# EDGAR Filing Document

**Accession Number:** 0000934563
**File Stem:** 0000934563-26-000003
**Filing Date:** 2026-3
**Character Count:** 1194549
**Document Hash:** cc9bd8fffbde923c77427bc373e7e6fe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000934563-26-000003.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0000934563-26-000003

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**EFFECTIVENESS DATE**: 20260304

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08918
- **FILM NUMBER:** 26720871

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

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

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

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

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

## Series and Classes Contracts Data

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

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

### The U.S. Equity Portfolio (Series ID: S000009379)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000025694 | The U.S. Equity Portfolio | HCEGX           |

### The International Equity Portfolio (Series ID: S000009381)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000025696 | The International Equity Portfolio | HCIEX           |

### The Core Fixed Income Portfolio (Series ID: S000009382)

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

### The Corporate Opportunities Portfolio (Series ID: S000009383)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000025698 | The Corporate Opportunities Portfolio | HCHYX           |

### The Short-Term Municipal Bond Portfolio (Series ID: S000009384)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000025699 | The Short-Term Municipal Bond Portfolio | HCSBX           |

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

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

### The Institutional International Equity Portfolio (Series ID: S000022550)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000065218 | The Institutional International Equity Portfolio | HCINX           |

### The Emerging Markets Portfolio (Series ID: S000022579)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000065289 | The Emerging Markets Portfolio | HCEMX           |

### The U.S. Government Fixed Income Securities Portfolio (Series ID: S000029852)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000091786 | The U.S. Government Fixed Income Securities Portfolio | HCUSX           |

### The U.S. Corporate Fixed Income Securities Portfolio (Series ID: S000029853)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000091788 | The U.S. Corporate Fixed Income Securities Portfolio | HCXSX           |

### The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio (Series ID: S000029854)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000091790 | The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio | HCASX           |

### The ESG Growth Portfolio (Series ID: S000049974)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000157800 | The ESG Growth Portfolio | HCESX           |

### The Catholic SRI Growth Portfolio (Series ID: S000052277)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000164403 | The Catholic SRI Growth Portfolio | HCSRX           |

?xml version='1.0' encoding='ASCII'?

### UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

# FORM N-CSR
**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 811-08918

HC Capital Trust

(Exact name of registrant as specified in charter)

Five Tower Bridge, 300 Barr Harbor Drive, 5th Floor, West Conshohocken, PA 19428

(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>800-242-9596</u>

Date of fiscal year end: <u>June 30</u>

Date of reporting period: <u>December 31, 2025</u>

**Item 1. Reports to Stockholders.**

(a) #### The U.S. Equity Portfolio

#### HCEGX
![Image](ic338dac143d33a72a5ab29ee.jpg)

#### Semi-Annual Shareholder Report — December 31, 2025

# **Fund Overview** 
This semi-annual shareholder report contains important information about The U.S. Equity Portfolio for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.hccapitalsolutions.com. You can also request this information by contacting us at (800) 242-9596.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| The U.S. Equity Portfolio | $9 | 0.17% |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| The U.S. Equity Portfolio | 15.70% | 12.76% | 15.01% |
| MSCI USA Index | 17.75% | 13.87% | 14.79% |

---

**Past performance is not an indication of future results.**

Performance results do not include the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1979258729 |
| Number of Portfolio Holdings | 739 |
| Net Investment Advisory Fees | $757170 |
| Portfolio Turnover Rate | 3% |

---

# What did the Fund invest in?
(As of December 31, 2025)

# **Portfolio Composition\*** 

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
| Information Technology | 33.6% |
| Financials | 13.5% |
| Consumer Discretionary | 10.7% |
| Communication Services | 10.5% |
| Health Care | 10.0% |
| Industrials | 8.3% |
| Consumer Staples | 4.5% |
| Energy | 3.1% |
| Utilities | 2.4% |
| Real Estate | 1.7% |
| Materials | 1.6% |
| Other Investments | 0.2% |

---

\* Excludes other assets and liabilities on the balance sheet.

# **Material Fund Changes** 
There were no material fund changes during the reporting period.

# Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.

\*Excludes other assets and liabilities on the balance sheet.

#### The U.S. Equity Portfolio
![Image](i5ff18ddf692ec08a310a1370.jpg)

#### HCEGX
Semi-Annual Shareholder Report — December 31, 2025

# Additional information about the Fund (e.g. Financial Statements, Holdings, Prospectus and Statement of Additional Information): is available at www.hccapitalsolutions.com or upon request, by calling (800) 242-9596.

#### The Institutional U.S. Equity Portfolio

#### HCIGX
![Image](ic338dac143d33a72a5ab29ee.jpg)

#### Semi-Annual Shareholder Report — December 31, 2025

# **Fund Overview** 
This semi-annual shareholder report contains important information about The Institutional U.S. Equity Portfolio for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.hccapitalsolutions.com. You can also request this information by contacting us at (800) 242-9596.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| The Institutional U.S. Equity Portfolio | $8 | 0.15% |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| The Institutional U.S. Equity Portfolio | 16.88% | 11.81% | 14.78% |
| MSCI USA Index | 17.75% | 13.87% | 14.79% |

---

**Past performance is not an indication of future results.**

Performance results do not include the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $2978624808 |
| Number of Portfolio Holdings | 1071 |
| Net Investment Advisory Fees | $1058514 |
| Portfolio Turnover Rate | 22% |

---

# What did the Fund invest in?
(As of December 31, 2025)

# **Portfolio Composition\*** 

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
| Information Technology | 14.5% |
| Investment Companies - Money Market Funds | 12.9% |
| Investment Companies - Domestic Equity | 10.4% |
| Investment Companies - International Equity | 10.2% |
| Financials | 8.4% |
| Health Care | 7.8% |
| Consumer Discretionary | 7.6% |
| Industrials | 6.7% |
| Communication Services | 5.4% |
| Real Estate | 4.1% |
| Consumer Staples | 4.1% |
| Other Investments | 5.3% |

---

\* Excludes other assets and liabilities on the balance sheet.

# **Material Fund Changes** 
There were no material fund changes during the reporting period.

# Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.

\*Excludes other assets and liabilities on the balance sheet.

#### The Institutional U.S. Equity Portfolio
![Image](i5ff18ddf692ec08a310a1370.jpg)

#### HCIGX
Semi-Annual Shareholder Report — December 31, 2025

# Additional information about the Fund (e.g. Financial Statements, Holdings, Prospectus and Statement of Additional Information): is available at www.hccapitalsolutions.com or upon request, by calling (800) 242-9596.

#### The ESG Growth Portfolio

#### HCESX
![Image](ic338dac143d33a72a5ab29ee.jpg)

#### Semi-Annual Shareholder Report — December 31, 2025

# **Fund Overview** 
This semi-annual shareholder report contains important information about The ESG Growth Portfolio for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.hccapitalsolutions.com. You can also request this information by contacting us at (800) 242-9596.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| The ESG Growth Portfolio | $17 | 0.32% |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| The ESG Growth Portfolio | 21.63% | 11.25% | 11.47% |
| MSCI World Index | 21.09% | 12.15% | 12.17% |

---

**Past performance is not an indication of future results.**

Performance results do not include the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $123413409 |
| Number of Portfolio Holdings | 1296 |
| Net Investment Advisory Fees | $64833 |
| Portfolio Turnover Rate | 2% |

---

# What did the Fund invest in?
(As of December 31, 2025)

# **Portfolio Composition\*** 

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
| Information Technology | 27.6% |
| Financials | 17.1% |
| Industrials | 11.1% |
| Consumer Discretionary | 10.2% |
| Health Care | 9.9% |
| Communication Services | 7.3% |
| Consumer Staples | 4.7% |
| Energy | 3.4% |
| Materials | 3.3% |
| Utilities | 2.6% |
| Real Estate | 1.8% |
| Other Investments | 0.8% |

---

\* Excludes other assets and liabilities on the balance sheet.

# **Material Fund Changes** 
There were no material fund changes during the reporting period.

# Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.

\*Excludes other assets and liabilities on the balance sheet.

#### The ESG Growth Portfolio
![Image](i5ff18ddf692ec08a310a1370.jpg)

#### HCESX
Semi-Annual Shareholder Report — December 31, 2025

# Additional information about the Fund (e.g. Financial Statements, Holdings, Prospectus and Statement of Additional Information): is available at www.hccapitalsolutions.com or upon request, by calling (800) 242-9596.

#### The Catholic SRI Growth Portfolio

#### HCSRX
![Image](ic338dac143d33a72a5ab29ee.jpg)

#### Semi-Annual Shareholder Report — December 31, 2025

# **Fund Overview** 
This semi-annual shareholder report contains important information about The Catholic SRI Growth Portfolio for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.hccapitalsolutions.com. You can also request this information by contacting us at (800) 242-9596.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| The Catholic SRI Growth Portfolio | $16 | 0.31% |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| The Catholic SRI Growth Portfolio | 20.87% | 12.32% | 12.83% |
| MSCI World Index | 21.09% | 12.15% | 12.91% |

---

**Past performance is not an indication of future results.**

Performance results do not include the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $89632911 |
| Number of Portfolio Holdings | 1195 |
| Net Investment Advisory Fees | $25653 |
| Portfolio Turnover Rate | 12% |

---

# What did the Fund invest in?
(As of December 31, 2025)

# **Portfolio Composition\*** 

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
| Information Technology | 30.6% |
| Financials | 19.2% |
| Consumer Discretionary | 10.9% |
| Communication Services | 10.0% |
| Industrials | 9.3% |
| Consumer Staples | 4.5% |
| Energy | 3.8% |
| Materials | 3.5% |
| Health Care | 3.0% |
| Utilities | 2.9% |
| Real Estate | 2.1% |
| Other Investments | 0.2% |

---

\* Excludes other assets and liabilities on the balance sheet.

# **Material Fund Changes** 
There were no material fund changes during the reporting period.

# Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.

\*Excludes other assets and liabilities on the balance sheet.

#### The Catholic SRI Growth Portfolio
![Image](i5ff18ddf692ec08a310a1370.jpg)

#### HCSRX
Semi-Annual Shareholder Report — December 31, 2025

# Additional information about the Fund (e.g. Financial Statements, Holdings, Prospectus and Statement of Additional Information): is available at www.hccapitalsolutions.com or upon request, by calling (800) 242-9596.

#### The International Equity Portfolio

#### HCIEX
![Image](ic338dac143d33a72a5ab29ee.jpg)

#### Semi-Annual Shareholder Report — December 31, 2025

# **Fund Overview** 
This semi-annual shareholder report contains important information about The International Equity Portfolio for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.hccapitalsolutions.com. You can also request this information by contacting us at (800) 242-9596.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| The International Equity Portfolio | $11 | 0.21% |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| The International Equity Portfolio | 31.45% | 9.75% | 8.61% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |

---

**Past performance is not an indication of future results.**

Performance results do not include the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $672725733 |
| Number of Portfolio Holdings | 366 |
| Net Investment Advisory Fees | $250713 |
| Portfolio Turnover Rate | 6% |

---

# What did the Fund invest in?
(As of December 31, 2025)

# **Portfolio Composition\*** 

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
| Financials | 25.4% |
| Industrials | 16.3% |
| Health Care | 9.0% |
| Information Technology | 8.6% |
| Consumer Discretionary | 8.1% |
| Investment Companies - International Equity | 6.2% |
| Materials | 6.2% |
| Consumer Staples | 6.0% |
| Energy | 4.6% |
| Communication Services | 3.5% |
| Utilities | 3.0% |
| Other Investments | 2.3% |

---

\* Excludes other assets and liabilities on the balance sheet.

# **Material Fund Changes** 
There were no material fund changes during the reporting period.

# Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.

\*Excludes other assets and liabilities on the balance sheet.

#### The International Equity Portfolio
![Image](i5ff18ddf692ec08a310a1370.jpg)

#### HCIEX
Semi-Annual Shareholder Report — December 31, 2025

# Additional information about the Fund (e.g. Financial Statements, Holdings, Prospectus and Statement of Additional Information): is available at www.hccapitalsolutions.com or upon request, by calling (800) 242-9596.

#### The Institutional International Equity Portfolio

#### HCINX
![Image](ic338dac143d33a72a5ab29ee.jpg)

#### Semi-Annual Shareholder Report — December 31, 2025

# **Fund Overview** 
This semi-annual shareholder report contains important information about The Institutional International Equity Portfolio for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.hccapitalsolutions.com. You can also request this information by contacting us at (800) 242-9596.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| The Institutional International Equity Portfolio | $14 | 0.26% |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| The Institutional International Equity Portfolio | 31.50% | 8.69% | 8.04% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |

---

**Past performance is not an indication of future results.**

Performance results do not include the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1137374464 |
| Number of Portfolio Holdings | 848 |
| Net Investment Advisory Fees | $847683 |
| Portfolio Turnover Rate | 28% |

---

# What did the Fund invest in?
(As of December 31, 2025)

# **Portfolio Composition\*** 

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
| Investment Companies - International Equity | 31.0% |
| Investment Companies - Money Market Funds | 21.6% |
| Financials | 9.1% |
| Industrials | 9.1% |
| Health Care | 6.0% |
| Information Technology | 4.6% |
| Consumer Discretionary | 4.2% |
| Consumer Staples | 3.3% |
| Materials | 2.6% |
| Communication Services | 2.3% |
| Utilities | 1.9% |
| Other Investments | 1.7% |

---

\* Excludes other assets and liabilities on the balance sheet.

# **Material Fund Changes** 
There were no material fund changes during the reporting period.

# Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.

\*Excludes other assets and liabilities on the balance sheet.

#### The Institutional International Equity Portfolio
![Image](i5ff18ddf692ec08a310a1370.jpg)

#### HCINX
Semi-Annual Shareholder Report — December 31, 2025

# Additional information about the Fund (e.g. Financial Statements, Holdings, Prospectus and Statement of Additional Information): is available at www.hccapitalsolutions.com or upon request, by calling (800) 242-9596.

#### The Emerging Markets Portfolio

#### HCEMX
![Image](ic338dac143d33a72a5ab29ee.jpg)

#### Semi-Annual Shareholder Report — December 31, 2025

# **Fund Overview** 
This semi-annual shareholder report contains important information about The Emerging Markets Portfolio for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.hccapitalsolutions.com. You can also request this information by contacting us at (800) 242-9596.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| The Emerging Markets Portfolio | $23 | 0.42% |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| The Emerging Markets Portfolio | 33.73% | 4.48% | 7.92% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |

---

**Past performance is not an indication of future results.**

Performance results do not include the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $833736736 |
| Number of Portfolio Holdings | 866 |
| Net Investment Advisory Fees | $862234 |
| Portfolio Turnover Rate | 7% |

---

# What did the Fund invest in?
(As of December 31, 2025)

# **Portfolio Composition\*** 

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
| Investment Companies - International Equity | 30.6% |
| Information Technology | 17.7% |
| Financials | 13.8% |
| Consumer Discretionary | 7.6% |
| Communication Services | 7.2% |
| Industrials | 4.6% |
| Materials | 4.5% |
| Investment Companies - Money Market Funds | 4.4% |
| Energy | 2.4% |
| Consumer Staples | 2.3% |
| Health Care | 2.0% |
| Other Investments | 2.6% |

---

\* Excludes other assets and liabilities on the balance sheet.

# **Material Fund Changes** 
There were no material fund changes during the reporting period.

# Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.

\*Excludes other assets and liabilities on the balance sheet.

#### The Emerging Markets Portfolio
![Image](i5ff18ddf692ec08a310a1370.jpg)

#### HCEMX
Semi-Annual Shareholder Report — December 31, 2025

# Additional information about the Fund (e.g. Financial Statements, Holdings, Prospectus and Statement of Additional Information): is available at www.hccapitalsolutions.com or upon request, by calling (800) 242-9596.

#### The Core Fixed Income Portfolio

#### HCIIX
![Image](ic338dac143d33a72a5ab29ee.jpg)

#### Semi-Annual Shareholder Report — December 31, 2025

# **Fund Overview** 
This semi-annual shareholder report contains important information about The Core Fixed Income Portfolio for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.hccapitalsolutions.com. You can also request this information by contacting us at (800) 242-9596. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| The Core Fixed Income Portfolio | $16 | 0.31% |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| The Core Fixed Income Portfolio | 7.03% | -0.62% | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

**Past performance is not an indication of future results.**

Performance results do not include the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $110863056 |
| Number of Portfolio Holdings | 1333 |
| Net Investment Advisory Fees | $43778 |
| Portfolio Turnover Rate | 13% |

---

# What did the Fund invest in?
(As of December 31, 2025)

# **Portfolio Composition\*** 

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
| Investment Companies - Domestic Fixed Income | 32.9% |
| U.S. Treasury Obligations | 26.7% |
| Investment Companies - Money Market Funds | 17.5% |
| U.S. Government Agency Mortgages | 9.4% |
| Financials | 4.5% |
| Communication Services | 1.2% |
| Utilities | 1.1% |
| Energy | 1.0% |
| Health Care | 1.0% |
| Industrials | 0.9% |
| Information Technology | 0.8% |
| Other Investments | 2.9% |

---

\* Excludes other assets and liabilities on the balance sheet.

# **Material Fund Changes** 
This is a summary of certain changes of the Portfolio since July 1, 2025. More complete information can be found in the Fund's current prospectus.

Effective October 10, 2025, the Portfolio implemented a 1-for-5 reverse stock split.

# Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.

\*Excludes other assets and liabilities on the balance sheet.

#### The Core Fixed Income Portfolio
![Image](i5ff18ddf692ec08a310a1370.jpg)

#### HCIIX
Semi-Annual Shareholder Report — December 31, 2025

# Additional information about the Fund (e.g. Financial Statements, Holdings, Prospectus and Statement of Additional Information): is available at www.hccapitalsolutions.com or upon request, by calling (800) 242-9596.

#### The Corporate Opportunities Portfolio

#### HCHYX
![Image](ic338dac143d33a72a5ab29ee.jpg)

#### Semi-Annual Shareholder Report — December 31, 2025

# **Fund Overview** 
This semi-annual shareholder report contains important information about The Corporate Opportunities Portfolio for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.hccapitalsolutions.com. You can also request this information by contacting us at (800) 242-9596.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| The Corporate Opportunities Portfolio | $13 | 0.26% |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| The Corporate Opportunities Portfolio | 6.80% | 4.89% | 6.63% |
| Bloomberg Barclays U.S. High Yield Ba/B 2% Issuer Capped Index | 8.78% | 4.11% | 6.15% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

**Past performance is not an indication of future results.**

Performance results do not include the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $211066385 |
| Number of Portfolio Holdings | 26 |
| Net Investment Advisory Fees | $144084 |
| Portfolio Turnover Rate | 8% |

---

# What did the Fund invest in?
(As of December 31, 2025)

# **Portfolio Composition\*** 

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
| Investment Companies - Money Market Funds | 57.6% |
| Investment Companies - International Equity | 25.6% |
| Investment Companies - Domestic Equity | 14.0% |
| Financials | 0.6% |
| Futures | -0.1% |
| Credit Default Swap | -2.8% |

---

\* Excludes other assets and liabilities on the balance sheet.

# **Material Fund Changes** 
There were no material fund changes during the reporting period.

# Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.

\*Excludes other assets and liabilities on the balance sheet.

#### The Corporate Opportunities Portfolio
![Image](i5ff18ddf692ec08a310a1370.jpg)

#### HCHYX
Semi-Annual Shareholder Report — December 31, 2025

# Additional information about the Fund (e.g. Financial Statements, Holdings, Prospectus and Statement of Additional Information): is available at www.hccapitalsolutions.com or upon request, by calling (800) 242-9596.

#### The U.S. Government Fixed Income Securities Portfolio

#### HCUSX
![Image](ic338dac143d33a72a5ab29ee.jpg)

#### Semi-Annual Shareholder Report — December 31, 2025

# **Fund Overview** 
This semi-annual shareholder report contains important information about The U.S. Government Fixed Income Securities Portfolio for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.hccapitalsolutions.com. You can also request this information by contacting us at (800) 242-9596.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| The U.S. Government Fixed Income Securities Portfolio | $6 | 0.12% |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| The U.S. Government Fixed Income Securities Portfolio | 7.09% | -0.48% | 1.50% |
| Bloomberg U.S. Government Index | 6.31% | -0.94% | 1.38% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

**Past performance is not an indication of future results.**

Performance results do not include the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1207499262 |
| Number of Portfolio Holdings | 326 |
| Net Investment Advisory Fees | $210426 |
| Portfolio Turnover Rate | 9% |

---

# What did the Fund invest in?
(As of December 31, 2025)

# **Portfolio Composition\*** 

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
| U.S. Treasury Obligations | 52.3% |
| Investment Companies - Domestic Fixed Income | 36.9% |
| Investment Companies - Money Market Funds | 9.3% |
| U.S. Government Agency Securities | 0.5% |
| Purchased Options | 0.0% |
| Written Options | -0.0% |
| Futures | -0.0% |

---

\* Excludes other assets and liabilities on the balance sheet.

# **Material Fund Changes** 
There were no material fund changes during the reporting period.

# Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.

\*Excludes other assets and liabilities on the balance sheet.

#### The U.S. Government Fixed Income Securities Portfolio
![Image](i5ff18ddf692ec08a310a1370.jpg)

#### HCUSX
Semi-Annual Shareholder Report — December 31, 2025

# Additional information about the Fund (e.g. Financial Statements, Holdings, Prospectus and Statement of Additional Information): is available at www.hccapitalsolutions.com or upon request, by calling (800) 242-9596.

#### The U.S. Corporate Fixed Income Securities Portfolio

#### HCXSX
![Image](ic338dac143d33a72a5ab29ee.jpg)

#### Semi-Annual Shareholder Report — December 31, 2025

# **Fund Overview** 
This semi-annual shareholder report contains important information about The U.S. Corporate Fixed Income Securities Portfolio for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.hccapitalsolutions.com. You can also request this information by contacting us at (800) 242-9596.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| The U.S. Corporate Fixed Income Securities Portfolio | $9 | 0.18% |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| The U.S. Corporate Fixed Income Securities Portfolio | 8.14% | 0.69% | 3.65% |
| Bloomberg U.S. Corporate Bond Index | 7.77% | -0.09% | 3.27% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

**Past performance is not an indication of future results.**

Performance results do not include the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $314289510 |
| Number of Portfolio Holdings | 215 |
| Net Investment Advisory Fees | $118753 |
| Portfolio Turnover Rate | 19% |

---

# What did the Fund invest in?
(As of December 31, 2025)

# **Portfolio Composition\*** 

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
| Financials | 27.3% |
| Investment Companies - Domestic Fixed Income | 24.7% |
| Communication Services | 7.0% |
| Utilities | 6.3% |
| Energy | 6.1% |
| Health Care | 5.7% |
| Industrials | 5.4% |
| Information Technology | 4.7% |
| Consumer Staples | 4.2% |
| Real Estate | 2.9% |
| Consumer Discretionary | 2.5% |
| Other Investments | 2.6% |

---

\* Excludes other assets and liabilities on the balance sheet.

# **Material Fund Changes** 
There were no material fund changes during the reporting period.

# Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.

\*Excludes other assets and liabilities on the balance sheet.

#### The U.S. Corporate Fixed Income Securities Portfolio
![Image](i5ff18ddf692ec08a310a1370.jpg)

#### HCXSX
Semi-Annual Shareholder Report — December 31, 2025

# Additional information about the Fund (e.g. Financial Statements, Holdings, Prospectus and Statement of Additional Information): is available at www.hccapitalsolutions.com or upon request, by calling (800) 242-9596.

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

#### HCASX
![Image](ic338dac143d33a72a5ab29ee.jpg)

#### Semi-Annual Shareholder Report — December 31, 2025

# **Fund Overview** 
This semi-annual shareholder report contains important information about The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.hccapitalsolutions.com. You can also request this information by contacting us at (800) 242-9596.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio | $10 | 0.20% |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio | 7.84% | 0.26% | 1.45% |
| Bloomberg U.S. Securitized Index | 8.49% | 0.22% | 1.68% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

**Past performance is not an indication of future results.**

Performance results do not include the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $259258262 |
| Number of Portfolio Holdings | 1757 |
| Net Investment Advisory Fees | $91336 |
| Portfolio Turnover Rate | 6% |

---

# What did the Fund invest in?
(As of December 31, 2025)

# **Portfolio Composition\*** 

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
| U.S. Government Agency Mortgages | 78.6% |
| Investment Companies - Domestic Fixed Income | 14.8% |
| Investment Companies - Money Market Funds | 8.9% |
| Collateralized Mortgage-Backed Securities | 4.6% |
| Asset Backed Securities | 1.3% |
| Utilities | 0.1% |

---

\* Excludes other assets and liabilities on the balance sheet.

# **Material Fund Changes** 
There were no material fund changes during the reporting period.

# Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.

\*Excludes other assets and liabilities on the balance sheet.

#### The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio
![Image](i5ff18ddf692ec08a310a1370.jpg)

#### HCASX
Semi-Annual Shareholder Report — December 31, 2025

# Additional information about the Fund (e.g. Financial Statements, Holdings, Prospectus and Statement of Additional Information): is available at www.hccapitalsolutions.com or upon request, by calling (800) 242-9596.

#### The Short-Term Municipal Bond Portfolio

#### HCSBX
![Image](ic338dac143d33a72a5ab29ee.jpg)

#### Semi-Annual Shareholder Report — December 31, 2025

# **Fund Overview** 
This semi-annual shareholder report contains important information about The Short-Term Municipal Bond Portfolio for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.hccapitalsolutions.com. You can also request this information by contacting us at (800) 242-9596.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| The Short-Term Municipal Bond Portfolio | $16 | 0.31% |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| The Short-Term Municipal Bond Portfolio | 3.59% | 1.04% | 1.26% |
| Bloomberg 1-3 Year Municipal Bond Index | 3.66% | 1.55% | 1.58% |
| Bloomberg Municipal Bond Index | 4.25% | 0.80% | 2.34% |

---

**Past performance is not an indication of future results.**

Performance results do not include the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $68609179 |
| Number of Portfolio Holdings | 48 |
| Net Investment Advisory Fees | $43399 |
| Portfolio Turnover Rate | 10% |

---

# What did the Fund invest in?
(As of December 31, 2025)

# **Portfolio Composition\*** 

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
| General Obligation | 58.9% |
| Revenue Bonds | 40.9% |
| Investment Companies - Money Market Funds | 0.9% |

---

\* Excludes other assets and liabilities on the balance sheet.

# **Material Fund Changes** 
There were no material fund changes during the reporting period.

# Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.

\*Excludes other assets and liabilities on the balance sheet.

#### The Short-Term Municipal Bond Portfolio
![Image](i5ff18ddf692ec08a310a1370.jpg)

#### HCSBX
Semi-Annual Shareholder Report — December 31, 2025

# Additional information about the Fund (e.g. Financial Statements, Holdings, Prospectus and Statement of Additional Information): is available at www.hccapitalsolutions.com or upon request, by calling (800) 242-9596.

#### The Intermediate Term Municipal Bond Portfolio

#### HCIMX
![Image](ic338dac143d33a72a5ab29ee.jpg)

#### Semi-Annual Shareholder Report — December 31, 2025

# **Fund Overview** 
This semi-annual shareholder report contains important information about The Intermediate Term Municipal Bond Portfolio for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.hccapitalsolutions.com. You can also request this information by contacting us at (800) 242-9596.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| The Intermediate Term Municipal Bond Portfolio | $14 | 0.28% |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| The Intermediate Term Municipal Bond Portfolio | 5.43% | 1.23% | 1.96% |
| Bloomberg 3-10 Year Blend (2-12) Total Return Index Unhedged | 5.31% | 1.13% | 2.14% |
| Bloomberg Municipal Bond Index | 4.25% | 0.80% | 2.34% |

---

**Past performance is not an indication of future results.**

Performance results do not include the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $553093462 |
| Number of Portfolio Holdings | 276 |
| Net Investment Advisory Fees | $509120 |
| Portfolio Turnover Rate | 12% |

---

# What did the Fund invest in?
(As of December 31, 2025)

# **Portfolio Composition\*** 

---

| | |
|:---|:---|
| **Investments** | **Percent of Net Assets** |
| Revenue Bonds | 64.2% |
| General Obligation | 16.9% |
| Investment Companies - Domestic Fixed Income | 12.3% |
| Certificates of Participation | 3.4% |
| Investment Companies - Money Market Funds | 1.0% |
| Special Tax | 0.4% |
| Tax Allocation | 0.4% |

---

\* Excludes other assets and liabilities on the balance sheet.

# **Material Fund Changes** 
There were no material fund changes during the reporting period.

# Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.

\*Excludes other assets and liabilities on the balance sheet.

#### The Intermediate Term Municipal Bond Portfolio
![Image](i5ff18ddf692ec08a310a1370.jpg)

#### HCIMX
Semi-Annual Shareholder Report — December 31, 2025

# Additional information about the Fund (e.g. Financial Statements, Holdings, Prospectus and Statement of Additional Information): is available at www.hccapitalsolutions.com or upon request, by calling (800) 242-9596.
(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable.

**Item 3. Audit Committee Financial Expert.**

Not applicable.

**Item 4. Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

(a) The Schedule of Investments in Securities of unaffiliated issuers is included as part of the Financial Statements filed under Item 7(a) of this Form.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) Semiannual

Financial

Statements

and

Other

Information

(Unaudited)

December

31,

2025

The

U.S.

Equity

Portfolio

The

Institutional

U.S.

Equity

Portfolio

The

ESG

Growth

Portfolio

The

Catholic

SRI

Growth

Portfolio

The

International

Equity

Portfolio

The

Institutional

International

Equity

Portfolio

The

Emerging

Markets

Portfolio

The

Core

Fixed

Income

Portfolio

The

Corporate

Opportunities

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

The

Short-Term

Municipal

Bond

Portfolio

The

Intermediate

Term

Municipal

Bond

Portfolio

Table

of

Contents

Semiannual

Financial

Statements

and

Other

Information

(Unaudited)

HC

CAPITAL

TRUST

December

31,

2025

Portfolio

of

Investments

Statements

of

Assets

and

Liabilities

Statements

of

Operations

Statements

of

Change

in

Net

Assets

Financial

Highlights

Notes

to

Financial

Statements

Additional

Information

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

—

99.92%

Aerospace

&

Defense

—

1.96%

AeroVironment,

Inc.(a)

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

$

6,655

ATI,

Inc.(a)

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

764

5,461

General

Dynamics

Corp.

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

1,839

24,885

General

Electric

Co.

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

7,665

3,456

HEICO

Corp.

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

1,118

728

HEICO

Corp.,

Class

A

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

9,052

Kratos

Defense

&

Security

Solutions,

Inc.(a)

687

5,883

L3Harris

Technologies,

Inc.

..........

1,727

5,411

Lockheed

Martin

Corp.

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

2,617

2,258

Northrop

Grumman

Corp.

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

1,288

11,358

Rocket

Lab

Corp.(a)

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

792

67,703

RTX

Corp.

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

12,416

5,412

The

Boeing

Co.(a)

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

1,175

4,895

TransDigm

Group,

Inc.

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

6,510

38,861

Air

Freight

&

Logistics

—

0.21%

5,251

Expeditors

International

of

Washington,

Inc.

782

4,786

FedEx

Corp.

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

1,382

3,544

GXO

Logistics,

Inc.(a)

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

1,172

Hub

Group,

Inc.,

Class

A

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

16,845

United

Parcel

Service,

Inc.,

Class

B

.....

1,671

4,072

Automobile

Components

—

0.07%

554

Dorman

Products,

Inc.(a)

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

585

Gentex

Corp.

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

8,707

Lear

Corp.

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

998

1,395

Patrick

Industries,

Inc.

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

872

Visteon

Corp.

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

1,314

Automobiles

—

2.32%

71,725

Ford

Motor

Co.

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

941

100,005

Tesla,

Inc.(a)

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

44,974

45,915

Banks

—

3.54%

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.

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

12,998

29,893

Bank

OZK

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

1,376

6,251

BankUnited,

Inc.

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

4,171

Beacon

Financial

Corp.

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

Byline

Bancorp,

Inc.

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

2,951

Cathay

General

Bancorp

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

7,844

Citigroup,

Inc.

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

915

22,580

Citizens

Financial

Group,

Inc.

.........

1,319

9,351

Columbia

Banking

System,

Inc.

.......

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Banks

(continued)

56,548

Comerica,

Inc.

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

$

4,916

758

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.

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

3,702

688

Enterprise

Financial

Services

Corp.

.....

6,060

FB

Financial

Corp.

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

13,076

Fifth

Third

Bancorp

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

612

2,460

First

Bancorp

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

3,516

First

Busey

Corp.

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

591

First

Citizens

BancShares,

Inc.,

Class

A

..

1,268

3,478

First

Financial

Bancorp

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

6,815

First

Hawaiian,

Inc.

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

91,124

First

Horizon

Corp.

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

2,178

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.

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

83,727

Huntington

Bancshares,

Inc.

..........

1,453

3,570

Independent

Bank

Corp.

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

International

Bancshares

Corp.

........

70,115

JPMorgan

Chase

&

Co.

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

22,591

3,497

M&T

Bank

Corp.

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

705

18,862

Mechanics

Bancorp

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

871

NB

Bancorp,

Inc.

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

663

Nicolet

Bankshares,

Inc.

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

6,060

OceanFirst

Financial

Corp.

...........

3,649

OFG

Bancorp

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

2,194

Old

Second

Bancorp,

Inc.

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

1,889

Pinnacle

Financial

Partners,

Inc.

.......

1,157

QCR

Holdings,

Inc.

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

106,556

Regions

Financial

Corp.

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

2,888

990

ServisFirst

Bancshares,

Inc.

..........

997

SOUTHSTATE

BANK

Corp.

.........

3,405

Sterling

Bancorp,

Inc.(a)(b)

...........

—

1,311

Stock

Yards

Bancorp,

Inc.

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

34,305

Synovus

Financial

Corp.

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

1,717

510

Texas

Capital

Bancshares,

Inc.(a)

......

2,444

The

Bank

of

N.T.

Butterfield

&

Son

Ltd.

.

8,270

The

PNC

Financial

Services

Group,

Inc.

.

1,726

3,235

Towne

Bank

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

Triumph

Financial,

Inc.(a)

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

2,275

United

Bankshares,

Inc.

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

3,391

United

Community

Banks,

Inc.

........

2,044

Univest

Financial

Corp.

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

18,695

Wells

Fargo

&

Co.

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

1,742

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Banks

(continued)

7,014

WesBanco,

Inc.

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

$

16,779

Western

Alliance

Bancorp

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

1,411

963

Wintrust

Financial

Corp.

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

1,135

WSFS

Financial

Corp.

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

10,848

Zions

Bancorp

NA

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

635

70,113

Beverages

—

1.11%

9,103

Brown-Forman

Corp.,

Class

B

........

1,320

Celsius

Holdings,

Inc.(a)

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

26,922

Monster

Beverage

Corp.(a)

...........

2,064

57,885

PepsiCo,

Inc.

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

8,308

6,267

Primo

Brands

Corp.

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

160,904

The

Coca-Cola

Co.

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

11,250

The

Vita

Coco

Co.,

Inc.(a)

...........

22,039

Biotechnology

—

1.92%

44,744

AbbVie,

Inc.

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

10,225

11,330

Alnylam

Pharmaceuticals,

Inc.(a)

......

4,505

25,106

Amgen,

Inc.

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

8,217

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)

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

Krystal

Biotech,

Inc.(a)

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

3,976

MannKind

Corp.(a)

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

14,064

Natera,

Inc.(a)

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

3,222

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.

.......

1,558

3,305

Revolution

Medicines,

Inc.(a)

.........

745

Rhythm

Pharmaceuticals,

Inc.(a)

.......

2,137

Syndax

Pharmaceuticals,

Inc.(a)

.......

5,355

United

Therapeutics

Corp.(a)

.........

2,609

8,199

Vanda

Pharmaceuticals,

Inc.(a)

........

1,163

Veracyte,

Inc.(a)

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

1,839

Vericel

Corp.(a)

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

12,418

Vertex

Pharmaceuticals,

Inc.(a)

........

5,630

37,972

Broadline

Retail

—

4.06%

330,362

Amazon.com,

Inc.(a)

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

76,255

15,760

eBay,

Inc.

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

1,373

Etsy,

Inc.(a)

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

8,527

Macy's,

Inc.

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

928

MercadoLibre,

Inc.(a)

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

1,869

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Broadline

Retail

(continued)

5,126

Ollie's

Bargain

Outlet

Holdings,

Inc.(a)

..

$

562

80,265

Building

Products

—

0.44%

10,045

A.O.

Smith

Corp.

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

672

1,948

Apogee

Enterprises,

Inc.

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

Armstrong

World

Industries,

Inc.

.......

2,770

AZZ,

Inc.

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

38,763

Carrier

Global

Corp.

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

2,048

13,273

Johnson

Controls

International

PLC

.....

1,589

6,549

Masco

Corp.

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

9,049

Trane

Technologies

PLC

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

3,522

8,692

Capital

Markets

—

3.18%

3,210

Affiliated

Managers

Group,

Inc.

.......

925

2,506

Ameriprise

Financial,

Inc.

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

1,229

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.

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

4,904

2,335

Cboe

Global

Markets,

Inc.

...........

586

7,911

CME

Group,

Inc.

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

2,160

4,421

Coinbase

Global,

Inc.,

Class

A(a)

......

1,000

1,203

FactSet

Research

Systems,

Inc.

........

3,056

Federated

Hermes,

Inc.

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

Hamilton

Lane,

Inc.,

Class

A

..........

9,172

Interactive

Brokers

Group,

Inc.

........

590

5,643

Intercontinental

Exchange,

Inc.

........

914

140,122

Invesco

Ltd.

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

3,681

18,395

Janus

Henderson

Group

PLC

.........

875

17,093

Jefferies

Financial

Group,

Inc.

.........

1,059

9,493

KKR

&

Co.,

Inc.

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

1,210

1,384

LPL

Financial

Holdings,

Inc.

..........

3,981

Moody's

Corp.

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

2,034

51,857

Morgan

Stanley

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

9,206

1,076

Morningstar,

Inc.

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

838

MSCI,

Inc.

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

1,887

Nasdaq,

Inc.

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

PJT

Partners,

Inc.,

Class

A

...........

36,398

Robinhood

Markets,

Inc.,

Class

A(a)

....

4,117

9,447

S&P

Global,

Inc.

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

4,937

7,695

State

Street

Corp.

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

993

1,512

Stifel

Financial

Corp.

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

924

StoneX

Group,

Inc.(a)

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

9,812

T. Rowe

Price

Group,

Inc.

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

1,005

41,953

The

Charles

Schwab

Corp.

...........

4,192

16,318

The

Goldman

Sachs

Group,

Inc.

.......

14,343

Virtus

Investment

Partners,

Inc.

........

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Capital

Markets

(continued)

9,720

WisdomTree,

Inc.

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

$

62,982

Chemicals

—

0.92%

10,894

Air

Products

and

Chemicals,

Inc.

.......

2,691

828

Avient

Corp.

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

4,923

Axalta

Coating

Systems

Ltd.(a)

........

695

Balchem

Corp.

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

Cabot

Corp.

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

43,514

CF

Industries

Holdings,

Inc.

..........

3,365

9,311

Corteva,

Inc.

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

624

9,217

Dow,

Inc.

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

13,063

DuPont

de

Nemours,

Inc.

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

525

25,632

Ecolab,

Inc.

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

6,730

Hawkins,

Inc.

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

2,671

Linde

PLC

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

1,139

1,019

Minerals

Technologies,

Inc.

...........

24,876

Olin

Corp.

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

518

898

Sensient

Technologies

Corp.

..........

7,082

Solstice

Advanced

Materials,

Inc.(a)

....

4,752

The

Sherwin-Williams

Co.

...........

1,540

18,203

Commercial

Services

&

Supplies

—

0.37%

2,183

Brady

Corp.,

Class

A

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

1,307

Casella

Waste

Systems,

Inc.(a)

........

105,381

Copart,

Inc.(a)

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

4,126

5,910

CoreCivic,

Inc.(a)

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

3,253

HNI

Corp.

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

1,577

RB

Global,

Inc.

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

1,270

Republic

Services,

Inc.

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

741

The

Brink's

Co.

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

1,472

The

GEO

Group,

Inc.(a)

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

9,682

Waste

Management,

Inc.

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

2,127

7,343

Communications

Equipment

—

1.03%

19,104

Arista

Networks,

Inc.(a)

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

2,503

216,571

Cisco

Systems,

Inc.

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

16,682

825

F5,

Inc.(a)

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

2,512

Motorola

Solutions,

Inc.

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

963

20,359

Construction

&

Engineering

—

0.05%

5,983

AECOM

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

570

Comfort

Systems

USA,

Inc.

..........

2,153

Fluor

Corp.(a)

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

MYR

Group,

Inc.(a)

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

2,938

WillScot

Holdings

Corp.

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

1,030

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Construction

Materials

—

0.08%

1,351

Martin

Marietta

Materials,

Inc.

........

$

842

2,578

Vulcan

Materials

Co.

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

735

1,577

Consumer

Finance

—

0.90%

20,855

American

Express

Co.

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

7,716

26,557

Capital

One

Financial

Corp.

..........

6,436

Credit

Acceptance

Corp.(a)

...........

3,434

LendingClub

Corp.(a)

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

875

Navient

Corp.

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

Nelnet,

Inc.,

Class

A

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

14,450

OneMain

Holdings,

Inc.

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

976

90,466

SLM

Corp.

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

2,448

17,741

Consumer

Staples

Distribution

&

Retail

—

1.97%

14,776

Costco

Wholesale

Corp.

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

12,742

5,123

Dollar

Tree,

Inc.(a)

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

630

828

Performance

Food

Group

Co.(a)

.......

PriceSmart,

Inc.

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

18,118

Sysco

Corp.

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

1,335

17,745

Target

Corp.

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

1,735

9,040

The

Kroger

Co.

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

565

195,506

Walmart,

Inc.

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

21,781

714

Weis

Markets,

Inc.

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

38,933

Containers

&

Packaging

—

0.14%

2,235

AptarGroup,

Inc.

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

774

Avery

Dennison

Corp.

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

22,939

Ball

Corp.

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

1,214

10,608

International

Paper

Co.

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

2,891

Packaging

Corp.

of

America

..........

596

2,452

Sonoco

Products

Co.

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

2,749

Distributors

—

0.05%

6,793

Genuine

Parts

Co.

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

835

Pool

Corp.

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

922

Diversified

Consumer

Services

—

0.02%

Duolingo,

Inc.(a)

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

4,824

Service

Corp.

International

...........

Diversified

REITs

—

0.01%

4,168

Alexander

&

Baldwin,

Inc.

...........

1,323

Essential

Properties

Realty

Trust,

Inc.

...

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Diversified

Telecommunication

Services

—

0.60%

383,861

AT&T,

Inc.

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

$

9,534

2,728

EchoStar

Corp.,

Class

A(a)

...........

8,770

GCI

Liberty,

Inc.(a)(b)

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

—

48,780

Verizon

Communications,

Inc.

.........

1,987

11,818

Electric

Utilities

—

1.32%

1,604

Alliant

Energy

Corp.

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

30,034

American

Electric

Power

Co.,

Inc.

......

3,464

3,035

Constellation

Energy

Corp.

...........

1,072

7,685

Duke

Energy

Corp.

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

901

16,476

Edison

International

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

989

47,734

Evergy,

Inc.

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

3,460

9,106

Exelon

Corp.

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

60,365

FirstEnergy

Corp.

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

2,703

39,736

NextEra

Energy,

Inc.

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

3,190

36,550

NRG

Energy,

Inc.

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

5,821

12,422

OGE

Energy

Corp.

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

530

846

Otter

Tail

Corp.

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

32,159

The

Southern

Co.

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

2,804

9,169

Xcel

Energy,

Inc.

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

677

26,180

Electrical

Equipment

—

0.76%

8,507

AMETEK,

Inc.

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

1,747

4,130

Bloom

Energy

Corp.,

Class

A(a)

.......

12,355

Eaton

Corp.

PLC

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

3,935

29,952

Emerson

Electric

Co.

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

3,976

2,360

EnerSys

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

4,901

GE

Vernova,

Inc.

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

3,203

1,210

Hubbell,

Inc.

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

537

4,506

Regal

Rexnord

Corp.

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

632

931

Rockwell

Automation,

Inc.

...........

15,097

Electronic

Equipment,

Instruments

&

Components

—

0.31%

809

Advanced

Energy

Industries,

Inc.

......

24,420

Amphenol

Corp.,

Class

A

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

3,301

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)

........

1,815

Plexus

Corp.(a)

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

1,952

Ralliant

Corp.

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

Sanmina

Corp.(a)

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

TD

SYNNEX

Corp.

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

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Electronic

Equipment,

Instruments

&

Components

(continued)

1,116

TTM

Technologies,

Inc.(a)

...........

$

Zebra

Technologies

Corp.(a)

..........

6,224

Energy

Equipment

&

Services

—

0.19%

7,609

Archrock,

Inc.

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

Cactus,

Inc.,

Class

A

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

26,930

Halliburton

Co.

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

761

747

Kodiak

Gas

Services,

Inc.

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

5,195

Liberty

Energy,

Inc.

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

42,009

SLB

Ltd.

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

1,612

21,429

TechnipFMC

PLC

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

955

3,671

Entertainment

—

1.19%

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)

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

1,465

183,322

Netflix,

Inc.(a)

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

17,188

18,260

ROBLOX

Corp.,

Class

A(a)

..........

1,480

28,569

The

Walt

Disney

Co.

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

3,250

23,587

Financial

Services

—

3.62%

8,213

Apollo

Global

Management,

Inc.

.......

1,189

861

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

...........

52,705

Berkshire

Hathaway,

Inc.,

Class

B(a)

....

26,492

1,270

Corpay,

Inc.(a)

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

49,585

Equitable

Holdings,

Inc.

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

2,363

Federal

Agricultural

Mortgage

Corp.,

Class

C

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

9,518

Global

Payments,

Inc.

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

737

1,852

Jack

Henry

&

Associates,

Inc.

.........

27,879

Mastercard,

Inc.,

Class

A

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

15,916

MGIC

Investment

Corp.

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

34,688

PayPal

Holdings,

Inc.

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

2,025

56,427

Visa,

Inc.,

Class

A

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

19,790

31,527

Voya

Financial,

Inc.

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

2,348

WEX,

Inc.(a)

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

71,679

Food

Products

—

0.31%

13,782

Archer-Daniels-Midland

Co.

..........

792

Cal-Maine

Foods,

Inc.

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

1,587

Darling

Ingredients,

Inc.(a)

...........

Freshpet,

Inc.(a)

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

12,760

General

Mills,

Inc.

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

593

Lamb

Weston

Holdings,

Inc.

..........

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Food

Products

(continued)

5,092

McCormick

&

Co.,

Inc.

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

$

62,480

Mondelez

International,

Inc.,

Class

A

....

3,364

1,277

Post

Holdings,

Inc.(a)

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

3,009

The

Hershey

Co.

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

548

2,332

The

J.M.

Smucker

Co.

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

1,675

Tootsie

Roll

Industries,

Inc.

...........

6,178

Gas

Utilities

—

0.16%

808

Atmos

Energy

Corp.

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

1,491

Brookfield

Infrastructure

Corp.

........

Chesapeake

Utilities

Corp.

...........

33,223

National

Fuel

Gas

Co.

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

2,659

1,094

Southwest

Gas

Holdings,

Inc.

.........

2,134

UGI

Corp.

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

3,090

Ground

Transportation

—

1.10%

128,274

CSX

Corp.

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

4,650

5,345

Norfolk

Southern

Corp.

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

1,543

3,682

Old

Dominion

Freight

Line,

Inc.

.......

577

62,802

Uber

Technologies,

Inc.(a)

...........

5,132

42,704

Union

Pacific

Corp.

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

9,878

21,780

Health

Care

Equipment

&

Supplies

—

1.87%

82,859

Abbott

Laboratories

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

10,381

4,799

Becton

Dickinson

&

Co.

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

931

10,892

Boston

Scientific

Corp.(a)

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

1,039

4,886

Dexcom,

Inc.(a)

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

15,552

Edwards

Lifesciences

Corp.(a)

........

1,326

960

Embecta

Corp.

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

6,535

GE

HealthCare

Technologies,

Inc.

......

536

698

Glaukos

Corp.(a)

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

6,568

ICU

Medical,

Inc.(a)

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

937

4,343

IDEXX

Laboratories,

Inc.(a)

..........

2,938

883

Inspire

Medical

Systems,

Inc.(a)

.......

Integer

Holdings

Corp.(a)

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

19,494

Intuitive

Surgical,

Inc.(a)

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

11,041

933

iRhythm

Technologies,

Inc.(a)

.........

511

Lantheus

Holdings,

Inc.(a)

...........

LeMaitre

Vascular,

Inc.

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

Medtronic

PLC

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

4,151

Merit

Medical

Systems,

Inc.(a)

........

1,347

Omnicell,

Inc.(a)

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

1,434

Penumbra,

Inc.(a)

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

4,072

ResMed,

Inc.

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

981

3,135

Solventum

Corp.(a)

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

1,498

STERIS

PLC

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

9,642

Stryker

Corp.

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

3,389

19,385

Tactile

Systems

Technology,

Inc.(a)

.....

562

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Health

Care

Equipment

&

Supplies

(continued)

2,516

The

Cooper

Cos.,

Inc.(a)

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

$

693

TransMedics

Group,

Inc.(a)

...........

3,346

Zimmer

Biomet

Holdings,

Inc.

........

36,915

Health

Care

Providers

&

Services

—

1.61%

3,127

Cencora,

Inc.

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

1,056

Chemed

Corp.

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

1,113

Concentra

Group

Holdings

Parent,

Inc.

..

CorVel

Corp.(a)

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

22,394

CVS

Health

Corp.

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

1,777

9,467

Elevance

Health,

Inc.

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

3,319

Encompass

Health

Corp.

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

4,756

HCA

Healthcare,

Inc.

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

2,220

3,283

Henry

Schein,

Inc.(a)

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

4,083

Labcorp

Holdings,

Inc.

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

1,024

8,667

McKesson

Corp.

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

7,110

992

Molina

Healthcare,

Inc.(a)

...........

717

National

HealthCare

Corp.

...........

10,773

Quest

Diagnostics,

Inc.

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

1,869

1,380

Select

Medical

Holdings

Corp.

........

11,241

The

Cigna

Group

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

3,094

The

Ensign

Group,

Inc.

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

29,483

UnitedHealth

Group,

Inc.

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

9,734

31,839

Health

Care

REITs

—

0.46%

8,558

CareTrust

REIT,

Inc.

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

686

National

Health

Investors,

Inc.

........

36,358

Omega

Healthcare

Investors,

Inc.

......

1,612

6,550

Sabra

Health

Care

REIT,

Inc.

.........

40,605

Ventas,

Inc.

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

3,142

21,088

Welltower,

Inc.

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

3,915

9,154

Health

Care

Technology

—

0.16%

14,457

Veeva

Systems,

Inc.,

Class

A(a)

........

3,227

Hotel

&

Resort

REITs

—

0.01%

9,262

DiamondRock

Hospitality

Co.

.........

1,766

Ryman

Hospitality

Properties,

Inc.

......

Hotels,

Restaurants

&

Leisure

—

1.69%

5,277

Airbnb,

Inc.,

Class

A(a)

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

716

BJ's

Restaurants,

Inc.(a)

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

1,179

Booking

Holdings,

Inc.

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

6,314

3,538

Boyd

Gaming

Corp.

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

31,802

Carnival

Corp.(a)

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

971

28,400

Chipotle

Mexican

Grill,

Inc.(a)

........

1,051

1,046

Choice

Hotels

International,

Inc.

.......

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

2,249

Darden

Restaurants,

Inc.

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

$

1,221

Dave

&

Buster's

Entertainment,

Inc.(a)

..

23,594

DraftKings,

Inc.(a)

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

813

1,218

Hilton

Grand

Vacations,

Inc.(a)

........

Hilton

Worldwide

Holdings,

Inc.

.......

3,826

Hyatt

Hotels

Corp.,

Class

A

...........

613

3,896

Lindblad

Expeditions

Holdings,

Inc.(a)

..

13,101

Marriott

International,

Inc.,

Class

A

.....

4,064

20,166

McDonald's

Corp.

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

6,163

Monarch

Casino

&

Resort,

Inc.

........

50,929

Norwegian

Cruise

Line

Holdings

Ltd.(a)

.

1,137

3,005

Planet

Fitness,

Inc.,

Class

A(a)

........

16,947

Royal

Caribbean

Cruises

Ltd.

.........

4,727

64,141

Starbucks

Corp.

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

5,401

5,395

Super

Group

SGHC

Ltd.

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

581

Texas

Roadhouse,

Inc.

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

33,473

Household

Durables

—

0.22%

Cavco

Industries,

Inc.(a)

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

1,030

Champion

Homes,

Inc.(a)

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

3,443

D.R.

Horton,

Inc.

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

4,095

Dream

Finders

Homes,

Inc.,

Class

A(a)

..

5,591

Garmin

Ltd.

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

1,133

6,964

Lennar

Corp.,

Class

A

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

716

Lennar

Corp.,

Class

B

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

4,132

PulteGroup,

Inc.

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

7,991

Toll

Brothers,

Inc.

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

1,081

2,166

Tri

Pointe

Homes,

Inc.(a)

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

4,263

Household

Products

—

0.82%

6,339

Church

&

Dwight

Co.,

Inc.

...........

532

9,514

Colgate-Palmolive

Co.

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

752

16,281

Kimberly-Clark

Corp.

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

1,643

92,793

The

Procter

&

Gamble

Co.

...........

13,297

16,224

Independent

Power

and

Renewable

Electricity

Producers

—

0.29%

1,519

Clearway

Energy,

Inc.,

Class

C

........

35,390

Vistra

Corp.

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

5,709

5,760

Industrial

Conglomerates

—

0.38%

12,543

3M

Co.

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

2,008

1,120

Brookfield

Business

Corp.,

Class

A^

....

28,328

Honeywell

International,

Inc.

.........

5,527

7,575

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Industrial

REITs

—

0.15%

1,133

EastGroup

Properties,

Inc.

...........

$

20,968

Prologis,

Inc.

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

2,676

2,707

STAG

Industrial,

Inc.

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

2,978

Insurance

—

2.10%

33,180

Aflac,

Inc.

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

3,659

8,552

Aon

PLC,

Class

A

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

3,018

1,831

Arthur

J. Gallagher

&

Co.

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

1,195

Assurant,

Inc.

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

36,463

Axis

Capital

Holdings

Ltd.

...........

3,905

1,709

Brown

&

Brown,

Inc.

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

11,297

Chubb

Ltd.

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

3,526

3,252

Cincinnati

Financial

Corp.

...........

531

Everest

Group

Ltd.

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

3,179

F&G

Annuities

&

Life,

Inc.

...........

52,976

Fidelity

National

Financial,

Inc.

.......

2,892

3,604

Horace

Mann

Educators

Corp.

.........

43,476

Lincoln

National

Corp.

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

1,936

14,422

Marsh

&

McLennan

Cos.,

Inc.

........

2,676

26,353

MetLife,

Inc.

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

2,080

7,077

Old

Republic

International

Corp.

.......

22,534

Principal

Financial

Group,

Inc.

........

1,988

11,007

Prudential

Financial,

Inc.

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

1,242

7,591

Reinsurance

Group

of

America,

Inc.

....

1,544

3,014

RenaissanceRe

Holdings

Ltd.

.........

847

Selective

Insurance

Group,

Inc.

........

26,534

The

Allstate

Corp.

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

5,524

8,510

The

Progressive

Corp.

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

1,938

6,974

The

Travelers

Cos.,

Inc.

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

2,023

9,301

W.R.

Berkley

Corp.

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

652

41,509

Interactive

Media

&

Services

—

8.37%

182,337

Alphabet,

Inc.,

Class

A

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

57,071

190,025

Alphabet,

Inc.,

Class

C

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

59,630

1,296

Cargurus,

Inc.(a)

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

1,412

Match

Group,

Inc.

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

73,982

Meta

Platforms,

Inc.,

Class

A

.........

48,835

165,632

IT

Services

—

0.89%

15,185

Accenture

PLC,

Class

A

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

4,074

3,168

Akamai

Technologies,

Inc.(a)

.........

4,094

Cognizant

Technology

Solutions

Corp.,

Class

A

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

14,366

CoreWeave,

Inc.,

Class

A(a)

..........

1,029

1,369

DigitalOcean

Holdings,

Inc.(a)

........

8,471

EPAM

Systems,

Inc.(a)

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

1,736

13,957

GoDaddy,

Inc.,

Class

A(a)

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

1,732

15,429

International

Business

Machines

Corp.

...

4,569

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

IT

Services

(continued)

32,062

Okta,

Inc.(a)

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

$

2,772

The

Hackett

Group,

Inc.

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

4,247

VeriSign,

Inc.

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

1,032

17,629

Leisure

Products

—

0.02%

14,953

Mattel,

Inc.(a)

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

1,461

YETI

Holdings,

Inc.(a)

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

Life

Sciences

Tools

&

Services

—

0.95%

4,371

Agilent

Technologies,

Inc.

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

595

4,564

Bio-Techne

Corp.

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

1,836

Bruker

Corp.

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

15,219

Danaher

Corp.

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

3,484

710

IQVIA

Holdings,

Inc.(a)

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

599

Medpace

Holdings,

Inc.(a)

...........

3,554

Mettler-Toledo

International,

Inc.(a)

....

4,955

Repligen

Corp.(a)

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

724

Revvity,

Inc.

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

13,024

Thermo

Fisher

Scientific,

Inc.

.........

7,548

3,017

Waters

Corp.(a)

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

1,146

18,729

Machinery

—

1.91%

11,054

AGCO

Corp.

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

1,153

21,751

Caterpillar,

Inc.

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

12,461

5,428

Cummins,

Inc.

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

2,771

4,840

Deere

&

Co.

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

2,253

Donaldson

Co.,

Inc.

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

8,121

Dover

Corp.

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

1,586

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.

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

2,034

13,883

Ingersoll

Rand,

Inc.

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

1,100

2,518

ITT,

Inc.

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

819

JBT

Marel

Corp.

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

16,478

Mueller

Water

Products,

Inc.,

Class

A

...

1,750

Nordson

Corp.

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

17,109

Oshkosh

Corp.

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

2,149

16,233

Otis

Worldwide

Corp.

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

1,418

1,693

Parker-Hannifin

Corp.

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

1,488

RBC

Bearings,

Inc.(a)

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

2,067

Terex

Corp.

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

2,085

The

Greenbrier

Cos.,

Inc.

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

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Machinery

(continued)

11,372

The

Middleby

Corp.(a)

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

$

1,691

2,490

The

Timken

Co.

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

927

The

Toro

Co.

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

16,476

Westinghouse

Air

Brake

Technologies

Corp.

3,517

4,923

Xylem,

Inc.

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

670

37,768

Marine

Transportation

—

0.01%

2,101

Kirby

Corp.(a)

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

Media

—

0.14%

4,889

Fox

Corp.,

Class

A

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

19,691

Omnicom

Group,

Inc.

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

1,590

2,249

TEGNA,

Inc.

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

22,844

The

Trade

Desk,

Inc.,

Class

A(a)

.......

867

2,858

Metals

&

Mining

—

0.44%

5,219

Coeur

Mining,

Inc.(a)

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

9,750

Hecla

Mining

Co.

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

67,652

Newmont

Corp.

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

6,755

8,225

Nucor

Corp.

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

1,342

1,912

Steel

Dynamics,

Inc.

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

Warrior

Met

Coal,

Inc.

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

8,713

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.13%

1,691

Dynex

Capital,

Inc.

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

193,781

Rithm

Capital

Corp.

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

2,112

20,515

Starwood

Property

Trust,

Inc.

.........

2,505

Multi-Utilities

—

0.60%

2,674

Ameren

Corp.

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

5,156

Black

Hills

Corp.

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

84,210

CenterPoint

Energy,

Inc.

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

3,229

1,937

CMS

Energy

Corp.

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

1,642

Consolidated

Edison,

Inc.

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

1,144

Dominion

Energy,

Inc.

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

16,840

DTE

Energy

Co.

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

2,172

72,854

NiSource,

Inc.

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

3,042

5,865

Public

Service

Enterprise

Group,

Inc.

....

1,902

Sempra

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

17,371

WEC

Energy

Group,

Inc.

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

1,832

11,904

Office

REITs

—

0.01%

2,446

COPT

Defense

Properties

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

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Office

REITs

(continued)

7,836

Piedmont

Realty

Trust,

Inc.

...........

$

Oil,

Gas

&

Consumable

Fuels

—

2.92%

74,539

Antero

Midstream

Corp.

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

1,326

3,497

Antero

Resources

Corp.(a)

...........

7,263

Cheniere

Energy,

Inc.

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

1,412

37,268

Chevron

Corp.

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

5,681

8,222

CNX

Resources

Corp.(a)

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

23,646

Comstock

Resources,

Inc.(a)

..........

548

58,661

ConocoPhillips

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

5,492

1,055

Core

Natural

Resources,

Inc.

..........

63,641

Coterra

Energy,

Inc.

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

1,675

110,190

Devon

Energy

Corp.

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

4,036

8,363

DT

Midstream,

Inc.

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

1,001

3,995

EOG

Resources,

Inc.

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

30,723

EQT

Corp.

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

1,647

3,921

Excelerate

Energy,

Inc.,

Class

A

.......

2,366

Expand

Energy

Corp.

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

107,341

Exxon

Mobil

Corp.

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

12,918

161,493

Kinder

Morgan,

Inc.

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

4,439

4,980

Kinetik

Holdings,

Inc.^

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

11,538

Marathon

Petroleum

Corp.

...........

1,876

Matador

Resources

Co.

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

13,648

Navigator

Holdings

Ltd.

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

26,124

Occidental

Petroleum

Corp.

..........

1,074

20,345

ONEOK,

Inc.

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

1,495

3,747

Ovintiv,

Inc.

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

14,968

Permian

Resources

Corp.

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

29,205

Targa

Resources

Corp.

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

5,388

90,324

The

Williams

Cos.,

Inc.

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

5,429

2,242

Valero

Energy

Corp.

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

57,893

Paper

&

Forest

Products

—

0.00%

1,680

Sylvamo

Corp.

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

Passenger

Airlines

—

0.11%

10,129

Alaska

Air

Group,

Inc.(a)

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

509

2,097

Copa

Holdings

SA,

Class

A

...........

18,665

Delta

Air

Lines,

Inc.

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

1,296

8,991

Strata

Critical

Medical,

Inc.(a)

........

2,101

Personal

Care

Products

—

0.03%

853

Interparfums,

Inc.

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

4,797

The

Estee

Lauder

Cos.,

Inc.

..........

503

575

Pharmaceuticals

—

3.47%

ANI

Pharmaceuticals,

Inc.(a)

.........

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Pharmaceuticals

(continued)

876

Axsome

Therapeutics,

Inc.(a)

.........

$

1,709

Collegium

Pharmaceutical,

Inc.(a)

......

551

Corcept

Therapeutics,

Inc.(a)

.........

29,157

Eli

Lilly

&

Co.

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

31,334

109,630

Johnson

&

Johnson

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

22,688

114,005

Merck

&

Co.,

Inc.

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

12,000

64,849

Pfizer,

Inc.

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

1,615

1,583

Prestige

Consumer

Healthcare,

Inc.(a)

...

803

Supernus

Pharmaceuticals,

Inc.(a)

......

4,740

Zoetis,

Inc.

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

596

68,652

Professional

Services

—

0.69%

760

Amentum

Holdings,

Inc.(a)

...........

3,150

Asure

Software,

Inc.(a)

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

28,761

Automatic

Data

Processing,

Inc.

.......

7,397

Booz

Allen

Hamilton

Holding

Corp.

....

1,815

CBIZ,

Inc.(a)

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

3,434

Equifax,

Inc.

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

745

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.

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

775

6,085

Paycom

Software,

Inc.

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

970

1,018

Science

Applications

International

Corp.

.

1,391

SS&C

Technologies

Holdings,

Inc.

.....

1,649

Upwork,

Inc.(a)

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

10,910

Verisk

Analytics,

Inc.

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

2,440

13,658

Real

Estate

Management

&

Development

—

0.18%

2,963

CBRE

Group,

Inc.,

Class

A(a)

.........

30,060

CoStar

Group,

Inc.(a)

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

2,022

4,563

Howard

Hughes

Holdings,

Inc.(a)

......

2,009

Jones

Lang

LaSalle,

Inc.(a)

...........

676

3,538

Residential

REITs

—

0.09%

3,688

American

Homes

Rent,

Class

A

......

7,024

Camden

Property

Trust

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

774

3,730

Equity

LifeStyle

Properties,

Inc.

.......

507

Essex

Property

Trust,

Inc.

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

4,659

Independence

Realty

Trust,

Inc.

........

2,029

Mid-America

Apartment

Communities,

Inc.

1,913

Sun

Communities,

Inc.

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

1,851

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Retail

REITs

—

0.11%

27,975

Brixmor

Property

Group,

Inc.

.........

$

734

1,385

Federal

Realty

Investment

Trust

.......

4,895

InvenTrust

Properties

Corp.

..........

3,897

Kite

Realty

Group

Trust

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

17,542

Realty

Income

Corp.

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

989

3,762

Urban

Edge

Properties

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

2,166

Semiconductors

&

Semiconductor

Equipment

—

14.00%

73,066

Advanced

Micro

Devices,

Inc.(a)

.......

15,648

3,622

Amkor

Technology,

Inc.

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

15,994

Analog

Devices,

Inc.

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

4,338

27,360

Applied

Materials,

Inc.

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

7,031

152,741

Broadcom,

Inc.

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

52,864

4,234

First

Solar,

Inc.(a)

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

1,106

3,557

FormFactor,

Inc.(a)

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

305,708

Intel

Corp.(a)

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

11,281

1,378

KLA

Corp.

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

1,674

16,590

Lam

Research

Corp.

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

2,840

34,215

Marvell

Technology,

Inc.

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

2,908

3,708

Microchip

Technology,

Inc.

...........

21,430

Micron

Technology,

Inc.

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

6,116

624

MKS,

Inc.

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

833,600

NVIDIA

Corp.

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

155,467

3,257

ON

Semiconductor

Corp.(a)

..........

631

Onto

Innovation,

Inc.(a)

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

6,531

Qnity

Electronics,

Inc.

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

533

60,860

QUALCOMM,

Inc.

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

10,410

23,905

Texas

Instruments,

Inc.

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

4,147

661

Veeco

Instruments,

Inc.(a)

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

277,335

Software

—

10.44%

1,931

ACI

Worldwide,

Inc.(a)

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

21,800

Adobe,

Inc.(a)

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

7,630

1,591

Alkami

Technology,

Inc.(a)

...........

Appfolio,

Inc.,

Class

A(a)

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

10,113

AppLovin

Corp.,

Class

A(a)

..........

6,814

908

Atlassian

Corp.,

Class

A(a)

...........

10,190

Autodesk,

Inc.(a)

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

3,016

1,089

Box,

Inc.,

Class

A(a)

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

8,330

Cadence

Design

Systems,

Inc.(a)

.......

2,604

2,611

Clear

Secure,

Inc.,

Class

A

...........

574

Commvault

Systems,

Inc.(a)

..........

9,116

Crowdstrike

Holdings,

Inc.,

Class

A(a)

..

4,273

546

Dolby

Laboratories,

Inc.,

Class

A

......

3,738

EverCommerce,

Inc.^(a)

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

6,515

Fortinet,

Inc.(a)

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

517

846

Guidewire

Software,

Inc.(a)

..........

5,562

Intuit,

Inc.

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

3,684

14,613

Manhattan

Associates,

Inc.(a)

.........

2,533

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Software

(continued)

247,147

Microsoft

Corp.

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

$

119,526

2,231

NextNav,

Inc.(a)

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

68,303

Oracle

Corp.

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

13,314

89,668

Palantir

Technologies,

Inc.,

Class

A(a)

...

15,939

5,299

Palo

Alto

Networks,

Inc.(a)

...........

976

868

PTC,

Inc.(a)

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

680

Qualys,

Inc.(a)

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

11,757

Riot

Platforms,

Inc.(a)

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

2,517

Roper

Technologies,

Inc.

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

1,120

47,405

Salesforce,

Inc.

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

12,559

62,170

ServiceNow,

Inc.(a)

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

9,524

831

SPS

Commerce,

Inc.(a)

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

1,489

Synopsys,

Inc.(a)

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

699

566

Workday,

Inc.,

Class

A(a)

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

1,438

Workiva,

Inc.(a)

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

21,286

Zeta

Global

Holdings

Corp.,

Class

A(a)

..

206,698

Specialized

REITs

—

0.63%

6,093

American

Tower

Corp.

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

1,070

5,913

CubeSmart

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

9,861

Digital

Realty

Trust,

Inc.

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

1,526

9,416

Equinix,

Inc.

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

7,213

5,142

Extra

Space

Storage,

Inc.

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

670

5,259

Iron

Mountain,

Inc.

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

846

Lamar

Advertising

Co.,

Class

A

........

3,523

Millrose

Properties,

Inc.

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

6,868

Outfront

Media,

Inc.

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

2,688

Public

Storage

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

698

8,362

VICI

Properties,

Inc.

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

12,439

Specialty

Retail

—

1.94%

619

AutoZone,

Inc.(a)

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

2,099

6,524

Bath

&

Body

Works,

Inc.

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

13,588

Best

Buy

Co.,

Inc.

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

909

3,328

Boot

Barn

Holdings,

Inc.(a)

..........

587

Burlington

Stores,

Inc.(a)

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

9,726

Floor

&

Decor

Holdings,

Inc.,

Class

A(a)

.

592

35,806

Lowe's

Cos.,

Inc.

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

8,635

31,050

O'Reilly

Automotive,

Inc.(a)

..........

2,832

3,973

Revolve

Group,

Inc.(a)

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

9,045

Ross

Stores,

Inc.

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

1,629

Signet

Jewelers

Ltd.

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

26,193

The

Home

Depot,

Inc.

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

9,013

64,982

The

TJX

Cos.,

Inc.

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

9,983

16,575

Tractor

Supply

Co.

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

829

1,253

Ulta

Beauty,

Inc.(a)

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

758

2,174

Victoria's

Secret

&

Co.(a)

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

38,357

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Technology

Hardware,

Storage

&

Peripherals

—

7.07%

506,799

Apple,

Inc.

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

$

137,779

83,952

HP,

Inc.

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

1,871

2,448

NetApp,

Inc.

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

139,912

Textiles,

Apparel

&

Luxury

Goods

—

0.32%

8,532

Lululemon

Athletica,

Inc.(a)

..........

1,773

12,105

LVMH

Moet

Hennessy

Louis

Vuitton

SE,

ADR

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

1,826

27,836

NIKE,

Inc.,

Class

B

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

1,773

7,801

Tapestry,

Inc.

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

997

6,369

Tobacco

—

0.30%

36,600

Altria

Group,

Inc.

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

2,110

23,833

Philip

Morris

International,

Inc.

........

3,823

5,933

Trading

Companies

&

Distributors

—

0.29%

23,095

Air

Lease

Corp.

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

1,483

Applied

Industrial

Technologies,

Inc.

....

20,977

DNOW,

Inc.(a)

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

DXP

Enterprises,

Inc.(a)

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

55,752

Fastenal

Co.

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

2,238

749

McGrath

RentCorp

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

548

SiteOne

Landscape

Supply,

Inc.(a)

......

1,221

W.W.

Grainger,

Inc.

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

1,232

1,130

Watsco,

Inc.

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

5,821

Water

Utilities

—

0.01%

1,178

American

Water

Works

Co.,

Inc.

.......

Wireless

Telecommunication

Services

—

0.18%

17,293

T-Mobile

US,

Inc.

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

3,511

Total

Common

Stocks

(cost

$539,450)

..

1,977,584

Shares

Security

Description

Value

(000) Contingent

Rights

—

0.00%

Health

Care

Equipment

&

Supplies

—

0.00%

ABIOMED,

Inc.

CVR,

01/01/27(a)

.....

$

—

Health

Care

Providers

&

Services

—

0.00%

15,971

Paratek

Pharmaceuticals,

Inc.

CVR,

01/04/27(a)

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

Metals

&

Mining

—

0.00%

108,208

Pan

American

Silver

Corp.

CVR,

02/22/29(a)

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

Total

Contingent

Rights

(cost

$–)

.....

Investment

Companies

—

0.15%

Money

Market

Funds

—

0.15%

268,147

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

3.63%^^(c)

2,661,050

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class,

3.68%(c)

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

2,661

Total

Investment

Companies

(cost

$2,929)

2,929

Total

Investments

(cost

$542,379)

—

100.07%

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

1,980,568

Liabilities

in

excess

of

other

assets

—

(0.07)%

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

(1,309)

Net

Assets

-

100.00%

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

$

1,979,259

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

^

All

or

part

of

this

security

was

on

loan

as

of

December

31,

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

December

31,

2025. (a) Represents

non-income

producing

security.

(b) Security

was

valued

using

significant

unobservable

inputs

as

of

December

31,

2025. (c) Annualized

7-day

yield

as

of

period-end.

ADR—American

Depositary

Receipt

REIT—Real

Estate

Investment

Trust

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(concluded)

—

December

31,

2025

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

December

31,

2025. The

U.S.

Equity

Portfolio

HC

Capital

Solutions

Parametric

Portfolio

Associates,

LLC

Total

Common

Stocks

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

—

99.92 %

99.92 %

Contingent

Rights

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

—

—

—

%

Investment

Companies

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

—

0.15 %

0.15 %

Other

Assets

(Liabilities)

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

—

-0.07

%

-0.07

%

Total

Net

Assets

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

—

%

100.00 %

100.00 %

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

—

64.95%

Aerospace

&

Defense

—

2.14%

1,082

ATI,

Inc.(a)

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

$

1,317

Axon

Enterprise,

Inc.(a)

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

748

692

BWX

Technologies,

Inc.

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

21,894

Carpenter

Technology

Corp.

..........

6,893

Curtiss-Wright

Corp.

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

8,173

General

Dynamics

Corp.

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

2,752

42,488

General

Electric

Co.

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

13,088

1,722

HEICO

Corp.

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

557

2,399

HEICO

Corp.,

Class

A

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

606

636

Hexcel

Corp.

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

6,918

Howmet

Aerospace,

Inc.

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

1,419

Huntington

Ingalls

Industries,

Inc.

......

Karman

Holdings,

Inc.(a)

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

8,914

L3Harris

Technologies,

Inc.

..........

2,617

585

Leonardo

DRS,

Inc.

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

Loar

Holdings,

Inc.(a)

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

8,560

Lockheed

Martin

Corp.

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

4,140

6,753

Northrop

Grumman

Corp.

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

3,850

7,451

Rocket

Lab

Corp.(a)

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

519

31,846

RTX

Corp.

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

5,841

1,047

StandardAero,

Inc.(a)

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

3,216

Textron,

Inc.

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

13,530

The

Boeing

Co.(a)

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

2,938

6,342

TransDigm

Group,

Inc.

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

8,433

27,968

Woodward,

Inc.

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

8,456

63,801

Air

Freight

&

Logistics

—

0.16%

8,655

CH

Robinson

Worldwide,

Inc.

.........

1,392

5,659

Expeditors

International

of

Washington,

Inc.

843

3,909

FedEx

Corp.

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

1,129

884

GXO

Logistics,

Inc.(a)

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

13,028

United

Parcel

Service,

Inc.,

Class

B

.....

1,292

4,703

Automobile

Components

—

0.02%

4,096

Aptiv

PLC(a)

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

1,770

BorgWarner,

Inc.

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

1,782

Gentex

Corp.

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

Lear

Corp.

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

3,190

QuantumScape

Corp.(a)

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

517

Automobiles

—

1.11%

68,142

Ford

Motor

Co.

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

894

16,813

General

Motors

Co.

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

1,367

1,020

Harley-Davidson,

Inc.

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

961

Lucid

Group,

Inc.^(a)

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

14,175

Rivian

Automotive,

Inc.,

Class

A(a)

.....

67,542

Tesla,

Inc.(a)

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

30,376

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Automobiles

(continued)

Thor

Industries,

Inc.

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

$

32,987

Banks

—

1.61%

121,912

Bank

of

America

Corp.

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

6,706

848

Bank

OZK

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

BOK

Financial

Corp.

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

32,162

Citigroup,

Inc.

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

3,753

7,734

Citizens

Financial

Group,

Inc.

.........

2,302

Columbia

Banking

System,

Inc.

.......

991

Comerica,

Inc.

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

997

Commerce

Bancshares,

Inc.

..........

Cullen/Frost

Bankers,

Inc.

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

1,073

East

West

Bancorp,

Inc.

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

11,759

Fifth

Third

Bancorp

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

551

First

Citizens

BancShares,

Inc.,

Class

A

..

969

First

Hawaiian,

Inc.

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

3,891

First

Horizon

Corp.

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

2,714

FNB

Corp.

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

27,513

Huntington

Bancshares,

Inc.

..........

72,270

JPMorgan

Chase

&

Co.

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

23,287

16,477

KeyCorp

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

2,805

M&T

Bank

Corp.

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

565

26,022

NU

Holdings

Ltd.,

Class

A(a)

.........

1,757

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.

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

6,950

The

PNC

Financial

Services

Group,

Inc.

.

1,451

22,804

Truist

Financial

Corp.

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

1,122

27,450

U.S.

Bancorp

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

1,464

1,311

Webster

Financial

Corp.

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

56,390

Wells

Fargo

&

Co.

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

5,256

802

Western

Alliance

Bancorp

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

Wintrust

Financial

Corp.

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

1,117

Zions

Bancorp

NA

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

47,947

Beverages

—

0.80%

Brown-Forman

Corp.,

Class

A

.........

48,667

Brown-Forman

Corp.,

Class

B

........

1,269

1,272

Celsius

Holdings,

Inc.(a)

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

Coca-Cola

Consolidated,

Inc.

.........

12,613

Constellation

Brands,

Inc.,

Class

A

.....

1,740

103,730

Keurig

Dr

Pepper,

Inc.

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

2,906

41,121

Molson

Coors

Beverage

Co.,

Class

B

....

1,920

36,003

Monster

Beverage

Corp.(a)

...........

2,761

39,853

PepsiCo,

Inc.

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

5,719

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Beverages

(continued)

1,987

Primo

Brands

Corp.

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

$

The

Boston

Beer

Co.,

Inc.,

Class

A(a)

...

104,207

The

Coca-Cola

Co.

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

7,285

23,774

Biotechnology

—

1.16%

39,648

AbbVie,

Inc.

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

9,057

2,293

Alnylam

Pharmaceuticals,

Inc.(a)

......

911

13,932

Amgen,

Inc.

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

4,561

753

Apellis

Pharmaceuticals,

Inc.(a)

.......

8,576

Biogen,

Inc.(a)

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

1,510

15,374

BioMarin

Pharmaceutical,

Inc.(a)

......

913

Caris

Life

Sciences,

Inc.(a)

...........

1,441

Exact

Sciences

Corp.(a)

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

2,171

Exelixis,

Inc.(a)

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

36,717

Gilead

Sciences,

Inc.

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

4,507

948

Halozyme

Therapeutics,

Inc.(a)

........

17,446

Incyte

Corp.(a)

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

1,723

3,736

Insmed,

Inc.(a)

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

650

1,205

Ionis

Pharmaceuticals,

Inc.(a)

.........

2,745

Moderna,

Inc.(a)

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

2,333

Natera,

Inc.(a)

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

534

7,871

Neurocrine

Biosciences,

Inc.(a)

........

1,117

Oncternal

Therapeutics,

Inc.(a)(b)

......

—

3,479

Regeneron

Pharmaceuticals,

Inc.

.......

2,686

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)

.....

4,387

United

Therapeutics

Corp.(a)

.........

2,138

7,745

Vertex

Pharmaceuticals,

Inc.(a)

........

3,511

807

Viking

Therapeutics,

Inc.(a)

..........

34,569

Broadline

Retail

—

1.86%

45,326

Alibaba

Group

Holding

Ltd.,

ADR

.....

6,644

200,829

Amazon.com,

Inc.(a)

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

46,356

10,233

Coupang,

Inc.(a)

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

Dillard's,

Inc.,

Class

A

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

13,213

eBay,

Inc.

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

1,151

799

Etsy,

Inc.(a)

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

2,044

Macy's,

Inc.

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

MercadoLibre,

Inc.(a)

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

908

Ollie's

Bargain

Outlet

Holdings,

Inc.(a)

..

55,456

Building

Products

—

0.18%

927

A.O.

Smith

Corp.

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

524

AAON,

Inc.

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

546

Advanced

Drainage

Systems,

Inc.

......

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Building

Products

(continued)

2,598

Allegion

PLC

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

$

Armstrong

World

Industries,

Inc.

.......

2,023

Builders

FirstSource,

Inc.(a)

..........

741

Carlisle

Cos.,

Inc.

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

13,914

Carrier

Global

Corp.

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

735

969

Fortune

Brands

Innovations,

Inc.

.......

1,536

Hayward

Holdings,

Inc.(a)

...........

11,642

Johnson

Controls

International

PLC

.....

1,395

561

Lennox

International,

Inc.

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

3,760

Masco

Corp.

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

678

Owens

Corning

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

Simpson

Manufacturing

Co.,

Inc.

......

3,933

Trane

Technologies

PLC

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

1,531

835

Trex

Co.,

Inc.(a)

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

5,507

Capital

Markets

—

2.60%

Affiliated

Managers

Group,

Inc.

.......

1,662

Ameriprise

Financial,

Inc.

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

815

3,590

Ares

Management

Corp.,

Class

A

......

580

2,653

Blackrock,

Inc.

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

2,839

13,048

Blackstone,

Inc.

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

2,011

4,722

Blue

Owl

Capital,

Inc.

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

2,959

Brookfield

Asset

Management

Ltd.,

Class

A

26,876

Brookfield

Corp.,

ADR

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

1,233

Bullish^(a)

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

11,627

Cboe

Global

Markets,

Inc.

...........

2,919

15,228

CME

Group,

Inc.

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

4,158

3,751

Coinbase

Global,

Inc.,

Class

A(a)

......

848

Evercore,

Inc.

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

3,423

FactSet

Research

Systems,

Inc.

........

994

2,297

Franklin

Resources,

Inc.

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

Freedom

Holding

Corp./N.V.(a)

........

Hamilton

Lane,

Inc.,

Class

A

..........

Houlihan

Lokey,

Inc.

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

120,581

Interactive

Brokers

Group,

Inc.

........

7,755

17,712

Intercontinental

Exchange,

Inc.

........

2,868

2,832

Invesco

Ltd.

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

1,031

Janus

Henderson

Group

PLC

.........

1,185

Jefferies

Financial

Group,

Inc.

.........

11,457

KKR

&

Co.,

Inc.

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

1,461

826

Lazard,

Inc.

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

1,403

LPL

Financial

Holdings,

Inc.

..........

501

MarketAxess

Holdings,

Inc.

..........

17,953

Moody's

Corp.

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

9,171

20,877

Morgan

Stanley

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

3,706

Morningstar,

Inc.

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

1,359

MSCI,

Inc.

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

780

8,091

Nasdaq,

Inc.

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

786

3,462

Northern

Trust

Corp.

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

3,322

Raymond

James

Financial,

Inc.

........

533

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Capital

Markets

(continued)

12,959

Robinhood

Markets,

Inc.,

Class

A(a)

....

$

1,466

20,101

S&P

Global,

Inc.

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

10,503

780

SEI

Investments

Co.

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

5,095

State

Street

Corp.

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

658

775

Stifel

Financial

Corp.

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

3,865

T. Rowe

Price

Group,

Inc.

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

12,497

The

Bank

of

New

York

Mellon

Corp.

....

1,451

4,304

The

Carlyle

Group,

Inc.

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

108,172

The

Charles

Schwab

Corp.

...........

10,807

5,303

The

Goldman

Sachs

Group,

Inc.

.......

4,662

1,002

TPG,

Inc.

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

13,786

Tradeweb

Markets,

Inc.,

Class

A

.......

1,483

624

Virtu

Financial,

Inc.,

Class

A

..........

3,143

XP,

Inc.,

Class

A

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

77,324

Chemicals

—

0.78%

7,173

Air

Products

and

Chemicals,

Inc.

.......

1,772

888

Albemarle

Corp.

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

Ashland,

Inc.

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

1,675

Axalta

Coating

Systems

Ltd.(a)

........

855

Celanese

Corp.

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

21,824

CF

Industries

Holdings,

Inc.

..........

1,688

24,500

Corteva,

Inc.

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

1,642

12,265

Dow,

Inc.

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

7,502

DuPont

de

Nemours,

Inc.

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

907

Eastman

Chemical

Co.

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

8,083

Ecolab,

Inc.

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

2,123

1,710

Element

Solutions,

Inc.

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

955

FMC

Corp.

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

1,319

Huntsman

Corp.

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

10,686

International

Flavors

&

Fragrances,

Inc.

..

720

10,829

Linde

PLC

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

4,618

4,519

LyondellBasell

Industries

N.V.,

Class

A

..

NewMarket

Corp.

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

975

Olin

Corp.

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

4,031

PPG

Industries,

Inc.

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

2,224

RPM

International,

Inc.

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

77,078

Sensient

Technologies

Corp.

..........

7,240

1,245

Solstice

Advanced

Materials,

Inc.(a)

....

2,501

The

Mosaic

Co.

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

The

Scotts

Miracle-Gro

Co.

..........

4,148

The

Sherwin-Williams

Co.

...........

1,344

Westlake

Corp.

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

23,151

Commercial

Services

&

Supplies

—

0.49%

9,156

Cintas

Corp.

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

1,722

Clean

Harbors,

Inc.(a)

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

22,458

Copart,

Inc.(a)

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

880

MSA

Safety,

Inc.

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

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Commercial

Services

&

Supplies

(continued)

1,417

RB

Global,

Inc.

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

$

12,693

Republic

Services,

Inc.

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

2,690

34,970

Rollins,

Inc.

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

2,099

1,995

Tetra

Tech,

Inc.

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

9,470

Veralto

Corp.

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

945

12,934

Waste

Connections,

Inc.

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

2,268

16,996

Waste

Management,

Inc.

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

3,733

14,691

Communications

Equipment

—

0.39%

18,593

Arista

Networks,

Inc.(a)

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

2,437

2,504

Ciena

Corp.(a)

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

585

74,973

Cisco

Systems,

Inc.

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

5,776

1,020

F5,

Inc.(a)

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

535

Lumentum

Holdings,

Inc.(a)

..........

5,834

Motorola

Solutions,

Inc.

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

2,236

Ubiquiti,

Inc.

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

11,514

Construction

&

Engineering

—

0.09%

2,348

AECOM

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

2,851

API

Group

Corp.(a)

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

620

Comfort

Systems

USA,

Inc.

..........

579

807

EMCOR

Group,

Inc.

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

Everus

Construction

Group,

Inc.(a)

.....

MasTec,

Inc.(a)

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

2,640

Quanta

Services,

Inc.

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

1,114

Valmont

Industries,

Inc.

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

1,486

WillScot

Holdings

Corp.

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

2,749

Construction

Materials

—

0.63%

4,821

Amrize

Ltd.(a)

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

77,365

CRH

PLC

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

9,656

Eagle

Materials,

Inc.

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

1,138

James

Hardie

Industries

PLC(a)

.......

13,175

Martin

Marietta

Materials,

Inc.

........

8,203

2,373

Vulcan

Materials

Co.

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

676

18,876

Consumer

Finance

—

0.55%

2,135

Ally

Financial,

Inc.

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

9,764

American

Express

Co.

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

3,612

46,783

Capital

One

Financial

Corp.

..........

11,338

Credit

Acceptance

Corp.(a)

...........

Figure

Technology

Solutions,

Inc.,

Class

A(a)

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

870

OneMain

Holdings,

Inc.

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

1,629

SLM

Corp.

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

21,017

SoFi

Technologies,

Inc.(a)

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

550

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Consumer

Finance

(continued)

6,472

Synchrony

Financial

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

$

540

16,273

Consumer

Staples

Distribution

&

Retail

—

1.09%

134,967

Albertsons

Cos.,

Inc.,

Class

A

.........

2,317

1,016

BJ's

Wholesale

Club

Holdings,

Inc.(a)

...

Casey's

General

Stores,

Inc.

..........

8,880

Costco

Wholesale

Corp.

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

7,657

27,615

Dollar

General

Corp.

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

3,667

14,134

Dollar

Tree,

Inc.(a)

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

1,739

1,321

Maplebear,

Inc.(a)

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

1,187

Performance

Food

Group

Co.(a)

.......

758

Sprouts

Farmers

Market,

Inc.(a)

.......

32,235

Sysco

Corp.

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

2,376

8,005

Target

Corp.

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

783

48,829

The

Kroger

Co.

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

3,050

1,777

U.S.

Foods

Holding

Corp.(a)

..........

91,773

Walmart,

Inc.

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

10,225

32,429

Containers

&

Packaging

—

0.21%

83,823

Amcor

PLC

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

699

88,820

Amcor

PLC

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

741

AptarGroup,

Inc.

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

5,383

Avery

Dennison

Corp.

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

979

21,281

Ball

Corp.

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

1,127

9,799

Crown

Holdings,

Inc.

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

1,009

2,319

Graphic

Packaging

Holding

Co.

.......

8,900

International

Paper

Co.

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

4,022

Packaging

Corp.

of

America

..........

829

1,105

Sealed

Air

Corp.

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

638

Silgan

Holdings,

Inc.

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

9,046

Smurfit

WestRock

PLC

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

738

Sonoco

Products

Co.

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

6,284

Distributors

—

0.05%

10,038

Genuine

Parts

Co.

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

1,234

2,013

LKQ

Corp.

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

Pool

Corp.

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

1,361

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.

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

Liberty

Live

Holdings,

Inc.,

Class

A(a)

..

Liberty

Live

Holdings,

Inc.,

Class

C(a)

..

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Diversified

Consumer

Services

(continued)

1,078

Service

Corp.

International

...........

$

Diversified

REITs

—

0.22%

58,502

Essential

Properties

Realty

Trust,

Inc.

...

1,735

76,158

WP

Carey,

Inc.

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

4,902

6,637

Diversified

Telecommunication

Services

—

0.37%

1,721

AST

SpaceMobile,

Inc.(a)

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

215,505

AT&T,

Inc.

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

5,353

1,391

EchoStar

Corp.,

Class

A(a)

...........

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)

........

129,896

Verizon

Communications,

Inc.

.........

5,290

11,040

Electric

Utilities

—

1.62%

32,502

Alliant

Energy

Corp.

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

2,113

27,669

American

Electric

Power

Co.,

Inc.

......

3,191

26,640

Constellation

Energy

Corp.

...........

9,410

32,890

Duke

Energy

Corp.

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

3,855

27,633

Edison

International

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

1,659

25,005

Entergy

Corp.

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

2,311

29,827

Evergy,

Inc.

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

2,162

29,426

Eversource

Energy

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

1,982

67,420

Exelon

Corp.

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

2,939

55,948

FirstEnergy

Corp.

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

2,505

IDACORP,

Inc.

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

55,304

NextEra

Energy,

Inc.

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

4,440

3,427

NRG

Energy,

Inc.

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

545

1,514

OGE

Energy

Corp.

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

1,095

Oklo,

Inc.(a)

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

121,332

PG&E

Corp.

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

1,950

922

Pinnacle

West

Capital

Corp.

..........

66,972

PPL

Corp.

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

2,345

45,165

The

Southern

Co.

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

3,938

36,900

Xcel

Energy,

Inc.

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

2,725

48,349

Electrical

Equipment

—

0.63%

Acuity,

Inc.

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

5,253

AMETEK,

Inc.

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

1,078

2,191

Bloom

Energy

Corp.,

Class

A(a)

.......

6,883

Eaton

Corp.

PLC

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

2,192

9,941

Emerson

Electric

Co.

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

1,319

17,212

GE

Vernova,

Inc.

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

11,252

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Electrical

Equipment

(continued)

Generac

Holdings,

Inc.(a)

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

$

950

Hubbell,

Inc.

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

1,253

nVent

Electric

PLC

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

Regal

Rexnord

Corp.

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

1,988

Rockwell

Automation,

Inc.

...........

773

1,147

Sensata

Technologies

Holding

PLC

.....

6,556

Vertiv

Holdings

Co.,

Class

A

..........

1,062

18,673

Electronic

Equipment,

Instruments

&

Components

—

0.51%

75,690

Amphenol

Corp.,

Class

A

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

10,231

Arrow

Electronics,

Inc.(a)

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

690

Avnet,

Inc.

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

2,341

CDW

Corp.

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

1,318

Cognex

Corp.

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

1,216

Coherent

Corp.(a)

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

14,015

Corning,

Inc.

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

1,227

Crane

NXT

Co.

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

6,526

Flex

Ltd.(a)

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

Ingram

Micro

Holding

Corp.

..........

IPG

Photonics

Corp.(a)

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

1,925

Jabil,

Inc.

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

3,034

Keysight

Technologies,

Inc.(a)

........

616

Littelfuse,

Inc.

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

875

Ralliant

Corp.

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

609

TD

SYNNEX

Corp.

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

2,950

TE

Connectivity

PLC

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

671

824

Teledyne

Technologies,

Inc.(a)

........

1,197

Vontier

Corp.

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

894

Zebra

Technologies

Corp.(a)

..........

15,151

Energy

Equipment

&

Services

—

0.08%

17,333

Baker

Hughes

Co.

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

790

15,235

Halliburton

Co.

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

2,968

NOV,

Inc.

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

26,676

SLB

Ltd.

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

1,023

3,316

TechnipFMC

PLC

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

554

Weatherford

International

PLC

........

2,481

Entertainment

—

1.26%

4,367

Electronic

Arts,

Inc.

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

893

12,783

Liberty

Media

Corp.-Liberty

Formula

One(a)

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

1,260

Liberty

Media

Corp.-Liberty

Formula

One(a)

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

2,794

Live

Nation

Entertainment,

Inc.(a)

......

Madison

Square

Garden

Sports

Corp.(a)

..

139,970

Netflix,

Inc.(a)

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

13,123

10,606

ROBLOX

Corp.,

Class

A(a)

..........

859

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Entertainment

(continued)

977

Roku,

Inc.(a)

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

$

12,357

Spotify

Technology

SA(a)

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

7,176

4,298

Take-Two

Interactive

Software,

Inc.(a)

...

1,100

99,627

The

Walt

Disney

Co.

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

11,335

532

TKO

Group

Holdings,

Inc.

...........

41,870

Warner

Bros.

Discovery,

Inc.(a)

........

1,207

37,618

Financial

Services

—

1.99%

4,692

Affirm

Holdings,

Inc.(a)

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

7,618

Apollo

Global

Management,

Inc.

.......

1,103

30,539

Berkshire

Hathaway,

Inc.,

Class

B(a)

....

15,349

9,619

Block,

Inc.(a)

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

626

5,308

Corebridge

Financial,

Inc.

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

1,242

Corpay,

Inc.(a)

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

5,453

Equitable

Holdings,

Inc.

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

Euronet

Worldwide,

Inc.(a)

...........

14,444

Fidelity

National

Information

Services,

Inc.

960

17,594

Fiserv,

Inc.(a)

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

1,182

4,368

Global

Payments,

Inc.

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

9,183

Jack

Henry

&

Associates,

Inc.

.........

1,676

28,735

Mastercard,

Inc.,

Class

A

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

16,404

1,805

MGIC

Investment

Corp.

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

16,425

PayPal

Holdings,

Inc.

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

959

16,317

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.

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

53,647

Visa,

Inc.,

Class

A

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

18,814

738

Voya

Financial,

Inc.

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

WEX,

Inc.(a)

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

59,389

Food

Products

—

0.86%

36,170

Archer-Daniels-Midland

Co.

..........

2,079

19,103

Bunge

Global

SA

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

1,701

3,657

Conagra

Brands,

Inc.

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

1,213

Darling

Ingredients,

Inc.(a)

...........

1,421

Flowers

Foods,

Inc.

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

Freshpet,

Inc.(a)

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

62,918

General

Mills,

Inc.

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

2,925

111,732

Hormel

Foods

Corp.

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

2,649

Ingredion,

Inc.

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

1,093

Lamb

Weston

Holdings,

Inc.

..........

33,672

McCormick

&

Co.,

Inc.

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

2,293

62,999

Mondelez

International,

Inc.,

Class

A

....

3,392

Pilgrim's

Pride

Corp.

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

Post

Holdings,

Inc.(a)

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

Seaboard

Corp.

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

Smithfield

Foods,

Inc.

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

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Food

Products

(continued)

1,470

The

Campbell's

Company

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

$

15,791

The

Hershey

Co.

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

2,874

23,644

The

J.M.

Smucker

Co.

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

2,312

103,997

The

Kraft

Heinz

Co.

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

2,521

44,976

Tyson

Foods,

Inc.,

Class

A

...........

2,637

25,740

Gas

Utilities

—

0.09%

14,746

Atmos

Energy

Corp.

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

2,472

1,532

MDU

Resources

Group,

Inc.

..........

665

National

Fuel

Gas

Co.

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

1,588

UGI

Corp.

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

2,614

Ground

Transportation

—

0.81%

Avis

Budget

Group,

Inc.(a)

...........

49,203

CSX

Corp.

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

1,784

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.

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

1,143

3,322

Old

Dominion

Freight

Line,

Inc.

.......

521

Ryder

System,

Inc.

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

Saia,

Inc.(a)

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

Schneider

National,

Inc.,

Class

B

.......

112,987

Uber

Technologies,

Inc.(a)

...........

9,232

761

U-Haul

Holding

Co.

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

U-Haul

Holding

Co.(a)

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

46,375

Union

Pacific

Corp.

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

10,726

887

XPO,

Inc.(a)

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

24,159

Health

Care

Equipment

&

Supplies

—

1.08%

44,966

Abbott

Laboratories

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

5,634

530

Align

Technology,

Inc.(a)

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

45,848

Baxter

International,

Inc.

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

876

12,724

Becton

Dickinson

&

Co.

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

2,469

36,660

Boston

Scientific

Corp.(a)

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

3,496

1,625

DENTSPLY

SIRONA,

Inc.

...........

6,920

Dexcom,

Inc.(a)

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

16,663

Edwards

Lifesciences

Corp.(a)

........

1,420

1,234

Envista

Holdings

Corp.(a)

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

7,981

GE

HealthCare

Technologies,

Inc.

......

655

897

Globus

Medical,

Inc.(a)

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

4,032

Hologic,

Inc.(a)

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

1,434

IDEXX

Laboratories,

Inc.(a)

..........

971

Inspire

Medical

Systems,

Inc.(a)

.......

1,242

Insulet

Corp.(a)

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

6,345

Intuitive

Surgical,

Inc.(a)

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

3,594

Masimo

Corp.(a)

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

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Health

Care

Equipment

&

Supplies

(continued)

37,646

Medtronic

PLC

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

$

3,616

Penumbra,

Inc.(a)

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

3,931

ResMed,

Inc.

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

946

2,807

Solventum

Corp.(a)

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

5,530

STERIS

PLC

.....................

1,402

7,871

Stryker

Corp.

.....................

2,767

Teleflex,

Inc.

.....................

8,781

The

Cooper

Cos.,

Inc.(a)

.............

719

22,132

Zimmer

Biomet

Holdings,

Inc.

........

1,990

32,301

Health

Care

Providers

&

Services

—

1.83%

675

Acadia

Healthcare

Co.,

Inc.(a)

.........

117,160

Brookdale

Senior

Living,

Inc.(a)

.......

1,264

13,594

Cardinal

Health,

Inc.

...............

2,794

9,993

Cencora,

Inc.

.....................

3,376

68,234

Centene

Corp.(a)

..................

2,808

Chemed

Corp.

....................

44,768

CVS

Health

Corp.

.................

3,553

10,953

DaVita,

Inc.(a)

....................

1,245

10,161

Elevance

Health,

Inc.

...............

3,562

771

Encompass

Health

Corp.

.............

6,054

HCA

Healthcare,

Inc.

...............

2,827

847

Henry

Schein,

Inc.(a)

...............

10,085

Humana,

Inc.

.....................

2,583

5,961

Labcorp

Holdings,

Inc.

..............

1,496

5,059

McKesson

Corp.

..................

4,150

15,521

Molina

Healthcare,

Inc.(a)

...........

2,692

13,133

Quest

Diagnostics,

Inc.

..............

2,278

709

Tenet

Healthcare

Corp.(a)

............

12,616

The

Cigna

Group

..................

3,472

45,041

UnitedHealth

Group,

Inc.

............

14,867

5,032

Universal

Health

Services,

Inc.,

Class

B

..

1,098

54,409

Health

Care

REITs

—

0.78%

2,865

Alexandria

Real

Estate

Equities,

Inc.

....

48,669

American

Healthcare

REIT,

Inc.

.......

2,291

62,011

CareTrust

REIT,

Inc.

...............

2,242

2,539

Healthcare

Realty

Trust,

Inc.

..........

56,841

Healthpeak

Properties,

Inc.

...........

913

4,504

Medical

Properties

Trust,

Inc.

.........

2,222

Omega

Healthcare

Investors,

Inc.

......

48,363

Ventas,

Inc.

......................

3,742

73,942

Welltower,

Inc.

....................

13,725

23,218

Health

Care

Technology

—

0.02%

881

Certara,

Inc.(a)

....................

1,010

Doximity,

Inc.,

Class

A(a)

............

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Health

Care

Technology

(continued)

2,691

Veeva

Systems,

Inc.,

Class

A(a)

........

$

600

653

Hotel

&

Resort

REITs

—

0.03%

5,369

Host

Hotels

&

Resorts,

Inc.

...........

1,690

Park

Hotels

&

Resorts,

Inc.

...........

63,877

Xenia

Hotels

&

Resorts,

Inc.

..........

903

1,016

Hotels,

Restaurants

&

Leisure

—

1.54%

7,594

Airbnb,

Inc.,

Class

A(a)

.............

1,031

1,994

Aramark

........................

577

Booking

Holdings,

Inc.

..............

3,090

Boyd

Gaming

Corp.

................

1,556

Caesars

Entertainment,

Inc.(a)

.........

19,152

Carnival

Corp.(a)

..................

584

772

Cava

Group,

Inc.(a)

................

23,721

Chipotle

Mexican

Grill,

Inc.(a)

........

878

Choice

Hotels

International,

Inc.

.......

541

Churchill

Downs,

Inc.

...............

8,815

Darden

Restaurants,

Inc.

.............

1,622

3,076

Domino's

Pizza,

Inc.

................

1,282

6,555

DoorDash,

Inc.,

Class

A(a)

...........

1,484

8,367

DraftKings,

Inc.(a)

.................

895

Dutch

Bros,

Inc.,

Class

A(a)

..........

2,151

Expedia

Group,

Inc.

................

609

40,284

Flutter

Entertainment

PLC,

Class

DI(a)

..

8,664

8,286

Hilton

Worldwide

Holdings,

Inc.

.......

2,380

7,075

Hyatt

Hotels

Corp.,

Class

A

...........

1,134

5,486

Las

Vegas

Sands

Corp.

..............

4,046

Marriott

International,

Inc.,

Class

A

.....

1,255

19,110

McDonald's

Corp.

.................

5,841

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.

....

4,539

Royal

Caribbean

Cruises

Ltd.

.........

1,266

20,062

Starbucks

Corp.

...................

1,689

505

Texas

Roadhouse,

Inc.

..............

1,293

The

Wendy's

Co.

..................

560

Travel

+

Leisure

Co.

................

Vail

Resorts,

Inc.

..................

126,411

Viking

Holdings

Ltd.(a)

.............

9,028

Wingstop,

Inc.

....................

635

Wyndham

Hotels

&

Resorts,

Inc.

.......

646

Wynn

Resorts

Ltd.

.................

15,762

Yum!

Brands,

Inc.

.................

2,385

45,937

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Household

Durables

—

0.72%

9,056

D.R.

Horton,

Inc.

..................

$

1,305

2,866

Garmin

Ltd.

......................

581

6,106

Lennar

Corp.,

Class

A

...............

628

Lennar

Corp.,

Class

B

..............

Mohawk

Industries,

Inc.(a)

...........

2,863

Newell

Brands,

Inc.

................

NVR,

Inc.(a)

.....................

1,254

3,568

PulteGroup,

Inc.

...................

85,098

SharkNinja,

Inc.(a)

.................

9,522

84,683

Somnigroup

International,

Inc.

........

7,561

778

Toll

Brothers,

Inc.

.................

TopBuild

Corp.(a)

.................

Whirlpool

Corp.

...................

21,559

Household

Products

—

0.66%

33,474

Church

&

Dwight

Co.,

Inc.

...........

2,807

44,358

Colgate-Palmolive

Co.

..............

3,505

28,569

Kimberly-Clark

Corp.

...............

2,882

Reynolds

Consumer

Products,

Inc.

.....

23,675

The

Clorox

Co.

...................

2,388

57,209

The

Procter

&

Gamble

Co.

...........

8,199

19,790

Independent

Power

and

Renewable

Electricity

Producers

—

0.51%

968

Brookfield

Renewable

Corp.

..........

Clearway

Energy,

Inc.,

Class

A

........

626

Clearway

Energy,

Inc.,

Class

C

........

19,741

Talen

Energy

Corp.(a)

..............

7,400

5,463

The

AES

Corp.

...................

46,815

Vistra

Corp.

......................

7,553

15,097

Industrial

Conglomerates

—

0.14%

9,414

3M

Co.

.........................

1,507

13,458

Honeywell

International,

Inc.

.........

2,626

4,133

Industrial

REITs

—

0.51%

2,173

Americold

Realty

Trust,

Inc.

..........

9,032

EastGroup

Properties,

Inc.

...........

1,609

37,476

First

Industrial

Realty

Trust,

Inc.

.......

2,146

546

Lineage,

Inc.

.....................

36,250

LXP

Industrial

Trust

................

1,797

74,239

Prologis,

Inc.

.....................

9,478

1,834

Rexford

Industrial

Realty,

Inc.

.........

1,444

STAG

Industrial,

Inc.

...............

15,201

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Insurance

—

1.68%

21,204

Aflac,

Inc.

.......................

$

2,338

9,607

American

Financial

Group,

Inc.

........

1,313

19,672

American

International

Group,

Inc.

.....

1,682

8,562

Aon

PLC,

Class

A

.................

3,022

23,440

Arch

Capital

Group

Ltd.(a)

...........

2,248

10,908

Arthur

J. Gallagher

&

Co.

............

2,823

Assurant,

Inc.

....................

Assured

Guaranty

Ltd.

..............

590

Axis

Capital

Holdings

Ltd.

...........

514

Brighthouse

Financial,

Inc.(a)

.........

21,639

Brown

&

Brown,

Inc.

...............

1,724

13,229

Chubb

Ltd.

......................

4,130

6,845

Cincinnati

Financial

Corp.

...........

1,118

CNA

Financial

Corp.

...............

5,442

Erie

Indemnity

Co.,

Class

A

..........

1,560

5,117

Everest

Group

Ltd.

.................

1,736

996

F&G

Annuities

&

Life,

Inc.

...........

16,717

Fidelity

National

Financial,

Inc.

.......

913

765

First

American

Financial

Corp.

........

641

Globe

Life,

Inc.

...................

Kemper

Corp.

....................

Kinsale

Capital

Group,

Inc.

...........

1,287

Lincoln

National

Corp.

..............

14,509

Loews

Corp.

.....................

1,527

807

Markel

Group,

Inc.(a)

...............

1,735

17,415

Marsh

&

McLennan

Cos.,

Inc.

........

3,230

9,948

MetLife,

Inc.

.....................

786

1,829

Old

Republic

International

Corp.

.......

Primerica,

Inc.

....................

4,012

Principal

Financial

Group,

Inc.

........

6,253

Prudential

Financial,

Inc.

............

706

507

Reinsurance

Group

of

America,

Inc.

....

RenaissanceRe

Holdings

Ltd.

.........

608

RLI

Corp.

.......................

812

Ryan

Specialty

Holdings,

Inc.

.........

12,004

The

Allstate

Corp.

.................

2,498

The

Hanover

Insurance

Group,

Inc.

.....

14,102

The

Hartford

Insurance

Group,

Inc.

.....

1,943

19,387

The

Progressive

Corp.

..............

4,416

9,193

The

Travelers

Cos.,

Inc.

.............

2,667

1,339

Unum

Group

.....................

29,921

W.R.

Berkley

Corp.

................

2,098

White

Mountains

Insurance

Group

Ltd.

..

7,366

Willis

Towers

Watson

PLC

...........

2,420

50,170

Interactive

Media

&

Services

—

3.40%

128,256

Alphabet,

Inc.,

Class

A

..............

40,144

85,514

Alphabet,

Inc.,

Class

C

..............

26,835

583

IAC,

Inc.(a)

......................

1,933

Match

Group,

Inc.

.................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Interactive

Media

&

Services

(continued)

50,471

Meta

Platforms,

Inc.,

Class

A

.........

$

33,316

10,533

Pinterest,

Inc.,

Class

A(a)

............

1,999

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)

........

101,239

IT

Services

—

0.54%

11,046

Accenture

PLC,

Class

A

.............

2,964

1,110

Akamai

Technologies,

Inc.(a)

.........

854

Amdocs

Ltd.

.....................

13,866

Applied

Digital

Corp.(a)

.............

5,474

Cloudflare,

Inc.,

Class

A(a)

...........

1,079

8,669

Cognizant

Technology

Solutions

Corp.,

Class

A

.....................

720

1,697

CoreWeave,

Inc.,

Class

A(a)

..........

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)

............

19,280

International

Business

Machines

Corp.

...

5,712

1,741

Kyndryl

Holdings,

Inc.(a)

............

1,440

MongoDB,

Inc.(a)

.................

604

2,837

Okta,

Inc.(a)

.....................

5,779

Snowflake,

Inc.(a)

.................

1,267

2,581

Twilio,

Inc.,

Class

A(a)

..............

6,494

VeriSign,

Inc.

.....................

1,577

15,975

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

—

0.62%

5,030

Agilent

Technologies,

Inc.

............

685

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)

......................

11,384

Danaher

Corp.

....................

2,606

2,804

Illumina,

Inc.(a)

...................

3,045

IQVIA

Holdings,

Inc.(a)

.............

687

Medpace

Holdings,

Inc.(a)

...........

Mettler-Toledo

International,

Inc.(a)

....

520

1,621

QIAGEN

N.V.

....................

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Life

Sciences

Tools

&

Services

(continued)

Repligen

Corp.(a)

..................

$

957

Revvity,

Inc.

.....................

1,589

Sotera

Health

Co.(a)

................

637

Tempus

AI,

Inc.(a)

.................

19,681

Thermo

Fisher

Scientific,

Inc.

.........

11,404

1,039

Waters

Corp.(a)

...................

3,594

West

Pharmaceutical

Services,

Inc.

.....

989

18,343

Machinery

—

0.68%

AGCO

Corp.

.....................

657

Allison

Transmission

Holdings,

Inc.

....

8,247

Caterpillar,

Inc.

...................

4,726

15,489

CNH

Industrial

N.V.

................

Crane

Co.

.......................

2,448

Cummins,

Inc.

....................

1,250

5,371

Deere

&

Co.

.....................

2,500

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.

......................

1,313

IDEX

Corp.

......................

6,528

Illinois

Tool

Works,

Inc.

.............

1,608

7,042

Ingersoll

Rand,

Inc.

................

558

633

ITT,

Inc.

........................

Lincoln

Electric

Holdings,

Inc.

........

839

Mueller

Industries,

Inc.

..............

965

Nordson

Corp.

....................

Oshkosh

Corp.

....................

18,709

Otis

Worldwide

Corp.

...............

1,634

9,261

PACCAR,

Inc.

....................

1,014

2,264

Parker-Hannifin

Corp.

..............

1,990

2,862

Pentair

PLC

......................

RBC

Bearings,

Inc.(a)

..............

1,967

Snap-on,

Inc.

.....................

678

1,157

Stanley

Black

&

Decker,

Inc.

.........

The

Middleby

Corp.(a)

..............

The

Timken

Co.

...................

791

The

Toro

Co.

.....................

3,026

Westinghouse

Air

Brake

Technologies

Corp.

646

4,268

Xylem,

Inc.

......................

581

20,282

Marine

Transportation

—

0.00%

Kirby

Corp.(a)

....................

Media

—

0.20%

1,576

Charter

Communications,

Inc.,

Class

A(a)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Media

(continued)

92,228

Comcast

Corp.,

Class

A

.............

$

2,757

1,050

DoubleVerify

Holdings,

Inc.(a)

........

3,838

Fox

Corp.,

Class

A

.................

12,221

Fox

Corp.,

Class

B

.................

793

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)

.......

12,029

Omnicom

Group,

Inc.

...............

972

1,469

Sirius

XM

Holdings,

Inc.

............

1,232

The

New

York

Times

Co.,

Class

A

......

7,829

The

Trade

Desk,

Inc.,

Class

A(a)

.......

5,855

Metals

&

Mining

—

0.23%

1,930

Alcoa

Corp.

......................

3,898

Anglogold

Ashanti

PLC

.............

4,358

Cleveland-Cliffs,

Inc.(a)

.............

25,066

Freeport-McMoRan,

Inc.

............

1,273

1,013

MP

Materials

Corp.(a)

..............

33,515

Newmont

Corp.

...................

3,347

4,091

Nucor

Corp.

......................

667

952

Reliance,

Inc.

.....................

638

Royal

Gold,

Inc.

...................

682

Southern

Copper

Corp.

..............

2,518

Steel

Dynamics,

Inc.

................

6,772

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

—

0.80%

24,177

Ameren

Corp.

....................

2,414

60,230

CenterPoint

Energy,

Inc.

.............

2,308

35,511

CMS

Energy

Corp.

.................

2,484

30,249

Consolidated

Edison,

Inc.

............

3,005

45,567

Dominion

Energy,

Inc.

..............

2,670

17,832

DTE

Energy

Co.

..................

2,300

47,438

NiSource,

Inc.

....................

1,981

24,891

Public

Service

Enterprise

Group,

Inc.

....

1,998

23,653

Sempra

.........................

2,088

25,652

WEC

Energy

Group,

Inc.

............

2,706

23,954

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Office

REITs

—

0.15%

2,652

BXP,

Inc.

........................

$

84,796

COPT

Defense

Properties

............

2,357

1,290

Cousins

Properties,

Inc.

.............

788

Highwoods

Properties,

Inc.

...........

48,036

Kilroy

Realty

Corp.

................

1,795

3,049

SL

Green

Realty

Corp.

..............

1,338

Vornado

Realty

Trust

...............

4,569

Oil,

Gas

&

Consumable

Fuels

—

1.25%

2,550

Antero

Midstream

Corp.

.............

2,242

Antero

Resources

Corp.(a)

...........

2,799

APA

Corp.

.......................

9,034

Cheniere

Energy,

Inc.

...............

1,756

41,043

Chevron

Corp.

....................

6,255

Chord

Energy

Corp.

................

767

Civitas

Resources,

Inc.

..............

28,106

ConocoPhillips

...................

2,631

36,028

Coterra

Energy,

Inc.

................

949

11,008

Devon

Energy

Corp.

................

3,314

Diamondback

Energy,

Inc.

...........

778

DT

Midstream,

Inc.

................

16,558

EOG

Resources,

Inc.

...............

1,738

10,960

EQT

Corp.

.......................

587

8,340

Expand

Energy

Corp.

...............

920

87,517

Exxon

Mobil

Corp.

................

10,534

1,226

HF

Sinclair

Corp.

..................

73,895

Kinder

Morgan,

Inc.

................

2,032

6,473

Marathon

Petroleum

Corp.

...........

1,052

902

Matador

Resources

Co.

..............

19,884

Occidental

Petroleum

Corp.

..........

818

11,107

ONEOK,

Inc.

.....................

817

1,948

Ovintiv,

Inc.

.....................

5,252

Permian

Resources

Corp.

............

8,602

Phillips

.......................

1,110

1,786

Range

Resources

Corp.

..............

3,813

Targa

Resources

Corp.

..............

704

1,017

Texas

Pacific

Land

Corp.

............

37,479

The

Williams

Cos.,

Inc.

.............

2,253

6,814

Valero

Energy

Corp.

................

1,109

1,312

Viper

Energy,

Inc.,

Class

A

...........

37,164

Paper

&

Forest

Products

—

0.00%

Louisiana-Pacific

Corp.

.............

Passenger

Airlines

—

0.04%

949

Alaska

Air

Group,

Inc.(a)

............

4,899

American

Airlines

Group,

Inc.(a)

.......

6,622

Delta

Air

Lines,

Inc.

................

3,957

Southwest

Airlines

Co.

..............

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Passenger

Airlines

(continued)

3,318

United

Airlines

Holdings,

Inc.(a)

.......

$

1,117

Personal

Care

Products

—

0.04%

1,000

BellRing

Brands,

Inc.(a)

.............

2,894

Coty,

Inc.,

Class

A(a)

...............

e.l.f.

Beauty,

Inc.(a)

................

34,007

Kenvue,

Inc.

.....................

586

4,181

The

Estee

Lauder

Cos.,

Inc.

