HC Capital Trust N-CSRS Certified semi-annual shareholder report (management investment company)

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 811-08918

HC Capital Trust

(Exact name of Registrant as specified in charter)

Five Tower Bridge, 300 Barr Harbor Drive, 5th Floor, West Conshohocken, PA 19428 .
(Address of principal executive offices)	(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: (800) 242-9596

Date of fiscal year end:	June 30
Date of reporting period:	December 31, 2021

Item 1. Reports to Stockholders.

Semiannual Report (Unaudited)

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

December 31, 2021

December 31, 2021

We are pleased to present the December 31, 2021 Semiannual Report for the HC Capital Trust (the “Trust”).

The Trust is an open-end management investment company. As of December 31, 2021, 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.

The Value Equity Portfolio, 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.

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

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

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

The ESG Growth Portfolio, seeks to maximize total return subject to emphasizing environmental, social and governance (“ESG”) focused investments.

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

The International Equity Portfolio, 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.

The Institutional International Equity Portfolio, 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.

The Emerging Markets Portfolio, 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.

The Core Fixed Income Portfolio, 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.

The Corporate Opportunities Portfolio, seeks to achieve above-average total return by investing in high yield securities (commonly referred to as “junk bonds”).

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

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

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

The Short-Term Municipal Bond Portfolio, 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.

The Intermediate Term Municipal Bond Portfolio, 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.

The Intermediate Term Municipal Bond II Portfolio, 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, 2021

Table of Contents

Portfolios of Investments	1
Statements of Assets and Liabilities	237
Statements of Operations	242
Statements of Changes in Net Assets	247
Financial Highlights	253
Notes to Financial Statements	260
Additional Information	293

HC CAPITAL TRUST

The Value Equity Portfolio

Portfolio of Investments — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 99.43%
		Aerospace & Defense — 1.25%
	3,065	HEICO Corp.	$	442
	1,057	L3Harris Technologies, Inc.		225
	5,411	Lockheed Martin Corp.		1,923
	747	Northrop Grumman Corp.		289
	18,437	Raytheon Technologies Corp.		1,587
	6,782	Spirit Aerosystems Holdings, Inc., Class - A		292
	8,457	The Boeing Co.(a)		1,703
	4,528	TransDigm Group, Inc.(a)		2,881
				9,342
		Air Freight & Logistics — 0.70%
	305	Expeditors International of Washington, Inc.		41
	4,786	FedEx Corp.		1,238
	1,886	GXO Logistics, Inc.(a)		171
	16,845	United Parcel Service, Inc., Class - B		3,611
	1,886	XPO Logistics, Inc.(a)		146
				5,207
		Airlines — 0.20%
	2,805	Alaska Air Group, Inc.(a)		146
	2,097	Copa Holdings SA, Class - A(a)		173
	14,344	Delta Air Lines, Inc.(a)		561
	9,703	JetBlue Airways Corp.(a)		138
	10,506	Southwest Airlines Co.(a)		450
				1,468
		Auto Components — 0.42%
	585	Gentex Corp.		20
	12,500	Lear Corp.		2,288
	37,827	The Goodyear Tire & Rubber Co.(a)		806
				3,114
		Automobiles — 2.07%
	7,064	General Motors Co.(a)		414
	8,781	Rivian Automotive, Inc., Class - A(a)		911
	13,437	Tesla, Inc.(a)		14,200
				15,525
		Banks — 4.30%
	232,714	Bank of America Corp.		10,354
	16,687	Bank OZK		776
	18,854	Citigroup, Inc.		1,139
	1,826	Citizens Financial Group, Inc.		86
	15,989	Comerica, Inc.		1,391
	625	Commerce Bancshares, Inc.		43
	1,552	Cullen/Frost Bankers, Inc.		196
	3,013	East West Bancorp, Inc.		237
	13,076	Fifth Third Bancorp		569
	6,815	First Hawaiian, Inc.		186
	1,892	First Republic Bank		391
	41,225	Huntington Bancshares, Inc.		636
	52,407	JPMorgan Chase & Co.		8,299

Shares		Security Description	Value (000)
		Banks (continued)
	17,314	KeyCorp	$	400
	2,282	M&T Bank Corp.		350
	10,303	People’s United Financial, Inc.		184
	8,270	PNC Financial Services Group, Inc.		1,658
	710	SVB Financial Group(a)		482
	42,174	Synovus Financial Corp.		2,019
	32,258	Truist Financial Corp.		1,889
	9,426	Umpqua Holdings Corp.		181
	3,073	Wells Fargo & Co.		147
	9,321	Zions Bancorp NA		589
				32,202
		Beverages — 1.58%
	4,600	Brown-Forman Corp., Class - B		335
	2,846	Constellation Brands, Inc., Class - A		714
	6,891	Keurig Dr Pepper, Inc.		254
	4,530	Monster Beverage Corp.(a)		435
	28,839	PepsiCo, Inc.		5,010
	85,987	The Coca-Cola Co.		5,091
				11,839
		Biotechnology — 2.17%
	34,760	AbbVie, Inc.		4,707
	2,223	Alnylam Pharmaceuticals, Inc.(a)		377
	14,171	Amgen, Inc.		3,188
	2,865	Biogen, Inc.(a)		687
	3,298	Moderna, Inc.(a)		838
	5,614	Sage Therapeutics, Inc.(a)		239
	4,223	Sarepta Therapeutics, Inc.(a)		380
	8,247	Seagen, Inc.(a)		1,275
	17,938	United Therapeutics Corp.(a)		3,876
	3,143	Vertex Pharmaceuticals, Inc.(a)		690
				16,257
		Building Products — 0.69%
	10,045	A.O. Smith Corp.		862
	21,311	Carrier Global Corp.		1,156
	13,273	Johnson Controls International PLC		1,079
	6,549	Masco Corp.		460
	7,831	Trane Technologies PLC		1,582
				5,139
		Capital Markets — 2.54%
	4,496	Affiliated Managers Group, Inc.		740
	2,506	Ameriprise Financial, Inc.		756
	2,656	Ares Management Corp., Class - A		216
	4,582	BlackRock, Inc., Class - A		4,195
	1,669	CME Group, Inc.		381
	4,721	Evercore, Inc., Class - A		641
	16,955	Franklin Resources, Inc.		568
	2,293	Interactive Brokers Group, Inc., Class - A		182
	1,491	Intercontinental Exchange, Inc.		204

See accompanying notes to financial statements.

1

HC CAPITAL TRUST

The Value Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Capital Markets (continued)
	9,972	Invesco Ltd.	$	230
	9,493	KKR & Co., Inc.		707
	20,369	Morgan Stanley		1,999
	686	Morningstar, Inc.		235
	629	Nasdaq, Inc.		132
	3,423	Northern Trust Corp.		409
	7,695	State Street Corp.		716
	7,780	T. Rowe Price Group, Inc.		1,530
	25,629	The Charles Schwab Corp.		2,155
	7,506	The Goldman Sachs Group, Inc.		2,871
	4,599	Virtu Financial, Inc., Class - A		133
				19,000
		Chemicals — 1.51%
	9,702	Air Products & Chemicals, Inc.		2,951
	4,923	Axalta Coating Systems Ltd.(a)		163
	1,640	Celanese Corp., Series A		276
	33,476	CF Industries Holdings, Inc.		2,369
	9,311	Corteva, Inc.		440
	9,217	Dow, Inc.		523
	13,149	DuPont de Nemours, Inc.		1,062
	7,173	LyondellBasell Industries N.V., Class - A		662
	24,876	Olin Corp.		1,431
	6,716	PPG Industries, Inc.		1,158
	1,538	The Scotts Miracle-Gro Co.		248
				11,283
		Commercial Services & Supplies — 1.00%
	11,948	Clean Harbors, Inc.(a)		1,192
	27,349	Copart, Inc.(a)		4,146
	3,003	IAA, Inc.(a)		152
	3,003	KAR Auction Services, Inc.(a)		47
	1,270	Republic Services, Inc.		177
	2,747	Stericycle, Inc.(a)		164
	9,682	Waste Management, Inc.		1,616
				7,494
		Communications Equipment — 0.84%
	90,637	Cisco Systems, Inc.		5,744
	31,124	Commscope Holding, Inc.(a)		344
	774	Motorola Solutions, Inc.		210
				6,298
		Construction & Engineering — 0.09%
	3,578	AECOM(a)		277
	841	Arcosa, Inc.		44
	717	Jacobs Engineering Group, Inc.		100
	2,295	Quanta Services, Inc.		263
				684

Shares		Security Description	Value (000)
		Construction Materials — 0.15%
	1,351	Martin Marietta Materials, Inc.	$	595
	2,578	Vulcan Materials Co.		535
				1,130
		Consumer Finance — 1.04%
	20,867	American Express Co.		3,414
	20,025	Capital One Financial Corp.		2,905
	6,409	Discover Financial Services		741
	14,450	OneMain Holdings, Inc.		723
				7,783
		Containers & Packaging — 0.44%
	262	AptarGroup, Inc.		32
	27	Avery Dennison Corp.		6
	22,939	Ball Corp.		2,209
	10,608	International Paper Co.		498
	2,050	Packaging Corporation of America		279
	2,320	Silgan Holdings, Inc.		99
	2,452	Sonoco Products Co.		142
				3,265
		Distributors — 0.07%
	3,827	Genuine Parts Co.		537
		Diversified Consumer Services — 0.27%
	12,786	Bright Horizons Family Solutions, Inc.(a)		1,609
	7,498	H&R Block, Inc.		177
	3,097	Service Corporation International		220
				2,006
		Diversified Financial Services — 0.99%
	21,024	Berkshire Hathaway, Inc., Class - B(a)		6,287
	14,613	Equitable Holdings, Inc.		479
	17,093	Jefferies Financial Group, Inc.		663
				7,429
		Diversified Telecommunication Services — 0.58%
	48,429	AT&T, Inc.		1,191
	50,123	Lumen Technologies, Inc.		629
	48,924	Verizon Communications, Inc.		2,542
				4,362
		Electric Utilities — 1.48%
	1,604	Alliant Energy Corp.		99
	30,034	American Electric Power Co., Inc.		2,672
	7,685	Duke Energy Corp.		806
	1,914	Edison International		131
	9,746	Eversource Energy		887
	9,106	Exelon Corp.		526
	3,311	Hawaiian Electric Industries, Inc.		137
	35,480	NextEra Energy, Inc.		3,312
	32,159	The Southern Co.		2,205
	4,017	Xcel Energy, Inc.		272
				11,047

See accompanying notes to financial statements.

2

HC CAPITAL TRUST

The Value Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Electrical Equipment — 0.70%
	3,350	AMETEK, Inc.	$	493
	12,355	Eaton Corp. PLC		2,135
	16,658	Emerson Electric Co.		1,549
	11,167	Fluence Energy, Inc.(a)		397
	3,984	Regal Rexnord Corp.		678
				5,252
		Electronic Equipment, Instruments & Components — 0.07%
	769	Arrow Electronics, Inc.(a)		103
	512	Dolby Laboratories, Inc., Class - A		49
	1,050	Keysight Technologies, Inc.(a)		217
	431	Teledyne Technologies, Inc.(a)		188
				557
		Energy Equipment & Services — 0.57%
	26,930	Halliburton Co.		616
	12,675	Helmerich & Payne, Inc.		300
	251,709	Patterson-UTI Energy, Inc.		2,127
	42,009	Schlumberger Ltd.		1,258
				4,301
		Entertainment — 1.44%
	2,063	Activision Blizzard, Inc.		137
	2,970	Liberty Media Corp. - Liberty Formula One, Class - C(a)		188
	7,509	Netflix, Inc.(a)		4,524
	1,437	Roku, Inc.(a)		328
	36,143	The Walt Disney Co.(a)		5,598
				10,775
		Equity Real Estate Investment Trusts — 2.98%
	992	Alexandria Real Estate Equities, Inc.		221
	3,172	American Campus Communities, Inc.		182
	3,688	American Homes 4 Rent, Class - A		161
	5,297	American Tower Corp.		1,549
	566	Apartment Income REIT Corp.		31
	2,773	Boston Properties, Inc.		319
	27,975	Brixmor Property Group, Inc.		711
	7,024	Camden Property Trust		1,255
	7,417	Crown Castle International Corp.		1,548
	5,913	CubeSmart		337
	11,311	CyrusOne, Inc.		1,015
	968	Digital Realty Trust, Inc.		171
	6,566	Duke Realty Corp.		431
	744	Equinix, Inc.		629
	2,122	Equity Lifestyle Properties, Inc.		186
	507	Essex Property Trust, Inc.		179
	2,294	Extra Space Storage, Inc.		520
	1,385	Federal Realty Investment Trust		189
	26,253	Healthcare Trust of America, Inc., Class - A		877
	12,588	Healthpeak Properties, Inc.		454

Shares		Security Description	Value (000)
		Equity Real Estate Investment Trusts (continued)
	10,627	Invitation Homes, Inc.	$	482
	5,259	Iron Mountain, Inc.		275
	4,087	JBG SMITH Properties		117
	21,155	Kimco Realty Corp.		521
	846	Lamar Advertising Co., Class - A		103
	3,183	Life Storage, Inc.		488
	6,040	Medical Properties Trust, Inc.		143
	2,029	Mid-America Apartment Communities, Inc.		466
	2,890	Omega Healthcare Investors, Inc.		86
	82,052	Parks Hotels & Resorts, Inc.(a)		1,549
	10,542	Prologis, Inc.		1,774
	2,688	Public Storage		1,007
	19,572	Realty Income Corp.		1,401
	6,543	Rexford Industrial Realty, Inc.		531
	1,367	Sun Communities, Inc.		287
	35,601	The Macerich Co.		615
	4,609	UDR, Inc.		276
	8,362	VICI Properties, Inc.		252
	16,526	Vornado Realty Trust		692
	1,917	Welltower, Inc.		164
	1,573	WP Carey, Inc.		129
				22,323
		Food & Staples Retailing — 1.06%
	3,254	Casey’s General Stores, Inc.		642
	1,943	Costco Wholesale Corp.		1,103
	9,412	Sysco Corp.		739
	9,040	The Kroger Co.		409
	34,781	Walmart, Inc.		5,033
				7,926
		Food Products — 0.79%
	13,782	Archer-Daniels-Midland Co.		931
	3,437	Campbell Soup Co.		149
	16,807	Conagra Brands, Inc.		574
	5,689	Flowers Foods, Inc.		156
	12,760	General Mills, Inc.		860
	2,450	Hormel Foods Corp.		120
	10,284	Kellogg Co.		662
	9,502	Mondelez International, Inc., Class - A		630
	1,277	Post Holdings, Inc.(a)		144
	6,350	The Hain Celestial Group, Inc.(a)		271
	1,964	The Hershey Co.		380
	13,887	The Kraft Heinz Co.		499
	6,256	Tyson Foods, Inc., Class - A		545
				5,921
		Gas Utilities — 0.01%
	808	Atmos Energy Corp.		85

See accompanying notes to financial statements.

3

HC CAPITAL TRUST

The Value Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Health Care Equipment & Supplies — 2.79%
	48,674	Abbott Laboratories	$	6,851
	1,636	Align Technology, Inc.(a)		1,075
	2,461	Baxter International, Inc.		211
	4,797	Becton, Dickinson & Co.		1,206
	3,501	Danaher Corp.		1,152
	5,780	DENTSPLY SIRONA, Inc.		322
	783	Dexcom, Inc.(a)		420
	2,250	Edwards Lifesciences Corp.(a)		291
	699	ICU Medical, Inc.(a)		166
	1,653	IDEXX Laboratories, Inc.(a)		1,088
	1,719	Intuitive Surgical, Inc.(a)		618
	37,605	Medtronic PLC		3,891
	3,499	Penumbra, Inc.(a)		1,005
	1,498	STERIS PLC		365
	6,183	Stryker Corp.		1,654
	2,387	Tandem Diabetes Care, Inc.(a)		359
	212	Teleflex, Inc.		70
	352	The Cooper Companies, Inc.		147
				20,891
		Health Care Providers & Services — 2.62%
	3,127	AmerisourceBergen Corp.		416
	4,252	Anthem, Inc.		1,971
	24,101	Centene Corp.(a)		1,986
	12,651	Cigna Corp.		2,904
	14,322	CVS Health Corp.		1,477
	1,535	DaVita, Inc.(a)		175
	2,167	Encompass Health Corp.		141
	4,756	HCA Healthcare, Inc.		1,222
	2,789	Humana, Inc.		1,294
	2,131	Laboratory Corporation of America Holdings(a)		670
	4,072	McKesson Corp.		1,012
	992	Molina Heathcare, Inc.(a)		316
	2,928	Quest Diagnostics, Inc.		507
	11,048	UnitedHealth Group, Inc.		5,547
				19,638
		Health Care Technology — 0.43%
	1,939	Cerner Corp.		180
	11,861	Veeva Systems, Inc., Class - A(a)		3,030
				3,210
		Hotels, Restaurants & Leisure — 1.66%
	2,249	Darden Restaurants, Inc.		339
	148	Hilton Worldwide Holdings, Inc.(a)		23
	22,330	Hyatt Hotels Corp., Class - A(a)		2,141
	1,434	Marriott International, Inc., Class - A(a)		237
	20,166	McDonald’s Corp.		5,406
	6,858	MGM Resorts International		308
	5,125	Six Flags Entertainment Corp.(a)		218
	30,827	Starbucks Corp.		3,606

Shares		Security Description	Value (000)
		Hotels, Restaurants & Leisure (continued)
	546	Vail Resorts, Inc.	$	179
				12,457
		Household Durables — 0.50%
	6,524	Bath & Body Works, Inc.		455
	3,443	D.R. Horton, Inc.		373
	3,121	Garmin Ltd.		425
	3,252	Leggett & Platt, Inc.		134
	6,964	Lennar Corp., Class - A		809
	83	Lennar Corp., Class - B		8
	4,132	PulteGroup, Inc.		236
	17,676	Toll Brothers, Inc.		1,280
				3,720
		Household Products — 1.63%
	2,171	Church & Dwight Co., Inc.		223
	18,619	Kimberly-Clark Corp.		2,661
	428	Spectrum Brands Holdings, Inc.		44
	1,218	The Clorox Co.		212
	55,572	The Procter & Gamble Co.		9,090
				12,230
		Independent Power and Renewable Electricity Producers — 0.08%
	26,502	Vistra Corp.		603
		Industrial Conglomerates — 0.74%
	12,155	3M Co.		2,159
	16,050	Honeywell International, Inc.		3,347
	41	Roper Technologies, Inc.		20
				5,526
		Insurance — 1.79%
	23,465	Aflac, Inc.		1,370
	560	Aon PLC, Class - A		168
	3,483	Arthur J. Gallagher & Co.		591
	1,195	Assurant, Inc.		186
	1,344	Brown & Brown, Inc.		94
	3,252	Cincinnati Financial Corp.		371
	52,976	Fidelity National Financial, Inc.		2,764
	9,177	Lincoln National Corp.		626
	2,577	Marsh & McLennan Companies, Inc.		448
	2,536	Mercury General Corp.		135
	26,353	MetLife, Inc.		1,647
	7,077	Old Republic International Corp.		174
	6,114	Prudential Financial, Inc.		662
	26,534	The Allstate Corp.		3,122
	2,945	The Progressive Corp.		302
	2,164	W.R. Berkley Corp.		178
	2,293	Willis Towers Watson PLC		545
				13,383

See accompanying notes to financial statements.

4

HC CAPITAL TRUST

The Value Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Interactive Media & Services — 6.56%
	6,267	Alphabet, Inc., Class - A(a)	$	18,157
	4,583	Alphabet, Inc., Class - C(a)		13,261
	51,914	Meta Platforms, Inc., Class - A(a)		17,462
	3,559	Zillow Group, Inc., Class - C(a)		227
				49,107
		Internet & Direct Marketing Retail — 3.61%
	7,778	Amazon.com, Inc.(a)		25,935
	15,824	eBay, Inc.		1,052
				26,987
		IT Services — 4.28%
	2,831	Accenture PLC, Class - A		1,174
	2,108	Akamai Technologies, Inc.(a)		247
	1,853	Cognizant Technology Solutions Corp.		164
	8,471	EPAM Systems, Inc.(a)		5,662
	642	Fidelity National Information Services, Inc.		70
	13,957	GoDaddy, Inc., Class - A(a)		1,184
	18,311	MasterCard, Inc., Class - A		6,580
	14,603	Okta, Inc.(a)		3,274
	6,910	Paychex, Inc.		943
	34,290	PayPal Holdings, Inc.(a)		6,466
	10,501	The Western Union Co.		187
	4,247	VeriSign, Inc.(a)		1,078
	23,246	Visa, Inc., Class - A		5,038
	43	WEX, Inc.(a)		6
				32,073
		Leisure Products — 0.14%
	1,780	Brunswick Corp.		179
	2,849	Hasbro, Inc.		290
	10,271	Mattel, Inc.(a)		221
	3,276	Polaris, Inc.		361
				1,051
		Life Sciences Tools & Services — 1.25%
	4,371	Agilent Technologies, Inc.		698
	398	Bio-Rad Laboratories, Inc., Class - A(a)		301
	1,294	Bruker Corp.		109
	438	Charles River Laboratories International, Inc.(a)		165
	710	IQVIA Holdings, Inc.(a)		200
	8,917	Maravai LifeSciences Holdings, Inc., Class - A(a)		374
	2,796	Mettler-Toledo International, Inc.(a)		4,744
	485	PerkinElmer, Inc.		98
	2,339	QIAGEN N.V.(a)		130
	3,456	Thermo Fisher Scientific, Inc.		2,306
	720	Waters Corp.(a)		268
				9,393
		Machinery — 1.42%
	11,054	AGCO Corp.		1,282

Shares		Security Description	Value (000)
		Machinery (continued)
	12,196	Caterpillar, Inc.	$	2,520
	4,945	Colfax Corp.(a)		227
	5,428	Cummins, Inc.		1,184
	53	Donaldson Companies, Inc.		3
	4,752	Dover Corp.		863
	1,740	Fortive Corp.		133
	28	IDEX Corp.		7
	6,910	Ingersoll-Rand, Inc.		428
	1,442	ITT, Inc.		147
	1,244	Nordson Corp.		318
	17,062	Oshkosh Corp.		1,923
	7,507	Otis Worldwide Corp.		654
	1,693	Parker Hannifin Corp.		539
	2,490	The Timken Co.		173
	1,711	Westinghouse Air Brake Technologies Corp.		158
	485	Xylem, Inc.		58
				10,617
		Media — 1.00%
	1,042	Charter Communications, Inc., Class - A(a)		679
	108,767	Comcast Corp., Class - A		5,475
	4,889	Fox Corp., Class - A		180
	2,709	Liberty Broadband Corp., Class - C(a)		436
	3,789	Omnicom Group, Inc.		278
	15,400	ViacomCBS, Inc., Class - B		465
				7,513
		Metals & Mining — 0.29%
	18,550	Newmont Corp.		1,150
	8,225	Nucor Corp.		939
	1,912	Steel Dynamics, Inc.		119
				2,208
		Mortgage Real Estate Investment Trusts — 0.11%
	24,106	AGNC Investment Corp.		363
	40,328	Annaly Capital Management, Inc.		315
	15,165	New Residential Investment Corp.		162
				840
		Multiline Retail — 0.69%
	952	Dollar General Corp.		225
	4,169	Dollar Tree, Inc.(a)		586
	5,126	Ollie’s Bargain Outlet Holdings, Inc.(a)		262
	17,745	Target Corp.		4,107
				5,180
		Multi-Utilities — 0.91%
	2,674	Ameren Corp.		238
	1,937	CMS Energy Corp.		126
	1,642	Consolidated Edison, Inc.		140
	24,990	Dominion Energy, Inc.		1,963
	1,043	DTE Energy Co.		125
	72,854	NiSource, Inc.		2,012

See accompanying notes to financial statements.

5

HC CAPITAL TRUST

The Value Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Multi-Utilities (continued)
	5,865	Public Service Enterprise Group, Inc.	$	391
	951	Sempra Energy		126
	17,371	WEC Energy Group, Inc.		1,686
				6,807
		Oil, Gas & Consumable Fuels — 1.89%
	19,551	Antero Midstream Corp.		189
	7,263	Cheniere Energy, Inc.		737
	19,851	Chevron Corp.		2,331
	5,077	ConocoPhillips		366
	45,056	Continental Resources, Inc.		2,017
	64,421	Coterra Energy, Inc.		1,224
	30,851	Devon Energy Corp.		1,359
	521	DT Midstream, Inc.		25
	3,995	EOG Resources, Inc.		355
	7,396	EQT Corp.(a)		161
	10,122	Exxon Mobil Corp.		619
	16,993	Hess Corp.		1,258
	11,538	Marathon Petroleum Corp.		738
	26,124	Occidental Petroleum Corp.		757
	6,401	ONEOK, Inc.		376
	6,951	Targa Resources Corp.		363
	41,203	The Williams Companies, Inc.		1,073
	2,242	Valero Energy Corp.		168
				14,116
		Paper & Forest Products — 0.00%
	964	Sylvamo Corp.(a)		27
		Personal Products — 0.08%
	1,700	The Estee Lauder Companies, Inc.		629
		Pharmaceuticals — 3.64%
	39,997	Bristol-Myers Squibb Co.		2,494
	1,441	Catalent, Inc.(a)		184
	4,682	Elanco Animal Health, Inc.(a)		133
	19,272	Eli Lilly & Co.		5,323
	1,000	Jazz Pharmaceuticals PLC(a)		127
	44,819	Johnson & Johnson		7,667
	64,349	Merck & Co., Inc.		4,932
	6,434	Organon & Co.		196
	99,288	Pfizer, Inc.		5,863
	8,926	Viatris, Inc.		121
	790	Zoetis, Inc.		193
				27,233
		Professional Services — 0.71%
	26,820	CoStar Group, Inc.(a)		2,120
	1,081	Equifax, Inc.		317
	950	IHS Markit Ltd.		126
	1,829	Leidos Holdings, Inc.		163
	825	Robert Half International, Inc.		92

Shares		Security Description	Value (000)
		Professional Services (continued)
	10,910	Verisk Analytics, Inc., Class - A	$	2,494
				5,312
		Real Estate Management & Development — 0.09%
	1,691	CBRE Group, Inc., Class - A(a)		183
	4,563	Howard Hughes Corp.(a)		465
				648
		Road & Rail — 1.06%
	327	AMERCO		237
	4,011	CSX Corp.		151
	2,655	Knight-Swift Transportation Holdings, Inc.		162
	5,345	Norfolk Southern Corp.		1,591
	1,462	Old Dominion Freight Line, Inc.		524
	7,527	Ryder System, Inc.		620
	18,473	Union Pacific Corp.		4,655
				7,940
		Semiconductors & Semiconductor Equipment — 5.29%
	12,968	Advanced Micro Devices, Inc.(a)		1,866
	3,728	Analog Devices, Inc.		655
	21,151	Applied Materials, Inc.		3,329
	2,567	Broadcom, Inc.		1,708
	4,459	Enphase Energy, Inc.(a)		816
	113,563	Intel Corp.		5,849
	3,302	KLA Corp.		1,420
	1,129	Lam Research Corp.		812
	6,083	Marvell Technology, Inc.		532
	2,758	Micron Technology, Inc.		257
	50,260	NVIDIA Corp.		14,783
	7,270	QUALCOMM, Inc.		1,329
	3,842	Skyworks Solutions, Inc.		596
	23,905	Texas Instruments, Inc.		4,506
	6,964	Universal Display Corp.		1,149
	115	Xilinx, Inc.		24
				39,631
		Software — 10.65%
	12,361	Adobe, Inc.(a)		7,009
	10,190	Autodesk, Inc.(a)		2,865
	1,261	Bill.com Holdings, Inc.(a)		314
	27,227	Manhattan Associates, Inc.(a)		4,234
	139,124	Microsoft Corp.		46,791
	22,073	Nuance Communications, Inc.(a)		1,221
	56,988	Oracle Corp.		4,970
	8,321	PAYCOM Software, Inc.(a)		3,455
	8,384	RingCentral, Inc., Class - A(a)		1,571
	4,117	Salesforce.com, Inc.(a)		1,046
	8,243	ServiceNow, Inc.(a)		5,351
	668	Synopsys, Inc.(a)		246
	3,152	Zoom Video Communications, Inc., Class - A(a)		580
				79,653

See accompanying notes to financial statements.

6

HC CAPITAL TRUST

The Value Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Specialty Retail — 2.62%
	1,187	Advance Auto Parts, Inc.	$	285
	2,829	AutoNation, Inc.(a)		331
	22	AutoZone, Inc.(a)		46
	7,757	Best Buy Co., Inc.		788
	631	Burlington Stores, Inc.(a)		184
	4,224	CarMax, Inc.(a)		550
	4,609	Dick’s Sporting Goods, Inc.		530
	923	Five Below, Inc.(a)		191
	36,426	Floor & Decor Holdings, Inc., Class - A(a)		4,736
	3,466	Foot Locker, Inc.		151
	3,541	Lowe’s Companies, Inc.		915
	7,287	Penske Automotive Group, Inc.		781
	1,818	Ross Stores, Inc.		208
	17,296	The Home Depot, Inc.		7,178
	21,249	The TJX Companies, Inc.		1,613
	2,059	Tractor Supply Co.		491
	2,174	Victoria’s Secret & Co.(a)		121
	3,016	Williams-Sonoma, Inc.		510
				19,609
		Technology Hardware, Storage & Peripherals — 7.29%
	285,736	Apple, Inc.		50,739
	83,952	HP, Inc.		3,163
	2,448	NetApp, Inc.		225
	6,217	Western Digital Corp.(a)		405
				54,532
		Textiles, Apparel & Luxury Goods — 0.54%
	6,619	Capri Holdings Ltd.(a)		430
	1,404	Carter’s, Inc.		142
	30,504	Hanesbrands, Inc.		510
	9,274	NIKE, Inc., Class - B		1,545
	1,533	Ralph Lauren Corp.		182
	7,801	Tapestry, Inc.		317
	12,187	Under Armour, Inc., Class - C(a)		220
	9,099	V.F. Corp.		666
				4,012

Shares		Security Description	Value (000)
		Tobacco — 0.31%
	36,600	Altria Group, Inc.	$	1,734
	6,325	Philip Morris International, Inc.		601
				2,335
		Trading Companies & Distributors — 0.36%
	19,931	Fastenal Co.		1,276
	1,130	Watsco, Inc.		354
	8,335	WESCO International, Inc.(a)		1,097
				2,727
		Water Utilities — 0.03%
	1,178	American Water Works Co., Inc.		222
		Wireless Telecommunication Services — 0.37%
	23,667	T-Mobile US, Inc.(a)		2,745
		Total Common Stocks		744,356
		Investment Company — 0.19%
	1,392,741	State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01%(b)		1,393
		Total Investment Company		1,393
		Purchased Options on Futures — 0.02%
		Total Purchased Options on Futures		148
		Total Investments (cost $310,783) — 99.64%		745,897
		Other assets in excess of liabilities — 0.36%		2,683
		Net Assets — 100.00%	$	748,580

(a) Represents non-income producing security.

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

As of December 31, 2021, 100% of the Portfolio’s net assets were managed by Parametric Portfolio Associates, LLC.

REIT—Real Estate Investment Trust

See accompanying notes to financial statements.

7

HC CAPITAL TRUST

The Value Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

The following tables reflect the open derivative positions held by the Portfolio as of December 31, 2021.

Futures Contracts Purchased^^^

Description		Number of Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
E-Mini S&P 500 Future			7		3/18/22	$	1,665	$	23
E-Mini S&P Midcap 400 Future			3		3/18/22		851		14
						$	2,516	$	37
	Total Unrealized Appreciation							$	37
	Total Unrealized Depreciation								—
	Total Net Unrealized Appreciation/(Depreciation)							$	37

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

Options on Futures Contracts

Exchange-traded options on futures contacts written as of December 31, 2021 were as follows:

Description	Put/Call		Number of Contracts		Notional Amount (000)		Exercise Price		Expiration Date		Value (000)
E-Mini S&P 500 Future Option		Put		9	$	1,844	$	4,100.00		1/21/22	$	(1	)
E-Mini S&P 500 Future Option		Put		4		828		4,140.00		1/21/22		(1	)
E-Mini S&P 500 Future Option		Put		4		834		4,170.00		1/21/22		(1	)
E-Mini S&P 500 Future Option		Put		4		836		4,180.00		1/21/22		(1	)
E-Mini S&P 500 Future Option		Put		8		1,708		4,270.00		1/21/22		(2	)
E-Mini S&P 500 Future Option		Put		8		1,732		4,330.00		1/21/22		(3	)
E-Mini S&P 500 Future Option		Put		4		810		4,050.00		1/21/22		(1	)
E-Mini S&P 500 Future Option		Put		4		830		4,150.00		1/31/22		(1	)
E-Mini S&P 500 Future Option		Put		5		1,000		4,000.00		1/31/22		(1	)
E-Mini S&P 500 Future Option		Put		5		1,040		4,160.00		1/31/22		(2	)
E-Mini S&P 500 Future Option		Put		5		1,043		4,170.00		1/31/22		(2	)
E-Mini S&P 500 Future Option		Put		8		1,700		4,250.00		1/31/22		(4	)
E-Mini S&P 500 Future Option		Put		5		1,050		4,200.00		1/31/22		(2	)
E-Mini S&P 500 Future Option		Put		8		1,688		4,220.00		1/31/22		(3	)
E-Mini S&P 500 Future Option		Put		8		1,760		4,400.00		1/31/22		(6	)
E-Mini S&P 500 Future Option		Put		5		1,048		4,190.00		1/31/22		(2	)
E-Mini S&P 500 Future Option		Put		8		1,780		4,450.00		1/31/22		(7	)
E-Mini S&P 500 Future Option		Put		6		1,365		4,550.00		2/21/22		(14	)
E-Mini S&P 500 Future Option		Put		8		1,760		4,400.00		2/21/22		(13	)
E-Mini S&P 500 Future Option		Put		4		780		3,900.00		2/21/22		(2	)
E-Mini S&P 500 Future Option		Put		4		790		3,950.00		2/21/22		(2	)
E-Mini S&P 500 Future Option		Put		4		798		3,990.00		2/21/22		(2	)
E-Mini S&P 500 Future Option		Put		5		1,000		4,000.00		2/21/22		(3	)
E-Mini S&P 500 Future Option		Put		8		1,660		4,150.00		2/21/22		(6	)
E-Mini S&P 500 Future Option		Put		8		1,700		4,250.00		2/21/22		(8	)
E-Mini S&P 500 Future Option		Put		8		1,728		4,320.00		2/28/22		(13	)
E-Mini S&P 500 Future Option		Put		6		1,359		4,530.00		2/28/22		(16	)
E-Mini S&P 500 Future Option		Put		8		1,740		4,350.00		2/28/22		(14	)
E-Mini S&P 500 Future Option		Put		8		1,768		4,420.00		3/18/22		(22	)
											$	(155	)

See accompanying notes to financial statements.

8

HC CAPITAL TRUST

The Value Equity Portfolio

Portfolio of Investments (concluded) — December 31, 2021 (Unaudited)

Exchanged-traded options on futures contacts purchased as of December 31, 2021 were as follows:

Description	Put/Call		Number of Contracts		Notional Amount (000)		Exercise Price		Expiration Date		Value (000)
E-Mini S&P 500 Future Option		Put		4	$	920	$	4,600.00		1/21/22	$	4
E-Mini S&P 500 Future Option		Put		4		910		4,550.00		1/21/22		3
E-Mini S&P 500 Future Option		Put		4		940		4,700.00		1/31/22		11
E-Mini S&P 500 Future Option		Put		4		930		4,650.00		1/31/22		8
E-Mini S&P 500 Future Option		Put		4		910		4,550.00		1/31/22		5
E-Mini S&P 500 Future Option		Put		4		940		4,700.00		2/21/22		16
E-Mini S&P 500 Future Option		Put		4		920		4,600.00		2/21/22		12
E-Mini S&P 500 Future Option		Put		3		717		4,780.00		2/21/22		16
E-Mini S&P 500 Future Option		Put		8		1,860		4,650.00		2/28/22		31
E-Mini S&P 500 Future Option		Put		3		716		4,770.00		2/28/22		17
E-Mini S&P 500 Future Option		Put		4		945		4,725.00		3/18/22		25
											$	148

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

See accompanying notes to financial statements.

9

HC CAPITAL TRUST

The Growth Equity Portfolio

Portfolio of Investments — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 97.61%
		Aerospace & Defense — 0.75%
	5,461	General Dynamics Corp.	$	1,138
	391	HEICO Corp.		56
	728	HEICO Corp., Class - A		94
	4,826	L3Harris Technologies, Inc.		1,029
	1,511	Northrop Grumman Corp.		585
	33,522	Raytheon Technologies Corp.		2,886
	5,365	The Boeing Co.(a)		1,080
	475	TransDigm Group, Inc.(a)		302
				7,170
		Air Freight & Logistics — 0.14%
	4,946	Expeditors International of Washington, Inc.		664
	7,548	GXO Logistics, Inc.(a)		686
				1,350
		Airlines — 0.15%
	12,994	Alaska Air Group, Inc.(a)		677
	18,665	Delta Air Lines, Inc.(a)		729
				1,406
		Auto Components — 0.18%
	77,861	QuantumScape Corp.(a)		1,728
		Automobiles — 3.17%
	71,725	Ford Motor Co.		1,490
	27,337	Tesla, Inc.(a)		28,889
				30,379
		Banks — 2.86%
	33,119	Bank of America Corp.		1,473
	13,206	Bank OZK		614
	53,577	Citigroup, Inc.		3,236
	13,240	Citizens Financial Group, Inc.		626
	40,559	Comerica, Inc.		3,529
	1,150	Cullen/Frost Bankers, Inc.		145
	29,928	East West Bancorp, Inc.		2,355
	86,090	First Horizon Corp.		1,406
	3,853	First Republic Bank		796
	36,888	Huntington Bancshares, Inc.		569
	23,176	JPMorgan Chase & Co.		3,669
	74,674	KeyCorp		1,727
	110,003	Regions Financial Corp.		2,398
	209	SVB Financial Group(a)		142
	26,956	Truist Financial Corp.		1,578
	49,126	Zions Bancorp NA		3,103
				27,366
		Beverages — 1.13%
	7,236	Brown-Forman Corp., Class - B		527
	8,931	Monster Beverage Corp.(a)		858
	29,046	PepsiCo, Inc.		5,045

Shares		Security Description	Value (000)
		Beverages (continued)
	74,917	The Coca-Cola Co.	$	4,436
				10,866
		Biotechnology — 1.36%
	9,107	Alnylam Pharmaceuticals, Inc.(a)		1,544
	15,193	Amgen, Inc.		3,418
	4,492	BioNTech SE, ADR(a)		1,158
	19,253	Moderna, Inc.(a)		4,891
	800	Neurocrine Biosciences, Inc.(a)		68
	2,019	Regeneron Pharmaceuticals, Inc.(a)		1,275
	1,014	Seagen, Inc.(a)		157
	2,251	Vertex Pharmaceuticals, Inc.(a)		494
				13,005
		Building Products — 0.27%
	404	Armstrong World Industries, Inc.		47
	17,452	Carrier Global Corp.		947
	50,415	Resideo Technologies, Inc.(a)		1,312
	1,218	Trane Technologies PLC		246
				2,552
		Capital Markets — 2.22%
	2,335	CBOE Global Markets, Inc.		304
	6,242	CME Group, Inc.		1,426
	1,203	FactSet Research Systems, Inc.		585
	2,582	Intercontinental Exchange, Inc.		353
	143,372	Invesco Ltd.		3,300
	18,395	Janus Henderson Group PLC	��	771
	15,119	KKR & Co., Inc.		1,126
	713	LPL Financial Holdings, Inc.		114
	349	MarketAxess Holdings, Inc.		144
	1,577	Moody’s Corp.		616
	31,488	Morgan Stanley		3,091
	390	Morningstar, Inc.		133
	838	MSCI, Inc.		513
	7,766	S&P Global, Inc.		3,666
	2,032	T. Rowe Price Group, Inc.		400
	16,324	The Charles Schwab Corp.		1,373
	8,823	The Goldman Sachs Group, Inc.		3,376
				21,291
		Chemicals — 1.79%
	3,430	Air Products & Chemicals, Inc.		1,044
	13,075	CF Industries Holdings, Inc.		925
	30,407	Ecolab, Inc.		7,134
	999	FMC Corp.		110
	8,463	Linde PLC		2,932
	28,629	LyondellBasell Industries N.V., Class - A		2,640
	19,809	The Chemours Co.		665
	4,752	The Sherwin-Williams Co.		1,673
				17,123

See accompanying notes to financial statements.

10

HC CAPITAL TRUST

The Growth Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Commercial Services & Supplies — 0.23%
	1,845	Cintas Corp.	$	818
	6,652	Copart, Inc.(a)		1,008
	2,752	Waste Connections, Inc.		375
				2,201
		Communications Equipment — 0.77%
	4,776	Arista Networks, Inc.(a)		687
	101,754	Cisco Systems, Inc.		6,447
	825	F5, Inc.(a)		202
	153	Motorola Solutions, Inc.		42
				7,378
		Construction & Engineering — 0.00%
	374	Quanta Services, Inc.		43
		Consumer Finance — 0.30%
	95	Credit Acceptance Corp.(a)		65
	141,214	SLM Corp.		2,778
				2,843
		Containers & Packaging — 0.05%
	1,280	AptarGroup, Inc.		157
	747	Avery Dennison Corp.		161
	841	Packaging Corporation of America		115
				433
		Distributors — 0.07%
	2,966	Genuine Parts Co.		415
	381	Pool Corp.		216
				631
		Diversified Consumer Services — 0.03%
	516	Bright Horizons Family Solutions, Inc.(a)		65
	1,727	Service Corporation International		122
	1,276	Terminix Global Holdings, Inc.(a)		58
				245
		Diversified Financial Services — 0.94%
	17,401	Berkshire Hathaway, Inc., Class - B(a)		5,204
	49,933	Equitable Holdings, Inc.		1,637
	32,550	Voya Financial, Inc.		2,158
				8,999
		Diversified Telecommunication Services — 0.16%
	122,941	Lumen Technologies, Inc.		1,543
		Electric Utilities — 0.58%
	15,796	Edison International		1,078
	60,365	FirstEnergy Corp.		2,510
	23,487	Hawaiian Electric Industries, Inc.		975
	4,256	NextEra Energy, Inc.		397
	12,422	OGE Energy Corp.		477
	5,512	PPL Corp.		166
				5,603

Shares		Security Description	Value (000)
		Electrical Equipment — 0.27%
	5,157	AMETEK, Inc.	$	758
	13,294	Emerson Electric Co.		1,236
	1,210	Hubbell, Inc.		252
	931	Rockwell Automation, Inc.		325
				2,571
		Electronic Equipment, Instruments & Components — 0.14%
	12,210	Amphenol Corp., Class - A		1,068
	2,343	Vontier Corp.		72
	376	Zebra Technologies Corp.(a)		224
				1,364
		Entertainment — 2.00%
	24,348	Live Nation Entertainment, Inc.(a)		2,914
	17,116	Netflix, Inc.(a)		10,311
	15,144	ROBLOX Corp., Class - A(a)		1,562
	6,700	Sea Ltd., ADR(a)		1,499
	6,288	Spotify Technology SA(a)		1,472
	9,160	The Walt Disney Co.(a)		1,419
				19,177
		Equity Real Estate Investment Trusts — 2.21%
	529	American Tower Corp.		155
	3,958	Americold Realty Trust		130
	16,012	Equinix, Inc.		13,544
	1,608	Equity Lifestyle Properties, Inc.		141
	41,651	Healthpeak Properties, Inc.		1,503
	94,719	Parks Hotels & Resorts, Inc.(a)		1,788
	52,271	SITE Centers Corp.		827
	40,605	Ventas, Inc.		2,076
	25,254	Vornado Realty Trust		1,057
				21,221
		Food & Staples Retailing — 1.57%
	18,462	Costco Wholesale Corp.		10,481
	8,706	Sysco Corp.		684
	1,413	Walgreens Boots Alliance, Inc.		74
	26,416	Walmart, Inc.		3,822
				15,061
		Food Products — 0.77%
	70,463	Conagra Brands, Inc.		2,406
	5,224	Hormel Foods Corp.		255
	413	Lamb Weston Holding, Inc.		26
	5,092	McCormick & Company, Inc.		492
	56,218	Mondelez International, Inc., Class - A		3,728
	1,045	The Hershey Co.		202
	2,332	The J.M. Smucker Co.		317
				7,426

See accompanying notes to financial statements.

11

HC CAPITAL TRUST

The Growth Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Gas Utilities — 0.44%
	34,942	National Fuel Gas Co.	$	2,234
	42,971	UGI Corp.		1,973
				4,207
		Health Care Equipment & Supplies — 3.18%
	34,185	Abbott Laboratories		4,811
	372	Abiomed, Inc.(a)		134
	11,112	Baxter International, Inc.		954
	6,721	Becton, Dickinson & Co.		1,690
	10,892	Boston Scientific Corp.(a)		463
	22,316	Danaher Corp.		7,342
	3,939	Dexcom, Inc.(a)		2,115
	15,477	Edwards Lifesciences Corp.(a)		2,005
	2,690	IDEXX Laboratories, Inc.(a)		1,771
	14,319	Intuitive Surgical, Inc.(a)		5,145
	4,072	ResMed, Inc.		1,061
	9,642	Stryker Corp.		2,578
	3,346	Zimmer Biomet Holdings, Inc.		425
				30,494
		Health Care Providers & Services — 1.97%
	22,388	Acadia Healthcare Company, Inc.(a)		1,359
	5,215	Anthem, Inc.		2,417
	1,650	Centene Corp.(a)		136
	22,394	CVS Health Corp.		2,310
	3,283	Henry Schein, Inc.(a)		255
	1,952	Laboratory Corporation of America Holdings(a)		613
	4,595	McKesson Corp.		1,142
	2,799	Quest Diagnostics, Inc.		484
	20,161	UnitedHealth Group, Inc.		10,124
				18,840
		Health Care Technology — 0.57%
	51,381	Cerner Corp.		4,772
	2,596	Veeva Systems, Inc., Class - A(a)		663
				5,435
		Hotels Restaurants & Leisure — 0.30%
	1,179	Booking Holdings, Inc.(a)		2,829
		Hotels, Restaurants & Leisure — 1.98%
	18,179	Airbnb, Inc., Class - A(a)		3,027
	1,800	Chipotle Mexican Grill, Inc.(a)		3,147
	1,046	Choice Hotels International, Inc.		163
	2,110	Marriott International, Inc., Class - A(a)		349
	9,780	Royal Caribbean Cruises Ltd.(a)		752
	98,020	Starbucks Corp.		11,464
	310	Vail Resorts, Inc.		102
				19,004

Shares		Security Description	Value (000)
		Household Durables — 0.04%
	2,470	Garmin Ltd.	$	336
		Household Products — 0.99%
	5,143	Church & Dwight Co., Inc.		527
	9,514	Colgate-Palmolive Co.		812
	7,129	Kimberly-Clark Corp.		1,019
	2,554	The Clorox Co.		445
	41,123	The Procter & Gamble Co.		6,727
				9,530
		Independent Power and Renewable Electricity Producers — 0.32%
	7,118	Brookfield Renewable Corp., Class - A		262
	36,550	NRG Energy, Inc.		1,575
	51,268	Vistra Corp.		1,167
				3,004
		Industrial Conglomerates — 0.57%
	12,543	3M Co.		2,227
	11,662	General Electric Co.		1,102
	4,278	Honeywell International, Inc.		892
	2,488	Roper Technologies, Inc.		1,224
				5,445
		Insurance — 1.83%
	9,715	Aflac, Inc.		567
	7,992	Aon PLC, Class - A		2,402
	1,155	Arthur J. Gallagher & Co.		196
	16,505	AXIS Capital Holdings Ltd.		899
	11,297	Chubb Ltd.		2,184
	171	Erie Indemnity Co., Class - A		33
	9,236	Fidelity National Financial, Inc.		482
	43,476	Lincoln National Corp.		2,967
	11,845	Marsh & McLennan Companies, Inc.		2,059
	22,534	Principal Financial Group, Inc.		1,630
	4,893	Prudential Financial, Inc.		530
	14,254	Reinsurance Group of America		1,561
	5,565	The Progressive Corp.		571
	6,974	The Travelers Companies, Inc.		1,091
	15,794	Unum Group		388
				17,560
		Interactive Media & Services — 6.32%
	6,174	Alphabet, Inc., Class - A(a)		17,886
	8,293	Alphabet, Inc., Class - C(a)		23,996
	646	IAC/InterActiveCorp.(a)		84
	19,989	Match Group, Inc.(a)		2,644
	39,025	Meta Platforms, Inc., Class - A(a)		13,127
	58,644	Snap, Inc., Class - A(a)		2,758
	1,048	Vimeo, Inc.(a)		19
				60,514
		Internet & Direct Marketing Retail — 4.72%
	12,760	Amazon.com, Inc.(a)		42,546

See accompanying notes to financial statements.

12

HC CAPITAL TRUST

The Growth Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Internet & Direct Marketing Retail (continued)
	1,972	MercadoLibre, Inc.(a)	$	2,659
				45,205
		IT Services — 8.75%
	12,354	Accenture PLC, Class - A		5,121
	154,540	Adyen N.V., ADR(a)		4,067
	57,727	Automatic Data Processing, Inc.		14,234
	17,227	Block, Inc., Class - A(a)		2,782
	2,371	Broadridge Financial Solutions, Inc.		433
	2,241	Cognizant Technology Solutions Corp.		199
	756	Fiserv, Inc.(a)		78
	1,270	FleetCor Technologies, Inc.(a)		284
	7,975	Global Payments, Inc.		1,078
	1,598	Jack Henry & Associates, Inc.		267
	12,281	MasterCard, Inc., Class - A		4,413
	24,350	Okta, Inc.(a)		5,459
	49,277	PayPal Holdings, Inc.(a)		9,293
	7,108	Shopify, Inc., Class - A(a)		9,790
	8,283	Snowflake, Inc., Class - A(a)		2,806
	6,959	Twilio, Inc., Class - A(a)		1,833
	100,684	Visa, Inc., Class - A		21,821
				83,958
		Leisure Products — 0.02%
	1,422	Polaris, Inc.		156
		Life Sciences Tools & Services — 1.02%
	1,141	Bio-Techne Corp.		590
	440	Bruker Corp.		37
	1,402	Illumina, Inc.(a)		533
	758	Mettler-Toledo International, Inc.(a)		1,286
	239	PerkinElmer, Inc.		48
	9,568	Thermo Fisher Scientific, Inc.		6,385
	2,297	Waters Corp.(a)		856
				9,735
		Machinery — 1.48%
	9,555	Caterpillar, Inc.		1,975
	4,840	Deere & Co.		1,660
	3,369	Dover Corp.		612
	6,615	Fortive Corp.		505
	34,446	Gates Industrial Corp. PLC(a)		548
	1,569	Graco, Inc.		126
	2,179	IDEX Corp.		515
	8,257	Illinois Tool Works, Inc.		2,038
	17,092	Ingersoll-Rand, Inc.		1,057
	506	Nordson Corp.		129
	8,726	Otis Worldwide Corp.		760
	11,372	The Middleby Corp.(a)		2,238
	927	The Toro Co.		93
	14,765	Westinghouse Air Brake Technologies Corp.		1,360

Shares		Security Description	Value (000)
		Machinery (continued)
	4,438	Xylem, Inc.	$	532
				14,148
		Media — 0.87%
	610	Charter Communications, Inc., Class - A(a)		398
	58,598	Comcast Corp., Class - A		2,948
	17,467	Discovery, Inc.^(a)		411
	2,377	Liberty Broadband Corp., Class - C(a)		383
	4,935	Omnicom Group, Inc.		362
	37,013	Sinclair Broadcast Group, Inc., Class - A		978
	17,241	The Interpublic Group of Companies, Inc.		646
	74,543	ViacomCBS, Inc., Class - B		2,250
				8,376
		Mortgage Real Estate Investment Trusts — 0.29%
	20,262	AGNC Investment Corp.		305
	187,069	New Residential Investment Corp.		2,003
	20,515	Starwood Property Trust, Inc.		499
				2,807
		Multiline Retail — 0.39%
	939	Dollar General Corp.		221
	4,517	Dollar Tree, Inc.(a)		635
	12,273	Target Corp.		2,841
				3,697
		Multi-Utilities — 0.44%
	84,210	CenterPoint Energy, Inc.		2,351
	15,797	DTE Energy Co.		1,888
				4,239
		Oil, Gas & Consumable Fuels — 1.77%
	54,988	Antero Midstream Corp.		532
	24,368	ConocoPhillips		1,759
	79,339	Devon Energy Corp.		3,495
	7,898	DT Midstream, Inc.		379
	41,773	EQT Corp.(a)		911
	5,696	Exxon Mobil Corp.		349
	142,438	Marathon Oil Corp.		2,339
	13,944	ONEOK, Inc.		819
	4,640	Pioneer Natural Resources Co.		844
	115,830	Range Resources Corp.(a)		2,065
	28,597	Targa Resources Corp.		1,494
	77,642	The Williams Companies, Inc.		2,022
				17,008
		Personal Products — 0.75%
	19,350	The Estee Lauder Companies, Inc.		7,163
		Pharmaceuticals — 2.66%
	30,683	Eli Lilly & Co.		8,477
	31,287	Johnson & Johnson		5,352
	55,581	Merck & Co., Inc.		4,260
	45,656	Novo Nordisk A/S, Class - B, ADR		5,113

See accompanying notes to financial statements.

