# EDGAR Filing Document

**Accession Number:** 0000934563
**File Stem:** 0001104659-26-006945
**Filing Date:** 2026-1
**Character Count:** 57483
**Document Hash:** 43a7520b1f7fee5fef0ec813451eb303
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-006945.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0001104659-26-006945

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**EFFECTIVENESS DATE**: 20260127

**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:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290928
- **FILM NUMBER:** 26564659

**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 Core Fixed Income Portfolio (Series ID: S000009382)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000025697 | The Core Fixed Income Portfolio | HCIIX           |

As filed with the Securities and Exchange Commission on January 27, 2026

1933 Act Registration No. 333-290928

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

__________________

**FORM N-14**

REGISTRATION STATEMENT UNDER THE

SECURITIES ACT OF 1933

☐ Pre-Effective Amendment No. ☒ Post-Effective Amendment No. 2

(Check appropriate box or boxes)

__________________

**HC Capital Trust**

(Exact Name of Registrant as Specified in Charter)

**Five Tower Bridge, 300 Barr Harbor, 5<sup>th</sup> Floor**

**West Conshohocken, PA 19428-2970**

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code:

**610-828-7200**

*Copies of communications to:*

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|:---|:---|
| Michael P. O'Hare, Partner<br> Stradley Ronon Stevens & Young, LLP<br> 2005 Market Street, Suite 2600<br> Philadelphia, PA 19103-7018 | (With Copy To):<br> Marguerite C. Bateman, Shareholder<br> VedderPrice, P.C.<br> 1401 New York Avenue, Suite 500<br> Washington, DC 20005 |

---

(Name and Address of Agent for Service)

Approximate Date of Proposed Public Offering: As soon as practicable after this Registration Statement becomes effective.

It is proposed that this filing will go effective immediately upon filing pursuant to Rule 485(b) under the Securities Act of 1933, as amended.

No filing fee is due because an indefinite number of shares has been deemed to be registered in reliance on Section 24(f) under the Investment Company Act of 1940, as amended.

[Parts A and B of this Amendment are incorporated by reference to the electronic filing made on November 21, 2025 under Accession number 0001104659-25-114961](http://www.sec.gov/Archives/edgar/data/934563/000110465925114961/tm2523519d3_485bpos.htm).

**PART C: OTHER INFORMATION** 

Item 15. Indemnification

Reference is made to Article VII of the Trust's Amended and Restated and Declaration of Trust and to Article VI of the Trust's By-Laws, which are incorporated herein by reference. Pursuant to Rule 484 under the Securities Act of 1933 (the "Act"), as amended, the Trust furnishes the following undertaking:

Insofar as indemnification for liabilities arising under the Act may be permitted to trustees, officers and controlling persons of the Trust pursuant to the foregoing provisions, or otherwise, the Trust has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Trust of expenses incurred or paid by a trustee, officer or controlling person of the Trust in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Trust will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Item 16. Exhibits

1. Charter

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| | |
|:---|:---|
| [(a)(i)](https://www.sec.gov/Archives/edgar/data/934563/0000934563-98-000001.txt) | [Certificate of Trust filed on December 15, 1994 with the Secretary of State of Delaware (Incorporated by reference to Exhibit (a)(1) of Post-Effective Amendment No. 7 filed with the Securities and Exchange Commission on January 2, 1998).](https://www.sec.gov/Archives/edgar/data/934563/0000934563-98-000001.txt) |

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| | |
|:---|:---|
| [(a)(ii)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99a1b.htm) | [Certificate of Amendment to Certificate of Trust filed on April 25, 2006 with the Secretary of State of Delaware. (Incorporated by reference to Exhibit (a)(1)(b) of Post-Effective Amendment No. 91 filed with the Securities and Exchange Commission on August 27, 2020).](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99a1b.htm) |

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| | |
|:---|:---|
| [(a)(iii)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99a1c.htm) | [Certificate of Amendment to Certificate of Trust filed on March 2, 2010 with the Secretary of State of Delaware. (Incorporated by reference to Exhibit (a)(1)(c) of Post-Effective Amendment No. 91 filed with the Securities and Exchange Commission on August 27, 2020).](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99a1c.htm) |

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[(b)](https://www.sec.gov/Archives/edgar/data/934563/000095012310023975/b38316bexv99waw3.htm) [Amended and Restated Declaration and Agreement of Trust (as amended March 8, 2010) (Incorporated by reference to Exhibit (a)(3) of Post-Effective Amendment No. 50 filed with the Securities and Exchange Commission on March 12, 2010).](https://www.sec.gov/Archives/edgar/data/934563/000095012310023975/b38316bexv99waw3.htm)

2. By-Laws

[Amended Bylaws of the Trust (as amended November 9, 1995, July 15, 1999, April 14, 2000, December 10, 2008, March 8, 2010, February 1, 2017, March 26, 2019 and March 10, 2020). (Incorporated by reference to Exhibit (b) of Post-Effective Amendment No. 91 filed with the Securities and Exchange Commission on August 27, 2020.)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99b.htm)

3. Voting Trust Agreement affecting more than 5% of any class of equity securities of Registrant: Not applicable.

4. Form of Plan of Reorganization attached as Exhibit A to the Prospectus/Proxy Statement and incorporated herein by reference.

5. Instruments defining right of security holders. (All relevant provisions included in Exhibit (1), as referenced
above.)

6. Investment Advisory Contracts.

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| | |
|:---|:---|
| [(a)(i)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d1a.htm) | [Amended and Restated Investment Advisory Agreement dated March 9, 2021 between the Trust and HC Capital Solutions (a division of, Hirtle, Callaghan & Co, LLC) related to The Growth Equity Portfolio (n/k/a The U.S. Equity Portfolio), The International Equity Portfolio, The Core Fixed Income Portfolio, The Corporate Opportunities Portfolio, The Short-Term Municipal Bond Portfolio and The Intermediate-Term Municipal Bond Portfolio. (Incorporated by reference to Exhibit (d)(1)(a) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d1a.htm) |

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| | |
|:---|:---|
| [(a)(ii)](https://www.sec.gov/Archives/edgar/data/934563/000110465923112616/tm2325090d1_ex99-xdx1xb.htm) | [Amendment No. 1 to the Amended and Restated Investment Advisory Agreement dated September 18, 2023 between the Trust and HC Capital Solutions (a division of, Hirtle, Callaghan & Co, LLC) related to The Growth Equity Portfolio (n/k/a The U.S. Equity Portfolio), The International Equity Portfolio, The Core Fixed Income Portfolio, The Corporate Opportunities Portfolio, The Short-Term Municipal Bond Portfolio and The Intermediate-Term Municipal Bond Portfolio. (Incorporated by reference to Exhibit (d)(1)(b) of Post-Effective Amendment No. 99 filed with the Securities and Exchange Commission on October 30, 2023.)](https://www.sec.gov/Archives/edgar/data/934563/000110465923112616/tm2325090d1_ex99-xdx1xb.htm) |