..........

1,091

Pharmaceuticals

—

3.08%

79,003

Bristol-Myers

Squibb

Co.

............

4,261

727

Corcept

Therapeutics,

Inc.(a)

.........

3,702

Elanco

Animal

Health,

Inc.(a)

.........

15,235

Eli

Lilly

&

Co.

....................

16,375

Jazz

Pharmaceuticals

PLC(a)

.........

54,883

Johnson

&

Johnson

................

11,358

66,586

Merck

&

Co.,

Inc.

.................

7,008

876,832

Novo

Nordisk

A/S,

ADR

.............

44,614

1,927

Organon

&

Co.

...................

1,019

Perrigo

Co.

PLC

..................

169,882

Pfizer,

Inc.

.......................

4,230

54,090

Royalty

Pharma

PLC,

Class

A

.........

2,089

9,041

Viatris,

Inc.

......................

12,687

Zoetis,

Inc.

......................

1,596

91,860

Professional

Services

—

0.45%

1,232

Amentum

Holdings,

Inc.(a)

...........

11,095

Automatic

Data

Processing,

Inc.

.......

2,854

21,774

Booz

Allen

Hamilton

Holding

Corp.

....

1,837

5,269

Broadridge

Financial

Solutions,

Inc.

....

1,176

CACI

International,

Inc.,

Class

A(a)

....

3,580

Clarivate

PLC(a)

..................

Concentrix

Corp.

..................

1,165

Dayforce,

Inc.(a)

..................

2,181

Equifax,

Inc.

.....................

1,224

ExlService

Holdings,

Inc.(a)

..........

FTI

Consulting,

Inc.(a)

..............

1,245

Genpact

Ltd.

.....................

2,166

Jacobs

Solutions,

Inc.

...............

1,034

KBR,

Inc.

.......................

9,485

Leidos

Holdings,

Inc.

...............

1,711

ManpowerGroup,

Inc.

..............

Parsons

Corp.(a)

..................

13,028

Paychex,

Inc.

.....................

1,461

893

Paycom

Software,

Inc.

..............

Paylocity

Holding

Corp.(a)

...........

802

Robert

Half,

Inc.

..................

Science

Applications

International

Corp.

.

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Professional

Services

(continued)

3,794

SS&C

Technologies

Holdings,

Inc.

.....

$

3,393

TransUnion

......................

10,137

Verisk

Analytics,

Inc.

...............

2,267

13,408

Real

Estate

Management

&

Development

—

0.11%

11,629

CBRE

Group,

Inc.,

Class

A(a)

.........

1,870

7,420

CoStar

Group,

Inc.(a)

...............

Howard

Hughes

Holdings,

Inc.(a)

......

1,546

Jones

Lang

LaSalle,

Inc.(a)

...........

520

Zillow

Group,

Inc.,

Class

A(a)

.........

2,977

Zillow

Group,

Inc.,

Class

C(a)

.........

3,141

Residential

REITs

—

0.77%

35,543

American

Homes

Rent,

Class

A

......

1,141

16,931

AvalonBay

Communities,

Inc.

.........

3,070

9,246

Camden

Property

Trust

..............

1,017

3,500

Centerspace

......................

32,612

Equity

LifeStyle

Properties,

Inc.

.......

1,977

18,541

Equity

Residential

.................

1,168

15,060

Essex

Property

Trust,

Inc.

............

3,941

42,568

Invitation

Homes,

Inc.

..............

1,184

32,009

Mid-America

Apartment

Communities,

Inc.

4,446

30,248

Sun

Communities,

Inc.

..............

3,748

23,510

UDR,

Inc.

.......................

862

22,788

Retail

REITs

—

0.58%

45,056

Acadia

Realty

Trust

................

925

826

Agree

Realty

Corp.

................

2,262

Brixmor

Property

Group,

Inc.

.........

653

Federal

Realty

Investment

Trust

.......

25,230

Kimco

Realty

Corp.

................

512

1,447

NNN

REIT,

Inc.

...................

59,091

Realty

Income

Corp.

...............

3,332

35,805

Regency

Centers

Corp.

..............

2,472

27,142

Simon

Property

Group,

Inc.

..........

5,024

73,870

Tanger,

Inc.

......................

2,465

43,090

The

Macerich

Co.

.................

795

76,352

Urban

Edge

Properties

..............

1,465

17,231

Semiconductors

&

Semiconductor

Equipment

—

5.68%

28,654

Advanced

Micro

Devices,

Inc.(a)

.......

6,137

946

Allegro

MicroSystems,

Inc.(a)

.........

865

Amkor

Technology,

Inc.

.............

8,689

Analog

Devices,

Inc.

...............

2,357

14,163

Applied

Materials,

Inc.

..............

3,640

2,291

Astera

Labs,

Inc.(a)

................

101,454

Broadcom,

Inc.

...................

35,113

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Semiconductors

&

Semiconductor

Equipment

(continued)

Cirrus

Logic,

Inc.(a)

................

$

1,536

Credo

Technology

Group

Holding

Ltd.(a)

1,006

Enphase

Energy,

Inc.(a)

.............

2,619

Entegris,

Inc.

.....................

1,794

First

Solar,

Inc.(a)

.................

757

GLOBALFOUNDRIES,

Inc.(a)

.......

79,246

Intel

Corp.(a)

.....................

2,925

2,340

KLA

Corp.

......................

2,843

22,319

Lam

Research

Corp.

................

3,820

1,029

Lattice

Semiconductor

Corp.(a)

........

MACOM

Technology

Solutions

Holdings,

Inc.(a)

......................

15,322

Marvell

Technology,

Inc.

............

1,302

9,614

Microchip

Technology,

Inc.

...........

612

19,892

Micron

Technology,

Inc.

.............

5,677

501

MKS,

Inc.

.......................

837

Monolithic

Power

Systems,

Inc.

.......

759

462,182

NVIDIA

Corp.

....................

86,197

2,481

NXP

Semiconductors

N.V.

...........

539

7,482

ON

Semiconductor

Corp.(a)

..........

Onto

Innovation,

Inc.(a)

.............

3,750

Qnity

Electronics,

Inc.

..............

756

Qorvo,

Inc.(a)

....................

19,192

QUALCOMM,

Inc.

................

3,282

1,205

Skyworks

Solutions,

Inc.

............

25,347

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

...................

7,703

2,834

Teradyne,

Inc.

....................

549

16,049

Texas

Instruments,

Inc.

..............

2,785

Universal

Display

Corp.

.............

168,887

Software

—

4.35%

7,478

Adobe,

Inc.(a)

....................

2,617

Appfolio,

Inc.,

Class

A(a)

............

4,140

AppLovin

Corp.,

Class

A(a)

..........

2,790

2,885

Atlassian

Corp.,

Class

A(a)

...........

7,624

Aurora

Innovation,

Inc.(a)

............

3,736

Autodesk,

Inc.(a)

..................

1,106

2,792

Bentley

Systems,

Inc.,

Class

B

........

775

BILL

Holdings,

Inc.(a)

..............

4,843

Cadence

Design

Systems,

Inc.(a)

.......

1,514

4,007

CCC

Intelligent

Solutions

Holdings,

Inc.(a)

Circle

Internet

Group,

Inc.(a)

.........

2,142

Confluent,

Inc.,

Class

A(a)

...........

4,420

Crowdstrike

Holdings,

Inc.,

Class

A(a)

..

2,072

5,421

Datadog,

Inc.,

Class

A(a)

............

737

3,529

Docusign,

Inc.(a)

..................

Dolby

Laboratories,

Inc.,

Class

A

......

1,566

Dropbox,

Inc.,

Class

A(a)

............

5,177

Dynatrace,

Inc.(a)

.................

673

Elastic

N.V.(a)

....................

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Software

(continued)

4,484

Fair

Isaac

Corp.(a)

.................

$

7,581

11,404

Fortinet,

Inc.(a)

...................

905

9,560

Gen

Digital,

Inc.

..................

1,017

Gitlab,

Inc.,

Class

A(a)

..............

648

Guidewire

Software,

Inc.(a)

..........

904

HubSpot,

Inc.(a)

..................

4,890

Intuit,

Inc.

.......................

3,239

Manhattan

Associates,

Inc.(a)

.........

142,092

Microsoft

Corp.

...................

68,718

825

nCino,

Inc.(a)

....................

4,437

Nutanix,

Inc.,

Class

A(a)

.............

62,615

Oracle

Corp.

.....................

12,203

39,641

Palantir

Technologies,

Inc.,

Class

A(a)

...

7,046

11,952

Palo

Alto

Networks,

Inc.(a)

...........

2,202

628

Pegasystems,

Inc.

..................

886

Procore

Technologies,

Inc.(a)

.........

2,083

PTC,

Inc.(a)

......................

646

RingCentral,

Inc.,

Class

A(a)

..........

3,332

Roper

Technologies,

Inc.

.............

1,483

1,046

Rubrik,

Inc.,

Class

A(a)

.............

SailPoint,

Inc.(a)

..................

16,762

Salesforce,

Inc.

...................

4,441

5,840

Samsara,

Inc.,

Class

A(a)

............

2,117

SentinelOne,

Inc.,

Class

A(a)

..........

18,454

ServiceNow,

Inc.(a)

................

2,827

4,626

Strategy,

Inc.(a)

...................

703

3,300

Synopsys,

Inc.(a)

..................

1,551

776

Teradata

Corp.(a)

..................

4,247

Trimble,

Inc.(a)

...................

751

Tyler

Technologies,

Inc.(a)

...........

3,420

UiPath,

Inc.,

Class

A(a)

.............

2,463

Unity

Software,

Inc.(a)

..............

3,830

Workday,

Inc.,

Class

A(a)

............

823

4,458

Zoom

Communications,

Inc.(a)

........

1,795

Zscaler,

Inc.(a)

....................

129,543

Specialized

REITs

—

0.99%

19,918

American

Tower

Corp.

..............

3,497

27,715

Crown

Castle,

Inc.

.................

2,463

1,695

CubeSmart

......................

24,441

Digital

Realty

Trust,

Inc.

.............

3,782

561

EPR

Properties

...................

6,619

Equinix,

Inc.

.....................

5,072

9,071

Extra

Space

Storage,

Inc.

............

1,181

39,728

Gaming

and

Leisure

Properties,

Inc.

....

1,775

5,131

Iron

Mountain,

Inc.

................

656

Lamar

Advertising

Co.,

Class

A

........

1,190

Millrose

Properties,

Inc.

.............

603

National

Storage

Affiliates

Trust

.......

17,466

Public

Storage

....................

4,532

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Specialized

REITs

(continued)

1,161

Rayonier,

Inc.

....................

$

10,672

SBA

Communications

Corp.

..........

2,064

61,170

Smartstop

Self

Storage

REIT,

Inc.

......

1,893

66,587

VICI

Properties,

Inc.

...............

1,872

26,845

Weyerhaeuser

Co.

.................

636

29,442

Specialty

Retail

—

1.44%

AutoNation,

Inc.(a)

................

796

AutoZone,

Inc.(a)

..................

2,699

1,735

Bath

&

Body

Works,

Inc.

............

3,484

Best

Buy

Co.,

Inc.

.................

1,113

Burlington

Stores,

Inc.(a)

............

1,198

CarMax,

Inc.(a)

...................

24,472

Carvana

Co.(a)

....................

10,328

1,618

Chewy,

Inc.,

Class

A(a)

.............

35,325

Dick's

Sporting

Goods,

Inc.

...........

6,994

Five

Below,

Inc.(a)

.................

823

Floor

&

Decor

Holdings,

Inc.,

Class

A(a)

.

3,171

GameStop

Corp.,

Class

A(a)

..........

Lithia

Motors,

Inc.

.................

11,687

Lowe's

Cos.,

Inc.

..................

2,817

Murphy

USA,

Inc.

.................

35,282

O'Reilly

Automotive,

Inc.(a)

..........

3,218

Penske

Automotive

Group,

Inc.

........

RH(a)

..........................

10,040

Ross

Stores,

Inc.

..................

1,809

1,780

The

Gap,

Inc.

.....................

18,812

The

Home

Depot,

Inc.

..............

6,474

28,853

The

TJX

Cos.,

Inc.

.................

4,432

26,421

Tractor

Supply

Co.

.................

1,322

1,745

Ulta

Beauty,

Inc.(a)

................

1,056

995

Valvoline,

Inc.(a)

..................

737

Wayfair,

Inc.,

Class

A(a)

.............

2,148

Williams-Sonoma,

Inc.

..............

42,776

Technology

Hardware,

Storage

&

Peripherals

—

3.04%

287,839

Apple,

Inc.

......................

78,252

5,635

Dell

Technologies,

Inc.,

Class

C

.......

710

23,514

Hewlett

Packard

Enterprise

Co.

........

565

16,630

HP,

Inc.

.........................

2,926

IonQ,

Inc.(a)

.....................

3,568

NetApp,

Inc.

.....................

5,450

Pure

Storage,

Inc.,

Class

A(a)

.........

1,043

Sandisk

Corp.(a)

..................

29,442

Seagate

Technology

Holdings

PLC

.....

8,108

9,107

Super

Micro

Computer,

Inc.(a)

........

6,118

Western

Digital

Corp.

...............

1,054

90,451

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Textiles,

Apparel

&

Luxury

Goods

—

0.86%

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

.......................

22,757

20,827

NIKE,

Inc.,

Class

B

................

1,327

1,705

On

Holding

AG,

Class

A(a)

...........

PVH

Corp.

......................

Ralph

Lauren

Corp.

................

3,722

Tapestry,

Inc.

.....................

1,429

Under

Armour,

Inc.,

Class

A(a)

........

1,440

Under

Armour,

Inc.,

Class

C(a)

........

2,652

VF

Corp.

........................

25,619

Tobacco

—

0.61%

70,746

Altria

Group,

Inc.

..................

4,080

88,773

Philip

Morris

International,

Inc.

........

14,238

18,318

Trading

Companies

&

Distributors

—

0.93%

53,418

AerCap

Holdings

N.V.

..............

7,679

AerCap

Holdings

N.V.

..............

788

Air

Lease

Corp.

...................

Applied

Industrial

Technologies,

Inc.

....

1,478

Core

&

Main,

Inc.,

Class

A(a)

.........

35,662

Fastenal

Co.

......................

1,432

33,807

Ferguson

Enterprises,

Inc.

............

7,526

788

FTAI

Aviation

Ltd.(c)

...............

MSC

Industrial

Direct

Co.,

Inc.

........

426,080

QXO,

Inc.(a)

.....................

8,220

SiteOne

Landscape

Supply,

Inc.(a)

......

1,151

United

Rentals,

Inc.

................

931

1,141

W.W.

Grainger,

Inc.

................

1,151

622

Watsco,

Inc.

......................

WESCO

International,

Inc.

...........

27,718

Water

Utilities

—

0.10%

20,977

American

Water

Works

Co.,

Inc.

.......

2,737

5,099

Essential

Utilities,

Inc.

..............

2,933

Wireless

Telecommunication

Services

—

0.12%

795

Millicom

International

Cellular

SA(a)

...

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Wireless

Telecommunication

Services

(continued)

18,047

T-Mobile

US,

Inc.

.................

$

3,664

3,708

Total

Common

Stocks

(cost

$1,183,067)

1,934,492

Contingent

Rights

—

0.00%

Diversified

Telecommunication

Services

—

0.00%

Mirati

Therapeutics

CVR,

01/04/27(a)(b)

.

—

Financial

Services

—

0.00%

5,443

Sycamore

Partners

LLC

CVR,

08/29/29(a)

(b) ........................

—

Total

Contingent

Rights

(cost

$–)

.....

–

Investment

Companies

—

33.44%

Domestic

Equity

Funds

—

10.37%

146,210

iShares

Core

S&P

500

ETF

...........

100,145

211,260

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

.......................

31,412

10,438

iShares

Russell

1000

ETF

............

3,898

500,000

State

Street

SPDR

S&P

Homebuilders

ETF

51,480

144,945

Vanguard

S&P

500

ETF

.............

90,899

93,660

Vanguard

Total

Stock

Market

ETF

......

31,401

309,235

International

Equity

Funds

—

10.15%

2,063,400

Vanguard

FTSE

Developed

Markets

ETF

.

128,901

2,066,500

Vanguard

FTSE

Europe

ETF

..........

172,781

301,682

Money

Market

Funds

—

12.92%

54,269

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

3.63%^^(d)

384,990,304

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class,

3.68%(d)

....................

384,990

385,044

Total

Investment

Companies

(cost

$842,015)

.......................

995,961

Purchased

Option

on

Futures

—

0.00%

Total

Purchased

Option

on

Futures

(cost

$103)

..........................

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

December

31,

2025

.

Value

(000) Total

Investments

(cost

$2,025,185)

—

98.39%

.....................

$

2,930,548

Other

assets

in

excess

of

liabilities

—

1.61%

......................

48,077

Net

Assets

-

100.00%

..............

$

2,978,625

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

^

All

or

part

of

this

security

was

on

loan

as

of

December

31,

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

December

31,

2025. (a) Represents

non-income

producing

security.

(b) Security

was

valued

using

significant

unobservable

inputs

as

of

December

31,

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

......................................................................................................

43.59 %

2.26 %

2.64 %

16.46 %

64.95 %

Contingent

Rights

...................................................................................................

—

—

—

—

—

%

Investment

Companies

............................................................................................

0.02 %

33.23 %

0.04 %

0.15 %

33.44 %

Options

on

Futures

..................................................................................................

—

—

—

—

—

%

Other

Assets

(Liabilities)

........................................................................................

0.06 %

1.54 %

0.01 %

—

1.61 %

Total

Net

Assets

.................................................................................................

43.67 %

37.03 %

2.69 %

16.61 %

100.00 %

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

December

31,

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

.................

3/20/26

$

8,743

$

(196) E-Mini

S&P

500

Future

.........................

1,368

3/20/26

471,447

(5,079)

Japanese

Yen

Currency

Future

....................

3/16/26

16,046

(82) $

496,236

$

(5,357)

Total

Unrealized

Appreciation

.....................

$

—

Total

Unrealized

Depreciation

.....................

(5,357)

Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

(5,357)

\*

Cash

has

been

pledged

as

collateral

for

futures

contracts

held

by

the

Portfolio.

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(concluded)

—

December

31,

2025

(Unaudited)

Options

on

Futures

Contracts

Exchange-traded

options

on

futures

contacts

written

as

of

December

31,

2025

were

as

follows:

Description

Put/Call

Number

of

Contracts

Notional

Amount

(000) Exercise

Price

Expiration

Date

Value

(000) Japanese

Yen

Future

Option

...............

Put

$

16,250

$

65.00 2/6/26

$

(298) Japanese

Yen

Future

Option

...............

Put

16,125

64.50 2/6/26

(215) Japanese

Yen

Future

Option

...............

Put

8,000

64.00 3/6/26

(104) Japanese

Yen

Future

Option

...............

Put

7,938

63.50 3/6/26

(76) $

(693) Exchanged-traded

options

on

futures

contacts

purchased

as

of

December

31,

2025

were

as

follows:

Description

Put/Call

Number

of

Contracts

Notional

Amount

(000) Exercise

Price

Expiration

Date

Value

(000) Japanese

Yen

Future

Option

...............

Call

$

16,250

$

65.00 2/6/26

$

$

Centrally

Cleared

Swap

Agreements(a)

Credit

Default

Swap

Agreements

-

Buy

Protection

Underlying

Instrument

Payment

Frequency

Fixed

Deal

Pay

Rate

(%)

Maturity

Date

Implied

Credit

Spread

at

December

31,

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

3.17 $

300,000

$

(22,861)

$

(22,838)

$

(23) $

(22,861)

$

(22,838)

$

(23) (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

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

—

98.99%

Australia

—

1.62%

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)

.....

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)

...........

2,565

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)

1,348

Lynas

Rare

Earths

Ltd.

(Metals

&

Mining)

(a) ........................

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) ........................

8,694

Scentre

Group

(Retail

REITs)

.........

SGH

Ltd.

(Trading

Companies

&

Distributors)

.................

7,398

Sigma

Healthcare

Ltd.

(Health

Care

Providers

&

Services)

...........

693

Sonic

Healthcare

Ltd.

(Health

Care

Providers

&

Services)

...........

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)

................

6,916

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)

...........

1,993

Austria

—

0.07%

Erste

Group

Bank

AG

(Banks)(b)

......

OMV

AG

(Oil,

Gas

&

Consumable

Fuels)

Raiffeisen

Bank

International

AG

(Banks)

(b) ........................

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)(a)

..

Everest

Group

Ltd.

(Insurance)

........

Canada

—

3.50%

765

Agnico

Eagle

Mines

Ltd.

(Metals

&

Mining)

672

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)

....................

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Canada

(continued)

Bombardier,

Inc.,

Class

B

(Aerospace

&

Defense)(a)(b)

................

$

3,115

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)

....................

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.,

Class

WI

(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)

.................

2,598

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)

........

644

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)

....................

2,120

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)

.....

1,823

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)

...............

1,843

The

Bank

of

Nova

Scotia

(Banks)

......

The

Descartes

Systems

Group,

Inc.

(Software)(a)

.................

2,592

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)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Canada

(continued)

WSP

Global,

Inc.

(Construction

&

Engineering)(b)

...............

$

4,325

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)

.........

1,062

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)

...

795

Orsted

A/S

(Independent

Power

and

Renewable

Electricity

Producers)(a)(b)

Pandora

A/S

(Textiles,

Apparel

&

Luxury

Goods)

.....................

ROCKWOOL

A/S,

Class

B

(Building

Products)

....................

526

Tryg

A/S

(Insurance)(b)

.............

1,529

Vestas

Wind

Systems

A/S

(Electrical

Equipment)

..................

594

Finland

—

0.29%

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)

7,706

Nokia

Oyj

(Communications

Equipment)

.

4,802

Nordea

Bank

Abp

(Banks)

...........

Orion

Oyj,

Class

B

(Pharmaceuticals)

...

3,597

Sampo

Oyj,

A

Shares

(Insurance)

......

950

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

—

2.60%

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)

.......

2,688

AXA

SA

(Insurance)

...............

BioMerieux

(Health

Care

Equipment

&

Supplies)

....................

1,538

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

(Diversified

REITs)

.......

1,608

Credit

Agricole

SA

(Banks)

...........

978

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)

..........

Rexel

SA

(Trading

Companies

&

Distributors)

.................

557

Safran

SA

(Aerospace

&

Defense)

......

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

France

(continued)

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)

Thales

SA

(Aerospace

&

Defense)

......

3,026

TotalEnergies

SE

(Oil,

Gas

&

Consumable

Fuels)

......................

Unibail-Rodamco-Westfield

(Retail

REITs)

1,046

Veolia

Environnement

SA

(Multi-Utilities)

750

Vinci

SA

(Construction

&

Engineering)

..

3,203

Germany

—

2.39%

adidas

AG

(Textiles,

Apparel

&

Luxury

Goods)

.....................

590

Allianz

SE,

Registered

Shares

(Insurance)

1,408

BASF

SE

(Chemicals)

..............

1,480

Bayer

AG,

Registered

Shares

(Pharmaceuticals)

.............

Bayerische

Motoren

Werke

AG

(Automobiles)

................

Bayerische

Motoren

Werke

AG,

Preference

Shares

(Automobiles)

...........

Beiersdorf

AG

(Personal

Care

Products)

..

Brenntag

SE

(Trading

Companies

&

Distributors)

.................

1,158

Commerzbank

AG

(Banks)

...........

Continental

AG

(Automobile

Components)

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)

5,523

Deutsche

Telekom

AG

(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)

......

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)

.......

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Germany

(continued)

Heidelberg

Materials

AG

(Construction

Materials)(b)

.................

$

Henkel

AG

&

Co.

KGaA

(Household

Products)

....................

Henkel

AG

&

Co.

KGaA,

Preference

Shares

(Household

Products)

...........

Hensoldt

AG

(Aerospace

&

Defense)

....

HOCHTIEF

AG

(Construction

&

Engineering)

.................

1,995

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) ........................

1,159

Siemens

AG,

Registered

Shares

(Industrial

Conglomerates)

...............

1,176

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)

.....

2,949

Hong

Kong

—

0.53%

16,000

AIA

Group

Ltd.

(Insurance)

..........

5,500

BOC

Hong

Kong

Holdings

Ltd.

(Banks)

.

3,000

CK

Asset

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

4,000

CK

Hutchison

Holdings

Ltd.

(Industrial

Conglomerates)

...............

500

CK

Infrastructure

Holdings

Ltd.

(Electric

Utilities)

....................

2,500

CLP

Holdings

Ltd.

(Electric

Utilities)

...

Futu

Holdings

Ltd.,

ADR

(Capital

Markets)

(a)(b) ......................

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Hong

Kong

(continued)

3,000

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)

...............

4,511

Link

REIT

(Retail

REITs)

............

2,000

MTR

Corp.

Ltd.

(Ground

Transportation)

.

2,000

Power

Assets

Holdings

Ltd.

(Electric

Utilities)

....................

3,973

Prudential

PLC

(Insurance)

...........

4,518

Sino

Land

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

2,000

SITC

International

Holdings

Co.

Ltd.

(Marine

Transportation)

.........

2,500

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)

1,000

The

Wharf

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

11,950

WH

Group

Ltd.

(Food

Products)(b)

.....

2,000

Wharf

Real

Estate

Investment

Co.

Ltd.

(Real

Estate

Management

&

Development)

658

Ireland

(Republic

of)

—

0.97%

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)

.

586

Eaton

Corp.

PLC

(Electrical

Equipment)

.

1,393

Experian

PLC

(Professional

Services)

...

Kerry

Group

PLC,

Class

A

(Food

Products)

(b) ........................

Kingspan

Group

PLC

(Building

Products)

1,951

Medtronic

PLC

(Health

Care

Equipment

&

Supplies)

....................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Ireland

(Republic

of)

(continued)

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)

....................

1,196

Israel

—

0.27%

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)

.....

Phoenix

Financial

Ltd.

(Insurance)

.....

1,841

Teva

Pharmaceutical

Industries

Ltd.,

ADR

(Pharmaceuticals)(a)

...........

Wix.com

Ltd.

(IT

Services)(a)

.........

Wix.com

Ltd.

(IT

Services)(a)

.........

Italy

—

0.79%

Banca

Mediolanum

SpA

(Financial

Services)

....................

3,183

Banca

Monte

dei

Paschi

di

Siena

SpA

(Banks)(b)

...................

1,955

Banco

BPM

SpA

(Banks)

............

1,937

BPER

Banca

SPA

(Banks)

...........

Buzzi

SpA

(Construction

Materials)

.....

889

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)

..

1,337

Generali

(Insurance)

................

Infrastrutture

Wireless

Italiane

SpA

(Diversified

Telecommunication

Services)(b)

..................

22,033

Intesa

Sanpaolo

SpA

(Banks)(b)

.......

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Italy

(continued)

615

Leonardo

SpA

(Aerospace

&

Defense)

...

$

Moncler

SpA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

694

Nexi

SpA

(Financial

Services)(b)

......

688

Poste

Italiane

SpA

(Financial

Services)(b)

Prysmian

SpA

(Electrical

Equipment)

...

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(Pharmaceuticals)

..........

3,098

Snam

SpA

(Gas

Utilities)

............

18,788

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)

...

978

Japan

—

5.48%

1,200

Advantest

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

3,300

Aeon

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

AGC,

Inc.

(Building

Products)

........

700

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)

....................

1,800

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)

....................

1,000

Chugai

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals)

.............

600

Dai

Nippon

Printing

Co.

Ltd.

(Commercial

Services

&

Supplies)

...........

500

Daifuku

Co.

Ltd.

(Machinery)

.........

5,100

Dai-ichi

Life

Holdings,

Inc.

(Insurance)

..

2,900

Daiichi

Sankyo

Co.

Ltd.

(Pharmaceuticals)

Daikin

Industries

Ltd.

(Building

Products)

500

Daito

Trust

Construction

Co.

Ltd.

(Real

Estate

Management

&

Development)

800

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

1,900

Daiwa

Securities

Group,

Inc.

(Capital

Markets)

....................

$

2,600

Denso

Corp.

(Automobile

Components)

..

Disco

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

1,400

East

Japan

Railway

Co.

(Ground

Transportation)

...............

700

Ebara

Corp.

(Machinery)

............

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)

..

5,700

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)

..........

1,600

IHI

Corp.

(Machinery)

..............

1,300

Inpex

Corp.

(Oil,

Gas

&

Consumable

Fuels)

800

Isuzu

Motors

Ltd.

(Automobiles)

.......

9,000

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)

....

Kobe

Bussan

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

1,500

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)

.....

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)

..

700

Nippon

Yusen

KK

(Marine

Transportation)

3,400

Nissan

Motor

Co.

Ltd.

(Automobiles)(a)

.

600

Nitori

Holdings

Co.

Ltd.

(Specialty

Retail)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

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)

....................

Oracle

Corp.

Japan

(Software)

.........

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)

....

800

SBI

Holdings,

Inc.

(Capital

Markets)

....

SCREEN

Holdings

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

600

Secom

Co.

Ltd.

(Commercial

Services

&

Supplies)

....................

Seibu

Holdings,

Inc.

(Ground

Transportation)

...............

600

Sekisui

Chemical

Co.

Ltd.

(Industrial

Conglomerates)

...............

900

Sekisui

House

Ltd.

(Household

Durables)

3,400

Seven

&

i

Holdings

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

.....

SG

Holdings

Co.

Ltd.

(Air

Freight

&

Logistics)

...................

Shimadzu

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

Shimano,

Inc.

(Leisure

Products)

.......

2,500

Shin-Etsu

Chemical

Co.

Ltd.

(Chemicals)

1,100

Shionogi

&

Co.

Ltd.

(Pharmaceuticals)

..

600

Shiseido

Co.

Ltd.

(Personal

Care

Products)

SMC

Corp.

(Machinery)

.............

43,500

SoftBank

Corp.

(Wireless

Telecommunication

Services)

.....

6,000

SoftBank

Group

Corp.

(Wireless

Telecommunication

Services)

.....

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

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)

.....................

5,500

Sumitomo

Mitsui

Financial

Group,

Inc.

(Banks)

.....................

1,000

Sumitomo

Mitsui

Trust

Group,

Inc.

(Banks)

1,000

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)

..................

800

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)

.......

500

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)(a)

..

14,300

Toyota

Motor

Corp.

(Automobiles)(b)

...

1,000

Toyota

Tsusho

Corp.

(Trading

Companies

&

Distributors)

.................

Trend

Micro,

Inc.

(Software)

..........

Tsuruha

Holdings,

Inc.

(Consumer

Staples

Distribution

&

Retail)

...........

1,700

Unicharm

Corp.

(Household

Products)

...

600

West

Japan

Railway

Co.

(Ground

Transportation)(b)

.............

1,400

Yamaha

Motor

Co.

Ltd.

(Automobiles)

..

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

Yokogawa

Electric

Corp.

(Electronic

Equipment,

Instruments

&

Components)

.................

$

1,600

Yokohama

Financial

Group,

Inc.

(Banks)

.

900

ZOZO,

Inc.

(Specialty

Retail)(b)

.......

6,768

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

—

1.35%

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)(b)

.....

590

ASML

Holding

N.V.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

635

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)

.......

770

Ferrovial

SE

(Construction

&

Engineering)

Heineken

Holding

N.V.

(Beverages)

....

Heineken

N.V.

(Beverages)

...........

IMCD

N.V.

(Trading

Companies

&

Distributors)(b)

...............

4,645

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)

.....

1,998

Prosus

N.V.

(Broadline

Retail)(a)(b)

....

QIAGEN

N.V.

(Life

Sciences

Tools

&

Services)

....................

Randstad

N.V.

(Professional

Services)

...

3,076

Stellantis

N.V.

(Automobiles)

.........

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Netherlands

(continued)

767

The

Magnum

Ice

Cream

Co.

N.V.

(Consumer

Staples

Distribution

&

Retail)(a)

....................

$

1,690

Universal

Music

Group

N.V.

(Entertainment)

...............

Wolters

Kluwer

N.V.

(Professional

Services)

1,666

New

Zealand

—

0.06%

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

—

0.14%

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

—

0.04%

11,914

Banco

Comercial

Portugues

SA,

Class

R

(Banks)(b)

...................

4,621

EDP

SA

(Electric

Utilities)(b)

.........

631

Galp

Energia

SGPS

SA

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

Jeronimo

Martins

SGPS

SA

(Consumer

Staples

Distribution

&

Retail)(b)

...

Singapore

—

0.42%

5,741

CapitaLand

Ascendas

REIT

(Industrial

REITs)(b)

...................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Singapore

(continued)

9,352

CapitaLand

Integrated

Commercial

Trust

(Diversified

REITs)

............

$

3,400

CapitaLand

Investment

Ltd.

(Real

Estate

Management

&

Development)

.....

3,307

DBS

Group

Holdings

Ltd.

(Banks)

.....

3,470

Grab

Holdings

Ltd.

(Ground

Transportation)

(a) ........................

2,200

Keppel

Ltd.

(Industrial

Conglomerates)

..

5,190

Oversea-Chinese

Banking

Corp.

Ltd.

(Banks)

.....................

582

Sea

Ltd.,

ADR

(Entertainment)(a)

......

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)

520

Spain

—

0.94%

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)

...........

9,748

Iberdrola

SA

(Electric

Utilities)

........

1,640

Industria

de

Diseno

Textil

SA

(Specialty

Retail)

......................

771

Mapfre

SA

(Insurance)

..............

Naturgy

Energy

Group

SA

(Gas

Utilities)

.

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)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Spain

(continued)

5,486

Telefonica

SA

(Diversified

Telecommunication

Services)

.....

$

1,162

Sweden

—

0.92%

AddTech

AB,

B

Shares

(Trading

Companies

&

Distributors)

...............

Alfa

Laval

AB

(Machinery)

..........

1,550

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)

.......

701

EQT

AB

(Capital

Markets)

...........

919

Essity

AB,

Class

B

(Household

Products)

.

Evolution

AB

(Hotels,

Restaurants

&

Leisure)(b)

..................

1,098

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)

...............

2,707

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)

........

1,139

Switzerland

—

2.78%

2,412

ABB

Ltd.,

Registered

Shares

(Electrical

Equipment)

..................

762

Alcon

AG

(Health

Care

Equipment

&

Supplies)

....................

2,370

Amcor

PLC

(Containers

&

Packaging)

...

1,191

Amcor

PLC

(Containers

&

Packaging)

...

735

Amrize

Ltd.

(Construction

Materials)(a)

..

Avolta

AG

(Specialty

Retail)(a)

........

Banque

Cantonale

Vaudoise,

Registered

Shares

(Banks)

................

Barry

Callebaut

AG,

Registered

Shares

(Food

Products)^(b)

............

Belimo

Holding

AG,

Class

R

(Building

Products)

....................

BKW

AG

(Electric

Utilities)

..........

Chocoladefabriken

Lindt

&

Spruengli

AG,

Class

PC

(Food

Products)

........

574

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)

..................

15,050

Glencore

PLC

(Metals

&

Mining)(a)(b)

..

Helvetia

Baloise

Holding

AG,

Registered

Shares

(Insurance)

.............

760

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)

..................

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Switzerland

(continued)

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)

....................

1,074

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)

....................

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)

.......

4,856

UBS

Group

AG

(Capital

Markets)

......

VAT

Group

AG

(Machinery)(b)

........

Zurich

Insurance

Group

AG

(Insurance)

..

3,429

United

Arab

Emirates

—

0.00%

NMC

Health

PLC

(Health

Care

Providers

&

Services)(a)(c)

................

—

United

Kingdom

—

3.54%

1,561

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)

.................

Associated

British

Foods

PLC

(Food

Products)

....................

2,360

AstraZeneca

PLC

(Pharmaceuticals)(b)

..

1,276

Auto

Trader

Group

PLC

(Interactive

Media

&

Services)(b)

................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

Kingdom

(continued)

4,523

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)

............

Endeavour

Mining

PLC

(Metals

&

Mining)

899

Entain

PLC

(Hotels,

Restaurants

&

Leisure)

(b) ........................

6,120

GSK

PLC

(Pharmaceuticals)

..........

13,900

Haleon

PLC

(Pharmaceuticals)

........

578

Halma

PLC

(Electronic

Equipment,

Instruments

&

Components)

......

Hikma

Pharmaceuticals

PLC

(Pharmaceuticals)(b)

...........

26,273

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)

...........

2,744

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)

....

694

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)

....................

7,431

National

Grid

PLC

(Multi-Utilities)

.....

12,298

NatWest

Group

PLC

(Banks)(b)

.......

Next

PLC

(Broadline

Retail)

..........

886

Pearson

PLC

(Diversified

Consumer

Services)

....................

Pentair

PLC

(Machinery)

............

1,030

Phoenix

Group

Holdings

PLC

(Insurance)

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

Kingdom

(continued)

1,040

Reckitt

Benckiser

Group

PLC

(Household

Products)

....................

$

2,841

RELX

PLC

(Professional

Services)

.....

3,819

Rentokil

Initial

PLC

(Commercial

Services

&

Supplies)

..................

1,729

Rio

Tinto

PLC

(Metals

&

Mining)

......

12,731

Rolls-Royce

Holdings

PLC

(Aerospace

&

Defense)

....................

1,227

Schroders

PLC

(Capital

Markets)

......

1,886

Segro

PLC

(Industrial

REITs)

.........

Severn

Trent

PLC

(Water

Utilities)(b)

...

8,822

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)

........

1,786

SSE

PLC

(Electric

Utilities)(b)

........

2,963

Standard

Chartered

PLC

(Banks)

.......

10,171

Tesco

PLC

(Consumer

Staples

Distribution

&

Retail)

....................

1,519

The

Sage

Group

PLC

(Software)

.......

3,356

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)

4,364

United

States

—

69.34%

810

3M

Co.

(Industrial

Conglomerates)

.....

2,631

Abbott

Laboratories

(Health

Care

Equipment

&

Supplies)

.........

2,684

AbbVie,

Inc.

(Biotechnology)

.........

613

643

Adobe,

Inc.

(Software)(a)

............

2,468

Advanced

Micro

Devices,

Inc.

(Semiconductors

&

Semiconductor

Equipment)(a)

................

529

AECOM

(Construction

&

Engineering)

..

Affirm

Holdings,

Inc.

(Financial

Services)

(a) ........................

768

Aflac,

Inc.

(Insurance)

..............

Agilent

Technologies,

Inc.

(Life

Sciences

Tools

&

Services)

..............

Air

Products

and

Chemicals,

Inc.

(Chemicals)

..................

657

Airbnb,

Inc.,

Class

A

(Hotels,

Restaurants

&

Leisure)(a)

..................

Alexandria

Real

Estate

Equities,

Inc.

(Health

Care

REITs)

.................

Alliant

Energy

Corp.

(Electric

Utilities)

..

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Alnylam

Pharmaceuticals,

Inc.

(Biotechnology)(a)

.............

$

8,853

Alphabet,

Inc.,

Class

A

(Interactive

Media

&

Services)

....................

2,770

7,424

Alphabet,

Inc.,

Class

C

(Interactive

Media

&

Services)

....................

2,329

14,604

Amazon.com,

Inc.

(Broadline

Retail)(a)

..

3,370

Ameren

Corp.

(Multi-Utilities)

........

813

American

Electric

Power

Co.,

Inc.

(Electric

Utilities)

....................

842

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)

...

818

Amgen,

Inc.

(Biotechnology)

.........

1,848

Amphenol

Corp.,

Class

A

(Electronic

Equipment,

Instruments

&

Components)

.................

757

Analog

Devices,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

860

Annaly

Capital

Management,

Inc.

(Mortgage

Real

Estate

Investment

Trusts

(REITs))

...............

665

Apollo

Global

Management,

Inc.

(Financial

Services)

....................

22,564

Apple,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

................

6,133

1,210

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)

....................

1,618

Arista

Networks,

Inc.

(Communications

Equipment)(a)

................

Arthur

J. Gallagher

&

Co.

(Insurance)

...

10,822

AT&T,

Inc.

(Diversified

Telecommunication

Services)

....................

Atmos

Energy

Corp.

(Gas

Utilities)

.....

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)

..................

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

1,507

Baker

Hughes

Co.

(Energy

Equipment

&

Services)

....................

$

Ball

Corp.

(Containers

&

Packaging)

....

10,741

Bank

of

America

Corp.

(Banks)

........

591

778

Baxter

International,

Inc.

(Health

Care

Equipment

&

Supplies)

.........

Becton

Dickinson

&

Co.

(Health

Care

Equipment

&

Supplies)

.........

Bentley

Systems,

Inc.,

Class

B

(Software)

2,101

Berkshire

Hathaway,

Inc.,

Class

B

(Financial

Services)(a)

..................

1,055

Best

Buy

Co.,

Inc.

(Specialty

Retail)

....

Biogen,

Inc.

(Biotechnology)(a)

.......

Blackrock,

Inc.

(Capital

Markets)

......

843

Block,

Inc.

(Financial

Services)(a)

......

Bloom

Energy

Corp.,

Class

A

(Electrical

Equipment)(a)

................

Booking

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

...................

Booz

Allen

Hamilton

Holding

Corp.

(Professional

Services)

..........

2,241

Boston

Scientific

Corp.

(Health

Care

Equipment

&

Supplies)(a)

.......

3,065

Bristol-Myers

Squibb

Co.

(Pharmaceuticals)

6,821

Broadcom,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

2,360

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)

973

Capital

One

Financial

Corp.

(Consumer

Finance)

....................

Cardinal

Health,

Inc.

(Health

Care

Providers

&

Services)

..................

Carlisle

Cos.,

Inc.

(Building

Products)

...

1,578

Carnival

Corp.

(Hotels,

Restaurants

&

Leisure)(a)

..................

1,156

Carrier

Global

Corp.

(Building

Products)

.

Carvana

Co.

(Specialty

Retail)(a)

......

713

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)

......

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Cencora,

Inc.

(Health

Care

Providers

&

Services)

....................

$

673

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)

.............

2,925

Chevron

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

2,019

Chipotle

Mexican

Grill,

Inc.

(Hotels,

Restaurants

&

Leisure)(a)

........

Church

&

Dwight

Co.,

Inc.

(Household

Products)

....................

Ciena

Corp.

(Communications

Equipment)

(a) ........................

Cincinnati

Financial

Corp.

(Insurance)

...

552

Cintas

Corp.

(Commercial

Services

&

Supplies)

....................

6,040

Cisco

Systems,

Inc.

(Communications

Equipment)

..................

2,797

Citigroup,

Inc.

(Banks)

..............

668

Citizens

Financial

Group,

Inc.

(Banks)

...

Cloudflare,

Inc.,

Class

A

(IT

Services)(a)

.

546

CME

Group,

Inc.

(Capital

Markets)

.....

CMS

Energy

Corp.

(Multi-Utilities)

.....

741

Cognizant

Technology

Solutions

Corp.,

Class

A

(IT

Services)

...........

Coinbase

Global,

Inc.,

Class

A

(Capital

Markets)(a)

..................

1,164

Colgate-Palmolive

Co.

(Household

Products)

....................

5,647

Comcast

Corp.,

Class

A

(Media)

.......

Comfort

Systems

USA,

Inc.

(Construction

&

Engineering)

...............

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)

....................

1,242

Corning,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

......

Corpay,

Inc.

(Financial

Services)(a)

.....

1,044

Corteva,

Inc.

(Chemicals)

............

616

CoStar

Group,

Inc.

(Real

Estate

Management

&

Development)(a)

...

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

675

Costco

Wholesale

Corp.

(Consumer

Staples

Distribution

&

Retail)

...........

$

582

1,130

Coterra

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

Credo

Technology

Group

Holding

Ltd.

(Semiconductors

&

Semiconductor

Equipment)(a)

................

1,018

CRH

PLC

(Construction

Materials)

.....

Crowdstrike

Holdings,

Inc.,

Class

A

(Software)(a)

.................

656

Crown

Castle,

Inc.

(Specialized

REITs)

..

2,796

CSX

Corp.

(Ground

Transportation)

....

Cummins,

Inc.

(Machinery)

..........

1,915

CVS

Health

Corp.

(Health

Care

Providers

&

Services)

....................

D.R.

Horton,

Inc.

(Household

Durables)

..

972

Danaher

Corp.

(Life

Sciences

Tools

&

Services)

....................

Darden

Restaurants,

Inc.

(Hotels,

Restaurants

&

Leisure)

..........

Datadog,

Inc.,

Class

A

(Software)(a)

....

Deckers

Outdoor

Corp.

(Textiles,

Apparel

&

Luxury

Goods)(a)

.............

Deere

&

Co.

(Machinery)

............

Dell

Technologies,

Inc.,

Class

C

(Technology

Hardware,

Storage

&

Peripherals)

..................

Delta

Air

Lines,

Inc.

(Passenger

Airlines)

.

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)

....................

579

DoorDash,

Inc.,

Class

A

(Hotels,

Restaurants

&

Leisure)(a)

.................

Dover

Corp.

(Machinery)

............

1,061

Dow,

Inc.

(Chemicals)

..............

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)

.........

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

686

eBay,

Inc.

(Broadline

Retail)

..........

$

Ecolab,

Inc.

(Chemicals)

.............

589

Edison

International

(Electric

Utilities)

..

879

Edwards

Lifesciences

Corp.

(Health

Care

Equipment

&

Supplies)(a)

.......

Electronic

Arts,

Inc.

(Entertainment)

....

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services)

...........

1,224

Eli

Lilly

&

Co.

(Pharmaceuticals)

......

1,314

EMCOR

Group,

Inc.

(Construction

&

Engineering)

.................

866

Emerson

Electric

Co.

(Electrical

Equipment)

Entegris,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

654

Entergy

Corp.

(Electric

Utilities)

.......

799

EOG

Resources,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

921

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)

.....................

6,495

Exxon

Mobil

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

782

F&G

Annuities

&

Life,

Inc.

(Insurance)

..

F5,

Inc.

(Communications

Equipment)(a)

.

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)

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)

.....

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

841

FirstEnergy

Corp.

(Electric

Utilities)

....

$

786

Fiserv,

Inc.

(Financial

Services)(a)

......

583

Flex

Ltd.

(Electronic

Equipment,

Instruments

&

Components)(a)

....

Flutter

Entertainment

PLC,

Class

DI

(Hotels,

Restaurants

&

Leisure)(a)

..

5,945

Ford

Motor

Co.

(Automobiles)

........

989

Fortinet,

Inc.

(Software)(a)

...........

527

Fortive

Corp.

(Machinery)

...........

Fox

Corp.,

Class

A

(Media)

...........

Fox

Corp.,

Class

B

(Media)

...........

2,162

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)

....................

1,613

General

Electric

Co.

(Aerospace

&

Defense)

836

General

Mills,

Inc.

(Food

Products)

.....

1,446

General

Motors

Co.

(Automobiles)

.....

Genuine

Parts

Co.

(Distributors)

.......

1,892

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)

..................

972

Honeywell

International,

Inc.

(Industrial

Conglomerates)

...............

Hormel

Foods

Corp.

(Food

Products)

....

587

Howmet

Aerospace,

Inc.

(Aerospace

&

Defense)

....................

1,431

HP,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..................

Hubbell,

Inc.

(Electrical

Equipment)

....

HubSpot,

Inc.

(Software)(a)

..........

Humana,

Inc.

(Health

Care

Providers

&

Services)

....................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

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)

.......

Insmed,

Inc.

(Biotechnology)(a)

.......

Insulet

Corp.

(Health

Care

Equipment

&

Supplies)(a)

..................

6,869

Intel

Corp.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

656

Interactive

Brokers

Group,

Inc.

(Capital

Markets)

....................

865

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)

...............

544

Intuitive

Surgical,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

.......

882

Invitation

Homes,

Inc.

(Residential

REITs)

IonQ,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)(a)

..............

IQVIA

Holdings,

Inc.

(Life

Sciences

Tools

&

Services)(a)

................

Iron

Mountain,

Inc.

(Specialized

REITs)

.

Jabil,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

......

Jack

Henry

&

Associates,

Inc.

(Financial

Services)

....................

Jacobs

Solutions,

Inc.

(Professional

Services)

....................

JB

Hunt

Transport

Services,

Inc.

(Ground

Transportation)

...............

3,673

Johnson

&

Johnson

(Pharmaceuticals)

...

760

987

Johnson

Controls

International

PLC

(Building

Products)

............

4,182

JPMorgan

Chase

&

Co.

(Banks)

.......

1,347

2,914

Kenvue,

Inc.

(Personal

Care

Products)

...

2,009

Keurig

Dr

Pepper,

Inc.

(Beverages)

.....

1,401

KeyCorp

(Banks)

..................

Keysight

Technologies,

Inc.

(Electronic

Equipment,

Instruments

&

Components)(a)

...............

Kimberly-Clark

Corp.

(Household

Products)

1,014

Kimco

Realty

Corp.

(Retail

REITs)

.....

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

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)

...........

1,937

Lam

Research

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

Las

Vegas

Sands

Corp.

(Hotels,

Restaurants

&

Leisure)

...................

Leidos

Holdings,

Inc.

(Professional

Services)

....................

Lennar

Corp.,

Class

A

(Household

Durables)

Lennox

International,

Inc.

(Building

Products)

....................

Liberty

Media

Corp.-Liberty

Formula

One

(Entertainment)(a)

.............

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)

..........

744

Marsh

&

McLennan

Cos.,

Inc.

(Insurance)

Martin

Marietta

Materials,

Inc.

(Construction

Materials)

.........

1,317

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.....

Masco

Corp.

(Building

Products)

.......

1,300

Mastercard,

Inc.,

Class

A

(Financial

Services)

....................

742

McCormick

&

Co.,

Inc.

(Food

Products)

.

1,083

McDonald's

Corp.

(Hotels,

Restaurants

&

Leisure)

....................

McKesson

Corp.

(Health

Care

Providers

&

Services)

....................

3,780

Merck

&

Co.,

Inc.

(Pharmaceuticals)

....

896

MetLife,

Inc.

(Insurance)

............

Mettler-Toledo

International,

Inc.

(Life

Sciences

Tools

&

Services)(a)

.....

821

Microchip

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

..................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

1,713

Micron

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

$

10,739

Microsoft

Corp.

(Software)

...........

5,193

Mid-America

Apartment

Communities,

Inc.

(Residential

REITs)

............

1,942

Mondelez

International,

Inc.,

Class

A

(Food

Products)

....................

MongoDB,

Inc.

(IT

Services)(a)

.......

Monolithic

Power

Systems,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

..................

1,112

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)

..........

6,470

Netflix,

Inc.

(Entertainment)(a)

........

607

Neurocrine

Biosciences,

Inc.

(Biotechnology)(a)

.............

1,640

Newmont

Corp.

(Metals

&

Mining)

.....

561

News

Corp.,

Class

A

(Media)

.........

3,160

NextEra

Energy,

Inc.

(Electric

Utilities)

..

1,783

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)

.....

36,946

NVIDIA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

6,889

NVR,

Inc.

(Household

Durables)(a)

.....

1,137

Occidental

Petroleum

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

Oklo,

Inc.

(Electric

Utilities)(a)

........

Okta,

Inc.

(IT

Services)(a)

............

Old

Dominion

Freight

Line,

Inc.

(Ground

Transportation)

...............

Omnicom

Group,

Inc.

(Media)

........

638

ON

Semiconductor

Corp.

(Semiconductors

&

Semiconductor

Equipment)(a)

...

945

ONEOK,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

......................

2,603

Oracle

Corp.

(Software)

.............

507

1,280

O'Reilly

Automotive,

Inc.

(Specialty

Retail)

(a) ........................

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

609

Otis

Worldwide

Corp.

(Machinery)

.....

$

799

PACCAR,

Inc.

(Machinery)

..........

Packaging

Corp.

of

America

(Containers

&

Packaging)

..................

3,463

Palantir

Technologies,

Inc.,

Class

A

(Software)(a)

.................

616

1,032

Palo

Alto

Networks,

Inc.

(Software)(a)

...

Parker-Hannifin

Corp.

(Machinery)

.....

Paychex,

Inc.

(Professional

Services)

....

Paycom

Software,

Inc.

(Professional

Services)

....................

1,389

PayPal

Holdings,

Inc.

(Financial

Services)

2,086

PepsiCo,

Inc.

(Beverages)

............

8,600

Pfizer,

Inc.

(Pharmaceuticals)

.........

3,337

PG&E

Corp.

(Electric

Utilities)

........

609

Phillips

(Oil,

Gas

&

Consumable

Fuels)

Pinnacle

Financial

Partners,

Inc.

(Banks)

.

899

Pinterest,

Inc.,

Class

A

(Interactive

Media

&

Services)(a)

..................

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)

1,648

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)

...

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)

....................

1,209

Rivian

Automotive,

Inc.,

Class

A

(Automobiles)(a)

..............

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

1,108

Robinhood

Markets,

Inc.,

Class

A

(Capital

Markets)(a)

..................

$

862

ROBLOX

Corp.,

Class

A

(Entertainment)(a)

1,417

Rocket

Cos.,

Inc.,

Class

A

(Financial

Services)

....................

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)

..........

575

Royalty

Pharma

PLC,

Class

A

(Pharmaceuticals)

.............

RPM

International,

Inc.

(Chemicals)

....

2,025

RTX

Corp.

(Aerospace

&

Defense)

.....

S&P

Global,

Inc.

(Capital

Markets)

.....

1,455

Salesforce,

Inc.

(Software)

...........

Samsara,

Inc.,

Class

A

(Software)(a)

....

SBA

Communications

Corp.

(Specialized

REITs)

.....................

Seagate

Technology

Holdings

PLC

(Technology

Hardware,

Storage

&

Peripherals)

..................

991

Sempra

(Multi-Utilities)

.............

1,590

ServiceNow,

Inc.

(Software)(a)

........

Simon

Property

Group,

Inc.

(Retail

REITs)

2,280

SLB

Ltd.

(Energy

Equipment

&

Services)

1,618

Snap,

Inc.,

Class

A

(Interactive

Media

&

Services)(a)

..................

Snap-on,

Inc.

(Machinery)

...........

Snowflake,

Inc.

(IT

Services)(a)

.......

Solventum

Corp.

(Health

Care

Equipment

&

Supplies)(a)

..................

1,713

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)

...........

532

Stryker

Corp.

(Health

Care

Equipment

&

Supplies)

....................

Sun

Communities,

Inc.

(Residential

REITs)

591

Synchrony

Financial

(Consumer

Finance)

Synopsys,

Inc.

(Software)(a)

..........

737

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)

.....................

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

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)

.......

4,299

Tesla,

Inc.

(Automobiles)(a)

..........

1,932

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)

..............

1,179

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)

.

521

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)

....................

509

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)

....

1,853

The

Williams

Cos.,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

578

Thermo

Fisher

Scientific,

Inc.

(Life

Sciences

Tools

&

Services)

..............

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

771

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.

(Software)(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)

...............

2,992

Uber

Technologies,

Inc.

(Ground

Transportation)(a)

.............

UDR,

Inc.

(Residential

REITs)

........

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) ........................

1,375

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)

....................

6,387

Verizon

Communications,

Inc.

(Diversified

Telecommunication

Services)

.....

Vertex

Pharmaceuticals,

Inc.

(Biotechnology)(a)

.............

1,594

VICI

Properties,

Inc.

(Specialized

REITs)

2,592

Visa,

Inc.,

Class

A

(Financial

Services)

..

908

510

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)

.................

6,672

Walmart,

Inc.

(Consumer

Staples

Distribution

&

Retail)

...........

743

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

3,554

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)

4,882

Wells

Fargo

&

Co.

(Banks)

...........

1,011

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)

.....

876

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)

............

85,561

Uruguay

—

0.12%

MercadoLibre,

Inc.

(Broadline

Retail)(a)

.

Total

Common

Stocks

(cost

$54,488)

...

122,164

Warrant

—

0.00%

Canada

—

0.00%

Constellation

Software,

Inc.,

3/31/40

(Software)(a)(c)

...............

—

Total

Warrant

(cost

$—)

............

—

Shares

Security

Description

Value

(000) Investment

Companies

—

0.84%

Money

Market

Funds

—

0.84%

14,196

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares

,

3.63%^^(d)

$

1,026,310

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

,

3.68%(d)

....................

1,027

Total

Investment

Companies

(cost

$1,041)

1,041

Total

Investments

(cost

$55,529)

—

99.83%

.....................

123,205

Other

assets

in

excess

of

liabilities

—

0.17%

......................

Net

Assets

-

100.00%

..............

$

123,413

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

^

All

or

part

of

this

security

was

on

loan

as

of

December

31,

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

December

31,

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

December

31,

2025. (d) Annualized

7-day

yield

as

of

period-end.

ADR—American

Depositary

Receipt

REIT—Real

Estate

Investment

Trust

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(concluded)

—

December

31,

2025

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

December

31,

2025. The

ESG

Growth

Portfolio

Mellon

Investments

Corporation

Parametric

Portfolio

Associates,

LLC

Total

Common

Stocks

......................................................................................................................................................

98.99 %

—

98.99 %

Warrant

.....................................................................................................................................................................

—

—

—

%

Investment

Companies

.............................................................................................................................................

0.07 %

0.77 %

0.84 %

Other

Assets

(Liabilities)

.........................................................................................................................................

0.09 %

0.08 %

0.17 %

Total

Net

Assets

..................................................................................................................................................

99.15 %

0.85 %

100.00 %

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

December

31,

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

.........................

3/20/26

$

689

$

(6) Mini

MSCI

EAFE

Index

Future

...................

3/20/26

(1) $

834

$

(7) Total

Unrealized

Appreciation

.....................

$

—

Total

Unrealized

Depreciation

.....................

(7) Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

(7) \*

Cash

has

been

pledged

as

collateral

for

futures

contracts

held

by

the

Portfolio.

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

—

99.82%

Australia

—

1.69%

3,633

ANZ

Group

Holdings

Ltd.

(Banks)

.....

$

1,729

APA

Group

(Gas

Utilities)

...........

ASX

Ltd.

(Capital

Markets)

..........

Atlassian

Corp.,

Class

A

(Software)(a)

...

6,224

BHP

Group

Ltd.

(Metals

&

Mining)

.....

1,604

Brambles

Ltd.

(Commercial

Services

&

Supplies)

....................

510

CAR

Group

Ltd.

(Interactive

Media

&

Services)

....................

Cochlear

Ltd.

(Health

Care

Equipment

&

Supplies)

....................

1,560

Coles

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

2,050

Commonwealth

Bank

of

Australia

(Banks)

685

Computershare

Ltd.

(Professional

Services)

2,637

Evolution

Mining

Ltd.

(Metals

&

Mining)

2,013

Fortescue

Ltd.

(Metals

&

Mining)

......

2,442

Goodman

Group

(Industrial

REITs)

.....

3,119

Insurance

Australia

Group

Ltd.

(Insurance)

1,182

Lynas

Rare

Earths

Ltd.

(Metals

&

Mining)

(a) ........................

Macquarie

Group

Ltd.

(Capital

Markets)

.

3,726

Medibank

Pvt

Ltd.

(Insurance)

........

3,741

National

Australia

Bank

Ltd.

(Banks)

....

1,639

Northern

Star

Resources

Ltd.

(Metals

&

Mining)(b)

..................

2,264

Origin

Energy

Ltd.

(Electric

Utilities)

...

Pro

Medicus

Ltd.

(Health

Care

Technology)

842

Qantas

Airways

Ltd.

(Passenger

Airlines)

.

1,987

QBE

Insurance

Group

Ltd.

(Insurance)

..

REA

Group

Ltd.

(Interactive

Media

&

Services)

....................

Rio

Tinto

Ltd.

(Metals

&

Mining)

......

4,250

Santos

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

(b) ........................

6,863

Scentre

Group

(Retail

REITs)

.........

SGH

Ltd.

(Trading

Companies

&

Distributors)

.................

6,114

Sigma

Healthcare

Ltd.

(Health

Care

Providers

&

Services)

...........

626

Sonic

Healthcare

Ltd.

(Health

Care

Providers

&

Services)

...........

6,054

South32

Ltd.

(Metals

&

Mining)

.......

3,195

Stockland

(Diversified

REITs)

.........

1,428

Suncorp

Group

Ltd.

(Insurance)

.......

4,135

Telstra

Group

Ltd.

(Diversified

Telecommunication

Services)

.....

3,677

Transurban

Group

(Transportation

Infrastructure)

................

3,837

Vicinity

Ltd.

(Retail

REITs)(b)

........

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(Financial

Services)

............

1,360

Wesfarmers

Ltd.

(Broadline

Retail)

.....

4,165

Westpac

Banking

Corp.

(Banks)

.......

WiseTech

Global

Ltd.

(Software)

.......

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Australia

(continued)

2,462

Woodside

Energy

Group

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

$

1,455

Woolworths

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

1,511

Austria

—

0.07%

Erste

Group

Bank

AG

(Banks)(b)

......

OMV

AG

(Oil,

Gas

&

Consumable

Fuels)

Raiffeisen

Bank

International

AG

(Banks)

(b) ........................

Verbund

AG

(Electric

Utilities)

........

Belgium

—

0.24%

Ageas

SA/N.V.

(Insurance)(b)

.........

1,202

Anheuser-Busch

InBev

SA/N.V.

(Beverages)

..................

D'ieteren

Group

(Distributors)

.........

Elia

Group

SA/N.V.

(Electric

Utilities)(b)

Financiere

de

Tubize

SA

(Pharmaceuticals)

Groupe

Bruxelles

Lambert

N.V.

(Financial

Services)

....................

KBC

Group

N.V.

(Banks)

............

Sofina

SA

(Financial

Services)

........

Syensqo

SA

(Chemicals)

.............

UCB

SA

(Pharmaceuticals)

...........

Bermuda

—

0.07%

Arch

Capital

Group

Ltd.

(Insurance)(a)

..

Everest

Group

Ltd.

(Insurance)

........

Canada

—

3.90%

620

Agnico

Eagle

Mines

Ltd.

(Metals

&

Mining)

551

Alamos

Gold,

Inc.

(Metals

&

Mining)

...

998

Alimentation

Couche-Tard,

Inc.

(Consumer

Staples

Distribution

&

Retail)

.....

AltaGas

Ltd.

(Gas

Utilities)

...........

772

ARC

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

AtkinsRealis

Group,

Inc.

(Construction

&

Engineering)

.................

875

Bank

of

Montreal

(Banks)

............

2,097

Barrick

Mining

Corp.

(Metals

&

Mining)

.

BCE,

Inc.

(Diversified

Telecommunication

Services)

....................

Bombardier,

Inc.,

Class

B

(Aerospace

&

Defense)(a)(b)

................

2,508

Brookfield

Corp.

(Capital

Markets)

.....

559

Cameco

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Canada

(continued)

1,142

Canadian

Imperial

Bank

of

Commerce

(Banks)

.....................

$

647

Canadian

National

Railway

Co.

(Ground

Transportation)

...............

2,523

Canadian

Natural

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

...........

1,112

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)

....

1,802

Cenovus

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

CGI,

Inc.

(IT

Services)

..............

Constellation

Software,

Inc.

(Software)

..

Dollarama,

Inc.

(Broadline

Retail)

......

534

Element

Fleet

Management

Corp.

(Commercial

Services

&

Supplies)(b)

Emera,

Inc.

(Electric

Utilities)

.........

Empire

Co.

Ltd.,

Class

A

(Consumer

Staples

Distribution

&

Retail)

...........

2,651

Enbridge,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

......................

Fairfax

Financial

Holdings

Ltd.

(Insurance)

815

First

Quantum

Minerals

Ltd.

(Metals

&

Mining)(a)

...................

FirstService

Corp.,

Class

WI

(Real

Estate

Management

&

Development)

.....

584

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)

....

996

Ivanhoe

Mines

Ltd.

(Metals

&

Mining)(a)

Keyera

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

1,487

Kinross

Gold

Corp.

(Metals

&

Mining)

..

714

Loblaw

Cos.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

Lululemon

Athletica,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)(a)

............

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Canada

(continued)

Lundin

Gold,

Inc.

(Metals

&

Mining)(b)

.

$

814

Lundin

Mining

Corp.

(Metals

&

Mining)(b)

Magna

International,

Inc.

(Automobile

Components)

.................

2,049

Manulife

Financial

Corp.

(Insurance)

....

Metro,

Inc.

(Consumer

Staples

Distribution

&

Retail)

....................

National

Bank

of

Canada

(Banks)

......

585

Nutrien

Ltd.

(Chemicals)

............

Open

Text

Corp.

(Software)(b)

........

Pan

American

Silver

Corp.

(Metals

&

Mining)

.....................

771

Pembina

Pipeline

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

713

Power

Corp.

of

Canada

(Insurance)

.....

Restaurant

Brands

International,

Inc.

(Hotels,

Restaurants

&

Leisure)

....

Rogers

Communications,

Inc.,

Class

B

(Wireless

Telecommunication

Services)

....................

1,727

Royal

Bank

of

Canada

(Banks)

........

Saputo,

Inc.

(Food

Products)(b)

........

1,498

Shopify,

Inc.,

Class

A

(IT

Services)(a)

...

Stantec,

Inc.

(Construction

&

Engineering)

676

Sun

Life

Financial,

Inc.

(Insurance)

.....

1,468

Suncor

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

1,268

TC

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

553

Teck

Resources

Ltd.,

Class

B

(Metals

&

Mining)

.....................

714

TELUS

Corp.

(Diversified

Telecommunication

Services)

.....

TFI

International,

Inc.

(Ground

Transportation)

...............

1,526

The

Bank

of

Nova

Scotia

(Banks)

......

The

Descartes

Systems

Group,

Inc.

(Software)(a)

.................

2,082

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)

...........

562

Wheaton

Precious

Metals

Corp.

(Metals

&

Mining)

.....................

1,331

Whitecap

Resources,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

WSP

Global,

Inc.

(Construction

&

Engineering)(b)

...............

3,498

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Chile

—

0.02%

Antofagasta

PLC

(Metals

&

Mining)

....

$

China

—

0.01%

3,700

Yangzijiang

Shipbuilding

Holdings

Ltd.

(Machinery)

.................

Denmark

—

0.26%

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)

.........

824

Danske

Bank

A/S

(Banks)

............

Demant

A/S

(Health

Care

Equipment

&

Supplies)(a)

..................

DSV

A/S

(Air

Freight

&

Logistics)

.....

702

Orsted

A/S

(Independent

Power

and

Renewable

Electricity

Producers)(a)(b)

Pandora

A/S

(Textiles,

Apparel

&

Luxury

Goods)

.....................

ROCKWOOL

A/S,

Class

B

(Building

Products)

....................

Tryg

A/S

(Insurance)(b)

.............

1,334

Vestas

Wind

Systems

A/S

(Electrical

Equipment)

..................

Finland

—

0.29%

Elisa

Oyj

(Diversified

Telecommunication

Services)

....................

608

Fortum

Oyj

(Electric

Utilities)

.........

Kesko

Oyj,

Class

B

(Consumer

Staples

Distribution

&

Retail)

...........

Kone

Oyj,

Class

B

(Machinery)

........

894

Metso

Oyj

(Machinery)(b)

...........

562

Neste

Oyj

(Oil,

Gas

&

Consumable

Fuels)

6,406

Nokia

Oyj

(Communications

Equipment)

.

3,866

Nordea

Bank

Abp

(Banks)

...........

2,802

Sampo

Oyj,

A

Shares

(Insurance)

......

846

Stora

Enso

Oyj,

Class

R

(Paper

&

Forest

Products)

....................

605

UPM-Kymmene

Oyj

(Paper

&

Forest

Products)

....................

France

—

2.34%

Accor

SA

(Hotels,

Restaurants

&

Leisure)

Aeroports

de

Paris

SA

(Transportation

Infrastructure)

................

707

Air

Liquide

SA

(Chemicals)

..........

Alstom

SA

(Machinery)(a)

...........

Amundi

SA

(Capital

Markets)(b)

.......

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

France

(continued)

2,143

AXA

SA

(Insurance)

...............

$

BioMerieux

(Health

Care

Equipment

&

Supplies)

....................

1,240

BNP

Paribas

SA

(Banks)

.............

871

Bollore

SE

(Entertainment)

...........

Bouygues

SA

(Construction

&

Engineering)

Bureau

Veritas

SA

(Professional

Services)

Capgemini

SE

(IT

Services)

..........

805

Carrefour

SA

(Consumer

Staples

Distribution

&

Retail)(b)

........

548

Cie

de

Saint-Gobain

SA

(Building

Products)

815

Cie

Generale

des

Etablissements

Michelin

SCA

(Automobile

Components)

...

Covivio

SA

(Diversified

REITs)

.......

1,253

Credit

Agricole

SA

(Banks)

...........

791

Danone

SA

(Food

Products)

..........

799

Dassault

Systemes

SE

(Software)

......

Edenred

SE

(Financial

Services)

.......

Eiffage

SA

(Construction

&

Engineering)(b)

2,263

Engie

SA

(Multi-Utilities)

............

EssilorLuxottica

SA

(Health

Care

Equipment

&

Supplies)

.........

Gecina

SA

(Office

REITs)(b)

..........

Getlink

SE

(Transportation

Infrastructure)

Hermes

International

SCA

(Textiles,

Apparel

&

Luxury

Goods)

..............

Ipsen

SA

(Pharmaceuticals)

...........

Kering

SA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

Klepierre

SA

(Retail

REITs)

..........

Legrand

SA

(Electrical

Equipment)

.....

L'Oreal

SA

(Personal

Care

Products)

....

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Textiles,

Apparel

&

Luxury

Goods)

2,299

Orange

SA

(Diversified

Telecommunication

Services)(b)

..................

Pernod

Ricard

SA

(Beverages)

........

Publicis

Groupe

SA

(Media)

..........

Renault

SA

(Automobiles)

...........

Rexel

SA

(Trading

Companies

&

Distributors)

.................

672

Schneider

Electric

SE

(Electrical

Equipment)(b)

................

867

Societe

Generale

SA

(Banks)

.........

Sodexo

SA

(Hotels,

Restaurants

&

Leisure)

2,449

TotalEnergies

SE

(Oil,

Gas

&

Consumable

Fuels)

......................

Unibail-Rodamco-Westfield

(Retail

REITs)

760

Veolia

Environnement

SA

(Multi-Utilities)

612

Vinci

SA

(Construction

&

Engineering)

..

2,098

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Germany

—

2.14%

adidas

AG

(Textiles,

Apparel

&

Luxury

Goods)

.....................

$

Allianz

SE,

Registered

Shares

(Insurance)

1,085

BASF

SE

(Chemicals)

..............

Bayerische

Motoren

Werke

AG

(Automobiles)

................

Bayerische

Motoren

Werke

AG,

Preference

Shares

(Automobiles)

...........

Brenntag

SE

(Trading

Companies

&

Distributors)

.................

871

Commerzbank

AG

(Banks)

...........

Continental

AG

(Automobile

Components)

CTS

Eventim

AG

&

Co.

KGaA

(Entertainment)(b)

.............

562

Daimler

Truck

Holding

AG

(Machinery)

.

Delivery

Hero

SE

(Hotels,

Restaurants

&

Leisure)(a)(b)

................

2,258

Deutsche

Bank

AG,

Registered

Shares

(Capital

Markets)

..............

Deutsche

Boerse

AG

(Capital

Markets)

..

674

Deutsche

Lufthansa

AG,

Registered

Shares

(Passenger

Airlines)(b)

..........

1,179

Deutsche

Post

AG

(Air

Freight

&

Logistics)

4,524

Deutsche

Telekom

AG

(Diversified

Telecommunication

Services)(b)

...

Dr.

Ing.

h.c.

F. Porsche

AG,

Preference

Shares

(Automobiles)(b)

.........

2,748

E.ON

SE

(Multi-Utilities)

............

Fresenius

Medical

Care

AG

(Health

Care

Providers

&

Services)

...........

GEA

Group

AG

(Machinery)

.........

Hannover

Rueck

SE

(Insurance)

.......

Heidelberg

Materials

AG

(Construction

Materials)(b)

.................

Henkel

AG

&

Co.

KGaA

(Household

Products)

....................

Henkel

AG

&

Co.

KGaA,

Preference

Shares

(Household

Products)

...........

Hensoldt

AG

(Aerospace

&

Defense)

....

HOCHTIEF

AG

(Construction

&

Engineering)

.................

1,578

Infineon

Technologies

AG

(Semiconductors

&

Semiconductor

Equipment)(b)

...

Knorr-Bremse

AG

(Machinery)

........

LEG

Immobilien

SE

(Real

Estate

Management

&

Development)

.....

882

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)

............

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Germany

(continued)

771

RWE

AG

(Independent

Power

and

Renewable

Electricity

Producers)

..

$

1,282

SAP

SE

(Software)

.................

Scout24

SE

(Interactive

Media

&

Services)

(b) ........................

947

Siemens

Energy

AG

(Electrical

Equipment)

(a)(b) ......................

Symrise

AG

(Chemicals)(b)

..........

Talanx

AG

(Insurance)

..............

Volkswagen

AG,

Preference

Shares

(Automobiles)

................

914

Vonovia

SE

(Real

Estate

Management

&

Development)

................

Zalando

SE

(Specialty

Retail)(a)(b)

.....

1,914

Hong

Kong

—

0.61%

12,892

AIA

Group

Ltd.

(Insurance)

..........

5,000

BOC

Hong

Kong

Holdings

Ltd.

(Banks)

.

2,000

CK

Asset

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

3,500

CK

Hutchison

Holdings

Ltd.

(Industrial

Conglomerates)

...............

1,000

CK

Infrastructure

Holdings

Ltd.

(Electric

Utilities)

....................

2,000

CLP

Holdings

Ltd.

(Electric

Utilities)

...

Futu

Holdings

Ltd.,

ADR

(Capital

Markets)

(a)(b) ......................

1,000

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)

..................

11,985

Hong

Kong

&

China

Gas

Co.

Ltd.

(Gas

Utilities)

....................

1,523

Hong

Kong

Exchanges

&

Clearing

Ltd.

(Capital

Markets)

..............

1,600

Hongkong

Land

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

Jardine

Matheson

Holdings

Ltd.

(Industrial

Conglomerates)

...............

3,366

Link

REIT

(Retail

REITs)

............

2,500

MTR

Corp.

Ltd.

(Ground

Transportation)

.

1,779

Power

Assets

Holdings

Ltd.

(Electric

Utilities)

....................

3,029

Prudential

PLC

(Insurance)

...........

4,129

Sino

Land

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

2,000

SITC

International

Holdings

Co.

Ltd.

(Marine

Transportation)

.........

2,000

Sun

Hung

Kai

Properties

Ltd.

(Real

Estate

Management

&

Development)

.....

639

Swire

Pacific

Ltd.,

Class

A

(Real

Estate

Management

&

Development)

.....

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Hong

Kong

(continued)

1,757

Techtronic

Industries

Co.

Ltd.

(Machinery)

$

1,000

The

Wharf

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

10,728

WH

Group

Ltd.

(Food

Products)(b)

.....

2,000

Wharf

Real

Estate

Investment

Co.

Ltd.

(Real

Estate

Management

&

Development)

544

Ireland

(Republic

of)

—

1.05%

762

Accenture

PLC,

Class

A

(IT

Services)

...

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

2,528

AIB

Group

PLC

(Banks)(b)

..........

Allegion

PLC

(Building

Products)

......

Aptiv

PLC

(Automobile

Components)(a)

.

1,122

Bank

of

Ireland

Group

PLC

(Banks)

....

Eaton

Corp.

PLC

(Electrical

Equipment)

.

1,117

Experian

PLC

(Professional

Services)

...

Kingspan

Group

PLC

(Building

Products)

1,583

Medtronic

PLC

(Health

Care

Equipment

&

Supplies)

....................

1,040

Ryanair

Holdings

PLC

(Passenger

Airlines)

(b) ........................

691

Smurfit

WestRock

PLC

(Containers

&

Packaging)

..................

TE

Connectivity

PLC

(Electronic

Equipment,

Instruments

&

Components)

.................

Trane

Technologies

PLC

(Building

Products)

....................

938

Israel

—

0.24%

Azrieli

Group

Ltd.

(Real

Estate

Management

&

Development)

..............

1,684

Bank

Hapoalim

BM

(Banks)

..........

1,857

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)

......

—

1,710

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

—

0.84%

Banca

Mediolanum

SpA

(Financial

Services)

....................

2,292

Banca

Monte

dei

Paschi

di

Siena

SpA

(Banks)(b)

...................

1,302

Banco

BPM

SpA

(Banks)

............

1,699

BPER

Banca

SPA

(Banks)

...........

Buzzi

SpA

(Construction

Materials)

.....

899

Davide

Campari-Milano

N.V.,

Class

M

(Beverages)(b)

................

9,989

Enel

SpA

(Electric

Utilities)(b)

........

2,500

Eni

SpA

(Oil,

Gas

&

Consumable

Fuels)

.

Ferrari

N.V.

(Automobiles)

...........

701

FinecoBank

Banca

Fineco

SpA

(Banks)

..

1,115

Generali

(Insurance)

................

Infrastrutture

Wireless

Italiane

SpA

(Diversified

Telecommunication

Services)(b)

..................

17,496

Intesa

Sanpaolo

SpA

(Banks)(b)

.......

Moncler

SpA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

Nexi

SpA

(Financial

Services)(b)

......

612

Poste

Italiane

SpA

(Financial

Services)(b)

Prysmian

SpA

(Electrical

Equipment)

...

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(Pharmaceuticals)

..........

2,692

Snam

SpA

(Gas

Utilities)

............

15,441

Telecom

Italia

SpA/Milano

(Diversified

Telecommunication

Services)(a)

...

1,618

Terna

-

Rete

Elettrica

Nazionale

(Electric

Utilities)

....................

1,721

UniCredit

SpA

(Banks)

..............

753

Japan

—

5.02%

1,000

Advantest

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

2,700

Aeon

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

AGC,

Inc.

(Building

Products)

........

600

Aisin

Corp.

(Automobile

Components)

..

ANA

Holdings,

Inc.

(Passenger

Airlines)(b)

1,700

Asahi

Kasei

Corp.

(Chemicals)

........

800

Asics

Corp.

(Textiles,

Apparel

&

Luxury

Goods)

.....................

700

Bandai

Namco

Holdings,

Inc.

(Leisure

Products)

....................

1,466

Bridgestone

Corp.

(Automobile

Components)

.................

1,100

Canon,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

................

Capcom

Co.

Ltd.

(Entertainment)

......

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

1,000

Central

Japan

Railway

Co.

(Ground

Transportation)

...............

$

800

Chubu

Electric

Power

Co.,

Inc.

(Electric

Utilities)

....................

600

Dai

Nippon

Printing

Co.

Ltd.

(Commercial

Services

&

Supplies)

...........

Daifuku

Co.

Ltd.

(Machinery)

.........

4,244

Dai-ichi

Life

Holdings,

Inc.

(Insurance)

..

Daikin

Industries

Ltd.

(Building

Products)

500

Daito

Trust

Construction

Co.

Ltd.

(Real

Estate

Management

&

Development)

700

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

1,500

Daiwa

Securities

Group,

Inc.

(Capital

Markets)

....................

2,124

Denso

Corp.

(Automobile

Components)

..

Disco

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

600

Ebara

Corp.

(Machinery)

............

3,300

ENEOS

Holdings,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

1,145

FANUC

Corp.

(Machinery)

...........

Fast

Retailing

Co.

Ltd.

(Specialty

Retail)

.

Fuji

Electric

Co.

Ltd.

(Electrical

Equipment)

1,300

FUJIFILM

Holdings

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..

Fujikura

Ltd.

(Electrical

Equipment)

....

2,120

Fujitsu

Ltd.

(IT

Services)(b)

..........

Hankyu

Hanshin

Holdings,

Inc.

(Ground

Transportation)

...............

Hikari

Tsushin,

Inc.

(Industrial

Conglomerates)

...............

4,500

Honda

Motor

Co.

Ltd.

(Automobiles)

...

Hoya

Corp.

(Health

Care

Equipment

&

Supplies)

....................

500

Hulic

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

860

Idemitsu

Kosan

Co.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

1,300

IHI

Corp.

(Machinery)

..............

1,100

Inpex

Corp.

(Oil,

Gas

&

Consumable

Fuels)

600

Isuzu

Motors

Ltd.

(Automobiles)

.......

7,500

ITOCHU

Corp.

(Trading

Companies

&

Distributors)

.................

Japan

Airlines

Co.

Ltd.

(Passenger

Airlines)

(b) ........................

1,100

Japan

Exchange

Group,

Inc.

(Capital

Markets)

....................

Japan

Post

Insurance

Co.

Ltd.

(Insurance)(b)

600

JFE

Holdings,

Inc.

(Metals

&

Mining)(b)

.

700

JX

Advanced

Metals

Corp.

(Metals

&

Mining)

.....................

500

Kajima

Corp.

(Construction

&

Engineering)

527

Kao

Corp.

(Personal

Care

Products)

.....

Kawasaki

Heavy

Industries

Ltd.

(Machinery)

.................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

Kawasaki

Kisen

Kaisha

Ltd.

(Marine

Transportation)

...............

$

3,548

KDDI

Corp.

(Wireless

Telecommunication

Services)

....................

Keyence

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

Kioxia

Holdings

Corp.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

Kobe

Bussan

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

1,200

Komatsu

Ltd.

(Machinery)

...........

Konami

Group

Corp.

(Entertainment)

...

1,300

Kubota

Corp.

(Machinery)

...........

1,700

Kyocera

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

Kyowa

Kirin

Co.

Ltd.

(Pharmaceuticals)

.

Lasertec

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

2,800

LY

Corp.

(Interactive

Media

&

Services)

.

600

M3,

Inc.

(Health

Care

Technology)

.....

Makita

Corp.

(Machinery)

...........

1,800

Marubeni

Corp.

(Trading

Companies

&

Distributors)

.................

500

MatsukiyoCocokara

&

Co.

(Consumer

Staples

Distribution

&

Retail)

.....

MINEBEA

MITSUMI,

Inc.

(Machinery)

.

4,000

Mitsubishi

Corp.

(Trading

Companies

&

Distributors)

.................

2,300

Mitsubishi

Electric

Corp.

(Electrical

Equipment)

..................

1,300

Mitsubishi

Estate

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

1,300

Mitsubishi

HC

Capital,

Inc.

(Financial

Services)

....................

3,900

Mitsubishi

Heavy

Industries

Ltd.

(Machinery)

.................

14,079

Mitsubishi

UFJ

Financial

Group,

Inc.

(Banks)

.....................

3,200

Mitsui

Fudosan

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

Mitsui

OSK

Lines

Ltd.

(Marine

Transportation)

...............

3,010

Mizuho

Financial

Group,

Inc.

(Banks)

...

MonotaRO

Co.

Ltd.

(Trading

Companies

&

Distributors)

.................

1,490

MS&AD

Insurance

Group

Holdings,

Inc.

(Insurance)

..................

2,011

Murata

Manufacturing

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

1,550

NEC

Corp.

(IT

Services)

.............

500

Nexon

Co.

Ltd.

(Entertainment)

.......

1,100

NIDEC

Corp.

(Electrical

Equipment)

....

1,350

Nintendo

Co.

Ltd.

(Entertainment)

......

Nippon

Building

Fund,

Inc.

(Office

REITs)

1,400

Nippon

Paint

Holdings

Co.

Ltd.

(Chemicals)

(b) ........................

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

6,000

Nippon

Steel

Corp.

(Metals

&

Mining)

..

$

500

Nippon

Yusen

KK

(Marine

Transportation)

2,300

Nissan

Motor

Co.

Ltd.

(Automobiles)(a)

.

Nitori

Holdings

Co.

Ltd.

(Specialty

Retail)

800

Nitto

Denko

Corp.

(Chemicals)

........

3,600

Nomura

Holdings,

Inc.

(Capital

Markets)

.

Nomura

Research

Institute

Ltd.

(IT

Services)

....................

40,550

NTT,

Inc.

(Diversified

Telecommunication

Services)

....................

800

Obayashi

Corp.

(Construction

&

Engineering)

.................

Obic

Co.

Ltd.

(IT

Services)

...........

1,300

Olympus

Corp.

(Health

Care

Equipment

&

Supplies)

....................

Oracle

Corp.

Japan

(Software)

.........

1,300

Oriental

Land

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

1,400

ORIX

Corp.

(Financial

Services)

.......

Osaka

Gas

Co.

Ltd.

(Gas

Utilities)

......

Otsuka

Corp.

(IT

Services)

...........

2,540

Pan

Pacific

International

Holdings

Corp.

(Broadline

Retail)

.............

2,800

Panasonic

Holdings

Corp.

(Household

Durables)

...................

2,100

Rakuten

Group,

Inc.

(Broadline

Retail)(a)(b)

1,700

Recruit

Holdings

Co.

Ltd.

(Professional

Services)

....................

2,300

Renesas

Electronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

...

2,800

Resona

Holdings,

Inc.

(Banks)

........

700

Ryohin

Keikaku

Co.

Ltd.

(Broadline

Retail)

Sanrio

Co.

Ltd.

(Specialty

Retail)(b)

....

600

SBI

Holdings,

Inc.

(Capital

Markets)

....

SCREEN

Holdings

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

Seibu

Holdings,

Inc.

(Ground

Transportation)

...............

500

Sekisui

Chemical

Co.

Ltd.

(Industrial

Conglomerates)

...............

700

Sekisui

House

Ltd.

(Household

Durables)

2,601

Seven

&

i

Holdings

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

.....

SG

Holdings

Co.

Ltd.

(Air

Freight

&

Logistics)

...................

Shimano,

Inc.

(Leisure

Products)

.......

2,100

Shin-Etsu

Chemical

Co.

Ltd.

(Chemicals)

Shiseido

Co.

Ltd.

(Personal

Care

Products)

SMC

Corp.

(Machinery)

.............

35,000

SoftBank

Corp.

(Wireless

Telecommunication

Services)

.....

4,872

SoftBank

Group

Corp.

(Wireless

Telecommunication

Services)

.....

1,100

Sompo

Holdings,

Inc.

(Insurance)

......

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

6,100

Sony

Financial

Group,

Inc.

(Financial

Services)(a)

..................

$

7,600

Sony

Group

Corp.

(Household

Durables)

.

800

Subaru

Corp.

(Automobiles)

..........

1,400

Sumitomo

Corp.

(Trading

Companies

&

Distributors)

.................

900

Sumitomo

Electric

Industries

Ltd.

(Automobile

Components)

.......

Sumitomo

Metal

Mining

Co.

Ltd.

(Metals

&

Mining)

.....................

4,500

Sumitomo

Mitsui

Financial

Group,

Inc.

(Banks)

.....................

746

Sumitomo

Mitsui

Trust

Group,

Inc.

(Banks)

800

Sumitomo

Realty

&

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

Suntory

Beverage

&

Food

Ltd.

(Beverages)

1,900

Suzuki

Motor

Corp.

(Automobiles)

.....

500

T&D

Holdings,

Inc.

(Insurance)

.......

Taisei

Corp.

(Construction

&

Engineering)

2,400

TDK

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

800

The

Chiba

Bank

Ltd.

(Banks)

.........

1,200

The

Kansai

Electric

Power

Co.,

Inc.

(Electric

Utilities)

.............

TIS,

Inc.

(IT

Services)

..............

Toho

Co.

Ltd.

(Entertainment)

.........

2,293

Tokio

Marine

Holdings,

Inc.

(Insurance)

.

600

Tokyo

Electron

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

Tokyo

Gas

Co.

Ltd.

(Gas

Utilities)

......

Tokyo

Metro

Co.

Ltd.

(Ground

Transportation)

...............

TOPPAN

Holdings,

Inc.

(Commercial

Services

&

Supplies)

...........

1,900

Toray

Industries,

Inc.

(Chemicals)

......

Toyota

Industries

Corp.

(Machinery)(a)

..

Trend

Micro,

Inc.

(Software)

..........

Tsuruha

Holdings,

Inc.

(Consumer

Staples

Distribution

&

Retail)

...........

1,600

Unicharm

Corp.

(Household

Products)

...

1,300

Yamaha

Motor

Co.

Ltd.

(Automobiles)

..

Yokogawa

Electric

Corp.

(Electronic

Equipment,

Instruments

&

Components)

.................

1,100

Yokohama

Financial

Group,

Inc.

(Banks)

.

Zensho

Holdings

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

700

ZOZO,

Inc.

(Specialty

Retail)(b)

.......

4,503

Luxembourg

—

0.04%

569

ArcelorMittal

SA

(Metals

&

Mining)

....

CVC

Capital

Partners

PLC

(Capital

Markets)(b)

..................

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Luxembourg

(continued)

Tenaris

SA

(Energy

Equipment

&

Services)

$

Mexico

—

0.01%

Fresnillo

PLC

(Metals

&

Mining)

......

Netherlands

—

1.53%

687

ABN

AMRO

Bank

N.V.,

Class

CV

(Banks)

(b) ........................

Adyen

N.V.

(Financial

Services)(a)(b)

...

1,754

Aegon

Ltd.

(Insurance)

..............

Akzo

Nobel

N.V.

(Chemicals)

.........

Argenx

SE

(Biotechnology)(a)

........

ASM

International

N.V.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

ASML

Holding

N.V.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

513

ASR

Nederland

N.V.

(Insurance)(b)

.....

BE

Semiconductor

Industries

N.V.

(Semiconductors

&

Semiconductor

Equipment)

..................

Euronext

N.V.

(Capital

Markets)(b)

.....

678

Ferrovial

SE

(Construction

&

Engineering)

Heineken

Holding

N.V.

(Beverages)

....

Heineken

N.V.

(Beverages)

...........

IMCD

N.V.

(Trading

Companies

&

Distributors)(b)

...............

3,718

ING

Groep

N.V.

(Banks)

.............

JDE

Peet's

N.V.

(Food

Products)

.......

1,081

Koninklijke

Ahold

Delhaize

N.V.

(Consumer

Staples

Distribution

&

Retail)

.....

4,615

Koninklijke

KPN

N.V.

(Diversified

Telecommunication

Services)

.....

922

Koninklijke

Philips

N.V.

(Health

Care

Equipment

&

Supplies)

.........

Nebius

Group

N.V.,

Class

A

(Software)(a)

NN

Group

N.V.

(Insurance)

...........

NXP

Semiconductors

N.V.

(Semiconductors

&

Semiconductor

Equipment)

.....

1,585

Prosus

N.V.

(Broadline

Retail)(a)(b)

....

Randstad

N.V.

(Professional

Services)

...

2,431

Stellantis

N.V.

(Automobiles)

.........

596

The

Magnum

Ice

Cream

Co.

N.V.

(Consumer

Staples

Distribution

&

Retail)(a)

....................

1,314

Universal

Music

Group

N.V.

(Entertainment)

...............

Wolters

Kluwer

N.V.

(Professional

Services)

1,370

New

Zealand

—

0.07%

2,332

Auckland

International

Airport

Ltd.

(Transportation

Infrastructure)

.....

1,124

Contact

Energy

Ltd.

(Electric

Utilities)

..

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

New

Zealand

(continued)

662

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

(Health

Care

Equipment

&

Supplies)

$

1,245

Infratil

Ltd.

(Industrial

Conglomerates)

..

1,622

Meridian

Energy

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)

Xero

Ltd.

(Software)(a)

.............

Norway

—

0.14%

Aker

BP

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

1,087

DNB

Bank

ASA

(Banks)

............

916

Equinor

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

Gjensidige

Forsikring

ASA

(Insurance)

..

519

Mowi

ASA

(Food

Products)(b)

........

1,882

Norsk

Hydro

ASA

(Metals

&

Mining)

...

859

Orkla

ASA

(Food

Products)

..........

Salmar

ASA

(Food

Products)

.........

628

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)

...................

3,660

EDP

SA

(Electric

Utilities)(b)

.........

Galp

Energia

SGPS

SA

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

Jeronimo

Martins

SGPS

SA

(Consumer

Staples

Distribution

&

Retail)(b)

...

Singapore

—

0.45%

5,350

CapitaLand

Ascendas

REIT

(Industrial

REITs)(b)

...................

8,239

CapitaLand

Integrated

Commercial

Trust

(Diversified

REITs)

............

2,700

CapitaLand

Investment

Ltd.

(Real

Estate

Management

&

Development)

.....

2,636

DBS

Group

Holdings

Ltd.

(Banks)

.....

3,186

Grab

Holdings

Ltd.

(Ground

Transportation)

(a) ........................

1,700

Keppel

Ltd.

(Industrial

Conglomerates)

..

4,235

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) ........................

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Singapore

(continued)

1,000

Singapore

Exchange

Ltd.

(Capital

Markets)

$

9,200

Singapore

Telecommunications

Ltd.

(Diversified

Telecommunication

Services)

....................

1,500

United

Overseas

Bank

Ltd.

(Banks)

.....

1,700

Wilmar

International

Ltd.

(Food

Products)

Spain

—

1.04%

Acciona

SA

(Electric

Utilities)

........

ACS

Actividades

de

Construccion

y

Servicios

SA

(Construction

&

Engineering)

.................

998

Aena

SME

SA

(Transportation

Infrastructure)(b)

..............

548

Amadeus

IT

Group

SA

(Hotels,

Restaurants

&

Leisure)

...................

7,081

Banco

Bilbao

Vizcaya

Argentaria

SA

(Banks)

.....................

5,877

Banco

de

Sabadell

SA

(Banks)

........

18,288

Banco

Santander

SA

(Banks)(b)

.......

888

Bankinter

SA

(Banks)

...............

4,783

CaixaBank

SA

(Banks)

..............

569

Cellnex

Telecom

SA

(Diversified

Telecommunication

Services)(b)

...

EDP

Renovaveis

SA

(Independent

Power

and

Renewable

Electricity

Producers)

Endesa

SA

(Electric

Utilities)

.........

7,812

Iberdrola

SA

(Electric

Utilities)

........

1,350

Industria

de

Diseno

Textil

SA

(Specialty

Retail)

......................

617

Mapfre

SA

(Insurance)

..............

Naturgy

Energy

Group

SA

(Gas

Utilities)

.

Redeia

Corp.

SA

(Electric

Utilities)

.....

1,535

Repsol

SA

(Oil,

Gas

&

Consumable

Fuels)

4,317

Telefonica

SA

(Diversified

Telecommunication

Services)

.....

937

Sweden

—

0.98%

AddTech

AB,

B

Shares

(Trading

Companies

&

Distributors)

...............

Alfa

Laval

AB

(Machinery)

..........

1,215

Assa

Abloy

AB,

Class

B

(Building

Products)

3,310

Atlas

Copco

AB,

Class

A

(Machinery)

...

1,804

Atlas

Copco

AB,

Class

B

(Machinery)

...

Beijer

Ref

AB

(Trading

Companies

&

Distributors)^(b)

..............

Boliden

AB

(Metals

&

Mining)(a)

......

810

Epiroc

AB,

Class

A

(Machinery)

.......

Epiroc

AB,

Class

B

(Machinery)

.......

634

EQT

AB

(Capital

Markets)

...........

717

Essity

AB,

Class

B

(Household

Products)

.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Sweden

(continued)

1,052

Fastighets

AB

Balder,

B

shares

(Real

Estate

Management

&

Development)(a)

...

$

624

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(Specialty

Retail)

..............

2,465

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)

...............

2,164

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)

.....

1,237

Sandvik

AB

(Machinery)

............

547

Securitas

AB,

Class

B

(Commercial

Services

&

Supplies)

..................

1,843

Skandinaviska

Enskilda

Banken

AB,

Class

A

(Banks)

.....................

Skanska

AB,

Class

B

(Construction

&

Engineering)

.................

SKF

AB,

B

shares

(Machinery)

........

Spotify

Technology

SA

(Entertainment)(a)

826

Svenska

Cellulosa

AB

SCA,

Class

B

(Paper

&

Forest

Products)

.............

1,701

Svenska

Handelsbanken

AB,

Class

A

(Banks)

.....................

1,020

Swedbank

AB,

Class

A

(Banks)

........

721

Tele2

AB,

B

shares

(Wireless

Telecommunication

Services)

.....

3,376

Telefonaktiebolaget

LM

Ericsson,

Class

B

(Communications

Equipment)

.....

3,150

Telia

Co.

AB

(Diversified

Telecommunication

Services)(b)

...

Trelleborg

AB,

Class

B

(Machinery)

....

1,932

Volvo

AB,

Class

B

(Machinery)

........

883

Switzerland

—

2.15%

1,906

ABB

Ltd.,

Registered

Shares

(Electrical

Equipment)

..................

617

Alcon

AG

(Health

Care

Equipment

&

Supplies)

....................

1,495

Amcor

PLC

(Containers

&

Packaging)

...

1,227

Amcor

PLC

(Containers

&

Packaging)

...

613

Amrize

Ltd.

(Construction

Materials)(a)

..

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Switzerland

(continued)

Avolta

AG

(Specialty

Retail)(a)

........

$

Banque

Cantonale

Vaudoise,

Registered

Shares

(Banks)

................

Barry

Callebaut

AG,

Registered

Shares

(Food

Products)^(b)

............

Belimo

Holding

AG,

Class

R

(Building

Products)

....................

BKW

AG

(Electric

Utilities)

..........

Chocoladefabriken

Lindt

&

Spruengli

AG,

Class

PC

(Food

Products)

........

Chubb

Ltd.

(Insurance)

..............

658

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)

....................

12,747

Glencore

PLC

(Metals

&

Mining)(a)(b)

..

Helvetia

Baloise

Holding

AG,

Registered

Shares

(Insurance)

.............

625

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)

..................

3,156

Nestle

SA,

Registered

Shares

(Food

Products)

....................

Partners

Group

Holding

AG

(Capital

Markets)

....................

Schindler

Holding

AG,

Class

PC

(Machinery)

.................

Schindler

Holding

AG,

Registered

Shares

(Machinery)

.................

SGS

SA,

Registered

Shares

(Professional

Services)

....................

Sika

AG,

Registered

Shares

(Chemicals)(b)

Sonova

Holding

AG

(Health

Care

Equipment

&

Supplies)(b)

.......

794

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)

....................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Switzerland

(continued)

The

Swatch

Group

AG,

Class

BR

(Textiles,

Apparel

&

Luxury

Goods)

.......

$

3,881

UBS

Group

AG

(Capital

Markets)

......

VAT

Group

AG

(Machinery)(b)

........

Zurich

Insurance

Group

AG

(Insurance)

..

1,926

United

Arab

Emirates

—

0.00%

NMC

Health

PLC

(Health

Care

Providers

&

Services)(a)(c)

................

—

United

Kingdom

—

3.02%

1,209

3i

Group

PLC

(Capital

Markets)

.......

Admiral

Group

PLC

(Insurance)

.......

1,375

Anglo

American

PLC

(Metals

&

Mining)

.

Aon

PLC,

Class

A

(Insurance)

.........

510

Ashtead

Group

PLC

(Trading

Companies

&

Distributors)

.................

Associated

British

Foods

PLC

(Food

Products)

....................

998

Auto

Trader

Group

PLC

(Interactive

Media

&

Services)(b)

................

3,917

Aviva

PLC

(Insurance)

..............

17,038

Barclays

PLC

(Banks)(b)

............

1,844

Barratt

Redrow

PLC

(Household

Durables)

(b) ........................

19,242

BP

PLC

(Oil,

Gas

&

Consumable

Fuels)

.

6,786

BT

Group

PLC

(Diversified

Telecommunication

Services)

.....

Bunzl

PLC

(Trading

Companies

&

Distributors)

.................

5,248

Centrica

PLC

(Multi-Utilities)(b)

.......

1,150

CNH

Industrial

N.V.

(Machinery)

......

Coca-Cola

Europacific

Partners

PLC

(Beverages)

..................

2,069

Compass

Group

PLC

(Hotels,

Restaurants

&

Leisure)

....................

2,698

Diageo

PLC

(Beverages)

............

Endeavour

Mining

PLC

(Metals

&

Mining)

10,750

Haleon

PLC

(Pharmaceuticals)

........

509

Halma

PLC

(Electronic

Equipment,

Instruments

&

Components)

......

21,054

HSBC

Holdings

PLC

(Banks)

.........

1,747

Informa

PLC

(Media)

...............

InterContinental

Hotels

Group

PLC

(Hotels,

Restaurants

&

Leisure)

..........

1,699

International

Consolidated

Airlines

Group

SA

(Passenger

Airlines)

.........

Intertek

Group

PLC

(Professional

Services)

1,885

J

Sainsbury

PLC

(Consumer

Staples

Distribution

&

Retail)

...........

3,648

JD

Sports

Fashion

PLC

(Specialty

Retail)

2,332

Kingfisher

PLC

(Specialty

Retail)

......

1,011

Land

Securities

Group

PLC

(Diversified

REITs)

.....................

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

Kingdom

(continued)

6,610

Legal

&

General

Group

PLC

(Insurance)

.

$

72,526

Lloyds

Banking

Group

PLC

(Banks)

....

602

London

Stock

Exchange

Group

PLC

(Capital

Markets)(b)

............

3,063

M&G

PLC

(Financial

Services)

........

2,734

Marks

&

Spencer

Group

PLC

(Consumer

Staples

Distribution

&

Retail)

.....

6,204

National

Grid

PLC

(Multi-Utilities)

.....

9,835

NatWest

Group

PLC

(Banks)(b)

.......

Next

PLC

(Broadline

Retail)

..........

607

Pearson

PLC

(Diversified

Consumer

Services)

....................

Pentair

PLC

(Machinery)

............

784

Phoenix

Group

Holdings

PLC

(Insurance)

2,232

RELX

PLC

(Professional

Services)

.....

3,353

Rentokil

Initial

PLC

(Commercial

Services

&

Supplies)

..................

1,374

Rio

Tinto

PLC

(Metals

&

Mining)

......

1,023

Schroders

PLC

(Capital

Markets)

......

1,457

Segro

PLC

(Industrial

REITs)

.........

Severn

Trent

PLC

(Water

Utilities)(b)

...

7,075

Shell

PLC

(Oil,

Gas

&

Consumable

Fuels)

949

Smith

&

Nephew

PLC

(Health

Care

Equipment

&

Supplies)

.........

Smiths

Group

PLC

(Industrial

Conglomerates)

...............

Spirax

Group

PLC

(Machinery)

........

1,463

SSE

PLC

(Electric

Utilities)(b)

........

2,371

Standard

Chartered

PLC

(Banks)

.......

7,786

Tesco

PLC

(Consumer

Staples

Distribution

&

Retail)

....................

1,286

The

Sage

Group

PLC

(Software)

.......

2,652

Unilever

PLC

(Personal

Care

Products)

..

909

United

Utilities

Group

PLC

(Water

Utilities)

23,270

Vodafone

Group

PLC

(Wireless

Telecommunication

Services)

.....

Whitbread

PLC

(Hotels,

Restaurants

&

Leisure)

....................

Willis

Towers

Watson

PLC

(Insurance)

..

936

Wise

PLC,

Class

A

(Financial

Services)(a)

2,703

United

States

—

71.42%

513

Adobe,

Inc.

(Software)(a)

............

1,991

Advanced

Micro

Devices,

Inc.

(Semiconductors

&

Semiconductor

Equipment)(a)

................

AECOM

(Construction

&

Engineering)

..

Affirm

Holdings,

Inc.

(Financial

Services)

(a) ........................

621

Aflac,

Inc.

(Insurance)

..............

Air

Products

and

Chemicals,

Inc.

(Chemicals)

..................

524

Airbnb,

Inc.,

Class

A

(Hotels,

Restaurants

&

Leisure)(a)

..................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Alexandria

Real

Estate

Equities,

Inc.

(Health

Care

REITs)

.................

$

Alliant

Energy

Corp.

(Electric

Utilities)

..

7,148

Alphabet,

Inc.,

Class

A

(Interactive

Media

&

Services)

....................

2,237

6,010

Alphabet,

Inc.,

Class

C

(Interactive

Media

&

Services)

....................

1,886

11,795

Amazon.com,

Inc.

(Broadline

Retail)(a)

..

2,722

Ameren

Corp.

(Multi-Utilities)

........

656

American

Electric

Power

Co.,

Inc.

(Electric

Utilities)

....................

681

American

Express

Co.

(Consumer

Finance)

American

Financial

Group,

Inc.

(Insurance)

American

Homes

Rent,

Class

A

(Residential

REITs)

............

719

American

International

Group,

Inc.

(Insurance)

..................

574

American

Tower

Corp.

(Specialized

REITs)

American

Water

Works

Co.,

Inc.

(Water

Utilities)

....................

Ameriprise

Financial,

Inc.

(Capital

Markets)

AMETEK,

Inc.

(Electrical

Equipment)

...

1,508

Amphenol

Corp.,

Class

A

(Electronic

Equipment,

Instruments

&

Components)

.................

601

Analog

Devices,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

790

Annaly

Capital

Management,

Inc.

(Mortgage

Real

Estate

Investment

Trusts

(REITs))

...............

534

Apollo

Global

Management,

Inc.

(Financial

Services)

....................

18,242

Apple,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

................

4,958

976

Applied

Materials,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

AppLovin

Corp.,

Class

A

(Software)(a)

..

587

Archer-Daniels-Midland

Co.

(Food

Products)

....................

Ares

Management

Corp.,

Class

A

(Capital

Markets)

....................

1,308

Arista

Networks,

Inc.

(Communications

Equipment)(a)

................

Arthur

J. Gallagher

&

Co.

(Insurance)

...

Astera

Labs,

Inc.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

8,765

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)

..................

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Axon

Enterprise,

Inc.

(Aerospace

&

Defense)(a)

..................

$

1,202

Baker

Hughes

Co.

(Energy

Equipment

&

Services)

....................

Ball

Corp.

(Containers

&

Packaging)

....

8,651

Bank

of

America

Corp.

(Banks)

........

683

Baxter

International,

Inc.

(Health

Care

Equipment

&

Supplies)

.........

Bentley

Systems,

Inc.,

Class

B

(Software)

1,691

Berkshire

Hathaway,

Inc.,

Class

B

(Financial

Services)(a)

..................

850

Best

Buy

Co.,

Inc.

(Specialty

Retail)

....

Blackrock,

Inc.

(Capital

Markets)

......

905

Blackstone,

Inc.

(Capital

Markets)

......

674

Block,

Inc.

(Financial

Services)(a)

......

Bloom

Energy

Corp.,

Class

A

(Electrical

Equipment)(a)

................

Booking

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

...................

Booz

Allen

Hamilton

Holding

Corp.

(Professional

Services)

..........

1,828

Boston

Scientific

Corp.

(Health

Care

Equipment

&

Supplies)(a)

.......

5,515

Broadcom,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

1,909

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)

784

Capital

One

Financial

Corp.

(Consumer

Finance)

....................

Cardinal

Health,

Inc.

(Health

Care

Providers

&

Services)

..................

Carlisle

Cos.,

Inc.

(Building

Products)

...

1,279

Carnival

Corp.

(Hotels,

Restaurants

&

Leisure)(a)

..................

930

Carrier

Global

Corp.

(Building

Products)

.

Carvana

Co.

(Specialty

Retail)(a)

......

579

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)

......

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Cencora,

Inc.

(Health

Care

Providers

&

Services)

....................

$

587

Centene

Corp.

(Health

Care

Providers

&

Services)(a)

..................

785

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)

.............

2,365

Chevron

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

1,644

Chipotle

Mexican

Grill,

Inc.

(Hotels,

Restaurants

&

Leisure)(a)

........

Ciena

Corp.

(Communications

Equipment)

(a) ........................

Cincinnati

Financial

Corp.

(Insurance)

...

Cintas

Corp.

(Commercial

Services

&

Supplies)

....................

4,851

Cisco

Systems,

Inc.

(Communications

Equipment)

..................

2,253

Citigroup,

Inc.

(Banks)

..............

517

Citizens

Financial

Group,

Inc.

(Banks)

...

Cloudflare,

Inc.,

Class

A

(IT

Services)(a)

.

CME

Group,

Inc.

(Capital

Markets)

.....

CMS

Energy

Corp.

(Multi-Utilities)

.....

613

Cognizant

Technology

Solutions

Corp.,

Class

A

(IT

Services)

...........

Coinbase

Global,

Inc.,

Class

A

(Capital

Markets)(a)

..................

934

Colgate-Palmolive

Co.

(Household

Products)

....................

4,524

Comcast

Corp.,

Class

A

(Media)

.......

Comfort

Systems

USA,

Inc.

(Construction

&

Engineering)

...............

1,530

ConocoPhillips

(Oil,

Gas

&

Consumable

Fuels)

......................

Consolidated

Edison,

Inc.

(Multi-Utilities)

Constellation

Brands,

Inc.,

Class

A

(Beverages)

..................

Constellation

Energy

Corp.

(Electric

Utilities)

....................

1,122

Copart,

Inc.

(Commercial

Services

&

Supplies)(a)

..................

Corebridge

Financial,

Inc.

(Financial

Services)

....................

CoreWeave,

Inc.,

Class

A

(IT

Services)(a)

Corpay,

Inc.

(Financial

Services)(a)

.....

900

Corteva,

Inc.

(Chemicals)

............

515

CoStar

Group,

Inc.

(Real

Estate

Management

&

Development)(a)

...

544

Costco

Wholesale

Corp.

(Consumer

Staples

Distribution

&

Retail)

...........

900

Coterra

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Credo

Technology

Group

Holding

Ltd.

(Semiconductors

&

Semiconductor

Equipment)(a)

................

$

829

CRH

PLC

(Construction

Materials)

.....

Crowdstrike

Holdings,

Inc.,

Class

A

(Software)(a)

.................

533

Crown

Castle,

Inc.

(Specialized

REITs)

..

2,299

CSX

Corp.

(Ground

Transportation)

....

Cummins,

Inc.

(Machinery)

..........

1,557

CVS

Health

Corp.

(Health

Care

Providers

&

Services)

....................

D.R.

Horton,

Inc.

(Household

Durables)

..

Darden

Restaurants,

Inc.

(Hotels,

Restaurants

&

Leisure)

..........

Datadog,

Inc.,

Class

A

(Software)(a)

....

Deckers

Outdoor

Corp.

(Textiles,

Apparel

&

Luxury

Goods)(a)

.............

Deere

&

Co.

(Machinery)

............

Dell

Technologies,

Inc.,

Class

C

(Technology

Hardware,

Storage

&

Peripherals)

..................

Delta

Air

Lines,

Inc.

(Passenger

Airlines)

.

726

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)

.........

1,043

Dominion

Energy,

Inc.

(Multi-Utilities)

..

Domino's

Pizza,

Inc.

(Hotels,

Restaurants

&

Leisure)

....................

DoorDash,

Inc.,

Class

A

(Hotels,

Restaurants

&

Leisure)(a)

.................

Dover

Corp.

(Machinery)

............

826

Dow,

Inc.

(Chemicals)

..............

DTE

Energy

Co.

(Multi-Utilities)

......

954

Duke

Energy

Corp.

(Electric

Utilities)

...

DuPont

de

Nemours,

Inc.

(Chemicals)

...

Dynatrace,

Inc.

(Software)(a)

.........

557

eBay,

Inc.

(Broadline

Retail)

..........

EchoStar

Corp.,

Class

A

(Diversified

Telecommunication

Services)(a)

...

Ecolab,

Inc.

(Chemicals)

.............

Edison

International

(Electric

Utilities)

..

724

Edwards

Lifesciences

Corp.

(Health

Care

Equipment

&

Supplies)(a)

.......

Electronic

Arts,

Inc.

(Entertainment)

....

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services)

...........

$

EMCOR

Group,

Inc.

(Construction

&

Engineering)

.................

690

Emerson

Electric

Co.

(Electrical

Equipment)

Entegris,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

584

Entergy

Corp.

(Electric

Utilities)

.......

669

EOG

Resources,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

778

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)

............

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)

...

1,235

Exelon

Corp.

(Electric

Utilities)

.......

Expand

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

Expedia

Group,

Inc.

(Hotels,

Restaurants

&

Leisure)

....................

Expeditors

International

of

Washington,

Inc.

(Air

Freight

&

Logistics)

........

Extra

Space

Storage,

Inc.

(Specialized

REITs)

.....................

5,231

Exxon

Mobil

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

629

F&G

Annuities

&

Life,

Inc.

(Insurance)

..

F5,

Inc.

(Communications

Equipment)(a)

.

Fair

Isaac

Corp.

(Software)(a)

.........

1,509

Fastenal

Co.

(Trading

Companies

&

Distributors)

.................

FedEx

Corp.

(Air

Freight

&

Logistics)

...

Ferguson

Enterprises,

Inc.

(Trading

Companies

&

Distributors)

.......

Fidelity

National

Financial,

Inc.

(Insurance)

693

Fidelity

National

Information

Services,

Inc.

(Financial

Services)

............

809

Fifth

Third

Bancorp

(Banks)

..........

First

Citizens

BancShares,

Inc.,

Class

A

(Banks)

.....................

First

Solar,

Inc.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

660

FirstEnergy

Corp.

(Electric

Utilities)

....

685

Fiserv,

Inc.

(Financial

Services)(a)

......

Flex

Ltd.

(Electronic

Equipment,

Instruments

&

Components)(a)

....

4,783

Ford

Motor

Co.

(Automobiles)

........

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

801

Fortinet,

Inc.

(Software)(a)

...........

$

Fortive

Corp.

(Machinery)

...........

Fox

Corp.,

Class

A

(Media)

...........

Fox

Corp.,

Class

B

(Media)

...........

1,766

Freeport-McMoRan,

Inc.

(Metals

&

Mining)

Gartner,

Inc.

(IT

Services)(a)

..........

GE

Vernova,

Inc.

(Electrical

Equipment)

.

702

Gen

Digital,

Inc.

(Software)

..........

666

General

Mills,

Inc.

(Food

Products)

.....

1,167

General

Motors

Co.

(Automobiles)

.....

Genuine

Parts

Co.

(Distributors)

.......

Global

Payments,

Inc.

(Financial

Services)

GoDaddy,

Inc.,

Class

A

(IT

Services)(a)

..

Graco,

Inc.

(Machinery)

.............

1,026

Halliburton

Co.

(Energy

Equipment

&

Services)

....................

923

Healthpeak

Properties,

Inc.

(Health

Care

REITs)

.....................

HEICO

Corp.

(Aerospace

&

Defense)

...

HEICO

Corp.,

Class

A

(Aerospace

&

Defense)

....................

1,605

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)

....................

1,128

HP,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..................

Hubbell,

Inc.

(Electrical

Equipment)

....

HubSpot,

Inc.

(Software)(a)

..........

Humana,

Inc.

(Health

Care

Providers

&

Services)

....................

2,035

Huntington

Bancshares,

Inc.

(Banks)

....

Hyatt

Hotels

Corp.,

Class

A

(Hotels,

Restaurants

&

Leisure)

..........

IDEX

Corp.

(Machinery)

............

IDEXX

Laboratories,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

.......

Illinois

Tool

Works,

Inc.

(Machinery)

....

Incyte

Corp.

(Biotechnology)(a)

.......

Ingersoll

Rand,

Inc.

(Machinery)

.......

Insmed,

Inc.

(Biotechnology)(a)

.......

Insulet

Corp.

(Health

Care

Equipment

&

Supplies)(a)

..................

5,542

Intel

Corp.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

572

Interactive

Brokers

Group,

Inc.

(Capital

Markets)

....................

702

Intercontinental

Exchange,

Inc.

(Capital

Markets)

....................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

1,143

International

Business

Machines

Corp.

(IT

Services)

....................

$

International

Flavors

&

Fragrances,

Inc.

(Chemicals)

..................

592

International

Paper

Co.

(Containers

&

Packaging)

..................

Intuit,

Inc.

(Software)

...............

Intuitive

Surgical,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

.......

672

Invitation

Homes,

Inc.

(Residential

REITs)

IonQ,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)(a)

..............

IQVIA

Holdings,

Inc.

(Life

Sciences

Tools

&

Services)(a)

................

Iron

Mountain,

Inc.

(Specialized

REITs)

.

Jabil,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

......

Jack

Henry

&

Associates,

Inc.

(Financial

Services)

....................

Jacobs

Solutions,

Inc.

(Professional

Services)

....................

JB

Hunt

Transport

Services,

Inc.

(Ground

Transportation)

...............

800

Johnson

Controls

International

PLC

(Building

Products)

............

3,379

JPMorgan

Chase

&

Co.

(Banks)

.......

1,089

2,347

Kenvue,

Inc.

(Personal

Care

Products)

...

1,581

Keurig

Dr

Pepper,

Inc.

(Beverages)

.....

1,069

KeyCorp

(Banks)

..................

Keysight

Technologies,

Inc.

(Electronic

Equipment,

Instruments

&

Components)(a)

...............

Kimberly-Clark

Corp.

(Household

Products)

894

Kimco

Realty

Corp.

(Retail

REITs)

.....

2,452

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

762

KKR

&

Co.,

Inc.

(Capital

Markets)

.....

KLA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

Labcorp

Holdings,

Inc.

(Health

Care

Providers

&

Services)

...........

1,557

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)

.............

574

Linde

PLC

(Chemicals)

.............

Live

Nation

Entertainment,

Inc.

(Entertainment)(a)

.............

Loews

Corp.

(Insurance)

.............

692

Lowe's

Cos.,

Inc.

(Specialty

Retail)

.....

LPL

Financial

Holdings,

Inc.