13

HC CAPITAL TRUST

The Growth Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Pharmaceuticals (continued)
	5,558	Organon & Co.	$	169
	16,888	Pfizer, Inc.		997
	4,788	Zoetis, Inc.		1,168
				25,536
		Professional Services — 0.24%
	3,010	CoStar Group, Inc.(a)		238
	2,353	Equifax, Inc.		689
	4,977	IHS Markit Ltd.		662
	2,931	Verisk Analytics, Inc., Class - A		670
				2,259
		Real Estate Management & Development — 0.06%
	1,272	CBRE Group, Inc., Class - A(a)		138
	31,158	Opendoor Technologies, Inc.(a)		455
				593
		Road & Rail — 1.63%
	916	AMERCO		665
	124,263	CSX Corp.		4,672
	1,274	Landstar System, Inc.		228
	562	Old Dominion Freight Line, Inc.		201
	90,197	Uber Technologies, Inc.(a)		3,782
	24,231	Union Pacific Corp.		6,105
				15,653
		Semiconductors & Semiconductor Equipment — 5.19%
	70,228	Advanced Micro Devices, Inc.(a)		10,107
	8,866	Analog Devices, Inc.		1,558
	6,209	Applied Materials, Inc.		977
	3,425	Broadcom, Inc.		2,279
	73,074	Intel Corp.		3,763
	1,378	KLA Corp.		593
	1,153	Lam Research Corp.		829
	28,189	Marvell Technology, Inc.		2,466
	3,708	Microchip Technology, Inc.		323
	7,602	Micron Technology, Inc.		708
	68,694	NVIDIA Corp.		20,204
	3,257	ON Semiconductor Corp.(a)		221
	30,091	QUALCOMM, Inc.		5,503
	761	Xilinx, Inc.		161
				49,692
		Software — 12.05%
	12,173	Adobe, Inc.(a)		6,902
	1,974	ANSYS, Inc.(a)		792
	11,429	Atlassian Corp. PLC, Class - A(a)		4,358
	9,699	Bill.com Holdings, Inc.(a)		2,417

Shares		Security Description	Value (000)
		Software (continued)
	14,221	Crowdstrike Holdings, Inc., Class - A(a)	$	2,912
	1,303	Fortinet, Inc.(a)		468
	1,687	HubSpot, Inc.(a)		1,112
	5,422	Intuit, Inc.		3,488
	183,203	Microsoft Corp.		61,613
	63,347	Oracle Corp.		5,524
	377	Palo Alto Networks, Inc.(a)		210
	80,693	Salesforce.com, Inc.(a)		20,506
	1,391	SS&C Technologies Holdings, Inc.		114
	151	Synopsys, Inc.(a)		56
	23,143	The Trade Desk, Inc., Class - A(a)		2,121
	1,628	VMware, Inc., Class - A		189
	10,080	Workday, Inc., Class - A(a)		2,754
				115,536
		Specialty Retail — 2.99%
	854	Advance Auto Parts, Inc.		205
	597	AutoZone, Inc.(a)		1,252
	5,882	Best Buy Co., Inc.		598
	376	Burlington Stores, Inc.(a)		110
	41,191	Lowe’s Companies, Inc.		10,646
	1,946	O’Reilly Automotive, Inc.(a)		1,374
	9,045	Ross Stores, Inc.		1,034
	13,266	The Home Depot, Inc.		5,505
	94,265	The TJX Companies, Inc.		7,156
	1,256	Tractor Supply Co.		300
	1,253	Ulta Beauty, Inc.(a)		517
				28,697
		Technology Hardware, Storage & Peripherals — 6.83%
	368,386	Apple, Inc.		65,414
		Textiles, Apparel & Luxury Goods — 2.23%
	35,622	Kering SA, ADR		2,868
	960	Kontoor Brands, Inc.		49
	9,221	Lululemon Athletica, Inc.(a)		3,609
	28,370	LVMH Moet Hennessy Louis Vuitton SE, ADR		4,695
	58,173	NIKE, Inc., Class - B		9,697
	6,722	V.F. Corp.		492
				21,410
		Tobacco — 0.17%
	17,508	Philip Morris International, Inc.		1,663
		Trading Companies & Distributors — 0.27%
	23,095	Air Lease Corp.		1,021
	14,448	Fastenal Co.		926
	1,221	W.W. Grainger, Inc.		633
				2,580

See accompanying notes to financial statements.

14

HC CAPITAL TRUST

The Growth Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Water Utilities — 0.17%
	31,231	Essential Utilities, Inc.	$	1,677
		Total Common Stocks		935,375
		Investment Companies — 1.45%
	432,300	Federated Hermes Treasury Obligations Fund, Institutional Shares, 0.01%^^(b)		432
	13,462,650	State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01%(b)		13,463
		Total Investment Companies		13,895
		Purchased Options on Futures — 0.02%
		Total Purchased Options on Futures		166
		Total Investments (cost $283,336) — 99.08%		949,436
		Other assets in excess of liabilities — 0.92%		8,799
		Net Assets — 100.00%	$	958,235

^ All or part of this security was on loan as of December 31, 2021. The total value of securities on loan as of December 31, 2021, was $407 (amount in thousands).

^^ 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, 2021.

(a) Represents non-income producing security.

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

ADR—American Depositary Receipt

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of December 31, 2021.

The Growth Equity Portfolio	Jennison Associates, LLC			Parametric Portfolio Associates, LLC			Total
Common Stocks		23.60	%		74.01	%		97.61	%
Investment Companies		—			1.45	%		1.45	%
Purchased Options on Futures		—			0.02	%		0.02	%
Other Assets (Liabilities)		0.17	%		0.75	%		0.92	%
Total Net Assets		23.77	%		76.23	%		100.00	%

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

The following tables reflect the open derivative positions held by the Portfolio as of December 31, 2021.

Futures Contracts Purchased^^^

Description		Number of Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
E-Mini Nasdaq 100 Future			44		3/18/22	$	14,362	$	569
E-Mini S&P 500 Future			19		3/18/22		4,521		170
						$	18,883	$	739
	Total Unrealized Appreciation							$	739
	Total Unrealized Depreciation								—
	Total Net Unrealized Appreciation/(Depreciation)							$	739

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

See accompanying notes to financial statements.

15

HC CAPITAL TRUST

The Growth Equity Portfolio

Portfolio of Investments (concluded) — December 31, 2021 (Unaudited)

Options on Futures Contracts

Exchange-traded options on futures contacts written as of December 31, 2021 were as follows:

Description	Put/Call		Number of Contracts		Notional Amount (000)		Exercise Price		Expiration Date		Value (000)
E-Mini S&P 500 Future Option		Put		13	$	2,664	$	4,100.00		1/21/22	$	(2	)
E-Mini S&P 500 Future Option		Put		5		1,013		4,050.00		1/21/22		(1	)
E-Mini S&P 500 Future Option		Put		7		1,449		4,140.00		1/21/22		(1	)
E-Mini S&P 500 Future Option		Put		7		1,460		4,170.00		1/21/22		(1	)
E-Mini S&P 500 Future Option		Put		6		1,254		4,180.00		1/21/22		(1	)
E-Mini S&P 500 Future Option		Put		12		2,598		4,330.00		1/21/22		(4	)
E-Mini S&P 500 Future Option		Put		10		2,135		4,270.00		1/21/22		(3	)
E-Mini S&P 500 Future Option		Put		7		1,470		4,200.00		1/31/22		(3	)
E-Mini S&P 500 Future Option		Put		12		2,669		4,450.00		1/31/22		(11	)
E-Mini S&P 500 Future Option		Put		7		1,467		4,190.00		1/31/22		(3	)
E-Mini S&P 500 Future Option		Put		7		1,460		4,170.00		1/31/22		(3	)
E-Mini S&P 500 Future Option		Put		7		1,456		4,160.00		1/31/22		(2	)
E-Mini S&P 500 Future Option		Put		7		1,400		4,000.00		1/31/22		(2	)
E-Mini S&P 500 Future Option		Put		5		1,038		4,150.00		1/31/22		(2	)
E-Mini S&P 500 Future Option		Put		12		2,550		4,250.00		1/31/22		(5	)
E-Mini S&P 500 Future Option		Put		12		2,532		4,220.00		1/31/22		(5	)
E-Mini S&P 500 Future Option		Put		12		2,640		4,400.00		1/31/22		(9	)
E-Mini S&P 500 Future Option		Put		12		2,639		4,400.00		2/21/22		(19	)
E-Mini S&P 500 Future Option		Put		5		975		3,900.00		2/21/22		(2	)
E-Mini S&P 500 Future Option		Put		6		1,185		3,950.00		2/21/22		(3	)
E-Mini S&P 500 Future Option		Put		5		998		3,990.00		2/21/22		(3	)
E-Mini S&P 500 Future Option		Put		7		1,400		4,000.00		2/21/22		(4	)
E-Mini S&P 500 Future Option		Put		10		2,075		4,150.00		2/21/22		(8	)
E-Mini S&P 500 Future Option		Put		10		2,125		4,250.00		2/21/22		(10	)
E-Mini S&P 500 Future Option		Put		2		455		4,550.00		2/21/22		(5	)
E-Mini S&P 500 Future Option		Put		2		453		4,530.00		2/28/22		(6	)
E-Mini S&P 500 Future Option		Put		10		2,160		4,320.00		2/28/22		(16	)
E-Mini S&P 500 Future Option		Put		10		2,175		4,350.00		2/28/22		(17	)
E-Mini S&P 500 Future Option		Put		10		2,210		4,420.00		3/18/22		(27	)
											$	(178	)

Exchanged-traded options on futures contacts purchased as of December 31, 2021 were as follows:

Description	Put/Call		Number of Contracts		Notional Amount (000)		Exercise Price		Expiration Date		Value (000)
E-Mini S&P 500 Future Option		Put		6	$	1,380	$	4,600.00		1/21/22	$	6
E-Mini S&P 500 Future Option		Put		5		1,138		4,550.00		1/21/22		4
E-Mini S&P 500 Future Option		Put		6		1,410		4,700.00		1/31/22		16
E-Mini S&P 500 Future Option		Put		6		1,395		4,650.00		1/31/22		13
E-Mini S&P 500 Future Option		Put		6		1,365		4,550.00		1/31/22		8
E-Mini S&P 500 Future Option		Put		6		1,410		4,700.00		2/21/22		24
E-Mini S&P 500 Future Option		Put		5		1,150		4,600.00		2/21/22		14
E-Mini S&P 500 Future Option		Put		1		239		4,780.00		2/21/22		5
E-Mini S&P 500 Future Option		Put		10		2,324		4,650.00		2/28/22		39
E-Mini S&P 500 Future Option		Put		1		239		4,770.00		2/28/22		6
E-Mini S&P 500 Future Option		Put		5		1,181		4,725.00		3/18/22		31
											$	166

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

See accompanying notes to financial statements.

16

HC CAPITAL TRUST

The Institutional U.S. Equity Portfolio

Portfolio of Investments — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 89.79%
		Aerospace & Defense — 1.02%
	9,981	General Dynamics Corp.	$	2,081
	1,556	HEICO Corp.		224
	2,476	HEICO Corp., Class - A		318
	13,422	Howmet Aerospace, Inc.		427
	4,177	Huntington Ingalls Industries, Inc.		780
	9,462	L3Harris Technologies, Inc.		2,017
	10,392	Lockheed Martin Corp.		3,694
	7,632	Northrop Grumman Corp.		2,954
	51,062	Raytheon Technologies Corp.		4,395
	7,641	Textron, Inc.		590
	18,720	The Boeing Co.(a)		3,769
	7,704	TransDigm Group, Inc.(a)		4,902
				26,151
		Air Freight & Logistics — 0.45%
	16,867	C.H. Robinson Worldwide, Inc.		1,816
	12,359	Expeditors International of Washington, Inc.		1,660
	8,522	FedEx Corp.		2,204
	27,663	United Parcel Service, Inc., Class - B		5,929
				11,609
		Airlines — 0.02%
	5,366	Delta Air Lines, Inc.(a)		210
	4,972	Southwest Airlines Co.(a)		213
				423
		Auto Components — 0.09%
	9,127	Aptiv PLC(a)		1,505
	8,248	BorgWarner, Inc.		372
	1,995	Lear Corp.		365
				2,242
		Automobiles — 1.81%
	132,106	Ford Motor Co.		2,744
	43,938	General Motors Co.(a)		2,576
	13,613	Lucid Group, Inc.^(a)		518
	5,807	Rivian Automotive, Inc., Class - A(a)		602
	37,715	Tesla, Inc.(a)		39,856
				46,296
		Banks — 2.11%
	254,775	Bank of America Corp.		11,335
	68,182	Citigroup, Inc.		4,118
	14,423	Citizens Financial Group, Inc.		681
	24,074	Fifth Third Bancorp		1,048
	5,878	First Republic Bank		1,214
	50,627	Huntington Bancshares, Inc.		781
	100,524	JPMorgan Chase & Co.		15,918
	32,982	KeyCorp		763
	4,333	M&T Bank Corp.		665
	14,328	PNC Financial Services Group, Inc.		2,873
	32,439	Regions Financial Corp.		707

Shares		Security Description	Value (000)
		Banks (continued)
	2,040	Signature Bank	$	660
	1,884	SVB Financial Group(a)		1,278
	45,328	Truist Financial Corp.		2,654
	47,716	U.S. Bancorp		2,680
	137,890	Wells Fargo & Co.		6,616
				53,991
		Beverages — 1.16%
	21,251	Brown-Forman Corp., Class - B		1,548
	7,593	Constellation Brands, Inc., Class - A		1,906
	56,609	Keurig Dr Pepper, Inc.		2,087
	23,391	Molson Coors Beverage Co., Class - B		1,084
	41,840	Monster Beverage Corp.(a)		4,018
	51,791	PepsiCo, Inc.		8,996
	1,308	The Boston Beer Co., Inc., Class - A(a)		661
	155,707	The Coca-Cola Co.		9,220
				29,520
		Biotechnology — 1.66%
	66,943	AbbVie, Inc.		9,065
	7,554	Alnylam Pharmaceuticals, Inc.(a)		1,281
	22,575	Amgen, Inc.		5,079
	7,265	Biogen, Inc.(a)		1,743
	9,796	BioMarin Pharmaceutical, Inc.(a)		865
	2,298	BioNTech SE, ADR(a)		592
	5,777	Exact Sciences Corp.(a)		450
	58,085	Gilead Sciences, Inc.		4,217
	17,794	Incyte Corp.(a)		1,306
	14,462	Moderna, Inc.(a)		3,673
	9,867	Neurocrine Biosciences, Inc.(a)		840
	4,230	Novavax, Inc.(a)		605
	5,159	Regeneron Pharmaceuticals, Inc.(a)		3,258
	8,218	Repligen Corp.(a)		2,176
	8,555	Seagen, Inc.(a)		1,323
	11,466	Vertex Pharmaceuticals, Inc.(a)		2,518
	53,982	Vitrolife AB		3,347
				42,338
		Building Products — 0.64%
	16,565	A.O. Smith Corp.		1,422
	3,105	Allegion PLC		411
	58,124	Builders FirstSource, Inc.(a)		4,981
	44,361	Carrier Global Corp.		2,406
	4,788	Fortune Brands Home & Security, Inc.		512
	28,087	Johnson Controls International PLC		2,284
	3,912	Lennox International, Inc.		1,269
	10,626	Masco Corp.		747
	3,650	Owens Corning		330
	9,351	Trane Technologies PLC		1,889
				16,251

See accompanying notes to financial statements.

17

HC CAPITAL TRUST

The Institutional U.S. Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Capital Markets — 3.04%
	3,697	Ameriprise Financial, Inc.	$	1,115
	5,839	Apollo Global Management, Inc.		423
	5,140	BlackRock, Inc., Class - A		4,707
	23,164	Blackstone, Inc., Class - A		2,997
	12,034	CBOE Global Markets, Inc.		1,569
	23,579	CME Group, Inc.		5,387
	1,270	Coinbase Global, Inc., Class - A(a)		321
	6,131	FactSet Research Systems, Inc.		2,980
	10,205	Franklin Resources, Inc.		342
	52,249	Intercontinental Exchange, Inc.		7,146
	11,763	Invesco Ltd.		271
	25,364	KKR & Co., Inc.		1,889
	3,277	MarketAxess Holdings, Inc.		1,348
	13,207	Moody’s Corp.		5,158
	46,035	Morgan Stanley		4,519
	9,243	Morningstar, Inc.		3,161
	7,433	MSCI, Inc.		4,554
	4,935	Nasdaq, Inc.		1,036
	6,678	Northern Trust Corp.		799
	6,241	Raymond James Financial, Inc.		627
	6,100	Robinhood Markets, Inc., Class - A^(a)		108
	16,679	S&P Global, Inc.		7,871
	4,172	SEI Investments Co.		254
	12,399	State Street Corp.		1,153
	7,649	T. Rowe Price Group, Inc.		1,504
	28,150	The Bank of New York Mellon Corp.		1,635
	5,503	The Carlyle Group, Inc.		302
	96,394	The Charles Schwab Corp.		8,107
	12,824	The Goldman Sachs Group, Inc.		4,906
	13,558	Tradeweb Markets, Inc., Class - A		1,357
				77,546
		Chemicals — 1.44%
	8,039	Air Products & Chemicals, Inc.		2,446
	3,975	Albemarle Corp.		929
	3,852	Celanese Corp., Series A		647
	7,317	CF Industries Holdings, Inc.		518
	24,853	Corteva, Inc.		1,175
	25,077	Dow, Inc.		1,422
	17,026	DuPont de Nemours, Inc.		1,375
	4,573	Eastman Chemical Co.		553
	8,686	Ecolab, Inc.		2,038
	4,379	FMC Corp.		481
	37,431	International Flavors & Fragrances, Inc.		5,639
	28,947	Linde PLC		10,029
	9,026	LyondellBasell Industries N.V., Class - A		832
	9,871	PPG Industries, Inc.		1,702
	7,151	RPM International, Inc.		723
	12,149	The Mosaic Co.		477

Shares		Security Description	Value (000)
		Chemicals (continued)
	16,718	The Sherwin-Williams Co.	$	5,888
				36,874
		Commercial Services & Supplies — 0.62%
	3,187	Cintas Corp.		1,412
	20,493	Copart, Inc.(a)		3,108
	14,752	Republic Services, Inc.		2,057
	32,412	Rollins, Inc.		1,109
	33,853	Waste Connections, Inc.		4,613
	20,729	Waste Management, Inc.		3,459
				15,758
		Communications Equipment — 0.57%
	7,664	Arista Networks, Inc.(a)		1,102
	142,037	Cisco Systems, Inc.		9,001
	4,591	F5, Inc.(a)		1,123
	36,997	Juniper Networks, Inc.		1,321
	6,992	Motorola Solutions, Inc.		1,900
				14,447
		Construction & Engineering — 0.19%
	5,850	Jacobs Engineering Group, Inc.		814
	99,903	WillScot Mobile Mini Holdings Corp.(a)		4,081
				4,895
		Construction Materials — 0.09%
	2,104	Martin Marietta Materials, Inc.		927
	6,415	Vulcan Materials Co.		1,331
				2,258
		Consumer Finance — 0.35%
	12,625	Ally Financial, Inc.		601
	23,013	American Express Co.		3,764
	15,234	Capital One Financial Corp.		2,210
	9,757	Discover Financial Services		1,128
	17,377	SoFi Technologies, Inc(a)		275
	19,685	Synchrony Financial		913
	500	Upstart Holdings, Inc.(a)		76
				8,967
		Containers & Packaging — 0.47%
	52,963	Amcor PLC		636
	2,816	Avery Dennison Corp.		610
	37,562	Ball Corp.		3,616
	38,802	Crown Holdings, Inc.		4,292
	12,615	International Paper Co.		593
	5,927	Packaging Corporation of America		807
	16,952	Sealed Air Corp.		1,144
	9,059	WestRock Co.		402
				12,100
		Distributors — 0.21%
	4,872	Genuine Parts Co.		683
	9,757	LKQ Corp.		586

See accompanying notes to financial statements.

18

HC CAPITAL TRUST

The Institutional U.S. Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Distributors (continued)
	7,200	Pool Corp.	$	4,075
				5,344
		Diversified Financial Services — 0.55%
	46,095	Berkshire Hathaway, Inc., Class - B(a)		13,783
	11,111	Equitable Holdings, Inc.		364
				14,147
		Diversified Telecommunication Services — 0.64%
	272,052	AT&T, Inc.		6,693
	11,655	Cellnex Telecom SA		679
	56,811	Lumen Technologies, Inc.		713
	160,490	Verizon Communications, Inc.		8,339
				16,424
		Electric Utilities — 1.28%
	25,621	Alliant Energy Corp.		1,575
	29,280	American Electric Power Co., Inc.		2,605
	34,936	Duke Energy Corp.		3,664
	22,659	Edison International		1,547
	12,060	Entergy Corp.		1,359
	16,998	Evergy, Inc.		1,166
	22,248	Eversource Energy		2,024
	35,442	Exelon Corp.		2,047
	34,445	FirstEnergy Corp.		1,433
	76,063	NextEra Energy, Inc.		7,100
	50,236	PG&E Corp.(a)		610
	9,374	Pinnacle West Capital Corp.		662
	47,198	PPL Corp.		1,419
	47,884	The Southern Co.		3,283
	33,147	Xcel Energy, Inc.		2,245
				32,739
		Electrical Equipment — 0.47%
	7,774	AMETEK, Inc.		1,143
	13,477	Eaton Corp. PLC		2,329
	20,220	Emerson Electric Co.		1,880
	2,122	Generac Holdings, Inc.(a)		747
	16,945	Plug Power, Inc.(a)		478
	3,926	Rockwell Automation, Inc.		1,370
	5,300	Sensata Technologies Holding PLC(a)		327
	5,805	Sunrun, Inc.(a)		199
	144,660	Vertiv Holdings Co.		3,612
				12,085
		Electronic Equipment, Instruments & Components — 0.40%
	20,224	Amphenol Corp., Class - A		1,768
	2,575	Arrow Electronics, Inc.(a)		346
	4,730	CDW Corp.		969
	5,892	Cognex Corp.		458
	26,674	Corning, Inc.		993
	1,271	IPG Photonics Corp.(a)		219

Shares		Security Description	Value (000)
		Electronic Equipment, Instruments & Components (continued)
	6,260	Keysight Technologies, Inc.(a)	$	1,293
	11,100	TE Connectivity Ltd.		1,790
	1,583	Teledyne Technologies, Inc.(a)		692
	8,448	Trimble, Inc.(a)		737
	1,801	Zebra Technologies Corp.(a)		1,072
				10,337
		Energy Equipment & Services — 0.11%
	27,885	Baker Hughes, Inc.		671
	29,853	Halliburton Co.		683
	47,057	Schlumberger Ltd.		1,409
				2,763
		Entertainment — 1.70%
	91,159	Activision Blizzard, Inc.		6,065
	17,118	AMC Entertainment Holdings, Inc.(a)		466
	16,813	Electronic Arts, Inc.		2,217
	6,540	Liberty Media Corp. - Liberty Formula One, Class - C(a)		414
	5,495	Live Nation Entertainment, Inc.(a)		658
	27,815	Netflix, Inc.(a)		16,757
	7,727	ROBLOX Corp., Class - A(a)		797
	3,801	Roku, Inc.(a)		867
	14,776	Sea Ltd., ADR(a)		3,306
	3,212	Spotify Technology SA(a)		752
	9,131	Take-Two Interactive Software, Inc.(a)		1,622
	61,932	The Walt Disney Co.(a)		9,592
				43,513
		Equity Real Estate Investment Trusts — 5.73%
	39,424	Acadia Realty Trust		861
	20,026	Alexandria Real Estate Equities, Inc.		4,466
	73,985	American Homes 4 Rent, Class - A		3,226
	35,775	American Tower Corp.		10,464
	24,236	AvalonBay Communities, Inc.		6,122
	4,992	Boston Properties, Inc.		575
	105,013	Brixmor Property Group, Inc.		2,668
	22,215	Camden Property Trust		3,969
	28,793	Crown Castle International Corp.		6,009
	15,379	Digital Realty Trust, Inc.		2,720
	43,939	Douglas Emmett, Inc.		1,472
	15,322	Duke Realty Corp.		1,006
	7,118	Equinix, Inc.		6,021
	13,108	Equity Lifestyle Properties, Inc.		1,149
	18,005	Equity Residential		1,629
	3,469	Essex Property Trust, Inc.		1,222
	34,071	Extra Space Storage, Inc.		7,725
	25,938	First Industrial Realty Trust, Inc.		1,717
	18,177	Healthpeak Properties, Inc.		656
	24,256	Host Hotels & Resorts, Inc.(a)		422

See accompanying notes to financial statements.

19

HC CAPITAL TRUST

The Institutional U.S. Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Equity Real Estate Investment Trusts (continued)
	71,130	Independence Realty Trust, Inc.	$	1,837
	4,320	Innovative Industrial Properties, Inc.		1,136
	149,002	Invitation Homes, Inc.		6,756
	24,649	Iron Mountain, Inc.		1,290
	98,891	Kimco Realty Corp.		2,438
	21,955	Life Storage, Inc.		3,363
	20,108	Medical Properties Trust, Inc.		475
	6,459	Mid-America Apartment Communities, Inc.		1,482
	28,180	Pebblebrook Hotel Trust		630
	33,852	Phillips Edison & Co., Inc.		1,118
	10,415	PotlatchDeltic Corp.		627
	83,698	Prologis, Inc.		14,091
	12,327	Public Storage		4,617
	18,245	Realty Income Corp.		1,306
	5,201	Regency Centers Corp.		392
	37,191	Rexford Industrial Realty, Inc.		3,017
	17,163	Ryman Hospitality Properties, Inc.(a)		1,578
	12,384	SBA Communications Corp.		4,817
	31,274	Simon Property Group, Inc.		4,996
	28,775	SL Green Realty Corp.		2,063
	38,907	Sun Communities, Inc.		8,171
	76,664	UDR, Inc.		4,599
	12,650	Ventas, Inc.		647
	27,303	Veris Residential, Inc.(a)		502
	94,605	VICI Properties, Inc.		2,848
	5,515	Vornado Realty Trust		231
	61,252	Welltower, Inc.		5,254
	25,220	Weyerhaeuser Co.		1,039
	7,349	WP Carey, Inc.		603
				146,022
		Food & Staples Retailing — 1.05%
	21,931	Costco Wholesale Corp.		12,450
	17,208	Sysco Corp.		1,352
	51,263	The Kroger Co.		2,320
	40,658	Walgreens Boots Alliance, Inc.		2,121
	59,349	Walmart, Inc.		8,587
				26,830
		Food Products — 1.00%
	24,741	Archer-Daniels-Midland Co.		1,672
	10,061	Bunge Ltd.		940
	33,973	Campbell Soup Co.		1,477
	51,312	Conagra Brands, Inc.		1,752
	40,350	General Mills, Inc.		2,718
	35,472	Hormel Foods Corp.		1,732
	26,544	Kellogg Co.		1,710
	3,139	Lamb Weston Holding, Inc.		199
	20,781	McCormick & Company, Inc.		2,008

Shares		Security Description	Value (000)
		Food Products (continued)
	61,336	Mondelez International, Inc., Class - A	$	4,066
	10,864	The Hershey Co.		2,102
	12,605	The J.M. Smucker Co.		1,712
	42,558	The Kraft Heinz Co.		1,528
	22,326	Tyson Foods, Inc., Class - A		1,946
				25,562
		Gas Utilities — 0.09%
	14,675	Atmos Energy Corp.		1,538
	13,996	UGI Corp.		642
				2,180
		Health Care Equipment & Supplies — 3.10%
	64,222	Abbott Laboratories		9,038
	3,704	Abiomed, Inc.(a)		1,330
	6,343	Align Technology, Inc.(a)		4,169
	29,788	Baxter International, Inc.		2,557
	13,925	Becton, Dickinson & Co.		3,502
	47,759	Boston Scientific Corp.(a)		2,029
	35,765	Danaher Corp.		11,767
	15,772	DENTSPLY SIRONA, Inc.		879
	8,266	Dexcom, Inc.(a)		4,438
	21,919	Edwards Lifesciences Corp.(a)		2,840
	12,716	Hologic, Inc.(a)		973
	7,398	IDEXX Laboratories, Inc.(a)		4,872
	12,882	Insulet Corp.(a)		3,427
	20,681	Intuitive Surgical, Inc.(a)		7,431
	5,500	Masimo Corp.(a)		1,610
	48,409	Medtronic PLC		5,008
	3,153	Novocure Ltd.(a)		237
	5,861	ResMed, Inc.		1,527
	13,293	STERIS PLC		3,235
	11,438	Stryker Corp.		3,059
	2,193	Teleflex, Inc.		721
	2,753	The Cooper Companies, Inc.		1,153
	4,535	West Pharmaceutical Services, Inc.		2,127
	8,725	Zimmer Biomet Holdings, Inc.		1,109
				79,038
		Health Care Providers & Services — 1.79%
	10,210	AmerisourceBergen Corp.		1,356
	8,251	Anthem, Inc.		3,825
	36,786	Brookdale Senior Living, Inc.(a)		190
	17,813	Cardinal Health, Inc.		917
	19,599	Centene Corp.(a)		1,615
	11,239	Cigna Corp.		2,581
	53,440	CVS Health Corp.		5,513
	7,814	DaVita, Inc.(a)		889
	13,718	HCA Healthcare, Inc.		3,525
	13,246	Henry Schein, Inc.(a)		1,027
	4,350	Humana, Inc.		2,018

See accompanying notes to financial statements.

20

HC CAPITAL TRUST

The Institutional U.S. Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Health Care Providers & Services (continued)
	3,290	Laboratory Corporation of America Holdings(a)	$	1,034
	6,817	McKesson Corp.		1,695
	2,001	Molina Heathcare, Inc.(a)		636
	21,555	Oak Street Health, Inc.(a)		714
	10,592	Quest Diagnostics, Inc.		1,833
	31,651	UnitedHealth Group, Inc.		15,892
	2,622	Universal Health Services, Inc., Class - B		340
				45,600
		Health Care Technology — 0.38%
	23,296	Cerner Corp.		2,164
	36,234	Definitive Healthcare Corp.(a)		990
	32,865	Doximity, Inc., Class - A(a)		1,648
	11,903	Teladoc Health, Inc.(a)		1,093
	14,608	Veeva Systems, Inc., Class - A(a)		3,731
				9,626
		Hotels Restaurants & Leisure — 0.28%
	3,008	Booking Holdings, Inc.(a)		7,217
		Hotels, Restaurants & Leisure — 1.91%
	29,169	Airbnb, Inc., Class - A(a)		4,856
	7,674	Aramark		283
	4,000	Bluegreen Vacations Holding Corp.(a)		140
	9,504	Caesars Entertainment, Inc.(a)		889
	28,264	Carnival Corp.(a)		569
	2,206	Chipotle Mexican Grill, Inc.(a)		3,856
	8,876	Choice Hotels International, Inc.		1,385
	4,396	Darden Restaurants, Inc.		662
	3,408	Domino’s Pizza, Inc.		1,923
	10,811	DraftKings, Inc., Class - A(a)		297
	26,642	Expedia Group, Inc.(a)		4,815
	11,412	Hilton Worldwide Holdings, Inc.(a)		1,780
	131,384	International Game Technology PLC		3,798
	11,607	Las Vegas Sands Corp.(a)		437
	9,318	Marriott International, Inc., Class - A(a)		1,540
	28,083	McDonald’s Corp.		7,529
	11,882	MGM Resorts International		533
	42,206	Planet Fitness, Inc., Class - A(a)		3,823
	121,859	Playa Hotels & Resorts N.V.(a)		972
	7,736	Royal Caribbean Cruises Ltd.(a)		595
	39,703	Starbucks Corp.		4,644
	2,860	Vail Resorts, Inc.		938
	3,550	Wynn Resorts Ltd.(a)		302
	15,525	YUM! Brands, Inc.		2,156
				48,722
		Household Durables — 0.55%
	61,084	Bath & Body Works, Inc.		4,264
	47,636	D.R. Horton, Inc.		5,166
	7,728	Garmin Ltd.		1,052

Shares		Security Description	Value (000)
		Household Durables (continued)
	9,295	Lennar Corp., Class - A	$	1,080
	2,042	Mohawk Industries, Inc.(a)		372
	12,932	Newell Brands, Inc.		282
	118	NVR, Inc.(a)		697
	8,977	PulteGroup, Inc.		513
	2,111	Whirlpool Corp.		495
				13,921
		Household Products — 1.09%
	47,281	Church & Dwight Co., Inc.		4,846
	41,102	Colgate-Palmolive Co.		3,507
	19,811	Kimberly-Clark Corp.		2,832
	11,394	The Clorox Co.		1,986
	89,278	The Procter & Gamble Co.		14,605
				27,776
		Independent Power and Renewable Electricity Producers — 0.07%
	11,809	NRG Energy, Inc.		508
	22,454	The AES Corp.		546
	33,797	Vistra Corp.		770
				1,824
		Industrial Conglomerates — 0.64%
	22,919	3M Co.		4,071
	37,095	General Electric Co.		3,504
	23,066	Honeywell International, Inc.		4,809
	8,191	Roper Technologies, Inc.		4,030
				16,414
		Insurance — 1.46%
	21,772	Aflac, Inc.		1,271
	482	Alleghany Corp.(a)		322
	2,488	American Financial Group, Inc.		342
	29,123	American International Group, Inc.		1,656
	10,548	Aon PLC, Class - A		3,170
	41,258	Arch Capital Group Ltd.(a)		1,834
	9,972	Arthur J. Gallagher & Co.		1,692
	3,371	Assurant, Inc.		526
	4,486	Athene Holding Ltd., Class - A(a)		374
	17,656	Brown & Brown, Inc.		1,240
	15,830	Chubb Ltd.		3,060
	5,162	Cincinnati Financial Corp.		588
	7,056	Erie Indemnity Co., Class - A		1,359
	2,172	Everest Re Group Ltd.		595
	12,945	Fidelity National Financial, Inc.		675
	3,352	Globe Life, Inc.		314
	6,174	Lincoln National Corp.		421
	6,444	Loews Corp.		372
	465	Markel Corp.(a)		574
	21,472	Marsh & McLennan Companies, Inc.		3,732
	25,085	MetLife, Inc.		1,568

See accompanying notes to financial statements.

21

HC CAPITAL TRUST

The Institutional U.S. Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Insurance (continued)
	9,276	Principal Financial Group, Inc.	$	671
	12,728	Prudential Financial, Inc.		1,378
	4,777	RenaissanceRe Holdings Ltd.		809
	12,366	The Allstate Corp.		1,455
	12,105	The Hartford Financial Services Group, Inc.		836
	29,026	The Progressive Corp.		2,980
	9,241	The Travelers Companies, Inc.		1,445
	4,808	W.R. Berkley Corp.		396
	7,304	Willis Towers Watson PLC		1,735
				37,390
		Interactive Media & Services — 4.78%
	13,796	Alphabet, Inc., Class - A(a)		39,968
	10,833	Alphabet, Inc., Class - C(a)		31,346
	28,605	IAC/InterActiveCorp.(a)		3,739
	19,978	Match Group, Inc.(a)		2,642
	98,490	Meta Platforms, Inc., Class - A(a)		33,127
	18,084	Pinterest, Inc., Class - A(a)		657
	31,301	Scout24 AG		2,189
	135,770	Snap, Inc., Class - A(a)		6,385
	26,886	Twitter, Inc.(a)		1,162
	2,065	Zillow Group, Inc., Class - A(a)		128
	5,352	Zillow Group, Inc., Class - C(a)		342
	7,562	ZoomInfo Technologies, Inc.(a)		485
				122,170
		Internet & Direct Marketing Retail — 3.04%
	23,383	Alibaba Group Holding Ltd., ADR(a)		2,778
	18,697	Amazon.com, Inc.(a)		62,341
	13,091	Chewy, Inc., Class - A(a)		772
	3,610	DoorDash, Inc., Class - A(a)		538
	36,380	eBay, Inc.		2,419
	4,259	Etsy, Inc.(a)		932
	84,823	Farfetch Ltd., Class - A(a)		2,836
	3,396	MercadoLibre, Inc.(a)		4,580
	2,495	Wayfair, Inc., Class - A(a)		474
				77,670
		IT Services — 5.70%
	21,219	Accenture PLC, Class - A		8,796
	78,290	Adyen N.V., ADR(a)		2,061
	627	Adyen N.V.(a)		1,650
	11,033	Affirm Holdings, Inc.(a)		1,109
	15,533	Afterpay Ltd.(a)		938
	14,279	Akamai Technologies, Inc.(a)		1,671
	14,039	Automatic Data Processing, Inc.		3,462
	46,940	Bigcommerce Holdings, Inc.(a)		1,660
	49,857	Black Knight, Inc.(a)		4,132
	48,735	Block, Inc., Class - A(a)		7,871
	7,787	Broadridge Financial Solutions, Inc.		1,424

Shares		Security Description	Value (000)
		IT Services (continued)
	17,877	Cognizant Technology Solutions Corp.	$	1,586
	1,891	EPAM Systems, Inc.(a)		1,264
	54,654	Fidelity National Information Services, Inc.		5,966
	58,469	Fiserv, Inc.(a)		6,069
	2,681	FleetCor Technologies, Inc.(a)		600
	2,908	Gartner, Inc.(a)		972
	9,954	Global Payments, Inc.		1,346
	11,807	GMO Payment Gateway, Inc.		1,473
	59,150	GoDaddy, Inc., Class - A(a)		5,019
	31,602	International Business Machines Corp.		4,224
	7,419	Jack Henry & Associates, Inc.		1,239
	298	Kyndryl Holdings, Inc.-W/I(a)		5
	60,098	Marqeta, Inc., Class - A(a)		1,032
	51,570	MasterCard, Inc., Class - A		18,530
	1,957	MongoDB, Inc.(a)		1,036
	6,893	Okta, Inc.(a)		1,545
	41,196	Pagseguro Digital Ltd.(a)		1,080
	10,934	Paychex, Inc.		1,492
	63,115	PayPal Holdings, Inc.(a)		11,902
	4,205	Shopify, Inc., Class - A(a)		5,792
	16,150	Snowflake, Inc., Class - A(a)		5,470
	58,112	Stoneco Ltd., Class - A(a)		980
	49,309	The Western Union Co.		879
	21,777	Twilio, Inc., Class - A(a)		5,735
	18,851	VeriSign, Inc.(a)		4,786
	95,833	Visa, Inc., Class - A		20,768
				145,564
		Leisure Products — 0.04%
	4,479	Hasbro, Inc.		455
	18,941	Peloton Interactive, Inc., Class - A(a)		678
				1,133
		Life Sciences Tools & Services — 2.39%
	6,545	10X Genomics, Inc., Class - A(a)		975
	42,110	Agilent Technologies, Inc.		6,723
	17,569	Avantor, Inc.(a)		740
	1,709	Bio-Rad Laboratories, Inc., Class - A(a)		1,291
	2,772	Bio-Techne Corp.		1,434
	5,426	Charles River Laboratories International, Inc.(a)		2,044
	43,581	Eurofins Scientific SE		5,398
	4,937	Illumina, Inc.(a)		1,878
	6,482	IQVIA Holdings, Inc.(a)		1,829
	10,553	Medpace Holdings, Inc.(a)		2,297
	3,267	Mettler-Toledo International, Inc.(a)		5,545
	26,251	PerkinElmer, Inc.		5,279
	11,646	Sartorius Stedim Biotech		6,395
	26,762	Thermo Fisher Scientific, Inc.		17,856
	3,479	Waters Corp.(a)		1,297
				60,981

See accompanying notes to financial statements.

22

HC CAPITAL TRUST

The Institutional U.S. Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Machinery — 1.03%
	18,471	Caterpillar, Inc.	$	3,819
	6,240	Cummins, Inc.		1,361
	9,838	Deere & Co.		3,373
	4,866	Dover Corp.		884
	10,889	Fortive Corp.		831
	15,908	IDEX Corp.		3,759
	10,704	Illinois Tool Works, Inc.		2,642
	13,708	Ingersoll-Rand, Inc.		848
	1,770	Nordson Corp.		452
	25,815	Otis Worldwide Corp.		2,248
	18,180	PACCAR, Inc.		1,604
	4,354	Parker Hannifin Corp.		1,385
	5,609	Pentair PLC		410
	1,800	Snap-on, Inc.		388
	5,415	Stanley Black & Decker, Inc.		1,021
	6,101	Westinghouse Air Brake Technologies Corp.		562
	6,087	Xylem, Inc.		730
				26,317
		Media — 1.16%
	368	Cable One, Inc.		648
	10,985	Charter Communications, Inc., Class - A(a)		7,162
	161,900	Comcast Corp., Class - A		8,149
	28,952	Discovery, Inc.^(a)		682
	33,643	Discovery, Inc., Class - C(a)		770
	8,344	Dish Network Corp.(a)		271
	20,762	Fox Corp., Class - A		766
	13,700	Fox Corp., Class - B		469
	4,075	Liberty Broadband Corp., Class - A(a)		655
	30,774	Liberty Broadband Corp., Class - C(a)		4,959
	27,531	Liberty Global PLC, Class - A(a)		764
	34,476	Liberty Global PLC, Class - C(a)		968
	3,032	Liberty Media Corp. - Liberty SiriusXM, Class - A(a)		154
	5,847	Liberty Media Corp. - Liberty SiriusXM, Class - C(a)		297
	20,583	News Corp., Class - A		459
	13,123	Omnicom Group, Inc.		962
	72,159	Sirius XM Holdings, Inc.^		458
	13,158	The Interpublic Group of Companies, Inc.		493
	19,873	ViacomCBS, Inc., Class - B		600
				29,686
		Metals & Mining — 0.26%
	49,125	Freeport-McMoRan, Inc.		2,049
	47,509	Newmont Corp.		2,947
	9,582	Nucor Corp.		1,094
	7,097	Steel Dynamics, Inc.		441
				6,531

Shares		Security Description	Value (000)
		Mortgage Real Estate Investment Trusts — 0.08%
	81,266	AGNC Investment Corp.	$	1,223
	106,960	Annaly Capital Management, Inc.		836
				2,059
		Multiline Retail — 0.45%
	12,937	Dollar General Corp.		3,050
	16,745	Dollar Tree, Inc.(a)		2,353
	26,534	Target Corp.		6,142
				11,545
		Multi-Utilities — 0.70%
	18,829	Ameren Corp.		1,676
	19,085	CenterPoint Energy, Inc.		533
	26,725	CMS Energy Corp.		1,739
	26,546	Consolidated Edison, Inc.		2,265
	39,144	Dominion Energy, Inc.		3,075
	10,288	DTE Energy Co.		1,230
	43,921	NiSource, Inc.		1,212
	31,655	Public Service Enterprise Group, Inc.		2,113
	14,375	Sempra Energy		1,901
	22,264	WEC Energy Group, Inc.		2,161
				17,905
		Oil, Gas & Consumable Fuels — 1.34%
	13,586	Cheniere Energy, Inc.		1,378
	65,095	Chevron Corp.		7,639
	44,521	ConocoPhillips		3,214
	26,321	Coterra Energy, Inc.		500
	21,833	Devon Energy Corp.		962
	5,786	Diamondback Energy, Inc.		624
	19,722	EOG Resources, Inc.		1,752
	142,656	Exxon Mobil Corp.		8,729
	9,335	Hess Corp.		691
	68,865	Kinder Morgan, Inc.		1,092
	20,879	Marathon Petroleum Corp.		1,336
	31,455	Occidental Petroleum Corp.		912
	15,012	ONEOK, Inc.		882
	14,763	Phillips 66		1,070
	7,848	Pioneer Natural Resources Co.		1,427
	41,012	The Williams Companies, Inc.		1,068
	13,781	Valero Energy Corp.		1,035
				34,311
		Personal Products — 0.34%
	3,523	L’Oreal SA		1,672
	18,802	The Estee Lauder Companies, Inc.		6,961
				8,633
		Pharmaceuticals — 2.51%
	90,874	Bristol-Myers Squibb Co.		5,666
	5,739	Catalent, Inc.(a)		735
	19,357	Elanco Animal Health, Inc.(a)		549

See accompanying notes to financial statements.

23

HC CAPITAL TRUST

The Institutional U.S. Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Pharmaceuticals (continued)
	36,768	Eli Lilly & Co.	$	10,156
	10,612	Horizon Therapeutics PLC(a)		1,144
	7,694	Jazz Pharmaceuticals PLC(a)		980
	94,838	Johnson & Johnson		16,225
	98,957	Merck & Co., Inc.		7,584
	209,698	Pfizer, Inc.		12,383
	35,281	Royalty Pharma PLC, Class - A		1,406
	73,904	Viatris, Inc.		1,000
	25,825	Zoetis, Inc.		6,301
				64,129
		Professional Services — 0.82%
	16,809	Booz Allen Hamilton Holding Corp.		1,425
	51,483	Clarivate PLC(a)		1,211
	45,942	CoStar Group, Inc.(a)		3,631
	17,751	Equifax, Inc.		5,198
	41,877	Experian PLC		2,058
	13,995	IHS Markit Ltd.		1,860
	6,778	Leidos Holdings, Inc.		602
	3,842	Robert Half International, Inc.		428
	6,426	TransUnion		762
	16,789	Verisk Analytics, Inc., Class - A		3,841
				21,016
		Real Estate Management & Development — 0.24%
	27,346	CBRE Group, Inc., Class - A(a)		2,967
	11,902	Colliers International Group, Inc.		1,769
	87,127	Tricon Residential, Inc.		1,334
				6,070
		Road & Rail — 1.15%
	1,442	AMERCO		1,047
	43,076	Canadian Pacific Railway Ltd.		3,099
	76,610	CSX Corp.		2,881
	5,731	JB Hunt Transport Services, Inc.		1,171
	19,700	Knight-Swift Transportation Holdings, Inc.		1,200
	8,728	Lyft, Inc., Class - A(a)		373
	8,180	Norfolk Southern Corp.		2,435
	11,982	Old Dominion Freight Line, Inc.		4,294
	176,187	Uber Technologies, Inc.(a)		7,388
	21,938	Union Pacific Corp.		5,527
				29,415
		Semiconductors & Semiconductor Equipment — 4.52%
	67,547	Advanced Micro Devices, Inc.(a)		9,720
	39,225	Analog Devices, Inc.		6,895
	30,375	Applied Materials, Inc.		4,780
	2,179	ASML Holding NV, NYS		1,735
	13,758	Broadcom, Inc.		9,155
	4,277	Enphase Energy, Inc.(a)		782
	4,562	Entegris, Inc.		632

Shares		Security Description	Value (000)
		Semiconductors & Semiconductor Equipment (continued)
	136,115	Intel Corp.	$	7,010
	5,190	KLA Corp.		2,232
	4,807	Lam Research Corp.		3,457
	27,380	Marvell Technology, Inc.		2,395
	18,286	Microchip Technology, Inc.		1,592
	37,900	Micron Technology, Inc.		3,530
	1,446	Monolithic Power Systems, Inc.		713
	126,969	NVIDIA Corp.		37,344
	8,919	NXP Semiconductors N.V.		2,032
	13,880	ON Semiconductor Corp.(a)		943
	3,852	Qorvo, Inc.(a)		602
	38,027	QUALCOMM, Inc.		6,954
	5,612	Skyworks Solutions, Inc.		871
	1,766	SolarEdge Technologies, Inc.(a)		495
	24,852	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		2,990
	5,608	Teradyne, Inc.		917
	31,099	Texas Instruments, Inc.		5,861
	8,283	Xilinx, Inc.		1,756
				115,393
		Software — 11.10%
	27,360	Adobe, Inc.(a)		15,515
	55,287	Anaplan, Inc.(a)		2,535
	12,013	ANSYS, Inc.(a)		4,819
	7,324	AppFolio, Inc., Class - A(a)		887
	2,240	Asana, Inc., Class - A(a)		167
	5,373	Atlassian Corp. PLC, Class - A(a)		2,049
	19,714	Autodesk, Inc.(a)		5,543
	24,281	Avalara, Inc.(a)		3,135
	14,526	Bentley Systems, Inc., Class - B		702
	2,512	Bill.com Holdings, Inc.(a)		626
	17,479	Blackline, Inc.(a)		1,810
	23,710	Cadence Design Systems, Inc.(a)		4,419
	32,915	Ceridian HCM Holding, Inc.(a)		3,439
	15,266	Citrix Systems, Inc.		1,444
	12,898	Cloudflare, Inc., Class - A(a)		1,696
	22,078	Coupa Software, Inc.(a)		3,489
	13,489	Crowdstrike Holdings, Inc., Class - A(a)		2,762
	27,517	Dassault Systemes SE		1,639
	6,455	Datadog, Inc., Class - A(a)		1,150
	8,334	DocuSign, Inc.(a)		1,269
	23,656	Dropbox, Inc., Class - A(a)		580
	73,074	Duck Creek Technologies, Inc.(a)		2,200
	6,263	Dynatrace, Inc.(a)		378
	29,399	Envestnet, Inc.(a)		2,333
	981	Fair Isaac Corp.(a)		425
	24,080	Five9, Inc.(a)		3,307
	4,662	Fortinet, Inc.(a)		1,676
	5,705	Guidewire Software, Inc.(a)		648

See accompanying notes to financial statements.

24

HC CAPITAL TRUST

The Institutional U.S. Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Software (continued)
	2,359	HubSpot, Inc.(a)	$	1,555
	15,249	Intuit, Inc.		9,808
	18,214	Kinaxis, Inc.(a)		2,554
	305,395	Microsoft Corp.		102,709
	56,302	Money Forward, Inc.(a)		3,388
	32,139	New Relic, Inc.(a)		3,534
	61,989	NortonLifeLock, Inc.		1,610
	10,052	Nuance Communications, Inc.(a)		556
	102,448	Oracle Corp.		8,935
	52,011	Palantir Technologies, Inc., Class - A(a)		947
	11,631	Palo Alto Networks, Inc.(a)		6,476
	8,935	PAYCOM Software, Inc.(a)		3,710
	7,755	Paylocity Holding Corp.(a)		1,831
	29,938	Procore Technologies, Inc.(a)		2,394
	3,740	PTC, Inc.(a)		453
	2,545	RingCentral, Inc., Class - A(a)		477
	58,642	Salesforce.com, Inc.(a)		14,903
	15,541	ServiceNow, Inc.(a)		10,087
	5,416	Splunk, Inc.(a)		627
	57,172	SS&C Technologies Holdings, Inc.		4,687
	5,130	Synopsys, Inc.(a)		1,890
	45,413	The Descartes Systems Group, Inc.(a)		3,756
	213,849	The Sage Group PLC		2,467
	26,192	The Trade Desk, Inc., Class - A(a)		2,400
	10,123	Tyler Technologies, Inc.(a)		5,446
	1,890	Unity Software, Inc.(a)		270
	7,742	VMware, Inc., Class - A		897
	32,373	Workday, Inc., Class - A(a)		8,843
	14,471	Xero Ltd.(a)		1,489
	3,939	Zendesk, Inc.(a)		411
	10,610	Zoom Video Communications, Inc., Class - A(a)		1,951
	4,958	Zscaler, Inc.(a)		1,593
				283,296
		Specialty Retail — 1.69%
	4,058	Advance Auto Parts, Inc.		974
	1,262	AutoZone, Inc.(a)		2,645
	7,611	Best Buy Co., Inc.		773
	2,237	Burlington Stores, Inc.(a)		652
	5,541	CarMax, Inc.(a)		722
	2,401	Carvana Co.(a)		557
	11,969	Lithia Motors, Inc., Class - A		3,554
	23,294	Lowe’s Companies, Inc.		6,021
	3,255	O’Reilly Automotive, Inc.(a)		2,299
	12,035	Ross Stores, Inc.		1,375
	38,945	The Home Depot, Inc.		16,163
	62,206	The TJX Companies, Inc.		4,723
	8,790	Tractor Supply Co.		2,097

Shares		Security Description	Value (000)
		Specialty Retail (continued)
	1,756	Ulta Beauty, Inc.(a)	$	724
				43,279
		Technology Hardware, Storage & Peripherals — 4.67%
	622,401	Apple, Inc.		110,520
	77,879	DELL TECHN-C, Class - C(a)		4,375
	43,444	Hewlett Packard Enterprise Co.		685
	40,367	HP, Inc.		1,521
	7,495	NetApp, Inc.		689
	7,260	Seagate Technology Holdings PLC		820
	10,277	Western Digital Corp.(a)		670
				119,280
		Textiles, Apparel & Luxury Goods — 0.65%
	18,308	Kering SA, ADR		1,474
	7,435	Lululemon Athletica, Inc.(a)		2,911
	14,443	LVMH Moet Hennessy Louis Vuitton SE, ADR		2,390
	54,346	NIKE, Inc., Class - B		9,058
	11,201	V.F. Corp.		820
				16,653
		Tobacco — 0.38%
	84,047	Altria Group, Inc.		3,983
	60,389	Philip Morris International, Inc.		5,737
				9,720
		Trading Companies & Distributors — 0.13%
	22,895	Fastenal Co.		1,467
	2,437	United Rentals, Inc.(a)		810
	1,791	W.W. Grainger, Inc.		928
				3,205
		Water Utilities — 0.12%
	11,501	American Water Works Co., Inc.		2,172
	17,732	Essential Utilities, Inc.		952
				3,124
		Wireless Telecommunication Services — 0.27%
	58,373	T-Mobile US, Inc.(a)		6,770
		Total Common Stocks		2,292,995
		Contingent Right — 0.00%
		Biotechnology — 0.00%
	14	Oncternal Therapeutics, Inc. CVR, 6/8/29(a)(b)		—
		Total Contingent Right		—
		Exchange-Traded Fund — 0.42%
	22,774	SPDR S&P 500 ETF Trust		10,817
		Total Exchange-Traded Fund		10,817

See accompanying notes to financial statements.