---

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| | |
|:---|:---|
| [(a)(iii)](https://www.sec.gov/Archives/edgar/data/934563/000110465925084450/tm2523042d1_ex99-xdx1xc.htm) | [Amendment No. 2 to the Amended and Restated Investment Advisory Agreement dated March 11, 2025 between the Trust and HC Capital Solutions (a division of, Hirtle, Callaghan & Co, LLC) related to The U.S. Equity Portfolio, The International Equity Portfolio, The Core Fixed Income Portfolio, The Corporate Opportunities Portfolio, The Short-Term Municipal Bond Portfolio and The Intermediate-Term Municipal Bond Portfolio. (Incorporated by reference to Exhibit (d)(1)(c) of Post-Effective Amendment No. 102 filed with the Securities and Exchange Commission on August 28, 2025.)](https://www.sec.gov/Archives/edgar/data/934563/000110465925084450/tm2523042d1_ex99-xdx1xc.htm) |

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| | |
|:---|:---|
| [(a)(iv)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d1b.htm) | [Amended and Restated Investment Advisory Agreement dated March 9, 2021 between the Trust and HC Capital Solutions (a division of, Hirtle, Callaghan & Co, LLC) related to The Institutional U.S. Equity Portfolio, The ESG Growth Portfolio, The Catholic SRI Growth Portfolio, The Institutional International Equity Portfolio, The Emerging Markets Portfolio, The U.S. Government Fixed Income Securities Portfolio, The U.S. Corporate Fixed Income Securities Portfolio and The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio. (Incorporated by reference to Exhibit (d)(1)(b) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d1b.htm) |

---

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| | |
|:---|:---|
| [(a)(v)](https://www.sec.gov/Archives/edgar/data/934563/000110465922095543/tm2222632d1_ex99-d1c.htm) | [Appendix A, dated March 8, 2022, to the Amended and Restated Investment Advisory Agreement dated March 9, 2021 between the Trust and HC Capital Solutions (a division of, Hirtle, Callaghan & Co, LLC) related to The Institutional U.S. Equity Portfolio, The ESG Growth Portfolio, The Catholic SRI Growth Portfolio, The Institutional International Equity Portfolio, The Emerging Markets Portfolio, The U.S. Government Fixed Income Securities Portfolio, The U.S. Corporate Fixed Income Securities Portfolio and The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio. (Incorporated by reference to Exhibit (d)(1)(c) of Post-Effective Amendment No. 96 filed with the Securities and Exchange Commission on August 29, 2022.)](https://www.sec.gov/Archives/edgar/data/934563/000110465922095543/tm2222632d1_ex99-d1c.htm) |

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| | |
|:---|:---|
| [(a)(vi)](https://www.sec.gov/Archives/edgar/data/934563/000110465923112616/tm2325090d1_ex99-xdx1xe.htm) | [Amendment No. 1 to the Amended and Restated Investment Advisory Agreement dated September 18, 2023 between the Trust and HC Capital Solutions (a division of, Hirtle, Callaghan & Co, LLC) related to The Institutional U.S. Equity Portfolio, The ESG Growth Portfolio, The Catholic SRI Growth Portfolio, The Institutional International Equity Portfolio, The Emerging Markets Portfolio, The U.S. Government Fixed Income Securities Portfolio, The U.S. Corporate Fixed Income Securities Portfolio and The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio. (Incorporated by reference to Exhibit (d)(1)(e) of Post-Effective Amendment No. 99 filed with the Securities and Exchange Commission on October 30, 2023.)](https://www.sec.gov/Archives/edgar/data/934563/000110465923112616/tm2325090d1_ex99-xdx1xe.htm) |

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| | |
|:---|:---|
| [(b)(i)](https://www.sec.gov/Archives/edgar/data/934563/000095012311080468/l43108a1exv99w28xdyx55y.htm) | [Portfolio Management Agreement, dated November 30, 2010, between the Trust and Mellon Capital Management Corporation (n/k/a Mellon Investments Corporation) related to The Core Fixed Income Portfolio. (Incorporated by reference to Exhibit (d)(55) to Post- Effective Amendment No. 57 filed with the Securities and Exchange Commission on August 26, 2011.)](https://www.sec.gov/Archives/edgar/data/934563/000095012311080468/l43108a1exv99w28xdyx55y.htm) |

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|:---|:---|
| [(b)(ii)](https://www.sec.gov/Archives/edgar/data/934563/000119312513353158/d589782dex99d49b.htm) | [Amendment No. 1, dated December 1, 2012, to the Portfolio Management Agreement dated November 30, 2010, between the Trust and Mellon Capital Management Corporation (n/k/a Mellon Investments Corporation) related to The Core Fixed Income Portfolio. (Incorporated by reference to Exhibit (d)(49)(b) of Post-Effective Amendment No. 63 filed with the Securities and Exchange Commission on August 30, 2013.)](https://www.sec.gov/Archives/edgar/data/934563/000119312513353158/d589782dex99d49b.htm) |

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[(c)](https://www.sec.gov/Archives/edgar/data/934563/000119312513420739/d616809dex99d59.htm) [Portfolio Management Agreement, dated August 22, 2013, between the Trust and Mellon Capital Management Corporation (n/k/a Mellon Investments Corporation) related to The Core Fixed Income Portfolio (US Corporate Fixed Income). (Incorporated by reference to Exhibit (d)(59) of Post-Effective Amendment No. 64 filed with the Securities and Exchange Commission on October 31, 2013.)](https://www.sec.gov/Archives/edgar/data/934563/000119312513420739/d616809dex99d59.htm)

[(d)](https://www.sec.gov/Archives/edgar/data/934563/000119312520279517/d935864dex99d34.htm) [Portfolio Management Agreement, dated October 1, 2020, between the Trust and Agincourt Capital Management, LLC related to The Core Fixed Income Portfolio. (Incorporated by reference to Exhibit (d)(34) of Post-Effective Amendment No. 92 filed with the Securities and Exchange Commission on October 28, 2020.)](https://www.sec.gov/Archives/edgar/data/934563/000119312520279517/d935864dex99d34.htm)

[(e)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d63.htm) [Portfolio Management Agreement for the Fixed Income Portfolios (Options Overlay), dated March 1, 2021, between the Trust and Parametric Portfolio Associates, LLC related to The Core Fixed Income Portfolio, The U.S. Government Fixed Income Securities Portfolio, The U.S. Corporate Fixed Income Securities Portfolio, The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio and The Intermediate Term Municipal Bond Portfolio. (Incorporated by reference to Exhibit (d)(63) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99d63.htm)

