# EDGAR Filing Document

**Accession Number:** 0000934563
**File Stem:** 0001398344-23-005532
**Filing Date:** 2023-3
**Character Count:** 1260621
**Document Hash:** f2297f73f344f8950a072ee926a6ee7d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-005532.hdr.sgml**: 20230306

**ACCESSION NUMBER**: 0001398344-23-005532

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230306

**DATE AS OF CHANGE**: 20230306

**EFFECTIVENESS DATE**: 20230306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HC CAPITAL TRUST
- **CENTRAL INDEX KEY:** 0000934563
- **IRS NUMBER:** 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:** 23707830

**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 | HC Strategic Shares | HCIMX           |
| C000085455 | HC Advisors Shares  | HCIBX           |

### The Value Equity Portfolio (Series ID: S000009378)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000025693 | HC Strategic Shares | HCVEX           |
| C000085457 | HC Advisors Shares  | HCVPX           |

### The Growth Equity Portfolio (Series ID: S000009379)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000025694 | HC Strategic Shares | HCEGX           |
| C000085458 | HC Advisors Shares  | HCGWX           |

### The Small Capitalization - Mid Capitalization Equity Portfolio (Series ID: S000009380)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000025695 | HC Strategic Shares | HCCEX           |
| C000085459 | HC Advisors Shares  | HCSAX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000025696 | HC Strategic Shares | HCIEX           |
| C000085460 | HC Advisors Shares  | HCIAX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000025697 | HC Strategic Shares | HCIIX           |
| C000085461 | HC Advisors Shares  | HCFNX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000025698 | HC Strategic Shares | HCHYX           |
| C000085462 | HC Advisors Shares  | HCFOX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000025699 | HC Strategic Shares | HCSBX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000062556 | HC Strategic Shares | HCIGX           |
| C000085465 | HC Advisors Shares  | HCIWX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000065218 | HC Strategic Shares | HCINX           |
| C000085467 | HC Advisors Shares  | HCITX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000065289 | HC Strategic Shares | HCEMX           |
| C000085468 | HC Advisors Shares  | HCEPX           |

### THE INTERMEDIATE TERM MUNICIPAL BOND II PORTFOLIO (Series ID: S000028077)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000085451 | HC STRATEGIC SHARES | HCBSX           |
| C000085452 | HC ADVISORS SHARES  | HCBAX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000091786 | HC Strategic Shares | HCUSX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000091788 | HC Strategic Shares | HCXSX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000091790 | HC Strategic Shares | HCASX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000157800 | HC Strategic Shares | HCESX           |
| C000157801 | HC Advisors Shares  | HCSGX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000164402 | HC Advisors Shares  | HCSVX           |
| C000164403 | HC Strategic Shares | HCSRX           |

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 <u>811-08918</u>

HC Capital Trust

(Exact name of Registrant as specified in charter)

Five Tower Bridge, 300 Barr Harbor Drive, 5<sup>th</sup> Floor, West Conshohocken, PA 19428

(Address of principal executive offices) (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, 2022</u>

**Item 1. Reports to Stockholders.** 

Semiannual Report (Unaudited)

The Value Equity Portfolio<br> The Growth Equity Portfolio<br> The Institutional U.S. Equity Portfolio<br> The Small Capitalization-Mid Capitalization Equity Portfolio<br> The ESG Growth Portfolio<br> The Catholic SRI Growth Portfolio<br> The International Equity Portfolio<br> The Institutional International Equity Portfolio<br> The Emerging Markets Portfolio<br> The Core Fixed Income Portfolio<br> The Corporate Opportunities Portfolio<br> The U.S. Government Fixed Income Securities Portfolio<br> The U.S. Corporate Fixed Income Securities Portfolio<br> The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio <br> The Short-Term Municipal Bond Portfolio<br> The Intermediate Term Municipal Bond Portfolio<br> The Intermediate Term Municipal Bond II Portfolio

December 31, 2022

*December 31, 2022* 

We are pleased to present the December 31, 2022 Semiannual Report for the HC Capital Trust (the "Trust").

The Trust is an open-end management investment company. As of December 31, 2022, the Trust consisted of seventeen separate investment portfolios (the "Portfolios"). Day-to-day portfolio management services are provided to each of the Trust's Portfolios by one or more independent money management organizations ("Specialist Managers"). Each Specialist Manager is subject to the supervision of HC Capital Solutions, an operating division of Hirtle Callaghan & Co., LLC, which serves as the Trust's primary investment adviser and to the general oversight of the Trust's Board of Trustees.

<u>**The Value Equity Portfolio**</u>, seeks total return by investing in a diversified portfolio of equity securities of large companies with relatively low price-earnings ratios and high dividend yields.

<u>**The Growth Equity Portfolio**</u>, seeks capital appreciation by investing in a diversified portfolio of equity securities of large and mid-capitalization companies with superior prospects for earnings growth.

<u>**The Institutional U.S. Equity Portfolio**</u>, seeks capital appreciation by investing in a diversified portfolio of equity securities of large and mid-capitalization companies with superior prospects for earnings growth.

<u>**The Small Capitalization-Mid Capitalization Equity Portfolio**</u>, seeks long-term capital appreciation by investing in a diversified portfolio of equity securities of small and mid-capitalization companies.

<u>**The ESG Growth Portfolio**</u>, seeks to maximize total return subject to emphasizing environmental, social and governance ("ESG") focused investments.

<u>**The Catholic SRI Growth Portfolio**</u>, seeks to maximize total return integrating a range of social and moral concerns into its security selection process.

<u>**The International Equity Portfolio**</u>, seeks to maximize total return by investing in a diversified portfolio of equity securities of companies based in countries other than the United States of America.

<u>**The Institutional International Equity Portfolio**</u>, seeks to maximize total return by investing in a diversified portfolio of equity securities of companies based in countries other than the United States of America.

<u>**The Emerging Markets Portfolio**</u>, seeks total return, primarily through capital appreciation, by investing in a diversified portfolio of securities issued by companies domiciled, or doing a substantial portion of their business, in countries with a developing or emerging economy or securities market.

<u>**The Core Fixed Income Portfolio**</u>, seeks current income, consistent with the preservation of capital, by investing in a diversified portfolio of debt securities, including U.S. and non-U.S. government securities, corporate debt securities, and asset-backed issues.

<u>**The Corporate Opportunities Portfolio**</u>, seeks to achieve above-average total return by investing in high yield securities (commonly referred to as "junk bonds").

<u>**The U.S. Government Fixed Income Securities Portfolio**</u>, seeks to provide a moderate and sustainable level of current income, consistent with the preservation of capital by investing primarily in a diversified portfolio of U.S. Treasury and government related fixed income securities.

<u>**The U.S. Corporate Fixed Income Securities Portfolio**</u>, seeks to provide a moderate and sustainable level of current income, consistent with the preservation of capital by investing primarily in a diversified portfolio of investment grade fixed income securities issued by U.S. corporations.

<u>**The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio**</u>, seeks to provide a moderate and sustainable level of current income, consistent with the preservation of capital by investing primarily in a diversified portfolio of publicly issued mortgage and asset backed securities.

<u>**The Short-Term Municipal Bond Portfolio**</u>, seeks a high level of current income exempt from Federal income tax, consistent with preservation of capital, by investing primarily in securities issued by municipalities and related securities.

<u>**The Intermediate Term Municipal Bond Portfolio**</u>, seeks a high level of current income, consistent with the preservation of capital, exempt from Federal income tax by investing in securities issued by municipalities and related entities.

<u>**The Intermediate Term Municipal Bond II Portfolio**</u>, seeks a high level of current income, consistent with the preservation of capital, exempt from Federal income tax by investing in securities issued by municipalities and related entities.

---

| | |
|:---|:---|
| **HC CAPITAL TRUST** | **Semiannual Report** (Unaudited) |

---

*December 31, 2022* 

**Table of Contents** 

---

| | |
|:---|:---|
| Portfolios of Investments  | 1 |
| Statements of Assets and Liabilities  | 233 |
| Statements of Operations  | 238 |
| Statements of Changes in Net Assets  | 243 |
| Financial Highlights  | 249 |
| Notes to Financial Statements  | 256 |
| Additional Information  | 287 |

---

**HC CAPITAL TRUST** 

**The Value Equity Portfolio** 

Portfolio of Investments — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks — 98.82%** | **Common Stocks — 98.82%** |
|  | **Aerospace & Defense — 1.65%** | **Aerospace & Defense — 1.65%** |
| 3065 | HEICO Corp.  | $471 |
| 1057 | L3Harris Technologies, Inc.  | 220 |
| 5411 | Lockheed Martin Corp.  | 2632 |
| 747 | Northrop Grumman Corp.  | 408 |
| 18437 | Raytheon Technologies Corp.  | 1861 |
| 6782 | Spirit Aerosystems Holdings, Inc., Class - A  | 201 |
| 5412 | The Boeing Co.<sup>(a)</sup>  | 1031 |
| 4420 | TransDigm Group, Inc.  | 2782 |
|  |  | 9606 |
|  | **Air Freight & Logistics — 0.68%** | **Air Freight & Logistics — 0.68%** |
| 305 | Expeditors International of Washington, Inc.  | 32 |
| 4786 | FedEx Corp.  | 829 |
| 1886 | GXO Logistics, Inc.<sup>(a)</sup>  | 81 |
| 16845 | United Parcel Service, Inc., Class - B  | 2927 |
| 1886 | XPO, Inc.<sup>(a)</sup>  | 63 |
|  |  | 3932 |
|  | **Airlines — 0.18%** | **Airlines — 0.18%** |
| 11583 | Alaska Air Group, Inc.<sup>(a)</sup>  | 498 |
| 28157 | American Airlines Group, Inc.<sup>(a)</sup>  | 358 |
| 2097 | Copa Holdings SA, Class - A<sup>(a)</sup>  | 174 |
|  |  | 1030 |
|  | **Auto Components — 0.34%** | **Auto Components — 0.34%** |
| 585 | Gentex Corp.  | 16 |
| 12500 | Lear Corp.  | 1550 |
| 37827 | The Goodyear Tire & Rubber Co.<sup>(a)</sup>  | 384 |
|  |  | 1950 |
|  | **Automobiles — 0.84%** | **Automobiles — 0.84%** |
| 7064 | General Motors Co.  | 238 |
| 9877 | Rivian Automotive, Inc., Class - A<sup>(a)</sup>  | 182 |
| 36390 | Tesla, Inc.<sup>(a)</sup>  | 4482 |
|  |  | 4902 |
|  | **Banks — 4.34%** | **Banks — 4.34%** |
| 225733 | Bank of America Corp.  | 7476 |
| 16687 | Bank OZK  | 668 |
| 16009 | Citigroup, Inc.  | 724 |
| 1826 | Citizens Financial Group, Inc.  | 72 |
| 15989 | Comerica, Inc.  | 1069 |
| 656 | Commerce Bancshares, Inc.  | 45 |
| 1552 | Cullen/Frost Bankers, Inc.  | 208 |
| 3013 | East West Bancorp, Inc.  | 199 |
| 13076 | Fifth Third Bancorp  | 429 |
| 6815 | First Hawaiian, Inc.  | 177 |
| 1892 | First Republic Bank  | 231 |
| 41225 | Huntington Bancshares, Inc.  | 581 |
| 52407 | JPMorgan Chase & Co.  | 7028 |
| 17314 | KeyCorp  | 302 |
| 3497 | M&T Bank Corp.  | 507 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 8270 | PNC Financial Services Group, Inc.  | $| 1306 |
| 710 | SVB Financial Group<sup>(a)</sup>  |  | 163 |
| 42174 | Synovus Financial Corp.  |  | 1584 |
| 32258 | Truist Financial Corp.  |  | 1388 |
| 9426 | Umpqua Holdings Corp.  |  | 168 |
| 11780 | Wells Fargo & Co.  |  | 486 |
| 9321 | Zions Bancorp NA  |  | 458 |
|  |  |  | 25269 |
|  | **Beverages — 2.12%** | **Beverages — 2.12%** | **Beverages — 2.12%** |
| 4600 | Brown-Forman Corp., Class - B  |  | 302 |
| 2846 | Constellation Brands, Inc., Class - A  |  | 660 |
| 6891 | Keurig Dr Pepper, Inc.  |  | 246 |
| 4530 | Monster Beverage Corp.<sup>(a)</sup>  |  | 460 |
| 28839 | PepsiCo, Inc.  |  | 5210 |
| 85987 | The Coca-Cola Co.  |  | 5469 |
|  |  |  | 12347 |
|  | **Biotechnology — 2.99%** | **Biotechnology — 2.99%** | **Biotechnology — 2.99%** |
| 34760 | AbbVie, Inc.  |  | 5618 |
| 2223 | Alnylam Pharmaceuticals, Inc.<sup>(a)</sup>  |  | 528 |
| 14171 | Amgen, Inc.  |  | 3722 |
| 3274 | Moderna, Inc.<sup>(a)</sup>  |  | 588 |
| 8247 | Seagen, Inc.<sup>(a)</sup>  |  | 1060 |
| 17938 | United Therapeutics Corp.<sup>(a)</sup>  |  | 4988 |
| 3143 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup>  |  | 908 |
|  |  |  | 17412 |
|  | **Building Products — 0.67%** | **Building Products — 0.67%** | **Building Products — 0.67%** |
| 10045 | A.O. Smith Corp.  |  | 575 |
| 21311 | Carrier Global Corp.  |  | 879 |
| 13273 | Johnson Controls International PLC  |  | 849 |
| 6549 | Masco Corp.  |  | 306 |
| 7831 | Trane Technologies PLC  |  | 1316 |
|  |  |  | 3925 |
|  | **Capital Markets — 2.72%** | **Capital Markets — 2.72%** | **Capital Markets — 2.72%** |
| 4496 | Affiliated Managers Group, Inc.  |  | 712 |
| 2506 | Ameriprise Financial, Inc.  |  | 780 |
| 2656 | Ares Management Corp., Class - A  |  | 182 |
| 4582 | BlackRock, Inc., Class - A  |  | 3247 |
| 1669 | CME Group, Inc.  |  | 281 |
| 4721 | Evercore, Inc.  |  | 515 |
| 16955 | Franklin Resources, Inc.  |  | 447 |
| 2293 | Interactive Brokers Group, Inc., Class - A  |  | 166 |
| 3061 | Intercontinental Exchange, Inc.  |  | 314 |
| 9972 | Invesco Ltd.  |  | 179 |
| 9493 | KKR & Co., Inc.  |  | 441 |
| 20369 | Morgan Stanley  |  | 1732 |
| 686 | Morningstar, Inc.  |  | 149 |
| 1887 | Nasdaq, Inc.  |  | 116 |
| 3423 | Northern Trust Corp.  |  | 303 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Value Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| 269 | S&P Global, Inc.  | $| 90 |
| 7695 | State Street Corp.  |  | 597 |
| 7780 | T. Rowe Price Group, Inc.  |  | 848 |
| 25629 | The Charles Schwab Corp.  |  | 2134 |
| 7506 | The Goldman Sachs Group, Inc.  |  | 2577 |
|  |  |  | 15810 |
|  | **Chemicals — 1.74%** | **Chemicals — 1.74%** | **Chemicals — 1.74%** |
| 7464 | Air Products & Chemicals, Inc.  |  | 2301 |
| 1327 | Albemarle Corp.  |  | 288 |
| 4923 | Axalta Coating Systems Ltd.<sup>(a)</sup>  |  | 125 |
| 1640 | Celanese Corp., Series A  |  | 168 |
| 30439 | CF Industries Holdings, Inc.  |  | 2593 |
| 9311 | Corteva, Inc.  |  | 547 |
| 9217 | Dow, Inc.  |  | 464 |
| 13063 | DuPont de Nemours, Inc.  |  | 897 |
| 7173 | LyondellBasell Industries N.V., Class - A  |  | 596 |
| 24876 | Olin Corp.  |  | 1317 |
| 6716 | PPG Industries, Inc.  |  | 844 |
|  |  |  | 10140 |
|  | **Commercial Services & Supplies — 1.14%** | **Commercial Services & Supplies — 1.14%** | **Commercial Services & Supplies — 1.14%** |
| 11948 | Clean Harbors, Inc.<sup>(a)</sup>  |  | 1364 |
| 54698 | Copart, Inc.<sup>(a)</sup>  |  | 3330 |
| 3003 | IAA, Inc.<sup>(a)</sup>  |  | 120 |
| 1270 | Republic Services, Inc.  |  | 164 |
| 2747 | Stericycle, Inc.<sup>(a)</sup>  |  | 137 |
| 9682 | Waste Management, Inc.  |  | 1519 |
|  |  |  | 6634 |
|  | **Communications Equipment — 0.82%** | **Communications Equipment — 0.82%** | **Communications Equipment — 0.82%** |
| 90637 | Cisco Systems, Inc.  |  | 4318 |
| 31124 | CommScope Holding Co., Inc.<sup>(a)</sup>  |  | 229 |
| 774 | Motorola Solutions, Inc.  |  | 199 |
|  |  |  | 4746 |
|  | **Construction & Engineering — 0.12%** | **Construction & Engineering — 0.12%** | **Construction & Engineering — 0.12%** |
| 3578 | AECOM  |  | 304 |
| 841 | Arcosa, Inc.  |  | 46 |
| 2295 | Quanta Services, Inc.  |  | 327 |
|  |  |  | 677 |
|  | **Construction Materials — 0.16%** | **Construction Materials — 0.16%** | **Construction Materials — 0.16%** |
| 1351 | Martin Marietta Materials, Inc.  |  | 457 |
| 2578 | Vulcan Materials Co.  |  | 451 |
|  |  |  | 908 |
|  | **Consumer Finance — 1.04%** | **Consumer Finance — 1.04%** | **Consumer Finance — 1.04%** |
| 20855 | American Express Co.  |  | 3081 |
| 20025 | Capital One Financial Corp.  |  | 1862 |
| 6409 | Discover Financial Services  |  | 627 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** |
| 14450 | OneMain Holdings, Inc.  | $| 481 |
|  |  |  | 6051 |
|  | **Containers & Packaging — 0.36%** | **Containers & Packaging — 0.36%** | **Containers & Packaging — 0.36%** |
| 262 | AptarGroup, Inc.  |  | 29 |
| 27 | Avery Dennison Corp.  |  | 5 |
| 22939 | Ball Corp.  |  | 1174 |
| 10608 | International Paper Co.  |  | 367 |
| 2050 | Packaging Corporation of America  |  | 262 |
| 2320 | Silgan Holdings, Inc.  |  | 120 |
| 2452 | Sonoco Products Co.  |  | 149 |
|  |  |  | 2106 |
|  | **Distributors — 0.11%** | **Distributors — 0.11%** | **Distributors — 0.11%** |
| 3827 | Genuine Parts Co.  |  | 664 |
|  | **Diversified Consumer Services — 0.23%** | **Diversified Consumer Services — 0.23%** | **Diversified Consumer Services — 0.23%** |
| 33749 | Chegg, Inc.<sup>(a)</sup>  |  | 853 |
| 7498 | H&R Block, Inc.  |  | 274 |
| 3097 | Service Corp. International  |  | 214 |
|  |  |  | 1341 |
|  | **Diversified Financial Services — 1.39%** | **Diversified Financial Services — 1.39%** | **Diversified Financial Services — 1.39%** |
| 7259 | Apollo Global Management, Inc.  |  | 463 |
| 21384 | Berkshire Hathaway, Inc., Class - B<sup>(a)</sup>  |  | 6606 |
| 14613 | Equitable Holdings, Inc.  |  | 419 |
| 17093 | Jefferies Financial Group, Inc.  |  | 586 |
|  |  |  | 8074 |
|  | **Diversified Telecommunication Services — 0.45%** | **Diversified Telecommunication Services — 0.45%** | **Diversified Telecommunication Services — 0.45%** |
| 26095 | AT&T, Inc.  |  | 480 |
| 43713 | Lumen Technologies, Inc.  |  | 228 |
| 48780 | Verizon Communications, Inc.  |  | 1923 |
|  |  |  | 2631 |
|  | **Electric Utilities — 1.89%** | **Electric Utilities — 1.89%** | **Electric Utilities — 1.89%** |
| 1604 | Alliant Energy Corp.  |  | 89 |
| 30034 | American Electric Power Company, Inc.  |  | 2852 |
| 3035 | Constellation Energy Corp.  |  | 262 |
| 7685 | Duke Energy Corp.  |  | 791 |
| 1914 | Edison International  |  | 122 |
| 9746 | Eversource Energy  |  | 817 |
| 9106 | Exelon Corp.  |  | 394 |
| 3311 | Hawaiian Electric Industries, Inc.  |  | 139 |
| 35480 | NextEra Energy, Inc.  |  | 2965 |
| 32159 | The Southern Co.  |  | 2296 |
| 4017 | Xcel Energy, Inc.  |  | 282 |
|  |  |  | 11009 |
|  | **Electrical Equipment — 0.77%** | **Electrical Equipment — 0.77%** | **Electrical Equipment — 0.77%** |
| 3350 | AMETEK, Inc.  |  | 468 |
| 12355 | Eaton Corp. PLC  |  | 1939 |
| 16658 | Emerson Electric Co.  |  | 1600 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Value Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Electrical Equipment (continued)** | **Electrical Equipment (continued)** | **Electrical Equipment (continued)** |
| 3984 | Regal Rexnord Corp.  | $| 478 |
|  |  |  | 4485 |
|  | **Electronic Equipment, Instruments & Components — 0.04%** | **Electronic Equipment, Instruments & Components — 0.04%** | **Electronic Equipment, Instruments & Components — 0.04%** |
| 512 | Dolby Laboratories, Inc., Class - A  |  | 36 |
| 1050 | Keysight Technologies, Inc.<sup>(a)</sup>  |  | 180 |
|  |  |  | 216 |
|  | **Energy Equipment & Services — 1.06%** | **Energy Equipment & Services — 1.06%** | **Energy Equipment & Services — 1.06%** |
| 26930 | Halliburton Co.  |  | 1060 |
| 6095 | Helmerich & Payne, Inc.  |  | 302 |
| 153313 | Patterson-UTI Energy, Inc.  |  | 2581 |
| 42009 | Schlumberger N.V.  |  | 2246 |
|  |  |  | 6189 |
|  | **Entertainment — 0.89%** | **Entertainment — 0.89%** | **Entertainment — 0.89%** |
| 2063 | Activision Blizzard, Inc.  |  | 158 |
| 14871 | Liberty Media Corp. - Liberty Formula One, Class - C<sup>(a)</sup>  |  | 889 |
| 4935 | Netflix, Inc.<sup>(a)</sup>  |  | 1455 |
| 28322 | The Walt Disney Co.<sup>(a)</sup>  |  | 2461 |
| 22448 | Warner Bros Discovery, Inc.<sup>(a)</sup>  |  | 213 |
|  |  |  | 5176 |
|  | **Equity Real Estate Investment Trusts — 2.53%** | **Equity Real Estate Investment Trusts — 2.53%** | **Equity Real Estate Investment Trusts — 2.53%** |
| 4517 | Alexandria Real Estate Equities, Inc.  |  | 658 |
| 9016 | American Homes 4 Rent, Class - A  |  | 272 |
| 5297 | American Tower Corp.  |  | 1122 |
| 11771 | Americold Realty Trust, Inc.  |  | 333 |
| 566 | Apartment Income REIT Corp.  |  | 19 |
| 27975 | Brixmor Property Group, Inc.  |  | 634 |
| 7024 | Camden Property Trust  |  | 786 |
| 2473 | Crown Castle, Inc.  |  | 335 |
| 5913 | CubeSmart  |  | 238 |
| 9861 | Digital Realty Trust, Inc.  |  | 989 |
| 1956 | Equinix, Inc.  |  | 1281 |
| 2122 | Equity Lifestyle Properties, Inc.  |  | 137 |
| 507 | Essex Property Trust, Inc.  |  | 107 |
| 2294 | Extra Space Storage, Inc.  |  | 338 |
| 1385 | Federal Realty Investment Trust  |  | 140 |
| 2505 | Healthpeak Properties, Inc.  |  | 63 |
| 10627 | Invitation Homes, Inc.  |  | 315 |
| 5259 | Iron Mountain, Inc.  |  | 262 |
| 846 | Lamar Advertising Co., Class - A  |  | 80 |
| 3183 | Life Storage, Inc.  |  | 314 |
| 2029 | Mid-America Apartment Communities, Inc.  |  | 319 |
| 20968 | Prologis, Inc.  |  | 2363 |
| 2688 | Public Storage  |  | 753 |
| 19572 | Realty Income Corp.  |  | 1241 |
| 6543 | Rexford Industrial Realty, Inc.  |  | 358 |
| 1913 | Sun Communities, Inc.  |  | 274 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Equity Real Estate Investment Trusts (continued)** | **Equity Real Estate Investment Trusts (continued)** | **Equity Real Estate Investment Trusts (continued)** |
| 35601 | The Macerich Co.  | $| 401 |
| 4609 | UDR, Inc.  |  | 179 |
| 8362 | VICI Properties, Inc.  |  | 271 |
| 1573 | WP Carey, Inc.  |  | 123 |
|  |  |  | 14705 |
|  | **Food & Staples Retailing — 1.32%** | **Food & Staples Retailing — 1.32%** | **Food & Staples Retailing — 1.32%** |
| 3254 | Casey's General Stores, Inc.  |  | 730 |
| 1943 | Costco Wholesale Corp.  |  | 887 |
| 9412 | Sysco Corp.  |  | 720 |
| 9040 | The Kroger Co.  |  | 403 |
| 34781 | Walmart, Inc.  |  | 4931 |
|  |  |  | 7671 |
|  | **Food Products — 1.09%** | **Food Products — 1.09%** | **Food Products — 1.09%** |
| 13782 | Archer-Daniels-Midland Co.  |  | 1280 |
| 3437 | Campbell Soup Co.  |  | 195 |
| 16807 | Conagra Brands, Inc.  |  | 650 |
| 5689 | Flowers Foods, Inc.  |  | 164 |
| 12760 | General Mills, Inc.  |  | 1070 |
| 2450 | Hormel Foods Corp.  |  | 112 |
| 10284 | Kellogg Co.  |  | 733 |
| 9502 | Mondelez International, Inc., Class - A  |  | 633 |
| 1277 | Post Holdings, Inc.<sup>(a)</sup>  |  | 115 |
| 1964 | The Hershey Co.  |  | 455 |
| 13887 | The Kraft Heinz Co.  |  | 565 |
| 6256 | Tyson Foods, Inc., Class - A  |  | 389 |
|  |  |  | 6361 |
|  | **Gas Utilities — 0.02%** | **Gas Utilities — 0.02%** | **Gas Utilities — 0.02%** |
| 808 | Atmos Energy Corp.  |  | 91 |
|  | **Health Care Equipment & Supplies — 2.65%** | **Health Care Equipment & Supplies — 2.65%** | **Health Care Equipment & Supplies — 2.65%** |
| 48674 | Abbott Laboratories  |  | 5345 |
| 5533 | Align Technology, Inc.<sup>(a)</sup>  |  | 1167 |
| 2461 | Baxter International, Inc.  |  | 125 |
| 4797 | Becton Dickinson & Co.  |  | 1220 |
| 3501 | Danaher Corp.  |  | 929 |
| 5314 | Dexcom, Inc.<sup>(a)</sup>  |  | 602 |
| 10154 | Edwards Lifesciences Corp.<sup>(a)</sup>  |  | 758 |
| 1648 | Enovis Corp.<sup>(a)</sup>  |  | 88 |
| 1653 | IDEXX Laboratories, Inc.<sup>(a)</sup>  |  | 674 |
| 2647 | Intuitive Surgical, Inc.<sup>(a)</sup>  |  | 702 |
| 37560 | Medtronic PLC  |  | 2919 |
| 2344 | Penumbra, Inc.<sup>(a)</sup>  |  | 521 |
| 1498 | STERIS PLC  |  | 277 |
| 352 | Teleflex, Inc.  |  | 88 |
|  |  |  | 15415 |
|  | **Health Care Providers & Services — 3.60%** | **Health Care Providers & Services — 3.60%** | **Health Care Providers & Services — 3.60%** |
| 3127 | AmerisourceBergen Corp.  |  | 518 |
| 24101 | Centene Corp.<sup>(a)</sup>  |  | 1977 |
| 11241 | Cigna Corp.  |  | 3725 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Value Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| 14322 | CVS Health Corp.  | $| 1335 |
| 4252 | Elevance Health, Inc.  |  | 2181 |
| 4756 | HCA Healthcare, Inc.  |  | 1141 |
| 2789 | Humana, Inc.  |  | 1428 |
| 2131 | Laboratory Corporation of America Holdings  |  | 502 |
| 4072 | McKesson Corp.  |  | 1527 |
| 992 | Molina Heathcare, Inc.<sup>(a)</sup>  |  | 328 |
| 2928 | Quest Diagnostics, Inc.  |  | 458 |
| 11048 | UnitedHealth Group, Inc.  |  | 5857 |
|  |  |  | 20977 |
|  | **Health Care Technology — 0.33%** | **Health Care Technology — 0.33%** | **Health Care Technology — 0.33%** |
| 11861 | Veeva Systems, Inc., Class - A<sup>(a)</sup>  |  | 1914 |
|  | **Hotels, Restaurants & Leisure — 2.02%** | **Hotels, Restaurants & Leisure — 2.02%** | **Hotels, Restaurants & Leisure — 2.02%** |
| 3359 | Airbnb, Inc., Class - A<sup>(a)</sup>  |  | 287 |
| 7828 | Caesars Entertainment, Inc.<sup>(a)</sup>  |  | 326 |
| 2249 | Darden Restaurants, Inc.  |  | 311 |
| 23594 | DraftKings, Inc.<sup>(a)</sup>  |  | 269 |
| 148 | Hilton Worldwide Holdings, Inc.  |  | 19 |
| 3826 | Hyatt Hotels Corp., Class - A<sup>(a)</sup>  |  | 346 |
| 1434 | Marriott International, Inc., Class - A  |  | 214 |
| 20166 | McDonald's Corp.  |  | 5313 |
| 51410 | Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup>  |  | 629 |
| 16947 | Royal Caribbean Cruises Ltd.<sup>(a)</sup>  |  | 838 |
| 30827 | Starbucks Corp.  |  | 3058 |
| 546 | Vail Resorts, Inc.  |  | 130 |
|  |  |  | 11740 |
|  | **Household Durables — 0.41%** | **Household Durables — 0.41%** | **Household Durables — 0.41%** |
| 3443 | D.R. Horton, Inc.  |  | 307 |
| 3121 | Garmin Ltd.  |  | 288 |
| 3252 | Leggett & Platt, Inc.  |  | 105 |
| 6964 | Lennar Corp., Class - A  |  | 630 |
| 83 | Lennar Corp., Class - B  |  | 6 |
| 4132 | PulteGroup, Inc.  |  | 188 |
| 17676 | Toll Brothers, Inc.  |  | 883 |
|  |  |  | 2407 |
|  | **Household Products — 1.83%** | **Household Products — 1.83%** | **Household Products — 1.83%** |
| 2171 | Church & Dwight Co., Inc.  |  | 175 |
| 16240 | Kimberly-Clark Corp.  |  | 2205 |
| 1218 | The Clorox Co.  |  | 171 |
| 53465 | The Procter & Gamble Co.  |  | 8103 |
|  |  |  | 10654 |
|  | **Independent Power and Renewable Electricity Producers — 0.11%** | **Independent Power and Renewable Electricity Producers — 0.11%** | **Independent Power and Renewable Electricity Producers — 0.11%** |
| 26502 | Vistra Corp.  |  | 615 |
|  | **Industrial Conglomerates — 0.71%** | **Industrial Conglomerates — 0.71%** | **Industrial Conglomerates — 0.71%** |
| 7946 | General Electric Co.  |  | 666 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** |
| 16050 | Honeywell International, Inc.  | $| 3439 |
|  |  |  | 4105 |
|  | **Insurance — 2.28%** | **Insurance — 2.28%** | **Insurance — 2.28%** |
| 23465 | Aflac, Inc.  |  | 1688 |
| 560 | Aon PLC, Class - A  |  | 168 |
| 3483 | Arthur J. Gallagher & Co.  |  | 657 |
| 1195 | Assurant, Inc.  |  | 149 |
| 1709 | Brown & Brown, Inc.  |  | 97 |
| 3252 | Cincinnati Financial Corp.  |  | 333 |
| 3602 | F&G Annuities & Life, Inc.<sup>(a)</sup>  |  | 72 |
| 52976 | Fidelity National Financial, Inc.  |  | 1993 |
| 9177 | Lincoln National Corp.  |  | 282 |
| 2577 | Marsh & McLennan Companies, Inc.  |  | 426 |
| 26353 | MetLife, Inc.  |  | 1907 |
| 7077 | Old Republic International Corp.  |  | 171 |
| 6114 | Prudential Financial, Inc.  |  | 608 |
| 2797 | RenaissanceRe Holdings Ltd.  |  | 515 |
| 26534 | The Allstate Corp.  |  | 3599 |
| 2945 | The Progressive Corp.  |  | 382 |
| 3246 | W.R. Berkley Corp.  |  | 236 |
|  |  |  | 13283 |
|  | **Interactive Media & Services — 3.49%** | **Interactive Media & Services — 3.49%** | **Interactive Media & Services — 3.49%** |
| 125340 | Alphabet, Inc., Class - A<sup>(a)</sup>  |  | 11059 |
| 91660 | Alphabet, Inc., Class - C<sup>(a)</sup>  |  | 8133 |
| 7722 | IAC, Inc.<sup>(a)</sup>  |  | 343 |
| 7149 | Match Group, Inc.<sup>(a)</sup>  |  | 297 |
| 16886 | ZoomInfo Technologies, Inc.<sup>(a)</sup>  |  | 508 |
|  |  |  | 20340 |
|  | **Internet & Direct Marketing Retail — 2.34%** | **Internet & Direct Marketing Retail — 2.34%** | **Internet & Direct Marketing Retail — 2.34%** |
| 154380 | Amazon.com, Inc.<sup>(a)</sup>  |  | 12967 |
| 15760 | eBay, Inc.  |  | 654 |
|  |  |  | 13621 |
|  | **IT Services — 4.04%** | **IT Services — 4.04%** | **IT Services — 4.04%** |
| 2831 | Accenture PLC, Class - A  |  | 755 |
| 3168 | Akamai Technologies, Inc.<sup>(a)</sup>  |  | 267 |
| 1853 | Cognizant Technology Solutions Corp.  |  | 106 |
| 8471 | EPAM Systems, Inc.<sup>(a)</sup>  |  | 2776 |
| 6039 | Fidelity National Information Services, Inc.  |  | 410 |
| 3316 | Fiserv, Inc.<sup>(a)</sup>  |  | 335 |
| 4425 | Global Payments, Inc.  |  | 439 |
| 13957 | GoDaddy, Inc., Class - A<sup>(a)</sup>  |  | 1044 |
| 18311 | MasterCard, Inc., Class - A  |  | 6367 |
| 13322 | Okta, Inc.<sup>(a)</sup>  |  | 910 |
| 6910 | Paychex, Inc.  |  | 799 |
| 26250 | PayPal Holdings, Inc.<sup>(a)</sup>  |  | 1870 |
| 7310 | Snowflake, Inc., Class - A<sup>(a)</sup>  |  | 1049 |
| 64951 | Thoughtworks Holding, Inc.<sup>(a)</sup>  |  | 662 |
| 4247 | VeriSign, Inc.<sup>(a)</sup>  |  | 873 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Value Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| 23246 | Visa, Inc., Class - A  | $| 4830 |
| 43 | WEX, Inc.<sup>(a)</sup>  |  | 7 |
|  |  |  | 23499 |
|  | **Leisure Products — 0.14%** | **Leisure Products — 0.14%** | **Leisure Products — 0.14%** |
| 1780 | Brunswick Corp.  |  | 128 |
| 2849 | Hasbro, Inc.  |  | 174 |
| 10271 | Mattel, Inc.<sup>(a)</sup>  |  | 183 |
| 3276 | Polaris, Inc.  |  | 331 |
|  |  |  | 816 |
|  | **Life Sciences Tools & Services — 1.29%** | **Life Sciences Tools & Services — 1.29%** | **Life Sciences Tools & Services — 1.29%** |
| 4371 | Agilent Technologies, Inc.  |  | 654 |
| 398 | Bio-Rad Laboratories, Inc., Class - A<sup>(a)</sup>  |  | 167 |
| 1294 | Bruker Corp.  |  | 88 |
| 438 | Charles River Laboratories International, Inc.<sup>(a)</sup>  |  | 95 |
| 710 | IQVIA Holdings, Inc.<sup>(a)</sup>  |  | 145 |
| 2796 | Mettler-Toledo International, Inc.<sup>(a)</sup>  |  | 4042 |
| 485 | PerkinElmer, Inc.  |  | 68 |
| 2339 | QIAGEN N.V.<sup>(a)</sup>  |  | 117 |
| 3456 | Thermo Fisher Scientific, Inc.  |  | 1904 |
| 720 | Waters Corp.<sup>(a)</sup>  |  | 247 |
|  |  |  | 7527 |
|  | **Machinery — 1.76%** | **Machinery — 1.76%** | **Machinery — 1.76%** |
| 11054 | AGCO Corp.  |  | 1533 |
| 12196 | Caterpillar, Inc.  |  | 2922 |
| 5428 | Cummins, Inc.  |  | 1315 |
| 53 | Donaldson Companies, Inc.  |  | 3 |
| 4752 | Dover Corp.  |  | 643 |
| 1648 | Esab Corp.  |  | 77 |
| 28 | IDEX Corp.  |  | 6 |
| 6910 | Ingersoll Rand, Inc.  |  | 361 |
| 1442 | ITT, Inc.  |  | 117 |
| 1244 | Nordson Corp.  |  | 296 |
| 17062 | Oshkosh Corp.  |  | 1505 |
| 7507 | Otis Worldwide Corp.  |  | 588 |
| 1693 | Parker Hannifin Corp.  |  | 493 |
| 2490 | The Timken Co.  |  | 176 |
| 1711 | Westinghouse Air Brake Technologies Corp.  |  | 171 |
| 485 | Xylem, Inc.  |  | 54 |
|  |  |  | 10260 |
|  | **Media — 0.91%** | **Media — 0.91%** | **Media — 0.91%** |
| 791 | Cable One, Inc.  |  | 563 |
| 775 | Charter Communications, Inc., Class - A<sup>(a)</sup>  |  | 263 |
| 84982 | Comcast Corp., Class - A  |  | 2972 |
| 4889 | Fox Corp., Class - A  |  | 148 |
| 3789 | Omnicom Group, Inc.  |  | 309 |
| 31758 | Paramount Global, Class - B  |  | 536 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Media (continued)** | **Media (continued)** | **Media (continued)** |
| 14641 | The Interpublic Group of Companies, Inc.  | $| 488 |
|  |  |  | 5279 |
|  | **Metals & Mining — 0.37%** | **Metals & Mining — 0.37%** | **Metals & Mining — 0.37%** |
| 18550 | Newmont Corp.  |  | 876 |
| 8225 | Nucor Corp.  |  | 1083 |
| 1912 | Steel Dynamics, Inc.  |  | 187 |
|  |  |  | 2146 |
|  | **Mortgage Real Estate Investment Trusts — 0.02%** | **Mortgage Real Estate Investment Trusts — 0.02%** | **Mortgage Real Estate Investment Trusts — 0.02%** |
| 15165 | Rithm Capital Corp.  |  | 124 |
|  | **Multiline Retail — 0.64%** | **Multiline Retail — 0.64%** | **Multiline Retail — 0.64%** |
| 952 | Dollar General Corp.  |  | 234 |
| 4169 | Dollar Tree, Inc.<sup>(a)</sup>  |  | 590 |
| 5126 | Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup>  |  | 240 |
| 17745 | Target Corp.  |  | 2645 |
|  |  |  | 3709 |
|  | **Multi-Utilities — 1.08%** | **Multi-Utilities — 1.08%** | **Multi-Utilities — 1.08%** |
| 2674 | Ameren Corp.  |  | 238 |
| 1937 | CMS Energy Corp.  |  | 123 |
| 1642 | Consolidated Edison, Inc.  |  | 156 |
| 24990 | Dominion Energy, Inc.  |  | 1532 |
| 1043 | DTE Energy Co.  |  | 123 |
| 72854 | NiSource, Inc.  |  | 1998 |
| 5865 | Public Service Enterprise Group, Inc.  |  | 359 |
| 951 | Sempra Energy  |  | 147 |
| 17371 | WEC Energy Group, Inc.  |  | 1629 |
|  |  |  | 6305 |
|  | **Oil, Gas & Consumable Fuels — 3.71%** | **Oil, Gas & Consumable Fuels — 3.71%** | **Oil, Gas & Consumable Fuels — 3.71%** |
| 19551 | Antero Midstream Corp.  |  | 211 |
| 7263 | Cheniere Energy, Inc.  |  | 1089 |
| 19851 | Chevron Corp.  |  | 3563 |
| 5077 | ConocoPhillips  |  | 599 |
| 63641 | Coterra Energy, Inc.  |  | 1564 |
| 30851 | Devon Energy Corp.  |  | 1898 |
| 521 | DT Midstream, Inc.  |  | 29 |
| 3995 | EOG Resources, Inc.  |  | 517 |
| 7396 | EQT Corp.  |  | 250 |
| 35550 | Exxon Mobil Corp.  |  | 3920 |
| 16993 | Hess Corp.  |  | 2410 |
| 11538 | Marathon Petroleum Corp.  |  | 1343 |
| 26124 | Occidental Petroleum Corp.  |  | 1646 |
| 6401 | ONEOK, Inc.  |  | 421 |
| 6951 | Targa Resources Corp.  |  | 511 |
| 41203 | The Williams Cos., Inc.  |  | 1356 |
| 2242 | Valero Energy Corp.  |  | 284 |
|  |  |  | 21611 |
|  | **Paper & Forest Products — 0.01%** | **Paper & Forest Products — 0.01%** | **Paper & Forest Products — 0.01%** |
| 964 | Sylvamo Corp.  |  | 47 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Value Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Personal Products — 0.07%** | **Personal Products — 0.07%** |
| 1700 | The Estee Lauder Companies, Inc.  | $422 |
|  | **Pharmaceuticals — 5.02%** | **Pharmaceuticals — 5.02%** |
| 30890 | Bristol-Myers Squibb Co.  | 2223 |
| 19272 | Eli Lilly & Co.  | 7050 |
| 1000 | Jazz Pharmaceuticals PLC<sup>(a)</sup>  | 159 |
| 44819 | Johnson & Johnson  | 7917 |
| 58424 | Merck & Co., Inc.  | 6482 |
| 6434 | Organon & Co.  | 180 |
| 99288 | Pfizer, Inc.  | 5088 |
| 8046 | Viatris, Inc.  | 90 |
|  |  | 29189 |
|  | **Professional Services — 0.78%** | **Professional Services — 0.78%** |
| 26820 | CoStar Group, Inc.<sup>(a)</sup>  | 2073 |
| 1081 | Equifax, Inc.  | 210 |
| 717 | Jacobs Solutions, Inc.  | 86 |
| 1829 | Leidos Holdings, Inc.  | 192 |
| 825 | Robert Half International, Inc.  | 61 |
| 10910 | Verisk Analytics, Inc., Class - A  | 1925 |
|  |  | 4547 |
|  | **Real Estate Management & Development — 0.17%** | **Real Estate Management & Development — 0.17%** |
| 1691 | CBRE Group, Inc., Class - A<sup>(a)</sup>  | 130 |
| 4563 | Howard Hughes Corp.<sup>(a)</sup>  | 349 |
| 2009 | Jones Lang LaSalle, Inc.<sup>(a)</sup>  | 320 |
| 172325 | Opendoor Technologies, Inc.<sup>(a)</sup>  | 200 |
|  |  | 999 |
|  | **Road & Rail — 1.20%** | **Road & Rail — 1.20%** |
| 4011 | CSX Corp.  | 124 |
| 2655 | Knight-Swift Transportation Holdings, Inc.  | 139 |
| 5345 | Norfolk Southern Corp.  | 1317 |
| 1462 | Old Dominion Freight Line, Inc.  | 415 |
| 1886 | RXO, Inc.<sup>(a)</sup>  | 32 |
| 7527 | Ryder System, Inc.  | 629 |
| 13196 | Uber Technologies, Inc.<sup>(a)</sup>  | 326 |
| 2943 | U-Haul Holding Co.  | 162 |
| 327 | U-Haul Holding Co.  | 20 |
| 18473 | Union Pacific Corp.  | 3826 |
|  |  | 6990 |
|  | **Semiconductors & Semiconductor Equipment — 4.08%** | **Semiconductors & Semiconductor Equipment — 4.08%** |
| 9362 | Advanced Micro Devices, Inc.<sup>(a)</sup>  | 606 |
| 3728 | Analog Devices, Inc.  | 612 |
| 21151 | Applied Materials, Inc.  | 2060 |
| 2567 | Broadcom, Inc.  | 1435 |
| 7850 | Enphase Energy, Inc.<sup>(a)</sup>  | 2080 |
| 63964 | Intel Corp.  | 1691 |
| 3302 | KLA Corp.  | 1245 |
| 1129 | Lam Research Corp.  | 475 |
| 6026 | Marvell Technology, Inc.  | 223 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| 2758 | Micron Technology, Inc.  | $| 138 |
| 50260 | NVIDIA Corp.  |  | 7344 |
| 7270 | QUALCOMM, Inc.  |  | 799 |
| 3842 | Skyworks Solutions, Inc.  |  | 350 |
| 23905 | Texas Instruments, Inc.  |  | 3950 |
| 6964 | Universal Display Corp.  |  | 752 |
|  |  |  | 23760 |
|  | **Software — 9.25%** | **Software — 9.25%** | **Software — 9.25%** |
| 12361 | Adobe, Inc.<sup>(a)</sup>  |  | 4160 |
| 10190 | Autodesk, Inc.<sup>(a)</sup>  |  | 1904 |
| 27227 | Manhattan Associates, Inc.<sup>(a)</sup>  |  | 3305 |
| 139124 | Microsoft Corp.  |  | 33364 |
| 56988 | Oracle Corp.  |  | 4658 |
| 8321 | PAYCOM Software, Inc.<sup>(a)</sup>  |  | 2582 |
| 41 | Roper Technologies, Inc.  |  | 18 |
| 3137 | Salesforce, Inc.<sup>(a)</sup>  |  | 416 |
| 8243 | ServiceNow, Inc.<sup>(a)</sup>  |  | 3201 |
| 668 | Synopsys, Inc.<sup>(a)</sup>  |  | 213 |
|  |  |  | 53821 |
|  | **Specialty Retail — 2.45%** | **Specialty Retail — 2.45%** | **Specialty Retail — 2.45%** |
| 1187 | Advance Auto Parts, Inc.  |  | 175 |
| 2829 | AutoNation, Inc.<sup>(a)</sup>  |  | 304 |
| 22 | AutoZone, Inc.<sup>(a)</sup>  |  | 54 |
| 6524 | Bath & Body Works, Inc.  |  | 275 |
| 7757 | Best Buy Co., Inc.  |  | 622 |
| 4609 | Dick's Sporting Goods, Inc.  |  | 554 |
| 923 | Five Below, Inc.<sup>(a)</sup>  |  | 163 |
| 36426 | Floor & Decor Holdings, Inc., Class - A<sup>(a)</sup>  |  | 2536 |
| 3541 | Lowe's Companies, Inc.  |  | 706 |
| 7287 | Penske Automotive Group, Inc.  |  | 837 |
| 17296 | The Home Depot, Inc.  |  | 5464 |
| 21249 | The TJX Companies, Inc.  |  | 1691 |
| 2059 | Tractor Supply Co.  |  | 463 |
| 2174 | Victoria's Secret & Co.<sup>(a)</sup>  |  | 78 |
| 3016 | Williams-Sonoma, Inc.  |  | 347 |
|  |  |  | 14269 |
|  | **Technology Hardware, Storage & Peripherals — 6.69%** | **Technology Hardware, Storage & Peripherals — 6.69%** | **Technology Hardware, Storage & Peripherals — 6.69%** |
| 281306 | Apple, Inc.  |  | 36549 |
| 83952 | HP, Inc.  |  | 2256 |
| 2448 | NetApp, Inc.  |  | 147 |
|  |  |  | 38952 |
|  | **Textiles, Apparel & Luxury Goods — 0.33%** | **Textiles, Apparel & Luxury Goods — 0.33%** | **Textiles, Apparel & Luxury Goods — 0.33%** |
| 6619 | Capri Holdings Ltd.<sup>(a)</sup>  |  | 379 |
| 9230 | NIKE, Inc., Class - B  |  | 1080 |
| 1533 | Ralph Lauren Corp.  |  | 162 |
| 7801 | Tapestry, Inc.  |  | 297 |
|  |  |  | 1918 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Value Equity Portfolio** 

Portfolio of Investments (concluded) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Tobacco — 0.40%** | **Tobacco — 0.40%** |
| 36600 | Altria Group, Inc.  | $1673 |
| 6325 | Philip Morris International, Inc.  | 640 |
|  |  | 2313 |
|  | **Trading Companies & Distributors — 0.34%** | **Trading Companies & Distributors — 0.34%** |
| 13428 | Fastenal Co.  | 635 |
| 1130 | Watsco, Inc.  | 282 |
| 8335 | WESCO International, Inc.<sup>(a)</sup>  | 1044 |
|  |  | 1961 |
|  | **Water Utilities — 0.03%** | **Water Utilities — 0.03%** |
| 1178 | American Water Works Co., Inc.  | 180 |
|  | **Wireless Telecommunication Services — 0.57%** | **Wireless Telecommunication Services — 0.57%** |
| 23667 | T-Mobile US, Inc.<sup>(a)</sup>  | 3313 |
|  | **Total Common Stocks**  | 575086 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Investment Company — 1.09%** | **Investment Company — 1.09%** |
| 6350021 | State Street Institutional Treasury Plus Money Market Fund, Trust Class, 4.09%<sup>(b)</sup>  | $6350 |
|  | **Total Investment Company**  | 6350 |
|  | **Total Investments (cost $291,595) — 99.91%**  | 581436 |
|  | **Other assets in excess of liabilities — 0.09%**  | 535 |
|  | **Net Assets — 100.00%**  | $581971 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized 7-day yield as of period-end.

REIT—Real Estate Investment Trust

As of December 31, 2022, 100% of the Portfolio's net assets were managed by Parametric Portfolio Associates, LLC. <br>

The following table reflects the open derivative positions held by the Portfolio as of December 31, 2022.

<u><u>**Futures Contracts Purchased\***</u></u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of <br> Contracts** | **Expiration Date** | **Notional <br> Amount<br> (000)** | **Value and <br> Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)** |
| E-Mini S&P 500 Future  | 18 | 3/17/23 | $3474 | $19 |
| E-Mini S&P Midcap 400 Future  | 6 | 3/17/23 | 1466 | 24 |
|  |  |  | $4940 | $43 |
|  | Total Unrealized Appreciation  | Total Unrealized Appreciation  | Total Unrealized Appreciation  | $43 |
|  | Total Unrealized Depreciation  | Total Unrealized Depreciation  | Total Unrealized Depreciation  |  |
|  | Total Net Unrealized Appreciation/(Depreciation)  | Total Net Unrealized Appreciation/(Depreciation)  | Total Net Unrealized Appreciation/(Depreciation)  | $43 |

---

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

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Growth Equity Portfolio** 

Portfolio of Investments — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks — 98.24%** | **Common Stocks — 98.24%** |
|  | **Aerospace & Defense — 1.20%** | **Aerospace & Defense — 1.20%** |
| 5461 | General Dynamics Corp.  | $1355 |
| 391 | HEICO Corp.  | 60 |
| 728 | HEICO Corp., Class - A  | 87 |
| 4826 | L3Harris Technologies, Inc.  | 1005 |
| 3831 | Northrop Grumman Corp.  | 2090 |
| 33522 | Raytheon Technologies Corp.  | 3383 |
| 475 | TransDigm Group, Inc.  | 299 |
|  |  | 8279 |
|  | **Air Freight & Logistics — 0.08%** | **Air Freight & Logistics — 0.08%** |
| 4946 | Expeditors International of Washington, Inc.  | 514 |
| 1658 | GXO Logistics, Inc.<sup>(a)</sup>  | 71 |
|  |  | 585 |
|  | **Airlines — 0.15%** | **Airlines — 0.15%** |
| 10129 | Alaska Air Group, Inc.<sup>(a)</sup>  | 435 |
| 18665 | Delta Air Lines, Inc.<sup>(a)</sup>  | 613 |
|  |  | 1048 |
|  | **Automobiles — 1.22%** | **Automobiles — 1.22%** |
| 67780 | Dr Ing hc F Porsche AG, ADR<sup>(a)</sup>  | 712 |
| 71725 | Ford Motor Co.  | 834 |
| 55697 | Tesla, Inc.<sup>(a)</sup>  | 6861 |
|  |  | 8407 |
|  | **Banks — 2.64%** | **Banks — 2.64%** |
| 21822 | Bank of America Corp.  | 723 |
| 13206 | Bank OZK  | 529 |
| 13240 | Citizens Financial Group, Inc.  | 521 |
| 40559 | Comerica, Inc.  | 2711 |
| 1150 | Cullen/Frost Bankers, Inc.  | 154 |
| 29928 | East West Bancorp, Inc.  | 1972 |
| 86090 | First Horizon Corp.  | 2109 |
| 3853 | First Republic Bank  | 470 |
| 36888 | Huntington Bancshares, Inc.  | 520 |
| 23824 | JPMorgan Chase & Co.  | 3196 |
| 74674 | KeyCorp  | 1301 |
| 106556 | Regions Financial Corp.  | 2297 |
| 209 | SVB Financial Group<sup>(a)</sup>  | 48 |
| 34522 | Zions Bancorp NA  | 1697 |
|  |  | 18248 |
|  | **Beverages — 1.65%** | **Beverages — 1.65%** |
| 7236 | Brown-Forman Corp., Class - B  | 475 |
| 8931 | Monster Beverage Corp.<sup>(a)</sup>  | 907 |
| 29046 | PepsiCo, Inc.  | 5248 |
| 74917 | The Coca-Cola Co.  | 4765 |
|  |  | 11395 |
|  | **Biotechnology — 2.32%** | **Biotechnology — 2.32%** |
| 10186 | AbbVie, Inc.  | 1646 |
| 9107 | Alnylam Pharmaceuticals, Inc.<sup>(a)</sup>  | 2164 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| 15151 | Amgen, Inc.  | $| 3979 |
| 19253 | Moderna, Inc.<sup>(a)</sup>  |  | 3458 |
| 14430 | Natera, Inc.<sup>(a)</sup>  |  | 580 |
| 800 | Neurocrine Biosciences, Inc.<sup>(a)</sup>  |  | 96 |
| 2019 | Regeneron Pharmaceuticals, Inc.<sup>(a)</sup>  |  | 1457 |
| 1014 | Seagen, Inc.<sup>(a)</sup>  |  | 130 |
| 8719 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup>  |  | 2518 |
|  |  |  | 16028 |
|  | **Building Products — 0.26%** | **Building Products — 0.26%** | **Building Products — 0.26%** |
| 404 | Armstrong World Industries, Inc.  |  | 28 |
| 17452 | Carrier Global Corp.  |  | 720 |
| 50415 | Resideo Technologies, Inc.<sup>(a)</sup>  |  | 829 |
| 1218 | Trane Technologies PLC  |  | 205 |
|  |  |  | 1782 |
|  | **Capital Markets — 2.56%** | **Capital Markets — 2.56%** | **Capital Markets — 2.56%** |
| 2335 | CBOE Global Markets, Inc.  |  | 293 |
| 6242 | CME Group, Inc.  |  | 1050 |
| 1203 | FactSet Research Systems, Inc.  |  | 483 |
| 2582 | Intercontinental Exchange, Inc.  |  | 265 |
| 143372 | Invesco Ltd.  |  | 2579 |
| 18395 | Janus Henderson Group PLC  |  | 433 |
| 713 | LPL Financial Holdings, Inc.  |  | 154 |
| 349 | MarketAxess Holdings, Inc.  |  | 97 |
| 1577 | Moody's Corp.  |  | 439 |
| 31488 | Morgan Stanley  |  | 2677 |
| 390 | Morningstar, Inc.  |  | 84 |
| 838 | MSCI, Inc.  |  | 390 |
| 36398 | Robinhood Markets, Inc., Class - A<sup>(a)</sup>  |  | 296 |
| 11523 | S&P Global, Inc.  |  | 3860 |
| 2032 | T. Rowe Price Group, Inc.  |  | 222 |
| 16324 | The Charles Schwab Corp.  |  | 1359 |
| 8823 | The Goldman Sachs Group, Inc.  |  | 3030 |
|  |  |  | 17711 |
|  | **Chemicals — 1.67%** | **Chemicals — 1.67%** | **Chemicals — 1.67%** |
| 3430 | Air Products & Chemicals, Inc.  |  | 1057 |
| 17677 | CF Industries Holdings, Inc.  |  | 1506 |
| 30407 | Ecolab, Inc.  |  | 4426 |
| 999 | FMC Corp.  |  | 125 |
| 28629 | LyondellBasell Industries N.V., Class - A  |  | 2377 |
| 19809 | The Chemours Co.  |  | 607 |
| 5811 | The Scotts Miracle-Gro Co.  |  | 282 |
| 4752 | The Sherwin-Williams Co.  |  | 1128 |
|  |  |  | 11508 |
|  | **Commercial Services & Supplies — 0.29%** | **Commercial Services & Supplies — 0.29%** | **Commercial Services & Supplies — 0.29%** |
| 1845 | Cintas Corp.  |  | 833 |
| 13304 | Copart, Inc.<sup>(a)</sup>  |  | 810 |
| 2752 | Waste Connections, Inc.  |  | 365 |
|  |  |  | 2008 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Growth Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Communications Equipment — 0.81%** | **Communications Equipment — 0.81%** |
| 4776 | Arista Networks, Inc.<sup>(a)</sup>  | $580 |
| 101754 | Cisco Systems, Inc.  | 4848 |
| 825 | F5, Inc.<sup>(a)</sup>  | 118 |
| 153 | Motorola Solutions, Inc.  | 39 |
|  |  | 5585 |
|  | **Construction & Engineering — 0.01%** | **Construction & Engineering — 0.01%** |
| 374 | Quanta Services, Inc.  | 53 |
|  | **Consumer Finance — 0.35%** | **Consumer Finance — 0.35%** |
| 95 | Credit Acceptance Corp.<sup>(a)</sup>  | 45 |
| 141214 | SLM Corp.  | 2344 |
|  |  | 2389 |
|  | **Containers & Packaging — 0.26%** | **Containers & Packaging — 0.26%** |
| 1280 | AptarGroup, Inc.  | 141 |
| 747 | Avery Dennison Corp.  | 135 |
| 841 | Packaging Corporation of America  | 108 |
| 14972 | Silgan Holdings, Inc.  | 775 |
| 19072 | WestRock Co.  | 671 |
|  |  | 1830 |
|  | **Distributors — 0.09%** | **Distributors — 0.09%** |
| 2966 | Genuine Parts Co.  | 515 |
| 381 | Pool Corp.  | 115 |
|  |  | 630 |
|  | **Diversified Consumer Services — 0.02%** | **Diversified Consumer Services — 0.02%** |
| 1727 | Service Corp. International  | 119 |
|  | **Diversified Financial Services — 1.26%** | **Diversified Financial Services — 1.26%** |
| 18726 | Berkshire Hathaway, Inc., Class - B<sup>(a)</sup>  | 5784 |
| 34972 | Equitable Holdings, Inc.  | 1004 |
| 31527 | Voya Financial, Inc.  | 1939 |
|  |  | 8727 |
|  | **Electric Utilities — 1.01%** | **Electric Utilities — 1.01%** |
| 15796 | Edison International  | 1005 |
| 3738 | Entergy Corp.  | 421 |
| 60365 | FirstEnergy Corp.  | 2531 |
| 23487 | Hawaiian Electric Industries, Inc.  | 983 |
| 4256 | NextEra Energy, Inc.  | 356 |
| 36550 | NRG Energy, Inc.  | 1163 |
| 12422 | OGE Energy Corp.  | 491 |
|  |  | 6950 |
|  | **Electrical Equipment — 0.36%** | **Electrical Equipment — 0.36%** |
| 5157 | AMETEK, Inc.  | 721 |
| 13294 | Emerson Electric Co.  | 1276 |
| 1210 | Hubbell, Inc.  | 284 |
| 931 | Rockwell Automation, Inc.  | 240 |
|  |  | 2521 |
|  | **Electronic Equipment, Instruments & Components — 0.16%** | **Electronic Equipment, Instruments & Components — 0.16%** |
| 12210 | Amphenol Corp., Class - A  | 930 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| 2343 | Vontier Corp.  | $| 45 |
| 376 | Zebra Technologies Corp.<sup>(a)</sup>  |  | 96 |
|  |  |  | 1071 |
|  | **Energy Equipment & Services — 0.25%** | **Energy Equipment & Services — 0.25%** | **Energy Equipment & Services — 0.25%** |
| 32149 | Schlumberger N.V.  |  | 1719 |
|  | **Entertainment — 0.74%** | **Entertainment — 0.74%** | **Entertainment — 0.74%** |
| 13500 | Netflix, Inc.<sup>(a)</sup>  |  | 3980 |
| 18120 | ROBLOX Corp., Class - A<sup>(a)</sup>  |  | 516 |
| 7295 | Spotify Technology SA<sup>(a)</sup>  |  | 576 |
| 248 | The Walt Disney Co.<sup>(a)</sup>  |  | 22 |
|  |  |  | 5094 |
|  | **Equity Real Estate Investment Trusts — 2.35%** | **Equity Real Estate Investment Trusts — 2.35%** | **Equity Real Estate Investment Trusts — 2.35%** |
| 9920 | American Tower Corp.  |  | 2102 |
| 16012 | Equinix, Inc.  |  | 10487 |
| 1608 | Equity Lifestyle Properties, Inc.  |  | 104 |
| 61808 | Medical Properties Trust, Inc.  |  | 689 |
| 10405 | Omega Healthcare Investors, Inc.  |  | 291 |
| 866 | Realty Income Corp.  |  | 55 |
| 52271 | SITE Centers Corp.  |  | 714 |
| 40605 | Ventas, Inc.  |  | 1829 |
|  |  |  | 16271 |
|  | **Food & Staples Retailing — 1.87%** | **Food & Staples Retailing — 1.87%** | **Food & Staples Retailing — 1.87%** |
| 18462 | Costco Wholesale Corp.  |  | 8427 |
| 8706 | Sysco Corp.  |  | 666 |
| 1413 | Walgreens Boots Alliance, Inc.  |  | 53 |
| 26416 | Walmart, Inc.  |  | 3746 |
|  |  |  | 12892 |
|  | **Food Products — 1.13%** | **Food Products — 1.13%** | **Food Products — 1.13%** |
| 70463 | Conagra Brands, Inc.  |  | 2727 |
| 5224 | Hormel Foods Corp.  |  | 238 |
| 413 | Lamb Weston Holdings, Inc.  |  | 37 |
| 5092 | McCormick & Company, Inc.  |  | 422 |
| 56218 | Mondelez International, Inc., Class - A  |  | 3746 |
| 1045 | The Hershey Co.  |  | 242 |
| 2332 | The J.M. Smucker Co.  |  | 370 |
|  |  |  | 7782 |
|  | **Gas Utilities — 0.53%** | **Gas Utilities — 0.53%** | **Gas Utilities — 0.53%** |
| 33223 | National Fuel Gas Co.  |  | 2103 |
| 42971 | UGI Corp.  |  | 1593 |
|  |  |  | 3696 |
|  | **Health Care Equipment & Supplies — 3.75%** | **Health Care Equipment & Supplies — 3.75%** | **Health Care Equipment & Supplies — 3.75%** |
| 51368 | Abbott Laboratories  |  | 5640 |
| 10657 | Baxter International, Inc.  |  | 543 |
| 4799 | Becton Dickinson & Co.  |  | 1220 |
| 10892 | Boston Scientific Corp.<sup>(a)</sup>  |  | 504 |
| 22316 | Danaher Corp.  |  | 5923 |
| 15756 | Dexcom, Inc.<sup>(a)</sup>  |  | 1784 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Growth Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| 15477 | Edwards Lifesciences Corp.<sup>(a)</sup>  | $| 1155 |
| 1344 | Embecta Corp.  |  | 34 |
| 2690 | IDEXX Laboratories, Inc.<sup>(a)</sup>  |  | 1097 |
| 16496 | Intuitive Surgical, Inc.<sup>(a)</sup>  |  | 4377 |
| 4072 | ResMed, Inc.  |  | 848 |
| 9642 | Stryker Corp.  |  | 2357 |
| 3346 | Zimmer Biomet Holdings, Inc.  |  | 427 |
|  |  |  | 25909 |
|  | **Health Care Providers & Services — 3.52%** | **Health Care Providers & Services — 3.52%** | **Health Care Providers & Services — 3.52%** |
| 22388 | Acadia Healthcare Co., Inc.<sup>(a)</sup>  |  | 1843 |
| 1650 | Centene Corp.<sup>(a)</sup>  |  | 135 |
| 22394 | CVS Health Corp.  |  | 2087 |
| 5215 | Elevance Health, Inc.  |  | 2675 |
| 3283 | Henry Schein, Inc.<sup>(a)</sup>  |  | 262 |
| 1952 | Laboratory Corporation of America Holdings  |  | 460 |
| 4595 | McKesson Corp.  |  | 1724 |
| 2799 | Quest Diagnostics, Inc.  |  | 438 |
| 27787 | UnitedHealth Group, Inc.  |  | 14732 |
|  |  |  | 24356 |
|  | **Health Care Technology — 0.06%** | **Health Care Technology — 0.06%** | **Health Care Technology — 0.06%** |
| 2596 | Veeva Systems, Inc., Class - A<sup>(a)</sup>  |  | 419 |
|  | **Hotels, Restaurants & Leisure — 2.65%** | **Hotels, Restaurants & Leisure — 2.65%** | **Hotels, Restaurants & Leisure — 2.65%** |
| 18573 | Airbnb, Inc., Class - A<sup>(a)</sup>  |  | 1588 |
| 1179 | Booking Holdings, Inc.<sup>(a)</sup>  |  | 2376 |
| 31802 | Carnival Corp.<sup>(a)</sup>  |  | 256 |
| 1800 | Chipotle Mexican Grill, Inc.<sup>(a)</sup>  |  | 2497 |
| 1046 | Choice Hotels International, Inc.  |  | 118 |
| 9159 | Marriott International, Inc., Class - A  |  | 1364 |
| 1090 | McDonald's Corp.  |  | 287 |
| 98020 | Starbucks Corp.  |  | 9724 |
| 310 | Vail Resorts, Inc.  |  | 74 |
|  |  |  | 18284 |
|  | **Household Durables — 0.03%** | **Household Durables — 0.03%** | **Household Durables — 0.03%** |
| 2470 | Garmin Ltd.  |  | 228 |
|  | **Household Products — 1.26%** | **Household Products — 1.26%** | **Household Products — 1.26%** |
| 5143 | Church & Dwight Co., Inc.  |  | 415 |
| 9514 | Colgate-Palmolive Co.  |  | 750 |
| 7129 | Kimberly-Clark Corp.  |  | 968 |
| 2554 | The Clorox Co.  |  | 358 |
| 41123 | The Procter & Gamble Co.  |  | 6232 |
|  |  |  | 8723 |
|  | **Independent Power and Renewable Electricity Producers — 0.17%** | **Independent Power and Renewable Electricity Producers — 0.17%** | **Independent Power and Renewable Electricity Producers — 0.17%** |
| 51268 | Vistra Corp.  |  | 1189 |
|  | **Industrial Conglomerates — 0.49%** | **Industrial Conglomerates — 0.49%** | **Industrial Conglomerates — 0.49%** |
| 12543 | 3M Co.  |  | 1504 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** |
| 11662 | General Electric Co.  | $| 977 |
| 4278 | Honeywell International, Inc.  |  | 917 |
|  |  |  | 3398 |
|  | **Insurance — 2.34%** | **Insurance — 2.34%** | **Insurance — 2.34%** |
| 9715 | Aflac, Inc.  |  | 699 |
| 7992 | Aon PLC, Class - A  |  | 2398 |
| 1155 | Arthur J. Gallagher & Co.  |  | 218 |
| 16505 | Axis Capital Holdings Ltd.  |  | 894 |
| 11297 | Chubb Ltd.  |  | 2491 |
| 171 | Erie Indemnity Co., Class - A  |  | 43 |
| 628 | F&G Annuities & Life, Inc.<sup>(a)</sup>  |  | 13 |
| 43476 | Lincoln National Corp.  |  | 1336 |
| 11845 | Marsh & McLennan Companies, Inc.  |  | 1959 |
| 22534 | Principal Financial Group, Inc.  |  | 1891 |
| 4893 | Prudential Financial, Inc.  |  | 487 |
| 7591 | Reinsurance Group of America  |  | 1079 |
| 5565 | The Progressive Corp.  |  | 722 |
| 6974 | The Travelers Companies, Inc.  |  | 1308 |
| 15794 | Unum Group  |  | 648 |
|  |  |  | 16186 |
|  | **Interactive Media & Services — 4.24%** | **Interactive Media & Services — 4.24%** | **Interactive Media & Services — 4.24%** |
| 123480 | Alphabet, Inc., Class - A<sup>(a)</sup>  |  | 10895 |
| 165860 | Alphabet, Inc., Class - C<sup>(a)</sup>  |  | 14715 |
| 646 | IAC, Inc.<sup>(a)</sup>  |  | 29 |
| 1412 | Match Group, Inc.<sup>(a)</sup>  |  | 59 |
| 29977 | Meta Platforms, Inc., Class - A<sup>(a)</sup>  |  | 3608 |
|  |  |  | 29306 |
|  | **Internet & Direct Marketing Retail — 3.46%** | **Internet & Direct Marketing Retail — 3.46%** | **Internet & Direct Marketing Retail — 3.46%** |
| 255200 | Amazon.com, Inc.<sup>(a)</sup>  |  | 21437 |
| 2900 | MercadoLibre, Inc.<sup>(a)</sup>  |  | 2454 |
|  |  |  | 23891 |
|  | **IT Services — 7.78%** | **IT Services — 7.78%** | **IT Services — 7.78%** |
| 12354 | Accenture PLC, Class - A  |  | 3297 |
| 120103 | Adyen N.V., ADR<sup>(a)</sup>  |  | 1657 |
| 57727 | Automatic Data Processing, Inc.  |  | 13789 |
| 2371 | Broadridge Financial Solutions, Inc.  |  | 318 |
| 2241 | Cognizant Technology Solutions Corp.  |  | 128 |
| 756 | Fiserv, Inc.<sup>(a)</sup>  |  | 76 |
| 1270 | FleetCor Technologies, Inc.<sup>(a)</sup>  |  | 233 |
| 7975 | Global Payments, Inc.  |  | 792 |
| 1598 | Jack Henry & Associates, Inc.  |  | 281 |
| 17081 | MasterCard, Inc., Class - A  |  | 5940 |
| 18740 | Okta, Inc.<sup>(a)</sup>  |  | 1281 |
| 34688 | PayPal Holdings, Inc.<sup>(a)</sup>  |  | 2470 |
| 12281 | Snowflake, Inc., Class - A<sup>(a)</sup>  |  | 1763 |
| 104737 | Visa, Inc., Class - A  |  | 21760 |
|  |  |  | 53785 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Growth Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Leisure Products — 0.02%** | **Leisure Products — 0.02%** |
| 1422 | Polaris, Inc.  | $144 |
|  | **Life Sciences Tools & Services — 1.20%** | **Life Sciences Tools & Services — 1.20%** |
| 4564 | Bio-Techne Corp.  | 378 |
| 440 | Bruker Corp.  | 30 |
| 758 | Mettler-Toledo International, Inc.<sup>(a)</sup>  | 1096 |
| 239 | PerkinElmer, Inc.  | 34 |
| 10833 | Thermo Fisher Scientific, Inc.  | 5965 |
| 2297 | Waters Corp.<sup>(a)</sup>  | 787 |
|  |  | 8290 |
|  | **Machinery — 1.79%** | **Machinery — 1.79%** |
| 9555 | Caterpillar, Inc.  | 2289 |
| 4840 | Deere & Co.  | 2075 |
| 3369 | Dover Corp.  | 456 |
| 5857 | Fortive Corp.  | 376 |
| 1569 | Graco, Inc.  | 106 |
| 2179 | IDEX Corp.  | 498 |
| 8257 | Illinois Tool Works, Inc.  | 1819 |
| 6973 | Ingersoll Rand, Inc.  | 364 |
| 506 | Nordson Corp.  | 120 |
| 8726 | Otis Worldwide Corp.  | 683 |
| 11372 | The Middleby Corp.<sup>(a)</sup>  | 1523 |
| 927 | The Toro Co.  | 105 |
| 14765 | Westinghouse Air Brake Technologies Corp.  | 1474 |
| 4438 | Xylem, Inc.  | 491 |
|  |  | 12379 |
|  | **Media — 0.32%** | **Media — 0.32%** |
| 4935 | Omnicom Group, Inc.  | 403 |
| 74543 | Paramount Global, Class - B  | 1258 |
| 17241 | The Interpublic Group of Companies, Inc.  | 574 |
|  |  | 2235 |
|  | **Mortgage Real Estate Investment Trusts — 0.27%** | **Mortgage Real Estate Investment Trusts — 0.27%** |
| 183185 | Rithm Capital Corp.  | 1497 |
| 20515 | Starwood Property Trust, Inc.  | 376 |
|  |  | 1873 |
|  | **Multiline Retail — 0.13%** | **Multiline Retail — 0.13%** |
| 939 | Dollar General Corp.  | 231 |
| 4517 | Dollar Tree, Inc.<sup>(a)</sup>  | 639 |
|  |  | 870 |
|  | **Multi-Utilities — 0.63%** | **Multi-Utilities — 0.63%** |
| 84210 | CenterPoint Energy, Inc.  | 2525 |
| 15797 | DTE Energy Co.  | 1857 |
|  |  | 4382 |
|  | **Oil, Gas & Consumable Fuels — 4.06%** | **Oil, Gas & Consumable Fuels — 4.06%** |
| 54988 | Antero Midstream Corp.  | 593 |
| 13600 | Chevron Corp.  | 2441 |
| 24368 | ConocoPhillips  | 2875 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| 79339 | Devon Energy Corp.  | $| 4881 |
| 7898 | DT Midstream, Inc.  |  | 436 |
| 21212 | EQT Corp.  |  | 718 |
| 37447 | Exxon Mobil Corp.  |  | 4130 |
| 114575 | Marathon Oil Corp.  |  | 3102 |
| 13944 | ONEOK, Inc.  |  | 916 |
| 4640 | Pioneer Natural Resources Co.  |  | 1060 |
| 95111 | Range Resources Corp.  |  | 2380 |
| 28597 | Targa Resources Corp.  |  | 2102 |
| 73536 | The Williams Cos., Inc.  |  | 2419 |
|  |  |  | 28053 |
|  | **Personal Products — 0.60%** | **Personal Products — 0.60%** | **Personal Products — 0.60%** |
| 16695 | The Estee Lauder Companies, Inc.  |  | 4142 |
|  | **Pharmaceuticals — 5.03%** | **Pharmaceuticals — 5.03%** | **Pharmaceuticals — 5.03%** |
| 32406 | Eli Lilly & Co.  |  | 11855 |
| 31287 | Johnson & Johnson  |  | 5527 |
| 55581 | Merck & Co., Inc.  |  | 6167 |
| 62704 | Novo Nordisk A/S, ADR  |  | 8486 |
| 5558 | Organon & Co.  |  | 155 |
| 33876 | Pfizer, Inc.  |  | 1736 |
| 11882 | Viatris, Inc.  |  | 132 |
| 4740 | Zoetis, Inc.  |  | 695 |
|  |  |  | 34753 |
|  | **Professional Services — 0.17%** | **Professional Services — 0.17%** | **Professional Services — 0.17%** |
| 3010 | CoStar Group, Inc.<sup>(a)</sup>  |  | 233 |
| 2353 | Equifax, Inc.  |  | 457 |
| 2931 | Verisk Analytics, Inc., Class - A  |  | 517 |
|  |  |  | 1207 |
|  | **Real Estate Management & Development — 0.01%** | **Real Estate Management & Development — 0.01%** | **Real Estate Management & Development — 0.01%** |
| 1272 | CBRE Group, Inc., Class - A<sup>(a)</sup>  |  | 98 |
|  | **Road & Rail — 1.66%** | **Road & Rail — 1.66%** | **Road & Rail — 1.66%** |
| 124263 | CSX Corp.  |  | 3850 |
| 1274 | Landstar System, Inc.  |  | 208 |
| 562 | Old Dominion Freight Line, Inc.  |  | 159 |
| 70316 | Uber Technologies, Inc.<sup>(a)</sup>  |  | 1739 |
| 916 | U-Haul Holding Co.  |  | 55 |
| 8244 | U-Haul Holding Co.  |  | 453 |
| 24231 | Union Pacific Corp.  |  | 5018 |
|  |  |  | 11482 |
|  | **Semiconductors & Semiconductor Equipment — 3.88%** | **Semiconductors & Semiconductor Equipment — 3.88%** | **Semiconductors & Semiconductor Equipment — 3.88%** |
| 71539 | Advanced Micro Devices, Inc.<sup>(a)</sup>  |  | 4634 |
| 8866 | Analog Devices, Inc.  |  | 1454 |
| 6209 | Applied Materials, Inc.  |  | 605 |
| 7015 | Broadcom, Inc.  |  | 3922 |
| 4234 | First Solar, Inc.<sup>(a)</sup>  |  | 634 |
| 63448 | Intel Corp.  |  | 1677 |
| 1378 | KLA Corp.  |  | 520 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Growth Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| 1153 | Lam Research Corp.  | $| 485 |
| 28189 | Marvell Technology, Inc.  |  | 1044 |
| 3708 | Microchip Technology, Inc.  |  | 260 |
| 7602 | Micron Technology, Inc.  |  | 380 |
| 52413 | NVIDIA Corp.  |  | 7660 |
| 3257 | ON Semiconductor Corp.<sup>(a)</sup>  |  | 203 |
| 30091 | QUALCOMM, Inc.  |  | 3308 |
|  |  |  | 26786 |
|  | **Software — 10.28%** | **Software — 10.28%** | **Software — 10.28%** |
| 12173 | Adobe, Inc.<sup>(a)</sup>  |  | 4097 |
| 1974 | ANSYS, Inc.<sup>(a)</sup>  |  | 477 |
| 11429 | Atlassian Corp., Class - A<sup>(a)</sup>  |  | 1471 |
| 8581 | Crowdstrike Holdings, Inc., Class - A<sup>(a)</sup>  |  | 903 |
| 6515 | Fortinet, Inc.<sup>(a)</sup>  |  | 319 |
| 5422 | Intuit, Inc.  |  | 2110 |
| 183203 | Microsoft Corp.  |  | 43936 |
| 63347 | Oracle Corp.  |  | 5178 |
| 1131 | Palo Alto Networks, Inc.<sup>(a)</sup>  |  | 158 |
| 2476 | Roper Technologies, Inc.  |  | 1070 |
| 73714 | Salesforce, Inc.<sup>(a)</sup>  |  | 9774 |
| 1391 | SS&C Technologies Holdings, Inc.  |  | 72 |
| 151 | Synopsys, Inc.<sup>(a)</sup>  |  | 48 |
| 24605 | The Trade Desk, Inc., Class - A<sup>(a)</sup>  |  | 1103 |
| 1628 | VMware, Inc., Class - A<sup>(a)</sup>  |  | 200 |
| 566 | Workday, Inc., Class - A<sup>(a)</sup>  |  | 95 |
|  |  |  | 71011 |
|  | **Specialty Retail — 3.66%** | **Specialty Retail — 3.66%** | **Specialty Retail — 3.66%** |
| 854 | Advance Auto Parts, Inc.  |  | 126 |
| 597 | AutoZone, Inc.<sup>(a)</sup>  |  | 1472 |
| 5882 | Best Buy Co., Inc.  |  | 472 |
| 376 | Burlington Stores, Inc.<sup>(a)</sup>  |  | 76 |
| 41191 | Lowe's Companies, Inc.  |  | 8206 |
| 3411 | O'Reilly Automotive, Inc.<sup>(a)</sup>  |  | 2879 |
| 9045 | Ross Stores, Inc.  |  | 1050 |
| 14204 | The Home Depot, Inc.  |  | 4486 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
| 70625 | The TJX Companies, Inc.  | $5622 |
| 1256 | Tractor Supply Co.  | 283 |
| 1253 | Ulta Beauty, Inc.<sup>(a)</sup>  | 588 |
|  |  | 25260 |
|  | **Technology Hardware, Storage & Peripherals — 6.93%** | **Technology Hardware, Storage & Peripherals — 6.93%** |
| 368386 | Apple, Inc.  | 47864 |
|  | **Textiles, Apparel & Luxury Goods — 1.83%** | **Textiles, Apparel & Luxury Goods — 1.83%** |
| 960 | Kontoor Brands, Inc.  | 38 |
| 9221 | Lululemon Athletica, Inc.<sup>(a)</sup>  | 2954 |
| 29287 | LVMH Moet Hennessy Louis Vuitton SE, ADR  | 4244 |
| 45478 | NIKE, Inc., Class - B  | 5321 |
| 4000 | V.F. Corp.  | 110 |
|  |  | 12667 |
|  | **Tobacco — 0.26%** | **Tobacco — 0.26%** |
| 17508 | Philip Morris International, Inc.  | 1772 |
|  | **Trading Companies & Distributors — 0.33%** | **Trading Companies & Distributors — 0.33%** |
| 23095 | Air Lease Corp.  | 887 |
| 14448 | Fastenal Co.  | 684 |
| 1221 | W.W. Grainger, Inc.  | 679 |
|  |  | 2250 |
|  | **Wireless Telecommunication Services — 0.19%** | **Wireless Telecommunication Services — 0.19%** |
| 9465 | T-Mobile US, Inc.<sup>(a)</sup>  | 1325 |
|  | **Total Common Stocks**  | 678845 |
|  | **Investment Company — 0.53%** | **Investment Company — 0.53%** |
| 3671169 | State Street Institutional Treasury Plus Money Market Fund, Trust Class, 4.09%<sup>(b)</sup>  | 3671 |
|  | **Total Investment Company**  | 3671 |
|  | **Total Investments (cost $241,409) — 98.77%**  | 682516 |
|  | **Other assets in excess of liabilities — 1.23%**  | 8486 |
|  | **Net Assets — 100.00%**  | $691002 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized 7-day yield as of period-end.

ADR—American Depositary Receipt

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Growth Equity Portfolio** 

Portfolio of Investments (concluded) — December 31, 2022 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| **The Growth Equity Portfolio** | **Jennison <br> Associates, <br> LLC** | **Parametric <br> Portfolio <br> Associates, <br> LLC** | **Total** |
| Common Stocks  | 19.08% | 79.16% | 98.24% |
| Investment Companies  |  | 0.53% | 0.53% |
| Other Assets (Liabilities)  | 1.11% | 0.12% | 1.23% |
| &nbsp;&nbsp;&nbsp;Total Net Assets  | **20.19%** | **79.81%** | **100.00%** |

---

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

The following table reflects the open derivative positions held by the Portfolio as of December 31, 2022.

<u><u>**Futures Contracts Purchased**</u><u>\*</u></u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount<br> (000)** | **Value and <br> Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)** |
| E-Mini S&P 500 Future  | 5 | 3/17/23 | $965 | $4 |
| NASDAQ 100 E Mini Future  | 8 | 3/17/23 | 1764 | (28) |
|  |  |  | $2729 | $(24) |
|  | Total Unrealized Appreciation  | Total Unrealized Appreciation  | Total Unrealized Appreciation  | $4 |
|  | Total Unrealized Depreciation  | Total Unrealized Depreciation  | Total Unrealized Depreciation  | (28) |
|  | Total Net Unrealized Appreciation/(Depreciation)  | Total Net Unrealized Appreciation/(Depreciation)  | Total Net Unrealized Appreciation/(Depreciation)  | $(24) |

---

\* 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 — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks — 67.43%** | **Common Stocks — 67.43%** |
|  | **Aerospace & Defense — 1.06%** | **Aerospace & Defense — 1.06%** |
| 9795 | General Dynamics Corp.  | $2430 |
| 1244 | HEICO Corp.  | 191 |
| 2091 | HEICO Corp., Class - A  | 251 |
| 10762 | Howmet Aerospace, Inc.  | 424 |
| 5086 | Huntington Ingalls Industries, Inc.  | 1173 |
| 9451 | L3Harris Technologies, Inc.  | 1968 |
| 9053 | Lockheed Martin Corp.  | 4405 |
| 7576 | Northrop Grumman Corp.  | 4133 |
| 43284 | Raytheon Technologies Corp.  | 4369 |
| 6205 | Textron, Inc.  | 439 |
| 16458 | The Boeing Co.<sup>(a)</sup>  | 3135 |
| 5936 | TransDigm Group, Inc.  | 3737 |
|  |  | 26655 |
|  | **Air Freight & Logistics — 0.33%** | **Air Freight & Logistics — 0.33%** |
| 14179 | C.H. Robinson Worldwide, Inc.  | 1298 |
| 12002 | Expeditors International of Washington, Inc.  | 1247 |
| 7199 | FedEx Corp.  | 1247 |
| 25235 | United Parcel Service, Inc., Class - B  | 4387 |
|  |  | 8179 |
|  | **Airlines — 0.01%** | **Airlines — 0.01%** |
| 4579 | Delta Air Lines, Inc.<sup>(a)</sup>  | 150 |
| 4234 | Southwest Airlines Co.<sup>(a)</sup>  | 143 |
|  |  | 293 |
|  | **Auto Components — 0.05%** | **Auto Components — 0.05%** |
| 7743 | Aptiv PLC<sup>(a)</sup>  | 722 |
| 6867 | BorgWarner, Inc.  | 276 |
| 1710 | Lear Corp.  | 212 |
|  |  | 1210 |
|  | **Automobiles — 0.78%** | **Automobiles — 0.78%** |
| 34793 | Dr Ing hc F Porsche AG, ADR<sup>(a)</sup>  | 365 |
| 12696 | Ferrari N.V.  | 2720 |
| 115041 | Ford Motor Co.  | 1338 |
| 40314 | General Motors Co.  | 1356 |
| 14742 | Lucid Group, Inc.^<sup>(a)</sup>  | 101 |
| 8761 | Rivian Automotive, Inc., Class - A<sup>(a)</sup>  | 161 |
| 109084 | Tesla, Inc.<sup>(a)</sup>  | 13437 |
|  |  | 19478 |
|  | **Banks — 1.46%** | **Banks — 1.46%** |
| 211176 | Bank of America Corp.  | 6994 |
| 56431 | Citigroup, Inc.  | 2552 |
| 14893 | Citizens Financial Group, Inc.  | 586 |
| 20232 | Fifth Third Bancorp  | 664 |
| 374 | First Citizens BancShares, Inc., Class - A  | 284 |
| 15467 | First Horizon Corp.  | 379 |
| 5393 | First Republic Bank  | 657 |
| 41258 | Huntington Bancshares, Inc.  | 582 |
| 85303 | JPMorgan Chase & Co.  | 11440 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 26630 | KeyCorp  | $| 464 |
| 5132 | M&T Bank Corp.  |  | 744 |
| 11930 | PNC Financial Services Group, Inc.  |  | 1884 |
| 26845 | Regions Financial Corp.  |  | 579 |
| 1799 | Signature Bank  |  | 207 |
| 1673 | SVB Financial Group<sup>(a)</sup>  |  | 385 |
| 39114 | Truist Financial Corp.  |  | 1683 |
| 40266 | U.S. Bancorp  |  | 1756 |
| 5186 | Webster Financial Corp.  |  | 246 |
| 109796 | Wells Fargo & Co.  |  | 4533 |
|  |  |  | 36619 |
|  | **Beverages — 1.08%** | **Beverages — 1.08%** | **Beverages — 1.08%** |
| 20801 | Brown-Forman Corp., Class - B  |  | 1366 |
| 7633 | Constellation Brands, Inc., Class - A  |  | 1769 |
| 50828 | Keurig Dr Pepper, Inc.  |  | 1813 |
| 21530 | Molson Coors Beverage Co., Class - B  |  | 1110 |
| 41975 | Monster Beverage Corp.<sup>(a)</sup>  |  | 4262 |
| 44869 | PepsiCo, Inc.  |  | 8106 |
| 134502 | The Coca-Cola Co.  |  | 8554 |
|  |  |  | 26980 |
|  | **Biotechnology — 1.56%** | **Biotechnology — 1.56%** | **Biotechnology — 1.56%** |
| 58099 | AbbVie, Inc.  |  | 9391 |
| 7287 | Alnylam Pharmaceuticals, Inc.<sup>(a)</sup>  |  | 1732 |
| 18994 | Amgen, Inc.  |  | 4988 |
| 6357 | Biogen, Inc.<sup>(a)</sup>  |  | 1760 |
| 11858 | BioMarin Pharmaceutical, Inc.<sup>(a)</sup>  |  | 1227 |
| 4903 | Exact Sciences Corp.<sup>(a)</sup>  |  | 243 |
| 49693 | Gilead Sciences, Inc.  |  | 4267 |
| 17993 | Incyte Corp.<sup>(a)</sup>  |  | 1445 |
| 15734 | Moderna, Inc.<sup>(a)</sup>  |  | 2826 |
| 10427 | Neurocrine Biosciences, Inc.<sup>(a)</sup>  |  | 1245 |
| 4532 | Regeneron Pharmaceuticals, Inc.<sup>(a)</sup>  |  | 3270 |
| 11007 | Seagen, Inc.<sup>(a)</sup>  |  | 1414 |
| 13486 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup>  |  | 3894 |
| 82670 | Vitrolife AB  |  | 1476 |
|  |  |  | 39178 |
|  | **Building Products — 0.31%** | **Building Products — 0.31%** | **Building Products — 0.31%** |
| 16303 | A.O. Smith Corp.  |  | 933 |
| 2569 | Allegion PLC  |  | 270 |
| 2203 | Carlisle Cos., Inc.  |  | 519 |
| 39574 | Carrier Global Corp.  |  | 1633 |
| 3801 | Fortune Brands Innovations, Inc.  |  | 217 |
| 23489 | Johnson Controls International PLC  |  | 1504 |
| 3421 | Lennox International, Inc.  |  | 818 |
| 9033 | Masco Corp.  |  | 421 |
| 2831 | Owens Corning  |  | 241 |
| 7937 | Trane Technologies PLC  |  | 1335 |
|  |  |  | 7891 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Institutional U.S. Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Capital Markets — 2.61%** | **Capital Markets — 2.61%** |
| 3174 | Ameriprise Financial, Inc.  | $988 |
| 4777 | Ares Management Corp., Class - A  | 327 |
| 4388 | BlackRock, Inc., Class - A  | 3109 |
| 20560 | Blackstone, Inc., Class - A  | 1525 |
| 10516 | CBOE Global Markets, Inc.  | 1319 |
| 32586 | CME Group, Inc.  | 5480 |
| 3437 | Coinbase Global, Inc., Class - A^<sup>(a)</sup>  | 122 |
| 8844 | FactSet Research Systems, Inc.  | 3548 |
| 8637 | Franklin Resources, Inc.  | 228 |
| 47777 | Intercontinental Exchange, Inc.  | 4902 |
| 9906 | Invesco Ltd.  | 178 |
| 22865 | KKR & Co., Inc.  | 1062 |
| 2295 | LPL Financial Holdings, Inc.  | 496 |
| 3377 | MarketAxess Holdings, Inc.  | 941 |
| 20357 | Moody's Corp.  | 5672 |
| 37378 | Morgan Stanley  | 3178 |
| 2328 | MSCI, Inc.  | 1083 |
| 13128 | Nasdaq, Inc.  | 806 |
| 5645 | Northern Trust Corp.  | 500 |
| 5637 | Raymond James Financial, Inc.  | 602 |
| 27597 | S&P Global, Inc.  | 9244 |
| 3419 | SEI Investments Co.  | 199 |
| 10802 | State Street Corp.  | 838 |
| 6552 | T. Rowe Price Group, Inc.  | 715 |
| 21887 | The Bank of New York Mellon Corp.  | 996 |
| 5679 | The Carlyle Group, Inc.  | 169 |
| 131253 | The Charles Schwab Corp.  | 10928 |
| 15374 | The Goldman Sachs Group, Inc.  | 5279 |
| 16496 | Tradeweb Markets, Inc., Class - A  | 1071 |
|  |  | 65505 |
|  | **Chemicals — 1.01%** | **Chemicals — 1.01%** |
| 7362 | Air Products & Chemicals, Inc.  | 2269 |
| 3348 | Albemarle Corp.  | 726 |
| 3093 | Celanese Corp., Series A  | 316 |
| 5823 | CF Industries Holdings, Inc.  | 496 |
| 25786 | Corteva, Inc.  | 1516 |
| 21049 | Dow, Inc.  | 1061 |
| 14675 | DuPont de Nemours, Inc.  | 1007 |
| 3702 | Eastman Chemical Co.  | 301 |
| 7369 | Ecolab, Inc.  | 1073 |
| 3601 | FMC Corp.  | 449 |
| 11018 | International Flavors & Fragrances, Inc.  | 1155 |
| 31460 | Linde PLC  | 10263 |
| 7508 | LyondellBasell Industries N.V., Class - A  | 623 |
| 8145 | PPG Industries, Inc.  | 1024 |
| 6181 | RPM International, Inc.  | 602 |
| 9750 | The Mosaic Co.  | 428 |
| 8545 | The Sherwin-Williams Co.  | 2028 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| 1104 | Westlake Corp.  | $| 113 |
|  |  |  | 25450 |
|  | **Commercial Services & Supplies — 0.53%** | **Commercial Services & Supplies — 0.53%** | **Commercial Services & Supplies — 0.53%** |
| 2673 | Cintas Corp.  |  | 1207 |
| 40968 | Copart, Inc.<sup>(a)</sup>  |  | 2494 |
| 12686 | Republic Services, Inc.  |  | 1636 |
| 27835 | Rollins, Inc.  |  | 1018 |
| 30630 | Waste Connections, Inc.  |  | 4060 |
| 17937 | Waste Management, Inc.  |  | 2814 |
|  |  |  | 13229 |
|  | **Communications Equipment — 0.40%** | **Communications Equipment — 0.40%** | **Communications Equipment — 0.40%** |
| 7052 | Arista Networks, Inc.<sup>(a)</sup>  |  | 856 |
| 127565 | Cisco Systems, Inc.  |  | 6077 |
| 4371 | F5, Inc.<sup>(a)</sup>  |  | 627 |
| 30123 | Juniper Networks, Inc.  |  | 963 |
| 5692 | Motorola Solutions, Inc.  |  | 1467 |
|  |  |  | 9990 |
|  | **Construction & Engineering — 0.16%** | **Construction & Engineering — 0.16%** | **Construction & Engineering — 0.16%** |
| 4111 | Quanta Services, Inc.  |  | 586 |
| 75679 | WillScot Mobile Mini Holdings Corp.<sup>(a)</sup>  |  | 3418 |
|  |  |  | 4004 |
|  | **Construction Materials — 0.06%** | **Construction Materials — 0.06%** | **Construction Materials — 0.06%** |
| 1786 | Martin Marietta Materials, Inc.  |  | 604 |
| 5341 | Vulcan Materials Co.  |  | 935 |
|  |  |  | 1539 |
|  | **Consumer Finance — 0.21%** | **Consumer Finance — 0.21%** | **Consumer Finance — 0.21%** |
| 9550 | Ally Financial, Inc.  |  | 233 |
| 18468 | American Express Co.  |  | 2729 |
| 11366 | Capital One Financial Corp.  |  | 1057 |
| 8149 | Discover Financial Services  |  | 797 |
| 13542 | Synchrony Financial  |  | 445 |
|  |  |  | 5261 |
|  | **Containers & Packaging — 0.32%** | **Containers & Packaging — 0.32%** | **Containers & Packaging — 0.32%** |
| 69662 | Amcor PLC  |  | 829 |
| 2373 | Avery Dennison Corp.  |  | 430 |
| 21805 | Ball Corp.  |  | 1116 |
| 37723 | Crown Holdings, Inc.  |  | 3100 |
| 13793 | International Paper Co.  |  | 478 |
| 8357 | Packaging Corporation of America  |  | 1069 |
| 13709 | Sealed Air Corp.  |  | 684 |
| 7426 | WestRock Co.  |  | 261 |
|  |  |  | 7967 |
|  | **Distributors — 0.22%** | **Distributors — 0.22%** | **Distributors — 0.22%** |
| 5035 | Genuine Parts Co.  |  | 874 |
| 7754 | LKQ Corp.  |  | 414 |
| 14088 | Pool Corp.  |  | 4259 |
|  |  |  | 5547 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Institutional U.S. Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Diversified Financial Services — 0.64%** | **Diversified Financial Services — 0.64%** |
| 54628 | Apollo Global Management, Inc.  | $3485 |
| 39921 | Berkshire Hathaway, Inc., Class - B<sup>(a)</sup>  | 12332 |
| 11230 | Equitable Holdings, Inc.  | 322 |
|  |  | 16139 |
|  | **Diversified Telecommunication Services — 0.47%** | **Diversified Telecommunication Services — 0.47%** |
| 254862 | AT&T, Inc.  | 4692 |
| 35301 | Liberty Global PLC, Class - C<sup>(a)</sup>  | 685 |
| 72430 | Lumen Technologies, Inc.  | 378 |
| 151836 | Verizon Communications, Inc.  | 5983 |
|  |  | 11738 |
|  | **Electric Utilities — 1.40%** | **Electric Utilities — 1.40%** |
| 25131 | Alliant Energy Corp.  | 1388 |
| 26342 | American Electric Power Company, Inc.  | 2501 |
| 38658 | Constellation Energy Corp.  | 3333 |
| 31851 | Duke Energy Corp.  | 3280 |
| 21455 | Edison International  | 1365 |
| 11393 | Entergy Corp.  | 1281 |
| 17719 | Evergy, Inc.  | 1115 |
| 20850 | Eversource Energy  | 1748 |
| 34372 | Exelon Corp.  | 1486 |
| 33827 | FirstEnergy Corp.  | 1418 |
| 63504 | NextEra Energy, Inc.  | 5310 |
| 12832 | NRG Energy, Inc.  | 408 |
| 42615 | PG&E Corp.<sup>(a)</sup>  | 693 |
| 42916 | PPL Corp.  | 1254 |
| 44697 | The Southern Co.  | 3192 |
| 77703 | Xcel Energy, Inc.  | 5448 |
|  |  | 35220 |
|  | **Electrical Equipment — 0.25%** | **Electrical Equipment — 0.25%** |
| 6617 | AMETEK, Inc.  | 925 |
| 11728 | Eaton Corp. PLC  | 1841 |
| 17314 | Emerson Electric Co.  | 1663 |
| 1939 | Generac Holdings, Inc.<sup>(a)</sup>  | 195 |
| 1530 | Hubbell, Inc.  | 359 |
| 14740 | Plug Power, Inc.<sup>(a)</sup>  | 182 |
| 3322 | Rockwell Automation, Inc.  | 856 |
| 4532 | Sensata Technologies Holding PLC  | 183 |
|  |  | 6204 |
|  | **Electronic Equipment, Instruments & Components — 0.35%** | **Electronic Equipment, Instruments & Components — 0.35%** |
| 17906 | Amphenol Corp., Class - A  | 1363 |
| 1932 | Arrow Electronics, Inc.<sup>(a)</sup>  | 202 |
| 3859 | CDW Corp.  | 689 |
| 5039 | Cognex Corp.  | 237 |
| 22910 | Corning, Inc.  | 732 |
| 97282 | Halma PLC  | 2321 |
| 5096 | Keysight Technologies, Inc.<sup>(a)</sup>  | 872 |
| 9306 | TE Connectivity Ltd.  | 1068 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| 1361 | Teledyne Technologies, Inc.<sup>(a)</sup>  | $| 544 |
| 7175 | Trimble, Inc.<sup>(a)</sup>  |  | 363 |
| 1523 | Zebra Technologies Corp.<sup>(a)</sup>  |  | 391 |
|  |  |  | 8782 |
|  | **Energy Equipment & Services — 0.20%** | **Energy Equipment & Services — 0.20%** | **Energy Equipment & Services — 0.20%** |
| 29254 | Baker Hughes, Inc.  |  | 864 |
| 25741 | Halliburton Co.  |  | 1013 |
| 57840 | Schlumberger N.V.  |  | 3092 |
|  |  |  | 4969 |
|  | **Entertainment — 0.79%** | **Entertainment — 0.79%** | **Entertainment — 0.79%** |
| 22996 | Activision Blizzard, Inc.  |  | 1760 |
| 16050 | Electronic Arts, Inc.  |  | 1961 |
| 5515 | Liberty Media Corp. - Liberty Formula One, Class - C<sup>(a)</sup>  |  | 330 |
| 4847 | Live Nation Entertainment, Inc.<sup>(a)</sup>  |  | 338 |
| 26848 | Netflix, Inc.<sup>(a)</sup>  |  | 7916 |
| 17805 | ROBLOX Corp., Class - A<sup>(a)</sup>  |  | 507 |
| 3437 | Roku, Inc.<sup>(a)</sup>  |  | 140 |
| 3212 | Spotify Technology SA<sup>(a)</sup>  |  | 254 |
| 13660 | Take-Two Interactive Software, Inc.<sup>(a)</sup>  |  | 1423 |
| 52771 | The Walt Disney Co.<sup>(a)</sup>  |  | 4584 |
| 67779 | Warner Bros Discovery, Inc.<sup>(a)</sup>  |  | 643 |
|  |  |  | 19856 |
|  | **Equity Real Estate Investment Trusts — 4.69%** | **Equity Real Estate Investment Trusts — 4.69%** | **Equity Real Estate Investment Trusts — 4.69%** |
| 27795 | Agree Realty Corp.  |  | 1971 |
| 13586 | Alexandria Real Estate Equities, Inc.  |  | 1979 |
| 206458 | American Homes 4 Rent, Class - A  |  | 6223 |
| 29507 | American Tower Corp.  |  | 6252 |
| 45640 | AvalonBay Communities, Inc.  |  | 7372 |
| 4247 | Boston Properties, Inc.  |  | 287 |
| 79764 | Brixmor Property Group, Inc.  |  | 1808 |
| 7226 | Camden Property Trust  |  | 809 |
| 53870 | CareTrust REIT, Inc.  |  | 1001 |
| 43336 | Corporate Office Properties Trust  |  | 1124 |
| 16727 | Crown Castle, Inc.  |  | 2269 |
| 31118 | CubeSmart  |  | 1252 |
| 15487 | Digital Realty Trust, Inc.  |  | 1553 |
| 161835 | Empire State Realty Trust, Inc.  |  | 1091 |
| 13461 | Equinix, Inc.  |  | 8818 |
| 11800 | Equity Lifestyle Properties, Inc.  |  | 762 |
| 88680 | Equity Residential  |  | 5232 |
| 3410 | Essex Property Trust, Inc.  |  | 723 |
| 9253 | Extra Space Storage, Inc.  |  | 1362 |
| 15509 | First Industrial Realty Trust, Inc.  |  | 748 |
| 7356 | Gaming and Leisure Properties, Inc.  |  | 383 |
| 24711 | Getty Realty Corp.  |  | 836 |
| 42589 | Healthcare Realty Trust, Inc.  |  | 820 |
| 66200 | Healthpeak Properties, Inc.  |  | 1660 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Institutional U.S. Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Equity Real Estate Investment Trusts (continued)** | **Equity Real Estate Investment Trusts (continued)** | **Equity Real Estate Investment Trusts (continued)** |
| 100835 | Host Hotels & Resorts, Inc.  | $| 1619 |
| 36420 | Independence Realty Trust, Inc.  |  | 614 |
| 6691 | Innovative Industrial Properties, Inc.  |  | 678 |
| 117197 | Invitation Homes, Inc.  |  | 3474 |
| 45218 | Iron Mountain, Inc.  |  | 2255 |
| 111930 | Kimco Realty Corp.  |  | 2371 |
| 12320 | Life Storage, Inc.  |  | 1214 |
| 31041 | LTC Properties, Inc.  |  | 1103 |
| 17050 | Medical Properties Trust, Inc.  |  | 190 |
| 6052 | Mid-America Apartment Communities, Inc.  |  | 950 |
| 44394 | Phillips Edison & Co., Inc.  |  | 1414 |
| 54996 | Plymouth Industrial REIT, Inc.  |  | 1055 |
| 89657 | Prologis, Inc.  |  | 10106 |
| 17992 | Public Storage  |  | 5040 |
| 19864 | Realty Income Corp.  |  | 1260 |
| 4360 | Regency Centers Corp.  |  | 273 |
| 12761 | Ryman Hospitality Properties, Inc.  |  | 1044 |
| 5454 | SBA Communications Corp.  |  | 1529 |
| 20555 | Simon Property Group, Inc.  |  | 2415 |
| 13978 | Spirit Realty Capital, Inc.  |  | 558 |
| 58744 | Sun Communities, Inc.  |  | 8399 |
| 56863 | Tanger Factory Outlet Centers, Inc.  |  | 1020 |
| 16801 | UDR, Inc.  |  | 651 |
| 11443 | Ventas, Inc.  |  | 516 |
| 56130 | Veris Residential, Inc.<sup>(a)</sup>  |  | 894 |
| 105695 | VICI Properties, Inc.  |  | 3424 |
| 61975 | Welltower, Inc.  |  | 4062 |
| 21458 | Weyerhaeuser Co.  |  | 665 |
| 34627 | WP Carey, Inc.  |  | 2706 |
|  |  |  | 117834 |
|  | **Food & Staples Retailing — 0.83%** | **Food & Staples Retailing — 0.83%** | **Food & Staples Retailing — 0.83%** |
| 19228 | Costco Wholesale Corp.  |  | 8778 |
| 14889 | Sysco Corp.  |  | 1138 |
| 44656 | The Kroger Co.  |  | 1990 |
| 40151 | Walgreens Boots Alliance, Inc.  |  | 1500 |
| 51817 | Walmart, Inc.  |  | 7348 |
|  |  |  | 20754 |
|  | **Food Products — 1.14%** | **Food Products — 1.14%** | **Food Products — 1.14%** |
| 23527 | Archer-Daniels-Midland Co.  |  | 2185 |
| 10631 | Bunge Ltd.  |  | 1060 |
| 29590 | Campbell Soup Co.  |  | 1679 |
| 46827 | Conagra Brands, Inc.  |  | 1812 |
| 4770 | Darling Ingredients, Inc.<sup>(a)</sup>  |  | 299 |
| 32277 | General Mills, Inc.  |  | 2707 |
| 32531 | Hormel Foods Corp.  |  | 1482 |
| 23674 | Kellogg Co.  |  | 1686 |
| 38030 | Lamb Weston Holdings, Inc.  |  | 3398 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| 19401 | McCormick & Company, Inc.  | $| 1608 |
| 53118 | Mondelez International, Inc., Class - A  |  | 3541 |
| 8886 | The Hershey Co.  |  | 2058 |
| 11137 | The J.M. Smucker Co.  |  | 1765 |
| 46360 | The Kraft Heinz Co.  |  | 1887 |
| 22666 | Tyson Foods, Inc., Class - A  |  | 1410 |
|  |  |  | 28577 |
|  | **Gas Utilities — 0.08%** | **Gas Utilities — 0.08%** | **Gas Utilities — 0.08%** |
| 12645 | Atmos Energy Corp.  |  | 1417 |
| 14520 | UGI Corp.  |  | 538 |
|  |  |  | 1955 |
|  | **Health Care Equipment & Supplies — 2.72%** | **Health Care Equipment & Supplies — 2.72%** | **Health Care Equipment & Supplies — 2.72%** |
| 66260 | Abbott Laboratories  |  | 7274 |
| 2140 | Align Technology, Inc.<sup>(a)</sup>  |  | 451 |
| 33136 | Baxter International, Inc.  |  | 1689 |
| 13191 | Becton Dickinson & Co.  |  | 3354 |
| 47054 | Boston Scientific Corp.<sup>(a)</sup>  |  | 2177 |
| 62189 | Danaher Corp.  |  | 16506 |
| 22388 | DENTSPLY SIRONA, Inc.  |  | 712 |
| 20219 | Dexcom, Inc.<sup>(a)</sup>  |  | 2290 |
| 20912 | Edwards Lifesciences Corp.<sup>(a)</sup>  |  | 1560 |
| 15485 | Hologic, Inc.<sup>(a)</sup>  |  | 1159 |
| 12802 | IDEXX Laboratories, Inc.<sup>(a)</sup>  |  | 5223 |
| 12822 | Insulet Corp.<sup>(a)</sup>  |  | 3775 |
| 14366 | Intuitive Surgical, Inc.<sup>(a)</sup>  |  | 3812 |
| 53864 | LivaNova PLC<sup>(a)</sup>  |  | 2992 |
| 7127 | Masimo Corp.<sup>(a)</sup>  |  | 1055 |
| 44716 | Medtronic PLC  |  | 3476 |
| 2660 | Novocure Ltd.<sup>(a)</sup>  |  | 195 |
| 5595 | ResMed, Inc.  |  | 1165 |
| 17654 | STERIS PLC  |  | 3260 |
| 9943 | Stryker Corp.  |  | 2431 |
| 2521 | Teleflex, Inc.  |  | 630 |
| 2364 | The Cooper Companies, Inc.  |  | 781 |
| 4415 | West Pharmaceutical Services, Inc.  |  | 1039 |
| 8950 | Zimmer Biomet Holdings, Inc.  |  | 1141 |
|  |  |  | 68147 |
|  | **Health Care Providers & Services — 2.17%** | **Health Care Providers & Services — 2.17%** | **Health Care Providers & Services — 2.17%** |
| 9979 | AmerisourceBergen Corp.  |  | 1654 |
| 18228 | Cardinal Health, Inc.  |  | 1401 |
| 21419 | Centene Corp.<sup>(a)</sup>  |  | 1756 |
| 9409 | Cigna Corp.  |  | 3118 |
| 47286 | CVS Health Corp.  |  | 4407 |
| 14766 | DaVita, Inc.<sup>(a)</sup>  |  | 1102 |
| 12835 | Elevance Health, Inc.  |  | 6584 |
| 6729 | HCA Healthcare, Inc.  |  | 1615 |
| 14115 | Henry Schein, Inc.<sup>(a)</sup>  |  | 1128 |
| 4580 | Humana, Inc.  |  | 2346 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Institutional U.S. Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| 3415 | Laboratory Corporation of America Holdings  | $| 804 |
| 6344 | McKesson Corp.  |  | 2379 |
| 3366 | Molina Heathcare, Inc.<sup>(a)</sup>  |  | 1111 |
| 9919 | Quest Diagnostics, Inc.  |  | 1552 |
| 43726 | UnitedHealth Group, Inc.  |  | 23183 |
| 1945 | Universal Health Services, Inc., Class - B  |  | 274 |
|  |  |  | 54414 |
|  | **Health Care Technology — 0.26%** | **Health Care Technology — 0.26%** | **Health Care Technology — 0.26%** |
| 122190 | Definitive Healthcare Corp.<sup>(a)</sup>  |  | 1343 |
| 14334 | Teladoc Health, Inc.<sup>(a)</sup>  |  | 339 |
| 29251 | Veeva Systems, Inc., Class - A<sup>(a)</sup>  |  | 4720 |
|  |  |  | 6402 |
|  | **Hotels, Restaurants & Leisure — 1.38%** | **Hotels, Restaurants & Leisure — 1.38%** | **Hotels, Restaurants & Leisure — 1.38%** |
| 18793 | Airbnb, Inc., Class - A<sup>(a)</sup>  |  | 1607 |
| 6574 | Aramark  |  | 272 |
| 1145 | Booking Holdings, Inc.<sup>(a)</sup>  |  | 2307 |
| 6086 | Caesars Entertainment, Inc.<sup>(a)</sup>  |  | 253 |
| 28078 | Carnival Corp.<sup>(a)</sup>  |  | 226 |
| 1811 | Chipotle Mexican Grill, Inc.<sup>(a)</sup>  |  | 2513 |
| 21888 | Choice Hotels International, Inc.  |  | 2465 |
| 3647 | Darden Restaurants, Inc.  |  | 504 |
| 3936 | Domino's Pizza, Inc.  |  | 1363 |
| 4306 | Expedia Group, Inc.<sup>(a)</sup>  |  | 377 |
| 8757 | Hilton Worldwide Holdings, Inc.  |  | 1107 |
| 7402 | Hyatt Hotels Corp., Class - A<sup>(a)</sup>  |  | 670 |
| 50745 | Intercontinental Hotels Group PLC  |  | 2910 |
| 9841 | Las Vegas Sands Corp.<sup>(a)</sup>  |  | 473 |
| 11552 | Marriott International, Inc., Class - A  |  | 1720 |
| 24105 | McDonald's Corp.  |  | 6353 |
| 10103 | MGM Resorts International  |  | 339 |
| 37497 | Planet Fitness, Inc., Class - A<sup>(a)</sup>  |  | 2955 |
| 6561 | Royal Caribbean Cruises Ltd.<sup>(a)</sup>  |  | 324 |
| 33502 | Starbucks Corp.  |  | 3323 |
| 2693 | Vail Resorts, Inc.  |  | 642 |
| 3194 | Wynn Resorts Ltd.<sup>(a)</sup>  |  | 263 |
| 13574 | YUM! Brands, Inc.  |  | 1739 |
|  |  |  | 34705 |
|  | **Household Durables — 0.51%** | **Household Durables — 0.51%** | **Household Durables — 0.51%** |
| 77706 | D.R. Horton, Inc.  |  | 6927 |
| 7448 | Garmin Ltd.  |  | 687 |
| 7480 | Lennar Corp., Class - A  |  | 677 |
| 1491 | Mohawk Industries, Inc.<sup>(a)</sup>  |  | 152 |
| 11593 | Newell Brands, Inc.  |  | 152 |
| 92 | NVR, Inc.<sup>(a)</sup>  |  | 424 |
| 5947 | PulteGroup, Inc.  |  | 271 |
| 170595 | TRI Pointe Homes, Inc.<sup>(a)</sup>  |  | 3172 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** |
| 1677 | Whirlpool Corp.  | $| 237 |
|  |  |  | 12699 |
|  | **Household Products — 0.82%** | **Household Products — 0.82%** | **Household Products — 0.82%** |
| 21900 | Church & Dwight Co., Inc.  |  | 1766 |
| 37691 | Colgate-Palmolive Co.  |  | 2970 |
| 18697 | Kimberly-Clark Corp.  |  | 2538 |
| 11548 | The Clorox Co.  |  | 1621 |
| 76664 | The Procter & Gamble Co.  |  | 11618 |
|  |  |  | 20513 |
|  | **Independent Power and Renewable Electricity Producers — 0.05%** | **Independent Power and Renewable Electricity Producers — 0.05%** | **Independent Power and Renewable Electricity Producers — 0.05%** |
| 19072 | The AES Corp.  |  | 549 |
| 29895 | Vistra Corp.  |  | 693 |
|  |  |  | 1242 |
|  | **Industrial Conglomerates — 0.39%** | **Industrial Conglomerates — 0.39%** | **Industrial Conglomerates — 0.39%** |
| 22714 | 3M Co.  |  | 2724 |
| 31846 | General Electric Co.  |  | 2668 |
| 20283 | Honeywell International, Inc.  |  | 4347 |
|  |  |  | 9739 |
|  | **Insurance — 1.58%** | **Insurance — 1.58%** | **Insurance — 1.58%** |
| 17674 | Aflac, Inc.  |  | 1271 |
| 2063 | American Financial Group, Inc.  |  | 283 |
| 21969 | American International Group, Inc.  |  | 1389 |
| 8574 | Aon PLC, Class - A  |  | 2573 |
| 10830 | Arch Capital Group Ltd.<sup>(a)</sup>  |  | 680 |
| 19375 | Arthur J. Gallagher & Co.  |  | 3653 |
| 5411 | Assurant, Inc.  |  | 677 |
| 13111 | Brown & Brown, Inc.  |  | 747 |
| 13976 | Chubb Ltd.  |  | 3082 |
| 4366 | Cincinnati Financial Corp.  |  | 447 |
| 4559 | Erie Indemnity Co., Class - A  |  | 1134 |
| 2279 | Everest Re Group Ltd.  |  | 755 |
| 198 | F&G Annuities & Life, Inc.<sup>(a)</sup>  |  | 4 |
| 10679 | Fidelity National Financial, Inc.  |  | 402 |
| 2663 | Globe Life, Inc.  |  | 321 |
| 4722 | Lincoln National Corp.  |  | 145 |
| 5998 | Loews Corp.  |  | 350 |
| 2652 | Markel Corp.<sup>(a)</sup>  |  | 3493 |
| 34333 | Marsh & McLennan Companies, Inc.  |  | 5681 |
| 20065 | MetLife, Inc.  |  | 1452 |
| 6922 | Principal Financial Group, Inc.  |  | 581 |
| 10764 | Prudential Financial, Inc.  |  | 1071 |
| 11943 | The Allstate Corp.  |  | 1620 |
| 9486 | The Hartford Financial Services Group, Inc.  |  | 719 |
| 24851 | The Progressive Corp.  |  | 3224 |
| 9549 | The Travelers Companies, Inc.  |  | 1791 |
| 10254 | W.R. Berkley Corp.  |  | 745 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Institutional U.S. Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 5679 | Willis Towers Watson PLC  | $| 1389 |
|  |  |  | 39679 |
|  | **Interactive Media & Services — 2.36%** | **Interactive Media & Services — 2.36%** | **Interactive Media & Services — 2.36%** |
| 243538 | Alphabet, Inc., Class - A<sup>(a)</sup>  |  | 21487 |
| 184192 | Alphabet, Inc., Class - C<sup>(a)</sup>  |  | 16344 |
| 591955 | Auto Trader Group PLC  |  | 3689 |
| 8173 | Match Group, Inc.<sup>(a)</sup>  |  | 339 |
| 92752 | Meta Platforms, Inc., Class - A<sup>(a)</sup>  |  | 11162 |
| 127024 | Pinterest, Inc., Class - A<sup>(a)</sup>  |  | 3084 |
| 52903 | Scout24 AG  |  | 2657 |
| 31217 | Snap, Inc., Class - A<sup>(a)</sup>  |  | 279 |
| 7532 | ZoomInfo Technologies, Inc.<sup>(a)</sup>  |  | 227 |
|  |  |  | 59268 |
|  | **Internet & Direct Marketing Retail — 1.55%** | **Internet & Direct Marketing Retail — 1.55%** | **Internet & Direct Marketing Retail — 1.55%** |
| 37871 | Alibaba Group Holding Ltd., ADR<sup>(a)</sup>  |  | 3336 |
| 336825 | Amazon.com, Inc.<sup>(a)</sup>  |  | 28295 |
| 3460 | Chewy, Inc., Class - A<sup>(a)</sup>  |  | 128 |
| 7058 | DoorDash, Inc., Class - A<sup>(a)</sup>  |  | 345 |
| 31984 | eBay, Inc.  |  | 1326 |
| 26169 | Etsy, Inc.<sup>(a)</sup>  |  | 3134 |
| 2812 | MercadoLibre, Inc.<sup>(a)</sup>  |  | 2379 |
|  |  |  | 38943 |
|  | **IT Services — 3.93%** | **IT Services — 3.93%** | **IT Services — 3.93%** |
| 18400 | Accenture PLC, Class - A  |  | 4910 |
| 61527 | Adyen N.V., ADR<sup>(a)</sup>  |  | 849 |
| 1231 | Adyen N.V.<sup>(a)</sup>  |  | 1698 |
| 5479 | Affirm Holdings, Inc.<sup>(a)</sup>  |  | 53 |
| 15023 | Akamai Technologies, Inc.<sup>(a)</sup>  |  | 1267 |
| 12141 | Automatic Data Processing, Inc.  |  | 2900 |
| 4483 | Black Knight, Inc.<sup>(a)</sup>  |  | 277 |
| 66336 | Block, Inc.<sup>(a)</sup>  |  | 4169 |
| 7917 | Broadridge Financial Solutions, Inc.  |  | 1062 |
| 14988 | Cognizant Technology Solutions Corp.  |  | 857 |
| 1687 | EPAM Systems, Inc.<sup>(a)</sup>  |  | 553 |
| 17815 | Fidelity National Information Services, Inc.  |  | 1209 |
| 44740 | Fiserv, Inc.<sup>(a)</sup>  |  | 4522 |
| 2204 | FleetCor Technologies, Inc.<sup>(a)</sup>  |  | 405 |
| 2356 | Gartner, Inc.<sup>(a)</sup>  |  | 792 |
| 36991 | Global Payments, Inc.  |  | 3674 |
| 40715 | GoDaddy, Inc., Class - A<sup>(a)</sup>  |  | 3046 |
| 31197 | International Business Machines Corp.  |  | 4396 |
| 7267 | Jack Henry & Associates, Inc.  |  | 1276 |
| 223883 | Marqeta, Inc., Class - A<sup>(a)</sup>  |  | 1368 |
| 53026 | MasterCard, Inc., Class - A  |  | 18438 |
| 2061 | MongoDB, Inc.<sup>(a)</sup>  |  | 406 |
| 4803 | Okta, Inc.<sup>(a)</sup>  |  | 328 |
| 9320 | Paychex, Inc.  |  | 1077 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| 62419 | PayPal Holdings, Inc.<sup>(a)</sup>  | $| 4445 |
| 12709 | Snowflake, Inc., Class - A<sup>(a)</sup>  |  | 1825 |
| 65152 | The Western Union Co.  |  | 897 |
| 8279 | Toast, Inc., Class - A<sup>(a)</sup>  |  | 149 |
| 4947 | Twilio, Inc., Class - A<sup>(a)</sup>  |  | 242 |
| 34468 | VeriSign, Inc.<sup>(a)</sup>  |  | 7081 |
| 117960 | Visa, Inc., Class - A  |  | 24505 |
|  |  |  | 98676 |
|  | **Leisure Products — 0.02%** | **Leisure Products — 0.02%** | **Leisure Products — 0.02%** |
| 6581 | Hasbro, Inc.  |  | 402 |
|  | **Life Sciences Tools & Services — 2.04%** | **Life Sciences Tools & Services — 2.04%** | **Life Sciences Tools & Services — 2.04%** |
| 46123 | Agilent Technologies, Inc.  |  | 6903 |
| 20965 | Avantor, Inc.<sup>(a)</sup>  |  | 442 |
| 2120 | Bio-Rad Laboratories, Inc., Class - A<sup>(a)</sup>  |  | 892 |
| 8708 | Bio-Techne Corp.  |  | 721 |
| 1443 | Charles River Laboratories International, Inc.<sup>(a)</sup>  |  | 314 |
| 70205 | Eurofins Scientific SE  |  | 5040 |
| 4497 | Illumina, Inc.<sup>(a)</sup>  |  | 909 |
| 17539 | IQVIA Holdings, Inc.<sup>(a)</sup>  |  | 3594 |
| 3942 | Medpace Holdings, Inc.<sup>(a)</sup>  |  | 837 |
| 4857 | Mettler-Toledo International, Inc.<sup>(a)</sup>  |  | 7021 |
| 32060 | PerkinElmer, Inc.  |  | 4495 |
| 9815 | Repligen Corp.<sup>(a)</sup>  |  | 1662 |
| 11065 | Sartorius Stedim Biotech  |  | 3582 |
| 25006 | Thermo Fisher Scientific, Inc.  |  | 13770 |
| 3135 | Waters Corp.<sup>(a)</sup>  |  | 1074 |
|  |  |  | 51256 |
|  | **Machinery — 1.07%** | **Machinery — 1.07%** | **Machinery — 1.07%** |
| 16861 | Caterpillar, Inc.  |  | 4040 |
| 6118 | Cummins, Inc.  |  | 1482 |
| 8776 | Deere & Co.  |  | 3763 |
| 4121 | Dover Corp.  |  | 558 |
| 33850 | Fortive Corp.  |  | 2175 |
| 20737 | IDEX Corp.  |  | 4734 |
| 10123 | Illinois Tool Works, Inc.  |  | 2230 |
| 11600 | Ingersoll Rand, Inc.  |  | 606 |
| 1492 | Nordson Corp.  |  | 355 |
| 24358 | Otis Worldwide Corp.  |  | 1908 |
| 17126 | PACCAR, Inc.  |  | 1695 |
| 3736 | Parker Hannifin Corp.  |  | 1087 |
| 4748 | Pentair PLC  |  | 214 |
| 2544 | Snap-on, Inc.  |  | 581 |
| 4663 | Stanley Black & Decker, Inc.  |  | 350 |
| 5028 | Westinghouse Air Brake Technologies Corp.  |  | 502 |
| 5156 | Xylem, Inc.  |  | 570 |
|  |  |  | 26850 |
|  | **Media — 0.52%** | **Media — 0.52%** | **Media — 0.52%** |
| 408 | Cable One, Inc.  |  | 290 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Institutional U.S. Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Media (continued)** | **Media (continued)** | **Media (continued)** |
| 5353 | Charter Communications, Inc., Class - A<sup>(a)</sup>  | $| 1815 |
| 145316 | Comcast Corp., Class - A  |  | 5082 |
| 7016 | Dish Network Corp.<sup>(a)</sup>  |  | 99 |
| 30589 | Fox Corp., Class - A  |  | 929 |
| 25241 | Fox Corp., Class - B  |  | 718 |
| 10242 | Liberty Broadband Corp., Class - C<sup>(a)</sup>  |  | 781 |
| 31475 | Liberty Global PLC, Class - A<sup>(a)</sup>  |  | 596 |
| 2116 | Liberty Media Corp. - Liberty SiriusXM, Class - A<sup>(a)</sup>  |  | 83 |
| 4816 | Liberty Media Corp. - Liberty SiriusXM, Class - C<sup>(a)</sup>  |  | 188 |
| 11156 | News Corp., Class - A  |  | 203 |
| 10652 | Omnicom Group, Inc.  |  | 869 |
| 17275 | Paramount Global, Class - B  |  | 292 |
| 112742 | Sirius XM Holdings, Inc.^  |  | 659 |
| 11263 | The Interpublic Group of Companies, Inc.  |  | 375 |
|  |  |  | 12979 |
|  | **Metals & Mining — 0.23%** | **Metals & Mining — 0.23%** | **Metals & Mining — 0.23%** |
| 5269 | Alcoa Corp.  |  | 240 |
| 15002 | Cleveland-Cliffs, Inc.<sup>(a)</sup>  |  | 242 |
| 41559 | Freeport-McMoRan, Inc.  |  | 1578 |
| 47055 | Newmont Corp.  |  | 2221 |
| 7694 | Nucor Corp.  |  | 1014 |
| 5464 | Steel Dynamics, Inc.  |  | 534 |
|  |  |  | 5829 |
|  | **Mortgage Real Estate Investment Trusts — 0.02%** | **Mortgage Real Estate Investment Trusts — 0.02%** | **Mortgage Real Estate Investment Trusts — 0.02%** |
| 24869 | Annaly Capital Management, Inc.  |  | 524 |
|  | **Multiline Retail — 0.38%** | **Multiline Retail — 0.38%** | **Multiline Retail — 0.38%** |
| 21827 | Dollar General Corp.  |  | 5375 |
| 11257 | Dollar Tree, Inc.<sup>(a)</sup>  |  | 1592 |
| 16907 | Target Corp.  |  | 2520 |
|  |  |  | 9487 |
|  | **Multi-Utilities — 0.93%** | **Multi-Utilities — 0.93%** | **Multi-Utilities — 0.93%** |
| 17597 | Ameren Corp.  |  | 1564 |
| 18046 | CenterPoint Energy, Inc.  |  | 541 |
| 85646 | CMS Energy Corp.  |  | 5423 |
| 22619 | Consolidated Edison, Inc.  |  | 2156 |
| 39651 | Dominion Energy, Inc.  |  | 2431 |
| 10166 | DTE Energy Co.  |  | 1195 |
| 40793 | NiSource, Inc.  |  | 1119 |
| 29042 | Public Service Enterprise Group, Inc.  |  | 1780 |
| 12721 | Sempra Energy  |  | 1966 |
| 54726 | WEC Energy Group, Inc.  |  | 5132 |
|  |  |  | 23307 |
|  | **Oil, Gas & Consumable Fuels — 2.13%** | **Oil, Gas & Consumable Fuels — 2.13%** | **Oil, Gas & Consumable Fuels — 2.13%** |
| 9923 | APA Corp.  |  | 463 |
| 27891 | Cheniere Energy, Inc.  |  | 4182 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| 2824 | Chesapeake Energy Corp.  | $| 267 |
| 54164 | Chevron Corp.  |  | 9721 |
| 36962 | ConocoPhillips  |  | 4362 |
| 55393 | Coterra Energy, Inc.  |  | 1361 |
| 18039 | Devon Energy Corp.  |  | 1110 |
| 5179 | Diamondback Energy, Inc.  |  | 708 |
| 17009 | EOG Resources, Inc.  |  | 2203 |
| 27629 | EQT Corp.  |  | 935 |
| 124709 | Exxon Mobil Corp.  |  | 13755 |
| 8242 | Hess Corp.  |  | 1169 |
| 4562 | HF Sinclair Corp.  |  | 237 |
| 71030 | Kinder Morgan, Inc.  |  | 1284 |
| 20524 | Marathon Oil Corp.  |  | 556 |
| 14561 | Marathon Petroleum Corp.  |  | 1695 |
| 26697 | Occidental Petroleum Corp.  |  | 1682 |
| 12755 | ONEOK, Inc.  |  | 838 |
| 7295 | Ovintiv, Inc.  |  | 370 |
| 13740 | Phillips 66  |  | 1430 |
| 6596 | Pioneer Natural Resources Co.  |  | 1506 |
| 6233 | Targa Resources Corp.  |  | 458 |
| 188 | Texas Pacific Land Corp.  |  | 441 |
| 41376 | The Williams Cos., Inc.  |  | 1362 |
| 11323 | Valero Energy Corp.  |  | 1436 |
|  |  |  | 53531 |
|  | **Personal Products — 0.12%** | **Personal Products — 0.12%** | **Personal Products — 0.12%** |
| 12071 | The Estee Lauder Companies, Inc.  |  | 2995 |
|  | **Pharmaceuticals — 2.40%** | **Pharmaceuticals — 2.40%** | **Pharmaceuticals — 2.40%** |
| 76709 | Bristol-Myers Squibb Co.  |  | 5519 |
| 4875 | Catalent, Inc.<sup>(a)</sup>  |  | 219 |
| 19734 | Elanco Animal Health, Inc.<sup>(a)</sup>  |  | 241 |
| 32905 | Eli Lilly & Co.  |  | 12038 |
| 14571 | Horizon Therapeutics PLC<sup>(a)</sup>  |  | 1658 |
| 23 | Jazz Pharmaceuticals PLC<sup>(a)</sup>  |  | 4 |
| 6510 | Jazz Pharmaceuticals PLC<sup>(a)</sup>  |  | 1037 |
| 82795 | Johnson & Johnson  |  | 14627 |
| 84604 | Merck & Co., Inc.  |  | 9387 |
| 8772 | Novo Nordisk A/S, ADR  |  | 1187 |
| 184779 | Pfizer, Inc.  |  | 9468 |
| 34648 | Royalty Pharma PLC, Class - A  |  | 1369 |
| 101767 | Viatris, Inc.  |  | 1133 |
| 15375 | Zoetis, Inc.  |  | 2253 |
|  |  |  | 60140 |
|  | **Professional Services — 0.55%** | **Professional Services — 0.55%** | **Professional Services — 0.55%** |
| 13553 | Booz Allen Hamilton Holding Corp.  |  | 1417 |
| 18087 | Clarivate PLC<sup>(a)</sup>  |  | 150 |
| 64717 | CoStar Group, Inc.<sup>(a)</sup>  |  | 5001 |
| 4424 | Equifax, Inc.  |  | 860 |
| 6399 | Jacobs Solutions, Inc.  |  | 768 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Institutional U.S. Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** |
| 10855 | Leidos Holdings, Inc.  | $| 1142 |
| 5520 | Robert Half International, Inc.  |  | 408 |
| 47186 | TransUnion  |  | 2678 |
| 7127 | Verisk Analytics, Inc., Class - A  |  | 1257 |
|  |  |  | 13681 |
|  | **Real Estate Management & Development — 0.04%** | **Real Estate Management & Development — 0.04%** | **Real Estate Management & Development — 0.04%** |
| 12505 | CBRE Group, Inc., Class - A<sup>(a)</sup>  |  | 962 |
| 4773 | Zillow Group, Inc., Class - C<sup>(a)</sup>  |  | 154 |
|  |  |  | 1116 |
|  | **Road & Rail — 0.88%** | **Road & Rail — 0.88%** | **Road & Rail — 0.88%** |
| 28083 | Canadian Pacific Railway Ltd.  |  | 2094 |
| 62706 | CSX Corp.  |  | 1943 |
| 4978 | JB Hunt Transport Services, Inc.  |  | 868 |
| 19256 | Knight-Swift Transportation Holdings, Inc.  |  | 1010 |
| 6829 | Norfolk Southern Corp.  |  | 1683 |
| 3183 | Old Dominion Freight Line, Inc.  |  | 904 |
| 187092 | Uber Technologies, Inc.<sup>(a)</sup>  |  | 4626 |
| 2520 | U-Haul Holding Co.  |  | 139 |
| 42546 | Union Pacific Corp.  |  | 8808 |
|  |  |  | 22075 |
|  | **Semiconductors & Semiconductor Equipment — 2.19%** | **Semiconductors & Semiconductor Equipment — 2.19%** | **Semiconductors & Semiconductor Equipment — 2.19%** |
| 46751 | Advanced Micro Devices, Inc.<sup>(a)</sup>  |  | 3028 |
| 15157 | Analog Devices, Inc.  |  | 2486 |
| 25268 | Applied Materials, Inc.  |  | 2461 |
| 13582 | Broadcom, Inc.  |  | 7594 |
| 4009 | Enphase Energy, Inc.<sup>(a)</sup>  |  | 1062 |
| 4251 | Entegris, Inc.  |  | 279 |
| 2806 | First Solar, Inc.<sup>(a)</sup>  |  | 420 |
| 119436 | Intel Corp.  |  | 3157 |
| 4171 | KLA Corp.  |  | 1573 |
| 3990 | Lam Research Corp.  |  | 1677 |
| 25208 | Marvell Technology, Inc.  |  | 934 |
| 15911 | Microchip Technology, Inc.  |  | 1118 |
| 31541 | Micron Technology, Inc.  |  | 1576 |
| 1269 | Monolithic Power Systems, Inc.  |  | 449 |
| 105320 | NVIDIA Corp.  |  | 15391 |
| 7507 | NXP Semiconductors N.V.  |  | 1186 |
| 12455 | ON Semiconductor Corp.<sup>(a)</sup>  |  | 777 |
| 3073 | Qorvo, Inc.<sup>(a)</sup>  |  | 279 |
| 32619 | QUALCOMM, Inc.  |  | 3586 |
| 4709 | Skyworks Solutions, Inc.  |  | 429 |
| 1600 | SolarEdge Technologies, Inc.<sup>(a)</sup>  |  | 453 |
| 4604 | Teradyne, Inc.  |  | 402 |
| 26572 | Texas Instruments, Inc.  |  | 4390 |
| 3702 | Wolfspeed, Inc.<sup>(a)</sup>  |  | 256 |
|  |  |  | 54963 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Software — 7.71%** | **Software — 7.71%** |
| 26928 | Adobe, Inc.<sup>(a)</sup>  | $9060 |
| 13621 | ANSYS, Inc.<sup>(a)</sup>  | 3291 |
| 33242 | Appfolio, Inc., Class - A<sup>(a)</sup>  | 3503 |
| 900 | Aspen Technology, Inc.<sup>(a)</sup>  | 185 |
| 5373 | Atlassian Corp., Class - A<sup>(a)</sup>  | 691 |
| 6421 | Autodesk, Inc.<sup>(a)</sup>  | 1200 |
| 15269 | Bentley Systems, Inc., Class - B  | 565 |
| 2673 | Bill.com Holdings, Inc.<sup>(a)</sup>  | 291 |
| 26176 | Blackline, Inc.<sup>(a)</sup>  | 1761 |
| 7962 | Cadence Design Systems, Inc.<sup>(a)</sup>  | 1279 |
| 50635 | Ceridian HCM Holding, Inc.<sup>(a)</sup>  | 3249 |
| 7161 | Cloudflare, Inc., Class - A<sup>(a)</sup>  | 324 |
| 7385 | Coupa Software, Inc.<sup>(a)</sup>  | 585 |
| 10423 | Crowdstrike Holdings, Inc., Class - A<sup>(a)</sup>  | 1098 |
| 64430 | Dassault Systemes SE  | 2310 |
| 7312 | Datadog, Inc., Class - A<sup>(a)</sup>  | 537 |
| 5685 | DocuSign, Inc.<sup>(a)</sup>  | 315 |
| 19703 | Dropbox, Inc., Class - A<sup>(a)</sup>  | 441 |
| 206207 | Duck Creek Technologies, Inc.<sup>(a)</sup>  | 2485 |
| 5762 | Dynatrace, Inc.<sup>(a)</sup>  | 221 |
| 41732 | Elastic N.V.<sup>(a)</sup>  | 2149 |
| 753 | Fair Isaac Corp.<sup>(a)</sup>  | 451 |
| 19565 | Fortinet, Inc.<sup>(a)</sup>  | 957 |
| 65407 | Gen Digital, Inc.  | 1402 |
| 3562 | Guidewire Software, Inc.<sup>(a)</sup>  | 223 |
| 10477 | HubSpot, Inc.<sup>(a)</sup>  | 3029 |
| 18685 | Intuit, Inc.  | 7273 |
| 24765 | Kinaxis, Inc.<sup>(a)</sup>  | 2779 |
| 302199 | Microsoft Corp.  | 72470 |
| 330231 | Momentive Global, Inc.<sup>(a)</sup>  | 2312 |
| 110552 | Money Forward, Inc.  | 3429 |
| 52421 | Oracle Corp.  | 4285 |
| 47014 | Palantir Technologies, Inc., Class - A<sup>(a)</sup>  | 302 |
| 25418 | Palo Alto Networks, Inc.<sup>(a)</sup>  | 3547 |
| 14214 | PAYCOM Software, Inc.<sup>(a)</sup>  | 4411 |
| 9807 | Paylocity Holding Corp.<sup>(a)</sup>  | 1905 |
| 53058 | Procore Technologies, Inc.<sup>(a)</sup>  | 2503 |
| 3180 | PTC, Inc.<sup>(a)</sup>  | 382 |
| 9976 | Roper Technologies, Inc.  | 4311 |
| 55193 | Salesforce, Inc.<sup>(a)</sup>  | 7319 |
| 12582 | ServiceNow, Inc.<sup>(a)</sup>  | 4885 |
| 87378 | Smartsheet, Inc., Class - A<sup>(a)</sup>  | 3439 |
| 4554 | Splunk, Inc.<sup>(a)</sup>  | 392 |
| 6551 | SS&C Technologies Holdings, Inc.  | 341 |
| 4383 | Synopsys, Inc.<sup>(a)</sup>  | 1399 |
| 34025 | The Descartes Systems Group, Inc.<sup>(a)</sup>  | 2372 |
| 766444 | The Sage Group PLC  | 6906 |
| 25215 | The Trade Desk, Inc., Class - A<sup>(a)</sup>  | 1131 |
| 15063 | Tyler Technologies, Inc.<sup>(a)</sup>  | 4857 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Institutional U.S. Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| 7180 | Unity Software, Inc.<sup>(a)</sup>  | $| 205 |
| 6257 | VMware, Inc., Class - A<sup>(a)</sup>  |  | 768 |
| 23546 | Workday, Inc., Class - A<sup>(a)</sup>  |  | 3940 |
| 52912 | Xero Ltd.<sup>(a)</sup>  |  | 2531 |
| 19837 | Zoom Video Communications, Inc., Class - A<sup>(a)</sup>  |  | 1344 |
| 2394 | Zscaler, Inc.<sup>(a)</sup>  |  | 268 |
|  |  |  | 193608 |
|  | **Specialty Retail — 1.24%** | **Specialty Retail — 1.24%** | **Specialty Retail — 1.24%** |
| 3431 | Advance Auto Parts, Inc.  |  | 505 |
| 877 | AutoZone, Inc.<sup>(a)</sup>  |  | 2163 |
| 7225 | Bath & Body Works, Inc.  |  | 304 |
| 6183 | Best Buy Co., Inc.  |  | 496 |
| 1910 | Burlington Stores, Inc.<sup>(a)</sup>  |  | 387 |
| 4664 | CarMax, Inc.<sup>(a)</sup>  |  | 284 |
| 18018 | Lowe's Companies, Inc.  |  | 3590 |
| 3385 | O'Reilly Automotive, Inc.<sup>(a)</sup>  |  | 2857 |
| 10199 | Ross Stores, Inc.  |  | 1184 |
| 33139 | The Home Depot, Inc.  |  | 10468 |
| 83823 | The TJX Companies, Inc.  |  | 6672 |
| 6979 | Tractor Supply Co.  |  | 1570 |
| 1442 | Ulta Beauty, Inc.<sup>(a)</sup>  |  | 676 |
|  |  |  | 31156 |
|  | **Technology Hardware, Storage & Peripherals — 2.94%** | **Technology Hardware, Storage & Peripherals — 2.94%** | **Technology Hardware, Storage & Peripherals — 2.94%** |
| 525787 | Apple, Inc.  |  | 68315 |
| 7176 | DELL Technologies, Inc., Class - C  |  | 289 |
| 37365 | Hewlett Packard Enterprise Co.  |  | 596 |
| 30122 | HP, Inc.  |  | 809 |
| 121735 | NCR Corp.<sup>(a)</sup>  |  | 2850 |
| 6388 | NetApp, Inc.  |  | 384 |
| 5962 | Seagate Technology Holdings PLC  |  | 314 |
| 8973 | Western Digital Corp.<sup>(a)</sup>  |  | 283 |
|  |  |  | 73840 |
|  | **Textiles, Apparel & Luxury Goods — 0.38%** | **Textiles, Apparel & Luxury Goods — 0.38%** | **Textiles, Apparel & Luxury Goods — 0.38%** |
| 6829 | Lululemon Athletica, Inc.<sup>(a)</sup>  |  | 2188 |
| 14950 | LVMH Moet Hennessy Louis Vuitton SE, ADR  |  | 2166 |
| 41786 | NIKE, Inc., Class - B  |  | 4889 |
| 9551 | V.F. Corp.  |  | 264 |
|  |  |  | 9507 |
|  | **Tobacco — 0.36%** | **Tobacco — 0.36%** | **Tobacco — 0.36%** |
| 76236 | Altria Group, Inc.  |  | 3485 |
| 54265 | Philip Morris International, Inc.  |  | 5492 |
|  |  |  | 8977 |
|  | **Trading Companies & Distributors — 0.21%** | **Trading Companies & Distributors — 0.21%** | **Trading Companies & Distributors — 0.21%** |
| 58509 | Fastenal Co.  |  | 2769 |
| 6001 | Ferguson PLC  |  | 762 |
| 2072 | United Rentals, Inc.<sup>(a)</sup>  |  | 736 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
| 1925 | W.W. Grainger, Inc.  | $1071 |
|  |  | 5338 |
|  | **Water Utilities — 0.09%** | **Water Utilities — 0.09%** |
| 10489 | American Water Works Co., Inc.  | 1599 |
| 15766 | Essential Utilities, Inc.  | 752 |
|  |  | 2351 |
|  | **Wireless Telecommunication Services — 0.26%** | **Wireless Telecommunication Services — 0.26%** |
| 46325 | T-Mobile US, Inc.<sup>(a)</sup>  | 6486 |
|  | **Total Common Stocks**  | 1691828 |
|  | **Contingent Right — 0.00%** | **Contingent Right — 0.00%** |
|  | **Biotechnology — 0.00%** | **Biotechnology — 0.00%** |
| 14 | Oncternal Therapeutics, Inc., 12/31/49<sup>(a)(b)</sup>  |  |
|  | **Total Contingent Right**  |  |
|  | **Exchange-Traded Funds — 4.43%** | **Exchange-Traded Funds — 4.43%** |
| 1555200 | Invesco S&P 500 Low Volatility ETF  | 99377 |
| 30458 | SPDR S&P 500 ETF Trust  | 11648 |
|  | **Total Exchange-Traded Funds**  | 111025 |
|  | **Investment Companies — 25.89%** | **Investment Companies — 25.89%** |
| 887411 | Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.04%^^<sup>(c)</sup>  | 887 |
| 648514409 | State Street Institutional Treasury Plus Money Market Fund, Trust Class, 4.09%<sup>(c)</sup>  | 648515 |
|  | **Total Investment Companies**  | 649402 |
|  | **Total Investments (cost $1,931,402) — 97.75%**  | 2452255 |
|  | **Other assets in excess of liabilities — 2.25%**  | 56342 |
|  | **Net Assets — 100.00%**  | $2508597 |

---

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

^ All or part of this security was on loan as of December 31, 2022.

^^ 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, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security was valued using significant unobservable inputs as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 Institutional U.S. Equity Portfolio** 

Portfolio of Investments (concluded) — December 31, 2022 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of December 31, 2022.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **The Institutional U.S. Equity Portfolio** | **Echo Street <br> Capital <br> Management <br> LLC** | **Jennison <br> Associates, <br> LLC** | **Mellon <br> Investments <br> Corporation** | **Parametric <br> Portfolio <br> Associates, <br> LLC** | **Wellington <br> Management <br> Company, <br> LLP** | **HC <br> Capital <br> Solutions** | **Total** |
| Common Stocks  | 10.64% | 2.70% | 51.63% |  | 2.46% |  | 67.43% |
| Contingent Right  |  |  | 0.00% |  |  |  | 0.00% |
| Exchange-Traded Funds  | 0.47% |  |  | 3.96% |  |  | 4.43% |
| Investment Companies  |  |  | 0.06% | 25.80% | 0.03% | 0.00% | 25.89% |
| Other Assets (Liabilities)  | 0.03% | 0.15% | 0.30% | 1.71% | 0.04% | 0.02% | 2.25% |
| &nbsp;&nbsp;&nbsp;Total Net Assets  | **11.14%** | **2.85%** | **51.99%** | **31.47%** | **2.53%** | **0.02%** | **100.00%** |

---

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

The following table reflects the open derivative positions held by the Portfolio as of December 31, 2022.