25

HC CAPITAL TRUST

The Institutional U.S. Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Investment Companies — 8.10%
	1,848,390	Federated Hermes Treasury Obligations Fund, Institutional Shares, 0.01%^^(c)	$	1,849
	204,921,414	State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01%(c)		204,921
		Total Investment Companies		206,770
		Purchased Options on Futures — 0.07%
		Total Purchased Options on Futures		1,751
		Total Investments (cost $1,459,775) — 98.38%		2,512,333
		Other assets in excess of liabilities — 1.62%		41,319
		Net Assets — 100.00%	$	2,553,652

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

^ All or part of this security was on loan as of December 31, 2021. The total value of securities on loan as of December 31, 2021, was $1,748 (amount in thousands).

^^ 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, 2021.

(a) Represents non-income producing security.

(b) Security was valued using significant unobservable inputs as of December 31, 2021.

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

ADR—American Depositary Receipt

ETF—Exchange-Traded Fund

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of December 31, 2021.

The Institutional U.S. Equity Portfolio	Echo Street Capital Management LLC			Jennison Associates, LLC			Mellon Investments Corporation			Parametric Portfolio Associates, LLC			Wellington Management Company, LLP			HC Capital Solutions			Total
Common Stocks		10.29	%		4.51	%		71.57	%		—			3.42	%		—			89.79	%
Contingent Right		—			—			0.00	%		—			—			—			0.00	%
Exchange-Traded Fund		0.42	%		—			—			—			—			—			0.42	%
Investment Companies		—			—			0.09	%		7.99	%		0.02	%		0.00	%		8.10	%
Purchased Options on Futures		—			—			—			0.07	%		—			—			0.07	%
Other Assets (Liabilities)		0.05	%		0.05	%		0.24	%		1.23	%		0.03	%		0.02	%		1.62	%
Total Net Assets		10.76	%		4.56	%		71.90	%		9.29	%		3.47	%		0.02	%		100.00	%

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

Amounts designated as 0.00% round to less than 0.005%.

The following tables reflect the open derivative positions held by the Portfolio as of December 31, 2021.

Futures Contracts Purchased*

Description		Number of Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
E-Mini S&P 500 Future			1,251		3/18/22	$	297,644	$	6,111
Russell 2000 Mini Index Future			61		3/18/22		6,841		131
						$	304,485	$	6,242
	Total Unrealized Appreciation							$	6,242
	Total Unrealized Depreciation								—
	Total Net Unrealized Appreciation/(Depreciation)							$	6,242

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

See accompanying notes to financial statements.

26

HC CAPITAL TRUST

The Institutional U.S. Equity Portfolio

Portfolio of Investments (concluded) — December 31, 2021 (Unaudited)

Options on Futures Contracts

Exchange-traded options on futures contacts written as of December 31, 2021 were as follows:

Description	Put/Call		Number of Contracts		Notional Amount (000)		Exercise Price		Expiration Date		Value (000)
E-Mini S&P 500 Future Option		Put		94	$	19,270	$	4,100.00		1/21/22	$	(16	)
E-Mini S&P 500 Future Option		Put		80		17,320		4,330.00		1/21/22		(25	)
E-Mini S&P 500 Future Option		Put		82		17,507		4,270.00		1/21/22		(22	)
E-Mini S&P 500 Future Option		Put		40		8,360		4,180.00		1/21/22		(8	)
E-Mini S&P 500 Future Option		Put		49		10,217		4,170.00		1/21/22		(10	)
E-Mini S&P 500 Future Option		Put		49		10,143		4,140.00		1/21/22		(9	)
E-Mini S&P 500 Future Option		Put		41		8,303		4,050.00		1/21/22		(6	)
E-Mini S&P 500 Future Option		Put		48		10,056		4,190.00		1/31/22		(18	)
E-Mini S&P 500 Future Option		Put		48		9,984		4,160.00		1/31/22		(17	)
E-Mini S&P 500 Future Option		Put		48		10,008		4,170.00		1/31/22		(17	)
E-Mini S&P 500 Future Option		Put		41		8,508		4,150.00		1/31/22		(14	)
E-Mini S&P 500 Future Option		Put		48		10,080		4,200.00		1/31/22		(19	)
E-Mini S&P 500 Future Option		Put		80		17,800		4,450.00		1/31/22		(72	)
E-Mini S&P 500 Future Option		Put		80		17,000		4,250.00		1/31/22		(36	)
E-Mini S&P 500 Future Option		Put		80		17,600		4,400.00		1/31/22		(59	)
E-Mini S&P 500 Future Option		Put		48		9,600		4,000.00		1/31/22		(12	)
E-Mini S&P 500 Future Option		Put		85		17,935		4,220.00		1/31/22		(35	)
E-Mini S&P 500 Future Option		Put		80		17,600		4,400.00		2/21/22		(125	)
E-Mini S&P 500 Future Option		Put		82		17,425		4,250.00		2/21/22		(84	)
E-Mini S&P 500 Future Option		Put		92		20,929		4,550.00		2/21/22		(225	)
E-Mini S&P 500 Future Option		Put		42		8,379		3,990.00		2/21/22		(22	)
E-Mini S&P 500 Future Option		Put		82		17,015		4,150.00		2/21/22		(64	)
E-Mini S&P 500 Future Option		Put		44		8,580		3,900.00		2/21/22		(19	)
E-Mini S&P 500 Future Option		Put		45		8,888		3,950.00		2/21/22		(22	)
E-Mini S&P 500 Future Option		Put		48		9,600		4,000.00		2/21/22		(26	)
E-Mini S&P 500 Future Option		Put		82		17,835		4,350.00		2/28/22		(138	)
E-Mini S&P 500 Future Option		Put		82		17,712		4,320.00		2/28/22		(128	)
E-Mini S&P 500 Future Option		Put		92		20,837		4,530.00		2/28/22		(253	)
E-Mini S&P 500 Future Option		Put		82		18,122		4,420.00		3/18/22		(245	)
E-Mini S&P 500 Future Option		Put		46		10,005		4,350.00		2/21/22		(62	)
											$	(1,808	)

Exchanged-traded options on futures contacts purchased as of December 31, 2021 were as follows:

Description	Put/Call		Number of Contracts		Notional Amount (000)		Exercise Price		Expiration Date		Value (000)
E-Mini S&P 500 Future Option		Put		40	$	9,200	$	4,600.00		1/21/22	$	43
E-Mini S&P 500 Future Option		Put		41		9,328		4,550.00		1/21/22		34
E-Mini S&P 500 Future Option		Put		40		9,400		4,700.00		1/31/22		106
E-Mini S&P 500 Future Option		Put		40		9,300		4,650.00		1/31/22		84
E-Mini S&P 500 Future Option		Put		40		9,100		4,550.00		1/31/22		55
E-Mini S&P 500 Future Option		Put		46		10,994		4,780.00		2/21/22		244
E-Mini S&P 500 Future Option		Put		40		9,400		4,700.00		2/21/22		160
E-Mini S&P 500 Future Option		Put		41		9,430		4,600.00		2/21/22		118
E-Mini S&P 500 Future Option		Put		82		19,064		4,650.00		2/28/22		318
E-Mini S&P 500 Future Option		Put		46		10,971		4,770.00		2/28/22		260
E-Mini S&P 500 Future Option		Put		41		9,686		4,725.00		3/18/22		251
E-Mini S&P 500 Future Option		Put		23		5,348		4,650.00		2/21/22		78
											$	1,751

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

See accompanying notes to financial statements.

27

HC CAPITAL TRUST

The Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 91.40%
		Aerospace & Defense — 0.71%
	700	Curtiss-Wright Corp.	$	97
	12,661	Kratos Defense & Security Solutions, Inc.(a)		245
	64	Moog, Inc., Class - A		5
	16,587	Triumph Group, Inc.(a)		308
				655
		Air Freight & Logistics — 0.48%
	1,893	Atlas Air Worldwide Holdings, Inc.(a)		178
	586	Hub Group, Inc., Class - A(a)		49
	2,816	XPO Logistics, Inc.(a)		219
				446
		Airlines — 1.44%
	4,593	Alaska Air Group, Inc.(a)		239
	19,424	Azul SA, ADR(a)		256
	30,681	Controladora Vuela Cia de Aviacion SAB de CV, ADR(a)		551
	14,111	JetBlue Airways Corp.(a)		201
	4,224	Mesa Air Group, Inc.(a)		24
	889	SkyWest, Inc.(a)		35
	1,229	Spirit Airlines, Inc.(a)		27
				1,333
		Auto Components — 1.99%
	1,571	Adient PLC(a)		75
	2,008	American Axle & Manufacturing Holdings, Inc.(a)		19
	6,702	BorgWarner, Inc.		302
	1,655	Cooper-Standard Holding, Inc.(a)		37
	31,785	Dana, Inc.		724
	554	Dorman Products, Inc.(a)		63
	37	Fox Factory Holding Corp.(a)		6
	19,365	Modine Manufacturing Co.(a)		196
	91	Patrick Industries, Inc.		7
	11,884	Stoneridge, Inc.(a)		235
	2,188	Tenneco, Inc., Class - A(a)		25
	1,827	The Goodyear Tire & Rubber Co.(a)		39
	872	Visteon Corp.(a)		97
	2,900	Workhorse Group, Inc.(a)		13
				1,838
		Automobiles — 0.06%
	5,393	Lordstown Motors Corp., Class - A(a)		19
	522	Winnebago Industries, Inc.		39
				58
		Banks — 7.01%
	1,044	1st Source, Inc.		52
	1,715	Ameris Bancorp		85
	813	Banc of California, Inc.		16
	1,048	BancFirst Corp.		74
	6,654	BankUnited, Inc.		281

Shares		Security Description	Value (000)
		Banks (continued)
	1,471	Bankwell Financial Group, Inc.	$	48
	2,204	BCB Bancorp, Inc.		34
	4,535	Berkshire Hills Bancorp, Inc.		129
	418	Byline Bancorp, Inc.		11
	5,139	Cadence Bank		153
	2,951	Cathay General Bancorp.		127
	1,054	Central Valley Community Bancorp		22
	2,637	CIT Group, Inc.		135
	229	Civista Bancshares, Inc.		6
	3,735	Columbia Banking System, Inc.		122
	2,630	ConnectOne Bancorp, Inc.		86
	1,026	Cullen/Frost Bankers, Inc.		129
	581	Eagle Bancorp, Inc.		34
	688	Enterprise Financial Services Corp.		32
	1,703	FB Financial Corp.		75
	952	First Bancorp		44
	29,399	First Bancorp		405
	2,341	First Bank		34
	3,516	First Busey Corp.		95
	7	First Citizens BancShares, Inc., Class - A		6
	3,478	First Financial Bancorp		85
	7,829	First Horizon Corp.		128
	114	First Interstate BancSystem, Inc., Class - A		5
	2,416	First Merchants Corp.		101
	6,458	Fulton Financial Corp.		110
	3,305	Hancock Whitney Corp.		165
	868	Hilltop Holdings, Inc.		31
	1,293	Hope Bancorp, Inc.		19
	2,366	Horizon Bancorp, Inc.		49
	941	Independent Bank Corp.		77
	1,662	Independent Bank Group, Inc.		120
	129	International Bancshares Corp.		5
	441	Lakeland Financial Corp.		35
	2,021	Live Oak Bancshares, Inc.		176
	1,295	Midland States Bancorp, Inc.		32
	1,880	MidWestOne Financial Group, Inc.		61
	1,622	Northrim Bancorp, Inc.		70
	2,194	Old Second Bancorp, Inc.		28
	1,149	Orrstown Financial Services, Inc.		29
	1,042	Pacific Premier Bancorp, Inc.		42
	1,429	Peoples Bancorp, Inc.		45
	3,233	Pinnacle Financial Partners, Inc.		309
	4,394	Popular, Inc.		361
	7,725	Republic First Bancorp, Inc.(a)		29
	734	ServisFirst Bancshares, Inc.		62
	1,311	Stock Yards Bancorp, Inc.		84
	510	Texas Capital Bancshares, Inc.(a)		31
	22,969	The Bancorp, Inc.(a)		582
	2,444	The Bank of N.T. Butterfield & Son Ltd.		93

See accompanying notes to financial statements.

28

HC CAPITAL TRUST

The Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Banks (continued)
	3,235	Towne Bank	$	102
	126	Triumph Bancorp, Inc.(a)		15
	2,275	United Bankshares, Inc.		83
	3,391	United Community Banks, Inc.		122
	2,879	Veritex Holdings, Inc.		115
	2,021	Washington Trust Bancorp, Inc.		114
	5,366	Webster Financial Corp.		300
	2,812	WesBanco, Inc.		98
	3,643	Wintrust Financial Corp.		331
				6,479
		Beverages — 0.03%
	296	Celsius Holdings, Inc.(a)		22
	11	The Boston Beer Co., Inc., Class - A(a)		6
				28
		Biotechnology — 5.20%
	1,363	2seventy bio, Inc.(a)		35
	627	4D Molecular Therapeutics, Inc.(a)		14
	5,528	ACADIA Pharmaceuticals, Inc.(a)		129
	1,393	Aldeyra Therapeutics, Inc.(a)		6
	1,469	Alector, Inc.(a)		30
	6,265	Alpine Immune Sciences, Inc.(a)		87
	564	AnaptysBio, Inc.(a)		20
	1,049	Anavex Life Sciences Corp.(a)		18
	468	Apellis Pharmaceuticals, Inc.(a)		22
	177	Arcturus Therapeutics Holdings, Inc.(a)		7
	734	Arcus Biosciences, Inc.(a)		30
	1,137	Arena Pharmaceuticals, Inc.(a)		106
	1,118	Arrowhead Pharmaceuticals, Inc.(a)		74
	3,800	Astria Therapeutics, Inc.(a)		20
	398	Atara Biotherapeutics, Inc.(a)		6
	1,799	Atea Pharmaceuticals, Inc.(a)		16
	435	Beam Therapeutics, Inc.(a)		35
	12,602	Beyondspring, Inc.^(a)		57
	7,393	BioCryst Pharmaceuticals, Inc.(a)		102
	698	Biohaven Pharmaceutical Holding Co. Ltd.(a)		96
	2,613	BioMarin Pharmaceutical, Inc.(a)		230
	2,573	Black Diamond Therapeutics, Inc.(a)		14
	906	Bridgebio Pharma, Inc.(a)		15
	845	CareDx, Inc.(a)		38
	515	ChemoCentryx, Inc.(a)		19
	1,365	Chimerix, Inc.(a)		9
	1,402	Cortexyme, Inc.(a)		18
	467	Cytokinetics, Inc.(a)		21
	1,419	Dynavax Technologies Corp.(a)		20
	323	Emergent BioSolutions, Inc.(a)		14
	3,833	Erasca, Inc.^(a)		60
	2,391	Exact Sciences Corp.(a)		186

Shares		Security Description	Value (000)
		Biotechnology (continued)
	1,244	Fate Therapeutics, Inc.(a)	$	73
	6,455	FibroGen, Inc.(a)		91
	10,318	Frequency Therapeutics, Inc.(a)		53
	1,932	Galectin Therapeutics, Inc.(a)		4
	20,923	Gemini Therapeutics, Inc.(a)		61
	1,929	Global Blood Therapeutics, Inc.(a)		56
	5,470	Halozyme Therapeutics, Inc.(a)		219
	8,618	Harpoon Therapeutics, Inc.(a)		65
	1,621	Humanigen, Inc.(a)		6
	548	IGM Biosciences, Inc.(a)		16
	2,674	ImmunoGen, Inc.(a)		20
	1,913	Incyte Corp.(a)		140
	27,920	Infinity Pharmaceuticals, Inc.(a)		63
	7,364	Inovio Pharmaceuticals, Inc.(a)		37
	1,450	Insmed, Inc.(a)		39
	928	Intellia Therapeutics, Inc.(a)		110
	7,859	Iovance Biotherapeutics, Inc.(a)		150
	7,006	Ironwood Pharmaceuticals, Inc.(a)		82
	38	Karuna Therapeutics, Inc.(a)		5
	15,881	Karyopharm Therapeutics, Inc.(a)		102
	975	Kezar Life Sciences, Inc.(a)		16
	223	Kodiak Sciences, Inc.(a)		19
	347	Krystal Biotech, Inc.(a)		24
	824	Kura Oncology, Inc.(a)		12
	180	Kymera Therapeutics, Inc.(a)		11
	1,468	Lexicon Pharmaceuticals, Inc.(a)		6
	333	Ligand Pharmaceuticals, Inc., Class - B(a)		51
	854	MacroGenics, Inc.(a)		14
	1,407	MannKind Corp.(a)		6
	435	MaxCyte, Inc.(a)		4
	653	Mirati Therapeutics, Inc.(a)		96
	3,366	Myriad Genetics, Inc.(a)		93
	649	Natera, Inc.(a)		61
	1,103	Nkarta, Inc.(a)		17
	701	Novavax, Inc.(a)		100
	340	Nurix Therapeutics, Inc.(a)		10
	876	Ocugen, Inc.(a)		4
	1,217	Olema Pharmaceuticals, Inc.(a)		11
	9,226	OPKO Health, Inc.(a)		44
	1,512	Passage Bio, Inc.(a)		10
	2,087	PDL BioPharma, Inc.		5
	333	Prelude Therapeutics, Inc.(a)		4
	747	Protagonist Therapeutics, Inc.(a)		26
	1,348	Prothena Corp. PLC(a)		67
	142	PTC Therapeutics, Inc.(a)		6
	7,971	Puma Biotechnology, Inc.(a)		24
	3,339	Recro Pharma, Inc.(a)		6
	2,297	Recursion Pharmaceuticals, Inc., Class - A(a)		39
	493	Repligen Corp.(a)		131

See accompanying notes to financial statements.

29

HC CAPITAL TRUST

The Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Biotechnology (continued)
	2,917	REVOLUTION Medicines, Inc.(a)	$	73
	3,117	Rigel Pharmaceuticals, Inc.(a)		8
	448	Rocket Pharmaceuticals, Inc.(a)		10
	1,425	Seres Therapeutics, Inc.(a)		12
	1,046	Shattuck Labs, Inc.(a)		9
	7,010	Silverback Therapeutics, Inc.(a)		47
	30,087	Solid Biosciences, Inc.(a)		53
	2,137	Syndax Pharmaceuticals, Inc.(a)		47
	1,724	TG Therapeutics, Inc.(a)		33
	4,673	Travere Therapeutics, Inc.(a)		145
	164	Twist Bioscience Corp.(a)		13
	1,299	Ultragenyx Pharmaceutical, Inc.(a)		109
	789	United Therapeutics Corp.(a)		170
	326	Vanda Pharmaceuticals, Inc.(a)		5
	640	Vaxart, Inc.(a)		4
	802	Vericel Corp.(a)		32
	2,382	Xencor, Inc.(a)		96
	1,004	Xoma Corp.(a)		21
	629	Zentalis Pharmaceuticals, Inc.(a)		53
				4,803
		Building Products — 2.98%
	50	Advanced Drainage Systems, Inc.		7
	1,948	Apogee Enterprises, Inc.		94
	5,407	Armstrong Flooring, Inc.(a)		11
	15,723	Builders FirstSource, Inc.(a)		1,347
	13,354	Caesarstone Ltd.		151
	354	CSW Industrials, Inc.		43
	815	Gibraltar Industries, Inc.(a)		54
	1,230	Griffon Corp.		35
	443	Insteel Industries, Inc.		18
	1,901	Masonite International Corp.(a)		225
	3,356	Trex Company, Inc.(a)		453
	2,423	UFP Industries, Inc.		223
	2,122	View, Inc.(a)		8
	2,342	Zurn Water Solutions Corp.		85
				2,754
		Capital Markets — 2.67%
	1,343	Ares Management Corp., Class - A		109
	4,822	Arlington Asset Investment Corp., Class - A(a)		17
	1,338	Artisan Partners Asset Management, Inc., Class - A		64
	493	B. Riley Financial, Inc.		44
	13,347	BGC Partners, Inc., Class - A		62
	1,179	Brightsphere Investment Group, Inc.		30
	979	Cohen & Steers, Inc.		91
	677	Cowen, Inc., Class - A		24
	1,749	Evercore, Inc., Class - A		238

Shares		Security Description	Value (000)
		Capital Markets (continued)
	3,056	Federated Hermes, Inc., Class - B	$	115
	1,301	Focus Financial Partners, Inc., Class - A(a)		78
	62	GlassBridge Enterprises, Inc.(a)		6
	184	Hamilton Lane, Inc.		19
	75	Houlihan Lokey, Inc.		8
	3,694	LPL Financial Holdings, Inc.		590
	79	Moelis & Co., Class - A		5
	3,315	Raymond James Financial, Inc.		333
	5,356	Safeguard Scientifics, Inc.(a)		39
	1,887	Stifel Financial Corp.		133
	5,156	The Carlyle Group, Inc.		283
	2,045	Victory Capital Holdings, Inc., Class - A		75
	157	Virtus Investment Partners, Inc.		47
	9,720	WisdomTree Investments, Inc.		59
				2,469
		Chemicals — 2.63%
	8,475	Advanced Emissions Solutions, Inc.(a)		56
	2,308	Albemarle Corp.		539
	828	Avient Corp.		46
	695	Balchem Corp.		117
	48	Cabot Corp.		3
	1,174	Ferro Corp.(a)		26
	4,669	FMC Corp.		513
	158	Huntsman Corp.		6
	1,018	Innospec, Inc.		92
	562	Kraton Corp.(a)		26
	429	Kronos Bio, Inc.(a)		6
	1,908	Kronos Worldwide, Inc.		29
	8,091	Livent Corp.(a)		197
	809	Minerals Technologies, Inc.		59
	129	NewMarket Corp.		44
	1,544	Orion Engineered Carbons SA(a)		28
	2,812	PureCycle Technologies, Inc.(a)		27
	274	Quaker Chemical Corp.		63
	898	Sensient Technologies Corp.		90
	85	Stepan Co.		11
	1,217	Trinseo PLC(a)		64
	15,251	Tronox Holdings PLC, Class - A		367
	3,491	Zymergen, Inc.(a)		23
				2,432
		Commercial Services & Supplies — 0.89%
	1,375	ABM Industries, Inc.		56
	1,728	ACCO Brands Corp.		14
	1,307	Casella Waste Systems, Inc.(a)		112
	335	Cimpress PLC(a)		24
	656	HNI Corp.		28
	19,349	Interface, Inc.		308
	749	McGrath RentCorp		60

See accompanying notes to financial statements.

30

HC CAPITAL TRUST

The Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Commercial Services & Supplies (continued)
	1,301	MillerKnoll, Inc.	$	51
	33	MSA Safety, Inc.		5
	18,573	Pitney Bowes, Inc.		123
	1,559	Quad/Graphics, Inc.(a)		6
	187	Tetra Tech, Inc.		32
	27	UniFirst Corp.		6
	48	VSE Corp.		3
				828
		Communications Equipment — 0.42%
	1,460	ADTRAN, Inc.		33
	673	Clearfield, Inc.(a)		57
	4,705	Extreme Networks, Inc.(a)		74
	2,372	Infinera Corp.(a)		23
	1,123	InterDigital, Inc.		81
	475	Lumentum Holdings, Inc.(a)		50
	822	NETGEAR, Inc.(a)		24
	4,451	PCTEL, Inc.		25
	2,536	Ribbon Communications, Inc.(a)		15
	423	Viavi Solutions, Inc.(a)		7
				389
		Construction & Engineering — 2.83%
	5,028	AECOM(a)		389
	1,546	Ameresco, Inc., Class - A(a)		126
	1,585	Dycom Industries, Inc.(a)		149
	1,160	EMCOR Group, Inc.		148
	2,153	Fluor Corp.(a)		53
	6,711	Granite Construction, Inc.		260
	3,120	INNOVATE Corp.(a)		12
	4,033	MasTec, Inc.(a)		372
	117	MYR Group, Inc.(a)		13
	2,758	Primoris Services Corp.		66
	3,807	Quanta Services, Inc.		437
	38,496	Tutor Perini Corp.(a)		475
	2,938	WillScot Mobile Mini Holdings Corp.(a)		120
				2,620
		Construction Materials — 1.12%
	2,943	Eagle Materials, Inc., Class - A		489
	13,581	Summit Materials, Inc., Class - A(a)		546
				1,035
		Consumer Finance — 0.41%
	4,654	Green Dot Corp., Class - A(a)		169
	3,434	LendingClub Corp.(a)		83
	875	Navient Corp.		19
	351	Nelnet, Inc., Class - A		34
	936	PROG Holdings, Inc.(a)		42
	131	World Acceptance Corp.(a)		32
				379

Shares		Security Description	Value (000)
		Containers & Packaging — 0.46%
	693	AptarGroup, Inc.	$	85
	5,432	Graphic Packaging Holding Co.		106
	3,245	Myers Industries, Inc.		65
	13,410	Pactiv Evergreen, Inc.		170
				426
		Diversified Consumer Services — 1.19%
	14,388	2U, Inc.(a)		289
	10,162	Adtalem Global Education, Inc.(a)		300
	2,186	Chegg, Inc.(a)		67
	8,669	Houghton Mifflin Harcourt Co.(a)		140
	25,735	Perdoceo Education Corp.(a)		303
	782	Universal Technical Institute, Inc.(a)		6
				1,105
		Diversified Financial Services — 0.21%
	2,195	Cannae Holdings, Inc.(a)		77
	4,967	Marlin Business Services Corp.		116
				193
		Diversified Telecommunication Services — 0.47%
	379	Bandwidth, Inc.(a)		27
	3,148	IDT Corp.(a)		139
	221	Iridium Communications, Inc.(a)		9
	16,098	Radius Global Infrastructure, Inc.(a)		260
				435
		Electric Utilities — 0.24%
	1,876	ALLETE, Inc.		125
	3,048	Genie Energy Ltd.(a)		17
	175	MGE Energy, Inc.		14
	528	Otter Tail Corp.		38
	141	PNM Resources, Inc.		6
	468	Portland General Electric Co.		25
				225
		Electrical Equipment — 1.04%
	379	American Superconductor Corp.(a)		4
	19,860	Array Technologies, Inc.(a)		312
	1,099	Bloom Energy Corp., Class - A(a)		24
	3,811	EnerSys		301
	519	Eos Energy Enterprises, Inc.(a)		4
	3,974	FuelCell Energy, Inc.(a)		21
	1,604	Plug Power, Inc.(a)		45
	522	Regal Rexnord Corp.		89
	4,899	Romeo Power, Inc.(a)		18
	3,233	Sunrun, Inc.(a)		111
	294	Vicor Corp.(a)		37
				966
		Electronic Equipment, Instruments & Components — 2.68%
	517	Airgain, Inc.(a)		5
	1,155	Arlo Technologies, Inc.(a)		12

See accompanying notes to financial statements.

31

HC CAPITAL TRUST

The Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Electronic Equipment, Instruments & Components (continued)
	743	Badger Meter, Inc.	$	79
	544	Belden, Inc.		36
	34	Dolby Laboratories, Inc., Class - A		3
	92	ePlus, Inc.(a)		5
	2,761	Fabrinet(a)		327
	77	FARO Technologies, Inc.(a)		5
	18,320	Flex Ltd.(a)		336
	7,611	II-VI, Inc.(a)		521
	1,005	Insight Enterprises, Inc.(a)		107
	548	IPG Photonics Corp.(a)		94
	7,371	Jabil, Inc.		518
	301	Kimball Electronics, Inc.(a)		7
	3,825	Knowles Corp.(a)		89
	431	Littelfuse, Inc.		136
	1,326	Methode Electronics, Inc.		65
	1,036	MicroVision, Inc.(a)		5
	801	nLight, Inc.(a)		19
	95	Novanta, Inc.(a)		17
	207	Par Technology Corp.(a)		11
	114	PC Connection, Inc.		5
	51	Plexus Corp.(a)		5
	113	Rogers Corp.(a)		31
	34	TD SYNNEX Corp.		4
	801	TTM Technologies, Inc.(a)		12
	4,878	Velodyne Lidar, Inc.(a)		23
	290	Vishay Intertechnology, Inc.		6
				2,483
		Energy Equipment & Services — 0.45%
	1,908	Archrock, Inc.		14
	460	Cactus, Inc., Class - A		18
	4,798	Championx Corp.(a)		97
	1,804	DMC Global, Inc.(a)		71
	4,448	Liberty Oilfield Services, Inc., Class - A(a)		43
	2,855	Nextier Oilfield Solutions, Inc.(a)		10
	1,775	Oceaneering International, Inc.(a)		20
	9,817	Patterson-UTI Energy, Inc.		83
	2,735	Solaris Oilfield Infrastructure, Inc., Class - A		18
	4,093	Tidewater, Inc.(a)		44
				418
		Entertainment — 0.25%
	2,663	AMC Entertainment Holdings, Inc.(a)		72
	1,808	Brooklyn ImmunoTherapeutics, Inc.(a)		8
	689	Cinemark Holdings, Inc.(a)		11
	2,645	CuriosityStream, Inc.(a)		16
	724	Gaia, Inc.(a)		6

Shares		Security Description	Value (000)
		Entertainment (continued)
	1,640	Liberty Media Corp. - Liberty Braves, Class - A(a)	$	47
	2,497	Liberty Media Corp. - Liberty Braves, Class - C(a)		70
				230
		Equity Real Estate Investment Trusts — 4.39%
	1,931	Agree Realty Corp.		138
	2,565	Alexander & Baldwin, Inc.		64
	516	Alpine Income Property Trust, Inc.		10
	926	American Finance Trust, Inc.		8
	2,787	CareTrust REIT, Inc.		64
	4,816	Chatham Lodging Trust(a)		66
	6,508	Clipper Realty, Inc.		65
	1,131	Community Healthcare Trust, Inc.		53
	1,360	CoreCivic, Inc.(a)		14
	8,961	CorePoint Lodging, Inc.(a)		141
	10,253	Corporate Office Properties Trust		288
	9,262	DiamondRock Hospitality Co.(a)		89
	11,256	DigitalBridge Group, Inc.(a)		94
	3,905	Easterly Government Properties, Inc.		90
	1,208	EastGroup Properties, Inc.		275
	681	Farmland Partners, Inc.		8
	3,122	Four Corners Property Trust, Inc.		92
	533	Getty Realty Corp.		17
	2,520	Gladstone Commercial Corp.		65
	6,912	Global Medical REIT, Inc.		123
	6,232	Hersha Hospitality Trust(a)		57
	2,757	Independence Realty Trust, Inc.		71
	1,274	Industrial Logistics Property Trust		32
	711	Innovative Industrial Properties, Inc.		187
	566	iStar, Inc.		15
	3,897	Kite Realty Group Trust		85
	713	LTC Properties, Inc.		24
	1,990	LXP Industrial Trust		31
	4,297	Monmouth Real Estate Investment Corp., Class - A		90
	763	National Health Investors, Inc.		44
	1,574	National Storage Affiliates		109
	6,043	NETSTREIT Corp.		138
	290	Pebblebrook Hotel Trust		6
	1,185	PotlatchDeltic Corp.		71
	24	PS Business Parks, Inc.		4
	3,348	Retail Opportunity Investments Corp.		66
	6,433	RLJ Lodging Trust		90
	1,766	Ryman Hospitality Properties, Inc.(a)		162
	6,550	Sabra Health Care REIT, Inc.		89
	5,156	Service Properties Trust		45
	10,954	SITE Centers Corp.		173
	3,436	STAG Industrial, Inc.		165

See accompanying notes to financial statements.

32

HC CAPITAL TRUST

The Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Equity Real Estate Investment Trusts (continued)
	7,641	Summit Hotel Properties, Inc.(a)	$	75
	846	Tanger Factory Outlet Centers, Inc.		16
	1,040	The GEO Group, Inc.		8
	7,560	The Macerich Co.		131
	1,806	Uniti Group, Inc.		25
	1,132	Universal Health Realty Income Trust		67
	3,762	Urban Edge Properties		71
	1,486	Ventas, Inc.		76
	3,365	Veris Residential, Inc.(a)		62
	676	Xenia Hotels & Resorts, Inc.(a)		12
				4,061
		Food & Staples Retailing — 0.67%
	2,670	BJ’s Wholesale Club Holdings, Inc., Class - C(a)		178
	205	Casey’s General Stores, Inc.		40
	230	Ingles Markets, Inc., Class - A		20
	828	Performance Food Group Co.(a)		38
	202	PriceSmart, Inc.		15
	1,005	Rite Aid Corp.(a)		15
	1,071	SpartanNash Co.		28
	1,208	The Andersons, Inc.		47
	3,462	United Natural Foods, Inc.(a)		169
	834	Village Super Market, Inc., Class - A		20
	714	Weis Markets, Inc.		47
				617
		Food Products — 0.53%
	1,882	AppHarvest, Inc.(a)		7
	1,523	B&G Foods, Inc.^		47
	2,059	Darling Ingredients, Inc.(a)		142
	572	Fresh Del Monte Produce, Inc.		16
	409	Freshpet, Inc.(a)		39
	682	J&J Snack Foods Corp.		108
	50	John B. Sanfilippo & Son, Inc.		5
	124	Lancaster Colony Corp.		21
	1,116	The Simply Good Foods Co.(a)		46
	1,769	Tootsie Roll Industries, Inc.		64
				495
		Gas Utilities — 0.30%
	715	Chesapeake Utilities Corp.		104
	221	New Jersey Resources Corp.		9
	205	South Jersey Industries, Inc.		5
	963	Spire, Inc.		63
	2,134	UGI Corp.		98
				279
		Health Care Equipment & Supplies — 4.47%
	447	Abiomed, Inc.(a)		160
	13,100	Acutus Medical, Inc.(a)		45
	5,477	AngioDynamics, Inc.(a)		151

Shares		Security Description	Value (000)
		Health Care Equipment & Supplies (continued)
	3,298	Atossa Therapeutics, Inc.(a)	$	5
	155	AtriCure, Inc.(a)		11
	179	Axonics, Inc.(a)		10
	1,686	Beyond Air, Inc.(a)		16
	164	CONMED Corp.		23
	403	CryoPort, Inc.(a)		24
	698	Glaukos Corp.(a)		31
	140	Globus Medical, Inc.(a)		10
	2,795	Hologic, Inc.(a)		214
	2,199	Insulet Corp.(a)		586
	479	Integer Holdings Corp.(a)		41
	661	Intricon Corp.(a)		11
	933	iRhythm Technologies, Inc.(a)		110
	3,028	Lantheus Holdings, Inc.(a)		87
	211	LeMaitre Vascular, Inc.		11
	158	LENSAR, Inc.(a)		1
	754	LivaNova PLC(a)		66
	4,215	Merit Medical Systems, Inc.(a)		263
	4,046	Neogen Corp.(a)		184
	5,251	Neuronetics, Inc.(a)		23
	671	Nevro Corp.(a)		54
	2,582	Novocure Ltd.(a)		194
	5,054	NuVasive, Inc.(a)		265
	6,199	PAVmed, Inc.(a)		15
	249	Quidel Corp.(a)		34
	9,549	Quotient, Ltd.(a)		25
	1,976	Senseonics Holdings, Inc.(a)		5
	390	Shockwave Medical, Inc.(a)		70
	12,294	Sientra, Inc.(a)		45
	1,272	STAAR Surgical Co.(a)		116
	10,786	Talis Biomedical Corp.(a)		43
	2,286	Tandem Diabetes Care, Inc.(a)		344
	1,363	The Cooper Companies, Inc.		571
	360	Vapotherm, Inc.(a)		7
	7,678	Varex Imaging Corp.(a)		242
	2,157	ViewRay, Inc.(a)		12
	1,630	VolitionRX, Ltd.(a)		5
				4,130
		Health Care Providers & Services — 1.74%
	3,094	Acadia Healthcare Company, Inc.(a)		188
	590	AMN Healthcare Services, Inc.(a)		72
	13	Chemed Corp.		7
	1,165	Community Health Systems, Inc.(a)		16
	153	CorVel Corp.(a)		32
	10,078	Covetrus, Inc.(a)		201
	47	Encompass Health Corp.		3
	145	Guardant Health, Inc.(a)		15
	776	LHC Group, Inc.(a)		106
	373	Magellan Health, Inc.(a)		35

See accompanying notes to financial statements.

33

HC CAPITAL TRUST

The Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Health Care Providers & Services (continued)
	277	Modivcare, Inc.(a)	$	41
	816	Molina Heathcare, Inc.(a)		260
	5,607	Ontrak, Inc.(a)		35
	409	Option Care Health, Inc.(a)		12
	1,478	Owens & Minor, Inc.		64
	3,683	Patterson Companies, Inc.		108
	1,149	R1 RCM, Inc.(a)		29
	2,950	RadNet, Inc.(a)		89
	1,380	Select Medical Holdings Corp.		41
	1,391	Sharps Compliance Corp.(a)		10
	435	Surgery Partners, Inc.(a)		23
	2,414	Tenet Healthcare Corp.(a)		197
	195	The Ensign Group, Inc.		16
	244	Triple-S Management Corp., Class - B(a)		9
				1,609
		Health Care Technology — 0.90%
	5,097	Allscripts Healthcare Solutions, Inc.(a)		94
	4,413	American Well Corp., Class - A(a)		27
	1,328	Evolent Health, Inc., Class - A(a)		37
	276	Health Catalyst, Inc.(a)		11
	2,657	HealthStream, Inc.(a)		70
	7,346	iCAD, Inc.(a)		53
	925	Inspire Medical System, Inc.(a)		213
	3,721	Multiplan Corp.(a)		16
	2,060	NextGen Healthcare, Inc.(a)		37
	1,413	Omnicell, Inc.(a)		254
	250	Vocera Communications, Inc.(a)		16
				828
		Hotels, Restaurants & Leisure — 3.26%
	162	BJ’s Restaurants, Inc.(a)		6
	805	Bloomin’ Brands, Inc.(a)		17
	5,300	Boyd Gaming Corp.(a)		348
	7,192	Caesars Entertainment, Inc.(a)		671
	398	Chuy’s Holdings, Inc.(a)		12
	1,221	Dave & Buster’s Entertainment, Inc.(a)		47
	1,018	Dine Brands Global, Inc.		77
	7,017	Fiesta Restaurant Group, Inc.(a)		77
	428	Golden Entertainment, Inc.(a)		22
	2,109	Golden Nugget Online Gaming, Inc.(a)		21
	8,226	Hall of Fame Resort & Entertainment Co.(a)		13
	1,218	Hilton Grand Vacations, Inc.(a)		63
	5,491	Lindblad Expeditions Holdings, Inc.(a)		86
	731	Papa John’s International, Inc.		98
	5,417	Planet Fitness, Inc., Class - A(a)		490
	3,075	PlayAGS, Inc.(a)		21
	2,685	Red Robin Gourmet Burgers, Inc.(a)		44
	3,440	Red Rock Resorts, Inc., Class - A		189

Shares		Security Description	Value (000)
		Hotels, Restaurants & Leisure (continued)
	999	Scientific Games Corp., Class - A(a)	$	67
	581	Texas Roadhouse, Inc.		52
	8,522	The Cheesecake Factory, Inc.(a)		334
	145	Vail Resorts, Inc.		48
	1,233	Wingstop, Inc.		213
				3,016
		Household Durables — 0.90%
	2,864	Aterian, Inc.(a)		12
	1,024	Casper Sleep, Inc.(a)		7
	972	Gopro, Inc., Class - A(a)		10
	4,782	Green Brick Partners, Inc.(a)		144
	1,600	Hamilton Beach Brands Holding Co., Class - A		23
	156	Hooker Furniture Corp.		4
	370	Installed Building Products, Inc.		52
	98	iRobot Corp.(a)		6
	748	LGI Homes, Inc.(a)		116
	485	M/I Homes, Inc.(a)		30
	112	MDC Holdings, Inc.		6
	1,111	Meritage Homes Corp.(a)		135
	147	Skyline Champion Corp.(a)		12
	584	The Lovesac Co.(a)		39
	477	TopBuild Corp.(a)		132
	7,049	Tupperware Brands Corp.(a)		108
				836
		Household Products — 0.06%
	240	Central Garden & Pet Co.(a)		13
	990	Central Garden & Pet Co., Class - A(a)		47
				60
		Independent Power and Renewable Electricity Producers — 0.12%
	1,499	Clearway Energy, Inc., Class - C		54
	2,146	Sunnova Energy International, Inc.(a)		60
				114
		Insurance — 2.12%
	2,133	American Equity Investment Life Holding Co.		83
	6,310	Argo Group International Holdings Ltd.		367
	3,379	CNO Financial Group, Inc.		81
	875	Everest Re Group Ltd.		240
	1,150	Goosehead Insurance, Inc.		150
	655	Kinsale Capital Group, Inc.		156
	2,483	ProAssurance Corp.		63
	49	RLI Corp.		5
	1,404	Selective Insurance Group, Inc.		115
	1,595	Trupanion, Inc.(a)		210
	14,455	United Insurance Holdings Corp.		63
	5,249	W.R. Berkley Corp.		431
				1,964

See accompanying notes to financial statements.

34

HC CAPITAL TRUST

The Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Interactive Media & Services — 0.18%
	8,509	DHI Group, Inc.(a)	$	53
	6,547	Liberty TripAdvisor Holdings, Inc., Class - A(a)		14
	323	MediaAlpha, Inc., Class - A(a)		5
	2,677	Yelp, Inc.(a)		97
				169
		Internet & Direct Marketing Retail — 0.22%
	197	1-800-Flowers.com, Inc., Class - A(a)		5
	331	Etsy, Inc.(a)		72
	5,950	Lands’ End, Inc.(a)		117
	136	Xometry, Inc., Class A(a)		7
				201
		IT Services — 2.32%
	2,010	Alliance Data Systems Corp.		134
	15,865	Brightcove, Inc.(a)		162
	34	Concentrix Corp.		6
	10,305	Conduent, Inc.(a)		55
	1,652	CSG Systems International, Inc.		95
	2,141	EVERTEC, Inc.		107
	717	Evo Payments, Inc., Class - A(a)		18
	514	Exlservice Holdings, Inc.(a)		74
	5,220	Genpact Ltd.		278
	4,084	GreenBox POS(a)		17
	1,864	Grid Dynamics Holdings, Inc.(a)		71
	254	Jack Henry & Associates, Inc.		42
	4,155	LiveRamp Holdings, Inc.(a)		199
	979	MAXIMUS, Inc.		78
	1,838	MoneyGram International, Inc.(a)		15
	22,693	Paya Holdings, Inc.(a)		144
	4,891	Paymentus Holdings, Inc., Class - A(a)		171
	88	Perficient, Inc.(a)		11
	7,615	Switch, Inc., Class - A		218
	135	The Hackett Group, Inc.		3
	81	TTEC Holdings, Inc.		7
	68	Tucows, Inc.(a)		6
	822	Unisys Corp.(a)		17
	2,286	Verra Mobility Corp.(a)		35
	1,316	WEX, Inc.(a)		185
				2,148
		Leisure Products — 0.68%
	324	American Outdoor Brands, Inc.(a)		6
	925	Callaway Golf Co.(a)		25
	77	Johnson Outdoors, Inc., Class - A		7
	356	Mastercraft Boat Holdings, Inc.(a)		10
	19,915	Mattel, Inc.(a)		430
	1,298	Smith & Wesson Brands, Inc.		23
	1,490	Yeti Holdings, Inc.(a)		124
				625

Shares		Security Description	Value (000)
		Life Sciences Tools & Services — 0.88%
	3,682	Bionano Genomics, Inc.(a)	$	11
	102	Bruker Corp.		9
	305	Codexis, Inc.(a)		10
	3,486	Fluidigm Corp.(a)		14
	1,767	Harvard Bioscience, Inc.(a)		12
	23	ICON PLC(a)		7
	599	Medpace Holdings, Inc.(a)		130
	636	NanoString Technologies, Inc.(a)		27
	3,662	NeoGenomics, Inc.(a)		125
	199	Pacific Biosciences of California, Inc.(a)		4
	664	Personalis, Inc.(a)		9
	3,458	QIAGEN N.V.(a)		193
	2,362	Quanterix Corp.(a)		100
	7,100	Sotera Health Co.(a)		167
				818
		Machinery — 2.52%
	68	Albany International Corp.		6
	1,637	Astec Industries, Inc.		113
	1,360	Chart Industries, Inc.(a)		217
	5,649	CIRCOR International, Inc.(a)		154
	168	Columbus McKinnon Corp.		8
	3,382	Evoqua Water Technologies Co.(a)		158
	1,773	Federal Signal Corp.		77
	141	Franklin Electric Co., Inc.		13
	4,941	Harsco Corp.(a)		83
	434	Helios Technologies, Inc.		46
	332	IDEX Corp.		78
	1,220	ITT, Inc.		125
	819	John Bean Technologies Corp.		126
	217	Kadant, Inc.		50
	121	Kennametal, Inc.		4
	939	Kornit Digital Ltd.(a)		143
	902	Lincoln Electric Holdings, Inc.		126
	12,070	Meritor, Inc.(a)		298
	118	Mueller Industries, Inc.		7
	4,188	Nikola Corp.(a)		41
	47	Oshkosh Corp.		5
	1,045	Park-Ohio Holdings Corp.		22
	1,356	SPX Corp.(a)		81
	1,151	SPX FLOW, Inc.		100
	2,067	Terex Corp.		91
	2,085	The Greenbrier Companies, Inc.		96
	2,838	Welbilt, Inc.(a)		67
				2,335
		Marine — 0.25%
	2,101	Kirby Corp.(a)		125
	1,166	Matson, Inc.		105
				230

See accompanying notes to financial statements.

35

HC CAPITAL TRUST

The Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Media — 1.03%
	2,263	AMC Networks, Inc., Class - A(a)	$	78
	5,647	Cardlytics, Inc.(a)		372
	6,875	Clear Channel Outdoor Holdings, Inc.(a)		23
	2,513	Entravision Communications Corp., Class - A		17
	5,444	Gray Television, Inc.		110
	818	Liberty Latin America Ltd., Class - C(a)		9
	804	Loyalty Ventures, Inc.(a)		24
	5,174	Magnite, Inc.(a)		91
	20,606	National CineMedia, Inc.		58
	535	Scholastic Corp.		21
	1,251	Sinclair Broadcast Group, Inc., Class - A		33
	2,249	TEGNA, Inc.		42
	3,417	WideOpenWest, Inc.(a)		74
				952
		Metals & Mining — 1.68%
	19,314	Alamos Gold, Inc.		149
	2,242	Alcoa Corp.		134
	23,870	Allegheny Technologies, Inc.(a)		381
	6,456	Carpenter Technology Corp.		188
	1,173	Haynes International, Inc.		47
	9,750	Hecla Mining Co.		51
	191	Materion Corp.		18
	11,793	Pan American Silver Corp.		293
	2,916	Ryerson Holding Corp.		76
	5,772	Timkensteel Corp.(a)		95
	365	United States Steel Corp.		9
	356	Warrior Met Coal, Inc.		9
	1,868	Worthington Industries, Inc.		102
				1,552
		Mortgage Real Estate Investment Trusts — 0.41%
	3,370	AG Mortgage Investment Trust, Inc.		35
	7,810	BrightSpire Capital, Inc.		80
	551	Franklin BSP Realty Trust, Inc.		8
	1,873	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		99
	18,756	MFA Financial, Inc.		86
	2,348	Redwood Trust, Inc.		31
	3,043	Two Harbors Investment Corp.		18
	11,584	Western Asset Mortgage Capital Corp.		24
				381
		Multiline Retail — 0.24%
	8,601	Macy’s, Inc.		225
		Multi-Utilities — 0.06%
	726	Black Hills Corp.		51
		Oil, Gas & Consumable Fuels — 2.21%
	1,121	Amyris, Inc.(a)		6
	3,497	Antero Resources Corp.(a)		61

Shares		Security Description	Value (000)
		Oil, Gas & Consumable Fuels (continued)
	1,094	Arch Resources, Inc.	$	100
	9,716	Berry Corp.		82
	181	Callon Petroleum Co.(a)		9
	2,500	Centennial Resource Development, Inc., Class - A(a)		15
	2,408	Clean Energy Fuels Corp.(a)		15
	8,222	CNX Resources Corp.(a)		113
	9,016	Comstock Resources, Inc.(a)		73
	2,431	CONSOL Energy, Inc.(a)		55
	3,905	Delek US Holdings, Inc.(a)		59
	7,630	Devon Energy Corp.		335
	1,588	Earthstone Energy, Inc., Class - A(a)		17
	13,299	Equitrans Midstream Corp.		138
	2,568	Evolution Petroleum Corp.		13
	1,127	Falcon Minerals Corp.		5
	914	Gevo, Inc.(a)		4
	2,312	Golar LNG Ltd.(a)		29
	20,751	Kosmos Energy Ltd.(a)		72
	214	Matador Resources Co.		8
	3,082	Meta Materials, Inc.(a)		8
	21,248	Navigator Holdings Ltd.(a)		187
	14,546	Nordic American Tankers Ltd.		25
	3,747	Ovintiv, Inc.		126
	292	PDC Energy, Inc.		14
	1,094	Peabody Energy Corp.(a)		11
	2,186	Range Resources Corp.(a)		39
	2,901	Ranger Oil Corp.(a)		78
	696	Renewable Energy Group, Inc.(a)		30
	52	REX American Resources Corp.(a)		5
	588	Scorpio Tankers, Inc.		8
	9,204	SFL Corp. Ltd.		75
	419	SM Energy Co.		12
	38,116	Southwestern Energy Co.(a)		178
	1,690	World Fuel Services Corp.		45
				2,050
		Paper & Forest Products — 0.01%
	95	Louisiana-Pacific Corp.		7
		Personal Products — 0.37%
	494	e.l.f. Beauty, Inc.(a)		16
	2,122	Edgewell Personal Care Co.		97
	853	Inter Parfums, Inc.		91
	198	Medifast, Inc.		41
	1,972	Nu Skin Enterprises, Inc., Class - A		101
				346
		Pharmaceuticals — 1.69%
	6,939	Adicet Bio, Inc.(a)		121
	2,129	Amneal Pharmaceuticals, Inc.(a)		10
	6,184	Amphastar Pharmaceuticals, Inc.(a)		144

See accompanying notes to financial statements.

36

HC CAPITAL TRUST

The Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Pharmaceuticals (continued)
	1,153	Amryt Pharma PLC, ADR(a)	$	12
	774	Arvinas, Inc.(a)		64
	3,007	Avalo Therapeutics, Inc.(a)		5
	447	Axsome Therapeutics, Inc.(a)		17
	352	Cassava Science, Inc.^(a)		15
	81	Catalent, Inc.(a)		10
	260	Corcept Therapeutics, Inc.(a)		5
	11,629	CorMedix, Inc.(a)		53
	2,328	Harmony Biosciences Holdings, Inc.(a)		99
	1,228	Harrow Health, Inc.(a)		11
	653	Horizon Therapeutics PLC(a)		70
	1,079	Innoviva, Inc.(a)		19
	711	Intra-Cellular Therapies, Inc.(a)		37
	1,598	Marinus Pharmaceuticals, Inc.(a)		19
	634	Ocular Therapeutix, Inc.(a)		4
	1,010	Omeros Corp.(a)		6
	5,685	Pacira BioSciences, Inc.(a)		343
	1,073	Paratek Pharmaceuticals, Inc.(a)		5
	1,203	Phibro Animal Health Corp., Class - A		25
	1,583	Prestige Consumer Healthcare, Inc.(a)		96
	1,898	Provention Bio, Inc.(a)		11
	260	Reata Pharmaceuticals, Inc., Class - A(a)		7
	2,224	Revance Therapeutics, Inc.(a)		36
	4,208	Satsuma Pharmaceuticals, Inc.(a)		19
	8,361	Supernus Pharmaceuticals, Inc.(a)		244
	14,896	WaVe Life Sciences Ltd.(a)		47
	4,381	Xeris BioPharma Holdings, Inc.(a)		13
				1,567
		Professional Services — 1.84%
	917	ASGN, Inc.(a)		113
	62	Booz Allen Hamilton Holding Corp.		5
	20	CACI International, Inc., Class - A(a)		5
	1,815	CBIZ, Inc.(a)		71
	45	Exponent, Inc.		5
	217	Huron Consulting Group, Inc.(a)		11
	173	ICF International, Inc.		18
	19,006	KBR, Inc.		905
	594	Kelly Services, Inc., Class - A		10
	982	Kforce, Inc.		74
	1,998	Korn Ferry		151
	78	ManTech International Corp., Class - A		6
	9,154	Mistras Group, Inc.(a)		68
	2,719	Rekor Systems, Inc.(a)		18
	1,018	Science Applications International Corp.		85
	1,649	Upwork, Inc.(a)		56
	2,860	Willdan Group, Inc.(a)		101
				1,702

Shares		Security Description	Value (000)
		Real Estate Management & Devel — 0.02%
	1,286	Douglas Elliman, Inc.(a)	$	15
		Real Estate Management & Development — 0.26%
	1,451	BBX Capital, Inc.(a)		15
	264	Essential Properties Realty Trust, Inc.		8
	1,232	eXp World Holdings, Inc.		42
	299	Forestar Group, Inc.(a)		7
	821	Marcus & Millichap, Inc.(a)		42
	3,583	Newmark Group, Inc., Class - A		66
	1,604	Redfin Corp.(a)		61
				241
		Road & Rail — 0.80%
	119	Avis Budget Group, Inc.(a)		25
	6,392	Knight-Swift Transportation Holdings, Inc.		389
	206	P.A.M. Transportation Services, Inc.(a)		15
	801	Saia, Inc.(a)		270
	3,453	Yellow Corp.(a)		43
				742
		Semiconductors & Semiconductor Equipment — 6.45%
	809	Advanced Energy Industries, Inc.		74
	485	Alpha & Omega Semiconductor Ltd.(a)		29
	658	Ambarella, Inc.(a)		134
	3,622	Amkor Technology, Inc.		90
	582	Axcelis Technologies, Inc.(a)		43
	3,010	AXT, Inc.(a)		27
	75	Azenta, Inc.		8
	353	CEVA, Inc.(a)		15
	55	Cirrus Logic, Inc.(a)		5
	169	Diodes, Inc.(a)		19
	623	Enphase Energy, Inc.(a)		114
	126	Entegris, Inc.		17
	4,167	FormFactor, Inc.(a)		191
	188	Impinj, Inc.(a)		17
	3,757	Lattice Semiconductor Corp.(a)		290
	12,580	MACOM Technology Solutions Holdings, Inc.(a)		985
	664	Marvell Technology, Inc.		58
	8,505	MaxLinear, Inc., Class - A(a)		641
	746	MKS Instruments, Inc.		130
	506	Monolithic Power Systems, Inc.		250
	2,376	Power Integrations, Inc.		221
	2,745	Qorvo, Inc.(a)		429
	5,703	Semtech Corp.(a)		506
	1,371	Silicon Laboratories, Inc.(a)		283
	604	SiTime Corp.(a)		177
	324	SMART Global Holdings, Inc.(a)		23
	799	Synaptics, Inc.(a)		231
	212	Ultra Clean Holdings, Inc.(a)		12
	1,179	Universal Display Corp.		195
	661	Veeco Instruments, Inc.(a)		19

See accompanying notes to financial statements.