(Capital

Markets)

....................

LyondellBasell

Industries

N.V.,

Class

A

(Chemicals)

..................

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

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)

..........

601

Marsh

&

McLennan

Cos.,

Inc.

(Insurance)

Martin

Marietta

Materials,

Inc.

(Construction

Materials)

.........

1,056

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.....

Masco

Corp.

(Building

Products)

.......

1,047

Mastercard,

Inc.,

Class

A

(Financial

Services)

....................

598

McCormick

&

Co.,

Inc.

(Food

Products)

.

878

McDonald's

Corp.

(Hotels,

Restaurants

&

Leisure)

....................

2,668

Meta

Platforms,

Inc.,

Class

A

(Interactive

Media

&

Services)

.............

1,761

698

MetLife,

Inc.

(Insurance)

............

Mettler-Toledo

International,

Inc.

(Life

Sciences

Tools

&

Services)(a)

.....

712

Microchip

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

..................

1,387

Micron

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

8,679

Microsoft

Corp.

(Software)

...........

4,196

Mid-America

Apartment

Communities,

Inc.

(Residential

REITs)

............

1,579

Mondelez

International,

Inc.,

Class

A

(Food

Products)

....................

MongoDB,

Inc.

(IT

Services)(a)

.......

Monolithic

Power

Systems,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

..................

894

Monster

Beverage

Corp.

(Beverages)(a)

..

Moody's

Corp.

(Capital

Markets)

.......

1,465

Morgan

Stanley

(Capital

Markets)

......

Motorola

Solutions,

Inc.

(Communications

Equipment)

..................

MSCI,

Inc.

(Capital

Markets)

.........

561

Nasdaq,

Inc.

(Capital

Markets)

........

Natera,

Inc.

(Biotechnology)(a)

........

NetApp,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..........

5,214

Netflix,

Inc.

(Entertainment)(a)

........

Neurocrine

Biosciences,

Inc.

(Biotechnology)(a)

.............

1,355

Newmont

Corp.

(Metals

&

Mining)

.....

News

Corp.,

Class

A

(Media)

.........

2,527

NextEra

Energy,

Inc.

(Electric

Utilities)

..

1,460

NIKE,

Inc.,

Class

B

(Textiles,

Apparel

&

Luxury

Goods)

...............

552

NiSource,

Inc.

(Multi-Utilities)

........

Nordson

Corp.

(Machinery)

..........

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

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)

.....

29,871

NVIDIA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

5,570

NVR,

Inc.

(Household

Durables)(a)

.....

965

Occidental

Petroleum

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

Oklo,

Inc.

(Electric

Utilities)(a)

........

Okta,

Inc.

(IT

Services)(a)

............

Old

Dominion

Freight

Line,

Inc.

(Ground

Transportation)

...............

Omnicom

Group,

Inc.

(Media)

........

553

ON

Semiconductor

Corp.

(Semiconductors

&

Semiconductor

Equipment)(a)

...

807

ONEOK,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

......................

2,100

Oracle

Corp.

(Software)

.............

1,049

O'Reilly

Automotive,

Inc.

(Specialty

Retail)

(a) ........................

Otis

Worldwide

Corp.

(Machinery)

.....

635

PACCAR,

Inc.

(Machinery)

..........

Packaging

Corp.

of

America

(Containers

&

Packaging)

..................

2,808

Palantir

Technologies,

Inc.,

Class

A

(Software)(a)

.................

830

Palo

Alto

Networks,

Inc.

(Software)(a)

...

Parker-Hannifin

Corp.

(Machinery)

.....

Paychex,

Inc.

(Professional

Services)

....

Paycom

Software,

Inc.

(Professional

Services)

....................

1,106

PayPal

Holdings,

Inc.

(Financial

Services)

1,679

PepsiCo,

Inc.

(Beverages)

............

2,701

PG&E

Corp.

(Electric

Utilities)

........

Phillips

(Oil,

Gas

&

Consumable

Fuels)

Pinnacle

Financial

Partners,

Inc.

(Banks)

.

787

Pinterest,

Inc.,

Class

A

(Interactive

Media

&

Services)(a)

..................

PPG

Industries,

Inc.

(Chemicals)

.......

887

PPL

Corp.

(Electric

Utilities)

..........

Principal

Financial

Group,

Inc.

(Insurance)

1,139

Prologis,

Inc.

(Industrial

REITs)

.......

Prudential

Financial,

Inc.

(Insurance)

....

PTC,

Inc.

(Software)(a)

.............

610

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)

Qnity

Electronics,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

1,306

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)

....................

1,115

Realty

Income

Corp.

(Retail

REITs)

.....

Reddit,

Inc.,

Class

A

(Interactive

Media

&

Services)(a)

..................

Regency

Centers

Corp.

(Retail

REITs)

...

1,172

Regions

Financial

Corp.

(Banks)

.......

Reliance,

Inc.

(Metals

&

Mining)

......

Republic

Services,

Inc.

(Commercial

Services

&

Supplies)

...........

ResMed,

Inc.

(Health

Care

Equipment

&

Supplies)

....................

1,029

Rivian

Automotive,

Inc.,

Class

A

(Automobiles)(a)

..............

901

Robinhood

Markets,

Inc.,

Class

A

(Capital

Markets)(a)

..................

711

ROBLOX

Corp.,

Class

A

(Entertainment)(a)

1,065

Rocket

Cos.,

Inc.,

Class

A

(Financial

Services)

....................

568

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)

.....

1,170

Salesforce,

Inc.

(Software)

...........

Samsara,

Inc.,

Class

A

(Software)(a)

....

SBA

Communications

Corp.

(Specialized

REITs)

.....................

Seagate

Technology

Holdings

PLC

(Technology

Hardware,

Storage

&

Peripherals)

..................

801

Sempra

(Multi-Utilities)

.............

1,275

ServiceNow,

Inc.

(Software)(a)

........

Simon

Property

Group,

Inc.

(Retail

REITs)

1,819

SLB

Ltd.

(Energy

Equipment

&

Services)

1,417

Snap,

Inc.,

Class

A

(Interactive

Media

&

Services)(a)

..................

Snap-on,

Inc.

(Machinery)

...........

Snowflake,

Inc.

(IT

Services)(a)

.......

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

1,460

SoFi

Technologies,

Inc.

(Consumer

Finance)

(a) ........................

$

Solventum

Corp.

(Health

Care

Equipment

&

Supplies)(a)

..................

SS&C

Technologies

Holdings,

Inc.

(Professional

Services)

..........

1,396

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)

...........

Stryker

Corp.

(Health

Care

Equipment

&

Supplies)

....................

Sun

Communities,

Inc.

(Residential

REITs)

668

Super

Micro

Computer,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)(a)

Synchrony

Financial

(Consumer

Finance)

Synopsys,

Inc.

(Software)(a)

..........

573

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)

.............

557

Target

Corp.

(Consumer

Staples

Distribution

&

Retail)

....................

Teradyne,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

3,476

Tesla,

Inc.

(Automobiles)(a)

..........

1,563

1,114

Texas

Instruments,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

Texas

Pacific

Land

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

The

Allstate

Corp.

(Insurance)

.........

862

The

Bank

of

New

York

Mellon

Corp.

(Capital

Markets)

..............

The

Carlyle

Group,

Inc.

(Capital

Markets)

2,112

The

Charles

Schwab

Corp.

(Capital

Markets)

....................

The

Cigna

Group

(Health

Care

Providers

&

Services)

....................

The

Clorox

Co.

(Household

Products)

...

5,010

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)

......

1,224

The

Home

Depot,

Inc.

(Specialty

Retail)

.

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

The

J.M.

Smucker

Co.

(Food

Products)

..

$

1,074

The

Kraft

Heinz

Co.

(Food

Products)

....

772

The

Kroger

Co.

(Consumer

Staples

Distribution

&

Retail)

...........

The

PNC

Financial

Services

Group,

Inc.

(Banks)

.....................

720

The

Progressive

Corp.

(Insurance)

......

The

Sherwin-Williams

Co.

(Chemicals)

..

1,349

The

Southern

Co.

(Electric

Utilities)

....

1,374

The

TJX

Cos.,

Inc.

(Specialty

Retail)

....

521

The

Trade

Desk,

Inc.,

Class

A

(Media)(a)

.

The

Travelers

Cos.,

Inc.

(Insurance)

.....

2,202

The

Walt

Disney

Co.

(Entertainment)

....

1,496

The

Williams

Cos.,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

621

T-Mobile

US,

Inc.

(Wireless

Telecommunication

Services)

.....

593

Toast,

Inc.,

Class

A

(Financial

Services)(a)

648

Tractor

Supply

Co.

(Specialty

Retail)

....

Tradeweb

Markets,

Inc.,

Class

A

(Capital

Markets)

....................

TransDigm

Group,

Inc.

(Aerospace

&

Defense)

....................

TransUnion

(Professional

Services)

.....

Trimble,

Inc.

(Software)(a)

...........

1,596

Truist

Financial

Corp.

(Banks)

.........

Twilio,

Inc.,

Class

A

(IT

Services)(a)

....

Tyler

Technologies,

Inc.

(Software)(a)

...

Tyson

Foods,

Inc.,

Class

A

(Food

Products)

1,938

U.S.

Bancorp

(Banks)

...............

2,429

Uber

Technologies,

Inc.

(Ground

Transportation)(a)

.............

UDR,

Inc.

(Residential

REITs)

........

Ulta

Beauty,

Inc.

(Specialty

Retail)(a)

...

731

Union

Pacific

Corp.

(Ground

Transportation)

...............

United

Airlines

Holdings,

Inc.

(Passenger

Airlines)(a)

..................

903

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)

...............

559

Ventas,

Inc.

(Health

Care

REITs)

.......

Veralto

Corp.

(Commercial

Services

&

Supplies)

....................

VeriSign,

Inc.

(IT

Services)

...........

Verisk

Analytics,

Inc.

(Professional

Services)

....................

5,171

Verizon

Communications,

Inc.

(Diversified

Telecommunication

Services)

.....

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Vertiv

Holdings

Co.,

Class

A

(Electrical

Equipment)

..................

$

2,088

Visa,

Inc.,

Class

A

(Financial

Services)

..

732

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)

.................

5,385

Walmart,

Inc.

(Consumer

Staples

Distribution

&

Retail)

...........

600

2,887

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)

3,942

Wells

Fargo

&

Co.

(Banks)

...........

822

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)

.................

832

Weyerhaeuser

Co.

(Specialized

REITs)

..

Williams-Sonoma,

Inc.

(Specialty

Retail)

.

Workday,

Inc.,

Class

A

(Software)(a)

....

WP

Carey,

Inc.

(Diversified

REITs)

.....

722

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)

.........

541

Zoetis,

Inc.

(Pharmaceuticals)

.........

Zoom

Communications,

Inc.

(Software)(a)

Zscaler,

Inc.

(Software)(a)

............

64,016

Uruguay

—

0.13%

MercadoLibre,

Inc.

(Broadline

Retail)(a)

.

Total

Common

Stocks

(cost

$60,819)

...

89,475

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(concluded)

—

December

31,

2025

(Unaudited)

As

of

December

31,

2025

,

100%

of

the

Portfolio's

net

assets

were

managed

by

Mellon

Investments

Corporation.

Shares

Security

Description

Value

(000) Warrant

—

0.00%

Canada

—

0.00%

Constellation

Software,

Inc.,

3/31/40

(Software)(a)(c)

...............

$

—

Total

Warrant

(cost

$—)

............

—

Investment

Companies

—

0.13%

Money

Market

Funds

—

0.13%

17,370

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares

,

3.63%^^(d)

97,421

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

,

3.68%(d)

....................

Total

Investment

Companies

(cost

$115)

Total

Investments

(cost

$60,934)

—

99.95%

.....................

89,590

Other

assets

in

excess

of

liabilities

—

0.05%

......................

Net

Assets

-

100.00%

..............

$

89,633

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

^

All

or

part

of

this

security

was

on

loan

as

of

December

31,

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

December

31,

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

December

31,

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

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

—

92.20%

Australia

—

5.17%

153,655

ANZ

Group

Holdings

Ltd.

(Banks)

.....

$

3,714

21,823

Aristocrat

Leisure

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

845

82,839

Bendigo

&

Adelaide

Bank

Ltd.

(Banks)

..

580

85,014

BHP

Group

Ltd.

(Metals

&

Mining)

.....

2,574

31,893

BHP

Group

Ltd.

(Metals

&

Mining)

.....

962

43,919

Commonwealth

Bank

of

Australia

(Banks)

4,688

2,258

CSL

Ltd.

(Biotechnology)

............

83,131

Evolution

Mining

Ltd.

(Metals

&

Mining)

696

68,557

Goodman

Group

(Industrial

REITs)

.....

1,410

46,309

Lynas

Rare

Earths

Ltd.

(Metals

&

Mining)

(a) ........................

7,899

Macquarie

Group

Ltd.

(Capital

Markets)

.

1,067

174,147

National

Australia

Bank

Ltd.

(Banks)

....

4,896

56,522

Northern

Star

Resources

Ltd.

(Metals

&

Mining)(b)

..................

994

41,245

Qantas

Airways

Ltd.

(Passenger

Airlines)

.

55,092

QBE

Insurance

Group

Ltd.

(Insurance)

..

729

15,339

Rio

Tinto

Ltd.

(Metals

&

Mining)

......

1,496

150,128

Santos

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

(b) ........................

616

198,921

Scentre

Group

(Retail

REITs)

.........

556

15,683

Suncorp

Group

Ltd.

(Insurance)

.......

63,839

Wesfarmers

Ltd.

(Broadline

Retail)

.....

3,438

148,167

Westpac

Banking

Corp.

(Banks)

.......

3,801

20,060

Woodside

Energy

Group

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

35,740

Worley

Ltd.

(Construction

&

Engineering)

34,782

Austria

—

0.47%

23,927

Erste

Group

Bank

AG

(Banks)(b)

......

2,868

4,792

OMV

AG

(Oil,

Gas

&

Consumable

Fuels)

3,135

Belgium

—

0.53%

40,660

Anheuser-Busch

InBev

SA/N.V.

(Beverages)

..................

2,610

3,425

UCB

SA

(Pharmaceuticals)

...........

954

3,564

Canada

—

10.87%

4,667

Agnico

Eagle

Mines

Ltd.

(Metals

&

Mining)

792

8,453

Alamos

Gold,

Inc.

(Metals

&

Mining)

...

50,883

Alimentation

Couche-Tard,

Inc.

(Consumer

Staples

Distribution

&

Retail)

.....

2,779

8,987

AltaGas

Ltd.

(Gas

Utilities)

...........

45,514

Bank

of

Montreal

(Banks)

............

5,911

10,263

Barrick

Mining

Corp.

(Metals

&

Mining)

.

31,854

Cameco

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

2,917

4,255

Canadian

Imperial

Bank

of

Commerce

(Banks)

.....................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Canada

(continued)

111,414

Canadian

Natural

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

...........

$

3,774

4,117

Canadian

Pacific

Kansas

City

Ltd.

(Ground

Transportation)

...............

8,782

Canadian

Tire

Corp.

Ltd.,

Class

A

(Broadline

Retail)

.............

1,113

3,259

CCL

Industries,

Inc.,

Class

B

(Containers

&

Packaging)(b)

................

1,757

Celestica,

Inc.

(Electronic

Equipment,

Instruments

&

Components)(a)

....

520

125,033

Cenovus

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

2,115

835

Constellation

Software,

Inc.

(Software)

..

2,009

11,192

Dollarama,

Inc.

(Broadline

Retail)

......

1,673

33,911

Emera,

Inc.

(Electric

Utilities)

.........

1,671

8,153

Empire

Co.

Ltd.,

Class

A

(Consumer

Staples

Distribution

&

Retail)

...........

7,123

Enbridge,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

......................

1,023

Fairfax

Financial

Holdings

Ltd.

(Insurance)

1,950

17,917

First

Quantum

Minerals

Ltd.

(Metals

&

Mining)(a)

...................

5,741

Fortis,

Inc.

(Electric

Utilities)

.........

7,691

Franco-Nevada

Corp.

(Metals

&

Mining)

.

1,594

24,142

GFL

Environmental,

Inc.

(Commercial

Services

&

Supplies)

...........

1,037

64,358

Great-West

Lifeco,

Inc.

(Insurance)

.....

3,174

12,464

Hydro

One

Ltd.

(Electric

Utilities)(b)

....

5,430

Intact

Financial

Corp.

(Insurance)(b)

....

1,131

56,358

Keyera

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

1,807

11,664

Kinross

Gold

Corp.

(Metals

&

Mining)

..

2,505

Lumine

Group,

Inc.

(Software)(a)

......

11,720

Lundin

Gold,

Inc.

(Metals

&

Mining)(b)

.

974

6,201

Magna

International,

Inc.

(Automobile

Components)

.................

8,370

Manulife

Financial

Corp.

(Insurance)

....

15,818

Methanex

Corp.

(Chemicals)

..........

627

18,402

National

Bank

of

Canada

(Banks)

......

2,314

3,339

Nutrien

Ltd.

(Chemicals)

............

1,796

Onex

Corp.

(Capital

Markets)

.........

7,732

Pembina

Pipeline

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

66,482

Power

Corp.

of

Canada

(Insurance)

.....

3,534

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)(b)

...................

13,991

Royal

Bank

of

Canada

(Banks)

........

2,385

52,851

Shopify,

Inc.,

Class

A

(IT

Services)(a)

...

8,510

52,951

Sun

Life

Financial,

Inc.

(Insurance)

.....

3,306

5,745

Suncor

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Canada

(continued)

18,439

Teck

Resources

Ltd.,

Class

B

(Metals

&

Mining)

.....................

$

883

7,299

TFI

International,

Inc.

(Ground

Transportation)

...............

755

12,498

The

Toronto-Dominion

Bank

(Banks)

...

1,178

22,457

Thomson

Reuters

Corp.

(Professional

Services)

....................

2,964

28,308

Wheaton

Precious

Metals

Corp.

(Metals

&

Mining)

.....................

3,328

73,114

Denmark

—

1.58%

552

A.P.

Moller

-

Maersk

A/S,

Class

B

(Marine

Transportation)

...............

1,267

2,246

DSV

A/S

(Air

Freight

&

Logistics)

.....

566

7,462

Genmab

A/S

(Biotechnology)(a)(b)

.....

2,313

127,453

Novo

Nordisk

A/S,

Class

B

(Pharmaceuticals)

.............

6,465

10,611

Finland

—

0.82%

4,385

Mandatum

Oyj

(Insurance)

...........

145,888

Nokia

Oyj

(Communications

Equipment)

.

940

178,699

Nordea

Bank

Abp

(Banks)

...........

3,364

3,710

Orion

Oyj,

Class

B

(Pharmaceuticals)

...

21,925

Sampo

Oyj,

A

Shares

(Insurance)

......

26,710

Stora

Enso

Oyj,

Class

R

(Paper

&

Forest

Products)

....................

10,204

UPM-Kymmene

Oyj

(Paper

&

Forest

Products)

....................

5,509

France

—

8.73%

23,348

Air

Liquide

SA

(Chemicals)

..........

4,388

23,149

Airbus

SE

(Aerospace

&

Defense)

......

5,375

47,723

AXA

SA

(Insurance)

...............

2,290

44,044

BNP

Paribas

SA

(Banks)

.............

4,167

3,697

Cie

de

Saint-Gobain

SA

(Building

Products)

99,973

Credit

Agricole

SA

(Banks)

...........

2,058

1,749

Eiffage

SA

(Construction

&

Engineering)(b)

25,532

Engie

SA

(Multi-Utilities)

............

671

16,219

EssilorLuxottica

SA

(Health

Care

Equipment

&

Supplies)

.........

5,128

2,454

Hermes

International

SCA

(Textiles,

Apparel

&

Luxury

Goods)

..............

6,092

2,895

L'Oreal

SA

(Personal

Care

Products)

....

1,243

4,240

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Textiles,

Apparel

&

Luxury

Goods)

3,196

8,075

Publicis

Groupe

SA

(Media)

..........

838

14,062

Sanofi

SA

(Pharmaceuticals)

..........

1,360

34,976

Schneider

Electric

SE

(Electrical

Equipment)(b)

................

9,567

98,039

Societe

Generale

SA

(Banks)

.........

7,891

4,176

Thales

SA

(Aerospace

&

Defense)

......

1,126

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

France

(continued)

23,129

TotalEnergies

SE

(Oil,

Gas

&

Consumable

Fuels)

......................

$

1,508

7,086

Unibail-Rodamco-Westfield

(Retail

REITs)

771

12,895

Veolia

Environnement

SA

(Multi-Utilities)

58,745

Germany

—

7.71%

13,053

adidas

AG

(Textiles,

Apparel

&

Luxury

Goods)

.....................

2,583

10,077

Allianz

SE,

Registered

Shares

(Insurance)

4,659

1,793

Bayerische

Motoren

Werke

AG

(Automobiles)

................

1,065

Beiersdorf

AG

(Personal

Care

Products)

..

33,975

Commerzbank

AG

(Banks)

...........

1,434

113,622

Deutsche

Bank

AG,

Registered

Shares

(Capital

Markets)

..............

4,379

21,575

Deutsche

Boerse

AG

(Capital

Markets)

..

5,670

60,277

Deutsche

Post

AG

(Air

Freight

&

Logistics)

3,286

128,506

Deutsche

Telekom

AG

(Diversified

Telecommunication

Services)(b)

...

4,183

4,918

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(Transportation

Infrastructure)(a)

..............

6,983

GEA

Group

AG

(Machinery)

.........

1,115

Hannover

Rueck

SE

(Insurance)

.......

82,230

Infineon

Technologies

AG

(Semiconductors

&

Semiconductor

Equipment)(b)

...

3,587

2,540

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen,

Class

R

(Insurance)

..................

1,671

Rheinmetall

AG

(Aerospace

&

Defense)

.

680

36,196

SAP

SE

(Software)

.................

8,795

28,228

Siemens

AG,

Registered

Shares

(Industrial

Conglomerates)

...............

7,906

9,463

Siemens

Energy

AG

(Electrical

Equipment)

(a)(b) ......................

1,327

2,498

Symrise

AG

(Chemicals)(b)

..........

51,894

Hong

Kong

—

1.43%

483,480

AIA

Group

Ltd.

(Insurance)

..........

4,977

75,055

BOC

Hong

Kong

Holdings

Ltd.

(Banks)

.

334,000

China

Common

Rich

Renewable

Energy

Investment

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)

(a)(c) ......................

—

106,000

CK

Asset

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

536

89,500

CLP

Holdings

Ltd.

(Electric

Utilities)

...

801

414,317

Link

REIT

(Retail

REITs)

............

1,850

76,000

MTR

Corp.

Ltd.

(Ground

Transportation)

.

14,472

Pacific

Century

Premium

Developments

Ltd.

(Real

Estate

Management

&

Development)(a)

..............

—

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Hong

Kong

(continued)

121,391

PCCW

Ltd.

(Diversified

Telecommunication

Services)(b)

..................

$

147,000

SITC

International

Holdings

Co.

Ltd.

(Marine

Transportation)

.........

526

24,000

Swire

Pacific

Ltd.,

Class

A

(Real

Estate

Management

&

Development)

.....

9,639

Ireland

(Republic

of)

—

1.26%

8,728

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

1,255

315,967

Bank

of

Ireland

Group

PLC

(Banks)

....

6,042

25,494

Experian

PLC

(Professional

Services)

...

1,149

8,446

Israel

—

0.71%

862

CyberArk

Software

Ltd.

(Software)(a)

...

3,544

Elbit

Systems

Ltd.

(Aerospace

&

Defense)

2,038

76,384

Teva

Pharmaceutical

Industries

Ltd.,

ADR

(Pharmaceuticals)(a)

...........

2,383

4,806

Italy

—

2.14%

427,228

Banca

Monte

dei

Paschi

di

Siena

SpA

(Banks)(b)

...................

4,549

47,721

Davide

Campari-Milano

N.V.,

Class

M

(Beverages)(b)

................

67,937

Enel

SpA

(Electric

Utilities)(b)

........

706

1,561

Ferrari

N.V.

(Automobiles)

...........

580

69,888

Generali

(Insurance)

................

2,920

157,139

Intesa

Sanpaolo

SpA

(Banks)(b)

.......

1,086

7,820

Iveco

Group

N.V.

(Machinery)

........

7,356

Moncler

SpA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

9,459

Poste

Italiane

SpA

(Financial

Services)(b)

92,227

Snam

SpA

(Gas

Utilities)

............

613

182,090

Terna

-

Rete

Elettrica

Nazionale

(Electric

Utilities)

....................

1,937

9,486

UniCredit

SpA

(Banks)

..............

786

14,363

Japan

—

17.95%

8,800

Advantest

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

1,113

36,300

Aeon

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

574

6,845

AGC,

Inc.

(Building

Products)

........

23,400

Aisin

Corp.

(Automobile

Components)

..

54,600

Ajinomoto

Co.,

Inc.

(Food

Products)

....

1,154

15,300

Amada

Co.

Ltd.

(Machinery)

.........

30,400

Bridgestone

Corp.

(Automobile

Components)

.................

684

38,300

Canon,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

................

1,133

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

8,600

Capcom

Co.

Ltd.

(Entertainment)

......

$

178,200

CyberAgent,

Inc.

(Media)

............

1,519

26,776

Dai

Nippon

Printing

Co.

Ltd.

(Commercial

Services

&

Supplies)

...........

163,600

Dai-ichi

Life

Holdings,

Inc.

(Insurance)

..

1,360

13,600

Daiichi

Sankyo

Co.

Ltd.

(Pharmaceuticals)

6,395

Daito

Trust

Construction

Co.

Ltd.

(Real

Estate

Management

&

Development)

15,550

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

517

16,700

Denso

Corp.

(Automobile

Components)

..

45,300

Eisai

Co.

Ltd.

(Pharmaceuticals)

.......

1,345

900

Fast

Retailing

Co.

Ltd.

(Specialty

Retail)

.

3,900

Fuji

Electric

Co.

Ltd.

(Electrical

Equipment)

25,200

FUJIFILM

Holdings

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..

535

4,500

Fujikura

Ltd.

(Electrical

Equipment)

....

109,000

Fujitsu

Ltd.

(IT

Services)(b)

..........

2,996

185,500

Hitachi

Ltd.

(Industrial

Conglomerates)

..

5,818

20,700

Hoya

Corp.

(Health

Care

Equipment

&

Supplies)

....................

3,140

36,500

Iida

Group

Holdings

Co.

Ltd.

(Household

Durables)

...................

587

39,100

Inpex

Corp.

(Oil,

Gas

&

Consumable

Fuels)

782

22,100

Isetan

Mitsukoshi

Holdings

Ltd.

(Broadline

Retail)

......................

21,000

Isuzu

Motors

Ltd.

(Automobiles)

.......

461,585

ITOCHU

Corp.

(Trading

Companies

&

Distributors)

.................

5,834

141,200

Japan

Exchange

Group,

Inc.

(Capital

Markets)

....................

1,507

8,300

Japan

Post

Insurance

Co.

Ltd.

(Insurance)(b)

35,900

JX

Advanced

Metals

Corp.

(Metals

&

Mining)

.....................

9,200

Kawasaki

Heavy

Industries

Ltd.

(Machinery)

.................

610

46,200

Kawasaki

Kisen

Kaisha

Ltd.

(Marine

Transportation)

...............

643

202,400

KDDI

Corp.

(Wireless

Telecommunication

Services)

....................

3,504

6,100

Keyence

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

2,207

57,900

Kobe

Bussan

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

1,394

6,345

Komatsu

Ltd.

(Machinery)

...........

11,600

Kyoto

Financial

Group,

Inc.

(Banks)

....

27,600

M3,

Inc.

(Health

Care

Technology)

.....

63,300

Marubeni

Corp.

(Trading

Companies

&

Distributors)

.................

1,763

171,435

Mitsubishi

Corp.

(Trading

Companies

&

Distributors)

.................

3,922

34,200

Mitsubishi

Estate

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

831

97,000

Mitsubishi

Heavy

Industries

Ltd.

(Machinery)

.................

2,368

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

432,200

Mitsubishi

UFJ

Financial

Group,

Inc.

(Banks)

.....................

$

6,860

263,576

Mitsui

&

Co.

Ltd.

(Trading

Companies

&

Distributors)

.................

7,829

108,300

Mitsui

Fudosan

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

1,231

25,000

Mitsui

OSK

Lines

Ltd.

(Marine

Transportation)

...............

752

87,200

Murata

Manufacturing

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

1,802

73,500

NEC

Corp.

(IT

Services)

.............

2,487

19,200

Nikon

Corp.

(Household

Durables)

.....

10,600

Nintendo

Co.

Ltd.

(Entertainment)

......

716

6,300

Nippon

Sanso

Holdings

Corp.

(Chemicals)

154,000

Nippon

Steel

Corp.

(Metals

&

Mining)

..

630

17,800

Nomura

Research

Institute

Ltd.

(IT

Services)

....................

677

910,000

NTT,

Inc.

(Diversified

Telecommunication

Services)

....................

919

9,000

Obic

Co.

Ltd.

(IT

Services)

...........

10,800

ORIX

Corp.

(Financial

Services)

.......

15,600

Otsuka

Holdings

Co.

Ltd.

(Pharmaceuticals)

882

63,500

Pan

Pacific

International

Holdings

Corp.

(Broadline

Retail)

.............

243,800

Rakuten

Group,

Inc.

(Broadline

Retail)(a)(b)

1,562

8,900

Recruit

Holdings

Co.

Ltd.

(Professional

Services)

....................

500

16,100

Ryohin

Keikaku

Co.

Ltd.

(Broadline

Retail)

30,600

SBI

Holdings,

Inc.

(Capital

Markets)

....

660

4,800

SCREEN

Holdings

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

35,552

Sekisui

House

Ltd.

(Household

Durables)

793

21,700

Seven

&

i

Holdings

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

.....

17,000

Shin-Etsu

Chemical

Co.

Ltd.

(Chemicals)

528

17,700

Shionogi

&

Co.

Ltd.

(Pharmaceuticals)

..

26,800

SoftBank

Group

Corp.

(Wireless

Telecommunication

Services)

.....

752

38,400

Sompo

Holdings,

Inc.

(Insurance)

......

1,304

103,600

Sony

Group

Corp.

(Household

Durables)

.

2,658

15,200

Subaru

Corp.

(Automobiles)

..........

35,700

Sumitomo

Electric

Industries

Ltd.

(Automobile

Components)

.......

1,438

42,444

Sumitomo

Mitsui

Financial

Group,

Inc.

(Banks)

.....................

1,365

9,600

Sumitomo

Realty

&

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

22,400

The

Chiba

Bank

Ltd.

(Banks)

.........

29,700

Tokio

Marine

Holdings,

Inc.

(Insurance)

.

1,098

26,400

Tokyo

Electron

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

5,881

53,100

Tokyo

Gas

Co.

Ltd.

(Gas

Utilities)

......

2,105

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

25,700

Tokyu

Fudosan

Holdings

Corp.

(Real

Estate

Management

&

Development)(b)

..

$

17,900

Toyota

Industries

Corp.

(Machinery)(a)

..

2,030

485,000

Toyota

Motor

Corp.

(Automobiles)(b)

...

10,419

20,310

Toyota

Tsusho

Corp.

(Trading

Companies

&

Distributors)

.................

685

17,027

Trend

Micro,

Inc.

(Software)

..........

707

49,000

Tsuruha

Holdings,

Inc.

(Consumer

Staples

Distribution

&

Retail)

...........

900

293,700

Yokohama

Financial

Group,

Inc.

(Banks)

.

2,428

15,200

Zensho

Holdings

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

871

17,100

ZOZO,

Inc.

(Specialty

Retail)(b)

.......

120,710

Luxembourg

—

0.46%

27,423

ArcelorMittal

SA

(Metals

&

Mining)

....

1,259

96,377

Tenaris

SA

(Energy

Equipment

&

Services)

1,860

3,119

Netherlands

—

3.63%

57,506

ABN

AMRO

Bank

N.V.,

Class

CV

(Banks)

(b) ........................

2,009

73,595

Aegon

Ltd.

(Insurance)

..............

572

22,207

Akzo

Nobel

N.V.

(Chemicals)

.........

1,545

1,819

Argenx

SE

(Biotechnology)(a)

........

1,534

10,915

ASML

Holding

N.V.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

11,761

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)

.....

2,136

3,089

Nebius

Group

N.V.,

Class

A

(Interactive

Media

&

Services)(a)

...........

24,262

Prosus

N.V.

(Broadline

Retail)(a)(b)

....

1,502

75,569

Stellantis

N.V.

(Automobiles)

.........

827

11,119

The

Magnum

Ice

Cream

Co.

N.V.

(Food

Products)(a)

..................

1,552

Topicus.com,

Inc.

(Software)(a)

........

11,488

Wolters

Kluwer

N.V.

(Professional

Services)

1,190

24,418

New

Zealand

—

0.18%

251,862

Auckland

International

Airport

Ltd.

(Transportation

Infrastructure)

.....

1,207

Norway

—

0.61%

11,596

DNB

Bank

ASA

(Banks)

............

104,675

Equinor

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

2,470

21,419

Salmar

ASA

(Food

Products)

.........

1,310

4,103

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Poland

—

0.07%

37,399

InPost

SA

(Air

Freight

&

Logistics)(a)

...

$

Singapore

—

1.15%

532,772

CapitaLand

Ascendas

REIT

(Industrial

REITs)(b)

...................

1,172

180,028

CapitaLand

Integrated

Commercial

Trust

(Diversified

REITs)

............

130,600

CapitaLand

Investment

Ltd.

(Real

Estate

Management

&

Development)

.....

63,580

DBS

Group

Holdings

Ltd.

(Banks)

.....

2,785

14,500

Oversea-Chinese

Banking

Corp.

Ltd.

(Banks)

.....................

6,124

Sea

Ltd.,

ADR

(Entertainment)(a)

......

781

146,300

Sembcorp

Industries

Ltd.

(Multi-Utilities)

684

58,700

Singapore

Airlines

Ltd.

(Passenger

Airlines)

(b) ........................

18,700

Singapore

Exchange

Ltd.

(Capital

Markets)

6,600

United

Overseas

Bank

Ltd.

(Banks)

.....

320,900

Wilmar

International

Ltd.

(Food

Products)

768

7,740

South

Africa

—

0.04%

4,663

Thungela

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

2,524

Valterra

Platinum

Ltd.

(Metals

&

Mining)

Spain

—

3.43%

1,698

Acciona

SA

(Electric

Utilities)

........

4,764

ACS

Actividades

de

Construccion

y

Servicios

SA

(Construction

&

Engineering)

.................

14,510

Aena

SME

SA

(Transportation

Infrastructure)(b)

..............

620,640

Banco

Bilbao

Vizcaya

Argentaria

SA

(Banks)

.....................

14,557

28,433

Bankinter

SA

(Banks)

...............

62,673

CaixaBank

SA

(Banks)

..............

766

264,265

Iberdrola

SA

(Electric

Utilities)

........

5,722

17,963

Repsol

SA

(Oil,

Gas

&

Consumable

Fuels)

23,099

Sweden

—

2.74%

1,283

Alleima

AB

(Metals

&

Mining)

........

10,590

Assa

Abloy

AB,

Class

B

(Building

Products)

90,968

Atlas

Copco

AB,

Class

A

(Machinery)

...

1,620

59,272

Atlas

Copco

AB,

Class

B

(Machinery)

...

948

60,748

Essity

AB,

Class

B

(Household

Products)

.

1,747

13,741

Holmen

AB,

B

shares

(Paper

&

Forest

Products)

....................

527

11,977

Securitas

AB,

Class

B

(Commercial

Services

&

Supplies)

..................

51,934

Skandinaviska

Enskilda

Banken

AB,

Class

A

(Banks)

.....................

1,095

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Sweden

(continued)

1,541

Spotify

Technology

SA

(Entertainment)(a)

$

895

111,736

Svenska

Cellulosa

AB

SCA,

Class

B

(Paper

&

Forest

Products)

.............

1,482

32,522

Swedbank

AB,

Class

A

(Banks)

........

1,129

152,471

Tele2

AB,

B

shares

(Wireless

Telecommunication

Services)

.....

2,556

492,259

Telia

Co.

AB

(Diversified

Telecommunication

Services)(b)

...

2,104

117,701

Volvo

AB,

Class

B

(Machinery)

........

3,747

18,461

Switzerland

—

8.57%

135,931

ABB

Ltd.,

Registered

Shares

(Electrical

Equipment)

..................

10,023

6,796

Accelleron

Industries

AG

(Electrical

Equipment)

..................

524

1,044

Barry

Callebaut

AG,

Registered

Shares

(Food

Products)(b)

.............

1,707

19,821

Cie

Financiere

Richemont

SA,

Registered

Shares

(Textiles,

Apparel

&

Luxury

Goods)

.....................

4,275

13,970

Coca-Cola

HBC

AG

(Beverages)(a)

.....

723

387,007

Glencore

PLC

(Metals

&

Mining)(a)(b)

..

2,115

1,859

Helvetia

Baloise

Holding

AG,

Registered

Shares

(Insurance)

.............

4,844

Logitech

International

SA,

Class

R

(Technology

Hardware,

Storage

&

Peripherals)

..................

4,467

Lonza

Group

AG,

Registered

Shares

(Life

Sciences

Tools

&

Services)(b)

.....

3,012

8,432

Medacta

Group

SA

(Health

Care

Equipment

&

Supplies)

(d) ................

1,658

52,513

Nestle

SA,

Registered

Shares

(Food

Products)

....................

5,214

67,717

Novartis

AG,

Registered

Shares

(Pharmaceuticals)

.............

9,333

12,159

Roche

Holding

AG

(Pharmaceuticals)

...

5,023

13,543

Sandoz

Group

AG

(Pharmaceuticals)

....

984

1,212

Swisscom

AG,

Registered

Shares

(Diversified

Telecommunication

Services)

....................

881

191,523

UBS

Group

AG

(Capital

Markets)

......

8,846

3,139

Zurich

Insurance

Group

AG

(Insurance)

..

2,376

57,675

United

Kingdom

—

11.31%

38,163

3i

Group

PLC

(Capital

Markets)

.......

1,673

5,633

Admiral

Group

PLC

(Insurance)

.......

21,731

Anglo

American

PLC

(Metals

&

Mining)

.

899

17,119

Ashtead

Group

PLC

(Trading

Companies

&

Distributors)

.................

1,167

53,176

AstraZeneca

PLC

(Pharmaceuticals)(b)

..

9,839

31,506

Auto

Trader

Group

PLC

(Interactive

Media

&

Services)(b)

................

153,808

Aviva

PLC

(Insurance)

..............

1,414

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

Kingdom

(continued)

121,738

BAE

Systems

PLC

(Aerospace

&

Defense)

$

2,801

54,861

BP

PLC

(Oil,

Gas

&

Consumable

Fuels)

.

51,346

British

American

Tobacco

PLC

(Tobacco)

2,910

12,788

Bunzl

PLC

(Trading

Companies

&

Distributors)

.................

18,966

Coca-Cola

Europacific

Partners

PLC

(Beverages)

..................

1,720

68,973

Compass

Group

PLC

(Hotels,

Restaurants

&

Leisure)

....................

2,185

45,133

GSK

PLC

(Pharmaceuticals)

..........

1,106

201,267

Haleon

PLC

(Pharmaceuticals)

........

1,017

223,327

HSBC

Holdings

PLC

(Banks)

.........

3,514

90,451

Imperial

Brands

PLC

(Tobacco)

.......

3,797

242,896

Informa

PLC

(Media)

...............

2,881

6,566

InterContinental

Hotels

Group

PLC

(Hotels,

Restaurants

&

Leisure)

..........

923

480,645

J

Sainsbury

PLC

(Consumer

Staples

Distribution

&

Retail)

...........

2,105

114,719

Kingfisher

PLC

(Specialty

Retail)

......

134,325

Legal

&

General

Group

PLC

(Insurance)

.

114,631

National

Grid

PLC

(Multi-Utilities)

.....

1,758

4,989

Next

PLC

(Broadline

Retail)

..........

918

16,942

Pearson

PLC

(Diversified

Consumer

Services)

....................

13,064

Reckitt

Benckiser

Group

PLC

(Household

Products)

....................

1,057

56,944

RELX

PLC

(Professional

Services)

.....

2,294

66,751

Rio

Tinto

PLC

(Metals

&

Mining)

......

5,376

119,978

Rolls-Royce

Holdings

PLC

(Aerospace

&

Defense)

....................

1,855

7,432

Severn

Trent

PLC

(Water

Utilities)(b)

...

290,341

Shell

PLC

(Oil,

Gas

&

Consumable

Fuels)

10,698

100,164

Smith

&

Nephew

PLC

(Health

Care

Equipment

&

Supplies)

.........

1,666

12,142

Smiths

Group

PLC

(Industrial

Conglomerates)

...............

44,660

SSE

PLC

(Electric

Utilities)(b)

........

1,309

85,307

St.

James's

Place

PLC

(Capital

Markets)

.

1,584

33,934

The

Sage

Group

PLC

(Software)

.......

18,373

The

Weir

Group

PLC

(Machinery)(b)

....

702

49,420

Unilever

PLC

(Personal

Care

Products)

..

3,228

10,568

United

Utilities

Group

PLC

(Water

Utilities)

76,085

United

States

—

0.64%

2,921

CRH

PLC

(Construction

Materials)

.....

8,324

Linde

PLC

(Chemicals)

.............

3,536

4,162

RB

Global,

Inc.

(Commercial

Services

&

Supplies)

....................

4,328

Total

Common

Stocks

(cost

$253,097)

..

620,250

Shares

Security

Description

Value

(000) Warrant

—

0.00%

Canada

—

0.00%

835

Constellation

Software,

Inc.,

3/31/40

(Software)(a)(c)

...............

$

—

Total

Warrant

(cost

$—)

............

—

Investment

Companies

—

7.04%

International

Equity

Funds

—

6.21%

240,815

iShares

Core

MSCI

EAFE

ETF

........

21,544

323,154

Vanguard

FTSE

Developed

Markets

ETF

.

20,187

41,731

Money

Market

Funds

—

0.83%

5,612,820

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

,

3.68%(e)

....................

5,613

Total

Investment

Companies

(cost

$34,810)

........................

47,344

Total

Investments

(cost

$287,907)

—

99.24%

.....................

667,594

Other

assets

in

excess

of

liabilities

—

0.76%

......................

5,132

Net

Assets

-

100.00%

..............

$

672,726

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

December

31,

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

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(concluded)

—

December

31,

2025

(Unaudited)

As

of

December

31,

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

December

31,

2025

.

Futures

Contracts

Purchased

\*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

and

Unrealized

Appreciation/

(Depreciation)

(000) Mini

MSCI

EAFE

Index

Future

..............................

3/20/26

$

4,788

$

$

4,788

$

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

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

—

45.18%

Australia

—

1.83%

39,344

ANZ

Group

Holdings

Ltd.

(Banks)

.....

$

951

62,387

APA

Group

(Gas

Utilities)

...........

7,386

Aristocrat

Leisure

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

8,283

ASX

Ltd.

(Capital

Markets)

..........

67,232

BHP

Group

Ltd.

(Metals

&

Mining)

.....

2,028

26,732

Brambles

Ltd.

(Commercial

Services

&

Supplies)

....................

5,297

CAR

Group

Ltd.

(Interactive

Media

&

Services)

....................

1,527

Cochlear

Ltd.

(Health

Care

Equipment

&

Supplies)

....................

38,484

Coles

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

550

22,145

Commonwealth

Bank

of

Australia

(Banks)

2,362

9,356

Computershare

Ltd.

(Professional

Services)

7,331

CSL

Ltd.

(Biotechnology)

............

844

35,448

Evolution

Mining

Ltd.

(Metals

&

Mining)

22,303

Fortescue

Ltd.

(Metals

&

Mining)

......

27,140

Goodman

Group

(Industrial

REITs)

.....

558

60,437

Insurance

Australia

Group

Ltd.

(Insurance)

11,921

Lynas

Rare

Earths

Ltd.

(Metals

&

Mining)

(a) ........................

4,765

Macquarie

Group

Ltd.

(Capital

Markets)

.

644

110,277

Medibank

Pvt

Ltd.

(Insurance)

........

40,388

National

Australia

Bank

Ltd.

(Banks)

....

1,134

29,701

Northern

Star

Resources

Ltd.

(Metals

&

Mining)(b)

..................

523

59,696

Origin

Energy

Ltd.

(Electric

Utilities)

...

758

Pro

Medicus

Ltd.

(Health

Care

Technology)

10,656

Qantas

Airways

Ltd.

(Passenger

Airlines)

.

25,692

QBE

Insurance

Group

Ltd.

(Insurance)

..

688

REA

Group

Ltd.

(Interactive

Media

&

Services)

....................

5,331

Rio

Tinto

Ltd.

(Metals

&

Mining)

......

520

42,764

Santos

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

(b) ........................

70,502

Scentre

Group

(Retail

REITs)

.........

2,657

SGH

Ltd.

(Trading

Companies

&

Distributors)

.................

160,725

Sigma

Healthcare

Ltd.

(Health

Care

Providers

&

Services)

...........

18,022

Sonic

Healthcare

Ltd.

(Health

Care

Providers

&

Services)

...........

59,262

South32

Ltd.

(Metals

&

Mining)

.......

33,267

Stockland

(Diversified

REITs)

.........

21,531

Suncorp

Group

Ltd.

(Insurance)

.......

151,390

Telstra

Group

Ltd.

(Diversified

Telecommunication

Services)

.....

100,259

The

Lottery

Corp.

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

61,995

Transurban

Group

(Transportation

Infrastructure)

................

586

51,136

Vicinity

Ltd.

(Retail

REITs)(b)

........

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Australia

(continued)

4,513

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(Financial

Services)

............

$

14,964

Wesfarmers

Ltd.

(Broadline

Retail)

.....

806

45,133

Westpac

Banking

Corp.

(Banks)

.......

1,157

2,630

WiseTech

Global

Ltd.

(Software)

.......

25,022

Woodside

Energy

Group

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

30,379

Woolworths

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

595

20,758

Austria

—

0.06%

4,059

Erste

Group

Bank

AG

(Banks)(b)

......

1,928

OMV

AG

(Oil,

Gas

&

Consumable

Fuels)

1,676

Raiffeisen

Bank

International

AG

(Banks)

(b) ........................

972

Verbund

AG

(Electric

Utilities)

........

739

Belgium

—

0.26%

3,919

Ageas

SA/N.V.

(Insurance)(b)

.........

13,031

Anheuser-Busch

InBev

SA/N.V.

(Beverages)

..................

837

D'ieteren

Group

(Distributors)

.........

2,344

Elia

Group

SA/N.V.

(Electric

Utilities)(b)

Financiere

de

Tubize

SA

(Pharmaceuticals)

2,069

Groupe

Bruxelles

Lambert

N.V.

(Financial

Services)

....................

3,373

KBC

Group

N.V.

(Banks)

............

Lotus

Bakeries

N.V.

(Food

Products)(b)

..

Sofina

SA

(Financial

Services)

........

955

Syensqo

SA

(Chemicals)

.............

1,667

UCB

SA

(Pharmaceuticals)

...........

2,996

Canada

—

2.06%

12,541

Agnico

Eagle

Mines

Ltd.

(Metals

&

Mining)

2,127

3,394

Alimentation

Couche-Tard,

Inc.

(Consumer

Staples

Distribution

&

Retail)

.....

6,660

AltaGas

Ltd.

(Gas

Utilities)

...........

55,339

Barrick

Mining

Corp.

(Metals

&

Mining)

.

2,412

15,764

BCE,

Inc.

(Diversified

Telecommunication

Services)

....................

48,117

Brookfield

Corp.

(Capital

Markets)

.....

2,210

24,959

Cameco

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

2,283

30,055

Canadian

Pacific

Kansas

City

Ltd.

(Ground

Transportation)

...............

2,213

1,235

Canadian

Tire

Corp.

Ltd.,

Class

A

(Broadline

Retail)

.............

9,407

Canadian

Utilities

Ltd.,

Class

A

(Multi-

Utilities)

....................

1,763

CCL

Industries,

Inc.,

Class

B

(Containers

&

Packaging)(b)

................

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Canada

(continued)

6,965

Celestica,

Inc.

(Electronic

Equipment,

Instruments

&

Components)(a)

....

$

2,061

1,317

CGI,

Inc.

(IT

Services)

..............

1,888

Dollarama,

Inc.

(Broadline

Retail)

......

2,094

Element

Fleet

Management

Corp.

(Commercial

Services

&

Supplies)(b)

7,087

Emera,

Inc.

(Electric

Utilities)

.........

8,853

Empire

Co.

Ltd.,

Class

A

(Consumer

Staples

Distribution

&

Retail)

...........

3,695

Enbridge,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

......................

Fairfax

Financial

Holdings

Ltd.

(Insurance)

520

FirstService

Corp.,

Class

WI

(Real

Estate

Management

&

Development)

.....

6,371

Fortis,

Inc.

(Electric

Utilities)

.........

3,838

George

Weston

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

4,081

GFL

Environmental,

Inc.

(Commercial

Services

&

Supplies)

...........

6,485

Great-West

Lifeco,

Inc.

(Insurance)

.....

8,312

Hydro

One

Ltd.

(Electric

Utilities)(b)

....

1,092

Intact

Financial

Corp.

(Insurance)(b)

....

4,525

Keyera

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

7,144

Loblaw

Cos.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

4,308

Metro,

Inc.

(Consumer

Staples

Distribution

&

Retail)

....................

834

National

Bank

of

Canada

(Banks)

......

1,795

Pembina

Pipeline

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

4,885

Power

Corp.

of

Canada

(Insurance)

.....

3,022

Restaurant

Brands

International,

Inc.

(Hotels,

Restaurants

&

Leisure)

....

7,125

Rogers

Communications,

Inc.,

Class

B

(Wireless

Telecommunication

Services)

....................

7,089

Saputo,

Inc.

(Food

Products)(b)

........

14,832

Shopify,

Inc.,

Class

A

(IT

Services)(a)

...

2,388

590

Sun

Life

Financial,

Inc.

(Insurance)

.....

2,255

TC

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

26,090

TELUS

Corp.

(Diversified

Telecommunication

Services)

.....

1,291

The

Bank

of

Nova

Scotia

(Banks)

......

555

The

Toronto-Dominion

Bank

(Banks)

...

1,691

Thomson

Reuters

Corp.

(Professional

Services)

....................

6,711

TMX

Group

Ltd.

(Capital

Markets)

.....

1,159

Toromont

Industries

Ltd.

(Trading

Companies

&

Distributors)

.......

23,392

Chile

—

0.02%

5,212

Antofagasta

PLC

(Metals

&

Mining)

....

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

China

—

0.01%

33,500

Yangzijiang

Shipbuilding

Holdings

Ltd.

(Machinery)

.................

$

Denmark

—

1.56%

A.P.

Moller

-

Maersk

A/S,

Class

A

(Marine

Transportation)

...............

A.P.

Moller

-

Maersk

A/S,

Class

B

(Marine

Transportation)

...............

3,299

Carlsberg

A/S,

Class

B

(Beverages)

.....

3,482

Coloplast

A/S,

Class

B

(Health

Care

Equipment

&

Supplies)

.........

10,317

Danske

Bank

A/S

(Banks)

............

515

1,145

Demant

A/S

(Health

Care

Equipment

&

Supplies)(a)

..................

12,580

DSV

A/S

(Air

Freight

&

Logistics)

.....

3,169

804

Genmab

A/S

(Biotechnology)(a)(b)

.....

131,750

Novo

Nordisk

A/S,

ADR

(Pharmaceuticals)

6,702

86,698

Novo

Nordisk

A/S,

Class

B

(Pharmaceuticals)

.............

4,398

7,852

Novonesis

Novozymes

B

(Chemicals)

...

502

12,595

Orsted

A/S

(Independent

Power

and

Renewable

Electricity

Producers)(a)(b)

1,041

Pandora

A/S

(Textiles,

Apparel

&

Luxury

Goods)

.....................

1,232

ROCKWOOL

A/S,

Class

B

(Building

Products)

....................

16,208

Tryg

A/S

(Insurance)(b)

.............

13,328

Vestas

Wind

Systems

A/S

(Electrical

Equipment)

..................

17,695

Finland

—

0.53%

6,139

Elisa

Oyj

(Diversified

Telecommunication

Services)

....................

5,923

Fortum

Oyj

(Electric

Utilities)

.........

8,473

Kesko

Oyj,

Class

B

(Consumer

Staples

Distribution

&

Retail)

...........

5,428

Kone

Oyj,

Class

B

(Machinery)

........

8,735

Metso

Oyj

(Machinery)(b)

...........

5,571

Neste

Oyj

(Oil,

Gas

&

Consumable

Fuels)

69,724

Nokia

Oyj

(Communications

Equipment)

.

41,230

Nordea

Bank

Abp

(Banks)

...........

775

3,695

Orion

Oyj,

Class

B

(Pharmaceuticals)

...

225,366

Sampo

Oyj,

A

Shares

(Insurance)

......

2,726

7,635

Stora

Enso

Oyj,

Class

R

(Paper

&

Forest

Products)

....................

6,919

UPM-Kymmene

Oyj

(Paper

&

Forest

Products)

....................

6,634

Wartsila

Oyj

Abp

(Machinery)

.........

6,009

France

—

5.03%

2,562

Accor

SA

(Hotels,

Restaurants

&

Leisure)

901

Aeroports

de

Paris

SA

(Transportation

Infrastructure)

................

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

France

(continued)

7,885

Air

Liquide

SA

(Chemicals)

..........

$

1,482

7,869

Airbus

SE

(Aerospace

&

Defense)

......

1,827

4,565

Alstom

SA

(Machinery)(a)

...........

793

Amundi

SA

(Capital

Markets)(b)

.......

22,912

AXA

SA

(Insurance)

...............

1,099

2,715

BioMerieux

(Health

Care

Equipment

&

Supplies)

....................

13,274

BNP

Paribas

SA

(Banks)

.............

1,256

57,096

Bollore

SE

(Entertainment)

...........

6,131

Bouygues

SA

(Construction

&

Engineering)

10,843

Bureau

Veritas

SA

(Professional

Services)

2,032

Capgemini

SE

(IT

Services)

..........

32,677

Carrefour

SA

(Consumer

Staples

Distribution

&

Retail)(b)

........

546

28,449

Cie

de

Saint-Gobain

SA

(Building

Products)

2,892

11,706

Cie

Generale

des

Etablissements

Michelin

SCA

(Automobile

Components)

...

2,405

Covivio

SA

(Diversified

REITs)

.......

18,507

Credit

Agricole

SA

(Banks)

...........

13,315

Danone

SA

(Food

Products)

..........

1,201

1,310

Dassault

Aviation

SA

(Aerospace

&

Defense)(b)

..................

86,423

Dassault

Systemes

SE

(Software)

......

2,414

10,402

Edenred

SE

(Financial

Services)

.......

904

Eiffage

SA

(Construction

&

Engineering)(b)

40,047

Engie

SA

(Multi-Utilities)

............

1,052

9,749

EssilorLuxottica

SA

(Health

Care

Equipment

&

Supplies)

.........

3,083

13,796

FDJ

UNITED

(Hotels,

Restaurants

&

Leisure)

....................

2,628

Gecina

SA

(Office

REITs)(b)

..........

24,414

Getlink

SE

(Transportation

Infrastructure)

Hermes

International

SCA

(Textiles,

Apparel

&

Luxury

Goods)

..............

1,038

1,963

Ipsen

SA

(Pharmaceuticals)

...........

981

Kering

SA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

10,519

Klepierre

SA

(Retail

REITs)

..........

17,587

Legrand

SA

(Electrical

Equipment)

.....

2,615

8,287

L'Oreal

SA

(Personal

Care

Products)

....

3,557

6,253

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Textiles,

Apparel

&

Luxury

Goods)

4,711

51,715

Orange

SA

(Diversified

Telecommunication

Services)(b)

..................

863

2,650

Pernod

Ricard

SA

(Beverages)

........

3,001

Publicis

Groupe

SA

(Media)

..........

2,524

Renault

SA

(Automobiles)

...........

2,932

Rexel

SA

(Trading

Companies

&

Distributors)

.................

10,762

Safran

SA

(Aerospace

&

Defense)

......

3,749

37,455

Sanofi

SA

(Pharmaceuticals)

..........

3,623

Sartorius

Stedim

Biotech

(Life

Sciences

Tools

&

Services)

..............

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

France

(continued)

15,173

Schneider

Electric

SE

(Electrical

Equipment)(b)

................

$

4,150

9,302

Societe

Generale

SA

(Banks)

.........

749

8,597

Sodexo

SA

(Hotels,

Restaurants

&

Leisure)

2,235

Thales

SA

(Aerospace

&

Defense)

......

603

60,764

TotalEnergies

SE

(Oil,

Gas

&

Consumable

Fuels)

......................

3,961

1,598

Unibail-Rodamco-Westfield

(Retail

REITs)

8,488

Veolia

Environnement

SA

(Multi-Utilities)

21,962

Vinci

SA

(Construction

&

Engineering)

..

3,090

57,282

Germany

—

3.73%

2,254

adidas

AG

(Textiles,

Apparel

&

Luxury

Goods)

.....................

5,203

Allianz

SE,

Registered

Shares

(Insurance)

2,406

11,759

BASF

SE

(Chemicals)

..............

619

12,940

Bayer

AG,

Registered

Shares

(Pharmaceuticals)

.............

561

3,748

Bayerische

Motoren

Werke

AG

(Automobiles)

................

773

Bayerische

Motoren

Werke

AG,

Preference

Shares

(Automobiles)

...........

4,990

Beiersdorf

AG

(Personal

Care

Products)

..

548

1,596

Brenntag

SE

(Trading

Companies

&

Distributors)

.................

9,840

Commerzbank

AG

(Banks)

...........

1,450

Continental

AG

(Automobile

Components)

2,172

CTS

Eventim

AG

&

Co.

KGaA

(Entertainment)(b)

.............

6,241

Daimler

Truck

Holding

AG

(Machinery)

.

2,507

Delivery

Hero

SE

(Hotels,

Restaurants

&

Leisure)(a)(b)

................

24,399

Deutsche

Bank

AG,

Registered

Shares

(Capital

Markets)

..............

940

3,683

Deutsche

Boerse

AG

(Capital

Markets)

..

968

7,721

Deutsche

Lufthansa

AG,

Registered

Shares

(Passenger

Airlines)(b)

..........

12,641

Deutsche

Post

AG

(Air

Freight

&

Logistics)

689

59,973

Deutsche

Telekom

AG

(Diversified

Telecommunication

Services)(b)

...

1,952

1,483

Dr.

Ing.

h.c.

F. Porsche

AG,

Preference

Shares

(Automobiles)(b)

.........

51,996

E.ON

SE

(Multi-Utilities)

............

984

3,179

Evonik

Industries

AG

(Chemicals)

......

6,622

Fresenius

Medical

Care

AG

(Health

Care

Providers

&

Services)

...........

9,291

Fresenius

SE

&

Co.

KGaA

(Health

Care

Providers

&

Services)

...........

532

4,246

GEA

Group

AG

(Machinery)

.........

1,728

Hannover

Rueck

SE

(Insurance)

.......

538

10,413

Heidelberg

Materials

AG

(Construction

Materials)(b)

.................

2,700

1,357

Henkel

AG

&

Co.

KGaA

(Household

Products)

....................

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Germany

(continued)

6,673

Henkel

AG

&

Co.

KGaA,

Preference

Shares

(Household

Products)

...........

$

544

837

Hensoldt

AG

(Aerospace

&

Defense)

....

HOCHTIEF

AG

(Construction

&

Engineering)

.................

71,769

Infineon

Technologies

AG

(Semiconductors

&

Semiconductor

Equipment)(b)

...

3,131

952

Knorr-Bremse

AG

(Machinery)

........

4,088

LEG

Immobilien

SE

(Real

Estate

Management

&

Development)

.....

9,623

Mercedes-Benz

Group

AG

(Automobiles)

667

3,582

Merck

KGaA

(Pharmaceuticals)

.......

511

709

MTU

Aero

Engines

AG

(Aerospace

&

Defense)

....................

1,959

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen,

Class

R

(Insurance)

..................

1,289

737

Nemetschek

SE

(Software)

...........

2,003

Porsche

Automobil

Holding

SE,

Preference

Shares

(Automobiles)

...........

Rational

AG

(Machinery)

............

638

Rheinmetall

AG

(Aerospace

&

Defense)

.

1,164

14,135

RWE

AG

(Independent

Power

and

Renewable

Electricity

Producers)

..

749

22,564

SAP

SE

(Software)

.................

5,481

Sartorius

AG,

Preference

Shares

(Life

Sciences

Tools

&

Services)(b)

.....

3,486

Scout24

SE

(Interactive

Media

&

Services)

(b) ........................

18,302

Siemens

AG,

Registered

Shares

(Industrial

Conglomerates)

...............

5,125

27,091

Siemens

Energy

AG

(Electrical

Equipment)

(a)(b) ......................

3,800

6,655

Siemens

Healthineers

AG

(Health

Care

Equipment

&

Supplies)(b)

.......

5,661

Symrise

AG

(Chemicals)(b)

..........

1,548

Talanx

AG

(Insurance)

..............

2,711

Volkswagen

AG,

Preference

Shares

(Automobiles)

................

16,416

Vonovia

SE

(Real

Estate

Management

&

Development)

................

3,214

Zalando

SE

(Specialty

Retail)(a)(b)

.....

42,417

Guernsey

—

0.02%

170,041

Chrysalis

Investments

Ltd.

(Financial

Services)(a)(b)

................

Hong

Kong

—

0.81%

345,118

AIA

Group

Ltd.

(Insurance)

..........

3,551

56,695

BOC

Hong

Kong

Holdings

Ltd.

(Banks)

.

588,000

China

Common

Rich

Renewable

Energy

Investment

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)

(a)(c) ......................

—

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Hong

Kong

(continued)

25,200

CK

Asset

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

$

35,410

CK

Hutchison

Holdings

Ltd.

(Industrial

Conglomerates)

...............

31,000

CK

Infrastructure

Holdings

Ltd.

(Electric

Utilities)

....................

37,719

CLP

Holdings

Ltd.

(Electric

Utilities)

...

798

Futu

Holdings

Ltd.,

ADR

(Capital

Markets)

(a)(b) ......................

26,000

Galaxy

Entertainment

Group

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

9,939

Hang

Seng

Bank

Ltd.

(Banks)

.........

18,845

Henderson

Land

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

170,550

HKT

Trust

&

HKT

Ltd.,

Class

SS

(Diversified

Telecommunication

Services)(b)

..................

249,247

Hong

Kong

&

China

Gas

Co.

Ltd.

(Gas

Utilities)

....................

15,900

Hong

Kong

Exchanges

&

Clearing

Ltd.

(Capital

Markets)

..............

832

31,540

Hongkong

Land

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

4,300

Jardine

Matheson

Holdings

Ltd.

(Industrial

Conglomerates)

...............

34,206

Link

REIT

(Retail

REITs)

............

20,000

MTR

Corp.

Ltd.

(Ground

Transportation)

.

44,368

Power

Assets

Holdings

Ltd.

(Electric

Utilities)

....................

33,947

Prudential

PLC

(Insurance)

...........

522

109,328

Sino

Land

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

18,000

SITC

International

Holdings

Co.

Ltd.

(Marine

Transportation)

.........

18,860

Sun

Hung

Kai

Properties

Ltd.

(Real

Estate

Management

&

Development)

.....

12,430

Swire

Pacific

Ltd.,

Class

A

(Real

Estate

Management

&

Development)

.....

19,000

Techtronic

Industries

Co.

Ltd.

(Machinery)

16,000

The

Wharf

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

155,856

WH

Group

Ltd.

(Food

Products)(b)

.....

23,000

Wharf

Real

Estate

Investment

Co.

Ltd.

(Real

Estate

Management

&

Development)

9,234

Ireland

(Republic

of)

—

0.80%

14,904

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

2,142

4,096

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

589

28,160

AIB

Group

PLC

(Banks)(b)

..........

12,694

Bank

of

Ireland

Group

PLC

(Banks)

....

1,294

DCC

PLC

(Industrial

Conglomerates)(b)

.

12,105

Experian

PLC

(Professional

Services)

...

546

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Ireland

(Republic

of)

(continued)

2,167

Kerry

Group

PLC,

Class

A

(Food

Products)

(b) ........................

$

2,032

Kingspan

Group

PLC

(Building

Products)

11,184

Ryanair

Holdings

PLC

(Passenger

Airlines)

(b) ........................

33,859

Ryanair

Holdings

PLC,

ADR

(Passenger

Airlines)

....................

2,443

9,000

TE

Connectivity

PLC

(Electronic

Equipment,

Instruments

&

Components)

.................

2,048

9,152

Israel

—

0.88%

971

Azrieli

Group

Ltd.

(Real

Estate

Management

&

Development)

..............

16,471

Bank

Hapoalim

BM

(Banks)

..........

19,675

Bank

Leumi

Le-Israel

BM,

Class

IS

(Banks)

12,731

Check

Point

Software

Technologies

Ltd.

(Software)(a)

.................

2,362

667

CyberArk

Software

Ltd.

(Software)(a)

...

669

Elbit

Systems

Ltd.

(Aerospace

&

Defense)

30,608

ICL

Group

Ltd.

(Chemicals)

..........

Isracard

Ltd.

(Consumer

Finance)

......

—

16,027

Israel

Discount

Bank

Ltd.,

Class

A

(Banks)

2,038

Mizrahi

Tefahot

Bank

Ltd.

(Banks)

.....

596

Monday.com

Ltd.

(Software)(a)

........

1,615

Nice

Ltd.

(Software)(a)

..............

617

Nova

Ltd.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

2,985

Phoenix

Financial

Ltd.

(Insurance)

.....

84,102

Teva

Pharmaceutical

Industries

Ltd.

(Pharmaceuticals)(a)

...........

2,654

15,376

Teva

Pharmaceutical

Industries

Ltd.,

ADR

(Pharmaceuticals)(a)

...........

16,448

Wix.com

Ltd.

(IT

Services)(a)

.........

1,709

666

Wix.com

Ltd.

(IT

Services)(a)

.........

9,965

Italy

—

1.87%

3,207

Banca

Mediolanum

SpA

(Financial

Services)

....................

25,980

Banca

Monte

dei

Paschi

di

Siena

SpA

(Banks)(b)

...................

14,965

Banco

BPM

SpA

(Banks)

............

19,242

BPER

Banca

SPA

(Banks)

...........

971

Buzzi

SpA

(Construction

Materials)

.....

43,019

Davide

Campari-Milano

N.V.,

Class

M

(Beverages)(b)

................

325,791

Enel

SpA

(Electric

Utilities)(b)

........

3,387

35,125

Eni

SpA

(Oil,

Gas

&

Consumable

Fuels)

.

666

5,238

Ferrari

N.V.,

ADR

(Automobiles)

......

1,936

1,662

Ferrari

N.V.

(Automobiles)

...........

618

8,403

FinecoBank

Banca

Fineco

SpA

(Banks)

..

13,749

Generali

(Insurance)

................

575

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Italy

(continued)

30,686

Infrastrutture

Wireless

Italiane

SpA

(Diversified

Telecommunication

Services)(b)

..................

$

512,466

Intesa

Sanpaolo

SpA

(Banks)(b)

.......

3,540

6,280

Leonardo

SpA

(Aerospace

&

Defense)

...

3,210

Moncler

SpA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

8,017

Nexi

SpA

(Financial

Services)(b)

......

11,001

Poste

Italiane

SpA

(Financial

Services)(b)

25,913

Prysmian

SpA

(Electrical

Equipment)

...

2,584

4,367

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(Pharmaceuticals)

..........

67,635

Snam

SpA

(Gas

Utilities)

............

285,520

Telecom

Italia

SpA/Milano

(Diversified

Telecommunication

Services)(a)

...

46,521

Terna

-

Rete

Elettrica

Nazionale

(Electric

Utilities)

....................

47,075

UniCredit

SpA

(Banks)

..............

3,898

4,712

Unipol

Assicurazioni

SpA

(Insurance)

...

21,237

Japan

—

8.14%

10,100

Advantest

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

1,277

45,000

Aeon

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

710

4,565

AGC,

Inc.

(Building

Products)

........

6,500

Aisin

Corp.

(Automobile

Components)

..

18,400

Ajinomoto

Co.,

Inc.

(Food

Products)

....

14,300

ANA

Holdings,

Inc.

(Passenger

Airlines)(b)

36,200

Asahi

Group

Holdings

Ltd.

(Beverages)(b)

30,310

Asahi

Kasei

Corp.

(Chemicals)

........

9,200

Asics

Corp.

(Textiles,

Apparel

&

Luxury

Goods)

.....................

38,490

Astellas

Pharma,

Inc.

(Pharmaceuticals)

..

513

9,800

Bandai

Namco

Holdings,

Inc.

(Leisure

Products)

....................

17,320

Bridgestone

Corp.

(Automobile

Components)^

................

92,789

Broadmedia

Corp.

(Diversified

Telecommunication

Services)

.....

1,233

11,447

Canon,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)^

...............

4,600

Capcom

Co.

Ltd.

(Entertainment)

......

16,900

Central

Japan

Railway

Co.

(Ground

Transportation)

...............

18,900

Chubu

Electric

Power

Co.,

Inc.

(Electric

Utilities)

....................

10,900

Chugai

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals)

.............

572

8,578

Dai

Nippon

Printing

Co.

Ltd.

(Commercial

Services

&

Supplies)

...........

4,300

Daifuku

Co.

Ltd.

(Machinery)

.........

46,300

Dai-ichi

Life

Holdings,

Inc.

(Insurance)

..

23,700

Daiichi

Sankyo

Co.

Ltd.

(Pharmaceuticals)

503

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

3,500

Daikin

Industries

Ltd.

(Building

Products)

$

18,135

Daito

Trust

Construction

Co.

Ltd.

(Real

Estate

Management

&

Development)

11,130

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

17,600

Daiwa

Securities

Group,

Inc.

(Capital

Markets)

....................

23,100

Denso

Corp.

(Automobile

Components)

..

1,300

Disco

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

22,100

East

Japan

Railway

Co.

(Ground

Transportation)

...............

583

6,000

Ebara

Corp.

(Machinery)

............

64,072

Eiken

Chemical

Co.

Ltd.

(Health

Care

Equipment

&

Supplies)

.........

986

8,000

Eisai

Co.

Ltd.

(Pharmaceuticals)

.......

35,778

ENEOS

Holdings,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

12,300

FANUC

Corp.

(Machinery)

...........

2,500

Fast

Retailing

Co.

Ltd.

(Specialty

Retail)

.

907

1,900

Fuji

Electric

Co.

Ltd.

(Electrical

Equipment)

45,715

Fuji

Media

Holdings,

Inc.

(Media)

......

1,078

14,730

FUJIFILM

Holdings

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..

3,400

Fujikura

Ltd.

(Electrical

Equipment)

....

23,200

Fujitsu

Ltd.

(IT

Services)(b)

..........

638

11,300

Hankyu

Hanshin

Holdings,

Inc.

(Ground

Transportation)

...............

147,578

Helios

Techno

Holding

Co.

Ltd.

(Electrical

Equipment)

..................

993

500

Hikari

Tsushin,

Inc.

(Industrial

Conglomerates)

...............

128,400

Hitachi

Ltd.

(Industrial

Conglomerates)

..

4,027

48,562

Honda

Motor

Co.

Ltd.

(Automobiles)

...

4,600

Hoya

Corp.

(Health

Care

Equipment

&

Supplies)

....................

698

22,100

Hulic

Co.

Ltd.

(Real

Estate

Management

&

Development)^

...............

15,995

Idemitsu

Kosan

Co.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

13,600

IHI

Corp.

(Machinery)

..............

11,700

Inpex

Corp.

(Oil,

Gas

&

Consumable

Fuels)

122,608

Inter

Action

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

1,140

7,070

Isuzu

Motors

Ltd.

(Automobiles)

.......

78,290

ITOCHU

Corp.

(Trading

Companies

&

Distributors)

.................

989

11,300

Japan

Airlines

Co.

Ltd.

(Passenger

Airlines)

(b) ........................

13,100

Japan

Exchange

Group,

Inc.

(Capital

Markets)

....................

23,600

Japan

Post

Bank

Co.

Ltd.

(Banks)(b)

....

23,360

Japan

Post

Holdings

Co.

Ltd.

(Insurance)(b)

2,300

Japan

Post

Insurance

Co.

Ltd.

(Insurance)(b)

19,127

Japan

Tobacco,

Inc.

(Tobacco)^

........

688

11,700

JFE

Holdings,

Inc.

(Metals

&

Mining)(b)

.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

7,400

JX

Advanced

Metals

Corp.

(Metals

&

Mining)

.....................

$

5,600

Kajima

Corp.

(Construction

&

Engineering)

11,900

Kao

Corp.

(Personal

Care

Products)

.....

2,000

Kawasaki

Heavy

Industries

Ltd.

(Machinery)

.................

4,600

Kawasaki

Kisen

Kaisha

Ltd.

(Marine

Transportation)

...............

52,300

KDDI

Corp.

(Wireless

Telecommunication

Services)

....................

905

2,600

Keyence

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

941

8,700

Kikkoman

Corp.

(Food

Products)

......

2,500

Kioxia

Holdings

Corp.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

26,310

Kirin

Holdings

Co.

Ltd.

(Beverages)

....

13,700

Kobe

Bussan

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

172,600

Kokuyo

Co.

Ltd.

(Commercial

Services

&

Supplies)

....................

964

12,490

Komatsu

Ltd.

(Machinery)

...........

1,600

Konami

Group

Corp.

(Entertainment)

...

12,800

Kubota

Corp.

(Machinery)

...........

16,980

Kyocera

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

15,700

Kyowa

Kirin

Co.

Ltd.

(Pharmaceuticals)^

1,100

Lasertec

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

81,172

LIFENET

INSURANCE

Co.

(Insurance)(a)

1,006

94,600

LY

Corp.

(Interactive

Media

&

Services)

.

10,700

M3,

Inc.

(Health

Care

Technology)

.....

2,900

Makita

Corp.

(Machinery)

...........

18,571

Marubeni

Corp.

(Trading

Companies

&

Distributors)

.................

517

21,000

Maruzen

Showa

Unyu

Co.

Ltd.

(Ground

Transportation)

...............

1,101

14,900

MatsukiyoCocokara

&

Co.

(Consumer

Staples

Distribution

&

Retail)

.....

13,700

MEIJI

Holdings

Co.

Ltd.

(Food

Products)

5,100

MINEBEA

MITSUMI,

Inc.

(Machinery)

.

16,810

Mitsubishi

Chemical

Group

Corp.

(Chemicals)

..................

42,820

Mitsubishi

Corp.

(Trading

Companies

&

Distributors)

.................

980

25,090

Mitsubishi

Electric

Corp.

(Electrical

Equipment)

..................

732

14,100

Mitsubishi

Estate

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

20,700

Mitsubishi

HC

Capital,

Inc.

(Financial

Services)

....................

42,270

Mitsubishi

Heavy

Industries

Ltd.

(Machinery)

.................

1,032

151,782

Mitsubishi

UFJ

Financial

Group,

Inc.

(Banks)

.....................

2,409

32,532

Mitsui

&

Co.

Ltd.

(Trading

Companies

&

Distributors)

.................

966

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

34,900

Mitsui

Fudosan

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

$

6,600

Mitsui

OSK

Lines

Ltd.

(Marine

Transportation)

...............

33,052

Mizuho

Financial

Group,

Inc.

(Banks)

...

1,206

16,800

MonotaRO

Co.

Ltd.

(Trading

Companies

&

Distributors)

.................

16,900

MS&AD

Insurance

Group

Holdings,

Inc.

(Insurance)

..................

22,000

Murata

Manufacturing

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

145,493

Nakano

Corp.

(Construction

&

Engineering)

1,120

17,250

NEC

Corp.

(IT

Services)

.............

584

4,900

Nexon

Co.

Ltd.

(Entertainment)

.......

11,000

NIDEC

Corp.

(Electrical

Equipment)

....

14,600

Nintendo

Co.

Ltd.

(Entertainment)

......

986

Nippon

Building

Fund,

Inc.

(Office

REITs)

31,200

Nippon

Paint

Holdings

Co.

Ltd.

(Chemicals)

(b) ........................

2,200

Nippon

Sanso

Holdings

Corp.

(Chemicals)

85,500

Nippon

Steel

Corp.

(Metals

&

Mining)

..

7,800

Nippon

Yusen

KK

(Marine

Transportation)^

29,400

Nissan

Motor

Co.

Ltd.

(Automobiles)(a)

.

157,250

Nissan

Shatai

Co.

Ltd.

(Automobiles)

...

1,017

14,300

Nissin

Foods

Holdings

Co.

Ltd.

(Food

Products)(b)

.................

22,100

Nitori

Holdings

Co.

Ltd.

(Specialty

Retail)

8,900

Nitto

Denko

Corp.

(Chemicals)

........

39,600

Nomura

Holdings,

Inc.

(Capital

Markets)

.

7,920

Nomura

Research

Institute

Ltd.

(IT

Services)

....................

636,800

NTT,

Inc.

(Diversified

Telecommunication

Services)

....................

643

11,200

Obayashi

Corp.

(Construction

&

Engineering)

.................

12,900

Obic

Co.

Ltd.

(IT

Services)

...........

15,000

Olympus

Corp.

(Health

Care

Equipment

&

Supplies)

....................

3,400

Oracle

Corp.

Japan

(Software)

.........

23,000

Oriental

Land

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

15,300

ORIX

Corp.

(Financial

Services)

.......

9,645

Osaka

Gas

Co.

Ltd.

(Gas

Utilities)

......

14,600

Otsuka

Corp.

(IT

Services)

...........

8,300

Otsuka

Holdings

Co.

Ltd.

(Pharmaceuticals)

42,300

Pan

Pacific

International

Holdings

Corp.

(Broadline

Retail)

.............

30,700

Panasonic

Holdings

Corp.

(Household

Durables)

...................

20,100

Rakuten

Group,

Inc.

(Broadline

Retail)(a)(b)

18,700

Recruit

Holdings

Co.

Ltd.

(Professional

Services)

....................

1,051

23,400

Renesas

Electronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

...

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

27,385

Resona

Holdings,

Inc.

(Banks)

........

$

13,500

Ryohin

Keikaku

Co.

Ltd.

(Broadline

Retail)

2,400

Sanrio

Co.

Ltd.

(Specialty

Retail)(b)

....

39,232

Sanwa

Holdings

Corp.

(Building

Products)

1,022

7,400

SBI

Holdings,

Inc.

(Capital

Markets)

....

1,100

SCREEN

Holdings

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

11,200

Secom

Co.

Ltd.

(Commercial

Services

&

Supplies)

....................

2,800

Seibu

Holdings,

Inc.

(Ground

Transportation)

...............

10,000

Sekisui

Chemical

Co.

Ltd.

(Industrial

Conglomerates)

...............

9,225

Sekisui

House

Ltd.

(Household

Durables)

38,490

Seven

&

i

Holdings

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

.....

553

30,600

SG

Holdings

Co.

Ltd.

(Air

Freight

&

Logistics)

...................

6,700

Shimadzu

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

2,400

Shimano,

Inc.

(Leisure

Products)

.......

22,225

Shin-Etsu

Chemical

Co.

Ltd.

(Chemicals)

690

19,600

Shionogi

&

Co.

Ltd.

(Pharmaceuticals)

..

12,900

Shiseido

Co.

Ltd.

(Personal

Care

Products)^

800

SMC

Corp.

(Machinery)

.............

553,040

SoftBank

Corp.

(Wireless

Telecommunication

Services)

.....

759

50,800

SoftBank

Group

Corp.

(Wireless

Telecommunication

Services)

.....

1,425

11,680

Sompo

Holdings,

Inc.

(Insurance)

......

82,500

Sony

Financial

Group,

Inc.

(Financial

Services)(a)

..................

154,600

Sony

Group

Corp.

(Household

Durables)

.

3,966

52,007

Square

Enix

Holdings

Co.

Ltd.

(Entertainment)

...............

950

7,754

Subaru

Corp.

(Automobiles)

..........

14,340

Sumitomo

Corp.

(Trading

Companies

&

Distributors)

.................

9,420

Sumitomo

Electric

Industries

Ltd.

(Automobile

Components)

.......

3,200

Sumitomo

Metal

Mining

Co.

Ltd.

(Metals

&

Mining)

.....................

48,509

Sumitomo

Mitsui

Financial

Group,

Inc.

(Banks)

.....................

1,560

8,500

Sumitomo

Mitsui

Trust

Group,

Inc.

(Banks)

7,800

Sumitomo

Realty

&

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

17,400

Sun

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

................

1,000

8,600

Suntory

Beverage

&

Food

Ltd.

(Beverages)

20,800

Suzuki

Motor

Corp.

(Automobiles)

.....

276,277

Synchro

Food

Co.

Ltd.

(Interactive

Media

&

Services)

....................

1,247

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

15,900

Sysmex

Corp.

(Health

Care

Equipment

&

Supplies)

....................

$

6,100

T&D

Holdings,

Inc.

(Insurance)

.......

1,950

Taisei

Corp.

(Construction

&

Engineering)

28,545

Takeda

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals)

.............

887

25,600

TDK

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

17,600

Terumo

Corp.

(Health

Care

Equipment

&

Supplies)(b)

..................

7,400

The

Chiba

Bank

Ltd.

(Banks)

.........

15,010

The

Kansai

Electric

Power

Co.,

Inc.

(Electric

Utilities)

.............

7,500

TIS,

Inc.

(IT

Services)

..............

5,500

Toho

Co.

Ltd.

(Entertainment)

.........

24,220

Tokio

Marine

Holdings,

Inc.

(Insurance)

.

895

5,880

Tokyo

Electron

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

1,310

9,200

Tokyo

Gas

Co.

Ltd.

(Gas

Utilities)

......

29,700

Tokyo

Metro

Co.

Ltd.

(Ground

Transportation)^

...............

26,900

Tokyu

Corp.

(Ground

Transportation)

...

3,100

TOPPAN

Holdings,

Inc.

(Commercial

Services

&

Supplies)

...........

18,300

Toray

Industries,

Inc.

(Chemicals)

......

2,200

Toyota

Industries

Corp.

(Machinery)(a)

..

125,000

Toyota

Motor

Corp.

(Automobiles)(b)

...

2,684

9,100

Toyota

Tsusho

Corp.

(Trading

Companies

&

Distributors)

.................

3,600

Trend

Micro,

Inc.

(Software)

..........

3,500

Tsuruha

Holdings,

Inc.

(Consumer

Staples

Distribution

&

Retail)

...........

59,900

Unicharm

Corp.

(Household

Products)

...

194,383

Wacom

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..........

1,008

15,600

West

Japan

Railway

Co.

(Ground

Transportation)(b)

.............

16,600

Yakult

Honsha

Co.

Ltd.

(Food

Products)

.

12,000

Yamaha

Motor

Co.

Ltd.

(Automobiles)^

..

3,000

Yokogawa

Electric

Corp.

(Electronic

Equipment,

Instruments

&

Components)

.................

13,600

Yokohama

Financial

Group,

Inc.

(Banks)

.

3,700

Zensho

Holdings

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

31,900

ZOZO,

Inc.

(Specialty

Retail)(b)

.......

92,642

Luxembourg

—

0.06%

6,185

ArcelorMittal

SA

(Metals

&

Mining)

....

3,020

CVC

Capital

Partners

PLC

(Capital

Markets)(b)

..................

3,436

Eurofins

Scientific

SE

(Life

Sciences

Tools

&

Services)

..................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Luxembourg

(continued)

4,924

Tenaris

SA

(Energy

Equipment

&

Services)

$

681

Macau

—

0.01%

31,860

Sands

China

Ltd.

(Hotels,

Restaurants

&

Leisure)

....................

Mexico

—

0.02%

4,202

Fresnillo

PLC

(Metals

&

Mining)

......

Netherlands

—

1.90%

7,688

ABN

AMRO

Bank

N.V.,

Class

CV

(Banks)

(b) ........................

Adyen

N.V.

(Financial

Services)(a)(b)

...

535

17,248

Aegon

Ltd.

(Insurance)

..............

2,255

Akzo

Nobel

N.V.

(Chemicals)

.........

3,097

Argenx

SE

(Biotechnology)(a)

........

2,612

619

ASM

International

N.V.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

7,218

ASML

Holding

N.V.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

7,778

5,380

ASR

Nederland

N.V.

(Insurance)(b)

.....

966

BE

Semiconductor

Industries

N.V.

(Semiconductors

&

Semiconductor

Equipment)

..................

3,139

Euronext

N.V.

(Capital

Markets)(b)

.....

1,212

EXOR

N.V.

(Financial

Services)

.......

8,315

Ferrovial

SE

(Construction

&

Engineering)

539

5,827

Heineken

Holding

N.V.

(Beverages)

....

7,841

Heineken

N.V.

(Beverages)

...........

646

761

IMCD

N.V.

(Trading

Companies

&

Distributors)(b)

...............

39,833

ING

Groep

N.V.

(Banks)

.............

1,120

2,266

JDE

Peet's

N.V.

(Food

Products)

.......

21,365

Koninklijke

Ahold

Delhaize

N.V.

(Consumer

Staples

Distribution

&

Retail)

.....

876

145,675

Koninklijke

KPN

N.V.

(Diversified

Telecommunication

Services)

.....

680

11,980

Koninklijke

Philips

N.V.

(Health

Care

Equipment

&

Supplies)

.........

2,797

Nebius

Group

N.V.,

Class

A

(Software)(a)

5,688

NN

Group

N.V.

(Insurance)

...........

17,363

Prosus

N.V.

(Broadline

Retail)(a)(b)

....

1,075

10,583

QIAGEN

N.V.

(Life

Sciences

Tools

&

Services)

....................

1,494

Randstad

N.V.

(Professional

Services)

...

27,222

Stellantis

N.V.

(Automobiles)

.........

6,478

The

Magnum

Ice

Cream

Co.

N.V.

(Consumer

Staples

Distribution

&

Retail)(a)

....................

8,603

The

Magnum

Ice

Cream

Co.

N.V.

(Food

Products)(a)

..................

17,789

Universal

Music

Group

N.V.

(Entertainment)

...............

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Netherlands

(continued)

5,448

Wolters

Kluwer

N.V.

(Professional

Services)

$

564

21,587

New

Zealand

—

0.06%

22,055

Auckland

International

Airport

Ltd.

(Transportation

Infrastructure)

.....

11,051

Contact

Energy

Ltd.

(Electric

Utilities)

..

7,746

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

(Health

Care

Equipment

&

Supplies)

12,202

Infratil

Ltd.

(Industrial

Conglomerates)

..

17,810

Meridian

Energy

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)

2,150

Xero

Ltd.

(Software)(a)

.............

631

Norway

—

0.17%

4,126

Aker

BP

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

11,639

DNB

Bank

ASA

(Banks)

............

10,068

Equinor

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

5,171

Gjensidige

Forsikring

ASA

(Insurance)

..

5,790

Kongsberg

Gruppen

ASA

(Aerospace

&

Defense)

....................

8,160

Mowi

ASA

(Food

Products)(b)

........

18,219

Norsk

Hydro

ASA

(Metals

&

Mining)

...

20,043

Orkla

ASA

(Food

Products)

..........

936

Salmar

ASA

(Food

Products)

.........

14,310

Telenor

ASA

(Diversified

Telecommunication

Services)

.....

2,201

Yara

International

ASA

(Chemicals)

....

1,886

Poland

—

0.00%

3,542

InPost

SA

(Air

Freight

&

Logistics)(a)

...

Portugal

—

0.04%

98,783

Banco

Comercial

Portugues

SA,

Class

R

(Banks)(b)

...................

41,012

EDP

SA

(Electric

Utilities)(b)

.........

5,453

Galp

Energia

SGPS

SA

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

3,733

Jeronimo

Martins

SGPS

SA

(Consumer

Staples

Distribution

&

Retail)(b)

...

Singapore

—

0.81%

116,738

CapitaLand

Ascendas

REIT

(Industrial

REITs)(b)

...................

187,864

CapitaLand

Integrated

Commercial

Trust

(Diversified

REITs)

............

31,300

CapitaLand

Investment

Ltd.

(Real

Estate

Management

&

Development)

.....

28,204

DBS

Group

Holdings

Ltd.

(Banks)

.....

1,236

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Singapore

(continued)

377,000

Genting

Singapore

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

$

422,034

Grab

Holdings

Ltd.

(Ground

Transportation)

(a) ........................

2,106

19,300

Keppel

Ltd.

(Industrial

Conglomerates)

..

45,137

Oversea-Chinese

Banking

Corp.

Ltd.

(Banks)

.....................

694

19,225

Sea

Ltd.,

ADR

(Entertainment)(a)

......

2,452

11,800

Sembcorp

Industries

Ltd.

(Multi-Utilities)

20,000

Singapore

Airlines

Ltd.

(Passenger

Airlines)

(b) ........................

20,000

Singapore

Exchange

Ltd.

(Capital

Markets)

33,100

Singapore

Technologies

Engineering

Ltd.

(Aerospace

&

Defense)

.........

112,940

Singapore

Telecommunications

Ltd.

(Diversified

Telecommunication

Services)

....................

16,600

United

Overseas

Bank

Ltd.

(Banks)

.....

92,100

Wilmar

International

Ltd.

(Food

Products)

9,233

South

Korea

—

0.23%

1,252

Samsung

Electronics

Co.

Ltd.,

GDR

(Technology

Hardware,

Storage

&

Peripherals)(a)(b)

..............

2,572

Spain

—

1.08%

Acciona

SA

(Electric

Utilities)

........

2,959

ACS

Actividades

de

Construccion

y

Servicios

SA

(Construction

&

Engineering)

.................

15,350

Aena

SME

SA

(Transportation

Infrastructure)(b)

..............

5,905

Amadeus

IT

Group

SA

(Hotels,

Restaurants

&

Leisure)

...................

76,366

Banco

Bilbao

Vizcaya

Argentaria

SA

(Banks)

.....................

1,791

66,196

Banco

de

Sabadell

SA

(Banks)

........

197,002

Banco

Santander

SA

(Banks)(b)

.......

2,318

8,877

Bankinter

SA

(Banks)

...............

51,342

CaixaBank

SA

(Banks)

..............

628

13,349

Cellnex

Telecom

SA

(Diversified

Telecommunication

Services)(b)

...

4,077

EDP

Renovaveis

SA

(Independent

Power

and

Renewable

Electricity

Producers)

12,019

Endesa

SA

(Electric

Utilities)

.........

3,925

Grifols

SA

(Biotechnology)

...........

99,962

Iberdrola

SA

(Electric

Utilities)

........

2,164

14,373

Industria

de

Diseno

Textil

SA

(Specialty

Retail)

......................

948

13,081

Mapfre

SA

(Insurance)

..............

3,091

Naturgy

Energy

Group

SA

(Gas

Utilities)

.

30,184

Redeia

Corp.

SA

(Electric

Utilities)

.....

538

27,524

Repsol

SA

(Oil,

Gas

&

Consumable

Fuels)

514

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Spain

(continued)

140,076

Telefonica

SA

(Diversified

Telecommunication

Services)

.....

$

575

12,244

Sweden

—

1.07%

3,423

AddTech

AB,

B

Shares

(Trading

Companies

&

Distributors)

...............

3,805

Alfa

Laval

AB

(Machinery)

..........

13,217

Assa

Abloy

AB,

Class

B

(Building

Products)

511

35,329

Atlas

Copco

AB,

Class

A

(Machinery)

...

629

20,660

Atlas

Copco

AB,

Class

B

(Machinery)

...

5,026

Beijer

Ref

AB

(Trading

Companies

&

Distributors)^(b)

..............

3,752

Boliden

AB

(Metals

&

Mining)(a)

......

8,882

Epiroc

AB,

Class

A

(Machinery)

.......

5,348

Epiroc

AB,

Class

B

(Machinery)

.......

6,507

EQT

AB

(Capital

Markets)

...........

15,889

Essity

AB,

Class

B

(Household

Products)

.

3,412

Evolution

AB

(Hotels,

Restaurants

&

Leisure)(b)

..................

9,317

Fastighets

AB

Balder,

B

shares

(Real

Estate

Management

&

Development)(a)

...

8,686

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(Specialty

Retail)

..............

27,394

Hexagon

AB,

Class

B

(Electronic

Equipment,

Instruments

&

Components)

.................

5,368

Holmen

AB,

B

shares

(Paper

&

Forest

Products)

....................

1,693

Industrivarden

AB,

Class

A

(Financial

Services)(b)

..................

2,101

Industrivarden

AB,

Class

C

(Financial

Services)

....................

3,575

Indutrade

AB

(Machinery)

...........

2,027

Investment

AB

Latour,

Class

B

(Industrial

Conglomerates)

...............

24,006

Investor

AB,

Class

B

(Financial

Services)

856

2,048

L

E

Lundbergforetagen

AB,

Class

B

(Financial

Services)

............

3,081

Lifco

AB,

Class

B

(Industrial

Conglomerates)

...............

19,694

Nibe

Industrier

AB,

Class

B

(Building

Products)

....................

7,478

Saab

AB,

Class

B

(Aerospace

&

Defense)

3,179

Sagax

AB,

Class

B

(Real

Estate

Management

&

Development)

.....

14,077

Sandvik

AB

(Machinery)

............

13,326

Securitas

AB,

Class

B

(Commercial

Services

&

Supplies)

..................

23,323

Skandinaviska

Enskilda

Banken

AB,

Class

A

(Banks)

.....................

4,497

Skanska

AB,

Class

B

(Construction

&

Engineering)

.................

4,479

SKF

AB,

B

shares

(Machinery)

........

2,283

Spotify

Technology

SA

(Entertainment)(a)

1,325

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Sweden

(continued)

19,366

Svenska

Cellulosa

AB

SCA,

Class

B

(Paper

&

Forest

Products)

.............

$

28,962

Svenska

Handelsbanken

AB,

Class

A

(Banks)

.....................

13,771

Swedbank

AB,

Class

A

(Banks)

........

7,381

Swedish

Orphan

Biovitrum

AB

(Biotechnology)(a)

.............

19,750

Tele2

AB,

B

shares

(Wireless

Telecommunication

Services)

.....

46,112

Telefonaktiebolaget

LM

Ericsson,

Class

B

(Communications

Equipment)

.....

83,553

Telia

Co.

AB

(Diversified

Telecommunication

Services)(b)

...

2,667

Trelleborg

AB,

Class

B

(Machinery)

....

20,926

Volvo

AB,

Class

B

(Machinery)

........

666

12,129

Switzerland

—

4.29%

20,736

ABB

Ltd.,

Registered

Shares

(Electrical

Equipment)

..................

1,529

34,369

Alcon

AG

(Health

Care

Equipment

&

Supplies)

....................

2,720

43,876

Amrize

Ltd.

(Biotechnology)(a)

.......

2,382

1,228

Avolta

AG

(Specialty

Retail)(a)

........

3,885

Banque

Cantonale

Vaudoise,

Registered

Shares

(Banks)

................

Barry

Callebaut

AG,

Registered

Shares

(Food

Products)^(b)

............

620

Belimo

Holding

AG,

Class

R

(Building

Products)

....................

2,393

BKW

AG

(Electric

Utilities)

..........

508

Chocoladefabriken

Lindt

&

Spruengli

AG

(Food

Products)

...............

587

Chocoladefabriken

Lindt

&

Spruengli

AG,

Class

PC

(Food

Products)

........

17,375

Cie

Financiere

Richemont

SA,

Registered

Shares

(Textiles,

Apparel

&

Luxury

Goods)

.....................

3,748

9,419

Coca-Cola

HBC

AG

(Beverages)(a)

.....

4,561

DSM-Firmenich

AG

(Chemicals)

......

EMS-Chemie

Holding

AG

(Chemicals)

..

13,440

Galderma

Group

AG

(Pharmaceuticals)(b)

2,738

Geberit

AG,

Registered

Shares

(Building

Products)

....................

Givaudan

SA,

Registered

Shares

(Chemicals)

..................

732

133,973

Glencore

PLC

(Metals

&

Mining)(a)(b)

..

732

2,320

Helvetia

Baloise

Holding

AG,

Registered

Shares

(Insurance)

.............

610

6,734

Holcim

AG

(Construction

Materials)(a)(b)

656

2,727

Julius

Baer

Group

Ltd.

(Capital

Markets)

.

1,101

Kuehne

+

Nagel

International

AG,

Class

R

(Marine

Transportation)

.........

2,020

Logitech

International

SA,

Class

R

(Technology

Hardware,

Storage

&

Peripherals)

..................

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Switzerland

(continued)

928

Lonza

Group

AG,

Registered

Shares

(Life

Sciences

Tools

&

Services)(b)

.....

$

626

35,487

Nestle

SA,

Registered

Shares

(Food

Products)

....................

3,524

41,914

Novartis

AG,

Registered

Shares

(Pharmaceuticals)

.............

5,777

48,737

On

Holding

AG,

Class

A

(Textiles,

Apparel

&

Luxury

Goods)(a)

............

2,265

Partners

Group

Holding

AG

(Capital

Markets)

....................

9,283

Roche

Holding

AG

(Pharmaceuticals)

...

3,835

5,654

Roche

Holding

AG,

Class

BR

(Pharmaceuticals)

.............

2,388

5,531

Sandoz

Group

AG

(Pharmaceuticals)

....

1,358

Schindler

Holding

AG,

Class

PC

(Machinery)

.................

510

Schindler

Holding

AG,

Registered

Shares

(Machinery)

.................

5,552

SGS

SA,

Registered

Shares

(Professional

Services)

....................

637

18,865

SIG

Group

AG

(Containers

&

Packaging)(a)

(b) ........................

2,020

Sika

AG,

Registered

Shares

(Chemicals)(b)

675

Sonova

Holding

AG

(Health

Care

Equipment

&

Supplies)(b)

.......

9,014

STMicroelectronics

N.V.

(Semiconductors

&

Semiconductor

Equipment)

.....

1,478

Straumann

Holding

AG,

Class

R

(Health

Care

Equipment

&

Supplies)

......

Swiss

Life

Holding

AG

(Insurance)

.....

565

4,398

Swiss

Prime

Site

AG,

Registered

Shares

(Real

Estate

Management

&

Development)

................

683

4,000

Swiss

Re

AG

(Insurance)

............

667

1,107

Swisscom

AG,

Registered

Shares

(Diversified

Telecommunication

Services)

....................

805

The

Swatch

Group

AG,

Class

BR

(Textiles,

Apparel

&

Luxury

Goods)

.......

41,893

UBS

Group

AG

(Capital

Markets)

......

1,935

VAT

Group

AG

(Machinery)(b)

........

2,261

Zurich

Insurance

Group

AG

(Insurance)

..

1,711

48,927

Taiwan

—

0.20%

7,481

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

(Semiconductors

&

Semiconductor

Equipment)

.......

2,273

United

Kingdom

—

6.97%

13,089

3i

Group

PLC

(Capital

Markets)

.......

574

12,048

Admiral

Group

PLC

(Insurance)

.......

516

14,763

Anglo

American

PLC

(Metals

&

Mining)

.

611

5,597

Ashtead

Group

PLC

(Trading

Companies

&

Distributors)

.................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

Kingdom

(continued)

9,891

Associated

British

Foods

PLC

(Food

Products)

....................

$

32,184

AstraZeneca

PLC

(Pharmaceuticals)(b)

..

5,956

24,458

Auto

Trader

Group

PLC

(Interactive

Media

&

Services)(b)

................

40,243

Aviva

PLC

(Insurance)

..............

51,604

BAE

Systems

PLC

(Aerospace

&

Defense)

1,187

580,901

Barclays

PLC

(Banks)(b)

............

3,717

17,849

Barratt

Redrow

PLC

(Household

Durables)

(b) ........................

178,281

Beazley

PLC

(Insurance)(b)

..........

1,993

207,726

BP

PLC

(Oil,

Gas

&

Consumable

Fuels)

.

1,211

34,841

British

American

Tobacco

PLC

(Tobacco)

1,975

122,185

BT

Group

PLC

(Diversified

Telecommunication

Services)

.....

16,339

Bunzl

PLC

(Trading

Companies

&

Distributors)

.................

163,233

Centrica

PLC

(Multi-Utilities)(b)

.......

6,666

Coca-Cola

Europacific

Partners

PLC

(Beverages)

..................

604

97,688

Compass

Group

PLC

(Hotels,

Restaurants

&

Leisure)

....................

3,095

37,190

Diageo

PLC

(Beverages)

............

801

2,595

Endeavour

Mining

PLC

(Metals

&

Mining)

7,912

Entain

PLC

(Hotels,

Restaurants

&

Leisure)

(b) ........................

60,717

GSK

PLC

(Pharmaceuticals)

..........

1,488

179,134

Haleon

PLC

(Pharmaceuticals)

........

905

5,037

Halma

PLC

(Electronic

Equipment,

Instruments

&

Components)

......

6,667

Hikma

Pharmaceuticals

PLC

(Pharmaceuticals)(b)

...........

377,663

HSBC

Holdings

PLC

(Banks)

.........

5,942

20,456

Imperial

Brands

PLC

(Tobacco)

.......

858

17,149

Informa

PLC

(Media)

...............

2,957

InterContinental

Hotels

Group

PLC

(Hotels,

Restaurants

&

Leisure)

..........

16,280

International

Consolidated

Airlines

Group

SA

(Passenger

Airlines)

.........

2,067

Intertek

Group

PLC

(Professional

Services)

111,775

J

Sainsbury

PLC

(Consumer

Staples

Distribution

&

Retail)

...........

32,928

JD

Sports

Fashion

PLC

(Specialty

Retail)

23,122

Kingfisher

PLC

(Specialty

Retail)

......

9,117

Land

Securities

Group

PLC

(Diversified

REITs)

.....................

74,444

Legal

&

General

Group

PLC

(Insurance)

.

2,559,455

Lloyds

Banking

Group

PLC

(Banks)

....

3,385

27,051

London

Stock

Exchange

Group

PLC

(Capital

Markets)(b)

............

3,253

29,968

M&G

PLC

(Financial

Services)

........

72,632

Marks

&

Spencer

Group

PLC

(Consumer

Staples

Distribution

&

Retail)

.....

16,739

Melrose

Industries

PLC

(Aerospace

&

Defense)

....................

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

Kingdom

(continued)

170,488

Molten

Ventures

PLC

(Capital

Markets)(a)

$

1,154

92,059

National

Grid

PLC

(Multi-Utilities)

.....

1,412

377,178

NatWest

Group

PLC

(Banks)(b)

.......

3,308

1,821

Next

PLC

(Broadline

Retail)

..........

39,680

Pearson

PLC

(Diversified

Consumer

Services)

....................

561

9,236

Phoenix

Group

Holdings

PLC

(Insurance)

12,490

Reckitt

Benckiser

Group

PLC

(Household

Products)

....................

1,011

80,835

RELX

PLC

(Professional

Services)

.....

3,256

432,487

Rentokil

Initial

PLC

(Commercial

Services

&

Supplies)

..................

2,580

44,941

Rio

Tinto

PLC

(Metals

&

Mining)

......

3,619

258,696

Rolls-Royce

Holdings

PLC

(Aerospace

&

Defense)

....................

4,001

10,628

Schroders

PLC

(Capital

Markets)

......

16,801

Segro

PLC

(Industrial

REITs)

.........

14,356

Severn

Trent

PLC

(Water

Utilities)(b)

...

539

132,959

Shell

PLC

(Oil,

Gas

&

Consumable

Fuels)

4,899

19,658

Smith

&

Nephew

PLC

(Health

Care

Equipment

&

Supplies)

.........

4,401

Smiths

Group

PLC

(Industrial

Conglomerates)

...............

966

Spirax

Group

PLC

(Machinery)

........

23,774

SSE

PLC

(Electric

Utilities)(b)

........

697

25,899

Standard

Chartered

PLC

(Banks)

.......

632

164,485

Tesco

PLC

(Consumer

Staples

Distribution

&

Retail)

....................

978

29,909

The

Sage

Group

PLC

(Software)

.......

67,031

Unilever

PLC

(Personal

Care

Products)

..

4,379

34,714

United

Utilities

Group

PLC

(Water

Utilities)

558

307,609

Vodafone

Group

PLC

(Wireless

Telecommunication

Services)

.....

4,380

Whitbread

PLC

(Hotels,

Restaurants

&

Leisure)

....................

8,744

Wise

PLC,

Class

A

(Financial

Services)(a)

79,370

United

States

—

0.66%

2,357

Blackstone,

Inc.

(Capital

Markets)

......

75,222

Coupang,

Inc.

(Broadline

Retail)(a)

.....

1,774

19,135

CRH

PLC

(Construction

Materials)

.....

2,390

10,784

Flutter

Entertainment

PLC,

Class

DI

(Hotels,

Restaurants

&

Leisure)(a)

..

2,319

2,828

KKR

&

Co.,

Inc.

(Capital

Markets)

.....

624

RB

Global,

Inc.

(Commercial

Services

&

Supplies)

....................

3,757

The

Carlyle

Group,

Inc.

(Capital

Markets)

7,493

Total

Common

Stocks

(cost

$350,690)

..

513,922

Shares

Security

Description

Value

(000) Investment

Companies

—

52.53%

International

Equity

Funds

—

30.98%

103,199

3i

Infrastructure

PLC

...............

$

519

405,380

Aberdeen

UK

Smaller

Cos.

Growth

Trust

PLC

.......................

2,746

148,838

Aberforth

Smaller

Companies

Trust

PLC

.

3,148

972,626

Argo

Investments

Ltd.

..............

5,914

737,656

Augmentum

Fintech

PLC(a)

..........

905

698,809

Australian

Foundation

Investment

Co.

Ltd.^

3,349

3,862,089

AVI

Japan

Opportunity

Trust

PLC

......

8,927

2,962,249

Baillie

Gifford

European

Growth

Trust

PLC

4,311

1,629,020

Baillie

Gifford

Shin

Nippon

PLC

.......

2,876

1,764,917

Baillie

Gifford

UK

Growth

Trust

PLC

...

4,828

582,600

Baillie

Gifford

US

Growth

Trust

PLC(a)

.

2,264

389,502

BlackRock

Enhanced

International

Dividend

Trust

.......................

2,290

460,437

BlackRock

Greater

Europe

Investment

Trust

PLC

.......................

3,590

194,545

BlackRock

Health

Sciences

Term

Trust

..

2,928

249,629

BlackRock

Resources

&

Commodities

Strategy

Trust

................

2,741

216,016

BlackRock

Smaller

Companies

Trust

PLC

3,800

80,892

BlackRock

World

Mining

Trust

PLC

....

873

1,163,707

CC

Japan

Income

&

Growth

Trust

PLC

..

3,523

57,068

CT

Private

Equity

Trust

PLC

..........

254,601

European

Opportunities

Trust

PLC

.....

3,075

251,955

Fidelity

Emerging

Markets

Ltd.

........

3,606

60,160

Finsbury

Growth

&

Income

Trust

PLC

...

664

305,831

HarbourVest

Global

Private

Equity

Ltd.(a)

12,887

269,026

HgCapital

Trust

PLC

...............

1,833

269,391

ICG

Enterprise

Trust

PLC

............

5,389

489,043

INVESCO

Asia

Dragon

Trust

PLC

.....

2,786

86,565

iShares

Core

MSCI

EAFE

ETF

........

7,744

8,874

iShares

MSCI

EAFE

ETF

............

852

404,125

Japan

Smaller

Capitalization

Fund,

Inc.

..

4,478

1,911,770

JPMorgan

Emerging

Markets

Growth

&

Income

PLC

.................

3,526

626,035

JPMorgan

European

Discovery

Trust

PLC

5,020

1,088,545

JPMorgan

Japanese

Investment

Trust

PLC

10,092

348,000

JPMorgan

UK

Small

CAP

Growth

&

Income

PLC

.................

1,502

191,548

Kayne

Anderson

Energy

Infrastructure

Fund

2,371

74,000

Literacy

Capital

PLC

...............

1,105,966

Mercantile

Investment

Trust

PLC

......

3,825

327,718

NB

Private

Equity

Partners

Ltd.

.......

7,132

169,087

Neuberger

Energy

Infrastructure

and

Income

Fund,

Inc.

...................

1,437

20,773

Neuberger

Next

Generation

Connectivity

Fund,

Inc.

...................

443,845

Oakley

Capital

Investments

Ltd.

.......

3,410

34,490

Pacific

Assets

Trust

PLC

.............

259,901

Partners

Group

Private

Equity

Ltd.

.....

3,192

2,049,527

Polar

Capital

Global

Financials

Trust

PLC

6,355

344,152

RTW

Biotech

Opportunities

Ltd.(a)

.....

743

1,384,755

Schroder

Japan

Trust

PLC

............

5,822

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

December

31,

2025

.

Shares

Security

Description

Value

(000) Investment

Companies

(continued)

International

Equity

Funds

(continued)

4,411,045

Schroders

Capital

Global

Innovation

Trust(a)

.....................

$

904

105,000

Scottish

Mortgage

Investment

Trust

PLC

.

1,666

140,166

Smithson

Investment

Trust

PLC

.......

2,946

449,538

Strategic

Equity

Capital

PLC

.........

2,241

745,541

Templeton

Emerging

Markets

Investment

Trust

PLC

...................

2,352

369,408

The

Baillie

Gifford

Japan

Trust

PLC

....

4,455

298,932

The

Edinburgh

Investment

Trust

PLC

...

3,304

2,173,157

The

European

Smaller

Cos.

...........

6,319

255,067

The

New

Germany

Fund,

Inc.

.........

2,913

2,525,626

The

Pantheon

International

PLC(a)

.....

12,866

693,001

The

Worldwide

Healthcare

Trust

PLC

...

3,494

1,143,050

TR

Property

Investment

Trust

PLC

-

Ordinary

Shares

...............

4,883

153,796

Vanguard

FTSE

Developed

Markets

ETF

.

9,608

1,605,910

Vanguard

FTSE

Europe

ETF

..........

134,271

18,000

Xtrackers

MSCI

Europe

Small

Cap

UCITS

ETF(a)

.....................

1,434

352,209

Money

Market

Funds

—

21.55%

823,776

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares

,

3.63%^^(d)

824

244,322,406

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

,

3.68%(d)

....................

244,322

245,146

Total

Investment

Companies

(cost

$518,325)

.......................

597,355

Security

Description

Value

(000) Total

Investments

(cost

$869,015)

—

97.71%

.....................

$

1,111,277

Other

assets

in

excess

of

liabilities

—

2.29%

......................

26,097

Net

Assets

-

100.00%

..............

$

1,137,374

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

^

All

or

part

of

this

security

was

on

loan

as

of

December

31,

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

December

31,

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

December

31,

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

......................................................................................................

0.21 %

42.99 %

1.98 %

—

45.18 %

Investment

Companies

............................................................................................

17.77 %

0.16 %

34.59 %

0.01 %

52.53 %

Other

Assets

(Liabilities)

........................................................................................

0.11 %

0.27 %

1.91 %

—

2.29 %

Total

Net

Assets

.................................................................................................

18.09 %

43.42 %

38.48 %

0.01 %

100.00 %

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(concluded)

—

December

31,

2025

(Unaudited)

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

December

31,

2025

.

Futures

Contracts

Purchased

\*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

and

Unrealized

Appreciation/

(Depreciation)

(000) Mini

MSCI

EAFE

Index

Future

..............................

1,840

3/20/26

$

266,993

$

1,968

$

266,993

$

1,968

Total

Unrealized

Appreciation

.....................

$

1,968

Total

Unrealized

Depreciation

.....................

—

Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

1,968

\*

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

December

31,

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

3.17 $

100,000

$

(7,620)

$

(7,612)

$

(8) $

(7,620)

$

(7,612)

$

(8) (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

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

—

64.39%

Australia

—

0.02%

152,000

MMG

Ltd.

(Metals

&

Mining)(a)(b)

....

$

Brazil

—

2.68%

287,178

Ambev

SA

(Beverages)

.............

726

91,542

Axia

Energia

(Electric

Utilities)

........

846

24,061

Axia

Energia

(Electric

Utilities)(a)

......

317,672

B3

SA

-

Brasil

Bolsa

Balcao

(Capital

Markets)

....................

805

111,545

Banco

Bradesco

SA

(Banks)

..........

267,278

Banco

Bradesco

SA,

Preference

Shares

(Banks)(b)

...................

887

35,932

Banco

BTG

Pactual

SA

(Capital

Markets)(b)

117,329

Banco

do

Brasil

SA

(Banks)

..........

83,275

BB

Seguridade

Participacoes

SA

(Insurance)

549

48,968

Caixa

Seguridade

Participacoes

SA

(Insurance)

..................

16,681

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

(Water

Utilities)

...

225,600

Cia

Energetica

de

Minas

Gerais,

Preference

Shares

(Electric

Utilities)

........

60,792

Cia

Paranaense

de

Energia

-

Copel

(Electric

Utilities)

....................

36,292

Embraer

SA

(Aerospace

&

Defense)

....

587

48,811

Eneva

SA

(Independent

Power

and

Renewable

Electricity

Producers)(a)

41,307

Equatorial

SA

(Electric

Utilities)

.......

30,744

Gerdau

SA,

Preference

Shares

(Metals

&

Mining)

.....................

308,826

Itau

Unibanco

Holding

SA,

Preference

Shares

(Banks)

................

2,211

69,273

Itausa

SA,

Preference

Shares

(Banks)

....

23,686

JBS

N.V.,

Class

A

(Food

Products)(a)

...

66,925

Klabin

SA

(Containers

&

Packaging)

....

60,615

Localiza

Rent

a

Car

SA

(Ground

Transportation)

...............

2,331

Localiza

Rent

A

Car

SA

(Ground

Transportation)(a)

.............

25,807

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)

...

2,859

220,918

Petroleo

Brasileiro

SA

-

Petrobras

(Oil,

Gas

&

Consumable

Fuels)

...........

1,313

184,422

Petroleo

Brasileiro

SA

-

Petrobras,

Preference

Shares

(Oil,

Gas

&

Consumable

Fuels)

.............

1,037

54,907

PRIO

SA

(Oil,

Gas

&

Consumable

Fuels)(a)

(b) ........................

79,896

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)

...

9,916

StoneCo

Ltd.,

Class

A

(Financial

Services)

(a) ........................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Brazil

(continued)

29,429

Suzano

SA

(Paper

&

Forest

Products)

...

$

7,990

Telefonica

Brasil

SA

(Diversified

Telecommunication

Services)

.....

56,000

TIM

SA

(Wireless

Telecommunication

Services)

....................

19,480

TOTVS

SA

(Software)(b)

............

7,244

Ultrapar

Participacoes

SA

(Oil,

Gas

&

Consumable

Fuels)

.............

180,779

Vale

SA

(Metals

&

Mining)

...........

2,374

53,189

Vibra

Energia

SA

(Specialty

Retail)(b)

...

91,327

WEG

SA

(Electrical

Equipment)

.......

809

15,406

XP,

Inc.,

Class

A

(Capital

Markets)

.....

22,383

Chile

—

0.38%

15,002

Banco

de

Credito

e

Inversiones

SA

(Banks)

972

36,717

Empresas

CMPC

SA

(Paper

&

Forest

Products)

....................

3,279,274

Enel

Americas

SA

(Electric

Utilities)

....

6,563,275

Enel

Chile

SA

(Electric

Utilities)

.......

539

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)

..

502

3,132

China

—

13.83%

53,365

Security

Technology,

Inc.,

Class

A

(Software)

...................

94,500

3SBio,

Inc.

(Biotechnology)(a)(b)

......

41,000

AAC

Technologies

Holdings,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

.................

1,200

Advanced

Micro-Fabrication

Equipment,

Inc.,

Class

A

(Semiconductors

&

Semiconductor

Equipment)

.......

1,788,000

Agricultural

Bank

of

China

Ltd.,

Class

H

(Banks)

.....................

1,330

75,400

Air

China

Ltd.,

Class

A

(Passenger

Airlines)

(a) ........................

35,000

Akeso,

Inc.

(Biotechnology)(a)(b)

......

509

114,100

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)

.......

729

4,672

Autohome,

Inc.,

ADR

(Interactive

Media

&

Services)

....................

3,400

Avary

Holding

Shenzhen

Co.

Ltd.,

Class

A

(Electronic

Equipment,

Instruments

&

Components)

.................

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

China

(continued)

113,226

Baidu,

Inc.,

Class

SW

(Interactive

Media

&

Services)(a)

..................

$

1,862

4,671,100

Bank

of

China

Ltd.,

Class

H

(Banks)

....

2,678

1,072,000

Bank

of

Communications

Co.

Ltd.,

Class

H

(Banks)

.....................

890

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)

9,449

Bilibili,

Inc.,

ADR

(Entertainment)(a)

...

2,620

Bilibili,

Inc.,

Class

Z

(Entertainment)(a)

..

152,000

BYD

Co.

Ltd.

(Automobiles)(b)

.......

1,858

56,558

BYD

Co.

Ltd.,

Class

A

(Automobiles)

...

791

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) ........................

76,000

China

Coal

Energy

Co.