<u><u>**Futures Contracts Purchased**</u><u>\*</u></u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount<br> (000)** | **Value and <br> Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)** |
| E-Mini S&P 500 Future  | 3656 | 3/17/23 | $705791 | $(22218) |
| Russell 2000 Mini Index Future  | 340 | 3/17/23 | 30105 | (657) |
|  |  |  | $735896 | $(22875) |
|  | Total Unrealized Appreciation  | Total Unrealized Appreciation  | Total Unrealized Appreciation  | $— |
|  | Total Unrealized Depreciation  | Total Unrealized Depreciation  | Total Unrealized Depreciation  | (22875) |
|  | Total Net Unrealized Appreciation/(Depreciation)  | Total Net Unrealized Appreciation/(Depreciation)  | Total Net Unrealized Appreciation/(Depreciation)  | $(22875) |

---

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

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Small Capitalization-Mid Capitalization Equity Portfolio** 

Portfolio of Investments — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks — 95.44%** | **Common Stocks — 95.44%** |
|  | **Aerospace & Defense — 0.52%** | **Aerospace & Defense — 0.52%** |
| 347 | AAR Corp.<sup>(a)</sup>  | $16 |
| 89 | Aerojet Rocketdyne Holdings, Inc.<sup>(a)</sup>  | 5 |
| 176 | AeroVironment, Inc.<sup>(a)</sup>  | 15 |
| 2140 | AerSale Corp.<sup>(a)</sup>  | 35 |
| 700 | Curtiss-Wright Corp.  | 116 |
| 3658 | Kratos Defense & Security Solutions, Inc.<sup>(a)</sup>  | 38 |
| 1312 | Maxar Technologies, Inc.  | 68 |
| 10477 | Momentus, Inc.<sup>(a)</sup>  | 8 |
| 64 | Moog, Inc., Class - A  | 6 |
| 3434 | Rocket Lab USA, Inc.<sup>(a)</sup>  | 13 |
| 4770 | Triumph Group, Inc.<sup>(a)</sup>  | 50 |
|  |  | 370 |
|  | **Air Freight & Logistics — 0.31%** | **Air Freight & Logistics — 0.31%** |
| 1731 | Atlas Air Worldwide Holdings, Inc.<sup>(a)</sup>  | 174 |
| 586 | Hub Group, Inc., Class - A<sup>(a)</sup>  | 47 |
|  |  | 221 |
|  | **Airlines — 0.37%** | **Airlines — 0.37%** |
| 20 | Alaska Air Group, Inc.<sup>(a)</sup>  | 1 |
| 28362 | Controladora Vuela Cia de Aviacion SAB de CV, ADR<sup>(a)</sup>  | 237 |
| 1487 | Spirit Airlines, Inc.  | 29 |
|  |  | 267 |
|  | **Auto Components — 1.55%** | **Auto Components — 1.55%** |
| 1571 | Adient PLC<sup>(a)</sup>  | 54 |
| 2008 | American Axle & Manufacturing Holdings, Inc.<sup>(a)</sup>  | 16 |
| 26419 | Dana, Inc.  | 400 |
| 554 | Dorman Products, Inc.  | 45 |
| 10286 | Modine Manufacturing Co.<sup>(a)</sup>  | 204 |
| 91 | Patrick Industries, Inc.  | 6 |
| 9145 | Stoneridge, Inc.<sup>(a)</sup>  | 197 |
| 2005 | The Goodyear Tire & Rubber Co.<sup>(a)</sup>  | 20 |
| 872 | Visteon Corp.<sup>(a)</sup>  | 114 |
| 851 | XPEL, Inc.<sup>(a)</sup>  | 51 |
|  |  | 1107 |
|  | **Automobiles — 0.04%** | **Automobiles — 0.04%** |
| 522 | Winnebago Industries, Inc.  | 28 |
|  | **Banks — 8.99%** | **Banks — 8.99%** |
| 92 | 1st Source, Inc.  | 5 |
| 1715 | Ameris Bancorp  | 81 |
| 813 | Banc of California, Inc.  | 13 |
| 1048 | BancFirst Corp.  | 92 |
| 6654 | BankUnited, Inc.  | 226 |
| 1471 | Bankwell Financial Group, Inc.  | 43 |
| 2204 | BCB Bancorp, Inc.  | 40 |
| 4171 | Berkshire Hills Bancorp, Inc.  | 125 |
| 418 | Byline Bancorp, Inc.  | 10 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Banks (continued)** | **Banks (continued)** |
| 5139 | Cadence Bank  | $127 |
| 2951 | Cathay General Bancorp.  | 120 |
| 1054 | Central Valley Community Bancorp  | 22 |
| 1633 | City Holding Co.  | 152 |
| 229 | Civista Bancshares, Inc.  | 5 |
| 3735 | Columbia Banking System, Inc.  | 113 |
| 2630 | ConnectOne Bancorp, Inc.  | 64 |
| 777 | Cullen/Frost Bankers, Inc.  | 104 |
| 3263 | Eagle Bancorp, Inc.  | 144 |
| 688 | Enterprise Financial Services Corp.  | 34 |
| 1703 | FB Financial Corp.  | 62 |
| 29399 | First Bancorp  | 373 |
| 952 | First Bancorp  | 41 |
| 2341 | First Bank  | 32 |
| 7136 | First Busey Corp.  | 176 |
| 124 | First Citizens BancShares, Inc., Class - A  | 94 |
| 3478 | First Financial Bancorp  | 84 |
| 6773 | First Foundation, Inc.  | 97 |
| 5034 | First Horizon Corp.  | 123 |
| 2416 | First Merchants Corp.  | 99 |
| 6458 | Fulton Financial Corp.  | 109 |
| 70 | German American Bancorp, Inc.  | 3 |
| 144 | Glacier Bancorp, Inc.  | 7 |
| 3205 | Hancock Whitney Corp.  | 155 |
| 868 | Hilltop Holdings, Inc.  | 26 |
| 13411 | Hope Bancorp, Inc.  | 172 |
| 2366 | Horizon Bancorp, Inc.  | 36 |
| 941 | Independent Bank Corp.  | 79 |
| 1662 | Independent Bank Group, Inc.  | 100 |
| 129 | International Bancshares Corp.  | 6 |
| 1596 | Lakeland Bancorp, Inc.  | 28 |
| 441 | Lakeland Financial Corp.  | 32 |
| 2021 | Live Oak Bancshares, Inc.  | 61 |
| 1295 | Midland States Bancorp, Inc.  | 34 |
| 1880 | MidWestOne Financial Group, Inc.  | 60 |
| 1622 | Northrim Bancorp, Inc.  | 89 |
| 5366 | OFG Bancorp  | 148 |
| 2194 | Old Second Bancorp, Inc.  | 35 |
| 1149 | Orrstown Financial Services, Inc.  | 27 |
| 1042 | Pacific Premier Bancorp, Inc.  | 33 |
| 5624 | Peoples Bancorp, Inc.  | 159 |
| 3233 | Pinnacle Financial Partners, Inc.  | 237 |
| 4394 | Popular, Inc.  | 291 |
| 8127 | Republic First Bancorp, Inc.<sup>(a)</sup>  | 17 |
| 734 | ServisFirst Bancshares, Inc.  | 51 |
| 113 | SouthState Corp.  | 9 |
| 1311 | Stock Yards Bancorp, Inc.  | 85 |
| 510 | Texas Capital Bancshares, Inc.<sup>(a)</sup>  | 31 |
| 19380 | The Bancorp, Inc.<sup>(a)</sup>  | 549 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Small Capitalization-Mid Capitalization Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5652 | The Bank of N.T. Butterfield & Son Ltd.  | $| 168 |
| 3235 | Towne Bank  |  | 100 |
| 126 | Triumph Financial, Inc.<sup>(a)</sup>  |  | 6 |
| 2275 | United Bankshares, Inc.  |  | 92 |
| 3391 | United Community Banks, Inc.  |  | 115 |
| 2879 | Veritex Holdings, Inc.  |  | 81 |
| 1984 | Washington Trust Bancorp, Inc.  |  | 94 |
| 2812 | WesBanco, Inc.  |  | 104 |
| 3643 | Wintrust Financial Corp.  |  | 307 |
|  |  |  | 6437 |
|  | **Beverages — 0.68%** | **Beverages — 0.68%** | **Beverages — 0.68%** |
| 816 | Celsius Holdings, Inc.<sup>(a)</sup>  |  | 85 |
| 37 | MGP Ingredients, Inc.  |  | 4 |
| 10160 | Primo Water Corp.  |  | 158 |
| 10657 | The Duckhorn Portfolio, Inc.<sup>(a)</sup>  |  | 177 |
| 341 | The Vita Coco Co., Inc.<sup>(a)</sup>  |  | 5 |
| 13531 | Vintage Wine Estates, Inc.<sup>(a)</sup>  |  | 44 |
| 3519 | Zevia PBC, Class - A<sup>(a)</sup>  |  | 14 |
|  |  |  | 487 |
|  | **Biotechnology — 6.76%** | **Biotechnology — 6.76%** | **Biotechnology — 6.76%** |
| 353 | 2seventy bio, Inc.<sup>(a)</sup>  |  | 3 |
| 15327 | 4D Molecular Therapeutics, Inc.<sup>(a)</sup>  |  | 341 |
| 3641 | Acumen Pharmaceuticals, Inc.<sup>(a)</sup>  |  | 20 |
| 3315 | Agenus, Inc.<sup>(a)</sup>  |  | 8 |
| 868 | Altimmune, Inc.<sup>(a)</sup>  |  | 14 |
| 564 | AnaptysBio, Inc.<sup>(a)</sup>  |  | 17 |
| 1323 | Anavex Life Sciences Corp.<sup>(a)</sup>  |  | 12 |
| 3852 | Annexon, Inc.<sup>(a)</sup>  |  | 20 |
| 468 | Apellis Pharmaceuticals, Inc.<sup>(a)</sup>  |  | 24 |
| 1659 | Arbutus BioPharma Corp.<sup>(a)</sup>  |  | 4 |
| 3081 | Arcus Biosciences, Inc.<sup>(a)</sup>  |  | 64 |
| 1554 | Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup>  |  | 63 |
| 2816 | Atreca, Inc., Class - A<sup>(a)</sup>  |  | 2 |
| 914 | Avid Bioservices, Inc.<sup>(a)</sup>  |  | 13 |
| 11191 | BioAtla, Inc.<sup>(a)</sup>  |  | 92 |
| 2995 | BioCryst Pharmaceuticals, Inc.<sup>(a)</sup>  |  | 34 |
| 421 | Biohaven, Ltd.<sup>(a)</sup>  |  | 6 |
| 2914 | Bioxcel Therapeutics, Inc.<sup>(a)</sup>  |  | 63 |
| 18086 | Bridgebio Pharma, Inc.<sup>(a)</sup>  |  | 138 |
| 585 | C4 Therapeutics, Inc.<sup>(a)</sup>  |  | 3 |
| 672 | Cara Therapeutics, Inc.<sup>(a)</sup>  |  | 7 |
| 323 | Castle Biosciences, Inc.<sup>(a)</sup>  |  | 8 |
| 5325 | Celldex Therapeutics, Inc.<sup>(a)</sup>  |  | 237 |
| 166 | Cerevel Therapeutics Holdings, Inc.<sup>(a)</sup>  |  | 5 |
| 41953 | Chimerix, Inc.<sup>(a)</sup>  |  | 78 |
| 611 | Chinook Therapeutics, Inc.<sup>(a)</sup>  |  | 16 |
| 16043 | Cogent Biosciences, Inc.<sup>(a)</sup>  |  | 185 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Biotechnology (continued)** | **Biotechnology (continued)** |
| 467 | Cytokinetics, Inc.<sup>(a)</sup>  | $21 |
| 1419 | Dynavax Technologies Corp.<sup>(a)</sup>  | 15 |
| 35933 | Enochian Biosciences, Inc.^<sup>(a)</sup>  | 37 |
| 1435 | Esperion Therapeutics, Inc.<sup>(a)</sup>  | 9 |
| 1243 | Fate Therapeutics, Inc.<sup>(a)</sup>  | 13 |
| 760 | G1 Therapeutics, Inc.<sup>(a)</sup>  | 4 |
| 1612 | Gritstone bio, Inc.<sup>(a)</sup>  | 6 |
| 4978 | Halozyme Therapeutics, Inc.<sup>(a)</sup>  | 283 |
| 2658 | Immuneering Corp., Class - A<sup>(a)</sup>  | 13 |
| 21053 | ImmunityBio, Inc.^<sup>(a)</sup>  | 107 |
| 3251 | ImmunoGen, Inc.<sup>(a)</sup>  | 16 |
| 1055 | Intellia Therapeutics, Inc.<sup>(a)</sup>  | 37 |
| 15658 | Jounce Therapeutics, Inc.<sup>(a)</sup>  | 17 |
| 38 | Karuna Therapeutics, Inc.<sup>(a)</sup>  | 7 |
| 975 | Kezar Life Sciences, Inc.<sup>(a)</sup>  | 7 |
| 442 | Kiniksa Pharmaceuticals Ltd., Class - A<sup>(a)</sup>  | 7 |
| 388 | Krystal Biotech, Inc.<sup>(a)</sup>  | 31 |
| 1009 | Kura Oncology, Inc.<sup>(a)</sup>  | 13 |
| 7491 | Kymera Therapeutics, Inc.<sup>(a)</sup>  | 187 |
| 12224 | Lexicon Pharmaceuticals, Inc.<sup>(a)</sup>  | 23 |
| 45403 | MacroGenics, Inc.<sup>(a)</sup>  | 306 |
| 2387 | Madrigal Pharmaceuticals, Inc.<sup>(a)</sup>  | 694 |
| 3734 | MannKind Corp.<sup>(a)</sup>  | 20 |
| 1311 | Myriad Genetics, Inc.<sup>(a)</sup>  | 19 |
| 432 | Natera, Inc.<sup>(a)</sup>  | 17 |
| 651 | Novavax, Inc.^<sup>(a)</sup>  | 7 |
| 6995 | Olema Pharmaceuticals, Inc.<sup>(a)</sup>  | 17 |
| 6082 | Pardes Biosciences, Inc.<sup>(a)</sup>  | 10 |
| 2087 | PDL BioPharma, Inc.<sup>(a)</sup>  | 5 |
| 26044 | Praxis Precision Medicines, Inc.<sup>(a)</sup>  | 62 |
| 2729 | Prothena Corp. PLC<sup>(a)</sup>  | 164 |
| 142 | PTC Therapeutics, Inc.<sup>(a)</sup>  | 5 |
| 322 | RAPT Therapeutics, Inc.<sup>(a)</sup>  | 6 |
| 20115 | Recursion Pharmaceuticals, Inc., Class - A<sup>(a)</sup>  | 155 |
| 7589 | Silverback Therapeutics, Inc.<sup>(a)</sup>  | 65 |
| 26396 | Sutro Biopharma, Inc.<sup>(a)</sup>  | 213 |
| 2137 | Syndax Pharmaceuticals, Inc.<sup>(a)</sup>  | 54 |
| 4673 | Travere Therapeutics, Inc.<sup>(a)</sup>  | 98 |
| 604 | United Therapeutics Corp.<sup>(a)</sup>  | 168 |
| 792 | Vericel Corp.<sup>(a)</sup>  | 21 |
| 551 | Verve Therapeutics, Inc.<sup>(a)</sup>  | 11 |
| 16422 | Viking Therapeutics, Inc.<sup>(a)</sup>  | 154 |
| 1674 | Viracta Therapeutics, Inc.<sup>(a)</sup>  | 2 |
| 6529 | Xencor, Inc.<sup>(a)</sup>  | 170 |
| 1004 | Xoma Corp.^<sup>(a)</sup>  | 18 |
| 6869 | Y-mAbs Therapeutics, Inc.<sup>(a)</sup>  | 34 |
| 687 | Zentalis Pharmaceuticals, Inc.<sup>(a)</sup>  | 14 |
|  |  | 4839 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Small Capitalization-Mid Capitalization Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Building Products — 1.58%** | **Building Products — 1.58%** |
| 1948 | Apogee Enterprises, Inc.  | $87 |
| 7948 | Builders FirstSource, Inc.<sup>(a)</sup>  | 515 |
| 354 | CSW Industrials, Inc.  | 41 |
| 1230 | Griffon Corp.  | 44 |
| 443 | Insteel Industries, Inc.  | 12 |
| 863 | Masonite International Corp.<sup>(a)</sup>  | 70 |
| 3356 | Trex Co., Inc.<sup>(a)</sup>  | 142 |
| 2155 | UFP Industries, Inc.  | 170 |
| 2342 | Zurn Water Solutions Corp.  | 50 |
|  |  | 1131 |
|  | **Capital Markets — 2.43%** | **Capital Markets — 2.43%** |
| 1343 | Ares Management Corp., Class - A  | 92 |
| 4822 | Arlington Asset Investment Corp., Class - A<sup>(a)</sup>  | 14 |
| 1338 | Artisan Partners Asset Management, Inc., Class - A  | 40 |
| 493 | B. Riley Financial, Inc.  | 17 |
| 8053 | Bakkt Holdings, Inc.^<sup>(a)</sup>  | 10 |
| 13347 | BGC Partners, Inc., Class - A  | 50 |
| 1179 | Brightsphere Investment Group, Inc.  | 24 |
| 979 | Cohen & Steers, Inc.  | 63 |
| 677 | Cowen, Inc., Class - A  | 26 |
| 1749 | Evercore, Inc.  | 191 |
| 3056 | Federated Hermes, Inc., Class - B  | 111 |
| 1301 | Focus Financial Partners, Inc., Class - A<sup>(a)</sup>  | 48 |
| 184 | Hamilton Lane, Inc.  | 12 |
| 75 | Houlihan Lokey, Inc.  | 7 |
| 1916 | LPL Financial Holdings, Inc.  | 414 |
| 128 | Moelis & Co., Class - A  | 5 |
| 242 | Piper Sandler Cos.  | 32 |
| 3315 | Raymond James Financial, Inc.  | 354 |
| 1512 | Stifel Financial Corp.  | 88 |
| 2045 | Victory Capital Holdings, Inc., Class - A  | 55 |
| 157 | Virtus Investment Partners, Inc.  | 30 |
| 9720 | WisdomTree, Inc.  | 53 |
|  |  | 1736 |
|  | **Chemicals — 2.04%** | **Chemicals — 2.04%** |
| 1751 | Albemarle Corp.  | 380 |
| 828 | Avient Corp.  | 28 |
| 695 | Balchem Corp.  | 85 |
| 48 | Cabot Corp.  | 3 |
| 3202 | FMC Corp.  | 400 |
| 158 | Huntsman Corp.  | 4 |
| 1018 | Innospec, Inc.  | 105 |
| 30765 | Kronos Bio, Inc.<sup>(a)</sup>  | 50 |
| 1585 | Kronos Worldwide, Inc.  | 15 |
| 9191 | Livent Corp.<sup>(a)</sup>  | 183 |
| 617 | Minerals Technologies, Inc.  | 37 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| 129 | NewMarket Corp.  | $| 40 |
| 1544 | Orion Engineered Carbons SA  |  | 27 |
| 898 | Sensient Technologies Corp.  |  | 65 |
| 85 | Stepan Co.  |  | 9 |
| 2194 | Tronox Holdings PLC, Class - A  |  | 30 |
|  |  |  | 1461 |
|  | **Commercial Services & Supplies — 0.98%** | **Commercial Services & Supplies — 0.98%** | **Commercial Services & Supplies — 0.98%** |
| 1375 | ABM Industries, Inc.  |  | 61 |
| 2262 | Brady Corp., Class - A  |  | 106 |
| 3123 | BrightView Holdings, Inc.<sup>(a)</sup>  |  | 22 |
| 1307 | Casella Waste Systems, Inc.<sup>(a)</sup>  |  | 104 |
| 1131 | Healthcare Services Group, Inc.  |  | 14 |
| 3989 | HNI Corp.  |  | 112 |
| 7084 | MillerKnoll, Inc.  |  | 148 |
| 1814 | Montrose Environmental Group, Inc.<sup>(a)</sup>  |  | 81 |
| 33 | MSA Safety, Inc.  |  | 5 |
| 5037 | Quad/Graphics, Inc.<sup>(a)</sup>  |  | 21 |
| 142 | SP Plus Corp.<sup>(a)</sup>  |  | 5 |
| 93 | Tetra Tech, Inc.  |  | 14 |
| 39 | UniFirst Corp.  |  | 8 |
| 48 | VSE Corp.  |  | 2 |
|  |  |  | 703 |
|  | **Communications Equipment — 0.61%** | **Communications Equipment — 0.61%** | **Communications Equipment — 0.61%** |
| 1460 | ADTRAN Holdings, Inc.  |  | 27 |
| 835 | Calix, Inc.<sup>(a)</sup>  |  | 57 |
| 673 | Clearfield, Inc.<sup>(a)</sup>  |  | 63 |
| 9012 | CommScope Holding Co., Inc.<sup>(a)</sup>  |  | 66 |
| 3676 | InterDigital, Inc.  |  | 183 |
| 1545 | KVH Industries, Inc.<sup>(a)</sup>  |  | 16 |
| 475 | Lumentum Holdings, Inc.<sup>(a)</sup>  |  | 25 |
|  |  |  | 437 |
|  | **Construction & Engineering — 2.02%** | **Construction & Engineering — 2.02%** | **Construction & Engineering — 2.02%** |
| 4051 | AECOM  |  | 343 |
| 1546 | Ameresco, Inc., Class - A<sup>(a)</sup>  |  | 88 |
| 1585 | Dycom Industries, Inc.<sup>(a)</sup>  |  | 148 |
| 1160 | EMCOR Group, Inc.  |  | 172 |
| 2153 | Fluor Corp.<sup>(a)</sup>  |  | 75 |
| 3323 | Granite Construction, Inc.  |  | 117 |
| 2960 | MasTec, Inc.<sup>(a)</sup>  |  | 253 |
| 117 | MYR Group, Inc.<sup>(a)</sup>  |  | 11 |
| 715 | Quanta Services, Inc.  |  | 102 |
| 2938 | WillScot Mobile Mini Holdings Corp.<sup>(a)</sup>  |  | 133 |
|  |  |  | 1442 |
|  | **Construction Materials — 0.50%** | **Construction Materials — 0.50%** | **Construction Materials — 0.50%** |
| 1759 | Eagle Materials, Inc.  |  | 234 |
| 4373 | Summit Materials, Inc., Class - A<sup>(a)</sup>  |  | 124 |
|  |  |  | 358 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Small Capitalization-Mid Capitalization Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Consumer Finance — 0.19%** | **Consumer Finance — 0.19%** |
| 2878 | Consumer Portfolio Services, Inc.<sup>(a)</sup>  | $25 |
| 2149 | Green Dot Corp., Class - A<sup>(a)</sup>  | 35 |
| 3434 | LendingClub Corp.<sup>(a)</sup>  | 30 |
| 875 | Navient Corp.  | 14 |
| 351 | Nelnet, Inc., Class - A  | 32 |
|  |  | 136 |
|  | **Containers & Packaging — 0.27%** | **Containers & Packaging — 0.27%** |
| 693 | AptarGroup, Inc.  | 77 |
| 2133 | Graphic Packaging Holding Co.  | 47 |
| 3245 | Myers Industries, Inc.  | 72 |
|  |  | 196 |
|  | **Diversified Consumer Services — 0.88%** | **Diversified Consumer Services — 0.88%** |
| 3247 | Adtalem Global Education, Inc.<sup>(a)</sup>  | 115 |
| 3039 | American Public Education, Inc.<sup>(a)</sup>  | 37 |
| 2186 | Chegg, Inc.<sup>(a)</sup>  | 55 |
| 17039 | Perdoceo Education Corp.<sup>(a)</sup>  | 238 |
| 647 | PowerSchool Holdings, Inc.<sup>(a)</sup>  | 15 |
| 2069 | Strategic Education, Inc.  | 162 |
| 782 | Universal Technical Institute, Inc.<sup>(a)</sup>  | 5 |
|  |  | 627 |
|  | **Diversified Financial Services — 0.07%** | **Diversified Financial Services — 0.07%** |
| 2278 | Cannae Holdings, Inc.<sup>(a)</sup>  | 47 |
|  | **Diversified Telecommunication Services — 0.17%** | **Diversified Telecommunication Services — 0.17%** |
| 1396 | EchoStar Corp., Class - A<sup>(a)</sup>  | 23 |
| 3094 | IDT Corp.<sup>(a)</sup>  | 88 |
| 221 | Iridium Communications, Inc.<sup>(a)</sup>  | 11 |
|  |  | 122 |
|  | **Electric Utilities — 0.32%** | **Electric Utilities — 0.32%** |
| 1876 | ALLETE, Inc.  | 121 |
| 3048 | Genie Energy Ltd.  | 32 |
| 175 | MGE Energy, Inc.  | 12 |
| 528 | Otter Tail Corp.  | 31 |
| 185 | PNM Resources, Inc.  | 9 |
| 464 | Portland General Electric Co.  | 23 |
|  |  | 228 |
|  | **Electrical Equipment — 1.08%** | **Electrical Equipment — 1.08%** |
| 8245 | Array Technologies, Inc.<sup>(a)</sup>  | 159 |
| 326 | Beam Global^<sup>(a)</sup>  | 6 |
| 1099 | Bloom Energy Corp., Class - A<sup>(a)</sup>  | 21 |
| 2360 | EnerSys  | 174 |
| 20216 | FuelCell Energy, Inc.<sup>(a)</sup>  | 56 |
| 1604 | Plug Power, Inc.<sup>(a)</sup>  | 20 |
| 522 | Regal Rexnord Corp.  | 63 |
| 6744 | Shoals Technologies Group, Inc., Class - A<sup>(a)</sup>  | 166 |
| 1724 | Stem, Inc.<sup>(a)</sup>  | 15 |
| 3233 | Sunrun, Inc.<sup>(a)</sup>  | 78 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Electrical Equipment (continued)** | **Electrical Equipment (continued)** | **Electrical Equipment (continued)** |
| 294 | Vicor Corp.<sup>(a)</sup>  | $| 16 |
|  |  |  | 774 |
|  | **Electronic Equipment, Instruments & Components — 2.51%** | **Electronic Equipment, Instruments & Components — 2.51%** | **Electronic Equipment, Instruments & Components — 2.51%** |
| 809 | Advanced Energy Industries, Inc.  |  | 69 |
| 1155 | Arlo Technologies, Inc.<sup>(a)</sup>  |  | 4 |
| 521 | Badger Meter, Inc.  |  | 57 |
| 544 | Belden, Inc.  |  | 39 |
| 34 | Dolby Laboratories, Inc., Class - A  |  | 2 |
| 92 | ePlus, Inc.<sup>(a)</sup>  |  | 4 |
| 2761 | Fabrinet<sup>(a)</sup>  |  | 354 |
| 18320 | Flex Ltd.<sup>(a)</sup>  |  | 394 |
| 1005 | Insight Enterprises, Inc.<sup>(a)</sup>  |  | 101 |
| 548 | IPG Photonics Corp.  |  | 52 |
| 5296 | Iteris, Inc.<sup>(a)</sup>  |  | 16 |
| 7371 | Jabil, Inc.  |  | 504 |
| 414 | Kimball Electronics, Inc.<sup>(a)</sup>  |  | 9 |
| 368 | Littelfuse, Inc.  |  | 81 |
| 1326 | Methode Electronics, Inc.  |  | 59 |
| 2486 | MicroVision, Inc.^<sup>(a)</sup>  |  | 6 |
| 111 | Novanta, Inc.<sup>(a)</sup>  |  | 15 |
| 110 | PC Connection, Inc.  |  | 5 |
| 51 | Plexus Corp.<sup>(a)</sup>  |  | 5 |
| 86 | Sanmina Corp.<sup>(a)</sup>  |  | 5 |
| 34 | TD SYNNEX Corp.  |  | 3 |
| 801 | TTM Technologies, Inc.<sup>(a)</sup>  |  | 12 |
|  |  |  | 1796 |
|  | **Energy Equipment & Services — 1.48%** | **Energy Equipment & Services — 1.48%** | **Energy Equipment & Services — 1.48%** |
| 1012 | Archrock, Inc.  |  | 9 |
| 1593 | Bristow Group, Inc.<sup>(a)</sup>  |  | 43 |
| 460 | Cactus, Inc., Class - A  |  | 23 |
| 4798 | Championx Corp.  |  | 139 |
| 2885 | Diamond Offshore Drilling, Inc.<sup>(a)</sup>  |  | 30 |
| 12375 | Expro Group Holdings NV<sup>(a)</sup>  |  | 225 |
| 655 | Helmerich & Payne, Inc.  |  | 32 |
| 4448 | Liberty Oilfield Services, Inc., Class - A  |  | 71 |
| 94 | Nabors Industries Ltd.<sup>(a)</sup>  |  | 15 |
| 2855 | Nextier Oilfield Solutions, Inc.<sup>(a)</sup>  |  | 26 |
| 1775 | Oceaneering International, Inc.<sup>(a)</sup>  |  | 31 |
| 9817 | Patterson-UTI Energy, Inc.  |  | 165 |
| 7933 | RPC, Inc.  |  | 71 |
| 2735 | Solaris Oilfield Infrastructure, Inc., Class - A  |  | 27 |
| 4093 | Tidewater, Inc.<sup>(a)</sup>  |  | 151 |
|  |  |  | 1058 |
|  | **Entertainment — 0.28%** | **Entertainment — 0.28%** | **Entertainment — 0.28%** |
| 682 | Cinemark Holdings, Inc.<sup>(a)</sup>  |  | 6 |
| 1640 | Liberty Media Corp. - Liberty Braves, Class - A<sup>(a)</sup>  |  | 54 |
| 2567 | Liberty Media Corp. - Liberty Braves, Class - C<sup>(a)</sup>  |  | 83 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Small Capitalization-Mid Capitalization Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| 1345 | Madison Square Garden Entertainment Corp.<sup>(a)</sup>  | $| 60 |
|  |  |  | 203 |
|  | **Equity Real Estate Investment Trusts — 5.99%** | **Equity Real Estate Investment Trusts — 5.99%** | **Equity Real Estate Investment Trusts — 5.99%** |
| 12746 | Acadia Realty Trust  |  | 183 |
| 1198 | Agree Realty Corp.  |  | 85 |
| 9305 | Alexander & Baldwin, Inc.  |  | 174 |
| 516 | Alpine Income Property Trust, Inc.  |  | 10 |
| 6539 | American Assets Trust, Inc.  |  | 173 |
| 674 | Ashford Hospitality Trust, Inc.<sup>(a)</sup>  |  | 3 |
| 9184 | CareTrust REIT, Inc.  |  | 171 |
| 2642 | Centerspace  |  | 155 |
| 4816 | Chatham Lodging Trust  |  | 59 |
| 11685 | Clipper Realty, Inc.  |  | 75 |
| 1131 | Community Healthcare Trust, Inc.  |  | 40 |
| 1360 | CoreCivic, Inc.<sup>(a)</sup>  |  | 16 |
| 7079 | Corporate Office Properties Trust  |  | 184 |
| 9262 | DiamondRock Hospitality Co.  |  | 76 |
| 12050 | Easterly Government Properties, Inc.  |  | 172 |
| 1133 | EastGroup Properties, Inc.  |  | 168 |
| 264 | Essential Properties Realty Trust, Inc.  |  | 6 |
| 681 | Farmland Partners, Inc.  |  | 8 |
| 2615 | Four Corners Property Trust, Inc.  |  | 68 |
| 6119 | Getty Realty Corp.  |  | 207 |
| 2520 | Gladstone Commercial Corp.  |  | 47 |
| 6912 | Global Medical REIT, Inc.  |  | 66 |
| 14476 | Global Net Lease, Inc.  |  | 182 |
| 6232 | Hersha Hospitality Trust  |  | 53 |
| 2757 | Independence Realty Trust, Inc.  |  | 46 |
| 711 | Innovative Industrial Properties, Inc.  |  | 72 |
| 1337 | InvenTrust Properties Corp.  |  | 32 |
| 3897 | Kite Realty Group Trust  |  | 82 |
| 713 | LTC Properties, Inc.  |  | 25 |
| 1990 | LXP Industrial Trust  |  | 20 |
| 763 | National Health Investors, Inc.  |  | 40 |
| 1574 | National Storage Affiliates  |  | 57 |
| 6043 | NETSTREIT Corp.  |  | 111 |
| 290 | Pebblebrook Hotel Trust  |  | 4 |
| 17858 | Piedmont Office Realty Trust, Inc., Class - A  |  | 164 |
| 1185 | PotlatchDeltic Corp.  |  | 52 |
| 788 | Retail Opportunity Investments Corp.  |  | 12 |
| 6433 | RLJ Lodging Trust  |  | 68 |
| 1766 | Ryman Hospitality Properties, Inc.  |  | 144 |
| 6550 | Sabra Health Care REIT, Inc.  |  | 81 |
| 6561 | SITE Centers Corp.  |  | 90 |
| 3002 | STAG Industrial, Inc.  |  | 97 |
| 7641 | Summit Hotel Properties, Inc.  |  | 55 |
| 11883 | Tanger Factory Outlet Centers, Inc.  |  | 212 |
| 1472 | The GEO Group, Inc.<sup>(a)</sup>  |  | 16 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Equity Real Estate Investment Trusts (continued)** | **Equity Real Estate Investment Trusts (continued)** | **Equity Real Estate Investment Trusts (continued)** |
| 7560 | The Macerich Co.  | $| 85 |
| 13211 | The Necessity Retail REIT, Inc.  |  | 78 |
| 3762 | Urban Edge Properties  |  | 53 |
| 312 | Ventas, Inc.  |  | 14 |
| 11362 | Veris Residential, Inc.<sup>(a)</sup>  |  | 181 |
| 676 | Xenia Hotels & Resorts, Inc.  |  | 9 |
|  |  |  | 4281 |
|  | **Food & Staples Retailing — 0.80%** | **Food & Staples Retailing — 0.80%** | **Food & Staples Retailing — 0.80%** |
| 2670 | BJ's Wholesale Club Holdings, Inc., Class - C<sup>(a)</sup>  |  | 178 |
| 205 | Casey's General Stores, Inc.  |  | 46 |
| 230 | Ingles Markets, Inc., Class - A  |  | 22 |
| 828 | Performance Food Group Co.<sup>(a)</sup>  |  | 48 |
| 202 | PriceSmart, Inc.  |  | 12 |
| 1127 | SpartanNash Co.  |  | 34 |
| 1208 | The Andersons, Inc.  |  | 42 |
| 3462 | United Natural Foods, Inc.<sup>(a)</sup>  |  | 134 |
| 714 | Weis Markets, Inc.  |  | 59 |
|  |  |  | 575 |
|  | **Food Products — 1.15%** | **Food Products — 1.15%** | **Food Products — 1.15%** |
| 7964 | B&G Foods, Inc.^  |  | 89 |
| 1312 | Calavo Growers, Inc., Class - I  |  | 39 |
| 1587 | Darling Ingredients, Inc.<sup>(a)</sup>  |  | 99 |
| 675 | Fresh Del Monte Produce, Inc.  |  | 18 |
| 365 | Freshpet, Inc.<sup>(a)</sup>  |  | 19 |
| 682 | J&J Snack Foods Corp.  |  | 102 |
| 2078 | John B. Sanfilippo & Son, Inc.  |  | 169 |
| 1757 | Landec Corp.<sup>(a)</sup>  |  | 11 |
| 9470 | Mission Produce, Inc.<sup>(a)</sup>  |  | 110 |
| 1116 | The Simply Good Foods Co.<sup>(a)</sup>  |  | 42 |
| 1534 | Tootsie Roll Industries, Inc.  |  | 65 |
| 786 | TreeHouse Foods, Inc.<sup>(a)</sup>  |  | 39 |
| 5537 | Whole Earth Brands, Inc.<sup>(a)</sup>  |  | 23 |
|  |  |  | 825 |
|  | **Gas Utilities — 0.96%** | **Gas Utilities — 0.96%** | **Gas Utilities — 0.96%** |
| 1671 | Chesapeake Utilities Corp.  |  | 198 |
| 812 | New Jersey Resources Corp.  |  | 40 |
| 3926 | Northwest Natural Holding Co.  |  | 187 |
| 1558 | South Jersey Industries, Inc.  |  | 55 |
| 1826 | Spire, Inc.  |  | 126 |
| 2134 | UGI Corp.  |  | 79 |
|  |  |  | 685 |
|  | **Health Care Equipment & Supplies — 3.63%** | **Health Care Equipment & Supplies — 3.63%** | **Health Care Equipment & Supplies — 3.63%** |
| 2962 | Apyx Medical Corp.<sup>(a)</sup>  |  | 7 |
| 155 | AtriCure, Inc.<sup>(a)</sup>  |  | 7 |
| 694 | Axonics, Inc.<sup>(a)</sup>  |  | 43 |
| 325 | BioLife Solutions, Inc.<sup>(a)</sup>  |  | 6 |
| 42 | CONMED Corp.  |  | 4 |
| 799 | CVRx, Inc.<sup>(a)</sup>  |  | 15 |
| 4873 | Embecta Corp.  |  | 123 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Small Capitalization-Mid Capitalization Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| 698 | Glaukos Corp.<sup>(a)</sup>  | $| 30 |
| 140 | Globus Medical, Inc.<sup>(a)</sup>  |  | 10 |
| 434 | Haemonetics Corp.<sup>(a)</sup>  |  | 34 |
| 1894 | Insulet Corp.<sup>(a)</sup>  |  | 559 |
| 479 | Integer Holdings Corp.<sup>(a)</sup>  |  | 33 |
| 933 | iRhythm Technologies, Inc.<sup>(a)</sup>  |  | 87 |
| 546 | Lantheus Holdings, Inc.<sup>(a)</sup>  |  | 28 |
| 211 | LeMaitre Vascular, Inc.  |  | 10 |
| 158 | LENSAR, Inc.<sup>(a)</sup>  |  | 0 |
| 194 | Meridian Bioscience, Inc.<sup>(a)</sup>  |  | 6 |
| 4151 | Merit Medical Systems, Inc.<sup>(a)</sup>  |  | 293 |
| 4046 | Neogen Corp.<sup>(a)</sup>  |  | 62 |
| 665 | Nevro Corp.<sup>(a)</sup>  |  | 26 |
| 49211 | OraSure Technologies, Inc.<sup>(a)</sup>  |  | 237 |
| 209 | OrthoPediatrics Corp.<sup>(a)</sup>  |  | 8 |
| 14622 | Owlet, Inc.<sup>(a)</sup>  |  | 8 |
| 267 | Paragon 28, Inc.<sup>(a)</sup>  |  | 5 |
| 6621 | SeaSpine Holdings Corp.<sup>(a)</sup>  |  | 55 |
| 199 | Shockwave Medical, Inc.<sup>(a)</sup>  |  | 41 |
| 492 | SI-BONE, Inc.<sup>(a)</sup>  |  | 7 |
| 1272 | STAAR Surgical Co.<sup>(a)</sup>  |  | 62 |
| 19385 | Tactile Systems Technology, Inc.<sup>(a)</sup>  |  | 223 |
| 1621 | Tandem Diabetes Care, Inc.<sup>(a)</sup>  |  | 73 |
| 1363 | The Cooper Companies, Inc.  |  | 451 |
| 391 | TransMedics Group, Inc.<sup>(a)</sup>  |  | 24 |
| 1150 | Varex Imaging Corp.<sup>(a)</sup>  |  | 23 |
|  |  |  | 2600 |
|  | **Health Care Providers & Services — 1.99%** | **Health Care Providers & Services — 1.99%** | **Health Care Providers & Services — 1.99%** |
| 3094 | Acadia Healthcare Co., Inc.<sup>(a)</sup>  |  | 255 |
| 2048 | Addus HomeCare Corp.<sup>(a)</sup>  |  | 204 |
| 9300 | Agiliti, Inc.<sup>(a)</sup>  |  | 152 |
| 1217 | Alignment Healthcare, Inc.<sup>(a)</sup>  |  | 14 |
| 590 | AMN Healthcare Services, Inc.<sup>(a)</sup>  |  | 61 |
| 3253 | Apollo Medical Holdings, Inc.<sup>(a)</sup>  |  | 96 |
| 13 | Chemed Corp.  |  | 7 |
| 153 | CorVel Corp.<sup>(a)</sup>  |  | 22 |
| 47 | Encompass Health Corp.  |  | 3 |
| 23 | Enhabit, Inc.<sup>(a)</sup>  |  | 0 |
| 776 | LHC Group, Inc.<sup>(a)</sup>  |  | 125 |
| 277 | Modivcare, Inc.<sup>(a)</sup>  |  | 25 |
| 42 | Molina Heathcare, Inc.<sup>(a)</sup>  |  | 14 |
| 2404 | Option Care Health, Inc.<sup>(a)</sup>  |  | 72 |
| 1478 | Owens & Minor, Inc.<sup>(a)</sup>  |  | 29 |
| 3683 | Patterson Companies, Inc.  |  | 103 |
| 2950 | RadNet, Inc.<sup>(a)</sup>  |  | 56 |
| 1380 | Select Medical Holdings Corp.  |  | 34 |
| 435 | Surgery Partners, Inc.<sup>(a)</sup>  |  | 12 |
| 2414 | Tenet Healthcare Corp.<sup>(a)</sup>  |  | 118 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| 222 | The Ensign Group, Inc.  | $| 21 |
|  |  |  | 1423 |
|  | **Health Care Technology — 1.07%** | **Health Care Technology — 1.07%** | **Health Care Technology — 1.07%** |
| 358 | Allscripts Healthcare Solutions, Inc.<sup>(a)</sup>  |  | 6 |
| 1328 | Evolent Health, Inc., Class - A<sup>(a)</sup>  |  | 37 |
| 883 | Inspire Medical System, Inc.<sup>(a)</sup>  |  | 223 |
| 2159 | NextGen Healthcare, Inc.<sup>(a)</sup>  |  | 41 |
| 1347 | Omnicell, Inc.<sup>(a)</sup>  |  | 68 |
| 6440 | Phreesia, Inc.<sup>(a)</sup>  |  | 208 |
| 9828 | Schrodinger, Inc.<sup>(a)</sup>  |  | 184 |
|  |  |  | 767 |
|  | **Hotels, Restaurants & Leisure — 2.47%** | **Hotels, Restaurants & Leisure — 2.47%** | **Hotels, Restaurants & Leisure — 2.47%** |
| 622 | Bally's Corp.<sup>(a)</sup>  |  | 12 |
| 162 | BJ's Restaurants, Inc.<sup>(a)</sup>  |  | 4 |
| 805 | Bloomin' Brands, Inc.  |  | 16 |
| 5300 | Boyd Gaming Corp.  |  | 290 |
| 363 | Caesars Entertainment, Inc.<sup>(a)</sup>  |  | 15 |
| 398 | Chuy's Holdings, Inc.<sup>(a)</sup>  |  | 11 |
| 1221 | Dave & Buster's Entertainment, Inc.<sup>(a)</sup>  |  | 43 |
| 1018 | Dine Brands Global, Inc.  |  | 66 |
| 9860 | Everi Holdings, Inc.<sup>(a)</sup>  |  | 141 |
| 7017 | Fiesta Restaurant Group, Inc.<sup>(a)</sup>  |  | 52 |
| 2169 | First Watch Restaurant Group, Inc.<sup>(a)</sup>  |  | 29 |
| 428 | Golden Entertainment, Inc.<sup>(a)</sup>  |  | 16 |
| 1218 | Hilton Grand Vacations, Inc.<sup>(a)</sup>  |  | 47 |
| 11647 | Inspirato, Inc.<sup>(a)</sup>  |  | 14 |
| 181 | Jack in the Box, Inc.  |  | 12 |
| 5015 | Krispy Kreme, Inc.  |  | 52 |
| 5491 | Lindblad Expeditions Holdings, Inc.<sup>(a)</sup>  |  | 42 |
| 731 | Papa John's International, Inc.  |  | 60 |
| 3005 | Planet Fitness, Inc., Class - A<sup>(a)</sup>  |  | 237 |
| 3075 | PlayAGS, Inc.<sup>(a)</sup>  |  | 16 |
| 3161 | Red Rock Resorts, Inc., Class - A  |  | 126 |
| 999 | Scientific Games Corp., Class - A<sup>(a)</sup>  |  | 59 |
| 12824 | Sweetgreen, Inc., Class - A<sup>(a)</sup>  |  | 110 |
| 581 | Texas Roadhouse, Inc.  |  | 53 |
| 1684 | The Cheesecake Factory, Inc.  |  | 53 |
| 145 | Vail Resorts, Inc.  |  | 35 |
| 1153 | Wingstop, Inc.  |  | 159 |
|  |  |  | 1770 |
|  | **Household Durables — 0.84%** | **Household Durables — 0.84%** | **Household Durables — 0.84%** |
| 972 | Gopro, Inc., Class - A<sup>(a)</sup>  |  | 5 |
| 4688 | Green Brick Partners, Inc.<sup>(a)</sup>  |  | 113 |
| 891 | Hamilton Beach Brands Holding Co., Class - A  |  | 11 |
| 370 | Installed Building Products, Inc.  |  | 32 |
| 748 | LGI Homes, Inc.<sup>(a)</sup>  |  | 69 |
| 1717 | M/I Homes, Inc.<sup>(a)</sup>  |  | 79 |
| 937 | MDC Holdings, Inc.  |  | 30 |
| 1111 | Meritage Homes Corp.<sup>(a)</sup>  |  | 102 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Small Capitalization-Mid Capitalization Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** |
| 147 | Skyline Champion Corp.<sup>(a)</sup>  | $| 8 |
| 584 | The Lovesac Co.<sup>(a)</sup>  |  | 13 |
| 428 | TopBuild Corp.<sup>(a)</sup>  |  | 67 |
| 2166 | TRI Pointe Homes, Inc.<sup>(a)</sup>  |  | 40 |
| 6945 | Tupperware Brands Corp.<sup>(a)</sup>  |  | 29 |
| 554 | VOXX International Corp.<sup>(a)</sup>  |  | 5 |
|  |  |  | 603 |
|  | **Household Products — 0.12%** | **Household Products — 0.12%** | **Household Products — 0.12%** |
| 340 | Central Garden & Pet Co.<sup>(a)</sup>  |  | 13 |
| 990 | Central Garden & Pet Co., Class - A<sup>(a)</sup>  |  | 35 |
| 1019 | Oil-Dri Corp.  |  | 34 |
|  |  |  | 82 |
|  | **Independent Power and Renewable Electricity Producers — 0.59%** | **Independent Power and Renewable Electricity Producers — 0.59%** | **Independent Power and Renewable Electricity Producers — 0.59%** |
| 21202 | Altus Power, Inc.<sup>(a)</sup>  |  | 138 |
| 1499 | Clearway Energy, Inc., Class - C  |  | 48 |
| 14929 | Montauk Renewables, Inc.<sup>(a)</sup>  |  | 165 |
| 373 | Ormat Technologies, Inc.  |  | 32 |
| 2146 | Sunnova Energy International, Inc.<sup>(a)</sup>  |  | 39 |
|  |  |  | 422 |
|  | **Insurance — 2.27%** | **Insurance — 2.27%** | **Insurance — 2.27%** |
| 689 | Ambac Financial Group, Inc.<sup>(a)</sup>  |  | 12 |
| 2133 | American Equity Investment Life Holding Co.  |  | 97 |
| 192 | BRP Group, Inc., Class - A<sup>(a)</sup>  |  | 5 |
| 3379 | CNO Financial Group, Inc.  |  | 77 |
| 302 | Donegal Group, Inc., Class - A  |  | 4 |
| 875 | Everest Re Group Ltd.  |  | 291 |
| 1150 | Goosehead Insurance, Inc.<sup>(a)</sup>  |  | 39 |
| 3325 | Horace Mann Educators Corp.  |  | 124 |
| 287 | James River Group Holdings Ltd.  |  | 6 |
| 655 | Kinsale Capital Group, Inc.  |  | 172 |
| 3209 | Lemonade, Inc.<sup>(a)</sup>  |  | 44 |
| 3081 | Palomar Holdings, Inc.<sup>(a)</sup>  |  | 139 |
| 2483 | ProAssurance Corp.  |  | 43 |
| 66 | RLI Corp.  |  | 9 |
| 2055 | Root, Inc., Class - A<sup>(a)</sup>  |  | 9 |
| 599 | Safety Insurance Group, Inc.  |  | 50 |
| 1404 | Selective Insurance Group, Inc.  |  | 124 |
| 1582 | Trupanion, Inc.<sup>(a)</sup>  |  | 75 |
| 4197 | W.R. Berkley Corp.  |  | 306 |
|  |  |  | 1626 |
|  | **Interactive Media & Services — 0.65%** | **Interactive Media & Services — 0.65%** | **Interactive Media & Services — 0.65%** |
| 8509 | DHI Group, Inc.<sup>(a)</sup>  |  | 45 |
| 18443 | TrueCar, Inc.<sup>(a)</sup>  |  | 46 |
| 6760 | Yelp, Inc.<sup>(a)</sup>  |  | 185 |
| 53 | Ziff Davis, Inc.<sup>(a)</sup>  |  | 4 |
| 11071 | Ziprecruiter, Inc.<sup>(a)</sup>  |  | 182 |
|  |  |  | 462 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Internet & Direct Marketing Retail — 0.47%** | **Internet & Direct Marketing Retail — 0.47%** |
| 28008 | Boxed, Inc.<sup>(a)</sup>  | $5 |
| 1172 | Chewy, Inc., Class - A<sup>(a)</sup>  | 43 |
| 331 | Etsy, Inc.<sup>(a)</sup>  | 40 |
| 607 | Lands' End, Inc.<sup>(a)</sup>  | 5 |
| 12041 | Rent the Runway, Inc., Class - A<sup>(a)</sup>  | 37 |
| 3507 | Shutterstock, Inc.  | 185 |
| 9002 | The RealReal, Inc.<sup>(a)</sup>  | 11 |
| 373 | Xometry, Inc., Class - A<sup>(a)</sup>  | 12 |
|  |  | 338 |
|  | **IT Services — 0.90%** | **IT Services — 0.90%** |
| 34 | Concentrix Corp.  | 5 |
| 10305 | Conduent, Inc.<sup>(a)</sup>  | 42 |
| 1652 | CSG Systems International, Inc.  | 93 |
| 2141 | EVERTEC, Inc.  | 69 |
| 717 | Evo Payments, Inc., Class - A<sup>(a)</sup>  | 24 |
| 514 | Exlservice Holdings, Inc.<sup>(a)</sup>  | 87 |
| 254 | Jack Henry & Associates, Inc.  | 45 |
| 979 | MAXIMUS, Inc.  | 72 |
| 1838 | MoneyGram International, Inc.<sup>(a)</sup>  | 20 |
| 10990 | Paymentus Holdings, Inc., Class - A<sup>(a)</sup>  | 87 |
| 2840 | Payoneer Global, Inc.<sup>(a)</sup>  | 16 |
| 88 | Perficient, Inc.<sup>(a)</sup>  | 6 |
| 496 | Remitly Global, Inc.<sup>(a)</sup>  | 6 |
| 1367 | StarTek, Inc.<sup>(a)</sup>  | 5 |
| 135 | The Hackett Group, Inc.  | 3 |
| 81 | TTEC Holdings, Inc.  | 4 |
| 2286 | Verra Mobility Corp.<sup>(a)</sup>  | 32 |
| 166 | WEX, Inc.<sup>(a)</sup>  | 27 |
|  |  | 643 |
|  | **Leisure Products — 0.38%** | **Leisure Products — 0.38%** |
| 324 | American Outdoor Brands, Inc.<sup>(a)</sup>  | 3 |
| 925 | Callaway Golf Co.<sup>(a)</sup>  | 18 |
| 77 | Johnson Outdoors, Inc., Class - A  | 5 |
| 356 | Mastercraft Boat Holdings, Inc.<sup>(a)</sup>  | 9 |
| 9402 | Mattel, Inc.<sup>(a)</sup>  | 169 |
| 1298 | Smith & Wesson Brands, Inc.  | 11 |
| 1461 | Yeti Holdings, Inc.<sup>(a)</sup>  | 60 |
|  |  | 275 |
|  | **Life Sciences Tools & Services — 0.93%** | **Life Sciences Tools & Services — 0.93%** |
| 75 | Azenta, Inc.<sup>(a)</sup>  | 4 |
| 11132 | Berkeley Lights, Inc.<sup>(a)</sup>  | 30 |
| 102 | Bruker Corp.  | 7 |
| 14459 | Cytek Biosciences, Inc.<sup>(a)</sup>  | 148 |
| 4324 | Inotiv, Inc.<sup>(a)</sup>  | 21 |
| 599 | Medpace Holdings, Inc.<sup>(a)</sup>  | 127 |
| 29118 | Pacific Biosciences of California, Inc.<sup>(a)</sup>  | 239 |
| 493 | Repligen Corp.<sup>(a)</sup>  | 83 |
| 9655 | Science 37 Holdings, Inc.<sup>(a)</sup>  | 4 |
|  |  | 663 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Small Capitalization-Mid Capitalization Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Machinery — 3.37%** | **Machinery — 3.37%** |
| 68 | Albany International Corp.  | $7 |
| 3809 | Altra Industrial Motion Corp.  | 228 |
| 1637 | Astec Industries, Inc.  | 67 |
| 1248 | Chart Industries, Inc.<sup>(a)</sup>  | 144 |
| 1644 | Columbus McKinnon Corp.  | 53 |
| 1328 | ESCO Technologies, Inc.  | 116 |
| 3382 | Evoqua Water Technologies Co.<sup>(a)</sup>  | 134 |
| 1773 | Federal Signal Corp.  | 82 |
| 141 | Franklin Electric Co., Inc.  | 11 |
| 434 | Helios Technologies, Inc.  | 24 |
| 3968 | Hillenbrand, Inc.  | 169 |
| 20306 | Hydrofarm Holdings Group, Inc.<sup>(a)</sup>  | 31 |
| 332 | IDEX Corp.  | 76 |
| 1076 | ITT, Inc.  | 87 |
| 819 | John Bean Technologies Corp.  | 75 |
| 217 | Kadant, Inc.  | 39 |
| 939 | Kornit Digital Ltd.<sup>(a)</sup>  | 22 |
| 771 | Lincoln Electric Holdings, Inc.  | 111 |
| 118 | Mueller Industries, Inc.  | 7 |
| 13779 | Mueller Water Products, Inc., Class - A  | 148 |
| 61126 | Nikola Corp.^<sup>(a)</sup>  | 132 |
| 47 | Oshkosh Corp.  | 4 |
| 4768 | Proto Labs, Inc.<sup>(a)</sup>  | 122 |
| 21 | RBC Bearings, Inc.<sup>(a)</sup>  | 4 |
| 1356 | SPX Technologies, Inc.<sup>(a)</sup>  | 89 |
| 2819 | Tennant Co.  | 174 |
| 2067 | Terex Corp.  | 88 |
| 4896 | The Greenbrier Companies, Inc.  | 164 |
|  |  | 2408 |
|  | **Marine — 0.80%** | **Marine — 0.80%** |
| 16292 | Costamare, Inc.  | 151 |
| 3393 | Kirby Corp.<sup>(a)</sup>  | 219 |
| 3301 | Matson, Inc.  | 206 |
|  |  | 576 |
|  | **Media — 1.26%** | **Media — 1.26%** |
| 6605 | AdTheorent Holding Co., Inc.^<sup>(a)</sup>  | 11 |
| 10356 | Advantage Solutions, Inc.<sup>(a)</sup>  | 22 |
| 6437 | comScore, Inc.<sup>(a)</sup>  | 7 |
| 3994 | Cumulus Media, Inc., Class - A<sup>(a)</sup>  | 25 |
| 1110 | Emerald Holding, Inc.<sup>(a)</sup>  | 4 |
| 2513 | Entravision Communications Corp., Class - A  | 12 |
| 5444 | Gray Television, Inc.  | 61 |
| 28935 | Innovid Corp.<sup>(a)</sup>  | 49 |
| 15050 | Integral Ad Science Holding Corp.<sup>(a)</sup>  | 132 |
| 19781 | Liberty Latin America Ltd., Class - C<sup>(a)</sup>  | 150 |
| 13858 | Magnite, Inc.<sup>(a)</sup>  | 147 |
| 535 | Scholastic Corp.  | 21 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Media (continued)** | **Media (continued)** | **Media (continued)** |
| 8395 | Sinclair Broadcast Group, Inc., Class - A  | $| 130 |
| 2249 | TEGNA, Inc.  |  | 48 |
| 8650 | WideOpenWest, Inc.<sup>(a)</sup>  |  | 79 |
|  |  |  | 898 |
|  | **Metals & Mining — 1.49%** | **Metals & Mining — 1.49%** | **Metals & Mining — 1.49%** |
| 1382 | Alcoa Corp.  |  | 63 |
| 17681 | Allegheny Technologies, Inc.<sup>(a)</sup>  |  | 528 |
| 1962 | Carpenter Technology Corp.  |  | 72 |
| 759 | Haynes International, Inc.  |  | 35 |
| 9750 | Hecla Mining Co.  |  | 54 |
| 191 | Materion Corp.  |  | 17 |
| 2916 | Ryerson Holding Corp.  |  | 88 |
| 5772 | Timkensteel Corp.<sup>(a)</sup>  |  | 105 |
| 365 | United States Steel Corp.  |  | 9 |
| 137 | Warrior Met Coal, Inc.  |  | 5 |
| 1868 | Worthington Industries, Inc.  |  | 93 |
|  |  |  | 1069 |
|  | **Mortgage Real Estate Investment Trusts — 0.53%** | **Mortgage Real Estate Investment Trusts — 0.53%** | **Mortgage Real Estate Investment Trusts — 0.53%** |
| 19710 | BrightSpire Capital, Inc.  |  | 123 |
| 10200 | Claros Mortgage Trust, Inc.  |  | 149 |
| 1873 | Hannon Armstrong Sustainable Infrastructure Capital, Inc.  |  | 54 |
| 1684 | KKR Real Estate Finance Trust, Inc.  |  | 24 |
| 1597 | MFA Financial, Inc.  |  | 16 |
| 2348 | Redwood Trust, Inc.  |  | 16 |
|  |  |  | 382 |
|  | **Multiline Retail — 0.25%** | **Multiline Retail — 0.25%** | **Multiline Retail — 0.25%** |
| 8527 | Macy's, Inc.  |  | 176 |
|  | **Multi-Utilities — 0.23%** | **Multi-Utilities — 0.23%** | **Multi-Utilities — 0.23%** |
| 726 | Black Hills Corp.  |  | 51 |
| 1928 | Unitil Corp.  |  | 99 |
| 2617 | Via Renewables, Inc.  |  | 13 |
|  |  |  | 163 |
|  | **Oil, Gas & Consumable Fuels — 4.50%** | **Oil, Gas & Consumable Fuels — 4.50%** | **Oil, Gas & Consumable Fuels — 4.50%** |
| 3497 | Antero Resources Corp.<sup>(a)</sup>  |  | 108 |
| 1094 | Arch Resources, Inc.  |  | 156 |
| 9716 | Berry Corp.  |  | 78 |
| 757 | Chesapeake Energy Corp.  |  | 71 |
| 2408 | Clean Energy Fuels Corp.<sup>(a)</sup>  |  | 13 |
| 8222 | CNX Resources Corp.<sup>(a)</sup>  |  | 138 |
| 9016 | Comstock Resources, Inc.  |  | 124 |
| 2431 | CONSOL Energy, Inc.  |  | 158 |
| 3905 | Delek US Holdings, Inc.  |  | 105 |
| 5539 | Devon Energy Corp.  |  | 340 |
| 1588 | Earthstone Energy, Inc., Class - A<sup>(a)</sup>  |  | 23 |
| 2568 | Evolution Petroleum Corp.  |  | 19 |
| 2312 | Golar LNG Ltd.<sup>(a)</sup>  |  | 53 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Small Capitalization-Mid Capitalization Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| 2126 | Gulfport Energy Operating Corp.<sup>(a)</sup>  | $| 157 |
| 20751 | Kosmos Energy Ltd.<sup>(a)</sup>  |  | 132 |
| 416 | Matador Resources Co.  |  | 24 |
| 150 | Murphy Oil Corp.  |  | 6 |
| 21248 | Navigator Holdings Ltd.<sup>(a)</sup>  |  | 254 |
| 2578 | Nordic American Tankers Ltd.  |  | 8 |
| 3747 | Ovintiv, Inc.  |  | 190 |
| 291 | PDC Energy, Inc.  |  | 18 |
| 1094 | Peabody Energy Corp.<sup>(a)</sup>  |  | 29 |
| 2500 | Permian Resources Corp.  |  | 24 |
| 2186 | Range Resources Corp.  |  | 55 |
| 2901 | Ranger Oil Corp.  |  | 117 |
| 156 | REX American Resources Corp.<sup>(a)</sup>  |  | 5 |
| 588 | Scorpio Tankers, Inc.  |  | 32 |
| 18257 | SFL Corp. Ltd.  |  | 168 |
| 7400 | Sitio Royalties Corp., Class - A^  |  | 213 |
| 419 | SM Energy Co.  |  | 15 |
| 30524 | Southwestern Energy Co.<sup>(a)</sup>  |  | 179 |
| 403 | Talos Energy, Inc.<sup>(a)</sup>  |  | 8 |
| 7285 | World Fuel Services Corp.  |  | 199 |
|  |  |  | 3219 |
|  | **Paper & Forest Products — 0.16%** | **Paper & Forest Products — 0.16%** | **Paper & Forest Products — 0.16%** |
| 5407 | Mativ Holdings, Inc.  |  | 113 |
|  | **Personal Products — 0.61%** | **Personal Products — 0.61%** | **Personal Products — 0.61%** |
| 3023 | e.l.f. Beauty, Inc.<sup>(a)</sup>  |  | 167 |
| 853 | Inter Parfums, Inc.  |  | 82 |
| 1514 | Medifast, Inc.  |  | 175 |
| 1318 | The Beauty Health Co.<sup>(a)</sup>  |  | 12 |
|  |  |  | 436 |
|  | **Pharmaceuticals — 2.47%** | **Pharmaceuticals — 2.47%** | **Pharmaceuticals — 2.47%** |
| 337 | Aclaris Therapeutics, Inc.<sup>(a)</sup>  |  | 5 |
| 6939 | Adicet Bio, Inc.<sup>(a)</sup>  |  | 62 |
| 5164 | Amphastar Pharmaceuticals, Inc.<sup>(a)</sup>  |  | 145 |
| 7009 | Amylyx Pharmaceuticals, Inc.<sup>(a)</sup>  |  | 258 |
| 166 | ANI Pharmaceuticals, Inc.<sup>(a)</sup>  |  | 7 |
| 539 | Arvinas, Inc.<sup>(a)</sup>  |  | 18 |
| 33207 | Athira Pharma, Inc.<sup>(a)</sup>  |  | 105 |
| 579 | Cassava Science, Inc.^<sup>(a)</sup>  |  | 17 |
| 81 | Catalent, Inc.<sup>(a)</sup>  |  | 4 |
| 376 | Corcept Therapeutics, Inc.<sup>(a)</sup>  |  | 8 |
| 586 | Edgewise Therapeutics, Inc.<sup>(a)</sup>  |  | 5 |
| 19751 | Fulcrum Therapeutics, Inc.<sup>(a)</sup>  |  | 144 |
| 2328 | Harmony Biosciences Holdings, Inc.<sup>(a)</sup>  |  | 128 |
| 1228 | Harrow Health, Inc.<sup>(a)</sup>  |  | 18 |
| 653 | Horizon Therapeutics PLC<sup>(a)</sup>  |  | 74 |
| 711 | Intra-Cellular Therapies, Inc.<sup>(a)</sup>  |  | 38 |
| 850 | KemPharm, Inc.^<sup>(a)</sup>  |  | 4 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 1160 | Ocular Therapeutix, Inc.<sup>(a)</sup>  | $| 3 |
| 878 | Oramed Pharmaceuticals, Inc.<sup>(a)</sup>  |  | 11 |
| 4539 | Pacira BioSciences, Inc.<sup>(a)</sup>  |  | 174 |
| 15971 | Paratek Pharmaceuticals, Inc.<sup>(a)</sup>  |  | 30 |
| 678 | Phathom Pharmaceuticals, Inc.<sup>(a)</sup>  |  | 8 |
| 3964 | Pliant Therapeutics, Inc.<sup>(a)</sup>  |  | 77 |
| 1583 | Prestige Consumer Healthcare, Inc.<sup>(a)</sup>  |  | 99 |
| 920 | Provention Bio, Inc.<sup>(a)</sup>  |  | 10 |
| 21416 | Relmada Therapeutics, Inc.<sup>(a)</sup>  |  | 75 |
| 3235 | Satsuma Pharmaceuticals, Inc.<sup>(a)</sup>  |  | 3 |
| 1709 | Supernus Pharmaceuticals, Inc.<sup>(a)</sup>  |  | 61 |
| 3598 | Vaxcyte, Inc.<sup>(a)</sup>  |  | 173 |
|  |  |  | 1764 |
|  | **Professional Services — 1.62%** | **Professional Services — 1.62%** | **Professional Services — 1.62%** |
| 917 | ASGN, Inc.<sup>(a)</sup>  |  | 75 |
| 62 | Booz Allen Hamilton Holding Corp.  |  | 6 |
| 20 | CACI International, Inc., Class - A<sup>(a)</sup>  |  | 6 |
| 1815 | CBIZ, Inc.<sup>(a)</sup>  |  | 85 |
| 373 | Huron Consulting Group, Inc.<sup>(a)</sup>  |  | 27 |
| 533 | ICF International, Inc.  |  | 53 |
| 35 | Insperity, Inc.  |  | 4 |
| 9846 | KBR, Inc.  |  | 520 |
| 594 | Kelly Services, Inc., Class - A  |  | 10 |
| 982 | Kforce, Inc.  |  | 54 |
| 1998 | Korn Ferry  |  | 101 |
| 9154 | Mistras Group, Inc.<sup>(a)</sup>  |  | 45 |
| 1018 | Science Applications International Corp.  |  | 113 |
| 2722 | Sterling Check Corp.<sup>(a)</sup>  |  | 42 |
| 1649 | Upwork, Inc.<sup>(a)</sup>  |  | 17 |
|  |  |  | 1158 |
|  | **Real Estate Management & Development — 0.25%** | **Real Estate Management & Development — 0.25%** | **Real Estate Management & Development — 0.25%** |
| 683 | BBX Capital, Inc.<sup>(a)</sup>  |  | 6 |
| 2814 | Digitalbridge Group, Inc.  |  | 31 |
| 1705 | eXp World Holdings, Inc.  |  | 19 |
| 2843 | Marcus & Millichap, Inc.  |  | 97 |
| 3583 | Newmark Group, Inc., Class - A  |  | 29 |
|  |  |  | 182 |
|  | **Road & Rail — 0.71%** | **Road & Rail — 0.71%** | **Road & Rail — 0.71%** |
| 119 | Avis Budget Group, Inc.<sup>(a)</sup>  |  | 20 |
| 6008 | Knight-Swift Transportation Holdings, Inc.  |  | 314 |
| 412 | P.A.M. Transportation Services, Inc.  |  | 11 |
| 752 | Saia, Inc.<sup>(a)</sup>  |  | 157 |
| 3453 | Yellow Corp.<sup>(a)</sup>  |  | 9 |
|  |  |  | 511 |
|  | **Semiconductors & Semiconductor Equipment — 3.09%** | **Semiconductors & Semiconductor Equipment — 3.09%** | **Semiconductors & Semiconductor Equipment — 3.09%** |
| 485 | Alpha & Omega Semiconductor Ltd.<sup>(a)</sup>  |  | 14 |
| 3622 | Amkor Technology, Inc.  |  | 87 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Small Capitalization-Mid Capitalization Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| 3010 | AXT, Inc.<sup>(a)</sup>  | $| 13 |
| 55 | Cirrus Logic, Inc.<sup>(a)</sup>  |  | 4 |
| 169 | Diodes, Inc.<sup>(a)</sup>  |  | 13 |
| 189 | Entegris, Inc.  |  | 12 |
| 3557 | FormFactor, Inc.<sup>(a)</sup>  |  | 79 |
| 188 | Impinj, Inc.<sup>(a)</sup>  |  | 21 |
| 3614 | Lattice Semiconductor Corp.<sup>(a)</sup>  |  | 234 |
| 9946 | MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup>  |  | 627 |
| 2797 | MaxLinear, Inc., Class - A<sup>(a)</sup>  |  | 95 |
| 624 | MKS Instruments, Inc.  |  | 53 |
| 506 | Monolithic Power Systems, Inc.  |  | 179 |
| 2203 | Power Integrations, Inc.  |  | 158 |
| 2745 | Qorvo, Inc.<sup>(a)</sup>  |  | 249 |
| 1083 | Silicon Laboratories, Inc.<sup>(a)</sup>  |  | 147 |
| 683 | SkyWater Technology, Inc.<sup>(a)</sup>  |  | 5 |
| 799 | Synaptics, Inc.<sup>(a)</sup>  |  | 76 |
| 212 | Ultra Clean Holdings, Inc.<sup>(a)</sup>  |  | 7 |
| 1179 | Universal Display Corp.  |  | 127 |
| 661 | Veeco Instruments, Inc.<sup>(a)</sup>  |  | 12 |
|  |  |  | 2212 |
|  | **Software — 4.47%** | **Software — 4.47%** | **Software — 4.47%** |
| 1780 | Adeia, Inc.  |  | 17 |
| 416 | Alarm.com Holding, Inc.<sup>(a)</sup>  |  | 21 |
| 2112 | Alkami Technology, Inc.<sup>(a)</sup>  |  | 31 |
| 829 | Altair Engineering, Inc., Class - A<sup>(a)</sup>  |  | 38 |
| 343 | Alteryx, Inc., Class - A<sup>(a)</sup>  |  | 17 |
| 1038 | Amplitude, Inc., Class - A<sup>(a)</sup>  |  | 13 |
| 289 | Appfolio, Inc., Class - A<sup>(a)</sup>  |  | 30 |
| 4991 | Appian Corp.<sup>(a)</sup>  |  | 163 |
| 3150 | Asure Software, Inc.<sup>(a)</sup>  |  | 29 |
| 23967 | AvidXchange Holdings, Inc.<sup>(a)</sup>  |  | 237 |
| 53388 | Benson Hill, Inc.<sup>(a)</sup>  |  | 136 |
| 101 | Blackline, Inc.<sup>(a)</sup>  |  | 7 |
| 1089 | Box, Inc., Class - A<sup>(a)</sup>  |  | 34 |
| 979 | Cognyte Software, Ltd.<sup>(a)</sup>  |  | 3 |
| 574 | CommVault Systems, Inc.<sup>(a)</sup>  |  | 36 |
| 77 | Consensus Cloud Solutions, Inc.<sup>(a)</sup>  |  | 4 |
| 1007 | CoreCard Corp.<sup>(a)</sup>  |  | 29 |
| 356 | Couchbase, Inc.<sup>(a)</sup>  |  | 5 |
| 313 | Digimarc Corp.<sup>(a)</sup>  |  | 6 |
| 959 | Digital Turbine, Inc.<sup>(a)</sup>  |  | 15 |
| 28336 | E2open Parent Holdings, Inc.<sup>(a)</sup>  |  | 166 |
| 581 | eGain Corp.<sup>(a)</sup>  |  | 5 |
| 3738 | EverCommerce, Inc.<sup>(a)</sup>  |  | 28 |
| 83 | Fair Isaac Corp.<sup>(a)</sup>  |  | 50 |
| 36681 | Greenidge Generation Holdings, Inc.<sup>(a)</sup>  |  | 11 |
| 846 | Guidewire Software, Inc.<sup>(a)</sup>  |  | 53 |
| 186 | HubSpot, Inc.<sup>(a)</sup>  |  | 54 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| 2965 | MeridianLink, Inc.<sup>(a)</sup>  | $| 41 |
| 722 | MicroStrategy, Inc.^<sup>(a)</sup>  |  | 102 |
| 6215 | Model N, Inc.<sup>(a)</sup>  |  | 251 |
| 16199 | N-able, Inc.<sup>(a)</sup>  |  | 167 |
| 67471 | NextNav, Inc.^<sup>(a)</sup>  |  | 198 |
| 674 | Progress Software Corp.  |  | 34 |
| 5413 | PROS Holdings, Inc.<sup>(a)</sup>  |  | 131 |
| 868 | PTC, Inc.<sup>(a)</sup>  |  | 104 |
| 5370 | Q2 Holdings, Inc.<sup>(a)</sup>  |  | 144 |
| 680 | Qualys, Inc.<sup>(a)</sup>  |  | 76 |
| 11757 | Riot Platforms, Inc.^<sup>(a)</sup>  |  | 40 |
| 831 | SPS Commerce, Inc.<sup>(a)</sup>  |  | 107 |
| 781 | Tenable Holdings, Inc.<sup>(a)</sup>  |  | 30 |
| 979 | Verint Systems, Inc.<sup>(a)</sup>  |  | 36 |
| 15346 | Veritone, Inc.<sup>(a)</sup>  |  | 81 |
| 3774 | Viant Technology, Inc., Class - A<sup>(a)</sup>  |  | 15 |
| 18867 | Weave Communications, Inc.<sup>(a)</sup>  |  | 86 |
| 12496 | WM Technology, Inc.<sup>(a)</sup>  |  | 13 |
| 1438 | Workiva, Inc.<sup>(a)</sup>  |  | 121 |
| 21286 | Zeta Global Holdings Corp., Class - A<sup>(a)</sup>  |  | 174 |
| 72 | Zscaler, Inc.<sup>(a)</sup>  |  | 8 |
|  |  |  | 3197 |
|  | **Specialty Retail — 2.49%** | **Specialty Retail — 2.49%** | **Specialty Retail — 2.49%** |
| 1447 | American Eagle Outfitters, Inc.  |  | 20 |
| 1764 | Arko Corp.  |  | 15 |
| 520 | Asbury Automotive Group, Inc.<sup>(a)</sup>  |  | 93 |
| 3328 | Boot Barn Holdings, Inc.<sup>(a)</sup>  |  | 208 |
| 735 | Caleres, Inc.  |  | 16 |
| 7181 | Camping World Holdings, Inc., Class - A  |  | 160 |
| 6294 | Citi Trends, Inc.<sup>(a)</sup>  |  | 167 |
| 1956 | Floor & Decor Holdings, Inc., Class - A<sup>(a)</sup>  |  | 136 |
| 1806 | Genesco, Inc.<sup>(a)</sup>  |  | 83 |
| 72 | Group 1 Automotive, Inc.  |  | 13 |
| 1362 | Guess?, Inc.  |  | 28 |
| 334 | Lithia Motors, Inc., Class - A  |  | 68 |
| 289 | Monro, Inc.  |  | 13 |
| 324 | Murphy USA, Inc.  |  | 91 |
| 149 | National Vision Holdings, Inc.<sup>(a)</sup>  |  | 6 |
| 53 | Penske Automotive Group, Inc.  |  | 6 |
| 970 | Rent-A-Center, Inc.  |  | 22 |
| 231 | Restoration Hardware Co.<sup>(a)</sup>  |  | 62 |
| 2077 | Sally Beauty Holdings, Inc.<sup>(a)</sup>  |  | 26 |
| 708 | Shoe Carnival, Inc.  |  | 17 |
| 158 | Signet Jewelers Ltd.  |  | 11 |
| 845 | Sonic Automotive, Inc., Class - A  |  | 42 |
| 7426 | Sportsman's Warehouse Holdings, Inc.<sup>(a)</sup>  |  | 70 |
| 468 | The Aaron's Co., Inc.  |  | 6 |
| 5179 | The Buckle, Inc.  |  | 235 |
| 4500 | The Cato Corp., Class - A  |  | 42 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Small Capitalization-Mid Capitalization Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
| 1585 | The ODP Corp.<sup>(a)</sup>  | $| 72 |
| 10683 | Tile Shop Holdings, Inc.<sup>(a)</sup>  |  | 47 |
| 560 | Tilly's, Inc., Class - A<sup>(a)</sup>  |  | 5 |
|  |  |  | 1780 |
|  | **Technology Hardware, Storage & Peripherals — 0.07%** | **Technology Hardware, Storage & Peripherals — 0.07%** | **Technology Hardware, Storage & Peripherals — 0.07%** |
| 6636 | Turtle Beach Corp.<sup>(a)</sup>  |  | 48 |
|  | **Textiles, Apparel & Luxury Goods — 0.74%** | **Textiles, Apparel & Luxury Goods — 0.74%** | **Textiles, Apparel & Luxury Goods — 0.74%** |
| 47 | Columbia Sportswear Co.  |  | 4 |
| 1065 | Crocs, Inc.<sup>(a)</sup>  |  | 115 |
| 792 | G-III Apparel Group Ltd.<sup>(a)</sup>  |  | 11 |
| 2897 | Kontoor Brands, Inc.  |  | 116 |
| 1965 | Oxford Industries, Inc.  |  | 184 |
| 412 | Steven Madden Ltd.  |  | 13 |
| 9779 | Unifi, Inc.<sup>(a)</sup>  |  | 84 |
|  |  |  | 527 |
|  | **Thrifts & Mortgage Finance — 1.43%** | **Thrifts & Mortgage Finance — 1.43%** | **Thrifts & Mortgage Finance — 1.43%** |
| 1712 | Axos Financial, Inc.<sup>(a)</sup>  |  | 65 |
| 3488 | Columbia Financial, Inc.<sup>(a)</sup>  |  | 75 |
| 47 | Federal Agricultural Mortgage Corp., Class - C  |  | 5 |
| 27335 | Finance of America Cos., Inc., Class - A<sup>(a)</sup>  |  | 35 |
| 79 | HomeStreet, Inc.  |  | 2 |
| 155 | Meta Financial Group, Inc.  |  | 7 |
| 228 | MGIC Investment Corp.  |  | 3 |
| 1030 | Mr Cooper Group, Inc.<sup>(a)</sup>  |  | 41 |
| 2678 | New York Community Bancorp, Inc.  |  | 23 |
| 13708 | Northwest Bancshares, Inc.  |  | 193 |
| 8522 | OceanFirst Financial Corp.  |  | 181 |
| 871 | PennyMac Financial Services, Inc.  |  | 49 |
| 6085 | Premier Financial Corp.  |  | 164 |
| 3124 | Provident Financial Services, Inc.  |  | 67 |
| 3405 | Sterling Bancorp, Inc.<sup>(a)</sup>  |  | 21 |
| 928 | Walker & Dunlop, Inc.  |  | 73 |
| 623 | Western New England Bancorp, Inc.  |  | 6 |
| 247 | WSFS Financial Corp.  |  | 11 |
|  |  |  | 1021 |
|  | **Tobacco — 0.30%** | **Tobacco — 0.30%** | **Tobacco — 0.30%** |
| 3472 | Universal Corp.  |  | 183 |
| 2760 | Vector Group Ltd.  |  | 33 |
|  |  |  | 216 |
|  | **Trading Companies & Distributors — 1.61%** | **Trading Companies & Distributors — 1.61%** | **Trading Companies & Distributors — 1.61%** |
| 63 | Applied Industrial Technologies, Inc.  |  | 8 |
| 5077 | Beacon Roofing Supply, Inc.<sup>(a)</sup>  |  | 268 |
| 563 | Boise Cascade Co.  |  | 39 |
| 200 | DXP Enterprises, Inc.<sup>(a)</sup>  |  | 6 |
| 192 | GMS, Inc.<sup>(a)</sup>  |  | 10 |
| 1021 | Herc Holdings, Inc.  |  | 134 |
| 749 | McGrath RentCorp  |  | 74 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
| 28794 | MRC Global, Inc.<sup>(a)</sup>  | $333 |
| 1578 | Rush Enterprises, Inc., Class - A  | 82 |
| 548 | SiteOne Landscape Supply, Inc.<sup>(a)</sup>  | 64 |
| 3689 | Textainer Group Holdings Ltd.  | 114 |
| 166 | WESCO International, Inc.<sup>(a)</sup>  | 21 |
|  |  | 1153 |
|  | **Water Utilities — 0.84%** | **Water Utilities — 0.84%** |
| 161 | American States Water Co.  | 15 |
| 1709 | Cadiz, Inc.<sup>(a)</sup>  | 4 |
| 1134 | California Water Service Group  | 69 |
| 602 | Global Water Resources, Inc.  | 8 |
| 2072 | Middlesex Water Co.  | 163 |
| 2015 | Pure Cycle Corp.<sup>(a)</sup>  | 21 |
| 2918 | SJW Group  | 237 |
| 1877 | The York Water Co.  | 84 |
|  |  | 601 |
|  | **Wireless Telecommunication Services — 0.31%** | **Wireless Telecommunication Services — 0.31%** |
| 9683 | Gogo, Inc.<sup>(a)</sup>  | 143 |
| 769 | Shenandoah Telecommunications Co.  | 12 |
| 3194 | United States Cellular Corp.<sup>(a)</sup>  | 67 |
|  |  | 222 |
|  | **Total Common Stocks**  | 68283 |
|  | **Contingent Rights — 0.09%** | **Contingent Rights — 0.09%** |
|  | **Biotechnology — 0.00%** | **Biotechnology — 0.00%** |
| 1 | Tobira Therapeutics, Inc. CVR, 12/31/28<sup>(a)(b)</sup>  |  |
|  | **Health Care — 0.00%** | **Health Care — 0.00%** |
| 1646 | Progenics Pharma CVR, 12/31/49<sup>(a)(b)</sup>  |  |
|  | **Health Care Equipment & Supplies — 0.00%** | **Health Care Equipment & Supplies — 0.00%** |
| 56 | ABIOMED, Inc. CVR, 01/02/26<sup>(a)</sup>  | 0 |
|  | **Metals & Mining — 0.09%** | **Metals & Mining — 0.09%** |
| 108208 | Pan American Silver Corp. CVR, 02/22/29<sup>(a)</sup>  | 62 |
|  | **Pharmaceuticals — 0.00%** | **Pharmaceuticals — 0.00%** |
| 759 | Aratana Therapeutics, Inc. CVR, <sup>(a)(b)</sup>  |  |
| 5589 | Xeris BioPharma Hold CVR, 10/06/49<sup>(a)</sup>  | 1 |
|  |  | 1 |
|  | **Total Contingent Rights**  | 63 |
|  | **Investment Companies — 5.25%** | **Investment Companies — 5.25%** |
| 773309 | Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.04%^^<sup>(c)</sup>  | 773 |
| 2982949 | State Street Institutional Treasury Plus Money Market Fund, Trust Class, 4.09%<sup>(c)</sup>  | 2983 |
|  | **Total Investment Companies**  | 3756 |
|  | **Total Investments (cost $43,461) — 100.78%**  | 72102 |
|  | **Liabilities in excess of other assets — (0.78)%**  | (560) |
|  | **Net Assets — 100.00%**  | $71542 |

---

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

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Small Capitalization-Mid Capitalization Equity Portfolio** 

Portfolio of Investments (concluded) — December 31, 2022 (Unaudited)

^ All or part of this security was on loan as of December 31, 2022.

^^ 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, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security was valued using significant unobservable inputs as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized 7-day yield as of period-end.

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

As of December 31, 2022, 100% of the Porfolio's net assets were managed by Parametric Portfolio Associates, LLC. <br>

The following table reflects the open derivative positions held by the Portfolio as of December 31, 2022.

<u><u>**Futures Contracts Purchased\***</u></u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of <br> Contracts** | **Expiration Date** | **Notional <br> Amount<br> (000)** | **Value and <br> Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)** |
| Russell 2000 Mini Index Future  | 24 | 3/17/23 | $2125 | $(49) |
|  |  |  | $2125 | $(49) |
|  | Total Unrealized Appreciation  | Total Unrealized Appreciation  | Total Unrealized Appreciation  | $— |
|  | Total Unrealized Depreciation  | Total Unrealized Depreciation  | Total Unrealized Depreciation  | (49) |
|  | Total Net Unrealized Appreciation/(Depreciation)  | Total Net Unrealized Appreciation/(Depreciation)  | Total Net Unrealized Appreciation/(Depreciation)  | $(49) |

---

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

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The ESG Growth Portfolio** 

Portfolio of Investments — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks — 99.58%** | **Common Stocks — 99.58%** |
|  | **Australia — 1.85%** | **Australia — 1.85%** |
| 693 | Ampol Ltd. (Oil, Gas & Consumable Fuels)  | $13 |
| 6890 | ANZ Group Holdings Ltd. (Banks)<sup>(a)</sup>  | 111 |
| 2941 | APA Group (Gas Utilities)  | 22 |
| 1433 | Aristocrat Leisure Ltd. (Hotels, Restaurants & Leisure)  | 30 |
| 485 | ASX Ltd. (Capital Markets)  | 22 |
| 4501 | Aurizon Holdings Ltd. (Road & Rail)  | 11 |
| 12319 | BHP Group Ltd. (Metals & Mining)  | 383 |
| 1230 | BlueScope Steel Ltd. (Metals & Mining)  | 14 |
| 3525 | Brambles Ltd. (Commercial Services & Supplies)  | 29 |
| 165 | Cochlear Ltd. (Health Care Equipment & Supplies)  | 23 |
| 3429 | Coles Group Ltd. (Food & Staples Retailing)  | 39 |
| 4131 | Commonwealth Bank of Australia (Banks)  | 289 |
| 1360 | Computershare Ltd. (IT Services)  | 24 |
| 1155 | CSL Ltd. (Biotechnology)  | 226 |
| 2615 | Dexus (Equity Real Estate Investment Trusts)  | 14 |
| 3057 | Endeavour Group Ltd. (Food & Staples Retailing)  | 13 |
| 4206 | Fortescue Metals Group Ltd. (Metals & Mining)  | 59 |
| 4174 | Goodman Group (Equity Real Estate Investment Trusts)  | 49 |
| 478 | IDP Education Ltd. (Diversified Consumer Services)  | 9 |
| 1340 | IGO Ltd. (Metals & Mining)  | 12 |
| 5779 | Insurance Australia Group Ltd. (Insurance)  | 19 |
| 1593 | LendLease Group (Real Estate Management & Development)<sup>(b)</sup>  | 9 |
| 863 | Macquarie Group Ltd. (Capital Markets)  | 98 |
| 7667 | Medibank Private Ltd. (Insurance)  | 15 |
| 419 | Mineral Resources Ltd. (Metals & Mining)  | 22 |
| 9646 | Mirvac Group (Equity Real Estate Investment Trusts)  | 14 |
| 7556 | National Australia Bank Ltd. (Banks)  | 155 |
| 2021 | Newcrest Mining Ltd. (Metals & Mining)  | 28 |
| 2645 | Northern Star Resources Ltd. (Metals & Mining)  | 20 |
| 927 | Orica Ltd. (Chemicals)  | 10 |
| 4121 | Origin Energy Ltd. (Electric Utilities)  | 22 |
| 5942 | Pilbara Minerals Ltd. (Metals & Mining)<sup>(a)</sup>  | 15 |
| 2446 | Qantas Airways Ltd. (Airlines)<sup>(a)</sup>  | 10 |
| 3741 | QBE Insurance Group Ltd. (Insurance)  | 34 |
| 427 | Ramsay Health Care Ltd. (Health Care Providers & Services)  | 19 |
| 112 | REA Group Ltd. (Interactive Media & Services)  | 8 |
| 687 | Reece Ltd. (Trading Companies & Distributors)  | 7 |
| 914 | Rio Tinto Ltd. (Metals & Mining)  | 72 |
| 7479 | Santos Ltd. (Oil, Gas & Consumable Fuels)<sup>(b)</sup>  | 36 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| 12339 | Scentre Group (Equity Real Estate Investment Trusts)  | $| 24 |
| 923 | SEEK Ltd. (Interactive Media & Services)  |  | 13 |
| 1187 | Sonic Healthcare Ltd. (Health Care Providers & Services)  |  | 24 |
| 11701 | South32 Ltd. (Metals & Mining)  |  | 32 |
| 5512 | Stockland (Equity Real Estate Investment Trusts)  |  | 14 |
| 3312 | Suncorp Group Ltd. (Insurance)  |  | 27 |
| 10531 | Telstra Corp. Ltd. (Diversified Telecommunication Services)  |  | 29 |
| 5218 | The GPT Group (Equity Real Estate Investment Trusts)  |  | 15 |
| 5667 | The Lottery Corp. Ltd. (Hotels, Restaurants & Leisure)<sup>(a)</sup>  |  | 17 |
| 6949 | Transurban Group (Transportation Infrastructure)  |  | 61 |
| 2004 | Treasury Wine Estates Ltd. (Beverages)  |  | 19 |
| 8881 | Vicinity Centres (Equity Real Estate Investment Trusts)<sup>(b)</sup>  |  | 12 |
| 528 | Washington H Soul Pattinson & Co. Ltd. (Oil, Gas & Consumable Fuels)  |  | 10 |
| 2750 | Wesfarmers Ltd. (Multiline Retail)  |  | 86 |
| 8782 | Westpac Banking Corp. (Banks)  |  | 140 |
| 358 | WiseTech Global Ltd. (Software)  |  | 12 |
| 928 | Woodside Energy Group Ltd. (Oil, Gas & Consumable Fuels)  |  | 22 |
| 3686 | Woodside Energy Group Ltd. (Oil, Gas & Consumable Fuels)  |  | 89 |
| 3057 | Woolworths Group Ltd. (Food & Staples Retailing)  |  | 70 |
|  |  |  | 2721 |
|  | **Austria — 0.05%** | **Austria — 0.05%** | **Austria — 0.05%** |
| 836 | Erste Group Bank AG (Banks)<sup>(b)</sup>  |  | 26 |
| 383 | OMV AG (Oil, Gas & Consumable Fuels)  |  | 20 |
| 160 | Verbund AG (Electric Utilities)  |  | 13 |
| 246 | Voestalpine AG (Metals & Mining)  |  | 7 |
|  |  |  | 66 |
|  | **Belgium — 1.02%** | **Belgium — 1.02%** | **Belgium — 1.02%** |
| 444 | Ageas SA (Insurance)  |  | 20 |
| 21961 | Anheuser-Busch InBev N.V. (Beverages)  |  | 1322 |
| 58 | D'ieteren Group (Distributors)  |  | 11 |
| 67 | Elia Group SA (Electric Utilities)<sup>(b)</sup>  |  | 10 |
| 217 | Groupe Bruxelles Lambert SA (Diversified Financial Services)  |  | 17 |
| 634 | KBC Group N.V. (Banks)  |  | 41 |
| 31 | Sofina SA (Diversified Financial Services)  |  | 7 |
| 183 | Solvay SA, Class - A (Chemicals)  |  | 19 |
| 321 | UCB SA (Pharmaceuticals)  |  | 25 |
| 491 | Umicore SA (Chemicals)<sup>(b)</sup>  |  | 18 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The ESG Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Belgium (continued)** | **Belgium (continued)** | **Belgium (continued)** |
| 360 | Warehouses De Pauw CVA (Equity Real Estate Investment Trusts)  | $| 10 |
|  |  |  | 1500 |
|  | **Bermuda — 0.10%** | **Bermuda — 0.10%** | **Bermuda — 0.10%** |
| 887 | Arch Capital Group Ltd. (Insurance)<sup>(a)</sup>  |  | 57 |
| 373 | Bunge Ltd. (Food Products)  |  | 37 |
| 98 | Everest Re Group Ltd. (Insurance)  |  | 32 |
| 902 | Invesco Ltd. (Capital Markets)  |  | 16 |
|  |  |  | 142 |
|  | **Canada — 3.31%** | **Canada — 3.31%** | **Canada — 3.31%** |
| 1151 | Agnico Eagle Mines Ltd. (Metals & Mining)  |  | 60 |
| 400 | Air Canada (Airlines)<sup>(a)(b)</sup>  |  | 6 |
| 1353 | Algonquin Power & Utilities Corp. (Multi-Utilities)  |  | 9 |
| 2000 | Alimentation Couche-Tard, Inc. (Food & Staples Retailing)  |  | 88 |
| 800 | AltaGas Ltd. (Gas Utilities)  |  | 14 |
| 1804 | ARC Resources Ltd. (Oil, Gas & Consumable Fuels)  |  | 24 |
| 1617 | Bank of Montreal (Banks)  |  | 147 |
| 4364 | Barrick Gold Corp. (Metals & Mining)  |  | 75 |
| 200 | BCE, Inc. (Diversified Telecommunication Services)  |  | 9 |
| 861 | Brookfield Asset Management Ltd., Class - A (Capital Markets)<sup>(a)</sup>  |  | 25 |
| 3443 | Brookfield Corp. (Capital Markets)  |  | 108 |
| 92 | BRP, Inc. (Leisure Products)  |  | 7 |
| 800 | CAE, Inc. (Aerospace & Defense)<sup>(a)</sup>  |  | 15 |
| 996 | Cameco Corp. (Oil, Gas & Consumable Fuels)  |  | 23 |
| 200 | Canadian Apartment Properties REIT (Equity Real Estate Investment Trusts)<sup>(b)</sup>  |  | 6 |
| 2200 | Canadian Imperial Bank of Commerce (Banks)  |  | 89 |
| 1410 | Canadian National Railway Co. (Road & Rail)  |  | 168 |
| 2726 | Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels)  |  | 151 |
| 2256 | Canadian Pacific Railway Ltd. (Road & Rail)  |  | 168 |
| 143 | Canadian Tire Corp. Ltd., Class - A (Multiline Retail)  |  | 15 |
| 300 | Canadian Utilities Ltd., Class - A (Multi-Utilities)  |  | 8 |
| 3493 | Cenovus Energy, Inc. (Oil, Gas & Consumable Fuels)  |  | 68 |
| 500 | CGI, Inc. (IT Services)<sup>(a)</sup>  |  | 43 |
| 49 | Constellation Software, Inc. (Software)  |  | 77 |
| 700 | Dollarama, Inc. (Multiline Retail)  |  | 41 |
| 850 | Element Fleet Management Corp. (Diversified Financial Services)<sup>(b)</sup>  |  | 12 |
| 600 | Emera, Inc. (Electric Utilities)  |  | 23 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Canada (continued)** | **Canada (continued)** |
| 400 | Empire Co. Ltd. (Food & Staples Retailing)  | $11 |
| 4900 | Enbridge, Inc. (Oil, Gas & Consumable Fuels)  | 192 |
| 27877 | First Quantum Minerals Ltd. (Metals & Mining)  | 581 |
| 100 | FirstService Corp. (Real Estate Management & Development)  | 12 |
| 1100 | Fortis, Inc. (Electric Utilities)  | 44 |
| 458 | Franco-Nevada Corp. (Metals & Mining)  | 62 |
| 144 | George Weston Ltd. (Food & Staples Retailing)  | 18 |
| 500 | Gildan Activewear, Inc. (Textiles, Apparel & Luxury Goods)  | 14 |
| 600 | Great-West Lifeco, Inc. (Insurance)  | 14 |
| 800 | Hydro One Ltd. (Electric Utilities)<sup>(b)</sup>  | 21 |
| 300 | iA Financial Corp., Inc. (Insurance)  | 18 |
| 200 | IGM Financial, Inc. (Capital Markets)  | 6 |
| 537 | Imperial Oil Ltd. (Oil, Gas & Consumable Fuels)  | 26 |
| 419 | Intact Financial Corp. (Insurance)  | 60 |
| 1948 | Ivanhoe Mines Ltd. (Metals & Mining)<sup>(a)</sup>  | 15 |
| 600 | Keyera Corp. (Oil, Gas & Consumable Fuels)  | 13 |
| 3200 | Kinross Gold Corp. (Metals & Mining)  | 13 |
| 400 | Loblaw Companies Ltd. (Food & Staples Retailing)  | 35 |
| 281 | Lululemon Athletica, Inc. (Textiles, Apparel & Luxury Goods)<sup>(a)</sup>  | 90 |
| 1400 | Lundin Mining Corp. (Metals & Mining)<sup>(b)</sup>  | 9 |
| 700 | Magna International, Inc. (Auto Components)  | 39 |
| 4700 | Manulife Financial Corp. (Insurance)  | 84 |
| 600 | Metro, Inc. (Food & Staples Retailing)  | 33 |
| 800 | National Bank of Canada (Banks)  | 54 |
| 500 | Northland Power, Inc. (Independent Power and Renewable Electricity Producers)  | 14 |
| 1333 | Nutrien Ltd. (Chemicals)  | 97 |
| 150 | Nuvei Corp. (IT Services)<sup>(a)</sup>  | 4 |
| 200 | Onex Corp. (Diversified Financial Services)  | 10 |
| 700 | Open Text Corp. (Software)<sup>(b)</sup>  | 21 |
| 500 | Pan American Silver Corp. (Metals & Mining)  | 8 |
| 400 | Parkland Corp. (Oil, Gas & Consumable Fuels)<sup>(b)</sup>  | 9 |
| 1400 | Pembina Pipelines Corp. (Oil, Gas & Consumable Fuels)  | 48 |
| 1350 | Power Corp. of Canada (Insurance)  | 32 |
| 500 | Quebecor, Inc., Class - B (Media)  | 11 |
| 700 | Restaurant Brands International, Inc. (Hotels, Restaurants & Leisure)  | 45 |
| 300 | RioCan Real Estate Investment Trust (Equity Real Estate Investment Trusts)<sup>(b)</sup>  | 5 |
| 300 | Ritchie Bros. Auctioneers, Inc. (Commercial Services & Supplies)  | 17 |
| 900 | Rogers Communications, Inc., Class - B (Wireless Telecommunication Services)  | 42 |
| 3580 | Royal Bank of Canada (Banks)  | 336 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The ESG Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| 691 | Saputo, Inc. (Food Products)<sup>(b)</sup>  | $| 17 |
| 1200 | Shaw Communications, Inc., Class - B (Media)  |  | 35 |
| 2870 | Shopify, Inc. (IT Services)<sup>(a)</sup>  |  | 100 |
| 1400 | Sun Life Financial, Inc. (Insurance)  |  | 65 |
| 3289 | Suncor Energy, Inc. (Oil, Gas & Consumable Fuels)  |  | 104 |
| 2399 | TC Energy Corp. (Oil, Gas & Consumable Fuels)  |  | 96 |
| 1135 | Teck Resources Ltd., Class - B (Metals & Mining)  |  | 43 |
| 1000 | TELUS Corp. (Diversified Telecommunication Services)  |  | 19 |
| 213 | TFI International, Inc. (Road & Rail)  |  | 21 |
| 2962 | The Bank of Nova Scotia (Banks)  |  | 145 |
| 192 | The Descartes Systems Group, Inc. (Software)<sup>(a)</sup>  |  | 13 |
| 4436 | The Toronto-Dominion Bank (Banks)  |  | 287 |
| 400 | Thomson Reuters Corp. (Professional Services)  |  | 46 |
| 100 | TMX Group Ltd. (Capital Markets)  |  | 10 |
| 200 | Toromont Industries Ltd. (Trading Companies & Distributors)  |  | 14 |
| 737 | Tourmaline Oil Corp. (Oil, Gas & Consumable Fuels)  |  | 37 |
| 620 | Waste Connections, Inc. (Commercial Services & Supplies)  |  | 82 |
| 136 | West Fraser Timber Co. Ltd. (Paper & Forest Products)  |  | 10 |
| 1100 | Wheaton Precious Metals Corp. (Metals & Mining)  |  | 43 |
| 300 | WSP Global, Inc. (Construction & Engineering)  |  | 35 |
|  |  |  | 4864 |
|  | **China — 0.01%** | **China — 0.01%** | **China — 0.01%** |
| 128 | Futu Holdings Ltd., ADR (Capital Markets)<sup>(a)</sup>  |  | 5 |
| 3000 | SITC International Holdings Co. Ltd. (Marine)  |  | 7 |
|  |  |  | 12 |
|  | **Denmark — 0.86%** | **Denmark — 0.86%** | **Denmark — 0.86%** |
| 8 | A.P. Moller - Maersk A/S, Class - A (Marine)  |  | 18 |
| 11 | A.P. Moller - Maersk A/S, Class - B (Marine)  |  | 25 |
| 251 | Carlsberg A/S, Class - B (Beverages)  |  | 33 |
| 263 | Christian Hansen Holding A/S (Chemicals)<sup>(b)</sup>  |  | 19 |
| 302 | Coloplast A/S, Class - B (Health Care Equipment & Supplies)  |  | 35 |
| 1609 | Danske Bank A/S (Banks)  |  | 32 |
| 292 | Demant A/S (Health Care Equipment & Supplies)<sup>(a)</sup>  |  | 8 |
| 432 | DSV A/S (Road & Rail)  |  | 68 |
| 165 | Genmab A/S (Biotechnology)<sup>(a)(b)</sup>  |  | 70 |
| 4046 | Novo Nordisk A/S, Class - B (Pharmaceuticals)  |  | 546 |
| 501 | Novozymes A/S, B Shares (Chemicals)  |  | 25 |
| 3049 | Orsted A/S (Electric Utilities)  |  | 278 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Denmark (continued)** | **Denmark (continued)** | **Denmark (continued)** |
| 245 | Pandora A/S (Textiles, Apparel & Luxury Goods)  | $| 17 |
| 18 | ROCKWOOL A/S, Class - B (Building Products)  |  | 4 |
| 810 | Tryg A/S (Insurance)<sup>(b)</sup>  |  | 19 |
| 2458 | Vestas Wind Systems A/S (Electrical Equipment)  |  | 72 |
|  |  |  | 1269 |
|  | **Finland — 0.64%** | **Finland — 0.64%** | **Finland — 0.64%** |
| 360 | Elisa Oyj (Diversified Telecommunication Services)  |  | 19 |
| 1122 | Fortum Oyj (Electric Utilities)  |  | 19 |
| 684 | Kesko Oyj, Class - B (Food & Staples Retailing)  |  | 15 |
| 864 | Kone Oyj, Class - B (Machinery)  |  | 45 |
| 11696 | Neste Oyj (Oil, Gas & Consumable Fuels)  |  | 539 |
| 13185 | Nokia Oyj (Communications Equipment)  |  | 61 |
| 8052 | Nordea Bank Abp (Banks)  |  | 86 |
| 243 | Orion Oyj, Class - B (Pharmaceuticals)  |  | 13 |
| 1192 | Sampo Oyj, Class - A (Insurance)  |  | 62 |
| 1360 | Stora Enso Oyj, Registered Shares (Paper & Forest Products)  |  | 19 |
| 1356 | UPM-Kymmene Oyj (Paper & Forest Products)  |  | 51 |
| 1231 | Wartsila Oyj Abp (Machinery)  |  | 10 |
|  |  |  | 939 |
|  | **France — 2.59%** | **France — 2.59%** | **France — 2.59%** |
| 434 | Accor SA (Hotels, Restaurants & Leisure)<sup>(a)(b)</sup>  |  | 11 |
| 91 | Aeroports de Paris (Transportation Infrastructure)<sup>(a)</sup>  |  | 12 |
| 1269 | Air Liquide SA (Chemicals)  |  | 180 |
| 826 | Alstom SA (Machinery)  |  | 20 |
| 152 | Amundi SA (Capital Markets)  |  | 9 |
| 151 | Arkema SA (Chemicals)  |  | 14 |
| 4551 | AXA SA (Insurance)  |  | 127 |
| 104 | BioMerieux (Health Care Equipment & Supplies)  |  | 11 |
| 2734 | BNP Paribas SA (Banks)  |  | 156 |
| 566 | Bouygues SA (Construction & Engineering)  |  | 17 |
| 727 | Bureau Veritas SA (Professional Services)<sup>(b)</sup>  |  | 19 |
| 403 | Capgemini SE (IT Services)  |  | 67 |
| 1562 | Carrefour SA (Food & Staples Retailing)<sup>(b)</sup>  |  | 26 |
| 1612 | Cie Generale des Etablissements Michelin SCA (Auto Components)  |  | 45 |
| 1237 | Compagnie de Saint-Gobain (Building Products)  |  | 60 |
| 115 | Covivio (Equity Real Estate Investment Trusts)  |  | 7 |
| 2961 | Credit Agricole SA (Banks)  |  | 31 |
| 1592 | Danone SA (Food Products)  |  | 84 |
| 1670 | Dassault Systemes SE (Software)  |  | 60 |
| 640 | Edenred (IT Services)  |  | 35 |
| 195 | Eiffage SA (Construction & Engineering)<sup>(b)</sup>  |  | 19 |
| 1408 | Electricite de France SA (Electric Utilities)  |  | 18 |
| 4644 | Engie SA (Multi-Utilities)  |  | 67 |
| 706 | EssilorLuxottica SA (Health Care Equipment & Supplies)  |  | 128 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The ESG Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **France (continued)** | **France (continued)** | **France (continued)** |
| 78 | Eurazeo SE (Diversified Financial Services)  | $| 5 |
| 116 | Gecina SA (Equity Real Estate Investment Trusts)<sup>(b)</sup>  |  | 12 |
| 1089 | Getlink SE (Transportation Infrastructure)  |  | 17 |
| 77 | Hermes International (Textiles, Apparel & Luxury Goods)  |  | 119 |
| 89 | Ipsen SA (Pharmaceuticals)  |  | 10 |
| 184 | Kering SA (Textiles, Apparel & Luxury Goods)  |  | 94 |
| 568 | Klepierre SA (Equity Real Estate Investment Trusts)  |  | 13 |
| 256 | LA Francaise des Jeux SAEM (Hotels, Restaurants & Leisure)  |  | 10 |
| 606 | Legrand SA (Electrical Equipment) |  | 49 |
| 583 | L'Oreal SA (Personal Products)  |  | 207 |
| 677 | LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods)  |  | 492 |
| 4724 | Orange SA (Diversified Telecommunication Services)<sup>(b)</sup>  |  | 47 |
| 508 | Pernod Ricard SA (Beverages)  |  | 100 |
| 528 | Publicis Groupe SA (Media)  |  | 34 |
| 49 | Remy Cointreau SA (Beverages)  |  | 8 |
| 440 | Renault SA (Automobiles)<sup>(a)</sup>  |  | 15 |
| 854 | Safran SA (Aerospace & Defense)  |  | 107 |
| 2789 | Sanofi (Pharmaceuticals)  |  | 267 |
| 70 | Sartorius Stedim Biotech (Life Sciences Tools & Services)  |  | 23 |
| 1313 | Schneider Electric SE (Electrical Equipment)<sup>(b)</sup>  |  | 184 |
| 55 | SEB SA (Household Durables)  |  | 5 |
| 2059 | Societe Generale SA (Banks)  |  | 52 |
| 224 | Sodexo SA (Hotels, Restaurants & Leisure)  |  | 21 |
| 149 | Teleperformance (Professional Services)  |  | 36 |
| 270 | Thales SA (Aerospace & Defense)  |  | 34 |
| 6009 | TotalEnergies SE (Oil, Gas & Consumable Fuels)  |  | 376 |
| 225 | UbiSoft Entertainment SA (Entertainment)<sup>(a)</sup>  |  | 6 |
| 305 | Unibail-Rodamco-Westfield (Equity Real Estate Investment Trusts)<sup>(a)</sup>  |  | 16 |
| 595 | Valeo (Auto Components)  |  | 11 |
| 1599 | Veolia Environnement SA (Multi-Utilities)  |  | 41 |
| 1264 | Vinci SA (Construction & Engineering)  |  | 126 |
| 1744 | Vivendi SE (Entertainment)  |  | 17 |
| 71 | Wendel SE (Diversified Financial Services)  |  | 7 |
| 558 | Worldline SA (IT Services)<sup>(a)</sup>  |  | 22 |
|  |  |  | 3806 |
|  | **Germany — 2.16%** | **Germany — 2.16%** | **Germany — 2.16%** |
| 410 | adidas AG (Textiles, Apparel & Luxury Goods)  |  | 56 |
| 980 | Allianz SE (Insurance)  |  | 211 |
| 2457 | Aroundtown SA (Real Estate Management & Development)<sup>(b)</sup>  |  | 6 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Germany (continued)** | **Germany (continued)** |
| 2237 | BASF SE (Chemicals)  | $111 |
| 2390 | Bayer AG, Registered Shares (Pharmaceuticals)  | 124 |
| 809 | Bayerische Motoren Werke AG (Automobiles)  | 72 |
| 177 | Bechtle AG (IT Services)  | 6 |
| 255 | Beiersdorf AG (Personal Products)  | 29 |
| 400 | Brenntag AG (Trading Companies & Distributors)  | 26 |
| 99 | Carl Zeiss Meditec AG (Health Care Equipment & Supplies)  | 12 |
| 2817 | Commerzbank AG (Banks)<sup>(a)</sup>  | 27 |
| 279 | Continental AG (Auto Components)  | 17 |
| 494 | Covestro AG (Chemicals)  | 19 |
| 1041 | Daimler Truck Holding AG (Machinery)<sup>(a)</sup>  | 32 |
| 405 | Delivery Hero SE (Internet & Direct Marketing Retail)<sup>(a)</sup>  | 19 |
| 4983 | Deutsche Bank AG, Registered Shares (Capital Markets)  | 56 |
| 464 | Deutsche Boerse AG (Capital Markets)  | 80 |
| 1458 | Deutsche Lufthansa AG, Registered Shares (Airlines)<sup>(a)(b)</sup>  | 12 |
| 16240 | Deutsche Post AG, Registered Shares (Air Freight & Logistics)  | 612 |
| 7840 | Deutsche Telekom AG (Diversified Telecommunication Services)<sup>(b)</sup>  | 156 |
| 244 | Dr. Ing. h.c. F. Porsche AG (Automobiles)<sup>(a)</sup>  | 25 |
| 5467 | E.ON SE (Multi-Utilities)  | 55 |
| 515 | Evonik Industries AG (Chemicals)  | 10 |
| 500 | Fresenius Medical Care AG & Co. KGAA (Health Care Providers & Services)  | 16 |
| 1062 | Fresenius SE & Co. KGaA (Health Care Providers & Services)  | 30 |
| 419 | GEA Group AG (Machinery)  | 17 |
| 153 | Hannover Rueck SE (Insurance)  | 30 |
| 370 | HeidelbergCement AG (Construction Materials)  | 21 |
| 423 | HelloFresh SE (Food & Staples Retailing)<sup>(a)</sup>  | 9 |
| 263 | Henkel AG & Co. KGAA (Household Products)  | 17 |
| 3171 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment)<sup>(b)</sup>  | 96 |
| 186 | Knorr-Bremse AG (Machinery)  | 10 |
| 193 | LEG Immobilien AG (Real Estate Management & Development)  | 13 |
| 1883 | Mercedes-Benz Group AG (Automobiles)<sup>(b)</sup>  | 124 |
| 314 | Merck KGaA (Pharmaceuticals)  | 61 |
| 130 | MTU Aero Engines AG (Aerospace & Defense)  | 28 |
| 339 | Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares (Insurance)  | 110 |
| 126 | Nemetschek SE (Software)  | 6 |
| 239 | Puma SE (Textiles, Apparel & Luxury Goods)<sup>(b)</sup>  | 15 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The ESG Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| 11 | Rational AG (Machinery)  | $| 7 |
| 105 | Rheinmetall AG (Industrial Conglomerates)  |  | 21 |
| 1593 | RWE AG (Multi-Utilities)  |  | 71 |
| 2550 | SAP SE (Software)  |  | 264 |
| 221 | Scout24 AG (Interactive Media & Services)  |  | 11 |
| 1868 | Siemens AG, Registered Shares (Industrial Conglomerates)  |  | 260 |
| 975 | Siemens Energy AG (Electrical Equipment)  |  | 18 |
| 674 | Siemens Healthineers AG (Health Care Equipment & Supplies)  |  | 34 |
| 326 | Symrise AG (Chemicals)<sup>(b)</sup>  |  | 35 |
| 3222 | Telefonica Deutschland Holding AG (Diversified Telecommunication Services)  |  | 8 |
| 258 | United Internet AG (Diversified Telecommunication Services)<sup>(b)</sup>  |  | 5 |
| 1772 | Vonovia SE (Real Estate Management & Development)  |  | 42 |
| 543 | Zalando SE (Internet & Direct Marketing Retail)<sup>(a)</sup>  |  | 19 |
|  |  |  | 3171 |
|  | **Hong Kong — 1.27%** | **Hong Kong — 1.27%** | **Hong Kong — 1.27%** |
| 106547 | AIA Group Ltd. (Insurance)  |  | 1187 |
| 9500 | BOC Hong Kong Holdings Ltd. (Banks)  |  | 32 |
| 4200 | Budweiser Brewing Co. APAC Ltd. (Beverages)  |  | 13 |
| 5000 | CK Asset Holdings Ltd. (Real Estate Management & Development)  |  | 31 |
| 6000 | CK Hutchison Holdings Ltd. (Industrial Conglomerates)  |  | 36 |
| 1500 | CK Infrastructure Holdings Ltd. (Electric Utilities)  |  | 8 |
| 4000 | CLP Holdings Ltd. (Electric Utilities)  |  | 29 |
| 4200 | ESR Cayman Ltd. (Real Estate Management & Development)  |  | 9 |
| 5000 | Galaxy Entertainment Group Ltd. (Hotels, Restaurants & Leisure)  |  | 33 |
| 5000 | Hang Lung Properties Ltd. (Real Estate Management & Development)  |  | 10 |
| 2000 | Hang Seng Bank Ltd. (Banks)  |  | 33 |
| 4000 | Henderson Land Development Co. Ltd. (Real Estate Management & Development)  |  | 14 |
| 6500 | HK Electric Investments & HK Electric Investments Ltd. (Electric Utilities)  |  | 4 |
| 6000 | HKT Trust & HKT Ltd. (Diversified Telecommunication Services)<sup>(b)</sup>  |  | 7 |
| 28665 | Hong Kong & China Gas Co. Ltd. (Gas Utilities)  |  | 27 |
| 2949 | Hong Kong Exchanges & Clearing Ltd. (Capital Markets)  |  | 127 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| 2400 | Hongkong Land Holdings Ltd. (Real Estate Management & Development)  | $| 11 |
| 4000 | MTR Corp. Ltd. (Road & Rail)  |  | 21 |
| 4000 | New World Development Co. Ltd. (Real Estate Management & Development)  |  | 11 |
| 3500 | Power Assets Holdings Ltd. (Electric Utilities)  |  | 19 |
| 6000 | Sands China Ltd. (Hotels, Restaurants & Leisure)<sup>(a)</sup>  |  | 20 |
| 8392 | Sino Land Co. Ltd. (Real Estate Management & Development)  |  | 10 |
| 3500 | Sun Hung Kai Properties Ltd. (Real Estate Management & Development)  |  | 48 |
| 1000 | Swire Pacific Ltd., Class - A (Real Estate Management & Development)  |  | 9 |
| 3000 | Swire Properties Ltd. (Real Estate Management & Development)  |  | 8 |
| 3500 | Techtronic Industries Co. Ltd. (Machinery)  |  | 39 |
| 5023 | The Link Real Estate Investment Trust (Equity Real Estate Investment Trusts)  |  | 37 |
| 18450 | WH Group Ltd. (Food Products)  |  | 11 |
| 4000 | Wharf Real Estate Investment Co. Ltd. (Real Estate Management & Development)  |  | 23 |
|  |  |  | 1867 |
|  | **Ireland (Republic of) — 0.95%** | **Ireland (Republic of) — 0.95%** | **Ireland (Republic of) — 0.95%** |
| 322 | AerCap Holdings N.V. (Trading Companies & Distributors)<sup>(a)</sup>  |  | 19 |
| 1981 | AIB Group PLC (Banks)  |  | 8 |
| 234 | Allegion PLC (Building Products)  |  | 25 |
| 2330 | Bank of Ireland Group PLC (Banks)  |  | 22 |
| 1896 | CRH PLC (Construction Materials)<sup>(b)</sup>  |  | 75 |
| 235 | DCC PLC (Industrial Conglomerates)<sup>(b)</sup>  |  | 12 |
| 971 | Eaton Corp. PLC (Electrical Equipment)  |  | 152 |
| 2241 | Experian PLC (Professional Services)  |  | 76 |
| 417 | Flutter Entertainment PLC (Hotels, Restaurants & Leisure)<sup>(a)</sup>  |  | 57 |
| 540 | Horizon Therapeutics PLC (Pharmaceuticals)<sup>(a)</sup>  |  | 61 |
| 1037 | James Hardie Industries PLC (Construction Materials)  |  | 19 |
| 5402 | Kerry Group PLC, Class - A (Food Products)<sup>(b)</sup>  |  | 487 |
| 384 | Kingspan Group PLC (Building Products)  |  | 21 |
| 3258 | Medtronic PLC (Health Care Equipment & Supplies)  |  | 253 |
| 406 | Pentair PLC (Machinery)  |  | 18 |
| 480 | Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals)  |  | 25 |
| 540 | Smurfit Kappa Group PLC (Containers & Packaging)<sup>(b)</sup>  |  | 20 |
| 243 | STERIS PLC (Health Care Equipment & Supplies)  |  | 45 |
|  |  |  | 1395 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The ESG Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Isle of Man — 0.01%** | **Isle of Man — 0.01%** |
| 1361 | Entain PLC (Hotels, Restaurants & Leisure)  | $22 |
|  | **Israel — 0.18%** | **Israel — 0.18%** |
| 101 | Azrieli Group Ltd. (Real Estate Management & Development)  | 7 |
| 3082 | Bank Hapoalim BM (Banks)  | 28 |
| 3920 | Bank Leumi Le (Banks)  | 33 |
| 4851 | Bezeq The Israeli Telecommunication Corp. Ltd. (Diversified Telecommunication Services)  | 8 |
| 265 | Check Point Software Technologies Ltd. (Software)<sup>(a)</sup>  | 33 |
| 88 | CyberArk Software Ltd. (Software)<sup>(a)</sup>  | 11 |
| 60 | Elbit Systems Ltd. (Aerospace & Defense)  | 10 |
| 1724 | ICL Group Ltd. (Chemicals)  | 12 |
| 1 | Isracard Ltd. (Consumer Finance)  |  |
| 3213 | Israel Discount Bank Ltd., Class - A (Banks)  | 17 |
| 304 | Mizrahi Tefahot Bank Ltd. (Banks)  | 10 |
| 155 | Nice Ltd. (Software)<sup>(a)</sup>  | 30 |
| 127 | SolarEdge Technologies, Inc. (Semiconductors & Semiconductor Equipment)<sup>(a)</sup>  | 37 |
| 268 | Tower Semiconductor Ltd. (Semiconductors & Semiconductor Equipment)<sup>(a)</sup>  | 12 |
| 136 | Wix.com Ltd. (IT Services)<sup>(a)</sup>  | 10 |
| 201 | ZIM Integrated Shipping Services Ltd. (Marine)  | 3 |
|  |  | 261 |
|  | **Italy — 0.46%** | **Italy — 0.46%** |
| 266 | Amplifon SpA (Health Care Providers & Services)  | 8 |
| 2395 | Assicurazioni Generali SpA (Insurance)  | 43 |
| 1427 | Davide Campari-Milano N.V. (Beverages)  | 14 |
| 54 | DiaSorin SpA (Health Care Equipment & Supplies)  | 8 |
| 19818 | Enel SpA (Electric Utilities)<sup>(b)</sup>  | 106 |
| 6167 | Eni SpA (Oil, Gas & Consumable Fuels)  | 87 |
| 320 | Ferrari N.V. (Automobiles)  | 68 |
| 1425 | FinecoBank Banca Fineco SpA (Banks)  | 24 |
| 1050 | Infrastrutture Wireless Italiane SpA (Diversified Telecommunication Services)<sup>(b)</sup>  | 11 |
| 39570 | Intesa Sanpaolo SpA (Banks)<sup>(b)</sup>  | 87 |
| 1412 | Mediobanca Banca di Credito Finanziario SpA (Banks)  | 14 |
| 450 | Moncler SpA (Textiles, Apparel & Luxury Goods)  | 24 |
| 1124 | Nexi SpA (IT Services)<sup>(a)</sup>  | 9 |
| 1363 | Poste Italiane SpA (Insurance)  | 13 |
| 676 | Prusmian SpA (Electrical Equipment)  | 25 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| 257 | Recordati SpA (Pharmaceuticals)  | $| 11 |
| 5318 | Snam SpA (Gas Utilities)  |  | 26 |
| 25056 | Telecom Italia SpA (Diversified Telecommunication Services)<sup>(a)</sup>  |  | 6 |
| 3462 | Terna - Rete Elettrica Nazionale SpA (Electric Utilities)  |  | 26 |
| 4557 | Unicredit SpA (Banks)  |  | 65 |
|  |  |  | 675 |
|  | **Japan — 5.42%** | **Japan — 5.42%** | **Japan — 5.42%** |
| 500 | Advantest Corp. (Semiconductors & Semiconductor Equipment)<sup>(b)</sup>  |  | 32 |
| 1600 | Aeon Co. Ltd. (Food & Staples Retailing)  |  | 34 |
| 500 | AGC, Inc. (Building Products)  |  | 17 |
| 400 | Aisin Corp. (Auto Components)  |  | 11 |
| 1100 | Ajinomoto Co., Inc. (Food Products)  |  | 34 |
| 300 | ANA Holdings, Inc. (Airlines)<sup>(a)(b)</sup>  |  | 6 |
| 1100 | Asahi Group Holdings Ltd. (Beverages)<sup>(b)</sup>  |  | 35 |
| 500 | Asahi Intecc Co. Ltd. (Health Care Equipment & Supplies)  |  | 8 |
| 3200 | Asahi Kasei Corp. (Chemicals)  |  | 23 |
| 4500 | Astellas Pharma, Inc. (Pharmaceuticals)  |  | 69 |
| 300 | Azbil Corp. (Electronic Equipment, Instruments & Components)  |  | 8 |
| 1300 | Bridgestone Corp. (Auto Components)  |  | 46 |
| 500 | Brother Industries Ltd. (Technology Hardware, Storage & Peripherals)  |  | 8 |
| 2400 | Canon, Inc. (Technology Hardware, Storage & Peripherals)  |  | 52 |
| 400 | Capcom Co. Ltd. (Entertainment)  |  | 13 |
| 300 | Central Japan Railway Co. (Road & Rail)  |  | 37 |
| 1600 | Chubu Electric Power Co., Inc. (Electric Utilities)  |  | 17 |
| 1600 | Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals)  |  | 41 |
| 2800 | Concordia Financial Group Ltd. (Banks)  |  | 12 |
| 1100 | CyberAgent, Inc. (Media)  |  | 10 |
| 600 | Dai Nippon Printing Co. Ltd. (Commercial Services & Supplies)  |  | 12 |
| 200 | Daifuku Co. Ltd. (Machinery)  |  | 9 |
| 2500 | Dai-ichi Life Holdings, Inc. (Insurance)  |  | 57 |
| 4400 | Daiichi Sankyo Co. Ltd. (Pharmaceuticals)  |  | 143 |
| 600 | Daikin Industries Ltd. (Building Products)  |  | 92 |
| 200 | Daito Trust Construction Co. Ltd. (Real Estate Management & Development)  |  | 21 |
| 1300 | Daiwa House Industry Co. Ltd. (Real Estate Management & Development)  |  | 30 |
| 5 | Daiwa House REIT Investment Corp. (Equity Real Estate Investment Trusts)  |  | 11 |
| 3800 | Daiwa Securities Group, Inc. (Capital Markets)  |  | 17 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The ESG Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Japan (continued)** | **Japan (continued)** |
| 1100 | Denso Corp. (Auto Components)  | $55 |
| 500 | Dentsu Group, Inc. (Media)  | 16 |
| 100 | Disco Corp. (Semiconductors & Semiconductor Equipment)  | 29 |
| 700 | East Japan Railway Co. (Road & Rail)  | 40 |
| 600 | Eisai Co. Ltd. (Pharmaceuticals)  | 40 |
| 7800 | ENEOS Holdings, Inc. (Oil, Gas & Consumable Fuels)  | 27 |
| 500 | FANUC Corp. (Machinery)  | 76 |
| 100 | Fast Retailing Co. Ltd. (Specialty Retail)  | 61 |
| 300 | Fuji Electric Co. Ltd. (Electrical Equipment)  | 11 |
| 900 | FUJIFILM Holdings Corp. (Technology Hardware, Storage & Peripherals)  | 45 |
| 500 | Fujitsu Ltd. (IT Services)<sup>(b)</sup>  | 67 |
| 27 | GLP J-REIT (Equity Real Estate Investment Trusts)<sup>(b)</sup>  | 31 |
| 100 | GMO Payment Gateway, Inc. (IT Services)  | 8 |
| 600 | Hakuhodo DY Holdings, Inc. (Media)  | 6 |
| 300 | Hamamatsu Photonics K.K. (Electronic Equipment, Instruments & Components)  | 14 |
| 600 | Hankyu Hanshin Holdings, Inc. (Road & Rail)  | 18 |
| 100 | Hirose Electric Co. Ltd. (Electronic Equipment, Instruments & Components)  | 13 |
| 300 | Hitachi Construction Machinery Co. Ltd. (Machinery)  | 7 |
| 2400 | Hitachi Ltd. (Industrial Conglomerates)  | 122 |
| 4000 | Honda Motor Co. Ltd. (Automobiles)  | 92 |
| 200 | Hoshizaki Corp. (Machinery)  | 7 |
| 900 | HOYA Corp. (Health Care Equipment & Supplies)  | 87 |
| 800 | Hulic Co. Ltd. (Real Estate Management & Development)<sup>(b)</sup>  | 6 |
| 300 | Ibiden Co. Ltd. (Electronic Equipment, Instruments & Components)  | 11 |
| 500 | Idemitsu Kosan Co. Ltd. (Oil, Gas & Consumable Fuels)<sup>(b)</sup>  | 12 |
| 2500 | Inpex Corp. (Oil, Gas & Consumable Fuels)  | 27 |
| 1500 | Isuzu Motors Ltd. (Automobiles)  | 18 |
| 100 | ITO EN Ltd. (Beverages)  | 4 |
| 2900 | ITOCHU Corp. (Trading Companies & Distributors)  | 92 |
| 200 | Itochu Techno-Solutions Corp. (IT Services)  | 5 |
| 1300 | Japan Exchange Group, Inc. (Capital Markets)  | 19 |
| 1100 | Japan Post Bank Co. Ltd. (Banks)  | 9 |
| 6100 | Japan Post Holdings Co. Ltd. (Insurance)<sup>(b)</sup>  | 52 |
| 500 | Japan Post Insurance Co. Ltd. (Insurance)<sup>(b)</sup>  | 9 |
| 3 | Japan Real Estate Investment Corp. (Equity Real Estate Investment Trusts)  | 13 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Japan (continued)** | **Japan (continued)** |
| 18 | Japan Retail Fund Investment Corp. (Equity Real Estate Investment Trusts)  | $14 |
| 1400 | JFE Holdings, Inc. (Metals & Mining)  | 16 |
| 500 | JSR Corp. (Chemicals)  | 10 |
| 1100 | Kajima Corp. (Construction & Engineering)  | 13 |
| 300 | Kakaku.com, Inc. (Interactive Media & Services)  | 5 |
| 1100 | Kao Corp. (Personal Products)  | 44 |
| 3900 | KDDI Corp. (Wireless Telecommunication Services)  | 118 |
| 300 | Keio Corp. (Road & Rail)  | 11 |
| 300 | Keisei Electric Railway Co. Ltd. (Road & Rail)  | 9 |
| 500 | Keyence Corp. (Electronic Equipment, Instruments & Components)  | 196 |
| 400 | Kikkoman Corp. (Food Products)  | 21 |
| 400 | Kintetsu Group Holdings Co. Ltd. (Road & Rail)  | 13 |
| 2100 | Kirin Holdings Co. Ltd. (Beverages)  | 32 |
| 100 | Kobayashi Pharmaceutical Co. Ltd. (Personal Products)  | 7 |
| 300 | Kobe Bussan Co. Ltd. (Food & Staples Retailing)  | 9 |
| 2100 | Komatsu Ltd. (Machinery)  | 46 |
| 200 | Konami Group Corp. (Entertainment)  | 9 |
| 100 | Kose Corp. (Personal Products)  | 11 |
| 2600 | Kubota Corp. (Machinery)  | 36 |
| 200 | Kurita Water Industries Ltd. (Machinery)  | 8 |
| 800 | Kyocera Corp. (Electronic Equipment, Instruments & Components)  | 40 |
| 700 | Kyowa Kirin Co. Ltd. (Pharmaceuticals)  | 16 |
| 700 | Lixil Corp. (Building Products)  | 11 |
| 1100 | M3, Inc. (Health Care Technology)  | 30 |
| 500 | Makita Corp. (Machinery)  | 12 |
| 3900 | Marubeni Corp. (Trading Companies & Distributors)  | 45 |
| 1500 | Mazda Motor Corp. (Automobiles)  | 11 |
| 200 | McDon'ld's Holdings Co. Ltd. (Hotels, Restaurants & Leisure)  | 8 |
| 300 | MEIJI Holdings Co. Ltd. (Food Products)  | 15 |
| 900 | MINEBEA MITSUMI, Inc. (Machinery)  | 14 |
| 8649 | MISUMI Group, Inc. (Machinery)  | 189 |
| 3200 | Mitsubishi Chemical Group Corp. (Chemicals)  | 17 |
| 3000 | Mitsubishi Corp. (Trading Companies & Distributors)  | 98 |
| 4400 | Mitsubishi Electric Corp. (Electrical Equipment)  | 44 |
| 3000 | Mitsubishi Estate Co. Ltd. (Real Estate Management & Development)  | 39 |
| 800 | Mitsubishi Heavy Industries Ltd. (Machinery)  | 32 |
| 29700 | Mitsubishi UFJ Financial Group, Inc. (Banks)  | 201 |
| 3500 | Mitsui & Co. Ltd. (Trading Companies & Distributors)  | 103 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The ESG Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Japan (continued)** | **Japan (continued)** |
| 400 | Mitsui Chemicals, Inc. (Chemicals)  | $9 |
| 2300 | Mitsui Fudosan Co. Ltd. (Real Estate Management & Development)  | 42 |
| 900 | Mitsui O.S.K. Lines Ltd. (Marine)  | 23 |
| 5840 | Mizuho Financial Group, Inc. (Banks)  | 83 |
| 600 | MonotaRO Co. Ltd. (Trading Companies & Distributors)  | 8 |
| 1100 | MS&AD Insurance Group Holdings, Inc. (Insurance)  | 35 |
| 1400 | Murata Manufacturing Co. Ltd. (Electronic Equipment, Instruments & Components)  | 70 |
| 600 | NEC Corp. (Technology Hardware, Storage & Peripherals)  | 21 |
| 1100 | Nexon Co. Ltd. (Entertainment)  | 25 |
| 600 | NGK Insulators Ltd. (Machinery)  | 8 |
| 8150 | Nidec Corp. (Electrical Equipment)  | 423 |
| 800 | Nihon M&A Center Holdings, Inc. (Professional Services)  | 10 |
| 2700 | Nintendo Co. Ltd. (Entertainment)  | 114 |
| 4 | Nippon Building Fund, Inc. (Equity Real Estate Investment Trusts)  | 18 |
| 200 | NIPPON EXPRESS HOLDINGS, INC. (Road & Rail)  | 11 |
| 2100 | Nippon Paint Holdings Co. Ltd. (Chemicals)<sup>(b)</sup>  | 17 |
| 5 | Nippon Prologis REIT, Inc. (Equity Real Estate Investment Trusts)<sup>(b)</sup>  | 12 |
| 200 | Nippon Sanso Holdings Corp. (Chemicals)  | 3 |
| 100 | Nippon Shinyaku Co. Ltd. (Pharmaceuticals)  | 6 |
| 2000 | Nippon Steel Corp. (Metals & Mining)<sup>(b)</sup>  | 35 |
| 2700 | Nippon Telegraph & Telephone Corp. (Diversified Telecommunication Services)  | 77 |
| 1200 | Nippon Yusen KK (Marine)  | 28 |
| 300 | Nissan Chemical Corp. (Chemicals)  | 13 |
| 500 | Nisshin Seifun Group, Inc. (Food Products)  | 6 |
| 200 | Nissin Foods Holdings Co. Ltd. (Food Products)<sup>(b)</sup>  | 16 |
| 200 | Nitori Holdings Co. Ltd. (Specialty Retail)  | 26 |
| 300 | Nitto Denko Corp. (Chemicals)  | 17 |
| 7500 | Nomura Holdings, Inc. (Capital Markets)  | 28 |
| 400 | Nomura Real Estate Holdings, Inc. (Real Estate Management & Development)  | 9 |
| 11 | Nomura Real Estate Master Fund, Inc. (Equity Real Estate Investment Trusts)  | 14 |
| 800 | Nomura Research Institute Ltd. (IT Services)  | 19 |
| 1600 | NTT Data Corp. (IT Services)  | 24 |
| 1500 | Obayashi Corp. (Construction & Engineering)  | 11 |
| 200 | Obic Co. Ltd. (IT Services)  | 30 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Japan (continued)** | **Japan (continued)** |
| 700 | Odakyu Electric Railway Co. Ltd. (Road & Rail)  | $9 |
| 2400 | Oji Paper Co. Ltd. (Paper & Forest Products)  | 10 |
| 3000 | Olympus Corp. (Health Care Equipment & Supplies)  | 54 |
| 500 | OMRON Corp. (Electronic Equipment, Instruments & Components)  | 24 |
| 900 | Ono Pharmaceutical Co. Ltd. (Pharmaceuticals)  | 21 |
| 200 | Open House Group Co. Ltd. (Household Durables)<sup>(b)</sup>  | 7 |
| 100 | Oracle Corp. (Software)  | 6 |
| 500 | Oriental Land Co. Ltd. (Hotels, Restaurants & Leisure)  | 73 |
| 2700 | ORIX Corp. (Diversified Financial Services)  | 44 |
| 1000 | Osaka Gas Co. Ltd. (Gas Utilities)  | 16 |
| 300 | OTSUKA Corp. (IT Services)  | 9 |
| 1000 | Otsuka Holdings Co. Ltd. (Pharmaceuticals)  | 33 |
| 800 | Pan Pacific International Holdings Corp. (Multiline Retail)  | 15 |
| 5600 | Panasonic Holdings Corp. (Household Durables)  | 47 |
| 500 | Persol Holdings Co. Ltd. (Professional Services)<sup>(b)</sup>  | 11 |
| 2200 | Rakuten Group, Inc. (Internet & Direct Marketing Retail)  | 10 |
| 3400 | Recruit Holdings Co. Ltd. (Professional Services)  | 108 |
| 2700 | Renesas Electronics Corp. (Semiconductors & Semiconductor Equipment)<sup>(a)(b)</sup>  | 24 |
| 5200 | Resona Holdings, Inc. (Banks)  | 29 |
| 1600 | Ricoh Co. Ltd. (Technology Hardware, Storage & Peripherals)  | 12 |
| 200 | Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)  | 15 |
| 600 | SBI Holdings, Inc. (Capital Markets)  | 12 |
| 300 | SCSK Corp. (IT Services)  | 5 |
| 500 | Secom Co. Ltd. (Commercial Services & Supplies)  | 29 |
| 600 | Seiko Epson Corp. (Technology Hardware, Storage & Peripherals)  | 9 |
| 1000 | Sekisui Chemical Co. Ltd. (Household Durables)  | 14 |
| 1600 | Sekisui House Ltd. (Household Durables)  | 28 |
| 1800 | Seven & i Holdings Co. Ltd. (Food & Staples Retailing)  | 78 |
| 800 | SG Holdings Co. Ltd. (Air Freight & Logistics)  | 11 |
| 500 | Sharp Corp. (Household Durables)<sup>(b)</sup>  | 4 |
| 500 | Shimadzu Corp. (Electronic Equipment, Instruments & Components)  | 14 |
| 200 | Shimano, Inc. (Leisure Products)  | 32 |
| 1400 | Shimizu Corp. (Construction & Engineering)  | 8 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The ESG Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Japan (continued)** | **Japan (continued)** |
| 900 | Shin-Etsu Chemical Co. Ltd. (Chemicals)  | $111 |
| 600 | Shionogi & Co. Ltd. (Pharmaceuticals)  | 30 |
| 1000 | Shiseido Co. Ltd. (Personal Products)  | 49 |
| 1000 | Shizuoka Financial Group, Inc. (Banks)  | 8 |
| 100 | SMC Corp. (Machinery)  | 42 |
| 6900 | Softbank Corp. (Wireless Telecommunication Services)  | 78 |
| 2900 | SoftBank Group Corp. (Wireless Telecommunication Services)  | 125 |
| 800 | Sompo Holdings, Inc. (Insurance)  | 36 |
| 3100 | Sony Group Corp. (Household Durables)  | 237 |
| 200 | Square Enix Holdings Co. Ltd. (Entertainment)  | 9 |
| 800 | SUMCO Corp. (Semiconductors & Semiconductor Equipment)<sup>(b)</sup>  | 11 |
| 3600 | Sumitomo Chemical Co. Ltd. (Chemicals)  | 13 |
| 2700 | Sumitomo Corp. (Trading Companies & Distributors)  | 45 |
| 1900 | Sumitomo Electric Industries Ltd. (Auto Components)  | 22 |
| 600 | Sumitomo Metal Mining Co. Ltd. (Metals & Mining)  | 21 |
| 3200 | Sumitomo Mitsui Financial Group, Inc. (Banks)  | 129 |
| 800 | Sumitomo Mitsui Trust Holdings, Inc. (Banks)  | 28 |
| 700 | Sumitomo Realty & Development Co. Ltd. (Real Estate Management & Development)  | 17 |
| 300 | Suntory Beverage & Food Ltd. (Beverages)  | 10 |
| 400 | Sysmex Corp. (Health Care Equipment & Supplies)  | 24 |
| 1300 | T&D Holdings, Inc. (Insurance)  | 19 |
| 500 | Taisei Corp. (Construction & Engineering)  | 16 |
| 3800 | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals)  | 119 |
| 900 | TDK Corp. (Electronic Equipment, Instruments & Components)  | 30 |
| 1600 | Terumo Corp. (Health Care Equipment & Supplies)  | 46 |
| 1200 | The Chiba Bank Ltd. (Banks)  | 9 |
| 1800 | The Kansai Electric Power Co., Inc. (Electric Utilities)  | 18 |
| 500 | TIS, Inc. (IT Services)  | 13 |
| 500 | Tobu Railway Co. Ltd. (Road & Rail)  | 12 |
| 300 | Toho Co. Ltd. (Entertainment)  | 12 |
| 4500 | Tokio Marine Holdings, Inc. (Insurance)  | 97 |
| 300 | Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)  | 89 |
| 1000 | Tokyo Gas Co. Ltd. (Gas Utilities)  | 20 |
| 1300 | Tokyu Corp. (Road & Rail)  | 16 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| 600 | TOPPAN, Inc. (Commercial Services & Supplies)  | $| 9 |
| 3400 | Toray Industries, Inc. (Chemicals)  |  | 19 |
| 1000 | Toshiba Corp. (Industrial Conglomerates)  |  | 35 |
| 600 | Tosoh Corp. (Chemicals)  |  | 7 |
| 300 | TOTO Ltd. (Building Products)  |  | 10 |
| 300 | Toyota Industries Corp. (Auto Components)  |  | 17 |
| 25600 | Toyota Motor Corp. (Automobiles)  |  | 353 |
| 500 | Toyota Tsusho Corp. (Trading Companies & Distributors)  |  | 19 |
| 300 | Trend Micro, Inc. (Software)  |  | 14 |
| 1000 | Unicharm Corp. (Household Products)  |  | 39 |
| 500 | USS Co. Ltd. (Specialty Retail)  |  | 8 |
| 200 | Welcia Holdings Co. Ltd. (Food & Staples Retailing)  |  | 5 |
| 500 | West Japan Railway Co. (Road & Rail)<sup>(b)</sup>  |  | 22 |
| 300 | Yakult Honsha Co. Ltd. (Food Products)  |  | 20 |
| 300 | Yamaha Corp. (Leisure Products)  |  | 11 |
| 800 | Yamaha Motor Co. Ltd. (Automobiles)  |  | 18 |
| 800 | Yamato Holdings Co. Ltd. (Air Freight & Logistics)  |  | 13 |
| 600 | Yaskawa Electric Corp. (Machinery)  |  | 19 |
| 600 | Yokogawa Electric Corp. (Electronic Equipment, Instruments & Components)  |  | 10 |
| 6700 | Z Holdings Corp. (Interactive Media & Services)  |  | 17 |
| 300 | ZOZO, Inc. (Internet & Direct Marketing Retail)<sup>(b)</sup>  |  | 7 |
|  |  |  | 7952 |
|  | **Jersey — 0.14%** | **Jersey — 0.14%** | **Jersey — 0.14%** |
| 24155 | Glencore PLC (Metals & Mining)<sup>(b)</sup>  |  | 162 |
| 218 | Novocure Ltd. (Health Care Equipment & Supplies)<sup>(a)</sup>  |  | 16 |
| 2653 | WPP PLC (Media)  |  | 26 |
|  |  |  | 204 |
|  | **Liberia — 0.02%** | **Liberia — 0.02%** | **Liberia — 0.02%** |
| 579 | Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)<sup>(a)</sup>  |  | 29 |
|  | **Luxembourg — 0.05%** | **Luxembourg — 0.05%** | **Luxembourg — 0.05%** |
| 1143 | ArcelorMittal SA (Metals & Mining)  |  | 30 |
| 330 | Eurofins Scientific SE (Life Sciences Tools & Services)  |  | 24 |
| 1138 | Tenaris SA (Energy Equipment & Services)  |  | 20 |
|  |  |  | 74 |
|  | **Netherlands — 1.52%** | **Netherlands — 1.52%** | **Netherlands — 1.52%** |
| 1034 | ABN AMRO Bank N.V. (Banks)  |  | 14 |
| 268 | Adyen N.V. (IT Services)<sup>(a)(b)</sup>  |  | 369 |
| 4651 | AEGON N.V. (Insurance)  |  | 24 |
| 1431 | Airbus SE (Aerospace & Defense)  |  | 170 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The ESG Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| 461 | Akzo Nobel N.V. (Chemicals)  | $| 31 |
| 134 | Argenx SE (Biotechnology)<sup>(a)</sup>  |  | 50 |
| 110 | ASM International N.V. (Semiconductors & Semiconductor Equipment)  |  | 28 |
| 977 | ASML Holding N.V. (Semiconductors & Semiconductor Equipment)<sup>(b)</sup>  |  | 527 |
| 2515 | CNH Industrial N.V. (Machinery)  |  | 40 |
| 214 | Euronext N.V. (Capital Markets)  |  | 16 |
| 274 | EXOR NV (Diversified Financial Services)<sup>(a)</sup>  |  | 20 |
| 129 | Heineken Holding N.V. (Beverages)  |  | 10 |
| 659 | Heineken N.V. (Beverages)  |  | 62 |
| 131 | IMCD NV (Trading Companies & Distributors)<sup>(b)</sup>  |  | 19 |
| 9432 | ING Groep N.V. (Banks)  |  | 115 |
| 175 | JDE P'et's N.V. (Food Products)  |  | 5 |
| 431 | Just Eat Takeaway.com N.V. (Internet & Direct Marketing Retail)<sup>(a)</sup>  |  | 9 |
| 2558 | Koninklijke Ahold Delhaize N.V. (Food & Staples Retailing)  |  | 73 |
| 426 | Koninklijke DSM N.V. (Chemicals)  |  | 52 |
| 8694 | Koninklijke KPN N.V. (Diversified Telecommunication Services)  |  | 27 |
| 2022 | Koninklijke Philips N.V. (Health Care Equipment & Supplies)  |  | 30 |
| 576 | LyondellBasell Industries N.V., Class - A (Chemicals)  |  | 48 |
| 696 | NN Group N.V. (Insurance)  |  | 28 |
| 619 | NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)  |  | 98 |
| 248 | OCI N.V. (Chemicals)<sup>(b)</sup>  |  | 9 |
| 2082 | Prosus N.V. (Internet & Direct Marketing Retail)<sup>(b)</sup>  |  | 144 |
| 568 | QIAGEN N.V. (Life Sciences Tools & Services)<sup>(a)</sup>  |  | 29 |
| 276 | Randstad N.V. (Professional Services)  |  | 17 |
| 1666 | STMicroelectronics N.V. (Semiconductors & Semiconductor Equipment)  |  | 59 |
| 1761 | Universal Music Group N.V. (Entertainment)  |  | 42 |
| 654 | Wolters Kluwer N.V. (Professional Services)  |  | 68 |
|  |  |  | 2233 |
|  | **New Zealand — 0.06%** | **New Zealand — 0.06%** | **New Zealand — 0.06%** |
| 2680 | Auckland International Airport Ltd. (Transportation Infrastructure)<sup>(a)</sup>  |  | 13 |
| 1455 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Supplies)  |  | 21 |
| 1764 | Mercury NZ Ltd. (Electric Utilities)  |  | 6 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **New Zealand (continued)** | **New Zealand (continued)** | **New Zealand (continued)** |
| 2860 | Meridian Energy Ltd. (Independent Power and Renewable Electricity Producers)  | $| 10 |
| 5100 | Spark New Zealand Ltd. (Diversified Telecommunication Services)  |  | 17 |
| 332 | Xero Ltd. (Software)<sup>(a)</sup>  |  | 16 |
|  |  |  | 83 |
|  | **Norway — 0.60%** | **Norway — 0.60%** | **Norway — 0.60%** |
| 571 | Adevinta ASA (Interactive Media & Services)<sup>(a)</sup>  |  | 4 |
| 763 | Aker BP ASA (Oil, Gas & Consumable Fuels)  |  | 24 |
| 2403 | DNB Bank ASA (Banks)  |  | 48 |
| 19130 | Equinor ASA (Oil, Gas & Consumable Fuels)  |  | 687 |
| 485 | Gjensidige Forsikring ASA (Insurance)  |  | 10 |
| 217 | Kongsberg Gruppen ASA (Aerospace & Defense)  |  | 9 |
| 1094 | Mowi ASA (Food Products)<sup>(b)</sup>  |  | 19 |
| 3388 | Norsk Hydro ASA (Metals & Mining)  |  | 25 |
| 1866 | Orkla ASA (Food Products)  |  | 14 |
| 134 | Salmar ASA (Food Products)  |  | 5 |
| 1828 | Telenor ASA (Diversified Telecommunication Services)  |  | 17 |
| 438 | Yara International ASA (Chemicals)  |  | 19 |
|  |  |  | 881 |
|  | **Portugal — 0.05%** | **Portugal — 0.05%** | **Portugal — 0.05%** |
| 6973 | E–Ponstrucias de Portugal SA (Electric Utilities)  |  | 35 |
| 1241 | Galp Energia SGPS SA, B Shares (Oil, Gas & Consumable Fuels)<sup>(b)</sup>  |  | 17 |
| 752 | Jeronimo Martins SGPS, SA (Food & Staples Retailing)<sup>(b)</sup>  |  | 16 |
|  |  |  | 68 |
|  | **Singapore — 0.32%** | **Singapore — 0.32%** | **Singapore — 0.32%** |
| 8441 | Ascendas Real Estate Investment Trust (Equity Real Estate Investment Trusts)  |  | 17 |
| 12356 | CapitaLand Integrated Commercial Trust (Equity Real Estate Investment Trusts)  |  | 19 |
| 6700 | Capitaland Investment Ltd. (Real Estate Management & Development)  |  | 19 |
| 1000 | City Developments Ltd. (Real Estate Management & Development)  |  | 6 |
| 4361 | DBS Group Holdings Ltd. (Banks)  |  | 111 |
| 15700 | Genting Singapore Ltd. (Hotels, Restaurants & Leisure)  |  | 11 |
| 3553 | Grab Holdings Ltd. (Road & Rail)<sup>(a)</sup>  |  | 11 |
| 4100 | Keppel Corp. Ltd. (Industrial Conglomerates)  |  | 22 |
| 5600 | Mapletree Commercial Trust (Equity Real Estate Investment Trusts)  |  | 7 |
| 6014 | Mapletree Logistics Trust (Equity Real Estate Investment Trusts)  |  | 7 |
| 8090 | Oversea-Chinese Banking Corp. Ltd. (Banks)  |  | 74 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The ESG Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| 2700 | Singapore Airlines Ltd. (Airlines)  | $| 11 |
| 2000 | Singapore Exchange Ltd. (Capital Markets)  |  | 13 |
| 2100 | Singapore Technologies Engineering Ltd. (Aerospace & Defense)  |  | 5 |
| 20700 | Singapore Telecommunications Ltd. (Diversified Telecommunication Services)  |  | 40 |
| 3100 | United Overseas Bank Ltd. (Banks)  |  | 71 |
| 1000 | UOL Group Ltd. (Real Estate Management & Development)  |  | 5 |
| 700 | Venture Corp. Ltd. (Electronic Equipment, Instruments & Components)  |  | 9 |
| 5000 | Wilmar International Ltd. (Food Products)  |  | 16 |
|  |  |  | 474 |
|  | **Spain — 0.58%** | **Spain — 0.58%** | **Spain — 0.58%** |
| 54 | Acciona SA (Electric Utilities)  |  | 10 |
| 350 | ACS Actividades onstrucciónion y Servicios SA (Construction & Engineering)  |  | 10 |
| 171 | Aena SME SA (Transportation Infrastructure)<sup>(a)</sup>  |  | 21 |
| 1097 | Amadeus IT Group SA (IT Services)<sup>(a)</sup>  |  | 57 |
| 14134 | Banco Bilbao Vizcaya Argentaria SA (Banks)  |  | 85 |
| 40891 | Banco Santander SA (Banks)<sup>(b)</sup>  |  | 123 |
| 10550 | CaixaBank SA (Banks)  |  | 41 |
| 1388 | Cellnex Telecom SA (Diversified Telecommunication Services)<sup>(b)</sup>  |  | 46 |
| 703 | EDP Renovaveis SA (Independent Power and Renewable Electricity Producers)  |  | 15 |
| 585 | Enagas SA (Gas Utilities)<sup>(b)</sup>  |  | 10 |
| 802 | Endesa SA (Electric Utilities)  |  | 15 |
| 1208 | Ferrovial SA (Construction & Engineering)  |  | 32 |
| 756 | Grifols SA (Biotechnology)<sup>(a)</sup>  |  | 9 |
| 14639 | Iberdrola SA (Electric Utilities)  |  | 171 |
| 3046 | Industria de Diseno Textil SA (Specialty Retail)  |  | 81 |
| 491 | Naturgy Energy Group SA (Gas Utilities)  |  | 13 |
| 1081 | Red Electrica Corp. SA (Electric Utilities)  |  | 19 |
| 2994 | Repsol SA (Oil, Gas & Consumable Fuels)  |  | 48 |
| 11840 | Telefonica SA (Diversified Telecommunication Services)  |  | 43 |
|  |  |  | 849 |
|  | **Sweden — 0.73%** | **Sweden — 0.73%** | **Sweden — 0.73%** |
| 779 | Alfa Laval AB (Machinery)  |  | 22 |
| 2440 | Assa Abloy AB, B Shares (Building Products)  |  | 52 |
| 6496 | Atlas Copco AB, Class - A (Machinery)<sup>(a)</sup>  |  | 78 |
| 3956 | Atlas Copco AB, Class - B (Machinery)  |  | 42 |
| 666 | Boliden AB (Metals & Mining)  |  | 25 |
| 623 | Electrolux AB, Class - B (Household Durables)  |  | 8 |
| 1497 | Embracer Group AB (Entertainment)<sup>(a)</sup>  |  | 7 |
| 1637 | Epiroc AB, Class - A (Machinery)  |  | 30 |
| 1066 | Epiroc AB, Class - B (Machinery)  |  | 17 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Sweden (continued)** | **Sweden (continued)** |
| 721 | Equities AB (Capital Markets)  | $15 |
| 1541 | Essity AB, Class - B (Household Products)  | 40 |
| 446 | Evolution AB (Hotels, Restaurants & Leisure)  | 43 |
| 1608 | Fastighets AB Balder, B Shares (Real Estate Management & Development)<sup>(a)</sup>  | 7 |
| 571 | Getinge AB, B Shares (Health Care Equipment & Supplies)  | 12 |
| 2666 | H & M Hennes & Mauritz AB, B Shares (Specialty Retail)  | 29 |
| 4396 | Hexagon AB, Class - B (Electronic Equipment, Instruments & Components)  | 46 |
| 172 | Holmen AB, B Shares (Paper & Forest Products)  | 7 |
| 854 | Husqvarna AB, B Shares (Machinery)  | 6 |
| 282 | Industrivarden AB, A Shares (Diversified Financial Services)<sup>(b)</sup>  | 7 |
| 451 | Industrivarden AB, Class - C (Diversified Financial Services)  | 11 |
| 508 | Indutrade AB (Trading Companies & Distributors)  | 10 |
| 321 | Investment AB Latour, Class - B (Industrial Conglomerates)  | 6 |
| 978 | Investor AB, Class - A (Diversified Financial Services)  | 18 |
| 4536 | Investor AB, Class - B (Diversified Financial Services)  | 83 |
| 569 | Kinnevik AB, Class - B (Diversified Financial Services)<sup>(a)</sup>  | 8 |
| 169 | L E Lundbergforetagen AB, Class - B (Diversified Financial Services)  | 7 |
| 580 | Lifco AB, Class - B (Industrial Conglomerates)  | 10 |
| 4054 | Nibe Industrier AB, Class - B (Building Products)  | 38 |
| 352 | Sagax AB, Class - B (Real Estate Management & Development)  | 8 |
| 2611 | Sandvik AB (Machinery)  | 47 |
| 974 | Securitas AB, Class - B (Commercial Services & Supplies)  | 8 |
| 4127 | Skandinaviska Enskilda Banken AB, Class - A (Banks)  | 47 |
| 933 | Skanska AB, B Shares (Construction & Engineering)  | 15 |
| 888 | SKF AB, B Shares (Machinery)  | 14 |
| 1426 | Svenska Cellulosa AB SCA, Class - B (Paper & Forest Products)  | 18 |
| 3569 | Svenska Handelsbanken AB, A Shares (Banks)  | 36 |
| 2012 | Swedbank AB, A Shares (Banks)  | 34 |
| 409 | Swedish Orphan Biovitrum AB (Biotechnology)<sup>(a)</sup>  | 8 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The ESG Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| 1442 | Tele2 AB, B Shares (Wireless Telecommunication Services)  | $| 12 |
| 7063 | Telefonaktiebolaget LM Ericsson, Class - B (Communications Equipment)  |  | 41 |
| 6801 | Telia Co. AB (Diversified Telecommunication Services)<sup>(b)</sup>  |  | 17 |
| 3442 | Volvo AB, B Shares (Machinery)  |  | 63 |
| 648 | Volvo AB, Class - A (Machinery)  |  | 12 |
| 1383 | Volvo Car AB, Class - B (Automobiles)<sup>(a)</sup>  |  | 6 |
|  |  |  | 1070 |
|  | **Switzerland — 3.42%** | **Switzerland — 3.42%** | **Switzerland — 3.42%** |
| 3880 | ABB Ltd., Registered Shares (Electrical Equipment)  |  | 118 |
| 371 | Adecco Group AG (Professional Services)<sup>(b)</sup>  |  | 12 |
| 1226 | Alcon, Inc. (Health Care Equipment & Supplies)  |  | 84 |
| 75 | Bachem Holding AG, Registered Shares (Life Sciences Tools & Services)  |  | 6 |
| 117 | Baloise Holding AG, Registered Shares (Insurance)  |  | 18 |
| 65 | Banque Cantonale Vaudoise, Registered Shares (Banks)  |  | 6 |
| 8 | Barry Callebaut AG, Registered Shares (Food Products)<sup>(b)</sup>  |  | 16 |
| 50 | BKW AG (Electric Utilities)  |  | 7 |
| 4 | Chocoladefabriken Lindt & Spruengli AG (Food Products)  |  | 41 |
| 1007 | Chubb Ltd. (Insurance)  |  | 222 |
| 1267 | Cie Financiere Richemont SA, Registered Shares (Textiles, Apparel & Luxury Goods)  |  | 164 |
| 541 | Clariant AG, Registered Shares (Chemicals)  |  | 9 |
| 520 | Coca-Cola HBC AG (Beverages)  |  | 12 |
| 8842 | Credit Suisse Group AG, Registered Shares (Capital Markets)<sup>(b)</sup>  |  | 26 |
| 14 | EMS-Chemie Holding AG (Chemicals)  |  | 9 |
| 361 | Garmin Ltd. (Household Durables)  |  | 33 |
| 90 | Geberit AG, Registered Shares (Building Products)  |  | 42 |
| 22 | Givaudan SA, Registered Shares (Chemicals)  |  | 67 |
| 1325 | Holcim Ltd., Registered Shares (Construction Materials)<sup>(b)</sup>  |  | 69 |
| 559 | Julius Baer Group Ltd. (Capital Markets)  |  | 33 |
| 137 | Kuehne & Nagel International AG, Registered Shares (Marine)  |  | 32 |
| 392 | Logitech International SA, Registered Shares (Technology Hardware, Storage & Peripherals)  |  | 24 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| 181 | Lonza Group AG, Registered Shares (Life Sciences Tools & Services)<sup>(b)</sup>  | $| 89 |
| 6668 | Nestle SA, Registered Shares (Food Products)  |  | 773 |
| 5259 | Novartis AG, Registered Shares (Pharmaceuticals)  |  | 476 |
| 53 | Partners Group Holding AG (Capital Markets)  |  | 47 |
| 75 | Roche Holding AG (Pharmaceuticals)  |  | 29 |
| 5441 | Roche Holding AG (Pharmaceuticals)  |  | 1710 |
| 102 | Schindler Holding AG (Machinery)  |  | 19 |
| 50 | Schindler Holding AG, Registered Shares (Machinery)  |  | 9 |
| 15 | SGS SA, Registered Shares (Professional Services)<sup>(b)</sup>  |  | 35 |
| 717 | SIG Group AG (Containers & Packaging)<sup>(b)</sup>  |  | 16 |
| 345 | Sika AG, Registered Shares (Chemicals)<sup>(b)</sup>  |  | 83 |
| 139 | Sonova Holding AG, Registered Shares (Health Care Equipment & Supplies)<sup>(b)</sup>  |  | 33 |
| 260 | Straumann Holding AG, Registered Shares (Health Care Equipment & Supplies)  |  | 30 |
| 77 | Swiss Life Holding AG (Insurance)  |  | 40 |
| 190 | Swiss Prime Site AG, Registered Shares (Real Estate Management & Development)  |  | 16 |
| 749 | Swiss Re AG (Insurance)  |  | 70 |
| 66 | Swisscom AG, Registered Shares (Diversified Telecommunication Services)  |  | 36 |
| 708 | TE Connectivity Ltd. (Electronic Equipment, Instruments & Components)  |  | 81 |
| 164 | Temenos AG, Registered Shares (Software)  |  | 9 |
| 108 | The Swatch Group AG (Textiles, Apparel & Luxury Goods)  |  | 6 |
| 67 | The Swatch Group AG, B Shares (Textiles, Apparel & Luxury Goods)  |  | 19 |
| 8038 | UBS Group AG (Capital Markets)  |  | 150 |
| 65 | VAT Group AG (Machinery)<sup>(b)</sup>  |  | 18 |
| 366 | Zurich Financial Services AG (Insurance)  |  | 175 |
|  |  |  | 5019 |
|  | **Taiwan — 0.68%** | **Taiwan — 0.68%** | **Taiwan — 0.68%** |
| 13449 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Semiconductors & Semiconductor Equipment)  |  | 1002 |
|  | **United Arab Emirates — 0.00%** | **United Arab Emirates — 0.00%** | **United Arab Emirates — 0.00%** |
| 339 | NMC Health PLC (Health Care Providers & Services)<sup>(a)(c)</sup>  |  |  |
|  | **United Kingdom — 4.83%** | **United Kingdom — 4.83%** | **United Kingdom — 4.83%** |
| 2438 | 3i Group PLC (Capital Markets)  |  | 40 |
| 5849 | abrdn PLC (Diversified Financial Services)  |  | 13 |
| 496 | Admiral Group PLC (Insurance)  |  | 13 |
| 3739 | Amcor PLC (Containers & Packaging)  |  | 45 |
| 3061 | Anglo American PLC (Metals & Mining)  |  | 120 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The ESG Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **United Kingdom (continued)** | **United Kingdom (continued)** |
| 961 | Antofagasta PLC (Metals & Mining)  | $18 |
| 517 | Aon PLC, Class - A (Insurance)  | 155 |
| 651 | Aptiv PLC (Auto Components)<sup>(a)</sup>  | 61 |
| 1093 | Ashtead Group PLC (Trading Companies & Distributors)  | 62 |
| 902 | Associated British Foods PLC (Food Products)  | 17 |
| 3767 | AstraZeneca PLC (Pharmaceuticals)<sup>(b)</sup>  | 510 |
| 2623 | Auto Trader Group PLC (Interactive Media & Services)<sup>(b)</sup>  | 16 |
| 258 | Aveva Group PLC (Software)  | 10 |
| 6745 | Aviva PLC (Insurance)  | 36 |
| 7610 | BAE Systems PLC (Aerospace & Defense)  | 79 |
| 40207 | Barclays PLC (Banks)<sup>(b)</sup>  | 77 |
| 2421 | Barratt Developments PLC (Household Durables)<sup>(b)</sup>  | 12 |
| 178 | Berkeley Group Holdings PLC (Household Durables)  | 8 |
| 45273 | BP PLC (Oil, Gas & Consumable Fuels)  | 260 |
| 2489 | British Land Co. PLC (Equity Real Estate Investment Trusts)  | 12 |
| 17011 | BT Group PLC (Diversified Telecommunication Services)  | 23 |
| 886 | Bunzl PLC (Trading Companies & Distributors)  | 30 |
| 1017 | Burberry Group PLC (Textiles, Apparel & Luxury Goods)<sup>(b)</sup>  | 25 |
| 861 | Clarivate PLC (Professional Services)<sup>(a)</sup>  | 7 |
| 530 | Coca-Cola Europacific Partners PLC (Beverages)  | 29 |
| 4285 | Compass Group PLC (Hotels, Restaurants & Leisure)  | 99 |
| 4236 | Croda International PLC (Chemicals)<sup>(b)</sup>  | 339 |
| 5525 | Diageo PLC (Beverages)  | 244 |
| 486 | Ferguson PLC (Trading Companies & Distributors)  | 61 |
| 9783 | GSK PLC (Pharmaceuticals)  | 170 |
| 11368 | Haleon PLC (Personal Products)<sup>(a)</sup>  | 45 |
| 950 | Halma PLC (Electronic Equipment, Instruments & Components)  | 23 |
| 823 | Hargreaves Lansdown PLC (Capital Markets)  | 9 |
| 496 | Hikma Pharmaceuticals PLC (Pharmaceuticals)<sup>(b)</sup>  | 9 |
| 48478 | HSBC Holdings PLC (Banks)  | 302 |
| 3731 | Informa PLC (Media)  | 28 |
| 8828 | Intercontinental Hotels Group PLC (Hotels, Restaurants & Leisure)  | 505 |
| 405 | Intertek Group PLC (Professional Services)  | 20 |
| 4095 | J Sainsbury PLC (Food & Staples Retailing)  | 11 |
| 6250 | JD Sports Fashion PLC (Specialty Retail)  | 10 |
| 474 | Johnson Matthey PLC (Chemicals)  | 12 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **United Kingdom (continued)** | **United Kingdom (continued)** |
| 5168 | Kingfisher PLC (Specialty Retail)  | $15 |
| 1659 | Land Securities Group PLC (Equity Real Estate Investment Trusts (REITs))  | 12 |
| 194459 | Legal & General Group PLC (Insurance)  | 586 |
| 439 | Liberty Global PLC, Class - A (Media)<sup>(a)</sup>  | 8 |
| 718 | Liberty Global PLC, Class - C (Diversified Telecommunication Services)<sup>(a)</sup>  | 14 |
| 1206 | Linde PLC (Chemicals)  | 392 |
| 157812 | Lloyds Banking Group PLC (Banks)  | 87 |
| 793 | London Stock Exchange Group PLC (Capital Markets)<sup>(b)</sup>  | 68 |
| 6041 | M&G PLC (Diversified Financial Services)  | 14 |
| 10478 | Melrose Industries PLC (Industrial Conglomerates)  | 17 |
| 1214 | Mondi PLC (Paper & Forest Products)  | 21 |
| 8973 | National Grid PLC (Multi-Utilities)  | 108 |
| 13116 | NatWest Group PLC (Banks)<sup>(b)</sup>  | 42 |
| 350 | Next PLC (Multiline Retail)  | 25 |
| 1178 | Ocado Group PLC (Food & Staples Retailing)<sup>(a)(b)</sup>  | 9 |
| 1722 | Pearson PLC (Media)  | 20 |
| 795 | Persimmon PLC (Household Durables)  | 12 |
| 2089 | Phoenix Group Holdings PLC (Insurance)  | 15 |
| 6528 | Prudential PLC (Insurance)  | 89 |
| 1729 | RecKitt Benckiser Group PLC (Household Products)  | 120 |
| 4686 | RELX PLC (Professional Services)  | 130 |
| 5582 | Rentokil Initial PLC (Commercial Services & Supplies)  | 34 |
| 2735 | Rio Tinto PLC (Metals & Mining)  | 192 |
| 20995 | Rolls-Royce Holdings PLC (Aerospace & Defense)<sup>(a)</sup>  | 24 |
| 1911 | Schroders PLC (Capital Markets)  | 10 |
| 3088 | Segro PLC (Equity Real Estate Investment Trusts)  | 29 |
| 377 | Sensata Technologies Holding PLC (Electrical Equipment)  | 15 |
| 626 | Severn Trent PLC (Water Utilities)<sup>(b)</sup>  | 20 |
| 17570 | Shell PLC (Oil, Gas & Consumable Fuels)  | 493 |
| 2223 | Smith & Nephew PLC (Health Care Equipment & Supplies)  | 30 |
| 939 | Smiths Group PLC (Industrial Conglomerates)  | 18 |
| 184 | Spirax-Sarco Engineering PLC (Machinery)  | 24 |
| 2627 | SSE PLC (Electric Utilities)  | 54 |
| 6438 | St. James Place PLC (Capital Markets)  | 85 |
| 5927 | Standard Chartered PLC (Banks)  | 45 |
| 5179 | Stellantis N.V. (Automobiles)  | 74 |
| 7703 | Taylor Wimpey PLC (Household Durables)<sup>(b)</sup>  | 9 |
| 18103 | Tesco PLC (Food & Staples Retailing)  | 49 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The ESG Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| 2722 | The Sage Group PLC (Software)  | $| 25 |
| 6205 | Unilever PLC (Personal Products)  |  | 314 |
| 1702 | United Utilities Group PLC (Water Utilities)  |  | 20 |
| 66705 | Vodafone Group PLC (Wireless Telecommunication Services)  |  | 68 |
| 468 | Whitbread PLC (Hotels, Restaurants & Leisure)  |  | 15 |
| 275 | Willis Towers Watson PLC (Insurance)  |  | 67 |
|  |  |  | 7083 |
|  | **United States — 65.70%** | **United States — 65.70%** | **United States — 65.70%** |
| 1315 | 3M Co. (Industrial Conglomerates)  |  | 158 |
| 352 | A.O. Smith Corp. (Building Products)  |  | 20 |
| 4277 | Abbott Laboratories (Health Care Equipment & Supplies)  |  | 470 |
| 4289 | AbbVie, Inc. (Biotechnology)  |  | 693 |
| 1528 | Accenture PLC, Class - A (IT Services)  |  | 408 |
| 1897 | Activision Blizzard, Inc. (Entertainment)  |  | 145 |
| 1138 | Adobe, Inc. (Software)<sup>(a)</sup>  |  | 383 |
| 160 | Advance Auto Parts, Inc. (Specialty Retail)  |  | 24 |
| 3997 | Advanced Micro Devices, Inc. (Semiconductors & Semiconductor Equipment)<sup>(a)</sup>  |  | 259 |
| 1458 | Aflac, Inc. (Insurance)  |  | 105 |
| 698 | Agilent Technologies, Inc. (Life Sciences Tools & Services)  |  | 104 |
| 547 | Air Products & Chemicals, Inc. (Chemicals)  |  | 169 |
| 930 | Airbnb, Inc., Class - A (Hotels, Restaurants & Leisure)<sup>(a)</sup>  |  | 80 |
| 412 | Akamai Technologies, Inc. (IT Services)<sup>(a)</sup>  |  | 35 |
| 292 | Albemarle Corp. (Chemicals)  |  | 63 |
| 433 | Alcoa Corp. (Metals & Mining)  |  | 20 |
| 356 | Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts)  |  | 52 |
| 181 | Align Technology, Inc. (Health Care Equipment & Supplies)<sup>(a)</sup>  |  | 38 |
| 624 | Alliant Energy Corp. (Electric Utilities)  |  | 34 |
| 918 | Ally Financial, Inc. (Consumer Finance)  |  | 22 |
| 293 | Alnylam Pharmaceuticals, Inc. (Biotechnology)<sup>(a)</sup>  |  | 70 |
| 27246 | Alphabet, Inc., Class - A (Interactive Media & Services)<sup>(a)</sup>  |  | 2404 |
| 13523 | Alphabet, Inc., Class - C (Interactive Media & Services)<sup>(a)</sup>  |  | 1200 |
| 32085 | Amazon.com, Inc. (Internet & Direct Marketing Retail)<sup>(a)</sup>  |  | 2695 |
| 628 | Ameren Corp. (Multi-Utilities)  |  | 56 |
| 1229 | American Electric Power Company, Inc. (Electric Utilities)  |  | 117 |
| 1547 | American Express Co. (Consumer Finance)  |  | 229 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **United States (continued)** | **United States (continued)** |
| 749 | American Homes 4 Rent, Class - A (Equity Real Estate Investment Trusts)  | $23 |
| 1872 | American International Group, Inc. (Insurance)  | 118 |
| 1137 | American Tower Corp. (Equity Real Estate Investment Trusts)  | 241 |
| 441 | American Water Works Co., Inc. (Water Utilities)  | 67 |
| 262 | Ameriprise Financial, Inc. (Capital Markets)  | 82 |
| 366 | AmerisourceBergen Corp. (Health Care Providers & Services)  | 61 |
| 508 | AMETEK, Inc. (Electrical Equipment)  | 71 |
| 2709 | Amgen, Inc. (Biotechnology)  | 712 |
| 1444 | Amphenol Corp., Class - A (Electronic Equipment, Instruments & Components)  | 110 |
| 1352 | Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)  | 222 |
| 1042 | Annaly Capital Management, Inc. (Mortgage Real Estate Investment Trusts)  | 22 |
| 215 | ANSYS, Inc. (Software)<sup>(a)</sup>  | 52 |
| 827 | APA Corp. (Oil, Gas & Consumable Fuels)  | 39 |
| 970 | Apollo Global Management, Inc. (Diversified Financial Services)  | 62 |
| 39124 | Apple, Inc. (Technology Hardware, Storage & Peripherals)  | 5083 |
| 2102 | Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)  | 205 |
| 597 | Aramark (Hotels, Restaurants & Leisure)  | 25 |
| 1364 | Archer-Daniels-Midland Co. (Food Products)  | 127 |
| 358 | Ares Management Corp., Class - A (Capital Markets)  | 25 |
| 580 | Arista Networks, Inc. (Communications Equipment)<sup>(a)</sup>  | 70 |
| 181 | Arrow Electronics, Inc. (Electronic Equipment, Instruments & Components)<sup>(a)</sup>  | 19 |
| 527 | Arthur J. Gallagher & Co. (Insurance)  | 99 |
| 70 | Aspen Technology, Inc. (Software)<sup>(a)</sup>  | 14 |
| 147 | Assurant, Inc. (Insurance)  | 18 |
| 17147 | AT&T, Inc. (Diversified Telecommunication Services)  | 316 |
| 304 | Atmos Energy Corp. (Gas Utilities)  | 34 |
| 533 | Autodesk, Inc. (Software)<sup>(a)</sup>  | 100 |
| 1018 | Automatic Data Processing, Inc. (IT Services)  | 243 |
| 470 | AutoZone, Inc. (Specialty Retail)<sup>(a)</sup>  | 1159 |
| 346 | AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts)  | 56 |
| 1515 | Avantor, Inc. (Life Sciences Tools & Services)<sup>(a)</sup>  | 32 |
| 211 | Avery Dennison Corp. (Containers & Packaging)  | 38 |
| 2477 | Baker Hughes, Inc. (Energy Equipment & Services)  | 73 |
| 709 | Ball Corp. (Containers & Packaging)  | 36 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The ESG Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **United States (continued)** | **United States (continued)** |
| 17630 | Bank of America Corp. (Banks)  | $584 |
| 530 | Bath & Body Works, Inc. (Specialty Retail)  | 22 |
| 1224 | Baxter International, Inc. (Health Care Equipment & Supplies)  | 62 |
| 691 | Becton Dickinson & Co. (Health Care Equipment & Supplies)  | 176 |
| 420 | Bentley Systems, Inc., Class - B (Software)  | 16 |
| 3161 | Berkshire Hathaway, Inc., Class - B (Diversified Financial Services)<sup>(a)</sup>  | 976 |
| 474 | Best Buy Co., Inc. (Specialty Retail)  | 38 |
| 229 | Bill.com Holdings, Inc. (Software)<sup>(a)</sup>  | 25 |
| 366 | Biogen, Inc. (Biotechnology)<sup>(a)</sup>  | 101 |
| 458 | BioMarin Pharmaceutical, Inc. (Biotechnology)<sup>(a)</sup>  | 47 |
| 47 | Bio-Rad Laboratories, Inc., Class - A (Life Sciences Tools & Services)<sup>(a)</sup>  | 20 |
| 348 | Bio-Techne Corp. (Life Sciences Tools & Services)  | 29 |
| 378 | Black Knight, Inc. (IT Services)<sup>(a)</sup>  | 23 |
| 368 | BlackRock, Inc., Class - A (Capital Markets)  | 261 |
| 7614 | Blackstone, Inc., Class - A (Capital Markets)  | 565 |
| 1270 | Block, Inc. (IT Services)<sup>(a)</sup>  | 80 |
| 96 | Booking Holdings, Inc. (Hotels, Restaurants & Leisure)<sup>(a)</sup>  | 193 |
| 354 | Booz Allen Hamilton Holding Corp. (Professional Services)  | 37 |
| 595 | BorgWarner, Inc. (Auto Components)  | 24 |
| 362 | Boston Properties, Inc. (Equity Real Estate Investment Trusts)  | 24 |
| 3476 | Boston Scientific Corp. (Health Care Equipment & Supplies)<sup>(a)</sup>  | 161 |
| 5173 | Bristol-Myers Squibb Co. (Pharmaceuticals)  | 372 |
| 985 | Broadcom, Inc. (Semiconductors & Semiconductor Equipment)  | 551 |
| 292 | Broadridge Financial Solutions, Inc. (IT Services)  | 39 |
| 300 | Brookfield Renewable Corp., Class - A (Independent Power and Renewable Electricity Producers)<sup>(b)</sup>  | 8 |
| 611 | Brown & Brown, Inc. (Insurance)  | 35 |
| 787 | Brown-Forman Corp., Class - B (Beverages)  | 52 |
| 169 | Burlington Stores, Inc. (Specialty Retail)<sup>(a)</sup>  | 34 |
| 289 | C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)  | 26 |
| 674 | Cadence Design Systems, Inc. (Software)<sup>(a)</sup>  | 108 |
| 509 | Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)<sup>(a)</sup>  | 21 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **United States (continued)** | **United States (continued)** |
| 252 | Camden Property Trust (Equity Real Estate Investment Trusts)  | $28 |
| 548 | Campbell Soup Co. (Food Products)  | 31 |
| 908 | Capital One Financial Corp. (Consumer Finance)  | 84 |
| 656 | Cardinal Health, Inc. (Health Care Providers & Services)  | 50 |
| 132 | Carlisle Cos., Inc. (Building Products)  | 31 |
| 415 | CarMax, Inc. (Specialty Retail)<sup>(a)</sup>  | 25 |
| 1986 | Carrier Global Corp. (Building Products)  | 82 |
| 431 | Catalent, Inc. (Pharmaceuticals)<sup>(a)</sup>  | 19 |
| 1293 | Caterpillar, Inc. (Machinery)  | 310 |
| 283 | CBOE Global Markets, Inc. (Capital Markets)  | 36 |
| 811 | CBRE Group, Inc., Class - A (Real Estate Management & Development)<sup>(a)</sup>  | 62 |
| 338 | CDW Corp. (Electronic Equipment, Instruments & Components)  | 60 |
| 280 | Celanese Corp., Series A (Chemicals)  | 29 |
| 1364 | Centene Corp. (Health Care Providers & Services)<sup>(a)</sup>  | 112 |
| 1460 | CenterPoint Energy, Inc. (Multi-Utilities)  | 44 |
| 325 | Ceridian HCM Holding, Inc. (Software)<sup>(a)</sup>  | 21 |
| 472 | CF Industries Holdings, Inc. (Chemicals)  | 40 |
| 122 | Charles River Laboratories International, Inc. (Life Sciences Tools & Services)<sup>(a)</sup>  | 27 |
| 277 | Charter Communications, Inc., Class - A (Media)<sup>(a)</sup>  | 94 |
| 578 | Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels)  | 87 |
| 221 | Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)  | 21 |
| 4519 | Chevron Corp. (Oil, Gas & Consumable Fuels)  | 811 |
| 232 | Chewy, Inc., Class - A (Internet & Direct Marketing Retail)<sup>(a)</sup>  | 9 |
| 67 | Chipotle Mexican Grill, Inc. (Hotels, Restaurants & Leisure)<sup>(a)</sup>  | 93 |
| 557 | Church & Dwight Co., Inc. (Household Products)  | 45 |
| 734 | Cigna Corp. (Health Care Providers & Services)  | 243 |
| 361 | Cincinnati Financial Corp. (Insurance)  | 37 |
| 224 | Cintas Corp. (Commercial Services & Supplies)  | 101 |
| 10064 | Cisco Systems, Inc. (Communications Equipment)  | 479 |
| 4771 | Citigroup, Inc. (Banks)  | 216 |
| 1159 | Citizens Financial Group, Inc. (Banks)  | 46 |
| 1262 | Cleveland-Cliffs, Inc. (Metals & Mining)<sup>(a)</sup>  | 20 |
| 643 | Cloudflare, Inc., Class - A (Software)<sup>(a)</sup>  | 29 |
| 873 | CME Group, Inc. (Capital Markets)  | 147 |
| 724 | CMS Energy Corp. (Multi-Utilities)  | 46 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The ESG Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **United States (continued)** | **United States (continued)** |
| 430 | Cognex Corp. (Electronic Equipment, Instruments & Components)  | $20 |
| 1227 | Cognizant Technology Solutions Corp. (IT Services)  | 70 |
| 302 | Coinbase Global, Inc., Class - A (Capital Markets)<sup>(a)</sup>  | 11 |
| 1859 | Colgate-Palmolive Co. (Household Products)  | 146 |
| 10632 | Comcast Corp., Class - A (Media)  | 372 |
| 1241 | Conagra Brands, Inc. (Food Products)  | 48 |
| 3104 | ConocoPhillips (Oil, Gas & Consumable Fuels)  | 366 |
| 826 | Consolidated Edison, Inc. (Multi-Utilities)  | 79 |
| 379 | Constellation Brands, Inc., Class - A (Beverages)  | 88 |
| 790 | Constellation Energy Corp. (Electric Utilities)  | 68 |
| 1068 | Copart, Inc. (Commercial Services & Supplies)<sup>(a)</sup>  | 65 |
| 1975 | Corning, Inc. (Electronic Equipment, Instruments & Components)  | 63 |
| 1807 | Corteva, Inc. (Chemicals)  | 106 |
| 1081 | Costco Wholesale Corp. (Food & Staples Retailing)  | 493 |
| 1862 | Coterra Energy, Inc. (Oil, Gas & Consumable Fuels)  | 46 |
| 483 | Crowdstrike Holdings, Inc., Class - A (Software)<sup>(a)</sup>  | 51 |
| 1067 | Crown Castle, Inc. (Equity Real Estate Investment Trusts)  | 145 |
| 278 | Crown Holdings, Inc. (Containers & Packaging)  | 23 |
| 31546 | CSX Corp. (Road & Rail)  | 977 |
| 356 | Cummins, Inc. (Machinery)  | 86 |
| 3203 | CVS Health Corp. (Health Care Providers & Services)  | 298 |
| 832 | D.R. Horton, Inc. (Household Durables)  | 74 |
| 5010 | Danaher Corp. (Health Care Equipment & Supplies)  | 1330 |
| 271 | Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)  | 37 |
| 387 | Darling Ingredients, Inc. (Food Products)<sup>(a)</sup>  | 24 |
| 591 | Datadog, Inc., Class - A (Software)<sup>(a)</sup>  | 43 |
| 119 | DaVita, Inc. (Health Care Providers & Services)<sup>(a)</sup>  | 9 |
| 708 | Deere & Co. (Machinery)  | 304 |
| 702 | DELL Technologies, Inc., Class - C (Technology Hardware, Storage & Peripherals)  | 28 |
| 418 | Delta Air Lines, Inc. (Airlines)<sup>(a)</sup>  | 14 |
| 561 | DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies)  | 18 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **United States (continued)** | **United States (continued)** |
| 1569 | Devon Energy Corp. (Oil, Gas & Consumable Fuels)  | $97 |
| 944 | Dexcom, Inc. (Health Care Equipment & Supplies)<sup>(a)</sup>  | 107 |
| 412 | Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)  | 56 |
| 713 | Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts)  | 71 |
| 661 | Discover Financial Services (Consumer Finance)  | 65 |
| 466 | DocuSign, Inc. (Software)<sup>(a)</sup>  | 26 |
| 547 | Dollar General Corp. (Multiline Retail)  | 135 |
| 531 | Dollar Tree, Inc. (Multiline Retail)<sup>(a)</sup>  | 75 |
| 2052 | Dominion Energy, Inc. (Multi-Utilities)  | 126 |
| 84 | Dom'no's Pizza, Inc. (Hotels, Restaurants & Leisure)  | 29 |
| 597 | DoorDash, Inc., Class - A (Internet & Direct Marketing Retail)<sup>(a)</sup>  | 29 |
| 350 | Dover Corp. (Machinery)  | 47 |
| 1796 | Dow, Inc. (Chemicals)  | 91 |
| 766 | Dropbox, Inc., Class - A (Software)<sup>(a)</sup>  | 17 |
| 490 | DTE Energy Co. (Multi-Utilities)  | 58 |
| 1832 | Duke Energy Corp. (Electric Utilities)  | 189 |
| 1161 | DuPont de Nemours, Inc. (Chemicals)  | 80 |
| 426 | Dynatrace, Inc. (Software)<sup>(a)</sup>  | 16 |
| 304 | Eastman Chemical Co. (Chemicals)  | 25 |
| 1287 | eBay, Inc. (Internet & Direct Marketing Retail)  | 53 |
| 624 | Ecolab, Inc. (Chemicals)  | 91 |
| 915 | Edison International (Electric Utilities)  | 58 |
| 1510 | Edwards Lifesciences Corp. (Health Care Equipment & Supplies)<sup>(a)</sup>  | 113 |
| 1000 | Elanco Animal Health, Inc. (Pharmaceuticals)<sup>(a)</sup>  | 12 |
| 699 | Electronic Arts, Inc. (Entertainment)  | 85 |
| 581 | Elevance Health, Inc. (Health Care Providers & Services)  | 298 |
| 1977 | Eli Lilly & Co. (Pharmaceuticals)  | 723 |
| 1451 | Emerson Electric Co. (Electrical Equipment)  | 139 |
| 326 | Enphase Energy, Inc. (Semiconductors & Semiconductor Equipment)<sup>(a)</sup>  | 86 |
| 330 | Entegris, Inc. (Semiconductors & Semiconductor Equipment)  | 22 |
| 508 | Entergy Corp. (Electric Utilities)  | 57 |
| 5248 | EOG Resources, Inc. (Oil, Gas & Consumable Fuels)  | 679 |
| 139 | EPAM Systems, Inc. (IT Services)<sup>(a)</sup>  | 46 |
| 825 | EQT Corp. (Oil, Gas & Consumable Fuels)  | 28 |
| 296 | Equifax, Inc. (Professional Services)  | 58 |
| 218 | Equinix, Inc. (Equity Real Estate Investment Trusts)  | 143 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The ESG Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **United States (continued)** | **United States (continued)** |
| 940 | Equitable Holdings, Inc. (Diversified Financial Services)  | $27 |
| 431 | Equity Lifestyle Properties, Inc. (Equity Real Estate Investment Trusts)  | 28 |
| 881 | Equity Residential (Equity Real Estate Investment Trusts)  | 52 |
| 545 | Essential Utilities, Inc. (Water Utilities)  | 26 |
| 158 | Essex Property Trust, Inc. (Equity Real Estate Investment Trusts)  | 33 |
| 309 | Etsy, Inc. (Internet & Direct Marketing Retail)<sup>(a)</sup>  | 37 |
| 581 | Evergy, Inc. (Electric Utilities)  | 37 |
| 842 | Eversource Energy (Electric Utilities)  | 71 |
| 405 | Exact Sciences Corp. (Biotechnology)<sup>(a)</sup>  | 20 |
| 2388 | Exelon Corp. (Electric Utilities)  | 103 |
| 358 | Expedia Group, Inc. (Hotels, Restaurants & Leisure)<sup>(a)</sup>  | 31 |
| 380 | Expeditors International of Washington, Inc. (Air Freight & Logistics)  | 39 |
| 327 | Extra Space Storage, Inc. (Equity Real Estate Investment Trusts)  | 48 |
| 10122 | Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)  | 1116 |
| 153 | F5, Inc. (Communications Equipment)<sup>(a)</sup>  | 22 |
| 96 | FactSet Research Systems, Inc. (Capital Markets)  | 39 |
| 61 | Fair Isaac Corp. (Software)<sup>(a)</sup>  | 37 |
| 1398 | Fastenal Co. (Trading Companies & Distributors)  | 66 |
| 590 | FedEx Corp. (Air Freight & Logistics)  | 102 |
| 676 | Fidelity National Financial, Inc. (Insurance)  | 25 |
| 1510 | Fidelity National Information Services, Inc. (IT Services)  | 102 |
| 1665 | Fifth Third Bancorp (Banks)  | 55 |
| 28 | First Citizens BancShares, Inc., Class - A (Banks)  | 21 |
| 1274 | First Horizon Corp. (Banks)  | 31 |
| 5815 | First Republic Bank (Banks)  | 708 |
| 227 | First Solar, Inc. (Semiconductors & Semiconductor Equipment)<sup>(a)</sup>  | 34 |
| 1263 | FirstEnergy Corp. (Electric Utilities)  | 53 |
| 1441 | Fiserv, Inc. (IT Services)<sup>(a)</sup>  | 146 |
| 162 | FleetCor Technologies, Inc. (IT Services)<sup>(a)</sup>  | 30 |
| 331 | FMC Corp. (Chemicals)  | 41 |
| 9539 | Ford Motor Co. (Automobiles)  | 111 |
| 1720 | Fortinet, Inc. (Software)<sup>(a)</sup>  | 84 |
| 18829 | Fortive Corp. (Machinery)  | 1210 |
| 336 | Fortune Brands Innovations, Inc. (Building Products)  | 19 |
| 832 | Fox Corp., Class - A (Media)  | 25 |
| 244 | Fox Corp., Class - B (Media)  | 7 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **United States (continued)** | **United States (continued)** |
| 748 | Franklin Resources, Inc. (Capital Markets)  | $20 |
| 3494 | Freeport-McMoRan, Inc. (Metals & Mining)  | 133 |
| 188 | Gartner, Inc. (IT Services)<sup>(a)</sup>  | 63 |
| 1470 | Gen Digital, Inc. (Software)  | 32 |
| 153 | Generac Holdings, Inc. (Electrical Equipment)<sup>(a)</sup>  | 15 |
| 572 | General Dynamics Corp. (Aerospace & Defense)  | 142 |
| 2676 | General Electric Co. (Industrial Conglomerates)  | 224 |
| 1429 | General Mills, Inc. (Food Products)  | 120 |
| 3457 | General Motors Co. (Automobiles)  | 116 |
| 334 | Genuine Parts Co. (Distributors)  | 58 |
| 3055 | Gilead Sciences, Inc. (Biotechnology)  | 262 |
| 652 | Global Payments, Inc. (IT Services)  | 65 |
| 436 | GoDaddy, Inc., Class - A (IT Services)<sup>(a)</sup>  | 33 |
| 2151 | Halliburton Co. (Energy Equipment & Services)  | 85 |
| 328 | Hasbro, Inc. (Leisure Products)  | 20 |
| 549 | HCA Healthcare, Inc. (Health Care Providers & Services)  | 132 |
| 1356 | Healthpeak Properties, Inc. (Equity Real Estate Investment Trusts)  | 34 |
| 100 | HEICO Corp. (Aerospace & Defense)  | 15 |
| 183 | HEICO Corp., Class - A (Aerospace & Defense)  | 22 |
| 370 | Henry Schein, Inc. (Health Care Providers & Services)<sup>(a)</sup>  | 30 |
| 700 | Hess Corp. (Oil, Gas & Consumable Fuels)  | 99 |
| 3301 | Hewlett Packard Enterprise Co. (Technology Hardware, Storage & Peripherals)  | 53 |
| 373 | HF Sinclair Corp. (Oil, Gas & Consumable Fuels)  | 19 |
| 684 | Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)  | 86 |
| 613 | Hologic, Inc. (Health Care Equipment & Supplies)<sup>(a)</sup>  | 46 |
| 1655 | Honeywell International, Inc. (Industrial Conglomerates)  | 355 |
| 749 | Hormel Foods Corp. (Food Products)  | 34 |
| 1807 | Host Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts)  | 29 |
| 810 | Howmet Aerospace, Inc. (Aerospace & Defense)  | 32 |
| 2542 | HP, Inc. (Technology Hardware, Storage & Peripherals)  | 68 |
| 116 | Hubbell, Inc. (Electrical Equipment)  | 27 |
| 106 | HubSpot, Inc. (Software)<sup>(a)</sup>  | 31 |
| 305 | Humana, Inc. (Health Care Providers & Services)  | 156 |
| 3515 | Huntington Bancshares, Inc. (Banks)  | 50 |
| 103 | Huntington Ingalls Industries, Inc. (Aerospace & Defense)  | 24 |
| 142 | IDEX Corp. (Machinery)  | 32 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The ESG Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **United States (continued)** | **United States (continued)** |
| 207 | IDEXX Laboratories, Inc. (Health Care Equipment & Supplies)<sup>(a)</sup>  | $84 |
| 727 | Illinois Tool Works, Inc. (Machinery)  | 160 |
| 379 | Illumina, Inc. (Life Sciences Tools & Services)<sup>(a)</sup>  | 77 |
| 10777 | Incyte Corp. (Biotechnology)<sup>(a)</sup>  | 866 |
| 891 | Ingersoll Rand, Inc. (Machinery)  | 47 |
| 179 | Insulet Corp. (Health Care Equipment & Supplies)<sup>(a)</sup>  | 53 |
| 9907 | Intel Corp. (Semiconductors & Semiconductor Equipment)  | 262 |
| 1375 | Intercontinental Exchange, Inc. (Capital Markets)  | 141 |
| 2215 | International Business Machines Corp. (IT Services)  | 312 |
| 626 | International Flavors & Fragrances, Inc. (Chemicals)  | 66 |
| 896 | International Paper Co. (Containers & Packaging)  | 31 |
| 661 | Intuit, Inc. (Software)  | 257 |
| 861 | Intuitive Surgical, Inc. (Health Care Equipment & Supplies)<sup>(a)</sup>  | 228 |
| 1502 | Invitation Homes, Inc. (Equity Real Estate Investment Trusts)  | 45 |
| 468 | IQVIA Holdings, Inc. (Life Sciences Tools & Services)<sup>(a)</sup>  | 96 |
| 722 | Iron Mountain, Inc. (Equity Real Estate Investment Trusts)  | 36 |
| 157 | Jack Henry & Associates, Inc. (IT Services)  | 28 |
| 299 | Jacobs Solutions, Inc. (Professional Services)  | 36 |
| 152 | Jazz Pharmaceuticals PLC (Pharmaceuticals)<sup>(a)</sup>  | 24 |
| 214 | JB Hunt Transport Services, Inc. (Road & Rail)  | 37 |
| 6397 | Johnson & Johnson (Pharmaceuticals)  | 1130 |
| 1645 | Johnson Controls International PLC (Building Products)  | 105 |
| 7122 | JPMorgan Chase & Co. (Banks)  | 955 |
| 661 | Juniper Networks, Inc. (Communications Equipment)  | 21 |
| 586 | Kellogg Co. (Food Products)  | 42 |
| 1823 | Keurig Dr Pepper, Inc. (Beverages)  | 65 |
| 2368 | KeyCorp (Banks)  | 41 |
| 447 | Keysight Technologies, Inc. (Electronic Equipment, Instruments & Components)<sup>(a)</sup>  | 76 |
| 827 | Kimberly-Clark Corp. (Household Products)  | 112 |
| 1515 | Kimco Realty Corp. (Equity Real Estate Investment Trusts)  | 32 |
| 4978 | Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)  | 90 |
| 1345 | KKR & Co., Inc. (Capital Markets)  | 62 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **United States (continued)** | **United States (continued)** |
| 351 | KLA Corp. (Semiconductors & Semiconductor Equipment)  | $132 |
| 384 | Knight-Swift Transportation Holdings, Inc. (Road & Rail)  | 20 |
| 467 | L3Harris Technologies, Inc. (Aerospace & Defense)  | 97 |
| 227 | Laboratory Corporation of America Holdings (Health Care Providers & Services)  | 53 |
| 341 | Lam Research Corp. (Semiconductors & Semiconductor Equipment)  | 143 |
| 336 | Lamb Weston Holdings, Inc. (Food Products)  | 30 |
| 882 | Las Vegas Sands Corp. (Hotels, Restaurants & Leisure)<sup>(a)</sup>  | 42 |
| 147 | Lear Corp. (Auto Components)  | 18 |
| 343 | Leidos Holdings, Inc. (Professional Services)  | 36 |
| 585 | Lennar Corp., Class - A (Household Durables)  | 53 |
| 87 | Lennox International, Inc. (Building Products)  | 21 |
| 296 | Liberty Broadband Corp., Class - C (Media)<sup>(a)</sup>  | 23 |
| 401 | Lincoln National Corp. (Insurance)  | 12 |
| 382 | Live Nation Entertainment, Inc. (Entertainment)<sup>(a)</sup>  | 27 |
| 612 | LKQ Corp. (Distributors)  | 33 |
| 581 | Lockheed Martin Corp. (Aerospace & Defense)  | 283 |
| 490 | Loews Corp. (Insurance)  | 29 |
| 1512 | L'we's Companies, Inc. (Specialty Retail)  | 301 |
| 198 | LPL Financial Holdings, Inc. (Capital Markets)  | 43 |
| 1022 | Lucid Group, Inc. (Automobiles)<sup>(a)</sup>  | 7 |
| 2503 | Lumen Technologies, Inc. (Diversified Telecommunication Services)  | 13 |
| 420 | M&T Bank Corp. (Banks)  | 61 |
| 1663 | Marathon Oil Corp. (Oil, Gas & Consumable Fuels)  | 45 |
| 1194 | Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)  | 139 |
| 1274 | MarketAxess Holdings, Inc. (Capital Markets)  | 355 |
| 667 | Marriott International, Inc., Class - A (Hotels, Restaurants & Leisure)  | 99 |
| 1185 | Marsh & McLennan Companies, Inc. (Insurance)  | 196 |
| 159 | Martin Marietta Materials, Inc. (Construction Materials)  | 54 |
| 2071 | Marvell Technology, Inc. (Semiconductors & Semiconductor Equipment)  | 77 |
| 619 | Masco Corp. (Building Products)  | 29 |
| 128 | Masimo Corp. (Health Care Equipment & Supplies)<sup>(a)</sup>  | 19 |
| 2107 | MasterCard, Inc., Class - A (IT Services)  | 733 |
| 667 | Match Group, Inc. (Interactive Media & Services)<sup>(a)</sup>  | 28 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The ESG Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **United States (continued)** | **United States (continued)** |
| 630 | McCormick & Company, Inc. (Food Products)  | $52 |
| 1802 | McDon'ld's Corp. (Hotels, Restaurants & Leisure)  | 475 |
| 349 | McKesson Corp. (Health Care Providers & Services)  | 131 |
| 1392 | Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts)  | 16 |
| 111 | MercadoLibre, Inc. (Internet & Direct Marketing Retail)<sup>(a)</sup>  | 94 |
| 6171 | Merck & Co., Inc. (Pharmaceuticals)  | 685 |
| 1681 | MetLife, Inc. (Insurance)  | 122 |
| 53 | Mettler-Toledo International, Inc. (Life Sciences Tools & Services)<sup>(a)</sup>  | 77 |
| 760 | MGM Resorts International (Hotels, Restaurants & Leisure)  | 25 |
| 1314 | Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)  | 92 |
| 2755 | Micron Technology, Inc. (Semiconductors & Semiconductor Equipment)  | 138 |
| 24297 | Microsoft Corp. (Software)  | 5827 |
| 260 | Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts)  | 41 |
| 806 | Moderna, Inc. (Biotechnology)<sup>(a)</sup>  | 145 |
| 144 | Mohawk Industries, Inc. (Household Durables)<sup>(a)</sup>  | 15 |
| 139 | Molina Heathcare, Inc. (Health Care Providers & Services)<sup>(a)</sup>  | 46 |
| 479 | Molson Coors Beverage Co., Class - B (Beverages)  | 25 |
| 3373 | Mondelez International, Inc., Class - A (Food Products)  | 225 |
| 163 | MongoDB, Inc. (IT Services)<sup>(a)</sup>  | 32 |
| 102 | Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment)  | 36 |
| 939 | Monster Beverage Corp. (Beverages)<sup>(a)</sup>  | 95 |
| 410 | Mo'dy's Corp. (Capital Markets)  | 114 |
| 8598 | Morgan Stanley (Capital Markets)  | 731 |
| 409 | Motorola Solutions, Inc. (Communications Equipment)  | 105 |
| 816 | Nasdaq, Inc. (Capital Markets)  | 50 |
| 576 | NetApp, Inc. (Technology Hardware, Storage & Peripherals)  | 35 |
| 1081 | Netflix, Inc. (Entertainment)<sup>(a)</sup>  | 319 |
| 236 | Neurocrine Biosciences, Inc. (Biotechnology)<sup>(a)</sup>  | 28 |
| 966 | Newell Brands, Inc. (Household Durables)  | 13 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **United States (continued)** | **United States (continued)** |
| 1880 | Newmont Corp. (Metals & Mining)  | $89 |
| 4761 | NextEra Energy, Inc. (Electric Utilities)  | 398 |
| 3066 | NIKE, Inc., Class - B (Textiles, Apparel & Luxury Goods)  | 359 |
| 943 | NiSource, Inc. (Multi-Utilities)  | 26 |
| 128 | Nordson Corp. (Machinery)  | 30 |
| 579 | Norfolk Southern Corp. (Road & Rail)  | 143 |
| 484 | Northern Trust Corp. (Capital Markets)  | 43 |
| 358 | Northrop Grumman Corp. (Aerospace & Defense)  | 195 |
| 639 | Nucor Corp. (Metals & Mining)  | 84 |
| 10058 | NVIDIA Corp. (Semiconductors & Semiconductor Equipment)  | 1470 |
| 8 | NVR, Inc. (Household Durables)<sup>(a)</sup>  | 37 |
| 2279 | Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)  | 144 |
| 377 | Okta, Inc. (IT Services)<sup>(a)</sup>  | 26 |
| 234 | Old Dominion Freight Line, Inc. (Road & Rail)  | 66 |
| 457 | Omnicom Group, Inc. (Media)  | 37 |
| 1010 | ON Semiconductor Corp. (Semiconductors & Semiconductor Equipment)<sup>(a)</sup>  | 63 |
| 1109 | ONEOK, Inc. (Oil, Gas & Consumable Fuels)  | 73 |
| 3857 | Oracle Corp. (Software)  | 315 |
| 157 | O'Reilly Automotive, Inc. (Specialty Retail)<sup>(a)</sup>  | 133 |
| 1007 | Otis Worldwide Corp. (Machinery)  | 79 |
| 576 | Ovintiv, Inc. (Oil, Gas & Consumable Fuels)  | 29 |
| 250 | Owens Corning (Building Products)  | 21 |
| 836 | PACCAR, Inc. (Machinery)  | 83 |
| 243 | Packaging Corporation of America (Containers & Packaging)  | 31 |
| 729 | Palo Alto Networks, Inc. (Software)<sup>(a)</sup>  | 102 |
| 1495 | Paramount Global, Class - B (Media)  | 25 |
| 311 | Parker Hannifin Corp. (Machinery)  | 91 |
| 790 | Paychex, Inc. (IT Services)  | 91 |
| 127 | PAYCOM Software, Inc. (Software)<sup>(a)</sup>  | 39 |
| 99 | Paylocity Holding Corp. (Software)<sup>(a)</sup>  | 19 |
| 2717 | PayPal Holdings, Inc. (IT Services)<sup>(a)</sup>  | 194 |
| 11297 | PepsiCo, Inc. (Beverages)  | 2040 |
| 280 | PerkinElmer, Inc. (Life Sciences Tools & Services)  | 39 |
| 13674 | Pfizer, Inc. (Pharmaceuticals)  | 701 |
| 3595 | PG&E Corp. (Electric Utilities)<sup>(a)</sup>  | 58 |
| 1157 | Phillips 66 (Oil, Gas & Consumable Fuels)  | 120 |
| 1381 | Pinterest, Inc., Class - A (Interactive Media & Services)<sup>(a)</sup>  | 34 |
| 565 | Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)  | 129 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The ESG Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **United States (continued)** | **United States (continued)** |
| 1248 | Plug Power, Inc. (Electrical Equipment)<sup>(a)</sup>  | $15 |
| 990 | PNC Financial Services Group, Inc. (Banks)  | 156 |
| 98 | Pool Corp. (Distributors)  | 30 |
| 569 | PPG Industries, Inc. (Chemicals)  | 72 |
| 1723 | PPL Corp. (Electric Utilities)  | 50 |
| 579 | Principal Financial Group, Inc. (Insurance)  | 49 |
| 2254 | Prologis, Inc. (Equity Real Estate Investment Trusts)  | 254 |
| 885 | Prudential Financial, Inc. (Insurance)  | 88 |
| 276 | PTC, Inc. (Software)<sup>(a)</sup>  | 33 |
| 1236 | Public Service Enterprise Group, Inc. (Multi-Utilities)  | 76 |
| 369 | Public Storage (Equity Real Estate Investment Trusts)  | 103 |
| 496 | PulteGroup, Inc. (Household Durables)  | 23 |
| 274 | Qorvo, Inc. (Semiconductors & Semiconductor Equipment)<sup>(a)</sup>  | 25 |
| 2746 | QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment)  | 302 |
| 350 | Quanta Services, Inc. (Construction & Engineering)  | 50 |
| 282 | Quest Diagnostics, Inc. (Health Care Providers & Services)  | 44 |
| 471 | Raymond James Financial, Inc. (Capital Markets)  | 50 |
| 3617 | Raytheon Technologies Corp. (Aerospace & Defense)  | 365 |
| 1476 | Realty Income Corp. (Equity Real Estate Investment Trusts)  | 94 |
| 393 | Regency Centers Corp. (Equity Real Estate Investment Trusts)  | 25 |
| 260 | Regeneron Pharmaceuticals, Inc. (Biotechnology)<sup>(a)</sup>  | 188 |
| 2436 | Regions Financial Corp. (Banks)  | 53 |
| 124 | Repligen Corp. (Life Sciences Tools & Services)<sup>(a)</sup>  | 21 |
| 540 | Republic Services, Inc. (Commercial Services & Supplies)  | 70 |
| 354 | ResMed, Inc. (Health Care Equipment & Supplies)  | 74 |
| 760 | Rivian Automotive, Inc., Class - A (Automobiles)<sup>(a)</sup>  | 14 |
| 298 | Robert Half International, Inc. (Professional Services)  | 22 |
| 836 | ROBLOX Corp., Class - A (Entertainment)<sup>(a)</sup>  | 24 |
| 282 | Rockwell Automation, Inc. (Electrical Equipment)  | 73 |
| 288 | Roku, Inc. (Entertainment)<sup>(a)</sup>  | 12 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **United States (continued)** | **United States (continued)** |
| 474 | Rollins, Inc. (Commercial Services & Supplies)  | $17 |
| 254 | Roper Technologies, Inc. (Software)  | 110 |
| 862 | Ross Stores, Inc. (Specialty Retail)  | 100 |
| 662 | Royalty Pharma PLC, Class - A (Pharmaceuticals)  | 26 |
| 327 | RPM International, Inc. (Chemicals)  | 32 |
| 825 | S&P Global, Inc. (Capital Markets)  | 276 |
| 2402 | Salesforce, Inc. (Software)<sup>(a)</sup>  | 318 |
| 253 | SBA Communications Corp. (Equity Real Estate Investment Trusts)  | 71 |
| 3424 | Schlumberger N.V. (Energy Equipment & Services)  | 183 |
| 332 | Seagen, Inc. (Biotechnology)<sup>(a)</sup>  | 43 |
| 371 | Sealed Air Corp. (Containers & Packaging)  | 19 |
| 766 | Sempra Energy (Multi-Utilities)  | 118 |
| 483 | ServiceNow, Inc. (Software)<sup>(a)</sup>  | 188 |
| 149 | Signature Bank (Banks)  | 17 |
| 815 | Simon Property Group, Inc. (Equity Real Estate Investment Trusts)  | 96 |
| 1436 | Sirius XM Holdings, Inc. (Media)  | 8 |
| 402 | Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)  | 37 |
| 2657 | Snap, Inc., Class - A (Interactive Media & Services)<sup>(a)</sup>  | 24 |
| 132 | Snap-on, Inc. (Machinery)  | 30 |
| 541 | Snowflake, Inc., Class - A (IT Services)<sup>(a)</sup>  | 78 |
| 410 | Southwest Airlines Co. (Airlines)<sup>(a)</sup>  | 14 |
| 394 | Splunk, Inc. (Software)<sup>(a)</sup>  | 34 |
| 388 | Stanley Black & Decker, Inc. (Machinery)  | 29 |
| 2775 | Starbucks Corp. (Hotels, Restaurants & Leisure)  | 275 |
| 856 | State Street Corp. (Capital Markets)  | 66 |
| 433 | Steel Dynamics, Inc. (Metals & Mining)  | 42 |
| 808 | Stryker Corp. (Health Care Equipment & Supplies)  | 198 |
| 289 | Sun Communities, Inc. (Equity Real Estate Investment Trusts)  | 41 |
| 140 | SVB Financial Group (Banks)<sup>(a)</sup>  | 32 |
| 1121 | Synchrony Financial (Consumer Finance)  | 37 |
| 371 | Synopsys, Inc. (Software)<sup>(a)</sup>  | 118 |
| 1248 | Sysco Corp. (Food & Staples Retailing)  | 95 |
| 548 | T. Rowe Price Group, Inc. (Capital Markets)  | 60 |
| 387 | Take-Two Interactive Software, Inc. (Entertainment)<sup>(a)</sup>  | 40 |
| 560 | Targa Resources Corp. (Oil, Gas & Consumable Fuels)  | 41 |
| 1120 | Target Corp. (Multiline Retail)  | 167 |
| 112 | Teledyne Technologies, Inc. (Electronic Equipment, Instruments & Components)<sup>(a)</sup>  | 45 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The ESG Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **United States (continued)** | **United States (continued)** |
| 118 | Teleflex, Inc. (Health Care Equipment & Supplies)  | $29 |
| 356 | Teradyne, Inc. (Semiconductors & Semiconductor Equipment)  | 31 |
| 6486 | Tesla, Inc. (Automobiles)<sup>(a)</sup>  | 799 |
| 2248 | Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)  | 371 |
| 538 | Textron, Inc. (Aerospace & Defense)  | 38 |
| 1676 | The AES Corp. (Independent Power and Renewable Electricity Producers)  | 48 |
| 635 | The Allstate Corp. (Insurance)  | 86 |
| 1892 | The Bank of New York Mellon Corp. (Capital Markets)  | 86 |
| 1390 | The Boeing Co. (Aerospace & Defense)<sup>(a)</sup>  | 265 |
| 450 | The Carlyle Group, Inc. (Capital Markets)  | 13 |
| 18075 | The Charles Schwab Corp. (Capital Markets)  | 1505 |
| 320 | The Clorox Co. (Household Products)  | 45 |
| 10025 | The Coca-Cola Co. (Beverages)  | 638 |
| 126 | The Cooper Companies, Inc. (Health Care Equipment & Supplies)  | 42 |
| 3662 | The Estee Lauder Companies, Inc. (Personal Products)  | 908 |
| 828 | The Goldman Sachs Group, Inc. (Capital Markets)  | 284 |
| 758 | The Hartford Financial Services Group, Inc. (Insurance)  | 57 |
| 358 | The Hershey Co. (Food Products)  | 83 |
| 2490 | The Home Depot, Inc. (Specialty Retail)  | 786 |
| 935 | The Interpublic Group of Companies, Inc. (Media)  | 31 |
| 272 | The J.M. Smucker Co. (Food Products)  | 43 |
| 1776 | The Kraft Heinz Co. (Food Products)  | 72 |
| 1736 | The Kroger Co. (Food & Staples Retailing)  | 77 |
| 882 | The Mosaic Co. (Chemicals)  | 39 |
| 5757 | The Procter & Gamble Co. (Household Products)  | 873 |
| 1421 | The Progressive Corp. (Insurance)  | 184 |
| 612 | The Sherwin-Williams Co. (Chemicals)  | 145 |
| 2642 | The Southern Co. (Electric Utilities)  | 189 |
| 2823 | The TJX Companies, Inc. (Specialty Retail)  | 225 |
| 1083 | The Trade Desk, Inc., Class - A (Software)<sup>(a)</sup>  | 49 |
| 578 | The Travelers Companies, Inc. (Insurance)  | 108 |
| 4432 | The Walt Disney Co. (Entertainment)<sup>(a)</sup>  | 385 |
| 1057 | The Western Union Co. (IT Services)  | 15 |
| 2892 | The Williams Cos., Inc. (Oil, Gas & Consumable Fuels)  | 95 |
| 958 | Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services)  | 528 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **United States (continued)** | **United States (continued)** |
| 10480 | T-Mobile US, Inc. (Wireless Telecommunication Services)<sup>(a)</sup>  | $1467 |
| 280 | Tractor Supply Co. (Specialty Retail)  | 63 |
| 239 | Tradeweb Markets, Inc., Class - A (Capital Markets)  | 16 |
| 579 | Trane Technologies PLC (Building Products)  | 97 |
| 129 | TransDigm Group, Inc. (Aerospace & Defense)  | 81 |
| 480 | TransUnion (Professional Services)  | 27 |
| 628 | Trimble, Inc. (Electronic Equipment, Instruments & Components)<sup>(a)</sup>  | 32 |
| 3214 | Truist Financial Corp. (Banks)  | 138 |
| 396 | Twilio, Inc., Class - A (IT Services)<sup>(a)</sup>  | 19 |
| 99 | Tyler Technologies, Inc. (Software)<sup>(a)</sup>  | 32 |
| 753 | Tyson Foods, Inc., Class - A (Food Products)  | 47 |
| 3445 | U.S. Bancorp (Banks)  | 150 |
| 3598 | Uber Technologies, Inc. (Road & Rail)<sup>(a)</sup>  | 89 |
| 748 | UDR, Inc. (Equity Real Estate Investment Trusts)  | 29 |
| 502 | UGI Corp. (Gas Utilities)  | 19 |
| 198 | U-Haul Holding Co. (Road & Rail)  | 11 |
| 127 | Ulta Beauty, Inc. (Specialty Retail)<sup>(a)</sup>  | 60 |
| 1528 | Union Pacific Corp. (Road & Rail)  | 316 |
| 1789 | United Parcel Service, Inc., Class - B (Air Freight & Logistics)  | 311 |
| 172 | United Rentals, Inc. (Trading Companies & Distributors)<sup>(a)</sup>  | 61 |
| 5335 | UnitedHealth Group, Inc. (Health Care Providers & Services)  | 2828 |
| 547 | Unity Software, Inc. (Software)<sup>(a)</sup>  | 16 |
| 797 | V.F. Corp. (Textiles, Apparel & Luxury Goods)  | 22 |
| 98 | Vail Resorts, Inc. (Hotels, Restaurants & Leisure)  | 23 |
| 949 | Valero Energy Corp. (Oil, Gas & Consumable Fuels)  | 120 |
| 333 | Veeva Systems, Inc., Class - A (Health Care Technology)<sup>(a)</sup>  | 54 |
| 976 | Ventas, Inc. (Equity Real Estate Investment Trusts)  | 44 |
| 244 | VeriSign, Inc. (IT Services)<sup>(a)</sup>  | 50 |
| 385 | Verisk Analytics, Inc., Class - A (Professional Services)  | 68 |
| 10161 | Verizon Communications, Inc. (Diversified Telecommunication Services)  | 400 |
| 633 | Vertex Pharmaceuticals, Inc. (Biotechnology)<sup>(a)</sup>  | 183 |
| 3079 | Viatris, Inc. (Pharmaceuticals)  | 34 |
| 2341 | VICI Properties, Inc. (Equity Real Estate Investment Trusts)  | 76 |
| 3966 | Visa, Inc., Class - A (IT Services)  | 824 |
| 1051 | Vistra Corp. (Independent Power and Renewable Electricity Producers)  | 24 |
| 508 | VMware, Inc., Class - A (Software)<sup>(a)</sup>  | 62 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The ESG Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **United States (continued)** | **United States (continued)** |
| 338 | Vulcan Materials Co. (Construction Materials)  | $59 |
| 550 | W.R. Berkley Corp. (Insurance)  | 40 |
| 109 | W.W. Grainger, Inc. (Trading Companies & Distributors)  | 61 |
| 1782 | Walgreens Boots Alliance, Inc. (Food & Staples Retailing)  | 67 |
| 3658 | Walmart, Inc. (Food & Staples Retailing)  | 519 |
| 5726 | Warner Bros Discovery, Inc. (Entertainment)<sup>(a)</sup>  | 54 |
| 977 | Waste Management, Inc. (Commercial Services & Supplies)  | 153 |
| 148 | Waters Corp. (Life Sciences Tools & Services)<sup>(a)</sup>  | 51 |
| 383 | Webster Financial Corp. (Banks)  | 18 |
| 793 | WEC Energy Group, Inc. (Multi-Utilities)  | 74 |
| 9265 | Wells Fargo & Co. (Banks)  | 383 |
| 1122 | Welltower, Inc. (Equity Real Estate Investment Trusts)  | 74 |
| 180 | West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies)  | 42 |
| 736 | Western Digital Corp. (Technology Hardware, Storage & Peripherals)<sup>(a)</sup>  | 23 |
| 377 | Westinghouse Air Brake Technologies Corp. (Machinery)  | 38 |
| 68 | Westlake Corp. (Chemicals)  | 7 |
| 649 | WestRock Co. (Containers & Packaging)  | 23 |
| 1723 | Weyerhaeuser Co. (Equity Real Estate Investment Trusts)  | 53 |
| 104 | Whirlpool Corp. (Household Durables)  | 15 |
| 298 | Wolfspeed, Inc. (Semiconductors & Semiconductor Equipment)<sup>(a)</sup>  | 21 |
| 461 | Workday, Inc., Class - A (Software)<sup>(a)</sup>  | 77 |
| 467 | WP Carey, Inc. (Equity Real Estate Investment Trusts)  | 36 |
| 260 | Wynn Resorts Ltd. (Hotels, Restaurants & Leisure)<sup>(a)</sup>  | 21 |
| 1316 | Xcel Energy, Inc. (Electric Utilities)  | 92 |
| 459 | Xylem, Inc. (Machinery)  | 51 |
| 687 | YUM! Brands, Inc. (Hotels, Restaurants & Leisure)  | 88 |
| 127 | Zebra Technologies Corp. (Electronic Equipment, Instruments & Components)<sup>(a)</sup>  | 33 |
| 384 | Zillow Group, Inc., Class - C (Real Estate Management & Development)<sup>(a)</sup>  | 12 |
| 508 | Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies)  | 65 |
| 1157 | Zoetis, Inc. (Pharmaceuticals)  | 170 |
| 577 | Zoom Video Communications, Inc., Class - A (Software)<sup>(a)</sup>  | 39 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **United States (continued)** | **United States (continued)** |
| 564 | ZoomInfo Technologies, Inc. (Interactive Media & Services)<sup>(a)</sup>  | $17 |
| 199 | Zscaler, Inc. (Software)<sup>(a)</sup>  | 22 |
|  |  | 96418 |
|  | **Total Common Stocks**  | 146149 |
|  | **Preferred Stocks — 0.05%** | **Preferred Stocks — 0.05%** |
|  | **Germany — 0.05%** | **Germany — 0.05%** |
| 121 | Bayerische Motoren Werke Aktiengesellschaft — Preferred (Automobiles)  | 10 |
| 452 | Henkel AG & Co. KGAA — Preferred (Household Products)  | 31 |
| 65 | Sartorius AG — Preferred (Health Care Equipment & Supplies)  | 26 |
|  | **Total Preferred Stocks**  | 67 |
|  | **Investment Company — 0.10%** | **Investment Company — 0.10%** |
| 151306 | State Street Institutional Treasury Plus Money Market Fund, Trust Class, 4.09%<sup>(d)</sup>  | 151 |
|  | **Total Investment Company**  | 151 |
|  | **Total Investments (cost $120,518) — 99.73%**  | 146367 |
|  | **Other assets in excess of liabilities — 0.27%**  | 398 |
|  | **Net Assets — 100.00%**  | $146765 |