37

HC CAPITAL TRUST

The Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Semiconductors & Semiconductor Equipment (continued)
	6,529	Wolfspeed, Inc.(a)	$	729
				5,962
		Software — 3.88%
	1,400	ACI Worldwide, Inc.(a)		49
	416	Alarm.com Holding, Inc.(a)		35
	829	Altair Engineering, Inc., Class - A(a)		64
	343	Alteryx, Inc., Class - A(a)		21
	2,844	American Software, Inc., Class - A		74
	192	Appian Corp.(a)		13
	3,150	Asure Software, Inc.(a)		25
	49	Avalara, Inc.(a)		6
	1,530	Blackbaud, Inc.(a)		121
	138	Blackline, Inc.(a)		14
	1,896	Bottomline Technologies, Inc.(a)		107
	1,091	Box, Inc., Class - A(a)		29
	794	Cleanspark, Inc.(a)		8
	979	Cognyte Software, Ltd.(a)		15
	2,763	CommVault Systems, Inc.(a)		191
	57	Consensus Cloud Solutions, Inc.(a)		3
	3,541	Couchbase, Inc.(a)		88
	155	Coupa Software, Inc.(a)		24
	313	Digimarc Corp.(a)		12
	740	Digital Turbine, Inc.(a)		45
	434	Domo, Inc., Class - B(a)		22
	1,935	Ebix, Inc.		59
	581	eGain Corp.(a)		6
	107	Envestnet, Inc.(a)		8
	406	Everbridge, Inc.(a)		27
	83	Fair Isaac Corp.(a)		36
	631	Five9, Inc.(a)		87
	846	Guidewire Software, Inc.(a)		96
	186	HubSpot, Inc.(a)		123
	2,503	LivePerson, Inc.(a)		89
	21	MicroStrategy, Inc.(a)		11
	3,232	Model N, Inc.(a)		97
	1,579	Momentive Global, Inc.(a)		33
	785	Onespan, Inc.(a)		13
	2,993	PagerDuty, Inc.(a)		104
	1,403	Pegasystems, Inc.		157
	3,261	Ping Identity Holding Corp.(a)		75
	910	PROS Holdings, Inc.(a)		31
	1,091	PTC, Inc.(a)		132
	680	Qualys, Inc.(a)		93
	1,182	Rapid7, Inc.(a)		139
	984	Riot Blockchain, Inc.(a)		22
	157	Sailpoint Technologies Holding, Inc.(a)		8
	831	SPS Commerce, Inc.(a)		118
	3,542	SS&C Technologies Holdings, Inc.		291

Shares		Security Description	Value (000)
		Software (continued)
	782	Tenable Holdings, Inc.(a)	$	43
	606	Varonis Systems, Inc.(a)		30
	979	Verint Systems, Inc.(a)		51
	19,355	VirnetX Holding Corp.(a)		50
	340	Vonage Holdings Corp.(a)		7
	1,462	Workiva, Inc.(a)		191
	4,710	Xperi Holding Corp.		89
	53	Ziff Davis, Inc.(a)		6
	72	Zscaler, Inc.(a)		23
	14,724	Zuora, Inc., Class - A(a)		276
				3,587
		Specialty Retail — 1.94%
	713	Advance Auto Parts, Inc.		171
	1,447	American Eagle Outfitters, Inc.		37
	520	Asbury Automotive Group, Inc.(a)		90
	790	Camping World Holdings, Inc., Class - A		32
	1,779	Floor & Decor Holdings, Inc., Class - A(a)		230
	2,020	Genesco, Inc.(a)		130
	72	Group 1 Automotive, Inc.		14
	1,362	Guess?, Inc.		32
	14,479	Leslie’s, Inc.(a)		342
	463	Lithia Motors, Inc., Class - A		137
	808	Monro, Inc.		47
	324	Murphy USA, Inc.		65
	53	Penske Automotive Group, Inc.		6
	231	Restoration Hardware Co.(a)		124
	2,077	Sally Beauty Holdings, Inc.(a)		38
	708	Shoe Carnival, Inc.		28
	431	Signet Jewelers Ltd.		38
	7,426	Sportsman’s Warehouse Holdings, Inc.(a)		88
	468	The Aaron’s Co., Inc.		12
	297	The Buckle, Inc.		13
	3,215	The Cato Corp., Class - A		55
	1,585	The ODP Corp.(a)		62
	560	Tilly’s, Inc., Class - A		9
				1,800
		Technology Hardware, Storage & Peripherals — 0.67%
	268	3D Systems Corp.(a)		6
	2,025	Corsair Gaming, Inc.^(a)		43
	1,377	Diebold Nixdorf, Inc.(a)		12
	761	Immersion Corp.(a)		4
	14,454	Integral Ad Science Holding Corp.(a)		321
	5,871	NCR Corp.(a)		236
				622
		Textiles, Apparel & Luxury Goods — 0.57%
	47	Columbia Sportswear Co.		5
	1,065	Crocs, Inc.(a)		137
	3,666	Fossil Group, Inc.(a)		38

See accompanying notes to financial statements.

38

HC CAPITAL TRUST

The Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Textiles, Apparel & Luxury Goods (continued)
	792	G-III Apparel Group Ltd.(a)	$	22
	3,261	Kontoor Brands, Inc.		166
	412	Steven Madden Ltd.		19
	4,730	Wolverine World Wide, Inc.		136
				523
		Thrifts & Mortgage Finance — 0.89%
	1,712	Axos Financial, Inc.(a)		96
	3,569	Bankfinancial Corp.		38
	3,488	Columbia Financial, Inc.(a)		73
	47	Federal Agricultural Mortgage Corp., Class - C		6
	667	Flagstar Bancorp, Inc.		32
	79	HomeStreet, Inc.		4
	155	Meta Financial Group, Inc.		9
	228	MGIC Investment Corp.		3
	1,030	Mr Cooper Group, Inc.(a)		43
	8,371	NMI Holdings, Inc.(a)		183
	1,849	Northwest Bancshares, Inc.		26
	871	PennyMac Financial Services, Inc.		61
	3,124	Provident Financial Services, Inc.		76
	3,405	Sterling Bancorp, Inc.(a)		20
	928	Walker & Dunlop, Inc.		140
	623	Western New England Bancorp, Inc.		5
	247	WSFS Financial Corp.		12
				827
		Tobacco — 0.03%
	2,572	Vector Group Ltd.		30
		Trading Companies & Distributors — 1.60%
	63	Applied Industrial Technologies, Inc.		6
	5,077	Beacon Roofing Supply, Inc.(a)		291
	563	Boise Cascade Co.		40
	200	DXP Enterprises, Inc.(a)		5
	192	GMS, Inc.(a)		12
	1,187	Herc Holdings, Inc.		186
	46,359	MRC Global, Inc.(a)		320
	1,578	Rush Enterprises, Inc., Class - A		88
	571	SiteOne Landscape Supply, Inc.(a)		138
	4,522	Textainer Group Holdings Ltd.		161
	1,796	WESCO International, Inc.(a)		236
				1,483
		Water Utilities — 0.36%
	65	American States Water Co.		7
	12,988	Cadiz, Inc.(a)		50
	1,134	California Water Service Group		81
	2,449	Consolidated Water Co. Ltd.		26
	602	Global Water Resources, Inc.		10
	626	Middlesex Water Co.		75

Shares		Security Description	Value (000)
		Water Utilities (continued)
	1,196	SJW Group	$	89
				338
		Wireless Telecommunication Services — 0.02%
	1,868	Spok Holdings, Inc.		17
		Total Common Stocks		84,582
		Contingent Rights — 0.15%
		Biotechnology — 0.00%
	1,646	Progenics Pharma CVR, 12/31/22(a)(b)		—
	1	Tobira Therapeutics, Inc. CVR, 12/31/28(a)(b)		—
				—
		Metals & Mining — 0.15%
	174,195	Pan American Silver Corp. CVR, 2/22/29(a)		135
		Pharmaceuticals — 0.00%
	759	Aratana Therapeutics, Inc. CVR, 12/31/21(a)(b)		—
	5,589	Xeris BioPharma Hold CVR, 10/6/49(a)		1
				1
		Total Contingent Rights		136
		Investment Companies — 7.54%
	178,267	Federated Hermes Treasury Obligations Fund, Institutional Shares, 0.01%^^(c)		178
	6,795,468	State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01%(c)		6,796
		Total Investment Companies		6,974
		Total Investments (cost $51,352) — 99.09%		91,692
		Other assets in excess of liabilities — 0.91%		847
		Net Assets — 100.00%	$	92,539

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

^ All or part of this security was on loan as of December 31, 2021. The total value of securities on loan as of December 31, 2021, was $174 (amount in thousands).

^^ 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, 2021.

(a) Represents non-income producing security.

(b) Security was valued using significant unobservable inputs as of December 31, 2021.

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

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

See accompanying notes to financial statements.

39

HC CAPITAL TRUST

The Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments (concluded) — December 31, 2021 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of December 31, 2021.

The Small Capitalization-Mid Capitalization Equity Portfolio	Frontier Capital Management Company, LLC			Parametric Portfolio Associates, LLC			Total
Common Stocks		42.68	%		48.72	%		91.40	%
Contingent Rights		0.15	%		—			0.15	%
Investment Companies		—			7.54	%		7.54	%
Other Assets (Liabilities)		0.70	%		0.21	%		0.91	%
Total Net Assets		43.53	%		56.47	%		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, 2021.

Futures Contracts Purchased*

Description		Number of Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
Russell 2000 Mini Index Future			60		3/18/22	$	6,728	$	289
						$	6,728	$	289
	Total Unrealized Appreciation							$	289
	Total Unrealized Depreciation								—
	Total Net Unrealized Appreciation/(Depreciation)							$	289

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

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

See accompanying notes to financial statements.

40

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 98.04%
		Australia — 1.61%
	510	Afterpay Ltd. (IT Services)(a)	$	31
	693	Ampol Ltd. (Oil, Gas & Consumable Fuels)		15
	2,941	APA Group (Gas Utilities)		22
	1,433	Aristocrat Leisure Ltd. (Hotels, Restaurants & Leisure)		45
	485	ASX Ltd. (Capital Markets)		33
	4,501	Aurizon Holdings Ltd. (Road & Rail)		11
	3,765	AusNet Services (Electric Utilities)		7
	6,890	Australia & New Zealand Banking Group Ltd. (Banks)		138
	7,185	BHP Billiton Ltd. (Metals & Mining)		217
	5,134	BHP Group Ltd. (Metals & Mining)		153
	1,230	BlueScope Steel Ltd. (Metals & Mining)		19
	3,525	Brambles Ltd. (Commercial Services & Supplies)		27
	165	Cochlear Ltd. (Health Care Equipment & Supplies)		26
	3,429	Coles Group Ltd. (Food & Staples Retailing)		45
	4,333	Commonwealth Bank of Australia (Banks)		317
	1,360	Computershare Ltd. (IT Services)		20
	991	Crown Resorts Ltd. (Hotels, Restaurants & Leisure)(a)		9
	1,108	CSL Ltd. (Biotechnology)		234
	2,615	Dexus (Equity Real Estate Investment Trusts)		21
	148	Domino’s Pizza Enterprises Ltd. (Hotels, Restaurants & Leisure)		13
	3,057	Endeavour Group Ltd. (Food & Staples Retailing)		15
	3,517	Evolution Mining Ltd. (Metals & Mining)		10
	4,206	Fortescue Metals Group Ltd. (Metals & Mining)		59
	4,174	Goodman Group (Equity Real Estate Investment Trusts)		80
	478	IDP Education Ltd. (Diversified Consumer Services)		12
	5,779	Insurance Australia Group Ltd. (Insurance)		18
	1,593	LendLease Group (Real Estate Management & Development)(b)		12
	856	Macquarie Group Ltd. (Capital Markets)		128
	357	Magellan Financial Group Ltd. (Capital Markets)		6
	7,667	Medibank Private Ltd. (Insurance)		19
	9,646	Mirvac Group (Equity Real Estate Investment Trusts)		20
	8,028	National Australia Bank Ltd. (Banks)		168
	1,950	Newcrest Mining Ltd. (Metals & Mining)		35
	2,645	Northern Star Resources Ltd. (Metals & Mining)		18
	927	Orica Ltd. (Chemicals)		9
	4,121	Origin Energy Ltd. (Electric Utilities)		16
	2,446	Qantas Airways Ltd. (Airlines)(a)		9

Shares		Security Description	Value (000)
		Australia (continued)
	3,741	QBE Insurance Group Ltd. (Insurance)	$	31
	427	Ramsay Health Care Ltd. (Health Care Providers & Services)		22
	112	REA Group Ltd. (Interactive Media & Services)		14
	495	Reece Ltd. (Trading Companies & Distributors)		10
	914	Rio Tinto Ltd. (Metals & Mining)		67
	7,288	Santos Ltd. (Oil, Gas & Consumable Fuels)(b)		33
	12,339	Scentre Group (Equity Real Estate Investment Trusts)		28
	923	SEEK Ltd. (Interactive Media & Services)		22
	1,187	Sonic Healthcare Ltd. (Health Care Providers & Services)		40
	11,701	South32 Ltd. (Metals & Mining)		34
	5,512	Stockland (Equity Real Estate Investment Trusts)		17
	3,312	Suncorp Group Ltd. (Insurance)		27
	2,888	Sydney Airport (Transportation Infrastructure)(a)		18
	5,667	Tabcorp Holdings Ltd. (Hotels, Restaurants & Leisure)		21
	10,531	Telstra Corp. Ltd. (Diversified Telecommunication Services)		32
	3,178	The GPT Group (Equity Real Estate Investment Trusts)		13
	6,949	Transurban Group (Transportation Infrastructure)		70
	2,004	Treasury Wine Estates Ltd. (Beverages)		18
	8,881	Vicinity Centres (Equity Real Estate Investment Trusts)(b)		11
	528	Washington H Soul Pattinson & Co. Ltd. (Oil, Gas & Consumable Fuels)		11
	2,750	Wesfarmers Ltd. (Multiline Retail)		119
	8,782	Westpac Banking Corp. (Banks)		136
	358	WiseTech Global Ltd. (Software)		15
	2,388	Woodside Petroleum Ltd. (Oil, Gas & Consumable Fuels)		38
	3,057	Woolworths Group Ltd. (Food & Staples Retailing)		85
				2,969
		Austria — 0.05%
	747	Erste Group Bank AG (Banks)(b)		35
	383	OMV AG (Oil, Gas & Consumable Fuels)		22
	389	Raiffeisen Bank International AG (Banks)(b)		11
	147	Verbund AG (Electric Utilities)		17
	246	Voestalpine AG (Metals & Mining)		9
				94
		Belgium — 0.74%
	444	Ageas SA (Insurance)		23
	18,902	Anheuser-Busch InBev N.V. (Beverages)		1,145
	134	Colruyt SA (Food & Staples Retailing)		6
	67	Elia Group SA (Electric Utilities)(b)		9

See accompanying notes to financial statements.

41

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Belgium (continued)
	281	Groupe Bruxelles Lambert SA (Diversified Financial Services)	$	31
	634	KBC Group N.V. (Banks)		54
	370	Proximus SADP (Diversified Telecommunication Services)		7
	31	Sofina SA (Diversified Financial Services)		15
	183	Solvay SA, Class - A (Chemicals)		21
	321	UCB SA (Pharmaceuticals)		37
	491	Umicore SA (Chemicals)(b)		20
				1,368
		Bermuda — 0.15%
	1,034	Arch Capital Group Ltd. (Insurance)(a)		46
	302	Athene Holding Ltd., Class - A (Insurance)(a)		25
	325	Bunge Ltd. (Food Products)		30
	98	Everest Re Group Ltd. (Insurance)		27
	910	IHS Markit Ltd. (Professional Services)		121
	902	Invesco Ltd. (Capital Markets)		21
				270
		Canada — 2.72%
	600	Agnico Eagle Mines Ltd. (Metals & Mining)		32
	400	Air Canada (Airlines)(a)(b)		7
	1,317	Algonquin Power & Utilities Corp. (Multi-Utilities)		19
	2,000	Alimentation Couche-Tard, Inc. (Food & Staples Retailing)		84
	800	AltaGas Ltd. (Gas Utilities)		17
	500	Ballard Power Systems, Inc. (Electrical Equipment)(a)		6
	1,555	Bank of Montreal (Banks)		167
	4,300	Barrick Gold Corp. (Metals & Mining)		82
	200	BCE, Inc. (Diversified Telecommunication Services)		10
	1,100	Blackberry Ltd. (Software)(a)		10
	3,443	Brookfield Asset Management, Inc. (Capital Markets)		208
	800	CAE, Inc. (Aerospace & Defense)(a)		20
	900	Cameco Corp. (Oil, Gas & Consumable Fuels)		20
	200	Canadian Apartment Properties REIT (Equity Real Estate Investment Trusts)(b)		9
	1,100	Canadian Imperial Bank of Commerce (Banks)		128
	1,700	Canadian National Railway Co. (Road & Rail)		209
	2,900	Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels)		123
	2,200	Canadian Pacific Railway Ltd. (Road & Rail)		158
	203	Canadian Tire Corp. Ltd., Class - A (Multiline Retail)		29
	300	Canadian Utilities Ltd., Class - A (Multi-Utilities)		9

Shares		Security Description	Value (000)
		Canada (continued)
	600	Canopy Growth Corp. (Pharmaceuticals)(a)(b)	$	5
	3,200	Cenovus Energy, Inc. (Oil, Gas & Consumable Fuels)		39
	500	CGI, Inc. (IT Services)(a)		44
	49	Constellation Software, Inc. (Software)		91
	700	Dollarama, Inc. (Multiline Retail)		35
	600	Emera, Inc. (Electric Utilities)		30
	400	Empire Co. Ltd. (Food & Staples Retailing)		12
	4,900	Enbridge, Inc. (Oil, Gas & Consumable Fuels)		191
	1,500	First Quantum Minerals Ltd. (Metals & Mining)		36
	100	FirstService Corp. (Real Estate Management & Development)		20
	1,100	Fortis, Inc. (Electric Utilities)		53
	500	Franco-Nevada Corp. (Metals & Mining)		69
	500	Gildan Activewear, Inc. (Textiles, Apparel & Luxury Goods)		21
	600	Great-West Lifeco, Inc. (Insurance)		18
	800	Hydro One Ltd. (Electric Utilities)(b)		21
	300	iA Financial Corp., Inc. (Insurance)		17
	200	IGM Financial, Inc. (Capital Markets)		7
	600	Imperial Oil Ltd. (Oil, Gas & Consumable Fuels)		22
	400	Intact Financial Corp. (Insurance)		52
	1,000	Ivanhoe Mines Ltd. (Metals & Mining)(a)		8
	600	Keyera Corp. (Oil, Gas & Consumable Fuels)(b)		14
	3,200	Kinross Gold Corp. (Metals & Mining)		19
	600	Kirkland Lake Gold Ltd. (Metals & Mining)		25
	300	Lightspeed Commerce, Inc. (Software)(a)		12
	400	Loblaw Companies Ltd. (Food & Staples Retailing)		33
	301	Lululemon Athletica, Inc. (Textiles, Apparel & Luxury Goods)(a)		118
	1,400	Lundin Mining Corp. (Metals & Mining)(b)		11
	700	Magna International, Inc. (Auto Components)		57
	4,700	Manulife Financial Corp. (Insurance)		90
	600	Metro, Inc. (Food & Staples Retailing)		32
	800	National Bank of Canada (Banks)		61
	500	Northland Power, Inc. (Independent Power and Renewable Electricity Producers)(b)		15
	1,400	Nutrien Ltd. (Chemicals)		105
	100	Nuvei Corp. (IT Services)(a)		6
	200	Onex Corp. (Diversified Financial Services)		16
	700	Open Text Corp. (Software)(b)		33
	500	Pan American Silver Corp. (Metals & Mining)		12
	400	Parkland Corp. (Oil, Gas & Consumable Fuels)(b)		11
	1,400	Pembina Pipelines Corp. (Oil, Gas & Consumable Fuels)		42
	1,350	Power Corp. of Canada (Insurance)		45

See accompanying notes to financial statements.

42

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Canada (continued)
	500	Quebecor, Inc. (Media)	$	11
	700	Restaurant Brands International, Inc. (Hotels, Restaurants & Leisure)		42
	300	RioCan Real Estate Investment Trust (Equity Real Estate Investment Trusts)(b)		5
	300	Ritchie Bros. Auctioneers, Inc. (Commercial Services & Supplies)		18
	900	Rogers Communications, Inc., Class - B (Wireless Telecommunication Services)		43
	3,442	Royal Bank of Canada (Banks)		366
	1,200	Shaw Communications, Inc., Class - B (Media)		36
	275	Shopify, Inc. (IT Services)(a)		380
	1,400	Sun Life Financial, Inc. (Insurance)		78
	3,700	Suncor Energy, Inc. (Oil, Gas & Consumable Fuels)		93
	2,300	TC Energy Corp. (Oil, Gas & Consumable Fuels)		107
	1,100	Teck Resources Ltd., Class - B (Metals & Mining)		32
	1,000	TELUS Corp. (Diversified Telecommunication Services)		24
	213	TFI International, Inc. (Road & Rail)		24
	2,929	The Bank of Nova Scotia (Banks)		207
	4,400	The Toronto-Dominion Bank (Banks)		337
	400	Thomson Reuters Corp. (Professional Services)		48
	100	TMX Group Ltd. (Capital Markets)		10
	200	Toromont Industries, Ltd. (Trading Companies & Distributors)		18
	737	Tourmaline Oil Corp. (Oil, Gas & Consumable Fuels)		24
	600	Waste Connections, Inc. (Commercial Services & Supplies)		82
	200	West Fraser Timber Co. Ltd. (Paper & Forest Products)		19
	200	Weston (George) Ltd. (Food & Staples Retailing)		23
	1,100	Wheaton Precious Metals Corp. (Metals & Mining)		47
	300	WSP Global, Inc. (Construction & Engineering)(b)		44
				5,013
		China — 0.00%
	2,000	SITC International Holdings Co. Ltd. (Marine)		7
		Denmark — 1.01%
	8	A.P. Moller - Maersk A/S, Class - A (Marine)		27
	14	A.P. Moller - Maersk A/S, Class - B (Marine)		50
	354	Ambu A/S, Class - B (Health Care Equipment & Supplies)		9
	251	Carlsberg A/S, Class - B (Beverages)		43
	263	Christian Hansen Holding A/S (Chemicals)(b)		21

Shares		Security Description	Value (000)
		Denmark (continued)
	302	Coloplast A/S, Class - B (Health Care Equipment & Supplies)	$	53
	1,609	Danske Bank A/S (Banks)		28
	292	Demant A/S (Health Care Equipment & Supplies)(a)		15
	500	DSV A/S (Road & Rail)		117
	165	Genmab A/S (Biotechnology)(a)(b)		66
	278	GN Store Nord A/S (Health Care Equipment & Supplies)		18
	4,099	Novo Nordisk A/S, Class - B (Pharmaceuticals)		461
	501	Novozymes A/S, B Shares (Chemicals)		41
	6,044	Orsted A/S (Electric Utilities)(b)		773
	245	Pandora A/S (Textiles, Apparel & Luxury Goods)		31
	18	ROCKWOOL International A/S, B Shares (Building Products)		8
	810	Tryg A/S (Insurance)(b)		20
	2,385	Vestas Wind Systems A/S (Electrical Equipment)		73
				1,854
		Finland — 0.71%
	360	Elisa Oyj (Diversified Telecommunication Services)		22
	1,122	Fortum Oyj (Electric Utilities)		34
	584	Kesko Oyj, Class - B (Food & Staples Retailing)		20
	864	Kone Oyj, Class - B (Machinery)		62
	16,794	Neste Oyj (Oil, Gas & Consumable Fuels)		828
	13,185	Nokia Oyj (Communications Equipment)(a)		84
	7,916	Nordea Bank Abp (Banks)		97
	243	Orion Oyj, Class - B (Pharmaceuticals)		10
	1,192	Sampo Oyj, Class - A (Insurance)		60
	1,360	Stora Enso Oyj, R Shares (Paper & Forest Products)		25
	1,356	UPM-Kymmene Oyj (Paper & Forest Products)		52
	1,231	Wartsila Oyj Abp (Machinery)		17
				1,311
		France — 2.45%
	434	Accor SA (Hotels, Restaurants & Leisure)(a)(b)		14
	91	Aeroports de Paris (Transportation Infrastructure)(a)		12
	1,154	Air Liquide SA (Chemicals)		201
	616	Alstom SA (Machinery)		22
	152	Amundi SA (Capital Markets)		13
	151	Arkema SA (Chemicals)		21
	4,688	AXA SA (Insurance)		140
	104	BioMerieux (Health Care Equipment & Supplies)		15
	2,734	BNP Paribas SA (Banks)		189
	566	Bouygues SA (Construction & Engineering)		20
	727	Bureau Veritas SA (Professional Services)(b)		24
	403	Capgemini SE (IT Services)		99

See accompanying notes to financial statements.

43

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		France (continued)
	1,562	Carrefour SA (Food & Staples Retailing)(b)	$	29
	346	CNP Assurances (Insurance)		9
	1,237	Compagnie de Saint-Gobain (Building Products)		87
	403	Compagnie Generale des Etablissements Michelin (Auto Components)		66
	115	Covivio (Equity Real Estate Investment Trusts)		9
	2,844	Credit Agricole SA (Banks)		41
	1,592	Danone SA (Food Products)		99
	1,670	Dassault Systemes SE (Software)		99
	640	Edenred (IT Services)		30
	195	Eiffage SA (Construction & Engineering)(b)		20
	1,207	Electricite de France SA (Electric Utilities)		14
	4,644	Engie SA (Multi-Utilities)		69
	694	EssilorLuxottica SA (Textiles, Apparel & Luxury Goods)		148
	78	Eurazeo SE (Diversified Financial Services)		7
	301	Faurecia SE (Auto Components)		14
	116	Gecina SA (Equity Real Estate Investment Trusts)(b)		16
	1,089	Getlink SE (Transportation Infrastructure)		18
	77	Hermes International (Textiles, Apparel & Luxury Goods)		135
	78	Ipsen SA (Pharmaceuticals)		7
	184	Kering SA (Textiles, Apparel & Luxury Goods)		148
	458	Klepierre SA (Equity Real Estate Investment Trusts)		11
	187	LA Francaise des Jeux SAEM (Hotels, Restaurants & Leisure)		8
	606	Legrand SA (Electrical Equipment)		71
	614	L’Oreal SA (Personal Products)		291
	678	LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods)		560
	4,224	Orange SA (Diversified Telecommunication Services)(b)		45
	112	Orpea (Health Care Providers & Services)(b)		11
	508	Pernod Ricard SA (Beverages)		122
	528	Publicis Groupe SA (Media)		36
	49	Remy Cointreau SA (Beverages)		12
	440	Renault SA (Automobiles)(a)		15
	854	Safran SA (Aerospace & Defense)		105
	2,765	Sanofi (Pharmaceuticals)		279
	70	Sartorius Stedim Biotech (Life Sciences Tools & Services)		38
	1,313	Schneider Electric SE (Electrical Equipment)(b)		258
	55	SEB SA (Household Durables)		9
	2,059	Societe Generale SA (Banks)		71
	224	Sodexo SA (Hotels, Restaurants & Leisure)		20
	788	Suez SA (Multi-Utilities)		18

Shares		Security Description	Value (000)
		France (continued)
	149	Teleperformance (Professional Services)	$	66
	270	Thales SA (Aerospace & Defense)		23
	6,009	TotalEnergies SE (Oil, Gas & Consumable Fuels)		305
	225	UbiSoft Entertainment SA (Entertainment)(a)		11
	305	Unibail-Rodamco-Westfield (Equity Real Estate Investment Trusts)(a)		21
	595	Valeo SA (Auto Components)		18
	1,599	Veolia Environnement SA (Multi-Utilities)		59
	1,264	Vinci SA (Construction & Engineering)		134
	1,744	Vivendi SA (Entertainment)		24
	71	Wendel SE (Diversified Financial Services)		9
	558	Worldline SA (IT Services)(a)		31
				4,516
		Germany — 2.53%
	463	adidas AG (Textiles, Apparel & Luxury Goods)		133
	1,003	Allianz SE (Insurance)		237
	2,278	Aroundtown SA (Real Estate Management & Development)(b)		14
	2,237	BASF SE (Chemicals)		157
	2,390	Bayer AG, Registered Shares (Pharmaceuticals)		128
	809	Bayerische Motoren Werke AG (Automobiles)		81
	177	Bechtle AG (IT Services)		13
	255	Beiersdorf AG (Personal Products)		26
	400	Brenntag AG (Trading Companies & Distributors)		36
	99	Carl Zeiss Meditec AG (Health Care Equipment & Supplies)		21
	2,817	Commerzbank AG (Banks)(a)		21
	279	Continental AG (Auto Components)(a)		30
	494	Covestro AG (Chemicals)		30
	2,083	Daimler AG (Automobiles)(b)		160
	1,042	Daimler Truck Holding AG (Machinery)(a)		38
	405	Delivery Hero SE (Internet & Direct Marketing Retail)(a)		45
	4,983	Deutsche Bank AG, Registered Shares (Capital Markets)(a)		63
	464	Deutsche Boerse AG (Capital Markets)		78
	1,458	Deutsche Lufthansa AG, Registered Shares (Airlines)(a)		10
	20,707	Deutsche Post AG, Registered Shares (Air Freight & Logistics)		1,334
	8,103	Deutsche Telekom AG (Diversified Telecommunication Services)(b)		150
	5,467	E.ON SE (Multi-Utilities)		76
	515	Evonik Industries AG (Chemicals)		17
	500	Fresenius Medical Care AG & Co. KGAA (Health Care Providers & Services)		33
	1,062	Fresenius SE & Co. KGAA (Health Care Providers & Services)		43

See accompanying notes to financial statements.

44

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Germany (continued)
	419	GEA Group AG (Machinery)	$	23
	153	Hannover Rueckversicherung SE (Insurance)		29
	370	HeidelbergCement AG (Construction Materials)		25
	538	HelloFresh SE (Internet & Direct Marketing Retail)(a)		41
	263	Henkel AG & Co. KGAA (Household Products)		21
	3,171	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)(b)		147
	195	KION Group AG (Machinery)(b)		21
	186	Knorr-Bremse AG (Machinery)		18
	229	Lanxess AG (Chemicals)		14
	193	LEG Immobilien AG (Real Estate Management & Development)		27
	314	Merck KGAA (Pharmaceuticals)		81
	130	MTU Aero Engines AG (Aerospace & Defense)		27
	339	Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares (Insurance)		101
	126	Nemetschek SE (Software)		16
	239	Puma SE (Textiles, Apparel & Luxury Goods)(b)		29
	11	Rational AG (Machinery)		11
	1,593	RWE AG (Multi-Utilities)		65
	2,550	SAP SE (Software)		364
	221	Scout24 AG (Interactive Media & Services)		15
	1,868	Siemens AG, Registered Shares (Industrial Conglomerates)		325
	975	Siemens Energy AG (Electrical Equipment)(a)		25
	629	Siemens Healthineers AG (Health Care Equipment & Supplies)		47
	326	Symrise AG (Chemicals)(b)		48
	3,222	Telefonica Deutschland Holding AG (Diversified Telecommunication Services)		9
	228	Uniper SE (Independent Power and Renewable Electricity Producers)		11
	258	United Internet AG (Diversified Telecommunication Services)(b)		10
	1,772	Vonovia SE (Real Estate Management & Development)		98
	492	Zalando SE (Internet & Direct Marketing Retail)(a)		40
				4,662
		Hong Kong — 1.05%
	114,375	AIA Group Ltd. (Insurance)		1,153
	9,500	BOC Hong Kong Holdings Ltd. (Banks)		31
	4,200	Budweiser Brewing Co. APAC Ltd. (Beverages)		11
	4,800	Chow Tai Fook Jewellery Group Ltd. (Specialty Retail)		9

Shares		Security Description	Value (000)
		Hong Kong (continued)
	5,000	CK Asset Holdings Ltd. (Real Estate Management & Development)	$	32
	1,500	CK Infrastructure Holdings Ltd. (Electric Utilities)		10
	4,000	CLP Holdings Ltd. (Electric Utilities)		40
	4,200	ESR Cayman Ltd. (Real Estate Management & Development)(a)		14
	5,000	Galaxy Entertainment Group Ltd. (Hotels, Restaurants & Leisure)(a)		26
	5,000	Hang Lung Properties Ltd. (Real Estate Management & Development)		10
	2,000	Hang Seng Bank Ltd. (Banks)		37
	4,000	Henderson Land Development Co. Ltd. (Real Estate Management & Development)		17
	6,500	HK Electric Investments & HK Electric Investments Ltd. (Electric Utilities)		6
	10,000	HKT Trust & HKT Ltd. (Diversified Telecommunication Services)(b)		13
	28,665	Hong Kong & China Gas Co. Ltd. (Gas Utilities)		45
	2,949	Hong Kong Exchanges & Clearing Ltd. (Capital Markets)		172
	2,400	Hongkong Land Holdings Ltd. (Real Estate Management & Development)		12
	490	Melco Resorts & Entertainment Ltd., ADR (Hotels, Restaurants & Leisure)(a)		5
	4,000	MTR Corp. Ltd. (Road & Rail)		21
	4,000	New World Development Co. Ltd. (Real Estate Management & Development)		16
	3,500	Power Assets Holdings Ltd. (Electric Utilities)		22
	6,000	Sands China Ltd. (Hotels, Restaurants & Leisure)(a)		14
	8,000	Sino Land Co. Ltd. (Real Estate Management & Development)		10
	3,000	Sun Hung Kai Properties Ltd. (Real Estate Management & Development)		36
	1,000	Swire Pacific Ltd., Class - A (Real Estate Management & Development)		6
	3,000	Swire Properties Ltd. (Real Estate Management & Development)		8
	3,500	Techtronic Industries Co. Ltd. (Machinery)		70
	5,023	The Link Real Estate Investment Trust (Equity Real Estate Investment Trusts)		44
	18,450	WH Group Ltd. (Food Products)(b)		12
	4,000	Wharf Real Estate Investment Co. Ltd. (Real Estate Management & Development)		20
	4,000	Xinyi Glass Holdings Ltd. (Building Products)		10
				1,932
		Ireland (Republic of) — 1.00%
	234	Allegion PLC (Building Products)		31

See accompanying notes to financial statements.

45

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Ireland (Republic of (continued)
	1,896	CRH PLC (Construction Materials)(b)	$	100
	235	DCC PLC (Industrial Conglomerates)(b)		19
	971	Eaton Corp. PLC (Electrical Equipment)		168
	2,161	Experian PLC (Professional Services)		106
	393	Flutter Entertainment PLC (Hotels, Restaurants & Leisure)(a)		62
	540	Horizon Therapeutics PLC (Pharmaceuticals)(a)		58
	1,037	James Hardie Industries PLC (Construction Materials)		42
	5,368	Kerry Group PLC, Class - A (Food Products)(b)		693
	384	Kingspan Group PLC (Building Products)		46
	3,327	Medtronic PLC (Health Care Equipment & Supplies)		344
	406	Pentair PLC (Machinery)		30
	480	Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals)		54
	540	Smurfit Kappa Group PLC (Containers & Packaging)(b)		30
	243	STERIS PLC (Health Care Equipment & Supplies)		59
				1,842
		Isle of Man — 0.02%
	1,361	GVC Holdings PLC (Hotels, Restaurants & Leisure)(a)		31
		Israel — 0.16%
	101	Azrieli Group Ltd. (Real Estate Management & Development)		10
	2,821	Bank Hapoalim BM (Banks)		29
	3,663	Bank Leumi Le (Banks)		39
	265	Check Point Software Technologies Ltd. (Software)(a)		31
	88	CyberArk Software Ltd. (Software)(a)		15
	54	Elbit Systems Ltd. (Aerospace & Defense)		9
	75	Fiverr International Ltd. (Internet & Direct Marketing Retail)(a)		9
	1,491	ICL Group Ltd. (Chemicals)(b)		14
	1	Isracard Ltd. (Consumer Finance)		—
	3,213	Israel Discount Bank Ltd., Class - A (Banks)		22
	304	Mizrahi Tefahot Bank Ltd. (Banks)		12
	155	Nice Ltd. (Software)(a)		48
	125	SolarEdge Technologies, Inc. (Semiconductors & Semiconductor Equipment)(a)		35
	136	Wix.com Ltd. (IT Services)(a)		21
				294

Shares		Security Description	Value (000)
		Italy — 0.47%
	266	Amplifon SpA (Health Care Providers & Services)	$	14
	2,354	Assicurazioni Generali SpA (Insurance)		50
	1,251	Atlantia SpA (Transportation Infrastructure)(a)		25
	1,427	Davide Campari-Milano N.V. (Beverages)		21
	54	Diasorin SpA (Health Care Equipment & Supplies)		10
	19,818	Enel SpA (Electric Utilities)(b)		159
	6,167	Eni SpA (Oil, Gas & Consumable Fuels)		86
	320	Ferrari N.V. (Automobiles)		83
	1,425	FinecoBank Banca Fineco SpA (Banks)		25
	1,050	Infrastrutture Wireless Italiane SpA (Diversified Telecommunication Services)(b)		13
	37,208	Intesa Sanpaolo SpA (Banks)(b)		96
	1,412	Mediobanca Banca di Credito Finanziario SpA (Banks)		16
	450	Moncler SpA (Textiles, Apparel & Luxury Goods)		33
	1,124	Nexi SpA (IT Services)(a)(b)		18
	1,363	Poste Italiane SpA (Insurance)		18
	676	Prusmian SpA (Electrical Equipment)		25
	257	Recordati SpA (Pharmaceuticals)		17
	5,158	Snam SpA (Gas Utilities)		31
	25,056	Telecom Italia SpA (Diversified Telecommunication Services)		12
	3,563	Terna - Rete Elettrica Nazionale SpA (Electric Utilities)		29
	5,375	Unicredit SpA (Banks)		83
				864
		Japan — 5.65%
	500	Advantest Corp. (Semiconductors & Semiconductor Equipment)(b)		47
	1,600	Aeon Mall Co. Ltd. (Food & Staples Retailing)		38
	500	AGC, Inc. (Building Products)		24
	1,100	Ajinomoto Co., Inc. (Food Products)		33
	300	ANA Holdings, Inc. (Airlines)(a)(b)		6
	1,100	Asahi Group Holdings Ltd. (Beverages)(b)		43
	500	Asahi Intecc Co. Ltd. (Health Care Equipment & Supplies)		11
	3,200	Asahi Kasei Corp. (Chemicals)		30
	4,500	Astellas Pharma, Inc. (Pharmaceuticals)		73
	300	Azbil Corp. (Electronic Equipment, Instruments & Components)		14
	200	Benefit One, Inc. (Professional Services)		9
	1,300	Bridgestone Corp. (Auto Components)		56
	500	Brother Industries Ltd. (Technology Hardware, Storage & Peripherals)		10
	2,400	Canon, Inc. (Technology Hardware, Storage & Peripherals)		58

See accompanying notes to financial statements.

46

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	400	Capcom Co. Ltd. (Entertainment)	$	9
	300	Central Japan Railway Co. (Road & Rail)		40
	1,600	Chubu Electric Power Co., Inc. (Electric Utilities)		17
	1,600	Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals)		52
	2,800	Concordia Financial Group Ltd. (Banks)		10
	1,100	CyberAgent, Inc. (Media)		18
	600	Dai Nippon Printing Co. Ltd. (Commercial Services & Supplies)		15
	200	Daifuku Co. Ltd. (Machinery)		16
	2,500	Dai-ichi Life Holdings, Inc. (Insurance)		51
	4,200	Daiichi Sankyo Co. Ltd. (Pharmaceuticals)		107
	600	Daikin Industries Ltd. (Building Products)		136
	200	Daito Trust Construction Co. Ltd. (Real Estate Management & Development)		23
	1,300	Daiwa House Industry Co. Ltd. (Real Estate Management & Development)		37
	5	Daiwa House REIT Investment Corp. (Equity Real Estate Investment Trusts)(b)		15
	3,800	Daiwa Securities Group, Inc. (Capital Markets)		21
	1,100	Denso Corp. (Auto Components)		91
	100	Disco Corp. (Semiconductors & Semiconductor Equipment)		31
	700	East Japan Railway Co. (Road & Rail)		43
	600	Eisai Co. Ltd. (Pharmaceuticals)		34
	7,800	ENEOS Holdings, Inc. (Oil, Gas & Consumable Fuels)		29
	500	FANUC Corp. (Machinery)		106
	100	Fast Retailing Co. Ltd. (Specialty Retail)		57
	300	Fuji Electric Co. Ltd. (Electrical Equipment)		16
	900	FUJIFILM Holdings Corp. (Technology Hardware, Storage & Peripherals)		67
	500	Fujitsu Ltd. (IT Services)(b)		86
	100	GMO Payment Gateway, Inc. (IT Services)		12
	600	Hakuhodo DY Holdings, Inc. (Media)		10
	600	Hankyu Hanshin Holdings, Inc. (Road & Rail)		17
	1,000	Hino Motors Ltd. (Machinery)		8
	100	Hirose Electric Co. Ltd. (Electronic Equipment, Instruments & Components)		17
	300	Hitachi Construction Machinery Co. Ltd. (Machinery)		9
	2,400	Hitachi Ltd. (Industrial Conglomerates)		130
	500	Hitachi Metals Ltd. (Metals & Mining)(a)		9
	4,000	Honda Motor Co. Ltd. (Automobiles)		112
	100	Hoshizaki Corp. (Machinery)		8
	900	HOYA Corp. (Health Care Equipment & Supplies)		134

Shares		Security Description	Value (000)
		Japan (continued)
	800	Hulic Co. Ltd. (Real Estate Management & Development)(b)	$	8
	300	Ibiden Co. Ltd. (Electronic Equipment, Instruments & Components)		18
	500	Idemitsu Kosan Co. Ltd. (Oil, Gas & Consumable Fuels)(b)		13
	2,500	Inpex Corp. (Oil, Gas & Consumable Fuels)		22
	1,500	Isuzu Motors Ltd. (Automobiles)		19
	100	ITO EN Ltd. (Beverages)		5
	2,900	ITOCHU Corp. (Trading Companies & Distributors)		89
	200	ITOCHU Techno-Solutions Corp. (IT Services)		6
	300	Japan Airlines Co. Ltd. (Airlines)(a)(b)		6
	1,300	Japan Exchange Group, Inc. (Capital Markets)		28
	6,100	Japan Post Holdings Co. Ltd. (Insurance)(b)		48
	500	Japan Post Insurance Co. Ltd. (Insurance)(b)		8
	3	Japan Real Estate Investment Corp. (Equity Real Estate Investment Trusts)		17
	18	Japan Retail Fund Investment Corp. (Equity Real Estate Investment Trusts)		16
	1,400	JFE Holdings, Inc. (Metals & Mining)		18
	500	JSR Corp. (Chemicals)		19
	1,100	Kajima Corp. (Construction & Engineering)		13
	300	Kakaku.com, Inc. (Interactive Media & Services)		8
	500	Kansai Paint Co. Ltd. (Chemicals)		11
	1,000	Kao Corp. (Personal Products)		52
	3,900	KDDI Corp. (Wireless Telecommunication Services)		114
	300	Keio Corp. (Road & Rail)		13
	300	Keisei Electric Railway Co. Ltd. (Road & Rail)		8
	500	Keyence Corp. (Electronic Equipment, Instruments & Components)		314
	400	Kikkoman Corp. (Food Products)		34
	400	Kintetsu Group Holdings Co. Ltd. (Road & Rail)(a)		11
	2,100	Kirin Holdings Co. Ltd., Class - C (Beverages)		34
	100	Kobayashi Pharmaceutical Co. Ltd. (Personal Products)		8
	300	Kobe Bussan Co. Ltd. (Food & Staples Retailing)		12
	2,100	Komatsu Ltd. (Machinery)		49
	200	Konami Holdings Corp. (Entertainment)		10
	100	Kose Corp. (Personal Products)		11
	2,600	Kubota Corp. (Machinery)		58
	200	Kurita Water Industries Ltd. (Machinery)		9
	800	Kyocera Corp. (Electronic Equipment, Instruments & Components)		50
	700	Kyowa Kirin Co. Ltd. (Pharmaceuticals)		19
	100	Lawson, Inc. (Food & Staples Retailing)		5

See accompanying notes to financial statements.

47

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	600	Lion Corp. (Household Products)	$	8
	700	Lixil Corp. (Building Products)		19
	1,100	M3, Inc. (Health Care Technology)		55
	500	Makita Corp. (Machinery)		21
	3,900	Marubeni Corp. (Trading Companies & Distributors)		38
	1,500	Mazda Motor Corp. (Automobiles)(a)		12
	200	McDonald’s Holdings Co. Ltd. (Hotels, Restaurants & Leisure)		9
	500	Medipal Holdings Corp. (Health Care Providers & Services)		9
	300	MEIJI Holdings Co. Ltd. (Food Products)		18
	200	Mercari, Inc. (Internet & Direct Marketing Retail)(a)		10
	900	MINEBEA MITSUMI, Inc. (Machinery)		26
	11,749	MISUMI Group, Inc. (Machinery)		481
	3,200	Mitsubishi Chemical Holdings Corp. (Chemicals)		24
	2,800	Mitsubishi Corp. (Trading Companies & Distributors)		89
	4,400	Mitsubishi Electric Corp. (Electrical Equipment)		56
	3,000	Mitsubishi Estate Co. Ltd. (Real Estate Management & Development)		42
	300	Mitsubishi Gas Chemical Co., Inc. (Chemicals)		5
	800	Mitsubishi Heavy Industries Ltd. (Machinery)		18
	29,700	Mitsubishi UFJ Financial Group, Inc. (Banks)		161
	3,700	Mitsui & Co. Ltd. (Trading Companies & Distributors)		88
	400	Mitsui Chemicals, Inc. (Chemicals)		11
	2,300	Mitsui Fudosan Co. Ltd. (Real Estate Management & Development)		46
	200	Miura Co. Ltd. (Machinery)		7
	5,840	Mizuho Financial Group, Inc. (Banks)		74
	600	MonotaRO Co. Ltd. (Trading Companies & Distributors)		11
	1,100	MS&AD Insurance Group Holdings, Inc. (Insurance)		34
	1,400	Murata Manufacturing Co. Ltd. (Electronic Equipment, Instruments & Components)		111
	600	NEC Corp. (Technology Hardware, Storage & Peripherals)		28
	1,100	Nexon Co. Ltd. (Entertainment)		21
	600	NGK Insulators Ltd. (Machinery)		10
	8,236	Nidec Corp. (Electrical Equipment)		967
	800	Nihon M&A Center Holdings, Inc. (Professional Services)		20
	300	Nintendo Co. Ltd. (Entertainment)		140

Shares		Security Description	Value (000)
		Japan (continued)
	4	Nippon Building Fund, Inc. (Equity Real Estate Investment Trusts)	$	23
	200	Nippon Express Co. Ltd. (Road & Rail)		12
	1,700	Nippon Paint Holdings Co. Ltd. (Chemicals)(b)		19
	5	Nippon Prologis REIT, Inc. (Equity Real Estate Investment Trusts)(b)		18
	100	Nippon Shinyaku Co. Ltd. (Pharmaceuticals)		7
	2,000	Nippon Steel Corp. (Metals & Mining)(b)		33
	3,100	Nippon Telegraph & Telephone Corp. (Diversified Telecommunication Services)		85
	400	Nippon Yusen Kabushiki Kaisha (Marine)		30
	300	Nissan Chemical Corp. (Chemicals)		17
	500	Nisshin Seifun Group, Inc. (Food Products)		7
	200	Nissin Foods Holdings Co. Ltd. (Food Products)(b)		15
	200	Nitori Holdings Co. Ltd. (Specialty Retail)		30
	300	Nitto Denko Corp. (Chemicals)		23
	7,500	Nomura Holdings, Inc. (Capital Markets)		33
	400	Nomura Real Estate Holdings, Inc. (Real Estate Management & Development)		9
	11	Nomura Real Estate Master Fund, Inc. (Equity Real Estate Investment Trusts)		15
	800	Nomura Research Institute Ltd. (IT Services)		34
	1,600	NTT Data Corp. (IT Services)		34
	1,500	Obayashi Corp. (Construction & Engineering)		12
	700	Odakyu Electric Railway Co. Ltd. (Road & Rail)		13
	2,400	Oji Paper Co. Ltd. (Paper & Forest Products)		12
	2,500	Olympus Corp. (Health Care Equipment & Supplies)		58
	500	OMRON Corp. (Electronic Equipment, Instruments & Components)		50
	900	Ono Pharmaceutical Co. Ltd. (Pharmaceuticals)		22
	200	Open House Group Co. Ltd. (Real Estate Management & Development)(b)		10
	100	Oracle Corp. (Software)		8
	500	Oriental Land Co. Ltd. (Hotels, Restaurants & Leisure)		84
	2,700	ORIX Corp. (Diversified Financial Services)		55
	7	ORIX JREIT, Inc. (Equity Real Estate Investment Trusts)		11
	1,000	Osaka Gas Co. Ltd. (Gas Utilities)		17
	300	OTSUKA Corp. (IT Services)		14
	1,000	Otsuka Holdings Co. Ltd. (Pharmaceuticals)		36
	1,100	Pan Pacific International Holdings Corp. (Multiline Retail)		15
	5,600	Panasonic Corp. (Household Durables)		62
	500	Persol Holdings Co. Ltd. (Professional Services)		15
	2,200	Rakuten, Inc. (Internet & Direct Marketing Retail)		22

See accompanying notes to financial statements.

48

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	3,300	Recruit Holdings Co. Ltd. (Professional Services)	$	200
	2,700	Renesas Electronics Corp. (Semiconductors & Semiconductor Equipment)(a)(b)		33
	5,200	Resona Holdings, Inc. (Banks)		20
	1,600	Ricoh Co. Ltd. (Technology Hardware, Storage & Peripherals)		15
	200	Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)		18
	600	Ryohin Keikaku Co. Ltd. (Multiline Retail)		9
	1,000	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals)		12
	600	SBI Holdings, Inc. (Capital Markets)		16
	300	SCSK Corp. (IT Services)		6
	500	Secom Co. Ltd. (Commercial Services & Supplies)		35
	600	Seiko Epson Corp. (Technology Hardware, Storage & Peripherals)		11
	1,000	Sekisui Chemical Co. Ltd. (Household Durables)		17
	1,600	Sekisui House Ltd. (Household Durables)		34
	1,800	Seven & I Holdings Co. Ltd. (Food & Staples Retailing)		79
	800	SG Holdings Co. Ltd. (Air Freight & Logistics)		19
	500	Sharp Corp. (Household Durables)(b)		6
	500	Shimadzu Corp. (Electronic Equipment, Instruments & Components)		21
	200	Shimano, Inc. (Leisure Products)		53
	1,400	Shimizu Corp. (Construction & Engineering)		9
	800	Shin-Etsu Chemical Co. Ltd. (Chemicals)		139
	600	Shionogi & Co. Ltd. (Pharmaceuticals)		42
	1,000	Shiseido Co. Ltd. (Personal Products)		56
	200	SMC Corp. (Machinery)		135
	6,900	Softbank Corp. (Wireless Telecommunication Services)		87
	2,900	SoftBank Group Corp. (Wireless Telecommunication Services)		137
	200	Sohgo Security Services Co. Ltd. (Commercial Services & Supplies)		8
	800	Sompo Holdings, Inc. (Insurance)		34
	3,000	Sony Corp. (Household Durables)		377
	200	Square Enix Holdings Co. Ltd. (Entertainment)		10
	300	Stanley Electric Co. Ltd. (Auto Components)		8
	3,600	Sumitomo Chemical Co. Ltd. (Chemicals)		17
	2,700	Sumitomo Corp. (Trading Companies & Distributors)		40
	300	Sumitomo Dainippon Pharma Co. Ltd. (Pharmaceuticals)		3

Shares		Security Description	Value (000)
		Japan (continued)
	1,900	Sumitomo Electric Industries Ltd. (Auto Components)	$	25
	600	Sumitomo Metal Mining Co. Ltd. (Metals & Mining)		23
	3,200	Sumitomo Mitsui Financial Group, Inc. (Banks)		110
	800	Sumitomo Mitsui Trust Holdings, Inc. (Banks)		27
	700	Sumitomo Realty & Development Co. Ltd. (Real Estate Management & Development)		21
	300	Suntory Beverage & Food Ltd. (Beverages)		11
	400	Sysmex Corp. (Health Care Equipment & Supplies)		54
	1,300	T&D Holdings, Inc. (Insurance)		17
	500	Taisei Corp. (Construction & Engineering)		15
	100	Taisho Pharmaceutical Holdings Co. Ltd. (Pharmaceuticals)		5
	3,800	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals)		104
	900	TDK Corp. (Electronic Equipment, Instruments & Components)		35
	1,600	Terumo Corp. (Health Care Equipment & Supplies)		68
	1,200	The Chiba Bank Ltd. (Banks)		7
	1,800	The Kansai Electric Power Co., Inc. (Electric Utilities)		17
	1,000	The Shizuoka Bank Ltd. (Banks)		7
	500	TIS, Inc. (IT Services)		15
	500	Tobu Railway Co. Ltd. (Road & Rail)		11
	300	Toho Co. Ltd. (Entertainment)		13
	1,500	Tokio Marine Holdings, Inc. (Insurance)		83
	100	Tokyo Century Corp. (Diversified Financial Services)		5
	400	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		231
	1,000	Tokyo Gas Co. Ltd. (Gas Utilities)		18
	1,300	Tokyu Corp. (Road & Rail)		17
	600	TOPPAN, Inc. (Commercial Services & Supplies)		11
	3,400	Toray Industries, Inc. (Chemicals)		20
	1,000	Toshiba Corp. (Industrial Conglomerates)		41
	600	Tosoh Corp. (Chemicals)		9
	300	TOTO Ltd. (Building Products)		14
	200	Toyo Suisan Kaisha Ltd. (Food Products)		8
	200	Toyota Industries Corp. (Auto Components)		16
	25,400	Toyota Motor Corp. (Automobiles)		464
	500	Toyota Tsusho Corp. (Trading Companies & Distributors)		23
	300	Trend Micro, Inc. (Software)		17

See accompanying notes to financial statements.

