a)

635

33,000

Nippon

Yusen

KK

(Marine

Transportation)

1,127

39,600

Nissin

Foods

Holdings

Co.

Ltd.

(Food

Products)(a)

..................

746

17,800

Nomura

Research

Institute

Ltd.

(IT

Services)

....................

683

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

910,000

NTT,

Inc.

(Diversified

Telecommunication

Services)

....................

$

952

9,000

Obic

Co.

Ltd.

(IT

Services)

...........

10,800

ORIX

Corp.

(Financial

Services)

.......

15,600

Otsuka

Holdings

Co.

Ltd.

(Pharmaceuticals)

829

63,500

Pan

Pacific

International

Holdings

Corp.

(Broadline

Retail)

.............

243,800

Rakuten

Group,

Inc.

(Broadline

Retail)(a)(b)

1,583

12,600

Recruit

Holdings

Co.

Ltd.

(Professional

Services)

....................

679

15,300

SBI

Holdings,

Inc.

(Capital

Markets)

....

666

4,800

SCREEN

Holdings

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

35,552

Sekisui

House

Ltd.

(Household

Durables)

810

21,700

Seven

&

i

Holdings

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

.....

17,000

Shin-Etsu

Chemical

Co.

Ltd.

(Chemicals)

558

17,700

Shionogi

&

Co.

Ltd.

(Pharmaceuticals)

..

31,100

Shiseido

Co.

Ltd.

(Personal

Care

Products)

531

38,400

Sompo

Holdings,

Inc.

(Insurance)

......

1,188

64,200

Sony

Financial

Group,

Inc.

(Financial

Services)(b)

..................

64,200

Sony

Group

Corp.

(Household

Durables)

.

1,849

15,200

Subaru

Corp.

(Automobiles)

..........

35,700

Sumitomo

Electric

Industries

Ltd.

(Automobile

Components)

.......

1,018

42,444

Sumitomo

Mitsui

Financial

Group,

Inc.

(Banks)

.....................

1,199

4,800

Sumitomo

Realty

&

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

22,400

The

Chiba

Bank

Ltd.

(Banks)

.........

29,700

Tokio

Marine

Holdings,

Inc.

(Insurance)

.

1,259

26,400

Tokyo

Electron

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

4,707

53,100

Tokyo

Gas

Co.

Ltd.

(Gas

Utilities)

......

1,890

33,700

Tokyo

Metro

Co.

Ltd.

(Ground

Transportation)

...............

25,700

Tokyu

Fudosan

Holdings

Corp.

(Real

Estate

Management

&

Development)(a)

...

17,900

Toyota

Industries

Corp.

(Machinery)

....

2,014

485,000

Toyota

Motor

Corp.

(Automobiles)(a)

...

9,347

20,310

Toyota

Tsusho

Corp.

(Trading

Companies

&

Distributors)

.................

563

17,027

Trend

Micro,

Inc.

(Software)

..........

933

293,700

Yokohama

Financial

Group,

Inc.

(Banks)

.

2,258

15,200

Zensho

Holdings

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

994

17,100

ZOZO,

Inc.

(Specialty

Retail)(a)

.......

115,538

Luxembourg

—

0.42%

27,423

ArcelorMittal

SA

(Metals

&

Mining)

....

984

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Luxembourg

(continued)

96,377

Tenaris

SA

(Energy

Equipment

&

Services)

$

1,719

2,703

Netherlands

—

3.54%

57,506

ABN

AMRO

Bank

N.V.,

Class

-

CV

(Banks)

(a) ........................

1,840

73,595

Aegon

Ltd.

(Insurance)

..............

590

22,207

Akzo

Nobel

N.V.

(Chemicals)

.........

1,580

1,819

Argenx

SE

(Biotechnology)(b)

........

1,318

10,915

ASML

Holding

N.V.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

10,611

4,144

EXOR

N.V.

(Financial

Services)

.......

14,622

ING

Groep

N.V.

(Banks)

.............

52,086

Koninklijke

Ahold

Delhaize

N.V.

(Consumer

Staples

Distribution

&

Retail)

.....

2,106

24,262

Prosus

N.V.

(Broadline

Retail)(a)(b)

....

1,707

75,569

Stellantis

N.V.

(Automobiles)

.........

698

1,552

Topicus.com,

Inc.

(Software)(b)

.......

11,488

Wolters

Kluwer

N.V.

(Professional

Services)

1,566

22,966

New

Zealand

—

0.04%

55,967

Auckland

International

Airport

Ltd.

(Transportation

Infrastructure)

.....

Norway

—

0.44%

11,596

DNB

Bank

ASA

(Banks)

............

104,675

Equinor

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

2,554

2,870

Singapore

—

1.14%

532,772

CapitaLand

Ascendas

REIT

(Industrial

REITs)(a)

...................

1,152

180,028

CapitaLand

Integrated

Commercial

Trust

(Retail

REITs)

................

130,600

CapitaLand

Investment

Ltd.

(Real

Estate

Management

&

Development)

.....

63,580

DBS

Group

Holdings

Ltd.

(Banks)

.....

2,521

14,500

Oversea-Chinese

Banking

Corp.

Ltd.

(Banks)

.....................

6,124

Sea

Ltd.,

ADR

(Entertainment)(b)

......

1,095

239,900

Sembcorp

Industries

Ltd.

(Multi-Utilities)

1,120

58,700

Singapore

Airlines

Ltd.

(Passenger

Airlines)

(a) ........................

18,700

Singapore

Exchange

Ltd.

(Capital

Markets)

6,600

United

Overseas

Bank

Ltd.

(Banks)

.....

7,379

South

Africa

—

0.03%

4,663

Thungela

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

South

Africa

(continued)

2,524

Valterra

Platinum

Ltd.

(Metals

&

Mining)

$

Spain

—

3.13%

2,090

Acciona

SA

(Electric

Utilities)

........

4,764

ACS

Actividades

de

Construccion

y

Servicios

SA

(Construction

&

Engineering)

.................

14,510

Aena

SME

SA

(Transportation

Infrastructure)(a)

..............

10,177

Amadeus

IT

Group

SA

(Hotels,

Restaurants

&

Leisure)

...................

806

620,640

Banco

Bilbao

Vizcaya

Argentaria

SA

(Banks)

.....................

11,906

28,433

Bankinter

SA

(Banks)

...............

62,673

CaixaBank

SA

(Banks)

..............

658

264,265

Iberdrola

SA

(Electric

Utilities)

........

4,997

17,963

Repsol

SA

(Oil,

Gas

&

Consumable

Fuels)

20,327

Sweden

—

2.77%

1,283

Alleima

AB

(Metals

&

Mining)

........

10,590

Assa

Abloy

AB,

Class

-

B

(Building

Products)

....................

90,968

Atlas

Copco

AB,

Class

-

A

(Machinery)

..

1,536

59,272

Atlas

Copco

AB,

Class

-

B

(Machinery)

..

888

59,522

Essity

AB,

Class

-

B

(Household

Products)

1,555

16,551

Holmen

AB,

B

shares

(Paper

&

Forest

Products)

....................

629

11,977

Securitas

AB,

Class

-

B

(Commercial

Services

&

Supplies)

...........

51,934

Skandinaviska

Enskilda

Banken

AB,

Class

-

A

(Banks)

...................

1,015

2,129

Spotify

Technology

SA

(Entertainment)(b)

1,486

111,736

Svenska

Cellulosa

AB

SCA,

Class

-

B

(Paper

&

Forest

Products)

........

1,477

32,522

Swedbank

AB,

Class

-

A

(Banks)

.......

979

152,471

Tele2

AB,

B

shares

(Wireless

Telecommunication

Services)

.....

2,600

492,259

Telia

Co.

AB

(Diversified

Telecommunication

Services)(a)

...

1,878

117,701

Volvo

AB,

Class

-

B

(Machinery)

......

3,370

17,971

Switzerland

—

8.66%

135,931

ABB

Ltd.,

Registered

Shares

(Electrical

Equipment)

..................

9,789

6,796

Accelleron

Industries

AG

(Electrical

Equipment)

..................

572

1,838

Baloise

Holding

AG,

Registered

Shares

(Insurance)

..................

1,044

Barry

Callebaut

AG,

Registered

Shares

(Food

Products)(a)

.............

1,430

Chocoladefabriken

Lindt

&

Spruengli

AG,

Class

-

PC

(Food

Products)

.......

672

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Switzerland

(continued)

19,821

Cie

Financiere

Richemont

SA,

Registered

Shares

(Textiles,

Apparel

&

Luxury

Goods)

.....................

$

3,775

13,970

Coca-Cola

HBC

AG

(Beverages)(b)

.....

658

16,029

DSM-Firmenich

AG

(Chemicals)

......

1,365

387,007

Glencore

PLC

(Metals

&

Mining)(a)(b)

..

1,778

5,080

Kuehne

+

Nagel

International

AG,

Class

-

R

(Marine

Transportation)

.........

946

4,844

Logitech

International

SA,

Class

-

R

(Technology

Hardware,

Storage

&

Peripherals)

..................

528

4,467

Lonza

Group

AG,

Registered

Shares

(Life

Sciences

Tools

&

Services)(a)

.....

2,959

8,432

Medacta

Group

SA

(Hea

lth

Care

Equipment

&

Supplies)(d)

................

1,545

54,797

Nestle

SA,

Registered

Shares

(Food

Products)

....................

5,031

67,717

Novartis

AG,

Registered

Shares

(Pharmaceuticals)

.............

8,517

Partners

Group

Holding

AG

(Capital

Markets)

....................

12,159

Roche

Holding

AG

(Pharmaceuticals)

...

3,971

13,543

Sandoz

Group

AG

(Pharmaceuticals)

....

803

1,212

Swisscom

AG,

Registered

Shares

(Diversified

Telecommunication

Services)

....................

879

191,523

UBS

Group

AG

(Capital

Markets)(b)

....

7,823

3,139

Zurich

Insurance

Group

AG

(Insurance)

..

2,235

56,201

United

Kingdom

—

11.21%

38,163

3i

Group

PLC

(Capital

Markets)

.......

2,098

5,633

Admiral

Group

PLC

(Insurance)

.......

21,731

Anglo

American

PLC

(Metals

&

Mining)

.

814

17,119

Ashtead

Group

PLC

(Trading

Companies

&

Distributors)

.................

1,143

53,176

AstraZeneca

PLC

(Pharmaceuticals)(a)

..

7,996

31,506

Auto

Trader

Group

PLC

(Interactive

Media

&

Services)(a)

................

153,808

Aviva

PLC

(Insurance)

..............

1,418

121,738

BAE

Systems

PLC

(Aerospace

&

Defense)

3,371

54,861

BP

PLC

(Oil,

Gas

&

Consumable

Fuels)

.

51,346

British

American

Tobacco

PLC

(Tobacco)

2,725

12,788

Bunzl

PLC

(Trading

Companies

&

Distributors)

.................

10,781

Coca-Cola

Europacific

Partners

PLC

(Beverages)

..................

975

68,973

Compass

Group

PLC

(Hotels,

Restaurants

&

Leisure)

....................

2,346

10,782

Diageo

PLC

(Beverages)

............

35,987

GSK

PLC

(Pharmaceuticals)

..........

762

282,694

Haleon

PLC

(Personal

Care

Products)

...

1,264

223,327

HSBC

Holdings

PLC

(Banks)

.........

3,138

90,451

Imperial

Brands

PLC

(Tobacco)

.......

3,841

242,896

Informa

PLC

(Media)

...............

2,997

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

Kingdom

(continued)

6,566

InterContinental

Hotels

Group

PLC

(Hotels,

Restaurants

&

Leisure)

..........

$

792

480,645

J

Sainsbury

PLC

(Consumer

Staples

Distribution

&

Retail)

...........

2,159

114,719

Kingfisher

PLC

(Specialty

Retail)

......

134,325

Legal

&

General

Group

PLC

(Insurance)

.

3,123

London

Stock

Exchange

Group

PLC

(Capital

Markets)(a)

............

86,513

Marks

&

Spencer

Group

PLC

(Consumer

Staples

Distribution

&

Retail)

.....

114,631

National

Grid

PLC

(Multi-Utilities)

.....

1,645

4,989

Next

PLC

(Broadline

Retail)

..........

830

16,942

Pearson

PLC

(Diversified

Consumer

Services)

....................

9,818

Reckitt

Benckiser

Group

PLC

(Household

Products)

....................

755

56,944

RELX

PLC

(Professional

Services)

.....

2,724

66,751

Rio

Tinto

PLC

(Metals

&

Mining)

......

4,387

74,509

Rolls-Royce

Holdings

PLC

(Aerospace

&

Defense)

....................

1,192

7,432

Severn

Trent

PLC

(Water

Utilities)(a)

...

290,341

Shell

PLC

(Oil,

Gas

&

Consumable

Fuels)

10,332

100,164

Smith

&

Nephew

PLC

(Health

Care

Equipment

&

Supplies)

.........

1,801

12,142

Smiths

Group

PLC

(Industrial

Conglomerates)

...............

44,660

SSE

PLC

(Electric

Utilities)

..........

1,046

85,307

St.

James's

Place

PLC

(Capital

Markets)

.

1,457

33,934

The

Sage

Group

PLC

(Software)

.......

502

18,373

The

Weir

Group

PLC

(Machinery)(a)

....

675

55,598

Unilever

PLC

(Personal

Care

Products)

..

3,290

10,568

United

Utilities

Group

PLC

(Water

Utilities)

72,772

United

States

—

0.82%

2,921

CRH

PLC

(Construction

Materials)

.....

2,189

Flutter

Entertainment

PLC,

Class

-

DI

(Hotels,

Restaurants

&

Leisure)(a)(b)

569

8,324

Linde

PLC

(Chemicals)

.............

3,975

4,162

RB

Global,

Inc.

(Commercial

Services

&

Supplies)

....................

5,344

Total

Common

Stocks

(cost

$248,296)

..

587,804

Warrant

—

0.00%

Canada

—

0.00%

835

Constellation

Software,

Inc.,

3/31/40

(Software)(b)(c)

...............

—

Total

Warrant

(cost

$—)

............

—

Shares

Security

Description

Value

(000) Investment

Companies

—

8.46%

International

Equity

Funds

—

7.49%

290,815

iShares

Core

MSCI

EAFE

ETF

........

$

25,391

387,154

Vanguard

FTSE

Developed

Markets

ETF

.

23,198

48,589

Money

Market

Funds

—

0.97%

6,277,051

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

,

4.01%(e)

....................

6,277

Total

Investment

Companies

(cost

$41,732)

........................

54,866

Total

Investments

(cost

$290,028)

—

99.04%

.....................

642,670

Other

assets

in

excess

of

liabilities

—

0.96%

......................

6,230

Net

Assets

-

100.00%

..............

$

648,900

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

(a) Represents

a

security

purchased

under

Rule

144A

or

Section

4(2)

and

is

exempt

from

registration

under

the

Securities

Act

of

1933,

as

amended,

or

is

otherwise

restricted

to

resale.

Certain

of

these

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

These

securities

have

been

deemed

liquid

by

the

Specialist

Manager.

(b) Represents

non-income

producing

security.

(c) Security

was

valued

using

significant

unobservable

inputs

as

of

September

30,

2025. (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

REIT—Real

Estate

Investment

Trust

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(concluded)

—

September

30,

2025

(Unaudited)

As

of

September

30,

2025

,

100%

of

the

Portfolio's

net

assets

were

managed

by

Parametric

Portfolio

Associates,

LLC. The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

September

30,

2025

.

Futures

Contracts

Purchased

\*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

and

Unrealized

Appreciation/

(Depreciation)

(000) Mini

MSCI

EAFE

Index

Future

..............................

12/19/25

$

4,596

$

$

4,596

$

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

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

—

44.62%

Australia

—

1.93%

44,367

ANZ

Group

Holdings

Ltd.

(Banks)

.....

$

975

49,875

APA

Group

(Gas

Utilities)

...........

8,339

Aristocrat

Leisure

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

5,891

ASX

Ltd.

(Capital

Markets)

..........

74,711

BHP

Group

Ltd.

(Metals

&

Mining)

.....

2,101

6,333

BlueScope

Steel

Ltd.

(Metals

&

Mining)

.

26,219

Brambles

Ltd.

(Commercial

Services

&

Supplies)

....................

6,494

CAR

Group

Ltd.

(Interactive

Media

&

Services)

....................

1,190

Cochlear

Ltd.

(Health

Care

Equipment

&

Supplies)

....................

32,170

Coles

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

24,623

Commonwealth

Bank

of

Australia

(Banks)

2,717

10,095

Computershare

Ltd.

(Professional

Services)

7,580

CSL

Ltd.

(Biotechnology)

............

994

29,410

Evolution

Mining

Ltd.

(Metals

&

Mining)

25,159

Fortescue

Ltd.

(Metals

&

Mining)

......

30,054

Goodman

Group

(Industrial

REITs)

.....

652

53,385

Insurance

Australia

Group

Ltd.

(Insurance)

5,383

Macquarie

Group

Ltd.

(Capital

Markets)

.

781

88,171

Medibank

Pvt

Ltd.

(Insurance)

........

44,968

National

Australia

Bank

Ltd.

(Banks)

....

1,312

24,826

Northern

Star

Resources

Ltd.

(Metals

&

Mining)(a)

...................

42,652

Origin

Energy

Ltd.

(Electric

Utilities)

...

869

Pro

Medicus

Ltd.

(Health

Care

Technology)

10,656

Qantas

Airways

Ltd.

(Passenger

Airlines)

.

24,883

QBE

Insurance

Group

Ltd.

(Insurance)

..

760

REA

Group

Ltd.

(Interactive

Media

&

Services)

....................

5,461

Rio

Tinto

Ltd.

(Metals

&

Mining)

......

46,591

Santos

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

(a) ........................

75,260

Scentre

Group

(Retail

REITs)

.........

2,931

SGH

Ltd.

(Trading

Companies

&

Distributors)

.................

126,836

Sigma

Healthcare

Ltd.

(Health

Care

Providers

&

Services)^

..........

10,966

Sonic

Healthcare

Ltd.

(Health

Care

Providers

&

Services)

...........

64,914

South32

Ltd.

(Metals

&

Mining)

.......

34,460

Stockland

(Diversified

REITs)

.........

18,681

Suncorp

Group

Ltd.

(Insurance)

.......

114,407

Telstra

Group

Ltd.

(Diversified

Telecommunication

Services)

.....

69,820

The

Lottery

Corp.

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

58,496

Transurban

Group

(Transportation

Infrastructure)

................

534

78,628

Vicinity

Ltd.

(Retail

REITs)(a)

........

8,000

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(Financial

Services)^

...........

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Australia

(continued)

16,650

Wesfarmers

Ltd.

(Broadline

Retail)

.....

$

1,013

50,765

Westpac

Banking

Corp.

(Banks)

.......

1,308

2,940

WiseTech

Global

Ltd.

(Software)

.......

27,939

Woodside

Energy

Group

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

24,923

Woolworths

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

21,356

Austria

—

0.06%

4,529

Erste

Group

Bank

AG

(Banks)(a)

......

2,180

OMV

AG

(Oil,

Gas

&

Consumable

Fuels)

972

Verbund

AG

(Electric

Utilities)

........

629

Belgium

—

0.25%

3,077

Ageas

SA/N.V.

(Insurance)(a)

.........

14,542

Anheuser-Busch

InBev

SA/N.V.

(Beverages)

..................

868

D'ieteren

Group

(Distributors)

.........

1,608

Elia

Group

SA/N.V.

(Electric

Utilities)(a)

.

1,670

Groupe

Bruxelles

Lambert

N.V.

(Financial

Services)

....................

3,650

KBC

Group

N.V.

(Banks)

............

Lotus

Bakeries

N.V.

(Food

Products)(a)

..

Sofina

SA

(Financial

Services)

........

1,060

Syensqo

SA

(Chemicals)

.............

1,868

UCB

SA

(Pharmaceuticals)

...........

515

2,711

Canada

—

1.63%

15,099

Agnico

Eagle

Mines

Ltd.

(Metals

&

Mining)

2,544

1,948

Alimentation

Couche-Tard,

Inc.

(Consumer

Staples

Distribution

&

Retail)

.....

2,644

AltaGas

Ltd.

(Gas

Utilities)

...........

7,672

BCE,

Inc.

(Diversified

Telecommunication

Services)

....................

30,771

Brookfield

Corp.

(Capital

Markets)

.....

2,112

27,076

Canadian

Pacific

Kansas

City

Ltd.

(Ground

Transportation)

...............

2,017

740

Canadian

Tire

Corp.

Ltd.,

Class

-

A

(Broadline

Retail)

.............

5,299

Canadian

Utilities

Ltd.,

Class

-

A

(Multi-

Utilities)

....................

1,208

CCL

Industries,

Inc.,

Class

-

B

(Containers

&

Packaging)(a)

...............

10,293

Celestica,

Inc.

(Electronic

Equipment,

Instruments

&

Components)(b)

....

2,534

661

CGI,

Inc.

(IT

Services)

..............

916

Dollarama,

Inc.

(Broadline

Retail)

......

1,088

Element

Fleet

Management

Corp.

(Commercial

Services

&

Supplies)(a)

3,257

Emera,

Inc.

(Electric

Utilities)

.........

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Canada

(continued)

4,463

Empire

Co.

Ltd.,

Class

-

A

(Consumer

Staples

Distribution

&

Retail)

.....

$

1,598

Enbridge,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

......................

Fairfax

Financial

Holdings

Ltd.

(Insurance)

3,349

Fortis,

Inc.

(Electric

Utilities)

.........

Franco-Nevada

Corp.

(Metals

&

Mining)

.

2,151

George

Weston

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

1,139

GFL

Environmental,

Inc.

(Commercial

Services

&

Supplies)

...........

3,897

Great-West

Lifeco,

Inc.

(Insurance)

.....

4,377

Hydro

One

Ltd.

(Electric

Utilities)(a)

....

511

Intact

Financial

Corp.

(Insurance)(a)

....

2,056

Keyera

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

4,296

Loblaw

Cos.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

2,423

Metro,

Inc.

(Consumer

Staples

Distribution

&

Retail)

....................

National

Bank

of

Canada

(Banks)

......

2,712

Power

Corp.

of

Canada

(Insurance)

.....

6,436

Quebecor,

Inc.,

Class

-

B

(Diversified

Telecommunication

Services)

.....

1,797

Restaurant

Brands

International,

Inc.

(Hotels,

Restaurants

&

Leisure)

....

3,869

Rogers

Communications,

Inc.,

Class

-

B

(Wireless

Telecommunication

Services)

....................

4,788

Saputo,

Inc.

(Food

Products)(a)

........

14,255

Shopify,

Inc.,

Class

-

A

(IT

Services)(b)

..

2,118

Stantec,

Inc.

(Construction

&

Engineering)

930

TC

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

62,495

Teck

Resources

Ltd.,

Class

-

B

(Metals

&

Mining)

.....................

2,744

10,014

TELUS

Corp.

(Diversified

Telecommunication

Services)

.....

739

The

Bank

of

Nova

Scotia

(Banks)

......

516

The

Toronto-Dominion

Bank

(Banks)

...

769

Thomson

Reuters

Corp.

(Professional

Services)

....................

2,982

TMX

Group

Ltd.

(Capital

Markets)

.....

504

Toromont

Industries

Ltd.

(Trading

Companies

&

Distributors)

.......

17,958

Chile

—

0.02%

5,910

Antofagasta

PLC

(Metals

&

Mining)

....

China

—

0.02%

71,100

Yangzijiang

Shipbuilding

Holdings

Ltd.

(Machinery)

.................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Denmark

—

1.55%

A.P.

Moller

-

Maersk

A/S,

Class

-

A

(Marine

Transportation)

...............

$

A.P.

Moller

-

Maersk

A/S,

Class

-

B

(Marine

Transportation)

...............

2,533

Carlsberg

A/S,

Class

-

B

(Beverages)

....

3,065

Coloplast

A/S,

Class

-

B

(Health

Care

Equipment

&

Supplies)

.........

10,830

Danske

Bank

A/S

(Banks)

............

1,393

Demant

A/S

(Health

Care

Equipment

&

Supplies)(b)

..................

11,735

DSV

A/S

(Air

Freight

&

Logistics)

.....

2,334

903

Genmab

A/S

(Biotechnology)(a)(b)

.....

86,779

Novo

Nordisk

A/S,

Class

-

B

(Pharmaceuticals)

.............

4,705

131,750

Novo

Nordisk

A/S,

ADR

(Pharmaceuticals)

7,310

6,256

Novonesis

Novozymes

B

(Chemicals)

...

5,055

Orsted

A/S

(Electric

Utilities)^(a)(b)

....

1,180

Pandora

A/S

(Textiles,

Apparel

&

Luxury

Goods)

.....................

1,480

ROCKWOOL

A/S,

Class

-

B

(Building

Products)

....................

11,091

Tryg

A/S

(Insurance)(a)

.............

14,950

Vestas

Wind

Systems

A/S

(Electrical

Equipment)

..................

17,134

Finland

—

0.49%

3,963

Elisa

Oyj

(Diversified

Telecommunication

Services)

....................

8,637

Fortum

Oyj

(Electric

Utilities)

.........

5,937

Kesko

Oyj,

Class

-

B

(Consumer

Staples

Distribution

&

Retail)

...........

5,024

Kone

Oyj,

Class

-

B

(Machinery)

.......

9,611

Metso

Oyj

(Machinery)(a)

...........

6,381

Neste

Oyj

(Oil,

Gas

&

Consumable

Fuels)

77,892

Nokia

Oyj

(Communications

Equipment)

.

46,045

Nordea

Bank

Abp

(Banks)

...........

755

2,550

Orion

Oyj,

Class

-

B

(Pharmaceuticals)

..

214,658

Sampo

Oyj,

A

Shares

(Insurance)

......

2,464

8,380

Stora

Enso

Oyj,

Class

-

R

(Paper

&

Forest

Products)

....................

7,666

UPM-Kymmene

Oyj

(Paper

&

Forest

Products)

....................

7,326

Wartsila

Oyj

Abp

(Machinery)

.........

5,395

France

—

5.06%

2,951

Accor

SA

(Hotels,

Restaurants

&

Leisure)

1,086

Aeroports

de

Paris

SA

(Transportation

Infrastructure)

................

18,183

Air

Liquide

SA

(Chemicals)

..........

3,775

8,736

Airbus

SE

(Aerospace

&

Defense)

......

2,024

5,329

Alstom

SA

(Machinery)(b)

...........

870

Amundi

SA

(Capital

Markets)(a),(c)

....

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

France

(continued)

818

Arkema

SA

(Chemicals)

.............

$

26,217

AXA

SA

(Insurance)

...............

1,251

1,569

BioMerieux

(Health

Care

Equipment

&

Supplies)

....................

14,945

BNP

Paribas

SA

(Banks)

.............

1,357

36,014

Bollore

SE

(Entertainment)

...........

5,133

Bouygues

SA

(Construction

&

Engineering)

8,008

Bureau

Veritas

SA

(Professional

Services)

2,377

Capgemini

SE

(IT

Services)

..........

22,293

Carrefour

SA

(Consumer

Staples

Distribution

&

Retail)(a)

.........

23,950

Cie

de

Saint-Gobain

SA

(Building

Products)

2,577

10,985

Cie

Generale

des

Etablissements

Michelin

SCA

(Automobile

Components)

...

878

Covivio

SA

(Office

REITs)

...........

18,564

Credit

Agricole

SA

(Banks)

...........

12,292

Danone

SA

(Food

Products)

..........

1,071

829

Dassault

Aviation

SA

(Aerospace

&

Defense)(a)

..................

73,873

Dassault

Systemes

SE

(Software)

......

2,472

6,797

Edenred

SE

(Financial

Services)

.......

1,237

Eiffage

SA

(Construction

&

Engineering)(a)

37,110

Engie

SA

(Multi-Utilities)

............

795

10,859

EssilorLuxottica

SA

(Health

Care

Equipment

&

Supplies)

.........

3,519

6,578

FDJ

UNITED

(Hotels,

Restaurants

&

Leisure)

....................

1,353

Gecina

SA

(Office

REITs)(a)

..........

13,949

Getlink

SE

(Transportation

Infrastructure)

Hermes

International

SCA

(Textiles,

Apparel

&

Luxury

Goods)

..............

1,137

1,499

Ipsen

SA

(Pharmaceuticals)

...........

1,105

Kering

SA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

6,059

Klepierre

SA

(Retail

REITs)

..........

3,847

Legrand

SA

(Electrical

Equipment)

.....

635

7,942

L'Oreal

SA

(Personal

Care

Products)

....

3,436

7,309

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Textiles,

Apparel

&

Luxury

Goods)

4,466

40,912

Orange

SA

(Diversified

Telecommunication

Services)(a)

..................

663

3,446

Pernod

Ricard

SA

(Beverages)

........

3,370

Publicis

Groupe

SA

(Media)

..........

2,770

Renault

SA

(Automobiles)

...........

3,501

Rexel

SA

(Trading

Companies

&

Distributors)

.................

11,196

Safran

SA

(Aerospace

&

Defense)

......

3,945

38,213

Sanofi

SA

(Pharmaceuticals)

..........

3,523

Sartorius

Stedim

Biotech

(Life

Sciences

Tools

&

Services)

..............

15,898

Schneider

Electric

SE

(Electrical

Equipment)(a)

................

4,434

10,535

Societe

Generale

SA

(Banks)

.........

697

4,519

Sodexo

SA

(Hotels,

Restaurants

&

Leisure)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

France

(continued)

768

Teleperformance

SE

(Professional

Services)

$

2,027

Thales

SA

(Aerospace

&

Defense)

......

634

64,119

TotalEnergies

SE

(Oil,

Gas

&

Consumable

Fuels)

......................

3,893

1,835

Unibail-Rodamco-Westfield

(Retail

REITs)

9,216

Veolia

Environnement

SA

(Multi-Utilities)

20,594

Vinci

SA

(Construction

&

Engineering)

..

2,852

55,923

Germany

—

3.90%

12,925

adidas

AG

(Textiles,

Apparel

&

Luxury

Goods)

.....................

2,722

5,833

Allianz

SE,

Registered

Shares

(Insurance)

2,447

Aumovio

SE

(Automobile

Components)(b)

—

13,317

BASF

SE

(Chemicals)

..............

663

14,326

Bayer

AG,

Registered

Shares

(Pharmaceuticals)

.............

4,147

Bayerische

Motoren

Werke

AG

(Automobiles)

................

858

Bayerische

Motoren

Werke

AG,

Preference

Shares

(Automobiles)

...........

3,567

Beiersdorf

AG

(Personal

Care

Products)

..

1,761

Brenntag

SE

(Trading

Companies

&

Distributors)

.................

11,398

Commerzbank

AG

(Banks)

...........

1,579

Continental

AG

(Automobile

Components)

2,676

Covestro

AG

(Chemicals)(b)

..........

891

CTS

Eventim

AG

&

Co.

KGaA

(Entertainment)(a)

.............

7,021

Daimler

Truck

Holding

AG

(Machinery)

.

2,976

Delivery

Hero

SE

(Hotels,

Restaurants

&

Leisure)(a)(b)

................

27,252

Deutsche

Bank

AG,

Registered

Shares

(Capital

Markets)

..............

958

3,394

Deutsche

Boerse

AG

(Capital

Markets)

..

909

9,290

Deutsche

Lufthansa

AG,

Registered

Shares

(Passenger

Airlines)(a)

..........

14,030

Deutsche

Post

AG

(Air

Freight

&

Logistics)

625

113,622

Deutsche

Telekom

AG,

Registered

(Diversified

Telecommunication

Services)(a)

..................

3,869

2,301

Dr.

Ing.

h.c.

F. Porsche

AG,

Preference

Shares

(Automobiles)(a)

.........

45,015

E.ON

SE

(Multi-Utilities)

............

847

3,686

Evonik

Industries

AG

(Chemicals)

......

5,761

Fresenius

Medical

Care

AG

(Health

Care

Providers

&

Services)

...........

8,333

Fresenius

SE

&

Co.

KGaA

(Health

Care

Providers

&

Services)

...........

3,173

GEA

Group

AG

(Machinery)

.........

1,444

Hannover

Rueck

SE

(Insurance)

.......

1,952

Heidelberg

Materials

AG

(Construction

Materials)(a)

.................

1,460

Henkel

AG

&

Co.

KGaA

(Household

Products)

....................

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Germany

(continued)

5,289

Henkel

AG

&

Co.

KGaA,

Preference

Shares

(Household

Products)

...........

$

929

Hensoldt

AG

(Aerospace

&

Defense)

....

66,105

Infineon

Technologies

AG

(Semiconductors

&

Semiconductor

Equipment)(a)

...

2,576

1,039

Knorr-Bremse

AG

(Machinery)

........

2,443

LEG

Immobilien

SE

(Real

Estate

Management

&

Development)

.....

10,678

Mercedes-Benz

Group

AG

(Automobiles)

670

3,001

Merck

KGaA

(Pharmaceuticals)

.......

849

MTU

Aero

Engines

AG

(Aerospace

&

Defense)

....................

2,182

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen,

Class

-

R

(Insurance)

................

1,392

824

Nemetschek

SE

(Software)

...........

2,186

Porsche

Automobil

Holding

SE,

Preference

Shares

(Automobiles)

...........

Rational

AG

(Machinery)

............

725

Rheinmetall

AG

(Aerospace

&

Defense)

.

1,689

14,118

RWE

AG

(Independent

Power

and

Renewable

Electricity

Producers)

..

627

22,654

SAP

SE

(Software)

.................

6,061

Sartorius

AG,

Preference

Shares

(Life

Sciences

Tools

&

Services)(a)

.....

2,172

Scout24

SE

(Interactive

Media

&

Services)

(a) ........................

18,583

Siemens

AG,

Registered

Shares

(Industrial

Conglomerates)

...............

5,000

28,102

Siemens

Energy

AG

(Electrical

Equipment)

(a)(b),(c)

....................

3,279

6,185

Siemens

Healthineers

AG

(Health

Care

Equipment

&

Supplies)(a)

.......

3,884

Symrise

AG

(Chemicals)(a)

..........

1,535

Talanx

AG

(Insurance)

..............

3,048

Volkswagen

AG,

Preference

Shares

(Automobiles)

................

12,604

Vonovia

SE

(Real

Estate

Management

&

Development)

................

3,228

Zalando

SE

(Specialty

Retail)(a)(b),(c)

..

43,117

Hong

Kong

—

0.82%

366,318

AIA

Group

Ltd.

(Insurance)

..........

3,513

61,195

BOC

Hong

Kong

Holdings

Ltd.

(Banks)

.

588,000

China

Common

Rich

Renewable

Energy

Investment

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)

(b)(d) ......................

—

27,200

CK

Asset

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

39,910

CK

Hutchison

Holdings

Ltd.

(Industrial

Conglomerates)

...............

20,500

CK

Infrastructure

Holdings

Ltd.

(Electric

Utilities)

....................

32,719

CLP

Holdings

Ltd.

(Electric

Utilities)

...

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Hong

Kong

(continued)

905

Futu

Holdings

Ltd.,

ADR

(Capital

Markets)

(a) ........................

$

33,000

Galaxy

Entertainment

Group

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

11,239

Hang

Seng

Bank

Ltd.

(Banks)

.........

22,845

Henderson

Land

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

118,550

HKT

Trust

&

HKT

Ltd.,

Class

-

SS

(Diversified

Telecommunication

Services)(a)

..................

215,247

Hong

Kong

&

China

Gas

Co.

Ltd.

(Gas

Utilities)

....................

17,700

Hong

Kong

Exchanges

&

Clearing

Ltd.

(Capital

Markets)

..............

1,004

24,840

Hongkong

Land

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

3,800

Jardine

Matheson

Holdings

Ltd.

(Industrial

Conglomerates)

...............

38,906

Link

REIT

(Retail

REITs)

............

28,500

MTR

Corp.

Ltd.

(Ground

Transportation)

.

32,868

Power

Assets

Holdings

Ltd.

(Electric

Utilities)

....................

37,998

Prudential

PLC

(Insurance)

...........

532

91,328

Sino

Land

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

18,000

SITC

International

Holdings

Co.

Ltd.

(Marine

Transportation)

.........

21,860

Sun

Hung

Kai

Properties

Ltd.

(Real

Estate

Management

&

Development)

.....

9,930

Swire

Pacific

Ltd.,

Class

-

A

(Real

Estate

Management

&

Development)

.....

21,000

Techtronic

Industries

Co.

Ltd.

(Machinery)

16,000

The

Wharf

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

118,856

WH

Group

Ltd.

(Food

Products)(a)

.....

23,000

Wharf

Real

Estate

Investment

Co.

Ltd.

(Real

Estate

Management

&

Development)

9,036

Ireland

(Republic

of)

—

0.97%

4,200

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

508

16,656

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

2,015

31,336

AIB

Group

PLC

(Banks)(a)

..........

13,959

Bank

of

Ireland

Group

PLC

(Banks)

....

1,539

DCC

PLC

(Industrial

Conglomerates)(a)

.

52,844

Experian

PLC

(Professional

Services)

...

2,645

8,479

James

Hardie

Industries

PLC

(Construction

Materials)(b)

.................

2,403

Kerry

Group

PLC,

Class

-

A

(Food

Products)(a)

..................

2,228

Kingspan

Group

PLC

(Building

Products)

12,607

Ryanair

Holdings

PLC

(Passenger

Airlines)

(a) ........................

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Ireland

(Republic

of)

(continued)

30,189

Ryanair

Holdings

PLC,

ADR

(Passenger

Airlines)

....................

$

1,818

9,950

TE

Connectivity

PLC

(Electronic

Equipment,

Instruments

&

Components)

.................

2,184

10,708

Israel

—

0.51%

819

Azrieli

Group

Ltd.

(Real

Estate

Management

&

Development)

..............

18,640

Bank

Hapoalim

BM

(Banks)

..........

21,642

Bank

Leumi

Le-Israel

BM,

Class

-

IS

(Banks)

.....................

1,588

Check

Point

Software

Technologies

Ltd.

(Software)(b)

.................

704

CyberArk

Software

Ltd.

(Software)(b)

...

573

Elbit

Systems

Ltd.

(Aerospace

&

Defense)

22,866

ICL

Group

Ltd.

(Chemicals)

..........

Isracard

Ltd.

(Consumer

Finance)

......

—

18,613

Israel

Discount

Bank

Ltd.,

Class

-

A

(Banks)

2,228

Mizrahi

Tefahot

Bank

Ltd.

(Banks)

.....

591

Monday.com

Ltd.

(Software)(b)

.......

1,175

Nice

Ltd.

(Software)(b)

.............

Nova

Ltd.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

3,278

Phoenix

Financial

Ltd.

(Insurance)

.....

114,843

Teva

Pharmaceutical

Industries

Ltd.

(Pharmaceuticals)(b)

...........

2,236

17,300

Teva

Pharmaceutical

Industries

Ltd.,

ADR

(Pharmaceuticals)(b)

...........

Wix.com

Ltd.

(IT

Services)(b)

.........

761

Wix.com

Ltd.

(IT

Services)(b)

.........

5,597

Italy

—

1.84%

3,207

Banca

Mediolanum

SpA

(Financial

Services)

....................

27,491

Banca

Monte

dei

Paschi

di

Siena

SpA

(Banks)(a)

...................

16,607

Banco

BPM

SpA

(Banks)

............

21,840

BPER

Banca

SPA

(Banks)

...........

22,221

Davide

Campari-Milano

N.V.,

Class

-

M

(Beverages)(a),(c)

.............

1,331

DiaSorin

SpA

(Health

Care

Equipment

&

Supplies)

....................

342,063

Enel

SpA

(Electric

Utilities)(a)

........

3,239

34,467

Eni

SpA

(Oil,

Gas

&

Consumable

Fuels)

.

602

4,381

Ferrari

N.V.,

ADR

(Automobiles)

......

2,126

1,853

Ferrari

N.V.

(Automobiles)

...........

895

9,204

FinecoBank

Banca

Fineco

SpA

(Banks)

..

13,673

Generali

(Insurance)

................

536

14,157

Infrastrutture

Wireless

Italiane

SpA

(Diversified

Telecommunication

Services)(a)

..................

522,860

Intesa

Sanpaolo

SpA

(Banks)(a)

.......

3,446

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Italy

(continued)

6,932

Leonardo

SpA

(Aerospace

&

Defense)

...

$

3,491

Moncler

SpA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

8,017

Nexi

SpA

(Financial

Services)(a)

.......

7,866

Poste

Italiane

SpA

(Insurance)(a)

.......

27,218

Prysmian

SpA

(Electrical

Equipment)

...

2,689

3,182

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(Pharmaceuticals)

..........

52,890

Snam

SpA

(Gas

Utilities)

............

166,453

Telecom

Italia

SpA/Milano

(Diversified

Telecommunication

Services)(b)

...

35,984

Terna

-

Rete

Elettrica

Nazionale

(Electric

Utilities)

....................

45,539

UniCredit

SpA

(Banks)

..............

3,446

5,202

Unipol

Assicurazioni

SpA

(Insurance)

...

20,350

Japan

—

8.38%

11,200

Advantest

Corp.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

1,110

44,100

Aeon

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

535

3,965

AGC,

Inc.

(Building

Products)

........

7,600

Aisin

Corp.

(Automobile

Components)

..

16,600

Ajinomoto

Co.,

Inc.

(Food

Products)

....

8,200

ANA

Holdings,

Inc.

(Passenger

Airlines)(a)

28,000

Asahi

Group

Holdings

Ltd.

(Beverages)(a)

25,310

Asahi

Kasei

Corp.

(Chemicals)

........

10,300

Asics

Corp.

(Textiles,

Apparel

&

Luxury

Goods)

.....................

35,290

Astellas

Pharma,

Inc.

(Pharmaceuticals)

..

9,300

Bandai

Namco

Holdings,

Inc.

(Leisure

Products)

....................

8,860

Bridgestone

Corp.

(Automobile

Components)

.................

89,489

Broadmedia

Corp.

(Diversified

Telecommunication

Services)

.....

1,040

12,847

Canon,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

................

5,200

Capcom

Co.

Ltd.

(Entertainment)

......

15,100

Central

Japan

Railway

Co.

(Ground

Transportation)

...............

16,000

Chubu

Electric

Power

Co.,

Inc.

(Electric

Utilities)

....................

11,400

Chugai

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals)

.............

7,578

Dai

Nippon

Printing

Co.

Ltd.

(Commercial

Services

&

Supplies)

...........

4,900

Daifuku

Co.

Ltd.

(Machinery)

.........

52,000

Dai-ichi

Life

Holdings,

Inc.

(Insurance)

..

25,100

Daiichi

Sankyo

Co.

Ltd.

(Pharmaceuticals)

(a) ........................

563

3,900

Daikin

Industries

Ltd.

(Building

Products)

11,235

Daito

Trust

Construction

Co.

Ltd.

(Real

Estate

Management

&

Development)

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

9,830

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

$

19,100

Daiwa

Securities

Group,

Inc.

(Capital

Markets)^

...................

25,900

Denso

Corp.

(Automobile

Components)

..

2,400

Dentsu

Group,

Inc.

(Media)

..........

1,400

Disco

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

19,200

East

Japan

Railway

Co.

(Ground

Transportation)

...............

49,499

Ebara

Corp.

(Machinery)

............

1,132

62,872

Eiken

Chemical

Co.

Ltd.

(Health

Care

Equipment

&

Supplies)

.........

1,018

6,200

Eisai

Co.

Ltd.

(Pharmaceuticals)^

......

41,078

ENEOS

Holdings,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

13,600

FANUC

Corp.

(Machinery)

...........

2,800

Fast

Retailing

Co.

Ltd.

(Specialty

Retail)

.

853

1,900

Fuji

Electric

Co.

Ltd.

(Electrical

Equipment)

41,815

Fuji

Media

Holdings,

Inc.

(Media)

......

991

16,130

FUJIFILM

Holdings

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..

3,800

Fujikura

Ltd.

(Electrical

Equipment)

....

25,700

Fujitsu

Ltd.

(IT

Services)(a)

..........

606

7,200

Hankyu

Hanshin

Holdings,

Inc.

(Ground

Transportation)

...............

177,178

Helios

Techno

Holding

Co.

Ltd.

(Electrical

Equipment)

..................

1,046

Hikari

Tsushin,

Inc.

(Industrial

Conglomerates)

...............

136,400

Hitachi

Ltd.

(Industrial

Conglomerates)

..

3,625

58,262

Honda

Motor

Co.

Ltd.

(Automobiles)^

...

603

1,700

Hoshizaki

Corp.

(Machinery)

.........

5,100

Hoya

Corp.

(Health

Care

Equipment

&

Supplies)

....................

706

14,900

Hulic

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

11,595

Idemitsu

Kosan

Co.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(a)

...........

14,700

IHI

Corp.

(Machinery)

..............

13,200

Inpex

Corp.

(Oil,

Gas

&

Consumable

Fuels)

108,308

Inter

Action

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

1,096

8,070

Isuzu

Motors

Ltd.

(Automobiles)

.......

17,658

ITOCHU

Corp.

(Trading

Companies

&

Distributors)

.................

1,006

6,300

Japan

Airlines

Co.

Ltd.

(Passenger

Airlines)

(a) ........................

14,200

Japan

Exchange

Group,

Inc.

(Capital

Markets)

....................

26,000

Japan

Post

Bank

Co.

Ltd.

(Banks)(a)

....

25,960

Japan

Post

Holdings

Co.

Ltd.

(Insurance)(a)

2,600

Japan

Post

Insurance

Co.

Ltd.

(Insurance)(a)

19,727

Japan

Tobacco,

Inc.

(Tobacco)

.........

649

10,800

JFE

Holdings,

Inc.

(Metals

&

Mining)^(a)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

6,400

Kajima

Corp.

(Construction

&

Engineering)

$

9,400

Kao

Corp.

(Personal

Care

Products)

.....

2,200

Kawasaki

Heavy

Industries

Ltd.

(Machinery)

.................

5,300

Kawasaki

Kisen

Kaisha

Ltd.

(Marine

Transportation)^

...............

53,100

KDDI

Corp.

(Wireless

Telecommunication

Services)

....................

848

2,900

Keyence

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

1,082

9,600

Kikkoman

Corp.

(Food

Products)

......

20,010

Kirin

Holdings

Co.

Ltd.

(Beverages)

....

7,500

Kobe

Bussan

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

13,890

Komatsu

Ltd.

(Machinery)

...........

1,600

Konami

Group

Corp.

(Entertainment)

...

284,120

Konica

Minolta,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..

1,015

14,000

Kubota

Corp.

(Machinery)

...........

19,080

Kyocera

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

9,700

Kyowa

Kirin

Co.

Ltd.

(Pharmaceuticals)

.

1,200

Lasertec

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

71,672

LIFENET

INSURANCE

Co.

(Insurance)(b)

1,004

63,500

LY

Corp.

(Interactive

Media

&

Services)

.

6,900

M3,

Inc.

(Health

Care

Technology)

.....

3,400

Makita

Corp.

(Machinery)

...........

20,771

Marubeni

Corp.

(Trading

Companies

&

Distributors)

.................

519

9,600

MatsukiyoCocokara

&

Co.

(Consumer

Staples

Distribution

&

Retail)

.....

11,000

MEIJI

Holdings

Co.

Ltd.

(Food

Products)^

5,100

MINEBEA

MITSUMI,

Inc.

(Machinery)

.

19,410

Mitsubishi

Chemical

Group

Corp.

(Chemicals)

..................

47,520

Mitsubishi

Corp.

(Trading

Companies

&

Distributors)

.................

1,135

27,790

Mitsubishi

Electric

Corp.

(Electrical

Equipment)

..................

715

16,500

Mitsubishi

Estate

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

17,900

Mitsubishi

HC

Capital,

Inc.

(Financial

Services)

....................

47,070

Mitsubishi

Heavy

Industries

Ltd.

(Machinery)

.................

1,235

292,982

Mitsubishi

UFJ

Financial

Group,

Inc.

(Banks)

.....................

4,745

36,532

Mitsui

&

Co.

Ltd.

(Trading

Companies

&

Distributors)

.................

909

38,900

Mitsui

Fudosan

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

6,100

Mitsui

OSK

Lines

Ltd.

(Marine

Transportation)^

...............

36,952

Mizuho

Financial

Group,

Inc.

(Banks)

...

1,246

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

9,200

MonotaRO

Co.

Ltd.

(Trading

Companies

&

Distributors)

.................

$

19,300

MS&AD

Insurance

Group

Holdings,

Inc.

(Insurance)^

.................

24,600

Murata

Manufacturing

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

187,493

Nakano

Corp.

(Construction

&

Engineering)

1,155

18,950

NEC

Corp.

(IT

Services)

.............

607

4,900

Nexon

Co.

Ltd.

(Entertainment)

.......

12,000

NIDEC

Corp.

(Electrical

Equipment)

....

16,400

Nintendo

Co.

Ltd.

(Entertainment)

......

1,420

Nippon

Building

Fund,

Inc.

(Office

REITs)

21,900

Nippon

Paint

Holdings

Co.

Ltd.

(Chemicals)

(a) ........................

2,500

Nippon

Sanso

Holdings

Corp.

(Chemicals)

83,500

Nippon

Steel

Corp.

(Metals

&

Mining)(a)

7,500

Nippon

Yusen

KK

(Marine

Transportation)^

35,400

Nissan

Motor

Co.

Ltd.

(Automobiles)(b)

.

122,550

Nissan

Shatai

Co.

Ltd.

(Automobiles)

...

1,022

10,300

Nissin

Foods

Holdings

Co.

Ltd.

(Food

Products)^(a)

.................

14,000

Nitori

Holdings

Co.

Ltd.

(Specialty

Retail)

10,600

Nitto

Denko

Corp.

(Chemicals)

........

44,700

Nomura

Holdings,

Inc.

(Capital

Markets)

.

7,320

Nomura

Research

Institute

Ltd.

(IT

Services)

....................

551,600

NTT,

Inc.

(Diversified

Telecommunication

Services)

....................

577

11,400

Obayashi

Corp.

(Construction

&

Engineering)

.................

8,800

Obic

Co.

Ltd.

(IT

Services)

...........

17,300

Olympus

Corp.

(Health

Care

Equipment

&

Supplies)

....................

12,300

Ono

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals)

.............

1,700

Oracle

Corp.

Japan

(Software)

.........

19,400

Oriental

Land

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

17,300

ORIX

Corp.

(Financial

Services)

.......

8,445

Osaka

Gas

Co.

Ltd.

(Gas

Utilities)

......

56,556

Osaka

Steel

Co.

Ltd.

(Metals

&

Mining)

.

967

8,800

Otsuka

Corp.

(IT

Services)

...........

7,900

Otsuka

Holdings

Co.

Ltd.

(Pharmaceuticals)

35,000

Pan

Pacific

International

Holdings

Corp.

(Broadline

Retail)

.............

34,300

Panasonic

Holdings

Corp.

(Household

Durables)

...................

21,600

Rakuten

Group,

Inc.

(Broadline

Retail)(a)(b)

19,500

Recruit

Holdings

Co.

Ltd.

(Professional

Services)

....................

1,050

24,700

Renesas

Electronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)(a)

...

30,185

Resona

Holdings,

Inc.

(Banks)

........

7,400

Ryohin

Keikaku

Co.

Ltd.

(Broadline

Retail)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

2,800

Sanrio

Co.

Ltd.

(Specialty

Retail)^(a)

....

$

32,432

Sanwa

Holdings

Corp.

(Building

Products)

929

4,000

SBI

Holdings,

Inc.

(Capital

Markets)

....

1,300

SCREEN

Holdings

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)^

.................

3,900

SCSK

Corp.

(IT

Services)

............

8,900

Secom

Co.

Ltd.

(Commercial

Services

&

Supplies)

....................

8,100

Sekisui

Chemical

Co.

Ltd.

(Household

Durables)

...................

9,725

Sekisui

House

Ltd.

(Household

Durables)

35,990

Seven

&

i

Holdings

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

.....

16,800

SG

Holdings

Co.

Ltd.

(Air

Freight

&

Logistics)^

..................

5,900

Shimadzu

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

1,700

Shimano,

Inc.

(Leisure

Products)

.......

24,925

Shin-Etsu

Chemical

Co.

Ltd.

(Chemicals)

818

15,900

Shionogi

&

Co.

Ltd.

(Pharmaceuticals)

..

9,700

Shiseido

Co.

Ltd.

(Personal

Care

Products)

900

SMC

Corp.

(Machinery)

.............

504,640

SoftBank

Corp.

(Wireless

Telecommunication

Services)

.....

742

14,100

SoftBank

Group

Corp.

(Wireless

Telecommunication

Services)

.....

1,782

13,380

Sompo

Holdings,

Inc.

(Insurance)

......

159,300

Sony

Financial

Group,

Inc.

(Financial

Services)(b)

..................

159,300

Sony

Group

Corp.

(Household

Durables)

.

4,590

46,407

Square

Enix

Holdings

Co.

Ltd.

(Entertainment)

...............

999

8,454

Subaru

Corp.

(Automobiles)^

.........

16,040

Sumitomo

Corp.

(Trading

Companies

&

Distributors)

.................

10,720

Sumitomo

Electric

Industries

Ltd.

(Automobile

Components)

.......

3,500

Sumitomo

Metal

Mining

Co.

Ltd.

(Metals

&

Mining)^

....................

54,209

Sumitomo

Mitsui

Financial

Group,

Inc.

(Banks)

.....................

1,531

9,400

Sumitomo

Mitsui

Trust

Group,

Inc.

(Banks)

4,400

Sumitomo

Realty

&

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

5,400

Suntory

Beverage

&

Food

Ltd.

(Beverages)

23,300

Suzuki

Motor

Corp.

(Automobiles)

.....

275,977

Synchro

Food

Co.

Ltd.

(Interactive

Media

&

Services)

....................

1,118

11,100

Sysmex

Corp.

(Health

Care

Equipment

&

Supplies)

....................

7,000

T&D

Holdings,

Inc.

(Insurance)

.......

2,550

Taisei

Corp.

(Construction

&

Engineering)

27,345

Takeda

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals)

.............

798

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

28,800

TDK

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

$

19,600

Terumo

Corp.

(Health

Care

Equipment

&

Supplies)(a)

..................

9,000

The

Chiba

Bank

Ltd.

(Banks)^

........

16,110

The

Kansai

Electric

Power

Co.,

Inc.

(Electric

Utilities)

.............

5,500

TIS,

Inc.

(IT

Services)

..............

3,200

Toho

Co.

Ltd.

(Entertainment)

.........

27,020

Tokio

Marine

Holdings,

Inc.

(Insurance)

.

1,146

6,580

Tokyo

Electron

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

1,173

7,100

Tokyo

Gas

Co.

Ltd.

(Gas

Utilities)

......

4,100

Tokyo

Metro

Co.

Ltd.

(Ground

Transportation)^

...............

17,000

Tokyu

Corp.

(Ground

Transportation)

...

3,500

TOPPAN

Holdings,

Inc.

(Commercial

Services

&

Supplies)

...........

19,800

Toray

Industries,

Inc.

(Chemicals)

......

2,400

Toyota

Industries

Corp.

(Machinery)

....

140,000

Toyota

Motor

Corp.

(Automobiles)(a)

...

2,699

10,200

Toyota

Tsusho

Corp.

(Trading

Companies

&

Distributors)

.................

3,000

Trend

Micro,

Inc.

(Software)

..........

37,700

Unicharm

Corp.

(Household

Products)

...

204,183

Wacom

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..........

1,131

10,900

West

Japan

Railway

Co.

(Ground

Transportation)(a)

.............

12,500

Yakult

Honsha

Co.

Ltd.

(Food

Products)

.

13,100

Yamaha

Motor

Co.

Ltd.

(Automobiles)

..

3,500

Yokogawa

Electric

Corp.

(Electronic

Equipment,

Instruments

&

Components)

.................

15,100

Yokohama

Financial

Group,

Inc.

(Banks)

.

2,600

Zensho

Holdings

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

17,300

ZOZO,

Inc.

(Specialty

Retail)(a)

.......

92,585

Luxembourg

—

0.24%

65,910

ArcelorMittal

SA

(Metals

&

Mining)

....

2,366

3,020

CVC

Capital

Partners

PLC

(Capital

Markets)(a)

..................

2,096

Eurofins

Scientific

SE

(Life

Sciences

Tools

&

Services)

..................

5,957

Tenaris

SA

(Energy

Equipment

&

Services)

2,677

Macau

—

0.01%

35,460

Sands

China

Ltd.

(Hotels,

Restaurants

&

Leisure)

....................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Mexico

—

0.01%

3,223

Fresnillo

PLC

(Metals

&

Mining)

......

$

Netherlands

—

2.12%

8,737

ABN

AMRO

Bank

N.V.,

Class

-

CV

(Banks)

(a) ........................

Adyen

N.V.

(Financial

Services)(a)(b)

...

590

20,130

Aegon

Ltd.

(Insurance)

..............

2,566

Akzo

Nobel

N.V.

(Chemicals)

.........

4,004

Argenx

SE

(Biotechnology)(b)

........

2,901

693

ASM

International

N.V.

(Semiconductors

&

Semiconductor

Equipment)

.......

8,507

ASML

Holding

N.V.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

8,269

3,643

ASR

Nederland

N.V.

(Insurance)(a)

.....

1,088

BE

Semiconductor

Industries

N.V.

(Semiconductors

&

Semiconductor

Equipment)

..................

2,040

Euronext

N.V.

(Capital

Markets)(a)

.....

1,319

EXOR

N.V.

(Financial

Services)

.......

9,310

Ferrovial

SE

(Construction

&

Engineering)

533

3,724

Heineken

Holding

N.V.

(Beverages)

....

5,970

Heineken

N.V.

(Beverages)

...........

850

IMCD

N.V.

(Trading

Companies

&

Distributors)(a)

...............

44,646

ING

Groep

N.V.

(Banks)

.............

1,157

8,145

JDE

Peet's

N.V.

(Food

Products)

.......

17,885

Koninklijke

Ahold

Delhaize

N.V.

(Consumer

Staples

Distribution

&

Retail)

.....

723

100,495

Koninklijke

KPN

N.V.

(Diversified

Telecommunication

Services)

.....

11,404

Koninklijke

Philips

N.V.

(Health

Care

Equipment

&

Supplies)

.........

4,890

NN

Group

N.V.

(Insurance)

...........

19,229

Prosus

N.V.

(Broadline

Retail)(a)(b)

....

1,353

7,560

QIAGEN

N.V.

(Life

Sciences

Tools

&

Services)

....................

1,494

Randstad

N.V.

(Professional

Services)

...

29,206

Stellantis

N.V.

(Automobiles)

.........

86,989

Universal

Music

Group

N.V.

(Entertainment)

...............

2,508

4,288

Wolters

Kluwer

N.V.

(Professional

Services)

585

23,410

New

Zealand

—

0.07%

25,799

Auckland

International

Airport

Ltd.

(Transportation

Infrastructure)

.....

12,680

Contact

Energy

Ltd.

(Electric

Utilities)

..

8,462

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

(Health

Care

Equipment

&

Supplies)

14,441

Infratil

Ltd.

(Industrial

Conglomerates)

..

17,810

Meridian

Energy

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

New

Zealand

(continued)

2,398

Xero

Ltd.

(Software)(b)

.............

$

777

Norway

—

0.17%

4,528

Aker

BP

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

13,199

DNB

Bank

ASA

(Banks)

............

11,390

Equinor

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

4,118

Gjensidige

Forsikring

ASA

(Insurance)

..

6,425

Kongsberg

Gruppen

ASA

(Aerospace

&

Defense)

....................

7,935

Mowi

ASA

(Food

Products)(a)

........

20,222

Norsk

Hydro

ASA

(Metals

&

Mining)

...

16,232

Orkla

ASA

(Food

Products)

..........

936

Salmar

ASA

(Food

Products)

.........

11,875

Telenor

ASA

(Diversified

Telecommunication

Services)

.....

2,540

Yara

International

ASA

(Chemicals)

....

1,892

Poland

—

0.00%

3,542

InPost

SA

(Air

Freight

&

Logistics)(b)

...

Portugal

—

0.05%

112,935

Banco

Comercial

Portugues

SA,

Class

-

R

(Banks)(a)

...................

47,249

EDP

SA

(Electric

Utilities)

...........

6,012

Galp

Energia

SGPS

SA

(Oil,

Gas

&

Consumable

Fuels)(a)

...........

4,095

Jeronimo

Martins

SGPS

SA

(Consumer

Staples

Distribution

&

Retail)(a)

...

537

Singapore

—

0.68%

76,338

CapitaLand

Ascendas

REIT

(Industrial

REITs)(a)

...................

140,564

CapitaLand

Integrated

Commercial

Trust

(Retail

REITs)

................

36,800

CapitaLand

Investment

Ltd.

(Real

Estate

Management

&

Development)

.....

31,304

DBS

Group

Holdings

Ltd.

(Banks)

.....

1,242

306,800

Genting

Singapore

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

34,713

Grab

Holdings

Ltd.

(Ground

Transportation)

(b) ........................

22,800

Keppel

Ltd.

(Industrial

Conglomerates)

..

49,937

Oversea-Chinese

Banking

Corp.

Ltd.

(Banks)

.....................

637

17,002

Sea

Ltd.,

ADR

(Entertainment)(b)

......

3,037

14,200

Sembcorp

Industries

Ltd.

(Multi-Utilities)

22,700

Singapore

Airlines

Ltd.

(Passenger

Airlines)

(a) ........................

17,300

Singapore

Exchange

Ltd.

(Capital

Markets)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Singapore

(continued)

29,500

Singapore

Technologies

Engineering

Ltd.

(Aerospace

&

Defense)

.........

$

106,740

Singapore

Telecommunications

Ltd.

(Diversified

Telecommunication

Services)

....................

18,500

United

Overseas

Bank

Ltd.

(Banks)

.....

78,100

Wilmar

International

Ltd.

(Food

Products)

7,560

South

Korea

—

0.22%

1,590

Samsung

Electronics

Co.

Ltd.,

GDR

(Technology

Hardware,

Storage

&

Peripherals)(a)(b)

..............

2,375

Spain

—

0.99%

Acciona

SA

(Electric

Utilities)

........

3,273

ACS

Actividades

de

Construccion

y

Servicios

SA

(Construction

&

Engineering)

.................

13,326

Aena

SME

SA

(Transportation

Infrastructure)(a)

..............

6,570

Amadeus

IT

Group

SA

(Hotels,

Restaurants

&

Leisure)

...................

521

84,904

Banco

Bilbao

Vizcaya

Argentaria

SA

(Banks)

.....................

1,628

75,065

Banco

de

Sabadell

SA

(Banks)

........

219,913

Banco

Santander

SA

(Banks)(a)

.......

2,290

9,696

Bankinter

SA

(Banks)

...............

57,821

CaixaBank

SA

(Banks)

..............

607

7,904

Cellnex

Telecom

SA

(Diversified

Telecommunication

Services)(a)

...

4,960

EDP

Renovaveis

SA

(Independent

Power

and

Renewable

Electricity

Producers)

8,787

Endesa

SA

(Electric

Utilities)

.........

4,666

Grifols

SA

(Biotechnology)

...........

102,841

Iberdrola

SA

(Electric

Utilities)

........

1,943

15,964

Industria

de

Diseno

Textil

SA

(Specialty

Retail)

......................

880

17,656

Redeia

Corp.

SA

(Electric

Utilities)

.....

26,237

Repsol

SA

(Oil,

Gas

&

Consumable

Fuels)

88,761

Telefonica

SA

(Diversified

Telecommunication

Services)

.....

10,968

Sweden

—

1.05%

3,742

AddTech

AB,

B

Shares

(Trading

Companies

&

Distributors)

...............

4,343

Alfa

Laval

AB

(Machinery)

..........

14,640

Assa

Abloy

AB,

Class

-

B

(Building

Products)

....................

508

39,903

Atlas

Copco

AB,

Class

-

A

(Machinery)

..

674

23,205

Atlas

Copco

AB,

Class

-

B

(Machinery)

..

5,528

Beijer

Ref

AB

(Trading

Companies

&

Distributors)(a)

...............

4,169

Boliden

AB

(Metals

&

Mining)(b)

......

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Sweden

(continued)

9,503

Epiroc

AB,

Class

-

A

(Machinery)

......

$

6,088

Epiroc

AB,

Class

-

B

(Machinery)

......

5,357

EQT

AB

(Capital

Markets)

...........

13,208

Essity

AB,

Class

-

B

(Household

Products)

2,780

Evolution

AB

(Hotels,

Restaurants

&

Leisure)(a)

..................

10,408

Fastighets

AB

Balder,

B

shares

(Real

Estate

Management

&

Development)(b)

..

8,095

H

&

M

Hennes

&

Mauritz

AB,

Class

-

B

(Specialty

Retail)

..............

30,656

Hexagon

AB,

Class

-

B

(Electronic

Equipment,

Instruments

&

Components)

.................

3,403

Holmen

AB,

B

shares

(Paper

&

Forest

Products)

....................

1,693

Industrivarden

AB,

Class

-

A

(Financial

Services)(a)

..................

2,230

Industrivarden

AB,

Class

-

C

(Financial

Services)

....................

3,932

Indutrade

AB

(Machinery)

...........

2,027

Investment

AB

Latour,

Class

-

B

(Industrial

Conglomerates)

...............

26,213

Investor

AB,

Class

-

B

(Financial

Services)

819

1,743

L

E

Lundbergforetagen

AB,

Class

-

B

(Financial

Services)

............

3,537

Lifco

AB,

Class

-

B

(Industrial

Conglomerates)

...............

23,596

Nibe

Industrier

AB,

Class

-

B

(Building

Products)

....................

6,585

Saab

AB,

Class

-

B

(Aerospace

&

Defense)

3,179

Sagax

AB,

Class

-

B

(Real

Estate

Management

&

Development)

.....

15,741

Sandvik

AB

(Machinery)

............

11,245

Securitas

AB,

Class

-

B

(Commercial

Services

&

Supplies)

...........

24,538

Skandinaviska

Enskilda

Banken

AB,

Class

-

A

(Banks)

...................

5,218

Skanska

AB,

Class

-

B

(Construction

&

Engineering)

.................

4,943

SKF

AB,

B

shares

(Machinery)

........

2,306

Spotify

Technology

SA

(Entertainment)(b)

1,611

14,516

Svenska

Cellulosa

AB

SCA,

Class

-

B

(Paper

&

Forest

Products)

........

27,384

Svenska

Handelsbanken

AB,

Class

-

A

(Banks)

.....................

14,435

Swedbank

AB,

Class

-

A

(Banks)

.......

6,018

Swedish

Orphan

Biovitrum

AB

(Biotechnology)(b)

.............

13,991

Tele2

AB,

B

shares

(Wireless

Telecommunication

Services)

.....

46,165

Telefonaktiebolaget

LM

Ericsson,

Class

-

B

(Communications

Equipment)

.....

65,442

Telia

Co.

AB

(Diversified

Telecommunication

Services)(a)

...

2,828

Trelleborg

AB,

Class

-

B

(Machinery)

...

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Sweden

(continued)

23,469

Volvo

AB,

Class

-

B

(Machinery)

......

$

672

11,549

Switzerland

—

4.12%

23,139

ABB

Ltd.,

Registered

Shares

(Electrical

Equipment)

..................

1,666

30,348

Alcon

AG

(Health

Care

Equipment

&

Supplies)

....................

2,259

7,453

Amrize

Ltd.

(Biotechnology)(b)

.......

1,228

Avolta

AG

(Specialty

Retail)(b)

........

1,365

Baloise

Holding

AG,

Registered

Shares

(Insurance)

..................

2,527

Banque

Cantonale

Vaudoise,

Registered

Shares

(Banks)

................

Barry

Callebaut

AG,

Registered

Shares

(Food

Products)^(a)

............

Belimo

Holding

AG,

Class

-

R

(Building

Products)

....................

1,294

BKW

AG

(Electric

Utilities)

..........

Chocoladefabriken

Lindt

&

Spruengli

AG

(Food

Products)

...............

602

Chocoladefabriken

Lindt

&

Spruengli

AG,

Class

-

PC

(Food

Products)

.......

20,207

Cie

Financiere

Richemont

SA,

Registered

Shares

(Textiles,

Apparel

&

Luxury

Goods)

.....................

3,849

6,295

Coca-Cola

HBC

AG

(Beverages)(b)

.....

3,548

DSM-Firmenich

AG

(Chemicals)

......

EMS-Chemie

Holding

AG

(Chemicals)

..

14,215

Galderma

Group

AG

(Pharmaceuticals)(a)

2,470

510

Geberit

AG,

Registered

Shares

(Building

Products)

....................

Givaudan

SA,

Registered

Shares

(Chemicals)

..................

637

149,115

Glencore

PLC

(Metals

&

Mining)(a)(b)

..

685

1,198

Helvetia

Holding

AG,

Registered

Shares

(Insurance)

..................

7,523

Holcim

AG

(Construction

Materials)(a)(b)

637

3,084

Julius

Baer

Group

Ltd.

(Capital

Markets)

.

693

Kuehne

+

Nagel

International

AG,

Class

-

R

(Marine

Transportation)

.........

2,269

Logitech

International

SA,

Class

-

R

(Technology

Hardware,

Storage

&

Peripherals)

..................

3,960

Lonza

Group

AG,

Registered

Shares

(Life

Sciences

Tools

&

Services)(a)

.....

2,624

39,442

Nestle

SA,

Registered

Shares

(Food

Products)

....................

3,621

44,998

Novartis

AG,

Registered

Shares

(Pharmaceuticals)

.............

5,659

Partners

Group

Holding

AG

(Capital

Markets)

....................

10,354

Roche

Holding

AG

(Pharmaceuticals)

...

3,381

6,537

Roche

Holding

AG,

Class

-

BR

(Pharmaceuticals)

.............

2,236

6,167

Sandoz

Group

AG

(Pharmaceuticals)

....

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Switzerland

(continued)

905

Schindler

Holding

AG,

Class

-

PC

(Machinery)

.................

$

Schindler

Holding

AG,

Registered

Shares

(Machinery)

.................

4,225

SGS

SA,

Registered

Shares

(Professional

Services)

....................

10,865

SIG

Group

AG

(Containers

&

Packaging)(a)

(b) ........................

2,223

Sika

AG,

Registered

Shares

(Chemicals)(a)

731

Sonova

Holding

AG

(Health

Care

Equipment

&

Supplies)(a)

.......

10,092

STMicroelectronics

N.V.

(Semiconductors

&

Semiconductor

Equipment)

.....

1,670

Straumann

Holding

AG,

Class

-

R

(Health

Care

Equipment

&

Supplies)

......

Swiss

Life

Holding

AG

(Insurance)

.....

508

3,025

Swiss

Prime

Site

AG,

Registered

Shares

(Real

Estate

Management

&

Development)

................

4,433

Swiss

Re

AG

(Insurance)

............

819

785

Swisscom

AG,

Registered

Shares

(Diversified

Telecommunication

Services)

....................

569

590

The

Swatch

Group

AG,

Class

-

BR

(Textiles,

Apparel

&

Luxury

Goods)

.......

97,235

UBS

Group

AG

(Capital

Markets)

......

3,972

VAT

Group

AG

(Machinery)(a)

........

2,373

Zurich

Insurance

Group

AG

(Insurance)

..

1,690

45,557

Taiwan

—

0.21%

8,442

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

(Semiconductors

&

Semiconductor

Equipment)

.......

2,358

United

Kingdom

—

6.61%

14,317

3i

Group

PLC

(Capital

Markets)

.......

787

6,636

Admiral

Group

PLC

(Insurance)

.......

16,357

Anglo

American

PLC

(Metals

&

Mining)

.

613

6,315

Ashtead

Group

PLC

(Trading

Companies

&

Distributors)

.................

6,729

Associated

British

Foods

PLC

(Food

Products)

....................

35,713

AstraZeneca

PLC

(Pharmaceuticals)(a)

..

5,371

16,030

Auto

Trader

Group

PLC

(Interactive

Media

&

Services)(a)

................

44,755

Aviva

PLC

(Insurance)

..............

137,705

BAE

Systems

PLC

(Aerospace

&

Defense)

3,812

208,317

Barclays

PLC

(Banks)(a)

............

1,063

19,917

Barratt

Redrow

PLC

(Household

Durables)

(a) ........................

585,790

BP

PLC

(Oil,

Gas

&

Consumable

Fuels)

.

3,354

34,633

British

American

Tobacco

PLC

(Tobacco)

1,838

106,641

BT

Group

PLC

(Diversified

Telecommunication

Services)

.....

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

Kingdom

(continued)

9,763

Bunzl

PLC

(Trading

Companies

&

Distributors)

.................

$

112,892

Centrica

PLC

(Multi-Utilities)(a)

.......

5,053

Coca-Cola

Europacific

Partners

PLC

(Beverages)

..................

88,038

Compass

Group

PLC

(Hotels,

Restaurants

&

Leisure)

....................

2,994

36,490

Diageo

PLC

(Beverages)

............

872

8,744

Entain

PLC

(Hotels,

Restaurants

&

Leisure)

(a) ........................

67,345

GSK

PLC

(Pharmaceuticals)

..........

1,426

182,342

Haleon

PLC

(Personal

Care

Products)

...

815

5,482

Halma

PLC

(Electronic

Equipment,

Instruments

&

Components)

......

6,113

Hikma

Pharmaceuticals

PLC

(Pharmaceuticals)(a)

...........

415,953

HSBC

Holdings

PLC

(Banks)

.........

5,846

17,308

Imperial

Brands

PLC

(Tobacco)

.......

735

19,029

Informa

PLC

(Media)

...............

2,748

InterContinental

Hotels

Group

PLC

(Hotels,

Restaurants

&

Leisure)

..........

18,128

International

Consolidated

Airlines

Group

SA

(Passenger

Airlines)

.........

2,319

Intertek

Group

PLC

(Professional

Services)

61,632

J

Sainsbury

PLC

(Consumer

Staples

Distribution

&

Retail)

...........

40,519

JD

Sports

Fashion

PLC

(Specialty

Retail)

33,919

Kingfisher

PLC

(Specialty

Retail)

......

10,089

Land

Securities

Group

PLC

(Diversified

REITs)

.....................

84,874

Legal

&

General

Group

PLC

(Insurance)

.

2,678,138

Lloyds

Banking

Group

PLC

(Banks)

....

3,018

24,488

London

Stock

Exchange

Group

PLC

(Capital

Markets)(a)

............

2,804

32,774

M&G

PLC

(Financial

Services)

........

47,614

Marks

&

Spencer

Group

PLC

(Consumer

Staples

Distribution

&

Retail)

.....

18,497

Melrose

Industries

PLC

(Aerospace

&

Defense)

....................

6,343

Mondi

PLC

(Paper

&

Forest

Products)

...

85,825

National

Grid

PLC

(Multi-Utilities)

.....

1,232

392,217

NatWest

Group

PLC

(Banks)(a)

.......

2,751

1,727

Next

PLC

(Broadline

Retail)

..........

24,685

Pearson

PLC

(Diversified

Consumer

Services)

....................

397,813

Petershill

Partners

PLC

(Capital

Markets)(a)

1,642

10,164

Phoenix

Group

Holdings

PLC

(Insurance)

12,160

Reckitt

Benckiser

Group

PLC

(Household

Products)

....................

935

71,638

RELX

PLC

(Professional

Services)

.....

3,427

446,125

Rentokil

Initial

PLC

(Commercial

Services

&

Supplies)

..................

2,254

49,544

Rio

Tinto

PLC

(Metals

&

Mining)

......

3,256

124,273

Rolls-Royce

Holdings

PLC

(Aerospace

&

Defense)

....................

1,989

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

Kingdom

(continued)

10,628

Schroders

PLC

(Capital

Markets)

......

$

18,593

Segro

PLC

(Industrial

REITs)

.........

9,035

Severn

Trent

PLC

(Water

Utilities)(a)

...

142,830

Shell

PLC

(Oil,

Gas

&

Consumable

Fuels)

5,083

16,663

Smith

&

Nephew

PLC

(Health

Care

Equipment

&

Supplies)

.........

5,577

Smiths

Group

PLC

(Industrial

Conglomerates)

...............

1,061

Spirax

Group

PLC

(Machinery)

........

21,470

SSE

PLC

(Electric

Utilities)

..........

503

29,103

Standard

Chartered

PLC

(Banks)

.......

562

136,909

Tesco

PLC

(Consumer

Staples

Distribution

&

Retail)

....................

820

22,929

The

Sage

Group

PLC

(Software)

.......

73,486

Unilever

PLC

(Personal

Care

Products)

..

4,348

22,056

United

Utilities

Group

PLC

(Water

Utilities)

337,223

Vodafone

Group

PLC

(Wireless

Telecommunication

Services)

.....

3,534

Whitbread

PLC

(Hotels,

Restaurants

&

Leisure)

....................

10,128

Wise

PLC,

Class

-

A

(Financial

Services)(b)

15,529

WPP

PLC

(Media)

.................

73,015

United

States

—

0.64%

1,507

Blackstone,

Inc.

(Capital

Markets)

......

71,615

Coupang,

Inc.

(Broadline

Retail)(b)

.....

2,306

18,148

CRH

PLC

(Construction

Materials)

.....

2,176

6,873

Flutter

Entertainment

PLC,

Class

-

DI

(Hotels,

Restaurants

&

Leisure)(b)

..

1,746

1,891

KKR

&

Co.,

Inc.

(Capital

Markets)

.....

741

RB

Global,

Inc.

(Commercial

Services

&

Supplies)

....................

3,757

The

Carlyle

Group,

Inc.

(Capital

Markets)

7,047

Total

Common

Stocks

(cost

$337,050)

..

492,870

Contingent

Right

—

0.00%

Denmark

—

0.00%

36,309

Orsted

A/S

CVR,

10/3/25

(Independent

Power

and

Renewable

Electricity

Producers)^(b)

................

Total

Contingent

Right

(cost

$126)

....

Investment

Companies

—

52.39%

International

Equity

Funds

—

33.39%

103,199

3i

Infrastructure

PLC

...............

502

148,838

Aberforth

Smaller

Companies

Trust

PLC

.

3,078

405,380

Abrdn

UK

Smaller

Cos.

Growth

Trust

PLC

2,807

972,626

Argo

Investments

Ltd.

..............

5,990

Shares

Security

Description

Value

(000) Investment

Companies

(continued)

International

Equity

Funds

(continued)

522,430

Augmentum

Fintech

PLC

............

$

617

698,809

Australian

Foundation

Investment

Co.

Ltd.^

3,319

1,071,454

AVI

Japan

Opportunity

Trust

PLC

......

2,579

2,962,249

Baillie

Gifford

European

Growth

Trust

PLC

4,123

1,590,869

Baillie

Gifford

Shin

Nippon

PLC

.......

2,862

1,764,917

Baillie

Gifford

UK

Growth

Trust

PLC

...

4,770

769,700

Baillie

Gifford

US

Growth

Trust

PLC

...

2,800

493,973

BlackRock

Enhanced

International

Dividend

Trust

.......................

2,840

460,019

BlackRock

Greater

Europe

Investment

Trust

PLC

.......................

3,674

267,592

BlackRock

Resources

&

Commodities

Strategy

Trust

................

2,721

212,930

BlackRock

Smaller

Cos.

Trust

PLC

.....

3,774

1,163,707

CC

Japan

Income

&

Growth

Trust

PLC

..

3,286

102,068

CT

Private

Equity

Trust

PLC

..........

642

3,846,571

European

Assets

Trust

PLC

...........

4,831

225,926

European

Opportunities

Trust

PLC

.....

2,841

251,955

Fidelity

Emerging

Markets

Ltd.

........

3,215

2,050,736

Fidelity

Japan

Trust

PLC

............

5,763

71,352

Finsbury

Growth

&

Income

Trust

PLC

...

826

310,831

HarbourVest

Global

Private

Equity

Ltd.

..

11,975

116,341

HgCapital

Trust

PLC

...............

781

303,048

ICG

Enterprise

Trust

PLC

............

5,868

537,832

INVESCO

Asia

Dragon

Trust

PLC

.....

2,936

320,365

iShares

Core

MSCI

EAFE

ETF

........

27,972

iShares

MSCI

EAFE

ETF

............

404,125

Japan

Smaller

Capitalization

Fund,

Inc.

..

4,259

1,911,770

JPMorgan

Emerging

Markets

Investment

Trust

PLC

...................

3,301

626,035

JPMorgan

European

Discovery

Trust

PLC

4,866

1,108,703

JPMorgan

Japanese

Investment

Trust

PLC

10,227

320,000

JPMorgan

UK

Small

CAP

Growth

&

Income

PLC

.................

1,394

163,800

Kayne

Anderson

Energy

Infrastructure

Fund

2,026

1,105,966

Mercantile

Investment

Trust

PLC

......

3,748

17,280

Murray

Income

Trust

PLC

...........

327,718

NB

Private

Equity

Partners

Ltd.

.......

6,566

169,087

Neuberger

Berman

Energy

Infrastructure

and

Income

Fund,

Inc.

..........

1,474

345,120

Oakley

Capital

Investments

Ltd.

.......

2,590

259,901

Partners

Group

Private

Equity

Ltd.

.....

3,143

2,049,527

Polar

Capital

Global

Financials

Trust

PLC

5,774

306,000

Polar

Capital

Global

Healthcare

Trust

PLC

1,461

1,384,755

Schroder

Japan

Trust

PLC

............

5,363

4,411,045

Schroders

Capital

Global

Innovation

Trust

878

85,000

Scottish

Mortgage

Investment

Trust

PLC

.

1,300

140,166

Smithson

Investment

Trust

PLC

.......

2,891

449,538

Strategic

Equity

Capital

PLC

.........

2,194

1,090,384

Templeton

Emerging

Markets

Investment

Trust

PLC

...................

3,196

369,408

The

Baillie

Gifford

Japan

Trust

PLC

....

4,600

298,932

The

Edinburgh

Investment

Trust

PLC

...

3,216

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

September

30,

2025

.

Shares

Security

Description

Value

(000) Investment

Companies

(continued)

International

Equity

Funds

(continued)

814,350

The

European

Smaller

Cos.

...........

$

2,365

252,867

The

New

Germany

Fund,

Inc.

.........

2,923

2,525,626

The

Pantheon

International

PLC

.......

11,666

1,143,050

TR

Property

Investment

Trust

PLC

-

Ordinary

Shares

...............

4,926

413,996

Vanguard

FTSE

Developed

Markets

ETF

.

24,808

1,591,010

Vanguard

FTSE

Europe

ETF

..........

126,964

693,001

Worldwide

Healthcare

Trust

PLC

......

3,057

368,817

Money

Market

Funds

—

19.00%

288,191

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares

,

3.98%^^(e)

209,566,442

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

,

4.01%(e)

....................

209,566

209,854

Total

Investment

Companies

(cost

$501,445)

.......................

578,671

Security

Description

Value

(000) Total

Investments

(cost

$838,621)

—

97.01%

.....................

$

1,071,577

Other

assets

in

excess

of

liabilities

—

2.99%

......................

33,058

Net

Assets

-

100.00%

..............

$

1,104,635

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

^

All

or

part

of

this

security

was

on

loan

as

of

September

30,

2025. ^^

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

September

30,

2025. (a) Represents

a

security

purchased

under

Rule

144A

or

Section

4(2)

and

is

exempt

from

registration

under

the

Securities

Act

of

1933,

as

amended,

or

is

otherwise

restricted

to

resale.

Certain

of

these

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

These

securities

have

been

deemed

liquid

by

the

Specialist

Manager.

(b) Represents

non-income

producing

security.

(c) Security

was

valued

using

significant

unobservable

inputs

as

of

September

30,

2025. (d) Annualized

7-day

yield

as

of

period-end.

ADR—American

Depositary

Receipt

ETF—Exchange-Traded

Fund

GDR—Global

Depositary

Receipt

REIT—Real

Estate

Investment

Trust

The

Institutional

International

Equity

Portfolio

City

of

London

Investment

Management

Company,

Limited

Mellon

Investments

Corporation

Parametric

Portfolio

Associates,

LLC

HC

Capital

Solutions

Total

Common

Stocks

......................................................................................................

0.22 %

42.32 %

2.08 %

—

44.62 %

Contingent

Right

.....................................................................................................

—

—

—

—

—

%

Investment

Companies

............................................................................................

17.35 %

0.04 %

34.99 %

0.01 %

52.39 %

Other

Assets

(Liabilities)

........................................................................................

0.15 %

0.34 %

2.50 %

—

2.99 %

Total

Net

Assets

.................................................................................................

17.72 %

42.70 %

39.57 %

0.01 %

100.00 %

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(concluded)

—

September

30,

2025

(Unaudited)

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

September

30,

2025

.

Futures

Contracts

Purchased

\*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

and

Unrealized

Appreciation/

(Depreciation)

(000) Mini

MSCI

EAFE

Index

Future

..............................

1,709

12/19/25

$

238,004

$

669

$

238,004

$

669

Total

Unrealized

Appreciation

.....................

$

669

Total

Unrealized

Depreciation

.....................

—

Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

669

\*

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

September

30,

2025

(%)

(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 12/20/2030

3.22 $

100,000

$

(7,647)

$

(7,612)

$

(35) $

(7,647)

$

(7,612)

$

(35) (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

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

—

61.65%

Australia

—

0.01%

72,000

MMG

Ltd.

(Metals

&

Mining)(a)(b)

....

$

Bermuda

—

0.01%

5,193

Ocean

Wilsons

Holdings

Ltd.

(Transportation

Infrastructure)

.....

Brazil

—

2.55%

287,178

Ambev

SA

(Beverages)

.............

652

317,672

B3

SA

-

Brasil

Bolsa

Balcao

(Capital

Markets)

....................

800

111,545

Banco

Bradesco

SA

(Banks)

..........

267,278

Banco

Bradesco

SA,

Preference

Shares

(Banks)(b)

...................

888

35,932

Banco

BTG

Pactual

SA

(Capital

Markets)(b)

117,329

Banco

do

Brasil

SA

(Banks)

..........

83,275

BB

Seguridade

Participacoes

SA

(Insurance)

520

48,968

Caixa

Seguridade

Participacoes

SA

(Insurance)

..................

91,542

Centrais

Eletricas

Brasileiras

SA

(Electric

Utilities)

....................