---

Amounts designated "s "—" are $0 or have been rounded to $0.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security was valued using significant unobservable inputs as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(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, 2022 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **The ESG Growth Portfolio** | **Mellon <br> Investments <br> Corporation** | **Parametric <br> Portfolio <br> Associates,<br> LLC** | **RBC Global <br> Asset <br> Management <br> (UK) Limited** | **Total** |
| Common Stocks  | 80.96% |  | 18.62% | 99.58% |
| Preferred Stocks  | 0.05% |  |  | 0.05% |
| Investment Company  | 0.04% | 0.06% |  | 0.10% |
| Other Assets (Liabilities)  | 0.14% | 0.05% | 0.08% | 0.27% |
| &nbsp;&nbsp;&nbsp;Total Net Assets  | **81.19%** | **0.11%** | **18.70%** | **100.00%** |

---

Amounts designated "s "—" indicate the Specialist Manager did not manage any holdings in that category.

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Catholic SRI Growth Portfolio** 

Portfolio of Investments — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks — 99.58%** | **Common Stocks — 99.58%** |
|  | **Australia — 2.34%** | **Australia — 2.34%** |
| 116 | Ampol Ltd. (Oil, Gas & Consumable Fuels)  | $2 |
| 1655 | ANZ Group Holdings Ltd. (Banks)<sup>(a)</sup>  | 27 |
| 606 | APA Group (Gas Utilities)  | 4 |
| 361 | Aristocrat Leisure Ltd. (Hotels, Restaurants & Leisure)  | 7 |
| 102 | ASX Ltd. (Capital Markets)  | 5 |
| 921 | Aurizon Holdings Ltd. (Road & Rail)  | 2 |
| 2812 | BHP Group Ltd. (Metals & Mining)  | 88 |
| 248 | BlueScope Steel Ltd. (Metals & Mining)  | 3 |
| 914 | Brambles Ltd. (Commercial Services & Supplies)  | 8 |
| 34 | Cochlear Ltd. (Health Care Equipment & Supplies)  | 5 |
| 684 | Coles Group Ltd. (Food & Staples Retailing)  | 8 |
| 947 | Commonwealth Bank of Australia (Banks)  | 66 |
| 306 | Computershare Ltd. (IT Services)  | 5 |
| 551 | Dexus (Equity Real Estate Investment Trusts)  | 3 |
| 679 | Endeavour Group Ltd. (Food & Staples Retailing)  | 3 |
| 982 | Fortescue Metals Group Ltd. (Metals & Mining)  | 14 |
| 976 | Goodman Group (Equity Real Estate Investment Trusts)  | 12 |
| 115 | IDP Education Ltd. (Diversified Consumer Services)  | 2 |
| 356 | IGO Ltd. (Metals & Mining)  | 3 |
| 1294 | Insurance Australia Group Ltd. (Insurance)  | 4 |
| 364 | LendLease Group (Real Estate Management & Development)<sup>(b)</sup>  | 2 |
| 197 | Macquarie Group Ltd. (Capital Markets)  | 22 |
| 1579 | Medibank Private Ltd. (Insurance)  | 3 |
| 96 | Mineral Resources Ltd. (Metals & Mining)  | 5 |
| 2016 | Mirvac Group (Equity Real Estate Investment Trusts)  | 3 |
| 1779 | National Australia Bank Ltd. (Banks)  | 36 |
| 562 | Newcrest Mining Ltd. (Metals & Mining)  | 8 |
| 564 | Northern Star Resources Ltd. (Metals & Mining)  | 4 |
| 315 | Orica Ltd. (Chemicals)  | 3 |
| 906 | Origin Energy Ltd. (Electric Utilities)  | 5 |
| 1365 | Pilbara Minerals Ltd. (Metals & Mining)<sup>(a)</sup>  | 3 |
| 503 | Qantas Airways Ltd. (Airlines)<sup>(a)</sup>  | 2 |
| 768 | QBE Insurance Group Ltd. (Insurance)  | 7 |
| 29 | REA Group Ltd. (Interactive Media & Services)  | 2 |
| 114 | Reece Ltd. (Trading Companies & Distributors)  | 1 |
| 236 | Rio Tinto Ltd. (Metals & Mining)  | 19 |
| 1705 | Santos Ltd. (Oil, Gas & Consumable Fuels)<sup>(b)</sup>  | 8 |
| 2660 | Scentre Group (Equity Real Estate Investment Trusts)  | 5 |
| 181 | SEEK Ltd. (Interactive Media & Services)  | 3 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| 239 | Sonic Healthcare Ltd. (Health Care Providers & Services)  | $| 5 |
| 2852 | South32 Ltd. (Metals & Mining)  |  | 8 |
| 1290 | Stockland (Equity Real Estate Investment Trusts)  |  | 3 |
| 658 | Suncorp Group Ltd. (Insurance)  |  | 5 |
| 2120 | Telstra Corp. Ltd. (Diversified Telecommunication Services)  |  | 6 |
| 912 | The GPT Group (Equity Real Estate Investment Trusts)  |  | 3 |
| 1118 | The Lottery Corp. Ltd. (Hotels, Restaurants & Leisure)<sup>(a)</sup>  |  | 3 |
| 1743 | Transurban Group (Transportation Infrastructure)  |  | 15 |
| 413 | Treasury Wine Estates Ltd. (Beverages)  |  | 4 |
| 2104 | Vicinity Centres (Equity Real Estate Investment Trusts)<sup>(b)</sup>  |  | 3 |
| 103 | Washington H Soul Pattinson & Co. Ltd. (Oil, Gas & Consumable Fuels)  |  | 2 |
| 638 | Wesfarmers Ltd. (Multiline Retail)  |  | 20 |
| 1930 | Westpac Banking Corp. (Banks)  |  | 31 |
| 84 | WiseTech Global Ltd. (Software)  |  | 3 |
| 217 | Woodside Energy Group Ltd. (Oil, Gas & Consumable Fuels)  |  | 5 |
| 814 | Woodside Energy Group Ltd. (Oil, Gas & Consumable Fuels)  |  | 20 |
| 685 | Woolworths Group Ltd. (Food & Staples Retailing)  |  | 16 |
|  |  |  | 564 |
|  | **Austria — 0.07%** | **Austria — 0.07%** | **Austria — 0.07%** |
| 216 | Erste Group Bank AG (Banks)<sup>(b)</sup>  |  | 6 |
| 74 | OMV AG (Oil, Gas & Consumable Fuels)  |  | 4 |
| 47 | Verbund AG (Electric Utilities)  |  | 4 |
| 97 | Voestalpine AG (Metals & Mining)  |  | 3 |
|  |  |  | 17 |
|  | **Belgium — 0.29%** | **Belgium — 0.29%** | **Belgium — 0.29%** |
| 91 | Ageas SA (Insurance)  |  | 4 |
| 485 | Anheuser-Busch InBev N.V. (Beverages)  |  | 30 |
| 14 | D'ieteren Group (Distributors)  |  | 3 |
| 17 | Elia Group SA (Electric Utilities)<sup>(b)</sup>  |  | 2 |
| 51 | Groupe Bruxelles Lambert SA (Diversified Financial Services)  |  | 4 |
| 130 | KBC Group N.V. (Banks)  |  | 8 |
| 9 | Sofina SA (Diversified Financial Services)  |  | 2 |
| 38 | Solvay SA, Class - A (Chemicals)  |  | 4 |
| 80 | UCB SA (Pharmaceuticals)  |  | 6 |
| 108 | Umicore SA (Chemicals)<sup>(b)</sup>  |  | 4 |
| 108 | Warehouses De Pauw CVA (Equity Real Estate Investment Trusts)  |  | 3 |
|  |  |  | 70 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Catholic SRI Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Bermuda — 0.13%** | **Bermuda — 0.13%** |
| 199 | Arch Capital Group Ltd. (Insurance)<sup>(a)</sup>  | $13 |
| 85 | Bunge Ltd. (Food Products)  | 8 |
| 20 | Everest Re Group Ltd. (Insurance)  | 7 |
| 187 | Invesco Ltd. (Capital Markets)  | 3 |
|  |  | 31 |
|  | **Canada — 4.13%** | **Canada — 4.13%** |
| 267 | Agnico Eagle Mines Ltd. (Metals & Mining)  | 14 |
| 100 | Air Canada (Airlines)<sup>(a)(b)</sup>  | 1 |
| 343 | Algonquin Power & Utilities Corp. (Multi-Utilities)  | 2 |
| 448 | Alimentation Couche-Tard, Inc. (Food & Staples Retailing)  | 20 |
| 144 | AltaGas Ltd. (Gas Utilities)  | 2 |
| 359 | ARC Resources Ltd. (Oil, Gas & Consumable Fuels)  | 5 |
| 378 | Bank of Montreal (Banks)  | 34 |
| 1019 | Barrick Gold Corp. (Metals & Mining)  | 17 |
| 64 | BCE, Inc. (Diversified Telecommunication Services)  | 3 |
| 196 | Brookfield Asset Management Ltd., Class - A (Capital Markets)<sup>(a)</sup>  | 6 |
| 784 | Brookfield Corp. (Capital Markets)  | 25 |
| 23 | BRP, Inc. (Leisure Products)  | 2 |
| 263 | Cameco Corp. (Oil, Gas & Consumable Fuels)  | 6 |
| 77 | Canadian Apartment Properties REIT (Equity Real Estate Investment Trusts)<sup>(b)</sup>  | 2 |
| 516 | Canadian Imperial Bank of Commerce (Banks)  | 21 |
| 331 | Canadian National Railway Co. (Road & Rail)  | 39 |
| 614 | Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels)  | 34 |
| 519 | Canadian Pacific Railway Ltd. (Road & Rail)  | 39 |
| 31 | Canadian Tire Corp. Ltd., Class - A (Multiline Retail)  | 3 |
| 49 | Canadian Utilities Ltd., Class - A (Multi-Utilities)  | 1 |
| 81 | CCL Industries, Inc. (Containers & Packaging)<sup>(b)</sup>  | 3 |
| 792 | Cenovus Energy, Inc. (Oil, Gas & Consumable Fuels)  | 15 |
| 127 | CGI, Inc. (IT Services)<sup>(a)</sup>  | 11 |
| 11 | Constellation Software, Inc. (Software)  | 17 |
| 152 | Dollarama, Inc. (Multiline Retail)  | 9 |
| 204 | Element Fleet Management Corp. (Diversified Financial Services)<sup>(b)</sup>  | 3 |
| 151 | Emera, Inc. (Electric Utilities)  | 6 |
| 85 | Empire Co. Ltd. (Food & Staples Retailing)  | 2 |
| 1139 | Enbridge, Inc. (Oil, Gas & Consumable Fuels)  | 45 |
| 12 | Fairfax Financial Holdings Ltd. (Insurance)  | 7 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Canada (continued)** | **Canada (continued)** |
| 346 | First Quantum Minerals Ltd. (Metals & Mining)  | $7 |
| 20 | FirstService Corp. (Real Estate Management & Development)  | 2 |
| 277 | Fortis, Inc. (Electric Utilities)  | 11 |
| 101 | Franco-Nevada Corp. (Metals & Mining)  | 14 |
| 40 | George Weston Ltd. (Food & Staples Retailing)  | 5 |
| 127 | GFL Environmental, Inc. (Commercial Services & Supplies)  | 4 |
| 101 | Gildan Activewear, Inc. (Textiles, Apparel & Luxury Goods)  | 3 |
| 174 | Great-West Lifeco, Inc. (Insurance)  | 4 |
| 166 | Hydro One Ltd. (Electric Utilities)<sup>(b)</sup>  | 4 |
| 53 | iA Financial Corp., Inc. (Insurance)  | 3 |
| 50 | IGM Financial, Inc. (Capital Markets)  | 1 |
| 120 | Imperial Oil Ltd. (Oil, Gas & Consumable Fuels)  | 6 |
| 100 | Intact Financial Corp. (Insurance)  | 14 |
| 463 | Ivanhoe Mines Ltd. (Metals & Mining)<sup>(a)</sup>  | 4 |
| 121 | Keyera Corp. (Oil, Gas & Consumable Fuels)  | 3 |
| 776 | Kinross Gold Corp. (Metals & Mining)  | 3 |
| 87 | Loblaw Companies Ltd. (Food & Staples Retailing)  | 8 |
| 65 | Lululemon Athletica, Inc. (Textiles, Apparel & Luxury Goods)<sup>(a)</sup>  | 21 |
| 340 | Lundin Mining Corp. (Metals & Mining)<sup>(b)</sup>  | 2 |
| 150 | Magna International, Inc. (Auto Components)  | 8 |
| 1046 | Manulife Financial Corp. (Insurance)  | 19 |
| 127 | Metro, Inc. (Food & Staples Retailing)  | 7 |
| 174 | National Bank of Canada (Banks)  | 12 |
| 118 | Northland Power, Inc. (Independent Power and Renewable Electricity Producers)  | 3 |
| 302 | Nutrien Ltd. (Chemicals)  | 22 |
| 32 | Nuvei Corp. (IT Services)<sup>(a)</sup>  | 1 |
| 42 | Onex Corp. (Diversified Financial Services)  | 2 |
| 135 | Open Text Corp. (Software)<sup>(b)</sup>  | 4 |
| 111 | Pan American Silver Corp. (Metals & Mining)  | 2 |
| 80 | Parkland Corp. (Oil, Gas & Consumable Fuels)<sup>(b)</sup>  | 2 |
| 290 | Pembina Pipelines Corp. (Oil, Gas & Consumable Fuels)  | 10 |
| 328 | Power Corp. of Canada (Insurance)  | 8 |
| 78 | Quebecor, Inc., Class - B (Media)  | 2 |
| 169 | Restaurant Brands International, Inc. (Hotels, Restaurants & Leisure)  | 11 |
| 72 | RioCan Real Estate Investment Trust (Equity Real Estate Investment Trusts)<sup>(b)</sup>  | 1 |
| 63 | Ritchie Bros. Auctioneers, Inc. (Commercial Services & Supplies)  | 4 |
| 186 | Rogers Communications, Inc., Class - B (Wireless Telecommunication Services)  | 9 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Catholic SRI Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| 774 | Royal Bank of Canada (Banks)  | $| 72 |
| 141 | Saputo, Inc. (Food Products)<sup>(b)</sup>  |  | 3 |
| 237 | Shaw Communications, Inc., Class - B (Media)  |  | 7 |
| 661 | Shopify, Inc. (IT Services)<sup>(a)</sup>  |  | 23 |
| 325 | Sun Life Financial, Inc. (Insurance)  |  | 15 |
| 777 | Suncor Energy, Inc. (Oil, Gas & Consumable Fuels)  |  | 25 |
| 544 | TC Energy Corp. (Oil, Gas & Consumable Fuels)  |  | 22 |
| 269 | Teck Resources Ltd., Class - B (Metals & Mining)  |  | 10 |
| 291 | TELUS Corp. (Diversified Telecommunication Services)  |  | 6 |
| 44 | TFI International, Inc. (Road & Rail)  |  | 4 |
| 665 | The Bank of Nova Scotia (Banks)  |  | 33 |
| 42 | The Descartes Systems Group, Inc. (Software)<sup>(a)</sup>  |  | 3 |
| 1002 | The Toronto-Dominion Bank (Banks)  |  | 65 |
| 101 | Thomson Reuters Corp. (Professional Services)  |  | 12 |
| 28 | TMX Group Ltd. (Capital Markets)  |  | 3 |
| 47 | Toromont Industries Ltd. (Trading Companies & Distributors)  |  | 3 |
| 185 | Tourmaline Oil Corp. (Oil, Gas & Consumable Fuels)  |  | 9 |
| 146 | Waste Connections, Inc. (Commercial Services & Supplies)  |  | 19 |
| 37 | West Fraser Timber Co. Ltd. (Paper & Forest Products)  |  | 3 |
| 271 | Wheaton Precious Metals Corp. (Metals & Mining)  |  | 11 |
| 73 | WSP Global, Inc. (Construction & Engineering)  |  | 8 |
|  |  |  | 996 |
|  | **China — 0.04%** | **China — 0.04%** | **China — 0.04%** |
| 47 | Futu Holdings Ltd., ADR (Capital Markets)<sup>(a)</sup>  |  | 2 |
| 100 | Jardine Matheson Holdings Ltd. (Industrial Conglomerates)  |  | 5 |
| 1000 | SITC International Holdings Co. Ltd. (Marine)  |  | 2 |
|  |  |  | 9 |
|  | **Denmark — 0.39%** | **Denmark — 0.39%** | **Denmark — 0.39%** |
| 2 | A.P. Moller - Maersk A/S, Class - A (Marine)  |  | 4 |
| 3 | A.P. Moller - Maersk A/S, Class - B (Marine)  |  | 7 |
| 53 | Carlsberg A/S, Class - B (Beverages)  |  | 7 |
| 55 | Christian Hansen Holding A/S (Chemicals)<sup>(b)</sup>  |  | 4 |
| 62 | Coloplast A/S, Class - B (Health Care Equipment & Supplies)  |  | 7 |
| 370 | Danske Bank A/S (Banks)  |  | 7 |
| 51 | Demant A/S (Health Care Equipment & Supplies)<sup>(a)</sup>  |  | 1 |
| 99 | DSV A/S (Road & Rail)  |  | 16 |
| 108 | Novozymes A/S, B Shares (Chemicals)  |  | 5 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Denmark (continued)** | **Denmark (continued)** | **Denmark (continued)** |
| 114 | Orsted A/S (Electric Utilities)<sup>(b)</sup>  | $| 10 |
| 50 | Pandora A/S (Textiles, Apparel & Luxury Goods)  |  | 4 |
| 5 | ROCKWOOL A/S, Class - B (Building Products)  |  | 1 |
| 192 | Tryg A/S (Insurance)<sup>(b)</sup>  |  | 5 |
| 559 | Vestas Wind Systems A/S (Electrical Equipment)  |  | 17 |
|  |  |  | 95 |
|  | **Finland — 0.39%** | **Finland — 0.39%** | **Finland — 0.39%** |
| 73 | Elisa Oyj (Diversified Telecommunication Services)  |  | 4 |
| 234 | Fortum Oyj (Electric Utilities)  |  | 4 |
| 138 | Kesko Oyj, Class - B (Food & Staples Retailing)  |  | 3 |
| 182 | Kone Oyj, Class - B (Machinery)  |  | 9 |
| 222 | Neste Oyj (Oil, Gas & Consumable Fuels)  |  | 10 |
| 3063 | Nokia Oyj (Communications Equipment)  |  | 14 |
| 1887 | Nordea Bank Abp (Banks)  |  | 21 |
| 252 | Sampo Oyj, Class - A (Insurance)  |  | 13 |
| 299 | Stora Enso Oyj, Registered Shares (Paper & Forest Products)  |  | 4 |
| 275 | UPM-Kymmene Oyj (Paper & Forest Products)  |  | 10 |
| 235 | Wartsila Oyj Abp (Machinery)  |  | 2 |
|  |  |  | 94 |
|  | **France — 3.19%** | **France — 3.19%** | **France — 3.19%** |
| 84 | Accor SA (Hotels, Restaurants & Leisure)<sup>(a)(b)</sup>  |  | 2 |
| 16 | Aeroports de Paris (Transportation Infrastructure)<sup>(a)</sup>  |  | 2 |
| 293 | Air Liquide SA (Chemicals)  |  | 43 |
| 162 | Alstom SA (Machinery)  |  | 4 |
| 30 | Amundi SA (Capital Markets)  |  | 2 |
| 31 | Arkema SA (Chemicals)  |  | 3 |
| 1057 | AXA SA (Insurance)  |  | 29 |
| 23 | BioMerieux (Health Care Equipment & Supplies)  |  | 2 |
| 616 | BNP Paribas SA (Banks)  |  | 36 |
| 481 | Bollore SA (Entertainment)  |  | 3 |
| 120 | Bouygues SA (Construction & Engineering)  |  | 4 |
| 163 | Bureau Veritas SA (Professional Services)<sup>(b)</sup>  |  | 4 |
| 90 | Capgemini SE (IT Services)  |  | 15 |
| 320 | Carrefour SA (Food & Staples Retailing)<sup>(b)</sup>  |  | 5 |
| 387 | Cie Generale des Etablissements Michelin SCA (Auto Components)  |  | 11 |
| 255 | Compagnie de Saint-Gobain (Building Products)  |  | 12 |
| 25 | Covivio (Equity Real Estate Investment Trusts)  |  | 1 |
| 622 | Credit Agricole SA (Banks)  |  | 7 |
| 365 | Danone SA (Food Products)  |  | 19 |
| 383 | Dassault Systemes SE (Software)  |  | 14 |
| 132 | Edenred (IT Services)  |  | 7 |
| 54 | Eiffage SA (Construction & Engineering)<sup>(b)</sup>  |  | 5 |
| 322 | Electricite de France SA (Electric Utilities)  |  | 4 |
| 1038 | Engie SA (Multi-Utilities)  |  | 15 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Catholic SRI Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **France (continued)** | **France (continued)** | **France (continued)** |
| 161 | EssilorLuxottica SA (Health Care Equipment & Supplies)  | $| 29 |
| 23 | Eurazeo SE (Diversified Financial Services)  |  | 1 |
| 23 | Gecina SA (Equity Real Estate Investment Trusts)<sup>(b)</sup>  |  | 2 |
| 218 | Getlink SE (Transportation Infrastructure)  |  | 3 |
| 18 | Hermes International (Textiles, Apparel & Luxury Goods)  |  | 28 |
| 18 | Ipsen SA (Pharmaceuticals)  |  | 2 |
| 42 | Kering SA (Textiles, Apparel & Luxury Goods)  |  | 21 |
| 138 | Klepierre SA (Equity Real Estate Investment Trusts)  |  | 3 |
| 59 | LA Francaise des Jeux SAEM (Hotels, Restaurants & Leisure)  |  | 2 |
| 143 | Legrand SA (Electrical Equipment)  |  | 11 |
| 134 | L'Oreal SA (Personal Products)  |  | 49 |
| 154 | LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods)  |  | 113 |
| 1143 | Orange SA (Diversified Telecommunication Services)<sup>(b)</sup>  |  | 11 |
| 118 | Pernod Ricard SA (Beverages)  |  | 23 |
| 119 | Publicis Groupe SA (Media)  |  | 8 |
| 11 | Remy Cointreau SA (Beverages)  |  | 2 |
| 99 | Renault SA (Automobiles)<sup>(a)</sup>  |  | 3 |
| 303 | Schneider Electric SE (Electrical Equipment)<sup>(b)</sup>  |  | 43 |
| 16 | SEB SA (Household Durables)  |  | 1 |
| 452 | Societe Generale SA (Banks)  |  | 11 |
| 54 | Sodexo SA (Hotels, Restaurants & Leisure)  |  | 5 |
| 31 | Teleperformance (Professional Services)  |  | 7 |
| 1383 | TotalEnergies SE (Oil, Gas & Consumable Fuels)  |  | 88 |
| 49 | UbiSoft Entertainment SA (Entertainment)<sup>(a)</sup>  |  | 1 |
| 66 | Unibail-Rodamco-Westfield (Equity Real Estate Investment Trusts)<sup>(a)</sup>  |  | 3 |
| 119 | Valeo (Auto Components)  |  | 2 |
| 343 | Veolia Environnement SA (Multi-Utilities)  |  | 9 |
| 301 | Vinci SA (Construction & Engineering)  |  | 30 |
| 387 | Vivendi SE (Entertainment)  |  | 4 |
| 15 | Wendel SE (Diversified Financial Services)  |  | 1 |
| 148 | Worldline SA (IT Services)<sup>(a)</sup>  |  | 6 |
|  |  |  | 771 |
|  | **Germany — 1.99%** | **Germany — 1.99%** | **Germany — 1.99%** |
| 96 | adidas AG (Textiles, Apparel & Luxury Goods)  |  | 13 |
| 229 | Allianz SE (Insurance)  |  | 49 |
| 615 | Aroundtown SA (Real Estate Management & Development)<sup>(b)</sup>  |  | 1 |
| 514 | BASF SE (Chemicals)  |  | 26 |
| 159 | Bayerische Motoren Werke AG (Automobiles)  |  | 14 |
| 45 | Bechtle AG (IT Services)  |  | 2 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Germany (continued)** | **Germany (continued)** |
| 79 | Brenntag AG (Trading Companies & Distributors)  | $5 |
| 23 | Carl Zeiss Meditec AG (Health Care Equipment & Supplies)  | 3 |
| 689 | Commerzbank AG (Banks)<sup>(a)</sup>  | 7 |
| 57 | Continental AG (Auto Components)  | 3 |
| 99 | Covestro AG (Chemicals)  | 4 |
| 236 | Daimler Truck Holding AG (Machinery)<sup>(a)</sup>  | 7 |
| 111 | Delivery Hero SE (Internet & Direct Marketing Retail)<sup>(a)</sup>  | 5 |
| 1200 | Deutsche Bank AG, Registered Shares (Capital Markets)  | 14 |
| 107 | Deutsche Boerse AG (Capital Markets)  | 18 |
| 304 | Deutsche Lufthansa AG, Registered Shares (Airlines)<sup>(a)(b)</sup>  | 3 |
| 542 | Deutsche Post AG, Registered Shares (Air Freight & Logistics)  | 20 |
| 1774 | Deutsche Telekom AG (Diversified Telecommunication Services)<sup>(b)</sup>  | 35 |
| 62 | Dr. Ing. h.c. F. Porsche AG (Automobiles)<sup>(a)</sup>  | 6 |
| 1300 | E.ON SE (Multi-Utilities)  | 13 |
| 105 | Evonik Industries AG (Chemicals)  | 2 |
| 108 | Fresenius Medical Care AG & Co. KGAA (Health Care Providers & Services)  | 4 |
| 110 | GEA Group AG (Machinery)  | 4 |
| 31 | Hannover Rueck SE (Insurance)  | 6 |
| 76 | HeidelbergCement AG (Construction Materials)  | 4 |
| 88 | HelloFresh SE (Food & Staples Retailing)<sup>(a)</sup>  | 2 |
| 50 | Henkel AG & Co. KGAA (Household Products)  | 3 |
| 722 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment)<sup>(b)</sup>  | 22 |
| 41 | Knorr-Bremse AG (Machinery)  | 2 |
| 41 | LEG Immobilien AG (Real Estate Management & Development)  | 3 |
| 456 | Mercedes-Benz Group AG (Automobiles)<sup>(b)</sup>  | 30 |
| 29 | MTU Aero Engines AG (Aerospace & Defense)  | 6 |
| 78 | Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares (Insurance)  | 25 |
| 35 | Nemetschek SE (Software)  | 2 |
| 61 | Puma SE (Textiles, Apparel & Luxury Goods)<sup>(b)</sup>  | 4 |
| 3 | Rational AG (Machinery)  | 2 |
| 365 | RWE AG (Multi-Utilities)  | 16 |
| 578 | SAP SE (Software)  | 61 |
| 49 | Scout24 AG (Interactive Media & Services)  | 2 |
| 257 | Siemens Energy AG (Electrical Equipment)  | 5 |
| 69 | Symrise AG (Chemicals)<sup>(b)</sup>  | 8 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Catholic SRI Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| 627 | Telefonica Deutschland Holding AG (Diversified Telecommunication Services)  | $| 2 |
| 58 | United Internet AG (Diversified Telecommunication Services)<sup>(b)</sup>  |  | 1 |
| 16 | Volkswagen AG (Automobiles)  |  | 3 |
| 423 | Vonovia SE (Real Estate Management & Development)  |  | 10 |
| 121 | Zalando SE (Internet & Direct Marketing Retail)<sup>(a)</sup>  |  | 4 |
|  |  |  | 481 |
|  | **Hong Kong — 0.97%** | **Hong Kong — 0.97%** | **Hong Kong — 0.97%** |
| 6492 | AIA Group Ltd. (Insurance)  |  | 71 |
| 2000 | BOC Hong Kong Holdings Ltd. (Banks)  |  | 7 |
| 800 | Budweiser Brewing Co. APAC Ltd. (Beverages)  |  | 3 |
| 1000 | CK Asset Holdings Ltd. (Real Estate Management & Development)  |  | 6 |
| 1500 | CK Hutchison Holdings Ltd. (Industrial Conglomerates)  |  | 9 |
| 500 | CK Infrastructure Holdings Ltd. (Electric Utilities)  |  | 3 |
| 1000 | CLP Holdings Ltd. (Electric Utilities)  |  | 7 |
| 1000 | ESR Cayman Ltd. (Real Estate Management & Development)  |  | 2 |
| 1000 | Galaxy Entertainment Group Ltd. (Hotels, Restaurants & Leisure)  |  | 7 |
| 1000 | Hang Lung Properties Ltd. (Real Estate Management & Development)  |  | 2 |
| 400 | Hang Seng Bank Ltd. (Banks)  |  | 7 |
| 1000 | Henderson Land Development Co. Ltd. (Real Estate Management & Development)  |  | 3 |
| 1500 | HK Electric Investments & HK Electric Investments Ltd. (Electric Utilities)  |  | 1 |
| 2000 | HKT Trust & HKT Ltd. (Diversified Telecommunication Services)<sup>(b)</sup>  |  | 2 |
| 5985 | Hong Kong & China Gas Co. Ltd. (Gas Utilities)  |  | 6 |
| 723 | Hong Kong Exchanges & Clearing Ltd. (Capital Markets)  |  | 31 |
| 700 | Hongkong Land Holdings Ltd. (Real Estate Management & Development)  |  | 3 |
| 1000 | MTR Corp. Ltd. (Road & Rail)  |  | 5 |
| 1250 | New World Development Co. Ltd. (Real Estate Management & Development)  |  | 4 |
| 779 | Power Assets Holdings Ltd. (Electric Utilities)  |  | 4 |
| 1200 | Sands China Ltd. (Hotels, Restaurants & Leisure)<sup>(a)</sup>  |  | 4 |
| 2098 | Sino Land Co. Ltd. (Real Estate Management & Development)  |  | 3 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| 1000 | Sun Hung Kai Properties Ltd. (Real Estate Management & Development)  | $| 14 |
| 139 | Swire Pacific Ltd., Class - A (Real Estate Management & Development)  |  | 1 |
| 600 | Swire Properties Ltd. (Real Estate Management & Development)  |  | 2 |
| 757 | Techtronic Industries Co. Ltd. (Machinery)  |  | 8 |
| 1073 | The Link Real Estate Investment Trust (Equity Real Estate Investment Trusts)  |  | 8 |
| 4728 | WH Group Ltd. (Food Products)  |  | 3 |
| 1000 | Wharf Real Estate Investment Co. Ltd. (Real Estate Management & Development)  |  | 6 |
| 1000 | Xinyi Glass Holdings Ltd. (Building Products)  |  | 2 |
|  |  |  | 234 |
|  | **Ireland (Republic of) — 0.85%** | **Ireland (Republic of) — 0.85%** | **Ireland (Republic of) — 0.85%** |
| 73 | AerCap Holdings N.V. (Trading Companies & Distributors)<sup>(a)</sup>  |  | 4 |
| 612 | AIB Group PLC (Banks)  |  | 2 |
| 39 | Allegion PLC (Building Products)  |  | 4 |
| 599 | Bank of Ireland Group PLC (Banks)  |  | 6 |
| 418 | CRH PLC (Construction Materials)<sup>(b)</sup>  |  | 17 |
| 224 | Eaton Corp. PLC (Electrical Equipment)  |  | 35 |
| 519 | Experian PLC (Professional Services)  |  | 18 |
| 88 | Flutter Entertainment PLC (Hotels, Restaurants & Leisure)<sup>(a)</sup>  |  | 12 |
| 128 | Horizon Therapeutics PLC (Pharmaceuticals)<sup>(a)</sup>  |  | 15 |
| 297 | James Hardie Industries PLC (Construction Materials)  |  | 5 |
| 83 | Kingspan Group PLC (Building Products)  |  | 4 |
| 740 | Medtronic PLC (Health Care Equipment & Supplies)  |  | 58 |
| 93 | Pentair PLC (Machinery)  |  | 4 |
| 99 | Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals)  |  | 5 |
| 130 | Smurfit Kappa Group PLC (Containers & Packaging)<sup>(b)</sup>  |  | 5 |
| 59 | STERIS PLC (Health Care Equipment & Supplies)  |  | 11 |
|  |  |  | 205 |
|  | **Isle of Man — 0.02%** | **Isle of Man — 0.02%** | **Isle of Man — 0.02%** |
| 308 | Entain PLC (Hotels, Restaurants & Leisure)  |  | 5 |
|  | **Israel — 0.24%** | **Israel — 0.24%** | **Israel — 0.24%** |
| 44 | Azrieli Group Ltd. (Real Estate Management & Development)  |  | 3 |
| 822 | Bank Hapoalim BM (Banks)  |  | 7 |
| 842 | Bank Leumi Le (Banks)  |  | 7 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Catholic SRI Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Israel (continued)** | **Israel (continued)** | **Israel (continued)** |
| 1044 | Bezeq The Israeli Telecommunication Corp. Ltd. (Diversified Telecommunication Services)  | $| 2 |
| 56 | Check Point Software Technologies Ltd. (Software)<sup>(a)</sup>  |  | 7 |
| 23 | CyberArk Software Ltd. (Software)<sup>(a)</sup>  |  | 3 |
| 362 | ICL Group Ltd. (Chemicals)  |  | 3 |
|  | Isracard Ltd. (Consumer Finance)  |  |  |
| 596 | Israel Discount Bank Ltd., Class - A (Banks)  |  | 3 |
| 97 | Mizrahi Tefahot Bank Ltd. (Banks)  |  | 3 |
| 33 | Nice Ltd. (Software)<sup>(a)</sup>  |  | 6 |
| 30 | SolarEdge Technologies, Inc. (Semiconductors & Semiconductor Equipment)<sup>(a)</sup>  |  | 9 |
| 55 | Tower Semiconductor Ltd. (Semiconductors & Semiconductor Equipment)<sup>(a)</sup>  |  | 2 |
| 30 | Wix.com Ltd. (IT Services)<sup>(a)</sup>  |  | 2 |
| 43 | ZIM Integrated Shipping Services Ltd. (Marine)^  |  | 1 |
|  |  |  | 58 |
|  | **Italy — 0.64%** | **Italy — 0.64%** | **Italy — 0.64%** |
| 62 | Amplifon SpA (Health Care Providers & Services)  |  | 2 |
| 574 | Assicurazioni Generali SpA (Insurance)  |  | 10 |
| 265 | Davide Campari-Milano N.V. (Beverages)  |  | 3 |
| 13 | DiaSorin SpA (Health Care Equipment & Supplies)  |  | 2 |
| 4569 | Enel SpA (Electric Utilities)<sup>(b)</sup>  |  | 24 |
| 1426 | Eni SpA (Oil, Gas & Consumable Fuels)  |  | 20 |
| 65 | Ferrari N.V. (Automobiles)  |  | 14 |
| 344 | FinecoBank Banca Fineco SpA (Banks)  |  | 6 |
| 208 | Infrastrutture Wireless Italiane SpA (Diversified Telecommunication Services)<sup>(b)</sup>  |  | 2 |
| 9313 | Intesa Sanpaolo SpA (Banks)<sup>(b)</sup>  |  | 21 |
| 318 | Mediobanca Banca di Credito Finanziario SpA (Banks)  |  | 3 |
| 139 | Moncler SpA (Textiles, Apparel & Luxury Goods)  |  | 7 |
| 360 | Nexi SpA (IT Services)<sup>(a)</sup>  |  | 3 |
| 265 | Poste Italiane SpA (Insurance)  |  | 3 |
| 133 | Prusmian SpA (Electrical Equipment)  |  | 5 |
| 49 | Recordati SpA (Pharmaceuticals)  |  | 2 |
| 1265 | Snam SpA (Gas Utilities)  |  | 6 |
| 4562 | Telecom Italia SpA (Diversified Telecommunication Services)<sup>(a)</sup>  |  | 1 |
| 719 | Terna - Rete Elettrica Nazionale SpA (Electric Utilities)  |  | 5 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| 1107 | Unicredit SpA (Banks)  | $| 16 |
|  |  |  | 155 |
|  | **Japan — 6.35%** | **Japan — 6.35%** | **Japan — 6.35%** |
| 100 | Advantest Corp. (Semiconductors & Semiconductor Equipment)<sup>(b)</sup>  |  | 6 |
| 400 | Aeon Co. Ltd. (Food & Staples Retailing)  |  | 8 |
| 100 | AGC, Inc. (Building Products)  |  | 3 |
| 100 | Aisin Corp. (Auto Components)  |  | 3 |
| 100 | ANA Holdings, Inc. (Airlines)<sup>(a)(b)</sup>  |  | 2 |
| 100 | Asahi Intecc Co. Ltd. (Health Care Equipment & Supplies)  |  | 2 |
| 800 | Asahi Kasei Corp. (Chemicals)  |  | 6 |
| 100 | Azbil Corp. (Electronic Equipment, Instruments & Components)  |  | 3 |
| 100 | Bandai Namco Holdings, Inc. (Leisure Products)  |  | 6 |
| 333 | Bridgestone Corp. (Auto Components)  |  | 12 |
| 300 | Brother Industries Ltd. (Technology Hardware, Storage & Peripherals)  |  | 5 |
| 600 | Canon, Inc. (Technology Hardware, Storage & Peripherals)  |  | 13 |
| 100 | Capcom Co. Ltd. (Entertainment)  |  | 3 |
| 100 | Central Japan Railway Co. (Road & Rail)  |  | 12 |
| 400 | Chubu Electric Power Co., Inc. (Electric Utilities)  |  | 4 |
| 900 | Concordia Financial Group Ltd. (Banks)  |  | 4 |
| 300 | CyberAgent, Inc. (Media)  |  | 3 |
| 100 | Dai Nippon Printing Co. Ltd. (Commercial Services & Supplies)  |  | 2 |
| 30 | Daifuku Co. Ltd. (Machinery)  |  | 1 |
| 486 | Dai-ichi Life Holdings, Inc. (Insurance)  |  | 11 |
| 120 | Daikin Industries Ltd. (Building Products)  |  | 18 |
| 300 | Daiwa House Industry Co. Ltd. (Real Estate Management & Development)  |  | 7 |
| 1 | Daiwa House REIT Investment Corp. (Equity Real Estate Investment Trusts)  |  | 2 |
| 900 | Daiwa Securities Group, Inc. (Capital Markets)  |  | 4 |
| 256 | Denso Corp. (Auto Components)  |  | 13 |
| 100 | Dentsu Group, Inc. (Media)  |  | 3 |
| 35 | Disco Corp. (Semiconductors & Semiconductor Equipment)  |  | 10 |
| 200 | East Japan Railway Co. (Road & Rail)  |  | 11 |
| 1700 | ENEOS Holdings, Inc. (Oil, Gas & Consumable Fuels)  |  | 6 |
| 149 | FANUC Corp. (Machinery)  |  | 23 |
| 100 | Fuji Electric Co. Ltd. (Electrical Equipment)  |  | 4 |
| 200 | FUJIFILM Holdings Corp. (Technology Hardware, Storage & Peripherals)  |  | 10 |
| 152 | Fujitsu Ltd. (IT Services)<sup>(b)</sup>  |  | 20 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Catholic SRI Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Japan (continued)** | **Japan (continued)** |
| 3 | GLP J-REIT (Equity Real Estate Investment Trusts)<sup>(b)</sup>  | $3 |
| 100 | Hakuhodo DY Holdings, Inc. (Media)  | 1 |
| 100 | Hamamatsu Photonics K.K. (Electronic Equipment, Instruments & Components)  | 5 |
| 100 | Hankyu Hanshin Holdings, Inc. (Road & Rail)  | 3 |
| 27 | Hikari Tsushin, Inc. (Specialty Retail)  | 4 |
| 42 | Hirose Electric Co. Ltd. (Electronic Equipment, Instruments & Components)  | 5 |
| 100 | Hitachi Construction Machinery Co. Ltd. (Machinery)  | 2 |
| 900 | Honda Motor Co. Ltd. (Automobiles)  | 21 |
| 100 | Hoshizaki Corp. (Machinery)  | 4 |
| 200 | HOYA Corp. (Health Care Equipment & Supplies)  | 19 |
| 200 | Hulic Co. Ltd. (Real Estate Management & Development)<sup>(b)</sup>  | 2 |
| 100 | Ibiden Co. Ltd. (Electronic Equipment, Instruments & Components)  | 4 |
| 152 | Idemitsu Kosan Co. Ltd. (Oil, Gas & Consumable Fuels)<sup>(b)</sup>  | 4 |
| 100 | Iida Group Holdings Co. Ltd. (Household Durables)  | 2 |
| 500 | Inpex Corp. (Oil, Gas & Consumable Fuels)  | 5 |
| 300 | Isuzu Motors Ltd. (Automobiles)  | 4 |
| 600 | ITOCHU Corp. (Trading Companies & Distributors)  | 19 |
| 48 | Japan Airlines Co. Ltd. (Airlines)<sup>(a)(b)</sup>  | 1 |
| 300 | Japan Exchange Group, Inc. (Capital Markets)  | 4 |
| 200 | Japan Post Bank Co. Ltd. (Banks)  | 2 |
| 1400 | Japan Post Holdings Co. Ltd. (Insurance)<sup>(b)</sup>  | 12 |
| 100 | Japan Post Insurance Co. Ltd. (Insurance)<sup>(b)</sup>  | 2 |
| 1 | Japan Real Estate Investment Corp. (Equity Real Estate Investment Trusts)  | 4 |
| 4 | Japan Retail Fund Investment Corp. (Equity Real Estate Investment Trusts)  | 3 |
| 300 | JFE Holdings, Inc. (Metals & Mining)  | 4 |
| 200 | Kajima Corp. (Construction & Engineering)  | 2 |
| 100 | Kakaku.com, Inc. (Interactive Media & Services)  | 2 |
| 227 | Kao Corp. (Personal Products)  | 9 |
| 874 | KDDI Corp. (Wireless Telecommunication Services)  | 27 |
| 32 | Keio Corp. (Road & Rail)  | 1 |
| 100 | Keisei Electric Railway Co. Ltd. (Road & Rail)  | 3 |
| 134 | Keyence Corp. (Electronic Equipment, Instruments & Components)  | 53 |
| 100 | Kikkoman Corp. (Food Products)  | 5 |
| 100 | Kintetsu Group Holdings Co. Ltd. (Road & Rail)  | 3 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Japan (continued)** | **Japan (continued)** |
| 500 | Kirin Holdings Co. Ltd. (Beverages)  | $8 |
| 100 | Kobayashi Pharmaceutical Co. Ltd. (Personal Products)  | 7 |
| 100 | Kobe Bussan Co. Ltd. (Food & Staples Retailing)  | 3 |
| 100 | Koei Tecmo Holdings Co. Ltd. (Entertainment)  | 2 |
| 68 | Koito Manufacturing Co. Ltd. (Auto Components)  | 1 |
| 500 | Komatsu Ltd. (Machinery)  | 11 |
| 100 | Konami Group Corp. (Entertainment)  | 5 |
| 43 | Kose Corp. (Personal Products)  | 5 |
| 600 | Kubota Corp. (Machinery)  | 8 |
| 100 | Kurita Water Industries Ltd. (Machinery)  | 4 |
| 200 | Kyocera Corp. (Electronic Equipment, Instruments & Components)  | 10 |
| 100 | Kyowa Kirin Co. Ltd. (Pharmaceuticals)  | 2 |
| 100 | Lixil Corp. (Building Products)  | 2 |
| 300 | M3, Inc. (Health Care Technology)  | 8 |
| 100 | Makita Corp. (Machinery)  | 2 |
| 800 | Marubeni Corp. (Trading Companies & Distributors)  | 9 |
| 300 | Mazda Motor Corp. (Automobiles)  | 2 |
| 200 | MINEBEA MITSUMI, Inc. (Machinery)  | 3 |
| 200 | MISUMI Group, Inc. (Machinery)  | 4 |
| 700 | Mitsubishi Corp. (Trading Companies & Distributors)  | 23 |
| 1100 | Mitsubishi Electric Corp. (Electrical Equipment)  | 11 |
| 600 | Mitsubishi Estate Co. Ltd. (Real Estate Management & Development)  | 8 |
| 500 | Mitsubishi HC Capital, Inc. (Diversified Financial Services)  | 2 |
| 200 | Mitsubishi Heavy Industries Ltd. (Machinery)  | 8 |
| 6479 | Mitsubishi UFJ Financial Group, Inc. (Banks)  | 44 |
| 800 | Mitsui & Co. Ltd. (Trading Companies & Distributors)  | 23 |
| 100 | Mitsui Chemicals, Inc. (Chemicals)  | 2 |
| 500 | Mitsui Fudosan Co. Ltd. (Real Estate Management & Development)  | 9 |
| 200 | Mitsui O.S.K. Lines Ltd. (Marine)  | 5 |
| 1310 | Mizuho Financial Group, Inc. (Banks)  | 19 |
| 100 | MonotaRO Co. Ltd. (Trading Companies & Distributors)  | 1 |
| 230 | MS&AD Insurance Group Holdings, Inc. (Insurance)  | 7 |
| 337 | Murata Manufacturing Co. Ltd. (Electronic Equipment, Instruments & Components)  | 17 |
| 130 | NEC Corp. (Technology Hardware, Storage & Peripherals)  | 5 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Catholic SRI Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Japan (continued)** | **Japan (continued)** |
| 300 | Nexon Co. Ltd. (Entertainment)  | $7 |
| 100 | NGK Insulators Ltd. (Machinery)  | 1 |
| 300 | Nidec Corp. (Electrical Equipment)  | 16 |
| 200 | Nihon M&A Center Holdings, Inc. (Professional Services)  | 2 |
| 650 | Nintendo Co. Ltd. (Entertainment)  | 27 |
| 1 | Nippon Building Fund, Inc. (Equity Real Estate Investment Trusts)  | 4 |
| 400 | Nippon Paint Holdings Co. Ltd. (Chemicals)<sup>(b)</sup>  | 3 |
| 1 | Nippon Prologis REIT, Inc. (Equity Real Estate Investment Trusts)<sup>(b)</sup>  | 2 |
| 100 | Nippon Sanso Holdings Corp. (Chemicals)  | 1 |
| 400 | Nippon Steel Corp. (Metals & Mining)<sup>(b)</sup>  | 7 |
| 662 | Nippon Telegraph & Telephone Corp. (Diversified Telecommunication Services)  | 19 |
| 300 | Nippon Yusen KK (Marine)  | 7 |
| 1300 | Nissan Motor Co. Ltd. (Automobiles)  | 4 |
| 154 | Nisshin Seifun Group, Inc. (Food Products)  | 2 |
| 100 | Nitto Denko Corp. (Chemicals)  | 6 |
| 1500 | Nomura Holdings, Inc. (Capital Markets)  | 6 |
| 100 | Nomura Real Estate Holdings, Inc. (Real Estate Management & Development)  | 2 |
| 3 | Nomura Real Estate Master Fund, Inc. (Equity Real Estate Investment Trusts)  | 4 |
| 135 | Nomura Research Institute Ltd. (IT Services)  | 3 |
| 300 | NTT Data Corp. (IT Services)  | 4 |
| 200 | Obayashi Corp. (Construction & Engineering)  | 2 |
| 100 | Obic Co. Ltd. (IT Services)  | 15 |
| 100 | Odakyu Electric Railway Co. Ltd. (Road & Rail)  | 1 |
| 500 | Oji Paper Co. Ltd. (Paper & Forest Products)  | 2 |
| 147 | OMRON Corp. (Electronic Equipment, Instruments & Components)  | 7 |
| 100 | Open House Group Co. Ltd. (Household Durables)<sup>(b)</sup>  | 4 |
| 49 | Oracle Corp. (Software)  | 3 |
| 100 | Oriental Land Co. Ltd. (Hotels, Restaurants & Leisure)  | 15 |
| 700 | ORIX Corp. (Diversified Financial Services)  | 11 |
| 200 | Osaka Gas Co. Ltd. (Gas Utilities)  | 3 |
| 34 | OTSUKA Corp. (IT Services)  | 1 |
| 168 | Pan Pacific International Holdings Corp. (Multiline Retail)  | 3 |
| 1200 | Panasonic Holdings Corp. (Household Durables)  | 10 |
| 100 | Persol Holdings Co. Ltd. (Professional Services)<sup>(b)</sup>  | 2 |
| 500 | Rakuten Group, Inc. (Internet & Direct Marketing Retail)  | 2 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Japan (continued)** | **Japan (continued)** |
| 800 | Recruit Holdings Co. Ltd. (Professional Services)  | $25 |
| 700 | Renesas Electronics Corp. (Semiconductors & Semiconductor Equipment)<sup>(a)(b)</sup>  | 6 |
| 1300 | Resona Holdings, Inc. (Banks)  | 7 |
| 200 | Ricoh Co. Ltd. (Technology Hardware, Storage & Peripherals)  | 2 |
| 21 | Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)  | 2 |
| 100 | SBI Holdings, Inc. (Capital Markets)  | 2 |
| 100 | SCSK Corp. (IT Services)  | 2 |
| 100 | Secom Co. Ltd. (Commercial Services & Supplies)  | 6 |
| 300 | Seiko Epson Corp. (Technology Hardware, Storage & Peripherals)  | 4 |
| 200 | Sekisui Chemical Co. Ltd. (Household Durables)  | 3 |
| 300 | Sekisui House Ltd. (Household Durables)  | 5 |
| 467 | Seven & i Holdings Co. Ltd. (Food & Staples Retailing)  | 20 |
| 200 | SG Holdings Co. Ltd. (Air Freight & Logistics)  | 3 |
| 100 | Sharp Corp. (Household Durables)<sup>(b)</sup>  | 1 |
| 300 | Shimizu Corp. (Construction & Engineering)  | 2 |
| 200 | Shin-Etsu Chemical Co. Ltd. (Chemicals)  | 25 |
| 400 | Shizuoka Financial Group, Inc. (Banks)  | 3 |
| 1600 | Softbank Corp. (Wireless Telecommunication Services)  | 18 |
| 718 | SoftBank Group Corp. (Wireless Telecommunication Services)  | 31 |
| 200 | Sompo Holdings, Inc. (Insurance)  | 9 |
| 700 | Sony Group Corp. (Household Durables)  | 54 |
| 100 | Square Enix Holdings Co. Ltd. (Entertainment)  | 5 |
| 300 | Subaru Corp. (Automobiles)  | 5 |
| 200 | SUMCO Corp. (Semiconductors & Semiconductor Equipment)<sup>(b)</sup>  | 3 |
| 600 | Sumitomo Corp. (Trading Companies & Distributors)  | 10 |
| 400 | Sumitomo Electric Industries Ltd. (Auto Components)  | 5 |
| 100 | Sumitomo Metal Mining Co. Ltd. (Metals & Mining)  | 4 |
| 700 | Sumitomo Mitsui Financial Group, Inc. (Banks)  | 28 |
| 123 | Sumitomo Mitsui Trust Holdings, Inc. (Banks)  | 4 |
| 200 | Sumitomo Realty & Development Co. Ltd. (Real Estate Management & Development)  | 5 |
| 100 | Suntory Beverage & Food Ltd. (Beverages)  | 3 |
| 200 | Suzuki Motor Corp. (Automobiles)  | 7 |
| 300 | T&D Holdings, Inc. (Insurance)  | 4 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Catholic SRI Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| 100 | Taisei Corp. (Construction & Engineering)  | $| 3 |
| 200 | TDK Corp. (Electronic Equipment, Instruments & Components)  |  | 7 |
| 400 | Terumo Corp. (Health Care Equipment & Supplies)  |  | 11 |
| 400 | The Chiba Bank Ltd. (Banks)  |  | 3 |
| 500 | The Kansai Electric Power Co., Inc. (Electric Utilities)  |  | 5 |
| 100 | TIS, Inc. (IT Services)  |  | 3 |
| 145 | Tobu Railway Co. Ltd. (Road & Rail)  |  | 3 |
| 45 | Toho Co. Ltd. (Entertainment)  |  | 2 |
| 993 | Tokio Marine Holdings, Inc. (Insurance)  |  | 21 |
| 900 | Tokyo Electric Power Co. Holdings, Inc. (Electric Utilities)<sup>(a)</sup>  |  | 3 |
| 100 | Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)  |  | 30 |
| 200 | Tokyo Gas Co. Ltd. (Gas Utilities)  |  | 4 |
| 300 | Tokyu Corp. (Road & Rail)  |  | 4 |
| 100 | TOPPAN, Inc. (Commercial Services & Supplies)  |  | 1 |
| 800 | Toray Industries, Inc. (Chemicals)  |  | 4 |
| 200 | Toshiba Corp. (Industrial Conglomerates)  |  | 7 |
| 100 | Tosoh Corp. (Chemicals)  |  | 1 |
| 100 | TOTO Ltd. (Building Products)  |  | 3 |
| 100 | Toyota Industries Corp. (Auto Components)  |  | 6 |
| 5850 | Toyota Motor Corp. (Automobiles)  |  | 81 |
| 100 | Trend Micro, Inc. (Software)  |  | 5 |
| 200 | Unicharm Corp. (Household Products)  |  | 8 |
| 100 | USS Co. Ltd. (Specialty Retail)  |  | 2 |
| 100 | Welcia Holdings Co. Ltd. (Food & Staples Retailing)  |  | 2 |
| 100 | Yakult Honsha Co. Ltd. (Food Products)  |  | 7 |
| 100 | Yamaha Corp. (Leisure Products)  |  | 4 |
| 200 | Yamaha Motor Co. Ltd. (Automobiles)  |  | 5 |
| 200 | Yamato Holdings Co. Ltd. (Air Freight & Logistics)  |  | 3 |
| 100 | Yaskawa Electric Corp. (Machinery)  |  | 3 |
| 100 | Yokogawa Electric Corp. (Electronic Equipment, Instruments & Components)  |  | 2 |
| 1500 | Z Holdings Corp. (Interactive Media & Services)  |  | 4 |
| 100 | ZOZO, Inc. (Internet & Direct Marketing Retail)<sup>(b)</sup>  |  | 2 |
|  |  |  | 1534 |
|  | **Jersey — 0.19%** | **Jersey — 0.19%** | **Jersey — 0.19%** |
| 5501 | Glencore PLC (Metals & Mining)<sup>(b)</sup>  |  | 36 |
| 49 | Novocure Ltd. (Health Care Equipment & Supplies)<sup>(a)</sup>  |  | 4 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Jersey (continued)** | **Jersey (continued)** | **Jersey (continued)** |
| 616 | WPP PLC (Media)  | $| 6 |
|  |  |  | 46 |
|  | **Liberia — 0.03%** | **Liberia — 0.03%** | **Liberia — 0.03%** |
| 136 | Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)<sup>(a)</sup>  |  | 7 |
|  | **Luxembourg — 0.05%** | **Luxembourg — 0.05%** | **Luxembourg — 0.05%** |
| 286 | ArcelorMittal SA (Metals & Mining)  |  | 7 |
| 259 | Tenaris SA (Energy Equipment & Services)  |  | 5 |
|  |  |  | 12 |
|  | **Netherlands — 1.66%** | **Netherlands — 1.66%** | **Netherlands — 1.66%** |
| 224 | ABN AMRO Bank N.V. (Banks)  |  | 3 |
| 12 | Adyen N.V. (IT Services)<sup>(a)(b)</sup>  |  | 17 |
| 992 | AEGON N.V. (Insurance)  |  | 5 |
| 99 | Akzo Nobel N.V. (Chemicals)  |  | 7 |
| 31 | Argenx SE (Biotechnology)<sup>(a)</sup>  |  | 12 |
| 24 | ASM International N.V. (Semiconductors & Semiconductor Equipment)  |  | 6 |
| 225 | ASML Holding N.V. (Semiconductors & Semiconductor Equipment)<sup>(b)</sup>  |  | 120 |
| 541 | CNH Industrial N.V. (Machinery)  |  | 9 |
| 62 | Euronext N.V. (Capital Markets)  |  | 5 |
| 62 | EXOR NV (Diversified Financial Services)<sup>(a)</sup>  |  | 5 |
| 71 | Heineken Holding N.V. (Beverages)  |  | 5 |
| 151 | Heineken N.V. (Beverages)  |  | 14 |
| 31 | IMCD NV (Trading Companies & Distributors)<sup>(b)</sup>  |  | 4 |
| 2170 | ING Groep N.V. (Banks)  |  | 26 |
| 59 | JDE P'et's N.V. (Food Products)  |  | 2 |
| 103 | Just Eat Takeaway.com N.V. (Internet & Direct Marketing Retail)<sup>(a)</sup>  |  | 2 |
| 587 | Koninklijke Ahold Delhaize N.V. (Food & Staples Retailing)  |  | 17 |
| 103 | Koninklijke DSM N.V. (Chemicals)  |  | 13 |
| 1769 | Koninklijke KPN N.V. (Diversified Telecommunication Services)  |  | 5 |
| 493 | Koninklijke Philips N.V. (Health Care Equipment & Supplies)  |  | 7 |
| 141 | LyondellBasell Industries N.V., Class - A (Chemicals)  |  | 12 |
| 149 | NN Group N.V. (Insurance)  |  | 6 |
| 145 | NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)  |  | 23 |
| 51 | OCI N.V. (Chemicals)<sup>(b)</sup>  |  | 2 |
| 461 | Prosus N.V. (Internet & Direct Marketing Retail)<sup>(b)</sup>  |  | 32 |
| 62 | Randstad N.V. (Professional Services)  |  | 4 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Catholic SRI Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| 367 | STMicroelectronics N.V. (Semiconductors & Semiconductor Equipment)  | $| 13 |
| 386 | Universal Music Group N.V. (Entertainment)  |  | 9 |
| 149 | Wolters Kluwer N.V. (Professional Services)  |  | 16 |
|  |  |  | 401 |
|  | **New Zealand — 0.08%** | **New Zealand — 0.08%** | **New Zealand — 0.08%** |
| 657 | Auckland International Airport Ltd. (Transportation Infrastructure)<sup>(a)</sup>  |  | 3 |
| 304 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Supplies)  |  | 5 |
| 356 | Mercury NZ Ltd. (Electric Utilities)  |  | 1 |
| 828 | Meridian Energy Ltd. (Independent Power and Renewable Electricity Producers)  |  | 3 |
| 1066 | Spark New Zealand Ltd. (Diversified Telecommunication Services)  |  | 4 |
| 70 | Xero Ltd. (Software)<sup>(a)</sup>  |  | 3 |
|  |  |  | 19 |
|  | **Norway — 0.25%** | **Norway — 0.25%** | **Norway — 0.25%** |
| 161 | Adevinta ASA (Interactive Media & Services)<sup>(a)</sup>  |  | 1 |
| 197 | Aker BP ASA (Oil, Gas & Consumable Fuels)  |  | 6 |
| 533 | DNB Bank ASA (Banks)  |  | 11 |
| 500 | Equinor ASA (Oil, Gas & Consumable Fuels)  |  | 18 |
| 121 | Gjensidige Forsikring ASA (Insurance)  |  | 2 |
| 220 | Mowi ASA (Food Products)<sup>(b)</sup>  |  | 4 |
| 873 | Norsk Hydro ASA (Metals & Mining)  |  | 7 |
| 382 | Orkla ASA (Food Products)  |  | 3 |
| 33 | Salmar ASA (Food Products)  |  | 1 |
| 373 | Telenor ASA (Diversified Telecommunication Services)  |  | 3 |
| 86 | Yara International ASA (Chemicals)  |  | 4 |
|  |  |  | 60 |
|  | **Panama — 0.02%** | **Panama — 0.02%** | **Panama — 0.02%** |
| 556 | Carnival Corp. (Hotels, Restaurants & Leisure)<sup>(a)</sup>  |  | 4 |
|  | **Portugal — 0.06%** | **Portugal — 0.06%** | **Portugal — 0.06%** |
| 1449 | E–Ponstrucias de Portugal SA (Electric Utilities)  |  | 7 |
| 282 | Galp Energia SGPS SA, B Shares (Oil, Gas & Consumable Fuels)<sup>(b)</sup>  |  | 4 |
| 201 | Jeronimo Martins SGPS, SA (Food & Staples Retailing)<sup>(b)</sup>  |  | 4 |
|  |  |  | 15 |
|  | **Singapore — 0.48%** | **Singapore — 0.48%** | **Singapore — 0.48%** |
| 1650 | Ascendas Real Estate Investment Trust (Equity Real Estate Investment Trusts)  |  | 3 |
| 2740 | CapitaLand Integrated Commercial Trust (Equity Real Estate Investment Trusts)  |  | 4 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| 1500 | Capitaland Investment Ltd. (Real Estate Management & Development)  | $| 4 |
| 200 | City Developments Ltd. (Real Estate Management & Development)  |  | 1 |
| 924 | DBS Group Holdings Ltd. (Banks)  |  | 24 |
| 3300 | Genting Singapore Ltd. (Hotels, Restaurants & Leisure)  |  | 2 |
| 888 | Grab Holdings Ltd. (Road & Rail)<sup>(a)</sup>  |  | 3 |
| 100 | Jardine Cycle & Carriage Ltd. (Industrial Conglomerates)  |  | 2 |
| 800 | Keppel Corp. Ltd. (Industrial Conglomerates)  |  | 4 |
| 1200 | Mapletree Commercial Trust (Equity Real Estate Investment Trusts)  |  | 1 |
| 1659 | Mapletree Logistics Trust (Equity Real Estate Investment Trusts)  |  | 2 |
| 1935 | Oversea-Chinese Banking Corp. Ltd. (Banks)  |  | 19 |
| 212 | Sea Ltd., ADR (Entertainment)<sup>(a)</sup>  |  | 11 |
| 600 | Singapore Airlines Ltd. (Airlines)  |  | 2 |
| 500 | Singapore Exchange Ltd. (Capital Markets)  |  | 3 |
| 4500 | Singapore Telecommunications Ltd. (Diversified Telecommunication Services)  |  | 9 |
| 700 | United Overseas Bank Ltd. (Banks)  |  | 16 |
| 300 | UOL Group Ltd. (Real Estate Management & Development)  |  | 2 |
| 100 | Venture Corp. Ltd. (Electronic Equipment, Instruments & Components)  |  | 1 |
| 900 | Wilmar International Ltd. (Food Products)  |  | 3 |
|  |  |  | 116 |
|  | **Spain — 0.82%** | **Spain — 0.82%** | **Spain — 0.82%** |
| 18 | Acciona SA (Electric Utilities)  |  | 3 |
| 135 | ACS Actividades onstrucciónion y Servicios SA (Construction & Engineering)  |  | 4 |
| 38 | Aena SME SA (Transportation Infrastructure)<sup>(a)</sup>  |  | 5 |
| 261 | Amadeus IT Group SA (IT Services)<sup>(a)</sup>  |  | 14 |
| 3526 | Banco Bilbao Vizcaya Argentaria SA (Banks)  |  | 21 |
| 9114 | Banco Santander SA (Banks)<sup>(b)</sup>  |  | 27 |
| 2636 | CaixaBank SA (Banks)  |  | 10 |
| 321 | Cellnex Telecom SA (Diversified Telecommunication Services)<sup>(b)</sup>  |  | 11 |
| 33 | Corp. ACCIONA Energias Renovables SA (Independent Power and Renewable Electricity Producers)  |  | 1 |
| 150 | EDP Renovaveis SA (Independent Power and Renewable Electricity Producers)  |  | 3 |
| 121 | Enagas SA (Gas Utilities)<sup>(b)</sup>  |  | 2 |
| 153 | Endesa SA (Electric Utilities)  |  | 3 |
| 265 | Ferrovial SA (Construction & Engineering)  |  | 7 |
| 154 | Grifols SA (Biotechnology)<sup>(a)</sup>  |  | 2 |
| 3285 | Iberdrola SA (Electric Utilities)  |  | 37 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Catholic SRI Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| 632 | Industria de Diseno Textil SA (Specialty Retail)  | $| 17 |
| 70 | Naturgy Energy Group SA (Gas Utilities)  |  | 2 |
| 223 | Red Electrica Corp. SA (Electric Utilities)  |  | 4 |
| 850 | Repsol SA (Oil, Gas & Consumable Fuels)  |  | 14 |
| 2938 | Telefonica SA (Diversified Telecommunication Services)  |  | 11 |
|  |  |  | 198 |
|  | **Sweden — 1.01%** | **Sweden — 1.01%** | **Sweden — 1.01%** |
| 156 | Alfa Laval AB (Machinery)  |  | 5 |
| 572 | Assa Abloy AB, B Shares (Building Products)  |  | 12 |
| 1596 | Atlas Copco AB, Class - A (Machinery)<sup>(a)</sup>  |  | 20 |
| 781 | Atlas Copco AB, Class - B (Machinery)  |  | 8 |
| 140 | Boliden AB (Metals & Mining)  |  | 5 |
| 98 | Electrolux AB, Class - B (Household Durables)  |  | 1 |
| 367 | Embracer Group AB (Entertainment)<sup>(a)</sup>  |  | 2 |
| 348 | Epiroc AB, Class - A (Machinery)  |  | 6 |
| 289 | Epiroc AB, Class - B (Machinery)  |  | 5 |
| 151 | Equities AB (Capital Markets)  |  | 3 |
| 322 | Essity AB, Class - B (Household Products)  |  | 8 |
| 105 | Evolution AB (Hotels, Restaurants & Leisure)  |  | 10 |
| 306 | Fastighets AB Balder, B Shares (Real Estate Management & Development)<sup>(a)</sup>  |  | 1 |
| 120 | Getinge AB, B Shares (Health Care Equipment & Supplies)  |  | 2 |
| 513 | H & M Hennes & Mauritz AB, B Shares (Specialty Retail)  |  | 6 |
| 971 | Hexagon AB, Class - B (Electronic Equipment, Instruments & Components)  |  | 10 |
| 48 | Holmen AB, B Shares (Paper & Forest Products)  |  | 2 |
| 214 | Husqvarna AB, B Shares (Machinery)  |  | 2 |
| 144 | Industrivarden AB, A Shares (Diversified Financial Services)<sup>(b)</sup>  |  | 4 |
| 20 | Industrivarden AB, Class - C (Diversified Financial Services)  |  |  |
| 155 | Indutrade AB (Trading Companies & Distributors)  |  | 3 |
| 81 | Investment AB Latour, Class - B (Industrial Conglomerates)  |  | 2 |
| 278 | Investor AB, Class - A (Diversified Financial Services)  |  | 5 |
| 983 | Investor AB, Class - B (Diversified Financial Services)  |  | 19 |
| 120 | Kinnevik AB, Class - B (Diversified Financial Services)<sup>(a)</sup>  |  | 2 |
| 50 | L E Lundbergforetagen AB, Class - B (Diversified Financial Services)  |  | 2 |
| 127 | Lifco AB, Class - B (Industrial Conglomerates)  |  | 2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| 872 | Nibe Industrier AB, Class - B (Building Products)  | $| 8 |
| 95 | Sagax AB, Class - B (Real Estate Management & Development)  |  | 2 |
| 598 | Sandvik AB (Machinery)  |  | 11 |
| 280 | Securitas AB, Class - B (Commercial Services & Supplies)  |  | 2 |
| 956 | Skandinaviska Enskilda Banken AB, Class - A (Banks)  |  | 11 |
| 174 | Skanska AB, B Shares (Construction & Engineering)  |  | 3 |
| 269 | SKF AB, B Shares (Machinery)  |  | 4 |
| 403 | Svenska Cellulosa AB SCA, Class - B (Paper & Forest Products)  |  | 5 |
| 765 | Svenska Handelsbanken AB, A Shares (Banks)  |  | 8 |
| 543 | Swedbank AB, A Shares (Banks)  |  | 9 |
| 264 | Tele2 AB, B Shares (Wireless Telecommunication Services)  |  | 2 |
| 1729 | Telefonaktiebolaget LM Ericsson, Class - B (Communications Equipment)  |  | 10 |
| 1760 | Telia Co. AB (Diversified Telecommunication Services)<sup>(b)</sup>  |  | 4 |
| 746 | Volvo AB, B Shares (Machinery)  |  | 13 |
| 207 | Volvo AB, Class - A (Machinery)  |  | 4 |
| 325 | Volvo Car AB, Class - B (Automobiles)<sup>(a)</sup>  |  | 1 |
|  |  |  | 244 |
|  | **Switzerland — 2.59%** | **Switzerland — 2.59%** | **Switzerland — 2.59%** |
| 916 | ABB Ltd., Registered Shares (Electrical Equipment)  |  | 28 |
| 82 | Adecco Group AG (Professional Services)<sup>(b)</sup>  |  | 3 |
| 270 | Alcon, Inc. (Health Care Equipment & Supplies)  |  | 18 |
| 24 | Baloise Holding AG, Registered Shares (Insurance)  |  | 4 |
| 16 | Banque Cantonale Vaudoise, Registered Shares (Banks)  |  | 2 |
| 2 | Barry Callebaut AG, Registered Shares (Food Products)<sup>(b)</sup>  |  | 4 |
| 14 | BKW AG (Electric Utilities)  |  | 2 |
| 1 | Chocoladefabriken Lindt & Spruengli AG (Food Products)  |  | 10 |
| 228 | Chubb Ltd. (Insurance)  |  | 51 |
| 288 | Cie Financiere Richemont SA, Registered Shares (Textiles, Apparel & Luxury Goods)  |  | 37 |
| 100 | Clariant AG, Registered Shares (Chemicals)  |  | 2 |
| 114 | Coca-Cola HBC AG (Beverages)  |  | 3 |
| 2215 | Credit Suisse Group AG, Registered Shares (Capital Markets)<sup>(b)</sup>  |  | 7 |
| 5 | EMS-Chemie Holding AG (Chemicals)  |  | 3 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Catholic SRI Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| 80 | Garmin Ltd. (Household Durables)  | $| 7 |
| 22 | Geberit AG, Registered Shares (Building Products)  |  | 10 |
| 5 | Givaudan SA, Registered Shares (Chemicals)  |  | 15 |
| 311 | Holcim Ltd., Registered Shares (Construction Materials)<sup>(b)</sup>  |  | 16 |
| 119 | Julius Baer Group Ltd. (Capital Markets)  |  | 7 |
| 28 | Kuehne & Nagel International AG, Registered Shares (Marine)  |  | 7 |
| 96 | Logitech International SA, Registered Shares (Technology Hardware, Storage & Peripherals)  |  | 6 |
| 1532 | Nestle SA, Registered Shares (Food Products)  |  | 179 |
| 13 | Partners Group Holding AG (Capital Markets)  |  | 11 |
| 18 | Schindler Holding AG (Machinery)  |  | 3 |
| 19 | Schindler Holding AG, Registered Shares (Machinery)  |  | 3 |
| 4 | SGS SA, Registered Shares (Professional Services)<sup>(b)</sup>  |  | 9 |
| 152 | SIG Group AG (Containers & Packaging)<sup>(b)</sup>  |  | 3 |
| 83 | Sika AG, Registered Shares (Chemicals)<sup>(b)</sup>  |  | 20 |
| 28 | Sonova Holding AG, Registered Shares (Health Care Equipment & Supplies)<sup>(b)</sup>  |  | 7 |
| 55 | Straumann Holding AG, Registered Shares (Health Care Equipment & Supplies)  |  | 6 |
| 16 | Swiss Life Holding AG (Insurance)  |  | 8 |
| 38 | Swiss Prime Site AG, Registered Shares (Real Estate Management & Development)  |  | 3 |
| 172 | Swiss Re AG (Insurance)  |  | 16 |
| 13 | Swisscom AG, Registered Shares (Diversified Telecommunication Services)  |  | 7 |
| 172 | TE Connectivity Ltd. (Electronic Equipment, Instruments & Components)  |  | 20 |
| 35 | Temenos AG, Registered Shares (Software)  |  | 2 |
| 39 | The Swatch Group AG (Textiles, Apparel & Luxury Goods)  |  | 2 |
| 19 | The Swatch Group AG, B Shares (Textiles, Apparel & Luxury Goods)  |  | 5 |
| 1850 | UBS Group AG (Capital Markets)  |  | 34 |
| 14 | VAT Group AG (Machinery)<sup>(b)</sup>  |  | 4 |
| 84 | Zurich Financial Services AG (Insurance)  |  | 40 |
|  |  |  | 624 |
|  | **United Arab Emirates — 0.00%** | **United Arab Emirates — 0.00%** | **United Arab Emirates — 0.00%** |
| 118 | NMC Health PLC (Health Care Providers & Services)<sup>(a)(c)</sup>  |  |  |
|  | **United Kingdom — 4.51%** | **United Kingdom — 4.51%** | **United Kingdom — 4.51%** |
| 582 | 3i Group PLC (Capital Markets)  |  | 9 |
| 1208 | abrdn PLC (Diversified Financial Services)  |  | 3 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **United Kingdom (continued)** | **United Kingdom (continued)** |
| 100 | Admiral Group PLC (Insurance)  | $3 |
| 898 | Amcor PLC (Containers & Packaging)  | 11 |
| 697 | Anglo American PLC (Metals & Mining)  | 27 |
| 200 | Antofagasta PLC (Metals & Mining)  | 4 |
| 119 | Aon PLC, Class - A (Insurance)  | 36 |
| 147 | Aptiv PLC (Auto Components)<sup>(a)</sup>  | 14 |
| 254 | Ashtead Group PLC (Trading Companies & Distributors)  | 14 |
| 190 | Associated British Foods PLC (Food Products)  | 4 |
| 483 | Auto Trader Group PLC (Interactive Media & Services)<sup>(b)</sup>  | 3 |
| 69 | Aveva Group PLC (Software)  | 3 |
| 1669 | Aviva PLC (Insurance)  | 9 |
| 9144 | Barclays PLC (Banks)<sup>(b)</sup>  | 18 |
| 502 | Barratt Developments PLC (Household Durables)<sup>(b)</sup>  | 2 |
| 79 | Berkeley Group Holdings PLC (Household Durables)  | 4 |
| 10357 | BP PLC (Oil, Gas & Consumable Fuels)  | 59 |
| 426 | British Land Co. PLC (Equity Real Estate Investment Trusts)  | 2 |
| 4339 | BT Group PLC (Diversified Telecommunication Services)  | 6 |
| 210 | Bunzl PLC (Trading Companies & Distributors)  | 7 |
| 221 | Burberry Group PLC (Textiles, Apparel & Luxury Goods)<sup>(b)</sup>  | 5 |
| 182 | Clarivate PLC (Professional Services)<sup>(a)</sup>  | 2 |
| 108 | Coca-Cola Europacific Partners PLC (Beverages)  | 6 |
| 1035 | Compass Group PLC (Hotels, Restaurants & Leisure)  | 24 |
| 86 | Croda International PLC (Chemicals)<sup>(b)</sup>  | 7 |
| 1251 | Diageo PLC (Beverages)  | 55 |
| 107 | Ferguson PLC (Trading Companies & Distributors)  | 14 |
| 2 | Ferguson PLC (Trading Companies & Distributors)  |  |
| 2958 | Haleon PLC (Personal Products)<sup>(a)</sup>  | 12 |
| 214 | Halma PLC (Electronic Equipment, Instruments & Components)  | 5 |
| 176 | Hargreaves Lansdown PLC (Capital Markets)  | 2 |
| 11171 | HSBC Holdings PLC (Banks)  | 70 |
| 810 | Informa PLC (Media)  | 6 |
| 96 | Intercontinental Hotels Group PLC (Hotels, Restaurants & Leisure)  | 6 |
| 83 | Intertek Group PLC (Professional Services)  | 4 |
| 842 | J Sainsbury PLC (Food & Staples Retailing)  | 2 |
| 1475 | JD Sports Fashion PLC (Specialty Retail)  | 2 |
| 100 | Johnson Matthey PLC (Chemicals)  | 3 |
| 1471 | Kingfisher PLC (Specialty Retail)  | 4 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Catholic SRI Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **United Kingdom (continued)** | **United Kingdom (continued)** |
| 371 | Land Securities Group PLC (Equity Real Estate Investment Trusts)  | $3 |
| 3141 | Legal & General Group PLC (Insurance)  | 9 |
| 142 | Liberty Global PLC, Class - A (Media)<sup>(a)</sup>  | 3 |
| 98 | Liberty Global PLC, Class - C (Diversified Telecommunication Services)<sup>(a)</sup>  | 2 |
| 280 | Linde PLC (Chemicals)  | 90 |
| 39699 | Lloyds Banking Group PLC (Banks)  | 22 |
| 186 | London Stock Exchange Group PLC (Capital Markets)<sup>(b)</sup>  | 16 |
| 1406 | M&G PLC (Diversified Financial Services)  | 3 |
| 267 | Mondi PLC (Paper & Forest Products)  | 5 |
| 1942 | National Grid PLC (Multi-Utilities)  | 23 |
| 2685 | NatWest Group PLC (Banks)<sup>(b)</sup>  | 9 |
| 71 | Next PLC (Multiline Retail)  | 5 |
| 363 | Ocado Group PLC (Food & Staples Retailing)<sup>(a)(b)</sup>  | 3 |
| 399 | Pearson PLC (Media)  | 5 |
| 163 | Persimmon PLC (Household Durables)  | 2 |
| 381 | Phoenix Group Holdings PLC (Insurance)  | 3 |
| 1567 | Prudential PLC (Insurance)  | 21 |
| 1086 | RELX PLC (Professional Services)  | 30 |
| 1495 | Rentokil Initial PLC (Commercial Services & Supplies)  | 9 |
| 586 | Rio Tinto PLC (Metals & Mining)  | 41 |
| 417 | Schroders PLC (Capital Markets)  | 2 |
| 744 | Segro PLC (Equity Real Estate Investment Trusts)  | 7 |
| 74 | Sensata Technologies Holding PLC (Electrical Equipment)  | 3 |
| 121 | Severn Trent PLC (Water Utilities)<sup>(b)</sup>  | 4 |
| 4034 | Shell PLC (Oil, Gas & Consumable Fuels)  | 112 |
| 463 | Smith & Nephew PLC (Health Care Equipment & Supplies)  | 6 |
| 219 | Smiths Group PLC (Industrial Conglomerates)  | 4 |
| 38 | Spirax-Sarco Engineering PLC (Machinery)  | 5 |
| 624 | SSE PLC (Electric Utilities)  | 13 |
| 360 | St. James Place PLC (Capital Markets)  | 5 |
| 1366 | Standard Chartered PLC (Banks)  | 10 |
| 1276 | Stellantis N.V. (Automobiles)  | 18 |
| 1778 | Taylor Wimpey PLC (Household Durables)<sup>(b)</sup>  | 2 |
| 4391 | Tesco PLC (Food & Staples Retailing)  | 12 |
| 545 | The Sage Group PLC (Software)  | 5 |
| 1408 | Unilever PLC (Personal Products)  | 71 |
| 340 | United Utilities Group PLC (Water Utilities)  | 4 |
| 15458 | Vodafone Group PLC (Wireless Telecommunication Services)  | 16 |
| 107 | Whitbread PLC (Hotels, Restaurants & Leisure)  | 3 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| 64 | Willis Towers Watson PLC (Insurance)  | $| 16 |
|  |  |  | 1089 |
|  | **United States — 65.80%** | **United States — 65.80%** | **United States — 65.80%** |
| 302 | 3M Co. (Industrial Conglomerates)  |  | 36 |
| 72 | A.O. Smith Corp. (Building Products)  |  | 4 |
| 350 | Accenture PLC, Class - A (IT Services)  |  | 93 |
| 423 | Activision Blizzard, Inc. (Entertainment)  |  | 32 |
| 262 | Adobe, Inc. (Software)<sup>(a)</sup>  |  | 88 |
| 39 | Advance Auto Parts, Inc. (Specialty Retail)  |  | 6 |
| 895 | Advanced Micro Devices, Inc. (Semiconductors & Semiconductor Equipment)<sup>(a)</sup>  |  | 58 |
| 95 | Affirm Holdings, Inc. (IT Services)<sup>(a)</sup>  |  | 1 |
| 325 | Aflac, Inc. (Insurance)  |  | 23 |
| 164 | Agilent Technologies, Inc. (Life Sciences Tools & Services)  |  | 25 |
| 123 | Air Products & Chemicals, Inc. (Chemicals)  |  | 38 |
| 208 | Airbnb, Inc., Class - A (Hotels, Restaurants & Leisure)<sup>(a)</sup>  |  | 18 |
| 86 | Akamai Technologies, Inc. (IT Services)<sup>(a)</sup>  |  | 7 |
| 66 | Albemarle Corp. (Chemicals)  |  | 14 |
| 97 | Alcoa Corp. (Metals & Mining)  |  | 4 |
| 85 | Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts)  |  | 12 |
| 46 | Align Technology, Inc. (Health Care Equipment & Supplies)<sup>(a)</sup>  |  | 10 |
| 125 | Alliant Energy Corp. (Electric Utilities)  |  | 7 |
| 174 | Ally Financial, Inc. (Consumer Finance)  |  | 4 |
| 69 | Alnylam Pharmaceuticals, Inc. (Biotechnology)<sup>(a)</sup>  |  | 16 |
| 3333 | Alphabet, Inc., Class - A (Interactive Media & Services)<sup>(a)</sup>  |  | 295 |
| 3079 | Alphabet, Inc., Class - C (Interactive Media & Services)<sup>(a)</sup>  |  | 274 |
| 5108 | Amazon.com, Inc. (Internet & Direct Marketing Retail)<sup>(a)</sup>  |  | 430 |
| 146 | Ameren Corp. (Multi-Utilities)  |  | 13 |
| 290 | American Electric Power Company, Inc. (Electric Utilities)  |  | 28 |
| 357 | American Express Co. (Consumer Finance)  |  | 53 |
| 37 | American Financial Group, Inc. (Insurance)  |  | 5 |
| 150 | American Homes 4 Rent, Class - A (Equity Real Estate Investment Trusts)  |  | 5 |
| 431 | American International Group, Inc. (Insurance)  |  | 27 |
| 261 | American Tower Corp. (Equity Real Estate Investment Trusts)  |  | 55 |
| 103 | American Water Works Co., Inc. (Water Utilities)  |  | 16 |
| 59 | Ameriprise Financial, Inc. (Capital Markets)  |  | 18 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Catholic SRI Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **United States (continued)** | **United States (continued)** |
| 91 | AmerisourceBergen Corp. (Health Care Providers & Services)  | $15 |
| 129 | AMETEK, Inc. (Electrical Equipment)  | 18 |
| 316 | Amphenol Corp., Class - A (Electronic Equipment, Instruments & Components)  | 24 |
| 287 | Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)  | 47 |
| 259 | Annaly Capital Management, Inc. (Mortgage Real Estate Investment Trusts)  | 5 |
| 46 | ANSYS, Inc. (Software)<sup>(a)</sup>  | 11 |
| 178 | APA Corp. (Oil, Gas & Consumable Fuels)  | 8 |
| 222 | Apollo Global Management, Inc. (Diversified Financial Services)  | 14 |
| 8934 | Apple, Inc. (Technology Hardware, Storage & Peripherals)  | 1162 |
| 478 | Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)  | 47 |
| 124 | Aramark (Hotels, Restaurants & Leisure)  | 5 |
| 314 | Archer-Daniels-Midland Co. (Food Products)  | 29 |
| 84 | Ares Management Corp., Class - A (Capital Markets)  | 6 |
| 139 | Arista Networks, Inc. (Communications Equipment)<sup>(a)</sup>  | 17 |
| 33 | Arrow Electronics, Inc. (Electronic Equipment, Instruments & Components)<sup>(a)</sup>  | 3 |
| 117 | Arthur J. Gallagher & Co. (Insurance)  | 22 |
| 15 | Aspen Technology, Inc. (Software)<sup>(a)</sup>  | 3 |
| 30 | Assurant, Inc. (Insurance)  | 4 |
| 3958 | AT&T, Inc. (Diversified Telecommunication Services)  | 73 |
| 69 | Atmos Energy Corp. (Gas Utilities)  | 8 |
| 122 | Autodesk, Inc. (Software)<sup>(a)</sup>  | 23 |
| 233 | Automatic Data Processing, Inc. (IT Services)  | 56 |
| 11 | AutoZone, Inc. (Specialty Retail)<sup>(a)</sup>  | 27 |
| 72 | AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts)  | 12 |
| 369 | Avantor, Inc. (Life Sciences Tools & Services)<sup>(a)</sup>  | 8 |
| 42 | Avery Dennison Corp. (Containers & Packaging)  | 8 |
| 549 | Baker Hughes, Inc. (Energy Equipment & Services)  | 16 |
| 169 | Ball Corp. (Containers & Packaging)  | 9 |
| 4041 | Bank of America Corp. (Banks)  | 134 |
| 141 | Bath & Body Works, Inc. (Specialty Retail)  | 6 |
| 284 | Baxter International, Inc. (Health Care Equipment & Supplies)  | 14 |
| 158 | Becton Dickinson & Co. (Health Care Equipment & Supplies)  | 40 |
| 120 | Bentley Systems, Inc., Class - B (Software)  | 4 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **United States (continued)** | **United States (continued)** |
| 722 | Berkshire Hathaway, Inc., Class - B (Diversified Financial Services)<sup>(a)</sup>  | $223 |
| 121 | Best Buy Co., Inc. (Specialty Retail)  | 10 |
| 50 | Bill.com Holdings, Inc. (Software)<sup>(a)</sup>  | 5 |
| 109 | BioMarin Pharmaceutical, Inc. (Biotechnology)<sup>(a)</sup>  | 11 |
| 80 | Bio-Techne Corp. (Life Sciences Tools & Services)  | 7 |
| 85 | Black Knight, Inc. (IT Services)<sup>(a)</sup>  | 5 |
| 84 | BlackRock, Inc., Class - A (Capital Markets)  | 60 |
| 390 | Blackstone, Inc., Class - A (Capital Markets)  | 29 |
| 287 | Block, Inc. (IT Services)<sup>(a)</sup>  | 18 |
| 22 | Booking Holdings, Inc. (Hotels, Restaurants & Leisure)<sup>(a)</sup>  | 44 |
| 71 | Booz Allen Hamilton Holding Corp. (Professional Services)  | 7 |
| 123 | BorgWarner, Inc. (Auto Components)  | 5 |
| 78 | Boston Properties, Inc. (Equity Real Estate Investment Trusts)  | 5 |
| 796 | Boston Scientific Corp. (Health Care Equipment & Supplies)<sup>(a)</sup>  | 37 |
| 224 | Broadcom, Inc. (Semiconductors & Semiconductor Equipment)  | 125 |
| 69 | Broadridge Financial Solutions, Inc. (IT Services)  | 9 |
| 63 | Brookfield Renewable Corp., Class - A (Independent Power and Renewable Electricity Producers)<sup>(b)</sup>  | 2 |
| 145 | Brown & Brown, Inc. (Insurance)  | 8 |
| 161 | Brown-Forman Corp., Class - B (Beverages)  | 11 |
| 36 | Burlington Stores, Inc. (Specialty Retail)<sup>(a)</sup>  | 7 |
| 69 | C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)  | 6 |
| 148 | Cadence Design Systems, Inc. (Software)<sup>(a)</sup>  | 24 |
| 129 | Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)<sup>(a)</sup>  | 5 |
| 61 | Camden Property Trust (Equity Real Estate Investment Trusts)  | 7 |
| 126 | Campbell Soup Co. (Food Products)  | 7 |
| 210 | Capital One Financial Corp. (Consumer Finance)  | 20 |
| 147 | Cardinal Health, Inc. (Health Care Providers & Services)  | 11 |
| 31 | Carlisle Cos., Inc. (Building Products)  | 7 |
| 85 | CarMax, Inc. (Specialty Retail)<sup>(a)</sup>  | 5 |
| 476 | Carrier Global Corp. (Building Products)  | 20 |
| 296 | Caterpillar, Inc. (Machinery)  | 71 |
| 58 | CBOE Global Markets, Inc. (Capital Markets)  | 7 |
| 184 | CBRE Group, Inc., Class - A (Real Estate Management & Development)<sup>(a)</sup>  | 14 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Catholic SRI Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **United States (continued)** | **United States (continued)** |
| 72 | CDW Corp. (Electronic Equipment, Instruments & Components)  | $13 |
| 57 | Celanese Corp., Series A (Chemicals)  | 6 |
| 368 | CenterPoint Energy, Inc. (Multi-Utilities)  | 11 |
| 74 | Ceridian HCM Holding, Inc. (Software)<sup>(a)</sup>  | 5 |
| 112 | CF Industries Holdings, Inc. (Chemicals)  | 10 |
| 63 | Charter Communications, Inc., Class - A (Media)<sup>(a)</sup>  | 21 |
| 131 | Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels)  | 20 |
| 57 | Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)  | 5 |
| 1034 | Chevron Corp. (Oil, Gas & Consumable Fuels)  | 186 |
| 57 | Chewy, Inc., Class - A (Internet & Direct Marketing Retail)<sup>(a)</sup>  | 2 |
| 16 | Chipotle Mexican Grill, Inc. (Hotels, Restaurants & Leisure)<sup>(a)</sup>  | 22 |
| 169 | Cigna Corp. (Health Care Providers & Services)  | 56 |
| 90 | Cincinnati Financial Corp. (Insurance)  | 9 |
| 52 | Cintas Corp. (Commercial Services & Supplies)  | 23 |
| 2306 | Cisco Systems, Inc. (Communications Equipment)  | 110 |
| 1091 | Citigroup, Inc. (Banks)  | 49 |
| 264 | Citizens Financial Group, Inc. (Banks)  | 10 |
| 275 | Cleveland-Cliffs, Inc. (Metals & Mining)<sup>(a)</sup>  | 4 |
| 137 | Cloudflare, Inc., Class - A (Software)<sup>(a)</sup>  | 6 |
| 201 | CME Group, Inc. (Capital Markets)  | 34 |
| 149 | CMS Energy Corp. (Multi-Utilities)  | 9 |
| 90 | Cognex Corp. (Electronic Equipment, Instruments & Components)  | 4 |
| 272 | Cognizant Technology Solutions Corp. (IT Services)  | 16 |
| 65 | Coinbase Global, Inc., Class - A (Capital Markets)^<sup>(a)</sup>  | 2 |
| 450 | Colgate-Palmolive Co. (Household Products)  | 35 |
| 2452 | Comcast Corp., Class - A (Media)  | 86 |
| 250 | Conagra Brands, Inc. (Food Products)  | 10 |
| 705 | ConocoPhillips (Oil, Gas & Consumable Fuels)  | 83 |
| 195 | Consolidated Edison, Inc. (Multi-Utilities)  | 19 |
| 85 | Constellation Brands, Inc., Class - A (Beverages)  | 20 |
| 185 | Constellation Energy Corp. (Electric Utilities)  | 16 |
| 226 | Copart, Inc. (Commercial Services & Supplies)<sup>(a)</sup>  | 14 |
| 397 | Corteva, Inc. (Chemicals)  | 23 |
| 210 | CoStar Group, Inc. (Professional Services)<sup>(a)</sup>  | 16 |
| 247 | Costco Wholesale Corp. (Food & Staples Retailing)  | 113 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **United States (continued)** | **United States (continued)** |
| 470 | Coterra Energy, Inc. (Oil, Gas & Consumable Fuels)  | $12 |
| 111 | Crowdstrike Holdings, Inc., Class - A (Software)<sup>(a)</sup>  | 12 |
| 240 | Crown Castle, Inc. (Equity Real Estate Investment Trusts)  | 33 |
| 66 | Crown Holdings, Inc. (Containers & Packaging)  | 5 |
| 1217 | CSX Corp. (Road & Rail)  | 38 |
| 81 | Cummins, Inc. (Machinery)  | 20 |
| 731 | CVS Health Corp. (Health Care Providers & Services)  | 68 |
| 190 | D.R. Horton, Inc. (Household Durables)  | 17 |
| 71 | Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)  | 10 |
| 87 | Darling Ingredients, Inc. (Food Products)<sup>(a)</sup>  | 5 |
| 145 | Datadog, Inc., Class - A (Software)<sup>(a)</sup>  | 11 |
| 30 | DaVita, Inc. (Health Care Providers & Services)<sup>(a)</sup>  | 2 |
| 162 | Deere & Co. (Machinery)  | 69 |
| 144 | DELL Technologies, Inc., Class - C (Technology Hardware, Storage & Peripherals)  | 6 |
| 79 | Delta Air Lines, Inc. (Airlines)<sup>(a)</sup>  | 3 |
| 109 | DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies)  | 3 |
| 357 | Devon Energy Corp. (Oil, Gas & Consumable Fuels)  | 22 |
| 214 | Dexcom, Inc. (Health Care Equipment & Supplies)<sup>(a)</sup>  | 24 |
| 94 | Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)  | 13 |
| 158 | Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts)  | 16 |
| 159 | Discover Financial Services (Consumer Finance)  | 16 |
| 140 | Dish Network Corp. (Media)<sup>(a)</sup>  | 2 |
| 131 | DocuSign, Inc. (Software)<sup>(a)</sup>  | 7 |
| 128 | Dollar General Corp. (Multiline Retail)  | 32 |
| 127 | Dollar Tree, Inc. (Multiline Retail)<sup>(a)</sup>  | 18 |
| 453 | Dominion Energy, Inc. (Multi-Utilities)  | 28 |
| 19 | Dom'no's Pizza, Inc. (Hotels, Restaurants & Leisure)  | 7 |
| 130 | DoorDash, Inc., Class - A (Internet & Direct Marketing Retail)<sup>(a)</sup>  | 6 |
| 82 | Dover Corp. (Machinery)  | 11 |
| 402 | Dow, Inc. (Chemicals)  | 20 |
| 162 | Dropbox, Inc., Class - A (Software)<sup>(a)</sup>  | 4 |
| 110 | DTE Energy Co. (Multi-Utilities)  | 13 |
| 429 | Duke Energy Corp. (Electric Utilities)  | 44 |
| 288 | DuPont de Nemours, Inc. (Chemicals)  | 20 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Catholic SRI Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **United States (continued)** | **United States (continued)** |
| 98 | Dynatrace, Inc. (Software)<sup>(a)</sup>  | $4 |
| 70 | Eastman Chemical Co. (Chemicals)  | 6 |
| 302 | eBay, Inc. (Internet & Direct Marketing Retail)  | 13 |
| 147 | Ecolab, Inc. (Chemicals)  | 21 |
| 218 | Edison International (Electric Utilities)  | 14 |
| 348 | Edwards Lifesciences Corp. (Health Care Equipment & Supplies)<sup>(a)</sup>  | 26 |
| 225 | Elanco Animal Health, Inc. (Pharmaceuticals)<sup>(a)</sup>  | 3 |
| 158 | Electronic Arts, Inc. (Entertainment)  | 19 |
| 134 | Elevance Health, Inc. (Health Care Providers & Services)  | 69 |
| 333 | Emerson Electric Co. (Electrical Equipment)  | 32 |
| 74 | Enphase Energy, Inc. (Semiconductors & Semiconductor Equipment)<sup>(a)</sup>  | 20 |
| 84 | Entegris, Inc. (Semiconductors & Semiconductor Equipment)  | 6 |
| 115 | Entergy Corp. (Electric Utilities)  | 13 |
| 330 | EOG Resources, Inc. (Oil, Gas & Consumable Fuels)  | 43 |
| 30 | EPAM Systems, Inc. (IT Services)<sup>(a)</sup>  | 10 |
| 176 | EQT Corp. (Oil, Gas & Consumable Fuels)  | 6 |
| 70 | Equifax, Inc. (Professional Services)  | 14 |
| 51 | Equinix, Inc. (Equity Real Estate Investment Trusts)  | 33 |
| 225 | Equitable Holdings, Inc. (Diversified Financial Services)  | 6 |
| 85 | Equity Lifestyle Properties, Inc. (Equity Real Estate Investment Trusts)  | 5 |
| 202 | Equity Residential (Equity Real Estate Investment Trusts)  | 12 |
| 15 | Erie Indemnity Co., Class - A (Insurance)  | 4 |
| 147 | Essential Utilities, Inc. (Water Utilities)  | 7 |
| 39 | Essex Property Trust, Inc. (Equity Real Estate Investment Trusts)  | 8 |
| 67 | Etsy, Inc. (Internet & Direct Marketing Retail)<sup>(a)</sup>  | 8 |
| 139 | Evergy, Inc. (Electric Utilities)  | 9 |
| 194 | Eversource Energy (Electric Utilities)  | 16 |
| 91 | Exact Sciences Corp. (Biotechnology)<sup>(a)</sup>  | 5 |
| 547 | Exelon Corp. (Electric Utilities)  | 24 |
| 85 | Expedia Group, Inc. (Hotels, Restaurants & Leisure)<sup>(a)</sup>  | 7 |
| 89 | Expeditors International of Washington, Inc. (Air Freight & Logistics)  | 9 |
| 78 | Extra Space Storage, Inc. (Equity Real Estate Investment Trusts)  | 11 |
| 2323 | Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)  | 256 |
| 25 | F5, Inc. (Communications Equipment)<sup>(a)</sup>  | 4 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **United States (continued)** | **United States (continued)** |
| 23 | FactSet Research Systems, Inc. (Capital Markets)  | $9 |
| 14 | Fair Isaac Corp. (Software)<sup>(a)</sup>  | 8 |
| 326 | Fastenal Co. (Trading Companies & Distributors)  | 15 |
| 140 | FedEx Corp. (Air Freight & Logistics)  | 24 |
| 142 | Fidelity National Financial, Inc. (Insurance)  | 5 |
| 353 | Fidelity National Information Services, Inc. (IT Services)  | 24 |
| 390 | Fifth Third Bancorp (Banks)  | 13 |
| 7 | First Citizens BancShares, Inc., Class - A (Banks)  | 5 |
| 296 | First Horizon Corp. (Banks)  | 7 |
| 92 | First Republic Bank (Banks)  | 11 |
| 57 | First Solar, Inc. (Semiconductors & Semiconductor Equipment)<sup>(a)</sup>  | 9 |
| 315 | FirstEnergy Corp. (Electric Utilities)  | 13 |
| 346 | Fiserv, Inc. (IT Services)<sup>(a)</sup>  | 35 |
| 41 | FleetCor Technologies, Inc. (IT Services)<sup>(a)</sup>  | 8 |
| 66 | FMC Corp. (Chemicals)  | 8 |
| 2198 | Ford Motor Co. (Automobiles)  | 26 |
| 378 | Fortinet, Inc. (Software)<sup>(a)</sup>  | 18 |
| 200 | Fortive Corp. (Machinery)  | 13 |
| 73 | Fortune Brands Innovations, Inc. (Building Products)  | 4 |
| 161 | Fox Corp., Class - A (Media)  | 5 |
| 105 | Fox Corp., Class - B (Media)  | 3 |
| 199 | Franklin Resources, Inc. (Capital Markets)  | 5 |
| 795 | Freeport-McMoRan, Inc. (Metals & Mining)  | 30 |
| 145 | Gaming and Leisure Properties, Inc. (Equity Real Estate Investment Trusts)  | 8 |
| 43 | Gartner, Inc. (IT Services)<sup>(a)</sup>  | 14 |
| 307 | Gen Digital, Inc. (Software)  | 7 |
| 45 | Generac Holdings, Inc. (Electrical Equipment)<sup>(a)</sup>  | 5 |
| 335 | General Mills, Inc. (Food Products)  | 28 |
| 774 | General Motors Co. (Automobiles)  | 26 |
| 76 | Genuine Parts Co. (Distributors)  | 13 |
| 150 | Global Payments, Inc. (IT Services)  | 15 |
| 60 | Globe Life, Inc. (Insurance)  | 7 |
| 87 | GoDaddy, Inc., Class - A (IT Services)<sup>(a)</sup>  | 7 |
| 490 | Halliburton Co. (Energy Equipment & Services)  | 19 |
| 73 | Hasbro, Inc. (Leisure Products)  | 4 |
| 124 | HCA Healthcare, Inc. (Health Care Providers & Services)  | 30 |
| 234 | Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts)  | 5 |
| 270 | Healthpeak Properties, Inc. (Equity Real Estate Investment Trusts)  | 7 |
| 31 | HEICO Corp. (Aerospace & Defense)  | 5 |
| 39 | HEICO Corp., Class - A (Aerospace & Defense)  | 5 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Catholic SRI Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **United States (continued)** | **United States (continued)** |
| 74 | Henry Schein, Inc. (Health Care Providers & Services)<sup>(a)</sup>  | $6 |
| 155 | Hess Corp. (Oil, Gas & Consumable Fuels)  | 22 |
| 699 | Hewlett Packard Enterprise Co. (Technology Hardware, Storage & Peripherals)  | 11 |
| 90 | HF Sinclair Corp. (Oil, Gas & Consumable Fuels)  | 5 |
| 155 | Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)  | 20 |
| 132 | Hologic, Inc. (Health Care Equipment & Supplies)<sup>(a)</sup>  | 10 |
| 155 | Hormel Foods Corp. (Food Products)  | 7 |
| 376 | Host Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts)  | 6 |
| 202 | Howmet Aerospace, Inc. (Aerospace & Defense)  | 8 |
| 562 | HP, Inc. (Technology Hardware, Storage & Peripherals)  | 15 |
| 28 | Hubbell, Inc. (Electrical Equipment)  | 7 |
| 24 | HubSpot, Inc. (Software)<sup>(a)</sup>  | 7 |
| 70 | Humana, Inc. (Health Care Providers & Services)  | 36 |
| 765 | Huntington Bancshares, Inc. (Banks)  | 11 |
| 39 | IDEX Corp. (Machinery)  | 9 |
| 47 | IDEXX Laboratories, Inc. (Health Care Equipment & Supplies)<sup>(a)</sup>  | 19 |
| 168 | Illinois Tool Works, Inc. (Machinery)  | 37 |
| 114 | Incyte Corp. (Biotechnology)<sup>(a)</sup>  | 9 |
| 243 | Ingersoll Rand, Inc. (Machinery)  | 13 |
| 40 | Insulet Corp. (Health Care Equipment & Supplies)<sup>(a)</sup>  | 12 |
| 2265 | Intel Corp. (Semiconductors & Semiconductor Equipment)  | 60 |
| 314 | Intercontinental Exchange, Inc. (Capital Markets)  | 32 |
| 499 | International Business Machines Corp. (IT Services)  | 70 |
| 145 | International Flavors & Fragrances, Inc. (Chemicals)  | 15 |
| 201 | International Paper Co. (Containers & Packaging)  | 7 |
| 149 | Intuit, Inc. (Software)  | 58 |
| 198 | Intuitive Surgical, Inc. (Health Care Equipment & Supplies)<sup>(a)</sup>  | 53 |
| 349 | Invitation Homes, Inc. (Equity Real Estate Investment Trusts)  | 10 |
| 106 | IQVIA Holdings, Inc. (Life Sciences Tools & Services)<sup>(a)</sup>  | 22 |
| 165 | Iron Mountain, Inc. (Equity Real Estate Investment Trusts)  | 8 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **United States (continued)** | **United States (continued)** |
| 39 | Jack Henry & Associates, Inc. (IT Services)  | $7 |
| 78 | Jacobs Solutions, Inc. (Professional Services)  | 9 |
| 40 | Jazz Pharmaceuticals PLC (Pharmaceuticals)<sup>(a)</sup>  | 6 |
| 44 | JB Hunt Transport Services, Inc. (Road & Rail)  | 8 |
| 389 | Johnson Controls International PLC (Building Products)  | 25 |
| 1632 | JPMorgan Chase & Co. (Banks)  | 219 |
| 200 | Juniper Networks, Inc. (Communications Equipment)  | 6 |
| 133 | Kellogg Co. (Food Products)  | 9 |
| 435 | Keurig Dr Pepper, Inc. (Beverages)  | 16 |
| 473 | KeyCorp (Banks)  | 8 |
| 102 | Keysight Technologies, Inc. (Electronic Equipment, Instruments & Components)<sup>(a)</sup>  | 17 |
| 186 | Kimberly-Clark Corp. (Household Products)  | 25 |
| 350 | Kimco Realty Corp. (Equity Real Estate Investment Trusts (REITs))  | 7 |
| 1135 | Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)  | 21 |
| 334 | KKR & Co., Inc. (Capital Markets)  | 16 |
| 78 | KLA Corp. (Semiconductors & Semiconductor Equipment)  | 29 |
| 81 | Knight-Swift Transportation Holdings, Inc. (Road & Rail)  | 4 |
| 49 | Laboratory Corporation of America Holdings (Health Care Providers & Services)  | 12 |
| 76 | Lam Research Corp. (Semiconductors & Semiconductor Equipment)  | 32 |
| 80 | Lamb Weston Holdings, Inc. (Food Products)  | 7 |
| 183 | Las Vegas Sands Corp. (Hotels, Restaurants & Leisure)<sup>(a)</sup>  | 9 |
| 35 | Lear Corp. (Auto Components)  | 4 |
| 140 | Lennar Corp., Class - A (Household Durables)  | 13 |
| 19 | Lennox International, Inc. (Building Products)  | 5 |
| 72 | Liberty Broadband Corp., Class - C (Media)<sup>(a)</sup>  | 5 |
| 98 | Liberty Media Corp. - Liberty Formula One, Class - C (Entertainment)<sup>(a)</sup>  | 6 |
| 58 | Liberty Media Corp. - Liberty SiriusXM, Class - A (Media)<sup>(a)</sup>  | 2 |
| 87 | Liberty Media Corp. - Liberty SiriusXM, Class - C (Media)<sup>(a)</sup>  | 3 |
| 89 | Lincoln National Corp. (Insurance)  | 3 |
| 106 | Live Nation Entertainment, Inc. (Entertainment)<sup>(a)</sup>  | 7 |
| 152 | LKQ Corp. (Distributors)  | 8 |
| 126 | Loews Corp. (Insurance)  | 7 |
| 349 | L'we's Companies, Inc. (Specialty Retail)  | 70 |
| 45 | LPL Financial Holdings, Inc. (Capital Markets)  | 10 |
| 302 | Lucid Group, Inc. (Automobiles)^<sup>(a)</sup>  | 2 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Catholic SRI Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **United States (continued)** | **United States (continued)** |
| 456 | Lumen Technologies, Inc. (Diversified Telecommunication Services)  | $2 |
| 97 | M&T Bank Corp. (Banks)  | 14 |
| 407 | Marathon Oil Corp. (Oil, Gas & Consumable Fuels)  | 11 |
| 278 | Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)  | 32 |
| 7 | Markel Corp. (Insurance)<sup>(a)</sup>  | 9 |
| 20 | MarketAxess Holdings, Inc. (Capital Markets)  | 6 |
| 155 | Marriott International, Inc., Class - A (Hotels, Restaurants & Leisure)  | 23 |
| 283 | Marsh & McLennan Companies, Inc. (Insurance)  | 47 |
| 35 | Martin Marietta Materials, Inc. (Construction Materials)  | 12 |
| 464 | Marvell Technology, Inc. (Semiconductors & Semiconductor Equipment)  | 17 |
| 131 | Masco Corp. (Building Products)  | 6 |
| 29 | Masimo Corp. (Health Care Equipment & Supplies)<sup>(a)</sup>  | 4 |
| 481 | MasterCard, Inc., Class - A (IT Services)  | 167 |
| 157 | Match Group, Inc. (Interactive Media & Services)<sup>(a)</sup>  | 7 |
| 145 | McCormick & Company, Inc. (Food Products)  | 12 |
| 412 | McDon'ld's Corp. (Hotels, Restaurants & Leisure)  | 109 |
| 80 | McKesson Corp. (Health Care Providers & Services)  | 30 |
| 315 | Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts (REITs))  | 4 |
| 26 | MercadoLibre, Inc. (Internet & Direct Marketing Retail)<sup>(a)</sup>  | 22 |
| 1273 | Meta Platforms, Inc., Class - A (Interactive Media & Services)<sup>(a)</sup>  | 153 |
| 374 | MetLife, Inc. (Insurance)  | 27 |
| 13 | Mettler-Toledo International, Inc. (Life Sciences Tools & Services)<sup>(a)</sup>  | 19 |
| 194 | MGM Resorts International (Hotels, Restaurants & Leisure)  | 7 |
| 301 | Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)  | 21 |
| 619 | Micron Technology, Inc. (Semiconductors & Semiconductor Equipment)  | 31 |
| 3935 | Microsoft Corp. (Software)  | 945 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **United States (continued)** | **United States (continued)** |
| 60 | Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts (REITs))  | $9 |
| 30 | Mohawk Industries, Inc. (Household Durables)<sup>(a)</sup>  | 3 |
| 35 | Molina Heathcare, Inc. (Health Care Providers & Services)<sup>(a)</sup>  | 12 |
| 99 | Molson Coors Beverage Co., Class - B (Beverages)  | 5 |
| 772 | Mondelez International, Inc., Class - A (Food Products)  | 51 |
| 36 | MongoDB, Inc. (IT Services)<sup>(a)</sup>  | 7 |
| 23 | Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment)  | 8 |
| 221 | Monster Beverage Corp. (Beverages)<sup>(a)</sup>  | 22 |
| 94 | Mo'dy's Corp. (Capital Markets)  | 26 |
| 711 | Morgan Stanley (Capital Markets)  | 60 |
| 94 | Motorola Solutions, Inc. (Communications Equipment)  | 24 |
| 43 | MSCI, Inc. (Capital Markets)  | 20 |
| 197 | Nasdaq, Inc. (Capital Markets)  | 12 |
| 118 | NetApp, Inc. (Technology Hardware, Storage & Peripherals)  | 7 |
| 248 | Netflix, Inc. (Entertainment)<sup>(a)</sup>  | 73 |
| 59 | Neurocrine Biosciences, Inc. (Biotechnology)<sup>(a)</sup>  | 7 |
| 436 | Newmont Corp. (Metals & Mining)  | 21 |
| 182 | News Corp., Class - A (Media)  | 3 |
| 1089 | NextEra Energy, Inc. (Electric Utilities)  | 91 |
| 708 | NIKE, Inc., Class - B (Textiles, Apparel & Luxury Goods)  | 83 |
| 202 | NiSource, Inc. (Multi-Utilities)  | 6 |
| 29 | Nordson Corp. (Machinery)  | 7 |
| 132 | Norfolk Southern Corp. (Road & Rail)  | 33 |
| 104 | Northern Trust Corp. (Capital Markets)  | 9 |
| 124 | NRG Energy, Inc. (Electric Utilities)  | 4 |
| 149 | Nucor Corp. (Metals & Mining)  | 20 |
| 1385 | NVIDIA Corp. (Semiconductors & Semiconductor Equipment)  | 202 |
| 2 | NVR, Inc. (Household Durables)<sup>(a)</sup>  | 9 |
| 521 | Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)  | 33 |
| 78 | Okta, Inc. (IT Services)<sup>(a)</sup>  | 5 |
| 55 | Old Dominion Freight Line, Inc. (Road & Rail)  | 16 |
| 112 | Omnicom Group, Inc. (Media)  | 9 |
| 240 | ON Semiconductor Corp. (Semiconductors & Semiconductor Equipment)<sup>(a)</sup>  | 15 |
| 248 | ONEOK, Inc. (Oil, Gas & Consumable Fuels)  | 16 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Catholic SRI Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **United States (continued)** | **United States (continued)** |
| 890 | Oracle Corp. (Software)  | $73 |
| 37 | O'Reilly Automotive, Inc. (Specialty Retail)<sup>(a)</sup>  | 31 |
| 238 | Otis Worldwide Corp. (Machinery)  | 19 |
| 140 | Ovintiv, Inc. (Oil, Gas & Consumable Fuels)  | 7 |
| 54 | Owens Corning (Building Products)  | 5 |
| 198 | PACCAR, Inc. (Machinery)  | 20 |
| 49 | Packaging Corporation of America (Containers & Packaging)  | 6 |
| 1031 | Palantir Technologies, Inc., Class - A (Software)<sup>(a)</sup>  | 7 |
| 165 | Palo Alto Networks, Inc. (Software)<sup>(a)</sup>  | 23 |
| 383 | Paramount Global, Class - B (Media)  | 6 |
| 71 | Parker Hannifin Corp. (Machinery)  | 21 |
| 180 | Paychex, Inc. (IT Services)  | 21 |
| 27 | PAYCOM Software, Inc. (Software)<sup>(a)</sup>  | 8 |
| 22 | Paylocity Holding Corp. (Software)<sup>(a)</sup>  | 4 |
| 610 | PayPal Holdings, Inc. (IT Services)<sup>(a)</sup>  | 43 |
| 770 | PepsiCo, Inc. (Beverages)  | 139 |
| 866 | PG&E Corp. (Electric Utilities)<sup>(a)</sup>  | 14 |
| 267 | Phillips 66 (Oil, Gas & Consumable Fuels)  | 28 |
| 297 | Pinterest, Inc., Class - A (Interactive Media & Services)<sup>(a)</sup>  | 7 |
| 129 | Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)  | 29 |
| 352 | Plug Power, Inc. (Electrical Equipment)<sup>(a)</sup>  | 4 |
| 233 | PNC Financial Services Group, Inc. (Banks)  | 37 |
| 25 | Pool Corp. (Distributors)  | 8 |
| 133 | PPG Industries, Inc. (Chemicals)  | 17 |
| 395 | PPL Corp. (Electric Utilities)  | 12 |
| 135 | Principal Financial Group, Inc. (Insurance)  | 11 |
| 510 | Prologis, Inc. (Equity Real Estate Investment Trusts (REITs))  | 57 |
| 207 | Prudential Financial, Inc. (Insurance)  | 21 |
| 59 | PTC, Inc. (Software)<sup>(a)</sup>  | 7 |
| 273 | Public Service Enterprise Group, Inc. (Multi-Utilities)  | 17 |
| 89 | Public Storage (Equity Real Estate Investment Trusts)  | 25 |
| 131 | PulteGroup, Inc. (Household Durables)  | 6 |
| 54 | Qorvo, Inc. (Semiconductors & Semiconductor Equipment)<sup>(a)</sup>  | 5 |
| 621 | QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment)  | 68 |
| 86 | Quanta Services, Inc. (Construction & Engineering)  | 12 |
| 70 | Quest Diagnostics, Inc. (Health Care Providers & Services)  | 11 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **United States (continued)** | **United States (continued)** |
| 114 | Raymond James Financial, Inc. (Capital Markets)  | $12 |
| 344 | Realty Income Corp. (Equity Real Estate Investment Trusts)  | 22 |
| 76 | Regency Centers Corp. (Equity Real Estate Investment Trusts (REITs))  | 5 |
| 497 | Regions Financial Corp. (Banks)  | 11 |
| 29 | Repligen Corp. (Life Sciences Tools & Services)<sup>(a)</sup>  | 5 |
| 127 | Republic Services, Inc. (Commercial Services & Supplies)  | 16 |
| 81 | ResMed, Inc. (Health Care Equipment & Supplies)  | 17 |
| 194 | Rivian Automotive, Inc., Class - A (Automobiles)<sup>(a)</sup>  | 4 |
| 59 | Robert Half International, Inc. (Professional Services)  | 4 |
| 226 | ROBLOX Corp., Class - A (Entertainment)<sup>(a)</sup>  | 6 |
| 65 | Rockwell Automation, Inc. (Electrical Equipment)  | 17 |
| 62 | Roku, Inc. (Entertainment)<sup>(a)</sup>  | 3 |
| 118 | Rollins, Inc. (Commercial Services & Supplies)  | 4 |
| 59 | Roper Technologies, Inc. (Software)  | 25 |
| 196 | Ross Stores, Inc. (Specialty Retail)  | 23 |
| 207 | Royalty Pharma PLC, Class - A (Pharmaceuticals)  | 8 |
| 79 | RPM International, Inc. (Chemicals)  | 8 |
| 186 | S&P Global, Inc. (Capital Markets)  | 62 |
| 553 | Salesforce, Inc. (Software)<sup>(a)</sup>  | 73 |
| 60 | SBA Communications Corp. (Equity Real Estate Investment Trusts (REITs))  | 17 |
| 785 | Schlumberger N.V. (Energy Equipment & Services)  | 42 |
| 81 | Seagen, Inc. (Biotechnology)<sup>(a)</sup>  | 10 |
| 75 | Sealed Air Corp. (Containers & Packaging)  | 4 |
| 64 | SEI Investments Co. (Capital Markets)  | 4 |
| 177 | Sempra Energy (Multi-Utilities)  | 27 |
| 110 | ServiceNow, Inc. (Software)<sup>(a)</sup>  | 43 |
| 41 | Signature Bank (Banks)  | 5 |
| 187 | Simon Property Group, Inc. (Equity Real Estate Investment Trusts (REITs))  | 22 |
| 400 | Sirius XM Holdings, Inc. (Media)^  | 2 |
| 83 | Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)  | 8 |
| 676 | Snap, Inc., Class - A (Interactive Media & Services)<sup>(a)</sup>  | 6 |
| 29 | Snap-on, Inc. (Machinery)  | 7 |
| 122 | Snowflake, Inc., Class - A (IT Services)<sup>(a)</sup>  | 18 |
| 74 | Southwest Airlines Co. (Airlines)<sup>(a)</sup>  | 2 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Catholic SRI Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **United States (continued)** | **United States (continued)** |
| 86 | Splunk, Inc. (Software)<sup>(a)</sup>  | $7 |
| 122 | SS&C Technologies Holdings, Inc. (Software)  | 6 |
| 91 | Stanley Black & Decker, Inc. (Machinery)  | 7 |
| 640 | Starbucks Corp. (Hotels, Restaurants & Leisure)  | 63 |
| 208 | State Street Corp. (Capital Markets)  | 16 |
| 104 | Steel Dynamics, Inc. (Metals & Mining)  | 10 |
| 189 | Stryker Corp. (Health Care Equipment & Supplies)  | 46 |
| 65 | Sun Communities, Inc. (Equity Real Estate Investment Trusts)  | 9 |
| 31 | SVB Financial Group (Banks)<sup>(a)</sup>  | 7 |
| 268 | Synchrony Financial (Consumer Finance)  | 9 |
| 85 | Synopsys, Inc. (Software)<sup>(a)</sup>  | 27 |
| 287 | Sysco Corp. (Food & Staples Retailing)  | 22 |
| 129 | T. Rowe Price Group, Inc. (Capital Markets)  | 14 |
| 90 | Take-Two Interactive Software, Inc. (Entertainment)<sup>(a)</sup>  | 9 |
| 133 | Targa Resources Corp. (Oil, Gas & Consumable Fuels)  | 10 |
| 259 | Target Corp. (Multiline Retail)  | 39 |
| 25 | Teledyne Technologies, Inc. (Electronic Equipment, Instruments & Components)<sup>(a)</sup>  | 10 |
| 30 | Teleflex, Inc. (Health Care Equipment & Supplies)  | 7 |
| 84 | Teradyne, Inc. (Semiconductors & Semiconductor Equipment)  | 7 |
| 1485 | Tesla, Inc. (Automobiles)<sup>(a)</sup>  | 183 |
| 498 | Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)  | 82 |
| 3 | Texas Pacific Land Corp. (Oil, Gas & Consumable Fuels)  | 7 |
| 375 | The AES Corp. (Independent Power and Renewable Electricity Producers)  | 11 |
| 155 | The Allstate Corp. (Insurance)  | 21 |
| 428 | The Bank of New York Mellon Corp. (Capital Markets)  | 19 |
| 130 | The Carlyle Group, Inc. (Capital Markets)  | 4 |
| 808 | The Charles Schwab Corp. (Capital Markets)  | 67 |
| 73 | The Clorox Co. (Household Products)  | 10 |
| 2299 | The Coca-Cola Co. (Beverages)  | 146 |
| 130 | The Estee Lauder Companies, Inc. (Personal Products)  | 32 |
| 192 | The Goldman Sachs Group, Inc. (Capital Markets)  | 66 |
| 189 | The Hartford Financial Services Group, Inc. (Insurance)  | 14 |
| 81 | The Hershey Co. (Food Products)  | 19 |
| 573 | The Home Depot, Inc. (Specialty Retail)  | 181 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **United States (continued)** | **United States (continued)** |
| 207 | The Interpublic Group of Companies, Inc. (Media)  | $7 |
| 64 | The J.M. Smucker Co. (Food Products)  | 10 |
| 411 | The Kraft Heinz Co. (Food Products)  | 17 |
| 386 | The Kroger Co. (Food & Staples Retailing)  | 17 |
| 186 | The Mosaic Co. (Chemicals)  | 8 |
| 327 | The Progressive Corp. (Insurance)  | 42 |
| 138 | The Sherwin-Williams Co. (Chemicals)  | 33 |
| 596 | The Southern Co. (Electric Utilities)  | 43 |
| 662 | The TJX Companies, Inc. (Specialty Retail)  | 53 |
| 255 | The Trade Desk, Inc., Class - A (Software)<sup>(a)</sup>  | 11 |
| 137 | The Travelers Companies, Inc. (Insurance)  | 26 |
| 1009 | The Walt Disney Co. (Entertainment)<sup>(a)</sup>  | 88 |
| 209 | The Western Union Co. (IT Services)  | 3 |
| 694 | The Williams Cos., Inc. (Oil, Gas & Consumable Fuels)  | 23 |
| 347 | T-Mobile US, Inc. (Wireless Telecommunication Services)<sup>(a)</sup>  | 49 |
| 129 | Toast, Inc., Class - A (IT Services)<sup>(a)</sup>  | 2 |
| 66 | Tractor Supply Co. (Specialty Retail)  | 15 |
| 56 | Tradeweb Markets, Inc., Class - A (Capital Markets)  | 4 |
| 132 | Trane Technologies PLC (Building Products)  | 22 |
| 30 | TransDigm Group, Inc. (Aerospace & Defense)  | 19 |
| 101 | TransUnion (Professional Services)  | 6 |
| 143 | Trimble, Inc. (Electronic Equipment, Instruments & Components)<sup>(a)</sup>  | 7 |
| 747 | Truist Financial Corp. (Banks)  | 32 |
| 91 | Twilio, Inc., Class - A (IT Services)<sup>(a)</sup>  | 4 |
| 23 | Tyler Technologies, Inc. (Software)<sup>(a)</sup>  | 7 |
| 173 | Tyson Foods, Inc., Class - A (Food Products)  | 11 |
| 773 | U.S. Bancorp (Banks)  | 34 |
| 809 | Uber Technologies, Inc. (Road & Rail)<sup>(a)</sup>  | 20 |
| 188 | UDR, Inc. (Equity Real Estate Investment Trusts)  | 7 |
| 110 | UGI Corp. (Gas Utilities)  | 4 |
| 45 | U-Haul Holding Co. (Road & Rail)  | 2 |
| 30 | Ulta Beauty, Inc. (Specialty Retail)<sup>(a)</sup>  | 14 |
| 351 | Union Pacific Corp. (Road & Rail)  | 73 |
| 410 | United Parcel Service, Inc., Class - B (Air Freight & Logistics)  | 71 |
| 38 | United Rentals, Inc. (Trading Companies & Distributors)<sup>(a)</sup>  | 14 |
| 520 | UnitedHealth Group, Inc. (Health Care Providers & Services)  | 277 |
| 142 | Unity Software, Inc. (Software)<sup>(a)</sup>  | 4 |
| 34 | Universal Health Services, Inc., Class - B (Health Care Providers & Services)  | 5 |
| 171 | V.F. Corp. (Textiles, Apparel & Luxury Goods)  | 5 |
| 21 | Vail Resorts, Inc. (Hotels, Restaurants & Leisure)  | 5 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Catholic SRI Growth Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **United States (continued)** | **United States (continued)** |
| 226 | Valero Energy Corp. (Oil, Gas & Consumable Fuels)  | $29 |
| 79 | Veeva Systems, Inc., Class - A (Health Care Technology)<sup>(a)</sup>  | 13 |
| 229 | Ventas, Inc. (Equity Real Estate Investment Trusts)  | 10 |
| 54 | VeriSign, Inc. (IT Services)<sup>(a)</sup>  | 11 |
| 92 | Verisk Analytics, Inc., Class - A (Professional Services)  | 16 |
| 2326 | Verizon Communications, Inc. (Diversified Telecommunication Services)  | 92 |
| 543 | VICI Properties, Inc. (Equity Real Estate Investment Trusts)  | 18 |
| 911 | Visa, Inc., Class - A (IT Services)  | 189 |
| 227 | Vistra Corp. (Independent Power and Renewable Electricity Producers)  | 5 |
| 111 | VMware, Inc., Class - A (Software)<sup>(a)</sup>  | 14 |
| 72 | Vulcan Materials Co. (Construction Materials)  | 13 |
| 125 | W.R. Berkley Corp. (Insurance)  | 9 |
| 26 | W.W. Grainger, Inc. (Trading Companies & Distributors)  | 14 |
| 415 | Walgreens Boots Alliance, Inc. (Food & Staples Retailing)  | 16 |
| 840 | Walmart, Inc. (Food & Staples Retailing)  | 119 |
| 1360 | Warner Bros Discovery, Inc. (Entertainment)<sup>(a)</sup>  | 13 |
| 229 | Waste Management, Inc. (Commercial Services & Supplies)  | 36 |
| 32 | Waters Corp. (Life Sciences Tools & Services)<sup>(a)</sup>  | 11 |
| 93 | Webster Financial Corp. (Banks)  | 4 |
| 175 | WEC Energy Group, Inc. (Multi-Utilities)  | 16 |
| 2109 | Wells Fargo & Co. (Banks)  | 87 |
| 257 | Welltower, Inc. (Equity Real Estate Investment Trusts)  | 17 |
| 39 | West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies)  | 9 |
| 204 | Western Digital Corp. (Technology Hardware, Storage & Peripherals)<sup>(a)</sup>  | 6 |
| 97 | Westinghouse Air Brake Technologies Corp. (Machinery)  | 10 |
| 19 | Westlake Corp. (Chemicals)  | 2 |
| 137 | WestRock Co. (Containers & Packaging)  | 5 |
| 433 | Weyerhaeuser Co. (Equity Real Estate Investment Trusts)  | 13 |
| 31 | Whirlpool Corp. (Household Durables)  | 4 |
| 66 | Wolfspeed, Inc. (Semiconductors & Semiconductor Equipment)<sup>(a)</sup>  | 5 |
| 111 | Workday, Inc., Class - A (Software)<sup>(a)</sup>  | 19 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **United States (continued)** | **United States (continued)** |
| 106 | WP Carey, Inc. (Equity Real Estate Investment Trusts)  | $8 |
| 66 | Wynn Resorts Ltd. (Hotels, Restaurants & Leisure)<sup>(a)</sup>  | 5 |
| 302 | Xcel Energy, Inc. (Electric Utilities)  | 21 |
| 97 | Xylem, Inc. (Machinery)  | 11 |
| 163 | YUM! Brands, Inc. (Hotels, Restaurants & Leisure)  | 21 |
| 27 | Zebra Technologies Corp. (Electronic Equipment, Instruments & Components)<sup>(a)</sup>  | 7 |
| 81 | Zillow Group, Inc., Class - C (Real Estate Management & Development)<sup>(a)</sup>  | 3 |
| 113 | Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies)  | 14 |
| 261 | Zoetis, Inc. (Pharmaceuticals)  | 38 |
| 129 | Zoom Video Communications, Inc., Class - A (Software)<sup>(a)</sup>  | 9 |
| 144 | ZoomInfo Technologies, Inc. (Interactive Media & Services)<sup>(a)</sup>  | 4 |
| 54 | Zscaler, Inc. (Software)<sup>(a)</sup>  | 6 |
|  |  | 15887 |
|  | **Total Common Stocks**  | 24041 |
|  | **Preferred Stocks — 0.13%** | **Preferred Stocks — 0.13%** |
|  | **Germany — 0.13%** | **Germany — 0.13%** |
| 70 | Bayerische Motoren Werke Aktiengesellschaft — Preferred (Automobiles)  | 6 |
| 101 | Henkel AG & Co. KGAA — Preferred (Household Products)  | 7 |
| 79 | Porsche Automobil Holding SE — Preferred (Automobiles)  | 4 |
| 109 | Volkswagen AG — Preferred (Automobiles)  | 14 |
|  | **Total Preferred Stocks**  | 31 |
|  | **Investment Companies — 0.11%** | **Investment Companies — 0.11%** |
| 7481 | Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.04%^^<sup>(d)</sup>  | 7 |
| 19455 | State Street Institutional Treasury Plus Money Market Fund, Trust Class, 4.09%<sup>(d)</sup>  | 20 |
|  | **Total Investment Companies**  | 27 |
|  | **Total Investments (cost $18,556) — 99.82%**  | 24099 |
|  | **Other assets in excess of liabilities — 0.18%**  | 44 |
|  | **Net Assets — 100.00%**  | $24143 |

---

Amounts designated "s "—" are $0 or have been rounded to $0.

---

| | |
|:---|:---|
| ^  | All or part of this security was on loan as of December 31, 2022. The total value of securities on loan as of December 31, 2022, was $1 (amount in thousands).  |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Catholic SRI Growth Portfolio** 

Portfolio of Investments (concluded) — December 31, 2022 (Unaudited)

^^ 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, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security was valued using significant unobservable inputs as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized 7-day yield as of period-end.