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| | |
|:---|:---|
| [(f)(i)](https://www.sec.gov/Archives/edgar/data/934563/000095012311080468/l43108a1exv99w28xdyx50y.htm) | [Portfolio Management Agreement, dated November 11, 2010, between the Trust and Mellon Capital Management Corporation (n/k/a Mellon Investments Corporation) related to The U.S. Government Fixed Income Securities Portfolio. (Incorporated by reference to Exhibit (d)(50) to Post- Effective Amendment No. 57 filed with the Securities and Exchange Commission on August 26, 2011.)](https://www.sec.gov/Archives/edgar/data/934563/000095012311080468/l43108a1exv99w28xdyx50y.htm) |

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| | |
|:---|:---|
| [(f)(ii)](https://www.sec.gov/Archives/edgar/data/934563/000119312513353158/d589782dex99d45b.htm) | [Amendment No. 1, dated December 1, 2012, to the Portfolio Management Agreement dated November 11, 2010, between the Trust and Mellon Capital Management Corporation (n/k/a Mellon Investments Corporation) related to The U.S. Government Fixed Income Securities Portfolio. (Incorporated by reference to Exhibit (d)(45)(b) of Post-Effective Amendment No. 63 filed with the Securities and Exchange Commission on August 30, 2013.)](https://www.sec.gov/Archives/edgar/data/934563/000119312513353158/d589782dex99d45b.htm) |

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[(g)](https://www.sec.gov/Archives/edgar/data/934563/000119312513420739/d616809dex99d60.htm) [Portfolio Management Agreement, dated August 22, 2013, between the Trust and Mellon Capital Management Corporation (n/k/a Mellon Investments Corporation) related to The U.S. Corporate Fixed Income Securities Portfolio. (Incorporated by reference to Exhibit (d)(60) of Post-Effective Amendment No. 64 filed with the Securities and Exchange Commission on October 31, 2013.)](https://www.sec.gov/Archives/edgar/data/934563/000119312513420739/d616809dex99d60.htm)

[(h)](https://www.sec.gov/Archives/edgar/data/934563/000119312520279517/d935864dex99d35.htm) [Portfolio Management Agreement, dated October 1, 2020, between the Trust and Agincourt Capital Management, LLC related to The U.S. Corporate Fixed Income Securities Portfolio. (Incorporated by reference to Exhibit (d)(35) of Post-Effective Amendment No. 92 filed with the Securities and Exchange Commission on October 28, 2020.)](https://www.sec.gov/Archives/edgar/data/934563/000119312520279517/d935864dex99d35.htm)

[(i)](https://www.sec.gov/Archives/edgar/data/934563/000119312513353158/d589782dex99d56.htm) [Portfolio Management Agreement, dated January 8, 2013, between the Trust and Mellon Capital Management Corporation (n/k/a Mellon Investments Corporation) related to The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio. (Incorporated by reference to Exhibit (d)(56) of Post-Effective Amendment No. 63 filed with the Securities and Exchange Commission on August 30, 2013.)](https://www.sec.gov/Archives/edgar/data/934563/000119312513353158/d589782dex99d56.htm)

7. Distribution Agreement.

[Distribution Agreement, dated July 1, 2025, between the Trust and Ultimus Fund Distributors, LLC. (Incorporated by reference to Exhibit (e) of Post-Effective Amendment No. 102 filed with the Securities and Exchange Commission on August 28, 2025.)](https://www.sec.gov/Archives/edgar/data/934563/000110465925084450/tm2523042d1_ex99-xe.htm)

8. Bonus or Profit Sharing Contracts: Not applicable.

9. Custodian Agreement.

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| | |
|:---|:---|
| [(a)(i)](https://www.sec.gov/Archives/edgar/data/934563/000095015206008627/l22757aexv99wgwa.txt) | [Custodian Agreement, dated February, 2006 between State Street Bank and Trust Company and the Trust. (Incorporated by reference to Exhibit (g)(a) of Post-Effective Amendment No. 30 filed with the Securities and Exchange Commission on October 31, 2006.)](https://www.sec.gov/Archives/edgar/data/934563/000095015206008627/l22757aexv99wgwa.txt) |

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|:---|:---|
| [(a)(ii)](https://www.sec.gov/Archives/edgar/data/934563/000119312516695518/d244729dex99g1c.htm) | [Revised Schedule D, dated December 15, 2015, to the Custodian Agreement dated February, 2006, between State Street Bank and Trust Company and the Trust. (Incorporated by reference to Exhibit (g)(1)(c) of Post-Effective Amendment No. 80 filed with the Securities and Exchange Commission on August 29, 2016.)](https://www.sec.gov/Archives/edgar/data/934563/000119312516695518/d244729dex99g1c.htm) |

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[(b)](https://www.sec.gov/Archives/edgar/data/934563/000101270901500665/ex23gb-801.txt) [Foreign Custody Manager Delegation Agreement dated July 2, 2001, between Bankers Trust Company and the Trust. (Incorporated by reference to Exhibit (g)(b) of Post-Effective Amendment No. 17 filed with the Securities and Exchange Commission on August 31, 2001.)](https://www.sec.gov/Archives/edgar/data/934563/000101270901500665/ex23gb-801.txt)

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|:---|:---|
| [(c)(i)](https://www.sec.gov/Archives/edgar/data/934563/000119312514387418/d771552dex99g1d.htm) | [Global Securities Lending Agency Agreement, dated May 30, 2014, between Citibank, N.A. and the Trust. (Incorporated by reference to Exhibit (g)(1)(d) of Post-Effective Amendment No. 70 filed with the Securities and Exchange Commission on October 29, 2014.)](https://www.sec.gov/Archives/edgar/data/934563/000119312514387418/d771552dex99g1d.htm) |

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|:---|:---|
| [(c)(ii)](https://www.sec.gov/Archives/edgar/data/934563/000119312519230002/d772767dex99g3b.htm) | [Exhibit A, dated February 12, 2019, to the Global Securities Lending Agency Agreement, dated May 30, 2014, between Citibank, N.A. and the Trust. (Incorporated by reference to Exhibit (g)(3)(b) of Post-Effective Amendment No. 88 filed with the Securities and Exchange Commission on August 27, 2019.)](https://www.sec.gov/Archives/edgar/data/934563/000119312519230002/d772767dex99g3b.htm) |