903

16,201

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

(Water

Utilities)

...

225,600

Cia

Energetica

de

Minas

Gerais,

Preference

Shares

(Electric

Utilities)

........

36,292

Embraer

SA

(Aerospace

&

Defense)

....

548

48,811

Eneva

SA

(Independent

Power

and

Renewable

Electricity

Producers)(a)

41,307

Equatorial

Energia

SA

(Electric

Utilities)

.

30,744

Gerdau

SA,

Preference

Shares

(Metals

&

Mining)

.....................

299,831

Itau

Unibanco

Holding

SA,

Preference

Shares

(Banks)

................

2,202

67,915

Itausa

SA,

Preference

Shares

(Banks)

....

23,686

JBS

N.V.,

Class

-

A

(Food

Products)(a)

..

66,262

Klabin

SA

(Containers

&

Packaging)

....

60,615

Localiza

Rent

a

Car

SA

(Ground

Transportation)

...............

25,808

MBRF

Global

Foods

Co.

SA

(Food

Products)(b)

.................

80,534

Motiva

Infraestrutura

de

Mobilidade

SA

(Transportation

Infrastructure)

.....

170,713

NU

Holdings

Ltd.,

Class

-

A

(Banks)(a)

..

2,734

220,918

Petroleo

Brasileiro

SA

-

Petrobras

(Oil,

Gas

&

Consumable

Fuels)

...........

1,402

184,422

Petroleo

Brasileiro

SA

-

Petrobras,

Preference

Shares

(Oil,

Gas

&

Consumable

Fuels)

.............

1,090

54,907

PRIO

SA

(Oil,

Gas

&

Consumable

Fuels)(a)

(b) ........................

96,812

Raia

Drogasil

SA

(Consumer

Staples

Distribution

&

Retail)

...........

45,616

Rede

D'Or

Sao

Luiz

SA

(Health

Care

Providers

&

Services)(b)

........

108,800

Rumo

SA

(Ground

Transportation)(b)

...

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)

.....

$

56,012

TIM

SA

(Wireless

Telecommunication

Services)

....................

19,480

TOTVS

SA

(Software)(b)

............

7,244

Ultrapar

Participacoes

SA

(Oil,

Gas

&

Consumable

Fuels)

.............

180,779

Vale

SA

(Metals

&

Mining)

...........

1,957

49,658

Vibra

Energia

SA

(Specialty

Retail)(b)

...

91,327

WEG

SA

(Electrical

Equipment)

.......

628

15,406

XP,

Inc.,

Class

-

A

(Capital

Markets)

....

21,204

Chile

—

0.30%

15,002

Banco

de

Credito

e

Inversiones

SA

(Banks)

664

36,717

Empresas

CMPC

SA

(Paper

&

Forest

Products)

....................

3,279,274

Enel

Americas

SA

(Electric

Utilities)

....

6,563,275

Enel

Chile

SA

(Electric

Utilities)

.......

508

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

(Electrical

Equipment)(a)

.

2,494

China

—

14.55%

53,365

Security

Technology,

Inc.,

Class

-

A

(Software)

...................

82,000

3SBio,

Inc.

(Biotechnology)(a)(b)

......

41,000

AAC

Technologies

Holdings,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

.................

1,788,000

Agricultural

Bank

of

China

Ltd.,

Class

-

H

(Banks)

.....................

1,206

75,400

Air

China

Ltd.,

Class

-

A

(Passenger

Airlines)(a)

..................

35,000

Akeso,

Inc.

(Biotechnology)(a)(b)

......

635

155,700

Aluminum

Corp.

of

China

Ltd.,

Class

-

A

(Metals

&

Mining)

.............

170,000

Aluminum

Corp.

of

China

Ltd.,

Class

-

H

(Metals

&

Mining)

.............

6,700

Anhui

Jianghuai

Automobile

Group

Corp.

Ltd.,

Class

-

A

(Automobiles)(a)

...

70,200

ANTA

Sports

Products

Ltd.

(Textiles,

Apparel

&

Luxury

Goods)

.......

843

4,672

Autohome,

Inc.,

ADR

(Interactive

Media

&

Services)

....................

3,400

Avary

Holding

Shenzhen

Co.

Ltd.,

Class

-

A

(Electronic

Equipment,

Instruments

&

Components)

.................

113,226

Baidu,

Inc.,

Class

-

SW

(Interactive

Media

&

Services)(a)

................

1,938

4,671,100

Bank

of

China

Ltd.,

Class

-

H

(Banks)

...

2,557

1,072,000

Bank

of

Communications

Co.

Ltd.,

Class

-

H

(Banks)

...................

900

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(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)

(a) ........................

794

Beijing

Kingsoft

Office

Software,

Inc.,

Class

-

A

(Software)

................

52,100

Beijing-Shanghai

High

Speed

Railway

Co.

Ltd.,

Class

-

A

(Ground

Transportation)

...............

2,620

Bilibili,

Inc.,

Class

-

Z

(Entertainment)(a)

.

9,449

Bilibili,

Inc.,

ADR

(Entertainment)(a)

...

152,000

BYD

Co.

Ltd.

(Automobiles)(b)

.......

2,153

56,558

BYD

Co.

Ltd.,

Class

-

A

(Automobiles)

..

868

47,000

BYD

Electronic

International

Co.

Ltd.

(Communications

Equipment)

.....

1,212

Cambricon

Technologies

Corp.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)(a)

................

904,000

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),(c)

......................

134,900

China

Communications

Services

Corp.

Ltd.,

Class

-

H

(Construction

&

Engineering)

.................

5,326,350

China

Construction

Bank

Corp.,

Class

-

H

(Banks)

.....................

5,119

30,800

China

CSSC

Holdings

Ltd.,

Class

-

A

(Machinery)

.................

800,000

China

Everbright

Bank

Co.

Ltd.,

Class

-

H

(Banks)

.....................

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)

..............

167,000

China

Hongqiao

Group

Ltd.

(Metals

&

Mining)

.....................

567

53,600

China

International

Capital

Corp.

Ltd.,

Class

-

A

(Capital

Markets)

...........

50,800

China

International

Capital

Corp.

Ltd.,

Class

-

H

(Capital

Markets)(b)

.........

449,000

China

Life

Insurance

Co.

Ltd.,

Class

-

H

(Insurance)

..................

1,275

36,600

China

Literature

Ltd.

(Media)(a)(b),(c)

...

258,000

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

-

H

(Independent

Power

and

Renewable

Electricity

Producers)

..

126,000

China

Mengniu

Dairy

Co.

Ltd.

(Food

Products)(b)

.................

77,800

China

Merchants

Bank

Co.

Ltd.,

Class

-

A

(Banks)

.....................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

China

(continued)

187,000

China

Merchants

Bank

Co.

Ltd.,

Class

-

H

(Banks)

.....................

$

1,124

71,100

China

Minsheng

Banking

Corp.

Ltd.,

Class

-

A

(Banks)

...................

420,000

China

National

Building

Material

Co.

Ltd.,

Class

-

H

(Construction

Materials)(b)

34,550

China

Northern

Rare

Earth

Group

High-

Tech

Co.

Ltd.,

Class

-

A

(Metals

&

Mining)

.....................

58,500

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

-

A

(Insurance)

...........

110,200

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

-

H

(Insurance)

...........

219,400

China

Petroleum

&

Chemical

Corp.,

Class

-

A

(Oil,

Gas

&

Consumable

Fuels)

..

1,223,400

China

Petroleum

&

Chemical

Corp.,

Class

-

H

(Oil,

Gas

&

Consumable

Fuels)

..

637

156,700

China

Railway

Group

Ltd.,

Class

-

A

(Construction

&

Engineering)

.....

26,600

China

Resources

Mixc

Lifestyle

Services

Ltd.

(Real

Estate

Management

&

Development)(b)

..............

232,000

China

Shenhua

Energy

Co.

Ltd.,

Class

-

H

(Oil,

Gas

&

Consumable

Fuels)

....

1,109

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)

..................

132,800

China

Vanke

Co.

Ltd.,

Class

-

H

(Real

Estate

Management

&

Development)(a)(b)

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)

....

524,000

CITIC

Ltd.

(Industrial

Conglomerates)

...

769

110,165

CITIC

Securities

Co.

Ltd.,

Class

-

A

(Capital

Markets)

....................

26,500

CITIC

Securities

Co.

Ltd.,

Class

-

H

(Capital

Markets)

..............

285,000

CMOC

Group

Ltd.,

Class

-

H

(Metals

&

Mining)

.....................

575

28,400

CNPC

Capital

Co.

Ltd.,

Class

-

A

(Banks)

16,640

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

-

A

(Electrical

Equipment)

940

40,000

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)

....................

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

China

(continued)

6,400

CSPC

Innovation

Pharmaceutical

Co.

Ltd.,

Class

-

A

(Pharmaceuticals)

.......

$

494,000

CSPC

Pharmaceutical

Group

Ltd.

(Pharmaceuticals)(b)

...........

595

73,400

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)

..................

57,700

ENN

Energy

Holdings

Ltd.

(Gas

Utilities)

3,300

Eoptolink

Technology,

Inc.

Ltd.,

Class

-

A

(Electronic

Equipment,

Instruments

&

Components)

.................

18,823

Eve

Energy

Co.

Ltd.,

Class

-

A

(Electrical

Equipment)

..................

23,300

Flat

Glass

Group

Co.

Ltd.,

Class

-

A

(Semiconductors

&

Semiconductor

Equipment)

..................

209,700

Focus

Media

Information

Technology

Co.

Ltd.,

Class

-

A

(Media)

..........

58,660

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

Class

-

A

(Food

Products)

........

67,000

Fosun

International

Ltd.

(Industrial

Conglomerates)

...............

45,200

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)

..

46,100

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)

....................

28,600

Giant

Biogene

Holding

Co.

Ltd.

(Personal

Care

Products)(b)

..............

2,100

GigaDevice

Semiconductor,

Inc.,

Class

-

A

(Semiconductors

&

Semiconductor

Equipment)

..................

51,700

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

-

A

(Electrical

Equipment)

...

145,000

Great

Wall

Motor

Co.

Ltd.

(Automobiles)

29,200

Gree

Electric

Appliances,

Inc.

of

Zhuhai,

Class

-

A

(Household

Durables)

....

157,000

Guanghui

Energy

Co.

Ltd.,

Class

-

A

(Oil,

Gas

&

Consumable

Fuels)

.......

Guotai

Haitong

Securities

Co.

Ltd.,

Class

-

A

(Capital

Markets)

............

—

111,008

Guotai

Haitong

Securities

Co.

Ltd.,

Class

-

H

(Capital

Markets)(b)

..........

12,766

H

World

Group

Ltd.,

ADR

(Hotels,

Restaurants

&

Leisure)

..........

119,000

Haidilao

International

Holding

Ltd.

(Hotels,

Restaurants

&

Leisure)(b)

........

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

China

(continued)

60,800

Haier

Smart

Home

Co.

Ltd.,

Class

-

A

(Household

Durables)

...........

$

110,800

Haier

Smart

Home

Co.

Ltd.,

Class

-

H

(Household

Durables)

...........

34,000

Hansoh

Pharmaceutical

Group

Co.

Ltd.

(Pharmaceuticals)(b)

...........

136,500

Hengan

International

Group

Co.

Ltd.

(Personal

Care

Products)

........

45,000

Hengli

Petrochemical

Co.

Ltd.,

Class

-

A

(Chemicals)

..................

3,100

Hithink

RoyalFlush

Information

Network

Co.

Ltd.,

Class

-

A

(Capital

Markets)

157,200

Horizon

Robotics

(Software)(a)(b)

......

45,000

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)

............

10,781

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)

....

4,084,440

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

-

H

(Banks)

..........

3,012

695,900

Inner

Mongolia

BaoTou

Steel

Union

Co.

Ltd.,

Class

-

A

(Metals

&

Mining)

..

69,500

Innovent

Biologics,

Inc.

(Biotechnology)(a)

(b) ........................

861

101,400

J&T

Global

Express

Ltd.

(Air

Freight

&

Logistics)(a)

.................

84,050

JD

Health

International,

Inc.

(Consumer

Staples

Distribution

&

Retail)(a)(b)

.

718

69,600

JD

Logistics,

Inc.

(Air

Freight

&

Logistics)

(a)(b) ......................

127,707

JD.com,

Inc.,

Class

-

SW

(Broadline

Retail)

2,273

244,000

Jiangsu

Expressway

Co.

Ltd.,

Class

-

H

(Transportation

Infrastructure)

.....

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

Class

-

A

(Pharmaceuticals)

.......

—

18,382

Kanzhun

Ltd.,

ADR

(Interactive

Media

&

Services)(b)

..................

93,000

KE

Holdings,

Inc.,

Class

-

A

(Real

Estate

Management

&

Development)

.....

629

184,000

Kingdee

International

Software

Group

Co.

Ltd.

(Software)(a)

.............

62,000

Kingsoft

Corp.

Ltd.

(Entertainment)(b)

..

127,200

Kuaishou

Technology,

Class

-

W

(Interactive

Media

&

Services)(b)

...........

1,383

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

China

(continued)

3,500

Kuang-Chi

Technologies

Co.

Ltd.,

Class

-

A

(Aerospace

&

Defense)

.........

$

4,700

Kweichow

Moutai

Co.

Ltd.,

Class

-

A

(Beverages)

..................

953

1,300

Laopu

Gold

Co.

Ltd.,

Class

-

H

(Textiles,

Apparel

&

Luxury

Goods)

.......

370,000

Lenovo

Group

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..........

549

46,500

Lens

Technology

Co.

Ltd.,

Class

-

A

(Electronic

Equipment,

Instruments

&

Components)

.................

64,414

Li

Auto,

Inc.,

Class

-

A

(Automobiles)(a)

.

839

132,000

Li

Ning

Co.

Ltd.

(Textiles,

Apparel

&

Luxury

Goods)

...............

132,500

Longfor

Group

Holdings

Ltd.

(Real

Estate

Management

&

Development)(b)

..

32,219

Luxshare

Precision

Industry

Co.

Ltd.,

Class

-

A

(Electronic

Equipment,

Instruments

&

Components)

...............

161,500

Meitu,

Inc.

(Interactive

Media

&

Services)

(a)(b) ......................

252,928

Meituan,

Class

-

W

(Hotels,

Restaurants

&

Leisure)(a)(b)

................

3,396

20,000

Midea

Group

Co.

Ltd.,

Class

-

H

(Household

Durables)

...........

30,000

MINISO

Group

Holding

Ltd.,

Class

-

A

(Broadline

Retail)

.............

7,280

Muyuan

Foods

Co.

Ltd.,

Class

-

A

(Food

Products)

....................

1,080

NAURA

Technology

Group

Co

Ltd.,

Class

-

A

(Semiconductors

&

Semiconductor

Equipment)

..................

92,100

NetEase,

Inc.

(Entertainment)

.........

2,802

20,200

New

China

Life

Insurance

Co.

Ltd.,

Class

-

A

(Insurance)

.................

52,000

New

China

Life

Insurance

Co.

Ltd.,

Class

-

H

(Insurance)

.................

76,900

New

Oriental

Education

&

Technology

Group,

Inc.

(Diversified

Consumer

Services)(a)

..................

101,440

NIO,

Inc.,

Class

-

A

(Automobiles)(a)

...

748

116,400

Nongfu

Spring

Co.

Ltd.,

Class

-

H

(Beverages)(b)

................

806

4,400

OmniVision

Integrated

Circuits

Group,

Inc.,

Class

-

A

(Semiconductors

&

Semiconductor

Equipment)

.......

151,600

PetroChina

Co.

Ltd.,

Class

-

A

(Oil,

Gas

&

Consumable

Fuels)

.............

988,000

PetroChina

Co.

Ltd.,

Class

-

H

(Oil,

Gas

&

Consumable

Fuels)

.............

899

330,000

PICC

Property

&

Casualty

Co.

Ltd.,

Class

-

H

(Insurance)

.................

745

378,517

Ping

An

Insurance

Group

Co.

of

China

Ltd.

(Insurance)

..................

2,579

29,000

Pop

Mart

International

Group

Ltd.

(Specialty

Retail)(b)

............

994

3,394

Qfin

Holdings,

Inc.,

ADR

(Consumer

Finance)

....................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

China

(continued)

11,100

Range

Intelligent

Computing

Technology

Group

Co.

Ltd.

(Machinery)

......

$

900

Rockchip

Electronics

Co.

Ltd.,

Class

-

A

(Semiconductors

&

Semiconductor

Equipment)

..................

154,100

Rongsheng

Petrochemical

Co.

Ltd.,

Class

-

A

(Chemicals)

................

45,700

SAIC

Motor

Corp.

Ltd.,

Class

-

A

(Automobiles)

................

5,100

Seres

Group

Co.

Ltd.,

Class

-

A

(Automobiles)

................

12,000

Shaanxi

Coal

Industry

Co.

Ltd.,

Class

-

A

(Oil,

Gas

&

Consumable

Fuels)

....

35,200

Shandong

Gold

Mining

Co.

Ltd.,

Class

-

A

(Metals

&

Mining)

.............

12,750

Shandong

Gold

Mining

Co.

Ltd.,

Class

-

H

(Metals

&

Mining)(b)

...........

55,400

Shanghai

Electric

Group

Co.

Ltd.,

Class

-

A

(Electrical

Equipment)(a)

........

6,090

Shanghai

Putailai

New

Energy

Technology

Co.

Ltd.,

Class

-

A

(Chemicals)

....

160,200

Shanghai

Rural

Commercial

Bank

Co.

Ltd.,

Class

-

A

(Banks)

..............

32,640

Shanjin

International

Gold

Co.

Ltd.,

Class

-

A

(Metals

&

Mining)

...........

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) ........................

19,000

Silergy

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

106,800

Sinopharm

Group

Co.

Ltd.,

Class

-

H

(Health

Care

Providers

&

Services)

.

114,000

Smoore

International

Holdings

Ltd.

(Tobacco)(b)

.................

18,500

Spring

Airlines

Co.

Ltd.,

Class

-

A

(Passenger

Airlines)

............

11,640

Sungrow

Power

Supply

Co.

Ltd.,

Class

-

A

(Electrical

Equipment)

..........

38,427

Sunny

Optical

Technology

Group

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

15,600

Suzhou

Dongshan

Precision

Manufacturing

Co.

Ltd.,

Class

-

A

(Electronic

Equipment,

Instruments

&

Components)

.................

1,500

Suzhou

TFC

Optical

Communication

Co.

Ltd.,

Class

-

A

(Communications

Equipment)

..................

23,590

TAL

Education

Group,

ADR

(Diversified

Consumer

Services)(a)

..........

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

China

(continued)

327,686

Tencent

Holdings

Ltd.

(Interactive

Media

&

Services)(b)

..................

$

27,918

33,053

Tencent

Music

Entertainment

Group,

ADR

(Entertainment)

...............

771

43,700

The

People's

Insurance

Co.

Group

of

China

Ltd.,

Class

-

A

(Insurance)

.......

122,000

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)

..................

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)

......

24,174

Vipshop

Holdings

Ltd.,

ADR

(Broadline

Retail)

......................

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)

...............

134,279

Wuhan

Guide

Infrared

Co.

Ltd.,

Class

-

A

(Electronic

Equipment,

Instruments

&

Components)(a)

...............

19,900

Wuliangye

Yibin

Co.

Ltd.,

Class

-

A

(Beverages)

..................

22,060

WUS

Printed

Circuit

Kunshan

Co.

Ltd.,

Class

-

A

(Electronic

Equipment,

Instruments

&

Components)

......

27,200

WuXi

AppTec

Co.

Ltd.,

Class

-

A

(Life

Sciences

Tools

&

Services)

.......

11,640

WuXi

AppTec

Co.

Ltd.,

Class

-

H

(Life

Sciences

Tools

&

Services)(b)

.....

173,000

Wuxi

Biologics

Cayman,

Inc.

(Life

Sciences

Tools

&

Services)(a)(b)

.........

911

10,500

WuXi

XDC

Cayman,

Inc.

(Life

Sciences

Tools

&

Services)(a)(b)

.........

864,000

Xiaomi

Corp.,

Class

-

W

(Technology

Hardware,

Storage

&

Peripherals)(a)

(b) ........................

5,995

276,481

Xinyi

Solar

Holdings

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.....

64,064

XPeng,

Inc.,

A

Shares

(Automobiles)(a)

..

767

100,000

Yadea

Group

Holdings

Ltd.

(Automobiles)

(b) ........................

40,170

Yankuang

Energy

Group

Co.

Ltd.,

Class

-

A

(Oil,

Gas

&

Consumable

Fuels)

....

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

China

(continued)

238,700

Yankuang

Energy

Group

Co.

Ltd.,

Class

-

H

(Oil,

Gas

&

Consumable

Fuels)

....

$

17,070

Yealink

Network

Technology

Corp.

Ltd.,

Class

-

A

(Communications

Equipment)

..................

40,176

Yonyou

Network

Technology

Co.

Ltd.,

Class

-

A

(Software)(a)

..........

15,150

Yum

China

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

..........

664

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

(Broadline

Retail)

415,720

Zhejiang

Expressway

Co.

Ltd.,

Class

-

H

(Transportation

Infrastructure)

.....

34,900

Zhejiang

Leapmotor

Technology

Co.

Ltd.,

Class

-

H

(Automobiles)(a)(b)

.....

75,900

Zheshang

Securities

Co.

Ltd.,

Class

-

A

(Capital

Markets)

..............

4,720

Zhongji

Innolight

Co.

Ltd.,

Class

-

A

(Communications

Equipment)

.....

119,300

Zijin

Mining

Group

Co.

Ltd.,

Class

-

A

(Metals

&

Mining)

.............

218,000

Zijin

Mining

Group

Co.

Ltd.,

Class

-

H

(Metals

&

Mining)

.............

913

167,800

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

-

A

(Machinery)

.................

57,400

ZTE

Corp.,

Class

-

A

(Communications

Equipment)

..................

12,400

ZTO

Express

Cayman,

Inc.

(Air

Freight

&

Logistics)

...................

121,035

Colombia

—

0.09%

37,756

Grupo

Cibest

SA

(Banks)

............

17,141

Grupo

Cibest

SA

(Banks)

............

757

Cyprus

—

0.00%

7,712

TCS

Group

Holding

PLC,

GDR

(Banks)(a)

(d) ........................

—

Czech

Republic

—

0.10%

1,084

CEZ

A/S

(Electric

Utilities)

..........

94,203

Moneta

Money

Bank

A/S

(Banks)(b)

....

752

819

Egypt

—

0.04%

174,531

Commercial

International

Bank

-

Egypt

(CIB)

(Banks)

................

Greece

—

0.34%

137,309

Alpha

Bank

SA

(Banks)

.............

583

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Greece

(continued)

151,431

Eurobank

Ergasias

Services

and

Holdings

SA

(Banks)

..................

$

583

13,686

Hellenic

Telecommunications

Organization

SA

(Diversified

Telecommunication

Services)

....................

3,059

JUMBO

SA

(Specialty

Retail)(b)

.......

41,073

National

Bank

of

Greece

SA

(Banks)(b)

..

596

66,610

Piraeus

Financial

Holdings

SA

(Banks)(a)

564

10,619

Public

Power

Corp.

SA

(Electric

Utilities)

(b) ........................

2,865

Hong

Kong

—

2.99%

853,918

Alibaba

Group

Holding

Ltd.,

Class

-

W

(Broadline

Retail)

.............

19,423

348,000

Alibaba

Health

Information

Technology

Ltd.

(Consumer

Staples

Distribution

&

Retail)(a)

....................

853,733

Beijing

Enterprises

Water

Group

Ltd.

(Water

Utilities)(b)

..................

21,000

C&D

International

Investment

Group

Ltd.

(Real

Estate

Management

&

Development)

................

252,000

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)

..................

193,261

China

Resources

Land

Ltd.

(Real

Estate

Management

&

Development)

.....

754

176,143

China

Resources

Power

Holdings

Co.

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)

...........

384,000

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)

..............

397,000

Far

East

Horizon

Ltd.

(Financial

Services)

1,248,000

GCL

Technology

Holdings

Ltd.

(Semiconductors

&

Semiconductor

Equipment)(a)

................

335,000

Geely

Automobile

Holdings

Ltd.

(Automobiles)

................

842

74,000

Guangdong

Investment

Ltd.

(Water

Utilities)

....................

2,150

NetEase

Cloud

Music,

Inc.

(Entertainment)

(a)(b) ......................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Hong

Kong

(continued)

735,000

Sino

Biopharmaceutical

Ltd.

(Pharmaceuticals)(b)

...........

$

769

24,922

Hungary

—

0.19%

33,728

MOL

Hungarian

Oil

&

Gas

PLC

(Oil,

Gas

&

Consumable

Fuels)

...........

10,618

OTP

Bank

Nyrt

(Banks)

.............

918

13,037

Richter

Gedeon

Nyrt

(Pharmaceuticals)

..

1,589

India

—

10.41%

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)

.....

678

292,595

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)

8,752

Apollo

Hospitals

Enterprise

Ltd.

(Health

Care

Providers

&

Services)(b)

.....

730

30,310

Ashok

Leyland

Ltd.

(Machinery)

.......

25,951

Asian

Paints

Ltd.

(Chemicals)

.........

687

5,202

AU

Small

Finance

Bank

Ltd.

(Banks)(b)

.

28,215

Aurobindo

Pharma

Ltd.

(Pharmaceuticals)

(b) ........................

13,653

Avenue

Supermarts

Ltd.

(Consumer

Staples

Distribution

&

Retail)(a)(b)

......

688

142,645

Axis

Bank

Ltd.

(Banks)

.............

1,818

5,199

Bajaj

Auto

Ltd.

(Automobiles)

........

508

159,290

Bajaj

Finance

Ltd.

(Consumer

Finance)(b)

1,792

33,823

Bajaj

Finserv

Ltd.

(Financial

Services)(b)

764

Bajaj

Holdings

&

Investment

Ltd.

(Financial

Services)

....................

212,131

Bharat

Electronics

Ltd.

(Aerospace

&

Defense)(b)

..................

965

96,973

Bharat

Heavy

Electricals

Ltd.

(Electrical

Equipment)

..................

126,212

Bharat

Petroleum

Corp.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

136,035

Bharti

Airtel

Ltd.

(Wireless

Telecommunication

Services)(b)

...

2,878

Bosch

Ltd.

(Automobile

Components)

...

1,406

Britannia

Industries

Ltd.

(Food

Products)

.

9,630

BSE

Ltd.

(Capital

Markets)

...........

55,610

CG

Power

&

Industrial

Solutions

Ltd.

(Electrical

Equipment)(b)

........

8,842,285

Chennai

Super

Kings

Cricket

Ltd.

(Entertainment)(a)(d)

...........

10,805

33,053

Cholamandalam

Investment

and

Finance

Co.

Ltd.

(Consumer

Finance)

.....

600

6,793

Cipla

Ltd.

(Pharmaceuticals)(b)

........

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

India

(continued)

151,367

Coal

India

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(b)

....................

$

665

12,833

Cummins

India

Ltd.

(Machinery)

.......

568

973

Divi's

Laboratories

Ltd.

(Life

Sciences

Tools

&

Services)

..................

1,427

Dixon

Technologies

India

Ltd.

(Household

Durables)

...................

89,577

DLF

Ltd.

(Real

Estate

Management

&

Development)(b)

..............

719

55,157

Dr.

Reddy's

Laboratories

Ltd.,

ADR

(Pharmaceuticals)

.............

771

12,469

Eicher

Motors

Ltd.

(Automobiles)(b)

....

984

182,919

Eternal

Ltd.

(Hotels,

Restaurants

&

Leisure)

(a)(b) ......................

671

289,126

GAIL

India

Ltd.

(Gas

Utilities)

........

574

2,830

Godrej

Consumer

Products

Ltd.

(Personal

Care

Products)

................

65,886

HCL

Technologies

Ltd.

(IT

Services)

....

1,028

537,240

HDFC

Bank

Ltd.

(Banks)

............

5,755

18,156

HDFC

Life

Insurance

Co.

Ltd.

(Insurance)

(b) ........................

3,798

Hero

MotoCorp

Ltd.

(Automobiles)(b)

...

37,725

Hindalco

Industries

Ltd.

(Metals

&

Mining)

(b) ........................

14,132

Hindustan

Aeronautics

Ltd.

(Aerospace

&

Defense)

....................

756

11,096

Hindustan

Petroleum

Corp.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

46,133

Hindustan

Unilever

Ltd.

(Personal

Care

Products)(b)

.................

1,307

Hitachi

Energy

India

Ltd.

(Electrical

Equipment)

..................

1,865

Hyundai

Motor

India

Ltd.

(Automobiles)

.

291,051

ICICI

Bank

Ltd.

(Banks)(b)

..........

4,419

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)

....................

185,601

Infosys

Ltd.

(IT

Services)

............

3,014

15,712

InterGlobe

Aviation

Ltd.

(Passenger

Airlines)(b)

..................

990

212,172

ITC

Ltd.

(Tobacco)

.................

960

5,178

Jindal

Stainless

Ltd.

(Metals

&

Mining)

..

197,990

Jio

Financial

Services

Ltd.

(Financial

Services)

....................

654

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)

.....

60,146

Kotak

Mahindra

Bank

Ltd.

(Banks)(b)

...

1,350

42,083

Larsen

&

Toubro

Ltd.

(Construction

&

Engineering)(b)

...............

1,734

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

India

(continued)

25,962

Lodha

Developers

Ltd.

(Real

Estate

Management

&

Development)(b)

..

$

52,370

Mahindra

&

Mahindra

Ltd.

(Automobiles)

(b) ........................

2,021

6,779

Maruti

Suzuki

India

Ltd.

(Automobiles)

..

1,224

41,140

Max

Healthcare

Institute

Ltd.

(Health

Care

Providers

&

Services)(b)

........

517

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)

........

308,209

NTPC

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)(b)

1,182

216,855

Oil

&

Natural

Gas

Corp.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

585

14,993

Oil

India

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

......................

607

Oracle

Financial

Services

Software

Ltd.

(Software)

...................

13,568

PB

Fintech

Ltd.

(Insurance)(a)(b)

......

2,264

Persistent

Systems

Ltd.

(IT

Services)

....

54,834

Pidilite

Industries

Ltd.

(Chemicals)

.....

907

1,602

Polycab

India

Ltd.

(Electrical

Equipment)

105,295

Power

Finance

Corp.

Ltd.

(Financial

Services)

....................

302,288

Power

Grid

Corp.

of

India

Ltd.

(Electric

Utilities)

....................

954

2,527

Prestige

Estates

Projects

Ltd.

(Real

Estate

Management

&

Development)

.....

29,002

Rail

Vikas

Nigam

Ltd.

(Construction

&

Engineering)

.................

84,438

REC

Ltd.

(Financial

Services)

.........

332,412

Reliance

Industries

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

5,107

130,845

Samvardhana

Motherson

International

Ltd.

(Automobile

Components)(b)

.....

30,301

SBI

Life

Insurance

Co.

Ltd.

(Insurance)(b)

611

1,376

Shree

Cement

Ltd.

(Construction

Materials)

(b) ........................

50,695

Shriram

Finance

Ltd.

(Consumer

Finance)

(b) ........................

2,450

Siemens

Ltd.

(Industrial

Conglomerates)

.

793

Solar

Industries

India

Ltd.

(Chemicals)

..

1,907

SRF

Ltd.

(Chemicals)

...............

117,871

State

Bank

of

India

(Banks)(b)

........

1,158

71,547

Sun

Pharmaceutical

Industries

Ltd.

(Pharmaceuticals)

.............

1,285

1,450

Sundaram

Finance

Ltd.

(Consumer

Finance)

1,146

Supreme

Industries

Ltd.

(Chemicals)

....

570,140

Suzlon

Energy

Ltd.

(Electrical

Equipment)

(a)(b) ......................

15,004

Swiggy

Ltd.

(Hotels,

Restaurants

&

Leisure)

(a) ........................

55,668

Tata

Consultancy

Services

Ltd.

(IT

Services)

(b) ........................

1,811

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

India

(continued)

15,228

Tata

Consumer

Products

Ltd.

(Food

Products)

....................

$

115,265

Tata

Motors

Ltd.

(Automobiles)(b)

.....

883

500,376

Tata

Steel

Ltd.

(Metals

&

Mining)

......

951

7,612

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)

25,294

Titan

Co.

Ltd.

(Textiles,

Apparel

&

Luxury

Goods)

.....................

959

7,846

Torrent

Power

Ltd.

(Electric

Utilities)

...

11,512

Trent

Ltd.

(Specialty

Retail)

..........

607

8,326

Tube

Investments

of

India

Ltd.

(Automobile

Components)

.................

5,502

TVS

Motor

Co.

Ltd.

(Automobiles)

.....

9,621

UltraTech

Cement

Ltd.

(Construction

Materials)

...................

1,324

50,549

United

Spirits

Ltd.

(Beverages)

........

754

5,501

UPL

Ltd.

(Chemicals)

...............

51,325

Varun

Beverages

Ltd.

(Beverages)(b)

....

98,222

Vedanta

Ltd.

(Metals

&

Mining)

.......

515

37,690

Vishal

Mega

Mart

Ltd.

(Broadline

Retail)(a)

611,114

Vodafone

Idea

Ltd.

(Wireless

Telecommunication

Services)(a)(b)

.

4,646

Voltas

Ltd.

(Construction

&

Engineering)

.

2,375

WAAREE

Energies

Ltd.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

192,669

Wipro

Ltd.

(IT

Services)(b)

...........

519

1,074,947

Yes

Bank

Ltd.

(Banks)(a)

............

86,593

Indonesia

—

0.69%

347,700

PT

Amman

Mineral

Internasional

(Metals

&

Mining)(a)

...................

1,536,300

PT

Astra

International

Tbk

(Industrial

Conglomerates)

...............

533

3,595,585

PT

Bank

Central

Asia

Tbk

(Banks)

.....

1,645

801,100

PT

Bank

Mandiri

Persero

Tbk

(Banks)

...

4,081,400

PT

Bank

Rakyat

Indonesia

Persero

Tbk

(Banks)

.....................

955

834,404

PT

Barito

Pacific

Tbk

(Chemicals)(a)

....

375,000

PT

Chandra

Asri

Pacific

Tbk

(Chemicals)

.

1,080,300

PT

Charoen

Pokphand

Indonesia

Tbk

(Food

Products)

....................

41,000

PT

Dian

Swastatika

Sentosa

Tbk

(Oil,

Gas

&

Consumable

Fuels)(a)

.........

32,225,600

PT

GoTo

Gojek

Tokopedia

Tbk

(Broadline

Retail)(a)

....................

818,700

PT

Indofood

Sukses

Makmur

Tbk

(Food

Products)

....................

2,149,735

PT

Kalbe

Farma

Tbk

(Pharmaceuticals)

..

986,300

PT

Petrindo

Jaya

Kreasi

Tbk

(Oil,

Gas

&

Consumable

Fuels)

.............

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Indonesia

(continued)

347,400

PT

Sumber

Alfaria

Trijaya

Tbk

(Consumer

Staples

Distribution

&

Retail)

.....

$

2,673,450

PT

Telkom

Indonesia

Persero

Tbk

(Diversified

Telecommunication

Services)(b),(c)

...............

63,800

PT

United

Tractors

Tbk

(Oil,

Gas

&

Consumable

Fuels)

.............

5,756

Ireland

(Republic

of)

—

0.56%

35,464

PDD

Holdings,

Inc.,

ADR

(Broadline

Retail)

(a) ........................

4,687

Korea,

Republic

of

—

0.42%

2,173

Alteogen,

Inc.

(Biotechnology)(a)

......

710

1,911

Hanjin

Kal

Corp.

(Passenger

Airlines)

...

2,645

Hanmi

Semiconductor

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

2,047

Hanwha

Systems

Co.

Ltd.

(Aerospace

&

Defense)

....................

1,321

HD

Hyundai

Co.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

1,410

HD

Hyundai

Electric

Co.

Ltd.

(Electrical

Equipment)

..................

585

1,025

HD

Hyundai

Heavy

Industries

Co.

Ltd.

(Machinery)

.................

893

HYBE

Co.

Ltd.

(Entertainment)(a)

.....

3,677

Hyundai

Rotem

Co.

Ltd.

(Machinery)

...

574

3,445

Meritz

Financial

Group,

Inc.

(Financial

Services)

....................

Samyang

Foods

Co.

Ltd.

(Food

Products)

764

SK

Biopharmaceuticals

Co.

Ltd.

(Pharmaceuticals)(a)(b)

.........

3,496

Kuwait

—

0.41%

374,747

Boubyan

Bank

KSCP

(Banks)

.........

868

559,444

Kuwait

Finance

House

KSCP

(Banks)

...

1,455

61,329

Mabanee

Co.

KPSC

(Real

Estate

Management

&

Development)

.....

222,384

National

Bank

of

Kuwait

SAKP

(Banks)

.

773

112,614

Warba

Bank

KSCP

(Banks)(a)

.........

3,399

Luxembourg

—

0.02%

2,313

Reinet

Investments

SCA

(Capital

Markets)

9,796

Zabka

Group

SA

(Consumer

Staples

Distribution

&

Retail)(a)

.........

Malaysia

—

0.70%

241,900

AMMB

Holdings

Berhad

(Banks)

......

60,200

CELCOMDIGI

Berhad

(Wireless

Telecommunication

Services)

.....

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Malaysia

(continued)

35,900

CIMB

Group

Holdings

Berhad

(Banks)(b)

$

49,626

Gamuda

Berhad

(Construction

&

Engineering)

.................

288,600

IHH

Healthcare

Berhad

(Health

Care

Providers

&

Services)

...........

518

616,100

IOI

Corp.

Berhad

(Food

Products)

......

579

378,796

Malayan

Banking

Berhad

(Banks)

......

893

221,100

Maxis

Berhad

(Wireless

Telecommunication

Services)(b)

..................

15,300

Petronas

Gas

Berhad

(Gas

Utilities)

.....

396,800

Press

Metal

Aluminium

Holdings

Berhad

(Metals

&

Mining)(b)

...........

558

983,500

Public

Bank

Berhad

(Banks)

..........

1,012

792,700

QL

Resources

Berhad

(Food

Products)

...

818

395,000

SD

Guthrie

Berhad

(Food

Products)

.....

133,500

YTL

Corp.

Berhad

(Multi-Utilities)

.....

92,280

YTL

Power

International

Berhad

(Multi-

Utilities)

....................

5,811

Mexico

—

1.29%

102,503

Alfa

SAB

de

CV,

Class

-

A

(Industrial

Conglomerates)

...............

968,501

America

Movil

SAB

de

CV,

Class

-

B

(Wireless

Telecommunication

Services)

....................

1,014

880,943

Cemex

SAB

de

CV

(Construction

Materials)

789

56,133

Coca-Cola

Femsa

SAB

de

CV

(Beverages)

156,300

Fibra

Uno

Administracion

SA

de

CV

(Diversified

REITs)(b)

..........

120,119

Fomento

Economico

Mexicano

SAB

de

CV

(Beverages)

..................

1,185

3,542

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

(Transportation

Infrastructure)

19,755

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

Class

-

B

(Transportation

Infrastructure)

................

15,545

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

Class

-

B

(Transportation

Infrastructure)

................

502

131,217

Grupo

Bimbo

SAB

de

CV,

Class

-

A

(Food

Products)

....................

8,482

Grupo

Carso

SAB

de

CV,

Series

A1,

Class

-

A1

(Industrial

Conglomerates)

....

152,000

Grupo

Financiero

Banorte

SAB

de

CV,

Class

-

O

(Banks)

..............

1,531

245,948

Grupo

Mexico

SAB

de

CV,

Class

-

B

(Metals

&

Mining)

.............

2,146

13,071

Industrias

Penoles

SAB

de

CV

(Metals

&

Mining)(a)

...................

584

298,041

Kimberly-Clark

de

Mexico

SAB

de

CV,

Class

-

A

(Household

Products)

....

631

56,466

Prologis

Property

Mexico

SA

de

CV

(Industrial

REITs)(b)

...........

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Mexico

(continued)

94,863

Wal-Mart

de

Mexico

SAB

de

CV

(Consumer

Staples

Distribution

&

Retail)

......................

$

10,724

Netherlands

—

0.28%

42,217

NEPI

Rockcastle

N.V.

(Real

Estate

Management

&

Development)(a)(b)

28,474

Prosus

N.V.

(Broadline

Retail)(a)(b)

....

2,004

2,342

Peru

—

0.16%

11,279

Cia

de

Minas

Buenaventura

SAA,

ADR

(Metals

&

Mining)

.............

4,065

Credicorp

Ltd.

(Banks)

..............

1,083

1,357

Philippines

—

0.22%

535,100

Ayala

Land,

Inc.

(Real

Estate

Management

&

Development)(b)

............

31,750

International

Container

Terminal

Services,

Inc.

(Transportation

Infrastructure)(b)

22,670

Jollibee

Foods

Corp.

(Hotels,

Restaurants

&

Leisure)

....................

503,283

Metropolitan

Bank

&

Trust

Co.

(Banks)

..

589

13,195

PLDT,

Inc.

(Wireless

Telecommunication

Services)

....................

35,763

SM

Investments

Corp.

(Industrial

Conglomerates)

...............

1,854

Poland

—

0.56%

31,442

Allegro.eu

SA

(Broadline

Retail)(a)(b)

...

14,812

Bank

Polska

Kasa

Opieki

SA

(Banks)(b)

.

712

Budimex

SA

(Construction

&

Engineering)

(b) ........................

3,242

CCC

SA

(Textiles,

Apparel

&

Luxury

Goods)(a)

...................

3,287

CD

Projekt

SA

(Entertainment)

........

24,800

Dino

Polska

SA

(Consumer

Staples

Distribution

&

Retail)(a)(b)

......

3,670

KGHM

Polska

Miedz

SA

(Metals

&

Mining)(a)

...................

LPP

SA

(Textiles,

Apparel

&

Luxury

Goods)

28,478

ORLEN

SA

(Oil,

Gas

&

Consumable

Fuels)

678

41,741

PGE

Polska

Grupa

Energetyczna

SA

(Electric

Utilities)(a)

...........

54,744

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

(Banks)

.............

1,063

42,138

Powszechny

Zaklad

Ubezpieczen

SA

(Insurance)(b)

................

630

4,684

Qatar

—

0.44%

548,684

Al

Rayan

Bank

(Banks)

.............

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Qatar

(continued)

46,759

Industries

Qatar

QSC

(Industrial

Conglomerates)

...............

$

185,247

Mesaieed

Petrochemical

Holding

Co.

(Chemicals)

..................

121,012

Qatar

Fuel

QSC

(Oil,

Gas

&

Consumable

Fuels)

......................

501

55,762

Qatar

International

Islamic

Bank

QSC

(Banks)

.....................

140,239

Qatar

Islamic

Bank

QPSC

(Banks)

.....

921

210,401

Qatar

National

Bank

QPSC

(Banks)

.....

1,073

328,171

The

Commercial

Bank

PSQC

(Banks)

...

3,661

Russia

—

0.00%

877,850

Gazprom

PJSC

(Oil,

Gas

&

Consumable

Fuels)(a)(d)

..................

—

280,855

Gazprom

PJSC,

ADR

(Oil,

Gas

&

Consumable

Fuels)(a)(d)

........

—

23,471

LUKOIL

PJSC

(Oil,

Gas

&

Consumable

Fuels)(a)(d)

..................

—

32,986

LUKOIL

PJSC

(Oil,

Gas

&

Consumable

Fuels)(a)(d)

..................

—

766,486

Moscow

Exchange

MICEX-RTS

PJSC

(Capital

Markets)(a)(d)

..........

—

102,050

Novatek

PJSC

(Oil,

Gas

&

Consumable

Fuels)(a)(d)

..................

—

37,340

Polyus

PJSC

(Metals

&

Mining)(a)(d)

...

—

357,956

Sberbank

of

Russia

PJSC

(Banks)(a)(d)

..

—

113,164

Severstal

PAO,

GDR

(Metals

&

Mining)(a)

(d) ........................

—

38,369

Solidcore

Resources

PLC

(Metals

&

Mining)(a)(d)

................

—

125,880

Tatneft

PJSC

(Oil,

Gas

&

Consumable

Fuels)(a)(d)

..................

—

162,920

VTB

Bank

PJSC

(Banks)(a)(d)

........

—

—

Saudi

Arabia

—

1.95%

7,910

ACWA

Power

Co.

(Independent

Power

and

Renewable

Electricity

Producers)(a)

7,737

Ades

Holding

Co.

(Energy

Equipment

&

Services)

....................

104,959

Al

Rajhi

Bank

(Banks)

..............

2,999

1,557

Al

Rajhi

Co.

for

Co-operative

Insurance

(Insurance)(a)

................

60,828

Alinma

Bank

(Banks)

...............

21,681

Almarai

Co.

JSC

(Food

Products)

......

39,306

Bank

AlBilad

(Banks)

...............

109,341

Banque

Saudi

Fransi

(Banks)

.........

520

6,816

Bupa

Arabia

for

Cooperative

Insurance

Co.

(Insurance)

..................

1,396

Dallah

Healthcare

Co.

(Health

Care

Providers

&

Services)

...........

63,734

Dar

Al

Arkan

Real

Estate

Development

Co.

(Real

Estate

Management

&

Development)(a)

..............

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Saudi

Arabia

(continued)

4,588

Dr.

Sulaiman

Al

Habib

Medical

Services

Group

Co.

(Health

Care

Providers

&

Services)

....................

$

1,587

Elm

Co.

(IT

Services)

...............

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)

...

2,884

Makkah

Construction

&

Development

Co.

(Real

Estate

Management

&

Development)

................

90,244

Riyad

Bank

(Banks)

................

655

19,058

SABIC

Agri-Nutrients

Co.

(Chemicals)

..

606

46,591

Sahara

International

Petrochemical

Co.

(Chemicals)

..................

2,682

SAL

Saudi

Logistics

Services

(Air

Freight

&

Logistics)

.................

73,592

Saudi

Arabian

Mining

Co.

(Metals

&

Mining)(a)

...................

1,256

223,723

Saudi

Arabian

Oil

Co.

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

1,469

67,673

Saudi

Awwal

Bank

(Banks)(b)

.........

579

49,889

Saudi

Basic

Industries

Corp.

(Chemicals)

.

819

1,130

Saudi

Research

&

Media

Group

(Media)(a)

5,440

Saudi

Tadawul

Group

Holding

Co.

(Capital

Markets)

....................

107,857

Saudi

Telecom

Co.

(Diversified

Telecommunication

Services)

.....

1,268

7,563

The

Co.

for

Cooperative

Insurance

(Insurance)

..................

155,468

The

Saudi

National

Bank

(Banks)

......

1,624

16,224

Singapore

—

0.28%

30,600

Trip.com

Group

Ltd.

(Hotels,

Restaurants

&

Leisure)

....................

2,344

South

Africa

—

1.84%

43,142

Absa

Group

Ltd.

(Banks)

............

33,177

Bid

Corp.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

831

31,869

Bidvest

Group

Ltd.

(Industrial

Conglomerates)

...............

5,363

Capitec

Bank

Holdings

Ltd.

(Banks)

....

1,079

1,981

Clicks

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)(b)

........

45,796

Discovery

Ltd.

(Insurance)(b)

.........

523

6,295

E

Media

Holdings

Ltd.

(Media)

........

275,980

FirstRand

Ltd.

(Financial

Services)

.....

1,242

49,698

Gold

Fields

Ltd.

(Metals

&

Mining)(b)

..

2,099

25,759

Harmony

Gold

Mining

Co.

Ltd.

(Metals

&

Mining)

.....................

48,655

Impala

Platinum

Holdings

Ltd.

(Metals

&

Mining)

.....................

622

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

South

Africa

(continued)

85,707

MTN

Group

Ltd.

(Wireless

Telecommunication

Services)(b)

...

$

720

8,936

Naspers

Ltd.,

Class

-

N

(Broadline

Retail)(a)

3,237

20,893

Nedbank

Group

Ltd.

(Banks)(b)

.......

144,156

Old

Mutual

Ltd.

(Insurance)

..........

179,200

Pepkor

Holdings

Ltd.

(Specialty

Retail)(b)

15,002

Remgro

Ltd.

(Financial

Services)

......

34,236

Sanlam

Ltd.

(Insurance)(b)

...........

30,208

Sasol

Ltd.

(Chemicals)(a)

............

9,822

Shoprite

Holdings

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

112,392

Sibanye

Stillwater

Ltd.

(Metals

&

Mining)

(a) ........................

75,166

Standard

Bank

Group

Ltd.

(Banks)

.....

1,029

13,501

Valterra

Platinum

Ltd.

(Metals

&

Mining)

966

15,301

South

Korea

—

6.50%

1,887

Amorepacific

Corp.

(Personal

Care

Products)

....................

9,066

Celltrion,

Inc.

(Biotechnology)(b)

......

1,121

4,758

Coway

Co.

Ltd.

(Household

Durables)

...

4,146

DB

Insurance

Co.

Ltd.

(Insurance)(b)

...

Doosan

Co.

Ltd.

(Industrial

Conglomerates)

24,635

Doosan

Enerbility

Co.

Ltd.

(Electrical

Equipment)(a)(b)

..............

1,101

2,690

Ecopro

BM

Co.

Ltd.

(Electrical

Equipment)

(a) ........................

5,774

Ecopro

Co.

Ltd.

(Chemicals)

..........

14,221

Hana

Financial

Group,

Inc.

(Banks)

.....

884

2,925

Hankook

Tire

&

Technology

Co.

Ltd.

(Automobile

Components)

.......

1,801

Hanwha

Aerospace

Co.

Ltd.

(Aerospace

&

Defense)

....................

1,421

5,835

Hanwha

Ocean

Co.

Ltd.

(Machinery)(a)

(b),(c)

......................

2,667

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

(Machinery)

..

781

6,763

HLB,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

..................

15,344

HMM

Co.

Ltd.

(Marine

Transportation)

..

Hyosung

Heavy

Industries

Corp.

(Electrical

Equipment)

..................

941

Hyundai

Glovis

Co.

Ltd.

(Air

Freight

&

Logistics)

...................

3,431

Hyundai

Mobis

Co.

Ltd.

(Automobile

Components)

.................

730

5,485

Hyundai

Motor

Co.

(Automobiles)

.....

841

2,371

Hyundai

Motor

Co.,

Preference

Shares

(Automobiles)

................

2,956

Hyundai

Motor

Co.,

Preference

Shares

(Automobiles)

................

11,325

Industrial

Bank

of

Korea

(Banks)

......

15,587

Kakao

Corp.

(Interactive

Media

&

Services)

(b) ........................

662

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

South

Korea

(continued)

11,697

KakaoBank

Corp.

(Banks)

...........

$

20,423

KB

Financial

Group,

Inc.

(Banks)

......

1,682

12,842

Kia

Corp.

(Automobiles)

............

922

2,874

Korea

Aerospace

Industries

Ltd.

(Aerospace

&

Defense)

..................

18,803

Korea

Electric

Power

Corp.

(Electric

Utilities)

....................

947

Korea

Investment

Holdings

Co.

Ltd.

(Capital

Markets)

..............

Korea

Zinc

Co.

Ltd.

(Metals

&

Mining)

..

1,583

Krafton,

Inc.

(Entertainment)(a)

.......

5,939

KT&G

Corp.

(Tobacco)(b)

...........

566

6,025

LG

Chem

Ltd.

(Chemicals)

...........

1,194

6,747

LG

Corp.

(Industrial

Conglomerates)(b)

..

24,801

LG

Display

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)(a)

....

4,131

LG

Electronics,

Inc.

(Household

Durables)

2,532

LG

Energy

Solution

Ltd.

(Electrical

Equipment)(a)

................

627

907

LG

H&H

Co.

Ltd.

(Personal

Care

Products)

564

LIG

Nex1

Co.

Ltd.

(Aerospace

&

Defense)

(b) ........................

1,014

LS

Electric

Co.

Ltd.

(Electrical

Equipment)

21,082

Mirae

Asset

Securities

Co.

Ltd.

(Capital

Markets)

....................

6,766

NAVER

Corp.

(Interactive

Media

&

Services)

....................

1,295

1,796

POSCO

Future

M

Co.

Ltd.

(Electrical

Equipment)(a)

................

3,634

POSCO

Holdings,

Inc.

(Metals

&

Mining)

715

3,251

Posco

International

Corp.

(Trading

Companies

&

Distributors)

.......

1,124

Samsung

Biologics

Co.

Ltd.

(Life

Sciences

Tools

&

Services)(a)(b)

.........

799

17,730

Samsung

C&T

Corp.

(Industrial

Conglomerates)

...............

2,333

3,398

Samsung

Electro-Mechanics

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

241,139

Samsung

Electronics

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..

14,421

40,397

Samsung

Electronics

Co.

Ltd.,

Preference

Shares

(Technology

Hardware,

Storage

&

Peripherals)

................

1,912

1,973

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

(Insurance)

..................

635

44,034

Samsung

Heavy

Industries

Co.

Ltd.

(Machinery)(a)

...............

687

4,748

Samsung

Life

Insurance

Co.

Ltd.

(Insurance)

..................

530

2,866

Samsung

SDI

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

948

Samsung

SDS

Co.

Ltd.

(IT

Services)

....

25,667

Shinhan

Financial

Group

Co.

Ltd.

(Banks)

1,295

27,759

SK

Hynix,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

6,875

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

South

Korea

(continued)

3,807

SK

Innovation

Co.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

$

5,755

SK

Square

Co.

Ltd.

(Industrial

Conglomerates)(a)

.............

827

3,503

SK,

Inc.

(Industrial

Conglomerates)

.....

525

10,357

Woori

Financial

Group,

Inc.

(Banks)

....

3,195

Yuhan

Corp.

(Pharmaceuticals)

........

54,105

Taiwan

—

11.59%

23,000

Accton

Technology

Corp.

(Communications

Equipment)

..................

789

96,000

Acer,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..................

6,000

Advantech

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..........

9,904

Airtac

International

Group

(Machinery)

..

4,000

Alchip

Technologies

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.....

196,672

ASE

Technology

Holding

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

1,059

367,971

Asia

Cement

Corp.

(Construction

Materials)

(b) ........................

17,000

Asia

Vital

Components

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..................

547

39,000

Asustek

Computer,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..

859

55,000

Caliway

Biopharmaceuticals

Co.

Ltd.

(Pharmaceuticals)(a)

...........

51,000

Catcher

Technology

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..

249,000

Cathay

Financial

Holding

Co.

Ltd.

(Insurance)

..................

536

32,640

Chailease

Holding

Co.

Ltd.

(Financial

Services)

....................

200,000

Cheng

Shin

Rubber

Industry

Co.

Ltd.

(Automobile

Components)

.......

280,000

Chunghwa

Telecom

Co.

Ltd.

(Diversified

Telecommunication

Services)

.....

1,227

322,000

Compal

Electronics,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..

621,000

CTBC

Financial

Holding

Co.

Ltd.

(Banks)

(b) ........................

874

107,000

Delta

Electronics,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

.................

2,999

39,000

E

Ink

Holdings,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

......

151,500

E.Sun

Financial

Holding

Co.

Ltd.

(Banks)

23,000

Eclat

Textile

Co.

Ltd.

(Textiles,

Apparel

&

Luxury

Goods)

...............

15,000

Elite

Material

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

603

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Taiwan

(continued)

4,000

eMemory

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.....

$

32,000

Eva

Airways

Corp.

(Passenger

Airlines)

..

62,000

Evergreen

Marine

Corp.

Taiwan

Ltd.

(Marine

Transportation)

.........

252,000

Far

EasTone

Telecommunications

Co.

Ltd.

(Wireless

Telecommunication

Services)(b)

..................

731

25,000

Feng

TAY

Enterprise

Co.

Ltd.

(Textiles,

Apparel

&

Luxury

Goods)

.......

176,300

First

Financial

Holding

Co.

Ltd.

(Banks)

.

74,000

Formosa

Chemicals

&

Fibre

Corp.

(Chemicals)

..................

91,000

Formosa

Plastics

Corp.

(Chemicals)

.....

8,800

Fortune

Electric

Co.

Ltd.

(Electrical

Equipment)

..................

530,997

Fubon

Financial

Holding

Co.

Ltd.

(Insurance)

..................

1,539

29,000

Gigabyte

Technology

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..

5,000

Global

Unichip

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

24,000

Globalwafers

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

637,000

Hon

Hai

Precision

Industry

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

4,515

11,000

Hotai

Motor

Co.

Ltd.

(Specialty

Retail)

..

99,990

Hua

Nan

Financial

Holdings

Co.

Ltd.

(Banks)

.....................

493,671

Innolux

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

12,000

International

Games

System

Co.

Ltd.

(Entertainment)

...............

150,000

Inventec

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..........

6,000

Jentech

Precision

Industrial

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

1,448,340

KGI

Financial

Holding

Co.

Ltd.

(Insurance)

711

3,000

King

Slide

Works

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..

6,000

Largan

Precision

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

137,554

Lite-On

Technology

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..

779

4,000

Lotes

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

......

78,962

MediaTek,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

3,408

1,067,475

Mega

Financial

Holding

Co.

Ltd.

(Banks)

1,489

213,000

Nan

Ya

Plastics

Corp.

(Chemicals)

......

4,000

Nien

Made

Enterprise

Co.

Ltd.

(Household

Durables)

...................

39,000

Novatek

Microelectronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)

..................

546

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Taiwan

(continued)

151,000

Pegatron

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..........

$

14,426

PharmaEssentia

Corp.

(Biotechnology)

..

140,000

Quanta

Computer,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..

1,333

18,000

Realtek

Semiconductor

Corp.

(Semiconductors

&

Semiconductor

Equipment)

..................

447,424

SinoPac

Financial

Holdings

Co.

Ltd.

(Banks)

.....................

138,900

Synnex

Technology

International

Corp.

(Electronic

Equipment,

Instruments

&

Components)

.................

77,250

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

(Banks)

.................

197,000

Taiwan

Mobile

Co.

Ltd.

(Wireless

Telecommunication

Services)

.....

705

1,256,000

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

53,796

675,110

TCC

Group

Holdings

Co.

Ltd.

(Construction

Materials)

...................

532

470,369

The

Shanghai

Commercial

&

Savings

Bank

Ltd.

(Banks)

.................

649

1,154,104

TS

Financial

Holding

Co.

Ltd.

(Banks)

..

682

77,000

Unimicron

Technology

Corp.

(Electronic

Equipment,

Instruments

&

Components)

.................

64,000

Uni-President

Enterprises

Corp.

(Food

Products)

....................

500,000

United

Microelectronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)

..................

748

58,000

Vanguard

International

Semiconductor

Corp.

(Semiconductors

&

Semiconductor

Equipment)

..................

4,000

Voltronic

Power

Technology

Corp.

(Electrical

Equipment)

..........

15,000

Wan

Hai

Lines

Ltd.

(Marine

Transportation)

151,000

Wistron

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..........

696

6,000

Wiwynn

Corp.

(Technology

Hardware,

Storage

&

Peripherals)(b)

........

653

138,400

WPG

Holdings

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

......

109,212

Yageo

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

609

93,000

Yang

Ming

Marine

Transport

Corp.

(Marine

Transportation)

...............

984,088

Yuanta

Financial

Holding

Co.

Ltd.

(Financial

Services)

............

1,126

27,000

Zhen

Ding

Technology

Holding

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

96,408

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Thailand

—

0.59%

77,700

Advanced

Info

Service

PCL,

Class

-

F

(Wireless

Telecommunication

Services)

....................

$

698

379,300

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)

...............

76,200

CP

ALL

PCL

-

NVDR

(Consumer

Staples

Distribution

&

Retail)

...........

41,000

CP

AXTRA

PCL

-

NVDR,

Class

-

R

(Consumer

Staples

Distribution

&

Retail)

......................

161,300

Delta

Electronics

Thailand

PCL

-

NVDR

(Electronic

Equipment,

Instruments

&

Components)

.................

789

263,202

Gulf

Development

PCL,

Class

-

F

(Independent

Power

and

Renewable

Electricity

Producers)(a)

.........

29,803

Gulf

Development

PCL

-

NVDR,

Class

-

R

(Independent

Power

and

Renewable

Electricity

Producers)(a)

.........

729,900

Krung

Thai

Bank

PCL,

Class

-

F

(Banks)

.

559

531,400

Minor

International

PCL,

Class

-

F

(Hotels,

Restaurants

&

Leisure)

..........

145,075

PTT

Exploration

&

Production

PCL,

Class

-

F

(Oil,

Gas

&

Consumable

Fuels)

..

517

260,400

PTT

PCL

-

NVDR

(Oil,

Gas

&

Consumable

Fuels)

......................

56,900

SCB

X

PCL

(Banks)

................

19,800

The

Siam

Cement

PCL

-

NVDR

(Construction

Materials)

.........

362,200

True

Corp.

PCL

-

NVDR,

Class

-

R

(Diversified

Telecommunication

Services)(a)

..................

4,928

Turkey

—

0.29%

159,726

Akbank

TAS

(Banks)

...............

97,559

Aselsan

Elektronik

Sanayi

Ve

Ticaret

A/S

(Aerospace

&

Defense)

.........

504

30,920

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)

77,984

Turkcell

Iletisim

Hizmetleri

A/S

(Wireless

Telecommunication

Services)

.....

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Turkey

(continued)

71,086

Turkiye

Petrol

Rafinerileri

A/S

(Oil,

Gas

&

Consumable

Fuels)

.............

$

239,232

Yapi

ve

Kredi

Bankasi

A/S

(Banks)(a)

...

2,394

United

Arab

Emirates

—

0.83%

262,325

Abu

Dhabi

Commercial

Bank

PJSC

(Banks)

1,041

12,394

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

(Energy

Equipment

&

Services)(b)

..................

189,948

Aldar

Properties

PJSC

(Real

Estate

Management

&

Development)

.....

212,022

Americana

Restaurants

International

PLC

-

Foreign

Co.

(Hotels,

Restaurants

&

Leisure)

....................

59,352

Dubai

Electricity

&

Water

Authority

PJSC

(Multi-Utilities)

...............

409,116

Dubai

Islamic

Bank

PJSC

(Banks)

......

1,067

18,350

Emaar

Development

PJSC

(Real

Estate

Management

&

Development)

.....

311,686

Emaar

Properties

PJSC

(Real

Estate

Management

&

Development)

.....

1,107

186,697

Emirates

Telecommunications

Group

Co.

PJSC

(Diversified

Telecommunication

Services)

....................

958

296,965

First

Abu

Dhabi

Bank

PJSC

(Banks)

....

1,266

182,605

Multiply

Group

PJSC

(Industrial

Conglomerates)(a)

.............

122,403

Salik

Co.

PJSC

(Transportation

Infrastructure)

................

6,940

United

Kingdom

—

0.24%

25,078

Anglogold

Ashanti

PLC

(Metals

&

Mining)

1,763

3,542

Metlen

Energy

&

Metals

PLC

(Energy

Equipment

&

Services)(a)

........

1,961

United

States

—

0.21%

40,100

BeOne

Medicines

Ltd.,

Class

-

H

(Biotechnology)(a)

.............

1,057

4,494

Legend

Biotech

Corp.,

ADR

(Biotechnology)(a)

.............

4,755

Southern

Copper

Corp.

(Metals

&

Mining)

577

1,781

Total

Common

Stocks

(cost

$333,095)

..

513,077

Shares

Security

Description

Value

(000) Preferred

Stock

—

0.00%

India

—

0.00%

22,008

TVS

Motor

Co.

Ltd.

,6.00%

(Automobiles)

$

Total

Preferred

Stock

(cost

$2)

.......

Warrant

—

0.00%

Malaysia

—

0.00%

26,700

YTL

Corp.

Berhad,

(Multi-Utilities)(a)

..

Total

Warrant

(cost

$—)

............

Investment

Companies

—

37.97%

International

Equity

Funds

—

34.19%

698,123

Aberdeen

Asia

Focus

PLC

...........

3,389

421,975

abrdn

Emerging

Markets

ex

China

Fund,

Inc.

........................

2,734

190,993

Abrdn

New

India

Investment

Trust

PLC

..

1,962

443,040

Baillie

Gifford

China

Growth

Trust

PLC

.

1,900

39,266

Barings

Emerging

EMEA

Opportunities

PLC

.......................

617,169

BlackRock

Frontiers

Investment

Trust

PLC

1,394

170,851

BlackRock

Latin

American

Investment

Trust

PLC

.......................

868

187,000

Fidelity

Asian

Values

PLC

...........

1,479

665,296

Fidelity

China

Special

Situations

PLC

...

2,943

382,163

Fidelity

Emerging

Markets

Ltd.

........

4,877

386,000

INVESCO

Asia

Dragon

Trust

PLC

.....

2,107

812,850

iShares

Core

MSCI

Emerging

Markets

ETF

53,583

279,700

iShares

MSCI

India

ETF

.............

14,561

5,775

iShares

MSCI

South

Korea

ETF

.......

27,963

iShares

MSCI

Taiwan

ETF

...........

1,779

93,007

JPMorgan

Asia

Growth

&

Income

PLC

..

543

446,770

JPMorgan

China

Growth

&

Income

.....

1,838

2,761,481

JPMorgan

Emerging

Markets

Investment

Trust

PLC

...................

4,768

47,711

JPMorgan

India

Growth

&

Income

PLC

..

648

420,069

Mobius

Investment

Trust

PLC

.........

816

98,002

Morgan

Stanley

China

A

Share

Fund,

Inc.

1,632

7,302

Morgan

Stanley

India

Investment

Fund,

Inc.

266,550

Pacific

Assets

Trust

PLC

.............

1,262

212,796

Pacific

Horizon

Investment

Trust

PLC

...

2,123

583,348

Schroder

AsiaPacific

Fund

PLC

........

5,044

131,290

Scottish

Oriental

Smaller

Companies

Trust

PLC

.......................

286,799

Templeton

Dragon

Fund,

Inc.

.........

3,341

107,673

Templeton

Emerging

Markets

Fund

.....

1,802

4,700,705

Templeton

Emerging

Markets

Investment

Trust

PLC

...................

13,780

162,702

The

China

Fund,

Inc.

...............

3,003

31,229

The

India

Fund,

Inc.

................

72,541

The

Korea

Fund,

Inc.

...............

2,219

39,015

The

Mexico

Equity

and

Income

Fund,

Inc.

110,082

The

Mexico

Fund,

Inc.

..............

2,169

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Value

(000) Investment

Companies

(continued)

International

Equity

Funds

(continued)

104,869

The

Taiwan

Fund,

Inc.

..............

$

5,676

892,657

The

Utilico

Emerging

Markets

Trust

PLC

.

3,061

1,071,160

Vanguard

FTSE

Emerging

Markets

ETF

.

58,035

115,709

Vietnam

Enterprise

Investments

Ltd.

....

1,159

246,979

VinaCapital

Vietnam

Opportunity

Fund

Ltd.

1,617

159,777

Weiss

Korea

Opportunity

Fund

Ltd.

.....

2,232,746

Xtrackers

Harvest

CSI

China

A-Shares

ETF

.......................

73,637

284,568

International

Fixed

Income

—

0.29%

272,515

Aberdeen

Asian

Income

Fund

Ltd.

......

920

695,520

JPMorgan

Global

Emerging

Markets

Income

Trust

PLC

...................

1,473

2,393

Shares

Security

Description

Value

(000) Investment

Companies

(continued)

Money

Market

Funds

—

3.49%

29,086,009

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

,

4.01%(e)

....................

$

29,087

29,087

Total

Investment

Companies

(cost

$253,008)

.......................

316,048

Total

Investments

(cost

$586,105)

—

99.62%

.....................

829,137

Other

assets

in

excess

of

liabilities

—

0.38%

......................

3,187

Net

Assets

-

100.00%

..............

$

832,324

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

^

All

or

part

of

this

security

was

on

loan

as

of

September

30,

2025. (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

September

30,

2025. (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

REIT—Real

Estate

Investment

Trust

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(concluded)

—

September

30,

2025

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

September

30,

2025

.

The

Emerging

Markets

Portfolio

City

of

London

Investment

Management

Company,

Limited

Mellon

Investments

Corporation

Parametric

Portfolio

Associates,

LLC

Total

Common

Stocks

...............................................................................................................................

0.67 %

60.98 %

—

61.65 %

Preferred

Stock

.................................................................................................................................

—

—

—

—

%

Warrant

.............................................................................................................................................

—

—

—

—

%

Investment

Companies

.....................................................................................................................

10.47 %

0.10 %

27.40 %

37.97 %

Other

Assets

(Liabilities)

.................................................................................................................

0.16 %

-0.04

%

0.26 %

0.38 %

Total

Net

Assets

..........................................................................................................................

11.30 %

61.04 %

27.66 %

100.00 %

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

September

30,

2025

.

Futures

Contracts

Purchased

\*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

and

Unrealized

Appreciation/

(Depreciation)

(000) Mini

MSCI

Emerging

Markets

Index

Future

.....................

12/19/25

$

33,041

$

$

33,041

$

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

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Asset

Backed

Securities

—

0.16%

$

Capital

One

Multi-Asset

Execution

Trust,

Series

2021-A2,

Class

-

A2

.........

1.39 7/15/30

$

Honda

Auto

Receivables

Owner

Trust,

Series

2023-3,

Class

-

A4,

Callable

11/18/26

@

100.00 ................................................

5.30 12/18/29

Hyundai

Auto

Receivables

Trust,

Series

2024-B,

Class

-

A3,

Callable

6/15/28

@

100.00 ...................................................

4.84 3/15/29

Mercedes-Benz

Auto

Lease

Trust,

Series

2025-A,

Class

-

A4,

Callable

4/15/28

@

100.00 ...................................................

4.69 2/18/31

Synchrony

Card

Funding

LLC,

Series

2024-A1,

Class

-

A

..................

5.04 3/15/30

Toyota

Auto

Receivables

Owner

Trust,

Series

2024-A,

Class

-

A4,

Callable

12/15/27

@

100.00 ................................................

4.77 4/16/29

Toyota

Auto

Receivables

Owner

Trust,

Series

2024-C,

Class

-

A4,

Callable

4/15/28

@

100.00 ................................................

4.83 11/15/29

Verizon

Master

Trust,

Series

2025-1,

Class

-

A,

Callable

1/20/28

@

100.00 ......

4.71 1/21/31

WF

Card

Issuance

Trust,

Series

2024-A1,

Class

-

A

.......................

4.94 2/15/29

Total

Asset

Backed

Securities

(cost

$161)

............................

Collateralized

Mortgage-Backed

Securities

—

0.59%

BANK,

Series

2019-BN21,

Class

-

A5,

Callable

10/15/29

@

100.00 ...........

2.85 10/17/52

BANK,

Series

2022-BNK41,

Class

-

A4

..............................

3.92(a)

4/15/65

BBCMS

Mortgage

Trust,

Series

2020-C7,

Class

-

AS,

Callable

4/15/30

@

100.00 .

2.44 4/15/53

BBCMS

Mortgage

Trust,

Series

2023-C21,

Class

-

A5,

Callable

9/15/33

@

100.00 6.00(a)

9/15/56

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

2019-B9,

Class

-

A5,

Callable

2/15/29

@

100.00 4.02 3/15/52

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

-

A5,

Callable

2/15/35

@

100.00 ..

5.69 2/15/58

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

—

COMM

Mortgage

Trust,

Series

2019-GC44,

Class

-

ASB,

Callable

11/15/29

@

100.00 ...................................................

2.87 8/15/57

—

Fannie

Mae-ACES,

Series

2020-M52,

Class

-

A2

........................

1.36(a)

10/25/30

Fannie

Mae-ACES,

Series

2020-M14,

Class

-

A2

........................

1.78 5/25/30

Fannie

Mae-ACES,

Series

2018-M1,

Class

-

A2

.........................

3.09(a)

12/25/27

Fannie

Mae-ACES,

Series

2017-M12,

Class

-

A2

........................

3.16(a)

6/25/27

Fannie

Mae-ACES,

Series

2019-M5,

Class

-

A2

.........................

3.27 2/25/29

Fannie

Mae-ACES,

Series

2018-M10,

Class

-

A2

........................

3.47(a)

7/25/28

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K112,

Class

-

A2

.....................................................

1.31 5/25/30

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K116,

Class

-

A2

.....................................................

1.38 7/25/30

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-1516,

Class

-

A2

....................................................

1.72 5/25/35

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K126,

Class

-

A2

.....................................................

2.07 1/25/31

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K749,

Class

-

A2

.....................................................

2.12(a)

3/25/29

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-1521,

Class

-

A2

....................................................

2.18 8/25/36

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K091,

Class

-

A2

.....................................................

3.51 3/25/29

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-152,

Class

-

A2

.....................................................

3.78 11/25/32

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-168,

Class

-

A1

.....................................................

4.13 10/25/34

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Collateralized

Mortgage-Backed

Securities

(continued)

$

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K751,

Class

-

A2

.....................................................

4.41 3/25/30

$

GS

Mortgage

Securities

Trust,

Series

2018-GS9,

Class

-

A4,

Callable

3/10/28

@

100.00 ...................................................

3.99(a)

3/10/51

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C4,

Class

-

A3,

Callable

4/15/27

@

100.00 ....................................

3.14 12/15/49

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2017-C33,

Class

-

A5,

Callable

5/15/27

@

100.00 ....................................

3.60 5/15/50

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

Total

Collateralized

Mortgage-Backed

Securities

(cost

$643)

.............

607

U.S.

Government

Agency

Mortgages

—

10.02%

Fannie

Mae,

Pool

#BQ5781

.......................................

1.50 11/1/35

Fannie

Mae,

Pool

#MA4445

.......................................

1.50 10/1/41

Fannie

Mae,

Pool

#MA4343

.......................................

1.50 5/1/51

Fannie

Mae,

Pool

#FM6579

.......................................

1.50 3/1/51

Fannie

Mae,

Pool

#CA7696

.......................................

1.50 11/1/50

Fannie

Mae,

Pool

#MA4236

.......................................

1.50 1/1/51

Fannie

Mae,

Pool

#CA7695

.......................................

1.50 11/1/50

Fannie

Mae,

Pool

#MA4122

.......................................

1.50 9/1/35

Fannie

Mae,

Pool

#MA4205

.......................................

1.50 12/1/35

Fannie

Mae,

Pool

#FS1327

........................................

1.50 6/1/36

Fannie

Mae,

Pool

#MA4441

.......................................

1.50 10/1/36

Fannie

Mae,

Pool

#MA4342

.......................................

1.50 5/1/41

Fannie

Mae,

Pool

#MA4280

.......................................

1.50 3/1/51

Fannie

Mae,

Pool

#CA7833

.......................................

2.00 11/1/50

Fannie

Mae,

Pool

#MA4281

.......................................

2.00 3/1/51

Fannie

Mae,

Pool

#MA4305

.......................................

2.00 4/1/51

Fannie

Mae,

Pool

#CA9183

.......................................

2.00 2/1/36

Fannie

Mae,

Pool

#CB0325

.......................................

2.00 4/1/51

Fannie

Mae,

Pool

#CB0497

.......................................

2.00 5/1/51

Fannie

Mae,

Pool

#MA4403

.......................................

2.00 8/1/36

Fannie

Mae,

Pool

#CB0684

.......................................

2.00 6/1/51

Fannie

Mae,

Pool

#FM6448

.......................................

2.00 3/1/51

Fannie

Mae,

Pool

#MA4360

.......................................

2.00 6/1/36

Fannie

Mae,

Pool

#MA4325

.......................................

2.00 5/1/51

Fannie

Mae,

Pool

#CA7224

.......................................

2.00 10/1/50

Fannie

Mae,

Pool

#BR4435

.......................................

2.00 4/1/51

Fannie

Mae,

Pool

#CA8118

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#FS1621

........................................

2.00 7/1/51

Fannie

Mae,

Pool

#MA4303

.......................................

2.00 4/1/36

Fannie

Mae,

Pool

#MA4602

.......................................

2.00 5/1/37

Fannie

Mae,

Pool

#MA4119

.......................................

2.00 9/1/50

Fannie

Mae,

Pool

#MA4208

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#FM5308

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#MA4413

.......................................

2.00 9/1/51

Fannie

Mae,

Pool

#FS0317

........................................

2.00 2/1/42

Fannie

Mae,

Pool

#MA4255

.......................................

2.00 2/1/51

Fannie

Mae,

Pool

#CA8850

.......................................

2.00 2/1/51

Fannie

Mae,

Pool

#CA8687

.......................................

2.00 1/1/51

Fannie

Mae,

Pool

#MA4237

.......................................

2.00 1/1/51

Fannie

Mae,

Pool

#CA8893

.......................................

2.00 2/1/51

Fannie

Mae,

Pool

#BQ9685

.......................................

2.00 1/1/51

Fannie

Mae,

Pool

#BQ8341

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#BQ7777

.......................................

2.00 3/1/36

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#FM6559

.......................................

2.00 3/1/51

$

Fannie

Mae,

Pool

#MA4176

.......................................

2.00 11/1/40

Fannie

Mae,

Pool

#BT0240

........................................

2.00 9/1/51

Fannie

Mae,

Pool

#BP9370

........................................

2.00 7/1/50

Fannie

Mae,

Pool

#FM3755

.......................................

2.00 9/1/35

Fannie

Mae,

Pool

#AS2673

........................................

2.00 5/1/29

Fannie

Mae,

Pool

#MA4182

.......................................

2.00 11/1/50

Fannie

Mae,

Pool

#CA7225

.......................................

2.00 10/1/50

Fannie

Mae,

Pool

#BQ3004

.......................................

2.00 10/1/50

Fannie

Mae,

Pool

#FM4039

.......................................

2.00 10/1/35

Fannie

Mae,

Pool

#FM9579

.......................................

2.00 7/1/51

Fannie

Mae,

Pool

#FM7411

.......................................

2.00 5/1/51

Fannie

Mae,

Pool

#MA4511

.......................................

2.00 1/1/52

Fannie

Mae,

Pool

#MA4128

.......................................

2.00 9/1/40

Fannie

Mae,

Pool

#MA4437

.......................................

2.00 10/1/51

Fannie

Mae,

Pool

#BR4094

.......................................

2.00 1/1/51

Fannie

Mae,

Pool

#FM4788

.......................................

2.00 11/1/50

Fannie

Mae,

Pool

#MA4474

.......................................

2.00 11/1/41

Fannie

Mae,

Pool

#FM4969

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#CA8110

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#BR0948

.......................................

2.00 4/1/51

Fannie

Mae,

Pool

#BU7103

.......................................

2.00 12/1/51

Fannie

Mae,

Pool

#BQ0329

.......................................

2.50 7/1/50

Fannie

Mae,

Pool

#AU6677

.......................................

2.50 9/1/28

Fannie

Mae,

Pool

#MA3154

.......................................

2.50 10/1/32

Fannie

Mae,

Pool

#MA4183

.......................................

2.50 11/1/50

Fannie

Mae,

Pool

#MA3990

.......................................

2.50 4/1/50

Fannie

Mae,

Pool

#BK2588

.......................................

2.50 5/1/50

Fannie

Mae,

Pool

#FM4231

.......................................

2.50 9/1/50

Fannie

Mae,

Pool

#AS8893

........................................

2.50 2/1/32

Fannie

Mae,

Pool

#CB1131

........................................

2.50 7/1/51

Fannie

Mae,

Pool

#BP5878

........................................

2.50 6/1/50

Fannie

Mae,

Pool

#FS1340

........................................

2.50 3/1/52

Fannie

Mae,

Pool

#FS0547

........................................

2.50 2/1/52

Fannie

Mae,

Pool

#BC9041

.......................................

2.50 11/1/31

Fannie

Mae,

Pool

#CA6074

.......................................

2.50 6/1/50

Fannie

Mae,

Pool

#BU1451

.......................................

2.50 1/1/52

Fannie

Mae,

Pool

#MA2854

.......................................

2.50 12/1/46

Fannie

Mae,

Pool

#MA3827

.......................................

2.50 11/1/34

Fannie

Mae,

Pool

#BQ5110

.......................................

2.50 11/1/50

Fannie

Mae,

Pool

#MA3965

.......................................

2.50 3/1/40

Fannie

Mae,

Pool

#MA3930

.......................................

2.50 2/1/35

Fannie

Mae,

Pool

#MA2789

.......................................

2.50 10/1/36

Fannie

Mae,

Pool

#FM9543

.......................................

2.50 12/1/51

Fannie

Mae,

Pool

#MA3902

.......................................

2.50 1/1/50

Fannie

Mae,

Pool

#MA4423

.......................................

2.50 9/1/41

Fannie

Mae,

Pool

#MA4399

.......................................

2.50 8/1/51

Fannie

Mae,

Pool

#BU5917

.......................................

2.50 12/1/51

Fannie

Mae,

Pool

#MA4414

.......................................

2.50 9/1/51

Fannie

Mae,

Pool

#FM8997

.......................................

2.50 10/1/51

Fannie

Mae,

Pool

#FM2881

.......................................

2.50 4/1/50

Fannie

Mae,

Pool

#MA1277

.......................................

2.50 12/1/27

Fannie

Mae,

Pool

#FS0235

........................................

2.50 1/1/52

Fannie

Mae,

Pool

#AB7391

.......................................

2.50 12/1/42

Fannie

Mae,

Pool

#BR7857

.......................................

2.50 5/1/51

Fannie

Mae,

Pool

#MA4256

.......................................

2.50 2/1/51

Fannie

Mae,

Pool

#MA4078

.......................................

2.50 7/1/50

Fannie

Mae,

Pool

#BD8046

.......................................

2.50 9/1/31

Fannie

Mae,

Pool

#AP4742

........................................

2.50 8/1/27

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#MA4096

.......................................

2.50 8/1/50

$

Fannie

Mae,

Pool

#MA4075

.......................................

2.50 7/1/35

Fannie

Mae,

Pool

#CA8131

.......................................

2.50 12/1/50

Fannie

Mae,

Pool

#CB2868

.......................................

2.50 2/1/52

Fannie

Mae,

Pool

#MA4159

.......................................

2.50 10/1/50

Fannie

Mae,

Pool

#FM8745

.......................................

2.50 9/1/51

Fannie

Mae,

Pool

#FM4638

.......................................

2.50 10/1/50

Fannie

Mae,

Pool

#CB1828

.......................................

2.50 10/1/51

Fannie

Mae,

Pool

#BO4657

.......................................

2.50 11/1/49

Fannie

Mae,

Pool

#FM9033

.......................................

2.50 10/1/51

Fannie

Mae,

Pool

#MA3765

.......................................

2.50 9/1/49

Fannie

Mae,

Pool

#BU8883

.......................................

3.00 3/1/52

Fannie

Mae,

Pool

#CB3172

.......................................

3.00 3/1/52

Fannie

Mae,

Pool

#AO0752

.......................................

3.00 4/1/42

Fannie

Mae,

Pool

#MA4079

.......................................

3.00 7/1/50

Fannie

Mae,

Pool

#FM1299

.......................................

3.00 7/1/49

Fannie

Mae,

Pool

#MA3871

.......................................

3.00 12/1/49

Fannie

Mae,

Pool

#MA3691

.......................................

3.00 7/1/49

Fannie

Mae,

Pool

#BU1241

.......................................

3.00 3/1/52

Fannie

Mae,

Pool

#MA3377

.......................................

3.00 5/1/48

Fannie

Mae,

Pool

#MA3897

.......................................

3.00 1/1/35

Fannie

Mae,

Pool

#MA3834

.......................................

3.00 11/1/49

Fannie

Mae,

Pool

#MA3890

.......................................

3.00 1/1/40

Fannie

Mae,

Pool

#AS8074

........................................

3.00 10/1/46

Fannie

Mae,

Pool

#BO3192

.......................................

3.00 10/1/49

Fannie

Mae,

Pool

#BO2201

.......................................

3.00 9/1/49

Fannie

Mae,

Pool

#BN7703

.......................................

3.00 8/1/49

Fannie

Mae,

Pool

#MA3744

.......................................

3.00 8/1/49

Fannie

Mae,

Pool

#FM2132

.......................................

3.00 1/1/50

Fannie

Mae,

Pool

#FM1370

.......................................

3.00 4/1/46

Fannie

Mae,

Pool

#MA3991

.......................................

3.00 4/1/50

Fannie

Mae,

Pool

#MA3831

.......................................

3.00 11/1/39

Fannie

Mae,

Pool

#BO8947

.......................................

3.00 1/1/50

Fannie

Mae,

Pool

#CA5519

.......................................

3.00 4/1/50

Fannie

Mae,

Pool

#BO7242

.......................................

3.00 1/1/50

Fannie

Mae,

Pool

#BO6219

.......................................

3.00 12/1/49

Fannie

Mae,

Pool

#CA5668

.......................................

3.00 5/1/50

Fannie

Mae,

Pool

#FM3395

.......................................

3.00 6/1/50

Fannie

Mae,

Pool

#FM4317

.......................................

3.00 9/1/50

Fannie

Mae,

Pool

#BP6466

........................................

3.00 7/1/50

—

Fannie

Mae,

Pool

#AB2047

.......................................

3.00 1/1/26

—

Fannie

Mae,

Pool

#AB7099

.......................................

3.00 11/1/42

Fannie

Mae,

Pool

#BC4764

.......................................

3.00 10/1/46

Fannie

Mae,

Pool

#MA2897

.......................................

3.00 2/1/37

Fannie

Mae,

Pool

#MA1307

.......................................

3.00 1/1/33

Fannie

Mae,

Pool

#AL9996

.......................................

3.00 4/1/32

Fannie

Mae,

Pool

#AB8897

.......................................

3.00 4/1/43

Fannie

Mae,

Pool

#AU3353

.......................................

3.00 8/1/43

Fannie

Mae,

Pool

#BP1932

........................................

3.00 4/1/50

Fannie

Mae,

Pool

#FM1585

.......................................

3.00 9/1/49

Fannie

Mae,

Pool

#MA2523

.......................................

3.00 2/1/36

Fannie

Mae,

Pool

#MA4048

.......................................

3.00 6/1/50

Fannie

Mae,

Pool

#AL9263

.......................................

3.00 10/1/46

Fannie

Mae,

Pool

#MA3937

.......................................

3.00 2/1/50

Fannie

Mae,

Pool

#MA3905

.......................................

3.00 1/1/50

Fannie

Mae,

Pool

#MA3802

.......................................