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

As of December 31, 2022, 100% of the Portfolio's net assets were managed by Mellon Investments Corporation. <br>

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The International Equity Portfolio** 

Portfolio of Investments — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks — 93.99%** | **Common Stocks — 93.99%** |
|  | **Australia — 6.37%** | **Australia — 6.37%** |
| 15521 | Ampol Ltd. (Oil, Gas & Consumable Fuels)  | $299 |
| 193458 | ANZ Group Holdings Ltd. (Banks)<sup>(a)</sup>  | 3116 |
| 35958 | APA Group (Gas Utilities)  | 263 |
| 21823 | Aristocrat Leisure Ltd. (Hotels, Restaurants & Leisure)  | 453 |
| 82839 | Bendigo & Adelaide Bank Ltd. (Banks)  | 553 |
| 74353 | BHP Group Ltd. (Metals & Mining)  | 2309 |
| 85014 | BHP Group Ltd. (Metals & Mining)  | 2641 |
| 43919 | Commonwealth Bank of Australia (Banks)  | 3067 |
| 3343 | CSL Ltd. (Biotechnology)  | 655 |
| 48346 | Endeavour Group Ltd. (Food & Staples Retailing)  | 211 |
| 53824 | Fortescue Metals Group Ltd. (Metals & Mining)  | 751 |
| 68557 | Goodman Group (Equity Real Estate Investment Trusts)  | 810 |
| 7899 | Macquarie Group Ltd. (Capital Markets)  | 898 |
| 104574 | Medibank Private Ltd. (Insurance)  | 210 |
| 206900 | National Australia Bank Ltd. (Banks)  | 4234 |
| 41245 | Qantas Airways Ltd. (Airlines)<sup>(a)</sup>  | 169 |
| 55092 | QBE Insurance Group Ltd. (Insurance)  | 504 |
| 16336 | Rio Tinto Ltd. (Metals & Mining)  | 1294 |
| 150128 | Santos Ltd. (Oil, Gas & Consumable Fuels)  | 730 |
| 205252 | Scentre Group (Equity Real Estate Investment Trusts)  | 402 |
| 90538 | Stockland (Equity Real Estate Investment Trusts)  | 224 |
| 18427 | Suncorp Group Ltd. (Insurance)  | 151 |
| 562458 | Tabcorp Holdings Ltd. (Hotels, Restaurants & Leisure)  | 412 |
| 562458 | The Lottery Corp. Ltd. (Hotels, Restaurants & Leisure)<sup>(a)</sup>  | 1715 |
| 44996 | Treasury Wine Estates Ltd. (Beverages)  | 417 |
| 63839 | Wesfarmers Ltd. (Multiline Retail)  | 1995 |
| 224539 | Westpac Banking Corp. (Banks)  | 3569 |
| 15362 | Woodside Energy Group Ltd. (Oil, Gas & Consumable Fuels)  | 370 |
| 12737 | Woodside Energy Group Ltd. (Oil, Gas & Consumable Fuels)  | 307 |
| 35740 | Worley Ltd. (Energy Equipment & Services)  | 365 |
|  |  | 33094 |
|  | **Austria — 0.19%** | **Austria — 0.19%** |
| 23927 | Erste Group Bank AG (Banks)  | 765 |
| 4792 | OMV AG (Oil, Gas & Consumable Fuels)  | 247 |
|  |  | 1012 |
|  | **Belgium — 0.76%** | **Belgium — 0.76%** |
| 40660 | Anheuser-Busch InBev N.V. (Beverages)  | 2449 |
| 5470 | Elia Group SA (Electric Utilities)  | 777 |
| 20206 | Umicore SA (Chemicals)  | 742 |
|  |  | 3968 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Canada — 10.40%** | **Canada — 10.40%** |
| 3637 | Agnico Eagle Mines Ltd. (Metals & Mining)  | $189 |
| 30089 | Air Canada (Airlines)<sup>(a)</sup>  | 431 |
| 166444 | Algonquin Power & Utilities Corp. (Multi-Utilities)  | 1084 |
| 50883 | Alimentation Couche-Tard, Inc. (Food & Staples Retailing)  | 2236 |
| 8987 | AltaGas Ltd. (Gas Utilities)  | 155 |
| 45514 | Bank of Montreal (Banks)  | 4125 |
| 72955 | Barrick Gold Corp. (Metals & Mining)  | 1251 |
| 10168 | CAE, Inc. (Aerospace & Defense)<sup>(a)</sup>  | 197 |
| 31854 | Cameco Corp. (Oil, Gas & Consumable Fuels)  | 722 |
| 6749 | Canadian National Railway Co. (Road & Rail)  | 802 |
| 55707 | Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels)  | 3095 |
| 3130 | Canadian Pacific Railway Ltd. (Road & Rail)  | 233 |
| 11085 | Canadian Tire Corp. Ltd., Class - A (Multiline Retail)  | 1159 |
| 4454 | Canadian Utilities Ltd., Class - A (Multi-Utilities)  | 121 |
| 3259 | CCL Industries, Inc. (Containers & Packaging)  | 139 |
| 125033 | Cenovus Energy, Inc. (Oil, Gas & Consumable Fuels)  | 2426 |
| 30477 | CI Financial Corp. (Capital Markets)  | 304 |
| 835 | Constellation Software, Inc. (Software)  | 1304 |
| 11192 | Dollarama, Inc. (Multiline Retail)  | 655 |
| 77385 | Enbridge, Inc. (Oil, Gas & Consumable Fuels)  | 3025 |
| 1023 | Fairfax Financial Holdings Ltd. (Insurance)  | 606 |
| 10649 | First Capital Real Estate Investment Trust (Real Estate Management & Development)  | 132 |
| 17917 | First Quantum Minerals Ltd. (Metals & Mining)  | 374 |
| 7691 | Franco-Nevada Corp. (Metals & Mining)  | 1049 |
| 24142 | GFL Environmental, Inc. (Commercial Services & Supplies)  | 706 |
| 64358 | Great-West Lifeco, Inc. (Insurance)  | 1488 |
| 27914 | H&R Real Estate Investment Trust (Equity Real Estate Investment Trusts)  | 250 |
| 12464 | Hydro One Ltd. (Electric Utilities)  | 334 |
| 5430 | Intact Financial Corp. (Insurance)  | 782 |
| 56358 | Keyera Corp. (Oil, Gas & Consumable Fuels)  | 1232 |
| 36396 | Magna International, Inc. (Auto Components)  | 2045 |
| 8370 | Manulife Financial Corp. (Insurance)  | 149 |
| 15818 | Methanex Corp. (Chemicals)  | 599 |
| 18402 | National Bank of Canada (Banks)  | 1240 |
| 3339 | Nutrien Ltd. (Chemicals)  | 244 |
| 1984 | Onex Corp. (Diversified Financial Services)  | 96 |
| 7732 | Pembina Pipelines Corp. (Oil, Gas & Consumable Fuels)  | 262 |
| 66482 | Power Corp. of Canada (Insurance)  | 1564 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The International Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| 6978 | Primaris REIT (Equity Real Estate Investment Trusts)  | $| 75 |
| 1726 | Restaurant Brands International, Inc. (Hotels, Restaurants & Leisure)  |  | 112 |
| 67963 | RioCan Real Estate Investment Trust (Equity Real Estate Investment Trusts)  |  | 1061 |
| 4162 | Ritchie Bros. Auctioneers, Inc. (Commercial Services & Supplies)  |  | 240 |
| 2933 | Rogers Communications, Inc., Class - B (Wireless Telecommunication Services)  |  | 137 |
| 16598 | Royal Bank of Canada (Banks)  |  | 1561 |
| 52851 | Shopify, Inc. (IT Services)<sup>(a)</sup>  |  | 1835 |
| 7087 | SmartCentres Real Estate Investment Trust (Equity Real Estate Investment Trusts)  |  | 140 |
| 52951 | Sun Life Financial, Inc. (Insurance)  |  | 2458 |
| 5745 | Suncor Energy, Inc. (Oil, Gas & Consumable Fuels)  |  | 182 |
| 18439 | Teck Resources Ltd., Class - B (Metals & Mining)  |  | 697 |
| 72937 | TELUS Corp. (Diversified Telecommunication Services)  |  | 1408 |
| 46844 | The Bank of Nova Scotia (Banks)  |  | 2295 |
| 19231 | The Toronto-Dominion Bank (Banks)  |  | 1245 |
| 22457 | Thomson Reuters Corp. (Professional Services)  |  | 2562 |
| 1552 | Topicus.com, Inc. (Software)  |  | 81 |
| 28308 | Wheaton Precious Metals Corp. (Metals & Mining)  |  | 1106 |
|  |  |  | 54000 |
|  | **China — 0.10%** | **China — 0.10%** | **China — 0.10%** |
| 9100 | Jardine Matheson Holdings Ltd. (Industrial Conglomerates)  |  | 463 |
| 1657 | JD.com, Inc., Class - A (Internet & Direct Marketing Retail)  |  | 47 |
|  |  |  | 510 |
|  | **Denmark — 2.90%** | **Denmark — 2.90%** | **Denmark — 2.90%** |
| 5336 | DSV A/S (Road & Rail)  |  | 842 |
| 8761 | Genmab A/S (Biotechnology)<sup>(a)</sup>  |  | 3710 |
| 76550 | Novo Nordisk A/S, Class - B (Pharmaceuticals)  |  | 10338 |
| 1937 | Orsted A/S (Electric Utilities)  |  | 176 |
|  |  |  | 15066 |
|  | **Finland — 1.08%** | **Finland — 1.08%** | **Finland — 1.08%** |
| 7928 | Fortum Oyj (Electric Utilities)  |  | 132 |
| 231473 | Nokia Oyj (Communications Equipment)  |  | 1072 |
| 278699 | Nordea Bank Abp (Banks)  |  | 2985 |
| 3545 | Orion Oyj, Class - B (Pharmaceuticals)  |  | 194 |
| 4385 | Sampo Oyj, Class - A (Insurance)  |  | 229 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Finland (continued)** | **Finland (continued)** | **Finland (continued)** |
| 44232 | Stora Enso Oyj, Registered Shares (Paper & Forest Products)  | $| 623 |
| 10204 | UPM-Kymmene Oyj (Paper & Forest Products)  |  | 381 |
|  |  |  | 5616 |
|  | **France — 9.02%** | **France — 9.02%** | **France — 9.02%** |
| 2427 | Aeroports de Paris (Transportation Infrastructure)<sup>(a)</sup>  |  | 325 |
| 34826 | Air Liquide SA (Chemicals)  |  | 4934 |
| 47723 | AXA SA (Insurance)  |  | 1331 |
| 1813 | BioMerieux (Health Care Equipment & Supplies)  |  | 190 |
| 64169 | BNP Paribas SA (Banks)  |  | 3657 |
| 4957 | Bouygues SA (Construction & Engineering)  |  | 149 |
| 1044 | Capgemini SE (IT Services)  |  | 174 |
| 7205 | Carrefour SA (Food & Staples Retailing)  |  | 121 |
| 3697 | Compagnie de Saint-Gobain (Building Products)  |  | 181 |
| 99973 | Credit Agricole SA (Banks)  |  | 1052 |
| 19644 | Dassault Systemes SE (Software)  |  | 704 |
| 1749 | Eiffage SA (Construction & Engineering)  |  | 172 |
| 12117 | Electricite de France SA (Electric Utilities)  |  | 156 |
| 25532 | Engie SA (Multi-Utilities)  |  | 366 |
| 18607 | EssilorLuxottica SA (Health Care Equipment & Supplies)  |  | 3370 |
| 2933 | Eurazeo SE (Diversified Financial Services)  |  | 182 |
| 1743 | Euroapi SA (Pharmaceuticals)<sup>(a)</sup>  |  | 26 |
| 1233 | Gecina SA (Equity Real Estate Investment Trusts)  |  | 126 |
| 2500 | Hermes International (Textiles, Apparel & Luxury Goods)  |  | 3866 |
| 10625 | L'Oreal SA (Personal Products)  |  | 3794 |
| 5480 | LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods)  |  | 3988 |
| 8063 | Pernod Ricard SA (Beverages)  |  | 1586 |
| 8075 | Publicis Groupe SA (Media)  |  | 514 |
| 7261 | Renault SA (Automobiles)<sup>(a)</sup>  |  | 243 |
| 40107 | Sanofi (Pharmaceuticals)  |  | 3857 |
| 922 | Sartorius Stedim Biotech (Life Sciences Tools & Services)  |  | 299 |
| 34976 | Schneider Electric SE (Electrical Equipment)  |  | 4892 |
| 112087 | Societe Generale SA (Banks)  |  | 2817 |
| 4176 | Thales SA (Aerospace & Defense)  |  | 533 |
| 36222 | TotalEnergies SE (Oil, Gas & Consumable Fuels)  |  | 2274 |
| 7086 | Unibail-Rodamco-Westfield (Equity Real Estate Investment Trusts)<sup>(a)</sup>  |  | 369 |
| 15933 | Veolia Environnement SA (Multi-Utilities)  |  | 409 |
| 1976 | Wendel SE (Diversified Financial Services)  |  | 184 |
|  |  |  | 46841 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The International Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Germany — 6.33%** | **Germany — 6.33%** |
| 13053 | adidas AG (Textiles, Apparel & Luxury Goods)  | $1781 |
| 10077 | Allianz SE (Insurance)  | 2167 |
| 1793 | Bayerische Motoren Werke AG (Automobiles)  | 160 |
| 1065 | Beiersdorf AG (Personal Products)  | 122 |
| 1341 | Carl Zeiss Meditec AG (Health Care Equipment & Supplies)  | 169 |
| 33975 | Commerzbank AG (Banks)<sup>(a)</sup>  | 321 |
| 1439 | Daimler Truck Holding AG (Machinery)<sup>(a)</sup>  | 45 |
| 113622 | Deutsche Bank AG, Registered Shares (Capital Markets)  | 1288 |
| 22300 | Deutsche Boerse AG (Capital Markets)  | 3852 |
| 88039 | Deutsche Post AG, Registered Shares (Air Freight & Logistics)  | 3315 |
| 128506 | Deutsche Telekom AG (Diversified Telecommunication Services)  | 2563 |
| 7498 | Fraport AG Frankfurt Airport Services Worldwide (Transportation Infrastructure)<sup>(a)</sup>  | 305 |
| 6983 | GEA Group AG (Machinery)  | 286 |
| 1115 | Hannover Rueck SE (Insurance)  | 221 |
| 3464 | Henkel AG & Co. KGAA (Household Products)  | 223 |
| 82230 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment)  | 2502 |
| 16228 | LEG Immobilien AG (Real Estate Management & Development)  | 1057 |
| 1793 | MTU Aero Engines AG (Aerospace & Defense)  | 388 |
| 2540 | Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares (Insurance)  | 826 |
| 1941 | Puma SE (Textiles, Apparel & Luxury Goods)  | 118 |
| 20979 | RWE AG (Multi-Utilities)  | 934 |
| 42196 | SAP SE (Software)  | 4354 |
| 30321 | Siemens AG, Registered Shares (Industrial Conglomerates)  | 4207 |
| 5796 | Siemens Healthineers AG (Health Care Equipment & Supplies)  | 290 |
| 10266 | Symrise AG (Chemicals)  | 1117 |
| 1532 | Volkswagen AG (Automobiles)  | 242 |
|  |  | 32853 |
|  | **Hong Kong — 2.38%** | **Hong Kong — 2.38%** |
| 483480 | AIA Group Ltd. (Insurance)  | 5377 |
| 75055 | BOC Hong Kong Holdings Ltd. (Banks)  | 256 |
| 63400 | Budweiser Brewing Co. APAC Ltd. (Beverages)  | 199 |
| 334000 | China Common Rich Renewable Energy Investment Ltd. (Independent Power and Renewable Electricity Producers)<sup>(a)(b)</sup>  |  |
| 98500 | CK Asset Holdings Ltd. (Real Estate Management & Development)  | 606 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| 73000 | Galaxy Entertainment Group Ltd. (Hotels, Restaurants & Leisure)  | $| 483 |
| 57000 | Hang Lung Properties Ltd. (Real Estate Management & Development)  |  | 111 |
| 15506 | Hang Seng Bank Ltd. (Banks)  |  | 258 |
| 21400 | Hong Kong Exchanges & Clearing Ltd. (Capital Markets)  |  | 925 |
| 335900 | Hongkong Land Holdings Ltd. (Real Estate Management & Development)  |  | 1545 |
| 43000 | MTR Corp. Ltd. (Road & Rail)  |  | 228 |
| 395000 | New World Development Co. Ltd. (Real Estate Management & Development)  |  | 1113 |
| 14472 | Pacific Century Premium Developments Ltd. (Real Estate Management & Development)<sup>(a)</sup>  |  | 1 |
| 121391 | PCCW Ltd. (Diversified Telecommunication Services)  |  | 55 |
| 24000 | Swire Pacific Ltd., Class - A (Real Estate Management & Development)  |  | 211 |
| 52000 | Techtronic Industries Co. Ltd. (Machinery)  |  | 580 |
| 59417 | The Link Real Estate Investment Trust (Equity Real Estate Investment Trusts)  |  | 436 |
|  |  |  | 12384 |
|  | **Ireland (Republic of) — 1.15%** | **Ireland (Republic of) — 1.15%** | **Ireland (Republic of) — 1.15%** |
| 8728 | AerCap Holdings N.V. (Trading Companies & Distributors)<sup>(a)</sup>  |  | 509 |
| 332317 | Bank of Ireland Group PLC (Banks)  |  | 3166 |
| 24053 | CRH PLC (Construction Materials)  |  | 953 |
| 30741 | Experian PLC (Professional Services)  |  | 1045 |
| 16821 | James Hardie Industries PLC (Construction Materials)  |  | 302 |
|  |  |  | 5975 |
|  | **Isle of Man — 0.12%** | **Isle of Man — 0.12%** | **Isle of Man — 0.12%** |
| 38064 | Entain PLC (Hotels, Restaurants & Leisure)  |  | 608 |
|  | **Israel — 0.51%** | **Israel — 0.51%** | **Israel — 0.51%** |
| 862 | CyberArk Software Ltd. (Software)<sup>(a)</sup>  |  | 112 |
| 1765 | Nice Ltd. (Software)<sup>(a)</sup>  |  | 342 |
| 11379 | Nice Systems Ltd., ADR (Software)  |  | 2188 |
|  |  |  | 2642 |
|  | **Italy — 1.28%** | **Italy — 1.28%** | **Italy — 1.28%** |
| 3755 | Amplifon SpA (Health Care Providers & Services)  |  | 112 |
| 69888 | Assicurazioni Generali SpA (Insurance)  |  | 1243 |
| 47935 | Enel SpA (Electric Utilities)  |  | 258 |
| 1561 | Ferrari N.V. (Automobiles)  |  | 334 |
| 157139 | Intesa Sanpaolo SpA (Banks)  |  | 349 |
| 7820 | Iveco Group N.V. (Machinery)<sup>(a)</sup>  |  | 47 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The International Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| 187061 | Mediobanca Banca di Credito Finanziario SpA (Banks)  | $| 1799 |
| 7356 | Moncler SpA (Textiles, Apparel & Luxury Goods)  |  | 390 |
| 10481 | Poste Italiane SpA (Insurance)  |  | 102 |
| 110979 | Snam SpA (Gas Utilities)  |  | 538 |
| 201736 | Terna - Rete Elettrica Nazionale SpA (Electric Utilities)  |  | 1490 |
|  |  |  | 6662 |
|  | **Japan — 18.02%** | **Japan — 18.02%** | **Japan — 18.02%** |
| 2200 | Advantest Corp. (Semiconductors & Semiconductor Equipment)  |  | 142 |
| 6845 | AGC, Inc. (Building Products)  |  | 229 |
| 27300 | Ajinomoto Co., Inc. (Food Products)  |  | 839 |
| 15300 | Amada Co. Ltd. (Machinery)  |  | 121 |
| 16500 | Asahi Group Holdings Ltd. (Beverages)  |  | 518 |
| 14600 | Asahi Kasei Corp. (Chemicals)  |  | 105 |
| 103600 | Astellas Pharma, Inc. (Pharmaceuticals)  |  | 1584 |
| 3900 | Azbil Corp. (Electronic Equipment, Instruments & Components)  |  | 99 |
| 26700 | Bandai Namco Holdings, Inc. (Leisure Products)  |  | 1692 |
| 15200 | Bridgestone Corp. (Auto Components)  |  | 543 |
| 38300 | Canon, Inc. (Technology Hardware, Storage & Peripherals)  |  | 833 |
| 4300 | Capcom Co. Ltd. (Entertainment)  |  | 138 |
| 363700 | Concordia Financial Group Ltd. (Banks)  |  | 1524 |
| 122000 | CyberAgent, Inc. (Media)  |  | 1086 |
| 13388 | Dai Nippon Printing Co. Ltd. (Commercial Services & Supplies)  |  | 270 |
| 23000 | Daifuku Co. Ltd. (Machinery)  |  | 1083 |
| 40900 | Dai-ichi Life Holdings, Inc. (Insurance)  |  | 933 |
| 14400 | Daikin Industries Ltd. (Building Products)  |  | 2217 |
| 1279 | Daito Trust Construction Co. Ltd. (Real Estate Management & Development)  |  | 132 |
| 16050 | Daiwa House Industry Co. Ltd. (Real Estate Management & Development)  |  | 372 |
| 67 | Daiwa House REIT Investment Corp. (Equity Real Estate Investment Trusts)  |  | 150 |
| 3000 | Denso Corp. (Auto Components)  |  | 149 |
| 4800 | Dentsu Group, Inc. (Media)  |  | 152 |
| 13700 | FUJIFILM Holdings Corp. (Technology Hardware, Storage & Peripherals)  |  | 692 |
| 10900 | Fujitsu Ltd. (IT Services)  |  | 1463 |
| 142 | GLP J-REIT (Equity Real Estate Investment Trusts)  |  | 164 |
| 1900 | GMO Payment Gateway, Inc. (IT Services)  |  | 158 |
| 11800 | Hakuhodo DY Holdings, Inc. (Media)  |  | 120 |
| 37100 | Hitachi Ltd. (Industrial Conglomerates)  |  | 1892 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Japan (continued)** | **Japan (continued)** |
| 3600 | Hoshizaki Corp. (Machinery)  | $128 |
| 25800 | HOYA Corp. (Health Care Equipment & Supplies)  | 2498 |
| 8800 | Iida Group Holdings Co. Ltd. (Household Durables)  | 134 |
| 39100 | Inpex Corp. (Oil, Gas & Consumable Fuels)  | 416 |
| 22100 | Isetan Mitsukoshi Holdings Ltd. (Multiline Retail)  | 242 |
| 21000 | Isuzu Motors Ltd. (Automobiles)  | 248 |
| 100617 | ITOCHU Corp. (Trading Companies & Distributors)  | 3179 |
| 6000 | Japan Airlines Co. Ltd. (Airlines)<sup>(a)</sup>  | 123 |
| 70600 | Japan Exchange Group, Inc. (Capital Markets)  | 1021 |
| 8300 | Japan Post Insurance Co. Ltd. (Insurance)  | 147 |
| 39 | Japan Prime Realty Investment Corp. (Equity Real Estate Investment Trusts)  | 110 |
| 38 | Japan Real Estate Investment Corp. (Equity Real Estate Investment Trusts)  | 167 |
| 200 | Japan Retail Fund Investment Corp. (Equity Real Estate Investment Trusts)  | 160 |
| 5554 | JSR Corp. (Chemicals)  | 110 |
| 9200 | Kawasaki Heavy Industries Ltd. (Machinery)  | 217 |
| 101200 | KDDI Corp. (Wireless Telecommunication Services)  | 3071 |
| 33900 | Keio Corp. (Road & Rail)  | 1250 |
| 6500 | Keyence Corp. (Electronic Equipment, Instruments & Components)  | 2547 |
| 8145 | Komatsu Ltd. (Machinery)  | 179 |
| 12300 | Kose Corp. (Personal Products)  | 1352 |
| 39300 | Kubota Corp. (Machinery)  | 544 |
| 6000 | Lasertec Corp. (Semiconductors & Semiconductor Equipment)  | 994 |
| 18100 | M3, Inc. (Health Care Technology)  | 494 |
| 22200 | Makita Corp. (Machinery)  | 521 |
| 63300 | Marubeni Corp. (Trading Companies & Distributors)  | 731 |
| 57145 | Mitsubishi Corp. (Trading Companies & Distributors)  | 1865 |
| 432200 | Mitsubishi UFJ Financial Group, Inc. (Banks)  | 2928 |
| 131788 | Mitsui & Co. Ltd. (Trading Companies & Distributors)  | 3869 |
| 36100 | Mitsui Fudosan Co. Ltd. (Real Estate Management & Development)  | 665 |
| 15700 | MonotaRO Co. Ltd. (Trading Companies & Distributors)  | 222 |
| 47200 | Murata Manufacturing Co. Ltd. (Electronic Equipment, Instruments & Components)  | 2370 |
| 14700 | NEC Corp. (Technology Hardware, Storage & Peripherals)  | 519 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The International Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Japan (continued)** | **Japan (continued)** |
| 20600 | Nexon Co. Ltd. (Entertainment)  | $465 |
| 31200 | Nidec Corp. (Electrical Equipment)  | 1626 |
| 19200 | Nikon Corp. (Household Durables)  | 172 |
| 29200 | Nintendo Co. Ltd. (Entertainment)  | 1231 |
| 35 | Nippon Building Fund, Inc. (Equity Real Estate Investment Trusts)  | 157 |
| 2800 | NIPPON EXPRESS HOLDINGS, INC. (Road & Rail)  | 161 |
| 61 | Nippon Prologis REIT, Inc. (Equity Real Estate Investment Trusts)  | 143 |
| 6300 | Nippon Sanso Holdings Corp. (Chemicals)  | 92 |
| 2100 | Nippon Shinyaku Co. Ltd. (Pharmaceuticals)  | 120 |
| 30800 | Nippon Steel Corp. (Metals & Mining)  | 538 |
| 36400 | Nippon Telegraph & Telephone Corp. (Diversified Telecommunication Services)  | 1044 |
| 17800 | Nomura Research Institute Ltd. (IT Services)  | 423 |
| 21100 | NTT Data Corp. (IT Services)  | 311 |
| 2400 | Obic Co. Ltd. (IT Services)  | 355 |
| 89200 | Odakyu Electric Railway Co. Ltd. (Road & Rail)  | 1163 |
| 44000 | Olympus Corp. (Health Care Equipment & Supplies)  | 789 |
| 10400 | OMRON Corp. (Electronic Equipment, Instruments & Components)  | 508 |
| 11400 | Ono Pharmaceutical Co. Ltd. (Pharmaceuticals)  | 268 |
| 10800 | ORIX Corp. (Diversified Financial Services)  | 174 |
| 8900 | Osaka Gas Co. Ltd. (Gas Utilities)  | 144 |
| 32500 | Otsuka Holdings Co. Ltd. (Pharmaceuticals)  | 1066 |
| 12700 | Pan Pacific International Holdings Corp. (Multiline Retail)  | 237 |
| 201500 | Panasonic Holdings Corp. (Household Durables)  | 1705 |
| 247200 | Rakuten Group, Inc. (Internet & Direct Marketing Retail)  | 1123 |
| 5600 | Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)  | 407 |
| 5300 | SBI Holdings, Inc. (Capital Markets)  | 102 |
| 35552 | Sekisui House Ltd. (Household Durables)  | 632 |
| 21400 | SG Holdings Co. Ltd. (Air Freight & Logistics)  | 298 |
| 13900 | Sharp Corp. (Household Durables)  | 100 |
| 9300 | Shin-Etsu Chemical Co. Ltd. (Chemicals)  | 1150 |
| 25200 | Shionogi & Co. Ltd. (Pharmaceuticals)  | 1265 |
| 62800 | SoftBank Group Corp. (Wireless Telecommunication Services)  | 2701 |
| 12800 | Sompo Holdings, Inc. (Insurance)  | 572 |
| 30600 | Sony Group Corp. (Household Durables)  | 2340 |
| 14148 | Sumitomo Mitsui Financial Group, Inc. (Banks)  | 571 |
| 4600 | Suntory Beverage & Food Ltd. (Beverages)  | 158 |
| 25000 | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals)  | 783 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| 2900 | The Bank of Kyoto Ltd. (Banks)  | $| 130 |
| 22400 | The Chiba Bank Ltd. (Banks)  |  | 164 |
| 29700 | Tokio Marine Holdings, Inc. (Insurance)  |  | 640 |
| 59300 | Tokyo Electric Power Co. Holdings, Inc. (Electric Utilities)<sup>(a)</sup>  |  | 215 |
| 8800 | Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)  |  | 2607 |
| 25700 | Tokyo Fudosan Holdings Corp. (Real Estate Management & Development)  |  | 123 |
| 52600 | Toray Industries, Inc. (Chemicals)  |  | 295 |
| 14700 | Toshiba Corp. (Industrial Conglomerates)  |  | 516 |
| 4700 | TOTO Ltd. (Building Products)  |  | 161 |
| 21600 | Toyota Industries Corp. (Auto Components)  |  | 1192 |
| 485000 | Toyota Motor Corp. (Automobiles)  |  | 6698 |
| 6770 | Toyota Tsusho Corp. (Trading Companies & Distributors)  |  | 252 |
| 6427 | Trend Micro, Inc. (Software)  |  | 301 |
| 46400 | Unicharm Corp. (Household Products)  |  | 1792 |
| 7500 | West Japan Railway Co. (Road & Rail)  |  | 327 |
| 1700 | Yakult Honsha Co. Ltd. (Food Products)  |  | 111 |
| 9100 | Yokogawa Electric Corp. (Electronic Equipment, Instruments & Components)  |  | 146 |
| 72900 | Z Holdings Corp. (Interactive Media & Services)  |  | 184 |
| 5700 | ZOZO, Inc. (Internet & Direct Marketing Retail)  |  | 142 |
|  |  |  | 93511 |
|  | **Jersey — 0.67%** | **Jersey — 0.67%** | **Jersey — 0.67%** |
| 387007 | Glencore PLC (Metals & Mining)  |  | 2584 |
| 88265 | WPP PLC (Media)  |  | 875 |
|  |  |  | 3459 |
|  | **Luxembourg — 0.46%** | **Luxembourg — 0.46%** | **Luxembourg — 0.46%** |
| 27423 | ArcelorMittal SA (Metals & Mining)  |  | 721 |
| 96377 | Tenaris SA (Energy Equipment & Services)  |  | 1680 |
|  |  |  | 2401 |
|  | **Netherlands — 4.59%** | **Netherlands — 4.59%** | **Netherlands — 4.59%** |
| 57506 | ABN AMRO Bank N.V. (Banks)  |  | 796 |
| 722 | Adyen N.V. (IT Services)<sup>(a)</sup>  |  | 996 |
| 73595 | AEGON N.V. (Insurance)  |  | 373 |
| 23149 | Airbus SE (Aerospace & Defense)  |  | 2751 |
| 29390 | Akzo Nobel N.V. (Chemicals)  |  | 1968 |
| 728 | Argenx SE (Biotechnology)<sup>(a)</sup>  |  | 271 |
| 12374 | ASML Holding N.V. (Semiconductors & Semiconductor Equipment)  |  | 6671 |
| 39102 | CNH Industrial N.V. (Machinery)  |  | 626 |
| 4144 | EXOR NV (Diversified Financial Services)<sup>(a)</sup>  |  | 303 |
| 5913 | Heineken N.V. (Beverages)  |  | 556 |
| 14622 | ING Groep N.V. (Banks)  |  | 178 |
| 61918 | Koninklijke Ahold Delhaize N.V. (Food & Staples Retailing)  |  | 1779 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The International Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| 15440 | Koninklijke DSM N.V. (Chemicals)  | $| 1889 |
| 5828 | NN Group N.V. (Insurance)  |  | 238 |
| 35844 | Prosus N.V. (Internet & Direct Marketing Retail)  |  | 2473 |
| 31487 | Universal Music Group N.V. (Entertainment)  |  | 759 |
| 11488 | Wolters Kluwer N.V. (Professional Services)  |  | 1202 |
|  |  |  | 23829 |
|  | **New Zealand — 0.12%** | **New Zealand — 0.12%** | **New Zealand — 0.12%** |
| 58346 | Auckland International Airport Ltd. (Transportation Infrastructure)<sup>(a)</sup>  |  | 289 |
| 38532 | Mercury NZ Ltd. (Electric Utilities)  |  | 136 |
| 31188 | Meridian Energy Ltd. (Independent Power and Renewable Electricity Producers)  |  | 104 |
| 29780 | Spark New Zealand Ltd. (Diversified Telecommunication Services)  |  | 102 |
|  |  |  | 631 |
|  | **Norway — 0.94%** | **Norway — 0.94%** | **Norway — 0.94%** |
| 33939 | DNB Bank ASA (Banks)  |  | 674 |
| 105375 | Equinor ASA (Oil, Gas & Consumable Fuels)  |  | 3789 |
| 24244 | Mowi ASA (Food Products)  |  | 414 |
|  |  |  | 4877 |
|  | **Portugal — 0.37%** | **Portugal — 0.37%** | **Portugal — 0.37%** |
| 384375 | EDP - Energias de Portugal SA (Electric Utilities)  |  | 1915 |
|  | **Singapore — 1.24%** | **Singapore — 1.24%** | **Singapore — 1.24%** |
| 232772 | Ascendas Real Estate Investment Trust (Equity Real Estate Investment Trusts)  |  | 476 |
| 175970 | CapitaLand Integrated Commercial Trust (Equity Real Estate Investment Trusts)  |  | 268 |
| 58000 | Capitaland Investment Ltd. (Real Estate Management & Development)  |  | 160 |
| 57800 | DBS Group Holdings Ltd. (Banks)  |  | 1465 |
| 14500 | Oversea-Chinese Banking Corp. Ltd. (Banks)  |  | 132 |
| 15479 | Sea Ltd., ADR (Entertainment)<sup>(a)</sup>  |  | 805 |
| 58700 | Singapore Airlines Ltd. (Airlines)  |  | 242 |
| 18700 | Singapore Exchange Ltd. (Capital Markets)  |  | 125 |
| 466500 | Singapore Technologies Engineering Ltd. (Aerospace & Defense)  |  | 1167 |
| 6600 | United Overseas Bank Ltd. (Banks)  |  | 151 |
| 457800 | Wilmar International Ltd. (Food Products)  |  | 1426 |
|  |  |  | 6417 |
|  | **South Africa — 0.01%** | **South Africa — 0.01%** | **South Africa — 0.01%** |
| 4663 | Thungela Resources Ltd. (Oil, Gas & Consumable Fuels)  |  | 77 |
|  | **South Korea — 0.16%** | **South Korea — 0.16%** | **South Korea — 0.16%** |
| 18906 | Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals)  |  | 827 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Spain — 1.70%** | **Spain — 1.70%** |
| 4131 | ACS Actividades de Construccion y Servicios SA (Construction & Engineering)  | $118 |
| 1451 | Aena SME SA (Transportation Infrastructure)<sup>(a)</sup>  | 182 |
| 10177 | Amadeus IT Group SA (IT Services)<sup>(a)</sup>  | 529 |
| 678386 | Banco Bilbao Vizcaya Argentaria SA (Banks)  | 4091 |
| 28433 | Bankinter SA (Banks)  | 191 |
| 62673 | CaixaBank SA (Banks)  | 246 |
| 235654 | Iberdrola SA (Electric Utilities)  | 2757 |
| 28433 | Linea Directa Aseguradora SA Cia de Seguros y Reaseguros (Insurance)  | 31 |
| 11872 | Naturgy Energy Group SA (Gas Utilities)  | 309 |
| 17963 | Repsol SA (Oil, Gas & Consumable Fuels)  | 286 |
| 23525 | Telefonica SA (Diversified Telecommunication Services)  | 85 |
|  |  | 8825 |
|  | **Sweden — 1.76%** | **Sweden — 1.76%** |
| 1283 | Alleima AB (Metals & Mining)<sup>(a)</sup>  | 5 |
| 35074 | Assa Abloy AB, B Shares (Building Products)  | 752 |
| 90968 | Atlas Copco AB, Class - A (Machinery)<sup>(a)</sup>  | 1074 |
| 59272 | Atlas Copco AB, Class - B (Machinery)  | 631 |
| 98854 | Fastighets AB Balder, B Shares (Real Estate Management & Development)<sup>(a)</sup>  | 460 |
| 19212 | L E Lundbergforetagen AB, Class - B (Diversified Financial Services)  | 818 |
| 50521 | Nibe Industrier AB, Class - B (Building Products)  | 470 |
| 5141 | Sagax AB, Class - B (Real Estate Management & Development)  | 117 |
| 11977 | Securitas AB, Class - B (Commercial Services & Supplies)  | 100 |
| 51934 | Skandinaviska Enskilda Banken AB, Class - A (Banks)  | 597 |
| 33136 | Skanska AB, B Shares (Construction & Engineering)  | 524 |
| 32522 | Swedbank AB, A Shares (Banks)  | 553 |
| 23507 | Tele2 AB, B Shares (Wireless Telecommunication Services)  | 192 |
| 117701 | Volvo AB, B Shares (Machinery)  | 2128 |
| 162093 | Volvo Car AB, Class - B (Automobiles)<sup>(a)</sup>  | 736 |
|  |  | 9157 |
|  | **Switzerland — 9.08%** | **Switzerland — 9.08%** |
| 135931 | ABB Ltd., Registered Shares (Electrical Equipment)  | 4126 |
| 6796 | Accelleron Industries AG (Electrical Equipment)<sup>(a)</sup>  | 141 |
| 8475 | Alcon, Inc. (Health Care Equipment & Supplies)  | 579 |
| 1838 | Baloise Holding AG, Registered Shares (Insurance)  | 284 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The International Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| 44 | Chocoladefabriken Lindt & Spruengli AG (Food Products)  | $| 449 |
| 19821 | Cie Financiere Richemont SA, Registered Shares (Textiles, Apparel & Luxury Goods)  |  | 2571 |
| 13970 | Coca-Cola HBC AG (Beverages)  |  | 333 |
| 115577 | Credit Suisse Group AG, Registered Shares (Capital Markets)  |  | 346 |
| 761 | EMS-Chemie Holding AG (Chemicals)  |  | 515 |
| 5080 | Kuehne & Nagel International AG, Registered Shares (Marine)  |  | 1183 |
| 4844 | Logitech International SA, Registered Shares (Technology Hardware, Storage & Peripherals)  |  | 299 |
| 4467 | Lonza Group AG, Registered Shares (Life Sciences Tools & Services)  |  | 2190 |
| 8432 | Medacta Group SA (Health Care Equipment & Supplies)  |  | 940 |
| 107310 | Nestle SA, Registered Shares (Food Products)  |  | 12436 |
| 69317 | Novartis AG, Registered Shares (Pharmaceuticals)  |  | 6268 |
| 441 | Partners Group Holding AG (Capital Markets)  |  | 390 |
| 22333 | Roche Holding AG (Pharmaceuticals)  |  | 7018 |
| 295 | SGS SA, Registered Shares (Professional Services)  |  | 686 |
| 491 | Sonova Holding AG, Registered Shares (Health Care Equipment & Supplies)  |  | 116 |
| 2637 | Swiss Prime Site AG, Registered Shares (Real Estate Management & Development)  |  | 229 |
| 1212 | Swisscom AG, Registered Shares (Diversified Telecommunication Services)  |  | 664 |
| 1098 | The Swatch Group AG, B Shares (Textiles, Apparel & Luxury Goods)  |  | 312 |
| 191523 | UBS Group AG (Capital Markets)  |  | 3565 |
| 3139 | Zurich Financial Services AG (Insurance)  |  | 1502 |
|  |  |  | 47142 |
|  | **United Kingdom — 12.28%** | **United Kingdom — 12.28%** | **United Kingdom — 12.28%** |
| 38163 | 3i Group PLC (Capital Markets)  |  | 619 |
| 5633 | Admiral Group PLC (Insurance)  |  | 145 |
| 46639 | Anglo American PLC (Metals & Mining)  |  | 1824 |
| 17119 | Ashtead Group PLC (Trading Companies & Distributors)  |  | 977 |
| 53176 | AstraZeneca PLC (Pharmaceuticals)  |  | 7210 |
| 31506 | Auto Trader Group PLC (Interactive Media & Services)  |  | 196 |
| 3535 | Aveva Group PLC (Software)  |  | 137 |
| 221258 | Aviva PLC (Insurance)  |  | 1184 |
| 121738 | BAE Systems PLC (Aerospace & Defense)  |  | 1260 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **United Kingdom (continued)** | **United Kingdom (continued)** |
| 176340 | BP PLC (Oil, Gas & Consumable Fuels)  | $1012 |
| 75073 | British American Tobacco PLC (Tobacco)  | 2978 |
| 20972 | British Land Co. PLC (Equity Real Estate Investment Trusts)  | 100 |
| 12788 | Bunzl PLC (Trading Companies & Distributors)  | 426 |
| 44208 | Burberry Group PLC (Textiles, Apparel & Luxury Goods)  | 1085 |
| 10781 | Coca-Cola Europacific Partners PLC (Beverages)  | 596 |
| 68973 | Compass Group PLC (Hotels, Restaurants & Leisure)  | 1599 |
| 4651 | Croda International PLC (Chemicals)  | 371 |
| 40786 | Diageo PLC (Beverages)  | 1799 |
| 981 | Ferguson PLC (Trading Companies & Distributors)  | 124 |
| 130156 | GSK PLC (Pharmaceuticals)  | 2262 |
| 176859 | Haleon PLC (Personal Products)<sup>(a)</sup>  | 700 |
| 212109 | HSBC Holdings PLC (Banks)  | 1322 |
| 98505 | Imperial Brands PLC (Tobacco)  | 2466 |
| 278038 | Informa PLC (Media)  | 2082 |
| 6566 | Intercontinental Hotels Group PLC (Hotels, Restaurants & Leisure)  | 376 |
| 480645 | J Sainsbury PLC (Food & Staples Retailing)  | 1265 |
| 118900 | Kingfisher PLC (Specialty Retail)  | 339 |
| 26793 | Land Securities Group PLC (Equity Real Estate Investment Trusts)  | 201 |
| 152198 | Legal & General Group PLC (Insurance)  | 459 |
| 8324 | Linde PLC (Chemicals)  | 2721 |
| 137511 | National Grid PLC (Multi-Utilities)  | 1658 |
| 4989 | Next PLC (Multiline Retail)  | 350 |
| 147046 | Ocado Group PLC (Food & Staples Retailing)<sup>(a)</sup>  | 1096 |
| 16942 | Pearson PLC (Media)  | 192 |
| 43427 | Persimmon PLC (Household Durables)  | 639 |
| 59768 | Prudential PLC (Insurance)  | 815 |
| 56944 | RELX PLC (Professional Services)  | 1575 |
| 66751 | Rio Tinto PLC (Metals & Mining)  | 4678 |
| 8382 | Severn Trent PLC (Water Utilities)  | 269 |
| 298341 | Shell PLC (Oil, Gas & Consumable Fuels)  | 8388 |
| 12142 | Smiths Group PLC (Industrial Conglomerates)  | 235 |
| 44660 | SSE PLC (Electric Utilities)  | 924 |
| 9471 | St. James Place PLC (Capital Markets)  | 125 |
| 87671 | Stellantis N.V. (Automobiles)  | 1245 |
| 33934 | The Sage Group PLC (Software)  | 306 |
| 18373 | The Weir Group PLC (Machinery)  | 371 |
| 55598 | Unilever PLC (Personal Products)  | 2810 |
| 10568 | United Utilities Group PLC (Water Utilities)  | 127 |
| 4958 | Whitbread PLC (Hotels, Restaurants & Leisure)  | 154 |
|  |  | 63792 |
|  | **Total Common Stocks**  | 488091 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The International Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Preferred Stocks — 0.48%** | **Preferred Stocks — 0.48%** |
|  | **Germany — 0.48%** | **Germany — 0.48%** |
| 2330 | Sartorius AG — Preferred (Health Care Equipment & Supplies)  | $921 |
| 12574 | Volkswagen AG — Preferred (Automobiles)  | 1567 |
|  | **Total Preferred Stocks**  | 2488 |
|  | **Investment Company — 3.43%** | **Investment Company — 3.43%** |
| 17838353 | State Street Institutional Treasury Plus Money Market Fund, Trust Class, 4.09%<sup>(c)</sup>  | 17838 |
|  | **Total Investment Company**  | 17838 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Purchased Options on Futures — 0.02%** | **Purchased Options on Futures — 0.02%** |
|  | **Total Purchased Options on Futures**  | $101 |
|  | **Total Investments (cost $341,627) — 97.92%**  | 508518 |
|  | **Other assets in excess of liabilities — 2.08%**  | 10797 |
|  | **Net Assets — 100.00%**  | $519315 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security was valued using significant unobservable inputs as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized 7-day yield as of period-end.

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

As of December 31, 2022, 100% of the Portfolio's net assets were managed by Parametric Portfolio Associates, LLC. <br>

The following table reflects the open derivative positions held by the Portfolio as of December 31, 2022.

<u><u>**Futures Contracts Purchased\***</u></u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of <br> Contracts** | **Expiration Date** | **Notional <br> Amount<br> (000)** | **Value and <br> Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)** |
| MSCI EAFE Index Future  | 237 | 3/17/23 | $23100 | $(444) |
|  |  |  | $23100 | $(444) |

---

<u><u>**Futures Contracts Sold\***</u></u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of <br> Contracts** | **Expiration Date** | **Notional <br> Amount<br> (000)** | **Value and <br> Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)** |
| E-Mini S&P 500 Future  | 2 | 3/17/23 | $386 | $19 |
|  |  |  | $386 | $19 |
|  | Total Unrealized Appreciation  | Total Unrealized Appreciation  | Total Unrealized Appreciation  | $19 |
|  | Total Unrealized Depreciation  | Total Unrealized Depreciation  | Total Unrealized Depreciation  | (444) |
|  | Total Net Unrealized Appreciation/(Depreciation)  | Total Net Unrealized Appreciation/(Depreciation)  | Total Net Unrealized Appreciation/(Depreciation)  | $(425) |

---

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

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The International Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

<u><u>**Options on Futures Contracts**</u></u>

Exchange-traded options on futures contacts written as of December 31, 2022 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Put/Call** | **Number of <br> Contracts** | **Notional <br> Amount<br> (000)** | **Exercise <br> Price** | **Expiration <br> Date** | **Value <br> (000)** |
| E-Mini S&P 500 Future Option | Put | 4 | $758 | $3790.00 | 1/20/23 | $(10) |
| E-Mini S&P 500 Future Option | Put | 3 | 495 | 3300.00 | 1/20/23 |  |
| E-Mini S&P 500 Future Option | Put | 4 | 764 | 3820.00 | 1/20/23 | (12) |
| E-Mini S&P 500 Future Option | Put | 3 | 564 | 3760.00 | 1/20/23 | (6) |
| E-Mini S&P 500 Future Option | Put | 4 | 670 | 3350.00 | 1/20/23 |  |
| E-Mini S&P 500 Future Option | Put | 3 | 525 | 3500.00 | 1/31/23 | (2) |
| E-Mini S&P 500 Future Option | Put | 4 | 768 | 3840.00 | 1/31/23 | (16) |
| E-Mini S&P 500 Future Option | Put | 3 | 531 | 3540.00 | 1/31/23 | (2) |
| E-Mini S&P 500 Future Option | Put | 9 | 1606 | 3570.00 | 1/31/23 | (7) |
| E-Mini S&P 500 Future Option | Put | 3 | 540 | 3600.00 | 1/31/23 | (3) |
| E-Mini S&P 500 Future Option | Put | 6 | 1083 | 3610.00 | 1/31/23 | (6) |
| E-Mini S&P 500 Future Option | Put | 6 | 1098 | 3660.00 | 1/31/23 | (9) |
| E-Mini S&P 500 Future Option | Put | 4 | 734 | 3670.00 | 1/31/23 | (6) |
| E-Mini S&P 500 Future Option | Put | 3 | 563 | 3750.00 | 1/31/23 | (8) |
| E-Mini S&P 500 Future Option | Put | 4 | 748 | 3740.00 | 1/31/23 | (9) |
| E-Mini S&P 500 Future Option | Put | 7 | 1263 | 3610.00 | 2/17/23 | (15) |
| E-Mini S&P 500 Future Option | Put | 3 | 545 | 3630.00 | 2/17/23 | (7) |
| E-Mini S&P 500 Future Option | Put | 3 | 536 | 3570.00 | 2/17/23 | (5) |
| E-Mini S&P 500 Future Option | Put | 3 | 530 | 3530.00 | 2/17/23 | (4) |
| E-Mini S&P 500 Future Option | Put | 9 | 1574 | 3500.00 | 2/17/23 | (11) |
| E-Mini S&P 500 Future Option | Put | 3 | 521 | 3470.00 | 2/17/23 | (3) |
| E-Mini S&P 500 Future Option | Put | 2 | 345 | 3450.00 | 2/17/23 | (2) |
| E-Mini S&P 500 Future Option | Put | 4 | 684 | 3420.00 | 2/17/23 | (3) |
| E-Mini S&P 500 Future Option | Put | 2 | 360 | 3600.00 | 2/17/23 | (4) |
| E-Mini S&P 500 Future Option | Put | 4 | 750 | 3750.00 | 2/17/23 | (16) |
| E-Mini S&P 500 Future Option | Put | 3 | 546 | 3640.00 | 2/17/23 | (7) |
| E-Mini S&P 500 Future Option | Put | 3 | 521 | 3470.00 | 2/28/23 | (4) |
| E-Mini S&P 500 Future Option | Put | 3 | 513 | 3420.00 | 2/28/23 | (3) |
| E-Mini S&P 500 Future Option | Put | 11 | 1924 | 3500.00 | 2/28/23 | (17) |
| E-Mini S&P 500 Future Option | Put | 3 | 510 | 3400.00 | 2/28/23 | (3) |
| E-Mini S&P 500 Future Option | Put | 2 | 356 | 3560.00 | 2/28/23 | (4) |
| E-Mini S&P 500 Future Option | Put | 3 | 536 | 3570.00 | 2/28/23 | (6) |
|  |  |  |  |  |  | $(210) |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The International Equity Portfolio** 

Portfolio of Investments (concluded) — December 31, 2022 (Unaudited)

Exchanged-traded options on futures contacts purchased as of December 31, 2022 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Put/Call** | **Number of <br> Contracts** | **Notional <br> Amount<br> (000)** | **Exercise <br> Price** | **Expiration <br> Date** | **Value <br> (000)** |
| E-Mini S&P 500 Future Option | Put | 3 | $540 | $3600.00 | 1/20/23 | $2 |
| E-Mini S&P 500 Future Option | Put | 2 | 365 | 3650.00 | 1/20/23 | 2 |
| E-Mini S&P 500 Future Option | Put | 3 | 555 | 3700.00 | 1/20/23 | 4 |
| E-Mini S&P 500 Future Option | Put | 4 | 770 | 3850.00 | 1/20/23 | 14 |
| E-Mini S&P 500 Future Option | Put | 2 | 395 | 3950.00 | 1/20/23 | 13 |
| E-Mini S&P 500 Future Option | Put | 3 | 578 | 3850.00 | 1/31/23 | 13 |
| E-Mini S&P 500 Future Option | Put | 2 | 390 | 3900.00 | 1/31/23 | 11 |
| E-Mini S&P 500 Future Option | Put | 2 | 400 | 4000.00 | 1/31/23 | 16 |
| E-Mini S&P 500 Future Option | Put | 2 | 380 | 3800.00 | 2/17/23 | 10 |
| E-Mini S&P 500 Future Option | Put | 2 | 395 | 3950.00 | 2/17/23 | 16 |
|  |  |  |  |  |  | $101 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Institutional International Equity Portfolio** 

Portfolio of Investments — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks — 70.35%** | **Common Stocks — 70.35%** |
|  | **Australia — 5.70%** | **Australia — 5.70%** |
| 7459 | Ampol Ltd. (Oil, Gas & Consumable Fuels)  | $144 |
| 81375 | ANZ Group Holdings Ltd. (Banks)<sup>(a)</sup>  | 1311 |
| 46501 | APA Group (Gas Utilities)  | 340 |
| 16291 | Aristocrat Leisure Ltd. (Hotels, Restaurants & Leisure)  | 338 |
| 6764 | ASX Ltd. (Capital Markets)  | 313 |
| 74205 | Aurizon Holdings Ltd. (Road & Rail)  | 188 |
| 137874 | BHP Group Ltd. (Metals & Mining)  | 4282 |
| 12808 | BlueScope Steel Ltd. (Metals & Mining)  | 147 |
| 48229 | Brambles Ltd. (Commercial Services & Supplies)  | 396 |
| 1894 | Cochlear Ltd. (Health Care Equipment & Supplies)  | 263 |
| 46093 | Coles Group Ltd. (Food & Staples Retailing)  | 525 |
| 46310 | Commonwealth Bank of Australia (Banks)  | 3234 |
| 14788 | Computershare Ltd. (IT Services)  | 264 |
| 13308 | CSL Ltd. (Biotechnology)  | 2607 |
| 39448 | Dexus (Equity Real Estate Investment Trusts)  | 208 |
| 2320 | Domino's Pizza Enterprises Ltd. (Hotels, Restaurants & Leisure)  | 105 |
| 61089 | Endeavour Group Ltd. (Food & Staples Retailing)  | 267 |
| 46642 | Evolution Mining Ltd. (Metals & Mining)  | 95 |
| 46089 | Fortescue Metals Group Ltd. (Metals & Mining)  | 643 |
| 46062 | Goodman Group (Equity Real Estate Investment Trusts)  | 544 |
| 5682 | IDP Education Ltd. (Diversified Consumer Services)  | 105 |
| 18549 | IGO Ltd. (Metals & Mining)  | 170 |
| 81439 | Insurance Australia Group Ltd. (Insurance)  | 263 |
| 18750 | LendLease Group (Real Estate Management & Development)<sup>(b)</sup>  | 100 |
| 9993 | Macquarie Group Ltd. (Capital Markets)  | 1136 |
| 126475 | Medibank Private Ltd. (Insurance)  | 254 |
| 4639 | Mineral Resources Ltd. (Metals & Mining)  | 244 |
| 107393 | Mirvac Group (Equity Real Estate Investment Trusts)  | 156 |
| 86195 | National Australia Bank Ltd. (Banks)  | 1764 |
| 31012 | Newcrest Mining Ltd. (Metals & Mining)  | 436 |
| 42779 | Northern Star Resources Ltd. (Metals & Mining)  | 317 |
| 12233 | Orica Ltd. (Chemicals)  | 125 |
| 46887 | Origin Energy Ltd. (Electric Utilities)  | 246 |
| 69049 | Pilbara Minerals Ltd. (Metals & Mining)<sup>(a)</sup>  | 176 |
| 25152 | Qantas Airways Ltd. (Airlines)<sup>(a)</sup>  | 103 |
| 40369 | QBE Insurance Group Ltd. (Insurance)  | 369 |
| 5811 | Ramsay Health Care Ltd. (Health Care Providers & Services)  | 255 |
| 1438 | REA Group Ltd. (Interactive Media & Services)  | 108 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| 11507 | Reece Ltd. (Trading Companies & Distributors)  | $| 111 |
| 2434088 | Regal Asian Investments Ltd. (Financial Services)  |  | 3595 |
| 10529 | Rio Tinto Ltd. (Metals & Mining)  |  | 835 |
| 86757 | Santos Ltd. (Oil, Gas & Consumable Fuels)<sup>(b)</sup>  |  | 422 |
| 141264 | Scentre Group (Equity Real Estate Investment Trusts)  |  | 277 |
| 9172 | SEEK Ltd. (Interactive Media & Services)  |  | 131 |
| 15438 | Sonic Healthcare Ltd. (Health Care Providers & Services)  |  | 315 |
| 125970 | South32 Ltd. (Metals & Mining)  |  | 343 |
| 64971 | Stockland (Equity Real Estate Investment Trusts)  |  | 161 |
| 34364 | Suncorp Group Ltd. (Insurance)  |  | 282 |
| 153350 | Telstra Corp. Ltd. (Diversified Telecommunication Services)  |  | 417 |
| 52135 | The GPT Group (Equity Real Estate Investment Trusts)  |  | 149 |
| 60578 | The Lottery Corp. Ltd. (Hotels, Restaurants & Leisure)<sup>(a)</sup>  |  | 185 |
| 86581 | Transurban Group (Transportation Infrastructure)  |  | 765 |
| 26684 | Treasury Wine Estates Ltd. (Beverages)  |  | 247 |
| 105313 | Vicinity Centres (Equity Real Estate Investment Trusts)<sup>(b)</sup>  |  | 143 |
| 8128 | Washington H Soul Pattinson & Co. Ltd. (Oil, Gas & Consumable Fuels)  |  | 153 |
| 31583 | Wesfarmers Ltd. (Multiline Retail)  |  | 987 |
| 95289 | Westpac Banking Corp. (Banks)  |  | 1515 |
| 3997 | WiseTech Global Ltd. (Software)  |  | 138 |
| 20770 | Woodside Energy Group Ltd. (Oil, Gas & Consumable Fuels)  |  | 500 |
| 30907 | Woodside Energy Group Ltd. (Oil, Gas & Consumable Fuels)  |  | 746 |
| 37084 | Woolworths Group Ltd. (Food & Staples Retailing)  |  | 847 |
|  |  |  | 35805 |
|  | **Austria — 0.12%** | **Austria — 0.12%** | **Austria — 0.12%** |
| 9358 | Erste Group Bank AG (Banks)<sup>(b)</sup>  |  | 300 |
| 4008 | OMV AG (Oil, Gas & Consumable Fuels)  |  | 206 |
| 1853 | Verbund AG (Electric Utilities)  |  | 156 |
| 3270 | Voestalpine AG (Metals & Mining)  |  | 87 |
|  |  |  | 749 |
|  | **Belgium — 0.57%** | **Belgium — 0.57%** | **Belgium — 0.57%** |
| 4389 | Ageas SA (Insurance)  |  | 195 |
| 23640 | Anheuser-Busch InBev N.V. (Beverages)  |  | 1423 |
| 677 | D'ieteren Group (Distributors)  |  | 130 |
| 1201 | Elia Group SA (Electric Utilities)<sup>(b)</sup>  |  | 171 |
| 2707 | Groupe Bruxelles Lambert SA (Diversified Financial Services)  |  | 216 |
| 6808 | KBC Group N.V. (Banks)  |  | 437 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Institutional International Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Belgium (continued)** | **Belgium (continued)** | **Belgium (continued)** |
| 5603 | Proximus SADP (Diversified Telecommunication Services)  | $| 54 |
| 508 | Sofina SA (Diversified Financial Services)  |  | 112 |
| 2017 | Solvay SA, Class - A (Chemicals)  |  | 204 |
| 4123 | UCB SA (Pharmaceuticals)  |  | 325 |
| 5700 | Umicore SA (Chemicals)<sup>(b)</sup>  |  | 209 |
| 4396 | Warehouses De Pauw CVA (Equity Real Estate Investment Trusts)  |  | 126 |
|  |  |  | 3602 |
|  | **Canada — 0.84%** | **Canada — 0.84%** | **Canada — 0.84%** |
| 2429 | Agnico Eagle Mines Ltd. (Metals & Mining)  |  | 126 |
| 2124 | Algonquin Power & Utilities Corp. (Multi-Utilities)  |  | 14 |
| 737 | Alimentation Couche-Tard, Inc. (Food & Staples Retailing)  |  | 32 |
| 7773 | Barrick Gold Corp. (Metals & Mining)  |  | 133 |
| 1099 | BCE, Inc. (Diversified Telecommunication Services)  |  | 48 |
| 2827 | Canadian Apartment Properties REIT (Equity Real Estate Investment Trusts)  |  | 89 |
| 3347 | Canadian National Railway Co. (Road & Rail)  |  | 398 |
| 6009 | Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels)  |  | 334 |
| 4965 | Canadian Pacific Railway Ltd. (Road & Rail)  |  | 370 |
| 1429 | Canadian Utilities Ltd., Class - A (Multi-Utilities)  |  | 39 |
| 618 | CCL Industries, Inc. (Containers & Packaging)  |  | 26 |
| 17438 | Cenovus Energy, Inc. (Oil, Gas & Consumable Fuels)  |  | 338 |
| 726 | CGI, Inc. (IT Services)<sup>(a)</sup>  |  | 63 |
| 53 | Constellation Software, Inc. (Software)  |  | 83 |
| 1698 | Dollarama, Inc. (Multiline Retail)  |  | 99 |
| 1695 | Emera, Inc. (Electric Utilities)  |  | 65 |
| 4441 | Empire Co. Ltd. (Food & Staples Retailing)  |  | 117 |
| 87 | Fairfax Financial Holdings Ltd. (Insurance)  |  | 52 |
| 154 | FirstService Corp. (Real Estate Management & Development)  |  | 19 |
| 1470 | Fortis, Inc. (Electric Utilities)  |  | 59 |
| 927 | Franco-Nevada Corp. (Metals & Mining)  |  | 126 |
| 779 | George Weston Ltd. (Food & Staples Retailing)  |  | 97 |
| 3054 | GFL Environmental, Inc. (Commercial Services & Supplies)  |  | 89 |
| 4192 | Hydro One Ltd. (Electric Utilities)  |  | 112 |
| 508 | Intact Financial Corp. (Insurance)  |  | 73 |
| 23998 | Kinross Gold Corp. (Metals & Mining)  |  | 98 |
| 1356 | Loblaw Companies Ltd. (Food & Staples Retailing)  |  | 120 |
| 2345 | Metro, Inc. (Food & Staples Retailing)  |  | 130 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| 792 | Northland Power, Inc. (Independent Power and Renewable Electricity Producers)  | $| 22 |
| 4692 | Nutrien Ltd. (Chemicals)  |  | 343 |
| 462 | Open Text Corp. (Software)  |  | 14 |
| 2725 | Pan American Silver Corp. (Metals & Mining)  |  | 44 |
| 4187 | Quebecor, Inc., Class - B (Media)  |  | 93 |
| 1349 | Ritchie Bros. Auctioneers, Inc. (Commercial Services & Supplies)  |  | 78 |
| 1217 | Rogers Communications, Inc., Class - B (Wireless Telecommunication Services)  |  | 57 |
| 2737 | Saputo, Inc. (Food Products)  |  | 68 |
| 1603 | Shaw Communications, Inc., Class - B (Media)  |  | 46 |
| 10114 | Suncor Energy, Inc. (Oil, Gas & Consumable Fuels)  |  | 321 |
| 10842 | Teck Resources Ltd., Class - B (Metals & Mining)  |  | 409 |
| 2556 | TELUS Corp. (Diversified Telecommunication Services)  |  | 49 |
| 867 | Thomson Reuters Corp. (Professional Services)  |  | 99 |
| 1019 | TMX Group Ltd. (Capital Markets)  |  | 102 |
| 866 | Toromont Industries Ltd. (Trading Companies & Distributors)  |  | 63 |
| 3166 | Wheaton Precious Metals Corp. (Metals & Mining)  |  | 124 |
| 212 | WSP Global, Inc. (Construction & Engineering)  |  | 25 |
|  |  |  | 5306 |
|  | **China — 0.07%** | **China — 0.07%** | **China — 0.07%** |
| 1782 | Futu Holdings Ltd., ADR (Capital Markets)<sup>(a)</sup>  |  | 72 |
| 5300 | Jardine Matheson Holdings Ltd. (Industrial Conglomerates)  |  | 271 |
| 37000 | SITC International Holdings Co. Ltd. (Marine)  |  | 82 |
|  |  |  | 425 |
|  | **Denmark — 2.08%** | **Denmark — 2.08%** | **Denmark — 2.08%** |
| 98 | A.P. Moller - Maersk A/S, Class - A (Marine)  |  | 217 |
| 137 | A.P. Moller - Maersk A/S, Class - B (Marine)  |  | 308 |
| 3478 | Carlsberg A/S, Class - B (Beverages)  |  | 462 |
| 4288 | Christian Hansen Holding A/S (Chemicals)<sup>(b)</sup>  |  | 309 |
| 3779 | Coloplast A/S, Class - B (Health Care Equipment & Supplies)  |  | 442 |
| 27508 | Danske Bank A/S (Banks)  |  | 544 |
| 2508 | Demant A/S (Health Care Equipment & Supplies)<sup>(a)</sup>  |  | 70 |
| 5095 | DSV A/S (Road & Rail)  |  | 804 |
| 1791 | Genmab A/S (Biotechnology)<sup>(a)(b)</sup>  |  | 758 |
| 48361 | Novo Nordisk A/S, Class - B (Pharmaceuticals)  |  | 6530 |
| 6409 | Novozymes A/S, B Shares (Chemicals)  |  | 325 |
| 5149 | Orsted A/S (Electric Utilities)<sup>(b)</sup>  |  | 468 |
| 2469 | Pandora A/S (Textiles, Apparel & Luxury Goods)  |  | 174 |
| 242 | ROCKWOOL A/S, Class - B (Building Products)  |  | 57 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Institutional International Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Denmark (continued)** | **Denmark (continued)** | **Denmark (continued)** |
| 15300 | Tryg A/S (Insurance)<sup>(b)</sup>  | $| 364 |
| 42344 | Vestas Wind Systems A/S (Electrical Equipment)  |  | 1232 |
|  |  |  | 13064 |
|  | **Finland — 0.89%** | **Finland — 0.89%** | **Finland — 0.89%** |
| 5043 | Elisa Oyj (Diversified Telecommunication Services)  |  | 267 |
| 12088 | Fortum Oyj (Electric Utilities)  |  | 201 |
| 9441 | Kesko Oyj, Class - B (Food & Staples Retailing)  |  | 208 |
| 9849 | Kone Oyj, Class - B (Machinery)  |  | 509 |
| 11514 | Neste Oyj (Oil, Gas & Consumable Fuels)  |  | 530 |
| 147281 | Nokia Oyj (Communications Equipment)  |  | 682 |
| 130698 | Nordea Bank Abp (Banks)  |  | 1401 |
| 4435 | Orion Oyj, Class - B (Pharmaceuticals)  |  | 243 |
| 13057 | Sampo Oyj, Class - A (Insurance)  |  | 683 |
| 15000 | Stora Enso Oyj, Registered Shares (Paper & Forest Products)  |  | 211 |
| 14991 | UPM-Kymmene Oyj (Paper & Forest Products)  |  | 560 |
| 12884 | Wartsila Oyj Abp (Machinery)  |  | 108 |
|  |  |  | 5603 |
|  | **France — 7.71%** | **France — 7.71%** | **France — 7.71%** |
| 4653 | Accor SA (Hotels, Restaurants & Leisure)<sup>(a)(b)</sup>  |  | 116 |
| 808 | Aeroports de Paris (Transportation Infrastructure)<sup>(a)</sup>  |  | 108 |
| 14847 | Air Liquide SA (Chemicals)  |  | 2104 |
| 9695 | Alstom SA (Machinery)  |  | 237 |
| 1665 | Amundi SA (Capital Markets)  |  | 94 |
| 1617 | Arkema SA (Chemicals)  |  | 145 |
| 50871 | AXA SA (Insurance)  |  | 1419 |
| 2744 | BioMerieux (Health Care Equipment & Supplies)  |  | 287 |
| 30235 | BNP Paribas SA (Banks)  |  | 1723 |
| 31629 | Bollore SA (Entertainment)  |  | 177 |
| 6247 | Bouygues SA (Construction & Engineering)  |  | 187 |
| 10490 | Bureau Veritas SA (Professional Services)<sup>(b)</sup>  |  | 277 |
| 4457 | Capgemini SE (IT Services)  |  | 744 |
| 24309 | Carrefour SA (Food & Staples Retailing)<sup>(b)</sup>  |  | 406 |
| 18464 | Cie Generale des Etablissements Michelin SCA (Auto Components)  |  | 514 |
| 13447 | Compagnie de Saint-Gobain (Building Products)  |  | 657 |
| 1289 | Covivio (Equity Real Estate Investment Trusts)  |  | 76 |
| 32942 | Credit Agricole SA (Banks)  |  | 347 |
| 17473 | Danone SA (Food Products)  |  | 921 |
| 1066 | Dassault Aviation SA (Aerospace & Defense)<sup>(b)</sup>  |  | 180 |
| 20471 | Dassault Systemes SE (Software)  |  | 734 |
| 14874 | Edenred (IT Services)  |  | 810 |
| 2267 | Eiffage SA (Construction & Engineering)<sup>(b)</sup>  |  | 223 |
| 15867 | Electricite de France SA (Electric Utilities)  |  | 204 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **France (continued)** | **France (continued)** | **France (continued)** |
| 51727 | Engie SA (Multi-Utilities)  | $| 741 |
| 10230 | EssilorLuxottica SA (Health Care Equipment & Supplies)  |  | 1852 |
| 1228 | Eurazeo SE (Diversified Financial Services)  |  | 76 |
| 1386 | Gecina SA (Equity Real Estate Investment Trusts)<sup>(b)</sup>  |  | 141 |
| 13125 | Getlink SE (Transportation Infrastructure)  |  | 210 |
| 904 | Hermes International (Textiles, Apparel & Luxury Goods)  |  | 1398 |
| 1975 | Ipsen SA (Pharmaceuticals)  |  | 212 |
| 2038 | Kering SA (Textiles, Apparel & Luxury Goods)  |  | 1037 |
| 5856 | Klepierre SA (Equity Real Estate Investment Trusts)  |  | 135 |
| 5853 | LA Francaise des Jeux SAEM (Hotels, Restaurants & Leisure)  |  | 235 |
| 7823 | Legrand SA (Electrical Equipment)  |  | 627 |
| 7836 | L'Oreal SA (Personal Products)  |  | 2798 |
| 8048 | LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods)  |  | 5858 |
| 69196 | Orange SA (Diversified Telecommunication Services)<sup>(b)</sup>  |  | 687 |
| 8137 | Pernod Ricard SA (Beverages)  |  | 1600 |
| 6218 | Publicis Groupe SA (Media)  |  | 395 |
| 1423 | Remy Cointreau SA (Beverages)  |  | 240 |
| 5232 | Renault SA (Automobiles)<sup>(a)</sup>  |  | 175 |
| 9302 | Safran SA (Aerospace & Defense)  |  | 1164 |
| 37151 | Sanofi (Pharmaceuticals)  |  | 3573 |
| 1090 | Sartorius Stedim Biotech (Life Sciences Tools & Services)  |  | 353 |
| 17327 | Schneider Electric SE (Electrical Equipment)<sup>(b)</sup>  |  | 2424 |
| 2543 | SEB SA (Household Durables)  |  | 213 |
| 21974 | Societe Generale SA (Banks)  |  | 552 |
| 2408 | Sodexo SA (Hotels, Restaurants & Leisure)  |  | 231 |
| 2023 | Teleperformance (Professional Services)  |  | 483 |
| 3562 | Thales SA (Aerospace & Defense)  |  | 455 |
| 73966 | TotalEnergies SE (Oil, Gas & Consumable Fuels)  |  | 4644 |
| 2562 | UbiSoft Entertainment SA (Entertainment)<sup>(a)</sup>  |  | 72 |
| 3210 | Unibail-Rodamco-Westfield (Equity Real Estate Investment Trusts)<sup>(a)</sup>  |  | 167 |
| 5612 | Valeo (Auto Components)  |  | 100 |
| 18114 | Veolia Environnement SA (Multi-Utilities)  |  | 465 |
| 18431 | Vinci SA (Construction & Engineering)  |  | 1840 |
| 32586 | Vivendi SE (Entertainment)  |  | 311 |
| 725 | Wendel SE (Diversified Financial Services)  |  | 68 |
| 6510 | Worldline SA (IT Services)<sup>(a)</sup>  |  | 255 |
|  |  |  | 48477 |
|  | **Germany — 5.16%** | **Germany — 5.16%** | **Germany — 5.16%** |
| 4705 | adidas AG (Textiles, Apparel & Luxury Goods)  |  | 642 |
| 11117 | Allianz SE (Insurance)  |  | 2390 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Institutional International Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Germany (continued)** | **Germany (continued)** |
| 27191 | Aroundtown SA (Real Estate Management & Development)<sup>(b)</sup>  | $64 |
| 24998 | BASF SE (Chemicals)  | 1241 |
| 27032 | Bayer AG, Registered Shares (Pharmaceuticals)  | 1398 |
| 9011 | Bayerische Motoren Werke AG (Automobiles)  | 804 |
| 2768 | Bechtle AG (IT Services)  | 98 |
| 3895 | Beiersdorf AG (Personal Products)  | 447 |
| 4205 | Brenntag AG (Trading Companies & Distributors)  | 269 |
| 1095 | Carl Zeiss Meditec AG (Health Care Equipment & Supplies)  | 138 |
| 28972 | Commerzbank AG (Banks)<sup>(a)</sup>  | 274 |
| 2994 | Continental AG (Auto Components)  | 179 |
| 5258 | Covestro AG (Chemicals)  | 206 |
| 12319 | Daimler Truck Holding AG (Machinery)<sup>(a)</sup>  | 382 |
| 4627 | Delivery Hero SE (Internet & Direct Marketing Retail)<sup>(a)</sup>  | 222 |
| 56250 | Deutsche Bank AG, Registered Shares (Capital Markets)  | 637 |
| 5590 | Deutsche Boerse AG (Capital Markets)  | 965 |
| 16268 | Deutsche Lufthansa AG, Registered Shares (Airlines)<sup>(a)(b)</sup>  | 135 |
| 26978 | Deutsche Post AG, Registered Shares (Air Freight & Logistics)  | 1016 |
| 110243 | Deutsche Telekom AG (Diversified Telecommunication Services)<sup>(b)</sup>  | 2199 |
| 3099 | Dr. Ing. h.c. F. Porsche AG (Automobiles)<sup>(a)</sup>  | 314 |
| 70315 | E.ON SE (Multi-Utilities)  | 702 |
| 5707 | Evonik Industries AG (Chemicals)  | 110 |
| 9211 | Fresenius Medical Care AG & Co. KGAA (Health Care Providers & Services)  | 301 |
| 12696 | Fresenius SE & Co. KGaA (Health Care Providers & Services)  | 357 |
| 4122 | GEA Group AG (Machinery)  | 169 |
| 1641 | Hannover Rueck SE (Insurance)  | 326 |
| 3941 | HeidelbergCement AG (Construction Materials)  | 225 |
| 6427 | HelloFresh SE (Food & Staples Retailing)<sup>(a)</sup>  | 141 |
| 4212 | Henkel AG & Co. KGAA (Household Products)  | 271 |
| 46731 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment)<sup>(b)</sup>  | 1422 |
| 3312 | Knorr-Bremse AG (Machinery)  | 181 |
| 3505 | LEG Immobilien AG (Real Estate Management & Development)  | 228 |
| 21838 | Mercedes-Benz Group AG (Automobiles)<sup>(b)</sup>  | 1435 |
| 3873 | Merck KGaA (Pharmaceuticals)  | 750 |
| 1454 | MTU Aero Engines AG (Aerospace & Defense)  | 315 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| 3813 | Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares (Insurance)  | $| 1241 |
| 1572 | Nemetschek SE (Software)  |  | 80 |
| 2873 | Puma SE (Textiles, Apparel & Luxury Goods)<sup>(b)</sup>  |  | 174 |
| 180 | Rational AG (Machinery)  |  | 107 |
| 1446 | Rheinmetall AG (Industrial Conglomerates)  |  | 288 |
| 18442 | RWE AG (Multi-Utilities)  |  | 821 |
| 31796 | SAP SE (Software)  |  | 3281 |
| 3938 | Scout24 AG (Interactive Media & Services)  |  | 198 |
| 20821 | Siemens AG, Registered Shares (Industrial Conglomerates)  |  | 2890 |
| 14178 | Siemens Energy AG (Electrical Equipment)  |  | 266 |
| 9441 | Siemens Healthineers AG (Health Care Equipment & Supplies)  |  | 472 |
| 4687 | Symrise AG (Chemicals)<sup>(b)</sup>  |  | 510 |
| 74407 | Telefonica Deutschland Holding AG (Diversified Telecommunication Services)  |  | 183 |
| 4763 | United Internet AG (Diversified Telecommunication Services)<sup>(b)</sup>  |  | 97 |
| 803 | Volkswagen AG (Automobiles)  |  | 127 |
| 21918 | Vonovia SE (Real Estate Management & Development)  |  | 516 |
| 6095 | Zalando SE (Internet & Direct Marketing Retail)<sup>(a)</sup>  |  | 216 |
|  |  |  | 32420 |
|  | **Hong Kong — 1.96%** | **Hong Kong — 1.96%** | **Hong Kong — 1.96%** |
| 363518 | AIA Group Ltd. (Insurance)  |  | 4042 |
| 105195 | BOC Hong Kong Holdings Ltd. (Banks)  |  | 358 |
| 46900 | Budweiser Brewing Co. APAC Ltd. (Beverages)  |  | 148 |
| 588000 | China Common Rich Renewable Energy Investment Ltd. (Independent Power and Renewable Electricity Producers)<sup>(a)(c)</sup>  |  |  |
| 54200 | CK Asset Holdings Ltd. (Real Estate Management & Development)  |  | 334 |
| 72910 | CK Hutchison Holdings Ltd. (Industrial Conglomerates)  |  | 438 |
| 24500 | CK Infrastructure Holdings Ltd. (Electric Utilities)  |  | 129 |
| 53219 | CLP Holdings Ltd. (Electric Utilities)  |  | 388 |
| 64800 | ESR Cayman Ltd. (Real Estate Management & Development)  |  | 136 |
| 59000 | Galaxy Entertainment Group Ltd. (Hotels, Restaurants & Leisure)  |  | 390 |
| 54720 | Hang Lung Properties Ltd. (Real Estate Management & Development)  |  | 107 |
| 22439 | Hang Seng Bank Ltd. (Banks)  |  | 374 |
| 39845 | Henderson Land Development Co. Ltd. (Real Estate Management & Development)  |  | 139 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Institutional International Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| 162877 | HK Electric Investments & HK Electric Investments Ltd. (Electric Utilities)  | $| 108 |
| 151550 | HKT Trust & HKT Ltd. (Diversified Telecommunication Services)<sup>(b)</sup>  |  | 186 |
| 358247 | Hong Kong & China Gas Co. Ltd. (Gas Utilities)  |  | 340 |
| 32800 | Hong Kong Exchanges & Clearing Ltd. (Capital Markets)  |  | 1417 |
| 39340 | Hongkong Land Holdings Ltd. (Real Estate Management & Development)  |  | 181 |
| 51000 | MTR Corp. Ltd. (Road & Rail)  |  | 271 |
| 41310 | New World Development Co. Ltd. (Real Estate Management & Development)  |  | 116 |
| 48868 | Power Assets Holdings Ltd. (Electric Utilities)  |  | 267 |
| 66260 | Sands China Ltd. (Hotels, Restaurants & Leisure)<sup>(a)</sup>  |  | 220 |
| 94212 | Sino Land Co. Ltd. (Real Estate Management & Development)  |  | 118 |
| 39360 | Sun Hung Kai Properties Ltd. (Real Estate Management & Development)  |  | 539 |
| 13430 | Swire Pacific Ltd., Class - A (Real Estate Management & Development)  |  | 118 |
| 41000 | Swire Properties Ltd. (Real Estate Management & Development)  |  | 104 |
| 37500 | Techtronic Industries Co. Ltd. (Machinery)  |  | 418 |
| 61636 | The Link Real Estate Investment Trust (Equity Real Estate Investment Trusts)  |  | 453 |
| 226856 | WH Group Ltd. (Food Products)  |  | 132 |
| 45000 | Wharf Real Estate Investment Co. Ltd. (Real Estate Management & Development)  |  | 262 |
| 49000 | Xinyi Glass Holdings Ltd. (Building Products)  |  | 91 |
|  |  |  | 12324 |
|  | **Ireland (Republic of) — 0.84%** | **Ireland (Republic of) — 0.84%** | **Ireland (Republic of) — 0.84%** |
| 3993 | AerCap Holdings N.V. (Trading Companies & Distributors)<sup>(a)</sup>  |  | 233 |
| 29105 | AIB Group PLC (Banks)  |  | 113 |
| 29131 | Bank of Ireland Group PLC (Banks)  |  | 277 |
| 30006 | CRH PLC (Construction Materials)<sup>(b)</sup>  |  | 1189 |
| 3362 | DCC PLC (Industrial Conglomerates)<sup>(b)</sup>  |  | 165 |
| 36918 | Experian PLC (Professional Services)  |  | 1254 |
| 4546 | Flutter Entertainment PLC (Hotels, Restaurants & Leisure)<sup>(a)</sup>  |  | 622 |
| 12129 | James Hardie Industries PLC (Construction Materials)  |  | 218 |
| 4334 | Kerry Group PLC, Class - A (Food Products)<sup>(b)</sup>  |  | 391 |
| 4203 | Kingspan Group PLC (Building Products)  |  | 228 |
| 4864 | Ryanair Holdings PLC, ADR (Airlines)<sup>(a)</sup>  |  | 364 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Ireland (Republic of (continued)** | **Ireland (Republic of (continued)** | **Ireland (Republic of (continued)** |
| 6728 | Smurfit Kappa Group PLC (Containers & Packaging)<sup>(b)</sup>  | $| 249 |
|  |  |  | 5303 |
|  | **Isle of Man — 0.04%** | **Isle of Man — 0.04%** | **Isle of Man — 0.04%** |
| 16025 | Entain PLC (Hotels, Restaurants & Leisure)  |  | 256 |
|  | **Israel — 0.51%** | **Israel — 0.51%** | **Israel — 0.51%** |
| 1588 | Azrieli Group Ltd. (Real Estate Management & Development)  |  | 106 |
| 40149 | Bank Hapoalim BM (Banks)  |  | 363 |
| 46522 | Bank Leumi Le (Banks)  |  | 388 |
| 85937 | Bezeq The Israeli Telecommunication Corp. Ltd. (Diversified Telecommunication Services)  |  | 148 |
| 3106 | Check Point Software Technologies Ltd. (Software)<sup>(a)</sup>  |  | 391 |
| 1184 | CyberArk Software Ltd. (Software)<sup>(a)</sup>  |  | 154 |
| 1018 | Elbit Systems Ltd. (Aerospace & Defense)  |  | 166 |
| 25442 | ICL Group Ltd. (Chemicals)  |  | 185 |
| 1 | Isracard Ltd. (Consumer Finance)  |  |  |
| 37098 | Israel Discount Bank Ltd., Class - A (Banks)  |  | 195 |
| 4621 | Mizrahi Tefahot Bank Ltd. (Banks)  |  | 150 |
| 1896 | Nice Ltd. (Software)<sup>(a)</sup>  |  | 367 |
| 33188 | Teva Pharmaceutical Industries Ltd., ADR (Pharmaceuticals)<sup>(a)</sup>  |  | 303 |
| 3287 | Tower Semiconductor Ltd. (Semiconductors & Semiconductor Equipment)<sup>(a)</sup>  |  | 144 |
| 1701 | Wix.com Ltd. (IT Services)<sup>(a)</sup>  |  | 131 |
| 2506 | ZIM Integrated Shipping Services Ltd. (Marine)^  |  | 43 |
|  |  |  | 3234 |
|  | **Italy — 1.54%** | **Italy — 1.54%** | **Italy — 1.54%** |
| 4525 | Amplifon SpA (Health Care Providers & Services)  |  | 135 |
| 31634 | Assicurazioni Generali SpA (Insurance)  |  | 563 |
| 19996 | Davide Campari-Milano N.V. (Beverages)  |  | 203 |
| 1334 | DiaSorin SpA (Health Care Equipment & Supplies)  |  | 187 |
| 221361 | Enel SpA (Electric Utilities)<sup>(b)</sup>  |  | 1191 |
| 68042 | Eni SpA (Oil, Gas & Consumable Fuels)  |  | 967 |
| 5397 | Ferrari N.V. (Automobiles)  |  | 1156 |
| 41284 | FinecoBank Banca Fineco SpA (Banks)  |  | 686 |
| 17404 | Infrastrutture Wireless Italiane SpA (Diversified Telecommunication Services)<sup>(b)</sup>  |  | 175 |
| 619684 | Intesa Sanpaolo SpA (Banks)<sup>(b)</sup>  |  | 1377 |
| 16474 | Mediobanca Banca di Credito Finanziario SpA (Banks)  |  | 158 |
| 12724 | Moncler SpA (Textiles, Apparel & Luxury Goods)  |  | 674 |
| 16064 | Nexi SpA (IT Services)<sup>(a)</sup>  |  | 127 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Institutional International Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| 14219 | Poste Italiane SpA (Insurance)  | $| 139 |
| 7417 | Prusmian SpA (Electrical Equipment)  |  | 275 |
| 4458 | Recordati SpA (Pharmaceuticals)  |  | 185 |
| 63247 | Snam SpA (Gas Utilities)  |  | 307 |
| 280720 | Telecom Italia SpA (Diversified Telecommunication Services)<sup>(a)</sup>  |  | 65 |
| 48270 | Terna - Rete Elettrica Nazionale SpA (Electric Utilities)  |  | 357 |
| 52286 | Unicredit SpA (Banks)  |  | 743 |
|  |  |  | 9670 |
|  | **Japan — 14.50%** | **Japan — 14.50%** | **Japan — 14.50%** |
| 5200 | Advantest Corp. (Semiconductors & Semiconductor Equipment)<sup>(b)</sup>  |  | 336 |
| 19900 | Aeon Co. Ltd. (Food & Staples Retailing)  |  | 423 |
| 5265 | AGC, Inc. (Building Products)^  |  | 176 |
| 4000 | Aisin Corp. (Auto Components)  |  | 108 |
| 14600 | Ajinomoto Co., Inc. (Food Products)  |  | 449 |
| 5100 | ANA Holdings, Inc. (Airlines)<sup>(a)(b)</sup>  |  | 109 |
| 12400 | Asahi Group Holdings Ltd. (Beverages)^<sup>(b)</sup>  |  | 389 |
| 7500 | Asahi Intecc Co. Ltd. (Health Care Equipment & Supplies)  |  | 123 |
| 34110 | Asahi Kasei Corp. (Chemicals)  |  | 245 |
| 51890 | Astellas Pharma, Inc. (Pharmaceuticals)  |  | 793 |
| 3100 | Azbil Corp. (Electronic Equipment, Instruments & Components)  |  | 79 |
| 5400 | Bandai Namco Holdings, Inc. (Leisure Products)  |  | 342 |
| 15560 | Bridgestone Corp. (Auto Components)  |  | 556 |
| 6400 | Brother Industries Ltd. (Technology Hardware, Storage & Peripherals)  |  | 98 |
| 28047 | Canon, Inc. (Technology Hardware, Storage & Peripherals) ^  |  | 610 |
| 6700 | Capcom Co. Ltd. (Entertainment)  |  | 215 |
| 4100 | Central Japan Railway Co. (Road & Rail)  |  | 507 |
| 26000 | Chubu Electric Power Co., Inc. (Electric Utilities)  |  | 270 |
| 20400 | Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals)  |  | 524 |
| 29600 | Concordia Financial Group Ltd. (Banks)  |  | 124 |
| 15300 | CyberAgent, Inc. (Media)  |  | 136 |
| 6039 | Dai Nippon Printing Co. Ltd. (Commercial Services & Supplies)  |  | 122 |
| 2800 | Daifuku Co. Ltd. (Machinery)  |  | 132 |
| 26700 | Dai-ichi Life Holdings, Inc. (Insurance)  |  | 609 |
| 47700 | Daiichi Sankyo Co. Ltd. (Pharmaceuticals)  |  | 1545 |
| 6800 | Daikin Industries Ltd. (Building Products)  |  | 1047 |
| 1947 | Daito Trust Construction Co. Ltd. (Real Estate Management & Development)  |  | 201 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Japan (continued)** | **Japan (continued)** |
| 16330 | Daiwa House Industry Co. Ltd. (Real Estate Management & Development)  | $378 |
| 96 | Daiwa House REIT Investment Corp. (Equity Real Estate Investment Trusts)  | 214 |
| 39900 | Daiwa Securities Group, Inc. (Capital Markets)  | 177 |
| 11800 | Denso Corp. (Auto Components)  | 588 |
| 5870 | Dentsu Group, Inc. (Media)  | 185 |
| 800 | Disco Corp. (Semiconductors & Semiconductor Equipment)  | 230 |
| 8900 | East Japan Railway Co. (Road & Rail)  | 510 |
| 7500 | Eisai Co. Ltd. (Pharmaceuticals)  | 498 |
| 98778 | ENEOS Holdings, Inc. (Oil, Gas & Consumable Fuels)  | 337 |
| 5200 | FANUC Corp. (Machinery)  | 786 |
| 1600 | Fast Retailing Co. Ltd. (Specialty Retail)  | 982 |
| 3500 | Fuji Electric Co. Ltd. (Electrical Equipment)  | 134 |
| 10510 | FUJIFILM Holdings Corp. (Technology Hardware, Storage & Peripherals)  | 530 |
| 5350 | Fujitsu Ltd. (IT Services)<sup>(b)</sup>  | 718 |
| 185 | GLP J-REIT (Equity Real Estate Investment Trusts)<sup>(b)</sup>  | 214 |
| 1100 | GMO Payment Gateway, Inc. (IT Services)  | 92 |
| 6400 | Hakuhodo DY Holdings, Inc. (Media)  | 65 |
| 3800 | Hamamatsu Photonics K.K. (Electronic Equipment, Instruments & Components)  | 183 |
| 7000 | Hankyu Hanshin Holdings, Inc. (Road & Rail)  | 209 |
| 500 | Hikari Tsushin, Inc. (Specialty Retail)  | 71 |
| 780 | Hirose Electric Co. Ltd. (Electronic Equipment, Instruments & Components)  | 99 |
| 2900 | Hitachi Construction Machinery Co. Ltd. (Machinery)  | 65 |
| 26380 | Hitachi Ltd. (Industrial Conglomerates)  | 1345 |
| 44354 | Honda Motor Co. Ltd. (Automobiles)  | 1025 |
| 3000 | Hoshizaki Corp. (Machinery)  | 106 |
| 9800 | HOYA Corp. (Health Care Equipment & Supplies)  | 949 |
| 10400 | Hulic Co. Ltd. (Real Estate Management & Development)<sup>(b)</sup>  | 82 |
| 3100 | Ibiden Co. Ltd. (Electronic Equipment, Instruments & Components)  | 113 |
| 8359 | Idemitsu Kosan Co. Ltd. (Oil, Gas & Consumable Fuels) <sup>(b)</sup>  | 195 |
| 3900 | Iida Group Holdings Co. Ltd. (Household Durables)  | 59 |
| 28300 | Inpex Corp. (Oil, Gas & Consumable Fuels)  | 301 |
| 15870 | Isuzu Motors Ltd. (Automobiles)  | 187 |
| 2900 | ITO EN Ltd. (Beverages)  | 106 |
| 32358 | ITOCHU Corp. (Trading Companies & Distributors)  | 1022 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Institutional International Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Japan (continued)** | **Japan (continued)** |
| 4900 | Itochu Techno-Solutions Corp. (IT Services)  | $115 |
| 3900 | Japan Airlines Co. Ltd. (Airlines)<sup>(a)(b)</sup>  | 80 |
| 16300 | Japan Exchange Group, Inc. (Capital Markets)  | 236 |
| 20500 | Japan Post Bank Co. Ltd. (Banks)  | 176 |
| 70860 | Japan Post Holdings Co. Ltd. (Insurance)<sup>(b)</sup>  | 599 |
| 6600 | Japan Post Insurance Co. Ltd. (Insurance)<sup>(b)</sup>  | 117 |
| 51 | Japan Real Estate Investment Corp. (Equity Real Estate Investment Trusts)  | 225 |
| 190 | Japan Retail Fund Investment Corp. (Equity Real Estate Investment Trusts)  | 152 |
| 36027 | Japan Tobacco, Inc. (Tobacco)  | 731 |
| 13400 | JFE Holdings, Inc. (Metals & Mining)  | 157 |
| 4833 | JSR Corp. (Chemicals)  | 95 |
| 11500 | Kajima Corp. (Construction & Engineering)  | 135 |
| 3600 | Kakaku.com, Inc. (Interactive Media & Services)  | 58 |
| 14500 | Kao Corp. (Personal Products)  | 581 |
| 46300 | KDDI Corp. (Wireless Telecommunication Services)  | 1405 |
| 3600 | Keio Corp. (Road & Rail)  | 133 |
| 3500 | Keisei Electric Railway Co. Ltd. (Road & Rail)  | 100 |
| 5300 | Keyence Corp. (Electronic Equipment, Instruments & Components)  | 2077 |
| 4000 | Kikkoman Corp. (Food Products)  | 212 |
| 5900 | Kintetsu Group Holdings Co. Ltd. (Road & Rail)  | 196 |
| 25610 | Kirin Holdings Co. Ltd. (Beverages)  | 392 |
| 2600 | Kobayashi Pharmaceutical Co. Ltd. (Personal Products)  | 179 |
| 6700 | Kobe Bussan Co. Ltd. (Food & Staples Retailing)  | 193 |
| 6420 | Koei Tecmo Holdings Co. Ltd. (Entertainment)  | 117 |
| 5800 | Koito Manufacturing Co. Ltd. (Auto Components)  | 88 |
| 25190 | Komatsu Ltd. (Machinery)  | 552 |
| 2500 | Konami Group Corp. (Entertainment)  | 114 |
| 900 | Kose Corp. (Personal Products)  | 99 |
| 27800 | Kubota Corp. (Machinery)  | 385 |
| 2800 | Kurita Water Industries Ltd. (Machinery)  | 117 |
| 8720 | Kyocera Corp. (Electronic Equipment, Instruments & Components)  | 435 |
| 8800 | Kyowa Kirin Co. Ltd. (Pharmaceuticals)  | 203 |
| 2100 | Lasertec Corp. (Semiconductors & Semiconductor Equipment)  | 348 |
| 7845 | Lixil Corp. (Building Products)  | 120 |
| 12000 | M3, Inc. (Health Care Technology)  | 327 |
| 6100 | Makita Corp. (Machinery)  | 143 |
| 42071 | Marubeni Corp. (Trading Companies & Distributors)  | 486 |
| 15450 | Mazda Motor Corp. (Automobiles)  | 118 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Japan (continued)** | **Japan (continued)** |
| 4600 | McDonald's Holdings Co. Ltd. (Hotels, Restaurants & Leisure)  | $175 |
| 4700 | MEIJI Holdings Co. Ltd. (Food Products)  | 241 |
| 9900 | MINEBEA MITSUMI, Inc. (Machinery)  | 149 |
| 7700 | MISUMI Group, Inc. (Machinery)  | 169 |
| 34810 | Mitsubishi Chemical Group Corp. (Chemicals)  | 182 |
| 35140 | Mitsubishi Corp. (Trading Companies & Distributors)  | 1147 |
| 52590 | Mitsubishi Electric Corp. (Electrical Equipment)  | 526 |
| 32200 | Mitsubishi Estate Co. Ltd. (Real Estate Management & Development)  | 420 |
| 18000 | Mitsubishi HC Capital, Inc. (Diversified Financial Services)  | 89 |
| 8697 | Mitsubishi Heavy Industries Ltd. (Machinery)  | 347 |
| 325382 | Mitsubishi UFJ Financial Group, Inc. (Banks)  | 2205 |
| 38966 | Mitsui & Co. Ltd. (Trading Companies & Distributors)  | 1144 |
| 5050 | Mitsui Chemicals, Inc. (Chemicals)  | 114 |
| 24700 | Mitsui Fudosan Co. Ltd. (Real Estate Management & Development)  | 455 |
| 9400 | Mitsui O.S.K. Lines Ltd. (Marine)  | 236 |
| 68052 | Mizuho Financial Group, Inc. (Banks)  | 963 |
| 9900 | MonotaRO Co. Ltd. (Trading Companies & Distributors)  | 140 |
| 13600 | MS&AD Insurance Group Holdings, Inc. (Insurance)  | 438 |
| 15600 | Murata Manufacturing Co. Ltd. (Electronic Equipment, Instruments & Components)  | 783 |
| 7130 | NEC Corp. (Technology Hardware, Storage & Peripherals)  | 252 |
| 16100 | Nexon Co. Ltd. (Entertainment)  | 363 |
| 6500 | NGK Insulators Ltd. (Machinery)  | 83 |
| 12200 | Nidec Corp. (Electrical Equipment)  | 636 |
| 8200 | Nihon M&A Center Holdings, Inc. (Professional Services)  | 102 |
| 31700 | Nintendo Co. Ltd. (Entertainment)  | 1337 |
| 58 | Nippon Building Fund, Inc. (Equity Real Estate Investment Trusts)  | 260 |
| 2100 | NIPPON EXPRESS HOLDINGS, INC. (Road & Rail)  | 121 |
| 22600 | Nippon Paint Holdings Co. Ltd. (Chemicals)<sup>(b)</sup>  | 179 |
| 92 | Nippon Prologis REIT, Inc. (Equity Real Estate Investment Trusts)<sup>(b)</sup>  | 216 |
| 4700 | Nippon Sanso Holdings Corp. (Chemicals)  | 69 |
| 2300 | Nippon Shinyaku Co. Ltd. (Pharmaceuticals)  | 131 |
| 22000 | Nippon Steel Corp. (Metals & Mining)<sup>(b)</sup>  | 384 |
| 35240 | Nippon Telegraph & Telephone Corp. (Diversified Telecommunication Services)  | 1010 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Institutional International Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Japan (continued)** | **Japan (continued)** |
| 13200 | Nippon Yusen KK (Marine)^  | $313 |
| 3500 | Nissan Chemical Corp. (Chemicals)  | 154 |
| 63200 | Nissan Motor Co. Ltd. (Automobiles)  | 201 |
| 9800 | Nisshin Seifun Group, Inc. (Food Products)  | 123 |
| 2800 | Nissin Foods Holdings Co. Ltd. (Food Products)<sup>(b)</sup>  | 222 |
| 2800 | Nitori Holdings Co. Ltd. (Specialty Retail)  | 364 |
| 3860 | Nitto Denko Corp. (Chemicals)  | 225 |
| 79200 | Nomura Holdings, Inc. (Capital Markets)  | 295 |
| 3300 | Nomura Real Estate Holdings, Inc. (Real Estate Management & Development)  | 71 |
| 157 | Nomura Real Estate Master Fund, Inc. (Equity Real Estate Investment Trusts)  | 195 |
| 12620 | Nomura Research Institute Ltd. (IT Services)  | 300 |
| 17200 | NTT Data Corp. (IT Services)  | 253 |
| 17700 | Obayashi Corp. (Construction & Engineering)  | 135 |
| 2300 | Obic Co. Ltd. (IT Services)  | 340 |
| 10400 | Odakyu Electric Railway Co. Ltd. (Road & Rail)  | 135 |
| 30800 | Oji Paper Co. Ltd. (Paper & Forest Products)  | 124 |
| 33200 | Olympus Corp. (Health Care Equipment & Supplies)  | 595 |
| 5100 | OMRON Corp. (Electronic Equipment, Instruments & Components)  | 249 |
| 12000 | Ono Pharmaceutical Co. Ltd. (Pharmaceuticals)  | 282 |
| 2100 | Open House Group Co. Ltd. (Household Durables)<sup>(b)</sup>  | 77 |
| 1800 | Oracle Corp. (Software)  | 117 |
| 5700 | Oriental Land Co. Ltd. (Hotels, Restaurants & Leisure)  | 832 |
| 32500 | ORIX Corp. (Diversified Financial Services)  | 525 |
| 15145 | Osaka Gas Co. Ltd. (Gas Utilities)  | 246 |
| 4800 | OTSUKA Corp. (IT Services)  | 152 |
| 10600 | Otsuka Holdings Co. Ltd. (Pharmaceuticals)  | 348 |
| 13900 | Pan Pacific International Holdings Corp. (Multiline Retail)  | 259 |
| 60100 | Panasonic Holdings Corp. (Household Durables)  | 509 |
| 4800 | Persol Holdings Co. Ltd. (Professional Services)<sup>(b)</sup>  | 103 |
| 23800 | Rakuten Group, Inc. (Internet & Direct Marketing Retail)  | 108 |
| 39200 | Recruit Holdings Co. Ltd. (Professional Services)  | 1248 |
| 31900 | Renesas Electronics Corp. (Semiconductors & Semiconductor Equipment)<sup>(a)(b)</sup>  | 288 |
| 63385 | Resona Holdings, Inc. (Banks)  | 349 |
| 15600 | Ricoh Co. Ltd. (Technology Hardware, Storage & Peripherals)  | 120 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Japan (continued)** | **Japan (continued)** |
| 2370 | Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)  | $172 |
| 6700 | SBI Holdings, Inc. (Capital Markets)  | 129 |
| 6100 | SCSK Corp. (IT Services)  | 93 |
| 6700 | Secom Co. Ltd. (Commercial Services & Supplies)  | 385 |
| 7569 | Seiko Epson Corp. (Technology Hardware, Storage & Peripherals)  | 111 |
| 10100 | Sekisui Chemical Co. Ltd. (Household Durables)  | 142 |
| 17925 | Sekisui House Ltd. (Household Durables)  | 318 |
| 21730 | Seven & i Holdings Co. Ltd. (Food & Staples Retailing)  | 938 |
| 12100 | SG Holdings Co. Ltd. (Air Freight & Logistics)  | 169 |
| 6200 | Sharp Corp. (Household Durables)^<sup>(b)</sup>  | 45 |
| 6400 | Shimadzu Corp. (Electronic Equipment, Instruments & Components)  | 183 |
| 2200 | Shimano, Inc. (Leisure Products)  | 351 |
| 17500 | Shimizu Corp. (Construction & Engineering)  | 93 |
| 10185 | Shin-Etsu Chemical Co. Ltd. (Chemicals)  | 1259 |
| 8100 | Shionogi & Co. Ltd. (Pharmaceuticals)  | 406 |
| 10900 | Shiseido Co. Ltd. (Personal Products)  | 538 |
| 20000 | Shizuoka Financial Group, Inc. (Banks)  | 161 |
| 1600 | SMC Corp. (Machinery)  | 678 |
| 85654 | Softbank Corp. (Wireless Telecommunication Services)  | 971 |
| 32800 | SoftBank Group Corp. (Wireless Telecommunication Services)  | 1411 |
| 9060 | Sompo Holdings, Inc. (Insurance)  | 404 |
| 38800 | Sony Group Corp. (Household Durables)  | 2968 |
| 3700 | Square Enix Holdings Co. Ltd. (Entertainment)  | 172 |
| 16754 | Subaru Corp. (Automobiles)  | 259 |
| 9500 | SUMCO Corp. (Semiconductors & Semiconductor Equipment)<sup>(b)</sup>  | 127 |
| 40560 | Sumitomo Chemical Co. Ltd. (Chemicals)  | 147 |
| 30640 | Sumitomo Corp. (Trading Companies & Distributors)  | 513 |
| 19420 | Sumitomo Electric Industries Ltd. (Auto Components)  | 223 |
| 6700 | Sumitomo Metal Mining Co. Ltd. (Metals & Mining)  | 238 |
| 36103 | Sumitomo Mitsui Financial Group, Inc. (Banks)  | 1457 |
| 9900 | Sumitomo Mitsui Trust Holdings, Inc. (Banks)  | 346 |
| 8400 | Sumitomo Realty & Development Co. Ltd. (Real Estate Management & Development)  | 200 |
| 5700 | Suntory Beverage & Food Ltd. (Beverages)  | 195 |
| 10000 | Suzuki Motor Corp. (Automobiles)  | 325 |
| 4600 | Sysmex Corp. (Health Care Equipment & Supplies)  | 280 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Institutional International Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Japan (continued)** | **Japan (continued)** |
| 14400 | T&D Holdings, Inc. (Insurance)  | $209 |
| 5550 | Taisei Corp. (Construction & Engineering)  | 179 |
| 42745 | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals)  | 1339 |
| 10600 | TDK Corp. (Electronic Equipment, Instruments & Components)  | 350 |
| 17600 | Terumo Corp. (Health Care Equipment & Supplies)  | 502 |
| 14400 | The Chiba Bank Ltd. (Banks)  | 106 |
| 27710 | The Kansai Electric Power Co., Inc. (Electric Utilities)  | 270 |
| 6800 | TIS, Inc. (IT Services)  | 180 |
| 7000 | Tobu Railway Co. Ltd. (Road & Rail)  | 165 |
| 4100 | Toho Co. Ltd. (Entertainment)  | 159 |
| 51120 | Tokio Marine Holdings, Inc. (Insurance)  | 1102 |
| 49400 | Tokyo Electric Power Co. Holdings, Inc. (Electric Utilities)<sup>(a)</sup>  | 179 |
| 4060 | Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)  | 1203 |
| 14800 | Tokyo Gas Co. Ltd. (Gas Utilities)  | 292 |
| 15800 | Tokyu Corp. (Road & Rail)  | 200 |
| 7100 | TOPPAN, Inc. (Commercial Services & Supplies)  | 106 |
| 37700 | Toray Industries, Inc. (Chemicals)  | 212 |
| 11900 | Toshiba Corp. (Industrial Conglomerates)  | 418 |
| 7100 | Tosoh Corp. (Chemicals)  | 85 |
| 3900 | TOTO Ltd. (Building Products)  | 134 |
| 4000 | Toyota Industries Corp. (Auto Components)  | 221 |
| 314700 | Toyota Motor Corp. (Automobiles)  | 4348 |
| 5800 | Toyota Tsusho Corp. (Trading Companies & Distributors)  | 216 |
| 4400 | Trend Micro, Inc. (Software)  | 205 |
| 12900 | Unicharm Corp. (Household Products)  | 498 |
| 7800 | USS Co. Ltd. (Specialty Retail)  | 124 |
| 6100 | Welcia Holdings Co. Ltd. (Food & Staples Retailing)  | 143 |
| 6600 | West Japan Railway Co. (Road & Rail)<sup>(b)</sup>  | 288 |
| 4900 | Yakult Honsha Co. Ltd. (Food Products)  | 319 |
| 3800 | Yamaha Corp. (Leisure Products)  | 142 |
| 8100 | Yamaha Motor Co. Ltd. (Automobiles)  | 186 |
| 10600 | Yamato Holdings Co. Ltd. (Air Freight & Logistics)  | 169 |
| 6500 | Yaskawa Electric Corp. (Machinery)  | 209 |
| 6200 | Yokogawa Electric Corp. (Electronic Equipment, Instruments & Components)  | 99 |
| 72700 | Z Holdings Corp. (Interactive Media & Services)  | 184 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| 4700 | ZOZO, Inc. (Internet & Direct Marketing Retail)<sup>(b)</sup>  | $| 116 |
|  |  |  | 91206 |
|  | **Jersey — 0.33%** | **Jersey — 0.33%** | **Jersey — 0.33%** |
| 265893 | Glencore PLC (Metals & Mining)<sup>(b)</sup>  |  | 1775 |
| 29722 | WPP PLC (Media)  |  | 295 |
|  |  |  | 2070 |
|  | **Korea, Republic Of — 0.06%** | **Korea, Republic Of — 0.06%** | **Korea, Republic Of — 0.06%** |
| 324 | Samsung Electronics Co. Ltd., GDR (Technology Hardware, Storage & Peripherals)  |  | 358 |
|  | **Luxembourg — 0.22%** | **Luxembourg — 0.22%** | **Luxembourg — 0.22%** |
| 28200 | ArcelorMittal SA (Metals & Mining)  |  | 742 |
| 5807 | Eurofins Scientific SE (Life Sciences Tools & Services)  |  | 417 |
| 12852 | Tenaris SA (Energy Equipment & Services)  |  | 224 |
|  |  |  | 1383 |
|  | **Netherlands — 3.78%** | **Netherlands — 3.78%** | **Netherlands — 3.78%** |
| 10992 | ABN AMRO Bank N.V. (Banks)  |  | 152 |
| 822 | Adyen N.V. (IT Services)<sup>(a)(b)</sup>  |  | 1134 |
| 48630 | AEGON N.V. (Insurance)  |  | 247 |
| 16088 | Airbus SE (Aerospace & Defense)  |  | 1911 |
| 5585 | Akzo Nobel N.V. (Chemicals)  |  | 374 |
| 1584 | Argenx SE (Biotechnology)<sup>(a)</sup>  |  | 591 |
| 1275 | ASM International N.V. (Semiconductors & Semiconductor Equipment)  |  | 322 |
| 11687 | ASML Holding N.V. (Semiconductors & Semiconductor Equipment)<sup>(b)</sup>  |  | 6300 |
| 27851 | CNH Industrial N.V. (Machinery)  |  | 446 |
| 4122 | Euronext N.V. (Capital Markets)  |  | 305 |
| 2952 | EXOR NV (Diversified Financial Services)<sup>(a)</sup>  |  | 216 |
| 3931 | Heineken Holding N.V. (Beverages)  |  | 304 |
| 12351 | Heineken N.V. (Beverages)  |  | 1162 |
| 1551 | IMCD NV (Trading Companies & Distributors)<sup>(b)</sup>  |  | 221 |
| 102531 | ING Groep N.V. (Banks)  |  | 1250 |
| 7925 | JDE Peet's N.V. (Food Products)  |  | 229 |
| 4973 | Just Eat Takeaway.com N.V. (Internet & Direct Marketing Retail)<sup>(a)</sup>  |  | 105 |
| 33349 | Koninklijke Ahold Delhaize N.V. (Food & Staples Retailing)  |  | 958 |
| 8079 | Koninklijke DSM N.V. (Chemicals)  |  | 988 |
| 133531 | Koninklijke KPN N.V. (Diversified Telecommunication Services)  |  | 413 |
| 25536 | Koninklijke Philips N.V. (Health Care Equipment & Supplies)  |  | 383 |
| 7593 | NN Group N.V. (Insurance)  |  | 310 |
| 3749 | OCI N.V. (Chemicals)<sup>(b)</sup>  |  | 135 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Institutional International Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| 22575 | Prosus N.V. (Internet & Direct Marketing Retail)<sup>(b)</sup>  | $| 1556 |
| 8859 | QIAGEN N.V. (Life Sciences Tools & Services)<sup>(a)</sup>  |  | 446 |
| 3254 | Randstad N.V. (Professional Services)  |  | 198 |
| 28203 | STMicroelectronics N.V. (Semiconductors & Semiconductor Equipment)  |  | 996 |
| 36562 | Universal Music Group N.V. (Entertainment)  |  | 881 |
| 11828 | Wolters Kluwer N.V. (Professional Services)  |  | 1238 |
|  |  |  | 23771 |
|  | **New Zealand — 0.15%** | **New Zealand — 0.15%** | **New Zealand — 0.15%** |
| 34069 | Auckland International Airport Ltd. (Transportation Infrastructure)<sup>(a)</sup>  |  | 169 |
| 15714 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Supplies)  |  | 225 |
| 18807 | Mercury NZ Ltd. (Electric Utilities)  |  | 66 |
| 35076 | Meridian Energy Ltd. (Independent Power and Renewable Electricity Producers)  |  | 117 |
| 50938 | Spark New Zealand Ltd. (Diversified Telecommunication Services)  |  | 175 |
| 3676 | Xero Ltd. (Software)<sup>(a)</sup>  |  | 176 |
|  |  |  | 928 |
|  | **Norway — 0.51%** | **Norway — 0.51%** | **Norway — 0.51%** |
| 8210 | Adevinta ASA (Interactive Media & Services)<sup>(a)</sup>  |  | 55 |
| 8601 | Aker BP ASA (Oil, Gas & Consumable Fuels)  |  | 267 |
| 25317 | DNB Bank ASA (Banks)  |  | 504 |
| 25928 | Equinor ASA (Oil, Gas & Consumable Fuels)  |  | 933 |
| 7193 | Gjensidige Forsikring ASA (Insurance)  |  | 141 |
| 3055 | Kongsberg Gruppen ASA (Aerospace & Defense)  |  | 129 |
| 11259 | Mowi ASA (Food Products)<sup>(b)</sup>  |  | 192 |
| 36602 | Norsk Hydro ASA (Metals & Mining)  |  | 275 |
| 28383 | Orkla ASA (Food Products)  |  | 206 |
| 2087 | Salmar ASA (Food Products)  |  | 82 |
| 23562 | Telenor ASA (Diversified Telecommunication Services)  |  | 220 |
| 4506 | Yara International ASA (Chemicals)  |  | 198 |
|  |  |  | 3202 |
|  | **Portugal — 0.12%** | **Portugal — 0.12%** | **Portugal — 0.12%** |
| 75552 | EDP - Energias de Portugal SA (Electric Utilities)  |  | 377 |
| 13643 | Galp Energia SGPS SA, B Shares (Oil, Gas & Consumable Fuels)<sup>(b)</sup>  |  | 184 |
| 7707 | Jeronimo Martins SGPS, SA (Food & Staples Retailing)<sup>(b)</sup>  |  | 166 |
|  |  |  | 727 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Singapore — 1.00%** | **Singapore — 1.00%** |
| 91438 | Ascendas Real Estate Investment Trust (Equity Real Estate Investment Trusts)  | $187 |
| 144424 | CapitaLand Integrated Commercial Trust (Equity Real Estate Investment Trusts)  | 220 |
| 95200 | Capitaland Investment Ltd. (Real Estate Management & Development)  | 263 |
| 11500 | City Developments Ltd. (Real Estate Management & Development)  | 71 |
| 49331 | DBS Group Holdings Ltd. (Banks)  | 1249 |
| 164600 | Genting Singapore Ltd. (Hotels, Restaurants & Leisure)  | 117 |
| 44962 | Grab Holdings Ltd. (Road & Rail)<sup>(a)</sup>  | 145 |
| 2700 | Jardine Cycle & Carriage Ltd. (Industrial Conglomerates)  | 58 |
| 47700 | Keppel Corp. Ltd. (Industrial Conglomerates)  | 259 |
| 64100 | Mapletree Commercial Trust (Equity Real Estate Investment Trusts)  | 80 |
| 121490 | Mapletree Logistics Trust (Equity Real Estate Investment Trusts)  | 145 |
| 92137 | Oversea-Chinese Banking Corp. Ltd. (Banks)  | 837 |
| 10776 | Sea Ltd., ADR (Entertainment)<sup>(a)</sup>  | 561 |
| 36500 | Singapore Airlines Ltd. (Airlines)  | 151 |
| 31900 | Singapore Exchange Ltd. (Capital Markets)  | 213 |
| 48300 | Singapore Technologies Engineering Ltd. (Aerospace & Defense)  | 121 |
| 249740 | Singapore Telecommunications Ltd. (Diversified Telecommunication Services)  | 479 |
| 32100 | United Overseas Bank Ltd. (Banks)  | 735 |
| 18600 | UOL Group Ltd. (Real Estate Management & Development)  | 93 |
| 9200 | Venture Corp. Ltd. (Electronic Equipment, Instruments & Components)  | 118 |
| 52300 | Wilmar International Ltd. (Food Products)  | 163 |
|  |  | 6265 |
|  | **Spain — 1.60%** | **Spain — 1.60%** |
| 672 | Acciona SA (Electric Utilities)  | 124 |
| 5892 | ACS Actividades de Construccion y Servicios SA (Construction & Engineering)  | 169 |
| 2041 | Aena SME SA (Transportation Infrastructure)<sup>(a)</sup>  | 256 |
| 12261 | Amadeus IT Group SA (IT Services)<sup>(a)</sup>  | 637 |
| 165132 | Banco Bilbao Vizcaya Argentaria SA (Banks)  | 996 |
| 457085 | Banco Santander SA (Banks)<sup>(b)</sup>  | 1371 |
| 120661 | CaixaBank SA (Banks)  | 474 |
| 17401 | Cellnex Telecom SA (Diversified Telecommunication Services)<sup>(b)</sup>  | 575 |
| 1792 | Corp. ACCIONA Energias Renovables SA (Independent Power and Renewable Electricity Producers)  | 69 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Institutional International Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| 7843 | EDP Renovaveis SA (Independent Power and Renewable Electricity Producers)  | $| 173 |
| 10707 | Enagas SA (Gas Utilities)<sup>(b)</sup>  |  | 178 |
| 11134 | Endesa SA (Electric Utilities)  |  | 210 |
| 13281 | Ferrovial SA (Construction & Engineering)  |  | 348 |
| 15864 | Grifols SA (Biotechnology)<sup>(a)</sup>  |  | 183 |
| 167754 | Iberdrola SA (Electric Utilities)  |  | 1963 |
| 29689 | Industria de Diseno Textil SA (Specialty Retail)  |  | 790 |
| 4801 | Naturgy Energy Group SA (Gas Utilities)  |  | 125 |
| 16988 | Red Electrica Corp. SA (Electric Utilities)  |  | 295 |
| 37553 | Repsol SA (Oil, Gas & Consumable Fuels)  |  | 597 |
| 141464 | Telefonica SA (Diversified Telecommunication Services)  |  | 513 |
|  |  |  | 10046 |
|  | **Sweden — 2.07%** | **Sweden — 2.07%** | **Sweden — 2.07%** |
| 7885 | Alfa Laval AB (Machinery)  |  | 228 |
| 44227 | Assa Abloy AB, B Shares (Building Products)  |  | 948 |
| 73105 | Atlas Copco AB, Class - A (Machinery)<sup>(a)</sup>  |  | 862 |
| 42482 | Atlas Copco AB, Class - B (Machinery)  |  | 453 |
| 7444 | Boliden AB (Metals & Mining)  |  | 279 |
| 6967 | Electrolux AB, Class - B (Household Durables)  |  | 94 |
| 25719 | Embracer Group AB (Entertainment)^<sup>(a)</sup>  |  | 116 |
| 17936 | Epiroc AB, Class - A (Machinery)  |  | 327 |
| 10614 | Epiroc AB, Class - B (Machinery)  |  | 171 |
| 8115 | Equities AB (Capital Markets)  |  | 172 |
| 19902 | Essity AB, Class - B (Household Products)  |  | 521 |
| 5161 | Evolution AB (Hotels, Restaurants & Leisure)  |  | 502 |
| 17173 | Fastighets AB Balder, B Shares (Real Estate Management & Development)<sup>(a)</sup>  |  | 80 |
| 8867 | Getinge AB, B Shares (Health Care Equipment & Supplies)  |  | 184 |
| 19877 | H & M Hennes & Mauritz AB, B Shares (Specialty Retail)^  |  | 214 |
| 52975 | Hexagon AB, Class - B (Electronic Equipment, Instruments & Components)  |  | 554 |
| 4019 | Holmen AB, B Shares (Paper & Forest Products)  |  | 159 |
| 11420 | Husqvarna AB, B Shares (Machinery)  |  | 80 |
| 3549 | Industrivarden AB, A Shares (Diversified Financial Services)<sup>(b)</sup>  |  | 86 |
| 4191 | Industrivarden AB, Class - C (Diversified Financial Services)  |  | 102 |
| 7437 | Indutrade AB (Trading Companies & Distributors)  |  | 151 |
| 4029 | Investment AB Latour, Class - B (Industrial Conglomerates)  |  | 76 |
| 13573 | Investor AB, Class - A (Diversified Financial Services)  |  | 252 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| 49587 | Investor AB, Class - B (Diversified Financial Services)  | $| 896 |
| 6605 | Kinnevik AB, Class - B (Diversified Financial Services)<sup>(a)</sup>  |  | 91 |
| 2722 | L E Lundbergforetagen AB, Class - B (Diversified Financial Services)  |  | 116 |
| 6344 | Lifco AB, Class - B (Industrial Conglomerates)  |  | 106 |
| 41247 | Nibe Industrier AB, Class - B (Building Products)  |  | 384 |
| 5189 | Sagax AB, Class - B (Real Estate Management & Development)  |  | 118 |
| 29019 | Sandvik AB (Machinery)  |  | 524 |
| 17309 | Securitas AB, Class - B (Commercial Services & Supplies)  |  | 145 |
| 43980 | Skandinaviska Enskilda Banken AB, Class - A (Banks)  |  | 506 |
| 9259 | Skanska AB, B Shares (Construction & Engineering)  |  | 146 |
| 10434 | SKF AB, B Shares (Machinery)  |  | 159 |
| 20659 | Svenska Cellulosa AB SCA, Class - B (Paper & Forest Products)  |  | 262 |
| 43841 | Svenska Handelsbanken AB, A Shares (Banks)  |  | 442 |
| 27045 | Swedbank AB, A Shares (Banks)  |  | 460 |
| 7835 | Swedish Orphan Biovitrum AB (Biotechnology)<sup>(a)</sup>  |  | 162 |
| 23862 | Tele2 AB, B Shares (Wireless Telecommunication Services)  |  | 195 |
| 87465 | Telefonaktiebolaget LM Ericsson, Class - B (Communications Equipment)  |  | 511 |
| 97276 | Telia Co. AB (Diversified Telecommunication Services)<sup>(b)</sup>  |  | 249 |
| 41071 | Volvo AB, B Shares (Machinery)  |  | 741 |
| 5450 | Volvo AB, Class - A (Machinery)  |  | 104 |
| 16788 | Volvo Car AB, Class - B (Automobiles)<sup>(a)</sup>  |  | 76 |
|  |  |  | 13004 |
|  | **Switzerland — 7.11%** | **Switzerland — 7.11%** | **Switzerland — 7.11%** |
| 42779 | ABB Ltd., Registered Shares (Electrical Equipment)  |  | 1299 |
| 4355 | Adecco Group AG (Professional Services)<sup>(b)</sup>  |  | 144 |
| 19433 | Alcon, Inc. (Health Care Equipment & Supplies)  |  | 1329 |
| 1772 | Bachem Holding AG, Registered Shares (Life Sciences Tools & Services)  |  | 153 |
| 1704 | Baloise Holding AG, Registered Shares (Insurance)  |  | 263 |
| 820 | Banque Cantonale Vaudoise, Registered Shares (Banks)  |  | 79 |
| 213 | Barry Callebaut AG, Registered Shares (Food Products) <sup>(b)</sup>  |  | 422 |
| 575 | BKW AG (Electric Utilities)  |  | 79 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Institutional International Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Switzerland (continued)** | **Switzerland (continued)** |
| 5 | Chocoladefabriken Lindt & Spruengli AG (Food Products)  | $514 |
| 28 | Chocoladefabriken Lindt & Spruengli AG (Food Products)  | 286 |
| 14207 | Cie Financiere Richemont SA, Registered Shares (Textiles, Apparel & Luxury Goods)  | 1843 |
| 5872 | Clariant AG, Registered Shares (Chemicals)  | 93 |
| 5485 | Coca-Cola HBC AG (Beverages)  | 131 |
| 96012 | Credit Suisse Group AG, Registered Shares (Capital Markets)<sup>(b)</sup>  | 287 |
| 265 | EMS-Chemie Holding AG (Chemicals)  | 179 |
| 1055 | Geberit AG, Registered Shares (Building Products)  | 497 |
| 291 | Givaudan SA, Registered Shares (Chemicals)  | 892 |
| 15087 | Holcim Ltd., Registered Shares (Construction Materials)<sup>(b)</sup>  | 781 |
| 5819 | Julius Baer Group Ltd. (Capital Markets)  | 339 |
| 1974 | Kuehne & Nagel International AG, Registered Shares (Marine)  | 459 |
| 5151 | Logitech International SA, Registered Shares (Technology Hardware, Storage & Peripherals)  | 318 |
| 2713 | Lonza Group AG, Registered Shares (Life Sciences Tools & Services)<sup>(b)</sup>  | 1330 |
| 79913 | Nestle SA, Registered Shares (Food Products)  | 9262 |
| 65100 | Novartis AG, Registered Shares (Pharmaceuticals)  | 5887 |
| 966 | Partners Group Holding AG (Capital Markets)  | 853 |
| 19121 | Roche Holding AG (Pharmaceuticals)  | 6009 |
| 1937 | Roche Holding AG (Pharmaceuticals)  | 750 |
| 1108 | Schindler Holding AG (Machinery)  | 208 |
| 1575 | Schindler Holding AG, Registered Shares (Machinery)  | 284 |
| 212 | SGS SA, Registered Shares (Professional Services)<sup>(b)</sup>  | 493 |
| 15839 | SIG Group AG (Containers & Packaging)<sup>(b)</sup>  | 346 |
| 5374 | Sika AG, Registered Shares (Chemicals)<sup>(b)</sup>  | 1289 |
| 1461 | Sonova Holding AG, Registered Shares (Health Care Equipment & Supplies)<sup>(b)</sup>  | 347 |
| 3038 | Straumann Holding AG, Registered Shares (Health Care Equipment & Supplies)  | 347 |
| 839 | Swiss Life Holding AG (Insurance)  | 433 |
| 4587 | Swiss Prime Site AG, Registered Shares (Real Estate Management & Development)  | 398 |
| 8371 | Swiss Re AG (Insurance)  | 783 |
| 1175 | Swisscom AG, Registered Shares (Diversified Telecommunication Services)  | 644 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| 1731 | Temenos AG, Registered Shares (Software)  | $| 95 |
| 1432 | The Swatch Group AG (Textiles, Apparel & Luxury Goods)  |  | 74 |
| 788 | The Swatch Group AG, B Shares (Textiles, Apparel & Luxury Goods)  |  | 224 |
| 111355 | UBS Group AG (Capital Markets)  |  | 2072 |
| 735 | VAT Group AG (Machinery)<sup>(b)</sup>  |  | 201 |
| 4095 | Zurich Financial Services AG (Insurance)  |  | 1959 |
|  |  |  | 44675 |
|  | **Taiwan — 0.06%** | **Taiwan — 0.06%** | **Taiwan — 0.06%** |
| 4651 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Semiconductors & Semiconductor Equipment)  |  | 346 |
|  | **United Kingdom — 10.74%** | **United Kingdom — 10.74%** | **United Kingdom — 10.74%** |
| 26489 | 3i Group PLC (Capital Markets)  |  | 430 |
| 58557 | abrdn PLC (Diversified Financial Services)  |  | 134 |
| 10195 | Admiral Group PLC (Insurance)  |  | 264 |
| 34584 | Anglo American PLC (Metals & Mining)  |  | 1353 |
| 10733 | Antofagasta PLC (Metals & Mining)  |  | 200 |
| 18228 | Ashtead Group PLC (Trading Companies & Distributors)  |  | 1040 |
| 10037 | Associated British Foods PLC (Food Products)  |  | 191 |
| 46145 | AstraZeneca PLC (Pharmaceuticals) <sup>(b)</sup>  |  | 6256 |
| 36601 | Auto Trader Group PLC (Interactive Media & Services)<sup>(b)</sup>  |  | 228 |
| 3286 | Aveva Group PLC (Software)  |  | 128 |
| 76282 | Aviva PLC (Insurance)  |  | 408 |
| 94835 | BAE Systems PLC (Aerospace & Defense)  |  | 981 |
| 637759 | Barclays PLC (Banks)<sup>(b)</sup>  |  | 1222 |
| 27831 | Barratt Developments PLC (Household Durables)<sup>(b)</sup>  |  | 133 |
| 3875 | Berkeley Group Holdings PLC (Household Durables)  |  | 177 |
| 578100 | BP PLC (Oil, Gas & Consumable Fuels)  |  | 3319 |
| 69491 | British American Tobacco PLC (Tobacco)  |  | 2756 |
| 23968 | British Land Co. PLC (Equity Real Estate Investment Trusts)  |  | 114 |
| 211168 | BT Group PLC (Diversified Telecommunication Services)  |  | 286 |
| 12628 | Bunzl PLC (Trading Companies & Distributors)  |  | 421 |
| 11263 | Burberry Group PLC (Textiles, Apparel & Luxury Goods)<sup>(b)</sup>  |  | 276 |
| 7593 | Coca-Cola Europacific Partners PLC (Beverages)  |  | 420 |
| 48063 | Compass Group PLC (Hotels, Restaurants & Leisure)  |  | 1114 |
| 5314 | Croda International PLC (Chemicals)<sup>(b)</sup>  |  | 424 |
| 71828 | Diageo PLC (Beverages)  |  | 3168 |
| 140500 | GSK PLC (Pharmaceuticals)  |  | 2442 |
| 138233 | Haleon PLC (Personal Products)<sup>(a)</sup>  |  | 547 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Institutional International Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **United Kingdom (continued)** | **United Kingdom (continued)** |
| 12837 | Halma PLC (Electronic Equipment, Instruments & Components)  | $307 |
| 9682 | Hargreaves Lansdown PLC (Capital Markets)  | 100 |
| 13578 | Hikma Pharmaceuticals PLC (Pharmaceuticals)<sup>(b)</sup>  | 254 |
| 543461 | HSBC Holdings PLC (Banks)  | 3388 |
| 28207 | Imperial Brands PLC (Tobacco)  | 706 |
| 39466 | Informa PLC (Media)  | 296 |
| 5008 | Intercontinental Hotels Group PLC (Hotels, Restaurants & Leisure)  | 287 |
| 5571 | Intertek Group PLC (Professional Services)  | 271 |
| 110844 | J Sainsbury PLC (Food & Staples Retailing)  | 292 |
| 70193 | JD Sports Fashion PLC (Specialty Retail)  | 107 |
| 33720 | JET2 PLC (Airlines)  | 391 |
| 4984 | Johnson Matthey PLC (Chemicals)  | 128 |
| 76259 | Kingfisher PLC (Specialty Retail)  | 218 |
| 21300 | Land Securities Group PLC (Equity Real Estate Investment Trusts)  | 160 |
| 162556 | Legal & General Group PLC (Insurance)  | 490 |
| 1125 | Linde PLC (Chemicals)  | 367 |
| 1856214 | Lloyds Banking Group PLC (Banks)  | 1019 |
| 13953 | London Stock Exchange Group PLC (Capital Markets)<sup>(b)</sup>  | 1204 |
| 68380 | M&G PLC (Diversified Financial Services)  | 155 |
| 110347 | Melrose Industries PLC (Industrial Conglomerates)  | 179 |
| 13215 | Mondi PLC (Paper & Forest Products)  | 225 |
| 109571 | National Grid PLC (Multi-Utilities)  | 1321 |
| 270332 | NatWest Group PLC (Banks)<sup>(b)</sup>  | 867 |
| 3518 | Next PLC (Multiline Retail)  | 247 |
| 33880 | Ocado Group PLC (Food & Staples Retailing)<sup>(a)(b)</sup>  | 252 |
| 24939 | Pearson PLC (Media)  | 283 |
| 8691 | Persimmon PLC (Household Durables)  | 128 |
| 20413 | Phoenix Group Holdings PLC (Insurance)  | 150 |
| 106312 | Prudential PLC (Insurance)  | 1449 |
| 21998 | RecKitt Benckiser Group PLC (Household Products)  | 1530 |
| 68188 | RELX PLC (Professional Services)  | 1886 |
| 83496 | Rentokil Initial PLC (Commercial Services & Supplies)  | 512 |
| 36365 | Rio Tinto PLC (Metals & Mining)  | 2549 |
| 227737 | Rolls-Royce Holdings PLC (Aerospace & Defense)<sup>(a)</sup>  | 257 |
| 19902 | Schroders PLC (Capital Markets)  | 105 |
| 43807 | Segro PLC (Equity Real Estate Investment Trusts)  | 405 |
| 11364 | Severn Trent PLC (Water Utilities)<sup>(b)</sup>  | 364 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| 210968 | Shell PLC (Oil, Gas & Consumable Fuels)  | $| 5930 |
| 25219 | Smith & Nephew PLC (Health Care Equipment & Supplies)  |  | 338 |
| 9862 | Smiths Group PLC (Industrial Conglomerates)  |  | 191 |
| 2660 | Spirax-Sarco Engineering PLC (Machinery)  |  | 341 |
| 30257 | SSE PLC (Electric Utilities)  |  | 626 |
| 14808 | St. James Place PLC (Capital Markets)  |  | 196 |
| 68047 | Standard Chartered PLC (Banks)  |  | 512 |
| 84788 | Stellantis N.V. (Automobiles)  |  | 1203 |
| 96128 | Taylor Wimpey PLC (Household Durables)<sup>(b)</sup>  |  | 118 |
| 396203 | Tesco PLC (Food & Staples Retailing)  |  | 1074 |
| 40334 | The Sage Group PLC (Software)  |  | 364 |
| 80274 | Unilever PLC (Personal Products)  |  | 4057 |
| 30807 | United Utilities Group PLC (Water Utilities)  |  | 369 |
| 758385 | Vodafone Group PLC (Wireless Telecommunication Services)  |  | 772 |
| 5498 | Whitbread PLC (Hotels, Restaurants & Leisure)  |  | 171 |
|  |  |  | 67543 |
|  | **United States — 0.07%** | **United States — 0.07%** | **United States — 0.07%** |
| 4257 | Autoliv, Inc. (Auto Components)  |  | 326 |
| 3761 | Brookfield Renewable Corp., Class - A (Independent Power and Renewable Electricity Producers)  |  | 104 |
|  |  |  | 430 |
|  | **Total Common Stocks**  |  | 442192 |
|  | **Preferred Stocks — 0.27%** | **Preferred Stocks — 0.27%** | **Preferred Stocks — 0.27%** |
|  | **Germany — 0.27%** | **Germany — 0.27%** | **Germany — 0.27%** |
| 1617 | Bayerische Motoren Werke Aktiengesellschaft — Preferred (Automobiles)  |  | 138 |
| 4849 | Henkel AG & Co. KGAA — Preferred (Household Products)  |  | 337 |
| 4168 | Porsche Automobil Holding SE — Preferred (Automobiles)  |  | 229 |
| 857 | Sartorius AG — Preferred (Health Care Equipment & Supplies)  |  | 339 |
| 5051 | Volkswagen AG — Preferred (Automobiles)  |  | 629 |
|  | **Total Preferred Stocks**  |  | 1672 |
|  | **Right — 0.00%** | **Right — 0.00%** | **Right — 0.00%** |
|  | **United Kingdom — 0.00%** | **United Kingdom — 0.00%** | **United Kingdom — 0.00%** |
| 418457 | CC Japan Income & Growth Trust, Subscription Shares, 3/1/23 (Capital Markets)<sup>(a)</sup>  |  | 3 |
|  | **Total Right**  |  | 3 |
|  | **Exchange-Traded Fund — 0.01%** | **Exchange-Traded Fund — 0.01%** | **Exchange-Traded Fund — 0.01%** |
| 900 | iShares MSCI EAFE ETF  |  | 59 |
|  | **Total Exchange-Traded Fund**  |  | 59 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Institutional International Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Investment Companies — 26.87%** | **Investment Companies — 26.87%** |
| 979176 | Aberdeen New Dawn Investment Trust PLC  | $3338 |
| 311255 | Aberforth Smaller Companies Trust PLC  | 4974 |
| 516982 | Abrdn UK Smaller Companies Growth Trust PLC^  | 2887 |
| 162642 | ASA Gold and Precious Metals, Ltd.  | 2327 |
| 1614892 | AVI Japan Opportunity Trust PLC  | 2191 |
| 1523160 | Baillie Gifford European Growth Trust PLC  | 1602 |
| 325445 | Baillie Gifford Japan Trust PLC  | 2993 |
| 865277 | Baillie Gifford UK Growth Fund PLC  | 1734 |
| 293580 | BlackRock Health Sciences Trust II  | 4530 |
| 529465 | BlackRock Innovation & Growth Trust,  | 3606 |
| 157786 | BlackRock Resources & Commodities Strategy Trust  | 1573 |
| 245612 | BlackRock Science Technology Trust II  | 3841 |
| 1196419 | CC Japan Income & Growth Trust PLC  | 2147 |
| 657861 | Edinburgh Investment Trust PLC  | 5057 |
| 578229 | European Opportunities Trust PLC  | 5004 |
| 377747 | Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.04%^^<sup>(d)</sup>  | 378 |
| 415147 | Fidelity Emerging Markets Ltd.  | 3021 |
| 1116075 | Fidelity European Trust PLC  | 4310 |
| 1480288 | Fidelity Japan Trust PLC  | 2948 |
| 1012300 | Fidelity Special Values PLC  | 3408 |
| 74747 | First Trust Dynamic Europe Equity Income Fund  | 843 |
| 2280000 | Henderson European Focus Trust PLC  | 4072 |
| 1772680 | Henderson EuroTrust PLC  | 2673 |
| 723205 | Japan Smaller Capitalization Fund, Inc.  | 4686 |
| 1440877 | JPMorgan European Discovery Trust PLC  | 6906 |
| 7332712 | JPMorgan European Growth & Income PLC  | 7605 |
| 515417 | JPMorgan Japan Small Cap Growth & Income, Ordinary Shares  | 2012 |
| 859623 | JPMorgan Japanese Investment Trust PLC  | 4738 |
| 305000 | JPMorgan U.S. Smaller Companies Investment Trust PLC  | 1441 |
| 1531727 | Mercantile Investment Trust PLC  | 3555 |
| 165010 | Morgan Stanley China A Share Fund, Inc.  | 2343 |
| 662200 | Neuberger Berman MLP and Energy Income Fund, Inc.  | 4410 |
| 516463 | Neuberger Berman Next Generation Connectivity Fund, Inc.  | 4697 |
| 850100 | Oakley Capital Investments Ltd.  | 4310 |
| 1669246 | Polar Capital Global Financials Trust PLC  | 3081 |
| 399557 | Polar Capital Global Healthcare Trust PLC  | 1608 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Investment Companies (continued)** | **Investment Companies (continued)** |
| 2692880 | Schroder Japan Growth Fund PLC  | $6641 |
| 5902219 | Schroder UK Public Private Trust PLC  | 1104 |
| 219097 | Smithson Investment Trust PLC  | 3464 |
| 15743455 | State Street Institutional Treasury Plus Money Market Fund, Trust Class, 4.09%<sup>(d)</sup>  | 15743 |
| 1104841 | Strategic Equity Capital PLC  | 3672 |
| 1151235 | Temple Bar Investment Trust PLC  | 3068 |
| 2366780 | Templeton Emerging Markets Investment Trust PLC  | 4205 |
| 229330 | The New Germany Fund, Inc.  | 1809 |
| 2552344 | TR European Growth Trust PLC  | 4566 |
| 1051296 | WAM Global Ltd.  | 1245 |
| 65001 | Worldwide Healthcare Trust PLC Fund  | 2534 |
|  | **Total Investment Companies**  | 168900 |
|  | **Purchased Options on Futures — 0.13%** | **Purchased Options on Futures — 0.13%** |
|  | **Total Purchased Options on Futures**  | 838 |
|  | **Total Investments (cost $554,054) — 97.63%**  | $613664 |
|  | **Other assets in excess of liabilities — 2.37%**  | 14885 |
|  | **Net Assets — 100.00%**  | $628549 |

---

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

^ All or part of this security was on loan as of December 31, 2022.

^^ 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, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security was valued using significant unobservable inputs as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(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

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Institutional International Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **The Institutional International Equity Portfolio** | **City of London <br> Investment <br> Management <br> Company, <br> Limited** | **Mellon <br> Investments <br> Corporation** | **Parametric <br> Portfolio <br> Associates, <br> LLC** | **HC Capital <br> Solutions** | **Total** |
| Common Stocks  | 0.57% | 69.78% |  |  | 70.35% |
| Preferred Stocks  |  | 0.27% |  |  | 0.27% |
| Right  | 0.00% |  |  |  | 0.00% |
| Exchange-Traded Funds  |  | 0.01% |  |  | 0.01% |
| Investment Companies  | 24.44% | 0.13% | 2.28% | 0.02% | 26.87% |
| Purchased Options on Futures  |  |  | 0.13% |  | 0.13% |
| Other Assets (Liabilities)  | 0.01% | 0.45% | 1.14% | 0.77% | 2.37% |
| &nbsp;&nbsp;&nbsp;Total Net Assets  | **25.02%** | **70.64%** | **3.55%** | **0.79%** | **100.00%** |

---

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

The following table reflects the open derivative positions held by the Portfolio as of December 31, 2022.

<u><u>**Futures Contracts Purchased\***</u></u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of <br> Contracts** | **Expiration Date** | **Notional <br> Amount<br> (000)** | **Value and <br> Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)** |
| MSCI EAFE Index Future  | 272 | 3/17/23 | $26512 | $(805) |
|  |  |  | $26512 | $(805) |

---

<u><u>**Futures Contracts Sold\***</u></u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of <br> Contracts** | **Expiration Date** | **Notional <br> Amount<br> (000)** | **Value and <br> Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)** |
| E-Mini S&P 500 Future  | 20 | 3/17/23 | $3861 | $184 |
|  |  |  | $3861 | $184 |
|  | Total Unrealized Appreciation  | Total Unrealized Appreciation  | Total Unrealized Appreciation  | $184 |
|  | Total Unrealized Depreciation  | Total Unrealized Depreciation  | Total Unrealized Depreciation  | (805) |
|  | Total Net Unrealized Appreciation/(Depreciation)  | Total Net Unrealized Appreciation/(Depreciation)  | Total Net Unrealized Appreciation/(Depreciation)  | $(621) |

---

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

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Institutional International Equity Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

<u><u>**Options on Futures Contracts**</u></u>

Exchange-traded options on futures contacts written as of December 31, 2022 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Put/Call** | **Number of <br> Contracts** | **Notional <br> Amount<br> (000)** | **Exercise <br> Price** | **Expiration <br> Date** | **Value <br> (000)** |
| E-Mini S&P 500 Future Option  | Put | 40 | $7640 | $3820.00 | 1/20/23 | $(117) |
| E-Mini S&P 500 Future Option  | Put | 18 | 2970 | 3300.00 | 1/20/23 | (2) |
| E-Mini S&P 500 Future Option  | Put | 22 | 4136 | 3760.00 | 1/20/23 | (43) |
| E-Mini S&P 500 Future Option  | Put | 16 | 2680 | 3350.00 | 1/20/23 | (2) |
| E-Mini S&P 500 Future Option  | Put | 40 | 7580 | 3790.00 | 1/20/23 | (97) |
| E-Mini S&P 500 Future Option  | Put | 40 | 7680 | 3840.00 | 1/31/23 | (163) |
| E-Mini S&P 500 Future Option  | Put | 36 | 6732 | 3740.00 | 1/31/23 | (84) |
| E-Mini S&P 500 Future Option  | Put | 18 | 3150 | 3500.00 | 1/31/23 | (9) |
| E-Mini S&P 500 Future Option  | Put | 54 | 9639 | 3570.00 | 1/31/23 | (43) |
| E-Mini S&P 500 Future Option  | Put | 18 | 3240 | 3600.00 | 1/31/23 | (18) |
| E-Mini S&P 500 Future Option  | Put | 40 | 7220 | 3610.00 | 1/31/23 | (42) |
| E-Mini S&P 500 Future Option  | Put | 36 | 6588 | 3660.00 | 1/31/23 | (52) |
| E-Mini S&P 500 Future Option  | Put | 16 | 2936 | 3670.00 | 1/31/23 | (25) |
| E-Mini S&P 500 Future Option  | Put | 18 | 3375 | 3750.00 | 1/31/23 | (45) |
| E-Mini S&P 500 Future Option  | Put | 18 | 3186 | 3540.00 | 1/31/23 | (12) |
| E-Mini S&P 500 Future Option  | Put | 30 | 5250 | 3500.00 | 2/17/23 | (36) |
| E-Mini S&P 500 Future Option  | Put | 20 | 3420 | 3420.00 | 2/17/23 | (16) |
| E-Mini S&P 500 Future Option  | Put | 18 | 3177 | 3530.00 | 2/17/23 | (25) |
| E-Mini S&P 500 Future Option  | Put | 18 | 3276 | 3640.00 | 2/17/23 | (43) |
| E-Mini S&P 500 Future Option  | Put | 38 | 6859 | 3610.00 | 2/17/23 | (79) |
| E-Mini S&P 500 Future Option  | Put | 18 | 3267 | 3630.00 | 2/17/23 | (41) |
| E-Mini S&P 500 Future Option  | Put | 19 | 3278 | 3450.00 | 2/17/23 | (18) |
| E-Mini S&P 500 Future Option  | Put | 20 | 3600 | 3600.00 | 2/17/23 | (40) |
| E-Mini S&P 500 Future Option  | Put | 40 | 7500 | 3750.00 | 2/17/23 | (156) |
| E-Mini S&P 500 Future Option  | Put | 18 | 3213 | 3570.00 | 2/17/23 | (31) |
| E-Mini S&P 500 Future Option  | Put | 18 | 3123 | 3470.00 | 2/17/23 | (18) |
| E-Mini S&P 500 Future Option  | Put | 18 | 3060 | 3400.00 | 2/28/23 | (18) |
| E-Mini S&P 500 Future Option  | Put | 18 | 3204 | 3560.00 | 2/28/23 | (37) |
| E-Mini S&P 500 Future Option  | Put | 18 | 3123 | 3470.00 | 2/28/23 | (24) |
| E-Mini S&P 500 Future Option  | Put | 17 | 2907 | 3420.00 | 2/28/23 | (18) |
| E-Mini S&P 500 Future Option  | Put | 18 | 3213 | 3570.00 | 2/28/23 | (39) |
| E-Mini S&P 500 Future Option  | Put | 50 | 8750 | 3500.00 | 2/28/23 | (77) |
|  |  |  |  |  |  | $(1470) |

---

Exchanged-traded options on futures contacts purchased as of December 31, 2022 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Put/Call** | **Number of <br> Contracts** | **Notional <br> Amount<br> (000)** | **Exercise <br> Price** | **Expiration <br> Date** | **Value <br> (000)** |
| E-Mini S&P 500 Future Option  | Put | 18 | $3240 | $3600.00 | 1/20/23 | $10 |
| E-Mini S&P 500 Future Option  | Put | 20 | 3650 | 3650.00 | 1/20/23 | 17 |
| E-Mini S&P 500 Future Option  | Put | 18 | 3330 | 3700.00 | 1/20/23 | 23 |
| E-Mini S&P 500 Future Option  | Put | 16 | 3080 | 3850.00 | 1/20/23 | 57 |
| E-Mini S&P 500 Future Option  | Put | 20 | 3950 | 3950.00 | 1/20/23 | 125 |
| E-Mini S&P 500 Future Option  | Put | 18 | 3465 | 3850.00 | 1/31/23 | 77 |
| E-Mini S&P 500 Future Option  | Put | 18 | 3510 | 3900.00 | 1/31/23 | 98 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Institutional International Equity Portfolio** 