49

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	100	Tsuruha Holdings, Inc. (Food & Staples Retailing)	$	10
	1,000	Unicharm Corp. (Household Products)		43
	500	USS Co. Ltd. (Specialty Retail)		8
	200	Welcia Holdings Co. Ltd. (Food & Staples Retailing)		6
	500	West Japan Railway Co. (Road & Rail)(b)		21
	300	Yakult Honsha Co. Ltd. (Food Products)		16
	300	Yamaha Corp. (Leisure Products)		15
	800	Yamaha Motor Co. Ltd. (Automobiles)		19
	800	Yamato Holdings Co. Ltd. (Air Freight & Logistics)		19
	600	Yaskawa Electric Corp. (Machinery)		29
	600	Yokogawa Electric Corp. (Electronic Equipment, Instruments & Components)		11
	6,700	Z Holdings Corp. (Interactive Media & Services)		39
	300	ZOZO, Inc. (Internet & Direct Marketing Retail)(b)		9
				10,370
		Jersey — 0.10%
	24,155	Glencore PLC (Metals & Mining)(b)		123
	204	Novocure Ltd. (Health Care Equipment & Supplies)(a)		15
	2,449	WPP PLC (Media)		37
				175
		Liberia — 0.02%
	579	Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)(a)		45
		Luxembourg — 0.06%
	1,746	ArcelorMittal SA (Metals & Mining)		56
	330	Eurofins Scientific SE (Life Sciences Tools & Services)		41
	1,138	Tenaris SA (Energy Equipment & Services)		12
				109
		Netherlands — 1.94%
	1,034	ABN AMRO Group N.V. (Banks)		15
	218	Adyen N.V. (IT Services)(a)(b)		574
	4,449	AEGON N.V. (Insurance)		22
	1,431	Airbus SE (Aerospace & Defense)(a)		183
	461	Akzo Nobel N.V. (Chemicals)		51
	108	Argenx SE (Biotechnology)(a)		39
	110	ASM International N.V. (Semiconductors & Semiconductor Equipment)		49
	994	ASML Holding N.V. (Semiconductors & Semiconductor Equipment)(b)		799
	2,515	CNH Industrial N.V. (Machinery)		49
	214	Euronext NV (Capital Markets)		22

Shares		Security Description	Value (000)
		Netherlands (continued)
	274	EXOR N.V. (Diversified Financial Services)	$	25
	292	Heineken Holding N.V., Class - A (Beverages)		27
	659	Heineken N.V. (Beverages)		74
	131	IMCD NV (Trading Companies & Distributors)(b)		29
	9,432	ING Groep N.V. (Banks)		131
	175	JDE Peet’s N.V. (Food Products)		5
	431	Just Eat Takeaway.com N.V. (Internet & Direct Marketing Retail)(a)		24
	2,558	Koninklijke Ahold Delhaize N.V. (Food & Staples Retailing)		88
	421	Koninklijke DSM N.V. (Chemicals)		95
	9,043	Koninklijke KPN N.V. (Diversified Telecommunication Services)		28
	2,253	Koninklijke Philips N.V. (Health Care Equipment & Supplies)		84
	680	LyondellBasell Industries N.V., Class - A (Chemicals)		63
	658	NN Group N.V. (Insurance)		36
	619	NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		141
	7,857	Prosus N.V. (Internet & Direct Marketing Retail)(b)		657
	568	QIAGEN N.V. (Life Sciences Tools & Services)(a)		32
	276	Randstad N.V. (Professional Services)		19
	1,666	STMicroelectronics N.V. (Semiconductors & Semiconductor Equipment)		82
	1,744	Universal Music Group N.V. (Entertainment)		49
	654	Wolters Kluwer N.V. (Professional Services)		77
				3,569
		New Zealand — 0.06%
	2,680	Auckland International Airport Ltd. (Transportation Infrastructure)(a)		14
	1,455	Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Supplies)		34
	1,764	Mercury NZ Ltd. (Electric Utilities)		7
	2,860	Meridian Energy Ltd. (Independent Power and Renewable Electricity Producers)		9
	860	Ryman Healthcare Ltd. (Health Care Providers & Services)		7
	5,100	Spark New Zealand Ltd. (Diversified Telecommunication Services)		16
	296	Xero Ltd. (Software)(a)		30
				117
		Norway — 0.15%
	428	Adevinta ASA (Interactive Media & Services)(a)		6

See accompanying notes to financial statements.

50

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Norway (continued)
	243	Aker BP ASA (Oil, Gas & Consumable Fuels)	$	7
	2,403	DNB Bank ASA (Banks)		55
	2,380	Equinor ASA (Oil, Gas & Consumable Fuels)		64
	485	Gjensidige Forsikring ASA (Insurance)		12
	1,094	Mowi ASA (Food Products)		26
	2,954	Norsk Hydro ASA (Metals & Mining)		23
	1,866	Orkla ASA (Food Products)		19
	161	Schibsted ASA, Class - A (Media)		6
	194	Schibsted ASA, Class - B (Media)		7
	1,828	Telenor ASA (Diversified Telecommunication Services)		29
	438	Yara International ASA (Chemicals)		22
				276
		Poland — 0.00%
	487	InPost SA (Air Freight & Logistics)(a)		6
		Portugal — 0.03%
	6,487	EDP - Energias de Portugal SA (Electric Utilities)		36
	1,241	Galp Energia SGPS SA, B Shares (Oil, Gas & Consumable Fuels)(b)		12
	633	Jeronimo Martins, SGPS, SA (Food & Staples Retailing)(b)		14
				62
		Singapore — 0.23%
	8,441	Ascendas Real Estate Investment Trust (Equity Real Estate Investment Trusts)		18
	12,356	CapitaLand Integrated Commercial Trust (Equity Real Estate Investment Trusts)		19
	6,700	Capitaland Investment, Ltd. (Real Estate Management & Development)(a)		17
	1,000	City Developments Ltd. (Real Estate Management & Development)		5
	4,361	DBS Group Holdings Ltd. (Banks)		106
	15,700	Genting Singapore Ltd. (Hotels, Restaurants & Leisure)		9
	4,100	Keppel Corp. Ltd. (Industrial Conglomerates)		16
	5,600	Mapletree Commercial Trust (Equity Real Estate Investment Trusts)		8
	6,014	Mapletree Logistics Trust (Equity Real Estate Investment Trusts)		8
	8,090	Oversea-Chinese Banking Corp. Ltd. (Banks)		68
	2,700	Singapore Airlines Ltd. (Airlines)(a)		10
	2,000	Singapore Exchange Ltd. (Capital Markets)		14
	2,100	Singapore Technologies Engineering Ltd. (Aerospace & Defense)		6
	20,700	Singapore Telecommunications Ltd. (Diversified Telecommunication Services)		36
	3,100	United Overseas Bank Ltd. (Banks)		62

Shares		Security Description	Value (000)
		Singapore (continued)
	1,000	United Overseas Land Group Ltd. (Real Estate Management & Development)	$	5
	700	Venture Corp. Ltd. (Electronic Equipment, Instruments & Components)		10
	5,000	Wilmar International Ltd. (Food Products)		15
				432
		Spain — 1.16%
	677	ACS Actividades de Construccion y Servicios SA (Construction & Engineering)		18
	171	Aena SME SA (Transportation Infrastructure)(a)		27
	1,097	Amadeus IT Group SA (IT Services)(a)		74
	16,116	Banco Bilbao Vizcaya Argentaria SA (Banks)		96
	42,146	Banco Santander SA (Banks)(b)		141
	11,788	CaixaBank SA (Banks)		32
	1,212	Cellnex Telecom SA (Diversified Telecommunication Services)		71
	703	EDP Renovaveis SA (Independent Power and Renewable Electricity Producers)		18
	585	Enagas SA (Gas Utilities)(b)		14
	802	Endesa SA (Electric Utilities)		18
	1,174	Ferrovial SA (Construction & Engineering)		37
	756	Grifols SA (Biotechnology)		15
	13,599	Iberdrola SA (Electric Utilities)		161
	38,736	Industria de Diseno Textil SA (Specialty Retail)		1,260
	732	Naturgy Energy Group SA (Gas Utilities)		24
	1,081	Red Electrica Corp. SA (Electric Utilities)		23
	3,642	Repsol SA (Oil, Gas & Consumable Fuels)		43
	597	Siemens Gamesa Renewable Energy SA, Registered Shares (Electrical Equipment)(a)		14
	13,095	Telefonica SA (Diversified Telecommunication Services)		57
				2,143
		Sweden — 0.83%
	779	Alfa Laval AB (Machinery)		31
	2,440	Assa Abloy AB, B Shares (Building Products)		75
	1,624	Atlas Copco AB, A Shares (Machinery)		113
	989	Atlas Copco AB, B Shares (Machinery)		58
	635	Boliden AB (Metals & Mining)		25
	623	Electrolux AB, Class - B (Household Durables)		15
	1,637	Epiroc AB, Class - A (Machinery)		42
	1,066	Epiroc AB, Class - B (Machinery)		23
	721	Equities AB (Capital Markets)		39
	1,541	Essity AB, Class - B (Household Products)		50
	502	Evolution AB (Hotels, Restaurants & Leisure)		71
	217	Fastighets AB Balder, Class - B (Real Estate Management & Development)(a)		16
	532	Getinge AB, B Shares (Health Care Equipment & Supplies)		23

See accompanying notes to financial statements.

51

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Sweden (continued)
	1,788	Hennes & Mauritz AB, B Shares (Specialty Retail)	$	35
	4,977	Hexagon AB, Class - B (Electronic Equipment, Instruments & Components)		79
	854	Husqvarna AB (Household Durables)		14
	282	Industrivarden AB, A Shares (Diversified Financial Services)(b)		9
	451	Industrivarden AB, C Shares (Diversified Financial Services)		14
	321	Investment AB Latour, Class - B (Industrial Conglomerates)		13
	978	Investor AB, Class - A (Diversified Financial Services)		26
	4,404	Investor AB, Class - B (Diversified Financial Services)		111
	569	Kinnevik AB, Class - B (Diversified Financial Services)(a)		20
	169	L E Lundbergforetagen AB, Class - B (Diversified Financial Services)		10
	461	Lifco AB, Class - B (Industrial Conglomerates)		14
	560	Lundin Energy AB (Oil, Gas & Consumable Fuels)		20
	3,348	Nibe Industrier AB, Class - B (Building Products)		51
	352	Sagax AB, Class - B (Real Estate Management & Development)		12
	2,611	Sandvik AB (Machinery)		73
	856	Securitas AB, B Shares (Commercial Services & Supplies)		12
	1,234	Sinch AB (Software)(a)		16
	4,127	Skandinaviska Enskilda Banken AB, Class - A (Banks)		57
	802	Skanska AB, B Shares (Construction & Engineering)		21
	888	SKF AB, B Shares (Machinery)		21
	1,316	Svenska Cellulosa AB SCA, B Shares (Paper & Forest Products)		23
	3,569	Svenska Handelsbanken AB, A Shares (Banks)		39
	2,295	Swedbank AB, A Shares (Banks)		46
	1,242	Tele2 AB, B Shares (Wireless Telecommunication Services)		18
	7,063	Telefonaktiebolaget LM Ericsson, B Shares (Communications Equipment)		78
	5,733	Telia Co. AB (Diversified Telecommunication Services)(b)		22
	3,442	Volvo AB, B Shares (Machinery)		80
	318	Volvo AB, Class - A (Machinery)		7
				1,522

Shares		Security Description	Value (000)
		Switzerland — 3.52%
	3,880	ABB Ltd., Registered Shares (Electrical Equipment)	$	149
	371	Adecco Group AG (Professional Services)(b)		19
	1,226	Alcon, Inc. (Health Care Equipment & Supplies)		109
	15	Bachem Holding AG, Registered Shares (Life Sciences Tools & Services)		12
	117	Baloise Holding AG, Registered Shares (Insurance)		19
	8	Barry Callebaut AG, Registered Shares (Food Products)(b)		19
	3	Chocoladefabriken Lindt & Spruengli AG (Food Products)		42
	1,052	Chubb Ltd. (Insurance)		203
	541	Clariant AG, Registered Shares (Chemicals)		11
	520	Coca-Cola HBC AG (Beverages)		18
	1,267	Compagnie Financiere Richemont SA, Registered Shares (Textiles, Apparel & Luxury Goods)		190
	5,911	Credit Suisse Group AG, Registered Shares (Capital Markets)		58
	14	EMS-Chemie Holding AG (Chemicals)		16
	361	Garmin Ltd. (Household Durables)		49
	90	Geberit AG, Registered Shares (Building Products)		74
	22	Givaudan SA, Registered Shares (Chemicals)		116
	1,325	Holcim Ltd., Registered Shares (Construction Materials)(b)		68
	559	Julius Baer Group Ltd. (Capital Markets)		38
	137	Kuehne & Nagel International AG, Registered Shares (Marine)		44
	392	Logitech International SA, Registered Shares (Technology Hardware, Storage & Peripherals)		33
	181	Lonza Group AG, Registered Shares (Life Sciences Tools & Services)(b)		151
	6,818	Nestle SA, Registered Shares (Food Products)		954
	5,211	Novartis AG, Registered Shares (Pharmaceuticals)		459
	53	Partners Group Holding AG (Capital Markets)		88
	75	Roche Holding AG (Pharmaceuticals)		34
	5,841	Roche Holding AG (Pharmaceuticals)		2,432
	102	Schindler Holding AG (Machinery)		27
	50	Schindler Holding AG, Registered Shares (Machinery)		13
	15	SGS SA, Registered Shares (Professional Services)(b)		50
	345	Sika AG, Registered Shares (Chemicals)(b)		144
	139	Sonova Holding AG, Registered Shares (Health Care Equipment & Supplies)(b)		55

See accompanying notes to financial statements.

52

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Switzerland (continued)
	26	Straumann Holding AG, Registered Shares (Health Care Equipment & Supplies)	$	55
	77	Swiss Life Holding AG (Insurance)		47
	190	Swiss Prime Site AG, Registered Shares (Real Estate Management & Development)		19
	687	Swiss Re AG (Insurance)		68
	66	Swisscom AG, Registered Shares (Diversified Telecommunication Services)		37
	800	TE Connectivity Ltd. (Electronic Equipment, Instruments & Components)		129
	164	Temenos AG, Registered Shares (Software)		23
	108	The Swatch Group AG (Textiles, Apparel & Luxury Goods)		6
	67	The Swatch Group AG, B Shares (Textiles, Apparel & Luxury Goods)		21
	8,402	UBS Group AG (Capital Markets)		151
	65	VAT Group AG (Machinery)(b)		32
	113	Vifor Pharma AG (Pharmaceuticals)		20
	366	Zurich Financial Services AG (Insurance)		161
				6,463
		Taiwan — 0.51%
	7,848	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Semiconductors & Semiconductor Equipment)		944
		United Arab Emirates — 0.00%
	339	NMC Health PLC (Health Care Providers & Services)(a)(c)		—
		United Kingdom — 4.97%
	2,438	3i Group PLC (Capital Markets)		48
	5,849	abrdn PLC (Diversified Financial Services)		19
	496	Admiral Group PLC (Insurance)(b)		21
	3,739	Amcor PLC (Containers & Packaging)		45
	3,061	Anglo American PLC (Metals & Mining)		125
	961	Antofagasta PLC (Metals & Mining)		17
	549	Aon PLC, Class - A (Insurance)		165
	651	Aptiv PLC (Auto Components)(a)		107
	1,093	Ashtead Group PLC (Trading Companies & Distributors)		88
	902	Associated British Foods PLC (Food Products)		25
	3,767	AstraZeneca PLC (Pharmaceuticals)(b)		442
	2,623	Auto Trader Group PLC (Interactive Media & Services)(b)		26
	258	Aveva Group PLC (Software)		12
	9,943	Aviva PLC (Insurance)		55
	8,149	BAE Systems PLC (Aerospace & Defense)		61
	38,792	Barclays PLC (Banks)		98
	2,421	Barratt Developments PLC (Household Durables)		25

Shares		Security Description	Value (000)
		United Kingdom (continued)
	314	Berkeley Group Holdings PLC (Household Durables)	$	20
	49,322	BP PLC (Oil, Gas & Consumable Fuels)		221
	2,489	British Land Co. PLC (Equity Real Estate Investment Trusts)		18
	21,316	BT Group PLC (Diversified Telecommunication Services)		49
	886	Bunzl PLC (Trading Companies & Distributors)		35
	1,017	Burberry Group PLC (Textiles, Apparel & Luxury Goods)(b)		25
	861	Clarivate PLC (Professional Services)(a)		20
	530	Coca-Cola Europacific Partners PLC (Beverages)		30
	4,480	Compass Group PLC (Hotels, Restaurants & Leisure)(a)		100
	7,337	Croda International PLC (Chemicals)(b)		1,005
	5,415	Diageo PLC (Beverages)		296
	1,304	Evraz PLC (Metals & Mining)		11
	550	Ferguson PLC (Trading Companies & Distributors)		98
	12,229	GlaxoSmithKline PLC (Pharmaceuticals)		266
	950	Halma PLC (Electronic Equipment, Instruments & Components)		41
	823	Hargreaves Lansdown PLC (Capital Markets)		15
	496	Hikma Pharmaceuticals PLC (Pharmaceuticals)(b)		15
	49,736	HSBC Holdings PLC (Banks)		302
	3,731	Informa PLC (Media)(a)		26
	8,931	Intercontinental Hotels Group PLC (Hotels, Restaurants & Leisure)(a)		578
	405	Intertek Group PLC (Professional Services)		31
	4,095	J Sainsbury PLC (Food & Staples Retailing)		15
	6,250	JD Sports Fashion PLC (Specialty Retail)(a)		18
	474	Johnson Matthey PLC (Chemicals)		13
	5,168	Kingfisher PLC (Specialty Retail)		24
	1,659	Land Securities Group PLC (Equity Real Estate Investment Trusts)		17
	196,681	Legal & General Group PLC (Insurance)		792
	439	Liberty Global PLC, Class - A (Media)(a)		12
	922	Liberty Global PLC, Class - C (Media)(a)		26
	1,235	Linde PLC (Chemicals)		428
	174,705	Lloyds Banking Group PLC (Banks)		113
	766	London Stock Exchange Group PLC (Capital Markets)		72
	6,041	M&G PLC (Diversified Financial Services)		16
	10,478	Melrose Industries PLC (Industrial Conglomerates)		23
	1,214	Mondi PLC (Paper & Forest Products)		30
	8,824	National Grid PLC (Multi-Utilities)		127
	14,125	Natwest Group PLC (Banks)(b)		43

See accompanying notes to financial statements.

53

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United Kingdom (continued)
	350	Next PLC (Multiline Retail)	$	39
	1,147	Ocado Group PLC (Internet & Direct Marketing Retail)(a)(b)		26
	1,722	Pearson PLC (Media)		14
	795	Persimmon PLC (Household Durables)		31
	1,175	Phoenix Group Holdings PLC (Insurance)		10
	6,322	Prudential PLC (Insurance)		109
	1,729	RecKitt Benckiser Group PLC (Household Products)		148
	4,686	RELX PLC (Professional Services)		152
	4,625	Rentokil Initial PLC (Commercial Services & Supplies)		37
	2,735	Rio Tinto PLC (Metals & Mining)		181
	20,995	Rolls-Royce Holdings PLC (Aerospace & Defense)(a)		35
	9,988	Royal Dutch Shell PLC, A Shares (Oil, Gas & Consumable Fuels)		219
	9,016	Royal Dutch Shell PLC, B Shares (Oil, Gas & Consumable Fuels)		198
	325	Schroders PLC (Capital Markets)		16
	2,795	Segro PLC (Equity Real Estate Investment Trusts)		54
	377	Sensata Technologies Holding PLC (Electrical Equipment)(a)		23
	626	Severn Trent PLC (Water Utilities)(b)		25
	2,223	Smith & Nephew PLC (Health Care Equipment & Supplies)		39
	939	Smiths Group PLC (Industrial Conglomerates)		20
	184	Spirax-Sarco Engineering PLC (Machinery)		40
	2,541	SSE PLC (Electric Utilities)		57
	21,298	St. James Place PLC (Capital Markets)		485
	6,902	Standard Chartered PLC (Banks)		42
	4,956	Stellantis N.V. (Automobiles)		94
	7,703	Taylor Wimpey PLC (Household Durables)(b)		18
	19,677	Tesco PLC (Food & Staples Retailing)		77
	2,722	The Sage Group PLC (Software)		31
	6,205	Unilever PLC (Personal Products)		331
	1,702	United Utilities Group PLC (Water Utilities)		25
	65,095	Vodafone Group PLC (Wireless Telecommunication Services)		99
	468	Whitbread PLC (Hotels, Restaurants & Leisure)(a)		19
	315	Willis Towers Watson PLC (Insurance)		75
				9,119
		United States — 64.14%
	194	10X Genomics, Inc., Class - A (Life Sciences Tools & Services)(a)		29
	1,377	3M Co. (Industrial Conglomerates)		245

Shares		Security Description	Value (000)
		United States (continued)
	352	A.O. Smith Corp. (Building Products)	$	30
	4,255	Abbott Laboratories (Health Care Equipment & Supplies)		599
	4,312	AbbVie, Inc. (Biotechnology)		584
	110	Abiomed, Inc. (Health Care Equipment & Supplies)(a)		40
	1,516	Accenture PLC, Class - A (IT Services)		628
	1,880	Activision Blizzard, Inc. (Entertainment)		125
	1,149	Adobe, Inc. (Software)(a)		652
	160	Advance Auto Parts, Inc. (Specialty Retail)		38
	2,949	Advanced Micro Devices, Inc. (Semiconductors & Semiconductor Equipment)(a)		424
	1,572	Aflac, Inc. (Insurance)		92
	747	Agilent Technologies, Inc. (Life Sciences Tools & Services)		119
	1,900	AGNC Investment Corp. (Mortgage Real Estate Investment Trusts)		29
	547	Air Products & Chemicals, Inc. (Chemicals)		166
	412	Akamai Technologies, Inc. (IT Services)(a)		48
	281	Albemarle Corp. (Chemicals)		66
	330	Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts)		74
	181	Align Technology, Inc. (Health Care Equipment & Supplies)(a)		119
	34	Alleghany Corp. (Insurance)(a)		23
	624	Alliant Energy Corp. (Electric Utilities)		38
	918	Ally Financial, Inc. (Consumer Finance)		44
	277	Alnylam Pharmaceuticals, Inc. (Biotechnology)(a)		47
	1,478	Alphabet, Inc., Class - A (Interactive Media & Services)(a)		4,284
	700	Alphabet, Inc., Class - C (Interactive Media & Services)(a)		2,027
	1,468	Amazon.com, Inc. (Internet & Direct Marketing Retail)(a)		4,896
	1,223	AMC Entertainment Holdings, Inc. (Entertainment)(a)		33
	20	AMERCO (Road & Rail)		15
	628	Ameren Corp. (Multi-Utilities)		56
	1,201	American Electric Power Company, Inc. (Electric Utilities)		107
	1,641	American Express Co. (Consumer Finance)		268
	2,083	American International Group, Inc. (Insurance)		118
	1,108	American Tower Corp. (Equity Real Estate Investment Trusts)		324
	441	American Water Works Company, Inc. (Water Utilities)		83
	286	Ameriprise Financial, Inc. (Capital Markets)		86

See accompanying notes to financial statements.

54

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	394	AmerisourceBergen Corp. (Health Care Providers & Services)	$	52
	1,343	Amgen, Inc. (Biotechnology)		302
	1,444	Amphenol Corp., Class - A (Electronic Equipment, Instruments & Components)		126
	1,296	Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		228
	3,608	Annaly Capital Management, Inc. (Mortgage Real Estate Investment Trusts)		28
	215	ANSYS, Inc. (Software)(a)		86
	598	Anthem, Inc. (Health Care Providers & Services)		277
	40,077	Apple, Inc. (Technology Hardware, Storage & Peripherals)		7,117
	2,155	Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		339
	597	Aramark (Hotels, Restaurants & Leisure)		22
	1,364	Archer-Daniels-Midland Co. (Food Products)		92
	580	Arista Networks, Inc. (Communications Equipment)(a)		83
	181	Arrow Electronics, Inc. (Electronic Equipment, Instruments & Components)(a)		24
	476	Arthur J. Gallagher & Co. (Insurance)		81
	167	Asana, Inc., Class - A (Software)(a)		12
	147	Assurant, Inc. (Insurance)		23
	17,099	AT&T, Inc. (Diversified Telecommunication Services)		421
	304	Atmos Energy Corp. (Gas Utilities)		32
	533	Autodesk, Inc. (Software)(a)		150
	1,047	Automatic Data Processing, Inc. (IT Services)		258
	53	AutoZone, Inc. (Specialty Retail)(a)		111
	210	Avalara, Inc. (Software)(a)		27
	340	AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts)		86
	1,324	Avantor, Inc. (Life Sciences Tools & Services)(a)		56
	211	Avery Dennison Corp. (Containers & Packaging)		46
	1,957	Baker Hughes, Inc. (Energy Equipment & Services)		47
	826	Ball Corp. (Containers & Packaging)		80
	18,206	Bank of America Corp. (Banks)		810
	646	Bath & Body Works, Inc. (Household Durables)		45
	700	Bausch Health Companies, Inc. (Pharmaceuticals)(a)		19
	1,224	Baxter International, Inc. (Health Care Equipment & Supplies)		105
	669	Becton, Dickinson & Co. (Health Care Equipment & Supplies)		168
	420	Bentley Systems, Inc., Class - B (Software)		20

Shares		Security Description	Value (000)
		United States (continued)
	3,207	Berkshire Hathaway, Inc., Class - B (Diversified Financial Services)(a)	$	959
	559	Best Buy Co., Inc. (Specialty Retail)		57
	182	Bill.com Holdings, Inc. (Software)(a)		45
	366	Biogen, Inc. (Biotechnology)(a)		88
	458	BioMarin Pharmaceutical, Inc. (Biotechnology)(a)		40
	87	Bio-Techne Corp. (Life Sciences Tools & Services)		45
	378	Black Knight, Inc. (IT Services)(a)		31
	364	BlackRock, Inc., Class - A (Capital Markets)		333
	9,907	Blackstone, Inc., Class - A (Capital Markets)		1,282
	977	Block, Inc., Class - A (IT Services)(a)		158
	101	Booking Holdings, Inc. (Hotels Restaurants & Leisure)(a)		242
	354	Booz Allen Hamilton Holding Corp. (Professional Services)		30
	595	BorgWarner, Inc. (Auto Components)		27
	362	Boston Properties, Inc. (Equity Real Estate Investment Trusts)		42
	3,476	Boston Scientific Corp. (Health Care Equipment & Supplies)(a)		148
	5,472	Bristol-Myers Squibb Co. (Pharmaceuticals)		341
	993	Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		661
	292	Broadridge Financial Solutions, Inc. (IT Services)		53
	300	Brookfield Renewable Corp., Class - A (Independent Power and Renewable Electricity Producers)(b)		11
	611	Brown & Brown, Inc. (Insurance)		43
	787	Brown-Forman Corp., Class - B (Beverages)		57
	169	Burlington Stores, Inc. (Specialty Retail)(a)		49
	341	C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)		37
	12	Cable One, Inc. (Media)		21
	674	Cadence Design Systems, Inc. (Software)(a)		126
	509	Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)(a)		48
	244	Camden Property Trust (Equity Real Estate Investment Trusts)		44
	423	Campbell Soup Co. (Food Products)		18
	1,079	Capital One Financial Corp. (Consumer Finance)		157
	746	Cardinal Health, Inc. (Health Care Providers & Services)		38
	415	CarMax, Inc. (Specialty Retail)(a)		54
	1,986	Carrier Global Corp. (Building Products)		108
	402	Catalent, Inc. (Pharmaceuticals)(a)		51
	1,331	Caterpillar, Inc. (Machinery)		275

See accompanying notes to financial statements.

55

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	283	CBOE Global Markets, Inc. (Capital Markets)	$	37
	811	CBRE Group, Inc., Class - A (Real Estate Management & Development)(a)		88
	338	CDW Corp. (Electronic Equipment, Instruments & Components)		69
	280	Celanese Corp., Series A (Chemicals)		47
	1,400	Centene Corp. (Health Care Providers & Services)(a)		115
	1,266	CenterPoint Energy, Inc. (Multi-Utilities)		35
	325	Ceridian HCM Holding, Inc. (Software)(a)		34
	726	Cerner Corp. (Health Care Technology)		67
	523	CF Industries Holdings, Inc. (Chemicals)		37
	122	Charles River Laboratories International, Inc. (Life Sciences Tools & Services)(a)		46
	578	Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels)		59
	4,733	Chevron Corp. (Oil, Gas & Consumable Fuels)		555
	67	Chipotle Mexican Grill, Inc. (Hotels, Restaurants & Leisure)(a)		117
	491	Church & Dwight Co., Inc. (Household Products)		50
	836	Cigna Corp. (Health Care Providers & Services)		192
	361	Cincinnati Financial Corp. (Insurance)		41
	224	Cintas Corp. (Commercial Services & Supplies)		99
	10,253	Cisco Systems, Inc. (Communications Equipment)		650
	4,856	Citigroup, Inc. (Banks)		293
	1,097	Citizens Financial Group, Inc. (Banks)		52
	300	Citrix Systems, Inc. (Software)		28
	576	Cloudflare, Inc., Class - A (Software)(a)		76
	873	CME Group, Inc. (Capital Markets)		199
	724	CMS Energy Corp. (Multi-Utilities)		47
	430	Cognex Corp. (Electronic Equipment, Instruments & Components)		33
	1,313	Cognizant Technology Solutions Corp. (IT Services)		116
	1,829	Colgate-Palmolive Co. (Household Products)		156
	11,162	Comcast Corp., Class - A (Media)		562
	1,241	Conagra Brands, Inc. (Food Products)		42
	3,177	ConocoPhillips (Oil, Gas & Consumable Fuels)		229
	848	Consolidated Edison, Inc. (Multi-Utilities)		72
	407	Constellation Brands, Inc., Class - A (Beverages)		102
	534	Copart, Inc. (Commercial Services & Supplies)(a)		81
	1,832	Corning, Inc. (Electronic Equipment, Instruments & Components)		68
	1,807	Corteva, Inc. (Chemicals)		85

Shares		Security Description	Value (000)
		United States (continued)
	1,062	Costco Wholesale Corp. (Food & Staples Retailing)	$	603
	178	Coupa Software, Inc. (Software)(a)		28
	461	Crowdstrike Holdings, Inc., Class - A (Software)(a)		94
	1,053	Crown Castle International Corp. (Equity Real Estate Investment Trusts)		220
	342	Crown Holdings, Inc. (Containers & Packaging)		38
	5,408	CSX Corp. (Road & Rail)		203
	356	Cummins, Inc. (Machinery)		78
	3,238	CVS Health Corp. (Health Care Providers & Services)		334
	832	D.R. Horton, Inc. (Household Durables)		90
	6,050	Danaher Corp. (Health Care Equipment & Supplies)		1,992
	338	Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)		51
	463	Datadog, Inc., Class - A (Software)(a)		82
	185	DaVita, Inc. (Health Care Providers & Services)(a)		21
	708	Deere & Co. (Machinery)		243
	677	DELL TECHN-C, Class - C (Technology Hardware, Storage & Peripherals)(a)		38
	418	Delta Air Lines, Inc. (Airlines)(a)		16
	561	DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies)		31
	1,569	Devon Energy Corp. (Oil, Gas & Consumable Fuels)		69
	236	Dexcom, Inc. (Health Care Equipment & Supplies)(a)		127
	695	Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts)		123
	738	Discover Financial Services (Consumer Finance)		85
	360	Discovery, Inc. (Media)(a)		8
	768	Discovery, Inc., Class - C (Media)(a)		18
	466	DocuSign, Inc. (Software)(a)		71
	576	Dollar General Corp. (Multiline Retail)		136
	565	Dollar Tree, Inc. (Multiline Retail)(a)		79
	1,969	Dominion Energy, Inc. (Multi-Utilities)		155
	99	Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure)		56
	263	DoorDash, Inc., Class - A (Internet & Direct Marketing Retail)(a)		39
	350	Dover Corp. (Machinery)		64
	1,796	Dow, Inc. (Chemicals)		102
	669	DraftKings, Inc., Class - A (Hotels, Restaurants & Leisure)(a)		18
	766	Dropbox, Inc., Class - A (Software)(a)		19
	490	DTE Energy Co. (Multi-Utilities)		59

See accompanying notes to financial statements.

56

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	1,872	Duke Energy Corp. (Electric Utilities)	$	196
	938	Duke Realty Corp. (Equity Real Estate Investment Trusts)		62
	1,299	DuPont de Nemours, Inc. (Chemicals)		105
	426	Dynatrace, Inc. (Software)(a)		26
	358	Eastman Chemical Co. (Chemicals)		43
	1,566	eBay, Inc. (Internet & Direct Marketing Retail)		104
	6,238	Ecolab, Inc. (Chemicals)		1,463
	915	Edison International (Electric Utilities)		62
	1,510	Edwards Lifesciences Corp. (Health Care Equipment & Supplies)(a)		196
	1,000	Elanco Animal Health, Inc. (Pharmaceuticals)(a)		28
	699	Electronic Arts, Inc. (Entertainment)		92
	1,960	Eli Lilly & Co. (Pharmaceuticals)		541
	1,451	Emerson Electric Co. (Electrical Equipment)		135
	315	Enphase Energy, Inc. (Semiconductors & Semiconductor Equipment)(a)		58
	292	Entegris, Inc. (Semiconductors & Semiconductor Equipment)		40
	508	Entergy Corp. (Electric Utilities)		57
	1,406	EOG Resources, Inc. (Oil, Gas & Consumable Fuels)		125
	139	EPAM Systems, Inc. (IT Services)(a)		93
	296	Equifax, Inc. (Professional Services)		87
	221	Equinix, Inc. (Equity Real Estate Investment Trusts)		187
	940	Equitable Holdings, Inc. (Diversified Financial Services)		31
	866	Equity Residential (Equity Real Estate Investment Trusts)		78
	63	Erie Indemnity Co., Class - A (Insurance)		12
	545	Essential Utilities, Inc. (Water Utilities)		29
	158	Essex Property Trust, Inc. (Equity Real Estate Investment Trusts)		56
	309	Etsy, Inc. (Internet & Direct Marketing Retail)(a)		68
	581	Evergy, Inc. (Electric Utilities)		40
	826	Eversource Energy (Electric Utilities)		75
	376	Exact Sciences Corp. (Biotechnology)(a)		29
	2,361	Exelon Corp. (Electric Utilities)		136
	347	Expedia Group, Inc. (Hotels, Restaurants & Leisure)(a)		63
	434	Expeditors International of Washington, Inc. (Air Freight & Logistics)		58
	305	Extra Space Storage, Inc. (Equity Real Estate Investment Trusts)		69
	10,146	Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		621
	153	F5, Inc. (Communications Equipment)(a)		37

Shares		Security Description	Value (000)
		United States (continued)
	96	FactSet Research Systems, Inc. (Capital Markets)	$	47
	75	Fair Isaac Corp. (Software)(a)		33
	1,398	Fastenal Co. (Trading Companies & Distributors)		90
	618	FedEx Corp. (Air Freight & Logistics)		160
	1,510	Fidelity National Information Services, Inc. (IT Services)		165
	5,286	First Republic Bank (Banks)		1,092
	1,378	FirstEnergy Corp. (Electric Utilities)		57
	1,441	Fiserv, Inc. (IT Services)(a)		150
	193	FleetCor Technologies, Inc. (IT Services)(a)		43
	331	FMC Corp. (Chemicals)		36
	344	Fortinet, Inc. (Software)(a)		124
	18,829	Fortive Corp. (Machinery)		1,437
	336	Fortune Brands Home & Security, Inc. (Building Products)		36
	798	Fox Corp., Class - A (Media)		29
	244	Fox Corp., Class - B (Media)		8
	748	Franklin Resources, Inc. (Capital Markets)		25
	3,522	Freeport-McMoRan, Inc. (Metals & Mining)		147
	209	Gartner, Inc. (IT Services)(a)		70
	153	Generac Holdings, Inc. (Electrical Equipment)(a)		54
	549	General Dynamics Corp. (Aerospace & Defense)		114
	2,676	General Electric Co. (Industrial Conglomerates)		253
	1,485	General Mills, Inc. (Food Products)		100
	3,153	General Motors Co. (Automobiles)(a)		185
	367	Genuine Parts Co. (Distributors)		51
	3,055	Gilead Sciences, Inc. (Biotechnology)		222
	728	Global Payments, Inc. (IT Services)		98
	436	GoDaddy, Inc., Class - A (IT Services)(a)		37
	208	Guidewire Software, Inc. (Software)(a)		24
	2,310	Halliburton Co. (Energy Equipment & Services)		53
	328	Hasbro, Inc. (Leisure Products)		33
	612	HCA Healthcare, Inc. (Health Care Providers & Services)		157
	1,263	Healthpeak Properties, Inc. (Equity Real Estate Investment Trusts)		46
	100	HEICO Corp. (Aerospace & Defense)		14
	183	HEICO Corp., Class - A (Aerospace & Defense)		24
	370	Henry Schein, Inc. (Health Care Providers & Services)(a)		29
	700	Hess Corp. (Oil, Gas & Consumable Fuels)		52
	3,301	Hewlett Packard Enterprise Co. (Technology Hardware, Storage & Peripherals)		52
	684	Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)(a)		107
	613	Hologic, Inc. (Health Care Equipment & Supplies)(a)		47

See accompanying notes to financial statements.

57

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	1,655	Honeywell International, Inc. (Industrial Conglomerates)	$	345
	749	Hormel Foods Corp. (Food Products)		37
	1,807	Host Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts)(a)		31
	979	Howmet Aerospace, Inc. (Aerospace & Defense)		31
	3,051	HP, Inc. (Technology Hardware, Storage & Peripherals)		115
	106	HubSpot, Inc. (Software)(a)		70
	321	Humana, Inc. (Health Care Providers & Services)		149
	3,515	Huntington Bancshares, Inc. (Banks)		54
	103	Huntington Ingalls Industries, Inc. (Aerospace & Defense)		19
	142	IDEX Corp. (Machinery)		34
	207	IDEXX Laboratories, Inc. (Health Care Equipment & Supplies)(a)		136
	768	Illinois Tool Works, Inc. (Machinery)		190
	355	Illumina, Inc. (Life Sciences Tools & Services)(a)		135
	4,089	Incyte Corp. (Biotechnology)(a)		300
	891	Ingersoll-Rand, Inc. (Machinery)		55
	158	Insulet Corp. (Health Care Equipment & Supplies)(a)		42
	9,825	Intel Corp. (Semiconductors & Semiconductor Equipment)		506
	1,375	Intercontinental Exchange, Inc. (Capital Markets)		188
	2,182	International Business Machines Corp. (IT Services)		292
	626	International Flavors & Fragrances, Inc. (Chemicals)		94
	950	International Paper Co. (Containers & Packaging)		45
	661	Intuit, Inc. (Software)		425
	861	Intuitive Surgical, Inc. (Health Care Equipment & Supplies)(a)		309
	64	IPG Photonics Corp. (Electronic Equipment, Instruments & Components)(a)		11
	468	IQVIA Holdings, Inc. (Life Sciences Tools & Services)(a)		132
	722	Iron Mountain, Inc. (Equity Real Estate Investment Trusts)		38
	196	Jack Henry & Associates, Inc. (IT Services)		33
	280	Jacobs Engineering Group, Inc. (Construction & Engineering)		39
	136	Jazz Pharmaceuticals PLC (Pharmaceuticals)(a)		17
	214	JB Hunt Transport Services, Inc. (Road & Rail)		44
	6,382	Johnson & Johnson (Pharmaceuticals)		1,092

Shares		Security Description	Value (000)
		United States (continued)
	1,745	Johnson Controls International PLC (Building Products)	$	142
	12,089	JPMorgan Chase & Co. (Banks)		1,914
	524	Juniper Networks, Inc. (Communications Equipment)		19
	653	Kellogg Co. (Food Products)		42
	1,591	Keurig Dr Pepper, Inc. (Beverages)		59
	2,368	KeyCorp (Banks)		55
	447	Keysight Technologies, Inc. (Electronic Equipment, Instruments & Components)(a)		92
	827	Kimberly-Clark Corp. (Household Products)		118
	4,978	Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		79
	1,264	KKR & Co., Inc. (Capital Markets)		94
	377	KLA Corp. (Semiconductors & Semiconductor Equipment)		162
	358	Knight-Swift Transportation Holdings, Inc. (Road & Rail)		22
	499	L3Harris Technologies, Inc. (Aerospace & Defense)		106
	248	Laboratory Corporation of America Holdings (Health Care Providers & Services)(a)		78
	349	Lam Research Corp. (Semiconductors & Semiconductor Equipment)		251
	882	Las Vegas Sands Corp. (Hotels, Restaurants & Leisure)(a)		33
	147	Lear Corp. (Auto Components)		27
	343	Leidos Holdings, Inc. (Professional Services)		30
	653	Lennar Corp., Class - A (Household Durables)		76
	87	Lennox International, Inc. (Building Products)		28
	54	Liberty Broadband Corp., Class - A (Media)(a)		9
	382	Liberty Broadband Corp., Class - C (Media)(a)		62
	476	Lincoln National Corp. (Insurance)		32
	382	Live Nation Entertainment, Inc. (Entertainment)(a)		46
	744	LKQ Corp. (Distributors)		45
	609	Lockheed Martin Corp. (Aerospace & Defense)		216
	555	Loews Corp. (Insurance)		32
	1,676	Lowe’s Companies, Inc. (Specialty Retail)		433
	2,503	Lumen Technologies, Inc. (Diversified Telecommunication Services)		31
	669	Lyft, Inc., Class - A (Road & Rail)(a)		29
	320	M&T Bank Corp. (Banks)		49
	1,590	Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)		102
	33	Markel Corp. (Insurance)(a)		41
	1,187	MarketAxess Holdings, Inc. (Capital Markets)		488

See accompanying notes to financial statements.

58

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	667	Marriott International, Inc., Class - A (Hotels, Restaurants & Leisure)(a)	$	110
	1,231	Marsh & McLennan Companies, Inc. (Insurance)		214
	159	Martin Marietta Materials, Inc. (Construction Materials)		70
	1,969	Marvell Technology, Inc. (Semiconductors & Semiconductor Equipment)		172
	619	Masco Corp. (Building Products)		43
	128	Masimo Corp. (Health Care Equipment & Supplies)(a)		37
	2,131	MasterCard, Inc., Class - A (IT Services)		766
	630	McCormick & Company, Inc. (Food Products)		61
	1,792	McDonald’s Corp. (Hotels, Restaurants & Leisure)		480
	388	McKesson Corp. (Health Care Providers & Services)		96
	1,268	Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts)		30
	359	MercadoLibre, Inc. (Internet & Direct Marketing Retail)(a)		484
	6,178	Merck & Co., Inc. (Pharmaceuticals)		473
	1,681	MetLife, Inc. (Insurance)		105
	58	Mettler-Toledo International, Inc. (Life Sciences Tools & Services)(a)		98
	969	MGM Resorts International (Hotels, Restaurants & Leisure)		43
	1,276	Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		111
	2,755	Micron Technology, Inc. (Semiconductors & Semiconductor Equipment)		257
	23,844	Microsoft Corp. (Software)		8,021
	291	Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts)		67
	817	Moderna, Inc. (Biotechnology)(a)		208
	144	Mohawk Industries, Inc. (Household Durables)(a)		26
	139	Molina Heathcare, Inc. (Health Care Providers & Services)(a)		44
	479	Molson Coors Beverage Co., Class - B (Beverages)		22
	3,231	Mondelez International, Inc., Class - A (Food Products)		214
	136	MongoDB, Inc. (IT Services)(a)		72
	410	Moody’s Corp. (Capital Markets)		160
	3,295	Morgan Stanley (Capital Markets)		323

Shares		Security Description	Value (000)
		United States (continued)
	409	Motorola Solutions, Inc. (Communications Equipment)	$	111
	316	Nasdaq, Inc. (Capital Markets)		66
	576	NetApp, Inc. (Technology Hardware, Storage & Peripherals)		53
	1,081	Netflix, Inc. (Entertainment)(a)		651
	207	Neurocrine Biosciences, Inc. (Biotechnology)(a)		18
	966	Newell Brands, Inc. (Household Durables)		21
	1,948	Newmont Corp. (Metals & Mining)		121
	4,787	NextEra Energy, Inc. (Electric Utilities)		447
	3,079	NIKE, Inc., Class - B (Textiles, Apparel & Luxury Goods)		513
	943	NiSource, Inc. (Multi-Utilities)		26
	128	Nordson Corp. (Machinery)		33
	595	Norfolk Southern Corp. (Road & Rail)		177
	484	Northern Trust Corp. (Capital Markets)		58
	372	Northrop Grumman Corp. (Aerospace & Defense)		144
	1,470	Nortonlifelock, Inc. (Software)		38
	200	Novavax, Inc. (Biotechnology)(a)		29
	695	Nuance Communications, Inc. (Software)(a)		38
	738	Nucor Corp. (Metals & Mining)		84
	9,909	NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		2,915
	8	NVR, Inc. (Household Durables)(a)		47
	164	Oak Street Health, Inc. (Health Care Providers & Services)(a)		5
	2,279	Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		66
	287	Okta, Inc. (IT Services)(a)		64
	234	Old Dominion Freight Line, Inc. (Road & Rail)		84
	555	Omnicom Group, Inc. (Media)		41
	984	ON Semiconductor Corp. (Semiconductors & Semiconductor Equipment)(a)		67
	1,109	ONEOK, Inc. (Oil, Gas & Consumable Fuels)		65
	4,043	Oracle Corp. (Software)		353
	1,007	Otis Worldwide Corp. (Machinery)		88
	250	Owens Corning (Building Products)		23
	836	PACCAR, Inc. (Machinery)		74
	243	Packaging Corporation of America (Containers & Packaging)		33
	311	Parker Hannifin Corp. (Machinery)		99
	790	Paychex, Inc. (IT Services)		108
	127	PAYCOM Software, Inc. (Software)(a)		53
	2,717	PayPal Holdings, Inc. (IT Services)(a)		512
	3,300	PepsiCo, Inc. (Beverages)		573
	280	PerkinElmer, Inc. (Life Sciences Tools & Services)		56

See accompanying notes to financial statements.

59

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	3,595	PG&E Corp. (Electric Utilities)(a)	$	44
	1,054	Phillips 66 (Oil, Gas & Consumable Fuels)		76
	565	Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)		103
	1,248	Plug Power, Inc. (Electrical Equipment)(a)		35
	1,033	PNC Financial Services Group, Inc. (Banks)		207
	98	Pool Corp. (Distributors)		55
	569	PPG Industries, Inc. (Chemicals)		98
	1,944	PPL Corp. (Electric Utilities)		58
	579	Principal Financial Group, Inc. (Insurance)		42
	1,800	Prologis, Inc. (Equity Real Estate Investment Trusts)		303
	953	Prudential Financial, Inc. (Insurance)		103
	276	PTC, Inc. (Software)(a)		33
	1,236	Public Service Enterprise Group, Inc. (Multi-Utilities)		82
	370	Public Storage (Equity Real Estate Investment Trusts)		139
	647	PulteGroup, Inc. (Household Durables)		37
	274	Qorvo, Inc. (Semiconductors & Semiconductor Equipment)(a)		43
	2,746	QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment)		502
	319	Quest Diagnostics, Inc. (Health Care Providers & Services)		55
	471	Raymond James Financial, Inc. (Capital Markets)		47
	3,611	Raytheon Technologies Corp. (Aerospace & Defense)		311
	1,476	Realty Income Corp. (Equity Real Estate Investment Trusts)		106
	373	Regency Centers Corp. (Equity Real Estate Investment Trusts)		28
	258	Regeneron Pharmaceuticals, Inc. (Biotechnology)(a)		163
	2,436	Regions Financial Corp. (Banks)		53
	540	Republic Services, Inc. (Commercial Services & Supplies)		75
	354	ResMed, Inc. (Health Care Equipment & Supplies)		92
	179	RingCentral, Inc., Class - A (Software)(a)		34
	298	Robert Half International, Inc. (Professional Services)		33
	282	Rockwell Automation, Inc. (Electrical Equipment)		98
	266	Roku, Inc. (Entertainment)(a)		61
	474	Rollins, Inc. (Commercial Services & Supplies)		16

Shares		Security Description	Value (000)
		United States (continued)
	254	Roper Technologies, Inc. (Industrial Conglomerates)	$	125
	862	Ross Stores, Inc. (Specialty Retail)		99
	327	RPM International, Inc. (Chemicals)		33
	587	S&P Global, Inc. (Capital Markets)		277
	2,364	Salesforce.com, Inc. (Software)(a)		601
	270	SBA Communications Corp. (Equity Real Estate Investment Trusts)		105
	3,354	Schlumberger Ltd. (Energy Equipment & Services)		100
	332	Seagen, Inc. (Biotechnology)(a)		51
	371	Sealed Air Corp. (Containers & Packaging)		25
	747	Sempra Energy (Multi-Utilities)		99
	478	ServiceNow, Inc. (Software)(a)		310
	815	Simon Property Group, Inc. (Equity Real Estate Investment Trusts)		130
	2,933	Sirius XM Holdings, Inc. (Media)		19
	402	Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		62
	2,577	Snap, Inc., Class - A (Interactive Media & Services)(a)		121
	132	Snap-on, Inc. (Machinery)		28
	513	Snowflake, Inc., Class - A (IT Services)(a)		174
	410	Southwest Airlines Co. (Airlines)(a)		18
	394	Splunk, Inc. (Software)(a)		46
	562	SS&C Technologies Holdings, Inc. (Software)		46
	388	Stanley Black & Decker, Inc. (Machinery)		73
	2,875	Starbucks Corp. (Hotels, Restaurants & Leisure)		336
	840	State Street Corp. (Capital Markets)		78
	554	Steel Dynamics, Inc. (Metals & Mining)		34
	273	Sun Communities, Inc. (Equity Real Estate Investment Trusts)		57
	468	Sunrun, Inc. (Electrical Equipment)(a)		16
	2,191	SVB Financial Group (Banks)(a)		1,487
	1,416	Synchrony Financial (Consumer Finance)		66
	371	Synopsys, Inc. (Software)(a)		137
	1,248	Sysco Corp. (Food & Staples Retailing)		98
	548	T. Rowe Price Group, Inc. (Capital Markets)		108
	289	Take-Two Interactive Software, Inc. (Entertainment)(a)		51
	1,204	Target Corp. (Multiline Retail)		279
	347	Teladoc Health, Inc. (Health Care Technology)(a)		32
	116	Teledyne Technologies, Inc. (Electronic Equipment, Instruments & Components)(a)		51
	118	Teleflex, Inc. (Health Care Equipment & Supplies)		39
	2,053	Tesla, Inc. (Automobiles)(a)		2,171

See accompanying notes to financial statements.