Ltd.,

Class

H

(Oil,

Gas

&

Consumable

Fuels)

.......

134,900

China

Communications

Services

Corp.

Ltd.,

Class

H

(Construction

&

Engineering)

5,326,350

China

Construction

Bank

Corp.,

Class

H

(Banks)

.....................

5,273

30,800

China

CSSC

Holdings

Ltd.,

Class

A

(Machinery)

.................

110,000

China

Feihe

Ltd.

(Food

Products)(b)

....

69,200

China

Galaxy

Securities

Co.

Ltd.,

Class

A

(Capital

Markets)

..............

174,000

China

Galaxy

Securities

Co.

Ltd.,

Class

H

(Capital

Markets)

..............

12,100

China

Gold

International

Resources

Corp.

Ltd.

(Metals

&

Mining)

.........

167,000

China

Hongqiao

Group

Ltd.

(Metals

&

Mining)

.....................

701

53,600

China

International

Capital

Corp.

Ltd.,

Class

A

(Capital

Markets)

............

50,800

China

International

Capital

Corp.

Ltd.,

Class

H

(Capital

Markets)(b)

..........

407,000

China

Life

Insurance

Co.

Ltd.,

Class

H

(Insurance)

..................

1,439

36,600

China

Literature

Ltd.

(Media)(a)(b)

.....

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

China

(continued)

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)

.....................

187,000

China

Merchants

Bank

Co.

Ltd.,

Class

H

(Banks)

.....................

1,272

71,100

China

Minsheng

Banking

Corp.

Ltd.,

Class

A

(Banks)

...................

420,000

China

National

Building

Material

Co.

Ltd.,

Class

H

(Construction

Materials)(b)

.

41,400

China

National

Nuclear

Power

Co.

Ltd.,

Class

A

(Independent

Power

and

Renewable

Electricity

Producers)

..

42,000

China

Nonferrous

Mining

Corp.

Ltd.

(Metals

&

Mining)

.............

19,450

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)

............

500

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)

....

735

156,700

China

Railway

Group

Ltd.,

Class

A

(Construction

&

Engineering)

.....

26,600

China

Resources

Mixc

Lifestyle

Services

Ltd.

(Real

Estate

Management

&

Development)(b)

..............

222,000

China

Shenhua

Energy

Co.

Ltd.,

Class

H

(Oil,

Gas

&

Consumable

Fuels)

....

1,108

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)(a)

...

433,000

CITIC

Ltd.

(Industrial

Conglomerates)

...

673

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)

.....................

708

28,400

CNPC

Capital

Co.

Ltd.,

Class

A

(Banks)

.

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

China

(continued)

16,640

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

(Electrical

Equipment)

$

875

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)

....................

6,400

CSPC

Innovation

Pharmaceutical

Co.

Ltd.,

Class

A

(Pharmaceuticals)

........

442,000

CSPC

Pharmaceutical

Group

Ltd.

(Pharmaceuticals)(b)

...........

100,200

Datang

International

Power

Generation

Co.

Ltd.,

Class

A

(Independent

Power

and

Renewable

Electricity

Producers)

..

57,000

Dongfang

Electric

Corp.

Ltd.,

Class

A

(Electrical

Equipment)

..........

88,000

Dongfeng

Motor

Group

Co.

Ltd.,

H

Shares

(Automobiles)(a)

..............

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)

513

3,300

Eoptolink

Technology,

Inc.

Ltd.,

Class

A

(Electronic

Equipment,

Instruments

&

Components)

.................

11,123

Eve

Energy

Co.

Ltd.,

Class

A

(Electrical

Equipment)

..................

23,300

Flat

Glass

Group

Co.

Ltd.,

Class

A

(Semiconductors

&

Semiconductor

Equipment)(a)

................

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)

...

5,000

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

A

(Chemicals)

..................

16,600

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

H

(Chemicals)^(b)

...............

57,700

GDS

Holdings

Ltd.,

Class

A

(IT

Services)(a)

74,000

Genscript

Biotech

Corp.

(Life

Sciences

Tools

&

Services)^(a)

...........

112,200

GF

Securities

Co.

Ltd.,

Class

A

(Capital

Markets)

....................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

China

(continued)

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)

.....

17,500

Guangdong

HEC

Technology

Holding

Co.

Ltd.,

Class

A

(Metals

&

Mining)(a)

.

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)

..........

601

119,000

Haidilao

International

Holding

Ltd.

(Hotels,

Restaurants

&

Leisure)(b)

........

60,800

Haier

Smart

Home

Co.

Ltd.,

Class

A

(Household

Durables)

...........

110,800

Haier

Smart

Home

Co.

Ltd.,

Class

H

(Household

Durables)

...........

66,000

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)

.

234,600

Horizon

Robotics

(Software)(a)(b)

......

39,000

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)

...........

3,306

433,300

Inner

Mongolia

BaoTou

Steel

Union

Co.

Ltd.,

Class

A

(Metals

&

Mining)

...

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

China

(continued)

11,800

Inner

Mongolia

Xingye

Silver&Tin

Mining

Co.

Ltd.,

Class

A

(Metals

&

Mining)

$

74,500

Innovent

Biologics,

Inc.

(Biotechnology)(a)

(b) ........................

729

101,400

J&T

Global

Express

Ltd.

(Air

Freight

&

Logistics)(a)

.................

84,050

JD

Health

International,

Inc.

(Consumer

Staples

Distribution

&

Retail)(a)(b)

.

602

69,600

JD

Logistics,

Inc.

(Air

Freight

&

Logistics)

(a)(b) ......................

127,707

JD.com,

Inc.,

Class

SW

(Broadline

Retail)

1,836

244,000

Jiangsu

Expressway

Co.

Ltd.,

Class

H

(Transportation

Infrastructure)

.....

4,200

Jiangsu

Hengli

Hydraulic

Co.

Ltd.,

Class

A

(Machinery)

.................

5,931

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

Class

A

(Pharmaceuticals)

........

35,000

Jiangxi

Copper

Co.

Ltd.,

H

Shares

(Metals

&

Mining)

...................

18,382

Kanzhun

Ltd.,

ADR

(Interactive

Media

&

Services)(b)

..................

93,000

KE

Holdings,

Inc.,

Class

A

(Real

Estate

Management

&

Development)

.....

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)

...........

1,052

3,500

Kuang-Chi

Technologies

Co.

Ltd.,

Class

A

(Aerospace

&

Defense)(a)

........

4,300

Kweichow

Moutai

Co.

Ltd.,

Class

A

(Beverages)

..................

848

1,900

Laopu

Gold

Co.

Ltd.,

Class

H

(Textiles,

Apparel

&

Luxury

Goods)

.......

370,000

Lenovo

Group

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..........

46,500

Lens

Technology

Co.

Ltd.,

Class

A

(Electronic

Equipment,

Instruments

&

Components)

.................

64,414

Li

Auto,

Inc.,

Class

A

(Automobiles)(a)

..

544

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)

................

3,353

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)

....................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

China

(continued)

1,080

NAURA

Technology

Group

Co

Ltd.,

Class

A

(Semiconductors

&

Semiconductor

Equipment)

..................

$

90,200

NetEase,

Inc.

(Entertainment)

.........

2,483

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)

....................

4,400

Ningbo

Deye

Technology

Co.

Ltd.,

Class

A

(Machinery)

.................

101,440

NIO,

Inc.,

Class

A

(Automobiles)(a)

....

521

116,400

Nongfu

Spring

Co.

Ltd.,

Class

H

(Beverages)(b)

................

703

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)

.............

1,065

330,000

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

(Insurance)

..................

694

378,517

Ping

An

Insurance

Group

Co.

of

China

Ltd.

(Insurance)

..................

3,180

29,000

Pop

Mart

International

Group

Ltd.

(Specialty

Retail)(b)

............

700

3,394

Qfin

Holdings,

Inc.,

ADR

(Consumer

Finance)

....................

11,100

Range

Intelligent

Computing

Technology

Group

Co.

Ltd.

(Machinery)

......

7,500

Remegen

Co.

Ltd.,

Class

H

(Biotechnology)

(a)(b) ......................

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)

................

26,500

SDIC

Power

Holdings

Co.

Ltd.,

Class

A

(Independent

Power

and

Renewable

Electricity

Producers)

...........

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)

.............

27,000

Shandong

Gold

Mining

Co.

Ltd.,

Class

H

(Metals

&

Mining)(b)

...........

55,400

Shanghai

Electric

Group

Co.

Ltd.,

Class

A

(Electrical

Equipment)(a)

........

32,100

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

(Banks)

...........

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

China

(continued)

6,090

Shanghai

Putailai

New

Energy

Technology

Group

Co.

Ltd.,

Class

A

(Chemicals)

$

160,200

Shanghai

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

(Banks)

...............

9,400

Shanghai

Zhangjiang

High-Tech

Park

Development

Co.

Ltd.,

Class

A

(Real

Estate

Management

&

Development)

32,640

Shanjin

International

Gold

Co.

Ltd.,

Class

A

(Metals

&

Mining)

.............

2,500

Sharetronic

Data

Technology

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..................

4,900

Shenzhen

Envicool

Technology

Co.

Ltd.,

Class

A

(Machinery)

............

1,300

Shenzhen

Longsys

Electronics

Co.

Ltd.,

Class

A

(Technology

Hardware,

Storage

&

Peripherals)(a)

........

48,200

Shenzhou

International

Group

Holdings

Ltd.

(Textiles,

Apparel

&

Luxury

Goods)(b)

14,400

Sichuan

Changhong

Electric

Co.

Ltd.,

Class

A

(Household

Durables)

.........

19,900

Sichuan

Chuantou

Energy

Co.

Ltd.,

Class

A

(Independent

Power

and

Renewable

Electricity

Producers)

...........

26,100

Sichuan

Kelun

Pharmaceutical

Co.

Ltd.,

Class

A

(Pharmaceuticals)

........

1,900

Sichuan

Kelun-Biotech

Biopharmaceutical

Co.

Ltd.,

Class

H

(Biotechnology)(a)

(b) ........................

106,800

Sinopharm

Group

Co.

Ltd.,

Class

H

(Health

Care

Providers

&

Services)

.......

114,000

Smoore

International

Holdings

Ltd.

(Tobacco)(b)

.................

18,500

Spring

Airlines

Co.

Ltd.,

Class

A

(Passenger

Airlines)

....................

8,840

Sungrow

Power

Supply

Co.

Ltd.,

Class

A

(Electrical

Equipment)

..........

38,427

Sunny

Optical

Technology

Group

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

10,300

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)

..........

324,486

Tencent

Holdings

Ltd.

(Interactive

Media

&

Services)(b)

..................

24,904

33,053

Tencent

Music

Entertainment

Group,

ADR

(Entertainment)

...............

579

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)

....................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

China

(continued)

78,400

Tongcheng

Travel

Holdings

Ltd.

(Hotels,

Restaurants

&

Leisure)(b)

........

$

14,000

Tsingtao

Brewery

Co.

Ltd.,

Class

H

(Beverages)

..................

9,500

UBTech

Robotics

Corp.

Ltd.

(Machinery)(a)

30,940

Unisplendour

Corp.

Ltd.,

Class

A

(Electronic

Equipment,

Instruments

&

Components)

.................

1,200

Verisilicon

Microelectronics

Shanghai

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

2,300

Victory

Giant

Technology

Huizhou

Co.

Ltd.,

Class

A

(Electronic

Equipment,

Instruments

&

Components)

......

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)

...............

203,600

Wintime

Energy

Group

Co.

Ltd.,

Class

A

(Independent

Power

and

Renewable

Electricity

Producers)(a)

.........

8,800

Wolong

Electric

Group

Co.

Ltd.,

Class

A

(Electrical

Equipment)

..........

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)

......

22,900

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)

.........

700

16,500

WuXi

XDC

Cayman,

Inc.

(Life

Sciences

Tools

&

Services)(a)(b)

.........

864,000

Xiaomi

Corp.,

Class

W

(Technology

Hardware,

Storage

&

Peripherals)(a)

(b) ........................

4,362

280,190

Xinyi

Solar

Holdings

Ltd.

(Semiconductors

&

Semiconductor

Equipment)^

....

64,064

XPeng,

Inc.,

A

Shares

(Automobiles)(a)

..

651

67,000

XtalPi

Holdings

Ltd.

(Life

Sciences

Tools

&

Services)(a)

..................

100,000

Yadea

Group

Holdings

Ltd.

(Automobiles)

(b) ........................

40,170

Yankuang

Energy

Group

Co.

Ltd.,

Class

A

(Oil,

Gas

&

Consumable

Fuels)

....

238,700

Yankuang

Energy

Group

Co.

Ltd.,

Class

H

(Oil,

Gas

&

Consumable

Fuels)^

...

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

China

(continued)

17,070

Yealink

Network

Technology

Corp.

Ltd.,

Class

A

(Communications

Equipment)

$

40,176

Yonyou

Network

Technology

Co.

Ltd.,

Class

A

(Software)(a)

...........

16,250

Yum

China

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

..........

769

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)

..............

3,920

Zhongji

Innolight

Co.

Ltd.,

Class

A

(Communications

Equipment)

.....

16,900

Zhongjin

Gold

Corp.

Ltd.,

Class

A

(Metals

&

Mining)

...................

119,300

Zijin

Mining

Group

Co.

Ltd.,

Class

A

(Metals

&

Mining)

.............

587

218,000

Zijin

Mining

Group

Co.

Ltd.,

Class

H

(Metals

&

Mining)

.............

998

167,800

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

A

(Machinery)

.................

57,400

ZTE

Corp.,

Class

A

(Communications

Equipment)

..................

15,550

ZTO

Express

Cayman,

Inc.

(Air

Freight

&

Logistics)

...................

115,297

Colombia

—

0.11%

37,756

Grupo

Cibest

SA

(Banks)

............

599

17,141

Grupo

Cibest

SA

(Banks)

............

913

Cyprus

—

0.00%

7,712

T-Tekhnologii

MKPAO,

GDR

(Banks)(a)(c)

—

Czech

Republic

—

0.09%

1,084

CEZ

A/S

(Electric

Utilities)

..........

69,028

Moneta

Money

Bank

A/S

(Banks)(b)

....

649

717

Egypt

—

0.05%

191,984

Commercial

International

Bank

-

Egypt

(CIB)

(Banks)

................

Greece

—

0.35%

137,309

Alpha

Bank

SA

(Banks)

.............

577

151,431

Eurobank

SA

(Banks)

...............

609

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Greece

(continued)

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)

..

626

66,610

Piraeus

Bank

SA

(Banks)(a)

..........

532

10,619

Public

Power

Corp.

SA

(Electric

Utilities)

(b) ........................

2,942

Hong

Kong

—

2.49%

861,518

Alibaba

Group

Holding

Ltd.,

Class

W

(Broadline

Retail)

.............

15,820

348,000

Alibaba

Health

Information

Technology

Ltd.

(Consumer

Staples

Distribution

&

Retail)(a)

....................

11,500

Beijing

Enterprises

Holdings

Ltd.

(Gas

Utilities)(b)

..................

21,000

C&D

International

Investment

Group

Ltd.

(Real

Estate

Management

&

Development)

................

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)

.....

676

176,143

China

Resources

Power

Holdings

Co.

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)

...........

560,000

China

Ruyi

Holdings

Ltd.

(Entertainment)

(a) ........................

112,000

China

State

Construction

International

Holdings

Ltd.

(Construction

&

Engineering)

.................

79,400

China

Taiping

Insurance

Holdings

Co.

Ltd.

(Insurance)(b)

................

57,000

Chow

Tai

Fook

Jewellery

Group

Ltd.

(Specialty

Retail)

..............

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)

................

776

132,000

Guangdong

Investment

Ltd.

(Water

Utilities)

....................

2,150

NetEase

Cloud

Music,

Inc.

(Entertainment)

(a)(b) ......................

679,000

Sino

Biopharmaceutical

Ltd.

(Pharmaceuticals)(b)

...........

540

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Hong

Kong

(continued)

8,100

Zijin

Gold

International

Co.

Ltd.

(Metals

&

Mining)(a)

...................

$

20,776

Hungary

—

0.22%

33,728

MOL

Hungarian

Oil

&

Gas

PLC

(Oil,

Gas

&

Consumable

Fuels)

...........

10,618

OTP

Bank

Nyrt

(Banks)

.............

1,139

13,037

Richter

Gedeon

Nyrt

(Pharmaceuticals)

..

1,836

India

—

10.83%

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)

.....

702

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)

.....

686

30,310

Ashok

Leyland

Ltd.

(Machinery)

.......

25,951

Asian

Paints

Ltd.

(Chemicals)

.........

801

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)

......

575

142,645

Axis

Bank

Ltd.

(Banks)

.............

2,017

5,199

Bajaj

Auto

Ltd.

(Automobiles)

........

541

159,290

Bajaj

Finance

Ltd.

(Consumer

Finance)(b)

1,752

33,823

Bajaj

Finserv

Ltd.

(Financial

Services)(b)

769

Bajaj

Holdings

&

Investment

Ltd.

(Financial

Services)

....................

212,131

Bharat

Electronics

Ltd.

(Aerospace

&

Defense)(b)

..................

944

96,973

Bharat

Heavy

Electricals

Ltd.

(Electrical

Equipment)

..................

126,212

Bharat

Petroleum

Corp.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

540

136,035

Bharti

Airtel

Ltd.

(Wireless

Telecommunication

Services)(b)

...

3,193

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)(c)

...........

10,676

33,053

Cholamandalam

Investment

and

Finance

Co.

Ltd.

(Consumer

Finance)

.....

627

6,793

Cipla

Ltd.

(Pharmaceuticals)(b)

........

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

India

(continued)

151,367

Coal

India

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(b)

....................

$

672

12,833

Cummins

India

Ltd.

(Machinery)

.......

633

2,978

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)

..............

685

55,157

Dr.

Reddy's

Laboratories

Ltd.,

ADR

(Pharmaceuticals)

.............

774

11,661

Eicher

Motors

Ltd.

(Automobiles)(b)

....

949

168,241

Eternal

Ltd.

(Hotels,

Restaurants

&

Leisure)

(a) ........................

521

16,336

Fortis

Healthcare

Ltd.

(Health

Care

Providers

&

Services)

...........

17,398

FSN

E-Commerce

Ventures

Ltd.

(Specialty

Retail)(a)

....................

289,126

GAIL

India

Ltd.

(Gas

Utilities)

........

555

5,736

GE

Vernova

T&D

India

Ltd.

(Electrical

Equipment)

..................

2,830

Godrej

Consumer

Products

Ltd.

(Personal

Care

Products)

................

2,080

Godrej

Properties

Ltd.

(Real

Estate

Management

&

Development)(a)(b)

65,886

HCL

Technologies

Ltd.

(IT

Services)

....

1,191

537,240

HDFC

Bank

Ltd.

(Banks)

............

5,936

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)

....................

691

11,096

Hindustan

Petroleum

Corp.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

46,133

Hindustan

Unilever

Ltd.

(Personal

Care

Products)(b)

.................

1,189

Hitachi

Energy

India

Ltd.

(Electrical

Equipment)

..................

1,865

Hyundai

Motor

India

Ltd.

(Automobiles)

.

291,051

ICICI

Bank

Ltd.

(Banks)(b)

..........

4,356

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)

............

3,343

15,712

InterGlobe

Aviation

Ltd.

(Passenger

Airlines)(b)

..................

886

212,172

ITC

Ltd.

(Tobacco)

.................

952

5,178

Jindal

Stainless

Ltd.

(Metals

&

Mining)

..

197,990

Jio

Financial

Services

Ltd.

(Financial

Services)

....................

650

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

India

(continued)

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)

...

1,475

46,133

Kwality

Wall's

India

Ltd.

(Consumer

Staples

Distribution

&

Retail)(a)

.........

42,083

Larsen

&

Toubro

Ltd.

(Construction

&

Engineering)(b)

...............

1,913

25,962

Lodha

Developers

Ltd.

(Real

Estate

Management

&

Development)(b)

..

52,370

Mahindra

&

Mahindra

Ltd.

(Automobiles)

(b) ........................

2,163

6,779

Maruti

Suzuki

India

Ltd.

(Automobiles)

..

1,261

41,140

Max

Healthcare

Institute

Ltd.

(Health

Care

Providers

&

Services)(b)

........

2,469

Muthoot

Finance

Ltd.

(Consumer

Finance)

10,754

Nestle

India

Ltd.

(Food

Products)

......

60,205

NHPC

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)(b)

468,093

NMDC

Ltd.

(Metals

&

Mining)

........

308,209

NTPC

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)(b)

1,131

216,855

Oil

&

Natural

Gas

Corp.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

580

14,993

Oil

India

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

......................

16,778

One

Communications

Ltd.

(Financial

Services)(a)(b)

................

607

Oracle

Financial

Services

Software

Ltd.

(Software)

...................

13,568

PB

Fintech

Ltd.

(Insurance)(a)(b)

......

2,264

Persistent

Systems

Ltd.

(IT

Services)

....

48,231

Pidilite

Industries

Ltd.

(Chemicals)

.....

796

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)

....................

891

2,527

Prestige

Estates

Projects

Ltd.

(Real

Estate

Management

&

Development)

.....

29,002

Rail

Vikas

Nigam

Ltd.

(Construction

&

Engineering)

.................

84,438

REC

Ltd.

(Financial

Services)

.........

326,870

Reliance

Industries

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

5,721

130,845

Samvardhana

Motherson

International

Ltd.

(Automobile

Components)(b)

.....

30,301

SBI

Life

Insurance

Co.

Ltd.

(Insurance)(b)

687

1,376

Shree

Cement

Ltd.

(Construction

Materials)

(b) ........................

50,695

Shriram

Finance

Ltd.

(Consumer

Finance)

(b) ........................

563

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

India

(continued)

1,409

Siemens

Energy

India

Ltd.

(Electronic

Equipment,

Instruments

&

Components)(a)

...............

$

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)

........

1,289

71,547

Sun

Pharmaceutical

Industries

Ltd.

(Pharmaceuticals)

.............

1,370

1,450

Sundaram

Finance

Ltd.

(Consumer

Finance)

1,146

Supreme

Industries

Ltd.

(Chemicals)

....

570,140

Suzlon

Energy

Ltd.

(Electrical

Equipment)

(a)(b) ......................

61,512

Swiggy

Ltd.

(Hotels,

Restaurants

&

Leisure)

(a)(b) ......................

55,668

Tata

Consultancy

Services

Ltd.

(IT

Services)

(b) ........................

1,989

15,228

Tata

Consumer

Products

Ltd.

(Food

Products)

....................

115,265

Tata

Motors

Ltd.

(Multi-Utilities)(a)

....

533

115,265

Tata

Motors

Passenger

Vehicles

Ltd.

(Automobiles)(b)

..............

500,376

Tata

Steel

Ltd.

(Metals

&

Mining)

......

1,002

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)

.....................

1,142

7,846

Torrent

Power

Ltd.

(Electric

Utilities)

...

11,512

Trent

Ltd.

(Specialty

Retail)

..........

549

8,326

Tube

Investments

of

India

Ltd.

(Automobile

Components)

.................

5,502

TVS

Motor

Co.

Ltd.

(Automobiles)

.....

9,621

UltraTech

Cement

Ltd.

(Construction

Materials)

...................

1,262

44,540

United

Spirits

Ltd.

(Beverages)

........

715

5,501

UPL

Ltd.

(Chemicals)

...............

51,325

Varun

Beverages

Ltd.

(Beverages)(b)

....

98,222

Vedanta

Ltd.

(Metals

&

Mining)

.......

661

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)

.......

192,669

Wipro

Ltd.

(IT

Services)(b)

...........

565

1,074,947

Yes

Bank

Ltd.

(Banks)(a)

............

90,300

Indonesia

—

0.73%

484,300

PT

Amman

Mineral

Internasional

(Metals

&

Mining)(a)

...................

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Indonesia

(continued)

1,536,300

PT

Astra

International

Tbk

(Industrial

Conglomerates)

...............

$

617

3,115,385

PT

Bank

Central

Asia

Tbk

(Banks)

.....

1,506

801,100

PT

Bank

Mandiri

Persero

Tbk

(Banks)

...

4,081,400

PT

Bank

Rakyat

Indonesia

Persero

Tbk

(Banks)

.....................

894

1,079,604

PT

Barito

Pacific

Tbk

(Chemicals)(a)

....

388,500

PT

Barito

Renewables

Energy

Tbk

(Independent

Power

and

Renewable

Electricity

Producers)(a)

.........

2,599,300

PT

Bumi

Resources

Minerals

Tbk

(Metals

&

Mining)(a)

...................

375,000

PT

Chandra

Asri

Pacific

Tbk

(Chemicals)

.

1,080,300

PT

Charoen

Pokphand

Indonesia

Tbk

(Food

Products)

....................

49,900

PT

Dian

Swastatika

Sentosa

Tbk

(Oil,

Gas

&

Consumable

Fuels)(a)

.........

32,225,600

PT

GoTo

Gojek

Tokopedia

Tbk

(Broadline

Retail)(a)

....................

818,700

PT

Indofood

Sukses

Makmur

Tbk

(Food

Products)

....................

986,300

PT

Petrindo

Jaya

Kreasi

Tbk

(Oil,

Gas

&

Consumable

Fuels)

.............

347,400

PT

Sumber

Alfaria

Trijaya

Tbk

(Consumer

Staples

Distribution

&

Retail)

.....

2,435,950

PT

Telkom

Indonesia

Persero

Tbk

(Diversified

Telecommunication

Services)(b)

..................

510

63,800

PT

United

Tractors

Tbk

(Oil,

Gas

&

Consumable

Fuels)

.............

6,064

Ireland

(Republic

of)

—

0.48%

35,464

PDD

Holdings,

Inc.,

ADR

(Broadline

Retail)

(a) ........................

4,021

Korea,

Republic

of

—

0.50%

2,173

Alteogen,

Inc.

(Biotechnology)(a)

......

678

1,156

APR

Corp.

(Personal

Care

Products)(a)

..

1,911

Hanjin

Kal

Corp.

(Passenger

Airlines)(a)

.

2,645

Hanmi

Semiconductor

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

2,047

Hanwha

Systems

Co.

Ltd.

(Aerospace

&

Defense)(a)

..................

1,651

HD

Hyundai

Co.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

1,410

HD

Hyundai

Electric

Co.

Ltd.

(Electrical

Equipment)

..................

757

1,703

HD

Hyundai

Heavy

Industries

Co.

Ltd.

(Machinery)

.................

600

HD

Hyundai

Marine

Solution

Co.

Ltd.

(Machinery)

.................

893

HYBE

Co.

Ltd.

(Entertainment)(a)

.....

3,677

Hyundai

Rotem

Co.

Ltd.

(Machinery)

...

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Korea,

Republic

of

(continued)

3,445

Meritz

Financial

Group,

Inc.

(Financial

Services)

....................

$

—

Samsung

Episholdings

Co.

Ltd.

(Biotechnology)(a)

.............

—

Samyang

Foods

Co.

Ltd.

(Food

Products)

764

SK

Biopharmaceuticals

Co.

Ltd.

(Pharmaceuticals)(a)(b)

.........

4,150

Kuwait

—

0.40%

334,440

Boubyan

Bank

KSCP

(Banks)

.........

777

559,444

Kuwait

Finance

House

KSCP

(Banks)

...

1,475

75,937

Mabanee

Co.

KPSC

(Real

Estate

Management

&

Development)

.....

222,384

National

Bank

of

Kuwait

SAKP

(Banks)

.

734

112,614

Warba

Bank

KSCP

(Banks)(a)

.........

3,362

Luxembourg

—

0.02%

2,313

Reinet

Investments

SCA

(Capital

Markets)

9,796

Zabka

Group

SA

(Consumer

Staples

Distribution

&

Retail)(a)

.........

Malaysia

—

0.75%

241,900

AMMB

Holdings

Berhad

(Banks)

......

60,200

CELCOMDIGI

Berhad

(Wireless

Telecommunication

Services)

.....

35,900

CIMB

Group

Holdings

Berhad

(Banks)(b)

105,526

Gamuda

Berhad

(Construction

&

Engineering)

.................

288,600

IHH

Healthcare

Berhad

(Health

Care

Providers

&

Services)

...........

623

616,100

IOI

Corp.

Berhad

(Food

Products)

......

608

378,796

Malayan

Banking

Berhad

(Banks)

......

979

221,100

Maxis

Berhad

(Wireless

Telecommunication

Services)(b)

..................

15,300

Petronas

Gas

Berhad

(Gas

Utilities)

.....

396,800

Press

Metal

Aluminium

Holdings

Berhad

(Metals

&

Mining)

.............

696

983,500

Public

Bank

Berhad

(Banks)(b)

........

1,101

709,100

QL

Resources

Berhad

(Food

Products)

...

663

395,000

SD

Guthrie

Berhad

(Food

Products)

.....

558

160,200

YTL

Corp.

Berhad

(Multi-Utilities)

.....

92,280

YTL

Power

International

Berhad

(Multi-

Utilities)

....................

6,294

Mexico

—

1.24%

923,833

America

Movil

SAB

de

CV,

Class

B

(Wireless

Telecommunication

Services)

....................

956

880,943

Cemex

SAB

de

CV

(Construction

Materials)

1,011

43,882

Coca-Cola

Femsa

SAB

de

CV

(Beverages)

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Mexico

(continued)

156,300

Fibra

Uno

Administracion

SA

de

CV

(Diversified

REITs)(b)

..........

$

120,119

Fomento

Economico

Mexicano

SAB

de

CV

(Beverages)

..................

1,213

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)

................

519

15,545

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

Class

B

(Transportation

Infrastructure)

................

500

106,294

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)

...............

1,409

178,973

Grupo

Mexico

SAB

de

CV,

Class

B

(Metals

&

Mining)

...................

1,690

13,071

Industrias

Penoles

SAB

de

CV

(Metals

&

Mining)(a)

...................

687

298,041

Kimberly-Clark

de

Mexico

SAB

de

CV,

Class

A

(Household

Products)

.....

636

57,705

Prologis

Property

Mexico

SA

de

CV

(Industrial

REITs)(b)

...........

102,503

Sigma

Foods

SAB

de

CV,

Class

A

(Industrial

Conglomerates)

.......

94,863

Wal-Mart

de

Mexico

SAB

de

CV

(Consumer

Staples

Distribution

&

Retail)

......................

10,353

Netherlands

—

0.25%

42,217

NEPI

Rockcastle

N.V.

(Real

Estate

Management

&

Development)(a)(b)

27,650

Prosus

N.V.

(Broadline

Retail)(a)(b)

....

1,712

2,084

Peru

—

0.18%

11,279

Cia

de

Minas

Buenaventura

SAA,

ADR

(Metals

&

Mining)

.............

4,065

Credicorp

Ltd.

(Banks)

..............

1,167

1,481

Philippines

—

0.23%

535,100

Ayala

Land,

Inc.

(Real

Estate

Management

&

Development)(b)

............

40,710

International

Container

Terminal

Services,

Inc.

(Transportation

Infrastructure)(b)

22,670

Jollibee

Foods

Corp.

(Hotels,

Restaurants

&

Leisure)

....................

503,283

Metropolitan

Bank

&

Trust

Co.

(Banks)

..

587

10,830

PLDT,

Inc.

(Wireless

Telecommunication

Services)

....................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Philippines

(continued)

35,763

SM

Investments

Corp.

(Industrial

Conglomerates)

...............

$

1,908

Poland

—

0.65%

40,921

Allegro.eu

SA

(Broadline

Retail)(a)(b)

...

12,812

Bank

Polska

Kasa

Opieki

SA

(Banks)(b)

.

727

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)

......

5,049

KGHM

Polska

Miedz

SA

(Metals

&

Mining)(a)

...................

LPP

SA

(Textiles,

Apparel

&

Luxury

Goods)

28,478

ORLEN

SA

(Oil,

Gas

&

Consumable

Fuels)

761

62,776

PGE

Polska

Grupa

Energetyczna

SA

(Electric

Utilities)(a)

...........

54,744

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

(Banks)

.............

1,292

42,138

Powszechny

Zaklad

Ubezpieczen

SA

(Insurance)(b)

................

780

5,433

Qatar

—

0.43%

548,684

Al

Rayan

Bank

(Banks)

.............

46,759

Industries

Qatar

QSC

(Industrial

Conglomerates)

...............

185,247

Mesaieed

Petrochemical

Holding

Co.

(Chemicals)

..................

121,012

Qatar

Fuel

QSC

(Oil,

Gas

&

Consumable

Fuels)

......................

504

55,762

Qatar

International

Islamic

Bank

QSC

(Banks)

.....................

140,239

Qatar

Islamic

Bank

QPSC

(Banks)

.....

923

210,401

Qatar

National

Bank

QPSC

(Banks)

.....

1,078

328,171

The

Commercial

Bank

PSQC

(Banks)

...

3,599

Russia

—

0.00%

877,850

Gazprom

PJSC

(Oil,

Gas

&

Consumable

Fuels)(a)(c)

..................

—

280,855

Gazprom

PJSC,

ADR

(Oil,

Gas

&

Consumable

Fuels)(a)(c)

.........

—

23,471

LUKOIL

PJSC

(Oil,

Gas

&

Consumable

Fuels)(a)(c)

..................

—

32,986

LUKOIL

PJSC

(Oil,

Gas

&

Consumable

Fuels)(a)(c)

..................

—

766,486

Moscow

Exchange

MICEX-RTS

PJSC

(Capital

Markets)(a)(c)

..........

—

102,050

Novatek

PJSC

(Oil,

Gas

&

Consumable

Fuels)(a)(c)

..................

—

37,340

Polyus

PJSC

(Metals

&

Mining)(a)(c)

...

—

357,956

Sberbank

of

Russia

PJSC

(Banks)(a)(c)

..

—

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Russia

(continued)

113,164

Severstal

PAO,

GDR

(Metals

&

Mining)(a)

(c) ........................

$

—

38,369

Solidcore

Resources

PLC

(Metals

&

Mining)(a)(c)

.................

—

125,880

Tatneft

PJSC

(Oil,

Gas

&

Consumable

Fuels)(a)(c)

..................

—

162,920

VTB

Bank

PJSC

(Banks)(a)(c)

........

—

—

Saudi

Arabia

—

1.79%

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)

..............

2,727

60,828

Alinma

Bank

(Banks)

...............

21,681

Almarai

Co.

JSC

(Food

Products)

......

39,306

Bank

AlBilad

(Banks)

...............

109,341

Banque

Saudi

Fransi

(Banks)

.........

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)

..............

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)

...

7,853

Makkah

Construction

&

Development

Co.

(Real

Estate

Management

&

Development)

................

90,244

Riyad

Bank

(Banks)

................

653

19,058

SABIC

Agri-Nutrients

Co.

(Chemicals)

..

562

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)

...................

1,195

223,723

Saudi

Arabian

Oil

Co.

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

1,421

67,673

Saudi

Awwal

Bank

(Banks)(b)

.........

584

49,889

Saudi

Basic

Industries

Corp.

(Chemicals)

.

682

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)

.....

1,235

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Saudi

Arabia

(continued)

7,563

The

Co.

for

Cooperative

Insurance

(Insurance)

..................

$

155,468

The

Saudi

National

Bank

(Banks)

......

1,571

14,927

Singapore

—

0.26%

30,600

Trip.com

Group

Ltd.

(Hotels,

Restaurants

&

Leisure)

....................

2,194

South

Africa

—

2.17%

43,142

Absa

Group

Ltd.

(Banks)

............

624

33,177

Bid

Corp.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

846

31,869

Bidvest

Group

Ltd.

(Industrial

Conglomerates)

...............

5,363

Capitec

Bank

Holdings

Ltd.

(Banks)

....

1,347

1,981

Clicks

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)(b)

........

45,796

Discovery

Ltd.

(Insurance)(b)

.........

630

275,980

FirstRand

Ltd.

(Financial

Services)

.....

1,513

49,698

Gold

Fields

Ltd.

(Metals

&

Mining)(b)

..

2,168

25,759

Harmony

Gold

Mining

Co.

Ltd.

(Metals

&

Mining)

.....................

517

48,655

Impala

Platinum

Holdings

Ltd.

(Metals

&

Mining)

.....................

765

85,707

MTN

Group

Ltd.

(Wireless

Telecommunication

Services)(b)

...

878

55,740

Naspers

Ltd.,

Class

N

(Broadline

Retail)

.

3,720

20,893

Nedbank

Group

Ltd.

(Banks)(b)

.......

16,220

Northam

Platinum

Holdings

Ltd.

(Metals

&

Mining)

.....................

179,200

Pepkor

Holdings

Ltd.

(Specialty

Retail)(b)

15,002

Remgro

Ltd.

(Financial

Services)

......

34,236

Sanlam

Ltd.

(Insurance)(b)

...........

30,208

Sasol

Ltd.

(Chemicals)(a)

............

9,822

Shoprite

Holdings

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

132,272

Sibanye

Stillwater

Ltd.

(Metals

&

Mining)

(a) ........................

71,313

Standard

Bank

Group

Ltd.

(Banks)

.....

1,251

13,501

Valterra

Platinum

Ltd.

(Metals

&

Mining)

1,144

18,055

South

Korea

—

8.25%

1,887

Amorepacific

Corp.

(Personal

Care

Products)

....................

9,066

Celltrion,

Inc.

(Biotechnology)(b)

......

1,138

4,758

Coway

Co.

Ltd.

(Household

Durables)(a)

.

4,146

DB

Insurance

Co.

Ltd.

(Insurance)(b)

...

Doosan

Co.

Ltd.

(Industrial

Conglomerates)

23,686

Doosan

Enerbility

Co.

Ltd.

(Electrical

Equipment)(a)(b)

..............

1,239

2,690

Ecopro

BM

Co.

Ltd.

(Electrical

Equipment)

(a) ........................

5,774

Ecopro

Co.

Ltd.

(Chemicals)

..........

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

South

Korea

(continued)

14,221

Hana

Financial

Group,

Inc.

(Banks)

.....

$

928

2,925

Hankook

Tire

&

Technology

Co.

Ltd.

(Automobile

Components)

.......

1,801

Hanwha

Aerospace

Co.

Ltd.

(Aerospace

&

Defense)

....................

1,176

6,532

Hanwha

Ocean

Co.

Ltd.

(Machinery)(a)(b)

516

2,667

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

(Machinery)

..

753

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)

.................

890

5,485

Hyundai

Motor

Co.

(Automobiles)

.....

1,133

2,590

Hyundai

Motor

Co.,

Preference

Shares

(Automobiles)

................

2,371

Hyundai

Motor

Co.,

Preference

Shares

(Automobiles)

................

11,325

Industrial

Bank

of

Korea

(Banks)

......

15,587

Kakao

Corp.

(Interactive

Media

&

Services)

(b) ........................

650

11,697

KakaoBank

Corp.

(Banks)

...........

20,423

KB

Financial

Group,

Inc.

(Banks)

......

1,758

12,842

Kia

Corp.

(Automobiles)

............

1,089

2,874

Korea

Aerospace

Industries

Ltd.

(Aerospace

&

Defense)

..................

16,769

Korea

Electric

Power

Corp.

(Electric

Utilities)

....................

550

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)

...........

586

6,025

LG

Chem

Ltd.

(Chemicals)

...........

1,394

7,266

LG

Corp.

(Industrial

Conglomerates)(b)

..

24,801

LG

Display

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)(a)

....

4,131

LG

Electronics,

Inc.

(Household

Durables)

2,371

LG

Energy

Solution

Ltd.

(Electrical

Equipment)(a)

................

606

907

LG

H&H

Co.

Ltd.

(Personal

Care

Products)

564

LIG

Nex1

Co.

Ltd.

(Aerospace

&

Defense)

(b) ........................

855

LS

Electric

Co.

Ltd.

(Electrical

Equipment)

(a) ........................

13,807

Mirae

Asset

Securities

Co.

Ltd.

(Capital

Markets)

....................

6,766

NAVER

Corp.

(Interactive

Media

&

Services)

....................

1,138

1,796

POSCO

Future

M

Co.

Ltd.

(Electrical

Equipment)(a)

................

3,634

POSCO

Holdings,

Inc.

(Metals

&

Mining)

771

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

South

Korea

(continued)

3,251

Posco

International

Corp.

(Trading

Companies

&

Distributors)

.......

$

731

Samsung

Biologics

Co.

Ltd.

(Life

Sciences

Tools

&

Services)(a)(b)

.........

858

16,365

Samsung

C&T

Corp.

(Industrial

Conglomerates)

...............

2,719

3,398

Samsung

Electro-Mechanics

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

601

240,288

Samsung

Electronics

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..

20,143

40,397

Samsung

Electronics

Co.

Ltd.,

Preference

Shares

(Technology

Hardware,

Storage

&

Peripherals)

................

2,508

1,812

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

(Insurance)

..................

625

44,034

Samsung

Heavy

Industries

Co.

Ltd.

(Machinery)(a)

...............

736

4,748

Samsung

Life

Insurance

Co.

Ltd.

(Insurance)

..................

519

2,866

Samsung

SDI

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

536

948

Samsung

SDS

Co.

Ltd.

(IT

Services)

....

25,667

Shinhan

Financial

Group

Co.

Ltd.

(Banks)

1,367

27,759

SK

hynix,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

12,574

3,807

SK

Innovation

Co.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

4,941

SK

Square

Co.

Ltd.

(Industrial

Conglomerates)(a)

.............

1,258

3,803

SK,

Inc.

(Industrial

Conglomerates)

.....

679

10,357

Woori

Financial

Group,

Inc.

(Banks)

....

3,195

Yuhan

Corp.

(Pharmaceuticals)(a)

......

68,800

Taiwan

—

12.74%

23,000

Accton

Technology

Corp.

(Communications

Equipment)

..................

868

6,000

Advantech

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..........

9,904

Airtac

International

Group

(Machinery)

..

4,000

Alchip

Technologies

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.....

179,672

ASE

Technology

Holding

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

1,417

321,971

Asia

Cement

Corp.

(Construction

Materials)

(b) ........................

17,000

Asia

Vital

Components

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..................

816

1,000

ASPEED

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.....

39,000

Asustek

Computer,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..

678

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Taiwan

(continued)

55,000

Caliway

Biopharmaceuticals

Co.

Ltd.

(Pharmaceuticals)(a)

...........

$

43,000

Catcher

Technology

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..

249,000

Cathay

Financial

Holding

Co.

Ltd.

(Insurance)

..................

601

32,640

Chailease

Holding

Co.

Ltd.

(Financial

Services)

....................

200,000

Cheng

Shin

Rubber

Industry

Co.

Ltd.

(Automobile

Components)

.......

18,000

Chroma

ATE,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

......

280,000

Chunghwa

Telecom

Co.

Ltd.

(Diversified

Telecommunication

Services)

.....

1,164

322,000

Compal

Electronics,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..

621,000

CTBC

Financial

Holding

Co.

Ltd.

(Banks)

(b) ........................

992

102,000

Delta

Electronics,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

.................

3,112

39,000

E

Ink

Holdings,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

......

289,500

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)

.................

786

4,000

eMemory

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.....

77,000

Eva

Airways

Corp.

(Passenger

Airlines)

..

62,000

Evergreen

Marine

Corp.

Taiwan

Ltd.

(Marine

Transportation)

.........

226,000

Far

EasTone

Telecommunications

Co.

Ltd.

(Wireless

Telecommunication

Services)(b)

..................

635

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)

..................

491,997

Fubon

Financial

Holding

Co.

Ltd.

(Insurance)

..................

1,506

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)

.......

14,000

Gold

Circuit

Electronics

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Taiwan

(continued)

637,000

Hon

Hai

Precision

Industry

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

$

4,669

15,000

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)

..........

5,000

Jentech

Precision

Industrial

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

1,448,340

KGI

Financial

Holding

Co.

Ltd.

(Insurance)

794

3,000

King

Slide

Works

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..

50,000

King

Yuan

Electronics

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

6,000

Largan

Precision

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

120,554

Lite-On

Technology

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..

627

4,000

Lotes

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

......

78,962

MediaTek,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

3,586

1,067,475

Mega

Financial

Holding

Co.

Ltd.

(Banks)

1,360

242,000

Nan

Ya

Plastics

Corp.

(Chemicals)

......

4,000

Nien

Made

Enterprise

Co.

Ltd.

(Household

Durables)

...................

39,000

Novatek

Microelectronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)

..................

151,000

Pegatron

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..........

14,426

PharmaEssentia

Corp.

(Biotechnology)

..

140,000

Quanta

Computer,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..

1,209

18,000

Realtek

Semiconductor

Corp.

(Semiconductors

&

Semiconductor

Equipment)

..................

447,424

SinoPac

Financial

Holdings

Co.

Ltd.

(Banks)

.....................

77,250

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

(Banks)

.................

197,000

Taiwan

Mobile

Co.

Ltd.

(Wireless

Telecommunication

Services)(a)

...

680

1,253,000

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

61,600

675,110

TCC

Group

Holdings

Co.

Ltd.

(Construction

Materials)

...................

51,000

Teco

Electric

and

Machinery

Co.

Ltd.

(Electrical

Equipment)

..........

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Taiwan

(continued)

470,369

The

Shanghai

Commercial

&

Savings

Bank

Ltd.

(Banks)

.................

$

607

1,154,104

TS

Financial

Holding

Co.

Ltd.

(Banks)

..

749

77,000

Unimicron

Technology

Corp.

(Electronic

Equipment,

Instruments

&

Components)

.................

538

64,000

Uni-President

Enterprises

Corp.

(Food

Products)

....................

500,000

United

Microelectronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)

..................

781

58,000

Vanguard

International

Semiconductor

Corp.

(Semiconductors

&

Semiconductor

Equipment)

..................

15,000

Wan

Hai

Lines

Ltd.

(Marine

Transportation)

151,000

Wistron

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..........

722

6,000

Wiwynn

Corp.

(Technology

Hardware,

Storage

&

Peripherals)(b)

........

855

93,212

Yageo

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

683

93,000

Yang

Ming

Marine

Transport

Corp.

(Marine

Transportation)

...............

984,087

Yuanta

Financial

Holding

Co.

Ltd.

(Financial

Services)

............

1,230

39,000

Zhen

Ding

Technology

Holding

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

106,180

Thailand

—

0.62%

77,700

Advanced

Info

Service

PCL,

Class

F

(Wireless

Telecommunication

Services)

....................

773

338,900

Airports

of

Thailand

PCL,

Class

F

(Transportation

Infrastructure)

.....

569

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)

.................

881

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)

.........

578,500

Krung

Thai

Bank

PCL,

Class

F

(Banks)

..

518

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Thailand

(continued)

531,400

Minor

International

PCL,

Class

F

(Hotels,

Restaurants

&

Leisure)

..........

$

145,075

PTT

Exploration

&

Production

PCL,

Class

F

(Oil,

Gas

&

Consumable

Fuels)

....

519

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)

....................

5,153

Turkey

—

0.26%

159,726

Akbank

TAS

(Banks)

...............

86,040

Aselsan

Elektronik

Sanayi

Ve

Ticaret

A/S

(Aerospace

&

Defense)

.........

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)

54,686

Turkcell

Iletisim

Hizmetleri

A/S

(Wireless

Telecommunication

Services)

.....

71,086

Turkiye

Petrol

Rafinerileri

A/S

(Oil,

Gas

&

Consumable

Fuels)

.............

239,232

Yapi

ve

Kredi

Bankasi

A/S

(Banks)(a)

...

2,197

United

Arab

Emirates

—

0.87%

237,704

Abu

Dhabi

Commercial

Bank

PJSC

(Banks)

926

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)

......

1,032

30,986

Emaar

Development

PJSC

(Real

Estate

Management

&

Development)

.....

311,686

Emaar

Properties

PJSC

(Real

Estate

Management

&

Development)

.....

1,189

36,331

Emirates

NBD

Bank

PJSC

(Banks)

.....

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

Arab

Emirates

(continued)

186,697

Emirates

Telecommunications

Group

Co.

PJSC

(Diversified

Telecommunication

Services)

....................

$

932

296,965

First

Abu

Dhabi

Bank

PJSC

(Banks)

....

1,409

122,403

Salik

Co.

PJSC

(Transportation

Infrastructure)

................

182,605

Two

Point

Zero

Group

PJSC

(Industrial

Conglomerates)(a)

.............

7,261

United

Kingdom

—

0.26%

25,078

Anglogold

Ashanti

PLC

(Metals

&

Mining)

2,161

United

States

—

0.26%

42,000

BeOne

Medicines

Ltd.,

Class

H

(Biotechnology)(a)

.............

966

8,000

Bizlink

Holding,

Inc.

(Electrical

Equipment)

4,494

Legend

Biotech

Corp.,

ADR

(Biotechnology)(a)

.............

4,795

Southern

Copper

Corp.

(Metals

&

Mining)

688

2,139

Total

Common

Stocks

(cost

$337,436)

..

536,842

Preferred

Stock

—

0.00%

India

—

0.00%

22,008

TVS

Motor

Co.

Ltd.

,6.00%

(Automobiles)

(a) ........................

Total

Preferred

Stock

(cost

$2)

.......

Contingent

Right

—

0.00%

Taiwan

—

0.00%

1,736

Unimicron

Technology

CVR,

1/5/26

(Semiconductors

&

Semiconductor

Equipment)

..................

Total

Contingent

Right

(cost

$—)

.....

Investment

Companies

—

35.30%

International

Equity

Funds

—

30.62%

698,123

Aberdeen

Asia

Focus

PLC

...........

3,411

410,778

Aberdeen

Emerging

Markets

ex

China

Fund,

Inc.

........................

2,875

191,709

Aberdeen

New

India

Investment

Trust

PLC(a)

.....................

2,021

458,848

Baillie

Gifford

China

Growth

Trust

PLC

.

1,893

39,266

Barings

Emerging

EMEA

Opportunities

PLC

.......................

588,968

BlackRock

Frontiers

Investment

Trust

PLC

1,435

170,093

BlackRock

Latin

American

Investment

Trust

PLC

.......................

922

665,296

Fidelity

China

Special

Situations

PLC

...

2,693

Shares

Security

Description

Value

(000) Investment

Companies

(continued)

International

Equity

Funds

(continued)

382,163

Fidelity

Emerging

Markets

Ltd.

........

$

5,470

386,000

INVESCO

Asia

Dragon

Trust

PLC

.....

2,199

429,200

iShares

Core

MSCI

Emerging

Markets

ETF

28,851

279,700

iShares

MSCI

India

ETF

.............

15,118

11,200

iShares

MSCI

South

Korea

ETF

.......

1,089

32,000

iShares

MSCI

Taiwan

ETF

...........

2,033

93,007

JPMorgan

Asia

Growth

&

Income

PLC

..

550

641,171

JPMorgan

China

Growth

&

Income

.....

2,441

2,761,481

JPMorgan

Emerging

Markets

Growth

&

Income

PLC

.................

5,093

47,711

JPMorgan

India

Growth

&

Income

PLC

..

653

420,069

Mobius

Investment

Trust

PLC

.........

785

128,464

Morgan

Stanley

China

A

Share

Fund,

Inc.

2,230

7,864

Morgan

Stanley

India

Investment

Fund,

Inc.

337,517

Pacific

Assets

Trust

PLC

.............

1,633

212,796

Pacific

Horizon

Investment

Trust

PLC

...

2,234

585,491

Schroder

AsiaPacific

Fund

PLC

........

5,178

405,491

Scottish

Oriental

Smaller

Companies

Trust

PLC

.......................

1,495

354,931

Templeton

Dragon

Fund,

Inc.

.........

3,997

116,016

Templeton

Emerging

Markets

Fund

.....

1,976

4,471,598

Templeton

Emerging

Markets

Investment

Trust

PLC

...................

14,105

53,607

The

India

Fund,

Inc.

................

735

94,213

The

Korea

Fund,

Inc.

...............

3,422

39,134

The

Mexico

Equity

and

Income

Fund,

Inc.

110,082

The

Mexico

Fund,

Inc.

..............

2,217

112,774

The

Taiwan

Fund,

Inc.

..............

6,020

892,657

The

Utilico

Emerging

Markets

Trust

PLC

.

3,231

548,260

Vanguard

FTSE

Emerging

Markets

ETF

.

29,474

249,640

Vanguard

FTSE

Europe

ETF

..........

20,872

35,772

Vietnam

Enterprise

Investments

Ltd.(a)

..

336,583

VinaCapital

Vietnam

Opportunity

Fund

Ltd.

2,123

1,235

Weiss

Korea

Opportunity

Fund

Ltd.(c)

...

—

2,232,746

Xtrackers

Harvest

CSI

China

A-Shares

ETF

.......................

73,347

255,297

International

Fixed

Income

—

0.29%

241,544

Aberdeen

Asian

Income

Fund

Ltd.

......

856

695,520

JPMorgan

Global

Emerging

Markets

Income

Trust

PLC

...................

1,597

2,453

Money

Market

Funds

—

4.39%

36,571,429

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

,

3.68%(d)

....................

36,572

36,572

Total

Investment

Companies

(cost

$241,780)

.......................

294,322

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Security

Description

Value

(000) Total

Investments

(cost

$579,218)

—

99.69%

.....................

$

831,172

Other

assets

in

excess

of

liabilities

—

0.31%

......................

2,565

Net

Assets

-

100.00%

..............

$

833,737

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

^

All

or

part

of

this

security

was

on

loan

as

of

December

31,

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

December

31,

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

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(concluded)

—

December

31,

2025

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

December

31,

2025

.

The

Emerging

Markets

Portfolio

City

of

London

Investment

Management

Company,

Limited

Mellon

Investments

Corporation

Parametric

Portfolio

Associates,

LLC

Total

Common

Stocks

...............................................................................................................................

0.74 %

63.65 %

—

64.39 %

Preferred

Stock

.................................................................................................................................

—

—

—

—

%

Contingent

Right

..............................................................................................................................

—

—

—

—

%

Investment

Companies

.....................................................................................................................

10.81 %

0.11 %

24.38 %

35.30 %

Other

Assets

(Liabilities)

.................................................................................................................

0.34 %

0.01 %

-0.04

%

0.31 %

Total

Net

Assets

..........................................................................................................................

11.89 %

63.77 %

24.34 %

100.00 %

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

December

31,

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

.....................

545

3/20/26

$

38,461

$

556

$

38,461

$

556

Total

Unrealized

Appreciation

.....................

$

556

Total

Unrealized

Depreciation

.....................

—

Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

556

\*

Cash

has

been

pledged

as

collateral

for

futures

contracts

held

by

the

Portfolio.

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

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

12/18/26

@

100.00 ...................................................

5.30 12/18/29

Hyundai

Auto

Receivables

Trust,

Series

2024-B,

Class

A3,

Callable

9/15/28

@

100.00 ...................................................

4.84 3/15/29

Mercedes-Benz

Auto

Lease

Trust,

Series

2025-A,

Class

A4,

Callable

5/15/28

@

100.00 ...................................................

4.69 2/18/31

Santander

Drive

Auto

Receivables

Trust,

Series

2025-4,

Class

A3

............

4.17 4/15/30

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

1/15/28

@

100.00 ...................................................

4.77 4/16/29

Toyota

Auto

Receivables

Owner

Trust,

Series

2024-C,

Class

A4,

Callable

7/15/28

@

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

$181)

............................

Collateralized

Mortgage-Backed

Securities

—

0.55%

BANK,

Series

2019-BN21,

Class

A5,

Callable

10/15/29

@

100.00 ............

2.85 10/17/52

BANK,

Series

2022-BNK41,

Class

A4

................................

3.79(a)

4/15/65

BANK,

Series

2024-5YR12,

Class

A2,

Callable

12/15/29

@

100.00 ...........

5.42 12/15/57

BBCMS

Mortgage

Trust,

Series

2020-C7,

Class

AS,

Callable

4/15/30

@

100.00 ..

2.44 4/15/53

BBCMS

Mortgage

Trust,

Series

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

Fannie

Mae-ACES,

Series

2020-M52,

Class

A2

.........................

1.32(a)

10/25/30

Fannie

Mae-ACES,

Series

2020-M14,

Class

A2

.........................

1.78 5/25/30

Fannie

Mae-ACES,

Series

2018-M1,

Class

A2

..........................

2.98(a)

12/25/27

Fannie

Mae-ACES,

Series

2017-M12,

Class

A2

.........................

3.06(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

.........................

3.35(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)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

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

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

$640)

.............

606

U.S.

Government

Agency

Mortgages

—

9.36%

Fannie

Mae,

Pool

#BQ5781

.......................................

1.50 11/1/35

Fannie

Mae,

Pool

#MA4343

.......................................

1.50 5/1/51

Fannie

Mae,

Pool

#MA4441

.......................................

1.50 10/1/36

Fannie

Mae,

Pool

#MA4445

.......................................

1.50 10/1/41

Fannie

Mae,

Pool

#MA4205

.......................................

1.50 12/1/35

Fannie

Mae,

Pool

#FM6579

.......................................

1.50 3/1/51

Fannie

Mae,

Pool

#MA4280

.......................................

1.50 3/1/51

Fannie

Mae,

Pool

#CA7695

.......................................

1.50 11/1/50

Fannie

Mae,

Pool

#MA4236

.......................................

1.50 1/1/51

Fannie

Mae,

Pool

#MA4342

.......................................

1.50 5/1/41

Fannie

Mae,

Pool

#FS1327

........................................

1.50 6/1/36

Fannie

Mae,

Pool

#MA4122

.......................................

1.50 9/1/35

Fannie

Mae,

Pool

#CA7696

.......................................

1.50 11/1/50

Fannie

Mae,

Pool

#FM4788

.......................................

2.00 11/1/50

Fannie

Mae,

Pool

#MA4474

.......................................

2.00 11/1/41

Fannie

Mae,

Pool

#BU7103

.......................................

2.00 12/1/51

Fannie

Mae,

Pool

#FM4969

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#CA8110

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#MA4176

.......................................

2.00 11/1/40

Fannie

Mae,

Pool

#MA4208

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#FS1621

........................................

2.00 7/1/51

Fannie

Mae,

Pool

#BR4094

.......................................

2.00 1/1/51

Fannie

Mae,

Pool

#BR0948

.......................................

2.00 4/1/51

Fannie

Mae,

Pool

#MA4360

.......................................

2.00 6/1/36

Fannie

Mae,

Pool

#FS0317

........................................

2.00 2/1/42

Fannie

Mae,

Pool

#FM9579

.......................................

2.00 7/1/51

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

#MA4325

.......................................

2.00 5/1/51

Fannie

Mae,

Pool

#CB0684

.......................................

2.00 6/1/51

Fannie

Mae,

Pool

#MA4602

.......................................

2.00 5/1/37

Fannie

Mae,

Pool

#FM6448

.......................................

2.00 3/1/51

Fannie

Mae,

Pool

#MA4128

.......................................

2.00 9/1/40

Fannie

Mae,

Pool

#FM7411

.......................................

2.00 5/1/51

Fannie

Mae,

Pool

#BT0240

........................................

2.00 9/1/51

Fannie

Mae,

Pool

#CA7833

.......................................

2.00 11/1/50

Fannie

Mae,

Pool

#MA4511

.......................................

2.00 1/1/52

Fannie

Mae,

Pool

#CA7224

.......................................

2.00 10/1/50

Fannie

Mae,

Pool

#MA4413

.......................................

2.00 9/1/51

Fannie

Mae,

Pool

#MA4437

.......................................

2.00 10/1/51

Fannie

Mae,

Pool

#FM3755

.......................................

2.00 9/1/35

Fannie

Mae,

Pool

#MA4255

.......................................

2.00 2/1/51

Fannie

Mae,

Pool

#CA8850

.......................................

2.00 2/1/51

Fannie

Mae,

Pool

#MA4237

.......................................

2.00 1/1/51

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

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

#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

#BP9370

........................................

2.00 7/1/50

Fannie

Mae,

Pool

#AS2673

........................................

2.00 5/1/29

Fannie

Mae,

Pool

#MA4119

.......................................

2.00 9/1/50

Fannie

Mae,

Pool

#BQ8341

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#BQ7777

.......................................

2.00 3/1/36

Fannie

Mae,

Pool

#MA4281

.......................................

2.00 3/1/51

Fannie

Mae,

Pool

#CA8687

.......................................

2.00 1/1/51

Fannie

Mae,

Pool

#CA8893

.......................................

2.00 2/1/51

Fannie

Mae,

Pool

#MA4303

.......................................

2.00 4/1/36

Fannie

Mae,

Pool

#MA4305

.......................................

2.00 4/1/51

Fannie

Mae,

Pool

#BQ9685

.......................................

2.00 1/1/51

Fannie

Mae,

Pool

#CA8118

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#BR4435

.......................................

2.00 4/1/51

Fannie

Mae,

Pool

#FM5308

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#FM4039

.......................................

2.00 10/1/35

Fannie

Mae,

Pool

#MA4403

.......................................

2.00 8/1/36

Fannie

Mae,

Pool

#MA4399

.......................................

2.50 8/1/51

Fannie

Mae,

Pool

#MA4183

.......................................

2.50 11/1/50

Fannie

Mae,

Pool

#MA3765

.......................................

2.50 9/1/49

Fannie

Mae,

Pool

#CB1131

........................................

2.50 7/1/51

Fannie

Mae,

Pool

#BD8046

.......................................

2.50 9/1/31

Fannie

Mae,

Pool

#BU1451

.......................................

2.50 1/1/52

Fannie

Mae,

Pool

#CB2868

.......................................

2.50 2/1/52

Fannie

Mae,

Pool

#MA2789

.......................................

2.50 10/1/36

Fannie

Mae,

Pool

#FM2881

.......................................

2.50 4/1/50

Fannie

Mae,

Pool

#FM4638

.......................................

2.50 10/1/50

Fannie

Mae,

Pool

#FS0547

........................................

2.50 2/1/52

Fannie

Mae,

Pool

#MA3154

.......................................

2.50 10/1/32

Fannie

Mae,

Pool

#CA8131

.......................................

2.50 12/1/50

Fannie

Mae,

Pool

#AB7391

.......................................

2.50 12/1/42

Fannie

Mae,

Pool

#FM8997

.......................................

2.50 10/1/51

Fannie

Mae,

Pool

#BU5917

.......................................

2.50 12/1/51

Fannie

Mae,

Pool

#MA4414

.......................................

2.50 9/1/51

Fannie

Mae,

Pool

#BC9041

.......................................

2.50 11/1/31

Fannie

Mae,

Pool

#MA4256

.......................................

2.50 2/1/51

Fannie

Mae,

Pool

#MA1277

.......................................

2.50 12/1/27

Fannie

Mae,

Pool

#FM9543

.......................................

2.50 12/1/51

Fannie

Mae,

Pool

#BR7857

.......................................

2.50 5/1/51

Fannie

Mae,

Pool

#CA6074

.......................................

2.50 6/1/50

Fannie

Mae,

Pool

#BO4657

.......................................

2.50 11/1/49

Fannie

Mae,

Pool

#FM8745

.......................................

2.50 9/1/51

Fannie

Mae,

Pool

#MA4423

.......................................

2.50 9/1/41

Fannie

Mae,

Pool

#CB1828

.......................................

2.50 10/1/51

Fannie

Mae,

Pool

#AU6677

.......................................

2.50 9/1/28

Fannie

Mae,

Pool

#FS0235

........................................

2.50 1/1/52

Fannie

Mae,

Pool

#MA4159

.......................................

2.50 10/1/50

Fannie

Mae,

Pool

#FM9033

.......................................

2.50 10/1/51

Fannie

Mae,

Pool

#FS1340

........................................

2.50 3/1/52

Fannie

Mae,

Pool

#MA4096

.......................................

2.50 8/1/50

Fannie

Mae,

Pool

#MA2854

.......................................

2.50 12/1/46

Fannie

Mae,

Pool

#BQ5110

.......................................

2.50 11/1/50

Fannie

Mae,

Pool

#MA3902

.......................................

2.50 1/1/50

Fannie

Mae,

Pool

#MA3930

.......................................

2.50 2/1/35

Fannie

Mae,

Pool

#MA3965

.......................................

2.50 3/1/40

Fannie

Mae,

Pool

#MA4078

.......................................

2.50 7/1/50

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#BK2588

.......................................

2.50 5/1/50

$

Fannie

Mae,

Pool

#AS8893

........................................

2.50 2/1/32

Fannie

Mae,

Pool

#MA3990

.......................................

2.50 4/1/50

Fannie

Mae,

Pool

#FM4231

.......................................

2.50 9/1/50

Fannie

Mae,

Pool

#MA3827

.......................................

2.50 11/1/34

Fannie

Mae,

Pool

#MA4075

.......................................

2.50 7/1/35

Fannie

Mae,

Pool

#BQ0329

.......................................

2.50 7/1/50

Fannie

Mae,

Pool

#AP4742

........................................

2.50 8/1/27

Fannie

Mae,

Pool

#BP5878

........................................

2.50 6/1/50

Fannie

Mae,

Pool

#MA2897

.......................................

3.00 2/1/37

Fannie

Mae,

Pool

#MA3691

.......................................

3.00 7/1/49

Fannie

Mae,

Pool

#FM2132

.......................................

3.00 1/1/50

Fannie

Mae,

Pool

#MA3377

.......................................

3.00 5/1/48

Fannie

Mae,

Pool

#MA3237

.......................................

3.00 1/1/48

Fannie

Mae,

Pool

#FM1370

.......................................

3.00 4/1/46

Fannie

Mae,

Pool

#MA3991

.......................................

3.00 4/1/50

Fannie

Mae,

Pool

#AL9263

.......................................

3.00 10/1/46

Fannie

Mae,

Pool

#CB3172

.......................................

3.00 3/1/52

Fannie

Mae,

Pool

#BN7703

.......................................

3.00 8/1/49

Fannie

Mae,

Pool

#BO2201

.......................................

3.00 9/1/49

Fannie

Mae,

Pool

#BO3192

.......................................

3.00 10/1/49

Fannie

Mae,

Pool

#MA3738

.......................................

3.00 8/1/34

Fannie

Mae,

Pool

#MA4048

.......................................

3.00 6/1/50

Fannie

Mae,

Pool

#BU8883

.......................................

3.00 3/1/52

Fannie

Mae,

Pool

#AQ7920

.......................................

3.00 12/1/42

Fannie

Mae,

Pool

#MA3834

.......................................

3.00 11/1/49

Fannie

Mae,

Pool

#AO0752

.......................................

3.00 4/1/42

Fannie

Mae,

Pool

#MA3937

.......................................

3.00 2/1/50

Fannie

Mae,

Pool

#MA3905

.......................................

3.00 1/1/50

Fannie

Mae,

Pool

#AB7099

.......................................

3.00 11/1/42

Fannie

Mae,

Pool

#BO7242

.......................................

3.00 1/1/50

Fannie

Mae,

Pool

#MA4079

.......................................

3.00 7/1/50

Fannie

Mae,

Pool

#BO8947

.......................................

3.00 1/1/50

Fannie

Mae,

Pool

#AL9996

.......................................

3.00 4/1/32

Fannie

Mae,

Pool

#BO9169

.......................................

3.00 12/1/49

Fannie

Mae,

Pool

#AZ2936

.......................................

3.00 9/1/45

Fannie

Mae,

Pool

#MA3890

.......................................

3.00 1/1/40

Fannie

Mae,

Pool

#MA3774

.......................................

3.00 9/1/49

Fannie

Mae,

Pool

#MA3339

.......................................

3.00 4/1/33

Fannie

Mae,

Pool

#MA3802

.......................................

3.00 10/1/49

Fannie

Mae,

Pool

#MA3744

.......................................

3.00 8/1/49

Fannie

Mae,

Pool

#MA3897

.......................................

3.00 1/1/35

Fannie

Mae,

Pool

#BP6466

........................................

3.00 7/1/50

Fannie

Mae,

Pool

#BU1241

.......................................

3.00 3/1/52

Fannie

Mae,

Pool

#AS0302

........................................

3.00 8/1/43

Fannie

Mae,

Pool

#AS8276

........................................

3.00 11/1/46

Fannie

Mae,

Pool

#MA1307

.......................................

3.00 1/1/33

Fannie

Mae,

Pool

#BO6219

.......................................

3.00 12/1/49

Fannie

Mae,

Pool

#AB8897

.......................................

3.00 4/1/43

Fannie

Mae,

Pool

#CA5423

.......................................

3.00 3/1/50

Fannie

Mae,

Pool

#CB2759

.......................................

3.00 2/1/52

Fannie

Mae,

Pool

#FM4317

.......................................

3.00 9/1/50

Fannie

Mae,

Pool

#MA3831

.......................................

3.00 11/1/39

Fannie

Mae,

Pool

#FM3395

.......................................

3.00 6/1/50

Fannie

Mae,

Pool

#FS2122

........................................

3.00 3/1/52

Fannie

Mae,

Pool

#CB3364

.......................................

3.00 4/1/52

Fannie

Mae,

Pool

#CA5668

.......................................

3.00 5/1/50

Fannie

Mae,

Pool

#MA2523

.......................................

3.00 2/1/36

Fannie

Mae,

Pool

#CA5519

.......................................

3.00 4/1/50

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#MA2246

.......................................

3.00 4/1/30

$

Fannie

Mae,

Pool

#BC9003

.......................................

3.00 11/1/46

Fannie

Mae,

Pool

#MA3127

.......................................

3.00 9/1/37

Fannie

Mae,

Pool

#AS8483

........................................

3.00 12/1/46

Fannie

Mae,

Pool

#MA2863

.......................................

3.00 1/1/47

—

Fannie

Mae,

Pool

#AB2047

.......................................

3.00 1/1/26

—

Fannie

Mae,

Pool

#FM1585

.......................................

3.00 9/1/49

Fannie

Mae,

Pool

#MA3871

.......................................

3.00 12/1/49

Fannie

Mae,

Pool

#AU3353

.......................................

3.00 8/1/43

Fannie

Mae,

Pool

#BC4764

.......................................

3.00 10/1/46

Fannie

Mae,

Pool

#BP1932

........................................

3.00 4/1/50

Fannie

Mae,

Pool

#FM1299

.......................................

3.00 7/1/49

Fannie

Mae,

Pool

#AS8074

........................................

3.00 10/1/46

Fannie

Mae,

Pool

#MA3210

.......................................

3.50 12/1/47

Fannie

Mae,

Pool

#AS6102

........................................

3.50 11/1/45

Fannie

Mae,

Pool

#AS4236

........................................

3.50 1/1/45

Fannie

Mae,

Pool

#BC2926

.......................................

3.50 3/1/46

Fannie

Mae,

Pool

#BA1893

.......................................

3.50 8/1/45

Fannie

Mae,

Pool

#MA3775

.......................................

3.50 9/1/49

Fannie

Mae,

Pool

#BM5485

.......................................

3.50 2/1/49

Fannie

Mae,

Pool

#MA4654

.......................................

3.50 7/1/52

Fannie

Mae,

Pool

#MA2706

.......................................

3.50 8/1/46

Fannie

Mae,

Pool

#MA4600

.......................................

3.50 5/1/52

Fannie

Mae,

Pool

#BM1568

.......................................

3.50 7/1/47

Fannie

Mae,

Pool

#MA3614

.......................................

3.50 3/1/49

Fannie

Mae,

Pool

#AS4771

........................................

3.50 4/1/45

Fannie

Mae,

Pool

#MA3243

.......................................

3.50 1/1/38

Fannie

Mae,

Pool

#MA3057

.......................................

3.50 7/1/47

Fannie

Mae,

Pool

#BC0443

.......................................

3.50 12/1/45

Fannie

Mae,

Pool

#BJ3716

........................................

3.50 12/1/47

Fannie

Mae,

Pool

#AS7491

........................................

3.50 7/1/46

Fannie

Mae,

Pool

#BJ4916

........................................

3.50 3/1/48

Fannie

Mae,

Pool

#MA3692

.......................................

3.50 7/1/49

Fannie

Mae,

Pool

#MA3597

.......................................

3.50 2/1/49

Fannie

Mae,

Pool

#AS7388

........................................

3.50 6/1/46

Fannie

Mae,

Pool

#MA2125

.......................................

3.50 12/1/44

Fannie

Mae,

Pool

#AS6394

........................................

3.50 12/1/45

Fannie

Mae,

Pool

#MA3906

.......................................

3.50 1/1/50

Fannie

Mae,

Pool

#MA2522

.......................................

3.50 2/1/46

Fannie

Mae,

Pool

#FM1911

.......................................

3.50 7/1/48

Fannie

Mae,

Pool

#CA4026

.......................................

3.50 5/1/49

Fannie

Mae,

Pool

#FM0020

.......................................

3.50 7/1/49

Fannie

Mae,

Pool

#BD5046

.......................................

3.50 2/1/47

Fannie

Mae,

Pool

#MA3494

.......................................

3.50 10/1/48

Fannie

Mae,

Pool

#MA3148

.......................................

3.50 10/1/47

Fannie

Mae,

Pool

#MA3745

.......................................

3.50 8/1/49

Fannie

Mae,

Pool

#MA3835

.......................................

3.50 11/1/49

Fannie

Mae,

Pool

#BM4703

.......................................

3.50 2/1/48

Fannie

Mae,

Pool

#MA3182

.......................................

3.50 11/1/47

Fannie

Mae,

Pool

#BC1158

........................................

3.50 2/1/46

Fannie

Mae,

Pool

#MA3026

.......................................

3.50 6/1/47

Fannie

Mae,

Pool

#FM1566

.......................................

3.50 11/1/48

Fannie

Mae,

Pool

#MA3059

.......................................

3.50 7/1/37

Fannie

Mae,

Pool

#MA3305

.......................................

3.50 3/1/48

Fannie

Mae,

Pool

#AL1717

.......................................

3.50 5/1/27

Fannie

Mae,

Pool

#MA3637

.......................................

3.50 4/1/49

Fannie

Mae,

Pool

#BU8723

.......................................

3.50 6/1/52

Fannie

Mae,

Pool

#BP1947

........................................

3.50 4/1/50

Fannie

Mae,

Pool

#AZ0862

.......................................

3.50 7/1/45

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#BM2000

.......................................

3.50 5/1/47

$

—

Fannie

Mae,

Pool

#AB2052

.......................................

3.50 1/1/26

—

Fannie

Mae,

Pool

#FM1001

.......................................

3.50 11/1/48

Fannie

Mae,

Pool

#MA3663

.......................................

3.50 5/1/49

Fannie

Mae,

Pool

#AS0024

........................................

3.50 7/1/43

Fannie

Mae,

Pool

#MA3520

.......................................

3.50 11/1/48

Fannie

Mae,

Pool

#BK9038

.......................................

3.50 10/1/33

Fannie

Mae,

Pool

#MA1980

.......................................

3.50 8/1/44

Fannie

Mae,

Pool

#AQ0546

.......................................

3.50 11/1/42

Fannie

Mae,

Pool

#CA2316

.......................................

4.00 7/1/48

Fannie

Mae,

Pool

#MA4732

.......................................

4.00 9/1/52

Fannie

Mae,

Pool

#AO2959

.......................................

4.00 5/1/42

Fannie

Mae,

Pool

#MA3563

.......................................

4.00 1/1/49

Fannie

Mae,

Pool

#FM1571

.......................................

4.00 12/1/48

Fannie

Mae,

Pool

#BM2002

.......................................

4.00 10/1/47

Fannie

Mae,

Pool

#AS7558

........................................

4.00 7/1/46

Fannie

Mae,

Pool

#MA5127

.......................................

4.00 8/1/53

Fannie

Mae,

Pool

#MA2415

.......................................

4.00 10/1/45

Fannie

Mae,

Pool

#MA3521

.......................................

4.00 11/1/48

Fannie

Mae,

Pool

#FM1415

.......................................

4.00 12/1/48

Fannie

Mae,

Pool

#BK0909

.......................................

4.00 7/1/48

Fannie

Mae,

Pool

#MA3121

.......................................

4.00 9/1/47

Fannie

Mae,

Pool

#MA3804

.......................................

4.00 10/1/49

Fannie

Mae,

Pool

#BD7060

.......................................

4.00 3/1/47

Fannie

Mae,

Pool

#BK7943

.......................................

4.00 11/1/48

Fannie

Mae,

Pool

#MA3746

.......................................

4.00 8/1/49

Fannie

Mae,

Pool

#MA3592

.......................................

4.00 2/1/49

Fannie

Mae,

Pool

#MA3638

.......................................

4.00 4/1/49

Fannie

Mae,

Pool

#AS9831

........................................

4.00 6/1/47

Fannie

Mae,

Pool

#AS3468

........................................

4.00 10/1/44

Fannie

Mae,

Pool

#MA5643

.......................................

4.00 3/1/55

Fannie

Mae,

Pool

#BN0334

.......................................

4.00 12/1/48

Fannie

Mae,

Pool

#BN6677

.......................................

4.00 6/1/49

—

Fannie

Mae,

Pool

#AH6242

.......................................

4.00 4/1/26

—

Fannie

Mae,

Pool

#FM1960

.......................................

4.00 5/1/49

Fannie

Mae,

Pool

#AS3467

........................................

4.00 10/1/44

Fannie

Mae,

Pool

#FM0021

.......................................

4.00 3/1/49

Fannie

Mae,

Pool

#AS7600

........................................

4.00 7/1/46

Fannie

Mae,

Pool

#AU8849

.......................................

4.00 11/1/43

Fannie

Mae,

Pool

#AS9314

........................................

4.00 3/1/47

Fannie

Mae,

Pool

#AS8823

........................................

4.00 2/1/47

Fannie

Mae,

Pool

#MA3277

.......................................

4.00 2/1/48

Fannie

Mae,

Pool

#BM4991

.......................................

4.00 9/1/48

Fannie

Mae,

Pool

#MA3183

.......................................

4.00 11/1/47

Fannie

Mae,

Pool

#CA0183

.......................................

4.00 8/1/47

Fannie

Mae,

Pool

#MA2995

.......................................

4.00 5/1/47

Fannie

Mae,

Pool

#MA3615

.......................................

4.00 3/1/49

Fannie

Mae,

Pool

#BK0920

.......................................

4.00 7/1/48

Fannie

Mae,

Pool

#AS8532

........................................

4.00 12/1/46

Fannie

Mae,

Pool

#AX0841

.......................................

4.00 9/1/44

Fannie

Mae,

Pool

#BM1066

.......................................

4.00 2/1/47

Fannie

Mae,

Pool

#AZ7362

.......................................

4.00 11/1/45

Fannie

Mae,

Pool

#AS9394

........................................

4.50 4/1/47

Fannie

Mae,

Pool

#AS2751

........................................

4.50 6/1/44

Fannie

Mae,

Pool

#BM3286

.......................................

4.50 11/1/47

Fannie

Mae,

Pool

#BK4850

.......................................

4.50 5/1/48

Fannie

Mae,

Pool

#MA3747

.......................................

4.50 8/1/49

Fannie

Mae,

Pool

#CA0623

.......................................

4.50 10/1/47

Fannie

Mae,

Pool

#BK6328

.......................................

4.50 6/1/48

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#MA3537

.......................................

4.50 12/1/48

$

Fannie

Mae,

Pool

#BN4309

.......................................

4.50 1/1/49

—

Fannie

Mae,

Pool

#930998

........................................

4.50 4/1/29

—

Fannie

Mae,

Pool

#BV7928

.......................................

4.50 8/1/52

Fannie

Mae,

Pool

#MA3184

.......................................

4.50 11/1/47

Fannie

Mae,

Pool

#MA3639

.......................................

4.50 4/1/49

Fannie

Mae,

Pool

#CA1711

.......................................

4.50 5/1/48

Fannie

Mae,

Pool

#AE0954

.......................................

4.50 2/1/41

Fannie

Mae,

Pool

#AE0217

.......................................

4.50 8/1/40

Fannie

Mae,

Pool

#BM3904

.......................................

5.00 5/1/48

Fannie

Mae,

Pool

#MA5164

.......................................

5.00 10/1/53

Fannie

Mae,

Pool

#MA5071

.......................................

5.00 7/1/53

Fannie

Mae,

Pool

#890603

........................................

5.00 8/1/41

Fannie

Mae,

Pool

#MA5909

.......................................

5.00 12/1/55

Fannie

Mae,

Pool

#MA5585

.......................................

5.00 1/1/55

Fannie

Mae,

Pool

#MA4761

.......................................

5.00 9/1/52

Fannie

Mae,

Pool

#889117

........................................

5.00 10/1/35

Fannie

Mae,

Pool

#725027

........................................

5.00 11/1/33

Fannie

Mae,

Pool

#725238

........................................

5.00 3/1/34

Fannie

Mae,

Pool

#MA5496

.......................................

5.00 10/1/54

Fannie

Mae,

Pool

#CB9331

.......................................

5.50 10/1/54

Fannie

Mae,

Pool

#MA5010

.......................................

5.50 5/1/53

Fannie

Mae,

Pool

#MA5215

.......................................

5.50 12/1/53

Fannie

Mae,

Pool

#890221

........................................

5.50 12/1/33

Fannie

Mae,

Pool

#MA5470

.......................................

5.50 9/1/54

Fannie

Mae,

Pool

#MA5072

.......................................

5.50 7/1/53

Fannie

Mae,

Pool

#MA5107

.......................................

5.50 8/1/53

Fannie

Mae,

Pool

#FS3360

........................................

5.50 12/1/52

Fannie

Mae,

Pool

#MA5563

.......................................

5.50 12/1/44

Fannie

Mae,

Pool

#FA1252

........................................

5.50 4/1/55

Fannie

Mae,

Pool

#MA5138

.......................................

5.50 9/1/53

Fannie

Mae,

Pool

#FA0608

........................................

5.50 2/1/55

Fannie

Mae,

Pool

#FS4840

........................................

5.50 5/1/53

Fannie

Mae,

Pool

#MA5073

.......................................

6.00 7/1/53

Fannie

Mae,

Pool

#CB8916

.......................................

6.00 7/1/54

Fannie

Mae,

Pool

#959451

........................................

6.00 12/1/37

Fannie

Mae,

Pool

#CC0721

.......................................

6.00 7/1/55

Fannie

Mae,

Pool

#CB9160

.......................................

6.00 9/1/54

Fannie

Mae,

Pool

#CC0405

.......................................

6.00 5/1/55

Fannie

Mae,

Pool

#MA5498

.......................................

6.00 10/1/54

Fannie

Mae,

Pool

#CB9991

.......................................

6.00 2/1/55

Fannie

Mae,

Pool

#MA5191

.......................................

6.00 11/1/53

Fannie

Mae,

Pool

#MA5166

.......................................

6.00 10/1/53

Fannie

Mae,

Pool

#CB8854

.......................................

6.00 7/1/54

Fannie

Mae,

Pool

#MA5389

.......................................

6.00 6/1/54

Fannie

Mae,

Pool

#MA5247

.......................................

6.00 1/1/54

Fannie

Mae,

Pool

#MA5217

.......................................

6.50 12/1/53

Fannie

Mae,

Pool

#FA3200

........................................

6.50 8/1/55

Fannie

Mae,

Pool

#CB7651

.......................................

6.50 12/1/53

Fannie

Mae,

Pool

#MA5631

.......................................

6.50 2/1/55

Fannie

Mae,

Pool

#MA5422

.......................................

6.50 7/1/54

Fannie

Mae,

Pool

#MA5472

.......................................

6.50 9/1/54

Fannie

Mae,

Pool

#FA1000

........................................

7.00 2/1/55

Fannie

Mae,

YR

TBA

.........................................

1.50 1/25/41

Fannie

Mae,

YR

TBA

.........................................

4.00 1/25/41

Fannie

Mae,

YR

TBA

.........................................

4.50 1/25/41

Fannie

Mae,

YR

TBA

.........................................

5.00 1/25/41

Fannie

Mae,

YR

TBA

.........................................

5.50 1/25/41

Fannie

Mae,

YR

TBA

.........................................

1.50 1/25/56

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

YR

TBA

.........................................

2.00 1/25/56

$

Fannie

Mae,

YR

TBA

.........................................

2.50 1/25/56

Fannie

Mae,

YR

TBA

.........................................

3.00 1/25/56

Fannie

Mae,

YR

TBA

.........................................

3.50 1/25/56

Fannie

Mae,

YR

TBA

.........................................

4.00 1/25/56

Fannie

Mae,

YR

TBA

.........................................

4.50 1/25/56

Fannie

Mae,

YR

TBA

.........................................

5.00 1/25/56

Fannie

Mae,

YR

TBA

.........................................

5.00 2/25/56

Fannie

Mae,

YR

TBA

.........................................

5.50 1/25/56

Fannie

Mae,

YR

TBA

.........................................

5.50 7/25/56

Fannie

Mae,

YR

TBA

.........................................

6.00 2/25/56

Fannie

Mae,

YR

TBA

.........................................

6.00 1/25/56

Fannie

Mae,

YR

TBA

.........................................

6.50 1/25/56

Fannie

Mae,

YR

TBA

.........................................

7.00 1/25/56

Freddie

Mac,

Pool

#SB8144

.......................................

1.50 3/1/37

Freddie

Mac,

Pool

#SD8154

.......................................

1.50 7/1/51

Freddie

Mac,

Pool

#QN9521

.......................................

1.50 2/1/37

Freddie

Mac,

Pool

#QC0962

.......................................

1.50 4/1/51

Freddie

Mac,

Pool

#RB5110

.......................................

1.50 5/1/41

Freddie

Mac,

Pool

#SB8088

.......................................

1.50 2/1/36

Freddie

Mac,

Pool

#SB8097

.......................................

1.50 4/1/36

Freddie

Mac,

Pool

#SD8172

.......................................

2.00 10/1/51

Freddie

Mac,

Pool

#QC1333

.......................................

2.00 5/1/51

Freddie

Mac,

Pool

#RB5095

.......................................

2.00 1/1/41

Freddie

Mac,

Pool

#RC1727

.......................................

2.00 12/1/35

Freddie

Mac,

Pool

#QC0423

.......................................

2.00 4/1/51

Freddie

Mac,

Pool

#SD8177

.......................................

2.00 11/1/51

Freddie

Mac,

Pool

#SD8199

.......................................

2.00 3/1/52

Freddie

Mac,

Pool

#SD8079

.......................................

2.00 7/1/50

Freddie

Mac,

Pool

#RA5257

.......................................

2.00 5/1/51

Freddie

Mac,

Pool

#SD8188

.......................................

2.00 1/1/52

Freddie

Mac,

Pool

#RA5155

.......................................

2.00 5/1/51

Freddie

Mac,

Pool

#RA5040

.......................................

2.00 4/1/51

Freddie

Mac,

Pool

#QD1254

.......................................

2.00 11/1/51

Freddie

Mac,

Pool

#RA4214

.......................................

2.00 12/1/50

Freddie

Mac,

Pool

#RA3328

.......................................

2.00 8/1/50

Freddie

Mac,

Pool

#RB5114

.......................................

2.00 6/1/41

Freddie

Mac,

Pool

#QC3597

.......................................

2.00 6/1/51

Freddie

Mac,

Pool

#SD8160

.......................................

2.00 8/1/51

Freddie

Mac,

Pool

#SD8128

.......................................

2.00 2/1/51

Freddie

Mac,

Pool

#SD8193

.......................................

2.00 2/1/52

Freddie

Mac,

Pool

#QB3926

.......................................

2.00 10/1/50

Freddie

Mac,

Pool

#SB8079

.......................................

2.00 12/1/35

Freddie

Mac,

Pool

#RA3205

.......................................

2.00 8/1/50

Freddie

Mac,

Pool

#SD8121

.......................................

2.00 1/1/51

Freddie

Mac,

Pool

#QD5748

.......................................

2.00 2/1/52

Freddie

Mac,

Pool

#QB7708

.......................................

2.00 1/1/51

Freddie

Mac,

Pool

#SB8061

.......................................

2.00 9/1/35

Freddie

Mac,

Pool

#QB6893

.......................................

2.00 12/1/50

Freddie

Mac,

Pool

#SB8128

.......................................

2.00 11/1/36

Freddie

Mac,

Pool

#RB5121

.......................................

2.00 8/1/41

Freddie

Mac,

Pool

#QC3697

.......................................

2.00 6/1/51

Freddie

Mac,

Pool

#SB8510

.......................................

2.00 2/1/36

Freddie

Mac,

Pool

#RA3575

.......................................

2.00 9/1/50

Freddie

Mac,

Pool

#SB8115

.......................................

2.00 8/1/36

Freddie

Mac,

Pool

#SD8146

.......................................

2.00 5/1/51

Freddie

Mac,

Pool

#QC7473

.......................................

2.00 9/1/51

Freddie

Mac,

Pool

#SB8107

.......................................

2.00 6/1/36

Freddie

Mac,

Pool

#SD8098

.......................................

2.00 10/1/50

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac,

Pool

#SD8113

.......................................

2.00 12/1/50

$

Freddie

Mac,

Pool

#SD7537

.......................................

2.00 3/1/51

Freddie

Mac,

Pool

#RA3528

.......................................

2.50 9/1/50

Freddie

Mac,

Pool

#SB8045

.......................................

2.50 5/1/35

Freddie

Mac,

Pool

#SD8194

.......................................

2.50 2/1/52

Freddie

Mac,

Pool

#SD8122

.......................................

2.50 1/1/51

Freddie

Mac,

Pool

#SD8151

.......................................

2.50 6/1/51

Freddie

Mac,

Pool

#RA2595

.......................................

2.50 5/1/50

Freddie

Mac,

Pool

#RA6621

.......................................

2.50 1/1/52

Freddie

Mac,

Pool

#RA6815

.......................................

2.50 2/1/52

Freddie

Mac,

Pool

#RB5054

.......................................

2.50 6/1/40

Freddie

Mac,

Pool

#RA5832

.......................................

2.50 9/1/51

Freddie

Mac,

Pool

#SD8205

.......................................

2.50 4/1/52

Freddie

Mac,

Pool

#RB5043

.......................................

2.50 4/1/40

Freddie

Mac,

Pool

#SD8129

.......................................

2.50 2/1/51

Freddie

Mac,

Pool

#SD8183

.......................................

2.50 12/1/51

Freddie

Mac,

Pool

#RA6136

.......................................

2.50 10/1/51

Freddie

Mac,

Pool

#QC7457

.......................................

2.50 9/1/51

Freddie

Mac,

Pool

#RA6019

.......................................

2.50 10/1/51

Freddie

Mac,

Pool

#QB3287

.......................................

2.50 8/1/50

Freddie

Mac,

Pool

#SD8083

.......................................

2.50 8/1/50

Freddie

Mac,

Pool

#RA5802

.......................................

2.50 9/1/51

Freddie

Mac,

Pool

#SB0301

.......................................

2.50 4/1/35

Freddie

Mac,

Pool

#QB3703

.......................................

2.50 9/1/50

Freddie

Mac,

Pool

#RA2643

.......................................

2.50 6/1/50

Freddie

Mac,

Pool

#SD8114

.......................................

2.50 12/1/50

Freddie

Mac,

Pool

#SD8099

.......................................

2.50 10/1/50

Freddie

Mac,

Pool

#QE2352

.......................................

2.50 5/1/52

Freddie

Mac,

Pool

#SD8147

.......................................

2.50 5/1/51

Freddie

Mac,

Pool

#SD8021

.......................................

2.50 9/1/49

Freddie

Mac,

Pool

#SD8167

.......................................

2.50 9/1/51

Freddie

Mac,

Pool

#SD1011

.......................................

2.50 4/1/52

Freddie

Mac,

Pool

#ZS8692

.......................................

2.50 4/1/33

Freddie

Mac,

Pool

#ZS4687

.......................................

2.50 11/1/46

Freddie

Mac,

Pool

#RA5286

.......................................

2.50 5/1/51

Freddie

Mac,

Pool

#SD8141

.......................................

2.50 4/1/51

Freddie

Mac,

Pool

#RA6493

.......................................

2.50 12/1/51

Freddie

Mac,

Pool

#QC2031

.......................................

2.50 5/1/51

Freddie

Mac,

Pool

#SD8189

.......................................

2.50 1/1/52

Freddie

Mac,

Pool

#RA2897

.......................................

2.50 6/1/50

Freddie

Mac,

Pool

#RA2634

.......................................

2.50 5/1/50

Freddie

Mac,

Pool

#RA4527

.......................................

2.50 2/1/51

Freddie

Mac,

Pool

#SD8030

.......................................

3.00 12/1/49

Freddie

Mac,

Pool

#SD8056

.......................................

3.00 4/1/50

Freddie

Mac,

Pool

#ZS4522

.......................................

3.00 7/1/43

Freddie

Mac,

Pool

#QB1382

.......................................

3.00 7/1/50

Freddie

Mac,

Pool

#ZA2304

.......................................

3.00 6/1/33

Freddie

Mac,

Pool

#ZS4706

.......................................

3.00 3/1/47

Freddie

Mac,

Pool

#QA1033

.......................................

3.00 7/1/49

Freddie

Mac,

Pool

#ZS4511

.......................................

3.00 3/1/43

Freddie

Mac,

Pool

#QA8065

.......................................

3.00 3/1/50

Freddie

Mac,

Pool

#SD8074

.......................................

3.00 7/1/50

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

#QA9049

.......................................

3.00 4/1/50

Freddie

Mac,

Pool

#ZS4658

.......................................

3.00 4/1/46

Freddie

Mac,

Pool

#ZS4688

.......................................

3.00 11/1/46

Freddie

Mac,

Pool

#ZM2089

.......................................

3.00 11/1/46

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac,

Pool

#ZS4606

.......................................

3.00 3/1/45

$

Freddie

Mac,

Pool

#SD8038

.......................................

3.50 1/1/50

Freddie

Mac,

Pool

#ZS4771

.......................................

3.50 6/1/48

Freddie

Mac,

Pool

#ZS4642

.......................................

3.50 12/1/45

Freddie

Mac,

Pool

#SD8011

.......................................

3.50 9/1/49

Freddie

Mac,

Pool

#ZM4908

.......................................

3.50 11/1/47

Freddie

Mac,

Pool

#ZS4659

.......................................

3.50 4/1/46

Freddie

Mac,

Pool

#SD8001

.......................................

3.50 7/1/49

Freddie

Mac,

Pool

#RA1508

.......................................

3.50 10/1/49

Freddie

Mac,

Pool

#RA2469

.......................................

3.50 4/1/50

Freddie

Mac,

Pool

#ZS4599

.......................................

3.50 1/1/45

Freddie

Mac,

Pool

#SB8007

.......................................

3.50 9/1/34

Freddie

Mac,

Pool

#SD8214

.......................................

3.50 5/1/52

Freddie

Mac,

Pool

#ZS4713

.......................................

3.50 4/1/47

Freddie

Mac,

Pool

#ZA5052

.......................................

3.50 11/1/47

Freddie

Mac,

Pool

#ZS4651

.......................................

3.50 3/1/46

Freddie

Mac,

Pool

#ZS4618

.......................................

3.50 6/1/45

Freddie

Mac,

Pool

#ZA6946

.......................................

4.00 5/1/49

Freddie

Mac,

Pool

#QE5462

.......................................

4.00 7/1/52

Freddie

Mac,

Pool

#SD8244

.......................................

4.00 9/1/52

Freddie

Mac,

Pool

#ZT1840

.......................................

4.00 9/1/48

Freddie

Mac,

Pool

#ZS4708

.......................................

4.00 3/1/47

Freddie

Mac,

Pool

#ZL7781

.......................................

4.00 2/1/44

Freddie

Mac,

Pool

#ZS4631

.......................................

4.00 9/1/45

Freddie

Mac,

Pool

#ZT2106

.......................................

4.00 3/1/49

Freddie

Mac,

Pool

#ZA4988

.......................................

4.00 8/1/47

Freddie

Mac,

Pool

#ZT1320

.......................................

4.00 11/1/48

Freddie

Mac,

Pool

#SD8286

.......................................

4.00 1/1/53

Freddie

Mac,

Pool

#SD8070

.......................................

4.00 6/1/50

Freddie

Mac,

Pool

#SD0290

.......................................

4.00 4/1/50

Freddie

Mac,

Pool

#SD8513

.......................................

4.50 3/1/55

Freddie

Mac,

Pool

#SD8245

.......................................

4.50 9/1/52

Freddie

Mac,

Pool

#SD8306

.......................................

4.50 3/1/53

Freddie

Mac,

Pool

#SD8340

.......................................

4.50 7/1/53

Freddie

Mac,

Pool

#ZS4774

.......................................

4.50 5/1/48

Freddie

Mac,

Pool

#SD8266

.......................................

4.50 11/1/52

Freddie

Mac,

Pool

#ZT1779

.......................................

5.00 3/1/49

Freddie

Mac,

Pool

#SD8341

.......................................

5.00 7/1/53

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

#SD6764

.......................................

5.00 11/1/54

Freddie

Mac,

Pool

#SD8491

.......................................

5.00 12/1/54

Freddie

Mac,

Pool

#SD8505

.......................................

5.00 2/1/55

Freddie

Mac,

Pool

#SD8361

.......................................

5.00 9/1/53

Freddie

Mac,

Pool

#SD8315

.......................................

5.00 4/1/53

Freddie

Mac,

Pool

#SD8371

.......................................

5.00 11/1/53

Freddie

Mac,

Pool

#SD8446

.......................................

5.50 7/1/54

Freddie

Mac,

Pool

#SD8469

.......................................

5.50 10/1/54

Freddie

Mac,

Pool

#SD8300

.......................................

5.50 2/1/53

Freddie

Mac,

Pool

#SD8475

.......................................

5.50 11/1/54

Freddie

Mac,

Pool

#SD8372

.......................................

5.50 11/1/53

Freddie

Mac,

Pool

#SD8362

.......................................

5.50 9/1/53

Freddie

Mac,

Pool

#SD8342

.......................................

5.50 7/1/53

Freddie

Mac,

Pool

#SD8331

.......................................

5.50 6/1/53

Freddie

Mac,

Pool

#SL1558

.......................................

5.50 6/1/55

Freddie

Mac,

Pool

#SL1542

.......................................

5.50 6/1/55

Freddie

Mac,

Pool

#SD8431

.......................................

5.50 5/1/54

Freddie

Mac,

Pool

#SD8493

.......................................

5.50 12/1/54

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac,

Pool

#SL0331

.......................................

5.50 2/1/55

$

Freddie

Mac,

Pool

#SD7132

.......................................

5.50 12/1/54

Freddie

Mac,

Pool

#SD8438

.......................................

5.50 6/1/54

Freddie

Mac,

Pool

#SL2723

.......................................

5.50 10/1/54

Freddie

Mac,

Pool

#SD8350

.......................................

6.00 8/1/53

Freddie

Mac,

Pool

#SD8363

.......................................

6.00 9/1/53

Freddie

Mac,

Pool

#SD8534

.......................................

6.00 5/1/55

Freddie

Mac,

Pool

#SD6226

.......................................

6.00 8/1/54

Freddie

Mac,

Pool

#SD8409

.......................................

6.00 3/1/54

Freddie

Mac,

Pool

#SD8496

.......................................

6.00 1/1/55

Freddie

Mac,

Pool

#SD8373

.......................................

6.00 11/1/53

Freddie

Mac,

Pool

#SD8325

.......................................

6.00 5/1/53

Freddie

Mac,

Pool

#SD8421

.......................................

6.00 4/1/54

Freddie

Mac,

Pool

#SD8463

.......................................

6.00 9/1/54

Freddie

Mac,

Pool

#SL1803

.......................................

6.00 7/1/55

Freddie

Mac,

Pool

#SD8384

.......................................

6.00 12/1/53

Freddie

Mac,

Pool

#SD8454

.......................................

6.00 8/1/54

Freddie

Mac,

Pool

#SL1127

.......................................

6.00 12/1/54

Freddie

Mac,

Pool

#SD8432

.......................................

6.00 5/1/54

Freddie

Mac,

Pool

#SL1882

.......................................

6.50 5/1/55

Freddie

Mac,

Pool

#SD8397

.......................................

6.50 1/1/54

Freddie

Mac,

Pool

#SD8374

.......................................

6.50 11/1/53

Freddie

Mac,

Pool

#SD5987

.......................................

6.50 2/1/54

Freddie

Mac,

Pool

#SD8471

.......................................

6.50 10/1/54

Freddie

Mac,

Pool

#SD8386

.......................................

7.00 12/1/53

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

#G07445

...................................

2.50 7/1/43

Freddie

Mac

Gold,

Pool

#G08737

...................................

3.00 12/1/46

Freddie

Mac

Gold,

Pool

#G18601

...................................

3.00 5/1/31

Freddie

Mac

Gold,

Pool

#G18663

...................................

3.00 10/1/32

Freddie

Mac

Gold,

Pool

#G60989

...................................

3.00 12/1/46

Freddie

Mac

Gold,

Pool

#G18518

...................................

3.00 7/1/29

Freddie

Mac

Gold,

Pool

#G15145

...................................

3.00 7/1/29

Freddie

Mac

Gold,

Pool

#G08803

...................................

3.00 3/1/48

Freddie

Mac

Gold,

Pool

#G08635

...................................

3.00 4/1/45

Freddie

Mac

Gold,

Pool

#J36428

....................................

3.00 2/1/32

Freddie

Mac

Gold,

Pool

#G61680

...................................

3.00 4/1/47

Freddie

Mac

Gold,

Pool

#V83453

...................................

3.50 10/1/47

Freddie

Mac

Gold,

Pool

#G61148

...................................

3.50 9/1/47

Freddie

Mac

Gold,

Pool

#G08784

...................................

3.50 10/1/47

Freddie

Mac

Gold,

Pool

#G08761

...................................

3.50 5/1/47

Freddie

Mac

Gold,

Pool

#G08620

...................................

3.50 12/1/44

Freddie

Mac

Gold,

Pool

#G08770

...................................

3.50 7/1/47

Freddie

Mac

Gold,

Pool

#G08687

...................................

3.50 1/1/46

Freddie

Mac

Gold,

Pool

#Q57871

...................................

3.50 8/1/48

Freddie

Mac

Gold,

Pool

#G08636

...................................

3.50 4/1/45

Freddie

Mac

Gold,

Pool

#Q43933

...................................

3.50 10/1/46

Freddie

Mac

Gold,

Pool

#J30284

....................................

3.50 11/1/29

—

Freddie

Mac

Gold,

Pool

#J14069

....................................

3.50 1/1/26

—

Freddie

Mac

Gold,

Pool

#G08698

...................................

3.50 3/1/46

Freddie

Mac

Gold,

Pool

#G08554

...................................

3.50 10/1/43

Freddie

Mac

Gold,

Pool

#G08627

...................................

3.50 2/1/45

Freddie

Mac

Gold,

Pool

#C91395

...................................

4.00 9/1/31

Freddie

Mac

Gold,

Pool

#G08567

...................................

4.00 1/1/44

Freddie

Mac

Gold,

Pool

#G08775

...................................

4.00 8/1/47

Freddie

Mac

Gold,

Pool

#G08771

...................................

4.00 7/1/47

Freddie

Mac

Gold,

Pool

#A96286

...................................

4.00 1/1/41

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac

Gold,

Pool

#G08801

...................................

4.00 2/1/48

$

Freddie

Mac

Gold,

Pool

#G08606

...................................

4.00 9/1/44

Freddie

Mac

Gold,

Pool

#G01890

...................................

4.50 10/1/35

Freddie

Mac

Gold,

Pool

#A97692

...................................

4.50 3/1/41

Freddie

Mac

Gold,

Pool

#Q58217

...................................

4.50 9/1/48

Freddie

Mac

Gold,

Pool

#G08781

...................................

4.50 9/1/47

Freddie

Mac

Gold,

Pool

#C09059

...................................

4.50 3/1/44

Freddie

Mac

Gold,

Pool

#Q52321

...................................

4.50 11/1/47

Freddie

Mac

Gold,

Pool

#G04817

...................................

5.00 9/1/38

Freddie

Mac

Gold,

Pool

#G05904

...................................

5.00 9/1/39

Freddie

Mac

Gold,

Pool

#G01962

...................................

5.00 12/1/35

Freddie

Mac

Gold,

Pool

#G08838

...................................

5.00 9/1/48

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

#MA7986

................

2.00 4/20/52

Government

National

Mortgage

Association,

Pool

#MA6930

................

2.00 10/20/50

Government

National

Mortgage

Association,

Pool

#MA7254

................

2.00 3/20/51

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

#MA7471

................

2.00 7/20/51

Government

National

Mortgage

Association,

Pool

#MA6994

................

2.00 11/20/50

Government

National

Mortgage

Association,

Pool

#MA7588

................

2.00 9/20/51

Government

National

Mortgage

Association,

Pool

#MA7417

................

2.00 6/20/51

Government

National

Mortgage

Association,

Pool

#MA7311

................

2.00 4/20/51

Government

National

Mortgage

Association,

Pool

#MA7826

................

2.00 1/20/52

Government

National

Mortgage

Association,

Pool

#MA7135

................

2.00 1/20/51

Government

National

Mortgage

Association,

Pool

#MA6864

................

2.00 9/20/50

Government

National

Mortgage

Association,

Pool

#MA7366

................

2.00 5/20/51

Government

National

Mortgage

Association,

Pool

#MA7704

................

2.00 11/20/51

Government

National

Mortgage

Association,

Pool

#MA7935

................

2.00 3/20/52

Government

National

Mortgage

Association,

Pool

#MA7766

................

2.00 12/20/51

Government

National

Mortgage

Association,

Pool

#MA7051

................

2.00 12/20/50

Government

National

Mortgage

Association,

Pool

#MA6865

................

2.50 9/20/50

Government

National

Mortgage

Association,

Pool

#MA7418

................

2.50 6/20/51

Government

National

Mortgage

Association,

Pool

#MA6540

................

2.50 3/20/50

Government

National

Mortgage

Association,

Pool

#MA6931

................

2.50 10/20/50

Government

National

Mortgage

Association,

Pool

#MA6995

................

2.50 11/20/50

Government

National

Mortgage

Association,

Pool

#MA6709

................

2.50 6/20/50

Government

National

Mortgage

Association,

Pool

#MA7936

................

2.50 3/20/52

Government

National

Mortgage

Association,

Pool

#MA6655

................

2.50 5/20/50

Government

National

Mortgage

Association,

Pool

#AA8341

................

2.50 2/15/28

Government

National

Mortgage

Association,

Pool

#MA1155

................

2.50 7/20/43

Government

National

Mortgage

Association,

Pool

#MA7589

................

2.50 9/20/51

Government

National

Mortgage

Association,

Pool

#MA7649

................

2.50 10/20/51

Government

National

Mortgage

Association,

Pool

#MA7136

................

2.50 1/20/51

Government

National

Mortgage

Association,

Pool

#MA6819

................

2.50 8/20/50

Government

National

Mortgage

Association,

Pool

#MA7255

................

2.50 3/20/51

Government

National

Mortgage

Association,

Pool

#MA7767

................

2.50 12/20/51

Government

National

Mortgage

Association,

Pool

#MA7193

................

2.50 2/20/51

Government

National

Mortgage

Association,

Pool

#MA4355

................

2.50 4/20/32

Government

National

Mortgage

Association,

Pool

#MA7472

................

2.50 7/20/51

Government

National

Mortgage

Association,

Pool

#MA7534

................

2.50 8/20/51

Government

National

Mortgage

Association,

Pool

#MA7312

................

2.50 4/20/51

Government

National

Mortgage

Association,

Pool

#MA8042

................

2.50 5/20/52

Government

National

Mortgage

Association,

Pool

#MA4068

................

3.00 11/20/46

Government

National

Mortgage

Association,

Pool

#MA3243

................

3.00 11/20/45

Government

National

Mortgage

Association,

Pool

#MA5815

................

3.00 3/20/49

Government

National

Mortgage

Association,

Pool

#MA2520

................

3.00 1/20/45

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Government

National

Mortgage

Association,

Pool

#MA4899

................

3.00 12/20/47

$

Government

National

Mortgage

Association,

Pool

#MA6599

................

3.00 4/20/50

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

#MA6656

................

3.00 5/20/50

Government

National

Mortgage

Association,

Pool

#MA3662

................

3.00 5/20/46

Government

National

Mortgage

Association,

Pool

#MA8098

................

3.00 6/20/52

Government

National

Mortgage

Association,

Pool

#MA7828

................

3.00 1/20/52

Government

National

Mortgage

Association,

Pool

#MA6710

................

3.00 6/20/50

Government

National

Mortgage

Association,

Pool

#MA5018

................

3.00 2/20/48

Government

National

Mortgage

Association,

Pool

#MA2960

................

3.00 7/20/45

Government

National

Mortgage

Association,

Pool

#MA3375

................

3.00 1/20/46

Government

National

Mortgage

Association,

Pool

#MA6283

................

3.00 11/20/49

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

#MA4195

................

3.00 1/20/47

Government

National

Mortgage

Association,

Pool

#MA3802

................

3.00 7/20/46

Government

National

Mortgage

Association,

Pool

#MA4126

................

3.00 12/20/46

Government

National

Mortgage

Association,

Pool

#MA4320

................

3.00 3/20/47

Government

National

Mortgage

Association,

Pool

#MA6766

................

3.00 7/20/50

Government

National

Mortgage

Association,

Pool

#MA4836

................

3.00 11/20/47

Government

National

Mortgage

Association,

Pool

#MA0205

................

3.00 7/20/27

Government

National

Mortgage

Association,

Pool

#MA3873

................

3.00 8/20/46

Government

National

Mortgage

Association,

Pool

#MA3936

................

3.00 9/20/46

Government

National

Mortgage

Association,

Pool

#MA6089

................

3.00 8/20/49

Government

National

Mortgage

Association,

Pool

#MA6474

................

3.00 2/20/50

Government

National

Mortgage

Association,

Pool

#MA6218

................

3.00 10/20/49

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

#MA4261

................

3.00 2/20/47

Government

National

Mortgage

Association,

Pool

#MA0851

................

3.00 3/20/43

Government

National

Mortgage

Association,

Pool

#MA6820

................

3.00 8/20/50

Government

National

Mortgage

Association,

Pool

#AA5897

................

3.00 12/15/42

Government

National

Mortgage

Association,

Pool

#MA1574

................

3.50 1/20/29

Government

National

Mortgage

Association,

Pool

#AB9211

................

3.50 11/15/42

Government

National

Mortgage

Association,

Pool

#MA0699

................

3.50 1/20/43

Government

National

Mortgage

Association,

Pool

#MA3736

................

3.50 6/20/46

Government

National

Mortgage

Association,

Pool

#MA4510

................

3.50 6/20/47

Government

National

Mortgage

Association,

Pool

#MA4127

................

3.50 12/20/46

Government

National

Mortgage

Association,

Pool

#MA5875

................

3.50 4/20/49

Government

National

Mortgage

Association,

Pool

#MA3454

................

3.50 2/20/46

Government

National

Mortgage

Association,

Pool

#AC3938

................

3.50 1/15/43

Government

National

Mortgage

Association,

Pool

#MA3310

................

3.50 12/20/45

Government

National

Mortgage

Association,

Pool

#MA2371

................

3.50 11/20/44

Government

National

Mortgage

Association,

Pool

#MA2826

................

3.50 5/20/45

Government

National

Mortgage

Association,

Pool

#MA2961

................

3.50 7/20/45

Government

National

Mortgage

Association,

Pool

#MA3173

................

3.50 10/20/45

Government

National

Mortgage

Association,

Pool

#MA5191

................

3.50 5/20/48

Government

National

Mortgage

Association,

Pool

#MA1157

................

3.50 7/20/43

Government

National

Mortgage

Association,

Pool

#MA5762

................

3.50 2/20/49

Government

National

Mortgage

Association,

Pool

#MA3597

................

3.50 4/20/46

Government

National

Mortgage

Association,

Pool

#MA2223

................

3.50 9/20/44

Government

National

Mortgage

Association,

Pool

#MA5019

................

3.50 2/20/48

Government

National

Mortgage

Association,

Pool

#MA4382

................

3.50 4/20/47

Government

National

Mortgage

Association,

Pool

#MA6339

................

3.50 12/20/49

Government

National

Mortgage

Association,

Pool

#MA6219

................

3.50 10/20/49

Government

National

Mortgage

Association,

Pool

#MA3874

................

3.50 8/20/46

Government

National

Mortgage

Association,

Pool

#MA4652

................

3.50 8/20/47

Government

National

Mortgage

Association,

Pool

#MA4586

................

3.50 7/20/47

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Government

National

Mortgage

Association,

Pool

#MA3803

................

3.50 7/20/46

$

Government

National

Mortgage

Association,

Pool

#MA3244

................

3.50 11/20/45

Government

National

Mortgage

Association,

Pool

#MA4778

................

3.50 10/20/47

Government

National

Mortgage

Association,

Pool

#MA4837

................

3.50 11/20/47

Government

National

Mortgage

Association,

Pool

#MA8199

................

3.50 8/20/52

Government

National

Mortgage

Association,

Pool

#MA4321

................

3.50 3/20/47

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

#MA4004

................

3.50 10/20/46

Government

National

Mortgage

Association,

Pool

#MA5710

................

4.00 1/20/49

Government

National

Mortgage

Association,

Pool

#MA9962

................

4.00 10/20/54

Government

National

Mortgage

Association,

Pool

#MA5986

................

4.00 6/20/49

Government

National

Mortgage

Association,

Pool

#MA5595

................

4.00 11/20/48

Government

National

Mortgage

Association,

Pool

#MA5651

................

4.00 12/20/48

Government

National

Mortgage

Association,

Pool

#MA5466

................

4.00 9/20/48

Government

National

Mortgage

Association,

Pool

#MA3245

................

4.00 11/20/45

Government

National

Mortgage

Association,

Pool

#MA3377

................

4.00 1/20/46

Government

National

Mortgage

Association,

Pool

#MA3522

................

4.00 3/20/46

Government

National

Mortgage

Association,

Pool

#MA4263

................

4.00 2/20/47

Government

National

Mortgage

Association,

Pool

#MA4322

................

4.00 3/20/47

Government

National

Mortgage

Association,

Pool

#MA6091

................

4.00 8/20/49

Government

National

Mortgage

Association,

Pool

#MA3737

................

4.00 6/20/46

Government

National

Mortgage

Association,

Pool

#MA1996

................

4.00 6/20/44

Government

National

Mortgage

Association,

Pool

#MA8200

................

4.00 8/20/52

Government

National

Mortgage

Association,

Pool

#MA4653

................

4.00 8/20/47

Government

National

Mortgage

Association,

Pool

#MA1091

................

4.00 6/20/43

Government

National

Mortgage

Association,

Pool

#MA8488

................

4.00 12/20/52

Government

National

Mortgage

Association,

Pool

#MA4511

................

4.00 6/20/47

Government

National

Mortgage

Association,

Pool

#MA6040

................

4.00 7/20/49

Government

National

Mortgage

Association,

Pool

#MA9302

................

4.00 11/20/53

Government

National

Mortgage

Association,

Pool

#MA5876

................

4.00 4/20/49

Government

National

Mortgage

Association,

Pool

#MA5596

................

4.50 11/20/48

Government

National

Mortgage

Association,

Pool

#MA5399

................

4.50 8/20/48

Government

National

Mortgage

Association,

Pool

#MA4721

................

4.50 9/20/47

Government

National

Mortgage

Association,

Pool

#MA5193

................

4.50 5/20/48

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

#MA5764

................

4.50 2/20/49

Government

National

Mortgage

Association,

Pool

#4801

..................

4.50 9/20/40

Government

National

Mortgage

Association,

Pool

#MA2373

................

4.50 11/20/44

Government

National

Mortgage

Association,

Pool

#MA2756

................

4.50 4/20/45

Government

National

Mortgage

Association,

Pool

#721760

.................

4.50 8/15/40

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

#MA8724

................

4.50 3/20/53

Government

National

Mortgage

Association,

Pool

#MA9486

................

4.50 2/20/54

Government

National

Mortgage

Association,

Pool

#MA9849

................

4.50 8/20/54

Government

National

Mortgage

Association,

Pool

#MA5987

................

4.50 6/20/49

Government

National

Mortgage

Association,

Pool

#MA9170

................

5.00 9/20/53

Government

National

Mortgage

Association,

Pool

#MA5530

................

5.00 10/20/48

Government

National

Mortgage

Association,

Pool

#MB0204

................

5.00 2/20/55

Government

National

Mortgage

Association,

Pool

#697946

.................

5.00 3/15/39

Government

National

Mortgage

Association,

Pool

#MA8800

................

5.00 4/20/53

Government

National

Mortgage

Association,

Pool

#4559

..................

5.00 10/20/39

Government

National

Mortgage

Association,

Pool

#MB0307

................

5.00 4/20/55

Government

National

Mortgage

Association,

Pool

#MA5933

................

5.00 5/20/49

Government

National

Mortgage

Association,

Pool

#MA5988

................

5.00 6/20/49

Government

National

Mortgage

Association,

Pool

#MB0146

................

5.00 1/20/55

Government

National

Mortgage

Association,

Pool

#MA5653

................

5.00 12/20/48

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Government

National

Mortgage

Association,

Pool

#MA8428

................

5.00 11/20/52

$

Government

National

Mortgage

Association,

Pool

#MA9016

................

5.00 7/20/53

Government

National

Mortgage

Association,

Pool

#MB0025

................

5.00 11/20/54

Government

National

Mortgage

Association,

Pool

#MA9668

................

5.50 5/20/54

Government

National

Mortgage

Association,

Pool

#MB0424

................