Portfolio of Investments (concluded) — December 31, 2022 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Put/Call** | **Number of <br> Contracts** | **Notional <br> Amount<br> (000)** | **Exercise <br> Price** | **Expiration <br> Date** | **Value <br> (000)** |
| E-Mini S&P 500 Future Option  | Put | 20 | $4000 | $4000.00 | 1/31/23 | $170 |
| E-Mini S&P 500 Future Option  | Put | 20 | 3950 | 3950.00 | 2/17/23 | 165 |
| E-Mini S&P 500 Future Option  | Put | 20 | 3800 | 3800.00 | 2/17/23 | 96 |
|  |  |  |  |  |  | $838 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks — 82.55%** | **Common Stocks — 82.55%** |
|  | **Bermuda — 0.08%** | **Bermuda — 0.08%** |
| 348000 | Alibaba Health Information Technology Ltd. (Internet & Direct Marketing Retail)<sup>(a)(b)</sup>  | $297 |
| 1039733 | Beijing Enterprises Water Group Ltd. (Water Utilities)<sup>(b)</sup>  | 266 |
|  |  | 563 |
|  | **Brazil — 3.82%** | **Brazil — 3.82%** |
| 575300 | Ambev SA (Beverages)  | 1582 |
| 47055 | Americanas SA (Internet & Direct Marketing Retail)  | 86 |
| 407700 | B3 SA - Brasil Bolsa Balcao (Capital Markets)  | 1020 |
| 230432 | Banco Bradesco SA (Banks)  | 588 |
| 120800 | Banco do Brasil SA (Banks)  | 795 |
| 276650 | BB Seguridade Participacoes SA (Insurance)  | 1767 |
| 71700 | BRF SA (Food Products)<sup>(a)</sup>  | 112 |
| 69300 | Centrais Electricas Brasileiras SA (Electric Utilities)  | 553 |
| 98100 | Companhia Siderurgica Nacional SA (CSN) (Metals & Mining)  | 270 |
| 502500 | Itau Unibanco Holding SA (Banks)  | 2380 |
| 133700 | JBS SA (Food Products)  | 557 |
| 144200 | Klabin SA (Containers & Packaging)  | 545 |
| 103765 | Localiza Rent A Car SA (Road & Rail)<sup>(b)</sup>  | 1046 |
| 153824 | Lojas Renner SA (Multiline Retail)  | 597 |
| 462500 | Magazine Luiza SA (Multiline Retail)<sup>(a)</sup>  | 240 |
| 142500 | Natura & Co. Holding SA (Personal Products)<sup>(b)</sup>  | 313 |
| 11710 | Petro Rio SA (Oil, Gas & Consumable Fuels)<sup>(a)(b)</sup>  | 83 |
| 772900 | Petroleo Brasileiro SA (Oil, Gas & Consumable Fuels)  | 4105 |
| 215000 | Raia Drogasil SA (Food & Staples Retailing)  | 966 |
| 108800 | Rumo SA (Road & Rail)<sup>(b)</sup>  | 384 |
| 41400 | Suzano SA (Paper & Forest Products)  | 378 |
| 260400 | Tim SA (Wireless Telecommunication Services)  | 612 |
| 319027 | Vale SA (Metals & Mining)  | 5371 |
| 366300 | WEG SA (Machinery)  | 2672 |
|  |  | 27022 |
|  | **Cayman Islands — 2.92%** | **Cayman Islands — 2.92%** |
| 14000 | AAC Technologies Holdings, Inc. (Electronic Equipment, Instruments & Components)<sup>(a)</sup>  | 32 |
| 1468718 | Alibaba Group Holding Ltd. (Internet & Direct Marketing Retail)<sup>(a)</sup>  | 16231 |
| 103000 | ANTA Sports Products Ltd. (Textiles, Apparel & Luxury Goods)<sup>(b)</sup>  | 1350 |
| 126000 | China Mengniu Dairy Co. Ltd. (Food Products)<sup>(b)</sup>  | 571 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Cayman Islands (continued)** | **Cayman Islands (continued)** | **Cayman Islands (continued)** |
| 1132000 | GCL-Poly Energy Holdings Ltd. (Semiconductors & Semiconductor Equipment)  | $| 287 |
| 480000 | Geely Automobile Holdings Ltd. (Automobiles)<sup>(b)</sup>  |  | 701 |
| 62000 | Kingsoft Corp. Ltd. (Entertainment)<sup>(b)</sup>  |  | 207 |
| 7000 | Parade Technologies Ltd. (Semiconductors & Semiconductor Equipment)  |  | 176 |
| 99700 | Shenzhou International Group Holdings Ltd. (Textiles, Apparel & Luxury Goods)<sup>(b)</sup>  |  | 1122 |
|  |  |  | 20677 |
|  | **Chile — 0.46%** | **Chile — 0.46%** | **Chile — 0.46%** |
| 20438 | Banco de Credito e Inversiones SA (Banks)  |  | 588 |
| 293158 | Empresas CMPC SA (Paper & Forest Products)  |  | 490 |
| 9904113 | Enel Americas SA (Electric Utilities)  |  | 1326 |
| 7027795 | Enel Chile SA (Electric Utilities)  |  | 323 |
| 47236 | Falabella SA (Multiline Retail)  |  | 92 |
| 5610 | Sociedad Quimica y Minera de Chile SA (Chemicals)  |  | 454 |
|  |  |  | 3273 |
|  | **China — 22.32%** | **China — 22.32%** | **China — 22.32%** |
| 333965 | 360 Security Technology, Inc., Class - A (Software)  |  | 314 |
| 2150000 | Agricultural Bank of China Ltd., H Shares (Banks)  |  | 738 |
| 75400 | Air China Ltd. (Airlines)<sup>(a)</sup>  |  | 115 |
| 700000 | Air China Ltd. (Airlines)<sup>(a)</sup>  |  | 623 |
| 314000 | Aluminum Corp of China Ltd., H Shares (Metals & Mining)  |  | 134 |
| 419700 | Aluminum Corp. of China Ltd., Class A (Metals & Mining)  |  | 270 |
| 5814 | Autohome, Inc., ADR (Interactive Media & Services)  |  | 178 |
| 233576 | Baidu, Inc., Class - A (Interactive Media & Services)<sup>(a)</sup>  |  | 3343 |
| 6902100 | Bank of China Ltd., H Shares (Banks)  |  | 2511 |
| 1399000 | Bank of Communications Co. Ltd., H Shares (Banks)  |  | 805 |
| 52000 | BeiGene Ltd. (Biotechnology)<sup>(a)</sup>  |  | 894 |
| 281350 | Beijing Dabeinong Technology Group Co. Ltd., Class - A (Food Products)<sup>(a)</sup>  |  | 360 |
| 241864 | Beijing Shiji Information Technology Co. Ltd. (Software)  |  | 522 |
| 9449 | Bilibili, Inc., ADR (Entertainment)<sup>(a)</sup>  |  | 224 |
| 93653 | BYD Co. Ltd. (Automobiles)  |  | 3462 |
| 32000 | BYD Co. Ltd., H Shares (Automobiles)<sup>(b)</sup>  |  | 790 |
| 115500 | BYD Electronic International Co. Ltd. (Communications Equipment)  |  | 371 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **China (continued)** | **China (continued)** |
| 60100 | Chengxin Lithium Group Co. Ltd., Class - A (Paper & Forest Products)  | $324 |
| 432000 | China Cinda Asset Management Co. Ltd., H Shares (Capital Markets)<sup>(b)</sup>  | 60 |
| 134900 | China Communications Services Corp. Ltd., H Shares (Construction & Engineering)  | 49 |
| 545000 | China Conch Venture Holdings Ltd. (Machinery)  | 1184 |
| 10570350 | China Construction Bank Corp., H Shares (Banks)  | 6623 |
| 1641000 | China Everbright Bank Co. Ltd., H Shares (Banks)  | 500 |
| 38000 | China Evergrande Group (Real Estate Management & Development)<sup>(a)</sup>  | 8 |
| 110000 | China Feihe Ltd. (Food Products)  | 94 |
| 227000 | China Galaxy Securities Co. Ltd., Class A (Capital Markets)  | 303 |
| 174000 | China Galaxy Securities Co. Ltd., H Shares (Capital Markets)  | 85 |
| 50800 | China International Capital Corp. Ltd. (Capital Markets)  | 97 |
| 53600 | China International Capital Corp. Ltd., Class A (Capital Markets)  | 294 |
| 20800 | China International Travel Service Corp. Ltd. (Hotels, Restaurants & Leisure)  | 646 |
| 1115000 | China Life Insurance Co. Ltd., H Shares (Insurance)  | 1914 |
| 108200 | China Literature Ltd. (Media)<sup>(a)(b)</sup>  | 420 |
| 217000 | China Longyuan Power Group Corp. Ltd., H Shares (Independent Power and Renewable Electricity Producers)  | 265 |
| 77800 | China Merchants Bank Co. Ltd. (Banks)  | 417 |
| 521000 | China Merchants Bank Co. Ltd., H Shares (Banks)  | 2914 |
| 285000 | China Molybdenum Co. Ltd. (Metals & Mining)  | 131 |
| 102000 | China National Building Material Co. Ltd., H Shares (Construction Materials)<sup>(b)</sup>  | 84 |
| 80850 | China Northern Rare Earth Group High-Tech Co. Ltd. (Metals & Mining)  | 291 |
| 584800 | China Petroleum & Chemical Corp., Class A (Oil, Gas & Consumable Fuels)  | 367 |
| 1643400 | China Petroleum & Chemical Corp., H Shares (Oil, Gas & Consumable Fuels)  | 794 |
| 748000 | China Resources Cement Holdings Ltd. (Construction Materials)<sup>(b)</sup>  | 397 |
| 879761 | China Resources Land Ltd. (Real Estate Management & Development)  | 4030 |
| 696143 | China Resources Power Holdings Co. Ltd. (Independent Power and Renewable Electricity Producers)  | 1424 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **China (continued)** | **China (continued)** |
| 697500 | China Shenhua Energy Co. Ltd., H Shares (Oil, Gas & Consumable Fuels)  | $2015 |
| 846000 | China Southern Airlines Co. Ltd., H Shares (Airlines)<sup>(a)</sup>  | 551 |
| 5316000 | China Tower Corp. Ltd. (Diversified Telecommunication Services)  | 572 |
| 304900 | China Vanke Co. Ltd., H Shares (Real Estate Management & Development)<sup>(b)</sup>  | 617 |
| 12400 | Chongqing Brewery Co. Ltd. (Beverages)  | 227 |
| 37100 | Chongqing Zhifei Biological Products Co. Ltd. (Biotechnology)  | 469 |
| 33465 | CITIC Securities Co. Ltd. (Capital Markets)  | 96 |
| 48500 | CITIC Securities Co. Ltd., H Shares (Capital Markets)  | 98 |
| 12800 | Contemporary Amperex Technology Co. Ltd., Class - A (Electrical Equipment)  | 724 |
| 482430 | COSCO SHIPPING Holdings Co. Ltd. (Marine)  | 714 |
| 124800 | COSCO SHIPPING Holdings Co. Ltd., H Shares (Marine)  | 127 |
| 786000 | Country Garden Holdings Co. (Real Estate Management & Development)^  | 269 |
| 130678 | Country Garden Services Holdings Co. Ltd., Series S (Real Estate Management & Development)  | 325 |
| 118100 | CSC Financial Co. Ltd. (Capital Markets)  | 404 |
| 121600 | DA An Gene Co., Ltd. of Sun Yat-Sen University, Class - A (Biotechnology)  | 272 |
| 861 | Daqo New Energy Corp., ADR (Semiconductors & Semiconductor Equipment)<sup>(a)</sup>  | 33 |
| 73400 | Dongfang Electric Corp. Ltd. (Electrical Equipment)  | 222 |
| 168825 | East Money Information Co. Ltd. (Capital Markets)  | 471 |
| 117200 | ENN Energy Holdings Ltd. (Gas Utilities)  | 1646 |
| 55623 | Eve Energy Co. Ltd. (Electrical Equipment)  | 703 |
| 85400 | Fangda Carbon New Material Co. Ltd. (Electrical Equipment)<sup>(a)</sup>  | 75 |
| 450300 | Focus Media Information Technology Co. Ltd. (Media)  | 433 |
| 95300 | Foshan Haitian Flavouring & Food Co. Ltd. (Food Products)  | 1091 |
| 6300 | Fu Jian Anjoy Foods Co., Ltd., Class - A (Food Products)  | 147 |
| 25400 | Fujian Sunner Development Co. Ltd. (Food Products)  | 87 |
| 83704 | GDS Holdings, Ltd., Class - A (IT Services)<sup>(a)</sup>  | 220 |
| 110000 | Genscript Biotech Corp. (Life Sciences Tools & Services)<sup>(a)(b)</sup>  | 350 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **China (continued)** | **China (continued)** |
| 85000 | GF Securities Co. Ltd., Class - H (Capital Markets)  | $122 |
| 112200 | GF Securities Co. Ltd., Class A (Capital Markets)  | 250 |
| 2400 | Ginlong Technologies Co. Ltd., Class - A (Electrical Equipment)<sup>(a)</sup>  | 62 |
| 276500 | Great Wall Motor Co. Ltd., H Shares (Automobiles)  | 360 |
| 157000 | Guanghui Energy Co. Ltd., Class - A (Oil, Gas & Consumable Fuels)  | 204 |
| 598000 | Guangzhou Automobile Group Co. Ltd., H Shares (Automobiles)  | 403 |
| 7072 | H World Group Ltd., ADR (Hotels, Restaurants & Leisure)  | 300 |
| 46000 | Haidilao International Holding Ltd. (Hotels, Restaurants & Leisure)<sup>(a)</sup>  | 132 |
| 211800 | Haier Smart Home Co. Ltd., Class - H (Household Durables)  | 722 |
| 86800 | Haier Smart Home Co. Ltd., Class A (Household Durables)  | 305 |
| 45900 | Haitong Securities Co. Ltd. (Capital Markets)  | 57 |
| 88400 | Haitong Securities Co. Ltd., H Shares (Capital Markets)  | 54 |
| 45000 | Hengli Petrochemical Co. Ltd. (Chemicals)  | 101 |
| 276000 | HengTen Networks Group, Ltd. (Internet & Direct Marketing Retail)<sup>(a)</sup>  | 69 |
| 25900 | Hithink RoyalFlush Information Network Co. Ltd. (Capital Markets)  | 367 |
| 137000 | Hua Hong Semiconductor Ltd. (Semiconductors & Semiconductor Equipment)<sup>(a)(b)</sup>  | 478 |
| 25200 | Huadong Medicine Co. Ltd. (Health Care Providers & Services)  | 170 |
| 59000 | Huatai Securities Co. Ltd., Class - H (Capital Markets)  | 68 |
| 143300 | Huatai Securities Co. Ltd., Class A (Capital Markets)  | 263 |
| 153200 | Iflytek Co. Ltd. (Software)  | 724 |
| 7221440 | Industrial & Commercial Bank of China Ltd., H Shares (Banks)  | 3719 |
| 222200 | Inner Mongolia BaoTou Steel Union Co. Ltd. (Metals & Mining)  | 61 |
| 79000 | Innovent Biologics, Inc. (Biotechnology)<sup>(a)(b)</sup>  | 339 |
| 23184 | Inspur Electronic Information Industry Co. Ltd. (Technology Hardware, Storage & Peripherals)  | 72 |
| 14242 | iQiyi, Inc., ADR (Entertainment)<sup>(a)</sup>  | 75 |
| 74850 | JD Health International, Inc. (Internet & Direct Marketing Retail)<sup>(a)</sup>  | 684 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **China (continued)** | **China (continued)** |
| 182657 | JD.com, Inc., Class - A (Internet & Direct Marketing Retail)  | $5153 |
| 1180000 | Jiangsu Expressway Co. Ltd., H Shares (Transportation Infrastructure)  | 1078 |
| 131931 | Jiangsu Hengrui Medicine Co. Ltd. (Pharmaceuticals)  | 731 |
| 3640 | Joinn Laboratories China Co. Ltd., Class - A (Life Sciences Tools & Services)  | 31 |
| 1500 | JOYY, Inc., ADR (Interactive Media & Services)  | 47 |
| 14100 | Juewei Food Co. Ltd. (Food Products)  | 124 |
| 45310 | KE Holdings, Inc., ADR (Real Estate Management & Development)<sup>(a)</sup>  | 633 |
| 122500 | Kingboard Holdings Ltd. (Electronic Equipment, Instruments & Components)  | 390 |
| 421000 | Kingdee International Software Group Co. Ltd. (Software)<sup>(a)</sup>  | 903 |
| 149600 | Kuaishou Technology (Media)<sup>(a)</sup>  | 1362 |
| 5900 | Kweichow Moutai Co. Ltd. (Beverages)  | 1466 |
| 46500 | Lens Technology Co. Ltd. (Electronic Equipment, Instruments & Components)  | 70 |
| 95314 | LI Auto, Inc., Class - A (Automobiles)<sup>(a)</sup>  | 938 |
| 278500 | Li Ning Co. Ltd. (Textiles, Apparel & Luxury Goods)  | 2417 |
| 131819 | Luxshare Precision Industry Co. Ltd. (Electronic Equipment, Instruments & Components)  | 602 |
| 218160 | Meinian Onehealth Healthcare Holdings Co. Ltd. (Health Care Providers & Services)<sup>(a)</sup>  | 192 |
| 395500 | Meituan Dianping (Internet & Direct Marketing Retail)<sup>(a)</sup>  | 8854 |
| 59000 | Microport Scientific Corp. (Health Care Equipment & Supplies)^<sup>(a)</sup>  | 155 |
| 7280 | Muyuan Foodstuff Co. Ltd. (Food Products)  | 51 |
| 214500 | NetEase, Inc. (Entertainment)  | 3147 |
| 171200 | New China Life Insurance Co. Ltd., H Shares (Insurance)  | 419 |
| 65100 | New China Life Insurance Co., Ltd., Class A (Insurance)  | 282 |
| 34100 | New Oriental Education Technology Group, Inc. (Diversified Consumer Services)<sup>(a)</sup>  | 125 |
| 121605 | NIO, Inc., ADR (Automobiles)<sup>(a)</sup>  | 1186 |
| 77290 | O-FILM Tech Co. Ltd. (Electronic Equipment, Instruments & Components)<sup>(a)</sup>  | 52 |
| 23520 | Ovctek China, Inc. (Health Care Equipment & Supplies)  | 121 |
| 111600 | Perfect World Co. Ltd., Class - A (Entertainment)  | 204 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **China (continued)** | **China (continued)** |
| 456300 | PetroChina Co. Ltd., Class A (Oil, Gas & Consumable Fuels)  | $326 |
| 904000 | PetroChina Co. Ltd., H Shares (Oil, Gas & Consumable Fuels)  | 413 |
| 27000 | Pharmaron Beijing Co. Ltd., Class - H (Life Sciences Tools & Services)  | 187 |
| 44493 | Pinduoduo, Inc., ADR (Internet & Direct Marketing Retail)<sup>(a)</sup>  | 3628 |
| 1122017 | Ping An Insurance Group Company of China Ltd. (Insurance)  | 7426 |
| 345600 | Rongsheng Petro Chemical Co. Ltd., Class - A (Chemicals)  | 612 |
| 120299 | Shandong Buchang Pharmaceuticals Co. Ltd., Class - A (Pharmaceuticals)  | 364 |
| 136100 | Shanghai Electric Group Co. Ltd. (Electrical Equipment)<sup>(a)</sup>  | 77 |
| 9000 | Shanghai Junshi Biosciences Co. Ltd., Class - A (Biotechnology)<sup>(a)</sup>  | 81 |
| 921300 | Shanghai Pharmaceuticals Holding Co. Ltd., H Shares (Health Care Providers & Services)  | 1532 |
| 4200 | Shanghai Putailai New Energy Technology Co. Ltd., Class - A (Chemicals)  | 31 |
| 82200 | Shanxi Meijin Energy Co. Ltd. (Metals & Mining)  | 107 |
| 10300 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class - A (Beverages)  | 422 |
| 57920 | Shenzhen Kangtai Biological Products Co. Ltd. (Biotechnology)  | 263 |
| 26100 | Sichuan Kelun Pharmaceutical Co. Ltd. (Pharmaceuticals)  | 100 |
| 18700 | Sichuan New Energy Power Co. Ltd. (Trading Companies & Distributors)<sup>(a)</sup>  | 48 |
| 50000 | Silergy Corp. (Semiconductors & Semiconductor Equipment)  | 710 |
| 169000 | Smoore International Holdings Ltd. (Tobacco)^  | 262 |
| 233617 | Songcheng Performance Development Co. Ltd., Class - A (Hotels, Restaurants & Leisure)  | 491 |
| 5000 | StarPower Semiconductor Ltd., Class - A (Semiconductors & Semiconductor Equipment)  | 237 |
| 170427 | Sunny Optical Technology Group Co. Ltd. (Electronic Equipment, Instruments & Components)  | 2027 |
| 30900 | Suzhou Dongshan Precision Manufacturing Co. Ltd., Class - A (Electronic Equipment, Instruments & Components)  | 110 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **China (continued)** | **China (continued)** |
| 8480 | Suzhou Maxwell Technologies Co. Ltd., Class - A (Electrical Equipment)  | $502 |
| 45497 | TAL Education Group, ADR (Diversified Consumer Services)<sup>(a)</sup>  | 321 |
| 611286 | Tencent Holdings Ltd. (Interactive Media & Services)<sup>(b)</sup>  | 26160 |
| 31445 | Tencent Music Entertainment Group, ADR (Entertainment)<sup>(a)</sup>  | 260 |
| 184632 | Toly Bread Co. Ltd. (Food Products)  | 409 |
| 39463 | Trip.com Group Ltd., ADR (Internet & Direct Marketing Retail)<sup>(a)</sup>  | 1358 |
| 30940 | Unisplendour Corp. Ltd., Class - A (Electronic Equipment, Instruments & Components)  | 87 |
| 34096 | Vipshop Holdings Ltd., ADR (Internet & Direct Marketing Retail)<sup>(a)</sup>  | 465 |
| 81675 | Walvax Biotechnology Co Ltd., Class - A (Biotechnology)  | 472 |
| 8500 | Weibo Corp., ADR (Interactive Media & Services)<sup>(a)</sup>  | 163 |
| 50500 | Weichai Power Co. Ltd. (Machinery)  | 74 |
| 54000 | Weichai Power Co. Ltd. (Machinery)  | 73 |
| 44260 | Wens Foodstuffs Group Co. Ltd. (Food Products)  | 125 |
| 103292 | Wuhan Guide Infrared Co. Ltd. (Electronic Equipment, Instruments & Components)  | 163 |
| 16700 | Wuliangye Yibin Co. Ltd., Class - A (Beverages)  | 434 |
| 30360 | WUS Printed Circuit Kunshan Co. Ltd. (Electronic Equipment, Instruments & Components)  | 52 |
| 30340 | WuXi AppTec Co. Ltd., Class - H (Life Sciences Tools & Services)  | 321 |
| 313000 | Wuxi Biologics Cayman, Inc. (Life Sciences Tools & Services)<sup>(a)(b)</sup>  | 2400 |
| 1159000 | Xiaomi Corp. (Technology Hardware, Storage & Peripherals)<sup>(a)(b)</sup>  | 1625 |
| 51700 | Xinjiang Goldwind Science & Technology Co. Ltd. (Electrical Equipment)  | 82 |
| 468481 | Xinyi Solar Holdings Ltd. (Semiconductors & Semiconductor Equipment)  | 519 |
| 107764 | Xpeng, Inc., A Shares (Automobiles)<sup>(a)</sup>  | 530 |
| 366000 | Yadea Group Holdings Ltd. (Automobiles)<sup>(b)</sup>  | 612 |
| 124000 | Yankuang Energy Group Co. Ltd., H Shares (Oil, Gas & Consumable Fuels)  | 378 |
| 43550 | Yealink Network Technology Corp. Ltd. (Communications Equipment)  | 380 |
| 61000 | Yihai International Holdings (Food Products)  | 216 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **China (continued)** | **China (continued)** | **China (continued)** |
| 76440 | Yintai Gold Co. Ltd. (Metals & Mining)  | $| 121 |
| 124076 | Yonyou Network Technology Co. Ltd. (Software)  |  | 431 |
| 2900 | Youngy Co. Ltd., Class - A (Metals & Mining)<sup>(a)</sup>  |  | 41 |
| 27030 | Yunda Holding Co. Ltd. (Air Freight & Logistics)  |  | 56 |
| 10800 | Yunnan Energy New Material Co. Ltd., Class - A (Containers & Packaging)  |  | 204 |
| 4926 | Zai Lab Ltd., ADR (Biotechnology)<sup>(a)</sup>  |  | 151 |
| 23900 | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (Pharmaceuticals)  |  | 992 |
| 51400 | Zhejiang Century Huatong Group Co. Ltd., Class - A (Entertainment)<sup>(a)</sup>  |  | 28 |
| 13440 | Zhejiang Dingli Machinery Co. Ltd. (Machinery)  |  | 93 |
| 1094000 | Zhejiang Expressway Co. Ltd., H Shares (Transportation Infrastructure)  |  | 842 |
| 2982 | Zhejiang HangKe Technology, Inc. Co., Class - A (Electrical Equipment)  |  | 19 |
| 8200 | Zhejiang Supor Co. Ltd. (Household Durables)  |  | 58 |
| 75900 | Zheshang Securities Co. Ltd. (Capital Markets)  |  | 108 |
| 29200 | ZhongAn Online P&C Insurance Co. Ltd. (Insurance)<sup>(a)</sup>  |  | 80 |
| 15300 | Zhongji Innolight Co. Ltd. (Communications Equipment)  |  | 59 |
| 63500 | Zhongsheng Group Holdings Ltd. (Specialty Retail)  |  | 327 |
| 770300 | Zijin Mining Group Co. Ltd., Class - A (Metals & Mining)  |  | 1108 |
| 218000 | Zijin Mining Group Co. Ltd., H Shares (Metals & Mining)  |  | 296 |
| 325100 | Zoomlion Heavy Industry Science And Technology Co. Ltd, Class A (Machinery)  |  | 254 |
| 169800 | ZTE Corp. (Communications Equipment)  |  | 632 |
| 183800 | ZTE Corp., H Shares (Communications Equipment)  |  | 405 |
| 27491 | ZTO Express Cayman, Inc., ADR (Air Freight & Logistics)  |  | 739 |
|  |  |  | 157900 |
|  | **Cyprus — 0.00%** | **Cyprus — 0.00%** | **Cyprus — 0.00%** |
| 7712 | TCS Group Holding PLC, GDR (Banks)<sup>(a)(c)</sup>  |  |  |
|  | **Czech Republic — 0.09%** | **Czech Republic — 0.09%** | **Czech Republic — 0.09%** |
| 190434 | Moneta Money Bank AS (Banks)<sup>(b)</sup>  |  | 642 |
|  | **Egypt — 0.07%** | **Egypt — 0.07%** | **Egypt — 0.07%** |
| 294053 | Commercial International Bank Egypt SAE (Banks)  |  | 493 |
|  | **Greece — 0.27%** | **Greece — 0.27%** | **Greece — 0.27%** |
| 51559 | Alpha Services and Holdings SA (Banks)<sup>(b)</sup>  |  | 55 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Greece (continued)** | **Greece (continued)** | **Greece (continued)** |
| 116923 | Hellenic Telecommunication Organization SA (Diversified Telecommunication Services)  | $| 1826 |
|  |  |  | 1881 |
|  | **Hong Kong — 0.85%** | **Hong Kong — 0.85%** | **Hong Kong — 0.85%** |
| 712182 | China Everbright Environment Group Ltd. (Commercial Services & Supplies)  |  | 318 |
| 1674121 | China Jinmao Holdings Group Ltd. (Real Estate Management & Development)  |  | 360 |
| 432500 | China Overseas Land & Investment Ltd. (Real Estate Management & Development)  |  | 1141 |
| 80000 | China Resources Beer Holdings Co. Ltd. (Beverages)  |  | 559 |
| 112000 | China State Construction International Holdings Ltd. (Construction & Engineering)  |  | 126 |
| 79400 | China Taiping Insurance Holdings Co. Ltd. (Insurance)<sup>(b)</sup>  |  | 99 |
| 288000 | CSPC Pharmaceutical Group Ltd. (Pharmaceuticals)<sup>(b)</sup>  |  | 303 |
| 1172000 | Far East Horizon Ltd. (Diversified Financial Services)  |  | 916 |
| 67000 | Fosun International Ltd. (Industrial Conglomerates)  |  | 55 |
| 179000 | Hengan International Group Co. Ltd. (Personal Products)  |  | 951 |
| 332000 | Kingboard Laminates Holdings Ltd. (Electronic Equipment, Instruments & Components)<sup>(b)</sup>  |  | 365 |
| 124000 | Lenovo Group Ltd. (Technology Hardware, Storage & Peripherals)  |  | 102 |
| 735000 | Sino Biopharmaceutiical Ltd. (Pharmaceuticals)<sup>(b)</sup>  |  | 430 |
| 4600 | Super Hi International Holding Ltd. (Hotels, Restaurants & Leisure)<sup>(a)</sup>  |  | 6 |
| 209600 | Yuexiu Property Co. Ltd. (Real Estate Management & Development)  |  | 254 |
|  |  |  | 5985 |
|  | **Hungary — 0.29%** | **Hungary — 0.29%** | **Hungary — 0.29%** |
| 62779 | MOL Hungarian Oil & Gas PLC (Oil, Gas & Consumable Fuels)  |  | 439 |
| 15740 | OTP Bank Nyrt PLC (Banks)  |  | 428 |
| 54565 | Richter Gedeon Nyrt (Pharmaceuticals)  |  | 1217 |
|  |  |  | 2084 |
|  | **India — 11.93%** | **India — 11.93%** | **India — 11.93%** |
| 54236 | Adani Green Energy, Ltd. (Independent Power and Renewable Electricity Producers)<sup>(a)</sup>  |  | 1267 |
| 203324 | Adani Ports & Special Economic Zone Ltd. (Transportation Infrastructure)  |  | 2011 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **India (continued)** | **India (continued)** |
| 37903 | Adani Power Ltd. (Independent Power and Renewable Electricity Producers)<sup>(a)</sup>  | $137 |
| 37899 | Adani Total Gas Ltd. (Gas Utilities)  | 1692 |
| 33041 | Adani Transmission Ltd. (Electric Utilities)<sup>(a)</sup>  | 1034 |
| 319100 | Ambuja Cements Ltd. (Construction Materials)  | 2022 |
| 8752 | Apollo Hospitals Enterprise (Health Care Providers & Services)  | 474 |
| 18651 | Asian Paints Ltd. (Chemicals)  | 696 |
| 34614 | Aurobindo Pharma Ltd. (Pharmaceuticals)<sup>(b)</sup>  | 183 |
| 56857 | Avenue Supermarts Ltd. (Food & Staples Retailing)<sup>(a)(b)</sup>  | 2796 |
| 348104 | Axis Bank Ltd. (Banks)<sup>(b)</sup>  | 3929 |
| 17379 | Bajaj Auto Ltd. (Automobiles)  | 760 |
| 37286 | Bajaj Finance Ltd. (Consumer Finance)<sup>(b)</sup>  | 2964 |
| 77010 | Bajaj Finserv, Ltd. (Diversified Financial Services)  | 1441 |
| 216368 | Bharat Petroleum Corp. Ltd. (Oil, Gas & Consumable Fuels)<sup>(b)</sup>  | 864 |
| 12160 | Biocon Ltd. (Biotechnology)  | 38 |
| 8842285 | Chennai Super Kings Cricket Ltd. (Entertainment)<sup>(a)(c)</sup>  |  |
| 722710 | Coal India Ltd. (Oil, Gas & Consumable Fuels)  | 1966 |
| 73059 | Dr. Reddy's Laboratories Ltd., ADR (Pharmaceuticals)  | 3781 |
| 12020 | Eicher Motors Ltd. (Automobiles)<sup>(b)</sup>  | 469 |
| 478101 | GAIL India Ltd. (Gas Utilities)  | 555 |
| 161026 | HCL Technologies Ltd. (IT Services)  | 2023 |
| 46133 | Hindustan Unilever Ltd. (Household Products)<sup>(b)</sup>  | 1428 |
| 209234 | Housing Development Finance Corp. Ltd. (Thrifts & Mortgage Finance)<sup>(b)</sup>  | 6671 |
| 665177 | ICICI Bank Ltd. (Banks)<sup>(b)</sup>  | 7163 |
| 277936 | Infosys Ltd. (IT Services)  | 5067 |
| 17988 | InterGlobe Aviation Ltd. (Airlines)<sup>(a)(b)</sup>  | 437 |
| 611134 | ITC Ltd. (Tobacco)<sup>(b)</sup>  | 2449 |
| 19610 | Kotak Mahindra Bank Ltd. (Banks)<sup>(b)</sup>  | 433 |
| 543033 | NTPC Ltd. (Independent Power and Renewable Electricity Producers)<sup>(b)</sup>  | 1093 |
| 231740 | Oil & Natural Gas Corp. Ltd. (Oil, Gas & Consumable Fuels)<sup>(b)</sup>  | 411 |
| 31703 | Pidilite Industries Ltd. (Chemicals)  | 977 |
| 271566 | Reliance Industries Ltd. (Oil, Gas & Consumable Fuels)  | 8362 |
| 30301 | SBI Life Insurance Co. Ltd. (Insurance)  | 451 |
| 5875 | Shree Cement Ltd. (Construction Materials)<sup>(b)</sup>  | 1654 |
| 305548 | State Bank of India (Banks)<sup>(b)</sup>  | 2267 |
| 81597 | Tata Consultancy Services Ltd. (IT Services)<sup>(b)</sup>  | 3212 |
| 111086 | Tata Motors Ltd. (Automobiles)<sup>(a)</sup>  | 521 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **India (continued)** | **India (continued)** | **India (continued)** |
| 1867110 | Tata Steel, Ltd. (Metals & Mining)  | $| 2543 |
| 32627 | Titan Co. Ltd. (Textiles, Apparel & Luxury Goods)  |  | 1024 |
| 4235 | Trent Ltd. (Multiline Retail)  |  | 69 |
| 22694 | Ultra Tech Cement Ltd. (Construction Materials)  |  | 1909 |
| 222144 | United Spirits Ltd. (Beverages)<sup>(a)</sup>  |  | 2357 |
| 225053 | Vedanta Ltd. (Metals & Mining)  |  | 839 |
| 363041 | Wipro Ltd. (IT Services)<sup>(b)</sup>  |  | 1724 |
| 1074947 | Yes Bank, Ltd. (Banks)<sup>(a)(b)</sup>  |  | 268 |
|  |  |  | 84431 |
|  | **Indonesia — 1.94%** | **Indonesia — 1.94%** | **Indonesia — 1.94%** |
| 360200 | Aneka Tambang Tbk (Metals & Mining)  |  | 46 |
| 2110400 | PT Astra International Tbk (Automobiles)  |  | 773 |
| 7534785 | PT Bank Central Asia Tbk (Banks)  |  | 4139 |
| 5393700 | PT Bank Rakyat Indonesia Persero Tbk (Banks)  |  | 1712 |
| 833796 | PT Barito Pacific Tbk (Chemicals)  |  | 40 |
| 1875600 | PT Charoen Pokphand Indonesia Tbk (Food Products)  |  | 681 |
| 345000 | PT Indah Kiat Pulp & Paper Tbk (Paper & Forest Products)  |  | 193 |
| 2093700 | PT Indofood Sukses Makmur Tbk (Food Products)  |  | 905 |
| 20119435 | PT Kalbe Farma Tbk (Pharmaceuticals)  |  | 2702 |
| 237400 | PT Merdeka Copper Gold Tbk (Metals & Mining)<sup>(a)(b)</sup>  |  | 63 |
| 621400 | PT Semen Indonesia Persero Tbk (Construction Materials)  |  | 262 |
| 7476650 | PT Telkom Indonesia Persero Tbk (Diversified Telecommunication Services)<sup>(b)</sup>  |  | 1801 |
| 251300 | PT United Tractors Tbk (Oil, Gas & Consumable Fuels)  |  | 421 |
|  |  |  | 13738 |
|  | **Kuwait — 0.28%** | **Kuwait — 0.28%** | **Kuwait — 0.28%** |
| 363537 | Boubyan Bank KSCP (Banks)  |  | 949 |
| 392282 | Kuwait Finance House KSCP (Banks)  |  | 1055 |
|  |  |  | 2004 |
|  | **Malaysia — 1.90%** | **Malaysia — 1.90%** | **Malaysia — 1.90%** |
| 241900 | AMMB Holdings Berhad (Banks)  |  | 228 |
| 1488900 | Dialog Group Berhad (Energy Equipment & Services)  |  | 829 |
| 60200 | DiGi.Com Berhad (Wireless Telecommunication Services)  |  | 55 |
| 281400 | Hartalega Holdings Berhad (Health Care Equipment & Supplies)  |  | 109 |
| 1093800 | IHH Healthcare Berhad (Health Care Providers & Services)  |  | 1546 |
| 1283100 | IOI Corp. Berhad (Food Products)  |  | 1181 |
| 378796 | Malayan Banking Berhad (Banks)  |  | 749 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Malaysia (continued)** | **Malaysia (continued)** | **Malaysia (continued)** |
| 1764700 | Malaysia Airports Holdings Berhad (Transportation Infrastructure)<sup>(a)</sup>  | $| 2630 |
| 581500 | Maxis Berhad (Wireless Telecommunication Services)<sup>(b)</sup>  |  | 507 |
| 15300 | Petronas Gas Berhad (Gas Utilities)  |  | 60 |
| 1200200 | Press Metal Aluminum Holdings (Metals & Mining)  |  | 1331 |
| 1142400 | Public Bank Berhad (Banks)  |  | 1122 |
| 1262600 | QL Resources Berhad (Food Products)  |  | 1581 |
| 558900 | Sime Darby Berhad (Industrial Conglomerates)  |  | 292 |
| 1028100 | Sime Darby Plantation Berhad (Food Products)  |  | 1087 |
| 685700 | Top Glove Corp. Berhad (Health Care Equipment & Supplies)<sup>(a)</sup>  |  | 141 |
|  |  |  | 13448 |
|  | **Mexico — 2.30%** | **Mexico — 2.30%** | **Mexico — 2.30%** |
| 3159500 | America Movil SAB de CV (Wireless Telecommunication Services)  |  | 2867 |
| 1050300 | Cemex SAB de CV (Construction Materials)<sup>(a)</sup>  |  | 425 |
| 138800 | Coca-Cola Femsa SAB de CV (Beverages)  |  | 939 |
| 156300 | Fibra Uno Amdinistracion SA (Equity Real Estate Investment Trusts)<sup>(b)</sup>  |  | 184 |
| 475040 | Fomento Economico Mexicano SAB de CV (Beverages)  |  | 3697 |
| 57155 | Grupo Aeroportuario del Sureste SAB de CV, Class - B (Transportation Infrastructure)  |  | 1334 |
| 363500 | Grupo Bimbo SAB de CV, Series A (Food Products)  |  | 1537 |
| 195000 | Grupo Financiero Banorte SAB de CV (Banks)  |  | 1400 |
| 544645 | Grupo Mexico SAB de CV, Series B (Metals & Mining)  |  | 1912 |
| 255700 | Grupo Televisa SAB de CV (Media)  |  | 233 |
|  |  |  | 14528 |
|  | **Peru — 0.37%** | **Peru — 0.37%** | **Peru — 0.37%** |
| 576600 | Kimberly-Clark de Mexico SAB de CV, A Shares (Household Products)  |  | 979 |
| 439825 | Orbia Advance Corp SAB de CV (Chemicals)  |  | 779 |
|  |  |  | 16286 |
| 109508 | Compania de Minas Buenaventura SA, ADR (Metals & Mining)  |  | 816 |
| 13465 | Credicorp Ltd. (Banks)  |  | 1826 |
|  |  |  | 2642 |
|  | **Philippines — 0.91%** | **Philippines — 0.91%** | **Philippines — 0.91%** |
| 1181140 | Aboitiz Equity Ventures, Inc. (Industrial Conglomerates)<sup>(b)</sup>  |  | 1224 |
| 1797673 | Metropolitan Bank & Trust Co. (Banks)  |  | 1743 |
| 17765 | PLDT, Inc. (Wireless Telecommunication Services)  |  | 420 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Philippines (continued)** | **Philippines (continued)** | **Philippines (continued)** |
| 187693 | SM Investments Corp. (Industrial Conglomerates)  | $| 3033 |
|  |  |  | 6420 |
|  | **Poland — 0.31%** | **Poland — 0.31%** | **Poland — 0.31%** |
| 97123 | Bank Pekao SA (Banks)<sup>(b)</sup>  |  | 1923 |
| 3287 | CD Projekt SA (Entertainment)  |  | 97 |
| 3670 | KGHM Polska Miedz SA (Metals & Mining)  |  | 106 |
| 4503 | Powszechny Zaklad Ubezpieczen SA (Insurance)<sup>(b)</sup>  |  | 36 |
|  |  |  | 2162 |
|  | **Qatar — 0.69%** | **Qatar — 0.69%** | **Qatar — 0.69%** |
| 46759 | Industries Qatar QSC (Industrial Conglomerates)  |  | 164 |
| 328215 | Masraf Al Rayan (Banks)  |  | 286 |
| 370757 | Mesaieed Petrochemical Holding Co. (Chemicals)  |  | 217 |
| 121012 | Qatar Fuel QSC (Oil, Gas & Consumable Fuels)  |  | 597 |
| 55762 | Qatar International Islamic Bank QSC (Banks)  |  | 159 |
| 187807 | Qatar Islamic Bank SAQ (Banks)  |  | 957 |
| 371724 | Qatar National Bank (Banks)  |  | 1838 |
| 459841 | The Commercial Bank of Qatar QSC (Banks)  |  | 631 |
|  |  |  | 4849 |
|  | **Russia — 0.00%** | **Russia — 0.00%** | **Russia — 0.00%** |
| 877850 | Gazprom PJSC (Oil, Gas & Consumable Fuels)<sup>(c)</sup>  |  |  |
| 280855 | Gazprom PJSC, ADR (Oil, Gas & Consumable Fuels)<sup>(a)(c)</sup>  |  |  |
| 32986 | LUKOIL (Oil, Gas & Consumable Fuels)<sup>(c)</sup>  |  |  |
| 23471 | LUKOIL PJSC, ADR (Oil, Gas & Consumable Fuels)<sup>(a)(c)</sup>  |  |  |
| 102050 | Novatek PJSC (Oil, Gas & Consumable Fuels)<sup>(c)</sup>  |  |  |
| 38369 | Polymetal International PLC (Metals & Mining)<sup>(a)(c)</sup>  |  |  |
| 3734 | Polyus PJSC (Metals & Mining)<sup>(a)(c)</sup>  |  |  |
| 357956 | Sberbank of Russia PJSC (Banks)<sup>(a)(c)</sup>  |  |  |
| 113164 | Severstal, Registered Shares, GDR (Metals & Mining)<sup>(a)(c)</sup>  |  |  |
| 125880 | Tatneft PJSC, Class - S (Oil, Gas & Consumable Fuels)<sup>(c)</sup>  |  |  |
| 766486 | The Moscow Exchange (Capital Markets)<sup>(a)(c)</sup>  |  |  |
| 814600000 | VTB Bank PJSC (Banks)<sup>(a)(c)</sup>  |  |  |
| 31318 | Yandex NV, Class A (Interactive Media & Services)<sup>(a)(c)</sup>  |  |  |
|  | **Saudi Arabia — 3.58%** | **Saudi Arabia — 3.58%** | **Saudi Arabia — 3.58%** |
| 188707 | Al Rajhi Bank (Banks)<sup>(a)</sup>  |  | 3778 |
| 4497 | Almarai Co. JSC (Food Products)  |  | 64 |
| 77181 | Banque Saudi Fransi (Banks)  |  | 834 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Saudi Arabia (continued)** | **Saudi Arabia (continued)** | **Saudi Arabia (continued)** |
| 21193 | Bupa Arabia For Cooperative Insurance Co. (Insurance)  | $| 811 |
| 382830 | Dar Al Arkan Real Estate Development Co. (Real Estate Management & Development)<sup>(a)</sup>  |  | 1184 |
| 1354 | Dr. Sulaiman Al Habib Medical Services Group Co. (Health Care Providers & Services)  |  | 80 |
| 38940 | Elm Co. (IT Services)  |  | 3442 |
| 224771 | Emaar Economic City (Real Estate Management & Development)<sup>(a)</sup>  |  | 499 |
| 17324 | Mobile Telecommunications Co. (Wireless Telecommunication Services)<sup>(a)</sup>  |  | 46 |
| 144652 | National Commercial Bank (Banks)  |  | 1944 |
| 172781 | Riyad Bank (Banks)  |  | 1462 |
| 59797 | SABIC Agri-Nutrients Co. (Chemicals)  |  | 2327 |
| 46591 | Sahara International Petrochemical Co. (Chemicals)  |  | 421 |
| 196682 | Saudi Arabian Mining Co. (Metals & Mining)<sup>(a)</sup>  |  | 3387 |
| 16373 | Saudi Arabian Oil Co. (Oil, Gas & Consumable Fuels)  |  | 140 |
| 62760 | Saudi Basic Industries Corp. (Chemicals)  |  | 1493 |
| 72167 | Saudi Industrial Investment Group (Chemicals)  |  | 422 |
| 127544 | Saudi Kayan Petrochemical Co. (Chemicals)<sup>(a)</sup>  |  | 464 |
| 6543 | Saudi Tadawul Group Holding Co. (Capital Markets)  |  | 315 |
| 121265 | Saudi Telecom Co. (Diversified Telecommunication Services)<sup>(b)</sup>  |  | 1181 |
| 71146 | The Saudi British Bank (Banks)<sup>(b)</sup>  |  | 738 |
| 37378 | The Savola Group (Food Products)  |  | 273 |
|  |  |  | 25305 |
|  | **South Africa — 2.96%** | **South Africa — 2.96%** | **South Africa — 2.96%** |
| 8100 | Absa Group Ltd. (Banks)  |  | 92 |
| 7411 | Anglo American Platinum Ltd. (Metals & Mining)  |  | 622 |
| 59086 | AngloGold Ashanti Ltd. (Metals & Mining)  |  | 1146 |
| 11124 | Aspen Pharmacare Holdings Ltd. (Pharmaceuticals)  |  | 89 |
| 61875 | Bid Corp. Ltd. (Food & Staples Retailing)  |  | 1202 |
| 31869 | Bidvest Group Ltd. (Industrial Conglomerates)  |  | 402 |
| 6145 | Capitec Bank Holdings Ltd. (Banks)  |  | 673 |
| 229901 | Discovery Ltd. (Insurance)<sup>(a)(b)</sup>  |  | 1670 |
| 583993 | FirstRand Ltd. (Diversified Financial Services)  |  | 2136 |
| 57103 | Gold Fields Ltd. (Metals & Mining)<sup>(b)</sup>  |  | 592 |
| 399656 | Growthpoint Properties Ltd. (Equity Real Estate Investment Trusts)<sup>(b)</sup>  |  | 342 |
| 48655 | Impala Platinum Holdings Ltd. (Metals & Mining)  |  | 611 |
| 32304 | Mr. Price Group Ltd. (Specialty Retail)  |  | 302 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **South Africa (continued)** | **South Africa (continued)** | **South Africa (continued)** |
| 270984 | MTN Group Ltd. (Wireless Telecommunication Services)  | $| 2031 |
| 79012 | MultiChoice Group Ltd. (Media)  |  | 546 |
| 23161 | Naspers Ltd. (Media)  |  | 3852 |
| 6453 | Nedbank Group Ltd. (Banks)<sup>(b)</sup>  |  | 81 |
| 144156 | Old Mutual Ltd. (Insurance)  |  | 89 |
| 15002 | Remgro Ltd. (Diversified Financial Services)  |  | 118 |
| 34236 | Sanlam Ltd. (Insurance)<sup>(b)</sup>  |  | 98 |
| 54300 | Sasol Ltd. (Chemicals)  |  | 862 |
| 9822 | Shoprite Holdings Ltd. (Food & Staples Retailing)  |  | 131 |
| 455387 | Sibanye Stillwater Ltd. (Metals & Mining)  |  | 1199 |
| 198044 | Standard Bank Group Ltd. (Banks)  |  | 1957 |
| 22743 | Woolworths Holdings Ltd. (Multiline Retail)<sup>(b)</sup>  |  | 89 |
|  |  |  | 20932 |
|  | **South Korea — 9.07%** | **South Korea — 9.07%** | **South Korea — 9.07%** |
| 4208 | AmorePacific Corp. (Personal Products)^  |  | 458 |
| 7593 | Celltrion Healthcare Co. Ltd. (Health Care Providers & Services)<sup>(b)</sup>  |  | 348 |
| 13082 | Celltrion, Inc. (Biotechnology)<sup>(b)</sup>  |  | 1661 |
| 2884 | CJ Cheiljedang Corp. (Food Products)  |  | 868 |
| 10846 | DB Insurance Co. Ltd. (Insurance)<sup>(b)</sup>  |  | 560 |
| 34903 | Doosan Enerbility Co. Ltd. (Electrical Equipment)<sup>(a)(b)</sup>  |  | 425 |
| 10961 | E-Mart Co. Ltd. (Food & Staples Retailing)  |  | 850 |
| 1990 | GS Holdings Corp. (Industrial Conglomerates)  |  | 69 |
| 25499 | Hana Financial Group, Inc. (Banks)  |  | 848 |
| 2925 | Hankook Tire & Technology Co. Ltd. (Auto Components)  |  | 72 |
| 25998 | Hanon Systems (Auto Components)  |  | 166 |
| 8787 | HLB, Inc. (Leisure Products)<sup>(a)</sup>  |  | 197 |
| 16423 | HMM Co. Ltd. (Marine)  |  | 254 |
| 5698 | Hotel Shilla Co. Ltd. (Specialty Retail)  |  | 374 |
| 23284 | Hyundai Engineering & Construction Co. Ltd. (Construction & Engineering)  |  | 643 |
| 8869 | Hyundai Mobis Co. Ltd. (Auto Components)  |  | 1406 |
| 12780 | Hyundai Motor Co. Ltd. (Automobiles)  |  | 1526 |
| 11325 | Industrial Bank of Korea (Banks)  |  | 88 |
| 28976 | Kakao Corp. (Interactive Media & Services)  |  | 1217 |
| 16639 | KakaoBank Corp. (Banks)<sup>(a)</sup>  |  | 320 |
| 61371 | Kangwon Land, Inc. (Hotels, Restaurants & Leisure)^<sup>(a)</sup>  |  | 1126 |
| 37692 | KB Financial Group, Inc. (Banks)<sup>(b)</sup>  |  | 1446 |
| 34438 | Kia Motors Corp. (Automobiles)  |  | 1615 |
| 77662 | Korea Electric Power Corp. (Electric Utilities)<sup>(a)</sup>  |  | 1339 |
| 9376 | Korea Shipbuilding & Offshore Engineering Co. Ltd. (Machinery)<sup>(a)</sup>  |  | 524 |
| 5017 | Krafton, Inc. (Entertainment)<sup>(a)</sup>  |  | 667 |
| 35580 | KT&G Corp. (Tobacco)<sup>(b)</sup>  |  | 2575 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| 7095 | Kumho Petrochemical Co. Ltd. (Chemicals)  | $| 707 |
| 4203 | LG Chem Ltd. (Chemicals)  |  | 1994 |
| 35797 | LG Display Co. Ltd. (Electronic Equipment, Instruments & Components)  |  | 352 |
| 500 | LG Energy Solution (Electrical Equipment)<sup>(a)</sup>  |  | 172 |
| 1179 | LG H&H Co. Ltd. (Personal Products)  |  | 673 |
| 2237 | LG Innotek Co. Ltd. (Electronic Equipment, Instruments & Components)^  |  | 447 |
| 65000 | Mirae Asset Daewoo Co. Ltd. (Capital Markets)  |  | 313 |
| 11210 | Naver Corp. (Interactive Media & Services)  |  | 1574 |
| 138644 | Pan Ocean Co. Ltd. (Marine)  |  | 628 |
| 7647 | Pearl Abyss Corp. (Entertainment)<sup>(a)</sup>  |  | 254 |
| 9090 | POSCO Chemical Co. Ltd. (Construction Materials)  |  | 1294 |
| 8136 | POSCO Holdings, Inc. (Metals & Mining)  |  | 1779 |
| 2836 | Samsung Biologics Co. Ltd. (Life Sciences Tools & Services)<sup>(a)</sup>  |  | 1841 |
| 9149 | Samsung Electro-Mechanics Co. Ltd. (Electronic Equipment, Instruments & Components)  |  | 944 |
| 413926 | Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals)  |  | 18105 |
| 54624 | Samsung Engineering Co. Ltd. (Construction & Engineering)<sup>(a)(b)</sup>  |  | 961 |
| 7638 | Samsung Fire & Marine Insurance Co. Ltd. (Insurance)  |  | 1208 |
| 4007 | Samsung SDI Co. Ltd. (Electronic Equipment, Instruments & Components)  |  | 1873 |
| 60008 | Shinhan Financial Group Co. Ltd. (Banks)  |  | 1671 |
| 45837 | SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)  |  | 2719 |
| 433 | SK IE Technology Co. Ltd. (Chemicals)<sup>(a)</sup>  |  | 18 |
| 8885 | SK Innovation Co. Ltd. (Oil, Gas & Consumable Fuels)<sup>(a)</sup>  |  | 1082 |
| 15950 | SK Square Co. Ltd. (Semiconductors & Semiconductor Equipment)<sup>(a)</sup>  |  | 423 |
| 22426 | Woongjin Coway Co. Ltd. (Household Durables)  |  | 991 |
| 57981 | Woori Financial Group, Inc. (Banks)  |  | 530 |
|  |  |  | 64195 |
|  | **Taiwan — 10.95%** | **Taiwan — 10.95%** | **Taiwan — 10.95%** |
| 55904 | Airtac International Group (Machinery)  |  | 1694 |
| 495672 | ASE Technology Holding Co. Ltd., Class - H (Semiconductors & Semiconductor Equipment)  |  | 1514 |
| 745971 | Asia Cement Corp. (Construction Materials)  |  | 995 |
| 116000 | Asustek Computer, Inc. (Technology Hardware, Storage & Peripherals)  |  | 1013 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Taiwan (continued)** | **Taiwan (continued)** |
| 110000 | Catcher Technology Co. Ltd. (Technology Hardware, Storage & Peripherals)  | $605 |
| 1077000 | Cheng Shin Rubber Industry Co. Ltd. (Auto Components)  | 1188 |
| 4428000 | China Development Financial Holding Corp. (Banks)  | 1815 |
| 280000 | Chunghwa Telecom Co. Ltd. (Diversified Telecommunication Services)  | 1030 |
| 1248000 | Compal Electronics, Inc. (Technology Hardware, Storage & Peripherals)  | 936 |
| 63000 | Eclat Textile Co. Ltd. (Textiles, Apparel & Luxury Goods)  | 1016 |
| 12000 | eMemory Technology, Inc. (Semiconductors & Semiconductor Equipment)  | 521 |
| 94000 | Evergreen Marine Corp. Ltd. (Marine)  | 499 |
| 649000 | Far EasTone Telecommunications Co. Ltd. (Wireless Telecommunication Services)  | 1392 |
| 748342 | Fubon Financial Holding Co. Ltd. (Diversified Financial Services)  | 1371 |
| 55000 | Globalwafers Co. Ltd. (Semiconductors & Semiconductor Equipment)  | 765 |
| 946000 | Hon Hai Precision Industry Co. Ltd. (Electronic Equipment, Instruments & Components)  | 3075 |
| 986450 | Innolux Corp. (Electronic Equipment, Instruments & Components)  | 355 |
| 1142000 | Inventec Corp. (Technology Hardware, Storage & Peripherals)  | 975 |
| 15000 | Largan Precision Co. Ltd. (Electronic Equipment, Instruments & Components)  | 996 |
| 720554 | Lite-On Technology Corp. (Technology Hardware, Storage & Peripherals)  | 1496 |
| 106962 | MediaTek, Inc. (Semiconductors & Semiconductor Equipment)  | 2175 |
| 2775163 | Mega Financial Holding Co. Ltd. (Banks)  | 2741 |
| 28000 | Nan Ya Printed Circuit Board Corp. (Electronic Equipment, Instruments & Components)  | 207 |
| 230000 | Nanya Technology Corp. (Semiconductors & Semiconductor Equipment)<sup>(b)</sup>  | 383 |
| 78000 | Novatek Microelectronics Corp. (Semiconductors & Semiconductor Equipment)  | 801 |
| 680000 | Pegatron Corp. (Technology Hardware, Storage & Peripherals)  | 1405 |
| 495620 | Pou Chen Corp. (Textiles, Apparel & Luxury Goods)  | 552 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| 425000 | Quanta Computer, Inc. (Technology Hardware, Storage & Peripherals)  | $| 1000 |
| 863232 | Ruentex Development Co. Ltd. (Real Estate Management & Development)  |  | 1215 |
| 825900 | Synnex Technology International Corp. (Electronic Equipment, Instruments & Components)  |  | 1591 |
| 1259110 | Taiwan Cement Corp. (Construction Materials)  |  | 1379 |
| 276000 | Taiwan Mobile Co. Ltd. (Wireless Telecommunication Services)  |  | 850 |
| 2207000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)  |  | 32208 |
| 470369 | The Shanghai Commercial & Savings Bank Ltd. (Banks)  |  | 674 |
| 163000 | Unimicron Technology Corp. (Electronic Equipment, Instruments & Components)  |  | 636 |
| 801000 | United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)  |  | 1061 |
| 81000 | Win Semiconductors Corp. (Semiconductors & Semiconductor Equipment)  |  | 360 |
| 661000 | Winbond Electronics Corp. (Semiconductors & Semiconductor Equipment)  |  | 422 |
| 714400 | WPG Holdings Ltd. (Electronic Equipment, Instruments & Components)  |  | 1118 |
| 43775 | Yageo Corp. (Electronic Equipment, Instruments & Components)  |  | 642 |
| 241000 | Yang Ming Marine Transport Corp. (Marine)  |  | 514 |
| 3274864 | Yuanta Financial Holding Co. Ltd. (Capital Markets)  |  | 2312 |
|  |  |  | 77497 |
|  | **Thailand — 2.16%** | **Thailand — 2.16%** | **Thailand — 2.16%** |
| 264700 | Advanced Info Service Public Co. Ltd., Class - F (Wireless Telecommunication Services)  |  | 1491 |
| 379300 | Airports of Thailand PCL (Transportation Infrastructure)<sup>(a)</sup>  |  | 822 |
| 691100 | Berli Jucker PCL (Food & Staples Retailing)  |  | 704 |
| 728100 | BTS Group Holdings PCL (Road & Rail)  |  | 177 |
| 171633 | Central Retail Corp.-Local (Multiline Retail)  |  | 229 |
| 45500 | Delta Electronics Thailand PCL - NVDR (Electronic Equipment, Instruments & Components)  |  | 1091 |
| 174000 | Delta Electronics, Inc. (Electronic Equipment, Instruments & Components)  |  | 1622 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** | **Value<br> (000)** |
|  | **Thailand (continued)** | **Thailand (continued)** | **Thailand (continued)** |
| 688700 | Energy Absolute PCL (Independent Power and Renewable Electricity Producers)  | $| 1928 |
| 1418800 | Gulf Energy Development PCL (Independent Power and Renewable Electricity Producers)  |  | 2263 |
| 89800 | Indorama Ventures PCL - NVDR (Chemicals)  |  | 106 |
| 1724700 | Krung Thai Bank Public Co. Ltd., Registered Shares (Banks)  |  | 882 |
| 682900 | Minor International PCL (Hotels, Restaurants & Leisure)<sup>(a)</sup>  |  | 636 |
| 93800 | Muangthai Capital PCL (Consumer Finance)  |  | 103 |
| 429142 | PTT Chemical Public Co. Ltd. (Chemicals)  |  | 586 |
| 272575 | PTT Exploration & Production Public Co. Ltd. (Oil, Gas & Consumable Fuels)  |  | 1389 |
| 361600 | SCB X PCL (Banks)  |  | 1117 |
| 98100 | Thai Oil Public Co. Ltd. (Oil, Gas & Consumable Fuels)  |  | 159 |
|  |  |  | 15305 |
|  | **Turkey — 0.47%** | **Turkey — 0.47%** | **Turkey — 0.47%** |
| 435775 | Aselsan Elektronik Sanayi Ve Ticaret AS (Aerospace & Defense)  |  | 1449 |
| 39242 | BIM Birlesik Magazalar A/S (Food & Staples Retailing)  |  | 288 |
| 266822 | Eregli Demir ve Celik Fabrikalari TAS (Metals & Mining)  |  | 589 |
| 1 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class - D (Metals & Mining)  |  |  |
| 8327 | Sasa Polyester Sanayi AS (Chemicals)<sup>(a)</sup>  |  | 49 |
| 482245 | Turkcell Iletisim Hizmetleri A/S (Wireless Telecommunication Services)  |  | 978 |
|  |  |  | 3353 |
|  | **United Arab Emirates — 0.77%** | **United Arab Emirates — 0.77%** | **United Arab Emirates — 0.77%** |
| 421761 | Abu Dhabi Commercial Bank PJSC (Banks)  |  | 1034 |
| 775182 | Dubai Islamic Bank PJSC (Banks)  |  | 1203 |
| 88006 | Emirates Telecommunications Group Co. PJSC (Diversified Telecommunication Services)  |  | 548 |
| 517479 | First Abu Dhabi Bank PJSC (Banks)  |  | 2409 |
| 154208 | Multiply Group PJSC (Industrial Conglomerates)<sup>(a)</sup>  |  | 195 |
| 49698 | Q Holding PJSC (Industrial Conglomerates)<sup>(a)</sup>  |  | 54 |
|  |  |  | 5443 |
|  | **United States — 0.79%** | **United States — 0.79%** | **United States — 0.79%** |
| 21795 | Southern Copper Corp. (Metals & Mining)  |  | 1316 |
| 78444 | Yum China Holdings, Inc. (Hotels, Restaurants & Leisure)  |  | 4287 |
|  |  |  | 5603 |
|  | **Total Common Stocks**  |  | 584133 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Preferred Stocks — 1.19%** | **Preferred Stocks — 1.19%** |
|  | **Brazil — 0.57%** | **Brazil — 0.57%** |
| 675688 | Banco Bradesco SA — Preferred (Banks)<sup>(b)</sup>  | $1939 |
| 444892 | Cia Energetica de Minas Gerais — Preferred (Electric Utilities)  | 939 |
| 24400 | Gerdau SA — Preferred (Metals & Mining)  | 136 |
| 227800 | Petroleo Brasileiro SA — Preferred (Oil, Gas & Consumable Fuels)  | 1057 |
|  |  | 4071 |
|  | **Chile — 0.10%** | **Chile — 0.10%** |
| 8573 | Sociedad Quimica y Minera de Chile SA — Preferred, B Shares (Chemicals)  | 694 |
|  | **South Korea — 0.52%** | **South Korea — 0.52%** |
| 11127 | Hyundai Motor Co. — Preferred (Automobiles)  | 650 |
| 6687 | Hyundai Motor Co. — Preferred (Automobiles)  | 391 |
| 1665 | LG Chem Ltd. — Preferred (Chemicals)  | 365 |
| 57211 | Samsung Electronics Co. Ltd. — Preferred (Technology Hardware, Storage & Peripherals)  | 2286 |
|  |  | 3692 |
|  | **Total Preferred Stocks**  | 8457 |
|  | **Right — 0.00%** | **Right — 0.00%** |
|  | **Brazil — 0.00%** | **Brazil — 0.00%** |
| 3 | Localiza Rent a Car SA, 2/1/23 (Road & Rail)<sup>(a)</sup>  |  |
|  | **Total Right**  |  |
|  | **Investment Companies — 7.87%** | **Investment Companies — 7.87%** |
| 161796 | Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.04%^^<sup>(d)</sup>  | 162 |
| 55528537 | State Street Institutional Treasury Plus Money Market Fund, Trust Class, 4.09%<sup>(d)</sup>  | 55528 |
|  | **Total Investment Companies**  | 55690 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value<br> (000)** |
|  | **Purchased Options on Futures — 0.02%** | **Purchased Options on Futures — 0.02%** |
|  | **Total Purchased Options on Futures**  | $155 |
|  | **Total Investments (cost $642,811) — 91.63%**  | 648435 |
|  | **Other assets in excess of liabilities — 8.37%**  | 59250 |
|  | **Net Assets — 100.00%**  | $707685 |

---

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

^ All or part of this security was on loan as of December 31, 2022.

^^ 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, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security was valued using significant unobservable inputs as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized 7-day yield as of period-end.

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

NVDR—Non-Voting Depository Receipt

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **The Emerging Markets Portfolio** | **Mellon <br> Investments <br> Corporation** | **Parametric <br> Portfolio <br> Associates, <br> LLC** | **XY <br> Investments <br> (HK) Limited** | **Total** |
| Common Stocks  | 82.55% |  |  | 82.55% |
| Preferred Stocks  | 1.19% |  |  | 1.19% |
| Rights  | 0.00% |  |  | 0.00% |
| Investment Companies  | 1.06% | 6.81% |  | 7.87% |
| Purchased Options on Futures  |  | 0.02% |  | 0.02% |
| Other Assets (Liabilities)  | -0.12% | 1.45% | 7.04% | 8.37% |
| &nbsp;&nbsp;&nbsp;Total Net Assets  | **84.68%** | **8.28%** | **7.04%** | **100.00%** |

---

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

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

The following table reflects the open derivative positions held by the Portfolio as of December 31, 2022.

<u><u>**Futures Contracts Purchased\***</u></u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of <br> Contracts** | **Expiration Date** | **Notional <br> Amount<br> (000)** | **Value and <br> Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)** |
| MSCI Emerging Markets Index Future  | 1418 | 3/17/23 | $68021 | $(1079) |
|  |  |  | $68021 | $(1079) |

---

The following table reflects the open derivative positions held by the Portfolio as of December 31, 2022.

<u><u>**Futures Contracts Sold\***</u></u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of <br> Contracts** | **Expiration Date** | **Notional <br> Amount<br> (000)** | **Value and <br> Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)** |
| E-Mini S&P 500 Future  | 3 | 3/17/23 | $579 | $28 |
|  |  |  | $579 | $28 |
|  | Total Unrealized Appreciation  | Total Unrealized Appreciation  | Total Unrealized Appreciation  | $28 |
|  | Total Unrealized Depreciation  | Total Unrealized Depreciation  | Total Unrealized Depreciation  | (1079) |
|  | Total Net Unrealized Appreciation/(Depreciation)  | Total Net Unrealized Appreciation/(Depreciation)  | Total Net Unrealized Appreciation/(Depreciation)  | $(1051) |

---

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

<u><u>**Options on Futures Contracts**</u></u>

Exchange-traded options on futures contacts written as of December 31, 2022 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Put/Call** | **Number of <br> Contracts** | **Notional <br> Amount<br> (000)** | **Exercise <br> Price** | **Expiration <br> Date** | **Value <br> (000)** |
| E-Mini S&P 500 Future Option  | Put | 6 | $1137 | $3790.00 | 1/20/23 | $(14) |
| E-Mini S&P 500 Future Option  | Put | 5 | 838 | 3350.00 | 1/20/23 | (1) |
| E-Mini S&P 500 Future Option  | Put | 6 | 1146 | 3820.00 | 1/20/23 | (17) |
| E-Mini S&P 500 Future Option  | Put | 5 | 940 | 3760.00 | 1/20/23 | (10) |
| E-Mini S&P 500 Future Option  | Put | 4 | 660 | 3300.00 | 1/20/23 |  |
| E-Mini S&P 500 Future Option  | Put | 10 | 1870 | 3740.00 | 1/31/23 | (24) |
| E-Mini S&P 500 Future Option  | Put | 4 | 708 | 3540.00 | 1/31/23 | (3) |
| E-Mini S&P 500 Future Option  | Put | 12 | 2142 | 3570.00 | 1/31/23 | (10) |
| E-Mini S&P 500 Future Option  | Put | 4 | 720 | 3600.00 | 1/31/23 | (4) |
| E-Mini S&P 500 Future Option  | Put | 9 | 1625 | 3610.00 | 1/31/23 | (9) |
| E-Mini S&P 500 Future Option  | Put | 4 | 700 | 3500.00 | 1/31/23 | (2) |
| E-Mini S&P 500 Future Option  | Put | 5 | 918 | 3670.00 | 1/31/23 | (8) |
| E-Mini S&P 500 Future Option  | Put | 4 | 750 | 3750.00 | 1/31/23 | (10) |
| E-Mini S&P 500 Future Option  | Put | 6 | 1152 | 3840.00 | 1/31/23 | (23) |
| E-Mini S&P 500 Future Option  | Put | 8 | 1464 | 3660.00 | 1/31/23 | (12) |
| E-Mini S&P 500 Future Option  | Put | 10 | 1805 | 3610.00 | 2/17/23 | (21) |
| E-Mini S&P 500 Future Option  | Put | 4 | 714 | 3570.00 | 2/17/23 | (7) |
| E-Mini S&P 500 Future Option  | Put | 4 | 706 | 3530.00 | 2/17/23 | (6) |
| E-Mini S&P 500 Future Option  | Put | 11 | 1925 | 3500.00 | 2/17/23 | (13) |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Put/Call** | **Number of <br> Contracts** | **Notional <br> Amount<br> (000)** | **Exercise <br> Price** | **Expiration <br> Date** | **Value <br> (000)** |
| E-Mini S&P 500 Future Option  | Put | 4 | $694 | $3470.00 | 2/17/23 | $(4) |
| E-Mini S&P 500 Future Option  | Put | 4 | 690 | 3450.00 | 2/17/23 | (4) |
| E-Mini S&P 500 Future Option  | Put | 6 | 1026 | 3420.00 | 2/17/23 | (5) |
| E-Mini S&P 500 Future Option  | Put | 3 | 540 | 3600.00 | 2/17/23 | (6) |
| E-Mini S&P 500 Future Option  | Put | 4 | 726 | 3630.00 | 2/17/23 | (9) |
| E-Mini S&P 500 Future Option  | Put | 6 | 1125 | 3750.00 | 2/17/23 | (23) |
| E-Mini S&P 500 Future Option  | Put | 4 | 728 | 3640.00 | 2/17/23 | (10) |
| E-Mini S&P 500 Future Option  | Put | 4 | 714 | 3570.00 | 2/28/23 | (9) |
| E-Mini S&P 500 Future Option  | Put | 5 | 890 | 3560.00 | 2/28/23 | (10) |
| E-Mini S&P 500 Future Option  | Put | 4 | 694 | 3470.00 | 2/28/23 | (5) |
| E-Mini S&P 500 Future Option  | Put | 5 | 855 | 3420.00 | 2/28/23 | (5) |
| E-Mini S&P 500 Future Option  | Put | 4 | 680 | 3400.00 | 2/28/23 | (4) |
| E-Mini S&P 500 Future Option  | Put | 14 | 2449 | 3500.00 | 2/28/23 | (22) |
|  |  |  |  |  |  | $(310) |

---

Exchanged-traded options on futures contacts purchased as of December 31, 2022 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Put/Call** | **Number of <br> Contracts** | **Notional <br> Amount<br> (000)** | **Exercise <br> Price** | **Expiration <br> Date** | **Value <br> (000)** |
| E-Mini S&P 500 Future Option | Put | 4 | $720 | $3600.00 | 1/20/23 | $2 |
| E-Mini S&P 500 Future Option | Put | 3 | 548 | 3650.00 | 1/20/23 | 3 |
| E-Mini S&P 500 Future Option | Put | 4 | 740 | 3700.00 | 1/20/23 | 5 |
| E-Mini S&P 500 Future Option | Put | 5 | 962 | 3850.00 | 1/20/23 | 18 |
| E-Mini S&P 500 Future Option | Put | 3 | 593 | 3950.00 | 1/20/23 | 19 |
| E-Mini S&P 500 Future Option | Put | 5 | 974 | 3900.00 | 1/31/23 | 26 |
| E-Mini S&P 500 Future Option | Put | 3 | 600 | 4000.00 | 1/31/23 | 26 |
| E-Mini S&P 500 Future Option | Put | 4 | 770 | 3850.00 | 1/31/23 | 17 |
| E-Mini S&P 500 Future Option | Put | 3 | 593 | 3950.00 | 2/17/23 | 25 |
| E-Mini S&P 500 Future Option | Put | 3 | 570 | 3800.00 | 2/17/23 | 14 |
|  |  |  |  |  |  | $155 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** |
| **Pay/<br> Receive(a)** | **Financing <br> Rate**  | **Description** | **Counterparty** | **Expiration<br> Date** | **Payment <br> Frequency** | **Notional<br> Amount<br> (000)**  | **Value<br> (000)**  | **Upfront <br> Premiums <br> Paid/<br> (Received) <br> (000)**  | **Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)**  |
| Receive | 0.50% | 37 Interactive Entertainment Network Technology Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | $6 | $— | $— | $— |
| Receive | 0.50% | Accelink Technologies Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 4 |  |  |  |
| Receive | 0.50% | Advanced Micro-Fabrication Equipment, Inc. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 4 |  |  |  |
| Receive | 0.50% | Aier Eye Hospital Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 76 | 5 |  | 5 |
| Receive | 0.50% | AIMA Technology Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 209 | (31) |  | (31) |
| Receive | 0.50% | Amoy Diagnostics Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 10 |  |  |  |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** |
| **Pay/<br> Receive(a)** | **Financing <br> Rate**  | **Description** | **Counterparty** | **Expiration<br> Date** | **Payment <br> Frequency** | **Notional<br> Amount<br> (000)**  | **Value<br> (000)**  | **Upfront <br> Premiums <br> Paid/<br> (Received) <br> (000)**  | **Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)**  |
| Receive | 0.50% | An Hui Wenergy Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | $65 | $(2) | $— | $(2) |
| Receive | 0.50% | Angel Yeast Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 6 |  |  |  |
| Receive | 0.50% | Anhui Anke Biotechnology Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 97 | (8) |  | (8) |
| Receive | 0.50% | Anhui Construction Engineering Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 2 |  |  |  |
| Receive | 0.50% | Anhui Expressway Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 190 | 9 |  | 9 |
| Receive | 0.50% | Anhui Guangxin Agrochemical Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 44 |  |  |  |
| Receive | 0.50% | Anhui Honglu Steel Construction Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 2 |  |  |  |
| Receive | 0.50% | Anhui Jinhe Industrial Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 161 | (11) |  | (11) |
| Receive | 0.50% | Anhui Kouzi Distillery Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | Anhui Transport Consulting & Design Institute Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 28 |  |  |  |
| Receive | 0.50% | Anhui Yingjia Distillery Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 4 |  |  |  |
| Receive | 0.50% | Anji Microelectronics Technology Shanghai Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 67 | (7) |  | (7) |
| Receive | 0.50% | Anjoy Foods Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 33 | 3 |  | 3 |
| Receive | 0.50% | Apeloa Pharmaceutical Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 2 |  |  |  |
| Receive | 0.50% | ApicHope Pharmaceutical Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 6 |  |  |  |
| Receive | 0.50% | Asymchem Laboratories Tianjin Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 210 | 18 |  | 18 |
| Receive | 0.50% | Autel Intelligent Technology Corp. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 8 |  |  |  |
| Receive | 0.50% | Avary Holding Shenzhen Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 333 | (19) |  | (19) |
| Receive | 0.50% | Bafang Electric Suzhou Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 2 | (1) |  | (1) |
| Receive | 0.50% | Bank of Chengdu Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 210 | 5 |  | 5 |
| Receive | 0.50% | Bank of Hangzhou Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 211 | (7) |  | (7) |
| Receive | 0.50% | Bank of Jiangsu Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 1056 | 44 |  | 44 |
| Receive | 0.50% | Bank of Nanjing Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 76 | 5 |  | 5 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** |
| **Pay/<br> Receive(a)** | **Financing <br> Rate**  | **Description** | **Counterparty** | **Expiration<br> Date** | **Payment <br> Frequency** | **Notional<br> Amount<br> (000)**  | **Value<br> (000)**  | **Upfront <br> Premiums <br> Paid/<br> (Received) <br> (000)**  | **Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)**  |
| Receive | 0.50% | Bank of Ningbo Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | $236 | $62 | $— | $62 |
| Receive | 0.50% | Bank of Suzhou Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 188 | 29 |  | 29 |
| Receive | 0.50% | Bear Electric Appliance Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 23 |  |  |  |
| Receive | 0.50% | Beijing Capital Eco-Environment Protection Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 173 | 2 |  | 2 |
| Receive | 0.50% | Beijing Career International Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 37 |  |  |  |
| Receive | 0.50% | Beijing Dabeinong Technology Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 9 |  |  |  |
| Receive | 0.50% | Beijing Easpring Material Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 19 | (1) |  | (1) |
| Receive | 0.50% | Beijing Jingyuntong Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 106 | (9) |  | (9) |
| Receive | 0.50% | Beijing Kingsoft Office Software, Inc. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 18 | 1 |  | 1 |
| Receive | 0.50% | Beijing New Building Materials PLC A-shares | Morgan Stanley | 2/5/24 | At Maturity | 22 | 1 |  | 1 |
| Receive | 0.50% | Beijing Oriental Yuhong Waterproof Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 44 |  |  |  |
| Receive | 0.50% | Beijing Shunxin Agriculture Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 18 |  |  |  |
| Receive | 0.50% | Beijing Ultrapower Software Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 140 | (1) |  | (1) |
| Receive | 0.50% | Beijing United Information Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 221 | (40) |  | (40) |
| Receive | 0.50% | Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 34 | (4) |  | (4) |
| Receive | 0.50% | Bestway Marine & Energy Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 32 | (1) |  | (1) |
| Receive | 0.50% | Bethel Automotive Safety Systems Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 21 |  |  |  |
| Receive | 0.50% | Beyondsoft Corp. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 387 | (9) |  | (9) |
| Receive | 0.50% | Biem.L.Fdlkk Garment Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 33 | 2 |  | 2 |
| Receive | 0.50% | BYD Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 812 | (87) |  | (87) |
| Receive | 0.50% | By-health Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 95 | 14 |  | 14 |
| Receive | 0.50% | Caitong Securities Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 489 | 15 |  | 15 |
| Receive | 0.50% | Castech, Inc. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 299 | 3 |  | 3 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** |
| **Pay/<br> Receive(a)** | **Financing <br> Rate**  | **Description** | **Counterparty** | **Expiration<br> Date** | **Payment <br> Frequency** | **Notional<br> Amount<br> (000)**  | **Value<br> (000)**  | **Upfront <br> Premiums <br> Paid/<br> (Received) <br> (000)**  | **Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)**  |
| Receive | 0.50% | CETC Potevio Science&Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | $9 | $— | $— | $— |
| Receive | 0.50% | Chacha Food Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 237 | 11 |  | 11 |
| Receive | 0.50% | Changchun Faway Automobile Components Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 10 |  |  |  |
| Receive | 0.50% | Changchun High & New Technology Industry Group, Inc. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 54 | (3) |  | (3) |
| Receive | 0.50% | Cheng De Lolo Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 71 | (1) |  | (1) |
| Receive | 0.50% | Chengdu ALD Aviation Manufacturing Corp. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 21 | 1 |  | 1 |
| Receive | 0.50% | Chengdu CORPRO Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 2 |  |  |  |
| Receive | 0.50% | Chengdu Fusen Noble-House Industrial Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 6 |  |  |  |
| Receive | 0.50% | Chengdu Hongqi Chain Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 154 | 15 |  | 15 |
| Receive | 0.50% | Chengdu Leejun Industrial Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 1 |  |  |  |
| Receive | 0.50% | Chengdu RML Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 10 |  |  |  |
| Receive | 0.50% | Chengxin Lithium Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 191 | (33) |  | (33) |
| Receive | 0.50% | China CITIC Bank Corp. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 2 |  |  |  |
| Receive | 0.50% | China Design Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 38 | (1) |  | (1) |
| Receive | 0.50% | China Galaxy Securities Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 185 | (8) |  | (8) |
| Receive | 0.50% | China Jushi Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 163 | 3 |  | 3 |
| Receive | 0.50% | China Kings Resources Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 2 |  |  |  |
| Receive | 0.50% | China Life Insurance Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 78 | 1 |  | 1 |
| Receive | 0.50% | China Longyuan Power Group Corp. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 8 |  |  |  |
| Receive | 0.50% | China Merchants Bank Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 723 | 101 |  | 101 |
| Receive | 0.50% | China Merchants Energy Shipping Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 4 | (1) |  | (1) |
| Receive | 0.50% | China Merchants Property Operation & Service Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 23 | (1) |  | (1) |
| Receive | 0.50% | China Merchants Shekou Industrial Zone Holdings Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 5 |  |  |  |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** |
| **Pay/<br> Receive(a)** | **Financing <br> Rate**  | **Description** | **Counterparty** | **Expiration<br> Date** | **Payment <br> Frequency** | **Notional<br> Amount<br> (000)**  | **Value<br> (000)**  | **Upfront <br> Premiums <br> Paid/<br> (Received) <br> (000)**  | **Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)**  |
| Receive | 0.50% | China National Accord Medicines myCorp. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | $24 | $— | $— | $— |
| Receive | 0.50% | China Pacific Insurance Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 141 | 1 |  | 1 |
| Receive | 0.50% | China Railway Group Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 6 | (1) |  | (1) |
| Receive | 0.50% | China Railway Signal & Communication Corp. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 8 |  |  |  |
| Receive | 0.50% | China Resources Boya Bio-pharmaceutical Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 9 | 2 |  | 2 |
| Receive | 0.50% | China Resources Microelectronics Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 60 | (2) |  | (2) |
| Receive | 0.50% | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 4 |  |  |  |
| Receive | 0.50% | China Shenhua Energy Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 19 | (1) |  | (1) |
| Receive | 0.50% | China Southern Airlines Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 5 |  |  |  |
| Receive | 0.50% | China Southern Power Grid Energy Efficiency&Clean Energy Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 119 | (8) |  | (8) |
| Receive | 0.50% | China State Construction Engineering Corp. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 175 | (3) |  | (3) |
| Receive | 0.50% | China Testing & Certification International Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 100 | 5 |  | 5 |
| Receive | 0.50% | China Three Gorges Renewables Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | China Tourism Group Duty Free Corp. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 66 | 9 |  | 9 |
| Receive | 0.50% | China Tungsten And Hightech Materials Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 10 |  |  |  |
| Receive | 0.50% | China United Network Communications Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 21 | (2) |  | (2) |
| Receive | 0.50% | China Vanke Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 173 | (3) |  | (3) |
| Receive | 0.50% | China Zhenhua Group Science & Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 40 | (2) |  | (2) |
| Receive | 0.50% | China Zheshang Bank Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 77 | (3) |  | (3) |
| Receive | 0.50% | Chinalin Securities Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 5 |  |  |  |
| Receive | 0.50% | Chinese Universe Publishing and Media Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 28 |  |  |  |
| Receive | 0.50% | Chongqing Brewery Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 79 | 17 |  | 17 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** |
| **Pay/<br> Receive(a)** | **Financing <br> Rate**  | **Description** | **Counterparty** | **Expiration<br> Date** | **Payment <br> Frequency** | **Notional<br> Amount<br> (000)**  | **Value<br> (000)**  | **Upfront <br> Premiums <br> Paid/<br> (Received) <br> (000)**  | **Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)**  |
| Receive | 0.50% | Chongqing Changan Automobile Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | $6 | $(1) | $— | $(1) |
| Receive | 0.50% | Chongqing Department Store Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 9 | 1 |  | 1 |
| Receive | 0.50% | Chongqing Fuling Electric Power Industrial Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 142 | 19 |  | 19 |
| Receive | 0.50% | Chongqing Zongshen Power Machinery Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | Chow Tai Seng Jewellery Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 19 |  |  |  |
| Receive | 0.50% | CIMC Vehicles Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 21 | (1) |  | (1) |
| Receive | 0.50% | Citic Pacific Special Steel Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 11 |  |  |  |
| Receive | 0.50% | CITIC Securities Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 51 | (1) |  | (1) |
| Receive | 0.50% | Contemporary Amperex Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 1027 | (155) |  | (155) |
| Receive | 0.50% | COSCO SHIPPING Holdings Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 77 | (14) |  | (14) |
| Receive | 0.50% | CQ Pharmaceutical Holding Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 6 |  |  |  |
| Receive | 0.50% | CSG Holding Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 61 | (4) |  | (4) |
| Receive | 0.50% | CSPC Innovation Pharmaceutical Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 7 |  |  |  |
| Receive | 0.50% | CTS International Logistics Corp. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 4 | (1) |  | (1) |
| Receive | 0.50% | Daan Gene Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 116 | (12) |  | (12) |
| Receive | 0.50% | Dajin Heavy Industry Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | Daqin Railway Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 38 | 2 |  | 2 |
| Receive | 0.50% | DBG Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 8 |  |  |  |
| Receive | 0.50% | DeHua TB New Decoration Materials Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 2 |  |  |  |
| Receive | 0.50% | Do-Fluoride New Materials Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | Dong-E-E-Jiao Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 117 | 4 |  | 4 |
| Receive | 0.50% | Dongfang Electric Corp. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 10 | 1 |  | 1 |
| Receive | 0.50% | Dongfang Electronics Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 55 | 1 |  | 1 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** |
| **Pay/<br> Receive(a)** | **Financing <br> Rate**  | **Description** | **Counterparty** | **Expiration<br> Date** | **Payment <br> Frequency** | **Notional<br> Amount<br> (000)**  | **Value<br> (000)**  | **Upfront <br> Premiums <br> Paid/<br> (Received) <br> (000)**  | **Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)**  |
| Receive | 0.50% | Dongguan Aohai Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | $22 | $(1) | $— | $(1) |
| Receive | 0.50% | Dongguan Development Holdings Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 1 |  |  |  |
| Receive | 0.50% | Dongguan Yiheda Automation Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 18 | (1) |  | (1) |
| Receive | 0.50% | Dongxing Securities Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 62 | (1) |  | (1) |
| Receive | 0.50% | East Money Information Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 57 | (1) |  | (1) |
| Receive | 0.50% | Eastern Air Logistics Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 293 | (10) |  | (10) |
| Receive | 0.50% | Eastroc Beverage Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 11 | 2 |  | 2 |
| Receive | 0.50% | Electric Connector Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 4 |  |  |  |
| Receive | 0.50% | ENN Natural Gas Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 48 |  |  |  |
| Receive | 0.50% | Eoptolink Technology Inc Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 267 | (19) |  | (19) |
| Receive | 0.50% | Estun Automation Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | Eve Energy Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 149 | 4 |  | 4 |
| Receive | 0.50% | Everbright Securities Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 239 |  |  |  |
| Receive | 0.50% | FAWER Automotive Parts Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 31 | (1) |  | (1) |
| Receive | 0.50% | First Tractor Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 7 |  |  |  |
| Receive | 0.50% | Flat Glass Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 4 |  |  |  |
| Receive | 0.50% | Focus Media Information Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 25 | 1 |  | 1 |
| Receive | 0.50% | Foxconn Industrial Internet Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 494 | (8) |  | (8) |
| Receive | 0.50% | Fujian Sunner Development Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 6 |  |  |  |
| Receive | 0.50% | Fuyao Glass Industry Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 337 | 3 |  | 3 |
| Receive | 0.50% | Ganfeng Lithium Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 546 | (91) |  | (91) |
| Receive | 0.50% | Gansu Qilianshan Cement Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 189 | (8) |  | (8) |
| Receive | 0.50% | Gaona Aero Material Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 15 | (2) |  | (2) |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** |
| **Pay/<br> Receive(a)** | **Financing <br> Rate**  | **Description** | **Counterparty** | **Expiration<br> Date** | **Payment <br> Frequency** | **Notional<br> Amount<br> (000)**  | **Value<br> (000)**  | **Upfront <br> Premiums <br> Paid/<br> (Received) <br> (000)**  | **Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)**  |
| Receive | 0.50% | G-bits Network Technology Xiamen Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | $18 | $1 | $— | $1 |
| Receive | 0.50% | GD Power Development Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 91 |  |  |  |
| Receive | 0.50% | Gemdale Corp. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 72 | (3) |  | (3) |
| Receive | 0.50% | GEPIC Energy Development Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 24 | (1) |  | (1) |
| Receive | 0.50% | GF Securities Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 6 |  |  |  |
| Receive | 0.50% | Ginlong Technologies Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | Glarun Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 1 |  |  |  |
| Receive | 0.50% | Glodon Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 131 | 27 |  | 27 |
| Receive | 0.50% | GoodWe Technologies Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 9 |  |  |  |
| Receive | 0.50% | Gree Electric Appliances, Inc. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 333 | 10 |  | 10 |
| Receive | 0.50% | Guangdong Electric Power Development Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 4 |  |  |  |
| Receive | 0.50% | Guangdong Haid Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 37 | 2 |  | 2 |
| Receive | 0.50% | Guangdong Hybribio Biotech Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 610 | (74) |  | (74) |
| Receive | 0.50% | Guangdong Jia Yuan Technology Shares Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 17 |  |  |  |
| Receive | 0.50% | Guangdong Shenglu Telecommunication Tech Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 120 | (3) |  | (3) |
| Receive | 0.50% | Guangdong South New Media Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 155 | 20 |  | 20 |
| Receive | 0.50% | Guangdong Tapai Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 8 |  |  |  |
| Receive | 0.50% | Guangdong Xinbao Electrical Appliances Holdings Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | Guanghui Energy Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 259 | (27) |  | (27) |
| Receive | 0.50% | Guangxi Guiguan Electric Power Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 109 | (1) |  | (1) |
| Receive | 0.50% | Guangxi Liugong Machinery Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 7 |  |  |  |
| Receive | 0.50% | Guangzhou Great Power Energy & Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 8 |  |  |  |
| Receive | 0.50% | Guangzhou GRG Metrology & Test Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 20 | (1) |  | (1) |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** |
| **Pay/<br> Receive(a)** | **Financing <br> Rate**  | **Description** | **Counterparty** | **Expiration<br> Date** | **Payment <br> Frequency** | **Notional<br> Amount<br> (000)**  | **Value<br> (000)**  | **Upfront <br> Premiums <br> Paid/<br> (Received) <br> (000)**  | **Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)**  |
| Receive | 0.50% | Guangzhou Haige Communications Group, Inc. Co. A-shares | Morgan Stanley | 2/5/24 | At Maturity | $339 | $(10) | $— | $(10) |
| Receive | 0.50% | Guangzhou Kingmed Diagnostics Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 440 | 54 |  | 54 |
| Receive | 0.50% | Guangzhou Restaurant Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 50 | 5 |  | 5 |
| Receive | 0.50% | Guangzhou Shiyuan Electronic Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 6 |  |  |  |
| Receive | 0.50% | Guangzhou Sie Consulting Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | Guangzhou Tinci Materials Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 179 | (6) |  | (6) |
| Receive | 0.50% | Guangzhou Zhujiang Brewery Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 42 |  |  |  |
| Receive | 0.50% | Guizhou Zhenhua E-chem, Inc. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 125 | (11) |  | (11) |
| Receive | 0.50% | Guolian Securities Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 2 |  |  |  |
| Receive | 0.50% | Guotai Junan Securities Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 71 | (2) |  | (2) |
| Receive | 0.50% | Guoyuan Securities Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 188 | (10) |  | (10) |
| Receive | 0.50% | Haier Smart Home Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 362 | 17 |  | 17 |
| Receive | 0.50% | Hainan Haide Capital Management Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 134 | 3 |  | 3 |
| Receive | 0.50% | Hand Enterprise Solutions Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 7 |  |  |  |
| Receive | 0.50% | Hang Zhou Great Star Industrial Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 8 | (1) |  | (1) |
| Receive | 0.50% | Hangcha Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 6 |  |  |  |
| Receive | 0.50% | Hangzhou Binjiang Real Estate Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 2 |  |  |  |
| Receive | 0.50% | Hangzhou Chang Chuan Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 17 | (2) |  | (2) |
| Receive | 0.50% | Hangzhou First Applied Material Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 5 |  |  |  |
| Receive | 0.50% | Hangzhou Haoyue Personal Care Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 120 | 3 |  | 3 |
| Receive | 0.50% | Hangzhou Robam Appliances Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 64 | 4 |  | 4 |
| Receive | 0.50% | Hangzhou Silan Microelectronics Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 5 |  |  |  |
| Receive | 0.50% | Hebei Hengshui Laobaigan Liquor Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 35 |  |  |  |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** |
| **Pay/<br> Receive(a)** | **Financing <br> Rate**  | **Description** | **Counterparty** | **Expiration<br> Date** | **Payment <br> Frequency** | **Notional<br> Amount<br> (000)**  | **Value<br> (000)**  | **Upfront <br> Premiums <br> Paid/<br> (Received) <br> (000)**  | **Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)**  |
| Receive | 0.50% | Hebei Sinopack Electronic Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | $1 | $— | $— | $— |
| Receive | 0.50% | Hefei Meiya Optoelectronic Technology, Inc. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 7 |  |  |  |
| Receive | 0.50% | Heilongjiang Agriculture Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 189 | (6) |  | (6) |
| Receive | 0.50% | Henan Lingrui Pharmaceutical Co. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 289 | (14) |  | (14) |
| Receive | 0.50% | Henan Shenhuo Coal & Power Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 44 |  |  |  |
| Receive | 0.50% | Henan Shuanghui Investment & Development Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 52 | 1 |  | 1 |
| Receive | 0.50% | Henan Yuguang Gold & Lead Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 6 |  |  |  |
| Receive | 0.50% | Hengtong Optic-electric Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 8 | (1) |  | (1) |
| Receive | 0.50% | Hexing Electrical Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 30 |  |  |  |
| Receive | 0.50% | Hithink RoyalFlush Information Network Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 191 | 7 |  | 7 |
| Receive | 0.50% | Hongfa Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 206 | (1) |  | (1) |
| Receive | 0.50% | Huadian Power International Corp. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 | 1 |  | 1 |
| Receive | 0.50% | Huagong Tech Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 11 | (1) |  | (1) |
| Receive | 0.50% | Huaibei Mining Holdings Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 50 | (2) |  | (2) |
| Receive | 0.50% | Huali Industrial Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 13 | 2 |  | 2 |
| Receive | 0.50% | Huaxin Cement Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | Huayu Automotive Systems Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 119 | (2) |  | (2) |
| Receive | 0.50% | Hubei Dinglong Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 9 | 1 |  | 1 |
| Receive | 0.50% | Hubei Feilihua Quartz Glass Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 76 | 5 |  | 5 |
| Receive | 0.50% | Hubei Jumpcan Pharmaceutical Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 91 | (8) |  | (8) |
| Receive | 0.50% | Huizhou Desay Sv Automotive Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 31 | (2) |  | (2) |
| Receive | 0.50% | Humanwell Healthcare Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | Hunan Changyuan Lico Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 14 | (1) |  | (1) |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** |
| **Pay/<br> Receive(a)** | **Financing <br> Rate**  | **Description** | **Counterparty** | **Expiration<br> Date** | **Payment <br> Frequency** | **Notional<br> Amount<br> (000)**  | **Value<br> (000)**  | **Upfront <br> Premiums <br> Paid/<br> (Received) <br> (000)**  | **Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)**  |
| Receive | 0.50% | Hunan TV & Broadcast Intermediary Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | $17 | $— | $— | $— |
| Receive | 0.50% | Hunan Valin Steel Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 61 |  |  |  |
| Receive | 0.50% | Hunan Zhongke Electric Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 4 |  |  |  |
| Receive | 0.50% | Hundsun Technologies, Inc. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 62 | 2 |  | 2 |
| Receive | 0.50% | Hytera Communications Corp. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 7 |  |  |  |
| Receive | 0.50% | Imeik Technology Development Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 85 | 13 |  | 13 |
| Receive | 0.50% | Industrial Bank Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 172 | 16 |  | 16 |
| Receive | 0.50% | Inner Mongolia Dazhong Mining Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 6 | (1) |  | (1) |
| Receive | 0.50% | Inner Mongolia Dian Tou Energy Corp. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | Inner Mongolia Yili Industrial Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 77 |  |  |  |
| Receive | 0.50% | Jade Bird Fire Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 2 |  |  |  |
| Receive | 0.50% | Jiangsu Bioperfectus Technologies Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 39 | (7) |  | (7) |
| Receive | 0.50% | Jiangsu Changshu Rural Commercial Bank Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 138 | 15 |  | 15 |
| Receive | 0.50% | Jiangsu Cnano Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 26 |  |  |  |
| Receive | 0.50% | Jiangsu Guotai International Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 163 | (4) |  | (4) |
| Receive | 0.50% | Jiangsu Hengrui Pharmaceuticals Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 28 | (1) |  | (1) |
| Receive | 0.50% | Jiangsu King's Luck Brewery JSC Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 248 | 63 |  | 63 |
| Receive | 0.50% | Jiangsu Lihua Animal Husbandry Stock Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 219 | (7) |  | (7) |
| Receive | 0.50% | Jiangsu Linyang Energy Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 5 |  |  |  |
| Receive | 0.50% | Jiangsu Lopal Tech Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 6 | (1) |  | (1) |
| Receive | 0.50% | Jiangsu Pacific Quartz Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 50 | 3 |  | 3 |
| Receive | 0.50% | Jiangsu ToLand Alloy Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 2 |  |  |  |
| Receive | 0.50% | Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 139 | 13 |  | 13 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** |
| **Pay/<br> Receive(a)** | **Financing <br> Rate**  | **Description** | **Counterparty** | **Expiration<br> Date** | **Payment <br> Frequency** | **Notional<br> Amount<br> (000)**  | **Value<br> (000)**  | **Upfront <br> Premiums <br> Paid/<br> (Received) <br> (000)**  | **Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)**  |
| Receive | 0.50% | Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | $3 | $— | $— | $— |
| Receive | 0.50% | Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 196 | 8 |  | 8 |
| Receive | 0.50% | Jiangxi Copper Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 15 |  |  |  |
| Receive | 0.50% | Jiangxi Jovo Energy Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 34 | (3) |  | (3) |
| Receive | 0.50% | Jiangxi Zhengbang Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 7 | 1 |  | 1 |
| Receive | 0.50% | Jinghua Pharmaceutical Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 9 | (1) |  | (1) |
| Receive | 0.50% | Jingjin Equipment, Inc. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 11 |  |  |  |
| Receive | 0.50% | Jizhong Energy Resources Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 184 | (1) |  | (1) |
| Receive | 0.50% | Joincare Pharmaceutical Group Industry Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 4 |  |  |  |
| Receive | 0.50% | Joinn Laboratories China Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 11 |  |  |  |
| Receive | 0.50% | Jointown Pharmaceutical Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 35 | (1) |  | (1) |
| Receive | 0.50% | Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 67 | (1) |  | (1) |
| Receive | 0.50% | Joyoung Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 99 | (2) |  | (2) |
| Receive | 0.50% | Juewei Food Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 4 |  |  |  |
| Receive | 0.50% | Keda Industrial Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 85 | (10) |  | (10) |
| Receive | 0.50% | Kehua Data Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | Keshun Waterproof Technologies Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 2 |  |  |  |
| Receive | 0.50% | Kidswant Children Products Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 2 |  |  |  |
| Receive | 0.50% | KingClean Electric Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 25 | (2) |  | (2) |
| Receive | 0.50% | Kingnet Network Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 23 | (1) |  | (1) |
| Receive | 0.50% | KPC Pharmaceuticals, Inc. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 18 | (2) |  | (2) |
| Receive | 0.50% | Kuang-Chi Technologies Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 59 | (1) |  | (1) |
| Receive | 0.50% | Kweichow Moutai Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 2122 | (229) |  | (229) |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** |
| **Pay/<br> Receive(a)** | **Financing <br> Rate**  | **Description** | **Counterparty** | **Expiration<br> Date** | **Payment <br> Frequency** | **Notional<br> Amount<br> (000)**  | **Value<br> (000)**  | **Upfront <br> Premiums <br> Paid/<br> (Received) <br> (000)**  | **Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)**  |
| Receive | 0.50% | Lens Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | $20 | $(1) | $— | $(1) |
| Receive | 0.50% | Lianhe Chemical Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 52 | (4) |  | (4) |
| Receive | 0.50% | Lier Chemical Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 271 | (6) |  | (6) |
| Receive | 0.50% | Ligao Foods Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 7 | 1 |  | 1 |
| Receive | 0.50% | Livzon Pharmaceutical Group, Inc. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 12 |  |  |  |
| Receive | 0.50% | Lizhong Sitong Light Alloys Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 4 |  |  |  |
| Receive | 0.50% | LONGi Green Energy Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 661 | (121) |  | (121) |
| Receive | 0.50% | Longshine Technology Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 31 | (2) |  | (2) |
| Receive | 0.50% | Luenmei Quantum Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 37 | (1) |  | (1) |
| Receive | 0.50% | Luoyang Glass Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 1 |  |  |  |
| Receive | 0.50% | Luxi Chemical Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 39 | (1) |  | (1) |
| Receive | 0.50% | Luxshare Precision Industry Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 221 | 12 |  | 12 |
| Receive | 0.50% | Luzhou Laojiao Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 460 | 5 |  | 5 |
| Receive | 0.50% | Maccura Biotechnology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 8 | (1) |  | (1) |
| Receive | 0.50% | Mayinglong Pharmaceutical Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 53 | (2) |  | (2) |
| Receive | 0.50% | Meihua Holdings Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 133 | (8) |  | (8) |
| Receive | 0.50% | Metallurgical Corp of China Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 4 |  |  |  |
| Receive | 0.50% | Midea Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 266 | 27 |  | 27 |
| Receive | 0.50% | Milkyway Chemical Supply Chain Service Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 11 |  |  |  |
| Receive | 0.50% | Ming Yang Smart Energy Group Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 13 |  |  |  |
| Receive | 0.50% | Monalisa Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 1 |  |  |  |
| Receive | 0.50% | Montage Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 12 | (1) |  | (1) |
| Receive | 0.50% | Muyuan Foods Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 306 | 14 |  | 14 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** |
| **Pay/<br> Receive(a)** | **Financing <br> Rate**  | **Description** | **Counterparty** | **Expiration<br> Date** | **Payment <br> Frequency** | **Notional<br> Amount<br> (000)**  | **Value<br> (000)**  | **Upfront <br> Premiums <br> Paid/<br> (Received) <br> (000)**  | **Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)**  |
| Receive | 0.50% | Nanjing Gaoke Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | $142 | $(5) | $— | $(5) |
| Receive | 0.50% | Nanjing Iron & Steel Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 56 | (2) |  | (2) |
| Receive | 0.50% | Nantong Jiangshan Agrochemical & Chemical LLC A-shares | Morgan Stanley | 2/5/24 | At Maturity | 167 | (2) |  | (2) |
| Receive | 0.50% | NARI Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 14 | (1) |  | (1) |
| Receive | 0.50% | NAURA Technology Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 98 | (4) |  | (4) |
| Receive | 0.50% | New Hope Dairy Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 27 |  |  |  |
| Receive | 0.50% | Newland Digital Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 45 | (1) |  | (1) |
| Receive | 0.50% | Ningbo Deye Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 123 | (7) |  | (7) |
| Receive | 0.50% | Ningbo Huaxiang Electronic Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 204 | (7) |  | (7) |
| Receive | 0.50% | Ningbo Ronbay New Energy Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 5 |  |  |  |
| Receive | 0.50% | Ningbo Sanxing Medical Electric Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 58 |  |  |  |
| Receive | 0.50% | Ningbo Tuopu Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 58 | (6) |  | (6) |
| Receive | 0.50% | Ningbo Xusheng Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 23 | (2) |  | (2) |
| Receive | 0.50% | Ningxia Baofeng Energy Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | Offshore Oil Engineering Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 270 | 51 |  | 51 |
| Receive | 0.50% | Olympic Circuit Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 130 | (10) |  | (10) |
| Receive | 0.50% | Orient Securities Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 5 |  |  |  |
| Receive | 0.50% | Perfect World Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 11 | 2 |  | 2 |
| Receive | 0.50% | PetroChina Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 128 | (3) |  | (3) |
| Receive | 0.50% | PharmaBlock Sciences Nanjing, Inc. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | Pharmaron Beijing Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 41 | 4 |  | 4 |
| Receive | 0.50% | Ping An Bank Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 343 | 81 |  | 81 |
| Receive | 0.50% | Ping An Insurance Group Co. of China Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 474 | 71 |  | 71 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** |
| **Pay/<br> Receive(a)** | **Financing <br> Rate**  | **Description** | **Counterparty** | **Expiration<br> Date** | **Payment <br> Frequency** | **Notional<br> Amount<br> (000)**  | **Value<br> (000)**  | **Upfront <br> Premiums <br> Paid/<br> (Received) <br> (000)**  | **Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)**  |
| Receive | 0.50% | Pingdingshan Tianan Coal Mining Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | $64 | $(7) | $— | $(7) |
| Receive | 0.50% | POCO Holding Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | Poly Developments and Holdings Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 46 | (2) |  | (2) |
| Receive | 0.50% | Porton Pharma Solutions Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 145 | (11) |  | (11) |
| Receive | 0.50% | Proya Cosmetics Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 1 |  |  |  |
| Receive | 0.50% | Puyang Huicheng Electronic Material Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 21 |  |  |  |
| Receive | 0.50% | Pylon Technologies Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 156 | (11) |  | (11) |
| Receive | 0.50% | Qianhe Condiment and Food Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 14 |  |  |  |
| Receive | 0.50% | Qilu Bank Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 80 |  |  |  |
| Receive | 0.50% | Qingdao Gaoce Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 67 | (3) |  | (3) |
| Receive | 0.50% | Qingdao Gon Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 1 |  |  |  |
| Receive | 0.50% | Qingdao Hiron Commercial Cold Chain Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 2 |  |  |  |
| Receive | 0.50% | Qingdao Port International Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 192 | 3 |  | 3 |
| Receive | 0.50% | Qinghai Salt Lake Industry Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 85 | (7) |  | (7) |
| Receive | 0.50% | Qinhuangdao Port Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 49 |  |  |  |
| Receive | 0.50% | Quectel Wireless Solutions Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | Raytron Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 28 | (1) |  | (1) |
| Receive | 0.50% | Rianlon Corp. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 10 |  |  |  |
| Receive | 0.50% | Rockchip Electronics Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | Rongan Property Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 50 | 47 |  | 47 |
| Receive | —% | Rongan Property Co. Ltd. A-shares | Morgan Stanley | 1/31/22 | At Maturity | 51 | (51) |  | (51) |
| Receive | 0.50% | Runjian Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 1 |  |  |  |
| Receive | 0.50% | Sailun Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 6 |  |  |  |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** |
| **Pay/<br> Receive(a)** | **Financing <br> Rate**  | **Description** | **Counterparty** | **Expiration<br> Date** | **Payment <br> Frequency** | **Notional<br> Amount<br> (000)**  | **Value<br> (000)**  | **Upfront <br> Premiums <br> Paid/<br> (Received) <br> (000)**  | **Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)**  |
| Receive | 0.50% | Sanquan Food Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | $12 | $— | $— | $— |
| Receive | 0.50% | Sansure Biotech, Inc. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 49 | (8) |  | (8) |
| Receive | 0.50% | Satellite Chemical Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 | 1 |  | 1 |
| Receive | 0.50% | Sealand Securities Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 557 | 21 |  | 21 |
| Receive | 0.50% | Seazen Holdings Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 4 |  |  |  |
| Receive | 0.50% | SF Holding Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 17 | 2 |  | 2 |
| Receive | 0.50% | SG Micro Corp. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 128 |  |  |  |
| Receive | 0.50% | Shaanxi Coal Industry Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 11 |  |  |  |
| Receive | 0.50% | Shandong Buchang Pharmaceuticals Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 11 | 1 |  | 1 |
| Receive | 0.50% | Shandong Denghai Seeds Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | Shandong Gold Mining Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 5 |  |  |  |
| Receive | 0.50% | Shandong Head Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 7 | (1) |  | (1) |
| Receive | 0.50% | Shandong Hualu Hengsheng Chemical Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 42 | 1 |  | 1 |
| Receive | 0.50% | Shandong Humon Smelting Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 8 |  |  |  |
| Receive | 0.50% | Shandong Jinjing Science & Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 10 |  |  |  |
| Receive | 0.50% | Shandong Nanshan Aluminum Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 98 | (3) |  | (3) |
| Receive | 0.50% | Shandong Pharmaceutical Glass Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | Shandong Weifang Rainbow Chemical Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 114 | 1 |  | 1 |
| Receive | 0.50% | Shandong WIT Dyne Health Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 278 | 1 |  | 1 |
| Receive | 0.50% | Shandong Yisheng Livestock & Poultry Breeding Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 9 | 1 |  | 1 |
| Receive | 0.50% | Shanghai Bolex Foods Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 1 |  |  |  |
| Receive | 0.50% | Shanghai Construction Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 7 |  |  |  |
| Receive | 0.50% | Shanghai Electric Power Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 2 |  |  |  |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** |
| **Pay/<br> Receive(a)** | **Financing <br> Rate**  | **Description** | **Counterparty** | **Expiration<br> Date** | **Payment <br> Frequency** | **Notional<br> Amount<br> (000)**  | **Value<br> (000)**  | **Upfront <br> Premiums <br> Paid/<br> (Received) <br> (000)**  | **Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)**  |
| Receive | 0.50% | Shanghai Flyco Electrical Appliance Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | $97 | $(7) | $— | $(7) |
| Receive | 0.50% | Shanghai Fudan Microelectronics Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 87 | (11) |  | (11) |
| Receive | 0.50% | Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 21 |  |  |  |
| Receive | 0.50% | Shanghai Hanbell Precise Machinery Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 140 | (9) |  | (9) |
| Receive | 0.50% | Shanghai International Airport Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 4 |  |  |  |
| Receive | 0.50% | Shanghai International Port Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 17 |  |  |  |
| Receive | 0.50% | Shanghai Junshi Biosciences Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | Shanghai Liangxin Electrical Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 10 |  |  |  |
| Receive | 0.50% | Shanghai Lily & Beauty Cosmetics Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 4 | 1 |  | 1 |
| Receive | 0.50% | Shanghai Maling Aquarius Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 11 |  |  |  |
| Receive | 0.50% | Shanghai Pudong Construction Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 196 | (5) |  | (5) |
| Receive | 0.50% | Shanghai Putailai New Energy Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 112 | (4) |  | (4) |
| Receive | 0.50% | Shanghai Runda Medical Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 27 | (2) |  | (2) |
| Receive | 0.50% | Shanghai Rural Commercial Bank Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 18 |  |  |  |
| Receive | 0.50% | Shanghai Tongji Science & Technology Industrial Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 65 | 4 |  | 4 |
| Receive | 0.50% | Shanghai Tunnel Engineering Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 331 | 1 |  | 1 |
| Receive | 0.50% | Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 60 | (2) |  | (2) |
| Receive | 0.50% | Shanghai Yongguan Adhesive Products Corp. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 259 | (14) |  | (14) |
| Receive | 0.50% | Shanghai Yuyuan Tourist Mart Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 28 |  |  |  |
| Receive | 0.50% | Shanghai Zhangjiang High-Tech Park Development Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 86 | (4) |  | (4) |
| Receive | 0.50% | Shanghai Zhonggu Logistics Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 23 | (1) |  | (1) |
| Receive | 0.50% | Shanghai Zijiang Enterprise Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 113 | (5) |  | (5) |
| Receive | 0.50% | Shanxi Coking Coal Energy Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 190 | (16) |  | (16) |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** |
| **Pay/<br> Receive(a)** | **Financing <br> Rate**  | **Description** | **Counterparty** | **Expiration<br> Date** | **Payment <br> Frequency** | **Notional<br> Amount<br> (000)**  | **Value<br> (000)**  | **Upfront <br> Premiums <br> Paid/<br> (Received) <br> (000)**  | **Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)**  |
| Receive | 0.50% | Shanxi Lanhua Sci-Tech Venture Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | $27 | $(2) | $— | $(2) |
| Receive | 0.50% | Shanxi Lu'an Environmental Energy Development Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 172 | 9 |  | 9 |
| Receive | 0.50% | Shanxi Xinghuacun Fen Wine Factory Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 312 | 49 |  | 49 |
| Receive | 0.50% | Shengda Resources Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 8 |  |  |  |
| Receive | 0.50% | Shenghe Resources Holding Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | Shengyi Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 16 | (1) |  | (1) |
| Receive | 0.50% | Shenyang Xingqi Pharmaceutical Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 7 |  |  |  |
| Receive | 0.50% | Shenzhen Airport Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 11 |  |  |  |
| Receive | 0.50% | Shenzhen Capchem Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 24 |  |  |  |
| Receive | 0.50% | Shenzhen Changhong Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 1 |  |  |  |
| Receive | 0.50% | Shenzhen Das Intellitech Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 7 |  |  |  |
| Receive | 0.50% | Shenzhen Deren Electronic Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 5 |  |  |  |
| Receive | 0.50% | Shenzhen Desay Battery Technology Co. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 6 |  |  |  |
| Receive | 0.50% | Shenzhen Dynanonic Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 21 | (1) |  | (1) |
| Receive | 0.50% | Shenzhen Everwin Precision Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 10 |  |  |  |
| Receive | 0.50% | Shenzhen Expressway Corp. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 33 |  |  |  |
| Receive | 0.50% | Shenzhen Gongjin Electronics Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 87 | (7) |  | (7) |
| Receive | 0.50% | Shenzhen Inovance Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 131 | 3 |  | 3 |
| Receive | 0.50% | Shenzhen Kinwong Electronic Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 62 |  |  |  |
| Receive | 0.50% | Shenzhen Kstar Science And Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 161 | 22 |  | 22 |
| Receive | 0.50% | Shenzhen Mindray Bio-Medical Electronics Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 499 | 28 |  | 28 |
| Receive | 0.50% | Shenzhen New Industries Biomedical Engineering Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 10 |  |  |  |
| Receive | 0.50% | Shenzhen SC New Energy Technology Corp. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** |
| **Pay/<br> Receive(a)** | **Financing <br> Rate**  | **Description** | **Counterparty** | **Expiration<br> Date** | **Payment <br> Frequency** | **Notional<br> Amount<br> (000)**  | **Value<br> (000)**  | **Upfront <br> Premiums <br> Paid/<br> (Received) <br> (000)**  | **Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)**  |
| Receive | 0.50% | Shenzhen SED Industry Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | $5 | $(1) | $— | $(1) |
| Receive | 0.50% | Shenzhen Senior Technology Material Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 30 | (2) |  | (2) |
| Receive | 0.50% | Shenzhen Suntak Circuit Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 59 | (1) |  | (1) |
| Receive | 0.50% | Shenzhen Sunway Communication Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 380 | 3 |  | 3 |
| Receive | 0.50% | Shenzhen Tagen Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 24 | (2) |  | (2) |
| Receive | 0.50% | Shenzhen Ysstech Info-tech Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 46 | (1) |  | (1) |
| Receive | 0.50% | Shenzhen YUTO Packaging Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 79 | 5 |  | 5 |
| Receive | 0.50% | Shijiazhuang Yiling Pharmaceutical Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 10 | (3) |  | (3) |
| Receive | 0.50% | Shinghwa Advanced Material Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 58 | (4) |  | (4) |
| Receive | 0.50% | Shuangliang Eco-Energy Systems Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 130 |  |  |  |
| Receive | 0.50% | Sichuan Development Lomon Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 33 | (2) |  | (2) |
| Receive | 0.50% | Sichuan Kelun Pharmaceutical Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 97 | 16 |  | 16 |
| Receive | 0.50% | Sichuan Swellfun Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 20 | 4 |  | 4 |
| Receive | 0.50% | Sichuan Yahua Industrial Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 310 | (38) |  | (38) |
| Receive | 0.50% | Sieyuan Electric Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 13 |  |  |  |
| Receive | 0.50% | Sinocare, Inc. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 78 | 2 |  | 2 |
| Receive | 0.50% | Sinofibers Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 70 | (3) |  | (3) |
| Receive | 0.50% | Sinomine Resource Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 139 | (26) |  | (26) |
| Receive | 0.50% | Sinoseal Holding Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 83 | (3) |  | (3) |
| Receive | 0.50% | Sinosoft Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 153 | 8 |  | 8 |
| Receive | 0.50% | Skshu Paint Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 6 |  |  |  |
| Receive | 0.50% | Sobute New Materials Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | Songcheng Performance Development Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 15 |  |  |  |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** |
| **Pay/<br> Receive(a)** | **Financing <br> Rate**  | **Description** | **Counterparty** | **Expiration<br> Date** | **Payment <br> Frequency** | **Notional<br> Amount<br> (000)**  | **Value<br> (000)**  | **Upfront <br> Premiums <br> Paid/<br> (Received) <br> (000)**  | **Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)**  |
| Receive | 0.50% | SooChow Securities Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | $426 | $(8) | $— | $(8) |
| Receive | 0.50% | StarPower Semiconductor Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 19 | (1) |  | (1) |
| Receive | 0.50% | State Grid Information & Communication Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 17 |  |  |  |
| Receive | 0.50% | Sunflower Pharmaceutical Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 9 | 1 |  | 1 |
| Receive | 0.50% | Sungrow Power Supply Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 133 | (14) |  | (14) |
| Receive | 0.50% | Suofeiya Home Collection Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 27 | 1 |  | 1 |
| Receive | 0.50% | Suplet Power Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 2 |  |  |  |
| Receive | 0.50% | Suzhou Dongshan Precision Manufacturing Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 37 | (3) |  | (3) |
| Receive | 0.50% | Suzhou Maxwell Technologies Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 5 |  |  |  |
| Receive | 0.50% | Suzhou Recodeal Interconnect System Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | Suzhou Secote Precision Electronic Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 57 | (10) |  | (10) |
| Receive | 0.50% | Suzhou SLAC Precision Equipment Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 93 | (8) |  | (8) |
| Receive | 0.50% | Suzhou Sushi Testing Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | Suzhou TA&A Ultra Clean Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 395 | (54) |  | (54) |
| Receive | 0.50% | Suzhou TFC Optical Communication Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 13 |  |  |  |
| Receive | 0.50% | Suzhou Weizhixiang Food Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 77 | 10 |  | 10 |
| Receive | 0.50% | TangShan Port Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 92 | 4 |  | 4 |
| Receive | 0.50% | Tangshan Sanyou Chemical Industries Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 53 | (1) |  | (1) |
| Receive | 0.50% | Tangshan Sunfar Silicon Industry Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 13 | (1) |  | (1) |
| Receive | 0.50% | TBEA Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 576 | (59) |  | (59) |
| Receive | 0.50% | TCL Zhonghuan Renewable Energy Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 164 | (13) |  | (13) |
| Receive | 0.50% | The People's Insurance Co. Group of China Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 387 | 38 |  | 38 |
| Receive | 0.50% | Thunder Software Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 136 | (12) |  | (12) |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** |
| **Pay/<br> Receive(a)** | **Financing <br> Rate**  | **Description** | **Counterparty** | **Expiration<br> Date** | **Payment <br> Frequency** | **Notional<br> Amount<br> (000)**  | **Value<br> (000)**  | **Upfront <br> Premiums <br> Paid/<br> (Received) <br> (000)**  | **Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)**  |
| Receive | 0.50% | Tian Di Science & Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | $162 | $10 | $— | $10 |
| Receive | 0.50% | Tianqi Lithium Corp. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 369 | (83) |  | (83) |
| Receive | 0.50% | Titan Wind Energy Suzhou Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 6 | 1 |  | 1 |
| Receive | 0.50% | Tongling Nonferrous Metals Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 21 | 1 |  | 1 |
| Receive | 0.50% | Tongwei Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 910 | (203) |  | (203) |
| Receive | 0.50% | Trina Solar Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 131 | 3 |  | 3 |
| Receive | 0.50% | Tsingtao Brewery Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 158 | 17 |  | 17 |
| Receive | 0.50% | Unigroup Guoxin Microelectronics Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 111 | (7) |  | (7) |
| Receive | 0.50% | Unilumin Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 100 | (1) |  | (1) |
| Receive | 0.50% | Unisplendour Corp. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 13 |  |  |  |
| Receive | 0.50% | Universal Scientific Industrial Shanghai Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 294 | (18) |  | (18) |
| Receive | 0.50% | Venustech Group, Inc. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 18 |  |  |  |
| Receive | 0.50% | Wanda Film Holding Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | Wangsu Science & Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 150 | 7 |  | 7 |
| Receive | 0.50% | Wanhua Chemical Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 35 | 1 |  | 1 |
| Receive | 0.50% | Weichai Power Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | Weihai Guangwei Composites Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 120 | (2) |  | (2) |
| Receive | 0.50% | Wellhope Foods Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 13 |  |  |  |
| Receive | 0.50% | Wens Foodstuffs Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 222 | 28 |  | 28 |
| Receive | 0.50% | Western Mining Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 14 | (1) |  | (1) |
| Receive | 0.50% | Western Superconducting Technologies Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 124 | (15) |  | (15) |
| Receive | 0.50% | Wuchan Zhongda Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 13 |  |  |  |
| Receive | 0.50% | Wuhan DR Laser Technology Corp. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** |
| **Pay/<br> Receive(a)** | **Financing <br> Rate**  | **Description** | **Counterparty** | **Expiration<br> Date** | **Payment <br> Frequency** | **Notional<br> Amount<br> (000)**  | **Value<br> (000)**  | **Upfront <br> Premiums <br> Paid/<br> (Received) <br> (000)**  | **Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)**  |
| Receive | 0.50% | Wuhan Easydiagnosis Biomedicine Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | $54 | $(6) | $— | $(6) |
| Receive | 0.50% | Wuhan Jingce Electronic Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 8 |  |  |  |
| Receive | 0.50% | Wuhan Keqian Biology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 16 |  |  |  |
| Receive | 0.50% | Wuliangye Yibin Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 537 | 88 |  | 88 |
| Receive | 0.50% | WUS Printed Circuit Kunshan Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 30 | (1) |  | (1) |
| Receive | 0.50% | WuXi AppTec Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 420 | (16) |  | (16) |
| Receive | 0.50% | Wuxi Autowell Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 73 | 2 |  | 2 |
| Receive | 0.50% | Wuxi Lead Intelligent Equipment Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 172 | (24) |  | (24) |
| Receive | 0.50% | Wuxi NCE Power Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 10 |  |  |  |
| Receive | 0.50% | Wuxi Paike New Materials Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 32 | 1 |  | 1 |
| Receive | 0.50% | Wuxi Shangji Automation Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 210 | (34) |  | (34) |
| Receive | 0.50% | Wuxi Xinje Electric Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 2 |  |  |  |
| Receive | 0.50% | XCMG Construction Machinery Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 240 | (6) |  | (6) |
| Receive | 0.50% | XGD, Inc. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 158 | (8) |  | (8) |
| Receive | 0.50% | Xiamen Bank Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 32 | 3 |  | 3 |
| Receive | 0.50% | Xiamen C & D, Inc. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 6 |  |  |  |
| Receive | 0.50% | Xiamen Faratronic Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 132 | (3) |  | (3) |
| Receive | 0.50% | Xiamen ITG Group Corp. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 103 | (5) |  | (5) |
| Receive | 0.50% | Xiamen Xiangyu Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 160 | (7) |  | (7) |
| Receive | 0.50% | Xian International Medical Investment Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 5 |  |  |  |
| Receive | 0.50% | Xi'an Triangle Defense Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 150 | (2) |  | (2) |
| Receive | 0.50% | Xianhe Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 5 | 1 |  | 1 |
| Receive | 0.50% | Xinjiang Daqo New Energy Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 263 | (17) |  | (17) |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** |
| **Pay/<br> Receive(a)** | **Financing <br> Rate**  | **Description** | **Counterparty** | **Expiration<br> Date** | **Payment <br> Frequency** | **Notional<br> Amount<br> (000)**  | **Value<br> (000)**  | **Upfront <br> Premiums <br> Paid/<br> (Received) <br> (000)**  | **Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)**  |
| Receive | 0.50% | Xinjiang Joinworld Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | $27 | $— | $— | $— |
| Receive | 0.50% | Xinjiang Tianshan Cement Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 10 |  |  |  |
| Receive | 0.50% | Xinjiang Xintai Natural Gas Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 87 |  |  |  |
| Receive | 0.50% | Xinxiang Richful Lube Additive Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 243 | (29) |  | (29) |
| Receive | 0.50% | Xinyu Iron & Steel Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 71 | (4) |  | (4) |
| Receive | 0.50% | Xizi Clean Energy Equipment Manufacturing Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 2 |  |  |  |
| Receive | 0.50% | Xuji Electric Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 62 | 2 |  | 2 |
| Receive | 0.50% | Yangling Metron New Material, Inc. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 150 | (14) |  | (14) |
| Receive | 0.50% | Yangzhou Yangjie Electronic Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 202 |  |  |  |
| Receive | 0.50% | Yankershop Food Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 11 | 1 |  | 1 |
| Receive | 0.50% | Yankuang Energy Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 94 | (14) |  | (14) |
| Receive | 0.50% | Yantai Changyu Pioneer Wine Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 14 |  |  |  |
| Receive | 0.50% | Yantai Dongcheng Pharmaceutical Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 72 |  |  |  |
| Receive | 0.50% | YanTai Shuangta Food Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 7 |  |  |  |
| Receive | 0.50% | Yantai Tayho Advanced Materials Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 1 |  |  |  |
| Receive | 0.50% | Yealink Network Technology Corp. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 81 | (4) |  | (4) |
| Receive | 0.50% | Yifeng Pharmacy Chain Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 145 | 5 |  | 5 |
| Receive | 0.50% | Yihai Kerry Arawana Holdings Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 13 |  |  |  |
| Receive | 0.50% | Yintai Gold Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 | (1) |  | (1) |
| Receive | 0.50% | Yixintang Pharmaceutical Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 32 | 1 |  | 1 |
| Receive | 0.50% | YongXing Special Materials Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 204 | (19) |  | (19) |
| Receive | 0.50% | Yonyou Network Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 5 |  |  |  |
| Receive | 0.50% | Youngy Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 88 | (18) |  | (18) |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** |
| **Pay/<br> Receive(a)** | **Financing <br> Rate**  | **Description** | **Counterparty** | **Expiration<br> Date** | **Payment <br> Frequency** | **Notional<br> Amount<br> (000)**  | **Value<br> (000)**  | **Upfront <br> Premiums <br> Paid/<br> (Received) <br> (000)**  | **Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)**  |
| Receive | 0.50% | YTO Express Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | $132 | $10 | $— | $10 |
| Receive | 0.50% | Yunnan Aluminium Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 70 | 4 |  | 4 |
| Receive | 0.50% | Yunnan Copper Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 254 | 1 |  | 1 |
| Receive | 0.50% | Yunnan Energy New Material Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | Yunnan Yuntianhua Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | ZBOM Home Collection Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 1 |  |  |  |
| Receive | 0.50% | Zhejiang Cfmoto Power Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 59 | (5) |  | (5) |
| Receive | 0.50% | Zhejiang Crystal-Optech Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 314 | (7) |  | (7) |
| Receive | 0.50% | Zhejiang Dahua Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 14 | (1) |  | (1) |
| Receive | 0.50% | Zhejiang Hailiang Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | Zhejiang Huace Film & Television Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 1 |  |  |  |
| Receive | 0.50% | Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 271 | (18) |  | (18) |
| Receive | 0.50% | Zhejiang Jingxin Pharmaceutical Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 13 | 1 |  | 1 |
| Receive | 0.50% | Zhejiang JIULI Hi-tech Metals Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 229 | 5 |  | 5 |
| Receive | 0.50% | Zhejiang Jiuzhou Pharmaceutical Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 42 | 3 |  | 3 |
| Receive | 0.50% | Zhejiang Juhua Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 235 | (18) |  | (18) |
| Receive | 0.50% | Zhejiang Qianjiang Motorcycle Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 191 | (19) |  | (19) |
| Receive | 0.50% | Zhejiang Sanhua Intelligent Controls Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 61 | (4) |  | (4) |
| Receive | 0.50% | Zhejiang Supcon Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 4 |  |  |  |
| Receive | 0.50% | Zhejiang Supor Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 200 | 6 |  | 6 |
| Receive | 0.50% | Zhejiang Tiantie Industry Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 2 |  |  |  |
| Receive | 0.50% | Zhejiang Wanfeng Auto Wheel Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 62 | (3) |  | (3) |
| Receive | 0.50% | Zhejiang Weixing Industrial Development Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 17 | 1 |  | 1 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Emerging Markets Portfolio** 

Portfolio of Investments (concluded) — December 31, 2022 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** | **<u>Total Return Swap Agreements</u>** |
| **Pay/<br> Receive(a)** | **Financing <br> Rate**  | **Description** | **Counterparty** | **Expiration<br> Date** | **Payment <br> Frequency** | **Notional<br> Amount<br> (000)**  | **Value<br> (000)**  | **Upfront <br> Premiums <br> Paid/<br> (Received) <br> (000)**  | **Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)**  |
| Receive | 0.50% | Zhejiang Weixing New Building Materials Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | $116 | $3 | $— | $3 |
| Receive | 0.50% | Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 190 | 18 |  | 18 |
| Receive | 0.50% | Zhejiang Yinlun Machinery Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 2 |  |  |  |
| Receive | 0.50% | Zhengzhou Coal Mining Machinery Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 4 |  |  |  |
| Receive | 0.50% | Zhenjiang Dongfang Electric Heating Technology Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 1 |  |  |  |
| Receive | 0.50% | Zhongji Innolight Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 210 | (11) |  | (11) |
| Receive | 0.50% | Zhongshan Broad Ocean Motor Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 24 |  |  |  |
| Receive | 0.50% | Zhuhai Huafa Properties Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 62 | (5) |  | (5) |
| Receive | 0.50% | Zhuzhou CRRC Times Electric Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 11 | (1) |  | (1) |
| Receive | 0.50% | Zhuzhou Kibing Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 3 |  |  |  |
| Receive | 0.50% | Zijin Mining Group Co. Ltd. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 331 | 11 |  | 11 |
| Receive | 0.50% | ZTE Corp. A-shares | Morgan Stanley | 2/5/24 | At Maturity | 43 | 1 |  | 1 |
|  |  |  |  |  |  |  | $(915) | $— | $(915) |
|  |  |  |  |  | Total swap agreements at value (assets) | Total swap agreements at value (assets) | Total swap agreements at value (assets) |  | $1511 |
|  |  |  |  |  | Total swap agreements at value (liabilities) | Total swap agreements at value (liabilities) | Total swap agreements at value (liabilities) |  | (2426) |
|  |  |  |  |  | Net swap agreements at value | Net swap agreements at value | Net swap agreements at value |  | $(915) |

---

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

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

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Core Fixed Income Portfolio** 

Portfolio of Investments — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **Asset Backed Securities — 0.14%** |  |  |  |
| $15 | Capital One Multi-Asset Execution Trust, Series 2021-A2, Class - A2  | 1.39 | 7/15/30 | $12 |
| 10 | GM Financial Automobile Leasing Trust, Series 2021-3, Class - A3, Callable 4/20/24 @ 100.00  | 0.39 | 10/21/24 | 10 |
| 20 | Hyundai Auto Receivables Trust, Series 2022-A, Class - A3, Callable 5/15/26 @ 100.00  | 2.22 | 10/15/26 | 19 |
| 40 | Synchrony Card Funding LLC, Series 2022-A1, Class - A, Callable 4/15/25 @ 100.00  | 3.37 | 4/15/28 | 39 |
| 10 | World Omni Auto Receivables Trust, Series 2021-C, Class - A4, Callable 5/15/25 @ 100.00  | 0.64 | 9/15/27 | 9 |
|  | **Total Asset Backed Securities**  |  |  | 89 |
|  | **Collateralized Mortgage Obligations — 0.95%** |  |  |  |
| 20 | Bank, Series 2019-BN21, Class - A5, Callable 10/15/29 @ 100.00  | 2.85 | 10/15/52 | 17 |
| 25 | Bank, Series 2017-BNK9, Class - ASB, Callable 12/15/29 @ 100.00  | 3.47 | 11/15/54 | 24 |
| 25 | Bank, Series 2022-BNK41, Class - A4  | 3.79<sup>(a)</sup> | 4/15/65 | 23 |
| 20 | BBCMS Mortgage Trust, Series 2020-C7, Class - AS, Callable 4/15/30 @ 100.00  | 2.44 | 4/15/53 | 16 |
| 10 | Benchmark Mortgage Trust, Series 2020-IG1, Class - AS, Callable 1/15/30 @ 100.00  | 2.91<sup>(a)</sup> | 9/15/43 | 8 |
| 10 | Benchmark Mortgage Trust, Series 2019-B9, Class - A5, Callable 2/15/29 @ 100.00  | 4.02 | 3/15/52 | 9 |
| 19 | Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class - A4, Callable 1/10/25 @ 100.00  | 2.88 | 2/10/48 | 18 |
| 15 | Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class - AS, Callable 2/15/30 @ 100.00  | 2.92 | 2/15/53 | 12 |
| 10 | Citigroup Commercial Mortgage Trust, Series 2019-C7, Class - A4, Callable 12/15/29 @ 100.00  | 3.10 | 12/15/72 | 9 |
| 20 | COMM Mortgage Trust, Series 2015-DC1, Class - A5, Callable 2/10/25 @ 100.00  | 3.35 | 2/10/48 | 19 |
| 25 | Commercial Mortgage Trust, Series 2015-LC19, Class - A4, Callable 1/10/27 @ 100.00  | 3.18 | 2/10/48 | 24 |
| 20 | Fannie Mae-ACES, Series 2020-M14, Class - A2  | 1.78 | 5/25/30 | 16 |
| 9 | Fannie Mae-ACES, Series 2015-M8, Class - A2  | 2.90<sup>(a)</sup> | 1/25/25 | 8 |
| 18 | Fannie Mae-ACES, Series 2018-M1, Class - A2  | 2.99<sup>(a)</sup> | 12/25/27 | 17 |
| 17 | Fannie Mae-ACES, Series 2017-M12, Class - A2  | 3.06<sup>(a)</sup> | 6/25/27 | 16 |
| 20 | Fannie Mae-ACES, Series 2019-M5, Class - A2  | 3.27 | 1/25/29 | 19 |
| 25 | Fannie Mae-ACES, Series 2018-M10, Class - A2  | 3.36<sup>(a)</sup> | 7/25/28 | 24 |
| 20 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K112, Class - A2, Callable 6/25/30 @ 100.00  | 1.31 | 5/25/30 | 16 |
| 20 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K1516, Class - A2, Callable 10/25/35 @ 100.00  | 1.72 | 5/25/35 | 14 |
| 25 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K126, Class - A2, Callable 5/25/31 @ 100.00  | 2.07 | 1/25/31 | 21 |
| 15 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K749, Class - A2, Callable 9/25/29 @ 100.00  | 2.12<sup>(a)</sup> | 4/25/55 | 13 |
| 10 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K1521, Class - A2, Callable 9/25/36 @ 100.00  | 2.18 | 8/25/36 | 8 |
| 24 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K726, Class - A2, Callable 4/25/24 @ 100.00  | 2.91 | 7/25/49 | 24 |
| 25 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K052, Class - A2, Callable 1/25/26 @ 100.00  | 3.15 | 11/25/25 | 24 |
| 50 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K091, Class - A2  | 3.51 | 3/25/29 | 46 |
| 25 | GS Mortgage Securities Trust, Series 2018-GS9, Class - A4, Callable 3/10/28 @ 100.00  | 3.99<sup>(a)</sup> | 3/10/51 | 23 |
| 25 | JPMDB Commercial Mortgage Securities Trust, Series 2016-C4, Class - A3, Callable 4/15/27 @ 100.00  | 3.14 | 12/15/49 | 23 |
| 25 | Morgan Stanley BAML Trust, Series 2014-C19, Class - A4, Callable 10/15/26 @ 100.00  | 3.53 | 12/15/47 | 24 |
| 25 | Morgan Stanley BAML Trust, Series 2017-C33, Class - A5, Callable 5/15/27 @ 100.00  | 3.60 | 5/15/50 | 23 |
| 20 | Santander Drive Auto Receivables Trust, Series 2021-1, Class - D, Callable 9/15/24 @ 100.00  | 1.13 | 11/16/26 | 19 |
| 25 | SG Commercial Mortgage Securities Trust, Series 2016-C5, Class - A4, Callable 7/10/26 @ 100.00  | 3.06 | 10/10/48 | 23 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Core Fixed Income Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| $20 | Wells Fargo Commercial Mortgage Trust, Series 2022- C62, Class - A4, Callable 4/15/32 @ 100.00  | 4.00<sup>(a)</sup> | 4/15/55 | $18 |
| 25 | Wells Fargo Commercial Mortgage Trust, Series 2018-C47, Class - A4, Callable 10/15/28 @ 100.00  | 4.44 | 9/15/61 | 24 |
|  | **Total Collateralized Mortgage Obligations**  |  |  | 622 |
|  | **U.S. Government Agency Mortgages — 13.80%** |  |  |  |
| 10 | Fannie Mae, Series 2020-M52, Class - A2  | 1.32<sup>(a)</sup> | 10/25/30 | 8 |
| 22 | Fannie Mae, Pool #MA4280  | 1.50 | 3/1/51 | 17 |
| 23 | Fannie Mae, Pool #FS1327  | 1.50 | 6/1/36 | 20 |
| 22 | Fannie Mae, Pool #MA4236  | 1.50 | 1/1/51 | 17 |
| 18 | Fannie Mae, Pool #MA4205  | 1.50 | 12/1/35 | 15 |
| 22 | Fannie Mae, Pool #MA4342  | 1.50 | 4/1/41 | 18 |
| 45 | Fannie Mae, Pool #MA4343  | 1.50 | 5/1/51 | 35 |
| 21 | Fannie Mae, Pool #CA7696  | 1.50 | 11/1/50 | 16 |
| 43 | Fannie Mae, Pool #FM6579  | 1.50 | 3/1/51 | 34 |
| 22 | Fannie Mae, Pool #MA4122  | 1.50 | 9/1/35 | 19 |
| 17 | Fannie Mae, Pool #BQ5781  | 1.50 | 11/1/35 | 15 |
| 21 | Fannie Mae, Pool #CA7695  | 1.50 | 11/1/50 | 16 |
| 44 | Fannie Mae, Pool #MA4441  | 1.50 | 10/1/36 | 38 |
| 23 | Fannie Mae, Pool #MA4445  | 1.50 | 10/1/41 | 19 |
| 22 | Fannie Mae, Pool #BR0948  | 2.00 | 4/1/51 | 18 |
| 24 | Fannie Mae, Pool #FS0317  | 2.00 | 2/1/42 | 20 |
| 19 | Fannie Mae, Pool #MA4182  | 2.00 | 11/1/50 | 16 |
| 10 | Fannie Mae, Pool #AS2673  | 2.00 | 5/1/29 | 9 |
| 21 | Fannie Mae, Pool #FM5308  | 2.00 | 12/1/50 | 17 |
| 43 | Fannie Mae, Pool #CA8850  | 2.00 | 2/1/51 | 35 |
| 21 | Fannie Mae, Pool #CA8687  | 2.00 | 1/1/51 | 17 |
| 21 | Fannie Mae, Pool #CA8893  | 2.00 | 2/1/51 | 17 |
| 24 | Fannie Mae, Pool #FM4969  | 2.00 | 12/1/50 | 20 |
| 22 | Fannie Mae, Pool #BQ9685  | 2.00 | 1/1/51 | 18 |
| 41 | Fannie Mae, Pool #BQ8341  | 2.00 | 12/1/50 | 34 |
| 44 | Fannie Mae, Pool #MA4325  | 2.00 | 5/1/51 | 36 |
| 22 | Fannie Mae, Pool #FM6559  | 2.00 | 3/1/51 | 18 |
| 44 | Fannie Mae, Pool #BR4435  | 2.00 | 4/1/51 | 36 |
| 20 | Fannie Mae, Pool #CA8118  | 2.00 | 12/1/50 | 16 |
| 19 | Fannie Mae, Pool #CA7224  | 2.00 | 10/1/50 | 16 |
| 24 | Fannie Mae, Pool #FS1621  | 2.00 | 7/1/51 | 19 |
| 18 | Fannie Mae, Pool #MA4176  | 2.00 | 10/1/40 | 15 |
| 14 | Fannie Mae, Pool #SB8061  | 2.00 | 9/1/35 | 13 |
| 41 | Fannie Mae, Pool #CA8110  | 2.00 | 12/1/50 | 34 |
| 20 | Fannie Mae, Pool #MA4208  | 2.00 | 12/1/50 | 16 |
| 23 | Fannie Mae, Pool #MA4474  | 2.00 | 11/1/41 | 19 |
| 40 | Fannie Mae, Pool #FM4788  | 2.00 | 11/1/50 | 33 |
| 22 | Fannie Mae, Pool #MA4119  | 2.00 | 9/1/50 | 18 |
| 23 | Fannie Mae, Pool #MA4602  | 2.00 | 5/1/37 | 21 |
| 41 | Fannie Mae, Pool #BQ7777  | 2.00 | 3/1/36 | 36 |
| 39 | Fannie Mae, Pool #BP9370  | 2.00 | 7/1/50 | 32 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Core Fixed Income Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $21 | Fannie Mae, Pool #MA4403  | 2.00 | 8/1/36 | $19 |
| 23 | Fannie Mae, Pool #BT0240  | 2.00 | 9/1/51 | 19 |
| 43 | Fannie Mae, Pool #MA4305  | 2.00 | 4/1/51 | 35 |
| 32 | Fannie Mae, Pool #MA4128  | 2.00 | 9/1/40 | 28 |
| 45 | Fannie Mae, Pool #CB0325  | 2.00 | 4/1/51 | 37 |
| 39 | Fannie Mae, Pool #CA9183  | 2.00 | 2/1/36 | 35 |
| 41 | Fannie Mae, Pool #BQ3004  | 2.00 | 10/1/50 | 34 |
| 20 | Fannie Mae, Pool #CA7225  | 2.00 | 10/1/50 | 16 |
| 21 | Fannie Mae, Pool #BR4094  | 2.00 | 1/1/51 | 17 |
| 23 | Fannie Mae, Pool #FM9579  | 2.00 | 7/1/51 | 19 |
| 47 | Fannie Mae, Pool #MA4511  | 2.00 | 1/1/52 | 39 |
| 46 | Fannie Mae, Pool #FM7411  | 2.00 | 5/1/51 | 38 |
| 23 | Fannie Mae, Pool #MA4437  | 2.00 | 10/1/51 | 19 |
| 23 | Fannie Mae, Pool #BU7103  | 2.00 | 12/1/51 | 19 |
| 20 | Fannie Mae, Pool #MA4360  | 2.00 | 6/1/36 | 18 |
| 21 | Fannie Mae, Pool #CA7833  | 2.00 | 11/1/50 | 17 |
| 40 | Fannie Mae, Pool #MA4237  | 2.00 | 1/1/51 | 33 |
| 28 | Fannie Mae, Pool #FM3755  | 2.00 | 9/1/35 | 25 |
| 39 | Fannie Mae, Pool #MA4303  | 2.00 | 4/1/36 | 35 |
| 41 | Fannie Mae, Pool #MA4255  | 2.00 | 2/1/51 | 34 |
| 44 | Fannie Mae, Pool #FM6448  | 2.00 | 3/1/51 | 36 |
| 22 | Fannie Mae, Pool #CB0497  | 2.00 | 5/1/51 | 18 |
| 42 | Fannie Mae, Pool #MA4281  | 2.00 | 3/1/51 | 34 |
| 15 | Fannie Mae, Pool #FM4039  | 2.00 | 10/1/35 | 13 |
| 22 | Fannie Mae, Pool #CB0684  | 2.00 | 6/1/51 | 18 |
| 24 | Fannie Mae, Pool #FS0235  | 2.50 | 1/1/52 | 20 |
| 14 | Fannie Mae, Pool #AB7391  | 2.50 | 12/1/42 | 12 |
| 23 | Fannie Mae, Pool #BU5917  | 2.50 | 12/1/51 | 20 |
| 22 | Fannie Mae, Pool #FM2881  | 2.50 | 4/1/50 | 19 |
| 23 | Fannie Mae, Pool #FM9543  | 2.50 | 12/1/51 | 20 |
| 16 | Fannie Mae, Pool #FM4231  | 2.50 | 9/1/50 | 14 |
| 15 | Fannie Mae, Pool #BQ0329  | 2.50 | 7/1/50 | 13 |
| 6 | Fannie Mae, Pool #MA3154  | 2.50 | 10/1/32 | 6 |
| 9 | Fannie Mae, Pool #MA1277  | 2.50 | 12/1/27 | 9 |
| 13 | Fannie Mae, Pool #BK2588  | 2.50 | 5/1/50 | 11 |
| 16 | Fannie Mae, Pool #BP5878  | 2.50 | 6/1/50 | 13 |
| 12 | Fannie Mae, Pool #MA4075  | 2.50 | 7/1/35 | 11 |
| 14 | Fannie Mae, Pool #AU6677  | 2.50 | 9/1/28 | 14 |
| 8 | Fannie Mae, Pool #MA3990  | 2.50 | 4/1/50 | 7 |
| 24 | Fannie Mae, Pool #FS0547  | 2.50 | 2/1/52 | 20 |
| 23 | Fannie Mae, Pool #FM8997  | 2.50 | 10/1/51 | 19 |
| 22 | Fannie Mae, Pool #MA4399  | 2.50 | 8/1/51 | 18 |
| 22 | Fannie Mae, Pool #CB1131  | 2.50 | 7/1/51 | 18 |
| 12 | Fannie Mae, Pool #BD8046  | 2.50 | 9/1/31 | 11 |
| 15 | Fannie Mae, Pool #BC9041  | 2.50 | 11/1/31 | 14 |
| 13 | Fannie Mae, Pool #MA4078  | 2.50 | 7/1/50 | 11 |
| 14 | Fannie Mae, Pool #MA2854  | 2.50 | 12/1/46 | 13 |
| 22 | Fannie Mae, Pool #MA4423  | 2.50 | 9/1/41 | 19 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Core Fixed Income Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $24 | Fannie Mae, Pool #FS1340  | 2.50 | 3/1/52 | $20 |
| 11 | Fannie Mae, Pool #AS8893  | 2.50 | 2/1/32 | 10 |
| 22 | Fannie Mae, Pool #FM9033  | 2.50 | 10/1/51 | 19 |
| 24 | Fannie Mae, Pool #CB1828  | 2.50 | 10/1/51 | 20 |
| 23 | Fannie Mae, Pool #BU1451  | 2.50 | 1/1/52 | 20 |
| 44 | Fannie Mae, Pool #BR7857  | 2.50 | 5/1/51 | 37 |
| 7 | Fannie Mae, Pool #MA3965  | 2.50 | 3/1/40 | 6 |
| 23 | Fannie Mae, Pool #CB2868  | 2.50 | 2/1/52 | 20 |
| 6 | Fannie Mae, Pool #MA3765  | 2.50 | 9/1/49 | 5 |
| 25 | Fannie Mae, Pool #CA6074  | 2.50 | 6/1/50 | 21 |
| 16 | Fannie Mae, Pool #MA4183  | 2.50 | 11/1/50 | 14 |
| 7 | Fannie Mae, Pool #MA3930  | 2.50 | 2/1/35 | 7 |
| 18 | Fannie Mae, Pool #BQ5110  | 2.50 | 11/1/50 | 15 |
| 31 | Fannie Mae, Pool #FM4638  | 2.50 | 10/1/50 | 26 |
| 23 | Fannie Mae, Pool #FM8745  | 2.50 | 9/1/51 | 19 |
| 7 | Fannie Mae, Pool #MA3827  | 2.50 | 11/1/34 | 6 |
| 5 | Fannie Mae, Pool #MA2789  | 2.50 | 10/1/36 | 4 |
| 18 | Fannie Mae, Pool #AP4742  | 2.50 | 8/1/27 | 17 |
| 22 | Fannie Mae, Pool #BO4657  | 2.50 | 11/1/49 | 19 |
| 18 | Fannie Mae, Pool #CA8131  | 2.50 | 12/1/50 | 16 |
| 8 | Fannie Mae, Pool #MA3902  | 2.50 | 12/1/49 | 7 |
| 17 | Fannie Mae, Pool #MA4256  | 2.50 | 2/1/51 | 14 |
| 13 | Fannie Mae, Pool #MA4096  | 2.50 | 8/1/50 | 12 |
| 16 | Fannie Mae, Pool #MA4159  | 2.50 | 10/1/50 | 13 |
| 22 | Fannie Mae, Pool #MA4414  | 2.50 | 9/1/51 | 19 |
| 10 | Fannie Mae, Pool #AL9263  | 3.00 | 10/1/46 | 9 |
| 5 | Fannie Mae, Pool #FM2132  | 3.00 | 1/1/50 | 5 |
| 9 | Fannie Mae, Pool #MA4048  | 3.00 | 6/1/50 | 8 |
| 8 | Fannie Mae, Pool #CA5423  | 3.00 | 3/1/50 | 7 |
| 7 | Fannie Mae, Pool #BO2201  | 3.00 | 9/1/49 | 6 |
| 6 | Fannie Mae, Pool #MA3871  | 3.00 | 12/1/49 | 5 |
| 5 | Fannie Mae, Pool #BN7703  | 3.00 | 8/1/49 | 5 |
| 27 | Fannie Mae, Pool #AS8483  | 3.00 | 12/1/46 | 25 |
| 24 | Fannie Mae, Pool #CB3364  | 3.00 | 4/1/52 | 21 |
| 15 | Fannie Mae, Pool #MA3937  | 3.00 | 2/1/50 | 13 |
| 5 | Fannie Mae, Pool #FM1585  | 3.00 | 9/1/49 | 4 |
| 4 | Fannie Mae, Pool #MA3691  | 3.00 | 7/1/49 | 4 |
| 10 | Fannie Mae, Pool #BP1932  | 3.00 | 4/1/50 | 9 |
| 9 | Fannie Mae, Pool #MA3738  | 3.00 | 8/1/34 | 8 |
| 13 | Fannie Mae, Pool #QB1382  | 3.00 | 7/1/50 | 12 |
| 7 | Fannie Mae, Pool #MA2897  | 3.00 | 2/1/37 | 6 |
| 5 | Fannie Mae, Pool #MA3831  | 3.00 | 11/1/39 | 5 |
| 10 | Fannie Mae, Pool #MA4079  | 3.00 | 7/1/50 | 9 |
| 14 | Fannie Mae, Pool #BC4764  | 3.00 | 10/1/46 | 13 |
| 6 | Fannie Mae, Pool #MA3905  | 3.00 | 1/1/50 | 6 |
| 5 | Fannie Mae, Pool #MA3339  | 3.00 | 4/1/33 | 5 |
| 9 | Fannie Mae, Pool #B06219  | 3.00 | 12/1/49 | 8 |
| 13 | Fannie Mae, Pool #MA3834  | 3.00 | 11/1/49 | 12 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Core Fixed Income Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $6 | Fannie Mae, Pool #MA3377  | 3.00 | 5/1/48 | $5 |
| 5 | Fannie Mae, Pool #MA2523  | 3.00 | 2/1/36 | 4 |
| 23 | Fannie Mae, Pool #CB2759  | 3.00 | 2/1/52 | 20 |
| 7 | Fannie Mae, Pool #BO3192  | 3.00 | 10/1/49 | 6 |
| 9 | Fannie Mae, Pool #AL9996  | 3.00 | 4/1/32 | 8 |
| 10 | Fannie Mae, Pool #MA3802  | 3.00 | 10/1/49 | 9 |
| 9 | Fannie Mae, Pool #CA5668  | 3.00 | 5/1/50 | 8 |
| 14 | Fannie Mae, Pool #MA3991  | 3.00 | 4/1/50 | 12 |
| 23 | Fannie Mae, Pool #CB3172  | 3.00 | 3/1/52 | 20 |
| 6 | Fannie Mae, Pool #MA3237  | 3.00 | 1/1/48 | 5 |
| 10 | Fannie Mae, Pool #FM3395  | 3.00 | 6/1/50 | 9 |
| 9 | Fannie Mae, Pool #FM4317  | 3.00 | 9/1/50 | 8 |
| 10 | Fannie Mae, Pool #BO7242  | 3.00 | 1/1/50 | 9 |
| 7 | Fannie Mae, Pool #MA2863  | 3.00 | 1/1/47 | 6 |
| 31 | Fannie Mae, Pool #AO0752  | 3.00 | 4/1/42 | 28 |
| 9 | Fannie Mae, Pool #MA3897  | 3.00 | 1/1/35 | 8 |
| 24 | Fannie Mae, Pool #BU1241  | 3.00 | 3/1/52 | 21 |
| 5 | Fannie Mae, Pool #MA3774  | 3.00 | 9/1/49 | 4 |
| 4 | Fannie Mae, Pool #MA3744  | 3.00 | 8/1/49 | 4 |
| 7 | Fannie Mae, Pool #AB2047  | 3.00 | 1/1/26 | 7 |
| 9 | Fannie Mae, Pool #MA1307  | 3.00 | 1/1/33 | 8 |
| 20 | Fannie Mae, Pool #MA2246  | 3.00 | 4/1/30 | 19 |
| 29 | Fannie Mae, Pool #AB7099  | 3.00 | 11/1/42 | 26 |
| 6 | Fannie Mae, Pool #AS8074  | 3.00 | 10/1/46 | 5 |
| 8 | Fannie Mae, Pool #AZ2936  | 3.00 | 9/1/45 | 7 |
| 6 | Fannie Mae, Pool #MA3890  | 3.00 | 1/1/40 | 6 |
| 24 | Fannie Mae, Pool #BU8883  | 3.00 | 3/1/52 | 21 |
| 7 | Fannie Mae, Pool #B08947  | 3.00 | 1/1/50 | 6 |
| 25 | Fannie Mae, Pool #AS0302  | 3.00 | 8/1/43 | 22 |
| 7 | Fannie Mae, Pool #FM1370  | 3.00 | 4/1/46 | 6 |
| 5 | Fannie Mae, Pool #FM1299  | 3.00 | 7/1/49 | 4 |
| 10 | Fannie Mae, Pool #B09169  | 3.00 | 12/1/49 | 9 |
| 10 | Fannie Mae, Pool #AU3353  | 3.00 | 8/1/43 | 9 |
| 12 | Fannie Mae, Pool #BP6466  | 3.00 | 7/1/50 | 10 |
| 8 | Fannie Mae, Pool #CA5519  | 3.00 | 4/1/50 | 7 |
| 12 | Fannie Mae, Pool #AS8276  | 3.00 | 11/1/46 | 11 |
| 24 | Fannie Mae, Pool #FS2122  | 3.00 | 3/1/52 | 21 |
| 14 | Fannie Mae, Pool #BC9003  | 3.00 | 11/1/46 | 12 |
| 20 | Fannie Mae, Pool #AQ7920  | 3.00 | 12/1/42 | 18 |
| 6 | Fannie Mae, Pool #MA3127  | 3.00 | 9/1/37 | 5 |
| 22 | Fannie Mae, Pool #AB8897  | 3.00 | 4/1/43 | 20 |
| 7 | Fannie Mae, Pool #AB2052  | 3.50 | 1/1/26 | 7 |
| 3 | Fannie Mae, Pool #MA3692  | 3.50 | 7/1/49 | 3 |
| 5 | Fannie Mae, Pool #MA3835  | 3.50 | 11/1/49 | 4 |
| 4 | Fannie Mae, Pool #MA3775  | 3.50 | 9/1/49 | 4 |
| 6 | Fannie Mae, Pool #BM2000  | 3.50 | 5/1/49 | 5 |
| 7 | Fannie Mae, Pool #FM1911  | 3.50 | 7/1/48 | 6 |
| 5 | Fannie Mae, Pool #FM1566  | 3.50 | 11/1/48 | 5 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Core Fixed Income Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $4 | Fannie Mae, Pool #AS6394  | 3.50 | 12/1/45 | $4 |
| 4 | Fannie Mae, Pool #ZA5052  | 3.50 | 11/1/47 | 4 |
| 5 | Fannie Mae, Pool #BM4703  | 3.50 | 2/1/48 | 4 |
| 7 | Fannie Mae, Pool #MA3520  | 3.50 | 10/1/48 | 6 |
| 7 | Fannie Mae, Pool #AS6102  | 3.50 | 11/1/45 | 6 |
| 6 | Fannie Mae, Pool #BK9038  | 3.50 | 10/1/33 | 6 |
| 3 | Fannie Mae, Pool #MA3637  | 3.50 | 4/1/49 | 3 |
| 3 | Fannie Mae, Pool #MA3597  | 3.50 | 2/1/49 | 3 |
| 3 | Fannie Mae, Pool #AS4236  | 3.50 | 1/1/45 | 3 |
| 5 | Fannie Mae, Pool #MA3906  | 3.50 | 1/1/50 | 5 |
| 3 | Fannie Mae, Pool #MA3614  | 3.50 | 3/1/49 | 2 |
| 5 | Fannie Mae, Pool #FM1001  | 3.50 | 11/1/48 | 5 |
| 3 | Fannie Mae, Pool #MA3663  | 3.50 | 5/1/49 | 3 |
| 3 | Fannie Mae, Pool #CA4026  | 3.50 | 5/1/49 | 3 |
| 12 | Fannie Mae, Pool #ZS4618  | 3.50 | 6/1/45 | 11 |
| 4 | Fannie Mae, Pool #SD8001  | 3.50 | 7/1/49 | 4 |
| 6 | Fannie Mae, Pool #BJ3716  | 3.50 | 12/1/47 | 5 |
| 10 | Fannie Mae, Pool #BC2926  | 3.50 | 3/1/46 | 9 |
| 9 | Fannie Mae, Pool #MA1980  | 3.50 | 8/1/44 | 9 |
| 24 | Fannie Mae, Pool #BU8723  | 3.50 | 6/1/52 | 22 |
| 7 | Fannie Mae, Pool #AS0024  | 3.50 | 7/1/43 | 7 |
| 5 | Fannie Mae, Pool #MA3057  | 3.50 | 7/1/47 | 4 |
| 9 | Fannie Mae, Pool #AZ0862  | 3.50 | 7/1/45 | 9 |
| 3 | Fannie Mae, Pool #BM5485  | 3.50 | 2/1/49 | 3 |
| 4 | Fannie Mae, Pool #MA2522  | 3.50 | 2/1/46 | 4 |
| 5 | Fannie Mae, Pool #BD5046  | 3.50 | 2/1/47 | 5 |
| 6 | Fannie Mae, Pool #AS7491  | 3.50 | 7/1/46 | 6 |
| 14 | Fannie Mae, Pool #MA2125  | 3.50 | 12/1/44 | 13 |
| 5 | Fannie Mae, Pool #MA3148  | 3.50 | 10/1/47 | 4 |
| 6 | Fannie Mae, Pool #BC0443  | 3.50 | 12/1/45 | 6 |
| 8 | Fannie Mae, Pool #BP1947  | 3.50 | 4/1/50 | 8 |
| 5 | Fannie Mae, Pool #MA3210  | 3.50 | 12/1/49 | 5 |
| 5 | Fannie Mae, Pool #ZM4908  | 3.50 | 11/1/47 | 5 |
| 3 | Fannie Mae, Pool #FM0020  | 3.50 | 7/1/49 | 3 |
| 9 | Fannie Mae, Pool #MA3182  | 3.50 | 11/1/47 | 8 |
| 8 | Fannie Mae, Pool #MA2706  | 3.50 | 8/1/46 | 8 |
| 3 | Fannie Mae, Pool #MA3494  | 3.50 | 10/1/48 | 3 |
| 10 | Fannie Mae, Pool #BJ4916  | 3.50 | 3/1/48 | 9 |
| 6 | Fannie Mae, Pool #AS7388  | 3.50 | 6/1/46 | 6 |
| 7 | Fannie Mae, Pool #MA3026  | 3.50 | 6/1/47 | 7 |
| 4 | Fannie Mae, Pool #MA3745  | 3.50 | 8/1/49 | 3 |
| 11 | Fannie Mae, Pool #MA3243  | 3.50 | 1/1/38 | 10 |
| 11 | Fannie Mae, Pool #BM1568  | 3.50 | 7/1/47 | 10 |
| 7 | Fannie Mae, Pool #BC1158  | 3.50 | 2/1/46 | 7 |
| 27 | Fannie Mae, Pool #AQ0546  | 3.50 | 11/1/42 | 26 |
| 13 | Fannie Mae, Pool #AS4771  | 3.50 | 4/1/45 | 12 |
| 3 | Fannie Mae, Pool #BA1893  | 3.50 | 8/1/45 | 3 |
| 5 | Fannie Mae, Pool #MA3305  | 3.50 | 3/1/48 | 4 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Core Fixed Income Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $5 | Fannie Mae, Pool #MA3059  | 3.50 | 7/1/37 | $4 |
| 7 | Fannie Mae, Pool #AL1717  | 3.50 | 5/1/27 | 7 |
| 7 | Fannie Mae, Pool #BM2002  | 4.00 | 10/1/47 | 7 |
| 4 | Fannie Mae, Pool #MA3183  | 4.00 | 11/1/47 | 4 |
| 7 | Fannie Mae, Pool #AS9314  | 4.00 | 3/1/47 | 6 |
| 3 | Fannie Mae, Pool #BK0909  | 4.00 | 7/1/48 | 3 |
| 16 | Fannie Mae, Pool #AO2959  | 4.00 | 5/1/42 | 16 |
| 3 | Fannie Mae, Pool #BK0920  | 4.00 | 7/1/48 | 3 |
| 7 | Fannie Mae, Pool #AH6242  | 4.00 | 4/1/26 | 7 |
| 3 | Fannie Mae, Pool #MA3638  | 4.00 | 4/1/49 | 3 |
| 4 | Fannie Mae, Pool #MA2415  | 4.00 | 10/1/45 | 4 |
| 2 | Fannie Mae, Pool #MA3615  | 4.00 | 3/1/49 | 2 |
| 2 | Fannie Mae, Pool #MA3592  | 4.00 | 2/1/49 | 2 |
| 8 | Fannie Mae, Pool #MA3121  | 4.00 | 9/1/47 | 7 |
| 25 | Fannie Mae, Pool #MA4732  | 4.00 | 9/1/52 | 23 |
| 3 | Fannie Mae, Pool #MA3563  | 4.00 | 1/1/49 | 3 |
| 4 | Fannie Mae, Pool #FM1415  | 4.00 | 12/1/48 | 4 |
| 3 | Fannie Mae, Pool #FM1571  | 4.00 | 12/1/48 | 3 |
| 12 | Fannie Mae, Pool #BK7943  | 4.00 | 11/1/48 | 12 |
| 9 | Fannie Mae, Pool #AX0841  | 4.00 | 9/1/44 | 9 |
| 10 | Fannie Mae, Pool #AS3468  | 4.00 | 10/1/44 | 9 |
| 8 | Fannie Mae, Pool #AS3467  | 4.00 | 10/1/44 | 8 |
| 4 | Fannie Mae, Pool #MA3746  | 4.00 | 8/1/49 | 4 |
| 9 | Fannie Mae, Pool #AS8823  | 4.00 | 2/1/47 | 9 |
| 10 | Fannie Mae, Pool #BM1066  | 4.00 | 2/1/47 | 10 |
| 5 | Fannie Mae, Pool #AZ7362  | 4.00 | 11/1/45 | 4 |
| 3 | Fannie Mae, Pool #BM4991  | 4.00 | 9/1/48 | 3 |
| 4 | Fannie Mae, Pool #MA3277  | 4.00 | 2/1/48 | 4 |
| 3 | Fannie Mae, Pool #FM0021  | 4.00 | 3/1/49 | 3 |
| 7 | Fannie Mae, Pool #AU8849  | 4.00 | 11/1/43 | 7 |
| 3 | Fannie Mae, Pool #CA2316  | 4.00 | 7/1/48 | 3 |
| 5 | Fannie Mae, Pool #AS7600  | 4.00 | 7/1/46 | 4 |
| 4 | Fannie Mae, Pool #BD7060  | 4.00 | 3/1/47 | 3 |
| 6 | Fannie Mae, Pool #AS7558  | 4.00 | 7/1/46 | 5 |
| 6 | Fannie Mae, Pool #BM4306  | 4.00 | 9/1/25 | 6 |
| 4 | Fannie Mae, Pool #AS8532  | 4.00 | 12/1/46 | 3 |
| 6 | Fannie Mae, Pool #MA3804  | 4.00 | 10/1/49 | 6 |
| 5 | Fannie Mae, Pool #BN6677  | 4.00 | 6/1/49 | 5 |
| 4 | Fannie Mae, Pool #BN0334  | 4.00 | 12/1/48 | 3 |
| 8 | Fannie Mae, Pool #ZA4988  | 4.00 | 8/1/47 | 7 |
| 4 | Fannie Mae, Pool #FM1960  | 4.00 | 5/1/49 | 4 |
| 8 | Fannie Mae, Pool #MA2995  | 4.00 | 5/1/47 | 7 |
| 4 | Fannie Mae, Pool #CA0183  | 4.00 | 8/1/47 | 4 |
| 6 | Fannie Mae, Pool #AS9831  | 4.00 | 6/1/47 | 6 |
| 3 | Fannie Mae, Pool #MA3521  | 4.00 | 11/1/48 | 3 |
| 7 | Fannie Mae, Pool #ZS4708  | 4.00 | 3/1/47 | 7 |
| 2 | Fannie Mae, Pool #BK6328  | 4.50 | 6/1/48 | 2 |
| 7 | Fannie Mae, Pool #MA3747  | 4.50 | 8/1/49 | 7 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Core Fixed Income Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $1 | Fannie Mae, Pool #930998  | 4.50 | 4/1/29 | $1 |
| 3 | Fannie Mae, Pool #MA3537  | 4.50 | 12/1/48 | 3 |
| 5 | Fannie Mae, Pool #AS2751  | 4.50 | 6/1/44 | 5 |
| 12 | Fannie Mae, Pool #MA3184  | 4.50 | 11/1/47 | 11 |
| 4 | Fannie Mae, Pool #CA1711  | 4.50 | 5/1/48 | 4 |
| 5 | Fannie Mae, Pool #BM3286  | 4.50 | 11/1/47 | 5 |
| 4 | Fannie Mae, Pool #CA0623  | 4.50 | 10/1/47 | 4 |
| 11 | Fannie Mae, Pool #AS9394  | 4.50 | 4/1/47 | 11 |
| 3 | Fannie Mae, Pool #MA3639  | 4.50 | 4/1/49 | 3 |
| 18 | Fannie Mae, Pool #AE0954  | 4.50 | 2/1/41 | 18 |
| 2 | Fannie Mae, Pool #BN4309  | 4.50 | 1/1/49 | 2 |
| 3 | Fannie Mae, Pool #BK4850  | 4.50 | 5/1/48 | 3 |
| 23 | Fannie Mae, Pool #AE0217  | 4.50 | 8/1/40 | 22 |
| 3 | Fannie Mae, Pool #890603  | 5.00 | 8/1/41 | 3 |
| 11 | Fannie Mae, Pool #725238  | 5.00 | 3/1/34 | 11 |
| 22 | Fannie Mae, Pool #889117  | 5.00 | 10/1/35 | 22 |
| 4 | Fannie Mae, Pool #BM3904  | 5.00 | 5/1/48 | 4 |
| 5 | Fannie Mae, Pool #725027  | 5.00 | 11/1/33 | 5 |
| 4 | Fannie Mae, Pool #890221  | 5.50 | 12/1/33 | 4 |
| 11 | Fannie Mae, Pool #959451  | 6.00 | 12/1/37 | 11 |
| 50 | Fannie Mae, 15 YR TBA  | 1.50 | 1/25/37 | 43 |
| 25 | Fannie Mae, 15 YR TBA  | 3.00 | 2/25/37 | 23 |
| 100 | Fannie Mae, 30 YR TBA  | 3.50 | 1/25/53 | 90 |
| 125 | Fannie Mae, 30 YR TBA  | 4.00 | 1/25/53 | 116 |
| 125 | Fannie Mae, 30 YR TBA  | 4.50 | 1/25/51 | 120 |
| 75 | Fannie Mae, 30 YR TBA  | 5.00 | 1/25/53 | 73 |
| 25 | Fannie Mae, 30 YR TBA  | 5.00 | 2/25/53 | 25 |
| 50 | Fannie Mae, 30 YR TBA  | 5.50 | 1/25/53 | 50 |
| 45 | Freddie Mac, Pool #QC0962  | 1.50 | 4/1/51 | 34 |
| 18 | Freddie Mac, Pool #SB8088  | 1.50 | 2/1/36 | 16 |
| 22 | Freddie Mac, Pool #RB5110  | 1.50 | 5/1/41 | 18 |
| 20 | Freddie Mac, Pool #SB8097  | 1.50 | 4/1/36 | 17 |
| 23 | Freddie Mac, Pool #SB8144  | 1.50 | 3/1/37 | 20 |
| 23 | Freddie Mac, Pool #QN9521  | 1.50 | 2/1/37 | 20 |
| 45 | Freddie Mac, Pool #SD8154  | 1.50 | 6/1/51 | 35 |
| 22 | Freddie Mac, Pool #SD8146  | 2.00 | 5/1/51 | 18 |
| 24 | Freddie Mac, Pool #SD8199  | 2.00 | 3/1/52 | 20 |
| 21 | Freddie Mac, Pool #RB5114  | 2.00 | 6/1/41 | 18 |
| 44 | Freddie Mac, Pool #QC3697  | 2.00 | 6/1/51 | 36 |
| 44 | Freddie Mac, Pool #QC1333  | 2.00 | 5/1/51 | 36 |
| 20 | Freddie Mac, Pool #SB8107  | 2.00 | 5/1/36 | 18 |
| 19 | Freddie Mac, Pool #RA3205  | 2.00 | 8/1/50 | 16 |
| 43 | Freddie Mac, Pool #QB6893  | 2.00 | 12/1/50 | 35 |
| 47 | Freddie Mac, Pool #QD1254  | 2.00 | 11/1/51 | 38 |
| 20 | Freddie Mac, Pool #SB8510  | 2.00 | 2/1/36 | 18 |
| 22 | Freddie Mac, Pool #SD8079  | 2.00 | 7/1/50 | 18 |
| 44 | Freddie Mac, Pool #SB8128  | 2.00 | 11/1/36 | 39 |
| 22 | Freddie Mac, Pool #RA5257  | 2.00 | 5/1/51 | 18 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Core Fixed Income Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $23 | Freddie Mac, Pool #RA5155  | 2.00 | 5/1/51 | $19 |
| 22 | Freddie Mac, Pool #RB5121  | 2.00 | 7/1/41 | 19 |
| 43 | Freddie Mac, Pool #SD7537  | 2.00 | 3/1/51 | 35 |
| 43 | Freddie Mac, Pool #QC0423  | 2.00 | 4/1/51 | 35 |
| 21 | Freddie Mac, Pool #SB8115  | 2.00 | 8/1/36 | 19 |
| 42 | Freddie Mac, Pool #QB7708  | 2.00 | 1/1/51 | 34 |
| 23 | Freddie Mac, Pool #SD8098  | 2.00 | 10/1/50 | 19 |
| 24 | Freddie Mac, Pool #QD5748  | 2.00 | 2/1/52 | 20 |
| 48 | Freddie Mac, Pool #SD8193  | 2.00 | 2/1/52 | 39 |
| 41 | Freddie Mac, Pool #SD8128  | 2.00 | 2/1/51 | 33 |
| 23 | Freddie Mac, Pool #SD8172  | 2.00 | 9/1/51 | 19 |
| 22 | Freddie Mac, Pool #RA5040  | 2.00 | 4/1/51 | 18 |
| 47 | Freddie Mac, Pool #SD8177  | 2.00 | 10/1/51 | 38 |
| 19 | Freddie Mac, Pool #QB3926  | 2.00 | 10/1/50 | 16 |
| 20 | Freddie Mac, Pool #SD8121  | 2.00 | 12/1/50 | 17 |
| 23 | Freddie Mac, Pool #QC7473  | 2.00 | 9/1/51 | 19 |
| 47 | Freddie Mac, Pool #SD8188  | 2.00 | 1/1/52 | 39 |
| 17 | Freddie Mac, Pool #RC1727  | 2.00 | 12/1/35 | 15 |
| 23 | Freddie Mac, Pool #QC3597  | 2.00 | 6/1/51 | 18 |
| 20 | Freddie Mac, Pool #RA3575  | 2.00 | 9/1/50 | 16 |
| 19 | Freddie Mac, Pool #RB5095  | 2.00 | 12/1/40 | 17 |
| 40 | Freddie Mac, Pool #SD8113  | 2.00 | 12/1/50 | 33 |
| 22 | Freddie Mac, Pool #RA3328  | 2.00 | 8/1/50 | 18 |
| 45 | Freddie Mac, Pool #SD8160  | 2.00 | 8/1/51 | 37 |
| 21 | Freddie Mac, Pool #RA4214  | 2.00 | 12/1/50 | 18 |
| 34 | Freddie Mac, Pool #SB8079  | 2.00 | 12/1/35 | 30 |
| 22 | Freddie Mac, Pool #SD8021  | 2.50 | 9/1/49 | 19 |
| 47 | Freddie Mac, Pool #RA6493  | 2.50 | 12/1/51 | 40 |
| 11 | Freddie Mac, Pool #RB5054  | 2.50 | 6/1/40 | 10 |
| 6 | Freddie Mac, Pool #G18687  | 2.50 | 5/1/33 | 6 |
| 23 | Freddie Mac, Pool #RA6815  | 2.50 | 2/1/52 | 20 |
| 47 | Freddie Mac, Pool #SD8194  | 2.50 | 2/1/52 | 40 |
| 22 | Freddie Mac, Pool #RA6019  | 2.50 | 10/1/51 | 19 |
| 24 | Freddie Mac, Pool #QE2352  | 2.50 | 5/1/52 | 21 |
| 17 | Freddie Mac, Pool #RA4527  | 2.50 | 2/1/51 | 15 |
| 46 | Freddie Mac, Pool #SD8183  | 2.50 | 12/1/51 | 39 |
| 21 | Freddie Mac, Pool #RA3528  | 2.50 | 9/1/50 | 18 |
| 23 | Freddie Mac, Pool #SB0301  | 2.50 | 4/1/35 | 22 |
| 21 | Freddie Mac, Pool #RA5286  | 2.50 | 5/1/51 | 18 |
| 34 | Freddie Mac, Pool #RA2643  | 2.50 | 6/1/50 | 29 |
| 47 | Freddie Mac, Pool #SD1011  | 2.50 | 4/1/52 | 40 |
| 23 | Freddie Mac, Pool #RA5802  | 2.50 | 9/1/51 | 19 |
| 7 | Freddie Mac, Pool #RB5043  | 2.50 | 4/1/40 | 6 |
| 24 | Freddie Mac, Pool #RA6621  | 2.50 | 1/1/52 | 20 |
| 30 | Freddie Mac, Pool #SB8045  | 2.50 | 5/1/35 | 28 |
| 33 | Freddie Mac, Pool #RA2634  | 2.50 | 5/1/50 | 28 |
| 17 | Freddie Mac, Pool #SD8129  | 2.50 | 2/1/51 | 15 |
| 40 | Freddie Mac, Pool #SD8141  | 2.50 | 4/1/51 | 34 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Core Fixed Income Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $17 | Freddie Mac, Pool #SD8122  | 2.50 | 1/1/51 | $14 |
| 16 | Freddie Mac, Pool #QB3287  | 2.50 | 8/1/50 | 14 |
| 21 | Freddie Mac, Pool #QC2031  | 2.50 | 5/1/51 | 18 |
| 33 | Freddie Mac, Pool #SD8114  | 2.50 | 12/1/50 | 28 |
| 15 | Freddie Mac, Pool #SD8099  | 2.50 | 10/1/50 | 13 |
| 14 | Freddie Mac, Pool #SD8083  | 2.50 | 8/1/50 | 12 |
| 8 | Freddie Mac, Pool #ZS8692  | 2.50 | 4/1/33 | 7 |
| 22 | Freddie Mac, Pool #QC7457  | 2.50 | 9/1/51 | 19 |
| 43 | Freddie Mac, Pool #RA5832  | 2.50 | 9/1/51 | 37 |
| 22 | Freddie Mac, Pool #SD8167  | 2.50 | 9/1/51 | 19 |
| 21 | Freddie Mac, Pool #SD8151  | 2.50 | 6/1/51 | 18 |
| 16 | Freddie Mac, Pool #ZS4687  | 2.50 | 11/1/46 | 14 |
| 15 | Freddie Mac, Pool #RA2897  | 2.50 | 6/1/50 | 13 |
| 24 | Freddie Mac, Pool #RA6136  | 2.50 | 10/1/51 | 20 |
| 14 | Freddie Mac, Pool #G18470  | 2.50 | 6/1/28 | 13 |
| 24 | Freddie Mac, Pool #SD8205  | 2.50 | 4/1/52 | 20 |
| 14 | Freddie Mac, Pool #G18485  | 2.50 | 10/1/28 | 13 |
| 17 | Freddie Mac, Pool #QB3703  | 2.50 | 9/1/50 | 15 |
| 20 | Freddie Mac, Pool #SD8147  | 2.50 | 5/1/51 | 17 |
| 8 | Freddie Mac, Pool #G07445  | 2.50 | 7/1/43 | 7 |
| 23 | Freddie Mac, Pool #SD8189  | 2.50 | 1/1/52 | 20 |
| 14 | Freddie Mac, Pool #RA2595  | 2.50 | 5/1/50 | 12 |
| 13 | Freddie Mac, Pool #SD8030  | 3.00 | 11/1/49 | 11 |
| 10 | Freddie Mac, Pool #G15145  | 3.00 | 7/1/29 | 9 |
| 7 | Freddie Mac, Pool #ZM2089  | 3.00 | 11/1/46 | 6 |
| 11 | Freddie Mac, Pool #QA9049  | 3.00 | 4/1/50 | 10 |
| 7 | Freddie Mac, Pool #J36428  | 3.00 | 2/1/32 | 7 |
| 24 | Freddie Mac, Pool #QD9881  | 3.00 | 3/1/52 | 21 |
| 5 | Freddie Mac, Pool #G08635  | 3.00 | 4/1/45 | 4 |
| 5 | Freddie Mac, Pool #G08803  | 3.00 | 3/1/48 | 5 |
| 16 | Freddie Mac, Pool #ZS4606  | 3.00 | 3/1/45 | 15 |
| 7 | Freddie Mac, Pool #SD8056  | 3.00 | 4/1/50 | 6 |
| 12 | Freddie Mac, Pool #G08737  | 3.00 | 12/1/46 | 11 |
| 11 | Freddie Mac, Pool #ZS4658  | 3.00 | 4/1/46 | 10 |
| 5 | Freddie Mac, Pool #G18601  | 3.00 | 5/1/31 | 5 |
| 3 | Freddie Mac, Pool #G18518  | 3.00 | 7/1/29 | 3 |
| 9 | Freddie Mac, Pool #QA8065  | 3.00 | 3/1/50 | 8 |
| 15 | Freddie Mac, Pool #ZS4706  | 3.00 | 3/1/47 | 13 |
| 1 | Freddie Mac, Pool #J25193  | 3.00 | 8/1/23 | 1 |
| 16 | Freddie Mac, Pool #ZA2304  | 3.00 | 6/1/33 | 14 |
| 6 | Freddie Mac, Pool #ZS4688  | 3.00 | 11/1/46 | 5 |
| 5 | Freddie Mac, Pool #QA1033  | 3.00 | 7/1/49 | 5 |
| 37 | Freddie Mac, Pool #ZS4522  | 3.00 | 7/1/43 | 33 |
| 18 | Freddie Mac, Pool #G60989  | 3.00 | 12/1/46 | 15 |
| 8 | Freddie Mac, Pool #SB8046  | 3.00 | 5/1/35 | 8 |
| 41 | Freddie Mac, Pool #SD8174  | 3.00 | 10/1/51 | 37 |
| 25 | Freddie Mac, Pool #ZS4511  | 3.00 | 3/1/43 | 23 |
| 12 | Freddie Mac, Pool #G18663  | 3.00 | 10/1/32 | 11 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Core Fixed Income Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $7 | Freddie Mac, Pool #G61680  | 3.00 | 4/1/47 | $7 |
| 10 | Freddie Mac, Pool #SD8074  | 3.00 | 7/1/50 | 9 |
| 6 | Freddie Mac, Pool #J30284  | 3.50 | 11/1/29 | 6 |
| 24 | Freddie Mac, Pool #SD8214  | 3.50 | 5/1/52 | 22 |
| 25 | Freddie Mac, Pool #SD8038  | 3.50 | 1/1/50 | 23 |
| 4 | Freddie Mac, Pool #ZS4713  | 3.50 | 4/1/47 | 4 |
| 8 | Freddie Mac, Pool #G08687  | 3.50 | 1/1/46 | 7 |
| 8 | Freddie Mac, Pool #G08698  | 3.50 | 3/1/46 | 7 |
| 4 | Freddie Mac, Pool #G08770  | 3.50 | 7/1/47 | 3 |
| 4 | Freddie Mac, Pool #G08627  | 3.50 | 2/1/45 | 3 |
| 7 | Freddie Mac, Pool #G08761  | 3.50 | 5/1/47 | 7 |
| 5 | Freddie Mac, Pool #G08620  | 3.50 | 12/1/44 | 5 |
| 8 | Freddie Mac, Pool #RA1508  | 3.50 | 10/1/49 | 8 |
| 7 | Freddie Mac, Pool #G08784  | 3.50 | 10/1/47 | 7 |
| 16 | Freddie Mac, Pool #G08636  | 3.50 | 4/1/45 | 15 |
| 18 | Freddie Mac, Pool #G08554  | 3.50 | 10/1/43 | 17 |
| 9 | Freddie Mac, Pool #RA2469  | 3.50 | 4/1/50 | 8 |
| 6 | Freddie Mac, Pool #SD8011  | 3.50 | 9/1/49 | 6 |
| 15 | Freddie Mac, Pool #ZS4642  | 3.50 | 12/1/45 | 14 |
| 4 | Freddie Mac, Pool #ZS4659  | 3.50 | 4/1/46 | 4 |
| 5 | Freddie Mac, Pool #V83453  | 3.50 | 10/1/47 | 5 |
| 6 | Freddie Mac, Pool #Q43933  | 3.50 | 10/1/46 | 6 |
| 7 | Freddie Mac, Pool #ZS4651  | 3.50 | 3/1/46 | 7 |
| 9 | Freddie Mac, Pool #SB8007  | 3.50 | 9/1/34 | 8 |
| 3 | Freddie Mac, Pool #Q57871  | 3.50 | 8/1/48 | 3 |
| 3 | Freddie Mac, Pool #J14069  | 3.50 | 1/1/26 | 3 |
| 8 | Freddie Mac, Pool #G61148  | 3.50 | 9/1/47 | 8 |
| 3 | Freddie Mac, Pool #ZS4771  | 3.50 | 6/1/48 | 3 |
| 4 | Freddie Mac, Pool #ZS4599  | 3.50 | 1/1/45 | 4 |
| 8 | Freddie Mac, Pool #ZS4631  | 4.00 | 9/1/45 | 8 |
| 7 | Freddie Mac, Pool #Q58680  | 4.00 | 9/1/48 | 7 |
| 11 | Freddie Mac, Pool #G08606  | 4.00 | 9/1/44 | 10 |
| 8 | Freddie Mac, Pool #SD8070  | 4.00 | 6/1/50 | 8 |
| 3 | Freddie Mac, Pool #ZA6946  | 4.00 | 5/1/49 | 3 |
| 16 | Freddie Mac, Pool #ZL7781  | 4.00 | 2/1/44 | 15 |
| 14 | Freddie Mac, Pool #G08637  | 4.00 | 4/1/45 | 13 |
| 5 | Freddie Mac, Pool #G08771  | 4.00 | 7/1/47 | 4 |
| 8 | Freddie Mac, Pool #G08775  | 4.00 | 8/1/47 | 7 |
| 24 | Freddie Mac, Pool #QE5462  | 4.00 | 7/1/52 | 23 |
| 5 | Freddie Mac, Pool #ZT1320  | 4.00 | 11/1/48 | 5 |
| 5 | Freddie Mac, Pool #SD0290  | 4.00 | 4/1/50 | 5 |
| 5 | Freddie Mac, Pool #G08801  | 4.00 | 2/1/48 | 4 |
| 3 | Freddie Mac, Pool #ZT1840  | 4.00 | 9/1/48 | 3 |
| 3 | Freddie Mac, Pool #ZT2106  | 4.00 | 3/1/49 | 3 |
| 10 | Freddie Mac, Pool #A96286  | 4.00 | 1/1/41 | 10 |
| 6 | Freddie Mac, Pool #C91395  | 4.00 | 9/1/31 | 6 |
| 10 | Freddie Mac, Pool #G08567  | 4.00 | 1/1/44 | 9 |
| 3 | Freddie Mac, Pool #ZS4774  | 4.50 | 5/1/48 | 3 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Core Fixed Income Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $5 | Freddie Mac, Pool #Q58217  | 4.50 | 9/1/48 | $5 |
| 19 | Freddie Mac, Pool #A97692  | 4.50 | 3/1/41 | 19 |
|  | Freddie Mac, Pool #C90686  | 4.50 | 6/1/23 |  |
| 4 | Freddie Mac, Pool #G08781  | 4.50 | 9/1/47 | 4 |
| 24 | Freddie Mac, Pool #SD8245  | 4.50 | 9/1/52 | 24 |
| 15 | Freddie Mac, Pool #G01890  | 4.50 | 10/1/35 | 15 |
| 5 | Freddie Mac, Pool #C09059  | 4.50 | 3/1/44 | 5 |
| 5 | Freddie Mac, Pool #Q52321  | 4.50 | 11/1/47 | 5 |
| 9 | Freddie Mac, Pool #G01962  | 5.00 | 12/1/35 | 9 |
| 9 | Freddie Mac, Pool #G04817  | 5.00 | 9/1/38 | 9 |
| 4 | Freddie Mac, Pool #G08838  | 5.00 | 9/1/48 | 4 |
| 10 | Freddie Mac, Pool #G05904  | 5.00 | 9/1/39 | 10 |
| 7 | Freddie Mac, Pool #ZT1779  | 5.00 | 3/1/49 | 7 |
| 15 | Freddie Mac, Pool #G01665  | 5.50 | 3/1/34 | 15 |
| 10 | Freddie Mac, Pool #G02794  | 6.00 | 5/1/37 | 11 |
| 1 | Freddie Mac, Pool #C90989  | 6.00 | 9/1/26 | 1 |
| 24 | Government National Mortgage Association, Pool #MA7935  | 2.00 | 3/20/52 | 20 |
| 21 | Government National Mortgage Association, Pool #MA7417  | 2.00 | 6/20/51 | 18 |
| 36 | Government National Mortgage Association, Pool #MA6930  | 2.00 | 10/20/50 | 30 |
| 22 | Government National Mortgage Association, Pool #MA6994  | 2.00 | 11/20/50 | 19 |
| 20 | Government National Mortgage Association, Pool #MA7311  | 2.00 | 4/20/51 | 17 |
| 46 | Government National Mortgage Association, Pool #MA7704  | 2.00 | 11/20/51 | 39 |
| 24 | Government National Mortgage Association, Pool #MA7826  | 2.00 | 1/20/52 | 20 |
| 23 | Government National Mortgage Association, Pool #MA7766  | 2.00 | 12/20/51 | 20 |
| 24 | Government National Mortgage Association, Pool #MA7880  | 2.00 | 2/20/52 | 20 |
| 19 | Government National Mortgage Association, Pool #MA7135  | 2.00 | 1/20/51 | 16 |
| 24 | Government National Mortgage Association, Pool #MA8041  | 2.00 | 5/20/52 | 20 |
| 19 | Government National Mortgage Association, Pool #MA7051  | 2.00 | 12/20/50 | 16 |
| 40 | Government National Mortgage Association, Pool #MA7254  | 2.00 | 3/20/51 | 33 |
| 22 | Government National Mortgage Association, Pool #MA7588  | 2.00 | 9/20/51 | 19 |
| 35 | Government National Mortgage Association, Pool #MA6864  | 2.00 | 9/20/50 | 29 |
| 24 | Government National Mortgage Association, Pool #MA7986  | 2.00 | 4/20/52 | 20 |
| 21 | Government National Mortgage Association, Pool #MA7366  | 2.00 | 5/20/51 | 17 |
| 43 | Government National Mortgage Association, Pool #MA7471  | 2.00 | 7/20/51 | 36 |
| 6 | Government National Mortgage Association, Pool #MA4355  | 2.50 | 4/20/32 | 6 |
| 10 | Government National Mortgage Association, Pool #MA6655  | 2.50 | 5/20/50 | 9 |
| 15 | Government National Mortgage Association, Pool #MA6995  | 2.50 | 11/20/50 | 13 |
| 46 | Government National Mortgage Association, Pool #MA6709  | 2.50 | 6/20/50 | 41 |
| 36 | Government National Mortgage Association, Pool #MA7255  | 2.50 | 3/20/51 | 32 |
| 45 | Government National Mortgage Association, Pool #MA7649  | 2.50 | 10/20/51 | 39 |
| 46 | Government National Mortgage Association, Pool #MA7767  | 2.50 | 12/20/51 | 40 |
| 34 | Government National Mortgage Association, Pool #MA7193  | 2.50 | 2/20/51 | 30 |
| 15 | Government National Mortgage Association, Pool #MA6931  | 2.50 | 10/20/50 | 13 |
| 8 | Government National Mortgage Association, Pool #MA6540  | 2.50 | 3/20/50 | 7 |
| 26 | Government National Mortgage Association, Pool #MA6819  | 2.50 | 8/20/50 | 23 |
| 24 | Government National Mortgage Association, Pool #MA7936  | 2.50 | 3/20/52 | 21 |
| 21 | Government National Mortgage Association, Pool #MA7418  | 2.50 | 6/20/51 | 18 |
| 19 | Government National Mortgage Association, Pool #MA7312  | 2.50 | 4/20/51 | 17 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Core Fixed Income Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $43 | Government National Mortgage Association, Pool #MA7472  | 2.50 | 7/20/51 | $37 |
| 5 | Government National Mortgage Association, Pool #MA1155  | 2.50 | 7/20/43 | 4 |
| 2 | Government National Mortgage Association, Pool #AA8341  | 2.50 | 2/15/28 | 2 |
| 37 | Government National Mortgage Association, Pool #MA6865  | 2.50 | 9/20/50 | 33 |
| 22 | Government National Mortgage Association, Pool #MA7589  | 2.50 | 9/20/51 | 19 |
| 44 | Government National Mortgage Association, Pool #MA7534  | 2.50 | 8/20/51 | 38 |
| 24 | Government National Mortgage Association, Pool #MA8042  | 2.50 | 5/20/52 | 21 |
| 20 | Government National Mortgage Association, Pool #MA7136  | 2.50 | 1/20/51 | 17 |
| 23 | Government National Mortgage Association, Pool #MA6218  | 3.00 | 10/20/49 | 21 |
| 13 | Government National Mortgage Association, Pool #MA4003  | 3.00 | 10/20/46 | 12 |
| 11 | Government National Mortgage Association, Pool #MA4320  | 3.00 | 3/20/47 | 10 |
| 6 | Government National Mortgage Association, Pool #MA4261  | 3.00 | 2/20/47 | 5 |
| 6 | Government National Mortgage Association, Pool #MA4068  | 3.00 | 11/20/46 | 5 |
| 24 | Government National Mortgage Association, Pool #MA8098  | 3.00 | 6/20/52 | 22 |
| 5 | Government National Mortgage Association, Pool #MA5815  | 3.00 | 3/20/49 | 4 |
| 23 | Government National Mortgage Association, Pool #MA7828  | 3.00 | 1/20/52 | 21 |
| 9 | Government National Mortgage Association, Pool #MA3802  | 3.00 | 7/20/46 | 8 |
| 8 | Government National Mortgage Association, Pool #MA3662  | 3.00 | 5/20/46 | 8 |
| 4 | Government National Mortgage Association, Pool #MA3596  | 3.00 | 4/20/46 | 3 |
| 8 | Government National Mortgage Association, Pool #AA5897  | 3.00 | 12/15/42 | 7 |
| 7 | Government National Mortgage Association, Pool #MA4126  | 3.00 | 12/20/46 | 6 |
| 6 | Government National Mortgage Association, Pool #MA0205  | 3.00 | 7/20/27 | 6 |
| 11 | Government National Mortgage Association, Pool #MA2520  | 3.00 | 1/20/45 | 10 |
| 16 | Government National Mortgage Association, Pool #MA4899  | 3.00 | 12/20/47 | 14 |
| 8 | Government National Mortgage Association, Pool #MA2960  | 3.00 | 7/20/45 | 7 |
| 8 | Government National Mortgage Association, Pool #MA3243  | 3.00 | 11/20/45 | 7 |
| 20 | Government National Mortgage Association, Pool #MA6766  | 3.00 | 7/20/50 | 18 |
| 8 | Government National Mortgage Association, Pool #MA4195  | 3.00 | 1/20/47 | 7 |
| 9 | Government National Mortgage Association, Pool #MA3936  | 3.00 | 9/20/46 | 8 |
| 5 | Government National Mortgage Association, Pool #MA3873  | 3.00 | 8/20/46 | 5 |
| 6 | Government National Mortgage Association, Pool #MA6089  | 3.00 | 8/20/49 | 5 |
| 6 | Government National Mortgage Association, Pool #MA6338  | 3.00 | 12/20/49 | 6 |
| 14 | Government National Mortgage Association, Pool #MA5018  | 3.00 | 2/20/48 | 12 |
| 9 | Government National Mortgage Association, Pool #MA6710  | 3.00 | 6/20/50 | 8 |
| 13 | Government National Mortgage Association, Pool #MA6474  | 3.00 | 2/20/50 | 11 |
| 16 | Government National Mortgage Association, Pool #MA1011  | 3.00 | 5/20/43 | 14 |
| 18 | Government National Mortgage Association, Pool #MA6656  | 3.00 | 5/20/50 | 16 |
| 16 | Government National Mortgage Association, Pool #MA0851  | 3.00 | 3/20/43 | 14 |
| 11 | Government National Mortgage Association, Pool #MA3735  | 3.00 | 6/20/46 | 10 |
| 7 | Government National Mortgage Association, Pool #MA6409  | 3.00 | 1/20/50 | 6 |
| 8 | Government National Mortgage Association, Pool #MA4836  | 3.00 | 11/20/47 | 8 |
| 11 | Government National Mortgage Association, Pool #MA6820  | 3.00 | 8/20/50 | 10 |
| 6 | Government National Mortgage Association, Pool #MA6283  | 3.00 | 11/20/49 | 5 |
| 8 | Government National Mortgage Association, Pool #MA6599  | 3.00 | 4/20/50 | 7 |
| 12 | Government National Mortgage Association, Pool #MA3375  | 3.00 | 1/20/46 | 11 |
| 4 | Government National Mortgage Association, Pool #AB9211  | 3.50 | 11/15/42 | 4 |
| 6 | Government National Mortgage Association, Pool #MA5019  | 3.50 | 2/20/48 | 6 |
| 4 | Government National Mortgage Association, Pool #MA3454  | 3.50 | 2/20/46 | 4 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Core Fixed Income Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $6 | Government National Mortgage Association, Pool #MA2961  | 3.50 | 7/20/45 | $6 |
| 10 | Government National Mortgage Association, Pool #MA4127  | 3.50 | 12/20/46 | 9 |
| 8 | Government National Mortgage Association, Pool #MA2371  | 3.50 | 11/20/44 | 8 |
| 7 | Government National Mortgage Association, Pool #MA5875  | 3.50 | 4/20/49 | 7 |
| 8 | Government National Mortgage Association, Pool #MA2223  | 3.50 | 9/20/44 | 8 |
| 7 | Government National Mortgage Association, Pool #MA3597  | 3.50 | 4/20/46 | 7 |
| 6 | Government National Mortgage Association, Pool #MA3244  | 3.50 | 11/20/45 | 5 |
| 4 | Government National Mortgage Association, Pool #MA4778  | 3.50 | 10/20/47 | 4 |
| 4 | Government National Mortgage Association, Pool #MA4837  | 3.50 | 11/20/47 | 4 |
| 6 | Government National Mortgage Association, Pool #MA2826  | 3.50 | 5/20/45 | 5 |
| 7 | Government National Mortgage Association, Pool #MA3310  | 3.50 | 12/20/45 | 7 |
| 5 | Government National Mortgage Association, Pool #MA5191  | 3.50 | 5/20/48 | 5 |
| 11 | Government National Mortgage Association, Pool #MA3173  | 3.50 | 10/20/45 | 10 |
| 9 | Government National Mortgage Association, Pool #MA4004  | 3.50 | 10/20/46 | 8 |
| 4 | Government National Mortgage Association, Pool #MA6219  | 3.50 | 10/20/49 | 4 |
| 5 | Government National Mortgage Association, Pool #MA6339  | 3.50 | 12/20/49 | 4 |
| 8 | Government National Mortgage Association, Pool #MA3736  | 3.50 | 6/20/46 | 7 |
| 8 | Government National Mortgage Association, Pool #MA4382  | 3.50 | 4/20/47 | 8 |
| 8 | Government National Mortgage Association, Pool #MA4510  | 3.50 | 6/20/47 | 8 |
| 8 | Government National Mortgage Association, Pool #MA4586  | 3.50 | 7/20/47 | 7 |
| 5 | Government National Mortgage Association, Pool #AC3938  | 3.50 | 1/15/43 | 5 |
| 8 | Government National Mortgage Association, Pool #MA4321  | 3.50 | 3/20/47 | 8 |
| 8 | Government National Mortgage Association, Pool #MA3803  | 3.50 | 7/20/46 | 7 |
| 8 | Government National Mortgage Association, Pool #MA3874  | 3.50 | 8/20/46 | 8 |
| 4 | Government National Mortgage Association, Pool #MA5762  | 3.50 | 2/20/49 | 3 |
| 15 | Government National Mortgage Association, Pool #MA0699  | 3.50 | 1/20/43 | 14 |
| 4 | Government National Mortgage Association, Pool #MA1574  | 3.50 | 1/20/29 | 4 |
| 8 | Government National Mortgage Association, Pool #MA3105  | 3.50 | 9/20/45 | 7 |
| 7 | Government National Mortgage Association, Pool #MA3376  | 3.50 | 1/20/46 | 7 |
| 18 | Government National Mortgage Association, Pool #MA1157  | 3.50 | 7/20/43 | 17 |
| 9 | Government National Mortgage Association, Pool #MA4652  | 3.50 | 8/20/47 | 8 |
| 28 | Government National Mortgage Association, Pool #MA1091  | 4.00 | 6/20/43 | 28 |
| 4 | Government National Mortgage Association, Pool #MA4653  | 4.00 | 8/20/47 | 4 |
| 7 | Government National Mortgage Association, Pool #MA6040  | 4.00 | 7/20/49 | 7 |
| 3 | Government National Mortgage Association, Pool #MA5876  | 4.00 | 4/20/49 | 3 |
| 3 | Government National Mortgage Association, Pool #MA3377  | 4.00 | 1/20/46 | 3 |
| 3 | Government National Mortgage Association, Pool #MA4322  | 4.00 | 3/20/47 | 3 |
| 3 | Government National Mortgage Association, Pool #MA5651  | 4.00 | 12/20/48 | 3 |
| 3 | Government National Mortgage Association, Pool #MA5595  | 4.00 | 11/20/48 | 3 |
| 3 | Government National Mortgage Association, Pool #MA5710  | 4.00 | 1/20/49 | 3 |
| 3 | Government National Mortgage Association, Pool #MA5466  | 4.00 | 9/20/48 | 3 |
| 9 | Government National Mortgage Association, Pool #MA6091  | 4.00 | 8/20/49 | 8 |
| 3 | Government National Mortgage Association, Pool #MA3245  | 4.00 | 11/20/45 | 3 |
| 6 | Government National Mortgage Association, Pool #MA1996  | 4.00 | 6/20/44 | 6 |
| 10 | Government National Mortgage Association, Pool #MA3737  | 4.00 | 6/20/46 | 10 |
| 3 | Government National Mortgage Association, Pool #MA5986  | 4.00 | 6/20/49 | 3 |
| 3 | Government National Mortgage Association, Pool #MA4263  | 4.00 | 2/20/47 | 3 |
| 7 | Government National Mortgage Association, Pool #MA4511  | 4.00 | 6/20/47 | 7 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Core Fixed Income Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $5 | Government National Mortgage Association, Pool #MA3522  | 4.00 | 3/20/46 | $5 |
| 3 | Government National Mortgage Association, Pool #MA5818  | 4.50 | 3/20/49 | 3 |
| 3 | Government National Mortgage Association, Pool #MA5596  | 4.50 | 11/20/48 | 3 |
| 6 | Government National Mortgage Association, Pool #MA5399  | 4.50 | 8/20/48 | 6 |
| 5 | Government National Mortgage Association, Pool #MA5764  | 4.50 | 2/20/49 | 5 |
| 3 | Government National Mortgage Association, Pool #MA5193  | 4.50 | 5/20/48 | 3 |
| 3 | Government National Mortgage Association, Pool #MA1762  | 4.50 | 3/20/44 | 3 |
| 9 | Government National Mortgage Association, Pool #MA5987  | 4.50 | 6/20/49 | 9 |
| 15 | Government National Mortgage Association, Pool #721760  | 4.50 | 8/15/40 | 15 |
| 25 | Government National Mortgage Association, Pool #4801  | 4.50 | 9/20/40 | 25 |
| 7 | Government National Mortgage Association, Pool #MA2756  | 4.50 | 4/20/45 | 7 |
| 5 | Government National Mortgage Association, Pool #MA2373  | 4.50 | 11/20/44 | 5 |
| 3 | Government National Mortgage Association, Pool #MA4721  | 4.50 | 9/20/47 | 3 |
| 4 | Government National Mortgage Association, Pool #MA5988  | 5.00 | 6/20/49 | 4 |
| 4 | Government National Mortgage Association, Pool #MA5933  | 5.00 | 5/20/49 | 4 |
| 2 | Government National Mortgage Association, Pool #MA5653  | 5.00 | 12/20/48 | 2 |
| 15 | Government National Mortgage Association, Pool #4559  | 5.00 | 10/20/39 | 16 |
| 12 | Government National Mortgage Association, Pool #697946  | 5.00 | 3/15/39 | 12 |
| 2 | Government National Mortgage Association, Pool #MA5530  | 5.00 | 10/20/48 | 2 |
| 25 | Government National Mortgage Association, 30 YR TBA  | 2.00 | 1/20/53 | 21 |
| 50 | Government National Mortgage Association, 30 YR TBA  | 3.50 | 1/20/53 | 46 |
| 75 | Government National Mortgage Association, 30 YR TBA  | 4.00 | 1/20/53 | 70 |
| 25 | Government National Mortgage Association, 30 YR TBA  | 4.50 | 1/20/53 | 24 |
| 25 | Government National Mortgage Association, 30 YR TBA  | 4.50 | 2/20/53 | 24 |
| 25 | Government National Mortgage Association, 30 YR TBA  | 5.00 | 1/20/51 | 25 |
| 25 | Government National Mortgage Association, 30 YR TBA  | 5.50 | 2/20/53 | 25 |
|  | **Total U.S. Government Agency Mortgages**  |  |  | 8990 |
|  | **U.S. Government Agency Securities — 0.97%** |  |  |  |
| 25 | Fannie Mae  | 0.50 | 6/17/25 | 23 |
| 25 | Fannie Mae  | 0.75 | 10/8/27 | 21 |
| 25 | Fannie Mae, Callable 3/18/23 @ 100.00  | 0.88 | 12/18/26 | 22 |
| 25 | Fannie Mae  | 1.63 | 1/7/25 | 24 |
| 10 | Fannie Mae  | 5.63 | 7/15/37 | 11 |
| 20 | Fannie Mae  | 6.63 | 11/15/30 | 23 |
| 25 | Fannie Mae  | 7.25 | 5/15/30 | 30 |
| 25 | Federal Farm Credit Bank  | 0.25 | 2/26/24 | 24 |
| 75 | Federal Farm Credit Bank  | 0.88 | 11/18/24 | 70 |
| 25 | Federal Farm Credit Bank  | 3.38 | 8/26/24 | 24 |
| 25 | Federal Farm Credit Bank  | 4.25 | 9/26/24 | 25 |
| 25 | Federal Home Loan Bank  | 0.63 | 12/22/23 | 24 |
| 40 | Federal Home Loan Bank  | 2.75 | 12/13/24 | 39 |
| 25 | Federal Home Loan Bank  | 2.75 | 6/28/24 | 24 |
| 40 | Federal Home Loan Bank  | 2.88 | 9/13/24 | 39 |
| 25 | Federal Home Loan Bank  | 3.25 | 11/16/28 | 24 |
| 75 | Freddie Mac  | 0.25 | 12/4/23 | 72 |
| 50 | Freddie Mac  | 0.38 | 7/21/25 | 45 |
| 15 | Freddie Mac  | 6.25 | 7/15/32 | 17 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Core Fixed Income Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Securities (continued)** | **U.S. Government Agency Securities (continued)** | **U.S. Government Agency Securities (continued)** | **U.S. Government Agency Securities (continued)** |
| $10 | Freddie Mac  | 6.75 | 3/15/31 | $12 |
| 5 | Tennessee Valley Authority  | 3.50 | 12/15/42 | 4 |
| 30 | Tennessee Valley Authority  | 5.88 | 4/1/36 | 33 |
|  | **Total U.S. Government Agency Securities**  |  |  | 630 |
|  | **Corporate Bonds — 15.76%** |  |  |  |
| 85 | AbbVie, Inc. (Biotechnology), Callable 8/14/28 @ 100.00  | 4.25 | 11/14/28 | 82 |
| 110 | AbbVie, Inc. (Biotechnology)  | 4.40 | 11/6/42 | 96 |
| 70 | American Express Co. (Consumer Finance), Callable 7/1/25 @ 100.00  | 3.95 | 8/1/25 | 69 |
| 80 | Amgen, Inc. (Biotechnology), Callable 8/21/39 @ 100.00  | 3.15 | 2/21/40 | 59 |
| 155 | Amgen, Inc. (Biotechnology), Callable 6/18/29 @ 100.00  | 4.05 | 8/18/29 | 145 |
| 220 | Anheuser-Busch InBev Worldwide, Inc. (Beverages)  | 4.95 | 1/15/42 | 207 |
| 40 | Anthem, Inc. (Health Care Providers & Services), Callable 2/15/30 @ 100.00  | 2.25 | 5/15/30 | 33 |
| 40 | Anthem, Inc. (Health Care Providers & Services)  | 4.63 | 5/15/42 | 36 |
| 140 | Apple, Inc. (Technology Hardware, Storage & Peripherals), Callable 8/23/45 @ 100.00  | 4.65 | 2/23/46 | 133 |
| 148 | AT&T, Inc. (Diversified Telecommunication Services), Callable 3/15/55 @ 100.00  | 3.55 | 9/15/55 | 100 |
| 115 | AT&T, Inc. (Diversified Telecommunication Services), Callable 12/1/28 @ 100.00  | 4.35 | 3/1/29 | 109 |
| 55 | AT&T, Inc. (Diversified Telecommunication Services), Callable 9/9/48 @ 100.00  | 4.55 | 3/9/49 | 45 |
| 95 | Atmos Energy Corp. (Gas Utilities), Callable 7/15/42 @ 100.00  | 4.15 | 1/15/43 | 79 |
| 85 | Bank of America Corp. (Banks), Callable 4/22/31 @ 100.00  | 2.69 (SOFR + 132 bps)<sup>(b)</sup> | 4/22/32 | 68 |
| 430 | Bank of America Corp. (Banks), Callable 12/20/27 @ 100.00  | 3.42 (US0003M + 104 bps)<sup>(b)</sup> | 12/20/28 | 389 |
| 90 | Bank of America Corp., MTN (Banks), Callable 2/7/29 @ 100.00  | 3.97 (US0003M + 121 bps)<sup>(b)</sup> | 2/7/30 | 81 |
| 95 | Berkshire Hathaway, Inc. (Multi-Utilities), Callable 8/1/44 @ 100.00  | 4.50 | 2/1/45 | 82 |
| 25 | BP Capital Markets America, Inc. (Diversified Financial Services), Callable 8/24/49 @ 100.00  | 3.00 | 2/24/50 | 17 |
| 70 | Bristol-Myers Squibb Co. (Pharmaceuticals), Callable 4/26/49 @ 100.00  | 4.25 | 10/26/49 | 61 |
| 137 | Brown & Brown, Inc. (Insurance), Callable 12/15/28 @ 100.00  | 4.50 | 3/15/29 | 127 |
| 75 | Bunge Limited Finance Corp. (Food Products), Callable 2/14/31 @ 100.00  | 2.75 | 5/14/31 | 62 |
| 125 | Capital One Financial Corp. (Consumer Finance), Callable 7/24/25 @ 100.00  | 4.99 (SOFR + 216 bps)<sup>(b)</sup> | 7/24/26 | 122 |
| 190 | Charter Communications Operating LLC/Charter Communications Operating Capital (Media), Callable 12/30/28 @ 100.00  | 5.05 | 3/30/29 | 179 |
| 65 | Citigroup, Inc. (Banks), Callable 4/23/28 @ 100.00  | 4.07 (US0003M + 119 bps)<sup>(b)</sup> | 4/23/29 | 59 |
| 110 | Citigroup, Inc. (Banks), Callable 3/31/30 @ 100.00  | 4.41 (SOFR + 391 bps)<sup>(b)</sup> | 3/31/31 | 101 |
| 200 | Citigroup, Inc. (Banks), Callable 9/29/25 @ 100.00  | 5.61 (SOFR + 155 bps)<sup>(b)</sup> | 9/29/26 | 201 |
| 75 | Comcast Corp. (Media), Callable 5/1/49 @ 100.00  | 4.00 | 11/1/49 | 60 |
| 25 | Comcast Corp. (Media)  | 4.65 | 7/15/42 | 23 |
| 20 | Consolidated Edison Company of New York, Inc., Series 2008-B (Multi-Utilities)  | 6.75 | 4/1/38 | 22 |
| 110 | Constellation Brands, Inc. (Beverages), Callable 5/1/29 @ 100.00  | 3.15 | 8/1/29 | 97 |
| 115 | CSX Corp. (Road & Rail)  | 6.22 | 4/30/40 | 124 |
| 120 | CVS Health Corp. (Health Care Providers & Services), Callable 9/25/37 @ 100.00  | 4.78 | 3/25/38 | 110 |
| 45 | CVS Health Corp. (Health Care Providers & Services), Callable 1/20/45 @ 100.00  | 5.13 | 7/20/45 | 41 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Core Fixed Income Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| $70 | Dell International LLC/EMC Corp. (Technology Hardware & Semiconductors), Callable 8/1/26 @ 100.00  | 4.90 | 10/1/26 | $69 |
| 93 | Devon Energy Corp. (Oil, Gas & Consumable Fuels), Callable 1/15/41 @ 100.00  | 5.60 | 7/15/41 | 87 |
| 75 | Digital Realty Trust LP (Equity Real Estate Investment Trusts), Callable 4/15/28 @ 100.00  | 4.45 | 7/15/28 | 71 |
| 115 | Dominion Energy Gas Holding LLC, Series B (Multi-Utilities), Callable 8/15/29 @ 100.00  | 3.00 | 11/15/29 | 98 |
| 225 | Dominion Gas Holdings LLC (Multi-Utilities), Callable 9/15/24 @ 100.00  | 3.60 | 12/15/24 | 219 |
| 35 | Duke Energy Carolinas LLC (Electric Utilities), Callable 6/15/41 @ 100.00  | 4.25 | 12/15/41 | 30 |
| 25 | Duke Energy Progress LLC (Electric Utilities), Callable 2/15/45 @ 100.00  | 4.20 | 8/15/45 | 21 |
| 55 | E.I. du Pont de Nemours and Co. (Chemicals), Callable 4/15/30 @ 100.00  | 2.30 | 7/15/30 | 46 |
| 5 | Energy Transfer Partners LP (Oil, Gas & Consumable Fuels), Callable 3/15/28 @ 100.00  | 4.95 | 6/15/28 | 5 |
| 139 | Enterprise Products Operating LLC (Oil, Gas & Consumable Fuels), Callable 9/15/43 @ 100.00  | 4.85 | 3/15/44 | 122 |
| 174 | FedEx Corp., Series 2020-1, AA (Air Freight & Logistics)  | 1.88 | 8/20/35 | 141 |
| 45 | Fiserv, Inc. (IT Services), Callable 4/1/29 @ 100.00  | 3.50 | 7/1/29 | 41 |
| 50 | General Motors Co. (Automobiles), Callable 7/1/27 @ 100.00  | 4.20 | 10/1/27 | 47 |
| 46 | Gilead Sciences, Inc. (Biotechnology), Callable 8/1/44 @ 100.00  | 4.50 | 2/1/45 | 40 |
| 105 | HCA, Inc. (Health Care Providers & Services)  | 5.38 | 2/1/25 | 105 |
| 40 | Intel Corp. (Semiconductors & Semiconductor Equipment), Callable 6/8/47 @ 100.00  | 3.73 | 12/8/47 | 30 |
| 150 | Intel Corp. (Semiconductors & Semiconductor Equipment), Callable 6/5/29 @ 100.00  | 4.00 | 8/5/29 | 143 |
| 150 | International Business Machines Corp. (IT Services)  | 7.00 | 10/30/25 | 159 |
| 40 | International Paper Co. (Containers & Packaging), Callable 5/15/41 @ 100.00  | 6.00 | 11/15/41 | 40 |
| 30 | JPMorgan Chase & Co. (Banks), Callable 5/1/27 @ 100.00  | 3.54 (US0003M + 138 bps)<sup>(b)</sup> | 5/1/28 | 28 |
| 570 | JPMorgan Chase & Co. (Banks), Callable 4/23/28 @ 100.00  | 4.01 (US0003M + 112 bps)<sup>(b)</sup> | 4/23/29 | 528 |
| 100 | Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels), Callable 12/1/44 @ 100.00  | 5.55 | 6/1/45 | 91 |
| 105 | Lincoln National Corp. (Insurance), Callable 12/1/27 @ 100.00  | 3.80 | 3/1/28 | 97 |
| 80 | Lincoln National Corp. (Insurance)  | 7.00 | 6/15/40 | 83 |
| 20 | LYB International Finance BV (Chemicals), Callable 9/15/43 @ 100.00  | 4.88 | 3/15/44 | 17 |
| 70 | Martin Marietta Materials, Inc. (Construction Materials), Callable 3/1/27 @ 100.00  | 3.45 | 6/1/27 | 65 |
| 80 | Marvell Technology, Inc. (Semiconductors & Semiconductor Equipment), Callable 1/15/31 @ 100.00  | 2.95 | 4/15/31 | 65 |
| 85 | Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment), Callable 2/6/23 @ 102.13  | 4.25 | 9/1/25 | 82 |
| 110 | Microsoft Corp. (Software), Callable 9/17/61 @ 100.00  | 3.04 | 3/17/62 | 76 |
| 55 | Mohawk Industries, Inc. (Household Durables), Callable 2/15/30 @ 100.00  | 3.63 | 5/15/30 | 47 |
| 200 | Morgan Stanley, MTN (Capital Markets), Callable 7/20/26 @ 100.00  | 1.51 (SOFR + 86 bps)<sup>(b)</sup> | 7/20/27 | 174 |
| 225 | Morgan Stanley, MTN (Capital Markets), Callable 1/23/29 @ 100.00  | 4.43 (US0003M + 163 bps)<sup>(b)</sup> | 1/23/30 | 210 |
| 85 | National Retail Properties, Inc. (Equity Real Estate Investment Trusts), Callable 1/15/30 @ 100.00  | 2.50 | 4/15/30 | 69 |
| 125 | National Rural Utilities Cooperative Finance Corp. (Diversified Financial Services), Callable 8/1/28 @ 100.00  | 3.90 | 11/1/28 | 117 |
| 40 | NextEra Energy Capital Holdings, Inc. (Electric Utilities), Callable 3/1/30 @ 100.00  | 2.25 | 6/1/30 | 33 |
| 75 | Northrop Grumman Corp. (Aerospace & Defense), Callable 4/15/47 @ 100.00  | 4.03 | 10/15/47 | 62 |
| 50 | Nucor Corp. (Metals & Mining), Callable 2/1/43 @ 100.00  | 5.20 | 8/1/43 | 47 |
| 40 | NVIDIA Corp. (Semiconductors & Semiconductor Equipment), Callable 1/1/30 @ 100.00  | 2.85 | 4/1/30 | 35 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Core Fixed Income Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| $120 | Oklahoma Gas and Electric Co. (Electric Utilities), Callable 2/15/28 @ 100.00  | 3.80 | 8/15/28 | $112 |
| 165 | Ovintiv Exploration, Inc. (Oil, Gas & Consumable Fuels), Callable 10/1/25 @ 100.00  | 5.38 | 1/1/26 | 163 |
| 50 | Pfizer, Inc. (Pharmaceuticals)  | 4.30 | 6/15/43 | 46 |
| 120 | Philip Morris International, Inc. (Tobacco)  | 4.50 | 3/20/42 | 101 |
| 65 | Principal Financial Group, Inc. (Insurance), Callable 2/15/29 @ 100.00  | 3.70 | 5/15/29 | 60 |
| 85 | Progress Energy, Inc. (Electric Utilities)  | 6.00 | 12/1/39 | 85 |
| 55 | Prudential Financial, Inc. (Insurance)  | 4.60 | 5/15/44 | 49 |
| 15 | Prudential Financial, Inc., MTN (Insurance)  | 6.63 | 6/21/40 | 16 |
| 30 | Public Service Electric & Gas Co. (Electric Utilities), Callable 3/1/42 @ 100.00  | 3.65 | 9/1/42 | 24 |
| 95 | Reliance Steel & Aluminum Co. (Metals & Mining), Callable 7/15/25 @ 100.00  | 1.30 | 8/15/25 | 86 |
| 70 | Reliance Steel & Aluminum Co. (Metals & Mining), Callable 5/15/30 @ 100.00  | 2.15 | 8/15/30 | 55 |
| 140 | RELX Capital, Inc. (Professional Services), Callable 2/22/30 @ 100.00  | 3.00 | 5/22/30 | 120 |
| 155 | Rockwell Collins, Inc. (Aerospace & Defense), Callable 12/15/26 @ 100.00  | 3.50 | 3/15/27 | 146 |
| 50 | Roper Technologies, Inc. (Industrial Conglomerates), Callable 6/15/28 @ 100.00  | 4.20 | 9/15/28 | 48 |
| 70 | Sabra Health Care, LP (Equity Real Estate Investment Trusts), Callable 9/1/31 @ 100.00  | 3.20 | 12/1/31 | 52 |
| 30 | Southern Company Gas Capital Corp. (Electric Utilities), Callable 3/15/26 @ 100.00  | 3.25 | 6/15/26 | 28 |
| 80 | Southern Company Gas Capital Corp. (Electric Utilities), Callable 11/30/46 @ 100.00  | 4.40 | 5/30/47 | 64 |
| 55 | Southwest Airlines Co. (Airlines), Callable 4/15/27 @ 100.00  | 5.13 | 6/15/27 | 54 |
| 95 | Sunoco Logistics Partners Operations LP (Oil, Gas & Consumable Fuels), Callable 7/15/42 @ 100.00  | 4.95 | 1/15/43 | 77 |
| 150 | TCI Communications, Inc. (Media)  | 7.88 | 2/15/26 | 162 |
| 420 | The Goldman Sachs Group, Inc. (Capital Markets), Callable 6/5/27 @ 100.00  | 3.69 (US0003M + 151 bps)<sup>(b)</sup> | 6/5/28 | 390 |
| 55 | The Home Depot, Inc. (Specialty Retail), Callable 6/6/48 @ 100.00  | 4.50 | 12/6/48 | 50 |
| 40 | The Home Depot, Inc. (Specialty Retail), Callable 3/15/40 @ 100.00  | 5.40 | 9/15/40 | 41 |
| 125 | The Interpublic Group of Companies, Inc. (Media)  | 4.20 | 4/15/24 | 123 |
| 25 | The Interpublic Group of Companies, Inc. (Media), Callable 4/1/48 @ 100.00  | 5.40 | 10/1/48 | 23 |
| 60 | The Travelers Companies, Inc. (Insurance)  | 5.35 | 11/1/40 | 60 |
| 90 | The Walt Disney Co. (Entertainment), Callable 3/15/44 @ 100.00  | 4.75 | 9/15/44 | 83 |
| 80 | T-Mobile USA, Inc. (Wireless Telecommunication Services), Callable 2/15/23 @ 101.13  | 2.25 | 2/15/26 | 73 |
| 50 | United Technologies Corp. (Aerospace & Defense)  | 4.50 | 6/1/42 | 45 |
| 45 | UnitedHealth Group, Inc. (Health Care Providers & Services), Callable 5/15/41 @ 100.00  | 4.63 | 11/15/41 | 41 |
| 35 | UnitedHealth Group, Inc. (Health Care Providers & Services)  | 4.75 | 7/15/45 | 33 |
| 70 | Valero Energy Corp. (Oil, Gas & Consumable Fuels)  | 6.63 | 6/15/37 | 74 |
| 25 | Ventas Realty LP (Equity Real Estate Investment Trusts), Callable 11/1/24 @ 100.00  | 3.50 | 2/1/25 | 24 |
| 75 | Ventas Realty LP (Equity Real Estate Investment Trusts), Callable 2/1/24 @ 100.00  | 3.75 | 5/1/24 | 73 |
| 40 | Ventas Realty LP (Real Estate), Callable 10/15/28 @ 100.00  | 4.40 | 1/15/29 | 37 |
| 262 | Verizon Communications, Inc. (Diversified Telecommunication Services), Callable 9/22/40 @ 100.00  | 3.40 | 3/22/41 | 197 |
| 95 | Verizon Communications, Inc. (Diversified Telecommunication Services)  | 4.33 | 9/21/28 | 91 |
| 85 | Virginia Electric and Power Co., Series B (Electric Utilities), Callable 3/15/47 @ 100.00  | 3.80 | 9/15/47 | 65 |
| 220 | Wells Fargo & Co., MTN (Banks), Callable 10/30/29 @ 100.00  | 2.88 (US0003M + 117 bps)<sup>(b)</sup> | 10/30/30 | 187 |
| 210 | Wells Fargo & Co., MTN (Banks), Callable 5/22/27 @ 100.00  | 3.58 (US0003M + 131 bps)<sup>(b)</sup> | 5/22/28 | 195 |
| 35 | Wells Fargo & Co. (Banks), Callable 10/24/28 @ 100.00  | 4.15 | 1/24/29 | 33 |
| 55 | WestRock MWV LLC (Containers & Packaging)  | 8.20 | 1/15/30 | 62 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Core Fixed Income Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| $55 | XTO Energy, Inc. (Oil, Gas & Consumable Fuels)  | 6.75 | 8/1/37 | $60 |
|  | **Total Corporate Bonds**  |  |  | 10267 |
|  | **U.S. Treasury Obligations — 31.59%** |  |  |  |
| 8 | U.S. Treasury Bond  | 1.13 | 8/15/40 | 5 |
| 15 | U.S. Treasury Bond  | 1.13 | 5/15/40 | 9 |
| 125 | U.S. Treasury Bond  | 1.25 | 5/15/50 | 67 |
| 133 | U.S. Treasury Bond  | 1.38 | 11/15/40 | 86 |
| 145 | U.S. Treasury Bond  | 1.38 | 8/15/50 | 81 |
| 140 | U.S. Treasury Bond  | 1.63 | 11/15/50 | 84 |
| 100 | U.S. Treasury Bond  | 1.75 | 8/15/41 | 68 |
| 156 | U.S. Treasury Bond  | 1.88 | 2/15/51 | 99 |
| 148 | U.S. Treasury Bond  | 1.88 | 11/15/51 | 94 |
| 140 | U.S. Treasury Bond  | 1.88 | 2/15/41 | 99 |
| 106 | U.S. Treasury Bond  | 2.00 | 2/15/50 | 70 |
| 145 | U.S. Treasury Bond  | 2.00 | 11/15/41 | 104 |
| 159 | U.S. Treasury Bond  | 2.00 | 8/15/51 | 104 |
| 101 | U.S. Treasury Bond  | 2.25 | 8/15/49 | 71 |
| 173 | U.S. Treasury Bond  | 2.25 | 2/15/52 | 121 |
| 100 | U.S. Treasury Bond  | 2.25 | 5/15/41 | 75 |
| 117 | U.S. Treasury Bond  | 2.25 | 8/15/46 | 83 |
| 96 | U.S. Treasury Bond  | 2.38 | 11/15/49 | 70 |
| 110 | U.S. Treasury Bond  | 2.38 | 2/15/42 | 84 |
| 110 | U.S. Treasury Bond  | 2.38 | 5/15/51 | 79 |
| 75 | U.S. Treasury Bond  | 2.50 | 5/15/46 | 56 |
| 80 | U.S. Treasury Bond  | 2.50 | 2/15/46 | 60 |
| 60 | U.S. Treasury Bond  | 2.50 | 2/15/45 | 45 |
| 80 | U.S. Treasury Bond  | 2.75 | 11/15/47 | 63 |
| 55 | U.S. Treasury Bond  | 2.75 | 8/15/47 | 43 |
| 147 | U.S. Treasury Bond  | 2.88 | 5/15/52 | 118 |
| 60 | U.S. Treasury Bond  | 2.88 | 8/15/45 | 48 |
| 94 | U.S. Treasury Bond  | 2.88 | 5/15/49 | 76 |
| 65 | U.S. Treasury Bond  | 2.88 | 11/15/46 | 52 |
| 60 | U.S. Treasury Bond  | 2.88 | 5/15/43 | 49 |
| 85 | U.S. Treasury Bond  | 3.00 | 8/15/52 | 70 |
| 75 | U.S. Treasury Bond  | 3.00 | 2/15/47 | 61 |
| 90 | U.S. Treasury Bond  | 3.00 | 2/15/49 | 74 |
| 50 | U.S. Treasury Bond  | 3.00 | 5/15/45 | 41 |
| 50 | U.S. Treasury Bond  | 3.00 | 11/15/45 | 41 |
| 50 | U.S. Treasury Bond  | 3.00 | 2/15/48 | 41 |
| 95 | U.S. Treasury Bond  | 3.00 | 8/15/48 | 78 |
| 55 | U.S. Treasury Bond  | 3.00 | 5/15/47 | 45 |
| 100 | U.S. Treasury Bond  | 3.00 | 11/15/44 | 83 |
| 22 | U.S. Treasury Bond  | 3.13 | 8/15/44 | 19 |
| 25 | U.S. Treasury Bond  | 3.13 | 11/15/41 | 22 |
| 80 | U.S. Treasury Bond  | 3.13 | 5/15/48 | 67 |
| 90 | U.S. Treasury Bond  | 3.13 | 2/15/43 | 77 |
| 125 | U.S. Treasury Bond  | 3.25 | 5/15/42 | 110 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Core Fixed Income Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** |
| $75 | U.S. Treasury Bond  | 3.38 | 5/15/44 | $66 |
| 10 | U.S. Treasury Bond  | 3.38 | 8/15/42 | 9 |
| 30 | U.S. Treasury Bond  | 3.38 | 11/15/48 | 26 |
| 8 | U.S. Treasury Bond  | 3.50 | 2/15/39 | 8 |
| 100 | U.S. Treasury Bond  | 3.63 | 2/15/44 | 92 |
| 75 | U.S. Treasury Bond  | 3.63 | 8/15/43 | 69 |
| 75 | U.S. Treasury Bond  | 3.75 | 11/15/43 | 70 |
| 33 | U.S. Treasury Bond  | 3.75 | 8/15/41 | 31 |
| 10 | U.S. Treasury Bond  | 3.88 | 8/15/40 | 10 |
| 48 | U.S. Treasury Bond  | 4.00 | 11/15/52 | 48 |
| 25 | U.S. Treasury Bond  | 4.00 | 11/15/42 | 25 |
| 100 | U.S. Treasury Bond  | 4.25 | 11/15/40 | 102 |
| 25 | U.S. Treasury Bond  | 4.38 | 2/15/38 | 26 |
| 25 | U.S. Treasury Bond  | 4.38 | 11/15/39 | 26 |
| 15 | U.S. Treasury Bond  | 4.38 | 5/15/40 | 16 |
| 35 | U.S. Treasury Bond  | 4.38 | 5/15/41 | 36 |
| 20 | U.S. Treasury Bond  | 4.50 | 2/15/36 | 21 |
| 35 | U.S. Treasury Bond  | 4.63 | 2/15/40 | 38 |
| 10 | U.S. Treasury Bond  | 4.75 | 2/15/37 | 11 |
| 70 | U.S. Treasury Bond  | 4.75 | 2/15/41 | 76 |
| 40 | U.S. Treasury Bond  | 5.00 | 5/15/37 | 45 |
| 20 | U.S. Treasury Bond  | 5.25 | 2/15/29 | 21 |
| 40 | U.S. Treasury Bond  | 5.38 | 2/15/31 | 44 |
| 25 | U.S. Treasury Bond  | 6.00 | 2/15/26 | 26 |
| 60 | U.S. Treasury Bond  | 6.13 | 11/15/27 | 65 |
| 25 | U.S. Treasury Bond  | 6.13 | 8/15/29 | 28 |
| 35 | U.S. Treasury Bond  | 6.25 | 5/15/30 | 40 |
| 15 | U.S. Treasury Bond  | 6.50 | 11/15/26 | 16 |
| 17 | U.S. Treasury Bond  | 7.50 | 11/15/24 | 18 |
| 15 | U.S. Treasury Bond  | 7.63 | 2/15/25 | 16 |
| 120 | U.S. Treasury Note  | 0.13 | 1/15/24 | 114 |
| 145 | U.S. Treasury Note  | 0.13 | 2/15/24 | 138 |
| 60 | U.S. Treasury Note  | 0.25 | 7/31/25 | 54 |
| 135 | U.S. Treasury Note  | 0.25 | 9/30/25 | 121 |
| 130 | U.S. Treasury Note  | 0.25 | 6/15/24 | 122 |
| 125 | U.S. Treasury Note  | 0.25 | 5/15/24 | 118 |
| 115 | U.S. Treasury Note  | 0.25 | 8/31/25 | 103 |
| 140 | U.S. Treasury Note  | 0.25 | 3/15/24 | 133 |
| 60 | U.S. Treasury Note  | 0.25 | 6/30/25 | 54 |
| 125 | U.S. Treasury Note  | 0.25 | 10/31/25 | 112 |
| 45 | U.S. Treasury Note  | 0.25 | 5/31/25 | 41 |
| 35 | U.S. Treasury Note  | 0.38 | 9/30/27 | 29 |
| 25 | U.S. Treasury Note  | 0.38 | 12/31/25 | 22 |
| 115 | U.S. Treasury Note  | 0.38 | 7/15/24 | 108 |
| 60 | U.S. Treasury Note  | 0.38 | 11/30/25 | 54 |
| 180 | U.S. Treasury Note  | 0.38 | 9/15/24 | 168 |
| 80 | U.S. Treasury Note  | 0.38 | 4/30/25 | 73 |
| 105 | U.S. Treasury Note  | 0.38 | 8/15/24 | 98 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Core Fixed Income Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** |
| $82 | U.S. Treasury Note  | 0.38 | 1/31/26 | $73 |
| 115 | U.S. Treasury Note  | 0.38 | 7/31/27 | 98 |
| 100 | U.S. Treasury Note  | 0.50 | 8/31/27 | 85 |
| 130 | U.S. Treasury Note  | 0.50 | 2/28/26 | 116 |
| 100 | U.S. Treasury Note  | 0.50 | 10/31/27 | 85 |
| 105 | U.S. Treasury Note  | 0.50 | 6/30/27 | 90 |
| 5 | U.S. Treasury Note  | 0.50 | 4/30/27 | 4 |
| 110 | U.S. Treasury Note  | 0.63 | 10/15/24 | 103 |
| 85 | U.S. Treasury Note  | 0.63 | 11/30/27 | 72 |
| 250 | U.S. Treasury Note  | 0.63 | 8/15/30 | 197 |
| 195 | U.S. Treasury Note  | 0.63 | 5/15/30 | 154 |
| 5 | U.S. Treasury Note  | 0.63 | 3/31/27 | 4 |
| 80 | U.S. Treasury Note  | 0.63 | 12/31/27 | 68 |
| 140 | U.S. Treasury Note  | 0.63 | 7/31/26 | 124 |
| 145 | U.S. Treasury Note  | 0.75 | 3/31/26 | 130 |
| 135 | U.S. Treasury Note  | 0.75 | 1/31/28 | 115 |
| 150 | U.S. Treasury Note  | 0.75 | 5/31/26 | 134 |
| 100 | U.S. Treasury Note  | 0.75 | 11/15/24 | 93 |
| 42 | U.S. Treasury Note  | 0.75 | 8/31/26 | 37 |
| 125 | U.S. Treasury Note  | 0.75 | 4/30/26 | 112 |
| 90 | U.S. Treasury Note  | 0.88 | 1/31/24 | 86 |
| 145 | U.S. Treasury Note  | 0.88 | 9/30/26 | 129 |
| 60 | U.S. Treasury Note  | 0.88 | 6/30/26 | 54 |
| 185 | U.S. Treasury Note  | 0.88 | 11/15/30 | 148 |
| 125 | U.S. Treasury Note  | 1.00 | 7/31/28 | 106 |
| 135 | U.S. Treasury Note  | 1.00 | 12/15/24 | 126 |
| 155 | U.S. Treasury Note  | 1.13 | 2/29/28 | 134 |
| 145 | U.S. Treasury Note  | 1.13 | 10/31/26 | 130 |
| 125 | U.S. Treasury Note  | 1.13 | 8/31/28 | 107 |
| 10 | U.S. Treasury Note  | 1.13 | 2/28/27 | 9 |
| 135 | U.S. Treasury Note  | 1.13 | 1/15/25 | 126 |
| 70 | U.S. Treasury Note  | 1.13 | 2/28/25 | 65 |
| 251 | U.S. Treasury Note  | 1.13 | 2/15/31 | 204 |
| 95 | U.S. Treasury Note  | 1.25 | 6/30/28 | 82 |
| 130 | U.S. Treasury Note  | 1.25 | 3/31/28 | 113 |
| 45 | U.S. Treasury Note  | 1.25 | 8/31/24 | 43 |
| 120 | U.S. Treasury Note  | 1.25 | 9/30/28 | 103 |
| 270 | U.S. Treasury Note  | 1.25 | 8/15/31 | 218 |
| 150 | U.S. Treasury Note  | 1.25 | 11/30/26 | 135 |
| 145 | U.S. Treasury Note  | 1.25 | 12/31/26 | 130 |
| 130 | U.S. Treasury Note  | 1.25 | 5/31/28 | 113 |
| 130 | U.S. Treasury Note  | 1.25 | 4/30/28 | 113 |
| 120 | U.S. Treasury Note  | 1.38 | 10/31/28 | 104 |
| 197 | U.S. Treasury Note  | 1.38 | 11/15/31 | 160 |
| 115 | U.S. Treasury Note  | 1.38 | 12/31/28 | 99 |
| 90 | U.S. Treasury Note  | 1.50 | 2/29/24 | 87 |
| 140 | U.S. Treasury Note  | 1.50 | 8/15/26 | 128 |
| 90 | U.S. Treasury Note  | 1.50 | 11/30/24 | 85 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Core Fixed Income Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** |
| $63 | U.S. Treasury Note  | 1.50 | 2/15/30 | $54 |
| 185 | U.S. Treasury Note  | 1.50 | 1/31/27 | 167 |
| 30 | U.S. Treasury Note  | 1.50 | 9/30/24 | 28 |
| 115 | U.S. Treasury Note  | 1.50 | 11/30/28 | 100 |
| 85 | U.S. Treasury Note  | 1.50 | 2/15/25 | 80 |
| 195 | U.S. Treasury Note  | 1.63 | 5/15/31 | 164 |
| 130 | U.S. Treasury Note  | 1.63 | 8/15/29 | 113 |
| 120 | U.S. Treasury Note  | 1.63 | 2/15/26 | 111 |
| 130 | U.S. Treasury Note  | 1.63 | 5/15/26 | 120 |
| 70 | U.S. Treasury Note  | 1.63 | 9/30/26 | 64 |
| 20 | U.S. Treasury Note  | 1.75 | 12/31/26 | 18 |
| 120 | U.S. Treasury Note  | 1.75 | 11/15/29 | 105 |
| 75 | U.S. Treasury Note  | 1.75 | 3/15/25 | 71 |
| 90 | U.S. Treasury Note  | 1.75 | 1/31/29 | 79 |
| 88 | U.S. Treasury Note  | 1.75 | 12/31/24 | 84 |
| 75 | U.S. Treasury Note  | 1.75 | 6/30/24 | 72 |
| 85 | U.S. Treasury Note  | 1.88 | 2/28/29 | 75 |
| 180 | U.S. Treasury Note  | 1.88 | 2/28/27 | 165 |
| 247 | U.S. Treasury Note  | 1.88 | 2/15/32 | 208 |
| 75 | U.S. Treasury Note  | 1.88 | 7/31/26 | 69 |
| 25 | U.S. Treasury Note  | 1.88 | 6/30/26 | 23 |
| 20 | U.S. Treasury Note  | 1.88 | 8/31/24 | 19 |
| 160 | U.S. Treasury Note  | 2.00 | 11/15/26 | 148 |
| 140 | U.S. Treasury Note  | 2.00 | 8/15/25 | 132 |
| 125 | U.S. Treasury Note  | 2.00 | 5/31/24 | 120 |
| 95 | U.S. Treasury Note  | 2.00 | 6/30/24 | 91 |
| 70 | U.S. Treasury Note  | 2.00 | 4/30/24 | 68 |
| 170 | U.S. Treasury Note  | 2.00 | 2/15/25 | 162 |
| 55 | U.S. Treasury Note  | 2.13 | 7/31/24 | 53 |
| 65 | U.S. Treasury Note  | 2.13 | 9/30/24 | 62 |
| 95 | U.S. Treasury Note  | 2.13 | 3/31/24 | 92 |
| 5 | U.S. Treasury Note  | 2.13 | 2/29/24 | 5 |
| 50 | U.S. Treasury Note  | 2.13 | 11/30/24 | 48 |
| 85 | U.S. Treasury Note  | 2.13 | 5/15/25 | 81 |
| 100 | U.S. Treasury Note  | 2.13 | 5/31/26 | 94 |
| 50 | U.S. Treasury Note  | 2.25 | 12/31/23 | 49 |
| 165 | U.S. Treasury Note  | 2.25 | 2/15/27 | 153 |
| 55 | U.S. Treasury Note  | 2.25 | 12/31/24 | 53 |
| 55 | U.S. Treasury Note  | 2.25 | 10/31/24 | 53 |
| 150 | U.S. Treasury Note  | 2.25 | 11/15/27 | 138 |
| 50 | U.S. Treasury Note  | 2.25 | 4/30/24 | 48 |
| 80 | U.S. Treasury Note  | 2.25 | 3/31/26 | 75 |
| 150 | U.S. Treasury Note  | 2.25 | 11/15/24 | 144 |
| 60 | U.S. Treasury Note  | 2.25 | 3/31/24 | 58 |
| 30 | U.S. Treasury Note  | 2.25 | 1/31/24 | 29 |
| 95 | U.S. Treasury Note  | 2.25 | 11/15/25 | 90 |
| 160 | U.S. Treasury Note  | 2.25 | 8/15/27 | 148 |
| 100 | U.S. Treasury Note  | 2.38 | 2/29/24 | 97 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Core Fixed Income Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** |
| $100 | U.S. Treasury Note  | 2.38 | 8/15/24 | $96 |
| 120 | U.S. Treasury Note  | 2.38 | 5/15/29 | 109 |
| 80 | U.S. Treasury Note  | 2.38 | 4/30/26 | 76 |
| 140 | U.S. Treasury Note  | 2.38 | 5/15/27 | 130 |
| 70 | U.S. Treasury Note  | 2.38 | 3/31/29 | 64 |
| 75 | U.S. Treasury Note  | 2.50 | 4/30/24 | 73 |
| 105 | U.S. Treasury Note  | 2.50 | 5/15/24 | 102 |
| 60 | U.S. Treasury Note  | 2.50 | 2/28/26 | 57 |
| 50 | U.S. Treasury Note  | 2.50 | 1/31/24 | 49 |
| 80 | U.S. Treasury Note  | 2.50 | 5/31/24 | 78 |
| 80 | U.S. Treasury Note  | 2.50 | 3/31/27 | 75 |
| 165 | U.S. Treasury Note  | 2.63 | 2/15/29 | 153 |
| 85 | U.S. Treasury Note  | 2.63 | 1/31/26 | 81 |
| 45 | U.S. Treasury Note  | 2.63 | 5/31/27 | 42 |
| 70 | U.S. Treasury Note  | 2.63 | 4/15/25 | 67 |
| 75 | U.S. Treasury Note  | 2.63 | 3/31/25 | 72 |
| 55 | U.S. Treasury Note  | 2.63 | 7/31/29 | 51 |
| 90 | U.S. Treasury Note  | 2.63 | 12/31/25 | 86 |
| 85 | U.S. Treasury Note  | 2.75 | 8/31/25 | 82 |
| 218 | U.S. Treasury Note  | 2.75 | 8/15/32 | 198 |
| 90 | U.S. Treasury Note  | 2.75 | 2/28/25 | 87 |
| 66 | U.S. Treasury Note  | 2.75 | 7/31/27 | 62 |
| 60 | U.S. Treasury Note  | 2.75 | 5/31/29 | 56 |
| 100 | U.S. Treasury Note  | 2.75 | 2/15/24 | 98 |
| 75 | U.S. Treasury Note  | 2.75 | 4/30/27 | 71 |
| 65 | U.S. Treasury Note  | 2.75 | 5/15/25 | 63 |
| 105 | U.S. Treasury Note  | 2.75 | 2/15/28 | 99 |
| 90 | U.S. Treasury Note  | 2.75 | 6/30/25 | 87 |
| 65 | U.S. Treasury Note  | 2.88 | 4/30/29 | 61 |
| 65 | U.S. Treasury Note  | 2.88 | 6/15/25 | 63 |
| 238 | U.S. Treasury Note  | 2.88 | 5/15/32 | 218 |
| 90 | U.S. Treasury Note  | 2.88 | 4/30/25 | 87 |
| 90 | U.S. Treasury Note  | 2.88 | 11/30/25 | 87 |
| 160 | U.S. Treasury Note  | 2.88 | 5/15/28 | 151 |
| 75 | U.S. Treasury Note  | 2.88 | 7/31/25 | 72 |
| 125 | U.S. Treasury Note  | 2.88 | 8/15/28 | 118 |
| 60 | U.S. Treasury Note  | 3.00 | 7/15/25 | 58 |
| 65 | U.S. Treasury Note  | 3.00 | 7/31/24 | 63 |
| 85 | U.S. Treasury Note  | 3.00 | 10/31/25 | 82 |
| 85 | U.S. Treasury Note  | 3.00 | 9/30/25 | 82 |
| 65 | U.S. Treasury Note  | 3.00 | 6/30/24 | 63 |
| 65 | U.S. Treasury Note  | 3.13 | 8/31/27 | 63 |
| 55 | U.S. Treasury Note  | 3.13 | 8/31/29 | 52 |
| 140 | U.S. Treasury Note  | 3.13 | 11/15/28 | 133 |
| 60 | U.S. Treasury Note  | 3.13 | 8/15/25 | 58 |
| 65 | U.S. Treasury Note  | 3.25 | 8/31/24 | 64 |
| 60 | U.S. Treasury Note  | 3.25 | 6/30/29 | 57 |
| 70 | U.S. Treasury Note  | 3.25 | 6/30/27 | 68 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Core Fixed Income Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** |
| $85 | U.S. Treasury Note  | 3.50 | 9/15/25 | $83 |
| 90 | U.S. Treasury Note  | 3.88 | 11/30/27 | 89 |
| 75 | U.S. Treasury Note  | 3.88 | 11/30/29 | 74 |
| 75 | U.S. Treasury Note  | 3.88 | 9/30/29 | 74 |
| 75 | U.S. Treasury Note  | 3.88 | 12/31/29 | 75 |
| 90 | U.S. Treasury Note  | 3.88 | 12/31/27 | 89 |
| 75 | U.S. Treasury Note  | 4.00 | 10/31/29 | 75 |
| 85 | U.S. Treasury Note  | 4.00 | 12/15/25 | 84 |
| 82 | U.S. Treasury Note  | 4.13 | 11/15/32 | 84 |
| 90 | U.S. Treasury Note  | 4.13 | 10/31/27 | 90 |
| 90 | U.S. Treasury Note  | 4.13 | 9/30/27 | 90 |
| 85 | U.S. Treasury Note  | 4.25 | 12/31/24 | 85 |
| 85 | U.S. Treasury Note  | 4.25 | 10/15/25 | 85 |
| 90 | U.S. Treasury Note  | 4.25 | 9/30/24 | 90 |
| 90 | U.S. Treasury Note  | 4.38 | 10/31/24 | 90 |
| 85 | U.S. Treasury Note  | 4.50 | 11/15/25 | 86 |
| 90 | U.S. Treasury Note  | 4.50 | 11/30/24 | 90 |
|  | **Total U.S. Treasury Obligations**  |  |  | 20587 |
|  | **Yankee Dollars — 2.01%** |  |  |  |
| 45 | America Movil SAB de CV (Wireless Telecommunication Services)  | 6.13 | 11/15/37 | 47 |
| 35 | BHP Billiton Finance USA Ltd. (Metals & Mining)  | 5.00 | 9/30/43 | 34 |
| 64 | British Telecommunications PLC (Diversified Telecommunication Services)  | 9.63 | 12/15/30 | 77 |
| 170 | Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels), Callable 6/15/25 @ 100.00  | 2.05 | 7/15/25 | 157 |
| 40 | Canadian Pacific Railway Co. (Road & Rail), Callable 12/5/29 @ 100.00  | 2.05 | 3/5/30 | 33 |
| 65 | Deutsche Telekom International Finance BV (Diversified Telecommunication Services)  | 8.75<sup>(c)</sup> | 6/15/30 | 77 |
| 90 | Diageo Capital PLC (Diversified Financial Services)  | 5.88 | 9/30/36 | 94 |
| 80 | Enbridge, Inc. (Oil, Gas & Consumable Fuels), Callable 2/1/51 @ 100.00  | 3.40 | 8/1/51 | 55 |
| 105 | Equinor ASA (Oil, Gas & Consumable Fuels)  | 5.10 | 8/17/40 | 103 |
| 125 | Iberdrola International BV (Electric Utilities)  | 5.81 | 3/15/25 | 127 |
| 85 | Iberdrola International BV (Electric Utilities)  | 6.75 | 7/15/36 | 91 |
| 14 | LyondellBasell Industries N.V. (Chemicals)  | 4.00 | 7/15/23 | 14 |
| 40 | Nutrien Ltd. (Chemicals), Callable 2/13/30 @ 100.00  | 2.95 | 5/13/30 | 34 |
| 60 | Orange SA (Diversified Telecommunication Services)  | 9.00 | 3/1/31 | 73 |
| 90 | Shell International Finance BV (Oil, Gas & Consumable Fuels)  | 4.13 | 5/11/35 | 83 |
| 35 | Telefonica Emisiones SAU (Diversified Telecommunication Services)  | 7.05 | 6/20/36 | 36 |
| 105 | The Toronto-Dominion Bank (Banks)  | 3.20 | 3/10/32 | 91 |
| 25 | Vodafone Group PLC (Wireless Telecommunication Services)  | 4.13 | 5/30/25 | 25 |
| 55 | Vodafone Group PLC (Wireless Telecommunication Services)  | 6.15 | 2/27/37 | 56 |
|  | **Total Yankee Dollars**  |  |  | 1307 |
| **Shares** |  |  |  |  |
|  | **Exchange-Traded Fund — 28.43%** |  |  |  |
| 396500 | Vanguard Short-Term Inflation-Protected Securities ETF  |  |  | 18521 |
|  | **Total Exchange-Traded Fund**  |  |  | $18521 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Core Fixed Income Portfolio** 