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|:---|:---|
| [(c)(iii)](https://www.sec.gov/Archives/edgar/data/934563/000119312516695518/d244729dex99g3c.htm) | [First Amendment, dated July 29, 2015, to the Global Securities Lending Agency Agreement dated May 30, 2014, between Citibank, N.A. and the Trust. (Incorporated by reference to Exhibit (g)(3)(c) of Post-Effective Amendment No. 80 filed with the Securities and Exchange Commission on August 29, 2016.)](https://www.sec.gov/Archives/edgar/data/934563/000119312516695518/d244729dex99g3c.htm) |

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|:---|:---|
| [(c)(iv)](https://www.sec.gov/Archives/edgar/data/934563/000119312518260304/d604641dex99g3d.htm) | [Second Amendment, dated August 15, 2017, to the Global Securities Lending Agency Agreement dated May 30, 2014, between Citibank, N.A. and the Trust. (Incorporated by reference to Exhibit (g)(3)(d) of Post-Effective Amendment No. 85 filed with the Securities and Exchange Commission on August 28, 2018.).](https://www.sec.gov/Archives/edgar/data/934563/000119312518260304/d604641dex99g3d.htm) |

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|:---|:---|
| [(c)(v)](https://www.sec.gov/Archives/edgar/data/934563/000119312518260304/d604641dex99g3e.htm) | [Third Amendment, dated March 27, 2018, to the Global Securities Lending Agency Agreement dated May 30, 2014, between Citibank, N.A. and the Trust. (Incorporated by reference to Exhibit (g)(3)(e) of Post-Effective Amendment No. 85 filed with the Securities and Exchange Commission on August 28, 2018.).](https://www.sec.gov/Archives/edgar/data/934563/000119312518260304/d604641dex99g3e.htm) |

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|:---|:---|
| [(c)(vi)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99g3f.htm) | [Fourth Amendment, dated April 27, 2020, to the Global Securities Lending Agency Agreement dated May 30, 2014, between Citibank, N.A. and the Trust. (Incorporated herein by reference to Exhibit (g)(3)(f) of Post-Effective Amendment No. 91 filed with the Securities and Exchange Commission on August 27, 2020.)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99g3f.htm) |

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|:---|:---|
| [(c)(vii)](https://www.sec.gov/Archives/edgar/data/934563/000110465924034906/tm245067d3_ex99-9xcxvii.htm) | [Amended Annex I to Schedule VII, dated November 9, 2023, to the Global Securities Lending Agency Agreement dated May 30, 2014, between Citibank, N.A. and the Trust. (Incorporated by reference to Exhibit 9(c)(vii) of Form N-14 filed with the Securities and Exchange Commission on March 15, 2024.).](https://www.sec.gov/Archives/edgar/data/934563/000110465924034906/tm245067d3_ex99-9xcxvii.htm) |

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|:---|:---|
| [(c)(viii)](https://www.sec.gov/Archives/edgar/data/934563/000110465924111870/tm2423097d1_ex99-xgx3xh.htm) | [Exhibit A, dated August 20, 2024, to the Global Securities Lending Agency Agreement dated May 30, 2014, between Citibank, N.A. and the Trust. (Incorporated herein by reference to Exhibit (g)(3)(h) of Post-Effective Amendment No. 101 filed with the Securities and Exchange Commission on October 28, 2024.)](https://www.sec.gov/Archives/edgar/data/934563/000110465924111870/tm2423097d1_ex99-xgx3xh.htm) |

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|:---|:---|
| [(c)(ix)](https://www.sec.gov/Archives/edgar/data/934563/000110465925103105/tm2523523d1_ex99-xgx3xi.htm) | [Fifth Amendment, dated August 1, 2025, to the Global Securities Lending Agency Agreement dated May 30, 2014, between Citibank, N.A. and the Trust. (Incorporated herein by reference to Exhibit (g)(3)(i) of Post-Effective Amendment No. 103 filed with the Securities and Exchange Commission on October 28, 2025.)](https://www.sec.gov/Archives/edgar/data/934563/000110465925103105/tm2523523d1_ex99-xgx3xi.htm) |

---

10. Rule 12b-1 Plans and Rule 18f-3 Plans: Not applicable.

[11.](https://www.sec.gov/Archives/edgar/data/934563/000110465925100313/tm2523519d2_ex99-11.htm) [Opinion and Consent of Counsel that shares will be validly issued, fully paid and non-assessable: (Previously filed on Form N-14 of Registrant as filed with the Securities and Exchange Commission on October 17, 2025 and incorporated herein by reference thereto).](https://www.sec.gov/Archives/edgar/data/934563/000110465925100313/tm2523519d2_ex99-11.htm)

[12.](tm262392d1_ex99-12.htm) [Opinion of Counsel with respect to tax consequences: Filed herewith as Exhibit 12.](tm262392d1_ex99-12.htm)

13. Other Material Contracts.

---

| | |
|:---|:---|
| [(a)(i)](https://www.sec.gov/Archives/edgar/data/934563/000095012309039676/l37394aexv99wxhyx6y.htm) | [Letter Agreement (a/k/a Compliance Services Agreement) between the Trust and Alaric Compliance Services LLC dated December 18, 2008. (Incorporated by reference to Exhibit (h)(6) of Post-Effective Amendment No. 43 filed with the Securities and Exchange Commission on August 31, 2009.)](https://www.sec.gov/Archives/edgar/data/934563/000095012309039676/l37394aexv99wxhyx6y.htm) |

---

---

| | |
|:---|:---|
| [(a)(ii)](https://www.sec.gov/Archives/edgar/data/934563/000119312516751460/d276917dex99h1b.htm) | [Amendment, dated January 1, 2010, to Letter Agreement (a/k/a Compliance Services Agreement) dated December 18, 2008,, between the Trust and Alaric Compliance Services LLC. (Incorporated by reference to Exhibit (h)(1)(b) of Post-Effective Amendment No. 81 filed with the Securities and Exchange Commission on October 28, 2016.)](https://www.sec.gov/Archives/edgar/data/934563/000119312516751460/d276917dex99h1b.htm) |

---

---

| | |
|:---|:---|
| [(a)(iii)](https://www.sec.gov/Archives/edgar/data/934563/000119312515135614/d912274dex99h4c.htm) | [Second Amendment, dated December 31, 2014, to Letter Agreement (a/k/a Compliance Services Agreement) dated December 18, 2008 between the Trust and Alaric Compliance Services, LLC. (Incorporated by reference to Exhibit (h)(4)(c) of Post-Effective Amendment No. 72 filed with the Securities and Exchange Commission on April 17, 2015.)](https://www.sec.gov/Archives/edgar/data/934563/000119312515135614/d912274dex99h4c.htm) |