3.00 10/1/49

Fannie

Mae,

Pool

#AQ7920

.......................................

3.00 12/1/42

Fannie

Mae,

Pool

#MA2246

.......................................

3.00 4/1/30

Fannie

Mae,

Pool

#MA3738

.......................................

3.00 8/1/34

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#CA5423

.......................................

3.00 3/1/50

$

Fannie

Mae,

Pool

#AS8276

........................................

3.00 11/1/46

Fannie

Mae,

Pool

#AS0302

........................................

3.00 8/1/43

Fannie

Mae,

Pool

#BO9169

.......................................

3.00 12/1/49

Fannie

Mae,

Pool

#MA3774

.......................................

3.00 9/1/49

Fannie

Mae,

Pool

#CB2759

.......................................

3.00 2/1/52

Fannie

Mae,

Pool

#MA3339

.......................................

3.00 4/1/33

Fannie

Mae,

Pool

#AS8483

........................................

3.00 12/1/46

Fannie

Mae,

Pool

#FS2122

........................................

3.00 3/1/52

Fannie

Mae,

Pool

#CB3364

.......................................

3.00 4/1/52

Fannie

Mae,

Pool

#MA3237

.......................................

3.00 1/1/48

Fannie

Mae,

Pool

#BC9003

.......................................

3.00 11/1/46

Fannie

Mae,

Pool

#AZ2936

.......................................

3.00 9/1/45

Fannie

Mae,

Pool

#MA3127

.......................................

3.00 9/1/37

Fannie

Mae,

Pool

#MA2863

.......................................

3.00 1/1/47

Fannie

Mae,

Pool

#MA3614

.......................................

3.50 3/1/49

Fannie

Mae,

Pool

#MA3148

.......................................

3.50 10/1/47

Fannie

Mae,

Pool

#BC1158

........................................

3.50 2/1/46

Fannie

Mae,

Pool

#BM1568

.......................................

3.50 7/1/47

Fannie

Mae,

Pool

#MA3182

.......................................

3.50 11/1/47

Fannie

Mae,

Pool

#MA3597

.......................................

3.50 2/1/49

Fannie

Mae,

Pool

#BK9038

.......................................

3.50 10/1/33

Fannie

Mae,

Pool

#BJ3716

........................................

3.50 12/1/47

Fannie

Mae,

Pool

#MA3775

.......................................

3.50 9/1/49

Fannie

Mae,

Pool

#AS4236

........................................

3.50 1/1/45

Fannie

Mae,

Pool

#FM1566

.......................................

3.50 11/1/48

—

Fannie

Mae,

Pool

#AB2052

.......................................

3.50 1/1/26

—

Fannie

Mae,

Pool

#MA3494

.......................................

3.50 10/1/48

Fannie

Mae,

Pool

#BU8723

.......................................

3.50 6/1/52

Fannie

Mae,

Pool

#MA2522

.......................................

3.50 2/1/46

Fannie

Mae,

Pool

#AS6102

........................................

3.50 11/1/45

Fannie

Mae,

Pool

#AS4771

........................................

3.50 4/1/45

Fannie

Mae,

Pool

#AS0024

........................................

3.50 7/1/43

Fannie

Mae,

Pool

#BC0443

.......................................

3.50 12/1/45

Fannie

Mae,

Pool

#MA3906

.......................................

3.50 1/1/50

Fannie

Mae,

Pool

#MA3243

.......................................

3.50 1/1/38

Fannie

Mae,

Pool

#BC2926

.......................................

3.50 3/1/46

Fannie

Mae,

Pool

#MA2706

.......................................

3.50 8/1/46

Fannie

Mae,

Pool

#AS6394

........................................

3.50 12/1/45

Fannie

Mae,

Pool

#AS7491

........................................

3.50 7/1/46

Fannie

Mae,

Pool

#AS7388

........................................

3.50 6/1/46

Fannie

Mae,

Pool

#AL1717

.......................................

3.50 5/1/27

Fannie

Mae,

Pool

#MA3637

.......................................

3.50 4/1/49

Fannie

Mae,

Pool

#BP1947

........................................

3.50 4/1/50

Fannie

Mae,

Pool

#BM4703

.......................................

3.50 2/1/48

Fannie

Mae,

Pool

#MA3692

.......................................

3.50 7/1/49

Fannie

Mae,

Pool

#FM1911

.......................................

3.50 7/1/48

Fannie

Mae,

Pool

#AQ0546

.......................................

3.50 11/1/42

Fannie

Mae,

Pool

#MA3057

.......................................

3.50 7/1/47

Fannie

Mae,

Pool

#MA3835

.......................................

3.50 11/1/49

Fannie

Mae,

Pool

#MA3305

.......................................

3.50 3/1/48

Fannie

Mae,

Pool

#BJ4916

........................................

3.50 3/1/48

Fannie

Mae,

Pool

#BM5485

.......................................

3.50 2/1/49

Fannie

Mae,

Pool

#BM2000

.......................................

3.50 5/1/47

Fannie

Mae,

Pool

#BA1893

.......................................

3.50 8/1/45

Fannie

Mae,

Pool

#FM1001

.......................................

3.50 11/1/48

Fannie

Mae,

Pool

#MA2125

.......................................

3.50 12/1/44

Fannie

Mae,

Pool

#MA4600

.......................................

3.50 5/1/52

Fannie

Mae,

Pool

#MA4654

.......................................

3.50 7/1/52

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#MA3663

.......................................

3.50 5/1/49

$

Fannie

Mae,

Pool

#MA3059

.......................................

3.50 7/1/37

Fannie

Mae,

Pool

#MA3745

.......................................

3.50 8/1/49

Fannie

Mae,

Pool

#AZ0862

.......................................

3.50 7/1/45

Fannie

Mae,

Pool

#MA3520

.......................................

3.50 11/1/48

Fannie

Mae,

Pool

#BD5046

.......................................

3.50 2/1/47

Fannie

Mae,

Pool

#CA4026

.......................................

3.50 5/1/49

Fannie

Mae,

Pool

#MA3026

.......................................

3.50 6/1/47

Fannie

Mae,

Pool

#FM0020

.......................................

3.50 7/1/49

Fannie

Mae,

Pool

#MA3210

.......................................

3.50 12/1/47

Fannie

Mae,

Pool

#MA1980

.......................................

3.50 8/1/44

Fannie

Mae,

Pool

#AS9831

........................................

4.00 6/1/47

Fannie

Mae,

Pool

#MA3615

.......................................

4.00 3/1/49

Fannie

Mae,

Pool

#MA3638

.......................................

4.00 4/1/49

Fannie

Mae,

Pool

#MA3592

.......................................

4.00 2/1/49

Fannie

Mae,

Pool

#AS8532

........................................

4.00 12/1/46

Fannie

Mae,

Pool

#CA0183

.......................................

4.00 8/1/47

Fannie

Mae,

Pool

#CA2316

.......................................

4.00 7/1/48

Fannie

Mae,

Pool

#MA3521

.......................................

4.00 11/1/48

Fannie

Mae,

Pool

#FM0021

.......................................

4.00 3/1/49

Fannie

Mae,

Pool

#AO2959

.......................................

4.00 5/1/42

Fannie

Mae,

Pool

#BM4991

.......................................

4.00 9/1/48

Fannie

Mae,

Pool

#MA2995

.......................................

4.00 5/1/47

Fannie

Mae,

Pool

#AS7600

........................................

4.00 7/1/46

Fannie

Mae,

Pool

#BK7943

.......................................

4.00 11/1/48

Fannie

Mae,

Pool

#BK0920

.......................................

4.00 7/1/48

Fannie

Mae,

Pool

#MA3121

.......................................

4.00 9/1/47

Fannie

Mae,

Pool

#BN0334

.......................................

4.00 12/1/48

Fannie

Mae,

Pool

#AS3468

........................................

4.00 10/1/44

Fannie

Mae,

Pool

#MA5643

.......................................

4.00 3/1/55

Fannie

Mae,

Pool

#AS3467

........................................

4.00 10/1/44

Fannie

Mae,

Pool

#AH6242

.......................................

4.00 4/1/26

Fannie

Mae,

Pool

#AX0841

.......................................

4.00 9/1/44

Fannie

Mae,

Pool

#MA5127

.......................................

4.00 8/1/53

Fannie

Mae,

Pool

#BN6677

.......................................

4.00 6/1/49

Fannie

Mae,

Pool

#MA3183

.......................................

4.00 11/1/47

Fannie

Mae,

Pool

#AU8849

.......................................

4.00 11/1/43

Fannie

Mae,

Pool

#FM1415

.......................................

4.00 12/1/48

Fannie

Mae,

Pool

#BK0909

.......................................

4.00 7/1/48

Fannie

Mae,

Pool

#MA2415

.......................................

4.00 10/1/45

Fannie

Mae,

Pool

#MA3563

.......................................

4.00 1/1/49

Fannie

Mae,

Pool

#AS9314

........................................

4.00 3/1/47

Fannie

Mae,

Pool

#MA4732

.......................................

4.00 9/1/52

Fannie

Mae,

Pool

#AS8823

........................................

4.00 2/1/47

Fannie

Mae,

Pool

#MA3277

.......................................

4.00 2/1/48

Fannie

Mae,

Pool

#MA3746

.......................................

4.00 8/1/49

Fannie

Mae,

Pool

#AZ7362

.......................................

4.00 11/1/45

Fannie

Mae,

Pool

#BM2002

.......................................

4.00 10/1/47

Fannie

Mae,

Pool

#MA3804

.......................................

4.00 10/1/49

Fannie

Mae,

Pool

#AS7558

........................................

4.00 7/1/46

Fannie

Mae,

Pool

#BM1066

.......................................

4.00 2/1/47

Fannie

Mae,

Pool

#FM1960

.......................................

4.00 5/1/49

Fannie

Mae,

Pool

#BD7060

.......................................

4.00 3/1/47

Fannie

Mae,

Pool

#FM1571

.......................................

4.00 12/1/48

Fannie

Mae,

Pool

#CA0623

.......................................

4.50 10/1/47

—

Fannie

Mae,

Pool

#930998

........................................

4.50 4/1/29

—

Fannie

Mae,

Pool

#AS9394

........................................

4.50 4/1/47

Fannie

Mae,

Pool

#BV7928

.......................................

4.50 8/1/52

Fannie

Mae,

Pool

#MA3747

.......................................

4.50 8/1/49

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#BM3286

.......................................

4.50 11/1/47

$

Fannie

Mae,

Pool

#BN4309

.......................................

4.50 1/1/49

Fannie

Mae,

Pool

#AE0954

.......................................

4.50 2/1/41

Fannie

Mae,

Pool

#MA3537

.......................................

4.50 12/1/48

Fannie

Mae,

Pool

#BK6328

.......................................

4.50 6/1/48

Fannie

Mae,

Pool

#MA3184

.......................................

4.50 11/1/47

Fannie

Mae,

Pool

#BK4850

.......................................

4.50 5/1/48

Fannie

Mae,

Pool

#AE0217

.......................................

4.50 8/1/40

Fannie

Mae,

Pool

#CA1711

.......................................

4.50 5/1/48

Fannie

Mae,

Pool

#MA3639

.......................................

4.50 4/1/49

Fannie

Mae,

Pool

#AS2751

........................................

4.50 6/1/44

Fannie

Mae,

Pool

#MA4761

.......................................

5.00 9/1/52

Fannie

Mae,

Pool

#MA5585

.......................................

5.00 1/1/55

Fannie

Mae,

Pool

#MA5071

.......................................

5.00 7/1/53

Fannie

Mae,

Pool

#725238

........................................

5.00 3/1/34

Fannie

Mae,

Pool

#725027

........................................

5.00 11/1/33

Fannie

Mae,

Pool

#889117

........................................

5.00 10/1/35

Fannie

Mae,

Pool

#BM3904

.......................................

5.00 5/1/48

Fannie

Mae,

Pool

#MA5496

.......................................

5.00 10/1/54

Fannie

Mae,

Pool

#890603

........................................

5.00 8/1/41

Fannie

Mae,

Pool

#MA5164

.......................................

5.00 10/1/53

Fannie

Mae,

Pool

#MA5470

.......................................

5.50 9/1/54

Fannie

Mae,

Pool

#MA5138

.......................................

5.50 9/1/53

Fannie

Mae,

Pool

#FS4840

........................................

5.50 5/1/53

Fannie

Mae,

Pool

#MA5563

.......................................

5.50 12/1/44

Fannie

Mae,

Pool

#FA1252

........................................

5.50 4/1/55

Fannie

Mae,

Pool

#MA5107

.......................................

5.50 8/1/53

Fannie

Mae,

Pool

#FS3360

........................................

5.50 12/1/52

Fannie

Mae,

Pool

#FA0608

........................................

5.50 2/1/55

Fannie

Mae,

Pool

#MA5010

.......................................

5.50 5/1/53

Fannie

Mae,

Pool

#MA5072

.......................................

5.50 7/1/53

Fannie

Mae,

Pool

#890221

........................................

5.50 12/1/33

Fannie

Mae,

Pool

#MA5215

.......................................

5.50 12/1/53

Fannie

Mae,

Pool

#CB9991

.......................................

6.00 2/1/55

Fannie

Mae,

Pool

#CB8916

.......................................

6.00 7/1/54

Fannie

Mae,

Pool

#CB9160

.......................................

6.00 9/1/54

Fannie

Mae,

Pool

#CC0405

.......................................

6.00 5/1/55

Fannie

Mae,

Pool

#MA5166

.......................................

6.00 10/1/53

Fannie

Mae,

Pool

#MA5498

.......................................

6.00 10/1/54

Fannie

Mae,

Pool

#MA5073

.......................................

6.00 7/1/53

Fannie

Mae,

Pool

#CB8854

.......................................

6.00 7/1/54

Fannie

Mae,

Pool

#959451

........................................

6.00 12/1/37

Fannie

Mae,

Pool

#MA5191

.......................................

6.00 11/1/53

Fannie

Mae,

Pool

#MA5247

.......................................

6.00 1/1/54

Fannie

Mae,

Pool

#MA5389

.......................................

6.00 6/1/54

Fannie

Mae,

Pool

#MA5217

.......................................

6.50 12/1/53

Fannie

Mae,

Pool

#MA5472

.......................................

6.50 9/1/54

Fannie

Mae,

Pool

#MA5422

.......................................

6.50 7/1/54

Fannie

Mae,

Pool

#MA5631

.......................................

6.50 2/1/55

Fannie

Mae,

Pool

#CB7651

.......................................

6.50 12/1/53

Fannie

Mae,

YR

TBA

.........................................

1.50 10/25/40

Fannie

Mae,

YR

TBA

.........................................

4.00 10/25/40

Fannie

Mae,

YR

TBA

.........................................

4.50 10/25/40

Fannie

Mae,

YR

TBA

.........................................

5.00 10/25/40

Fannie

Mae,

YR

TBA

.........................................

5.50 10/25/40

Fannie

Mae,

YR

TBA

.........................................

1.50 10/25/55

Fannie

Mae,

YR

TBA

.........................................

2.00 10/25/55

Fannie

Mae,

YR

TBA

.........................................

2.50 10/25/55

Fannie

Mae,

YR

TBA

.........................................

3.00 10/25/55

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

YR

TBA

.........................................

3.50 10/25/55

$

Fannie

Mae,

YR

TBA

.........................................

4.00 10/25/55

Fannie

Mae,

YR

TBA

.........................................

4.50 10/25/55

Fannie

Mae,

YR

TBA

.........................................

5.00 10/25/55

Fannie

Mae,

YR

TBA

.........................................

5.50 11/25/55

Fannie

Mae,

YR

TBA

.........................................

5.50 10/25/55

Fannie

Mae,

YR

TBA

.........................................

6.00 11/25/55

Fannie

Mae,

YR

TBA

.........................................

6.00 10/25/55

Fannie

Mae,

YR

TBA

.........................................

6.50 11/25/55

Fannie

Mae,

YR

TBA

.........................................

6.50 10/25/55

Fannie

Mae,

YR

TBA

.........................................

7.00 10/25/55

Freddie

Mac,

Pool

#SB8088

.......................................

1.50 2/1/36

Freddie

Mac,

Pool

#RB5110

.......................................

1.50 5/1/41

Freddie

Mac,

Pool

#SB8097

.......................................

1.50 4/1/36

Freddie

Mac,

Pool

#QC0962

.......................................

1.50 4/1/51

Freddie

Mac,

Pool

#SD8154

.......................................

1.50 7/1/51

Freddie

Mac,

Pool

#SB8144

.......................................

1.50 3/1/37

Freddie

Mac,

Pool

#QN9521

.......................................

1.50 2/1/37

Freddie

Mac,

Pool

#QD5748

.......................................

2.00 2/1/52

Freddie

Mac,

Pool

#QC3697

.......................................

2.00 6/1/51

Freddie

Mac,

Pool

#QC0423

.......................................

2.00 4/1/51

Freddie

Mac,

Pool

#SB8510

.......................................

2.00 2/1/36

Freddie

Mac,

Pool

#SD8146

.......................................

2.00 5/1/51

Freddie

Mac,

Pool

#SD7537

.......................................

2.00 3/1/51

Freddie

Mac,

Pool

#SD8098

.......................................

2.00 10/1/50

Freddie

Mac,

Pool

#RA3328

.......................................

2.00 8/1/50

Freddie

Mac,

Pool

#RA4214

.......................................

2.00 12/1/50

Freddie

Mac,

Pool

#QB3926

.......................................

2.00 10/1/50

Freddie

Mac,

Pool

#SD8113

.......................................

2.00 12/1/50

Freddie

Mac,

Pool

#QC7473

.......................................

2.00 9/1/51

Freddie

Mac,

Pool

#SD8172

.......................................

2.00 10/1/51

Freddie

Mac,

Pool

#QD1254

.......................................

2.00 11/1/51

Freddie

Mac,

Pool

#SB8115

.......................................

2.00 8/1/36

Freddie

Mac,

Pool

#RA3575

.......................................

2.00 9/1/50

Freddie

Mac,

Pool

#RB5114

.......................................

2.00 6/1/41

Freddie

Mac,

Pool

#QB6893

.......................................

2.00 12/1/50

Freddie

Mac,

Pool

#SD8121

.......................................

2.00 1/1/51

Freddie

Mac,

Pool

#RA5155

.......................................

2.00 5/1/51

Freddie

Mac,

Pool

#SD8079

.......................................

2.00 7/1/50

Freddie

Mac,

Pool

#SB8128

.......................................

2.00 11/1/36

Freddie

Mac,

Pool

#RB5121

.......................................

2.00 8/1/41

Freddie

Mac,

Pool

#RB5095

.......................................

2.00 1/1/41

Freddie

Mac,

Pool

#SB8079

.......................................

2.00 12/1/35

Freddie

Mac,

Pool

#SD8188

.......................................

2.00 1/1/52

Freddie

Mac,

Pool

#SD8128

.......................................

2.00 2/1/51

Freddie

Mac,

Pool

#RA3205

.......................................

2.00 8/1/50

Freddie

Mac,

Pool

#QC3597

.......................................

2.00 6/1/51

Freddie

Mac,

Pool

#SB8061

.......................................

2.00 9/1/35

Freddie

Mac,

Pool

#SD8199

.......................................

2.00 3/1/52

Freddie

Mac,

Pool

#SD8160

.......................................

2.00 8/1/51

Freddie

Mac,

Pool

#SD8193

.......................................

2.00 2/1/52

Freddie

Mac,

Pool

#RA5040

.......................................

2.00 4/1/51

Freddie

Mac,

Pool

#QB7708

.......................................

2.00 1/1/51

Freddie

Mac,

Pool

#RA5257

.......................................

2.00 5/1/51

Freddie

Mac,

Pool

#SD8177

.......................................

2.00 11/1/51

Freddie

Mac,

Pool

#QC1333

.......................................

2.00 5/1/51

Freddie

Mac,

Pool

#SB8107

.......................................

2.00 6/1/36

Freddie

Mac,

Pool

#RC1727

.......................................

2.00 12/1/35

Freddie

Mac,

Pool

#SB8045

.......................................

2.50 5/1/35

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac,

Pool

#RA2897

.......................................

2.50 6/1/50

$

Freddie

Mac,

Pool

#RA4527

.......................................

2.50 2/1/51

Freddie

Mac,

Pool

#QC2031

.......................................

2.50 5/1/51

Freddie

Mac,

Pool

#SD8122

.......................................

2.50 1/1/51

Freddie

Mac,

Pool

#RA5832

.......................................

2.50 9/1/51

Freddie

Mac,

Pool

#SD8151

.......................................

2.50 6/1/51

Freddie

Mac,

Pool

#SB0301

.......................................

2.50 4/1/35

Freddie

Mac,

Pool

#RA2643

.......................................

2.50 6/1/50

Freddie

Mac,

Pool

#SD8083

.......................................

2.50 8/1/50

Freddie

Mac,

Pool

#QE2352

.......................................

2.50 5/1/52

Freddie

Mac,

Pool

#SD8114

.......................................

2.50 12/1/50

Freddie

Mac,

Pool

#QB3287

.......................................

2.50 8/1/50

Freddie

Mac,

Pool

#RA2595

.......................................

2.50 5/1/50

Freddie

Mac,

Pool

#QB3703

.......................................

2.50 9/1/50

Freddie

Mac,

Pool

#RA2634

.......................................

2.50 5/1/50

Freddie

Mac,

Pool

#SD8194

.......................................

2.50 2/1/52

Freddie

Mac,

Pool

#SD8147

.......................................

2.50 5/1/51

Freddie

Mac,

Pool

#RA3528

.......................................

2.50 9/1/50

Freddie

Mac,

Pool

#RA5286

.......................................

2.50 5/1/51

Freddie

Mac,

Pool

#SD8183

.......................................

2.50 12/1/51

Freddie

Mac,

Pool

#QC7457

.......................................

2.50 9/1/51

Freddie

Mac,

Pool

#RB5043

.......................................

2.50 4/1/40

Freddie

Mac,

Pool

#SD8205

.......................................

2.50 4/1/52

Freddie

Mac,

Pool

#RB5054

.......................................

2.50 6/1/40

Freddie

Mac,

Pool

#SD8189

.......................................

2.50 1/1/52

Freddie

Mac,

Pool

#SD8167

.......................................

2.50 9/1/51

Freddie

Mac,

Pool

#RA6493

.......................................

2.50 12/1/51

Freddie

Mac,

Pool

#SD8099

.......................................

2.50 10/1/50

Freddie

Mac,

Pool

#SD8129

.......................................

2.50 2/1/51

Freddie

Mac,

Pool

#RA6621

.......................................

2.50 1/1/52

Freddie

Mac,

Pool

#RA6815

.......................................

2.50 2/1/52

Freddie

Mac,

Pool

#ZS8692

.......................................

2.50 4/1/33

Freddie

Mac,

Pool

#SD1011

.......................................

2.50 4/1/52

Freddie

Mac,

Pool

#ZS4687

.......................................

2.50 11/1/46

Freddie

Mac,

Pool

#SD8141

.......................................

2.50 4/1/51

Freddie

Mac,

Pool

#RA5802

.......................................

2.50 9/1/51

Freddie

Mac,

Pool

#RA6136

.......................................

2.50 10/1/51

Freddie

Mac,

Pool

#SD8021

.......................................

2.50 9/1/49

Freddie

Mac,

Pool

#RA6019

.......................................

2.50 10/1/51

Freddie

Mac,

Pool

#ZA2304

.......................................

3.00 6/1/33

Freddie

Mac,

Pool

#SD8056

.......................................

3.00 4/1/50

Freddie

Mac,

Pool

#ZS4511

.......................................

3.00 3/1/43

Freddie

Mac,

Pool

#QA1033

.......................................

3.00 7/1/49

Freddie

Mac,

Pool

#QD9881

.......................................

3.00 3/1/52

Freddie

Mac,

Pool

#SB8046

.......................................

3.00 5/1/35

Freddie

Mac,

Pool

#SD8174

.......................................

3.00 10/1/51

Freddie

Mac,

Pool

#ZS4688

.......................................

3.00 11/1/46

Freddie

Mac,

Pool

#SD8074

.......................................

3.00 7/1/50

Freddie

Mac,

Pool

#ZS4522

.......................................

3.00 7/1/43

Freddie

Mac,

Pool

#ZS4706

.......................................

3.00 3/1/47

Freddie

Mac,

Pool

#ZS4658

.......................................

3.00 4/1/46

Freddie

Mac,

Pool

#SD8030

.......................................

3.00 12/1/49

Freddie

Mac,

Pool

#QB1382

.......................................

3.00 7/1/50

Freddie

Mac,

Pool

#QA9049

.......................................

3.00 4/1/50

Freddie

Mac,

Pool

#QA8065

.......................................

3.00 3/1/50

Freddie

Mac,

Pool

#ZS4606

.......................................

3.00 3/1/45

Freddie

Mac,

Pool

#ZM2089

.......................................

3.00 11/1/46

Freddie

Mac,

Pool

#ZA5052

.......................................

3.50 11/1/47

Freddie

Mac,

Pool

#ZS4713

.......................................

3.50 4/1/47

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac,

Pool

#RA1508

.......................................

3.50 10/1/49

$

Freddie

Mac,

Pool

#SB8007

.......................................

3.50 9/1/34

Freddie

Mac,

Pool

#ZM4908

.......................................

3.50 11/1/47

Freddie

Mac,

Pool

#SD8214

.......................................

3.50 5/1/52

Freddie

Mac,

Pool

#SD8011

.......................................

3.50 9/1/49

Freddie

Mac,

Pool

#ZS4659

.......................................

3.50 4/1/46

Freddie

Mac,

Pool

#SD8001

.......................................

3.50 7/1/49

Freddie

Mac,

Pool

#ZS4642

.......................................

3.50 12/1/45

Freddie

Mac,

Pool

#ZS4618

.......................................

3.50 6/1/45

Freddie

Mac,

Pool

#RA2469

.......................................

3.50 4/1/50

Freddie

Mac,

Pool

#ZS4599

.......................................

3.50 1/1/45

Freddie

Mac,

Pool

#ZS4651

.......................................

3.50 3/1/46

Freddie

Mac,

Pool

#ZS4771

.......................................

3.50 6/1/48

Freddie

Mac,

Pool

#SD8038

.......................................

3.50 1/1/50

Freddie

Mac,

Pool

#QE5462

.......................................

4.00 7/1/52

Freddie

Mac,

Pool

#ZS4631

.......................................

4.00 9/1/45

Freddie

Mac,

Pool

#ZL7781

.......................................

4.00 2/1/44

Freddie

Mac,

Pool

#ZA4988

.......................................

4.00 8/1/47

Freddie

Mac,

Pool

#ZT1320

.......................................

4.00 11/1/48

Freddie

Mac,

Pool

#ZT2106

.......................................

4.00 3/1/49

Freddie

Mac,

Pool

#SD0290

.......................................

4.00 4/1/50

Freddie

Mac,

Pool

#SD8070

.......................................

4.00 6/1/50

Freddie

Mac,

Pool

#SD8286

.......................................

4.00 1/1/53

Freddie

Mac,

Pool

#ZS4708

.......................................

4.00 3/1/47

Freddie

Mac,

Pool

#ZT1840

.......................................

4.00 9/1/48

Freddie

Mac,

Pool

#ZA6946

.......................................

4.00 5/1/49

Freddie

Mac,

Pool

#SD8244

.......................................

4.00 9/1/52

Freddie

Mac,

Pool

#SD8245

.......................................

4.50 9/1/52

Freddie

Mac,

Pool

#SD8306

.......................................

4.50 3/1/53

Freddie

Mac,

Pool

#SD8266

.......................................

4.50 11/1/52

Freddie

Mac,

Pool

#ZS4774

.......................................

4.50 5/1/48

Freddie

Mac,

Pool

#SD8340

.......................................

4.50 7/1/53

Freddie

Mac,

Pool

#SD8513

.......................................

4.50 3/1/55

Freddie

Mac,

Pool

#SD8361

.......................................

5.00 9/1/53

Freddie

Mac,

Pool

#SD8371

.......................................

5.00 11/1/53

Freddie

Mac,

Pool

#SD8505

.......................................

5.00 2/1/55

Freddie

Mac,

Pool

#SD8341

.......................................

5.00 7/1/53

Freddie

Mac,

Pool

#SD8315

.......................................

5.00 4/1/53

Freddie

Mac,

Pool

#SD6764

.......................................

5.00 11/1/54

Freddie

Mac,

Pool

#SD4977

.......................................

5.00 11/1/53

Freddie

Mac,

Pool

#SD8323

.......................................

5.00 5/1/53

Freddie

Mac,

Pool

#SD8288

.......................................

5.00 1/1/53

Freddie

Mac,

Pool

#SD8491

.......................................

5.00 12/1/54

Freddie

Mac,

Pool

#ZT1779

.......................................

5.00 3/1/49

Freddie

Mac,

Pool

#SD8331

.......................................

5.50 6/1/53

Freddie

Mac,

Pool

#SL0331

.......................................

5.50 2/1/55

Freddie

Mac,

Pool

#SD8300

.......................................

5.50 2/1/53

Freddie

Mac,

Pool

#SD8342

.......................................

5.50 7/1/53

Freddie

Mac,

Pool

#SD8362

.......................................

5.50 9/1/53

Freddie

Mac,

Pool

#SD8493

.......................................

5.50 12/1/54

Freddie

Mac,

Pool

#SD8431

.......................................

5.50 5/1/54

Freddie

Mac,

Pool

#SL1558

.......................................

5.50 6/1/55

Freddie

Mac,

Pool

#SD8446

.......................................

5.50 7/1/54

Freddie

Mac,

Pool

#SD8469

.......................................

5.50 10/1/54

Freddie

Mac,

Pool

#SL1542

.......................................

5.50 6/1/55

Freddie

Mac,

Pool

#SD8475

.......................................

5.50 11/1/54

Freddie

Mac,

Pool

#SD8438

.......................................

5.50 6/1/54

Freddie

Mac,

Pool

#SD8372

.......................................

5.50 11/1/53

Freddie

Mac,

Pool

#SD8421

.......................................

6.00 4/1/54

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac,

Pool

#SD8432

.......................................

6.00 5/1/54

$

Freddie

Mac,

Pool

#SD8534

.......................................

6.00 5/1/55

Freddie

Mac,

Pool

#SD8454

.......................................

6.00 8/1/54

Freddie

Mac,

Pool

#SD8325

.......................................

6.00 5/1/53

Freddie

Mac,

Pool

#SL1127

.......................................

6.00 12/1/54

Freddie

Mac,

Pool

#SD8384

.......................................

6.00 12/1/53

Freddie

Mac,

Pool

#SD8496

.......................................

6.00 1/1/55

Freddie

Mac,

Pool

#SD8363

.......................................

6.00 9/1/53

Freddie

Mac,

Pool

#SD8350

.......................................

6.00 8/1/53

Freddie

Mac,

Pool

#SD8409

.......................................

6.00 3/1/54

Freddie

Mac,

Pool

#SD8463

.......................................

6.00 9/1/54

Freddie

Mac,

Pool

#SD8373

.......................................

6.00 11/1/53

Freddie

Mac,

Pool

#SD5987

.......................................

6.50 2/1/54

Freddie

Mac,

Pool

#SD8374

.......................................

6.50 11/1/53

Freddie

Mac,

Pool

#SD8471

.......................................

6.50 10/1/54

Freddie

Mac,

Pool

#SD8397

.......................................

6.50 1/1/54

Freddie

Mac,

Pool

#SD8386

.......................................

7.00 12/1/53

Freddie

Mac

Gold,

Pool

#G07445

...................................

2.50 7/1/43

Freddie

Mac

Gold,

Pool

#G18687

...................................

2.50 5/1/33

Freddie

Mac

Gold,

Pool

#G18470

...................................

2.50 6/1/28

Freddie

Mac

Gold,

Pool

#G18485

...................................

2.50 10/1/28

Freddie

Mac

Gold,

Pool

#G18601

...................................

3.00 5/1/31

Freddie

Mac

Gold,

Pool

#J36428

....................................

3.00 2/1/32

Freddie

Mac

Gold,

Pool

#G08737

...................................

3.00 12/1/46

Freddie

Mac

Gold,

Pool

#G08803

...................................

3.00 3/1/48

Freddie

Mac

Gold,

Pool

#G18663

...................................

3.00 10/1/32

Freddie

Mac

Gold,

Pool

#G15145

...................................

3.00 7/1/29

Freddie

Mac

Gold,

Pool

#G18518

...................................

3.00 7/1/29

Freddie

Mac

Gold,

Pool

#G60989

...................................

3.00 12/1/46

Freddie

Mac

Gold,

Pool

#G08635

...................................

3.00 4/1/45

Freddie

Mac

Gold,

Pool

#G61680

...................................

3.00 4/1/47

Freddie

Mac

Gold,

Pool

#G08554

...................................

3.50 10/1/43

Freddie

Mac

Gold,

Pool

#Q43933

...................................

3.50 10/1/46

Freddie

Mac

Gold,

Pool

#G08636

...................................

3.50 4/1/45

—

Freddie

Mac

Gold,

Pool

#J14069

....................................

3.50 1/1/26

—

Freddie

Mac

Gold,

Pool

#G08698

...................................

3.50 3/1/46

Freddie

Mac

Gold,

Pool

#G61148

...................................

3.50 9/1/47

Freddie

Mac

Gold,

Pool

#G08687

...................................

3.50 1/1/46

Freddie

Mac

Gold,

Pool

#G08620

...................................

3.50 12/1/44

Freddie

Mac

Gold,

Pool

#G08770

...................................

3.50 7/1/47

Freddie

Mac

Gold,

Pool

#G08761

...................................

3.50 5/1/47

Freddie

Mac

Gold,

Pool

#G08627

...................................

3.50 2/1/45

Freddie

Mac

Gold,

Pool

#G08784

...................................

3.50 10/1/47

Freddie

Mac

Gold,

Pool

#J30284

....................................

3.50 11/1/29

Freddie

Mac

Gold,

Pool

#V83453

...................................

3.50 10/1/47

Freddie

Mac

Gold,

Pool

#Q57871

...................................

3.50 8/1/48

Freddie

Mac

Gold,

Pool

#G08775

...................................

4.00 8/1/47

Freddie

Mac

Gold,

Pool

#G08567

...................................

4.00 1/1/44

Freddie

Mac

Gold,

Pool

#C91395

...................................

4.00 9/1/31

Freddie

Mac

Gold,

Pool

#G08771

...................................

4.00 7/1/47

Freddie

Mac

Gold,

Pool

#G08801

...................................

4.00 2/1/48

Freddie

Mac

Gold,

Pool

#A96286

...................................

4.00 1/1/41

Freddie

Mac

Gold,

Pool

#G08606

...................................

4.00 9/1/44

Freddie

Mac

Gold,

Pool

#Q58217

...................................

4.50 9/1/48

Freddie

Mac

Gold,

Pool

#G01890

...................................

4.50 10/1/35

Freddie

Mac

Gold,

Pool

#Q52321

...................................

4.50 11/1/47

Freddie

Mac

Gold,

Pool

#C09059

...................................

4.50 3/1/44

Freddie

Mac

Gold,

Pool

#G08781

...................................

4.50 9/1/47

Freddie

Mac

Gold,

Pool

#A97692

...................................

4.50 3/1/41

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac

Gold,

Pool

#G01962

...................................

5.00 12/1/35

$

Freddie

Mac

Gold,

Pool

#G05904

...................................

5.00 9/1/39

Freddie

Mac

Gold,

Pool

#G08838

...................................

5.00 9/1/48

Freddie

Mac

Gold,

Pool

#G04817

...................................

5.00 9/1/38

Freddie

Mac

Gold,

Pool

#G01665

...................................

5.50 3/1/34

Freddie

Mac

Gold,

Pool

#G02794

...................................

6.00 5/1/37

—

Freddie

Mac

Gold,

Pool

#C90989

...................................

6.00 9/1/26

—

Government

National

Mortgage

Association,

Pool

#MA7311

................

2.00 4/20/51

Government

National

Mortgage

Association,

Pool

#MA7935

................

2.00 3/20/52

Government

National

Mortgage

Association,

Pool

#MA7588

................

2.00 9/20/51

Government

National

Mortgage

Association,

Pool

#MA7826

................

2.00 1/20/52

Government

National

Mortgage

Association,

Pool

#MA7880

................

2.00 2/20/52

Government

National

Mortgage

Association,

Pool

#MA8041

................

2.00 5/20/52

Government

National

Mortgage

Association,

Pool

#MA7704

................

2.00 11/20/51

Government

National

Mortgage

Association,

Pool

#MA7254

................

2.00 3/20/51

Government

National

Mortgage

Association,

Pool

#MA7366

................

2.00 5/20/51

Government

National

Mortgage

Association,

Pool

#MA7471

................

2.00 7/20/51

Government

National

Mortgage

Association,

Pool

#MA6994

................

2.00 11/20/50

Government

National

Mortgage

Association,

Pool

#MA7986

................

2.00 4/20/52

Government

National

Mortgage

Association,

Pool

#MA7051

................

2.00 12/20/50

Government

National

Mortgage

Association,

Pool

#MA7135

................

2.00 1/20/51

Government

National

Mortgage

Association,

Pool

#MA7417

................

2.00 6/20/51

Government

National

Mortgage

Association,

Pool

#MA6864

................

2.00 9/20/50

Government

National

Mortgage

Association,

Pool

#MA7766

................

2.00 12/20/51

Government

National

Mortgage

Association,

Pool

#MA6930

................

2.00 10/20/50

Government

National

Mortgage

Association,

Pool

#MA7193

................

2.50 2/20/51

Government

National

Mortgage

Association,

Pool

#MA6655

................

2.50 5/20/50

Government

National

Mortgage

Association,

Pool

#MA7589

................

2.50 9/20/51

Government

National

Mortgage

Association,

Pool

#MA7936

................

2.50 3/20/52

Government

National

Mortgage

Association,

Pool

#MA6540

................

2.50 3/20/50

Government

National

Mortgage

Association,

Pool

#MA6819

................

2.50 8/20/50

Government

National

Mortgage

Association,

Pool

#MA1155

................

2.50 7/20/43

Government

National

Mortgage

Association,

Pool

#MA6865

................

2.50 9/20/50

Government

National

Mortgage

Association,

Pool

#MA7136

................

2.50 1/20/51

Government

National

Mortgage

Association,

Pool

#MA7534

................

2.50 8/20/51

Government

National

Mortgage

Association,

Pool

#MA6931

................

2.50 10/20/50

Government

National

Mortgage

Association,

Pool

#MA8042

................

2.50 5/20/52

Government

National

Mortgage

Association,

Pool

#MA7767

................

2.50 12/20/51

Government

National

Mortgage

Association,

Pool

#MA4355

................

2.50 4/20/32

Government

National

Mortgage

Association,

Pool

#MA7312

................

2.50 4/20/51

Government

National

Mortgage

Association,

Pool

#MA6995

................

2.50 11/20/50

Government

National

Mortgage

Association,

Pool

#MA7649

................

2.50 10/20/51

Government

National

Mortgage

Association,

Pool

#AA8341

................

2.50 2/15/28

Government

National

Mortgage

Association,

Pool

#MA7255

................

2.50 3/20/51

Government

National

Mortgage

Association,

Pool

#MA7418

................

2.50 6/20/51

Government

National

Mortgage

Association,

Pool

#MA7472

................

2.50 7/20/51

Government

National

Mortgage

Association,

Pool

#MA6709

................

2.50 6/20/50

Government

National

Mortgage

Association,

Pool

#MA1011

................

3.00 5/20/43

Government

National

Mortgage

Association,

Pool

#MA3596

................

3.00 4/20/46

Government

National

Mortgage

Association,

Pool

#MA6218

................

3.00 10/20/49

Government

National

Mortgage

Association,

Pool

#MA4126

................

3.00 12/20/46

Government

National

Mortgage

Association,

Pool

#MA8098

................

3.00 6/20/52

Government

National

Mortgage

Association,

Pool

#MA3936

................

3.00 9/20/46

Government

National

Mortgage

Association,

Pool

#MA3662

................

3.00 5/20/46

Government

National

Mortgage

Association,

Pool

#MA4195

................

3.00 1/20/47

Government

National

Mortgage

Association,

Pool

#MA3735

................

3.00 6/20/46

Government

National

Mortgage

Association,

Pool

#MA4003

................

3.00 10/20/46

Government

National

Mortgage

Association,

Pool

#MA4899

................

3.00 12/20/47

Government

National

Mortgage

Association,

Pool

#MA2960

................

3.00 7/20/45

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Government

National

Mortgage

Association,

Pool

#MA6599

................

3.00 4/20/50

$

Government

National

Mortgage

Association,

Pool

#MA5018

................

3.00 2/20/48

Government

National

Mortgage

Association,

Pool

#MA3802

................

3.00 7/20/46

Government

National

Mortgage

Association,

Pool

#MA3243

................

3.00 11/20/45

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

#MA6710

................

3.00 6/20/50

Government

National

Mortgage

Association,

Pool

#MA6820

................

3.00 8/20/50

Government

National

Mortgage

Association,

Pool

#MA6089

................

3.00 8/20/49

Government

National

Mortgage

Association,

Pool

#MA0851

................

3.00 3/20/43

Government

National

Mortgage

Association,

Pool

#MA6656

................

3.00 5/20/50

Government

National

Mortgage

Association,

Pool

#MA4836

................

3.00 11/20/47

Government

National

Mortgage

Association,

Pool

#MA7828

................

3.00 1/20/52

Government

National

Mortgage

Association,

Pool

#MA4068

................

3.00 11/20/46

Government

National

Mortgage

Association,

Pool

#MA6474

................

3.00 2/20/50

Government

National

Mortgage

Association,

Pool

#MA4320

................

3.00 3/20/47

Government

National

Mortgage

Association,

Pool

#MA2520

................

3.00 1/20/45

Government

National

Mortgage

Association,

Pool

#MA6338

................

3.00 12/20/49

Government

National

Mortgage

Association,

Pool

#MA6409

................

3.00 1/20/50

Government

National

Mortgage

Association,

Pool

#MA3873

................

3.00 8/20/46

Government

National

Mortgage

Association,

Pool

#MA3375

................

3.00 1/20/46

Government

National

Mortgage

Association,

Pool

#AA5897

................

3.00 12/15/42

Government

National

Mortgage

Association,

Pool

#MA0205

................

3.00 7/20/27

Government

National

Mortgage

Association,

Pool

#MA4261

................

3.00 2/20/47

Government

National

Mortgage

Association,

Pool

#MA5815

................

3.00 3/20/49

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

#MA4837

................

3.50 11/20/47

Government

National

Mortgage

Association,

Pool

#MA3310

................

3.50 12/20/45

Government

National

Mortgage

Association,

Pool

#MA6339

................

3.50 12/20/49

Government

National

Mortgage

Association,

Pool

#MA2961

................

3.50 7/20/45

Government

National

Mortgage

Association,

Pool

#MA3597

................

3.50 4/20/46

Government

National

Mortgage

Association,

Pool

#MA3173

................

3.50 10/20/45

Government

National

Mortgage

Association,

Pool

#MA3736

................

3.50 6/20/46

Government

National

Mortgage

Association,

Pool

#MA3244

................

3.50 11/20/45

Government

National

Mortgage

Association,

Pool

#AB9211

................

3.50 11/15/42

Government

National

Mortgage

Association,

Pool

#MA4382

................

3.50 4/20/47

Government

National

Mortgage

Association,

Pool

#MA2371

................

3.50 11/20/44

Government

National

Mortgage

Association,

Pool

#AC3938

................

3.50 1/15/43

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

#MA3454

................

3.50 2/20/46

Government

National

Mortgage

Association,

Pool

#MA4778

................

3.50 10/20/47

Government

National

Mortgage

Association,

Pool

#MA3376

................

3.50 1/20/46

Government

National

Mortgage

Association,

Pool

#MA3105

................

3.50 9/20/45

Government

National

Mortgage

Association,

Pool

#MA1574

................

3.50 1/20/29

Government

National

Mortgage

Association,

Pool

#MA4127

................

3.50 12/20/46

Government

National

Mortgage

Association,

Pool

#MA1157

................

3.50 7/20/43

Government

National

Mortgage

Association,

Pool

#MA4652

................

3.50 8/20/47

Government

National

Mortgage

Association,

Pool

#MA4586

................

3.50 7/20/47

Government

National

Mortgage

Association,

Pool

#MA8199

................

3.50 8/20/52

Government

National

Mortgage

Association,

Pool

#MA5875

................

3.50 4/20/49

Government

National

Mortgage

Association,

Pool

#MA4510

................

3.50 6/20/47

Government

National

Mortgage

Association,

Pool

#MA6219

................

3.50 10/20/49

Government

National

Mortgage

Association,

Pool

#MA5762

................

3.50 2/20/49

Government

National

Mortgage

Association,

Pool

#MA4004

................

3.50 10/20/46

Government

National

Mortgage

Association,

Pool

#MA5019

................

3.50 2/20/48

Government

National

Mortgage

Association,

Pool

#MA0699

................

3.50 1/20/43

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Government

National

Mortgage

Association,

Pool

#MA5191

................

3.50 5/20/48

$

Government

National

Mortgage

Association,

Pool

#MA5595

................

4.00 11/20/48

Government

National

Mortgage

Association,

Pool

#MA1996

................

4.00 6/20/44

Government

National

Mortgage

Association,

Pool

#MA1091

................

4.00 6/20/43

Government

National

Mortgage

Association,

Pool

#MA5876

................

4.00 4/20/49

Government

National

Mortgage

Association,

Pool

#MA4511

................

4.00 6/20/47

Government

National

Mortgage

Association,

Pool

#MA5986

................

4.00 6/20/49

Government

National

Mortgage

Association,

Pool

#MA8200

................

4.00 8/20/52

Government

National

Mortgage

Association,

Pool

#MA5651

................

4.00 12/20/48

Government

National

Mortgage

Association,

Pool

#MA6091

................

4.00 8/20/49

Government

National

Mortgage

Association,

Pool

#MA4653

................

4.00 8/20/47

Government

National

Mortgage

Association,

Pool

#MA3377

................

4.00 1/20/46

Government

National

Mortgage

Association,

Pool

#MA9962

................

4.00 10/20/54

Government

National

Mortgage

Association,

Pool

#MA5710

................

4.00 1/20/49

Government

National

Mortgage

Association,

Pool

#MA3245

................

4.00 11/20/45

Government

National

Mortgage

Association,

Pool

#MA4263

................

4.00 2/20/47

Government

National

Mortgage

Association,

Pool

#MA5466

................

4.00 9/20/48

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

#MA9302

................

4.00 11/20/53

Government

National

Mortgage

Association,

Pool

#MA8488

................

4.00 12/20/52

Government

National

Mortgage

Association,

Pool

#MA3737

................

4.00 6/20/46

Government

National

Mortgage

Association,

Pool

#MA6040

................

4.00 7/20/49

Government

National

Mortgage

Association,

Pool

#MA5987

................

4.50 6/20/49

Government

National

Mortgage

Association,

Pool

#MA8877

................

4.50 5/20/53

Government

National

Mortgage

Association,

Pool

#721760

.................

4.50 8/15/40

Government

National

Mortgage

Association,

Pool

#MA9486

................

4.50 2/20/54

Government

National

Mortgage

Association,

Pool

#MA8724

................

4.50 3/20/53

Government

National

Mortgage

Association,

Pool

#MA4721

................

4.50 9/20/47

Government

National

Mortgage

Association,

Pool

#MA5596

................

4.50 11/20/48

Government

National

Mortgage

Association,

Pool

#MB0090

................

4.50 12/20/54

Government

National

Mortgage

Association,

Pool

#4801

..................

4.50 9/20/40

Government

National

Mortgage

Association,

Pool

#MA1762

................

4.50 3/20/44

Government

National

Mortgage

Association,

Pool

#MA5399

................

4.50 8/20/48

Government

National

Mortgage

Association,

Pool

#MA5818

................

4.50 3/20/49

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

#MA2373

................

4.50 11/20/44

Government

National

Mortgage

Association,

Pool

#MA5193

................

4.50 5/20/48

Government

National

Mortgage

Association,

Pool

#MA9849

................

4.50 8/20/54

Government

National

Mortgage

Association,

Pool

#MB0025

................

5.00 11/20/54

Government

National

Mortgage

Association,

Pool

#697946

.................

5.00 3/15/39

Government

National

Mortgage

Association,

Pool

#MA9016

................

5.00 7/20/53

Government

National

Mortgage

Association,

Pool

#MA9170

................

5.00 9/20/53

Government

National

Mortgage

Association,

Pool

#MB0146

................

5.00 1/20/55

Government

National

Mortgage

Association,

Pool

#MA5988

................

5.00 6/20/49

Government

National

Mortgage

Association,

Pool

#MA8428

................

5.00 11/20/52

Government

National

Mortgage

Association,

Pool

#MA8800

................

5.00 4/20/53

Government

National

Mortgage

Association,

Pool

#MA5530

................

5.00 10/20/48

Government

National

Mortgage

Association,

Pool

#MB0204

................

5.00 2/20/55

Government

National

Mortgage

Association,

Pool

#MB0307

................

5.00 4/20/55

Government

National

Mortgage

Association,

Pool

#MA5653

................

5.00 12/20/48

Government

National

Mortgage

Association,

Pool

#4559

..................

5.00 10/20/39

Government

National

Mortgage

Association,

Pool

#MA5933

................

5.00 5/20/49

Government

National

Mortgage

Association,

Pool

#MB0259

................

5.50 3/20/55

Government

National

Mortgage

Association,

Pool

#MA9305

................

5.50 11/20/53

Government

National

Mortgage

Association,

Pool

#MB0424

................

5.50 6/20/55

Government

National

Mortgage

Association,

Pool

#MA9488

................

5.50 2/20/54

Government

National

Mortgage

Association,

Pool

#MA9668

................

5.50 5/20/54

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Government

National

Mortgage

Association,

Pool

#MA9017

................

5.50 7/20/53

$

Government

National

Mortgage

Association,

Pool

#MA9362

................

5.50 12/20/53

Government

National

Mortgage

Association,

Pool

#MA9965

................

5.50 10/20/54

Government

National

Mortgage

Association,

Pool

#MA9541

................

5.50 3/20/54

Government

National

Mortgage

Association,

Pool

#MB0308

................

5.50 4/20/55

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

#MA9852

................

6.00 8/20/54

Government

National

Mortgage

Association,

Pool

#MA9907

................

6.00 9/20/54

Government

National

Mortgage

Association,

Pool

#MA9018

................

6.00 7/20/53

Government

National

Mortgage

Association,

Pool

#MA9542

................

6.00 3/20/54

Government

National

Mortgage

Association,

Pool

#MA9424

................

6.00 1/20/54

Government

National

Mortgage

Association,

Pool

#MB0148

................

6.00 1/20/55

Government

National

Mortgage

Association,

Pool

#MA9966

................

6.00 10/20/54

Government

National

Mortgage

Association,

Pool

#MA9727

................

6.50 6/20/54

Government

National

Mortgage

Association,

YR

TBA

..................

2.00 10/20/55

Government

National

Mortgage

Association,

YR

TBA

..................

2.50 10/20/55

Government

National

Mortgage

Association,

YR

TBA

..................

3.00 10/20/55

Government

National

Mortgage

Association,

YR

TBA

..................

3.50 10/20/55

Government

National

Mortgage

Association,

YR

TBA

..................

4.50 11/20/55

Government

National

Mortgage

Association,

YR

TBA

..................

5.00 10/20/55

Government

National

Mortgage

Association,

YR

TBA

..................

5.50 10/20/55

Government

National

Mortgage

Association,

YR

TBA

..................

6.00 10/20/55

Government

National

Mortgage

Association,

YR

TBA

..................

6.00 11/20/54

Government

National

Mortgage

Association,

YR

TBA

..................

6.50 10/20/55

Government

National

Mortgage

Association,

YR

TBA

..................

7.00 10/20/55

Total

U.S.

Government

Agency

Mortgages

(cost

$11,130)

................

10,232

U.S.

Government

Agency

Securities

—

0.30%

Fannie

Mae

...................................................

0.75 10/8/27

Fannie

Mae,

Callable

12/18/25

@

100.00 ..............................

0.88 12/18/26

Fannie

Mae

...................................................

5.63 7/15/37

Fannie

Mae

...................................................

6.63 11/15/30

Federal

Farm

Credit

Banks

Funding

Corp.,

Callable

10/10/25

@

100.00 ........

1.55 7/26/30

Federal

Farm

Credit

Banks

Funding

Corp.

.............................

4.13 1/25/27

Federal

Farm

Credit

Banks

Funding

Corp.,

Callable

10/10/25

@

100.00 ........

5.34 3/12/35

Federal

Home

Loan

Banks,

Callable

11/26/25

@

100.00 ...................

0.90 2/26/27

Federal

Home

Loan

Banks

........................................

3.25 11/16/28

Federal

Home

Loan

Banks

........................................

4.75 4/9/27

Freddie

Mac

..................................................

0.00(b)

11/15/38

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

........................................

4.25 9/15/52

Total

U.S.

Government

Agency

Securities

(cost

$311)

...................

Corporate

Bonds

—

12.59%

AbbVie,

Inc.

(Biotechnology)

.....................................

4.40 11/6/42

AbbVie,

Inc.

(Biotechnology),

Callable

9/15/63

@

100.00 .................

5.50 3/15/64

Air

Products

and

Chemicals,

Inc.

(Chemicals),

Callable

11/15/39

@

100.00 .....

2.70 5/15/40

Alabama

Power

Co.,

Series

B

(Electric

Utilities),

Callable

6/1/47

@

100.00 .....

3.70 12/1/47

American

Express

Co.

(Consumer

Finance),

Callable

4/25/28

@

100.00 .......

4.73 (SOFR

+

bps)(c)

4/25/29

American

Express

Co.

(Consumer

Finance),

Callable

4/25/35

@

100.00 .......

5.67 (SOFR

+

bps)(c)

4/25/36

Amgen,

Inc.

(Biotechnology),

Callable

11/25/30

@

100.00 .................

2.30 2/25/31

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Corporate

Bonds

(continued)

$

Amgen,

Inc.

(Biotechnology),

Callable

12/15/50

@

100.00 .................

4.66 6/15/51

$

Amgen,

Inc.

(Biotechnology),

Callable

9/2/42

@

100.00 ..................

5.60 3/2/43

Anheuser-Busch

Cos.

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

(Beverages),

Callable

8/1/45

@

100.00 ....................................

4.90 2/1/46

Anheuser-Busch

InBev

Worldwide,

Inc.

(Beverages)

.....................

4.95 1/15/42

Apple,

Inc.

(Technology

Hardware,

Storage

&

Peripherals),

Callable

8/23/45

@

100.00 ..................................................

4.65 2/23/46

AT&T,

Inc.

(Diversified

Telecommunication

Services),

Callable

3/15/55

@

100.00 3.55 9/15/55

AT&T,

Inc.

(Diversified

Telecommunication

Services),

Callable

9/9/48

@

100.00 .

4.55 3/9/49

Atmos

Energy

Corp.

(Gas

Utilities),

Callable

7/15/42

@

100.00 .............

4.15 1/15/43

Atmos

Energy

Corp.

(Gas

Utilities)

.................................

6.75 7/15/28

Bank

of

America

Corp.

(Banks),

Callable

4/22/31

@

100.00 ................

2.69 (SOFR

+

bps)(c)

4/22/32

Bank

of

America

Corp.,

MTN

(Banks),

Callable

2/7/29

@

100.00 ...........

3.97 (TSFR3M

+

bps)(c)

2/7/30

Bank

of

America

Corp.

(Banks),

Callable

1/24/35

@

100.00 ................

5.51 (SOFR

+

bps)(c)

1/24/36

BAT

Capital

Corp.

(Tobacco),

Callable

12/25/30

@

100.00 .................

2.73 3/25/31

Berkshire

Hathaway

Energy

Co.

(Oil,

Gas

&

Consumable

Fuels),

Callable

8/1/44

@

100.00 ..................................................

4.50 2/1/45

BP

Capital

Markets

America,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

8/24/49

@

100.00 ................................................

3.00 2/24/50

Bristol-Myers

Squibb

Co.

(Pharmaceuticals),

Callable

4/26/49

@

100.00 .......

4.25 10/26/49

Brown

&

Brown,

Inc.

(Insurance),

Callable

12/17/31

@

100.00 .............

4.20 3/17/32

Brown

&

Brown,

Inc.

(Insurance),

Callable

12/15/28

@

100.00 .............

4.50 3/15/29

Bunge

Ltd.

Finance

Corp.

(Consumer

Staples

Distribution

&

Retail),

Callable

2/14/31

@

100.00 ..........................................

2.75 5/14/31

Capital

One

Financial

Corp.

(Consumer

Finance),

Callable

7/29/31

@

100.00 ...

2.36 (SOFR

+

bps)(c)

7/29/32

Capital

One

Financial

Corp.

(Consumer

Finance),

Callable

11/2/31

@

100.00 ...

2.62 (SOFR

+

bps)(c)

11/2/32

Capital

One

Financial

Corp.

(Consumer

Finance),

Callable

7/26/29

@

100.00 ...

5.46 (SOFR

+

bps)(c)

7/26/30

Capital

One

Financial

Corp.

(Consumer

Finance),

Callable

2/1/28

@

100.00 ....

5.47 (SOFR

+

bps)(c)

2/1/29

Carlisle

Cos.,

Inc.

(Building

Products),

Callable

12/1/31

@

100.00 ...........

2.20 3/1/32

CF

Industries,

Inc.

(Chemicals)

....................................

5.38 3/15/44

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

(Media),

Callable

1/1/31

@

100.00 ..............................

2.80 4/1/31

Cheniere

Energy

Partners

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

1/31/27

@

101.63 ..................................................

3.25 1/31/32

Cheniere

Energy

Partners

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

10/13/25

@

101.50 ..................................................

4.50 10/1/29

Chubb

INA

Holdings

LLC

(Insurance),

Callable

12/15/33

@

100.00 ..........

5.00 3/15/34

Citigroup,

Inc.

(Banks),

Callable

1/28/26

@

100.00 ......................

1.12 (SOFR

+

bps)(c)

1/28/27

Citigroup,

Inc.

(Banks),

Callable

3/17/32

@

100.00 ......................

3.79 (SOFR

+

bps)(c)

3/17/33

Citigroup,

Inc.

(Banks),

Callable

3/31/30

@

100.00 ......................

4.41 (SOFR

+

bps)(c)

3/31/31

Comcast

Corp.

(Media),

Callable

5/1/49

@

100.00 .......................

4.00 11/1/49

Comcast

Corp.

(Media)

..........................................

4.65 7/15/42

ConocoPhillips

Co.

(Energy

Equipment

&

Services),

Callable

11/15/52

@

100.00 5.30 5/15/53

ConocoPhillips

Co.

(Energy

Equipment

&

Services),

Callable

3/15/63

@

100.00 .

5.70 9/15/63

Consolidated

Edison

Co.

of

New

York,

Inc.

(Electric

Utilities),

Callable

9/15/43

@

100.00 ..................................................

4.45 3/15/44

Constellation

Brands,

Inc.

(Beverages),

Callable

2/1/33

@

100.00 ............

4.90 5/1/33

Constellation

Energy

Generation

LLC

(Beverages),

Callable

9/15/53

@

100.00 ..

5.75 3/15/54

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Corporate

Bonds

(continued)

$

Constellation

Energy

Generation

LLC

(Independent

Power

and

Renewable

Electricity

Producers),

Callable

10/15/33

@

100.00 ..................

6.13 1/15/34

$

COPT

Defense

Properties

LP

(Real

Estate

Management

&

Development),

Callable

11/15/28

@

100.00 .........................................

2.00 1/15/29

CSX

Corp.

(Ground

Transportation)

.................................

6.22 4/30/40

CVS

Health

Corp.

(Health

Care

Providers

&

Services),

Callable

12/25/27

@

100.00 4.30 3/25/28

CVS

Health

Corp.

(Health

Care

Providers

&

Services),

Callable

9/25/37

@

100.00 4.78 3/25/38

CVS

Health

Corp.

(Health

Care

Providers

&

Services),

Callable

1/20/45

@

100.00 5.13 7/20/45

CVS

Health

Corp.

(Health

Care

Providers

&

Services),

Callable

12/1/62

@

100.00 6.00 6/1/63

Dell

International

LLC/EMC

Corp.

(Technology

Hardware,

Storage

&

Peripherals),

Callable

11/1/34

@

100.00 ....................................

4.85 2/1/35

Dell

International

LLC/EMC

Corp.

(Technology

Hardware,

Storage

&

Peripherals),

Callable

8/1/26

@

100.00 ....................................

4.90 10/1/26

Delta

Air

Lines,

Inc.

(Passenger

Airlines),

Callable

7/28/29

@

100.00 .........

3.75 10/28/29

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

Devon

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

....................

7.88 9/30/31

Dominion

Energy,

Inc.

(Multi-Utilities),

Callable

4/15/28

@

100.00 ..........

4.60 5/15/28

DTE

Electric

Co.

(Electric

Utilities),

Callable

2/15/47

@

100.00 .............

3.75 8/15/47

DTE

Energy

Co.

(Multi-Utilities),

Callable

2/1/29

@

100.00 ...............

5.10 3/1/29

DTE

Energy

Co.

(Multi-Utilities),

Callable

3/1/34

@

100.00 ...............

5.85 6/1/34

Duke

Energy

Corp.

(Electric

Utilities),

Callable

2/15/52

@

100.00 ...........

5.00 8/15/52

EIDP,

Inc.

(Chemicals),

Callable

2/15/33

@

100.00 ......................

4.80 5/15/33

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services),

Callable

12/1/27

@

100.00 ..................................................

4.10 3/1/28

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services)

.................

4.65 1/15/43

Eli

Lilly

&

Co.

(Pharmaceuticals),

Callable

8/9/53

@

100.00 ...............

5.00 2/9/54

Energy

Transfer

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

7/15/42

@

100.00 .

4.95 1/15/43

Energy

Transfer

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

2/1/26

@

103.69 (d)

7.38 2/1/31

Enterprise

Products

Operating

LLC

(Oil,

Gas

&

Consumable

Fuels),

Callable

9/15/43

@

100.00 ..........................................

4.85 3/15/44

Federal

Express

Corp.

Pass

Through

Trusts,

Series

2020-1

(Air

Freight

&

Logistics)

1.88 2/20/34

Fiserv,

Inc.

(Financial

Services),

Callable

12/15/33

@

100.00 ...............

5.45 3/15/34

Fiserv,

Inc.

(Financial

Services),

Callable

12/2/32

@

100.00 ................

5.60 3/2/33

General

Motors

Co.

(Automobiles),

Callable

7/1/27

@

100.00 ..............

4.20 10/1/27

General

Motors

Financial

Co.,

Inc.

(Specialty

Retail),

Callable

2/6/30

@

100.00 .

5.85 4/6/30

Georgia

Power

Co.

(Electric

Utilities)

...............................

4.30 3/15/42

Gilead

Sciences,

Inc.

(Biotechnology),

Callable

8/1/44

@

100.00 ............

4.50 2/1/45

Gilead

Sciences,

Inc.

(Biotechnology),

Callable

4/15/53

@

100.00 ...........

5.55 10/15/53

HCA,

Inc.

(Health

Care

Providers

&

Services),

Callable

3/1/33

@

100.00 ......

5.50 6/1/33

HCA,

Inc.

(Health

Care

Providers

&

Services),

Callable

1/1/34

@

100.00 ......

5.60 4/1/34

HCA,

Inc.

(Health

Care

Providers

&

Services),

Callable

8/1/28

@

100.00 ......

5.88 2/1/29

HCA,

Inc.

(Health

Care

Providers

&

Services),

Callable

10/1/53

@

100.00 .....

6.00 4/1/54

Howmet

Aerospace,

Inc.

(Aerospace

&

Defense),

Callable

8/15/31

@

100.00 ....

4.85 10/15/31

Intel

Corp.

(Semiconductors

&

Semiconductor

Equipment),

Callable

6/8/47

@

100.00 ..................................................

3.73 12/8/47

Intel

Corp.

(Semiconductors

&

Semiconductor

Equipment),

Callable

11/21/33

@

100.00 ..................................................

5.15 2/21/34

International

Business

Machines

Corp.

(IT

Services)

.....................

4.00 6/20/42

International

Paper

Co.

(Containers

&

Packaging),

Callable

5/15/41

@

100.00 ...

6.00 11/15/41

JPMorgan

Chase

&

Co.

(Banks),

Callable

4/22/31

@

100.00 ................

2.58 (TSFR3M

+

bps)(c)

4/22/32

JPMorgan

Chase

&

Co.

(Banks),

Callable

1/23/34

@

100.00 ................

5.34 (SOFR

+

bps)(c)

1/23/35

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

5/1/30

@

100.00 ..

5.15 6/1/30

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

12/1/44

@

100.00 .

5.55 6/1/45

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

3/1/35

@

100.00 ..

5.85 6/1/35

Lincoln

National

Corp.

(Insurance),

Callable

10/15/30

@

100.00 ............

3.40 1/15/31

Lincoln

National

Corp.

(Insurance),

Callable

12/15/33

@

100.00 ............

5.85 3/15/34

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Corporate

Bonds

(continued)

$

Lowe's

Cos.,

Inc.

(Specialty

Retail),

Callable

1/15/33

@

100.00 .............

5.00 4/15/33

$

Lowe's

Cos.,

Inc.

(Specialty

Retail),

Callable

10/15/52

@

100.00 ............

5.63 4/15/53

Martin

Marietta

Materials,

Inc.

(Construction

Materials),

Callable

4/15/31

@

100.00 2.40 7/15/31

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment),

Callable

2/15/28

@

100.00 ..........................................

2.45 4/15/28

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment),

Callable

1/15/31

@

100.00 ..........................................

2.95 4/15/31

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment),

Callable

6/15/33

@

100.00 ..........................................

5.95 9/15/33

MetLife,

Inc.

(Insurance)

........................................

4.88 11/13/43

MetLife,

Inc.

(Insurance),

Callable

7/15/53

@

100.00 .....................

5.25 1/15/54

Microsoft

Corp.

(Software),

Callable

12/1/49

@

100.00 ...................

2.53 6/1/50

Microsoft

Corp.

(Software),

Callable

2/8/46

@

100.00 ....................

3.70 8/8/46

Mohawk

Industries,

Inc.

(Household

Durables),

Callable

2/15/30

@

100.00 .....

3.63 5/15/30

Mohawk

Industries,

Inc.

(Household

Durables),

Callable

8/18/28

@

100.00 .....

5.85 9/18/28

Morgan

Stanley,

MTN

(Capital

Markets),

Callable

1/22/30

@

100.00 .........

2.70 (SOFR

+

bps)(c)

1/22/31

Morgan

Stanley

(Capital

Markets),

Callable

1/21/32

@

100.00 ..............

2.94 (SOFR

+

bps)(c)

1/21/33

Morgan

Stanley

(Capital

Markets),

Callable

7/22/27

@

100.00 ..............

3.59 7/22/28

Morgan

Stanley

(Capital

Markets),

Callable

11/1/33

@

100.00 ..............

6.63 (SOFR

+

bps)(c)

11/1/34

Motorola

Solutions,

Inc.

(Communications

Equipment),

Callable

1/15/34

@

100.00 5.40 4/15/34

Motorola

Solutions,

Inc.

(Communications

Equipment),

Callable

3/1/32

@

100.00 5.60 6/1/32

National

Rural

Utilities

Cooperative

Finance

Corp.

(Financial

Services),

Callable

7/15/32

@

100.00 ..........................................

5.80 1/15/33

National

Rural

Utilities

Cooperative

Finance

Corp.

(Financial

Services)

.......

8.00 3/1/32

NextEra

Energy

Capital

Holdings,

Inc.

(Electric

Utilities),

Callable

11/28/32

@

100.00 ..................................................

5.05 2/28/33

NextEra

Energy

Capital

Holdings,

Inc.

(Electric

Utilities),

Callable

8/28/52

@

100.00 ..................................................

5.25 2/28/53

NiSource,

Inc.

(Multi-Utilities),

Callable

1/1/34

@

100.00 .................

5.35 4/1/34

NiSource,

Inc.

(Multi-Utilities),

Callable

10/1/54

@

100.00 ................

5.85 4/1/55

NNN

REIT,

Inc.

(Retail

REITs),

Callable

1/15/30

@

100.00 ................

2.50 4/15/30

NNN

REIT,

Inc.

(Retail

REITs),

Callable

7/15/33

@

100.00 ................

5.60 10/15/33

Northrop

Grumman

Corp.

(Aerospace

&

Defense),

Callable

4/15/47

@

100.00 ..

4.03 10/15/47

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

Oracle

Corp.

(Software),

Callable

11/15/44

@

100.00 ....................

4.13 5/15/45

Ovintiv

,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

11/2/25

@

100.00 ......

5.38 1/1/26

Philip

Morris

International,

Inc.

(Tobacco)

............................

4.50 3/20/42

Philip

Morris

International,

Inc.

(Tobacco),

Callable

11/13/33

@

100.00 .......

5.25 2/13/34

Potomac

Electric

Power

Co.

(Electric

Utilities),

Callable

9/15/42

@

100.00 .....

4.15 3/15/43

Potomac

Electric

Power

Co.

(Electric

Utilities),

Callable

9/15/53

@

100.00 .....

5.50 3/15/54

Principal

Financial

Group,

Inc.

(Insurance),

Callable

3/15/30

@

100.00 ........

2.13 6/15/30

Progress

Energy,

Inc.

(Multi-Utilities)

...............................

6.00 12/1/39

Progress

Energy,

Inc.

(Electric

Utilities)

..............................

7.75 3/1/31

Prudential

Financial,

Inc.

(Insurance)

................................

4.60 5/15/44

Prudential

Financial,

Inc.

(Insurance),

Callable

6/1/32

@

100.00 .............

6.00 (H15T5Y

+

bps)(c)

9/1/52

Prudential

Financial,

Inc.

(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

Radian

Group,

Inc.

(Financial

Services),

Callable

9/15/26

@

100.00 ..........

4.88 3/15/27

Rockwell

Collins,

Inc.

(Aerospace

&

Defense),

Callable

12/15/26

@

100.00 ....

3.50 3/15/27

Roper

Technologies,

Inc.

(Software),

Callable

3/30/30

@

100.00 .............

2.00 6/30/30

Roper

Technologies,

Inc.

(Software),

Callable

7/15/34

@

100.00 .............

4.90 10/15/34

RTX

Corp.

(Aerospace

&

Defense)

.................................

4.50 6/1/42

Sabra

Health

Care

LP

(Health

Care

REITs),

Callable

9/1/31

@

100.00 .........

3.20 12/1/31

Sabra

Health

Care

LP

(Health

Care

REITs),

Callable

7/15/29

@

100.00 ........

3.90 10/15/29

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Corporate

Bonds

(continued)

$

Safehold

GL

Holdings

LLC

(Commercial

Services

&

Supplies),

Callable

10/15/34

@

100.00 ..................................................

5.65 1/15/35

$

Shell

Finance

US,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

...................

4.55 8/12/43

Southern

Co.

Gas

Capital

Corp.

(Gas

Utilities),

Callable

11/30/46

@

100.00 ....

4.40 5/30/47

Spectra

Energy

Partners

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

9/15/44

@

100.00 ..................................................

4.50 3/15/45

Steel

Dynamics,

Inc.

(Metals

&

Mining),

Callable

5/15/34

@

100.00 ..........

5.38 8/15/34

Sysco

Corp.

(Consumer

Staples

Distribution

&

Retail),

Callable

12/23/34

@

100.00 5.40 3/23/35

Sysco

Corp.

(Consumer

Staples

Distribution

&

Retail),

Callable

10/1/49

@

100.00 6.60 4/1/50

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets),

Callable

7/21/31

@

100.00 ..

2.38 (SOFR

+

bps)(c)

7/21/32

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets),

Callable

10/21/31

@

100.00 .

2.65 (SOFR

+

bps)(c)

10/21/32

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets),

Callable

4/23/28

@

100.00 ..

3.81 (TSFR3M

+

bps)(c)

4/23/29

The

Home

Depot,

Inc.

(Specialty

Retail),

Callable

6/6/48

@

100.00 ..........

4.50 12/6/48

The

Home

Depot,

Inc.

(Specialty

Retail),

Callable

3/15/40

@

100.00 ..........

5.40 9/15/40

The

PNC

Financial

Services

Group,

Inc.

(Banks),

Callable

6/12/28

@

100.00 ...

5.58 (SOFR

+

bps)(c)

6/12/29

The

PNC

Financial

Services

Group,

Inc.

(Banks),

Callable

1/22/34

@

100.00 ...

5.68 (SOFR

+

bps)(c)

1/22/35

The

Travelers

Cos.,

Inc.

(Insurance),

Callable

12/8/50

@

100.00 .............

3.05 6/8/51

The

Travelers

Cos.,

Inc.

(Insurance),

Callable

2/25/45

@

100.00 .............

4.30 8/25/45

The

Travelers

Cos.,

Inc.

(Insurance),

Callable

4/24/35

@

100.00 .............

5.05 7/24/35

The

Walt

Disney

Co.

(Entertainment)

................................

2.65 1/13/31

The

Walt

Disney

Co.

(Entertainment),

Callable

3/15/44

@

100.00 ............

4.75 9/15/44

T-Mobile

USA,

Inc.

(Wireless

Telecommunication

Services),

Callable

4/15/33

@

100.00 ..................................................

5.05 7/15/33

T-Mobile

USA,

Inc.

(Wireless

Telecommunication

Services),

Callable

7/15/52

@

100.00 ..................................................

5.65 1/15/53

Toyota

Motor

Credit

Corp.,

MTN

(Consumer

Finance)

...................

4.80 1/5/34

Truist

Financial

Corp.,

MTN

(Banks),

Callable

6/8/33

@

100.00 ............

5.87 (SOFR

+

bps)(c)

6/8/34

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

Valero

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.....................

6.63 6/15/37

Ventas

Realty

LP

(Diversified

REITs),

Callable

6/1/31

@

100.00 .............

2.50 9/1/31

Ventas

Realty

LP

(Diversified

REITs),

Callable

10/15/28

@

100.00 ...........

4.40 1/15/29

Ventas

Realty

LP

(Industrial

REITs),

Callable

4/1/34

@

100.00 ..............

5.63 7/1/34

Verisk

Analytics,

Inc.

(Professional

Services),

Callable

11/15/35

@

100.00 .....

5.13 2/15/36

Verizon

Communications,

Inc.

(Diversified

Telecommunication

Services),

Callable

5/20/50

@

100.00 ..........................................

2.88 11/20/50

Verizon

Communications,

Inc.

(Diversified

Telecommunication

Services),

Callable

9/22/40

@

100.00 ..........................................

3.40 3/22/41

Virginia

Electric

and

Power

Co.,

Series

B

(Electric

Utilities),

Callable

3/15/47

@

100.00 ..................................................

3.80 9/15/47

Vulcan

Materials

Co.

(Construction

Materials),

Callable

3/1/30

@

100.00 ......

3.50 6/1/30

Wells

Fargo

&

Co.

(Banks),

Callable

7/25/32

@

100.00 ...................

4.90 (SOFR

+

bps)(c)

7/25/33

Wells

Fargo

&

Co.

(Banks),

Callable

7/25/33

@

100.00 ...................

5.56 (SOFR

+

bps)(c)

7/25/34

WestRock

MWV

LLC

(Containers

&

Packaging)

.......................

8.20 1/15/30

Total

Corporate

Bonds

(cost

$13,027)

...............................

12,862

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Treasury

Obligations

—

22.53%

$

U.S.

Treasury

Bond

.............................................

1.13 8/15/40

$

U.S.

Treasury

Bond

.............................................

1.13 5/15/40

U.S.

Treasury

Bond

.............................................

1.25 5/15/50

U.S.

Treasury

Bond

.............................................

1.38 8/15/50

U.S.

Treasury

Bond

.............................................

1.38 11/15/40

U.S.

Treasury

Bond

.............................................

1.63 11/15/50

U.S.

Treasury

Bond

.............................................

1.75 8/15/41

U.S.

Treasury

Bond

.............................................

1.88 2/15/41

U.S.

Treasury

Bond

.............................................

1.88 2/15/51

U.S.

Treasury

Bond

.............................................

1.88 11/15/51

U.S.

Treasury

Bond

.............................................

2.00 8/15/51

U.S.

Treasury

Bond

.............................................

2.00 11/15/41

U.S.

Treasury

Bond

.............................................

2.00 2/15/50

U.S.

Treasury

Bond

.............................................

2.25 8/15/49

U.S.

Treasury

Bond

.............................................

2.25 5/15/41

U.S.

Treasury

Bond

.............................................

2.25 2/15/52

U.S.

Treasury

Bond

.............................................

2.25 8/15/46

U.S.

Treasury

Bond

.............................................

2.38 5/15/51

U.S.

Treasury

Bond

.............................................

2.38 2/15/42

U.S.

Treasury

Bond

.............................................

2.38 11/15/49

U.S.

Treasury

Bond

.............................................

2.50 2/15/46

U.S.

Treasury

Bond

.............................................

2.50 5/15/46

U.S.

Treasury

Bond

.............................................

2.50 2/15/45

U.S.

Treasury

Bond

.............................................

2.75 11/15/47

U.S.

Treasury

Bond

.............................................

2.75 11/15/42

U.S.

Treasury

Bond

.............................................

2.75 8/15/47

U.S.

Treasury

Bond

.............................................

2.88 8/15/45

U.S.

Treasury

Bond

.............................................

2.88 5/15/52

U.S.

Treasury

Bond

.............................................

2.88 5/15/49

U.S.

Treasury

Bond

.............................................

2.88 11/15/46

U.S.

Treasury

Bond

.............................................

2.88 5/15/43

U.S.

Treasury

Bond

.............................................

3.00 8/15/52

U.S.

Treasury

Bond

.............................................

3.00 11/15/45

U.S.

Treasury

Bond

.............................................

3.00 2/15/48

U.S.

Treasury

Bond

.............................................

3.00 2/15/47

U.S.

Treasury

Bond

.............................................

3.00 11/15/44

U.S.

Treasury

Bond

.............................................

3.00 5/15/45

U.S.

Treasury

Bond

.............................................

3.00 5/15/47

U.S.

Treasury

Bond

.............................................

3.00 8/15/48

U.S.

Treasury

Bond

.............................................

3.13 5/15/48

U.S.

Treasury

Bond

.............................................

3.13 11/15/41

U.S.

Treasury

Bond

.............................................

3.13 2/15/43

U.S.

Treasury

Bond

.............................................

3.13 8/15/44

U.S.

Treasury

Bond

.............................................

3.25 5/15/42

U.S.

Treasury

Bond

.............................................

3.38 8/15/42

U.S.

Treasury

Bond

.............................................

3.38 5/15/44

U.S.

Treasury

Bond

.............................................

3.38 11/15/48

U.S.

Treasury

Bond

.............................................

3.50 2/15/39

U.S.

Treasury

Bond

.............................................

3.63 2/15/44

U.S.

Treasury

Bond

.............................................

3.63 2/15/53

U.S.

Treasury

Bond

.............................................

3.63 5/15/53

U.S.

Treasury

Bond

.............................................

3.63 8/15/43

U.S.

Treasury

Bond

.............................................

3.75 11/15/43

U.S.

Treasury

Bond

.............................................

3.75 8/15/41

U.S.

Treasury

Bond

.............................................

3.88 2/15/43

U.S.

Treasury

Bond

.............................................

3.88 8/15/40

U.S.

Treasury

Bond

.............................................

3.88 5/15/43

U.S.

Treasury

Bond

.............................................

4.00 11/15/52

U.S.

Treasury

Bond

.............................................

4.00 11/15/42

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Treasury

Obligations

(continued)

$

U.S.

Treasury

Bond

.............................................

4.13 8/15/53

$

U.S.

Treasury

Bond

.............................................

4.13 8/15/44

U.S.

Treasury

Bond

.............................................

4.25 2/15/54

U.S.

Treasury

Bond

.............................................

4.25 8/15/54

U.S.

Treasury

Bond

.............................................

4.25 11/15/40

U.S.

Treasury

Bond

.............................................

4.38 5/15/41

U.S.

Treasury

Bond

.............................................

4.38 5/15/40

U.S.

Treasury

Bond

.............................................

4.38 2/15/38

U.S.

Treasury

Bond

.............................................

4.38 11/15/39

U.S.

Treasury

Bond

.............................................

4.38 8/15/43

U.S.

Treasury

Bond

.............................................

4.50 2/15/44

U.S.

Treasury

Bond

.............................................

4.50 11/15/54

U.S.

Treasury

Bond

.............................................

4.50 2/15/36

U.S.

Treasury

Bond

.............................................

4.63 2/15/55

U.S.

Treasury

Bond

.............................................

4.63 5/15/54

U.S.

Treasury

Bond

.............................................

4.63 11/15/44

U.S.

Treasury

Bond

.............................................

4.63 2/15/40

U.S.

Treasury

Bond

.............................................

4.63 5/15/44

U.S.

Treasury

Bond

.............................................

4.75 11/15/43

U.S.

Treasury

Bond

.............................................

4.75 8/15/55

U.S.

Treasury

Bond

.............................................

4.75 2/15/37

U.S.

Treasury

Bond

.............................................

4.75 2/15/45

U.S.

Treasury

Bond

.............................................

4.75 5/15/55

U.S.

Treasury

Bond

.............................................

4.75 2/15/41

U.S.

Treasury

Bond

.............................................

4.75 11/15/53

U.S.

Treasury

Bond

.............................................

4.88 8/15/45

U.S.

Treasury

Bond

.............................................

5.00 5/15/37

U.S.

Treasury

Bond

.............................................

5.00 5/15/45

U.S.

Treasury

Bond

.............................................

5.25 2/15/29

U.S.

Treasury

Bond

.............................................

5.38 2/15/31

U.S.

Treasury

Bond

.............................................

6.13 11/15/27

U.S.

Treasury

Bond

.............................................

6.13 8/15/29

U.S.

Treasury

Bond

.............................................

6.25 5/15/30

U.S.

Treasury

Note

..............................................

0.38 7/31/27

U.S.

Treasury

Note

..............................................

0.38 9/30/27

U.S.

Treasury

Note

..............................................

0.50 10/31/27

U.S.

Treasury

Note

..............................................

0.50 4/30/27

U.S.

Treasury

Note

..............................................

0.50 6/30/27

U.S.

Treasury

Note

..............................................

0.50 8/31/27

U.S.

Treasury

Note

..............................................

0.63 12/31/27

U.S.

Treasury

Note

..............................................

0.63 11/30/27

U.S.

Treasury

Note

..............................................

0.63 5/15/30

U.S.

Treasury

Note

..............................................

0.63 3/31/27

U.S.

Treasury

Note

..............................................

0.63 8/15/30

U.S.

Treasury

Note

..............................................

0.75 1/31/28

U.S.

Treasury

Note

..............................................

0.88 11/15/30

U.S.

Treasury

Note

..............................................

1.00 7/31/28

U.S.

Treasury

Note

..............................................

1.13 2/29/28

U.S.

Treasury

Note

..............................................

1.13 8/31/28

U.S.

Treasury

Note

..............................................

1.13 2/28/27

U.S.

Treasury

Note

..............................................

1.13 2/15/31

U.S.

Treasury

Note

..............................................

1.25 4/30/28

U.S.

Treasury

Note

..............................................

1.25 11/30/26

U.S.

Treasury

Note

..............................................

1.25 12/31/26

U.S.

Treasury

Note

..............................................

1.25 6/30/28

U.S.

Treasury

Note

..............................................

1.25 5/31/28

U.S.

Treasury

Note

..............................................

1.25 8/15/31

U.S.

Treasury

Note

..............................................

1.25 3/31/28

U.S.

Treasury

Note

..............................................

1.25 9/30/28

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Treasury

Obligations

(continued)

$

U.S.

Treasury

Note

..............................................

1.38 11/15/31

$

U.S.

Treasury

Note

..............................................

1.38 12/31/28

U.S.

Treasury

Note

..............................................

1.38 10/31/28

U.S.

Treasury

Note

..............................................

1.50 1/31/27

U.S.

Treasury

Note

..............................................

1.50 11/30/28

U.S.

Treasury

Note

..............................................

1.50 2/15/30

U.S.

Treasury

Note

..............................................

1.63 5/15/31

U.S.

Treasury

Note

..............................................

1.75 12/31/26

U.S.

Treasury

Note

..............................................

1.75 1/31/29

U.S.

Treasury

Note

..............................................

1.75 11/15/29

U.S.

Treasury

Note

..............................................

1.88 2/28/27

U.S.

Treasury

Note

..............................................

1.88 2/15/32

U.S.

Treasury

Note

..............................................

1.88 2/28/29

U.S.

Treasury

Note

..............................................

2.00 11/15/26

U.S.

Treasury

Note

..............................................

2.25 11/15/27

U.S.

Treasury

Note

..............................................

2.25 8/15/27

U.S.

Treasury

Note

..............................................

2.25 2/15/27

U.S.

Treasury

Note

..............................................

2.38 3/31/29

U.S.

Treasury

Note

..............................................

2.38 5/15/29

U.S.

Treasury

Note

..............................................

2.38 5/15/27

U.S.

Treasury

Note

..............................................

2.50 3/31/27

U.S.

Treasury

Note

..............................................

2.63 5/31/27

U.S.

Treasury

Note

..............................................

2.63 2/15/29

U.S.

Treasury

Note

..............................................

2.63 7/31/29

U.S.

Treasury

Note

..............................................

2.75 7/31/27

U.S.

Treasury

Note

..............................................

2.75 2/15/28

U.S.

Treasury

Note

..............................................

2.75 4/30/27

U.S.

Treasury

Note

..............................................

2.75 5/31/29

U.S.

Treasury

Note

..............................................

2.75 8/15/32

U.S.

Treasury

Note

..............................................

2.88 5/15/28

U.S.

Treasury

Note

..............................................

2.88 5/15/32

U.S.

Treasury

Note

..............................................

2.88 8/15/28

U.S.

Treasury

Note

..............................................

2.88 4/30/29

U.S.

Treasury

Note

..............................................

3.13 8/31/27

U.S.

Treasury

Note

..............................................

3.13 8/31/29

U.S.

Treasury

Note

..............................................