Portfolio of Investments (concluded) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Rate %** | **Value<br> (000)** |
|  | **Investment Companies — 7.06%** |  |  |
| 42670 | State Street Institutional Treasury Money Market Fund, Premier Class | 3.79 (d) | $43 |
| 4554207 | State Street Institutional Treasury Plus Money Market Fund, Trust Class | 4.09 (d) | 4554 |
|  | **Total Investment Companies** |  | 4597 |
|  | **Total Investments (cost $71,415) — 100.71%** |  | 65610 |
|  | **Liabilities in excess of other assets — (0.71%)** |  | (461) |
|  | **Net Assets — 100.00%** |  | $65149 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(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, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable Rate Security. The rate disclosed is the rate in effect on December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate disclosed is the rate in effect on December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized 7-day yield as of period-end.

bps—Basis Points

ETF—Exchange-Traded Fund

MTN—Medium Term Note

SOFR—Secured Overnight Financing Rate

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

US0003M—3 Month US Dollar LIBOR

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **The Core Fixed Income Portfolio** | **Agincourt <br> Capital <br> Management, <br> LLC** | **Mellon <br> Investments <br> Corporation** | **Parametric <br> Portfolio <br> Associates, LLC** | **HC Capital <br> Solutions** | **Total** |
| Asset Backed Securities  |  | 0.14% |  |  | 0.14% |
| Collateralized Mortgage Obligations  |  | 0.95% |  |  | 0.95% |
| U.S. Government Agency Mortgages  |  | 13.80% |  |  | 13.80% |
| U.S. Government Agency Securities  |  | 0.97% |  |  | 0.97% |
| Corporate Bonds  | 15.76% |  |  |  | 15.76% |
| U.S. Treasury Obligations  |  | 31.59% |  |  | 31.59% |
| Yankee Dollars  | 2.01% |  |  |  | 2.01% |
| Exchange Traded Fund  |  |  | 28.43% |  | 28.43% |
| Investment Companies  | 0.07% | 1.24% |  | 5.75% | 7.06% |
| Other Assets (Liabilities)  | 0.30% | -0.67% | 0.22% | -0.56% | -0.71% |
| &nbsp;&nbsp;&nbsp;Total Net Assets  | **18.14%** | **48.02%** | **28.65%** | **5.19%** | **100.00%** |

---

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

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Corporate Opportunities Portfolio** 

Portfolio of Investments — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Rate %** | **Value<br> (000)** |
|  | **Common Stock — 0.00%** |  |  |
| 1740900 | ACC Claims Holding LLC (Communications Equipment) <sup>(a)(b)</sup>  |  | $— |
|  | **Total Common Stock**  |  |  |
|  | **Investment Companies — 97.66%** |  |  |
| 129168 | Apollo Senior Floating Rate Fund, Inc.  |  | 1594 |
| 111376 | Apollo Tactical Income Fund, Inc.  |  | 1350 |
| 46579 | Barings Global Short Duration High Yield Fund  |  | 591 |
| 264839 | BlackRock Debt Strategies Fund, Inc.  |  | 2437 |
| 206284 | BlackRock Floating Rate Income Trust  |  | 2257 |
| 357175 | Blackstone Strategic Credit Fund  |  | 3779 |
| 275054 | DoubleLine Yield Opportunities Fund  |  | 3609 |
| 1177000 | Federated Hermes Treasury Obligation Fund, Institutional Shares^^  | 4.04<sup>(c)</sup> | 1177 |
| 176684 | First Trust High Income Long  |  | 2023 |
| 268412 | First Trust High Yield Opportunities 2027 Term Fund  |  | 3618 |
| 781221 | Invesco Senior Income Trust  |  | 2992 |
| 685618 | Nuveen Credit Strategies Income Fund  |  | 3490 |
| 347665 | Nuveen Floating Rate Income Opportunity Fund  |  | 2715 |
| 341503 | PGIM Global High Yield Fund, Inc.  |  | 3702 |
| 303217 | PGIM High Yield Bond Fund, Inc.  |  | 3599 |
| 255834 | PGIM Short Duration High Yield Opportunities Fund  |  | 3758 |
| 17000 | PIMCO Access Income Fund  |  | 251 |
| 169775766 | State Street Institutional Treasury Plus Money Market Fund, Trust Class  | 4.09<sup>(c)</sup> | 169776 |
| 980556 | State Street Institutional U.S. Government Money Market Fund, Administrative Class  | 3.86<sup>(c)</sup> | 981 |
| 300784 | Western Asset Diversified Income Fund  |  | 3819 |
| 362678 | Western Asset High Income Opportunity Fund, Inc.  |  | 1433 |
| 103324 | Western Asset High Yield Defined Opportunity Fund, Inc.  |  | 1289 |
|  | **Total Investment Companies**  |  | 220240 |
|  | **Total Investments (cost $222,556) — 97.66%**  |  | 220240 |
|  | **Other assets in excess of liabilities — 2.34%**  |  | 5266 |
|  | **Net Assets — 100.00%**  |  | $225506 |

---

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

^^ 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 31.2022.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Escrow security due to bankruptcy.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security was valued using significant unobservable inputs as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized 7-day yield as of period-end.

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Corporate Opportunities Portfolio** 

Portfolio of Investments (concluded) — December 31, 2022 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **The Corporate Opportunities Portfolio** | **City of London <br> Investment <br> Management <br> Company, <br> Limited** | **Parametric <br> Portfolio <br> Associates, <br> LLC** | **HC <br> Capital <br> Solutions** | **Total** |
| Investment Companies  | 21.86% | 75.28% | 0.52% | 97.66% |
| Other Assets (Liabilities)  | 0.12% | 2.71% | -0.49% | 2.34% |
| &nbsp;&nbsp;&nbsp;Total Net Assets  | **21.98%** | **77.99%** | **0.03%** | **100.00%** |

---

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

The following table reflects the open derivative positions held by the Portfolio as of December 31, 2022.

<u><u>**Futures Contracts Purchased\***</u></u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of <br> Contracts** | **Expiration Date** | **Notional <br> Amount<br> (000)** | **Value and <br> Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)** |
| 5 Year US Treasury Note Future  | 971 | 3/31/23 | $104800 | $(47) |
| E-Mini S&P 500 Future  | 366 | 3/17/23 | 70656 | (2216) |
|  |  |  | $175456 | $(2263) |
|  | Total Unrealized Appreciation  | Total Unrealized Appreciation  | Total Unrealized Appreciation  | $— |
|  | Total Unrealized Depreciation  | Total Unrealized Depreciation  | Total Unrealized Depreciation  | (2263) |
|  | Total Net Unrealized Appreciation/(Depreciation)  | Total Net Unrealized Appreciation/(Depreciation)  | Total Net Unrealized Appreciation/(Depreciation)  | $(2263) |

---

\* 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 — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Securities — 1.33%** |  |  |  |
| $200 | Fannie Mae  | 0.38 | 8/25/25 | $180 |
| 400 | Fannie Mae  | 0.50 | 11/7/25 | 359 |
| 650 | Fannie Mae  | 0.50 | 6/17/25 | 592 |
| 150 | Fannie Mae  | 0.63 | 4/22/25 | 138 |
| 550 | Fannie Mae  | 0.75 | 10/8/27 | 472 |
| 100 | Fannie Mae, Callable 3/18/23 @ 100.00  | 0.88 | 12/18/26 | 87 |
| 200 | Fannie Mae  | 0.88 | 8/5/30 | 157 |
| 125 | Fannie Mae  | 1.75 | 7/2/24 | 120 |
| 100 | Fannie Mae  | 1.88 | 9/24/26 | 92 |
| 150 | Fannie Mae  | 2.13 | 4/24/26 | 140 |
| 200 | Fannie Mae  | 2.50 | 2/5/24 | 195 |
| 250 | Fannie Mae  | 2.63 | 9/6/24 | 242 |
| 95 | Fannie Mae  | 6.25 | 5/15/29 | 106 |
| 160 | Fannie Mae  | 6.63 | 11/15/30 | 185 |
| 180 | Fannie Mae  | 7.25 | 5/15/30 | 214 |
| 300 | Federal Farm Credit Bank  | 0.25 | 2/26/24 | 285 |
| 500 | Federal Farm Credit Bank  | 0.50 | 12/1/23 | 480 |
| 500 | Federal Farm Credit Bank  | 0.88 | 11/18/24 | 467 |
| 250 | Federal Farm Credit Bank  | 1.13 | 1/6/25 | 234 |
| 75 | Federal Farm Credit Bank, Callable 1/24/23 @ 100.00  | 1.24 | 12/23/30 | 58 |
| 250 | Federal Farm Credit Bank  | 1.75 | 2/14/25 | 236 |
| 750 | Federal Farm Credit Bank  | 2.63 | 5/16/24 | 728 |
| 125 | Federal Farm Credit Bank  | 3.38 | 8/26/24 | 122 |
| 200 | Federal Farm Credit Bank  | 4.25 | 9/26/24 | 199 |
| 100 | Federal Home Loan Bank  | 0.13 | 8/28/23 | 97 |
| 750 | Federal Home Loan Bank  | 0.50 | 11/9/23 | 723 |
| 700 | Federal Home Loan Bank  | 0.50 | 4/14/25 | 641 |
| 100 | Federal Home Loan Bank  | 1.25 | 12/21/26 | 89 |
| 450 | Federal Home Loan Bank  | 2.75 | 6/28/24 | 437 |
| 150 | Federal Home Loan Bank  | 2.88 | 9/13/24 | 146 |
| 250 | Federal Home Loan Bank  | 3.25 | 3/8/24 | 246 |
| 600 | Federal Home Loan Bank  | 3.25 | 11/16/28 | 574 |
| 300 | Federal Home Loan Bank  | 3.38 | 9/8/23 | 297 |
| 165 | Federal Home Loan Bank  | 5.50 | 7/15/36 | 181 |
| 400 | Freddie Mac  | 0.25 | 12/4/23 | 383 |
| 500 | Freddie Mac  | 0.38 | 9/23/25 | 449 |
| 400 | Freddie Mac  | 0.38 | 7/21/25 | 362 |
| 100 | Freddie Mac, Callable 1/27/23 @ 100.00  | 0.80 | 10/27/26 | 87 |
| 350 | Freddie Mac  | 1.50 | 2/12/25 | 329 |
| 250 | Freddie Mac  | 6.25 | 7/15/32 | 289 |
| 180 | Freddie Mac  | 6.75 | 3/15/31 | 210 |
| 110 | Tennessee Valley Authority  | 4.70 | 7/15/33 | 111 |
| 85 | Tennessee Valley Authority  | 5.25 | 9/15/39 | 88 |
| 200 | Tennessee Valley Authority  | 5.38 | 4/1/56 | 210 |
| 100 | Tennessee Valley Authority  | 5.88 | 4/1/36 | 111 |
| 190 | Tennessee Valley Authority  | 6.15 | 1/15/38 | 215 |
|  | **Total U.S. Government Agency Securities**  |  |  | 12363 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Treasury Obligations — 46.19%** |  |  |  |
| $2625 | U.S. Treasury Bond  | 1.13 | 8/15/40 | $1633 |
| 1500 | U.S. Treasury Bond  | 1.13 | 5/15/40 | 940 |
| 2610 | U.S. Treasury Bond  | 1.25 | 5/15/50 | 1407 |
| 1965 | U.S. Treasury Bond  | 1.38 | 11/15/40 | 1278 |
| 4330 | U.S. Treasury Bond  | 1.38 | 8/15/50 | 2411 |
| 2320 | U.S. Treasury Bond  | 1.63 | 11/15/50 | 1384 |
| 4250 | U.S. Treasury Bond  | 1.75 | 8/15/41 | 2911 |
| 2910 | U.S. Treasury Bond  | 1.88 | 11/15/51 | 1848 |
| 2695 | U.S. Treasury Bond  | 1.88 | 2/15/51 | 1716 |
| 2140 | U.S. Treasury Bond  | 1.88 | 2/15/41 | 1513 |
| 1370 | U.S. Treasury Bond  | 2.00 | 2/15/50 | 907 |
| 4710 | U.S. Treasury Bond  | 2.00 | 8/15/51 | 3089 |
| 3320 | U.S. Treasury Bond  | 2.00 | 11/15/41 | 2373 |
| 3165 | U.S. Treasury Bond  | 2.25 | 2/15/52 | 2208 |
| 1250 | U.S. Treasury Bond  | 2.25 | 8/15/49 | 880 |
| 1750 | U.S. Treasury Bond  | 2.25 | 5/15/41 | 1316 |
| 1260 | U.S. Treasury Bond  | 2.25 | 8/15/46 | 893 |
| 3680 | U.S. Treasury Bond  | 2.38 | 2/15/42 | 2809 |
| 3860 | U.S. Treasury Bond  | 2.38 | 5/15/51 | 2774 |
| 3000 | U.S. Treasury Bond  | 2.38 | 11/15/49 | 2175 |
| 1135 | U.S. Treasury Bond  | 2.50 | 2/15/46 | 849 |
| 2015 | U.S. Treasury Bond  | 2.50 | 2/15/45 | 1518 |
| 800 | U.S. Treasury Bond  | 2.50 | 5/15/46 | 597 |
| 1110 | U.S. Treasury Bond  | 2.75 | 8/15/47 | 867 |
| 1450 | U.S. Treasury Bond  | 2.75 | 8/15/42 | 1167 |
| 910 | U.S. Treasury Bond  | 2.75 | 11/15/42 | 730 |
| 2320 | U.S. Treasury Bond  | 2.75 | 11/15/47 | 1813 |
| 2000 | U.S. Treasury Bond  | 2.88 | 5/15/49 | 1610 |
| 2895 | U.S. Treasury Bond  | 2.88 | 5/15/52 | 2325 |
| 955 | U.S. Treasury Bond  | 2.88 | 11/15/46 | 765 |
| 1216 | U.S. Treasury Bond  | 2.88 | 5/15/43 | 993 |
| 780 | U.S. Treasury Bond  | 2.88 | 8/15/45 | 628 |
| 440 | U.S. Treasury Bond  | 3.00 | 2/15/47 | 360 |
| 1125 | U.S. Treasury Bond  | 3.00 | 5/15/42 | 946 |
| 1015 | U.S. Treasury Bond  | 3.00 | 11/15/44 | 838 |
| 935 | U.S. Treasury Bond  | 3.00 | 8/15/52 | 774 |
| 1075 | U.S. Treasury Bond  | 3.00 | 5/15/47 | 880 |
| 1460 | U.S. Treasury Bond  | 3.00 | 8/15/48 | 1199 |
| 1370 | U.S. Treasury Bond  | 3.00 | 2/15/48 | 1124 |
| 1645 | U.S. Treasury Bond  | 3.00 | 2/15/49 | 1356 |
| 670 | U.S. Treasury Bond  | 3.00 | 11/15/45 | 551 |
| 1010 | U.S. Treasury Bond  | 3.00 | 5/15/45 | 832 |
| 1030 | U.S. Treasury Bond  | 3.13 | 5/15/48 | 866 |
| 1230 | U.S. Treasury Bond  | 3.13 | 8/15/44 | 1038 |
| 1000 | U.S. Treasury Bond  | 3.13 | 2/15/42 | 861 |
| 827 | U.S. Treasury Bond  | 3.13 | 2/15/43 | 705 |
| 1000 | U.S. Treasury Bond  | 3.13 | 11/15/41 | 863 |
| 850 | U.S. Treasury Bond  | 3.25 | 5/15/42 | 745 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** |
| $1130 | U.S. Treasury Bond  | 3.38 | 5/15/44 | $995 |
| 2900 | U.S. Treasury Bond  | 3.38 | 11/15/48 | 2560 |
| 600 | U.S. Treasury Bond  | 3.38 | 8/15/42 | 536 |
| 40 | U.S. Treasury Bond  | 3.50 | 2/15/39 | 38 |
| 1030 | U.S. Treasury Bond  | 3.63 | 2/15/44 | 945 |
| 970 | U.S. Treasury Bond  | 3.63 | 8/15/43 | 892 |
| 645 | U.S. Treasury Bond  | 3.75 | 11/15/43 | 604 |
| 225 | U.S. Treasury Bond  | 3.88 | 8/15/40 | 219 |
| 925 | U.S. Treasury Bond  | 4.00 | 11/15/52 | 929 |
| 30 | U.S. Treasury Bond  | 4.25 | 5/15/39 | 31 |
| 550 | U.S. Treasury Bond  | 4.25 | 11/15/40 | 562 |
| 530 | U.S. Treasury Bond  | 4.38 | 2/15/38 | 555 |
| 855 | U.S. Treasury Bond  | 4.38 | 11/15/39 | 891 |
| 551 | U.S. Treasury Bond  | 4.38 | 5/15/41 | 571 |
| 163 | U.S. Treasury Bond  | 4.38 | 5/15/40 | 170 |
| 1150 | U.S. Treasury Bond  | 4.50 | 8/15/39 | 1218 |
| 400 | U.S. Treasury Bond  | 4.50 | 2/15/36 | 426 |
| 255 | U.S. Treasury Bond  | 4.50 | 5/15/38 | 271 |
| 673 | U.S. Treasury Bond  | 4.63 | 2/15/40 | 723 |
| 1500 | U.S. Treasury Bond  | 4.75 | 2/15/41 | 1632 |
| 70 | U.S. Treasury Bond  | 4.75 | 2/15/37 | 76 |
| 235 | U.S. Treasury Bond  | 5.00 | 5/15/37 | 262 |
| 282 | U.S. Treasury Bond  | 5.25 | 11/15/28 | 298 |
| 425 | U.S. Treasury Bond  | 5.25 | 2/15/29 | 451 |
| 849 | U.S. Treasury Bond  | 5.38 | 2/15/31 | 930 |
| 85 | U.S. Treasury Bond  | 6.00 | 2/15/26 | 89 |
| 280 | U.S. Treasury Bond  | 6.13 | 8/15/29 | 313 |
| 1265 | U.S. Treasury Bond  | 6.13 | 11/15/27 | 1377 |
| 1090 | U.S. Treasury Bond  | 6.25 | 5/15/30 | 1242 |
| 100 | U.S. Treasury Bond  | 6.38 | 8/15/27 | 109 |
| 218 | U.S. Treasury Bond  | 6.50 | 11/15/26 | 236 |
| 1000 | U.S. Treasury Bond  | 6.63 | 2/15/27 | 1090 |
| 200 | U.S. Treasury Bond  | 6.75 | 8/15/26 | 217 |
| 300 | U.S. Treasury Bond  | 6.88 | 8/15/25 | 318 |
| 295 | U.S. Treasury Bond  | 7.63 | 2/15/25 | 313 |
| 3535 | U.S. Treasury Note  | 0.25 | 5/15/24 | 3327 |
| 1680 | U.S. Treasury Note  | 0.25 | 10/31/25 | 1502 |
| 2290 | U.S. Treasury Note  | 0.25 | 7/31/25 | 2066 |
| 3085 | U.S. Treasury Note  | 0.25 | 6/30/25 | 2794 |
| 3265 | U.S. Treasury Note  | 0.25 | 3/15/24 | 3096 |
| 1990 | U.S. Treasury Note  | 0.25 | 9/30/25 | 1786 |
| 2070 | U.S. Treasury Note  | 0.25 | 8/31/25 | 1861 |
| 1750 | U.S. Treasury Note  | 0.25 | 5/31/25 | 1588 |
| 2955 | U.S. Treasury Note  | 0.25 | 6/15/24 | 2774 |
| 2265 | U.S. Treasury Note  | 0.38 | 8/15/24 | 2116 |
| 3305 | U.S. Treasury Note  | 0.38 | 7/15/24 | 3095 |
| 2075 | U.S. Treasury Note  | 0.38 | 7/31/27 | 1760 |
| 3500 | U.S. Treasury Note  | 0.38 | 11/30/25 | 3130 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** |
| $1400 | U.S. Treasury Note  | 0.38 | 1/31/26 | $1245 |
| 1775 | U.S. Treasury Note  | 0.38 | 4/30/25 | 1620 |
| 1895 | U.S. Treasury Note  | 0.38 | 12/31/25 | 1692 |
| 2500 | U.S. Treasury Note  | 0.38 | 4/15/24 | 2366 |
| 3415 | U.S. Treasury Note  | 0.38 | 9/30/27 | 2878 |
| 4005 | U.S. Treasury Note  | 0.38 | 9/15/24 | 3732 |
| 2600 | U.S. Treasury Note  | 0.50 | 5/31/27 | 2229 |
| 1885 | U.S. Treasury Note  | 0.50 | 4/30/27 | 1623 |
| 2175 | U.S. Treasury Note  | 0.50 | 2/28/26 | 1937 |
| 2425 | U.S. Treasury Note  | 0.50 | 10/31/27 | 2050 |
| 1900 | U.S. Treasury Note  | 0.50 | 6/30/27 | 1625 |
| 3090 | U.S. Treasury Note  | 0.50 | 8/31/27 | 2630 |
| 2525 | U.S. Treasury Note  | 0.50 | 3/31/25 | 2318 |
| 2305 | U.S. Treasury Note  | 0.63 | 10/15/24 | 2152 |
| 5895 | U.S. Treasury Note  | 0.63 | 8/15/30 | 4637 |
| 2885 | U.S. Treasury Note  | 0.63 | 11/30/27 | 2450 |
| 2720 | U.S. Treasury Note  | 0.63 | 5/15/30 | 2151 |
| 1635 | U.S. Treasury Note  | 0.63 | 7/31/26 | 1444 |
| 3040 | U.S. Treasury Note  | 0.63 | 12/31/27 | 2575 |
| 1575 | U.S. Treasury Note  | 0.63 | 3/31/27 | 1367 |
| 3690 | U.S. Treasury Note  | 0.75 | 4/30/26 | 3298 |
| 4115 | U.S. Treasury Note  | 0.75 | 5/31/26 | 3669 |
| 3775 | U.S. Treasury Note  | 0.75 | 11/15/24 | 3524 |
| 3820 | U.S. Treasury Note  | 0.75 | 3/31/26 | 3424 |
| 3195 | U.S. Treasury Note  | 0.75 | 1/31/28 | 2717 |
| 1845 | U.S. Treasury Note  | 0.75 | 8/31/26 | 1633 |
| 1910 | U.S. Treasury Note  | 0.88 | 9/30/26 | 1696 |
| 2295 | U.S. Treasury Note  | 0.88 | 6/30/26 | 2051 |
| 4830 | U.S. Treasury Note  | 0.88 | 11/15/30 | 3859 |
| 3725 | U.S. Treasury Note  | 1.00 | 12/15/24 | 3485 |
| 3465 | U.S. Treasury Note  | 1.00 | 7/31/28 | 2944 |
| 3285 | U.S. Treasury Note  | 1.13 | 2/29/28 | 2843 |
| 3775 | U.S. Treasury Note  | 1.13 | 10/31/26 | 3376 |
| 2550 | U.S. Treasury Note  | 1.13 | 8/31/28 | 2178 |
| 1865 | U.S. Treasury Note  | 1.13 | 2/28/25 | 1741 |
| 5490 | U.S. Treasury Note  | 1.13 | 2/15/31 | 4472 |
| 2780 | U.S. Treasury Note  | 1.13 | 1/15/25 | 2601 |
| 650 | U.S. Treasury Note  | 1.13 | 2/28/27 | 578 |
| 1625 | U.S. Treasury Note  | 1.25 | 6/30/28 | 1404 |
| 2000 | U.S. Treasury Note  | 1.25 | 12/31/26 | 1790 |
| 2560 | U.S. Treasury Note  | 1.25 | 5/31/28 | 2216 |
| 3270 | U.S. Treasury Note  | 1.25 | 4/30/28 | 2837 |
| 2520 | U.S. Treasury Note  | 1.25 | 9/30/28 | 2164 |
| 5385 | U.S. Treasury Note  | 1.25 | 8/15/31 | 4369 |
| 4100 | U.S. Treasury Note  | 1.25 | 11/30/26 | 3677 |
| 2740 | U.S. Treasury Note  | 1.25 | 3/31/28 | 2381 |
| 1515 | U.S. Treasury Note  | 1.25 | 8/31/24 | 1434 |
| 6000 | U.S. Treasury Note  | 1.38 | 11/15/31 | 4881 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** |
| $1205 | U.S. Treasury Note  | 1.38 | 1/31/25 | $1132 |
| 2000 | U.S. Treasury Note  | 1.38 | 12/31/28 | 1724 |
| 450 | U.S. Treasury Note  | 1.38 | 8/31/26 | 408 |
| 3775 | U.S. Treasury Note  | 1.38 | 10/31/28 | 3258 |
| 1485 | U.S. Treasury Note  | 1.50 | 9/30/24 | 1410 |
| 370 | U.S. Treasury Note  | 1.50 | 10/31/24 | 350 |
| 4105 | U.S. Treasury Note  | 1.50 | 1/31/27 | 3705 |
| 2400 | U.S. Treasury Note  | 1.50 | 11/30/24 | 2271 |
| 3750 | U.S. Treasury Note  | 1.50 | 11/30/28 | 3255 |
| 1000 | U.S. Treasury Note  | 1.50 | 8/15/26 | 911 |
| 1915 | U.S. Treasury Note  | 1.50 | 2/15/30 | 1631 |
| 1620 | U.S. Treasury Note  | 1.50 | 2/15/25 | 1524 |
| 3250 | U.S. Treasury Note  | 1.50 | 2/29/24 | 3133 |
| 3500 | U.S. Treasury Note  | 1.63 | 5/15/26 | 3222 |
| 1400 | U.S. Treasury Note  | 1.63 | 2/15/26 | 1294 |
| 945 | U.S. Treasury Note  | 1.63 | 11/30/26 | 862 |
| 1000 | U.S. Treasury Note  | 1.63 | 10/31/26 | 913 |
| 600 | U.S. Treasury Note  | 1.63 | 9/30/26 | 549 |
| 4455 | U.S. Treasury Note  | 1.63 | 5/15/31 | 3747 |
| 1920 | U.S. Treasury Note  | 1.63 | 8/15/29 | 1665 |
| 2595 | U.S. Treasury Note  | 1.75 | 3/15/25 | 2451 |
| 1245 | U.S. Treasury Note  | 1.75 | 7/31/24 | 1191 |
| 1075 | U.S. Treasury Note  | 1.75 | 1/31/29 | 944 |
| 1100 | U.S. Treasury Note  | 1.75 | 12/31/26 | 1007 |
| 1160 | U.S. Treasury Note  | 1.75 | 12/31/24 | 1101 |
| 790 | U.S. Treasury Note  | 1.75 | 11/15/29 | 689 |
| 2025 | U.S. Treasury Note  | 1.75 | 6/30/24 | 1941 |
| 1650 | U.S. Treasury Note  | 1.88 | 2/28/27 | 1511 |
| 2000 | U.S. Treasury Note  | 1.88 | 2/28/29 | 1772 |
| 990 | U.S. Treasury Note  | 1.88 | 8/31/24 | 947 |
| 2390 | U.S. Treasury Note  | 1.88 | 7/31/26 | 2210 |
| 475 | U.S. Treasury Note  | 1.88 | 6/30/26 | 441 |
| 4600 | U.S. Treasury Note  | 1.88 | 2/15/32 | 3899 |
| 2885 | U.S. Treasury Note  | 2.00 | 11/15/26 | 2666 |
| 1171 | U.S. Treasury Note  | 2.00 | 2/15/25 | 1114 |
| 2360 | U.S. Treasury Note  | 2.00 | 4/30/24 | 2277 |
| 1450 | U.S. Treasury Note  | 2.00 | 6/30/24 | 1394 |
| 2710 | U.S. Treasury Note  | 2.00 | 5/31/24 | 2611 |
| 1825 | U.S. Treasury Note  | 2.00 | 8/15/25 | 1723 |
| 1065 | U.S. Treasury Note  | 2.13 | 9/30/24 | 1022 |
| 2385 | U.S. Treasury Note  | 2.13 | 5/15/25 | 2266 |
| 1750 | U.S. Treasury Note  | 2.13 | 5/31/26 | 1637 |
| 1145 | U.S. Treasury Note  | 2.13 | 2/29/24 | 1112 |
| 2950 | U.S. Treasury Note  | 2.13 | 3/31/24 | 2857 |
| 445 | U.S. Treasury Note  | 2.13 | 11/30/24 | 426 |
| 1340 | U.S. Treasury Note  | 2.13 | 7/31/24 | 1289 |
| 3000 | U.S. Treasury Note  | 2.25 | 3/31/24 | 2910 |
| 1675 | U.S. Treasury Note  | 2.25 | 11/15/25 | 1585 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** |
| $795 | U.S. Treasury Note  | 2.25 | 12/31/24 | $762 |
| 790 | U.S. Treasury Note  | 2.25 | 10/31/24 | 759 |
| 2700 | U.S. Treasury Note  | 2.25 | 4/30/24 | 2614 |
| 2500 | U.S. Treasury Note  | 2.25 | 3/31/26 | 2355 |
| 3320 | U.S. Treasury Note  | 2.25 | 8/15/27 | 3070 |
| 1785 | U.S. Treasury Note  | 2.25 | 2/15/27 | 1660 |
| 1955 | U.S. Treasury Note  | 2.25 | 11/15/24 | 1877 |
| 1775 | U.S. Treasury Note  | 2.25 | 11/15/27 | 1635 |
| 3775 | U.S. Treasury Note  | 2.38 | 8/15/24 | 3642 |
| 2510 | U.S. Treasury Note  | 2.38 | 5/15/27 | 2339 |
| 2000 | U.S. Treasury Note  | 2.38 | 3/31/29 | 1820 |
| 1125 | U.S. Treasury Note  | 2.38 | 2/29/24 | 1096 |
| 2065 | U.S. Treasury Note  | 2.38 | 5/15/29 | 1877 |
| 340 | U.S. Treasury Note  | 2.38 | 4/30/26 | 321 |
| 3500 | U.S. Treasury Note  | 2.50 | 5/31/24 | 3394 |
| 2000 | U.S. Treasury Note  | 2.50 | 3/31/27 | 1877 |
| 2500 | U.S. Treasury Note  | 2.50 | 4/30/24 | 2429 |
| 1020 | U.S. Treasury Note  | 2.50 | 1/31/25 | 981 |
| 3065 | U.S. Treasury Note  | 2.50 | 5/15/24 | 2974 |
| 1120 | U.S. Treasury Note  | 2.63 | 4/15/25 | 1077 |
| 3250 | U.S. Treasury Note  | 2.63 | 5/31/27 | 3063 |
| 955 | U.S. Treasury Note  | 2.63 | 3/31/25 | 920 |
| 615 | U.S. Treasury Note  | 2.63 | 7/31/29 | 566 |
| 1785 | U.S. Treasury Note  | 2.63 | 2/15/29 | 1650 |
| 1055 | U.S. Treasury Note  | 2.63 | 1/31/26 | 1008 |
| 1205 | U.S. Treasury Note  | 2.63 | 12/31/25 | 1152 |
| 780 | U.S. Treasury Note  | 2.75 | 8/31/25 | 750 |
| 4590 | U.S. Treasury Note  | 2.75 | 8/15/32 | 4175 |
| 3000 | U.S. Treasury Note  | 2.75 | 5/31/29 | 2785 |
| 2500 | U.S. Treasury Note  | 2.75 | 2/28/25 | 2415 |
| 1525 | U.S. Treasury Note  | 2.75 | 5/15/25 | 1470 |
| 2750 | U.S. Treasury Note  | 2.75 | 4/30/27 | 2605 |
| 2375 | U.S. Treasury Note  | 2.75 | 2/15/28 | 2232 |
| 870 | U.S. Treasury Note  | 2.75 | 2/15/24 | 851 |
| 800 | U.S. Treasury Note  | 2.88 | 11/30/25 | 770 |
| 540 | U.S. Treasury Note  | 2.88 | 7/31/25 | 522 |
| 1995 | U.S. Treasury Note  | 2.88 | 5/15/28 | 1882 |
| 3000 | U.S. Treasury Note  | 2.88 | 4/30/29 | 2809 |
| 505 | U.S. Treasury Note  | 2.88 | 5/31/25 | 488 |
| 4230 | U.S. Treasury Note  | 2.88 | 8/15/28 | 3982 |
| 2005 | U.S. Treasury Note  | 2.88 | 6/15/25 | 1937 |
| 5110 | U.S. Treasury Note  | 2.88 | 5/15/32 | 4707 |
| 1985 | U.S. Treasury Note  | 3.00 | 7/15/25 | 1922 |
| 995 | U.S. Treasury Note  | 3.00 | 9/30/25 | 962 |
| 2000 | U.S. Treasury Note  | 3.00 | 6/30/24 | 1952 |
| 880 | U.S. Treasury Note  | 3.00 | 10/31/25 | 850 |
| 3380 | U.S. Treasury Note  | 3.13 | 11/15/28 | 3222 |
| 1930 | U.S. Treasury Note  | 3.13 | 8/15/25 | 1874 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** |
| $1700 | U.S. Treasury Note  | 3.25 | 6/30/29 | $1626 |
| 2200 | U.S. Treasury Note  | 3.25 | 6/30/27 | 2126 |
| 1905 | U.S. Treasury Note  | 3.50 | 9/15/25 | 1866 |
| 265 | U.S. Treasury Note  | 3.88 | 11/30/29 | 263 |
| 1725 | U.S. Treasury Note  | 4.00 | 12/15/25 | 1714 |
| 1545 | U.S. Treasury Note  | 4.13 | 11/15/32 | 1576 |
| 1835 | U.S. Treasury Note  | 4.25 | 10/15/25 | 1834 |
| 1765 | U.S. Treasury Note  | 4.50 | 11/15/25 | 1776 |
| 400 | U.S. Treasury Note  | 5.50 | 8/15/28 | 427 |
|  | **Total U.S. Treasury Obligations**  |  |  | 428457 |
|  | **Yankee Dollar — 0.01%** |  |  |  |
| 115 | AID-Israel (Sovereign Bond)  | 5.50 | 9/18/23 | 115 |
|  | **Total Yankee Dollar**  |  |  | 115 |
| **Shares** |  |  |  |  |
|  | **Exchange-Traded Fund — 51.38%** |  |  |  |
| 10202500 | Vanguard Short-Term Inflation-Protected Securities ETF  |  |  | 476559 |
|  | **Total Exchange-Traded Fund**  |  |  | 476559 |
|  | **Investment Company — 0.99%** |  |  |  |
| 9200000 | State Street Institutional Treasury Plus Money Market Fund, Trust Class  | 4.09<sup>(a)</sup> |  | 9200 |
|  | **Total Investment Company**  |  |  | 9200 |
|  | **Total Investments (cost $992,882) — 99.90%**  |  |  | 926694 |
|  | **Other assets in excess of liabilities — 0.10%**  |  |  | 853 |
|  | **Net Assets — 100.00%**  |  |  | $927547 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized 7-day yield as of period-end.

ETF—Exchange-Traded Fund

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (concluded) — December 31, 2022 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| **The U.S. Government Fixed Income Securities Portfolio** | **Mellon <br> Investments <br> Corporation** | **Parametric <br> Portfolio <br> Associates, LLC** | **Total** |
| U.S. Government Agency Securities  | 1.33% |  | 1.33% |
| U.S. Treasury Obligations  | 46.19% |  | 46.19% |
| Yankee Dollar  | 0.01% |  | 0.01% |
| Exchange-Traded Fund  |  | 51.38% | 51.38% |
| Investment Company  |  | 0.99% | 0.99% |
| Other Assets (Liabilities)  | -0.65% | 0.75% | 0.10% |
| &nbsp;&nbsp;&nbsp;Total Net Assets  | **46.88%** | **53.12%** | **100.00%** |

---

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

The following table reflects the open derivative positions held by the Portfolio as of December 31, 2022.

<u><u>**Futures Contracts Purchased\***</u></u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of <br> Contracts** | **Expiration Date** | **Notional <br> Amount<br> (000)** | **Value and <br> Unrealized <br> Appreciation/ <br> (Depreciation)<br> (000)** |
| 10 Year US Treasury Note Future  | 91 | 3/31/23 | $10243 | $(24) |
|  |  |  | $10243 | $(24) |
|  | Total Unrealized Appreciation  | Total Unrealized Appreciation  | Total Unrealized Appreciation  | $— |
|  | Total Unrealized Depreciation  | Total Unrealized Depreciation  | Total Unrealized Depreciation  | (24) |
|  | Total Net Unrealized Appreciation/(Depreciation)  | Total Net Unrealized Appreciation/(Depreciation)  | Total Net Unrealized Appreciation/(Depreciation)  | $(24) |

---

\* 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. Corporate Fixed Income Securities Portfolio** 

Portfolio of Investments — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **Corporate Bonds — 73.91%** |  |  |  |
| $750 | AbbVie, Inc. (Biotechnology), Callable 8/14/28 @ 100.00  | 4.25 | 11/14/28 | $726 |
| 1954 | AbbVie, Inc. (Biotechnology)  | 4.40 | 11/6/42 | 1705 |
| 530 | Alabama Power Co., Series B (Electric Utilities), Callable 6/1/47 @ 100.00  | 3.70 | 12/1/47 | 401 |
| 155 | Alabama Power Co. (Electric Utilities), Callable 2/15/44 @ 100.00  | 4.15 | 8/15/44 | 128 |
| 1970 | American Express Co. (Consumer Finance), Callable 7/1/25 @ 100.00  | 3.95 | 8/1/25 | 1931 |
| 1935 | Amgen, Inc. (Biotechnology), Callable 8/21/39 @ 100.00  | 3.15 | 2/21/40 | 1432 |
| 1285 | Amgen, Inc. (Biotechnology), Callable 6/18/29 @ 100.00  | 4.05 | 8/18/29 | 1203 |
| 135 | Amgen, Inc. (Biotechnology), Callable 12/15/50 @ 100.00  | 4.66 | 6/15/51 | 117 |
| 1790 | Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide, Inc. (Beverages), Callable 8/1/45 @ 100.00  | 4.90 | 2/1/46 | 1626 |
| 1880 | Anheuser-Busch InBev Worldwide, Inc. (Beverages)  | 4.95 | 1/15/42 | 1768 |
| 1980 | Anthem, Inc. (Health Care Providers & Services), Callable 12/1/27 @ 100.00  | 4.10 | 3/1/28 | 1898 |
| 790 | Anthem, Inc. (Health Care Providers & Services)  | 4.63 | 5/15/42 | 720 |
| 2465 | Apple, Inc. (Technology Hardware, Storage & Peripherals), Callable 8/23/45 @ 100.00  | 4.65 | 2/23/46 | 2343 |
| 2519 | AT&T, Inc. (Diversified Telecommunication Services), Callable 3/15/55 @ 100.00  | 3.55 | 9/15/55 | 1694 |
| 2250 | AT&T, Inc. (Diversified Telecommunication Services), Callable 12/1/28 @ 100.00  | 4.35 | 3/1/29 | 2136 |
| 875 | AT&T, Inc. (Diversified Telecommunication Services), Callable 9/9/48 @ 100.00  | 4.55 | 3/9/49 | 710 |
| 255 | Atmos Energy Corp. (Gas Utilities), Callable 4/15/44 @ 100.00  | 4.13 | 10/15/44 | 210 |
| 1145 | Atmos Energy Corp. (Gas Utilities), Callable 7/15/42 @ 100.00  | 4.15 | 1/15/43 | 956 |
| 585 | Bank of America Corp. (Banks), Callable 4/22/31 @ 100.00  | 2.69 (SOFR + 132 bps)<sup>(a)</sup> | 4/22/32 | 467 |
| 5291 | Bank of America Corp. (Banks), Callable 12/20/27 @ 100.00  | 3.42 (US0003M + 104 bps)<sup>(a)</sup> | 12/20/28 | 4791 |
| 5225 | Bank of America Corp., MTN (Banks), Callable 2/7/29 @ 100.00  | 3.97 (US0003M + 121 bps)<sup>(a)</sup> | 2/7/30 | 4730 |
| 1665 | Berkshire Hathaway, Inc. (Multi-Utilities), Callable 8/1/44 @ 100.00  | 4.50 | 2/1/45 | 1434 |
| 265 | BP Capital Markets America, Inc. (Diversified Financial Services), Callable 8/24/49 @ 100.00  | 3.00 | 2/24/50 | 179 |
| 1245 | Bristol-Myers Squibb Co. (Pharmaceuticals), Callable 4/26/49 @ 100.00  | 4.25 | 10/26/49 | 1083 |
| 2705 | Brown & Brown, Inc. (Insurance), Callable 12/15/28 @ 100.00  | 4.50 | 3/15/29 | 2506 |
| 705 | Bunge Limited Finance Corp. (Food Products), Callable 2/14/31 @ 100.00  | 2.75 | 5/14/31 | 580 |
| 1305 | Bunge Limited Finance Corp. (Food Products), Callable 5/15/26 @ 100.00  | 3.25 | 8/15/26 | 1218 |
| 500 | Capital One Bank USA NA (Banks), Callable 1/28/25 @ 100.00  | 2.28 (SOFR + 91 bps)<sup>(a)</sup> | 1/28/26 | 468 |
| 3000 | Capital One Financial Corp. (Consumer Finance), Callable 7/24/25 @ 100.00  | 4.99 (SOFR + 216 bps)<sup>(a)</sup> | 7/24/26 | 2938 |
| 3930 | Charter Communications Operating LLC/Charter Communications Operating Capital (Media), Callable 12/30/28 @ 100.00  | 5.05 | 3/30/29 | 3697 |
| 310 | Cisco Systems, Inc. (Communications Equipment)  | 5.50 | 1/15/40 | 324 |
| 650 | Citigroup, Inc. (Banks), Callable 4/23/28 @ 100.00  | 4.07 (US0003M + 119 bps)<sup>(a)</sup> | 4/23/29 | 593 |
| 3000 | Citigroup, Inc. (Banks), Callable 3/31/30 @ 100.00  | 4.41 (SOFR + 391 bps)<sup>(a)</sup> | 3/31/31 | 2754 |
| 3720 | Citigroup, Inc. (Banks), Callable 9/29/25 @ 100.00  | 5.61 (SOFR + 155 bps)<sup>(a)</sup> | 9/29/26 | 3734 |
| 655 | Comcast Corp. (Media), Callable 5/1/49 @ 100.00  | 4.00 | 11/1/49 | 520 |
| 295 | Comcast Corp. (Media)  | 4.65 | 7/15/42 | 267 |
| 2185 | Comcast Corp. (Media)  | 4.75 | 3/1/44 | 1993 |
| 175 | Consolidated Edison Company of New York, Inc., Series 2008-B (Multi-Utilities)  | 6.75 | 4/1/38 | 191 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| $2195 | Constellation Brands, Inc. (Beverages), Callable 5/1/29 @ 100.00  | 3.15 | 8/1/29 | $1928 |
| 2050 | CSX Corp. (Road & Rail)  | 6.22 | 4/30/40 | 2216 |
| 822 | CVS Health Corp. (Health Care Providers & Services), Callable 12/25/27 @ 100.00  | 4.30 | 3/25/28 | 793 |
| 2415 | CVS Health Corp. (Health Care Providers & Services), Callable 9/25/37 @ 100.00  | 4.78 | 3/25/38 | 2220 |
| 445 | CVS Health Corp. (Health Care Providers & Services), Callable 1/20/45 @ 100.00  | 5.13 | 7/20/45 | 408 |
| 1230 | Dell International LLC/EMC Corp. (Technology Hardware & Semiconductors), Callable 8/1/26 @ 100.00  | 4.90 | 10/1/26 | 1210 |
| 1565 | Devon Energy Corp. (Oil, Gas & Consumable Fuels), Callable 1/15/41 @ 100.00  | 5.60 | 7/15/41 | 1462 |
| 315 | Devon Energy Corp. (Oil, Gas & Consumable Fuels), Callable 9/15/25 @ 100.00  | 5.85 | 12/15/25 | 320 |
| 1958 | Digital Realty Trust LP (Equity Real Estate Investment Trusts), Callable 4/15/28 @ 100.00  | 4.45 | 7/15/28 | 1849 |
| 805 | Dominion Energy Gas Holding LLC, Series B (Multi-Utilities), Callable 8/15/29 @ 100.00  | 3.00 | 11/15/29 | 687 |
| 1830 | Dominion Gas Holdings LLC (Multi-Utilities), Callable 9/15/24 @ 100.00  | 3.60 | 12/15/24 | 1778 |
| 685 | E.I. du Pont de Nemours and Co. (Chemicals), Callable 4/15/30 @ 100.00  | 2.30 | 7/15/30 | 571 |
| 800 | Energy Transfer Partners LP (Oil, Gas & Consumable Fuels), Callable 3/15/28 @ 100.00  | 4.95 | 6/15/28 | 770 |
| 2497 | Enterprise Products Operating LLC (Oil, Gas & Consumable Fuels), Callable 9/15/43 @ 100.00  | 4.85 | 3/15/44 | 2194 |
| 1933 | FedEx Corp., Series 2020-1, AA (Air Freight & Logistics)  | 1.88 | 8/20/35 | 1570 |
| 1275 | Fiserv, Inc. (IT Services), Callable 4/1/29 @ 100.00  | 3.50 | 7/1/29 | 1152 |
| 428 | General Motors Co. (Automobiles), Callable 7/1/27 @ 100.00  | 4.20 | 10/1/27 | 402 |
| 3495 | General Motors Co. (Automobiles), Callable 9/1/25 @ 100.00  | 6.13 | 10/1/25 | 3559 |
| 1155 | Gilead Sciences, Inc. (Biotechnology), Callable 8/1/44 @ 100.00  | 4.50 | 2/1/45 | 1016 |
| 1890 | HCA, Inc. (Health Care Providers & Services)  | 5.38 | 2/1/25 | 1890 |
| 1512 | Intel Corp. (Semiconductors & Semiconductor Equipment), Callable 6/8/47 @ 100.00  | 3.73 | 12/8/47 | 1134 |
| 1555 | Intel Corp. (Semiconductors & Semiconductor Equipment), Callable 6/5/29 @ 100.00  | 4.00 | 8/5/29 | 1482 |
| 1300 | International Business Machines Corp. (IT Services)  | 3.00 | 5/15/24 | 1266 |
| 560 | International Business Machines Corp. (IT Services)  | 4.00 | 6/20/42 | 464 |
| 200 | International Business Machines Corp. (IT Services)  | 7.00 | 10/30/25 | 212 |
| 795 | International Paper Co. (Containers & Packaging), Callable 5/15/41 @ 100.00  | 6.00 | 11/15/41 | 789 |
| 1045 | JPMorgan Chase & Co. (Banks), Callable 5/1/27 @ 100.00  | 3.54 (US0003M + 138 bps)<sup>(a)</sup> | 5/1/28 | 966 |
| 3018 | JPMorgan Chase & Co. (Banks), Callable 5/6/29 @ 100.00  | 3.70 (US0003M + 116 bps)<sup>(a)</sup> | 5/6/30 | 2717 |
| 5900 | JPMorgan Chase & Co. (Banks), Callable 4/23/28 @ 100.00  | 4.01 (US0003M + 112 bps)<sup>(a)</sup> | 4/23/29 | 5450 |
| 1665 | Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels), Callable 12/1/44 @ 100.00  | 5.55 | 6/1/45 | 1523 |
| 2000 | Lincoln National Corp. (Insurance), Callable 12/1/27 @ 100.00  | 3.80 | 3/1/28 | 1844 |
| 1365 | Lincoln National Corp. (Insurance)  | 7.00 | 6/15/40 | 1418 |
| 655 | Lockheed Martin Corp. (Aerospace & Defense)  | 4.07 | 12/15/42 | 566 |
| 200 | LYB International Finance BV (Chemicals), Callable 9/15/43 @ 100.00  | 4.88 | 3/15/44 | 169 |
| 789 | Martin Marietta Materials, Inc. (Construction Materials), Callable 3/1/27 @ 100.00  | 3.45 | 6/1/27 | 735 |
| 1355 | Martin Marietta Materials, Inc. (Construction Materials), Callable 9/15/27 @ 100.00  | 3.50 | 12/15/27 | 1255 |
| 1275 | Marvell Technology, Inc. (Semiconductors & Semiconductor Equipment), Callable 2/15/28 @ 100.00  | 2.45 | 4/15/28 | 1077 |
| 810 | Marvell Technology, Inc. (Semiconductors & Semiconductor Equipment), Callable 1/15/31 @ 100.00  | 2.95 | 4/15/31 | 653 |
| 1556 | Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment), Callable 2/6/23 @ 102.13  | 4.25 | 9/1/25 | 1510 |
| 2055 | Microsoft Corp. (Software), Callable 9/17/61 @ 100.00  | 3.04 | 3/17/62 | 1421 |
| 960 | Mohawk Industries, Inc. (Household Durables), Callable 2/15/30 @ 100.00  | 3.63 | 5/15/30 | 826 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| $1800 | Morgan Stanley, MTN (Capital Markets), Callable 7/20/26 @ 100.00  | 1.51 (SOFR + 86 bps)<sup>(a)</sup> | 7/20/27 | $1564 |
| 5085 | Morgan Stanley, MTN (Capital Markets), Callable 1/23/29 @ 100.00  | 4.43 (US0003M + 163 bps)<sup>(a)</sup> | 1/23/30 | 4737 |
| 1580 | National Retail Properties, Inc. (Equity Real Estate Investment Trusts), Callable 1/15/30 @ 100.00  | 2.50 | 4/15/30 | 1277 |
| 1615 | National Rural Utilities Cooperative Finance Corp. (Diversified Financial Services), Callable 12/15/29 @ 100.00  | 2.40 | 3/15/30 | 1340 |
| 450 | Netflix, Inc. (Entertainment)  | 5.88 | 2/15/25 | 455 |
| 1000 | NextEra Energy Capital Holdings, Inc. (Electric Utilities), Callable 3/1/30 @ 100.00  | 2.25 | 6/1/30 | 822 |
| 1210 | Northrop Grumman Corp. (Aerospace & Defense), Callable 4/15/47 @ 100.00  | 4.03 | 10/15/47 | 1006 |
| 205 | Northrop Grumman Corp. (Aerospace & Defense), Callable 2/1/30 @ 100.00  | 4.40 | 5/1/30 | 197 |
| 1056 | Nucor Corp. (Metals & Mining), Callable 2/1/43 @ 100.00  | 5.20 | 8/1/43 | 1001 |
| 955 | NVIDIA Corp. (Semiconductors & Semiconductor Equipment), Callable 1/1/30 @ 100.00  | 2.85 | 4/1/30 | 836 |
| 2420 | Oklahoma Gas and Electric Co. (Electric Utilities), Callable 2/15/28 @ 100.00  | 3.80 | 8/15/28 | 2252 |
| 1460 | Oracle Corp. (Software), Callable 11/15/44 @ 100.00  | 4.13 | 5/15/45 | 1107 |
| 3175 | Ovintiv Exploration, Inc. (Oil, Gas & Consumable Fuels), Callable 10/1/25 @ 100.00  | 5.38 | 1/1/26 | 3143 |
| 1080 | Pfizer, Inc. (Pharmaceuticals), Callable 3/15/38 @ 100.00  | 4.10 | 9/15/38 | 977 |
| 400 | Pfizer, Inc. (Pharmaceuticals)  | 4.30 | 6/15/43 | 368 |
| 2640 | Philip Morris International, Inc. (Tobacco), Callable 5/11/25 @ 100.00  | 3.38 | 8/11/25 | 2533 |
| 1435 | Philip Morris International, Inc. (Tobacco)  | 4.50 | 3/20/42 | 1203 |
| 1420 | Principal Financial Group, Inc. (Insurance), Callable 2/15/29 @ 100.00  | 3.70 | 5/15/29 | 1319 |
| 2534 | Progress Energy, Inc. (Electric Utilities)  | 6.00 | 12/1/39 | 2532 |
| 1095 | Prudential Financial, Inc. (Insurance)  | 4.60 | 5/15/44 | 974 |
| 152 | Prudential Financial, Inc., MTN (Insurance)  | 6.63 | 6/21/40 | 164 |
| 265 | Public Service Electric & Gas Co. (Electric Utilities), Callable 3/1/42 @ 100.00  | 3.65 | 9/1/42 | 211 |
| 809 | Reliance Steel & Aluminum Co. (Metals & Mining), Callable 7/15/25 @ 100.00  | 1.30 | 8/15/25 | 730 |
| 610 | Reliance Steel & Aluminum Co. (Metals & Mining), Callable 5/15/30 @ 100.00  | 2.15 | 8/15/30 | 481 |
| 2501 | RELX Capital, Inc. (Professional Services), Callable 2/22/30 @ 100.00  | 3.00 | 5/22/30 | 2140 |
| 1244 | Rockwell Collins, Inc. (Aerospace & Defense), Callable 12/15/26 @ 100.00 ^  | 3.50 | 3/15/27 | 1173 |
| 864 | Roper Technologies, Inc. (Industrial Conglomerates), Callable 6/15/28 @ 100.00  | 4.20 | 9/15/28 | 833 |
| 930 | Sabra Health Care, LP (Equity Real Estate Investment Trusts), Callable 9/1/31 @ 100.00  | 3.20 | 12/1/31 | 692 |
| 959 | Sabra Health Care, LP (Equity Real Estate Investment Trusts), Callable 5/15/26 @ 100.00  | 5.13 | 8/15/26 | 912 |
| 330 | Southern Company Gas Capital Corp. (Electric Utilities), Callable 3/15/26 @ 100.00  | 3.25 | 6/15/26 | 307 |
| 920 | Southern Company Gas Capital Corp. (Electric Utilities), Callable 11/30/46 @ 100.00  | 4.40 | 5/30/47 | 736 |
| 1095 | Southwest Airlines Co. (Airlines), Callable 4/15/27 @ 100.00  | 5.13 | 6/15/27 | 1084 |
| 1625 | Sunoco Logistics Partners Operations LP (Oil, Gas & Consumable Fuels), Callable 7/15/42 @ 100.00  | 4.95 | 1/15/43 | 1313 |
| 1850 | TCI Communications, Inc. (Media)  | 7.88 | 2/15/26 | 2002 |
| 7890 | The Goldman Sachs Group, Inc. (Capital Markets), Callable 6/5/27 @ 100.00  | 3.69 (US0003M + 151 bps)<sup>(a)</sup> | 6/5/28 | 7327 |
| 345 | The Home Depot, Inc. (Specialty Retail), Callable 6/6/48 @ 100.00  | 4.50 | 12/6/48 | 314 |
| 1210 | The Home Depot, Inc. (Specialty Retail), Callable 3/15/40 @ 100.00  | 5.40 | 9/15/40 | 1238 |
| 1065 | The Interpublic Group of Companies, Inc. (Media)  | 4.20 | 4/15/24 | 1047 |
| 2 | The Interpublic Group of Companies, Inc. (Media), Callable 12/30/29 @ 100.00  | 4.75 | 3/30/30 | 2 |
| 575 | The Interpublic Group of Companies, Inc. (Media), Callable 4/1/48 @ 100.00  | 5.40 | 10/1/48 | 521 |
| 475 | The Travelers Companies, Inc. (Insurance)  | 5.35 | 11/1/40 | 472 |
| 901 | The Travelers Companies, Inc., MTN (Insurance)  | 6.25 | 6/15/37 | 975 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** | **Corporate Bonds (continued)** |
| $1485 | The Walt Disney Co. (Entertainment), Callable 3/15/44 @ 100.00  | 4.75 | 9/15/44 | $1369 |
| 720 | T-Mobile USA, Inc. (Wireless Telecommunication Services), Callable 2/15/23 @ 101.13  | 2.25 | 2/15/26 | 656 |
| 560 | Toyota Motor Credit Corp., MTN (Consumer Finance)  | 3.38 | 4/1/30 | 509 |
| 140 | United Parcel Service, Inc. (Air Freight & Logistics), Callable 9/15/48 @ 100.00  | 4.25 | 3/15/49 | 124 |
| 674 | United Technologies Corp. (Aerospace & Defense)  | 4.50 | 6/1/42 | 609 |
| 810 | UnitedHealth Group, Inc. (Health Care Providers & Services), Callable 5/15/41 @ 100.00  | 4.63 | 11/15/41 | 745 |
| 905 | UnitedHealth Group, Inc. (Health Care Providers & Services)  | 4.75 | 7/15/45 | 850 |
| 1190 | Valero Energy Corp. (Oil, Gas & Consumable Fuels)  | 6.63 | 6/15/37 | 1263 |
| 475 | Ventas Realty LP (Equity Real Estate Investment Trusts), Callable 11/1/24 @ 100.00  | 3.50 | 2/1/25 | 454 |
| 670 | Ventas Realty LP (Equity Real Estate Investment Trusts), Callable 2/1/24 @ 100.00  | 3.75 | 5/1/24 | 652 |
| 945 | Ventas Realty LP (Real Estate), Callable 10/15/28 @ 100.00  | 4.40 | 1/15/29 | 882 |
| 4580 | Verizon Communications, Inc. (Diversified Telecommunication Services), Callable 9/22/40 @ 100.00  | 3.40 | 3/22/41 | 3450 |
| 1870 | Verizon Communications, Inc. (Diversified Telecommunication Services)  | 4.33 | 9/21/28 | 1794 |
| 625 | Virginia Electric and Power Co., Series B (Electric Utilities), Callable 3/15/47 @ 100.00  | 3.80 | 9/15/47 | 481 |
| 820 | Virginia Electric and Power Co., Series D (Electric Utilities), Callable 2/15/43 @ 100.00  | 4.65 | 8/15/43 | 720 |
| 5380 | Wells Fargo & Co., MTN (Banks), Callable 10/30/29 @ 100.00  | 2.88 (US0003M + 117 bps)<sup>(a)</sup> | 10/30/30 | 4575 |
| 2190 | Wells Fargo & Co., MTN (Banks), Callable 5/22/27 @ 100.00  | 3.58 (US0003M + 131 bps)<sup>(a)</sup> | 5/22/28 | 2030 |
| 660 | Wells Fargo & Co. (Banks), Callable 10/24/28 @ 100.00  | 4.15 | 1/24/29 | 621 |
| 340 | WestRock MWV LLC (Containers & Packaging)  | 8.20 | 1/15/30 | 385 |
| 3045 | WRKCo, Inc. (Containers & Packaging), Callable 1/15/26 @ 100.00  | 4.65 | 3/15/26 | 2997 |
| 1146 | XTO Energy, Inc. (Oil, Gas & Consumable Fuels)  | 6.75 | 8/1/37 | 1257 |
|  | **Total Corporate Bonds**  |  |  | 192383 |
|  | **Yankee Dollars — 8.88%** |  |  |  |
| 850 | America Movil SAB de CV (Wireless Telecommunication Services)  | 6.13 | 11/15/37 | 893 |
| 645 | BHP Billiton Finance USA Ltd. (Metals & Mining)  | 5.00 | 9/30/43 | 626 |
| 1246 | British Telecommunications PLC (Diversified Telecommunication Services)  | 9.63 | 12/15/30 | 1490 |
| 880 | Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels), Callable 6/15/25 @ 100.00  | 2.05 | 7/15/25 | 820 |
| 2504 | Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels), Callable 3/1/27 @ 100.00  | 3.85 | 6/1/27 | 2363 |
| 665 | Canadian Pacific Railway Co. (Road & Rail), Callable 12/5/29 @ 100.00  | 2.05 | 3/5/30 | 542 |
| 1106 | Deutsche Telekom International Finance BV (Diversified Telecommunication Services)  | 8.75<sup>(b)</sup> | 6/15/30 | 1305 |
| 1010 | Diageo Capital PLC (Diversified Financial Services)  | 5.88 | 9/30/36 | 1060 |
| 1365 | Enbridge, Inc. (Oil, Gas & Consumable Fuels), Callable 2/1/51 @ 100.00  | 3.40 | 8/1/51 | 934 |
| 1 | Enbridge, Inc. (Oil, Gas & Consumable Fuels), Callable 4/15/27 @ 100.00  | 3.70 | 7/15/27 | 1 |
| 560 | Equinor ASA (Oil, Gas & Consumable Fuels)  | 3.95 | 5/15/43 | 470 |
| 825 | Equinor ASA (Oil, Gas & Consumable Fuels)  | 5.10 | 8/17/40 | 808 |
| 2225 | Iberdrola International BV (Electric Utilities)  | 5.81 | 3/15/25 | 2264 |
| 1655 | Iberdrola International BV (Electric Utilities)  | 6.75 | 7/15/36 | 1763 |
| 1012 | Nutrien Ltd. (Chemicals), Callable 2/13/30 @ 100.00  | 2.95 | 5/13/30 | 868 |
| 1143 | Orange SA (Diversified Telecommunication Services)  | 9.00 | 3/1/31 | 1396 |
| 893 | Shell International Finance BV (Oil, Gas & Consumable Fuels)  | 4.13 | 5/11/35 | 827 |
| 910 | Shell International Finance BV (Diversified Financial Services)  | 4.55 | 8/12/43 | 825 |
| 850 | Telefonica Emisiones SA (Diversified Telecommunication Services)  | 4.67 | 3/6/38 | 675 |
| 2160 | The Toronto-Dominion Bank (Banks)  | 3.20 | 3/10/32 | 1866 |
| 475 | Vodafone Group PLC (Wireless Telecommunication Services)  | 4.13 | 5/30/25 | 467 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (concluded) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **Yankee Dollars (continued)** | **Yankee Dollars (continued)** | **Yankee Dollars (continued)** | **Yankee Dollars (continued)** |
| $826 | Vodafone Group PLC (Wireless Telecommunication Services)  | 6.15 | 2/27/37 | $835 |
|  | **Total Yankee Dollars**  |  |  | 23098 |
| **Shares** |  |  |  |  |
|  | **Exchange-Traded Fund — 14.54%** |  |  |  |
| 503100 | Vanguard Short-Term Corporate Bond ETF  |  |  | 37828 |
|  | **Total Exchange-Traded Fund**  |  |  | 37828 |
|  | **Investment Companies — 1.71%** |  |  |  |
| 4913 | Federated Hermes Treasury Obligations Fund, Institutional Shares^^  | 4.04<sup>(c)(d)</sup> |  | 5 |
| 1265897 | State Street Institutional Treasury Money Market Fund, Premier Class  | 3.79<sup>(d)</sup> |  | 1266 |
| 3167570 | State Street Institutional Treasury Plus Money Market Fund, Trust Class  | 4.09<sup>(d)</sup> |  | 3167 |
|  | **Total Investment Companies**  |  |  | 4438 |
|  | **Total Investments (cost $291,206) — 99.04%**  |  |  | 257747 |
|  | **Other assets in excess of liabilities — 0.96%**  |  |  | 2497 |
|  | **Net Assets — 100.00%**  |  |  | $260244 |

---

^ All or part of this security was on loan as of December 31, 2022.

^^ 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, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Variable Rate Security. The rate disclosed is the rate in effect on December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate disclosed is the rate in effect on December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized 7-day yield as of period-end.

bps—Basis Points

ETF—Exchange-Traded Fund

MTN—Medium Term Note

SOFR—Secured Overnight Financing Rate

US0003M—3 Month US Dollar LIBOR

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of December 31, 2022.

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (concluded) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **The U.S. Corporate Fixed Income Securities Portfolio** | **Agincourt <br> Capital <br> Management, <br> LLC** | **Parametric <br> Portfolio <br> Associates** | **HC Capital <br> Solutions** | **Total** |
| Corporate Bonds  | 73.91% |  |  | 73.91% |
| Yankee Dollars  | 8.88% |  |  | 8.88% |
| Exchange-Traded Funds  |  | 14.54% |  | 14.54% |
| Investment Companies  | 0.49% |  | 1.22% | 1.71% |
| Other Assets (Liabilities)  | 13.33% | -14.54% | 2.17% | 0.96% |
| &nbsp;&nbsp;&nbsp;Total Net Assets  | **96.61%** | **0.00%** | **3.39%** | **100.00%** |