---

---

| | |
|:---|:---|
| [(a)(iv)](https://www.sec.gov/Archives/edgar/data/934563/000119312516751460/d276917dex99h1d.htm) | [Third Amendment, dated December 15, 2015, to Letter Agreement (a/k/a Compliance Services Agreement) dated December 18, 2008 between the Trust and Alaric Compliance Services LLC. (Incorporated by reference to Exhibit (h)(1)(d) of Post-Effective Amendment No. 81 filed with the Securities and Exchange Commission on October 28, 2016.)](https://www.sec.gov/Archives/edgar/data/934563/000119312516751460/d276917dex99h1d.htm) |

---

---

| | |
|:---|:---|
| [(a)(v)](https://www.sec.gov/Archives/edgar/data/934563/000119312518260304/d604641dex99h1e.htm) | [Fourth Amendment, dated January 1, 2018, to Letter Agreement (a/k/a Compliance Services Agreement) dated December 18, 2008, between the Trust and Alaric Compliance Services LLC. (Incorporated by reference to Exhibit (h)(1)(e) of Post-Effective Amendment No. 85 filed with the Securities and Exchange Commission on August 28, 2018.)](https://www.sec.gov/Archives/edgar/data/934563/000119312518260304/d604641dex99h1e.htm) |

---

---

| | |
|:---|:---|
| [(a)(vi)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99h1f.htm) | [Fifth Amendment, dated January 1, 2020, to Letter Agreement (a/k/a Compliance Services Agreement) dated December 18, 2008, between the Trust and Alaric Compliance Services LLC. (Incorporated by reference to Exhibit (h)(1)(f) of Post-Effective Amendment No. 91 filed with the Securities and Exchange Commission on August 27, 2020.)](https://www.sec.gov/Archives/edgar/data/934563/000119312520232718/d935864dex99h1f.htm) |

---

---

| | |
|:---|:---|
| [(a)(vii)](https://www.sec.gov/Archives/edgar/data/934563/000110465922095543/tm2222632d1_ex99-h1g.htm) | [Assignment and Amendment Agreement, dated December 7, 2021, between the Trust, Alaric Compliance Services LLC and Foreside Fund Officer Services, LLC. (Incorporated by reference to Exhibit (h)(1)(g) of Post-Effective Amendment No. 96 filed with the Securities and Exchange Commission on August 29, 2022.)](https://www.sec.gov/Archives/edgar/data/934563/000110465922095543/tm2222632d1_ex99-h1g.htm) |

---

---

| | |
|:---|:---|
| [(a)(viii)](https://www.sec.gov/Archives/edgar/data/934563/000110465923095817/tm2323832d1_ex99-h1h.htm) | [Sixth Amendment, dated June 1, 2023, to Letter Agreement (a/k/a Compliance Services Agreement) dated December 18, 2008, between the Trust and Foreside Officer Services LLC. (Incorporated by reference to Exhibit (h)(1)(h) of Post-Effective Amendment No. 98 filed with the Securities and Exchange Commission on August 28, 2023.)](https://www.sec.gov/Archives/edgar/data/934563/000110465923095817/tm2323832d1_ex99-h1h.htm) |

---

---

| | |
|:---|:---|
| [(b)(i)](https://www.sec.gov/Archives/edgar/data/934563/000119312515306263/d28717dex99h5.htm) | [Services Agreement, dated June 11, 2014, between the Trust and Citi Fund Services Ohio, Inc. (Incorporated by reference to Exhibit (h)(5) of Post-Effective Amendment No. 75 filed with the Securities and Exchange Commission on August 28, 2015.)](https://www.sec.gov/Archives/edgar/data/934563/000119312515306263/d28717dex99h5.htm) |

---

---

| | |
|:---|:---|
| [(b)(ii)](https://www.sec.gov/Archives/edgar/data/934563/000119312515135614/d912274dex99h6.htm) | [Amendment, dated March 31, 2015, to Services Agreement between the Trust and Citi Fund Services Ohio, Inc. dated June 11, 2014. (Incorporated by reference to Exhibit (h)(6) of Post-Effective Amendment No. 72 filed with the Securities and Exchange Commission on April 17, 2015.)](https://www.sec.gov/Archives/edgar/data/934563/000119312515135614/d912274dex99h6.htm) |

---

---

| | |
|:---|:---|
| [(b)(iii)](https://www.sec.gov/Archives/edgar/data/934563/000119312516695518/d244729dex99h5c.htm) | [Revised Schedule 5, dated December 15, 2015, to the Services Agreement dated June 11, 2014, between the Trust and Citi Fund Services Ohio, Inc. (Incorporated by reference to Exhibit (h)(5)(c) of Post-Effective Amendment No. 80 filed with the Securities and Exchange Commission on August 29, 2016.)](https://www.sec.gov/Archives/edgar/data/934563/000119312516695518/d244729dex99h5c.htm) |

---

---

| | |
|:---|:---|
| [(b)(iv)](https://www.sec.gov/Archives/edgar/data/934563/000119312518260304/d604641dex99h2d.htm) | [Amendment, dated March 13, 2018, to Services Agreement between the Trust and Citi Fund Services Ohio, Inc. dated June 11, 2014. (Incorporated by reference to Exhibit (h)(2)(d) of Post-Effective Amendment No. 85 filed with the Securities and Exchange Commission on August 28, 2018.)](https://www.sec.gov/Archives/edgar/data/934563/000119312518260304/d604641dex99h2d.htm) |

---

---

| | |
|:---|:---|
| [(b)(v)](https://www.sec.gov/Archives/edgar/data/934563/000119312519230002/d772767dex99h2e.htm) | [Amendment, dated March 26, 2019, to Services Agreement between the Trust and Citi Fund Services Ohio, Inc. dated June 11, 2014. (Incorporated by reference to Exhibit (h)(2)(e) of Post-Effective Amendment No. 88 filed with the Securities and Exchange Commission on August 27, 2019.)](https://www.sec.gov/Archives/edgar/data/934563/000119312519230002/d772767dex99h2e.htm) |

---

---

| | |
|:---|:---|
| [(b)(vi)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99h2f.htm) | [Amendment, dated December 15, 2020, to Services Agreement between the Trust and Citi Fund Services Ohio, Inc. dated June 11, 2014. (Incorporated by reference to Exhibit (h)(2)(f) of Post-Effective Amendment No. 93 filed with the Securities and Exchange Commission on August 27, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521259093/d218294dex99h2f.htm) |

---

---

| | |
|:---|:---|
| [(b)(vii)](https://www.sec.gov/Archives/edgar/data/934563/000119312521311518/d203509dex99h2g.htm) | [Amendment, dated September 14, 2021, to Services Agreement between the Trust and Citi Fund Services Ohio, Inc. dated June 11, 2014. (Incorporated by reference to Exhibit (h)(2)(g) of Post-Effective Amendment No. 94 filed with the Securities and Exchange Commission on October 28, 2021.)](https://www.sec.gov/Archives/edgar/data/934563/000119312521311518/d203509dex99h2g.htm) |