3.13 11/15/28

U.S.

Treasury

Note

..............................................

3.25 6/30/27

U.S.

Treasury

Note

..............................................

3.25 6/30/29

U.S.

Treasury

Note

..............................................

3.38 9/15/27

U.S.

Treasury

Note

..............................................

3.38 9/15/28

U.S.

Treasury

Note

..............................................

3.38 5/15/33

U.S.

Treasury

Note

..............................................

3.50 2/15/33

U.S.

Treasury

Note

..............................................

3.50 1/31/28

U.S.

Treasury

Note

..............................................

3.50 9/30/27

U.S.

Treasury

Note

..............................................

3.50 1/31/30

U.S.

Treasury

Note

..............................................

3.50 4/30/28

U.S.

Treasury

Note

..............................................

3.50 9/30/29

U.S.

Treasury

Note

..............................................

3.50 4/30/30

U.S.

Treasury

Note

..............................................

3.63 8/31/30

U.S.

Treasury

Note

..............................................

3.63 8/31/27

U.S.

Treasury

Note

..............................................

3.63 5/31/28

U.S.

Treasury

Note

..............................................

3.63 8/31/29

U.S.

Treasury

Note

..............................................

3.63 3/31/30

U.S.

Treasury

Note

..............................................

3.63 3/31/28

U.S.

Treasury

Note

..............................................

3.63 9/30/30

U.S.

Treasury

Note

..............................................

3.63 9/30/31

U.S.

Treasury

Note

..............................................

3.63 8/15/28

U.S.

Treasury

Note

..............................................

3.75 4/30/27

U.S.

Treasury

Note

..............................................

3.75 12/31/28

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Treasury

Obligations

(continued)

$

U.S.

Treasury

Note

..............................................

3.75 8/15/27

$

U.S.

Treasury

Note

..............................................

3.75 5/31/30

U.S.

Treasury

Note

..............................................

3.75 8/31/31

U.S.

Treasury

Note

..............................................

3.75 12/31/30

U.S.

Treasury

Note

..............................................

3.75 4/15/28

U.S.

Treasury

Note

..............................................

3.75 5/15/28

U.S.

Treasury

Note

..............................................

3.75 6/30/27

U.S.

Treasury

Note

..............................................

3.75 6/30/30

U.S.

Treasury

Note

..............................................

3.88 7/15/28

U.S.

Treasury

Note

..............................................

3.88 12/31/27

U.S.

Treasury

Note

..............................................

3.88 11/30/29

U.S.

Treasury

Note

..............................................

3.88 8/15/33

U.S.

Treasury

Note

..............................................

3.88 10/15/27

U.S.

Treasury

Note

..............................................

3.88 6/30/30

U.S.

Treasury

Note

..............................................

3.88 8/31/32

U.S.

Treasury

Note

..............................................

3.88 6/15/28

U.S.

Treasury

Note

..............................................

3.88 9/30/29

U.S.

Treasury

Note

..............................................

3.88 12/31/29

U.S.

Treasury

Note

..............................................

3.88 11/30/27

U.S.

Treasury

Note

..............................................

3.88 7/31/27

U.S.

Treasury

Note

..............................................

3.88 8/15/34

U.S.

Treasury

Note

..............................................

3.88 3/31/27

U.S.

Treasury

Note

..............................................

3.88 7/31/30

U.S.

Treasury

Note

..............................................

3.88 3/15/28

U.S.

Treasury

Note

..............................................

3.88 9/30/32

U.S.

Treasury

Note

..............................................

3.88 4/30/30

U.S.

Treasury

Note

..............................................

3.88 5/31/27

U.S.

Treasury

Note

..............................................

4.00 2/29/28

U.S.

Treasury

Note

..............................................

4.00 2/28/30

U.S.

Treasury

Note

..............................................

4.00 12/15/27

U.S.

Treasury

Note

..............................................

4.00 6/30/32

U.S.

Treasury

Note

..............................................

4.00 6/30/28

U.S.

Treasury

Note

..............................................

4.00 7/31/29

U.S.

Treasury

Note

..............................................

4.00 1/31/29

U.S.

Treasury

Note

..............................................

4.00 1/31/31

U.S.

Treasury

Note

..............................................

4.00 3/31/30

U.S.

Treasury

Note

..............................................

4.00 1/15/27

U.S.

Treasury

Note

..............................................

4.00 7/31/32

U.S.

Treasury

Note

..............................................

4.00 4/30/32

U.S.

Treasury

Note

..............................................

4.00 5/31/30

U.S.

Treasury

Note

..............................................

4.00 7/31/30

U.S.

Treasury

Note

..............................................

4.00 2/15/34

U.S.

Treasury

Note

..............................................

4.00 10/31/29

U.S.

Treasury

Note

..............................................

4.13 10/31/27

U.S.

Treasury

Note

..............................................

4.13 7/31/31

U.S.

Treasury

Note

..............................................

4.13 5/31/32

U.S.

Treasury

Note

..............................................

4.13 10/31/26

U.S.

Treasury

Note

..............................................

4.13 2/28/27

U.S.

Treasury

Note

..............................................

4.13 8/31/30

U.S.

Treasury

Note

..............................................

4.13 11/30/29

U.S.

Treasury

Note

..............................................

4.13 11/30/31

U.S.

Treasury

Note

..............................................

4.13 10/31/31

U.S.

Treasury

Note

..............................................

4.13 10/31/29

U.S.

Treasury

Note

..............................................

4.13 11/15/27

U.S.

Treasury

Note

..............................................

4.13 9/30/27

U.S.

Treasury

Note

..............................................

4.13 11/15/32

U.S.

Treasury

Note

..............................................

4.13 2/15/27

U.S.

Treasury

Note

..............................................

4.13 3/31/29

U.S.

Treasury

Note

..............................................

4.13 7/31/28

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Treasury

Obligations

(continued)

$

U.S.

Treasury

Note

..............................................

4.13 1/31/27

$

U.S.

Treasury

Note

..............................................

4.13 3/31/31

U.S.

Treasury

Note

..............................................

4.13 3/31/32

U.S.

Treasury

Note

..............................................

4.13 2/29/32

U.S.

Treasury

Note

..............................................

4.25 2/28/29

U.S.

Treasury

Note

..............................................

4.25 2/28/31

U.S.

Treasury

Note

..............................................

4.25 6/30/29

U.S.

Treasury

Note

..............................................

4.25 11/30/26

U.S.

Treasury

Note

..............................................

4.25 11/15/34

U.S.

Treasury

Note

..............................................

4.25 3/15/27

U.S.

Treasury

Note

..............................................

4.25 6/30/31

U.S.

Treasury

Note

..............................................

4.25 8/15/35

U.S.

Treasury

Note

..............................................

4.25 12/31/26

U.S.

Treasury

Note

..............................................

4.25 5/15/35

U.S.

Treasury

Note

..............................................

4.25 1/31/30

U.S.

Treasury

Note

..............................................

4.25 1/15/28

U.S.

Treasury

Note

..............................................

4.25 2/15/28

U.S.

Treasury

Note

..............................................

4.38 1/31/32

U.S.

Treasury

Note

..............................................

4.38 8/31/28

U.S.

Treasury

Note

..............................................

4.38 12/15/26

U.S.

Treasury

Note

..............................................

4.38 7/15/27

U.S.

Treasury

Note

..............................................

4.38 5/15/34

U.S.

Treasury

Note

..............................................

4.38 11/30/30

U.S.

Treasury

Note

..............................................

4.38 12/31/29

U.S.

Treasury

Note

..............................................

4.38 11/30/28

U.S.

Treasury

Note

..............................................

4.50 12/31/31

U.S.

Treasury

Note

..............................................

4.50 4/15/27

U.S.

Treasury

Note

..............................................

4.50 11/15/33

U.S.

Treasury

Note

..............................................

4.50 5/15/27

U.S.

Treasury

Note

..............................................

4.50 5/31/29

U.S.

Treasury

Note

..............................................

4.63 4/30/31

U.S.

Treasury

Note

..............................................

4.63 5/31/31

U.S.

Treasury

Note

..............................................

4.63 6/15/27

U.S.

Treasury

Note

..............................................

4.63 10/15/26

U.S.

Treasury

Note

..............................................

4.63 9/30/28

U.S.

Treasury

Note

..............................................

4.63 4/30/29

U.S.

Treasury

Note

..............................................

4.63 9/30/30

U.S.

Treasury

Note

..............................................

4.63 11/15/26

U.S.

Treasury

Note

..............................................

4.63 2/15/35

U.S.

Treasury

Note

..............................................

4.88 10/31/28

U.S.

Treasury

Note

..............................................

4.88 10/31/30

Total

U.S.

Treasury

Obligations

(cost

$24,001)

........................

23,013

Yankee

Dollars

—

0.71%

America

Movil

SAB

de

CV

(Wireless

Telecommunication

Services)

.........

6.13 11/15/37

British

Telecommunications

PLC

(Diversified

Telecommunication

Services)

....

9.63 12/15/30

Canadian

Pacific

Railway

Co.

(Ground

Transportation),

Callable

6/2/51

@

100.00 3.10 12/2/51

Canadian

Pacific

Railway

Co.

(Ground

Transportation)

...................

7.13 10/15/31

Deutsche

Telekom

International

Finance

BV

(Diversified

Telecommunication

Services)

................................................

8.75 6/15/30

Iberdrola

International

BV

(Electric

Utilities)

..........................

6.75 7/15/36

Nutrien

Ltd.

(Chemicals),

Callable

9/27/52

@

100.00 .....................

5.80 3/27/53

Orange

SA

(Diversified

Telecommunication

Services)

....................

9.00 3/1/31

Pfizer

Investment

Enterprises

Pte

Ltd.

(Capital

Markets),

Callable

11/19/42

@

100.00 ..................................................

5.11 5/19/43

Pfizer

Investment

Enterprises

Pte

Ltd.

(Capital

Markets),

Callable

11/19/62

@

100.00 ..................................................

5.34 5/19/63

Telefonica

Emisiones

SA

(Diversified

Telecommunication

Services)

..........

7.05 6/20/36

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Yankee

Dollars

(continued)

$

Vodafone

Group

PLC

(Wireless

Telecommunication

Services)

..............

6.15 2/27/37

$

Waste

Connections,

Inc.

(Commercial

Services

&

Supplies),

Callable

12/1/33

@

100.00 ..................................................

5.00 3/1/34

Total

Yankee

Dollars

(cost

$721)

...................................

721

Shares

Investment

Companies

—

53.41%

Domestic

Fixed

Income

—

35.43%

1,032,750

iShares

U.S.

Treasury

Bond

ETF

....................................

23,877

181,145

SPDR

Portfolio

Corporate

Bond

....................................

5,367

115,636

Vanguard

Intermediate-Term

Treasury

ETF

............................

6,942

36,186

Money

Market

Funds

—

17.98%

330,055

State

Street

Institutional

Treasury

Money

Market

Fund,

Premier

Class

.........

4.06(e)

18,036,460

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

........

4.01(e)

18,036

18,366

Total

Investment

Companies

(cost

$53,734)

...........................

54,552

Total

Investments

(cost

$103,728)

—

100.31%

.........................

102,455

Liabilities

in

excess

of

other

assets

—

(0.31)%

.........................

(321) Net

Assets

—

100.00%

..........................................

$

102,134

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

(a) The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

on

factors

relating

to

the

pool

of

assets

underlying

the

security. The

rate

disclosed

is

the

rate

in

effect

on

September

30,

2025. (b) Zero

Coupon

Security.

Effective

rate

shown

is

as

of

September

30,

2025. (c) Variable

Rate

Security.

The

rate

disclosed

is

the

rate

in

effect

on

September

30,

2025. (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

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

(concluded)

—

September

30,

2025

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

September

30,

2025. The

Core

Fixed

Income

Portfolio

Agincourt

Capital

Management,

LLC

Mellon

Investments

Corporation

Parametric

Portfolio

Associates,

LLC

HC

Capital

Solutions

Total

Asset

Backed

Securities

.........................................................................................

—

0.16 %

—

—

0.16 %

Collateralized

Mortgage-Backed

Securities

...........................................................

—

0.59 %

—

—

0.59 %

U.S.

Government

Agency

Mortgages

....................................................................

—

10.02 %

—

—

10.02 %

U.S.

Government

Agency

Securities

.....................................................................

—

0.30 %

—

—

0.30 %

Corporate

Bonds

.....................................................................................................

12.59 %

—

—

—

12.59 %

U.S.

Treasury

Obligations

......................................................................................

—

22.53 %

—

—

22.53 %

Yankee

Dollars

.......................................................................................................

0.71 %

—

—

—

0.71 %

Investment

Companies

...........................................................................................

0.32 %

0.99 %

48.78 %

3.32 %

53.41 %

Other

Assets

(Liabilities)

........................................................................................

0.09 %

-0.69

%

0.28 %

0.01 %

-0.31

%

Total

Net

Assets

.................................................................................................

13.71 %

33.90 %

49.06 %

3.33 %

100.00 %

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

September

30,

2025

.

Futures

Contracts

Purchased

\*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

and

Unrealized

Appreciation/

(Depreciation)

(000) 10-Year

U.S.

Treasury

Note

Future

............................

12/19/25

$

11,587

$

30-Year

U.S.

Treasury

Bond

Future

...........................

12/19/25

2,915

$

14,502

$

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

Corporate

Opportunities

Portfolio

Portfolio

of

Investments

—

September

30,

2025

(Unaudited)

Shares

Security

Description

Rate

%

Maturity

Date

Value

(000) Common

Stocks

—

0.71%

1,740,900

ACC

Claims

Holding

LLC

(Financial

Services)^(a)(b)

....................

$

–

1,310

Blackstone,

Inc.

(Capital

Markets)

...................................

1,562

KKR

&

Co.,

Inc.

(Capital

Markets)

..................................

197,817

Petershill

Partners

PLC

(Capital

Markets)(c)

...........................

816

3,695

The

Carlyle

Group,

Inc.

(Capital

Markets)

.............................

Total

Common

Stocks

(cost

$1,090)

.................................

1,475

Investment

Companies

—

96.56%

Domestic

Equity

Funds

—

14.55%

412,500

Invesco

S&P

500

Low

Volatility

ETF

.................................

30,311

International

Equity

Funds

—

24.54%

50,447

3i

Infrastructure

PLC

............................................

256,016

Augmentum

Fintech

PLC

.........................................

48,438

CT

Private

Equity

Trust

PLC

.......................................

152,335

HarbourVest

Global

Private

Equity

Ltd.

...............................

5,869

55,664

HgCapital

Trust

PLC

............................................

148,478

ICG

Enterprise

Trust

PLC

.........................................

2,875

160,881

NB

Private

Equity

Partners

Ltd.

....................................

3,223

161,011

Oakley

Capital

Investments

Ltd.

....................................

1,208

102,996

Partners

Group

Private

Equity

Ltd.

..................................

1,245

1,238,940

The

Pantheon

International

PLC

....................................

5,723

372,200

Vanguard

FTSE

Europe

ETF

.......................................

29,702

51,071

Money

Market

Funds

—

57.47%

1,177,000

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares^^

..........

3.98(d)

1,177

118,333,613

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

........

4.01(d)

118,333

113,943

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Administrative

Class

....................................................

3.84(d)

119,624

Total

Investment

Companies

(cost

$198,268)

..........................

201,006

Total

Investments

(cost

$199,358)

—

97.27%

.........................

202,481

Other

assets

in

excess

of

liabilities

—

2.73%

..........................

5,673

Net

Assets

—

100.00%

..........................................

$

208,154

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

^

All

or

part

of

this

security

was

on

loan

as

of

September

30,

2025. ^^

Purchased

with

cash

collateral

held

from

securities

lending.

(a) Escrow

security

due

to

bankruptcy.

(b) Security

was

valued

using

significant

unobservable

inputs

as

of

September

30,

2025. (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) Annualized

7-day

yield

as

of

period-end.

ETF—Exchange-Traded

Fund

HC

CAPITAL

TRUST

The

Corporate

Opportunities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

September

30,

2025. The

Corporate

Opportunities

Portfolio

City

of

London

Investment

Management

Company,

Limited

Parametric

Portfolio

Associates,

LLC

HC

Capital

Solutions

Total

Common

Stocks

...............................................................................................................................

0.71 %

—

—

0.71 %

Investment

Companies

.....................................................................................................................

10.32 %

86.23 %

0.01 %

96.56 %

Other

Assets

(Liabilities)

.................................................................................................................

0.40 %

2.31 %

0.02 %

2.73 %

Total

Net

Assets

..........................................................................................................................

11.43 %

88.54 %

0.03 %

100.00 %

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

September

30,

2025

.

Futures

Contracts

Purchased

\*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

and

Unrealized

Appreciation/

(Depreciation)

(000) 10

Year

US

Treasury

Note

Future

.............................

541

12/19/25

$

60,863

$

Year

US

Treasury

Note

Future

..............................

577

12/31/25

63,005

$

123,868

$

744

Total

Unrealized

Appreciation

.....................

$

744

Total

Unrealized

Depreciation

.....................

—

Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

744

\*

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

September

30,

2025

(%)

(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 12/20/2030

3.22 $

76,000

$

(5,812)

$

(5,786)

$

(26) $

(5,812)

$

(5,786)

$

(26) (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.

HC

CAPITAL

TRUST

The

Corporate

Opportunities

Portfolio

Portfolio

of

Investments

(concluded)

—

September

30,

2025

(Unaudited)

(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

U.S.

Government

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Securities

—

0.54%

$

Fannie

Mae

...................................................

0.75 10/8/27

$

Fannie

Mae

...................................................

0.88 8/5/30

Fannie

Mae,

Callable

12/18/25

@

100.00 ..............................

0.88 12/18/26

Fannie

Mae

...................................................

1.88 9/24/26

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

10/10/25

@

100.00 ........

1.00 10/7/26

Federal

Farm

Credit

Banks

Funding

Corp.,

Callable

10/10/25

@

100.00 ........

1.24 12/23/30

Federal

Farm

Credit

Banks

Funding

Corp.,

Callable

10/10/25

@

100.00 ........

1.55 7/26/30

Federal

Home

Loan

Banks

........................................

1.25 12/21/26

Federal

Home

Loan

Banks

........................................

3.25 6/9/28

500

Federal

Home

Loan

Banks

........................................

3.50 9/9/27

Federal

Home

Loan

Banks

........................................

3.88 6/4/27

Federal

Home

Loan

Banks

........................................

4.00 6/30/28

Federal

Home

Loan

Banks

........................................

4.00 10/9/26

500

Federal

Home

Loan

Banks

........................................

4.63 11/17/26

504

Federal

Home

Loan

Banks

........................................

4.75 4/9/27

Federal

Home

Loan

Banks

........................................

5.50 7/15/36

Freddie

Mac

..................................................

0.00(a)

11/15/38

Freddie

Mac,

Callable

10/27/25

@

100.00 .............................

0.80 10/27/26

Freddie

Mac

..................................................

6.25 7/15/32

Freddie

Mac

..................................................

6.75 3/15/31

Tennessee

Valley

Authority

........................................

3.88 8/1/30

Tennessee

Valley

Authority

........................................

4.88 5/15/35

Tennessee

Valley

Authority

........................................

5.25 9/15/39

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

$6,383)

..................

6,300

U.S.

Treasury

Obligations

—

51.30%

2,960

U.S.

Treasury

Bond

.............................................

1.13 8/15/40

1,864

1,805

U.S.

Treasury

Bond

.............................................

1.13 5/15/40

1,148

1,860

U.S.

Treasury

Bond

.............................................

1.25 5/15/50

912

4,435

U.S.

Treasury

Bond

.............................................

1.38 8/15/50

2,229

3,440

U.S.

Treasury

Bond

.............................................

1.38 11/15/40

2,242

2,995

U.S.

Treasury

Bond

.............................................

1.63 11/15/50

1,606

3,125

U.S.

Treasury

Bond

.............................................

1.75 8/15/41

2,119

3,295

U.S.

Treasury

Bond

.............................................

1.88 2/15/51

1,881

2,215

U.S.

Treasury

Bond

.............................................

1.88 11/15/51

1,253

3,315

U.S.

Treasury

Bond

.............................................

1.88 2/15/41

2,329

4,335

U.S.

Treasury

Bond

.............................................

2.00 8/15/51

2,539

3,320

U.S.

Treasury

Bond

.............................................

2.00 11/15/41

2,330

3,520

U.S.

Treasury

Bond

.............................................

2.00 2/15/50

2,104

1,850

U.S.

Treasury

Bond

.............................................

2.25 8/15/49

1,180

3,010

U.S.

Treasury

Bond

.............................................

2.25 2/15/52

1,866

1,760

U.S.

Treasury

Bond

.............................................

2.25 8/15/46

1,173

2,350

U.S.

Treasury

Bond

.............................................

2.25 5/15/41

1,740

1,880

U.S.

Treasury

Bond

.............................................

2.38 2/15/42

1,392

1,475

U.S.

Treasury

Bond

.............................................

2.38 11/15/49

965

3,860

U.S.

Treasury

Bond

.............................................

2.38 5/15/51

2,482

2,410

U.S.

Treasury

Bond

.............................................

2.50 2/15/45

1,725

1,950

U.S.

Treasury

Bond

.............................................

2.50 5/15/46

1,370

2,505

U.S.

Treasury

Bond

.............................................

2.50 2/15/46

1,767

2,320

U.S.

Treasury

Bond

.............................................

2.75 11/15/47

1,676

1,995

U.S.

Treasury

Bond

.............................................

2.75 11/15/42

1,544

HC

CAPITAL

TRUST

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Treasury

Obligations

(continued)

$

U.S.

Treasury

Bond

.............................................

2.75 8/15/42

$

1,110

U.S.

Treasury

Bond

.............................................

2.75 8/15/47

804

831

U.S.

Treasury

Bond

.............................................

2.88 5/15/43

651

2,350

U.S.

Treasury

Bond

.............................................

2.88 5/15/49

1,714

955

U.S.

Treasury

Bond

.............................................

2.88 11/15/46

714

1,940

U.S.

Treasury

Bond

.............................................

2.88 8/15/45

1,473

2,095

U.S.

Treasury

Bond

.............................................

2.88 5/15/52

1,495

1,125

U.S.

Treasury

Bond

.............................................

3.00 5/15/42

912

600

U.S.

Treasury

Bond

.............................................

3.00 11/15/45

1,370

U.S.

Treasury

Bond

.............................................

3.00 2/15/48

1,034

2,455

U.S.

Treasury

Bond

.............................................

3.00 11/15/44

1,920

570

U.S.

Treasury

Bond

.............................................

3.00 2/15/49

1,075

U.S.

Treasury

Bond

.............................................

3.00 5/15/47

818

1,460

U.S.

Treasury

Bond

.............................................

3.00 8/15/48

1,097

1,900

U.S.

Treasury

Bond

.............................................

3.00 5/15/45

1,478

U.S.

Treasury

Bond

.............................................

3.00 2/15/47

1,670

U.S.

Treasury

Bond

.............................................

3.00 8/15/52

1,221

1,177

U.S.

Treasury

Bond

.............................................

3.13 2/15/43

960

1,205

U.S.

Treasury

Bond

.............................................

3.13 8/15/44

964

1,000

U.S.

Treasury

Bond

.............................................

3.13 2/15/42

829

1,000

U.S.

Treasury

Bond

.............................................

3.13 11/15/41

833

1,430

U.S.

Treasury

Bond

.............................................

3.13 5/15/48

1,102

850

U.S.

Treasury

Bond

.............................................

3.25 5/15/42

714

1,695

U.S.

Treasury

Bond

.............................................

3.38 5/15/44

1,413

1,315

U.S.

Treasury

Bond

.............................................

3.38 8/15/42

1,120

2,400

U.S.

Treasury

Bond

.............................................

3.38 11/15/48

1,927

1,470

U.S.

Treasury

Bond

.............................................

3.63 8/15/43

1,282

1,100

U.S.

Treasury

Bond

.............................................

3.63 2/15/53

909

2,205

U.S.

Treasury

Bond

.............................................

3.63 2/15/44

1,913

3,605

U.S.

Treasury

Bond

.............................................

3.63 5/15/53

2,977

1,220

U.S.

Treasury

Bond

.............................................

3.75 11/15/43

1,080

U.S.

Treasury

Bond

.............................................

3.88 8/15/40

U.S.

Treasury

Bond

.............................................

3.88 5/15/43

1,275

U.S.

Treasury

Bond

.............................................

3.88 2/15/43

1,157

925

U.S.

Treasury

Bond

.............................................

4.00 11/15/52

818

1,525

U.S.

Treasury

Bond

.............................................

4.13 8/15/44

1,415

3,015

U.S.

Treasury

Bond

.............................................

4.13 8/15/53

2,725

2,355

U.S.

Treasury

Bond

.............................................

4.25 2/15/54

2,174

U.S.

Treasury

Bond

.............................................

4.25 5/15/39

550

U.S.

Treasury

Bond

.............................................

4.25 11/15/40

534

4,425

U.S.

Treasury

Bond

.............................................

4.25 8/15/54

4,086

551

U.S.

Treasury

Bond

.............................................

4.38 5/15/41

541

1,180

U.S.

Treasury

Bond

.............................................

4.38 11/15/39

1,170

U.S.

Treasury

Bond

.............................................

4.38 5/15/40

530

U.S.

Treasury

Bond

.............................................

4.38 2/15/38

534

1,150

U.S.

Treasury

Bond

.............................................

4.50 8/15/39

1,158

U.S.

Treasury

Bond

.............................................

4.50 2/15/36

700

U.S.

Treasury

Bond

.............................................

4.50 2/15/44

684

3,055

U.S.

Treasury

Bond

.............................................

4.50 11/15/54

2,942

U.S.

Treasury

Bond

.............................................

4.50 5/15/38

1,450

U.S.

Treasury

Bond

.............................................

4.63 11/15/44

1,437

673

U.S.

Treasury

Bond

.............................................

4.63 2/15/40

685

3,045

U.S.

Treasury

Bond

.............................................

4.63 2/15/55

2,993

3,230

U.S.

Treasury

Bond

.............................................

4.63 5/15/54

3,173

U.S.

Treasury

Bond

.............................................

4.63 5/15/44

655

U.S.

Treasury

Bond

.............................................

4.75 2/15/45

659

520

U.S.

Treasury

Bond

.............................................

4.75 2/15/37

546

1,775

U.S.

Treasury

Bond

.............................................

4.75 11/15/53

1,778

3,405

U.S.

Treasury

Bond

.............................................

4.75 5/15/55

3,416

HC

CAPITAL

TRUST

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Treasury

Obligations

(continued)

$

2,230

U.S.

Treasury

Bond

.............................................

4.75 8/15/55

$

2,238

1,750

U.S.

Treasury

Bond

.............................................

4.75 11/15/43

1,768

1,500

U.S.

Treasury

Bond

.............................................

4.75 2/15/41

1,538

U.S.

Treasury

Bond

.............................................

4.88 8/15/45

U.S.

Treasury

Bond

.............................................

5.00 5/15/37

1,150

U.S.

Treasury

Bond

.............................................

5.00 5/15/45

1,194

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

U.S.

Treasury

Bond

.............................................

6.13 8/15/29

565

U.S.

Treasury

Bond

.............................................

6.13 11/15/27

592

1,090

U.S.

Treasury

Bond

.............................................

6.25 5/15/30

1,204

U.S.

Treasury

Bond

.............................................

6.38 8/15/27

503

U.S.

Treasury

Bond

.............................................

6.50 11/15/26

518

1,000

U.S.

Treasury

Bond

.............................................

6.63 2/15/27

1,039

3,665

U.S.

Treasury

Note

..............................................

0.38 9/30/27

3,438

2,285

U.S.

Treasury

Note

..............................................

0.38 7/31/27

2,154

1,715

U.S.

Treasury

Note

..............................................

0.50 5/31/27

1,628

2,630

U.S.

Treasury

Note

..............................................

0.50 6/30/27

2,491

2,225

U.S.

Treasury

Note

..............................................

0.50 4/30/27

2,118

1,685

U.S.

Treasury

Note

..............................................

0.50 8/31/27

1,588

2,145

U.S.

Treasury

Note

..............................................

0.50 10/31/27

2,012

3,245

U.S.

Treasury

Note

..............................................

0.63 12/31/27

3,037

1,225

U.S.

Treasury

Note

..............................................

0.63 3/31/27

1,171

1,960

U.S.

Treasury

Note

..............................................

0.63 11/30/27

1,839

6,250

U.S.

Treasury

Note

..............................................

0.63 8/15/30

5,387

4,655

U.S.

Treasury

Note

..............................................

0.63 5/15/30

4,046

3,650

U.S.

Treasury

Note

..............................................

0.75 1/31/28

3,417

5,275

U.S.

Treasury

Note

..............................................

0.88 11/15/30

4,573

3,400

U.S.

Treasury

Note

..............................................

1.00 7/31/28

3,161

1,840

U.S.

Treasury

Note

..............................................

1.13 2/28/27

1,776

4,160

U.S.

Treasury

Note

..............................................

1.13 8/31/28

3,874

4,420

U.S.

Treasury

Note

..............................................

1.13 2/15/31

3,862

4,015

U.S.

Treasury

Note

..............................................

1.13 2/29/28

3,786

535

U.S.

Treasury

Note

..............................................

1.13 10/31/26

520

6,115

U.S.

Treasury

Note

..............................................

1.25 8/15/31

5,288

790

U.S.

Treasury

Note

..............................................

1.25 3/31/28

746

3,750

U.S.

Treasury

Note

..............................................

1.25 6/30/28

3,518

2,065

U.S.

Treasury

Note

..............................................

1.25 5/31/28

1,941

2,300

U.S.

Treasury

Note

..............................................

1.25 4/30/28

2,167

2,820

U.S.

Treasury

Note

..............................................

1.25 11/30/26

2,741

3,235

U.S.

Treasury

Note

..............................................

1.25 12/31/26

3,139

3,315

U.S.

Treasury

Note

..............................................

1.25 9/30/28

3,092

4,990

U.S.

Treasury

Note

..............................................

1.38 11/15/31

4,319

2,850

U.S.

Treasury

Note

..............................................

1.38 12/31/28

2,653

2,700

U.S.

Treasury

Note

..............................................

1.38 10/31/28

2,523

3,910

U.S.

Treasury

Note

..............................................

1.50 11/30/28

3,661

2,615

U.S.

Treasury

Note

..............................................

1.50 1/31/27

2,541

3,685

U.S.

Treasury

Note

..............................................

1.50 2/15/30

3,360

4,675

U.S.

Treasury

Note

..............................................

1.63 5/15/31

4,162

2,235

U.S.

Treasury

Note

..............................................

1.63 8/15/29

2,073

945

U.S.

Treasury

Note

..............................................

1.63 11/30/26

923

2,005

U.S.

Treasury

Note

..............................................

1.75 12/31/26

1,958

2,500

U.S.

Treasury

Note

..............................................

1.75 11/15/29

2,319

3,005

U.S.

Treasury

Note

..............................................

1.75 1/31/29

2,827

1,965

U.S.

Treasury

Note

..............................................

1.88 2/28/29

1,853

4,810

U.S.

Treasury

Note

..............................................

1.88 2/15/32

4,267

3,360

U.S.

Treasury

Note

..............................................

1.88 2/28/27

3,277

HC

CAPITAL

TRUST

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Treasury

Obligations

(continued)

$

2,510

U.S.

Treasury

Note

..............................................

2.00 11/15/26

$

2,463

2,985

U.S.

Treasury

Note

..............................................

2.25 2/15/27

2,928

1,775

U.S.

Treasury

Note

..............................................

2.25 11/15/27

1,726

3,000

U.S.

Treasury

Note

..............................................

2.25 8/15/27

2,925

3,435

U.S.

Treasury

Note

..............................................

2.38 5/15/27

3,366

2,820

U.S.

Treasury

Note

..............................................

2.38 5/15/29

2,697

2,400

U.S.

Treasury

Note

..............................................

2.38 3/31/29

2,299

2,650

U.S.

Treasury

Note

..............................................

2.50 3/31/27

2,605

U.S.

Treasury

Note

..............................................

2.63 7/31/29

2,750

U.S.

Treasury

Note

..............................................

2.63 5/31/27

2,704

2,745

U.S.

Treasury

Note

..............................................

2.63 2/15/29

2,656

2,250

U.S.

Treasury

Note

..............................................

2.75 4/30/27

2,219

4,700

U.S.

Treasury

Note

..............................................

2.75 8/15/32

4,369

2,200

U.S.

Treasury

Note

..............................................

2.75 7/31/27

2,166

2,655

U.S.

Treasury

Note

..............................................

2.75 5/31/29

2,571

2,625

U.S.

Treasury

Note

..............................................

2.75 2/15/28

2,573

2,995

U.S.

Treasury

Note

..............................................

2.88 5/15/28

2,939

2,600

U.S.

Treasury

Note

..............................................

2.88 4/30/29

2,531

3,670

U.S.

Treasury

Note

..............................................

2.88 8/15/28

3,596

3,860

U.S.

Treasury

Note

..............................................

2.88 5/15/32

3,629

2,000

U.S.

Treasury

Note

..............................................

3.13 8/31/29

1,959

3,430

U.S.

Treasury

Note

..............................................

3.13 11/15/28

3,377

3,000

U.S.

Treasury

Note

..............................................

3.13 8/31/27

2,972

2,200

U.S.

Treasury

Note

..............................................

3.25 6/30/27

2,186

2,700

U.S.

Treasury

Note

..............................................

3.25 6/30/29

2,660

2,540

U.S.

Treasury

Note

..............................................

3.38 9/15/28

2,523

4,400

U.S.

Treasury

Note

..............................................

3.38 5/15/33

4,226

3,610

U.S.

Treasury

Note

..............................................

3.38 9/15/27

3,594

1,500

U.S.

Treasury

Note

..............................................

3.50 4/30/28

1,496

2,125

U.S.

Treasury

Note

..............................................

3.50 4/30/30

2,104

2,545

U.S.

Treasury

Note

..............................................

3.50 1/31/30

2,524

2,950

U.S.

Treasury

Note

..............................................

3.50 1/31/28

2,942

4,600

U.S.

Treasury

Note

..............................................

3.50 2/15/33

4,466

2,000

U.S.

Treasury

Note

..............................................

3.50 9/30/29

1,986

2,750

U.S.

Treasury

Note

..............................................

3.63 5/31/28

2,750

2,700

U.S.

Treasury

Note

..............................................

3.63 8/31/29

2,693

3,500

U.S.

Treasury

Note

..............................................

3.63 8/31/30

3,482

1,650

U.S.

Treasury

Note

..............................................

3.63 3/31/30

1,643

2,000

U.S.

Treasury

Note

..............................................

3.63 8/31/27

2,000

2,600

U.S.

Treasury

Note

..............................................

3.63 3/31/28

2,601

2,375

U.S.

Treasury

Note

..............................................

3.63 8/15/28

2,375

930

U.S.

Treasury

Note

..............................................

3.63 9/30/31

919

2,520

U.S.

Treasury

Note

..............................................

3.75 8/31/31

2,508

3,000

U.S.

Treasury

Note

..............................................

3.75 6/30/27

3,006

500

U.S.

Treasury

Note

..............................................

3.75 4/30/27

501

3,750

U.S.

Treasury

Note

..............................................

3.75 8/15/27

3,758

2,345

U.S.

Treasury

Note

..............................................

3.75 12/31/30

2,343

2,900

U.S.

Treasury

Note

..............................................

3.75 12/31/28

2,909

2,600

U.S.

Treasury

Note

..............................................

3.75 6/30/30

2,601

2,175

U.S.

Treasury

Note

..............................................

3.75 5/31/30

2,176

2,255

U.S.

Treasury

Note

..............................................

3.75 5/15/28

2,262

2,190

U.S.

Treasury

Note

..............................................

3.75 4/15/28

2,197

2,635

U.S.

Treasury

Note

..............................................

3.88 8/31/32

2,628

2,355

U.S.

Treasury

Note

..............................................

3.88 7/15/28

2,370

1,400

U.S.

Treasury

Note

..............................................

3.88 9/30/29

1,410

1,500

U.S.

Treasury

Note

..............................................

3.88 5/31/27

1,505

4,100

U.S.

Treasury

Note

..............................................

3.88 7/31/30

4,125

500

U.S.

Treasury

Note

..............................................

3.88 4/30/30

503

2,185

U.S.

Treasury

Note

..............................................

3.88 3/15/28

2,199

HC

CAPITAL

TRUST

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Treasury

Obligations

(continued)

$

2,270

U.S.

Treasury

Note

..............................................

3.88 6/15/28

$

2,285

4,000

U.S.

Treasury

Note

..............................................

3.88 6/30/30

4,025

1,000

U.S.

Treasury

Note

..............................................

3.88 7/31/27

1,004

1,740

U.S.

Treasury

Note

..............................................

3.88 12/31/29

1,751

2,500

U.S.

Treasury

Note

..............................................

3.88 12/31/27

2,514

5,415

U.S.

Treasury

Note

..............................................

3.88 8/15/34

5,332

1,765

U.S.

Treasury

Note

..............................................

3.88 11/30/29

1,776

4,605

U.S.

Treasury

Note

..............................................

3.88 8/15/33

4,568

1,500

U.S.

Treasury

Note

..............................................

3.88 3/31/27

1,505

2,090

U.S.

Treasury

Note

..............................................

3.88 10/15/27

2,100

1,750

U.S.

Treasury

Note

..............................................

4.00 10/31/29

1,770

3,050

U.S.

Treasury

Note

..............................................

4.00 1/15/27

3,061

5,000

U.S.

Treasury

Note

..............................................

4.00 2/15/34

4,987

1,950

U.S.

Treasury

Note

..............................................

4.00 1/31/29

1,971

1,985

U.S.

Treasury

Note

..............................................

4.00 1/31/31

2,006

2,000

U.S.

Treasury

Note

..............................................

4.00 3/31/30

2,023

2,500

U.S.

Treasury

Note

..............................................

4.00 2/29/28

2,522

2,800

U.S.

Treasury

Note

..............................................

4.00 2/28/30

2,833

2,000

U.S.

Treasury

Note

..............................................

4.00 7/31/30

2,023

3,400

U.S.

Treasury

Note

..............................................

4.00 7/31/32

3,416

2,500

U.S.

Treasury

Note

..............................................

4.00 7/31/29

2,528

2,000

U.S.

Treasury

Note

..............................................

4.00 6/30/32

2,011

1,750

U.S.

Treasury

Note

..............................................

4.00 4/30/32

1,760

2,030

U.S.

Treasury

Note

..............................................

4.00 12/15/27

2,047

1,250

U.S.

Treasury

Note

..............................................

4.00 6/30/28

1,262

1,200

U.S.

Treasury

Note

..............................................

4.00 5/31/30

1,214

2,500

U.S.

Treasury

Note

..............................................

4.13 11/30/29

2,540

4,820

U.S.

Treasury

Note

..............................................

4.13 11/15/32

4,875

2,250

U.S.

Treasury

Note

..............................................

4.13 10/31/26

2,260

3,600

U.S.

Treasury

Note

..............................................

4.13 1/31/27

3,619

2,900

U.S.

Treasury

Note

..............................................

4.13 8/31/30

2,948

3,130

U.S.

Treasury

Note

..............................................

4.13 3/31/32

3,172

750

U.S.

Treasury

Note

..............................................

4.13 3/31/31

762

1,600

U.S.

Treasury

Note

..............................................

4.13 11/30/31

1,623

1,835

U.S.

Treasury

Note

..............................................

4.13 2/29/32

1,860

1,700

U.S.

Treasury

Note

..............................................

4.13 3/31/29

1,726

1,700

U.S.

Treasury

Note

..............................................

4.13 5/31/32

1,722

3,230

U.S.

Treasury

Note

..............................................

4.13 2/15/27

3,249

800

U.S.

Treasury

Note

..............................................

4.13 7/31/28

811

2,030

U.S.

Treasury

Note

..............................................

4.13 11/15/27

2,051

2,500

U.S.

Treasury

Note

..............................................

4.13 9/30/27

2,524

500

U.S.

Treasury

Note

..............................................

4.13 10/31/29

508

900

U.S.

Treasury

Note

..............................................

4.13 10/31/31

913

2,790

U.S.

Treasury

Note

..............................................

4.13 7/31/31

2,833

500

U.S.

Treasury

Note

..............................................

4.13 10/31/27

505

2,280

U.S.

Treasury

Note

..............................................

4.25 1/15/28

2,311

2,030

U.S.

Treasury

Note

..............................................

4.25 3/15/27

2,046

2,600

U.S.

Treasury

Note

..............................................

4.25 6/30/29

2,652

2,750

U.S.

Treasury

Note

..............................................

4.25 2/28/29

2,802

1,675

U.S.

Treasury

Note

..............................................

4.25 2/28/31

1,713

2,425

U.S.

Treasury

Note

..............................................

4.25 1/31/30

2,477

1,455

U.S.

Treasury

Note

..............................................

4.25 6/30/31

1,487

6,420

U.S.

Treasury

Note

..............................................

4.25 5/15/35

6,479

2,900

U.S.

Treasury

Note

..............................................

4.25 12/31/26

2,919

3,000

U.S.

Treasury

Note

..............................................

4.25 11/30/26

3,018

4,115

U.S.

Treasury

Note

..............................................

4.25 11/15/34

4,162

3,595

U.S.

Treasury

Note

..............................................

4.25 8/15/35

3,624

2,365

U.S.

Treasury

Note

..............................................

4.25 2/15/28

2,399

2,500

U.S.

Treasury

Note

..............................................

4.38 8/31/28

2,551

HC

CAPITAL

TRUST

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Treasury

Obligations

(continued)

$

2,500

U.S.

Treasury

Note

..............................................

4.38 12/31/29

$

2,565

4,650

U.S.

Treasury

Note

..............................................

4.38 5/15/34

4,757

2,220

U.S.

Treasury

Note

..............................................

4.38 11/30/30

2,283

1,945

U.S.

Treasury

Note

..............................................

4.38 1/31/32

1,999

2,300

U.S.

Treasury

Note

..............................................

4.38 12/15/26

2,318

1,600

U.S.

Treasury

Note

..............................................

4.38 11/30/28

1,635

2,710

U.S.

Treasury

Note

..............................................

4.38 7/15/27

2,744

1,065

U.S.

Treasury

Note

..............................................

4.50 12/31/31

1,102

3,320

U.S.

Treasury

Note

..............................................

4.50 4/15/27

3,361

4,815

U.S.

Treasury

Note

..............................................

4.50 11/15/33

4,978

2,375

U.S.

Treasury

Note

..............................................

4.50 5/15/27

2,406

2,905

U.S.

Treasury

Note

..............................................

4.63 10/15/26

2,932

3,000

U.S.

Treasury

Note

..............................................

4.63 9/30/28

3,084

3,100

U.S.

Treasury

Note

..............................................

4.63 4/30/29

3,199

1,335

U.S.

Treasury

Note

..............................................

4.63 4/30/31

1,390

1,945

U.S.

Treasury

Note

..............................................

4.63 11/15/26

1,964

5,750

U.S.

Treasury

Note

..............................................

4.63 2/15/35

5,975

2,265

U.S.

Treasury

Note

..............................................

4.63 6/15/27

2,301

1,000

U.S.

Treasury

Note

..............................................

4.63 9/30/30

1,039

2,530

U.S.

Treasury

Note

..............................................

4.63 5/31/31

2,633

2,340

U.S.

Treasury

Note

..............................................

4.88 10/31/30

2,460

1,500

U.S.

Treasury

Note

..............................................

4.88 10/31/28

1,553

Total

U.S.

Treasury

Obligations

(cost

$612,322)

.......................

602,243

Shares

Investment

Companies

—

47.07%

Domestic

Fixed

Income

—

38.05%

11,042,200

iShares

U.S.

Treasury

Bond

ETF

....................................

255,295

3,187,898

Vanguard

Intermediate-Term

Treasury

ETF

............................

191,370

446,665

Money

Market

Funds

—

9.02%

105,838,094

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

........

4.01(b)

105,838

Total

Investment

Companies

(cost

$542,142)

..........................

552,503

Purchased

Option

on

Futures

—

0.01%

Total

Purchased

Option

on

Futures

(cost

$116)

........................

Total

Investments

(cost

$1,160,963)

—

98.92%

........................

1,161,171

Other

assets

in

excess

of

liabilities

—

1.08%

..........................

12,657

Net

Assets

—

100.00%

..........................................

$

1,173,828

(a) Zero

Coupon

Security.

Effective

rate

shown

is

as

of

September

30,

2025. (b) Annualized

7-day

yield

as

of

period-end.

ETF—Exchange-Traded

Fund

HC

CAPITAL

TRUST

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

September

30,

2025. The

U.S.

Government

Fixed

Income

Securities

Portfolio

Mellon

Investments

Corporation

Parametric

Portfolio

Associates,

LLC

Total

U.S.

Government

Agency

Securities

.......................................................................................................................

0.54 %

—

0.54 %

U.S.

Treasury

Obligations

........................................................................................................................................

51.30 %

—

51.30 %

Investment

Companies

.............................................................................................................................................

—

47.07 %

47.07 %

Options

on

Futures

...................................................................................................................................................

—

0.01 %

0.01 %

Other

Assets

(Liabilities)

.........................................................................................................................................

0.51 %

0.57 %

1.08 %

Total

Net

Assets

..................................................................................................................................................

52.35 %

47.65 %

100.00 %

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

September

30,

2025

.

Futures

Contracts

Purchased

\*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

and

Unrealized

Appreciation/

(Depreciation)

(000) 10

Year

US

Treasury

Note

Future

.............................

1,124

12/19/25

$

126,451

$

1,029

30-Year

U.S.

Treasury

Bond

Future

...........................

12/19/25

57,947

1,454

$

184,398

$

2,483

Total

Unrealized

Appreciation

.....................

$

2,483

Total

Unrealized

Depreciation

.....................

—

Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

2,483

\*

Cash

has

been

pledged

as

collateral

for

futures

contracts

held

by

the

Portfolio.

HC

CAPITAL

TRUST

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(concluded)

—

September

30,

2025

(Unaudited)

Options

on

Futures

Contracts

Exchange-traded

options

on

futures

contacts

written

as

of

September

30,

2025

were

as

follows:

Description

Put/Call

Number

of

Contracts

Notional

Amount

(000) Exercise

Price

Expiration

Date

Value

(000) US

Treasury

Bond

Future

Option

........................

Put

$

11,300

$

113.00 11/21/25

$

(61) US

Treasury

Bond

Future

Option

........................

Put

11,200

112.00 11/21/25

(44) US

Treasury

Bond

Future

Option

........................

Put

11,000

110.00 12/26/25

(55) US

Treasury

Bond

Future

Option

........................

Put

11,100

111.00 12/26/25

(69) US

Treasury

Bond

Future

Option

........................

Put

5,400

108.00 12/26/25

(16) $

(245) Exchanged-traded

options

on

futures

contacts

purchased

as

of

September

30,

2025

were

as

follows:

Description

Put/Call

Number

of

Contracts

Notional

Amount

(000) Exercise

Price

Expiration

Date

Value

(000) US

Treasury

Bond

Future

Option

........................

Call

$

23,600

$

118.00 10/24/25

$

$

HC

CAPITAL

TRUST

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Corporate

Bonds

—

67.94%

$

2,099

AbbVie,

Inc.

(Biotechnology)

.....................................

4.40 11/6/42

$

1,891

AbbVie,

Inc.

(Biotechnology),

Callable

9/15/63

@

100.00 .................

5.50 3/15/64

Air

Products

and

Chemicals,

Inc.

(Chemicals),

Callable

11/15/39

@

100.00 .....

2.70 5/15/40

850

Alabama

Power

Co.,

Series

B

(Electric

Utilities),

Callable

6/1/47

@

100.00 .....

3.70 12/1/47

665

2,400

American

Express

Co.

(Consumer

Finance),

Callable

4/25/28

@

100.00 .......

4.73 (SOFR

+

bps)(a)

4/25/29

2,435

695

American

Express

Co.

(Consumer

Finance),

Callable

4/25/35

@

100.00 .......

5.67 (SOFR

+

bps)(a)

4/25/36

734

965

Amgen,

Inc.

(Biotechnology),

Callable

11/25/30

@

100.00 .................

2.30 2/25/31

866

1,110

Amgen,

Inc.

(Biotechnology),

Callable

12/15/50

@

100.00 .................

4.66 6/15/51

965

600

Amgen,

Inc.

(Biotechnology),

Callable

9/2/42

@

100.00 ..................

5.60 3/2/43

606

Amgen,

Inc.

(Biotechnology),

Callable

9/2/62

@

100.00 ..................

5.75 3/2/63

2,085

Anheuser-Busch

Cos.

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

(Beverages),

Callable

8/1/45

@

100.00 ....................................

4.90 2/1/46

1,947

Anheuser-Busch

InBev

Worldwide,

Inc.

(Beverages)

.....................

4.95 1/15/42

Apple,

Inc.

(Technology

Hardware,

Storage

&

Peripherals),

Callable

2/8/62

@

100.00 ..................................................

4.10 8/8/62

2,395

Apple,

Inc.

(Technology

Hardware,

Storage

&

Peripherals),

Callable

8/23/45

@

100.00 ..................................................

4.65 2/23/46

2,236

3,100

AT&T,

Inc.

(Diversified

Telecommunication

Services),

Callable

3/15/55

@

100.00 3.55 9/15/55

2,129

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

600

Atmos

Energy

Corp.

(Gas

Utilities),

Callable

7/15/42

@

100.00 .............

4.15 1/15/43

514

1,960

Atmos

Energy

Corp.

(Gas

Utilities)

.................................

6.75 7/15/28

2,083

2,630

Bank

of

America

Corp.

(Banks),

Callable

4/22/31

@

100.00 ................

2.69 (SOFR

+

bps)(a)

4/22/32

2,397

2,675

Bank

of

America

Corp.,

MTN

(Banks),

Callable

2/7/29

@

100.00 ...........

3.97 (TSFR3M

+

bps)(a)

2/7/30

2,655

2,100

Bank

of

America

Corp.

(Banks),

Callable

1/24/35

@

100.00 ................

5.51 (SOFR

+

bps)(a)

1/24/36

2,193

1,290

Bank

of

America

Corp.

(Banks),

Callable

9/15/33

@

100.00 ................

5.87 (SOFR

+

bps)(a)

9/15/34

1,384

1,100

BAT

Capital

Corp.

(Tobacco),

Callable

12/25/30

@

100.00 .................

2.73 3/25/31

1,003

765

Berkshire

Hathaway

Energy

Co.

(Oil,

Gas

&

Consumable

Fuels),

Callable

8/1/44

@

100.00 ..................................................

4.50 2/1/45

677

1,210

BP

Capital

Markets

America,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

8/24/49

@

100.00 ................................................

3.00 2/24/50

796

975

Bristol-Myers

Squibb

Co.

(Pharmaceuticals),

Callable

4/26/49

@

100.00 .......

4.25 10/26/49

808

Bristol-Myers

Squibb

Co.

(Pharmaceuticals),

Callable

8/22/63

@

100.00 .......

5.65 2/22/64

2,925

Brown

&

Brown,

Inc.

(Insurance),

Callable

12/17/31

@

100.00 .............

4.20 3/17/32

2,817

1,580

Brown

&

Brown,

Inc.

(Insurance),

Callable

12/15/28

@

100.00 .............

4.50 3/15/29

1,582

2,165

Bunge

Ltd.

Finance

Corp.

(Consumer

Staples

Distribution

&

Retail),

Callable

2/14/31

@

100.00 ..........................................

2.75 5/14/31

1,985

525

Capital

One

Financial

Corp.

(Consumer

Finance),

Callable

7/29/31

@

100.00 ...

2.36 (SOFR

+

bps)(a)

7/29/32

500

Capital

One

Financial

Corp.

(Consumer

Finance),

Callable

11/2/31

@

100.00 ...

2.62 (SOFR

+

bps)(a)

11/2/32

3,780

Capital

One

Financial

Corp.

(Consumer

Finance),

Callable

2/1/28

@

100.00 ....

5.47 (SOFR

+

bps)(a)

2/1/29

3,879

1,810

Carlisle

Cos.,

Inc.

(Building

Products),

Callable

12/1/31

@

100.00 ...........

2.20 3/1/32

1,564

700

CF

Industries,

Inc.

(Chemicals)

....................................

5.38 3/15/44

673

2,990

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

(Media),

Callable

1/1/31

@

100.00 ..............................

2.80 4/1/31

2,702

800

Cheniere

Energy

Partners

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

1/31/27

@

101.63 ..................................................

3.25 1/31/32

728

711

Cheniere

Energy

Partners

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

10/13/25

@

101.50 ..................................................

4.50 10/1/29

707

965

Chubb

INA

Holdings

LLC

(Insurance),

Callable

12/15/33

@

100.00 ..........

5.00 3/15/34

990

HC

CAPITAL

TRUST

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Corporate

Bonds

(continued)

$

1,000

Citigroup,

Inc.

(Banks),

Callable

1/28/26

@

100.00 ......................

1.12 (SOFR

+

bps)(a)

1/28/27

$

990

3,475

Citigroup,

Inc.

(Banks),

Callable

3/17/32

@

100.00 ......................

3.79 (SOFR

+

bps)(a)

3/17/33

3,302

3,105

Citigroup,

Inc.

(Banks),

Callable

3/31/30

@

100.00 ......................

4.41 (SOFR

+

bps)(a)

3/31/31

3,101

870

Comcast

Corp.

(Media),

Callable

5/1/49

@

100.00 .......................

4.00 11/1/49

667

2,185

Comcast

Corp.

(Media)

..........................................

4.75 3/1/44

1,962

Comcast

Corp.

(Media),

Callable

11/15/63

@

100.00 .....................

5.50 5/15/64

ConocoPhillips

Co.

(Energy

Equipment

&

Services),

Callable

11/15/52

@

100.00 5.30 5/15/53

ConocoPhillips

Co.

(Energy

Equipment

&

Services),

Callable

3/15/63

@

100.00 .

5.70 9/15/63

Consolidated

Edison

Co.

of

New

York,

Inc.

(Electric

Utilities),

Callable

9/15/43

@

100.00 ..................................................

4.45 3/15/44

2,185

Constellation

Brands,

Inc.

(Beverages),

Callable

2/1/33

@

100.00 ^

...........

4.90 5/1/33

2,201

1,454

Constellation

Energy

Generation

LLC

(Beverages),

Callable

9/15/53

@

100.00 ..

5.75 3/15/54

1,472

Constellation

Energy

Generation

LLC

(Independent

Power

and

Renewable

Electricity

Producers),

Callable

10/15/33

@

100.00 ..................

6.13 1/15/34

1,650

COPT

Defense

Properties

LP

(Real

Estate

Management

&

Development),

Callable

11/15/28

@

100.00 .........................................

2.00 1/15/29

1,529

1,335

CSX

Corp.

(Ground

Transportation)

.................................

6.22 4/30/40

1,475

2,365

CVS

Health

Corp.

(Health

Care

Providers

&

Services),

Callable

12/25/27

@

100.00 4.30 3/25/28

2,362

CVS

Health

Corp.

(Health

Care

Providers

&

Services),

Callable

9/25/37

@

100.00 4.78 3/25/38

1,280

CVS

Health

Corp.

(Health

Care

Providers

&

Services),

Callable

1/20/45

@

100.00 5.13 7/20/45

1,161

CVS

Health

Corp.

(Health

Care

Providers

&

Services),

Callable

12/1/62

@

100.00 6.00 6/1/63

1,700

Dell

International

LLC/EMC

Corp.

(Technology

Hardware,

Storage

&

Peripherals),

Callable

11/1/34

@

100.00 ....................................

4.85 2/1/35

1,667

660

Dell

International

LLC/EMC

Corp.

(Technology

Hardware,

Storage

&

Peripherals),

Callable

8/1/26

@

100.00 ....................................

4.90 10/1/26

663

1,892

Delta

Air

Lines,

Inc.

(Passenger

Airlines),

Callable

7/28/29

@

100.00 .........

3.75 10/28/29

1,838

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

1,355

Devon

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

....................

7.88 9/30/31

1,563

Dominion

Energy,

Inc.

(Multi-Utilities),

Callable

4/15/28

@

100.00 ..........

4.60 5/15/28

765

DTE

Electric

Co.

(Electric

Utilities),

Callable

2/15/47

@

100.00 .............

3.75 8/15/47

595

DTE

Energy

Co.

(Multi-Utilities),

Callable

2/1/29

@

100.00 ...............

5.10 3/1/29

780

DTE

Energy

Co.

(Multi-Utilities),

Callable

3/1/34

@

100.00 ...............

5.85 6/1/34

826

Eaton

Corp.

(Capital

Markets),

Callable

2/23/52

@

100.00 .................

4.70 8/23/52

620

EIDP,

Inc.

(Chemicals),

Callable

2/15/33

@

100.00 ......................

4.80 5/15/33

623

1,150

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services),

Callable

12/1/27

@

100.00 ..................................................

4.10 3/1/28

1,149

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services)

.................

4.63 5/15/42

750

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services)

.................

4.65 1/15/43

670

725

Eli

Lilly

&

Co.

(Pharmaceuticals),

Callable

8/9/53

@

100.00 ...............

5.00 2/9/54

684

1,440

Energy

Transfer

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

7/15/42

@

100.00 .

4.95 1/15/43

1,270

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

2,290

Energy

Transfer

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

2/1/26

@

103.69 (b)

7.38 2/1/31

2,390

1,467

Enterprise

Products

Operating

LLC

(Oil,

Gas

&

Consumable

Fuels),

Callable

9/15/43

@

100.00 ..........................................

4.85 3/15/44

1,349

1,586

Federal

Express

Corp.

Pass

Through

Trusts,

Series

2020-1

(Air

Freight

&

Logistics)

1.88 2/20/34

1,378

Fiserv,

Inc.

(Financial

Services),

Callable

12/15/33

@

100.00 ...............

5.45 3/15/34

990

Fiserv,

Inc.

(Financial

Services),

Callable

12/2/32

@

100.00 ................

5.60 3/2/33

1,036

General

Motors

Co.

(Automobiles),

Callable

7/1/27

@

100.00 ..............

4.20 10/1/27

2,655

General

Motors

Financial

Co.,

Inc.

(Specialty

Retail),

Callable

2/6/30

@

100.00 .

5.85 4/6/30

2,777

1,000

Georgia

Power

Co.

(Electric

Utilities)

...............................

4.30 3/15/42

879

1,150

Gilead

Sciences,

Inc.

(Biotechnology),

Callable

8/1/44

@

100.00 ............

4.50 2/1/45

1,029

Gilead

Sciences,

Inc.

(Biotechnology),

Callable

4/15/53

@

100.00 ...........

5.55 10/15/53

955

HCA,

Inc.

(Health

Care

Providers

&

Services),

Callable

3/1/33

@

100.00 ......

5.50 6/1/33

988

HCA,

Inc.

(Health

Care

Providers

&

Services),

Callable

1/1/34

@

100.00 ......

5.60 4/1/34

HC

CAPITAL

TRUST

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Corporate

Bonds

(continued)

$

1,485

HCA,

Inc.

(Health

Care

Providers

&

Services),

Callable

8/1/28

@

100.00 ......

5.88 2/1/29

$

1,546

HCA,

Inc.

(Health

Care

Providers

&

Services),

Callable

10/1/53

@

100.00 .....

6.00 4/1/54

815

Howmet

Aerospace,

Inc.

(Aerospace

&

Defense),

Callable

8/15/31

@

100.00 ....

4.85 10/15/31

834

Intel

Corp.

(Semiconductors

&

Semiconductor

Equipment),

Callable

6/8/47

@

100.00 ..................................................

3.73 12/8/47

520

Intel

Corp.

(Semiconductors

&

Semiconductor

Equipment),

Callable

11/21/33

@

100.00 ..................................................

5.15 2/21/34

527

International

Business

Machines

Corp.

(IT

Services)

.....................

4.00 6/20/42

545

International

Paper

Co.

(Containers

&

Packaging),

Callable

5/15/41

@

100.00 ...

6.00 11/15/41

568

5,730

JPMorgan

Chase

&

Co.

(Banks),

Callable

4/22/31

@

100.00 ................

2.58 (TSFR3M

+

bps)(a)

4/22/32

5,216

2,545

JPMorgan

Chase

&

Co.

(Banks),

Callable

1/23/34

@

100.00 ................

5.34 (SOFR

+

bps)(a)

1/23/35

2,639

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

5/1/30

@

100.00 ..

5.15 6/1/30

1,610

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

12/1/44

@

100.00 .

5.55 6/1/45

1,556

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

3/1/35

@

100.00 ..

5.85 6/1/35

625

Lincoln

National

Corp.

(Insurance),

Callable

10/15/30

@

100.00 ............

3.40 1/15/31

590

1,365

Lincoln

National

Corp.

(Insurance),

Callable

12/15/33

@

100.00 ............

5.85 3/15/34

1,427

1,555

Lowe's

Cos.,

Inc.

(Specialty

Retail),

Callable

1/15/33

@

100.00 .............

5.00 4/15/33

1,590

515

Lowe's

Cos.,

Inc.

(Specialty

Retail),

Callable

10/15/52

@

100.00 ............

5.63 4/15/53

510

945

Martin

Marietta

Materials,

Inc.

(Construction

Materials),

Callable

4/15/31

@

100.00 2.40 7/15/31

845

3,356

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment),

Callable

2/15/28

@

100.00 ..........................................

2.45 4/15/28

3,209

810

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment),

Callable

1/15/31

@

100.00 ..........................................

2.95 4/15/31

747

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment),

Callable

6/15/33

@

100.00 ..........................................

5.95 9/15/33

580

MetLife,

Inc.

(Insurance)

........................................

4.88 11/13/43

545

695

MetLife,

Inc.

(Insurance),

Callable

7/15/53

@

100.00 .....................

5.25 1/15/54

675

620

Microsoft

Corp.

(Software),

Callable

12/1/49

@

100.00 ...................

2.53 6/1/50

1,715

Microsoft

Corp.

(Software),

Callable

2/8/46

@

100.00 ....................

3.70 8/8/46

1,406

Mohawk

Industries,

Inc.

(Household

Durables),

Callable

2/15/30

@

100.00 .....

3.63 5/15/30

754

Mohawk

Industries,

Inc.

(Household

Durables),

Callable

8/18/28

@

100.00 .....

5.85 9/18/28

787

1,848

Morgan

Stanley,

MTN

(Capital

Markets),

Callable

1/22/30

@

100.00 .........

2.70 (SOFR

+

bps)(a)

1/22/31

1,725

5,030

Morgan

Stanley

(Capital

Markets),

Callable

1/21/32

@

100.00 ..............

2.94 (SOFR

+

bps)(a)

1/21/33

4,572

1,500

Morgan

Stanley

(Capital

Markets),

Callable

7/22/27

@

100.00 ..............

3.59 7/22/28

1,485

Morgan

Stanley

(Capital

Markets),

Callable

11/1/33

@

100.00 ..............

6.63 (SOFR

+

bps)(a)

11/1/34

1,075

Motorola

Solutions,

Inc.

(Communications

Equipment),

Callable

1/15/34

@

100.00 5.40 4/15/34

1,115

Motorola

Solutions,

Inc.

(Communications

Equipment),

Callable

3/1/32

@

100.00 5.60 6/1/32

1,533

National

Rural

Utilities

Cooperative

Finance

Corp.

(Financial

Services),

Callable

7/15/32

@

100.00 ..........................................

5.80 1/15/33

1,642

National

Rural

Utilities

Cooperative

Finance

Corp.

(Financial

Services)

.......

8.00 3/1/32

630

NextEra

Energy

Capital

Holdings,

Inc.

(Electric

Utilities),

Callable

11/28/32

@

100.00 ..................................................

5.05 2/28/33

644

1,250

NextEra

Energy

Capital

Holdings,

Inc.

(Electric

Utilities),

Callable

8/28/52

@

100.00 ..................................................

5.25 2/28/53

1,177

1,150

NiSource,

Inc.

(Multi-Utilities),

Callable

1/1/34

@

100.00 .................

5.35 4/1/34

1,185

1,000

NiSource,

Inc.

(Multi-Utilities),

Callable

10/1/54

@

100.00 ................

5.85 4/1/55

1,014

1,180

NNN

REIT,

Inc.

(Retail

REITs),

Callable

1/15/30

@

100.00 ................

2.50 4/15/30

1,089

900

NNN

REIT,

Inc.

(Retail

REITs),

Callable

7/15/33

@

100.00 ................

5.60 10/15/33

940

1,395

Northrop

Grumman

Corp.

(Aerospace

&

Defense),

Callable

4/15/47

@

100.00 ..

4.03 10/15/47

1,138

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

1,200

Oracle

Corp.

(Software),

Callable

1/25/28

@

100.00 .....................

2.30 3/25/28

1,146

670

Oracle

Corp.

(Software),

Callable

11/15/44

@

100.00 ....................

4.13 5/15/45

537

3,175

Ovintiv,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

11/2/25

@

100.00 ......

5.38 1/1/26

3,176

HC

CAPITAL

TRUST

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Corporate

Bonds

(continued)

$

1,435

Philip

Morris

International,

Inc.

(Tobacco)

............................

4.50 3/20/42

$

1,292

Philip

Morris

International,

Inc.

(Tobacco),

Callable

11/13/33

@

100.00 .......

5.25 2/13/34

930

Potomac

Electric

Power

Co.

(Electric

Utilities),

Callable

9/15/42

@

100.00 .....

4.15 3/15/43

799

Potomac

Electric

Power

Co.

(Electric

Utilities),

Callable

9/15/53

@

100.00 .....

5.50 3/15/54

775

Principal

Financial

Group,

Inc.

(Insurance),

Callable

3/15/30

@

100.00 ........

2.13 6/15/30

702

2,184

Progress

Energy,

Inc.

(Multi-Utilities)

...............................

6.00 12/1/39

2,314

1,085

Progress

Energy,

Inc.

(Electric

Utilities)

..............................

7.75 3/1/31

1,251

1,005

Prudential

Financial,

Inc.

(Insurance)

................................

4.60 5/15/44

906

Prudential

Financial,

Inc.

(Insurance),

Callable

6/1/32

@

100.00 .............

6.00 (H15T5Y

+

bps)(a)

9/1/52

Public

Service

Electric

and

Gas

Co.

(Electric

Utilities),

Callable

3/1/42

@

100.00 3.65 9/1/42

2,360

Radian

Group,

Inc.

(Financial

Services),

Callable

9/15/26

@

100.00 ..........

4.88 3/15/27

2,359

1,244

Rockwell

Collins,

Inc.

(Aerospace

&

Defense),

Callable

12/15/26

@

100.00 ....

3.50 3/15/27

1,225

Roper

Technologies,

Inc.

(Software),

Callable

3/30/30

@

100.00 .............

2.00 6/30/30

1,075

Roper

Technologies,

Inc.

(Software),

Callable

7/15/34

@

100.00 .............

4.90 10/15/34

1,072

1,969

RTX

Corp.

(Aerospace

&

Defense)

.................................

4.50 6/1/42

1,780

1,275

Sabra

Health

Care

LP

(Health

Care

REITs),

Callable

9/1/31

@

100.00 .........

3.20 12/1/31

1,160

620

Sabra

Health

Care

LP

(Health

Care

REITs),

Callable

7/15/29

@

100.00 ........

3.90 10/15/29

601

1,085

Safehold

GL

Holdings

LLC

(Commercial

Services

&

Supplies),

Callable

10/15/34

@

100.00 ..................................................

5.65 1/15/35

1,107

1,225

Shell

Finance

US,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

...................

4.55 8/12/43

1,105

920

Southern

Co.

Gas

Capital

Corp.

(Gas

Utilities),

Callable

11/30/46

@

100.00 ....

4.40 5/30/47

771

1,250

Spectra

Energy

Partners

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

9/15/44

@

100.00 ..................................................

4.50 3/15/45

1,065

730

Steel

Dynamics,

Inc.

(Metals

&

Mining),

Callable

5/15/34

@

100.00 ..........

5.38 8/15/34

753

1,000

Sysco

Corp.

(Consumer

Staples

Distribution

&

Retail),

Callable

12/23/34

@

100.00 5.40 3/23/35

1,032

Sysco

Corp.

(Consumer

Staples

Distribution

&

Retail),

Callable

10/1/49

@

100.00 6.60 4/1/50

5,040

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets),

Callable

7/21/31

@

100.00 ..

2.38 (SOFR

+

bps)(a)

7/21/32

4,494

850

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets),

Callable

10/21/31

@

100.00 .

2.65 (SOFR

+

bps)(a)

10/21/32

765

1,000

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets),

Callable

4/23/28

@

100.00 ..

3.81 (TSFR3M

+

bps)(a)

4/23/29

991

660

The

Home

Depot,

Inc.

(Specialty

Retail),

Callable

6/6/48

@

100.00 ..........

4.50 12/6/48

580

685

The

Home

Depot,

Inc.

(Specialty

Retail),

Callable

3/15/40

@

100.00 ..........

5.40 9/15/40

704

500

The

PNC

Financial

Services

Group,

Inc.

(Banks),

Callable

6/12/28

@

100.00 ...

5.58 (SOFR

+

bps)(a)

6/12/29

517

2,025

The

PNC

Financial

Services

Group,

Inc.

(Banks),

Callable

1/22/34

@

100.00 ...

5.68 (SOFR

+

bps)(a)

1/22/35

2,137

The

Travelers

Cos.,

Inc.

(Insurance),

Callable

12/8/50

@

100.00 .............

3.05 6/8/51

610

The

Travelers

Cos.,

Inc.

(Insurance),

Callable

2/25/45

@

100.00 .............

4.30 8/25/45

529

850

The

Travelers

Cos.,

Inc.

(Insurance),

Callable

4/24/35

@

100.00 .............

5.05 7/24/35

864

1,095

The

Walt

Disney

Co.

(Entertainment)

................................

2.65 1/13/31

1,016

The

Walt

Disney

Co.

(Entertainment),

Callable

3/15/44

@

100.00 ............

4.75 9/15/44

530

T-Mobile

USA,

Inc.

(Wireless

Telecommunication

Services),

Callable

4/15/33

@

100.00 ..................................................

5.05 7/15/33

539

1,475

T-Mobile

USA,

Inc.

(Wireless

Telecommunication

Services),

Callable

7/15/52

@

100.00 ..................................................

5.65 1/15/53

1,455

835

Toyota

Motor

Credit

Corp.,

MTN

(Consumer

Finance)

...................

4.80 1/5/34

847

1,625

Truist

Financial

Corp.,

MTN

(Banks),

Callable

6/8/33

@

100.00 ............

5.87 (SOFR

+

bps)(a)

6/8/34

1,719

552

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

1,190

Valero

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.....................

6.63 6/15/37

1,315

1,175

Ventas

Realty

LP

(Diversified

REITs),

Callable

6/1/31

@

100.00 .............

2.50 9/1/31

1,048

945

Ventas

Realty

LP

(Diversified

REITs),

Callable

10/15/28

@

100.00 ...........

4.40 1/15/29

948

Ventas

Realty

LP

(Industrial

REITs),

Callable

4/1/34

@

100.00 ..............

5.63 7/1/34

1,176

Verisk

Analytics,

Inc.

(Professional

Services),

Callable

11/15/35

@

100.00 .....

5.13 2/15/36

1,185

HC

CAPITAL

TRUST

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Corporate

Bonds

(continued)

$

Verizon

Communications,

Inc.

(Diversified

Telecommunication

Services),

Callable

5/20/50

@

100.00 ..........................................

2.88 11/20/50

$

3,465

Verizon

Communications,

Inc.

(Diversified

Telecommunication

Services),

Callable

9/22/40

@

100.00 ..........................................

3.40 3/22/41

2,723

625

Virginia

Electric

and

Power

Co.,

Series

B

(Electric

Utilities),

Callable

3/15/47

@

100.00 ..................................................

3.80 9/15/47

720

Virginia

Electric

and

Power

Co.,

Series

D

(Electric

Utilities),

Callable

2/15/43

@

100.00 ..................................................

4.65 8/15/43

652

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)(a)

10/30/30

1,925

3,375

Wells

Fargo

&

Co.

(Banks),

Callable

7/25/32

@

100.00 ...................

4.90 (SOFR

+

bps)(a)

7/25/33

3,431

795

Wells

Fargo

&

Co.

(Banks),

Callable

7/25/33

@

100.00 ...................

5.56 (SOFR

+

bps)(a)

7/25/34

832

WestRock

MWV

LLC

(Containers

&

Packaging)

.......................

8.20 1/15/30

Total

Corporate

Bonds

(cost

$210,928)

..............................

208,565

Yankee

Dollars

—

4.94%

America

Movil

SAB

de

CV

(Wireless

Telecommunication

Services)

.........

6.13 11/15/37

1,900

Aptiv

Swiss

Holdings

Ltd.

(Financial

Services),

Callable

8/13/29

@

100.00 .....

4.65 9/13/29

1,917

2,000

Barclays

PLC

(Banks)

..........................................

5.20 5/12/26

2,009

1,976

British

Telecommunications

PLC

(Diversified

Telecommunication

Services)

....

9.63 12/15/30

2,431

Canadian

Pacific

Railway

Co.

(Ground

Transportation),

Callable

6/2/51

@

100.00 3.10 12/2/51

980

Canadian

Pacific

Railway

Co.

(Ground

Transportation)

...................

7.13 10/15/31

1,114

1,001

Deutsche

Telekom

International

Finance

BV

(Diversified

Telecommunication

Services)

................................................

8.75 6/15/30

1,178

Enbridge,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

4/15/27

@

100.00 .....

3.70 7/15/27

1,180

Iberdrola

International

BV

(Electric

Utilities)

..........................

6.75 7/15/36

1,330

655

Nutrien

Ltd.

(Chemicals),

Callable

9/27/52

@

100.00 .....................

5.80 3/27/53

668

1,143

Orange

SA

(Diversified

Telecommunication

Services)

....................

9.00 3/1/31

1,393

830

Pfizer

Investment

Enterprises

Pte

Ltd.

(Capital

Markets),

Callable

11/19/42

@

100.00 ..................................................

5.11 5/19/43

804

Pfizer

Investment

Enterprises

Pte

Ltd.

(Capital

Markets),

Callable

11/19/62

@

100.00 ..................................................

5.34 5/19/63

Telefonica

Emisiones

SA

(Diversified

Telecommunication

Services)

..........

5.21 3/8/47

620

Telefonica

Emisiones

SA

(Diversified

Telecommunication

Services)

..........

7.05 6/20/36

699

Vodafone

Group

PLC

(Wireless

Telecommunication

Services)

..............

6.15 2/27/37

Waste

Connections,

Inc.

(Commercial

Services

&

Supplies),

Callable

12/1/33

@

100.00 ..................................................

5.00 3/1/34

Total

Yankee

Dollars

(cost

$15,084)

.................................

15,159

Shares

Investment

Companies

—

27.13%

Domestic

Fixed

Income

—

25.02%

963,110

iShares

U.S.

Treasury

Bond

ETF

....................................

22,267

316,300

SPDR

Portfolio

Corporate

Bond

....................................

9,372

488,346

Vanguard

Intermediate-Term

Treasury

ETF

............................

29,315

202,055

Vanguard

Total

Corporate

Bond

Fund

................................

15,837

76,791

Money

Market

Funds

—

2.11%

2,276,715

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares^^

..........

3.98(c)

2,277

2,024,931

State

Street

Institutional

Treasury

Money

Market

Fund,

Premier

Class

.........

4.06(c)

2,025

HC

CAPITAL

TRUST

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(concluded)

—

September

30,

2025

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

September

30,

2025. Shares

Security

Description

Rate

%

Maturity

Date

Value

(000) Investment

Companies

(continued)

Money

Market

Funds

(continued)

2,189,978

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

........

4.01(c)

$

2,190

6,492

Total

Investment

Companies

(cost

$81,173)

...........................

83,283

Total

Investments

(cost

$307,185)

—

100.01%

.........................

307,007

Liabilities

in

excess

of

other

assets

—

(0.01)%

.........................

(24) Net

Assets

—

100.00%

..........................................

$

306,983

^

All

or

part

of

this

security

was

on

loan

as

of

September

30,

2025. ^^

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

September

30,

2025. (a) Variable

Rate

Security.

The

rate

disclosed

is

the

rate

in

effect

on

September

30,

2025. (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.

bps—Basis

Points

ETF—Exchange-Traded

Fund

H15T5Y—5

Year

Treasury

Constant

Maturity

Rate

MTN—Medium

Term

Note

REIT—Real

Estate

Investment

Trust

SOFR—Secured

Overnight

Financing

Rate

TSFR3M

—

Month

SOFR

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

Agincourt

Capital

Management,

LLC

Parametric

Portfolio

Associates,

LLC

HC

Capital

Solutions

Total

Corporate

Bonds

..............................................................................................................................

67.94 %

—

—

67.94 %

Yankee

Dollars

.................................................................................................................................

4.94 %

—

—

4.94 %

Investment

Companies

.....................................................................................................................

1.40 %

25.12 %

0.61 %

27.13 %

Other

Assets

(Liabilities)

.................................................................................................................

—

-0.01

%

—

-0.01

%

Total

Net

Assets

..........................................................................................................................

74.28 %

25.11 %

0.61 %

100.00 %

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Asset

Backed

Securities

—

1.24%

$

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

Capital

One

Multi-Asset

Execution

Trust,

Series

2021-A2,

Class

-

A2

.........

1.39 7/15/30

Carmax

Auto

Owner

Trust,

Series

2025-1,

Class

-

A4,

Callable

4/15/28

@

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

12/15/28

@

100.00 ..

4.03 1/15/30

Ford

Credit

Auto

Lease

Trust,

Series

2024-B,

Class

-

A4,

Callable

3/15/27

@

100.00 4.99 1/15/28

Ford

Credit

Floorplan

Master

Owner

Trust

A,

Series

2018-4,

Class

-

A

.........

4.06 11/15/30

GM

Financial

Automobile

Leasing

Trust,

Series

2024-2,

Class

-

A4,

Callable

10/20/26

@

100.00 ..........................................

5.36 5/22/28

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2023-1,

Class

-

B,

Callable

11/16/26

@

100.00 ...................................

5.03 9/18/28

Harley-Davidson

Motorcycle

Trust,

Series

2024-A,

Class

-

A4,

Callable

9/15/27

@

100.00 ...................................................

5.29 12/15/31

Honda

Auto

Receivables

Owner

Trust,

Series

2023-1,

Class

-

A4,

Callable

7/21/26

@

100.00 ................................................

4.97 6/21/29

Honda

Auto

Receivables

Owner

Trust,

Series

2023-3,

Class

-

A4,

Callable

11/18/26

@

100.00 ................................................

5.30 12/18/29

Hyundai

Auto

Receivables

Trust,

Series

2024-B,

Class

-

A3,

Callable

6/15/28

@

100.00 ...................................................

4.84 3/15/29

Hyundai

Auto

Receivables

Trust,

Series

2024-A,

Class

-

A3,

Callable

3/15/28

@

100.00 ...................................................

4.99 2/15/29

Mercedes-Benz

Auto

Lease

Trust,

Series

2025-A,

Class

-

A4,

Callable

4/15/28

@

100.00 ...................................................

4.69 2/18/31

Santander

Drive

Auto

Receivables

Trust,

Series

2025-2,

Class

-

A3,

Callable

9/15/28

@

100.00 ................................................

4.67 8/15/29

Synchrony

Card

Funding

LLC,

Series

2024-A1,

Class

-

A

..................

5.04 3/15/30

Toyota

Auto

Receivables

Owner

Trust,

Series

2024-A,

Class

-

A4,

Callable

12/15/27

@

100.00 ................................................

4.77 4/16/29

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

WF

Card

Issuance

Trust,

Series

2024-A1,

Class

-

A

.......................

4.94 2/15/29

World

Omni

Auto

Receivables

Trust,

Series

2025-A,

Class

-

A4,

Callable

3/15/28

@

100.00 ...................................................

4.86 11/15/30

Total

Asset

Backed

Securities

(cost

$3,109)

...........................

3,124

Collateralized

Mortgage-Backed

Securities

—

4.62%

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

..............................

3.92(a)

4/15/65

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

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

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Collateralized

Mortgage-Backed

Securities

(continued)

$

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

COMM

Mortgage

Trust,

Series

2019-GC44,

Class

-

ASB,

Callable

11/15/29

@

100.00 ...................................................

2.87 8/15/57

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

2017-M11,

Class

-

A2

........................

2.98 8/25/29

Fannie

Mae-ACES,

Series

2022-M11,

Class

-

A2

........................

3.07(a)

10/25/27

Fannie

Mae-ACES,

Series

2017-M12,

Class

-

A2

........................

3.16(a)

6/25/27

Fannie

Mae-ACES,

Series

2017-M15,

Class

-

ATS2

......................

3.21(a)

11/25/27

Fannie

Mae-ACES,

Series

2018-M14,

Class

-

A2

........................

3.70(a)

8/25/28

Fannie

Mae-ACES,

Series

2019-M2,

Class

-

A2

.........................

3.74(a)

11/25/28

Fannie

Mae-ACES,

Series

2023-M4,

Class

-

A2

.........................

3.89(a)

9/25/32

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K117,

Class

-

A2

.....................................................

1.41 8/25/30

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-1516,

Class

-

A2

....................................................

1.72 5/25/35

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K106,

Class

-

A1

.....................................................

1.78 10/25/29

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K126,

Class

-

A2

.....................................................

2.07 1/25/31

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K133,

Class

-

A2

.....................................................

2.10 9/25/31

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K749,

Class

-

A2

.....................................................

2.12(a)

3/25/29

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K749,

Class

-

AM

.....................................................

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

....................................................

2.18 8/25/36

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K099,

Class

-

A1

.....................................................

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

....................................................

2.86 10/25/34

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

.....................................................

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

.....................................................

3.78 11/25/32

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-153,

Class

-

AM

.....................................................

3.82 12/25/32

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Collateralized

Mortgage-Backed

Securities

(continued)

$

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K077,

Class

-

A2

.....................................................

3.85 5/25/28

$

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K081,

Class

-

A2

.....................................................

3.90(a)

8/25/28

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K082,

Class

-

A2

.....................................................

3.92(a)

9/25/28

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-168,

Class

-

A1

.....................................................

4.13 10/25/34

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K751,

Class

-

A2

.....................................................

4.41 3/25/30

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-165,

Class

-

A2

.....................................................

4.49 9/25/34

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-164,

Class

-

A2

.....................................................

5.00 5/25/34

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-162,

Class

-

A2

.....................................................

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

2017-GS5,

Class

-

A4,

Callable

3/10/27

@

100.00 ...................................................

3.67 3/10/50

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

2017-H1,

Class

-

A4,

Callable

6/15/27

@

100.00 ...................................................

3.26 6/15/50

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

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

Total

Collateralized

Mortgage-Backed

Securities

(cost

$12,168)

...........

11,607

U.S.

Government

Agency

Mortgages

—

77.71%

Fannie

Mae,

Pool

#MA4386

.......................................

1.50 7/1/41

Fannie

Mae,

Pool

#MA4280

.......................................

1.50 3/1/51

Fannie

Mae,

Pool

#FM6579

.......................................

1.50 3/1/51

Fannie

Mae,

Pool

#CA7695

.......................................

1.50 11/1/50

Fannie

Mae,

Pool

#BQ5781

.......................................

1.50 11/1/35

Fannie

Mae,

Pool

#MA4397

.......................................

1.50 8/1/51

Fannie

Mae,

Pool

#MA4441

.......................................

1.50 10/1/36

Fannie

Mae,

Pool

#FS1327

........................................

1.50 6/1/36

Fannie

Mae,

Pool

#MA4304

.......................................

1.50 4/1/51

Fannie

Mae,

Pool

#MA4122

.......................................

1.50 9/1/35

Fannie

Mae,

Pool

#MA4302

.......................................

1.50 4/1/36

Fannie

Mae,

Pool

#MA4266

.......................................

1.50 2/1/41

Fannie

Mae,

Pool

#MA4236

.......................................

1.50 1/1/51

Fannie

Mae,

Pool

#MA4445

.......................................

1.50 10/1/41

Fannie

Mae,

Pool

#FS2037

........................................

1.50 5/1/37

Fannie

Mae,

Pool

#MA4342

.......................................

1.50 5/1/41

Fannie

Mae,

Pool

#BQ3141

.......................................

1.50 10/1/35

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#MA4343

.......................................

1.50 5/1/51

$

Fannie

Mae,

Pool

#MA4181

.......................................

1.50 11/1/50

Fannie

Mae,

Pool

#MA4417

.......................................

1.50 9/1/36

Fannie

Mae,

Pool

#CB0310

.......................................

1.50 4/1/36

Fannie

Mae,

Pool

#MA4286

.......................................

1.50 3/1/41

Fannie

Mae,

Pool

#MA4354

.......................................

1.50 6/1/51

Fannie

Mae,

Pool

#CB0711

........................................

1.50 6/1/51

Fannie

Mae,

Pool

#CA7696

.......................................

1.50 11/1/50

Fannie

Mae,

Pool

#FM9249

.......................................

1.50 10/1/41

Fannie

Mae,

Pool

#BT2055

........................................

1.50 3/1/37

Fannie

Mae,

Pool

#MA4310

.......................................

1.50 4/1/41

Fannie

Mae,

Pool

#MA4378

.......................................

2.00 7/1/51

Fannie

Mae,

Pool

#MA4303

.......................................

2.00 4/1/36

Fannie

Mae,

Pool

#CA0052

.......................................

2.00 7/1/32

Fannie

Mae,

Pool

#FM9579

.......................................

2.00 7/1/51

Fannie

Mae,

Pool

#FS1334

........................................

2.00 11/1/51

Fannie

Mae,

Pool

#BR4094

.......................................

2.00 1/1/51

Fannie

Mae,

Pool

#FM3755

.......................................

2.00 9/1/35

Fannie

Mae,

Pool

#MA4360

.......................................

2.00 6/1/36

Fannie

Mae,

Pool

#MA4305

.......................................

2.00 4/1/51

Fannie

Mae,

Pool

#FM4788

.......................................

2.00 11/1/50

Fannie

Mae,

Pool

#BJ4362

........................................

2.00 11/1/32

Fannie

Mae,

Pool

#FS0317

........................................