5.50 6/20/55

Government

National

Mortgage

Association,

Pool

#MB0556

................

5.50 8/20/55

Government

National

Mortgage

Association,

Pool

#MB0259

................

5.50 3/20/55

Government

National

Mortgage

Association,

Pool

#MA9965

................

5.50 10/20/54

Government

National

Mortgage

Association,

Pool

#MB0092

................

5.50 12/20/54

Government

National

Mortgage

Association,

Pool

#MA9362

................

5.50 12/20/53

Government

National

Mortgage

Association,

Pool

#MA9541

................

5.50 3/20/54

Government

National

Mortgage

Association,

Pool

#MA9305

................

5.50 11/20/53

Government

National

Mortgage

Association,

Pool

#MA9017

................

5.50 7/20/53

Government

National

Mortgage

Association,

Pool

#MA9488

................

5.50 2/20/54

Government

National

Mortgage

Association,

Pool

#MA8570

................

5.50 1/20/53

Government

National

Mortgage

Association,

Pool

#MB0308

................

5.50 4/20/55

Government

National

Mortgage

Association,

Pool

#MB0309

................

6.00 4/20/55

Government

National

Mortgage

Association,

Pool

#MA9966

................

6.00 10/20/54

Government

National

Mortgage

Association,

Pool

#MB0260

................

6.00 3/20/55

Government

National

Mortgage

Association,

Pool

#MA9852

................

6.00 8/20/54

Government

National

Mortgage

Association,

Pool

#MA9542

................

6.00 3/20/54

Government

National

Mortgage

Association,

Pool

#MA9018

................

6.00 7/20/53

Government

National

Mortgage

Association,

Pool

#MA9606

................

6.00 4/20/54

Government

National

Mortgage

Association,

Pool

#MA9424

................

6.00 1/20/54

Government

National

Mortgage

Association,

Pool

#MA9907

................

6.00 9/20/54

Government

National

Mortgage

Association,

Pool

#MB0148

................

6.00 1/20/55

Government

National

Mortgage

Association,

Pool

#MA9727

................

6.50 6/20/54

Government

National

Mortgage

Association,

YR

TBA

..................

2.00 1/20/56

Government

National

Mortgage

Association,

YR

TBA

..................

2.50 1/20/56

Government

National

Mortgage

Association,

YR

TBA

..................

3.00 1/20/56

Government

National

Mortgage

Association,

YR

TBA

..................

3.50 1/20/56

Government

National

Mortgage

Association,

YR

TBA

..................

4.50 1/20/56

Government

National

Mortgage

Association,

YR

TBA

..................

5.00 1/20/56

Government

National

Mortgage

Association,

YR

TBA

..................

5.00 2/20/55

Government

National

Mortgage

Association,

YR

TBA

..................

5.50 1/20/56

Government

National

Mortgage

Association,

YR

TBA

..................

5.50 2/20/56

Government

National

Mortgage

Association,

YR

TBA

..................

6.00 2/20/55

Government

National

Mortgage

Association,

YR

TBA

..................

6.50 1/20/56

Government

National

Mortgage

Association,

YR

TBA

..................

7.00 1/20/55

Total

U.S.

Government

Agency

Mortgages

(cost

$11,210)

................

10,382

U.S.

Government

Agency

Securities

—

0.28%

Fannie

Mae

...................................................

0.75 10/8/27

Fannie

Mae,

Callable

3/18/26

@

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

1/13/26

@

100.00 .........

1.55 7/26/30

Federal

Farm

Credit

Banks

Funding

Corp.

.............................

4.13 1/25/27

Federal

Home

Loan

Banks,

Callable

2/26/26

@

100.00 ....................

0.90 2/26/27

Federal

Home

Loan

Banks

........................................

3.25 11/16/28

Federal

Home

Loan

Banks

........................................

3.50 10/4/27

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

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Securities

(continued)

$

Tennessee

Valley

Authority

........................................

4.25 9/15/52

$

Total

U.S.

Government

Agency

Securities

(cost

$316)

...................

Corporate

Bonds

—

11.83%

AbbVie,

Inc.

(Biotechnology)

.....................................

4.40 11/6/42

AbbVie,

Inc.

(Biotechnology),

Callable

9/15/63

@

100.00 .................

5.50 3/15/64

Alabama

Power

Co.,

Series

B

(Electric

Utilities),

Callable

6/1/47

@

100.00 .....

3.70 12/1/47

American

Express

Co.

(Consumer

Finance),

Callable

4/25/35

@

100.00 .......

5.67 (SOFR

+

bps)(c)

4/25/36

Amgen,

Inc.

(Biotechnology),

Callable

11/25/30

@

100.00 .................

2.30 2/25/31

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

Arthur

J

Gallagher

&

Co

(Insurance),

Callable

9/9/51

@

100.00 .............

3.05 3/9/52

Arthur

J

Gallagher

&

Co

(Insurance),

Callable

11/15/34

@

100.00 ...........

5.15 2/15/35

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

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

1/1/32

@

100.00 ................................................

5.25 4/21/32

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

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

1/16/26

@

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

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Corporate

Bonds

(continued)

$

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

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

(Specialized

REITs),

Callable

11/15/28

@

100.00 ..

2.00 1/15/29

COPT

Defense

Properties

LP

(Office

REITs),

Callable

9/15/30

@

100.00 .......

4.50 10/15/30

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

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

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

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

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Corporate

Bonds

(continued)

$

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

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

News

Corp.

(Media),

Callable

1/16/26

@

100.97 (d)

......................

3.88 5/15/29

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

Ovintiv,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

..........................

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

Reliance,

Inc.

(Metals

&

Mining),

Callable

5/15/30

@

100.00 ...............

2.15 8/15/30

RELX

Capital,

Inc.

(Financial

Services),

Callable

2/20/32

@

100.00 ..........

4.75 5/20/32

Rockwell

Collins,

Inc.

(Aerospace

&

Defense),

Callable

12/15/26

@

100.00 ....

3.50 3/15/27

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Corporate

Bonds

(continued)

$

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

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

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.

(Consumer

Finance)

........................

4.80 1/5/34

Truist

Financial

Corp.,

MTN

(Banks),

Callable

10/23/35

@

100.00 ..........

4.96 (SOFR

+

bps)(c)

10/23/36

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)

..........................

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

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Corporate

Bonds

(continued)

$

WestRock

MWV

LLC

(Containers

&

Packaging)

.......................

8.20 1/15/30

$

Total

Corporate

Bonds

(cost

$13,289)

...............................

13,114

U.S.

Treasury

Obligations

—

26.65%

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 11/15/40

U.S.

Treasury

Bond

.............................................

1.38 8/15/50

U.S.

Treasury

Bond

.............................................

1.63 11/15/50

U.S.

Treasury

Bond

.............................................

1.75 8/15/41

U.S.

Treasury

Bond

.............................................

1.88 2/15/51

U.S.

Treasury

Bond

.............................................

1.88 2/15/41

U.S.

Treasury

Bond

.............................................

1.88 11/15/51

U.S.

Treasury

Bond

.............................................

2.00 11/15/41

U.S.

Treasury

Bond

.............................................

2.00 8/15/51

U.S.

Treasury

Bond

.............................................

2.00 2/15/50

U.S.

Treasury

Bond

.............................................

2.25 5/15/41

U.S.

Treasury

Bond

.............................................

2.25 8/15/46

U.S.

Treasury

Bond

.............................................

2.25 2/15/52

U.S.

Treasury

Bond

.............................................

2.25 8/15/49

U.S.

Treasury

Bond

.............................................

2.38 11/15/49

U.S.

Treasury

Bond

.............................................

2.38 5/15/51

U.S.

Treasury

Bond

.............................................

2.38 2/15/42

U.S.

Treasury

Bond

.............................................

2.50 2/15/45

U.S.

Treasury

Bond

.............................................

2.50 2/15/46

U.S.

Treasury

Bond

.............................................

2.50 5/15/46

U.S.

Treasury

Bond

.............................................

2.75 11/15/47

U.S.

Treasury

Bond

.............................................

2.75 8/15/47

U.S.

Treasury

Bond

.............................................

2.75 11/15/42

U.S.

Treasury

Bond

.............................................

2.88 5/15/43

U.S.

Treasury

Bond

.............................................

2.88 5/15/49

U.S.

Treasury

Bond

.............................................

2.88 11/15/46

U.S.

Treasury

Bond

.............................................

2.88 5/15/52

U.S.

Treasury

Bond

.............................................

2.88 8/15/45

U.S.

Treasury

Bond

.............................................

3.00 8/15/52

U.S.

Treasury

Bond

.............................................

3.00 11/15/44

U.S.

Treasury

Bond

.............................................

3.00 8/15/48

U.S.

Treasury

Bond

.............................................

3.00 11/15/45

U.S.

Treasury

Bond

.............................................

3.00 5/15/47

U.S.

Treasury

Bond

.............................................

3.00 2/15/47

U.S.

Treasury

Bond

.............................................

3.00 5/15/45

U.S.

Treasury

Bond

.............................................

3.00 2/15/48

U.S.

Treasury

Bond

.............................................

3.13 8/15/44

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

.............................................

3.25 5/15/42

U.S.

Treasury

Bond

.............................................

3.38 5/15/44

U.S.

Treasury

Bond

.............................................

3.38 8/15/42

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 5/15/53

U.S.

Treasury

Bond

.............................................

3.63 2/15/53

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

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Treasury

Obligations

(continued)

$

U.S.

Treasury

Bond

.............................................

3.88 5/15/43

$

U.S.

Treasury

Bond

.............................................

3.88 8/15/40

U.S.

Treasury

Bond

.............................................

3.88 2/15/43

U.S.

Treasury

Bond

.............................................

4.00 11/15/52

U.S.

Treasury

Bond

.............................................

4.00 11/15/42

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 8/15/43

U.S.

Treasury

Bond

.............................................

4.38 11/15/39

U.S.

Treasury

Bond

.............................................

4.38 2/15/38

U.S.

Treasury

Bond

.............................................

4.50 2/15/44

U.S.

Treasury

Bond

.............................................

4.50 2/15/36

U.S.

Treasury

Bond

.............................................

4.50 11/15/54

U.S.

Treasury

Bond

.............................................

4.63 2/15/40

U.S.

Treasury

Bond

.............................................

4.63 11/15/55

U.S.

Treasury

Bond

.............................................

4.63 5/15/44

U.S.

Treasury

Bond

.............................................

4.63 2/15/55

U.S.

Treasury

Bond

.............................................

4.63 11/15/44

U.S.

Treasury

Bond

.............................................

4.63 11/15/45

U.S.

Treasury

Bond

.............................................

4.63 5/15/54

U.S.

Treasury

Bond

.............................................

4.75 11/15/43

U.S.

Treasury

Bond

.............................................

4.75 11/15/53

U.S.

Treasury

Bond

.............................................

4.75 2/15/41

U.S.

Treasury

Bond

.............................................

4.75 2/15/37

U.S.

Treasury

Bond

.............................................

4.75 2/15/45

U.S.

Treasury

Bond

.............................................

4.75 8/15/55

U.S.

Treasury

Bond

.............................................

4.75 5/15/55

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 9/30/27

U.S.

Treasury

Note

..............................................

0.38 7/31/27

U.S.

Treasury

Note

..............................................

0.50 8/31/27

U.S.

Treasury

Note

..............................................

0.50 4/30/27

U.S.

Treasury

Note

..............................................

0.50 6/30/27

U.S.

Treasury

Note

..............................................

0.50 10/31/27

U.S.

Treasury

Note

..............................................

0.63 5/15/30

U.S.

Treasury

Note

..............................................

0.63 11/30/27

U.S.

Treasury

Note

..............................................

0.63 12/31/27

U.S.

Treasury

Note

..............................................

0.63 8/15/30

U.S.

Treasury

Note

..............................................

0.63 3/31/27

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 2/15/31

U.S.

Treasury

Note

..............................................

1.13 2/28/27

U.S.

Treasury

Note

..............................................

1.13 2/29/28

U.S.

Treasury

Note

..............................................

1.13 8/31/28

U.S.

Treasury

Note

..............................................

1.25 3/31/28

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Treasury

Obligations

(continued)

$

U.S.

Treasury

Note

..............................................

1.25 9/30/28

$

U.S.

Treasury

Note

..............................................

1.25 4/30/28

U.S.

Treasury

Note

..............................................

1.25 5/31/28

U.S.

Treasury

Note

..............................................

1.25 6/30/28

U.S.

Treasury

Note

..............................................

1.25 8/15/31

U.S.

Treasury

Note

..............................................

1.38 10/31/28

U.S.

Treasury

Note

..............................................

1.38 11/15/31

U.S.

Treasury

Note

..............................................

1.38 12/31/28

U.S.

Treasury

Note

..............................................

1.50 2/15/30

U.S.

Treasury

Note

..............................................

1.50 11/30/28

U.S.

Treasury

Note

..............................................

1.50 1/31/27

U.S.

Treasury

Note

..............................................

1.63 5/15/31

U.S.

Treasury

Note

..............................................

1.75 1/31/29

U.S.

Treasury

Note

..............................................

1.75 11/15/29

U.S.

Treasury

Note

..............................................

1.88 2/28/29

U.S.

Treasury

Note

..............................................

1.88 2/15/32

U.S.

Treasury

Note

..............................................

1.88 2/28/27

U.S.

Treasury

Note

..............................................

2.25 2/15/27

U.S.

Treasury

Note

..............................................

2.25 8/15/27

U.S.

Treasury

Note

..............................................

2.25 11/15/27

U.S.

Treasury

Note

..............................................

2.38 5/15/29

U.S.

Treasury

Note

..............................................

2.38 5/15/27

U.S.

Treasury

Note

..............................................

2.38 3/31/29

U.S.

Treasury

Note

..............................................

2.50 3/31/27

U.S.

Treasury

Note

..............................................

2.63 2/15/29

U.S.

Treasury

Note

..............................................

2.63 7/31/29

U.S.

Treasury

Note

..............................................

2.63 5/31/27

U.S.

Treasury

Note

..............................................

2.75 8/15/32

U.S.

Treasury

Note

..............................................

2.75 7/31/27

U.S.

Treasury

Note

..............................................

2.75 5/31/29

U.S.

Treasury

Note

..............................................

2.75 2/15/28

U.S.

Treasury

Note

..............................................

2.75 4/30/27

U.S.

Treasury

Note

..............................................

2.88 5/15/28

U.S.

Treasury

Note

..............................................

2.88 4/30/29

U.S.

Treasury

Note

..............................................

2.88 8/15/28

U.S.

Treasury

Note

..............................................

2.88 5/15/32

U.S.

Treasury

Note

..............................................

3.13 11/15/28

U.S.

Treasury

Note

..............................................

3.13 8/31/29

U.S.

Treasury

Note

..............................................

3.13 8/31/27

U.S.

Treasury

Note

..............................................

3.25 6/30/27

U.S.

Treasury

Note

..............................................

3.25 6/30/29

U.S.

Treasury

Note

..............................................

3.38 11/30/27

U.S.

Treasury

Note

..............................................

3.38 5/15/33

U.S.

Treasury

Note

..............................................

3.38 12/31/27

U.S.

Treasury

Note

..............................................

3.38 9/15/28

U.S.

Treasury

Note

..............................................

3.38 9/15/27

U.S.

Treasury

Note

..............................................

3.50 12/15/28

U.S.

Treasury

Note

..............................................

3.50 11/15/28

U.S.

Treasury

Note

..............................................

3.50 11/30/30

U.S.

Treasury

Note

..............................................

3.50 9/30/29

U.S.

Treasury

Note

..............................................

3.50 2/15/33

U.S.

Treasury

Note

..............................................

3.50 9/30/27

U.S.

Treasury

Note

..............................................

3.50 1/31/28

U.S.

Treasury

Note

..............................................

3.50 4/30/30

U.S.

Treasury

Note

..............................................

3.50 4/30/28

U.S.

Treasury

Note

..............................................

3.50 10/31/27

U.S.

Treasury

Note

..............................................

3.50 1/31/30

U.S.

Treasury

Note

..............................................

3.50 10/15/28

U.S.

Treasury

Note

..............................................

3.63 9/30/30

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Treasury

Obligations

(continued)

$

U.S.

Treasury

Note

..............................................

3.63 3/31/30

$

U.S.

Treasury

Note

..............................................

3.63 9/30/31

U.S.

Treasury

Note

..............................................

3.63 12/31/30

U.S.

Treasury

Note

..............................................

3.63 5/31/28

U.S.

Treasury

Note

..............................................

3.63 3/31/28

U.S.

Treasury

Note

..............................................

3.63 10/31/30

U.S.

Treasury

Note

..............................................

3.63 8/31/29

U.S.

Treasury

Note

..............................................

3.63 8/15/28

U.S.

Treasury

Note

..............................................

3.63 8/31/27

U.S.

Treasury

Note

..............................................

3.63 8/31/30

U.S.

Treasury

Note

..............................................

3.75 6/30/27

U.S.

Treasury

Note

..............................................

3.75 5/31/30

U.S.

Treasury

Note

..............................................

3.75 8/15/27

U.S.

Treasury

Note

..............................................

3.75 6/30/30

U.S.

Treasury

Note

..............................................

3.75 12/31/30

U.S.

Treasury

Note

..............................................

3.75 4/15/28

U.S.

Treasury

Note

..............................................

3.75 8/31/31

U.S.

Treasury

Note

..............................................

3.75 12/31/28

U.S.

Treasury

Note

..............................................

3.75 10/31/32

U.S.

Treasury

Note

..............................................

3.75 5/15/28

U.S.

Treasury

Note

..............................................

3.75 4/30/27

U.S.

Treasury

Note

..............................................

3.75 11/30/32

U.S.

Treasury

Note

..............................................

3.88 3/15/28

U.S.

Treasury

Note

..............................................

3.88 8/31/32

U.S.

Treasury

Note

..............................................

3.88 4/30/30

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 5/31/27

U.S.

Treasury

Note

..............................................

3.88 7/31/27

U.S.

Treasury

Note

..............................................

3.88 9/30/32

U.S.

Treasury

Note

..............................................

3.88 8/15/34

U.S.

Treasury

Note

..............................................

3.88 9/30/29

U.S.

Treasury

Note

..............................................

3.88 6/15/28

U.S.

Treasury

Note

..............................................

3.88 7/15/28

U.S.

Treasury

Note

..............................................

3.88 12/31/32

U.S.

Treasury

Note

..............................................

3.88 7/31/30

U.S.

Treasury

Note

..............................................

3.88 11/30/29

U.S.

Treasury

Note

..............................................

3.88 12/31/27

U.S.

Treasury

Note

..............................................

3.88 3/31/27

U.S.

Treasury

Note

..............................................

3.88 11/30/27

U.S.

Treasury

Note

..............................................

3.88 12/31/29

U.S.

Treasury

Note

..............................................

4.00 5/31/30

U.S.

Treasury

Note

..............................................

4.00 7/31/30

U.S.

Treasury

Note

..............................................

4.00 1/31/29

U.S.

Treasury

Note

..............................................

4.00 1/15/27

U.S.

Treasury

Note

..............................................

4.00 10/31/29

U.S.

Treasury

Note

..............................................

4.00 2/15/34

U.S.

Treasury

Note

..............................................

4.00 6/30/32

U.S.

Treasury

Note

..............................................

4.00 7/31/32

U.S.

Treasury

Note

..............................................

4.00 1/31/31

U.S.

Treasury

Note

..............................................

4.00 12/15/27

U.S.

Treasury

Note

..............................................

4.00 11/15/35

U.S.

Treasury

Note

..............................................

4.00 7/31/29

U.S.

Treasury

Note

..............................................

4.00 6/30/28

U.S.

Treasury

Note

..............................................

4.00 3/31/30

U.S.

Treasury

Note

..............................................

4.00 2/29/28

U.S.

Treasury

Note

..............................................

4.00 4/30/32

U.S.

Treasury

Note

..............................................

4.00 2/28/30

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Treasury

Obligations

(continued)

$

U.S.

Treasury

Note

..............................................

4.13 3/31/29

$

U.S.

Treasury

Note

..............................................

4.13 9/30/27

U.S.

Treasury

Note

..............................................

4.13 3/31/31

U.S.

Treasury

Note

..............................................

4.13 2/28/27

U.S.

Treasury

Note

..............................................

4.13 7/31/28

U.S.

Treasury

Note

..............................................

4.13 1/31/27

U.S.

Treasury

Note

..............................................

4.13 2/29/32

U.S.

Treasury

Note

..............................................

4.13 2/15/27

U.S.

Treasury

Note

..............................................

4.13 11/15/32

U.S.

Treasury

Note

..............................................

4.13 11/15/27

U.S.

Treasury

Note

..............................................

4.13 11/30/29

U.S.

Treasury

Note

..............................................

4.13 10/31/31

U.S.

Treasury

Note

..............................................

4.13 3/31/32

U.S.

Treasury

Note

..............................................

4.13 7/31/31

U.S.

Treasury

Note

..............................................

4.13 10/31/29

U.S.

Treasury

Note

..............................................

4.13 5/31/32

U.S.

Treasury

Note

..............................................

4.13 8/31/30

U.S.

Treasury

Note

..............................................

4.13 11/30/31

U.S.

Treasury

Note

..............................................

4.13 10/31/27

U.S.

Treasury

Note

..............................................

4.25 8/15/35

U.S.

Treasury

Note

..............................................

4.25 2/28/29

U.S.

Treasury

Note

..............................................

4.25 11/15/34

U.S.

Treasury

Note

..............................................

4.25 1/31/30

U.S.

Treasury

Note

..............................................

4.25 5/15/35

U.S.

Treasury

Note

..............................................

4.25 6/30/31

U.S.

Treasury

Note

..............................................

4.25 6/30/29

U.S.

Treasury

Note

..............................................

4.25 3/15/27

U.S.

Treasury

Note

..............................................

4.25 2/15/28

U.S.

Treasury

Note

..............................................

4.25 2/28/31

U.S.

Treasury

Note

..............................................

4.25 1/15/28

U.S.

Treasury

Note

..............................................

4.38 1/31/32

U.S.

Treasury

Note

..............................................

4.38 7/15/27

U.S.

Treasury

Note

..............................................

4.38 11/30/30

U.S.

Treasury

Note

..............................................

4.38 8/31/28

U.S.

Treasury

Note

..............................................

4.38 12/31/29

U.S.

Treasury

Note

..............................................

4.38 5/15/34

U.S.

Treasury

Note

..............................................

4.38 11/30/28

U.S.

Treasury

Note

..............................................

4.50 5/31/29

U.S.

Treasury

Note

..............................................

4.50 12/31/31

U.S.

Treasury

Note

..............................................

4.50 5/15/27

U.S.

Treasury

Note

..............................................

4.50 4/15/27

U.S.

Treasury

Note

..............................................

4.50 11/15/33

U.S.

Treasury

Note

..............................................

4.63 4/30/31

U.S.

Treasury

Note

..............................................

4.63 9/30/28

U.S.

Treasury

Note

..............................................

4.63 9/30/30

U.S.

Treasury

Note

..............................................

4.63 2/15/35

U.S.

Treasury

Note

..............................................

4.63 4/30/29

U.S.

Treasury

Note

..............................................

4.63 6/15/27

U.S.

Treasury

Note

..............................................

4.63 5/31/31

U.S.

Treasury

Note

..............................................

4.88 10/31/30

U.S.

Treasury

Note

..............................................

4.88 10/31/28

Total

U.S.

Treasury

Obligations

(cost

$30,556)

........................

29,546

Yankee

Dollars

—

0.67%

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

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Yankee

Dollars

(continued)

$

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

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

$748)

...................................

746

Shares

Investment

Companies

—

50.38%

Domestic

Fixed

Income

—

32.91%

1,044,844

iShares

U.S.

Treasury

Bond

ETF

....................................

24,057

184,195

State

Street

SPDR

Portfolio

Corporate

Bond

ETF

........................

5,404

117,091

Vanguard

Intermediate-Term

Treasury

ETF

............................

7,017

36,478

Money

Market

Funds

—

17.47%

89,077

State

Street

Institutional

Treasury

Money

Market

Fund,

Premier

Class

.........

3.70(e)

19,277,037

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

........

3.68(e)

19,278

19,367

Total

Investment

Companies

(cost

$55,190)

...........................

55,845

Total

Investments

(cost

$112,130)

—

99.88%

..........................

110,733

Other

assets

in

excess

of

liabilities

—

0.12%

..........................

Net

Assets

—

100.00%

..........................................

$

110,863

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

December

31,

2025. (b) Zero

Coupon

Security.

Effective

rate

shown

is

as

of

December

31,

2025. (c) Variable

Rate

Security.

The

rate

disclosed

is

the

rate

in

effect

on

December

31,

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

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(concluded)

—

December

31,

2025

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

December

31,

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

...........................................................

—

0.55 %

—

—

0.55 %

U.S.

Government

Agency

Mortgages

....................................................................

—

9.36 %

—

—

9.36 %

U.S.

Government

Agency

Securities

.....................................................................

—

0.28 %

—

—

0.28 %

Corporate

Bonds

.....................................................................................................

11.83 %

—

—

—

11.83 %

U.S.

Treasury

Obligations

......................................................................................

—

26.65 %

—

—

26.65 %

Yankee

Dollars

.......................................................................................................

0.67 %

—

—

—

0.67 %

Investment

Companies

...........................................................................................

0.08 %

1.02 %

47.07 %

2.21 %

50.38 %

Other

Assets

(Liabilities)

........................................................................................

0.16 %

-0.71

%

0.66 %

0.01 %

0.12 %

Total

Net

Assets

.................................................................................................

12.74 %

37.31 %

47.73 %

2.22 %

100.00 %

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

December

31,

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

..................

3/20/26

$

11,581

$

(20) 30

Year

US

Treasury

Bond

Future

..................

3/20/26

5,780

(6) $

17,361

$

(26) Total

Unrealized

Appreciation

.....................

$

—

Total

Unrealized

Depreciation

.....................

(26) Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

(26) \*

Cash

has

been

pledged

as

collateral

for

futures

contracts

held

by

the

Portfolio.

HC

CAPITAL

TRUST

The

Corporate

Opportunities

Portfolio

Portfolio

of

Investments

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Rate

%

Maturity

Date

Value

(000) Common

Stocks

—

0.62%

1,740,900

ACC

Claims

Holding

LLC

(Financial

Services)^(a)(b)

....................

$

–

1,310

Blackstone,

Inc.

(Capital

Markets)

...................................

83,381

Chrysalis

Investments

Ltd.

(Financial

Services)(c)(d)

.....................

1,562

KKR

&

Co.,

Inc.

(Capital

Markets)

..................................

83,535

Molten

Ventures

PLC

(Capital

Markets)(d)

.............................

566

3,695

The

Carlyle

Group,

Inc.

(Capital

Markets)

.............................

Total

Common

Stocks

(cost

$1,092)

.................................

1,318

Investment

Companies

—

97.12%

Domestic

Equity

Funds

—

13.97%

412,800

Invesco

S&P

500

Low

Volatility

ETF

.................................

29,482

International

Equity

Funds

—

25.58%

50,447

3i

Infrastructure

PLC

............................................

363,095

Augmentum

Fintech

PLC(d)

.......................................

28,194

CT

Private

Equity

Trust

PLC

.......................................

149,835

HarbourVest

Global

Private

Equity

Ltd.(d)

.............................

6,314

131,883

HgCapital

Trust

PLC

............................................

899

131,950

ICG

Enterprise

Trust

PLC

.........................................

2,639

36,000

Literacy

Capital

PLC

............................................

160,881

NB

Private

Equity

Partners

Ltd.

....................................

3,501

208,786

Oakley

Capital

Investments

Ltd.

....................................

1,604

118,686

Partners

Group

Private

Equity

Ltd.

..................................

1,457

1,238,940

The

Pantheon

International

PLC(d)

..................................

6,312

360,700

Vanguard

FTSE

Europe

ETF

.......................................

30,158

53,982

Money

Market

Funds

—

57.57%

1,177,000

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares^^

..........

3.63(e)

1,177

119,722,700

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

........

3.68(e)

119,722

621,981

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Administrative

Class

....................................................

3.49(e)

622

121,521

Total

Investment

Companies

(cost

$200,113)

..........................

204,985

Total

Investments

(cost

$201,205)

—

97.74%

.........................

206,303

Other

assets

in

excess

of

liabilities

—

2.26%

..........................

4,763

Net

Assets

—

100.00%

..........................................

$

211,066

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

^

All

or

part

of

this

security

was

on

loan

as

of

December

31,

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

December

31,

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) Represents

non-income

producing

security.

HC

CAPITAL

TRUST

The

Corporate

Opportunities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

December

31,

2025. (e) Annualized

7-day

yield

as

of

period-end.

ETF—Exchange-Traded

Fund

The

Corporate

Opportunities

Portfolio

City

of

London

Investment

Management

Company,

Limited

Parametric

Portfolio

Associates,

LLC

HC

Capital

Solutions

Total

Common

Stocks

...............................................................................................................................

0.62 %

—

—

0.62 %

Investment

Companies

.....................................................................................................................

11.58 %

85.53 %

0.01 %

97.12 %

Other

Assets

(Liabilities)

.................................................................................................................

-0.05

%

2.29 %

0.02 %

2.26 %

Total

Net

Assets

..........................................................................................................................

12.15 %

87.82 %

0.03 %

100.00 %

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

December

31,

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

3/20/26

$

60,829

$

(108) 5

Year

US

Treasury

Note

Future

..............................

588

3/31/26

64,271

(4) $

125,100

$

(112) Total

Unrealized

Appreciation

.....................

$

—

Total

Unrealized

Depreciation

.....................

(112) Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

(112) \*

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

December

31,

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

3.17 $

76,000

$

(5,791)

$

(5,785)

$

(6) $

(5,791)

$

(5,785)

$

(6) (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.

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

Corporate

Opportunities

Portfolio

Portfolio

of

Investments

(concluded)

—

December

31,

2025

(Unaudited)

(b) Implied

credit

spread,

represented

in

absolute

terms,

utilized

in

determining

the

value

of

the

credit

default

swap

agreements

as

of

period

end

will

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

or

other

credit

event

for

the

credit

derivative.

The

implied

credit

spread

of

a

referenced

entity

reflects

the

cost

of

buying/selling

protection

and

may

include

payments

required

to

be

made

to

enter

into

the

agreement.

Generally,

wider

credit

spreads

represent

a

perceived

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

swap

agreement.

(c) The

notional

amount

represents

the

maximum

potential

amount

the

Fund

may

receive

as

a

buyer

of

credit

protection

if

a

credit

event

occurs,

as

defined

under

the

terms

of

the

swap

agreement,

for

each

security

included

in

the

CDX

North

America

High

Yield

Index.

HC

CAPITAL

TRUST

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Securities

—

0.56%

$

Fannie

Mae

...................................................

0.75 10/8/27

$

Fannie

Mae,

Callable

3/18/26

@

100.00 ...............................

0.88 12/18/26

Fannie

Mae

...................................................

0.88 8/5/30

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

1/13/26

@

100.00 .........

1.24 12/23/30

Federal

Farm

Credit

Banks

Funding

Corp.,

Callable

1/13/26

@

100.00 .........

1.55 7/26/30

Federal

Farm

Credit

Banks

Funding

Corp.

.............................

3.75 7/3/28

Federal

Farm

Credit

Banks

Funding

Corp.,

Callable

3/12/26

@

100.00 .........

4.89 9/12/33

Federal

Home

Loan

Banks

........................................

1.25 12/21/26

Federal

Home

Loan

Banks

........................................

3.25 6/9/28

Federal

Home

Loan

Banks

........................................

3.50 10/4/27

500

Federal

Home

Loan

Banks

........................................

3.50 9/9/27

501

Federal

Home

Loan

Banks

........................................

3.88 6/4/27

Federal

Home

Loan

Banks

........................................

4.00 6/30/28

Federal

Home

Loan

Banks

........................................

4.75 4/9/27

Federal

Home

Loan

Banks

........................................

5.50 7/15/36

Freddie

Mac

..................................................

0.00(a)

11/15/38

1,000

Freddie

Mac,

Callable

6/18/26

@

100.00 ..............................

4.75 12/18/29

1,006

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

$6,797)

..................

6,719

U.S.

Treasury

Obligations

—

52.28%

2,305

U.S.

Treasury

Bond

.............................................

1.13 5/15/40

1,465

3,765

U.S.

Treasury

Bond

.............................................

1.13 8/15/40

2,368

2,660

U.S.

Treasury

Bond

.............................................

1.25 5/15/50

1,276

3,505

U.S.

Treasury

Bond

.............................................

1.38 11/15/40

2,279

5,190

U.S.

Treasury

Bond

.............................................

1.38 8/15/50

2,558

2,995

U.S.

Treasury

Bond

.............................................

1.63 11/15/50

1,577

3,125

U.S.

Treasury

Bond

.............................................

1.75 8/15/41

2,113

3,315

U.S.

Treasury

Bond

.............................................

1.88 2/15/41

2,319

3,295

U.S.

Treasury

Bond

.............................................

1.88 2/15/51

1,845

2,215

U.S.

Treasury

Bond

.............................................

1.88 11/15/51

1,228

3,320

U.S.

Treasury

Bond

.............................................

2.00 11/15/41

2,321

3,520

U.S.

Treasury

Bond

.............................................

2.00 2/15/50

2,069

4,335

U.S.

Treasury

Bond

.............................................

2.00 8/15/51

2,490

2,485

U.S.

Treasury

Bond

.............................................

2.25 8/15/46

1,638

3,010

U.S.

Treasury

Bond

.............................................

2.25 2/15/52

1,831

1,850

U.S.

Treasury

Bond

.............................................

2.25 8/15/49

1,163

2,350

U.S.

Treasury

Bond

.............................................

2.25 5/15/41

1,732

1,475

U.S.

Treasury

Bond

.............................................

2.38 11/15/49

950

1,880

U.S.

Treasury

Bond

.............................................

2.38 2/15/42

1,386

3,860

U.S.

Treasury

Bond

.............................................

2.38 5/15/51

2,438

2,450

U.S.

Treasury

Bond

.............................................

2.50 5/15/46

1,702

2,410

U.S.

Treasury

Bond

.............................................

2.50 2/15/45

1,710

3,005

U.S.

Treasury

Bond

.............................................

2.50 2/15/46

2,096

U.S.

Treasury

Bond

.............................................

2.75 8/15/42

1,995

U.S.

Treasury

Bond

.............................................

2.75 11/15/42

1,535

1,110

U.S.

Treasury

Bond

.............................................

2.75 8/15/47

794

HC

CAPITAL

TRUST

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Treasury

Obligations

(continued)

$

2,320

U.S.

Treasury

Bond

.............................................

2.75 11/15/47

$

1,656

831

U.S.

Treasury

Bond

.............................................

2.88 5/15/43

646

2,350

U.S.

Treasury

Bond

.............................................

2.88 5/15/49

1,690

2,095

U.S.

Treasury

Bond

.............................................

2.88 5/15/52

1,468

1,940

U.S.

Treasury

Bond

.............................................

2.88 8/15/45

1,458

955

U.S.

Treasury

Bond

.............................................

2.88 11/15/46

706

1,370

U.S.

Treasury

Bond

.............................................

3.00 2/15/48

1,022

2,455

U.S.

Treasury

Bond

.............................................

3.00 11/15/44

1,903

1,125

U.S.

Treasury

Bond

.............................................

3.00 5/15/42

907

1,900

U.S.

Treasury

Bond

.............................................

3.00 5/15/45

1,465

600

U.S.

Treasury

Bond

.............................................

3.00 11/15/45

570

U.S.

Treasury

Bond

.............................................

3.00 2/15/49

U.S.

Treasury

Bond

.............................................

3.00 2/15/47

1,075

U.S.

Treasury

Bond

.............................................

3.00 5/15/47

809

1,670

U.S.

Treasury

Bond

.............................................

3.00 8/15/52

1,199

1,460

U.S.

Treasury

Bond

.............................................

3.00 8/15/48

1,083

1,205

U.S.

Treasury

Bond

.............................................

3.13 8/15/44

956

1,177

U.S.

Treasury

Bond

.............................................

3.13 2/15/43

954

1,430

U.S.

Treasury

Bond

.............................................

3.13 5/15/48

1,089

1,000

U.S.

Treasury

Bond

.............................................

3.13 2/15/42

824

1,000

U.S.

Treasury

Bond

.............................................

3.13 11/15/41

828

850

U.S.

Treasury

Bond

.............................................

3.25 5/15/42

710

2,400

U.S.

Treasury

Bond

.............................................

3.38 11/15/48

1,903

1,315

U.S.

Treasury

Bond

.............................................

3.38 8/15/42

1,113

1,695

U.S.

Treasury

Bond

.............................................

3.38 5/15/44

1,401

2,205

U.S.

Treasury

Bond

.............................................

3.63 2/15/44

1,897

1,100

U.S.

Treasury

Bond

.............................................

3.63 2/15/53

893

1,470

U.S.

Treasury

Bond

.............................................

3.63 8/15/43

1,271

3,605

U.S.

Treasury

Bond

.............................................

3.63 5/15/53

2,924

1,220

U.S.

Treasury

Bond

.............................................

3.75 11/15/43

1,071

U.S.

Treasury

Bond

.............................................

3.88 8/15/40

1,275

U.S.

Treasury

Bond

.............................................

3.88 2/15/43

1,150

U.S.

Treasury

Bond

.............................................

3.88 5/15/43

925

U.S.

Treasury

Bond

.............................................

4.00 11/15/52

804

1,525

U.S.

Treasury

Bond

.............................................

4.13 8/15/44

1,403

3,015

U.S.

Treasury

Bond

.............................................

4.13 8/15/53

2,676

2,355

U.S.

Treasury

Bond

.............................................

4.25 2/15/54

2,135

U.S.

Treasury

Bond

.............................................

4.25 5/15/39

4,425

U.S.

Treasury

Bond

.............................................

4.25 8/15/54

4,012

650

U.S.

Treasury

Bond

.............................................

4.25 11/15/40

628

1,180

U.S.

Treasury

Bond

.............................................

4.38 11/15/39

1,165

551

U.S.

Treasury

Bond

.............................................

4.38 5/15/41

538

U.S.

Treasury

Bond

.............................................

4.38 5/15/40

530

U.S.

Treasury

Bond

.............................................

4.38 2/15/38

535

3,055

U.S.

Treasury

Bond

.............................................

4.50 11/15/54

2,889

1,150

U.S.

Treasury

Bond

.............................................

4.50 8/15/39

1,153

U.S.

Treasury

Bond

.............................................

4.50 5/15/38

700

U.S.

Treasury

Bond

.............................................

4.50 2/15/44

679

690

U.S.

Treasury

Bond

.............................................

4.50 2/15/36

712

3,045

U.S.

Treasury

Bond

.............................................

4.63 2/15/55

2,941

2,000

U.S.

Treasury

Bond

.............................................

4.63 11/15/55

1,932

1,450

U.S.

Treasury

Bond

.............................................

4.63 11/15/44

1,424

3,230

U.S.

Treasury

Bond

.............................................

4.63 5/15/54

3,118

U.S.

Treasury

Bond

.............................................

4.63 5/15/44

673

U.S.

Treasury

Bond

.............................................

4.63 2/15/40

681

4,030

U.S.

Treasury

Bond

.............................................

4.75 8/15/55

3,973

3,405

U.S.

Treasury

Bond

.............................................

4.75 5/15/55

3,356

655

U.S.

Treasury

Bond

.............................................

4.75 2/15/45

653

1,500

U.S.

Treasury

Bond

.............................................

4.75 2/15/41

1,529

HC

CAPITAL

TRUST

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Treasury

Obligations

(continued)

$

1,750

U.S.

Treasury

Bond

.............................................

4.75 11/15/43

$

1,753

1,775

U.S.

Treasury

Bond

.............................................

4.75 11/15/53

1,746

520

U.S.

Treasury

Bond

.............................................

4.75 2/15/37

545

1,050

U.S.

Treasury

Bond

.............................................

4.88 8/15/45

1,062

1,150

U.S.

Treasury

Bond

.............................................

5.00 5/15/45

1,183

U.S.

Treasury

Bond

.............................................

5.00 5/15/37

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

591

1,090

U.S.

Treasury

Bond

.............................................

6.25 5/15/30

1,200

U.S.

Treasury

Bond

.............................................

6.38 8/15/27

1,000

U.S.

Treasury

Bond

.............................................

6.63 2/15/27

1,033

3,965

U.S.

Treasury

Note

..............................................

0.38 9/30/27

3,758

2,285

U.S.

Treasury

Note

..............................................

0.38 7/31/27

2,177

2,630

U.S.

Treasury

Note

..............................................

0.50 6/30/27

2,516

2,225

U.S.

Treasury

Note

..............................................

0.50 4/30/27

2,139

1,715

U.S.

Treasury

Note

..............................................

0.50 5/31/27

1,645

3,725

U.S.

Treasury

Note

..............................................

0.50 10/31/27

3,530

1,685

U.S.

Treasury

Note

..............................................

0.50 8/31/27

1,604

2,285

U.S.

Treasury

Note

..............................................

0.63 11/30/27

2,165

3,245

U.S.

Treasury

Note

..............................................

0.63 12/31/27

3,068

4,655

U.S.

Treasury

Note

..............................................

0.63 5/15/30

4,086

6,250

U.S.

Treasury

Note

..............................................

0.63 8/15/30

5,440

1,225

U.S.

Treasury

Note

..............................................

0.63 3/31/27

1,183

3,650

U.S.

Treasury

Note

..............................................

0.75 1/31/28

3,451

6,485

U.S.

Treasury

Note

..............................................

0.88 11/15/30

5,670

3,400

U.S.

Treasury

Note

..............................................

1.00 7/31/28

3,190

5,420

U.S.

Treasury

Note

..............................................

1.13 2/15/31

4,773

4,160

U.S.

Treasury

Note

..............................................

1.13 8/31/28

3,908

1,840

U.S.

Treasury

Note

..............................................

1.13 2/28/27

1,790

4,015

U.S.

Treasury

Note

..............................................

1.13 2/29/28

3,819

2,300

U.S.

Treasury

Note

..............................................

1.25 4/30/28

2,185

3,315

U.S.

Treasury

Note

..............................................

1.25 9/30/28

3,118

3,750

U.S.

Treasury

Note

..............................................

1.25 6/30/28

3,549

1,940

U.S.

Treasury

Note

..............................................

1.25 5/31/28

1,839

790

U.S.

Treasury

Note

..............................................

1.25 3/31/28

752

6,115

U.S.

Treasury

Note

..............................................

1.25 8/15/31

5,330

5,965

U.S.

Treasury

Note

..............................................

1.38 11/15/31

5,199

3,150

U.S.

Treasury

Note

..............................................

1.38 12/31/28

2,957

3,950

U.S.

Treasury

Note

..............................................

1.38 10/31/28

3,722

3,720

U.S.

Treasury

Note

..............................................

1.50 11/30/28

3,511

3,685

U.S.

Treasury

Note

..............................................

1.50 2/15/30

3,386

2,615

U.S.

Treasury

Note

..............................................

1.50 1/31/27

2,559

2,235

U.S.

Treasury

Note

..............................................

1.63 8/15/29

2,087

4,675

U.S.

Treasury

Note

..............................................

1.63 5/15/31

4,190

3,415

U.S.

Treasury

Note

..............................................

1.75 1/31/29

3,236

2,500

U.S.

Treasury

Note

..............................................

1.75 11/15/29

2,335

1,965

U.S.

Treasury

Note

..............................................

1.88 2/28/29

1,867

4,810

U.S.

Treasury

Note

..............................................

1.88 2/15/32

4,293

3,360

U.S.

Treasury

Note

..............................................

1.88 2/28/27

3,298

3,000

U.S.

Treasury

Note

..............................................

2.25 8/15/27

2,942

2,985

U.S.

Treasury

Note

..............................................

2.25 2/15/27

2,943

1,775

U.S.

Treasury

Note

..............................................

2.25 11/15/27

1,736

2,400

U.S.

Treasury

Note

..............................................

2.38 3/31/29

2,313

3,435

U.S.

Treasury

Note

..............................................

2.38 5/15/27

3,383

2,820

U.S.

Treasury

Note

..............................................

2.38 5/15/29

2,712

HC

CAPITAL

TRUST

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Treasury

Obligations

(continued)

$

2,650

U.S.

Treasury

Note

..............................................

2.50 3/31/27

$

2,617

2,745

U.S.

Treasury

Note

..............................................

2.63 2/15/29

2,669

U.S.

Treasury

Note

..............................................

2.63 7/31/29

2,750

U.S.

Treasury

Note

..............................................

2.63 5/31/27

2,717

2,200

U.S.

Treasury

Note

..............................................

2.75 7/31/27

2,175

2,625

U.S.

Treasury

Note

..............................................

2.75 2/15/28

2,585

2,250

U.S.

Treasury

Note

..............................................

2.75 4/30/27

2,228

2,655

U.S.

Treasury

Note

..............................................

2.75 5/31/29

2,584

5,500

U.S.

Treasury

Note

..............................................

2.75 8/15/32

5,131

2,995

U.S.

Treasury

Note

..............................................

2.88 5/15/28

2,952

3,670

U.S.

Treasury

Note

..............................................

2.88 8/15/28

3,611

2,600

U.S.

Treasury

Note

..............................................

2.88 4/30/29

2,543

4,090

U.S.

Treasury

Note

..............................................

2.88 5/15/32

3,859

2,000

U.S.

Treasury

Note

..............................................

3.13 8/31/29

1,967

3,430

U.S.

Treasury

Note

..............................................

3.13 11/15/28

3,392

3,000

U.S.

Treasury

Note

..............................................

3.13 8/31/27

2,983

2,700

U.S.

Treasury

Note

..............................................

3.25 6/30/29

2,670

2,200

U.S.

Treasury

Note

..............................................

3.25 6/30/27

2,192

4,400

U.S.

Treasury

Note

..............................................

3.38 5/15/33

4,234

3,540

U.S.

Treasury

Note

..............................................

3.38 9/15/28

3,526

3,610

U.S.

Treasury

Note

..............................................

3.38 9/15/27

3,604

2,615

U.S.

Treasury

Note

..............................................

3.50 11/15/28

2,612

4,250

U.S.

Treasury

Note

..............................................

3.50 2/15/33

4,133

2,545

U.S.

Treasury

Note

..............................................

3.50 1/31/30

2,531

2,000

U.S.

Treasury

Note

..............................................

3.50 11/30/30

1,981

2,620

U.S.

Treasury

Note

..............................................

3.50 10/15/28

2,618

2,615

U.S.

Treasury

Note

..............................................

3.50 12/15/28

2,612

2,585

U.S.

Treasury

Note

..............................................

3.50 9/30/27

2,586

2,125

U.S.

Treasury

Note

..............................................

3.50 4/30/30

2,110

1,500

U.S.

Treasury

Note

..............................................

3.50 4/30/28

1,500

2,950

U.S.

Treasury

Note

..............................................

3.50 1/31/28

2,951

2,000

U.S.

Treasury

Note

..............................................

3.50 9/30/29

1,991

3,200

U.S.

Treasury

Note

..............................................

3.63 10/31/30

3,188

1,650

U.S.

Treasury

Note

..............................................

3.63 3/31/30

1,647

4,200

U.S.

Treasury

Note

..............................................

3.63 9/30/30

4,186

2,000

U.S.

Treasury

Note

..............................................

3.63 8/31/27

2,004

2,750

U.S.

Treasury

Note

..............................................

3.63 5/31/28

2,757

2,600

U.S.

Treasury

Note

..............................................

3.63 3/31/28

2,607

3,500

U.S.

Treasury

Note

..............................................

3.63 8/31/30

3,489

930

U.S.

Treasury

Note

..............................................

3.63 9/30/31

921

2,375

U.S.

Treasury

Note

..............................................

3.63 8/15/28

2,381

2,700

U.S.

Treasury

Note

..............................................

3.63 8/31/29

2,701

2,520

U.S.

Treasury

Note

..............................................

3.75 8/31/31

2,513

500

U.S.

Treasury

Note

..............................................

3.75 4/30/27

502

2,600

U.S.

Treasury

Note

..............................................

3.75 6/30/30

2,607

2,255

U.S.

Treasury

Note

..............................................

3.75 5/15/28

2,267

1,305

U.S.

Treasury

Note

..............................................

3.75 11/30/32

1,291

3,750

U.S.

Treasury

Note

..............................................

3.75 8/15/27

3,766

3,000

U.S.

Treasury

Note

..............................................

3.75 6/30/27

3,012

2,345

U.S.

Treasury

Note

..............................................

3.75 12/31/30

2,347

2,900

U.S.

Treasury

Note

..............................................

3.75 12/31/28

2,917

2,750

U.S.

Treasury

Note

..............................................

3.75 10/31/32

2,722

2,190

U.S.

Treasury

Note

..............................................

3.75 4/15/28

2,202

2,175

U.S.

Treasury

Note

..............................................

3.75 5/31/30

2,181

2,355

U.S.

Treasury

Note

..............................................

3.88 7/15/28

2,375

1,500

U.S.

Treasury

Note

..............................................

3.88 5/31/27

1,508

1,940

U.S.

Treasury

Note

..............................................

3.88 3/15/28

1,956

2,750

U.S.

Treasury

Note

..............................................

3.88 11/30/27

2,770

1,000

U.S.

Treasury

Note

..............................................

3.88 7/31/27

1,006

HC

CAPITAL

TRUST

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Treasury

Obligations

(continued)

$

1,740

U.S.

Treasury

Note

..............................................

3.88 12/31/29

$

1,755

4,000

U.S.

Treasury

Note

..............................................

3.88 6/30/30

4,031

2,725

U.S.

Treasury

Note

..............................................

3.88 9/30/32

2,719

4,605

U.S.

Treasury

Note

..............................................

3.88 8/15/33

4,572

4,100

U.S.

Treasury

Note

..............................................

3.88 7/31/30

4,132

2,270

U.S.

Treasury

Note

..............................................

3.88 6/15/28

2,290

2,290

U.S.

Treasury

Note

..............................................

3.88 10/15/27

2,305

5,415

U.S.

Treasury

Note

..............................................

3.88 8/15/34

5,337

1,765

U.S.

Treasury

Note

..............................................

3.88 11/30/29

1,780

2,635

U.S.

Treasury

Note

..............................................

3.88 8/31/32

2,630

500

U.S.

Treasury

Note

..............................................

3.88 4/30/30

504

2,500

U.S.

Treasury

Note

..............................................

3.88 12/31/27

2,519

1,400

U.S.

Treasury

Note

..............................................

3.88 9/30/29

1,412

1,500

U.S.

Treasury

Note

..............................................

3.88 3/31/27

1,506

1,200

U.S.

Treasury

Note

..............................................

4.00 5/31/30

1,216

3,545

U.S.

Treasury

Note

..............................................

4.00 11/15/35

3,498

2,000

U.S.

Treasury

Note

..............................................

4.00 7/31/30

2,026

1,750

U.S.

Treasury

Note

..............................................

4.00 10/31/29

1,773

2,800

U.S.

Treasury

Note

..............................................

4.00 2/28/30

2,837

5,000

U.S.

Treasury

Note

..............................................

4.00 2/15/34

4,990

3,400

U.S.

Treasury

Note

..............................................

4.00 7/31/32

3,420

1,950

U.S.

Treasury

Note

..............................................

4.00 1/31/29

1,975

1,985

U.S.

Treasury

Note

..............................................

4.00 1/31/31

2,009

3,050

U.S.

Treasury

Note

..............................................

4.00 1/15/27

3,065

2,000

U.S.

Treasury

Note

..............................................

4.00 3/31/30

2,026

2,500

U.S.

Treasury

Note

..............................................

4.00 2/29/28

2,526

U.S.

Treasury

Note

..............................................

4.00 6/30/32

4,030

U.S.

Treasury

Note

..............................................

4.00 12/15/27

4,069

1,750

U.S.

Treasury

Note

..............................................

4.00 4/30/32

1,763

2,500

U.S.

Treasury

Note

..............................................

4.00 7/31/29

2,533

1,250

U.S.

Treasury

Note

..............................................

4.00 6/30/28

1,265

1,600

U.S.

Treasury

Note

..............................................

4.13 11/30/31

1,625

2,600

U.S.

Treasury

Note

..............................................

4.13 10/31/27

2,629

500

U.S.

Treasury

Note

..............................................

4.13 10/31/29

509

2,030

U.S.

Treasury

Note

..............................................

4.13 11/15/27

2,053

750

U.S.

Treasury

Note

..............................................

4.13 3/31/31

763

1,700

U.S.

Treasury

Note

..............................................

4.13 5/31/32

1,724

6,045

U.S.

Treasury

Note

..............................................

4.13 11/15/32

6,118

725

U.S.

Treasury

Note

..............................................

4.13 2/28/27

730

800

U.S.

Treasury

Note

..............................................

4.13 7/31/28

812

1,700

U.S.

Treasury

Note

..............................................

4.13 3/31/29

1,729

2,500

U.S.

Treasury

Note

..............................................

4.13 11/30/29

2,544

2,900

U.S.

Treasury

Note

..............................................

4.13 8/31/30

2,952

900

U.S.

Treasury

Note

..............................................

4.13 10/31/31

914

2,500

U.S.

Treasury

Note

..............................................

4.13 9/30/27

2,527

3,230

U.S.

Treasury

Note

..............................................

4.13 2/15/27

3,251

1,835

U.S.

Treasury

Note

..............................................

4.13 2/29/32

1,862

3,130

U.S.

Treasury

Note

..............................................

4.13 3/31/32

3,175

2,595

U.S.

Treasury

Note

..............................................

4.13 1/31/27

2,611

2,790

U.S.

Treasury

Note

..............................................

4.13 7/31/31

2,837

5,545

U.S.

Treasury

Note

..............................................

4.25 8/15/35

5,592

2,365

U.S.

Treasury

Note

..............................................

4.25 2/15/28

2,401

4,915

U.S.

Treasury

Note

..............................................

4.25 11/15/34

4,973

2,280

U.S.

Treasury

Note

..............................................

4.25 1/15/28

2,314

2,750

U.S.

Treasury

Note

..............................................

4.25 2/28/29

2,806

2,600

U.S.

Treasury

Note

..............................................

4.25 6/30/29

2,656

2,030

U.S.

Treasury

Note

..............................................

4.25 3/15/27

2,047

6,420

U.S.

Treasury

Note

..............................................

4.25 5/15/35

6,481

1,455

U.S.

Treasury

Note

..............................................

4.25 6/30/31

1,489

HC

CAPITAL

TRUST

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Treasury

Obligations

(continued)

$

1,675

U.S.

Treasury

Note

..............................................

4.25 2/28/31

$

1,714

2,425

U.S.

Treasury

Note

..............................................

4.25 1/31/30

2,480

2,710

U.S.

Treasury

Note

..............................................

4.38 7/15/27

2,746

2,500

U.S.

Treasury

Note

..............................................

4.38 8/31/28

2,553

4,650

U.S.

Treasury

Note

..............................................

4.38 5/15/34

4,758

2,500

U.S.

Treasury

Note

..............................................

4.38 12/31/29

2,567

1,945

U.S.

Treasury

Note

..............................................

4.38 1/31/32

2,000

1,600

U.S.

Treasury

Note

..............................................

4.38 11/30/28

1,636

2,220

U.S.

Treasury

Note

..............................................

4.38 11/30/30

2,285

3,320

U.S.

Treasury

Note

..............................................

4.50 4/15/27

3,361

1,065

U.S.

Treasury

Note

..............................................

4.50 12/31/31

1,103

2,375

U.S.

Treasury

Note

..............................................

4.50 5/15/27

2,406

4,815

U.S.

Treasury

Note

..............................................

4.50 11/15/33

4,976

3,000

U.S.

Treasury

Note

..............................................

4.63 9/30/28

3,085

2,530

U.S.

Treasury

Note

..............................................

4.63 5/31/31

2,635

1,335

U.S.

Treasury

Note

..............................................

4.63 4/30/31

1,390

3,100

U.S.

Treasury

Note

..............................................

4.63 4/30/29

3,201

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

1,040

3,500

U.S.

Treasury

Note

..............................................

4.88 10/31/28

3,624

2,340

U.S.

Treasury

Note

..............................................

4.88 10/31/30

2,459

Total

U.S.

Treasury

Obligations

(cost

$641,991)

.......................

631,193

Shares

Investment

Companies

—

46.13%

Domestic

Fixed

Income

—

36.87%

11,042,200

iShares

U.S.

Treasury

Bond

ETF

....................................

254,246

3,187,898

Vanguard

Intermediate-Term

Treasury

ETF

............................

191,051

445,297

Money

Market

Funds

—

9.26%

111,773,820

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

........

3.68(b)

111,774

Total

Investment

Companies

(cost

$548,078)

..........................

557,071

Purchased

Option

on

Futures

—

0.00%

Total

Purchased

Option

on

Futures

(cost

$203)

........................

Total

Investments

(cost

$1,197,069)

—

98.97%

........................

1,195,024

Other

assets

in

excess

of

liabilities

—

1.03%

..........................

12,475

Net

Assets

—

100.00%

..........................................

$

1,207,499

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

(a) Zero

Coupon

Security.

Effective

rate

shown

is

as

of

December

31,

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)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

December

31,

2025. The

U.S.

Government

Fixed

Income

Securities

Portfolio

Mellon

Investments

Corporation

Parametric

Portfolio

Associates,

LLC

Total

U.S.

Government

Agency

Securities

.......................................................................................................................

0.56 %

—

0.56 %

U.S.

Treasury

Obligations

........................................................................................................................................

52.28 %

—

52.28 %

Investment

Companies

.............................................................................................................................................

—

46.13 %

46.13 %

Options

on

Futures

...................................................................................................................................................

—

—

—

%

Other

Assets

(Liabilities)

........................................................................................................................................

0.53 %

0.50 %

1.03 %

Total

Net

Assets

..................................................................................................................................................

53.37 %

46.63 %

100.00 %

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

December

31,

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

3/20/26

$

126,380

$

(225) 30

Year

US

Treasury

Bond

Future

.............................

3/20/26

57,450

(299) $

183,830

$

(524) Total

Unrealized

Appreciation

.....................

$

—

Total

Unrealized

Depreciation

.....................

(524) Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

(524) \*

Cash

has

been

pledged

as

collateral

for

futures

contracts

held

by

the

Portfolio.

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(concluded)

—

December

31,

2025

(Unaudited)

Options

on

Futures

Contracts

Exchange-traded

options

on

futures

contacts

written

as

of

December

31,

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

$

5,700

$

114.00 1/23/26

$

(18) US

Treasury

Bond

Future

Option

............

Put

11,300

113.00 2/20/26

(58) US

Treasury

Bond

Future

Option

............

Put

22,400

112.00 2/20/26

(78) US

Treasury

Bond

Future

Option

............

Put

16,650

111.00 2/20/26

(40) US

Treasury

Bond

Future

Option

............

Put

16,350

109.00 3/27/26

(51) US

Treasury

Bond

Future

Option

............

Put

11,200

112.00 3/27/26

(83) US

Treasury

Bond

Future

Option

............

Put

5,550

111.00 3/27/26

—

$

(328) Exchanged-traded

options

on

futures

contacts

purchased

as

of

December

31,

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 1/23/26

$

$

HC

CAPITAL

TRUST

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Corporate

Bonds

—

69.04%

$

2,099

AbbVie,

Inc.

(Biotechnology)

.....................................

4.40 11/6/42

$

1,872

535

AbbVie,

Inc.

(Biotechnology),

Callable

9/15/63

@

100.00 .................

5.50 3/15/64

523

850

Alabama

Power

Co.,

Series

B

(Electric

Utilities),

Callable

6/1/47

@

100.00 .....

3.70 12/1/47

648

1,905

American

Express

Co.

(Consumer

Finance),

Callable

4/25/35

@

100.00 .......

5.67 (SOFR

+

bps)(a)

4/25/36

2,009

965

Amgen,

Inc.

(Biotechnology),

Callable

11/25/30

@

100.00 .................

2.30 2/25/31

875

1,260

Amgen,

Inc.

(Biotechnology),

Callable

12/15/50

@

100.00 .................

4.66 6/15/51

1,076

600

Amgen,

Inc.

(Biotechnology),

Callable

9/2/42

@

100.00 ..................

5.60 3/2/43

603

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

1,925

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

2,199

1,155

Arthur

J

Gallagher

&

Co

(Insurance),

Callable

9/9/51

@

100.00 .............

3.05 3/9/52

732

1,110

Arthur

J

Gallagher

&

Co

(Insurance),

Callable

11/15/34

@

100.00 ...........

5.15 2/15/35

1,121

3,100

AT&T,

Inc.

(Diversified

Telecommunication

Services),

Callable

3/15/55

@

100.00 3.55 9/15/55

2,068

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

507

1,960

Atmos

Energy

Corp.

(Gas

Utilities)

.................................

6.75 7/15/28

2,048

2,630

Bank

of

America

Corp.

(Banks),

Callable

4/22/31

@

100.00 ................

2.69 (SOFR

+

bps)(a)

4/22/32

2,406

2,675

Bank

of

America

Corp.,

MTN

(Banks),

Callable

2/7/29

@

100.00 ...........

3.97 (TSFR3M

+

bps)(a)

2/7/30

2,661

2,485

Bank

of

America

Corp.

(Banks),

Callable

1/24/35

@

100.00 ................

5.51 (SOFR

+

bps)(a)

1/24/36

2,600

1,290

Bank

of

America

Corp.

(Banks),

Callable

9/15/33

@

100.00 ................

5.87 (SOFR

+

bps)(a)

9/15/34

1,377

1,100

BAT

Capital

Corp.

(Tobacco),

Callable

12/25/30

@

100.00 .................

2.73 3/25/31

1,012

1,210

BP

Capital

Markets

America,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

8/24/49

@

100.00 ................................................

3.00 2/24/50

790

775

Bristol-Myers

Squibb

Co.

(Pharmaceuticals),

Callable

4/26/49

@

100.00 .......

4.25 10/26/49

632

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

2,821

1,580

Brown

&

Brown,

Inc.

(Insurance),

Callable

12/15/28

@

100.00 .............

4.50 3/15/29

1,583

2,285

Bunge

Ltd.

Finance

Corp.

(Consumer

Staples

Distribution

&

Retail),

Callable

1/1/32

@

100.00 ................................................

5.25 4/21/32

2,346

525

Capital

One

Financial

Corp.

(Consumer

Finance),

Callable

7/29/31

@

100.00 ...

2.36 (SOFR

+

bps)(a)

7/29/32

1,000

Capital

One

Financial

Corp.

(Consumer

Finance),

Callable

11/2/31

@

100.00 ...

2.62 (SOFR

+

bps)(a)

11/2/32

894

3,780

Capital

One

Financial

Corp.

(Consumer

Finance),

Callable

7/26/29

@

100.00 ...

5.46 (SOFR

+

bps)(a)

7/26/30

3,915

2,075

Carlisle

Cos.,

Inc.

(Building

Products),

Callable

12/1/31

@

100.00 ...........

2.20 3/1/32

1,808

700

CF

Industries,

Inc.

(Chemicals)

....................................

5.38 3/15/44

657

3,735

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

(Media),

Callable

1/1/31

@

100.00 ..............................

2.80 4/1/31

3,358

800

Cheniere

Energy

Partners

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

1/31/27

@

101.63 ..................................................

3.25 1/31/32

735

711

Cheniere

Energy

Partners

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

1/16/26

@

101.50 ..................................................

4.50 10/1/29

713

1,215

Chubb

INA

Holdings

LLC

(Insurance),

Callable

12/15/33

@

100.00 ..........

5.00 3/15/34

1,240

1,000

Citigroup,

Inc.

(Banks),

Callable

1/28/26

@

100.00 ......................

1.12 (SOFR

+

bps)(a)

1/28/27

998

3,475

Citigroup,

Inc.

(Banks),

Callable

3/17/32

@

100.00 ......................

3.79 (SOFR

+

bps)(a)

3/17/33

3,312

HC

CAPITAL

TRUST

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Corporate

Bonds

(continued)

$

3,105

Citigroup,

Inc.

(Banks),

Callable

3/31/30

@

100.00 ......................

4.41 (SOFR

+

bps)(a)

3/31/31

$

3,102

2,185

Comcast

Corp.

(Media)

..........................................

4.75 3/1/44

1,902

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

2,193

1,604

Constellation

Energy

Generation

LLC

(Beverages),

Callable

9/15/53

@

100.00 ..

5.75 3/15/54

1,588

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

(Specialized

REITs),

Callable

11/15/28

@

100.00 ..

2.00 1/15/29

1,541

568

COPT

Defense

Properties

LP

(Office

REITs),

Callable

9/15/30

@

100.00 .......

4.50 10/15/30

565

CSX

Corp.

(Ground

Transportation),

Callable

5/15/52

@

100.00 .............

4.50 11/15/52

1,335

CSX

Corp.

(Ground

Transportation)

.................................

6.22 4/30/40

1,465

2,365

CVS

Health

Corp.

(Health

Care

Providers

&

Services),

Callable

12/25/27

@

100.00 4.30 3/25/28

2,370

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

1,158

CVS

Health

Corp.

(Health

Care

Providers

&

Services),

Callable

12/1/62

@

100.00 6.00 6/1/63

1,825

Dell

International

LLC/EMC

Corp.

(Technology

Hardware,

Storage

&

Peripherals),

Callable

11/1/34

@

100.00 ....................................

4.85 2/1/35

1,796

2,192

Delta

Air

Lines,

Inc.

(Passenger

Airlines),

Callable

7/28/29

@

100.00 .........

3.75 10/28/29

2,138

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

1,565

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

587

DTE

Energy

Co.

(Multi-Utilities),

Callable

2/1/29

@

100.00 ...............

5.10 3/1/29

950

DTE

Energy

Co.

(Multi-Utilities),

Callable

3/1/34

@

100.00 ...............

5.85 6/1/34

1,012

Eaton

Corp.

(Capital

Markets),

Callable

2/23/52

@

100.00 .................

4.70 8/23/52

1,150

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services),

Callable

12/1/27

@

100.00 ..................................................

4.10 3/1/28

1,151

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

671

905

Eli

Lilly

&

Co.

(Pharmaceuticals),

Callable

8/9/53

@

100.00 ...............

5.00 2/9/54

844

1,440

Energy

Transfer

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

7/15/42

@

100.00 .

4.95 1/15/43

1,269

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

2,376

1,467

Enterprise

Products

Operating

LLC

(Oil,

Gas

&

Consumable

Fuels),

Callable

9/15/43

@

100.00 ..........................................

4.85 3/15/44

1,345

2,319

Federal

Express

Corp.

Pass

Through

Trusts,

Series

2020-1

(Air

Freight

&

Logistics)

1.88 2/20/34

2,034

565

Fiserv,

Inc.

(Financial

Services),

Callable

12/15/33

@

100.00 ...............

5.45 3/15/34

572

990

Fiserv,

Inc.

(Financial

Services),

Callable

12/2/32

@

100.00 ................

5.60 3/2/33

1,023

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

2,787

1,000

Georgia

Power

Co.

(Electric

Utilities)

...............................

4.30 3/15/42

875

1,150

Gilead

Sciences,

Inc.

(Biotechnology),

Callable

8/1/44

@

100.00 ............

4.50 2/1/45

1,017

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

990

565

HCA,

Inc.

(Health

Care

Providers

&

Services),

Callable

1/1/34

@

100.00 ......

5.60 4/1/34

588

1,485

HCA,

Inc.

(Health

Care

Providers

&

Services),

Callable

8/1/28

@

100.00 ......

5.88 2/1/29

1,547

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

837

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

563

HC

CAPITAL

TRUST

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Corporate

Bonds

(continued)

$

5,730

JPMorgan

Chase

&

Co.

(Banks),

Callable

4/22/31

@

100.00 ................

2.58 (TSFR3M

+

bps)(a)

4/22/32

$

5,244

2,545

JPMorgan

Chase

&

Co.

(Banks),

Callable

1/23/34

@

100.00 ................

5.34 (SOFR

+

bps)(a)

1/23/35

2,640

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

1,553

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

593

2,220

Lincoln

National

Corp.

(Insurance),

Callable

12/15/33

@

100.00 ............

5.85 3/15/34

2,331

1,555

Lowe's

Cos.,

Inc.

(Specialty

Retail),

Callable

1/15/33

@

100.00 .............

5.00 4/15/33

1,591

515

Lowe's

Cos.,

Inc.

(Specialty

Retail),

Callable

10/15/52

@

100.00 ............

5.63 4/15/53

945

Martin

Marietta

Materials,

Inc.

(Construction

Materials),

Callable

4/15/31

@

100.00 2.40 7/15/31

853

3,356

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment),

Callable

2/15/28

@

100.00 ..........................................

2.45 4/15/28

3,221

810

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment),

Callable

1/15/31

@

100.00 ..........................................

2.95 4/15/31

751

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment),

Callable

6/15/33

@

100.00 ..........................................

5.95 9/15/33

530

580

MetLife,

Inc.

(Insurance)

........................................

4.88 11/13/43

539

695

MetLife,

Inc.

(Insurance),

Callable

7/15/53

@

100.00 .....................

5.25 1/15/54

660

820

Microsoft

Corp.

(Software),

Callable

12/1/49

@

100.00 ...................

2.53 6/1/50

500

1,715

Microsoft

Corp.

(Software),

Callable

2/8/46

@

100.00 ....................

3.70 8/8/46

1,370

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

784

1,848

Morgan

Stanley,

MTN

(Capital

Markets),

Callable

1/22/30

@

100.00 .........

2.70 (SOFR

+

bps)(a)

1/22/31

1,729

5,030

Morgan

Stanley

(Capital

Markets),

Callable

1/21/32

@

100.00 ..............

2.94 (SOFR

+

bps)(a)

1/21/33

4,597

1,500

Morgan

Stanley

(Capital

Markets),

Callable

7/22/27

@

100.00 ..............

3.59 7/22/28

1,491

Morgan

Stanley

(Capital

Markets),

Callable

11/1/33

@

100.00 ..............

6.63 (SOFR

+

bps)(a)

11/1/34

1,275

Motorola

Solutions,

Inc.

(Communications

Equipment),

Callable

1/15/34

@

100.00 5.40 4/15/34

1,316

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

1,644

National

Rural

Utilities

Cooperative

Finance

Corp.

(Financial

Services)

.......

8.00 3/1/32

2,075

News

Corp.

(Media),

Callable

1/16/26

@

100.97 (b)

......................

3.88 5/15/29

2,015

630

NextEra

Energy

Capital

Holdings,

Inc.

(Electric

Utilities),

Callable

11/28/32

@

100.00 ..................................................

5.05 2/28/33

644

1,655

NextEra

Energy

Capital

Holdings,

Inc.

(Electric

Utilities),

Callable

8/28/52

@

100.00 ..................................................

5.25 2/28/53

1,538

1,150

NiSource,

Inc.

(Multi-Utilities),

Callable

1/1/34

@

100.00 .................

5.35 4/1/34

1,184

1,000

NiSource,

Inc.

(Multi-Utilities),

Callable

10/1/54

@

100.00 ................

5.85 4/1/55

997

1,180

NNN

REIT,

Inc.

(Retail

REITs),

Callable

1/15/30

@

100.00 ................

2.50 4/15/30

1,095

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

1,121

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

3,175

Ovintiv,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

..........................

5.38 1/1/26

3,174

1,435

Philip

Morris

International,

Inc.

(Tobacco)

............................

4.50 3/20/42

1,283

Philip

Morris

International,

Inc.

(Tobacco),

Callable

11/13/33

@

100.00 .......

5.25 2/13/34

500

930

Potomac

Electric

Power

Co.

(Electric

Utilities),

Callable

9/15/42

@

100.00 .....

4.15 3/15/43

785

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

707

2,184

Progress

Energy,

Inc.

(Multi-Utilities)

...............................

6.00 12/1/39

2,312

1,085

Progress

Energy,

Inc.

(Electric

Utilities)

..............................

7.75 3/1/31

1,243

Prudential

Financial,

Inc.

(Insurance),

Callable

6/7/49

@

100.00 .............

3.94 12/7/49

1,005

Prudential

Financial,

Inc.

(Insurance)

................................

4.60 5/15/44

893

HC

CAPITAL

TRUST

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Corporate

Bonds

(continued)

$

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

2,372

1,185

Reliance,

Inc.

(Metals

&

Mining),

Callable

5/15/30

@

100.00 ...............

2.15 8/15/30

1,073

1,245

RELX

Capital,

Inc.

(Financial

Services),

Callable

2/20/32

@

100.00 ..........

4.75 5/20/32

1,262

1,244

Rockwell

Collins,

Inc.

(Aerospace

&

Defense),

Callable

12/15/26

@

100.00 ....

3.50 3/15/27

1,232

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

1,071

1,969

RTX

Corp.

(Aerospace

&

Defense)

.................................

4.50 6/1/42

1,777

RTX

Corp.

(Aerospace

&

Defense),

Callable

8/27/52

@

100.00 .............

5.38 2/27/53

1,275

Sabra

Health

Care

LP

(Health

Care

REITs),

Callable

9/1/31

@

100.00 .........

3.20 12/1/31

1,165

620

Sabra

Health

Care

LP

(Health

Care

REITs),

Callable

7/15/29

@

100.00 ........

3.90 10/15/29

608

1,085

Safehold

GL

Holdings

LLC

(Commercial

Services

&

Supplies),

Callable

10/15/34

@

100.00 ..................................................

5.65 1/15/35

1,115

1,225

Shell

Finance

US,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

...................

4.55 8/12/43

1,094

920

Southern

Co.

Gas

Capital

Corp.

(Gas

Utilities),

Callable

11/30/46

@

100.00 ....

4.40 5/30/47

763

1,250

Spectra

Energy

Partners

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

9/15/44

@

100.00 ..................................................

4.50 3/15/45

1,058

1,055

Steel

Dynamics,

Inc.

(Metals

&

Mining),

Callable

5/15/34

@

100.00 ..........

5.38 8/15/34

1,092

1,000

Sysco

Corp.

(Consumer

Staples

Distribution

&

Retail),

Callable

12/23/34

@

100.00 5.40 3/23/35

1,034

730

Sysco

Corp.

(Consumer

Staples

Distribution

&

Retail),

Callable

10/1/49

@

100.00 6.60 4/1/50

801

5,040

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets),

Callable

7/21/31

@

100.00 ..

2.38 (SOFR

+

bps)(a)

7/21/32

4,517

1,150

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets),

Callable

10/21/31

@

100.00 .

2.65 (SOFR

+

bps)(a)

10/21/32

1,038

1,000

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets),

Callable

4/23/28

@

100.00 ..

3.81 (TSFR3M

+

bps)(a)

4/23/29

994

1,560

The

Home

Depot,

Inc.

(Specialty

Retail),

Callable

6/6/48

@

100.00 ..........

4.50 12/6/48

1,345

The

PNC

Financial

Services

Group,

Inc.

(Banks),

Callable

6/12/28

@

100.00 ...

5.58 (SOFR

+

bps)(a)

6/12/29

2,025

The

PNC

Financial

Services

Group,

Inc.

(Banks),

Callable

1/22/34

@

100.00 ...

5.68 (SOFR

+

bps)(a)

1/22/35

2,134

640

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

520

850

The

Travelers

Cos.,

Inc.

(Insurance),

Callable

4/24/35

@

100.00 .............

5.05 7/24/35

862

795

The

Walt

Disney

Co.

(Entertainment)

................................

2.65 1/13/31

744

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

542

1,475

T-Mobile

USA,

Inc.

(Wireless

Telecommunication

Services),

Callable

7/15/52

@

100.00 ..................................................

5.65 1/15/53

1,432

835

Toyota

Motor

Credit

Corp.

(Consumer

Finance)

........................

4.80 1/5/34

851

Truist

Financial

Corp.,

MTN

(Banks),

Callable

10/23/35

@

100.00 ..........

4.96 (SOFR

+

bps)(a)

10/23/36

1,625

Truist

Financial

Corp.,

MTN

(Banks),

Callable

6/8/33

@

100.00 ............

5.87 (SOFR

+

bps)(a)

6/8/34

1,727

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

1,302

1,175

Ventas

Realty

LP

(Diversified

REITs),

Callable

6/1/31

@

100.00 .............

2.50 9/1/31

1,056

945

Ventas

Realty

LP

(Diversified

REITs),

Callable

10/15/28

@

100.00 ...........

4.40 1/15/29

949

Ventas

Realty

LP

(Industrial

REITs),

Callable

4/1/34

@

100.00 ..............

5.63 7/1/34

1,431

Verisk

Analytics,

Inc.

(Professional

Services)

..........................

5.13 2/15/36

1,445

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

2,722

HC

CAPITAL

TRUST

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Corporate

Bonds

(continued)

$

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

643

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

1,933

3,375

Wells

Fargo

&

Co.

(Banks),

Callable

7/25/32

@

100.00 ...................

4.90 (SOFR

+

bps)(a)

7/25/33

3,427

1,130

Wells

Fargo

&

Co.

(Banks),

Callable

7/25/33

@

100.00 ...................

5.56 (SOFR

+

bps)(a)

7/25/34

1,186

WestRock

MWV

LLC

(Containers

&

Packaging)

.......................

8.20 1/15/30

Total

Corporate

Bonds

(cost

$219,625)

..............................

216,985

Yankee

Dollars

—

5.13%

America

Movil

SAB

de

CV

(Wireless

Telecommunication

Services)

.........

6.13 11/15/37

2,300

Aptiv

Swiss

Holdings

Ltd.

(Financial

Services),

Callable

8/13/29

@

100.00 .....

4.65 9/13/29

2,344

2,000

Barclays

PLC

(Banks)

..........................................

5.20 5/12/26

2,005

1,976

British

Telecommunications

PLC

(Diversified

Telecommunication

Services)

....

9.63 12/15/30

2,412

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

1,112

1,001

Deutsche

Telekom

International

Finance

BV

(Diversified

Telecommunication

Services)

................................................

8.75 6/15/30

1,168

Enbridge,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

4/15/27

@

100.00 .....

3.70 7/15/27

1,425

Iberdrola

International

BV

(Electric

Utilities)

..........................

6.75 7/15/36

1,613

655

Nutrien

Ltd.

(Chemicals),

Callable

9/27/52

@

100.00 .....................

5.80 3/27/53

654

1,423

Orange

SA

(Diversified

Telecommunication

Services)

....................

9.00 3/1/31

1,710

830

Pfizer

Investment

Enterprises

Pte

Ltd.

(Capital

Markets),

Callable

11/19/42

@

100.00 ..................................................

5.11 5/19/43

799

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

692

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

$16,059)

.................................

16,109

Shares

Investment

Companies

—

25.25%

Domestic

Fixed

Income

—

24.65%

974,384

iShares

U.S.

Treasury

Bond

ETF

....................................

22,435

321,629

State

Street

SPDR

Portfolio

Corporate

Bond

ETF

........................

9,437

494,517

Vanguard

Intermediate-Term

Treasury

ETF

............................

29,636

205,301

Vanguard

Total

Corporate

Bond

Fund

................................

15,940

77,448

Money

Market

Funds

—

0.60%

141,232

State

Street

Institutional

Treasury

Money

Market

Fund,

Premier

Class

.........

3.70(c)

1,771,168

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

........

3.68(c)

1,771

1,912

Total

Investment

Companies

(cost

$77,634)

...........................

79,360

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(concluded)

—

December

31,

2025

(Unaudited)

Amounts

designated

as

"

—

"

are

$0

or

have

been

rounded

to

$0.

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

December

31,

2025. Value

(000) Total

Investments

(cost

$313,318)

—

99.42%

.........................

$

312,454

Other

assets

in

excess

of

liabilities

—

0.58%

..........................

1,836

Net

Assets

—

100.00%

..........................................

$

314,290

(a) Variable

Rate

Security.

The

rate

disclosed

is

the

rate

in

effect

on

December

31,

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

..............................................................................................................................

69.04 %

—

—

69.04 %

Yankee

Dollars

.................................................................................................................................

5.13 %

—

—

5.13 %

Investment

Companies

.....................................................................................................................

0.04 %

24.75 %

0.46 %

25.25 %

Other

Assets

(Liabilities)

.................................................................................................................

0.99 %

—

-0.41

%

0.58 %

Total

Net

Assets

..........................................................................................................................

75.20 %

24.75 %

0.05 %

100.00 %

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Asset

Backed

Securities

—

1.33%

$

American

Express

Credit

Account

Master

Trust,

Series

2025-2,

Class

A

........

4.28 4/15/30

$

American

Express

Credit

Account

Master

Trust,

Series

2025-3,

Class

A

........

4.51 4/15/32

American

Express

Credit

Account

Master

Trust,

Series

2024-1,

Class

A

........

5.23 4/15/29

BA

Credit

Card

Trust,

Series

2024-A1,

Class

A

..........................

4.93 5/15/29

Capital

One

Multi-Asset

Execution

Trust,

Series

2021-A2,

Class

A2

..........

1.39 7/15/30

Capital

One

Multi-Asset

Execution

Trust,

Series

2024-A1,

Class

A

...........

3.92 9/15/29

Carmax

Auto

Owner

Trust,

Series

2025-1,

Class

A4,

Callable

9/15/28

@

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

6/15/29

@

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

Auto

Owner

Trust,

Series

2024-C,

Class

A4,

Callable

9/15/28

@

100.00 4.11 7/15/30

Ford

Credit

Floorplan

Master

Owner

Trust

A,

Series

2018-4,

Class

A

..........

4.06 11/15/30

GM

Financial

Automobile

Leasing

Trust,

Series

2025-3,

Class

A3,

Callable

1/20/28

@

100.00 ................................................

4.17 8/21/28

GM

Financial

Automobile

Leasing

Trust,

Series

2025-3,

Class

A4,

Callable

1/20/28

@

100.00 ................................................

4.20 8/20/29

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2023-1,

Class

B,

Callable

1/16/27

@

100.00 ....................................

5.03 9/18/28

Harley-Davidson

Motorcycle

Trust,

Series

2024-A,

Class

A4,

Callable

2/15/28

@

100.00 ...................................................

5.29 12/15/31

Honda

Auto

Receivables

Owner

Trust,

Series

2023-3,

Class

A4,

Callable

12/18/26

@

100.00 ...................................................

5.30 12/18/29

Hyundai

Auto

Receivables

Trust,

Series

2025-C,

Class

A3,

Callable

10/15/29

@

100.00 ...................................................

3.88 4/15/30

Hyundai

Auto

Receivables

Trust,

Series

2024-B,

Class

A3,

Callable

9/15/28

@

100.00 ...................................................

4.84 3/15/29

Mercedes-Benz

Auto

Lease

Trust,

Series

2025-A,

Class

A4,

Callable

5/15/28

@

100.00 ...................................................

4.69 2/18/31

Santander

Drive

Auto

Receivables

Trust,

Series

2025-4,

Class

A3

............

4.17 4/15/30

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

1/15/28

@

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

6/15/28

@

100.00 ...................................................

4.86 11/15/30

Total

Asset

Backed

Securities

(cost

$3,434)

...........................

3,451

Collateralized

Mortgage-Backed

Securities

—

4.58%

BANK,

Series

2020-BN26,

Class

A4,

Callable

3/15/30

@

100.00 .............

2.40 3/15/63

BANK,

Series

2021-BN37,

Class

A5,

Callable

11/15/31

@

100.00 ............

2.62(a)

11/15/64

BANK,

Series

2019-BN21,

Class

A5,

Callable

10/15/29

@

100.00 ............

2.85 10/17/52

BANK,

Series

2019-BN19,

Class

A3,

Callable

7/15/29

@

100.00 .............

3.18 8/15/61

BANK,

Series

2018-BN10,

Class

A5,

Callable

2/15/28

@

100.00 .............

3.69 2/15/61

BANK,

Series

2019-BN17,

Class

A4,

Callable

4/15/29

@

100.00 .............

3.71 4/15/52

BANK,

Series

2022-BNK41,

Class

A4

................................

3.79(a)

4/15/65

BANK,

Series

2019-BN16,

Class

AS,

Callable

2/15/29

@

100.00 ............

4.27 2/15/52

BANK,

Series

2024-5YR8,

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

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Collateralized

Mortgage-Backed

Securities

(continued)

$

Benchmark

Mortgage

Trust,

Series

2022-B33,

Class

A5,

Callable

3/15/32

@

100.00 3.46 3/15/55

$

Benchmark

Mortgage

Trust,

Series

2019-B9,

Class

A5,

Callable

2/15/29

@

100.00 4.02 3/15/52

Benchmark

Mortgage

Trust,

Series

2018-B6,

Class

A4,

Callable

10/10/28

@

100.00 4.26 10/10/51

Benchmark

Mortgage

Trust,

Series

2024-V8,

Class

A3,

Callable

7/15/29

@

100.00 6.19(a)

7/15/57

Benchmark

Mortgage

Trust,

Series

2024-V11,

Class

AM,

Callable

11/15/29

@

100.00 ...................................................

6.20(a)

11/15/57

BMO

Mortgage

Trust,

Series

2025-C11,

Class

ASB,

Callable

2/15/35

@

100.00 ..

5.68 2/15/58

BMO

Mortgage

Trust,

Series

2025-C11,

Class

A5,

Callable

2/15/35

@

100.00 ...

5.69 2/15/58

BMO

Mortgage

Trust,

Series

2024-5C4,

Class

A3,

Callable

5/15/29

@

100.00 ...

6.53(a)

5/15/57

Citigroup

Commercial

Mortgage

Trust,

Series

2020-GC46,

Class

AS,

Callable

2/15/30

@

100.00 ..........................................

2.92 2/15/53

Citigroup

Commercial

Mortgage

Trust,

Series

2019-C7,

Class

A4,

Callable

12/15/29

@

100.00 ................................................

3.10 12/15/72

Fannie

Mae-ACES,

Series

2020-M8,

Class

A2

..........................

1.82 2/25/30

Fannie

Mae-ACES,

Series

2017-M7,

Class

A2

..........................

2.96(a)

2/25/27

Fannie

Mae-ACES,

Series

2022-M11,

Class

A2

.........................

2.97(a)

10/25/27

Fannie

Mae-ACES,

Series

2017-M11,

Class

A2

.........................

2.98 8/25/29

Fannie

Mae-ACES,

Series

2017-M12,

Class

A2

.........................

3.06(a)

6/25/27

Fannie

Mae-ACES,

Series

2017-M15,

Class

ATS2

.......................

3.16(a)

11/25/27

Fannie

Mae-ACES,

Series

2018-M14,

Class

A2

.........................

3.58(a)

8/25/28

Fannie

Mae-ACES,

Series

2019-M2,

Class

A2

..........................

3.62(a)

11/25/28

Fannie

Mae-ACES,

Series

2023-M4,

Class

A2

..........................

3.77(a)

9/25/32

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

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

AM

.....................................................

2.12 4/25/29

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

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)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

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

K-171,

Class

A2

.....................................................

4.40 6/25/35

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K761,

Class

A2

.....................................................

4.40(a)

6/25/32

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

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

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2025-5C3,

Class

AS,

Callable

1/15/30

@

100.00 ..........................................

6.39(a)

1/15/58

Total

Collateralized

Mortgage-Backed

Securities

(cost

$12,402)

...........

11,884

U.S.

Government

Agency

Mortgages

—

78.64%

Fannie

Mae,

Pool

#MA4236

.......................................

1.50 1/1/51

Fannie

Mae,

Pool

#MA4417

.......................................

1.50 9/1/36

Fannie

Mae,

Pool

#MA4386

.......................................

1.50 7/1/41

Fannie

Mae,

Pool

#MA4280

.......................................

1.50 3/1/51

Fannie

Mae,

Pool

#MA4310

.......................................

1.50 4/1/41

Fannie

Mae,

Pool

#MA4354

.......................................

1.50 6/1/51

Fannie

Mae,

Pool

#FS2037

........................................

1.50 5/1/37

Fannie

Mae,

Pool

#CA7695

.......................................

1.50 11/1/50

Fannie

Mae,

Pool

#BT2055

........................................

1.50 3/1/37

Fannie

Mae,

Pool

#MA4122

.......................................

1.50 9/1/35

Fannie

Mae,

Pool

#MA4342

.......................................

1.50 5/1/41

Fannie

Mae,

Pool

#MA4181

.......................................

1.50 11/1/50

Fannie

Mae,

Pool

#MA4304

.......................................

1.50 4/1/51

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#FM6579

.......................................

1.50 3/1/51

$

Fannie

Mae,

Pool

#CB0310

.......................................

1.50 4/1/36

Fannie

Mae,

Pool

#MA4343

.......................................

1.50 5/1/51

Fannie

Mae,

Pool

#MA4441

.......................................

1.50 10/1/36

Fannie

Mae,

Pool

#MA4445

.......................................

1.50 10/1/41

Fannie

Mae,

Pool

#MA4266

.......................................

1.50 2/1/41

Fannie

Mae,

Pool

#MA4286

.......................................

1.50 3/1/41

Fannie

Mae,

Pool

#MA4302

.......................................

1.50 4/1/36

Fannie

Mae,

Pool

#BQ3141

.......................................

1.50 10/1/35

Fannie

Mae,

Pool

#CA7696

.......................................

1.50 11/1/50

Fannie

Mae,

Pool

#MA4397

.......................................

1.50 8/1/51

Fannie

Mae,

Pool

#CB0711

........................................

1.50 6/1/51

Fannie

Mae,

Pool

#FS1327

........................................

1.50 6/1/36

Fannie

Mae,

Pool

#FM9249

.......................................

1.50 10/1/41

Fannie

Mae,

Pool

#BQ5781

.......................................

1.50 11/1/35

Fannie

Mae,

Pool

#CB0684

.......................................

2.00 6/1/51

Fannie

Mae,

Pool

#BR4094

.......................................

2.00 1/1/51

Fannie

Mae,

Pool

#BR0948

.......................................

2.00 4/1/51

Fannie

Mae,

Pool

#CA7224

.......................................

2.00 10/1/50

Fannie

Mae,

Pool

#MA4255

.......................................

2.00 2/1/51

Fannie

Mae,

Pool

#MA4237

.......................................

2.00 1/1/51

Fannie

Mae,

Pool

#MA4204

.......................................

2.00 12/1/40

Fannie

Mae,

Pool

#FM6852

.......................................

2.00 5/1/51

Fannie

Mae,

Pool

#MA4119

.......................................

2.00 9/1/50

Fannie

Mae,

Pool

#FM6448

.......................................

2.00 3/1/51

Fannie

Mae,

Pool

#MA4093

.......................................

2.00 8/1/40

Fannie

Mae,

Pool

#CB0325

.......................................

2.00 4/1/51

Fannie

Mae,

Pool

#MA4325

.......................................

2.00 5/1/51

Fannie

Mae,

Pool

#BQ5160

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#FM9579

.......................................

2.00 7/1/51

Fannie

Mae,

Pool

#CB0497

.......................................

2.00 5/1/51

Fannie

Mae,

Pool

#FM7411

.......................................

2.00 5/1/51

Fannie

Mae,

Pool

#MA4511

.......................................

2.00 1/1/52

Fannie

Mae,

Pool

#FM4969

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#MA4437

.......................................

2.00 10/1/51

Fannie

Mae,

Pool

#FS1334

........................................

2.00 11/1/51

Fannie

Mae,

Pool

#FM9441

.......................................

2.00 4/1/51

Fannie

Mae,

Pool

#CA9273

.......................................

2.00 2/1/51

Fannie

Mae,

Pool

#FS0355

........................................

2.00 9/1/51

Fannie

Mae,

Pool

#CA8252

.......................................

2.00 12/1/45

Fannie

Mae,

Pool

#MA4378

.......................................

2.00 7/1/51

Fannie

Mae,

Pool

#MA4360

.......................................

2.00 6/1/36

Fannie

Mae,

Pool

#CA9183

.......................................

2.00 2/1/36

Fannie

Mae,

Pool

#MA4155

.......................................

2.00 10/1/35

Fannie

Mae,

Pool

#MA4536

.......................................

2.00 2/1/37

Fannie

Mae,

Pool

#CA8933

.......................................

2.00 2/1/51

Fannie

Mae,

Pool

#MA4182

.......................................

2.00 11/1/50

Fannie

Mae,

Pool

#FM6555

.......................................

2.00 4/1/51

Fannie

Mae,

Pool

#FM5453

.......................................

2.00 1/1/41

Fannie

Mae,

Pool

#FM5044

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#FM5308

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#CA8850

.......................................

2.00 2/1/51

Fannie

Mae,

Pool

#CA8687

.......................................

2.00 1/1/51

Fannie

Mae,

Pool

#BQ9685

.......................................

2.00 1/1/51

Fannie

Mae,

Pool

#MA4602

.......................................

2.00 5/1/37

Fannie

Mae,

Pool

#BQ8341

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#BP6626

........................................

2.00 8/1/50

Fannie

Mae,

Pool

#BQ3004

.......................................

2.00 10/1/50

Fannie

Mae,

Pool

#MA4303

.......................................

2.00 4/1/36

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#MA4176

.......................................

2.00 11/1/40

$

Fannie

Mae,

Pool

#MA4474

.......................................

2.00 11/1/41

Fannie

Mae,

Pool

#MA4442

.......................................

2.00 10/1/36

Fannie

Mae,

Pool

#AS0001

........................................

2.00 7/1/28

Fannie

Mae,

Pool

#CA8110

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#FM4788

.......................................

2.00 11/1/50

Fannie

Mae,

Pool

#MA4287

.......................................

2.00 3/1/41

Fannie

Mae,

Pool

#BK8461

.......................................

2.00 1/1/51

Fannie

Mae,

Pool

#BQ7777

.......................................

2.00 3/1/36

Fannie

Mae,

Pool

#FS0317

........................................

2.00 2/1/42

Fannie

Mae,

Pool

#MA4305

.......................................

2.00 4/1/51

Fannie

Mae,

Pool

#MA4071

.......................................

2.00 7/1/40

Fannie

Mae,

Pool

#MA4281

.......................................

2.00 3/1/51

Fannie

Mae,

Pool

#MA4333

.......................................

2.00 5/1/41

Fannie

Mae,

Pool

#BP9370

........................................

2.00 7/1/50

Fannie

Mae,

Pool

#MA4355

.......................................

2.00 6/1/51

Fannie

Mae,

Pool

#MA4158

.......................................

2.00 10/1/50

Fannie

Mae,

Pool

#CB3102

.......................................

2.00 3/1/52

Fannie

Mae,

Pool

#CB1620

.......................................

2.00 9/1/51

Fannie

Mae,

Pool

#FM9724

.......................................

2.00 11/1/36

Fannie

Mae,

Pool

#MA4403

.......................................

2.00 8/1/36

Fannie

Mae,

Pool

#BQ5112

.......................................

2.00 11/1/50

Fannie

Mae,

Pool

#AS1058

........................................

2.00 11/1/28

Fannie

Mae,

Pool

#MA4128

.......................................

2.00 9/1/40

Fannie

Mae,

Pool

#BJ4362

........................................

2.00 11/1/32

Fannie

Mae,

Pool

#BT0240

........................................

2.00 9/1/51

Fannie

Mae,

Pool

#MA4413

.......................................

2.00 9/1/51

Fannie

Mae,

Pool

#BU7103

.......................................

2.00 12/1/51

Fannie

Mae,

Pool

#FM3755

.......................................

2.00 9/1/35

Fannie

Mae,

Pool

#BR2176

.......................................

2.00 7/1/36

Fannie

Mae,

Pool

#CA7833

.......................................

2.00 11/1/50

Fannie

Mae,

Pool

#FS1621

........................................

2.00 7/1/51

Fannie

Mae,

Pool

#CA0052

.......................................

2.00 7/1/32

Fannie

Mae,

Pool

#BU8781

.......................................

2.00 4/1/37

Fannie

Mae,

Pool

#MA2906

.......................................

2.00 2/1/32

Fannie

Mae,

Pool

#MA4208

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#CA8118

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#BR4435

.......................................

2.00 4/1/51

Fannie

Mae,

Pool

#AY4232

.......................................

2.00 5/1/30

Fannie

Mae,

Pool

#FM4039

.......................................

2.00 10/1/35

Fannie

Mae,

Pool

#CA7799

.......................................

2.00 11/1/50

Fannie

Mae,

Pool

#MA3896

.......................................

2.50 1/1/35

Fannie

Mae,

Pool

#CA6075

.......................................

2.50 6/1/50

Fannie

Mae,

Pool

#AU5334

.......................................

2.50 11/1/28

Fannie

Mae,

Pool

#AS8246

........................................

2.50 11/1/31

Fannie

Mae,

Pool

#CA8131

.......................................

2.50 12/1/50

Fannie

Mae,

Pool

#FM3296

.......................................

2.50 5/1/35

Fannie

Mae,

Pool

#FM4309

.......................................

2.50 9/1/50

Fannie

Mae,

Pool

#MA4099

.......................................

2.50 8/1/35

Fannie

Mae,

Pool

#BJ3742

........................................

2.50 12/1/32

Fannie

Mae,

Pool

#MA2868

.......................................

2.50 1/1/32

Fannie

Mae,

Pool

#BE3032

........................................

2.50 1/1/32

Fannie

Mae,

Pool

#MA2789

.......................................

2.50 10/1/36

Fannie

Mae,

Pool

#BP5878

........................................

2.50 6/1/50

Fannie

Mae,

Pool

#BJ3944

........................................

2.50 1/1/33

Fannie

Mae,

Pool

#CB0415

.......................................

2.50 5/1/51

Fannie

Mae,

Pool

#MA4183

.......................................

2.50 11/1/50

Fannie

Mae,

Pool

#FM3878

.......................................

2.50 7/1/50

Fannie

Mae,

Pool

#CB1556

.......................................

2.50 9/1/51

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#AP4742

........................................

2.50 8/1/27

$

Fannie

Mae,

Pool

#AU6387

.......................................

2.50 11/1/28

Fannie

Mae,

Pool

#MA3955

.......................................

2.50 3/1/35

Fannie

Mae,

Pool

#AS8437

........................................

2.50 12/1/36

Fannie

Mae,

Pool

#BQ0329

.......................................

2.50 7/1/50

Fannie

Mae,

Pool

#MA4075

.......................................

2.50 7/1/35

Fannie

Mae,

Pool

#FM3027

.......................................

2.50 12/1/46

Fannie

Mae,

Pool

#CA8132

.......................................

2.50 12/1/50

Fannie

Mae,

Pool

#FM2881

.......................................

2.50 4/1/50

Fannie

Mae,

Pool

#BU1451

.......................................

2.50 1/1/52

Fannie

Mae,

Pool

#FM8997

.......................................

2.50 10/1/51

Fannie

Mae,

Pool

#MA3737

.......................................

2.50 8/1/34

Fannie

Mae,

Pool

#BU5917

.......................................

2.50 12/1/51

Fannie

Mae,

Pool

#MA3788

.......................................

2.50 9/1/39

Fannie

Mae,

Pool

#MA3902

.......................................

2.50 1/1/50

Fannie

Mae,

Pool

#MA4159

.......................................

2.50 10/1/50

Fannie

Mae,

Pool

#MA4078

.......................................

2.50 7/1/50

Fannie

Mae,

Pool

#FM9501

.......................................

2.50 11/1/51

Fannie

Mae,

Pool

#CB2523

.......................................

2.50 1/1/52

Fannie

Mae,

Pool

#FM3494

.......................................

2.50 4/1/48

Fannie

Mae,

Pool

#MA2730

.......................................

2.50 8/1/46

Fannie

Mae,

Pool

#MA3801

.......................................

2.50 10/1/49

Fannie

Mae,

Pool

#MA4210

.......................................

2.50 12/1/50

Fannie

Mae,

Pool

#MA3765

.......................................

2.50 9/1/49

Fannie

Mae,

Pool

#MA3830

.......................................

2.50 11/1/39

Fannie

Mae,

Pool

#MA3764

.......................................

2.50 9/1/34

Fannie

Mae,

Pool

#AT2717

........................................

2.50 5/1/43

Fannie

Mae,

Pool

#CB1666

.......................................

2.50 9/1/51

Fannie

Mae,

Pool

#MA4053

.......................................

2.50 6/1/35

Fannie

Mae,

Pool

#FM4231

.......................................

2.50 9/1/50

Fannie

Mae,

Pool

#AS4660

........................................

2.50 3/1/30

Fannie

Mae,

Pool

#AO3019

.......................................

2.50 5/1/27

Fannie

Mae,

Pool

#BK2588

.......................................

2.50 5/1/50

Fannie

Mae,

Pool

#MA3965

.......................................

2.50 3/1/40

Fannie

Mae,

Pool

#MA3990

.......................................

2.50 4/1/50

Fannie

Mae,

Pool

#BQ5110

.......................................

2.50 11/1/50

Fannie

Mae,

Pool

#AS8892

........................................

2.50 2/1/32

Fannie

Mae,

Pool

#CA6304

.......................................

2.50 7/1/50

Fannie

Mae,

Pool

#MA3282

.......................................

2.50 2/1/33

Fannie

Mae,

Pool

#MA4096

.......................................

2.50 8/1/50

Fannie

Mae,

Pool

#MA3217

.......................................

2.50 12/1/32

Fannie

Mae,

Pool

#MA4016

.......................................

2.50 5/1/40

Fannie

Mae,

Pool

#FS1340

........................................

2.50 3/1/52

Fannie

Mae,

Pool

#FS0547

........................................

2.50 2/1/52

Fannie

Mae,

Pool

#AS0513

........................................

2.50 8/1/43

Fannie

Mae,

Pool

#CA7237

.......................................

2.50 10/1/50

Fannie

Mae,

Pool

#MA1277

.......................................

2.50 12/1/27

Fannie

Mae,

Pool

#MA3246

.......................................

2.50 1/1/33

Fannie

Mae,

Pool

#MA4256

.......................................

2.50 2/1/51

Fannie

Mae,

Pool

#MA1511

.......................................

2.50 7/1/33

Fannie

Mae,

Pool

#BR7857

.......................................

2.50 5/1/51

Fannie

Mae,

Pool

#CB1828

.......................................

2.50 10/1/51

Fannie

Mae,

Pool

#CB1784

.......................................

2.50 10/1/51

Fannie

Mae,

Pool

#MA4517

.......................................

2.50 1/1/37

Fannie

Mae,

Pool

#FM9543

.......................................

2.50 12/1/51

Fannie

Mae,

Pool

#MA1270

.......................................

2.50 11/1/32

Fannie

Mae,

Pool

#FS0235

........................................

2.50 1/1/52

Fannie

Mae,

Pool

#FS0030

........................................

2.50 4/1/51

Fannie

Mae,

Pool

#AS8172

........................................

2.50 10/1/36

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#FM8745

.......................................

2.50 9/1/51

$

Fannie

Mae,

Pool

#MA2888

.......................................

2.50 1/1/47

Fannie

Mae,

Pool

#AS4946

........................................

2.50 5/1/30

Fannie

Mae,

Pool

#AZ6458

.......................................

2.50 7/1/30

Fannie

Mae,

Pool

#AU2619

.......................................

2.50 8/1/28

Fannie

Mae,

Pool

#CA9289

.......................................

2.50 2/1/51

Fannie

Mae,

Pool

#BC9041

.......................................

2.50 11/1/31

Fannie

Mae,

Pool

#AB7391

.......................................

2.50 12/1/42

Fannie

Mae,

Pool

#MA3154

.......................................

2.50 10/1/32

Fannie

Mae,

Pool

#MA4399

.......................................

2.50 8/1/51

Fannie

Mae,

Pool

#BO4657

.......................................

2.50 11/1/49

Fannie

Mae,

Pool

#MA4414

.......................................

2.50 9/1/51

Fannie

Mae,

Pool

#CB2979

.......................................

2.50 2/1/37

Fannie

Mae,

Pool

#CB1131

........................................

2.50 7/1/51

Fannie

Mae,

Pool

#MA4541

.......................................

2.50 2/1/42

Fannie

Mae,

Pool

#MA2854

.......................................

2.50 12/1/46

Fannie

Mae,

Pool

#MA1210

.......................................

2.50 10/1/27

Fannie

Mae,

Pool

#MA3827

.......................................

2.50 11/1/34

Fannie

Mae,

Pool

#AS8784

........................................

3.00 2/1/47

Fannie

Mae,

Pool

#MA2425

.......................................

3.00 10/1/30

Fannie

Mae,

Pool

#MA2737

.......................................

3.00 9/1/46

Fannie

Mae,

Pool

#MA1338

.......................................

3.00 2/1/33

Fannie

Mae,

Pool

#BE4400

........................................

3.00 1/1/47

Fannie

Mae,

Pool

#AS8521

........................................

3.00 12/1/46

Fannie

Mae,

Pool

#MA2287

.......................................

3.00 6/1/35

Fannie

Mae,

Pool

#MA3871

.......................................

3.00 12/1/49

Fannie

Mae,

Pool

#MA4020

.......................................

3.00 5/1/50

Fannie

Mae,

Pool

#BO6219

.......................................

3.00 12/1/49

Fannie

Mae,

Pool

#MA2806

.......................................

3.00 11/1/46

Fannie

Mae,

Pool

#AT0682

........................................

3.00 4/1/43

Fannie

Mae,

Pool

#CA3754

.......................................

3.00 6/1/34

Fannie

Mae,

Pool

#AP2465

........................................

3.00 8/1/42

Fannie

Mae,

Pool

#MA2833

.......................................

3.00 12/1/46

Fannie

Mae,

Pool

#CA5729

.......................................

3.00 5/1/50

Fannie

Mae,

Pool

#MA3060

.......................................

3.00 7/1/32

Fannie

Mae,

Pool

#CB2755

.......................................

3.00 2/1/52

Fannie

Mae,

Pool

#AY4200

.......................................

3.00 5/1/45

Fannie

Mae,

Pool

#CA5423

.......................................

3.00 3/1/50

Fannie

Mae,

Pool

#BO7242

.......................................

3.00 1/1/50

Fannie

Mae,

Pool

#AS4333

........................................

3.00 1/1/45

Fannie

Mae,

Pool

#BE1901

........................................

3.00 12/1/46

Fannie

Mae,

Pool

#AS8438

........................................

3.00 12/1/36

Fannie

Mae,

Pool

#MA3078

.......................................

3.00 7/1/37

Fannie

Mae,

Pool

#MA3331

.......................................

3.00 4/1/48

Fannie

Mae,

Pool

#FM3395

.......................................

3.00 6/1/50

Fannie

Mae,

Pool

#BD5787

.......................................

3.00 9/1/46

Fannie

Mae,

Pool

#FM4317

.......................................

3.00 9/1/50

Fannie

Mae,

Pool

#CA5668

.......................................

3.00 5/1/50

Fannie

Mae,

Pool

#BO8947

.......................................

3.00 1/1/50

Fannie

Mae,

Pool

#AL9848

.......................................

3.00 3/1/47

Fannie

Mae,

Pool

#MA1307

.......................................

3.00 1/1/33

Fannie

Mae,

Pool

#AB4483

.......................................

3.00 2/1/27

Fannie

Mae,

Pool

#MA3991

.......................................

3.00 4/1/50

Fannie

Mae,

Pool

#MA3631

.......................................

3.00 4/1/34

Fannie

Mae,

Pool

#AS1527

........................................

3.00 1/1/29

Fannie

Mae,

Pool

#AU3735

.......................................

3.00 8/1/43

Fannie

Mae,

Pool

#AZ4358

.......................................

3.00 7/1/30

Fannie

Mae,

Pool

#AW8295

.......................................

3.00 8/1/29

Fannie

Mae,

Pool

#AS7904

........................................

3.00 9/1/46

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#BC4764

.......................................

3.00 10/1/46

$

Fannie

Mae,

Pool

#MA4079

.......................................

3.00 7/1/50

Fannie

Mae,

Pool

#CA3788

.......................................

3.00 7/1/49

Fannie

Mae,

Pool

#MA3774

.......................................

3.00 9/1/49

Fannie

Mae,

Pool

#AU7890

.......................................

3.00 9/1/28

Fannie

Mae,

Pool

#AB7099

.......................................

3.00 11/1/42

Fannie

Mae,

Pool

#MA3905

.......................................

3.00 1/1/50

Fannie

Mae,

Pool

#MA3937

.......................................

3.00 2/1/50

Fannie

Mae,

Pool

#AW7383

.......................................

3.00 8/1/29

Fannie

Mae,

Pool

#BA0826

.......................................

3.00 10/1/30

Fannie

Mae,

Pool

#BC4276

.......................................

3.00 4/1/46

Fannie

Mae,

Pool

#FM1552

.......................................

3.00 12/1/47

Fannie

Mae,

Pool

#AQ3223

.......................................

3.00 11/1/27

Fannie

Mae,

Pool

#MA3090

.......................................

3.00 8/1/32

Fannie

Mae,

Pool

#AL8861

.......................................

3.00 7/1/31

Fannie

Mae,

Pool

#FM1134

.......................................

3.00 4/1/48

Fannie

Mae,

Pool

#AS8414

........................................

3.00 11/1/46

Fannie

Mae,

Pool

#AL9996

.......................................

3.00 4/1/32

Fannie

Mae,

Pool

#MA3738

.......................................

3.00 8/1/34

Fannie

Mae,

Pool

#AT1575

........................................

3.00 5/1/43

Fannie

Mae,

Pool

#MA1401

.......................................

3.00 4/1/33

Fannie

Mae,

Pool

#AS4884

........................................

3.00 5/1/45

Fannie

Mae,

Pool

#MA2895

.......................................

3.00 2/1/47

Fannie

Mae,

Pool

#BP6466

........................................

3.00 7/1/50

Fannie

Mae,

Pool

#CB2756

.......................................

3.00 2/1/52

Fannie

Mae,

Pool

#CA5519

.......................................

3.00 4/1/50

Fannie

Mae,

Pool

#AS8186

........................................

3.00 10/1/46

Fannie

Mae,

Pool

#MA2832

.......................................

3.00 12/1/36

Fannie

Mae,

Pool

#MA3934

.......................................

3.00 2/1/40

Fannie

Mae,

Pool

#AS8056

........................................

3.00 10/1/46

Fannie

Mae,

Pool

#AS7238

........................................

3.00 5/1/46

Fannie

Mae,

Pool

#MA1527

.......................................

3.00 8/1/33

Fannie

Mae,

Pool

#MA3744

.......................................

3.00 8/1/49

Fannie

Mae,

Pool

#MA3802

.......................................

3.00 10/1/49

Fannie

Mae,

Pool

#MA4048

.......................................

3.00 6/1/50

Fannie

Mae,

Pool

#MA2149

.......................................

3.00 1/1/30

Fannie

Mae,

Pool

#BE3861

........................................

3.00 1/1/47

Fannie

Mae,

Pool

#BO9169

.......................................

3.00 12/1/49

Fannie

Mae,

Pool

#MA2523

.......................................

3.00 2/1/36

Fannie

Mae,

Pool

#FM1370

.......................................

3.00 4/1/46

Fannie

Mae,

Pool

#MA3960

.......................................

3.00 3/1/50

Fannie

Mae,

Pool

#MA3247

.......................................

3.00 1/1/33

Fannie

Mae,

Pool

#MA3237

.......................................

3.00 1/1/48

Fannie

Mae,

Pool

#MA3339

.......................................

3.00 4/1/33

Fannie

Mae,

Pool

#MA2863

.......................................

3.00 1/1/47

Fannie

Mae,

Pool

#AK0006

.......................................

3.00 1/1/27

Fannie

Mae,

Pool

#AS0196

........................................

3.00 8/1/28

Fannie

Mae,

Pool

#AY4829

.......................................

3.00 5/1/45

Fannie

Mae,

Pool

#BU8883

.......................................

3.00 3/1/52

Fannie

Mae,

Pool

#MA2087

.......................................

3.00 11/1/34

Fannie

Mae,

Pool

#AS3117

........................................

3.00 8/1/29

Fannie

Mae,

Pool

#AR7426

.......................................

3.00 7/1/43

Fannie

Mae,

Pool

#MA3147

.......................................

3.00 10/1/47

Fannie

Mae,

Pool

#MA3304

.......................................

3.00 3/1/48

Fannie

Mae,

Pool

#MA2956

.......................................

3.00 4/1/47

Fannie

Mae,

Pool

#MA3834

.......................................

3.00 11/1/49

Fannie

Mae,

Pool

#MA3897

.......................................

3.00 1/1/35

Fannie

Mae,

Pool

#AX8309

.......................................

3.00 11/1/29

Fannie

Mae,

Pool

#MA2579

.......................................

3.00 4/1/36

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#AT7620

........................................

3.00 6/1/43

$

Fannie

Mae,

Pool

#MA1058

.......................................

3.00 5/1/32

Fannie

Mae,

Pool

#MA3218

.......................................

3.00 12/1/32

Fannie

Mae,

Pool

#BD4225

.......................................

3.00 11/1/46

Fannie

Mae,

Pool

#MA3179

.......................................

3.00 11/1/47

Fannie

Mae,

Pool

#AL9865

.......................................

3.00 2/1/47

Fannie

Mae,

Pool

#MA2773

.......................................

3.00 10/1/36

Fannie

Mae,

Pool

#BO3192

.......................................

3.00 10/1/49

Fannie

Mae,

Pool

#CA4860

.......................................

3.00 12/1/49

Fannie

Mae,

Pool

#BJ2996

........................................

3.00 1/1/33

Fannie

Mae,

Pool

#AS8424

........................................

3.00 12/1/36

Fannie

Mae,

Pool

#AS8483

........................................

3.00 12/1/46

Fannie

Mae,

Pool

#BA4786

.......................................

3.00 2/1/31

Fannie

Mae,

Pool

#BC9003

.......................................

3.00 11/1/46

Fannie

Mae,

Pool

#AS7908

........................................

3.00 9/1/46

Fannie

Mae,

Pool

#BO2201

.......................................

3.00 9/1/49

Fannie

Mae,

Pool

#FM2132

.......................................

3.00 1/1/50

Fannie

Mae,

Pool

#BN7703

.......................................

3.00 8/1/49

Fannie

Mae,

Pool

#MA3127

.......................................

3.00 9/1/37

Fannie

Mae,

Pool

#MA3100

.......................................

3.00 8/1/37

Fannie

Mae,

Pool

#AO0752

.......................................

3.00 4/1/42

Fannie

Mae,

Pool

#MA3082

.......................................

3.00 7/1/47

Fannie

Mae,

Pool

#AS8276

........................................

3.00 11/1/46

Fannie

Mae,

Pool

#MA3106

.......................................

3.00 8/1/47

Fannie

Mae,

Pool

#MA3185

.......................................

3.00 11/1/37

Fannie

Mae,

Pool

#AS4334

........................................

3.00 1/1/45

Fannie

Mae,

Pool

#AS2312

........................................

3.00 5/1/29

Fannie

Mae,

Pool

#BK1015

.......................................

3.00 2/1/33

Fannie

Mae,

Pool

#CB2759

.......................................

3.00 2/1/52

Fannie

Mae,

Pool

#FS2122

........................................

3.00 3/1/52

Fannie

Mae,

Pool

#MA2246

.......................................

3.00 4/1/30

Fannie

Mae,

Pool

#AP6375

........................................

3.00 9/1/42

Fannie

Mae,

Pool

#BE9547

........................................

3.00 4/1/47

Fannie

Mae,

Pool

#BP1932

........................................

3.00 4/1/50

Fannie

Mae,

Pool

#MA3958

.......................................

3.00 3/1/40

Fannie

Mae,

Pool

#AZ0538

.......................................

3.00 9/1/30

Fannie

Mae,

Pool

#FM1585

.......................................

3.00 9/1/49

Fannie

Mae,

Pool

#AT2014

........................................

3.00 4/1/43

Fannie

Mae,

Pool

#MA3831

.......................................

3.00 11/1/39

Fannie

Mae,

Pool

#AQ7920

.......................................

3.00 12/1/42

Fannie

Mae,

Pool

#FS1374

........................................

3.00 3/1/52

Fannie

Mae,

Pool

#BM1370

.......................................

3.00 4/1/37

Fannie

Mae,

Pool

#MA3657

.......................................

3.00 5/1/34

Fannie

Mae,

Pool

#CA5229

.......................................

3.00 2/1/50

Fannie

Mae,

Pool

#AP6493

........................................

3.00 9/1/42

Fannie

Mae,

Pool

#AB8897

.......................................

3.00 4/1/43

Fannie

Mae,

Pool

#AK3302

.......................................

3.00 3/1/27

Fannie

Mae,

Pool

#CB3172

.......................................

3.00 3/1/52

Fannie

Mae,

Pool

#MA2961

.......................................

3.00 4/1/37

Fannie

Mae,

Pool

#FS0831

........................................

3.00 3/1/52

Fannie

Mae,

Pool

#BD5545

.......................................

3.00 10/1/46

Fannie

Mae,

Pool

#MA2065

.......................................

3.00 10/1/34

Fannie

Mae,

Pool

#BD2446

.......................................

3.00 1/1/47

Fannie

Mae,

Pool

#MA2230

.......................................

3.00 4/1/35

Fannie

Mae,

Pool

#CB3364

.......................................

3.00 4/1/52

Fannie

Mae,

Pool

#BD5076

.......................................

3.00 2/1/32

Fannie

Mae,

Pool

#MA2897

.......................................

3.00 2/1/37

Fannie

Mae,

Pool

#MA4579

.......................................