60

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	2,248	Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)	$	424
	551	Textron, Inc. (Aerospace & Defense)		43
	1,676	The AES Corp. (Independent Power and Renewable Electricity Producers)		41
	729	The Allstate Corp. (Insurance)		86
	2,033	The Bank of New York Mellon Corp. (Capital Markets)		118
	1,356	The Boeing Co. (Aerospace & Defense)(a)		273
	303	The Carlyle Group, Inc. (Capital Markets)		17
	3,526	The Charles Schwab Corp. (Capital Markets)		297
	320	The Clorox Co. (Household Products)		56
	9,846	The Coca-Cola Co. (Beverages)		583
	126	The Cooper Companies, Inc. (Health Care Equipment & Supplies)		53
	4,099	The Estee Lauder Companies, Inc. (Personal Products)		1,517
	811	The Goldman Sachs Group, Inc. (Capital Markets)		310
	870	The Hartford Financial Services Group, Inc. (Insurance)		60
	358	The Hershey Co. (Food Products)		69
	2,555	The Home Depot, Inc. (Specialty Retail)		1,060
	935	The Interpublic Group of Companies, Inc. (Media)		35
	214	The J.M. Smucker Co. (Food Products)		29
	1,713	The Kraft Heinz Co. (Food Products)		61
	1,752	The Kroger Co. (Food & Staples Retailing)		79
	839	The Mosaic Co. (Chemicals)		33
	5,914	The Procter & Gamble Co. (Household Products)		967
	1,421	The Progressive Corp. (Insurance)		146
	612	The Sherwin-Williams Co. (Chemicals)		216
	2,569	The Southern Co. (Electric Utilities)		176
	22,164	The TJX Companies, Inc. (Specialty Retail)		1,684
	613	The Travelers Companies, Inc. (Insurance)		96
	4,432	The Walt Disney Co. (Entertainment)(a)		686
	1,057	The Western Union Co. (IT Services)		19
	2,892	The Williams Companies, Inc. (Oil, Gas & Consumable Fuels)		75
	944	Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services)		630
	8,096	T-Mobile US, Inc. (Wireless Telecommunication Services)(a)		939
	280	Tractor Supply Co. (Specialty Retail)		67
	579	Trane Technologies PLC (Building Products)		117
	129	TransDigm Group, Inc. (Aerospace & Defense)(a)		82
	480	TransUnion (Professional Services)		57

Shares		Security Description	Value (000)
		United States (continued)
	628	Trimble, Inc. (Electronic Equipment, Instruments & Components)(a)	$	55
	3,163	Truist Financial Corp. (Banks)		185
	1,353	Twilio, Inc., Class - A (IT Services)(a)		356
	1,981	Twitter, Inc. (Interactive Media & Services)(a)		86
	99	Tyler Technologies, Inc. (Software)(a)		53
	753	Tyson Foods, Inc., Class - A (Food Products)		66
	3,445	U.S. Bancorp (Banks)		194
	2,965	Uber Technologies, Inc. (Road & Rail)(a)		124
	748	UDR, Inc. (Equity Real Estate Investment Trusts)		45
	502	UGI Corp. (Gas Utilities)		23
	127	Ulta Beauty, Inc. (Specialty Retail)(a)		52
	1,574	Union Pacific Corp. (Road & Rail)		397
	1,822	United Parcel Service, Inc., Class - B (Air Freight & Logistics)		391
	172	United Rentals, Inc. (Trading Companies & Distributors)(a)		57
	5,899	UnitedHealth Group, Inc. (Health Care Providers & Services)		2,963
	136	Unity Software, Inc. (Software)(a)		19
	797	V.F. Corp. (Textiles, Apparel & Luxury Goods)		58
	98	Vail Resorts, Inc. (Hotels, Restaurants & Leisure)		32
	1,014	Valero Energy Corp. (Oil, Gas & Consumable Fuels)		76
	333	Veeva Systems, Inc., Class - A (Health Care Technology)(a)		85
	951	Ventas, Inc. (Equity Real Estate Investment Trusts)		49
	244	VeriSign, Inc. (IT Services)(a)		62
	372	Verisk Analytics, Inc., Class - A (Professional Services)		85
	9,882	Verizon Communications, Inc. (Diversified Telecommunication Services)		513
	633	Vertex Pharmaceuticals, Inc. (Biotechnology)(a)		139
	1,840	ViacomCBS, Inc., Class - B (Media)		56
	3,079	Viatris, Inc. (Pharmaceuticals)		42
	1,310	VICI Properties, Inc. (Equity Real Estate Investment Trusts)		39
	4,090	Visa, Inc., Class - A (IT Services)		886
	991	Vistra Corp. (Independent Power and Renewable Electricity Producers)		23
	508	VMware, Inc., Class - A (Software)		59
	338	Vulcan Materials Co. (Construction Materials)		70
	367	W.R. Berkley Corp. (Insurance)		30
	109	W.W. Grainger, Inc. (Trading Companies & Distributors)		56
	1,782	Walgreens Boots Alliance, Inc. (Food & Staples Retailing)		93
	3,766	Walmart, Inc. (Food & Staples Retailing)		545

See accompanying notes to financial statements.

61

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	1,025	Waste Management, Inc. (Commercial Services & Supplies)	$	171
	148	Waters Corp. (Life Sciences Tools & Services)(a)		55
	174	Wayfair, Inc., Class - A (Internet & Direct Marketing Retail)(a)		33
	768	WEC Energy Group, Inc. (Multi-Utilities)		75
	9,895	Wells Fargo & Co. (Banks)		475
	1,035	Welltower, Inc. (Equity Real Estate Investment Trusts)		89
	180	West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies)		84
	722	Western Digital Corp. (Technology Hardware, Storage & Peripherals)(a)		47
	459	Westinghouse Air Brake Technologies Corp. (Machinery)		42
	649	WestRock Co. (Containers & Packaging)		29
	1,901	Weyerhaeuser Co. (Equity Real Estate Investment Trusts)		78
	151	Whirlpool Corp. (Household Durables)		35
	2,488	Workday, Inc., Class - A (Software)(a)		680
	439	WP Carey, Inc. (Equity Real Estate Investment Trusts)		36
	240	Wynn Resorts Ltd. (Hotels, Restaurants & Leisure)(a)		20
	1,269	Xcel Energy, Inc. (Electric Utilities)		86
	590	Xilinx, Inc. (Semiconductors & Semiconductor Equipment)		125
	459	Xylem, Inc. (Machinery)		55
	727	YUM! Brands, Inc. (Hotels, Restaurants & Leisure)		101
	127	Zebra Technologies Corp. (Electronic Equipment, Instruments & Components)(a)		76
	285	Zendesk, Inc. (Software)(a)		30
	508	Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies)		65
	1,157	Zoetis, Inc. (Pharmaceuticals)		282
	577	Zoom Video Communications, Inc., Class - A (Software)(a)		106

Shares		Security Description	Value (000)
		United States (continued)
	539	ZoomInfo Technologies, Inc. (Interactive Media & Services)(a)	$	35
	199	Zscaler, Inc. (Software)(a)		64
				117,984
		Total Common Stocks		180,363
		Preferred Stocks — 0.05%
		Germany — 0.05%
	121	Bayerische Motoren Werke Aktiengesellschaft — Preferred (Automobiles)		10
	148	FUCHS PETROLUB SE — Preferred (Chemicals)		7
	452	Henkel AG & Co. KGAA — Preferred (Household Products)		37
	65	Sartorius AG — Preferred (Health Care Equipment & Supplies)		43
		Total Preferred Stocks		97
		Investment Company — 1.41%
	2,596,069	State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01%(d)		2,596
		Total Investment Company		2,596
		Total Investments (cost $120,949) — 99.50%		183,056
		Other assets in excess of liabilities — 0.50%		926
		Net Assets — 100.00%	$	183,982

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

(a) Represents non-income producing security.

(b) Represents a security purchased under Rule 144A or Section 4(2) and is exempt from registration under the Securities Act of 1933, as amended, or is otherwise restricted to resale. Certain of these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been deemed liquid by the Specialist Manager.

(c) Security was valued using significant unobservable inputs as of December 31, 2021.

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

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

See accompanying notes to financial statements.

62

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments (concluded) — December 31, 2021 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of December 31, 2021.

The ESG Growth Portfolio	Mellon Investments Corporation			Parametric Portfolio Associates, LLC			RBC Global Asset Management (UK) Limited			Total
Common Stocks		78.21	%		—			19.83	%		98.04	%
Preferred Stocks		0.05	%		—			—			0.05	%
Investment Company		0.03	%		1.38	%		—			1.41	%
Other Assets (Liabilities)		0.12	%		0.25	%		0.13	%		0.50	%
Total Net Assets		78.41	%		1.63	%		19.96	%		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, 2021.

Futures Contracts Purchased*

Description		Number of Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
E-Mini S&P 500 Future			6		3/18/22	$	1,428	$	30
MSCI EAFE Index Future			9		3/18/22		1,045		16
						$	2,473	$	46
	Total Unrealized Appreciation							$	46
	Total Unrealized Depreciation								—
	Total Net Unrealized Appreciation/(Depreciation)							$	46

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

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

See accompanying notes to financial statements.

63

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 99.80%
		Australia — 1.99%
	126	Afterpay Ltd. (IT Services)(a)	$	8
	136	Ampol Ltd. (Oil, Gas & Consumable Fuels)		3
	674	APA Group (Gas Utilities)		5
	350	Aristocrat Leisure Ltd. (Hotels, Restaurants & Leisure)		11
	111	ASX Ltd. (Capital Markets)		8
	1,017	Aurizon Holdings Ltd. (Road & Rail)		3
	1,140	AusNet Services (Electric Utilities)		2
	1,626	Australia & New Zealand Banking Group Ltd. (Banks)		33
	1,766	BHP Billiton Ltd. (Metals & Mining)		52
	1,204	BHP Group Ltd. (Metals & Mining)		35
	288	BlueScope Steel Ltd. (Metals & Mining)		4
	827	Brambles Ltd. (Commercial Services & Supplies)		6
	38	Cochlear Ltd. (Health Care Equipment & Supplies)		6
	767	Coles Group Ltd. (Food & Staples Retailing)		10
	1,018	Commonwealth Bank of Australia (Banks)		74
	315	Computershare Ltd. (IT Services)		5
	203	Crown Resorts Ltd. (Hotels, Restaurants & Leisure)(a)		2
	616	Dexus (Equity Real Estate Investment Trusts)		5
	35	Domino’s Pizza Enterprises Ltd. (Hotels, Restaurants & Leisure)		3
	767	Endeavour Group Ltd. (Food & Staples Retailing)		4
	1,015	Evolution Mining Ltd. (Metals & Mining)		3
	970	Fortescue Metals Group Ltd. (Metals & Mining)		14
	962	Goodman Group (Equity Real Estate Investment Trusts)		19
	169	IDP Education Ltd. (Diversified Consumer Services)		4
	1,409	Insurance Australia Group Ltd. (Insurance)		4
	394	LendLease Group (Real Estate Management & Development)(b)		3
	197	Macquarie Group Ltd. (Capital Markets)		29
	79	Magellan Financial Group Ltd. (Capital Markets)		1
	1,575	Medibank Private Ltd. (Insurance)		4
	2,252	Mirvac Group (Equity Real Estate Investment Trusts)		5
	1,886	National Australia Bank Ltd. (Banks)		39
	469	Newcrest Mining Ltd. (Metals & Mining)		8
	632	Northern Star Resources Ltd. (Metals & Mining)		4
	221	Orica Ltd. (Chemicals)		2
	1,007	Origin Energy Ltd. (Electric Utilities)		4
	503	Qantas Airways Ltd. (Airlines)(a)		2
	838	QBE Insurance Group Ltd. (Insurance)		7

Shares		Security Description	Value (000)
		Australia (continued)
	29	REA Group Ltd. (Interactive Media & Services)	$	4
	166	Reece Ltd. (Trading Companies & Distributors)		3
	236	Rio Tinto Ltd. (Metals & Mining)		17
	1,745	Santos Ltd. (Oil, Gas & Consumable Fuels)(b)		8
	2,969	Scentre Group (Equity Real Estate Investment Trusts)		7
	192	SEEK Ltd. (Interactive Media & Services)		5
	260	Sonic Healthcare Ltd. (Health Care Providers & Services)		9
	2,679	South32 Ltd. (Metals & Mining)		8
	1,366	Stockland (Equity Real Estate Investment Trusts)		4
	734	Suncorp Group Ltd. (Insurance)		6
	756	Sydney Airport (Transportation Infrastructure)(a)		5
	1,271	Tabcorp Holdings Ltd. (Hotels, Restaurants & Leisure)		5
	2,363	Telstra Corp. Ltd. (Diversified Telecommunication Services)		7
	1,059	The GPT Group (Equity Real Estate Investment Trusts)		4
	1,761	Transurban Group (Transportation Infrastructure)		18
	413	Treasury Wine Estates Ltd. (Beverages)		4
	2,104	Vicinity Centres (Equity Real Estate Investment Trusts)(b)		3
	130	Washington H Soul Pattinson & Co. Ltd. (Oil, Gas & Consumable Fuels)		3
	647	Wesfarmers Ltd. (Multiline Retail)		28
	2,097	Westpac Banking Corp. (Banks)		32
	84	WiseTech Global Ltd. (Software)		4
	552	Woodside Petroleum Ltd. (Oil, Gas & Consumable Fuels)		9
	724	Woolworths Group Ltd. (Food & Staples Retailing)		20
				644
		Austria — 0.07%
	208	Erste Group Bank AG (Banks)(b)		10
	84	OMV AG (Oil, Gas & Consumable Fuels)		5
	88	Raiffeisen Bank International AG (Banks)(b)		3
	39	Verbund AG (Electric Utilities)		4
	63	Voestalpine AG (Metals & Mining)		2
				24
		Belgium — 0.25%
	100	Ageas SA (Insurance)		5
	435	Anheuser-Busch InBev N.V. (Beverages)		27
	74	Colruyt SA (Food & Staples Retailing)		3
	17	Elia Group SA (Electric Utilities)(b)		2
	65	Groupe Bruxelles Lambert SA (Diversified Financial Services)		7
	142	KBC Group N.V. (Banks)		12

See accompanying notes to financial statements.

64

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Belgium (continued)
	83	Proximus SADP (Diversified Telecommunication Services)	$	2
	9	Sofina SA (Diversified Financial Services)		4
	42	Solvay SA, Class - A (Chemicals)		5
	72	UCB SA (Pharmaceuticals)		8
	113	Umicore SA (Chemicals)(b)		5
				80
		Bermuda — 0.20%
	231	Arch Capital Group Ltd. (Insurance)(a)		10
	76	Athene Holding Ltd., Class - A (Insurance)(a)		6
	81	Bunge Ltd. (Food Products)		8
	23	Everest Re Group Ltd. (Insurance)		6
	216	IHS Markit Ltd. (Professional Services)		29
	198	Invesco Ltd. (Capital Markets)		5
				64
		Canada — 3.76%
	127	Agnico Eagle Mines Ltd. (Metals & Mining)		7
	100	Air Canada (Airlines)(a)(b)		2
	483	Algonquin Power & Utilities Corp. (Multi-Utilities)		7
	500	Alimentation Couche-Tard, Inc. (Food & Staples Retailing)		21
	200	AltaGas Ltd. (Gas Utilities)		4
	100	Ballard Power Systems, Inc. (Electrical Equipment)(a)		1
	365	Bank of Montreal (Banks)		39
	1,000	Barrick Gold Corp. (Metals & Mining)		19
	109	BCE, Inc. (Diversified Telecommunication Services)		6
	300	Blackberry Ltd. (Software)(a)		3
	805	Brookfield Asset Management, Inc. (Capital Markets)		49
	268	Cameco Corp. (Oil, Gas & Consumable Fuels)		6
	50	Canadian Apartment Properties REIT (Equity Real Estate Investment Trusts)(b)		2
	250	Canadian Imperial Bank of Commerce (Banks)		29
	407	Canadian National Railway Co. (Road & Rail)		50
	701	Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels)		30
	553	Canadian Pacific Railway Ltd. (Road & Rail)		40
	31	Canadian Tire Corp. Ltd., Class - A (Multiline Retail)		4
	100	Canadian Utilities Ltd., Class - A (Multi-Utilities)		3
	100	Canopy Growth Corp. (Pharmaceuticals)(a)(b)		1
	100	CCL Industries, Inc., Class - B (Containers & Packaging)(b)		5

Shares		Security Description	Value (000)
		Canada (continued)
	700	Cenovus Energy, Inc. (Oil, Gas & Consumable Fuels)	$	9
	121	CGI, Inc. (IT Services)(a)		11
	12	Constellation Software, Inc. (Software)		22
	161	Dollarama, Inc. (Multiline Retail)		8
	86	Emera, Inc. (Electric Utilities)		4
	100	Empire Co. Ltd. (Food & Staples Retailing)		3
	1,238	Enbridge, Inc. (Oil, Gas & Consumable Fuels)		48
	18	Fairfax Financial Holdings Ltd. (Insurance)		9
	300	First Quantum Minerals Ltd. (Metals & Mining)		7
	21	FirstService Corp. (Real Estate Management & Development)		4
	250	Fortis, Inc. (Electric Utilities)		12
	104	Franco-Nevada Corp. (Metals & Mining)		14
	100	GFL Environmental, Inc. (Commercial Services & Supplies)		4
	100	Gildan Activewear, Inc. (Textiles, Apparel & Luxury Goods)		4
	147	Great-West Lifeco, Inc. (Insurance)		4
	200	Hydro One Ltd. (Electric Utilities)(b)		5
	60	iA Financial Corp., Inc. (Insurance)		3
	50	IGM Financial, Inc. (Capital Markets)		2
	149	Imperial Oil Ltd. (Oil, Gas & Consumable Fuels)		5
	100	Intact Financial Corp. (Insurance)		13
	300	Ivanhoe Mines Ltd. (Metals & Mining)(a)		2
	100	Keyera Corp. (Oil, Gas & Consumable Fuels)(b)		2
	700	Kinross Gold Corp. (Metals & Mining)		4
	190	Kirkland Lake Gold Ltd. (Metals & Mining)		8
	66	Lightspeed Commerce, Inc. (Software)(a)		3
	98	Loblaw Companies Ltd. (Food & Staples Retailing)		8
	71	Lululemon Athletica, Inc. (Textiles, Apparel & Luxury Goods)(a)		28
	400	Lundin Mining Corp. (Metals & Mining)(b)		3
	178	Magna International, Inc. (Auto Components)		14
	1,100	Manulife Financial Corp. (Insurance)		21
	163	Metro, Inc. (Food & Staples Retailing)		9
	190	National Bank of Canada (Banks)^		14
	100	Northland Power, Inc. (Independent Power and Renewable Electricity Producers)(b)		3
	332	Nutrien Ltd. (Chemicals)		25
	34	Nuvei Corp. (IT Services)(a)		2
	42	Onex Corp. (Diversified Financial Services)		3
	145	Open Text Corp. (Software)(b)		7
	100	Pan American Silver Corp. (Metals & Mining)		2
	100	Parkland Corp. (Oil, Gas & Consumable Fuels)(b)		3

See accompanying notes to financial statements.

65

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Canada (continued)
	352	Pembina Pipelines Corp. (Oil, Gas & Consumable Fuels)	$	11
	320	Power Corp. of Canada (Insurance)		11
	100	Quebecor, Inc. (Media)		2
	188	Restaurant Brands International, Inc. (Hotels, Restaurants & Leisure)		11
	100	RioCan Real Estate Investment Trust (Equity Real Estate Investment Trusts)(b)		2
	69	Ritchie Bros. Auctioneers, Inc. (Commercial Services & Supplies)		4
	200	Rogers Communications, Inc., Class - B (Wireless Telecommunication Services)		10
	809	Royal Bank of Canada (Banks)		86
	100	Saputo, Inc. (Food Products)(b)		2
	301	Shaw Communications, Inc., Class - B (Media)		9
	65	Shopify, Inc. (IT Services)(a)		91
	353	Sun Life Financial, Inc. (Insurance)		20
	850	Suncor Energy, Inc. (Oil, Gas & Consumable Fuels)		21
	528	TC Energy Corp. (Oil, Gas & Consumable Fuels)		25
	242	Teck Resources Ltd., Class - B (Metals & Mining)		7
	300	TELUS Corp. (Diversified Telecommunication Services)		7
	47	TFI International, Inc. (Road & Rail)		5
	714	The Bank of Nova Scotia (Banks)		51
	1,097	The Toronto-Dominion Bank (Banks)		84
	100	Thomson Reuters Corp. (Professional Services)		12
	33	TMX Group Ltd. (Capital Markets)		3
	60	Toromont Industries, Ltd. (Trading Companies & Distributors)		5
	156	Tourmaline Oil Corp. (Oil, Gas & Consumable Fuels)		5
	144	Waste Connections, Inc. (Commercial Services & Supplies)		20
	59	West Fraser Timber Co. Ltd. (Paper & Forest Products)		6
	49	Weston (George) Ltd. (Food & Staples Retailing)		6
	275	Wheaton Precious Metals Corp. (Metals & Mining)		12
	67	WSP Global, Inc. (Construction & Engineering)(b)		10
				1,218
		China — 0.03%
	29	Futu Holdings Ltd., ADR (Capital Markets)(a)		1
	100	Jardine Matheson Holdings Ltd. (Industrial Conglomerates)		5

Shares		Security Description	Value (000)
		China (continued)
	1,000	SITC International Holdings Co. Ltd. (Marine)	$	4
				10
		Denmark — 0.46%
	2	A.P. Moller - Maersk A/S, Class - A (Marine)		7
	3	A.P. Moller - Maersk A/S, Class - B (Marine)		11
	96	Ambu A/S, Class - B (Health Care Equipment & Supplies)		3
	57	Carlsberg A/S, Class - B (Beverages)		10
	60	Christian Hansen Holding A/S (Chemicals)(b)		5
	68	Coloplast A/S, Class - B (Health Care Equipment & Supplies)		12
	395	Danske Bank A/S (Banks)		7
	62	Demant A/S (Health Care Equipment & Supplies)(a)		3
	118	DSV A/S (Road & Rail)		27
	70	GN Store Nord A/S (Health Care Equipment & Supplies)		4
	118	Novozymes A/S, B Shares (Chemicals)		10
	108	Orsted A/S (Electric Utilities)(b)		14
	59	Pandora A/S (Textiles, Apparel & Luxury Goods)		7
	5	ROCKWOOL International A/S, B Shares (Building Products)		2
	274	Tryg A/S (Insurance)(b)		7
	630	Vestas Wind Systems A/S (Electrical Equipment)		19
				148
		Finland — 0.38%
	81	Elisa Oyj (Diversified Telecommunication Services)		5
	252	Fortum Oyj (Electric Utilities)		8
	156	Kesko Oyj, Class - B (Food & Staples Retailing)		5
	195	Kone Oyj, Class - B (Machinery)		14
	241	Neste Oyj (Oil, Gas & Consumable Fuels)		12
	3,076	Nokia Oyj (Communications Equipment)(a)		20
	1,850	Nordea Bank Abp (Banks)		22
	285	Sampo Oyj, Class - A (Insurance)		14
	333	Stora Enso Oyj, R Shares (Paper & Forest Products)		6
	306	UPM-Kymmene Oyj (Paper & Forest Products)		12
	271	Wartsila Oyj Abp (Machinery)		4
				122
		France — 3.03%
	99	Accor SA (Hotels, Restaurants & Leisure)(a)(b)		3
	16	Aeroports de Paris (Transportation Infrastructure)(a)		2
	271	Air Liquide SA (Chemicals)		47
	179	Alstom SA (Machinery)		6
	35	Amundi SA (Capital Markets)		3
	35	Arkema SA (Chemicals)		5

See accompanying notes to financial statements.

66

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		France (continued)
	1,106	AXA SA (Insurance)	$	33
	28	BioMerieux (Health Care Equipment & Supplies)		4
	635	BNP Paribas SA (Banks)		44
	481	Bollore SA (Entertainment)		3
	131	Bouygues SA (Construction & Engineering)		5
	168	Bureau Veritas SA (Professional Services)(b)		6
	93	Capgemini SE (IT Services)		23
	358	Carrefour SA (Food & Staples Retailing)(b)		7
	93	CNP Assurances (Insurance)		2
	289	Compagnie de Saint-Gobain (Building Products)		20
	116	Compagnie Generale des Etablissements Michelin (Auto Components)		19
	30	Covivio (Equity Real Estate Investment Trusts)		2
	700	Credit Agricole SA (Banks)		10
	373	Danone SA (Food Products)		23
	379	Dassault Systemes SE (Software)		23
	141	Edenred (IT Services)		7
	49	Eiffage SA (Construction & Engineering)(b)		5
	271	Electricite de France SA (Electric Utilities)		3
	1,151	Engie SA (Multi-Utilities)		17
	173	EssilorLuxottica SA (Textiles, Apparel & Luxury Goods)		37
	23	Eurazeo SE (Diversified Financial Services)		2
	64	Faurecia SE (Auto Components)		3
	26	Gecina SA (Equity Real Estate Investment Trusts)(b)		4
	252	Getlink SE (Transportation Infrastructure)		4
	18	Hermes International (Textiles, Apparel & Luxury Goods)		31
	21	Ipsen SA (Pharmaceuticals)		2
	45	Kering SA (Textiles, Apparel & Luxury Goods)		36
	118	Klepierre SA (Equity Real Estate Investment Trusts)		3
	55	LA Francaise des Jeux SAEM (Hotels, Restaurants & Leisure)		2
	152	Legrand SA (Electrical Equipment)		18
	144	L’Oreal SA (Personal Products)		68
	165	LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods)		136
	1,142	Orange SA (Diversified Telecommunication Services)(b)		12
	30	Orpea (Health Care Providers & Services)(b)		3
	120	Pernod Ricard SA (Beverages)		29
	127	Publicis Groupe SA (Media)		9
	13	Remy Cointreau SA (Beverages)		3
	110	Renault SA (Automobiles)(a)		4
	311	Schneider Electric SE (Electrical Equipment)(b)		61

Shares		Security Description	Value (000)
		France (continued)
	16	SEB SA (Household Durables)	$	2
	465	Societe Generale SA (Banks)		16
	51	Sodexo SA (Hotels, Restaurants & Leisure)		4
	201	Suez SA (Multi-Utilities)		5
	34	Teleperformance (Professional Services)		15
	1,442	TotalEnergies SE (Oil, Gas & Consumable Fuels)		73
	87	UbiSoft Entertainment SA (Entertainment)(a)		4
	71	Unibail-Rodamco-Westfield (Equity Real Estate Investment Trusts)(a)		5
	131	Valeo SA (Auto Components)		4
	373	Veolia Environnement SA (Multi-Utilities)		14
	319	Vinci SA (Construction & Engineering)		34
	407	Vivendi SA (Entertainment)		6
	15	Wendel SE (Diversified Financial Services)		2
	136	Worldline SA (IT Services)(a)		8
				981
		Germany — 2.37%
	117	adidas AG (Textiles, Apparel & Luxury Goods)		34
	236	Allianz SE (Insurance)		56
	571	Aroundtown SA (Real Estate Management & Development)(b)		3
	525	BASF SE (Chemicals)		37
	206	Bayerische Motoren Werke AG (Automobiles)		21
	45	Bechtle AG (IT Services)		3
	88	Brenntag AG (Trading Companies & Distributors)		8
	23	Carl Zeiss Meditec AG (Health Care Equipment & Supplies)		5
	573	Commerzbank AG (Banks)(a)		4
	62	Continental AG (Auto Components)(a)		7
	111	Covestro AG (Chemicals)		7
	511	Daimler AG (Automobiles)(b)		39
	245	Daimler Truck Holding AG (Machinery)(a)		9
	93	Delivery Hero SE (Internet & Direct Marketing Retail)(a)		10
	1,178	Deutsche Bank AG, Registered Shares (Capital Markets)(a)		15
	109	Deutsche Boerse AG (Capital Markets)		18
	372	Deutsche Lufthansa AG, Registered Shares (Airlines)(a)		3
	610	Deutsche Post AG, Registered Shares (Air Freight & Logistics)		39
	1,905	Deutsche Telekom AG (Diversified Telecommunication Services)(b)		35
	1,300	E.ON SE (Multi-Utilities)		18
	120	Evonik Industries AG (Chemicals)		4
	119	Fresenius Medical Care AG & Co. KGAA (Health Care Providers & Services)		8
	88	GEA Group AG (Machinery)		5

See accompanying notes to financial statements.

67

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Germany (continued)
	35	Hannover Rueckversicherung SE (Insurance)	$	7
	85	HeidelbergCement AG (Construction Materials)		6
	95	HelloFresh SE (Internet & Direct Marketing Retail)(a)		7
	59	Henkel AG & Co. KGAA (Household Products)		5
	747	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)(b)		35
	41	KION Group AG (Machinery)(b)		5
	42	Knorr-Bremse AG (Machinery)		4
	48	Lanxess AG (Chemicals)		3
	41	LEG Immobilien AG (Real Estate Management & Development)		6
	32	MTU Aero Engines AG (Aerospace & Defense)		7
	89	Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares (Insurance)		26
	33	Nemetschek SE (Software)		4
	60	Puma SE (Textiles, Apparel & Luxury Goods)(b)		7
	3	Rational AG (Machinery)		3
	366	RWE AG (Multi-Utilities)		15
	598	SAP SE (Software)		84
	50	Scout24 AG (Interactive Media & Services)		3
	438	Siemens AG, Registered Shares (Industrial Conglomerates)		76
	226	Siemens Energy AG (Electrical Equipment)(a)		6
	161	Siemens Healthineers AG (Health Care Equipment & Supplies)		12
	74	Symrise AG (Chemicals)(b)		11
	627	Telefonica Deutschland Holding AG (Diversified Telecommunication Services)		2
	56	Uniper SE (Independent Power and Renewable Electricity Producers)		3
	58	United Internet AG (Diversified Telecommunication Services)(b)		2
	19	Volkswagen AG (Automobiles)		6
	417	Vonovia SE (Real Estate Management & Development)		23
	126	Zalando SE (Internet & Direct Marketing Retail)(a)		10
				766
		Hong Kong — 0.84%
	6,892	AIA Group Ltd. (Insurance)		70
	2,000	BOC Hong Kong Holdings Ltd. (Banks)		7
	1,000	Budweiser Brewing Co. APAC Ltd. (Beverages)		3
	1,200	Chow Tai Fook Jewellery Group Ltd. (Specialty Retail)		2

Shares		Security Description	Value (000)
		Hong Kong (continued)
	1,000	CK Asset Holdings Ltd. (Real Estate Management & Development)	$	6
	1,500	CK Hutchison Holdings Ltd. (Industrial Conglomerates)		10
	500	CK Infrastructure Holdings Ltd. (Electric Utilities)		3
	1,000	CLP Holdings Ltd. (Electric Utilities)		10
	1,200	ESR Cayman Ltd. (Real Estate Management & Development)(a)		4
	2,000	Galaxy Entertainment Group Ltd. (Hotels, Restaurants & Leisure)(a)		10
	1,000	Hang Lung Properties Ltd. (Real Estate Management & Development)		2
	400	Hang Seng Bank Ltd. (Banks)		7
	1,000	Henderson Land Development Co. Ltd. (Real Estate Management & Development)		4
	1,500	HK Electric Investments & HK Electric Investments Ltd. (Electric Utilities)		1
	2,000	HKT Trust & HKT Ltd. (Diversified Telecommunication Services)(b)		3
	6,985	Hong Kong & China Gas Co. Ltd. (Gas Utilities)		11
	723	Hong Kong Exchanges & Clearing Ltd. (Capital Markets)		42
	700	Hongkong Land Holdings Ltd. (Real Estate Management & Development)		4
	126	Melco Resorts & Entertainment Ltd., ADR (Hotels, Restaurants & Leisure)(a)		1
	1,000	MTR Corp. Ltd. (Road & Rail)		5
	1,250	New World Development Co. Ltd. (Real Estate Management & Development)		5
	779	Power Assets Holdings Ltd. (Electric Utilities)		5
	1,600	Sands China Ltd. (Hotels, Restaurants & Leisure)(a)		4
	2,000	Sino Land Co. Ltd. (Real Estate Management & Development)		2
	1,000	Sun Hung Kai Properties Ltd. (Real Estate Management & Development)		12
	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)		15
	1,173	The Link Real Estate Investment Trust (Equity Real Estate Investment Trusts)		10
	4,728	WH Group Ltd. (Food Products)(b)		3
	1,000	Wharf Real Estate Investment Co. Ltd. (Real Estate Management & Development)		5
	1,000	Xinyi Glass Holdings Ltd. (Building Products)		3
				272

See accompanying notes to financial statements.

68

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Ireland (Republic of) — 0.86%
	51	Allegion PLC (Building Products)	$	7
	438	CRH PLC (Construction Materials)(b)		23
	228	Eaton Corp. PLC (Electrical Equipment)		39
	528	Experian PLC (Professional Services)		26
	95	Flutter Entertainment PLC (Hotels, Restaurants & Leisure)(a)		15
	121	Horizon Therapeutics PLC (Pharmaceuticals)(a)		13
	252	James Hardie Industries PLC (Construction Materials)		10
	100	Kerry Group PLC, Class - A (Food Products)(b)		13
	88	Kingspan Group PLC (Building Products)		11
	768	Medtronic PLC (Health Care Equipment & Supplies)		78
	117	Pentair PLC (Machinery)		9
	113	Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals)		13
	140	Smurfit Kappa Group PLC (Containers & Packaging)(b)		8
	57	STERIS PLC (Health Care Equipment & Supplies)		14
				279
		Isle of Man — 0.02%
	326	GVC Holdings PLC (Hotels, Restaurants & Leisure)(a)		7
		Israel — 0.23%
	26	Azrieli Group Ltd. (Real Estate Management & Development)		2
	803	Bank Hapoalim BM (Banks)		8
	831	Bank Leumi Le (Banks)		9
	62	Check Point Software Technologies Ltd. (Software)(a)		7
	23	CyberArk Software Ltd. (Software)(a)		4
	19	Fiverr International Ltd. (Internet & Direct Marketing Retail)(a)		2
	383	ICL Group Ltd. (Chemicals)(b)		4
	33	Inmode Ltd. (Health Care Equipment & Supplies)(a)		2
	—	Isracard Ltd. (Consumer Finance)		—
	665	Israel Discount Bank Ltd., Class - A (Banks)		4
	30	Kornit Digital Ltd. (Machinery)(a)		5
	76	Mizrahi Tefahot Bank Ltd. (Banks)		3
	37	Nice Ltd. (Software)(a)		12
	31	SolarEdge Technologies, Inc. (Semiconductors & Semiconductor Equipment)(a)		9
	32	Wix.com Ltd. (IT Services)(a)		5
				76

Shares		Security Description	Value (000)
		Italy — 0.64%
	71	Amplifon SpA (Health Care Providers & Services)	$	4
	631	Assicurazioni Generali SpA (Insurance)		13
	284	Atlantia SpA (Transportation Infrastructure)(a)		6
	316	Davide Campari-Milano N.V. (Beverages)		5
	14	Diasorin SpA (Health Care Equipment & Supplies)		3
	4,649	Enel SpA (Electric Utilities)(b)		37
	1,441	Eni SpA (Oil, Gas & Consumable Fuels)		20
	74	Ferrari N.V. (Automobiles)		19
	349	FinecoBank Banca Fineco SpA (Banks)		6
	183	Infrastrutture Wireless Italiane SpA (Diversified Telecommunication Services)(b)		2
	9,435	Intesa Sanpaolo SpA (Banks)(b)		24
	356	Mediobanca Banca di Credito Finanziario SpA (Banks)		4
	117	Moncler SpA (Textiles, Apparel & Luxury Goods)		9
	252	Nexi SpA (IT Services)(a)(b)		4
	299	Poste Italiane SpA (Insurance)		4
	145	Prusmian SpA (Electrical Equipment)		5
	60	Recordati SpA (Pharmaceuticals)		4
	1,155	Snam SpA (Gas Utilities)		7
	5,702	Telecom Italia SpA (Diversified Telecommunication Services)		3
	805	Terna - Rete Elettrica Nazionale SpA (Electric Utilities)		7
	1,301	Unicredit SpA (Banks)		20
				206
		Japan — 6.20%
	100	Advantest Corp. (Semiconductors & Semiconductor Equipment)(b)		9
	400	Aeon Mall Co. Ltd. (Food & Staples Retailing)		9
	100	AGC, Inc. (Building Products)		5
	100	Aisin Seiki Co. Ltd. (Auto Components)		4
	100	ANA Holdings, Inc. (Airlines)(a)(b)		2
	100	Asahi Intecc Co. Ltd. (Health Care Equipment & Supplies)		2
	100	Azbil Corp. (Electronic Equipment, Instruments & Components)		5
	100	Bandai Namco Holdings, Inc. (Leisure Products)		8
	100	Benefit One, Inc. (Professional Services)		4
	333	Bridgestone Corp. (Auto Components)		14
	100	Brother Industries Ltd. (Technology Hardware, Storage & Peripherals)		2
	600	Canon, Inc. (Technology Hardware, Storage & Peripherals)		15
	100	Capcom Co. Ltd. (Entertainment)		2
	100	Central Japan Railway Co. (Road & Rail)		13

See accompanying notes to financial statements.

69

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	400	Chubu Electric Power Co., Inc. (Electric Utilities)	$	4
	600	Concordia Financial Group Ltd. (Banks)		2
	200	CyberAgent, Inc. (Media)		3
	100	Dai Nippon Printing Co. Ltd. (Commercial Services & Supplies)		3
	30	Daifuku Co. Ltd. (Machinery)		2
	586	Dai-ichi Life Holdings, Inc. (Insurance)		12
	120	Daikin Industries Ltd. (Building Products)		27
	300	Daiwa House Industry Co. Ltd. (Real Estate Management & Development)		9
	1	Daiwa House REIT Investment Corp. (Equity Real Estate Investment Trusts)(b)		3
	900	Daiwa Securities Group, Inc. (Capital Markets)		5
	256	Denso Corp. (Auto Components)		21
	100	Dentsu Group, Inc. (Media)		4
	35	Disco Corp. (Semiconductors & Semiconductor Equipment)		11
	200	East Japan Railway Co. (Road & Rail)		12
	1,800	ENEOS Holdings, Inc. (Oil, Gas & Consumable Fuels)		7
	149	FANUC Corp. (Machinery)		32
	100	Fuji Electric Co. Ltd. (Electrical Equipment)		5
	200	FUJIFILM Holdings Corp. (Technology Hardware, Storage & Peripherals)		15
	152	Fujitsu Ltd. (IT Services)(b)		26
	2	GLP J-REIT (Equity Real Estate Investment Trusts)		3
	100	Hakuhodo DY Holdings, Inc. (Media)		2
	100	Hamamatsu Photonics K.K. (Electronic Equipment, Instruments & Components)		6
	100	Hankyu Hanshin Holdings, Inc. (Road & Rail)		3
	27	Hikari Tsushin, Inc. (Specialty Retail)		4
	200	Hino Motors Ltd. (Machinery)		2
	42	Hirose Electric Co. Ltd. (Electronic Equipment, Instruments & Components)		7
	100	Hitachi Construction Machinery Co. Ltd. (Machinery)		3
	100	Hitachi Metals Ltd. (Metals & Mining)(a)		2
	900	Honda Motor Co. Ltd. (Automobiles)		25
	200	HOYA Corp. (Health Care Equipment & Supplies)		30
	200	Hulic Co. Ltd. (Real Estate Management & Development)(b)		2
	100	Ibiden Co. Ltd. (Electronic Equipment, Instruments & Components)		6
	152	Idemitsu Kosan Co. Ltd. (Oil, Gas & Consumable Fuels)(b)		4

Shares		Security Description	Value (000)
		Japan (continued)
	100	Iida Group Holdings Co. Ltd. (Household Durables)	$	2
	600	Inpex Corp. (Oil, Gas & Consumable Fuels)		5
	400	Isuzu Motors Ltd. (Automobiles)		5
	700	ITOCHU Corp. (Trading Companies & Distributors)		21
	100	ITOCHU Techno-Solutions Corp. (IT Services)		3
	48	Japan Airlines Co. Ltd. (Airlines)(a)(b)		1
	300	Japan Exchange Group, Inc. (Capital Markets)		7
	300	Japan Post Bank Co. Ltd. (Banks)		3
	1,400	Japan Post Holdings Co. Ltd. (Insurance)(b)		11
	100	Japan Post Insurance Co. Ltd. (Insurance)(b)		2
	2	Japan Real Estate Investment Corp. (Equity Real Estate Investment Trusts)		11
	4	Japan Retail Fund Investment Corp. (Equity Real Estate Investment Trusts)		3
	300	JFE Holdings, Inc. (Metals & Mining)		4
	300	Kajima Corp. (Construction & Engineering)		3
	100	Kakaku.com, Inc. (Interactive Media & Services)		3
	100	Kansai Paint Co. Ltd. (Chemicals)		2
	227	Kao Corp. (Personal Products)		12
	874	KDDI Corp. (Wireless Telecommunication Services)		26
	32	Keio Corp. (Road & Rail)		1
	100	Keisei Electric Railway Co. Ltd. (Road & Rail)		3
	134	Keyence Corp. (Electronic Equipment, Instruments & Components)		83
	100	Kikkoman Corp. (Food Products)		8
	100	Kintetsu Group Holdings Co. Ltd. (Road & Rail)(a)		3
	500	Kirin Holdings Co. Ltd., Class - C (Beverages)		8
	100	Kobe Bussan Co. Ltd. (Food & Staples Retailing)		4
	34	Koito Manufacturing Co. Ltd. (Auto Components)		2
	500	Komatsu Ltd. (Machinery)		12
	100	Konami Holdings Corp. (Entertainment)		5
	43	Kose Corp. (Personal Products)		5
	600	Kubota Corp. (Machinery)		13
	100	Kurita Water Industries Ltd. (Machinery)		5
	200	Kyocera Corp. (Electronic Equipment, Instruments & Components)		12
	200	Kyowa Kirin Co. Ltd. (Pharmaceuticals)		5
	100	Lasertec Corp. (Semiconductors & Semiconductor Equipment)		31
	100	Lion Corp. (Household Products)		1
	200	Lixil Corp. (Building Products)		5
	300	M3, Inc. (Health Care Technology)		15
	100	Makita Corp. (Machinery)		4

See accompanying notes to financial statements.

70

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	900	Marubeni Corp. (Trading Companies & Distributors)	$	9
	400	Mazda Motor Corp. (Automobiles)(a)		3
	100	Medipal Holdings Corp. (Health Care Providers & Services)		2
	100	Mercari, Inc. (Internet & Direct Marketing Retail)(a)		5
	200	MINEBEA MITSUMI, Inc. (Machinery)		6
	200	MISUMI Group, Inc. (Machinery)		8
	700	Mitsubishi Corp. (Trading Companies & Distributors)		22
	1,100	Mitsubishi Electric Corp. (Electrical Equipment)		14
	700	Mitsubishi Estate Co. Ltd. (Real Estate Management & Development)		10
	100	Mitsubishi Gas Chemical Co., Inc. (Chemicals)		2
	200	Mitsubishi Heavy Industries Ltd. (Machinery)		5
	7,079	Mitsubishi UFJ Financial Group, Inc. (Banks)		37
	400	Mitsubishi UFJ Lease & Finance Co. Ltd. (Diversified Financial Services)		2
	1,000	Mitsui & Co. Ltd. (Trading Companies & Distributors)		24
	100	Mitsui Chemicals, Inc. (Chemicals)		3
	500	Mitsui Fudosan Co. Ltd. (Real Estate Management & Development)		10
	100	Miura Co. Ltd. (Machinery)		3
	1,410	Mizuho Financial Group, Inc. (Banks)		18
	200	MonotaRO Co. Ltd. (Trading Companies & Distributors)		4
	230	MS&AD Insurance Group Holdings, Inc. (Insurance)		7
	337	Murata Manufacturing Co. Ltd. (Electronic Equipment, Instruments & Components)		27
	130	NEC Corp. (Technology Hardware, Storage & Peripherals)		6
	300	Nexon Co. Ltd. (Entertainment)		6
	200	NGK Insulators Ltd. (Machinery)		3
	300	Nidec Corp. (Electrical Equipment)		35
	200	Nihon M&A Center Holdings, Inc. (Professional Services)		5
	45	Nintendo Co. Ltd. (Entertainment)		21
	1	Nippon Building Fund, Inc. (Equity Real Estate Investment Trusts)		6
	400	Nippon Paint Holdings Co. Ltd. (Chemicals)(b)		4
	1	Nippon Prologis REIT, Inc. (Equity Real Estate Investment Trusts)(b)		4
	500	Nippon Steel Corp. (Metals & Mining)(b)		8

Shares		Security Description	Value (000)
		Japan (continued)
	762	Nippon Telegraph & Telephone Corp. (Diversified Telecommunication Services)	$	21
	100	Nippon Yusen Kabushiki Kaisha (Marine)		8
	1,400	Nissan Motor Co. Ltd. (Automobiles)(a)		7
	154	Nisshin Seifun Group, Inc. (Food Products)		2
	100	Nitto Denko Corp. (Chemicals)		8
	1,800	Nomura Holdings, Inc. (Capital Markets)		8
	100	Nomura Real Estate Holdings, Inc. (Real Estate Management & Development)		2
	2	Nomura Real Estate Master Fund, Inc. (Equity Real Estate Investment Trusts)		3
	235	Nomura Research Institute Ltd. (IT Services)		10
	400	NTT Data Corp. (IT Services)		9
	400	Obayashi Corp. (Construction & Engineering)		3
	200	Odakyu Electric Railway Co. Ltd. (Road & Rail)		4
	500	Oji Paper Co. Ltd. (Paper & Forest Products)		2
	147	OMRON Corp. (Electronic Equipment, Instruments & Components)		15
	100	Open House Group Co. Ltd. (Real Estate Management & Development)(b)		5
	49	Oracle Corp. (Software)		4
	100	Oriental Land Co. Ltd. (Hotels, Restaurants & Leisure)		17
	700	ORIX Corp. (Diversified Financial Services)		14
	2	ORIX JREIT, Inc. (Equity Real Estate Investment Trusts)		3
	200	Osaka Gas Co. Ltd. (Gas Utilities)		3
	34	OTSUKA Corp. (IT Services)		2
	268	Pan Pacific International Holdings Corp. (Multiline Retail)		4
	1,300	Panasonic Corp. (Household Durables)		14
	100	Persol Holdings Co. Ltd. (Professional Services)		3
	100	Pola Orbis Holdings, Inc. (Personal Products)		2
	500	Rakuten, Inc. (Internet & Direct Marketing Retail)		5
	800	Recruit Holdings Co. Ltd. (Professional Services)		47
	700	Renesas Electronics Corp. (Semiconductors & Semiconductor Equipment)(a)(b)		9
	1,200	Resona Holdings, Inc. (Banks)		5
	400	Ricoh Co. Ltd. (Technology Hardware, Storage & Peripherals)		4
	43	Rinnai Corp. (Household Durables)		4
	21	Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)		2
	210	Ryohin Keikaku Co. Ltd. (Multiline Retail)		3
	200	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals)		2

See accompanying notes to financial statements.

71

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	100	SBI Holdings, Inc. (Capital Markets)	$	3
	100	SCSK Corp. (IT Services)		2
	100	Secom Co. Ltd. (Commercial Services & Supplies)		7
	200	Seiko Epson Corp. (Technology Hardware, Storage & Peripherals)		4
	200	Sekisui Chemical Co. Ltd. (Household Durables)		3
	400	Sekisui House Ltd. (Household Durables)		9
	467	Seven & I Holdings Co. Ltd. (Food & Staples Retailing)		21
	200	SG Holdings Co. Ltd. (Air Freight & Logistics)		5
	100	Sharp Corp. (Household Durables)(b)		1
	300	Shimizu Corp. (Construction & Engineering)		2
	200	Shin-Etsu Chemical Co. Ltd. (Chemicals)		35
	1,700	Softbank Corp. (Wireless Telecommunication Services)		21
	718	SoftBank Group Corp. (Wireless Telecommunication Services)		34
	200	Sompo Holdings, Inc. (Insurance)		8
	700	Sony Corp. (Household Durables)		87
	100	Square Enix Holdings Co. Ltd. (Entertainment)		5
	100	Stanley Electric Co. Ltd. (Auto Components)		3
	400	Subaru Corp. (Automobiles)		7
	200	SUMCO Corp. (Semiconductors & Semiconductor Equipment)(b)		4
	700	Sumitomo Corp. (Trading Companies & Distributors)		10
	400	Sumitomo Electric Industries Ltd. (Auto Components)		5
	200	Sumitomo Metal Mining Co. Ltd. (Metals & Mining)		8
	700	Sumitomo Mitsui Financial Group, Inc. (Banks)		24
	223	Sumitomo Mitsui Trust Holdings, Inc. (Banks)		7
	200	Sumitomo Realty & Development Co. Ltd. (Real Estate Management & Development)		6
	100	Suntory Beverage & Food Ltd. (Beverages)		4
	200	Suzuki Motor Corp. (Automobiles)		8
	100	Sysmex Corp. (Health Care Equipment & Supplies)		14
	300	T&D Holdings, Inc. (Insurance)		4
	100	Taisei Corp. (Construction & Engineering)		3
	46	Taisho Pharmaceutical Holdings Co. Ltd. (Pharmaceuticals)		2
	100	Taiyo Nippon Sanso Corp. (Chemicals)		2
	200	TDK Corp. (Electronic Equipment, Instruments & Components)		8

Shares		Security Description	Value (000)
		Japan (continued)
	400	Terumo Corp. (Health Care Equipment & Supplies)	$	17
	300	The Chiba Bank Ltd. (Banks)		2
	400	The Kansai Electric Power Co., Inc. (Electric Utilities)		4
	300	The Shizuoka Bank Ltd. (Banks)		2
	100	TIS, Inc. (IT Services)		3
	145	Tobu Railway Co. Ltd. (Road & Rail)		3
	45	Toho Co. Ltd. (Entertainment)		2
	331	Tokio Marine Holdings, Inc. (Insurance)		18
	900	Tokyo Electric Power Co. Holdings, Inc. (Electric Utilities)(a)		2
	100	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		57
	200	Tokyo Gas Co. Ltd. (Gas Utilities)		4
	300	Tokyu Corp. (Road & Rail)		4
	200	TOPPAN, Inc. (Commercial Services & Supplies)		4
	800	Toray Industries, Inc. (Chemicals)		5
	200	Toshiba Corp. (Industrial Conglomerates)		8
	200	Tosoh Corp. (Chemicals)		3
	100	TOTO Ltd. (Building Products)		5
	100	Toyota Industries Corp. (Auto Components)		8
	6,050	Toyota Motor Corp. (Automobiles)		110
	100	Trend Micro, Inc. (Software)		6
	47	Tsuruha Holdings, Inc. (Food & Staples Retailing)		5
	200	Unicharm Corp. (Household Products)		9
	100	USS Co. Ltd. (Specialty Retail)		2
	100	Yakult Honsha Co. Ltd. (Food Products)		5
	100	Yamaha Corp. (Leisure Products)		5
	200	Yamaha Motor Co. Ltd. (Automobiles)		5
	200	Yamato Holdings Co. Ltd. (Air Freight & Logistics)		5
	100	Yaskawa Electric Corp. (Machinery)		5
	100	Yokogawa Electric Corp. (Electronic Equipment, Instruments & Components)		2
	1,600	Z Holdings Corp. (Interactive Media & Services)		9
	100	ZOZO, Inc. (Internet & Direct Marketing Retail)(b)		3
				2,006
		Jersey — 0.14%
	5,719	Glencore PLC (Metals & Mining)(b)		29
	53	Novocure Ltd. (Health Care Equipment & Supplies)(a)		4
	704	WPP PLC (Media)		11
				44

See accompanying notes to financial statements.

72

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Liberia — 0.03%
	130	Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)(a)	$	10
		Luxembourg — 0.05%
	410	ArcelorMittal SA (Metals & Mining)		13
	257	Tenaris SA (Energy Equipment & Services)		3
				16
		Netherlands — 1.81%
	351	ABN AMRO Group N.V. (Banks)		5
	12	Adyen N.V. (IT Services)(a)(b)		32
	1,041	AEGON N.V. (Insurance)		5
	110	Akzo Nobel N.V. (Chemicals)		12
	25	Argenx SE (Biotechnology)(a)		9
	27	ASM International N.V. (Semiconductors & Semiconductor Equipment)		12
	237	ASML Holding N.V. (Semiconductors & Semiconductor Equipment)(b)		192
	582	CNH Industrial N.V. (Machinery)		11
	61	Euronext NV (Capital Markets)		6
	62	EXOR N.V. (Diversified Financial Services)		6
	66	Heineken Holding N.V., Class - A (Beverages)		6
	147	Heineken N.V. (Beverages)		17
	36	IMCD NV (Trading Companies & Distributors)(b)		8
	2,231	ING Groep N.V. (Banks)		31
	113	JDE Peet’s N.V. (Food Products)		3
	103	Just Eat Takeaway.com N.V. (Internet & Direct Marketing Retail)(a)		6
	597	Koninklijke Ahold Delhaize N.V. (Food & Staples Retailing)		20
	100	Koninklijke DSM N.V. (Chemicals)		23
	1,943	Koninklijke KPN N.V. (Diversified Telecommunication Services)		6
	566	Koninklijke Philips N.V. (Health Care Equipment & Supplies)		21
	155	LyondellBasell Industries N.V., Class - A (Chemicals)		14
	154	NN Group N.V. (Insurance)		8
	151	NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		34
	533	Prosus N.V. (Internet & Direct Marketing Retail)(b)		45
	68	Randstad N.V. (Professional Services)		5
	390	STMicroelectronics N.V. (Semiconductors & Semiconductor Equipment)		19
	432	Universal Music Group N.V. (Entertainment)		12

Shares		Security Description	Value (000)
		Netherlands (continued)
	152	Wolters Kluwer N.V. (Professional Services)	$	18
				586
		New Zealand — 0.09%
	716	Auckland International Airport Ltd. (Transportation Infrastructure)(a)		4
	327	Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Supplies)		7
	370	Mercury NZ Ltd. (Electric Utilities)		2
	697	Meridian Energy Ltd. (Independent Power and Renewable Electricity Producers)		2
	242	Ryman Healthcare Ltd. (Health Care Providers & Services)		2
	1,068	Spark New Zealand Ltd. (Diversified Telecommunication Services)		3
	76	Xero Ltd. (Software)(a)		8
				28
		Norway — 0.21%
	161	Adevinta ASA (Interactive Media & Services)(a)		2
	81	Aker BP ASA (Oil, Gas & Consumable Fuels)		2
	576	DNB Bank ASA (Banks)		13
	558	Equinor ASA (Oil, Gas & Consumable Fuels)		16
	109	Gjensidige Forsikring ASA (Insurance)		3
	252	Mowi ASA (Food Products)		6
	769	Norsk Hydro ASA (Metals & Mining)		6
	487	Orkla ASA (Food Products)		5
	45	Schibsted ASA, Class - A (Media)		2
	53	Schibsted ASA, Class - B (Media)		2
	401	Telenor ASA (Diversified Telecommunication Services)		6
	108	Yara International ASA (Chemicals)		5
				68
		Panama — 0.03%
	471	Carnival Corp. (Hotels, Restaurants & Leisure)(a)		9
		Poland — 0.00%
	114	InPost SA (Air Freight & Logistics)(a)		1
		Portugal — 0.05%
	1,671	EDP - Energias de Portugal SA (Electric Utilities)		9
	266	Galp Energia SGPS SA, B Shares (Oil, Gas & Consumable Fuels)(b)		3
	222	Jeronimo Martins, SGPS, SA (Food & Staples Retailing)(b)		5
				17
		Singapore — 0.36%
	1,950	Ascendas Real Estate Investment Trust (Equity Real Estate Investment Trusts)		4

See accompanying notes to financial statements.