---

---

| | |
|:---|:---|
| [(b)(viii)](https://www.sec.gov/Archives/edgar/data/934563/000110465922095543/tm2222632d1_ex99-h2h.htm) | [Amendment, dated March 8, 2022, to Services Agreement between the Trust and Citi Fund Services Ohio, Inc. dated June 11, 2014 . (Incorporated by reference to Exhibit (h)(2)(h) of Post-Effective Amendment No. 96 filed with the Securities and Exchange Commission on August 29, 2022.)](https://www.sec.gov/Archives/edgar/data/934563/000110465922095543/tm2222632d1_ex99-h2h.htm) |

---

---

| | |
|:---|:---|
| [(b)(ix)](https://www.sec.gov/Archives/edgar/data/934563/000110465923112616/tm2325090d1_ex99-xhx2xi.htm) | [Amendment, dated September 18, 2023, to Services Agreement between the Trust and Citi Fund Services Ohio, Inc. dated June 11, 2014. (Incorporated by reference to Exhibit (h)(2)(i) of Post-Effective Amendment No. 99 filed with the Securities and Exchange Commission on October 30, 2023.)](https://www.sec.gov/Archives/edgar/data/934563/000110465923112616/tm2325090d1_ex99-xhx2xi.htm) |

---

---

| | |
|:---|:---|
| [(b)(x)](https://www.sec.gov/Archives/edgar/data/934563/000110465924034906/tm245067d3_ex99-13xbxx.htm) | [Amendment, dated March 12, 2024, to Services Agreement between the Trust and Citi Fund Services Ohio, Inc. dated June 11, 2014. (Incorporated by reference to Exhibit (13)(b)(x) of Form N-14 filed with the Securities and Exchange Commission on March 15, 2024.)](https://www.sec.gov/Archives/edgar/data/934563/000110465924034906/tm245067d3_ex99-13xbxx.htm) |

---

---

| | |
|:---|:---|
| [(b)(xi)](https://www.sec.gov/Archives/edgar/data/934563/000110465925103105/tm2523523d1_ex99-xhx2xk.htm) | [Amendment, dated September 23, 2025, to Services Agreement between the Trust and Citi Fund Services Ohio, Inc. dated June 11, 2014. (Incorporated herein by reference to Exhibit (h)(2)(k) of Post-Effective Amendment No. 103 filed with the Securities and Exchange Commission on October 28, 2025.)](https://www.sec.gov/Archives/edgar/data/934563/000110465925103105/tm2523523d1_ex99-xhx2xk.htm) |

---

---

| | |
|:---|:---|
| [(c)(i)](https://www.sec.gov/Archives/edgar/data/934563/000119312515135614/d912274dex99h7.htm) | [Transfer Agency Services Agreement, dated March 27, 2015, between the Trust and Citi Fund Services Ohio, Inc. (Incorporated by reference to Exhibit (h)(7) of Post-Effective Amendment No. 72 filed with the Securities and Exchange Commission on April 17, 2015.)](https://www.sec.gov/Archives/edgar/data/934563/000119312515135614/d912274dex99h7.htm) |

---

---

| | |
|:---|:---|
| [(c)(ii)](https://www.sec.gov/Archives/edgar/data/934563/000119312516695518/d244729dex99h6b.htm) | [Revised Schedule 5, dated December 15, 2015, to the Transfer Agency Services Agreement dated March 27, 2015, between the Trust and Citi Fund Services Ohio, Inc. (Incorporated by reference to Exhibit (h)(6)(b) of Post-Effective Amendment No. 80 filed with the Securities and Exchange Commission on August 29, 2016.)](https://www.sec.gov/Archives/edgar/data/934563/000119312516695518/d244729dex99h6b.htm) |

---

---

| | |
|:---|:---|
| [(c)(iii)](https://www.sec.gov/Archives/edgar/data/934563/000119312517270383/d430317dex99h3c.htm) | [Amendment, dated December 6, 2016, to the Transfer Agency Services Agreement dated March 27, 2015, between the Trust and FIS Investor Services LLC. (Incorporated by reference to Exhibit (h)(3)(c) of Post-Effective Amendment No. 83 filed with the Securities and Exchange Commission on August 28, 2017.)](https://www.sec.gov/Archives/edgar/data/934563/000119312517270383/d430317dex99h3c.htm) |

---

[(d)](https://www.sec.gov/Archives/edgar/data/934563/000119312518260304/d604641dex99h4.htm) [Adoption Agreement, dated January 31, 2018, between the Trust and BNY Mellon Asset Management North America Corporation. (Incorporated by reference to Exhibit (h)(4) of Post-Effective Amendment No. 85 filed with the Securities and Exchange Commission on August 28, 2018.)](https://www.sec.gov/Archives/edgar/data/934563/000119312518260304/d604641dex99h4.htm)

[(e)](https://www.sec.gov/Archives/edgar/data/934563/000110465923095817/tm2323832d1_ex99-h5.htm) [ReFlow Fund, LLC Participating Fund Agreement, dated March 14, 2023, between the Trust and ReFlow Fund, LLC with respect to The Growth Equity Portfolio (n/k/a The U.S. Equity Portfolio) and The Institutional U.S. Equity Portfolio. (Incorporated by reference to Exhibit (h)(5) of Post-Effective Amendment No. 98 filed with the Securities and Exchange Commission on August 28, 2023.)](https://www.sec.gov/Archives/edgar/data/934563/000110465923095817/tm2323832d1_ex99-h5.htm)

[14.](http://www.sec.gov/Archives/edgar/data/934563/000110465925114961/tm2523519d3_ex99-14.htm) [Consent of Independent Registered Public Accounting Firm: (Previously filed on Form N-14 of Registrant as filed with the Securities and Exchange Commission on November 21, 2025 and incorporated herein by reference thereto)](http://www.sec.gov/Archives/edgar/data/934563/000110465925114961/tm2523519d3_ex99-14.htm)

15. Omitted Financial Statements: Not applicable.

[16.](tm262392d1_ex99-16.htm) [Powers of Attorney: Filed herewith as Exhibit No. 16.](tm262392d1_ex99-16.htm)

17. Additional Exhibits.

Item 17. Undertakings:

(i) The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Act [17 CFR 230.145c], the reoffering prospectus will contain the information called for by the applicable registration form for the reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

(ii) The undersigned Registrant agrees that every prospectus that is filed under paragraph 1 above will be filed as a part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

<u>Exhibit List</u>

[(12)](tm262392d1_ex99-12.htm) [Opinion of Counsel with respect to tax consequences.](tm262392d1_ex99-12.htm)

[(16)](tm262392d1_ex99-16.htm) [Powers of Attorney.](tm262392d1_ex99-16.htm)

SIGNATURES

As required by the Securities Act of 1933, the Registrant certifies that it meets all of the requirements for effectiveness of this post-effective amendment to its Registration Statement on Form N-14 pursuant to Rule 485(b) under the Securities Act of 1933, as amended and has duly caused this Registration Statement to be signed on its behalf by the undersigned, in the City of West Conshohocken and Commonwealth of Pennsylvania, on the 27<sup>th</sup> day of January, 2026.