3.00 4/1/52

Fannie

Mae,

Pool

#MA3634

.......................................

3.50 4/1/39

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#CA0487

.......................................

3.50 10/1/47

$

Fannie

Mae,

Pool

#AB6017

.......................................

3.50 8/1/42

Fannie

Mae,

Pool

#BJ0647

........................................

3.50 3/1/48

Fannie

Mae,

Pool

#MA3414

.......................................

3.50 7/1/48

Fannie

Mae,

Pool

#MA3462

.......................................

3.50 9/1/33

Fannie

Mae,

Pool

#MA3182

.......................................

3.50 11/1/47

Fannie

Mae,

Pool

#MA3026

.......................................

3.50 6/1/47

Fannie

Mae,

Pool

#MA3305

.......................................

3.50 3/1/48

Fannie

Mae,

Pool

#AY1306

.......................................

3.50 3/1/45

Fannie

Mae,

Pool

#AJ8476

........................................

3.50 12/1/41

Fannie

Mae,

Pool

#MA2923

.......................................

3.50 3/1/37

Fannie

Mae,

Pool

#MA3494

.......................................

3.50 10/1/48

Fannie

Mae,

Pool

#AY5303

.......................................

3.50 3/1/45

Fannie

Mae,

Pool

#MA2996

.......................................

3.50 5/1/37

Fannie

Mae,

Pool

#AS4773

........................................

3.50 4/1/45

Fannie

Mae,

Pool

#AX9530

.......................................

3.50 2/1/45

Fannie

Mae,

Pool

#MA1107

.......................................

3.50 7/1/32

Fannie

Mae,

Pool

#BD2436

.......................................

3.50 1/1/47

Fannie

Mae,

Pool

#BM1568

.......................................

3.50 7/1/47

Fannie

Mae,

Pool

#BM5485

.......................................

3.50 2/1/49

Fannie

Mae,

Pool

#MA1059

.......................................

3.50 5/1/32

Fannie

Mae,

Pool

#AU1635

.......................................

3.50 7/1/43

Fannie

Mae,

Pool

#MA2292

.......................................

3.50 6/1/45

Fannie

Mae,

Pool

#BM2001

.......................................

3.50 12/1/46

Fannie

Mae,

Pool

#BC1158

........................................

3.50 2/1/46

Fannie

Mae,

Pool

#AY4300

.......................................

3.50 1/1/45

Fannie

Mae,

Pool

#AX5201

.......................................

3.50 10/1/29

Fannie

Mae,

Pool

#MA2495

.......................................

3.50 1/1/46

Fannie

Mae,

Pool

#AS2081

........................................

3.50 4/1/29

Fannie

Mae,

Pool

#MA2909

.......................................

3.50 2/1/37

Fannie

Mae,

Pool

#MA3152

.......................................

3.50 10/1/37

Fannie

Mae,

Pool

#AZ6383

.......................................

3.50 9/1/45

Fannie

Mae,

Pool

#FM1028

.......................................

3.50 6/1/49

Fannie

Mae,

Pool

#BM1231

.......................................

3.50 11/1/31

Fannie

Mae,

Pool

#AS7388

........................................

3.50 6/1/46

Fannie

Mae,

Pool

#BH9215

.......................................

3.50 1/1/48

Fannie

Mae,

Pool

#MA3057

.......................................

3.50 7/1/47

Fannie

Mae,

Pool

#AP9390

........................................

3.50 10/1/42

Fannie

Mae,

Pool

#AO4385

.......................................

3.50 6/1/42

Fannie

Mae,

Pool

#BP1947

........................................

3.50 4/1/50

Fannie

Mae,

Pool

#AO4647

.......................................

3.50 6/1/42

Fannie

Mae,

Pool

#AO9140

.......................................

3.50 7/1/42

Fannie

Mae,

Pool

#MA4654

.......................................

3.50 7/1/52

Fannie

Mae,

Pool

#MA2389

.......................................

3.50 9/1/35

Fannie

Mae,

Pool

#FS1774

........................................

3.50 5/1/37

Fannie

Mae,

Pool

#AY3802

.......................................

3.50 2/1/45

Fannie

Mae,

Pool

#FM1566

.......................................

3.50 11/1/48

Fannie

Mae,

Pool

#AY3913

.......................................

3.50 2/1/45

Fannie

Mae,

Pool

#AV6407

.......................................

3.50 2/1/29

Fannie

Mae,

Pool

#MA3059

.......................................

3.50 7/1/37

Fannie

Mae,

Pool

#BM4703

.......................................

3.50 2/1/48

Fannie

Mae,

Pool

#AU3742

.......................................

3.50 8/1/43

Fannie

Mae,

Pool

#MA3597

.......................................

3.50 2/1/49

Fannie

Mae,

Pool

#FM3387

.......................................

3.50 3/1/35

Fannie

Mae,

Pool

#BE3767

........................................

3.50 7/1/47

Fannie

Mae,

Pool

#BM5446

.......................................

3.50 2/1/49

Fannie

Mae,

Pool

#CA0234

.......................................

3.50 8/1/47

Fannie

Mae,

Pool

#AS4772

........................................

3.50 4/1/45

Fannie

Mae,

Pool

#AS4771

........................................

3.50 4/1/45

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#MA4600

.......................................

3.50 5/1/52

$

Fannie

Mae,

Pool

#MA3238

.......................................

3.50 1/1/48

Fannie

Mae,

Pool

#AX7655

.......................................

3.50 1/1/45

Fannie

Mae,

Pool

#AS7239

........................................

3.50 5/1/46

Fannie

Mae,

Pool

#MA3745

.......................................

3.50 8/1/49

Fannie

Mae,

Pool

#MA3332

.......................................

3.50 4/1/48

Fannie

Mae,

Pool

#BD5046

.......................................

3.50 2/1/47

Fannie

Mae,

Pool

#AE0981

.......................................

3.50 3/1/41

Fannie

Mae,

Pool

#AS7491

........................................

3.50 7/1/46

Fannie

Mae,

Pool

#FM1001

.......................................

3.50 11/1/48

Fannie

Mae,

Pool

#BA5031

.......................................

3.50 1/1/46

Fannie

Mae,

Pool

#MA3276

.......................................

3.50 2/1/48

Fannie

Mae,

Pool

#BC0163

.......................................

3.50 1/1/46

Fannie

Mae,

Pool

#BC3126

.......................................

3.50 1/1/46

Fannie

Mae,

Pool

#AS0024

........................................

3.50 7/1/43

Fannie

Mae,

Pool

#AL1717

.......................................

3.50 5/1/27

Fannie

Mae,

Pool

#BC7633

.......................................

3.50 6/1/46

Fannie

Mae,

Pool

#AO2548

.......................................

3.50 4/1/42

Fannie

Mae,

Pool

#BM2000

.......................................

3.50 5/1/47

Fannie

Mae,

Pool

#BU8723

.......................................

3.50 6/1/52

Fannie

Mae,

Pool

#MA3835

.......................................

3.50 11/1/49

Fannie

Mae,

Pool

#FS5725

........................................

3.50 12/1/51

Fannie

Mae,

Pool

#AX0159

.......................................

3.50 9/1/29

Fannie

Mae,

Pool

#AY8856

.......................................

3.50 9/1/45

Fannie

Mae,

Pool

#AZ2614

.......................................

3.50 8/1/45

Fannie

Mae,

Pool

#MA3775

.......................................

3.50 9/1/49

Fannie

Mae,

Pool

#MA3663

.......................................

3.50 5/1/49

Fannie

Mae,

Pool

#AK7497

.......................................

3.50 4/1/42

Fannie

Mae,

Pool

#MA3906

.......................................

3.50 1/1/50

Fannie

Mae,

Pool

#AS5319

........................................

3.50 7/1/45

Fannie

Mae,

Pool

#AZ0862

.......................................

3.50 7/1/45

Fannie

Mae,

Pool

#AS6649

........................................

3.50 2/1/46

Fannie

Mae,

Pool

#CA1191

.......................................

3.50 11/1/47

Fannie

Mae,

Pool

#AK0706

.......................................

3.50 2/1/27

Fannie

Mae,

Pool

#AX2486

.......................................

3.50 10/1/44

Fannie

Mae,

Pool

#AS5696

........................................

3.50 8/1/45

Fannie

Mae,

Pool

#AZ9576

.......................................

3.50 12/1/45

Fannie

Mae,

Pool

#AS3133

........................................

3.50 8/1/44

Fannie

Mae,

Pool

#AS5068

........................................

3.50 6/1/45

Fannie

Mae,

Pool

#MA3614

.......................................

3.50 3/1/49

Fannie

Mae,

Pool

#FM1543

.......................................

3.50 11/1/48

Fannie

Mae,

Pool

#AQ0546

.......................................

3.50 11/1/42

Fannie

Mae,

Pool

#AJ6181

........................................

3.50 12/1/26

Fannie

Mae,

Pool

#MA1021

.......................................

3.50 3/1/27

Fannie

Mae,

Pool

#MA3637

.......................................

3.50 4/1/49

Fannie

Mae,

Pool

#BA1893

.......................................

3.50 8/1/45

Fannie

Mae,

Pool

#AO8137

.......................................

3.50 8/1/42

Fannie

Mae,

Pool

#AO3760

.......................................

3.50 5/1/42

Fannie

Mae,

Pool

#CB3601

.......................................

3.50 5/1/52

Fannie

Mae,

Pool

#AJ4093

........................................

3.50 10/1/26

Fannie

Mae,

Pool

#MA1980

.......................................

3.50 8/1/44

Fannie

Mae,

Pool

#MA2125

.......................................

3.50 12/1/44

Fannie

Mae,

Pool

#BE5258

........................................

3.50 1/1/47

Fannie

Mae,

Pool

#MA2692

.......................................

3.50 7/1/36

Fannie

Mae,

Pool

#FM0020

.......................................

3.50 7/1/49

Fannie

Mae,

Pool

#AL8776

.......................................

3.50 7/1/46

Fannie

Mae,

Pool

#FM1911

.......................................

3.50 7/1/48

Fannie

Mae,

Pool

#MA3520

.......................................

3.50 11/1/48

Fannie

Mae,

Pool

#BK9038

.......................................

3.50 10/1/33

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#BH9277

.......................................

3.50 2/1/48

$

Fannie

Mae,

Pool

#BH5155

.......................................

3.50 9/1/47

Fannie

Mae,

Pool

#BJ2692

........................................

3.50 4/1/48

Fannie

Mae,

Pool

#AS5892

........................................

3.50 10/1/45

Fannie

Mae,

Pool

#MA3692

.......................................

3.50 7/1/49

Fannie

Mae,

Pool

#MA1982

.......................................

3.50 8/1/34

Fannie

Mae,

Pool

#MA3563

.......................................

4.00 1/1/49

Fannie

Mae,

Pool

#MA2536

.......................................

4.00 2/1/36

Fannie

Mae,

Pool

#MA3413

.......................................

4.00 7/1/38

Fannie

Mae,

Pool

#MA3615

.......................................

4.00 3/1/49

Fannie

Mae,

Pool

#MA3244

.......................................

4.00 1/1/38

Fannie

Mae,

Pool

#MA0695

.......................................

4.00 4/1/31

Fannie

Mae,

Pool

#AT3872

........................................

4.00 6/1/43

Fannie

Mae,

Pool

#AJ7857

........................................

4.00 12/1/41

Fannie

Mae,

Pool

#MA3746

.......................................

4.00 8/1/49

Fannie

Mae,

Pool

#AY0025

.......................................

4.00 2/1/45

Fannie

Mae,

Pool

#AW5109

.......................................

4.00 8/1/44

Fannie

Mae,

Pool

#MA2455

.......................................

4.00 11/1/35

—

Fannie

Mae,

Pool

#AL9742

.......................................

4.00 7/1/29

—

Fannie

Mae,

Pool

#BN0334

.......................................

4.00 12/1/48

Fannie

Mae,

Pool

#AZ8874

.......................................

4.00 9/1/45

Fannie

Mae,

Pool

#AC7328

.......................................

4.00 12/1/39

Fannie

Mae,

Pool

#AZ7362

.......................................

4.00 11/1/45

Fannie

Mae,

Pool

#BJ0639

........................................

4.00 3/1/48

Fannie

Mae,

Pool

#AS9486

........................................

4.00 4/1/47

Fannie

Mae,

Pool

#BH2623

.......................................

4.00 8/1/47

Fannie

Mae,

Pool

#AS0531

........................................

4.00 9/1/43

Fannie

Mae,

Pool

#AL4778

.......................................

4.00 10/1/32

Fannie

Mae,

Pool

#AY8981

.......................................

4.00 8/1/45

Fannie

Mae,

Pool

#BC5559

.......................................

4.00 3/1/46

Fannie

Mae,

Pool

#MA3638

.......................................

4.00 4/1/49

Fannie

Mae,

Pool

#BK7608

.......................................

4.00 9/1/48

Fannie

Mae,

Pool

#AH5859

.......................................

4.00 2/1/41

Fannie

Mae,

Pool

#MA0641

.......................................

4.00 2/1/31

Fannie

Mae,

Pool

#MA0493

.......................................

4.00 8/1/30

Fannie

Mae,

Pool

#FM1571

.......................................

4.00 12/1/48

Fannie

Mae,

Pool

#FM1415

.......................................

4.00 12/1/48

Fannie

Mae,

Pool

#CA0237

.......................................

4.00 8/1/47

Fannie

Mae,

Pool

#MA3536

.......................................

4.00 12/1/48

Fannie

Mae,

Pool

#BM5525

.......................................

4.00 3/1/31

Fannie

Mae,

Pool

#AS8532

........................................

4.00 12/1/46

Fannie

Mae,

Pool

#FS3526

........................................

4.00 12/1/52

Fannie

Mae,

Pool

#AS7028

........................................

4.00 4/1/46

Fannie

Mae,

Pool

#CA1015

.......................................

4.00 1/1/48

Fannie

Mae,

Pool

#BA6910

.......................................

4.00 2/1/46

Fannie

Mae,

Pool

#BE8050

........................................

4.00 4/1/47

Fannie

Mae,

Pool

#AU3753

.......................................

4.00 8/1/43

Fannie

Mae,

Pool

#BD7081

.......................................

4.00 3/1/47

Fannie

Mae,

Pool

#AS7601

........................................

4.00 7/1/46

Fannie

Mae,

Pool

#AY1595

.......................................

4.00 1/1/45

Fannie

Mae,

Pool

#FS7579

........................................

4.00 6/1/53

Fannie

Mae,

Pool

#BN6677

.......................................

4.00 6/1/49

Fannie

Mae,

Pool

#MA2655

.......................................

4.00 6/1/36

Fannie

Mae,

Pool

#BK7943

.......................................

4.00 11/1/48

Fannie

Mae,

Pool

#AS7558

........................................

4.00 7/1/46

Fannie

Mae,

Pool

#AH3394

.......................................

4.00 1/1/41

Fannie

Mae,

Pool

#FS0016

........................................

4.00 6/1/49

Fannie

Mae,

Pool

#MA3804

.......................................

4.00 10/1/49

Fannie

Mae,

Pool

#190405

........................................

4.00 10/1/40

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#MA3037

.......................................

4.00 6/1/37

$

Fannie

Mae,

Pool

#AW5063

.......................................

4.00 7/1/44

Fannie

Mae,

Pool

#AV2340

.......................................

4.00 12/1/43

Fannie

Mae,

Pool

#AS3216

........................................

4.00 9/1/44

Fannie

Mae,

Pool

#FM0021

.......................................

4.00 3/1/49

Fannie

Mae,

Pool

#AS3467

........................................

4.00 10/1/44

Fannie

Mae,

Pool

#AH6242

.......................................

4.00 4/1/26

Fannie

Mae,

Pool

#AS2498

........................................

4.00 5/1/44

Fannie

Mae,

Pool

#AW9041

.......................................

4.00 8/1/44

Fannie

Mae,

Pool

#AO2959

.......................................

4.00 5/1/42

Fannie

Mae,

Pool

#AS3468

........................................

4.00 10/1/44

Fannie

Mae,

Pool

#BK0909

.......................................

4.00 7/1/48

Fannie

Mae,

Pool

#MA3427

.......................................

4.00 7/1/33

Fannie

Mae,

Pool

#FM1960

.......................................

4.00 5/1/49

Fannie

Mae,

Pool

#AS3448

........................................

4.00 9/1/44

Fannie

Mae,

Pool

#MA3211

.......................................

4.00 12/1/47

Fannie

Mae,

Pool

#AX0841

.......................................

4.00 9/1/44

Fannie

Mae,

Pool

#FM1101

.......................................

4.00 7/1/34

Fannie

Mae,

Pool

#CA2474

.......................................

4.00 7/1/48

Fannie

Mae,

Pool

#BN5258

.......................................

4.00 2/1/49

Fannie

Mae,

Pool

#BM5685

.......................................

4.00 6/1/48

Fannie

Mae,

Pool

#BK9697

.......................................

4.00 12/1/48

Fannie

Mae,

Pool

#BK0915

.......................................

4.00 7/1/48

—

Fannie

Mae,

Pool

#AL2689

.......................................

4.00 2/1/27

—

Fannie

Mae,

Pool

#AS3293

........................................

4.00 9/1/44

Fannie

Mae,

Pool

#AJ7689

........................................

4.00 12/1/41

Fannie

Mae,

Pool

#MA3521

.......................................

4.00 11/1/48

Fannie

Mae,

Pool

#MA3216

.......................................

4.00 12/1/37

Fannie

Mae,

Pool

#AS7600

........................................

4.00 7/1/46

Fannie

Mae,

Pool

#MA3592

.......................................

4.00 2/1/49

Fannie

Mae,

Pool

#AY2291

.......................................

4.00 3/1/45

Fannie

Mae,

Pool

#BM4991

.......................................

4.00 9/1/48

Fannie

Mae,

Pool

#AS3903

........................................

4.00 11/1/44

Fannie

Mae,

Pool

#AL8387

.......................................

4.00 3/1/46

Fannie

Mae,

Pool

#MA3121

.......................................

4.00 9/1/47

Fannie

Mae,

Pool

#BM2002

.......................................

4.00 10/1/47

Fannie

Mae,

Pool

#BN0594

.......................................

4.00 12/1/48

Fannie

Mae,

Pool

#CA3084

.......................................

4.00 2/1/49

Fannie

Mae,

Pool

#MA3027

.......................................

4.00 6/1/47

Fannie

Mae,

Pool

#AS9831

........................................

4.00 6/1/47

Fannie

Mae,

Pool

#AJ5303

........................................

4.00 11/1/41

Fannie

Mae,

Pool

#CA2469

.......................................

4.00 10/1/48

Fannie

Mae,

Pool

#AS2117

........................................

4.00 4/1/44

Fannie

Mae,

Pool

#AL7347

.......................................

4.00 9/1/45

Fannie

Mae,

Pool

#MA4797

.......................................

4.00 11/1/37

Fannie

Mae,

Pool

#BJ9169

........................................

4.00 5/1/48

Fannie

Mae,

Pool

#MA4732

.......................................

4.00 9/1/52

Fannie

Mae,

Pool

#FM5134

.......................................

4.00 1/1/49

Fannie

Mae,

Pool

#MA3183

.......................................

4.00 11/1/47

Fannie

Mae,

Pool

#AZ8067

.......................................

4.00 9/1/45

Fannie

Mae,

Pool

#MA2995

.......................................

4.00 5/1/47

Fannie

Mae,

Pool

#CA1894

.......................................

4.00 6/1/48

Fannie

Mae,

Pool

#CA0183

.......................................

4.00 8/1/47

Fannie

Mae,

Pool

#AS8823

........................................

4.00 2/1/47

Fannie

Mae,

Pool

#BA0847

.......................................

4.00 3/1/46

Fannie

Mae,

Pool

#MA3277

.......................................

4.00 2/1/48

Fannie

Mae,

Pool

#AY1377

.......................................

4.00 4/1/45

Fannie

Mae,

Pool

#BM1285

.......................................

4.50 5/1/47

Fannie

Mae,

Pool

#BE5992

........................................

4.50 2/1/47

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#BN0877

.......................................

4.50 11/1/48

$

Fannie

Mae,

Pool

#AH7521

.......................................

4.50 3/1/41

Fannie

Mae,

Pool

#AH6790

.......................................

4.50 3/1/41

Fannie

Mae,

Pool

#AL4450

.......................................

4.50 12/1/43

Fannie

Mae,

Pool

#MA3522

.......................................

4.50 11/1/48

Fannie

Mae,

Pool

#AL1107

........................................

4.50 11/1/41

Fannie

Mae,

Pool

#AE0217

.......................................

4.50 8/1/40

Fannie

Mae,

Pool

#AB3192

.......................................

4.50 6/1/41

Fannie

Mae,

Pool

#CA0623

.......................................

4.50 10/1/47

Fannie

Mae,

Pool

#AS2276

........................................

4.50 4/1/44

Fannie

Mae,

Pool

#AS8157

........................................

4.50 10/1/46

Fannie

Mae,

Pool

#AL5082

.......................................

4.50 3/1/44

Fannie

Mae,

Pool

#AB1470

.......................................

4.50 9/1/40

Fannie

Mae,

Pool

#CA0148

.......................................

4.50 8/1/47

Fannie

Mae,

Pool

#AB1389

.......................................

4.50 8/1/40

Fannie

Mae,

Pool

#AS0861

........................................

4.50 10/1/43

Fannie

Mae,

Pool

#MA3537

.......................................

4.50 12/1/48

Fannie

Mae,

Pool

#BV7928

.......................................

4.50 8/1/52

Fannie

Mae,

Pool

#BK8830

.......................................

4.50 8/1/48

Fannie

Mae,

Pool

#AS9394

........................................

4.50 4/1/47

Fannie

Mae,

Pool

#BK1416

.......................................

4.50 5/1/48

Fannie

Mae,

Pool

#AS1638

........................................

4.50 2/1/44

Fannie

Mae,

Pool

#MA5612

.......................................

4.50 2/1/55

Fannie

Mae,

Pool

#CA1218

.......................................

4.50 2/1/48

Fannie

Mae,

Pool

#MA3184

.......................................

4.50 11/1/47

Fannie

Mae,

Pool

#CA1711

.......................................

4.50 5/1/48

Fannie

Mae,

Pool

#MA3639

.......................................

4.50 4/1/49

Fannie

Mae,

Pool

#AA0860

.......................................

4.50 1/1/39

Fannie

Mae,

Pool

#AS8576

........................................

4.50 12/1/46

Fannie

Mae,

Pool

#MA3593

.......................................

4.50 2/1/49

Fannie

Mae,

Pool

#MA0481

.......................................

4.50 8/1/30

Fannie

Mae,

Pool

#MA5070

.......................................

4.50 7/1/53

Fannie

Mae,

Pool

#AL8816

.......................................

4.50 9/1/45

Fannie

Mae,

Pool

#AU5302

.......................................

4.50 10/1/43

Fannie

Mae,

Pool

#BK5283

.......................................

4.50 6/1/48

Fannie

Mae,

Pool

#BE6489

........................................

4.50 1/1/47

Fannie

Mae,

Pool

#AD8529

.......................................

4.50 8/1/40

Fannie

Mae,

Pool

#FM3619

.......................................

4.50 1/1/50

Fannie

Mae,

Pool

#AI4815

........................................

4.50 6/1/41

Fannie

Mae,

Pool

#AH9055

.......................................

4.50 4/1/41

Fannie

Mae,

Pool

#MA5496

.......................................

5.00 10/1/54

—

Fannie

Mae,

Pool

#BM3781

.......................................

5.00 11/1/30

—

Fannie

Mae,

Pool

#MA5585

.......................................

5.00 1/1/55

Fannie

Mae,

Pool

#MA4761

.......................................

5.00 9/1/52

Fannie

Mae,

Pool

#MA5909

.......................................

5.00 12/1/55

Fannie

Mae,

Pool

#MA4918

.......................................

5.00 2/1/53

Fannie

Mae,

Pool

#FS7252

........................................

5.00 11/1/53

Fannie

Mae,

Pool

#836750

........................................

5.00 10/1/35

Fannie

Mae,

Pool

#AH5988

.......................................

5.00 3/1/41

Fannie

Mae,

Pool

#890603

........................................

5.00 8/1/41

Fannie

Mae,

Pool

#CA1795

.......................................

5.00 5/1/48

Fannie

Mae,

Pool

#MA5071

.......................................

5.00 7/1/53

Fannie

Mae,

Pool

#MA5539

.......................................

5.00 11/1/44

Fannie

Mae,

Pool

#AS0837

........................................

5.00 10/1/43

Fannie

Mae,

Pool

#BM3904

.......................................

5.00 5/1/48

Fannie

Mae,

Pool

#MA3472

.......................................

5.00 9/1/48

Fannie

Mae,

Pool

#AS0575

........................................

5.00 9/1/43

Fannie

Mae,

Pool

#MA3527

.......................................

5.00 11/1/48

Fannie

Mae,

Pool

#MA3669

.......................................

5.00 5/1/49

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#890621

........................................

5.00 5/1/42

$

Fannie

Mae,

Pool

#MA3708

.......................................

5.00 6/1/49

Fannie

Mae,

Pool

#MA3617

.......................................

5.00 3/1/49

Fannie

Mae,

Pool

#CA0349

.......................................

5.00 9/1/47

Fannie

Mae,

Pool

#CB9309

.......................................

5.00 10/1/54

Fannie

Mae,

Pool

#FA0621

........................................

5.00 7/1/53

Fannie

Mae,

Pool

#MA3594

.......................................

5.00 2/1/49

Fannie

Mae,

Pool

#AL5788

.......................................

5.00 5/1/42

Fannie

Mae,

Pool

#725238

........................................

5.00 3/1/34

Fannie

Mae,

Pool

#889117

........................................

5.00 10/1/35

Fannie

Mae,

Pool

#FA3660

........................................

5.50 11/1/55

Fannie

Mae,

Pool

#890221

........................................

5.50 12/1/33

Fannie

Mae,

Pool

#MA5138

.......................................

5.50 9/1/53

Fannie

Mae,

Pool

#FS4840

........................................

5.50 5/1/53

Fannie

Mae,

Pool

#MA5072

.......................................

5.50 7/1/53

Fannie

Mae,

Pool

#FA0608

........................................

5.50 2/1/55

Fannie

Mae,

Pool

#MA5107

.......................................

5.50 8/1/53

Fannie

Mae,

Pool

#MA5165

.......................................

5.50 10/1/53

Fannie

Mae,

Pool

#MA5393

.......................................

5.50 6/1/39

Fannie

Mae,

Pool

#MA5010

.......................................

5.50 5/1/53

Fannie

Mae,

Pool

#MA5470

.......................................

5.50 9/1/54

Fannie

Mae,

Pool

#CC0102

.......................................

5.50 3/1/55

Fannie

Mae,

Pool

#MA5563

.......................................

5.50 12/1/44

Fannie

Mae,

Pool

#CB9331

.......................................

5.50 10/1/54

Fannie

Mae,

Pool

#MA5444

.......................................

5.50 8/1/54

Fannie

Mae,

Pool

#FS3360

........................................

5.50 12/1/52

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

#929451

........................................

5.50 5/1/38

Fannie

Mae,

Pool

#CB9991

.......................................

6.00 2/1/55

Fannie

Mae,

Pool

#MA5073

.......................................

6.00 7/1/53

Fannie

Mae,

Pool

#CC0405

.......................................

6.00 5/1/55

Fannie

Mae,

Pool

#CB9160

.......................................

6.00 9/1/54

506

Fannie

Mae,

Pool

#CB5704

.......................................

6.00 2/1/53

Fannie

Mae,

Pool

#MA5471

.......................................

6.00 9/1/54

Fannie

Mae,

Pool

#725228

........................................

6.00 3/1/34

Fannie

Mae,

Pool

#CC0262

.......................................

6.00 4/1/55

Fannie

Mae,

Pool

#MA5587

.......................................

6.00 1/1/55

Fannie

Mae,

Pool

#MA5498

.......................................

6.00 10/1/54

Fannie

Mae,

Pool

#MA5445

.......................................

6.00 8/1/54

Fannie

Mae,

Pool

#FA0872

........................................

6.00 10/1/54

Fannie

Mae,

Pool

#CB8854

.......................................

6.00 7/1/54

Fannie

Mae,

Pool

#MA5191

.......................................

6.00 11/1/53

Fannie

Mae,

Pool

#MA5166

.......................................

6.00 10/1/53

Fannie

Mae,

Pool

#CC0721

.......................................

6.00 7/1/55

Fannie

Mae,

Pool

#CB8916

.......................................

6.00 7/1/54

Fannie

Mae,

Pool

#MA5247

.......................................

6.00 1/1/54

Fannie

Mae,

Pool

#CB8159

.......................................

6.00 3/1/54

Fannie

Mae,

Pool

#MA5108

.......................................

6.00 8/1/53

Fannie

Mae,

Pool

#MA5217

.......................................

6.50 12/1/53

Fannie

Mae,

Pool

#MA5140

.......................................

6.50 9/1/53

Fannie

Mae,

Pool

#MA5273

.......................................

6.50 2/1/54

Fannie

Mae,

Pool

#FS9978

........................................

6.50 9/1/54

Fannie

Mae,

Pool

#MA5631

.......................................

6.50 2/1/55

Fannie

Mae,

Pool

#CB7651

.......................................

6.50 12/1/53

Fannie

Mae,

Pool

#MA5472

.......................................

6.50 9/1/54

Fannie

Mae,

Pool

#889984

........................................

6.50 10/1/38

Fannie

Mae,

Pool

#FA3200

........................................

6.50 8/1/55

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#MA5422

.......................................

6.50 7/1/54

$

Fannie

Mae,

Pool

#MA5738

.......................................

7.00 6/1/55

Fannie

Mae,

Pool

#FA1000

........................................

7.00 2/1/55

Fannie

Mae,

YR

TBA

.........................................

1.50 1/25/41

525

Fannie

Mae,

YR

TBA

.........................................

2.00 1/25/41

Fannie

Mae,

YR

TBA

.........................................

2.50 1/25/41

Fannie

Mae,

YR

TBA

.........................................

3.00 2/25/40

Fannie

Mae,

YR

TBA

.........................................

3.00 1/25/41

Fannie

Mae,

YR

TBA

.........................................

3.50 1/25/41

Fannie

Mae,

YR

TBA

.........................................

4.00 1/25/41

Fannie

Mae,

YR

TBA

.........................................

4.50 1/25/41

Fannie

Mae,

YR

TBA

.........................................

4.50 2/25/40

Fannie

Mae,

YR

TBA

.........................................

5.00 2/25/40

550

Fannie

Mae,

YR

TBA

.........................................

5.00 1/25/41

557

Fannie

Mae,

YR

TBA

.........................................

5.50 1/25/41

Fannie

Mae,

YR

TBA

.........................................

5.50 2/25/40

Fannie

Mae,

YR

TBA

.........................................

6.00 1/25/41

625

Fannie

Mae,

YR

TBA

.........................................

1.50 1/25/56

2,475

Fannie

Mae,

YR

TBA

.........................................

2.00 1/25/56

2,000

Fannie

Mae,

YR

TBA

.........................................

2.00 2/25/56

1,800

Fannie

Mae,

YR

TBA

.........................................

2.50 1/25/56

1,520

1,200

Fannie

Mae,

YR

TBA

.........................................

3.00 1/25/56

1,061

Fannie

Mae,

YR

TBA

.........................................

3.00 2/25/56

Fannie

Mae,

YR

TBA

.........................................

3.50 2/25/56

525

Fannie

Mae,

YR

TBA

.........................................

3.50 1/25/56

800

Fannie

Mae,

YR

TBA

.........................................

4.00 1/25/56

758

Fannie

Mae,

YR

TBA

.........................................

4.00 2/25/56

Fannie

Mae,

YR

TBA

.........................................

4.50 2/25/55

700

Fannie

Mae,

YR

TBA

.........................................

4.50 1/25/56

683

625

Fannie

Mae,

YR

TBA

.........................................

5.00 2/25/56

623

550

Fannie

Mae,

YR

TBA

.........................................

5.00 1/25/56

549

675

Fannie

Mae,

YR

TBA

.........................................

5.50 7/25/56

684

1,150

Fannie

Mae,

YR

TBA

.........................................

5.50 1/25/56

1,165

1,450

Fannie

Mae,

YR

TBA

.........................................

6.00 1/25/56

1,487

Fannie

Mae,

YR

TBA

.........................................

6.00 2/25/56

Fannie

Mae,

YR

TBA

.........................................

6.50 2/25/56

500

Fannie

Mae,

YR

TBA

.........................................

6.50 1/25/56

520

Fannie

Mae,

YR

TBA

.........................................

7.00 2/25/55

Fannie

Mae,

YR

TBA

.........................................

7.00 1/25/56

Freddie

Mac,

Pool

#SD8082

.......................................

1.50 10/1/50

Freddie

Mac,

Pool

#RB5110

.......................................

1.50 5/1/41

Freddie

Mac,

Pool

#SB8083

.......................................

1.50 1/1/36

Freddie

Mac,

Pool

#SD8154

.......................................

1.50 7/1/51

Freddie

Mac,

Pool

#QC0962

.......................................

1.50 4/1/51

Freddie

Mac,

Pool

#SB8144

.......................................

1.50 3/1/37

Freddie

Mac,

Pool

#SB8088

.......................................

1.50 2/1/36

Freddie

Mac,

Pool

#SB8106

.......................................

1.50 6/1/36

Freddie

Mac,

Pool

#SB8097

.......................................

1.50 4/1/36

Freddie

Mac,

Pool

#SD8139

.......................................

1.50 4/1/51

Freddie

Mac,

Pool

#QN9521

.......................................

1.50 2/1/37

Freddie

Mac,

Pool

#SL1729

.......................................

2.00 2/1/52

Freddie

Mac,

Pool

#SB8079

.......................................

2.00 12/1/35

Freddie

Mac,

Pool

#SD8150

.......................................

2.00 6/1/51

Freddie

Mac,

Pool

#SB8107

.......................................

2.00 6/1/36

Freddie

Mac,

Pool

#RB5121

.......................................

2.00 8/1/41

Freddie

Mac,

Pool

#RA6025

.......................................

2.00 10/1/51

Freddie

Mac,

Pool

#RB5114

.......................................

2.00 6/1/41

Freddie

Mac,

Pool

#RA6333

.......................................

2.00 11/1/51

Freddie

Mac,

Pool

#QD1254

.......................................

2.00 11/1/51

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac,

Pool

#QD0433

.......................................

2.00 11/1/51

$

Freddie

Mac,

Pool

#RA3606

.......................................

2.00 10/1/50

Freddie

Mac,

Pool

#RA5928

.......................................

2.00 9/1/51

Freddie

Mac,

Pool

#QO0110

.......................................

2.00 4/1/37

Freddie

Mac,

Pool

#SD8128

.......................................

2.00 2/1/51

Freddie

Mac,

Pool

#SB8128

.......................................

2.00 11/1/36

Freddie

Mac,

Pool

#SD8182

.......................................

2.00 12/1/51

Freddie

Mac,

Pool

#ZS7735

.......................................

2.00 1/1/32

Freddie

Mac,

Pool

#RA3328

.......................................

2.00 8/1/50

Freddie

Mac,

Pool

#QD5748

.......................................

2.00 2/1/52

Freddie

Mac,

Pool

#SD8199

.......................................

2.00 3/1/52

Freddie

Mac,

Pool

#SD8193

.......................................

2.00 2/1/52

Freddie

Mac,

Pool

#SD8160

.......................................

2.00 8/1/51

Freddie

Mac,

Pool

#SD8121

.......................................

2.00 1/1/51

Freddie

Mac,

Pool

#RB5095

.......................................

2.00 1/1/41

Freddie

Mac,

Pool

#RC1727

.......................................

2.00 12/1/35

Freddie

Mac,

Pool

#RB5153

.......................................

2.00 4/1/42

Freddie

Mac,

Pool

#SB8061

.......................................

2.00 9/1/35

Freddie

Mac,

Pool

#QC6925

.......................................

2.00 9/1/51

Freddie

Mac,

Pool

#QB9896

.......................................

2.00 3/1/51

Freddie

Mac,

Pool

#SD8188

.......................................

2.00 1/1/52

Freddie

Mac,

Pool

#RB5141

.......................................

2.00 1/1/42

Freddie

Mac,

Pool

#RB5111

.......................................

2.00 5/1/41

Freddie

Mac,

Pool

#QC1333

.......................................

2.00 5/1/51

Freddie

Mac,

Pool

#RB5138

.......................................

2.00 12/1/41

Freddie

Mac,

Pool

#RA6026

.......................................

2.00 10/1/51

Freddie

Mac,

Pool

#SD0731

.......................................

2.00 5/1/51

Freddie

Mac,

Pool

#SB8115

.......................................

2.00 8/1/36

Freddie

Mac,

Pool

#RB5148

.......................................

2.00 3/1/42

Freddie

Mac,

Pool

#RA6507

.......................................

2.00 12/1/51

Freddie

Mac,

Pool

#RA4986

.......................................

2.00 4/1/51

Freddie

Mac,

Pool

#SD8172

.......................................

2.00 10/1/51

Freddie

Mac,

Pool

#SB8510

.......................................

2.00 2/1/36

Freddie

Mac,

Pool

#QC4423

.......................................

2.00 7/1/51

Freddie

Mac,

Pool

#SD8098

.......................................

2.00 10/1/50

Freddie

Mac,

Pool

#RA5040

.......................................

2.00 4/1/51

Freddie

Mac,

Pool

#QC3697

.......................................

2.00 6/1/51

Freddie

Mac,

Pool

#RA5256

.......................................

2.00 5/1/51

Freddie

Mac,

Pool

#RA5257

.......................................

2.00 5/1/51

Freddie

Mac,

Pool

#QC0423

.......................................

2.00 4/1/51

Freddie

Mac,

Pool

#SD8113

.......................................

2.00 12/1/50

Freddie

Mac,

Pool

#SD8177

.......................................

2.00 11/1/51

Freddie

Mac,

Pool

#SD8134

.......................................

2.00 3/1/51

Freddie

Mac,

Pool

#RA3205

.......................................

2.00 8/1/50

Freddie

Mac,

Pool

#QD3162

.......................................

2.00 12/1/51

Freddie

Mac,

Pool

#RA5155

.......................................

2.00 5/1/51

Freddie

Mac,

Pool

#SD8079

.......................................

2.00 7/1/50

Freddie

Mac,

Pool

#QB7708

.......................................

2.00 1/1/51

Freddie

Mac,

Pool

#QB3716

.......................................

2.00 9/1/50

Freddie

Mac,

Pool

#QB8064

.......................................

2.00 1/1/51

Freddie

Mac,

Pool

#QC7473

.......................................

2.00 9/1/51

Freddie

Mac,

Pool

#QC6815

.......................................

2.00 9/1/51

Freddie

Mac,

Pool

#QB6893

.......................................

2.00 12/1/50

Freddie

Mac,

Pool

#QB3926

.......................................

2.00 10/1/50

Freddie

Mac,

Pool

#RA4214

.......................................

2.00 12/1/50

Freddie

Mac,

Pool

#SD8146

.......................................

2.00 5/1/51

Freddie

Mac,

Pool

#QC1075

.......................................

2.00 4/1/51

Freddie

Mac,

Pool

#SD7537

.......................................

2.00 3/1/51

Freddie

Mac,

Pool

#QC3597

.......................................

2.00 6/1/51

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac,

Pool

#SD8122

.......................................

2.50 1/1/51

$

Freddie

Mac,

Pool

#SD8189

.......................................

2.50 1/1/52

Freddie

Mac,

Pool

#RA2897

.......................................

2.50 6/1/50

Freddie

Mac,

Pool

#SB8053

.......................................

2.50 7/1/35

Freddie

Mac,

Pool

#SD8083

.......................................

2.50 8/1/50

Freddie

Mac,

Pool

#RA3528

.......................................

2.50 9/1/50

Freddie

Mac,

Pool

#RA5802

.......................................

2.50 9/1/51

Freddie

Mac,

Pool

#SD8055

.......................................

2.50 4/1/50

Freddie

Mac,

Pool

#RA5286

.......................................

2.50 5/1/51

Freddie

Mac,

Pool

#QD5204

.......................................

2.50 1/1/52

Freddie

Mac,

Pool

#SD8194

.......................................

2.50 2/1/52

Freddie

Mac,

Pool

#RA6340

.......................................

2.50 11/1/51

Freddie

Mac,

Pool

#SD8183

.......................................

2.50 12/1/51

Freddie

Mac,

Pool

#SD0780

.......................................

2.50 12/1/51

Freddie

Mac,

Pool

#SD8114

.......................................

2.50 12/1/50

Freddie

Mac,

Pool

#QA5290

.......................................

2.50 12/1/49

Freddie

Mac,

Pool

#SD8099

.......................................

2.50 10/1/50

Freddie

Mac,

Pool

#SD8147

.......................................

2.50 5/1/51

Freddie

Mac,

Pool

#SD8129

.......................................

2.50 2/1/51

Freddie

Mac,

Pool

#RA2634

.......................................

2.50 5/1/50

Freddie

Mac,

Pool

#QC2031

.......................................

2.50 5/1/51

Freddie

Mac,

Pool

#QC2251

.......................................

2.50 5/1/51

Freddie

Mac,

Pool

#ZS4687

.......................................

2.50 11/1/46

Freddie

Mac,

Pool

#ZK8425

.......................................

2.50 12/1/31

Freddie

Mac,

Pool

#SD8151

.......................................

2.50 6/1/51

Freddie

Mac,

Pool

#RA2645

.......................................

2.50 6/1/50

Freddie

Mac,

Pool

#SD0412

.......................................

2.50 8/1/50

Freddie

Mac,

Pool

#SB8045

.......................................

2.50 5/1/35

Freddie

Mac,

Pool

#ZS8483

.......................................

2.50 3/1/28

Freddie

Mac,

Pool

#QB3287

.......................................

2.50 8/1/50

Freddie

Mac,

Pool

#SD8141

.......................................

2.50 4/1/51

Freddie

Mac,

Pool

#SB0301

.......................................

2.50 4/1/35

Freddie

Mac,

Pool

#RB5054

.......................................

2.50 6/1/40

Freddie

Mac,

Pool

#QA9142

.......................................

2.50 5/1/50

Freddie

Mac,

Pool

#SD8067

.......................................

2.50 6/1/50

Freddie

Mac,

Pool

#RA6765

.......................................

2.50 2/1/52

Freddie

Mac,

Pool

#SD8212

.......................................

2.50 5/1/52

Freddie

Mac,

Pool

#RB5043

.......................................

2.50 4/1/40

Freddie

Mac,

Pool

#SB8108

.......................................

2.50 6/1/36

Freddie

Mac,

Pool

#RA2595

.......................................

2.50 5/1/50

Freddie

Mac,

Pool

#QB3703

.......................................

2.50 9/1/50

Freddie

Mac,

Pool

#ZS8692

.......................................

2.50 4/1/33

Freddie

Mac,

Pool

#RA2643

.......................................

2.50 6/1/50

Freddie

Mac,

Pool

#SD0578

.......................................

2.50 3/1/51

Freddie

Mac,

Pool

#RA5832

.......................................

2.50 9/1/51

Freddie

Mac,

Pool

#RB5086

.......................................

2.50 11/1/40

Freddie

Mac,

Pool

#QC7457

.......................................

2.50 9/1/51

Freddie

Mac,

Pool

#QE2352

.......................................

2.50 5/1/52

Freddie

Mac,

Pool

#SD7226

.......................................

2.50 5/1/52

Freddie

Mac,

Pool

#SD8205

.......................................

2.50 4/1/52

Freddie

Mac,

Pool

#SD8021

.......................................

2.50 9/1/49

Freddie

Mac,

Pool

#RA6493

.......................................

2.50 12/1/51

Freddie

Mac,

Pool

#RB5157

.......................................

2.50 5/1/42

Freddie

Mac,

Pool

#RA6815

.......................................

2.50 2/1/52

Freddie

Mac,

Pool

#RA6019

.......................................

2.50 10/1/51

Freddie

Mac,

Pool

#SD8167

.......................................

2.50 9/1/51

Freddie

Mac,

Pool

#RA6621

.......................................

2.50 1/1/52

Freddie

Mac,

Pool

#RB5072

.......................................

2.50 9/1/40

Freddie

Mac,

Pool

#SB8062

.......................................

2.50 9/1/35

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac,

Pool

#SD1011

.......................................

2.50 4/1/52

$

Freddie

Mac,

Pool

#QC9156

.......................................

2.50 10/1/51

Freddie

Mac,

Pool

#ZT2094

.......................................

2.50 6/1/34

Freddie

Mac,

Pool

#ZS4658

.......................................

3.00 4/1/46

Freddie

Mac,

Pool

#ZM2285

.......................................

3.00 12/1/46

Freddie

Mac,

Pool

#SD5277

.......................................

3.00 7/1/52

Freddie

Mac,

Pool

#ZS4703

.......................................

3.00 2/1/47

Freddie

Mac,

Pool

#ZS4706

.......................................

3.00 3/1/47

Freddie

Mac,

Pool

#SD8056

.......................................

3.00 4/1/50

Freddie

Mac,

Pool

#ZM2169

.......................................

3.00 11/1/46

Freddie

Mac,

Pool

#ZM2721

.......................................

3.00 2/1/47

Freddie

Mac,

Pool

#QA9049

.......................................

3.00 4/1/50

Freddie

Mac,

Pool

#SD8184

.......................................

3.00 12/1/51

Freddie

Mac,

Pool

#ZM2089

.......................................

3.00 11/1/46

Freddie

Mac,

Pool

#ZS4693

.......................................

3.00 12/1/46

Freddie

Mac,

Pool

#ZS4609

.......................................

3.00 4/1/45

Freddie

Mac,

Pool

#ZS4519

.......................................

3.00 6/1/43

Freddie

Mac,

Pool

#ZS4641

.......................................

3.00 12/1/45

Freddie

Mac,

Pool

#ZS4779

.......................................

3.00 6/1/48

Freddie

Mac,

Pool

#ZS4512

.......................................

3.00 5/1/43

Freddie

Mac,

Pool

#ZS4688

.......................................

3.00 11/1/46

Freddie

Mac,

Pool

#QA8065

.......................................

3.00 3/1/50

Freddie

Mac,

Pool

#QD9881

.......................................

3.00 3/1/52

Freddie

Mac,

Pool

#QA1033

.......................................

3.00 7/1/49

Freddie

Mac,

Pool

#ZA1283

.......................................

3.00 1/1/43

Freddie

Mac,

Pool

#RA2594

.......................................

3.00 5/1/50

Freddie

Mac,

Pool

#ZT0715

.......................................

3.00 9/1/48

Freddie

Mac,

Pool

#ZT2019

.......................................

3.00 5/1/34

Freddie

Mac,

Pool

#ZS8686

.......................................

3.00 2/1/33

Freddie

Mac,

Pool

#SD8030

.......................................

3.00 12/1/49

Freddie

Mac,

Pool

#ZS4697

.......................................

3.00 1/1/47

Freddie

Mac,

Pool

#ZS4621

.......................................

3.00 7/1/45

Freddie

Mac,

Pool

#SD8174

.......................................

3.00 10/1/51

Freddie

Mac,

Pool

#ZS4522

.......................................

3.00 7/1/43

Freddie

Mac,

Pool

#ZT0195

.......................................

3.00 9/1/46

Freddie

Mac,

Pool

#SD8024

.......................................

3.00 11/1/49

Freddie

Mac,

Pool

#QB1382

.......................................

3.00 7/1/50

Freddie

Mac,

Pool

#SB8046

.......................................

3.00 5/1/35

Freddie

Mac,

Pool

#SD8242

.......................................

3.00 9/1/52

Freddie

Mac,

Pool

#ZA2313

.......................................

3.00 9/1/33

Freddie

Mac,

Pool

#SD8074

.......................................

3.00 7/1/50

Freddie

Mac,

Pool

#ZT1323

.......................................

3.00 10/1/48

Freddie

Mac,

Pool

#SD8001

.......................................

3.50 7/1/49

Freddie

Mac,

Pool

#QA8794

.......................................

3.50 4/1/50

Freddie

Mac,

Pool

#RA2469

.......................................

3.50 4/1/50

Freddie

Mac,

Pool

#ZS4704

.......................................

3.50 2/1/47

Freddie

Mac,

Pool

#SD0968

.......................................

3.50 4/1/52

Freddie

Mac,

Pool

#SD8038

.......................................

3.50 1/1/50

Freddie

Mac,

Pool

#ZS4599

.......................................

3.50 1/1/45

Freddie

Mac,

Pool

#ZS4536

.......................................

3.50 10/1/43

Freddie

Mac,

Pool

#ZM4908

.......................................

3.50 11/1/47

Freddie

Mac,

Pool

#ZS4771

.......................................

3.50 6/1/48

Freddie

Mac,

Pool

#ZS4663

.......................................

3.50 5/1/46

Freddie

Mac,

Pool

#ZS4713

.......................................

3.50 4/1/47

Freddie

Mac,

Pool

#SB8183

.......................................

3.50 10/1/37

Freddie

Mac,

Pool

#ZS4659

.......................................

3.50 4/1/46

Freddie

Mac,

Pool

#SD8221

.......................................

3.50 6/1/52

Freddie

Mac,

Pool

#SD8214

.......................................

3.50 5/1/52

Freddie

Mac,

Pool

#SB8007

.......................................

3.50 9/1/34

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac,

Pool

#ZS4630

.......................................

3.50 9/1/45

$

Freddie

Mac,

Pool

#RA1508

.......................................

3.50 10/1/49

Freddie

Mac,

Pool

#ZS4759

.......................................

3.50 3/1/48

Freddie

Mac,

Pool

#ZA5128

.......................................

3.50 12/1/47

Freddie

Mac,

Pool

#ZS4618

.......................................

3.50 6/1/45

Freddie

Mac,

Pool

#SD8226

.......................................

3.50 7/1/52

Freddie

Mac,

Pool

#SD8011

.......................................

3.50 9/1/49

Freddie

Mac,

Pool

#ZS4642

.......................................

3.50 12/1/45

Freddie

Mac,

Pool

#ZS4487

.......................................

3.50 6/1/42

Freddie

Mac,

Pool

#ZT0711

.......................................

3.50 10/1/48

Freddie

Mac,

Pool

#ZT1951

.......................................

3.50 5/1/49

Freddie

Mac,

Pool

#SD2253

.......................................

3.50 12/1/52

Freddie

Mac,

Pool

#ZS4622

.......................................

3.50 7/1/45

Freddie

Mac,

Pool

#ZS4651

.......................................

3.50 3/1/46

—

Freddie

Mac,

Pool

#SB0031

.......................................

3.50 10/1/27

—

Freddie

Mac,

Pool

#ZS4747

.......................................

3.50 12/1/47

Freddie

Mac,

Pool

#ZS4631

.......................................

4.00 9/1/45

Freddie

Mac,

Pool

#ZN5030

.......................................

4.00 4/1/49

Freddie

Mac,

Pool

#ZT1840

.......................................

4.00 9/1/48

Freddie

Mac,

Pool

#ZS4708

.......................................

4.00 3/1/47

Freddie

Mac,

Pool

#ZA6946

.......................................

4.00 5/1/49

Freddie

Mac,

Pool

#ZA4988

.......................................

4.00 8/1/47

Freddie

Mac,

Pool

#SD1132

.......................................

4.00 6/1/52

Freddie

Mac,

Pool

#ZT1320

.......................................

4.00 11/1/48

Freddie

Mac,

Pool

#ZT2106

.......................................

4.00 3/1/49

Freddie

Mac,

Pool

#SD8070

.......................................

4.00 6/1/50

Freddie

Mac,

Pool

#ZL7781

.......................................

4.00 2/1/44

Freddie

Mac,

Pool

#ZS4652

.......................................

4.00 2/1/46

Freddie

Mac,

Pool

#ZS4573

.......................................

4.00 7/1/44

Freddie

Mac,

Pool

#SD8256

.......................................

4.00 10/1/52

Freddie

Mac,

Pool

#ZS4731

.......................................

4.00 8/1/47

Freddie

Mac,

Pool

#ZT1800

.......................................

4.00 3/1/34

Freddie

Mac,

Pool

#QE5462

.......................................

4.00 7/1/52

Freddie

Mac,

Pool

#ZT1952

.......................................

4.00 5/1/49

Freddie

Mac,

Pool

#QE6074

.......................................

4.00 7/1/52

Freddie

Mac,

Pool

#SD8244

.......................................

4.00 9/1/52

Freddie

Mac,

Pool

#SD0290

.......................................

4.00 4/1/50

Freddie

Mac,

Pool

#SD8286

.......................................

4.00 1/1/53

Freddie

Mac,

Pool

#ZS4627

.......................................

4.00 8/1/45

Freddie

Mac,

Pool

#SD8039

.......................................

4.00 1/1/50

Freddie

Mac,

Pool

#SD8313

.......................................

4.00 4/1/53

Freddie

Mac,

Pool

#SD8306

.......................................

4.50 3/1/53

Freddie

Mac,

Pool

#ZT1711

.......................................

4.50 2/1/49

Freddie

Mac,

Pool

#SD8287

.......................................

4.50 1/1/53

Freddie

Mac,

Pool

#RB5323

.......................................

4.50 12/1/44

Freddie

Mac,

Pool

#RA7928

.......................................

4.50 9/1/52

Freddie

Mac,

Pool

#SD8513

.......................................

4.50 3/1/55

Freddie

Mac,

Pool

#SD8340

.......................................

4.50 7/1/53

Freddie

Mac,

Pool

#SB8348

.......................................

4.50 12/1/39

Freddie

Mac,

Pool

#QE9161

.......................................

4.50 9/1/52

Freddie

Mac,

Pool

#SD8002

.......................................

4.50 7/1/49

Freddie

Mac,

Pool

#SD8266

.......................................

4.50 11/1/52

Freddie

Mac,

Pool

#SD8365

.......................................

4.50 10/1/53

Freddie

Mac,

Pool

#ZS4774

.......................................

4.50 5/1/48

Freddie

Mac,

Pool

#SD8245

.......................................

4.50 9/1/52

Freddie

Mac,

Pool

#ZT1321

.......................................

4.50 11/1/48

Freddie

Mac,

Pool

#ZS4781

.......................................

4.50 7/1/48

Freddie

Mac,

Pool

#SD8491

.......................................

5.00 12/1/54

Freddie

Mac,

Pool

#SD0093

.......................................

5.00 10/1/49

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac,

Pool

#SD8315

.......................................

5.00 4/1/53

$

Freddie

Mac,

Pool

#SD4977

.......................................

5.00 11/1/53

Freddie

Mac,

Pool

#ZT1779

.......................................

5.00 3/1/49

Freddie

Mac,

Pool

#SD8341

.......................................

5.00 7/1/53

Freddie

Mac,

Pool

#SD8288

.......................................

5.00 1/1/53

Freddie

Mac,

Pool

#SD6764

.......................................

5.00 11/1/54

Freddie

Mac,

Pool

#SD6602

.......................................

5.00 5/1/53

Freddie

Mac,

Pool

#SD8323

.......................................

5.00 5/1/53

Freddie

Mac,

Pool

#RB5349

.......................................

5.00 6/1/45

Freddie

Mac,

Pool

#SD8505

.......................................

5.00 2/1/55

Freddie

Mac,

Pool

#RJ2854

.......................................

5.00 11/1/54

Freddie

Mac,

Pool

#SD4823

.......................................

5.00 12/1/53

Freddie

Mac,

Pool

#SD8371

.......................................

5.00 11/1/53

Freddie

Mac,

Pool

#SD8361

.......................................

5.00 9/1/53

Freddie

Mac,

Pool

#SD8299

.......................................

5.00 2/1/53

Freddie

Mac,

Pool

#SD8362

.......................................

5.50 9/1/53

Freddie

Mac,

Pool

#SL1542

.......................................

5.50 6/1/55

Freddie

Mac,

Pool

#SD8349

.......................................

5.50 8/1/53

511

Freddie

Mac,

Pool

#SD7132

.......................................

5.50 12/1/54

521

Freddie

Mac,

Pool

#SL2723

.......................................

5.50 10/1/54

Freddie

Mac,

Pool

#SD8475

.......................................

5.50 11/1/54

Freddie

Mac,

Pool

#SD6699

.......................................

5.50 10/1/54

Freddie

Mac,

Pool

#SD8493

.......................................

5.50 12/1/54

Freddie

Mac,

Pool

#SL0620

.......................................

5.50 3/1/55

Freddie

Mac,

Pool

#SL1558

.......................................

5.50 6/1/55

Freddie

Mac,

Pool

#SD8342

.......................................

5.50 7/1/53

Freddie

Mac,

Pool

#SD8446

.......................................

5.50 7/1/54

Freddie

Mac,

Pool

#SD8372

.......................................

5.50 11/1/53

Freddie

Mac,

Pool

#SD8300

.......................................

5.50 2/1/53

Freddie

Mac,

Pool

#SD8438

.......................................

5.50 6/1/54

Freddie

Mac,

Pool

#SL0331

.......................................

5.50 2/1/55

Freddie

Mac,

Pool

#SD8331

.......................................

5.50 6/1/53

Freddie

Mac,

Pool

#SD8431

.......................................

5.50 5/1/54

Freddie

Mac,

Pool

#SD8454

.......................................

6.00 8/1/54

Freddie

Mac,

Pool

#SD8343

.......................................

6.00 7/1/53

Freddie

Mac,

Pool

#SD8363

.......................................

6.00 9/1/53

Freddie

Mac,

Pool

#SD8350

.......................................

6.00 8/1/53

Freddie

Mac,

Pool

#SL1127

.......................................

6.00 12/1/54

Freddie

Mac,

Pool

#SL2561

.......................................

6.00 7/1/54

Freddie

Mac,

Pool

#SL1803

.......................................

6.00 7/1/55

Freddie

Mac,

Pool

#SD8325

.......................................

6.00 5/1/53

Freddie

Mac,

Pool

#SD8373

.......................................

6.00 11/1/53

Freddie

Mac,

Pool

#SD8463

.......................................

6.00 9/1/54

Freddie

Mac,

Pool

#SD8534

.......................................

6.00 5/1/55

Freddie

Mac,

Pool

#SD8384

.......................................

6.00 12/1/53

Freddie

Mac,

Pool

#SD8432

.......................................

6.00 5/1/54

Freddie

Mac,

Pool

#SD8421

.......................................

6.00 4/1/54

Freddie

Mac,

Pool

#SD8496

.......................................

6.00 1/1/55

Freddie

Mac,

Pool

#SD6226

.......................................

6.00 8/1/54

Freddie

Mac,

Pool

#SL1901

.......................................

6.00 8/1/55

Freddie

Mac,

Pool

#SL0216

.......................................

6.50 1/1/55

Freddie

Mac,

Pool

#SD8374

.......................................

6.50 11/1/53

Freddie

Mac,

Pool

#SL1882

.......................................

6.50 5/1/55

Freddie

Mac,

Pool

#SD5987

.......................................

6.50 2/1/54

Freddie

Mac,

Pool

#SL1881

.......................................

6.50 7/1/55

Freddie

Mac,

Pool

#SD8397

.......................................

6.50 1/1/54

Freddie

Mac,

Pool

#SD8385

.......................................

6.50 12/1/53

Freddie

Mac,

Pool

#SD8471

.......................................

6.50 10/1/54

Freddie

Mac,

Pool

#SD8386

.......................................

7.00 12/1/53

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac,

Pool

#RQ0043

.......................................

7.00 8/1/55

$

Freddie

Mac

Gold,

Pool

#J25777

....................................

2.00 9/1/28

Freddie

Mac

Gold,

Pool

#J25759

....................................

2.00 8/1/28

Freddie

Mac

Gold,

Pool

#G18634

...................................

2.00 3/1/32

Freddie

Mac

Gold,

Pool

#G18547

...................................

2.00 3/1/30

Freddie

Mac

Gold,

Pool

#J18954

....................................

2.50 4/1/27

Freddie

Mac

Gold,

Pool

#G08755

...................................

2.50 2/1/47

Freddie

Mac

Gold,

Pool

#G18680

...................................

2.50 3/1/33

Freddie

Mac

Gold,

Pool

#J37902

....................................

2.50 11/1/32

Freddie

Mac

Gold,

Pool

#J35643

....................................

2.50 11/1/31

Freddie

Mac

Gold,

Pool

#J23440

....................................

2.50 4/1/28

Freddie

Mac

Gold,

Pool

#Q42878

...................................

2.50 9/1/46

Freddie

Mac

Gold,

Pool

#J25585

....................................

2.50 9/1/28

Freddie

Mac

Gold,

Pool

#G18470

...................................

2.50 6/1/28

Freddie

Mac

Gold,

Pool

#G18485

...................................

2.50 10/1/28

Freddie

Mac

Gold,

Pool

#G18611

...................................

2.50 9/1/31

Freddie

Mac

Gold,

Pool

#G08638

...................................

2.50 4/1/45

Freddie

Mac

Gold,

Pool

#J38477

....................................

2.50 2/1/33

Freddie

Mac

Gold,

Pool

#G18665

...................................

2.50 11/1/32

Freddie

Mac

Gold,

Pool

#G18704

...................................

2.50 6/1/33

Freddie

Mac

Gold,

Pool

#C09026

...................................

2.50 2/1/43

Freddie

Mac

Gold,

Pool

#G18568

...................................

2.50 9/1/30

Freddie

Mac

Gold,

Pool

#J30875

....................................

2.50 3/1/30

Freddie

Mac

Gold,

Pool

#G18533

...................................

2.50 12/1/29

Freddie

Mac

Gold,

Pool

#G18635

...................................

2.50 3/1/32

Freddie

Mac

Gold,

Pool

#G18472

...................................

2.50 7/1/28

Freddie

Mac

Gold,

Pool

#J26408

....................................

2.50 11/1/28

Freddie

Mac

Gold,

Pool

#C91904

...................................

2.50 11/1/36

Freddie

Mac

Gold,

Pool

#C91969

...................................

3.00 1/1/38

Freddie

Mac

Gold,

Pool

#G60989

...................................

3.00 12/1/46

Freddie

Mac

Gold,

Pool

#G18575

...................................

3.00 11/1/30

Freddie

Mac

Gold,

Pool

#J33135

....................................

3.00 11/1/30

Freddie

Mac

Gold,

Pool

#Q18882

...................................

3.00 5/1/43

Freddie

Mac

Gold,

Pool

#G18582

...................................

3.00 1/1/31

Freddie

Mac

Gold,

Pool

#Q45735

...................................

3.00 1/1/47

Freddie

Mac

Gold,

Pool

#G08648

...................................

3.00 6/1/45

Freddie

Mac

Gold,

Pool

#J38057

....................................

3.00 12/1/32

Freddie

Mac

Gold,

Pool

#C91798

...................................

3.00 12/1/34

Freddie

Mac

Gold,

Pool

#C91939

...................................

3.00 6/1/37

Freddie

Mac

Gold,

Pool

#C04422

...................................

3.00 12/1/42

Freddie

Mac

Gold,

Pool

#G18673

...................................

3.00 1/1/33

Freddie

Mac

Gold,

Pool

#G08640

...................................

3.00 5/1/45

Freddie

Mac

Gold,

Pool

#J29932

....................................

3.00 11/1/29

Freddie

Mac

Gold,

Pool

#Q18599

...................................

3.00 6/1/43

Freddie

Mac

Gold,

Pool

#J38675

....................................

3.00 3/1/33

Freddie

Mac

Gold,

Pool

#C91905

...................................

3.00 11/1/36

Freddie

Mac

Gold,

Pool

#J36428

....................................

3.00 2/1/32

Freddie

Mac

Gold,

Pool

#Q20067

...................................

3.00 7/1/43

Freddie

Mac

Gold,

Pool

#G18518

...................................

3.00 7/1/29

Freddie

Mac

Gold,

Pool

#C91819

...................................

3.00 4/1/35

Freddie

Mac

Gold,

Pool

#C91581

...................................

3.00 11/1/32

Freddie

Mac

Gold,

Pool

#Q13086

...................................

3.00 11/1/42

Freddie

Mac

Gold,

Pool

#Q43734

...................................

3.00 10/1/46

Freddie

Mac

Gold,

Pool

#G30945

...................................

3.00 9/1/36

Freddie

Mac

Gold,

Pool

#G30999

...................................

3.00 2/1/37

Freddie

Mac

Gold,

Pool

#G60187

...................................

3.00 8/1/45

Freddie

Mac

Gold,

Pool

#C91924

...................................

3.00 4/1/37

Freddie

Mac

Gold,

Pool

#C91707

...................................

3.00 6/1/33

Freddie

Mac

Gold,

Pool

#G08540

...................................

3.00 8/1/43

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac

Gold,

Pool

#J38807

....................................

3.00 4/1/33

$

Freddie

Mac

Gold,

Pool

#Q21065

...................................

3.00 8/1/43

Freddie

Mac

Gold,

Pool

#G18569

...................................

3.00 9/1/30

Freddie

Mac

Gold,

Pool

#Q19754

...................................

3.00 7/1/43

Freddie

Mac

Gold,

Pool

#G18715

...................................

3.00 12/1/33

Freddie

Mac

Gold,

Pool

#C04619

...................................

3.00 3/1/43

—

Freddie

Mac

Gold,

Pool

#J17111

....................................

3.00 10/1/26

—

—

Freddie

Mac

Gold,

Pool

#J14241

....................................

3.00 1/1/26

—

Freddie

Mac

Gold,

Pool

#Q16222

...................................

3.00 3/1/43

Freddie

Mac

Gold,

Pool

#Q41795

...................................

3.00 7/1/46

Freddie

Mac

Gold,

Pool

#G15217

...................................

3.00 11/1/29

Freddie

Mac

Gold,

Pool

#G18514

...................................

3.00 6/1/29

Freddie

Mac

Gold,

Pool

#G18534

...................................

3.00 12/1/29

Freddie

Mac

Gold,

Pool

#G18531

...................................

3.00 11/1/29

Freddie

Mac

Gold,

Pool

#Q39527

...................................

3.00 3/1/46

Freddie

Mac

Gold,

Pool

#C91949

...................................

3.00 9/1/37

Freddie

Mac

Gold,

Pool

#C91809

...................................

3.00 2/1/35

Freddie

Mac

Gold,

Pool

#C91927

...................................

3.00 5/1/37

Freddie

Mac

Gold,

Pool

#J17774

....................................

3.00 1/1/27

Freddie

Mac

Gold,

Pool

#C91826

...................................

3.00 5/1/35

Freddie

Mac

Gold,

Pool

#C91943

...................................

3.00 7/1/37

Freddie

Mac

Gold,

Pool

#G08783

...................................

3.00 10/1/47

Freddie

Mac

Gold,

Pool

#G15145

...................................

3.00 7/1/29

Freddie

Mac

Gold,

Pool

#Q55002

...................................

3.50 3/1/48

Freddie

Mac

Gold,

Pool

#G08562

...................................

3.50 1/1/44

Freddie

Mac

Gold,

Pool

#G08733

...................................

3.50 11/1/46

Freddie

Mac

Gold,

Pool

#Q06749

...................................

3.50 3/1/42

Freddie

Mac

Gold,

Pool

#Q57871

...................................

3.50 8/1/48

Freddie

Mac

Gold,

Pool

#Q04087

...................................

3.50 10/1/41

Freddie

Mac

Gold,

Pool

#Q12052

...................................

3.50 10/1/42

Freddie

Mac

Gold,

Pool

#G30776

...................................

3.50 7/1/35

Freddie

Mac

Gold,

Pool

#G08641

...................................

3.50 5/1/45

Freddie

Mac

Gold,

Pool

#G08636

...................................

3.50 4/1/45

Freddie

Mac

Gold,

Pool

#Q58422

...................................

3.50 9/1/48

Freddie

Mac

Gold,

Pool

#C91925

...................................

3.50 4/1/37

Freddie

Mac

Gold,

Pool

#G08605

...................................

3.50 9/1/44

Freddie

Mac

Gold,

Pool

#Q20860

...................................

3.50 8/1/43

Freddie

Mac

Gold,

Pool

#G08813

...................................

3.50 5/1/48

Freddie

Mac

Gold,

Pool

#G08804

...................................

3.50 3/1/48

Freddie

Mac

Gold,

Pool

#Q37449

...................................

3.50 11/1/45

Freddie

Mac

Gold,

Pool

#C91950

...................................

3.50 9/1/37

Freddie

Mac

Gold,

Pool

#C91742

...................................

3.50 1/1/34

Freddie

Mac

Gold,

Pool

#Q08998

...................................

3.50 6/1/42

Freddie

Mac

Gold,

Pool

#C92003

...................................

3.50 7/1/38

Freddie

Mac

Gold,

Pool

#G08766

...................................

3.50 6/1/47

Freddie

Mac

Gold,

Pool

#Q53176

...................................

3.50 12/1/47

Freddie

Mac

Gold,

Pool

#C91940

...................................

3.50 6/1/37

Freddie

Mac

Gold,

Pool

#G61148

...................................

3.50 9/1/47

Freddie

Mac

Gold,

Pool

#Q36040

...................................

3.50 9/1/45

Freddie

Mac

Gold,

Pool

#Q51461

...................................

3.50 10/1/47

Freddie

Mac

Gold,

Pool

#C91760

...................................

3.50 5/1/34

Freddie

Mac

Gold,

Pool

#C91456

...................................

3.50 6/1/32

Freddie

Mac

Gold,

Pool

#G08620

...................................

3.50 12/1/44

Freddie

Mac

Gold,

Pool

#G08761

...................................

3.50 5/1/47

Freddie

Mac

Gold,

Pool

#Q49490

...................................

3.50 7/1/47

Freddie

Mac

Gold,

Pool

#C03920

...................................

3.50 5/1/42

Freddie

Mac

Gold,

Pool

#G08632

...................................

3.50 3/1/45

Freddie

Mac

Gold,

Pool

#Q09896

...................................

3.50 8/1/42

Freddie

Mac

Gold,

Pool

#G08846

...................................

3.50 11/1/48

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac

Gold,

Pool

#Q08903

...................................

3.50 6/1/42

$

Freddie

Mac

Gold,

Pool

#G18707

...................................

3.50 9/1/33

Freddie

Mac

Gold,

Pool

#G08698

...................................

3.50 3/1/46

Freddie

Mac

Gold,

Pool

#G08687

...................................

3.50 1/1/46

Freddie

Mac

Gold,

Pool

#J27494

....................................

3.50 2/1/29

Freddie

Mac

Gold,

Pool

#C91403

...................................

3.50 3/1/32

Freddie

Mac

Gold,

Pool

#J15105

....................................

3.50 4/1/26

Freddie

Mac

Gold,

Pool

#G08627

...................................

3.50 2/1/45

Freddie

Mac

Gold,

Pool

#A96409

...................................

3.50 1/1/41

Freddie

Mac

Gold,

Pool

#G08599

...................................

3.50 8/1/44

Freddie

Mac

Gold,

Pool

#Q31134

...................................

3.50 2/1/45

Freddie

Mac

Gold,

Pool

#G08633

...................................

4.00 3/1/45

Freddie

Mac

Gold,

Pool

#G08588

...................................

4.00 5/1/44

Freddie

Mac

Gold,

Pool

#G08483

...................................

4.00 3/1/42

Freddie

Mac

Gold,

Pool

#G08767

...................................

4.00 6/1/47

Freddie

Mac

Gold,

Pool

#G08831

...................................

4.00 8/1/48

Freddie

Mac

Gold,

Pool

#C91765

...................................

4.00 6/1/34

Freddie

Mac

Gold,

Pool

#G08459

...................................

4.00 9/1/41

Freddie

Mac

Gold,

Pool

#G08601

...................................

4.00 8/1/44

Freddie

Mac

Gold,

Pool

#C09070

...................................

4.00 12/1/44

Freddie

Mac

Gold,

Pool

#A96286

...................................

4.00 1/1/41

Freddie

Mac

Gold,

Pool

#Q27594

...................................

4.00 8/1/44

—

Freddie

Mac

Gold,

Pool

#G14453

...................................

4.00 6/1/26

—

Freddie

Mac

Gold,

Pool

#Q27456

...................................

4.00 7/1/44

Freddie

Mac

Gold,

Pool

#C91994

...................................

4.00 5/1/38

Freddie

Mac

Gold,

Pool

#C91923

...................................

4.00 3/1/37

Freddie

Mac

Gold,

Pool

#G08642

...................................

4.00 5/1/45

Freddie

Mac

Gold,

Pool

#C92019

...................................

4.00 10/1/38

Freddie

Mac

Gold,

Pool

#G08836

...................................

4.00 9/1/48

Freddie

Mac

Gold,

Pool

#Q34081

...................................

4.00 6/1/45

Freddie

Mac

Gold,

Pool

#G08785

...................................

4.00 10/1/47

Freddie

Mac

Gold,

Pool

#G08567

...................................

4.00 1/1/44

Freddie

Mac

Gold,

Pool

#C91738

...................................

4.00 11/1/33

Freddie

Mac

Gold,

Pool

#G06506

...................................

4.00 12/1/40

Freddie

Mac

Gold,

Pool

#G08672

...................................

4.00 10/1/45

Freddie

Mac

Gold,

Pool

#G08596

...................................

4.50 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

#E02862

...................................

4.50 3/1/26

—

Freddie

Mac

Gold,

Pool

#A90437

...................................

4.50 1/1/40

Freddie

Mac

Gold,

Pool

#Q25432

...................................

4.50 3/1/44

Freddie

Mac

Gold,

Pool

#C09059

...................................

4.50 3/1/44

Freddie

Mac

Gold,

Pool

#G08754

...................................

4.50 3/1/47

Freddie

Mac

Gold,

Pool

#G60512

...................................

4.50 12/1/45

Freddie

Mac

Gold,

Pool

#A97692

...................................

4.50 3/1/41

Freddie

Mac

Gold,

Pool

#G08781

...................................

4.50 9/1/47

Freddie

Mac

Gold,

Pool

#A97495

...................................

4.50 3/1/41

Freddie

Mac

Gold,

Pool

#G08759

...................................

4.50 4/1/47

Freddie

Mac

Gold,

Pool

#Q59805

...................................

4.50 11/1/48

Freddie

Mac

Gold,

Pool

#G07068

...................................

5.00 7/1/41

Freddie

Mac

Gold,

Pool

#G08838

...................................

5.00 9/1/48

Freddie

Mac

Gold,

Pool

#C01598

...................................

5.00 8/1/33

Freddie

Mac

Gold,

Pool

#Q00763

...................................

5.00 5/1/41

Freddie

Mac

Gold,

Pool

#G04913

...................................

5.00 3/1/38

Freddie

Mac

Gold,

Pool

#G05205

...................................

5.00 1/1/39

—

Freddie

Mac

Gold,

Pool

#A79636

...................................

5.50 7/1/38

—

Freddie

Mac

Gold,

Pool

#G01665

...................................

5.50 3/1/34

Freddie

Mac

Gold,

Pool

#A69671

...................................

5.50 12/1/37

Freddie

Mac

Gold,

Pool

#G06091

...................................

5.50 5/1/40

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac

Gold,

Pool

#G06031

...................................

5.50 3/1/40

$

Freddie

Mac

Gold,

Pool

#G02794

...................................

6.00 5/1/37

Freddie

Mac

Gold,

Pool

#G03551

...................................

6.00 11/1/37

Freddie

Mac

Gold,

Pool

#G05709

...................................

6.00 6/1/38

Freddie

Mac

Gold,

Pool

#A62706

...................................

6.00 6/1/37

Government

National

Mortgage

Association,

Pool

#MA7254

................

2.00 3/20/51

658

Government

National

Mortgage

Association,

Pool

#MA7417

................

2.00 6/20/51

545

Government

National

Mortgage

Association,

Pool

#MA7533

................

2.00 8/20/51

Government

National

Mortgage

Association,

Pool

#MA6930

................

2.00 10/20/50

Government

National

Mortgage

Association,

Pool

#MA7935

................

2.00 3/20/52

Government

National

Mortgage

Association,

Pool

#MA7766

................

2.00 12/20/51

Government

National

Mortgage

Association,

Pool

#MA7051

................

2.00 12/20/50

Government

National

Mortgage

Association,

Pool

#MA7588

................

2.00 9/20/51

Government

National

Mortgage

Association,

Pool

#MA7135

................

2.00 1/20/51

Government

National

Mortgage

Association,

Pool

#MA7986

................

2.00 4/20/52

Government

National

Mortgage

Association,

Pool

#MA8041

................

2.00 5/20/52

Government

National

Mortgage

Association,

Pool

#MA7880

................

2.00 2/20/52

Government

National

Mortgage

Association,

Pool

#MA6864

................

2.00 9/20/50

Government

National

Mortgage

Association,

Pool

#MA7826

................

2.00 1/20/52

Government

National

Mortgage

Association,

Pool

#MA6994

................

2.00 11/20/50

Government

National

Mortgage

Association,

Pool

#MA7471

................

2.00 7/20/51

Government

National

Mortgage

Association,

Pool

#MA7192

................

2.00 2/20/51

Government

National

Mortgage

Association,

Pool

#MA7311

................

2.00 4/20/51

Government

National

Mortgage

Association,

Pool

#MA6818

................

2.00 8/20/50

1,037

Government

National

Mortgage

Association,

Pool

#MA7704

................

2.00 11/20/51

858

Government

National

Mortgage

Association,

Pool

#MA7366

................

2.00 5/20/51

Government

National

Mortgage

Association,

Pool

#MA0601

................

2.50 12/20/27

Government

National

Mortgage

Association,

Pool

#MA7136

................

2.50 1/20/51

Government

National

Mortgage

Association,

Pool

#MA6655

................

2.50 5/20/50

Government

National

Mortgage

Association,

Pool

#MA4355

................

2.50 4/20/32

Government

National

Mortgage

Association,

Pool

#MA4424

................

2.50 5/20/32

Government

National

Mortgage

Association,

Pool

#MA7367

................

2.50 5/20/51

Government

National

Mortgage

Association,

Pool

#MA7255

................

2.50 3/20/51

Government

National

Mortgage

Association,

Pool

#MA7705

................

2.50 11/20/51

Government

National

Mortgage

Association,

Pool

#MA1283

................

2.50 9/20/43

Government

National

Mortgage

Association,

Pool

#MA4717

................

2.50 9/20/47

Government

National

Mortgage

Association,

Pool

#MA7987

................

2.50 4/20/52

Government

National

Mortgage

Association,

Pool

#MA6995

................

2.50 11/20/50

Government

National

Mortgage

Association,

Pool

#MA7312

................

2.50 4/20/51

Government

National

Mortgage

Association,

Pool

#MA6540

................

2.50 3/20/50

Government

National

Mortgage

Association,

Pool

#MA6709

................

2.50 6/20/50

Government

National

Mortgage

Association,

Pool

#MA4260

................

2.50 2/20/47

Government

National

Mortgage

Association,

Pool

#MA8042

................

2.50 5/20/52

635

Government

National

Mortgage

Association,

Pool

#MA7589

................

2.50 9/20/51

548

Government

National

Mortgage

Association,

Pool

#MA7767

................

2.50 12/20/51

Government

National

Mortgage

Association,

Pool

#MA6931

................

2.50 10/20/50

Government

National

Mortgage

Association,

Pool

#MA7534

................

2.50 8/20/51

Government

National

Mortgage

Association,

Pool

#MA4067

................

2.50 11/20/46

Government

National

Mortgage

Association,

Pool

#MA7418

................

2.50 6/20/51

Government

National

Mortgage

Association,

Pool

#MA4194

................

2.50 1/20/47

Government

National

Mortgage

Association,

Pool

#776954

.................

2.50 11/15/42

Government

National

Mortgage

Association,

Pool

#MA8147

................

2.50 7/20/52

Government

National

Mortgage

Association,

Pool

#MA6865

................

2.50 9/20/50

Government

National

Mortgage

Association,

Pool

#MA7193

................

2.50 2/20/51

Government

National

Mortgage

Association,

Pool

#MA6819

................

2.50 8/20/50

Government

National

Mortgage

Association,

Pool

#AA8341

................

2.50 2/15/28

Government

National

Mortgage

Association,

Pool

#MA7881

................

2.50 2/20/52

Government

National

Mortgage

Association,

Pool

#MA0908

................

2.50 4/20/28

Government

National

Mortgage

Association,

Pool

#MA6598

................

2.50 4/20/50

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Government

National

Mortgage

Association,

Pool

#MA7827

................

2.50 1/20/52

$

Government

National

Mortgage

Association,

Pool

#MA7649

................

2.50 10/20/51

Government

National

Mortgage

Association,

Pool

#MA2890

................

2.50 6/20/45

Government

National

Mortgage

Association,

Pool

#711729

.................

2.50 3/15/43

Government

National

Mortgage

Association,

Pool

#MA7472

................

2.50 7/20/51

Government

National

Mortgage

Association,

Pool

#MA4125

................

2.50 12/20/46

Government

National

Mortgage

Association,

Pool

#MA7052

................

2.50 12/20/50

Government

National

Mortgage

Association,

Pool

#MA7936

................

2.50 3/20/52

Government

National

Mortgage

Association,

Pool

#MA1133

................

2.50 7/20/28

Government

National

Mortgage

Association,

Pool

#MA2147

................

3.00 8/20/44

Government

National

Mortgage

Association,

Pool

#AA2934

................

3.00 7/15/42

Government

National

Mortgage

Association,

Pool

#MA4068

................

3.00 11/20/46

Government

National

Mortgage

Association,

Pool

#MA3243

................

3.00 11/20/45

Government

National

Mortgage

Association,

Pool

#MA6820

................

3.00 8/20/50

Government

National

Mortgage

Association,

Pool

#MA6599

................

3.00 4/20/50

Government

National

Mortgage

Association,

Pool

#MA6218

................

3.00 10/20/49

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

#AN5756

................

3.00 7/15/45

Government

National

Mortgage

Association,

Pool

#MA6338

................

3.00 12/20/49

Government

National

Mortgage

Association,

Pool

#MA6656

................

3.00 5/20/50

Government

National

Mortgage

Association,

Pool

#AG0440

................

3.00 8/15/43

Government

National

Mortgage

Association,

Pool

#MA5076

................

3.00 3/20/48

Government

National

Mortgage

Association,

Pool

#MA6283

................

3.00 11/20/49

Government

National

Mortgage

Association,

Pool

#MA3802

................

3.00 7/20/46

Government

National

Mortgage

Association,

Pool

#MA1890

................

3.00 5/20/29

Government

National

Mortgage

Association,

Pool

#AD8433

................

3.00 7/15/43

Government

National

Mortgage

Association,

Pool

#MA3873

................

3.00 8/20/46

Government

National

Mortgage

Association,

Pool

#MA3936

................

3.00 9/20/46

Government

National

Mortgage

Association,

Pool

#MA3735

................

3.00 6/20/46

Government

National

Mortgage

Association,

Pool

#MA7828

................

3.00 1/20/52

Government

National

Mortgage

Association,

Pool

#MA8098

................

3.00 6/20/52

Government

National

Mortgage

Association,

Pool

#AA6149

................

3.00 3/20/43

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

#MA4261

................

3.00 2/20/47

Government

National

Mortgage

Association,

Pool

#MA2825

................

3.00 5/20/45

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

#MA3033

................

3.00 8/20/45

Government

National

Mortgage

Association,

Pool

#MA3104

................

3.00 9/20/45

Government

National

Mortgage

Association,

Pool

#AK7285

................

3.00 3/15/45

Government

National

Mortgage

Association,

Pool

#MA5018

................

3.00 2/20/48

Government

National

Mortgage

Association,

Pool

#MA4935

................

3.00 1/20/33

Government

National

Mortgage

Association,

Pool

#MA0624

................

3.00 12/20/42

Government

National

Mortgage

Association,

Pool

#MA3662

................

3.00 5/20/46

Government

National

Mortgage

Association,

Pool

#MA4961

................

3.00 1/20/48

Government

National

Mortgage

Association,

Pool

#MA6089

................

3.00 8/20/49

Government

National

Mortgage

Association,

Pool

#MA4836

................

3.00 11/20/47

Government

National

Mortgage

Association,

Pool

#AL5058

................

3.00 3/15/45

Government

National

Mortgage

Association,

Pool

#MA3596

................

3.00 4/20/46

Government

National

Mortgage

Association,

Pool

#MA7768

................

3.00 12/20/51

Government

National

Mortgage

Association,

Pool

#MA2444

................

3.00 12/20/44

Government

National

Mortgage

Association,

Pool

#MA0153

................

3.00 6/20/42

Government

National

Mortgage

Association,

Pool

#MA2960

................

3.00 7/20/45

Government

National

Mortgage

Association,

Pool

#MA4777

................

3.00 10/20/47

Government

National

Mortgage

Association,

Pool

#MA3520

................

3.00 3/20/46

Government

National

Mortgage

Association,

Pool

#MA6409

................

3.00 1/20/50

Government

National

Mortgage

Association,

Pool

#MA4651

................

3.00 8/20/47

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Government

National

Mortgage

Association,

Pool

#MA4126

................

3.00 12/20/46

$

Government

National

Mortgage

Association,

Pool

#MA4899

................

3.00 12/20/47

Government

National

Mortgage

Association,

Pool

#MA0461

................

3.00 10/20/42

Government

National

Mortgage

Association,

Pool

#MA7706

................

3.00 11/20/51

Government

National

Mortgage

Association,

Pool

#MA4195

................

3.00 1/20/47

Government

National

Mortgage

Association,

Pool

#MA0205

................

3.00 7/20/27

Government

National

Mortgage

Association,

Pool

#MA4320

................

3.00 3/20/47

Government

National

Mortgage

Association,

Pool

#MA4559

................

3.00 7/20/32

Government

National

Mortgage

Association,

Pool

#MA3309

................

3.00 12/20/45

Government

National

Mortgage

Association,

Pool

#779084

.................

3.00 4/15/42

Government

National

Mortgage

Association,

Pool

#MA4509

................

3.00 6/20/47

Government

National

Mortgage

Association,

Pool

#MA4003

................

3.00 10/20/46

Government

National

Mortgage

Association,

Pool

#MA3172

................

3.00 10/20/45

Government

National

Mortgage

Association,

Pool

#MA6474

................

3.00 2/20/50

—

Government

National

Mortgage

Association,

Pool

#5276

..................

3.00 1/20/27

—

Government

National

Mortgage

Association,

Pool

#MA2520

................

3.00 1/20/45

Government

National

Mortgage

Association,

Pool

#MA4450

................

3.00 5/20/47

Government

National

Mortgage

Association,

Pool

#MA2753

................

3.00 4/20/45

Government

National

Mortgage

Association,

Pool

#MA1265

................

3.00 9/20/28

Government

National

Mortgage

Association,

Pool

#AA2654

................

3.00 6/15/43

Government

National

Mortgage

Association,

Pool

#MA4381

................

3.00 4/20/47

Government

National

Mortgage

Association,

Pool

#MA1374

................

3.00 10/20/43

Government

National

Mortgage

Association,

Pool

#MA3874

................

3.50 8/20/46

Government

National

Mortgage

Association,

Pool

#MA6339

................

3.50 12/20/49

Government

National

Mortgage

Association,

Pool

#MA5762

................

3.50 2/20/49

Government

National

Mortgage

Association,

Pool

#MA3521

................

3.50 3/20/46

Government

National

Mortgage

Association,

Pool

#MA1090

................

3.50 6/20/43

Government

National

Mortgage

Association,

Pool

#MA1266

................

3.50 9/20/28

Government

National

Mortgage

Association,

Pool

#MA0462

................

3.50 10/20/42

Government

National

Mortgage

Association,

Pool

#MA3454

................

3.50 2/20/46

Government

National

Mortgage

Association,

Pool

#MA2678

................

3.50 3/20/45

Government

National

Mortgage

Association,

Pool

#MA3376

................

3.50 1/20/46

Government

National

Mortgage

Association,

Pool

#MA3663

................

3.50 5/20/46

Government

National

Mortgage

Association,

Pool

#MA2445

................

3.50 12/20/44

667

Government

National

Mortgage

Association,

Pool

#MB0742

................

3.50 11/20/55

607

Government

National

Mortgage

Association,

Pool

#MA2371

................

3.50 11/20/44

Government

National

Mortgage

Association,

Pool

#AL8566

................

3.50 3/15/45

Government

National

Mortgage

Association,

Pool

#MA1157

................

3.50 7/20/43

Government

National

Mortgage

Association,

Pool

#MA3597

................

3.50 4/20/46

Government

National

Mortgage

Association,

Pool

#MA4719

................

3.50 9/20/47

Government

National

Mortgage

Association,

Pool

#MA4652

................

3.50 8/20/47

Government

National

Mortgage

Association,

Pool

#778157

.................

3.50 3/15/42

Government

National

Mortgage

Association,

Pool

#MA5077

................

3.50 3/20/48

Government

National

Mortgage

Association,

Pool

#MA1574

................

3.50 1/20/29

Government

National

Mortgage

Association,

Pool

#MA6219

................

3.50 10/20/49

Government

National

Mortgage

Association,

Pool

#MA3736

................

3.50 6/20/46

Government

National

Mortgage

Association,

Pool

#MA6711

................

3.50 6/20/50

Government

National

Mortgage

Association,

Pool

#MA3803

................

3.50 7/20/46

Government

National

Mortgage

Association,

Pool

#MA4127

................

3.50 12/20/46

Government

National

Mortgage

Association,

Pool

#MA6475

................

3.50 2/20/50

Government

National

Mortgage

Association,

Pool

#MA4004

................

3.50 10/20/46

Government

National

Mortgage

Association,

Pool

#MA6410

................

3.50 1/20/50

Government

National

Mortgage

Association,

Pool

#MA5136

................

3.50 4/20/48

Government

National

Mortgage

Association,

Pool

#MA5875

................

3.50 4/20/49

Government

National

Mortgage

Association,

Pool

#MA3310

................

3.50 12/20/45

Government

National

Mortgage

Association,

Pool

#MA8266

................

3.50 9/20/52

Government

National

Mortgage

Association,

Pool

#MA8199

................

3.50 8/20/52

Government

National

Mortgage

Association,

Pool

#MA4586

................

3.50 7/20/47

Government

National

Mortgage

Association,

Pool

#MA4778

................

3.50 10/20/47

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

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

#MA3173

................

3.50 10/20/45

Government

National

Mortgage

Association,

Pool

#MA2754

................

3.50 4/20/45

Government

National

Mortgage

Association,

Pool

#BD5909

................

3.50 10/15/47

Government

National

Mortgage

Association,

Pool

#783976

.................

3.50 4/20/43

Government

National

Mortgage

Association,

Pool

#MA4837

................

3.50 11/20/47

Government

National

Mortgage

Association,

Pool

#740798

.................

3.50 1/15/42

Government

National

Mortgage

Association,

Pool

#MA2073

................

3.50 7/20/44

Government

National

Mortgage

Association,

Pool

#MA2148

................

3.50 8/20/44

Government

National

Mortgage

Association,

Pool

#MA2303

................

3.50 10/20/44

Government

National

Mortgage

Association,

Pool

#MA3937

................

3.50 9/20/46

Government

National

Mortgage

Association,

Pool

#AM4971

................

3.50 4/20/45

Government

National

Mortgage

Association,

Pool

#738602

.................

3.50 8/15/26

Government

National

Mortgage

Association,

Pool

#AD2416

................

3.50 5/15/43

Government

National

Mortgage

Association,

Pool

#MA1919

................

3.50 5/20/44

Government

National

Mortgage

Association,

Pool

#MA5263

................

3.50 6/20/48

Government

National

Mortgage

Association,

Pool

#MA0220

................

3.50 7/20/42

Government

National

Mortgage

Association,

Pool

#MA0088

................

3.50 5/20/42

Government

National

Mortgage

Association,

Pool

#AC3938

................

3.50 1/15/43

Government

National

Mortgage

Association,

Pool

#MA4510

................

3.50 6/20/47

Government

National

Mortgage

Association,

Pool

#MA4451

................

3.50 5/20/47

Government

National

Mortgage

Association,

Pool

#MA8149

................

3.50 7/20/52

Government

National

Mortgage

Association,

Pool

#MA4382

................

3.50 4/20/47

Government

National

Mortgage

Association,

Pool

#MA0022

................

3.50 4/20/42

Government

National

Mortgage

Association,

Pool

#MA4069

................

3.50 11/20/46

Government

National

Mortgage

Association,

Pool

#MA0934

................

3.50 4/20/43

Government

National

Mortgage

Association,

Pool

#MA0852

................

3.50 3/20/43

Government

National

Mortgage

Association,

Pool

#MA3034

................

3.50 8/20/45

Government

National

Mortgage

Association,

Pool

#MA4262

................

3.50 2/20/47

Government

National

Mortgage

Association,

Pool

#MA2892

................

3.50 6/20/45

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

#796271

.................

3.50 7/15/42

Government

National

Mortgage

Association,

Pool

#MA4196

................

3.50 1/20/47

Government

National

Mortgage

Association,

Pool

#MA1838

................

3.50 4/20/44

Government

National

Mortgage

Association,

Pool

#MA4321

................

3.50 3/20/47

Government

National

Mortgage

Association,

Pool

#MA3244

................

3.50 11/20/45

Government

National

Mortgage

Association,

Pool

#MA5019

................

3.50 2/20/48

Government

National

Mortgage

Association,

Pool

#MA3174

................

4.00 10/20/45

Government

National

Mortgage

Association,

Pool

#MA4511

................

4.00 6/20/47

Government

National

Mortgage

Association,

Pool

#MA8488

................

4.00 12/20/52

Government

National

Mortgage

Association,

Pool

#740068

.................

4.00 9/15/40

Government

National

Mortgage

Association,

Pool

#713876

.................

4.00 8/15/39

Government

National

Mortgage

Association,

Pool

#MA3245

................

4.00 11/20/45

Government

National

Mortgage

Association,

Pool

#MA3455

................

4.00 2/20/46

Government

National

Mortgage

Association,

Pool

#MA2522

................

4.00 1/20/45

Government

National

Mortgage

Association,

Pool

#MA4197

................

4.00 1/20/47

Government

National

Mortgage

Association,

Pool

#MA4452

................

4.00 5/20/47

Government

National

Mortgage

Association,

Pool

#MA3598

................

4.00 4/20/46

Government

National

Mortgage

Association,

Pool

#MA4587

................

4.00 7/20/47

Government

National

Mortgage

Association,

Pool

#MA3737

................

4.00 6/20/46

Government

National

Mortgage

Association,

Pool

#MA4383

................

4.00 4/20/47

Government

National

Mortgage

Association,

Pool

#MA4322

................

4.00 3/20/47

Government

National

Mortgage

Association,

Pool

#MA2602

................

4.00 2/20/45

Government

National

Mortgage

Association,

Pool

#MA4263

................

4.00 2/20/47

Government

National

Mortgage

Association,

Pool

#MA3377

................

4.00 1/20/46

Government

National

Mortgage

Association,

Pool

#AD5627

................

4.00 4/15/43

Government

National

Mortgage

Association,

Pool

#753254

.................

4.00 9/15/43

Government

National

Mortgage

Association,

Pool

#779401

.................

4.00 6/15/42

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Government

National

Mortgage

Association,

Pool

#MA8200

................

4.00 8/20/52

$

Government

National

Mortgage

Association,

Pool

#766495

.................

4.00 10/15/41

Government

National

Mortgage

Association,

Pool

#MA1839

................

4.00 4/20/44

Government

National

Mortgage

Association,

Pool

#MA4653

................

4.00 8/20/47

Government

National

Mortgage

Association,

Pool

#MA5466

................

4.00 9/20/48

Government

National

Mortgage

Association,

Pool

#MA5986

................

4.00 6/20/49

Government

National

Mortgage

Association,

Pool

#MA1678

................

4.00 2/20/44

Government

National

Mortgage

Association,

Pool

#AM8203

................

4.00 5/15/45

Government

National

Mortgage

Association,

Pool

#AB1483

................

4.00 8/15/42

Government

National

Mortgage

Association,

Pool

#MA2304

................

4.00 10/20/44

Government

National

Mortgage

Association,

Pool

#MA1996

................

4.00 6/20/44

Government

National

Mortgage

Association,

Pool

#MA5931

................

4.00 5/20/49

Government

National

Mortgage

Association,

Pool

#MA5876

................

4.00 4/20/49

Government

National

Mortgage

Association,

Pool

#738710

.................

4.00 9/15/41

Government

National

Mortgage

Association,

Pool

#MA1376

................

4.00 10/20/43

Government

National

Mortgage

Association,

Pool

#MA9302

................

4.00 11/20/53

Government

National

Mortgage

Association,

Pool

#MA3106

................

4.00 9/20/45

Government

National

Mortgage

Association,

Pool

#MA5595

................

4.00 11/20/48

Government

National

Mortgage

Association,

Pool

#MA8267

................

4.00 9/20/52

Government

National

Mortgage

Association,

Pool

#MA0319

................

4.00 8/20/42

Government

National

Mortgage

Association,

Pool

#MA6155

................

4.00 9/20/49

Government

National

Mortgage

Association,

Pool

#MA1286

................

4.00 9/20/43

Government

National

Mortgage

Association,

Pool

#MA6091

................

4.00 8/20/49

Government

National

Mortgage

Association,

Pool

#MA0155

................

4.00 6/20/42

Government

National

Mortgage

Association,

Pool

#4922

..................

4.00 1/20/41

Government

National

Mortgage

Association,

Pool

#MA1449

................

4.00 11/20/43

Government

National

Mortgage

Association,

Pool

#AV6086

................

4.00 7/15/47

Government

National

Mortgage

Association,

Pool

#MA2074

................

4.00 7/20/44

Government

National

Mortgage

Association,

Pool

#MA2149

................

4.00 8/20/44

Government

National

Mortgage

Association,

Pool

#MA2224

................

4.00 9/20/44

Government

National

Mortgage

Association,

Pool

#MA5078

................

4.00 3/20/48

Government

National

Mortgage

Association,

Pool

#5139

..................

4.00 8/20/41

Government

National

Mortgage

Association,

Pool

#MA5330

................

4.00 7/20/48

Government

National

Mortgage

Association,

Pool

#MA6040

................

4.00 7/20/49

Government

National

Mortgage

Association,

Pool

#MA1761

................

4.00 3/20/44

Government

National

Mortgage

Association,

Pool

#MA5710

................

4.00 1/20/49

Government

National

Mortgage

Association,

Pool

#MA1762

................

4.50 3/20/44

Government

National

Mortgage

Association,

Pool

#MA5529

................

4.50 10/20/48

Government

National

Mortgage

Association,

Pool

#5260

..................

4.50 12/20/41

Government

National

Mortgage

Association,

Pool

#738793

.................

4.50 9/15/41

Government

National

Mortgage

Association,

Pool

#MA8946

................

4.50 6/20/53

Government

National

Mortgage

Association,

Pool

#MA2756

................

4.50 4/20/45

Government

National

Mortgage

Association,

Pool

#MA5987

................

4.50 6/20/49

Government

National

Mortgage

Association,

Pool

#MA5467

................

4.50 9/20/48

Government

National

Mortgage

Association,

Pool

#MA5399

................

4.50 8/20/48

Government

National

Mortgage

Association,

Pool

#721760

.................

4.50 8/15/40

Government

National

Mortgage

Association,

Pool

#MA3805

................

4.50 7/20/46

Government

National

Mortgage

Association,

Pool

#MA5764

................

4.50 2/20/49

Government

National

Mortgage

Association,

Pool

#MA5711

................

4.50 1/20/49

Government

National

Mortgage

Association,

Pool

#MA4721

................

4.50 9/20/47

Government

National

Mortgage

Association,

Pool

#4801

..................

4.50 9/20/40

Government

National

Mortgage

Association,

Pool

#MA4129

................

4.50 12/20/46

Government

National

Mortgage

Association,

Pool

#729511

.................

4.50 4/15/40

Government

National

Mortgage

Association,

Pool

#MA5877

................

4.50 4/20/49

Government

National

Mortgage

Association,

Pool

#BB7097

................

4.50 8/15/47

Government

National

Mortgage

Association,

Pool

#MA4384

................

4.50 4/20/47

Government

National

Mortgage

Association,

Pool

#MA8151

................

4.50 7/20/52

Government

National

Mortgage

Association,

Pool

#MA4512

................

4.50 6/20/47

Government

National

Mortgage

Association,

Pool

#MA0701

................

4.50 1/20/43

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Government

National

Mortgage

Association,

Pool

#MA5596

................

4.50 11/20/48

$

Government

National

Mortgage

Association,

Pool

#MA4780

................

4.50 10/20/47

Government

National

Mortgage

Association,

Pool

#717148

.................

4.50 5/15/39

Government

National

Mortgage

Association,

Pool

#MA9486

................

4.50 2/20/54

Government

National

Mortgage

Association,

Pool

#MA1092

................

4.50 6/20/43

Government

National

Mortgage

Association,

Pool

#MA8724

................

4.50 3/20/53

579

Government

National

Mortgage

Association,

Pool

#MB0090

................

4.50 12/20/54

565

Government

National

Mortgage

Association,

Pool

#MB0145

................

4.50 1/20/55

Government

National

Mortgage

Association,

Pool

#MA5652

................

4.50 12/20/48

Government

National

Mortgage

Association,

Pool

#MA8877

................

4.50 5/20/53

Government

National

Mortgage

Association,

Pool

#MA5818

................

4.50 3/20/49

Government

National

Mortgage

Association,

Pool

#712690

.................

5.00 4/15/39

615

Government

National

Mortgage

Association,

Pool

#MB0025

................

5.00 11/20/54

614

Government

National

Mortgage

Association,

Pool

#4559

..................

5.00 10/20/39

Government

National

Mortgage

Association,

Pool

#MA5765

................

5.00 2/20/49

Government

National

Mortgage

Association,

Pool

#694531

.................

5.00 11/15/38

Government

National

Mortgage

Association,

Pool

#MA2076

................

5.00 7/20/44

Government

National

Mortgage

Association,

Pool

#MA5653

................

5.00 12/20/48

Government

National

Mortgage

Association,

Pool

#MA8647

................

5.00 2/20/53

Government

National

Mortgage

Association,

Pool

#MA9240

................

5.00 10/20/53

Government

National

Mortgage

Association,

Pool

#675179

.................

5.00 3/15/38

Government

National

Mortgage

Association,

Pool

#MA5712

................

5.00 1/20/49

Government

National

Mortgage

Association,

Pool

#MA9016

................

5.00 7/20/53

Government

National

Mortgage

Association,

Pool

#MA9105

................

5.00 8/20/53

Government

National

Mortgage

Association,

Pool

#MA9170

................

5.00 9/20/53

Government

National

Mortgage

Association,

Pool

#MA5597

................

5.00 11/20/48

Government

National

Mortgage

Association,

Pool

#604285

.................

5.00 5/15/33

Government

National

Mortgage

Association,

Pool

#MA8800

................

5.00 4/20/53

Government

National

Mortgage

Association,

Pool

#MA5988

................

5.00 6/20/49

Government

National

Mortgage

Association,

Pool

#MB0423

................

5.00 6/20/55

Government

National

Mortgage

Association,

Pool

#MA5080

................

5.00 3/20/48

Government

National

Mortgage

Association,

Pool

#MB0307

................

5.00 4/20/55

Government

National

Mortgage

Association,

Pool

#782523

.................

5.00 11/15/35

Government

National

Mortgage

Association,

Pool

#MA5819

................

5.00 3/20/49

Government

National

Mortgage

Association,

Pool

#MA0465

................

5.00 10/20/42

Government

National

Mortgage

Association,

Pool

#MA5933

................

5.00 5/20/49

Government

National

Mortgage

Association,

Pool

#MA5530

................

5.00 10/20/48

Government

National

Mortgage

Association,

Pool

#MA4007

................

5.00 10/20/46

Government

National

Mortgage

Association,

Pool

#MA5400

................

5.00 8/20/48

Government

National

Mortgage

Association,

Pool

#MB0146

................

5.00 1/20/55

561

Government

National

Mortgage

Association,

Pool

#MA8428

................

5.00 11/20/52

564

Government

National

Mortgage

Association,

Pool

#782468

.................

5.00 11/15/38

Government

National

Mortgage

Association,

Pool

#MA9668

................

5.50 5/20/54

Government

National

Mortgage

Association,

Pool

#MA9851

................

5.50 8/20/54

Government

National

Mortgage

Association,

Pool

#MA8801

................

5.50 4/20/53

Government

National

Mortgage

Association,

Pool

#MB0424

................

5.50 6/20/55

Government

National

Mortgage

Association,

Pool

#783284

.................

5.50 6/20/40

Government

National

Mortgage

Association,

Pool

#MB0556

................

5.50 8/20/55

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

#MA9488

................

5.50 2/20/54

Government

National

Mortgage

Association,

Pool

#MA9017

................

5.50 7/20/53

Government

National

Mortgage

Association,

Pool

#MA9241

................

5.50 10/20/53

Government

National

Mortgage

Association,

Pool

#MA8570

................

5.50 1/20/53

Government

National

Mortgage

Association,

Pool

#MA9906

................

5.50 9/20/54

Government

National

Mortgage

Association,

Pool

#MB0308

................

5.50 4/20/55

Government

National

Mortgage

Association,

Pool

#510835

.................

5.50 2/15/35

Government

National

Mortgage

Association,

Pool

#658181

.................

5.50 11/15/36

Government

National

Mortgage

Association,

Pool

#MB0259

................

5.50 3/20/55

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Government

National

Mortgage

Association,

Pool

#MA9305

................

5.50 11/20/53

$

Government

National

Mortgage

Association,

Pool

#MB0092

................

5.50 12/20/54

Government

National

Mortgage

Association,

Pool

#MA8948

................

5.50 6/20/53

Government

National

Mortgage

Association,

Pool

#MA0466

................

5.50 10/20/42

Government

National

Mortgage

Association,

Pool

#MB0686

................

5.50 10/20/55

Government

National

Mortgage

Association,

Pool

#MB0148

................

6.00 1/20/55

Government

National

Mortgage

Association,

Pool

#MB0206

................

6.00 2/20/55

Government

National

Mortgage

Association,

Pool

#MB0260

................

6.00 3/20/55

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

#4245

..................

6.00 9/20/38

Government

National

Mortgage

Association,

Pool

#MA9852

................

6.00 8/20/54

Government

National

Mortgage

Association,

Pool

#781959

.................

6.00 7/15/35

Government

National

Mortgage

Association,

Pool

#MA9966

................

6.00 10/20/54

Government

National

Mortgage

Association,

Pool

#MA9018

................

6.00 7/20/53

Government

National

Mortgage

Association,

Pool

#MA9907

................

6.00 9/20/54

Government

National

Mortgage

Association,

Pool

#MA9424

................

6.00 1/20/54

Government

National

Mortgage

Association,

Pool

#MA9606

................

6.00 4/20/54

Government

National

Mortgage

Association,

Pool

#MB0309

................

6.00 4/20/55

Government

National

Mortgage

Association,

Pool

#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

#MB0261

................

6.50 3/20/55

Government

National

Mortgage

Association,

Pool

#MA9908

................

6.50 9/20/54

Government

National

Mortgage

Association,

Pool

#MA9727

................

6.50 6/20/54

Government

National

Mortgage

Association,

YR

TBA

..................

2.00 2/20/56

Government

National

Mortgage

Association,

YR

TBA

..................

2.00 1/20/56

675

Government

National

Mortgage

Association,

YR

TBA

..................

2.50 1/20/56

583

Government

National

Mortgage

Association,

YR

TBA

..................

2.50 2/20/56

700

Government

National

Mortgage

Association,

YR

TBA

..................

3.00 1/20/56

630

525

Government

National

Mortgage

Association,

YR

TBA

..................

3.50 1/20/56

575

Government

National

Mortgage

Association,

YR

TBA

..................

4.00 1/20/56

543

Government

National

Mortgage

Association,

YR

TBA

..................

4.50 1/20/56

Government

National

Mortgage

Association,

YR

TBA

..................

4.50 2/20/55

725

Government

National

Mortgage

Association,

YR

TBA

..................

5.00 1/20/56

722

Government

National

Mortgage

Association,

YR

TBA

..................

5.00 2/20/55

Government

National

Mortgage

Association,

YR

TBA

..................

5.50 1/20/56

Government

National

Mortgage

Association,

YR

TBA

..................

5.50 2/20/56

Government

National

Mortgage

Association,

YR

TBA

..................

6.00 2/20/55

575

Government

National

Mortgage

Association,

YR

TBA

..................

6.00 1/20/56

586

Government

National

Mortgage

Association,

YR

TBA

..................

6.50 2/20/56

Government

National

Mortgage

Association,

YR

TBA

..................

6.50 1/20/56

Government

National

Mortgage

Association,

YR

TBA

..................

7.00 1/20/55

Total

U.S.

Government

Agency

Mortgages

(cost

$217,972)

...............

203,860

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

—

23.70%

Domestic

Fixed

Income

—

14.82%

260,765

iShares

U.S.

Treasury

Bond

ETF

....................................

6,004

540,908

Vanguard

Intermediate-Term

Treasury

ETF

............................

32,417

38,421

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(concluded)

—

December

31,

2025

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

December

31,

2025. Shares

Security

Description

Rate

%

Maturity

Date

Value

(000) Investment

Companies

(continued)

Money

Market

Funds

—

8.88%

23,027,139

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

........

3.68(b)

$

23,027

Total

Investment

Companies

(cost

$60,584)

...........................

61,448

Total

Investments

(cost

$294,696)

—

108.37%

.........................

280,947

Liabilities

in

excess

of

other

assets

—

(8.37)%

.........................

(21,689)

Net

Assets

—

100.00%

..........................................

$

259,258

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

December

31,

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

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Mellon

Investments

Corporation

Parametric

Portfolio

Associates,

LLC

(Options

Overlay)

HC

Capital

Solutions

Total

Asset

Backed

Securities

..................................................................................................................

1.33 %

—

—

1.33 %

Collateralized

Mortgage-Backed

Securities

....................................................................................

4.58 %

—

—

4.58 %

U.S.

Government

Agency

Mortgages

.............................................................................................

78.64 %

—

—

78.64 %

Corporate

Bonds

..............................................................................................................................

0.12 %

—

—

0.12 %

Investment

Companies

....................................................................................................................

8.53 %

14.87 %

0.30 %

23.70 %

Other

Assets

(Liabilities)

.................................................................................................................

-8.37

%

—

—

-8.37

%

Total

Net

Assets

..........................................................................................................................

84.83 %

14.87 %

0.30 %

100.00 %

HC

CAPITAL

TRUST

The

Short-Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

—

99.80%

Alabama

—

3.47%

$

2,315

City

of

Huntsville

AL,

GO,

Series

A

.................................

5.00 3/1/27

$

2,382

Arizona

—

1.53%

990

Arizona

Department

of

Transportation

State

Highway

Fund

Revenue

.........

5.00 7/1/28

1,049

Arkansas

—

1.89%

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

@100

...................................................

5.00 7/1/28

1,150

Florida

—

2.04%

1,325

State

of

Florida

Department

of

Transportation

Turnpike

System

Revenue,

Series

C

5.00 7/1/28

1,403

Georgia

—

1.92%

1,300

State

of

Georgia,

GO,

Series

C

.....................................

4.00 1/1/27

1,319

Illinois

—

6.59%

1,795

Regional

Transportation

Authority

Revenue,

Series

A

.....................

5.00 7/1/27

1,854

1,695

State

of

Illinois,

GO

............................................

5.00 2/1/26

1,697

935

State

of

Illinois,

GO,

Series

D

.....................................

5.00 11/1/27

973

4,524

Kansas

—

2.22%

1,465

Riley

County

Unified

School

District

No.

Manhattan-Ogden,

GO,

Series

A

Continuously

Callable

@100 (Pre-Refunded/Escrowed

to

Maturity)

.......

5.00 9/1/36

1,521

Maryland

—

5.78%

900

County

of

Baltimore

MD,

GO

.....................................

5.00 3/1/31

1,011

660

County

of

Harford

MD,

GO,

Series

B

................................

5.00 2/1/26

661

1,640

County

of

Prince

George's

MD,

GO,

Series

A

..........................

5.00 8/1/28

1,743

540

State

of

Maryland

Department

of

Transportation

Revenue

..................

5.00 10/1/26

550

3,965

Minnesota

—

5.78%

1,730

City

of

Minneapolis

MN,

GO

......................................

5.00 12/1/26

1,767

1,270

State

of

Minnesota,

GO,

Series

A

...................................

5.00 9/1/28

1,354

750

University

of

Minnesota

Revenue,

Series

B

............................

5.00 2/1/32

845

3,966

Missouri

—

1.63%

1,100

Lindbergh

School

District,

GO

.....................................

4.00 3/1/27

1,117

Nebraska

—

3.00%

2,060

Nebraska

Public

Power

District

Revenue,

Series

A

.......................

5.00 1/1/26

2,060

New

Hampshire

—

1.57%

940

New

Hampshire

Municipal

Bond

Bank

Revenue,

Series

B

.................

5.00 8/15/32

1,075

New

Jersey

—

8.86%

1,735

New

Jersey

Educational

Facilities

Authority

Revenue,

Series

A

..............

5.00 3/1/27

1,784

1,250

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue,

Series

A

Continuously

Callable

@100

..................................

5.00 7/1/30

1,264

HC

CAPITAL

TRUST

The

Short-Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

(continued)

New

Jersey

(continued)

$

3,000

State

of

New

Jersey,

GO,

Series

A

...................................

5.00 6/1/26

$

3,029

6,077

New

Mexico

—

4.63%

1,740

Albuquerque

Municipal

School

District

No.

12,

GO,

Series

A

(State

Aid

Withholding)

..............................................

5.00 8/1/26

1,764

1,225

New

Mexico

Finance

Authority

Revenue,

Series

C

.......................

5.00 12/15/32

1,411

3,175

New

York

—

5.10%

1,605

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

Series

....................................................

5.00 5/1/28

1,695

1,610

New

York

State

Dormitory

Authority

Revenue,

Series

.................

5.00 3/15/31

1,806

3,501

Ohio

—

1.13%

680

American

Municipal

Power,

Inc.

Revenue

.............................

5.00 2/15/33

772

Oregon

—

1.88%

1,250

Oregon

State

Lottery

Revenue,

Series

A

Continuously

Callable

@100

.........

5.00 4/1/30

1,287

South

Carolina

—

2.42%

1,495

South

Carolina

Jobs-Economic

Development

Authority

Revenue,

Series

A

......

5.00 11/1/31

1,663

South

Dakota

—

3.07%

1,905

South

Dakota

Conservancy

District

Revenue,

Series

B

....................

5.00 8/1/30

2,108

Tennessee

—

4.06%

1,500

County

of

Wilson

TN,

GO

........................................

5.00 4/1/30

1,651

1,000

Metropolitan

Government

of

Nashville

&

Davidson

County

TN,

GO,

Series

A

...

5.00 1/1/32

1,132

2,783

Texas

—

19.79%

1,735

Arlington

Independent

School

District,

GO

(PSF-GTD)

...................

5.00 2/15/26

1,738

1,670

City

of

Cedar

Park

TX,

GO

.......................................

5.00 2/15/27

1,714

1,550

City

of

Plano

TX,

GO

...........................................

5.00 9/1/29

1,682

1,425

Conroe

Independent

School

District,

GO

(PSF-GTD)

.....................

5.00 2/15/28

1,498

1,245

County

of

Williamson

TX,

GO

.....................................

5.00 2/15/28

1,305

1,475

Goose

Creek

Consolidated

Independent

School

District,

GO,

Series

B

.........

5.00 2/15/28

1,544

1,450

Humble

Independent

School

District,

GO

(PSF-GTD)

.....................

5.00 2/15/28

1,525

1,400

Lower

Colorado

River

Authority

Revenue

.............................

5.00 5/15/32

1,583

970

Marble

Falls

Independent

School

District,

GO

(PSF-GTD)

.................

5.00 2/15/27

994

13,583

Virginia

—

3.65%

900

City

of

Fredericksburg

VA,

GO,

Series

A

(State

Aid

Withholding)

............

5.00 10/1/29

981

1,505

Hampton

Roads

Transportation

Accountability

Commission

Revenue,

Series

A

(Pre-

Refunded/Escrowed

to

Maturity)

...............................

5.00 7/1/26

1,523

2,504

Washington

—

2.33%

1,590

State

of

Washington,

GO,

Series

R-2022C

.............................

4.00 7/1/26

1,602

Wisconsin

—

3.78%

1,260

City

of

Kenosha

WI,

GO,

Series

A

..................................

5.00 9/1/32

1,426

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

Short-Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(concluded)

—

December

31,

2025

(Unaudited)

As

of

December

31,

2025,

100%

of

the

Portfolio's

net

assets

were

managed

by

Breckinridge

Capital

Advisors,

Inc.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

(continued)

Wisconsin

(continued)

$

1,150

Wisconsin

Housing

&

Economic

Development

Authority

Home

Ownership

Revenue,

Series

B

.................................................

5.00 9/1/26

$

1,165

2,591

Total

Municipal

Bonds

(cost

$68,030)

...............................

68,472

Shares

Investment

Company

—

0.94%

Money

Market

Funds

—

0.94%

647,038

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

........

3.68(a)

647

Total

Investment

Company

(cost

$647)

..............................