---

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

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **Asset Backed Securities — 0.98%** |  |  |  |
| $150 | American Express Credit Account Master Trust, Series 2021-1, Class - A  | 0.90 | 11/16/26 | $139 |
| 100 | American Express Credit Account Master Trust, Series 2022-2, Class - A  | 3.39 | 5/17/27 | 97 |
| 100 | Bank of America Credit Card Trust, Series 2022-A1, Class - A1  | 3.53 | 11/15/27 | 97 |
| 100 | Barclays Dryrock Issuance Trust, Series 2022-1, Class - A  | 3.07 | 2/15/28 | 96 |
| 100 | BMW Vehicle Lease Trust, Series 2022-1, Class - A3, Callable 5/25/24 @ 100.00  | 1.10 | 3/25/25 | 97 |
| 140 | Capital One Multi-Asset Execution Trust, Series 2021-A2, Class - A2  | 1.39 | 7/15/30 | 117 |
| 200 | Capital One Multi-Asset Execution Trust, Series 2022-A2, Class - A  | 3.49 | 5/15/27 | 195 |
| 250 | GM Financial Automobile Leasing Trust, Series 2022-2, Class - A3, Callable 11/20/24 @ 100.00  | 3.42 | 6/20/25 | 243 |
| 100 | Honda Auto Receivables Owner Trust, Series 2021-1, Class - A4, Callable 7/21/24 @ 100.00  | 0.42 | 1/21/28 | 93 |
| 100 | Hyundai Auto Receivables Trust, Series 2022-A, Class - A3, Callable 5/15/26 @ 100.00  | 2.22 | 10/15/26 | 95 |
| 100 | Hyundai Auto Receivables Trust, Series 2022-B, Class - A3, Callable 8/15/26 @ 100.00  | 3.72 | 11/16/26 | 98 |
| 100 | Synchrony Card Funding LLC, Series 2022-A1, Class - A, Callable 4/15/25 @ 100.00  | 3.37 | 4/15/28 | 96 |
| 100 | Toyota Auto Receivables 2022-C Owner Trust, Series 2022-C, Class - A3, Callable 9/15/26 @ 100.00  | 3.76 | 4/15/27 | 97 |
| 100 | Toyota Auto Receivables Owner Trust, Series 2021-A, Class - A4, Callable 1/15/25 @ 100.00  | 0.39 | 6/15/26 | 92 |
| 200 | World Omni Auto Receivables Trust, Series 2021-C, Class - A4, Callable 5/15/25 @ 100.00  | 0.64 | 9/15/27 | 182 |
| 200 | World Omni Auto Receivables Trust, Series 2020-B, Class - A4, Callable 5/15/24 @ 100.00  | 0.82 | 1/15/26 | 189 |
| 100 | World Omni Automobile Lease Securitization Trust, Series 2022-A, Class - A3  | 3.21 | 2/18/25 | 97 |
|  | **Total Asset Backed Securities**  |  |  | 2120 |
|  | **Collateralized Mortgage Obligations — 5.48%** |  |  |  |
| 150 | Bank, Series 2020-BNK26, Class - A4, Callable 3/15/30 @ 100.00  | 2.40 | 3/15/63 | 125 |
| 300 | Bank, Series 2021-BN37, Class - A5, Callable 11/15/31 @ 100.00  | 2.62<sup>(a)</sup> | 11/15/64 | 246 |
| 100 | Bank, Series 2019-BN21, Class - A5, Callable 10/15/29 @ 100.00  | 2.85 | 10/15/52 | 86 |
| 100 | Bank, Series 2019-BNK19, Class - A3, Callable 7/15/29 @ 100.00  | 3.18 | 8/15/61 | 88 |
| 250 | Bank, Series 2017-BNK9, Class - ASB, Callable 12/15/29 @ 100.00  | 3.47 | 11/15/54 | 237 |
| 300 | Bank, Series 2018-BN10, Class - A5, Callable 2/15/28 @ 100.00  | 3.69 | 2/15/61 | 279 |
| 100 | Bank, Series 2019-BN17, Class - A4, Callable 4/15/29 @ 100.00  | 3.71 | 4/15/52 | 92 |
| 150 | Bank, Series 2022-BNK41, Class - A4  | 3.79<sup>(a)</sup> | 4/15/65 | 136 |
| 82 | Bank of America Commercial Mortgage Trust, Series 2017-BNK3, Class - ASB, Callable 2/15/27 @ 100.00  | 3.37 | 2/15/50 | 79 |
| 60 | BBCMS Mortgage Trust, Series 2020-C7, Class - AS, Callable 4/15/30 @ 100.00  | 2.44 | 4/15/53 | 47 |
| 100 | Benchmark Mortgage Trust, Series 2020-IG1, Class - AS, Callable 1/15/30 @ 100.00  | 2.91<sup>(a)</sup> | 9/15/43 | 79 |
| 200 | Benchmark Mortgage Trust, Series 2022-B33, Class - A5, Callable 3/15/32 @ 100.00  | 3.46 | 1/15/32 | 176 |
| 250 | Benchmark Mortgage Trust, Series 2019-B9, Class - A5, Callable 2/15/29 @ 100.00  | 4.02 | 3/15/52 | 235 |
| 200 | Benchmark Mortgage Trust, Series 2018-B6, Class - A4, Callable 10/10/28 @ 100.00  | 4.26 | 10/10/51 | 191 |
| 176 | Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class - A4, Callable 1/10/25 @ 100.00  | 2.88 | 2/10/48 | 168 |
| 100 | Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class - AS, Callable 2/15/30 @ 100.00  | 2.92 | 2/15/53 | 80 |
| 150 | Citigroup Commercial Mortgage Trust, Series 2019-C7, Class - A4, Callable 12/15/29 @ 100.00  | 3.10 | 12/15/72 | 129 |
| 100 | Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class - A4, Callable 3/10/26 @ 100.00  | 3.31 | 4/10/49 | 93 |
| 100 | Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class - A5, Callable 2/10/26 @ 100.00  | 3.62 | 2/10/49 | 94 |
| 228 | Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class - A4, Callable 7/10/24 @ 100.00  | 3.62 | 7/10/47 | 220 |
| 80 | COMM Mortgage Trust, Series 2015-DC1, Class - A5, Callable 2/10/25 @ 100.00  | 3.35 | 2/10/48 | 76 |
| 183 | Commercial Mortgage Trust, Series 2015-LC19, Class - A4, Callable 1/10/27 @ 100.00  | 3.18 | 2/10/48 | 173 |
| 100 | Commercial Mortgage Trust, Series 2014-UBS4, Class - AM, Callable 7/10/29 @ 100.00  | 3.97 | 8/10/47 | 96 |
| 129 | CSAIL Commercial Mortgage Trust, Series 2016-C7, Class - ASB, Callable 11/15/26 @ 100.00  | 3.31 | 11/15/49 | 124 |
| 200 | Fannie Mae-ACES, Series 2020-M8, Class - A2  | 1.82 | 2/25/30 | 166 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| $200 | Fannie Mae-ACES, Series 2022-M11, Class - A2  | 2.96<sup>(a)</sup> | 10/25/27 | $186 |
| 180 | Fannie Mae-ACES, Series 2017-M7, Class - A2  | 2.96<sup>(a)</sup> | 2/25/27 | 169 |
| 100 | Fannie Mae-ACES, Series 2017-M11, Class - A2  | 2.98 | 8/25/29 | 92 |
| 207 | Fannie Mae-ACES, Series 2017-M12, Class - A2  | 3.06<sup>(a)</sup> | 6/25/27 | 195 |
| 171 | Fannie Mae-ACES, Series 2017 M15, Class - ATS2  | 3.16<sup>(a)</sup> | 11/25/27 | 161 |
| 239 | Fannie Mae-ACES, Series 2018-M14, Class - A2  | 3.58<sup>(a)</sup> | 8/25/28 | 227 |
| 184 | Fannie Mae-ACES, Series 2019-M2, Class - A2  | 3.63<sup>(a)</sup> | 11/25/28 | 176 |
| 300 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K117, Class - A2, Callable 10/25/30 @ 100.00  | 1.41 | 8/25/30 | 240 |
| 300 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K1516, Class - A2, Callable 10/25/35 @ 100.00  | 1.72 | 5/25/35 | 211 |
| 97 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K106, Class - A1, Callable 2/25/30 @ 100.00  | 1.78 | 5/25/29 | 86 |
| 390 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K126, Class - A2, Callable 5/25/31 @ 100.00  | 2.07 | 1/25/31 | 326 |
| 200 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K133, Class - A2, Callable 10/25/31 @ 100.00  | 2.10 | 9/25/31 | 165 |
| 150 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K749, Class - A2, Callable 9/25/29 @ 100.00  | 2.12<sup>(a)</sup> | 4/25/55 | 131 |
| 300 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K749, Class - AM, Callable 9/25/29 @ 100.00  | 2.12 | 4/25/29 | 262 |
| 300 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K1521, Class - A2, Callable 9/25/36 @ 100.00  | 2.18 | 8/25/36 | 227 |
| 46 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K099, Class - A1, Callable 11/25/29 @ 100.00  | 2.26 | 6/25/29 | 42 |
| 62 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K058, Class - A1, Callable 9/25/26 @ 100.00  | 2.34 | 7/25/26 | 59 |
| 350 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K055, Class - A2, Callable 4/25/26 @ 100.00  | 2.67 | 3/25/26 | 331 |
| 124 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K726, Class - A2, Callable 4/25/24 @ 100.00  | 2.91 | 7/25/49 | 121 |
| 200 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K147, Class - A2, Callable 6/25/32 @ 100.00  | 3.00 | 6/25/32 | 177 |
| 100 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K092, Class - A2, Callable 7/25/29 @ 100.00  | 3.30 | 4/25/29 | 93 |
| 100 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K047, Class - A2, Callable 5/25/25 @ 100.00  | 3.33<sup>(a)</sup> | 5/25/25 | 97 |
| 250 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K091, Class - A2  | 3.51 | 3/25/29 | 236 |
| 250 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K087, Class - A2  | 3.77 | 12/25/28 | 240 |
| 500 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K077, Class - A2, Callable 5/25/28 @ 100.00  | 3.85 | 5/25/28 | 486 |
| 400 | Freddie Mac Multifamily Structured Pass-Through Certificates, Series K081, Class - A2, Callable 12/25/28 @ 100.00  | 3.90<sup>(a)</sup> | 8/25/28 | 389 |
| 224 | GS Mortgage Securities Trust, Series 2016-GS2, Class - A3, Callable 5/10/26 @ 100.00  | 2.79 | 5/10/49 | 206 |
| 200 | GS Mortgage Securities Trust, Series 2019-GC42, Class - A4, Callable 9/10/29 @ 100.00  | 3.00 | 9/1/52 | 171 |
| 100 | GS Mortgage Securities Trust, Series 2020-GC45, Class - AS, Callable 1/13/30 @ 100.00  | 3.17<sup>(a)</sup> | 2/13/53 | 84 |
| 250 | GS Mortgage Securities Trust, Series 2017-GS5, Class - A4, Callable 3/10/27 @ 100.00  | 3.67 | 3/10/50 | 233 |
| 100 | GS Mortgage Securities Trust, Series 2018-GS10, Class - A5, Callable 7/10/28 @ 100.00  | 4.15<sup>(a)</sup> | 7/10/51 | 94 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| $137 | JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class - A5, Callable 10/15/25 @ 100.00  | 3.64 | 11/15/47 | $132 |
| 183 | JPMBB Commercial Mortgage Securities Trust, Series 2014-C22, Class - A4, Callable 3/15/26 @ 100.00  | 3.80 | 9/15/47 | 177 |
| 37 | Morgan Stanley BAML Trust, Series 2015-C21, Class - ASB, Callable 3/15/31 @ 100.00  | 3.15 | 3/15/48 | 36 |
| 183 | Morgan Stanley BAML Trust, Series 2015-C20, Class - A4, Callable 11/15/26 @ 100.00  | 3.25 | 2/15/48 | 174 |
| 200 | Morgan Stanley BAML Trust, Series 2014-C19, Class - A4, Callable 10/15/26 @ 100.00  | 3.53 | 12/15/47 | 191 |
| 200 | Morgan Stanley BAML Trust, Series 2017-C33, Class - A5, Callable 5/15/27 @ 100.00  | 3.60 | 5/15/50 | 185 |
| 200 | Morgan Stanley Capital I Trust, Series 2017-H1, Class - A4, Callable 6/15/27 @ 100.00  | 3.26 | 6/15/50 | 184 |
| 100 | SG Commercial Mortgage Securities Trust, Series 2016-C5, Class - A4, Callable 7/10/26 @ 100.00  | 3.06 | 10/10/48 | 91 |
| 122 | Wells Fargo Commercial Mortgage Trust, Series 2019-C53, Class - A4, Callable 10/15/29 @ 100.00  | 3.04 | 10/15/52 | 106 |
| 500 | Wells Fargo Commercial Mortgage Trust, Series 2016-C34, Class - A4, Callable 5/15/26 @ 100.00  | 3.10 | 6/15/49 | 462 |
| 183 | Wells Fargo Commercial Mortgage Trust, Series 2015-C30, Class - A4, Callable 8/15/25 @ 100.00  | 3.66 | 9/15/58 | 173 |
| 124 | Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class - A4, Callable 12/15/25 @ 100.00  | 3.81 | 12/15/48 | 118 |
| 169 | Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class - A5, Callable 7/15/24 @ 100.00  | 3.82 | 8/15/50 | 164 |
| 142 | Wells Fargo Commercial Mortgage Trust, Series 2015-C26, Class - C, Callable 2/15/25 @ 100.00  | 4.07 | 2/15/48 | 130 |
| 100 | Wells Fargo Commercial Mortgage Trust, Series 2018-C47, Class - A4, Callable 10/15/28 @ 100.00  | 4.44 | 9/15/61 | 95 |
|  | **Total Collateralized Mortgage Obligations**  |  |  | 11846 |
|  | **U.S. Government Agency Mortgages — 81.39%** |  |  |  |
| 392 | Fannie Mae, Pool #MA4417  | 1.50 | 9/1/36 | 340 |
| 405 | Fannie Mae, Pool #MA4343  | 1.50 | 5/1/51 | 311 |
| 21 | Fannie Mae, Pool #MA4181  | 1.50 | 11/1/50 | 16 |
| 332 | Fannie Mae, Pool #BQ3141  | 1.50 | 10/1/35 | 288 |
| 400 | Fannie Mae, Pool #CA7696  | 1.50 | 11/1/50 | 307 |
| 311 | Fannie Mae, Pool #FS1327  | 1.50 | 6/1/36 | 270 |
| 391 | Fannie Mae, Pool #FM6579  | 1.50 | 3/1/51 | 305 |
| 452 | Fannie Mae, Pool #MA4354  | 1.50 | 6/1/51 | 347 |
| 150 | Fannie Mae, Pool #MA4310  | 1.50 | 4/1/41 | 122 |
| 433 | Fannie Mae, Pool #CB0711  | 1.50 | 6/1/51 | 337 |
| 401 | Fannie Mae, Pool #CA7695  | 1.50 | 11/1/50 | 308 |
| 270 | Fannie Mae, Pool #BQ5781  | 1.50 | 11/1/35 | 234 |
| 398 | Fannie Mae, Pool #MA4441  | 1.50 | 10/1/36 | 345 |
| 44 | Fannie Mae, Pool #MA4342  | 1.50 | 4/1/41 | 35 |
| 410 | Fannie Mae, Pool #MA4236  | 1.50 | 1/1/51 | 315 |
| 400 | Fannie Mae, Pool #MA4304  | 1.50 | 4/1/51 | 307 |
| 216 | Fannie Mae, Pool #MA4302  | 1.50 | 4/1/36 | 188 |
| 114 | Fannie Mae, Pool #MA4122  | 1.50 | 9/1/35 | 99 |
| 138 | Fannie Mae, Pool #FM9249  | 1.50 | 10/1/41 | 112 |
| 372 | Fannie Mae, Pool #CB0310  | 1.50 | 4/1/36 | 323 |
| 84 | Fannie Mae, Pool #MA4286  | 1.50 | 2/1/41 | 68 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $91 | Fannie Mae, Pool #MA4445  | 1.50 | 10/1/41 | $74 |
| 464 | Fannie Mae, Pool #MA4397  | 1.50 | 8/1/51 | 356 |
| 185 | Fannie Mae, Pool #MA4266  | 1.50 | 1/1/41 | 150 |
| 176 | Fannie Mae, Pool #MA4386  | 1.50 | 7/1/41 | 143 |
| 142 | Fannie Mae, Pool #FS2037  | 1.50 | 5/1/37 | 124 |
| 416 | Fannie Mae, Pool #MA4280  | 1.50 | 3/1/51 | 320 |
| 240 | Fannie Mae, Pool #MA4325  | 2.00 | 5/1/51 | 197 |
| 47 | Fannie Mae, Pool #FM9724  | 2.00 | 11/1/36 | 42 |
| 412 | Fannie Mae, Pool #CA8110  | 2.00 | 12/1/50 | 337 |
| 251 | Fannie Mae, Pool #MA4119  | 2.00 | 9/1/50 | 206 |
| 349 | Fannie Mae, Pool #MA4303  | 2.00 | 4/1/36 | 311 |
| 385 | Fannie Mae, Pool #MA4602  | 2.00 | 5/1/37 | 344 |
| 436 | Fannie Mae, Pool #BT0240  | 2.00 | 9/1/51 | 357 |
| 179 | Fannie Mae, Pool #MA4333  | 2.00 | 5/1/41 | 152 |
| 448 | Fannie Mae, Pool #FM9704  | 2.00 | 12/1/51 | 368 |
| 519 | Fannie Mae, Pool #FM4788  | 2.00 | 11/1/50 | 424 |
| 387 | Fannie Mae, Pool #CA8850  | 2.00 | 2/1/51 | 317 |
| 431 | Fannie Mae, Pool #FM9579  | 2.00 | 7/1/51 | 353 |
| 469 | Fannie Mae, Pool #FM7411  | 2.00 | 5/1/51 | 384 |
| 483 | Fannie Mae, Pool #MA4536  | 2.00 | 2/1/37 | 431 |
| 14 | Fannie Mae, Pool #BJ4362  | 2.00 | 11/1/32 | 13 |
| 262 | Fannie Mae, Pool #MA4355  | 2.00 | 6/1/51 | 214 |
| 386 | Fannie Mae, Pool #MA4305  | 2.00 | 4/1/51 | 316 |
| 249 | Fannie Mae, Pool #FM5044  | 2.00 | 12/1/50 | 205 |
| 473 | Fannie Mae, Pool #MA4158  | 2.00 | 10/1/50 | 388 |
| 523 | Fannie Mae, Pool #BQ5112  | 2.00 | 11/1/50 | 429 |
| 464 | Fannie Mae, Pool #CA8252  | 2.00 | 12/1/45 | 381 |
| 422 | Fannie Mae, Pool #CA8687  | 2.00 | 1/1/51 | 346 |
| 154 | Fannie Mae, Pool #BP6626  | 2.00 | 8/1/50 | 126 |
| 133 | Fannie Mae, Pool #FM5453  | 2.00 | 1/1/41 | 113 |
| 448 | Fannie Mae, Pool #FM9441  | 2.00 | 4/1/51 | 367 |
| 386 | Fannie Mae, Pool #FM6555  | 2.00 | 4/1/51 | 315 |
| 388 | Fannie Mae, Pool #BQ9685  | 2.00 | 1/1/51 | 317 |
| 472 | Fannie Mae, Pool #FS1334  | 2.00 | 11/1/51 | 386 |
| 357 | Fannie Mae, Pool #CA7225  | 2.00 | 10/1/50 | 293 |
| 394 | Fannie Mae, Pool #FM6448  | 2.00 | 3/1/51 | 324 |
| 366 | Fannie Mae, Pool #BQ7777  | 2.00 | 3/1/36 | 326 |
| 426 | Fannie Mae, Pool #MA4182  | 2.00 | 11/1/50 | 349 |
| 91 | Fannie Mae, Pool #MA4474  | 2.00 | 11/1/41 | 77 |
| 418 | Fannie Mae, Pool #CB1620  | 2.00 | 9/1/51 | 342 |
| 240 | Fannie Mae, Pool #FM4039  | 2.00 | 10/1/35 | 214 |
| 364 | Fannie Mae, Pool #MA4237  | 2.00 | 1/1/51 | 298 |
| 369 | Fannie Mae, Pool #MA4255  | 2.00 | 2/1/51 | 302 |
| 221 | Fannie Mae, Pool #CA8118  | 2.00 | 12/1/50 | 181 |
| 98 | Fannie Mae, Pool #AS1058  | 2.00 | 11/1/28 | 93 |
| 415 | Fannie Mae, Pool #MA4442  | 2.00 | 10/1/36 | 370 |
| 391 | Fannie Mae, Pool #BR2176  | 2.00 | 7/1/36 | 348 |
| 370 | Fannie Mae, Pool #BQ8341  | 2.00 | 12/1/50 | 303 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $473 | Fannie Mae, Pool #MA4511  | 2.00 | 1/1/52 | $387 |
| 314 | Fannie Mae, Pool #FM3755  | 2.00 | 9/1/35 | 280 |
| 475 | Fannie Mae, Pool #BR0948  | 2.00 | 4/1/51 | 389 |
| 193 | Fannie Mae, Pool #BQ5160  | 2.00 | 12/1/50 | 159 |
| 470 | Fannie Mae, Pool #FM4969  | 2.00 | 12/1/50 | 387 |
| 347 | Fannie Mae, Pool #CA9183  | 2.00 | 2/1/36 | 311 |
| 276 | Fannie Mae, Pool #MA4208  | 2.00 | 12/1/50 | 227 |
| 490 | Fannie Mae, Pool #CA9273  | 2.00 | 2/1/51 | 402 |
| 94 | Fannie Mae, Pool #FS0317  | 2.00 | 2/1/42 | 80 |
| 44 | Fannie Mae, Pool #MA4071  | 2.00 | 7/1/40 | 37 |
| 43 | Fannie Mae, Pool #MA2906  | 2.00 | 2/1/32 | 39 |
| 343 | Fannie Mae, Pool #BP9370  | 2.00 | 7/1/50 | 281 |
| 32 | Fannie Mae, Pool #MA4093  | 2.00 | 8/1/40 | 27 |
| 143 | Fannie Mae, Pool #MA4287  | 2.00 | 3/1/41 | 122 |
| 181 | Fannie Mae, Pool #MA4176  | 2.00 | 10/1/40 | 154 |
| 10 | Fannie Mae, Pool #CA0052  | 2.00 | 7/1/32 | 9 |
| 286 | Fannie Mae, Pool #FS1621  | 2.00 | 7/1/51 | 234 |
| 385 | Fannie Mae, Pool #MA4360  | 2.00 | 6/1/36 | 343 |
| 124 | Fannie Mae, Pool #MA4155  | 2.00 | 10/1/35 | 111 |
| 17 | Fannie Mae, Pool #AY4232  | 2.00 | 5/1/30 | 16 |
| 356 | Fannie Mae, Pool #MA4403  | 2.00 | 8/1/36 | 317 |
| 411 | Fannie Mae, Pool #CA7833  | 2.00 | 11/1/50 | 338 |
| 157 | Fannie Mae, Pool #MA4204  | 2.00 | 12/1/40 | 134 |
| 240 | Fannie Mae, Pool #BR4435  | 2.00 | 4/1/51 | 197 |
| 376 | Fannie Mae, Pool #MA4281  | 2.00 | 3/1/51 | 307 |
| 306 | Fannie Mae, Pool #BU7103  | 2.00 | 12/1/51 | 250 |
| 266 | Fannie Mae, Pool #FS0355  | 2.00 | 9/1/51 | 218 |
| 372 | Fannie Mae, Pool #BQ3004  | 2.00 | 10/1/50 | 305 |
| 243 | Fannie Mae, Pool #SB8061  | 2.00 | 9/1/35 | 216 |
| 481 | Fannie Mae, Pool #CA8933  | 2.00 | 2/1/51 | 395 |
| 387 | Fannie Mae, Pool #FM6852  | 2.00 | 5/1/51 | 320 |
| 532 | Fannie Mae, Pool #BR4094  | 2.00 | 1/1/51 | 436 |
| 448 | Fannie Mae, Pool #MA4378  | 2.00 | 7/1/51 | 367 |
| 236 | Fannie Mae, Pool #MA4437  | 2.00 | 10/1/51 | 193 |
| 442 | Fannie Mae, Pool #CB1787  | 2.00 | 10/1/51 | 362 |
| 421 | Fannie Mae, Pool #CB0497  | 2.00 | 5/1/51 | 343 |
| 479 | Fannie Mae, Pool #BK8461  | 2.00 | 1/1/51 | 392 |
| 399 | Fannie Mae, Pool #FM5308  | 2.00 | 12/1/50 | 328 |
| 18 | Fannie Mae, Pool #AS0001  | 2.00 | 7/1/28 | 17 |
| 405 | Fannie Mae, Pool #CB0325  | 2.00 | 4/1/51 | 332 |
| 420 | Fannie Mae, Pool #CB0684  | 2.00 | 6/1/51 | 344 |
| 389 | Fannie Mae, Pool #MA4128  | 2.00 | 9/1/40 | 333 |
| 329 | Fannie Mae, Pool #CA7224  | 2.00 | 10/1/50 | 270 |
| 15 | Fannie Mae, Pool #AZ6458  | 2.50 | 7/1/30 | 14 |
| 447 | Fannie Mae, Pool #CB1828  | 2.50 | 10/1/51 | 382 |
| 222 | Fannie Mae, Pool #CA8132  | 2.50 | 12/1/50 | 190 |
| 79 | Fannie Mae, Pool #AB7391  | 2.50 | 12/1/42 | 68 |
| 30 | Fannie Mae, Pool #BJ3944  | 2.50 | 1/1/33 | 28 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $56 | Fannie Mae, Pool #AS8892  | 2.50 | 2/1/32 | $51 |
| 33 | Fannie Mae, Pool #MA3217  | 2.50 | 12/1/32 | 31 |
| 272 | Fannie Mae, Pool #MA4256  | 2.50 | 2/1/51 | 231 |
| 181 | Fannie Mae, Pool #MA3246  | 2.50 | 1/1/33 | 167 |
| 9 | Fannie Mae, Pool #MA2854  | 2.50 | 12/1/46 | 8 |
| 342 | Fannie Mae, Pool #BQ5110  | 2.50 | 11/1/50 | 293 |
| 283 | Fannie Mae, Pool #FM3494  | 2.50 | 4/1/48 | 244 |
| 28 | Fannie Mae, Pool #MA3801  | 2.50 | 10/1/49 | 24 |
| 5 | Fannie Mae, Pool #MA2789  | 2.50 | 10/1/36 | 4 |
| 27 | Fannie Mae, Pool #MA3282  | 2.50 | 2/1/33 | 25 |
| 76 | Fannie Mae, Pool #AO3019  | 2.50 | 5/1/27 | 71 |
| 40 | Fannie Mae, Pool #AS8246  | 2.50 | 11/1/31 | 37 |
| 264 | Fannie Mae, Pool #CA6304  | 2.50 | 7/1/50 | 225 |
| 417 | Fannie Mae, Pool #CB0415  | 2.50 | 5/1/51 | 354 |
| 432 | Fannie Mae, Pool #CB1556  | 2.50 | 9/1/51 | 370 |
| 262 | Fannie Mae, Pool #FM4231  | 2.50 | 9/1/50 | 224 |
| 152 | Fannie Mae, Pool #BQ0329  | 2.50 | 7/1/50 | 130 |
| 22 | Fannie Mae, Pool #BJ3742  | 2.50 | 12/1/32 | 21 |
| 249 | Fannie Mae, Pool #BP5878  | 2.50 | 6/1/50 | 213 |
| 14 | Fannie Mae, Pool #AS8437  | 2.50 | 12/1/36 | 12 |
| 242 | Fannie Mae, Pool #BK2588  | 2.50 | 5/1/50 | 207 |
| 21 | Fannie Mae, Pool #MA2868  | 2.50 | 1/1/32 | 20 |
| 146 | Fannie Mae, Pool #MA3990  | 2.50 | 4/1/50 | 125 |
| 106 | Fannie Mae, Pool #MA3765  | 2.50 | 9/1/49 | 91 |
| 198 | Fannie Mae, Pool #MA4075  | 2.50 | 7/1/35 | 182 |
| 25 | Fannie Mae, Pool #AS4660  | 2.50 | 3/1/30 | 23 |
| 433 | Fannie Mae, Pool #MA4517  | 2.50 | 1/1/37 | 398 |
| 322 | Fannie Mae, Pool #CA8955  | 2.50 | 2/1/51 | 277 |
| 242 | Fannie Mae, Pool #CA6074  | 2.50 | 6/1/50 | 206 |
| 255 | Fannie Mae, Pool #MA4078  | 2.50 | 7/1/50 | 218 |
| 31 | Fannie Mae, Pool #AT2717  | 2.50 | 5/1/43 | 27 |
| 269 | Fannie Mae, Pool #CA6075  | 2.50 | 6/1/50 | 230 |
| 102 | Fannie Mae, Pool #MA3827  | 2.50 | 11/1/34 | 94 |
| 225 | Fannie Mae, Pool #CB1131  | 2.50 | 7/1/51 | 192 |
| 434 | Fannie Mae, Pool #FM9033  | 2.50 | 10/1/51 | 371 |
| 309 | Fannie Mae, Pool #CA7237  | 2.50 | 10/1/50 | 264 |
| 243 | Fannie Mae, Pool #BO4657  | 2.50 | 11/1/49 | 209 |
| 256 | Fannie Mae, Pool #MA4096  | 2.50 | 8/1/50 | 219 |
| 476 | Fannie Mae, Pool #FM8745  | 2.50 | 9/1/51 | 405 |
| 69 | Fannie Mae, Pool #AS4946  | 2.50 | 5/1/30 | 64 |
| 349 | Fannie Mae, Pool #MA4541  | 2.50 | 2/1/42 | 306 |
| 10 | Fannie Mae, Pool #MA1511  | 2.50 | 7/1/33 | 9 |
| 53 | Fannie Mae, Pool #MA3764  | 2.50 | 9/1/34 | 49 |
| 63 | Fannie Mae, Pool #BE3032  | 2.50 | 1/1/32 | 59 |
| 190 | Fannie Mae, Pool #MA4183  | 2.50 | 11/1/50 | 163 |
| 23 | Fannie Mae, Pool #FM9543  | 2.50 | 12/1/51 | 20 |
| 8 | Fannie Mae, Pool #MA2888  | 2.50 | 1/1/47 | 7 |
| 67 | Fannie Mae, Pool #MA3965  | 2.50 | 3/1/40 | 59 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $52 | Fannie Mae, Pool #MA3896  | 2.50 | 1/1/35 | $48 |
| 301 | Fannie Mae, Pool #FM3878  | 2.50 | 7/1/50 | 259 |
| 481 | Fannie Mae, Pool #CA9289  | 2.50 | 2/1/51 | 410 |
| 10 | Fannie Mae, Pool #MA3788  | 2.50 | 9/1/39 | 9 |
| 22 | Fannie Mae, Pool #MA3737  | 2.50 | 8/1/34 | 21 |
| 163 | Fannie Mae, Pool #MA2730  | 2.50 | 8/1/46 | 141 |
| 437 | Fannie Mae, Pool #CB1784  | 2.50 | 10/1/51 | 371 |
| 348 | Fannie Mae, Pool #CA8131  | 2.50 | 12/1/50 | 297 |
| 83 | Fannie Mae, Pool #AP4742  | 2.50 | 8/1/27 | 77 |
| 27 | Fannie Mae, Pool #MA4016  | 2.50 | 5/1/40 | 24 |
| 52 | Fannie Mae, Pool #MA3955  | 2.50 | 3/1/35 | 48 |
| 18 | Fannie Mae, Pool #MA1270  | 2.50 | 11/1/32 | 17 |
| 63 | Fannie Mae, Pool #AU2619  | 2.50 | 8/1/28 | 60 |
| 12 | Fannie Mae, Pool #MA3830  | 2.50 | 11/1/39 | 10 |
| 444 | Fannie Mae, Pool #BU1451  | 2.50 | 1/1/52 | 378 |
| 433 | Fannie Mae, Pool #BU5917  | 2.50 | 12/1/51 | 372 |
| 19 | Fannie Mae, Pool #AS0513  | 2.50 | 8/1/43 | 17 |
| 482 | Fannie Mae, Pool #CB2523  | 2.50 | 1/1/52 | 410 |
| 99 | Fannie Mae, Pool #MA3154  | 2.50 | 10/1/32 | 92 |
| 131 | Fannie Mae, Pool #MA4099  | 2.50 | 8/1/35 | 120 |
| 311 | Fannie Mae, Pool #FM4638  | 2.50 | 10/1/50 | 264 |
| 330 | Fannie Mae, Pool #FM4309  | 2.50 | 9/1/50 | 282 |
| 71 | Fannie Mae, Pool #MA4053  | 2.50 | 6/1/35 | 65 |
| 99 | Fannie Mae, Pool #MA1210  | 2.50 | 10/1/27 | 93 |
| 67 | Fannie Mae, Pool #BC9041  | 2.50 | 11/1/31 | 63 |
| 94 | Fannie Mae, Pool #MA1277  | 2.50 | 12/1/27 | 88 |
| 409 | Fannie Mae, Pool #MA4399  | 2.50 | 8/1/51 | 349 |
| 236 | Fannie Mae, Pool #MA4210  | 2.50 | 12/1/50 | 202 |
| 226 | Fannie Mae, Pool #FM3027  | 2.50 | 12/1/46 | 195 |
| 251 | Fannie Mae, Pool #FM2881  | 2.50 | 4/1/50 | 215 |
| 58 | Fannie Mae, Pool #AU6387  | 2.50 | 11/1/28 | 56 |
| 435 | Fannie Mae, Pool #FS0030  | 2.50 | 4/1/51 | 370 |
| 48 | Fannie Mae, Pool #AU5334  | 2.50 | 11/1/28 | 46 |
| 393 | Fannie Mae, Pool #BR7857  | 2.50 | 5/1/51 | 335 |
| 6 | Fannie Mae, Pool #AS8172  | 2.50 | 10/1/36 | 5 |
| 479 | Fannie Mae, Pool #FS0235  | 2.50 | 1/1/52 | 408 |
| 252 | Fannie Mae, Pool #MA4159  | 2.50 | 10/1/50 | 216 |
| 47 | Fannie Mae, Pool #FS0547  | 2.50 | 2/1/52 | 40 |
| 185 | Fannie Mae, Pool #MA4414  | 2.50 | 9/1/51 | 157 |
| 148 | Fannie Mae, Pool #MA3902  | 2.50 | 12/1/49 | 127 |
| 430 | Fannie Mae, Pool #FM8997  | 2.50 | 10/1/51 | 367 |
| 119 | Fannie Mae, Pool #FS1340  | 2.50 | 3/1/52 | 101 |
| 72 | Fannie Mae, Pool #FM3296  | 2.50 | 5/1/35 | 67 |
| 437 | Fannie Mae, Pool #BU8883  | 3.00 | 3/1/52 | 384 |
| 215 | Fannie Mae, Pool #QB1382  | 3.00 | 7/1/50 | 191 |
| 117 | Fannie Mae, Pool #AS8414  | 3.00 | 11/1/46 | 105 |
| 13 | Fannie Mae, Pool #MA1058  | 3.00 | 5/1/32 | 12 |
| 18 | Fannie Mae, Pool #MA2579  | 3.00 | 4/1/36 | 17 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $19 | Fannie Mae, Pool #MA2832  | 3.00 | 12/1/36 | $18 |
| 82 | Fannie Mae, Pool #MA2863  | 3.00 | 1/1/47 | 74 |
| 35 | Fannie Mae, Pool #FM4317  | 3.00 | 9/1/50 | 31 |
| 121 | Fannie Mae, Pool #AS7904  | 3.00 | 9/1/46 | 109 |
| 160 | Fannie Mae, Pool #AP2465  | 3.00 | 8/1/42 | 143 |
| 79 | Fannie Mae, Pool #MA2833  | 3.00 | 12/1/46 | 71 |
| 82 | Fannie Mae, Pool #AS8276  | 3.00 | 11/1/46 | 74 |
| 25 | Fannie Mae, Pool #AS8424  | 3.00 | 12/1/36 | 23 |
| 28 | Fannie Mae, Pool #AS8483  | 3.00 | 12/1/46 | 25 |
| 21 | Fannie Mae, Pool #MA3958  | 3.00 | 3/1/40 | 19 |
| 101 | Fannie Mae, Pool #CA5729  | 3.00 | 5/1/50 | 90 |
| 41 | Fannie Mae, Pool #MA3127  | 3.00 | 9/1/37 | 37 |
| 13 | Fannie Mae, Pool #MA2087  | 3.00 | 11/1/34 | 12 |
| 59 | Fannie Mae, Pool #AS1527  | 3.00 | 1/1/29 | 56 |
| 147 | Fannie Mae, Pool #B06219  | 3.00 | 12/1/49 | 131 |
| 120 | Fannie Mae, Pool #MA4079  | 3.00 | 7/1/50 | 107 |
| 27 | Fannie Mae, Pool #MA3331  | 3.00 | 4/1/48 | 24 |
| 33 | Fannie Mae, Pool #MA3744  | 3.00 | 8/1/49 | 29 |
| 336 | Fannie Mae, Pool #AB7099  | 3.00 | 11/1/42 | 302 |
| 21 | Fannie Mae, Pool #MA3237  | 3.00 | 1/1/48 | 19 |
| 467 | Fannie Mae, Pool #CB2755  | 3.00 | 2/1/52 | 412 |
| 44 | Fannie Mae, Pool #CA3754  | 3.00 | 6/1/34 | 42 |
| 187 | Fannie Mae, Pool #AP6493  | 3.00 | 9/1/42 | 167 |
| 32 | Fannie Mae, Pool #MA3831  | 3.00 | 11/1/39 | 29 |
| 70 | Fannie Mae, Pool #BE1901  | 3.00 | 12/1/46 | 63 |
| 7 | Fannie Mae, Pool #AL9848  | 3.00 | 3/1/47 | 6 |
| 12 | Fannie Mae, Pool #AS8056  | 3.00 | 10/1/46 | 11 |
| 53 | Fannie Mae, Pool #AS7238  | 3.00 | 5/1/46 | 47 |
| 21 | Fannie Mae, Pool #BE3861  | 3.00 | 1/1/47 | 19 |
| 10 | Fannie Mae, Pool #MA3078  | 3.00 | 7/1/37 | 9 |
| 199 | Fannie Mae, Pool #FM3395  | 3.00 | 6/1/50 | 177 |
| 81 | Fannie Mae, Pool #BO7242  | 3.00 | 1/1/50 | 72 |
| 58 | Fannie Mae, Pool #CA5519  | 3.00 | 4/1/50 | 51 |
| 120 | Fannie Mae, Pool #MA2737  | 3.00 | 9/1/46 | 107 |
| 220 | Fannie Mae, Pool #MA3834  | 3.00 | 11/1/49 | 196 |
| 32 | Fannie Mae, Pool #MA2149  | 3.00 | 1/1/30 | 31 |
| 52 | Fannie Mae, Pool #MA1401  | 3.00 | 4/1/33 | 49 |
| 6 | Fannie Mae, Pool #MA3802  | 3.00 | 10/1/49 | 5 |
| 10 | Fannie Mae, Pool #MA2287  | 3.00 | 6/1/35 | 9 |
| 80 | Fannie Mae, Pool #AS8784  | 3.00 | 2/1/47 | 72 |
| 41 | Fannie Mae, Pool #AZ0538  | 3.00 | 9/1/30 | 39 |
| 18 | Fannie Mae, Pool #BM1370  | 3.00 | 4/1/37 | 17 |
| 15 | Fannie Mae, Pool #AZ4358  | 3.00 | 7/1/30 | 14 |
| 17 | Fannie Mae, Pool #MA2961  | 3.00 | 4/1/37 | 16 |
| 7 | Fannie Mae, Pool #BA0826  | 3.00 | 10/1/30 | 7 |
| 15 | Fannie Mae, Pool #BC4276  | 3.00 | 4/1/46 | 14 |
| 37 | Fannie Mae, Pool #MA2425  | 3.00 | 10/1/30 | 35 |
| 29 | Fannie Mae, Pool #AS2312  | 3.00 | 5/1/29 | 28 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $26 | Fannie Mae, Pool #MA3339  | 3.00 | 4/1/33 | $24 |
| 78 | Fannie Mae, Pool #MA3106  | 3.00 | 8/1/47 | 69 |
| 72 | Fannie Mae, Pool #FM1134  | 3.00 | 4/1/48 | 65 |
| 30 | Fannie Mae, Pool #MA3060  | 3.00 | 7/1/32 | 29 |
| 265 | Fannie Mae, Pool #BU1241  | 3.00 | 3/1/52 | 233 |
| 365 | Fannie Mae, Pool #FS2122  | 3.00 | 3/1/52 | 322 |
| 27 | Fannie Mae, Pool #MA3631  | 3.00 | 4/1/34 | 25 |
| 198 | Fannie Mae, Pool #FS0831  | 3.00 | 3/1/52 | 174 |
| 388 | Fannie Mae, Pool #CB3364  | 3.00 | 4/1/52 | 341 |
| 33 | Fannie Mae, Pool #AL9996  | 3.00 | 4/1/32 | 32 |
| 391 | Fannie Mae, Pool #CB2759  | 3.00 | 2/1/52 | 344 |
| 72 | Fannie Mae, Pool #AY4829  | 3.00 | 5/1/45 | 65 |
| 95 | Fannie Mae, Pool #MA3082  | 3.00 | 7/1/47 | 85 |
| 20 | Fannie Mae, Pool #AW8295  | 3.00 | 8/1/29 | 19 |
| 110 | Fannie Mae, Pool #AT2014  | 3.00 | 4/1/43 | 100 |
| 53 | Fannie Mae, Pool #AY4200  | 3.00 | 5/1/45 | 48 |
| 139 | Fannie Mae, Pool #BP6466  | 3.00 | 7/1/50 | 124 |
| 68 | Fannie Mae, Pool #BD5545  | 3.00 | 10/1/46 | 61 |
| 40 | Fannie Mae, Pool #B09169  | 3.00 | 12/1/49 | 36 |
| 113 | Fannie Mae, Pool #B08947  | 3.00 | 1/1/50 | 100 |
| 49 | Fannie Mae, Pool #BD5787  | 3.00 | 9/1/46 | 44 |
| 27 | Fannie Mae, Pool #AS8438  | 3.00 | 12/1/36 | 25 |
| 14 | Fannie Mae, Pool #MA2897  | 3.00 | 2/1/37 | 12 |
| 36 | Fannie Mae, Pool #MA3991  | 3.00 | 4/1/50 | 32 |
| 59 | Fannie Mae, Pool #FM2132  | 3.00 | 1/1/50 | 52 |
| 108 | Fannie Mae, Pool #BO3192  | 3.00 | 10/1/49 | 96 |
| 98 | Fannie Mae, Pool #BN7703  | 3.00 | 8/1/49 | 87 |
| 9 | Fannie Mae, Pool #MA3657  | 3.00 | 5/1/34 | 8 |
| 5 | Fannie Mae, Pool #MA3100  | 3.00 | 8/1/37 | 5 |
| 146 | Fannie Mae, Pool #CA5668  | 3.00 | 5/1/50 | 131 |
| 89 | Fannie Mae, Pool #MA2895  | 3.00 | 2/1/47 | 80 |
| 34 | Fannie Mae, Pool #AL8861  | 3.00 | 7/1/31 | 32 |
| 27 | Fannie Mae, Pool #MA3090  | 3.00 | 8/1/32 | 25 |
| 180 | Fannie Mae, Pool #MA4048  | 3.00 | 6/1/50 | 160 |
| 18 | Fannie Mae, Pool #BE9547  | 3.00 | 4/1/47 | 16 |
| 24 | Fannie Mae, Pool #BJ2996  | 3.00 | 1/1/33 | 22 |
| 99 | Fannie Mae, Pool #AS0196  | 3.00 | 8/1/28 | 94 |
| 9 | Fannie Mae, Pool #AK0006  | 3.00 | 1/1/27 | 8 |
| 34 | Fannie Mae, Pool #MA2523  | 3.00 | 2/1/36 | 31 |
| 19 | Fannie Mae, Pool #MA3897  | 3.00 | 1/1/35 | 18 |
| 16 | Fannie Mae, Pool #AS4334  | 3.00 | 1/1/45 | 14 |
| 68 | Fannie Mae, Pool #AS4333  | 3.00 | 1/1/45 | 61 |
| 9 | Fannie Mae, Pool #MA2065  | 3.00 | 10/1/34 | 8 |
| 127 | Fannie Mae, Pool #BO2201  | 3.00 | 9/1/49 | 113 |
| 99 | Fannie Mae, Pool #MA2806  | 3.00 | 11/1/46 | 89 |
| 46 | Fannie Mae, Pool #MA3147  | 3.00 | 10/1/47 | 41 |
| 110 | Fannie Mae, Pool #MA3871  | 3.00 | 12/1/49 | 98 |
| 27 | Fannie Mae, Pool #MA3934  | 3.00 | 2/1/40 | 24 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $178 | Fannie Mae, Pool #BP1932  | 3.00 | 4/1/50 | $158 |
| 437 | Fannie Mae, Pool #CB3172  | 3.00 | 3/1/52 | 385 |
| 5 | Fannie Mae, Pool #FM1585  | 3.00 | 9/1/49 | 4 |
| 26 | Fannie Mae, Pool #AQ3223  | 3.00 | 11/1/27 | 25 |
| 75 | Fannie Mae, Pool #BD4225  | 3.00 | 11/1/46 | 68 |
| 9 | Fannie Mae, Pool #AX8309  | 3.00 | 11/1/29 | 8 |
| 41 | Fannie Mae, Pool #AS8186  | 3.00 | 10/1/46 | 37 |
| 16 | Fannie Mae, Pool #BK1015  | 3.00 | 2/1/33 | 16 |
| 24 | Fannie Mae, Pool #MA3304  | 3.00 | 3/1/48 | 21 |
| 35 | Fannie Mae, Pool #MA2773  | 3.00 | 10/1/36 | 33 |
| 24 | Fannie Mae, Pool #MA3247  | 3.00 | 1/1/33 | 23 |
| 226 | Fannie Mae, Pool #AO0752  | 3.00 | 4/1/42 | 203 |
| 97 | Fannie Mae, Pool #BC9003  | 3.00 | 11/1/46 | 87 |
| 13 | Fannie Mae, Pool #BA4786  | 3.00 | 2/1/31 | 12 |
| 47 | Fannie Mae, Pool #AW7383  | 3.00 | 8/1/29 | 45 |
| 93 | Fannie Mae, Pool #MA2246  | 3.00 | 4/1/30 | 88 |
| 130 | Fannie Mae, Pool #AT7620  | 3.00 | 6/1/43 | 117 |
| 468 | Fannie Mae, Pool #CB2756  | 3.00 | 2/1/52 | 415 |
| 81 | Fannie Mae, Pool #AK3302  | 3.00 | 3/1/27 | 77 |
| 13 | Fannie Mae, Pool #AR7426  | 3.00 | 7/1/43 | 12 |
| 130 | Fannie Mae, Pool #FM1370  | 3.00 | 4/1/46 | 117 |
| 142 | Fannie Mae, Pool #BD2446  | 3.00 | 1/1/47 | 127 |
| 26 | Fannie Mae, Pool #AU7890  | 3.00 | 9/1/28 | 25 |
| 23 | Fannie Mae, Pool #CA5423  | 3.00 | 3/1/50 | 20 |
| 15 | Fannie Mae, Pool #MA3185  | 3.00 | 11/1/37 | 13 |
| 17 | Fannie Mae, Pool #AT1575  | 3.00 | 5/1/43 | 15 |
| 48 | Fannie Mae, Pool #AB4483  | 3.00 | 2/1/27 | 45 |
| 3 | Fannie Mae, Pool #J24886  | 3.00 | 7/1/23 | 3 |
| 120 | Fannie Mae, Pool #AL9865  | 3.00 | 2/1/47 | 108 |
| 134 | Fannie Mae, Pool #AT0682  | 3.00 | 4/1/43 | 121 |
| 55 | Fannie Mae, Pool #MA3179  | 3.00 | 11/1/47 | 50 |
| 125 | Fannie Mae, Pool #AB8897  | 3.00 | 4/1/43 | 113 |
| 114 | Fannie Mae, Pool #MA3937  | 3.00 | 2/1/50 | 101 |
| 119 | Fannie Mae, Pool #MA3905  | 3.00 | 1/1/50 | 106 |
| 39 | Fannie Mae, Pool #CA3788  | 3.00 | 7/1/49 | 35 |
| 98 | Fannie Mae, Pool #BC4764  | 3.00 | 10/1/46 | 88 |
| 131 | Fannie Mae, Pool #MA2956  | 3.00 | 4/1/47 | 117 |
| 60 | Fannie Mae, Pool #FM1552  | 3.00 | 12/1/47 | 54 |
| 87 | Fannie Mae, Pool #MA3774  | 3.00 | 9/1/49 | 78 |
| 45 | Fannie Mae, Pool #BE4400  | 3.00 | 1/1/47 | 40 |
| 45 | Fannie Mae, Pool #AS7908  | 3.00 | 9/1/46 | 40 |
| 477 | Fannie Mae, Pool #CA5229  | 3.00 | 2/1/50 | 422 |
| 6 | Fannie Mae, Pool #MA3738  | 3.00 | 8/1/34 | 6 |
| 22 | Fannie Mae, Pool #AS3117  | 3.00 | 8/1/29 | 21 |
| 160 | Fannie Mae, Pool #MA4020  | 3.00 | 5/1/50 | 142 |
| 73 | Fannie Mae, Pool #MA3960  | 3.00 | 3/1/50 | 65 |
| 58 | Fannie Mae, Pool #AS8521  | 3.00 | 12/1/46 | 53 |
| 27 | Fannie Mae, Pool #MA1338  | 3.00 | 2/1/33 | 24 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $31 | Fannie Mae, Pool #MA2230  | 3.00 | 4/1/35 | $28 |
| 24 | Fannie Mae, Pool #CA4860  | 3.00 | 12/1/49 | 21 |
| 405 | Fannie Mae, Pool #AP6375  | 3.00 | 9/1/42 | 364 |
| 71 | Fannie Mae, Pool #AS4884  | 3.00 | 5/1/45 | 64 |
| 85 | Fannie Mae, Pool #AU3735  | 3.00 | 8/1/43 | 77 |
| 54 | Fannie Mae, Pool #MA1527  | 3.00 | 8/1/33 | 50 |
| 31 | Fannie Mae, Pool #BD5076  | 3.00 | 2/1/32 | 30 |
| 351 | Fannie Mae, Pool #AQ7920  | 3.00 | 12/1/42 | 315 |
| 121 | Fannie Mae, Pool #MA1307  | 3.00 | 1/1/33 | 111 |
| 12 | Fannie Mae, Pool #MA3218  | 3.00 | 12/1/32 | 11 |
| 79 | Fannie Mae, Pool #FM1543  | 3.50 | 11/1/48 | 74 |
| 66 | Fannie Mae, Pool #MA2125  | 3.50 | 12/1/44 | 61 |
| 12 | Fannie Mae, Pool #310139  | 3.50 | 11/1/25 | 12 |
| 9 | Fannie Mae, Pool #AS2081  | 3.50 | 4/1/29 | 9 |
| 6 | Fannie Mae, Pool #MA2909  | 3.50 | 2/1/37 | 6 |
| 29 | Fannie Mae, Pool #MA3462  | 3.50 | 9/1/33 | 28 |
| 58 | Fannie Mae, Pool #MA3414  | 3.50 | 7/1/48 | 53 |
| 45 | Fannie Mae, Pool #AS7239  | 3.50 | 5/1/46 | 42 |
| 61 | Fannie Mae, Pool #AO4385  | 3.50 | 6/1/42 | 57 |
| 73 | Fannie Mae, Pool #BD5046  | 3.50 | 2/1/47 | 68 |
| 41 | Fannie Mae, Pool #FM0020  | 3.50 | 7/1/49 | 38 |
| 65 | Fannie Mae, Pool #MA1982  | 3.50 | 8/1/34 | 62 |
| 28 | Fannie Mae, Pool #MA2923  | 3.50 | 3/1/37 | 27 |
| 18 | Fannie Mae, Pool #AE5487  | 3.50 | 10/1/25 | 18 |
| 64 | Fannie Mae, Pool #FM3387  | 3.50 | 3/1/35 | 62 |
| 282 | Fannie Mae, Pool #AB6017  | 3.50 | 8/1/42 | 262 |
| 101 | Fannie Mae, Pool #AU1635  | 3.50 | 7/1/43 | 94 |
| 62 | Fannie Mae, Pool #MA1059  | 3.50 | 5/1/32 | 60 |
| 46 | Fannie Mae, Pool #BE3767  | 3.50 | 7/1/47 | 43 |
| 27 | Fannie Mae, Pool #AS4772  | 3.50 | 4/1/45 | 25 |
| 168 | Fannie Mae, Pool #BM1568  | 3.50 | 7/1/47 | 158 |
| 48 | Fannie Mae, Pool #AS4773  | 3.50 | 4/1/45 | 45 |
| 31 | Fannie Mae, Pool #AX5201  | 3.50 | 10/1/29 | 31 |
| 60 | Fannie Mae, Pool #AX9530  | 3.50 | 2/1/45 | 56 |
| 84 | Fannie Mae, Pool #MA1107  | 3.50 | 7/1/32 | 81 |
| 21 | Fannie Mae, Pool #BA1893  | 3.50 | 8/1/45 | 19 |
| 54 | Fannie Mae, Pool #AO4647  | 3.50 | 6/1/42 | 51 |
| 12 | Fannie Mae, Pool #MA3835  | 3.50 | 11/1/49 | 11 |
| 70 | Fannie Mae, Pool #BM2000  | 3.50 | 5/1/49 | 65 |
| 27 | Fannie Mae, Pool #MA3775  | 3.50 | 9/1/49 | 25 |
| 128 | Fannie Mae, Pool #MA3305  | 3.50 | 2/1/48 | 118 |
| 24 | Fannie Mae, Pool #MA3494  | 3.50 | 10/1/48 | 22 |
| 17 | Fannie Mae, Pool #MA3637  | 3.50 | 4/1/49 | 15 |
| 61 | Fannie Mae, Pool #FM1566  | 3.50 | 11/1/48 | 56 |
| 27 | Fannie Mae, Pool #AJ4093  | 3.50 | 10/1/26 | 26 |
| 86 | Fannie Mae, Pool #BJ2692  | 3.50 | 4/1/48 | 80 |
| 71 | Fannie Mae, Pool #AJ8476  | 3.50 | 12/1/41 | 66 |
| 57 | Fannie Mae, Pool #AS7491  | 3.50 | 7/1/46 | 53 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $27 | Fannie Mae, Pool #MA2389  | 3.50 | 9/1/35 | $25 |
| 21 | Fannie Mae, Pool #MA3614  | 3.50 | 3/1/49 | 19 |
| 19 | Fannie Mae, Pool #MA3692  | 3.50 | 7/1/49 | 18 |
| 150 | Fannie Mae, Pool #BP1947  | 3.50 | 4/1/50 | 138 |
| 9 | Fannie Mae, Pool #MA3152  | 3.50 | 10/1/37 | 9 |
| 90 | Fannie Mae, Pool #AS3133  | 3.50 | 8/1/44 | 85 |
| 51 | Fannie Mae, Pool #MA1980  | 3.50 | 8/1/44 | 48 |
| 96 | Fannie Mae, Pool #ZS4618  | 3.50 | 6/1/45 | 90 |
| 48 | Fannie Mae, Pool #AY4300  | 3.50 | 1/1/45 | 44 |
| 9 | Fannie Mae, Pool #MA3059  | 3.50 | 7/1/37 | 9 |
| 149 | Fannie Mae, Pool #ZM4908  | 3.50 | 11/1/47 | 138 |
| 4 | Fannie Mae, Pool #AL8776  | 3.50 | 7/1/46 | 4 |
| 77 | Fannie Mae, Pool #AY1306  | 3.50 | 3/1/45 | 72 |
| 76 | Fannie Mae, Pool #MA3238  | 3.50 | 1/1/48 | 71 |
| 63 | Fannie Mae, Pool #AS0024  | 3.50 | 7/1/43 | 59 |
| 50 | Fannie Mae, Pool #AZ9576  | 3.50 | 12/1/45 | 47 |
| 83 | Fannie Mae, Pool #MA3182  | 3.50 | 11/1/47 | 77 |
| 55 | Fannie Mae, Pool #MA3332  | 3.50 | 4/1/48 | 51 |
| 44 | Fannie Mae, Pool #AS6649  | 3.50 | 2/1/46 | 41 |
| 32 | Fannie Mae, Pool #AS5319  | 3.50 | 7/1/45 | 30 |
| 59 | Fannie Mae, Pool #AU3742  | 3.50 | 8/1/43 | 55 |
| 53 | Fannie Mae, Pool #AY5303  | 3.50 | 3/1/45 | 50 |
| 5 | Fannie Mae, Pool #AX0159  | 3.50 | 9/1/29 | 5 |
| 34 | Fannie Mae, Pool #AS5696  | 3.50 | 8/1/45 | 32 |
| 6 | Fannie Mae, Pool #AV6407  | 3.50 | 2/1/29 | 6 |
| 61 | Fannie Mae, Pool #SD8001  | 3.50 | 7/1/49 | 56 |
| 285 | Fannie Mae, Pool #AO8137  | 3.50 | 8/1/42 | 265 |
| 114 | Fannie Mae, Pool #AO3760  | 3.50 | 5/1/42 | 109 |
| 4 | Fannie Mae, Pool #AJ6181  | 3.50 | 12/1/26 | 4 |
| 10 | Fannie Mae, Pool #AK0706  | 3.50 | 2/1/27 | 10 |
| 22 | Fannie Mae, Pool #FS1774  | 3.50 | 5/1/37 | 21 |
| 54 | Fannie Mae, Pool #AK7497  | 3.50 | 4/1/42 | 50 |
| 65 | Fannie Mae, Pool #CA0487  | 3.50 | 10/1/47 | 61 |
| 3 | Fannie Mae, Pool #BA5031  | 3.50 | 1/1/46 | 3 |
| 6 | Fannie Mae, Pool #MA1021  | 3.50 | 3/1/27 | 6 |
| 64 | Fannie Mae, Pool #FM1001  | 3.50 | 11/1/48 | 60 |
| 5 | Fannie Mae, Pool #MA2996  | 3.50 | 5/1/37 | 5 |
| 30 | Fannie Mae, Pool #BM2001  | 3.50 | 12/1/46 | 29 |
| 76 | Fannie Mae, Pool #FM1911  | 3.50 | 7/1/48 | 71 |
| 26 | Fannie Mae, Pool #AZ2614  | 3.50 | 8/1/45 | 24 |
| 100 | Fannie Mae, Pool #BD2436  | 3.50 | 1/1/47 | 93 |
| 47 | Fannie Mae, Pool #FM1028  | 3.50 | 6/1/49 | 44 |
| 359 | Fannie Mae, Pool #AO2548  | 3.50 | 4/1/42 | 334 |
| 23 | Fannie Mae, Pool #BC7633  | 3.50 | 6/1/46 | 21 |
| 85 | Fannie Mae, Pool #BM4703  | 3.50 | 2/1/48 | 79 |
| 89 | Fannie Mae, Pool #BH5155  | 3.50 | 9/1/47 | 83 |
| 29 | Fannie Mae, Pool #AZ6383  | 3.50 | 9/1/45 | 27 |
| 27 | Fannie Mae, Pool #AY8856  | 3.50 | 9/1/45 | 25 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $22 | Fannie Mae, Pool #AP9390  | 3.50 | 10/1/42 | $20 |
| 40 | Fannie Mae, Pool #AY3913  | 3.50 | 2/1/45 | 37 |
| 41 | Fannie Mae, Pool #AY3802  | 3.50 | 2/1/45 | 39 |
| 24 | Fannie Mae, Pool #AX7655  | 3.50 | 1/1/45 | 22 |
| 51 | Fannie Mae, Pool #AS7388  | 3.50 | 6/1/46 | 48 |
| 81 | Fannie Mae, Pool #BC1158  | 3.50 | 2/1/46 | 75 |
| 138 | Fannie Mae, Pool #AQ0546  | 3.50 | 11/1/42 | 128 |
| 19 | Fannie Mae, Pool #AS5892  | 3.50 | 10/1/45 | 18 |
| 47 | Fannie Mae, Pool #AX2486  | 3.50 | 10/1/44 | 43 |
| 20 | Fannie Mae, Pool #CA1191  | 3.50 | 11/1/47 | 19 |
| 46 | Fannie Mae, Pool #AO9140  | 3.50 | 7/1/42 | 44 |
| 59 | Fannie Mae, Pool #AS4771  | 3.50 | 4/1/45 | 55 |
| 12 | Fannie Mae, Pool #MA2495  | 3.50 | 1/1/46 | 12 |
| 23 | Fannie Mae, Pool #MA3597  | 3.50 | 2/1/49 | 21 |
| 84 | Fannie Mae, Pool #BH9215  | 3.50 | 1/1/48 | 78 |
| 42 | Fannie Mae, Pool #BC3126  | 3.50 | 1/1/46 | 39 |
| 9 | Fannie Mae, Pool #MA3634  | 3.50 | 4/1/39 | 8 |
| 9 | Fannie Mae, Pool #MA3906  | 3.50 | 1/1/50 | 8 |
| 366 | Fannie Mae, Pool #BU8723  | 3.50 | 6/1/52 | 334 |
| 70 | Fannie Mae, Pool #BK9038  | 3.50 | 10/1/33 | 67 |
| 33 | Fannie Mae, Pool #BE5258  | 3.50 | 1/1/47 | 31 |
| 11 | Fannie Mae, Pool #MA2692  | 3.50 | 7/1/36 | 10 |
| 18 | Fannie Mae, Pool #AE0981  | 3.50 | 3/1/41 | 17 |
| 9 | Fannie Mae, Pool #CA0234  | 3.50 | 8/1/47 | 8 |
| 40 | Fannie Mae, Pool #AS5068  | 3.50 | 6/1/45 | 37 |
| 6 | Fannie Mae, Pool #BM5446  | 3.50 | 2/1/49 | 6 |
| 80 | Fannie Mae, Pool #MA2292  | 3.50 | 6/1/45 | 75 |
| 91 | Fannie Mae, Pool #AL1717  | 3.50 | 5/1/27 | 88 |
| 73 | Fannie Mae, Pool #MA3305  | 3.50 | 3/1/48 | 68 |
| 59 | Fannie Mae, Pool #MA3026  | 3.50 | 6/1/47 | 55 |
| 50 | Fannie Mae, Pool #BM5485  | 3.50 | 2/1/49 | 46 |
| 78 | Fannie Mae, Pool #MA3520  | 3.50 | 10/1/48 | 72 |
| 64 | Fannie Mae, Pool #MA3663  | 3.50 | 5/1/49 | 59 |
| 54 | Fannie Mae, Pool #MA3057  | 3.50 | 7/1/47 | 50 |
| 26 | Fannie Mae, Pool #BC0163  | 3.50 | 1/1/46 | 24 |
| 9 | Fannie Mae, Pool #BM1231  | 3.50 | 11/1/31 | 9 |
| 63 | Fannie Mae, Pool #MA3745  | 3.50 | 8/1/49 | 58 |
| 30 | Fannie Mae, Pool #BJ0647  | 3.50 | 3/1/48 | 27 |
| 82 | Fannie Mae, Pool #AZ0862  | 3.50 | 7/1/45 | 77 |
| 107 | Fannie Mae, Pool #BH9277  | 3.50 | 2/1/48 | 99 |
| 13 | Fannie Mae, Pool #AC2995  | 4.00 | 9/1/24 | 13 |
| 14 | Fannie Mae, Pool #MA3427  | 4.00 | 7/1/33 | 14 |
| 120 | Fannie Mae, Pool #AY1377  | 4.00 | 4/1/45 | 113 |
| 9 | Fannie Mae, Pool #AS2117  | 4.00 | 4/1/44 | 9 |
| 92 | Fannie Mae, Pool #FM5134  | 4.00 | 1/1/49 | 89 |
| 10 | Fannie Mae, Pool #AW5109  | 4.00 | 8/1/44 | 10 |
| 36 | Fannie Mae, Pool #AS2498  | 4.00 | 5/1/44 | 34 |
| 28 | Fannie Mae, Pool #BN0594  | 4.00 | 12/1/48 | 27 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $33 | Fannie Mae, Pool #AL7347  | 4.00 | 9/1/45 | $32 |
| 2 | Fannie Mae, Pool #BA0847  | 4.00 | 3/1/46 | 2 |
| 45 | Fannie Mae, Pool #AX0841  | 4.00 | 9/1/44 | 44 |
| 55 | Fannie Mae, Pool #FM0021  | 4.00 | 3/1/49 | 52 |
| 53 | Fannie Mae, Pool #AL8387  | 4.00 | 3/1/46 | 51 |
| 42 | Fannie Mae, Pool #AS8532  | 4.00 | 12/1/46 | 41 |
| 6 | Fannie Mae, Pool #AS7028  | 4.00 | 4/1/46 | 6 |
| 29 | Fannie Mae, Pool #AS3903  | 4.00 | 11/1/44 | 28 |
| 23 | Fannie Mae, Pool #AY2291  | 4.00 | 3/1/45 | 21 |
| 245 | Fannie Mae, Pool #MA4732  | 4.00 | 9/1/52 | 231 |
| 25 | Fannie Mae, Pool #BA6910  | 4.00 | 2/1/46 | 23 |
| 54 | Fannie Mae, Pool #MA3121  | 4.00 | 9/1/47 | 52 |
| 15 | Fannie Mae, Pool #BH2623  | 4.00 | 8/1/47 | 14 |
| 23 | Fannie Mae, Pool #BM4991  | 4.00 | 9/1/48 | 22 |
| 3 | Fannie Mae, Pool #CA3084  | 4.00 | 2/1/49 | 3 |
| 12 | Fannie Mae, Pool #AL2689  | 4.00 | 2/1/27 | 11 |
| 39 | Fannie Mae, Pool #BK0909  | 4.00 | 7/1/48 | 37 |
| 15 | Fannie Mae, Pool #MA3536  | 4.00 | 12/1/48 | 14 |
| 21 | Fannie Mae, Pool #MA3521  | 4.00 | 11/1/48 | 20 |
| 57 | Fannie Mae, Pool #BJ9169  | 4.00 | 5/1/48 | 55 |
| 6 | Fannie Mae, Pool #MA2655  | 4.00 | 6/1/36 | 6 |
| 7 | Fannie Mae, Pool #AL9742  | 4.00 | 7/1/29 | 7 |
| 42 | Fannie Mae, Pool #CA1894  | 4.00 | 6/1/48 | 40 |
| 50 | Fannie Mae, Pool #BK7608  | 4.00 | 9/1/48 | 48 |
| 43 | Fannie Mae, Pool #MA3277  | 4.00 | 2/1/48 | 41 |
| 434 | Fannie Mae, Pool #FS0016  | 4.00 | 6/1/49 | 417 |
| 15 | Fannie Mae, Pool #AS8823  | 4.00 | 2/1/47 | 14 |
| 5 | Fannie Mae, Pool #MA3037  | 4.00 | 6/1/37 | 5 |
| 12 | Fannie Mae, Pool #MA3216  | 4.00 | 12/1/37 | 12 |
| 65 | Fannie Mae, Pool #MA3183  | 4.00 | 11/1/47 | 62 |
| 78 | Fannie Mae, Pool #AU3753  | 4.00 | 8/1/43 | 75 |
| 70 | Fannie Mae, Pool #BD7081  | 4.00 | 3/1/47 | 67 |
| 13 | Fannie Mae, Pool #MA2455  | 4.00 | 11/1/35 | 12 |
| 63 | Fannie Mae, Pool #CA0183  | 4.00 | 8/1/47 | 60 |
| 27 | Fannie Mae, Pool #AL4778  | 4.00 | 10/1/32 | 26 |
| 75 | Fannie Mae, Pool #MA2995  | 4.00 | 5/1/47 | 72 |
| 57 | Fannie Mae, Pool #CA1015  | 4.00 | 1/1/48 | 55 |
| 67 | Fannie Mae, Pool #MA0641  | 4.00 | 2/1/31 | 64 |
| 21 | Fannie Mae, Pool #MA0493  | 4.00 | 8/1/30 | 20 |
| 128 | Fannie Mae, Pool #AJ7857  | 4.00 | 12/1/41 | 124 |
| 11 | Fannie Mae, Pool #BM5525  | 4.00 | 3/1/31 | 11 |
| 16 | Fannie Mae, Pool #MA3592  | 4.00 | 2/1/49 | 16 |
| 13 | Fannie Mae, Pool #BM4306  | 4.00 | 9/1/25 | 13 |
| 19 | Fannie Mae, Pool #AT3872  | 4.00 | 6/1/43 | 19 |
| 32 | Fannie Mae, Pool #CA0237  | 4.00 | 8/1/47 | 30 |
| 65 | Fannie Mae, Pool #MA3804  | 4.00 | 10/1/49 | 61 |
| 74 | Fannie Mae, Pool #AO2959  | 4.00 | 5/1/42 | 71 |
| 102 | Fannie Mae, Pool #AS7558  | 4.00 | 7/1/46 | 98 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $43 | Fannie Mae, Pool #FM1415  | 4.00 | 12/1/48 | $41 |
| 56 | Fannie Mae, Pool #BM2002  | 4.00 | 10/1/47 | 54 |
| 40 | Fannie Mae, Pool #FM1571  | 4.00 | 12/1/48 | 38 |
| 36 | Fannie Mae, Pool #MA3563  | 4.00 | 1/1/49 | 35 |
| 77 | Fannie Mae, Pool #ZS4708  | 4.00 | 3/1/47 | 74 |
| 61 | Fannie Mae, Pool #ZA4988  | 4.00 | 8/1/47 | 58 |
| 9 | Fannie Mae, Pool #AE0375  | 4.00 | 7/1/25 | 9 |
| 32 | Fannie Mae, Pool #AS7600  | 4.00 | 7/1/46 | 31 |
| 60 | Fannie Mae, Pool #MA3027  | 4.00 | 6/1/47 | 57 |
| 48 | Fannie Mae, Pool #FM1960  | 4.00 | 5/1/49 | 45 |
| 13 | Fannie Mae, Pool #MA0695  | 4.00 | 4/1/31 | 12 |
| 36 | Fannie Mae, Pool #AC7328  | 4.00 | 12/1/39 | 34 |
| 28 | Fannie Mae, Pool #BE8050  | 4.00 | 4/1/47 | 27 |
| 326 | Fannie Mae, Pool #190405  | 4.00 | 10/1/40 | 317 |
| 6 | Fannie Mae, Pool #MA2536  | 4.00 | 2/1/36 | 6 |
| 46 | Fannie Mae, Pool #AH6242  | 4.00 | 4/1/26 | 45 |
| 28 | Fannie Mae, Pool #AS3468  | 4.00 | 10/1/44 | 27 |
| 21 | Fannie Mae, Pool #AY0025  | 4.00 | 2/1/45 | 20 |
| 92 | Fannie Mae, Pool #AZ8067  | 4.00 | 9/1/45 | 87 |
| 39 | Fannie Mae, Pool #AY8981  | 4.00 | 8/1/45 | 37 |
| 55 | Fannie Mae, Pool #AZ7362  | 4.00 | 11/1/45 | 53 |
| 2 | Fannie Mae, Pool #AZ8874  | 4.00 | 9/1/45 | 2 |
| 31 | Fannie Mae, Pool #BC5559  | 4.00 | 3/1/46 | 29 |
| 48 | Fannie Mae, Pool #AS9831  | 4.00 | 6/1/47 | 46 |
| 102 | Fannie Mae, Pool #AH5859  | 4.00 | 2/1/41 | 99 |
| 46 | Fannie Mae, Pool #AS9486  | 4.00 | 4/1/47 | 44 |
| 22 | Fannie Mae, Pool #CA2474  | 4.00 | 7/1/48 | 21 |
| 24 | Fannie Mae, Pool #BN5258  | 4.00 | 2/1/49 | 22 |
| 41 | Fannie Mae, Pool #BM5685  | 4.00 | 6/1/48 | 38 |
| 32 | Fannie Mae, Pool #BK9697  | 4.00 | 12/1/48 | 31 |
| 80 | Fannie Mae, Pool #BK7943  | 4.00 | 11/1/48 | 76 |
| 27 | Fannie Mae, Pool #BK0915  | 4.00 | 7/1/48 | 26 |
| 41 | Fannie Mae, Pool #MA3615  | 4.00 | 3/1/49 | 39 |
| 24 | Fannie Mae, Pool #MA3638  | 4.00 | 4/1/49 | 23 |
| 146 | Fannie Mae, Pool #AS0531  | 4.00 | 9/1/43 | 143 |
| 13 | Fannie Mae, Pool #BJ0639  | 4.00 | 3/1/48 | 12 |
| 7 | Fannie Mae, Pool #AS3448  | 4.00 | 9/1/44 | 7 |
| 8 | Fannie Mae, Pool #MA3413  | 4.00 | 7/1/38 | 8 |
| 39 | Fannie Mae, Pool #AS7601  | 4.00 | 7/1/46 | 38 |
| 60 | Fannie Mae, Pool #MA3211  | 4.00 | 12/1/47 | 58 |
| 17 | Fannie Mae, Pool #FM1101  | 4.00 | 7/1/34 | 17 |
| 104 | Fannie Mae, Pool #BN6677  | 4.00 | 6/1/49 | 99 |
| 42 | Fannie Mae, Pool #BN0334  | 4.00 | 12/1/48 | 40 |
| 68 | Fannie Mae, Pool #MA3746  | 4.00 | 8/1/49 | 64 |
| 170 | Fannie Mae, Pool #AJ7689  | 4.00 | 12/1/41 | 165 |
| 12 | Fannie Mae, Pool #AH3394  | 4.00 | 1/1/41 | 12 |
| 48 | Fannie Mae, Pool #AS3216  | 4.00 | 9/1/44 | 47 |
| 44 | Fannie Mae, Pool #AV2340  | 4.00 | 12/1/43 | 43 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $22 | Fannie Mae, Pool #MA3244  | 4.00 | 1/1/38 | $22 |
| 14 | Fannie Mae, Pool #CA2469  | 4.00 | 10/1/48 | 13 |
| 5 | Fannie Mae, Pool #AW9041  | 4.00 | 8/1/44 | 5 |
| 47 | Fannie Mae, Pool #AY1595  | 4.00 | 1/1/45 | 45 |
| 164 | Fannie Mae, Pool #AJ5303  | 4.00 | 11/1/41 | 159 |
| 35 | Fannie Mae, Pool #AS3467  | 4.00 | 10/1/44 | 34 |
| 36 | Fannie Mae, Pool #AW5063  | 4.00 | 7/1/44 | 35 |
| 45 | Fannie Mae, Pool #AS3293  | 4.00 | 9/1/44 | 44 |
| 141 | Fannie Mae, Pool #AH7521  | 4.50 | 3/1/41 | 139 |
| 55 | Fannie Mae, Pool #MA3639  | 4.50 | 4/1/49 | 53 |
| 14 | Fannie Mae, Pool #FM3619  | 4.50 | 1/1/50 | 14 |
| 42 | Fannie Mae, Pool #BE5992  | 4.50 | 2/1/47 | 40 |
| 60 | Fannie Mae, Pool #CA1711  | 4.50 | 5/1/48 | 58 |
| 4 | Fannie Mae, Pool #BN0877  | 4.50 | 11/1/48 | 4 |
| 18 | Fannie Mae, Pool #BM1285  | 4.50 | 5/1/47 | 17 |
| 8 | Fannie Mae, Pool #AS0861  | 4.50 | 10/1/43 | 8 |
| 17 | Fannie Mae, Pool #MA3593  | 4.50 | 2/1/49 | 17 |
| 22 | Fannie Mae, Pool #BK5283  | 4.50 | 6/1/48 | 21 |
| 56 | Fannie Mae, Pool #BK1416  | 4.50 | 5/1/48 | 54 |
| 3 | Fannie Mae, Pool #AW7048  | 4.50 | 6/1/44 | 3 |
| 49 | Fannie Mae, Pool #AS8157  | 4.50 | 10/1/46 | 48 |
| 47 | Fannie Mae, Pool #AL4450  | 4.50 | 12/1/43 | 45 |
| 4 | Fannie Mae, Pool #BK8830  | 4.50 | 8/1/48 | 4 |
| 46 | Fannie Mae, Pool #CA0148  | 4.50 | 8/1/47 | 44 |
| 221 | Fannie Mae, Pool #AL1107  | 4.50 | 11/1/41 | 219 |
| 28 | Fannie Mae, Pool #AL5082  | 4.50 | 3/1/44 | 27 |
| 36 | Fannie Mae, Pool #MA0481  | 4.50 | 8/1/30 | 36 |
| 26 | Fannie Mae, Pool #AS1638  | 4.50 | 2/1/44 | 25 |
| 53 | Fannie Mae, Pool #AB3192  | 4.50 | 6/1/41 | 52 |
| 21 | Fannie Mae, Pool #MA3537  | 4.50 | 12/1/48 | 20 |
| 1 | Fannie Mae, Pool #982892  | 4.50 | 5/1/23 | 1 |
| 24 | Fannie Mae, Pool #MA3522  | 4.50 | 11/1/48 | 24 |
| 60 | Fannie Mae, Pool #AD8529  | 4.50 | 8/1/40 | 59 |
| 13 | Fannie Mae, Pool #254954  | 4.50 | 10/1/23 | 12 |
| 65 | Fannie Mae, Pool #AE0217  | 4.50 | 8/1/40 | 64 |
| 12 | Fannie Mae, Pool #CA1218  | 4.50 | 2/1/48 | 12 |
| 16 | Fannie Mae, Pool #BE6489  | 4.50 | 1/1/47 | 15 |
| 11 | Fannie Mae, Pool #AB1470  | 4.50 | 9/1/40 | 11 |
| 235 | Fannie Mae, Pool #MA3184  | 4.50 | 11/1/47 | 228 |
| 29 | Fannie Mae, Pool #AB1389  | 4.50 | 8/1/40 | 28 |
| 26 | Fannie Mae, Pool #CA0623  | 4.50 | 10/1/47 | 25 |
| 5 | Fannie Mae, Pool #AA9781  | 4.50 | 7/1/24 | 5 |
| 12 | Fannie Mae, Pool #AH6790  | 4.50 | 3/1/41 | 12 |
| 10 | Fannie Mae, Pool #AL8816  | 4.50 | 9/1/45 | 9 |
| 59 | Fannie Mae, Pool #AI4815  | 4.50 | 6/1/41 | 59 |
| 147 | Fannie Mae, Pool #AH9055  | 4.50 | 4/1/41 | 145 |
| 30 | Fannie Mae, Pool #AS2276  | 4.50 | 4/1/44 | 29 |
| 13 | Fannie Mae, Pool #AS8576  | 4.50 | 12/1/46 | 13 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $13 | Fannie Mae, Pool #AA0860  | 4.50 | 1/1/39 | $13 |
| 13 | Fannie Mae, Pool #AU5302  | 4.50 | 10/1/43 | 13 |
| 114 | Fannie Mae, Pool #AS9394  | 4.50 | 4/1/47 | 110 |
| 24 | Fannie Mae, Pool #AS0575  | 5.00 | 9/1/43 | 24 |
| 61 | Fannie Mae, Pool #AH5988  | 5.00 | 3/1/41 | 62 |
| 12 | Fannie Mae, Pool #890603  | 5.00 | 8/1/41 | 12 |
| 27 | Fannie Mae, Pool #AL5788  | 5.00 | 5/1/42 | 28 |
| 22 | Fannie Mae, Pool #BM3904  | 5.00 | 5/1/48 | 21 |
| 23 | Fannie Mae, Pool #AS0837  | 5.00 | 10/1/43 | 23 |
| 7 | Fannie Mae, Pool #BM3781  | 5.00 | 11/1/30 | 7 |
| 28 | Fannie Mae, Pool #836750  | 5.00 | 10/1/35 | 28 |
| 13 | Fannie Mae, Pool #CA1795  | 5.00 | 5/1/48 | 13 |
| 17 | Fannie Mae, Pool #725238  | 5.00 | 3/1/34 | 17 |
| 17 | Fannie Mae, Pool #MA3669  | 5.00 | 5/1/49 | 17 |
| 14 | Fannie Mae, Pool #MA3472  | 5.00 | 9/1/48 | 14 |
| 10 | Fannie Mae, Pool #MA3617  | 5.00 | 3/1/49 | 10 |
| 14 | Fannie Mae, Pool #CA0349  | 5.00 | 9/1/47 | 14 |
| 298 | Fannie Mae, Pool #889117  | 5.00 | 10/1/35 | 304 |
| 9 | Fannie Mae, Pool #MA3708  | 5.00 | 6/1/49 | 9 |
| 24 | Fannie Mae, Pool #MA3594  | 5.00 | 2/1/49 | 24 |
| 10 | Fannie Mae, Pool #MA3527  | 5.00 | 11/1/48 | 10 |
| 12 | Fannie Mae, Pool #890621  | 5.00 | 5/1/42 | 12 |
| 1 | Fannie Mae, Pool #A79636  | 5.50 | 7/1/38 | 1 |
| 7 | Fannie Mae, Pool #929451  | 5.50 | 5/1/38 | 7 |
|  | Fannie Mae, Pool #AL0725  | 5.50 | 6/1/24 |  |
| 475 | Fannie Mae, Pool #890221  | 5.50 | 12/1/33 | 485 |
| 2 | Fannie Mae, Pool #A69671  | 5.50 | 12/1/37 | 2 |
| 293 | Fannie Mae, Pool #725228  | 6.00 | 3/1/34 | 305 |
| 66 | Fannie Mae, Pool #889984  | 6.50 | 10/1/38 | 69 |
| 175 | Fannie Mae, 15 YR TBA  | 1.50 | 1/25/37 | 152 |
| 50 | Fannie Mae, 15 YR TBA  | 2.00 | 1/25/37 | 45 |
| 250 | Fannie Mae, 15 YR TBA  | 3.00 | 1/25/36 | 234 |
| 50 | Fannie Mae, 15 YR TBA  | 3.00 | 2/25/37 | 47 |
| 25 | Fannie Mae, 15 YR TBA  | 3.50 | 2/25/37 | 24 |
| 150 | Fannie Mae, 15 YR TBA  | 3.50 | 1/25/36 | 144 |
| 75 | Fannie Mae, 15 YR TBA  | 4.00 | 1/25/38 | 73 |
| 125 | Fannie Mae, 30 YR TBA  | 3.00 | 1/25/53 | 110 |
| 25 | Fannie Mae, 30 YR TBA  | 3.50 | 2/25/51 | 23 |
| 1475 | Fannie Mae, 30 YR TBA  | 3.50 | 1/25/53 | 1343 |
| 75 | Fannie Mae, 30 YR TBA  | 4.00 | 2/25/53 | 71 |
| 2050 | Fannie Mae, 30 YR TBA  | 4.00 | 1/25/53 | 1928 |
| 2300 | Fannie Mae, 30 YR TBA  | 4.50 | 1/25/51 | 2221 |
| 125 | Fannie Mae, 30 YR TBA  | 4.50 | 2/25/53 | 121 |
| 2075 | Fannie Mae, 30 YR TBA  | 5.00 | 1/25/53 | 2047 |
| 275 | Fannie Mae, 30 YR TBA  | 5.00 | 2/25/53 | 271 |
| 600 | Fannie Mae, 30 YR TBA  | 5.50 | 1/25/53 | 603 |
| 149 | Federal Home Loan Mortgage Corporation, Pool# SD8184  | 3.00 | 12/1/51 | 132 |
| 387 | Federal Home Loan Mortgage Corporation, Pool# SD1132  | 4.00 | 6/1/52 | 364 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $387 | Federal Home Loan Mortgage Corporation, Pool# QE9161  | 4.50 | 9/1/52 | $373 |
| 70 | Federal National Mortgage Assoc., Pool# BU8781  | 2.00 | 4/1/37 | 63 |
| 23 | Federal National Mortgage Assoc., Pool# CB2979  | 2.50 | 2/1/37 | 21 |
| 197 | Federal National Mortgage Assoc., Pool# MA4579  | 3.00 | 4/1/52 | 173 |
| 247 | Federal National Mortgage Assoc., Pool# FS1374  | 3.00 | 3/1/52 | 218 |
| 245 | Federal National Mortgage Assoc., Pool# CB3601  | 3.50 | 5/1/52 | 223 |
| 75 | Federal National Mortgage Assoc.  | 4.50 | 2/25/38 | 74 |
| 325 | Federal National Mortgage Assoc.  | 5.50 | 7/25/53 | 326 |
| 75 | Federal National Mortgage Assoc.  | 6.00 | 2/25/50 | 76 |
| 65 | Freddie Mac, Pool #RB5110  | 1.50 | 5/1/41 | 53 |
| 455 | Freddie Mac, Pool #SB8083  | 1.50 | 1/1/36 | 395 |
| 427 | Freddie Mac, Pool #SB8144  | 1.50 | 3/1/37 | 371 |
| 73 | Freddie Mac, Pool #SD8082  | 1.50 | 10/1/50 | 56 |
| 401 | Freddie Mac, Pool #QC0962  | 1.50 | 4/1/51 | 308 |
| 412 | Freddie Mac, Pool #SB8106  | 1.50 | 6/1/36 | 358 |
| 407 | Freddie Mac, Pool #SD8154  | 1.50 | 6/1/51 | 313 |
| 440 | Freddie Mac, Pool #SB8088  | 1.50 | 2/1/36 | 382 |
| 341 | Freddie Mac, Pool #QN9521  | 1.50 | 2/1/37 | 296 |
| 190 | Freddie Mac, Pool #SD8139  | 1.50 | 4/1/51 | 146 |
| 387 | Freddie Mac, Pool #SB8097  | 1.50 | 4/1/36 | 336 |
| 438 | Freddie Mac, Pool #QC7473  | 2.00 | 9/1/51 | 358 |
| 381 | Freddie Mac, Pool #SB8107  | 2.00 | 5/1/36 | 339 |
| 425 | Freddie Mac, Pool #RA5040  | 2.00 | 4/1/51 | 348 |
| 413 | Freddie Mac, Pool #QC6815  | 2.00 | 9/1/51 | 338 |
| 374 | Freddie Mac, Pool #QB3716  | 2.00 | 9/1/50 | 306 |
| 419 | Freddie Mac, Pool #RA5928  | 2.00 | 9/1/51 | 343 |
| 140 | Freddie Mac, Pool #RB5141  | 2.00 | 1/1/42 | 119 |
| 470 | Freddie Mac, Pool #RA6333  | 2.00 | 11/1/51 | 384 |
| 434 | Freddie Mac, Pool #QC4423  | 2.00 | 7/1/51 | 355 |
| 236 | Freddie Mac, Pool #SD7537  | 2.00 | 3/1/51 | 193 |
| 449 | Freddie Mac, Pool #QD0433  | 2.00 | 11/1/51 | 368 |
| 497 | Freddie Mac, Pool #SD8113  | 2.00 | 12/1/50 | 408 |
| 135 | Freddie Mac, Pool #RB5095  | 2.00 | 12/1/40 | 116 |
| 451 | Freddie Mac, Pool #QC6925  | 2.00 | 9/1/51 | 369 |
| 432 | Freddie Mac, Pool #QB9896  | 2.00 | 3/1/51 | 354 |
| 469 | Freddie Mac, Pool #SD8182  | 2.00 | 12/1/51 | 384 |
| 465 | Freddie Mac, Pool #RA6026  | 2.00 | 10/1/51 | 381 |
| 439 | Freddie Mac, Pool #RA5155  | 2.00 | 5/1/51 | 359 |
| 396 | Freddie Mac, Pool #QC1333  | 2.00 | 5/1/51 | 324 |
| 435 | Freddie Mac, Pool #SD8079  | 2.00 | 7/1/50 | 357 |
| 432 | Freddie Mac, Pool #RA6507  | 2.00 | 12/1/51 | 353 |
| 368 | Freddie Mac, Pool #SD8128  | 2.00 | 2/1/51 | 301 |
| 369 | Freddie Mac, Pool #QB3926  | 2.00 | 10/1/50 | 303 |
| 18 | Freddie Mac, Pool #G18547  | 2.00 | 3/1/30 | 17 |
| 403 | Freddie Mac, Pool #SB8079  | 2.00 | 12/1/35 | 359 |
| 374 | Freddie Mac, Pool #RA4986  | 2.00 | 4/1/51 | 306 |
| 429 | Freddie Mac, Pool #QC3597  | 2.00 | 6/1/51 | 351 |
| 389 | Freddie Mac, Pool #QB6893  | 2.00 | 12/1/50 | 319 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $107 | Freddie Mac, Pool #ZS7735  | 2.00 | 1/1/32 | $98 |
| 326 | Freddie Mac, Pool #RC1727  | 2.00 | 12/1/35 | 292 |
| 262 | Freddie Mac, Pool #RA5257  | 2.00 | 5/1/51 | 215 |
| 384 | Freddie Mac, Pool #SD8121  | 2.00 | 12/1/50 | 315 |
| 388 | Freddie Mac, Pool #QB8064  | 2.00 | 1/1/51 | 317 |
| 395 | Freddie Mac, Pool #QC1075  | 2.00 | 4/1/51 | 323 |
| 238 | Freddie Mac, Pool #SD8146  | 2.00 | 5/1/51 | 195 |
| 420 | Freddie Mac, Pool #QC3697  | 2.00 | 6/1/51 | 344 |
| 237 | Freddie Mac, Pool #QC0423  | 2.00 | 4/1/51 | 194 |
| 476 | Freddie Mac, Pool #SD8193  | 2.00 | 2/1/52 | 389 |
| 426 | Freddie Mac, Pool #SD8098  | 2.00 | 10/1/50 | 349 |
| 473 | Freddie Mac, Pool #SD8188  | 2.00 | 1/1/52 | 387 |
| 409 | Freddie Mac, Pool #SD8160  | 2.00 | 8/1/51 | 334 |
| 482 | Freddie Mac, Pool #QB7708  | 2.00 | 1/1/51 | 394 |
| 394 | Freddie Mac, Pool #RA3205  | 2.00 | 8/1/50 | 325 |
| 423 | Freddie Mac, Pool #QD1254  | 2.00 | 11/1/51 | 346 |
| 14 | Freddie Mac, Pool #J25759  | 2.00 | 8/1/28 | 13 |
| 374 | Freddie Mac, Pool #SB8115  | 2.00 | 8/1/36 | 333 |
| 171 | Freddie Mac, Pool #RB5111  | 2.00 | 5/1/41 | 145 |
| 531 | Freddie Mac, Pool #RA3606  | 2.00 | 10/1/50 | 436 |
| 601 | Freddie Mac, Pool #SB8128  | 2.00 | 11/1/36 | 537 |
| 406 | Freddie Mac, Pool #RA4214  | 2.00 | 12/1/50 | 334 |
| 426 | Freddie Mac, Pool #RA3328  | 2.00 | 8/1/50 | 348 |
| 287 | Freddie Mac, Pool #RB5153  | 2.00 | 4/1/42 | 243 |
| 256 | Freddie Mac, Pool #RB5114  | 2.00 | 6/1/41 | 218 |
| 454 | Freddie Mac, Pool #SD0731  | 2.00 | 5/1/51 | 370 |
| 35 | Freddie Mac, Pool #G18634  | 2.00 | 3/1/32 | 31 |
| 233 | Freddie Mac, Pool #RA5256  | 2.00 | 5/1/51 | 191 |
| 40 | Freddie Mac, Pool #J25777  | 2.00 | 9/1/28 | 37 |
| 443 | Freddie Mac, Pool #SD8177  | 2.00 | 10/1/51 | 362 |
| 139 | Freddie Mac, Pool #RB5138  | 2.00 | 11/1/41 | 116 |
| 431 | Freddie Mac, Pool #SD8199  | 2.00 | 3/1/52 | 352 |
| 256 | Freddie Mac, Pool #RA6025  | 2.00 | 10/1/51 | 209 |
| 243 | Freddie Mac, Pool #RB5121  | 2.00 | 7/1/41 | 204 |
| 416 | Freddie Mac, Pool #SB8510  | 2.00 | 2/1/36 | 372 |
| 141 | Freddie Mac, Pool #QD3162  | 2.00 | 12/1/51 | 116 |
| 430 | Freddie Mac, Pool #QO0110  | 2.00 | 4/1/37 | 384 |
| 439 | Freddie Mac, Pool #SD8172  | 2.00 | 9/1/51 | 359 |
| 284 | Freddie Mac, Pool #SD8150  | 2.00 | 6/1/51 | 233 |
| 417 | Freddie Mac, Pool #SD8134  | 2.00 | 3/1/51 | 342 |
| 371 | Freddie Mac, Pool #RA3575  | 2.00 | 9/1/50 | 305 |
| 455 | Freddie Mac, Pool #QD5748  | 2.00 | 2/1/52 | 371 |
| 412 | Freddie Mac, Pool #QC2251  | 2.50 | 5/1/51 | 351 |
| 62 | Freddie Mac, Pool #ZS4687  | 2.50 | 11/1/46 | 54 |
| 431 | Freddie Mac, Pool #QC9156  | 2.50 | 10/1/51 | 367 |
| 307 | Freddie Mac, Pool #QB3287  | 2.50 | 8/1/50 | 263 |
| 68 | Freddie Mac, Pool #G18568  | 2.50 | 9/1/30 | 64 |
| 33 | Freddie Mac, Pool #C09026  | 2.50 | 2/1/43 | 29 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $27 | Freddie Mac, Pool #J25585  | 2.50 | 9/1/28 | $25 |
| 42 | Freddie Mac, Pool #J35643  | 2.50 | 11/1/31 | 39 |
| 356 | Freddie Mac, Pool #SD8141  | 2.50 | 4/1/51 | 303 |
| 304 | Freddie Mac, Pool #RA2634  | 2.50 | 5/1/50 | 261 |
| 24 | Freddie Mac, Pool #Q42878  | 2.50 | 9/1/46 | 21 |
| 53 | Freddie Mac, Pool #ZS8483  | 2.50 | 3/1/28 | 49 |
| 67 | Freddie Mac, Pool #J37902  | 2.50 | 11/1/32 | 62 |
| 305 | Freddie Mac, Pool #QB3703  | 2.50 | 9/1/50 | 261 |
| 117 | Freddie Mac, Pool #J38477  | 2.50 | 2/1/33 | 109 |
| 312 | Freddie Mac, Pool #SD8151  | 2.50 | 6/1/51 | 266 |
| 44 | Freddie Mac, Pool #ZS8692  | 2.50 | 4/1/33 | 41 |
| 55 | Freddie Mac, Pool #ZK8425  | 2.50 | 12/1/31 | 52 |
| 394 | Freddie Mac, Pool #QC2031  | 2.50 | 5/1/51 | 336 |
| 255 | Freddie Mac, Pool #RA3528  | 2.50 | 9/1/50 | 218 |
| 49 | Freddie Mac, Pool #J18954  | 2.50 | 4/1/27 | 46 |
| 152 | Freddie Mac, Pool #SB8108  | 2.50 | 6/1/36 | 139 |
| 56 | Freddie Mac, Pool #RB5072  | 2.50 | 9/1/40 | 50 |
| 416 | Freddie Mac, Pool #SD8183  | 2.50 | 12/1/51 | 353 |
| 55 | Freddie Mac, Pool #J23440  | 2.50 | 4/1/28 | 51 |
| 436 | Freddie Mac, Pool #RA6493  | 2.50 | 12/1/51 | 371 |
| 61 | Freddie Mac, Pool #G18635  | 2.50 | 3/1/32 | 57 |
| 11 | Freddie Mac, Pool #ZT2094  | 2.50 | 6/1/34 | 10 |
| 88 | Freddie Mac, Pool #G18680  | 2.50 | 3/1/33 | 82 |
| 422 | Freddie Mac, Pool #QC7457  | 2.50 | 9/1/51 | 360 |
| 138 | Freddie Mac, Pool #G18611  | 2.50 | 9/1/31 | 129 |
| 427 | Freddie Mac, Pool #RA6019  | 2.50 | 10/1/51 | 365 |
| 253 | Freddie Mac, Pool #RA2595  | 2.50 | 5/1/50 | 217 |
| 160 | Freddie Mac, Pool #QA5290  | 2.50 | 12/1/49 | 138 |
| 417 | Freddie Mac, Pool #RA5832  | 2.50 | 9/1/51 | 357 |
| 441 | Freddie Mac, Pool #RA6340  | 2.50 | 11/1/51 | 377 |
| 443 | Freddie Mac, Pool #SD8189  | 2.50 | 1/1/52 | 378 |
| 24 | Freddie Mac, Pool #SB8053  | 2.50 | 7/1/35 | 22 |
| 452 | Freddie Mac, Pool #QD5204  | 2.50 | 1/1/52 | 385 |
| 475 | Freddie Mac, Pool #RA6621  | 2.50 | 1/1/52 | 406 |
| 10 | Freddie Mac, Pool #G08755  | 2.50 | 2/1/47 | 8 |
| 83 | Freddie Mac, Pool #J26408  | 2.50 | 11/1/28 | 78 |
| 9 | Freddie Mac, Pool #G08638  | 2.50 | 4/1/45 | 8 |
| 81 | Freddie Mac, Pool #SB8045  | 2.50 | 5/1/35 | 75 |
| 219 | Freddie Mac, Pool #SD8067  | 2.50 | 6/1/50 | 187 |
| 264 | Freddie Mac, Pool #RB5157  | 2.50 | 5/1/42 | 231 |
| 475 | Freddie Mac, Pool #SD8147  | 2.50 | 5/1/51 | 405 |
| 243 | Freddie Mac, Pool #QE2352  | 2.50 | 5/1/52 | 206 |
| 367 | Freddie Mac, Pool #SD8021  | 2.50 | 9/1/49 | 315 |
| 472 | Freddie Mac, Pool #SD1011  | 2.50 | 4/1/52 | 402 |
| 37 | Freddie Mac, Pool #SB8062  | 2.50 | 9/1/35 | 34 |
| 57 | Freddie Mac, Pool #RB5054  | 2.50 | 6/1/40 | 51 |
| 23 | Freddie Mac, Pool #RA6815  | 2.50 | 2/1/52 | 20 |
| 471 | Freddie Mac, Pool #SD8194  | 2.50 | 2/1/52 | 400 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $247 | Freddie Mac, Pool #QA9142  | 2.50 | 5/1/50 | $211 |
| 321 | Freddie Mac, Pool #SD8122  | 2.50 | 1/1/51 | 275 |
| 392 | Freddie Mac, Pool #RA5286  | 2.50 | 5/1/51 | 334 |
| 166 | Freddie Mac, Pool #SD8083  | 2.50 | 8/1/50 | 142 |
| 147 | Freddie Mac, Pool #SD8055  | 2.50 | 4/1/50 | 126 |
| 453 | Freddie Mac, Pool #SD0780  | 2.50 | 12/1/51 | 387 |
| 14 | Freddie Mac, Pool #C91904  | 2.50 | 11/1/36 | 12 |
| 10 | Freddie Mac, Pool #G18472  | 2.50 | 7/1/28 | 9 |
| 123 | Freddie Mac, Pool #RB5043  | 2.50 | 4/1/40 | 109 |
| 473 | Freddie Mac, Pool #RA6765  | 2.50 | 2/1/52 | 403 |
| 328 | Freddie Mac, Pool #SD8114  | 2.50 | 12/1/50 | 281 |
| 53 | Freddie Mac, Pool #G18533  | 2.50 | 12/1/29 | 50 |
| 183 | Freddie Mac, Pool #RA2645  | 2.50 | 6/1/50 | 156 |
| 123 | Freddie Mac, Pool #RB5086  | 2.50 | 11/1/40 | 108 |
| 311 | Freddie Mac, Pool #SD8167  | 2.50 | 9/1/51 | 264 |
| 484 | Freddie Mac, Pool #SD8212  | 2.50 | 5/1/52 | 411 |
| 348 | Freddie Mac, Pool #RA4527  | 2.50 | 2/1/51 | 299 |
| 336 | Freddie Mac, Pool #RA2897  | 2.50 | 6/1/50 | 288 |
| 410 | Freddie Mac, Pool #RA5802  | 2.50 | 9/1/51 | 350 |
| 64 | Freddie Mac, Pool #G18470  | 2.50 | 6/1/28 | 60 |
| 4 | Freddie Mac, Pool #J30875  | 2.50 | 3/1/30 | 4 |
| 26 | Freddie Mac, Pool #G18704  | 2.50 | 6/1/33 | 24 |
| 240 | Freddie Mac, Pool #SD8205  | 2.50 | 4/1/52 | 204 |
| 334 | Freddie Mac, Pool #RA2643  | 2.50 | 6/1/50 | 287 |
| 14 | Freddie Mac, Pool #G18665  | 2.50 | 11/1/32 | 13 |
| 353 | Freddie Mac, Pool #SD0578  | 2.50 | 3/1/51 | 300 |
| 325 | Freddie Mac, Pool #SD8129  | 2.50 | 2/1/51 | 277 |
| 364 | Freddie Mac, Pool #SD0412  | 2.50 | 8/1/50 | 313 |
| 28 | Freddie Mac, Pool #G18485  | 2.50 | 10/1/28 | 26 |
| 140 | Freddie Mac, Pool #SB0301  | 2.50 | 4/1/35 | 129 |
| 291 | Freddie Mac, Pool #SD8099  | 2.50 | 10/1/50 | 249 |
| 75 | Freddie Mac, Series K1514, Class - A2, Callable 10/25/34 @ 100.00  | 2.86 | 10/25/34 | 64 |
| 93 | Freddie Mac, Pool #G18673  | 3.00 | 1/1/33 | 88 |
| 17 | Freddie Mac, Pool #ZT2019  | 3.00 | 5/1/34 | 16 |
| 44 | Freddie Mac, Pool #SD8056  | 3.00 | 4/1/50 | 39 |
| 74 | Freddie Mac, Pool #J17774  | 3.00 | 1/1/27 | 70 |
| 43 | Freddie Mac, Pool #ZT0715  | 3.00 | 9/1/48 | 38 |
| 29 | Freddie Mac, Pool #ZS4703  | 3.00 | 2/1/47 | 26 |
| 35 | Freddie Mac, Pool #ZS8686  | 3.00 | 2/1/33 | 33 |
| 6 | Freddie Mac, Pool #J14241  | 3.00 | 1/1/26 | 6 |
| 24 | Freddie Mac, Pool #G08540  | 3.00 | 8/1/43 | 21 |
| 23 | Freddie Mac, Pool #Q19754  | 3.00 | 7/1/43 | 21 |
| 109 | Freddie Mac, Pool #C04619  | 3.00 | 3/1/43 | 99 |
| 50 | Freddie Mac, Pool #G18531  | 3.00 | 11/1/29 | 47 |
| 384 | Freddie Mac, Pool #QD9881  | 3.00 | 3/1/52 | 338 |
| 47 | Freddie Mac, Pool #ZS4688  | 3.00 | 11/1/46 | 42 |
| 180 | Freddie Mac, Pool #ZS4519  | 3.00 | 6/1/43 | 163 |
| 88 | Freddie Mac, Pool #QA1033  | 3.00 | 7/1/49 | 79 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $81 | Freddie Mac, Pool #ZM2089  | 3.00 | 11/1/46 | $73 |
| 20 | Freddie Mac, Pool #SD8030  | 3.00 | 11/1/49 | 18 |
| 28 | Freddie Mac, Pool #J36428  | 3.00 | 2/1/32 | 27 |
| 510 | Freddie Mac, Pool #ZS4522  | 3.00 | 7/1/43 | 461 |
| 58 | Freddie Mac, Pool #G15145  | 3.00 | 7/1/29 | 56 |
| 59 | Freddie Mac, Pool #ZM2169  | 3.00 | 11/1/46 | 53 |
| 146 | Freddie Mac, Pool #ZS4697  | 3.00 | 1/1/47 | 131 |
| 10 | Freddie Mac, Pool #C91943  | 3.00 | 7/1/37 | 9 |
| 59 | Freddie Mac, Pool #G15217  | 3.00 | 11/1/29 | 56 |
| 95 | Freddie Mac, Pool #ZS4512  | 3.00 | 5/1/43 | 85 |
| 60 | Freddie Mac, Pool #ZM2721  | 3.00 | 2/1/47 | 53 |
| 15 | Freddie Mac, Pool #C91924  | 3.00 | 4/1/37 | 13 |
| 57 | Freddie Mac, Pool #G18518  | 3.00 | 7/1/29 | 54 |
| 373 | Freddie Mac, Pool #SD8174  | 3.00 | 10/1/51 | 329 |
| 23 | Freddie Mac, Pool #C91798  | 3.00 | 12/1/34 | 21 |
| 4 | Freddie Mac, Pool #J17111  | 3.00 | 10/1/26 | 3 |
| 44 | Freddie Mac, Pool #Q41795  | 3.00 | 7/1/46 | 39 |
| 91 | Freddie Mac, Pool #ZA1283  | 3.00 | 1/1/43 | 82 |
| 61 | Freddie Mac, Pool #RA2594  | 3.00 | 5/1/50 | 54 |
| 59 | Freddie Mac, Pool #ZS4706  | 3.00 | 3/1/47 | 53 |
| 112 | Freddie Mac, Pool #SD8024  | 3.00 | 11/1/49 | 100 |
| 79 | Freddie Mac, Pool #C91581  | 3.00 | 11/1/32 | 75 |
| 91 | Freddie Mac, Pool #ZS4609  | 3.00 | 4/1/45 | 82 |
| 29 | Freddie Mac, Pool #C91927  | 3.00 | 5/1/37 | 27 |
| 61 | Freddie Mac, Pool #ZA2313  | 3.00 | 9/1/33 | 55 |
| 14 | Freddie Mac, Pool #C91905  | 3.00 | 11/1/36 | 12 |
| 43 | Freddie Mac, Pool #C91707  | 3.00 | 6/1/33 | 39 |
| 14 | Freddie Mac, Pool #G18534  | 3.00 | 12/1/29 | 13 |
| 60 | Freddie Mac, Pool #ZS4779  | 3.00 | 6/1/48 | 54 |
| 15 | Freddie Mac, Pool #J33135  | 3.00 | 11/1/30 | 14 |
| 35 | Freddie Mac, Pool #ZS4641  | 3.00 | 12/1/45 | 31 |
| 39 | Freddie Mac, Pool #G08640  | 3.00 | 5/1/45 | 35 |
| 23 | Freddie Mac, Pool #J38675  | 3.00 | 3/1/33 | 22 |
| 30 | Freddie Mac, Pool #C91819  | 3.00 | 4/1/35 | 28 |
| 75 | Freddie Mac, Pool #ZS4693  | 3.00 | 12/1/46 | 67 |
| 71 | Freddie Mac, Pool #QA8065  | 3.00 | 3/1/50 | 63 |
| 124 | Freddie Mac, Pool #QA9049  | 3.00 | 4/1/50 | 110 |
| 9 | Freddie Mac, Pool #C91826  | 3.00 | 5/1/35 | 9 |
| 131 | Freddie Mac, Pool #G60989  | 3.00 | 12/1/46 | 116 |
| 19 | Freddie Mac, Pool #G18715  | 3.00 | 11/1/33 | 18 |
| 4 | Freddie Mac, Pool #C91809  | 3.00 | 2/1/35 | 4 |
| 104 | Freddie Mac, Pool #Q43734  | 3.00 | 10/1/46 | 92 |
| 76 | Freddie Mac, Pool #C04422  | 3.00 | 12/1/42 | 67 |
| 47 | Freddie Mac, Pool #G18569  | 3.00 | 9/1/30 | 45 |
| 133 | Freddie Mac, Pool #Q45735  | 3.00 | 1/1/47 | 120 |
| 56 | Freddie Mac, Pool #ZT1323  | 3.00 | 10/1/48 | 50 |
| 16 | Freddie Mac, Pool #J38807  | 3.00 | 4/1/33 | 15 |
| 54 | Freddie Mac, Pool #Q20067  | 3.00 | 7/1/43 | 49 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $120 | Freddie Mac, Pool #ZM2285  | 3.00 | 12/1/46 | $107 |
| 14 | Freddie Mac, Pool #Q18599  | 3.00 | 6/1/43 | 12 |
| 6 | Freddie Mac, Pool #Q18882  | 3.00 | 5/1/43 | 5 |
| 243 | Freddie Mac, Pool #Q21065  | 3.00 | 8/1/43 | 219 |
| 127 | Freddie Mac, Pool #Q16222  | 3.00 | 3/1/43 | 115 |
| 6 | Freddie Mac, Pool #Q13086  | 3.00 | 11/1/42 | 5 |
| 86 | Freddie Mac, Pool #G60187  | 3.00 | 8/1/45 | 77 |
| 5 | Freddie Mac, Pool #C91949  | 3.00 | 9/1/37 | 5 |
| 18 | Freddie Mac, Pool #G18575  | 3.00 | 11/1/30 | 17 |
| 73 | Freddie Mac, Pool #G18514  | 3.00 | 6/1/29 | 69 |
| 33 | Freddie Mac, Pool #G08648  | 3.00 | 6/1/45 | 29 |
| 26 | Freddie Mac, Pool #G18582  | 3.00 | 1/1/31 | 25 |
| 102 | Freddie Mac, Pool #ZS4621  | 3.00 | 7/1/45 | 92 |
| 15 | Freddie Mac, Pool #J38057  | 3.00 | 12/1/32 | 14 |
| 14 | Freddie Mac, Pool #J29932  | 3.00 | 11/1/29 | 13 |
| 42 | Freddie Mac, Pool #G08783  | 3.00 | 10/1/47 | 38 |
| 24 | Freddie Mac, Pool #G30945  | 3.00 | 9/1/36 | 21 |
| 2 | Freddie Mac, Pool #Q39527  | 3.00 | 3/1/46 | 1 |
| 69 | Freddie Mac, Pool #SD8074  | 3.00 | 7/1/50 | 61 |
| 46 | Freddie Mac, Pool #ZT0195  | 3.00 | 9/1/46 | 41 |
| 12 | Freddie Mac, Pool #C91969  | 3.00 | 1/1/38 | 11 |
| 7 | Freddie Mac, Pool #G30999  | 3.00 | 2/1/37 | 7 |
| 107 | Freddie Mac, Pool #ZS4658  | 3.00 | 4/1/46 | 96 |
| 125 | Freddie Mac, Pool #SB8046  | 3.00 | 5/1/35 | 117 |
| 5 | Freddie Mac, Pool #C91939  | 3.00 | 6/1/37 | 5 |
| 44 | Freddie Mac, Pool #SD8011  | 3.50 | 9/1/49 | 41 |
| 82 | Freddie Mac, Pool #QA8794  | 3.50 | 4/1/50 | 75 |
| 35 | Freddie Mac, Pool #G08733  | 3.50 | 11/1/46 | 33 |
| 53 | Freddie Mac, Pool #Q53176  | 3.50 | 12/1/47 | 49 |
| 21 | Freddie Mac, Pool #G08605  | 3.50 | 9/1/44 | 20 |
| 28 | Freddie Mac, Pool #ZS4659  | 3.50 | 4/1/46 | 26 |
| 64 | Freddie Mac, Pool #ZS4713  | 3.50 | 4/1/47 | 59 |
| 56 | Freddie Mac, Pool #G08761  | 3.50 | 5/1/47 | 52 |
| 35 | Freddie Mac, Pool #G18707  | 3.50 | 9/1/33 | 33 |
| 90 | Freddie Mac, Pool #Q20860  | 3.50 | 8/1/43 | 84 |
| 73 | Freddie Mac, Pool #ZS4651  | 3.50 | 3/1/46 | 68 |
| 58 | Freddie Mac, Pool #J15105  | 3.50 | 4/1/26 | 57 |
| 107 | Freddie Mac, Pool #ZS4599  | 3.50 | 1/1/45 | 100 |
| 11 | Freddie Mac, Pool #C92003  | 3.50 | 7/1/38 | 10 |
| 23 | Freddie Mac, Pool #G08846  | 3.50 | 11/1/48 | 22 |
| 14 | Freddie Mac, Pool #C91742  | 3.50 | 1/1/34 | 13 |
| 11 | Freddie Mac, Pool #Q55002  | 3.50 | 3/1/48 | 10 |
| 22 | Freddie Mac, Pool #G08599  | 3.50 | 8/1/44 | 20 |
| 310 | Freddie Mac, Pool #SD8038  | 3.50 | 1/1/50 | 286 |
| 582 | Freddie Mac, Pool #SD8214  | 3.50 | 5/1/52 | 531 |
| 476 | Freddie Mac, Pool #SD0968  | 3.50 | 4/1/52 | 437 |
| 44 | Freddie Mac, Pool #SB0031  | 3.50 | 10/1/27 | 43 |
| 95 | Freddie Mac, Pool #G08562  | 3.50 | 1/1/44 | 88 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $65 | Freddie Mac, Pool #Q08903  | 3.50 | 6/1/42 | $61 |
| 31 | Freddie Mac, Pool #ZS4663  | 3.50 | 5/1/46 | 29 |
| 15 | Freddie Mac, Pool #J13582  | 3.50 | 11/1/25 | 15 |
| 289 | Freddie Mac, Pool #ZS4487  | 3.50 | 6/1/42 | 270 |
| 65 | Freddie Mac, Pool #ZS4622  | 3.50 | 7/1/45 | 61 |
| 71 | Freddie Mac, Pool #Q49490  | 3.50 | 7/1/47 | 65 |
| 27 | Freddie Mac, Pool #ZS4759  | 3.50 | 3/1/48 | 25 |
| 24 | Freddie Mac, Pool #C03920  | 3.50 | 5/1/42 | 23 |
| 59 | Freddie Mac, Pool #ZS4630  | 3.50 | 9/1/45 | 55 |
| 31 | Freddie Mac, Pool #ZT1951  | 3.50 | 5/1/49 | 28 |
| 9 | Freddie Mac, Pool #C91940  | 3.50 | 6/1/37 | 9 |
| 8 | Freddie Mac, Pool #G08620  | 3.50 | 12/1/44 | 8 |
| 67 | Freddie Mac, Pool #Q09896  | 3.50 | 8/1/42 | 63 |
| 34 | Freddie Mac, Pool #Q58422  | 3.50 | 9/1/48 | 31 |
| 29 | Freddie Mac, Pool #Q37449  | 3.50 | 11/1/45 | 27 |
| 37 | Freddie Mac, Pool #ZS4771  | 3.50 | 6/1/48 | 35 |
| 65 | Freddie Mac, Pool #G61148  | 3.50 | 9/1/47 | 60 |
| 97 | Freddie Mac, Pool #G08627  | 3.50 | 2/1/45 | 90 |
| 132 | Freddie Mac, Pool #ZS4536  | 3.50 | 10/1/43 | 122 |
| 6 | Freddie Mac, Pool #J26144  | 3.50 | 10/1/23 | 6 |
| 66 | Freddie Mac, Pool #G08632  | 3.50 | 3/1/45 | 62 |
| 18 | Freddie Mac, Pool #C91950  | 3.50 | 9/1/37 | 16 |
| 9 | Freddie Mac, Pool #ZS4747  | 3.50 | 12/1/47 | 9 |
| 6 | Freddie Mac, Pool #C91925  | 3.50 | 4/1/37 | 5 |
| 85 | Freddie Mac, Pool #G08766  | 3.50 | 6/1/47 | 79 |
| 82 | Freddie Mac, Pool #G08804  | 3.50 | 3/1/48 | 76 |
| 36 | Freddie Mac, Pool #G08687  | 3.50 | 1/1/46 | 33 |
| 24 | Freddie Mac, Pool #G08813  | 3.50 | 5/1/48 | 23 |
| 160 | Freddie Mac, Pool #RA2469  | 3.50 | 4/1/50 | 148 |
| 31 | Freddie Mac, Pool #G08698  | 3.50 | 3/1/46 | 29 |
| 17 | Freddie Mac, Pool #SB8007  | 3.50 | 9/1/34 | 17 |
| 17 | Freddie Mac, Pool #A96409  | 3.50 | 1/1/41 | 16 |
| 40 | Freddie Mac, Pool #ZA5128  | 3.50 | 12/1/47 | 37 |
| 38 | Freddie Mac, Pool #Q36040  | 3.50 | 9/1/45 | 35 |
| 17 | Freddie Mac, Pool #RA1508  | 3.50 | 10/1/49 | 16 |
| 53 | Freddie Mac, Pool #C91403  | 3.50 | 3/1/32 | 51 |
| 3 | Freddie Mac, Pool #E02735  | 3.50 | 10/1/25 | 2 |
| 38 | Freddie Mac, Pool #Q06749  | 3.50 | 3/1/42 | 36 |
| 108 | Freddie Mac, Pool #G08636  | 3.50 | 4/1/45 | 101 |
| 74 | Freddie Mac, Pool #G08641  | 3.50 | 5/1/45 | 69 |
| 37 | Freddie Mac, Pool #Q57871  | 3.50 | 8/1/48 | 34 |
| 15 | Freddie Mac, Pool #ZT0711  | 3.50 | 10/1/48 | 14 |
| 40 | Freddie Mac, Pool #Q12052  | 3.50 | 10/1/42 | 38 |
| 29 | Freddie Mac, Pool #G30776  | 3.50 | 7/1/35 | 27 |
| 21 | Freddie Mac, Pool #J27494  | 3.50 | 2/1/29 | 20 |
| 37 | Freddie Mac, Pool #Q04087  | 3.50 | 10/1/41 | 34 |
| 52 | Freddie Mac, Pool #Q51461  | 3.50 | 10/1/47 | 48 |
| 5 | Freddie Mac, Pool #C91760  | 3.50 | 5/1/34 | 5 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $14 | Freddie Mac, Pool #Q31134  | 3.50 | 2/1/45 | $13 |
| 75 | Freddie Mac, Pool #ZS4642  | 3.50 | 12/1/45 | 70 |
| 58 | Freddie Mac, Pool #C91456  | 3.50 | 6/1/32 | 56 |
| 52 | Freddie Mac, Pool #Q08998  | 3.50 | 6/1/42 | 49 |
| 48 | Freddie Mac, Pool #ZS4704  | 3.50 | 2/1/47 | 44 |
| 396 | Freddie Mac, Pool #QE5462  | 4.00 | 7/1/52 | 373 |
| 24 | Freddie Mac, Pool #G08601  | 4.00 | 8/1/44 | 23 |
| 38 | Freddie Mac, Pool #Q27594  | 4.00 | 8/1/44 | 36 |
| 34 | Freddie Mac, Pool #ZT2106  | 4.00 | 3/1/49 | 33 |
| 51 | Freddie Mac, Pool #G08588  | 4.00 | 5/1/44 | 50 |
| 65 | Freddie Mac, Pool #ZS4631  | 4.00 | 9/1/45 | 62 |
| 10 | Freddie Mac, Pool #C91994  | 4.00 | 5/1/38 | 10 |
| 29 | Freddie Mac, Pool #C91765  | 4.00 | 6/1/34 | 28 |
| 40 | Freddie Mac, Pool #C09070  | 4.00 | 12/1/44 | 39 |
| 48 | Freddie Mac, Pool #G08616  | 4.00 | 11/1/44 | 46 |
| 51 | Freddie Mac, Pool #G08785  | 4.00 | 10/1/47 | 49 |
| 71 | Freddie Mac, Pool #ZL7781  | 4.00 | 2/1/44 | 69 |
| 82 | Freddie Mac, Pool #ZS4627  | 4.00 | 8/1/45 | 79 |
| 131 | Freddie Mac, Pool #SD8070  | 4.00 | 6/1/50 | 124 |
| 7 | Freddie Mac, Pool #G08633  | 4.00 | 3/1/45 | 6 |
| 87 | Freddie Mac, Pool #G06506  | 4.00 | 12/1/40 | 84 |
| 36 | Freddie Mac, Pool #Q58680  | 4.00 | 9/1/48 | 34 |
| 8 | Freddie Mac, Pool #C92019  | 4.00 | 10/1/38 | 8 |
| 28 | Freddie Mac, Pool #ZT1320  | 4.00 | 11/1/48 | 27 |
| 24 | Freddie Mac, Pool #Q34081  | 4.00 | 6/1/45 | 23 |
| 3 | Freddie Mac, Pool #Q27456  | 4.00 | 7/1/44 | 3 |
| 12 | Freddie Mac, Pool #G14453  | 4.00 | 6/1/26 | 11 |
| 16 | Freddie Mac, Pool #ZN5030  | 4.00 | 4/1/49 | 15 |
| 43 | Freddie Mac, Pool #SD8039  | 4.00 | 1/1/50 | 42 |
| 38 | Freddie Mac, Pool #ZT1952  | 4.00 | 5/1/49 | 37 |
| 21 | Freddie Mac, Pool #G08836  | 4.00 | 9/1/48 | 20 |
| 22 | Freddie Mac, Pool #G08483  | 4.00 | 3/1/42 | 22 |
| 50 | Freddie Mac, Pool #G08459  | 4.00 | 9/1/41 | 49 |
| 194 | Freddie Mac, Pool #QE6074  | 4.00 | 7/1/52 | 183 |
| 62 | Freddie Mac, Pool #ZS4731  | 4.00 | 8/1/47 | 59 |
| 3 | Freddie Mac, Pool #G08642  | 4.00 | 5/1/45 | 3 |
| 25 | Freddie Mac, Pool #ZA6946  | 4.00 | 5/1/49 | 24 |
| 48 | Freddie Mac, Pool #ZS4573  | 4.00 | 7/1/44 | 46 |
| 6 | Freddie Mac, Pool #C91923  | 4.00 | 3/1/37 | 6 |
| 22 | Freddie Mac, Pool #ZT1840  | 4.00 | 9/1/48 | 21 |
| 44 | Freddie Mac, Pool #G08567  | 4.00 | 1/1/44 | 43 |
| 34 | Freddie Mac, Pool #G08767  | 4.00 | 6/1/47 | 32 |
| 10 | Freddie Mac, Pool #ZT1800  | 4.00 | 3/1/34 | 10 |
| 46 | Freddie Mac, Pool #G08618  | 4.00 | 12/1/44 | 45 |
| 15 | Freddie Mac, Pool #ZS4652  | 4.00 | 2/1/46 | 14 |
| 108 | Freddie Mac, Pool #SD0290  | 4.00 | 4/1/50 | 103 |
| 29 | Freddie Mac, Pool #G08637  | 4.00 | 4/1/45 | 27 |
| 13 | Freddie Mac, Pool #G08672  | 4.00 | 10/1/45 | 12 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $3 | Freddie Mac, Pool #J12435  | 4.00 | 6/1/25 | $3 |
| 20 | Freddie Mac, Pool #G08831  | 4.00 | 8/1/48 | 19 |
| 250 | Freddie Mac, Pool #A96286  | 4.00 | 1/1/41 | 243 |
| 30 | Freddie Mac, Pool #C91738  | 4.00 | 11/1/33 | 30 |
| 16 | Freddie Mac, Pool #G08596  | 4.50 | 7/1/44 | 15 |
| 17 | Freddie Mac, Pool #Q25432  | 4.50 | 3/1/44 | 17 |
| 97 | Freddie Mac, Pool #RA7928  | 4.50 | 9/1/52 | 94 |
| 526 | Freddie Mac, Pool #A97692  | 4.50 | 3/1/41 | 523 |
| 24 | Freddie Mac, Pool #ZT1321  | 4.50 | 11/1/48 | 23 |
| 27 | Freddie Mac, Pool #Q59805  | 4.50 | 11/1/48 | 26 |
| 8 | Freddie Mac, Pool #C09059  | 4.50 | 3/1/44 | 7 |
| 25 | Freddie Mac, Pool #G08754  | 4.50 | 3/1/47 | 25 |
| 21 | Freddie Mac, Pool #G60512  | 4.50 | 12/1/45 | 21 |
| 25 | Freddie Mac, Pool #ZS4774  | 4.50 | 5/1/48 | 25 |
| 25 | Freddie Mac, Pool #ZS4781  | 4.50 | 7/1/48 | 24 |
| 17 | Freddie Mac, Pool #Q22671  | 4.50 | 11/1/43 | 16 |
| 4 | Freddie Mac, Pool #A90437  | 4.50 | 1/1/40 | 4 |
| 38 | Freddie Mac, Pool #G08759  | 4.50 | 4/1/47 | 37 |
| 1 | Freddie Mac, Pool #J07849  | 4.50 | 5/1/23 | 1 |
| 12 | Freddie Mac, Pool #G08781  | 4.50 | 9/1/47 | 12 |
| 464 | Freddie Mac, Pool #SD8245  | 4.50 | 9/1/52 | 448 |
| 28 | Freddie Mac, Pool #Q57957  | 4.50 | 8/1/48 | 27 |
| 3 | Freddie Mac, Pool #E02862  | 4.50 | 3/1/26 | 3 |
| 98 | Freddie Mac, Pool #SD8002  | 4.50 | 7/1/49 | 95 |
| 41 | Freddie Mac, Pool #A97495  | 4.50 | 3/1/41 | 41 |
| 50 | Freddie Mac, Pool #ZT1711  | 4.50 | 2/1/49 | 49 |
| 1 | Freddie Mac, Pool #G13255  | 5.00 | 7/1/23 | 1 |
| 15 | Freddie Mac, Pool #G05205  | 5.00 | 1/1/39 | 15 |
| 226 | Freddie Mac, Pool #C01598  | 5.00 | 8/1/33 | 226 |
| 97 | Freddie Mac, Pool #G04913  | 5.00 | 3/1/38 | 98 |
| 7 | Freddie Mac, Pool #G08838  | 5.00 | 9/1/48 | 7 |
| 58 | Freddie Mac, Pool #ZT1779  | 5.00 | 3/1/49 | 58 |
| 69 | Freddie Mac, Pool #Q00763  | 5.00 | 5/1/41 | 71 |
| 6 | Freddie Mac, Pool #G07068  | 5.00 | 7/1/41 | 6 |
| 5 | Freddie Mac, Pool #SD0093  | 5.00 | 10/1/49 | 5 |
| 140 | Freddie Mac, Pool #G01665  | 5.50 | 3/1/34 | 141 |
| 33 | Freddie Mac, Pool #G06031  | 5.50 | 3/1/40 | 33 |
| 1 | Freddie Mac, Pool #G06091  | 5.50 | 5/1/40 | 1 |
| 27 | Freddie Mac, Pool #G03551  | 6.00 | 11/1/37 | 29 |
| 14 | Freddie Mac, Pool #G05709  | 6.00 | 6/1/38 | 15 |
| 124 | Freddie Mac, Pool #G02794  | 6.00 | 5/1/37 | 132 |
| 2 | Freddie Mac, Pool #A62706  | 6.00 | 6/1/37 | 2 |
| 324 | Government National Mortgage Association, Pool #MA6930  | 2.00 | 10/20/50 | 272 |
| 543 | Government National Mortgage Association, Pool #MA7311  | 2.00 | 4/20/51 | 455 |
| 439 | Government National Mortgage Association, Pool #MA7986  | 2.00 | 4/20/52 | 368 |
| 432 | Government National Mortgage Association, Pool #MA7935  | 2.00 | 3/20/52 | 362 |
| 334 | Government National Mortgage Association, Pool #MA6818  | 2.00 | 8/20/50 | 281 |
| 467 | Government National Mortgage Association, Pool #MA7766  | 2.00 | 12/20/51 | 391 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $488 | Government National Mortgage Association, Pool #MA7471  | 2.00 | 7/20/51 | $411 |
| 395 | Government National Mortgage Association, Pool #MA8041  | 2.00 | 5/20/52 | 332 |
| 424 | Government National Mortgage Association, Pool #MA7826  | 2.00 | 1/20/52 | 356 |
| 604 | Government National Mortgage Association, Pool #MA7704  | 2.00 | 11/20/51 | 509 |
| 199 | Government National Mortgage Association, Pool #MA7880  | 2.00 | 2/20/52 | 167 |
| 424 | Government National Mortgage Association, Pool #MA7588  | 2.00 | 9/20/51 | 355 |
| 438 | Government National Mortgage Association, Pool #MA6994  | 2.00 | 11/20/50 | 369 |
| 356 | Government National Mortgage Association, Pool #MA7254  | 2.00 | 3/20/51 | 299 |
| 192 | Government National Mortgage Association, Pool #MA6864  | 2.00 | 9/20/50 | 161 |
| 383 | Government National Mortgage Association, Pool #MA7051  | 2.00 | 12/20/50 | 322 |
| 268 | Government National Mortgage Association, Pool #MA7533  | 2.00 | 8/20/51 | 224 |
| 376 | Government National Mortgage Association, Pool #MA7417  | 2.00 | 6/20/51 | 316 |
| 344 | Government National Mortgage Association, Pool #MA7135  | 2.00 | 1/20/51 | 289 |
| 351 | Government National Mortgage Association, Pool #MA7366  | 2.00 | 5/20/51 | 294 |
| 583 | Government National Mortgage Association, Pool #MA7534  | 2.50 | 8/20/51 | 508 |
| 12 | Government National Mortgage Association, Pool #MA4424  | 2.50 | 5/20/32 | 11 |
| 385 | Government National Mortgage Association, Pool #MA7472  | 2.50 | 7/20/51 | 335 |
| 434 | Government National Mortgage Association, Pool #MA7589  | 2.50 | 9/20/51 | 377 |
| 468 | Government National Mortgage Association, Pool #MA7827  | 2.50 | 1/20/52 | 407 |
| 332 | Government National Mortgage Association, Pool #MA7193  | 2.50 | 2/20/51 | 289 |
| 14 | Government National Mortgage Association, Pool #776954  | 2.50 | 11/15/42 | 12 |
| 36 | Government National Mortgage Association, Pool #MA1283  | 2.50 | 9/20/43 | 30 |
| 413 | Government National Mortgage Association, Pool #MA8147  | 2.50 | 7/20/52 | 358 |
| 19 | Government National Mortgage Association, Pool #AA8341  | 2.50 | 2/15/28 | 17 |
| 188 | Government National Mortgage Association, Pool #MA6655  | 2.50 | 5/20/50 | 165 |
| 11 | Government National Mortgage Association, Pool #711729  | 2.50 | 3/15/43 | 9 |
| 406 | Government National Mortgage Association, Pool #MA7649  | 2.50 | 10/20/51 | 352 |
| 444 | Government National Mortgage Association, Pool #MA6709  | 2.50 | 6/20/50 | 388 |
| 12 | Government National Mortgage Association, Pool #MA1133  | 2.50 | 7/20/28 | 12 |
| 432 | Government National Mortgage Association, Pool #MA7987  | 2.50 | 4/20/52 | 375 |
| 453 | Government National Mortgage Association, Pool #MA7052  | 2.50 | 12/20/50 | 396 |
| 196 | Government National Mortgage Association, Pool #MA7705  | 2.50 | 11/20/51 | 170 |
| 95 | Government National Mortgage Association, Pool #MA6598  | 2.50 | 4/20/50 | 83 |
| 314 | Government National Mortgage Association, Pool #MA8042  | 2.50 | 5/20/52 | 272 |
| 266 | Government National Mortgage Association, Pool #MA6931  | 2.50 | 10/20/50 | 232 |
| 20 | Government National Mortgage Association, Pool #MA0601  | 2.50 | 12/20/27 | 18 |
| 353 | Government National Mortgage Association, Pool #MA7312  | 2.50 | 4/20/51 | 308 |
| 210 | Government National Mortgage Association, Pool #MA6819  | 2.50 | 8/20/50 | 184 |
| 20 | Government National Mortgage Association, Pool #MA4067  | 2.50 | 11/20/46 | 17 |
| 409 | Government National Mortgage Association, Pool #MA6865  | 2.50 | 9/20/50 | 358 |
| 431 | Government National Mortgage Association, Pool #MA7881  | 2.50 | 2/20/52 | 374 |
| 199 | Government National Mortgage Association, Pool #MA4125  | 2.50 | 12/20/46 | 173 |
| 6 | Government National Mortgage Association, Pool #MA2890  | 2.50 | 6/20/45 | 6 |
| 6 | Government National Mortgage Association, Pool #MA4355  | 2.50 | 4/20/32 | 6 |
| 18 | Government National Mortgage Association, Pool #MA4717  | 2.50 | 9/20/47 | 16 |
| 429 | Government National Mortgage Association, Pool #MA7936  | 2.50 | 3/20/52 | 373 |
| 375 | Government National Mortgage Association, Pool #MA7418  | 2.50 | 6/20/51 | 327 |
| 596 | Government National Mortgage Association, Pool #MA7767  | 2.50 | 12/20/51 | 519 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $285 | Government National Mortgage Association, Pool #MA6995  | 2.50 | 11/20/50 | $249 |
| 395 | Government National Mortgage Association, Pool #MA7367  | 2.50 | 5/20/51 | 344 |
| 342 | Government National Mortgage Association, Pool #MA7255  | 2.50 | 3/20/51 | 299 |
| 12 | Government National Mortgage Association, Pool #MA0908  | 2.50 | 4/20/28 | 11 |
| 12 | Government National Mortgage Association, Pool #MA4194  | 2.50 | 1/20/47 | 11 |
| 195 | Government National Mortgage Association, Pool #MA4260  | 2.50 | 2/20/47 | 170 |
| 149 | Government National Mortgage Association, Pool #MA6540  | 2.50 | 3/20/50 | 130 |
| 448 | Government National Mortgage Association, Pool #MA7136  | 2.50 | 1/20/51 | 390 |
| 77 | Government National Mortgage Association, Pool #MA6283  | 3.00 | 11/20/49 | 69 |
| 8 | Government National Mortgage Association, Pool #AN5756  | 3.00 | 7/15/45 | 7 |
| 54 | Government National Mortgage Association, Pool #MA3873  | 3.00 | 8/20/46 | 49 |
| 8 | Government National Mortgage Association, Pool #MA1890  | 3.00 | 5/20/29 | 7 |
| 20 | Government National Mortgage Association, Pool #MA2600  | 3.00 | 2/20/45 | 18 |
| 121 | Government National Mortgage Association, Pool #MA3936  | 3.00 | 9/20/46 | 110 |
| 134 | Government National Mortgage Association, Pool #MA3735  | 3.00 | 6/20/46 | 122 |
| 224 | Government National Mortgage Association, Pool #MA6656  | 3.00 | 5/20/50 | 202 |
| 254 | Government National Mortgage Association, Pool #MA6599  | 3.00 | 4/20/50 | 228 |
| 60 | Government National Mortgage Association, Pool #MA3596  | 3.00 | 4/20/46 | 55 |
| 73 | Government National Mortgage Association, Pool #MA6710  | 3.00 | 6/20/50 | 66 |
| 74 | Government National Mortgage Association, Pool #MA6089  | 3.00 | 8/20/49 | 67 |
| 366 | Government National Mortgage Association, Pool #MA6218  | 3.00 | 10/20/49 | 327 |
| 394 | Government National Mortgage Association, Pool #MA7768  | 3.00 | 12/20/51 | 352 |
| 60 | Government National Mortgage Association, Pool #MA3309  | 3.00 | 12/20/45 | 55 |
| 74 | Government National Mortgage Association, Pool #MA3033  | 3.00 | 8/20/45 | 68 |
| 9 | Government National Mortgage Association, Pool #AA2934  | 3.00 | 7/15/42 | 8 |
| 77 | Government National Mortgage Association, Pool #MA0461  | 3.00 | 10/20/42 | 71 |
| 151 | Government National Mortgage Association, Pool #MA4261  | 3.00 | 2/20/47 | 137 |
| 64 | Government National Mortgage Association, Pool #MA4320  | 3.00 | 3/20/47 | 58 |
| 5 | Government National Mortgage Association, Pool #MA4935  | 3.00 | 1/20/33 | 5 |
| 148 | Government National Mortgage Association, Pool #MA5018  | 3.00 | 2/20/48 | 134 |
| 15 | Government National Mortgage Association, Pool #AK7285  | 3.00 | 3/15/45 | 14 |
| 86 | Government National Mortgage Association, Pool #MA0153  | 3.00 | 6/20/42 | 78 |
| 140 | Government National Mortgage Association, Pool #MA6474  | 3.00 | 2/20/50 | 125 |
| 51 | Government National Mortgage Association, Pool #MA2825  | 3.00 | 5/20/45 | 46 |
| 114 | Government National Mortgage Association, Pool #MA6338  | 3.00 | 12/20/49 | 102 |
| 4 | Government National Mortgage Association, Pool #5276  | 3.00 | 1/20/27 | 4 |
| 105 | Government National Mortgage Association, Pool #MA4651  | 3.00 | 8/20/47 | 95 |
| 79 | Government National Mortgage Association, Pool #MA4961  | 3.00 | 1/20/48 | 72 |
| 88 | Government National Mortgage Association, Pool #MA2520  | 3.00 | 1/20/45 | 80 |
| 20 | Government National Mortgage Association, Pool #MA6820  | 3.00 | 8/20/50 | 18 |
| 17 | Government National Mortgage Association, Pool #MA6766  | 3.00 | 7/20/50 | 15 |
| 382 | Government National Mortgage Association, Pool #MA7706  | 3.00 | 11/20/51 | 342 |
| 384 | Government National Mortgage Association, Pool #MA7828  | 3.00 | 1/20/52 | 343 |
| 49 | Government National Mortgage Association, Pool #AA2654  | 3.00 | 6/15/43 | 45 |
| 89 | Government National Mortgage Association, Pool #MA1374  | 3.00 | 10/20/43 | 81 |
| 24 | Government National Mortgage Association, Pool #MA1265  | 3.00 | 9/20/28 | 22 |
| 48 | Government National Mortgage Association, Pool #MA3172  | 3.00 | 10/20/45 | 44 |
| 54 | Government National Mortgage Association, Pool #MA2444  | 3.00 | 12/20/44 | 49 |
| 42 | Government National Mortgage Association, Pool #779084  | 3.00 | 4/15/42 | 38 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $56 | Government National Mortgage Association, Pool #MA3104  | 3.00 | 9/20/45 | $51 |
| 74 | Government National Mortgage Association, Pool #MA3802  | 3.00 | 7/20/46 | 68 |
| 40 | Government National Mortgage Association, Pool #MA2753  | 3.00 | 4/20/45 | 36 |
| 32 | Government National Mortgage Association, Pool #MA0851  | 3.00 | 3/20/43 | 29 |
| 83 | Government National Mortgage Association, Pool #MA4450  | 3.00 | 5/20/47 | 76 |
| 24 | Government National Mortgage Association, Pool #MA3243  | 3.00 | 11/20/45 | 22 |
| 66 | Government National Mortgage Association, Pool #MA3662  | 3.00 | 5/20/46 | 60 |
| 20 | Government National Mortgage Association, Pool #MA0205  | 3.00 | 7/20/27 | 19 |
| 112 | Government National Mortgage Association, Pool #MA2147  | 3.00 | 8/20/44 | 102 |
| 98 | Government National Mortgage Association, Pool #MA4509  | 3.00 | 6/20/47 | 89 |
| 20 | Government National Mortgage Association, Pool #MA4559  | 3.00 | 7/20/32 | 19 |
| 4 | Government National Mortgage Association, Pool #AL5058  | 3.00 | 3/15/45 | 4 |
| 79 | Government National Mortgage Association, Pool #MA4777  | 3.00 | 10/20/47 | 72 |
| 108 | Government National Mortgage Association, Pool #MA4836  | 3.00 | 11/20/47 | 98 |
| 104 | Government National Mortgage Association, Pool #AA6149  | 3.00 | 3/20/43 | 96 |
| 22 | Government National Mortgage Association, Pool #MA3520  | 3.00 | 3/20/46 | 20 |
| 167 | Government National Mortgage Association, Pool #MA5076  | 3.00 | 3/20/48 | 152 |
| 133 | Government National Mortgage Association, Pool #MA6409  | 3.00 | 1/20/50 | 119 |
| 51 | Government National Mortgage Association, Pool #MA2960  | 3.00 | 7/20/45 | 47 |
| 486 | Government National Mortgage Association, Pool #MA0624  | 3.00 | 12/20/42 | 445 |
| 439 | Government National Mortgage Association, Pool #MA8098  | 3.00 | 6/20/52 | 391 |
| 179 | Government National Mortgage Association, Pool #MA4126  | 3.00 | 12/20/46 | 163 |
| 31 | Government National Mortgage Association, Pool #MA4068  | 3.00 | 11/20/46 | 28 |
| 159 | Government National Mortgage Association, Pool #MA4195  | 3.00 | 1/20/47 | 145 |
| 11 | Government National Mortgage Association, Pool #MA2797  | 3.00 | 5/20/30 | 11 |
| 66 | Government National Mortgage Association, Pool #MA4381  | 3.00 | 4/20/47 | 60 |
| 178 | Government National Mortgage Association, Pool #MA4003  | 3.00 | 10/20/46 | 162 |
| 161 | Government National Mortgage Association, Pool #MA4899  | 3.00 | 12/20/47 | 146 |
| 138 | Government National Mortgage Association, Pool #MA0391  | 3.00 | 9/20/42 | 126 |
| 134 | Government National Mortgage Association, Pool #AD8433  | 3.00 | 7/15/43 | 121 |
| 14 | Government National Mortgage Association, Pool #AG0440  | 3.00 | 8/15/43 | 13 |
| 42 | Government National Mortgage Association, Pool #MA3454  | 3.50 | 2/20/46 | 39 |
| 57 | Government National Mortgage Association, Pool #778157  | 3.50 | 3/15/42 | 53 |
| 193 | Government National Mortgage Association, Pool #MA2148  | 3.50 | 8/20/44 | 181 |
| 136 | Government National Mortgage Association, Pool #MA2073  | 3.50 | 7/20/44 | 129 |
| 27 | Government National Mortgage Association, Pool #BD5909  | 3.50 | 10/15/47 | 25 |
| 48 | Government National Mortgage Association, Pool #MA5263  | 3.50 | 6/20/48 | 45 |
| 84 | Government National Mortgage Association, Pool #MA2303  | 3.50 | 10/20/44 | 79 |
| 75 | Government National Mortgage Association, Pool #MA3597  | 3.50 | 4/20/46 | 70 |
| 51 | Government National Mortgage Association, Pool #MA4510  | 3.50 | 6/20/47 | 47 |
| 78 | Government National Mortgage Association, Pool #MA2892  | 3.50 | 6/20/45 | 73 |
| 66 | Government National Mortgage Association, Pool #783976  | 3.50 | 4/20/43 | 62 |
| 71 | Government National Mortgage Association, Pool #MA4652  | 3.50 | 8/20/47 | 67 |
| 64 | Government National Mortgage Association, Pool #MA4719  | 3.50 | 9/20/47 | 60 |
| 44 | Government National Mortgage Association, Pool #MA1838  | 3.50 | 4/20/44 | 41 |
| 13 | Government National Mortgage Association, Pool #MA5762  | 3.50 | 2/20/49 | 12 |
| 86 | Government National Mortgage Association, Pool #AM4971  | 3.50 | 4/20/45 | 78 |
| 53 | Government National Mortgage Association, Pool #MA4586  | 3.50 | 7/20/47 | 49 |
| 49 | Government National Mortgage Association, Pool #MA4778  | 3.50 | 10/20/47 | 46 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $70 | Government National Mortgage Association, Pool #MA4262  | 3.50 | 2/20/47 | $65 |
| 14 | Government National Mortgage Association, Pool #MA6711  | 3.50 | 6/20/50 | 13 |
| 5 | Government National Mortgage Association, Pool #MA1266  | 3.50 | 9/20/28 | 5 |
| 73 | Government National Mortgage Association, Pool #MA0022  | 3.50 | 4/20/42 | 69 |
| 65 | Government National Mortgage Association, Pool #MA5136  | 3.50 | 4/20/48 | 61 |
| 71 | Government National Mortgage Association, Pool #MA4900  | 3.50 | 12/20/47 | 66 |
| 41 | Government National Mortgage Association, Pool #MA2371  | 3.50 | 11/20/44 | 38 |
| 11 | Government National Mortgage Association, Pool #MA6475  | 3.50 | 2/20/50 | 11 |
| 10 | Government National Mortgage Association, Pool #MA6410  | 3.50 | 1/20/50 | 9 |
| 79 | Government National Mortgage Association, Pool #MA4382  | 3.50 | 4/20/47 | 74 |
| 94 | Government National Mortgage Association, Pool #MA4127  | 3.50 | 12/20/46 | 88 |
| 54 | Government National Mortgage Association, Pool #MA3736  | 3.50 | 6/20/46 | 51 |
| 61 | Government National Mortgage Association, Pool #MA3663  | 3.50 | 5/20/46 | 57 |
| 58 | Government National Mortgage Association, Pool #MA3874  | 3.50 | 8/20/46 | 54 |
| 94 | Government National Mortgage Association, Pool #MA4837  | 3.50 | 11/20/47 | 88 |
| 103 | Government National Mortgage Association, Pool #MA3521  | 3.50 | 3/20/46 | 96 |
| 76 | Government National Mortgage Association, Pool #MA3376  | 3.50 | 1/20/46 | 71 |
| 492 | Government National Mortgage Association, Pool #MA8149  | 3.50 | 7/20/52 | 452 |
| 59 | Government National Mortgage Association, Pool #MA3310  | 3.50 | 12/20/45 | 55 |
| 12 | Government National Mortgage Association, Pool #MA6219  | 3.50 | 10/20/49 | 11 |
| 44 | Government National Mortgage Association, Pool #740798  | 3.50 | 1/15/42 | 40 |
| 16 | Government National Mortgage Association, Pool #738602  | 3.50 | 8/15/26 | 15 |
| 41 | Government National Mortgage Association, Pool #AC3938  | 3.50 | 1/15/43 | 39 |
| 18 | Government National Mortgage Association, Pool #AD2416  | 3.50 | 5/15/43 | 17 |
| 33 | Government National Mortgage Association, Pool #MA4451  | 3.50 | 5/20/47 | 31 |
| 132 | Government National Mortgage Association, Pool #MA1090  | 3.50 | 6/20/43 | 123 |
| 238 | Government National Mortgage Association, Pool #MA0220  | 3.50 | 7/20/42 | 224 |
| 134 | Government National Mortgage Association, Pool #MA0462  | 3.50 | 10/20/42 | 126 |
| 14 | Government National Mortgage Association, Pool #796271  | 3.50 | 7/15/42 | 14 |
| 116 | Government National Mortgage Association, Pool #MA0934  | 3.50 | 4/20/43 | 111 |
| 111 | Government National Mortgage Association, Pool #MA3173  | 3.50 | 10/20/45 | 104 |
| 16 | Government National Mortgage Association, Pool #MA6339  | 3.50 | 12/20/49 | 15 |
| 48 | Government National Mortgage Association, Pool #MA2754  | 3.50 | 4/20/45 | 45 |
| 74 | Government National Mortgage Association, Pool #MA4321  | 3.50 | 3/20/47 | 69 |
| 62 | Government National Mortgage Association, Pool #MA3803  | 3.50 | 7/20/46 | 58 |
| 86 | Government National Mortgage Association, Pool #MA3244  | 3.50 | 11/20/45 | 80 |
| 17 | Government National Mortgage Association, Pool #MA3937  | 3.50 | 9/20/46 | 16 |
| 123 | Government National Mortgage Association, Pool #MA5019  | 3.50 | 2/20/48 | 114 |
| 70 | Government National Mortgage Association, Pool #MA0699  | 3.50 | 1/20/43 | 66 |
| 9 | Government National Mortgage Association, Pool #MA1574  | 3.50 | 1/20/29 | 9 |
| 2 | Government National Mortgage Association, Pool #AL8566  | 3.50 | 3/15/45 | 2 |
| 248 | Government National Mortgage Association, Pool# MA8266  | 3.50 | 9/20/52 | 228 |
| 78 | Government National Mortgage Association, Pool #MA4004  | 3.50 | 10/20/46 | 73 |
| 134 | Government National Mortgage Association, Pool #MA1157  | 3.50 | 7/20/43 | 126 |
| 72 | Government National Mortgage Association, Pool #MA2678  | 3.50 | 3/20/45 | 67 |
| 47 | Government National Mortgage Association, Pool #MA2445  | 3.50 | 12/20/44 | 44 |
| 116 | Government National Mortgage Association, Pool #MA0852  | 3.50 | 3/20/43 | 111 |
| 59 | Government National Mortgage Association, Pool #MA5077  | 3.50 | 3/20/48 | 55 |
| 38 | Government National Mortgage Association, Pool #MA1919  | 3.50 | 5/20/44 | 36 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $97 | Government National Mortgage Association, Pool #MA3034  | 3.50 | 8/20/45 | $91 |
| 57 | Government National Mortgage Association, Pool #MA2961  | 3.50 | 7/20/45 | 53 |
| 71 | Government National Mortgage Association, Pool #MA4069  | 3.50 | 11/20/46 | 66 |
| 10 | Government National Mortgage Association, Pool #MA5875  | 3.50 | 4/20/49 | 10 |
| 93 | Government National Mortgage Association, Pool #MA0088  | 3.50 | 5/20/42 | 87 |
| 110 | Government National Mortgage Association, Pool #MA4196  | 3.50 | 1/20/47 | 103 |
| 87 | Government National Mortgage Association, Pool #MA4452  | 4.00 | 5/20/47 | 84 |
| 98 | Government National Mortgage Association, Pool #MA4587  | 4.00 | 7/20/47 | 95 |
| 42 | Government National Mortgage Association, Pool #MA1678  | 4.00 | 2/20/44 | 40 |
| 83 | Government National Mortgage Association, Pool #MA5466  | 4.00 | 9/20/48 | 80 |
| 9 | Government National Mortgage Association, Pool #MA6040  | 4.00 | 7/20/49 | 9 |
| 10 | Government National Mortgage Association, Pool #779401  | 4.00 | 6/15/42 | 10 |
| 45 | Government National Mortgage Association, Pool #MA5710  | 4.00 | 1/20/49 | 43 |
| 55 | Government National Mortgage Association, Pool #MA4511  | 4.00 | 6/20/47 | 53 |
| 248 | Government National Mortgage Association, Pool# MA8267  | 4.00 | 9/20/52 | 235 |
| 59 | Government National Mortgage Association, Pool #MA5595  | 4.00 | 11/20/48 | 57 |
| 20 | Government National Mortgage Association, Pool #753254  | 4.00 | 9/15/43 | 19 |
| 60 | Government National Mortgage Association, Pool #MA4653  | 4.00 | 8/20/47 | 58 |
| 52 | Government National Mortgage Association, Pool #MA4383  | 4.00 | 4/20/47 | 50 |
| 169 | Government National Mortgage Association, Pool #5139  | 4.00 | 8/20/41 | 165 |
| 13 | Government National Mortgage Association, Pool #MA5330  | 4.00 | 7/20/48 | 13 |
| 50 | Government National Mortgage Association, Pool #MA3598  | 4.00 | 4/20/46 | 48 |
| 12 | Government National Mortgage Association, Pool #AV6086  | 4.00 | 7/15/47 | 12 |
| 24 | Government National Mortgage Association, Pool #MA3245  | 4.00 | 11/20/45 | 24 |
| 50 | Government National Mortgage Association, Pool #MA2522  | 4.00 | 1/20/45 | 48 |
| 46 | Government National Mortgage Association, Pool #MA5078  | 4.00 | 3/20/48 | 45 |
| 46 | Government National Mortgage Association, Pool #MA5876  | 4.00 | 4/20/49 | 44 |
| 33 | Government National Mortgage Association, Pool #MA2602  | 4.00 | 2/20/45 | 32 |
| 29 | Government National Mortgage Association, Pool #MA1286  | 4.00 | 9/20/43 | 28 |
| 9 | Government National Mortgage Association, Pool #MA3174  | 4.00 | 10/20/45 | 8 |
| 81 | Government National Mortgage Association, Pool #MA1839  | 4.00 | 4/20/44 | 79 |
| 27 | Government National Mortgage Association, Pool #MA2149  | 4.00 | 8/20/44 | 26 |
| 53 | Government National Mortgage Association, Pool #MA1376  | 4.00 | 10/20/43 | 52 |
| 47 | Government National Mortgage Association, Pool #713876  | 4.00 | 8/15/39 | 46 |
| 15 | Government National Mortgage Association, Pool #MA5986  | 4.00 | 6/20/49 | 14 |
| 79 | Government National Mortgage Association, Pool #MA2074  | 4.00 | 7/20/44 | 77 |
| 46 | Government National Mortgage Association, Pool #MA3377  | 4.00 | 1/20/46 | 45 |
| 54 | Government National Mortgage Association, Pool #MA1449  | 4.00 | 11/20/43 | 53 |
| 70 | Government National Mortgage Association, Pool #MA2224  | 4.00 | 9/20/44 | 68 |
| 60 | Government National Mortgage Association, Pool #MA2304  | 4.00 | 10/20/44 | 58 |
| 12 | Government National Mortgage Association, Pool #4922  | 4.00 | 1/20/41 | 12 |
| 16 | Government National Mortgage Association, Pool #MA4322  | 4.00 | 3/20/47 | 16 |
| 22 | Government National Mortgage Association, Pool #MA0155  | 4.00 | 6/20/42 | 21 |
| 18 | Government National Mortgage Association, Pool #738710  | 4.00 | 9/15/41 | 18 |
| 47 | Government National Mortgage Association, Pool #AB1483  | 4.00 | 8/15/42 | 46 |
| 13 | Government National Mortgage Association, Pool #766495  | 4.00 | 10/15/41 | 12 |
| 18 | Government National Mortgage Association, Pool #MA5931  | 4.00 | 5/20/49 | 17 |
| 36 | Government National Mortgage Association, Pool #AM8203  | 4.00 | 5/15/45 | 34 |
| 15 | Government National Mortgage Association, Pool #MA6155  | 4.00 | 9/20/49 | 14 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

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

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $46 | Government National Mortgage Association, Pool #MA4197  | 4.00 | 1/20/47 | $45 |
| 16 | Government National Mortgage Association, Pool #MA3455  | 4.00 | 2/20/46 | 16 |
| 30 | Government National Mortgage Association, Pool #MA3737  | 4.00 | 6/20/46 | 29 |
| 66 | Government National Mortgage Association, Pool #MA1761  | 4.00 | 3/20/44 | 64 |
| 14 | Government National Mortgage Association, Pool #MA3106  | 4.00 | 9/20/45 | 14 |
| 38 | Government National Mortgage Association, Pool #MA4263  | 4.00 | 2/20/47 | 37 |
| 15 | Government National Mortgage Association, Pool #MA6091  | 4.00 | 8/20/49 | 14 |
| 30 | Government National Mortgage Association, Pool #MA1996  | 4.00 | 6/20/44 | 29 |
| 50 | Government National Mortgage Association, Pool #MA0319  | 4.00 | 8/20/42 | 49 |
| 23 | Government National Mortgage Association, Pool #740068  | 4.00 | 9/15/40 | 22 |
| 20 | Government National Mortgage Association, Pool #AD5627  | 4.00 | 4/15/43 | 19 |
| 13 | Government National Mortgage Association, Pool #738793  | 4.50 | 9/15/41 | 13 |
| 395 | Government National Mortgage Association, Pool #MA8151  | 4.50 | 7/20/52 | 384 |
| 36 | Government National Mortgage Association, Pool #MA0701  | 4.50 | 1/20/43 | 37 |
| 236 | Government National Mortgage Association, Pool #4801  | 4.50 | 9/20/40 | 237 |
| 20 | Government National Mortgage Association, Pool #MA1092  | 4.50 | 6/20/43 | 20 |
| 6 | Government National Mortgage Association, Pool #MA5529  | 4.50 | 10/20/48 | 6 |
| 4 | Government National Mortgage Association, Pool #MA5877  | 4.50 | 4/20/49 | 4 |
| 99 | Government National Mortgage Association, Pool #717148  | 4.50 | 5/15/39 | 98 |
| 7 | Government National Mortgage Association, Pool #MA5987  | 4.50 | 6/20/49 | 7 |
| 11 | Government National Mortgage Association, Pool #MA5596  | 4.50 | 11/20/48 | 11 |
| 176 | Government National Mortgage Association, Pool #721760  | 4.50 | 8/15/40 | 176 |
| 12 | Government National Mortgage Association, Pool #729511  | 4.50 | 4/15/40 | 12 |
| 13 | Government National Mortgage Association, Pool #MA4721  | 4.50 | 9/20/47 | 13 |
| 19 | Government National Mortgage Association, Pool #MA3805  | 4.50 | 7/20/46 | 18 |
| 62 | Government National Mortgage Association, Pool #MA1762  | 4.50 | 3/20/44 | 62 |
| 25 | Government National Mortgage Association, Pool #MA5467  | 4.50 | 9/20/48 | 24 |
| 11 | Government National Mortgage Association, Pool #MA5399  | 4.50 | 8/20/48 | 11 |
| 31 | Government National Mortgage Association, Pool #MA4512  | 4.50 | 6/20/47 | 31 |
| 44 | Government National Mortgage Association, Pool #MA4384  | 4.50 | 4/20/47 | 43 |
| 55 | Government National Mortgage Association, Pool #MA2756  | 4.50 | 4/20/45 | 56 |
| 41 | Government National Mortgage Association, Pool #MA5652  | 4.50 | 12/20/48 | 41 |
| 10 | Government National Mortgage Association, Pool #MA4129  | 4.50 | 12/20/46 | 10 |
| 62 | Government National Mortgage Association, Pool #5260  | 4.50 | 12/20/41 | 64 |
| 13 | Government National Mortgage Association, Pool #MA5711  | 4.50 | 1/20/49 | 13 |
| 3 | Government National Mortgage Association, Pool #MA5764  | 4.50 | 2/20/49 | 3 |
| 7 | Government National Mortgage Association, Pool #BB7097  | 4.50 | 8/15/47 | 7 |
| 15 | Government National Mortgage Association, Pool #MA4780  | 4.50 | 10/20/47 | 15 |
| 36 | Government National Mortgage Association, Pool #MA5818  | 4.50 | 3/20/49 | 35 |
| 10 | Government National Mortgage Association, Pool #MA5080  | 5.00 | 3/20/48 | 10 |
| 173 | Government National Mortgage Association, Pool #4559  | 5.00 | 10/20/39 | 179 |
| 10 | Government National Mortgage Association, Pool #782468  | 5.00 | 11/15/38 | 10 |
| 6 | Government National Mortgage Association, Pool #MA0465  | 5.00 | 10/20/42 | 6 |
| 83 | Government National Mortgage Association, Pool #782523  | 5.00 | 11/15/35 | 85 |
| 39 | Government National Mortgage Association, Pool #604285  | 5.00 | 5/15/33 | 40 |
| 22 | Government National Mortgage Association, Pool #MA4007  | 5.00 | 10/20/46 | 22 |
| 4 | Government National Mortgage Association, Pool #MA5712  | 5.00 | 1/20/49 | 4 |
| 16 | Government National Mortgage Association, Pool #675179  | 5.00 | 3/15/38 | 16 |

---

*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, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** | **U.S. Government Agency Mortgages (continued)** |
| $10 | Government National Mortgage Association, Pool #MA5819  | 5.00 | 3/20/49 | $10 |
| 24 | Government National Mortgage Association, Pool #712690  | 5.00 | 4/15/39 | 25 |
| 47 | Government National Mortgage Association, Pool #694531  | 5.00 | 11/15/38 | 48 |
| 4 | Government National Mortgage Association, Pool #MA5653  | 5.00 | 12/20/48 | 4 |
| 38 | Government National Mortgage Association, Pool #MA2076  | 5.00 | 7/20/44 | 40 |
| 10 | Government National Mortgage Association, Pool #MA5765  | 5.00 | 2/20/49 | 10 |
| 11 | Government National Mortgage Association, Pool #MA5933  | 5.00 | 5/20/49 | 11 |
| 4 | Government National Mortgage Association, Pool #MA5988  | 5.00 | 6/20/49 | 4 |
| 10 | Government National Mortgage Association, Pool #MA5530  | 5.00 | 10/20/48 | 10 |
| 11 | Government National Mortgage Association, Pool #MA5400  | 5.00 | 8/20/48 | 11 |
| 18 | Government National Mortgage Association, Pool #MA5597  | 5.00 | 11/20/48 | 18 |
| 54 | Government National Mortgage Association, Pool #783284  | 5.50 | 6/20/40 | 56 |
| 8 | Government National Mortgage Association, Pool #MA0466  | 5.50 | 10/20/42 | 8 |
| 6 | Government National Mortgage Association, Pool #658181  | 5.50 | 11/15/36 | 6 |
| 32 | Government National Mortgage Association, Pool #510835  | 5.50 | 2/15/35 | 34 |
| 29 | Government National Mortgage Association, Pool #781959  | 6.00 | 7/15/35 | 30 |
| 32 | Government National Mortgage Association, Pool #4245  | 6.00 | 9/20/38 | 33 |
| 28 | Government National Mortgage Association, Pool #4222  | 6.00 | 8/20/38 | 29 |
| 8 | Government National Mortgage Association, Pool #699237  | 6.50 | 9/15/38 | 8 |
| 2275 | Government National Mortgage Association, 30 YR TBA  | 2.00 | 1/20/53 | 1909 |
| 75 | Government National Mortgage Association, 30 YR TBA  | 2.50 | 7/20/53 | 65 |
| 250 | Government National Mortgage Association, 30 YR TBA  | 3.00 | 1/20/51 | 223 |
| 50 | Government National Mortgage Association, 30 YR TBA  | 3.50 | 2/20/51 | 46 |
| 450 | Government National Mortgage Association, 30 YR TBA  | 3.50 | 1/20/53 | 414 |
| 50 | Government National Mortgage Association, 30 YR TBA  | 4.00 | 2/20/53 | 47 |
| 1225 | Government National Mortgage Association, 30 YR TBA  | 4.00 | 1/20/53 | 1162 |
| 150 | Government National Mortgage Association, 30 YR TBA  | 4.50 | 2/20/53 | 146 |
| 975 | Government National Mortgage Association, 30 YR TBA  | 4.50 | 1/20/53 | 948 |
| 175 | Government National Mortgage Association, 30 YR TBA  | 5.00 | 2/20/53 | 173 |
| 625 | Government National Mortgage Association, 30 YR TBA  | 5.00 | 1/20/51 | 620 |
| 125 | Government National Mortgage Association, 30 YR TBA  | 5.50 | 1/20/53 | 126 |
| 225 | Government National Mortgage Association, 30 YR TBA  | 5.50 | 2/20/53 | 226 |
|  | **Total U.S. Government Agency Mortgages**  |  |  | 176103 |
|  | **Corporate Bond — 0.10%** |  |  |  |
| 225 | PG&E Wildfire Recovery Funding LLC (Electric Utilities)  | 5.10 | 6/1/52 | 212 |
|  | **Total Corporate Bond**  |  |  | 212 |
| **Shares** |  |  |  |  |
|  | **Investment Company — 19.39%** |  |  |  |
| 41960739 | State Street Institutional Treasury Plus Money Market Fund, Trust Class  | 4.09<sup>(b)</sup> |  | 41961 |
|  | **Total Investment Company**  |  |  | 41961 |
|  | **Total Investments Before TBA Sale Commitments (cost $256,201) — 107.34%** |  |  | 232242 |

---

*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, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **TBA Sale Commitments <sup>(c)</sup>** **— (0.32)%** |  |  |  |
| $(100) | Fannie Mae, 15 YR TBA  | 2.50 | 2/25/38 | $(92) |
| (425) | Fannie Mae, 30 YR TBA  | 2.00 | 1/25/52 | (347) |
| (300) | Fannie Mae, 30 YR TBA  | 2.50 | 1/25/53 | (255) |
|  | **Total TBA Sale Commitments**  |  |  | (694) |
|  | **Liabilities in excess of other assets — (7.02)%**  |  |  | (15192) |
|  | **Net Assets — 100.00%**  |  |  | $216356 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(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, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized 7-day yield as of period-end.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents a "to be announced" transaction. The Portfolio has committed to sell securities for which all specific information is not available at this time. (See Note 2 in the Notes to Financial Statements.)

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

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| **The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio** | **Mellon <br> Investments <br> Corporation** | **HC <br> Capital <br> Solutions** | **Total** |
| Asset Backed Securities  | 0.98% |  | 0.98% |
| Collateralized Mortgage Obligations  | 5.48% |  | 5.48% |
| U.S. Government Agency Mortgages  | 81.39% |  | 81.39% |
| Corporate Bond  | 0.10% |  | 0.10% |
| Investment Company  | 7.26% | 12.13% | 19.39% |
| TBA Sale Commitments  | -0.32% |  | -0.32% |
| Other Assets (Liabilities)  | -6.97% | -0.05% | -7.02% |
| &nbsp;&nbsp;&nbsp;Total Net Assets  | **87.92%** | **12.08%** | **100.00%** |

---

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

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Short-Term Municipal Bond Portfolio** 

Portfolio of Investments — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **Municipal Bonds — 100.90%** |  |  |  |
|  | **Alabama — 5.07%** |  |  |  |
| $1130 | Auburn University Revenue, Series A, Callable 6/1/25 @ 100.00  | 5.00 | 6/1/28 | $1193 |
| 2025 | County of Baldwin Alabama, GO, Callable 11/1/24 @ 100.00  | 5.00 | 5/1/25 | 2110 |
| 710 | University of Alabama Revenue, Series A, Callable 2/6/23 @ 100.00  | 5.00 | 7/1/23 | 711 |
|  |  |  |  | 4014 |
|  | **Arizona — 8.29%** |  |  |  |
| 245 | County of Pima AZ Sewer System Revenue  | 5.00 | 7/1/23 | 248 |
| 560 | County of Pima AZ Sewer System Revenue  | 5.00 | 7/1/23 | 567 |
| 1645 | Maricopa County High School District No. 214 Tolleson Union High School, GO  | 5.00 | 7/1/24 | 1694 |
| 2475 | Maricopa County Industrial Development Authority Revenue, Series D  | 5.00<sup>(a)</sup> | 1/1/46 | 2627 |
| 1350 | Maricopa County Unified School District No. 41 Gilbert, GO, Series C  | 5.00 | 7/1/25 | 1424 |
|  |  |  |  | 6560 |
|  | **Arkansas — 2.95%** |  |  |  |
| 2295 | Rogers School District No. 30, GO, Callable 8/1/24 @ 100.00 (State Aid Withholding)  | 4.00 | 2/1/26 | 2337 |
|  | **District of Columbia — 2.60%** |  |  |  |
| 2000 | District of Columbia, GO, Series D  | 5.00 | 6/1/24 | 2058 |
|  | **Florida — 2.11%** |  |  |  |
| 1645 | State of Florida Department of Management Services Refunding Certificates of Participation, Series A  | 5.00 | 11/1/23 | 1673 |
|  | **Hawaii — 2.57%** |  |  |  |
| 1970 | City & County Honolulu Hawaii Wastewater System Revenue  | 4.00 | 7/1/25 | 2032 |
|  | **Illinois — 2.50%** |  |  |  |
| 1900 | Metropolitan Water Reclamation District of Greater Chicago, GO, Series C, Class - C  | 5.00 | 12/1/24 | 1978 |
|  | **Indiana — 5.95%** |  |  |  |
| 2660 | Indiana Finance Authority Revenue (Pre-Refunded/Escrowed to Maturity) (PRE-REFUNDED/ESCROWED TO MATURITY)(Pre-Refunded/Escrowed to Maturity)  | 5.00 | 3/1/39 | 2783 |
| 1930 | Indiana Municipal Power Agency Revenue, Series A  | 5.00 | 1/1/23 | 1930 |
|  |  |  |  | 4713 |
|  | **Iowa — 6.54%** |  |  |  |
| 1440 | Ankeny Community School District, GO  | 5.00 | 6/1/23 | 1453 |
| 1000 | City of Ankeny, GO  | 5.00 | 6/1/25 | 1054 |
| 2105 | City of Dubuque, GO  | 2.00 | 6/1/24 | 2075 |
| 550 | Linn-Mar Community School District, GO, Callable 5/1/26 @ 100.00 (BAM)  | 5.00 | 5/1/27 | 591 |
|  |  |  |  | 5173 |
|  | **Kansas — 4.99%** |  |  |  |
| 1015 | Kansas Development Finance Authority Revenue  | 5.00 | 5/1/23 | 1021 |
| 2790 | Kansas Development Finance Authority Revenue, Series D  | 5.00 | 4/1/25 | 2925 |
|  |  |  |  | 3946 |
|  | **Kentucky — 0.89%** |  |  |  |
| 685 | University of Kentucky Revenue, Series A, Callable 4/1/24 @ 100.00 (State Intercept)  | 5.00 | 4/1/25 | 704 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Short-Term Municipal Bond Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
|  | **Massachusetts — 2.09%** |  |  |  |
| $1545 | Massachusetts School Building Authority Revenue, Series A (Pre-Refunded/Escrowed to Maturity) (PRE-REFUNDED/ESCROWED TO MATURITY)(Pre-Refunded/Escrowed to Maturity)  | 5.00 | 2/15/49 | $1656 |
|  | **Michigan — 4.58%** |  |  |  |
| 1420 | Michigan State Housing Development Authority Revenue, Series A1, Callable 2/6/23 @ 100.00  | 0.65 | 10/1/24 | 1361 |
| 2105 | Wayne State University Revenue  | 5.00 | 11/15/26 | 2267 |
|  |  |  |  | 3628 |
|  | **Missouri — 3.46%** |  |  |  |
| 2600 | Lindbergh School District, GO  | 4.00 | 3/1/27 | 2742 |
|  | **Nebraska — 2.77%** |  |  |  |
| 2060 | Nebraska Public Power District Revenue, Series A  | 5.00 | 1/1/26 | 2195 |
|  | **New Jersey — 5.76%** |  |  |  |
| 1250 | New Jersey Health Care Facilities Financing Authority Revenue, Callable 7/1/26 @ 100.00  | 5.00 | 7/1/30 | 1335 |
| 3000 | State of New Jersey, GO, Series A  | 5.00 | 6/1/26 | 3223 |
|  |  |  |  | 4558 |
|  | **New York — 4.51%** |  |  |  |
| 1525 | City of New York, GO, Series B-1  | 5.00 | 8/1/28 | 1698 |
| 1000 | New York City Transitional Finance Authority Future Tax Secured Revenue  | 5.00 | 11/1/23 | 1019 |
| 405 | New York State Dormitory Authority Revenue, Series A  | 5.00 | 2/15/24 | 415 |
| 440 | New York State Dormitory Authority Revenue (Pre-Refunded/Escrowed to Maturity) (PRE-REFUNDED/ESCROWED TO MATURITY)  | 5.00 | 2/15/23 | 441 |
|  |  |  |  | 3573 |
|  | **North Carolina — 0.48%** |  |  |  |
| 375 | State of North Carolina Revenue  | 5.00 | 3/1/23 | 376 |
|  | **North Dakota — 1.75%** |  |  |  |
| 1365 | City of Bismarck, GO  | 4.00 | 5/1/24 | 1384 |
|  | **Oregon — 1.72%** |  |  |  |
| 1320 | City of Salem Oregon, GO  | 5.00 | 6/1/24 | 1360 |
|  | **South Dakota — 2.79%** |  |  |  |
| 1905 | South Dakota Conservancy District, Revenue, Class - B  | 5.00 | 8/1/30 | 2210 |
|  | **Texas — 10.40%** |  |  |  |
| 1550 | City of Garland Texas Electric Utility System Revenue  | 5.00 | 3/1/24 | 1584 |
| 1565 | City of Irving Texas, GO  | 5.00 | 9/15/24 | 1624 |
| 1015 | Conroe Independent School District, GO (PSF-GTD)  | 5.00 | 2/15/25 | 1063 |
| 660 | Dallas Area Rapid Transit Revenue, Series A  | 5.00 | 12/1/24 | 689 |
| 1000 | Plano Independent School, GO (PSF-GTD)  | 5.00 | 2/15/23 | 1003 |
| 1150 | Round Rock Independent School District, GO (PSF-GTD)  | 5.00 | 8/1/25 | 1219 |
| 1000 | Spring Branch Independent School District, GO (PSF-GTD)  | 5.00 | 2/1/25 | 1046 |
|  |  |  |  | 8228 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Short-Term Municipal Bond Portfolio** 

Portfolio of Investments (concluded) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
|  | **Utah — 3.18%** |  |  |  |
| $2340 | Alpine School District, GO (SCH BD GTY)  | 4.00 | 3/15/29 | $2515 |
|  | **Virginia — 1.31%** |  |  |  |
| 900 | City of Fredericksburg VA, GO, Series A, Class - A (ST AID WITHHLDG)  | 5.00 | 10/1/29 | 1036 |
|  | **Washington — 4.10%** |  |  |  |
| 1260 | County of King Washington, GO, Series B  | 5.00 | 7/1/25 | 1330 |
| 1085 | King County Washington School District No. 405, GO, Series B (SCH BD GTY)  | 5.00 | 12/1/24 | 1131 |
| 750 | State of Washington, GO  | 4.00 | 7/1/26 | 787 |
|  |  |  |  | 3248 |
|  | **West Virginia — 2.65%** |  |  |  |
| 2130 | Jefferson County Board of Education, GO  | 2.00 | 6/1/24 | 2101 |
|  | **Wisconsin — 4.89%** |  |  |  |
| 2700 | State of Wisconsin, GO, Callable 5/1/25 @ 100.00  | 5.00 | 5/1/29 | 2844 |
| 1000 | Stevens Point Area Public School District Wisconsin, GO  | 5.00 | 4/1/24 | 1026 |
|  |  |  |  | 3870 |
|  | **Total Municipal Bonds**  |  |  | 79868 |
| **Shares** |  |  |  |  |
|  | **Investment Company — 2.28%** |  |  |  |
| 1808397 | State Street Institutional Treasury Plus Money Market Fund, Trust Class  | 4.09<sup>(b)</sup> |  | 1808 |
|  | **Total Investment Company**  |  |  | 1808 |
|  | **Total Investments (cost $83,020) — 103.18%**  |  |  | 81676 |
|  | **Liabilities in excess of other assets — (3.18)%**  |  |  | (2519) |
|  | **Net Assets — 100.00%**  |  |  | $79157 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Interest rate is determined by the Remarketing Agent. The rate disclosed is the rate in effect on December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized 7-day yield as of period-end.

BAM—Build America Mutual

GO—General Obligation

PSF-GTD—Public School Fund Guaranteed

SCH BD GTY—School Board Guaranty

As of December 31, 2022, 100% of the Portfolio's net assets were managed by Breckinridge Capital Advisors, Inc. <br>

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Intermediate Term Municipal Bond Portfolio** 

Portfolio of Investments — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **Municipal Bonds — 99.58%** |  |  |  |
|  | **Alabama — 2.07%** |  |  |  |
| $1675 | Auburn University Revenue, Series A  | 5.00 | 6/1/26 | $1800 |
| 2895 | Black Belt Energy Gas District Revenue, Callable 9/1/31 @ 100.53  | 4.00<sup>(a)</sup> | 6/1/51 | 2830 |
| 1000 | Lower Alabama Gas District Revenue, Callable 9/1/25 @ 100.58 (Goldman Sachs)  | 4.00<sup>(a)</sup> | 12/1/50 | 987 |
| 1000 | Troy University Revenue, Series A (BAM)  | 5.00 | 11/1/26 | 1081 |
|  |  |  |  | 6698 |
|  | **Arizona — 2.50%** |  |  |  |
| 1555 | City of Phoenix Civic Improvement Corp. Revenue, Callable 7/1/29 @ 100.00  | 5.00 | 7/1/30 | 1684 |
| 1685 | City of Phoenix Civic Improvement Corp. Revenue, Callable 7/1/30 @ 100.00  | 5.00 | 7/1/32 | 1940 |
| 1000 | Maricopa County High School District No. 210-Phoenix, GO  | 5.00 | 7/1/25 | 1057 |
| 1215 | Northern Arizona University Revenue, Series B (BAM)  | 5.00 | 6/1/26 | 1304 |
| 1000 | Salt Verde Arizona Financial Corp. Senior Gas Revenue (Citigroup, Inc.)  | 5.25 | 12/1/24 | 1035 |
| 1015 | State of Arizona Certificate of Participation, GO, Series A  | 5.00 | 10/1/25 | 1079 |
|  |  |  |  | 8099 |
|  | **California — 2.91%** |  |  |  |
| 1250 | California State, GO  | 5.00 | 8/1/24 | 1293 |
| 2460 | Golden State Tobacco Securitization Corp. California Tobacco Settlement Revenue, Series A-1  | 5.00 | 6/1/26 | 2641 |
| 2000 | State of California, GO, Callable 9/1/32 @ 100.00  | 5.00 | 9/1/33 | 2387 |
| 1000 | State of California, GO, Callable 10/1/28 @ 100.00  | 5.00 | 4/1/35 | 1103 |
| 1750 | State of California, GO, Callable 4/1/29 @ 100.00  | 5.00 | 4/1/30 | 1993 |
|  |  |  |  | 9417 |
|  | **Colorado — 4.25%** |  |  |  |
| 1225 | Board of Governors of Colorado State University System Revenue, Series E-2 (State Intercept)  | 5.00 | 3/1/25 | 1281 |
| 3550 | Colorado Health Facilities Authority Revenue, Series A  | 5.00 | 1/1/25 | 3699 |
| 1750 | Denver City & County Colorado Airport System Revenue, Series A  | 5.00 | 11/15/23 | 1782 |
| 3600 | Denver City & County Colorado Airport System Revenue, Series A  | 5.00 | 12/1/25 | 3800 |
| 2970 | Denver City & County School District No. 1, GO, Series A (State Aid Withholding)  | 5.50 | 12/1/25 | 3212 |
|  |  |  |  | 13774 |
|  | **Connecticut — 1.83%** |  |  |  |
| 1085 | Connecticut State Health & Educational Facilities Authority Revenue, Series B  | 5.00 | 12/1/26 | 1163 |
| 1500 | State of Connecticut Special Tax Revenue, Series D, Callable 11/1/31 @ 100.00  | 5.00 | 11/1/34 | 1720 |
| 3000 | State of Connecticut, GO, Series A, Callable 10/15/23 @ 100.00  | 5.00 | 10/15/25 | 3055 |
|  |  |  |  | 5938 |
|  | **District of Columbia — 1.44%** |  |  |  |
| 1500 | District of Columbia University Revenue  | 5.00 | 4/1/25 | 1570 |
| 1000 | District of Columbia, GO, Callable 12/1/26 @ 100.00  | 5.00 | 6/1/33 | 1082 |
| 2075 | Metropolitan Washington Airports Authority Aviation Revenue, Callable 10/1/30 @ 100.00  | 4.00 | 10/1/36 | 2020 |
|  |  |  |  | 4672 |
|  | **Florida — 3.39%** |  |  |  |
| 2000 | Alachua County Health Facilities Authority Revenue  | 5.00<sup>(a)</sup> | 12/1/37 | 2127 |
| 1500 | Central Florida Expressway Authority Revenue (AGM)  | 5.00 | 7/1/30 | 1724 |
| 955 | County of Polk Florida Utility System Revenue  | 5.00 | 10/1/27 | 1050 |
| 1000 | Florida Municipal Power Agency Revenue  | 5.00 | 10/1/25 | 1060 |
| 1500 | Lee County Florida Solid Waste System Revenue (AMT)  | 5.00 | 10/1/25 | 1572 |
| 3250 | Orange County Florida Tourist Development Tax Revenue, Series B  | 5.00 | 10/1/25 | 3443 |
|  |  |  |  | 10976 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Intermediate Term Municipal Bond Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
|  | **Georgia — 2.71%** |  |  |  |
| $1000 | Atlanta Georgia Development Authority Revenue, Series A-1  | 5.00 | 7/1/23 | $1010 |
| 250 | Fulton County Georgia Development Authority Revenue, Series A  | 5.00 | 7/1/23 | 253 |
| 1600 | Fulton County Georgia Development Authority Revenue, Series A  | 5.00 | 7/1/24 | 1629 |
| 5000 | Main Street Natural Gas, Inc. Revenue, Callable 6/1/26 @ 100.50  | 4.00<sup>(a)</sup> | 3/1/50 | 4929 |
| 1000 | Savannah Economic Development Authority Revenue  | 1.90 | 8/1/24 | 973 |
|  |  |  |  | 8794 |
|  | **Illinois — 8.73%** |  |  |  |
| 73 | Chicago Illinois Certificates of Participation, Tax Increment Allocation, Diversey/Narragansett Project Revenue, Series NT Continuously Callable @ 100.00  | 7.46 | 2/15/26 | 69 |
| 455 | Chicago O Hare International Airport Revenue  | 5.00 | 1/1/32 | 490 |
| 400 | Chicago O Hare International Airport Revenue, Callable 1/1/32 @ 100.00  | 5.00 | 1/1/33 | 428 |
| 1000 | Chicago Park District, GO, Series B, Callable 1/1/24 @ 100.00  | 5.00 | 1/1/26 | 1025 |
| 1000 | City of Chicago Illinois Waterworks Revenue, Callable 2/6/23 @ 100.00  | 5.00 | 11/1/24 | 1001 |
| 1000 | City of Chicago Illinois Waterworks Revenue, Callable 11/1/24 @ 100.00  | 5.00 | 11/1/25 | 1029 |
| 1000 | City of Chicago Illinois Waterworks Revenue  | 5.00 | 11/1/24 | 1029 |
| 1375 | Illinois State Finance Authority Revenue, Series B-2, Callable 5/15/26 @ 100.00  | 5.00<sup>(a)</sup> | 5/15/50 | 1447 |
| 4600 | Illinois State Sales Tax Revenue, Series A (BAM)  | 5.00 | 6/15/25 | 4833 |
| 1635 | Illinois State Toll Highway Authority Revenue  | 5.00 | 1/1/25 | 1707 |
| 3035 | Metropolitan Water Reclamation District of Greater Chicago, GO, Series A, Callable 12/1/26 @ 100.00  | 5.00 | 12/1/27 | 3288 |
| 1725 | Metropolitan Water Reclamation District of Greater Chicago, GO, Series B  | 5.00 | 12/1/24 | 1794 |
| 1420 | Metropolitan Water Reclamation District of Greater Chicago, GO, Series D  | 5.00 | 12/1/30 | 1630 |
| 2000 | Regional Transportation Authority Revenue (AGC)  | 6.00 | 6/1/25 | 2103 |
| 3000 | Sales Tax Securitization Corp. Revenue, Series A  | 5.00 | 1/1/29 | 3251 |
| 2995 | University of Illinois Certificate of Participation Revenue, Series B, Callable 10/1/26 @ 100.00  | 5.00 | 10/1/27 | 3166 |
|  |  |  |  | 28290 |
|  | **Indiana — 3.10%** |  |  |  |
| 2500 | City of Whiting Indiana Revenue (BP Plc)  | 5.00<sup>(a)</sup> | 12/1/44 | 2571 |
| 2250 | Indiana Finance Authority Revenue, Series B, Callable 1/1/25 @ 100.00  | 2.25<sup>(a)</sup> | 12/1/58 | 2196 |
| 1500 | Indiana Finance Authority Revenue, Series A  | 3.13 | 12/1/24 | 1501 |
| 1350 | Indiana Finance Authority Revenue, Series A, Callable 10/1/32 @ 100.00  | 5.00 | 10/1/34 | 1572 |
| 1150 | Indiana Finance Authority Revenue, Series A  | 5.00 | 11/1/23 | 1170 |
| 1000 | Indiana Finance Authority Revenue, Series A  | 5.00 | 11/1/24 | 1034 |
|  |  |  |  | 10044 |
|  | **Iowa — 0.15%** |  |  |  |
| 450 | Iowa Tobacco Settlement Authority Revenue, Series A2, Callable 6/1/31 @ 100.00  | 5.00 | 6/1/32 | 482 |
|  | **Kentucky — 2.36%** |  |  |  |
| 3160 | Kentucky Public Energy Authority Revenue, Series A  | 4.00 | 4/1/23 | 3172 |
| 1000 | Kentucky Public Energy Authority Revenue, Series A, Callable 1/2/24 @ 100.40  | 4.00 | 4/1/24 | 1013 |
| 3500 | Kentucky Public Energy Authority Revenue, Series B  | 4.00<sup>(a)</sup> | 1/1/49 | 3479 |
|  |  |  |  | 7664 |
|  | **Louisiana — 1.53%** |  |  |  |
| 1415 | Jefferson Sales Tax District Revenue, Series A (AGM)  | 5.00 | 12/1/25 | 1510 |
| 2500 | Louisiana Offshore Terminal Authority Revenue  | 1.65<sup>(a)</sup> | 9/1/33 | 2461 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Intermediate Term Municipal Bond Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
|  | **Louisiana (continued)** | **Louisiana (continued)** | **Louisiana (continued)** | **Louisiana (continued)** |
| $1000 | Parish of St. John the Baptist Louisiana Revenue  | 2.10<sup>(a)</sup> | 6/1/37 | $973 |
|  |  |  |  | 4944 |
|  | **Maine — 0.33%** |  |  |  |
| 1025 | Finance Authority of Maine Revenue (AGC)  | 5.00 | 12/1/26 | 1082 |
|  | **Maryland — 2.89%** |  |  |  |
| 2905 | County of Montgomery Maryland, GO, Series A, Callable 8/1/30 @ 100.00  | 4.00 | 8/1/31 | 3153 |
| 2090 | Maryland State Transportation Authority Revenue (AMT)  | 5.00 | 6/1/28 | 2283 |
| 1000 | State of Maryland Department of Transportation Revenue, Callable 10/1/27 @ 100.00  | 4.00 | 10/1/32 | 1047 |
| 2500 | State of Maryland Department of Transportation Revenue, Callable 10/1/30 @ 100.00  | 5.00 | 10/1/32 | 2887 |
|  |  |  |  | 9370 |
|  | **Massachusetts — 2.92%** |  |  |  |
| 3000 | Commonwealth of Massachusetts, GO, Series A (AMBAC)  | 5.50 | 8/1/30 | 3588 |
| 1400 | Massachusetts Educational Financing Authority Revenue, Series B  | 5.00 | 7/1/29 | 1518 |
| 1500 | Massachusetts Port Authority Revenue  | 5.00 | 7/1/32 | 1703 |
| 1000 | Massachusetts State Educational Financing Authority Revenue (AMT)  | 5.00 | 1/1/25 | 1032 |
| 1615 | Massachusetts State Educational Financing Authority Revenue, Series A (AMT)  | 5.00 | 7/1/23 | 1625 |
|  |  |  |  | 9466 |
|  | **Michigan — 5.67%** |  |  |  |
| 1810 | Great Lakes Michigan Water Authority Sewage Disposal System Revenue, Series B  | 5.00 | 7/1/24 | 1864 |
| 1100 | Michigan Finance Authority Revenue  | 5.00 | 10/1/29 | 1257 |
| 1280 | Michigan Finance Authority Revenue, Series B  | 5.00 | 10/1/30 | 1484 |
| 6000 | Michigan Finance Authority Revenue, Callable 5/16/26 @ 100.00  | 5.00<sup>(a)</sup> | 11/15/44 | 6373 |
| 1000 | Michigan Finance Authority Revenue, Callable 6/1/25 @ 100.00  | 5.50 | 12/1/29 | 1055 |
| 1450 | Michigan State Building Authority Revenue  | 5.00 | 4/15/25 | 1520 |
| 1605 | Michigan Strategic Fund Revenue  | 5.00 | 6/30/25 | 1636 |
| 2960 | Utica Community Schools, GO (Q-SBLF)  | 5.00 | 5/1/26 | 3181 |
|  |  |  |  | 18370 |
|  | **Minnesota — 2.22%** |  |  |  |
| 1000 | Minneapolis-St. Paul Metropolitan Airports Commission Revenue, Series C  | 5.00 | 1/1/26 | 1065 |
| 1985 | Minnesota Housing Finance Agency Revenue  | 5.00 | 8/1/28 | 2208 |
| 1240 | Minnesota Housing Finance Agency Revenue  | 5.00 | 8/1/29 | 1402 |
| 2195 | Minnesota Housing Finance Agency Revenue  | 5.00 | 8/1/30 | 2510 |
|  |  |  |  | 7185 |
|  | **Missouri — 1.98%** |  |  |  |
| 2400 | Health & Educational Facilities Authority of the State of Missouri Revenue  | 5.00 | 6/1/25 | 2485 |
| 1000 | Missouri State Health & Educational Facilities Authority Revenue  | 5.00 | 11/15/23 | 1018 |
| 2505 | The Curators of The University of Missouri Revenue  | 5.00 | 11/1/30 | 2916 |
|  |  |  |  | 6419 |
|  | **Nebraska — 1.15%** |  |  |  |
| 1000 | City of Omaha Nebraska Sewer Revenue, Series A, Callable 4/1/30 @ 100.00  | 4.00 | 4/1/31 | 1069 |
| 1000 | City of Omaha Nebraska Sewer Revenue, Series A, Callable 4/1/30 @ 100.00  | 4.00 | 4/1/32 | 1064 |
| 1350 | Omaha Public Power District Revenue, Callable 2/1/32 @ 100.00  | 5.00 | 2/1/34 | 1582 |
|  |  |  |  | 3715 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Intermediate Term Municipal Bond Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
|  | **Nevada — 0.65%** |  |  |  |
| $1000 | Clark County Nevada School District, GO, Series A  | 5.00 | 6/15/26 | $1068 |
| 1000 | State of Nevada Highway Improvement Revenue  | 5.00 | 12/1/24 | 1040 |
|  |  |  |  | 2108 |
|  | **New Jersey — 1.49%** |  |  |  |
| 430 | New Jersey Economic Development Authority Revenue, Callable 11/1/29 @ 100.00  | 5.00 | 11/1/30 | 470 |
| 1725 | New Jersey Higher Education Student Assistance Authority Revenue  | 5.00 | 12/1/29 | 1887 |
| 1210 | New Jersey State Economic Development Authority, School Facilities Construction Revenue  | 5.00 | 6/15/28 | 1308 |
| 1100 | State of New Jersey, GO, Series A  | 4.00 | 6/1/31 | 1167 |
| 10 | Tobacco Settlement Financing Corp. New Jersey Revenue, Series B  | 3.20 | 6/1/27 | 10 |
|  |  |  |  | 4842 |
|  | **New Mexico — 0.84%** |  |  |  |
| 2590 | New Mexico Educational Assistance Foundation Revenue, Series 1A  | 5.00 | 9/1/25 | 2717 |
|  | **New York — 6.13%** |  |  |  |
| 2890 | City of New York, GO, Series A-1, Callable 10/1/30 @ 100.00  | 5.00 | 4/1/32 | 3294 |
| 1700 | Metropolitan Transportation Authority Revenue, Callable 11/15/26 @ 100.00  | 5.00 | 11/15/29 | 1762 |
| 1000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Series B-1, Callable 8/1/24 @ 100.00  | 5.00 | 8/1/29 | 1029 |
| 2410 | New York City Water & Sewer System Revenue, Callable 12/15/25 @ 100.00  | 5.00 | 6/15/27 | 2567 |
| 2000 | New York City Water & Sewer System Revenue, Callable 12/15/30 @ 100.00  | 5.00 | 6/15/31 | 2297 |
| 1500 | New York State Dormitory Authority Revenue, Series D  | 5.00 | 2/15/25 | 1567 |
| 4710 | New York State Thruway Authority Revenue, Callable 9/15/32 @ 100.00  | 5.00 | 3/15/35 | 5462 |
| 1795 | New York Transportation Development Corp. Revenue  | 5.00 | 12/1/27 | 1887 |
|  |  |  |  | 19865 |
|  | **North Carolina — 1.32%** |  |  |  |
| 1000 | City of Charlotte North Carolina Airport Revenue, Series C  | 5.00 | 7/1/24 | 1026 |
| 1000 | County of Wake North Carolina Revenue  | 5.00 | 9/1/28 | 1130 |
| 1000 | North Carolina State Turnpike Authority Revenue (AGC)  | 5.00 | 1/1/24 | 1018 |
| 1000 | The Charlotte-Mecklenburg Hospital Authority Revenue  | 5.00<sup>(a)</sup> | 1/15/50 | 1105 |
|  |  |  |  | 4279 |
|  | **Ohio — 2.97%** |  |  |  |
| 1500 | American Municipal Power, Inc. Revenue, Series A, Callable 2/15/24 @ 100.00  | 5.00 | 2/15/27 | 1533 |
| 3000 | Buckeye Tobacco Settlement Financing Authority Revenue, Series A-2, Callable 6/1/30 @ 100.00  | 5.00 | 6/1/32 | 3253 |
| 800 | County of Montgomery Revenue, Callable 8/1/31 @ 100.00  | 5.00 | 8/1/33 | 898 |
| 360 | Mahoning County Ohio Hospital Facilities, Western Reserve Care System Revenue Continuously Callable @ 100.00 (MBIA)  | 5.50 | 10/15/25 | 364 |
| 1850 | University of Cincinnati Revenue  | 5.00 | 6/1/27 | 2014 |
| 775 | University of Cincinnati Revenue  | 5.00 | 6/1/26 | 830 |
| 700 | University of Cincinnati Revenue  | 5.00 | 6/1/25 | 735 |
|  |  |  |  | 9627 |
|  | **Oklahoma — 0.88%** |  |  |  |
| 530 | Oklahoma Municipal Power Authority Revenue, Series A, Callable 1/1/31 @ 100.00 (AGM)  | 4.00 | 1/1/32 | 569 |
| 2000 | Oklahoma Turnpike Authority Revenue  | 5.00 | 1/1/30 | 2274 |
|  |  |  |  | 2843 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Intermediate Term Municipal Bond Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
|  | **Oregon — 1.31%** |  |  |  |
| $1305 | Benton & Linn Counties Consolidated School District No. 509J & 509A Corvallis, GO, Series A (SCH BD GTY)  | 5.00<sup>(a)</sup> | 6/15/25 | $1378 |
| 2500 | Multnomah County School District No. 1 Portland, GO (SCH BD GTY)  | 5.00 | 6/15/29 | 2861 |
|  |  |  |  | 4239 |
|  | **Pennsylvania — 5.12%** |  |  |  |
| 1000 | City of Philadelphia Pennsylvania Water & Wastewater Revenue, Series B  | 5.00 | 11/1/27 | 1103 |
| 1250 | Commonwealth Financing Authority, Tobacco Master Settlement Revenue  | 5.00 | 6/1/23 | 1260 |
| 850 | Easton Area School District, GO, Series A (State Aid Withholding)  | 4.00 | 4/1/25 | 875 |
| 1860 | Luzerne County Industrial Development Authority Revenue, Callable 12/3/29 @ 100.00  | 2.45<sup>(a)</sup> | 12/1/39 | 1682 |
| 2500 | Pennsylvania Economic Development Financing Authority Revenue (AMT)  | 2.15<sup>(a)</sup> | 7/1/41 | 2471 |
| 3625 | Pennsylvania Economic Development Financing Authority Revenue, Callable 12/31/32 @ 100.00  | 5.00 | 12/31/33 | 3829 |
| 1000 | Pennsylvania Higher Education Assistance Agency Revenue  | 5.00 | 6/1/29 | 1088 |
| 625 | Pennsylvania Turnpike Commission Revenue  | 5.00 | 12/1/28 | 686 |
| 3225 | School District of Philadelphia, GO  | 5.00 | 9/1/28 | 3598 |
|  |  |  |  | 16592 |
|  | **Rhode Island — 0.85%** |  |  |  |
| 625 | Rhode Island State Student Loan Authority Revenue  | 5.00 | 12/1/29 | 696 |
| 1875 | Rhode Island Student Loan Authority Revenue, Series A  | 5.00 | 12/1/29 | 2058 |
|  |  |  |  | 2754 |
|  | **South Carolina — 2.14%** |  |  |  |
| 3680 | County of Charleston South Carolina, GO, Series A (State Aid Withholding)  | 5.00 | 11/1/26 | 4010 |
| 1000 | Piedmont Municipal Power Agency Revenue, Series B  | 5.00 | 1/1/29 | 1114 |
| 680 | South Carolina Public Service Authority Revenue  | 5.00 | 12/1/27 | 729 |
| 1000 | South Carolina Public Service Authority Revenue, Series A  | 5.00 | 12/1/31 | 1093 |
|  |  |  |  | 6946 |
|  | **Tennessee — 0.84%** |  |  |  |
| 1500 | Tennessee Energy Acquisition Corp. Revenue, Callable 8/1/25 @ 100.22  | 4.00<sup>(a)</sup> | 11/1/49 | 1484 |
| 1250 | Tennessee State Energy Acquisition Corp. Revenue, Series E, Callable 2/1/23 @ 100.43  | 4.00<sup>(a)</sup> | 5/1/48 | 1252 |
|  |  |  |  | 2736 |
|  | **Texas — 14.13%** |  |  |  |
| 2000 | Aldine Texas Independent School District, GO (PSF-GTD)  | 5.00 | 2/15/25 | 2092 |
| 1230 | Arlington Higher Education Finance Corp. Revenue (PSF-GTD)  | 5.00 | 8/15/28 | 1364 |
| 1025 | Arlington Higher Education Finance Corp. Revenue (PSF-GTD)  | 5.00 | 8/15/27 | 1121 |
| 2450 | City of Dallas Texas, GO, Callable 2/15/25 @ 100.00  | 5.00 | 2/15/27 | 2570 |
| 2500 | City of Houston Texas Airport System Revenue, Series C (AMT)  | 5.00 | 7/1/25 | 2580 |
| 1300 | City of San Antonio Texas Electric & Gas Systems Revenue  | 4.00 | 2/1/33 | 1358 |
| 1205 | Clifton Higher Education Finance Corp. Revenue (PSF-GTD)  | 5.00 | 8/15/24 | 1247 |
| 950 | Clifton Higher Education Finance Corp. Revenue, Series T, Callable 8/15/32 @ 100.00 (PSF-GTD)  | 4.00 | 8/15/34 | 1001 |
| 2200 | Clifton Higher Education Finance Corp. Revenue (PSF-GTD)  | 5.00 | 8/15/25 | 2331 |
| 4730 | Dallas Area Rapid Transit Revenue, Callable 12/1/29 @ 100.00  | 5.00 | 12/1/33 | 5368 |
| 2500 | Dallas Independent School District, GO, Series A, Callable 2/15/25 @ 100.00 (PSF-GTD)  | 5.00 | 2/15/27 | 2614 |
| 2300 | Dallas Love Field Revenue (AMT)  | 5.00 | 11/1/25 | 2422 |
| 2100 | Harris County Cultural Education Facilities Finance Corp. Baylor College of Medicine Revenue  | 5.00 | 11/15/27 | 2266 |
| 1650 | Harris County Cultural Education Facilities Finance Corp. Revenue  | 5.00 | 11/15/25 | 1752 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Intermediate Term Municipal Bond Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
|  | **Texas (continued)** | **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| $1220 | Love Field Texas Airport Modernization Corp. General Airport Revenue, Callable 2/6/23 @ 100.00  | 5.00 | 11/1/28 | $1213 |
| 2180 | Lower Colorado River Authority Revenue, Callable 5/15/30 @ 100.00  | 5.00 | 5/15/32 | 2451 |
| 1000 | Lower Colorado River Texas Authority Revenue  | 5.00 | 5/15/26 | 1070 |
| 1000 | North Texas Tollway Authority Revenue, Series A  | 5.00 | 1/1/24 | 1020 |
| 1750 | San Antonio Texas Airport System Revenue  | 5.00 | 7/1/25 | 1830 |
| 1000 | San Antonio Texas Airport System Revenue  | 5.00 | 7/1/26 | 1064 |
| 2000 | Tarrant County Cultural Education Facilities Financing Revenue, Callable 1/1/32 @ 100.00  | 5.00<sup>(a)</sup> | 7/1/53 | 2223 |
| 2230 | University of Houston Revenue, Series C, Callable 2/15/26 @ 100.00  | 5.00 | 2/15/28 | 2368 |
| 1300 | West Harris County Regional Water Authority Revenue  | 5.00 | 12/15/27 | 1421 |
| 1000 | West Travis County Public Utility Agency Revenue (BAM)  | 5.00 | 8/15/26 | 1073 |
|  |  |  |  | 45819 |
|  | **Utah — 0.37%** |  |  |  |
| 1090 | Utah Transit Authority Revenue  | 5.00 | 12/15/26 | 1184 |
|  | **Virginia — 1.77%** |  |  |  |
| 1500 | City of Richmond Virginia Public Utility Revenue, Callable 1/15/26 @ 100.00  | 5.00 | 1/15/29 | 1615 |
| 1000 | Fairfax County Virginia Industrial Development Authority Revenue, Series A  | 5.00 | 5/15/24 | 1027 |
| 850 | Hampton Roads Transportation Accountability Commission Revenue, Callable 7/1/30 @ 100.00  | 5.00 | 7/1/31 | 989 |
| 1000 | Roanoke Economic Development Authority Revenue  | 5.00 | 7/1/25 | 1060 |
| 1000 | Virginia Public Building Authority Revenue, Series B (AMT)  | 5.00 | 8/1/24 | 1032 |
|  |  |  |  | 5723 |
|  | **Washington — 2.80%** |  |  |  |
| 1555 | Port of Seattle Washington Revenue, Callable 8/1/32 @ 100.00  | 5.00 | 8/1/33 | 1703 |
| 1500 | Port of Seattle Washington Revenue (AMT)  | 5.00 | 4/1/26 | 1581 |
| 1300 | State of Washington, GO, Series C, Callable 2/1/31 @ 100.00  | 5.00 | 2/1/33 | 1500 |
| 1250 | Washington Health Care Facilities Authority Revenue  | 5.00 | 10/1/25 | 1317 |
| 1600 | Washington Health Care Facilities Authority Revenue, Series B1, Callable 2/1/24 @ 100.00  | 5.00<sup>(a)</sup> | 8/1/49 | 1627 |
| 1310 | Washington Health Care Facilities Authority Revenue  | 5.00 | 8/15/23 | 1329 |
|  |  |  |  | 9057 |
|  | **Wisconsin — 1.84%** |  |  |  |
| 3455 | Public Finance Authority Revenue  | 3.70<sup>(a)</sup> | 10/1/46 | 3496 |
| 1225 | University of Wisconsin Hospitals & Clinics Revenue  | 5.00 | 4/1/26 | 1312 |
| 1100 | Wisconsin Health & Educational Facilities Authority Revenue  | 4.00 | 11/15/26 | 1140 |
|  |  |  |  | 5948 |
|  | **Total Municipal Bonds**  |  |  | 322678 |
|  | **Total Investments (cost $334,475) — 99.58%**  |  |  | 322678 |
|  | **Other assets in excess of liabilities — 0.42%**  |  |  | 1365 |
|  | **Net Assets — 100.00%**  |  |  | $324043 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Interest rate is determined by the Remarketing Agent. The rate disclosed is the rate in effect on December 31, 2022.

AGC—Assured Guaranty Corp.

AGM—Assured Guaranty Municipal Corporation

AMBAC—American Municipal Bond Assurance Corporation

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Intermediate Term Municipal Bond Portfolio** 

Portfolio of Investments (concluded) — December 31, 2022 (Unaudited)

AMT—Alternative Minimum Tax

BAM—Build America Mutual

GO—General Obligation

MBIA—Municipal Bond Insurance Association

PSF-GTD—Public School Fund Guaranteed

Q-SBLF—Qualified School Bond Loan Fund

SCH BD GTY—School Board Guaranty

As of December 31, 2022, 100% of the Portfolio's net assets were managed by Insight North America LLC.<br>

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Intermediate Term Municipal Bond II Portfolio** 

Portfolio of Investments — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **Municipal Bonds — 47.68%** |  |  |  |
|  | **Alabama — 2.28%** |  |  |  |
| $1415 | Birmingham Alabama Special Care Facilities Financing Authority Health Care Facility Revenue, Callable 6/1/25 @ 100.00  | 5.00 | 6/1/29 | $1489 |
| 260 | Pell City Alabama, GO, Series A (Pre-Refunded/Escrowed to Maturity)  | 5.00 | 2/1/26 | 272 |
|  |  |  |  | 1761 |
|  | **Connecticut — 1.81%** |  |  |  |
| 870 | State of Connecticut Special Tax Revenue, Callable 5/1/30 @ 100.00  | 4.00 | 5/1/36 | 883 |
| 465 | State of Connecticut, GO, Callable 9/15/28 @ 100.00  | 5.00 | 9/15/32 | 517 |
|  |  |  |  | 1400 |
|  | **Florida — 3.62%** |  |  |  |
| 1250 | Florida State Board of Education Lottery Revenue, Series A  | 5.00 | 7/1/26 | 1352 |
| 1300 | State of Florida Department of Transportation Revenue, Callable 7/1/28 @ 100.00  | 5.00 | 7/1/31 | 1451 |
|  |  |  |  | 2803 |
|  | **Georgia — 3.64%** |  |  |  |
| 1415 | State of Georgia, GO, Series A  | 5.00 | 7/1/28 | 1592 |
| 1150 | Walton Industrial Building Authority Revenue  | 4.00 | 2/1/31 | 1225 |
|  |  |  |  | 2817 |
|  | **Illinois — 3.59%** |  |  |  |
| 1095 | Highland Park Park District Revenue  | 5.00 | 12/15/30 | 1253 |
| 1400 | Illinois Finance Authority Revenue  | 5.00 | 1/1/27 | 1521 |
|  |  |  |  | 2774 |
|  | **Kentucky — 1.79%** |  |  |  |
| 1220 | Louisville and Jefferson County Metropolitan Sewer District Revenue, Series A  | 5.00 | 5/15/29 | 1385 |
|  | **Nevada — 2.51%** |  |  |  |
| 800 | Nevada State System of Higher Education Certificates of Participation Revenue, Series A, Callable 7/1/24 @ 100.00  | 5.00 | 7/1/26 | 827 |
| 980 | State of Nevada, GO, Series A  | 5.00 | 5/1/29 | 1115 |
|  |  |  |  | 1942 |
|  | **New Mexico — 1.47%** |  |  |  |
| 1025 | Albuquerque Municipal School District No. 12, GO, Callable 8/1/28 @ 100.00 (State Aid Withholding)  | 5.00 | 8/1/29 | 1137 |
|  | **New York — 1.63%** |  |  |  |
| 570 | City of New York, GO, Series 1  | 5.00 | 4/1/31 | 657 |
| 600 | Metropolitan Transportation Authority Revenue, Series A-1  | 5.00 | 2/1/23 | 600 |
|  |  |  |  | 1257 |
|  | **North Carolina — 2.54%** |  |  |  |
| 1500 | North Carolina State Revenue, Series B  | 5.00 | 5/1/27 | 1646 |
| 300 | University of North Carolina at Greensboro Revenue  | 5.00 | 4/1/25 | 315 |
|  |  |  |  | 1961 |
|  | **Ohio — 3.11%** |  |  |  |
| 700 | American Municipal Power, Inc. Revenue, Series A, Callable 2/15/24 @ 100.00  | 5.00 | 2/15/27 | 715 |
| 1000 | Butler County Ohio Hospital Facilities Revenue, Series X  | 5.00 | 5/15/29 | 1137 |
| 500 | Ohio State Hospital Facility Revenue, Callable 1/1/28 @ 100.00  | 5.00 | 1/1/30 | 554 |
|  |  |  |  | 2406 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Intermediate Term Municipal Bond II Portfolio** 

Portfolio of Investments (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount<br> (000)** | **Security Description** | **Rate %** | **Maturity <br> Date** | **Value<br> (000)** |
|  | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
|  | **Pennsylvania — 1.88%** |  |  |  |
| $1395 | Pennsylvania Housing Finance Agency Revenue, Series 137  | 5.00 | 4/1/25 | $1451 |
|  | **South Dakota — 2.38%** |  |  |  |
| 1675 | South Dakota Board of Regents Revenue, Callable 10/1/27 @ 100.00  | 5.00 | 4/1/29 | 1840 |
|  | **Tennessee — 1.78%** |  |  |  |
| 1215 | County of Hamblen, GO  | 5.00 | 5/1/29 | 1378 |
|  | **Texas — 6.84%** |  |  |  |
| 1550 | City of Missouri City Texas, GO, Callable 6/15/26 @ 100.00  | 5.00 | 6/15/30 | 1693 |
| 300 | City of Pearland Texas, GO, Callable 3/1/27 @ 100.00  | 5.00 | 3/1/29 | 328 |
| 1500 | Harris County Texas Cultural Education Facilities Finance Corp. Medicine Facilities Revenue, Callable 10/1/25 @ 100.00  | 5.00 | 10/1/27 | 1586 |
| 1545 | Harris County Texas Revenue, Series A, Callable 8/15/26 @ 100.00  | 5.00 | 8/15/30 | 1680 |
|  |  |  |  | 5287 |
|  | **Washington — 5.35%** |  |  |  |
| 1050 | King County School District No. 405 Bellevue, GO, Callable 12/1/27 @ 100.00 (SCH BD GTY)  | 5.00 | 12/1/29 | 1170 |
| 1250 | King County School District No. 410 Snoqualmie Valley, GO, Callable 6/1/27 @ 100.00 (SCH BD GTY)  | 5.00 | 12/1/27 | 1377 |
| 575 | King County Washington, GO, Callable 1/1/29 @ 100.00  | 5.00 | 1/1/30 | 650 |
| 790 | State of Washington, GO, Series C  | 5.00 | 2/1/32 | 942 |
|  |  |  |  | 4139 |
|  | **West Virginia — 1.46%** |  |  |  |
| 1000 | State of West Virginia, GO, Series A, Callable 6/1/29 @ 100.00  | 5.00 | 6/1/33 | 1129 |
|  | **Total Municipal Bonds**  |  |  | 36867 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | |
|  | **Investment Companies — 51.56%** |  |
| 90705 | BlackRock California Municipal Income Trust | 982 |
| 23611204 | BlackRock Liquidity Funds Municash | 23611 |
| 130222 | BlackRock Municipal Income Fund, Inc. | 1475 |
| 54274 | BlackRock MuniYield Fund, Inc. | 565 |
| 132761 | BlackRock MuniYield Quality Fund III, Inc. | 1488 |
| 71012 | DTF Tax-Free Income 2028 Term Fund, Inc. | 775 |
| 129929 | DWS Municipal Income Trust | 1119 |
| 64863 | Eaton Vance California Municipal Bond Fund | 560 |
| 121000 | Eaton Vance Municipal Bond Fund | 1257 |
| 85000 | Invesco Quality Municipal Income Trust | 801 |
| 134249 | Nuveen AMT-Free Quality Municipal Income Fund | 1526 |
| 65000 | Nuveen California Quality Municipal Income Fund | 720 |
| 12313 | Nuveen Intermediate Duration Municipal Term Fund | 162 |
| 130910 | Nuveen Municipal Credit Income Fund | 1582 |
| 132044 | Nuveen Quality Municipal Income Fund | 1558 |
| 63478 | Pioneer Municipal High Income Opportunities Fund, Inc. | 514 |
| 66858 | Pioneer Municipal High Income Opportunities Fund, Inc. | 712 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

**The Intermediate Term Municipal Bond II Portfolio** 

Portfolio of Investments (concluded) — December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Rate %** | **Value<br> (000)** |
| | **Investment Companies (continued)** | **Investment Companies (continued)** | **Investment Companies (continued)** |
| 156911 | State Street Institutional Treasury Plus Money Market Fund, Trust Class | 4.09 (a) | $157 |
| 30601 | Western Asset Managed Municipals Fund, Inc. |  | 308 |
|  | **Total Investment Companies** |  | 39872 |
|  | **Total Investments (cost $82,304) — 99.24%** |  | 76739 |
|  | **Other assets in excess of liabilities — 0.76%** |  | 586 |
|  | **Net Assets — 100.00%** |  | $77325 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized 7-day yield as of period-end.