---

| |
|:---|
| HC Capital Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* |
| Geoffrey A. Trzepacz |
| President and Chief Executive Officer |

---

As required by the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated on the 27<sup>th</sup> day of January, 2026.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | Trustee | January 27, 2026 |
| John M. Dyer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | Trustee | January 27, 2026 |
| Jarrett Burt Kling |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | Trustee | January 27, 2026 |
| Geoffrey A. Trzepacz |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | Trustee | January 27, 2026 |
| R. Richard Williams |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | Trustee | January 27, 2026 |
| Richard W. Wortham, III |  |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Colette Bergman |
|  | **Colette Bergman** |
|  | As Attorney-in-fact and Treasurer,<br> Principal Financial Officer and<br> Principal Accounting Officer |

---

January 27, 2026

## Exhibit 99.12

**Exhibit 99.12**

![](tm262392d1_ex99-12img001.jpg)

---

| |
|:---|
| 191 North Wacker Drive |
| Suite 1601 |
| Chicago, IL 60606 |
| T: 312.964.3500 |

---

Richard E. Peterson

Partner

rpeterson@stradley.com

312.964.3499 January 26, 2026

Board of Trustees, HC Capital Trust

Five Tower Bridge, 300 Barr Harbor Drive, 5th Floor

West Conshohocken, Pennsylvania 19428

---

| | |
|:---|:---|
| **Re:** | **Plan of Reorganization ("Plan") made as of** **September 23, 2025, by HC Capital Trust (the "Trust"), a Delaware statutory trust, on behalf of its series, The U.S. Government Fixed Income Securities Portfolio, The U.S. Corporate Fixed Income Securities Portfolio and The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio (each a "Target Portfolio" and together, the "Target Portfolios") and The Core Fixed Income Portfolio (the "Acquiring Portfolio") (together, the "Portfolios" and, individually, a "Portfolio").** |

---

Ladies and Gentlemen:

You have requested our opinion as to certain federal income tax consequences of the reorganization (hereinafter referred to as the "Reorganization") of the Target Portfolios, pursuant to which: (i) the Acquiring Portfolio will acquire the assets and liabilities of each Target Portfolio in exchange for shares of the Acquiring Portfolio of equal value to the net assets of each Target Portfolio being acquired, and (ii) the Target Portfolios will distribute such shares of the Acquiring Portfolio to the shareholders of each Target Portfolio, in connection with the liquidation and termination of each Target Portfolio, all upon the terms and conditions of the Plan. Capitalized terms not otherwise defined herein shall have the meanings assigned to them in the Plan.

In rendering our opinion, we have reviewed and relied upon: (a) a copy of the executed Plan, dated as of September 23, 2025; (b) the Joint Proxy Statement/Prospectus provided to shareholders of the Target Portfolios dated November 21, 2025; (c) certain representations concerning the Reorganization made to us by the Trust, on behalf of the Target Portfolios and the Acquiring Portfolio, in a letter dated January 26, 2026 (the "Representation Letter"); (d) all other documents, financial and other reports and corporate minutes we deemed relevant or appropriate; and (e) such statutes, regulations, rulings and decisions as we deemed material in rendering this opinion.

**Stradley Ronon Stevens & Young, LLP** \| **stradley.com**

Chicago \| Los Angeles \| New York \| Philadelphia \| Washington, D.C.

January 26, 2026

For purposes of this opinion, we have assumed that each Target Portfolio on the Closing Date of the Reorganization satisfies, and immediately following the Closing Date of the Reorganization, the Acquiring Portfolio will continue to satisfy, the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), for qualification as regulated investment companies.

Based on the foregoing, and provided the Reorganization is carried out in accordance with the applicable laws of the State of Delaware, the terms of the Plan and the statements in the Representation Letter for the Target Portfolios and the Acquiring Portfolio, it is our opinion that for federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The acquisition by the Acquiring Portfolio of all of the assets of the Target Portfolios in exchange for the Acquiring Portfolio shares and the assumption of all of the liabilities of each Target, followed by the distribution by each Target Portfolio to its shareholders of the Acquiring Portfolio shares in liquidation and termination of each Target Portfolio, will qualify as a reorganization within the meaning of Section 368(a)(1) of the Code, and the Acquiring Portfolio and each Target Portfolio will each be a "party to the reorganization" within the meaning of Section 368(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No gain or loss will be recognized by each Target Portfolio upon the transfer of the assets to, and the assumption of its liabilities by, the Acquiring Portfolio in exchange for the Acquiring Portfolio shares pursuant to Section 361(a) and Section 357(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. No gain or loss will be recognized by the Acquiring Portfolio upon the receipt of the assets of each Target Portfolio in exchange for Acquiring Portfolio shares and the assumption of the liabilities of each Target Portfolio pursuant to Section 1032(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. No gain or loss will be recognized by each Target Portfolio upon the distribution of the Acquiring Portfolio shares by each Target Portfolio to its shareholders in complete liquidation of the Target Portfolio pursuant to Section 361(c)(1) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The tax basis of the assets of each Target Portfolio in the hands of the Acquiring Portfolio will be the same as the tax basis of these assets in the hands of the Target Portfolio immediately prior to the Reorganization under Section 362(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The holding periods of the assets of each Target Portfolio received by the Acquiring Portfolio will include the periods during which such assets were held by the Target Portfolio pursuant to Section 1223(2) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. No gain or loss will be recognized by the shareholders of the Target Portfolios upon the exchange of their shares in the Target Portfolios for the shares of the Acquiring Portfolio pursuant to Section 354(a) of the Code (except with respect to cash received by Target Portfolio shareholders in redemption of fractional shares prior to the Reorganization).