647

Total

Investments

(cost

$68,677)

—

100.74%

.........................

69,119

Liabilities

in

excess

of

other

assets

—

(0.74)%

.........................

(510) Net

Assets

—

100.00%

..........................................

$

68,609

(a) Annualized

7-day

yield

as

of

period-end.

GO—General

Obligation

PSF-GTD—Public

School

Fund

Guaranteed

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

—

85.37%

Alabama

—

3.49%

$

2,895

Black

Belt

Energy

Gas

District

Revenue

Continuously

Callable

@101

.........

4.00(a)

6/1/51

$

2,946

1,000

Black

Belt

Energy

Gas

District

Revenue,

Series

B

Continuously

Callable

@100

..

5.00 10/1/35

1,029

1,500

Black

Belt

Energy

Gas

District

Revenue,

Series

B,

Callable

9/1/30

@

100.32 ....

5.25(a)

12/1/53

1,616

1,805

County

of

Jefferson

AL

Sewer

Revenue

Continuously

Callable

@100

.........

5.00 10/1/36

1,998

4,075

Energy

Southeast

A

Cooperative

District

Revenue,

Series

B

Continuously

Callable

@100

...................................................

5.00 9/1/33

4,219

1,000

Energy

Southeast

A

Cooperative

District

Revenue,

Series

Continuously

Callable

@100

...................................................

5.75(a)

4/1/54

1,105

5,000

Southeast

Energy

Authority

A

Cooperative

District

Revenue,

Series

E

Continuously

Callable

@100

............................................

5.00 10/1/30

5,359

1,000

Troy

University

Revenue,

Series

A

(BAM)

.............................

5.00 11/1/26

1,018

19,290

Arizona

—

1.42%

3,425

Chandler

Industrial

Development

Authority

Revenue

Continuously

Callable

@100

(AMT)

..................................................

4.00(a)

6/1/49

3,472

1,685

City

of

Phoenix

Civic

Improvement

Corp.

Revenue,

Series

A

Continuously

Callable

@100

...................................................

5.00 7/1/32

1,855

1,555

City

of

Phoenix

Civic

Improvement

Corp.

Revenue,

Series

B

Continuously

Callable

@100

(AMT)

.............................................

5.00 7/1/30

1,652

785

Salt

River

Project

Agricultural

Improvement

&

Power

District

Revenue,

Series

B

Continuously

Callable

@100

..................................

5.00 5/1/39

891

7,870

California

—

4.87%

3,000

California

Community

Choice

Financing

Authority

Revenue,

Series

D

Continuously

Callable

@100

............................................

5.00(a)

10/1/55

3,114

1,700

Inglewood

Unified

School

District,

GO,

Series

B

Continuously

Callable

@100

..

5.50 8/1/43

1,933

1,000

Los

Angeles

Department

of

Water

&

Power

Revenue,

Series

A

Continuously

Callable

@100

(BAM)

.............................................

5.00 7/1/40

1,093

1,000

Los

Angeles

Department

of

Water

&

Power

Revenue,

Series

C

Continuously

Callable

@100

............................................

5.00 7/1/36

1,150

1,900

Los

Angeles

Department

of

Water

&

Power

Revenue,

Series

E

..............

5.00 7/1/34

2,188

945

Los

Angeles

Unified

School

District/CA,

GO,

Series

A

....................

5.00 7/1/30

1,064

1,000

Ontario

Public

Financing

Authority

Revenue,

Series

A

Continuously

Callable

@100

5.00 11/1/39

1,144

1,025

Ontario

Public

Financing

Authority

Revenue,

Series

A

Continuously

Callable

@100

5.00 11/1/42

1,134

7,960

San

Bernardino

City

Unified

School

District

Certificates

of

Participation

Continuously

Callable

@100

(AGC)

.............................

5.00 10/1/41

8,891

650

Southern

California

Public

Power

Authority

Revenue,

Series

..............

5.00 7/1/31

722

1,000

Southern

California

Public

Power

Authority

Revenue,

Series

..............

5.00 7/1/32

1,141

2,000

State

of

California,

GO

Continuously

Callable

@100

.....................

5.00 9/1/33

2,299

1,000

State

of

California,

GO

Continuously

Callable

@100

.....................

5.00 4/1/35

1,063

26,936

Colorado

—

1.27%

500

Canyons

Metropolitan

District

No.

5,

GO,

Series

A

(BAM)

.................

5.00 12/1/33

564

2,340

Southern

Ute

Indian

Tribe

of

the

Southern

Ute

Reservation

of

Colorado,

GO,

Series

A (b)

....................................................

5.00 4/1/35

2,559

3,740

State

of

Colorado

Certificates

of

Participation,

Series

M

Continuously

Callable

@100

...................................................

5.00 3/15/29

3,924

7,047

Connecticut

—

0.78%

1,085

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue,

Series

B

..

5.00 12/1/26

1,105

1,500

State

of

Connecticut

Special

Tax

Revenue,

Series

D

Continuously

Callable

@100

5.00 11/1/34

1,679

1,000

State

of

Connecticut,

GO,

Series

A

..................................

4.00 1/15/29

1,044

State

of

Connecticut,

GO,

Series

E

Continuously

Callable

@100

.............

5.00 9/15/32

4,322

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

(continued)

Delaware

—

0.12%

$

620

Delaware

Transportation

Authority

Revenue

Continuously

Callable

@100

......

5.00 7/1/32

$

684

District

of

Columbia

—

1.79%

2,500

District

of

Columbia

Revenue

Continuously

Callable

@100

................

5.00 7/15/32

2,502

2,000

Metropolitan

Washington

Airports

Authority

Aviation

Revenue,

Series

A

(AMT)

..

5.00 10/1/29

2,133

2,075

Metropolitan

Washington

Airports

Authority

Aviation

Revenue,

Series

A

Continuously

Callable

@100

(AMT)

.............................

4.00 10/1/36

2,097

2,815

Washington

Metropolitan

Area

Transit

Authority

Dedicated

Revenue,

Series

A

...

5.00 7/15/31

3,147

9,879

Florida

—

4.50%

2,000

Alachua

County

Health

Facilities

Authority

Revenue

Continuously

Callable

@100

5.00(a)

12/1/37

2,021

3,000

County

of

Miami-Dade

FL

Aviation

Revenue,

Series

A

....................

5.00 10/1/34

3,349

2,500

County

of

Miami-Dade

FL

Water

&

Sewer

System

Revenue,

Series

B

.........

5.00 10/1/33

2,896

960

County

of

Miami-Dade

FL,

GO,

Series

A

.............................

5.00 7/1/33

1,108

955

County

of

Polk

FL

Utility

System

Revenue

............................

5.00 10/1/27

997

2,030

JEA

Electric

System

Revenue,

Series

3A

Continuously

Callable

@100

........

5.00 10/1/34

2,189

1,000

Miami

Beach

Redevelopment

Agency

Tax

allocation

.....................

5.00 2/1/31

1,102

2,000

Mid-Bay

Bridge

Authority

Revenue

Continuously

Callable

@100

............

5.00 10/1/36

2,273

3,295

Orlando

Utilities

Commission

Revenue,

Series

A

Continuously

Callable

@100

..

5.00 10/1/32

3,406

1,025

Palm

Beach

County

School

District

Certificates

of

Participation,

Series

A

Continuously

Callable

@100

..................................

5.00 8/1/36

1,150

3,875

Volusia

County

Educational

Facility

Authority

Revenue

Continuously

Callable

@100

...................................................

5.00 10/15/39

4,371

24,862

Georgia

—

1.40%

5,000

Main

Street

Natural

Gas,

Inc.

Revenue,

Series

C

Continuously

Callable

@100

...

4.00(a)

3/1/50

5,028

1,500

Municipal

Electric

Authority

of

Georgia

Revenue,

Series

A

.................

5.00 1/1/34

1,704

1,000

State

of

Georgia,

GO,

Series

A

Continuously

Callable

@100

................

3.00 8/1/36

986

7,718

Illinois

—

6.37%

4,000

Chicago

Midway

International

Airport

Revenue,

Series

C

Continuously

Callable

@100

...................................................

5.00 1/1/41

4,168

Chicago

O'Hare

International

Airport

Revenue,

Series

C

(AMT)

.............

5.00 1/1/32

Chicago

O'Hare

International

Airport

Revenue,

Series

C

Continuously

Callable

@100

(AMT)

.............................................

5.00 1/1/33

4,335

Chicago

O'Hare

International

Airport

Revenue,

Series

D

Continuously

Callable

@100

...................................................

5.00 1/1/42

4,353

1,025

Chicago

O'Hare

International

Airport

Revenue,

Series

F

...................

5.00 1/1/32

1,137

1,465

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

Revenue,

Series

A

Continuously

Callable

@100

............................................

5.00 12/1/36

1,675

City

of

Chicago

IL

Certificates

of

Participation,

Series

NT

Continuously

Callable

@100

...................................................

7.46 2/15/26

1,200

City

of

Chicago

IL

Wastewater

Transmission

Revenue,

Series

B

Continuously

Callable

@100

(BAM)

.......................................

5.00 1/1/37

1,333

2,335

City

of

Chicago

IL,

GO,

Series

A

Continuously

Callable

@100

..............

4.00 1/1/36

2,208

1,390

Illinois

Finance

Authority

Revenue,

Series

A

...........................

5.00 4/1/34

1,602

500

Illinois

Finance

Authority

Revenue,

Series

A

Continuously

Callable

@100

......

5.00 7/1/44

537

1,375

Illinois

Finance

Authority

Revenue,

Series

Continuously

Callable

@100

....

5.00(a)

5/15/50

1,382

850

Illinois

State

Toll

Highway

Authority

Revenue,

Series

A

Continuously

Callable

@100

...................................................

5.00 1/1/30

911

3,000

Sales

Tax

Securitization

Corp.

Revenue,

Series

A

........................

5.00 1/1/29

3,178

1,270

Sales

Tax

Securitization

Corp.

Revenue,

Series

C

Continuously

Callable

@100

..

5.00 1/1/35

1,412

5,945

State

of

Illinois

Sales

Tax

Revenue,

Series

C

Continuously

Callable

@100

......

5.00 6/15/43

6,307

1,000

State

of

Illinois,

GO,

Series

D

.....................................

5.00 7/1/27

1,031

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

(continued)

Illinois

(continued)

$

2,995

The

Board

of

Trustees

of

the

University

of

Illinois

Certificates

of

Participation,

Series

B

Continuously

Callable

@100

............................

5.00 10/1/27

$

3,035

35,225

Indiana

—

1.57%

2,500

City

of

Whiting

IN

Revenue

(AMT)

.................................

5.00(a)

12/1/44

2,526

1,350

Indiana

Finance

Authority

Revenue,

Series

A

Continuously

Callable

@100

.....

5.00 10/1/34

1,527

530

Indiana

Finance

Authority

Revenue,

Series

A1

..........................

5.00 11/15/27

551

3,655

Indiana

Finance

Authority

Revenue,

Series

B-3,

Callable

7/1/31

@

101.64 ......

5.00(a)

10/1/55

4,060

8,664

Iowa

—

0.09%

Iowa

Tobacco

Settlement

Authority

Revenue,

Series

A2

Continuously

Callable

@100

...................................................

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

—

1.63%

3,115

Kentucky

Public

Energy

Authority

Revenue,

Series

Continuously

Callable

@100

...................................................

5.25(a)

4/1/54

3,351

3,000

Kentucky

Public

Energy

Authority

Revenue,

Series

B

Continuously

Callable

@100

5.00 12/1/33

3,113

1,150

Louisville/Jefferson

County

Metropolitan

Government,

GO,

Series

A

.........

5.00 12/1/30

1,278

1,170

University

of

Kentucky

Revenue,

Series

A

Continuously

Callable

@100

.......

5.00 4/1/43

1,253

8,995

Lousiana

—

0.42%

2,180

Ernest

N

Morial

New

Orleans

Exhibition

Hall

Authority

Special

Tax

Continuously

Callable

@100

............................................

5.25 7/15/44

2,334

Maine

—

0.39%

1,025

Finance

Authority

of

Maine

Revenue,

Series

A1

(AGM)

...................

5.00 12/1/26

1,039

1,000

Regional

School

Unit

No.

14,

GO

Continuously

Callable

@100

.............

5.00 11/1/42

1,095

2,134

Maryland

—

2.15%

2,000

County

of

Baltimore

MD,

GO

Continuously

Callable

@100

................

4.00 3/1/33

2,068

1,190

County

of

Howard

MD,

GO,

Series

A

Continuously

Callable

@100

...........

5.00 8/15/34

1,358

2,090

Maryland

State

Transportation

Authority

Passenger

Facility

Charge

Revenue

(AMT)

5.00 6/1/28

2,174

2,000

State

of

Maryland

Department

of

Transportation

Revenue

Continuously

Callable

@100

...................................................

5.00 10/1/32

2,207

1,000

State

of

Maryland

Department

of

Transportation

Revenue

Continuously

Callable

@100

...................................................

4.00 10/1/32

1,017

1,495

State

of

Maryland,

GO,

Series

A

Continuously

Callable

@100

..............

5.00 6/1/34

1,690

1,240

State

of

Maryland,

GO,

Series

A

Continuously

Callable

@100

..............

5.00 3/15/31

1,365

11,879

Massachusetts

—

1.81%

780

Commonwealth

of

Massachusetts,

GO,

Series

A

Continuously

Callable

@100

...

5.00 5/1/35

885

1,500

Massachusetts

Bay

Transportation

Authority

Sales

Tax

Revenue,

Series

Continuously

Callable

@100

..................................

4.00 7/1/37

1,564

Massachusetts

Development

Finance

Agency

Revenue

Continuously

Callable

@100

5.25 6/1/43

3,550

Massachusetts

Development

Finance

Agency

Revenue,

Series

Continuously

Callable

@100

............................................

5.00 7/1/35

3,973

1,400

Massachusetts

Educational

Financing

Authority

Revenue,

Series

B

(AMT)

......

5.00 7/1/29

1,465

1,500

Massachusetts

Port

Authority

Revenue,

Series

A

(AMT)

...................

5.00 7/1/32

1,665

10,010

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

(continued)

Michigan

—

3.92%

$

1,000

Detroit

Downtown

Development

Authority

Tax

allocation

Continuously

Callable

@100

...................................................

5.00 7/1/37

$

1,112

2,000

Detroit

Regional

Convention

Facility

Authority

Revenue,

Series

C

Continuously

Callable

@100

............................................

5.00 10/1/38

2,170

1,000

Forest

Hills

Public

Schools/MI,

GO,

Series

I

Continuously

Callable

@100

......

5.00 5/1/44

1,076

1,250

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue,

Series

A

Continuously

Callable

@100

..................................

5.00 7/1/37

1,414

2,500

Great

Lakes

Water

Authority

Water

Supply

System

Revenue,

Series

B

.........

5.00 7/1/34

2,894

1,100

Michigan

Finance

Authority

Revenue

................................

5.00 10/1/29

1,196

6,000

Michigan

Finance

Authority

Revenue

Continuously

Callable

@100

...........

5.00(a)

11/15/44

6,071

1,000

Michigan

Finance

Authority

Revenue

Continuously

Callable

@100

...........

4.00 2/15/44

936

1,425

Michigan

Finance

Authority

Revenue

................................

5.00 2/28/34

1,588

1,000

Michigan

Finance

Authority

Revenue

Continuously

Callable

@100

...........

5.50 12/1/29

1,004

1,280

Michigan

Finance

Authority

Revenue,

Series

B

.........................

5.00 10/1/30

1,416

790

Novi

Community

School

District,

GO,

Series

III

........................

5.00 5/1/26

796

21,673

Minnesota

—

2.26%

1,750

Minnesota

Agricultural

&

Economic

Development

Board

Revenue

Continuously

Callable

@100

............................................

5.00 1/1/36

1,959

1,985

Minnesota

Housing

Finance

Agency

Revenue,

Series

B

...................

5.00 8/1/28

2,101

1,240

Minnesota

Housing

Finance

Agency

Revenue,

Series

B

...................

5.00 8/1/29

1,332

2,195

Minnesota

Housing

Finance

Agency

Revenue,

Series

B

...................

5.00 8/1/30

2,407

1,345

State

of

Minnesota

Certificates

of

Participation

.........................

5.00 11/1/33

1,568

1,500

State

of

Minnesota,

GO,

Series

B

Continuously

Callable

@100

..............

5.00 8/1/35

1,728

1,260

State

of

Minnesota,

GO,

Series

E

...................................

5.00 8/1/30

1,400

12,495

Missouri

—

0.48%

1,545

City

of

Kansas

City

MO

Water

Revenue,

Series

A

Continuously

Callable

@100

..

5.00 12/1/44

1,647

995

St

Joseph

School

District/MO,

GO

(ST

AID

DIR

DEP)

....................

5.00 3/1/27

1,023

2,670

Nebraska

—

0.65%

1,000

City

of

Omaha

NE

Sewer

Revenue,

Series

A

Continuously

Callable

@100

......

4.00 4/1/31

1,041

1,000

City

of

Omaha

NE

Sewer

Revenue,

Series

A

Continuously

Callable

@100

......

4.00 4/1/32

1,038

1,350

Omaha

Public

Power

District

Revenue,

Series

B

Continuously

Callable

@100

...

5.00 2/1/34

1,530

3,609

Nevada

—

1.77%

750

City

of

North

Las

Vegas

NV,

GO,

Series

B

............................

5.00 6/1/33

856

2,915

Clark

County

School

District,

GO,

Series

A

Continuously

Callable

@100

(AGM)

.

5.00 6/15/32

3,180

5,435

Las

Vegas

Valley

Water

District,

GO,

Series

C

Continuously

Callable

@100

....

4.00 6/1/34

5,753

9,789

New

Jersey

—

2.93%

1,210

New

Jersey

Economic

Development

Authority

Revenue

...................

5.00 6/15/28

1,272

New

Jersey

Economic

Development

Authority

Revenue

Continuously

Callable

@100

...................................................

5.00 11/1/30

1,000

New

Jersey

Economic

Development

Authority

Revenue,

Series

RRR

.........

5.00 3/1/28

1,052

2,815

New

Jersey

Educational

Facilities

Authority

Revenue,

Series

A

Continuously

Callable

@100

............................................

5.00(a)

7/1/64

3,268

1,725

New

Jersey

Higher

Education

Student

Assistance

Authority

Revenue,

Series

B

(AMT)

..................................................

5.00 12/1/29

1,822

2,000

New

Jersey

Institute

of

Technology

Revenue,

Series

A

Continuously

Callable

@100

(BAM)

..................................................

5.00 7/1/42

2,156

750

New

Jersey

Transportation

Trust

Fund

Authority

Revenue,

Series

AA

Continuously

Callable

@100

............................................

5.00 6/15/36

841

1,000

New

Jersey

Transportation

Trust

Fund

Authority

Revenue,

Series

AA

.........

5.00 6/15/30

1,093

1,750

New

Jersey

Transportation

Trust

Fund

Authority

Revenue,

Series

BB

Continuously

Callable

@100

............................................

5.00 6/15/36

1,982

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

(continued)

New

Jersey

(continued)

$

1,100

State

of

New

Jersey,

GO,

Series

A

...................................

4.00 6/1/31

$

1,181

1,035

Tobacco

Settlement

Financing

Corp.

Revenue,

Series

A

Continuously

Callable

@100

...................................................

5.00 6/1/33

1,066

16,199

New

Mexico

—

0.20%

1,025

Albuquerque

Municipal

School

District

No.

12,

GO

Continuously

Callable

@100

(State

Aid

Withholding)

......................................

5.00 8/1/29

1,086

New

York

—

7.46%

1,250

Albany

Capital

Resource

Corp.

Revenue,

Series

A

Continuously

Callable

@100

..

5.25 5/1/42

1,359

2,890

City

of

New

York

NY,

GO,

Series

1-A

Continuously

Callable

@100

..........

5.00 4/1/32

3,182

740

City

of

New

York

NY,

GO,

Series

................................

5.00 8/1/32

837

5,000

City

of

New

York

NY,

GO,

Series

E

Continuously

Callable

@100

............

5.00 8/1/43

5,419

1,165

Empire

State

Development

Corp.

Revenue,

Series

A

Continuously

Callable

@100

5.00 3/15/35

1,342

865

New

York

City

Municipal

Water

Finance

Authority

Revenue,

Series

CC

.......

5.00 6/15/31

976

4,940

New

York

City

Municipal

Water

Finance

Authority

Revenue,

Series

......

5.00 6/15/36

5,856

1,000

New

York

City

Municipal

Water

Finance

Authority

Revenue,

Series

DD

Continuously

Callable

@100

..................................

5.00 6/15/34

1,158

930

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

Series

....................................................

5.00 11/1/32

1,058

1,500

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

Series

Continuously

Callable

@100

...............................

5.00 11/1/36

1,709

3,000

New

York

Energy

Finance

Development

Corp.

Revenue

Continuously

Callable

@100

...................................................

5.00(a)

7/1/56

3,178

1,000

New

York

State

Dormitory

Authority

Revenue,

Series

A

Continuously

Callable

@100

...................................................

5.00 2/15/31

1,025

4,710

New

York

State

Thruway

Authority

Revenue,

Series

A

Continuously

Callable

@100

5.00 3/15/35

5,327

1,750

New

York

Transportation

Development

Corp.

Revenue

Continuously

Callable

@100

6.00 6/30/43

1,944

1,795

New

York

Transportation

Development

Corp.

Revenue

(AMT)

..............

5.00 12/1/27

1,854

4,970

Port

Authority

of

New

York

&

New

Jersey

Revenue,

Series

Continuously

Callable

@100

(AMT)

.......................................

4.00 3/15/30

5,060

41,284

North

Carolina

—

0.58%

820

City

of

Fayetteville

NC

Public

Works

Commission

Revenue

................

5.00 3/1/31

920

1,130

Nash

Health

Care

Systems

Revenue

Continuously

Callable

@100

............

5.50 2/1/43

1,230

1,000

The

Charlotte-Mecklenburg

Hospital

Authority

Revenue,

Series

SE

...........

5.00(a)

1/15/50

1,063

3,213

Ohio

—

4.67%

3,000

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue,

Series

Continuously

Callable

@100

............................................

5.00 6/1/32

3,137

1,450

City

of

Columbus

OH

Sewerage

Revenue

Continuously

Callable

@100

........

5.00 6/1/29

1,463

5,645

County

of

Allen

OH

Hospital

Facilities

Revenue,

Series

A

Continuously

Callable

@100

...................................................

5.00 11/1/39

6,229

1,000

County

of

Butler

OH

Revenue,

Series

X

..............................

5.00 5/15/29

1,075

800

County

of

Montgomery

OH

Revenue

Continuously

Callable

@100

...........

5.00 8/1/33

876

1,130

County

of

Warren

OH

Revenue

Continuously

Callable

@100

...............

5.00 7/1/36

1,246

1,750

Ohio

Water

Development

Authority

Revenue,

Series

A

Continuously

Callable

@100

5.00 12/1/37

1,987

3,050

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

Revenue,

Series

B

Continuously

Callable

@100

............................

5.00 6/1/35

3,538

2,000

State

of

Ohio

Revenue

...........................................

2.75(a)

1/1/52

1,985

950

Summit

County

Development

Finance

Authority

Revenue,

Series

A

Continuously

Callable

@100

(BAM)

.......................................

5.00 7/1/37

1,041

1,045

The

Ohio

State

University

Revenue,

Series

A

...........................

5.00 6/1/35

1,226

1,150

University

of

Cincinnati

Revenue,

Series

A

Continuously

Callable

@100

.......

5.25 6/1/43

1,260

775

University

of

Cincinnati

Revenue,

Series

A

............................

5.00 6/1/26

782

25,845

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

(continued)

Oklahoma

—

0.50%

$

1,925

Grand

River

Dam

Authority

Revenue,

Series

A

Continuously

Callable

@100

....

5.00 6/1/37

$

2,192

530

Oklahoma

Municipal

Power

Authority

Revenue,

Series

A

Continuously

Callable

@100

(AGM)

.............................................

4.00 1/1/32

562

2,754

Oregon

—

1.54%

1,250

Clackamas

Community

College

District,

GO

Continuously

Callable

@100

(SCH

BD

GTY)

...................................................

5.00 6/15/44

1,352

2,000

Multnomah

County

School

District

No.

1J

Portland,

GO

(SCH

BD

GTY)

.......

5.00 6/15/29

2,170

2,500

Port

of

Portland

OR

Airport

Revenue,

Series

Continuously

Callable

@100

(AMT)

5.00 7/1/35

2,707

2,000

Portland

Community

College

District,

GO

Continuously

Callable

@100

.......

5.00 6/15/35

2,287

8,516

Pennsylvania

—

5.67%

1,000

City

of

Philadelphia

PA

Water

&

Wastewater

Revenue,

Series

B

(AGM)

........

5.00 9/1/29

1,082

1,000

City

of

Philadelphia

PA

Water

&

Wastewater

Revenue,

Series

B

.............

5.00 11/1/27

1,042

2,000

City

of

Philadelphia

PA,

GO,

Series

A

Continuously

Callable

@100

..........

5.00 8/1/38

2,276

2,600

City

of

Philadelphia

PA,

GO,

Series

B

Continuously

Callable

@100

..........

5.00 2/1/30

2,829

1,735

City

of

Philadelphia

PA,

GO,

Series

B

Continuously

Callable

@100

..........

5.00 2/1/31

1,864

1,000

Commonwealth

Financing

Authority

Revenue

Continuously

Callable

@100

....

5.00 6/1/32

1,046

1,860

Luzerne

County

Industrial

Development

Authority

Revenue

Continuously

Callable

@100

(AMT)

.............................................

2.45(a)

12/1/39

1,727

4,000

Montgomery

County

Industrial

Development

Authority/PA

Revenue,

Series

A

Continuously

Callable

@103

..................................

5.00 11/15/42

4,183

3,625

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Continuously

Callable

@100

(AMT)

.......................................

5.00 12/31/33

4,038

1,000

Pennsylvania

Economic

Development

Financing

Authority

Revenue,

Series

B

Continuously

Callable

@100

..................................

5.00 3/15/38

1,092

1,000

Pennsylvania

Higher

Education

Assistance

Agency

Revenue,

Series

1A

(AMT)

...

5.00 6/1/32

1,070

1,000

Pennsylvania

Higher

Education

Assistance

Agency

Revenue,

Series

A

(AMT)

....

5.00 6/1/29

1,057

1,100

Pennsylvania

Turnpike

Commission

Revenue

Continuously

Callable

@100

.....

5.00 12/1/41

1,178

2,455

Pennsylvania

Turnpike

Commission

Revenue,

Series

Continuously

Callable

@100

5.00 6/1/35

2,839

1,620

Pennsylvania

Turnpike

Commission

Revenue,

Series

A

Continuously

Callable

@100

...................................................

5.00 12/1/44

1,676

1,130

Temple

University-of

The

Commonwealth

System

of

Higher

Education

Revenue

Continuously

Callable

@100

(AGC)

.............................

5.00 4/1/40

1,260

1,000

The

School

District

of

Philadelphia,

GO,

Series

A

Continuously

Callable

@100

(State

Aid

Withholding)

......................................

5.25 9/1/36

1,122

31,381

Rhode

Island

—

0.62%

730

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue,

Series

A

Continuously

Callable

@100

..................................

5.00 7/1/39

779

1,875

Rhode

Island

Student

Loan

Authority

Revenue,

Series

A

(AMT)

.............

5.00 12/1/29

2,001

625

Rhode

Island

Student

Loan

Authority

Revenue,

Series

A

(AMT)

.............

5.00 12/1/29

656

3,436

South

Carolina

—

0.52%

1,000

Piedmont

Municipal

Power

Agency

Revenue,

Series

B

....................

5.00 1/1/29

1,064

680

South

Carolina

Public

Service

Authority

Revenue,

Series

A

................

5.00 12/1/27

708

1,000

South

Carolina

Public

Service

Authority

Revenue,

Series

A

................

5.00 12/1/31

1,109

2,881

Tennessee

—

1.38%

1,215

County

of

Hamblen

TN,

GO

......................................

5.00 5/1/29

1,311

1,235

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facs

Bd

Revenue

..............................................

5.00 5/1/31

1,358

1,000

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facs

Bd

Revenue

Continuously

Callable

@100

.........................

5.00 5/1/35

1,091

1,000

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facs

Bd

Revenue,

Series

A

.......................................

5.00 7/1/34

1,134

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

(continued)

Tennessee

(continued)

$

500

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facs

Bd

Revenue,

Series

A

.......................................

5.00 7/1/29

$

533

1,350

Metropolitan

Government

of

Nashville

&

Davidson

County

TN,

GO

Continuously

Callable

@100

............................................

4.00 7/1/33

1,385

730

Metropolitan

Government

of

Nashville

&

Davidson

County

TN,

GO,

Series

A

...

5.00 1/1/32

826

7,638

Texas

—

9.08%

1,000

Arlington

Higher

Education

Finance

Corp.

Revenue

Continuously

Callable

@100

(PSF-GTD)

...............................................

5.00 8/15/39

1,099

1,025

Arlington

Higher

Education

Finance

Corp.

Revenue

(PSF-GTD)

.............

5.00 8/15/27

1,062

2,500

Central

Texas

Turnpike

System

Revenue,

Series

C

Continuously

Callable

@100

.

5.00 8/15/37

2,797

920

City

of

College

Station

TX,

GO

....................................

5.00 2/15/31

1,020

City

of

Pearland

TX,

GO

Continuously

Callable

@100

....................

5.00 3/1/29

670

City

of

Round

Rock

TX,

GO

Continuously

Callable

@100

.................

5.00 8/15/39

752

980

City

of

San

Antonio

TX

Electric

&

Gas

Systems

Revenue

.................

5.00 2/1/32

1,109

1,300

City

of

San

Antonio

TX

Electric

&

Gas

Systems

Revenue,

Series

B

...........

4.00 2/1/33

1,392

6,000

Clifton

Higher

Education

Finance

Corp.

Revenue,

Series

A

Continuously

Callable

@100

(PSF-GTD)

..........................................

5.00 2/15/38

6,590

950

Clifton

Higher

Education

Finance

Corp.

Revenue,

Series

T

Continuously

Callable

@100

(PSF-GTD)

..........................................

4.00 8/15/34

990

1,545

County

of

Harris

TX

Revenue,

Series

A

Continuously

Callable

@100

.........

5.00 8/15/30

1,568

1,750

County

of

Harris

TX

Revenue,

Series

B

Continuously

Callable

@

100,

Callable

8/15/25

@

–

..............................................

5.00 8/15/34

1,750

4,730

Dallas

Area

Rapid

Transit

Revenue

Continuously

Callable

@100

............

5.00 12/1/33

5,111

545

Dallas

Fort

Worth

International

Airport

Revenue

........................

5.00 11/1/30

604

1,700

El

Paso

County

Hospital

District,

GO

Continuously

Callable

@100

...........

5.00 2/15/39

1,852

1,500

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Continuously

Callable

@100

............................................

5.00 10/1/27

1,501

2,100

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

..........

5.00 11/15/27

2,154

655

Love

Field

Airport

Modernization

Corp.

Revenue

Continuously

Callable

@100

..

5.00 11/1/28

655

1,000

Lower

Colorado

River

Authority

Revenue

Continuously

Callable

@100

(AGM)

..

5.00 5/15/34

1,135

530

Lower

Colorado

River

Authority

Revenue

(AGM)

.......................

5.00 5/15/29

570

2,180

Lower

Colorado

River

Authority

Revenue

Continuously

Callable

@100

.......

5.00 5/15/32

2,371

2,410

Midland

Independent

School

District,

GO

Continuously

Callable

@100

(PSF-GTD)

5.00 2/15/37

2,692

1,545

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Continuously

Callable

@103

............................................

5.00 10/1/36

1,685

1,280

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue,

Series

A

Continuously

Callable

@100

..................................

5.00 7/1/32

1,410

2,000

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue,

Series

A

Continuously

Callable

@100

..................................

5.00(a)

7/1/53

2,197

3,500

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

IV

Revenue,

Series

B

Continuously

Callable

@100

..................................

5.50(a)

1/1/54

3,878

900

Texas

Municipal

Power

Agency

Revenue

Continuously

Callable

@100

(BAM)

...

5.00 9/1/41

976

925

Texas

Transportation

Commission,

GO

...............................

5.00 4/1/32

1,053

50,281

Vermont

—

0.23%

1,200

Vermont

Student

Assistance

Corp.

Revenue,

Series

A

.....................

5.00 6/15/33

1,274

Virginia

—

0.16%

760

Chesterfield

County

Economic

Development

Authority

Revenue

Continuously

Callable

@100

............................................

5.00 4/1/38

862

Washington

—

4.06%

790

City

of

Seattle

WA

Municipal

Light

&

Power

Revenue

....................

5.00 2/1/32

896

955

City

of

Seattle

WA,

GO

Continuously

Callable

@100

.....................

5.00 5/1/38

1,080

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2025

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

(continued)

Washington

(continued)

$

1,550

Kitsap

County

School

District

No

100-C

Bremerton,

GO,

Series

C

Continuously

Callable

@100

(SCH

BD

GTY)

................................

5.00 12/1/36

$

1,769

1,500

Port

of

Seattle

WA

Revenue

(AMT)

..................................

5.00 4/1/26

1,506

1,555

Port

of

Seattle

WA

Revenue,

Series

B

Continuously

Callable

@100

(AMT)

.....

5.00 8/1/33

1,683

3,665

Port

of

Seattle

WA

Revenue,

Series

B

Continuously

Callable

@100

...........

5.00 7/1/36

4,023

715

Snohomish

County

Public

Utility

District

No.

Electric

System

Revenue,

Series

A

5.00 12/1/35

841

1,300

State

of

Washington,

GO,

Series

C

Continuously

Callable

@100

.............

5.00 2/1/33

1,444

790

State

of

Washington,

GO,

Series

C

..................................

5.00 2/1/32

896

7,065

State

of

Washington,

GO,

Series

R-2017A

Continuously

Callable

@100

.......

5.00 8/1/32

7,151

1,000

University

of

Washington

Revenue,

Series

A

Continuously

Callable

@100

......

5.00 4/1/37

1,152

22,441

Wisconsin

—

2.43%

580

Madison

Metropolitan

School

District/WI,

GO

Continuously

Callable

@100

....

5.00 3/1/34

628

600

Public

Finance

Authority

Revenue,

Series

A

Continuously

Callable

@100

(BAM)

.

5.00 7/1/38

647

3,455

Public

Finance

Authority

Revenue,

Series

..........................

3.70(a)

10/1/46

3,415

1,000

Racine

Unified

School

District,

GO

Continuously

Callable

@100

(AGC)

.......

4.00 4/1/44

982

1,000

University

of

Wisconsin

Hospitals

&

Clinics

Revenue,

Series

B

Continuously

Callable

@102

............................................

5.00(a)

4/1/54

1,086

1,000

West

Allis

West

Milwaukee

School

District,

GO

Continuously

Callable

@100

...

3.00 4/1/38

937

1,100

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

..............

4.00 11/15/26

1,110

2,000

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue,

Series

A

Continuously

Callable

@100

..................................

5.00 8/15/40

2,179

2,460

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue,

Series

A

Continuously

Callable

@100

..................................

5.00 11/15/35

2,474

13,458

Total

Municipal

Bonds

(cost

$467,791)

..............................

472,172

Shares

Investment

Companies

—

13.26%

Domestic

Fixed

Income

—

12.27%

453,640

AllianceBernstein

National

Municipal

Income

Fund,

Inc.

..................

4,908

319,133

BlackRock

Municipal

2030

Target

Term

Trust

..........................

7,282

96,407

BlackRock

Municipal

Income

Trust

..................................

967

371,024

BlackRock

MuniHoldings

California

Quality

Fund,

Inc.

...................

3,933

371,247

BlackRock

MuniHoldings

Fund,

Inc.

.................................

4,358

56,695

BlackRock

MuniHoldings

New

York

Quality

Fund,

Inc.

...................

580

215,857

BlackRock

MuniVest

Fund,

Inc.

....................................

1,496

559,426

BlackRock

MuniYield

Fund,

Inc.

...................................

5,868

112,750

BlackRock

MuniYield

New

York

Quality

Fund,

Inc.

......................

1,117

391,043

BlackRock

MuniYield

Quality

Fund

III,

Inc.

...........................

4,251

10,000

BlackRock

MuniYield

Quality

Fund,

Inc.

..............................

53,221

BlackRock

New

York

Municipal

Income

Trust

..........................

540

270,829

BNY

Mellon

Strategic

Municipals,

Inc.

...............................

1,722

71,012

DTF

Tax-Free

Income

2028

Term

Fund,

Inc.

...........................

811

82,382

Eaton

Vance

Municipal

Bond

Fund

..................................

802

127,714

Federated

Hermes

Premier

Municipal

Income

Fund

......................

1,419

135,981

iShares

National

Muni

Bond

ETF

...................................

14,564

195,885

MFS

High

Income

Municipal

Trust

..................................

725

568,249

MFS

High

Yield

Municipal

Trust

....................................

1,995

87,267

NYLI

MacKay

DefinedTerm

Muni

Opportunities

Fund

....................

1,298

201,590

PIMCO

California

Municipal

Income

Fund

............................

1,760

461,349

PIMCO

Municipal

Income

Fund

II

..................................

3,479

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(concluded)

—

December

31,

2025

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

December

31,

2025. Shares

Security

Description

Rate

%

Maturity

Date

Value

(000) Investment

Companies

(continued)

Domestic

Fixed

Income

(continued)

376,788

Western

Asset

Managed

Municipals

Fund,

Inc.

..........................

$

3,934

67,922

Money

Market

Funds

—

0.99%

5,443,710

BlackRock

Liquidity

Funds

MuniCash

................................

2.84(c)

5,444

Total

Investment

Companies

(cost

$72,731)

...........................

73,366

Total

Investments

(cost

$540,522)

—

98.63%

.........................

545,538

Other

assets

in

excess

of

liabilities

—

1.37%

..........................

7,555

Net

Assets

—

100.00%

..........................................

$

553,093

(a) Interest

rate

is

determined

by

the

Remarketing

Agent. The

rate

disclosed

is

the

rate

in

effect

on

December

31,

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

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

.....................................................................................................

77.45 %

7.92 %

—

—

85.37 %

Investment

Companies

............................................................................................

0.04 %

—

12.27 %

0.95 %

13.26 %

Other

Assets

(Liabilities)

........................................................................................

0.92 %

0.14 %

0.31 %

—

1.37 %

Total

Net

Assets

.................................................................................................

78.41 %

8.06 %

12.58 %

0.95 %

100.00 %

HC

CAPITAL

TRUST

Statements

of

Assets

and

Liabilities

As

of

December

31,

2025

(Unaudited)

(Amounts

in

thousands,

except

per

share

amounts)

See

accompanying

notes

to

financial

statements.

The

U.S.

Equity

Portfolio

The

Institutional

U.S.

Equity

Portfolio

ASSETS:

Investments

in

securities,

at

value(a)

..............................................................................

$

1,980,568

$

2,930,548

Cash

...............................................................................................................

1,392

Receivable

for

portfolio

shares

issued

............................................................................

—

Receivable

from

investments

sold

................................................................................

11,975

Variation

margin

receivable

on

derivatives

.......................................................................

—

Cash

held

as

collateral

at

broker

for

derivatives

..................................................................

—

49,892

Dividends

and

interest

receivable

.................................................................................

1,080

2,723

Foreign

tax

reclaims

receivable

...................................................................................

Prepaid

expenses

..................................................................................................

Total

assets

.....................................................................................................

1,982,026

2,997,225

LIABILITIES:

Written

options,

at

fair

value

(Premiums

received

$—

and

$441,

respectively)

..................................

—

693

Payable

for

investments

purchased

...............................................................................

—

Payable

for

portfolio

shares

redeemed

............................................................................

1,979

13,339

Payable

for

collateral

received

on

loaned

securities

..............................................................

Variation

margin

payable

on

derivatives

..........................................................................

—

3,677

Advisory

fees

payable

.............................................................................................

Administrative

services

fees

payable

.............................................................................

Trustee

fees

payable

...............................................................................................

Professional

fees

payable

.........................................................................................

Custodian

fees

payable

............................................................................................

Other

accrued

expenses

...........................................................................................

Total

liabilities

..................................................................................................

2,767

18,600

NET

ASSETS

........................................................................................................

$

1,979,259

$

2,978,625

NET

ASSETS

CONSISTS

OF:

Shares

of

beneficial

interest,

at

par

value

.........................................................................

$

$

Additional

paid-in

capital

.........................................................................................

551,506

2,488,751

Total

distributable

earnings/(loss)

.................................................................................

1,427,708

489,683

Net

Assets

......................................................................................................

$

1,979,259

$

2,978,625

NET

ASSETS:

$

1,979,259

$

2,978,625

SHARES

OF

BENEFICIAL

INTEREST

OUTSTANDING

(Unlimited

number

of

shares

authorized;

par

value

$0.001):

.................................................

44,652

191,096

Net

Asset

Value,

offering

and

redemption

price

per

share:

(b) ..................................................

$

44.33 $

15.59 Investments

in

securities,

at

cost

..................................................................................

$

542,379

$

2,025,185

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

(a) Includes

securities

on

loan

of

$262

and

$52,

respectively.

(b) Per

share

amounts

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

HC

CAPITAL

TRUST

Statements

of

Assets

and

Liabilities

(continued)

As

of

December

31,

2025

(Unaudited)

(Amounts

in

thousands,

except

per

share

amounts)

See

accompanying

notes

to

financial

statements.

The

ESG

Growth

Portfolio

The

Catholic

SRI

Growth

Portfolio

The

International

Equity

Portfolio

The

Institutional

International

Equity

Portfolio

ASSETS:

Investments

in

securities,

at

value(a)

..............................

$

123,205

$

89,590

$

667,594

$

1,111,277

Cash

...............................................................

—

9,530

Foreign

currency,

at

value

(Cost

$37,

$68,

$945

and

$902,

respectively)

....................................................

1,250

908

Receivable

for

portfolio

shares

issued

............................

—

—

Receivable

from

investments

sold

................................

—

—

—

3,450

Variation

margin

receivable

on

derivatives

.......................

—

—

—

Cash

held

as

collateral

at

broker

for

derivatives

..................

—

13,957

Dividends

and

interest

receivable

.................................

1,558

Foreign

tax

reclaims

receivable

...................................

3,367

4,707

Receivable

from

Advisor

—

—

—

Prepaid

expenses

..................................................

Total

assets

.....................................................

123,543

89,731

673,095

1,145,808

LIABILITIES:

Payable

for

investments

purchased

...............................

—

699

Payable

for

portfolio

shares

redeemed

............................

—

—

—

4,862

Payable

for

collateral

received

on

loaned

securities

..............

—

824

Variation

margin

payable

on

derivatives

..........................

—

1,504

Advisory

fees

payable

.............................................

—

Administrative

services

fees

payable

.............................

Trustee

fees

payable

...............................................

Professional

fees

payable

.........................................

Custodian

fees

payable

............................................

Other

accrued

expenses

...........................................

Total

liabilities

..................................................

8,434

NET

ASSETS

........................................................

$

123,413

$

89,633

$

672,726

$

1,137,374

NET

ASSETS

CONSISTS

OF:

Shares

of

beneficial

interest,

at

par

value

.........................

$

$

$

$

Additional

paid-in

capital

.........................................

56,894

62,222

372,663

924,003

Total

distributable

earnings/(loss)

.................................

66,511

27,405

300,021

213,273

Net

Assets

......................................................

$

123,413

$

89,633

$

672,726

$

1,137,374

NET

ASSETS:

$

123,413

$

89,633

$

672,726

$

1,137,374

SHARES

OF

BENEFICIAL

INTEREST

OUTSTANDING

(Unlimited

number

of

shares

authorized;

par

value

$0.001):

.

7,613

5,576

42,073

97,579

Net

Asset

Value,

offering

and

redemption

price

per

share:

(b) ..

$

16.21 $

16.08 $

15.99 $

11.66 Investments

in

securities,

at

cost

..................................

$

55,529

$

60,934

$

287,907

$

869,015

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

(a) Includes

securities

on

loan

of

$13,

$16,

$0

and

$2,399,

respectively.

(b) Per

share

amounts

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

HC

CAPITAL

TRUST

Statements

of

Assets

and

Liabilities

(continued)

As

of

December

31,

2025

(Unaudited)

(Amounts

in

thousands,

except

per

share

amounts)

See

accompanying

notes

to

financial

statements.

The

Emerging

Markets

Portfolio

The

Core

Fixed

Income

Portfolio

The

Corporate

Opportunities

Portfolio

ASSETS:

Investments

in

securities,

at

value(a)

......................................................

$

831,172

$

110,733

$

206,303

Cash

.......................................................................................

1,807

Foreign

currency,

at

value

(Cost

$4,505,

$—

and

$—,

respectively)

.....................

5,016

—

—

Receivable

for

portfolio

shares

issued

....................................................

—

Receivable

from

investments

sold

........................................................

1,230

607

—

Variation

margin

receivable

on

derivatives

...............................................

—

—

Cash

held

as

collateral

at

broker

for

derivatives

..........................................

1,153

5,787

Dividends

and

interest

receivable

.........................................................

2,494

519

Foreign

tax

reclaims

receivable

...........................................................

—

—

TBA

sale

commitments

receivable

........................................................

—

—

Prepaid

expenses

..........................................................................

Total

assets

.............................................................................

843,233

112,738

212,616

LIABILITIES:

Payable

for

investments

purchased

.......................................................

644

Payable

for

portfolio

shares

redeemed

....................................................

2,519

—

Payable

for

collateral

received

on

loaned

securities

......................................

—

—

1,177

Variation

margin

payable

on

derivatives

..................................................

Accrued

foreign

capital

gains

tax

.........................................................

6,133

—

—

TBA

sale

commitments

payable

..........................................................

—

1,130

—

Advisory

fees

payable

.....................................................................

Administrative

services

fees

payable

.....................................................

Trustee

fees

payable

.......................................................................

Professional

fees

payable

.................................................................

Custodian

fees

payable

....................................................................

Other

accrued

expenses

...................................................................

Total

liabilities

..........................................................................

9,496

1,875

1,550

NET

ASSETS

................................................................................

$

833,737

$

110,863

$

211,066

NET

ASSETS

CONSISTS

OF:

Shares

of

beneficial

interest,

at

par

value

.................................................

$

$

$

Additional

paid-in

capital

.................................................................

677,638

117,151

215,880

Total

distributable

earnings/(loss)

.........................................................

156,062

(6,291)

(4,842)

Net

Assets

..............................................................................

$

833,737

$

110,863

$

211,066

NET

ASSETS:

$

833,737

$

110,863

$

211,066

SHARES

OF

BENEFICIAL

INTEREST

OUTSTANDING

(Unlimited

number

of

shares

authorized;

par

value

$0.001):

.........................

36,671

2,553(b)

28,038

Net

Asset

Value,

offering

and

redemption

price

per

share:

(c) ...........................

$

22.74 $

43.43(b)

$

7.53 Investments

in

securities,

at

cost

..........................................................

$

579,218

$

112,130

$

201,205

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

(a) Includes

securities

on

loan

of

$1,207,

$0

and

$0,

respectively.

(b) Shares

outstanding

and

net

asset

value

per

share

reflect

a

1-for-5

reverse

stock

split

effective

after

the

close

of

trading

on

October

10,

2025. (Note

8)

(c) Per

share

amounts

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

HC

CAPITAL

TRUST

Statements

of

Assets

and

Liabilities

(continued)

As

of

December

31,

2025

(Unaudited)

(Amounts

in

thousands,

except

per

share

amounts)

See

accompanying

notes

to

financial

statements.

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

ASSETS:

Investments

in

securities,

at

value

........................................................

$

1,195,024

$

312,454

$

280,947

Cash

.......................................................................................

1,611

—

—

Receivable

for

portfolio

shares

issued

....................................................

509

—

—

Receivable

from

investments

sold

........................................................

10,745

—

Cash

held

as

collateral

at

broker

for

derivatives

..........................................

6,033

—

—

Dividends

and

interest

receivable

.........................................................

5,435

3,199

TBA

sale

commitments

receivable

........................................................

—

—

Prepaid

expenses

..........................................................................

Total

assets

.............................................................................

1,219,368

315,663

281,361

LIABILITIES:

Payable

to

Custodian

......................................................................

—

1,301

—

Written

options,

at

fair

value

(Premiums

received

$588,

$—

and

$—,

respectively)

....

—

—

Payable

for

investments

purchased

.......................................................

10,933

—

—

Payable

for

portfolio

shares

redeemed

....................................................

—

—

Variation

margin

payable

on

derivatives

..................................................

—

—

TBA

sale

commitments

payable

..........................................................

—

—

22,034

Advisory

fees

payable

.....................................................................

Administrative

services

fees

payable

.....................................................

Trustee

fees

payable

.......................................................................

Professional

fees

payable

.................................................................

Custodian

fees

payable

....................................................................

Other

accrued

expenses

...................................................................

Total

liabilities

..........................................................................

11,869

1,373

22,103

NET

ASSETS

................................................................................

$

1,207,499

$

314,290

$

259,258

NET

ASSETS

CONSISTS

OF:

Shares

of

beneficial

interest,

at

par

value

.................................................

$

$

$

Additional

paid-in

capital

.................................................................

1,256,544

335,826

290,788

Total

distributable

earnings/(loss)

.........................................................

(49,185)

(21,571)

(31,560)

Net

Assets

..............................................................................

$

1,207,499

$

314,290

$

259,258

NET

ASSETS:

$

1,207,499

$

314,290

$

259,258

SHARES

OF

BENEFICIAL

INTEREST

OUTSTANDING

(Unlimited

number

of

shares

authorized;

par

value

$0.001):

.........................

139,946

34,895

30,348

Net

Asset

Value,

offering

and

redemption

price

per

share:

(a) ...........................

$

8.63 $

9.01 $

8.54 Investments

in

securities,

at

cost

..........................................................

$

1,197,069

$

313,318

$

294,696

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

(a) Per

share

amounts

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

Statements

of

Assets

and

Liabilities

(concluded)

As

of

December

31,

2025

(Unaudited)

(Amounts

in

thousands,

except

per

share

amounts)

The

Short-Term

Municipal

Bond

Portfolio

The

Intermediate

Term

Municipal

Bond

Portfolio

ASSETS:

Investments

in

securities,

at

value

................................................................................

$

69,119

$

545,538

Cash

...............................................................................................................

—

3,173

Dividends

and

interest

receivable

.................................................................................

1,063

5,895

Prepaid

expenses

..................................................................................................

Total

assets

.....................................................................................................

70,193

554,610

LIABILITIES:

Payable

for

investments

purchased

...............................................................................

1,544

1,226

Advisory

fees

payable

.............................................................................................

Administrative

services

fees

payable

.............................................................................

Trustee

fees

payable

...............................................................................................

Professional

fees

payable

.........................................................................................

Custodian

fees

payable

............................................................................................

Other

accrued

expenses

...........................................................................................

Total

liabilities

..................................................................................................

1,584

1,517

NET

ASSETS

........................................................................................................

$

68,609

$

553,093

NET

ASSETS

CONSISTS

OF:

Shares

of

beneficial

interest,

at

par

value

.........................................................................

$

$

Additional

paid-in

capital

.........................................................................................

73,001

561,701

Total

distributable

earnings/(loss)

.................................................................................

(4,399)

(8,664)

Net

Assets

......................................................................................................

$

68,609

$

553,093

NET

ASSETS:

$

68,609

$

553,093

SHARES

OF

BENEFICIAL

INTEREST

OUTSTANDING

(Unlimited

number

of

shares

authorized;

par

value

$0.001):

.................................................

7,097

55,763

Net

Asset

Value,

offering

and

redemption

price

per

share:

(a) ...................................................

$

9.67 $

9.92 Investments

in

securities,

at

cost

..................................................................................

$

68,677

$

540,522

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

(a) Per

share

amounts

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

HC

CAPITAL

TRUST

Statements

of

Operations

For

the

Six

Months

Ended

December

31,

2025

(Unaudited)

(Amounts

in

thousands)

See

accompanying

notes

to

financial

statements.

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

The

U.S.

Equity

Portfolio

The

Institutional

U.S.

Equity

Portfolio

INVESTMENT

INCOME:

Interest

..................................................................................................................

$

$

Dividends

...............................................................................................................

12,094

28,249

Income

from

securities

lending,

net

....................................................................................

Foreign

withholding

tax

................................................................................................

(7)

(144)

Total

Investment

Income

............................................................................................

12,093

28,424

EXPENSES:

Advisory

fees

...........................................................................................................

757

1,059

Administrative

services

fees

...........................................................................................

Professional

fees

.......................................................................................................

Transfer

agent

fees

.....................................................................................................

Compliance

service

fees

...............................................................................................

Custodian

fees

..........................................................................................................

Redemption

liquidity

services

fees

.....................................................................................

—

Registration

and

filing

fees

.............................................................................................

Trustee

fees

.............................................................................................................

Other

...................................................................................................................

Net

Expenses

..................................................................................................

1,676

2,216

Net

Investment

Income

.................................................................................................

10,417

26,208

NET

REALIZED/UNREALIZED

GAIN/(LOSS)

ON

INVESTMENTS:

Net

realized

gains/(losses)

from

investment

in

securities

and

foreign

currency

translations

..........................

(1,964)

93,093

Net

realized

gains/(losses)

from

redemptions

in-kind

transactions

51,899

—

Net

realized

gains/(losses)

from

futures

transactions

..................................................................

—

44,880

Net

realized

gains/(losses)

from

written

options

transactions

.........................................................

—

Net

realized

gains/(losses)

from

swap

transactions

....................................................................

—

(15,941)

Net

realized

gains/(losses)

from

investments

..........................................................................

49,935

122,313

Change

in

unrealized

appreciation/(depreciation)

on

investment

transactions

and

foreign

currency

translations

....

124,902

81,091

Change

in

unrealized

appreciation/(depreciation)

on

futures

..........................................................

—

(15,593)

Change

in

unrealized

appreciation/(depreciation)

on

written

options

.................................................

—

(496)

Change

in

unrealized

appreciation/(depreciation)

on

swaps

...........................................................

—

7,012

Change

in

unrealized

appreciation/(depreciation)

on

investments

.....................................................

124,902

72,014

Net

realized/unrealized

gains/(losses)

from

investments

..............................................................

174,837

194,327

Change

in

net

assets

resulting

from

operations

$

185,254

$

220,535

HC

CAPITAL

TRUST

Statements

of

Operations

(continued)

For

the

Six

Months

Ended

December

31,

2025

(Unaudited)

(Amounts

in

thousands)

See

accompanying

notes

to

financial

statements.

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

The

ESG

Growth

Portfolio

The

Catholic

SRI

Growth

Portfolio

The

International

Equity

Portfolio

The

Institutional

International

Equity

Portfolio

INVESTMENT

INCOME:

Interest

.......................................................................

$

—

$

—

$

—

$

Dividends

....................................................................

867

533

6,831

13,639

Income

from

securities

lending,

net

.........................................

—

—

—

Foreign

withholding

tax

.....................................................

(6)

(15)

(130)

(198)

Total

Investment

Income

.................................................

861

518

6,701

13,625

EXPENSES:

Advisory

fees

................................................................

848

Administrative

services

fees

................................................

Professional

fees

............................................................

Transfer

agent

fees

..........................................................

Compliance

service

fees

....................................................

Custodian

fees

...............................................................

Registration

and

filing

fees

..................................................

Trustee

fees

..................................................................

Other

........................................................................

Total

expenses

before

waivers

and/or

reimbursements

...............

669

1,459

Expenses

waived

and/or

reimbursed

by

Adviser

......................

—

(13)

—

—

Net

Expenses

.......................................................

669

1,459

Net

Investment

Income

......................................................

672

6,032

12,166

NET

REALIZED/UNREALIZED

GAIN/(LOSS)

ON

INVESTMENTS:

Net

realized

gains/(losses)

from

investment

in

securities

and

foreign

currency

translations

.....................................................

(422)

6,759

60,700

Net

realized

gains/(losses)

from

futures

transactions

.......................

—

13,968

Net

realized

gains/(losses)

from

swap

transactions

.........................

—

—

—

(5,314)

Net

realized

gains/(losses)

from

investments

...............................

530

(422)

7,088

69,354

Change

in

unrealized

appreciation/(depreciation)

on

investment

transactions

and

foreign

currency

translations

...........................

11,185

6,489

49,871

5,801

Change

in

unrealized

appreciation/(depreciation)

on

futures

...............

(57)

—

(29)

810

Change

in

unrealized

appreciation/(depreciation)

on

swaps

................

—

—

—

2,337

Change

in

unrealized

appreciation/(depreciation)

on

investments

..........

11,128

6,489

49,842

8,948

Net

realized/unrealized

gains/(losses)

from

investments

...................

11,658

6,067

56,930

78,302

Change

in

net

assets

resulting

from

operations

$

12,330

$

6,465

$

62,962

$

90,468

HC

CAPITAL

TRUST

Statements

of

Operations

(continued)

For

the

Six

Months

Ended

December

31,

2025

(Unaudited)

(Amounts

in

thousands)

See

accompanying

notes

to

financial

statements.

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

The

Emerging

Markets

Portfolio

The

Core

Fixed

Income

Portfolio

The

Corporate

Opportunities

Portfolio

INVESTMENT

INCOME:

Interest

.............................................................................................

$

$

995

$

Dividends

..........................................................................................

12,810

1,151

3,440

Income

from

securities

lending,

net

...............................................................

—

Foreign

withholding

tax

...........................................................................

(858)

—

—

Total

Investment

Income

.......................................................................

11,971

2,146

3,523

EXPENSES:

Advisory

fees

......................................................................................

862

Administrative

services

fees

......................................................................

Professional

fees

..................................................................................

Transfer

agent

fees

................................................................................

Compliance

service

fees

..........................................................................

Custodian

fees

.....................................................................................

Registration

and

filing

fees

........................................................................

Trustee

fees

........................................................................................

Other

..............................................................................................

Net

Expenses

.............................................................................

1,716

Net

Investment

Income

............................................................................

10,255

1,983

3,253

NET

REALIZED/UNREALIZED

GAIN/(LOSS)

ON

INVESTMENTS:

Net

realized

gains/(losses)

from

investment

in

securities

and

foreign

currency

translations

.....

22,588

(13)

826

Net

realized

gains/(losses)

from

futures

transactions

.............................................

2,796

2,422

Net

realized

gains/(losses)

from

swap

transactions

...............................................

—

—

(4,038)

Net

realized

gains/(losses)

from

investments

.....................................................

25,384

(790)

Change

in

unrealized

appreciation/(depreciation)

on

investment

transactions

and

foreign

currency

translations

...........................................................................

82,623

550

4,746

Change

in

unrealized

appreciation/(depreciation)

on

futures

.....................................

(2)

(327)

(2,029)

Change

in

unrealized

appreciation/(depreciation)

on

swaps

......................................

—

—

1,776

Change

in

unrealized

appreciation/(depreciation)

on

investments

................................

82,621

4,493

Net

realized/unrealized

gains/(losses)

from

investments

.........................................

108,005

624

3,703

Change

in

net

assets

resulting

from

operations

$

118,260

$

2,607

$

6,956

HC

CAPITAL

TRUST

Statements

of

Operations

(continued)

For

the

Six

Months

Ended

December

31,

2025

(Unaudited)

(Amounts

in

thousands)

See

accompanying

notes

to

financial

statements.

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

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

INVESTMENT

INCOME:

Interest

.............................................................................................

$

12,087

$

5,597

$

3,576

Dividends

..........................................................................................

11,650

1,941

1,218

Income

from

securities

lending,

net

...............................................................

—

—

Total

Investment

Income

.......................................................................

23,737

7,540

4,794

EXPENSES:

Advisory

fees

......................................................................................

Administrative

services

fees

......................................................................

Professional

fees

..................................................................................

Transfer

agent

fees

................................................................................

Compliance

service

fees

..........................................................................

Custodian

fees

.....................................................................................

Registration

and

filing

fees

........................................................................

Trustee

fees

........................................................................................

Other

..............................................................................................

Net

Expenses

.............................................................................

689

Net

Investment

Income

............................................................................

23,048

7,271

4,543

NET

REALIZED/UNREALIZED

GAIN/(LOSS)

ON

INVESTMENTS:

Net

realized

gains/(losses)

from

investment

in

securities

........................................

(1,413)

(890)

Net

realized

gains/(losses)

from

futures

transactions

.............................................

6,820

—

—

Net

realized

gains/(losses)

from

written

options

transactions

....................................

1,304

—

—

Net

realized

gains/(losses)

from

investments

.....................................................

6,711

(890)

Change

in

unrealized

appreciation/(depreciation)

on

investment

transactions

...................

3,678

3,569

3,858

Change

in

unrealized

appreciation/(depreciation)

on

futures

.....................................

(5,957)

—

—

Change

in

unrealized

appreciation/(depreciation)

on

written

options

............................

—

—

Change

in

unrealized

appreciation/(depreciation)

on

investments

................................

(2,169)

3,569

3,858

Net

realized/unrealized

gains/(losses)

from

investments

.........................................

4,542

2,679

4,264

Change

in

net

assets

resulting

from

operations

$

27,590

$

9,950

$

8,807

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

Statements

of

Operations

(concluded)

For

the

Six

Months

Ended

December

31,

2025

(Unaudited)

(Amounts

in

thousands)

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

The

Short-Term

Municipal

Bond

Portfolio

The

Intermediate

Term

Municipal

Bond

Portfolio

INVESTMENT

INCOME:

Interest

..................................................................................................................

$

992

$

7,843

Dividends

...............................................................................................................

1,708

Total

Investment

Income

............................................................................................

1,012

9,551

EXPENSES:

Advisory

fees

...........................................................................................................

509

Administrative

services

fees

...........................................................................................

Professional

fees

.......................................................................................................

Transfer

agent

fees

.....................................................................................................

Compliance

service

fees

...............................................................................................

Custodian

fees

..........................................................................................................

Registration

and

filing

fees

.............................................................................................

Trustee

fees

.............................................................................................................

Other

...................................................................................................................

Net

Expenses

..................................................................................................

772

Net

Investment

Income

.................................................................................................

904

8,779

NET

REALIZED/UNREALIZED

GAIN/(LOSS)

ON

INVESTMENTS:

Net

realized

gains/(losses)

from

investment

in

securities

.............................................................

(226)

(1,112)

Net

realized

gains/(losses)

from

investments

..........................................................................

(226)

(1,112)

Change

in

unrealized

appreciation/(depreciation)

on

investment

transactions

........................................

553

15,358

Change

in

unrealized

appreciation/(depreciation)

on

investments

.....................................................

553

15,358

Net

realized/unrealized

gains/(losses)

from

investments

..............................................................

14,246

Change

in

net

assets

resulting

from

operations

$

1,231

$

23,025

HC

CAPITAL

TRUST

Statements

of

Changes

in

Net

Assets

(Amounts

in

thousands)

See

accompanying

notes

to

financial

statements.

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

The

U.S.

Equity

Portfolio

The

Institutional

U.S.

Equity

Portfolio

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

Year

Ended

June

30,

2025

Operations:

Net

investment

income

.........................................................................

$

10,417

$

20,913

$

26,208

$

39,235

Net

realized

gains/(losses)

from

investments

..................................................

49,935

123,960

122,313

326,043

Change

in

unrealized

appreciation/(depreciation)

from

investments

..........................

124,902

92,673

72,014

39,232

Change

in

net

assets

resulting

from

operations

...................................................

185,254

237,546

220,535

404,510

Distributions

to

Shareholders:

From

net

investment

income

and/or

net

realized

capital

gains

........................................................................

(7,525)

(28,947)

(442,372)

(481,949)

Change

in

net

assets

resulting

from

distributions

.................................................

(7,525)

(28,947)

(442,372)

(481,949)

Capital

Transactions:

Proceeds

from

shares

issued

...................................................................

$

57,378

$

158,088

$

239,136

$

207,966

Proceeds

from

reinvestment

of

dividends

......................................................

1,357

15,621

431,358

473,750

Cost

of

shares

redeemed

.......................................................................

(119,183)

(301,883)

(202,990)

(403,727)

Change

in

net

assets

from

shares

of

beneficial

interest

........................................

$

(60,448)

$

(128,174)

$

467,504

$

277,989

Change

in

net

assets

...............................................................................

117,281

80,425

245,667

200,550

Net

Assets:

Beginning

of

period

............................................................................

1,861,978

1,781,553

2,732,958

2,532,408

End

of

period

...................................................................................

$

1,979,259

$

1,861,978

$

2,978,625

$

2,732,958

Share

Transactions:

Issued

...........................................................................................

1,338

4,171

13,632

12,621

Reinvested

......................................................................................

27,873

30,151

Redeemed

......................................................................................

(2,789)

(7,953)

(11,618)

(23,267)

Change

in

Shares

...............................................................................

(1,420)

(3,373)

29,887

19,505

HC

CAPITAL

TRUST

Statements

of

Changes

in

Net

Assets

(continued)

(Amounts

in

thousands)

See

accompanying

notes

to

financial

statements.

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

The

ESG

Growth

Portfolio

The

Catholic

SRI

Growth

Portfolio

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

Year

Ended

June

30,

2025

Operations:

Net

investment

income

.........................................................................

$

672

$

2,376

$

$

592

Net

realized

gains/(losses)

from

investments

..................................................

530

35,175

(422) 19

Change

in

unrealized

appreciation/(depreciation)

from

investments

..........................

11,128

(14,059)

6,489

7,118

Change

in

net

assets

resulting

from

operations

...................................................

12,330

23,492

6,465

7,729

Distributions

to

Shareholders:

From

net

investment

income

and/or

net

realized

capital

gains

........................................................................

(22,673)

(2,620)

(663) (606) Change

in

net

assets

resulting

from

distributions

.................................................

(22,673)

(2,620)

(663) (606) Capital

Transactions:

Proceeds

from

shares

issued

...................................................................

$

$

$

25,250

$

27,399

Proceeds

from

reinvestment

of

dividends

......................................................

21,511

644

583

Cost

of

shares

redeemed

.......................................................................

(689) (100,898)

(7,914)

(4,545)

Change

in

net

assets

from

shares

of

beneficial

interest

........................................

$

20,854

$

(100,551)

$

17,980

$

23,437

Change

in

net

assets

...............................................................................

10,511

(79,679)

23,782

30,560

Net

Assets:

Beginning

of

period

............................................................................

112,902

192,581

65,851

35,291

End

of

period

...................................................................................

$

123,413

$

112,902

$

89,633

$

65,851

Share

Transactions:

Issued

...........................................................................................

1,558

1,966

Reinvested

......................................................................................

1,341

Redeemed

......................................................................................

(37) (5,969)

(493) (327) Change

in

Shares

...............................................................................

1,306

(5,948)

1,106

1,682

HC

CAPITAL

TRUST

Statements

of

Changes

in

Net

Assets

(continued)

(Amounts

in

thousands)

See

accompanying

notes

to

financial

statements.

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

The

International

Equity

Portfolio

The

Institutional

International

Equity

Portfolio

The

Emerging

Markets

Portfolio

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

Year

Ended

June

30,

2025

Operations:

Net

investment

income

........................................

$

6,032

$

15,235

$

12,166

$

23,174

$

10,255

$

15,081

Net

realized

gains/(losses)

from

investments

.................

7,088

2,559

69,354

64,888

25,384

30,079

Change

in

unrealized

appreciation/(depreciation)

from

investments

.................................................

49,842

74,786

8,948

83,260

82,621

57,870

Change

in

net

assets

resulting

from

operations

..................

62,962

92,580

90,468

171,322

118,260

103,030

Distributions

to

Shareholders:

From

net

investment

income

and/or

net

realized

capital

gains

.......................................

(3,887)

(16,216)

(130,483)

(41,108)

(42,199)

(21,926)

Change

in

net

assets

resulting

from

distributions

................

(3,887)

(16,216)

(130,483)

(41,108)

(42,199)

(21,926)

Capital

Transactions:

Proceeds

from

shares

issued

..................................

$

855

$

8,337

$

96,811

$

104,126

$

27,713

$

38,155

Proceeds

from

reinvestment

of

dividends

.....................

925

6,764

120,658

36,499

28,615

18,208

Cost

of

shares

redeemed

......................................

(14,257)

(32,727)

(70,521)

(182,420)

(53,339)

(93,641)

Change

in

net

assets

from

shares

of

beneficial

interest

.......

$

(12,477)

$

(17,626)

$

146,948

$

(41,795)

$

2,989

$

(37,278)

Change

in

net

assets

..............................................

46,598

58,738

106,933

88,419

79,050

43,826

Net

Assets:

Beginning

of

period

...........................................

626,128

567,390

1,030,441

942,022

754,687

710,861

End

of

period

..................................................

$

672,726

$

626,128

$

1,137,374

$

1,030,441

$

833,737

$

754,687

Share

Transactions:

Issued

..........................................................

641

7,797

9,474

1,210

2,051

Reinvested

.....................................................

519

10,474

3,490

1,297

1,010

Redeemed

.....................................................

(938) (2,463)

(5,662)

(16,530)

(2,352)

(4,956)

Change

in

Shares

..............................................

(823) (1,303)

12,609

(3,566)

(1,895)

HC

CAPITAL

TRUST

Statements

of

Changes

in

Net

Assets

(continued)

(Amounts

in

thousands)

See

accompanying

notes

to

financial

statements.

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

The

Core

Fixed

Income

Portfolio

The

Corporate

Opportunities

Portfolio

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

Year

Ended

June

30,

2025

Operations:

Net

investment

income

........................................

$

1,983

$

3,304

$

3,253

$

7,586

$

23,048

$

38,028

Net

realized

gains/(losses)

from

investments

.................

(185) (790) 4,060

6,711

(4,558)

Change

in

unrealized

appreciation/(depreciation)

from

investments

.................................................

2,137

4,493

(353) (2,169)

26,193

Change

in

net

assets

resulting

from

operations

..................

2,607

5,256

6,956

11,293

27,590

59,663

Distributions

to

Shareholders:

From

net

investment

income

and/or

net

realized

capital

gains

.......................................

(1,980)

(3,319)

(5,420)

(4,477)

(23,391)

(38,032)

Tax

return

of

capital

........................................

—

—

—

(200) —

—

Change

in

net

assets

resulting

from

distributions

................

(1,980)

(3,319)

(5,420)

(4,677)

(23,391)

(38,032)

Capital

Transactions:

Proceeds

from

shares

issued

..................................

$

14,926

$

21,566

$

8,908

$

19,035

$

143,971

$

195,020

Proceeds

from

reinvestment

of

dividends

.....................

1,834

3,141

5,182

4,549

17,740

28,503

Cost

of

shares

redeemed

......................................

(5,227)

(10,376)

(6,216)

(35,736)

(34,776)

(150,952)

Change

in

net

assets

from

shares

of

beneficial

interest

.......

$

11,533

$

14,331

$

7,874

$

(12,152)

$

126,935

$

72,571

Change

in

net

assets

..............................................

12,160

16,268

9,410

(5,536)

131,134

94,202

Net

Assets:

Beginning

of

period

...........................................

98,703

82,435

201,656

207,192

1,076,365

982,163

End

of

period

..................................................

$

110,863

$

98,703

$

211,066

$

201,656

$

1,207,499

$

1,076,365

Share

Transactions:

Issued

..........................................................

342(a)

503(a)

1,175

2,587

16,679

22,996

Reinvested

.....................................................

42(a)

73(a)

689

619

2,053

3,336

Redeemed

.....................................................

(119)(a)

(243)(a)

(817) (4,884)

(4,015)

(17,680)

Change

in

Shares

..............................................

1,047

(1,678)

14,717

8,652

(a) Share

amounts

have

been

adjusted

to

reflect

a

1-for-5

re

verse

stock

split

effective

after

the

close

of

trading

on

October

10,

2025. (Note

8)

HC

CAPITAL

TRUST

Statements

of

Changes

in

Net

Assets

(continued)

(Amounts

in

thousands)

See

accompanying

notes

to

financial

statements.

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

The

Short-Term

Municipal

Bond

Portfolio

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

Year

Ended

June

30,

2025

Operations:

Net

investment

income

........................................

$

7,271

$

12,612

$

4,543

$

7,691

$

904

$

1,778

Net

realized

gains/(losses)

from

investments

.................

(890) (1,223)

(630) (226) (55) Change

in

unrealized

appreciation/(depreciation)

from

investments

.................................................

3,569

8,826

3,858

7,449

553

Change

in

net

assets

resulting

from

operations

..................

9,950

20,215

8,807

14,510

1,231

2,207

Distributions

to

Shareholders:

From

net

investment

income

and/or

net

realized

capital

gains

.......................................

(7,419)

(12,690)

(4,677)

(7,743)

(930) (1,785)

Change

in

net

assets

resulting

from

distributions

................

(7,419)

(12,690)

(4,677)

(7,743)

(930) (1,785)

Capital

Transactions:

Proceeds

from

shares

issued

..................................

$

27,243

$

38,203

$

25,749

$

33,904

$

4,352

$

11,586

Proceeds

from

reinvestment

of

dividends

.....................

5,931

9,991

3,724

6,038

734

1,542

Cost

of

shares

redeemed

......................................

(7,517)

(47,985)

(6,491)

(38,426)

(6,963)

(8,999)

Change

in

net

assets

from

shares

of

beneficial

interest

.......

$

25,657

$

$

22,982

$

1,516

$

(1,877)

$

4,129

Change

in

net

assets

..............................................

28,188

7,734

27,112

8,283

(1,576)

4,551

Net

Assets:

Beginning

of

period

...........................................

286,102

278,368

232,146

223,863

70,185

65,634

End

of

period

..................................................

$

314,290

$

286,102

$

259,258

$

232,146

$

68,609

$

70,185

Share

Transactions:

Issued

..........................................................

3,021

4,345

3,037

4,097

1,203

Reinvested

.....................................................

658

1,127

723

Redeemed

.....................................................

(832) (5,407)

(762) (4,596)

(719) (936) Change

in

Shares

..............................................

2,847

2,714

(195) 427

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

Statements

of

Changes

in

Net

Assets

(concluded)

(Amounts

in

thousands)

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

The

Intermediate

Term

Municipal

Bond

Portfolio

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

Year

Ended

June

30,

2025

Operations:

Net

investment

income

...........................................................................................................

$

8,779

$

14,659

Net

realized

gains/(losses)

from

investments

....................................................................................

(1,112)

(186) Change

in

unrealized

appreciation/(depreciation)

from

investments

............................................................

15,358

(2,535)

Change

in

net

assets

resulting

from

operations

.....................................................................................

23,025

11,938

Distributions

to

Shareholders:

From

net

investment

income

and/or

net

realized

capital

gains

..........................................................................................................

(8,866)

(14,808)

Change

in

net

assets

resulting

from

distributions

...................................................................................

(8,866)

(14,808)

Capital

Transactions:

Proceeds

from

shares

issued

.....................................................................................................

$

28,114

$

101,183

Proceeds

from

reinvestment

of

dividends

........................................................................................

6,007

12,060

Cost

of

shares

redeemed

.........................................................................................................

(45,283)

(55,277)

Change

in

net

assets

from

shares

of

beneficial

interest

..........................................................................

$

(11,162)

$

57,966

Change

in

net

assets

.................................................................................................................

2,997

55,096

Net

Assets:

Beginning

of

period

..............................................................................................................

550,096

495,000

End

of

period

.....................................................................................................................

$

553,093

$

550,096

Share

Transactions:

Issued

.............................................................................................................................

2,855

10,399

Reinvested

........................................................................................................................

611

1,238

Redeemed

........................................................................................................................

(4,627)

(5,668)

Change

in

Shares

.................................................................................................................

(1,161)

5,969

HC

CAPITAL

TRUST

Financial

Highlights

Selected

data

for

a

share

outstanding

throughout

the

periods

indicated.

See

accompanying

notes

to

financial

statements.

\*

The

expense

ratios

reflected

do

not

include

acquired

fund

fees

and

expenses

of

investment

companies,

in

which

a

portfolio

invests.

(a) Per

share

amounts

are

based

on

average

shares

outstanding.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Annualized

for

periods

less

than

one

year.

Change

in

Net

Assets

Resulting

From

Operations:

Distributions

to

Shareholders:

Ratios

to

Average

Net

Assets

Supplemental

Data

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized/

Unrealized

Gains/

(Losses)

on

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

from

Investments

Total

Distributions

to

Shareholders

Net

Asset

Value,

End

of

Period

Total

Return(b)

Gross

Expenses(c)\*

Net

Expenses(c)\*

Net

Investment

Income

(Loss)

(c) Net

Assets,

at

End

of

Period

(000's)

Portfolio

Turnover

Rate(b)

#### The

#### U.S.

#### Equity

#### Portfolio
Six

Months

Ended

December

31,

2025

(unaudited)

..........

$40.41

$0.23

$3.86

$4.09

$(0.17)

$—

$(0.17)

$44.33

10.12%

0.17%

0.17%

1.06%

$1,979,259

3%

Year

Ended

June

30,

2025

...............

36.03 0.44 4.54 4.98 (0.43)

(0.17)

(0.60)

40.41 13.95%

0.17%

0.17%

1.15%

1,861,978

5%

Year

Ended

June

30,

2024

...............

29.18 0.31 7.28 7.59 (0.31)

(0.43)

(0.74)

36.03 26.35%

0.24%

0.23%

1.54%

1,781,553

13%

Year

Ended

June

30,

2023

...............

26.04 0.30 4.82 5.12 (0.31)

(1.67)

(1.98)

29.18 21.14%

0.27%

0.27%

1.13%

806,580

11%

Year

Ended

June

30,

2022

...............

33.87 0.28 (5.17)

(4.89)

(0.28)

(2.66)

(2.94)

26.04 (16.30)%

0.27%

0.27%

0.85%

706,876

12%

Year

Ended

June

30,

2021

...............

25.84 0.25 9.63 9.88 (0.26)

(1.59)

(1.85)

33.87 39.43%

0.27%

0.27%

0.84%

933,398

15%

#### The

#### Institutional

#### U.S.

#### Equity

#### Portfolio
Six

Months

Ended

December

31,

2025

(unaudited)

..........

$16.95

$0.15

$1.18

$1.33

$(0.17)

$(2.52)

$(2.69)

$15.59

7.99%

0.15%

0.15%

1.79%

$2,978,625

22%

Year

Ended

June

30,

2025

...............

17.87 0.25 2.39 2.64 (0.18)

(3.38)

(3.56)

16.95 16.51%

0.20%

0.20%

1.50%

2,732,958

62%

Year

Ended

June

30,

2024

...............

16.46 0.25 3.17 3.42 (0.23)

(1.78)

(2.01)

17.87 22.40%

0.25%

0.23%

1.49%

2,532,408

78%

Year

Ended

June

30,

2023

...............

14.93 0.27 2.22 2.49 (0.26)

(0.70)

(0.96)

16.46 17.61%

0.28%

0.28%

1.74%

2,469,401

39%

Year

Ended

June

30,

2022

...............

22.87 0.15 (2.54)

(2.39)

(0.16)

(5.39)

(5.55)

14.93 (15.30)%

0.28%

0.28%

0.77%

2,252,240

43%

Year

Ended

June

30,

2021

...............

17.12 0.17 6.79 6.96 (0.18)

(1.03)

(1.21)

22.87 41.89%

0.28%

0.28%

0.87%

2,434,118

29%

HC

CAPITAL

TRUST

Financial

Highlights

(continued)

Selected

data

for

a

share

outstanding

throughout

the

periods

indicated.

See

accompanying

notes

to

financial

statements.

Change

in

Net

Assets

Resulting

From

Operations:

Distributions

to

Shareholders:

Ratios

to

Average

Net

Assets

Supplemental

Data

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized/

Unrealized

Gains/

(Losses)

on

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

from

Investments

Total

Distributions

to

Shareholders

Net

Asset

Value,

End

of

Period

Total

Return(b)

Gross

Expenses(c)\*

Net

Expenses(c)\*

Net

Investment

Income

(Loss)

(c) Net

Assets,

at

End

of

Period

(000's)

Portfolio

Turnover

Rate(b)

#### The

#### ESG

#### Growth

#### Portfolio
Six

Months

Ended

December

31,

2025

(unaudited)

..........

$17.90

$0.11

$1.81

$1.92

$(0.18)

$(3.43)

$(3.61)

$16.21

10.97%

0.32%

0.32%

1.12%

$123,413

2%

Year

Ended

June

30,

2025

...............

15.71 0.23 2.25 2.48 (0.29)

—(d)

(0.29)

17.90 15.95%

0.24%

0.24%

1.39%

112,902

4%

Year

Ended

June

30,

2024

...............

13.50 0.23 2.36 2.59 (0.23)

(0.15)

(0.38)

15.71 19.41%

0.28%

0.27%

1.61%

192,581

5%

Year

Ended

June

30,

2023

...............

11.83 0.20 1.67 1.87 (0.19)

(0.01)

(0.20)

13.50 15.91%

0.38%

0.38%

1.59%

164,117

12%

Year

Ended

June

30,

2022

...............

14.56 0.19 (2.23)

(2.04)

(0.21)

(0.48)

(0.69)

11.83 (14.80)%

0.39%

0.39%

1.36%

143,660

10%

Year

Ended

June

30,

2021

...............

10.72 0.16 3.98 4.14 (0.17)

(0.13)

(0.30)

14.56 39.02%

0.36%

0.36%

1.28%

170,492

8%

#### The

#### Catholic

#### SRI

#### Growth

#### Portfolio
Six

Months

Ended

December

31,

2025

(unaudited)

..........

$14.73

$0.08

$1.40

$1.48

$(0.12)

$(0.01)

$(0.13)

$16.08

10.05%

0.34%

0.31%

1.03%

$89,633

12%

Year

Ended

June

30,

2025

...............

12.66 0.19 2.06 2.25 (0.18)

—

(0.18)

14.73 17.91%

0.41%

0.31%

1.40%

65,851

17%

Year

Ended

June

30,

2024

...............

10.65 0.17 2.02 2.19 (0.18)

—

(0.18)

12.66 20.69%

0.48%

0.31%

1.53%

35,291

11%

Year

Ended

June

30,

2023

...............

9.10 0.17 1.63 1.80 (0.17)

(0.08)

(0.25)

10.65 20.07%

0.56%

0.31%

1.81%

29,056

11%

Year

Ended

June

30,

2022

...............

16.13 0.20 (1.74)

(1.54)

(0.24)

(5.25)

(5.49)

9.10 (16.17)%

0.56%

0.31%

1.56%

22,525

25%

Year

Ended

June

30,

2021

...............

11.63 0.19 4.55 4.74 (0.24)

—

(0.24)

16.13 41.00%

0.38%

0.31%

1.38%

28,912

42%

\*

The

expense

ratios

reflected

do

not

include

acquired

fund

fees

and

expenses

of

investment

companies,

in

which

a

portfolio

invests.

(a) Per

share

amounts

are

based

on

average

shares

outstanding.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Annualized

for

periods

less

than

one

year.

(d) Amount

rounds

to

less

than

$0.005

per

share.

HC

CAPITAL

TRUST

Financial

Highlights

(continued)

Selected

data

for

a

share

outstanding

throughout

the

periods

indicated.

See

accompanying

notes

to

financial

statements.

Change

in

Net

Assets

Resulting

From

Operations:

Distributions

to

Shareholders:

Ratios

to

Average

Net

Assets

Supplemental

Data

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized/

Unrealized

Gains/

(Losses)

on

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

from

Investments

Tax

Return

of

Capitals

Total

Distributions

to

Shareholders

Net

Asset

Value,

End

of

Period

Total

Return(b)

Gross

Expenses(c)\*

Net

Expenses(c)\*

Net

Investment

Income

(Loss)

(c) Net

Assets,

at

End

of

Period

(000's)

Portfolio

Turnover

Rate(b)

#### The

#### International

#### Equity

#### Portfolio
Six

Months

Ended

December

31,

2025

(unaudited)

...

$14.60

$0.14

$1.34

$1.48

$(0.09)

$—

$—

$(0.09)

$15.99

10.16%

0.21%

0.21%

1.85%

$672,726

6%

Year

Ended

June

30,

2025

........

12.84 0.35 1.79 2.14 (0.38)

—

—

(0.38)

14.60 16.88%

0.23%

0.23%

2.63%

626,128

11%

Year

Ended

June

30,

2024

........

11.84 0.34 1.03 1.37 (0.37)

—

—

(0.37)

12.84 11.69%

0.26%

0.25%

2.76%

567,390

20%

Year

Ended

June

30,

2023

........

10.19 0.29 1.65 1.94 (0.29)

—

—

(0.29)

11.84 19.01%

0.27%

0.27%

2.65%

545,157

8%

Year

Ended

June

30,

2022

........

12.60 0.39 (2.35)

(1.96)

(0.45)

—

—

(0.45)

10.19 (15.85)%

0.26%

0.26%

3.20%

536,208

19%

Year

Ended

June

30,

2021

........

9.75 0.29 2.85 3.14 (0.29)

—

—

(0.29)

12.60 32.16%

0.25%

0.25%

2.51%

719,981

23%

#### The

#### Institutional

#### International

#### Equity

#### Portfolio
Six

Months

Ended

December

31,

2025

(unaudited)

...

$12.13

$0.14

$0.88

$1.02

$(0.74)

$(0.75)

$—

$(1.49)

$11.66

8.55%

0.26%

0.26%

2.20%

$1,137,374

28%

Year

Ended

June

30,

2025

........

10.64 0.27 1.71 1.98 (0.46)

(0.03)

—

(0.49)

12.13 19.40%

0.31%

0.31%

2.45%

1,030,441

45%

Year

Ended

June

30,

2024

........

9.82 0.30 0.78 1.08 (0.26)

—

—

(0.26)

10.64 11.02%

0.33%

0.32%

2.93%

942,022

21%

Year

Ended

June

30,

2023

........

8.52 0.23 1.28 1.51 (0.13)

—(d)

(0.08)

(0.21)

9.82 17.76%

0.35%

0.35%

2.50%

779,378

26%

Year

Ended

June

30,

2022

........

11.61 0.27 (2.20)

(1.93)

(0.67)

(0.49)

—

(1.16)

8.52 (18.16)%

0.27%

0.27%

2.55%

796,399

23%

Year

Ended

June

30,

2021

........

8.85 0.18 2.78 2.96 (0.20)

—

—

(0.20)

11.61 33.57%

0.25%

0.25%

1.73%

1,228,416

7%

#### The

#### Emerging

#### Markets

#### Portfolio
Six

Months

Ended

December

31,

2025

(unaudited)

...

$20.67

$0.29

$2.97

$3.26

$(1.19)

$—

$—

$(1.19)

$22.74

15.94%

0.42%

0.42%

2.51%

$833,737

7%

Year

Ended

June

30,

2025

........

18.51 0.41 2.36 2.77 (0.61)

—

—

(0.61)

20.67 15.45%

0.45%

0.45%

2.16%

754,687

49%

Year

Ended

June

30,

2024

........

17.18 0.48 1.55 2.03 (0.70)

—

—

(0.70)

18.51 12.19%

0.43%

0.41%

2.77%

710,861

25%

Year

Ended

June

30,

2023

........

17.22(e)

0.47 (0.20)

0.27 (0.31)

—(d)

—

(0.31)

17.18 1.63%

0.46%

0.46%

2.82%

702,868

6%

Year

Ended

June

30,

2022

........

23.10 0.40 (5.85)

(5.45)

(0.43)

—

—

(0.43)

17.22(e)

(23.87)%

0.52%

0.46%

1.96%

716,399

20%

Year

Ended

June

30,

2021

........

16.96 0.25 6.11 6.36 (0.22)

—

—

(0.22)

23.10 37.62%

0.51%

0.51%

1.20%

963,673

8%

\*

The

expense

ratios

reflected

do

not

include

acquired

fund

fees

and

expenses

of

investment

companies,

in

which

a

portfolio

invests.

(a) Per

share

amounts

are

based

on

average

shares

outstanding.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Annualized

for

periods

less

than

one

year.

(d) Amount

rounds

to

less

than

$0.005

per

share.

(e) The

net

asset

value

per

share

("NAV")

for

financial

reporting

purposes

differs

from

the

NAV

reported

due

to

adjustments

made

in

accordance

with

accounting

principles

generally

accepted

in

United

States

of

America.

HC

CAPITAL

TRUST

Financial

Highlights

(continued)

Selected

data

for

a

share

outstanding

throughout

the

periods

indicated.

See

accompanying

notes

to

financial

statements.

Change

in

Net

Assets

Resulting

From

Operations:

Distributions

to

Shareholders:

Ratios

to

Average

Net

Assets

Supplemental

Data

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized/

Unrealized

Gains/

(Losses)

on

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

from

Investments

Tax

Return

of

Capitals

Total

Distributions

to

Shareholders

Net

Asset

Value,

End

of

Period

Total

Return(b)

Gross

Expenses(c)\*

Net

Expenses(c)\*

Net

Investment

Income

(Loss)

(c) Net

Assets,

at

End

of

Period

(000's)

Portfolio

Turnover

Rate(b)

#### The

#### Core

#### Fixed

#### Income

#### Portfolio
Six

Months

Ended

December

31,

2025

(unaudited)

(d) ..

$43.14

$0.84

$0.28

$1.12

$(0.83)

$—

$—

$(0.83)

$43.43

2.58%

0.31%

0.31%

3.84%

$110,863

13%(e)

Year

Ended

June

30,

2025(d)

......

42.17 1.55 0.97 2.52 (1.55)

—

—

(1.55)

43.14 6.17%

0.30%

0.30%

3.65%

98,703

44%(e)

Year

Ended

June

30,

2024(d)

......

42.46 1.40 (0.29)

1.11 (1.40)

—

—

(1.40)

42.17 2.68%

0.34%

0.32%

3.41%

82,435

45%(e)

Year

Ended

June

30,

2023(d)

......

44.10 1.40 (1.64)

(0.24)

(1.40)

—

—

(1.40)

42.46 (0.51)%

0.40%

0.40%

3.27%

71,519

45%(e)

Year

Ended

June

30,

2022(d)

......

51.33 0.90 (6.73)

(5.83)

(0.95)

(0.45)

—

(1.40)

44.10 (11.58)%

0.36%

0.36%

1.87%

57,494

33%(e)

Year

Ended

June

30,

2021(d)

......

52.95 0.90 (0.87)

0.03 (1.05)

(0.60)

—

(1.65)

51.33 0.09%

0.33%

0.33%

1.71%

66,230

38%(e)

#### The

#### Corporate

#### Opportunities

#### Portfolio
Six

Months

Ended

December

31,

2025

(unaudited)

...

$7.47

$0.12

$0.14

$0.26

$(0.20)

$—

$—

$(0.20)

$7.53

3.46%

0.26%

0.26%

3.11%

$211,066

8%

Year

Ended

June

30,

2025

........

7.23 0.27 0.14 0.41 (0.16)

—

(0.01)

(0.17)

7.47 5.67%

0.26%

0.26%

3.67%

201,656

145%

Year

Ended

June

30,

2024

........

6.84 0.41 0.43 0.84 (0.45)

—

—

(0.45)

7.23 12.56%

0.29%

0.28%

5.92%

207,192

48%

Year

Ended

June

30,

2023

........

6.67 0.30 0.16 0.46 (0.29)

—

—

(0.29)

6.84 7.16%

0.30%

0.30%

4.50%

222,222

93%

Year

Ended

June

30,

2022

........

8.07 0.02 (0.58)

(0.56)

(0.02)

(0.82)

—

(0.84)

6.67 (8.03)%

0.21%

0.21%

0.27%

259,087

44%

Year

Ended

June

30,

2021

........

7.14 0.01 0.93 0.94 (0.01)

—

—

(0.01)

8.07 13.17%

0.21%

0.21%

0.12%

307,343

123%

#### The

#### U.S.

#### Government

#### Fixed

#### Income

#### Securities

#### Portfolio
Six

Months

Ended

December

31,

2025

(unaudited)

...

$8.60

$0.17

$0.03

$0.20

$(0.17)

$—

$—

$(0.17)

$8.63

2.37%

0.12%

0.12%

3.93%

$1,207,499

9%

Year

Ended

June

30,

2025

........

8.42 0.32 0.18 0.50 (0.32)

—

—

(0.32)

8.60 6.04%

0.12%

0.12%

3.76%

1,076,365

63%

Year

Ended

June

30,

2024

........

8.49 0.30 (0.08)

0.22 (0.29)

—

—

(0.29)

8.42 2.69%

0.13%

0.12%

3.52%

982,163

74%

Year

Ended

June

30,

2023

........

8.86 0.30 (0.37)

(0.07)

(0.30)

—(f)

—

(0.30)

8.49 (0.76)%

0.17%

0.17%

3.53%

919,872

45%

Year

Ended

June

30,

2022

........

9.99 0.18 (1.10)

(0.92)

(0.15)

(0.06)

—

(0.21)

8.86 (9.40)%

0.22%

0.22%

1.93%

628,468

41%

Year

Ended

June

30,

2021

........

10.83 0.15 (0.50)

(0.35)

(0.15)

(0.34)

—

(0.49)

9.99 (3.30)%

0.20%

0.20%

1.47%

256,466

67%

\*

The

expense

ratios

reflected

do

not

include

acquired

fund

fees

and

expenses

of

investment

companies,

in

which

a

portfolio

invests.

(a) Per

share

amounts

are

based

on

average

shares

outstanding.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Annualized

for

periods

less

than

one

year.

(d) Per

share

amounts

reflect

a

1-for-5

reverse

stock

split

effective

after

the

close

of

trading

on

October

10,

2025. (Note

8)

(e) Portfolio

turnover

does

not

include

TBA

security

transactions.

(f) Amount

rounds

to

less

than

$0.005

per

share.

HC

CAPITAL

TRUST

Financial

Highlights

(continued)

Selected

data

for

a

share

outstanding

throughout

the

periods

indicated.

See

accompanying

notes

to

financial

statements.

Change

in

Net

Assets

Resulting

From

Operations:

Distributions

to

Shareholders:

Ratios

to

Average

Net

Assets

Supplemental

Data

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized/

Unrealized

Gains/

(Losses)

on

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

from

Investments

Total

Distributions

to

Shareholders

Net

Asset

Value,

End

of

Period

Total

Return(b)

Gross

Expenses(c)\*

Net

Expenses(c)\*

Net

Investment

Income

(Loss)

(c) Net

Assets,

at

End

of

Period

(000's)

Portfolio

Turnover

Rate(b)

#### The

#### U.S.

#### Corporate

#### Fixed

#### Income

#### Securities

#### Portfolio
Six

Months

Ended

December

31,

2025

(unaudited)

..........

$8.93

$0.22

$0.08

$0.30

$(0.22)

$—

$(0.22)

$9.01

3.36%

0.18%

0.18%

4.73%

$314,290

19%

Year

Ended

June

30,

2025

...............

8.70 0.41 0.23 0.64 (0.41)

—

(0.41)

8.93 7.48%

0.18%

0.18%

4.57%

286,102

70%

Year

Ended

June

30,

2024

...............

8.67 0.37 0.03 0.40 (0.37)

—

(0.37)

8.70 4.70%

0.21%

0.19%

4.32%

278,368

37%

Year

Ended

June

30,

2023

...............

8.79 0.31 (0.12)

0.19 (0.31)

—

(0.31)

8.67 2.19%

0.24%

0.24%

3.53%

266,063

37%

Year

Ended

June

30,

2022

...............

10.66 0.26 (1.48)

(1.22)

(0.26)

(0.39)

(0.65)

8.79 (12.12)%

0.21%

0.21%

2.63%

257,699

31%

Year

Ended

June

30,

2021

...............

10.92 0.30 0.05 0.35 (0.31)

(0.30)

(0.61)

10.66 3.21%

0.23%

0.23%

2.77%

270,435

46%

#### The

#### U.S.

#### Mortgage/Asset

#### Backed

#### Fixed

#### Income

#### Securities

#### Portfolio
Six

Months

Ended

December

31,

2025

(unaudited)

..........

$8.40

$0.15

$0.15

$0.30

$(0.16)

$—

$(0.16)

$8.54

3.58%

0.20%

0.20%

3.61%

$259,258

6%(d)

Year

Ended

June

30,

2025

...............

8.17 0.29 0.23 0.52 (0.29)

—

(0.29)

8.40 6.44%

0.22%

0.22%

3.44%

232,146

16%(d)

Year

Ended

June

30,

2024

...............

8.24 0.27 (0.07)

0.20 (0.27)

—

(0.27)

8.17 2.51%

0.22%

0.20%

3.38%

223,863

11%(d)

Year

Ended

June

30,

2023

...............

8.58 0.23 (0.33)

(0.10)

(0.24)

—

(0.24)

8.24 (1.18)%

0.24%

0.24%

2.80%

217,694

12%(d)

Year

Ended

June

30,

2022

...............

9.55 0.12 (0.92)

(0.80)

(0.17)

—

(0.17)

8.58 (8.51)%

0.23%

0.23%

1.25%

213,253

27%(d)

Year

Ended

June

30,

2021

...............

9.80 0.09 (0.14)

(0.05)

(0.20)

—

(0.20)

9.55 (0.51)%

0.23%

0.23%

0.96%

215,034

46%(d)

#### The

#### Short-Term

#### Municipal

#### Bond

#### Portfolio
Six

Months

Ended

December

31,

2025

(unaudited)

..........

$9.62

$0.13

$0.05

$0.18

$(0.13)

$—

$(0.13)

$9.67

1.89%

0.31%

0.31%

2.61%

$68,609

10%

Year

Ended

June

30,

2025

...............

9.56 0.25 0.06 0.31 (0.25)

—

(0.25)

9.62 3.27%

0.27%

0.27%

2.59%

70,185

19%

Year

Ended

June

30,

2024

...............

9.55 0.20 0.01 0.21 (0.20)

—

(0.20)

9.56 2.24%

0.32%

0.30%

2.13%

65,634

34%

Year

Ended

June

30,

2023

...............

9.60 0.15 (0.04)

0.11 (0.16)

—

(0.16)

9.55 1.19%

0.29%

0.29%

1.54%

69,408

30%

Year

Ended

June

30,

2022

...............

10.01 0.08 (0.41)

(0.33)

(0.08)

—

(0.08)

9.60 (3.27)%

0.28%

0.28%

0.82%

140,020

32%

Year

Ended

June

30,

2021

...............

10.05 0.09 (0.04)

0.05 (0.09)

—(e)

(0.09)

10.01 0.51%

0.28%

0.28%

0.91%

150,484

18%

\*

The

expense

ratios

reflected

do

not

include

acquired

fund

fees

and

expenses

of

investment

companies,

in

which

a

portfolio

invests.

(a) Per

share

amounts

are

based

on

average

shares

outstanding.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Annualized

for

periods

less

than

one

year.

(d) Portfolio

turnover

does

not

include

TBA

security

transactions.

(e) Amount

rounds

to

less

than

$0.005

per

share.

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

Financial

Highlights

(concluded)

Selected

data

for

a

share

outstanding

throughout

the

periods

indicated.

Change

in

Net

Assets

Resulting

From

Operations:

Distributions

to

Shareholders:

Ratios

to

Average

Net

Assets

Supplemental

Data

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized/

Unrealized

Gains/

(Losses)

on

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

from

Investments

Total

Distributions

to

Shareholders

Net

Asset

Value,

End

of

Period

Total

Return(b)

Gross

Expenses(c)\*

Net

Expenses(c)\*

Net

Investment

Income

(Loss)

(c) Net

Assets,

at

End

of

Period

(000's)

Portfolio

Turnover

Rate(b)

#### The

#### Intermediate

#### Term

#### Municipal

#### Bond

#### Portfolio
Six

Months

Ended

December

31,

2025

(unaudited)

..........

$9.66

$0.16

$0.26

$0.42

$(0.16)

$—

$(0.16)

$9.92

4.36%

0.28%

0.28%

3.17%

$553,093

12%

Year

Ended

June

30,

2025

...............

9.71 0.28 (0.05)

0.23 (0.28)

—

(0.28)

9.66 2.39%

0.27%

0.27%

2.86%

550,096

29%

Year

Ended

June

30,

2024

...............

9.66 0.24 0.05 0.29 (0.24)

—

(0.24)

9.71 3.01%

0.30%

0.29%

2.49%

495,000

33%

Year

Ended

June

30,

2023

...............

9.63 0.19 0.02 0.21 (0.18)

—

(0.18)

9.66 2.20%

0.33%

0.33%

1.92%

477,382

25%

Year

Ended

June

30,

2022

...............

10.42 0.16 (0.77)

(0.61)

(0.16)

(0.02)

(0.18)

9.63 (5.98)%

0.31%

0.31%

1.56%

371,098

7%

Year

Ended

June

30,

2021

...............

10.32 0.17 0.11 0.28 (0.18)

—

(0.18)

10.42 2.70%

0.30%

0.30%

1.61%

388,073

17%

\*

The

expense

ratios

reflected

do

not

include

acquired

fund

fees

and

expenses

of

investment

companies,

in

which

a

portfolio

invests.

(a) Per

share

amounts

are

based

on

average

shares

outstanding.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Annualized

for

periods

less

than

one

year.

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

—

December

31,

2025

(Unaudited)

1. DESCRIPTION.

HC

Capital

Trust

(the

"Trust")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

series

investment

company.

The

Trust

is

a

Delaware

statutory

trust

which

was

organized

on

December

15,

1994. As

of

December

31,

2025,

the

Trust

offered

fourteen

separate

investment

portfolios:

The

U.S.

Equity

Portfolio

("U.S.

Equity

Portfolio"),

The

Institutional

U.S.

Equity

Portfolio

("Institutional

U.S.

Portfolio"),

The

ESG

Growth

Portfolio

("ESG

Growth

Portfolio"),

The

Catholic

SRI

Growth

Portfolio

("Catholic

SRI

Growth

Portfolio"),

The

International

Equity

Portfolio

("International

Portfolio"),

The

Institutional

International

Equity

Portfolio

("Institutional

International

Portfolio"),

The

Emerging

Markets

Portfolio

("Emerging

Markets

Portfolio"),

The

Core

Fixed

Income

Portfolio

("Core

Fixed

Income

Portfolio"),

The

Corporate

Opportunities

Portfolio

("Corporate

Opportunities

Portfolio"),

The

U.S.

Government

Fixed

Income

Securities

Portfolio

("U.S.

Government

Fixed

Income

Portfolio"),

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

("U.S.

Corporate

Fixed

Income

Portfolio"),

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

("U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio"),

The

Short-Term

Municipal

Bond

Portfolio

("Short-Term

Municipal

Portfolio"),

and

The

Intermediate

Term

Municipal

Bond

Portfolio

("Intermediate

Municipal

Portfolio")

(each

a

"Portfolio"

and

collectively

the

"Portfolios").

Each

Portfolio

is

authorized

to

issue

an

unlimited

number

of

shares

of

beneficial

interest

with

a

par

value

of

$0.001

each

in

one

class

of

shares.

The

Trust's

investment

adviser

is

HC

Capital

Solutions

(the

"Adviser"),

an

operating

division

of

Hirtle

Callaghan

&

Co.,

LLC. As

of

December

31,

2025

,

all

Portfolios

in

the

Trust

are

diversified

Portfolios

under

the

1940

Act.

As

is

customary,

the

Trust's

organizational

documents

permit

the

Trust

to

indemnify

its

officers

and

trustees

against

certain

liabilities

under

certain

circumstances.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

with

its

vendors

and

others

that

also

permit

the

indemnification

of

parties

to

the

contract

under

certain

circumstances.

The

Trust's

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust.

2. SIGNIFICANT

ACCOUNTING

POLICIES.

The

following

is

a

summary

of

the

significant

accounting

policies

followed

by

the

Portfolios

in

the

preparation

of

their

financial

statements.

The

Portfolios

are

investment

companies

and

follow

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

("ASC")

Topic

946,

"Financial

Services

—

Investment

Companies."

The

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

("GAAP").

The

presentation

of

the

Portfolios'

financial

statements

in

conformity

with

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

A. Portfolio

Valuation.

The

net

asset

value

("NAV")

per

share

of

each

Portfolio

is

determined

at

the

close

of

regular

trading

on

the

New

York

Stock

Exchange

("NYSE"),

normally

at

4:00

p.m.

Eastern

time,

on

days

the

NYSE

is

open.

Each

class's

NAV

per

share

is

calculated

by

adding

the

market

value

or

fair

value,

as

applicable,

of

all

securities

and

other

assets

of

the

Portfolio,

subtracting

its

liabilities

and

dividing

the

result

by

the

number

of

its

outstanding

shares.

B. Securities

Valuation.

Security

values

are

ordinarily

obtained

through

the

use

of

independent

pricing

services

in

accordance

with

procedures

adopted

by

the

Trust's

Board

of

Trustees

(the

"Board").

Pursuant

to

such

procedures,

the

Portfolios

may

use

a

pricing

service,

bank,

or

broker-dealer

experienced

in

such

matters

to

value

the

Portfolio's

securities.

When

reliable

market

quotations

are

not

readily

available

for

any

security,

the

Board

has

designated

the

Adviser

as

its

fair

valuation

designee

to

perform

fair

value

determinations.

The

fair

valuation

process

is

designed

to

value

the

security

at

the

price

the

Portfolio

would

reasonably

expect

to

receive

upon

its

current

sale.

Additional

consideration

is

given

to

securities

that

have

experienced

a

decrease

in

the

volume

or

level

of

activity

or

to

circumstances

that

indicate

that

a

transaction

is

not

orderly.

For

disclosure

purposes,

the

Trust

has

a

three-tier

fair

value

hierarchy

that

is

dependent

upon

the

observability

of

various

"inputs"

used

to

determine

the

value

of

the

Portfolios'

investments.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

—

quoted

prices

in

active

markets

for

identical

assets

that

each

Portfolio

has

the

ability

to

access

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2025

(Unaudited)

Level

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

—

significant

unobservable

inputs

(including

a

Portfolio's

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfer

in

and

out

of

an

assigned

level

within

the

fair

value

hierarchy.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

Equity

Securities

(Common

and

Preferred

Stock,

Exchange-Traded

Funds

and

Closed-End

Funds):

Readily

marketable

portfolio

securities

listed

on

a

securities

exchange,

including

Nasdaq,

are

valued

at

the

closing

price

on

the

exchange

or

at

the

Nasdaq

Official

Closing

Price.

If

there

have

been

no

sales

on

such

exchange,

the

securities

are

valued

at

the

closing

bid

price.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Readily

marketable

securities

traded

only

in

the

over-the-counter

market

are

valued

at

the

closing

price

and

are

typically

categorized

as

Level

in

the

fair

value

hierarchy,

or,

if

there

have

been

no

sales,

are

valued

at

the

mean

of

the

last

reported

bid

and

asked

prices

and

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Securities

for

which

market

quotations

are

not

readily

available

shall

be

valued

in

accordance

with

procedures

adopted

by

the

Board,

utilizing

unobservable

inputs

which

may

include

applying

a

discount

to

a

range

of

limited

transaction

data

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Securities

listed

on

a

foreign

exchange

are

valued

at

the

closing

price

on

that

exchange,

provided

that

where

the

prices

of

such

securities

are

denominated

in

foreign

currencies,

such

prices

are

converted

into

U.S.

dollars

at

the

bid

price

of

such

currencies

against

U.S.

dollars

at

the

time

of

the

NAV

calculation.

If

there

have

been

no

sales

on

such

exchange,

the

security

is

valued

at

the

closing

bid

price.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Fair

value

pricing

may

be

used

if

events

materially

affecting

the

value

of

foreign

securities

occur

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

NAV

is

calculated.

Such

securities

may

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Board.

Management

identifies

possible

fluctuations

in

international

securities

by

monitoring

the

increase

or

decrease

in

the

value

of

a

designated

benchmark

index.

In

the

event

of

an

increase

or

decrease

greater

than

predetermined

levels,

a

Portfolio

may

use

a

systematic

valuation

model

provided

by

an

independent

third

party

to

fair

value

its

international

securities.

Such

systematic

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Mutual

Funds:

Mutual

funds

are

valued

at

their

respective

daily

net

asset

value

and

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Fixed

Income

Securities

(Corporate,

Municipal

and

Foreign

Bonds,

U.S.

Government

and

Agency

Securities):

Fixed

income

securities

are

valued

using

various

inputs

including

benchmark

yields,

reported

trades,

broker/

dealer

quotes,

issuer

spreads,

two-sided

markets,

benchmark

securities,

bids,

offers,

reference

data,

and

industry

and

market

events,

and

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Asset-Backed

and

Mortgage-Backed

Securities:

In

addition

to

the

inputs

discussed

above

for

fixed-income

securities,

asset-backed

and

mortgage-backed

securities

are

valued

using

new

issue

data,

monthly

payment

information

and

collateral

performance,

and

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Short-Term

Obligations:

Short-term

obligations

with

maturities

of

days

or

less

may

also

be

valued

at

amortized

cost,

which

constitutes

fair

value

as

determined

by

the

Board.

Such

securities

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Loan

Participations

and

Assignments:

Loan

participations

and

assignments

for

which

a

secondary

trading

market

exists

are

valued

using

prices

or

quotations

provided

by

banks,

dealers,

or

pricing

services

and

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

To

the

extent

a

secondary

trading

market

does

not

exist,

loan

participations

and

assignments

are

valued

in

accordance

with

procedures

adopted

by

the

Board,

utilizing

unobservable

input

evaluations

from

the

investment

manager

of

the

lender

and

taking

into

consideration,

among

other

factors:

(i) the

creditworthiness

of

the

borrower

and

the

lender;

(ii) the

current

interest

rate;

period

until

next

rate

reset

and

maturity

of

the

loan;

(iii) currently

available

process

in

the

market

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2025

(Unaudited)

for

instruments

of

similar

quality,

rate,

period

until

next

interest

rate,

period

until

next

interest

rate

reset

and

maturity

and

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Derivative

Instruments

(Futures,

Options,

Swaps

and

Forward

Currency

Contracts):

Swaps

are

valued

using

interdealer

broker

rates,

benchmark

yields,

and

swap

details

and

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Exchange

traded

futures,

swaps

and

options

are

valued

using

quoted

prices

from

the

exchange

and

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Forward

currency

contracts

are

valued

using

market

quotes

posted

by

major

currency

dealers

and

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Rights

Securities:

Rights

securities

are

valued

at

the

closing

price

on

the

exchange

and

classified

as

Level

or

intrinsically

fair

valued

if

there

is

not

an

exchange

price

available

and

classified

as

Level

or

Level

3. The

following

is

a

summary

of

the

inputs

used

to

value

the

following

Portfolios'

securities

as

of

December

31,

2025

(amounts

in

thousands).

The

breakdown

of

investment

categorization

is

disclosed

in

the

Portfolio

of

Investments

for

each

Portfolio.

Portfolio

LEVEL

-

Quoted

Prices

LEVEL

-

Other

Significant

Observable

Inputs

LEVEL

-

Significant

Unobservable

Inputs

Total

U.S.

Equity

Portfolio

Common

Stocks

.............

$

1,977,581

$

$

—

$

1,977,584

Contingent

Rights

............

—

Investment

Companies

........

2,929

—

—

2,929

Total

Investment

Securities

...

$

1,980,564

$

$

—

$

1,980,568

a

–

a

–

a

–

a

–

a

–

a

–

a

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

Institutional

U.S.

Portfolio

Common

Stocks

.............

$

1,934,492

$

—

$

—

$

1,934,492

Contingent

Rights

............

—

—

—

—

Investment

Companies

........

995,961

—

—

995,961

Purchased

Options

...........

—

—

Total

Investment

Securities

...

$

2,930,548

$

—

$

—

$

2,930,548

a

–

–

a

–

–

a

–

–

a

–

Other

Financial

Instruments

Futures

...................

$

(5,35

7)

$

—

$

—

$

(5,35

7)

Credit

Default

Swap

........

—

(22,861)

—

(22,861)

Written

Options

............

(693) —

—

(693) Total

Investments

..........

$

2,924,49

$

(22,861)

$

—

$

2,901,63

a

–

–

a

–

–

a

–

–

a

–

–

–

–

–

–

–

–

ESG

Growth

Portfolio

Common

Stocks

.............

$

92,253

$

29,911

$

—

$

122,164

Warrant

....................

—

—

—

—

Investment

Companies

........

1,041

—

—

1,041

Total

Investment

Securities

...

$

93,294

$

29,911

$

—

$

123,205

a

–

–

a

–

–

a

–

–

a

–

Other

Financial

Instruments

Futures

...................

$

(7) $

—

$

—

$

(7) Total

Investments

..........

$

93,287

$

29,911

$

—

$

123,198

a

–

–

a

–

–

a

–

–

a

–

–

–

–

–

–

–

–

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2025

(Unaudited)

Portfolio

LEVEL

-

Quoted

Prices

LEVEL

-

Other

Significant

Observable

Inputs

LEVEL

-

Significant

Unobservable

Inputs

Total

Catholic

SRI

Growth

Portfolio

Common

Stocks

.............

$

69,399

$

20,076

$

—

$

89,475

Warrant

....................

—

—

—

—

Investment

Companies

........

—

—

Total

Investment

Securities

...

$

69,514

$

20,076

$

—

$

89,590

a

–

a

–

a

–

a

–

a

–

a

–

a

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

International

Portfolio

Common

Stocks

.............

$

85,780

$

534,470

$

—

$

620,250

Warrant

....................

—

—

—

—

Investment

Companies

........

47,344

—

—

47,344

Total

Investment

Securities

...

$

133,124

$

534,470

$

—

$

667,594

a

–

–

a

–

–

a

–

–

a

–

Other

Financial

Instruments

Future

....................

$

$

—

$

—

$

Total

Investments

..........

$

133,159

$

534,470

$

—

$

667,629

a

–

–

a

–

–

a

–

–

a

–

–

–

–

–

–

–

–

Institutional

International

Portfolio

Common

Stocks

.............

$

69,171

$

444,751

$

—

$

513,922

Investment

Companies

........

444,795

152,560

—

597,355

Total

Investment

Securities

...

$

513,966

$

597,311

$

—

$

1,111,277

a

–

–

a

–

–

a

–

–

a

–

Other

Financial

Instruments

Future

....................

$

1,968

$

—

$

—

$

1,968

Credit

Default

Swap

........

—

(7,620)

—

(7,620)

Total

Investments

..........

$

515,934

$

589,691

$

—

$

1,105,625

a

–

–

a

–

–

a

–

–

a

–

–

–

–

–

–

–

–

Emerging

Markets

Portfolio

Common

Stocks

.............

$

71,775

$

454,391

$

10,676

$

536,842

Preferred

Stock

..............

—

—

Contingent

Right

.............

—

—

Investment

Companies

........

234,045

60,277

—

294,322

Total

Investment

Securities

...

$

305,820

$

514,676

$

10,676

$

831,172

a

–

–

a

–

–

a

–

–

a

–

Other

Financial

Instruments

Future

....................

$

556

$

—

$

—

$

556

Total

Investments

..........

$

306,376

$

514,676

$

10,676

$

831,728

a

–

–

a

–

–

a

–

–

a

–

–

–

–

–

–

–

–

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2025

(Unaudited)

Portfolio

LEVEL

-

Quoted

Prices

LEVEL

-

Other

Significant

Observable

Inputs

LEVEL

-

Significant

Unobservable

Inputs

Total

Core

Fixed

Income

Portfolio

Asset

Backed

Securities

.......

$

—

$

$

—

$

Collateralized

Mortgage-Backed

Securities

.................

—

606

—

606

U.S.

Government

Agency

Mortgages

................

—

10,382

—

10,382

U.S.

Government

Agency

Securities

.................

—

—

Corporate

Bonds

.............

—

13,114

—

13,114

U.S.

Treasury

Obligations

......

—

29,546

—

29,546

Yankee

Dollars

..............

—

746

—

746

Investment

Companies

........

55,845

—

—

55,845

Total

Investment

Securities

...

$

55,845

$

54,888

$

—

$

110,733

a

–

a

–

a

–

a

–

a

–

a

–

a

–

Other

Financial

Instruments

Futures

...................

$

(26) $

—

$

—

$

(26) Total

Investments

..........

$

55,819

$

54,888

$

—

$

110,707

a

–

–

a

–

–

a

–

–

a

–

–

–

–

–

–

–

–

Corporate

Opportunities

Portfolio

Common

Stocks

.............

$

619

$

699

$

—

$

1,318

Investment

Companies

........

191,378

13,607

—

204,985

Total

Investment

Securities

...

$

191,997

$

14,306

$

—

$

206,303

a

–

–

a

–

–

a

–

–

a

–

Other

Financial

Instruments

Futures

...................

$

(112) $

—

$

—

$

(112) Credit

Default

Swap

........

—

(5,791)

—

(5,791)

Total

Investments

..........

$

191,885

$

8,515

$

—

$

200,400

a

–

–

a

–

–

a

–

–

a

–

–

–

–

–

–

–

–

U.S.

Government

Fixed

Income

Portfolio

U.S.

Government

Agency

Securities

.................

$

—

$

6,719

$

—

$

6,719

U.S.

Treasury

Obligations

......

—

631,193

—

631,193

Investment

Companies

........

557,071

—

—

557,071

Purchased

Options

...........