2.00 2/1/42

Fannie

Mae,

Pool

#FM7411

.......................................

2.00 5/1/51

Fannie

Mae,

Pool

#BP9370

........................................

2.00 7/1/50

Fannie

Mae,

Pool

#CA8252

.......................................

2.00 12/1/45

Fannie

Mae,

Pool

#FM4969

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#MA4204

.......................................

2.00 12/1/40

Fannie

Mae,

Pool

#FM5044

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#FM6852

.......................................

2.00 5/1/51

Fannie

Mae,

Pool

#MA4602

.......................................

2.00 5/1/37

Fannie

Mae,

Pool

#MA4325

.......................................

2.00 5/1/51

Fannie

Mae,

Pool

#CA8118

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#BR4435

.......................................

2.00 4/1/51

Fannie

Mae,

Pool

#MA4287

.......................................

2.00 3/1/41

Fannie

Mae,

Pool

#MA4158

.......................................

2.00 10/1/50

Fannie

Mae,

Pool

#BT0240

........................................

2.00 9/1/51

Fannie

Mae,

Pool

#CB3102

.......................................

2.00 3/1/52

Fannie

Mae,

Pool

#BR0948

.......................................

2.00 4/1/51

Fannie

Mae,

Pool

#BU8781

.......................................

2.00 4/1/37

Fannie

Mae,

Pool

#BR2176

.......................................

2.00 7/1/36

Fannie

Mae,

Pool

#CA7833

.......................................

2.00 11/1/50

Fannie

Mae,

Pool

#MA4281

.......................................

2.00 3/1/51

Fannie

Mae,

Pool

#MA4176

.......................................

2.00 11/1/40

Fannie

Mae,

Pool

#FM6448

.......................................

2.00 3/1/51

Fannie

Mae,

Pool

#FM5308

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#FM5453

.......................................

2.00 1/1/41

Fannie

Mae,

Pool

#FM6555

.......................................

2.00 4/1/51

Fannie

Mae,

Pool

#MA4182

.......................................

2.00 11/1/50

Fannie

Mae,

Pool

#MA4237

.......................................

2.00 1/1/51

Fannie

Mae,

Pool

#MA4255

.......................................

2.00 2/1/51

Fannie

Mae,

Pool

#MA4155

.......................................

2.00 10/1/35

Fannie

Mae,

Pool

#FM9441

.......................................

2.00 4/1/51

Fannie

Mae,

Pool

#BQ3004

.......................................

2.00 10/1/50

Fannie

Mae,

Pool

#FM4039

.......................................

2.00 10/1/35

Fannie

Mae,

Pool

#MA4474

.......................................

2.00 11/1/41

Fannie

Mae,

Pool

#CA9273

.......................................

2.00 2/1/51

Fannie

Mae,

Pool

#CA9183

.......................................

2.00 2/1/36

Fannie

Mae,

Pool

#CA7224

.......................................

2.00 10/1/50

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#BQ5160

.......................................

2.00 12/1/50

$

Fannie

Mae,

Pool

#BU7103

.......................................

2.00 12/1/51

Fannie

Mae,

Pool

#AS0001

........................................

2.00 7/1/28

Fannie

Mae,

Pool

#AY4232

.......................................

2.00 5/1/30

Fannie

Mae,

Pool

#MA4403

.......................................

2.00 8/1/36

Fannie

Mae,

Pool

#CA8933

.......................................

2.00 2/1/51

Fannie

Mae,

Pool

#FM9724

.......................................

2.00 11/1/36

Fannie

Mae,

Pool

#CA8110

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#BK8461

.......................................

2.00 1/1/51

Fannie

Mae,

Pool

#MA4442

.......................................

2.00 10/1/36

Fannie

Mae,

Pool

#CB1620

.......................................

2.00 9/1/51

Fannie

Mae,

Pool

#AS1058

........................................

2.00 11/1/28

Fannie

Mae,

Pool

#BP6626

........................................

2.00 8/1/50

Fannie

Mae,

Pool

#FS0355

........................................

2.00 9/1/51

Fannie

Mae,

Pool

#MA4093

.......................................

2.00 8/1/40

Fannie

Mae,

Pool

#MA4413

.......................................

2.00 9/1/51

Fannie

Mae,

Pool

#MA4536

.......................................

2.00 2/1/37

Fannie

Mae,

Pool

#MA4071

.......................................

2.00 7/1/40

Fannie

Mae,

Pool

#CB0325

.......................................

2.00 4/1/51

Fannie

Mae,

Pool

#MA4355

.......................................

2.00 6/1/51

Fannie

Mae,

Pool

#BQ9685

.......................................

2.00 1/1/51

Fannie

Mae,

Pool

#BQ8341

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#MA4511

.......................................

2.00 1/1/52

Fannie

Mae,

Pool

#MA2906

.......................................

2.00 2/1/32

Fannie

Mae,

Pool

#MA4333

.......................................

2.00 5/1/41

Fannie

Mae,

Pool

#BQ7777

.......................................

2.00 3/1/36

Fannie

Mae,

Pool

#MA4119

.......................................

2.00 9/1/50

Fannie

Mae,

Pool

#MA4437

.......................................

2.00 10/1/51

Fannie

Mae,

Pool

#BQ5112

.......................................

2.00 11/1/50

Fannie

Mae,

Pool

#CB0684

.......................................

2.00 6/1/51

Fannie

Mae,

Pool

#CA8850

.......................................

2.00 2/1/51

Fannie

Mae,

Pool

#MA4208

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#CB0497

.......................................

2.00 5/1/51

Fannie

Mae,

Pool

#FS1621

........................................

2.00 7/1/51

Fannie

Mae,

Pool

#CA8687

.......................................

2.00 1/1/51

Fannie

Mae,

Pool

#MA4128

.......................................

2.00 9/1/40

Fannie

Mae,

Pool

#BR7857

.......................................

2.50 5/1/51

Fannie

Mae,

Pool

#FS1340

........................................

2.50 3/1/52

Fannie

Mae,

Pool

#BJ3944

........................................

2.50 1/1/33

Fannie

Mae,

Pool

#AS4946

........................................

2.50 5/1/30

Fannie

Mae,

Pool

#MA3154

.......................................

2.50 10/1/32

Fannie

Mae,

Pool

#AZ6458

.......................................

2.50 7/1/30

Fannie

Mae,

Pool

#MA2789

.......................................

2.50 10/1/36

Fannie

Mae,

Pool

#FM8745

.......................................

2.50 9/1/51

Fannie

Mae,

Pool

#BE3032

........................................

2.50 1/1/32

Fannie

Mae,

Pool

#FS0547

........................................

2.50 2/1/52

Fannie

Mae,

Pool

#CA6075

.......................................

2.50 6/1/50

Fannie

Mae,

Pool

#AT2717

........................................

2.50 5/1/43

Fannie

Mae,

Pool

#FS0030

........................................

2.50 4/1/51

Fannie

Mae,

Pool

#AU6387

.......................................

2.50 11/1/28

Fannie

Mae,

Pool

#AU5334

.......................................

2.50 11/1/28

Fannie

Mae,

Pool

#MA1511

.......................................

2.50 7/1/33

Fannie

Mae,

Pool

#MA1210

.......................................

2.50 10/1/27

Fannie

Mae,

Pool

#MA1277

.......................................

2.50 12/1/27

Fannie

Mae,

Pool

#AS8892

........................................

2.50 2/1/32

Fannie

Mae,

Pool

#MA3282

.......................................

2.50 2/1/33

Fannie

Mae,

Pool

#AS8172

........................................

2.50 10/1/36

Fannie

Mae,

Pool

#AS8246

........................................

2.50 11/1/31

Fannie

Mae,

Pool

#AS8437

........................................

2.50 12/1/36

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#MA1270

.......................................

2.50 11/1/32

$

Fannie

Mae,

Pool

#AB7391

.......................................

2.50 12/1/42

Fannie

Mae,

Pool

#AS0513

........................................

2.50 8/1/43

Fannie

Mae,

Pool

#AU2619

.......................................

2.50 8/1/28

Fannie

Mae,

Pool

#MA2888

.......................................

2.50 1/1/47

Fannie

Mae,

Pool

#MA3246

.......................................

2.50 1/1/33

Fannie

Mae,

Pool

#CB1556

.......................................

2.50 9/1/51

Fannie

Mae,

Pool

#CB1784

.......................................

2.50 10/1/51

Fannie

Mae,

Pool

#CB1828

.......................................

2.50 10/1/51

Fannie

Mae,

Pool

#BC9041

.......................................

2.50 11/1/31

Fannie

Mae,

Pool

#BJ3742

........................................

2.50 12/1/32

Fannie

Mae,

Pool

#FS0235

........................................

2.50 1/1/52

Fannie

Mae,

Pool

#MA3902

.......................................

2.50 1/1/50

Fannie

Mae,

Pool

#CB0415

.......................................

2.50 5/1/51

Fannie

Mae,

Pool

#MA2730

.......................................

2.50 8/1/46

Fannie

Mae,

Pool

#FM3878

.......................................

2.50 7/1/50

Fannie

Mae,

Pool

#MA3965

.......................................

2.50 3/1/40

Fannie

Mae,

Pool

#MA3788

.......................................

2.50 9/1/39

Fannie

Mae,

Pool

#MA4256

.......................................

2.50 2/1/51

Fannie

Mae,

Pool

#MA4099

.......................................

2.50 8/1/35

Fannie

Mae,

Pool

#FM2881

.......................................

2.50 4/1/50

Fannie

Mae,

Pool

#FM8997

.......................................

2.50 10/1/51

Fannie

Mae,

Pool

#MA3737

.......................................

2.50 8/1/34

Fannie

Mae,

Pool

#MA3827

.......................................

2.50 11/1/34

Fannie

Mae,

Pool

#FM9501

.......................................

2.50 11/1/51

Fannie

Mae,

Pool

#BK2588

.......................................

2.50 5/1/50

Fannie

Mae,

Pool

#BQ5110

.......................................

2.50 11/1/50

Fannie

Mae,

Pool

#CA6304

.......................................

2.50 7/1/50

Fannie

Mae,

Pool

#MA4541

.......................................

2.50 2/1/42

Fannie

Mae,

Pool

#MA3217

.......................................

2.50 12/1/32

Fannie

Mae,

Pool

#MA3896

.......................................

2.50 1/1/35

Fannie

Mae,

Pool

#MA4210

.......................................

2.50 12/1/50

Fannie

Mae,

Pool

#MA4414

.......................................

2.50 9/1/51

Fannie

Mae,

Pool

#MA2854

.......................................

2.50 12/1/46

Fannie

Mae,

Pool

#CB2523

.......................................

2.50 1/1/52

Fannie

Mae,

Pool

#CA8131

.......................................

2.50 12/1/50

Fannie

Mae,

Pool

#MA4517

.......................................

2.50 1/1/37

Fannie

Mae,

Pool

#CA8132

.......................................

2.50 12/1/50

Fannie

Mae,

Pool

#CB1131

........................................

2.50 7/1/51

Fannie

Mae,

Pool

#BU5917

.......................................

2.50 12/1/51

Fannie

Mae,

Pool

#MA4399

.......................................

2.50 8/1/51

Fannie

Mae,

Pool

#MA4183

.......................................

2.50 11/1/50

Fannie

Mae,

Pool

#MA4096

.......................................

2.50 8/1/50

Fannie

Mae,

Pool

#BO4657

.......................................

2.50 11/1/49

Fannie

Mae,

Pool

#CA9289

.......................................

2.50 2/1/51

Fannie

Mae,

Pool

#AS4660

........................................

2.50 3/1/30

Fannie

Mae,

Pool

#FM3494

.......................................

2.50 4/1/48

Fannie

Mae,

Pool

#FM3027

.......................................

2.50 12/1/46

Fannie

Mae,

Pool

#MA3765

.......................................

2.50 9/1/49

Fannie

Mae,

Pool

#MA4075

.......................................

2.50 7/1/35

Fannie

Mae,

Pool

#CA7237

.......................................

2.50 10/1/50

Fannie

Mae,

Pool

#MA3990

.......................................

2.50 4/1/50

Fannie

Mae,

Pool

#BQ0329

.......................................

2.50 7/1/50

Fannie

Mae,

Pool

#BP5878

........................................

2.50 6/1/50

Fannie

Mae,

Pool

#MA4159

.......................................

2.50 10/1/50

Fannie

Mae,

Pool

#FM4231

.......................................

2.50 9/1/50

Fannie

Mae,

Pool

#BU1451

.......................................

2.50 1/1/52

Fannie

Mae,

Pool

#MA4053

.......................................

2.50 6/1/35

Fannie

Mae,

Pool

#MA4016

.......................................

2.50 5/1/40

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#MA3764

.......................................

2.50 9/1/34

$

Fannie

Mae,

Pool

#MA3955

.......................................

2.50 3/1/35

Fannie

Mae,

Pool

#AP4742

........................................

2.50 8/1/27

Fannie

Mae,

Pool

#FM4309

.......................................

2.50 9/1/50

Fannie

Mae,

Pool

#MA3830

.......................................

2.50 11/1/39

Fannie

Mae,

Pool

#CB2979

.......................................

2.50 2/1/37

Fannie

Mae,

Pool

#FM9543

.......................................

2.50 12/1/51

Fannie

Mae,

Pool

#MA3801

.......................................

2.50 10/1/49

Fannie

Mae,

Pool

#MA2868

.......................................

2.50 1/1/32

Fannie

Mae,

Pool

#AO3019

.......................................

2.50 5/1/27

Fannie

Mae,

Pool

#FM3296

.......................................

2.50 5/1/35

Fannie

Mae,

Pool

#MA4078

.......................................

2.50 7/1/50

Fannie

Mae,

Pool

#AZ0538

.......................................

3.00 9/1/30

Fannie

Mae,

Pool

#AY4200

.......................................

3.00 5/1/45

Fannie

Mae,

Pool

#FM1134

.......................................

3.00 4/1/48

Fannie

Mae,

Pool

#AS8521

........................................

3.00 12/1/46

Fannie

Mae,

Pool

#MA2287

.......................................

3.00 6/1/35

Fannie

Mae,

Pool

#AZ4358

.......................................

3.00 7/1/30

Fannie

Mae,

Pool

#MA2425

.......................................

3.00 10/1/30

Fannie

Mae,

Pool

#AK0006

.......................................

3.00 1/1/27

Fannie

Mae,

Pool

#MA3905

.......................................

3.00 1/1/50

Fannie

Mae,

Pool

#BA0826

.......................................

3.00 10/1/30

Fannie

Mae,

Pool

#AR7426

.......................................

3.00 7/1/43

Fannie

Mae,

Pool

#AQ3223

.......................................

3.00 11/1/27

Fannie

Mae,

Pool

#BC4276

.......................................

3.00 4/1/46

Fannie

Mae,

Pool

#AO0752

.......................................

3.00 4/1/42

Fannie

Mae,

Pool

#MA3631

.......................................

3.00 4/1/34

Fannie

Mae,

Pool

#MA3657

.......................................

3.00 5/1/34

Fannie

Mae,

Pool

#MA2523

.......................................

3.00 2/1/36

Fannie

Mae,

Pool

#AQ7920

.......................................

3.00 12/1/42

Fannie

Mae,

Pool

#BD5787

.......................................

3.00 9/1/46

Fannie

Mae,

Pool

#FS0831

........................................

3.00 3/1/52

Fannie

Mae,

Pool

#MA3127

.......................................

3.00 9/1/37

Fannie

Mae,

Pool

#MA3237

.......................................

3.00 1/1/48

Fannie

Mae,

Pool

#AW8295

.......................................

3.00 8/1/29

Fannie

Mae,

Pool

#BC4764

.......................................

3.00 10/1/46

Fannie

Mae,

Pool

#AS8784

........................................

3.00 2/1/47

Fannie

Mae,

Pool

#MA2833

.......................................

3.00 12/1/46

Fannie

Mae,

Pool

#AP6375

........................................

3.00 9/1/42

Fannie

Mae,

Pool

#AW7383

.......................................

3.00 8/1/29

Fannie

Mae,

Pool

#MA2579

.......................................

3.00 4/1/36

Fannie

Mae,

Pool

#AS1527

........................................

3.00 1/1/29

Fannie

Mae,

Pool

#MA1058

.......................................

3.00 5/1/32

Fannie

Mae,

Pool

#BD4225

.......................................

3.00 11/1/46

Fannie

Mae,

Pool

#AT2014

........................................

3.00 4/1/43

Fannie

Mae,

Pool

#AS8483

........................................

3.00 12/1/46

Fannie

Mae,

Pool

#AS8424

........................................

3.00 12/1/36

Fannie

Mae,

Pool

#AS8276

........................................

3.00 11/1/46

Fannie

Mae,

Pool

#AP6493

........................................

3.00 9/1/42

Fannie

Mae,

Pool

#AK3302

.......................................

3.00 3/1/27

Fannie

Mae,

Pool

#MA3937

.......................................

3.00 2/1/50

Fannie

Mae,

Pool

#AP2465

........................................

3.00 8/1/42

Fannie

Mae,

Pool

#AT1575

........................................

3.00 5/1/43

Fannie

Mae,

Pool

#MA1401

.......................................

3.00 4/1/33

Fannie

Mae,

Pool

#MA1527

.......................................

3.00 8/1/33

Fannie

Mae,

Pool

#AU7890

.......................................

3.00 9/1/28

Fannie

Mae,

Pool

#MA3897

.......................................

3.00 1/1/35

Fannie

Mae,

Pool

#MA2863

.......................................

3.00 1/1/47

Fannie

Mae,

Pool

#BD2446

.......................................

3.00 1/1/47

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#MA2897

.......................................

3.00 2/1/37

$

Fannie

Mae,

Pool

#CA3754

.......................................

3.00 6/1/34

Fannie

Mae,

Pool

#AS8438

........................................

3.00 12/1/36

Fannie

Mae,

Pool

#CA5729

.......................................

3.00 5/1/50

Fannie

Mae,

Pool

#BE4400

........................................

3.00 1/1/47

Fannie

Mae,

Pool

#MA3958

.......................................

3.00 3/1/40

Fannie

Mae,

Pool

#AS4884

........................................

3.00 5/1/45

Fannie

Mae,

Pool

#MA3960

.......................................

3.00 3/1/50

Fannie

Mae,

Pool

#AT7620

........................................

3.00 6/1/43

Fannie

Mae,

Pool

#CA5423

.......................................

3.00 3/1/50

Fannie

Mae,

Pool

#MA3339

.......................................

3.00 4/1/33

Fannie

Mae,

Pool

#MA2832

.......................................

3.00 12/1/36

Fannie

Mae,

Pool

#MA3078

.......................................

3.00 7/1/37

Fannie

Mae,

Pool

#AX8309

.......................................

3.00 11/1/29

Fannie

Mae,

Pool

#BO6219

.......................................

3.00 12/1/49

Fannie

Mae,

Pool

#CB3364

.......................................

3.00 4/1/52

Fannie

Mae,

Pool

#MA4579

.......................................

3.00 4/1/52

Fannie

Mae,

Pool

#FS1374

........................................

3.00 3/1/52

Fannie

Mae,

Pool

#MA2806

.......................................

3.00 11/1/46

Fannie

Mae,

Pool

#AS8414

........................................

3.00 11/1/46

Fannie

Mae,

Pool

#AL9865

.......................................

3.00 2/1/47

Fannie

Mae,

Pool

#MA3834

.......................................

3.00 11/1/49

Fannie

Mae,

Pool

#MA3082

.......................................

3.00 7/1/47

Fannie

Mae,

Pool

#MA3744

.......................................

3.00 8/1/49

Fannie

Mae,

Pool

#AS7908

........................................

3.00 9/1/46

Fannie

Mae,

Pool

#BE1901

........................................

3.00 12/1/46

Fannie

Mae,

Pool

#BC9003

.......................................

3.00 11/1/46

Fannie

Mae,

Pool

#MA3802

.......................................

3.00 10/1/49

Fannie

Mae,

Pool

#MA3304

.......................................

3.00 3/1/48

Fannie

Mae,

Pool

#FM1370

.......................................

3.00 4/1/46

Fannie

Mae,

Pool

#MA3147

.......................................

3.00 10/1/47

Fannie

Mae,

Pool

#MA3831

.......................................

3.00 11/1/39

Fannie

Mae,

Pool

#CB3172

.......................................

3.00 3/1/52

Fannie

Mae,

Pool

#AY4829

.......................................

3.00 5/1/45

Fannie

Mae,

Pool

#BA4786

.......................................

3.00 2/1/31

Fannie

Mae,

Pool

#MA3331

.......................................

3.00 4/1/48

Fannie

Mae,

Pool

#BU8883

.......................................

3.00 3/1/52

Fannie

Mae,

Pool

#MA3738

.......................................

3.00 8/1/34

Fannie

Mae,

Pool

#MA3185

.......................................

3.00 11/1/37

Fannie

Mae,

Pool

#AS7904

........................................

3.00 9/1/46

Fannie

Mae,

Pool

#CA3788

.......................................

3.00 7/1/49

Fannie

Mae,

Pool

#AL8861

.......................................

3.00 7/1/31

Fannie

Mae,

Pool

#CA4860

.......................................

3.00 12/1/49

Fannie

Mae,

Pool

#MA3090

.......................................

3.00 8/1/32

Fannie

Mae,

Pool

#BD5076

.......................................

3.00 2/1/32

Fannie

Mae,

Pool

#MA2246

.......................................

3.00 4/1/30

Fannie

Mae,

Pool

#MA3179

.......................................

3.00 11/1/47

Fannie

Mae,

Pool

#MA3100

.......................................

3.00 8/1/37

Fannie

Mae,

Pool

#MA3060

.......................................

3.00 7/1/32

Fannie

Mae,

Pool

#CB2759

.......................................

3.00 2/1/52

Fannie

Mae,

Pool

#FM1552

.......................................

3.00 12/1/47

Fannie

Mae,

Pool

#BO8947

.......................................

3.00 1/1/50

Fannie

Mae,

Pool

#BO9169

.......................................

3.00 12/1/49

Fannie

Mae,

Pool

#BP6466

........................................

3.00 7/1/50

Fannie

Mae,

Pool

#MA2773

.......................................

3.00 10/1/36

Fannie

Mae,

Pool

#CA5519

.......................................

3.00 4/1/50

Fannie

Mae,

Pool

#FS2122

........................................

3.00 3/1/52

Fannie

Mae,

Pool

#CA5668

.......................................

3.00 5/1/50

Fannie

Mae,

Pool

#BK1015

.......................................

3.00 2/1/33

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#MA3871

.......................................

3.00 12/1/49

$

Fannie

Mae,

Pool

#CA5229

.......................................

3.00 2/1/50

Fannie

Mae,

Pool

#MA4020

.......................................

3.00 5/1/50

Fannie

Mae,

Pool

#CB2755

.......................................

3.00 2/1/52

Fannie

Mae,

Pool

#MA3934

.......................................

3.00 2/1/40

Fannie

Mae,

Pool

#CB2756

.......................................

3.00 2/1/52

Fannie

Mae,

Pool

#FM2132

.......................................

3.00 1/1/50

Fannie

Mae,

Pool

#BJ2996

........................................

3.00 1/1/33

Fannie

Mae,

Pool

#AS4334

........................................

3.00 1/1/45

Fannie

Mae,

Pool

#MA2895

.......................................

3.00 2/1/47

Fannie

Mae,

Pool

#BO2201

.......................................

3.00 9/1/49

Fannie

Mae,

Pool

#MA1307

.......................................

3.00 1/1/33

Fannie

Mae,

Pool

#MA1338

.......................................

3.00 2/1/33

Fannie

Mae,

Pool

#MA4079

.......................................

3.00 7/1/50

Fannie

Mae,

Pool

#AU3735

.......................................

3.00 8/1/43

Fannie

Mae,

Pool

#BP1932

........................................

3.00 4/1/50

Fannie

Mae,

Pool

#AT0682

........................................

3.00 4/1/43

Fannie

Mae,

Pool

#AB8897

.......................................

3.00 4/1/43

Fannie

Mae,

Pool

#FM1585

.......................................

3.00 9/1/49

Fannie

Mae,

Pool

#AB4483

.......................................

3.00 2/1/27

Fannie

Mae,

Pool

#MA4048

.......................................

3.00 6/1/50

Fannie

Mae,

Pool

#AS8056

........................................

3.00 10/1/46

Fannie

Mae,

Pool

#AS7238

........................................

3.00 5/1/46

Fannie

Mae,

Pool

#BE3861

........................................

3.00 1/1/47

Fannie

Mae,

Pool

#BN7703

.......................................

3.00 8/1/49

Fannie

Mae,

Pool

#MA2065

.......................................

3.00 10/1/34

Fannie

Mae,

Pool

#AS2312

........................................

3.00 5/1/29

Fannie

Mae,

Pool

#AS3117

........................................

3.00 8/1/29

Fannie

Mae,

Pool

#MA2087

.......................................

3.00 11/1/34

Fannie

Mae,

Pool

#MA2149

.......................................

3.00 1/1/30

Fannie

Mae,

Pool

#MA2230

.......................................

3.00 4/1/35

Fannie

Mae,

Pool

#AL9848

.......................................

3.00 3/1/47

Fannie

Mae,

Pool

#AS4333

........................................

3.00 1/1/45

Fannie

Mae,

Pool

#MA3774

.......................................

3.00 9/1/49

Fannie

Mae,

Pool

#AB7099

.......................................

3.00 11/1/42

Fannie

Mae,

Pool

#BO7242

.......................................

3.00 1/1/50

Fannie

Mae,

Pool

#BO3192

.......................................

3.00 10/1/49

Fannie

Mae,

Pool

#BM1370

.......................................

3.00 4/1/37

Fannie

Mae,

Pool

#MA2737

.......................................

3.00 9/1/46

Fannie

Mae,

Pool

#MA3991

.......................................

3.00 4/1/50

Fannie

Mae,

Pool

#MA3106

.......................................

3.00 8/1/47

Fannie

Mae,

Pool

#AS0196

........................................

3.00 8/1/28

Fannie

Mae,

Pool

#BE9547

........................................

3.00 4/1/47

Fannie

Mae,

Pool

#BD5545

.......................................

3.00 10/1/46

Fannie

Mae,

Pool

#MA2961

.......................................

3.00 4/1/37

Fannie

Mae,

Pool

#MA3218

.......................................

3.00 12/1/32

Fannie

Mae,

Pool

#FM3395

.......................................

3.00 6/1/50

Fannie

Mae,

Pool

#MA3247

.......................................

3.00 1/1/33

Fannie

Mae,

Pool

#AS8186

........................................

3.00 10/1/46

Fannie

Mae,

Pool

#MA2956

.......................................

3.00 4/1/47

Fannie

Mae,

Pool

#FM4317

.......................................

3.00 9/1/50

Fannie

Mae,

Pool

#AL9996

.......................................

3.00 4/1/32

Fannie

Mae,

Pool

#AS5319

........................................

3.50 7/1/45

Fannie

Mae,

Pool

#AS5068

........................................

3.50 6/1/45

Fannie

Mae,

Pool

#AY1306

.......................................

3.50 3/1/45

Fannie

Mae,

Pool

#AY4300

.......................................

3.50 1/1/45

Fannie

Mae,

Pool

#AS6649

........................................

3.50 2/1/46

Fannie

Mae,

Pool

#AS4773

........................................

3.50 4/1/45

Fannie

Mae,

Pool

#AS4772

........................................

3.50 4/1/45

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#AX9530

.......................................

3.50 2/1/45

$

Fannie

Mae,

Pool

#BA1893

.......................................

3.50 8/1/45

Fannie

Mae,

Pool

#CA1191

.......................................

3.50 11/1/47

Fannie

Mae,

Pool

#MA2495

.......................................

3.50 1/1/46

Fannie

Mae,

Pool

#AZ9576

.......................................

3.50 12/1/45

Fannie

Mae,

Pool

#MA1980

.......................................

3.50 8/1/44

Fannie

Mae,

Pool

#AO2548

.......................................

3.50 4/1/42

Fannie

Mae,

Pool

#BD2436

.......................................

3.50 1/1/47

Fannie

Mae,

Pool

#BM2000

.......................................

3.50 5/1/47

Fannie

Mae,

Pool

#BA5031

.......................................

3.50 1/1/46

Fannie

Mae,

Pool

#BC0163

.......................................

3.50 1/1/46

Fannie

Mae,

Pool

#AJ4093

........................................

3.50 10/1/26

—

Fannie

Mae,

Pool

#310139

........................................

3.50 11/1/25

—

Fannie

Mae,

Pool

#BC3126

.......................................

3.50 1/1/46

Fannie

Mae,

Pool

#FM3387

.......................................

3.50 3/1/35

Fannie

Mae,

Pool

#BC7633

.......................................

3.50 6/1/46

Fannie

Mae,

Pool

#AS5696

........................................

3.50 8/1/45

Fannie

Mae,

Pool

#AU3742

.......................................

3.50 8/1/43

Fannie

Mae,

Pool

#AS7239

........................................

3.50 5/1/46

Fannie

Mae,

Pool

#AX7655

.......................................

3.50 1/1/45

Fannie

Mae,

Pool

#AY3802

.......................................

3.50 2/1/45

Fannie

Mae,

Pool

#AV6407

.......................................

3.50 2/1/29

Fannie

Mae,

Pool

#AL1717

.......................................

3.50 5/1/27

Fannie

Mae,

Pool

#AY5303

.......................................

3.50 3/1/45

Fannie

Mae,

Pool

#AL8776

.......................................

3.50 7/1/46

Fannie

Mae,

Pool

#BE5258

........................................

3.50 1/1/47

Fannie

Mae,

Pool

#AX5201

.......................................

3.50 10/1/29

Fannie

Mae,

Pool

#MA2692

.......................................

3.50 7/1/36

Fannie

Mae,

Pool

#BH9215

.......................................

3.50 1/1/48

Fannie

Mae,

Pool

#AJ8476

........................................

3.50 12/1/41

Fannie

Mae,

Pool

#AO9140

.......................................

3.50 7/1/42

Fannie

Mae,

Pool

#BM5485

.......................................

3.50 2/1/49

Fannie

Mae,

Pool

#AO8137

.......................................

3.50 8/1/42

Fannie

Mae,

Pool

#MA3057

.......................................

3.50 7/1/47

Fannie

Mae,

Pool

#AX0159

.......................................

3.50 9/1/29

Fannie

Mae,

Pool

#BP1947

........................................

3.50 4/1/50

Fannie

Mae,

Pool

#AS3133

........................................

3.50 8/1/44

Fannie

Mae,

Pool

#MA3634

.......................................

3.50 4/1/39

Fannie

Mae,

Pool

#FM1543

.......................................

3.50 11/1/48

Fannie

Mae,

Pool

#BK9038

.......................................

3.50 10/1/33

Fannie

Mae,

Pool

#MA2389

.......................................

3.50 9/1/35

Fannie

Mae,

Pool

#AS7491

........................................

3.50 7/1/46

Fannie

Mae,

Pool

#BD5046

.......................................

3.50 2/1/47

Fannie

Mae,

Pool

#MA3414

.......................................

3.50 7/1/48

Fannie

Mae,

Pool

#MA1982

.......................................

3.50 8/1/34

Fannie

Mae,

Pool

#MA2125

.......................................

3.50 12/1/44

Fannie

Mae,

Pool

#AO4385

.......................................

3.50 6/1/42

Fannie

Mae,

Pool

#MA3462

.......................................

3.50 9/1/33

Fannie

Mae,

Pool

#AS2081

........................................

3.50 4/1/29

Fannie

Mae,

Pool

#AO4647

.......................................

3.50 6/1/42

Fannie

Mae,

Pool

#AO3760

.......................................

3.50 5/1/42

Fannie

Mae,

Pool

#MA3520

.......................................

3.50 11/1/48

Fannie

Mae,

Pool

#AY8856

.......................................

3.50 9/1/45

Fannie

Mae,

Pool

#BJ0647

........................................

3.50 3/1/48

Fannie

Mae,

Pool

#BH5155

.......................................

3.50 9/1/47

Fannie

Mae,

Pool

#BH9277

.......................................

3.50 2/1/48

Fannie

Mae,

Pool

#BM4703

.......................................

3.50 2/1/48

Fannie

Mae,

Pool

#MA1059

.......................................

3.50 5/1/32

Fannie

Mae,

Pool

#MA1107

.......................................

3.50 7/1/32

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#AS5892

........................................

3.50 10/1/45

$

Fannie

Mae,

Pool

#BM2001

.......................................

3.50 12/1/46

Fannie

Mae,

Pool

#MA2923

.......................................

3.50 3/1/37

Fannie

Mae,

Pool

#MA2909

.......................................

3.50 2/1/37

Fannie

Mae,

Pool

#MA2292

.......................................

3.50 6/1/45

—

Fannie

Mae,

Pool

#AE5487

.......................................

3.50 10/1/25

—

Fannie

Mae,

Pool

#AX2486

.......................................

3.50 10/1/44

Fannie

Mae,

Pool

#AJ6181

........................................

3.50 12/1/26

Fannie

Mae,

Pool

#AK0706

.......................................

3.50 2/1/27

Fannie

Mae,

Pool

#AK7497

.......................................

3.50 4/1/42

Fannie

Mae,

Pool

#MA1021

.......................................

3.50 3/1/27

Fannie

Mae,

Pool

#AZ2614

.......................................

3.50 8/1/45

Fannie

Mae,

Pool

#MA3059

.......................................

3.50 7/1/37

Fannie

Mae,

Pool

#MA3238

.......................................

3.50 1/1/48

Fannie

Mae,

Pool

#MA3332

.......................................

3.50 4/1/48

Fannie

Mae,

Pool

#AS0024

........................................

3.50 7/1/43

Fannie

Mae,

Pool

#BM1568

.......................................

3.50 7/1/47

Fannie

Mae,

Pool

#AZ0862

.......................................

3.50 7/1/45

Fannie

Mae,

Pool

#MA3026

.......................................

3.50 6/1/47

Fannie

Mae,

Pool

#BM1231

.......................................

3.50 11/1/31

Fannie

Mae,

Pool

#AB6017

.......................................

3.50 8/1/42

Fannie

Mae,

Pool

#MA3906

.......................................

3.50 1/1/50

Fannie

Mae,

Pool

#FM0020

.......................................

3.50 7/1/49

Fannie

Mae,

Pool

#MA3494

.......................................

3.50 10/1/48

Fannie

Mae,

Pool

#CA0234

.......................................

3.50 8/1/47

Fannie

Mae,

Pool

#MA3597

.......................................

3.50 2/1/49

Fannie

Mae,

Pool

#MA3637

.......................................

3.50 4/1/49

Fannie

Mae,

Pool

#MA3692

.......................................

3.50 7/1/49

Fannie

Mae,

Pool

#MA3775

.......................................

3.50 9/1/49

Fannie

Mae,

Pool

#FM1566

.......................................

3.50 11/1/48

Fannie

Mae,

Pool

#FM1001

.......................................

3.50 11/1/48

Fannie

Mae,

Pool

#AU1635

.......................................

3.50 7/1/43

Fannie

Mae,

Pool

#FM1911

.......................................

3.50 7/1/48

Fannie

Mae,

Pool

#MA3745

.......................................

3.50 8/1/49

Fannie

Mae,

Pool

#CA0487

.......................................

3.50 10/1/47

Fannie

Mae,

Pool

#MA2996

.......................................

3.50 5/1/37

Fannie

Mae,

Pool

#MA3152

.......................................

3.50 10/1/37

Fannie

Mae,

Pool

#BJ2692

........................................

3.50 4/1/48

Fannie

Mae,

Pool

#AE0981

.......................................

3.50 3/1/41

Fannie

Mae,

Pool

#MA3305

.......................................

3.50 3/1/48

Fannie

Mae,

Pool

#CB3601

.......................................

3.50 5/1/52

Fannie

Mae,

Pool

#BU8723

.......................................

3.50 6/1/52

Fannie

Mae,

Pool

#MA4600

.......................................

3.50 5/1/52

Fannie

Mae,

Pool

#MA3835

.......................................

3.50 11/1/49

Fannie

Mae,

Pool

#MA3182

.......................................

3.50 11/1/47

Fannie

Mae,

Pool

#AS4771

........................................

3.50 4/1/45

Fannie

Mae,

Pool

#AQ0546

.......................................

3.50 11/1/42

Fannie

Mae,

Pool

#AP9390

........................................

3.50 10/1/42

Fannie

Mae,

Pool

#BM5446

.......................................

3.50 2/1/49

Fannie

Mae,

Pool

#MA4654

.......................................

3.50 7/1/52

Fannie

Mae,

Pool

#BC1158

........................................

3.50 2/1/46

Fannie

Mae,

Pool

#AY3913

.......................................

3.50 2/1/45

Fannie

Mae,

Pool

#AZ6383

.......................................

3.50 9/1/45

Fannie

Mae,

Pool

#MA3614

.......................................

3.50 3/1/49

Fannie

Mae,

Pool

#FM1028

.......................................

3.50 6/1/49

Fannie

Mae,

Pool

#AS7388

........................................

3.50 6/1/46

Fannie

Mae,

Pool

#MA3276

.......................................

3.50 2/1/48

Fannie

Mae,

Pool

#BE3767

........................................

3.50 7/1/47

Fannie

Mae,

Pool

#FS1774

........................................

3.50 5/1/37

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#MA3663

.......................................

3.50 5/1/49

$

Fannie

Mae,

Pool

#AS9831

........................................

4.00 6/1/47

Fannie

Mae,

Pool

#BM2002

.......................................

4.00 10/1/47

Fannie

Mae,

Pool

#FS3526

........................................

4.00 12/1/52

Fannie

Mae,

Pool

#BD7081

.......................................

4.00 3/1/47

Fannie

Mae,

Pool

#BK7608

.......................................

4.00 9/1/48

Fannie

Mae,

Pool

#AH3394

.......................................

4.00 1/1/41

Fannie

Mae,

Pool

#MA3027

.......................................

4.00 6/1/47

Fannie

Mae,

Pool

#AS8532

........................................

4.00 12/1/46

Fannie

Mae,

Pool

#BN0594

.......................................

4.00 12/1/48

Fannie

Mae,

Pool

#MA3427

.......................................

4.00 7/1/33

Fannie

Mae,

Pool

#MA3638

.......................................

4.00 4/1/49

Fannie

Mae,

Pool

#AS2498

........................................

4.00 5/1/44

Fannie

Mae,

Pool

#CA3084

.......................................

4.00 2/1/49

Fannie

Mae,

Pool

#BK0909

.......................................

4.00 7/1/48

Fannie

Mae,

Pool

#MA3037

.......................................

4.00 6/1/37

Fannie

Mae,

Pool

#MA2655

.......................................

4.00 6/1/36

Fannie

Mae,

Pool

#AS2117

........................................

4.00 4/1/44

Fannie

Mae,

Pool

#MA3413

.......................................

4.00 7/1/38

Fannie

Mae,

Pool

#MA3244

.......................................

4.00 1/1/38

Fannie

Mae,

Pool

#CA0237

.......................................

4.00 8/1/47

Fannie

Mae,

Pool

#MA3277

.......................................

4.00 2/1/48

Fannie

Mae,

Pool

#AS8823

........................................

4.00 2/1/47

Fannie

Mae,

Pool

#AC7328

.......................................

4.00 12/1/39

Fannie

Mae,

Pool

#BJ9169

........................................

4.00 5/1/48

Fannie

Mae,

Pool

#AS9486

........................................

4.00 4/1/47

—

Fannie

Mae,

Pool

#AL9742

.......................................

4.00 7/1/29

—

Fannie

Mae,

Pool

#MA0695

.......................................

4.00 4/1/31

Fannie

Mae,

Pool

#BK7943

.......................................

4.00 11/1/48

Fannie

Mae,

Pool

#BE8050

........................................

4.00 4/1/47

Fannie

Mae,

Pool

#MA3536

.......................................

4.00 12/1/48

Fannie

Mae,

Pool

#AZ8874

.......................................

4.00 9/1/45

Fannie

Mae,

Pool

#BM4991

.......................................

4.00 9/1/48

Fannie

Mae,

Pool

#AZ8067

.......................................

4.00 9/1/45

Fannie

Mae,

Pool

#FM1571

.......................................

4.00 12/1/48

Fannie

Mae,

Pool

#MA3563

.......................................

4.00 1/1/49

Fannie

Mae,

Pool

#MA3746

.......................................

4.00 8/1/49

Fannie

Mae,

Pool

#BM5685

.......................................

4.00 6/1/48

Fannie

Mae,

Pool

#BN5258

.......................................

4.00 2/1/49

Fannie

Mae,

Pool

#CA2474

.......................................

4.00 7/1/48

Fannie

Mae,

Pool

#FM1415

.......................................

4.00 12/1/48

Fannie

Mae,

Pool

#MA3615

.......................................

4.00 3/1/49

Fannie

Mae,

Pool

#FM1101

.......................................

4.00 7/1/34

Fannie

Mae,

Pool

#MA3211

.......................................

4.00 12/1/47

Fannie

Mae,

Pool

#AS7558

........................................

4.00 7/1/46

Fannie

Mae,

Pool

#MA3804

.......................................

4.00 10/1/49

Fannie

Mae,

Pool

#BN0334

.......................................

4.00 12/1/48

Fannie

Mae,

Pool

#AX0841

.......................................

4.00 9/1/44

Fannie

Mae,

Pool

#BN6677

.......................................

4.00 6/1/49

Fannie

Mae,

Pool

#MA3592

.......................................

4.00 2/1/49

Fannie

Mae,

Pool

#MA3521

.......................................

4.00 11/1/48

Fannie

Mae,

Pool

#AS3468

........................................

4.00 10/1/44

Fannie

Mae,

Pool

#AS3293

........................................

4.00 9/1/44

Fannie

Mae,

Pool

#FM5134

.......................................

4.00 1/1/49

Fannie

Mae,

Pool

#AL2689

.......................................

4.00 2/1/27

Fannie

Mae,

Pool

#CA2469

.......................................

4.00 10/1/48

Fannie

Mae,

Pool

#BK0915

.......................................

4.00 7/1/48

Fannie

Mae,

Pool

#AS7601

........................................

4.00 7/1/46

Fannie

Mae,

Pool

#AZ7362

.......................................

4.00 11/1/45

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#AY0025

.......................................

4.00 2/1/45

$

Fannie

Mae,

Pool

#BK9697

.......................................

4.00 12/1/48

Fannie

Mae,

Pool

#BM5525

.......................................

4.00 3/1/31

Fannie

Mae,

Pool

#MA4732

.......................................

4.00 9/1/52

Fannie

Mae,

Pool

#AL4778

.......................................

4.00 10/1/32

Fannie

Mae,

Pool

#FS0016

........................................

4.00 6/1/49

Fannie

Mae,

Pool

#CA1015

.......................................

4.00 1/1/48

Fannie

Mae,

Pool

#AL7347

.......................................

4.00 9/1/45

Fannie

Mae,

Pool

#AS3467

........................................

4.00 10/1/44

Fannie

Mae,

Pool

#FM1960

.......................................

4.00 5/1/49

Fannie

Mae,

Pool

#AY8981

.......................................

4.00 8/1/45

Fannie

Mae,

Pool

#AS3903

........................................

4.00 11/1/44

Fannie

Mae,

Pool

#CA1894

.......................................

4.00 6/1/48

Fannie

Mae,

Pool

#MA0641

.......................................

4.00 2/1/31

Fannie

Mae,

Pool

#MA0493

.......................................

4.00 8/1/30

Fannie

Mae,

Pool

#AJ7689

........................................

4.00 12/1/41

Fannie

Mae,

Pool

#AJ5303

........................................

4.00 11/1/41

Fannie

Mae,

Pool

#AH5859

.......................................

4.00 2/1/41

Fannie

Mae,

Pool

#AH6242

.......................................

4.00 4/1/26

Fannie

Mae,

Pool

#190405

........................................

4.00 10/1/40

Fannie

Mae,

Pool

#BC5559

.......................................

4.00 3/1/46

Fannie

Mae,

Pool

#AT3872

........................................

4.00 6/1/43

Fannie

Mae,

Pool

#AW5109

.......................................

4.00 8/1/44

Fannie

Mae,

Pool

#AJ7857

........................................

4.00 12/1/41

Fannie

Mae,

Pool

#AS7028

........................................

4.00 4/1/46

Fannie

Mae,

Pool

#AL8387

.......................................

4.00 3/1/46

Fannie

Mae,

Pool

#BA6910

.......................................

4.00 2/1/46

Fannie

Mae,

Pool

#MA3121

.......................................

4.00 9/1/47

Fannie

Mae,

Pool

#BA0847

.......................................

4.00 3/1/46

Fannie

Mae,

Pool

#AY1377

.......................................

4.00 4/1/45

Fannie

Mae,

Pool

#AO2959

.......................................

4.00 5/1/42

Fannie

Mae,

Pool

#MA4797

.......................................

4.00 11/1/37

Fannie

Mae,

Pool

#AS7600

........................................

4.00 7/1/46

Fannie

Mae,

Pool

#AS3216

........................................

4.00 9/1/44

Fannie

Mae,

Pool

#CA0183

.......................................

4.00 8/1/47

Fannie

Mae,

Pool

#MA2995

.......................................

4.00 5/1/47

Fannie

Mae,

Pool

#AS3448

........................................

4.00 9/1/44

Fannie

Mae,

Pool

#MA3183

.......................................

4.00 11/1/47

Fannie

Mae,

Pool

#MA3216

.......................................

4.00 12/1/37

Fannie

Mae,

Pool

#AY2291

.......................................

4.00 3/1/45

Fannie

Mae,

Pool

#BH2623

.......................................

4.00 8/1/47

Fannie

Mae,

Pool

#FM0021

.......................................

4.00 3/1/49

Fannie

Mae,

Pool

#MA2536

.......................................

4.00 2/1/36

Fannie

Mae,

Pool

#AY1595

.......................................

4.00 1/1/45

Fannie

Mae,

Pool

#MA2455

.......................................

4.00 11/1/35

Fannie

Mae,

Pool

#AW9041

.......................................

4.00 8/1/44

Fannie

Mae,

Pool

#BJ0639

........................................

4.00 3/1/48

Fannie

Mae,

Pool

#AV2340

.......................................

4.00 12/1/43

Fannie

Mae,

Pool

#AW5063

.......................................

4.00 7/1/44

Fannie

Mae,

Pool

#AU3753

.......................................

4.00 8/1/43

Fannie

Mae,

Pool

#AS0531

........................................

4.00 9/1/43

Fannie

Mae,

Pool

#BK8830

.......................................

4.50 8/1/48

Fannie

Mae,

Pool

#MA3593

.......................................

4.50 2/1/49

Fannie

Mae,

Pool

#MA3639

.......................................

4.50 4/1/49

Fannie

Mae,

Pool

#FM3619

.......................................

4.50 1/1/50

Fannie

Mae,

Pool

#AS8576

........................................

4.50 12/1/46

Fannie

Mae,

Pool

#BE5992

........................................

4.50 2/1/47

Fannie

Mae,

Pool

#AU5302

.......................................

4.50 10/1/43

Fannie

Mae,

Pool

#MA3184

.......................................

4.50 11/1/47

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#AH9055

.......................................

4.50 4/1/41

$

Fannie

Mae,

Pool

#AI4815

........................................

4.50 6/1/41

Fannie

Mae,

Pool

#BN0877

.......................................

4.50 11/1/48

Fannie

Mae,

Pool

#AH7521

.......................................

4.50 3/1/41

Fannie

Mae,

Pool

#BK1416

.......................................

4.50 5/1/48

Fannie

Mae,

Pool

#AS9394

........................................

4.50 4/1/47

Fannie

Mae,

Pool

#AD8529

.......................................

4.50 8/1/40

Fannie

Mae,

Pool

#AB3192

.......................................

4.50 6/1/41

Fannie

Mae,

Pool

#MA0481

.......................................

4.50 8/1/30

Fannie

Mae,

Pool

#AS2276

........................................

4.50 4/1/44

Fannie

Mae,

Pool

#AS1638

........................................

4.50 2/1/44

Fannie

Mae,

Pool

#MA3522

.......................................

4.50 11/1/48

Fannie

Mae,

Pool

#AH6790

.......................................

4.50 3/1/41

Fannie

Mae,

Pool

#CA1218

.......................................

4.50 2/1/48

Fannie

Mae,

Pool

#BM1285

.......................................

4.50 5/1/47

Fannie

Mae,

Pool

#CA0148

.......................................

4.50 8/1/47

Fannie

Mae,

Pool

#AS8157

........................................

4.50 10/1/46

Fannie

Mae,

Pool

#AL8816

.......................................

4.50 9/1/45

Fannie

Mae,

Pool

#MA3537

.......................................

4.50 12/1/48

Fannie

Mae,

Pool

#AB1389

.......................................

4.50 8/1/40

Fannie

Mae,

Pool

#AA0860

.......................................

4.50 1/1/39

Fannie

Mae,

Pool

#BV7928

.......................................

4.50 8/1/52

Fannie

Mae,

Pool

#AL4450

.......................................

4.50 12/1/43

Fannie

Mae,

Pool

#AE0217

.......................................

4.50 8/1/40

Fannie

Mae,

Pool

#AL1107

........................................

4.50 11/1/41

Fannie

Mae,

Pool

#BE6489

........................................

4.50 1/1/47

Fannie

Mae,

Pool

#BK5283

.......................................

4.50 6/1/48

Fannie

Mae,

Pool

#AS0861

........................................

4.50 10/1/43

Fannie

Mae,

Pool

#AL5082

.......................................

4.50 3/1/44

Fannie

Mae,

Pool

#AB1470

.......................................

4.50 9/1/40

Fannie

Mae,

Pool

#MA5612

.......................................

4.50 2/1/55

Fannie

Mae,

Pool

#MA5070

.......................................

4.50 7/1/53

Fannie

Mae,

Pool

#CA0623

.......................................

4.50 10/1/47

Fannie

Mae,

Pool

#CA1711

.......................................

4.50 5/1/48

Fannie

Mae,

Pool

#MA3708

.......................................

5.00 6/1/49

Fannie

Mae,

Pool

#MA5071

.......................................

5.00 7/1/53

Fannie

Mae,

Pool

#MA3594

.......................................

5.00 2/1/49

Fannie

Mae,

Pool

#MA3527

.......................................

5.00 11/1/48

Fannie

Mae,

Pool

#MA3669

.......................................

5.00 5/1/49

Fannie

Mae,

Pool

#FA0621

........................................

5.00 7/1/53

Fannie

Mae,

Pool

#FS7252

........................................

5.00 11/1/53

Fannie

Mae,

Pool

#836750

........................................

5.00 10/1/35

Fannie

Mae,

Pool

#AS0575

........................................

5.00 9/1/43

Fannie

Mae,

Pool

#725238

........................................

5.00 3/1/34

Fannie

Mae,

Pool

#MA4761

.......................................

5.00 9/1/52

Fannie

Mae,

Pool

#CA0349

.......................................

5.00 9/1/47

Fannie

Mae,

Pool

#MA5585

.......................................

5.00 1/1/55

Fannie

Mae,

Pool

#890621

........................................

5.00 5/1/42

Fannie

Mae,

Pool

#890603

........................................

5.00 8/1/41

Fannie

Mae,

Pool

#CB9309

.......................................

5.00 10/1/54

—

Fannie

Mae,

Pool

#BM3781

.......................................

5.00 11/1/30

—

Fannie

Mae,

Pool

#AL5788

.......................................

5.00 5/1/42

Fannie

Mae,

Pool

#AS0837

........................................

5.00 10/1/43

Fannie

Mae,

Pool

#MA3472

.......................................

5.00 9/1/48

Fannie

Mae,

Pool

#MA3617

.......................................

5.00 3/1/49

Fannie

Mae,

Pool

#889117

........................................

5.00 10/1/35

Fannie

Mae,

Pool

#MA4918

.......................................

5.00 2/1/53

Fannie

Mae,

Pool

#MA5496

.......................................

5.00 10/1/54

Fannie

Mae,

Pool

#MA5539

.......................................

5.00 11/1/44

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#BM3904

.......................................

5.00 5/1/48

$

Fannie

Mae,

Pool

#AH5988

.......................................

5.00 3/1/41

Fannie

Mae,

Pool

#CA1795

.......................................

5.00 5/1/48

Fannie

Mae,

Pool

#MA5563

.......................................

5.50 12/1/44

Fannie

Mae,

Pool

#MA5470

.......................................

5.50 9/1/54

Fannie

Mae,

Pool

#FA0608

........................................

5.50 2/1/55

Fannie

Mae,

Pool

#FS3360

........................................

5.50 12/1/52

Fannie

Mae,

Pool

#FS4840

........................................

5.50 5/1/53

Fannie

Mae,

Pool

#CC0102

.......................................

5.50 3/1/55

Fannie

Mae,

Pool

#MA5107

.......................................

5.50 8/1/53

Fannie

Mae,

Pool

#MA5165

.......................................

5.50 10/1/53

Fannie

Mae,

Pool

#MA5444

.......................................

5.50 8/1/54

Fannie

Mae,

Pool

#FA1252

........................................

5.50 4/1/55

Fannie

Mae,

Pool

#MA5190

.......................................

5.50 11/1/53

Fannie

Mae,

Pool

#MA4919

.......................................

5.50 2/1/53

Fannie

Mae,

Pool

#MA5072

.......................................

5.50 7/1/53

Fannie

Mae,

Pool

#890221

........................................

5.50 12/1/33

Fannie

Mae,

Pool

#MA5010

.......................................

5.50 5/1/53

Fannie

Mae,

Pool

#MA5393

.......................................

5.50 6/1/39

Fannie

Mae,

Pool

#929451

........................................

5.50 5/1/38

Fannie

Mae,

Pool

#MA5138

.......................................

5.50 9/1/53

Fannie

Mae,

Pool

#MA5108

.......................................

6.00 8/1/53

Fannie

Mae,

Pool

#CB8854

.......................................

6.00 7/1/54

Fannie

Mae,

Pool

#MA5445

.......................................

6.00 8/1/54

Fannie

Mae,

Pool

#MA5471

.......................................

6.00 9/1/54

Fannie

Mae,

Pool

#MA5191

.......................................

6.00 11/1/53

Fannie

Mae,

Pool

#MA5587

.......................................

6.00 1/1/55

Fannie

Mae,

Pool

#CB9991

.......................................

6.00 2/1/55

Fannie

Mae,

Pool

#FA0872

........................................

6.00 10/1/54

Fannie

Mae,

Pool

#CB5704

.......................................

6.00 2/1/53

Fannie

Mae,

Pool

#CC0405

.......................................

6.00 5/1/55

Fannie

Mae,

Pool

#CB9160

.......................................

6.00 9/1/54

516

Fannie

Mae,

Pool

#CC0262

.......................................

6.00 4/1/55

Fannie

Mae,

Pool

#MA5247

.......................................

6.00 1/1/54

Fannie

Mae,

Pool

#725228

........................................

6.00 3/1/34

Fannie

Mae,

Pool

#CB8916

.......................................

6.00 7/1/54

Fannie

Mae,

Pool

#MA5073

.......................................

6.00 7/1/53

Fannie

Mae,

Pool

#MA5166

.......................................

6.00 10/1/53

Fannie

Mae,

Pool

#CB8159

.......................................

6.00 3/1/54

Fannie

Mae,

Pool

#MA5498

.......................................

6.00 10/1/54

Fannie

Mae,

Pool

#MA5472

.......................................

6.50 9/1/54

Fannie

Mae,

Pool

#MA5422

.......................................

6.50 7/1/54

Fannie

Mae,

Pool

#MA5140

.......................................

6.50 9/1/53

Fannie

Mae,

Pool

#889984

........................................

6.50 10/1/38

Fannie

Mae,

Pool

#FS9978

........................................

6.50 9/1/54

Fannie

Mae,

Pool

#CB7651

.......................................

6.50 12/1/53

515

Fannie

Mae,

Pool

#MA5273

.......................................

6.50 2/1/54

Fannie

Mae,

Pool

#MA5217

.......................................

6.50 12/1/53

Fannie

Mae,

Pool

#MA5631

.......................................

6.50 2/1/55

Fannie

Mae,

YR

TBA

.........................................

1.50 10/25/40

Fannie

Mae,

YR

TBA

.........................................

2.00 10/25/40

Fannie

Mae,

YR

TBA

.........................................

2.50 10/25/40

Fannie

Mae,

YR

TBA

.........................................

2.50 11/25/39

Fannie

Mae,

YR

TBA

.........................................

3.00 10/25/40

Fannie

Mae,

YR

TBA

.........................................

3.50 10/25/40

Fannie

Mae,

YR

TBA

.........................................

4.00 10/25/40

Fannie

Mae,

YR

TBA

.........................................

4.50 11/25/39

Fannie

Mae,

YR

TBA

.........................................

4.50 10/25/40

Fannie

Mae,

YR

TBA

.........................................

5.00 10/25/40

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

YR

TBA

.........................................

5.00 11/25/39

$

Fannie

Mae,

YR

TBA

.........................................

5.50 11/25/39

Fannie

Mae,

YR

TBA

.........................................

5.50 10/25/40

Fannie

Mae,

YR

TBA

.........................................

6.00 10/25/40

Fannie

Mae,

YR

TBA

.........................................

1.50 10/25/55

Fannie

Mae,

YR

TBA

.........................................

2.00 11/25/55

1,500

Fannie

Mae,

YR

TBA

.........................................

2.00 10/25/55

1,210

Fannie

Mae,

YR

TBA

.........................................

2.50 11/25/55

1,200

Fannie

Mae,

YR

TBA

.........................................

2.50 10/25/55

1,011

Fannie

Mae,

YR

TBA

.........................................

3.00 11/25/55

1,125

Fannie

Mae,

YR

TBA

.........................................

3.00 10/25/55

988

Fannie

Mae,

YR

TBA

.........................................

3.50 11/25/55

575

Fannie

Mae,

YR

TBA

.........................................

3.50 10/25/55

525

925

Fannie

Mae,

YR

TBA

.........................................

4.00 10/25/55

872

Fannie

Mae,

YR

TBA

.........................................

4.00 11/25/55

Fannie

Mae,

YR

TBA

.........................................

4.50 10/25/55

Fannie

Mae,

YR

TBA

.........................................

4.50 11/25/55

Fannie

Mae,

YR

TBA

.........................................

5.00 10/25/55

Fannie

Mae,

YR

TBA

.........................................

5.00 11/25/55

625

Fannie

Mae,

YR

TBA

.........................................

5.50 10/25/55

630

Fannie

Mae,

YR

TBA

.........................................

5.50 11/25/55

775

Fannie

Mae,

YR

TBA

.........................................

6.00 11/25/55

792

675

Fannie

Mae,

YR

TBA

.........................................

6.00 10/25/55

690

575

Fannie

Mae,

YR

TBA

.........................................

6.50 10/25/55

594

Fannie

Mae,

YR

TBA

.........................................

6.50 11/25/55

Fannie

Mae,

YR

TBA

.........................................

7.00 11/25/54

700

Fannie

Mae,

YR

TBA

.........................................

7.00 10/25/55

733

Freddie

Mac,

Pool

#SD8154

.......................................

1.50 7/1/51

Freddie

Mac,

Pool

#RB5110

.......................................

1.50 5/1/41

Freddie

Mac,

Pool

#QC0962

.......................................

1.50 4/1/51

Freddie

Mac,

Pool

#SB8144

.......................................

1.50 3/1/37

Freddie

Mac,

Pool

#SB8083

.......................................

1.50 1/1/36

Freddie

Mac,

Pool

#SD8139

.......................................

1.50 4/1/51

Freddie

Mac,

Pool

#SB8088

.......................................

1.50 2/1/36

Freddie

Mac,

Pool

#SD8082

.......................................

1.50 10/1/50

Freddie

Mac,

Pool

#QN9521

.......................................

1.50 2/1/37

Freddie

Mac,

Pool

#SB8097

.......................................

1.50 4/1/36

Freddie

Mac,

Pool

#SB8106

.......................................

1.50 6/1/36

Freddie

Mac,

Pool

#QB7708

.......................................

2.00 1/1/51

Freddie

Mac,

Pool

#QB3716

.......................................

2.00 9/1/50

Freddie

Mac,

Pool

#QB3926

.......................................

2.00 10/1/50

Freddie

Mac,

Pool

#QB6893

.......................................

2.00 12/1/50

Freddie

Mac,

Pool

#RA3606

.......................................

2.00 10/1/50

Freddie

Mac,

Pool

#QB8064

.......................................

2.00 1/1/51

Freddie

Mac,

Pool

#RA3205

.......................................

2.00 8/1/50

Freddie

Mac,

Pool

#SD8177

.......................................

2.00 11/1/51

Freddie

Mac,

Pool

#SB8510

.......................................

2.00 2/1/36

Freddie

Mac,

Pool

#RB5111

.......................................

2.00 5/1/41

Freddie

Mac,

Pool

#SB8061

.......................................

2.00 9/1/35

Freddie

Mac,

Pool

#SD8160

.......................................

2.00 8/1/51

Freddie

Mac,

Pool

#QO0110

.......................................

2.00 4/1/37

Freddie

Mac,

Pool

#RA6507

.......................................

2.00 12/1/51

Freddie

Mac,

Pool

#RB5095

.......................................

2.00 1/1/41

Freddie

Mac,

Pool

#SD0731

.......................................

2.00 5/1/51

Freddie

Mac,

Pool

#SD8098

.......................................

2.00 10/1/50

Freddie

Mac,

Pool

#RC1727

.......................................

2.00 12/1/35

Freddie

Mac,

Pool

#ZS7735

.......................................

2.00 1/1/32

Freddie

Mac,

Pool

#SD8121

.......................................

2.00 1/1/51

Freddie

Mac,

Pool

#RA5256

.......................................

2.00 5/1/51

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac,

Pool

#QC1333

.......................................

2.00 5/1/51

$

Freddie

Mac,

Pool

#SD8113

.......................................

2.00 12/1/50

Freddie

Mac,

Pool

#QD0433

.......................................

2.00 11/1/51

Freddie

Mac,

Pool

#SD8079

.......................................

2.00 7/1/50

Freddie

Mac,

Pool

#RA5928

.......................................

2.00 9/1/51

Freddie

Mac,

Pool

#RA5257

.......................................

2.00 5/1/51

Freddie

Mac,

Pool

#RA5040

.......................................

2.00 4/1/51

Freddie

Mac,

Pool

#RA4214

.......................................

2.00 12/1/50

Freddie

Mac,

Pool

#RA3328

.......................................

2.00 8/1/50

Freddie

Mac,

Pool

#RB5153

.......................................

2.00 4/1/42

Freddie

Mac,

Pool

#RB5148

.......................................

2.00 3/1/42

Freddie

Mac,

Pool

#QD5748

.......................................

2.00 2/1/52

Freddie

Mac,

Pool

#SD8193

.......................................

2.00 2/1/52

Freddie

Mac,

Pool

#SD8199

.......................................

2.00 3/1/52

Freddie

Mac,

Pool

#RB5114

.......................................

2.00 6/1/41

Freddie

Mac,

Pool

#RA6333

.......................................

2.00 11/1/51

Freddie

Mac,

Pool

#SB8079

.......................................

2.00 12/1/35

Freddie

Mac,

Pool

#RA6025

.......................................

2.00 10/1/51

Freddie

Mac,

Pool

#RB5121

.......................................

2.00 8/1/41

Freddie

Mac,

Pool

#SB8115

.......................................

2.00 8/1/36

Freddie

Mac,

Pool

#QC6815

.......................................

2.00 9/1/51

Freddie

Mac,

Pool

#QC3697

.......................................

2.00 6/1/51

Freddie

Mac,

Pool

#QC4423

.......................................

2.00 7/1/51

Freddie

Mac,

Pool

#RB5138

.......................................

2.00 12/1/41

Freddie

Mac,

Pool

#RA6026

.......................................

2.00 10/1/51

Freddie

Mac,

Pool

#SD8182

.......................................

2.00 12/1/51

Freddie

Mac,

Pool

#SB8128

.......................................

2.00 11/1/36

Freddie

Mac,

Pool

#SD8128

.......................................

2.00 2/1/51

Freddie

Mac,

Pool

#RB5141

.......................................

2.00 1/1/42

Freddie

Mac,

Pool

#QD1254

.......................................

2.00 11/1/51

Freddie

Mac,

Pool

#RA4986

.......................................

2.00 4/1/51

Freddie

Mac,

Pool

#SB8107

.......................................

2.00 6/1/36

Freddie

Mac,

Pool

#QC7473

.......................................

2.00 9/1/51

Freddie

Mac,

Pool

#QC3597

.......................................

2.00 6/1/51

Freddie

Mac,

Pool

#QD3162

.......................................

2.00 12/1/51

Freddie

Mac,

Pool

#SD8172

.......................................

2.00 10/1/51

Freddie

Mac,

Pool

#SD8146

.......................................

2.00 5/1/51

Freddie

Mac,

Pool

#QC1075

.......................................

2.00 4/1/51

Freddie

Mac,

Pool

#SL1729

.......................................

2.00 2/1/52

Freddie

Mac,

Pool

#SD8188

.......................................

2.00 1/1/52

Freddie

Mac,

Pool

#SD8134

.......................................

2.00 3/1/51

Freddie

Mac,

Pool

#RA5155

.......................................

2.00 5/1/51

Freddie

Mac,

Pool

#QC0423

.......................................

2.00 4/1/51

Freddie

Mac,

Pool

#QB9896

.......................................

2.00 3/1/51

Freddie

Mac,

Pool

#SD7537

.......................................

2.00 3/1/51

Freddie

Mac,

Pool

#SD8150

.......................................

2.00 6/1/51

Freddie

Mac,

Pool

#QC6925

.......................................

2.00 9/1/51

Freddie

Mac,

Pool

#SD8114

.......................................

2.50 12/1/50

Freddie

Mac,

Pool

#SD0578

.......................................

2.50 3/1/51

Freddie

Mac,

Pool

#QB3287

.......................................

2.50 8/1/50

Freddie

Mac,

Pool

#SD8099

.......................................

2.50 10/1/50

Freddie

Mac,

Pool

#RA2634

.......................................

2.50 5/1/50

Freddie

Mac,

Pool

#RA2645

.......................................

2.50 6/1/50

Freddie

Mac,

Pool

#SD8122

.......................................

2.50 1/1/51

Freddie

Mac,

Pool

#SB8108

.......................................

2.50 6/1/36

Freddie

Mac,

Pool

#SB0301

.......................................

2.50 4/1/35

Freddie

Mac,

Pool

#ZS8692

.......................................

2.50 4/1/33

Freddie

Mac,

Pool

#SD8205

.......................................

2.50 4/1/52

Freddie

Mac,

Pool

#ZS4687

.......................................

2.50 11/1/46

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac,

Pool

#SD7226

.......................................

2.50 5/1/52

$

Freddie

Mac,

Pool

#RA6765

.......................................

2.50 2/1/52

Freddie

Mac,

Pool

#SD0780

.......................................

2.50 12/1/51

Freddie

Mac,

Pool

#QC7457

.......................................

2.50 9/1/51

Freddie

Mac,

Pool

#QB3703

.......................................

2.50 9/1/50

Freddie

Mac,

Pool

#SD8212

.......................................

2.50 5/1/52

Freddie

Mac,

Pool

#RA6340

.......................................

2.50 11/1/51

Freddie

Mac,

Pool

#RA6621

.......................................

2.50 1/1/52

Freddie

Mac,

Pool

#RA6019

.......................................

2.50 10/1/51

Freddie

Mac,

Pool

#RA2643

.......................................

2.50 6/1/50

Freddie

Mac,

Pool

#RA3528

.......................................

2.50 9/1/50

Freddie

Mac,

Pool

#RA5802

.......................................

2.50 9/1/51

Freddie

Mac,

Pool

#SD0412

.......................................

2.50 8/1/50

Freddie

Mac,

Pool

#SD8151

.......................................

2.50 6/1/51

Freddie

Mac,

Pool

#RB5086

.......................................

2.50 11/1/40

Freddie

Mac,

Pool

#ZK8425

.......................................

2.50 12/1/31

Freddie

Mac,

Pool

#QC2031

.......................................

2.50 5/1/51

Freddie

Mac,

Pool

#RA2897

.......................................

2.50 6/1/50

Freddie

Mac,

Pool

#QC2251

.......................................

2.50 5/1/51

Freddie

Mac,

Pool

#SD8141

.......................................

2.50 4/1/51

Freddie

Mac,

Pool

#SD8129

.......................................

2.50 2/1/51

Freddie

Mac,

Pool

#RB5072

.......................................

2.50 9/1/40

Freddie

Mac,

Pool

#SB8062

.......................................

2.50 9/1/35

Freddie

Mac,

Pool

#ZS8483

.......................................

2.50 3/1/28

Freddie

Mac,

Pool

#SB8045

.......................................

2.50 5/1/35

Freddie

Mac,

Pool

#SD8189

.......................................

2.50 1/1/52

Freddie

Mac,

Pool

#SD8167

.......................................

2.50 9/1/51

Freddie

Mac,

Pool

#QE2352

.......................................

2.50 5/1/52

Freddie

Mac,

Pool

#RB5157

.......................................

2.50 5/1/42

Freddie

Mac,

Pool

#SD1011

.......................................

2.50 4/1/52

Freddie

Mac,

Pool

#SD8147

.......................................

2.50 5/1/51

Freddie

Mac,

Pool

#SD8021

.......................................

2.50 9/1/49

Freddie

Mac,

Pool

#SD8183

.......................................

2.50 12/1/51

Freddie

Mac,

Pool

#RA5286

.......................................

2.50 5/1/51

Freddie

Mac,

Pool

#QA5290

.......................................

2.50 12/1/49

Freddie

Mac,

Pool

#RA2595

.......................................

2.50 5/1/50

Freddie

Mac,

Pool

#RA6815

.......................................

2.50 2/1/52

Freddie

Mac,

Pool

#RB5043

.......................................

2.50 4/1/40

Freddie

Mac,

Pool

#SD8083

.......................................

2.50 8/1/50

Freddie

Mac,

Pool

#SB8053

.......................................

2.50 7/1/35

Freddie

Mac,

Pool

#ZT2094

.......................................

2.50 6/1/34

Freddie

Mac,

Pool

#RB5054

.......................................

2.50 6/1/40

Freddie

Mac,

Pool

#SD8055

.......................................

2.50 4/1/50

Freddie

Mac,

Pool

#SD8194

.......................................

2.50 2/1/52

Freddie

Mac,

Pool

#RA6493

.......................................

2.50 12/1/51

Freddie

Mac,

Pool

#QC9156

.......................................

2.50 10/1/51

Freddie

Mac,

Pool

#QA9142

.......................................

2.50 5/1/50

Freddie

Mac,

Pool

#RA5832

.......................................

2.50 9/1/51

Freddie

Mac,

Pool

#QD5204

.......................................

2.50 1/1/52

Freddie

Mac,

Pool

#SD8067

.......................................

2.50 6/1/50

Freddie

Mac,

Pool

#ZM2089

.......................................

3.00 11/1/46

Freddie

Mac,

Pool

#ZS4621

.......................................

3.00 7/1/45

Freddie

Mac,

Pool

#ZT2019

.......................................

3.00 5/1/34

Freddie

Mac,

Pool

#QA8065

.......................................

3.00 3/1/50

Freddie

Mac,

Pool

#ZS4697

.......................................

3.00 1/1/47

Freddie

Mac,

Pool

#ZS8686

.......................................

3.00 2/1/33

Freddie

Mac,

Pool

#ZA2313

.......................................

3.00 9/1/33

Freddie

Mac,

Pool

#SD8056

.......................................

3.00 4/1/50

Freddie

Mac,

Pool

#ZS4609

.......................................

3.00 4/1/45

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac,

Pool

#QA9049

.......................................

3.00 4/1/50

$

Freddie

Mac,

Pool

#ZS4703

.......................................

3.00 2/1/47

Freddie

Mac,

Pool

#QB1382

.......................................

3.00 7/1/50

Freddie

Mac,

Pool

#ZS4522

.......................................

3.00 7/1/43

Freddie

Mac,

Pool

#ZS4641

.......................................

3.00 12/1/45

Freddie

Mac,

Pool

#SD8174

.......................................

3.00 10/1/51

Freddie

Mac,

Pool

#ZS4706

.......................................

3.00 3/1/47

Freddie

Mac,

Pool

#SD8030

.......................................

3.00 12/1/49

Freddie

Mac,

Pool

#ZS4658

.......................................

3.00 4/1/46

Freddie

Mac,

Pool

#SD8242

.......................................

3.00 9/1/52

Freddie

Mac,

Pool

#QA1033

.......................................

3.00 7/1/49

Freddie

Mac,

Pool

#ZS4779

.......................................

3.00 6/1/48

Freddie

Mac,

Pool

#ZS4693

.......................................

3.00 12/1/46

Freddie

Mac,

Pool

#RA2594

.......................................

3.00 5/1/50

Freddie

Mac,

Pool

#SD8074

.......................................

3.00 7/1/50

Freddie

Mac,

Pool

#ZM2721

.......................................

3.00 2/1/47

Freddie

Mac,

Pool

#ZS4519

.......................................

3.00 6/1/43

Freddie

Mac,

Pool

#SD8024

.......................................

3.00 11/1/49

Freddie

Mac,

Pool

#SB8046

.......................................

3.00 5/1/35

Freddie

Mac,

Pool

#ZM2169

.......................................

3.00 11/1/46

Freddie

Mac,

Pool

#SD8184

.......................................

3.00 12/1/51

Freddie

Mac,

Pool

#ZS4688

.......................................

3.00 11/1/46

Freddie

Mac,

Pool

#ZS4512

.......................................

3.00 5/1/43

Freddie

Mac,

Pool

#ZT1323

.......................................

3.00 10/1/48

Freddie

Mac,

Pool

#ZT0195

.......................................

3.00 9/1/46

Freddie

Mac,

Pool

#QD9881

.......................................

3.00 3/1/52

Freddie

Mac,

Pool

#ZT0715

.......................................

3.00 9/1/48

Freddie

Mac,

Pool

#ZM2285

.......................................

3.00 12/1/46

Freddie

Mac,

Pool

#ZA1283

.......................................

3.00 1/1/43

Freddie

Mac,

Pool

#SB8007

.......................................

3.50 9/1/34

Freddie

Mac,

Pool

#SD8038

.......................................

3.50 1/1/50

Freddie

Mac,

Pool

#ZS4630

.......................................

3.50 9/1/45

Freddie

Mac,

Pool

#ZS4759

.......................................

3.50 3/1/48

Freddie

Mac,

Pool

#QA8794

.......................................

3.50 4/1/50

Freddie

Mac,

Pool

#ZS4771

.......................................

3.50 6/1/48

Freddie

Mac,

Pool

#ZS4747

.......................................

3.50 12/1/47

Freddie

Mac,

Pool

#ZS4659

.......................................

3.50 4/1/46

Freddie

Mac,

Pool

#SD8001

.......................................

3.50 7/1/49

Freddie

Mac,

Pool

#ZS4618

.......................................

3.50 6/1/45

Freddie

Mac,

Pool

#ZS4704

.......................................

3.50 2/1/47

Freddie

Mac,

Pool

#ZS4536

.......................................

3.50 10/1/43

Freddie

Mac,

Pool

#RA2469

.......................................

3.50 4/1/50

Freddie

Mac,

Pool

#ZM4908

.......................................

3.50 11/1/47

Freddie

Mac,

Pool

#ZT0711

.......................................

3.50 10/1/48

Freddie

Mac,

Pool

#SD0968

.......................................

3.50 4/1/52

Freddie

Mac,

Pool

#SD8011

.......................................

3.50 9/1/49

Freddie

Mac,

Pool

#ZS4487

.......................................

3.50 6/1/42

Freddie

Mac,

Pool

#SD8214

.......................................

3.50 5/1/52

Freddie

Mac,

Pool

#SB0031

.......................................

3.50 10/1/27

Freddie

Mac,

Pool

#ZT1951

.......................................

3.50 5/1/49

Freddie

Mac,

Pool

#ZS4642

.......................................

3.50 12/1/45

Freddie

Mac,

Pool

#ZS4663

.......................................

3.50 5/1/46

Freddie

Mac,

Pool

#RA1508

.......................................

3.50 10/1/49

Freddie

Mac,

Pool

#SD2253

.......................................

3.50 12/1/52

Freddie

Mac,

Pool

#ZS4713

.......................................

3.50 4/1/47

Freddie

Mac,

Pool

#ZS4622

.......................................

3.50 7/1/45

Freddie

Mac,

Pool

#ZS4599

.......................................

3.50 1/1/45

Freddie

Mac,

Pool

#SB8183

.......................................

3.50 10/1/37

Freddie

Mac,

Pool

#ZA5128

.......................................

3.50 12/1/47

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac,

Pool

#SD8221

.......................................

3.50 6/1/52

$

Freddie

Mac,

Pool

#ZS4651

.......................................

3.50 3/1/46

Freddie

Mac,

Pool

#SD8226

.......................................

3.50 7/1/52

Freddie

Mac,

Pool

#QE6074

.......................................

4.00 7/1/52

Freddie

Mac,

Pool

#SD8313

.......................................

4.00 4/1/53

Freddie

Mac,

Pool

#QE5462

.......................................

4.00 7/1/52

Freddie

Mac,

Pool

#ZS4652

.......................................

4.00 2/1/46

Freddie

Mac,

Pool

#ZT1840

.......................................

4.00 9/1/48

Freddie

Mac,

Pool

#SD8244

.......................................

4.00 9/1/52

Freddie

Mac,

Pool

#ZS4627

.......................................

4.00 8/1/45

Freddie

Mac,

Pool

#ZT1952

.......................................

4.00 5/1/49

Freddie

Mac,

Pool

#SD8256

.......................................

4.00 10/1/52

Freddie

Mac,

Pool

#SD8039

.......................................

4.00 1/1/50

Freddie

Mac,

Pool

#ZT1800

.......................................

4.00 3/1/34

Freddie

Mac,

Pool

#ZT1320

.......................................

4.00 11/1/48

Freddie

Mac,

Pool

#ZL7781

.......................................

4.00 2/1/44

Freddie

Mac,

Pool

#ZA6946

.......................................

4.00 5/1/49

Freddie

Mac,

Pool

#SD1132

.......................................

4.00 6/1/52

Freddie

Mac,

Pool

#ZA4988

.......................................

4.00 8/1/47

Freddie

Mac,

Pool

#SD8070

.......................................

4.00 6/1/50

Freddie

Mac,

Pool

#SD0290

.......................................

4.00 4/1/50

Freddie

Mac,

Pool

#ZS4708

.......................................

4.00 3/1/47

Freddie

Mac,

Pool

#ZS4631

.......................................

4.00 9/1/45

Freddie

Mac,

Pool

#ZS4731

.......................................

4.00 8/1/47

Freddie

Mac,

Pool

#SD8286

.......................................

4.00 1/1/53

Freddie

Mac,

Pool

#ZT2106

.......................................

4.00 3/1/49

Freddie

Mac,

Pool

#ZS4573

.......................................

4.00 7/1/44

Freddie

Mac,

Pool

#ZN5030

.......................................

4.00 4/1/49

Freddie

Mac,

Pool

#SD8266

.......................................

4.50 11/1/52

Freddie

Mac,

Pool

#ZS4781

.......................................

4.50 7/1/48

Freddie

Mac,

Pool

#ZT1321

.......................................

4.50 11/1/48

Freddie

Mac,

Pool

#ZS4774

.......................................

4.50 5/1/48

Freddie

Mac,

Pool

#SD8365

.......................................

4.50 10/1/53

Freddie

Mac,

Pool

#ZT1711

.......................................

4.50 2/1/49

Freddie

Mac,

Pool

#SD8513

.......................................

4.50 3/1/55

Freddie

Mac,

Pool

#SD8002

.......................................

4.50 7/1/49

Freddie

Mac,

Pool

#SB8348

.......................................

4.50 12/1/39

Freddie

Mac,

Pool

#RB5323

.......................................

4.50 12/1/44

Freddie

Mac,

Pool

#SD8306

.......................................

4.50 3/1/53

Freddie

Mac,

Pool

#SD8340

.......................................

4.50 7/1/53

Freddie

Mac,

Pool

#SD8287

.......................................

4.50 1/1/53

Freddie

Mac,

Pool

#QE9161

.......................................

4.50 9/1/52

Freddie

Mac,

Pool

#RA7928

.......................................

4.50 9/1/52

Freddie

Mac,

Pool

#SD8245

.......................................

4.50 9/1/52

Freddie

Mac,

Pool

#SD6764

.......................................

5.00 11/1/54

Freddie

Mac,

Pool

#SD8491

.......................................

5.00 12/1/54

Freddie

Mac,

Pool

#SD4823

.......................................

5.00 12/1/53

Freddie

Mac,

Pool

#RB5349

.......................................

5.00 6/1/45

Freddie

Mac,

Pool

#SD8299

.......................................

5.00 2/1/53

Freddie

Mac,

Pool

#SD8288

.......................................

5.00 1/1/53

Freddie

Mac,

Pool

#SD0093

.......................................

5.00 10/1/49

Freddie

Mac,

Pool

#SD8505

.......................................

5.00 2/1/55

Freddie

Mac,

Pool

#SD8341

.......................................

5.00 7/1/53

Freddie

Mac,

Pool

#SD8371

.......................................

5.00 11/1/53

Freddie

Mac,

Pool

#SD8323

.......................................

5.00 5/1/53

Freddie

Mac,

Pool

#SD8361

.......................................

5.00 9/1/53

Freddie

Mac,

Pool

#RJ2854

.......................................

5.00 11/1/54

Freddie

Mac,

Pool

#ZT1779

.......................................

5.00 3/1/49

Freddie

Mac,

Pool

#SD8315

.......................................

5.00 4/1/53

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac,

Pool

#SD4977

.......................................

5.00 11/1/53

$

Freddie

Mac,

Pool

#SD8362

.......................................

5.50 9/1/53

Freddie

Mac,

Pool

#SD8493

.......................................

5.50 12/1/54

Freddie

Mac,

Pool

#SD8372

.......................................

5.50 11/1/53

Freddie

Mac,

Pool

#SD8349

.......................................

5.50 8/1/53

Freddie

Mac,

Pool

#SL0331

.......................................

5.50 2/1/55

Freddie

Mac,

Pool

#SL1542

.......................................

5.50 6/1/55

Freddie

Mac,

Pool

#SD8475

.......................................

5.50 11/1/54

Freddie

Mac,

Pool

#SD8446

.......................................

5.50 7/1/54

Freddie

Mac,

Pool

#SL1558

.......................................

5.50 6/1/55

Freddie

Mac,

Pool

#SD8342

.......................................

5.50 7/1/53

Freddie

Mac,

Pool

#SD8300

.......................................

5.50 2/1/53

Freddie

Mac,

Pool

#SD8331

.......................................

5.50 6/1/53

Freddie

Mac,

Pool

#SD8431

.......................................

5.50 5/1/54

Freddie

Mac,

Pool

#SD6699

.......................................

5.50 10/1/54

Freddie

Mac,

Pool

#SD8438

.......................................

5.50 6/1/54

Freddie

Mac,

Pool

#SL0620

.......................................

5.50 3/1/55

Freddie

Mac,

Pool

#SD8432

.......................................

6.00 5/1/54

Freddie

Mac,

Pool

#SL1901

.......................................

6.00 8/1/55

Freddie

Mac,

Pool

#SD8454

.......................................

6.00 8/1/54

Freddie

Mac,

Pool

#SD8534

.......................................

6.00 5/1/55

Freddie

Mac,

Pool

#SD8496

.......................................

6.00 1/1/55

Freddie

Mac,

Pool

#SD8463

.......................................

6.00 9/1/54

Freddie

Mac,

Pool

#SL1127

.......................................

6.00 12/1/54

Freddie

Mac,

Pool

#SD8384

.......................................

6.00 12/1/53

Freddie

Mac,

Pool

#SD8343

.......................................

6.00 7/1/53

Freddie

Mac,

Pool

#SD8421

.......................................

6.00 4/1/54

Freddie

Mac,

Pool

#SD8363

.......................................

6.00 9/1/53

Freddie

Mac,

Pool

#SD8325

.......................................

6.00 5/1/53

Freddie

Mac,

Pool

#SD8350

.......................................

6.00 8/1/53

Freddie

Mac,

Pool

#SD8373

.......................................

6.00 11/1/53

Freddie

Mac,

Pool

#SD8471

.......................................

6.50 10/1/54

Freddie

Mac,

Pool

#SL1881

.......................................

6.50 7/1/55

Freddie

Mac,

Pool

#SD8385

.......................................

6.50 12/1/53

Freddie

Mac,

Pool

#SL0216

.......................................

6.50 1/1/55

Freddie

Mac,

Pool

#SD8397

.......................................

6.50 1/1/54

Freddie

Mac,

Pool

#SD5987

.......................................

6.50 2/1/54

Freddie

Mac,

Pool

#SD8374

.......................................

6.50 11/1/53

Freddie

Mac,

Pool

#SD8386

.......................................

7.00 12/1/53

Freddie

Mac,

Pool

#RQ0043

.......................................

7.00 8/1/55

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

#G18547

...................................

2.00 3/1/30

Freddie

Mac

Gold,

Pool

#C91904

...................................

2.50 11/1/36

Freddie

Mac

Gold,

Pool

#C09026

...................................

2.50 2/1/43

Freddie

Mac

Gold,

Pool

#J30875

....................................

2.50 3/1/30

Freddie

Mac

Gold,

Pool

#G18568

...................................

2.50 9/1/30

Freddie

Mac

Gold,

Pool

#G08638

...................................

2.50 4/1/45

Freddie

Mac

Gold,

Pool

#G18611

...................................

2.50 9/1/31

Freddie

Mac

Gold,

Pool

#Q42878

...................................

2.50 9/1/46

Freddie

Mac

Gold,

Pool

#J37902

....................................

2.50 11/1/32

Freddie

Mac

Gold,

Pool

#G18472

...................................

2.50 7/1/28

Freddie

Mac

Gold,

Pool

#J18954

....................................

2.50 4/1/27

Freddie

Mac

Gold,

Pool

#G08755

...................................

2.50 2/1/47

Freddie

Mac

Gold,

Pool

#J26408

....................................

2.50 11/1/28

Freddie

Mac

Gold,

Pool

#J23440

....................................