73

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Singapore (continued)
	2,740	CapitaLand Integrated Commercial Trust (Equity Real Estate Investment Trusts)	$	4
	1,500	Capitaland Investment, Ltd. (Real Estate Management & Development)(a)		4
	200	City Developments Ltd. (Real Estate Management & Development)		1
	1,024	DBS Group Holdings Ltd. (Banks)		26
	3,300	Genting Singapore Ltd. (Hotels, Restaurants & Leisure)		2
	800	Keppel Corp. Ltd. (Industrial Conglomerates)		3
	1,200	Mapletree Commercial Trust (Equity Real Estate Investment Trusts)		2
	1,659	Mapletree Logistics Trust (Equity Real Estate Investment Trusts)		2
	1,935	Oversea-Chinese Banking Corp. Ltd. (Banks)		16
	81	Sea Ltd., ADR (Entertainment)(a)		18
	800	Singapore Airlines Ltd. (Airlines)(a)		3
	500	Singapore Exchange Ltd. (Capital Markets)		3
	4,700	Singapore Telecommunications Ltd. (Diversified Telecommunication Services)		8
	700	United Overseas Bank Ltd. (Banks)		14
	300	United Overseas Land Group Ltd. (Real Estate Management & Development)		2
	200	Venture Corp. Ltd. (Electronic Equipment, Instruments & Components)		3
	1,100	Wilmar International Ltd. (Food Products)		3
				118
		Spain — 0.71%
	135	ACS Actividades de Construccion y Servicios SA (Construction & Engineering)		4
	43	Aena SME SA (Transportation Infrastructure)(a)		7
	287	Amadeus IT Group SA (IT Services)(a)		19
	3,801	Banco Bilbao Vizcaya Argentaria SA (Banks)		23
	9,912	Banco Santander SA (Banks)(b)		34
	2,518	CaixaBank SA (Banks)		7
	285	Cellnex Telecom SA (Diversified Telecommunication Services)		17
	165	EDP Renovaveis SA (Independent Power and Renewable Electricity Producers)		4
	142	Enagas SA (Gas Utilities)(b)		3
	182	Endesa SA (Electric Utilities)		4
	276	Ferrovial SA (Construction & Engineering)		9
	171	Grifols SA (Biotechnology)		3
	3,243	Iberdrola SA (Electric Utilities)		39
	671	Industria de Diseno Textil SA (Specialty Retail)		22
	104	Naturgy Energy Group SA (Gas Utilities)		3
	248	Red Electrica Corp. SA (Electric Utilities)		5
	955	Repsol SA (Oil, Gas & Consumable Fuels)		11

Shares		Security Description	Value (000)
		Spain (continued)
	136	Siemens Gamesa Renewable Energy SA, Registered Shares (Electrical Equipment)(a)	$	3
	3,044	Telefonica SA (Diversified Telecommunication Services)		13
				230
		Sweden — 1.16%
	222	Alfa Laval AB (Machinery)		9
	663	Assa Abloy AB, B Shares (Building Products)		20
	422	Atlas Copco AB, A Shares (Machinery)		30
	223	Atlas Copco AB, B Shares (Machinery)		13
	157	Boliden AB (Metals & Mining)		6
	129	Electrolux AB, Class - B (Household Durables)		3
	270	Embracer Group AB, Class - A (Entertainment)(a)		3
	379	Epiroc AB, Class - A (Machinery)		10
	223	Epiroc AB, Class - B (Machinery)		5
	173	Equities AB (Capital Markets)		9
	348	Essity AB, Class - B (Household Products)		11
	97	Evolution AB (Hotels, Restaurants & Leisure)		14
	59	Fastighets AB Balder, Class - B (Real Estate Management & Development)(a)		4
	118	Getinge AB, B Shares (Health Care Equipment & Supplies)		5
	480	Hennes & Mauritz AB, B Shares (Specialty Retail)		9
	1,124	Hexagon AB, Class - B (Electronic Equipment, Instruments & Components)		18
	345	Husqvarna AB (Household Durables)		6
	71	Industrivarden AB, A Shares (Diversified Financial Services)(b)		2
	87	Industrivarden AB, C Shares (Diversified Financial Services)		3
	81	Investment AB Latour, Class - B (Industrial Conglomerates)		3
	315	Investor AB, Class - A (Diversified Financial Services)		8
	1,040	Investor AB, Class - B (Diversified Financial Services)		26
	138	Kinnevik AB, Class - B (Diversified Financial Services)(a)		5
	44	L E Lundbergforetagen AB, Class - B (Diversified Financial Services)		2
	158	Lifco AB, Class - B (Industrial Conglomerates)		5
	115	Lundin Energy AB (Oil, Gas & Consumable Fuels)		4
	920	Nibe Industrier AB, Class - B (Building Products)		14
	111	Sagax AB, Class - B (Real Estate Management & Development)		4

See accompanying notes to financial statements.

74

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Sweden (continued)
	725	Sandvik AB (Machinery)	$	20
	193	Securitas AB, B Shares (Commercial Services & Supplies)		3
	290	Sinch AB (Software)(a)		4
	928	Skandinaviska Enskilda Banken AB, Class - A (Banks)		13
	195	Skanska AB, B Shares (Construction & Engineering)		5
	218	SKF AB, B Shares (Machinery)		5
	347	Svenska Cellulosa AB SCA, B Shares (Paper & Forest Products)		6
	803	Svenska Handelsbanken AB, A Shares (Banks)		9
	515	Swedbank AB, A Shares (Banks)		10
	287	Tele2 AB, B Shares (Wireless Telecommunication Services)		4
	1,688	Telefonaktiebolaget LM Ericsson, B Shares (Communications Equipment)		19
	1,499	Telia Co. AB (Diversified Telecommunication Services)(b)		6
	783	Volvo AB, B Shares (Machinery)		18
	115	Volvo AB, Class - A (Machinery)		3
				376
		Switzerland — 2.51%
	948	ABB Ltd., Registered Shares (Electrical Equipment)		36
	89	Adecco Group AG (Professional Services)(b)		5
	285	Alcon, Inc. (Health Care Equipment & Supplies)		25
	27	Baloise Holding AG, Registered Shares (Insurance)		4
	2	Barry Callebaut AG, Registered Shares (Food Products)(b)		5
	249	Chubb Ltd. (Insurance)		48
	124	Clariant AG, Registered Shares (Chemicals)		3
	115	Coca-Cola HBC AG (Beverages)		4
	309	Compagnie Financiere Richemont SA, Registered Shares (Textiles, Apparel & Luxury Goods)		46
	1,540	Credit Suisse Group AG, Registered Shares (Capital Markets)		15
	4	EMS-Chemie Holding AG (Chemicals)		4
	88	Garmin Ltd. (Household Durables)		12
	21	Geberit AG, Registered Shares (Building Products)		17
	5	Givaudan SA, Registered Shares (Chemicals)		26
	326	Holcim Ltd., Registered Shares (Construction Materials)(b)		17
	128	Julius Baer Group Ltd. (Capital Markets)		9

Shares		Security Description	Value (000)
		Switzerland (continued)
	36	Kuehne & Nagel International AG, Registered Shares (Marine)	$	12
	98	Logitech International SA, Registered Shares (Technology Hardware, Storage & Peripherals)		8
	1,641	Nestle SA, Registered Shares (Food Products)		231
	15	Partners Group Holding AG (Capital Markets)		25
	23	Schindler Holding AG (Machinery)		6
	12	Schindler Holding AG, Registered Shares (Machinery)		3
	4	SGS SA, Registered Shares (Professional Services)(b)		13
	81	Sika AG, Registered Shares (Chemicals)(b)		34
	31	Sonova Holding AG, Registered Shares (Health Care Equipment & Supplies)(b)		12
	6	Straumann Holding AG, Registered Shares (Health Care Equipment & Supplies)		13
	18	Swiss Life Holding AG (Insurance)		11
	103	Swiss Prime Site AG, Registered Shares (Real Estate Management & Development)		10
	181	Swiss Re AG (Insurance)		18
	15	Swisscom AG, Registered Shares (Diversified Telecommunication Services)		8
	185	TE Connectivity Ltd. (Electronic Equipment, Instruments & Components)		30
	38	Temenos AG, Registered Shares (Software)		5
	31	The Swatch Group AG (Textiles, Apparel & Luxury Goods)		2
	17	The Swatch Group AG, B Shares (Textiles, Apparel & Luxury Goods)		5
	2,095	UBS Group AG (Capital Markets)		38
	17	VAT Group AG (Machinery)(b)		8
	28	Vifor Pharma AG (Pharmaceuticals)		5
	86	Zurich Financial Services AG (Insurance)		38
				811
		United Arab Emirates — 0.00%
	118	NMC Health PLC (Health Care Providers & Services)(a)(c)		—
		United Kingdom — 4.03%
	559	3i Group PLC (Capital Markets)		11
	1,247	abrdn PLC (Diversified Financial Services)		4
	111	Admiral Group PLC (Insurance)(b)		5
	883	Amcor PLC (Containers & Packaging)		11
	739	Anglo American PLC (Metals & Mining)		30
	226	Antofagasta PLC (Metals & Mining)		4
	134	Aon PLC, Class - A (Insurance)		40
	155	Aptiv PLC (Auto Components)(a)		26
	256	Ashtead Group PLC (Trading Companies & Distributors)		21

See accompanying notes to financial statements.

75

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United Kingdom (continued)
	205	Associated British Foods PLC (Food Products)	$	6
	552	Auto Trader Group PLC (Interactive Media & Services)(b)		6
	69	Aveva Group PLC (Software)		3
	2,239	Aviva PLC (Insurance)		12
	10,827	Barclays PLC (Banks)		27
	582	Barratt Developments PLC (Household Durables)		6
	62	Berkeley Group Holdings PLC (Household Durables)		4
	11,576	BP PLC (Oil, Gas & Consumable Fuels)		52
	503	British Land Co. PLC (Equity Real Estate Investment Trusts)		4
	5,109	BT Group PLC (Diversified Telecommunication Services)		12
	193	Bunzl PLC (Trading Companies & Distributors)		8
	232	Burberry Group PLC (Textiles, Apparel & Luxury Goods)(b)		6
	201	Clarivate PLC (Professional Services)(a)		5
	117	Coca-Cola Europacific Partners PLC (Beverages)		7
	1,018	Compass Group PLC (Hotels, Restaurants & Leisure)(a)		23
	80	Croda International PLC (Chemicals)(b)		11
	1,338	Diageo PLC (Beverages)		73
	277	Evraz PLC (Metals & Mining)		2
	128	Ferguson PLC (Trading Companies & Distributors)		23
	217	Halma PLC (Electronic Equipment, Instruments & Components)		9
	203	Hargreaves Lansdown PLC (Capital Markets)		4
	12,192	HSBC Holdings PLC (Banks)		73
	860	Informa PLC (Media)(a)		6
	103	Intercontinental Hotels Group PLC (Hotels, Restaurants & Leisure)(a)		7
	92	Intertek Group PLC (Professional Services)		7
	968	J Sainsbury PLC (Food & Staples Retailing)		4
	2,064	JD Sports Fashion PLC (Specialty Retail)(a)		6
	172	Johnson Matthey PLC (Chemicals)		5
	1,573	Kingfisher PLC (Specialty Retail)		7
	564	Land Securities Group PLC (Equity Real Estate Investment Trusts)		6
	3,401	Legal & General Group PLC (Insurance)		14
	96	Liberty Global PLC, Class - A (Media)(a)		3
	209	Liberty Global PLC, Class - C (Media)(a)		6
	293	Linde PLC (Chemicals)		101
	10	Linde PLC (Chemicals)		3
	40,530	Lloyds Banking Group PLC (Banks)		26

Shares		Security Description	Value (000)
		United Kingdom (continued)
	187	London Stock Exchange Group PLC (Capital Markets)	$	18
	2,120	M&G PLC (Diversified Financial Services)		6
	276	Mondi PLC (Paper & Forest Products)		7
	2,032	National Grid PLC (Multi-Utilities)		29
	3,300	Natwest Group PLC (Banks)(b)		10
	75	Next PLC (Multiline Retail)		8
	279	Ocado Group PLC (Internet & Direct Marketing Retail)(a)(b)		6
	433	Pearson PLC (Media)		4
	181	Persimmon PLC (Household Durables)		7
	381	Phoenix Group Holdings PLC (Insurance)		3
	1,494	Prudential PLC (Insurance)		26
	1,105	RELX PLC (Professional Services)		36
	1,056	Rentokil Initial PLC (Commercial Services & Supplies)		8
	649	Rio Tinto PLC (Metals & Mining)		43
	2,457	Royal Dutch Shell PLC, A Shares (Oil, Gas & Consumable Fuels)		54
	2,126	Royal Dutch Shell PLC, B Shares (Oil, Gas & Consumable Fuels)		47
	71	Schroders PLC (Capital Markets)		3
	688	Segro PLC (Equity Real Estate Investment Trusts)		13
	89	Sensata Technologies Holding PLC (Electrical Equipment)(a)		5
	143	Severn Trent PLC (Water Utilities)(b)		6
	503	Smith & Nephew PLC (Health Care Equipment & Supplies)		9
	227	Smiths Group PLC (Industrial Conglomerates)		5
	43	Spirax-Sarco Engineering PLC (Machinery)	��	9
	594	SSE PLC (Electric Utilities)		13
	309	St. James Place PLC (Capital Markets)		7
	1,535	Standard Chartered PLC (Banks)		9
	1,160	Stellantis N.V. (Automobiles)		22
	2,085	Taylor Wimpey PLC (Household Durables)		5
	4,951	Tesco PLC (Food & Staples Retailing)		19
	615	The Sage Group PLC (Software)		7
	1,516	Unilever PLC (Personal Products)		80
	390	United Utilities Group PLC (Water Utilities)		6
	15,970	Vodafone Group PLC (Wireless Telecommunication Services)		24
	116	Whitbread PLC (Hotels, Restaurants & Leisure)(a)		5
	73	Willis Towers Watson PLC (Insurance)		17
				1,305
		United States — 67.29%
	332	3M Co. (Industrial Conglomerates)		59
	77	A.O. Smith Corp. (Building Products)		7

See accompanying notes to financial statements.

76

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	26	Abiomed, Inc. (Health Care Equipment & Supplies)(a)	$	9
	371	Accenture PLC, Class - A (IT Services)		154
	444	Activision Blizzard, Inc. (Entertainment)		30
	278	Adobe, Inc. (Software)(a)		158
	37	Advance Auto Parts, Inc. (Specialty Retail)		9
	694	Advanced Micro Devices, Inc. (Semiconductors & Semiconductor Equipment)(a)		100
	51	Affirm Holdings, Inc. (IT Services)(a)		5
	369	Aflac, Inc. (Insurance)		22
	174	Agilent Technologies, Inc. (Life Sciences Tools & Services)		28
	207	AGNC Investment Corp. (Mortgage Real Estate Investment Trusts)		3
	127	Air Products & Chemicals, Inc. (Chemicals)		39
	132	Airbnb, Inc., Class - A (Hotels, Restaurants & Leisure)(a)		22
	93	Akamai Technologies, Inc. (IT Services)(a)		11
	68	Albemarle Corp. (Chemicals)		16
	86	Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts)		19
	46	Align Technology, Inc. (Health Care Equipment & Supplies)(a)		30
	8	Alleghany Corp. (Insurance)(a)		5
	143	Alliant Energy Corp. (Electric Utilities)		9
	212	Ally Financial, Inc. (Consumer Finance)		10
	67	Alnylam Pharmaceuticals, Inc. (Biotechnology)(a)		11
	172	Alphabet, Inc., Class - A (Interactive Media & Services)(a)		498
	170	Alphabet, Inc., Class - C (Interactive Media & Services)(a)		492
	265	Amazon.com, Inc. (Internet & Direct Marketing Retail)(a)		883
	336	AMC Entertainment Holdings, Inc. (Entertainment)(a)		9
	6	AMERCO (Road & Rail)		4
	167	Ameren Corp. (Multi-Utilities)		15
	307	American Electric Power Company, Inc. (Electric Utilities)		27
	393	American Express Co. (Consumer Finance)		64
	42	American Financial Group, Inc. (Insurance)		6
	490	American International Group, Inc. (Insurance)		28
	266	American Tower Corp. (Equity Real Estate Investment Trusts)		78
	104	American Water Works Company, Inc. (Water Utilities)		20

Shares		Security Description	Value (000)
		United States (continued)
	67	Ameriprise Financial, Inc. (Capital Markets)	$	20
	88	AmerisourceBergen Corp. (Health Care Providers & Services)		12
	132	AMETEK, Inc. (Electrical Equipment)		19
	322	Amphenol Corp., Class - A (Electronic Equipment, Instruments & Components)		28
	308	Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		54
	800	Annaly Capital Management, Inc. (Mortgage Real Estate Investment Trusts)		6
	50	ANSYS, Inc. (Software)(a)		20
	143	Anthem, Inc. (Health Care Providers & Services)		66
	100	Apollo Global Management, Inc. (Capital Markets)		7
	9,596	Apple, Inc. (Technology Hardware, Storage & Peripherals)		1,703
	514	Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		81
	129	Aramark (Hotels, Restaurants & Leisure)		5
	324	Archer-Daniels-Midland Co. (Food Products)		22
	132	Arista Networks, Inc. (Communications Equipment)(a)		19
	30	Arrow Electronics, Inc. (Electronic Equipment, Instruments & Components)(a)		4
	126	Arthur J. Gallagher & Co. (Insurance)		21
	40	Asana, Inc., Class - A (Software)(a)		3
	35	Assurant, Inc. (Insurance)		5
	4,256	AT&T, Inc. (Diversified Telecommunication Services)		105
	75	Atmos Energy Corp. (Gas Utilities)		8
	126	Autodesk, Inc. (Software)(a)		35
	244	Automatic Data Processing, Inc. (IT Services)		60
	13	AutoZone, Inc. (Specialty Retail)(a)		27
	50	Avalara, Inc. (Software)(a)		6
	75	AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts)		19
	299	Avantor, Inc. (Life Sciences Tools & Services)(a)		13
	48	Avery Dennison Corp. (Containers & Packaging)		10
	487	Baker Hughes, Inc. (Energy Equipment & Services)		12
	187	Ball Corp. (Containers & Packaging)		18
	4,412	Bank of America Corp. (Banks)		196
	152	Bath & Body Works, Inc. (Household Durables)		11
	287	Baxter International, Inc. (Health Care Equipment & Supplies)		25
	173	Becton, Dickinson & Co. (Health Care Equipment & Supplies)		44
	97	Bentley Systems, Inc., Class - B (Software)		5

See accompanying notes to financial statements.

77

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	773	Berkshire Hathaway, Inc., Class - B (Diversified Financial Services)(a)	$	231
	127	Best Buy Co., Inc. (Specialty Retail)		13
	44	Bill.com Holdings, Inc. (Software)(a)		11
	105	BioMarin Pharmaceutical, Inc. (Biotechnology)(a)		9
	13	Bio-Rad Laboratories, Inc., Class - A (Life Sciences Tools & Services)(a)		10
	22	Bio-Techne Corp. (Life Sciences Tools & Services)		11
	90	Black Knight, Inc. (IT Services)(a)		7
	87	BlackRock, Inc., Class - A (Capital Markets)		80
	390	Blackstone, Inc., Class - A (Capital Markets)		50
	225	Block, Inc., Class - A (IT Services)(a)		36
	24	Booking Holdings, Inc. (Hotels Restaurants & Leisure)(a)		58
	78	Booz Allen Hamilton Holding Corp. (Professional Services)		7
	135	BorgWarner, Inc. (Auto Components)		6
	85	Boston Properties, Inc. (Equity Real Estate Investment Trusts)		10
	867	Boston Scientific Corp. (Health Care Equipment & Supplies)(a)		37
	236	Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		157
	66	Broadridge Financial Solutions, Inc. (IT Services)		12
	106	Brookfield Renewable Corp., Class - A (Independent Power and Renewable Electricity Producers)(b)		4
	137	Brown & Brown, Inc. (Insurance)		10
	177	Brown-Forman Corp., Class - B (Beverages)		13
	38	Burlington Stores, Inc. (Specialty Retail)(a)		11
	90	C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)		10
	3	Cable One, Inc. (Media)		5
	159	Cadence Design Systems, Inc. (Software)(a)		30
	119	Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)(a)		11
	56	Camden Property Trust (Equity Real Estate Investment Trusts)		10
	114	Campbell Soup Co. (Food Products)		5
	258	Capital One Financial Corp. (Consumer Finance)		37
	166	Cardinal Health, Inc. (Health Care Providers & Services)		9
	93	CarMax, Inc. (Specialty Retail)(a)		12
	472	Carrier Global Corp. (Building Products)		26
	42	Carvana Co. (Specialty Retail)(a)		10

Shares		Security Description	Value (000)
		United States (continued)
	314	Caterpillar, Inc. (Machinery)	$	65
	60	CBOE Global Markets, Inc. (Capital Markets)		8
	191	CBRE Group, Inc., Class - A (Real Estate Management & Development)(a)		21
	80	CDW Corp. (Electronic Equipment, Instruments & Components)		16
	74	Celanese Corp., Series A (Chemicals)		12
	387	CenterPoint Energy, Inc. (Multi-Utilities)		11
	77	Ceridian HCM Holding, Inc. (Software)(a)		8
	175	Cerner Corp. (Health Care Technology)		16
	121	CF Industries Holdings, Inc. (Chemicals)		9
	73	Charter Communications, Inc., Class - A (Media)(a)		48
	137	Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels)		14
	1,132	Chevron Corp. (Oil, Gas & Consumable Fuels)		133
	51	Chewy, Inc., Class - A (Internet & Direct Marketing Retail)(a)		3
	16	Chipotle Mexican Grill, Inc. (Hotels, Restaurants & Leisure)(a)		28
	201	Cigna Corp. (Health Care Providers & Services)		46
	88	Cincinnati Financial Corp. (Insurance)		10
	57	Cintas Corp. (Commercial Services & Supplies)		25
	2,466	Cisco Systems, Inc. (Communications Equipment)		156
	1,206	Citigroup, Inc. (Banks)		73
	244	Citizens Financial Group, Inc. (Banks)		12
	71	Citrix Systems, Inc. (Software)		7
	141	Cloudflare, Inc., Class - A (Software)(a)		19
	213	CME Group, Inc. (Capital Markets)		49
	189	CMS Energy Corp. (Multi-Utilities)		12
	100	Cognex Corp. (Electronic Equipment, Instruments & Components)		8
	301	Cognizant Technology Solutions Corp. (IT Services)		27
	23	Coinbase Global, Inc., Class - A (Capital Markets)(a)		6
	480	Colgate-Palmolive Co. (Household Products)		41
	2,687	Comcast Corp., Class - A (Media)		135
	275	Conagra Brands, Inc. (Food Products)		9
	772	ConocoPhillips (Oil, Gas & Consumable Fuels)		56
	215	Consolidated Edison, Inc. (Multi-Utilities)		18
	97	Constellation Brands, Inc., Class - A (Beverages)		24
	122	Copart, Inc. (Commercial Services & Supplies)(a)		18
	421	Corteva, Inc. (Chemicals)		20
	225	CoStar Group, Inc. (Professional Services)(a)		18
	258	Costco Wholesale Corp. (Food & Staples Retailing)		146

See accompanying notes to financial statements.

78

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	464	Coterra Energy, Inc. (Oil, Gas & Consumable Fuels)	$	9
	41	Coupa Software, Inc. (Software)(a)		6
	108	Crowdstrike Holdings, Inc., Class - A (Software)(a)		22
	254	Crown Castle International Corp. (Equity Real Estate Investment Trusts)		53
	77	Crown Holdings, Inc. (Containers & Packaging)		9
	1,330	CSX Corp. (Road & Rail)		50
	84	Cummins, Inc. (Machinery)		18
	766	CVS Health Corp. (Health Care Providers & Services)		79
	195	D.R. Horton, Inc. (Household Durables)		21
	75	Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)		11
	107	Datadog, Inc., Class - A (Software)(a)		19
	40	DaVita, Inc. (Health Care Providers & Services)(a)		5
	173	Deere & Co. (Machinery)		59
	158	DELL TECHN-C, Class - C (Technology Hardware, Storage & Peripherals)(a)		9
	92	Delta Air Lines, Inc. (Airlines)(a)		4
	125	DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies)		7
	366	Devon Energy Corp. (Oil, Gas & Consumable Fuels)		16
	55	Dexcom, Inc. (Health Care Equipment & Supplies)(a)		30
	99	Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)		11
	161	Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts)		28
	175	Discover Financial Services (Consumer Finance)		20
	93	Discovery, Inc. (Media)(a)		2
	180	Discovery, Inc., Class - C (Media)(a)		4
	141	Dish Network Corp. (Media)(a)		5
	118	DocuSign, Inc. (Software)(a)		18
	135	Dollar General Corp. (Multiline Retail)		32
	132	Dollar Tree, Inc. (Multiline Retail)(a)		19
	492	Dominion Energy, Inc. (Multi-Utilities)		39
	22	Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure)		12
	64	DoorDash, Inc., Class - A (Internet & Direct Marketing Retail)(a)		10
	82	Dover Corp. (Machinery)		15
	427	Dow, Inc. (Chemicals)		24
	182	DraftKings, Inc., Class - A (Hotels, Restaurants & Leisure)(a)		5

Shares		Security Description	Value (000)
		United States (continued)
	179	Dropbox, Inc., Class - A (Software)(a)	$	4
	111	DTE Energy Co. (Multi-Utilities)		13
	464	Duke Energy Corp. (Electric Utilities)		49
	215	Duke Realty Corp. (Equity Real Estate Investment Trusts)		14
	304	DuPont de Nemours, Inc. (Chemicals)		25
	105	Dynatrace, Inc. (Software)(a)		6
	91	Eastman Chemical Co. (Chemicals)		11
	366	eBay, Inc. (Internet & Direct Marketing Retail)		24
	147	Ecolab, Inc. (Chemicals)		34
	217	Edison International (Electric Utilities)		15
	368	Edwards Lifesciences Corp. (Health Care Equipment & Supplies)(a)		48
	260	Elanco Animal Health, Inc. (Pharmaceuticals)(a)		7
	165	Electronic Arts, Inc. (Entertainment)		22
	342	Emerson Electric Co. (Electrical Equipment)		32
	74	Enphase Energy, Inc. (Semiconductors & Semiconductor Equipment)(a)		14
	72	Entegris, Inc. (Semiconductors & Semiconductor Equipment)		10
	114	Entergy Corp. (Electric Utilities)		13
	333	EOG Resources, Inc. (Oil, Gas & Consumable Fuels)		30
	32	EPAM Systems, Inc. (IT Services)(a)		21
	70	Equifax, Inc. (Professional Services)		20
	53	Equinix, Inc. (Equity Real Estate Investment Trusts)		45
	221	Equitable Holdings, Inc. (Diversified Financial Services)		7
	99	Equity Lifestyle Properties, Inc. (Equity Real Estate Investment Trusts)		9
	205	Equity Residential (Equity Real Estate Investment Trusts)		19
	15	Erie Indemnity Co., Class - A (Insurance)		3
	134	Essential Utilities, Inc. (Water Utilities)		7
	37	Essex Property Trust, Inc. (Equity Real Estate Investment Trusts)		13
	73	Etsy, Inc. (Internet & Direct Marketing Retail)(a)		16
	131	Evergy, Inc. (Electric Utilities)		9
	198	Eversource Energy (Electric Utilities)		18
	98	Exact Sciences Corp. (Biotechnology)(a)		8
	559	Exelon Corp. (Electric Utilities)		32
	92	Expedia Group, Inc. (Hotels, Restaurants & Leisure)(a)		17
	109	Expeditors International of Washington, Inc. (Air Freight & Logistics)		15
	70	Extra Space Storage, Inc. (Equity Real Estate Investment Trusts)		16

See accompanying notes to financial statements.

79

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	2,424	Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)	$	148
	34	F5, Inc. (Communications Equipment)(a)		8
	22	FactSet Research Systems, Inc. (Capital Markets)		11
	20	Fair Isaac Corp. (Software)(a)		9
	332	Fastenal Co. (Trading Companies & Distributors)		21
	145	FedEx Corp. (Air Freight & Logistics)		38
	154	Fidelity National Financial, Inc. (Insurance)		8
	355	Fidelity National Information Services, Inc. (IT Services)		39
	402	Fifth Third Bancorp (Banks)		18
	101	First Republic Bank (Banks)		21
	311	FirstEnergy Corp. (Electric Utilities)		13
	360	Fiserv, Inc. (IT Services)(a)		37
	45	FleetCor Technologies, Inc. (IT Services)(a)		10
	89	FMC Corp. (Chemicals)		10
	2,324	Ford Motor Co. (Automobiles)		48
	79	Fortinet, Inc. (Software)(a)		28
	206	Fortive Corp. (Machinery)		16
	79	Fortune Brands Home & Security, Inc. (Building Products)		8
	186	Fox Corp., Class - A (Media)		7
	87	Fox Corp., Class - B (Media)		3
	173	Franklin Resources, Inc. (Capital Markets)		6
	837	Freeport-McMoRan, Inc. (Metals & Mining)		35
	49	Gartner, Inc. (IT Services)(a)		16
	36	Generac Holdings, Inc. (Electrical Equipment)(a)		13
	383	General Mills, Inc. (Food Products)		26
	756	General Motors Co. (Automobiles)(a)		44
	83	Genuine Parts Co. (Distributors)		12
	169	Global Payments, Inc. (IT Services)		23
	55	Globe Life, Inc. (Insurance)		5
	96	GoDaddy, Inc., Class - A (IT Services)(a)		8
	47	Guidewire Software, Inc. (Software)(a)		5
	509	Halliburton Co. (Energy Equipment & Services)		12
	98	Hasbro, Inc. (Leisure Products)		10
	145	HCA Healthcare, Inc. (Health Care Providers & Services)		37
	309	Healthpeak Properties, Inc. (Equity Real Estate Investment Trusts)		11
	25	HEICO Corp. (Aerospace & Defense)		4
	41	HEICO Corp., Class - A (Aerospace & Defense)		5
	81	Henry Schein, Inc. (Health Care Providers & Services)(a)		6
	158	Hess Corp. (Oil, Gas & Consumable Fuels)		12
	747	Hewlett Packard Enterprise Co. (Technology Hardware, Storage & Peripherals)		12

Shares		Security Description	Value (000)
		United States (continued)
	159	Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)(a)	$	25
	147	Hologic, Inc. (Health Care Equipment & Supplies)(a)		11
	170	Hormel Foods Corp. (Food Products)		8
	404	Host Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts)(a)		7
	231	Howmet Aerospace, Inc. (Aerospace & Defense)		7
	715	HP, Inc. (Technology Hardware, Storage & Peripherals)		27
	25	HubSpot, Inc. (Software)(a)		16
	74	Humana, Inc. (Health Care Providers & Services)		34
	856	Huntington Bancshares, Inc. (Banks)		13
	44	IAC/InterActiveCorp. (Interactive Media & Services)(a)		6
	43	IDEX Corp. (Machinery)		10
	49	IDEXX Laboratories, Inc. (Health Care Equipment & Supplies)(a)		32
	181	Illinois Tool Works, Inc. (Machinery)		45
	107	Incyte Corp. (Biotechnology)(a)		8
	232	Ingersoll-Rand, Inc. (Machinery)		14
	39	Insulet Corp. (Health Care Equipment & Supplies)(a)		10
	2,309	Intel Corp. (Semiconductors & Semiconductor Equipment)		119
	321	Intercontinental Exchange, Inc. (Capital Markets)		44
	528	International Business Machines Corp. (IT Services)		71
	143	International Flavors & Fragrances, Inc. (Chemicals)		22
	212	International Paper Co. (Containers & Packaging)		10
	159	Intuit, Inc. (Software)		102
	211	Intuitive Surgical, Inc. (Health Care Equipment & Supplies)(a)		76
	323	Invitation Homes, Inc. (Equity Real Estate Investment Trusts)		15
	21	IPG Photonics Corp. (Electronic Equipment, Instruments & Components)(a)		4
	110	IQVIA Holdings, Inc. (Life Sciences Tools & Services)(a)		31
	165	Iron Mountain, Inc. (Equity Real Estate Investment Trusts)		9
	43	Jack Henry & Associates, Inc. (IT Services)		7
	74	Jacobs Engineering Group, Inc. (Construction & Engineering)		10
	35	Jazz Pharmaceuticals PLC (Pharmaceuticals)(a)		4
	48	JB Hunt Transport Services, Inc. (Road & Rail)		10

See accompanying notes to financial statements.

80

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	409	Johnson Controls International PLC (Building Products)	$	33
	1,749	JPMorgan Chase & Co. (Banks)		277
	187	Juniper Networks, Inc. (Communications Equipment)		7
	145	Kellogg Co. (Food Products)		9
	408	Keurig Dr Pepper, Inc. (Beverages)		15
	556	KeyCorp (Banks)		13
	98	Keysight Technologies, Inc. (Electronic Equipment, Instruments & Components)(a)		20
	217	Kimberly-Clark Corp. (Household Products)		31
	1,163	Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		18
	299	KKR & Co., Inc. (Capital Markets)		22
	88	KLA Corp. (Semiconductors & Semiconductor Equipment)		38
	90	Knight-Swift Transportation Holdings, Inc. (Road & Rail)		5
	56	Laboratory Corporation of America Holdings (Health Care Providers & Services)(a)		18
	82	Lam Research Corp. (Semiconductors & Semiconductor Equipment)		59
	197	Las Vegas Sands Corp. (Hotels, Restaurants & Leisure)(a)		7
	35	Lear Corp. (Auto Components)		6
	157	Lennar Corp., Class - A (Household Durables)		18
	24	Lennox International, Inc. (Building Products)		8
	15	Liberty Broadband Corp., Class - A (Media)(a)		2
	87	Liberty Broadband Corp., Class - C (Media)(a)		14
	115	Liberty Media Corp. - Liberty Formula One, Class - C (Entertainment)(a)		7
	51	Liberty Media Corp. - Liberty SiriusXM, Class - A (Media)(a)		3
	99	Liberty Media Corp. - Liberty SiriusXM, Class - C (Media)(a)		5
	107	Lincoln National Corp. (Insurance)		7
	94	Live Nation Entertainment, Inc. (Entertainment)(a)		11
	164	LKQ Corp. (Distributors)		10
	128	Loews Corp. (Insurance)		7
	408	Lowe’s Companies, Inc. (Specialty Retail)		105
	240	Lucid Group, Inc. (Automobiles)^(a)		9
	538	Lumen Technologies, Inc. (Diversified Telecommunication Services)		7
	147	Lyft, Inc., Class - A (Road & Rail)(a)		6
	74	M&T Bank Corp. (Banks)		11

Shares		Security Description	Value (000)
		United States (continued)
	373	Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)	$	24
	8	Markel Corp. (Insurance)(a)		10
	26	MarketAxess Holdings, Inc. (Capital Markets)		11
	169	Marriott International, Inc., Class - A (Hotels, Restaurants & Leisure)(a)		28
	293	Marsh & McLennan Companies, Inc. (Insurance)		51
	36	Martin Marietta Materials, Inc. (Construction Materials)		16
	468	Marvell Technology, Inc. (Semiconductors & Semiconductor Equipment)		41
	144	Masco Corp. (Building Products)		10
	30	Masimo Corp. (Health Care Equipment & Supplies)(a)		9
	512	MasterCard, Inc., Class - A (IT Services)		184
	147	Match Group, Inc. (Interactive Media & Services)(a)		19
	144	McCormick & Company, Inc. (Food Products)		14
	430	McDonald’s Corp. (Hotels, Restaurants & Leisure)		115
	91	McKesson Corp. (Health Care Providers & Services)		23
	337	Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts)		8
	26	MercadoLibre, Inc. (Internet & Direct Marketing Retail)(a)		35
	1,387	Meta Platforms, Inc., Class - A (Interactive Media & Services)(a)		467
	425	MetLife, Inc. (Insurance)		27
	13	Mettler-Toledo International, Inc. (Life Sciences Tools & Services)(a)		22
	223	MGM Resorts International (Hotels, Restaurants & Leisure)		10
	314	Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		27
	638	Micron Technology, Inc. (Semiconductors & Semiconductor Equipment)		59
	4,150	Microsoft Corp. (Software)		1,395
	66	Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts)		15
	34	Mohawk Industries, Inc. (Household Durables)(a)		6
	34	Molina Heathcare, Inc. (Health Care Providers & Services)(a)		11
	110	Molson Coors Beverage Co., Class - B (Beverages)		5

See accompanying notes to financial statements.

81

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	887	Mondelez International, Inc., Class - A (Food Products)	$	59
	35	MongoDB, Inc. (IT Services)(a)		19
	25	Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment)		12
	226	Monster Beverage Corp. (Beverages)(a)		22
	96	Moody’s Corp. (Capital Markets)		37
	797	Morgan Stanley (Capital Markets)		78
	97	Motorola Solutions, Inc. (Communications Equipment)		26
	47	MSCI, Inc. (Capital Markets)		29
	66	Nasdaq, Inc. (Capital Markets)		14
	126	NetApp, Inc. (Technology Hardware, Storage & Peripherals)		12
	257	Netflix, Inc. (Entertainment)(a)		155
	54	Neurocrine Biosciences, Inc. (Biotechnology)(a)		5
	473	Newmont Corp. (Metals & Mining)		29
	221	News Corp., Class - A (Media)		5
	1,142	NextEra Energy, Inc. (Electric Utilities)		107
	748	NIKE, Inc., Class - B (Textiles, Apparel & Luxury Goods)		125
	225	NiSource, Inc. (Multi-Utilities)		6
	30	Nordson Corp. (Machinery)		8
	142	Norfolk Southern Corp. (Road & Rail)		42
	112	Northern Trust Corp. (Capital Markets)		13
	330	Nortonlifelock, Inc. (Software)		9
	139	NRG Energy, Inc. (Independent Power and Renewable Electricity Producers)		6
	180	Nuance Communications, Inc. (Software)(a)		10
	170	Nucor Corp. (Metals & Mining)		19
	1,447	NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		426
	2	NVR, Inc. (Household Durables)(a)		12
	55	Oak Street Health, Inc. (Health Care Providers & Services)(a)		2
	532	Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		15
	72	Okta, Inc. (IT Services)(a)		16
	57	Old Dominion Freight Line, Inc. (Road & Rail)		20
	123	Omnicom Group, Inc. (Media)		9
	247	ON Semiconductor Corp. (Semiconductors & Semiconductor Equipment)(a)		17
	254	ONEOK, Inc. (Oil, Gas & Consumable Fuels)		15
	973	Oracle Corp. (Software)		85
	42	O’Reilly Automotive, Inc. (Specialty Retail)(a)		30
	232	Otis Worldwide Corp. (Machinery)		20

Shares		Security Description	Value (000)
		United States (continued)
	62	Owens Corning (Building Products)	$	6
	198	PACCAR, Inc. (Machinery)		17
	54	Packaging Corporation of America (Containers & Packaging)		7
	872	Palantir Technologies, Inc., Class - A (Software)(a)		16
	56	Palo Alto Networks, Inc. (Software)(a)		31
	74	Parker Hannifin Corp. (Machinery)		24
	198	Paychex, Inc. (IT Services)		27
	29	PAYCOM Software, Inc. (Software)(a)		12
	650	PayPal Holdings, Inc. (IT Services)(a)		123
	182	Peloton Interactive, Inc., Class - A (Leisure Products)(a)		7
	824	PepsiCo, Inc. (Beverages)		143
	846	PG&E Corp. (Electric Utilities)(a)		10
	250	Phillips 66 (Oil, Gas & Consumable Fuels)		18
	342	Pinterest, Inc., Class - A (Interactive Media & Services)(a)		12
	133	Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)		24
	293	Plug Power, Inc. (Electrical Equipment)(a)		8
	235	PNC Financial Services Group, Inc. (Banks)		47
	23	Pool Corp. (Distributors)		13
	137	PPG Industries, Inc. (Chemicals)		24
	441	PPL Corp. (Electric Utilities)		13
	156	Principal Financial Group, Inc. (Insurance)		11
	424	Prologis, Inc. (Equity Real Estate Investment Trusts)		71
	225	Prudential Financial, Inc. (Insurance)		24
	64	PTC, Inc. (Software)(a)		8
	288	Public Service Enterprise Group, Inc. (Multi-Utilities)		19
	90	Public Storage (Equity Real Estate Investment Trusts)		34
	151	PulteGroup, Inc. (Household Durables)		9
	64	Qorvo, Inc. (Semiconductors & Semiconductor Equipment)(a)		10
	651	QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment)		119
	74	Quest Diagnostics, Inc. (Health Care Providers & Services)		13
	106	Raymond James Financial, Inc. (Capital Markets)		11
	318	Realty Income Corp. (Equity Real Estate Investment Trusts)		23
	88	Regency Centers Corp. (Equity Real Estate Investment Trusts)		7
	550	Regions Financial Corp. (Banks)		12

See accompanying notes to financial statements.

82

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	140	Republic Services, Inc. (Commercial Services & Supplies)	$	20
	89	ResMed, Inc. (Health Care Equipment & Supplies)		23
	45	RingCentral, Inc., Class - A (Software)(a)		8
	104	Rivian Automotive, Inc., Class - A (Automobiles)(a)		11
	65	Robert Half International, Inc. (Professional Services)		7
	135	Robinhood Markets, Inc., Class - A (Capital Markets)(a)		2
	66	Rockwell Automation, Inc. (Electrical Equipment)		23
	66	Roku, Inc. (Entertainment)(a)		15
	127	Rollins, Inc. (Commercial Services & Supplies)		4
	60	Roper Technologies, Inc. (Industrial Conglomerates)		30
	230	Ross Stores, Inc. (Specialty Retail)		26
	221	Royalty Pharma PLC, Class - A (Pharmaceuticals)		9
	74	RPM International, Inc. (Chemicals)		7
	142	S&P Global, Inc. (Capital Markets)		67
	570	Salesforce.com, Inc. (Software)(a)		145
	63	SBA Communications Corp. (Equity Real Estate Investment Trusts)		25
	799	Schlumberger Ltd. (Energy Equipment & Services)		24
	78	Seagen, Inc. (Biotechnology)(a)		12
	89	Sealed Air Corp. (Containers & Packaging)		6
	70	SEI Investments Co. (Capital Markets)		4
	181	Sempra Energy (Multi-Utilities)		24
	116	ServiceNow, Inc. (Software)(a)		75
	36	Signature Bank (Banks)		12
	188	Simon Property Group, Inc. (Equity Real Estate Investment Trusts)		30
	591	Sirius XM Holdings, Inc. (Media)^		4
	95	Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		15
	618	Snap, Inc., Class - A (Interactive Media & Services)(a)		29
	31	Snap-on, Inc. (Machinery)		7
	121	Snowflake, Inc., Class - A (IT Services)(a)		41
	305	SoFi Technologies, Inc (Consumer Finance)(a)		5
	85	Southwest Airlines Co. (Airlines)(a)		4
	94	Splunk, Inc. (Software)(a)		11
	132	SS&C Technologies Holdings, Inc. (Software)		11
	92	Stanley Black & Decker, Inc. (Machinery)		17

Shares		Security Description	Value (000)
		United States (continued)
	690	Starbucks Corp. (Hotels, Restaurants & Leisure)	$	81
	209	State Street Corp. (Capital Markets)		19
	121	Steel Dynamics, Inc. (Metals & Mining)		8
	194	Stryker Corp. (Health Care Equipment & Supplies)		52
	65	Sun Communities, Inc. (Equity Real Estate Investment Trusts)		14
	98	Sunrun, Inc. (Electrical Equipment)(a)		3
	34	SVB Financial Group (Banks)(a)		23
	337	Synchrony Financial (Consumer Finance)		16
	87	Synopsys, Inc. (Software)(a)		32
	292	Sysco Corp. (Food & Staples Retailing)		23
	130	T. Rowe Price Group, Inc. (Capital Markets)		26
	66	Take-Two Interactive Software, Inc. (Entertainment)(a)		12
	283	Target Corp. (Multiline Retail)		65
	80	Teladoc Health, Inc. (Health Care Technology)(a)		7
	27	Teledyne Technologies, Inc. (Electronic Equipment, Instruments & Components)(a)		12
	27	Teleflex, Inc. (Health Care Equipment & Supplies)		9
	95	Teradyne, Inc. (Semiconductors & Semiconductor Equipment)		16
	489	Tesla, Inc. (Automobiles)(a)		517
	532	Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		100
	381	The AES Corp. (Independent Power and Renewable Electricity Producers)		9
	168	The Allstate Corp. (Insurance)		20
	470	The Bank of New York Mellon Corp. (Capital Markets)		27
	93	The Carlyle Group, Inc. (Capital Markets)		5
	847	The Charles Schwab Corp. (Capital Markets)		71
	71	The Clorox Co. (Household Products)		12
	2,368	The Coca-Cola Co. (Beverages)		140
	133	The Estee Lauder Companies, Inc. (Personal Products)		49
	197	The Goldman Sachs Group, Inc. (Capital Markets)		75
	203	The Hartford Financial Services Group, Inc. (Insurance)		14
	84	The Hershey Co. (Food Products)		16
	616	The Home Depot, Inc. (Specialty Retail)		256
	225	The Interpublic Group of Companies, Inc. (Media)		8
	77	The J.M. Smucker Co. (Food Products)		10
	436	The Kraft Heinz Co. (Food Products)		16
	444	The Kroger Co. (Food & Staples Retailing)		20
	207	The Mosaic Co. (Chemicals)		8

See accompanying notes to financial statements.

83

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	352	The Progressive Corp. (Insurance)	$	36
	141	The Sherwin-Williams Co. (Chemicals)		50
	643	The Southern Co. (Electric Utilities)		44
	708	The TJX Companies, Inc. (Specialty Retail)		54
	262	The Trade Desk, Inc., Class - A (Software)(a)		24
	155	The Travelers Companies, Inc. (Insurance)		24
	1,061	The Walt Disney Co. (Entertainment)(a)		164
	227	The Western Union Co. (IT Services)		4
	693	The Williams Companies, Inc. (Oil, Gas & Consumable Fuels)		18
	357	T-Mobile US, Inc. (Wireless Telecommunication Services)(a)		41
	66	Tractor Supply Co. (Specialty Retail)		16
	60	Tradeweb Markets, Inc., Class - A (Capital Markets)		6
	137	Trane Technologies PLC (Building Products)		28
	30	TransDigm Group, Inc. (Aerospace & Defense)(a)		19
	110	TransUnion (Professional Services)		13
	144	Trimble, Inc. (Electronic Equipment, Instruments & Components)(a)		13
	769	Truist Financial Corp. (Banks)		45
	99	Twilio, Inc., Class - A (IT Services)(a)		26
	456	Twitter, Inc. (Interactive Media & Services)(a)		20
	23	Tyler Technologies, Inc. (Software)(a)		12
	168	Tyson Foods, Inc., Class - A (Food Products)		15
	844	U.S. Bancorp (Banks)		47
	736	Uber Technologies, Inc. (Road & Rail)(a)		31
	170	UDR, Inc. (Equity Real Estate Investment Trusts)		10
	118	UGI Corp. (Gas Utilities)		5
	30	Ulta Beauty, Inc. (Specialty Retail)(a)		12
	381	Union Pacific Corp. (Road & Rail)		96
	424	United Parcel Service, Inc., Class - B (Air Freight & Logistics)		91
	41	United Rentals, Inc. (Trading Companies & Distributors)(a)		14
	549	UnitedHealth Group, Inc. (Health Care Providers & Services)		276
	31	Unity Software, Inc. (Software)(a)		4
	45	Universal Health Services, Inc., Class - B (Health Care Providers & Services)		6
	11	Upstart Holdings, Inc. (Consumer Finance)(a)		2
	190	V.F. Corp. (Textiles, Apparel & Luxury Goods)		14
	23	Vail Resorts, Inc. (Hotels, Restaurants & Leisure)		8
	237	Valero Energy Corp. (Oil, Gas & Consumable Fuels)		18
	79	Veeva Systems, Inc., Class - A (Health Care Technology)(a)		20

Shares		Security Description	Value (000)
		United States (continued)
	224	Ventas, Inc. (Equity Real Estate Investment Trusts)	$	11
	58	VeriSign, Inc. (IT Services)(a)		15
	88	Verisk Analytics, Inc., Class - A (Professional Services)		20
	2,482	Verizon Communications, Inc. (Diversified Telecommunication Services)		129
	346	ViacomCBS, Inc., Class - B (Media)		10
	357	VICI Properties, Inc. (Equity Real Estate Investment Trusts)		11
	992	Visa, Inc., Class - A (IT Services)		215
	253	Vistra Corp. (Independent Power and Renewable Electricity Producers)		6
	116	VMware, Inc., Class - A (Software)		13
	93	Vornado Realty Trust (Equity Real Estate Investment Trusts)		4
	76	Vulcan Materials Co. (Construction Materials)		16
	76	W.R. Berkley Corp. (Insurance)		6
	25	W.W. Grainger, Inc. (Trading Companies & Distributors)		13
	456	Walgreens Boots Alliance, Inc. (Food & Staples Retailing)		24
	910	Walmart, Inc. (Food & Staples Retailing)		132
	255	Waste Management, Inc. (Commercial Services & Supplies)		43
	35	Waters Corp. (Life Sciences Tools & Services)(a)		13
	44	Wayfair, Inc., Class - A (Internet & Direct Marketing Retail)(a)		8
	196	WEC Energy Group, Inc. (Multi-Utilities)		19
	2,389	Wells Fargo & Co. (Banks)		115
	238	Welltower, Inc. (Equity Real Estate Investment Trusts)		20
	42	West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies)		20
	203	Western Digital Corp. (Technology Hardware, Storage & Peripherals)(a)		13
	103	Westinghouse Air Brake Technologies Corp. (Machinery)		9
	152	WestRock Co. (Containers & Packaging)		7
	427	Weyerhaeuser Co. (Equity Real Estate Investment Trusts)		18
	37	Whirlpool Corp. (Household Durables)		9
	108	Workday, Inc., Class - A (Software)(a)		30
	102	WP Carey, Inc. (Equity Real Estate Investment Trusts)		8
	60	Wynn Resorts Ltd. (Hotels, Restaurants & Leisure)(a)		5
	307	Xcel Energy, Inc. (Electric Utilities)		21

See accompanying notes to financial statements.

84

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments (concluded) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	141	Xilinx, Inc. (Semiconductors & Semiconductor Equipment)	$	30
	103	Xylem, Inc. (Machinery)		12
	185	YUM! Brands, Inc. (Hotels, Restaurants & Leisure)		26
	28	Zebra Technologies Corp. (Electronic Equipment, Instruments & Components)(a)		17
	83	Zendesk, Inc. (Software)(a)		9
	35	Zillow Group, Inc., Class - A (Interactive Media & Services)(a)		2
	93	Zillow Group, Inc., Class - C (Interactive Media & Services)(a)		6
	119	Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies)		15
	272	Zoetis, Inc. (Pharmaceuticals)		66
	131	Zoom Video Communications, Inc., Class - A (Software)(a)		24
	134	ZoomInfo Technologies, Inc. (Interactive Media & Services)(a)		9
	47	Zscaler, Inc. (Software)(a)		15
				21,772
		Total Common Stocks		32,294
		Preferred Stocks — 0.14%
		Germany — 0.14%
	33	Bayerische Motoren Werke Aktiengesellschaft — Preferred (Automobiles)		3
	38	FUCHS PETROLUB SE — Preferred (Chemicals)		2
	102	Henkel AG & Co. KGAA — Preferred (Household Products)		8
	88	Porsche Automobil Holding SE — Preferred (Automobiles)		8

Shares		Security Description	Value (000)
		Germany (continued)
	114	Volkswagen AG — Preferred (Automobiles)	$	23
		Total Preferred Stocks		44
		Investment Companies — 0.10%
	13,370	Federated Hermes Treasury Obligations Fund, Institutional Shares, 0.01%^^(d)		13
	17,329	State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01%(d)		18
		Total Investment Companies		31
		Total Investments (cost $19,791) — 100.04%		32,369
		Liabilities in excess of other assets — (0.04)%		(14	)
		Net Assets — 100.00%	$	32,355

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

^ All or part of this security was on loan as of December 31, 2021. The total value of securities on loan as of December 31, 2021, was $27 (amount in thousands).

^^ 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, 2021.

(a) Represents non-income producing security.

(b) Represents a security purchased under Rule 144A or Section 4(2) and is exempt from registration under the Securities Act of 1933, as amended, or is otherwise restricted to resale. Certain of these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been deemed liquid by the Specialist Manager.

(c) Security was valued using significant unobservable inputs as of December 31, 2021.

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

As of December 31, 2021, 100% of the Portfolio’s net assets were managed by Mellon Investments Corporation.

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

See accompanying notes to financial statements.