—

—

Total

Investment

Securities

...

$

557,112

$

637,912

$

—

$

1,195,024

a

–

–

a

–

–

a

–

–

a

–

Other

Financial

Instruments

Futures

...................

$

(524) $

—

$

—

$

(524) Written

Options

............

(328) —

—

(328) Total

Investments

..........

$

556,260

$

637,912

$

—

$

1,194,172

a

–

–

a

–

–

a

–

–

a

–

–

–

–

–

–

–

–

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2025

(Unaudited)

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

Portfolio

LEVEL

-

Quoted

Prices

LEVEL

-

Other

Significant

Observable

Inputs

LEVEL

-

Significant

Unobservable

Inputs

Total

U.S.

Corporate

Fixed

Income

Portfolio

Corporate

Bonds

.............

$

—

$

216,985

$

—

$

216,985

Yankee

Dollars

..............

—

16,109

—

16,109

Investment

Companies

........

79,360

—

—

79,360

Total

Investment

Securities

...

$

79,360

$

233,094

$

—

$

312,454

a

–

a

–

a

–

a

–

a

–

a

–

a

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio

Asset

Backed

Securities

.......

$

—

$

3,451

$

—

$

3,451

Collateralized

Mortgage-Backed

Securities

.................

—

11,884

—

11,884

U.S.

Government

Agency

Mortgages

................

—

203,860

—

203,860

Corporate

Bonds

.............

—

—

Investment

Companies

........

61,448

—

—

61,448

Total

Investment

Securities

...

$

61,448

$

219,499

$

—

$

280,947

a

–

–

a

–

–

a

–

–

a

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

Short-Term

Municipal

Portfolio

Municipal

Bonds

.............

$

—

$

68,472

$

—

$

68,472

Investment

Company

.........

647

—

—

647

Total

Investment

Securities

...

$

647

$

68,472

$

—

$

69,119

a

–

–

a

–

–

a

–

–

a

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

Intermediate

Municipal

Portfolio

Municipal

Bonds

.............

$

—

$

472,172

$

—

$

472,172

Investment

Companies

........

73,366

—

—

73,366

Total

Investment

Securities

...

$

73,366

$

472,172

$

—

$

545,538

a

–

–

a

–

–

a

–

–

a

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

A

reconciliation

of

assets

in

which

Level

inputs

are

used

in

determining

fair

value,

along

with

the

additional

quantitative

disclosures,

are

presented

when

there

are

significant

Level

investments

at

the

end

of

the

period.

As

of

December

31,

2025

Level

investments

were

0.00%

of

net

assets

and

are

not

considered

significant.

Other

Financial

Instruments

are

TBA

sale

commitments

or

derivative

instruments

not

reflected

in

the

total

investments,

such

as

futures,

which

are

valued

at

the

unrealized

appreciation/(depreciation)

on

the

instrument

and

written

options

and

swap

agreements,

which

are

valued

at

fair

value.

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2025

(Unaudited)

A

reconciliation

of

Level

financial

instruments

is

presented

when

a

Portfolio

had

a

significant

amount

of

Level

investments

at

the

beginning

and/or

end

of

the

period

in

relation

to

net

assets.

The

following

table

is

a

reconciliation

of

Level

investments

for

which

significant

unobservable

inputs

were

used

in

determining

fair

value

(amounts

in

thousands):

The

following

table

reflects

quantitative

information

as

of

December

31,

2025

,

with

respect

to

the

securities

measured

and

carried

at

fair

value

on

a

recurring

basis

with

the

use

of

significant

unobservable

inputs

(Level

3):

C. Securities

Transactions

and

Investment

Income.

For

financial

reporting

purposes,

portfolio

securities

transactions

are

reported

on

trade

date.

However,

for

daily

NAV

determination,

portfolio

securities

transactions

are

reflected

no

later

than

in

the

first

calculation

on

the

first

business

day

following

trade

date.

Dividend

income

is

recognized

on

the

ex-dividend

date

and

foreign

dividends

are

recognized

as

soon

as

reliable

information

is

available

from

the

Portfolio's

sources.

Interest

income,

including

amortization

of

premium

and

accretion

of

discount

on

investments,

is

accrued

daily.

Pay-in-kind

interest

income

and

non-cash

dividend

income

received

in

the

form

of

securities

in-lieu

of

cash,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received.

Realized

gains

and

losses

from

securities

transactions

are

determined

by

comparing

the

identified

cost

of

the

security

lot

sold

to

the

net

sales

proceeds.

Realized

gains

and

losses

from

principal

payment

transactions

on

mortgage-backed

and

asset-

backed

securities

are

classified

as

investment

income

or

loss

for

financial

reporting

purposes.

For

certain

securities,

including

real

estate

investment

trusts,

the

Portfolio

records

distributions

received

in

excess

of

income

as

a

reduction

of

the

cost

of

investments

and/or

realized

gain.

Such

amounts

are

based

on

estimates

if

actual

amounts

are

not

available.

Actual

amounts

of

income,

realized

gain

and

return

of

capital

may

differ

from

the

estimated

amounts.

The

Portfolio

records

adjustments

to

the

estimated

amounts

of

the

components

of

distributions

to

investment

income,

unrealized

appreciation/(depreciation)

and

realized

gain/(loss)

on

investments

as

necessary,

once

the

issuers

provide

information

about

the

actual

composition

of

the

distributions.

D. Restricted

Securities.

A

restricted

security

is

a

security

that

cannot

be

offered

for

public

sale

without

prior

registration

under

the

Securities

Act

of

1933

(the

"1933

Act")

(absent

an

exemption).

Whether

a

restricted

security

is

illiquid

is

determined

pursuant

to

guidelines

established

by

the

Board.

Not

all

restricted

securities

are

considered

illiquid.

The

illiquid

restricted

security

held

by

International

Portfolio

as

of

December

31,

2025

is

identified

below

(amounts

in

thousands).

(a) Acquisition

date

represents

the

initial

purchase

date

of

the

security.

E. Allocations.

Expenses

directly

attributable

to

a

Portfolio

are

charged

to

that

Portfolio.

Other

expenses

are

allocated

proportionately

among

the

Portfolios

in

relation

to

the

net

assets

of

each

Portfolio

or

by

another

appropriate

method.

Portfolio

Asset

Group

Balance

as

of

June

30,

2025

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Purchases

Sales

Proceeds

Change

in

net

assets

resulting

from

operations

Transfer

into

Level

Transfer

out

of

Level

Balance

as

of

December

31,

2025

Emerging

Markets

Portfolio

............

Common

Stock

$

11,18

$

—

$

(511) $

—

$

—

$

—

$

—

$

—

$

10,676

Portfolio

Asset

Group

Value

as

of

December

31,

2025

Valuation

Technique

Unobservable

Input

Description

Unobservable

Input

Emerging

Markets

Portfolio

...........

Common

Stock

$

,

676

Market

Approach

Illiquidity

Discount

%

In

determining

certain

of

these

inputs,

management

evaluates

a

variety

of

factors

including

economic

condition,

industry

and

market

developments,

market

valuations

of

comparable

companies

and

company

specific

developments.

Significant

increases

(decreases)

in

any

of

those

inputs

in

isolation

would

have

resulted

in

a

significantly

lower

(higher)

fair

value

measurement.

An

increase

to

the

input

used

for

the

illiquidity

discount

would

result

in

a

decrease

to

fair

value

and

a

decrease

would

have

the

opposite

effect.

Security

Acquisition

Date

(a) Acquisition

Cost

Shares

or

Principal

Amount

Value

Percentage

of

Net

Assets

Medacta

Group

SA

....................

5/26/20

$

$

1,658

0.2 %

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2025

(Unaudited)

F. Dividends

and

Capital

Gain

Distributions

to

Shareholders.

The

Core

Fixed

Income

Portfolio,

U.S.

Government

Fixed

Income

Portfolio,

U.S.

Corporate

Fixed

Income

Portfolio,

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio,

Short-Term

Municipal

Portfolio

and

Intermediate

Municipal

Portfolio

declare

and

distribute

dividends

from

net

investment

income,

if

any,

on

a

monthly

basis.

The

U.S.

Equity

Portfolio,

Institutional

U.S.

Portfolio,

ESG

Growth

Portfolio,

Catholic

SRI

Growth

Portfolio

and

Corporate

Opportunities

Portfolio

declare

and

distribute

dividends

from

net

investment

income,

if

any,

on

a

quarterly

basis.

The

International

Portfolio

and

Institutional

International

Portfolio

declare

and

distribute

dividends

from

net

investment

income,

if

any,

on

a

semiannual

basis.

The

Emerging

Markets

Portfolio

declares

and

distributes

dividends

from

net

investment

income,

if

any,

on

an

annual

basis.

Net

realized

capital

gains,

if

any,

are

declared

and

distributed

at

least

annually

by

each

Portfolio.

G. Repurchase

Agreements.

Among

the

instruments

that

each

of

the

Portfolios

may

use

for

temporary

investment

purposes

are

repurchase

agreements.

Under

the

terms

of

a

typical

repurchase

agreement,

a

Portfolio

would

acquire

an

underlying

debt

security

for

a

relatively

short

period

(usually

not

more

than

one

week),

subject

to

an

obligation

of

the

seller

to

repurchase

that

security

from

the

Portfolio

at

an

agreed-upon

price

and

date.

Repurchase

agreements

may

involve

certain

risks

in

the

event

of

default

or

insolvency

of

the

counterparty,

including

possible

delays

or

restrictions

upon

the

Portfolio's

ability

to

dispose

of

the

underlying

securities.

The

creditworthiness

of

those

banks

and

non-bank

dealers

with

which

the

Portfolios

may

enter

into

repurchase

agreements

are

monitored

in

accordance

with

guidelines

adopted

by

the

Board,

as

is

the

market

value

of

the

securities

underlying

any

repurchase

agreement

to

ensure

that

the

seller's

obligation

to

repurchase

is

collateralized

by

an

amount

at

least

equal

to

the

repurchase

price

including

accrued

interest.

All

repurchase

agreements

are

fully

collateralized

by

cash

and/or

government

securities

(as

defined

in

the

1940

Act).

If

approved

by

the

Adviser,

repurchase

agreements

may

also

be

fully

collateralized

by

other

securities

that,

at

the

time

the

repurchase

agreement

is

entered

into,

are

determined

by

the

Board,

or

its

authorized

delegate,

to

be

(i) issued

by

an

issuer

that

has

an

exceptionally

strong

capacity

to

meet

its

obligations

on

the

collateral,

and

(ii) sufficiently

liquid

that

they

can

be

sold

by

the

Portfolio

at

approximately

their

carrying

value

in

the

ordinary

course

of

business

within

seven

calendar

days.

Master

Repurchase

Agreements

("MRA")

permit

the

Portfolios,

under

certain

circumstances,

including

an

event

of

default

(such

as

bankruptcy

or

insolvency),

to

offset

receivables

under

the

MRA

with

collateral

posted

by

the

counterparty

and

create

one

net

payment

due

to

or

from

the

Portfolios.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

the

counterparty's

bankruptcy

or

insolvency.

Pursuant

to

the

terms

of

the

MRA,

the

Portfolios

receive

securities

as

collateral

with

a

market

value

in

excess

of

the

repurchase

price

to

be

received

by

the

Portfolios

upon

the

maturity

of

the

transaction.

Upon

a

bankruptcy

or

insolvency

of

the

counterparty,

the

Portfolios

would

recognize

a

liability

with

respect

to

such

excess

collateral

to

reflect

the

Portfolio's

obligation

under

bankruptcy

law

to

return

the

excess

to

the

counterparty.

H. TBA

Purchase

and

Sale

Commitments.

Certain

of

the

Portfolios

may

enter

into

"TBA"

(to

be

announced)

commitments

to

purchase

or

sell

securities

for

a

fixed

price

at

a

future

date,

typically

not

to

exceed

days.

TBA

commitments

may

be

considered

securities

in

themselves,

and

involve

a

risk

of

loss

if

the

value

of

the

security

to

be

purchased

or

sold

declines

or

increases,

respectively,

prior

to

settlement

date.

Unsettled

TBA

commitments

are

valued

at

the

current

market

value

of

the

underlying

securities,

according

to

the

procedures

described

under

"Securities

Valuation"

above.

I. Commission

Recapture.

Certain

of

the

Portfolios

participate

in

a

commission

recapture

program.

These

Portfolios

will

utilize

the

recaptured

commissions

to

pay

for,

in

whole

or

in

part,

certain

expenses

of

the

Portfolios,

excluding

investment

advisory

and

distribution

fees.

The

expenses

eligible

to

be

paid

will

include,

but

are

not

limited

to,

administrative

service

fees,

audit

fees,

custodian

fees,

legal

fees

and

printing

expenses,

as

directed

by

the

Trust.

These

amounts

are

disclosed

as

"Expenses

paid

indirectly"

on

the

Statements

of

Operations.

For

the

period

ended

December

31,

2025

,

the

commission

recapture

was

less

than

$1,000

for

The

Institutional

U.S.

Portfolio.

J. Foreign

Exchange

Transactions.

The

books

and

records

of

the

Portfolios

are

maintained

in

U.S.

dollars.

Non-U.S.

dollar

denominated

amounts

are

translated

into

U.S.

dollars

as

follows,

with

the

resultant

exchange

gains

and

losses

recorded

in

the

Statements

of

Operations:

i)

value

of

investment

securities

and

other

assets

and

liabilities

at

the

exchange

rate

on

the

valuation

date;

and

ii)

purchases

and

sales

of

investment

securities

and

income

and

expenses

at

the

exchange

rate

prevailing

on

the

respective

date

of

such

transactions.

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2025

(Unaudited)

The

Portfolios

do

not

isolate

realized

and

unrealized

gains

and

losses

attributable

to

changes

in

the

exchange

rates

from

gains

and

losses

that

arise

from

changes

in

the

value

of

investments.

Such

fluctuations

are

included

with

net

realized

and

unrealized

gain

or

loss

on

investments.

Dividends

and

interest

from

non-U.S.

sources

received

by

a

Portfolio

are

generally

subject

to

non-U.S.

withholding

taxes

at

rates

ranging

up

to

30%.

Such

withholding

taxes

may

be

reduced

or

eliminated

under

the

terms

of

applicable

U.S.

income

tax

treaties,

and

each

Portfolio

intends

to,

if

reasonable,

undertake

any

procedural

steps

required

to

claim

the

benefits

of

such

treaties.

If

the

value

of

more

than

50%

of

a

Portfolio's

total

assets

at

the

close

of

any

taxable

year

consists

of

stock

or

securities

of

non-U.S.

corporations,

the

Portfolio

may

elect

to

treat

any

non-U.S.

taxes

paid

by

it

as

paid

by

its

shareholders.

The

Portfolios

may

be

subject

to

foreign

taxes

on

gains

in

investments

or

currency

repatriation.

The

Portfolios

accrue

such

taxes,

as

applicable,

based

on

their

current

interpretation

of

tax

rules

in

the

foreign

markets

in

which

they

invest.

K. Derivative

Instruments.

Certain

of

the

Portfolios

may

invest

in

various

financial

instruments

including

positions

in

forward

currency

contracts,

financial

futures

contracts,

options

contracts

and

swap

agreements.

The

following

is

a

summary

of

the

fair

value

of

derivative

instruments

held

by

the

Portfolios

as

of

December

31,

2025

(amounts

in

thousands).

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

Assets

Portfolio

Unrealized

appreciation

on

futures

contracts\*

Investments,

at

value

for

purchased

options

Currency

Risk

Exposure:

Institutional

U.S.

Portfolio

..................................................

$

–

$

Equity

Risk

Exposure:

International

Portfolio

......................................................

–

Institutional

International

Portfolio

...........................................

1,96

–

Emerging

Markets

Portfolio

.................................................

556

–

Interest

Rate

Exposure:

U.S.

Government

Fixed

Income

Portfolio

......................................

–

Liabilities

Portfolio

Unrealized

depreciation

on

futures

contracts\*

Written

options,

at

fair

value

Swap

agreements,

at

value\*

Credit

Risk

Exposure:

Institutional

U.S.

Portfolio

....................................

$

–

$

–

$

22,861

Institutional

International

Portfolio

.............................

–

–

7,620

Corporate

Opportunities

Portfolio

..............................

–

–

5,791

Currency

Risk

Exposure:

Institutional

U.S.

Portfolio

....................................

693

–

Equity

Risk

Exposure:

Institutional

U.S.

Portfolio

....................................

5,27

–

–

ESG

Growth

Portfolio

.......................................

–

–

Interest

Rate

Exposure:

(550,000)

(328,000)

–

Core

Fixed

Income

Portfolio

..................................

–

–

Corporate

Opportunities

Portfolio

..............................

–

–

U.S.

Government

Fixed

Income

Portfolio

........................

524

–

\*

Total

fair

value

is

presented

by

Primary

Risk

Exposure.

For

futures

contracts,

the

amounts

represent

their

cumulative

appreciation/(depreciation),

which

includes

movements

of

variation

margin.

Centrally

cleared

swaps

are

reported

at

value,

which

includes

movements

of

variation

margin.

The

Statements

of

Assets

and

Liabilities

only

reflect

the

current

day

variation

margin.

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2025

(Unaudited)

The

following

is

a

summary

of

the

effect

of

derivative

instruments

on

the

Statements

of

Operations

for

the

period

ended

December

31,

2025

(amounts

in

thousands):

Net

Realized

Gains

(Losses)

on

Derivatives

Recognized

as

a

Result

from

Operations

Portfolio

Net

realized

gains/(losses)

from

futures

transactions

Net

realized

gains/(losses)

from

written

options

transactions

Net

realized

gains/(losses)

from

purchased

options\*

transactions

Net

realized

gains/(losses)

from

swap

transactions

Credit

Risk

Exposure:

Institutional

U.S.

Portfolio

.....................

$

–

$

–

$

–

$

(15,941)

Institutional

International

Portfolio

..............

–

–

–

(5,314)

Corporate

Opportunities

Portfolio

...............

–

–

–

(4,038)

Currency

Risk

Exposure

:

Institutional

U.S.

Portfolio

.....................

(1,018)

(1,044)

–

Equity

Risk

Exposure:

Institutional

U.S.

Portfolio

.....................

45,898

(39) –

ESG

Growth

Portfolio

........................

–

–

–

International

Portfolio

.........................

–

–

–

Institutional

International

Portfolio

..............

13,968

–

–

–

Emerging

Markets

Portfolio

....................

2,796

–

–

–

Interest

Rate

Risk

Exposure:

Core

Fixed

Income

Portfolio

...................

–

–

–

Corporate

Opportunities

Portfolio

...............

2,422

–

–

–

U.S.

Government

Fixed

Income

Portfolio

.........

6,820

1,304

(543) –

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Derivatives

Recognized

as

a

Result

from

Operations

Portfolio

Change

in

unrealized

appreciation/

(depreciation)

on

futures

Change

in

unrealized

appreciation/

(depreciation)

on

written

options

Change

in

unrealized

appreciation/

(depreciation)

on

purchased

options\*

Change

in

unrealized

appreciation/

(depreciation)

on

swaps

Credit

Risk

Exposure:

Institutional

U.S.

Portfolio

.....................

$

–

$

–

$

–

$

7,012

Institutional

International

Portfolio

..............

–

–

–

2,337

Corporate

Opportunities

Portfolio

...............

–

–

–

1,776

Currency

Risk

Exposure:

Institutional

U.S.

Portfolio

.....................

(84) (496) 226

–

Equity

Risk

Exposure:

Institutional

U.S.

Portfolio

.....................

(15,509)

–

–

–

ESG

Growth

Portfolio

........................

(57) –

–

–

International

Portfolio

.........................

(29) –

–

–

Institutional

International

Portfolio

..............

810

–

–

–

Emerging

Markets

Portfolio

....................

(2) –

–

–

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2025

(Unaudited)

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

The

Trust

may

be

subject

to

master

netting

agreements

("MNA")

that

allow

for

amounts

owed

between

a

Portfolio

and

the

counterparty

to

be

netted.

The

party

that

has

the

larger

payable

pays

the

excess

of

the

larger

amount

over

the

smaller

amount

to

the

counterparty.

The

MNA

do

not

apply

to

amounts

owed

to/from

different

counterparties.

The

amounts

shown

in

the

Statements

of

Assets

and

Liabilities

do

not

take

into

consideration

the

effects

of

legally

enforceable

MNA.

As

of

December

31,

2025

,

the

Portfolios

did

not

invest

in

derivatives

subject

to

a

MNA.

Forward

Currency

Contracts:

Certain

of

the

Portfolios

may

be

subject

to

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

their

investment

objectives.

A

Portfolio

enters

into

forward

currency

contracts

("forward

contracts")

for

the

purpose

of

hedging

exposure

to

changes

in

foreign

currency

exchange

rates

on

its

holdings.

A

forward

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

price

on

a

future

date.

The

value

of

the

forward

contract

fluctuates

with

changes

in

currency

exchange

rates.

The

forward

contract

is

marked-to-market

daily

and

the

change

in

value

is

recorded

by

the

Portfolio

as

unrealized

appreciation

or

depreciation.

When

the

forward

contract

is

closed,

the

Portfolio

records

a

realized

gain

or

loss

equal

to

the

fluctuation

in

value

during

the

period

the

forward

contract

was

open.

The

Portfolio

is

subject

to

credit

risk,

which

is

the

risk

that

the

counterparty

is

unable

to

meet

the

terms

of

a

forward

contract,

and

market

risk,

which

is

the

risk

that

the

value

of

the

currency

changes

unfavorably.

Forward

contracts

may

involve

credit

or

market

risk

in

excess

of

the

amounts

reflected

on

a

Portfolio's

Statement

of

Assets

and

Liabilities.

The

gain

or

loss

from

the

difference

between

the

cost

of

original

contracts

and

the

amount

realized

upon

the

closing

of

such

forward

contracts

is

included

in

net

realized

gains

or

losses

on

foreign

currency

transactions.

Fluctuations

in

the

value

of

forward

contracts

held

are

recorded

for

financial

reporting

purposes

as

net

unrealized

gains

or

losses.

In

addition,

at

December

31,

2025

,

the

Portfolios

entered

into

currency

contracts

to

settle

trades

in

foreign

currencies.

These

transactions

are

included

in

"Receivable

from

investments

sold"

and

"Payable

for

investments

purchased"

on

the

Statements

of

Assets

and

Liabilities.

Financial

Futures

Contracts:

Certain

of

the

Portfolios

may

be

subject

to

equity

price

risk,

interest

rate

risk,

and

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

their

investment

objectives.

Certain

of

the

Portfolios

may

invest

in

financial

futures

contracts

("futures

contracts")

in

order

to

reduce

such

risks,

as

part

of

their

investment

strategies

or

to

gain

exposure

to

or

hedge

against

changes

in

the

value

of

equities,

interest

rates

or

foreign

currencies.

A

futures

contract

represents

a

commitment

for

the

future

purchase

or

sale

of

an

asset

at

a

specified

price

on

a

specified

date.

Upon

entering

into

a

futures

contract,

a

Portfolio

is

required

to

pledge

to

the

broker

an

amount

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

contract

amount

(initial

margin

deposit).

Subsequent

payments,

known

as

"variation

margin,"

may

be

made

or

received

by

a

Portfolio

each

day,

depending

on

the

daily

fluctuations

in

the

value

of

the

underlying

financial

instrument.

A

Portfolio

recognizes

a

gain

or

loss

equal

to

the

daily

variation

margin,

which

is

recorded

as

a

receivable

or

payable

on

the

Statement

of

Assets

and

Liabilities

(if

applicable).

When

a

futures

contract

is

closed,

a

realized

gain

or

loss

is

recorded

as

"Net

realized

gains/(losses)

from

futures

transactions"

on

the

Statement

of

Operations.

Should

market

conditions

move

unexpectedly,

the

Portfolio

may

not

achieve

the

anticipated

benefits

of

the

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

transactions

involves

the

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Derivatives

Recognized

as

a

Result

from

Operations

Portfolio

Change

in

unrealized

appreciation/

(depreciation)

on

futures

Change

in

unrealized

appreciation/

(depreciation)

on

written

options

Change

in

unrealized

appreciation/

(depreciation)

on

purchased

options\*

Change

in

unrealized

appreciation/

(depreciation)

on

swaps

Interest

Rate

Risk

Exposure:

Core

Fixed

Income

Portfolio

...................

$

(327) $

–

$

–

$

–

Corporate

Opportunities

Portfolio

...............

(2,029)

–

–

–

U.S.

Government

Fixed

Income

Portfolio

.........

(5,957)

(200) –

\*

Options

purchased

activity

is

included

within

the

investment

in

securities

line

items

on

the

Statement

of

Operations.

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2025

(Unaudited)

risk

of

an

imperfect

correlation

in

movements

in

the

price

of

futures

contracts,

interest

rates,

and

the

underlying

hedged

assets.

With

futures

contracts,

there

is

minimal

counterparty

credit

risk

to

the

Portfolios

since

futures

contracts

are

exchange

traded

and

the

exchange's

clearinghouse,

as

counterparty

to

all

exchange-traded

futures

contracts,

guarantees

the

futures

contracts

against

default.

Securities

designated

as

collateral

for

market

value

on

futures

contracts

are

noted

in

each

Portfolio's

Portfolio

of

Investments

(if

applicable).

Such

collateral

is

held

with

the

broker.

The

notional

value

of

the

futures

contracts

outstanding

at

December

31,

2025

,

and

the

month-end

average

notional

amount

for

the

period

ended

December

31,

2025

are

detailed

in

the

table

below:

Amounts

designated

as

"-"

are

$0

or

have

been

rounded

to

$0.

Purchased

Options

Contracts:

Certain

of

the

Portfolios

may

be

subject

to

equity

price

risk

and

interest

rate

risk

in

the

normal

course

of

pursuing

their

investment

objectives.

In

order

to

reduce

such

risks,

as

part

of

their

investment

strategies

and/

or

in

anticipation

of

future

purchases,

including

to

achieve

market

exposure

pending

direct

investment

in

securities,

certain

of

the

Portfolios

may

purchase

put

or

call

options.

Options

contracts

provide

the

purchaser

with

the

right,

but

not

the

obligation,

to

buy

or

sell

(call

or

put

option,

respectively)

a

financial

instrument

at

the

exercise

price.

The

Portfolio

pays

a

premium

which

is

included

in

"Investments

in

securites,

at

value"

on

the

Statement

of

Assets

and

Liabilities

and

marked-to-market

to

reflect

the

current

value

of

the

option.

Premiums

paid

for

purchasing

options

which

expire

are

treated

as

realized

losses.

When

an

option

is

exercised

or

closed,

premiums

paid

for

purchasing

options

are

offset

against

proceeds

to

determine

the

realized

gain

or

loss

on

the

transaction.

Written

Options

Contracts:

Certain

of

the

Portfolios

may

be

subject

to

equity

price

risk

and

interest

rate

risk

in

the

normal

course

of

pursuing

their

investment

objectives.

In

order

to

reduce

such

risks,

as

part

of

their

investment

strategies

and/

or

in

anticipation

of

future

purchases,

including

to

achieve

market

exposure

pending

direct

investment

in

securities,

certain

of

the

Portfolios

may

write

put

or

call

options.

Premiums

received

from

written

options

contracts

are

recorded

as

liabilities

on

the

Statement

of

Assets

and

Liabilities

and

are

marked-to-market

to

reflect

the

current

value

of

the

options

written.

Premiums

received

from

writing

options

which

expire

are

treated

as

realized

gains.

Premiums

received

from

writing

options,

which

are

either

exercised

or

closed,

are

offset

against

the

proceeds

received

or

the

amount

paid

on

the

transaction

to

determine

realized

gains

or

losses.

Realized

gains

and

losses

are

reported

as

"Net

realized

gains/(losses)

from

written

options

transactions"

on

the

Statement

of

Operations

(if

applicable).

When

writing

an

option,

the

Portfolio

bears

the

market

risk

of

unfavorable

changes

in

the

price

of

the

underlying

instrument.

With

exchange-traded

options,

there

is

minimal

counterparty

credit

risk

to

the

Portfolios

since

the

exchange's

clearinghouse,

as

counterparty

to

all

exchange-traded

options,

guarantees

the

options

against

default.

With

over-the-counter

options,

the

Portfolios

bear

the

risk

that

counterparties

will

be

unable

to

perform

under

the

terms

of

the

contracts.

Outstanding

Notional

Amount

(000) Monthly

Average

Notional

Amount

(000) Futures

Contracts:

Long

Short

Long

Short

Institutional

U.S.

Portfolio

.....................

$

496,236

$

—

$

431,645

$

—

ESG

Growth

Portfolio

........................

834

—

1,143

—

International

Portfolio

.........................

4,788

—

4,578

—

Institutional

International

Portfolio

..............

266,993

—

204,754

—

Emerging

Markets

Portfolio

....................

38,461

—

31,031

—

Core

Fixed

Income

Portfolio

...................

17,361

—

14,958

—

Corporate

Opportunities

Portfolio

...............

125,100

—

124,385

—

U.S.

Government

Fixed

Income

Portfolio

.........

183,830

—

183,959

—

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2025

(Unaudited)

The

notional

value

of

purchased

and

written

options

outstanding

at

December

31,

2025

and

the

month-end

average

notional

amount

for

the

period

ended

December

31,

2025

are

detailed

in

the

table

below:

Swap

Agreements:

Certain

of

the

Portfolios

may

enter

into

swap

agreements

("swaps")

for

purposes

of

attempting

to

gain

exposure

to

the

securities

making

up

an

index

without

actually

purchasing

those

instruments,

to

hedge

a

position

or

to

gain

exposure

to

a

particular

instrument

or

currency.

A

swap

is

a

two-party

contract

entered

into

for

periods

ranging

from

one

day

to

more

than

one

year.

In

a

standard

swap

transaction,

two

parties

agree

to

exchange

the

returns

(or

differentials

in

rates

of

return)

earned

or

realized

on

particular

predetermined

investments

or

instruments.

The

gross

returns

to

be

exchanged

or

"swapped"

between

the

parties

are

calculated

with

respect

to

a

"notional

amount,"

i.e.,

the

return

on

or

increase

in

value

of

a

particular

dollar

amount

invested

in

a

"basket"

of

securities

representing

a

particular

index.

Swap

agreements

are

privately

negotiated

in

the

over-the-counter

("OTC")

market

and

may

be

entered

into

as

a

bilateral

contract

("OTC

swaps")

or

cleared

through

a

third

party,

known

as

a

clearing

organization

("centrally

cleared

swap").

Swaps

are

marked

to

market

daily

based

upon

valuations

as

determined

from

the

underlying

contract

or

in

accordance

with

the

requirements

of

the

clearing

organization.

Changes

in

market

value,

if

any,

are

reflected

as

a

component

of

net

change

in

appreciation

or

depreciation

on

swap

agreements

on

the

Statement

of

Operations.

Daily

changes

in

valuation

of

centrally

cleared

swaps,

if

any,

are

recorded

as

variation

margin

on

swap

agreements

on

the

Statement

of

Assets

and

Liabilities.

Total

Return

Swaps:

Certain

of

the

Portfolios

may

enter

into

total

return

swaps

to

gain

or

mitigate

exposure

to

the

underlying

securities

or

indices.

In

"long"

total

return

swaps,

the

counterparty

will

generally

agree

to

pay

the

Portfolio

the

amount,

if

any,

by

which

the

notional

amount

of

the

swaps

would

have

increased

in

value

had

it

been

invested

in

the

particular

instruments,

plus

an

amount

equal

to

any

dividends

or

interest

that

would

have

been

received

on

those

instruments.

The

Portfolio

will

agree

to

pay

to

the

counterparty

an

amount

equal

to

a

fixed

or

floating

rate

of

interest

on

the

notional

amount

of

the

swaps

plus

the

amount,

if

any,

by

which

the

notional

amount

would

have

decreased

in

value

had

it

been

invested

in

such

instruments

plus,

in

certain

instances,

commissions

or

trading

spreads

on

the

notional

amount.

Total

return

swaps

do

not

involve

the

delivery

of

securities

or

other

underlying

instruments.

The

net

amount

of

the

excess,

if

any,

of

a

Portfolio's

obligations

over

its

entitlements

with

respect

to

each

swap

is

accrued

on

a

daily

basis

and

an

amount

of

cash

or

liquid

assets,

having

an

aggregate

value

at

least

equal

to

such

accrued

excess,

is

maintained

at

the

broker-dealer

or

the

Portfolio's

custodian.

Until

a

total

return

swap

is

settled

in

cash,

the

gain

or

loss

on

the

notional

amount

is

recorded

as

"change

in

unrealized

appreciation/(depreciation)

on

swaps"

and,

when

cash

is

exchanged,

the

gain

or

loss

realized

is

recorded

as

"net

realized

gains/(losses)

from

swap

transactions."

A

Portfolio

may

enter

into

total

return

swaps

that

provide

the

opposite

return

of

its

benchmark

index

or

security

("short"

the

index

or

security).

Its

operations

are

similar

to

those

swaps

disclosed

above

except

that

the

counterparty

pays

interest

to

the

Portfolio

on

the

notional

amount

outstanding

and

that

dividends

or

interest

on

the

underlying

instruments

reduce

the

value

of

the

swaps

plus,

in

certain

instances,

the

Portfolio

will

agree

to

pay

to

the

counterparty

commissions

or

trading

spreads

on

the

notional

amount.

These

amounts

are

netted

against

any

unrealized

appreciation

or

depreciation

to

determine

the

value

of

the

swaps.

Credit

Default

Swaps:

Certain

of

the

Portfolios

may

enter

into

credit

default

swap

agreements.

The

credit

default

swap

agreement

may

have

as

reference

obligations

one

or

more

securities

that

are

not

currently

held

by

the

Portfolio.

The

protection

Purchased

Options

Contracts:

Outstanding

Notional

Amount

(000) Monthly

Average

Notional

Amount

(000) Institutional

U.S.

Portfolio

..................................................

$

16,250

$

74,844

U.S.

Government

Fixed

Income

Portfolio

......................................

23,600

34,321

Written

Options

Contracts:

Outstanding

Notional

Amount

(000) Monthly

Average

Notional

Amount

(000) Institutional

U.S.

Portfolio

..................................................

$

48,313

$

68,406

U.S.

Government

Fixed

Income

Portfolio

......................................

89,150

67,615

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2025

(Unaudited)

"buyer"

in

a

credit

default

contract

is

generally

obligated

to

pay

the

protection

"seller"

an

upfront

or

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event,

such

as

a

default,

on

a

reference

obligation

has

occurred.

If

a

credit

event

occurs,

the

seller

generally

must

pay

the

buyer

the

"par

value"

(full

notional

value)

of

the

swap

in

exchange

for

an

equal

face

amount

of

deliverable

obligations

of

the

reference

entity

described

in

the

swap,

or

the

seller

may

be

required

to

deliver

the

related

net

cash

amount,

if

the

swap

is

cash

settled.

The

Portfolio

may

be

either

the

buyer

or

seller

in

the

transaction.

If

the

Portfolio

is

a

buyer

and

no

credit

event

occurs,

the

Portfolio

may

recover

nothing

if

the

swap

is

held

through

its

termination

date.

However,

if

a

credit

event

occurs,

the

buyer

generally

may

elect

to

receive

the

full

notional

value

of

the

swap

in

exchange

for

an

equal

face

amount

of

deliverable

obligations

of

the

reference

entity

whose

value

may

have

significantly

decreased.

As

a

seller,

the

Portfolio

generally

receives

an

upfront

payment

or

a

fixed

rate

of

income

throughout

the

term

of

the

swap

provided

that

there

is

no

credit

event.

As

the

seller,

the

Portfolio

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

a

Portfolio

would

be

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

The

primary

risks

associated

with

the

use

of

swaps

are

an

imperfect

correlation

between

the

prices

of

financial

instruments

and

movements

in

the

prices

of

the

underlying

investments

and

the

inability

of

counterparties

to

perform

under

the

agreement.

The

counterparty

to

any

swap

agreement

will

typically

be

a

bank,

investment

banking

firm

or

broker-dealer.

The

Portfolio

will

bear

the

counterparty

risk,

i.e.,

the

risk

of

loss

of

the

net

amount,

if

any,

expected

to

be

received

under

a

swap

in

the

event

of

the

default

or

bankruptcy

of

the

swap

counterparty.

The

counterparty

risk

for

centrally

cleared

swap

agreements

is

generally

lower

than

for

OTC

swap

agreements

because

generally

a

clearing

organization

becomes

substituted

for

each

counterparty

to

a

centrally

cleared

swap

agreement

and,

in

effect,

guarantees

the

parties'

performance

under

the

contract

as

each

party

to

a

trade

looks

only

to

a

clearing

house

for

performance

of

financial

obligations.

However,

there

can

be

no

assurance

that

the

clearing

house,

or

its

members

will

satisfy

obligations

to

the

Portfolio.

The

notional

value

of

the

swap

agreements

outstanding

at

December

31,

2025

and

the

month-end

average

notional

amount

for

the

period

ended

December

31,

2025

are

detailed

in

the

table

below:

L. Securities

Lending.

Certain

of

the

Portfolios

may

lend

their

portfolio

securities

to

broker-dealers

pursuant

to

a

Master

Securities

Lending

Agreement

("MSLA")

that

requires

the

borrower

to

post

collateral

equal

to

at

least

the

market

value

of

the

securities

loaned,

which

is

marked-to-market

on

a

daily

basis.

Any

collateral

shortfalls

associated

with

increases

in

the

valuation

of

the

securities

loaned

are

adjusted

the

next

business

day.

The

Portfolios

will

continue

to

benefit

from

interest

or

dividends

on

the

securities

loaned

and

may

also

earn

a

return

from

the

collateral.

The

Portfolios

pay

various

fees

in

connection

with

the

investment

of

the

collateral.

Any

voting

rights,

or

rights

to

consent,

relating

to

securities

loaned,

pass

to

the

borrower.

Currently

cash

collateral

received

by

a

Portfolio

in

securities

lending

transactions

may

only

be

invested

in

repurchase

agreements

or

money

market

funds

that

invest

in

U.S.

treasury

obligations.

A

Portfolio

bears

the

risk

of

such

investments.

Securities

on

loan

at

December

31,

2025

are

presented

in

the

Portfolios

of

Investments.

The

Portfolios

pay

the

Securities

Lending

Agent

fees

based

on

the

investment

income

received

from

securities

lending

activities

as

reflected

on

the

Statements

of

Operations.

Cash

collateral

received

from

the

borrower

is

recorded

on

the

Statements

of

Assets

and

Liabilities

as

"Payable

for

collateral

received

on

loaned

securities."

Investments

acquired

with

such

cash

collateral

are

reported

in

a

manner

consistent

with

other

portfolio

investments

held

by

the

Portfolios

as

an

investment,

at

value

on

the

Statements

of

Assets

and

Liabilities.

The

Portfolios

may

receive

non-cash

collateral

in

the

form

of

securities

such

as

U.S.

treasuries,

which

the

Portfolios

may

not

sell

or

re-pledge

and

accordingly

are

not

reflected

on

the

Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

a

Portfolio

under

a

MSLA

which

permits

the

Portfolio,

under

certain

circumstances,

including

an

event

of

default

(such

as

bankruptcy

or

insolvency),

to

offset

amounts

payable

by

the

Portfolio

to

the

same

counterparty

against

amounts

to

be

received

and

create

a

net

payment

due

to

or

from

the

Portfolio.

Credit

Default

Swaps

Agreements:

Outstanding

Notional

Amount

(000) Monthly

Average

Notional

Amount

(000) Institutional

U.S.

Portfolio

..................................................

$

300,000

$

300,000

Institutional

International

Portfolio

...........................................

100,000

100,000

Corporate

Opportunities

Portfolio

............................................

76,000

76,000

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2025

(Unaudited)

The

following

table

is

a

summary

of

the

Portfolios'

securities

lending

transactions

accounted

for

as

secured

borrowings,

which

are

subject

to

offset

under

an

MSLA,

at

December

31,

2025

(amounts

in

thousands):

Amounts

designated

as

"—"

are

$0

or

have

been

round

to

$0

Securities

lending

transactions

as

of

December

31,

2025

(amounts

in

thousands):

\*\*

Represents

collateral

received

from

prior

securities

lending

activity

M. Redemption

Liquidity

Services.

Certain

of

the

Portfolios

may

participate

in

the

ReFlow

liquidity

program,

which

is

designed

to

provide

an

alternative

liquidity

source

for

mutual

funds

experiencing

net

redemptions

of

their

shares.

Pursuant

to

the

program,

ReFlow

Fund,

LLC

("ReFlow")

provides

participating

mutual

funds

with

a

source

of

cash

to

meet

net

shareholder

redemptions

by

standing

ready

each

business

day

to

purchase

fund

shares

up

to

the

value

of

the

net

shares

redeemed

by

other

shareholders

that

are

to

settle

the

next

business

day.

Following

purchases

of

fund

shares,

ReFlow

then

generally

redeems

those

shares

when

the

fund

experiences

net

sales,

at

the

end

of

a

maximum

holding

period

determined

by

ReFlow

(currently

days)

or

at

other

times

at

ReFlow's

discretion.

While

ReFlow

holds

fund

shares,

it

will

have

the

same

rights

and

privileges

with

respect

to

those

shares

as

any

other

shareholder.

For

use

of

the

ReFlow

service,

a

participating

Portfolio

pays

a

fee

to

ReFlow

each

time

ReFlow

purchases

Portfolio

shares,

calculated

by

applying

to

the

purchase

amount

a

fee

rate

determined

through

an

automated

daily

auction

among

participating

mutual

funds.

The

current

minimum

fee

rate

(which

is

subject

to

change)

is

0.14%

of

the

value

of

the

participating

Portfolio

shares

purchased

by

ReFlow

although

the

participating

Portfolio

may

submit

a

bid

at

a

higher

fee

rate

if

it

determines

that

doing

so

is

in

the

best

interest

of

shareholders.

ReFlow's

purchases

of

participating

Portfolio

shares

through

the

liquidity

program

are

made

on

an

investment-blind

basis

without

regard

to

the

participating

Portfolio's

objective,

policies

or

anticipated

performance.

In

accordance

with

federal

securities

laws,

ReFlow

is

prohibited

from

acquiring

more

than

3%

of

the

outstanding

voting

securities

of

a

participating

Portfolio.

ReFlow

will

periodically

redeem

its

entire

share

position

in

a

participating

Portfolio

and

request

that

such

redemption

be

met

in

kind

in

accordance

with

the

Portfolio's

redemption-in-kind

policies.

The

fees

for

these

services

are

disclosed

as

"Redemption

liquidity

service

fees"

on

the

Statements

of

Operations.

Portfolio

Value

of

Securities

on

Loan

Value

of

Collateral

Received\*

Net

Amount

U.S.

Equity

Portfolio

........................................

$

$

$

—

Institutional

U.S.

Portfolio

....................................

—

ESG

Growth

Portfolio

.......................................

—

Catholic

SRI

Growth

Portfolio

.................................

—

Institutional

International

Portfolio

.............................

2,399

824

1,575

Emerging

Markets

Portfolio

...................................

1,207

—

1,207

\*

The

actual

collateral

received

may

be

in

excess

of

the

amounts

shown

in

the

table.

The

table

only

reflects

collateral

amounts

up

to

the

amount

of

the

value

of

securities

on

loan

as

disclosed

in

the

Portfolios

of

Investments

and

excludes

any

non-cash

collateral

received

with

a

value

of

(amounts

in

thousands)

$1,896

and

$1,302

for

Institutional

International

Portfolio

and

Emerging

Markets

Portfolio,

respectively.

Any

collateral

shortfalls

associated

with

increases

in

the

valuation

of

the

securities

loaned

are

adjusted

the

next

business

day.

Remaining

Contractual

Maturity

of

the

Collateral

Held

Portfolio

Overnight

and

Continuous

-Investment

Companies

Total

U.S.

Equity

Portfolio

......................................................

$

$

Institutional

U.S.

Portfolio

..................................................

ESG

Growth

Portfolio

.....................................................

Catholic

SRI

Growth

Portfolio

...............................................

Institutional

International

Portfolio

...........................................

824

824

Corporate

Opportunities

Portfolio

............................................

1,177

\*\*

1,177

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2025

(Unaudited)

N. Recent

Accounting

Pronouncements.

On

December

14,

2023,

FASB

issued

Accounting

Standards

Update

("ASU

2023-09")

which

establishes

new

income

tax

disclosure

requirements

and

modifies

or

eliminates

certain

existing

disclosure

provisions.

ASU

2023-09

applies

to

all

entities

that

are

subject

to

ASC

740,

Income

Taxes.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024. Management

is

currently

evaluating

the

impact

of

ASU

2023-09

and

does

not

believe

it

will

have

a

material

impact

on

the

Portfolios'

financial

statements.

3. INVESTMENT

ADVISORY

AND

ADMINISTRATIVE

CONTRACTS.

The

Trust

has

entered

into

investment

advisory

contracts

("Portfolio

Management

Contracts")

on

behalf

of

each

of

the

Portfolios

with

one

or

more

investment

management

organizations

(each,

a

"Specialist

Manager").

For

the

Portfolio(s)

it

serves,

each

Specialist

Manager

is

responsible

for

providing

a

continuous

program

of

investment

management

for

that

portion

of

the

Portfolio

allocated

to

it

and

for

placing

all

orders

for

the

purchase

and

sale

of

securities

and

other

instruments

for

such

portion

of

the

Portfolio.

Except

as

noted,

each

Specialist

Manager

earns

a

fee,

accrued

daily

and

paid

either

monthly

or

quarterly,

based

on

average

daily

net

assets

of

that

portion

of

the

Portfolio

managed.

For

the

period

ended

December

31,

2025

,

the

Portfolios

incurred

the

following

investment

advisory

fees,

before

any

applicable

fee

waivers,

with

respect

to

the

services

of

the

indicated

Specialist

Manager(s)

as

reflected

on

the

Statements

of

Operations

as

"Advisory

fees."

The

following

annual

fee

rates

are

applied

to

the

portions

of

the

Portfolios

that

are

managed

by

the

Specialist

Managers

in

determining

amounts

earned,

except

as

footnoted.

U.S.

Equity

Portfolio:

Specialist

Manager

Amount

Earned

(000) Fee

Mellon

Investments

Corporation

(Index

Strategy)

$

─

0.04%

(a)(b) Mellon

Investments

Corporation

(Factor

Strategy)

─

0.065%

(a)(b) Parametric

Portfolio

Associates,

LLC

(Liquidity

Strategy)

─

0.06%

(a)(c) Parametric

Portfolio

Associates,

LLC

(Targeted

Strategy)

─

0.05%

(a)(d) Parametric

Portfolio

Associates,

LLC

(Tax-Managed

Custom

Strategy)

757

0.08%

(e) Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

─

N/A

(a)(f) Total

$

757

0.08%

Institutional

U.S.

Portfolio:

Specialist

Manager

Amount

Earned

(000) Fee

Mellon

Investments

Corporation

(Index

Strategy)

$

0.04%

(b) Mellon

Investments

Corporation

(Factor

Strategy)

0.065%

(b) Parametric

Portfolio

Associates,

LLC

(Liquidity

Strategy)

0.06%

(c) Parametric

Portfolio

Associates,

LLC

(Targeted

Strategy)

0.05%

(d) Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

0.21%

(f) RhumbLine

Advisors

LP

0.04%

Wellington

Management

Company,

LLP

0.71%

(g) Total

$

1,059

0.07%

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2025

(Unaudited)

ESG

Growth

Portfolio:

Specialist

Manager

Amount

Earned

(000) Fee

Agincourt

Capital

Management,

LLC

$

─

0.12%

(a) Mellon

Investments

Corporation

0.10%

Parametric

Portfolio

Associates,

LLC

(Liquidity

Strategy)

0.93%

(c) Parametric

Portfolio

Associates,

LLC

(Targeted

Strategy)

─

0.05%

(a)(d) Total

$

0.11%

Catholic

SRI

Growth

Portfolio:

Specialist

Manager

Amount

Earned

(000) Fee

Agincourt

Capital

Management,

LLC

$

─

0.12%

(a) Mellon

Investments

Corporation

0.10%

Parametric

Portfolio

Associates,

LLC

(Liquidity

Strategy)

─

0.05%

(a)(c) Parametric

Portfolio

Associates,

LLC

(Targeted

Strategy)

─

0.05%

(a)(d) Total

$

0.10%

International

Portfolio:

Specialist

Manager

Amount

Earned

(000) Fee

City

of

London

Investment

Management

Company,

Limited

$

─

0.48%

(a)(h) Mellon

Investments

Corporation

(Developed

Index

Strategy)

─

0.05%

(a)(i) Mellon

Investments

Corporation

(Developed

Factor

Strategy)

─

0.075%

(a)(i) Mellon

Investments

Corporation

(Emerging

Markets

Strategy)

─

0.13%

(a)(i) Parametric

Portfolio

Associates,

LLC

(Liquidity

Strategy)

0.08%

(c) Parametric

Portfolio

Associates,

LLC

(Targeted

Strategy)

─

0.05%

(a)(d) Parametric

Portfolio

Associates,

LLC

(Tax-Managed

Custom

Strategy)

0.08%

(e) Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

─

N/A

(a)(f) Total

$

0.08%

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2025

(Unaudited)

Institutional

International

Portfolio:

Specialist

Manager

Amount

Earned

(000) Fee

City

of

London

Investment

Management

Company,

Limited

$

559

0.48%

(h) Mellon

Investments

Corporation

(Developed

Index

Strategy)

0.05%

(i) Mellon

Investments

Corporation

(Emerging

Markets

Strategy)

─

0.13%

(a)(i) Mellon

Investments

Corporation

(Developed

Factor

Strategy)

0.075%

(i) Parametric

Portfolio

Associates,

LLC

(Liquidity

Strategy)

0.06%

(c) Parametric

Portfolio

Associates,

LLC

(Targeted

Strategy)

0.05%

(d) Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

0.76%

(f) Total

$

848

0.15%

Emerging

Markets

Portfolio:

Specialist

Manager

Amount

Earned

(000) Fee

City

of

London

Investment

Management

Company,

Limited

$

1.00%

(j) Mellon

Investments

Corporation

0.13%

(i) Parametric

Portfolio

Associates,

LLC

(Liquidity

Strategy)

0.07%

(c) Parametric

Portfolio

Associates,

LLC

(Targeted

Strategy)

0.06%

(d) Parametric

Portfolio

Associates,

LLC

(Tax-Managed

Custom

Strategy)

─

0.08%

(a)(e) Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

─

N/A

(a)(f) Total

$

862

0.21%

Core

Fixed

Income

Portfolio:

Specialist

Manager

Amount

Earned

(000) Fee

Agincourt

Capital

Management,

LLC

$

0.08%

Mellon

Investments

Corporation

(U.S.

Government,

Mortgage

and

Asset

Backed

Strategy)

0.06%

Mellon

Investments

Corporation

(Corporate

Strategy)

─

0.15%

(a) Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

0.11%

(k) Total

$

0.09%

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2025

(Unaudited)

Corporate

Opportunities

Portfolio:

Specialist

Manager

Amount

Earned

(000) Fee

City

of

London

Investment

Management

Company,

Limited

$

0.45%

Mellon

Investments

Corporation

─

0.25%

(a) Parametric

Portfolio

Associates,

LLC

(Liquidity

Strategy)

0.06%

(c) Parametric

Portfolio

Associates,

LLC

(Targeted

Strategy)

─

0.05%

(a)(d) Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

1.00%

(f) Total

$

0.14%

U.S.

Government

Fixed

Income

Portfolio:

Specialist

Manager

Amount

Earned

(000) Fee

Mellon

Investments

Corporation

$

0.06%

Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

0.01%

(k) Total

$

0.04%

U.S.

Corporate

Fixed

Income

Portfolio:

Specialist

Manager

Amount

Earned

(000) Fee

Agincourt

Capital

Management,

LLC

$

0.08%

Mellon

Investments

Corporation

─

0.15%

(a) Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

0.07%

(k) Total

$

0.08%

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio:

Specialist

Manager

Amount

Earned

(000) Fee

Mellon

Investments

Corporation

$

0.06%

Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

0.15%

(k) Total

$

0.06%

Short-Term

Municipal

Portfolio:

Specialist

Manager

Amount

Earned

(000) Fee

Breckinridge

Capital

Advisors,

Inc.

$

0.125%

Total

$

0.125%

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2025

(Unaudited)

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

(a) Specialist

Manager/strategy

approved

by

the

Board

to

which

no

assets

were

allocated

during

the

period

ended

December

31,

2025

.

(b) For

assets

allocated

to

an

Index

Strategy,

for

so

long

as

the

Combined

Assets

(as

defined

below)

are

greater

than

$2

billion,

Mellon

Investments

Corporation

("Mellon")

receives

a

fee

at

the

annual

rate

of

0.04%

of

the

average

daily

net

assets

of

the

Account.

If

the

Combined

Assets

are

reduced

to

$2

billion

or

less

due

to

withdrawals

or

redemptions,

beginning

with

the

start

of

the

first

calendar

year

following

the

date

on

which

such

withdrawals

or

redemptions

reduced

such

Combined

Assets

to

$2

billion

or

less,

the

fee

shall

be

calculated

based

on

average

daily

net

assets

of

the

Account

at

annual

rate

of

0.065%.

Index

Strategy

shall

mean

a

portfolio

wherein

the

Portfolio

Manager

seeks

to

approximate,

over

the

long

term,

the

performance

of

a

specific

market

index.

For

assets

allocated

to

a

Factor

Strategy,

for

so

long

as

the

Combined

Assets

are

greater

than

$2

billion,

the

fee

shall

be

at

the

annual

rate

of

0.065%

of

the

average

daily

net

assets

of

the

Account.

If

the

Combined

Assets

are

reduced

to

$2

billion

or

less

due

to

withdrawals

or

redemptions,

beginning

with

the

start

of

the

first

calendar

year

following

the

date

on

which

such

withdrawal

or

redemption

reduced

such

Combined

Assets

to

$2

billion

or

less,

the

fee

shall

be

calculated

based

on

average

daily

net

assets

of

the

Account

at

annual

rate

of

0.075%.

Factor

Strategy

shall

mean

a

portfolio

wherein

the

Portfolio

Manager

seeks

to

implement

a

strategy

developed

by

Hirtle

Callaghan

&

Co.

or

an

affiliate

with

the

objective

of

obtaining

exposure

to

one

or

more

factors

such

as

value

or

quality

within

the

U.S.

equity

markets.

"Combined

Assets"

shall

mean

the

sum

of:

the

net

assets

managed

by

Mellon

in

the

U.S.

Equity

Portfolio,

Institutional

U.S.

Portfolio,

International

Portfolio,

Institutional

International

Portfolio,

Emerging

Markets

Portfolio,

and

the

net

assets

managed

by

Mellon

using

these

strategies

in

other

investment

advisory

accounts

for

which

HC

Capital

Solutions

serves

as

investment

adviser.

(c) With

respect

to

its

Liquidity

Strategy,

Parametric

Portfolio

Associates,

LLC

("Parametric"),

a

part

of

the

asset

management

division

of

Morgan

Stanley

Investment

Management,

receives

a

fee,

which

shall

be

calculated

daily

and

payable

monthly

in

arrears,

at

an

annual

rate

of

0.15%

of

the

first

$50

million

of

the

Combined

Liquidity

Assets

(as

defined

below);

0.10%

of

the

next

$100

million

of

Combined

Liquidity

Assets;

and

0.05%

of

Combined

Liquidity

Assets

over

$150

million.

Parametric

is

also

entitled

to

receive

a

flat

fee

of

$10,000

per

year

for

each

Portfolio.

One

Twelfth

of

the

flat

fee

with

respect

to

any

given

Portfolio

will

be

waived

with

respect

to

each

calendar

month

during

which

no

Portfolio

assets

were

allocated

to

the

Liquidity

Strategy

in

that

Portfolio.

"Combined

Liquidity

Assets"

shall

mean

the

sum

of:

the

net

assets

of

that

portion

of

each

Portfolio

managed

by

Parametric

for

investment

in

its

Liquidity

Strategy.

(d) With

respect

to

its

Targeted

Strategy,

Parametric

receives

a

fee,

which

shall

be

calculated

daily

and

payable

in

arrears

at

the

rate

of

0.05%.

Parametric

is

also

entitled

to

receive

a

flat

fee

of

$5,000

per

year

for

each

Portfolio,

provided

that

such

fee

will

be

waived

with

respect

to

each

calendar

year

during

which

no

Portfolio

assets

were

allocated

to

the

Targeted

Strategy

in

that

Portfolio.

(e) With

respect

to

its

Tax-Managed

Custom

Strategy,

Parametric

receives

a

fee,

which

shall

be

calculated

daily

and

payable

in

arrears

at

the

annual

rate

of

0.10%

of

the

first

$250

million

of

the

Combined

Tax-Managed

Custom

Strategy

Assets

(as

defined

below);

0.09%

of

the

next

$250

million

of

the

Combined

Tax-Managed

Custom

Strategy

Assets;

0.08%

of

the

next

$500

million

of

the

Combined

Tax-Managed

Custom

Strategy

Assets;

and

0.07%

of

the

Combined

Tax-Managed

Custom

Strategy

Assets

over

$1

billion.

"Combined

Tax-Managed

Custom

Strategy

Assets"

shall

mean

the

sum

of:

the

net

assets

of

that

portion

of

each

of

the

other

Portfolios

of

the

Trust

allocated

to

Parametric

from

time

to

time

for

investment

in

their

Tax-Management

Custom

Core

Strategy.

(f) With

respect

to

its

Options

Overlay

Strategy,

Parametric

receives

a

fee,

which

shall

be

calculated

daily

and

payable

in

arrears,

of

$5,500

per

calendar

month

for

each

Portfolio,

provided

that

such

fee

will

be

waived

with

respect

to

each

calendar

month

during

which

no

Portfolio

assets

were

allocated

to

the

Options

Overlay

Strategy

in

that

Portfolio.

(g) Wellington

Management

Company,

LLP

("Wellington")

receives

a

fee,

which

shall

be

payable

monthly

in

arrears

of

0.75%

of

the

average

daily

net

assets

of

the

first

$50

million

of

the

Combined

Assets

(as

defined

below).

On

Combined

Assets

over

$50

million,

the

fee

shall

be

at

the

annual

rate

of

0.65%

of

the

Combined

Assets.

"Combined

Assets"

shall

mean

the

sum

of:

the

net

assets

of

the

Institutional

U.S.

Portfolio

and

assets

in

the

same

investment

strategy

as

the

Portfolio

Intermediate

Municipal

Portfolio:

Specialist

Manager

Amount

Earned

(000) Fee

Breckinridge

Capital

Advisors,

Inc.

$

0.125%

City

of

London

Investment

Management

Company,

Limited

0.45%

Insight

North

America,

LLC

0.15%

(l) Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

─

N/A

(a)(k) Total

$

509

0.18%

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2025

(Unaudited)

that

are

managed

by

Wellington

for

certain

other

clients

of

the

Trust's

primary

adviser.

(h) City

of

London

Investment

Management

Company,

Limited

("CLIM")

receives

a

fee,

which

shall

be

calculated

daily

and

payable

monthly

in

arrears

at

the

annual

rate

of

0.80%

of

the

first

$50

million

of

the

Combined

Assets

(as

defined

below)

and

0.40%

of

the

Combined

assets

exceeding

$50

million.

"Combined

Assets"

shall

mean

the

sum

of:

the

average

daily

net

assets

managed

by

CLIM

in

the

International

Portfolio

and

the

Institutional

International

Portfolio;

and

the

net

assets

invested

in

the

same

strategy

as

the

Portfolios

that

are

managed

by

CLIM

for

certain

other

clients

of

the

Trust's

primary

adviser.

(i) For

its

services

to

the

International

Portfolio,

the

Institutional

International

Portfolio,

and

the

Emerging

Markets

Portfolio,

Mellon

receives

differing

fees

from

each

Portfolio

with

respect

to

each

of

Mellon's

Developed

Index

Strategy,

Developed

Factor

Strategy,

and

Emerging

Markets

Strategy

calculated

based

on

the

average

daily

net

assets

of

that

portion

of

the

assets

of

the

Portfolio

managed

by

it.

For

assets

allocated

to

a

Developed

Index

Strategy

(the

"Index

Account"),

for

so

long

as

the

Combined

Assets

(as

defined

below)

are

greater

than

$2

billion,

the

fee

shall

be

at

the

annual

rate

of

0.05%

of

the

average

daily

net

assets

of

the

Index

Account.

If

the

Combined

Assets

are

reduced

to

$2

billion

or

less

due

to

withdrawals

or

redemptions,

beginning

with

the

start

of

the

first

calendar

year

following

the

date

on

which

such

withdrawal

or

redemption

reduced

such

Combined

Assets

to

$2

billion

or

less,

the

fee

shall

be

calculated

based

on

average

daily

net

assets

of

the

Index

Account

at

an

annual

rate

of

0.06%.

For

assets

allocated

to

a

Developed

Factor

Strategy

(the

"Factor

Account"),

for

so

long

as

the

Combined

Assets

(as

defined

below)

are

greater

than

$2

billion,

the

fee

shall

be

at

the

annual

rate

of

0.075%

of

the

average

daily

net

assets

of

the

Factor

Account.

If

the

Combined

Assets

are

reduced

to

$2

billion

or

less

due

to

withdrawals

or

redemptions,

beginning

with

the

start

of

the

first

calendar

year

following

the

date

on

which

such

withdrawal

or

redemptions

reduced

such

Combined

Assets

to

$2

billion

or

less,

the

fee

shall

be

calculated

based

on

average

daily

net

assets

of

the

Account

at

an

annual

rate

of

0.085%.

For

assets

allocated

to

an

Emerging

Markets

Strategy

(the

"EM

Account"),

for

so

long

as

the

aggregate

assets

allocated

to

Mellon

for

all

of

its

passive

equity

mandates

(including

accounts

for

other

clients

of

the

Advisor

and

certain

of

its

affiliates

besides

the

Trust)

exceed

$2

billion,

the

fee

shall

be

at

the

annual

rate

of

0.13%

of

the

average

daily

net

assets

of

the

EM

Account.

Should

these

aggregate

assets

fall

below

$2

billion;

the

fee

will

be

calculated

at

an

annual

rate

of

0.15%

for

those

assets

allocated

to

emerging

markets

strategies.

The

term

"Combined

Assets"

means

the

sum

of:

(i) the

net

assets

of

the

U.S.

Equity

Portfolio,

Institutional

U.S.

Portfolio,

International

Portfolio,

Institutional

International

Portfolio

and

the

Emerging

Markets

Portfolio

of

the

Trust

("collectively

the

"Trust

Portfolios")

managed

by

the

Mellon;

and

(ii) the

net

assets

of

each

other

investment

advisory

account

for

which

HC

Capital

Solutions

or

one

of

its

affiliates

serves

as

investment

adviser

and

for

which

Mellon

provides

portfolio

management

services

using

the

strategies

employed

in

Trust

Portfolios.

(j) CLIM

receives

a

fee,

which

shall

be

calculated

daily

and

payable

quarterly

in

arrears

at

the

annual

rate

of

1.00%

of

the

first

$100

million

of

the

Combined

Assets

(as

defined

below);

0.80%

of

the

next

$100

million

of

Combined

Assets;

and

0.50%

of

Combined

Assets

exceeding

$200

million.

"Combined

Assets"

shall

mean

the

sum

of:

the

average

daily

net

assets

managed

by

CLIM

in

the

Portfolio

and

the

net

assets

invested

in

the

same

strategy

as

the

Portfolio

that

are

managed

by

CLIM

for

certain

other

clients

of

the

Trust's

primary

adviser.

(k) With

respect

to

its

Options

Overlay

Strategy,

Parametric

receives

a

fee,

which

shall

be

calculated

daily

and

payable

in

arrears,

of

$4,500

per

calendar

month

for

each

Portfolio,

provided

that

such

fee

will

be

waived

with

respect

to

the

calendar

month

during

which

no

Portfolio

assets

were

allocated

to

the

Options

Overlay

Strategy

in

that

Portfolio.

(l) Insight

North

America

LLC

("Insight")

receives

a

fee,

which

shall

be

calculated

daily

and

payable

quarterly,

at

an

annual

rate

of

0.25%

for

the

first

$100

million

of

the

Combined

Assets

(as

defined

below);

and

0.15%

of

the

Combined

Assets

exceeding

$100

million.

Insight

is

entitled

to

receive

a

fee

at

an

annual

rate

not

to

exceed

0.20%

of

the

Combined

Assets.

Effective

January

1,

2026,

this

agreement

was

amended

to

be

calculated

daily

and

payable

quarterly,

at

an

annual

rate

of

0.15%

for

the

first

$500

million

of

the

Combined

Assets;

and

0.10%

of

the

next

$500

of

Combined

Assets;

and

0.08%

of

Combined

Assets

exceeding

$1

billion.

"Combined

Assets"

shall

mean

the

sum

of:

the

net

assets

managed

by

Insight

in

the

Portfolio

and

the

net

assets

invested

in

the

same

strategy

as

the

Portfolio

that

are

managed

by

Insight

for

the

benefit

of

certain

investors

who

are

clients

of

the

Trust's

primary

adviser.

The

Adviser

continuously

monitors

the

performance

of

various

investment

management

organizations,

including

the

Specialist

Managers

retained

by

the

Trust,

and

generally

oversees

the

services

provided

to

the

Trust

by

its

administrator,

custodian

and

other

service

providers.

The

Adviser

is

also

authorized

to

allocate

and

reallocate

assets

among

Specialist

Managers

in

multi-

manager

portfolios

of

the

Trust

from

time

to

time

without

additional

authorization

of

the

Board.

In

addition,

the

Adviser

makes

its

officers

available

to

serve

as

officers

and/or

Trustees

of

the

Trust,

and

maintains

office

space

sufficient

for

the

Trust's

principal

office.

The

Securities

and

Exchange

Commission

has

issued

an

order

that

permits

the

Trust

to

enter

into

portfolio

management

agreements

with

Specialist

Managers

upon

the

approval

of

the

Board

but

without

submitting

such

contracts

for

the

approval

of

the

shareholders

of

the

relevant

Portfolio

under

certain

circumstances.

During

the

period

the

Advisor

voluntarily

waived

fees

or

reimbursed

certain

expenses

reflected

as

"Expenses

waived

and/or

reimbursed

by

Adviser"

on

the

Statement

of

Operations.

Such

amounts

are

not

recoupable

in

subsequent

years

.

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2025

(Unaudited)

Citi

Fund

Services

Ohio,

Inc.

("Citi")

provides

the

Portfolios

with

administrative

and

fund

accounting

services.

The

fees

for

these

services

are

disclosed

as

"Administrative

service

fees"

on

the

Statements

of

Operations.

The

fees

are

accrued

daily

and

payable

on

a

monthly

basis

at

an

annual

rate

of

0.0506%

of

the

Trust's

Portfolios'

average

daily

net

assets

up

to

$6

billion;

0.0047%

of

the

Trust's

Portfolios'

average

daily

net

assets

between

$6

billion

and

$12

billion;

and

0.0276%

of

average

daily

net

assets

in

excess

of

$12

billion.

Citi

receives

additional

fees

paid

by

the

Trust

for

compliance

services,

regulatory

reporting

services

and

reimbursement

of

certain

expenses.

FIS

Investor

Services

LLC,

a

wholly-owned

subsidiary

of

Fidelity

National

Information

Services,

provides

dividend

and

capital

gains

disbursing

agent

and

transfer

agency

services.

The

fees

for

these

services

are

disclosed

as

"Transfer

agency

fees"

on

the

Statements

of

Operations.

The

fees

are

accrued

daily

and

payable

on

a

monthly

basis

at

an

annual

rate

of

0.0034%

of

the

Trust's

Portfolios'

average

daily

net

assets

up

to

$6

billion;

0.0003%

of

the

Trust's

Portfolios'

average

daily

net

assets

between

$6

billion

and

$12

billion;

and

0.0019%

of

average

daily

net

assets

in

excess

of

$12

billion.

Ultimus

Fund

Distributors,

LLC

("Ultimus")

provides

certain

distribution

services

to

the

Trust.

Ultimus

receives

an

annual

fee

of

$50,000

for

performing

the

services

listed

under

its

agreement

with

the

Trust.

None

of

Ultimus'

duties

under

its

agreement

are

primarily

intended

to

result

in

the

sale

of

Trust

shares.

Foreside

Fund

Officer

Services

LLC

(dba

ACA

Group)

provides

CCO

services

to

the

Trust

pursuant

to

a

Compliance

Services

Agreement

assigned

to

Foreside

effective

December

7,

2021

by

Alaric

Compliance

Services

LLC

("Alaric")

following

Foreside

Financial

Group,

LLC's

acquisition

of

Alaric.

Through

December

31,

2025

,

the

Trust

paid

an

annual

fee

of

$164

for

such

services

(amount

in

thousands).

4. PURCHASE

AND

SALE

TRANSACTIONS.

The

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities,

other

than

long-term

U.S.

government

securities,

TBA

securities

and

short-term

securities

and

purchases

and

sales

associated

with

in-kind

transactions,

for

the

period

ended

December

31,

2025

were

as

follows

(amounts

in

thousands).

Any

realized

gains

or

losses

from

in

kind

redemptions

are

reflected

on

the

Statements

of

Operations

as

net

realized

gains/(losses)

from

in

kind

redemptions.

Excluding

U.S.

Government

Securities

and

In-Kind

Transactions

Associated

with

In-Kind

Transactions

Portfolio

Purchases

Sales

Purchases

Sales

U.S.

Equity

Portfolio

........................

$

67,601

$

59,845

$

–

$

60,691

Institutional

U.S.

Portfolio

....................

553,598

667,670

–

–

ESG

Growth

Portfolio

.......................

2,396

2,466

–

–

Catholic

SRI

Growth

Portfolio

.................

26,908

9,244

–

–

International

Portfolio

........................

37,605

47,298

–

–

Institutional

International

Portfolio

.............

247,969

388,923

–

–

Emerging

Markets

Portfolio

...................

53,750

100,579

–

–

Core

Fixed

Income

Portfolio

..................

93,199

7,447

–

–

Corporate

Opportunities

Portfolio

..............

6,285

7,621

–

–

U.S.

Government

Fixed

Income

Portfolio

........

–

–

–

U.S.

Corporate

Fixed

Income

Portfolio

..........

81,256

56,668

–

–

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio

.................................

8,731

1,302

–

–

Short-Term

Municipal

Portfolio

................

7,283

6,884

–

–

Intermediate

Municipal

Portfolio

...............

63,452

62,239

–

–

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2025

(Unaudited)

The

aggregate

cost

of

purchases

and

proceeds

from

sales

of

long-term

U.S.

government

securities

for

the

period

ended

December

31,

2025

were

as

follows

(amounts

in

thousands):

5. FEDERAL

INCOME

TAXES.

It

is

the

policy

of

each

Portfolio

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code

and

to

make

distributions

of

net

investment

income

and

net

realized

capital

gains

sufficient

to

relieve

it

(but

not

the

shareholders)

from

all,

or

substantially

all,

federal

income

taxes.

The

Portfolios

may,

under

certain

circumstances,

utilize

equalization

accounting

for

tax

purposes

by

designating

earnings

and

profits,

including

net

realized

gains

distributed

to

shareholders

on

redemption

of

shares,

as

a

part

of

the

dividends

paid

deduction

for

income

tax

purposes.

The

Trust

has

evaluated

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

each

Portfolio's

tax

returns

to

determine

whether

it

is

more

likely

than

not

(i.e.,

greater

than

50-percent

chance)

that

each

tax

position

will

be

sustained

upon

examination

by

a

tax

authority

based

on

the

technical

merits

of

the

position.

A

tax

position

that

meets

the

more-likely-than-

not

recognition

threshold

is

measured

to

determine

the

amount

of

benefit

to

recognize

in

the

financial

statements.

Differences

between

tax

positions

taken

in

a

tax

return

and

amounts

recognized

in

the

financial

statements

will

generally

result

in

an

increase

in

a

liability

for

taxes

payable

(or

a

reduction

of

a

tax

refund

receivable),

including

the

recognition

of

any

related

interest

and

penalties

as

an

operating

expense.

Tax

positions

taken

in

tax

years

remain

subject

to

examination

by

tax

authorities

(generally

the

last

three

tax

year

ends,

2023

to

2025

and

the

interim

tax

period

since

then).

The

determination

has

been

made

that

there

are

no

uncertain

tax

positions

that

would

require

the

Portfolios

to

record

a

tax

liability

and,

therefore,

there

is

no

impact

to

the

Portfolios'

financial

statements.

Furthermore,

management

of

the

Portfolios

is

not

aware

of

any

tax

position

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

months.

A. As

of

the

latest

tax

year

ended

June

30,

2025,

the

cost

basis

of

investments

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation,

and

net

unrealized

appreciation/(depreciation)

were

as

follows

(amounts

in

thousands):

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

Portfolio

Purchases

Sales

Core

Fixed

Income

Portfolio

................................................

$

208,706

$

3,699

U.S.

Government

Fixed

Income

Securities

Portfolio

.............................

199,005

93,406

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

....................

22,433

12,542

Portfolio

Tax

Cost

of

Investments

Tax

Unrealized

Appreciation

Tax

Unrealized

(Depreciation)

Unrealized

Appreciation/

(Depreciation)

U.S.

Equity

Portfolio

.........................

$

550,067

$

1,313,435

$

(2,148)

$

1,311,287

Institutional

U.S.

Portfolio

.....................

1,882,523

874,068

(70,621)

803,447

ESG

Growth

Portfolio

........................

56,936

58,377

(2,890)

55,487

Catholic

SRI

Growth

Portfolio

..................

44,261

22,634

(1,114)

21,520

International

Portfolio

.........................

301,013

330,501

(12,404)

318,097

Institutional

International

Portfolio

..............

845,761

253,253

(91,834)

161,419

Emerging

Markets

Portfolio

....................

601,925

219,559

(68,806)

150,753

Core

Fixed

Income

Portfolio

...................

99,246

1,008

(2,996)

(1,988)

Corporate

Opportunities

Portfolio

...............

197,939

2,678

(3,218)

(540) U.S.

Government

Fixed

Income

Portfolio

.........

1,081,966

11,901

(23,858)

(11,957)

U.S.

Corporate

Fixed

Income

Portfolio

...........

289,984

4,675

(9,325)

(4,650)

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio

266,033

1,498

(19,104)

(17,606)

Short-Term

Municipal

Portfolio

.................

69,277

(380) (111) Intermediate

Municipal

Portfolio

................

556,717

2,308

(12,699)

(10,391)

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2025

(Unaudited)

The

tax

cost

of

investments

includes

the

cost

of

securities,

proceeds

received

from

TBA

sales

commitments

and

any

upfront

premiums

paid

or

received

on

derivatives,

as

applicable.

The

tax

unrealized

appreciation/(depreciation)

amounts

include

securities,

TBA

sales

commitments

and

derivatives

that

are

not

considered

realized

for

tax

purposes,

as

applicable.

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

are

attributable

primarily

to:

tax

deferral

of

losses

on

wash

sales,

the

realization

for

tax

purposes

of

unrealized

gains/losses

on

investments

in

passive

foreign

investment

companies,

the

difference

between

book

and

tax

accretion

methods

for

market

discount,

derivatives,

and

in-kind

purchases

by

investors

that,

for

tax

purposes,

created

a

controlling

interest

in

a

Portfolio.

B. Tax

Characteristics

of

Distributions

The

tax

characteristics

of

distributions

paid

during

the

fiscal

year

ended

June

30,

2025

,

was

as

follows

(amounts

in

thousands):

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

\*

Total

distributions

paid

may

differ

from

what

appears

on

the

Statements

of

Changes

in

Net

Assets

because

dividends

for

tax

purposes

are

recognized

when

actually

paid.

C. Components

of

Accumulated

Earnings

As

of

their

tax

year

ended

June

,

2025

,

the

components

of

accumulated

earnings/(deficit)

on

a

tax

basis

were

as

follows

(amounts

in

thousands):

Distributions

Paid

From:

Year

Ended

June

30,

2025

Ordinary

Income

Net

Long

Term

Gains

Total

Taxable

Distributions

Tax-Exempt

Distributions

Return

of

Capital

Total

Distributions

Paid\*

U.S.

Equity

Portfolio

................

$

20,666

$

8,281

$

28,947

$

—

$

—

$

28,947

Institutional

U.S.

Portfolio

............

159,798

322,151

481,949

—

—

481,949

ESG

Growth

Portfolio

...............

2,604

2,620

—

—

2,620

Catholic

SRI

Growth

Portfolio

.........

606

—

606

—

—

606

International

Portfolio

...............

16,216

—

16,216

—

—

16,216

Institutional

International

Portfolio

......

41,108

—

41,108

—

—

41,108

Emerging

Markets

Portfolio

...........

21,926

—

21,926

—

—

21,926

Core

Fixed

Income

Portfolio

...........

3,319

—

3,319

—

—

3,319

Corporate

Opportunities

Portfolio

.......

4,477

—

4,477

—

4,677

U.S.

Government

Fixed

Income

Portfolio

..

38,032

—

38,032

—

—

38,032

U.S.

Corporate

Fixed

Income

Portfolio

...

12,690

—

12,690

—

—

12,690

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio

.......................

7,743

—

7,743

—

—

7,743

Short-Term

Municipal

Portfolio

.........

—

1,720

—

1,785

Intermediate

Municipal

Portfolio

........

—

14,758

—

14,808

Portfolio

Undistributed

Ordinary

Income/

Tax

Exempt

Income

Undistributed

Long

Term

Capital

Gains

Accumulated

Earnings

Distributions

Payable

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

(Depreciation)

Total

Accumulated

Earnings/

(Deficit)

\*

U.S.

Equity

Portfolio

......

$

748

$

—

$

748

$

—

$

(6,144)

(a) $

1,311,287

$

1,305,891

Institutional

U.S.

Portfolio

..

88,526

230,814

319,340

—

(9,987)

(a) 803,449

1,112,802

ESG

Growth

Portfolio

.....

618

20,731

21,349

—

—

55,506

76,855

Catholic

SRI

Growth

Portfolio

—

—

(3) 21,522

21,600

International

Portfolio

.....

2,854

—

2,854

—

(47,147)

(a) 318,675

274,382

Institutional

International

Portfolio

.............

46,825

44,754

91,579

—

—

161,708

253,287

Emerging

Markets

Portfolio

.

11,110

—

11,110

—

(75,962)

144,858

80,006

Core

Fixed

Income

Portfolio

.

—

—

(4,971)

(1,988)

(6,923)

Corporate

Opportunities

Portfolio

.............

—

—

—

—

(5,840)

(540) (6,380)

U.S.

Government

Fixed

Income

Portfolio

.......

—

—

(41,916)

(11,957)

(53,384)

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2025

(Unaudited)

Amounts

designated

as

"—"

and

$0

or

have

been

rounded

to

$0.

\*

Total

accumulated

earnings/(deficit)

may

differ

from

the

total

distributable

earnings

amounts

reported

on

the

Statements

of

Assets

and

Liabilities

due

to

certain

temporary

differences

between

book-basis

and

tax-basis.

(a) Includes

$55,912,

$401,286,

and

$33,436

of

straddle

losses

which

were

deferred

for

the

U.S.

Equity

Portfolio,

Institutional

U.S.

Portfolio,

and

International

Portfolio,

respectively

(amounts

in

thousands).

D. Capital

Loss

Carryforwards

As

of

their

tax

year

ended

June

30,

2025

,

the

following

Portfolios

had

capital

loss

carryforwards

("CLCFs")

which

do

not

expire

as

summarized

below

(amounts

in

thousands):

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

(a) All

or

a

portion

are

limited

as

a

result

of

changes

in

ownership

in

connection

with

merger

reorganization.

Unused

limitations

during

a

year

accumulate

for

future

use

in

offsetting

net

capital

gains.

Portfolio

Undistributed

Ordinary

Income/

Tax

Exempt

Income

Undistributed

Long

Term

Capital

Gains

Accumulated

Earnings

Distributions

Payable

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

(Depreciation)

Total

Accumulated

Earnings/

(Deficit)

\*

U.S.

Corporate

Fixed

Income

Portfolio

.............

$

$

—

$

$

—

$

(19,663)

$

(4,650)

$

(24,103)

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio

...

—

—

(18,225)

(17,606)

(35,688)

Short-Term

Municipal

Portfolio

.............

—

—

(4,623)

(111) (4,699)

Intermediate

Municipal

Portfolio

.............

—

—

(12,582)

(10,391)

(22,827)

Portfolio

Short-Term

Amount

Long-Term

Amount

Total

U.S.

Equity

Portfolio

........................................

$

6,144

$

—

$

6,144

(a) Institutional

U.S.

Portfolio

....................................

3,102

6,885

9,987

Catholic

SRI

Growth

Portfolio

.................................

—

International

Portfolio

........................................

47,147

—

47,147

Emerging

Markets

Portfolio

...................................

62,653

13,309

75,962

Core

Fixed

Income

Portfolio

..................................

1,940

3,031

4,971

Corporate

Opportunities

Portfolio

..............................

1,566

3,756

5,322

U.S.

Government

Fixed

Income

Portfolio

........................

11,724

30,192

41,916

U.S.

Corporate

Fixed

Income

Portfolio

..........................

2,576

17,087

19,663

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio

...............

6,396

11,829

18,225

Short-Term

Municipal

Portfolio

................................

1,416

3,207

4,623

Intermediate

Municipal

Portfolio

...............................

940

11,642

12,582

(a) 237

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2025

(Unaudited)

E. Deferred

Losses

Under

current

tax

law,

capital

losses

and

specified

ordinary

losses

realized

after

October

or

non-specified

ordinary

losses

realized

after

June

(ordinary

losses

collectively

known

as

"late

year

ordinary

loss")

may

be

deferred

and

treated

as

occurring

on

the

first

business

day

of

the

following

fiscal

year.

The

following

Portfolio

had

net

deferred

losses,

which

were

treated

as

arising

on

the

first

day

of

the

fiscal

year

ended

June

30,

2026

(amounts

in

thousands):

F. Book-To-Tax

Differences

Distributions

are

based

on

amounts

calculated

in

accordance

with

applicable

federal

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

differences

are

permanent

in

nature

(e.g.,

net

operating

losses,

reclassification

of

bond

discount

and

premium,

equalization

accounting,

treatment

of

gains

and

losses

relating

to

foreign

currency

transactions,

distribution

re-characterization,

in-kind

redemptions

and

differing

treatment

of

income

relating

to

swap

agreements),

such

amounts

are

reclassified

within

the

capital

accounts

based

on

their

federal

tax-basis

treatment;

temporary

differences

do

not

require

reclassifications.

On

the

Statements

of

Assets

and

Liabilities,

as

a

result

of

permanent

book-to-tax

differences,

reclassification

adjustments

were

made

as

follows

(amounts

in

thousands):

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

6. RISK

CONSIDERATIONS.

Market

Risk

—

Market

risk

is

the

risk

that

the

market

value

of

a

security

may

move

up

and

down,

sometimes

rapidly

and

unpredictably.

These

fluctuations

may

cause

a

security

to

be

worth

less

than

the

price

originally

paid

for

it,

or

less

than

it

was

worth

at

an

earlier

time.

Market

risk

may

affect

a

single

issuer,

industrial

sector

of

the

economy

or

the

market

as

a

whole.

In

addition,

unexpected

events

and

their

aftermaths,

such

as

the

spread

of

deadly

diseases;

natural

environmental,

or

man-made

disasters;

financial,

political,

or

social

disruptions;

terrorism

and

war;

and

other

tragedies

or

catastrophes,

can

cause

investor

fear

and

panic,

which

can

adversely

affect

the

economies

of

many

companies,

sectors,

nations,

regions,

and

the

market

in

general,

in

ways

that

cannot

necessarily

be

foreseen.

Finally,

key

information

about

a

security

or

market

may

be

inaccurate

or

unavailable.

This

is

particularly

relevant

to

investments

in

foreign

securities.

Credit

Risk

—

Credit

risk

is

the

risk

that

an

issuer

(or

in

the

case

of

certain

securities,

the

guarantor

or

counterparty)

will

be

unable

to

make

principal

and

interest

payments

when

due.

The

creditworthiness

of

an

issuer

may

be

affected

by

a

number

of

factors,

including

the

financial

condition

of

the

issuer

(or

guarantor)

and,

in

the

case

of

foreign

issuers,

the

financial

condition

of

the

region.

Foreign

Investment

Risk

—

Investments

in

securities

issued

by

non-U.S.

companies

and

non-U.S.

governments

and

their

agencies

may

be

adversely

affected

by

the

lack

of

timely

or

reliable

financial

information,

political,

social

and/or

economic

developments

abroad

and

foreign

regulatory

requirements

and

market

practices.

Securities

denominated

in

foreign

currencies

Post-

October

Capital

Losses

Late

Year

Ordinary

Losses

Corporate

Opportunities

Portfolio

..........................................................................................

$

–

$

518

Portfolio

Paid

in

Capital

Distributable

Earnings/

(Loss)

U.S.

Equity

Portfolio

......................................................

$

130,175

$

(130,175)

Institutional

U.S.

Portfolio

..................................................

(2) ESG

Growth

Portfolio

.....................................................

13,187

(13,187)

Catholic

SRI

Growth

Portfolio

...............................................

—

—

Core

Fixed

Income

Portfolio

................................................

—

—

Corporate

Opportunities

Portfolio

............................................

(200) 200

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2025

(Unaudited)

are

subject

to

the

risk

that

the

value

of

the

foreign

currency

will

decline

in

relation

to

the

U.S.

dollar.

In

addition,

risks

associated

with

foreign

investments

may

be

intensified

in

the

case

of

investments

in

emerging-market

countries,

whose

political,

legal

and

economic

systems

are

less

developed

and

less

stable

than

those

of

more

developed

nations.

Options

Risk

—

Purchasing

and

writing

put

and

call

options

are

highly

specialized

activities

and

entail

greater-than-

ordinary

investments

risks.

If

the

Portfolio

writes

a

put

option,

it

incurs

the

risk

that

the

market

value

of

the

underlying

security

or

futures

contract

could

decrease

below

the

option's

exercise

price.

If

this

occurs,

the

option

could

be

exercised

and

the

portfolio

would

be

forced

to

buy

the

underlying

security

or

futures

contract

at

a

higher

price

than

its

current

market

value.

When

a

Portfolio

purchases

an

option,

it

will

lose

the

premium

paid

for

the

option

if

the

price

of

the

underlying

security

or

futures

contract

decreases

or

remains

the

same

(in

the

case

of

a

call

option)

or

increases

or

remains

the

same

(in

the

case

of

a

put

option).

If

an

option

purchased

by

the

Portfolio

were

permitted

to

expire

without

being

sold

or

exercised,

its

premium

would

represent

a

loss

to

the

Portfolio.

Options

Writing

Strategy

Risk

—

If

the

Index

appreciates

or

depreciates

sufficiently

over

the

period

to

offset

the

new

premium

from

the

written

option

on

that

index,

a

net

loss

will

result.

In

addition,

the

value

of

the

index

substitute

is

subject

to

change

as

the

values

of

the

component

securities

fluctuate.

The

performance

of

the

index

substitute

may

not

exactly

match

the

performance

of

the

index.

An

index

substitute

reflects

the

underlying

risks

of

the

index

and

index

substitute

options

are

subject

to

the

same

risks

as

index

options.

Swaps

Risks

—

The

use

of

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques,

risk

analyses

and

tax

planning

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Swap

transactions

can

result

in

sizeable

realized

and

unrealized

capital

gains

and

losses

relative

to

the

gains

and

losses

from

the

Portfolio's

direct

investments

in

securities

and

short

sales.

Transactions

in

swaps

can

involve

greater

risks

than

if

the

Portfolio

had

invested

in

securities

directly

since,

in

addition

to

general

market

risks,

swaps

may

be

leveraged

and

are

also

subject

to

liquidity

risk,

counterparty

risk,

credit

risk

and

valuation

risk.

Regulators

also

may

impose

limits

on

an

entity's

or

group

of

entities'

positions

in

certain

swaps.

Floating

Rate

Investments

Risk

—

Coupon

rates

on

these

investments

are

floating,

not

fixed,

and

are

tied

to

a

benchmark

lending

rate.

The

risks

associated

with

floating

rate

loans

are

similar

to

the

risks

of

below

investment

grade

securities.

Adverse

changes

in

economic

conditions

are

likely

to

cause

issuers

of

these

securities

to

be

unable

to

meet

their

obligations.

In

addition,

bank

loans

are

subject

to

the

requirements

of

the

underlying

credit

agreement

governing

such

bank

loan.

These

requirements

may

limit

the

eligible

pool

of

potential

bank

loan

holders

by

placing

conditions

or

restrictions

on

sales

and

purchases

of

bank

loans.

Further,

bank

loans

are

not

traded

on

an

exchange

and

purchasers

and

sellers

of

bank

loans

rely

on

market

makers,

usually

the

administrative

agent

for

a

particular

bank

loan,

to

trade

bank

loans.

These

factors,

in

addition

to

overall

market

volatility,

may

negatively

impact

the

liquidity

of

loans.

Difficulty

in

selling

a

floating

rate

loan

may

result

in

a

loss.

Borrowers

may

pay

back

principal

before

the

scheduled

due

date

when

interest

rates

decline,

which

may

require

the

Portfolio

to

replace

a

particular

loan

with

a

lower-yielding

security.

There

may

be

less

extensive

public

information

available

with

respect

to

loans

than

for

rated,

registered

or

exchange

listed

securities.

The

Portfolio

may

assume

the

credit

risk

of

the

primary

lender

in

addition

to

the

borrower,

and

investments

in

loan

assignments

may

involve

the

risks

of

being

a

lender.

7. SIGNIFICANT

SHAREHOLDERS.

Shareholders,

including

other

funds,

individuals,

accounts,

as

well

as

the

Portfolio's

investment

manager(s)

and/or

investment

personnel,

may

from

time

to

time

own

(beneficially

or

of

record)

a

significant

percentage

of

the

Portfolio's

Shares

and

can

be

considered

to

"control"

the

Portfolio

when

that

ownership

exceeds

25%

of

the

Portfolio's

assets

(which

may

differ

from

control

as

determined

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America).

As

of

December

31,

2025

,

the

following

table

includes

the

Portfolios

which

had

individual

shareholder

accounts

with

ownership

of

voting

securities

greater

than

10%

of

the

total

outstanding

voting

securities

but

less

than

25%

and/or

accounts

with

ownership

of

voting

securities

greater

than

25%

of

the

total

outstanding

voting

securities.

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(concluded)

—December

31,

2025

(Unaudited)

8. REVERSE

STOCK

SPLIT.

The

Board

authorized

a

1-for-5

reverse

stock

split

for

the

Core

Fixed

Income

Portfolio

effective

on

October

10,

2025. The

impact

of

the

stock

split

was

to

decrease

the

number

of

shares

outstanding

by

a

factor

of

5,

while

increasing

the

NAV

per

share

by

a

factor

of

5,

resulting

in

no

effect

on

the

net

assets

of

the

Portfolio.

The

financial

statements

for

the

Portfolio

have

been

adjusted

to

reflect

the

reverse

stock

split.

9. CONCENTRATION

OF

INVESTMENTS.

As

of

December

31,

2025

,

the

Corporate

Opportunities

Portfolio's

investment

in

the

State

Street

Institutional

Treasury

Plus

Money

Market

Fund

represented

greater

than

25%

of

the

Portfolio's

net

assets.

The

financial

statements

of

the

State

Street

Institutional

Treasury

Plus

Money

Market

Fund

can

be

found

by

accessing

the

fund's

website

at

http://www.ssga.com

.

10. SEGMENT

REPORTING.

In

accordance

with

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

–

Improvements

to

Reportable

Segment

Disclosures

("ASU

2023-07"),

subject

to

the

oversight

and,

when

applicable,

approval

of

the

Board,

the

Treasurer

of

the

Trust

acts

as

the

Portfolios'

chief

operating

decision

maker

("CODM")

and

is

responsible

for

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

each

Portfolio

has

a

single

operating

segment

based

on

the

fact

that

the

CODM

monitors

the

operating

results

of

each

Portfolio

as

a

whole

and

each

Portfolio's

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

terms

of

its

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

the

Portfolios'

portfolio

managers

as

a

team.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

in

the

Portfolios'

financial

statements.

11. SUBSEQUENT

EVENTS.

Pursuant

to

a

Plan

of

Reorganization

approved

by

the

Board

on

September

23,

2025,

Core

Fixed

Income

Portfolio

acquired

all

of

the

assets

and

liabilities

of

the

Corporate

Fixed

Income

Portfolio,

U.S.

Government

Fixed

Income

Portfolio,

and

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio

on

January

23,

2026. Management

has

evaluated

subsequent

events

through

the

date

these

financial

statements

were

issued.

Based

on

the

evaluation,

no

additional

disclosures

or

adjustments

were

required

to

the

financial

statements

as

of

December

31,

2025

.

Portfolio

Number

of

shareholders

with

ownership

of

voting

securities

of

the

Portfolio

greater

than

10%

and

less

than

25%

of

the

total

Portfolio's

outstanding

voting

securities

Number

of

shareholders

with

ownership

of

voting

securities

of

the

Portfolio

greater

than

25%

of

the

total

Portfolio's

outstanding

voting

securities

U.S.

Equity

Portfolio

..........................................................

—

Institutional

U.S.

Portfolio

.................................................

—

ESG

Growth

Portfolio

........................................................

—

Catholic

SRI

Growth

Portfolio

..........................................

Institutional

International

Portfolio

....................................

—

U.S.

Corporate

Fixed

Income

Portfolio

.............................

—

U.S.

Government

Fixed

Income

Portfolio

.........................

—

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio

.......

—

HC

CAPITAL

TRUST

Additional

Information

(Unaudited)

—

December

31,

2025

1. BOARD

APPROVAL

OF

INVESTMENT

ADVISORY

CONTRACTS

The

Trust's

investment

adviser

is

HC

Capital

Solutions

(the

"Adviser"),

an

operating

division

of

Hirtle

Callaghan

&

Co.

LLC

("Hirtle

Callaghan").

The

Adviser

provides

overall

investment

management

services

with

respect

to

HC

Capital

Trust

(the

"Trust")

and

each

of

its

separate

portfolios

("Portfolios")

pursuant

to

the

terms

of

two

separate

agreements

with

the

Trust

(the

"HC

Contracts").

The

Adviser

is

authorized

under

the

HC

Contracts

to

purchase

and

sell

portfolio

securities

for

the

Portfolios.

Day-to-day

portfolio

management

services,

however,

are

generally

provided

to

the

respective

Portfolios

by

one

or

more

investment

advisory

organizations

(each

a

"Specialist

Manager")

pursuant

to

the

terms

of

separate

investment

advisory

agreements

(each

a

"Portfolio

Management

Agreement").

The

Trust

offers

eleven

Portfolios,

ten

of

which

are

managed

by

two

or

more

Specialist

Managers.

Each

Specialist

Manager

is

responsible

for

providing

day-to-day

portfolio

management

services

for

that

portion

of

a

Portfolio's

assets

allocated

to

it

by,

and

under

the

supervision

of,

the

Adviser.

During

the

period

between

July

1,

2025

and

December

31,

2025,

the

Trust's

Board

of

Trustees

(the

"Board"):

Approved

the

continuation

of

certain

Portfolio

Management

Agreements,

as

set

forth

below;

Approved

new

Portfolio

Management

Agreements

(the

"New

Agincourt

Agreements")

with

Agincourt

Capital

Management,

LLC

("Agincourt")

with

respect

to

each

of

The

ESG

Growth

Portfolio,

The

Catholic

SRI

Growth

Portfolio,

The

Core

Fixed

Income

Portfolio

and

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio;

and

Approved

a

new

Portfolio

Management

Agreement

(the

"New

Parametric

Agreement")

between

the

Trust

and

Parametric

Portfolio

Associates,

LLC

("Parametric")

with

respect

to

The

Core

Fixed

Income

Portfolio,

as

set

forth

below.

In

considering

the

information

and

materials

described

herein,

the

Trustees

of

the

Trust

who

are

not

"interested

persons"

of

the

Trust

or

the

Adviser

within

the

meaning

of

the

Investment

Company

Act

(the

"Independent

Trustees")

were

represented

by,

and

met

separately

with,

their

independent

legal

counsel

and

were

provided

with

a

written

description

of

their

statutory

responsibilities

and

the

legal

standards

that

are

applicable

to

approvals

of

advisory

agreements.

In

view

of

the

broad

scope

and

variety

of

factors

and

information,

the

Board

did

not

find

it

practicable

to,

and

did

not,

assign

relative

weights

to

the

specific

factors

considered

in

reaching

its

conclusions

to

approve

the

various

Portfolio

Management

Agreements

and

the

Amendments.

Rather,

the

conclusions

were

made

on

the

basis

of

each

Trustee's

business

judgment

after

consideration

of

all

of

the

factors

taken

in

their

entirety.

Continuation

of

Certain

Portfolio

Management

Agreements.

The

Portfolio

Management

Agreements

approved

for

continuance

during

the

period

(collectively,

the

"Continuing

Agreements")

are

identified

below,

together

with

the

Specialist

Managers

subject

to

review

during

the

period.

Specialist

Manager

Portfolios

Mellon

Investments

Corporation

("Mellon")

The

U.S.

Equity

Portfolio

The

Institutional

U.S.

Equity

Portfolio

The

ESG

Growth

Portfolio

The

Catholic

SRI

Growth

Portfolio

The

International

Equity

Portfolio

The

Institutional

International

Equity

Portfolio

The

Emerging

Markets

Portfolio

The

Core

Fixed

Income

Portfolio

HC

CAPITAL

TRUST

Additional

Information

(Unaudited)

(continued)

—

December

31,

2025

In

its

deliberations

with

respect

to

each

of

the

Continuing

Agreements,

the

Board

recognized

that,

under

each

such

agreement,

a

Specialist

Manager

is

responsible

only

for

day-to-day

investment

decisions

with

respect

that

portion

of

a

Portfolio's

assets

allocated

to

it.

The

Board

further

recognized

that

the

Specialist

Managers

do

not

participate

in

the

administration

of

any

of

the

Portfolios

or

in

the

distribution

of

shares

of

any

of

the

Portfolios

and

thus

receive

limited,

if

any,

benefit

from

their

association

with

the

Trust

other

than

the

fee

paid

to

them

by

the

respective

Portfolios

for

investment

management

services.

In

approving

the

Continuing

Agreements,

the

Board

concluded

that

continuation

of

each

of

the

Continuing

Agreements

was

in

the

best

interests

of

each

respective

Portfolio

and

consistent

with

the

expectations

of

shareholders

of

the

Portfolios.

While

the

Board

did

not

identify

any

particular

factor

as

controlling,

the

Board

gave

substantial

weight

to

the

fact

that

the

Trust

is

designed

primarily

to

serve

as

a

vehicle

through

which

the

Adviser

implements

asset

allocation

strategies

on

behalf

of

Hirtle

Callaghan's

clients;

and

that

shares

of

the

respective

Portfolios

are

generally

available

only

to

such

clients.

With

respect

to

the

nature,

extent

and

quality

of

the

services

provided

by

each

of

the

Specialist

Managers,

the

Board

was

informed

with

respect

to

the

specific

investment

process

employed

by

each

of

the

Specialist

Managers

in

managing

the

assets

of

the

respective

Portfolios

allocated

to

them

and

the

qualifications

of

each

Specialist

Manager's

investment

management

personnel.

The

Board

was

also

informed

with

respect

to

each

Specialist

Manager's

infrastructure

and

whether

it

appears

to

adequately

support

the

strategies

being

implemented

for

the

various

Portfolios.

The

Board

concluded

that

the

nature,

extent

and

quality

of

the

portfolio

management

services

provided

by

each

of

the

Specialist

Managers

were

satisfactory

in

light

of

the

specific

strategies

employed

on

behalf

of

the

respective

Portfolios

and,

thus,

supported

a

decision

to

approve

the

continuation

of

each

of

the

Continuing

Agreements.

The

Board

also

considered

representations

made

by

the

Adviser

that

the

performance

achieved

by

the

relevant

Specialist

Managers

was

consistent

with

the

Adviser's

expectations

in

the

context

of

the

overall

objectives,

and

multi-manager

strategy,

of

each

of

the

respective

Portfolios.

During

the

course

of

its

deliberations,

the

Board

was

informed

with

respect

to

publicly

available

information

assembled

by

a

third-party

service

provider

about

the

performance

of

peer

funds

managed

by

other

investment

advisory

organizations.

The

Board

did

not

specifically

rely

on

such

information

but

based

its

conclusions

on

the

facts

and

circumstances

related

to

each

Portfolio.

With

respect

to

Mellon,

the

Board

was

informed

that

the

firm

managed

assets

for

equity

Portfolios

of

the

Trust

using

several

different

strategies

–

both

indexing

strategies

and

factor-based

strategies,

and

that

the

Adviser

allocates

Portfolio

assets

among

these

strategies.

With

respect

to

fixed

income

Portfolios,

the

firm

generally

uses

passive

investment

strategies

intended

to

mirror

the

returns

of

the

applicable

benchmark

index.

The

Board

was

informed

that

Mellon

had

assets

allocated

to

it

in

eight

of

the

Portfolios

for

which

it

is

under

contract,

employing

eleven

different

strategies,

and

that

it

had

outperformed

the

applicable

benchmark

indices

for

five

of

the

strategies

employed

for

equity

Portfolios

since

the

respective

inceptions

of

such

accounts,

while

matching

the

benchmark

performance

for

the

two

other

equity

strategies.

The

Board

was

also

informed

that,

for

the

strategies

employed

for

fixed

income

Portfolios,

since

the

respective

inceptions

of

such

accounts,

one

strategy

had

matched

its

benchmark

index

while

the

other

three

had

underperformed

their

respective

indices

by

between

0.03%

and

0.13%.

The

Board

The

Corporate

Opportunities

Portfolio

The

U.S.

Government

Fixed

Income

Securities

Portfolio

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

RhumbLine

Advisers

Limited

Partnership

("RhumbLine")

The

Institutional

U.S.

Equity

Portfolio

The

Institutional

International

Equity

Portfolio

The

Emerging

Markets

Portfolio

Wellington

Management

Company,

LLP

("Wellington")

The

Institutional

U.S.

Equity

Portfolio

HC

CAPITAL

TRUST

Additional

Information

(Unaudited)

(continued)

—

December

31,

2025

was

also

informed

that,

as

Mellon

is

a

passive

investment

manager,

the

Adviser

primarily

assesses

the

firm

based

on

the

service

it

provides

rather

than

on

its

performance.

With

respect

to

RhumbLine,

the

Board

was

informed

that

the

firm's

investment

process

was

to

produce

returns

that

closely

track

a

particular

benchmark

index

using

both

full

replication

and

optimization

approaches.

The

Board

was

further

informed

that

RhumbLine

had

managed

assets

of

The

Institutional

U.S.

Equity

Portfolio

for

just

over

two

years

and

had

slightly

underperformed

its

benchmark

index

for

the

most

recent

one

year

period

and

since

the

inception

of

the

account.

The

Board

was

also

informed

that,

as

with

Mellon,

RhumbLine

is

a

passive

investment

manager

and

the

Adviser

primarily

assesses

the

firm

based

on

the

service

it

provides

rather

than

on

its

performance.

With

respect

to

Wellington,

the

Board

was

informed

that

the

portion

of

The

Institutional

U.S.

Equity

Portfolio

managed

by

Wellington

outperformed

the

appropriate

benchmark

index

and

an

appropriate

peer

group

of

funds

for

the

one

-

and

three-

year

periods

ended

September

30,

2025,

while

matching

the

benchmark

performance

for

the

five-year

period.

In

concluding

that

continuation

of

the

Continuing

Agreements

was

appropriate,

the

Board

did

not

rely

upon

any

single

factor

but

gave

considerable

weight

to

the

Adviser's

recommendations

and

its

assessment

of

each

Specialist

Manager's

overall

compliance

profile

and

the

success

and

future

ability

of

each

Specialist

Manager

in

capturing

the

respective

Portfolios'

desired

asset

classes.

Based

on

the

foregoing,

the

Board

concluded

that

the

performance

of

the

Specialist

Managers

was

satisfactory,

and

that

continuation

of

such

contracts

was

in

the

best

interest

of

shareholders

of

the

respective

Portfolios

at

the

time.

The

Board

also

concluded

that

the

fee

rates

at

which

each

of

the

Specialist

Managers

is

compensated

under

the

Continuing

Agreements

are

reasonable.

In

reaching

this

conclusion,

the

Board

had

before

it

information

about

the

impact

of

breakpoints,

financial

information

about

the

Specialist

Managers

relating

to

factors

such

as

comparable

fees

charged

to

other

institutional

clients

and/or

to

peer

funds

for

similar

services

and

costs

incurred

by

the

Specialist

Managers

in

providing

services

to

the

respective

Portfolios.

The

Board

was

also

informed

with

respect

to

advisory

fees

paid

by

other,

unaffiliated,

funds

with

similar

objectives

and

strategies.

In

considering

this

information,

the

Board

gave

substantial

weight

to

information

demonstrating

that

the

rate

at

which

these

Specialist

Managers

are

compensated

was

determined

as

a

result

of

arms-length

negotiations

conducted

by

the

officers

of

the

Trust

and

the

Adviser,

including

in

several

cases,

scheduled

breakpoints

designed

to

recognize

economies

of

scale

where

appropriate.

With

respect

to

Mellon,

the

Board

was

informed

with

respect

to

the

fact

that

the

firm

is

entitled

to

multiple

different

fee

arrangements,

depending

on

asset

class,

asset

levels

and

strategy

and

that

these

fee

levels

range

from

0.04%

to

0.15%

for

equity

Portfolios

and

from

0.06%

to

0.25%

for

fixed

income

Portfolios.

The

Board

was

informed

that

each

of

these

fee

structures

was

lower

than

the

comparable

industry

average

fees.

With

respect

to

RhumbLine,

the

Board

was

informed

that

the

firm

was

entitled

to

receive

a

fee

of

either

0.04%

or

0.05%,

depending

on

the

Portfolio,

and

that

these

fee

levels

were

well

below

the

average

industry

fees.

With

respect

to

Wellington

in

The

Institutional

U.S.

Equity

Portfolio,

the

Board

was

informed

that

Wellington

received

an

effective

fee

for

the

period

of

0.71%,

while

the

average

advisory

fee

for

peer

funds

was

0.44%,

but

the

Board

was

also

informed

that

Wellington

was

managing

a

portfolio

of

real

estate

related

securities

within

the

broader

U.S.

equity

scope

of

the

overall

Portfolio

and

that

the

average

industry

advisory

fees

for

real

estate

focused

funds

was

more

in

line

with

the

fee

paid

by

the

Portfolio

to

Wellington.

Approval

of

New

Portfolio

Management

Agreements

with

Agincourt.

During

the

period,

the

Board

approved

new

Portfolio

Management

Agreements

(the

"New

Agincourt

Agreements")

with

Agincourt

related

to

The

ESG

Growth

Portfolio,

The

Catholic

SRI

Growth

Portfolio,

The

Core

Fixed

Income

Portfolio

and

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio.

The

Board

concluded

that

approval

of

the

New

Agincourt

Agreement

was

in

the

best

interests

of

the

respective

Portfolios

and

consistent

with

the

expectations

of

shareholders

of

those

Portfolios.

The

Board

received

information

about

certain

anticipated

changes

in

the

ownership

structure

of

Agincourt,

which,

under

the

1940

Act,

would

result

in

the

automatic

termination

of

the

then

existing

Portfolio

Management

Agreements

("Prior

Agreements")

between

the

Trust

and

Agincourt.

In

determining

to

approve

the

New

Agincourt

Agreements,

the

Board

considered

the

fact

that

the

New

Agincourt

Agreements

were

substantively

identical

to

the

Prior

Agreements

and

that

the

fees

to

which

Agincourt

would

be

entitled

and

the

expenses

of

the

Portfolios

served

by

Agincourt

would

not

increase

as

a

result

of

the

changes

in

Agincourt's

structure

or

implementation

of

the

HC

CAPITAL

TRUST

Additional

Information

(Unaudited)

(concluded)

—

December

31,

2025

New

Agincourt

Agreements.

The

Board

also

considered

representations

provided

by

Agincourt

to

the

Adviser

and

the

Trust's

officers

to

the

effect

that

the

services

to

be

provided

to

the

Trust

under

the

New

Agincourt

Agreements

would

not

change

as

a

result

of

the

approval

of

the

New

Agincourt

Agreements

and

that

approval

of

the

New

Agincourt

Agreements

would

avoid

disruption

of

the

portfolio

management

services

provided

to

the

Portfolios.

The

Board

also

considered

each

of

the

factors

it

had

considered

in

approving

continuation

of

the

Prior

Agreements

at

its

meeting

in

March

of

2025. The

Board

determined

that

the

terms

of

the

New

Agincourt

Agreements

were

fair

and

reasonable

and

that

the

rates

at

which

Agincourt

would

be

compensated

for

its

services

under

the

New

Agincourt

Agreements

were

reasonable.

Approval

of

a

New

Portfolio

Management

Agreement

with

Parametric.

The

Board

also

approved

the

New

Parametric

Agreement.

In

approving

the

New

Parametric

Agreement,

the

Board

concluded

that

approval

of

the

New

Parametric

Agreement

was

in

the

best

interests

of

The

Core

Fixed

Income

Portfolio

(the

"Portfolio")

and

consistent

with

the

expectations

of

shareholders

of

the

Portfolio.

Based

upon

the

Adviser's

recommendation,

it

was

determined

by

the

Board

that

allowing

the

Portfolio

to

have

access

to

Parametric's

"Targeted

Strategy,"

in

which

Parametric

effects

transactions

at

the

direction

of

the

Adviser

to

balance

perceived

underweights

in

the

overall

investment

portfolio

would

be

appropriate.

Accordingly,

the

Board

approved

the

New

Parametric

Agreement.

In

connection

with

its

deliberations,

the

Board

noted

that

the

terms

of

the

New

Parametric

Agreement

were

substantially

similar,

including

the

applicable

fees,

to

the

terms

of

existing

Portfolio

Management

Agreements

already

in

effect

between

the

Trust

and

Parametric

with

respect

to

the

Targeted

Strategy

in

multiple

Portfolios

of

the

Trust.

The

Board

also

reviewed

and

considered

information

that

it

had

requested

and

received

from

Parametric

as

well

as

information

provided

to

it

by

the

Adviser

with

respect

to

the

strategy.

The

Board

was

also

informed

with

respect

to

the

information

it

had

reviewed

about

Parametric

at

a

prior

meeting

in

2025

related

to

the

annual

renewal

of

Parametric's

existing

Portfolio

Management

Agreements

with

the

Trust.

In

concluding

that

the

services

expected

to

be

provided

by

Parametric

were

reasonably

likely

to

benefit

the

Portfolio,

the

Board

did

not

rely

upon

any

single

factor,

but

gave

substantial

weight

to

the

Adviser's

assessment

of

the

structure

of

the

Portfolio,

the

role

of

the

various

Specialist

Managers

currently

serving

the

Portfolio,

and

the

potential

benefits

of

engaging

Parametric

to

manage

a

portion

of

the

Portfolio's

assets

using

the

Targeted

Strategy.

The

Board

also

determined

that

the

terms

of

the

New

Parametric

Agreement

were

fair

and

reasonable

and

that

the

rate

at

which

Parametric

would

be

compensated

for

its

services

under

the

New

Parametric

Agreement

was

reasonable.

During

the

course

of

its

deliberations,

the

Board

was

provided

with

publicly

available

information

assembled

by

a

third-party

service

provider

about

the

performance

and

fee

structures

of

funds

similar

to

the

Portfolio

managed

by

other

investment

advisers

(the

"peer

group").

While

the

Board

found

the

information

presented

useful

as

an

indication

of

the

range

of

fees

and

services

in

the

peer

groups,

the

Board

did

not

specifically

rely

upon

such

comparisons,

but

based

its

findings

primarily

on

the

specific

facts

and

circumstances

of

the

Portfolio

and

of

the

Trust

as

a

whole

and

the

fact

that

the

rate

at

which

Parametric

is

to

be

compensated

was

determined

as

a

result

of

arms-length

negotiations

conducted

by

the

officers

of

the

Trust

and

the

Adviser.

The

Board

also

recognized

that

the

overall

levels

of

advisory

fees

and

expenses

experienced

by

the

Portfolio

depend

upon

the

manner

in

which

the

assets

of

the

Portfolio

are

allocated

among

the

various

Specialist

Managers

by

the

Adviser.

Based

on

the

above,

the

Board

further

determined

that

the

profitability

to

Parametric

from

its

relationship

with

the

Portfolio

was

not

a

material

factor

in

its

deliberations

with

respect

to

consideration

of

the

approval

of

the

New

Parametric

Agreement.

The

Board

recognized

that

Parametric

would

not

participate

in

the

administration

of

the

Portfolio

or

in

the

distribution

of

shares

of

the

Portfolio

and

thus

would

receive

limited,

if

any,

benefit

from

its

association

with

the

Trust

other

than

the

fee

paid

to

Parametric

by

the

Portfolio

for

investment

management

services.

HC

CAPITAL

TRUST

2/26

Trustees

GEOFFREY

A. TRZEPACZ\*

JOHN

M. DYER

JARRETT

B. KLING

R. RICHARD

WILLIAMS

RICHARD

W. WORTHAM

III

\*

'Interested

Person'

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940. Investment

Adviser

HC

Capital

Solutions

Five

Tower

Bridge

Barr

Harbor

Drive,

5th

Floor

West

Conshohocken,

PA

19428

Administrator

Citi

Fund

Services

Ohio,

Inc.

4400

Easton

Commons,

Suite

Columbus,

OH

43219

Distributor

Ultimus

Fund

Distributors,

LLC

Pictoria

Drive,

Suite

Cincinnati,

OH

45246

Counsel

Stradley

Ronon

Stevens

&

Young,

LLP

2005

Market

Street,

Suite

2600

Philadelphia,

PA

19103-7018

Independent

Registered

Public

Accounting

Firm

Grant

Thornton

LLP

Two

Commerce

Square

2001

Market

Street,

Suite

800

Philadelphia,

PA

19103

Custodian

State

Street

Bank

and

Trust

Company

State

Street

Financial

Center

Lincoln

Street

Boston,

MA

02111-2900

This

report

is

for

the

information

of

the

shareholders

of

HC

Capital

Trust.

Its

use

in

connection

with

any

offering

of

the

Trust's

shares

is

authorized

only

in

case

of

a

concurrent

or

prior

delivery

of

the

Trust's

current

prospectus.

The

prospectus

contains

more

complete

information,

including

investment

objectives,

risks,

fees

and

expenses

and

should

be

read

carefully

before

investing

or

sending

any

money.

(b) The Financial Highlights are included as a part of the Financial Statements filed under Item 7(a) of this Form.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Changes in and disagreements with accountants, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Proxy disclosures, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Remuneration paid to Trustees, Officers and others are part of the Financial Statements filed under Item 7(a) of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Approval of Investment Advisory Contract is a part of the Financial Statements filed under Item 7(a) of this Form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16. Controls and Procedures.**

(a) The Registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.** 

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.](ex99.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99906.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>HC Capital Trust</u>

By (Signature and Title) <u>/s/ Geoffrey Trzepacz</u>

Geoffrey Trzepacz, Principal Executive Officer

Date <u>2/24/2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) <u>/s/ Colette Bergman</u>

Colette Bergman, Principal Financial Officer

Date <u>2/24/2026</u>

By (Signature and Title) <u>/s/ Geoffrey Trzepacz</u>

Geoffrey Trzepacz, Principal Executive Officer

Date <u>2/24/2026</u>_____________________________________________

## Ex-99

<u>CERTIFICATIONS</u>

I, Geoffrey Trzepacz, certify that:

1. I have reviewed this report on Form N-CSR of HC Capital Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

<u>2/24/2026_</u>________________ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Geoffrey Trzepacz</u>____________________<br> Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geoffrey Trzepacz

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Principal Executive Officer

<u>CERTIFICATIONS</u>

I, Colette Bergman, certify that:

1. I have reviewed this report on Form N-CSR of HC Capital Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

<u>2/24/2026___</u>_______________ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Colette Bergman_____</u>______________<br> Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colette Bergman&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Principal Financial Officer

## Exhibit 99.906

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2025 of HC Capital Trust (the "Registrant").

The undersigned, being the Principal Executive Officer and Principal Financial Officer of the Registrant, hereby certifies that, to such officer's knowledge:

1. &nbsp;&nbsp;&nbsp;&nbsp;

the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. &nbsp;&nbsp;&nbsp;&nbsp;

the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 <u>2/24/2026</u>

_____________________

Date

<u>/s/ Geoffrey Trzepacz&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Geoffrey Trzepacz

Principal Executive Officer

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2025 of HC Capital Trust (the "Registrant").

The undersigned, being the Principal Executive Officer and Principal Financial Officer of the Registrant, hereby certifies that, to such officer's knowledge:

3. &nbsp;&nbsp;&nbsp;&nbsp;

the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

4. &nbsp;&nbsp;&nbsp;&nbsp;

the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 <u>2/24/2026</u>

_____________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Date

<u>/s/ Colette Bergman_______________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>_

Colette Bergman

Principal Financial Officer

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.