AMT—Alternative Minimum Tax

GO—General Obligation

SCH BD GTY—School Board Guaranty

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **The Intermediate Term Municipal Bond II Portfolio** | **Breckinridge <br> Capital <br> Advisors, Inc.** | **City of London <br> Investment <br> Management <br> Company, <br> Limited** | **HC Capital <br> Solutions** | **Total** |
| Municipal Bonds  | 47.68% |  |  | 47.68% |
| Investment Companies  | 0.20% | 20.83% | 30.53% | 51.56% |
| Other Assets (Liabilities)  | 0.55% | 0.52% | -0.31% | 0.76% |
| &nbsp;&nbsp;&nbsp;Total Net Assets  | **48.43%** | **21.35%** | **30.22%** | **100.00%** |

---

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

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

Statements of Assets and Liabilities

As of December 31, 2022 (Unaudited)

(Amounts in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Value <br> Equity <br> Portfolio** | **The Growth <br> Equity <br> Portfolio** | **The <br> Institutional <br> U.S. Equity <br> Portfolio** | **The Small <br> Capitalization–<br> Mid Capitalization <br> Equity Portfolio** |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities, at value<sup>(a)</sup>  | $581436 | $682516 | $2452255 | $72102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash  |  | 7801 | 13045 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value (Cost $—, $—, $2 and $—, respectively)  |  |  | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for portfolio shares issued  |  |  | 364 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash held as collateral at broker for derivatives  | 286 | 244 | 43119 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable  | 482 | 661 | 3924 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable  |  | 137 | 129 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses  | 23 | 25 | 60 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets  | 582227 | 691384 | 2512898 | 72395 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to Custodian  |  |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased  |  |  | 494 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for portfolio shares redeemed  | 55 | 62 | 3 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for collateral received on loaned securities  |  |  | 887 | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin payable on derivatives  | 18 | 6 | 2048 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees payable  | 37 | 141 | 328 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees payable  | 26 | 30 | 108 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fees payable  | 26 | 30 | 94 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee fees payable  | 10 | 11 | 38 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees payable  | 39 | 45 | 150 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees payable  | 25 | 34 | 74 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses  | 20 | 23 | 77 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities  | 256 | 382 | 4301 | 853 |
| **NET ASSETS**  | $581971 | $691002 | $2508597 | $71542 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest, at par value  | $23 | $28 | $174 | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital  | 309273 | 278417 | 2267506 | 46739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings/(loss)  | 272675 | 412557 | 240917 | 24800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets  | $581971 | $691002 | $2508597 | $71542 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HC Strategic Shares  | $581971 | $691002 | $2508597 | $71542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | $581971 | $691002 | $2508597 | $71542 |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING (Unlimited number of shares authorized; par value $0.001):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HC Strategic Shares  | 22733 | 28354 | 173892 | 2579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | 22733 | 28354 | 173892 | 2579 |
| **Net Asset Value, offering and redemption price per share:<sup>(b)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HC Strategic Shares  | $25.60 | $24.37 | $14.43 | $27.73 |
| Investments in securities, at cost  | $291595 | $241409 | $1931402 | $43461 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes securities on loan of $0, $0, $40, and $210

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 (continued)

As of December 31, 2022 (Unaudited)

(Amounts in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The ESG <br> Growth <br> Portfolio** | **The Catholic <br> SRI Growth <br> Portfolio** | **The <br> International <br> Equity <br> Portfolio** | **The Institutional <br> International <br> Equity <br> Portfolio** |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities, at value<sup>(a)</sup>  | $146367 | $24099 | $508518 | $613664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash  | 15 |  | 4701 | 3813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value (Cost $106, $24, $140 and $1,753, respectively)  | 106 | 25 | 422 | 1779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for portfolio shares issued  |  |  | 65 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from investments sold  | 18 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin receivable on derivatives  |  |  | 19 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash held as collateral at broker for derivatives  |  |  | 1873 | 5738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable  | 109 | 15 | 689 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable  | 226 | 32 | 4013 | 5523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from Advisor  |  | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses  | 5 | 1 | 20 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets  | 146846 | 24173 | 520320 | 631769 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written options, at fair value (Premiums received $—, $—, $255 and $1,615, respectively)  |  |  | 210 | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased  | 1 |  |  | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for portfolio shares redeemed  |  |  | 213 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for collateral received on loaned securities  |  | 7 |  | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin payable on derivatives  |  |  | 304 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees payable  | 23 |  | 37 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees payable  | 6 | 1 | 23 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fees payable  | 16 | 9 | 36 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee fees payable  | 2 |  | 10 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees payable  | 16 | 7 | 78 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees payable  | 12 | 5 | 70 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses  | 5 | 1 | 24 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities  | 81 | 30 | 1005 | 3220 |
| **NET ASSETS**  | $146765 | $24143 | $519315 | $628549 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest, at par value  | $12 | $3 | $48 | $70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital  | 121908 | 19046 | 443028 | 629219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings/(loss)  | 24845 | 5094 | 76239 | (740) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets  | $146765 | $24143 | $519315 | $628549 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HC Strategic Shares  | $146765 | $24143 | $519315 | $628549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | $146765 | $24143 | $519315 | $628549 |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING (Unlimited number of shares authorized; par value $0.001):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HC Strategic Shares  | 12148 | 2635 | 47621 | 69643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | 12148 | 2635 | 47621 | 69643 |
| **Net Asset Value, offering and redemption price per share:<sup>(b)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HC Strategic Shares  | $12.08 | $9.16 | $10.91 | $9.03 |
| Investments in securities, at cost  | 120518 | 18556 | 341627 | 554054 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes securities on loan of $0, $7, $0, and $885

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 (continued)

As of December 31, 2022 (Unaudited)

(Amounts in thousands, except per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | **The <br> Emerging <br> Markets <br> Portfolio** | **The Core <br> Fixed Income<br> Portfolio** | **The Corporate <br> Opportunities <br> Portfolio** |
| **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities, at value<sup>(a)</sup>  | $648435 | $65610 | $220240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash  | 59493 | 131 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value (Cost $513, $— and $—, respectively)  | 608 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap agreements, at value  | 1511 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for portfolio shares issued  | 64 | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from investments sold  | 1 | 413 | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin receivable on derivatives  | 28 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash held as collateral at broker for derivatives  | 4205 |  | 5822 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable  | 1867 | 299 | 740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable  | 24 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses  | 26 | 6 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets  | 716262 | 66469 | 228351 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written options, at fair value (Premiums received $368, $— and $—, respectively)  | 310 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap agreements, at value  | 2426 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased  |  | 424 | 1303 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for portfolio shares redeemed  | 1 | 70 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for collateral received on loaned securities  | 162 |  | 1177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for closed swap positions  | 333 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin payable on derivatives  | 1175 |  | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued foreign capital gains tax  | 3305 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TBA sale commitments payable  |  | 791 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees payable  | 125 | 6 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees payable  | 30 | 3 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fees payable  | 44 | 15 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee fees payable  | 16 | 1 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees payable  | 132 | 3 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees payable  | 485 | 5 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses  | 33 | 2 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities  | 8577 | 1320 | 2845 |
| **NET ASSETS**  | $707685 | $65149 | $225506 |
| **NET ASSETS CONSISTS OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest, at par value  | $44 | $8 | $34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital  | 801075 | 73664 | 259932 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings/(loss)  | (93434) | (8523) | (34460) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets  | $707685 | $65149 | $225506 |
| **NET ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HC Strategic Shares  | $707685 | $65149 | $225506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | $707685 | $65149 | $225506 |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING (Unlimited number of shares authorized; par value $0.001):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HC Strategic Shares  | 43551 | 7741 | 34467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | 43551 | 7741 | 34467 |
| **Net Asset Value, offering and redemption price per share:<sup>(b)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HC Strategic Shares  | $16.25 | $8.42 | $6.54 |
| Investments in securities, at cost  | $642811 | $71415 | $222556 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes securities on loan of $1,815, $0, and $0.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 (continued)

As of December 31, 2022 (Unaudited)

(Amounts in thousands, except per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | **The U.S. <br> Government <br> Fixed Income <br> Securities <br> Portfolio** | **The U.S. <br> Corporate Fixed <br> Income <br> Securities <br> Portfolio** | **The U.S. <br> Mortgage/Asset <br> Backed Fixed <br> Income <br> Securities <br> Portfolio** |
| **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities, at value<sup>(a)</sup>  | $926694 | $257747 | $232242 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash  | 1936 | 117 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for portfolio shares issued  | 2 | 56 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from investments sold  | 5757 |  | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash held as collateral at broker for derivatives  | 211 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable  | 2403 | 2676 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;TBA sale commitments receivable  |  |  | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses  | 34 | 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets  | 937037 | 260614 | 233626 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions payable  | 3238 | 265 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased  | 6002 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for portfolio shares redeemed  | 28 | 19 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for collateral received on loaned securities  |  | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin payable on derivatives  | 13 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TBA sale commitments, at fair value  |  |  | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp;TBA sale commitments payable  |  |  | 16300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees payable  | 24 | 20 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees payable  | 40 | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fees payable  | 37 | 16 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee fees payable  | 13 | 4 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees payable  | 50 | 15 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees payable  | 17 | 9 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses  | 28 | 7 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities  | 9490 | 370 | 17270 |
| **NET ASSETS**  | $927547 | $260244 | $216356 |
| **NET ASSETS CONSISTS OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest, at par value  | $110 | $30 | $26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital  | 997165 | 296164 | 257162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings/(loss)  | (69728) | (35950) | (40832) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets  | $927547 | $260244 | $216356 |
| **NET ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HC Strategic Shares  | $927547 | $260244 | $216356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | $927547 | $260244 | $216356 |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING (Unlimited number of shares authorized; par value $0.001):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HC Strategic Shares  | 110324 | 30407 | 26286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | 110324 | 30407 | 26286 |
| **Net Asset Value, offering and redemption price per share:<sup>(b)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HC Strategic Shares  | $8.41 | $8.56 | $8.23 |
| Investments in securities, at cost  | $992882 | $291206 | $256201 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes securities on loan of $0, $5, and $0

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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, 2022 (Unaudited)

(Amounts in thousands, except per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | **The <br> Short-Term <br> Municipal Bond <br> Portfolio** | **The <br> Intermediate <br> Term Municipal <br> Bond <br> Portfolio** | **The <br> Intermediate <br> Term Municipal <br> Bond II <br> Portfolio** |
| **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities, at value  | $81676 | $322678 | $76739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash  |  |  | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from investments sold  | 3836 | 9955 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable  | 1031 | 3636 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses  | 14 | 15 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets  | 86557 | 336284 | 77607 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to Custodian  |  | 735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions payable  | 15 | 56 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for portfolio shares redeemed  | 7352 | 11209 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees payable  | 9 | 156 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees payable  | 4 | 15 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fees payable  | 8 | 19 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee fees payable  | 1 | 5 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees payable  | 5 | 21 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees payable  | 4 | 13 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses  | 2 | 12 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities  | 7400 | 12241 | 282 |
| **NET ASSETS**  | $79157 | $324043 | $77325 |
| **NET ASSETS CONSISTS OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest, at par value  | $8 | $34 | $9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital  | 84353 | 340044 | 84907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings/(loss)  | (5204) | (16035) | (7591) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets  | $79157 | $324043 | $77325 |
| **NET ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HC Strategic Shares  | $79157 | $324043 | $77325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | $79157 | $324043 | $77325 |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING (Unlimited number of shares authorized; par value $0.001):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HC Strategic Shares  | 8279 | 33687 | 8613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | 8279 | 33687 | 8613 |
| **Net Asset Value, offering and redemption price per share: <sup>(a)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HC Strategic Shares  | $9.56 | $9.62 | $8.98 |
| Investments in securities, at cost  | $83020 | $334475 | $82304 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(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 Operations

For the Six Months Ended December 31, 2022 (Unaudited)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Value <br> Equity <br> Portfolio** | **The Growth <br> Equity <br> Portfolio** | **The <br> Institutional <br> U.S. Equity <br> Portfolio** | **The Small <br> Capitalization– <br> Mid Capitalization <br> Equity Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding tax of $1, $—, $25 and $2, respectively)  | $5460 | $5543 | $24187 | $589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities lending  | 6 | 8 | 45 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income  | 5466 | 5551 | 24232 | 672 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees  | 248 | 475 | 1841 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees  | 152 | 185 | 638 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fees  | 129 | 154 | 509 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees  | 53 | 64 | 217 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees  | 8 | 10 | 33 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compliance service fees  | 15 | 17 | 58 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees  | 29 | 41 | 91 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration and filing fees  | 8 | 9 | 6 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee fees  | 25 | 29 | 99 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other  | 28 | 35 | 103 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before expenses paid indirectly  | 695 | 1019 | 3595 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Expenses paid indirectly  |  | (1) | (6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses  | 695 | 1018 | 3589 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income  | 4771 | 4533 | 20643 | 534 |
| **NET REALIZED/UNREALIZED GAIN/(LOSS) ON INVESTMENTS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains/(losses) from investment in securities and foreign currency translations  | (787) | (1397) | (29817) | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains/(losses) from futures transactions  | 106 | 807 | 29710 | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains/(losses) from investments  | (681) | (590) | (107) | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) on investment transactions and foreign currency translations  | 8658 | 1091 | 44445 | 2928 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) on futures  | 15 | (64) | (26303) | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) on investments  | 8673 | 1027 | 18142 | 3065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized/unrealized gains/(losses) from investments  | 7992 | 437 | 18035 | 3318 |
| Change in net assets resulting from operations  | $12763 | $4970 | $38678 | $3852 |

---

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

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

Statements of Operations (continued)

For the Six Months Ended December 31, 2022 (Unaudited)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The ESG <br> Growth <br> Portfolio** | **The Catholic <br> SRI Growth <br> Portfolio** | **The <br> International <br> Equity <br> Portfolio** | **The Institutional <br> International <br> Equity <br> Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding tax of $87, $18, $743 and $316, respectively)  | $1240 | $213 | $5966 | $7834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities lending  | 1 | 1 |  | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income  | 1241 | 214 | 5966 | 7855 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees  | 142 | 12 | 240 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees  | 37 | 6 | 129 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fees  | 50 | 23 | 131 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees  | 26 | 14 | 93 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees  | 2 |  | 7 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compliance service fees  | 3 |  | 13 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees  | 14 | 7 | 71 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration and filing fees  | 1 | 1 | 9 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee fees  | 5 | 1 | 22 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other  | 8 | 1 | 25 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waivers and expenses paid indirectly  | 288 | 65 | 740 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Expenses waived and/or reimbursed by Adviser  |  | (29) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses  | 288 | 36 | 740 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income  | 953 | 178 | 5226 | 6656 |
| **NET REALIZED/UNREALIZED GAIN/(LOSS) ON INVESTMENTS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains/(losses) from investment in securities and foreign currency translations  | 53 | 106 | (1971) | (5718) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains/(losses) from futures transactions  | (9) |  | 3973 | 4531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains/(losses) from written options transactions  |  |  | 1153 | 6593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains/(losses) from investments  | 44 | 106 | 3155 | 5406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) on investment transactions and foreign currency translations  | 2866 | 235 | 25164 | 24175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) on futures  |  |  | (639) | (1626) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) on written options  |  |  | 149 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) on forward currency contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) on investments  | 2866 | 235 | 24674 | 23360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized/unrealized gains/(losses) from investments  | 2910 | 341 | 27829 | 28766 |
| Change in net assets resulting from operations  | $3863 | $519 | $33055 | $35422 |

---

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

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

Statements of Operations (continued)

For the Six Months Ended December 31, 2022 (Unaudited)

(Amounts in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | **The <br> Emerging <br> Markets <br> Portfolio** | **The Core <br> Fixed Income<br> Portfolio** | **The Corporate <br> Opportunities <br> Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest  | $— | $700 | $324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding tax of $1,309, $— and $—, respectively)  | 10374 | 877 | 4793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities lending  | 10 |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income  | 10384 | 1577 | 5121 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees  | 709 | 33 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees  | 176 | 16 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fees  | 167 | 50 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees  | 142 | 6 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees  | 10 | 1 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compliance service fees  | 19 | 2 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees  | 457 | 9 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration and filing fees  | 9 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee fees  | 32 | 3 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other  | 36 | 4 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses  | 1757 | 128 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income  | 8627 | 1449 | 4757 |
| **NET REALIZED/UNREALIZED GAIN/(LOSS) ON INVESTMENTS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains/(losses) from investment in securities and foreign currency translations  | (4980) | (2629) | (115) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains/(losses) from futures transactions  | 641 |  | (623) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains/(losses) from written options transactions  | 1507 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains/(losses) from swap transactions  | (6271) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains/(losses) from investments  | (9103) | (2629) | (738) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) on investment transactions and foreign currency translations  | (13162) | (550) | (2216) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) on futures  | (1056) |  | (1628) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) on written options  | 192 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) on swaps  | (9952) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) on investments  | (23978) | (550) | (3844) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized/unrealized gains/(losses) from investments  | (33081) | (3179) | (4582) |
| Change in net assets resulting from operations  | $(24454) | $(1730) | $175 |

---

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

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

Statements of Operations (continued)

For the Six Months Ended December 31, 2022 (Unaudited)

(Amounts in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | **The U.S. <br> Government <br> Fixed Income <br> Securities <br> Portfolio** | **The U.S. <br> Corporate Fixed <br> Income <br> Securities <br> Portfolio** | **The U.S. <br> Mortgage/Asset <br> Backed Fixed <br> Income <br> Securities <br> Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest  | $6181 | $4360 | $2587 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends  | 21062 | 469 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities lending  |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income  | 27243 | 4830 | 3099 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees  | 169 | 99 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees  | 231 | 65 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fees  | 188 | 66 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees  | 71 | 22 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees  | 11 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compliance service fees  | 19 | 6 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees  | 20 | 12 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration and filing fees  | 5 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee fees  | 32 | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other  | 29 | 12 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses  | 775 | 300 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income  | 26468 | 4530 | 2839 |
| **NET REALIZED/UNREALIZED GAIN/(LOSS) ON INVESTMENTS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains/(losses) from investment in securities  | (9975) | (2399) | (431) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains/(losses) from futures transactions  | 224 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains/(losses) from written options transactions  | 12 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains/(losses) from investments  | (9739) | (2399) | (431) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) on investment transactions  | (42133) | (4485) | (8306) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) on futures  | (24) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) on investments  | (42157) | (4485) | (8306) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized/unrealized gains/(losses) from investments  | (51896) | (6884) | (8737) |
| Change in net assets resulting from operations  | $(25428) | $(2354) | $(5898) |

---

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

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

Statements of Operations (concluded)

For the Six Months Ended December 31, 2022 (Unaudited)

(Amounts in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | **The <br> Short-Term <br> Municipal Bond <br> Portfolio** | **The <br> Intermediate <br> Term Municipal <br> Bond <br> Portfolio** | **The <br> Intermediate <br> Term Municipal <br> Bond II <br> Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest  | $874 | $3875 | $474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends  | 29 | 215 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income  | 903 | 4090 | 955 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees  | 70 | 312 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees  | 28 | 98 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fees  | 33 | 91 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees  | 8 | 32 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees  | 2 | 5 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compliance service fees  | 2 | 9 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees  | 6 | 17 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration and filing fees  | 5 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee fees  | 4 | 15 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other  | 6 | 18 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses  | 164 | 602 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income  | 739 | 3488 | 807 |
| **NET REALIZED/UNREALIZED GAIN/(LOSS) ON INVESTMENTS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains/(losses) from investment in securities  | (2933) | (3515) | (1857) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains/(losses) from investments  | (2933) | (3515) | (1857) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) on investment transactions  | 1796 | 3158 | 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) on investments  | 1796 | 3158 | 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized/unrealized gains/(losses) from investments  | (1137) | (357) | (748) |
| Change in net assets resulting from operations  | $(398) | $3131 | $59 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

Statements of Changes in Net Assets

(Amounts in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **The Value <br> Equity Portfolio** | **The Value <br> Equity Portfolio** | **The Growth <br> Equity Portfolio** | **The Growth <br> Equity Portfolio** | **The Institutional U.S. <br> Equity Portfolio** | **The Institutional U.S. <br> Equity Portfolio** |
|  | **Six Months <br> Ended <br> December 31, <br> 2022<br> (Unaudited)** | **For the <br> Year Ended <br> June 30, <br> 2022** | **Six Months <br> Ended <br> December 31, <br> 2022<br> (Unaudited)** | **For the <br> Year Ended <br> June 30, <br> 2022** | **Six Months <br> Ended <br> December 31, <br> 2022<br> (Unaudited)** | **For the <br> Year Ended <br> June 30, <br> 2022** |
| **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income  | $4771 | $8178 | $4533 | $7654 | $20643 | $18783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains/(losses) from investments, futures, and foreign currency transactions  | (681) | 1250 | (590) | 44721 | (107) | 46692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) from investments, futures  | 8673 | (97424) | 1027 | (186352) | 18142 | (452432) |
| Change in net assets resulting from operations  | 12763 | (87996) | 4970 | (133977) | 38678 | (386957) |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HC Strategic Shares  | (7567) | (11621) | (49618) | (80181) | (122525) | (571108) |
| Change in net assets resulting from distributions  | (7567) | (11621) | (49618) | (80181) | (122525) | (571108) |
| **HC Strategic Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued  | $81 | $2231 | $2267 | $64 | $324130 | $584570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from reinvestment of dividends  | 5987 | 9278 | 39416 | 55608 | 120162 | 559905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed  | (13858) | (24444) | (12909) | (68036) | (104088) | (368288) |
| Change in net assets from HC Strategic Shares of beneficial interest  | (7790) | (12935) | 28774 | (12364) | 340204 | 776187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net assets from shares of beneficial interest  | $(7790) | $(12935) | $28774 | $(12364) | $340204 | $776187 |
| Change in net assets  | (2594) | (112552) | (15874) | (226522) | 256357 | (181878) |
| **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period  | 584565 | 697117 | 706876 | 933398 | 2252240 | 2434118 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period  | $581971 | $584565 | $691002 | $706876 | $2508597 | $2252240 |
| **Share Transactions:** |  |  |  |  |  |  |
| **HC Strategic Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued  | 3 | 74 | 87 | 2 | 21340 | 32615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvested  | 233 | 311 | 1619 | 1664 | 8348 | 29824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed  | (537) | (821) | (501) | (2073) | (6637) | (18025) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in HC Strategic Shares  | (301) | (436) | 1205 | (407) | 23051 | 44414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total change in shares  | (301) | (436) | 1205 | (407) | 23051 | 44414 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

Statements of Changes in Net Assets (continued)

(Amounts in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **The Small Capitalization-<br> Mid Capitalization<br> Equity Portfolio** | **The Small Capitalization-<br> Mid Capitalization<br> Equity Portfolio** | **The ESG<br> Growth Portfolio** | **The ESG<br> Growth Portfolio** | **The Catholic SRI<br> Growth Portfolio** | **The Catholic SRI<br> Growth Portfolio** |
|  | **Six Months <br> Ended <br> December 31, <br> 2022<br> (Unaudited)** | **For the <br> Year Ended <br> June 30, <br> 2022** | **Six Months <br> Ended <br> December 31, <br> 2022<br> (Unaudited)** | **For the <br> Year Ended <br> June 30, <br> 2022** | **Six Months <br> Ended <br> December 31, <br> 2022<br> (Unaudited)** | **For the <br> Year Ended <br> June 30, <br> 2022** |
| **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income  | $534 | $306 | $953 | $2319 | $178 | $462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains/(losses) from investments, futures, and foreign currency transactions  | 253 | (1069) | 44 | 898 | 106 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) from investments, futures  | 3065 | (19971) | 2866 | (28369) | 235 | (5203) |
| Change in net assets resulting from operations  | 3852 | (20734) | 3863 | (25152) | 519 | (4648) |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HC Strategic Shares  | (542) | (6549) | (870) | (8113) | (397) | (10591) |
| Change in net assets resulting from distributions  | (542) | (6549) | (870) | (8113) | (397) | (10591) |
| **HC Strategic Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued  | $— | $268 | $28 | $1326 | $2000 | $4672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from reinvestment of dividends  | 367 | 4510 | 116 | 5772 | 396 | 10591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed  | (1370) | (6077) | (32) | (665) | (900) | (6411) |
| Change in net assets from HC Strategic Shares of beneficial interest  | (1003) | (1299) | 112 | 6433 | 1496 | 8852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net assets from shares of beneficial interest  | $(1003) | $(1299) | $112 | $6433 | $1496 | $8852 |
| Change in net assets  | 2307 | (28582) | 3105 | (26832) | 1618 | (6387) |
| **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period  | 69235 | 97817 | 143660 | 170492 | 22525 | 28912 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period  | $71542 | $69235 | $146765 | $143660 | $24143 | $22525 |
| **Share Transactions:** |  |  |  |  |  |  |
| **HC Strategic Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued  |  | 7 | 2 | 89 | 211 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvested  | 12 | 135 | 10 | 395 | 43 | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed  | (49) | (180) | (3) | (55) | (93) | (585) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in HC Strategic Shares  | (37) | (38) | 9 | 429 | 161 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total change in shares  | (37) | (38) | 9 | 429 | 161 | 682 |

---

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

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

Statements of Changes in Net Assets (continued)

(Amounts in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **The International<br> Equity Portfolio** | **The International<br> Equity Portfolio** | **The Institutional<br> International Equity<br> Portfolio** | **The Institutional<br> International Equity<br> Portfolio** | **The Emerging<br> Markets Portfolio** | **The Emerging<br> Markets Portfolio** |
|  | **Six Months <br> Ended <br> December 31, <br> 2022<br> (Unaudited)** | **For the <br> Year Ended <br> June 30, <br> 2022** | **Six Months <br> Ended <br> December 31, <br> 2022<br> (Unaudited)** | **For the <br> Year Ended <br> June 30, <br> 2022** | **Six Months <br> Ended <br> December 31, <br> 2022<br> (Unaudited)** | **For the <br> Year Ended <br> June 30, <br> 2022** |
| **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income  | $5226 | $22018 | $6656 | $28489 | $8627 | $16588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains/(losses) from investments, futures, written options, swap transactions, and foreign currency transactions  | 3155 | (8346) | 5406 | (9835) | (9103) | (6045) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) from investments, futures, written options, swap transactions  | 24674 | (120778) | 23360 | (213185) | (23978) | (237951) |
| Change in net assets resulting from operations  | 33055 | (107106) | 35422 | (194531) | (24454) | (227408) |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HC Strategic Shares  |  | (24441) | (618) | (117066) | (13347) | (17632) |
| Change in net assets resulting from distributions  |  | (24441) | (618) | (117066) | (13347) | (17632) |
| **HC Strategic Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued  | $8189 | $19127 | $20869 | $166148 | $56290 | $86489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from reinvestment of dividends  |  | 16914 | 572 | 105685 | 10376 | 14462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed  | (58137) | (88267) | (224095) | (392253) | (37579) | (103185) |
| Change in net assets from HC Strategic Shares of beneficial interest  | (49948) | (52226) | (202654) | (120420) | 29087 | (2234) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net assets from shares of beneficial interest  | $(49948) | $(52226) | $(202654) | $(120420) | $29087 | $(2234) |
| Change in net assets  | (16893) | (183773) | (167850) | (432017) | (8714) | (247274) |
| **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period  | 536208 | 719981 | 796399 | 1228416 | 716399 | 963673 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period  | $519315 | $536208 | $628549 | $796399 | $707685 | $716399 |
| **Share Transactions:** |  |  |  |  |  |  |
| **HC Strategic Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued  | 769 | 1547 | 2504 | 15803 | 3600 | 4314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvested  |  | 1510 | 64 | 10100 | 643 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed  | (5763) | (7578) | (26387) | (38245) | (2287) | (5148) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in HC Strategic Shares  | (4994) | (4521) | (23819) | (12342) | 1956 | (131) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total change in shares  | (4994) | (4521) | (23819) | (12342) | 1956 | (131) |

---

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

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

Statements of Changes in Net Assets (continued)

(Amounts in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **The Core Fixed<br> Income Portfolio** | **The Core Fixed<br> Income Portfolio** | **The Corporate <br> Opportunities Portfolio** | **The Corporate <br> Opportunities Portfolio** | **The U.S. Government Fixed<br> Income Securities Portfolio** | **The U.S. Government Fixed<br> Income Securities Portfolio** |
|  | **Six Months <br> Ended <br> December 31, <br> 2022<br> (Unaudited)** | **For the <br> Year Ended <br> June 30, <br> 2022** | **Six Months <br> Ended <br> December 31, <br> 2022<br> (Unaudited)** | **For the <br> Year Ended <br> June 30, <br> 2022** | **Six Months <br> Ended <br> December 31, <br> 2022<br> (Unaudited)** | **For the <br> Year Ended <br> June 30, <br> 2022** |
| **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income  | $1449 | $1163 | $4757 | $800 | $26468 | $5653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains/(losses) from investments, futures, written options  | (2629) | (222) | (738) | (21311) | (9739) | (945) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) from investments, futures  | (550) | (8166) | (3844) | (2048) | (42157) | (35660) |
| Change in net assets resulting from operations  | (1730) | (7225) | 175 | (22559) | (25428) | (30952) |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HC Strategic Shares  | (1039) | (1826) | (4740) | (30837) | (26648) | (6950) |
| Change in net assets resulting from distributions  | (1039) | (1826) | (4740) | (30837) | (26648) | (6950) |
| **HC Strategic Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued  | $12076 | $9101 | $5581 | $14541 | $389483 | $469627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from reinvestment of dividends  | 631 | 1823 | 4640 | 30098 | 19545 | 5369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed  | (2283) | (10609) | (39237) | (39499) | (57873) | (65092) |
| Change in net assets from HC Strategic Shares of beneficial interest  | 10424 | 315 | (29016) | 5140 | 351155 | 409904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net assets from shares of beneficial interest  | $10424 | $315 | $(29016) | $5140 | $351155 | $409904 |
| Change in net assets  | 7655 | (8736) | (33581) | (48256) | 299079 | 372002 |
| **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period  | 57494 | 66230 | 259087 | 307343 | 628468 | 256466 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period  | $65149 | $57494 | $225506 | $259087 | $927547 | $628468 |
| **Share Transactions:** |  |  |  |  |  |  |
| **HC Strategic Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued  | 1318 | 967 | 833 | 1898 | 43801 | 51491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvested  | 122 | 186 | 706 | 4048 | 2303 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed  | (265) | (1087) | (5899) | (5194) | (6710) | (6802) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in HC Strategic Shares  | 1175 | 66 | (4360) | 752 | 39394 | 45255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total change in shares  | 1175 | 66 | (4360) | 752 | 39394 | 45255 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

Statements of Changes in Net Assets (continued)

(Amounts in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **The U.S. Corporate Fixed<br> Income Securities Portfolio** | **The U.S. Corporate Fixed<br> Income Securities Portfolio** | **The U.S. Mortgage/Asset<br> Backed Fixed Income<br> Securities Portfolio** | **The U.S. Mortgage/Asset<br> Backed Fixed Income<br> Securities Portfolio** | **The Short-Term<br> Municipal Bond Portfolio** | **The Short-Term<br> Municipal Bond Portfolio** |
|  | **Six Months <br> Ended <br> December 31, <br> 2022<br> (Unaudited)** | **For the <br> Year Ended <br> June 30, <br> 2022** | **Six Months <br> Ended <br> December 31, <br> 2022<br> (Unaudited)** | **For the <br> Year Ended <br> June 30, <br> 2022** | **Six Months <br> Ended <br> December 31, <br> 2022<br> (Unaudited)** | **For the <br> Year Ended <br> June 30, <br> 2022** |
| **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income  | $4530 | $7298 | $2839 | $2776 | $739 | $1184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains/(losses) from investments  | (2399) | 831 | (431) | (2775) | (2933) | (908) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) from investments  | (4485) | (43676) | (8306) | (19523) | 1796 | (4969) |
| Change in net assets resulting from operations  | (2354) | (35547) | (5898) | (19522) | (398) | (4693) |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HC Strategic Shares  | (4608) | (18127) | (2970) | (4043) | (771) | (1233) |
| Change in net assets resulting from distributions  | (4608) | (18127) | (2970) | (4043) | (771) | (1233) |
| **HC Strategic Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued  | $18227 | $70919 | $19926 | $52915 | $15120 | $33267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from reinvestment of dividends  | 3287 | 15848 | 2120 | 2835 | 690 | 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed  | (12007) | (45829) | (10075) | (33966) | (75504) | (38943) |
| Change in net assets from HC Strategic Shares of beneficial interest  | 9507 | 40938 | 11971 | 21784 | (59694) | (4538) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net assets from shares of beneficial interest  | $9507 | $40938 | $11971 | $21784 | $(59694) | $(4538) |
| Change in net assets  | 2545 | (12736) | 3103 | (1781) | (60863) | (10464) |
| **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period  | 257699 | 270435 | 213253 | 215034 | 140020 | 150484 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period  | $260244 | $257699 | $216356 | $213253 | $79157 | $140020 |
| **Share Transactions:** |  |  |  |  |  |  |
| **HC Strategic Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued  | 2092 | 7142 | 2364 | 5788 | 1582 | 3391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvested  | 384 | 1575 | 255 | 309 | 72 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed  | (1378) | (4787) | (1190) | (3767) | (7958) | (3962) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in HC Strategic Shares  | 1098 | 3930 | 1429 | 2330 | (6304) | (455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total change in shares  | 1098 | 3930 | 1429 | 2330 | (6304) | (455) |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

Statements of Changes in Net Assets (concluded)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Intermediate Term<br> Municipal Bond Portfolio** | **The Intermediate Term<br> Municipal Bond Portfolio** | **The Intermediate Term<br> Municipal Bond II Portfolio** | **The Intermediate Term<br> Municipal Bond II Portfolio** |
|  | **Six Months <br> Ended <br> December 31, <br> 2022<br> (Unaudited)** | **For the <br> Year Ended <br> June 30, <br> 2022** | **Six Months <br> Ended <br> December 31, <br> 2022<br> (Unaudited)** | **For the <br> Year Ended <br> June 30, <br> 2022** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income  | $3488 | $5904 | $807 | $1767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains/(losses) from investments  | (3515) | (360) | (1857) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) from investments  | 3158 | (28652) | 1109 | (10629) |
| Change in net assets resulting from operations  | 3131 | (23108) | 59 | (8844) |
| **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HC Strategic Shares  | (3576) | (6487) | (810) | (2832) |
| Change in net assets resulting from distributions  | (3576) | (6487) | (810) | (2832) |
| **HC Strategic Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued  | $102450 | $28024 | $67517 | $13703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from reinvestment of dividends  | 3307 | 6058 | 741 | 2658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed  | (152367) | (21462) | (77183) | (7422) |
| Change in net assets from HC Strategic Shares of beneficial interest  | (46610) | 12620 | (8925) | 8939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net assets from shares of beneficial interest  | $(46610) | $12620 | $(8925) | $8939 |
| Change in net assets  | (47055) | (16975) | (9676) | (2737) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period  | 371098 | 388073 | 87001 | 89738 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period  | $324043 | $371098 | $77325 | $87001 |
| **Share Transactions:** |  |  |  |  |
| **HC Strategic Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued  | 10782 | 2830 | 7645 | 1358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvested  | 346 | 600 | 81 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed  | (15995) | (2128) | (8419) | (742) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in HC Strategic Shares  | (4867) | 1302 | (693) | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total change in shares  | (4867) | 1302 | (693) | 876 |

---

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

Financial Highlights

Selected data for a share outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Change in Net Assets<br> Resulting from Operations** | **Change in Net Assets<br> Resulting from Operations** | **Change in Net Assets<br> Resulting from Operations** | **Distributions to Shareholders:** | **Distributions to Shareholders:** | **Distributions to Shareholders:** | | | | **Ratios/Supplementary Data:** | **Ratios/Supplementary Data:** | **Ratios/Supplementary Data:** | **Ratios/Supplementary Data:** |
|  | <br>**Net Asset <br> Value, <br> Beginning <br> of Period** | **Net <br> Investment <br> Income/<br> (Loss)** | **Net Realized/ <br> Unrealized <br> Gains/<br> (Losses) on <br> Investments** | **Total from <br> Operations** | **Net <br> Investment <br> Income** | **Net <br> Realized <br> Gains from <br> Investments** | **Total <br> Distributions <br> to <br> Shareholders** | <br>**Net Asset <br> Value, End <br> of Period** | <br>**Total <br> Return<sup>(a)</sup>** | <br>**Net Assets, <br> at End of <br> Period <br> (in thousands)** | **Ratio of <br> Expenses to <br> Average Net <br> Assets, Prior to <br> Expenses Paid <br> Indirectly and <br> Waivers<sup>(b)</sup>** | **Ratio of <br> Expenses to <br> Average Net <br> Assets, Net of <br> Expenses Paid <br> Indirectly and <br> Waivers<sup>(b)</sup>** | **Ratio of Net <br> Investment <br> Income/<br> (Loss) to <br> Average Net <br> Assets<sup>(b)</sup>** | **Portfolio <br> Turnover <br> Rate<sup>(a)(c)</sup>** |
| **The Value Equity Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**HC Strategic Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six Months ended December 31, 2022 (Unaudited) | $25.38 | $0.21 <sup>(d)</sup> | $0.34 | $0.55 | $(0.22) | $(0.11) | $(0.33) | $25.60 | 2.17% | $581971 | 0.23% | 0.23% | 1.57% | 3% |
| &nbsp;&nbsp;Year Ended June 30, 2022 | 29.70 | 0.35 <sup>(d)</sup> | (4.17) | (3.82) | (0.34) | (0.16) | (0.50) | 25.38 | (13.10)% | 584565 | 0.22% | 0.22% | 1.17% | 8% |
| &nbsp;&nbsp;Year Ended June 30, 2021 | 21.23 | 0.31 <sup>(d)</sup> | 8.48 | 8.79 | (0.32) |  | (0.32) | 29.70 | 41.63% | 697117 | 0.22% | 0.22% | 1.20% | 6% |
| &nbsp;&nbsp;Year Ended June 30, 2020 | 20.21 | 0.35 <sup>(d)</sup> | 1.03 | 1.38 | (0.35) | (0.01) | (0.36) | 21.23 | 6.89% | 538326 | 0.22% | 0.22% | 1.68% | 19% |
| &nbsp;&nbsp;Year Ended June 30, 2019 | 19.95 | 0.40 <sup>(d)</sup> | 1.34 | 1.74 | (0.41) | (1.07) | (1.48) | 20.21 | 9.78% | 583757 | 0.21% | 0.21% | 2.05% | 74% |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 19.53 | 0.42 | 1.36 | 1.78 | (0.44) | (0.92) | (1.36) | 19.95 | 9.11% | 599457 | 0.27% | 0.26% | 2.10% | 59% |
| &nbsp;&nbsp;**HC Advisors Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Period Ended June 30, 2019<sup>(e)</sup> | $19.95 | $0.46 <sup>(d)</sup> | $1.26 | $1.72 | $(0.33) | $(1.07) | $(1.40) | $20.27 | 9.69% | $— | 0.46% | 0.21% | 2.29% | 74% |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 19.52 | 0.43 | 1.36 | 1.79 | (0.44) | (0.92) | (1.36) | 19.95 | 9.17% | 675 | 0.52% | 0.26% | 2.08% | 59% |
| **The Growth Equity Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**HC Strategic Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six Months ended December 31, 2022 (Unaudited) | $26.04 | $0.17 <sup>(d)</sup> | $— | $0.17 | $(0.17) | $(1.67) | $(1.84) | $24.37 | 0.66% | $691002 | 0.28% | 0.28% | 1.23% | 6% |
| &nbsp;&nbsp;Year Ended June 30, 2022 | 33.87 | 0.28 <sup>(d)</sup> | (5.17) | (4.89) | (0.28) | (2.66) | (2.94) | 26.04 | (16.30)% | 706876 | 0.27% | 0.27% | 0.85% | 12% |
| &nbsp;&nbsp;Year Ended June 30, 2021 | 25.84 | 0.25 <sup>(d)</sup> | 9.63 | 9.88 | (0.26) | (1.59) | (1.85) | 33.87 | 39.43% | 933398 | 0.27% | 0.27% | 0.84% | 15% |
| &nbsp;&nbsp;Year Ended June 30, 2020 | 24.52 | 0.31 <sup>(d)</sup> | 2.37 | 2.68 | (0.33) | (1.03) | (1.36) | 25.84 | 11.17% | 736840 | 0.26% | 0.26% | 1.26% | 37% |
| &nbsp;&nbsp;Year Ended June 30, 2019 | 23.54 | 0.30 <sup>(d)</sup> | 2.30 | 2.60 | (0.30) | (1.32) | (1.62) | 24.52 | 12.22% | 802838 | 0.25% | 0.25% | 1.28% | 41% |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 20.90 | 0.22 | 3.70 | 3.92 | (0.22) | (1.06) | (1.28) | 23.54 | 19.12% | 808868 | 0.30% | 0.29% | 0.96% | 40% |
| &nbsp;&nbsp;**HC Advisors Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Period Ended June 30, 2019<sup>(e)</sup> | $23.50 | $0.28 <sup>(d)</sup> | $2.00 | $2.28 | $(0.23) | $(1.32) | $(1.55) | $24.23 | 10.77% | $— | 0.51% | 0.26% | 1.19% | 41% |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 20.86 | 0.22 | 3.70 | 3.92 | (0.22) | (1.06) | (1.28) | 23.50 | 19.16% | 922 | 0.55% | 0.29% | 0.94% | 40% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Portfolio turnover is calculated on the basis of the Portfolio, as a whole, without distinguishing between the classes of shares issued.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share amounts are based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(e) HC Advisors Shares are still offered, but were fully redeemed on May 1, 2019.

 

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

Financial Highlights (continued)

Selected data for a share outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Change in Net Assets<br> Resulting from Operations** | **Change in Net Assets<br> Resulting from Operations** | **Change in Net Assets<br> Resulting from Operations** | **Distributions to Shareholders:** | **Distributions to Shareholders:** | **Distributions to Shareholders:** | | | | **Ratios/Supplementary Data:** | **Ratios/Supplementary Data:** | **Ratios/Supplementary Data:** | **Ratios/Supplementary Data:** |
|  | <br>**Net Asset <br> Value, <br> Beginning <br> of Period** | **Net <br> Investment <br> Income/ <br> (Loss)** | **Net Realized/ <br> Unrealized <br> Gains/ <br> (Losses) on <br> Investments** | **Total from <br> Operations** | **Net <br> Investment <br> Income** | **Net <br> Realized <br> Gains from <br> Investments** | **Total <br> Distributions <br> to <br> Shareholders** | <br>**Net Asset <br> Value, End <br> of Period** | <br>**Total <br> Return<sup>(a)</sup>** | <br>**Net Assets,<br> at End of <br> Period <br> (in thousands)** | **Ratio of <br> Expenses to <br> Average Net <br> Assets, Prior to <br> Expenses Paid <br> Indirectly and <br> Waivers<sup>(b)</sup>** | **Ratio of <br> Expenses to <br> Average Net <br> Assets, Net of <br> Expenses Paid <br> Indirectly and <br> Waivers<sup>(b)</sup>** | **Ratio of Net <br> Investment <br> Income/<br> (Loss) to <br> Average Net <br> Assets<sup>(b)</sup>** | **Portfolio <br> Turnover <br> Rate<sup>(a)(c)</sup>** |
| **The Institutional U.S. Equity Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**HC Strategic Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six Months ended December 31, 2022 (Unaudited) | $14.93 | $0.13 <sup>(d)</sup> | $0.11 | $0.24 | $(0.04) | $(0.70) | $(0.74) | $14.43 | 1.63% | $2508597 | 0.28% | 0.28% | 1.62% | 17% |
| &nbsp;&nbsp;Year Ended June 30, 2022 | 22.87 | 0.15 <sup>(d)</sup> | (2.54) | (2.39) | (0.16) | (5.39) | (5.55) | 14.93 | (15.30)% | 2252240 | 0.28% | 0.28% | 0.77% | 43% |
| &nbsp;&nbsp;Year Ended June 30, 2021 | 17.12 | 0.17 <sup>(d)</sup> | 6.79 | 6.96 | (0.18) | (1.03) | (1.21) | 22.87 | 41.89% | 2434118 | 0.28% | 0.28% | 0.87% | 29% |
| &nbsp;&nbsp;Year Ended June 30, 2020 | 18.53 | 0.23 <sup>(d)</sup> | 1.98 | 2.21 | (0.21) | (3.41) | (3.62) | 17.12 | 12.71% | 2724391 | 0.24% | 0.24% | 1.36% | 74% |
| &nbsp;&nbsp;Year Ended June 30, 2019 | 18.25 | 0.24 <sup>(d)</sup> | 1.59 | 1.83 | (0.24) | (1.31) | (1.55) | 18.53 | 11.46% | 1535959 | 0.23% | 0.23% | 1.31% | 70% |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 16.10 | 0.18 | 2.82 | 3.00 | (0.18) | (0.67) | (0.85) | 18.25 | 18.97% | 1187715 | 0.28% | 0.28% | 1.04% | 43% |
| &nbsp;&nbsp;**HC Advisors Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Period Ended June 30, 2019<sup>(e)</sup> | $18.25 | $0.25 <sup>(d)</sup> | $0.72 | $0.97 | $(0.19) | $(1.31) | $(1.50) | $17.72 | 6.27% | $— | 0.48% | 0.23% | 1.36% | 70% |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 16.10 | 0.20 | 2.80 | 3.00 | (0.18) | (0.67) | (0.85) | 18.25 | 18.97% | 1026 | 0.53% | 0.28% | 1.00% | 43% |
| **The Small Capitalization-Mid Capitalization Equity Portfolio** | **The Small Capitalization-Mid Capitalization Equity Portfolio** | **The Small Capitalization-Mid Capitalization Equity Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**HC Strategic Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six Months ended December 31, 2022 (Unaudited) | $26.47 | $0.20 <sup>(d)</sup> | $1.27 | $1.47 | $(0.20) | $(0.01) | $(0.21) | $27.73 | 5.55% | $71542 | 0.38% | 0.38% | 1.44% | 45% |
| &nbsp;&nbsp;Year Ended June 30, 2022 | 36.85 | 0.12 <sup>(d)</sup> | (8.01) | (7.89) | (0.12) | (2.37) | (2.49) | 26.47 | (22.74)% | 69235 | 0.51% | 0.51% | 0.35% | 64% |
| &nbsp;&nbsp;Year Ended June 30, 2021 | 23.30 | 0.08 <sup>(d)</sup> | 13.58 | 13.66 | (0.11) |  | (0.11) | 36.85 <sup>(f)</sup> | 58.67% | 97817 | 0.49% | 0.49% | 0.25% | 32% |
| &nbsp;&nbsp;Year Ended June 30, 2020 | 26.25 | 0.15 <sup>(d)</sup> | (1.82) | (1.67) | (0.18) | (1.10) | (1.28) | 23.30 | (6.83)% | 68527 | 0.53% | 0.52% | 0.64% | 87% |
| &nbsp;&nbsp;Year Ended June 30, 2019 | 29.52 | 0.10 <sup>(d)</sup> | (0.77) | (0.67) | (0.13) | (2.47) | (2.60) | 26.25 | (0.81)% | 95614 | 0.68% | 0.67% | 0.36% | 79% |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 25.23 | 0.10 | 4.29 | 4.39 | (0.10) |  | (0.10) | 29.52 | 17.42% | 110489 | 0.77% | 0.76% | 0.37% | 62% |
| &nbsp;&nbsp;**HC Advisors Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Period Ended June 30, 2019<sup>(g)</sup> | $29.49 | $0.08 <sup>(d)</sup> | $(0.97) | $(0.89) | $(0.10) | $(2.47) | $(2.57) | $26.03 | (1.62)% | $— | 0.93% | 0.66% | 0.27% | 79% |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 25.21 | 0.10 | 4.28 | 4.38 | (0.10) |  | (0.10) | 29.49 | 17.40% | 121 | 1.02% | 0.76% | 0.36% | 62% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Portfolio turnover is calculated on the basis of the Portfolio, as a whole, without distinguishing between the classes of shares issued.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share amounts are based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(e) HC Advisors Shares are still offered, but were fully redeemed on May 13, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;(f) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(g) HC Advisors Shares are still offered, but were fully redeemed on May 1, 2019.

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

Financial Highlights (continued)

Selected data for a share outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Change in Net Assets<br> Resulting from Operations** | **Change in Net Assets<br> Resulting from Operations** | **Change in Net Assets<br> Resulting from Operations** | **Distributions to Shareholders:** | **Distributions to Shareholders:** | **Distributions to Shareholders:** | | | | **Ratios/Supplementary Data:** | **Ratios/Supplementary Data:** | **Ratios/Supplementary Data:** | **Ratios/Supplementary Data:** |
|  | <br>**Net Asset <br> Value, <br> Beginning <br> of Period** | **Net <br> Investment <br> Income/ <br> (Loss)** | **Net Realized/ <br> Unrealized <br> Gains/ <br> (Losses) on <br> Investments** | **Total from <br> Operations** | **Net <br> Investment <br> Income** | **Net <br> Realized <br> Gains from <br> Investments** | **Total <br> Distributions <br> to <br> Shareholders** | <br>**Net Asset <br> Value, End <br> of Period** | <br>**Total <br> Return<sup>(a)</sup>** | <br>**Net Assets,<br> at End of <br> Period <br> (in thousands)** | **Ratio of <br> Expenses to <br> Average Net <br> Assets, Prior to <br> Expenses Paid <br> Indirectly and <br> Waivers<sup>(b)</sup>** | **Ratio of <br> Expenses to <br> Average Net <br> Assets, Net of <br> Expenses Paid <br> Indirectly and <br> Waivers<sup>(b)</sup>** | **Ratio of Net <br> Investment <br> Income/<br> (Loss) to <br> Average Net <br> Assets<sup>(b)</sup>** | **Portfolio <br> Turnover <br> Rate<sup>(a)(c)</sup>** |
| **The ESG Growth Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**HC Strategic Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six Months ended December 31, 2022 (Unaudited) | $11.83 | $0.08 <sup>(d)</sup> | $0.24 | $0.32 | $(0.07) | $— <sup>(e)</sup> | $(0.07) | $12.08 | 2.72% | $146765 | 0.39% | 0.39% | 1.28% | 4% |
| &nbsp;&nbsp;Year Ended June 30, 2022 | 14.56 | 0.19 <sup>(d)</sup> | (2.23) | (2.04) | (0.21) | (0.48) | (0.69) | 11.83 | (14.80)% | 143660 | 0.39% | 0.39% | 1.36% | 10% |
| &nbsp;&nbsp;Year Ended June 30, 2021 | 10.72 | 0.16 <sup>(d)</sup> | 3.98 | 4.14 | (0.17) | (0.13) | (0.30) | 14.56 | 39.02% | 170492 | 0.36% | 0.36% | 1.28% | 8% |
| &nbsp;&nbsp;Year Ended June 30, 2020 | 10.92 | 0.18 <sup>(d)</sup> | 0.32 | 0.50 | (0.19) | (0.51) | (0.70) | 10.72 | 4.49% | 132452 | 0.36% | 0.34% | 1.66% | 31% |
| &nbsp;&nbsp;Year Ended June 30, 2019 | 11.42 | 0.28 <sup>(d)</sup> | (0.10) | 0.18 | (0.30) | (0.38) | (0.68) | 10.92 | 2.06% | 148978 | 0.34% | 0.34% | 2.52% | 172% |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 10.65 | 0.30 | 0.78 | 1.08 | (0.31) |  | (0.31) | 11.42 | 10.16% | 166523 | 0.29% | 0.29% | 2.69% | 16% |
| &nbsp;&nbsp;**HC Advisors Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Period Ended June 30, 2019<sup>(f)</sup> | $11.41 | $0.28 <sup>(d)</sup> | $(0.29) | $(0.01) | $(0.21) | $(0.38) | $(0.59) | $10.81 | 0.32% | $— | 0.60% | 0.35% | 2.56% | 172% |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 10.64 | 0.30 | 0.78 | 1.08 | (0.31) |  | (0.31) | 11.41 | 10.17% | 1 | 0.54% | 0.29% | 2.67% | 16% |
| **The Catholic SRI Growth Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**HC Strategic Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six Months ended December 31, 2022 (Unaudited) | $9.10 | $0.07 <sup>(d)</sup> | $0.15 | $0.22 | $(0.08) | $(0.08) | $(0.16) | $9.16 | 2.37% | $24143 | 0.56% | 0.31% | 1.53% | 6% |
| &nbsp;&nbsp;Year Ended June 30, 2022 | 16.13 | 0.20 <sup>(d)</sup> | (1.74) | (1.54) | (0.24) | (5.25) | (5.49) | 9.10 | (16.17)% | 22525 | 0.56% | 0.31% | 1.56% | 25% |
| &nbsp;&nbsp;Year Ended June 30, 2021 | 11.63 | 0.19 <sup>(e)</sup> | 4.55 | 4.74 | (0.24) |  | (0.24) | 16.13 | 41.00% | 28912 | 0.38% | 0.31% | 1.38% | 42% |
| &nbsp;&nbsp;Year Ended June 30, 2020 | 11.84 | 0.21 <sup>(e)</sup> | 0.13 | 0.34 | (0.20) | (0.35) | (0.55) | 11.63 | 2.72% | 53083 | 0.42% | 0.31% | 1.80% | 14% |
| &nbsp;&nbsp;Year Ended June 30, 2019 | 12.71 | 0.31 <sup>(e)</sup> | (0.14) | 0.17 | (0.31) | (0.73) | (1.04) | 11.84 | 2.16% | 51401 | 0.41% | 0.31% | 2.60% | 180% |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 12.02 | 0.34 | 1.00 | 1.34 | (0.34) | (0.31) | (0.65) | 12.71 | 11.23% | 29413 | 0.37% | 0.31% | 2.65% | 17% |
| &nbsp;&nbsp;**HC Advisors Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Period Ended June 30, 2019<sup>(f)</sup> | $12.72 | $0.31 <sup>(d)</sup> | $(0.39) | $(0.08) | $(0.20) | $(0.73) | $(0.93) | $11.71 | 0.07% | $— | 0.66% | 0.31% | 2.60% | 180% |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 12.03 | 0.35 | 0.99 | 1.34 | (0.34) | (0.31) | (0.65) | 12.72 | 11.22% | 1 | 0.62% | 0.31% | 2.72% | 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Portfolio turnover is calculated on the basis of the Portfolio, as a whole, without distinguishing between the classes of shares issued.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share amounts are based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount rounds to less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(f) HC Advisors Shares are still offered, but were fully redeemed on June 14, 2019.

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

Financial Highlights (continued)

Selected data for a share outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Change in Net Assets<br> Resulting from Operations** | **Change in Net Assets<br> Resulting from Operations** | **Change in Net Assets<br> Resulting from Operations** | **Distributions to Shareholders:** | **Distributions to Shareholders:** | **Distributions to Shareholders:** | | | | **Ratios/Supplementary Data:** | **Ratios/Supplementary Data:** | **Ratios/Supplementary Data:** | **Ratios/Supplementary Data:** |
|  | <br>**Net Asset <br> Value, <br> Beginning <br> of Period** | **Net <br> Investment <br> Income/<br> (Loss)** | **Net Realized/ <br> Unrealized <br> Gains/<br> (Losses) on <br> Investments** | **Total from <br> Operations** | **Net <br> Investment <br> Income** | **Net <br> Realized <br> Gains from <br> Investments** | **Total <br> Distributions <br> to <br> Shareholders** | <br>**Net Asset <br> Value, End <br> of Period** | <br>**Total <br> Return<sup>(a)</sup>** | <br>**Net Assets,<br> at End of<br> Period<br> (in thousands)** | **Ratio of <br> Expenses to <br> Average Net <br> Assets, Prior to <br> Expenses Paid <br> Indirectly and <br> Waivers**\***<sup>(b)</sup>** | **Ratio of <br> Expenses to <br> Average Net <br> Assets, Net of <br> Expenses Paid <br> Indirectly and <br> Waivers**\***<sup>(b)</sup>** | **Ratio of Net <br> Investment <br> Income/<br> (Loss) to <br> Average Net <br> Assets<sup>(b)</sup>** | **Portfolio <br> Turnover <br> Rate<sup>(a)(c)</sup>** |
| **The International Equity Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**HC Strategic Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six Months ended December 31, 2022 (Unaudited) | $10.19 | $0.11 <sup>(d)</sup> | $0.61 | $0.72 | $— | $— | $— | $10.91 | 7.07% | $519315 | 0.29% | 0.29% | 2.03% | 3% |
| &nbsp;&nbsp;Year Ended June 30, 2022 | 12.60 | 0.39 <sup>(d)</sup> | (2.35) | (1.96) | (0.45) |  | (0.45) | 10.19 | (15.85)% | 536208 | 0.26% | 0.26% | 3.20% | 19% |
| &nbsp;&nbsp;Year Ended June 30, 2021 | 9.75 | 0.29 <sup>(d)</sup> | 2.85 | 3.14 | (0.29) |  | (0.29) | 12.60 | 32.16% | 719981 | 0.25% | 0.25% | 2.51% | 23% |
| &nbsp;&nbsp;Year Ended June 30, 2020 | 10.37 | 0.19 <sup>(d)</sup> | (0.58) | (0.39) | (0.23) |  | (0.23) | 9.75 | (3.82)% | 605097 | 0.41% | 0.41% | 1.88% | 95% |
| &nbsp;&nbsp;Year Ended June 30, 2019 | 10.74 | 0.34 <sup>(d)</sup> | (0.32) | 0.02 | (0.39) |  | (0.39) | 10.37 | 0.24% | 911059 | 0.47% | 0.47% | 3.28% | 55% |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 10.48 | 0.33 | 0.26 | 0.59 | (0.33) |  | (0.33) | 10.74 | 5.60% | 1213191 | 0.44% | 0.44% | 2.88% | 30% |
| &nbsp;&nbsp;**HC Advisors Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Period Ended June 30, 2019<sup>(e)</sup> | $10.75 | $0.20 <sup>(d)</sup> | $(0.17) | $0.03 | $(0.03) | $— | $(0.03) | $10.75 | 0.31% | $— | 0.72% | 0.46% | 1.95% | 55% |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 10.49 | 0.38 <sup>(d)</sup> | 0.21 | 0.59 | (0.33) |  | (0.33) | 10.75 | 5.60% | 1661 | 0.69% | 0.44% | 2.77% | 30% |
| **The Institutional International Equity Portfolio** | **The Institutional International Equity Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**HC Strategic Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six Months ended December 31, 2022 (Unaudited) | $8.52 | $0.09 <sup>(d)</sup> | $0.43 | $0.52 | $(0.01) | $— <sup>(f)</sup> | $(0.01) | $9.03 | 6.09% | $628549 | 0.38% | 0.38% | 2.09% | 9% |
| &nbsp;&nbsp;Year Ended June 30, 2022 | 11.61 | 0.27 <sup>(d)</sup> | (2.20) | (1.93) | (0.67) | (0.49) | (1.16) | 8.52 | (18.16)% | 796399 | 0.27% | 0.27% | 2.55% | 23% |
| &nbsp;&nbsp;Year Ended June 30, 2021 | 8.85 | 0.18 <sup>(d)</sup> | 2.78 | 2.96 | (0.20) |  | (0.20) | 11.61 | 33.57% | 1228416 | 0.25% | 0.25% | 1.73% | 7% |
| &nbsp;&nbsp;Year Ended June 30, 2020 | 9.70 | 0.18 <sup>(d)</sup> | (0.83) | (0.65) | (0.20) | — <sup>(f)</sup> | (0.20) | 8.85 | (6.83)% | 1340256 | 0.44% | 0.44% | 1.96% | 64% |
| &nbsp;&nbsp;Year Ended June 30, 2019 | 10.57 | 0.34 <sup>(d)</sup> | (0.40) | (0.06) | (0.42) | (0.39) | (0.81) | 9.70 | 0.09% | 1886176 | 0.42% | 0.42% | 3.46% | 38% |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 10.38 | 0.35 | 0.26 | 0.61 | (0.40) | (0.02) | (0.42) | 10.57 | 5.77% | 2332353 | 0.40% | 0.40% | 3.11% | 40% |
| &nbsp;&nbsp;**HC Advisors Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Period Ended June 30, 2019<sup>(f)</sup> | $10.56 | $0.22 <sup>(d)</sup> | $(0.69) | $(0.47) | $(0.15) | $(0.39) | $(0.54) | $9.55 | (4.06)% | $— | 0.67% | 0.42% | 2.14% | 38% |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 10.37 | 0.30 <sup>(d)</sup> | 0.31 | 0.61 | (0.40) | (0.02) | (0.42) | 10.56 | 5.78% | 1868 | 0.65% | 0.40% | 2.78% | 40% |
| **The Emerging Markets Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**HC Strategic Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six Months ended December 31, 2022 (Unaudited) | $17.22 | $0.22 <sup>(d)</sup> | $(0.88) | $(0.66) | $(0.31) | $— <sup>(f)</sup> | $(0.31) | $16.25 | (3.88)% | $707685 | 0.50% | 0.50% | 2.71% | 1% |
| &nbsp;&nbsp;Year Ended June 30, 2022 | 23.10 | 0.40 <sup>(d)</sup> | (5.85) | (5.45) | (0.43) |  | (0.43) | 17.22 <sup>(g)</sup> | (23.87)% | 716399 | 0.52% | 0.46% | 1.96% | 20% |
| &nbsp;&nbsp;Year Ended June 30, 2021 | 16.96 | 0.25 <sup>(d)</sup> | 6.11 | 6.36 | (0.22) |  | (0.22) | 23.10 | 37.62% | 963673 | 0.51% | 0.51% | 1.20% | 8% |
| &nbsp;&nbsp;Year Ended June 30, 2020 | 18.14 | 0.48 <sup>(d)</sup> | (1.05) | (0.57) | (0.61) |  | (0.61) | 16.96 | (3.44)% | 941171 | 0.51% | 0.51% | 2.77% | 11% |
| &nbsp;&nbsp;Year Ended June 30, 2019 | 17.78 | 0.39 <sup>(d)</sup> | 0.30 | 0.69 | (0.33) |  | (0.33) | 18.14 | 4.11% | 1466128 | 0.58% | 0.58% | 2.24% | 50% |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 17.92 | 0.40 <sup>(d)</sup> | (0.13) | 0.27 | (0.41) |  | (0.41) | 17.78 | 1.34% | 1631863 | 0.67% | 0.67% | 2.09% | 55% |
| &nbsp;&nbsp;**HC Advisors Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Period Ended June 30, 2019<sup>(f)</sup> | $17.78 | $0.38 <sup>(d)</sup> | $(0.58) | $(0.20) | $(0.33) | $— | $(0.33) | $17.25 | (0.99)% | $— | 0.84% | 0.59% | 2.19% | 50% |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 17.92 | 0.38 <sup>(d)</sup> | (0.11) | 0.27 | (0.41) |  | (0.41) | 17.78 | 1.34% | 1451 | 0.92% | 0.67% | 1.97% | 55% |

---

\* The expense ratios reflected do not include acquired fund fees and expenses of investment companies, in which a portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Portfolio turnover is calculated on the basis of the Portfolio, as a whole, without distinguishing between the classes of shares issued.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share amounts are based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(e) HC Advisors Shares are still offered, but were fully redeemed on May 1, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;(f) HC Advisors Shares are still offered, but were fully redeemed on May 13, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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.

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

Financial Highlights (continued)

Selected data for a share outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Change in Net Assets<br> Resulting from Operations** | **Change in Net Assets<br> Resulting from Operations** | **Change in Net Assets<br> Resulting from Operations** | **Distributions to Shareholders:** | **Distributions to Shareholders:** | **Distributions to Shareholders:** | | | | **Ratios/Supplementary Data:** | **Ratios/Supplementary Data:** | **Ratios/Supplementary Data:** | **Ratios/Supplementary Data:** |
|  | <br>**Net Asset <br> Value, <br> Beginning <br> of Period** | **Net <br> Investment <br> Income/ <br> (Loss)** | **Net Realized/ <br> Unrealized <br> Gains/ <br> (Losses) on <br> Investments** | **Total from <br> Operations** | **Net <br> Investment <br> Income** | **Net <br> Realized <br> Gains from <br> Investments** | **Total <br> Distributions <br> to <br> Shareholders** | <br>**Net Asset <br> Value, End <br> of Period** | <br>**Total <br> Return<sup>(a)</sup>** | <br>**Net Assets,<br> at End of <br> Period <br> (in thousands)** | **Ratio of <br> Expenses to <br> Average Net <br> Assets, Prior to <br> Expenses Paid <br> Indirectly and <br> Waivers<sup>(b)</sup>** | **Ratio of <br> Expenses to <br> Average Net <br> Assets, Net of <br> Expenses Paid <br> Indirectly and <br> Waivers<sup>(b)</sup>** | **Ratio of Net <br> Investment <br> Income/<br> (Loss) to <br> Average Net <br> Assets<sup>(b)</sup>** | **Portfolio <br> Turnover <br> Rate<sup>(a)(c)</sup>** |
| **The Core Fixed Income Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**HC Strategic Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six Months ended December 31, 2022 (Unaudited) | $8.82 | $0.19 <sup>(d)</sup> | $(0.38) | $(0.19) | $(0.21) | $— | $(0.21) | $8.42 | (2.39)% | $65149 | 0.39% | 0.39% | 4.41% | 36 %<sup>(e)</sup> |
| &nbsp;&nbsp;Year Ended June 30, 2022 | 10.27 | 0.18 <sup>(d)</sup> | (1.35) | (1.17) | (0.19) | (0.09) | (0.28) | 8.82 | (11.58)% | 57494 | 0.36% | 0.36% | 1.87% | 33 %<sup>(e)</sup> |
| &nbsp;&nbsp;Year Ended June 30, 2021 | 10.59 | 0.18 <sup>(d)</sup> | (0.17) | 0.01 | (0.21) | (0.12) | (0.33) | 10.27 | 0.09% | 66230 | 0.33% | 0.33% | 1.71% | 38 %<sup>(e)</sup> |
| &nbsp;&nbsp;Year Ended June 30, 2020 | 9.98 | 0.25 <sup>(d)</sup> | 0.62 | 0.87 | (0.26) |  | (0.26) | 10.59 | 8.85% | 66278 | 0.32% | 0.32% | 2.42% | 36 %<sup>(e)</sup> |
| &nbsp;&nbsp;Year Ended June 30, 2019 | 9.49 | 0.25 <sup>(d)</sup> | 0.51 | 0.76 | (0.27) |  | (0.27) | 9.98 | 8.12% | 68267 | 0.35% | 0.35% | 2.63% | 34 %<sup>(e)</sup> |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 9.80 | 0.22 | (0.30) | (0.08) | (0.23) |  | (0.23) | 9.49 | (0.85)% | 65387 | 0.33% | 0.33% | 2.26% | 44 %<sup>(e)</sup> |
| &nbsp;&nbsp;**HC Advisors Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Period Ended June 30, 2019<sup>(f)</sup> | $9.49 | $0.25 <sup>(d)</sup> | $0.23 | $0.48 | $(0.22) | $— | $(0.22) | $9.75 | 5.14% | $— | 0.60% | 0.35% | 2.63% | 34 %<sup>(e)</sup> |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 9.79 | 0.23 | (0.30) | (0.07) | (0.23) |  | (0.23) | 9.49 | (0.75)% | 1362 | 0.58% | 0.33% | 2.25% | 44 %<sup>(e)</sup> |
| **The Corporate Opportunities Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**HC Strategic Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six Months ended December 31, 2022 (Unaudited) | $6.67 | $0.13 <sup>(d)</sup> | $(0.13) | $— <sup>(g)</sup> | $(0.13) | $— | $(0.13) | $6.54 | 0.04% | $225506 | 0.29% | 0.29% | 3.75% | 75% |
| &nbsp;&nbsp;Year Ended June 30, 2022 | 8.07 | 0.02 <sup>(d)</sup> | (0.58) | (0.56) | (0.02) | (0.82) | (0.84) | 6.67 | (8.03)% | 259087 | 0.21% | 0.21% | 0.27% | 44% |
| &nbsp;&nbsp;Year Ended June 30, 2021 | 7.14 | 0.01 <sup>(d)</sup> | 0.93 | 0.94 | (0.01) |  | (0.01) | 8.07 | 13.17% | 307343 | 0.21% | 0.21% | 0.12% | 123% |
| &nbsp;&nbsp;Year Ended June 30, 2020 | 7.01 | 0.20 <sup>(d)</sup> | 0.16 | 0.36 | (0.23) |  | (0.23) | 7.14 | 5.23% | 436857 | 0.32% | 0.32% | 2.81% | 40% |
| &nbsp;&nbsp;Year Ended June 30, 2019 | 6.85 | 0.40 <sup>(d)</sup> | 0.17 | 0.57 | (0.41) |  | (0.41) | 7.01 <sup>(g)</sup> | 8.62% | 597848 | 0.47% | 0.47% | 5.81% | 52% |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 6.95 | 0.38 | (0.10) | 0.28 | (0.38) |  | (0.38) | 6.85 | 4.06% | 673271 | 0.44% | 0.44% | 5.46% | 38% |
| &nbsp;&nbsp;**HC Advisors Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Period Ended June 30, 2019<sup>(f)</sup> | $6.85 | $0.39 <sup>(d)</sup> | $0.05 | $0.44 | $(0.30) | $— | $(0.30) | $6.99 | 6.61% | $— | 0.72% | 0.47% | 5.74% | 52% |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 6.95 | 0.42 | (0.14) | 0.28 | (0.38) |  | (0.38) | 6.85 | 4.06% | 362 | 0.69% | 0.44% | 5.43% | 38% |
| **The U.S. Government Fixed Income Securities Portfolio** | **The U.S. Government Fixed Income Securities Portfolio** | **The U.S. Government Fixed Income Securities Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**HC Strategic Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six Months ended December 31, 2022 (Unaudited) | $8.86 | $0.25 <sup>(d)</sup> | $(0.45) | $(0.20) | $(0.25) | $— | $(0.25) | $8.41 | (2.33)% | $927547 | 0.17% | 0.17% | 5.72% | 31% |
| &nbsp;&nbsp;Year Ended June 30, 2022 | 9.99 | 0.18 <sup>(d)</sup> | (1.10) | (0.92) | (0.15) | (0.06) | (0.21) | 8.86 | (9.40)% | 628468 | 0.22% | 0.22% | 1.93% | 41% |
| &nbsp;&nbsp;Year Ended June 30, 2021 | 10.83 | 0.15 <sup>(d)</sup> | (0.50) | (0.35) | (0.15) | (0.34) | (0.49) | 9.99 | (3.30)% | 256466 | 0.20% | 0.20% | 1.47% | 67% |
| &nbsp;&nbsp;Year Ended June 30, 2020 | 10.03 | 0.21 <sup>(d)</sup> | 0.80 | 1.01 | (0.21) |  | (0.21) | 10.83 | 10.21% | 305689 | 0.19% | 0.19% | 1.99% | 58% |
| &nbsp;&nbsp;Year Ended June 30, 2019 | 9.59 | 0.21 <sup>(d)</sup> | 0.44 | 0.65 | (0.21) |  | (0.21) | 10.03 | 6.87% | 305531 | 0.20% | 0.20% | 2.22% | 31% |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 9.84 | 0.17 | (0.25) | (0.08) | (0.17) |  | (0.17) | 9.59 | (0.79)% | 233377 | 0.19% | 0.19% | 1.81% | 33% |

---

\* The expense ratios reflected do not include acquired fund fees and expenses of investment companies, in which a portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Portfolio turnover is calculated on the basis of the Portfolio, as a whole, without distinguishing between the classes of shares issued.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share amounts are based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio turnover does not include TBA security transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(f) HC Advisors Shares are still offered, but were fully redeemed on May 13, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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.

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

Financial Highlights (continued)

Selected data for a share outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Change in Net Assets<br> Resulting from Operations** | **Change in Net Assets<br> Resulting from Operations** | **Change in Net Assets<br> Resulting from Operations** | **Distributions to Shareholders:** | **Distributions to Shareholders:** | **Distributions to Shareholders:** | | | | **Ratios/Supplementary Data:** | **Ratios/Supplementary Data:** | **Ratios/Supplementary Data:** | **Ratios/Supplementary Data:** |
|  | <br>**Net Asset <br> Value, <br> Beginning <br> of Period** | **Net <br> Investment <br> Income/ <br> (Loss)** | **Net Realized/ <br> Unrealized <br> Gains/ <br> (Losses) on <br> Investments** | **Total from <br> Operations** | **Net <br> Investment <br> Income** | **Net <br> Realized <br> Gains from <br> Investments** | **Total <br> Distributions <br> to <br> Shareholders** | <br>**Net Asset <br> Value, End <br> of Period** | <br>**Total <br> Return** | <br>**Net Assets,<br> at End of <br> Period <br> (in thousands)** | **Ratio of <br> Expenses to <br> Average Net <br> Assets, Prior <br> to Expenses <br> Paid Indirectly <br> and Waivers** | **Ratio of <br> Expenses to <br> Average Net <br> Assets, Net of <br> Expenses Paid <br> Indirectly <br> and Waivers** | **Ratio of Net <br> Investment <br> Income/<br> (Loss) to <br> Average Net <br> Assets** | **Portfolio <br> Turnover <br> Rate<sup>(a)</sup>** |
| **The U.S. Corporate Fixed Income Securities Portfolio** | **The U.S. Corporate Fixed Income Securities Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**HC Strategic Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six Months ended December 31, 2022 (Unaudited) | $8.79 | $0.15 <sup>(b)</sup> | $(0.20) | $(0.05) | $(0.18) | $— | $(0.18) | $8.56 | (0.85)% | $260244 | 0.23% | 0.23% | 3.48% | 17% |
| &nbsp;&nbsp;Year Ended June 30, 2022 | 10.66 | 0.26 <sup>(b)</sup> | (1.48) | (1.22) | (0.26) | (0.39) | (0.65) | 8.79 | (12.12)% | 257699 | 0.21% | 0.21% | 2.63% | 31% |
| &nbsp;&nbsp;Year Ended June 30, 2021 | 10.92 | 0.30 <sup>(b)</sup> | 0.05 | 0.35 | (0.31) | (0.30) | (0.61) | 10.66 | 3.21% | 270435 | 0.23% | 0.23% | 2.77% | 46% |
| &nbsp;&nbsp;Year Ended June 30, 2020 | 10.29 | 0.32 <sup>(b)</sup> | 0.70 | 1.02 | (0.32) | (0.07) | (0.39) | 10.92 | 10.10% | 347653 | 0.21% | 0.21% | 3.04% | 43% |
| &nbsp;&nbsp;Year Ended June 30, 2019 | 9.59 | 0.34 <sup>(b)</sup> | 0.70 | 1.04 | (0.34) |  | (0.34) | 10.29 | 11.07% | 312255 | 0.21% | 0.21% | 3.47% | 25% |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 10.03 | 0.29 | (0.41) | (0.12) | (0.29) | (0.03) | (0.32) | 9.59 | (1.21)% | 286956 | 0.20% | 0.20% | 3.00% | 45% |
| **The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio** | **The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio** | **The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**HC Strategic Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six Months ended December 31, 2022 (Unaudited) | $8.58 | $0.11 <sup>(b)</sup> | $(0.34) | $(0.23) | $(0.12) | $— | $(0.12) | $8.23 | (2.74)% | $216356 | 0.24% | 0.24% | 2.63% | 7 %<sup>(c)</sup> |
| &nbsp;&nbsp;Year Ended June 30, 2022 | 9.55 | 0.17 <sup>(b)</sup> | (0.97) | (0.80) | (0.17) |  | (0.17) | 8.58 | (8.51)% | 213253 | 0.23% | 0.23% | 1.83% | 27 %<sup>(c)</sup> |
| &nbsp;&nbsp;Year Ended June 30, 2021 | 9.80 | 0.09 <sup>(b)</sup> | (0.14) | (0.05) | (0.20) |  | (0.20) | 9.55 | (0.51)% | 215034 | 0.23% | 0.23% | 0.96% | 46 %<sup>(c)</sup> |
| &nbsp;&nbsp;Year Ended June 30, 2020 | 9.57 | 0.20 <sup>(b)</sup> | 0.28 | 0.48 | (0.25) |  | (0.25) | 9.80 | 5.12% | 249509 | 0.22% | 0.22% | 2.04% | 32 %<sup>(c)</sup> |
| &nbsp;&nbsp;Year Ended June 30, 2019 | 9.32 | 0.24 <sup>(b)</sup> | 0.28 | 0.52 | (0.27) |  | (0.27) | 9.57 | 5.70% | 216403 | 0.24% | 0.24% | 2.60% | 15 %<sup>(c)</sup> |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 9.59 | 0.21 | (0.23) | (0.02) | (0.25) |  | (0.25) | 9.32 | (0.20)% | 205138 | 0.23% | 0.23% | 2.24% | 17 %<sup>(c)</sup> |
| **The Short-Term Municipal Bond Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**HC Strategic Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six Months ended December 31, 2022 (Unaudited) | $9.60 | $0.06 <sup>(b)</sup> | $(0.03) | $0.03 | $(0.07) | $— | $(0.07) | $9.56 | 0.36% | $79157 | 0.29% | 0.29% | 1.31% | 18% |
| &nbsp;&nbsp;Year Ended June 30, 2022 | 10.01 | 0.08 <sup>(b)</sup> | (0.41) | (0.33) | (0.08) |  | (0.08) | 9.60 | (3.27)% | 140020 | 0.28% | 0.28% | 0.82% | 32% |
| &nbsp;&nbsp;Year Ended June 30, 2021 | 10.05 | 0.09 <sup>(b)</sup> | (0.04) | 0.05 | (0.09) | — <sup>(d)</sup> | (0.09) | 10.01 | 0.51% | 150484 | 0.28% | 0.28% | 0.91% | 18% |
| &nbsp;&nbsp;Year Ended June 30, 2020 | 9.93 | 0.14 <sup>(b)</sup> | 0.12 | 0.26 | (0.14) |  | (0.14) | 10.05 | 2.68% | 135065 | 0.28% | 0.28% | 1.44% | 21% |
| &nbsp;&nbsp;Year Ended June 30, 2019 | 9.80 | 0.15 <sup>(b)</sup> | 0.13 | 0.28 | (0.15) |  | (0.15) | 9.93 | 2.88% | 106274 | 0.28% | 0.28% | 1.56% | 15% |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 9.87 | 0.11 | (0.08) | 0.03 | (0.10) |  | (0.10) | 9.80 | 0.34% | 79612 | 0.33% | 0.33% | 1.23% | 19% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Portfolio Turnover is calculated on the basis of the Portfolio as a whole, without distinguishing between the classes of shares issued.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Portfolio Turnover does not include TBA security transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amounts round 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<br> Resulting from Operations** | **Change in Net Assets<br> Resulting from Operations** | **Change in Net Assets<br> Resulting from Operations** | **Distributions to Shareholders:** | **Distributions to Shareholders:** | **Distributions to Shareholders:** | | | | **Ratios/Supplementary Data:** | **Ratios/Supplementary Data:** | **Ratios/Supplementary Data:** | **Ratios/Supplementary Data:** |
|  | <br>**Net Asset <br> Value, <br> Beginning <br> of Period** | **Net <br> Investment <br> Income/<br> (Loss)** | **Net Realized/ <br> Unrealized <br> Gains/<br> (Losses) on <br> Investments** | **Total from <br> Operations** | **Net <br> Investment <br> Income** | **Net <br> Realized <br> Gains from <br> Investments** | **Total <br> Distributions <br> to <br> Shareholders** | <br>**Net Asset <br> Value, End <br> of Period** | <br>**Total <br> Return<sup>(a)</sup>** | <br>**Net Assets,<br> at End of<br> Period<br> (in thousands)** | **Ratio of <br> Expenses to <br> Average Net <br> Assets, Prior to <br> Expenses Paid <br> Indirectly and <br> Waivers**\***<sup>(b)</sup>** | **Ratio of <br> Expenses to <br> Average Net <br> Assets, Net of <br> Expenses Paid <br> Indirectly and <br> Waivers**\***<sup>(b)</sup>** | **Ratio of Net <br> Investment <br> Income/<br> (Loss) to <br> Average Net <br> Assets<sup>(b)</sup>** | **Portfolio <br> Turnover <br> Rate<sup>(a)(c)</sup>** |
| **The Intermediate Term Municipal Bond Portfolio** | **The Intermediate Term Municipal Bond Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**HC Strategic Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six Months ended December 31, 2022 (Unaudited) | $9.63 | $0.09 <sup>(d)</sup> | $(0.01) | $0.08 | $(0.09) | $— | $(0.09) | $9.62 | 0.82% | $324043 | 0.31% | 0.31% | 1.78% | 15% |
| &nbsp;&nbsp;Year Ended June 30, 2022 | 10.42 | 0.16 <sup>(d)</sup> | (0.77) | (0.61) | (0.16) | (0.02) | (0.18) | 9.63 | (5.98)% | 371098 | 0.31% | 0.31% | 1.56% | 7% |
| &nbsp;&nbsp;Year Ended June 30, 2021 | 10.32 | 0.17 <sup>(d)</sup> | 0.11 | 0.28 | (0.18) |  | (0.18) | 10.42 | 2.70% | 388073 | 0.30% | 0.30% | 1.61% | 17% |
| &nbsp;&nbsp;Year Ended June 30, 2020 | 10.21 | 0.20 <sup>(d)</sup> | 0.12 | 0.32 | (0.20) | (0.01) | (0.21) | 10.32 | 3.21% | 391308 | 0.31% | 0.31% | 1.92% | 36% |
| &nbsp;&nbsp;Year Ended June 30, 2019 | 9.90 | 0.22 <sup>(d)</sup> | 0.31 | 0.53 | (0.22) |  | (0.22) | 10.21 | 5.45% | 393097 | 0.32% | 0.32% | 2.21% | 27% |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 10.08 | 0.19 | (0.18) | 0.01 | (0.19) |  | (0.19) | 9.90 | 0.13% | 383200 | 0.29% | 0.29% | 1.94% | 26% |
| &nbsp;&nbsp;**HC Advisors Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Period Ended June 30, 2019<sup>(e)</sup> | $9.90 | $0.22 <sup>(d)</sup> | $0.32 | $0.54 | $(0.19) | $— | $(0.19) | $10.25 | 5.48% | $— | 0.57% | 0.31% | 2.20% | 27% |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 10.08 | 0.20 | (0.19) | 0.01 | (0.19) |  | (0.19) | 9.90 | 0.14% | 1008 | 0.54% | 0.29% | 1.94% | 26% |
| **The Intermediate Term Municipal Bond II Portfolio** | **The Intermediate Term Municipal Bond II Portfolio** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**HC Strategic Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six Months ended December 31, 2022 (Unaudited) | $9.35 | $0.09 <sup>(d)</sup> | $(0.36) | $(0.27) | $(0.10) | $— | $(0.10) | $8.98 | (2.88)% | $77325 | 0.37% | 0.37% | 2.01% | 9% |
| &nbsp;&nbsp;Year Ended June 30, 2022 | 10.64 | 0.20 <sup>(d)</sup> | (1.17) | (0.97) | (0.20) | (0.12) | (0.32) | 9.35 | (9.35)% | 87001 | 0.37% | 0.37% | 1.96% | 22% |
| &nbsp;&nbsp;Year Ended June 30, 2021 | 10.54 | 0.19 <sup>(d)</sup> | 0.11 | 0.30 | (0.19) | (0.01) | (0.20) | 10.64 | 2.92% | 89738 | 0.32% | 0.32% | 1.80% | 39% |
| &nbsp;&nbsp;Year Ended June 30, 2020 | 10.38 | 0.20 <sup>(d)</sup> | 0.18 | 0.38 | (0.21) | (0.01) | (0.22) | 10.54 | 3.69% | 79986 | 0.30% | 0.30% | 1.95% | 8% |
| &nbsp;&nbsp;Year Ended June 30, 2019 | 10.09 | 0.22 <sup>(d)</sup> | 0.30 | 0.52 | (0.22) | (0.01) | (0.23) | 10.38 | 5.26% | 78705 | 0.31% | 0.31% | 2.16% | 17% |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 10.30 | 0.22 | (0.21) | 0.01 | (0.22) | — <sup>(f)</sup> | (0.22) | 10.09 | 0.07% | 77455 | 0.27% | 0.27% | 2.14% | 22% |
| &nbsp;&nbsp;**HC Advisors Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Period Ended June 30, 2019<sup>(e)</sup> | $10.09 | $0.22 <sup>(d)</sup> | $0.05 | $0.27 | $(0.18) | $(0.01) | $(0.19) | $10.17 | 2.78% | $— | 0.56% | 0.30% | 2.18% | 17% |
| &nbsp;&nbsp;Year Ended June 30, 2018 | 10.30 | 0.22 | (0.21) | 0.01 | (0.22) | — <sup>(f)</sup> | (0.22) | 10.09 | 0.07% | 260 | 0.52% | 0.27% | 2.13% | 22% |

---

\* The expense ratios reflected do not include acquired fund fees and expenses of investment companies, in which a portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Portfolio turnover is calculated on the basis of the Portfolio, as a whole, without distinguishing between the classes of shares issued.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share amounts are based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(e) HC Advisors Shares are still offered, but were fully redeemed on May 1, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Amount rounds to less than $0.005 per share.

*See accompanying notes to financial statements.* 

**HC CAPITAL TRUST** 

Notes to Financial Statements — December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2022, the Trust offered seventeen separate investment portfolios: The Value Equity Portfolio ("Value Portfolio"), The Growth Equity Portfolio ("Growth Portfolio"), The Institutional U.S. Equity Portfolio ("Institutional U.S. Portfolio"), The Small Capitalization-Mid Capitalization Equity Portfolio ("Small Cap-Mid Cap 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"), The Intermediate Term Municipal Bond Portfolio ("Intermediate Municipal Portfolio"), and The Intermediate Term Municipal Bond II Portfolio ("Intermediate Municipal II 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 two classes of shares: HC Advisors Shares and HC Strategic Shares. As of December 31, 2022, the HC Advisors Shares were not active for any of the Portfolios. Each class of shares for each of the Portfolios has identical rights and privileges except with respect to voting rights on matters affecting a single 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, 2022, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

**HC CAPITAL TRUST** 

Notes to Financial Statements (continued) — December 31, 2022 (Unaudited)

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical assets that each Portfolio has the ability to access

● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

● Level 3 — 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 1 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 1 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 2 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 1 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 2 in the fair value hierarchy.

Mutual Funds: Mutual funds are valued at their respective daily net asset value and are typically categorized as Level 1 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 2 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 2 in the fair value hierarchy.

Short-Term Obligations: Short-term obligations with maturities of 60 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 2 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 2 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 1 in the fair value hierarchy. Forward currency contracts are valued using market quotes posted by major currency dealers and are typically categorized as Level 2 in the fair value hierarchy.

**HC CAPITAL TRUST** 

Notes to Financial Statements (continued) — December 31, 2022 (Unaudited)

The following is a summary of the inputs used to value the following Portfolios' securities as of December 31, 2022 (amounts in thousands). The breakdown of investment categorization is disclosed in the Schedule of Portfolio Investments for each Portfolio.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **LEVEL 1 – <br> Quoted <br> Prices** | **LEVEL 2 – <br> Other <br> Significant <br> Observable <br> Inputs** | **LEVEL 3 – <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| **Value Portfolio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks  | $575086 | $— | $— | $575086 |
| &nbsp;&nbsp;&nbsp;Investment Company  | 6350 |  |  | 6350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Securities  | $581436 | $— | $— | $581436 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments<sup>1</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures  | $43 | $— | $— | $43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments  | $581479 | $— | $— | $581479 |
| **Growth Portfolio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks  | $678845 | $— | $— | $678845 |
| &nbsp;&nbsp;&nbsp;Investment Companies  | 3671 |  |  | 3671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Securities  | $682516 | $— | $— | $682516 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments<sup>1</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures  | $(24) | $— | $— | $(24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments  | $682492 | $— | $— | $682492 |
| **Institutional U.S. Portfolio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks  | $1691828 | $— | $— | $1691828 |
| &nbsp;&nbsp;&nbsp;Contingent Right  |  |  | —<sup>2</sup> |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Fund  | 111025 |  |  | 111025 |
| &nbsp;&nbsp;&nbsp;Investment Companies  | 649402 |  |  | 649402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Securities  | $2452255 | $— | $— | $2452255 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments<sup>1</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures  | $(22875) | $— | $— | $(22875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments  | $2429380 | $— | $— | $2429380 |
| **Small Cap-Mid Cap Portfolio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks  | $68278 | $5 | $— | $68283 |
| &nbsp;&nbsp;&nbsp;Contingent Rights  | 62 | 1 | —<sup>2</sup> | 63 |
| &nbsp;&nbsp;&nbsp;Investment Companies  | 3756 |  |  | 3756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Securities  | $72096 | $6 | $— | $72102 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments<sup>1</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures  | $(49) | $— | $— | $(49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments  | $72047 | $6 | $— | $72053 |
| **ESG Growth Portfolio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks  | $146149 | $— | $—<sup>2</sup> | $146149 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks  | 67 |  |  | 67 |

---

**HC CAPITAL TRUST** 

Notes to Financial Statements (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **LEVEL 1 – <br> Quoted <br> Prices** | **LEVEL 2 – <br> Other <br> Significant <br> Observable <br> Inputs** | **LEVEL 3 – <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| **ESG Growth Portfolio (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Company  | $151 | $— | $— | $151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Securities  | $146367 | $— | $— | $146367 |
| **Catholic SRI Growth Portfolio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks  | $24041 | $— | $—<sup>2</sup> | $24041 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks  | 31 |  |  | 31 |
| &nbsp;&nbsp;&nbsp;Investment Companies  | 27 |  |  | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Securities  | $24099 | $— | $— | $24099 |
| **International Portfolio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks  | $488091 | $— | $—<sup>2</sup> | $488091 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks  | 2488 |  |  | 2488 |
| &nbsp;&nbsp;&nbsp;Investment Companies  | 17838 |  |  | 17838 |
| &nbsp;&nbsp;&nbsp;Purchased Options  | 101 |  |  | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Securities  | $508518 | $— | $— | $508518 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments<sup>1</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future  | $(425) | $— | $— | $(425) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options  | (210) |  |  | (210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments  | $507883 | $— | $— | $507883 |
| **Institutional International Portfolio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks  | $442192 | $— | $—<sup>2</sup> | $442192 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks  | 1672 |  |  | 1672 |
| &nbsp;&nbsp;&nbsp;Rights  | 3 |  |  | 3 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Fund  | 59 |  |  | 59 |
| &nbsp;&nbsp;&nbsp;Investment Companies  | 168900 |  |  | 168900 |
| &nbsp;&nbsp;&nbsp;Purchased Options  | 838 |  |  | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Securities  | $613664 | $— | $— | $613664 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments<sup>1</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future  | $621 | $— | $— | $621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options  | (1470) |  |  | (1470) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments  | $612719 | $— | $— | $612719 |
| **Emerging Markets Portfolio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks  | $579777 | $4356 | $—<sup>2</sup> | $584133 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks  | 8457 |  |  | 8457 |
| &nbsp;&nbsp;&nbsp;Rights  |  |  | —<sup>2</sup> |  |
| &nbsp;&nbsp;&nbsp;Investment Companies  | 55690 |  |  | 55690 |
| &nbsp;&nbsp;&nbsp;Purchased Options  | 155 |  |  | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Securities  | $644079 | $4356 | $— | $648435 |

---

**HC CAPITAL TRUST** 

Notes to Financial Statements (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **LEVEL 1 – <br> Quoted <br> Prices** | **LEVEL 2 – <br> Other <br> Significant <br> Observable <br> Inputs** | **LEVEL 3 – <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| **Emerging Markets Portfolio (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments<sup>1</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures  | $(1051) | $— | $— | $(1051) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options  | (310) |  |  | (310) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps  |  | (915) |  | (915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments  | $642718 | $3441 | $— | $646159 |
| **Core Fixed Income Portfolio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities  | $— | $89 | $— | $89 |
| &nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations  |  | 622 |  | 622 |
| &nbsp;&nbsp;&nbsp;U.S. Government Agency Mortgages  |  | 8990 |  | 8990 |
| &nbsp;&nbsp;&nbsp;U.S. Government Agency Securities  |  | 630 |  | 630 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds  |  | 10267 |  | 10267 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations  |  | 20587 |  | 20587 |
| &nbsp;&nbsp;&nbsp;Yankee Dollars  |  | 1307 |  | 1307 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Fund  | 18521 |  |  | 18521 |
| &nbsp;&nbsp;&nbsp;Investment Companies  | 4597 |  |  | 4597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Securities  | $23118 | $42492 | $— | $65610 |
| **Corporate Opportunities Portfolio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock  | $— | $— | $—<sup>2</sup> | $— |
| &nbsp;&nbsp;&nbsp;Investment Companies  | 220240 |  |  | 220240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Securities  | $220240 | $— | $— | $220240 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments<sup>1</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures  | $(2263) | $— | $— | $(2263) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments  | $217977 |  | $— | $217977 |
| **U.S. Government Fixed Income Portfolio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Agency Securities  | $— | $12363 | $— | $12363 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations  |  | 428457 |  | 428457 |
| &nbsp;&nbsp;&nbsp;Yankee Dollar  |  | 115 |  | 115 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Fund  | 476559 |  |  | 476559 |
| &nbsp;&nbsp;&nbsp;Investment Companies  | 9200 |  |  | 9200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Securities  | $485759 | $440935 | $— | $926694 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments<sup>1</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures.  | $(24) | $— | $— | $(24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments.  | $485735 | $440935 | $— | $926670 |
| **U.S. Corporate Fixed Income Portfolio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds  | $— | $192383 | $— | $192383 |
| &nbsp;&nbsp;&nbsp;Yankee Dollars  |  | 23098 |  | 23098 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Fund  | 37828 |  | 37828 |  |

---

**HC CAPITAL TRUST** 

Notes to Financial Statements (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **LEVEL 1 – <br> Quoted <br> Prices** | **LEVEL 2 – <br> Other <br> Significant <br> Observable <br> Inputs** | **LEVEL 3 – <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| **U.S. Corporate Fixed Income Portfolio (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Companies  | $4438 | $— | $— | $4438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Securities  | $42266 | $215481 | $— | $257747 |
| **U.S. Mortgage/Asset Backed Fixed Income Portfolio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities  | $— | $2120 | $— | $2120 |
| &nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations  |  | 11846 |  | 11846 |
| &nbsp;&nbsp;&nbsp;U.S. Government Agency Mortgages  |  | 176103 |  | 176103 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds  |  | 212 |  | 212 |
| &nbsp;&nbsp;&nbsp;Investment Company  | 41961 |  |  | 41961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Securities  | $41961 | $190281 | $— | $232242 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments<sup>1</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TBA Sale Commitments  | $— | $(693) | $— | $(693) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments  | $41961 | $189588 | $— | $231549 |
| **Short-Term Municipal Portfolio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds  | $— | $79868 | $— | $79868 |
| &nbsp;&nbsp;&nbsp;Investment Company  | 1808 |  |  | 1808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Securities  | $1808 | $79868 | $— | $81676 |
| **Intermediate Municipal Portfolio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds  | $— | $322678 | $— | $322678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Securities  | $— | $322678 | $— | $322678 |
| **Intermediate Municipal II Portfolio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds  | $— | $36867 | $— | $36867 |
| &nbsp;&nbsp;&nbsp;Investment Companies  | 39872 |  |  | 39872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Securities  | $39872 | $36867 | $— | $76739 |

---

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

<sup>1</sup> &nbsp;&nbsp;&nbsp;&nbsp;Other Financial Instruments are TBA sale commitments or derivative instruments not reflected in the total investment securities, 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. 

<sup>2</sup> &nbsp;&nbsp;&nbsp;&nbsp;A reconciliation of assets in which Level 3 inputs are used in determining fair value, along with the additional quantitative disclosures, are presented when there are significant Level 3 investments at the end of the period. As of December 31, 2022, Level 3 investments were 0.00% of net assets and are not considered significant. 

The Portfolios' financial instruments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.

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

**HC CAPITAL TRUST** 

Notes to Financial Statements (continued) — December 31, 2022 (Unaudited)

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Allocations. Expenses directly attributable to a Portfolio are charged to that Portfolio. Class-specific expenses, if any, are borne by that class. Other expenses are allocated proportionately among the Portfolios in relation to the net assets of each Portfolio or by another appropriate method. Income, non-class-specific expenses and realized and unrealized gains and losses are allocated to the respective classes based on relative net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, Intermediate Municipal Portfolio and Intermediate Municipal II Portfolio declare and distribute dividends from net investment income, if any, on a monthly basis. The Value Portfolio, Growth Portfolio, Institutional U.S. Portfolio, Small Cap-Mid Cap 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

**HC CAPITAL TRUST** 

Notes to Financial Statements (continued) — December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 45 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2022, the following commissions were recaptured:

---

| | |
|:---|:---|
| **Portfolio** | **Commissions <br> Recaptured <br> (000)** |
| Growth Portfolio | $1 |
| Institutional U.S. Portfolio | 6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

**HC CAPITAL TRUST** 

Notes to Financial Statements (continued) — December 31, 2022 (Unaudited)

The following is a summary of the fair value of derivative instruments held by the Portfolios as of December 31, 2022 (amounts in thousands).

---

| | | | |
|:---|:---|:---|:---|
| | **Assets** | **Assets** | **Assets** |
| <br>**Portfolio** | **Unrealized <br> appreciation <br> on futures <br> contracts**\* | **Investments, <br> at value for <br> purchased <br> options** | **Swap <br> agreements, <br> at value**\* |
| **Equity Risk Exposure:** |  |  |  |
| Value Portfolio  | $43 | $— | $— |
| Growth Portfolio  | 4 |  |  |
| International Portfolio  | 19 | 149 |  |
| Institutional International Portfolio  | 184 | 811 |  |
| Emerging Markets Portfolio  | 28 | 192 | 1511 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Liabilities** | **Liabilities** | **Liabilities** |
| <br>**Portfolio** | **Unrealized <br> depreciation <br> on futures <br> contracts**\* | **Written <br> options, at <br> fair value** | **Swap <br> agreements, <br> at value**\* |
| **Equity Risk Exposure:** |  |  |  |
| Growth Portfolio  | $28 | $— | $— |
| Institutional U.S. Portfolio  | 22875 |  |  |
| Small Cap-Mid Cap Portfolio  | 49 |  |  |
| International Portfolio  | 444 | 210 |  |
| Institutional International Portfolio  | 805 | 1470 |  |
| Emerging Markets Portfolio  | 1079 | 310 | 2426 |
| Corporate Opportunities Portfolio  | (3101) |  |  |
| **Interest Rate Risk Exposure:** |  |  |  |
| Corporate Opportunities Portfolio  | 1473 |  |  |
| U.S. Government Fixed Income Portfolio  | (24) |  |  |

---

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

\* 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. 

**HC CAPITAL TRUST** 

Notes to Financial Statements (continued) — December 31, 2022 (Unaudited)

The following is a summary of the effect of derivative instruments on the Statements of Operations for the period ended December 31, 2022 (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Net realized <br> gains/(losses) <br> from futures <br> transactions** | **Net realized <br> gains/(losses) <br> from written <br> options <br> transactions** | **Net realized <br> gains/(losses) <br> from purchased <br> options <br> transactions** | **Net realized <br> gains/(losses) <br> from swap <br> transactions** |
| **Equity Risk Exposure:** |  |  |  |  |
| Value Portfolio  | $106 | $— | $— | $— |
| Growth Portfolio  | 807 |  |  |  |
| Institutional U.S Portfolio  | 29710 |  |  |  |
| Small Cap-Mid Cap Portfolio  | (21) |  |  |  |
| ESG Growth Portfolio  | (9) |  |  |  |
| International Portfolio  | 3973 | 1153 | (1117) |  |
| Institutional International Portfolio  | 4531 | 6593 | (7263) |  |
| Emerging Markets Portfolio  | 641 | 1507 | (1505) | (6271) |
| Corporate Opportunities Portfolio  | 5767 |  |  |  |
| **Interest Rate Risk Exposure:** |  |  |  |  |
| Corporate Opportunities Portfolio  | (6390) |  |  |  |
| U.S. Government Fixed Income Portfolio  | 224 | 12 |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Net Change in Unrealized Appreciation (Depreciation) <br> on Derivatives Recognized as a Result from Operations** | **Net Change in Unrealized Appreciation (Depreciation) <br> on Derivatives Recognized as a Result from Operations** | **Net Change in Unrealized Appreciation (Depreciation) <br> on Derivatives Recognized as a Result from Operations** | **Net Change in Unrealized Appreciation (Depreciation) <br> on Derivatives Recognized as a Result from Operations** |
| <br>**Portfolio** | **Change in <br> unrealized <br> appreciation/ <br> (depreciation) <br> on futures** | **Change in <br> unrealized <br> appreciation/ <br> (depreciation) <br> on written <br> options** | **Change in <br> unrealized <br> appreciation/ <br> (depreciation) <br> on purchased <br> options** | **Change in <br> unrealized <br> appreciation/ <br> (depreciation) <br> on swaps** |
| **Equity Risk Exposure:** |  |  |  |  |
| Value Portfolio  | $15 | $— | $— | $— |
| Growth Portfolio  | (64) |  |  |  |
| Institutional U.S. Portfolio  | (26303) |  |  |  |
| Small Cap-Mid Cap Portfolio  | 137 |  |  |  |
| International Portfolio  | (639) | 220 | (71) |  |
| Institutional International Portfolio  | (1626) | 993 | (182) |  |
| Emerging Markets Portfolio  | (1056) | 275 | (83) | (9952) |
| Corporate Opportunities Portfolio  | (1628) |  |  |  |
| U.S. Government Fixed Income Portfolio  | (24) |  |  |  |

---

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

**HC CAPITAL TRUST** 

Notes to Financial Statements (continued) — December 31, 2022 (Unaudited)

the Statements of Assets and Liabilities do not take into consideration the effects of legally enforceable MNA. The table below presents the gross and net amounts of these assets and liabilities with any offsets to reflect the Portfolio's ability to transact net amounts with counterparties at December 31, 2022.

As of December 31, 2022, each Portfolio's derivative assets and liabilities by type are as follows (amounts in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Value Portfolio** | **Value Portfolio** | **Growth Portfolio** | **Growth Portfolio** | **Institutional <br> U.S. Portfolio** | **Institutional <br> U.S. Portfolio** |
|  | **Assets** | **Liabilities** | **Assets** | **Liabilities** | **Assets** | **Liabilities** |
| Derivative Financial Instruments:  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts  | $43 | $— | $4 | $28 | $— | $22875 |
| Total derivative assets and liabilities on the Statements of Assets and Liabilities  | 43 |  |  |  |  |  |
| Derivatives not subject to a MNA or similar agreement  | (43) |  | (4) | (28) |  | (22875) |
| Total assets and liabilities subject to a MNA  | $— | $— | $— | $— | $— | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap-Mid <br> Cap Portfolio** | **Small Cap-Mid <br> Cap Portfolio** | **International <br> Portfolio**  | **International <br> Portfolio**  | **Institutional <br> International <br> Portfolio**  | **Institutional <br> International <br> Portfolio**  |
|  | **Assets** | **Liabilities** | **Assets** | **Liabilities** | **Assets** | **Liabilities** |
| Derivative Financial Instruments:  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts  | $— | $49 | $19 | $444 | $184 | $805 |
| &nbsp;&nbsp;&nbsp;Options on futures contracts\*  |  |  | 101 | 210 | 838 | 1470 |
| Total derivative assets and liabilities on the Statements of Assets and Liabilities  |  | 49 | 120 | 654 | 1022 | 2275 |
| Derivatives not subject to a MNA or similar agreement  |  | (49) |  |  |  |  |
| Total assets and liabilities subject to a MNA  | $— | $— |  | $— | $— | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets <br> Portfolio** | **Emerging Markets <br> Portfolio** | **Corporate <br> Opportunities <br> Portfolio** | **Corporate <br> Opportunities <br> Portfolio** |
|  | **Assets** | **Liabilities** | **Assets** | **Liabilities** |
| Derivative Financial Instruments:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts  | $28 | $1079 | $— | $2263 |
| &nbsp;&nbsp;&nbsp;Options on futures contracts\*  | 155 | 310 |  |  |
| &nbsp;&nbsp;&nbsp;Swap agreements  | 1511 | 2426 |  |  |
| Total derivative assets and liabilities on the Statements of Assets and Liabilities  | 1694 | 3815 |  | 2263 |
| Derivatives not subject to a MNA or similar agreement  | (28) | (1079) |  |  |
| Total assets and liabilities subject to a MNA  | $1666 | $2736 | $— | $— |

---

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

\* Includes options contracts purchased at value as reported on the Statements of Assets and Liabilities.

**HC CAPITAL TRUST** 

Notes to Financial Statements (continued) — December 31, 2022 (Unaudited)

The following table represents the Emerging Markets Portfolio's derivative assets by counterparty, net of amounts available for offset under an MNA and net of the related collateral received by the Portfolio as of December 31, 2022 (amounts in thousands).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative <br> Assets Subject <br> to a MNA by <br> Counterparty**  | **Derivatives <br> Available <br> for Offset**  | **Non-cash <br> Collateral <br> Received<sup>(a)</sup>**  | **Cash Collateral <br> Received<sup>(a)</sup>**  | **Net Amount <br> of Derivative <br> Assets**  |
| **Emerging Markets Portfolio**  |  |  |  |  |  |
|  Morgan Stanley  | $1511 | $(1511) | $— | $— | $— |
|  Total  | $1511 | $(1511) | $— | $— | $— |

---

The following table represents the Emerging Markets Portfolio's derivative liabilities by counterparty, net of amounts available for offset under an MNA and net of the related collateral pledged by the Portfolio as of December 31, 2022 (amounts in thousands).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty**  | **Derivative <br> Liabilities <br> Subject to <br> a MNA by <br> Counterparty**  | **Derivatives <br> Available <br> for Offset**  | **Non-cash <br> Collateral <br> Pledged<sup>(a)</sup>**  | **Cash Collateral <br> Pledged<sup>(a)</sup>**  | **Net Amount <br> of Derivative <br> Liabilities**  |
| **Emerging Markets Portfolio** |  |  |  |  |  |
| Morgan Stanley  | $(2426) | $1511 | $— | $— | $(915) |
| Total  | $(2426) | $1511 | $— | $— | $(915) |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) The actual collateral received or pledged may be in excess of the amounts shown in the tables. The tables only reflect collateral amounts up to the amount of the financial instruments disclosed on the Statements of Assets and Liabilities.

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, 2022, 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. The Portfolios did not invest in forward currency contracts during the period ended December 31, 2022.

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

**HC CAPITAL TRUST** 

Notes to Financial Statements (continued) — December 31, 2022 (Unaudited)

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 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, 2022, and the month-end average notional amount for the period ended December 31, 2022 are detailed in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Outstanding<br> Notional Amount <br> (000)** | **Outstanding<br> Notional Amount <br> (000)** | **Monthly Average <br> Notional Amount <br> (000)** | **Monthly Average <br> Notional Amount <br> (000)** |
| <br>**Futures Contracts:** | **Long** | **Short** | **Long** | **Short** |
| Value Portfolio  | $4940 | $— | $5268 | $— |
| Growth Portfolio  | 2729 |  | 7199 |  |
| Institutional U.S. Portfolio  | 735896 |  | 747852 |  |
| Small Cap-Mid Cap Portfolio  | 2125 |  | 3262 |  |
| ESG Growth Portfolio  |  |  | 162 |  |
| International Portfolio  | 23100 | 386 | 19641 | 2161 |
| Institutional International Portfolio  | 26512 | 3861 | 31248 | 10069 |
| Emerging Markets Portfolio  | 68021 | 579 | 70291 | 2887 |
| Corporate Opportunities Portfolio  | 175456 |  | 197529 |  |
| U.S. Government Fixed Income Portfolio  | 10219 |  | 3425 |  |

---

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, 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.

**HC CAPITAL TRUST** 

Notes to Financial Statements (continued) — December 31, 2022 (Unaudited)

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.

The notional value of purchased and written options outstanding at December 31, 2022 and the month-end average notional amount for the period ended December 31, 2022 are detailed in the table below:

---

| | | |
|:---|:---|:---|
| **Purchased Option Contracts:** | **Outstanding <br> Notional <br> Amount <br> (000)** | **Monthly <br> Average <br> Notional <br> Amount<br> (000)**  |
| International Portfolio  | $4768 | $11786 |
| Institutional International Portfolio  | 35975 | 74246 |
| Emerging Markets Portfolio  | 7070 | 15989 |

---

---

| | | |
|:---|:---|:---|
| **Written Option Contracts:** | **Outstanding <br> Notional <br> Amount <br> (000)** | **Monthly <br> Average <br> Notional <br> Amount<br> (000)**  |
| International Portfolio  | $23461 | $29231 |
| Institutional International Portfolio  | 148972 | 169999 |
| Emerging Markets Portfolio  | 33731 | 39109 |

---

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 unrealized 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 plus dividends or interest on the instruments less the interest paid by the Portfolio 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

**HC CAPITAL TRUST** 

Notes to Financial Statements (continued) — December 31, 2022 (Unaudited)

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.

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 unrealized gain or loss at December 31, 2022 is disclosed in the swap tables included in the Portfolios of Investments. The notional value of the swap agreements outstanding at December 31, 2022 and the month-end average notional amount for the period ended December 31, 2022 are detailed in the table below:

---

| | | |
|:---|:---|:---|
| **Total Return Swap Agreements:** | **Outstanding <br> Notional <br> Amount <br> (000)** | **Monthly <br> Average <br> Notional <br> Amount <br> (000)** |
| Emerging Markets Portfolio  | $50818 | $54334 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2022 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.

**HC CAPITAL TRUST** 

Notes to Financial Statements (continued) — December 31, 2022 (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, 2022 (amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Value of <br> Securities on <br> Loan** | **Value of <br> Collateral <br> Received**\* | **Net Amount** |
| Institutional U.S. Portfolio  | $40 | $40 | $— |
| Small Cap-Mid Cap Portfolio  | 211 | 211 |  |
| Catholic SRI Growth Portfolio  | 7 | 7 |  |
| Institutional International Portfolio  | 885 | 378 | 507 |
| Emerging Markets Portfolio  | 1815 | 162 | 1653 |
| U.S. Corporate Fixed Income Portfolio  | 5 | 5 |  |

---

Amounts designated as "—" are $0 or have been round to $0.

\* 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. Any collateral shortfalls associated with increases in the valuation of the securities loaned are adjusted the next business day. 

Securities lending transactions as of December 31, 2022 (amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **Remaining Contractual Maturity <br> of the Collateral Held** | **Remaining Contractual Maturity <br> of the Collateral Held** | **Remaining Contractual Maturity <br> of the Collateral Held** |
| <br>**Portfolio** | **Overnight and Continuous <br> - Investment Companies** | | **Total**\* |
| Value Portfolio | $284 |  | $284 |
| Growth Portfolio  | 368 |  | 368 |
| Institutional U.S. Portfolio  | 1232 |  | 1232 |
| Small Cap-Mid Cap Portfolio  | 180 |  | 180 |
| Catholic SRI Growth Portfolio  | 7 |  | 7 |
| Institutional International Portfolio  | 1841 |  | 1841 |
| Emerging Markets Portfolio  | 99 |  | 99 |
| Corporate Opportunities  | 1177 | <sup>\*\*</sup> | 1177 |
| U.S. Corporate Fixed Income Portfolio  | 396 |  | 396 |

---

\* Excludes non-cash collateral received with a value of (amounts in thousands) $579 and $1,793, Institutional International Portfolio and Emerging Markets Portfolio, respectively. 

\*\* Represents collateral received from prior securities lending activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. Recent Accounting Pronouncements. In March 2020, the FASB issued Accounting Standards Update No. 2020-04 ("ASU 2020 – 04"), "Reference Rate Reform (Topic 840): Facilitation of the Effects of Reference Rate Reform on Financial Reporting", ASU 2020 – 04 provides the Portfolios with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates (e.g. LIBOR) that are expected to be discontinued. ASU 2020-04 allows, among other things, certain contract modifications, such as those within the scope of Topic 310 on receivables, to be accounted as a continuation of the existing contract. This ASU was effective upon the issuance. The Portfolios will consider this optional guidance prospectively, if applicable.

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

**HC CAPITAL TRUST** 

Notes to Financial Statements (continued) — December 31, 2022 (Unaudited)

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, 2022, 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.

**Value Portfolio:** 

---

| | | |
|:---|:---|:---|
| **Specialist Manager** | **Amount <br> Earned <br> (000)** | **Fee** |
| Echo Street Capital Management, LLC  | $— | 0.65 %<sup>(a)(b)</sup> |
| Frontier Capital Management Company, LLC  |  | 0.45 %<sup>(b)(c)</sup> |
| Mellon Investments Corporation (Index Strategy)  |  | 0.04 %<sup>(b)(d)</sup> |
| Mellon Investments Corporation (Factor Strategy)  |  | 0.065 %<sup>(b)(d)</sup> |
| Parametric Portfolio Associates, LLC (Liquidity Strategy)  | 7 | 0.25 %<sup>(e)</sup> |
| Parametric Portfolio Associates, LLC (Targeted Strategy)  |  | 0.05 %<sup>(b)(f)</sup> |
| Parametric Portfolio Associates, LLC (Tax-Managed Custom Strategy)  | 241 | 0.08 %<sup>(g)</sup> |
| Parametric Portfolio Associates, LLC (Options Overlay Strategy)  |  | 0.00 %<sup>(b)(h)</sup> |
| Total  | $248 | 0.08% |

---

**Growth Portfolio:** 

---

| | | |
|:---|:---|:---|
| **Specialist Manager** | **Amount<br> Earned<br> (000)** | **Fee** |
| Echo Street Capital Management LLC  | $— | 0.65 %<sup>(a)(b)</sup> |
| Jennison Associates, LLC  | 236 | 0.31 %<sup>(i)</sup> |
| Mellon Investments Corporation (Index Strategy)  |  | 0.04 %<sup>(b)(d)</sup> |
| Mellon Investments Corporation (Factor Strategy)  |  | 0.065 %<sup>(b)(d)</sup> |
| Parametric Portfolio Associates, LLC (Liquidity Strategy)  | 7 | 0.20 %<sup>(e)</sup> |
| Parametric Portfolio Associates, LLC (Targeted Strategy)  |  | 0.05 %<sup>(b)(f)</sup> |
| Parametric Portfolio Associates, LLC (Tax-Managed Custom Strategy)  | 232 | 0.08 %<sup>(g)</sup> |
| Parametric Portfolio Associates, LLC (Options Overlay Strategy)  |  | 0.00 %<sup>(b)(h)</sup> |
| Total  | $475 | 0.13% |

---

**HC CAPITAL TRUST** 

Notes to Financial Statements (continued) — December 31, 2022 (Unaudited)

**Institutional U.S. Portfolio:** 

---

| | | |
|:---|:---|:---|
| **Specialist Manager** | **Amount<br> Earned<br> (000)** | **Fee** |
| Echo Street Capital Management LLC  | $929 | 0.65 %<sup>(a)</sup> |
| Frontier Capital Management Company, LLC  |  | 0.45 %<sup>(b)(c)</sup> |
| Jennison Associates, LLC  | 122 | 0.31 %<sup>(i)</sup> |
| Mellon Investments Corporation (Index Strategy)  | 205 | 0.04 %<sup>(d)</sup> |
| Mellon Investments Corporation (Factor Strategy)  | 102 | 0.065 %<sup>(d)</sup> |
| Parametric Portfolio Associates, LLC (Liquidity Strategy)  | 210 | 0.06 %<sup>(e)</sup> |
| Parametric Portfolio Associates, LLC (Targeted Strategy)  | 29 | 0.06 %<sup>(f)</sup> |
| Parametric Portfolio Associates, LLC (Options Overlay Strategy)  |  | 0.00 %<sup>(b)(h)</sup> |
| Wellington Management Company, LLP  | 244 | 0.73 %<sup>(j)</sup> |
| Total  | $1841 | 0.14% |

---

**Small Cap-Mid Cap Portfolio:** 

---

| | | |
|:---|:---|:---|
| **Specialist Manager** | **Amount<br> Earned<br> (000)** | **Fee** |
| Frontier Capital Management Company, LLC  | $— | 0.45 %<sup>(b)(c)</sup> |
| Mellon Investments Corporation (Index Strategy)  |  | 0.04 %<sup>(b)(d)</sup> |
| Mellon Investments Corporation (Factor Strategy)  |  | 0.065 %<sup>(b)(d)</sup> |
| Parametric Portfolio Associates, LLC (Liquidity Strategy)  | 6 | 0.35 %<sup>(e)</sup> |
| Parametric Portfolio Associates, LLC (Targeted Strategy)  |  | 0.05 %<sup>(b)(f)</sup> |
| Parametric Portfolio Associates, LLC (Tax-Managed Custom Strategy)  | 27 | 0.08 %<sup>(g)</sup> |
| Total  | $33 | 0.09% |

---

**ESG Growth Portfolio:** 

---

| | | |
|:---|:---|:---|
| **Specialist Manager** | **Amount<br> Earned<br> (000)** | **Fee** |
| Agincourt Capital Management, LLC  | $— | 0.12 %<sup>(b)</sup> |
| Mellon Investments Corporation  | 60 | 0.10% |
| Parametric Portfolio Associates, LLC (Liquidity Strategy)  | 5 | 3.61 %<sup>(e)</sup> |
| Parametric Portfolio Associates, LLC (Targeted Strategy)  |  | 0.05 %<sup>(b)(f)</sup> |
| RBC Global Asset Management (U.K.) Limited  | 77 | 0.55 %<sup>(k)</sup> |
| Total  | $142 | 0.19% |

---

**HC CAPITAL TRUST** 

Notes to Financial Statements (continued) — December 31, 2022 (Unaudited)

**Catholic SRI Growth Portfolio:** 

---

| | | |
|:---|:---|:---|
| **Specialist Manager** | **Amount<br> Earned<br> (000)** | **Fee** |
| Agincourt Capital Management, LLC  | $— | 0.12 %<sup>(b)</sup> |
| Mellon Investments Corporation  | 12 | 0.10% |
| Parametric Portfolio Associates, LLC (Liquidity Strategy)  |  | 0.05 %<sup>(b)(e)</sup> |
| Parametric Portfolio Associates, LLC (Targeted Strategy)  |  | 0.05 %<sup>(b)(f)</sup> |
| Total  | $12 | 0.10% |

---

**International Portfolio:** 

---

| | | |
|:---|:---|:---|
| **Specialist Manager** | **Amount<br> Earned<br> (000)** | **Fee** |
| City of London Investment Management Company, Limited  | $— | 0.53 %<sup>(b)(l)</sup> |
| Mellon Investments Corporation (Developed Markets Strategy)  |  | 0.05 %<sup>(b)(m)</sup> |
| Mellon Investments Corporation (Developed Factor Strategy)  |  | 0.075 %<sup>(b)(m)</sup> |
| Mellon Investments Corporation (Emerging Markets Strategy)  |  | 0.13 %<sup>(b)(m)</sup> |
| Parametric Portfolio Associates, LLC (Liquidity Strategy)  | 9 | 0.14 %<sup>(e)</sup> |
| Parametric Portfolio Associates, LLC (Targeted Strategy)  |  | 0.05 %<sup>(b)(f)</sup> |
| Parametric Portfolio Associates, LLC (Tax-Managed Custom Strategy)  | 198 | 0.08 %<sup>(g)</sup> |
| Parametric Portfolio Associates, LLC (Options Overlay Strategy)  | 33 | 1.31 %<sup>(h)</sup> |
| Total  | $240 | 0.09% |

---

**Institutional International Portfolio:** 

---

| | | |
|:---|:---|:---|
| **Specialist Manager** | **Amount<br> Earned<br> (000)** | **Fee** |
| City of London Investment Management Company, Limited  | $404 | 0.53 %<sup>(l)</sup> |
| Mellon Investments Corporation (Developed Markets Strategy)  | 101 | 0.05 %<sup>(m)</sup> |
| Mellon Investments Corporation (Developed Factor Strategy)  |  | 0.075 %<sup>(b)(m)</sup> |
| Mellon Investments Corporation (Emerging Markets Strategy)  |  | 0.13 %<sup>(b)(m)</sup> |
| Mellon Investments Corporation (Factor Strategy)  | 19 | 0.05 %<sup>(m)</sup> |
| Parametric Portfolio Associates, LLC (Liquidity Strategy)  | 12 | 0.11 %<sup>(e)</sup> |
| Parametric Portfolio Associates, LLC (Targeted Strategy)  | 5 | 0.05 %<sup>(f)</sup> |
| Parametric Portfolio Associates, LLC (Options Overlay Strategy)  | 33 | 1.00 %<sup>(h)</sup> |
| Total  | $574 | 0.17% |

---

**HC CAPITAL TRUST** 

Notes to Financial Statements (continued) — December 31, 2022 (Unaudited)

**Emerging Markets Portfolio:** 

---

| | | |
|:---|:---|:---|
| **Specialist Manager** | **Amount<br> Earned<br> (000)** | **Fee** |
| City of London Investment Management Company, Limited  | $— | 1.00 %<sup>(b)(n)</sup> |
| Mellon Investments Corporation  | 384 | 0.13 %<sup>(m)</sup> |
| Parametric Portfolio Associates, LLC (Liquidity Strategy)  | 21 | 0.08 %<sup>(e)</sup> |
| Parametric Portfolio Associates, LLC (Targeted Strategy)  |  | 0.05 %<sup>(b)(f)</sup> |
| Parametric Portfolio Associates, LLC (Tax-Managed Custom Strategy)  |  | 0.08 %<sup>(b)(g)</sup> |
| Parametric Portfolio Associates, LLC (Options Overlay Strategy)  | 33 | 0.78 %<sup>(h)</sup> |
| XY Investments (HK) Limited  | 271 | 1.00 %<sup>(o)</sup> |
| Total  | $709 | 0.20% |

---

**Core Fixed Income Portfolio:** 

---

| | | |
|:---|:---|:---|
| **Specialist Manager** | **Amount<br> Earned<br> (000)** | **Fee** |
| Agincourt Capital Management, LLC  | $7 | 0.08% |
| Mellon Investments Corporation (U.S. Government, Mortgage and Asset Backed Strategy)  | 9 | 0.06% |
| Mellon Investments Corporation (Corporate Strategy)  |  | 0.15 %<sup>(b)</sup> |
| Parametric Portfolio Associates, LLC (Options Overlay Strategy)  | 17 | 0.29 %<sup>(p)</sup> |
| Total  | $33 | 0.10% |

---

**Corporate Opportunities Portfolio:** 

---

| | | |
|:---|:---|:---|
| **Specialist Manager** | **Amount<br> Earned<br> (000)** | **Fee** |
| City of London Investment Management Company, Limited  | $105 | 0.45% |
| Fort Washington Investment Advisors, Inc.  |  | 0.20 %<sup>(b)(q)</sup> |
| MacKay Shields, LLC  |  | 0.40 %<sup>(b)(r)</sup> |
| Mellon Investments Corporation  |  | 0.25 %<sup>(b)</sup> |
| Parametric Portfolio Associates, LLC (Liquidity Strategy)  | 65 | 0.07 %<sup>(e)</sup> |
| Parametric Portfolio Associates, LLC (Targeted Strategy)  |  | 0.05 %<sup>(b)(f)</sup> |
| Parametric Portfolio Associates, LLC (Options Overlay Strategy)  |  | N/A <sup>(b)(h)</sup> |
| Western Asset Management Company, Ltd.  |  | 0.75 %<sup>(b)</sup> |
| Total  | $170 | 0.13% |

---

**HC CAPITAL TRUST** 

Notes to Financial Statements (continued) — December 31, 2022 (Unaudited)

**U.S. Government Fixed Income Portfolio:** 

---

| | | |
|:---|:---|:---|
| **Specialist Manager** | **Amount<br> Earned<br> (000)** | **Fee** |
| Mellon Investments Corporation  | $142 | 0.06% |
| Parametric Portfolio Associates, LLC (Options Overlay Strategy)  | 27 | 0.01 %<sup>(p)</sup> |
|  | $169 | 0.04% |

---

**U.S. Corporate Fixed Income Portfolio:** 

---

| | | |
|:---|:---|:---|
| **Specialist Manager** | **Amount<br> Earned<br> (000)** | **Fee** |
| Agincourt Capital Management, LLC  | $89 | 0.08% |
| Mellon Investments Corporation  |  | 0.15 %<sup>(b)</sup> |
| Parametric Portfolio Associates, LLC (Options Overlay Strategy)  | 10 | 0.05 %<sup>(p)</sup> |
| Total  | $99 | 0.08% |

---

**U.S. Mortgage/Asset Backed Fixed Income Portfolio:** 

---

| | | |
|:---|:---|:---|
| **Specialist Manager** | **Amount<br> Earned<br> (000)** | **Fee** |
| Mellon Investments Corporation  | $58 | 0.06% |
| Parametric Portfolio Associates, LLC (Options Overlay Strategy)  |  | N/A <sup>(b)(p)</sup> |
|  | $58 | 0.06% |

---

**Short-Term Municipal Portfolio:** 

---

| | | |
|:---|:---|:---|
| **Specialist Manager** | **Amount<br> Earned<br> (000)** | **Fee** |
| Breckinridge Capital Advisors, Inc.  | $70 | 0.125% |

---

**Intermediate Municipal Portfolio:** 

---

| | | |
|:---|:---|:---|
| **Specialist Manager** | **Amount<br> Earned<br> (000)** | **Fee** |
| Breckinridge Capital Advisors, Inc.  | $— | 0.125 %<sup>(b)</sup> |
| City of London Investment Management Company, Limited  |  | 0.45 %<sup>(b)</sup> |
| Insight North America LLC *(formerly Mellon Investments Corporation)* | 312 | 0.17 %<sup>(s)</sup> |
| Parametric Portfolio Associates, LLC (Options Overlay Strategy)  |  | N/A <sup>(b)(p)</sup> |
| Total  | $312 | 0.17% |

---

**HC CAPITAL TRUST** 

Notes to Financial Statements (continued) — December 31, 2022 (Unaudited)

**Intermediate Municipal II Portfolio:** 

---

| | | |
|:---|:---|:---|
| **Specialist Manager** | **Amount<br> Earned<br> (000)** | **Fee** |
| Breckinridge Capital Advisors, Inc.  | $29 | 0.125% |
| City of London Investment Management Company, Limited  | 37 | 0.45% |
| Parametric Portfolio Associates, LLC (Options Overlay Strategy)  |  | N/A <sup>(b)(p)</sup> |
| Total  | $66 | 0.17% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Echo Street Capital Management LLC ("Echo Street") receives a fee based on the average daily net assets, payable quarterly, of that portion of assets managed by Echo Street, at the annual rate of 0.85% of the first $50 million of Combined Assets (as defined below); 0.70% of the next $50 million of Combined Assets; 0.60% of the next $100 million of Combined Assets; and 0.55% of Combined Assets in excess of $200 million.

"Combined Assets" shall mean the sum of: the net assets of each portion of the Value Portfolio, Growth Portfolio, and Institutional U.S. Portfolio allocated to Echo Street.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Specialist Manager approved by the Board but a strategy to which no assets were allocated during the period ended December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Frontier Capital Management Company, LLC ("Frontier") receives a fee based on the average daily net assets of that portion of assets managed by Frontier, at an annual rate of 0.45% on the first $90 million of the Combined Assets (as defined below) and 0.75% of Combined Assets exceeding $90 million.

Frontier's Portfolio Management Agreement was terminated on August 23, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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. <br>

"Combined Assets" shall mean the sum of: the net assets managed by Mellon in the Value Portfolio, Growth Portfolio, Institutional U.S. Portfolio, Small Cap-Mid Cap 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. <br>

&nbsp;&nbsp;&nbsp;&nbsp;(e) 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.

**HC CAPITAL TRUST** 

Notes to Financial Statements (continued) — December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;(f) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(h) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Jennison Associates LLC ("Jennison") is entitled to receive an annual fee of no more than 0.30% of average daily net assets of that portion of the Growth Portfolio and Institutional U.S. Portfolio allocated to Jennison (the "Jennison Accounts"). While the rate at which Jennison's fee for managing the Portfolios will not exceed 0.30%, the fee may decrease based on the aggregate market value of the Jennison Accounts and certain other assets managed by Jennison (which may pay fees exceeding 0.30%) for the benefit of certain investors who are clients of the Trust's primary adviser at the following annual rates:

— 0.75% on the first $10 million; <br>

— 0.50% on the next $30 million; <br>

— 0.35% on the next $25 million; <br>

— 0.25% on the next $335 million; <br>

— 0.22% on the next $600 million; <br>

— 0.20% on the next $4 billion; and <br>

— 0.25% on the balance <br>

&nbsp;&nbsp;&nbsp;&nbsp;(j) 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 that are managed by Wellington for certain other clients of the Trust's primary adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(k) RBC Global Asset Management (U.K.) Limited ("RBC") receives a fee based on the average daily net assets, payable monthly, of that portion of assets managed by RBC, at the annual rate of 0.55% of the first $50 million; 0.50% of the next $50 million; and 0.45% exceeding $100 million.

&nbsp;&nbsp;&nbsp;&nbsp;(l) 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. <br>

&nbsp;&nbsp;&nbsp;&nbsp;(m) For its services to the International Portfolio and the Institutional International 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%. <br>

**HC CAPITAL TRUST** 

Notes to Financial Statements (continued) — December 31, 2022 (Unaudited)

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%. <br>

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. <br>

The term "Combined Assets" means the sum of: (i) the net assets of the Value Portfolio, Growth Portfolio, Institutional U.S. Portfolio, Small Cap-Mid- Cap 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. <br>

&nbsp;&nbsp;&nbsp;&nbsp;(n) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(o) XY Investments (HK) Limited receives a fee, which shall be payable monthly in arrears at the annual rate of 1.00% of the average daily net assets of the Account. The annual rate shall be reduced to 0.90% once the assets under management with respect to the Portfolio Manager's and its affiliates Offshore Strategy (as defined below) exceeds $2 billion.

"Offshore Strategy" shall mean any vehicle, fund, account or other product utilizing a quantitative enhanced index investment strategy of investing in a China A-share market, but excluding any vehicle, fund, account or product dedicated solely to the Portfolio Manager's Shanghai business.

&nbsp;&nbsp;&nbsp;&nbsp;(p) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(q) Fort Washington Investment Advisors, Inc. ("Fort Washington") receives a fee, which shall be payable quarterly in arrears. For so long as the Combined Assets (as defined below) are greater than $200 million, the fee shall be at the annual rate of 0.20% of the Combined Assets. If the Combined Assets are reduced to $200 million or less due to withdrawals or redemptions, beginning with the first calendar quarter following the date of such withdrawals or redemptions, the fee shall be based on 0.40% of the first $25 million of the Combined Assets, 0.375% of the next $25 million of the Combined Assets, 0.3375% of the next $50 million of the Combined Assets, 0.25% of the next $100 million of the Combined Assets, and 0.20% exceeding $200 million.

"Combined Assets" shall mean the sum of: the net assets managed by Fort Washington in the Portfolio and the net assets invested in the same strategy as the Portfolio that are managed by Fort Washington for the benefit of certain investors who are clients of the Trust's primary adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(r) MacKay Shields, LLC receives a fee which shall be payable monthly in arrears at the annual rate on 0.40% on the first $100 million of the average daily net assets of the Account and 0.35% on daily average net assets over $100 million.

&nbsp;&nbsp;&nbsp;&nbsp;(s) 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.

"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.

Pursuant to discretionary investment advisory agreements between the Trust and the Adviser, the Adviser is paid a fee which is accrued daily and paid monthly at an annual rate of 0.05% of average daily net assets per Portfolio. The fees that the Adviser receives are listed as "Management fees" on the Statements of Operations. 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

**HC CAPITAL TRUST** 

Notes to Financial Statements (continued) — December 31, 2022 (Unaudited)

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.

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.

The Trust has adopted a Distribution Plan for the HC Advisors Shares under which the Adviser may receive compensation for distribution services. Under the Distribution Plan, which was adopted pursuant to Rule 12b-1 under the 1940 Act, the Adviser is entitled to receive a fee of up to 0.25% annually of the average daily net assets attributable to the HC Advisors Shares. The Adviser has voluntarily waived all fees associated with the Distribution Plan through December 31, 2022 and there is no current intention to collect such a fee in the future.

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, 2022 the Trust paid an annual fee of $164,000 for such services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, for the period ended December 31, 2022 were as follows (amounts in thousands):

**HC CAPITAL TRUST** 

Notes to Financial Statements (continued) — December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Purchases** | **Sales** |
| Value Portfolio  | $15346 | $26871 |
| Growth Portfolio  | 44574 | 53683 |
| Institutional U.S Portfolio  | 325424 | 311617 |
| Small Cap-Mid Cap Portfolio  | 30933 | 30567 |
| ESG Growth Portfolio  | 7591 | 6473 |
| Catholic SRI Growth Portfolio  | 2710 | 1417 |
| International Portfolio  | 12826 | 58090 |
| Institutional International Portfolio  | 54829 | 234567 |
| Emerging Markets Portfolio  | 17976 | 6608 |
| Core Fixed Income Portfolio  | 33252 | 20273 |
| Corporate Opportunities Portfolio  | 62531 | 29375 |
| U.S. Government Fixed Income Portfolio  | 622143 | 280271 |
| U.S. Corporate Fixed Income Portfolio  | 73148 | 39716 |
| U.S. Mortgage/Asset Backed Fixed Income Portfolio  | 15496 | 12361 |
| Short-Term Municipal Portfolio  | 18591 | 72478 |
| Intermediate Municipal Portfolio  | 52731 | 78984 |
| Intermediate Municipal II Portfolio  | 5568 | 31298 |

---

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

The aggregate cost of purchases and proceeds from sales of long-term U.S. government securities for the period ended December 31, 2022 were as follows (amounts in thousands):

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Purchases** | **Sales** |
| Core Fixed Income Portfolio  | $10672 | $6092 |
| U.S. Government Fixed Income Portfolio  | 115368 | 122103 |
| U.S. Mortgage/Asset Backed Fixed Income Portfolio  | 14004 | 10909 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 (the "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 2020 to 2022 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 12 months

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. As of the latest tax year ended June 30, 2022, 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):

**HC CAPITAL TRUST** 

Notes to Financial Statements (continued) — December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Tax <br> Cost of <br> Investments** | **Tax <br> Unrealized <br> Appreciation** | **Tax <br> Unrealized <br> (Depreciation)** | **Unrealized <br> Appreciation/ <br> (Depreciation)** |
| Value Portfolio  | $303898 | $281690 | $(1307) | $280383 |
| Growth Portfolio  | 262693 | 445802 | (6856) | 438946 |
| Institutional U.S. Portfolio  | 1761332 | 575129 | (122846) | 452283 |
| Small Cap-Mid Cap Portfolio  | 44695 | 25510 | (1049) | 24461 |
| ESG Growth Portfolio  | 120733 | 33862 | (11761) | 22101 |
| Catholic SRI Growth Portfolio  | 17562 | 6460 | (1546) | 4914 |
| International Portfolio  | 389848 | 146280 | (13077) | 133203 |
| Institutional International Portfolio  | 769921 | 112174 | (109202) | 2972 |
| Emerging Markets Portfolio  | 623907 | 121910 | (105618) | 16292 |
| Core Fixed Income Portfolio  | 63575 | 43 | (5350) | (5307) |
| Corporate Opportunities Portfolio  | 252477 |  | (105) | (105) |
| U.S. Government Fixed Income Portfolio  | 652669 | 303 | (26081) | (25778) |
| U.S. Corporate Fixed Income Portfolio  | 284428 | 9 | (28601) | (28592) |
| U.S. Mortgage/Asset Backed Fixed Income Portfolio  | 246575 | 291 | (15971) | (15680) |
| Short-Term Municipal Portfolio  | 141613 | 149 | (3289) | (3140) |
| Intermediate Municipal Portfolio  | 382121 | 647 | (15602) | (14955) |
| Intermediate Municipal II Portfolio  | 92631 | 201 | (6874) | (6673) |

---

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Tax Characteristics of Distributions Paid

The tax characteristics of distributions paid during the fiscal year ended June 30, 2022 were as follows (amounts in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** |
| <br>**Portfolio** | **Ordinary<br> Income** | **Net Long<br> Term Gains** | **Total Taxable <br> Distributions** | **Tax-Exempt <br> Distributions** | **Total <br> Distributions <br> Paid**\* |
| Value Portfolio  | $7920 | $3702 | $11622 | $— | $11622 |
| Growth Portfolio  | 11760 | 68421 | 80181 |  | 80181 |
| Institutional U.S. Portfolio  | 151089 | 420019 | 571108 |  | 571108 |
| Small Cap-Mid Cap Portfolio  | 306 | 6243 | 6549 |  | 6549 |
| ESG Growth Portfolio  | 3983 | 4129 | 8112 |  | 8112 |
| Catholic SRI Growth Portfolio  | 525 | 10067 | 10592 |  | 10592 |
| International Portfolio  | 24441 |  | 24441 |  | 24441 |
| Institutional International Portfolio  | 73315 | 43751 | 117066 |  | 117066 |
| Emerging Markets Portfolio  | 17632 |  | 17632 |  | 17632 |
| Core Fixed Income Portfolio  | 1238 | 588 | 1826 |  | 1826 |
| Corporate Opportunities Portfolio  | 21358 | 9479 | 30837 |  | 30837 |
| U.S. Government Fixed Income Portfolio  | 4982 | 1533 | 6515 |  | 6515 |

---

**HC CAPITAL TRUST** 

Notes to Financial Statements (continued) — December 31, 2022 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** |
| <br>**Portfolio** | **Ordinary<br> Income** | **Net Long<br> Term Gains** | **Total Taxable <br> Distributions** | **Tax-Exempt <br> Distributions** | **Total <br> Distributions <br> Paid**\* |
| U.S. Corporate Fixed Income Portfolio  | 8108 | 10005 | 18113 |  | 18113 |
| U.S. Mortgage/Asset Backed Fixed Income Portfolio  | 4032 |  | 4032 |  | 4032 |
| Short-Term Municipal Portfolio  | 82 | 38 | 120 | 1108 | 1228 |
| Intermediate Municipal Portfolio  | 13 | 653 | 666 | 5810 | 6476 |
| Intermediate Municipal II Portfolio  | 243 | 851 | 1094 | 1734 | 2828 |

---

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. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Components of Accumulated Earnings

As of their tax year ended June 30, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows (amounts in thousands):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Undistributed <br> Ordinary <br> Income/Tax <br> Exempt Income** | **Undistributed <br> Long-Term <br> Capital Gains**  | **Accumulated <br> Earnings**  | **Distributions <br> Payable**  | **Accumulated <br> Capital and <br> Other Losses** | **Unrealized <br> Appreciation / <br> (Depreciation)**  | **Total <br> Accumulated <br> Earnings / <br> (Deficit)**\* |
| Value Portfolio  | $259 | $2531 | $2790 | $— | $(15692) | $280383 | $267481 |
| Growth Portfolio  | 42 | 45036 | 45078 |  | (26819) | 438946 | 457205 |
| Institutional U.S. Portfolio  |  | 116175 | 116175 |  | (243693) | 452282 | 324764 |
| Small Cap-Mid Cap Portfolio  |  | 19 | 19 |  | (2985) | 24461 | 21495 |
| ESG Growth Portfolio  |  | 54 | 54 |  | (286) | 22084 | 21852 |
| Catholic SRI Growth Portfolio  |  | 74 | 74 |  | (16) | 4912 | 4970 |
| International Portfolio  |  |  |  |  | (90059) | 133241 | 43182 |
| Institutional International Portfolio  | 360 | 226 | 586 |  | (38779) | 2651 | (35542) |
| Emerging Markets Portfolio  | 6949 |  | 6949 |  | (76645) | 14008 | (55688) |
| Core Fixed Income Portfolio  | 23 |  | 23 |  | (473) | (5307) | (5757) |
| Corporate Opportunities Portfolio  | 204 |  | 204 |  | (29995) | (105) | (29896) |
| U.S. Government Fixed Income Portfolio  | 709 | 11 | 720 | (539) | (264) | (25778) | (25861) |
| U.S. Corporate Fixed Income Portfolio  |  |  | 354 | (194) | (558) | (28592) | (28990) |
| U.S. Mortgage/Asset Backed Fixed Income Portfolio  | 223 |  | 223 | (123) | (16383) | (15680) | (31963) |
| Short-Term Municipal Portfolio  | 44 |  | 44 | (12) | (925) | (3140) | (4033) |
| Intermediate Municipal Portfolio  | 130 |  | 130 | (43) | (724) | (14955) | (15592) |
| Intermediate Municipal II Portfolio  | 12 |  | 12 | (13) | (159) | (6673) | (6833) |

---

Amounts designated as "—" are $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. 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes $15,692, $26,819, $230,025, $26,997 of straddle losses which were deferred for the Value Portfolio, Growth Portfolio, Institutional U.S. Portfolio and International Portfolio, respectively (amounts in thousands).

**HC CAPITAL TRUST** 

Notes to Financial Statements (continued) — December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Capital Loss Carryforwards

As of their tax year ended June 30, 2022, the following Portfolios had capital loss carryforwards ("CLCFs") which do not expire as summarized below (amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Short-Term <br> Amount** | **Long-Term <br> Amount** | **Total** |
| Institutional U.S. Portfolio  | $4246 | $9423 | $13669 |
| International Portfolio  | 51768 |  | 51768 |
| Emerging Markets Portfolio  | 49576 | 27069 | 76645 |
| U.S. Mortgage/Asset Backed Fixed Income Portfolio  | 6130 | 10253 | 16383 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Deferred Losses

Under current tax law, capital losses and specified ordinary losses realized after October 31 or non-specified ordinary losses realized after December 31 (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 Portfolios had net deferred losses, which will be treated as arising on the first day of the fiscal year ended June 30, 2023 (amounts in thousands):

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Post-October <br> Capital <br> Losses** | **Last Year <br> Ordinary <br> Losses** |
| Small Cap-Mid Cap Portfolio | $2985 | $— |
| ESG Growth Portfolio | 169 | 117 |
| Catholic SRI Growth Portfolio |  | 16 |
| International Portfolio |  | 850 |
| Institutional International Portfolio | 18550 | 20229 |
| Core Fixed Income Portfolio | 473 |  |
| Corporate Opportunities Portfolio | 29995 |  |
| U.S. Government Fixed Income Portfolio | 264 |  |
| U.S. Corporate Fixed Income Portfolio | 473 |  |
| Short-Term Municipal Portfolio | 925 |  |
| Intermediate Municipal Portfolio | 724 |  |
| Intermediate Municipal II Portfolio | 159 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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

**HC CAPITAL TRUST** 

Notes to Financial Statements (continued) — December 31, 2022 (Unaudited)

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 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.

Floating Rate Investments Risk — Coupon rates on these investments are floating, not fixed, and are tied to a benchmark lending rate, such as the London Interbank Offered Rate or "LIBOR". 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, the value of the collateral securing the loan may decline, causing a loan to be substantially unsecured. The sale and purchase of a bank loan 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. On July 27, 2017, the head of the United Kingdom's Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. However, subsequent actions by the FCA, the LIBOR administrator and other regulators have allowed certain of the most widely used LIBORs to continue until mid-2023. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As such, the potential effect of a transition away from LIBOR on the Portfolio or the financial instruments in which the Portfolio invests cannot yet be determined. The transition process might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based instruments. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the phase out effective date. Management is still evaluating the impact to the Portfolios of the June 30, 2023 planned discontinuation of the more commonly used U.S. dollar LIBOR settings.

**HC CAPITAL TRUST** 

Notes to Financial Statements (concluded) — December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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).

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.

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Number of shareholders with <br> ownership of voting securities <br> of the Portfolio greater than <br> 10% and less than 25% of the <br> total Portfolio's outstanding <br> voting securities** | **Number of shareholders with <br> ownership of voting securities <br> of the Portfolio greater than <br> 25% of the total Portfolio's <br> outstanding voting securities** |
| Institutional U.S. Portfolio  | 1 |  |
| Small Cap-Mid Cap Portfolio  | 1 | 1 |
| ESG Growth Portfolio  |  | 1 |
| Catholic SRI Growth Portfolio  |  | 2 |
| Emerging Markets Portfolio  | 1 |  |
| U.S. Government Fixed Income Portfolio  | 1 |  |
| U.S. Corporate Fixed Income Portfolio  | 1 |  |
| U.S. Mortgage/Asset Backed Fixed Income Portfolio  | 1 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. CONCENTRATION OF INVESTMENTS.

As of December 31, 2022, 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 <u>*http://www.ssga.com*</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. SUBSEQUENT EVENTS.

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, 2022.

**HC CAPITAL TRUST** 

Additional Information — December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. SECURITY PROXY VOTING. A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is contained in the Statement of Additional Information. Information regarding how the Portfolios voted proxies relating to portfolio securities during the most recent twelve months ended June 30 is available without charge, upon request, by calling 800-242-9596 and on the Securities and Exchange Commission's ("SEC") website at <u>*http://www.sec.gov*</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SHAREHOLDER VOTES.

During the period ending December 31, 2022, no actions were taken by the shareholders of the Portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. EXPENSE EXAMPLE. As a shareholder of the Trust, you incur ongoing costs, including management fees and other Portfolio expenses. This example (as set forth in the table below) is intended to help you understand your ongoing costs (in dollars) of investing in the Trust and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 through December 31, 2022.

**Actual Expenses:** The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes:** The table below provides information about hypothetical account values and hypothetical expenses based on each of the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Portfolio** | **Portfolio** | **Beginning <br> Account <br> Value <br> July 1, <br> 2022** | **Ending <br> Account <br> Value <br> December 31, <br> 2022** | **Expenses <br> Paid <br> During <br> Period<sup>1</sup>** | **Annualized <br> Expense <br> Ratio** |
| Value Portfolio  | HC Strategic Shares | Actual | $1000.00 | $1021.70 | $1.17 | 0.23% |
|  |  | Hypothetical<sup>2</sup> | $1000.00 | $1024.05 | $1.17 | 0.23% |
| Growth Portfolio  | HC Strategic Shares | Actual | $1000.00 | $1006.60 | $1.42 | 0.28% |
|  |  | Hypothetical<sup>2</sup> | $1000.00 | $1023.79 | $1.43 | 0.28% |
| Institutional U.S. Portfolio  | HC Strategic Shares | Actual | $1000.00 | $1016.30 | $1.42 | 0.28% |
|  |  | Hypothetical<sup>2</sup> | $1000.00 | $1023.79 | $1.43 | 0.28% |
| Small Cap-Mid Cap Portfolio  | HC Strategic Shares | Actual | $1000.00 | $1055.50 | $1.97 | 0.38% |
|  |  | Hypothetical<sup>2</sup> | $1000.00 | $1023.29 | $1.94 | 0.38% |
| ESG Growth Portfolio  | HC Strategic Shares | Actual | $1000.00 | $1027.20 | $1.99 | 0.39% |
|  |  | Hypothetical<sup>2</sup> | $1000.00 | $1023.24 | $1.99 | 0.39% |
| Catholic SRI Growth Portfolio  | HC Strategic Shares | Actual | $1000.00 | $1023.70 | $1.58 | 0.31% |
|  |  | Hypothetical<sup>2</sup> | $1000.00 | $1023.64 | $1.58 | 0.31% |
| International Portfolio  | HC Strategic Shares | Actual | $1000.00 | $1070.70 | $1.51 | 0.29% |
|  |  | Hypothetical<sup>2</sup> | $1000.00 | $1023.74 | $1.48 | 0.29% |

---

**HC CAPITAL TRUST** 

Additional Information (continued) — December 31, 2022 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Portfolio** | **Portfolio** | **Beginning <br> Account <br> Value <br> July 1, <br> 2022** | **Ending <br> Account <br> Value <br> December 31, <br> 2022** | **Expenses <br> Paid <br> During <br> Period<sup>1</sup>** | **Annualized <br> Expense <br> Ratio** |
| Institutional International Portfolio  | HC Strategic Shares | Actual | $1000.00 | $1060.90 | $1.97 | 0.38% |
|  |  | Hypothetical<sup>2</sup> | $1000.00 | $1023.29 | $1.94 | 0.38% |
| Emerging Markets Portfolio  | HC Strategic Shares | Actual | $1000.00 | $961.20 | $2.47 | 0.50% |
|  |  | Hypothetical<sup>2</sup> | $1000.00 | $1022.68 | $2.55 | 0.50% |
| Core Fixed Income Portfolio  | HC Strategic Shares | Actual | $1000.00 | $976.10 | $1.94 | 0.39% |
|  |  | Hypothetical<sup>2</sup> | $1000.00 | $1023.24 | $1.99 | 0.39% |
| Corporate Opportunities Portfolio  | HC Strategic Shares | Actual | $1000.00 | $1000.40 | $1.46 | 0.29% |
|  |  | Hypothetical<sup>2</sup> | $1000.00 | $1023.74 | $1.48 | 0.29% |
| U.S. Government Fixed Income Portfolio  | HC Strategic Shares | Actual | $1000.00 | $976.70 | $0.85 | 0.17% |
|  |  | Hypothetical<sup>2</sup> | $1000.00 | $1024.35 | $0.87 | 0.17% |
| U.S. Corporate Fixed Income Portfolio  | HC Strategic Shares | Actual | $1000.00 | $991.50 | $1.15 | 0.23% |
|  |  | Hypothetical<sup>2</sup> | $1000.00 | $1024.05 | $1.17 | 0.23% |
| U.S. Mortgage/Asset Backed Fixed Income Portfolio  | HC Strategic Shares | Actual | $1000.00 | $972.60 | $1.19 | 0.24% |
|  |  | Hypothetical<sup>2</sup> | $1000.00 | $1024.00 | $1.22 | 0.24% |
| Short-Term Municipal Portfolio  | HC Strategic Shares | Actual | $1000.00 | $1003.60 | $1.46 | 0.29% |
|  |  | Hypothetical<sup>2</sup> | $1000.00 | $1023.74 | $1.48 | 0.29% |
| Intermediate Municipal Portfolio  | HC Strategic Shares | Actual | $1000.00 | $1008.20 | $1.57 | 0.31% |
|  |  | Hypothetical<sup>2</sup> | $1000.00 | $1023.64 | $1.58 | 0.31% |
| Intermediate Municipal II Portfolio  | HC Strategic Shares | Actual | $1000.00 | $971.20 | $1.84 | 0.37% |
|  |  | Hypothetical<sup>2</sup> | $1000.00 | $1023.34 | $1.89 | 0.37% |

---

1 Expenses are equal to the average account value over the period, multiplied by the Portfolio's annualized expense ratio, multiplied by 184/365 (to reflect the one half year period).

---

| | |
|:---|:---|
| 2  | Represents the hypothetical 5% annual return before expenses.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. ACCESS TO QUARTERLY HOLDINGS

A complete schedule of each Portfolio's portfolio holdings for the first and third fiscal quarter of each fiscal year is filed with the SEC on Form N-PORT and is available on the SEC's website at <u>*http://www.sec.gov*</u>.

**HC CAPITAL TRUST** 

Additional Information (continued) — December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. ADDITIONAL PORTFOLIO HOLDINGS INFORMATION

The following tables reflect the percentage of the net assets of each Portfolio attributable to the indicated industry sector, type of investments, as appropriate for the indicated Portfolio.

**Value Portfolio** 

---

| | |
|:---|:---|
| **Investment Allocation** | **Percentage <br> of Net Assets** |
| Information Technology  | 25.0% |
| Health Care  | 15.9% |
| Financials  | 11.7% |
| Industrials  | 10.1% |
| Consumer Discretionary  | 9.6% |
| Consumer Staples  | 6.8% |
| Communication Services  | 6.4% |
| Energy  | 4.8% |
| Utilities  | 3.1% |
| Real Estate  | 2.7% |
| Materials  | 2.7% |
| Investment Company  | 1.1% |
| &nbsp;&nbsp;&nbsp;Total Investment Securities  | 99.9% |
| Other Financial Instruments  |  |
| &nbsp;&nbsp;&nbsp;Futures  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments  | 99.9% |

---

**Growth Portfolio** 

---

| | |
|:---|:---|
| **Investment Allocation** | **Percentage <br> of Net Assets** |
| Information Technology  | 29.9% |
| Health Care  | 15.8% |
| Consumer Discretionary  | 13.0% |
| Financials  | 9.4% |
| Industrials  | 7.0% |
| Consumer Staples  | 6.8% |
| Communication Services  | 5.4% |
| Energy  | 4.3% |
| Real Estate  | 2.4% |
| Utilities  | 2.3% |
| Materials  | 2.0% |
| Investment Companies  | 0.5% |
| &nbsp;&nbsp;&nbsp;Total Investment Securities  | 98.8% |
| Other Financial Instruments  |  |
| &nbsp;&nbsp;&nbsp;Futures  | -0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments  | 98.8% |

---

**Institutional U.S. Portfolio** 

---

| | |
|:---|:---|
| **Investment Allocation** | **Percentage <br> of Net Assets** |
| Investment Companies  | 25.9% |
| Information Technology  | 17.6% |
| Health Care  | 11.2% |
| Consumer Discretionary  | 6.5% |
| Financials  | 6.5% |
| Industrials  | 5.7% |
| Real Estate  | 4.8% |
| Communication Services  | 4.5% |
| Exchange-Traded Funds  | 4.4% |
| Consumer Staples  | 4.3% |
| Utilities  | 2.5% |
| Energy  | 2.3% |
| Materials  | 1.6% |
| Contingent Right  | 0.0% |
| &nbsp;&nbsp;&nbsp;Total Investment Securities  | 97.8% |
| Other Financial Instruments  |  |
| &nbsp;&nbsp;&nbsp;Futures  | -0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments  | 96.9% |

---

**Small Cap–Mid Cap Portfolio** 

---

| | |
|:---|:---|
| **Investment Allocation** | **Percentage <br> of Net Assets** |
| Health Care  | 16.8% |
| Financials  | 15.8% |
| Industrials  | 15.0% |
| Information Technology  | 11.7% |
| Consumer Discretionary  | 10.0% |
| Real Estate  | 6.3% |
| Energy  | 6.0% |
| Investment Companies  | 5.3% |
| Materials  | 4.5% |
| Consumer Staples  | 3.7% |
| Utilities  | 2.9% |
| Communication Services  | 2.7% |
| Contingent Rights  | 0.1% |
| &nbsp;&nbsp;&nbsp;Total Investment Securities  | 100.8% |
| Other Financial Instruments  |  |
| &nbsp;&nbsp;&nbsp;Futures  | -0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments  | 100.7% |

---

**HC CAPITAL TRUST** 

Additional Information (continued) — December 31, 2022 (Unaudited)

**ESG Growth Portfolio** 

---

| | |
|:---|:---|
| **Investment Allocation** | **Percentage <br> of Net Assets** |
| Information Technology  | 19.2% |
| Health Care  | 16.4% |
| Financials  | 15.5% |
| Industrials  | 10.3% |
| Consumer Discretionary  | 9.4% |
| Consumer Staples  | 8.8% |
| Communication Services  | 6.5% |
| Energy  | 6.4% |
| Materials  | 3.8% |
| Utilities  | 2.1% |
| Real Estate  | 1.2% |
| Investment Company  | 0.1% |
| &nbsp;&nbsp;&nbsp;Total Investment Securities  | 99.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments  | 99.7% |

---

**Catholic SRI Growth Portfolio** 

---

| | |
|:---|:---|
| **Investment Allocation** | **Percentage <br> of Net Assets** |
| Information Technology  | 23.6% |
| Financials  | 17.7% |
| Consumer Discretionary  | 11.4% |
| Industrials  | 10.0% |
| Communication Services  | 7.4% |
| Energy | 7.0% |
| Consumer Staples  | 6.9% |
| Health Care  | 5.5% |
| Materials  | 4.7% |
| Utilities  | 3.7% |
| Real Estate  | 1.8% |
| Investment Companies  | 0.1% |
| &nbsp;&nbsp;&nbsp;Total Investment Securities  | 99.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments  | 99.8% |

---

**International Portfolio** 

---

| | |
|:---|:---|
| **Investment Allocation** | **Percentage <br> of Net Assets** |
| Financials  | 19.6% |
| Industrials  | 13.3% |
| Health Care  | 11.7% |
| Consumer Discretionary  | 9.7% |
| Consumer Staples  | 8.8% |
| Information Technology  | 8.2% |
| Materials  | 7.8% |
| Energy  | 6.4% |
| Communication Services  | 3.9% |
| Investment Company  | 3.4% |
| Utilities  | 2.9% |
| Real Estate  | 2.2% |
| Purchased Options  | 0.0% |
| &nbsp;&nbsp;&nbsp;Total Investment Securities  | 97.9% |
| Other Financial Instruments  |  |
| &nbsp;&nbsp;&nbsp;Futures  | -0.1% |
| &nbsp;&nbsp;&nbsp;Written Options  | -0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments  | 97.8% |

---

**Institutional International Portfolio** 

---

| | |
|:---|:---|
| **Investment Allocation** | **Percentage <br> of Net Assets** |
| Investment Companies  | 26.9% |
| Financials  | 15.0% |
| Industrials  | 10.3% |
| Health Care  | 10.2% |
| Consumer Staples  | 7.7% |
| Consumer Discretionary  | 7.3% |
| Information Technology  | 5.7% |
| Materials  | 5.1% |
| Energy  | 3.9% |
| Communication Services  | 2.9% |
| Utilities  | 1.7% |
| Real Estate  | 0.8% |
| Purchased Options  | 0.1% |
| Exchange-Traded Funds  | 0.0% |
| Right  | 0.0% |
| &nbsp;&nbsp;&nbsp;Total Investment Securities  | 97.6% |
| Other Financial Instruments  |  |
| &nbsp;&nbsp;&nbsp;Futures  | -0.1% |
| &nbsp;&nbsp;&nbsp;Written Options  | -0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments  | 97.4% |

---

**HC CAPITAL TRUST** 

Additional Information (continued) — December 31, 2022 (Unaudited)

**Emerging Markets Portfolio** 

---

| | |
|:---|:---|
| **Investment Allocation** | **Percentage <br> of Net Assets** |
| Financials  | 18.3% |
| Information Technology  | 16.2% |
| Consumer Discretionary  | 10.9% |
| Communication Services  | 9.0% |
| Materials  | 7.9% |
| Investment Companies  | 7.9% |
| Consumer Staples  | 5.6% |
| Industrials  | 4.8% |
| Energy  | 3.8% |
| Health Care  | 3.0% |
| Utilities  | 2.5% |
| Real Estate  | 1.7% |
| Right  | 0.0% |
| Purchased Options  | 0.0% |
| &nbsp;&nbsp;&nbsp;Total Investment Securities  | 91.6% |
| Other Financial Instruments  |  |
| &nbsp;&nbsp;&nbsp;Total Return Swaps  | -0.1% |
| &nbsp;&nbsp;&nbsp;Futures  | -0.2% |
| &nbsp;&nbsp;&nbsp;Written Options  | -0.0% |
| &nbsp;&nbsp;&nbsp;Total Investments  | 91.3% |

---

**Core Fixed Income Portfolio** 

---

| | |
|:---|:---|
| **Investment Allocation** | **Percentage <br> of Net Assets** |
| U.S. Treasury Obligations  | 31.5% |
| Exchange-Traded Fund  | 28.4% |
| U.S. Government Agency Mortgages  | 13.8% |
| Investment Companies  | 7.1% |
| Financials  | 5.4% |
| Communication Services  | 2.5% |
| Health Care  | 1.7% |
| Utilities  | 1.6% |
| Energy  | 1.6% |
| Industrials  | 1.3% |
| Information Technology  | 1.2% |
| U.S. Government Agency Securities  | 1.0% |
| Collateralized Mortgage Obligations  | 1.0% |
| Materials  | 0.9% |
| Consumer Staples  | 0.7% |
| Real Estate  | 0.5% |
| Consumer Discretionary  | 0.4% |
| Asset Backed Securities  | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Securities  | 100.7% |

---

**Corporate Opportunities Portfolio** 

---

| | |
|:---|:---|
| **Investment Allocation** | **Percentage <br> of Net Assets** |
| Investment Companies  | 97.7% |
| Communications Equipment  | 0.0% |
| &nbsp;&nbsp;&nbsp;Total Investment Securities  | 97.7% |
| Other Financial Instruments  |  |
| &nbsp;&nbsp;&nbsp;Futures  | -1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments  | 96.7% |

---

**U.S. Government Fixed Income Portfolio** 

---

| | |
|:---|:---|
| **Investment Allocation** | **Percentage <br> of Net Assets** |
| Exchange-Traded Fund  | 51.4% |
| U.S. Treasury Obligations  | 46.2% |
| U.S. Government Agency Securities  | 1.3% |
| Investment Companies  | 1.0% |
| Yankee Dollar  | 0.0% |
| &nbsp;&nbsp;&nbsp;Total Investment Securities  | 99.9% |
| Other Financial Instruments  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures  | -0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments  | 99.9% |

---

**U.S. Corporate Fixed Income Portfolio** 

---

| | |
|:---|:---|
| **Investment Allocation** | **Percentage <br> of Net Assets** |
| Financials  | 25.3% |
| Exchange-Traded Fund  | 14.5% |
| Communication Services  | 11.3% |
| Energy  | 7.6% |
| Utilities  | 7.2% |
| Health Care  | 7.1% |
| Information Technology  | 6.2% |
| Industrials  | 4.6% |
| Consumer Staples  | 4.2% |
| Materials  | 4.1% |
| Real Estate  | 2.7% |
| Consumer Discretionary  | 2.5% |
| Investment Companies  | 1.7% |
| &nbsp;&nbsp;&nbsp;Total Investment Securities  | 99.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments  | 99.0% |

---

**HC CAPITAL TRUST** 

Additional Information (continued) — December 31, 2022 (Unaudited)

**U.S. Mortgage/Asset Backed Fixed Income Portfolio** 

---

| | |
|:---|:---|
| **Investment Allocation** | **Percentage <br> of Net Assets** |
| U.S. Government Agency Mortgages  | 81.3% |
| Investment Company  | 19.4% |
| Collateralized Mortgage Obligations  | 5.5% |
| Asset Backed Securities  | 1.0% |
| Utilities  | 0.1% |
| &nbsp;&nbsp;&nbsp;Total Investment Securities  | 107.3% |
| Other Financial Instruments  |  |
| &nbsp;&nbsp;&nbsp;TBA Sale Commitments  | -0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments  | 107.0% |

---

**Short-Term Municipal Portfolio** 

---

| | |
|:---|:---|
| **Investment Allocation** | **Percentage <br> of Net Assets** |
| General Obligation  | 55.5% |
| Revenue Bonds  | 43.7% |
| Investment Company  | 2.3% |
| Financials  | 1.7% |
| &nbsp;&nbsp;&nbsp;Total Investment Securities  | 103.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments  | 103.2% |

---

**Intermediate Municipal Portfolio** 

---

| | |
|:---|:---|
| **Investment Allocation** | **Percentage <br> of Net Assets** |
| Revenue Bonds  | 71.2% |
| General Obligation  | 15.0% |
| General  | 4.2% |
| Medical  | 1.4% |
| Education  | 1.4% |
| School District  | 0.9% |
| Water  | 0.9% |
| Higher Education  | 0.9% |
| Tobacco Settlement  | 0.9% |
| Airport  | 0.8% |
| Financials  | 0.6% |
| Utilities  | 0.5% |
| Power  | 0.3% |
| Student Loan  | 0.3% |
| Transportation  | 0.3% |
| &nbsp;&nbsp;&nbsp;Total Investment Securities  | 99.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments  | 99.6% |

---

**Intermediate Municipal II Portfolio** 

---

| | |
|:---|:---|
| **Investment Allocation** | **Percentage <br> of Net Assets** |
| Investment Companies  | 51.5% |
| Revenue Bonds  | 20.7% |
| General Obligation  | 16.1% |
| Medical  | 3.4% |
| School District  | 3.0% |
| General  | 1.7% |
| Higher Education  | 1.1% |
| Utilities  | 0.9% |
| Financials  | 0.8% |
| &nbsp;&nbsp;&nbsp;Total Investment Securities  | 99.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments  | 99.2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. 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"). During the six-month period covered by this report, the Trust offered seventeen Portfolios, sixteen of which were 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.

**HC CAPITAL TRUST** 

Additional Information (continued) — December 31, 2022 (Unaudited)

At meetings (the "Meetings") held on September 13 and December 13, 2022, the Trust's Board of Trustees (the "Board") approved the continuation of certain Portfolio Management Agreements, 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 amendment. 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* |
| Echo Street Capital Management, LLC ("Echo Street")  | The Value Equity Portfolio <br>The Growth Equity Portfolio <br>The Institutional U.S. Equity Portfolio  |
| XY Investments (HK) Limited ("XY Investments") | The Emerging Markets Portfolio |
| Mellon Investments Corporation ("Mellon")  | The Value Equity Portfolio <br>The Growth Equity Portfolio <br>The Institutional U.S. Equity Portfolio <br>The Small Capitalization-Mid Capitalization Equity Portfolio <br>The ESG Growth Portfolio <br>The Catholic SRI Growth Portfolio <br>The International Equity Portfolio <br>The Institutional International Equity Portfolio <br>The Emerging Markets Portfolio <br>The Core Fixed Income Portfolio <br>The Corporate Opportunities Portfolio <br>The U.S. Government Fixed Income Securities Portfolio <br>The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio <br>The U.S. Corporate Fixed Income Securities Portfolio  |
| RBC Global Asset Management (UK) Limited ("RBC") | The ESG Growth Portfolio |
| Wellington Management Company, LLP ("Wellington") | The Institutional U.S. Equity Portfolio |

---

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.

**HC CAPITAL TRUST** 

Additional Information (continued) — December 31, 2022 (Unaudited)

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 Echo Street, the Board was informed that Echo Street's investment process seeks to pay reasonable prices for securities of companies that are growing faster than the broader market. The Board was informed that, as of the date of the Meeting, Echo Street was only actively managing assets for the Institutional U.S. Equity Portfolio and had only done so for two years. The Board was also informed that, while in the most recent 12-month period the returns of Echo Street's portion of that Portfolio underperformed the returns of both the peer group median and benchmark index, over the most recent five-year period, another fund managed by Echo Street using the same investment approach had outperformed both the peer group median and the benchmark.

With respect to XY Investments, the Board was informed that the firm invests in swaps that provide the returns of China A Shares using a fundamentally-driven quantitative investment approach. The Board noted that, for the one- and three-year periods, the firm had underperformed the Portfolio's benchmark index while having mixed results when compared with select peer funds, outperforming some and underperforming others.

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 and that it had outperformed the applicable benchmark indices for all but two of the strategies employed for equity Portfolios since the respective inceptions of such accounts, generally within 0.10% of the applicable benchmark indices, with the exceptions of the ESG Growth and Catholic SRI Growth Portfolios, which had each outperformed their respective indices by larger margins. Of the two strategies that had not outperformed their respective indices, the performance of one strategy matched its index exactly and the other underperformed by less than 0.10%. 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 exactly while another had underperformed its benchmark index by less than 0.05%. A third fixed income strategy employed by Mellon in two different Portfolios had underperformed its benchmark index by 0.12% - 0.15% (depending on the Portfolio).

With respect to RBC, the Board noted that the firm had only been managing assets of The ESG Growth Portfolio for just over two years, and that its portion of that Portfolio had underperformed both its benchmark index and the median return of an identified group of peer funds for the year ended September 30, 2022. The Board reviewed information on the performance of other accounts managed by RBC using the same strategies employed in The ESG Growth Portfolio that have longer track records, noting that such accounts had outperformed both the benchmark index and the median return of the peer funds for the five-year period ended September 30, 2022.

**HC CAPITAL TRUST** 

Additional Information (continued) — December 31, 2022 (Unaudited)

With respect to Wellington, the Board was informed that the portion of The Institutional U.S. Equity Portfolio managed by Wellington underperformed the appropriate benchmark index and an appropriate peer group of funds for the one year ended September 30, 2022, but outperformed both the index and peer funds for the three- and five-year periods.

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.

The Board also concluded that the rates at which the Specialist Managers are compensated under the Continuing Agreements are reasonable. In reaching this conclusion, the Board had before it financial information about the Specialist Managers relating to factors such as comparable fees charged to peer funds and/or other institutional clients by the Specialist Managers for similar services, costs incurred by the Specialist Managers in providing services to the Portfolios and/or the Specialist Managers' profitability. With respect to certain Specialist Managers, the Board noted that the fees Portfolios included breakpoints intended to recognize economies of scale achieved as the level of assets in the respective accounts increases.

With respect to Echo Street, the Board was informed that the firm received an annual fee of no more than 0.85%, with a breakpoint schedule providing for lower fees at greater asset levels down to 0.55% for assets over $200 million, and that for Portfolio in which Echo Street was actively managing assets, The Institutional U.S. Equity Portfolio, this fee schedule resulted in an annual fee for the past year that was slightly higher than the comparable industry average fees.

With respect to XY Investments, the Board was informed that the Firm received an annual fee of 1.00%, with the possibility of that fee lowering as the Firm's total assets under management increased. It was noted that this fee was higher than the comparable industry average fees.

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. Effective fees paid during the period were 0.046% for The Institutional U.S. Equity Portfolio, 0.10% for the ESG Growth and Catholic SRI Growth Portfolios, 0.05% for The Institutional International Equity Portfolio, 0.13% for The Emerging Markets Portfolio and 0.06% for the Core Fixed Income, U.S. Government Fixed Income Securities and U.S. Mortgage/Asset Backed Fixed Income Securities Portfolios. The Board was informed that each of these fee structures was equal to or lower than the comparable industry average fees.

For RBC in The ESG Growth Portfolio, the Board was informed that the effective fee paid to RBC for the period was 0.55%, while the average advisory fee for peer funds was 0.63%.

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 0.73%, while the average advisory fee for peer funds was 0.58%, 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.

In considering this information, the Board gave substantial weight to the fact that the rates at which each Specialist Manager is compensated were determined as a result of arms-length negotiations conducted by the officers of the Trust and the Adviser. Accordingly, the Board determined that the profitability to each of each of the Specialist Managers from their relationships with the Trust Portfolios was not a material factor in its deliberations with respect to the consideration of the approval of the Continuing Agreements

THIS PAGE INTENTIONALLY LEFT BLANK

**HC CAPITAL TRUST** 

**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.

---

| | |
|:---|:---|
| <u>**Investment Adviser**</u><br> HC Capital Solutions<br> Five Tower Bridge<br> 300 Barr Harbor Drive, 5th Floor <br> West Conshohocken, PA 19428 | <u>**Counsel**</u><br> Stradley Ronon Stevens & Young, LLP<br> 2005 Market Street, Suite 2600<br> Philadelphia, PA 19103-7018 |
| <u>**Administrator**</u><br> Citi Fund Services Ohio, Inc. <br> 4400 Easton Commons, Suite 200 <br> Columbus, OH 43219 | <u>**Independent Registered Public Accounting Firm**</u> <br> Grant Thornton LLP<br> Two Commerce Square<br> 2001 Market Street, Suite 700<br> Philadelphia, PA 19103 |
| <u>**Distributor**</u><br> Ultimus Fund Distributors, LLC <br> 225 Pictoria Drive, Suite 450 <br> Cincinnati, OH 45246 | <u>**Custodian**</u><br> State Street Bank and Trust Company<br> State Street Financial Center<br> 1 Lincoln Street<br> 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.

2/23

**Item 2. Code of Ethics.**

*Not Applicable*

 ****

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

 

*Not Applicable*

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

*Not Applicable*

 

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

*Not Applicable*

**Item 6.** **Schedule of Investments.**

(a) *Not Applicable*

(b) *Not Applicable*

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

*Not applicable.*

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

*Not applicable*.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

*Not applicable.*

**Item 10. Submission of Matters to a Vote of Security Holders.**

*Not applicable.*

**Item 11. 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 these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the Registrant on Form N-CSR 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 Investment Company Act of 1940 ("the Act") (17 CFR 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 12. Disclosures of Securities Lending Activities for Closed-End Management Investment Companies.**

*Not applicable.*

**Item 13. Exhibits.**

(a)(1) Not Applicable.

[(a)(2) Certifications pursuant to Rule 30a-2(a) under the Act are attached hereto.](fp0082483-1_ex99cert.htm)

(a)(3) Not applicable.

[(b) Certifications pursuant to Rule 30a-2(b) under the Act are attached hereto.](fp0082483-1_ex99906cert.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) | HC Capital Trust |
| By (Signature and Title) | /s/ Geoffrey Trzepacz |
|  | Geoffrey Trzepacz, Principal Executive Officer |
| Date: | March 6, 2023 |

---

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) | /s/ Colette Bergman |
|  | Colette Bergman, Principal Financial Officer |
| Date: | March 6, 2023 |
| By (Signature and Title) | /s/ Geoffrey Trzepacz |
|  | Geoffrey Trzepacz, Principal Executive Officer |
| Date: | March 6, 2023 |

---

## Ex-99.Cert

<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:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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):

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

---

| | |
|:---|:---|
| March 6, 2023 | /s/ Geoffrey Trzepacz |
| Date | Geoffrey Trzepacz |
|  | 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:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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):

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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| | |
|:---|:---|
| March 6, 2023 | /s/ Colette Bergman |
| Date | Colette Bergman |
|  | Principal Financial Officer |

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## 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 six months ended December 31, 2022 of HC Capital Trust (the "Registrant").

I, Geoffrey Trzepacz, the Principal Executive Officer of the Registrant, certify that, to the best of my knowledge,:

1. 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. 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>March 6, 2023</u> <br> Date

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| |
|:---|
| /s/ Geoffrey Trzepacz |
| Geoffrey Repacs |
| 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 six months ended December 31, 2022 of HC Capital Trust (the "Registrant").

I, Colette Bergman, the Principal Financial Officer of the Registrant, certify that, to the best of my knowledge,:

1. 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. 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>March 6, 2023</u> <br> Date

---

| |
|:---|
| /s/ Colette Bergman |
| 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.