2.50 4/1/28

Freddie

Mac

Gold,

Pool

#G18485

...................................

2.50 10/1/28

Freddie

Mac

Gold,

Pool

#G18533

...................................

2.50 12/1/29

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac

Gold,

Pool

#J35643

....................................

2.50 11/1/31

$

Freddie

Mac

Gold,

Pool

#G18704

...................................

2.50 6/1/33

Freddie

Mac

Gold,

Pool

#G18665

...................................

2.50 11/1/32

Freddie

Mac

Gold,

Pool

#G18680

...................................

2.50 3/1/33

Freddie

Mac

Gold,

Pool

#J38477

....................................

2.50 2/1/33

Freddie

Mac

Gold,

Pool

#G18470

...................................

2.50 6/1/28

Freddie

Mac

Gold,

Pool

#G18635

...................................

2.50 3/1/32

Freddie

Mac

Gold,

Pool

#J25585

....................................

2.50 9/1/28

Freddie

Mac

Gold,

Pool

#J17111

....................................

3.00 10/1/26

Freddie

Mac

Gold,

Pool

#J33135

....................................

3.00 11/1/30

Freddie

Mac

Gold,

Pool

#J36428

....................................

3.00 2/1/32

Freddie

Mac

Gold,

Pool

#G18575

...................................

3.00 11/1/30

Freddie

Mac

Gold,

Pool

#Q39527

...................................

3.00 3/1/46

Freddie

Mac

Gold,

Pool

#J17774

....................................

3.00 1/1/27

Freddie

Mac

Gold,

Pool

#G60187

...................................

3.00 8/1/45

Freddie

Mac

Gold,

Pool

#C91949

...................................

3.00 9/1/37

Freddie

Mac

Gold,

Pool

#C91826

...................................

3.00 5/1/35

Freddie

Mac

Gold,

Pool

#G18673

...................................

3.00 1/1/33

Freddie

Mac

Gold,

Pool

#G30999

...................................

3.00 2/1/37

Freddie

Mac

Gold,

Pool

#C04422

...................................

3.00 12/1/42

Freddie

Mac

Gold,

Pool

#C91798

...................................

3.00 12/1/34

Freddie

Mac

Gold,

Pool

#C91939

...................................

3.00 6/1/37

Freddie

Mac

Gold,

Pool

#Q20067

...................................

3.00 7/1/43

Freddie

Mac

Gold,

Pool

#G18569

...................................

3.00 9/1/30

Freddie

Mac

Gold,

Pool

#Q45735

...................................

3.00 1/1/47

Freddie

Mac

Gold,

Pool

#C91969

...................................

3.00 1/1/38

Freddie

Mac

Gold,

Pool

#Q13086

...................................

3.00 11/1/42

Freddie

Mac

Gold,

Pool

#Q16222

...................................

3.00 3/1/43

Freddie

Mac

Gold,

Pool

#Q21065

...................................

3.00 8/1/43

Freddie

Mac

Gold,

Pool

#C91905

...................................

3.00 11/1/36

Freddie

Mac

Gold,

Pool

#C91809

...................................

3.00 2/1/35

Freddie

Mac

Gold,

Pool

#G30945

...................................

3.00 9/1/36

Freddie

Mac

Gold,

Pool

#C91581

...................................

3.00 11/1/32

Freddie

Mac

Gold,

Pool

#G08648

...................................

3.00 6/1/45

Freddie

Mac

Gold,

Pool

#C91819

...................................

3.00 4/1/35

Freddie

Mac

Gold,

Pool

#Q43734

...................................

3.00 10/1/46

Freddie

Mac

Gold,

Pool

#J38807

....................................

3.00 4/1/33

Freddie

Mac

Gold,

Pool

#J38675

....................................

3.00 3/1/33

Freddie

Mac

Gold,

Pool

#J38057

....................................

3.00 12/1/32

Freddie

Mac

Gold,

Pool

#G08783

...................................

3.00 10/1/47

Freddie

Mac

Gold,

Pool

#G08640

...................................

3.00 5/1/45

Freddie

Mac

Gold,

Pool

#Q41795

...................................

3.00 7/1/46

Freddie

Mac

Gold,

Pool

#G18715

...................................

3.00 12/1/33

Freddie

Mac

Gold,

Pool

#G60989

...................................

3.00 12/1/46

Freddie

Mac

Gold,

Pool

#C91943

...................................

3.00 7/1/37

Freddie

Mac

Gold,

Pool

#G18534

...................................

3.00 12/1/29

Freddie

Mac

Gold,

Pool

#C04619

...................................

3.00 3/1/43

—

Freddie

Mac

Gold,

Pool

#J14241

....................................

3.00 1/1/26

—

Freddie

Mac

Gold,

Pool

#G15145

...................................

3.00 7/1/29

Freddie

Mac

Gold,

Pool

#G18531

...................................

3.00 11/1/29

Freddie

Mac

Gold,

Pool

#C91927

...................................

3.00 5/1/37

Freddie

Mac

Gold,

Pool

#Q19754

...................................

3.00 7/1/43

Freddie

Mac

Gold,

Pool

#Q18599

...................................

3.00 6/1/43

Freddie

Mac

Gold,

Pool

#G15217

...................................

3.00 11/1/29

Freddie

Mac

Gold,

Pool

#G18518

...................................

3.00 7/1/29

Freddie

Mac

Gold,

Pool

#J29932

....................................

3.00 11/1/29

Freddie

Mac

Gold,

Pool

#G08540

...................................

3.00 8/1/43

Freddie

Mac

Gold,

Pool

#G18514

...................................

3.00 6/1/29

Freddie

Mac

Gold,

Pool

#C91924

...................................

3.00 4/1/37

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac

Gold,

Pool

#Q18882

...................................

3.00 5/1/43

$

Freddie

Mac

Gold,

Pool

#G18582

...................................

3.00 1/1/31

Freddie

Mac

Gold,

Pool

#C91707

...................................

3.00 6/1/33

—

Freddie

Mac

Gold,

Pool

#E02735

...................................

3.50 10/1/25

—

Freddie

Mac

Gold,

Pool

#G08687

...................................

3.50 1/1/46

Freddie

Mac

Gold,

Pool

#G08698

...................................

3.50 3/1/46

Freddie

Mac

Gold,

Pool

#C92003

...................................

3.50 7/1/38

Freddie

Mac

Gold,

Pool

#Q53176

...................................

3.50 12/1/47

Freddie

Mac

Gold,

Pool

#G08813

...................................

3.50 5/1/48

Freddie

Mac

Gold,

Pool

#Q51461

...................................

3.50 10/1/47

Freddie

Mac

Gold,

Pool

#Q37449

...................................

3.50 11/1/45

Freddie

Mac

Gold,

Pool

#G08766

...................................

3.50 6/1/47

Freddie

Mac

Gold,

Pool

#G08605

...................................

3.50 9/1/44

Freddie

Mac

Gold,

Pool

#G08846

...................................

3.50 11/1/48

Freddie

Mac

Gold,

Pool

#G08599

...................................

3.50 8/1/44

Freddie

Mac

Gold,

Pool

#Q12052

...................................

3.50 10/1/42

Freddie

Mac

Gold,

Pool

#Q09896

...................................

3.50 8/1/42

Freddie

Mac

Gold,

Pool

#Q20860

...................................

3.50 8/1/43

Freddie

Mac

Gold,

Pool

#C91950

...................................

3.50 9/1/37

Freddie

Mac

Gold,

Pool

#J15105

....................................

3.50 4/1/26

Freddie

Mac

Gold,

Pool

#C91742

...................................

3.50 1/1/34

Freddie

Mac

Gold,

Pool

#G08641

...................................

3.50 5/1/45

Freddie

Mac

Gold,

Pool

#C91403

...................................

3.50 3/1/32

Freddie

Mac

Gold,

Pool

#G08636

...................................

3.50 4/1/45

Freddie

Mac

Gold,

Pool

#C03920

...................................

3.50 5/1/42

Freddie

Mac

Gold,

Pool

#Q08903

...................................

3.50 6/1/42

Freddie

Mac

Gold,

Pool

#C91925

...................................

3.50 4/1/37

Freddie

Mac

Gold,

Pool

#G08627

...................................

3.50 2/1/45

Freddie

Mac

Gold,

Pool

#G08562

...................................

3.50 1/1/44

Freddie

Mac

Gold,

Pool

#G08632

...................................

3.50 3/1/45

Freddie

Mac

Gold,

Pool

#G08804

...................................

3.50 3/1/48

Freddie

Mac

Gold,

Pool

#J27494

....................................

3.50 2/1/29

Freddie

Mac

Gold,

Pool

#Q04087

...................................

3.50 10/1/41

Freddie

Mac

Gold,

Pool

#G08733

...................................

3.50 11/1/46

Freddie

Mac

Gold,

Pool

#C91940

...................................

3.50 6/1/37

Freddie

Mac

Gold,

Pool

#A96409

...................................

3.50 1/1/41

Freddie

Mac

Gold,

Pool

#Q06749

...................................

3.50 3/1/42

Freddie

Mac

Gold,

Pool

#G30776

...................................

3.50 7/1/35

Freddie

Mac

Gold,

Pool

#Q08998

...................................

3.50 6/1/42

Freddie

Mac

Gold,

Pool

#Q55002

...................................

3.50 3/1/48

Freddie

Mac

Gold,

Pool

#Q49490

...................................

3.50 7/1/47

Freddie

Mac

Gold,

Pool

#G08761

...................................

3.50 5/1/47

Freddie

Mac

Gold,

Pool

#G08620

...................................

3.50 12/1/44

Freddie

Mac

Gold,

Pool

#C91456

...................................

3.50 6/1/32

—

Freddie

Mac

Gold,

Pool

#J13582

....................................

3.50 11/1/25

—

Freddie

Mac

Gold,

Pool

#Q36040

...................................

3.50 9/1/45

Freddie

Mac

Gold,

Pool

#Q57871

...................................

3.50 8/1/48

Freddie

Mac

Gold,

Pool

#Q58422

...................................

3.50 9/1/48

Freddie

Mac

Gold,

Pool

#G61148

...................................

3.50 9/1/47

Freddie

Mac

Gold,

Pool

#C91760

...................................

3.50 5/1/34

Freddie

Mac

Gold,

Pool

#G18707

...................................

3.50 9/1/33

Freddie

Mac

Gold,

Pool

#Q31134

...................................

3.50 2/1/45

Freddie

Mac

Gold,

Pool

#G08459

...................................

4.00 9/1/41

Freddie

Mac

Gold,

Pool

#G08672

...................................

4.00 10/1/45

Freddie

Mac

Gold,

Pool

#A96286

...................................

4.00 1/1/41

Freddie

Mac

Gold,

Pool

#G08633

...................................

4.00 3/1/45

Freddie

Mac

Gold,

Pool

#G08601

...................................

4.00 8/1/44

Freddie

Mac

Gold,

Pool

#G08831

...................................

4.00 8/1/48

Freddie

Mac

Gold,

Pool

#C91923

...................................

4.00 3/1/37

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac

Gold,

Pool

#G08483

...................................

4.00 3/1/42

$

Freddie

Mac

Gold,

Pool

#C92019

...................................

4.00 10/1/38

Freddie

Mac

Gold,

Pool

#G08642

...................................

4.00 5/1/45

Freddie

Mac

Gold,

Pool

#G08767

...................................

4.00 6/1/47

Freddie

Mac

Gold,

Pool

#G08567

...................................

4.00 1/1/44

—

Freddie

Mac

Gold,

Pool

#G14453

...................................

4.00 6/1/26

—

Freddie

Mac

Gold,

Pool

#C91994

...................................

4.00 5/1/38

Freddie

Mac

Gold,

Pool

#G08785

...................................

4.00 10/1/47

Freddie

Mac

Gold,

Pool

#G06506

...................................

4.00 12/1/40

Freddie

Mac

Gold,

Pool

#C91738

...................................

4.00 11/1/33

Freddie

Mac

Gold,

Pool

#C91765

...................................

4.00 6/1/34

Freddie

Mac

Gold,

Pool

#G08836

...................................

4.00 9/1/48

Freddie

Mac

Gold,

Pool

#Q27594

...................................

4.00 8/1/44

Freddie

Mac

Gold,

Pool

#Q34081

...................................

4.00 6/1/45

Freddie

Mac

Gold,

Pool

#C09070

...................................

4.00 12/1/44

Freddie

Mac

Gold,

Pool

#G08588

...................................

4.00 5/1/44

Freddie

Mac

Gold,

Pool

#Q27456

...................................

4.00 7/1/44

Freddie

Mac

Gold,

Pool

#Q57957

...................................

4.50 8/1/48

Freddie

Mac

Gold,

Pool

#Q22671

...................................

4.50 11/1/43

Freddie

Mac

Gold,

Pool

#A97692

...................................

4.50 3/1/41

Freddie

Mac

Gold,

Pool

#G08754

...................................

4.50 3/1/47

Freddie

Mac

Gold,

Pool

#G08781

...................................

4.50 9/1/47

Freddie

Mac

Gold,

Pool

#A90437

...................................

4.50 1/1/40

Freddie

Mac

Gold,

Pool

#G60512

...................................

4.50 12/1/45

Freddie

Mac

Gold,

Pool

#C09059

...................................

4.50 3/1/44

—

Freddie

Mac

Gold,

Pool

#E02862

...................................

4.50 3/1/26

—

Freddie

Mac

Gold,

Pool

#A97495

...................................

4.50 3/1/41

Freddie

Mac

Gold,

Pool

#G08596

...................................

4.50 7/1/44

Freddie

Mac

Gold,

Pool

#Q59805

...................................

4.50 11/1/48

Freddie

Mac

Gold,

Pool

#Q25432

...................................

4.50 3/1/44

Freddie

Mac

Gold,

Pool

#G08759

...................................

4.50 4/1/47

Freddie

Mac

Gold,

Pool

#G04913

...................................

5.00 3/1/38

Freddie

Mac

Gold,

Pool

#G07068

...................................

5.00 7/1/41

Freddie

Mac

Gold,

Pool

#Q00763

...................................

5.00 5/1/41

Freddie

Mac

Gold,

Pool

#C01598

...................................

5.00 8/1/33

Freddie

Mac

Gold,

Pool

#G08838

...................................

5.00 9/1/48

Freddie

Mac

Gold,

Pool

#G05205

...................................

5.00 1/1/39

Freddie

Mac

Gold,

Pool

#G06091

...................................

5.50 5/1/40

Freddie

Mac

Gold,

Pool

#G01665

...................................

5.50 3/1/34

Freddie

Mac

Gold,

Pool

#G06031

...................................

5.50 3/1/40

—

Freddie

Mac

Gold,

Pool

#A79636

...................................

5.50 7/1/38

—

Freddie

Mac

Gold,

Pool

#A69671

...................................

5.50 12/1/37

Freddie

Mac

Gold,

Pool

#G03551

...................................

6.00 11/1/37

Freddie

Mac

Gold,

Pool

#A62706

...................................

6.00 6/1/37

Freddie

Mac

Gold,

Pool

#G05709

...................................

6.00 6/1/38

Freddie

Mac

Gold,

Pool

#G02794

...................................

6.00 5/1/37

Government

National

Mortgage

Association,

Pool

#MA7135

................

2.00 1/20/51

Government

National

Mortgage

Association,

Pool

#MA7254

................

2.00 3/20/51

Government

National

Mortgage

Association,

Pool

#MA7051

................

2.00 12/20/50

Government

National

Mortgage

Association,

Pool

#MA6818

................

2.00 8/20/50

502

Government

National

Mortgage

Association,

Pool

#MA7826

................

2.00 1/20/52

Government

National

Mortgage

Association,

Pool

#MA7588

................

2.00 9/20/51

Government

National

Mortgage

Association,

Pool

#MA7986

................

2.00 4/20/52

Government

National

Mortgage

Association,

Pool

#MA7471

................

2.00 7/20/51

Government

National

Mortgage

Association,

Pool

#MA7366

................

2.00 5/20/51

671

Government

National

Mortgage

Association,

Pool

#MA7417

................

2.00 6/20/51

557

Government

National

Mortgage

Association,

Pool

#MA7704

................

2.00 11/20/51

Government

National

Mortgage

Association,

Pool

#MA7311

................

2.00 4/20/51

Government

National

Mortgage

Association,

Pool

#MA8041

................

2.00 5/20/52

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Government

National

Mortgage

Association,

Pool

#MA6994

................

2.00 11/20/50

$

Government

National

Mortgage

Association,

Pool

#MA7880

................

2.00 2/20/52

Government

National

Mortgage

Association,

Pool

#MA6930

................

2.00 10/20/50

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

#MA7766

................

2.00 12/20/51

Government

National

Mortgage

Association,

Pool

#MA7935

................

2.00 3/20/52

Government

National

Mortgage

Association,

Pool

#MA6864

................

2.00 9/20/50

Government

National

Mortgage

Association,

Pool

#711729

.................

2.50 3/15/43

Government

National

Mortgage

Association,

Pool

#MA0601

................

2.50 12/20/27

Government

National

Mortgage

Association,

Pool

#MA8042

................

2.50 5/20/52

Government

National

Mortgage

Association,

Pool

#MA7367

................

2.50 5/20/51

Government

National

Mortgage

Association,

Pool

#MA4125

................

2.50 12/20/46

Government

National

Mortgage

Association,

Pool

#MA8147

................

2.50 7/20/52

Government

National

Mortgage

Association,

Pool

#MA1283

................

2.50 9/20/43

Government

National

Mortgage

Association,

Pool

#MA7987

................

2.50 4/20/52

Government

National

Mortgage

Association,

Pool

#MA6865

................

2.50 9/20/50

Government

National

Mortgage

Association,

Pool

#776954

.................

2.50 11/15/42

Government

National

Mortgage

Association,

Pool

#AA8341

................

2.50 2/15/28

Government

National

Mortgage

Association,

Pool

#MA7767

................

2.50 12/20/51

Government

National

Mortgage

Association,

Pool

#MA4260

................

2.50 2/20/47

Government

National

Mortgage

Association,

Pool

#MA0908

................

2.50 4/20/28

Government

National

Mortgage

Association,

Pool

#MA7136

................

2.50 1/20/51

Government

National

Mortgage

Association,

Pool

#MA7881

................

2.50 2/20/52

Government

National

Mortgage

Association,

Pool

#MA7418

................

2.50 6/20/51

Government

National

Mortgage

Association,

Pool

#MA7052

................

2.50 12/20/50

Government

National

Mortgage

Association,

Pool

#MA4067

................

2.50 11/20/46

Government

National

Mortgage

Association,

Pool

#MA7936

................

2.50 3/20/52

Government

National

Mortgage

Association,

Pool

#MA7193

................

2.50 2/20/51

Government

National

Mortgage

Association,

Pool

#MA4424

................

2.50 5/20/32

Government

National

Mortgage

Association,

Pool

#MA6655

................

2.50 5/20/50

Government

National

Mortgage

Association,

Pool

#MA6598

................

2.50 4/20/50

Government

National

Mortgage

Association,

Pool

#MA2890

................

2.50 6/20/45

Government

National

Mortgage

Association,

Pool

#MA7255

................

2.50 3/20/51

Government

National

Mortgage

Association,

Pool

#MA4717

................

2.50 9/20/47

Government

National

Mortgage

Association,

Pool

#MA7312

................

2.50 4/20/51

Government

National

Mortgage

Association,

Pool

#MA1133

................

2.50 7/20/28

Government

National

Mortgage

Association,

Pool

#MA6819

................

2.50 8/20/50

Government

National

Mortgage

Association,

Pool

#MA6931

................

2.50 10/20/50

Government

National

Mortgage

Association,

Pool

#MA7649

................

2.50 10/20/51

Government

National

Mortgage

Association,

Pool

#MA7827

................

2.50 1/20/52

Government

National

Mortgage

Association,

Pool

#MA6709

................

2.50 6/20/50

Government

National

Mortgage

Association,

Pool

#MA6540

................

2.50 3/20/50

Government

National

Mortgage

Association,

Pool

#MA7472

................

2.50 7/20/51

Government

National

Mortgage

Association,

Pool

#MA4355

................

2.50 4/20/32

Government

National

Mortgage

Association,

Pool

#MA7534

................

2.50 8/20/51

Government

National

Mortgage

Association,

Pool

#MA7589

................

2.50 9/20/51

Government

National

Mortgage

Association,

Pool

#MA7705

................

2.50 11/20/51

Government

National

Mortgage

Association,

Pool

#MA4194

................

2.50 1/20/47

Government

National

Mortgage

Association,

Pool

#MA6995

................

2.50 11/20/50

Government

National

Mortgage

Association,

Pool

#MA2753

................

3.00 4/20/45

Government

National

Mortgage

Association,

Pool

#MA6599

................

3.00 4/20/50

Government

National

Mortgage

Association,

Pool

#MA4836

................

3.00 11/20/47

Government

National

Mortgage

Association,

Pool

#MA4961

................

3.00 1/20/48

Government

National

Mortgage

Association,

Pool

#MA7828

................

3.00 1/20/52

Government

National

Mortgage

Association,

Pool

#MA3172

................

3.00 10/20/45

Government

National

Mortgage

Association,

Pool

#MA6089

................

3.00 8/20/49

Government

National

Mortgage

Association,

Pool

#MA6656

................

3.00 5/20/50

Government

National

Mortgage

Association,

Pool

#MA4450

................

3.00 5/20/47

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Government

National

Mortgage

Association,

Pool

#AA6149

................

3.00 3/20/43

$

Government

National

Mortgage

Association,

Pool

#MA3243

................

3.00 11/20/45

Government

National

Mortgage

Association,

Pool

#MA4195

................

3.00 1/20/47

Government

National

Mortgage

Association,

Pool

#MA4381

................

3.00 4/20/47

Government

National

Mortgage

Association,

Pool

#AA2934

................

3.00 7/15/42

Government

National

Mortgage

Association,

Pool

#MA0461

................

3.00 10/20/42

Government

National

Mortgage

Association,

Pool

#AD8433

................

3.00 7/15/43

Government

National

Mortgage

Association,

Pool

#MA4935

................

3.00 1/20/33

Government

National

Mortgage

Association,

Pool

#MA5018

................

3.00 2/20/48

Government

National

Mortgage

Association,

Pool

#AK7285

................

3.00 3/15/45

Government

National

Mortgage

Association,

Pool

#MA0153

................

3.00 6/20/42

Government

National

Mortgage

Association,

Pool

#MA4320

................

3.00 3/20/47

Government

National

Mortgage

Association,

Pool

#MA2520

................

3.00 1/20/45

Government

National

Mortgage

Association,

Pool

#AG0440

................

3.00 8/15/43

Government

National

Mortgage

Association,

Pool

#MA4509

................

3.00 6/20/47

Government

National

Mortgage

Association,

Pool

#MA0624

................

3.00 12/20/42

Government

National

Mortgage

Association,

Pool

#MA4261

................

3.00 2/20/47

Government

National

Mortgage

Association,

Pool

#MA4126

................

3.00 12/20/46

Government

National

Mortgage

Association,

Pool

#MA7768

................

3.00 12/20/51

Government

National

Mortgage

Association,

Pool

#MA6474

................

3.00 2/20/50

Government

National

Mortgage

Association,

Pool

#MA7706

................

3.00 11/20/51

Government

National

Mortgage

Association,

Pool

#MA8098

................

3.00 6/20/52

Government

National

Mortgage

Association,

Pool

#AA2654

................

3.00 6/15/43

Government

National

Mortgage

Association,

Pool

#MA1374

................

3.00 10/20/43

Government

National

Mortgage

Association,

Pool

#MA0205

................

3.00 7/20/27

Government

National

Mortgage

Association,

Pool

#MA4068

................

3.00 11/20/46

Government

National

Mortgage

Association,

Pool

#MA4777

................

3.00 10/20/47

Government

National

Mortgage

Association,

Pool

#MA2147

................

3.00 8/20/44

Government

National

Mortgage

Association,

Pool

#MA3802

................

3.00 7/20/46

Government

National

Mortgage

Association,

Pool

#MA3596

................

3.00 4/20/46

Government

National

Mortgage

Association,

Pool

#MA4003

................

3.00 10/20/46

Government

National

Mortgage

Association,

Pool

#MA2444

................

3.00 12/20/44

Government

National

Mortgage

Association,

Pool

#5276

..................

3.00 1/20/27

Government

National

Mortgage

Association,

Pool

#MA3662

................

3.00 5/20/46

Government

National

Mortgage

Association,

Pool

#MA2960

................

3.00 7/20/45

Government

National

Mortgage

Association,

Pool

#MA3520

................

3.00 3/20/46

Government

National

Mortgage

Association,

Pool

#MA3033

................

3.00 8/20/45

Government

National

Mortgage

Association,

Pool

#MA3309

................

3.00 12/20/45

Government

National

Mortgage

Association,

Pool

#MA3104

................

3.00 9/20/45

Government

National

Mortgage

Association,

Pool

#MA1890

................

3.00 5/20/29

Government

National

Mortgage

Association,

Pool

#MA0851

................

3.00 3/20/43

Government

National

Mortgage

Association,

Pool

#MA0391

................

3.00 9/20/42

Government

National

Mortgage

Association,

Pool

#MA2797

................

3.00 5/20/30

Government

National

Mortgage

Association,

Pool

#MA2600

................

3.00 2/20/45

Government

National

Mortgage

Association,

Pool

#AN5756

................

3.00 7/15/45

Government

National

Mortgage

Association,

Pool

#MA6710

................

3.00 6/20/50

Government

National

Mortgage

Association,

Pool

#MA6283

................

3.00 11/20/49

Government

National

Mortgage

Association,

Pool

#MA5076

................

3.00 3/20/48

Government

National

Mortgage

Association,

Pool

#MA3735

................

3.00 6/20/46

Government

National

Mortgage

Association,

Pool

#MA4559

................

3.00 7/20/32

Government

National

Mortgage

Association,

Pool

#AL5058

................

3.00 3/15/45

Government

National

Mortgage

Association,

Pool

#MA6820

................

3.00 8/20/50

Government

National

Mortgage

Association,

Pool

#MA6338

................

3.00 12/20/49

Government

National

Mortgage

Association,

Pool

#MA4651

................

3.00 8/20/47

Government

National

Mortgage

Association,

Pool

#MA6409

................

3.00 1/20/50

Government

National

Mortgage

Association,

Pool

#MA2825

................

3.00 5/20/45

Government

National

Mortgage

Association,

Pool

#MA6218

................

3.00 10/20/49

Government

National

Mortgage

Association,

Pool

#MA3873

................

3.00 8/20/46

Government

National

Mortgage

Association,

Pool

#MA1265

................

3.00 9/20/28

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Government

National

Mortgage

Association,

Pool

#MA6766

................

3.00 7/20/50

$

Government

National

Mortgage

Association,

Pool

#779084

.................

3.00 4/15/42

Government

National

Mortgage

Association,

Pool

#MA3936

................

3.00 9/20/46

Government

National

Mortgage

Association,

Pool

#MA4899

................

3.00 12/20/47

Government

National

Mortgage

Association,

Pool

#MA0934

................

3.50 4/20/43

Government

National

Mortgage

Association,

Pool

#MA1157

................

3.50 7/20/43

Government

National

Mortgage

Association,

Pool

#MA5019

................

3.50 2/20/48

Government

National

Mortgage

Association,

Pool

#MA5263

................

3.50 6/20/48

Government

National

Mortgage

Association,

Pool

#MA6711

................

3.50 6/20/50

Government

National

Mortgage

Association,

Pool

#MA6475

................

3.50 2/20/50

Government

National

Mortgage

Association,

Pool

#MA6410

................

3.50 1/20/50

Government

National

Mortgage

Association,

Pool

#MA6339

................

3.50 12/20/49

Government

National

Mortgage

Association,

Pool

#MA4837

................

3.50 11/20/47

Government

National

Mortgage

Association,

Pool

#MA4069

................

3.50 11/20/46

Government

National

Mortgage

Association,

Pool

#BD5909

................

3.50 10/15/47

Government

National

Mortgage

Association,

Pool

#MA4778

................

3.50 10/20/47

Government

National

Mortgage

Association,

Pool

#MA6219

................

3.50 10/20/49

Government

National

Mortgage

Association,

Pool

#MA4510

................

3.50 6/20/47

Government

National

Mortgage

Association,

Pool

#MA0462

................

3.50 10/20/42

Government

National

Mortgage

Association,

Pool

#MA0088

................

3.50 5/20/42

Government

National

Mortgage

Association,

Pool

#MA0220

................

3.50 7/20/42

Government

National

Mortgage

Association,

Pool

#MA0852

................

3.50 3/20/43

Government

National

Mortgage

Association,

Pool

#MA4382

................

3.50 4/20/47

Government

National

Mortgage

Association,

Pool

#MA3736

................

3.50 6/20/46

Government

National

Mortgage

Association,

Pool

#738602

.................

3.50 8/15/26

Government

National

Mortgage

Association,

Pool

#AC3938

................

3.50 1/15/43

Government

National

Mortgage

Association,

Pool

#MA4586

................

3.50 7/20/47

Government

National

Mortgage

Association,

Pool

#MA8149

................

3.50 7/20/52

Government

National

Mortgage

Association,

Pool

#MA8266

................

3.50 9/20/52

Government

National

Mortgage

Association,

Pool

#MA3521

................

3.50 3/20/46

Government

National

Mortgage

Association,

Pool

#MA2678

................

3.50 3/20/45

Government

National

Mortgage

Association,

Pool

#MA5136

................

3.50 4/20/48

Government

National

Mortgage

Association,

Pool

#MA3244

................

3.50 11/20/45

Government

National

Mortgage

Association,

Pool

#AD2416

................

3.50 5/15/43

Government

National

Mortgage

Association,

Pool

#MA2445

................

3.50 12/20/44

Government

National

Mortgage

Association,

Pool

#MA2303

................

3.50 10/20/44

Government

National

Mortgage

Association,

Pool

#740798

.................

3.50 1/15/42

Government

National

Mortgage

Association,

Pool

#MA8199

................

3.50 8/20/52

Government

National

Mortgage

Association,

Pool

#MA4127

................

3.50 12/20/46

Government

National

Mortgage

Association,

Pool

#MA3310

................

3.50 12/20/45

Government

National

Mortgage

Association,

Pool

#MA1838

................

3.50 4/20/44

Government

National

Mortgage

Association,

Pool

#796271

.................

3.50 7/15/42

Government

National

Mortgage

Association,

Pool

#MA3376

................

3.50 1/20/46

Government

National

Mortgage

Association,

Pool

#MA4004

................

3.50 10/20/46

Government

National

Mortgage

Association,

Pool

#MA4451

................

3.50 5/20/47

Government

National

Mortgage

Association,

Pool

#MA3803

................

3.50 7/20/46

Government

National

Mortgage

Association,

Pool

#AL8566

................

3.50 3/15/45

Government

National

Mortgage

Association,

Pool

#MA1574

................

3.50 1/20/29

Government

National

Mortgage

Association,

Pool

#MA3454

................

3.50 2/20/46

Government

National

Mortgage

Association,

Pool

#MA2073

................

3.50 7/20/44

Government

National

Mortgage

Association,

Pool

#MA3597

................

3.50 4/20/46

Government

National

Mortgage

Association,

Pool

#MA0022

................

3.50 4/20/42

Government

National

Mortgage

Association,

Pool

#MA1090

................

3.50 6/20/43

Government

National

Mortgage

Association,

Pool

#MA3663

................

3.50 5/20/46

Government

National

Mortgage

Association,

Pool

#AM4971

................

3.50 4/20/45

Government

National

Mortgage

Association,

Pool

#MA2961

................

3.50 7/20/45

Government

National

Mortgage

Association,

Pool

#MA0699

................

3.50 1/20/43

Government

National

Mortgage

Association,

Pool

#MA5077

................

3.50 3/20/48

Government

National

Mortgage

Association,

Pool

#MA1919

................

3.50 5/20/44

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Government

National

Mortgage

Association,

Pool

#MA4900

................

3.50 12/20/47

$

Government

National

Mortgage

Association,

Pool

#783976

.................

3.50 4/20/43

Government

National

Mortgage

Association,

Pool

#MA2371

................

3.50 11/20/44

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

#MA4196

................

3.50 1/20/47

Government

National

Mortgage

Association,

Pool

#MA2754

................

3.50 4/20/45

Government

National

Mortgage

Association,

Pool

#MA3034

................

3.50 8/20/45

Government

National

Mortgage

Association,

Pool

#MA2892

................

3.50 6/20/45

Government

National

Mortgage

Association,

Pool

#MA3874

................

3.50 8/20/46

Government

National

Mortgage

Association,

Pool

#MA5762

................

3.50 2/20/49

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

#MA2148

................

3.50 8/20/44

Government

National

Mortgage

Association,

Pool

#MA5875

................

3.50 4/20/49

Government

National

Mortgage

Association,

Pool

#MA4321

................

3.50 3/20/47

Government

National

Mortgage

Association,

Pool

#MA1266

................

3.50 9/20/28

Government

National

Mortgage

Association,

Pool

#MA4262

................

3.50 2/20/47

Government

National

Mortgage

Association,

Pool

#778157

.................

3.50 3/15/42

Government

National

Mortgage

Association,

Pool

#MA3245

................

4.00 11/20/45

Government

National

Mortgage

Association,

Pool

#MA4263

................

4.00 2/20/47

Government

National

Mortgage

Association,

Pool

#MA2074

................

4.00 7/20/44

Government

National

Mortgage

Association,

Pool

#MA4383

................

4.00 4/20/47

Government

National

Mortgage

Association,

Pool

#MA2149

................

4.00 8/20/44

Government

National

Mortgage

Association,

Pool

#MA1678

................

4.00 2/20/44

Government

National

Mortgage

Association,

Pool

#MA4322

................

4.00 3/20/47

Government

National

Mortgage

Association,

Pool

#MA6040

................

4.00 7/20/49

Government

National

Mortgage

Association,

Pool

#MA4587

................

4.00 7/20/47

Government

National

Mortgage

Association,

Pool

#MA1449

................

4.00 11/20/43

Government

National

Mortgage

Association,

Pool

#MA4452

................

4.00 5/20/47

Government

National

Mortgage

Association,

Pool

#MA6155

................

4.00 9/20/49

Government

National

Mortgage

Association,

Pool

#AD5627

................

4.00 4/15/43

Government

National

Mortgage

Association,

Pool

#MA6091

................

4.00 8/20/49

Government

National

Mortgage

Association,

Pool

#MA3174

................

4.00 10/20/45

Government

National

Mortgage

Association,

Pool

#753254

.................

4.00 9/15/43

Government

National

Mortgage

Association,

Pool

#MA5710

................

4.00 1/20/49

Government

National

Mortgage

Association,

Pool

#MA3106

................

4.00 9/20/45

Government

National

Mortgage

Association,

Pool

#MA5078

................

4.00 3/20/48

Government

National

Mortgage

Association,

Pool

#MA5466

................

4.00 9/20/48

Government

National

Mortgage

Association,

Pool

#MA1761

................

4.00 3/20/44

Government

National

Mortgage

Association,

Pool

#MA3377

................

4.00 1/20/46

Government

National

Mortgage

Association,

Pool

#MA2304

................

4.00 10/20/44

Government

National

Mortgage

Association,

Pool

#4922

..................

4.00 1/20/41

Government

National

Mortgage

Association,

Pool

#MA2224

................

4.00 9/20/44

Government

National

Mortgage

Association,

Pool

#MA5931

................

4.00 5/20/49

Government

National

Mortgage

Association,

Pool

#MA3737

................

4.00 6/20/46

Government

National

Mortgage

Association,

Pool

#766495

.................

4.00 10/15/41

Government

National

Mortgage

Association,

Pool

#5139

..................

4.00 8/20/41

Government

National

Mortgage

Association,

Pool

#MA8200

................

4.00 8/20/52

Government

National

Mortgage

Association,

Pool

#MA5986

................

4.00 6/20/49

Government

National

Mortgage

Association,

Pool

#740068

.................

4.00 9/15/40

Government

National

Mortgage

Association,

Pool

#MA5876

................

4.00 4/20/49

Government

National

Mortgage

Association,

Pool

#MA1286

................

4.00 9/20/43

Government

National

Mortgage

Association,

Pool

#779401

.................

4.00 6/15/42

Government

National

Mortgage

Association,

Pool

#MA8488

................

4.00 12/20/52

Government

National

Mortgage

Association,

Pool

#AV6086

................

4.00 7/15/47

Government

National

Mortgage

Association,

Pool

#MA3455

................

4.00 2/20/46

Government

National

Mortgage

Association,

Pool

#MA4511

................

4.00 6/20/47

Government

National

Mortgage

Association,

Pool

#MA1376

................

4.00 10/20/43

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Government

National

Mortgage

Association,

Pool

#738710

.................

4.00 9/15/41

$

Government

National

Mortgage

Association,

Pool

#MA4197

................

4.00 1/20/47

Government

National

Mortgage

Association,

Pool

#MA8267

................

4.00 9/20/52

Government

National

Mortgage

Association,

Pool

#MA3598

................

4.00 4/20/46

Government

National

Mortgage

Association,

Pool

#MA2522

................

4.00 1/20/45

Government

National

Mortgage

Association,

Pool

#MA5330

................

4.00 7/20/48

Government

National

Mortgage

Association,

Pool

#MA0319

................

4.00 8/20/42

Government

National

Mortgage

Association,

Pool

#MA9302

................

4.00 11/20/53

Government

National

Mortgage

Association,

Pool

#MA0155

................

4.00 6/20/42

Government

National

Mortgage

Association,

Pool

#AB1483

................

4.00 8/15/42

Government

National

Mortgage

Association,

Pool

#MA1996

................

4.00 6/20/44

Government

National

Mortgage

Association,

Pool

#AM8203

................

4.00 5/15/45

Government

National

Mortgage

Association,

Pool

#MA4653

................

4.00 8/20/47

Government

National

Mortgage

Association,

Pool

#713876

.................

4.00 8/15/39

Government

National

Mortgage

Association,

Pool

#MA2602

................

4.00 2/20/45

Government

National

Mortgage

Association,

Pool

#MA5595

................

4.00 11/20/48

Government

National

Mortgage

Association,

Pool

#MA1839

................

4.00 4/20/44

Government

National

Mortgage

Association,

Pool

#MA9486

................

4.50 2/20/54

Government

National

Mortgage

Association,

Pool

#MA8151

................

4.50 7/20/52

Government

National

Mortgage

Association,

Pool

#5260

..................

4.50 12/20/41

Government

National

Mortgage

Association,

Pool

#721760

.................

4.50 8/15/40

Government

National

Mortgage

Association,

Pool

#MA2756

................

4.50 4/20/45

Government

National

Mortgage

Association,

Pool

#MA3805

................

4.50 7/20/46

Government

National

Mortgage

Association,

Pool

#MA5596

................

4.50 11/20/48

Government

National

Mortgage

Association,

Pool

#MA8724

................

4.50 3/20/53

Government

National

Mortgage

Association,

Pool

#MA5399

................

4.50 8/20/48

Government

National

Mortgage

Association,

Pool

#MA4512

................

4.50 6/20/47

Government

National

Mortgage

Association,

Pool

#MA5467

................

4.50 9/20/48

Government

National

Mortgage

Association,

Pool

#MA5652

................

4.50 12/20/48

Government

National

Mortgage

Association,

Pool

#729511

.................

4.50 4/15/40

Government

National

Mortgage

Association,

Pool

#MA4721

................

4.50 9/20/47

Government

National

Mortgage

Association,

Pool

#MB0145

................

4.50 1/20/55

Government

National

Mortgage

Association,

Pool

#MA4780

................

4.50 10/20/47

Government

National

Mortgage

Association,

Pool

#MA8877

................

4.50 5/20/53

Government

National

Mortgage

Association,

Pool

#MA1762

................

4.50 3/20/44

Government

National

Mortgage

Association,

Pool

#BB7097

................

4.50 8/15/47

Government

National

Mortgage

Association,

Pool

#MA5764

................

4.50 2/20/49

Government

National

Mortgage

Association,

Pool

#4801

..................

4.50 9/20/40

Government

National

Mortgage

Association,

Pool

#MA5987

................

4.50 6/20/49

Government

National

Mortgage

Association,

Pool

#MA4129

................

4.50 12/20/46

Government

National

Mortgage

Association,

Pool

#MA0701

................

4.50 1/20/43

Government

National

Mortgage

Association,

Pool

#MA5877

................

4.50 4/20/49

Government

National

Mortgage

Association,

Pool

#738793

.................

4.50 9/15/41

Government

National

Mortgage

Association,

Pool

#MA5711

................

4.50 1/20/49

Government

National

Mortgage

Association,

Pool

#MA4384

................

4.50 4/20/47

Government

National

Mortgage

Association,

Pool

#MA5818

................

4.50 3/20/49

Government

National

Mortgage

Association,

Pool

#MB0090

................

4.50 12/20/54

Government

National

Mortgage

Association,

Pool

#MA1092

................

4.50 6/20/43

Government

National

Mortgage

Association,

Pool

#717148

.................

4.50 5/15/39

Government

National

Mortgage

Association,

Pool

#MA5529

................

4.50 10/20/48

Government

National

Mortgage

Association,

Pool

#675179

.................

5.00 3/15/38

Government

National

Mortgage

Association,

Pool

#694531

.................

5.00 11/15/38

Government

National

Mortgage

Association,

Pool

#MA8647

................

5.00 2/20/53

Government

National

Mortgage

Association,

Pool

#712690

.................

5.00 4/15/39

Government

National

Mortgage

Association,

Pool

#MA9105

................

5.00 8/20/53

Government

National

Mortgage

Association,

Pool

#MB0307

................

5.00 4/20/55

Government

National

Mortgage

Association,

Pool

#MA9170

................

5.00 9/20/53

Government

National

Mortgage

Association,

Pool

#604285

.................

5.00 5/15/33

Government

National

Mortgage

Association,

Pool

#MA5765

................

5.00 2/20/49

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Government

National

Mortgage

Association,

Pool

#MA8800

................

5.00 4/20/53

$

Government

National

Mortgage

Association,

Pool

#MA2076

................

5.00 7/20/44

Government

National

Mortgage

Association,

Pool

#MA0465

................

5.00 10/20/42

Government

National

Mortgage

Association,

Pool

#MA9240

................

5.00 10/20/53

Government

National

Mortgage

Association,

Pool

#MA5712

................

5.00 1/20/49

Government

National

Mortgage

Association,

Pool

#MB0146

................

5.00 1/20/55

Government

National

Mortgage

Association,

Pool

#MA5653

................

5.00 12/20/48

Government

National

Mortgage

Association,

Pool

#MA9016

................

5.00 7/20/53

Government

National

Mortgage

Association,

Pool

#4559

..................

5.00 10/20/39

578

Government

National

Mortgage

Association,

Pool

#MA8428

................

5.00 11/20/52

579

Government

National

Mortgage

Association,

Pool

#MA4007

................

5.00 10/20/46

Government

National

Mortgage

Association,

Pool

#782468

.................

5.00 11/15/38

Government

National

Mortgage

Association,

Pool

#MA5933

................

5.00 5/20/49

Government

National

Mortgage

Association,

Pool

#MA5080

................

5.00 3/20/48

Government

National

Mortgage

Association,

Pool

#MB0423

................

5.00 6/20/55

Government

National

Mortgage

Association,

Pool

#MA5819

................

5.00 3/20/49

Government

National

Mortgage

Association,

Pool

#MA5530

................

5.00 10/20/48

Government

National

Mortgage

Association,

Pool

#782523

.................

5.00 11/15/35

Government

National

Mortgage

Association,

Pool

#MA5597

................

5.00 11/20/48

Government

National

Mortgage

Association,

Pool

#MA5988

................

5.00 6/20/49

Government

National

Mortgage

Association,

Pool

#MA5400

................

5.00 8/20/48

530

Government

National

Mortgage

Association,

Pool

#MB0025

................

5.00 11/20/54

527

Government

National

Mortgage

Association,

Pool

#MA9851

................

5.50 8/20/54

Government

National

Mortgage

Association,

Pool

#MA9241

................

5.50 10/20/53

Government

National

Mortgage

Association,

Pool

#MB0259

................

5.50 3/20/55

Government

National

Mortgage

Association,

Pool

#MB0424

................

5.50 6/20/55

Government

National

Mortgage

Association,

Pool

#MA9965

................

5.50 10/20/54

Government

National

Mortgage

Association,

Pool

#MB0308

................

5.50 4/20/55

501

Government

National

Mortgage

Association,

Pool

#MB0092

................

5.50 12/20/54

506

Government

National

Mortgage

Association,

Pool

#MA9362

................

5.50 12/20/53

Government

National

Mortgage

Association,

Pool

#MA9305

................

5.50 11/20/53

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

#MA8948

................

5.50 6/20/53

Government

National

Mortgage

Association,

Pool

#MA8801

................

5.50 4/20/53

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

#783284

.................

5.50 6/20/40

Government

National

Mortgage

Association,

Pool

#MA9017

................

5.50 7/20/53

Government

National

Mortgage

Association,

Pool

#MA9668

................

5.50 5/20/54

Government

National

Mortgage

Association,

Pool

#MA9488

................

5.50 2/20/54

Government

National

Mortgage

Association,

Pool

#MB0148

................

6.00 1/20/55

Government

National

Mortgage

Association,

Pool

#MA9780

................

6.00 7/20/54

Government

National

Mortgage

Association,

Pool

#4222

..................

6.00 8/20/38

Government

National

Mortgage

Association,

Pool

#MA9852

................

6.00 8/20/54

Government

National

Mortgage

Association,

Pool

#MA9907

................

6.00 9/20/54

Government

National

Mortgage

Association,

Pool

#MA9966

................

6.00 10/20/54

Government

National

Mortgage

Association,

Pool

#MA9606

................

6.00 4/20/54

Government

National

Mortgage

Association,

Pool

#MA9018

................

6.00 7/20/53

Government

National

Mortgage

Association,

Pool

#4245

..................

6.00 9/20/38

Government

National

Mortgage

Association,

Pool

#781959

.................

6.00 7/15/35

Government

National

Mortgage

Association,

Pool

#MA9424

................

6.00 1/20/54

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

#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

800

Government

National

Mortgage

Association,

YR

TBA

..................

2.00 10/20/55

661

Government

National

Mortgage

Association,

YR

TBA

..................

2.00 11/20/55

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

700

Government

National

Mortgage

Association,

YR

TBA

..................

2.50 10/20/55

$

602

Government

National

Mortgage

Association,

YR

TBA

..................

2.50 11/20/55

500

Government

National

Mortgage

Association,

YR

TBA

..................

3.00 10/20/55

Government

National

Mortgage

Association,

YR

TBA

..................

3.50 11/20/55

600

Government

National

Mortgage

Association,

YR

TBA

..................

3.50 10/20/55

547

Government

National

Mortgage

Association,

YR

TBA

..................

4.00 10/20/55

Government

National

Mortgage

Association,

YR

TBA

..................

4.50 11/20/55

675

Government

National

Mortgage

Association,

YR

TBA

..................

4.50 10/20/55

654

Government

National

Mortgage

Association,

YR

TBA

..................

5.00 10/20/55

Government

National

Mortgage

Association,

YR

TBA

..................

5.00 11/20/55

Government

National

Mortgage

Association,

YR

TBA

..................

5.50 10/20/55

Government

National

Mortgage

Association,

YR

TBA

..................

5.50 11/20/54

Government

National

Mortgage

Association,

YR

TBA

..................

6.00 11/20/54

1,000

Government

National

Mortgage

Association,

YR

TBA

..................

6.00 10/20/55

1,017

Government

National

Mortgage

Association,

YR

TBA

..................

6.50 11/20/55

Government

National

Mortgage

Association,

YR

TBA

..................

6.50 10/20/55

Government

National

Mortgage

Association,

YR

TBA

..................

7.00 10/20/55

Total

U.S.

Government

Agency

Mortgages

(cost

$210,757)

...............

195,394

Corporate

Bonds

—

0.12%

PG&E

Wildfire

Recovery

Funding

LLC,

Series

(Electric

Utilities)

........

4.26 6/1/36

PG&E

Wildfire

Recovery

Funding

LLC,

Series

(Electric

Utilities)

........

5.10 6/1/52

Total

Corporate

Bonds

(cost

$304)

.................................

Shares

Investment

Companies

—

23.28%

Domestic

Fixed

Income

—

15.12%

257,750

iShares

U.S.

Treasury

Bond

ETF

....................................

5,959

534,162

Vanguard

Intermediate-Term

Treasury

ETF

............................

32,065

38,024

Money

Market

Funds

—

8.16%

20,519,553

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

........

4.01(b)

20,520

Total

Investment

Companies

(cost

$57,602)

...........................

58,544

Total

Investments

(cost

$283,940)

—

106.97%

.........................

268,977

Liabilities

in

excess

of

other

assets

—

(6.97)%

.........................

(17,530)

Net

Assets

—

100.00%

..........................................

$

251,447

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

(a) The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

on

factors

relating

to

the

pool

of

assets

underlying

the

security. The

rate

disclosed

is

the

rate

in

effect

on

September

30,

2025. (b) Annualized

7-day

yield

as

of

period-end.

ETF—Exchange-Traded

Fund

TBA

—

To

Be

Announced

purchase

or

sale

commitment.

Security

is

subject

to

delayed

delivery

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(concluded)

—

September

30,

2025

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

September

30,

2025. The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Mellon

Investments

Corporation

Parametric

Portfolio

Associates,

LLC

HC

Capital

Solutions

Total

Asset

Backed

Securities

..................................................................................................................

1.24 %

—

—

1.24 %

Collateralized

Mortgage-Backed

Securities

....................................................................................

4.62 %

—

—

4.62 %

U.S.

Government

Agency

Mortgages

.............................................................................................

77.71 %

—

—

77.71 %

Corporate

Bonds

..............................................................................................................................

0.12 %

—

—

0.12 %

Investment

Companies

....................................................................................................................

7.56 %

15.17 %

0.55 %

23.28 %

Other

Assets

(Liabilities)

.................................................................................................................

-6.97

%

—

—

-6.97

%

Total

Net

Assets

..........................................................................................................................

84.28 %

15.17 %

0.55 %

100.00 %

HC

CAPITAL

TRUST

The

Short-Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

—

96.82%

Alabama

—

3.48%

$

2,315

City

of

Huntsville

AL,

GO,

Series

A

.................................

5.00 3/1/27

$

2,400

Arizona

—

3.41%

990

Arizona

Department

of

Transportation

State

Highway

Fund

Revenue

.........

5.00 7/1/28

1,058

1,275

Maricopa

County

Industrial

Development

Authority

Revenue,

Series

D

........

5.00(a)

1/1/46

1,291

2,349

Arkansas

—

1.88%

1,295

Rogers

School

District

No.

30,

GO

Continuously

Callable

@

(State

Aid

Withholding)

..............................................

4.00 2/1/26

1,295

California

—

1.68%

1,100

Los

Angeles

Department

of

Water

&

Power

Revenue,

Series

A

Continuously

Callable

@

..................................................

5.00 7/1/28

1,158

Florida

—

2.05%

1,325

State

of

Florida

Department

of

Transportation

Turnpike

System

Revenue,

Series

C

5.00 7/1/28

1,414

Georgia

—

1.93%

1,300

State

of

Georgia,

GO,

Series

C

.....................................

4.00 1/1/27

1,329

Illinois

—

6.60%

1,795

Regional

Transportation

Authority

Revenue,

Series

A

.....................

5.00 7/1/27

1,866

1,695

State

of

Illinois,

GO

............................................

5.00 2/1/26

1,709

935

State

of

Illinois,

GO,

Series

D

.....................................

5.00 11/1/27

977

4,552

Iowa

—

0.81%

550

Linn-Mar

Community

School

District,

GO

Continuously

Callable

@

(BAM)

.

5.00 5/1/27

558

Kansas

—

2.22%

1,465

Riley

County

Unified

School

District

No.

Manhattan-Ogden,

GO,

Series

A

Continuously

Callable

@

(Pre-Refunded/Escrowed

to

Maturity)

......

5.00 9/1/36

1,532

Maryland

—

5.79%

900

County

of

Baltimore

MD,

GO

.....................................

5.00 3/1/31

1,019

660

County

of

Harford

MD,

GO,

Series

B

................................

5.00 2/1/26

666

1,640

County

of

Prince

George's

MD,

GO,

Series

A

..........................

5.00 8/1/28

1,758

540

State

of

Maryland

Department

of

Transportation

Revenue

..................

5.00 10/1/26

554

3,997

Minnesota

—

5.79%

1,730

City

of

Minneapolis

MN,

GO

......................................

5.00 12/1/26

1,779

1,270

State

of

Minnesota,

GO,

Series

A

...................................

5.00 9/1/28

1,363

750

University

of

Minnesota

Revenue,

Series

B

............................

5.00 2/1/32

849

3,991

Missouri

—

1.63%

1,100

Lindbergh

School

District,

GO

.....................................

4.00 3/1/27

1,122

Nebraska

—

3.01%

2,060

Nebraska

Public

Power

District

Revenue,

Series

A

.......................

5.00 1/1/26

2,073

New

Hampshire

—

1.56%

940

New

Hampshire

Municipal

Bond

Bank

Revenue,

Series

B

.................

5.00 8/15/32

1,078

HC

CAPITAL

TRUST

The

Short-Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

(continued)

New

Jersey

—

8.87%

$

1,735

New

Jersey

Educational

Facilities

Authority

Revenue,

Series

A

..............

5.00 3/1/27

$

1,798

1,250

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue,

Series

A

Continuously

Callable

@

..................................

5.00 7/1/30

1,272

3,000

State

of

New

Jersey,

GO,

Series

A

...................................

5.00 6/1/26

3,049

6,119

New

Mexico

—

2.57%

1,740

Albuquerque

Municipal

School

District

No.

12,

GO,

Series

A

(State

Aid

Withholding)

..............................................

5.00 8/1/26

1,776

New

York

—

5.12%

1,605

New

York

City

Transitional

Finance

Authority

Revenue,

Series

...........

5.00 5/1/28

1,708

1,610

New

York

State

Dormitory

Authority

Revenue,

Series

.................

5.00 3/15/31

1,825

3,533

Oregon

—

1.87%

1,250

Oregon

State

Lottery

Revenue,

Series

A

Continuously

Callable

@

........

5.00 4/1/30

1,289

South

Carolina

—

2.42%

1,495

South

Carolina

Jobs-Economic

Development

Authority

Revenue,

Series

A

......

5.00 11/1/31

1,667

South

Dakota

—

3.08%

1,905

South

Dakota

Conservancy

District

Revenue,

Series

B

....................

5.00 8/1/30

2,126

Tennessee

—

4.06%

1,500

County

of

Wilson

TN,

GO

........................................

5.00 4/1/30

1,665

1,000

Metropolitan

Government

of

Nashville

&

Davidson

County

TN,

GO,

Series

A

...

5.00 1/1/32

1,138

2,803

Texas

—

15.39%

1,735

Arlington

Independent

School

District/TX,

GO

(PSF-GTD)

.................

5.00 2/15/26

1,750

1,670

City

of

Cedar

Park

TX,

GO

.......................................

5.00 2/15/27

1,725

1,550

City

of

Plano

TX,

GO

...........................................

5.00 9/1/29

1,697

1,245

County

of

Williamson

TX,

GO

.....................................

5.00 2/15/28

1,315

1,450

Humble

Independent

School

District,

GO

(PSF-GTD)

.....................

5.00 2/15/28

1,537

1,400

Lower

Colorado

River

Authority

Revenue

.............................

5.00 5/15/32

1,589

970

Marble

Falls

Independent

School

District,

GO

(PSF-GTD)

.................

5.00 2/15/27

1,001

10,614

Virginia

—

3.66%

900

City

of

Fredericksburg

VA,

GO,

Series

A

(State

Aid

Withholding)

............

5.00 10/1/29

990

1,505

Hampton

Roads

Transportation

Accountability

Commission

Revenue,

Series

A (Pre-

Refunded/Escrowed

to

Maturity)

................................

5.00 7/1/26

1,532

2,522

Washington

—

4.16%

1,260

Central

Puget

Sound

Regional

Transit

Authority

Revenue,

Series

S1

Continuously

Callable

@

(Pre-Refunded/Escrowed

to

Maturity)

................

4.00 11/1/50

1,261

1,590

State

of

Washington,

GO,

Series

R-2022C

.............................

4.00 7/1/26

1,611

2,872

Wisconsin

—

3.78%

1,260

City

of

Kenosha

WI,

GO,

Series

A

..................................

5.00 9/1/32

1,437

1,150

Wisconsin

Housing

&

Economic

Development

Authority

Home

Ownership

Revenue,

Series

B

.................................................

5.00 9/1/26

1,172

2,609

Total

Municipal

Bonds

(cost

$66,429)

...............................

66,778

HC

CAPITAL

TRUST

The

Short-Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(concluded)

—

September

30,

2025

(Unaudited)

As

of

September

30,

2025,

100%

of

the

Portfolio's

net

assets

were

managed

by

Breckinridge

Capital

Advisors,

Inc.

Shares

Security

Description

Rate

%

Maturity

Date

Value

(000) Investment

Company

—

2.16%

Money

Market

Funds

—

2.16%

1,486,669

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

........

4.01(b)

$

1,487

Total

Investment

Company

(cost

$1,487)

.............................

1,487

Total

Investments

(cost

$67,916)

—

98.98%

..........................

68,265

Other

assets

in

excess

of

liabilities

—

1.02%

..........................

703

Net

Assets

—

100.00%

..........................................

$

68,968

(a) Interest

rate

is

determined

by

the

Remarketing

Agent. The

rate

disclosed

is

the

rate

in

effect

on

September

30,

2025. (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

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

—

85.60%

Alabama

—

2.04%

$

1,415

Alabama

Special

Care

Facilities

Financing

Authority-Birmingham

AL

Revenue

Continuously

Callable

@

..................................

5.00 6/1/29

$

1,418

2,895

Black

Belt

Energy

Gas

District

Revenue

Continuously

Callable

@

........

4.00(a)

6/1/51

2,961

1,500

Black

Belt

Energy

Gas

District

Revenue,

Series

B,

Callable

9/1/30

@

100.32 ....

5.25 12/1/53

1,626

1,000

Black

Belt

Energy

Gas

District

Revenue,

Series

B

Continuously

Callable

@

.

5.00 10/1/35

1,044

1,805

County

of

Jefferson

AL

Sewer

Revenue

Continuously

Callable

@

.........

5.00 10/1/36

1,975

1,000

Energy

Southeast

A

Cooperative

District

Revenue,

Series

Continuously

Callable

@

..................................................

5.75(a)

4/1/54

1,111

1,000

Troy

University

Revenue,

Series

A

(BAM)

.............................

5.00 11/1/26

1,024

11,159

Arizona

—

1.44%

3,425

Chandler

Industrial

Development

Authority

Revenue

Continuously

Callable

@

(AMT)

..................................................

4.00(a)

6/1/49

3,500

1,685

City

of

Phoenix

Civic

Improvement

Corp.

Revenue,

Series

A

Continuously

Callable

@

..................................................

5.00 7/1/32

1,863

1,555

City

of

Phoenix

Civic

Improvement

Corp.

Revenue,

Series

B

Continuously

Callable

@

(AMT)

.............................................

5.00 7/1/30

1,663

785

Salt

River

Project

Agricultural

Improvement

&

Power

District

Revenue,

Series

B

Continuously

Callable

@

..................................

5.00 5/1/39

875

7,901

California

—

4.65%

3,000

California

Community

Choice

Financing

Authority

Revenue,

Series

D

Continuously

Callable

@

............................................

5.00(a)

10/1/55

3,157

1,700

Inglewood

Unified

School

District,

GO,

Series

B

Continuously

Callable

@

..

5.50 8/1/43

1,909

1,000

Los

Angeles

Department

of

Water

&

Power

Revenue,

Series

A

Continuously

Callable

@

(BAM)

.............................................

5.00 7/1/40

1,073

1,900

Los

Angeles

Department

of

Water

&

Power

Revenue,

Series

E

..............

5.00 7/1/34

2,150

945

Los

Angeles

Unified

School

District/CA,

GO,

Series

A

....................

5.00 7/1/30

1,067

1,000

Ontario

Public

Financing

Authority

Revenue,

Series

A

Continuously

Callable

@

5.00 11/1/39

1,122

1,025

Ontario

Public

Financing

Authority

Revenue,

Series

A

Continuously

Callable

@

5.00 11/1/42

1,116

7,960

San

Bernardino

City

Unified

School

District

Certificates

of

Participation

Continuously

Callable

@

(AGC)

.............................

5.00 10/1/41

8,634

650

Southern

California

Public

Power

Authority

Revenue,

Series

..............

5.00 7/1/31

720

1,000

Southern

California

Public

Power

Authority

Revenue,

Series

..............

5.00 7/1/32

1,117

1,000

State

of

California,

GO

Continuously

Callable

@

....................

5.00 4/1/35

1,065

2,000

State

of

California,

GO

Continuously

Callable

@

....................

5.00 9/1/33

2,284

25,414

Colorado

—

1.29%

500

Canyons

Metropolitan

District

No.

5,

GO,

Series

A

(BAM)

.................

5.00 12/1/33

563

2,340

Southern

Ute

Indian

Tribe

of

the

Southern

Ute

Reservation

of

Colorado,

GO,

Series

A (b)

....................................................

5.00 4/1/35

2,537

3,740

State

of

Colorado

Certificates

of

Participation,

Series

M

Continuously

Callable

@

....................................................

5.00 3/15/29

3,955

7,055

Connecticut

—

0.79%

1,085

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue,

Series

B

..

5.00 12/1/26

1,112

1,500

State

of

Connecticut

Special

Tax

Revenue,

Series

D

Continuously

Callable

@

5.00 11/1/34

1,677

1,000

State

of

Connecticut,

GO,

Series

A

..................................

4.00 1/15/29

1,051

State

of

Connecticut,

GO,

Series

E

Continuously

Callable

@

............

5.00 9/15/32

4,336

Delaware

—

0.13%

620

Delaware

Transportation

Authority

Revenue

Continuously

Callable

@

.....

5.00 7/1/32

687

District

of

Columbia

—

1.81%

2,500

District

of

Columbia

Revenue

Continuously

Callable

@

................

5.00 7/15/32

2,513

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

(continued)

District

of

Columbia

(continued)

$

2,075

Metropolitan

Washington

Airports

Authority

Aviation

Revenue,

Series

A

Continuously

Callable

@

(AMT)

............................

4.00 10/1/36

$

2,078

2,000

Metropolitan

Washington

Airports

Authority

Aviation

Revenue,

Series

A

(AMT)

..

5.00 10/1/29

2,150

2,815

Washington

Metropolitan

Area

Transit

Authority

Dedicated

Revenue,

Series

A

...

5.00 7/15/31

3,168

9,909

Florida

—

4.84%

2,000

Alachua

County

Health

Facilities

Authority

Revenue

Continuously

Callable

@

5.00(a)

12/1/37

2,030

1,500

Central

Florida

Expressway

Authority

Revenue

(AGM)

....................

5.00 7/1/30

1,677

3,000

County

of

Miami-Dade

FL

Aviation

Revenue,

Series

A

....................

5.00 10/1/34

3,339

2,500

County

of

Miami-Dade

FL

Water

&

Sewer

System

Revenue,

Series

B

.........

5.00 10/1/33

2,899

960

County

of

Miami-Dade

FL,

GO,

Series

A

.............................

5.00 7/1/33

1,110

955

County

of

Polk

FL

Utility

System

Revenue

............................

5.00 10/1/27

1,001

2,030

JEA

Electric

System

Revenue,

Series

3A

Continuously

Callable

@

........

5.00 10/1/34

2,189

1,000

Miami

Beach

Redevelopment

Agency

Tax

Allocation

.....................

5.00 2/1/31

1,111

2,000

Mid-Bay

Bridge

Authority

Revenue

Continuously

Callable

@

...........

5.00 10/1/36

2,240

3,295

Orlando

Utilities

Commission

Revenue,

Series

A

Continuously

Callable

@

..

5.00 10/1/32

3,421

1,025

Palm

Beach

County

School

District

Certificates

of

Participation,

Series

A

Continuously

Callable

@

..................................

5.00 8/1/36

1,152

3,875

Volusia

County

Educational

Facility

Authority

Revenue

Continuously

Callable

@

....................................................

5.00 10/15/39

4,292

26,461

Georgia

—

1.40%

5,000

Main

Street

Natural

Gas,

Inc.

Revenue,

Series

C

Continuously

Callable

@

..

4.00(a)

3/1/50

5,034

1,500

Municipal

Electric

Authority

of

Georgia

Revenue,

Series

A

.................

5.00 1/1/34

1,702

1,000

State

of

Georgia,

GO,

Series

A

Continuously

Callable

@

...............

3.00 8/1/36

930

7,666

Illinois

—

6.70%

4,000

Chicago

Midway

International

Airport

Revenue,

Series

C

Continuously

Callable

@

....................................................

5.00 1/1/41

4,100

Chicago

O'Hare

International

Airport

Revenue,

Series

C

Continuously

Callable

@

(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

@

....................................................

5.00 1/1/42

4,345

1,025

Chicago

O'Hare

International

Airport

Revenue,

Series

F

...................

5.00 1/1/32

1,142

1,465

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

Revenue,

Series

A

Continuously

Callable

@

............................................

5.00 12/1/36

1,653

City

of

Chicago

IL

Certificates

of

Participation,

Series

NT

Continuously

Callable

@

....................................................

7.46 2/15/26

1,200

City

of

Chicago

IL

Wastewater

Transmission

Revenue,

Series

B

Continuously

Callable

@

(BAM)

......................................

5.00 1/1/37

1,317

2,335

City

of

Chicago

IL,

GO,

Series

A

Continuously

Callable

@

.............

4.00 1/1/36

2,176

500

Illinois

Finance

Authority

Revenue,

Series

A

Continuously

Callable

@

.....

5.00 7/1/44

535

1,390

Illinois

Finance

Authority

Revenue,

Series

A

...........................

5.00 4/1/34

1,594

1,375

Illinois

Finance

Authority

Revenue,

Series

Continuously

Callable

@

...

5.00(a)

5/15/50

1,386

850

Illinois

State

Toll

Highway

Authority

Revenue,

Series

A

Continuously

Callable

@

....................................................

5.00 1/1/30

918

1,420

Metropolitan

Water

Reclamation

District

of

Greater

Chicago,

GO,

Series

D

.....

5.00 12/1/30

1,594

3,000

Sales

Tax

Securitization

Corp.

Revenue,

Series

A

........................

5.00 1/1/29

3,215

1,270

Sales

Tax

Securitization

Corp.

Revenue,

Series

C

Continuously

Callable

@

..

5.00 1/1/35

1,406

5,945

State

of

Illinois

Sales

Tax

Revenue,

Series

C

Continuously

Callable

@

.....

5.00 6/15/43

6,235

1,000

State

of

Illinois,

GO,

Series

D

.....................................

5.00 7/1/27

1,039

2,995

The

Board

of

Trustees

of

the

University

of

Illinois

Certificates

of

Participation,

Series

B

Continuously

Callable

@

...........................

5.00 10/1/27

3,052

36,667

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

(continued)

Indiana

—

1.51%

$

2,500

City

of

Whiting

IN

Revenue

(AMT)

.................................

5.00(a)

12/1/44

$

2,538

1,350

Indiana

Finance

Authority

Revenue,

Series

A

Continuously

Callable

@

.....

5.00 10/1/34

1,523

3,655

Indiana

Finance

Authority

Revenue,

Series

B-3,

Callable

7/1/31

@

101.64 ......

5.00(a)

10/1/55

4,176

8,237

Iowa

—

0.09%

Iowa

Tobacco

Settlement

Authority

Revenue,

Series

A2

Continuously

Callable

@

....................................................

5.00 6/1/32

Kansas

—

0.19%

920

State

of

Kansas

Department

of

Transportation

Revenue,

Series

A

............

5.00 9/1/32

1,052

Kentucky

—

1.08%

3,115

Kentucky

Public

Energy

Authority

Revenue,

Series

Continuously

Callable

@

....................................................

5.25(a)

4/1/54

3,384

1,150

Louisville/Jefferson

County

Metropolitan

Government,

GO,

Series

A

.........

5.00 12/1/30

1,283

1,170

University

of

Kentucky

Revenue,

Series

A

Continuously

Callable

@

.......

5.00 4/1/43

1,235

5,902

Lousiana

—

0.42%

2,180

Ernest

N

Morial

New

Orleans

Exhibition

Hall

Authority

Special

Tax

Continuously

Callable

@

............................................

5.25 7/15/44

2,310

Maine

—

0.39%

1,025

Finance

Authority

of

Maine

Revenue,

Series

A1

(AGM)

...................

5.00 12/1/26

1,045

1,000

Regional

School

Unit

No.

14,

GO

Continuously

Callable

@

.............

5.00 11/1/42

1,079

2,124

Maryland

—

2.28%

2,000

County

of

Baltimore

MD,

GO

Continuously

Callable

@

................

4.00 3/1/33

2,071

1,190

County

of

Howard

MD,

GO,

Series

A

Continuously

Callable

@

..........

5.00 8/15/34

1,356

2,090

Maryland

State

Transportation

Authority

Passenger

Facility

Charge

Revenue

(AMT)

5.00 6/1/28

2,188

2,500

State

of

Maryland

Department

of

Transportation

Revenue

Continuously

Callable

@

....................................................

5.00 10/1/32

2,779

1,000

State

of

Maryland

Department

of

Transportation

Revenue

Continuously

Callable

@

....................................................

4.00 10/1/32

1,015

1,495

State

of

Maryland,

GO,

Series

A

Continuously

Callable

@

..............

5.00 6/1/34

1,688

1,240

State

of

Maryland,

GO,

Series

A

Continuously

Callable

@

..............

5.00 3/15/31

1,375

12,472

Massachusetts

—

2.45%

3,000

Commonwealth

of

Massachusetts,

GO,

Series

A

(AMBAC)

.................

5.50 8/1/30

3,377

780

Commonwealth

of

Massachusetts,

GO,

Series

A

Continuously

Callable

@

...

5.00 5/1/35

880

1,500

Massachusetts

Bay

Transportation

Authority

Sales

Tax

Revenue,

Series

Continuously

Callable

@

..................................

4.00 7/1/37

1,548

Massachusetts

Development

Finance

Agency

Revenue

Continuously

Callable

@

....................................................

5.25 6/1/43

3,550

Massachusetts

Development

Finance

Agency

Revenue,

Series

Continuously

Callable

@

............................................

5.00 7/1/35

3,991

1,400

Massachusetts

Educational

Financing

Authority

Revenue,

Series

B

(AMT)

......

5.00 7/1/29

1,475

1,500

Massachusetts

Port

Authority

Revenue,

Series

A

(AMT)

...................

5.00 7/1/32

1,670

13,393

Michigan

—

3.99%

1,000

Detroit

Downtown

Development

Authority

Tax

allocation

Continuously

Callable

@

....................................................

5.00 7/1/37

1,082

2,000

Detroit

Regional

Convention

Facility

Authority

Revenue,

Series

C

Continuously

Callable

@

............................................

5.00 10/1/38

2,136

1,000

Forest

Hills

Public

Schools/MI,

GO,

Series

I

Continuously

Callable

@

.....

5.00 5/1/44

1,064

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

(continued)

Michigan

(continued)

$

1,250

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue,

Series

A

Continuously

Callable

@

..................................

5.00 7/1/37

$

1,397

2,500

Great

Lakes

Water

Authority

Water

Supply

System

Revenue,

Series

B

.........

5.00 7/1/34

2,885

1,000

Michigan

Finance

Authority

Revenue

Continuously

Callable

@

..........

5.50 12/1/29

1,004

1,100

Michigan

Finance

Authority

Revenue

................................

5.00 10/1/29

1,207

1,000

Michigan

Finance

Authority

Revenue

Continuously

Callable

@

..........

4.00 2/15/44

902

6,000

Michigan

Finance

Authority

Revenue

Continuously

Callable

@

..........

5.00(a)

11/15/44

6,383

1,425

Michigan

Finance

Authority

Revenue

................................

5.00 2/28/34

1,532

1,280

Michigan

Finance

Authority

Revenue,

Series

B

.........................

5.00 10/1/30

1,428

790

Novi

Community

School

District,

GO,

Series

III

........................

5.00 5/1/26

801

21,821

Minnesota

—

2.60%

1,750

Minnesota

Agricultural

&

Economic

Development

Board

Revenue

Continuously

Callable

@

............................................

5.00 1/1/36

1,959

1,985

Minnesota

Housing

Finance

Agency

Revenue,

Series

B

...................

5.00 8/1/28

2,118

1,240

Minnesota

Housing

Finance

Agency

Revenue,

Series

B

...................

5.00 8/1/29

1,344

2,195

Minnesota

Housing

Finance

Agency

Revenue,

Series

B

...................

5.00 8/1/30

2,427

1,345

State

of

Minnesota

Certificates

of

Participation

.........................

5.00 11/1/33

1,561

3,000

State

of

Minnesota,

GO,

Series

B

Continuously

Callable

@

.............

5.00 8/1/35

3,418

1,260

State

of

Minnesota,

GO,

Series

E

...................................

5.00 8/1/30

1,412

14,239

Missouri

—

1.00%

1,545

City

of

Kansas

City

MO

Water

Revenue,

Series

A

Continuously

Callable

@

.

5.00 12/1/44

1,633

995

St

Joseph

School

District/MO,

GO

(ST

AID

DIR

DEP)

....................

5.00 3/1/27

1,030

2,505

The

Curators

of

the

University

of

Missouri

Revenue,

Series

B

...............

5.00 11/1/30

2,817

5,480

Nebraska

—

0.66%

1,000

City

of

Omaha

NE

Sewer

Revenue,

Series

A

Continuously

Callable

@

.....

4.00 4/1/31

1,046

1,000

City

of

Omaha

NE

Sewer

Revenue,

Series

A

Continuously

Callable

@

.....

4.00 4/1/32

1,040

1,350

Omaha

Public

Power

District

Revenue,

Series

B

Continuously

Callable

@

..

5.00 2/1/34

1,531

3,617

Nevada

—

1.79%

750

City

of

North

Las

Vegas

NV,

GO,

Series

B

............................

5.00 6/1/33

857

2,915

Clark

County

School

District,

GO,

Series

A

Continuously

Callable

@

(AGM)

5.00 6/15/32

3,193

5,435

Las

Vegas

Valley

Water

District,

GO,

Series

C

Continuously

Callable

@

....

4.00 6/1/34

5,736

9,786

New

Jersey

—

2.81%

1,210

New

Jersey

Economic

Development

Authority

Revenue

...................

5.00 6/15/28

1,282

New

Jersey

Economic

Development

Authority

Revenue

Continuously

Callable

@

....................................................

5.00 11/1/30

1,000

New

Jersey

Economic

Development

Authority

Revenue,

Series

RRR

.........

5.00 3/1/28

1,057

2,155

New

Jersey

Educational

Facilities

Authority

Revenue,

Series

A

Continuously

Callable

@

............................................

5.00(a)

7/1/64

2,487

1,725

New

Jersey

Higher

Education

Student

Assistance

Authority

Revenue,

Series

B

(AMT)

..................................................

5.00 12/1/29

1,835

2,000

New

Jersey

Institute

of

Technology

Revenue,

Series

A

Continuously

Callable

@

(BAM)

..................................................

5.00 7/1/42

2,121

750

New

Jersey

Transportation

Trust

Fund

Authority

Revenue,

Series

AA

Continuously

Callable

@

............................................

5.00 6/15/36

841

1,000

New

Jersey

Transportation

Trust

Fund

Authority

Revenue,

Series

AA

.........

5.00 6/15/30

1,102

1,750

New

Jersey

Transportation

Trust

Fund

Authority

Revenue,

Series

BB

Continuously

Callable

@

............................................

5.00 6/15/36

1,960

1,100

State

of

New

Jersey,

GO,

Series

A

...................................

4.00 6/1/31

1,188

1,035

Tobacco

Settlement

Financing

Corp.

Revenue,

Series

A

Continuously

Callable

@

....................................................

5.00 6/1/33

1,056

15,398

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

(continued)

New

Mexico

—

0.20%

$

1,025

Albuquerque

Municipal

School

District

No.

12,

GO

Continuously

Callable

@

(State

Aid

Withholding)

......................................

5.00 8/1/29

$

1,094

New

York

—

7.28%

2,890

City

of

New

York

NY,

GO,

Series

1-A

Continuously

Callable

@

..........

5.00 4/1/32

3,198

740

City

of

New

York

NY,

GO,

Series

................................

5.00 8/1/32

839

5,000

City

of

New

York

NY,

GO,

Series

E

Continuously

Callable

@

...........

5.00 8/1/43

5,350

1,165

Empire

State

Development

Corp.

Revenue,

Series

A

Continuously

Callable

@

5.00 3/15/35

1,336

865

New

York

City

Municipal

Water

Finance

Authority

Revenue,

Series

CC

.......

5.00 6/15/31

982

4,940

New

York

City

Municipal

Water

Finance

Authority

Revenue,

Series

......

5.00 6/15/36

5,777

1,000

New

York

City

Municipal

Water

Finance

Authority

Revenue,

Series

DD

Continuously

Callable

@

..................................

5.00 6/15/34

1,151

930

New

York

City

Transitional

Finance

Authority

Revenue,

Series

...........

5.00 11/1/32

1,064

1,500

New

York

City

Transitional

Finance

Authority

Revenue,

Series

Continuously

Callable

@

............................................

5.00 11/1/36

1,684

3,000

New

York

Energy

Finance

Development

Corp.

Revenue

Continuously

Callable

@

....................................................

5.00(a)

7/1/56

3,223

1,000

New

York

State

Dormitory

Authority

Revenue,

Series

A

Continuously

Callable

@

....................................................

5.00 2/15/31

1,031

4,710

New

York

State

Thruway

Authority

Revenue,

Series

A

Continuously

Callable

@

5.00 3/15/35

5,305

1,795

New

York

Transportation

Development

Corp.

Revenue

(AMT)

..............

5.00 12/1/27

1,865

1,750

New

York

Transportation

Development

Corp.

Revenue

Continuously

Callable

@

....................................................

6.00 6/30/43

1,923

4,970

Port

Authority

of

New

York

&

New

Jersey

Revenue,

Series

Continuously

Callable

@

(AMT)

.......................................

4.00 3/15/30

5,080

39,808

North

Carolina

—

0.81%

820

City

of

Fayetteville

NC

Public

Works

Commission

Revenue

................

5.00 3/1/31

928

1,100

County

of

Wake

NC,

GO,

Series

A

..................................

5.00 2/1/30

1,220

1,130

Nash

Health

Care

Systems

Revenue

Continuously

Callable

@

...........

5.50 2/1/43

1,213

1,000

The

Charlotte-Mecklenburg

Hospital

Authority

Revenue,

Series

SE

...........

5.00(a)

1/15/50

1,066

4,427

Ohio

—

4.32%

3,000

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue,

Series

Continuously

Callable

@

............................................

5.00 6/1/32

3,203

1,450

City

of

Columbus

OH

Sewerage

Revenue

Continuously

Callable

@

.......

5.00 6/1/29

1,471

5,645

County

of

Allen

OH

Hospital

Facilities

Revenue,

Series

A

Continuously

Callable

@

....................................................

5.00 11/1/39

6,103

1,000

County

of

Butler

OH

Revenue,

Series

X

..............................

5.00 5/15/29

1,085

County

of

Mahoning

OH

Revenue

(Pre-Refunded/Escrowed

to

Maturity)

(NATL)

.

5.50 10/15/25

800

County

of

Montgomery

OH

Revenue

Continuously

Callable

@

..........

5.00 8/1/33

878

1,130

County

of

Warren

OH

Revenue

Continuously

Callable

@

...............

5.00 7/1/36

1,230

1,750

Ohio

Water

Development

Authority

Revenue,

Series

A

Continuously

Callable

@

....................................................

5.00 12/1/37

1,962

3,050

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

Revenue,

Series

B

Continuously

Callable

@

...........................

5.00 6/1/35

3,511

2,000

State

of

Ohio

Revenue

...........................................

2.75(a)

1/1/52

2,052

775

University

of

Cincinnati

Revenue,

Series

A

............................

5.00 6/1/26

787

1,150

University

of

Cincinnati

Revenue,

Series

A

Continuously

Callable

@

......

5.25 6/1/43

1,246

23,654

Oklahoma

—

0.50%

1,925

Grand

River

Dam

Authority

Revenue,

Series

A

Continuously

Callable

@

...

5.00 6/1/37

2,163

530

Oklahoma

Municipal

Power

Authority

Revenue,

Series

A

Continuously

Callable

@

(AGM)

...............................................

4.00 1/1/32

564

2,727

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

(continued)

Oregon

—

1.65%

$

1,250

Clackamas

Community

College

District,

GO

Continuously

Callable

@

(SCH

BD

GTY)

................................................

5.00 6/15/44

$

1,328

2,500

Multnomah

County

School

District

No.

1J

Portland,

GO

(SCH

BD

GTY)

.......

5.00 6/15/29

2,737

2,500

Port

of

Portland

OR

Airport

Revenue,

Series

Continuously

Callable

@

(AMT)

..................................................

5.00 7/1/35

2,685

2,000

Portland

Community

College

District,

GO

Continuously

Callable

@

.......

5.00 6/15/35

2,272

9,022

Pennsylvania

—

5.71%

1,000

City

of

Philadelphia

PA

Water

&

Wastewater

Revenue,

Series

B

.............

5.00 11/1/27

1,050

1,000

City

of

Philadelphia

PA

Water

&

Wastewater

Revenue,

Series

B

(AGM)

........

5.00 9/1/29

1,092

2,000

City

of

Philadelphia

PA,

GO,

Series

A

Continuously

Callable

@

..........

5.00 8/1/38

2,235

2,600

City

of

Philadelphia

PA,

GO,

Series

B

Continuously

Callable

@

..........

5.00 2/1/30

2,853

1,735

City

of

Philadelphia

PA,

GO,

Series

B

Continuously

Callable

@

..........

5.00 2/1/31

1,876

1,000

Commonwealth

Financing

Authority

Revenue

Continuously

Callable

@

....

5.00 6/1/32

1,051

1,860

Luzerne

County

Industrial

Development

Authority

Revenue

Continuously

Callable

@

(AMT)

.............................................

2.45(a)

12/1/39

1,725

4,000

Montgomery

County

Industrial

Development

Authority/PA

Revenue,

Series

A

Continuously

Callable

@

..................................

5.00 11/15/42

4,189

3,625

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Continuously

Callable

@

(AMT)

.......................................

5.00 12/31/33

4,034

1,000

Pennsylvania

Economic

Development

Financing

Authority

Revenue,

Series

B

Continuously

Callable

@

..................................

5.00 3/15/38

1,073

1,000

Pennsylvania

Higher

Education

Assistance

Agency

Revenue,

Series

1A

(AMT)

...

5.00 6/1/32

1,072

1,000

Pennsylvania

Higher

Education

Assistance

Agency

Revenue,

Series

A

(AMT)

....

5.00 6/1/29

1,065

1,100

Pennsylvania

Turnpike

Commission

Revenue

Continuously

Callable

@

....

5.00 12/1/41

1,162

2,455

Pennsylvania

Turnpike

Commission

Revenue,

Series

Continuously

Callable

@

....................................................

5.00 6/1/35

2,803

1,620

Pennsylvania

Turnpike

Commission

Revenue,

Series

A

Continuously

Callable

@

....................................................

5.00 12/1/44

1,639

1,130

Temple

University-of

The

Commonwealth

System

of

Higher

Education

Revenue

Continuously

Callable

@

(AGC)

.............................

5.00 4/1/40

1,236

1,000

The

School

District

of

Philadelphia,

GO,

Series

A

Continuously

Callable

@

(State

Aid

Withholding)

......................................

5.25 9/1/36

1,110

31,265

Rhode

Island

—

0.49%

625

Rhode

Island

Student

Loan

Authority

Revenue,

Series

A

(AMT)

.............

5.00 12/1/29

660

1,875

Rhode

Island

Student

Loan

Authority

Revenue,

Series

A

(AMT)

.............

5.00 12/1/29

2,016

2,676

South

Carolina

—

0.53%

1,000

Piedmont

Municipal

Power

Agency

Revenue,

Series

B

....................

5.00 1/1/29

1,073

680

South

Carolina

Public

Service

Authority

Revenue,

Series

A

................

5.00 12/1/27

713

1,000

South

Carolina

Public

Service

Authority

Revenue,

Series

A

................

5.00 12/1/31

1,115

2,901

Tennessee

—

1.40%

1,215

County

of

Hamblen

TN,

GO

......................................

5.00 5/1/29

1,322

1,235

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facs

Bd

Revenue

..............................................

5.00 5/1/31

1,367

1,000

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facs

Bd

Revenue

Continuously

Callable

@

........................

5.00 5/1/35

1,084

1,000

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facs

Bd

Revenue,

Series

A

.......................................

5.00 7/1/34

1,128

500

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facs

Bd

Revenue,

Series

A

.......................................

5.00 7/1/29

538

1,350

Metropolitan

Government

of

Nashville

&

Davidson

County

TN,

GO

Continuously

Callable

@

............................................

4.00 7/1/33

1,382

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

(continued)

Tennessee

(continued)

$

730

Metropolitan

Government

of

Nashville

&

Davidson

County

TN,

GO,

Series

A

...

5.00 1/1/32

$

831

7,652

Texas

—

9.10%

1,000

Arlington

Higher

Education

Finance

Corp.

Revenue

Continuously

Callable

@

(PSF-GTD)

...............................................

5.00 8/15/39

1,081

1,025

Arlington

Higher

Education

Finance

Corp.

Revenue

(PSF-GTD)

.............

5.00 8/15/27

1,069

2,500

Central

Texas

Turnpike

System

Revenue,

Series

C

Continuously

Callable

@

.

5.00 8/15/37

2,755

920

City

of

College

Station

TX,

GO

....................................

5.00 2/15/31

1,027

City

of

Pearland

TX,

GO

Continuously

Callable

@

...................

5.00 3/1/29

670

City

of

Round

Rock

TX,

GO

Continuously

Callable

@

................