January 26, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The aggregate tax basis of the Acquiring Portfolio shares to be received by the shareholders of the Target Portfolios of the Acquiring Portfolio will be the same as the aggregate tax basis of the shares of the Target Portfolios exchanged therefor pursuant to Section 358(a)(1) of the Code, except for fractional shares redeemed prior to the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The holding period of the Acquiring Portfolio shares to be received by the shareholders of the Target Portfolios will include the holding period of the corresponding Target Portfolio shares exchanged by that shareholder, provided that the shareholder held the Target Portfolio shares as a capital asset on the effective date of the Reorganization pursuant to Section 1223(1) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Acquiring Portfolio will succeed to and take into account as of the date of the transfer (as defined in Section 1.381(b)-1(b) of the Treasury Regulations) the items of the Target Portfolios described in Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Treasury Regulations thereunder.

Notwithstanding anything to the contrary herein, we express no opinion as to the effect of the Reorganization on: (i) the Target Portfolios or the Acquiring Portfolio with respect to any asset as to which any unrealized gain or loss is required to be recognized for federal income tax purposes at the end of a taxable year (or on the termination or transfer thereof) under a mark-to-market system of accounting; and (ii) any Target Portfolio shareholder that is required to recognize unrealized gains and losses for federal income tax purposes under a mark-to-market system of accounting.

Our opinion is based upon the Code, the applicable Treasury Regulations, the present positions of the Internal Revenue Service (the "Service") as are set forth in published revenue rulings and revenue procedures, present administrative positions of the Service, and existing judicial decisions, all of which are subject to change either prospectively or retroactively. We do not undertake to make any continuing analysis of the facts or relevant law following the date of the Reorganization.

Our opinion is conditioned upon the performance by the Trust, on behalf of the Target Portfolios and the Acquiring Portfolio, of the undertakings in the Plan and the Representation Letter. Except as expressly set forth above, we express no other opinion to any party as to the tax consequences, whether federal, state, local or foreign, with respect to (i) the Reorganization or any transaction related to or contemplated by such Reorganization (or incident thereto) or (ii) the effect, if any, of the Reorganization on any other transaction and/or the effect, if any, of any such other transaction on the Reorganization.

We hereby consent to the use of this opinion as an exhibit to the registration statement of the Acquiring Portfolio on Form N-14, and any amendments thereto, covering the registration of

January 26, 2026

Acquiring Portfolio shares under the Securities Act of 1933, as amended, to be issued in the Reorganization.

Very truly yours, <br>

## Exhibit 99.16

**Exhibit 99.16**

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned, a Trustee of HC Capital Trust, a Delaware statutory trust (the "Trust"), does hereby constitute and appoint Colette Bergman and Jamie Eisner, and each of them, his true and lawful attorney and agent to do any and all acts and things and to execute any and all instruments which said attorney and agent may deem necessary or advisable to enable the Trust to comply with the Securities Act of 1933, as amended ("Securities Act"), the Investment Company Act of 1940, as amended ("1940 Act") and any rules, regulations and requirements of the Securities and Exchange Commission ("SEC"), in connection with the registration under the Securities Act of the shares of beneficial interest of the Trust (the "Securities") and in connection with the registration of the Trust under the 1940 Act, including specifically, but without limiting the generality of the foregoing, the power and authority to sign for, and on behalf of, the Trust and the undersigned, the name of the undersigned as Trustee or an officer, as appropriate, of the Trust to the Registration Statement on Form N-14 relating to the proposed reorganization of each of The U.S. Government Fixed Income Securities Portfolio, The U.S. Corporate Fixed Income Securities Portfolio and The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio into The Core Fixed Income Portfolio, each a series of the Trust, including any pre- and post-effective amendments thereto filed with the SEC with respect to the Securities or with respect to the Trust and to any instrument or document filed as part of, as an exhibit to, or in connection with, any Registration Statement or amendment.

IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of September 23, 2025.

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| | |
|:---|:---|
| */s/ John M. Dyer* | */s/ R. Richard Williams* |
| John M. Dyer, Trustee | R. Richard Williams, Trustee |
| */s/ Jarrett Burt Kling* | */s/ Richard W. Wortham* |
| Jarrett Burt Kling, Trustee | Richard W. Wortham III, Trustee |
| */s/ Geoffrey Trzepacz* |  |
| Geoffrey A. Trzepacz, Trustee |  |

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**HC CAPITAL TRUST**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS,** that the undersigned, being an executive officer of HC Capital Trust, a statutory trust organized under the laws of the State of Delaware (the "Trust"), does hereby make, constitute and appoint COLETTE BERGMAN and JAMIE EISNER, and each of them, attorneys-in-fact and agents of the undersigned with full power and authority of substitution and re-substitution, in any and all capacities, to execute for, and on behalf of, the undersigned any and all filings and amendments to the Registration Statement on Form N-14 relating to the proposed reorganization of each of The U.S. Government Fixed Income Securities Portfolio, The U.S. Corporate Fixed Income Securities Portfolio and The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio into The Core Fixed Income Portfolio, each a series of the Trust, including any pre- and post-effective amendments thereto, and any other documents and instruments incidental thereto, and to deliver and file the same, with all exhibits thereto, and all documents and instruments in connection therewith, with the U.S. Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing that said attorneys-in-fact and agents, and each of them, deem advisable or necessary to enable the Trust to effectuate the intents and purposes hereof, and the undersigned hereby fully ratifies and confirms all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute or substitutes, shall do or cause to be done by virtue hereof.

**IN WITNESS WHEREOF**, the undersigned has subscribed his name this 23rd day of September, 2025.

*/s/ Geoffrey Trzepacz*

Geoffrey A. Trzepacz

**HC CAPITAL TRUST**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS,** that the undersigned, being an executive officer of HC Capital Trust, a statutory trust organized under the laws of the State of Delaware (the "Trust"), does hereby make, constitute and appoint GEOFFREY A. TRZEPACZ and JAMIE EISNER, and each of them, attorneys-in-fact and agents of the undersigned with full power and authority of substitution and re-substitution, in any and all capacities, to execute for, and on behalf of, the undersigned any and all filings and amendments to the Registration Statement on Form N-14 relating to the proposed reorganization of each of The U.S. Government Fixed Income Securities Portfolio, The U.S. Corporate Fixed Income Securities Portfolio and The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio into The Core Fixed Income Portfolio, each a series of the Trust, including any pre- and post-effective amendments thereto, and any other documents and instruments incidental thereto, and to deliver and file the same, with all exhibits thereto, and all documents and instruments in connection therewith, with the U.S. Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing that said attorneys-in-fact and agents, and each of them, deem advisable or necessary to enable the Trust to effectuate the intents and purposes hereof, and the undersigned hereby fully ratifies and confirms all that said attorneys-in-fact and agents, or any of them, or their or his substitute or substitutes, shall do or cause to be done by virtue hereof.

**IN WITNESS WHEREOF**, the undersigned has subscribed her name this 23rd day of September, 2025.

*/s/ Colette Bergman*

Colette Bergman