5.00 8/15/39

739

1,300

City

of

San

Antonio

TX

Electric

&

Gas

Systems

Revenue,

Series

B

...........

4.00 2/1/33

1,393

6,000

Clifton

Higher

Education

Finance

Corp.

Revenue,

Series

A

Continuously

Callable

@

(PSF-GTD)

............................................

5.00 2/15/38

6,497

950

Clifton

Higher

Education

Finance

Corp.

Revenue,

Series

T

Continuously

Callable

@

(PSF-GTD)

............................................

4.00 8/15/34

985

1,545

County

of

Harris

TX

Revenue,

Series

A

Continuously

Callable

@

.........

5.00 8/15/30

1,578

1,750

County

of

Harris

TX

Revenue,

Series

B

Continuously

Callable

@

.........

5.00 8/15/34

1,752

4,730

Dallas

Area

Rapid

Transit

Revenue

Continuously

Callable

@

............

5.00 12/1/33

5,123

545

Dallas

Fort

Worth

International

Airport

Revenue

........................

5.00 11/1/30

609

1,700

El

Paso

County

Hospital

District,

GO

Continuously

Callable

@

..........

5.00 2/15/39

1,817

1,500

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Continuously

Callable

@

............................................

5.00 10/1/27

1,502

2,100

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

..........

5.00 11/15/27

2,171

850

Love

Field

Airport

Modernization

Corp.

Revenue

Continuously

Callable

@

.

5.00 11/1/28

850

1,090

Lower

Colorado

River

Authority

Revenue

(AGM)

.......................

5.00 5/15/29

1,182

2,180

Lower

Colorado

River

Authority

Revenue

Continuously

Callable

@

.......

5.00 5/15/32

2,381

1,000

Lower

Colorado

River

Authority

Revenue

Continuously

Callable

@

(AGM)

.

5.00 5/15/34

1,133

2,410

Midland

Independent

School

District,

GO

Continuously

Callable

@

(PSF-GTD)

5.00 2/15/37

2,664

1,545

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Continuously

Callable

@

............................................

5.00 10/1/36

1,669

1,280

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue,

Series

A

Continuously

Callable

@

..................................

5.00 7/1/32

1,419

2,000

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue,

Series

A

Continuously

Callable

@

..................................

5.00(a)

7/1/53

2,203

3,500

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

IV

Revenue,

Series

B

Continuously

Callable

@

..................................

5.50(a)

1/1/54

3,870

900

Texas

Municipal

Power

Agency

Revenue

Continuously

Callable

@

(BAM)

..

5.00 9/1/41

961

925

Texas

Transportation

Commission,

GO

...............................

5.00 4/1/32

1,054

49,794

Vermont

—

0.23%

1,200

Vermont

Student

Assistance

Corp.

Revenue,

Series

A

.....................

5.00 6/15/33

1,273

Virginia

—

0.33%

760

Chesterfield

County

Economic

Development

Authority

Revenue

Continuously

Callable

@

............................................

5.00 4/1/38

850

850

Hampton

Roads

Transportation

Accountability

Commission

Revenue,

Series

A

Continuously

Callable

@

..................................

5.00 7/1/31

945

1,795

Washington

—

4.09%

790

City

of

Seattle

WA

Municipal

Light

&

Power

Revenue

....................

5.00 2/1/32

901

955

City

of

Seattle

WA,

GO

Continuously

Callable

@

....................

5.00 5/1/38

1,064

1,550

Kitsap

County

School

District

No

100-C

Bremerton,

GO,

Series

C

Continuously

Callable

@

(SCH

BD

GTY)

................................

5.00 12/1/36

1,747

1,500

Port

of

Seattle

WA

Revenue

(AMT)

..................................

5.00 4/1/26

1,514

1,555

Port

of

Seattle

WA

Revenue,

Series

B

Continuously

Callable

@

(AMT)

.....

5.00 8/1/33

1,683

3,665

Port

of

Seattle

WA

Revenue,

Series

B

Continuously

Callable

@

..........

5.00 7/1/36

3,971

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

September

30,

2025

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

(continued)

Washington

(continued)

$

715

Snohomish

County

Public

Utility

District

No.

Electric

System

Revenue,

Series

1-A

....................................................

5.00 12/1/35

$

831

1,300

State

of

Washington,

GO,

Series

C

Continuously

Callable

@

............

5.00 2/1/33

1,451

790

State

of

Washington,

GO,

Series

C

..................................

5.00 2/1/32

901

7,065

State

of

Washington,

GO,

Series

R-2017A

Continuously

Callable

@

.......

5.00 8/1/32

7,187

1,000

University

of

Washington

Revenue,

Series

A

Continuously

Callable

@

.....

5.00 4/1/37

1,136

22,386

Wisconsin

—

2.61%

580

Madison

Metropolitan

School

District/WI,

GO

Continuously

Callable

@

....

5.00 3/1/34

629

3,455

Public

Finance

Authority

Revenue,

Series

..........................

3.70(a)

10/1/46

3,624

1,000

Racine

Unified

School

District,

GO

Continuously

Callable

@

(AGC)

.......

4.00 4/1/44

969

1,225

University

of

Wisconsin

Hospitals

&

Clinics

Revenue,

Series

A

.............

5.00 4/1/26

1,238

1,000

University

of

Wisconsin

Hospitals

&

Clinics

Revenue,

Series

B

Continuously

Callable

@

............................................

5.00(a)

4/1/54

1,173

1,000

West

Allis

West

Milwaukee

School

District,

GO

Continuously

Callable

@

...

3.00 4/1/38

912

1,100

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

..............

4.00 11/15/26

1,114

2,460

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue,

Series

A

Continuously

Callable

@

..................................

5.00 11/15/35

2,475

2,000

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue,

Series

A

Continuously

Callable

@

..................................

5.00 8/15/40

2,138

14,272

Total

Municipal

Bonds

(cost

$466,635)

..............................

468,327

Shares

Investment

Companies

—

13.06%

Domestic

Fixed

Income

—

12.31%

453,640

AllianceBernstein

National

Municipal

Income

Fund,

Inc.

..................

4,922

319,133

BlackRock

Municipal

2030

Target

Term

Trust

..........................

7,167

96,407

BlackRock

Municipal

Income

Trust

..................................

969

371,024

BlackRock

MuniHoldings

California

Quality

Fund,

Inc.

...................

4,026

371,247

BlackRock

MuniHoldings

Fund,

Inc.

.................................

4,362

56,695

BlackRock

MuniHoldings

New

York

Quality

Fund,

Inc.

...................

579

215,857

BlackRock

MuniVest

Fund,

Inc.

....................................

1,481

559,426

BlackRock

MuniYield

Fund,

Inc.

...................................

5,907

112,750

BlackRock

MuniYield

New

York

Quality

Fund,

Inc.

......................

1,120

391,043

BlackRock

MuniYield

Quality

Fund

III,

Inc.

...........................

4,333

53,221

BlackRock

New

York

Municipal

Income

Trust

..........................

539

270,829

BNY

Mellon

Strategic

Municipals,

Inc.

...............................

1,693

71,012

DTF

Tax-Free

Income

2028

Term

Fund,

Inc.

...........................

812

45,690

Eaton

Vance

California

Municipal

Bond

Fund

..........................

82,382

Eaton

Vance

Municipal

Bond

Fund

..................................

819

84,523

Eaton

Vance

New

York

Municipal

Bond

Fund

..........................

833

71,605

Federated

Hermes

Premier

Municipal

Income

Fund

......................

791

123,981

iShares

National

Muni

Bond

ETF

...................................

13,202

195,885

MFS

High

Income

Municipal

Trust

..................................

729

518,249

MFS

High

Yield

Municipal

Trust

....................................

1,798

87,267

NYLI

MacKay

DefinedTerm

Muni

Opportunities

Fund

....................

1,320

201,590

PIMCO

California

Municipal

Income

Fund

............................

1,758

461,349

PIMCO

Municipal

Income

Fund

II

..................................

3,649

397,985

Western

Asset

Managed

Municipals

Fund,

Inc.

..........................

4,115

67,358

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(concluded)

—

September

30,

2025

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

September

30,

2025. Shares

Security

Description

Rate

%

Maturity

Date

Value

(000) Investment

Companies

(continued)

Money

Market

Funds

—

0.75%

4,088,549

BlackRock

Liquidity

Funds

MuniCash

................................

2.90(c)

$

4,089

Total

Investment

Companies

(cost

$70,696)

...........................

71,447

Total

Investments

(cost

$537,331)

—

98.66%

.........................

539,774

Other

assets

in

excess

of

liabilities

—

1.34%

..........................

7,322

Net

Assets

—

100.00%

..........................................

$

547,096

(a) Interest

rate

is

determined

by

the

Remarketing

Agent. The

rate

disclosed

is

the

rate

in

effect

on

September

30,

2025. (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.

AGC—Assured

Guaranty

Corp.

AGM—Assured

Guaranty

Municipal

Corporation

AMBAC—American

Municipal

Bond

Assurance

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

.....................................................................................................

77.66 %

7.94 %

—

—

85.60 %

Investment

Companies

............................................................................................

0.19 %

—

12.31 %

0.56 %

13.06 %

Other

Assets

(Liabilities)

........................................................................................

0.90 %

0.13 %

0.30 %

0.01 %

1.34 %

Total

Net

Assets

.................................................................................................

78.75 %

8.07 %

12.61 %

0.57 %

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 Institutional U.S. Equity Portfolio

- **b. EDGAR series identifier (if any):** S000021773

- **c. LEI of Series:** ALBH7Q8PP5M876S0BG40

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**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:** $2960460361.95

**Total Liabilities:** $1007033.52

**Net Assets:** $2959453328.43

**Cash Not Reported:** $46452598.62

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000062556 | 0.65%                | 2.52%                | 2.72%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6828213.74              | $4514459.13                                |
| Month 2  | $26190613.33             | $34604728.23                               |
| Month 3  | $10356169.54             | $52304983.82                               |

**Designated Index Information**

- **Index Name:** MSCI USA Index

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CLARIVATE PLC                                                                                                  | CLARIVATE PLC                                   | CUSIP: G21810109<br>LEI: 549300WDHIIODXFO0R55 | Long             | EC               | CORP              | JE        |      3580 | NS      | $13711.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MONOLITHIC POWER SYSTEMS, INC.                                                                                 | MONOLITHIS POWER SYSTEMS                        | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |       837 | NS      | $770575.68    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Duolingo Inc                                                                                                   | DUOLINGO INC                                    | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       292 | NS      | $93977.28     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ARTHUR J. GALLAGHER & CO.                                                                                      | ARTHUR J GALLAGHER CO                           | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |      9122 | NS      | $2825448.28   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORPORATION                                                                                        | EXXON MOBIL CORPORATION                         | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     87651 | NS      | $9882650.25   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTIVE CORPORATION                                                                                            | FORTIVE CORPORATION                             | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |      6041 | NS      | $295948.59    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTCO WHOLESALE CORPORATION                                                                                   | COSTCO WHOLESALE CORP                           | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      8507 | NS      | $7874334.41   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDEX CORPORATION                                                                                              | FEDEX CORP                                      | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      3909 | NS      | $921781.29    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ENVISTA HOLDINGS CORPORATION                                                                                   | ENVISTA HOLDINGS CORP                           | CUSIP: 29415F104<br>LEI: 549300BX623VURJZ5269 | Long             | EC               | CORP              | US        |      1234 | NS      | $25136.58     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ADOBE INC.                                                                                                     | ADOBE INC                                       | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      7512 | NS      | $2649858.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| UNDER ARMOUR, INC.                                                                                             | UNDER ARMOUR INC                                | CUSIP: 904311107<br>LEI: 549300D4549QKWETZ406 | Long             | EC               | CORP              | US        |      1429 | NS      | $7130.71      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SCIENCE APPLICATIONS INTERNATIONAL CORPORATION                                                                 | SCIENCE APPLICATIONS INTERNATIONAL CORP         | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |       363 | NS      | $36071.31     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MUELLER INDUSTRIES, INC.                                                                                       | MUELLER INDUSTRIES INC                          | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |       839 | NS      | $84831.29     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group, Ltd.                                                                                            | EVEREST GROUP LTD                               | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |      4582 | NS      | $1604753.86   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PUBLIC LIMITED COMPANY                                                                                     | CRH PLC                                         | CUSIP: G25508105<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |     84779 | NS      | $10165002.10  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| RELIANCE, INC.                                                                                                 | RELIANCE INC                                    | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |      1972 | NS      | $553796.76    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWS CORPORATION                                                                                               | NEWS CORPORATION INC                            | CUSIP: 65249B208<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |       897 | NS      | $30991.35     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HOLOGIC, INC.                                                                                                  | HOLOGIC INC                                     | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |     24819 | NS      | $1675034.31   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYCORP                                                                                                        | KEYCORP                                         | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |     16477 | NS      | $307955.13    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE, INC.                                                                                               | SALESFORCE INC                                  | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     16744 | NS      | $3968328.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BILL HOLDINGS, INC.                                                                                            | BILL HOLDINGS INC                               | CUSIP: 090043100<br>LEI: 549300IBF9VZZIGOZW63 | Long             | EC               | CORP              | US        |       775 | NS      | $41051.75     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SENSATA TECHNOLOGIES HOLDING PLC                                                                               | SENSATA TECHNOLOGIES HOLDING                    | CUSIP: G8060N102<br>LEI: 529900MS7KFYCY9MS037 | Long             | EC               | CORP              | GB        |      1147 | NS      | $35040.85     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                                                                                  | GOLDMAN SACHS GROUP INC                         | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      5382 | NS      | $4285955.70   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| HYATT HOTELS CORPORATION                                                                                       | HYATT HOTELS CORP CLASS A                       | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Long             | EC               | CORP              | US        |      4432 | NS      | $629033.76    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| RALPH LAUREN CORPORATION                                                                                       | RALPH LAUREN CORP                               | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |       307 | NS      | $96262.92     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Qiagen N.V.                                                                                                    | QIAGEN NV                                       | CUSIP: N72482206<br>LEI: 54930036WK3GMCN17Z57 | Long             | EC               | CORP              | NL        |      1621 | NS      | $72426.28     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LEONARDO DRS, INC.                                                                                             | LEONARDO DRS INC                                | CUSIP: 52661A108<br>LEI: 549300HMMEWVG3PPQU18 | Long             | EC               | CORP              | US        |       585 | NS      | $26559.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTA NETWORKS, INC.                                                                                          | ARISTA NETWORKS INC                             | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |     18593 | NS      | $2709186.03   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd,                                                                                             | FTAI AVIATION LTD                               | CUSIP: G3730V105<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |       788 | NS      | $131485.68    | 0.00%             |  |  |  | Yes           |                  1 | On Loan: No      |
| PROLOGIS, INC.                                                                                                 | PROLOGIS INC                                    | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     72299 | NS      | $8279681.48   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| AST SPACEMOBILE, INC.                                                                                          | AST SPACEMOBILE INC                             | CUSIP: 00217D100<br>LEI: 254900MBSC9P2UCI6623 | Long             | EC               | CORP              | US        |      1497 | NS      | $73472.76     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GCI LIBERTY, INC.                                                                                              | GCI LIBERTY INC C                               | CUSIP: 36164V800<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       176 | NS      | $6559.52      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHSTATE BANK CORPORATION                                                                                    | SOUTHSTATE BANK CORP                            | CUSIP: 84472E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       776 | NS      | $76723.12     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DECKERS OUTDOOR CORPORATION                                                                                    | DECKERS OUTDOOR CORP                            | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |      2659 | NS      | $269542.83    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MCDONALD'S CORPORATION                                                                                         | MCDONALD S CORP                                 | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     18217 | NS      | $5535964.13   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| MICRON TECHNOLOGY, INC.                                                                                        | MICRON TECHNOLOGY INC                           | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     19773 | NS      | $3308418.36   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CHENIERE ENERGY, INC.                                                                                          | CHENIERE ENERGY INC                             | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      8606 | NS      | $2022237.88   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| JEFFERIES FINANCIAL GROUP INC.                                                                                 | JEFFERIES FINANCIAL GROUP INC                   | CUSIP: 47233W109<br>LEI: 549300HOF34RGOJ5YL07 | Long             | EC               | CORP              | US        |      1185 | NS      | $77522.70     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SEABOARD CORPORATION                                                                                           | SEABOARD CORP                                   | CUSIP: 811543107<br>LEI: 87Q3KOXT29OW9W9YPT70 | Long             | EC               | CORP              | US        |         2 | NS      | $7294.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BOSTON BEER COMPANY, INC.                                                                                  | BOSTON BEER COMPANY INC CLASS A                 | CUSIP: 100557107<br>LEI: 529900Q02MQ0DCQNRM58 | Long             | EC               | CORP              | US        |        72 | NS      | $15222.24     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JABIL INC.                                                                                                     | JABIL INC                                       | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |      1843 | NS      | $400244.31    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SYSCO CORPORATION                                                                                              | SYSCO CORP                                      | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |     25513 | NS      | $2100740.42   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| PRINCIPAL FINANCIAL GROUP, INC.                                                                                | PRINCIPAL FINANCIAL GROUP INC                   | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |      4012 | NS      | $332634.92    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CIGNA GROUP                                                                                                | CIGNA GROUP THE                                 | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     11379 | NS      | $3279996.75   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HANOVER INSURANCE GROUP, INC.                                                                              | HANOVER INSURANCE GROUP INC                     | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |       268 | NS      | $48676.84     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WAYFAIR INC.                                                                                                   | WAYFAIR INC CLASS A                             | CUSIP: 94419L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       737 | NS      | $65836.21     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA HOLDINGS INC                                                                                             | IQVIA HOLDINGS INC                              | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |      3045 | NS      | $578367.30    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| IPG PHOTONICS CORPORATION                                                                                      | IPG PHOTONICS CORP                              | CUSIP: 44980X109<br>LEI: 5493002KZ51CADQ94G15 | Long             | EC               | CORP              | US        |       226 | NS      | $17896.94     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSEX PROPERTY TRUST, INC.                                                                                     | ESSEX PROPERTY TRUST INC                        | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |     15382 | NS      | $4117146.12   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYPAL HOLDINGS, INC.                                                                                          | PAYPAL HOLDINGS INC                             | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     16792 | NS      | $1126071.52   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| JPN YEN 9AM NOV25C                                                                                             | JPN YEN 9AM NOV25C                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       100 | NC      | $63750.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                                                                                             | ALTRIA GROUP INC                                | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     59658 | NS      | $3941007.48   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MANPOWERGROUP INC.                                                                                             | MANPOWERGROUP INC                               | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |       381 | NS      | $14439.90     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VORNADO REALTY TRUST                                                                                           | VORNADO REALTY TRUST                            | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1338 | NS      | $54229.14     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE KRAFT HEINZ COMPANY                                                                                        | KRAFT HEINZ CO THE                              | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |     84104 | NS      | $2190068.16   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| COGNEX CORPORATION                                                                                             | COGNEX CORP                                     | CUSIP: 192422103<br>LEI: 549300JQTYZCLC43S226 | Long             | EC               | CORP              | US        |      1318 | NS      | $59705.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VIATRIS INC.                                                                                                   | VIATRIS INC                                     | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |      9041 | NS      | $89505.90     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CAMPBELL'S COMPANY                                                                                         | THE CAMPBELL S COMPANY                          | CUSIP: 134429109<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | EC               | CORP              | US        |     65100 | NS      | $2055858.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE US, INC.                                                                                              | T MOBILE US INC                                 | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     14748 | NS      | $3530376.24   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| JPN YEN 9AM OCT25C                                                                                             | JPN YEN 9AM OCT25C                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       100 | NC      | $625.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CCC INTELLIGENT SOLUTIONS HOLDINGS INC.                                                                        | CCC INTELLIGENT SOLUTIONS HOLDINGS INC          | CUSIP: 12510Q100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4007 | NS      | $36503.77     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| US FOODS HOLDING CORP.                                                                                         | US FOODS HOLDING CORP                           | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |      1777 | NS      | $136153.74    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TE CONNECTIVITY PUBLIC LIMITED COMPANY                                                                         | TE CONNECTIVITY PLC                             | CUSIP: G87052109<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |      2950 | NS      | $647613.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEMENT SOLUTIONS INC                                                                                          | ELEMENT SOLUTIONS INC                           | CUSIP: 28618M106<br>LEI: 549300FLGN6P5CU20J91 | Long             | EC               | CORP              | US        |      1710 | NS      | $43040.70     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Institutional Investment Trust: State Street Institutional Treasury Plus Money Market Fund; Trust | STATE STREET INSTITUTIONAL TREASURY PLUS MMKT   | CUSIP: 85749Q448<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  31290336 | NS      | $31290335.55  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| EURONET WORLDWIDE, INC.                                                                                        | EURONET WORLDWIDE INC                           | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |       313 | NS      | $27484.53     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD REPUBLIC INTERNATIONAL CORPORATION                                                                         | OLD REPUBLIC INTERNATIONAL CORP                 | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |      1829 | NS      | $77677.63     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INCORPORATED.                                                                                       | MATERCARD INC CLASS A                           | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     29007 | NS      | $16499471.67  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOMATIC DATA PROCESSING, INC.                                                                                | AUTOMATIC DATA PROCESSING INC                   | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      9788 | NS      | $2872778.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| LULULEMON ATHLETICA INC.                                                                                       | LULULEMON ATHLETICA INC                         | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |      1904 | NS      | $338778.72    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| XP Inc.                                                                                                        | XP INC                                          | CUSIP: G98239109<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               | CORP              | KY        |      3143 | NS      | $59056.97     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FRONTIER COMMUNICATIONS PARENT, INC.                                                                           | FRONTIER COMMUNICATIONS PARENT INC              | CUSIP: 35909D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1857 | NS      | $69358.95     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DOW INC.                                                                                                       | DOW INC                                         | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |     12265 | NS      | $281236.45    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED                                                                                | UNITEDHEALTH GROUP INC                          | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     52865 | NS      | $18254284.50  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| MASIMO CORPORATION                                                                                             | MASIMO CORP                                     | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |       360 | NS      | $53118.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTEX PHARMACEUTICALS INCORPORATED                                                                            | VERTEX PHARMACEUTICALS INC                      | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      7572 | NS      | $2965498.08   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Limited                                                                                                 | AMDOCS LTD                                      | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |       854 | NS      | $70070.70     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORPORATION                                                                                           | MCKESSON CORP                                   | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      5243 | NS      | $4050427.22   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTAS, INC.                                                                                                   | VENTAS INC                                      | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     42482 | NS      | $2973315.18   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| THE ALLSTATE CORPORATION                                                                                       | ALLSTATE CORP                                   | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |     10201 | NS      | $2189644.65   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BOEING COMPANY                                                                                             | BOEING CO                                       | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |     13061 | NS      | $2818955.63   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| JAZZ PHARMACEUTICALS PUBLIC LIMITED COMPANY                                                                    | JAZZ PHARMACEUTICALS PLC                        | CUSIP: G50871105<br>LEI: 635400GAUMJCLEZRRV50 | Long             | EC               | CORP              | IE        |       467 | NS      | $61550.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTINET, INC.                                                                                                 | FORTINET INC                                    | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |     11404 | NS      | $958848.32    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST HAWAIIAN, INC.                                                                                           | FIRST HAWIIAN INC                               | CUSIP: 32051X108<br>LEI: 5493002DJSH46F5OLV06 | Long             | EC               | CORP              | US        |       969 | NS      | $24060.27     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICENOW, INC.                                                                                               | SERVICENOW INC                                  | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      3649 | NS      | $3358101.72   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY AND COMPANY                                                                                          | ELI LILLY CO                                    | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     15752 | NS      | $12018776.00  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROCHIP TECHNOLOGY INCORPORATED                                                                              | MICROCHIP TECHNOLOGY INC                        | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |      9347 | NS      | $600264.34    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BAXTER INTERNATIONAL INC.                                                                                      | BAXTER INTERNATIONAL INC                        | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |     32297 | NS      | $735402.69    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SPIRIT AEROSYSTEMS HOLDINGS, INC.                                                                              | SPIRIT AEROSYSTEMS HOLDINGS INC                 | CUSIP: 848574109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       885 | NS      | $34161.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVERSAL HEALTH SERVICES, INC.                                                                                | UNIVERSAL HEALTH SERVICES INC CLASS B           | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |      3905 | NS      | $798338.20    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLIANT ENERGY CORPORATION                                                                                     | ALLIANT ENERGY CORP                             | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |     27774 | NS      | $1872245.34   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NORWEGIAN CRUISE LINE HOLDINGS LTD.                                                                            | NORWEGIAN CRUISE LINE HOLDINGS LTD              | CUSIP: G66721104<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |      3394 | NS      | $83594.22     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ZILLOW GROUP, INC.                                                                                             | ZILLOW GROUP INC C                              | CUSIP: 98954M200<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |      2977 | NS      | $229377.85    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| COPART, INC.                                                                                                   | COPART INC                                      | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |     19407 | NS      | $872732.79    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PENSKE AUTOMOTIVE GROUP, INC.                                                                                  | PENSKE AUTOMOTIVE GROUP INC                     | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |       152 | NS      | $26434.32     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BRUNSWICK CORPORATION                                                                                          | BRUNSWICK CORP DE                               | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EC               | CORP              | US        |       548 | NS      | $34655.52     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RENAISSANCERE HOLDINGS LTD.                                                                                    | RENAISSANCERE HOLDINGS LTD                      | CUSIP: G7496G103<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               | CORP              | BM        |       370 | NS      | $93954.10     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LANDSTAR SYSTEM, INC.                                                                                          | LANDSTAR SYSTEM INC                             | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |       271 | NS      | $33213.76     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AVANTOR, INC.                                                                                                  | AVANTOR INC                                     | CUSIP: 05352A100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5099 | NS      | $63635.52     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIZENS FINANCIAL GROUP, INC.                                                                                 | CITIZENS FINANCIAL GROUP INC                    | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |      7734 | NS      | $411139.44    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MATTEL, INC.                                                                                                   | MATTEL INC                                      | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |      2666 | NS      | $44868.78     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CarMax, Inc.                                                                                                   | CARMAX INC                                      | CUSIP: 143130102<br>LEI: 529900F60CID3NCZM330 | Long             | EC               | CORP              | US        |      1198 | NS      | $53754.26     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SPROUTS FARMERS MARKET, INC.                                                                                   | SPROUTS FARMERS MARKETS INC                     | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |       758 | NS      | $82470.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VALERO ENERGY CORPORATION                                                                                      | VALERO ENERGY CORP                              | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      7456 | NS      | $1269458.56   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH MOET HENNESSY LOUIS VUITTON SE                                                                            | LVMH MOET HENNESSY UNSP ADR                     | CUSIP: 502441306<br>LEI: IOG4E947OATN0KJYSD45 | Long             |  | CORP              | FR        |    150900 | NS      | $18456579.00  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| MARRIOTT INTERNATIONAL, INC.                                                                                   | MARRIOTT INTERNATIONAL INC CLASS A              | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |      4100 | NS      | $1067804.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ZSCALER, INC.                                                                                                  | ZSCALER INC                                     | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |      1737 | NS      | $520509.42    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TRADEWEB MARKETS INC.                                                                                          | TRADEWEB MARKETS INC                            | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9705 | NS      | $1077060.90   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DXC TECHNOLOGY COMPANY                                                                                         | DXC TECHNOLOGY CO                               | CUSIP: 23355L106<br>LEI: 549300DOVZ3EDJB7O259 | Long             | EC               | CORP              | US        |      1383 | NS      | $18850.29     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc.                                                                                               | XCEL ENERGY INC                                 | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |     32583 | NS      | $2627818.95   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| EASTGROUP PROPERTIES, INC.                                                                                     | EASTGROUP PROPERTIES INC                        | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |      9106 | NS      | $1541281.56   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| RH                                                                                                             | RH                                              | CUSIP: 74967X103<br>LEI: 5493008MTS3OGGMHGK69 | Long             | EC               | CORP              | US        |       123 | NS      | $24988.68     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DICK'S SPORTING GOODS, INC.                                                                                    | DICK S SPORTING GOODS INC                       | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |     37710 | NS      | $8379916.20   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OZK                                                                                                       | BANK OZK                                        | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |       848 | NS      | $43231.04     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MOHAWK INDUSTRIES, INC.                                                                                        | MOHAWK INDUSTRIES INC                           | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |       399 | NS      | $51439.08     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTODESK, INC.                                                                                                 | AUTODESK INC                                    | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      3744 | NS      | $1189356.48   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ENPHASE ENERGY, INC.                                                                                           | ENPHASE ENERGY INC                              | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |      1006 | NS      | $35602.34     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PALO ALTO NETWORKS, INC.                                                                                       | PALO ALTO NETWORKS INC                          | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |     11718 | NS      | $2386019.16   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI INVESTMENTS COMPANY                                                                                        | SEI INVESTMENTS CO                              | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |       780 | NS      | $66183.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC.                                                                                                      | AT T INC                                        | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    189681 | NS      | $5356591.44   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP, INC.                                                                                                      | BXP INC                                         | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |      2652 | NS      | $197149.68    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST HORIZON CORPORATION                                                                                      | FIRST HORIZON CORP                              | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |      3891 | NS      | $87975.51     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENCY CENTERS CORPORATION                                                                                    | REGENCY CENTERS CORP                            | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |     36689 | NS      | $2674628.10   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MONGODB, INC.                                                                                                  | MONGODB INC                                     | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |      1427 | NS      | $442912.26    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTHPEAK PROPERTIES, INC.                                                                                    | HEALTHPEAK PROPERTIES INC                       | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |     52097 | NS      | $997657.55    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| The Bank of New York Mellon Corporation                                                                        | BANK OF NEW YORK MELLON CORPORATION             | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |     12695 | NS      | $1383247.20   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL FLAVORS & FRAGRANCES INC.                                                                        | INTERNATIONAL FLAVORS FRAGRANCES INC            | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |      8016 | NS      | $493304.64    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| VERALTO CORPORATION                                                                                            | VERALTO CORP                                    | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |     10206 | NS      | $1088061.66   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED                                                                   | PUBLIC SERVICE ENTERPRISE GROUP INC             | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |     20810 | NS      | $1736802.60   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| WEST PHARMACEUTICAL SERVICES, INC.                                                                             | WEST PHARMACEUTICAL SERVICES INC                | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |      1275 | NS      | $334470.75    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HARTFORD INSURANCE GROUP, INC.                                                                             | HARTFORD INSURANCE GROUP INC                    | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |     12442 | NS      | $1659638.38   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN CASTLE INC.                                                                                              | CROWN CASTLE INC                                | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |     20627 | NS      | $1990299.23   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| REALTY INCOME CORPORATION                                                                                      | REALTY INCOME CORP                              | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |     63059 | NS      | $3833356.61   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| LATTICE SEMICONDUCTOR CORPORATION                                                                              | LATTICE SEMICONDUCTOR CORP                      | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |      1029 | NS      | $75446.28     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JBG SMITH PROPERTIES                                                                                           | JBG SMITH PROPERTIES                            | CUSIP: 46590V100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22240 | NS      | $494840.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MARTIN MARIETTA MATERIALS, INC.                                                                                | MARTIN MARIETTA MATERIALS INC                   | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |      1059 | NS      | $667466.52    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LEIDOS HOLDINGS, INC.                                                                                          | LEIDOS HOLDINGS                                 | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |      9386 | NS      | $1773578.56   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEARWAY ENERGY, INC.                                                                                          | CLEARWAY ENERGY INC A                           | CUSIP: 18539C105<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               | CORP              | US        |       261 | NS      | $7028.73      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMPRA                                                                                                         | SEMPRA ENERGY                                   | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |     23274 | NS      | $2094194.52   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| KINSALE CAPITAL GROUP, INC.                                                                                    | KINSALE CAPITAL GROUP INC                       | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |       165 | NS      | $70167.90     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| STARWOOD PROPERTY TRUST, INC.                                                                                  | STARWOOD PROPERTY TRUST INC                     | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | EC               | CORP              | US        |      2689 | NS      | $52085.93     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Loar Holdings Inc                                                                                              | LOAR HOLDINGS INC                               | CUSIP: 53947R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       327 | NS      | $26160.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN COMMUNITIES, INC.                                                                                          | SUN COMMUNITIES INC                             | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |      9415 | NS      | $1214535.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTIV HOLDINGS CO                                                                                             | VERTIV HOLDINGS CO                              | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |     67935 | NS      | $10248674.10  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| UBER TECHNOLOGIES, INC.                                                                                        | UBER TECHNOLOGIES INC                           | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     35196 | NS      | $3448152.12   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| THE SHERWIN-WILLIAMS COMPANY                                                                                   | SHERWIN WILLIAMS CO                             | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |      4148 | NS      | $1436286.48   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TJX COMPANIES, INC.                                                                                        | TJX CO INC                                      | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     27280 | NS      | $3943051.20   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKWELL AUTOMATION, INC.                                                                                      | ROCKWELL AUTOMATION INC                         | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |      1988 | NS      | $694865.64    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL ELECTRIC COMPANY                                                                                       | GENERAL ELECTRIC CO                             | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |     48900 | NS      | $14710098.00  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| DARLING INGREDIENTS INC.                                                                                       | DARLING INGREDIENTS INC                         | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |      1213 | NS      | $37445.31     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| E.L.F. BEAUTY, INC.                                                                                            | ELF BEAUTY INC                                  | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |       406 | NS      | $53786.88     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc.                                                                                                    | TANGER INC                                      | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |     70361 | NS      | $2381016.24   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| OLLIE'S BARGAIN OUTLET HOLDINGS, INC.                                                                          | OLLIE S BARGAIN OUTLET HOLDINGS INC             | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |       473 | NS      | $60733.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CELANESE CORPORATION                                                                                           | CELANESE CORP SERIES A                          | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |       855 | NS      | $35978.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AFFIRM HOLDINGS, INC.                                                                                          | AFFIRM HOLDINGS INC                             | CUSIP: 00827B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4692 | NS      | $342891.36    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors N.V.                                                                                        | NXP SEMICONDUCTORS NV                           | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |      2483 | NS      | $565453.59    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LOUISIANA-PACIFIC CORPORATION                                                                                  | LOUISIANA PACIFIC CORP                          | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |       485 | NS      | $43087.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PEGASYSTEMS INC.                                                                                               | PEGASYSTEMS INC                                 | CUSIP: 705573103<br>LEI: 549300FMCOKPL06FYN26 | Long             | EC               | CORP              | US        |       628 | NS      | $36110.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| KARMAN HOLDINGS INC.                                                                                           | KARMAN HOLDINGS INC                             | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       205 | NS      | $14801.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED AIRLINES HOLDINGS, INC.                                                                                 | UNITED AIRLINES HOLDINGS INC                    | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |      3318 | NS      | $320187.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ASHLAND INC.                                                                                                   | ASHLAND INC                                     | CUSIP: 044186104<br>LEI: 529900E4L9R04SB8HB11 | Long             | EC               | CORP              | US        |       384 | NS      | $18397.44     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LINEAGE, INC.                                                                                                  | LINEAGE INC                                     | CUSIP: 53566V106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       546 | NS      | $21097.44     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BOYD GAMING CORPORATION                                                                                        | BOYD GAMING CORP                                | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |       449 | NS      | $38816.05     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| INSMED INCORPORATED                                                                                            | INSMED INC                                      | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |      1449 | NS      | $208670.49    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| On Holding AG                                                                                                  | ON HOLDING AG                                   | CUSIP: H5919C104<br>LEI: 506700FB3467B9W95526 | Long             | EC               | CORP              | CH        |      1705 | NS      | $72206.75     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| COMFORT SYSTEMS USA, INC.                                                                                      | COMFORT SYSTEMS USA INC                         | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |       270 | NS      | $222798.60    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| THE AES CORPORATION                                                                                            | AES CORP                                        | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |      5463 | NS      | $71893.08     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE KROGER CO.                                                                                                 | KROGER CO                                       | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |     40767 | NS      | $2748103.47   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| QUANTUMSCAPE CORPORATION                                                                                       | QUANTUMSCAPE CORP                               | CUSIP: 74767V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3190 | NS      | $39300.80     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Restaurant Brands International Inc.                                                                           | RESTAURANT BRANDS INTERNATIONAL INC             | CUSIP: 76131D103<br>LEI: 5299009RXTX9DN9AKJ98 | Long             | EC               | CORP              | CA        |      2504 | NS      | $160606.56    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES LTD.                                                                                   | ROYAL CARIBEEAN CRUISES LTD                     | CUSIP: V7780T103<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | LR        |      4521 | NS      | $1462905.18   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TIMKEN COMPANY                                                                                             | TIMKEN CO                                       | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |       464 | NS      | $34883.52     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico, Inc.                                                                                                  | PEPSICO INC                                     | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     36860 | NS      | $5176618.40   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| OTIS WORLDWIDE CORPORATION                                                                                     | OTIS WORLDWIDE CORP                             | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |     16377 | NS      | $1497349.11   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| S P 500 EMINI FUTURE DEC25                                                                                     | S P 500 EMINI FUTURE DEC25                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      1220 | NC      | $5245383.64   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN ALLIANCE BANCORPORATION                                                                                | WESTERN ALLIANCE BANCORP                        | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |       802 | NS      | $69549.44     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| COLGATE-PALMOLIVE COMPANY                                                                                      | COLGATE PALMOLIVE CO                            | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     36870 | NS      | $2947387.80   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| STRATEGY INC                                                                                                   | STRATEGY INC                                    | CUSIP: 594972408<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EC               | CORP              | US        |      4626 | NS      | $1490543.46   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MR. COOPER GROUP INC.                                                                                          | MR COOPER GROUP INC                             | CUSIP: 62482R107<br>LEI: 549300KD8C6DPXYC2M26 | Long             | EC               | CORP              | US        |       486 | NS      | $102443.94    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                                                                                     | APPLE INC                                       | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    296115 | NS      | $75399762.45  | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX CORPORATION                                                                                               | IDEX CORP                                       | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |      2527 | NS      | $411294.52    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CONCENTRIX CORPORATION                                                                                         | CONCENTRIX CORP                                 | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |       322 | NS      | $14860.30     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RUBRIK, INC.                                                                                                   | RUBRIK INC                                      | CUSIP: 781154109<br>LEI: 254900TRGK2WTBYMYU27 | Long             | EC               | CORP              | US        |       904 | NS      | $74354.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MCCORMICK & COMPANY, INCORPORATED                                                                              | MCCORMICK CO INC                                | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |     26886 | NS      | $1798942.26   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC ENERGY GROUP INC.                                                                                          | WEC ENERGY GROUP                                | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |     21898 | NS      | $2509291.82   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| HUBSPOT, INC.                                                                                                  | HUBSPOT INC                                     | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |       904 | NS      | $422891.20    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPN YEN 9AM OCT25C                                                                                             | JPN YEN 9AM OCT25C                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       200 | NC      | $1250.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CHARLES SCHWAB CORPORATION                                                                                 | THE CHARLES SCHWAB CORP                         | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    113585 | NS      | $10843959.95  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN WATER WORKS COMPANY, INC.                                                                             | AMERICAN WATER WORKS CO INC                     | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |     15518 | NS      | $2159950.42   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| QXO, INC.                                                                                                      | QXO INC                                         | CUSIP: 82846H405<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    391570 | NS      | $7463324.20   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| NVENT ELECTRIC PUBLIC LIMITED COMPANY                                                                          | NVENT ELECTRIC PLC                              | CUSIP: G6700G107<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      1253 | NS      | $123595.92    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LEAR CORPORATION                                                                                               | LEAR CORP                                       | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |       446 | NS      | $44872.06     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PENTAIR PUBLIC LIMITED COMPANY                                                                                 | PENTAIR PLC                                     | CUSIP: G7S00T104<br>LEI: 549300EVR9D56WPSRP15 | Long             | EC               | CORP              | IE        |      2862 | NS      | $316995.12    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PARKER-HANNIFIN CORPORATION                                                                                    | PARKER HANNIFIN CORP                            | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |      2259 | NS      | $1712660.85   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ITT INC.                                                                                                       | ITT INC                                         | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               | CORP              | US        |       633 | NS      | $113155.08    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RITHM CAPITAL CORP.                                                                                            | RITHM CAPITAL CORP                              | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               | CORP              | US        |      4012 | NS      | $45696.68     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS INC.                                                                                    | VERIZON COMMUNICATIONS INC                      | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    118217 | NS      | $5195637.15   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| KENVUE INC.                                                                                                    | KENVUE INC                                      | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |    510964 | NS      | $8292945.72   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| AXALTA COATING SYSTEMS LTD.                                                                                    | AXALTA COATING SYSTEMS LTD                      | CUSIP: G0750C108<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | BM        |      1675 | NS      | $47938.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WALMART INC.                                                                                                   | WALMART INC                                     | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     90006 | NS      | $9276018.36   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| LIGHT & WONDER, INC.                                                                                           | LIGHT WONDER INC                                | CUSIP: 80874P109<br>LEI: 529900JXALYBOHXKFM62 | Long             | EC               | CORP              | US        |       640 | NS      | $53721.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| POOL CORPORATION                                                                                               | POOL CORP                                       | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |       661 | NS      | $204956.27    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVO NORDISK A/S                                                                                               | NOVO NORDISK A S                                | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             |  | CORP              | DK        |    876832 | NS      | $48655407.68  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| WEYERHAEUSER COMPANY                                                                                           | WEYERHAEUSER CO                                 | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |     12717 | NS      | $315254.43    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| THE SCOTTS MIRACLE-GRO COMPANY                                                                                 | SCOTTS MIRCALE GRO CO                           | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |       306 | NS      | $17426.70     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FLOWERS FOODS, INC.                                                                                            | FLOWERS FOODS INC                               | CUSIP: 343498101<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | EC               | CORP              | US        |      1421 | NS      | $18544.05     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Garmin Ltd.                                                                                                    | GARMIN LTD                                      | CUSIP: H2906T109<br>LEI: 2549001E0HIPIJQ0W046 | Long             | EC               | CORP              | CH        |      2841 | NS      | $699511.02    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI INTERNATIONAL INC.                                                                                        | CACI INTERNATIONAL INC CLASS A                  | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |       171 | NS      | $85291.38     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FLUTTER ENTERTAINMENT PUBLIC LIMITED COMPANY                                                                   | FLUTTER ENTERTAINMENT PLC                       | CUSIP: G3643J108<br>LEI: 635400EG4YIJLJMZJ782 | Long             | EC               | CORP              | IE        |     31257 | NS      | $7939278.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| JPN YEN 9AM DEC25P                                                                                             | JPN YEN 9AM DEC25P                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -100 | NC      | $-37500.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust - SPDR S&P Homebuilders ETF                                                                  | SPDR S P HOMEBUILDERS ETF                       | CUSIP: 78464A888<br>LEI: 549300MSE80LL1UJS132 | Long             |  | RF                | US        |    500000 | NS      | $55400000.00  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA HEALTHCARE, INC.                                                                                           | HCA HEALTHCARE INC                              | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      5780 | NS      | $2463436.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Nu Holdings Ltd                                                                                                | NU HOLDINGS LTD CAYMAN ISLANDS                  | CUSIP: G6683N103<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | KY        |     26022 | NS      | $416612.22    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPN YEN 9AM DEC25P                                                                                             | JPN YEN 9AM DEC25P                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -100 | NC      | $-18750.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GEN DIGITAL INC.                                                                                               | GEN DIGITAL INC                                 | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |      9560 | NS      | $271408.40    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS CAPITAL HOLDINGS LIMITED                                                                                  | AXIS CAPITAL HOLDINGS LIMITED                   | CUSIP: G0692U109<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |       590 | NS      | $56522.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SNOWFLAKE INC.                                                                                                 | SNOWFLAKE INC                                   | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |      5574 | NS      | $1257215.70   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EXTRA SPACE STORAGE INC.                                                                                       | EXTRA SPACE STORAGE INC                         | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7037 | NS      | $991794.78    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKROCK, INC.                                                                                                | BLACKROCK INC                                   | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |      2636 | NS      | $3073233.32   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Astera Labs Inc                                                                                                | ASTERA LABS INC                                 | CUSIP: 04626A103<br>LEI: 529900LJL8TUEGF7HG20 | Long             | EC               | CORP              | US        |       980 | NS      | $191884.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOL-MYERS SQUIBB COMPANY                                                                                   | BRISTOL MYERS SQUIBB CO                         | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     74781 | NS      | $3372623.10   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| LIBERTY BROADBAND CORPORATION                                                                                  | LIBERTY BROADBAND CLASS A                       | CUSIP: 530307107<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |       132 | NS      | $8359.56      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY LIFESTYLE PROPERTIES, INC.                                                                              | EQUITY LIFESTYLE PROPERTIES INC                 | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     26300 | NS      | $1596410.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| FIFTH THIRD BANCORP                                                                                            | FIFTH THIRD BANCORP                             | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |     11759 | NS      | $523863.45    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTERO RESOURCES CORPORATION                                                                                   | ANTERO RESOURCES CORP                           | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |      2242 | NS      | $75241.52     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE WESTERN UNION COMPANY                                                                                      | WESTERN UNION COMPANY                           | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |      2823 | NS      | $22555.77     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TFS FINANCIAL CORPORATION                                                                                      | TFS FINANCIAL CORP                              | CUSIP: 87240R107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       380 | NS      | $5006.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC.                                                                                                  | BROADCOM INC                                    | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    106283 | NS      | $35063824.53  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| FIDELITY NATIONAL INFORMATION SERVICES, INC.                                                                   | FIDELITY NATIONAL INFORMATION SERVICES INC      | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |     11596 | NS      | $764640.24    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PRUDENTIAL FINANCIAL, INC.                                                                                     | PRUDENTIAL FINANCIAL INC                        | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |      6253 | NS      | $648686.22    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BALL CORPORATION                                                                                               | BALL CORP                                       | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |     11653 | NS      | $587544.26    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ROKU, INC.                                                                                                     | ROKU INC                                        | CUSIP: 77543R102<br>LEI: 549300KR6ITU0YIR1T71 | Long             | EC               | CORP              | US        |       977 | NS      | $97827.01     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FASTENAL COMPANY                                                                                               | FASTENAL CO                                     | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |     26017 | NS      | $1275873.68   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| QUANTA SERVICES, INC.                                                                                          | QUANTA SERVICES INC                             | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |      2589 | NS      | $1072933.38   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TESLA, INC.                                                                                                    | TESLA INC                                       | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     74769 | NS      | $33251269.68  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKDALE SENIOR LIVING INC.                                                                                   | BROOKDALE SENIOR LIVING INC                     | CUSIP: 112463104<br>LEI: LH7MQB13NWY7CJ9VC445 | Long             | EC               | CORP              | US        |    161756 | NS      | $1370073.32   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICE CORPORATION INTERNATIONAL                                                                              | SERVICE CORP INTERNATIONAL US                   | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |      1078 | NS      | $89711.16     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS INSTRUMENTS INCORPORATED                                                                                 | TEXAS INSTRUMENTS INC                           | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     16050 | NS      | $2948866.50   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| TOLL BROTHERS, INC.                                                                                            | TOLL BROTHERS INC                               | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |       778 | NS      | $107472.92    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ECOLAB INC.                                                                                                    | ECOLAB INC                                      | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      5723 | NS      | $1567300.78   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORPORATION                                                                                            | DANAHER CORP                                    | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     11308 | NS      | $2241924.08   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre, Inc.                                                                                             | MERCADOLIBRE INC                                | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       451 | NS      | $1053959.94   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| VIRTU FINANCIAL, INC.                                                                                          | VIRTU FINANCIAL INC                             | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |       624 | NS      | $22152.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| METTLER-TOLEDO INTERNATIONAL INC.                                                                              | METTLER TOLEDO INTERNATIONAL INC                | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |       369 | NS      | $452988.09    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.                                                                               | PHILIP MORRIS INTERNATIONAL                     | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     87081 | NS      | $14124538.20  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| DOLLAR GENERAL CORPORATION                                                                                     | DOLLAR GENERAL CORP                             | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |     21115 | NS      | $2182235.25   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| OVINTIV INC.                                                                                                   | OVINTIV INC                                     | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |      1948 | NS      | $78660.24     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard 500 Index Fund                                                                                        | VANGUARD S P 500 ETF                            | CUSIP: 922908363<br>LEI: N/A                  | Long             |  | RF                | US        |    224245 | NS      | $137323153.10 | 4.64%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBOTT LABORATORIES                                                                                            | ABBOTT LABORATORIES                             | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     41899 | NS      | $5611952.06   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SYCAMORE PARTNERS LLC CVR                                                                                      | SYCAMORE PARTNERS LLC CVR                       | CUSIP: 931CVR013<br>LEI: N/A                  | Long             | EC               |  | US        |      5443 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BOOZ ALLEN HAMILTON HOLDING CORPORATION                                                                        | BOOZ ALLEN HAMILTON HOLDING CORP                | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |     15551 | NS      | $1554322.45   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PURE STORAGE, INC.                                                                                             | PURE STORAGE INC CLASS A                        | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |      5450 | NS      | $456764.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLASSIAN CORPORATION                                                                                          | ATLASSIAN CORP PLC                              | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |      2885 | NS      | $460734.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL FUEL GAS COMPANY                                                                                      | NATIONAL FUEL GAS CO                            | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |       665 | NS      | $61426.05     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DONALDSON COMPANY, INC.                                                                                        | DONALDSON CO INC                                | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |       921 | NS      | $75383.85     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger N.V.                                                                                              | SCHLUMBERGER LTD                                | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |     26676 | NS      | $916854.12    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIR ISAAC CORPORATION                                                                                         | FAIR ISAAC CORP                                 | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |       423 | NS      | $633032.19    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CURTISS-WRIGHT CORPORATION                                                                                     | CURTISS WRIGHT CORP                             | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |       290 | NS      | $157452.60    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CAESARS ENTERTAINMENT, INC.                                                                                    | CAESARS ENTERTAINMENT INC                       | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |      1556 | NS      | $42050.90     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CARRIER GLOBAL CORPORATION                                                                                     | CARRIER GLOBAL CORP                             | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |     13914 | NS      | $830665.80    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| RANGE RESOURCES CORPORATION                                                                                    | RANGE RESOURCES CORP                            | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |      1786 | NS      | $67225.04     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST SOLAR, INC.                                                                                              | FIRST SOLAR INC                                 | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |      1797 | NS      | $396292.41    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BRUKER CORPORATION                                                                                             | BRUKER BIOSCIENCES CORP                         | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |       813 | NS      | $26414.37     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SentinelOne Inc                                                                                                | SENTINELONE INC                                 | CUSIP: 81730H109<br>LEI: 984500DCD44DBF954221 | Long             | EC               | CORP              | US        |      2117 | NS      | $37280.37     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP, INC.                                                                                                  | IDACORP INC                                     | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |       417 | NS      | $55106.55     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ERIE INDEMNITY COMPANY                                                                                         | ERIE INDEMNITY CO                               | CUSIP: 29530P102<br>LEI: 549300WA5KP94KRUFZ80 | Long             | EC               | CORP              | US        |      4153 | NS      | $1321318.48   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| LIBERTY MEDIA CORP - FORMULA ONE GROUP                                                                         | LIBERTY MEDIA CORP - FORMULA ONE GROUP          | CUSIP: 531229771<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | EC               | CORP              | US        |       159 | NS      | $15139.98     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsara Inc                                                                                                    | SAMSARA INC CL A                                | CUSIP: 79589L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4971 | NS      | $185169.75    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEMED CORPORATION                                                                                             | CHEMED CORPORATION                              | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |       111 | NS      | $49699.14     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| REINSURANCE GROUP OF AMERICA, INCORPORATED                                                                     | REINSURANCE GROUP OF AMERICA                    | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |       507 | NS      | $97409.91     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN-FORMAN CORPORATION                                                                                       | BROWN FORMAN CORP CLASS A                       | CUSIP: 115637100<br>LEI: 549300873K3LXF7ARU34 | Long             | EC               | CORP              | US        |       345 | NS      | $9283.95      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JANUS HENDERSON GROUP PLC                                                                                      | JANUS HENDERSON GROUP PLC                       | CUSIP: G4474Y214<br>LEI: 2138009WPYMWJN3RVF44 | Long             | EC               | CORP              | JE        |      1031 | NS      | $45889.81     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGA RESOURCES CORP.                                                                                          | TARGA RESOURCES CORPORATION                     | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |      3813 | NS      | $638830.02    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| JPN YEN 9AM OCT25C                                                                                             | JPN YEN 9AM OCT25C                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       100 | NC      | $625.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE MOSAIC COMPANY                                                                                             | MOSAIC CO THE                                   | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |      2501 | NS      | $86734.68     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E CORPORATION                                                                                               | PG E CORP                                       | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |    110732 | NS      | $1669838.56   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMPSON MANUFACTURING CO., INC.                                                                                | SIMPSON MANUFACTURING CO INC                    | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |       325 | NS      | $54424.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NEUROCRINE BIOSCIENCES, INC.                                                                                   | NEUROCRINE BIOSCIENCES INC                      | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |      9537 | NS      | $1338804.06   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIGN TECHNOLOGY, INC.                                                                                         | ALIGN TECHNOLOGY INC                            | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |      1221 | NS      | $152893.62    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVE NATION ENTERTAINMENT, INC.                                                                                | LIVE NATION ENTERTAINMENT INC                   | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |      2794 | NS      | $456539.60    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HARLEY-DAVIDSON, INC.                                                                                          | HARLEY DAVIDSON INC                             | CUSIP: 412822108<br>LEI: ZDNAWZWXIKMWI51R2A08 | Long             | EC               | CORP              | US        |      1020 | NS      | $28458.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HEXCEL CORPORATION                                                                                             | HEXCEL CORP                                     | CUSIP: 428291108<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | EC               | CORP              | US        |       636 | NS      | $39877.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| INGRAM MICRO HOLDING CORPORATION                                                                               | INGRAM MICRO HOLDING CORP                       | CUSIP: 457152106<br>LEI: 9845008639BC538AB065 | Long             | EC               | CORP              | US        |       158 | NS      | $3395.42      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NUCOR CORPORATION                                                                                              | NUCOR CORP                                      | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |      4091 | NS      | $554044.13    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILLIPS 66                                                                                                    | PHILLIPS 66                                     | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      9077 | NS      | $1234653.54   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC INC.                                                                                                       | PTC INC                                         | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |      2083 | NS      | $422890.66    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TOAST, INC.                                                                                                    | TOAST INC                                       | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |      8040 | NS      | $293540.40    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| VERISK ANALYTICS, INC.                                                                                         | VERSIK ANALYTICS INC                            | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |      6732 | NS      | $1693165.32   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIONS BANCORPORATION, NATIONAL ASSOCIATION                                                                     | ZIONS BANCORP                                   | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |      1117 | NS      | $63199.86     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| L3HARRIS TECHNOLOGIES, INC.                                                                                    | L3HARRIS TECHNOLOGIES INC                       | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |      8685 | NS      | $2652485.85   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| C.H. ROBINSON WORLDWIDE, INC.                                                                                  | C H ROBINSON WORLDWIDE INC                      | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |      8406 | NS      | $1112954.40   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CORNING INCORPORATED                                                                                           | CORNING INC                                     | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |     14015 | NS      | $1149650.45   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MARVELL TECHNOLOGY, INC.                                                                                       | MARVELL TECHNOLOGY INC                          | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15122 | NS      | $1271306.54   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLSCOT HOLDINGS CORPORATION                                                                                  | WILLSCOT HOLDINGS CORP                          | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |      1486 | NS      | $31369.46     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC.                                                                                                    | ABBVIE INC                                      | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     39557 | NS      | $9159027.78   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CARIS LIFE SCIENCES, INC.                                                                                      | CARIS LIFE SCIENCES INC                         | CUSIP: 142152107<br>LEI: 549300LX5LO78M5VPY43 | Long             | EC               | CORP              | US        |       174 | NS      | $5263.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| YETI HOLDINGS, INC.                                                                                            | YETI HOLDINGS INC                               | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |       654 | NS      | $21699.72     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINO'S PIZZA, INC.                                                                                           | DOMINO S PIZZA INC                              | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |      2221 | NS      | $958827.91    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HAYWARD HOLDINGS, INC.                                                                                         | HAYWARD HOLDINGS INC                            | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1536 | NS      | $23224.32     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| QUEST DIAGNOSTICS INCORPORATED                                                                                 | QUEST DIAGNOSTICS INC                           | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |     11120 | NS      | $2119249.60   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| GODADDY INC.                                                                                                   | GODADDY INC CLASS A                             | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |      2437 | NS      | $333454.71    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| VOYA FINANCIAL, INC.                                                                                           | VOYA FINANCIAL INC                              | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |       738 | NS      | $55202.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Therapeutics Inc                                                                                        | VIKING THERAPEUTICS INC                         | CUSIP: 92686J106<br>LEI: 529900IVC72YPFA25M37 | Long             | EC               | CORP              | US        |       807 | NS      | $21207.96     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW CORPORATION                                                                                                | CDW CORP OF DELAWARE                            | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |      2341 | NS      | $372874.48    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEWY, INC.                                                                                                    | CHEWY INC CLASS A                               | CUSIP: 16679L109<br>LEI: 254900NPQSTG9I422879 | Long             | EC               | CORP              | US        |      1618 | NS      | $65448.10     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| W. R. BERKLEY CORPORATION                                                                                      | W R BERKLEY CORP                                | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |     28867 | NS      | $2211789.54   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED INDUSTRIAL TECHNOLOGIES, INC.                                                                          | APPLIED INDUSTRIAL TECH INC                     | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |       295 | NS      | $77009.75     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTLAKE CORPORATION                                                                                           | Westlake Corp                                   | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |       250 | NS      | $19265.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GTX INC CVR                                                                                                    | GTX INC CVR                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |        14 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| DT MIDSTREAM, INC.                                                                                             | DT MIDSTREAM INC                                | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       778 | NS      | $87960.68     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| STRYKER CORPORATION                                                                                            | STRYKER CORP                                    | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      7155 | NS      | $2644988.85   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ROSS STORES, INC.                                                                                              | ROSS STORES INC                                 | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |      8407 | NS      | $1281142.73   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CADENCE DESIGN SYSTEMS, INC.                                                                                   | CADENCE DESIGN SYSTEMS INC                      | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      4843 | NS      | $1701152.18   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy, Inc.                                                                                                   | EVERGY INC                                      | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     25982 | NS      | $1975151.64   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI INC.                                                                                                      | MSCI INC COMMON                                 | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |      1349 | NS      | $765436.09    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH, INC.                                                                                          | ELEVANCE HEALTH INC                             | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     10037 | NS      | $3243155.44   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Limited                                                                                                  | CHUBB LIMITED                                   | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |     12387 | NS      | $3496230.75   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CERTARA, INC.                                                                                                  | CERTARA INC                                     | CUSIP: 15687V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       881 | NS      | $10765.82     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN-FORMAN CORPORATION                                                                                       | BROWN FORMAN CORP CLASS B                       | CUSIP: 115637209<br>LEI: 549300873K3LXF7ARU34 | Long             | EC               | CORP              | US        |     38143 | NS      | $1032912.44   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE GROUP, INC.                                                                                               | CBRE GROUP INC CL A                             | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |      8920 | NS      | $1405435.20   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTERPOINT ENERGY, INC.                                                                                       | CENTERPOINT ENERGY INC                          | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |     51791 | NS      | $2009490.80   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ESAB CORPORATION                                                                                               | ESAB CORP                                       | CUSIP: 29605J106<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | EC               | CORP              | US        |       430 | NS      | $48048.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELIXIS, INC.                                                                                                 | EXELIXIS INC                                    | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |      2171 | NS      | $89662.30     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX TECHNOLOGIES, INC.                                                                                         | BWX TECHNOLOGIES INC COM                        | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |       692 | NS      | $127584.04    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CIVITAS RESOURCES, INC.                                                                                        | CIVITAS RESOURCES INC                           | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |       767 | NS      | $24927.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MILLICOM INTERNATIONAL CELLULAR S.A.                                                                           | MILLICOM INTERNATIONAL CELLULAR SA              | CUSIP: L6388F110<br>LEI: 549300CTHC1CP86P2G96 | Long             | EC               | CORP              | LU        |       795 | NS      | $38589.30     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corporation                                                                                           | CARNIVAL CORPORATION                            | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | PA        |     18484 | NS      | $534372.44    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HOME DEPOT, INC.                                                                                           | HOME DEPOT INC                                  | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     18044 | NS      | $7311248.36   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR PROPERTIES                                                                                                 | EPR PROPERTIES                                  | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |     10591 | NS      | $614383.91    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERCORE INC.                                                                                                  | EVERCORE INC                                    | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |       287 | NS      | $96810.84     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBALFOUNDRIES INC.                                                                                           | GLOBALFOUNDRIES INC                             | CUSIP: G39387108<br>LEI: 549300BA76VK784VMX48 | Long             | EC               | CORP              | KY        |       757 | NS      | $27130.88     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORPORATION                                                                                     | AMERICAN TOWER CORP REIT                        | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     19645 | NS      | $3778126.40   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| SILGAN HOLDINGS INC.                                                                                           | SILGAN HOLDINGS                                 | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |       638 | NS      | $27440.38     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AKAMAI TECHNOLOGIES, INC.                                                                                      | AKAMAI TECHNOLOGIES INC                         | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |      2588 | NS      | $196066.88    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ALNYLAM PHARMACEUTICALS, INC.                                                                                  | ALNYLAM PHARMACEUTICALS INC                     | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |      2267 | NS      | $1033752.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| WORKDAY, INC.                                                                                                  | WORKDAY INC CLASS A                             | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |      3806 | NS      | $916218.38    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DOLLAR TREE, INC.                                                                                              | DOLLAR TREE INC                                 | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |     11778 | NS      | $1111489.86   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TREX COMPANY, INC.                                                                                             | TREX CO INC                                     | CUSIP: 89531P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       835 | NS      | $43144.45     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE WALT DISNEY COMPANY                                                                                        | WALT DISNEY CO THE                              | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     31916 | NS      | $3654382.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SKYWORKS SOLUTIONS, INC.                                                                                       | SKYWORKS SOLUTIONS INC                          | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |      1205 | NS      | $92760.90     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FLOWSERVE CORPORATION                                                                                          | FLOWSERVE CORP                                  | CUSIP: 34354P105<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | EC               | CORP              | US        |       987 | NS      | $52449.18     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BORGWARNER INC.                                                                                                | BORGWARNER INC                                  | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |      1770 | NS      | $77809.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CHOICE HOTELS INTERNATIONAL, INC.                                                                              | CHOICE HOTELS INTERNATIONAL INC                 | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Long             | EC               | CORP              | US        |       229 | NS      | $24482.39     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON CONTROLS INTERNATIONAL PUBLIC LIMITED COMPANY                                                          | JOHNSON CONTROLS INTERNATIONAL PLC              | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |     11642 | NS      | $1280037.90   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| W.W. GRAINGER, INC.                                                                                            | W W GRAINGER INC                                | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |      1227 | NS      | $1169281.92   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SAREPTA THERAPEUTICS, INC.                                                                                     | SAREPTA THERAPEUTICS INC                        | CUSIP: 803607100<br>LEI: 549300IKDPIED8J8IG21 | Long             | EC               | CORP              | US        |       676 | NS      | $13026.52     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AIR PRODUCTS AND CHEMICALS, INC.                                                                               | AIR PRODUCTS CHEMICALS                          | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |      6125 | NS      | $1670410.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CULLEN/FROST BANKERS, INC.                                                                                     | CULLEN FROST BANKERS INC                        | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |       442 | NS      | $56032.34     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTENE CORPORATION                                                                                            | CENTENE CORP                                    | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     74752 | NS      | $2667151.36   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. BANCORP                                                                                                   | U S BANCORP                                     | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     27450 | NS      | $1326658.50   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK, INC.                                                                                                    | ONEOK INC                                       | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |     11107 | NS      | $810477.79    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS, INC.                                                                                | REGENERON PHARMACEUTICALS INC                   | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      3727 | NS      | $2095580.29   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MOLSON COORS BEVERAGE COMPANY                                                                                  | MOLSON COORS BEVERAGE CO                        | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |     31953 | NS      | $1445873.25   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBERT HALF INC.                                                                                               | ROBERT HALF INC                                 | CUSIP: 770323103<br>LEI: 529900VPCUY9H3HLIC08 | Long             | EC               | CORP              | US        |       802 | NS      | $27251.96     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ALEXANDRIA REAL ESTATE EQUITIES, INC.                                                                          | ALEXANDRIA REAL ESTATE EQUITIES INC             | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |      2865 | NS      | $238769.10    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Post Holdings, Inc.                                                                                            | POST HOLDINGS INC                               | CUSIP: 737446104<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | EC               | CORP              | US        |       409 | NS      | $43959.32     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE MIDDLEBY CORPORATION                                                                                       | MIDDLEBY CORP                                   | CUSIP: 596278101<br>LEI: JDFO86U9VQRBKW5KYA35 | Long             | EC               | CORP              | US        |       406 | NS      | $53969.58     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE COOPER COMPANIES, INC.                                                                                     | COOPER COS INC THE                              | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |      3481 | NS      | $238657.36    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ALBEMARLE CORPORATION                                                                                          | ALBEMARLE CORP                                  | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |       888 | NS      | $71999.04     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PARAMOUNT GROUP, INC.                                                                                          | PARAMOUNT GROUP INC                             | CUSIP: 69924R108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    121438 | NS      | $794204.52    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HP INC.                                                                                                        | HP INC                                          | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |     16630 | NS      | $452834.90    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FIVE BELOW, INC.                                                                                               | FIVE BELOW INC                                  | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |       414 | NS      | $64045.80     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ATMOS ENERGY CORPORATION                                                                                       | ATMOS ENERGY CORP                               | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |     12095 | NS      | $2065221.25   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Tax Managed Fund FTSE Developed Markets ETF                                                           | VANGUARD FTSE DEVELOPED MARKETS ETF             | CUSIP: 921943858<br>LEI: N/A                  | Long             |  | RF                | US        |   2063400 | NS      | $123638928.00 | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU RESOURCES GROUP, INC.                                                                                      | MDU RESOURCES GROUP INC                         | CUSIP: 552690109<br>LEI: 549300MA0UV6AI6SNV27 | Long             | EC               | CORP              | US        |      1532 | NS      | $27284.92     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EASTMAN CHEMICAL COMPANY                                                                                       | EASTMAN CHEMICAL CO                             | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |       907 | NS      | $57186.35     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| IRON MOUNTAIN INCORPORATED                                                                                     | IRON MOUNTAIN INC                               | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |      5131 | NS      | $523054.14    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWDSTRIKE HOLDINGS, INC.                                                                                     | CROWDSTRIKE HOLDINGS INC A                      | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |      4349 | NS      | $2132662.62   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| V.F. CORPORATION                                                                                               | VF CORP                                         | CUSIP: 918204108<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | EC               | CORP              | US        |      2652 | NS      | $38268.36     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NIQ GLOBAL INTELLIGENCE PUBLIC LIMITED COMPANY                                                                 | NIQ GLOBAL INTELLIGENCE PLC                     | CUSIP: G63755105<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |       370 | NS      | $5809.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDE PUBLIC LIMITED COMPANY                                                                                   | NEW LINDE PLC                                   | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |      9969 | NS      | $4735275.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy                                                                                              | EVERSOURCE ENERGY                               | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |     27359 | NS      | $1946319.26   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Holdings N.V.                                                                                           | AERCAP HOLDINGS NV                              | CUSIP: N00985106<br>LEI: 549300SZYINBBLJQU475 | Long             | EC               | CORP              | NL        |     72191 | NS      | $8735111.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| SEA LIMITED                                                                                                    | SEA LTD ADR                                     | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             |  | CORP              | KY        |     46744 | NS      | $8354555.12   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| HUBBELL INCORPORATED                                                                                           | HUBBELL INC                                     | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |       938 | NS      | $403630.78    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FREEPORT-MCMORAN INC.                                                                                          | FREEPORT MCMORAN INC                            | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     25066 | NS      | $983088.52    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AMPHENOL CORPORATION                                                                                           | AMPHENOL CORP CLASS A                           | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     94829 | NS      | $11735088.75  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| CORTEVA, INC.                                                                                                  | CORTEVA INC                                     | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     23735 | NS      | $1605198.05   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL PAYMENTS INC.                                                                                           | GLOBAL PAYMENTS INC                             | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |      4368 | NS      | $362893.44    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TOPBUILD CORP.                                                                                                 | TOPBUILD CORP                                   | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |       226 | NS      | $88334.36     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RLI CORP.                                                                                                      | RLI CORP                                        | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |       608 | NS      | $39653.76     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM SYSTEMS, INC.                                                                                             | EPAM SYSTEMS INC                                | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |       427 | NS      | $64387.33     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TRADE DESK, INC.                                                                                           | THE TRADE DESK INC                              | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |      7829 | NS      | $383699.29    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NETAPP, INC.                                                                                                   | NETAPP INC                                      | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      3568 | NS      | $422665.28    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| COINBASE GLOBAL, INC.                                                                                          | COINBASE GLOBAL INC                             | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |      3643 | NS      | $1229476.07   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| LENNOX INTERNATIONAL INC.                                                                                      | LENNOX INTERNATIONAL INC                        | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |       561 | NS      | $296970.96    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPAND ENERGY CORPORATION                                                                                      | EXPAND ENERGY CORP                              | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |      9863 | NS      | $1047845.12   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV INC.                                                                                                       | NOV INC                                         | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |      2968 | NS      | $39326.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE WILLIAMS COMPANIES, INC.                                                                                   | WILLIAMS COS INC                                | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     34865 | NS      | $2208697.75   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL GOLD, INC.                                                                                               | ROYAL GOLD INC                                  | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |       497 | NS      | $99688.26     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CELSIUS HOLDINGS, INC.                                                                                         | CELSIUS HOLDINGS INC                            | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1272 | NS      | $73127.28     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORPORATION                                                                                            | CHEVRON CORP                                    | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40495 | NS      | $6288468.55   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| DELTA AIR LINES, INC.                                                                                          | DELTA AIR LINES INC                             | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |      6622 | NS      | $375798.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| OCCIDENTAL PETROLEUM CORPORATION                                                                               | OCCIDENTAL PETROLEUM CORP                       | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |     18889 | NS      | $892505.25    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CUMMINS INC.                                                                                                   | CUMMINS INC                                     | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |      2448 | NS      | $1033961.76   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| IRIDIUM COMMUNICATIONS INC.                                                                                    | IRIDIUM COMMUNICATIONS INC                      | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |       734 | NS      | $12815.64     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON BANCSHARES INCORPORATED                                                                             | HUNTINGTON BANCSHARES INC                       | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |     25322 | NS      | $437310.94    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JONES LANG LASALLE INCORPORATED                                                                                | JONES LANG LASALLE INC                          | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |      2290 | NS      | $683061.20    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GE HEALTHCARE TECHNOLOGIES INC.                                                                                | GE HEALTHCARE TECHNOLOGIES INC                  | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |      7969 | NS      | $598471.90    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ZILLOW GROUP, INC.                                                                                             | ZILLOW GROUP INC                                | CUSIP: 98954M101<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |       427 | NS      | $31785.88     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERIPRISE FINANCIAL, INC.                                                                                     | AMERIPRISE FINANCIAL INC                        | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      1697 | NS      | $833651.25    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MOODY'S CORPORATION                                                                                            | MOODY S CORP                                    | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |     18425 | NS      | $8779144.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC BEARINGS INCORPORATED                                                                                      | RBC BEARINGS INC                                | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       240 | NS      | $93669.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TRACTOR SUPPLY COMPANY                                                                                         | TRACTOR SUPPLY CO                               | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |     21290 | NS      | $1210762.30   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| JPN YEN 9AM DEC25P                                                                                             | JPN YEN 9AM DEC25P                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -300 | NC      | $-78750.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| TENET HEALTHCARE CORPORATION                                                                                   | TENET HEALTHCARE CORP                           | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |       709 | NS      | $143955.36    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Co                                                                                                       | CRANE CO                                        | CUSIP: 224408104<br>LEI: 5493000CQRQOTHUODL75 | Long             | EC               | CORP              | US        |       381 | NS      | $70157.34     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| QORVO, INC.                                                                                                    | QORVO INC                                       | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |       756 | NS      | $68856.48     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PARK HOTELS & RESORTS INC.                                                                                     | PARK HOTELS RESORTS INC                         | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               | CORP              | US        |      1690 | NS      | $18725.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AIRBNB, INC.                                                                                                   | AIRBNB INC CLASS A                              | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |      7594 | NS      | $922063.48    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ENCOMPASS HEALTH CORPORATION                                                                                   | ENCOMPASS HEALTH CORP                           | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |       771 | NS      | $97932.42     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GENUINE PARTS COMPANY                                                                                          | GENUINE PARTS CO                                | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |      8853 | NS      | $1227025.80   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.                                                                      | KNIGHT SWIFT TRANSPORTION HOLDINGS              | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1183 | NS      | $46740.33     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CARVANA CO.                                                                                                    | CARVANA CO                                      | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |      2222 | NS      | $838227.28    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES, INC.                                                                                          | GILEAD SCIENCES INC                             | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     34472 | NS      | $3826392.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| REPLIGEN CORPORATION                                                                                           | REPLIGEN CORP                                   | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |       419 | NS      | $56007.73     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TWILIO INC.                                                                                                    | TWILIO INC                                      | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |      2581 | NS      | $258332.29    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| J. B. HUNT TRANSPORT SERVICES, INC.                                                                            | HUNT JB TRANSPORTATION SERVICES INC             | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               | CORP              | US        |      1432 | NS      | $192131.44    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MATADOR RESOURCES COMPANY                                                                                      | MATADOR RESOURCES CO                            | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |       902 | NS      | $40526.86     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYLOCITY HOLDING CORPORATION                                                                                  | PAYLOCITY HOLDING CORP                          | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |       349 | NS      | $55585.23     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AVNET, INC.                                                                                                    | AVNET INC                                       | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |       690 | NS      | $36073.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHWEST AIRLINES CO.                                                                                         | SOUTHWEST AIRLINES CO                           | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |      3957 | NS      | $126267.87    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMERCE BANCSHARES, INC.                                                                                      | COMMERCE BANCSHARES INC                         | CUSIP: 200525103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       950 | NS      | $56772.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp                                                                                        | TEXAS PACIFIC LAND CORP                         | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       339 | NS      | $316503.96    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HOWMET AEROSPACE INC.                                                                                          | HOWMET AEROSPACE INC                            | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |      6892 | NS      | $1352417.16   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDICAL PROPERTIES TRUST, INC.                                                                                 | MEDICAL PROPERTIES TRUST INC                    | CUSIP: 58463J304<br>LEI: 254900U6E39J1MQCCY14 | Long             | EC               | CORP              | US        |      4504 | NS      | $22835.28     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                                                                                                 | MORGAN STANLEY                                  | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     20828 | NS      | $3310818.88   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMON PROPERTY GROUP, INC.                                                                                     | SIMON PROPERTY GROUP INC                        | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     27353 | NS      | $5133337.51   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARTER COMMUNICATIONS, INC.                                                                                   | CHARTER COMMUNICATIONS INC A                    | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |      1576 | NS      | $433565.48    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGLOGOLD ASHANTI PLC                                                                                          | ANGLOGOLD ASHANTI PLC                           | CUSIP: G0378L100<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |      3898 | NS      | $274146.34    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MOTOROLA SOLUTIONS, INC.                                                                                       | MOTOROLA SOLUTIONS INC                          | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |      4800 | NS      | $2194992.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AAON, INC.                                                                                                     | AAON INC                                        | CUSIP: 000360206<br>LEI: 549300ZHF0E5VM7PUD37 | Long             | EC               | CORP              | US        |       524 | NS      | $48962.56     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| STEEL DYNAMICS, INC.                                                                                           | STEEL DYNAMICS INC                              | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |      2518 | NS      | $351084.74    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADRIDGE FINANCIAL SOLUTIONS, INC.                                                                           | BROADRIDGE FINANCIAL SOLUTIONS INC              | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |      4177 | NS      | $994836.09    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CONFLUENT, INC.                                                                                                | CONFLUENT INC                                   | CUSIP: 20717M103<br>LEI: 254900MRZ83YWUV7SN74 | Long             | EC               | CORP              | US        |      2142 | NS      | $42411.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TALEN ENERGY CORP                                                                                              | TALEN ENERGY CORP                               | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21722 | NS      | $9240104.36   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTEC, INC.                                                                                                   | MASTEC INC                                      | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |       481 | NS      | $102361.61    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LAMAR ADVERTISING COMPANY                                                                                      | LAMAR ADVERTISING COMPANY                       | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |       656 | NS      | $80307.52     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPAY, INC.                                                                                                   | CORPAY INC                                      | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |      1164 | NS      | $335301.84    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDTRONIC PUBLIC LIMITED COMPANY                                                                               | MEDTRONIC PLC                                   | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     35215 | NS      | $3353876.60   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SEAGATE TECHNOLOGY HOLDINGS PUBLIC LIMITED COMPANY                                                             | SEAGATE TECHNOLOGY HOLD                         | CUSIP: G7997R103<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | IE        |     54395 | NS      | $12840483.70  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| REYNOLDS CONSUMER PRODUCTS INC.                                                                                | REYNOLDS CONSUMER PRODUCTS INC                  | CUSIP: 76171L106<br>LEI: 894500ZQLNYY77S80A06 | Long             | EC               | CORP              | US        |       412 | NS      | $10081.64     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LITHIA MOTORS, INC.                                                                                            | LITHIA MOTORS INC                               | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |       206 | NS      | $65096.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ZOOMINFO TECHNOLOGIES INC.                                                                                     | ZOOMINFO TECHNOLOGIES INC                       | CUSIP: 98980F104<br>LEI: 2549008GSAHW4UWFEM58 | Long             | EC               | CORP              | US        |      2357 | NS      | $25714.87     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries N.V.                                                                                 | LYONDELLBASELL INDUSTRIES NV CL A               | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |      4519 | NS      | $221611.76    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORPORATION                                                                              | CAPITAL ONE FINANCIAL CORP                      | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     48091 | NS      | $10223184.78  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| BELLRING BRANDS, INC.                                                                                          | BELLRING BRANDS INC                             | CUSIP: 07831C103<br>LEI: 549300S3BOK5CMTS8054 | Long             | EC               | CORP              | US        |      1000 | NS      | $36350.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EAST WEST BANCORP, INC.                                                                                        | EAST WEST BANCORP INC                           | CUSIP: 27579R104<br>LEI: 254900O4X656YXFOYB11 | Long             | EC               | CORP              | US        |      1073 | NS      | $114220.85    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKET LAB CORPORATION                                                                                         | ROCKET LAB CORP                                 | CUSIP: 773121108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7451 | NS      | $356977.41    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK, INC.                                                                                                   | AMETEK INC W I                                  | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |      5349 | NS      | $1005612.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FREEDOM HOLDING CORP.                                                                                          | FREEDOM HOLDING CORP NV                         | CUSIP: 356390104<br>LEI: 254900RKI81EPUJ3RW71 | Long             | EC               | CORP              | US        |       136 | NS      | $23409.68     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PUBLIC LIMITED COMPANY                                                                                  | STERIS PLC                                      | CUSIP: G8473T100<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      4422 | NS      | $1094179.68   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIAMS-SONOMA, INC.                                                                                          | WILLIAMS SONOMA INC                             | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |      2148 | NS      | $419826.60    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LIBERTY BROADBAND CORPORATION                                                                                  | LIBERTY BROADBAND CLASS C                       | CUSIP: 530307305<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |       880 | NS      | $55915.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPN YEN 9AM NOV25P                                                                                             | JPN YEN 9AM NOV25P                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -200 | NC      | $-27500.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MODERNA, INC.                                                                                                  | MODERNA INC                                     | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |      2745 | NS      | $70903.35     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TAKE-TWO INTERACTIVE SOFTWARE, INC.                                                                            | TAKE TWO INTERACTIVE SOFTWARE INC               | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |      4494 | NS      | $1161069.84   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| OMNICOM GROUP INC.                                                                                             | OMNICOM GROUP INC                               | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |      8433 | NS      | $687542.49    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| JACOBS SOLUTIONS INC.                                                                                          | JACOBS SOLUTIONS INC                            | CUSIP: 46982L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2166 | NS      | $324596.76    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GATES INDUSTRIAL CORPORATION PLC                                                                               | GATES INDUSTRIAL CORP PLC                       | CUSIP: G39108108<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | GB        |      1972 | NS      | $48945.04     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN DIGITAL CORPORATION                                                                                    | WESTERN DIGITAL CORP                            | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |      6261 | NS      | $751695.66    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOPSYS, INC.                                                                                                 | SYNOPSYS INC                                    | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |      3255 | NS      | $1605984.45   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AMKOR TECHNOLOGY, INC.                                                                                         | AMKOR TECHNOLOGIES INC                          | CUSIP: 031652100<br>LEI: 529900VHLRTKPWZJBM84 | Long             | EC               | CORP              | US        |       865 | NS      | $24566.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEARWAY ENERGY, INC.                                                                                          | CLEARWAY ENERGY INC C                           | CUSIP: 18539C204<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               | CORP              | US        |       618 | NS      | $17458.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| STIFEL FINANCIAL CORP.                                                                                         | STIFEL FINANCIAL CORP                           | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |       775 | NS      | $87939.25     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NORDSON CORPORATION                                                                                            | NORDSON INC                                     | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |       965 | NS      | $219006.75    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLEGION PUBLIC LIMITED COMPANY                                                                                | ALLEGION PLC                                    | CUSIP: G0176J109<br>LEI: 984500560CAC2E6FB757 | Long             | EC               | CORP              | IE        |      1514 | NS      | $268507.90    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION                                                                     | COGNIZANT TECHNOLOGY SOLUTIONS CORP             | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |      8669 | NS      | $581429.83    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CHORD ENERGY CORPORATION                                                                                       | CHORD ENERGY CORP                               | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |       474 | NS      | $47101.38     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VULCAN MATERIALS COMPANY                                                                                       | VULCAN MATERIALS CO                             | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |      2373 | NS      | $729982.26    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTENERGY CORP.                                                                                              | FIRSTENERGY CORP                                | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |     47958 | NS      | $2197435.56   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| INVITATION HOMES INC.                                                                                          | INVITATION HOMES INC                            | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               | CORP              | US        |     33120 | NS      | $971409.60    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| KEMPER CORPORATION                                                                                             | KEMPER CORP                                     | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EC               | CORP              | US        |       482 | NS      | $24847.10     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUIFAX INC.                                                                                                   | EQUIFAX INC                                     | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |      2157 | NS      | $553335.21    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXSTAR MEDIA GROUP, INC.                                                                                      | NEXSTAR MEDIA GROUP INC                         | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |       227 | NS      | $44886.98     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC INVESTMENT CORPORATION                                                                                    | MGIC INVESTMENT CORP                            | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |      1805 | NS      | $51207.85     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES, INC.                                                                                            | EOG RESOURCES INC                               | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     15504 | NS      | $1738308.48   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNCHRONY FINANCIAL                                                                                            | SYNCHRONY FINANCIAL                             | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |      6795 | NS      | $482784.75    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAND CANYON EDUCATION, INC.                                                                                   | GRAND CANYON EDUCATION INC                      | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |       232 | NS      | $50928.64     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C TECHNOLOGIES HOLDINGS, INC.                                                                               | SS C TECHNOLOGIES HOLDINGS INC                  | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |      3794 | NS      | $336755.44    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CROCS, INC.                                                                                                    | CROCS INC                                       | CUSIP: 227046109<br>LEI: 549300B0J6YCXD63OG72 | Long             | EC               | CORP              | US        |       459 | NS      | $38349.45     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MIRATI THERAPEUTICS CVR                                                                                        | MIRATI THERAPEUTICS CVR                         | CUSIP: 604CVR027<br>LEI: N/A                  | Long             | EC               |  | US        |       338 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| DOORDASH, INC.                                                                                                 | DOORDASH INC                                    | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |      6340 | NS      | $1724416.60   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR GROUP, INC.                                                                                              | EMCOR GROUP INC                                 | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |       798 | NS      | $518332.92    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIMO BRANDS CORPORATION                                                                                       | PRIMO BRANDS CORP A                             | CUSIP: 741623102<br>LEI: 254900J0WS4AXV2LAX55 | Long             | EC               | CORP              | US        |    333040 | NS      | $7360184.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| MSC INDUSTRIAL DIRECT CO., INC.                                                                                | MSC INDUSTRIAL DIRECT CO INC CLASS A            | CUSIP: 553530106<br>LEI: 0XVKH0LN6YGOWO2EGO17 | Long             | EC               | CORP              | US        |       350 | NS      | $32249.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSDIGM GROUP INCORPORATED                                                                                   | TRANSDIGM GROUP INC                             | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6744 | NS      | $8888726.88   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| WHITE MOUNTAINS INSURANCE GROUP, LTD.                                                                          | WHITE MOUNTAINS INSURANCE GROUP LTD             | CUSIP: G9618E107<br>LEI: 549300N3FL068JERBG02 | Long             | EC               | CORP              | BM        |        19 | NS      | $31758.88     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JAMES HARDIE INDUSTRIES PUBLIC LIMITED COMPANY                                                                 | JAMES HARDIE INDUSTRIES PLC                     | CUSIP: G4253H101<br>LEI: 635400NSGXKTVOO7JU45 | Long             | EC               | CORP              | IE        |      1138 | NS      | $21860.98     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| REXFORD INDUSTRIAL REALTY, INC                                                                                 | REXFORD INDUSTRIAL REALTY                       | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |      1834 | NS      | $75395.74     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| APTARGROUP, INC.                                                                                               | APTARGROUP INC                                  | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |       497 | NS      | $66429.02     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SAIA, INC.                                                                                                     | SAIA INC                                        | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |       201 | NS      | $60171.36     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FERGUSON ENTERPRISES INC.                                                                                      | FERGUSON ENTERPRISES INC                        | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |     39127 | NS      | $8787141.66   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| MARATHON PETROLEUM CORPORATION                                                                                 | MARATHON PETROLEUM CORP                         | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      7418 | NS      | $1429745.32   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HEALTHCARE REIT, INC.                                                                                 | AMERICAN HEALTHCARE REIT INC                    | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        |     82593 | NS      | $3469731.93   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYMOND JAMES FINANCIAL, INC.                                                                                  | RAYMOND JAMES FINANCIAL INC                     | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |      3322 | NS      | $573377.20    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSOLIDATED EDISON, INC.                                                                                      | CONSOLIDATED EDISON INC                         | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |     25793 | NS      | $2592712.36   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADIA HEALTHCARE COMPANY, INC.                                                                                | ACADIA HEALTHCARE                               | CUSIP: 00404A109<br>LEI: 5493005CW985Y9D0NC11 | Long             | EC               | CORP              | US        |       675 | NS      | $16713.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORPORATION                                                                                                | KLA CORP                                        | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      2340 | NS      | $2523924.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular, Inc.                                                                                                  | POPULAR INC                                     | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |       534 | NS      | $67823.34     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI INC                                                                                                        | ATI INC                                         | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |      1082 | NS      | $88009.88     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ACUITY INC.                                                                                                    | ACUITY INC                                      | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       243 | NS      | $83686.77     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard European Stock Index Fund                                                                             | VANGUARD FTSE EUROPE ETF                        | CUSIP: 922042874<br>LEI: N/A                  | Long             |  | RF                | US        |   2066500 | NS      | $164906700.00 | 5.57%             |  |  |  | No            |                  1 | On Loan: No      |
| BOSTON SCIENTIFIC CORPORATION                                                                                  | BOSTON SCIENTIFIC CORP                          | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     34487 | NS      | $3366965.81   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SNAP INC.                                                                                                      | SNAP INC                                        | CUSIP: 83304A106<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | EC               | CORP              | US        |     10787 | NS      | $83167.77     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NORFOLK SOUTHERN CORPORATION                                                                                   | NORFOLK SOUTHERN CORP                           | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |      3961 | NS      | $1189924.01   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corporation                                                                                                | CSX CORP                                        | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |     42539 | NS      | $1510559.89   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T BANK CORPORATION                                                                                           | M T BANK CORP                                   | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |      2898 | NS      | $572702.76    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SHARKNINJA, INC.                                                                                               | SHARKNINJA INC                                  | CUSIP: G8068L108<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     68782 | NS      | $7094863.30   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| AURORA INNOVATION, INC.                                                                                        | AURORA INNOVATION INC                           | CUSIP: 051774107<br>LEI: 984500AB2E0D9F7D9D76 | Long             | EC               | CORP              | US        |      7624 | NS      | $41093.36     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MID-AMERICA APARTMENT COMMUNITIES, INC.                                                                        | MID AMERICA APARTMENT COMM                      | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |     19928 | NS      | $2784539.44   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CARLYLE GROUP INC.                                                                                         | CARLYLE GROUP INC THE                           | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |      4304 | NS      | $269860.80    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ARROW ELECTRONICS, INC.                                                                                        | ARROW ELECTRONICS INC                           | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |       399 | NS      | $48279.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MURPHY USA INC.                                                                                                | MURPHY USA INC                                  | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |       139 | NS      | $53968.14     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIGHT HORIZONS FAMILY SOLUTIONS INC.                                                                          | BRIGHT HORIZONS FAMILY SOLUTIONS INC            | CUSIP: 109194100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       436 | NS      | $47336.52     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BLUE OWL CAPITAL INC.                                                                                          | BLUE OWL CAPITAL INC                            | CUSIP: 09581B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4722 | NS      | $79943.46     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AMEREN CORPORATION                                                                                             | AMEREN CORP                                     | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |     20318 | NS      | $2120792.84   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN EXPRESS COMPANY                                                                                       | AMERICAN EXPRESS CO                             | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      9813 | NS      | $3259486.08   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| JPN YEN 9AM NOV25C                                                                                             | JPN YEN 9AM NOV25C                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       200 | NC      | $11250.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OSHKOSH CORPORATION                                                                                            | OSHKOSH TRUCK CORP                              | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |       498 | NS      | $64590.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CARPENTER TECHNOLOGY CORPORATION                                                                               | CARPENTER TECHNOLOGY CORP                       | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |     33375 | NS      | $8194897.50   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Smithfield Foods, Inc.                                                                                         | SMITHFIELD FOODS INC                            | CUSIP: 832248207<br>LEI: CVTIPZRZJC0JQEZLL598 | Long             | EC               | CORP              | US        |       351 | NS      | $8241.48      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp.                                                                                                 | COHERENT CORP                                   | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |      1187 | NS      | $127863.64    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LYFT, INC.                                                                                                     | LYFT INC                                        | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |      3080 | NS      | $67790.80     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL REALTY INVESTMENT TRUST                                                                                | FEDERAL REALTY INVESTMENT TRUST                 | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |       653 | NS      | $66155.43     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WATERS CORPORATION                                                                                             | WATERS CORP                                     | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |      1039 | NS      | $311502.59    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOMARIN PHARMACEUTICAL INC.                                                                                   | BIOMARIN PHARMACEUTICALS INC                    | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |     17256 | NS      | $934584.96    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC CORPORATION                                                                                                | FMC CORP                                        | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |       955 | NS      | $32116.65     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CONAGRA BRANDS, INC.                                                                                           | CONAGRA BRANDS INC                              | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |    107679 | NS      | $1971602.49   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS, INC.                                                                                            | CISCO SYSTEMS INC                               | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     74216 | NS      | $5077858.72   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ORGANON & CO.                                                                                                  | ORGANON CO                                      | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               | CORP              | US        |      1927 | NS      | $20580.36     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultragenyx Pharmaceutical Inc                                                                                  | ULTRAGENYX PHARMACEUTICAL INC                   | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |       694 | NS      | $20875.52     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CORCEPT THERAPEUTICS INCORPORATED                                                                              | CORCEPT THERAPEUTICS INC                        | CUSIP: 218352102<br>LEI: 529900EO9LUTFMZ7FF90 | Long             | EC               | CORP              | US        |       727 | NS      | $60420.97     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWMONT CORPORATION                                                                                            | NEWMONT CORP                                    | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     32804 | NS      | $2765705.24   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P GLOBAL INC.                                                                                                | S P GLOBAL INC                                  | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |     19892 | NS      | $9681635.32   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| INGREDION INCORPORATED                                                                                         | INGREDION INC                                   | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |       497 | NS      | $60688.67     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SOFI TECHNOLOGIES, INC.                                                                                        | SOFI TECHNOLOGIES INC                           | CUSIP: 83406F102<br>LEI: 549300SW81JCMVZDDY09 | Long             | EC               | CORP              | US        |     19535 | NS      | $516114.70    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOGEN INC.                                                                                                    | BIOGEN INC                                      | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |      6958 | NS      | $974676.64    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO CORPORATION                                                                                              | HEICO CORPORATION CL A                          | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |      2499 | NS      | $634970.91    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKET COMPANIES, INC.                                                                                         | ROCKET COS INC CLASS A                          | CUSIP: 77311W101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1954 | NS      | $37868.52     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED MICRO DEVICES, INC.                                                                                   | ADVANCED MICRO DEVICES INC                      | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     28506 | NS      | $4611985.74   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ROPER TECHNOLOGIES, INC.                                                                                       | ROPER TECHNOLOGIES INC                          | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |      3031 | NS      | $1511529.39   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PARSONS CORPORATION                                                                                            | PARSON CORP                                     | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               | CORP              | US        |       408 | NS      | $33831.36     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| KINDER MORGAN, INC.                                                                                            | KINDER MORGAN INC                               | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     66602 | NS      | $1885502.62   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| U-Haul Holding Company                                                                                         | U HAUL HOLDING CO                               | CUSIP: 023586100<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |        68 | NS      | $3880.76      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Informatica Inc                                                                                                | INFORMATICA INC                                 | CUSIP: 45674M101<br>LEI: 984500E0DEFFE6DE9588 | Long             | EC               | CORP              | US        |       811 | NS      | $20145.24     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GAMESTOP CORP.                                                                                                 | GAMESTOP CORP                                   | CUSIP: 36467W109<br>LEI: 549300505KLOET039L77 | Long             | EC               | CORP              | US        |      3171 | NS      | $86504.88     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FRESHPET, INC.                                                                                                 | FRESHPET INC                                    | CUSIP: 358039105<br>LEI: 549300S4ZK8ZQ6HNPN59 | Long             | EC               | CORP              | US        |       345 | NS      | $19012.95     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON WORLDWIDE HOLDINGS INC.                                                                                 | HILTON WORLDWIDE HOLDINGS INC                   | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     38471 | NS      | $9980916.24   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| HALOZYME THERAPEUTICS, INC.                                                                                    | HALOZYME THERAPEUTICS INC                       | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |       948 | NS      | $69526.32     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SOLVENTUM CORPORATION                                                                                          | SOLVENTUM CORP                                  | CUSIP: 83444M101<br>LEI: 254900I70403OSGY4M28 | Long             | EC               | CORP              | US        |      2807 | NS      | $204911.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WYNDHAM HOTELS & RESORTS, INC.                                                                                 | WYNDHAM HOTELS RESORTS INC                      | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |       635 | NS      | $50736.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN INTERNATIONAL GROUP, INC.                                                                             | AMERICAN INTERNATIONAL GROUP INC                | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     16616 | NS      | $1305020.64   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BIO-TECHNE CORPORATION                                                                                         | BIO TECHNE CORP                                 | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |      1180 | NS      | $65643.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OMEGA HEALTHCARE INVESTORS, INC.                                                                               | OMEGA HEALTHCARE INVESTORS INC                  | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |      2222 | NS      | $93812.84     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEVELAND-CLIFFS INC.                                                                                          | CLEVELAND CLIFFS INC                            | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |      3876 | NS      | $47287.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PROSPERITY BANCSHARES, INC.                                                                                    | PROSPERITY BANCSHARES INC                       | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       664 | NS      | $44056.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AVIS BUDGET GROUP, INC.                                                                                        | AVIS BUDGET GROUP INC                           | CUSIP: 053774105<br>LEI: 529900E95812SYWMCE44 | Long             | EC               | CORP              | US        |       131 | NS      | $21035.33     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ASSURANT, INC.                                                                                                 | ASSURANT INC                                    | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |       404 | NS      | $87506.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HOST HOTELS & RESORTS, INC.                                                                                    | HOST HOTELS RESORTS INC                         | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |      5369 | NS      | $91380.38     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDPACE HOLDINGS, INC.                                                                                         | MEDPACE HOLDINGS INC                            | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |       177 | NS      | $91006.32     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS                                                                                                 | CONOCOPHILLIPS                                  | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     28351 | NS      | $2681721.09   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| PLANET FITNESS, INC.                                                                                           | PLANET FITNESS INC                              | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |       633 | NS      | $65705.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AFFILIATED MANAGERS GROUP, INC.                                                                                | AFFILIATED MANAGERS GROUP INC                   | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |       227 | NS      | $54123.61     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FACTSET RESEARCH SYSTEMS INC.                                                                                  | FACTSET RESEARCH SYSTEMS INC                    | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |      2675 | NS      | $766360.75    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAPHIC PACKAGING HOLDING COMPANY                                                                              | GRAPHIC PACKAGING HOLDING CO                    | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2319 | NS      | $45382.83     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LINCOLN NATIONAL CORPORATION                                                                                   | LINCOLN NATIONAL CORP                           | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |      1287 | NS      | $51904.71     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolution Medicines Inc                                                                                       | REVOLUTION MEDICINES INC                        | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |      1341 | NS      | $62624.70     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BUILDERS FIRSTSOURCE, INC.                                                                                     | BUILDERS FIRSTSOURCE INC                        | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |      2023 | NS      | $245288.75    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL FINANCIAL HOLDINGS INC.                                                                                    | LPL FINANCIAL HOLDINGS INC                      | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |     24259 | NS      | $8070726.71   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITAL REALTY TRUST, INC.                                                                                     | DIGITAL REALTY TRUST INC                        | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     27594 | NS      | $4770450.72   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| HAMILTON LANE INCORPORATED                                                                                     | HAMILTON LANE INC                               | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |       309 | NS      | $41650.11     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARLES RIVER LABORATORIES INTERNATIONAL, INC.                                                                 | CHARLES RIVER LABORATORIES INTERNATIONAL INC    | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |       382 | NS      | $59767.72     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WOODWARD, INC.                                                                                                 | WOODWARD INC                                    | CUSIP: 980745103<br>LEI: YPYKXXTR8TFDH54ZMB45 | Long             | EC               | CORP              | US        |     33615 | NS      | $8494846.65   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SONOCO PRODUCTS COMPANY.                                                                                       | SONOCO PRODUCTS CO                              | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |       738 | NS      | $31800.42     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc.                                                                                            | COTERRA ENERCOTERRA ENERGY INC                  | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |     35514 | NS      | $839906.10    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED MATERIALS, INC.                                                                                        | APPLIED MATERIALS INC                           | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     14240 | NS      | $2915497.60   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc                                                                                       | PROCORE TECHNOLOGIES INC                        | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Long             | EC               | CORP              | US        |       886 | NS      | $64607.12     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NISOURCE INC.                                                                                                  | NISOURCE INC                                    | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |     39198 | NS      | $1697273.40   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Global Ltd.                                                                                            | LIBERTY GLOBAL LTD                              | CUSIP: G61188101<br>LEI: 213800HRMKKTYH7SKA24 | Long             | EC               | CORP              | BM        |      1274 | NS      | $14600.04     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBE LIFE INC.                                                                                                | GLOBE LIFE INC                                  | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |       641 | NS      | $91643.77     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SailPoint Inc                                                                                                  | SAILPOINT INC                                   | CUSIP: 78781J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       465 | NS      | $10267.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Circle Internet Group Inc                                                                                      | CIRCLE INTERNET GROUP INC                       | CUSIP: 172573107<br>LEI: 254900HFVVR6NPMQVN93 | Long             | EC               | CORP              | US        |       367 | NS      | $48656.86     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYCOM SOFTWARE, INC.                                                                                          | PAYCOM SOFTWARE INC                             | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |       893 | NS      | $185869.02    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| THE NEW YORK TIMES COMPANY                                                                                     | NEW YORK TIMES CO THE                           | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               | CORP              | US        |      1232 | NS      | $70716.80     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSUNION                                                                                                     | TRANSUNION                                      | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Long             | EC               | CORP              | US        |      3393 | NS      | $284265.54    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| IAC INC.                                                                                                       | IAC INC                                         | CUSIP: 44891N208<br>LEI: 549300TO56L57RP6P031 | Long             | EC               | CORP              | US        |       583 | NS      | $19862.81     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| STARBUCKS CORPORATION                                                                                          | STARBUCKS CORPORATION                           | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |     20062 | NS      | $1697245.20   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT DEFENSE PROPERTIES                                                                                        | COPT DEFENSE PROPERTIES                         | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |     42441 | NS      | $1233335.46   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| UIPATH, INC.                                                                                                   | UIPATH INC                                      | CUSIP: 90364P105<br>LEI: 5493000YP61KBELDHT53 | Long             | EC               | CORP              | US        |      3420 | NS      | $45759.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CINCINNATI FINANCIAL CORPORATION                                                                               | CINCINNATI FINANCIAL CORP                       | CUSIP: 172062101<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | EC               | CORP              | US        |      5978 | NS      | $945121.80    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ALASKA AIR GROUP, INC.                                                                                         | ALASKA AIR GROUP INC                            | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |       949 | NS      | $47241.22     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GENPACT LIMITED                                                                                                | GENPACT LTD                                     | CUSIP: G3922B107<br>LEI: 529900OSEC6Q0L4L5B35 | Long             | EC               | CORP              | BM        |      1245 | NS      | $52153.05     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MP MATERIALS CORP                                                                                              | MP MATERIALS CORP                               | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               | CORP              | US        |      1013 | NS      | $67941.91     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMDEN PROPERTY TRUST                                                                                          | CAMDEN PROPERTY TRUST                           | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |      8426 | NS      | $899728.28    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LOEWS CORPORATION                                                                                              | LOEWS CORP                                      | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               | CORP              | US        |     13062 | NS      | $1311294.18   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| GE VERNOVA INC.                                                                                                | GE VERNOVA LLC                                  | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |     17834 | NS      | $10966126.60  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORPORATION                                                                                         | CVS HEALTH CORP                                 | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    166059 | NS      | $12519188.01  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBUS MEDICAL, INC.                                                                                           | GLOBUS MEDICAL INC                              | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               | CORP              | US        |       897 | NS      | $51371.19     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T. ROWE PRICE GROUP, INC.                                                                                      | T ROWE PRICE GROUP INC                          | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |      3865 | NS      | $396703.60    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| APTIV PLC                                                                                                      | APTIV HOLDINGS LTD                              | CUSIP: G3265R107<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |      4096 | NS      | $353157.12    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| THE J. M. SMUCKER COMPANY                                                                                      | J M SMUCKER CO                                  | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |     19926 | NS      | $2163963.60   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| EXLSERVICE HOLDINGS, INC.                                                                                      | EXLSERVICE HOLDINGS INC                         | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |      1224 | NS      | $53892.72     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MASCO CORPORATION                                                                                              | MASCO CORPORATION                               | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |      3760 | NS      | $264666.40    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CLOUDFLARE, INC.                                                                                               | CLOUDFLARE INC CLASS A                          | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |      5448 | NS      | $1169086.32   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICOLD REALTY TRUST, INC.                                                                                   | AMERICOLD REALTY TRUST INC                      | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               | CORP              | US        |      2173 | NS      | $26597.52     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CME GROUP INC.                                                                                                 | CME GROUP INC                                   | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |     13776 | NS      | $3722137.44   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY, INC.                                                                                           | NEXTERA ENERGY INC                              | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     53149 | NS      | $4012218.01   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SITEONE LANDSCAPE SUPPLY, INC.                                                                                 | SITEONE LANDSCAPE SUPPLY INC                    | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |       337 | NS      | $43405.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive, Inc.                                                                                      | O REILLY AUTOMOTIVE INC                         | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     31653 | NS      | $3412509.93   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| AMENTUM HOLDINGS, INC.                                                                                         | AMENTUM HOLDINGS INC                            | CUSIP: 023939101<br>LEI: 2549009FJIBLW40CU216 | Long             | EC               | CORP              | US        |      1232 | NS      | $29506.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NUTANIX, INC.                                                                                                  | NUTANIX INC A                                   | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |      4437 | NS      | $330068.43    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AMCOR PLC                                                                                                      | AMCOR PLC                                       | CUSIP: G0250X107<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | JE        |    127199 | NS      | $1040487.82   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| UNDER ARMOUR, INC.                                                                                             | UNDER ARMOUR INC CLASS C                        | CUSIP: 904311206<br>LEI: 549300D4549QKWETZ406 | Long             | EC               | CORP              | US        |      1440 | NS      | $6955.20      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MADISON SQUARE GARDEN SPORTS CORP.                                                                             | MADISON SQ GARDEN SPORTS                        | CUSIP: 55825T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       141 | NS      | $32007.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED PARCEL SERVICE, INC.                                                                                    | UNITED PARCEL SERVICE INC CLASS B               | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     15236 | NS      | $1272663.08   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| INCYTE CORPORATION                                                                                             | INCYTE CORPORATION                              | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |     18999 | NS      | $1611305.19   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| API GROUP CORPORATION                                                                                          | API GROUP CORP                                  | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |      2851 | NS      | $97988.87     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT CORPORATION                                                                                                | EQT CORP                                        | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     10660 | NS      | $580223.80    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Global Ltd.                                                                                            | LIBERTY GLOBAL LTD                              | CUSIP: G61188127<br>LEI: 213800HRMKKTYH7SKA24 | Long             | EC               | CORP              | BM        |      1321 | NS      | $15521.75     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy, Inc.                                                                                          | DOMINION ENERGY INC                             | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |     39890 | NS      | $2440071.30   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG ENERGY, INC.                                                                                               | NRG ENERGY INC                                  | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      3430 | NS      | $555488.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TAPESTRY, INC.                                                                                                 | TAPESTRY INC                                    | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |      3573 | NS      | $404535.06    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FRANKLIN RESOURCES, INC.                                                                                       | FRANKLIN RESOURCES INC                          | CUSIP: 354613101<br>LEI: RIFQSET379FOGTEFKS80 | Long             | EC               | CORP              | US        |      2297 | NS      | $53129.61     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TELEFLEX INCORPORATED                                                                                          | TELEFLEX INC                                    | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |       356 | NS      | $43560.16     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ASSURED GUARANTY LTD.                                                                                          | ASSURED GUARANTY LTD                            | CUSIP: G0585R106<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               | CORP              | BM        |       375 | NS      | $31743.75     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| KEURIG DR PEPPER INC.                                                                                          | KEURIG DR PEPPER INC                            | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |     75089 | NS      | $1915520.39   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HENRY SCHEIN, INC.                                                                                             | HENRY SCHEIN INC                                | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |       847 | NS      | $56215.39     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPN YEN 9AM DEC25C                                                                                             | JPN YEN 9AM DEC25C                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       100 | NC      | $46250.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AON PUBLIC LIMITED COMPANY                                                                                     | AON PLC                                         | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |      7034 | NS      | $2508183.72   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SEALED AIR CORPORATION                                                                                         | SEALED AIR CORP                                 | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |      1105 | NS      | $39061.75     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AFLAC INCORPORATED                                                                                             | AFLAC INCORPORATED                              | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |     19270 | NS      | $2152459.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSENTIAL PROPERTIES REALTY TRUST, INC.                                                                        | ESSENTIAL PROPERTIES REALTY                     | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |     47120 | NS      | $1402291.20   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| EXACT SCIENCES CORPORATION                                                                                     | EXACT SCIENCES CORP                             | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |      1441 | NS      | $78837.11     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DUPONT DE NEMOURS, INC.                                                                                        | DUPONT DE NEMOURS INC                           | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |      7280 | NS      | $567112.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Group Inc.                                                                                              | MARKEL GROUP INC                                | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |       749 | NS      | $1431608.64   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| EAGLE MATERIALS INC.                                                                                           | EAGLE MATERIALS INC                             | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |       271 | NS      | $63153.84     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CIRRUS LOGIC, INC.                                                                                             | CIRRUS LOGIC INC                                | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |       416 | NS      | $52120.64     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DARDEN RESTAURANTS, INC.                                                                                       | DARDEN RESTAURANTS INC                          | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |      6584 | NS      | $1253330.24   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY, INC.                                                                          | AMERICAN ELECTRIC POWER CO INC                  | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |     25260 | NS      | $2841750.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS ENERGY CORPORATION                                                                                         | CMS ENERGY CORP                                 | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |     29452 | NS      | $2157653.52   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MILLS, INC.                                                                                            | GENERAL MILLS INC                               | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |     51573 | NS      | $2600310.66   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLY FINANCIAL INC.                                                                                            | ALLY FINANCIAL INC                              | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |      2135 | NS      | $83692.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH, INC.                                                                                          | CARDINAL HEALTH INC                             | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     15309 | NS      | $2402900.64   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties, Inc.                                                                            | GAMING AND LEISURE PROPERTIES INC               | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |     31393 | NS      | $1463227.73   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HOWARD HUGHES HOLDINGS INC.                                                                                    | HOWARD HUGHES HOLDINGS INC                      | CUSIP: 44267T102<br>LEI: 254900TY494BHXIU6M60 | Long             | EC               | CORP              | US        |       254 | NS      | $20871.18     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY                                                                                          | WELLS FARGO CO                                  | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     57028 | NS      | $4780086.96   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD ASSET MANAGEMENT LTD.                                                                               | BROOKFIELD ASSET MANAGEMENT LTD                 | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               | CORP              | CA        |      2959 | NS      | $168485.46    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ANNALY CAPITAL MANAGEMENT, INC.                                                                                | ANNALY CAPITAL MANAGEMENT INC                   | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               | CORP              | US        |     10912 | NS      | $220531.52    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SOTERA HEALTH COMPANY                                                                                          | SOTERA HEALTH CO                                | CUSIP: 83601L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1160 | NS      | $18246.80     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MOLINA HEALTHCARE, INC.                                                                                        | MOLINA HEATHCARE INC                            | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |     12247 | NS      | $2343585.92   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYSIGHT TECHNOLOGIES, INC.                                                                                    | KEYSIGHT TECHNOLOGIES INC                       | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |      3034 | NS      | $530707.28    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CENCORA, INC.                                                                                                  | CENCORA INC                                     | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |     10070 | NS      | $3147177.10   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corporation                                                                                   | TRUIST FINANCIAL CORP                           | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     23185 | NS      | $1060018.20   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NATERA, INC.                                                                                                   | NATERA INC                                      | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2333 | NS      | $375543.01    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CDX NORTH AMERICA HIGH YIELD INDEX                                                                             | CDX NORTH AMERICA HIGH YIELD INDEX              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        | 300000000 | OU      | $-22941969.60 | -0.78%            |  |  |  | No            |                  2 | On Loan: No      |
| WASTE MANAGEMENT, INC.                                                                                         | WASTE MANAGEMENT INC                            | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |     14427 | NS      | $3185914.41   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERICAN FINANCIAL CORPORATION                                                                           | FIRST AMERICAN FINANCIAL CORP                   | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |       765 | NS      | $49143.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| XENIA HOTELS & RESORTS, INC.                                                                                   | XENIA HOTELS RESORTS INC                        | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Long             | EC               | CORP              | US        |     81851 | NS      | $1122995.72   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTEGRIS, INC.                                                                                                 | ENTEGRIS INC                                    | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |      2619 | NS      | $242152.74    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| REGIONS FINANCIAL CORPORATION                                                                                  | REGIONS FINANCIAL CORP                          | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |     16004 | NS      | $422025.48    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY CORPORATION                                                                                            | ENTERGY CORP                                    | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |     22788 | NS      | $2123613.72   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BLOCK, INC.                                                                                                    | Block Inc                                       | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |      9619 | NS      | $695165.13    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DRAFTKINGS INC.                                                                                                | DRAFTKINGS INC                                  | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |      8367 | NS      | $312925.80    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTSMAN CORPORATION                                                                                           | HUNTSMAN CORP                                   | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |      1319 | NS      | $11844.62     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| APA CORPORATION                                                                                                | APA CORP                                        | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |      2799 | NS      | $67959.72     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE ENERGY COMPANY                                                                                             | DTE ENERGY CO                                   | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |     14521 | NS      | $2053705.03   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| DROPBOX, INC.                                                                                                  | DROPBOX INC                                     | CUSIP: 26210C104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1566 | NS      | $47308.86     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD DOMINION FREIGHT LINE, INC.                                                                                | OLD DOMINION FREIGHT LINE INC                   | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |      3322 | NS      | $467671.16    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc                                                                                    | INSPIRE MEDICAL SYSTEM INC                      | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |       217 | NS      | $16101.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO INTERNATIONAL, INC.                                                                                      | WESCO INTERNATIONAL INC                         | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |       371 | NS      | $78466.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MSA Safety Incorporated                                                                                        | MSA SAFETY INC                                  | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               | CORP              | US        |       280 | NS      | $48179.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AVALONBAY COMMUNITIES, INC.                                                                                    | AVALONBAY COMMUNITIES INC                       | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     22040 | NS      | $4257466.80   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE STREET CORPORATION                                                                                       | STATE STREET CORP                               | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |      5095 | NS      | $591070.95    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FIDELITY NATIONAL FINANCIAL, INC                                                                               | FNF GROUP                                       | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |     12691 | NS      | $767678.59    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST CITIZENS BANCSHARES, INC.                                                                                | FIRST CITIZENS BANCSHARES INC CLASS A           | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |       165 | NS      | $295211.40    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CF INDUSTRIES HOLDINGS, INC.                                                                                   | CF INDUSTRIES HOLDINGS                          | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     17212 | NS      | $1543916.40   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN FINANCIAL GROUP, INC.                                                                                 | AMERICAN FINANCIAL GROUP INC                    | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |      8662 | NS      | $1262226.64   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NASDAQ, INC.                                                                                                   | NASDAQ INC                                      | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |      8860 | NS      | $783667.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| XYLEM INC.                                                                                                     | XYLEM INC                                       | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |      4268 | NS      | $629530.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralliant Corp                                                                                                  | RALLIANT CORP                                   | CUSIP: 750940108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       875 | NS      | $38263.75     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ONTO INNOVATION INC.                                                                                           | ONTO INNOVATION INC                             | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |       376 | NS      | $48586.72     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HONEYWELL INTERNATIONAL INCORPORATION                                                                          | HONEYWELL INTERNATIONAL INC                     | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     13504 | NS      | $2842592.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corporation                                                                                   | NORTHROP GRUMMAN CORP                           | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      5812 | NS      | $3541367.84   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| HALLIBURTON COMPANY                                                                                            | HALLIBURTON CO                                  | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |     15235 | NS      | $374781.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FLEX LTD.                                                                                                      | FLEX LTD                                        | CUSIP: Y2573F102<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | SG        |      2950 | NS      | $171011.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TRAVEL + LEISURE CO.                                                                                           | TRAVEL LEISURE CO                               | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |       560 | NS      | $33314.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PACKAGING CORPORATION OF AMERICA                                                                               | PACKAGING CORP OF AMERICA                       | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |      3870 | NS      | $843389.10    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL CORPORATION                                                                                                | PPL CORP                                        | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |     54421 | NS      | $2022284.36   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| WATSCO, INC.                                                                                                   | WATSCO INC                                      | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |       607 | NS      | $245410.10    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HORMEL FOODS CORPORATION                                                                                       | HORMEL FOODS CORP                               | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               | CORP              | US        |     74708 | NS      | $1848275.92   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BIRKENSTOCK HOLDING PLC                                                                                        | BIRKENSTOCK HOLDING PLC                         | CUSIP: M2029K104<br>LEI: 529900CQ8LQKQ7LIT631 | Long             | EC               | CORP              | JE        |       404 | NS      | $18281.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBANT S.A.                                                                                                   | GLOBANT SA                                      | CUSIP: L44385109<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | LU        |       309 | NS      | $17730.42     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corporation                                                                                               | OLIN CORP                                       | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |       975 | NS      | $24365.25     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DOLBY LABORATORIES, INC.                                                                                       | DOLBY LABORATORIES INC CLASS A                  | CUSIP: 25659T107<br>LEI: 549300X04FB2QPCJ5J24 | Long             | EC               | CORP              | US        |       449 | NS      | $32494.13     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AGCO CORPORATION                                                                                               | AGCO CORP                                       | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |       471 | NS      | $50429.97     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY CORPORATION                                                                                        | DUKE ENERGY CORP                                | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     29245 | NS      | $3619068.75   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIGHTHOUSE FINANCIAL, INC.                                                                                    | BRIGHTHOUSE FINANCIAL INC                       | CUSIP: 10922N103<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EC               | CORP              | US        |       514 | NS      | $27283.12     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DELL TECHNOLOGIES INC.                                                                                         | DELL TECHNOLOGIES INC                           | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      5492 | NS      | $778600.84    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LIBERTY LIVE                                                                                                   | LIBERTY MEDIA CORP LIBERTY LIVE                 | CUSIP: 531229722<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | EC               | CORP              | US        |       355 | NS      | $34424.35     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GCI LIBERTY, INC.                                                                                              | GCI LIBERTY INC A                               | CUSIP: 36164V602<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        26 | NS      | $976.43       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PULTEGROUP, INC.                                                                                               | PULTE GROUP INC                                 | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3568 | NS      | $471439.84    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUIT INC.                                                                                                    | INTUIT INC                                      | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      4878 | NS      | $3331234.98   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| W.P. CAREY INC.                                                                                                | WP CAREY INC                                    | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |     69335 | NS      | $4684965.95   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORPORATION                                                                                 | ZEBRA TECHNOLOGIES CORP CLASS A                 | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |       894 | NS      | $265661.04    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PINNACLE FINANCIAL PARTNERS, INC.                                                                              | PINNACLE FINANCIAL PARTNERS                     | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EC               | CORP              | US        |       568 | NS      | $53272.72     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PINTEREST, INC.                                                                                                | PINTEREST INC CLASS A                           | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10533 | NS      | $338846.61    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN COPPER CORPORATION                                                                                    | SOUTHERN COPPER CORP                            | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |       677 | NS      | $82160.72     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| COMERICA INCORPORATED                                                                                          | COMERICA INC                                    | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |       991 | NS      | $67903.32     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS ROADHOUSE, INC.                                                                                          | TEXAS ROADHOUSE INC CLASS A                     | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |       505 | NS      | $83905.75     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN HOLDINGS, INC.                                                                                           | CROWN HOLDINGS INC                              | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |      8038 | NS      | $776390.42    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MOTORS COMPANY                                                                                         | GENERAL MOTORS CO                               | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     17062 | NS      | $1040270.14   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SANDISK CORPORATION                                                                                            | SANDISK CORP DE                                 | CUSIP: 80004C200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1043 | NS      | $117024.60    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWELL BRANDS INC.                                                                                             | NEWELL BRANDS INC                               | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |      2863 | NS      | $15002.12     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN AIRLINES GROUP INC.                                                                                   | AMERICAN AIRLINES GROUP INC                     | CUSIP: 02376R102<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | EC               | CORP              | US        |      4899 | NS      | $55064.76     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| STANDARDAERO, INC.                                                                                             | STANDARDAERO INC                                | CUSIP: 85423L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1047 | NS      | $28572.63     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON INGALLS INDUSTRIES, INC.                                                                            | HUNTINGTON INGALLS INDUSTRIES INC               | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               | CORP              | US        |       299 | NS      | $86085.09     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ELECTRONIC ARTS INC.                                                                                           | ELECTRONIC ARTS INC                             | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |     11625 | NS      | $2344762.50   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CUBESMART                                                                                                      | CUBESMART                                       | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1695 | NS      | $68918.70     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PILGRIM'S PRIDE CORPORATION                                                                                    | PILGRIM S PRIDE CORP                            | CUSIP: 72147K108<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | EC               | CORP              | US        |       353 | NS      | $14374.16     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM, INC.                                                                                               | AMAZON COM INC                                  | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    204362 | NS      | $44871764.34  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| CINTAS CORPORATION                                                                                             | CINTAS CORP                                     | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7774 | NS      | $1595691.24   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| LITTELFUSE, INC.                                                                                               | LITTELFUSE INC                                  | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |       183 | NS      | $47398.83     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GENTEX CORPORATION                                                                                             | GENTEX CORP                                     | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |      1782 | NS      | $50430.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE WENDY'S COMPANY                                                                                            | THE WENDY S COMPANY                             | CUSIP: 95058W100<br>LEI: 529900M0JIUCMWVKHG76 | Long             | EC               | CORP              | US        |      1293 | NS      | $11843.88     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                                                                                          | MICROSOFT CORP                                  | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    143108 | NS      | $74122788.60  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                                                                                  | ALPHABET INC CLASS A                            | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    142894 | NS      | $34737531.40  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| KIMCO REALTY CORPORATION.                                                                                      | KIMCO REALTY CORP                               | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |     11735 | NS      | $256409.75    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| INTEL CORPORATION                                                                                              | INTEL CORP                                      | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     77079 | NS      | $2586000.45   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG INDUSTRIAL, INC.                                                                                          | STAG INDUSTRIAL INC                             | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |      1444 | NS      | $50958.76     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG INC.                                                                                                       | TPG INC                                         | CUSIP: 872657101<br>LEI: 549300NLO4R8MX77XJ02 | Long             | EC               | CORP              | US        |      1002 | NS      | $57564.90     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LIBERTY LIVE                                                                                                   | LIBERTY MEDIA CORP LIBERTY LIVE                 | CUSIP: 531229748<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | EC               | CORP              | US        |       148 | NS      | $13956.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TRUMP MEDIA & TECHNOLOGY GROUP CORP.                                                                           | TRUMP MEDIA TECHNOLOGY GROUP CORP               | CUSIP: 25400Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1247 | NS      | $20475.74     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WEATHERFORD INTERNATIONAL PUBLIC LIMITED COMPANY                                                               | WEATHERFORD INTERNATIONAL PLC                   | CUSIP: G48833118<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | IE        |       554 | NS      | $37910.22     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPN YEN 9AM NOV25P                                                                                             | JPN YEN 9AM NOV25P                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -200 | NC      | $-40000.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CARETRUST REIT, INC.                                                                                           | CARETRUST REIT INC                              | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |     58348 | NS      | $2023508.64   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TERADYNE, INC.                                                                                                 | TERADYNE INC                                    | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |      2834 | NS      | $390071.76    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| APELLIS PHARMACEUTICALS, INC.                                                                                  | APELLIS PHARMACEUTICALS INC                     | CUSIP: 03753U106<br>LEI: 254900HS0ZFRXXSB9D42 | Long             | EC               | CORP              | US        |       753 | NS      | $17040.39     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL BUSINESS MACHINES CORPORATION                                                                    | INTERNATIONAL BUSINESS MACHINES CORP            | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     19920 | NS      | $5620627.20   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| DAVITA INC.                                                                                                    | DAVITA INC                                      | CUSIP: 23918K108<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | EC               | CORP              | US        |     10088 | NS      | $1340392.56   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| EMERSON ELECTRIC CO.                                                                                           | EMERSON ELECTRIC CO                             | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |      9941 | NS      | $1304060.38   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ CORPORATION                                                                                                | LKQ CORPORATION                                 | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |     24760 | NS      | $756170.40    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYONIER INC.                                                                                                  | RAYONIER INC REIT                               | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |      1161 | NS      | $30812.94     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GUIDEWIRE SOFTWARE, INC.                                                                                       | GUIDEWIRE SOFTWARE INC                          | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |       648 | NS      | $148949.28    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & CO. INC.                                                                                                 | KKR CO INC A                                    | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |     11457 | NS      | $1488837.15   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HUMANA INC.                                                                                                    | HUMANA INC                                      | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      8524 | NS      | $2217689.08   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKSTONE INC.                                                                                                | BLACKSTONE INC                                  | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |     12940 | NS      | $2210799.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR, INC.                                                                                                      | UDR INC                                         | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |     18143 | NS      | $676008.18    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| OWENS CORNING                                                                                                  | OWENS CORNING INC                               | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |      1526 | NS      | $215867.96    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR, INC.                                                                                                      | KBR INC                                         | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |      1034 | NS      | $48897.86     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEMAIN HOLDINGS, INC.                                                                                         | ONEMAIN HOLDINGS INC                            | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |       870 | NS      | $49120.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| KIRBY CORPORATION                                                                                              | KIRBY CORP                                      | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |       453 | NS      | $37802.85     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE COCA-COLA COMPANY                                                                                          | COCA COLA CO                                    | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     97699 | NS      | $6479397.68   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLOVIN CORPORATION                                                                                           | APPLOVIN CORP                                   | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |     22910 | NS      | $16461751.40  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| LUCID GROUP, INC.                                                                                              | LUCID GROUP INC                                 | CUSIP: 549498202<br>LEI: 529900MRL9Z13ZCRVD74 | Long             | EC               | CORP              | US        |       961 | NS      | $22862.19     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SPOTIFY TECHNOLOGY S.A.                                                                                        | SPOTIFY TECHNOLOGY SA                           | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |     12842 | NS      | $8963716.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| A. O. SMITH CORPORATION                                                                                        | A O SMITH CORP                                  | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |       927 | NS      | $68051.07     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTHCARE REALTY TRUST INCORPORATED                                                                           | HEALTHCARE REALTY TRUST INC                     | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |      2539 | NS      | $45778.17     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CARLISLE COMPANIES INCORPORATED                                                                                | CARLISLE CO                                     | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |       741 | NS      | $243759.36    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| VIPER ENERGY, INC.                                                                                             | VIPER ENERGY INC                                | CUSIP: 64361Q101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1312 | NS      | $50144.64     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CRANE NXT, CO.                                                                                                 | CRANE NXT CO                                    | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               | CORP              | US        |       357 | NS      | $23943.99     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                                                                                                          | AECOM                                           | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |      4098 | NS      | $534666.06    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITABLE HOLDINGS, INC.                                                                                       | EQUITABLE HOLDINGS INC                          | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |      5453 | NS      | $276903.34    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EDWARDS LIFESCIENCES CORPORATION                                                                               | EDWARDS LIFESCIENCES CORP                       | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |     18719 | NS      | $1455776.63   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Somnigroup International Inc.                                                                                  | SOMNIGROUP INTERNATIONAL INC                    | CUSIP: 88023U101<br>LEI: 549300HFEKVR3US71V91 | Long             | EC               | CORP              | US        |    103981 | NS      | $8768717.73   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX CORPORATION                                                                                          | TD SYNNEX CORP                                  | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |       609 | NS      | $99723.75     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SUPER MICRO COMPUTER, INC.                                                                                     | SUPER MICRO COMPUTER INC                        | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |      9107 | NS      | $436589.58    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Dutch Bros Inc                                                                                                 | DUTCH BROS INC                                  | CUSIP: 26701L100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       895 | NS      | $46844.30     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CASEY'S GENERAL STORES, INC.                                                                                   | CASEY S GENERAL STORES INC                      | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |       287 | NS      | $162246.84    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| STANLEY BLACK & DECKER, INC.                                                                                   | STANELY BLACK AND DECKER INC                    | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |      1157 | NS      | $85999.81     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON & JOHNSON                                                                                              | JOHNSON JOHNSON                                 | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     54289 | NS      | $10066266.38  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson Public Limited Company                                                                    | WILLIS TOWERS WATSON PLC                        | CUSIP: G96629103<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |      5808 | NS      | $2006373.60   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                                                                | INTERCONTINENTAL EXCHANGE INC                   | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     59661 | NS      | $10051685.28  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| THE SOUTHERN COMPANY                                                                                           | SOUTHERN CO                                     | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |     38751 | NS      | $3672432.27   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BOK FINANCIAL CORPORATION                                                                                      | BOK FINANCIAL CORP                              | CUSIP: 05561Q201<br>LEI: GRI2NT5QHYW751NMR949 | Long             | EC               | CORP              | US        |       172 | NS      | $19167.68     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LENNAR CORPORATION                                                                                             | LENNAR CORP                                     | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |      3981 | NS      | $501765.24    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLISON TRANSMISSION HOLDINGS, INC.                                                                            | ALLISON TRANSMISSION HOLDINGS INC               | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |       657 | NS      | $55766.16     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DoubleVerify Holdings Inc                                                                                      | DOUBLEVERIFY HOLDINGS INC                       | CUSIP: 25862V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1050 | NS      | $12579.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CHURCH & DWIGHT CO., INC.                                                                                      | CHURCH DWIGHT CO INC                            | CUSIP: 171340102<br>LEI: POOXSI30AWAQGYJZC921 | Long             | EC               | CORP              | US        |     25438 | NS      | $2229131.94   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL DYNAMICS CORPORATION                                                                                   | GENERAL DYNAMICS CORP                           | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      8028 | NS      | $2737548.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCKHEED MARTIN CORPORATION                                                                                    | LOCKHEED MARTIN CORP                            | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      8161 | NS      | $4074052.81   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| DEERE & COMPANY                                                                                                | DEERE CO                                        | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      5549 | NS      | $2537335.74   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SMURFIT WESTROCK PUBLIC LIMITED COMPANY                                                                        | SMURFIT WESTROCK PLC                            | CUSIP: G8267P108<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               | CORP              | IE        |      9046 | NS      | $385088.22    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVERSAL DISPLAY CORPORATION                                                                                  | UNIVERSAL DISPLAY CORP                          | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       353 | NS      | $50701.39     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GXO LOGISTICS, INC.                                                                                            | GXO LOGISTICS INC                               | CUSIP: 36262G101<br>LEI: 5493007CNWMXN78JRN66 | Long             | EC               | CORP              | US        |       884 | NS      | $46754.76     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROCTER & GAMBLE COMPANY                                                                                   | PROCTER GAMBLE CO                               | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     53578 | NS      | $8232259.70   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NCINO, INC.                                                                                                    | NCINO INC                                       | CUSIP: 63947X101<br>LEI: 549300WVRR2WR3L6MZ46 | Long             | EC               | CORP              | US        |       825 | NS      | $22365.75     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WEX INC.                                                                                                       | WEX US                                          | CUSIP: 96208T104<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | EC               | CORP              | US        |     46707 | NS      | $7357753.71   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERUS CONSTRUCTION GROUP, INC.                                                                                | EVERUS CONSTRUCTION GROUP INC                   | CUSIP: 300426103<br>LEI: 2549006JMMHR0KILT425 | Long             | EC               | CORP              | US        |       383 | NS      | $32842.25     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM CORPORATION                                                                                                | SLM CORP                                        | CUSIP: 78442P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1629 | NS      | $45090.72     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUINIX, INC.                                                                                                  | EQUINIX INC                                     | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      7488 | NS      | $5864901.12   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| UNION PACIFIC CORPORATION                                                                                      | UNION PACIFIC CORP                              | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     13415 | NS      | $3170903.55   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Holdings Ltd                                                                                            | VIKING HOLDINGS LTD                             | CUSIP: G93A5A101<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |      1573 | NS      | $97777.68     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIXMOR PROPERTY GROUP INC.                                                                                    | BRIXMOR PROPERTY GROUP INC                      | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |     59813 | NS      | $1655623.84   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL PAPER COMPANY                                                                                    | INTERNATIONAL PAPER CO                          | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |      8900 | NS      | $412960.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MATCH GROUP, INC.                                                                                              | MATCH GROUP INC                                 | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |      1933 | NS      | $68273.56     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NewMarket Corporation                                                                                          | NEWMARKET CORP                                  | CUSIP: 651587107<br>LEI: 54930082CG88ERDREQ47 | Long             | EC               | CORP              | US        |        48 | NS      | $39754.08     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOZONE, INC.                                                                                                 | AUTOZONE INC                                    | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       713 | NS      | $3058941.12   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ZOOM COMMUNICATIONS, INC.                                                                                      | ZOOM COMMUNICATIONS INC                         | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |      4458 | NS      | $367785.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TECHNIPFMC PLC                                                                                                 | TECHNIPFMC PLC                                  | CUSIP: G87110105<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | GB        |      3316 | NS      | $130816.20    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| APPFOLIO, INC.                                                                                                 | APPFOLIO INC                                    | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Long             | EC               | CORP              | US        |       169 | NS      | $46586.54     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| KIMBERLY-CLARK CORPORATION                                                                                     | KIMBERLY CLARK CORP                             | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |     20386 | NS      | $2534795.24   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY RESIDENTIAL                                                                                             | EQUITY RESIDENTIAL REIT                         | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |     15005 | NS      | $971273.65    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED RENTALS, INC.                                                                                           | UNITED RENTALS INC                              | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |      1151 | NS      | $1098813.66   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXTRON INC.                                                                                                   | TEXTRON INC                                     | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |      3216 | NS      | $271719.84    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TYLER TECHNOLOGIES, INC.                                                                                       | TYLER TECHNOLOGIES INC                          | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |       751 | NS      | $392893.16    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.                                                                   | TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD ADR   | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             |  | CORP              | TW        |     33732 | NS      | $9421010.28   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| UNUM GROUP                                                                                                     | UNUM GROUP                                      | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |      1339 | NS      | $104147.42    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD RENEWABLE CORPORATION                                                                               | BROOKFIELD RENEWABLE CORP                       | CUSIP: 11285B108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |       968 | NS      | $33318.56     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MGM RESORTS INTERNATIONAL                                                                                      | MGM RESORTS INTERNATIONAL                       | CUSIP: 552953101<br>LEI: 54930066VBP7DZEGGJ87 | Long             | EC               | CORP              | US        |      1585 | NS      | $54936.10     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PERFORMANCE FOOD GROUP COMPANY                                                                                 | PERFORMANCE FOOD GROUP COMPANY                  | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |      1187 | NS      | $123495.48    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDBACK ENERGY, INC.                                                                                       | DIAMONDBACK ENERGY INC                          | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |      3314 | NS      | $474233.40    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HEWLETT PACKARD ENTERPRISE COMPANY                                                                             | HEWLETT PACKARD ENTERPRISE COMPANY              | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |     22798 | NS      | $559918.88    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MARKETAXESS HOLDINGS INC.                                                                                      | MARKETAXESS HOLDINGS INC                        | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |       282 | NS      | $49138.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| KILROY REALTY CORPORATION                                                                                      | KILROY REALTY CORP                              | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |     36840 | NS      | $1556490.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX LABORATORIES, INC.                                                                                       | IDEXX LABORATORIES INC                          | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |      1434 | NS      | $916168.26    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| COLUMBIA SPORTSWEAR COMPANY                                                                                    | COLUMBIA SPORTSWEAR CO                          | CUSIP: 198516106<br>LEI: 549300OTMCIEUXAH5Z60 | Long             | EC               | CORP              | US        |       201 | NS      | $10512.30     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VEEVA SYSTEMS INC.                                                                                             | VEEVA SYSTEMS INC                               | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |      2691 | NS      | $801675.81    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Roivant Sciences Ltd                                                                                           | ROIVANT SCIENCES LTD                            | CUSIP: G76279101<br>LEI: 549300DL466NY5J6U724 | Long             | EC               | CORP              | BM        |      2932 | NS      | $44361.16     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RIVIAN AUTOMOTIVE, INC.                                                                                        | RIVIAN AUTOMOTIVE INC                           | CUSIP: 76954A103<br>LEI: 25490004LNKJ84MFYY24 | Long             | EC               | CORP              | US        |     13316 | NS      | $195478.88    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION                                                                | WABTEC                                          | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |      3026 | NS      | $606622.22    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FTI CONSULTING, INC.                                                                                           | FTI CONSULTING INC                              | CUSIP: 302941109<br>LEI: 549300K17GM8EQD0FQ48 | Long             | EC               | CORP              | US        |       256 | NS      | $41382.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LAM RESEARCH CORPORATION                                                                                       | LAM RESEARCH CORP                               | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     22570 | NS      | $3022123.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| URBAN EDGE PROPERTIES                                                                                          | URBAN EDGE PROPERTIES                           | CUSIP: 91704F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     79698 | NS      | $1631418.06   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| JPN YEN 9AM NOV25C                                                                                             | JPN YEN 9AM NOV25C                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       100 | NC      | $17500.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPN YEN 9AM OCT25C                                                                                             | JPN YEN 9AM OCT25C                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       100 | NC      | $625.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WYNN RESORTS, LIMITED                                                                                          | WYNN RESORTS LTD                                | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |       646 | NS      | $82862.42     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DENTSPLY SIRONA INC.                                                                                           | DENTSPLY SIRONA INC                             | CUSIP: 24906P109<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | EC               | CORP              | US        |      1625 | NS      | $20621.25     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LUMENTUM HOLDINGS INC.                                                                                         | LUMENTUM HOLDINGS INC                           | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |       517 | NS      | $84121.07     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGET CORPORATION                                                                                             | TARGET CORP                                     | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      8005 | NS      | $718048.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEMS, INC.                                                                                | ADVANCED DRAINAGE SYSTEMS INC                   | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |       546 | NS      | $75730.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AIR LEASE CORPORATION                                                                                          | AIR LEASE CORPORATION                           | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |       788 | NS      | $50156.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTERO MIDSTREAM CORPORATION                                                                                   | ANTERO MIDSTREAM CORP                           | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2550 | NS      | $49572.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AXON ENTERPRISE, INC.                                                                                          | AXON ENTERPRISE INC                             | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |      1307 | NS      | $937955.48    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANE TECHNOLOGIES PLC                                                                                         | TRANE TECHNOLOGIES PLC                          | CUSIP: G8994E103<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |      3933 | NS      | $1659568.68   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BURLINGTON STORES, INC.                                                                                        | BURLINGOTN STORES INC                           | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |      1113 | NS      | $283258.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PERRIGO COMPANY PUBLIC LIMITED COMPANY                                                                         | PERRIGO CO PLC                                  | CUSIP: G97822103<br>LEI: 549300IFOQS6R1QLY196 | Long             | EC               | CORP              | IE        |      1019 | NS      | $22693.13     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VALMONT INDUSTRIES, INC.                                                                                       | VALMONT INDUSTRIES INC                          | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |       159 | NS      | $61649.07     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CNA FINANCIAL CORPORATION                                                                                      | CNA FINANCIAL CORP                              | CUSIP: 126117100<br>LEI: 549300YX2GSZD7YG1R84 | Long             | EC               | CORP              | US        |       207 | NS      | $9617.22      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CATERPILLAR INC.                                                                                               | CATERPILLAR INC                                 | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      8269 | NS      | $3945553.35   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INCORPORATED                                                                                          | QUALCOMM INC                                    | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     19147 | NS      | $3185294.92   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST INDUSTRIAL REALTY TRUST, INC.                                                                            | FIRST INDUSTRIAL REALTY TRUST INC               | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38588 | NS      | $1986124.36   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TRIMBLE INC.                                                                                                   | TRIMBLE INC                                     | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |      4247 | NS      | $346767.55    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC INVESTMENT CORP.                                                                                          | AGNC INVESTMENT CORP                            | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               | CORP              | US        |      8090 | NS      | $79201.10     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO CORPORATION                                                                                              | HEICO CORP                                      | CUSIP: 422806109<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |      1766 | NS      | $570100.12    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEAN HARBORS, INC.                                                                                            | CLEAN HARBORS INC                               | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |       387 | NS      | $89869.14     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.                                                                                   | MONDELEZ INTERNATIONAL INC                      | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |     52241 | NS      | $3263495.27   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI CORPORATION                                                                                                | UGI CORP                                        | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |      1588 | NS      | $52816.88     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MONSTER BEVERAGE CORPORATION                                                                                   | MONSTER BEVERAGE CORP                           | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |     32228 | NS      | $2169266.68   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC SERVICES, INC.                                                                                        | REPUBLIC SERVICES INC CLASS A                   | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |     10713 | NS      | $2458419.24   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazard, Inc.                                                                                                   | LAZARD INC                                      | CUSIP: 52110M109<br>LEI: 254900RIBCDJSUFG1A11 | Long             | EC               | CORP              | US        |       826 | NS      | $43596.28     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYCHEX, INC.                                                                                                  | PAYCHEX INC                                     | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |      9851 | NS      | $1248712.76   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| F5, INC.                                                                                                       | F5 Inc                                          | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |      1020 | NS      | $329653.80    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ANALOG DEVICES, INC.                                                                                           | ANALOG DEVICES INC                              | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      8764 | NS      | $2153314.80   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERACTIVE BROKERS GROUP, INC.                                                                                | INTERACTIVE BROKERS GROUP INC CL A              | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |      7576 | NS      | $521304.56    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIMMER BIOMET HOLDINGS, INC.                                                                                   | ZIMMER BIOMET HOLDINGS INC                      | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |     14532 | NS      | $1431402.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| VALVOLINE INC.                                                                                                 | VALVOLINE INC                                   | CUSIP: 92047W101<br>LEI: 549300CMHPBEY6VPOT75 | Long             | EC               | CORP              | US        |       995 | NS      | $35730.45     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE GAP, INC.                                                                                                  | GAP INC                                         | CUSIP: 364760108<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | EC               | CORP              | US        |      1780 | NS      | $38074.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BEST BUY CO., INC.                                                                                             | BEST BUY CO INC                                 | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |      3484 | NS      | $263460.08    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DEVON ENERGY CORPORATION                                                                                       | DEVON ENERGY CORP                               | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |     11008 | NS      | $385940.48    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| REDDIT INC.                                                                                                    | REDDIT INC                                      | CUSIP: 75734B100<br>LEI: 529900APN1YHPBHPI679 | Long             | EC               | CORP              | US        |      1929 | NS      | $443650.71    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AMGEN INC.                                                                                                     | AMGEN INC                                       | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     14386 | NS      | $4059729.20   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| LIBERTY MEDIA CORP - FORMULA ONE GROUP                                                                         | LIBERTY MEDIA CORP - FORMULA ONE GROUP          | CUSIP: 531229755<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | EC               | CORP              | US        |     12744 | NS      | $1331110.80   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                                                                                           | META PLATFORMS INC                              | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     48867 | NS      | $35886947.46  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| TELEDYNE TECHNOLOGIES INCORPORATED                                                                             | TELEDYNE TECHNOLOGIES INC                       | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |       814 | NS      | $477036.56    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Software Inc                                                                                             | UNITY SOFTWARE INC                              | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |      2463 | NS      | $98618.52     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LABCORP HOLDINGS INC.                                                                                          | LABCORP HOLDINGS INC                            | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4653 | NS      | $1335690.18   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTA BEAUTY, INC.                                                                                              | ULTA BEAUTY INC                                 | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |      1978 | NS      | $1081471.50   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| LINCOLN ELECTRIC HOLDINGS, INC.                                                                                | LINCOLN ELECTRIC HOLDING INC                    | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |       425 | NS      | $100227.75    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CAVA GROUP, INC.                                                                                               | CAVA GROUP INC                                  | CUSIP: 148929102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       772 | NS      | $46636.52     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ZOETIS INC.                                                                                                    | ZOETIS INC                                      | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |     10396 | NS      | $1521142.72   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CHIPOTLE MEXICAN GRILL, INC.                                                                                   | CHIPOTLE MEXICAN GRILL INC                      | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23721 | NS      | $929625.99    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BENTLEY SYSTEMS, INCORPORATED                                                                                  | BENTLEY SYSTEMS INC                             | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Long             | EC               | CORP              | US        |      2792 | NS      | $143732.16    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| D.R. HORTON, INC.                                                                                              | D R HORTON INC                                  | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |      4890 | NS      | $828708.30    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BECTON, DICKINSON AND COMPANY                                                                                  | BECTON DICKINSON CO                             | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     11086 | NS      | $2074966.62   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| E MINI RUSS 2000 DEC25                                                                                         | E MINI RUSS 2000 DEC25                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        62 | NC      | $121102.04    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EBAY INC.                                                                                                      | EBAY INC                                        | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |      9911 | NS      | $901405.45    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORPORATION                                                                                             | NVIDIA CORP                                     | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    468127 | NS      | $87343135.66  | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| MANHATTAN ASSOCIATES, INC.                                                                                     | MANHATTAN ASSOCIATES INC                        | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |       471 | NS      | $96545.58     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT, INC.                                                                                 | APOLLO GLOBAL MANAGEMENT INC                    | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |     65372 | NS      | $8712126.44   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| GRACO INC                                                                                                      | GRACO INC                                       | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |      2920 | NS      | $248083.20    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TKO GROUP HOLDINGS, INC.                                                                                       | TKO GROUP HOLDINGS INC                          | CUSIP: 87256C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       532 | NS      | $107442.72    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SHIFT4 PAYMENTS, INC                                                                                           | SHIFT4 PAYMENTS INC                             | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       513 | NS      | $39706.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED THERAPEUTICS CORPORATION                                                                                | UNITED THERAPEUTICS CORP                        | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |      5891 | NS      | $2469566.11   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Industrial N.V.                                                                                            | CNH INDUSTRIAL NV                               | CUSIP: N20944109<br>LEI: 549300WGC2HZ5J67V817 | Long             | EC               | CORP              | NL        |     15489 | NS      | $168055.65    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ALBERTSONS COMPANIES, INC.                                                                                     | ALBERTSONS COS INC                              | CUSIP: 013091103<br>LEI: 549300YKWOC0AOR16R51 | Long             | EC               | CORP              | US        |    105716 | NS      | $1851087.16   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTAR GROUP, INC.                                                                                             | COSTAR GROUP INC                                | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |      7420 | NS      | $626025.40    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| WHIRLPOOL CORPORATION                                                                                          | WHIRLPOOL CORP                                  | CUSIP: 963320106<br>LEI: WHENKOULSSK7WUM60H03 | Long             | EC               | CORP              | US        |       404 | NS      | $31754.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ILLUMINA, INC.                                                                                                 | ILLUMINA INC                                    | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |      2766 | NS      | $262687.02    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AGILENT TECHNOLOGIES, INC.                                                                                     | AGILENT TECHNOLOGIES INC                        | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |      5030 | NS      | $645600.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| WARNER BROS. DISCOVERY, INC.                                                                                   | WARNER BROS DISCOVERY INC                       | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |     41870 | NS      | $817721.10    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR INC                                                                                                     | PACCAR INC                                      | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |     11588 | NS      | $1139332.16   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SNAP-ON INCORPORATED                                                                                           | SNAP ON INC                                     | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |      1926 | NS      | $667416.78    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HIGHWOODS PROPERTIES, INC.                                                                                     | HIGHWOODS PROPERTIES INC                        | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |       788 | NS      | $25074.16     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UWM HOLDINGS CORPORATION                                                                                       | UWM HOLDINGS CORP                               | CUSIP: 91823B109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       703 | NS      | $4281.27      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI PROPERTIES INC.                                                                                           | VICI PROPERTIES INC                             | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |     54530 | NS      | $1778223.30   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HERSHEY COMPANY                                                                                            | HERSHEY COMPANY                                 | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |     13813 | NS      | $2583721.65   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| WINGSTOP INC.                                                                                                  | WINGSTOP INC                                    | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |       215 | NS      | $54111.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG INDUSTRIES, INC.                                                                                           | PPG INDUSTRIES INC                              | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |      4031 | NS      | $423698.41    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PNC FINANCIAL SERVICES GROUP, INC.                                                                         | PNC FINANCIAL SERVICES GROUP INC                | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |      6947 | NS      | $1395860.71   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ALCOA CORPORATION                                                                                              | ALCOA CORP                                      | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |      1930 | NS      | $63477.70     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| F.N.B. CORPORATION                                                                                             | FNB CORP                                        | CUSIP: 302520101<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | EC               | CORP              | US        |      2714 | NS      | $43722.54     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LAS VEGAS SANDS CORP.                                                                                          | LAS VEGAS SANDS CORP                            | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |      6065 | NS      | $326236.35    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MILLROSE PROPERTIES, INC.                                                                                      | MILLROSE PROPERTIES INC                         | CUSIP: 601137102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41095 | NS      | $1381202.95   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT, INC.                                                                                                 | NNN REIT INC                                    | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |      1447 | NS      | $61598.79     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO LTD                                                                                                    | INVESCO LTD                                     | CUSIP: G491BT108<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               | CORP              | BM        |      2832 | NS      | $64966.08     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ETSY, INC.                                                                                                     | ETSY INC                                        | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |       799 | NS      | $53045.61     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKSHIRE HATHAWAY INC.                                                                                        | BERKSHIRE HATHAWAY INC CLASS B                  | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     29617 | NS      | $14889650.58  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| THE INTERPUBLIC GROUP OF COMPANIES, INC.                                                                       | INTERPUBLIC GROUP OF COS INC                    | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |      2943 | NS      | $82139.13     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core S&P 500 ETF                                                                                       | ISHARES CORE S P 500 ETF                        | CUSIP: 464287200<br>LEI: 5493007M4YMN8XL48C14 | Long             |  | RF                | US        |    194110 | NS      | $129917823.00 | 4.39%             |  |  |  | No            |                  1 | On Loan: No      |
| THERMO FISHER SCIENTIFIC INCORPORATED                                                                          | THERMO FISHER SCIENTIFIC INC                    | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      6653 | NS      | $3226838.06   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE.                                                                                                | PUBLIC STORAGE                                  | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |     17300 | NS      | $4997105.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| PINNACLE WEST CAPITAL CORPORATION                                                                              | PINNACLE WEST CAPITAL                           | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |       922 | NS      | $82666.52     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ON SEMICONDUCTOR CORPORATION                                                                                   | ON SEMICONDUCTOR CORP                           | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |      7482 | NS      | $368937.42    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Maplebear Inc                                                                                                  | MAPLEBEAR INC                                   | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1321 | NS      | $48559.96     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SMARTSTOP SELF STORAGE REIT, INC.                                                                              | SMARTSTOP SELF STORAGE REIT INC                 | CUSIP: 83192D402<br>LEI: 549300EC266625K12S42 | Long             | EC               | CORP              | US        |     51503 | NS      | $1938572.92   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Hasbro, Inc.                                                                                                   | HASBRO INC                                      | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |      1071 | NS      | $81235.35     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ARAMARK                                                                                                        | ARAMARK                                         | CUSIP: 03852U106<br>LEI: 549300MR6PG2DWZUIL39 | Long             | EC               | CORP              | US        |      1994 | NS      | $76569.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TETRA TECH, INC.                                                                                               | TETRA TECH INC                                  | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |      1995 | NS      | $66593.10     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLEGRO MICROSYSTEMS, INC                                                                                      | ALLEGRO MICROSYSTEMS INC                        | CUSIP: 01749D105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       946 | NS      | $27623.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWS CORPORATION                                                                                               | NEWS CORP A                                     | CUSIP: 65249B109<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |      6586 | NS      | $202256.06    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYALTY PHARMA PLC                                                                                             | ROYALTY PHARMA PLC                              | CUSIP: G7709Q104<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | GB        |     51287 | NS      | $1809405.36   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCH CAPITAL GROUP LTD.                                                                                        | ARCH CAPITAL GROUP LTD                          | CUSIP: G0450A105<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |     20030 | NS      | $1817321.90   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TORO COMPANY                                                                                               | TORO CO                                         | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               | CORP              | US        |       791 | NS      | $60274.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HOULIHAN LOKEY, INC.                                                                                           | HOULIHAN LOKEY INC                              | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |       405 | NS      | $83154.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUITIVE SURGICAL, INC.                                                                                       | INTUITIVE SURGICAL INC                          | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      6313 | NS      | $2823362.99   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE ENERGY CORP.                                                                                               | OGE ENERGY CORP                                 | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |      1514 | NS      | $70052.78     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO.                                                                                           | JPMORGAN CHASE CO                               | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     49087 | NS      | $15483512.41  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| REVVITY, INC.                                                                                                  | REVVITY INC                                     | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Long             | EC               | CORP              | US        |      2158 | NS      | $189148.70    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE, INC.                                                                                                     | NIKE INC CL B                                   | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     20552 | NS      | $1433090.96   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MARSH & MCLENNAN COMPANIES, INC.                                                                               | MARSH MCLENNAN COS INC                          | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |     14427 | NS      | $2907473.31   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL STORAGE AFFILIATES TRUST                                                                              | NATIONAL STORAGE AFFILIATES                     | CUSIP: 637870106<br>LEI: 529900FS06O8GOYNR108 | Long             | EC               | CORP              | US        |       603 | NS      | $18222.66     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTONATION, INC.                                                                                               | AUTONATION INC                                  | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       213 | NS      | $46598.01     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BATH & BODY WORKS, INC.                                                                                        | BATH BODY WORKS INC                             | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |      1735 | NS      | $44693.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTUNE BRANDS INNOVATIONS, INC.                                                                               | FORTUNE BRANDS INNOVATION                       | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               | CORP              | US        |       969 | NS      | $51734.91     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CLOROX COMPANY                                                                                             | CLOROX CO                                       | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |     16344 | NS      | $2015215.20   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MACY'S, INC.                                                                                                   | MACY S INC                                      | CUSIP: 55616P104<br>LEI: 529900NZQ81TIOW3CW52 | Long             | EC               | CORP              | US        |      2044 | NS      | $36648.92     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY CORPORATION.                                                                              | CONSTELLATION ENERGY CORP                       | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |     30468 | NS      | $10026104.76  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| JACK HENRY & ASSOCIATES, INC.                                                                                  | JACK HENRY ASSOCIATES INC                       | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |      8140 | NS      | $1212290.20   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| U-Haul Holding Company                                                                                         | U HAUL HOLDING CO                               | CUSIP: 023586506<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |      1736 | NS      | $88362.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core S&P Total US Stock Market ETF                                                                     | ISHARES CORE S P TOTAL US STOCK MARKET ETF      | CUSIP: 464287150<br>LEI: N/A                  | Long             |  | RF                | US        |    211260 | NS      | $30770019.00  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE CONNECTIONS, INC.                                                                                        | WASTE CONNECTIONS INC                           | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |     10550 | NS      | $1854690.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX CORPORATION                                                                                             | ROBLOX CORP CLASS A                             | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10315 | NS      | $1428833.80   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROGRESSIVE CORPORATION                                                                                    | PROGRESSIVE CORPORATION                         | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     16916 | NS      | $4177406.20   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Elastic N.V.                                                                                                   | ELASTIC NV                                      | CUSIP: N14506104<br>LEI: 2549003I48WHHH937I59 | Long             | EC               | CORP              | NL        |       673 | NS      | $56861.77     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| XPO, INC.                                                                                                      | XPO INC                                         | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |       887 | NS      | $114662.49    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOVUS FINANCIAL CORP.                                                                                        | SYNOVUS FINANCIAL CORP                          | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |      1092 | NS      | $53595.36     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M COMPANY                                                                                                     | 3M CO                                           | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |      9522 | NS      | $1477623.96   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| KYNDRYL HOLDINGS, INC.                                                                                         | KYNDRYL HOLDINGS INC W I                        | CUSIP: 50155Q100<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | EC               | CORP              | US        |      1741 | NS      | $52282.23     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM INTERNATIONAL INC.                                                                                         | RPM INC                                         | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |      2224 | NS      | $262165.12    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO., INC.                                                                                              | MERCK CO INC                                    | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     66619 | NS      | $5591332.67   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| DOCUSIGN, INC.                                                                                                 | DOCUSIGN INC                                    | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |      3529 | NS      | $254405.61    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHNEIDER NATIONAL, INC.                                                                                       | SCHNEIDER NATIONAL INC                          | CUSIP: 80689H102<br>LEI: 529900V6GZ6G6E3BLV72 | Long             | EC               | CORP              | US        |       410 | NS      | $8675.60      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR, Inc.                                                                                                      | NVR INC                                         | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |        99 | NS      | $795431.34    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PENUMBRA, INC.                                                                                                 | PENUMBERA INC                                   | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |       285 | NS      | $72196.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNATRACE, INC.                                                                                                | DYNATRACE INC                                   | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |      5177 | NS      | $250825.65    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCENTURE PUBLIC LIMITED COMPANY                                                                               | ACCENTURE PLC                                   | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |     11046 | NS      | $2723943.60   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AGREE REALTY CORPORATION                                                                                       | AGREE REALTY CORP                               | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        |       826 | NS      | $58679.04     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell 1000 ETF                                                                                       | ISHARES RUSSELL 1000 ETF                        | CUSIP: 464287622<br>LEI: 549300R9T7XRZ4D3YF43 | Long             |  | RF                | US        |     11135 | NS      | $4069619.80   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| FOX CORPORATION                                                                                                | FOX CORP CLASS A                                | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |     16200 | NS      | $1021572.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Doximity Inc                                                                                                   | DOXIMITY INC                                    | CUSIP: 26622P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1010 | NS      | $73881.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PFIZER INC.                                                                                                    | PFIZER INC                                      | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    159198 | NS      | $4056365.04   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| RESMED INC.                                                                                                    | RESMED INC                                      | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |      4054 | NS      | $1109701.42   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| RYAN SPECIALTY HOLDINGS, INC.                                                                                  | RYAN SPECIALTY GROUP HOLDINGS INC               | CUSIP: 78351F107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       812 | NS      | $45764.32     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION BRANDS, INC.                                                                                     | CONSTELLATION BRANDS INC                        | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |      9344 | NS      | $1258356.48   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| RYDER SYSTEM, INC.                                                                                             | RYDER SYSTEM INC                                | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |       311 | NS      | $58667.04     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| INGERSOLL RAND INC.                                                                                            | INGERSOLL RAND INC                              | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |      7042 | NS      | $581810.04    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELON CORPORATION                                                                                             | EXELON CORP                                     | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |     57530 | NS      | $2589425.30   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.                                                                                      | CBOE GLOBAL MARKETS INC                         | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |     10374 | NS      | $2544223.50   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| EATON CORPORATION PUBLIC LIMITED COMPANY                                                                       | EATON CORP PLC                                  | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |      6896 | NS      | $2580828.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| DEXCOM, INC.                                                                                                   | DEXCOM INC                                      | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |      6920 | NS      | $465646.80    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBINHOOD MARKETS, INC.                                                                                        | ROBINHOOD MARKETS INC                           | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |     12959 | NS      | $1855469.62   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SENSIENT TECHNOLOGIES CORPORATION                                                                              | SENSIENT TECHNOLOGIES CORP                      | CUSIP: 81725T100<br>LEI: CMMZHMFZQG86EI7WZU92 | Long             | EC               | CORP              | US        |     70394 | NS      | $6606476.90   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CIENA CORPORATION                                                                                              | CIENA CORP                                      | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |      1117 | NS      | $162713.39    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Global SA                                                                                                | BUNGE GLOBAL SA                                 | CUSIP: H11356104<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | CH        |     18514 | NS      | $1504262.50   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HOMES 4 RENT                                                                                          | AMERICAN HOMES 4 RENT A                         | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |     45160 | NS      | $1501570.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CHURCHILL DOWNS INCORPORATED                                                                                   | CHURCHILL DOWNS INC                             | CUSIP: 171484108<br>LEI: 529900FODTBQC8MIS994 | Long             | EC               | CORP              | US        |       541 | NS      | $52482.41     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VONTIER CORPORATION                                                                                            | VONTIER CORP W I                                | CUSIP: 928881101<br>LEI: 549300VVSQLG4P5K4639 | Long             | EC               | CORP              | US        |      1197 | NS      | $50238.09     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LENNAR CORPORATION                                                                                             | LENNAR CORP CLASS B                             | CUSIP: 526057302<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |        73 | NS      | $8759.27      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE ESTEE LAUDER COMPANIES INC.                                                                                | ESTEE LAUDER COS CLASS A                        | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |      4084 | NS      | $359882.08    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COMPANIES, INC.                                                                                         | LOWE S COS INC                                  | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      9885 | NS      | $2484199.35   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| VAIL RESORTS, INC.                                                                                             | VAIL RESORTS INC                                | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |       277 | NS      | $41430.89     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| COLUMBIA BANKING SYSTEM, INC.                                                                                  | COLUMBIA BANKING SYSTEM                         | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2302 | NS      | $59253.48     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPN YEN 9AM NOV25C                                                                                             | JPN YEN 9AM NOV25C                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       100 | NC      | $46250.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC.                                                                                          | BOOKING HOLDINGS INC                            | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       577 | NS      | $3115378.79   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| DILLARD'S, INC.                                                                                                | DILLARD S INC CLASS A                           | CUSIP: 254067101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        24 | NS      | $14747.52     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| COREBRIDGE FINANCIAL, INC.                                                                                     | COREBRIDGE FINANCIAL INC                        | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |      4699 | NS      | $150602.95    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| COTY INC.                                                                                                      | COTY INC                                        | CUSIP: 222070203<br>LEI: 549300BO9IWPF3S48F93 | Long             | EC               | CORP              | US        |      2894 | NS      | $11691.76     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SIRIUS XM HOLDINGS INC.                                                                                        | SIRIUS XM HOLDINGS INC                          | CUSIP: 829933100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1469 | NS      | $34190.98     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UBIQUITI INC.                                                                                                  | UBIQUITI INC                                    | CUSIP: 90353W103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        31 | NS      | $20477.98     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX, INC.                                                                                                  | NETFLIX COM INC                                 | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     14116 | NS      | $16923954.72  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA COMMUNICATIONS CORPORATION                                                                                 | SBA COMMUNICATIONS CORP                         | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |      7046 | NS      | $1362344.10   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| THOR INDUSTRIES, INC.                                                                                          | THOR INDUSTRIES INC                             | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Long             | EC               | CORP              | US        |       392 | NS      | $40646.48     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TYSON FOODS, INCORPORATED                                                                                      | TYSON FOODS INC CLASS A                         | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |     34316 | NS      | $1863358.80   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| TERADATA CORPORATION                                                                                           | TERADATA CORP                                   | CUSIP: 88076W103<br>LEI: 549300JU9SOUHV4U4R71 | Long             | EC               | CORP              | US        |       776 | NS      | $16691.76     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Total Stock Market Index Fund                                                                         | VANGUARD US TOTAL STOCK MARKET SHARES INDEX ETF | CUSIP: 922908769<br>LEI: N/A                  | Long             |  | RF                | US        |     93660 | NS      | $30736402.20  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| VERISIGN, INC.                                                                                                 | VERISIGN INC                                    | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |      4632 | NS      | $1294968.24   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| RINGCENTRAL, INC.                                                                                              | RINGCENTRAL INC CLASS A                         | CUSIP: 76680R206<br>LEI: 549300C8EH0H1614VE84 | Long             | EC               | CORP              | US        |       646 | NS      | $18307.64     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ'S WHOLESALE CLUB HOLDINGS, INC.                                                                             | BJ S WHOLESALE CLUB HOLDINGS INC                | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |      1016 | NS      | $94742.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDIA GROUP, INC.                                                                                            | EXPEDIA GROUP INC                               | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2151 | NS      | $459776.25    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| COCA-COLA CONSOLIDATED, INC.                                                                                   | COCA COLA CONSOLIDATED INC                      | CUSIP: 191098102<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | EC               | CORP              | US        |       400 | NS      | $46864.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ARES MANAGEMENT CORPORATION                                                                                    | ARES MANAGEMENT CORP A                          | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |      3590 | NS      | $574005.10    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DAYFORCE, INC.                                                                                                 | DAYFORCE INC                                    | CUSIP: 15677J108<br>LEI: 549300T64GVCHFJ8L449 | Long             | EC               | CORP              | US        |      1165 | NS      | $80256.85     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MORNINGSTAR, INC.                                                                                              | MORNINGSTAR INC                                 | CUSIP: 617700109<br>LEI: 529900YGNQPOVAXQ7F29 | Long             | EC               | CORP              | US        |       182 | NS      | $42225.82     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN & BROWN, INC.                                                                                            | BROWN BROWN INC                                 | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |     16411 | NS      | $1539187.69   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PENN Entertainment, Inc.                                                                                       | PENN ENTERTAINMENT INC                          | CUSIP: 707569109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1172 | NS      | $22572.72     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Amer Sports, Inc                                                                                               | AMER SPORTS INC                                 | CUSIP: G0260P102<br>LEI: 391200YCSWTRD1J21867 | Long             | EC               | CORP              | KY        |      1154 | NS      | $40101.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDIT ACCEPTANCE CORPORATION                                                                                  | CREDIT ACCEPTANCE CORPORATION                   | CUSIP: 225310101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        50 | NS      | $23346.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC.                                                                                                      | VISA INC CLASS A                                | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     55149 | NS      | $18826765.62  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| WEBSTER FINANCIAL CORPORATION                                                                                  | WEBSTER FINANCIAL CORP                          | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |      1311 | NS      | $77925.84     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ARMSTRONG WORLD INDUSTRIES, INC.                                                                               | ARMSTRONG WORLD INDUSTRIES INC                  | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               | CORP              | US        |       344 | NS      | $67427.44     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTRA CORP.                                                                                                   | VISTRA CORP                                     | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |     46165 | NS      | $9044646.80   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX CORPORATION                                                                                                | RTX CORP                                        | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     31634 | NS      | $5293317.22   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| FLOOR & DECOR HOLDINGS, INC.                                                                                   | FLOOR DECOR HOLDINGS INC A                      | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |       823 | NS      | $60655.10     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC.                                                                                                 | CITIGROUP INC                                   | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     32620 | NS      | $3310930.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORPORATION                                                                                             | ORACLE CORP                                     | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     62860 | NS      | $17678746.40  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS INC.                                                                                                       | MKS INC                                         | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |       501 | NS      | $62008.77     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AVERY DENNISON CORPORATION                                                                                     | AVERY DENNISON CORP                             | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |      3320 | NS      | $538404.40    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ILLINOIS TOOL WORKS INC.                                                                                       | ILLINOIS TOOL WORKS INC                         | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |      5839 | NS      | $1522577.64   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| METLIFE, INC.                                                                                                  | METLIFE INC                                     | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |      9948 | NS      | $819416.76    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GARTNER, INC.                                                                                                  | GARTNER GROUP INC                               | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |      1333 | NS      | $350405.71    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| COUSINS PROPERTIES INCORPORATED                                                                                | COUSINS PROPERTIES INC                          | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |      1290 | NS      | $37332.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FISERV, INC.                                                                                                   | FISERV INC                                      | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     13060 | NS      | $1683825.80   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCHER-DANIELS-MIDLAND COMPANY.                                                                                | ARCHER DANIELS MIDLAND CO                       | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |     30972 | NS      | $1850267.28   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLTOWER INC.                                                                                                 | WELLTOWER INC                                   | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |     67167 | NS      | $11965129.38  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| TEMPUS AI, INC                                                                                                 | TEMPUS AI INC                                   | CUSIP: 88023B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       637 | NS      | $51412.27     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FOX CORPORATION                                                                                                | FOX CORP CLASS B                                | CUSIP: 35137L204<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |     14827 | NS      | $849438.83    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ADT INC.                                                                                                       | ADT INC                                         | CUSIP: 00090Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3971 | NS      | $34587.41     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GitLab Inc                                                                                                     | GITLAB INC CL A                                 | CUSIP: 37637K108<br>LEI: 9845004Y40FACG81ED49 | Long             | EC               | CORP              | US        |      1017 | NS      | $45846.36     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OKTA, INC.                                                                                                     | OKTA INC                                        | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |      2837 | NS      | $260152.90    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDITORS INTERNATIONAL OF WASHINGTON, INC                                                                    | EXPEDITORS INTERNATIONAL OF WASHINGTON INC      | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |      6086 | NS      | $746082.74    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION                                                                                    | BANK OF AMERICA CORP                            | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    123170 | NS      | $6354340.30   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIMERICA, INC.                                                                                                | PRIMERICA INC                                   | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |       257 | NS      | $71340.63     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| COUPANG, INC.                                                                                                  | COUPANG INC                                     | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |      9610 | NS      | $309442.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| YUM! Brands, Inc.                                                                                              | YUM BRANDS INC                                  | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |     13943 | NS      | $2119336.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| LAMB WESTON HOLDINGS, INC.                                                                                     | LAMB WESTON HOLDING INC                         | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |      1093 | NS      | $63481.44     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PVH CORP.                                                                                                      | PVH CORP                                        | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |       429 | NS      | $35937.33     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BIO-RAD LABORATORIES, INC.                                                                                     | BIO RAD LABORATORIES INC CLASS A                | CUSIP: 090572207<br>LEI: 549300ZC1GPV35XYDK53 | Long             | EC               | CORP              | US        |       162 | NS      | $45423.18     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| KELLANOVA                                                                                                      | KELLANOVA                                       | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |      4837 | NS      | $396730.74    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Therapeutics Inc                                                                                        | SUMMIT THERAPEUTICS INC                         | CUSIP: 86627T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       904 | NS      | $18676.64     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HF SINCLAIR CORPORATION                                                                                        | HF SINCLAIR CORP                                | CUSIP: 403949100<br>LEI: 2549009G116AM01XHN24 | Long             | EC               | CORP              | US        |      1226 | NS      | $64168.84     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SL GREEN REALTY CORP.                                                                                          | SL GREEN REALTY CORP                            | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |     20445 | NS      | $1222815.45   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PALANTIR TECHNOLOGIES INC.                                                                                     | PALANTIR TECHNOLOGIES INC A                     | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     39341 | NS      | $7176585.22   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| H & R BLOCK, INC.                                                                                              | H R BLOCK INC                                   | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |      1053 | NS      | $53250.21     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SS INST TREAS PLUS MM FUN                                                                                      | SS INST TREAS PLUS MM FUN                       | CUSIP: 930SJLII0<br>LEI: N/A                  | Long             | STIV             | RF                | US        | 296161205 | NS      | $296161204.75 | 10.01%            |  |  |  | No            |                  1 | On Loan: No      |
| DATADOG, INC.                                                                                                  | DATADOG INC CLASS A                             | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |      5259 | NS      | $748881.60    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| INSULET CORPORATION                                                                                            | INSULET CORP                                    | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |      1224 | NS      | $377885.52    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DOVER CORPORATION                                                                                              | DOVER CORP                                      | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |      2403 | NS      | $400892.49    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAC HOLDINGS INC.                                                                                          | GENERAC HOLDINGS INC                            | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |       459 | NS      | $76836.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHERN TRUST CORPORATION                                                                                     | NORTHERN TRUST CORP                             | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |      3462 | NS      | $465985.20    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FORD MOTOR COMPANY                                                                                             | FORD MOTOR CO                                   | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |     68142 | NS      | $814978.32    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| RB Global Inc                                                                                                  | RB GLOBAL INC                                   | CUSIP: 74935Q107<br>LEI: 5493002H8U24DJXQ4886 | Long             | EC               | CORP              | CA        |      1417 | NS      | $153546.12    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| The Travelers Companies, Inc.                                                                                  | TRAVELERS COMPANIES INC                         | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      9090 | NS      | $2538109.80   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| WINTRUST FINANCIAL CORPORATION                                                                                 | WINTRUST FINANCIAL CORP                         | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |       499 | NS      | $66087.56     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PERMIAN RESOURCES CORPORATION                                                                                  | PERMIAN RESOURCES CORP                          | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |      5252 | NS      | $67225.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EDISON INTERNATIONAL                                                                                           | EDISON INTERNATIONAL                            | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |     23253 | NS      | $1285425.84   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CORE & MAIN, INC.                                                                                              | CORE MAIN INC                                   | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1478 | NS      | $79560.74     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC.                                                                      | MACOM TECHNOLOGY SOLUTIONS HOLDINGS INC         | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       481 | NS      | $59879.69     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| IONIS PHARMACEUTICALS, INC.                                                                                    | IONIS PHARMACEUTICALS INC                       | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | EC               | CORP              | US        |      1205 | NS      | $78831.10     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corporation                                                                                         | BROOKFIELD CORP                                 | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |     24180 | NS      | $1658264.40   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ELANCO ANIMAL HEALTH INCORPORATED                                                                              | ELANCO ANIMAL HEALTH INC                        | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |      3702 | NS      | $74558.28     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Regal Rexnord Corporation                                                                                      | REGAL REXNORD CORP                              | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |       494 | NS      | $70859.36     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ROLLINS, INC.                                                                                                  | ROLLINS INC                                     | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |     31124 | NS      | $1828223.76   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORPORATION                                                                                            | COMCAST CORP CLASS A                            | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     79500 | NS      | $2497890.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BAKER HUGHES COMPANY                                                                                           | BAKER HUGHES CO                                 | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17333 | NS      | $844463.76    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                                                                                  | ALPHABET INC CLASS C                            | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     85403 | NS      | $20799900.65  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities, Inc.                                                                                      | ESSENTIAL UTILITIES INC                         | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               | CORP              | US        |     48433 | NS      | $1932476.70   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| JAPANESE YEN FUTURE DEC25                                                                                      | JAPANESE YEN FUTURE DEC25                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | JP        |       100 | NC      | $-45825.57    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** HC Capital Trust

**Signature:** Colette Bergman

**Name of Signer:** Colette Bergman

**Title:** Treasurer