85

HC CAPITAL TRUST

The International Equity Portfolio

Portfolio of Investments — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 96.72%
		Australia — 6.55%
	8,110	Afterpay Ltd. (IT Services)(a)	$	490
	69,563	Ampol Ltd. (Oil, Gas & Consumable Fuels)		1,501
	35,958	APA Group (Gas Utilities)		263
	21,823	Aristocrat Leisure Ltd. (Hotels, Restaurants & Leisure)		692
	78,246	AusNet Services (Electric Utilities)		146
	193,458	Australia & New Zealand Banking Group Ltd. (Banks)		3,871
	82,839	Bendigo & Adelaide Bank Ltd. (Banks)		548
	70,201	BHP Billiton Ltd. (Metals & Mining)		2,119
	136,113	BHP Group Ltd. (Metals & Mining)		4,052
	14,978	Brambles Ltd. (Commercial Services & Supplies)		116
	1,978	Cochlear Ltd. (Health Care Equipment & Supplies)		311
	52,086	Commonwealth Bank of Australia (Banks)		3,827
	11,241	CSL Ltd. (Biotechnology)		2,377
	201,121	Dexus (Equity Real Estate Investment Trusts)		1,627
	48,346	Endeavour Group Ltd. (Food & Staples Retailing)		237
	66,716	Evolution Mining Ltd. (Metals & Mining)		197
	64,304	Fortescue Metals Group Ltd. (Metals & Mining)		899
	68,557	Goodman Group (Equity Real Estate Investment Trusts)		1,322
	34,055	Insurance Australia Group Ltd. (Insurance)		106
	7,899	Macquarie Group Ltd. (Capital Markets)		1,180
	104,574	Medibank Private Ltd. (Insurance)		255
	149,383	Mirvac Group (Equity Real Estate Investment Trusts)		316
	206,900	National Australia Bank Ltd. (Banks)		4,340
	18,304	Newcrest Mining Ltd. (Metals & Mining)		326
	44,626	Qantas Airways Ltd. (Airlines)(a)		163
	55,092	QBE Insurance Group Ltd. (Insurance)		455
	30,588	Rio Tinto Ltd. (Metals & Mining)		2,227
	150,393	Santos Ltd. (Oil, Gas & Consumable Fuels)		690
	205,252	Scentre Group (Equity Real Estate Investment Trusts)		472
	90,538	Stockland (Equity Real Estate Investment Trusts)		279
	18,427	Suncorp Group Ltd. (Insurance)		148
	42,047	Sydney Airport (Transportation Infrastructure)(a)		265
	562,458	Tabcorp Holdings Ltd. (Hotels, Restaurants & Leisure)		2,054
	42,567	The GPT Group (Equity Real Estate Investment Trusts)		168
	117,131	Transurban Group (Transportation Infrastructure)		1,177
	44,996	Treasury Wine Estates Ltd. (Beverages)		405
	63,839	Wesfarmers Ltd. (Multiline Retail)		2,754
	224,539	Westpac Banking Corp. (Banks)		3,487

Shares		Security Description	Value (000)
		Australia (continued)
	3,678	WiseTech Global Ltd. (Software)	$	157
	20,593	Woodside Petroleum Ltd. (Oil, Gas & Consumable Fuels)		328
	48,346	Woolworths Group Ltd. (Food & Staples Retailing)		1,337
	35,740	Worley Ltd. (Energy Equipment & Services)		276
				47,960
		Austria — 0.19%
	23,927	Erste Group Bank AG (Banks)		1,127
	4,792	OMV AG (Oil, Gas & Consumable Fuels)		272
				1,399
		Belgium — 0.72%
	4,336	Ageas SA (Insurance)		225
	48,894	Anheuser-Busch InBev N.V. (Beverages)		2,960
	1,239	Elia Group SA (Electric Utilities)		163
	9,584	KBC Group N.V. (Banks)		823
	315	Sofina SA (Diversified Financial Services)		155
	1,294	Solvay SA, Class - A (Chemicals)		151
	20,206	Umicore SA (Chemicals)		822
				5,299
		Canada — 9.65%
	8,967	Agnico Eagle Mines Ltd. (Metals & Mining)		476
	30,089	Air Canada (Airlines)(a)		503
	56,785	Alimentation Couche-Tard, Inc. (Food & Staples Retailing)		2,380
	8,987	AltaGas Ltd. (Gas Utilities)		194
	38,809	B2gold Corp. (Metals & Mining)		153
	45,514	Bank of Montreal (Banks)		4,901
	73,544	Barrick Gold Corp. (Metals & Mining)		1,398
	136	Brookfield Asset Management Reinsurance Partners Ltd., Class - A (Insurance)		9
	19,795	Brookfield Asset Management, Inc. (Capital Markets)		1,196
	10,168	CAE, Inc. (Aerospace & Defense)(a)		257
	31,854	Cameco Corp. (Oil, Gas & Consumable Fuels)		695
	3,161	Canadian Apartment Properties REIT (Equity Real Estate Investment Trusts)		150
	6,920	Canadian National Railway Co. (Road & Rail)		850
	55,707	Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels)		2,354
	3,130	Canadian Pacific Railway Ltd. (Road & Rail)		225
	11,085	Canadian Tire Corp. Ltd., Class - A (Multiline Retail)		1,590
	4,454	Canadian Utilities Ltd., Class - A (Multi-Utilities)		129
	3,259	CCL Industries, Inc., Class - B (Containers & Packaging)		175

See accompanying notes to financial statements.

86

HC CAPITAL TRUST

The International Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Canada (continued)
	125,033	Cenovus Energy, Inc. (Oil, Gas & Consumable Fuels)	$	1,533
	9,128	CGI, Inc. (IT Services)(a)		807
	30,477	CI Financial Corp. (Capital Markets)		637
	835	Constellation Software, Inc. (Software)		1,549
	23,523	Cronos Group, Inc. (Pharmaceuticals)(a)		93
	11,192	Dollarama, Inc. (Multiline Retail)		560
	77,385	Enbridge, Inc. (Oil, Gas & Consumable Fuels)		3,023
	1,023	Fairfax Financial Holdings Ltd. (Insurance)		503
	10,649	First Capital Real Estate Investment Trust (Real Estate Management & Development)		159
	17,917	First Quantum Minerals Ltd. (Metals & Mining)		429
	3,127	Fortis, Inc. (Electric Utilities)		151
	7,850	Franco-Nevada Corp. (Metals & Mining)		1,086
	24,142	GFL Environmental, Inc. (Commercial Services & Supplies)		914
	64,358	Great-West Lifeco, Inc. (Insurance)		1,932
	27,914	H&R Real Estate Investment Trust (Equity Real Estate Investment Trusts)		359
	12,464	Hydro One Ltd. (Electric Utilities)		324
	5,430	Intact Financial Corp. (Insurance)		706
	56,358	Keyera Corp. (Oil, Gas & Consumable Fuels)		1,271
	9,829	Kirkland Lake Gold Ltd. (Metals & Mining)		412
	36,396	Magna International, Inc. (Auto Components)		2,945
	8,370	Manulife Financial Corp. (Insurance)		160
	15,818	Methanex Corp. (Chemicals)		626
	18,402	National Bank of Canada (Banks)		1,403
	7,518	Northland Power, Inc. (Independent Power and Renewable Electricity Producers)		226
	3,356	Nutrien Ltd. (Chemicals)		252
	2,046	Onex Corp. (Diversified Financial Services)		161
	12,560	Ovintiv, Inc. (Oil, Gas & Consumable Fuels)		423
	7,740	Pan American Silver Corp. (Metals & Mining)		193
	4,287	Parkland Corp. (Oil, Gas & Consumable Fuels)		118
	7,732	Pembina Pipelines Corp. (Oil, Gas & Consumable Fuels)		235
	66,482	Power Corporation of Canada (Insurance)		2,197
	2,148	Restaurant Brands International, Inc. (Hotels, Restaurants & Leisure)		130
	67,963	RioCan Real Estate Investment Trust (Equity Real Estate Investment Trusts)		1,233
	4,162	Ritchie Bros. Auctioneers, Inc. (Commercial Services & Supplies)		255
	7,333	Rogers Communications, Inc., Class - B (Wireless Telecommunication Services)		349
	21,880	Royal Bank of Canada (Banks)		2,322
	3,968	Shopify, Inc. (IT Services)(a)		5,463

Shares		Security Description	Value (000)
		Canada (continued)
	7,087	SmartCentres Real Estate Investment Trust (Equity Real Estate Investment Trusts)	$	180
	52,951	Sun Life Financial, Inc. (Insurance)		2,948
	35,858	TC Energy Corp. (Oil, Gas & Consumable Fuels)		1,668
	18,439	Teck Resources Ltd., Class - B (Metals & Mining)		531
	72,937	TELUS Corp. (Diversified Telecommunication Services)		1,718
	71,727	The Bank of Nova Scotia (Banks)		5,077
	22,955	The Toronto-Dominion Bank (Banks)		1,760
	22,457	Thomson Reuters Corp. (Professional Services)		2,686
	1,552	Topicus.com, Inc. (Software)(a)		142
	28,308	Wheaton Precious Metals Corp. (Metals & Mining)		1,215
				70,699
		China — 0.36%
	2,611	Futu Holdings Ltd., ADR (Capital Markets)(a)		113
	9,100	Jardine Matheson Holdings Ltd. (Industrial Conglomerates)		501
	34,800	Tencent Holdings Ltd. (Interactive Media & Services)		2,038
				2,652
		Denmark — 2.48%
	77	A.P. Moller - Maersk A/S, Class - B (Marine)		276
	6,413	Ambu A/S, Class - B (Health Care Equipment & Supplies)		170
	1,060	Carlsberg A/S, Class - B (Beverages)		183
	4,873	Coloplast A/S, Class - B (Health Care Equipment & Supplies)		859
	26,357	Danske Bank A/S (Banks)		456
	4,260	Demant A/S (Health Care Equipment & Supplies)(a)		219
	5,336	DSV A/S (Road & Rail)		1,248
	10,121	Genmab A/S (Biotechnology)(a)		4,075
	2,299	GN Store Nord A/S (Health Care Equipment & Supplies)		145
	89,256	Novo Nordisk A/S, Class - B (Pharmaceuticals)		10,044
	1,731	Orsted A/S (Electric Utilities)		221
	3,832	Tryg A/S (Insurance)		95
	4,594	Vestas Wind Systems A/S (Electrical Equipment)		141
				18,132
		Finland — 1.43%
	5,307	Elisa Oyj (Diversified Telecommunication Services)		327
	17,096	Fortum Oyj (Electric Utilities)		525
	1,563	Kone Oyj, Class - B (Machinery)		112
	38,567	Neste Oyj (Oil, Gas & Consumable Fuels)		1,904
	231,473	Nokia Oyj (Communications Equipment)(a)		1,469

See accompanying notes to financial statements.

87

HC CAPITAL TRUST

The International Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Finland (continued)
	278,699	Nordea Bank Abp (Banks)	$	3,409
	4,638	Sampo Oyj, Class - A (Insurance)		233
	44,232	Stora Enso Oyj, R Shares (Paper & Forest Products)		813
	38,915	UPM-Kymmene Oyj (Paper & Forest Products)		1,482
	13,770	Wartsila Oyj Abp (Machinery)		194
				10,468
		France — 9.81%
	4,298	Accor SA (Hotels, Restaurants & Leisure)(a)		139
	2,427	Aeroports de Paris (Transportation Infrastructure)(a)		313
	36,115	Air Liquide SA (Chemicals)		6,304
	21,976	Amundi SA (Capital Markets)		1,815
	69,410	AXA SA (Insurance)		2,069
	1,865	BioMerieux (Health Care Equipment & Supplies)		265
	71,443	BNP Paribas SA (Banks)		4,943
	7,743	Bouygues SA (Construction & Engineering)		278
	1,044	Capgemini SE (IT Services)		256
	7,798	Carrefour SA (Food & Staples Retailing)		143
	3,697	Compagnie de Saint-Gobain (Building Products)		260
	1,644	Covivio (Equity Real Estate Investment Trusts)		135
	124,100	Credit Agricole SA (Banks)		1,773
	1,260	Dassault Aviation SA (Aerospace & Defense)		136
	27,000	Dassault Systemes SE (Software)		1,608
	18,756	Eiffage SA (Construction & Engineering)		1,931
	13,862	Electricite de France SA (Electric Utilities)		163
	70,013	Engie SA (Multi-Utilities)		1,037
	18,607	EssilorLuxottica SA (Textiles, Apparel & Luxury Goods)		3,966
	2,933	Eurazeo SE (Diversified Financial Services)		256
	7,496	Faurecia SE (Auto Components)		351
	1,347	Gecina SA (Equity Real Estate Investment Trusts)		188
	2,500	Hermes International (Textiles, Apparel & Luxury Goods)		4,372
	2,165	ICADE (Equity Real Estate Investment Trusts)		156
	7,279	JCDecaux SA (Media)(a)		182
	2,878	Kering SA (Textiles, Apparel & Luxury Goods)		2,316
	9,537	L’Oreal SA (Personal Products)		4,528
	7,080	LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods)		5,860
	76,479	Orange SA (Diversified Telecommunication Services)		820
	8,063	Pernod Ricard SA (Beverages)		1,941
	8,075	Publicis Groupe SA (Media)		544
	7,657	Renault SA (Automobiles)(a)		266
	12,283	Safran SA (Aerospace & Defense)		1,505

Shares		Security Description	Value (000)
		France (continued)
	40,107	Sanofi (Pharmaceuticals)	$	4,044
	516	Sartorius Stedim Biotech (Life Sciences Tools & Services)		283
	34,976	Schneider Electric SE (Electrical Equipment)		6,868
	4,998	SCOR SE (Insurance)		156
	1,651	SEB SA (Household Durables)		257
	112,087	Societe Generale SA (Banks)		3,854
	1,544	Sodexo SA (Hotels, Restaurants & Leisure)		135
	2,405	Teleperformance (Professional Services)		1,073
	4,176	Thales SA (Aerospace & Defense)		356
	27,612	TotalEnergies SE (Oil, Gas & Consumable Fuels)		1,403
	7,086	Unibail-Rodamco-Westfield (Equity Real Estate Investment Trusts)(a)		497
	15,933	Veolia Environnement SA (Multi-Utilities)		585
	5,784	Vinci SA (Construction & Engineering)		612
	31,487	Vivendi SA (Entertainment)		426
	3,828	Wendel SE (Diversified Financial Services)		459
				71,827
		Germany — 7.17%
	3,093	adidas AG (Textiles, Apparel & Luxury Goods)		892
	23,597	Allianz SE (Insurance)		5,578
	50,260	Aroundtown SA (Real Estate Management & Development)		304
	14,847	BASF SE (Chemicals)		1,044
	2,496	Bayer AG, Registered Shares (Pharmaceuticals)		134
	1,793	Bayerische Motoren Werke AG (Automobiles)		181
	2,740	Bechtle AG (IT Services)		196
	38,284	Commerzbank AG (Banks)(a)		292
	6,091	Continental AG (Auto Components)(a)		646
	2,878	Daimler AG (Automobiles)		221
	1,439	Daimler Truck Holding AG (Machinery)(a)		53
	4,651	Delivery Hero SE (Internet & Direct Marketing Retail)(a)		519
	113,622	Deutsche Bank AG, Registered Shares (Capital Markets)(a)		1,425
	23,940	Deutsche Boerse AG (Capital Markets)		4,009
	44,418	Deutsche Lufthansa AG, Registered Shares (Airlines)(a)		312
	88,039	Deutsche Post AG, Registered Shares (Air Freight & Logistics)		5,667
	253,607	Deutsche Telekom AG (Diversified Telecommunication Services)		4,706
	77,431	E.ON SE (Multi-Utilities)		1,075
	7,498	Fraport AG Frankfurt Airport Services Worldwide (Transportation Infrastructure)(a)		505
	7,179	Fresenius SE & Co. KGAA (Health Care Providers & Services)		289
	6,983	GEA Group AG (Machinery)		382
	1,115	Hannover Rueckversicherung SE (Insurance)		212

See accompanying notes to financial statements.

88

HC CAPITAL TRUST

The International Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Germany (continued)
	1,816	HeidelbergCement AG (Construction Materials)	$	123
	5,303	HelloFresh SE (Internet & Direct Marketing Retail)(a)		408
	1,452	Henkel AG & Co. KGAA (Household Products)		114
	2,422	HOCHTIEF AG (Construction & Engineering)		196
	82,230	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		3,816
	1,986	Knorr-Bremse AG (Machinery)		196
	2,028	MTU Aero Engines AG (Aerospace & Defense)		414
	2,693	Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares (Insurance)		799
	2,168	Nemetschek SE (Software)		278
	3,699	Puma SE (Textiles, Apparel & Luxury Goods)		453
	20,979	RWE AG (Multi-Utilities)		853
	42,196	SAP SE (Software)		5,999
	32,127	Siemens AG, Registered Shares (Industrial Conglomerates)		5,584
	16,063	Siemens Energy AG (Electrical Equipment)(a)		411
	5,796	Siemens Healthineers AG (Health Care Equipment & Supplies)		434
	10,266	Symrise AG (Chemicals)		1,523
	48,500	Telefonica Deutschland Holding AG (Diversified Telecommunication Services)		135
	56,299	TUI AG (Hotels, Restaurants & Leisure)(a)		176
	1,218	Vitesco Technologies Group AG (Auto Components)(a)		60
	1,532	Volkswagen AG (Automobiles)		451
	17,715	Vonovia SE (Real Estate Management & Development)		978
	5,685	Zalando SE (Internet & Direct Marketing Retail)(a)		460
				52,503
		Hong Kong — 2.10%
	483,480	AIA Group Ltd. (Insurance)		4,875
	12,400	ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)		134
	135,555	BOC Hong Kong Holdings Ltd. (Banks)		444
	67,100	Budweiser Brewing Co. APAC Ltd. (Beverages)		176
	334,000	China Common Rich Renewable Energy Investment Ltd. (Independent Power and Renewable Electricity Producers)(a)(b)		—
	98,500	CK Asset Holdings Ltd. (Real Estate Management & Development)		621
	61,093	CLP Holdings Ltd. (Electric Utilities)		617

Shares		Security Description	Value (000)
		Hong Kong (continued)
	77,000	Hang Lung Properties Ltd. (Real Estate Management & Development)	$	158
	109,206	Hang Seng Bank Ltd. (Banks)		1,999
	87,073	HK Electric Investments & HK Electric Investments Ltd. (Electric Utilities)		85
	122,000	HKT Trust & HKT Ltd. (Diversified Telecommunication Services)		164
	94,000	Hong Kong & China Gas Co. Ltd. (Gas Utilities)		146
	22,800	Hong Kong Exchanges & Clearing Ltd. (Capital Markets)		1,332
	335,900	Hongkong Land Holdings Ltd. (Real Estate Management & Development)		1,747
	43,500	Kerry Properties Ltd. (Real Estate Management & Development)		113
	59,500	MTR Corp. Ltd. (Road & Rail)		319
	14,472	Pacific Century Premium Developments Ltd. (Real Estate Management & Development)(a)		1
	121,391	PCCW Ltd. (Diversified Telecommunication Services)		61
	89,200	Sands China Ltd. (Hotels, Restaurants & Leisure)(a)		208
	23,756	Sun Hung Kai Properties Ltd. (Real Estate Management & Development)		288
	24,000	Swire Pacific Ltd., Class - A (Real Estate Management & Development)		137
	52,000	Techtronic Industries Co. Ltd. (Machinery)		1,035
	59,417	The Link Real Estate Investment Trust (Equity Real Estate Investment Trusts)		523
	317,870	WH Group Ltd. (Food Products)		199
				15,382
		Ireland (Republic of) — 0.89%
	332,317	Bank of Ireland Group PLC (Banks)(a)		1,886
	24,053	CRH PLC (Construction Materials)		1,274
	34,489	Experian PLC (Professional Services)		1,695
	1,610	Flutter Entertainment PLC (Hotels, Restaurants & Leisure)(a)		255
	1,766	Flutter Entertainment PLC (Hotels, Restaurants & Leisure)(a)		281
	16,821	James Hardie Industries PLC (Construction Materials)		677
	3,243	Kerry Group PLC, Class - A (Food Products)		418
				6,486
		Isle of Man — 0.12%
	38,227	GVC Holdings PLC (Hotels, Restaurants & Leisure)(a)		871
		Israel — 0.64%
	43,244	Bank Hapoalim BM (Banks)		447
	866	Nice Ltd. (Software)(a)		265

See accompanying notes to financial statements.

89

HC CAPITAL TRUST

The International Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Israel (continued)
	11,379	Nice Systems Ltd., ADR (Software)(a)	$	3,455
	40,959	Teva Pharmaceutical Industries Ltd., ADR (Pharmaceuticals)(a)		328
	1,096	Wix.com Ltd. (IT Services)(a)		173
				4,668
		Italy — 1.80%
	81,579	Assicurazioni Generali SpA (Insurance)		1,730
	19,370	Atlantia SpA (Transportation Infrastructure)(a)		385
	319,846	Enel SpA (Electric Utilities)		2,565
	5,008	Ferrari N.V. (Automobiles)		1,297
	8,190	FinecoBank Banca Fineco SpA (Banks)		144
	12,651	Infrastrutture Wireless Italiane SpA (Diversified Telecommunication Services)		154
	549,472	Intesa Sanpaolo SpA (Banks)		1,422
	187,061	Mediobanca Banca di Credito Finanziario SpA (Banks)		2,153
	7,356	Moncler SpA (Textiles, Apparel & Luxury Goods)		536
	23,414	Pirelli & C SpA (Auto Components)		163
	10,481	Poste Italiane SpA (Insurance)		138
	110,979	Snam SpA (Gas Utilities)		670
	229,225	Terna - Rete Elettrica Nazionale SpA (Electric Utilities)		1,856
				13,213
		Japan — 19.71%
	2,500	Advantest Corp. (Semiconductors & Semiconductor Equipment)		237
	27,400	Aeon Mall Co. Ltd. (Food & Staples Retailing)		645
	6,845	AGC, Inc. (Building Products)		327
	26,800	Ajinomoto Co., Inc. (Food Products)		815
	15,300	Amada Co. Ltd. (Machinery)		152
	17,400	Asahi Group Holdings Ltd. (Beverages)		677
	48,400	Asahi Kasei Corp. (Chemicals)		455
	103,600	Astellas Pharma, Inc. (Pharmaceuticals)		1,685
	26,700	Bandai Namco Holdings, Inc. (Leisure Products)		2,088
	15,200	Bridgestone Corp. (Auto Components)		654
	38,300	Canon, Inc. (Technology Hardware, Storage & Peripherals)		933
	12,600	Casio Computer Co. Ltd. (Household Durables)		162
	21,800	Chubu Electric Power Co., Inc. (Electric Utilities)		230
	24,700	Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals)		802
	363,700	Concordia Financial Group Ltd. (Banks)		1,322
	900	Cosmos Pharmaceutical Corp. (Food & Staples Retailing)		132
	40,000	CyberAgent, Inc. (Media)		666

Shares		Security Description	Value (000)
		Japan (continued)
	13,388	Dai Nippon Printing Co. Ltd. (Commercial Services & Supplies)	$	337
	15,900	Daicel Corp. (Chemicals)		110
	2,900	Daifuku Co. Ltd. (Machinery)		237
	40,900	Dai-ichi Life Holdings, Inc. (Insurance)		827
	15,400	Daikin Industries Ltd. (Building Products)		3,493
	2,579	Daito Trust Construction Co. Ltd. (Real Estate Management & Development)		295
	22,050	Daiwa House Industry Co. Ltd. (Real Estate Management & Development)		634
	3,100	Denso Corp. (Auto Components)		257
	4,800	Dentsu Group, Inc. (Media)		171
	800	Disco Corp. (Semiconductors & Semiconductor Equipment)		245
	27,900	East Japan Railway Co. (Road & Rail)		1,716
	14,000	Eisai Co. Ltd. (Pharmaceuticals)		795
	96,257	ENEOS Holdings, Inc. (Oil, Gas & Consumable Fuels)		360
	12,700	FANUC Corp. (Machinery)		2,692
	2,400	Fast Retailing Co. Ltd. (Specialty Retail)		1,363
	13,700	FUJIFILM Holdings Corp. (Technology Hardware, Storage & Peripherals)		1,016
	10,900	Fujitsu Ltd. (IT Services)		1,870
	84	GLP J-REIT (Equity Real Estate Investment Trusts)		145
	1,900	GMO Payment Gateway, Inc. (IT Services)		237
	16,200	Hino Motors Ltd. (Machinery)		134
	37,100	Hitachi Ltd. (Industrial Conglomerates)		2,010
	12,600	Hitachi Metals Ltd. (Metals & Mining)(a)		233
	75,200	Honda Motor Co. Ltd. (Automobiles)		2,112
	25,800	HOYA Corp. (Health Care Equipment & Supplies)		3,838
	8,800	Iida Group Holdings Co. Ltd. (Household Durables)		205
	39,100	Inpex Corp. (Oil, Gas & Consumable Fuels)		341
	22,100	Isetan Mitsukoshi Holdings Ltd. (Multiline Retail)		163
	21,000	Isuzu Motors Ltd. (Automobiles)		261
	100,617	ITOCHU Corp. (Trading Companies & Distributors)		3,078
	8,200	Japan Exchange Group, Inc. (Capital Markets)		180
	16,700	Japan Post Bank Co. Ltd. (Banks)		153
	8,300	Japan Post Insurance Co. Ltd. (Insurance)		134
	39	Japan Prime Realty Investment Corp. (Equity Real Estate Investment Trusts)		135
	40	Japan Real Estate Investment Corp. (Equity Real Estate Investment Trusts)		227
	200	Japan Retail Fund Investment Corp. (Equity Real Estate Investment Trusts)		172

See accompanying notes to financial statements.

90

HC CAPITAL TRUST

The International Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	15,900	Japan Tobacco, Inc. (Tobacco)	$	321
	13,100	JGC Holdings Corp. (Construction & Engineering)		109
	5,554	JSR Corp. (Chemicals)		211
	9,200	Kawasaki Heavy Industries Ltd. (Machinery)		166
	101,200	KDDI Corp. (Wireless Telecommunication Services)		2,958
	5,600	Keisei Electric Railway Co. Ltd. (Road & Rail)		151
	7,000	Keyence Corp. (Electronic Equipment, Instruments & Components)		4,399
	2,100	Kobayashi Pharmaceutical Co. Ltd. (Personal Products)		165
	5,300	Kobe Bussan Co. Ltd. (Food & Staples Retailing)		205
	4,000	Koito Manufacturing Co. Ltd. (Auto Components)		212
	15,145	Komatsu Ltd. (Machinery)		355
	1,400	Kose Corp. (Personal Products)		159
	39,300	Kubota Corp. (Machinery)		873
	12,200	Kyocera Corp. (Electronic Equipment, Instruments & Components)		762
	4,800	Kyowa Kirin Co. Ltd. (Pharmaceuticals)		131
	6,100	Kyushu Railway Co. (Road & Rail)		127
	5,900	Lasertec Corp. (Semiconductors & Semiconductor Equipment)		1,810
	24,800	Lawson, Inc. (Food & Staples Retailing)		1,175
	18,300	M3, Inc. (Health Care Technology)		922
	63,300	Marubeni Corp. (Trading Companies & Distributors)		616
	8,100	Medipal Holdings Corp. (Health Care Providers & Services)		152
	4,400	MEIJI Holdings Co. Ltd. (Food Products)		262
	9,100	Mercari, Inc. (Internet & Direct Marketing Retail)(a)		464
	11,600	MISUMI Group, Inc. (Machinery)		476
	57,145	Mitsubishi Corp. (Trading Companies & Distributors)		1,815
	103,000	Mitsubishi Electric Corp. (Electrical Equipment)		1,306
	38,100	Mitsubishi Estate Co. Ltd. (Real Estate Management & Development)		528
	471,200	Mitsubishi UFJ Financial Group, Inc. (Banks)		2,560
	131,788	Mitsui & Co. Ltd. (Trading Companies & Distributors)		3,121
	36,100	Mitsui Fudosan Co. Ltd. (Real Estate Management & Development)		715
	15,800	MonotaRO Co. Ltd. (Trading Companies & Distributors)		285

Shares		Security Description	Value (000)
		Japan (continued)
	4,200	MS&AD Insurance Group Holdings, Inc. (Insurance)	$	130
	47,200	Murata Manufacturing Co. Ltd. (Electronic Equipment, Instruments & Components)		3,758
	5,800	Nabtesco Corp. (Machinery)		172
	14,700	NEC Corp. (Technology Hardware, Storage & Peripherals)		679
	20,600	Nexon Co. Ltd. (Entertainment)		398
	17,000	Nidec Corp. (Electrical Equipment)		1,998
	19,200	Nikon Corp. (Household Durables)		207
	7,500	Nintendo Co. Ltd. (Entertainment)		3,499
	35	Nippon Building Fund, Inc. (Equity Real Estate Investment Trusts)		204
	2,800	Nippon Express Co. Ltd. (Road & Rail)		168
	13,700	Nippon Paint Holdings Co. Ltd. (Chemicals)		149
	82	Nippon Prologis REIT, Inc. (Equity Real Estate Investment Trusts)		290
	32,800	Nippon Shinyaku Co. Ltd. (Pharmaceuticals)		2,284
	30,800	Nippon Steel Corp. (Metals & Mining)		503
	36,400	Nippon Telegraph & Telephone Corp. (Diversified Telecommunication Services)		997
	77,500	Nissan Motor Co. Ltd. (Automobiles)(a)		375
	7,600	Nisshin Seifun Group, Inc. (Food Products)		110
	2,400	Nissin Foods Holdings Co. Ltd. (Food Products)		175
	4,400	Nitori Holdings Co. Ltd. (Specialty Retail)		659
	24,900	Nomura Holdings, Inc. (Capital Markets)		109
	162	Nomura Real Estate Master Fund, Inc. (Equity Real Estate Investment Trusts)		228
	17,800	Nomura Research Institute Ltd. (IT Services)		764
	1,800	Obic Co. Ltd. (IT Services)		338
	46,900	Oji Paper Co. Ltd. (Paper & Forest Products)		227
	44,700	Olympus Corp. (Health Care Equipment & Supplies)		1,030
	10,400	OMRON Corp. (Electronic Equipment, Instruments & Components)		1,036
	6,000	Oriental Land Co. Ltd. (Hotels, Restaurants & Leisure)		1,012
	10,800	ORIX Corp. (Diversified Financial Services)		220
	8,900	Osaka Gas Co. Ltd. (Gas Utilities)		147
	3,000	Otsuka Holdings Co. Ltd. (Pharmaceuticals)		109
	18,900	Pan Pacific International Holdings Corp. (Multiline Retail)		261
	201,500	Panasonic Corp. (Household Durables)		2,216
	7,600	Park24 Co. Ltd. (Commercial Services & Supplies)(a)		104
	6,100	PeptiDream, Inc. (Biotechnology)(a)		135
	6,800	Pigeon Corp. (Household Products)		130
	7,400	Pola Orbis Holdings, Inc. (Personal Products)		123

See accompanying notes to financial statements.

91

HC CAPITAL TRUST

The International Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	51,800	Rakuten, Inc. (Internet & Direct Marketing Retail)	$	520
	48,200	Recruit Holdings Co. Ltd. (Professional Services)		2,922
	14,500	Renesas Electronics Corp. (Semiconductors & Semiconductor Equipment)(a)		179
	15,100	Ricoh Co. Ltd. (Technology Hardware, Storage & Peripherals)		141
	2,700	Rinnai Corp. (Household Durables)		244
	5,600	Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)		510
	13,500	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals)		165
	5,100	SBI Holdings, Inc. (Capital Markets)		139
	35,552	Sekisui House Ltd. (Household Durables)		763
	25,500	Seven & I Holdings Co. Ltd. (Food & Staples Retailing)		1,121
	12,000	SG Holdings Co. Ltd. (Air Freight & Logistics)		281
	16,500	Sharp Corp. (Household Durables)		190
	2,800	Shimano, Inc. (Leisure Products)		746
	11,200	Shin-Etsu Chemical Co. Ltd. (Chemicals)		1,940
	10,100	Shionogi & Co. Ltd. (Pharmaceuticals)		714
	14,100	Shiseido Co. Ltd. (Personal Products)		786
	6,600	Showa Denko KK (Chemicals)		139
	2,100	SMC Corp. (Machinery)		1,417
	62,800	SoftBank Group Corp. (Wireless Telecommunication Services)		2,967
	12,800	Sompo Holdings, Inc. (Insurance)		541
	35,200	Sony Corp. (Household Durables)		4,429
	3,800	Square Enix Holdings Co. Ltd. (Entertainment)		195
	7,300	Subaru Corp. (Automobiles)		131
	12,200	SUMCO Corp. (Semiconductors & Semiconductor Equipment)		249
	45,486	Sumitomo Corp. (Trading Companies & Distributors)		673
	26,248	Sumitomo Mitsui Financial Group, Inc. (Banks)		900
	13,400	Sumitomo Mitsui Trust Holdings, Inc. (Banks)		448
	13,900	Suzuki Motor Corp. (Automobiles)		535
	6,900	Sysmex Corp. (Health Care Equipment & Supplies)		933
	6,300	Taiyo Nippon Sanso Corp. (Chemicals)		138
	10,200	TDK Corp. (Electronic Equipment, Instruments & Components)		398
	26,500	Terumo Corp. (Health Care Equipment & Supplies)		1,120
	2,900	The Bank of Kyoto Ltd. (Banks)		134
	22,400	The Chiba Bank Ltd. (Banks)		128

Shares		Security Description	Value (000)
		Japan (continued)
	164,500	The Shizuoka Bank Ltd. (Banks)	$	1,176
	8,000	THK Co. Ltd. (Machinery)		193
	9,900	Tokio Marine Holdings, Inc. (Insurance)		550
	56,400	Tokyo Electric Power Co. Holdings, Inc. (Electric Utilities)(a)		146
	8,800	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		5,070
	25,700	Tokyo Fudosan Holdings Corp. (Real Estate Management & Development)		144
	52,900	Toray Industries, Inc. (Chemicals)		314
	14,700	Toshiba Corp. (Industrial Conglomerates)		605
	3,300	Toyo Suisan Kaisha Ltd. (Food Products)		140
	21,600	Toyota Industries Corp. (Auto Components)		1,726
	485,000	Toyota Motor Corp. (Automobiles)		8,878
	6,770	Toyota Tsusho Corp. (Trading Companies & Distributors)		312
	6,727	Trend Micro, Inc. (Software)		374
	1,500	Tsuruha Holdings, Inc. (Food & Staples Retailing)		144
	16,700	Unicharm Corp. (Household Products)		726
	113	United Urban Investment Corp. (Equity Real Estate Investment Trusts)		133
	21,200	USS Co. Ltd. (Specialty Retail)		331
	4,200	Welcia Holdings Co. Ltd. (Food & Staples Retailing)		131
	4,800	Yakult Honsha Co. Ltd. (Food Products)		250
	13,100	Yamato Holdings Co. Ltd. (Air Freight & Logistics)		308
	9,200	Yaskawa Electric Corp. (Machinery)		451
	9,100	Yokogawa Electric Corp. (Electronic Equipment, Instruments & Components)		164
	99,600	Z Holdings Corp. (Interactive Media & Services)		578
				144,293
		Jersey — 0.45%
	387,007	Glencore PLC (Metals & Mining)		1,964
	88,265	WPP PLC (Media)		1,337
				3,301
		Luxembourg — 0.39%
	27,423	ArcelorMittal SA (Metals & Mining)		879
	4,926	Eurofins Scientific SE (Life Sciences Tools & Services)		610
	132,297	Tenaris SA (Energy Equipment & Services)		1,387
				2,876
		Netherlands — 4.48%
	58,647	ABN AMRO Group N.V. (Banks)		862
	431	Adyen N.V. (IT Services)(a)		1,134
	73,595	AEGON N.V. (Insurance)		368

See accompanying notes to financial statements.

92

HC CAPITAL TRUST

The International Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Netherlands (continued)
	8,728	AerCap Holdings N.V. (Trading Companies & Distributors)(a)	$	571
	23,149	Airbus SE (Aerospace & Defense)(a)		2,961
	29,390	Akzo Nobel N.V. (Chemicals)		3,229
	12,390	ASML Holding N.V. (Semiconductors & Semiconductor Equipment)		9,969
	39,102	CNH Industrial N.V. (Machinery)		760
	4,144	EXOR N.V. (Diversified Financial Services)		372
	6,020	Heineken N.V. (Beverages)		678
	15,662	ING Groep N.V. (Banks)		218
	4,569	JDE Peet’s N.V. (Food Products)		141
	2,049	Just Eat Takeaway.com N.V. (Internet & Direct Marketing Retail)(a)		113
	62,296	Koninklijke Ahold Delhaize N.V. (Food & Staples Retailing)		2,137
	15,440	Koninklijke DSM N.V. (Chemicals)		3,480
	65,979	Koninklijke KPN N.V. (Diversified Telecommunication Services)		205
	19,347	Koninklijke Philips N.V. (Health Care Equipment & Supplies)		722
	5,828	NN Group N.V. (Insurance)		316
	20,332	Prosus N.V. (Internet & Direct Marketing Retail)		1,702
	7,664	QIAGEN N.V. (Life Sciences Tools & Services)(a)		427
	4,181	STMicroelectronics N.V. (Semiconductors & Semiconductor Equipment)		206
	31,487	Universal Music Group N.V. (Entertainment)		888
	11,488	Wolters Kluwer N.V. (Professional Services)		1,355
				32,814
		New Zealand — 0.23%
	60,589	Auckland International Airport Ltd. (Transportation Infrastructure)(a)		319
	21,268	Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Supplies)		478
	38,532	Mercury NZ Ltd. (Electric Utilities)		161
	54,696	Meridian Energy Ltd. (Independent Power and Renewable Electricity Producers)		182
	16,268	Ryman Healthcare Ltd. (Health Care Providers & Services)		136
	36,835	Spark New Zealand Ltd. (Diversified Telecommunication Services)		114
	38,218	The a2 Milk Co. Ltd. (Food Products)(a)		155
	1,483	Xero Ltd. (Software)(a)		153
				1,698
		Norway — 0.69%
	67,459	DNB Bank ASA (Banks)		1,548
	108,907	Equinor ASA (Oil, Gas & Consumable Fuels)		2,918

Shares		Security Description	Value (000)
		Norway (continued)
	24,253	Mowi ASA (Food Products)	$	575
				5,041
		Portugal — 0.32%
	400,153	EDP - Energias de Portugal SA (Electric Utilities)		2,201
	7,412	Jeronimo Martins, SGPS, SA (Food & Staples Retailing)		170
				2,371
		Singapore — 0.81%
	232,772	Ascendas Real Estate Investment Trust (Equity Real Estate Investment Trusts)		510
	175,970	CapitaLand Integrated Commercial Trust (Equity Real Estate Investment Trusts)		266
	58,000	Capitaland Investment, Ltd. (Real Estate Management & Development)(a)		147
	57,800	DBS Group Holdings Ltd. (Banks)		1,401
	18,600	Oversea-Chinese Banking Corp. Ltd. (Banks)		157
	58,700	Singapore Airlines Ltd. (Airlines)(a)		217
	18,700	Singapore Exchange Ltd. (Capital Markets)		129
	540,700	Singapore Technologies Engineering Ltd. (Aerospace & Defense)		1,509
	8,100	United Overseas Bank Ltd. (Banks)		162
	457,800	Wilmar International Ltd. (Food Products)		1,407
				5,905
		South Africa — 0.00%
	4,663	Thungela Resources Ltd. (Oil, Gas & Consumable Fuels)(a)		24
		South Korea — 0.30%
	32,902	Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals)		2,167
		Spain — 1.87%
	10,971	ACS Actividades de Construccion y Servicios SA (Construction & Engineering)		294
	2,724	Aena SME SA (Transportation Infrastructure)(a)		430
	17,618	Amadeus IT Group SA (IT Services)(a)		1,196
	678,386	Banco Bilbao Vizcaya Argentaria SA (Banks)		4,055
	28,433	Bankinter SA (Banks)		146
	140,428	CaixaBank SA (Banks)		386
	16,570	Cellnex Telecom SA (Diversified Telecommunication Services)		965
	9,162	Enagas SA (Gas Utilities)		213
	11,934	Endesa SA (Electric Utilities)		274
	7,320	Grifols SA, ADR (Biotechnology)		82
	257,642	Iberdrola SA (Electric Utilities)		3,054
	41,666	Industria de Diseno Textil SA (Specialty Retail)		1,354
	28,433	Linea Directa Aseguradora SA Cia de Seguros y Reaseguros (Insurance)		52

See accompanying notes to financial statements.

93

HC CAPITAL TRUST

The International Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Spain (continued)
	14,150	Naturgy Energy Group SA (Gas Utilities)	$	461
	17,622	Red Electrica Corp. SA (Electric Utilities)		382
	17,963	Repsol SA (Oil, Gas & Consumable Fuels)		213
	31,962	Telefonica SA (Diversified Telecommunication Services)		140
				13,697
		Sweden — 2.43%
	38,059	Assa Abloy AB, B Shares (Building Products)		1,164
	25,498	Atlas Copco AB, A Shares (Machinery)		1,766
	14,818	Atlas Copco AB, B Shares (Machinery)		873
	8,986	Electrolux AB, Class - B (Household Durables)		218
	9,862	Equities AB (Capital Markets)		538
	13,957	Essity AB, Class - B (Household Products)		456
	4,929	Evolution AB (Hotels, Restaurants & Leisure)		702
	23,886	Hennes & Mauritz AB, B Shares (Specialty Retail)		471
	15,868	Husqvarna AB (Household Durables)		254
	193	Industrivarden AB, A Shares (Diversified Financial Services)		6
	6,435	Kinnevik AB, Class - B (Diversified Financial Services)(a)		230
	35,660	L E Lundbergforetagen AB, Class - B (Diversified Financial Services)		2,005
	6,416	Sandvik AB (Machinery)	��	179
	18,663	Sinch AB (Software)(a)		238
	61,801	Skandinaviska Enskilda Banken AB, Class - A (Banks)		861
	33,960	Skanska AB, B Shares (Construction & Engineering)		880
	36,959	SKF AB, B Shares (Machinery)		878
	12,547	Svenska Handelsbanken AB, A Shares (Banks)		136
	34,388	Swedbank AB, A Shares (Banks)		693
	69,800	Swedish Match AB (Tobacco)		557
	26,659	Tele2 AB, B Shares (Wireless Telecommunication Services)		381
	110,036	Telefonaktiebolaget LM Ericsson, B Shares (Communications Equipment)		1,216
	97,844	Telia Co. AB (Diversified Telecommunication Services)		384
	117,701	Volvo AB, B Shares (Machinery)		2,733
				17,819
		Switzerland — 9.35%
	135,931	ABB Ltd., Registered Shares (Electrical Equipment)		5,208
	18,435	Alcon, Inc. (Health Care Equipment & Supplies)		1,634
	1,838	Baloise Holding AG, Registered Shares (Insurance)		301

Shares		Security Description	Value (000)
		Switzerland (continued)
	116	Barry Callebaut AG, Registered Shares (Food Products)	$	282
	5	Chocoladefabriken Lindt & Spruengli AG (Food Products)		671
	44	Chocoladefabriken Lindt & Spruengli AG (Food Products)		610
	14,421	Coca-Cola HBC AG (Beverages)		499
	19,821	Compagnie Financiere Richemont SA, Registered Shares (Textiles, Apparel & Luxury Goods)		2,980
	761	EMS-Chemie Holding AG (Chemicals)		853
	34	Givaudan SA, Registered Shares (Chemicals)		179
	27,552	Idorsia Ltd. (Biotechnology)(a)		564
	5,080	Kuehne & Nagel International AG, Registered Shares (Marine)		1,642
	4,467	Lonza Group AG, Registered Shares (Life Sciences Tools & Services)		3,735
	8,432	Medacta Group SA (Health Care Equipment & Supplies)(a)		1,314
	115,521	Nestle SA, Registered Shares (Food Products)		16,161
	80,830	Novartis AG, Registered Shares (Pharmaceuticals)		7,124
	441	Partners Group Holding AG (Capital Markets)		732
	29,400	Roche Holding AG (Pharmaceuticals)		12,235
	500	SGS SA, Registered Shares (Professional Services)		1,673
	539	Sonova Holding AG, Registered Shares (Health Care Equipment & Supplies)		212
	1,212	Swiss Life Holding AG (Insurance)		744
	3,688	Swiss Prime Site AG, Registered Shares (Real Estate Management & Development)		363
	9,698	Swiss Re AG (Insurance)		961
	1,212	Swisscom AG, Registered Shares (Diversified Telecommunication Services)		685
	4,423	Temenos AG, Registered Shares (Software)		612
	1,098	The Swatch Group AG, B Shares (Textiles, Apparel & Luxury Goods)		336
	223,386	UBS Group AG (Capital Markets)		4,027
	1,798	Vifor Pharma AG (Pharmaceuticals)		320
	4,186	Zurich Financial Services AG (Insurance)		1,840
				68,497
		United Kingdom — 11.73%
	38,163	3i Group PLC (Capital Markets)		748
	39,246	abrdn PLC (Diversified Financial Services)		128
	5,633	Admiral Group PLC (Insurance)		241
	46,639	Anglo American PLC (Metals & Mining)		1,904
	17,119	Ashtead Group PLC (Trading Companies & Distributors)		1,377
	21,941	Associated British Foods PLC (Food Products)		596

See accompanying notes to financial statements.

94

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The International Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United Kingdom (continued)
	57,151	AstraZeneca PLC (Pharmaceuticals)	$	6,713
	35,579	Auto Trader Group PLC (Interactive Media & Services)		356
	27,235	Aveva Group PLC (Software)		1,255
	380,982	Aviva PLC (Insurance)		2,116
	121,738	BAE Systems PLC (Aerospace & Defense)		906
	74,250	Barratt Developments PLC (Household Durables)		752
	83,410	BP PLC (Oil, Gas & Consumable Fuels)		373
	122,235	British American Tobacco PLC (Tobacco)		4,522
	48,150	British Land Co. PLC (Equity Real Estate Investment Trusts)		346
	67,311	BT Group PLC (Diversified Telecommunication Services)		154
	12,788	Bunzl PLC (Trading Companies & Distributors)		499
	44,208	Burberry Group PLC (Textiles, Apparel & Luxury Goods)		1,087
	16,992	Carnival PLC (Hotels, Restaurants & Leisure)(a)		318
	19,461	Coca-Cola Europacific Partners PLC (Beverages)		1,088
	68,980	Compass Group PLC (Hotels, Restaurants & Leisure)(a)		1,541
	41,212	Diageo PLC (Beverages)		2,251
	8,558	Ferguson PLC (Trading Companies & Distributors)		1,518
	176,859	GlaxoSmithKline PLC (Pharmaceuticals)		3,845
	14,664	Halma PLC (Electronic Equipment, Instruments & Components)		635
	10,082	Hargreaves Lansdown PLC (Capital Markets)		185
	213,787	HSBC Holdings PLC (Banks)		1,298
	98,505	Imperial Brands PLC (Tobacco)		2,155
	278,038	Informa PLC (Media)(a)		1,944
	6,566	Intercontinental Hotels Group PLC (Hotels, Restaurants & Leisure)(a)		425
	6,129	Intertek Group PLC (Professional Services)		467
	74,568	J Sainsbury PLC (Food & Staples Retailing)		278
	118,900	Kingfisher PLC (Specialty Retail)		544
	26,793	Land Securities Group PLC (Equity Real Estate Investment Trusts)		282
	230,229	Legal & General Group PLC (Insurance)		927
	9,354	Linde PLC (Chemicals)		3,258
	56,079	M&G PLC (Diversified Financial Services)		151
	98,922	Meggitt PLC (Aerospace & Defense)(a)		988
	175,256	Melrose Industries PLC (Industrial Conglomerates)		379
	18,592	Mondi PLC (Paper & Forest Products)		459
	169,478	National Grid PLC (Multi-Utilities)		2,431
	5,049	Next PLC (Multiline Retail)		557
	16,942	Pearson PLC (Media)		141

Shares		Security Description	Value (000)
		United Kingdom (continued)
	14,218	Persimmon PLC (Household Durables)	$	550
	28,258	Prudential PLC (Insurance)		487
	35,251	RecKitt Benckiser Group PLC (Household Products)		3,025
	108,450	RELX PLC (Professional Services)		3,525
	70,222	Rentokil Initial PLC (Commercial Services & Supplies)		555
	66,751	Rio Tinto PLC (Metals & Mining)		4,419
	307,979	Rolls-Royce Holdings PLC (Aerospace & Defense)(a)		512
	180,472	Royal Dutch Shell PLC, A Shares (Oil, Gas & Consumable Fuels)		3,961
	141,622	Royal Dutch Shell PLC, B Shares (Oil, Gas & Consumable Fuels)		3,109
	3,268	Schroders PLC (Capital Markets)		157
	41,641	Segro PLC (Equity Real Estate Investment Trusts)		810
	9,195	Severn Trent PLC (Water Utilities)		367
	7,889	Smith & Nephew PLC (Health Care Equipment & Supplies)		138
	12,142	Smiths Group PLC (Industrial Conglomerates)		260
	2,797	Spirax-Sarco Engineering PLC (Machinery)		608
	44,660	SSE PLC (Electric Utilities)		997
	9,471	St. James Place PLC (Capital Markets)		216
	37,451	Standard Chartered PLC (Banks)		227
	87,671	Stellantis N.V. (Automobiles)		1,665
	40,045	Tesco PLC (Food & Staples Retailing)		157
	42,066	The Sage Group PLC (Software)		485
	18,373	The Weir Group PLC (Machinery)		426
	108,838	Unilever PLC (Personal Products)		5,812
	11,330	United Utilities Group PLC (Water Utilities)		167
	474,755	Vodafone Group PLC (Wireless Telecommunication Services)		721
	7,653	Whitbread PLC (Hotels, Restaurants & Leisure)(a)		310
				85,804
		United States — 0.05%
	12,203	Bausch Health Companies, Inc. (Pharmaceuticals)(a)		337
		Total Common Stocks		708,203
		Preferred Stocks — 0.48%
		Germany — 0.48%
	1,461	Sartorius AG — Preferred (Health Care Equipment & Supplies)		990
	12,574	Volkswagen AG — Preferred (Automobiles)		2,540
		Total Preferred Stocks		3,530

See accompanying notes to financial statements.

95

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The International Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Investment Company — 0.87%
	6,398,057	State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01%(c)	$	6,398
		Total Investment Company		6,398
		Purchased Options on Futures — 0.02%
		Total Purchased Options on Futures		153
		Total Investments (cost $444,214) — 98.09%		718,284
		Other assets in excess of liabilities — 1.91%		13,998
		Net Assets — 100.00%	$	732,282

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

(a) Represents non-income producing security.

(b) Security was valued using significant unobservable inputs as of December 31, 2021.

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

As of December 31, 2021, 100% of the Portfolio’s net assets were managed by Parametric Portfolio Associates, LLC.

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

The following tables reflect the open derivative positions held by the Portfolio as of December 31, 2021.

Futures Contracts Purchased*

Description		Number of Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
MSCI EAFE Index Future			100		3/18/22	$	11,609	$	184
						$	11,609	$	184
	Total Unrealized Appreciation							$	184
	Total Unrealized Depreciation								—
	Total Net Unrealized Appreciation/(Depreciation)							$	184

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

See accompanying notes to financial statements.

96

HC CAPITAL TRUST

The International Equity Portfolio

Portfolio of Investments (concluded) — December 31, 2021 (Unaudited)

Options on Futures Contracts

Exchange-traded options on futures contacts written as of December 31, 2021 were as follows:

Description	Put/Call		Number of Contracts		Notional Amount (000)		Exercise Price		Expiration Date		Value (000)
E-Mini S&P 500 Future Option		Put		14	$	3,115	$	4,450.00		1/21/22	$	(7	)
E-Mini S&P 500 Future Option		Put		16		3,423		4,280.00		1/21/22		(4	)
E-Mini S&P 500 Future Option		Put		8		1,676		4,190.00		1/21/22		(2	)
E-Mini S&P 500 Future Option		Put		7		1,442		4,120.00		1/21/22		(1	)
E-Mini S&P 500 Future Option		Put		7		1,439		4,110.00		1/21/22		(1	)
E-Mini S&P 500 Future Option		Put		14		2,926		4,180.00		1/31/22		(5	)
E-Mini S&P 500 Future Option		Put		8		1,660		4,150.00		1/31/22		(3	)
E-Mini S&P 500 Future Option		Put		7		1,460		4,170.00		1/31/22		(3	)
E-Mini S&P 500 Future Option		Put		7		1,477		4,220.00		1/31/22		(3	)
E-Mini S&P 500 Future Option		Put		14		3,052		4,360.00		1/31/22		(9	)
E-Mini S&P 500 Future Option		Put		7		1,474		4,210.00		1/31/22		(3	)
E-Mini S&P 500 Future Option		Put		7		1,379		3,940.00		2/21/22		(3	)
E-Mini S&P 500 Future Option		Put		7		1,393		3,980.00		2/21/22		(4	)
E-Mini S&P 500 Future Option		Put		16		3,679		4,600.00		2/21/22		(46	)
E-Mini S&P 500 Future Option		Put		7		1,453		4,150.00		2/21/22		(5	)
E-Mini S&P 500 Future Option		Put		7		1,383		3,950.00		2/21/22		(3	)
E-Mini S&P 500 Future Option		Put		14		3,010		4,300.00		2/28/22		(21	)
E-Mini S&P 500 Future Option		Put		14		3,129		4,470.00		3/18/22		(47	)
											$	(170	)

Exchanged-traded options on futures contacts purchased as of December 31, 2021 were as follows:

Description	Put/Call		Number of Contracts		Notional Amount (000)		Exercise Price		Expiration Date		Value (000)
E-Mini S&P 500 Future Option		Put		7	$	1,645	$	4,700.00		1/21/22	$	13
E-Mini S&P 500 Future Option		Put		8		1,820		4,550.00		1/21/22		7
E-Mini S&P 500 Future Option		Put		7		1,628		4,650.00		1/31/22		15
E-Mini S&P 500 Future Option		Put		8		1,920		4,800.00		2/21/22		46
E-Mini S&P 500 Future Option		Put		7		1,610		4,600.00		2/28/22		23
E-Mini S&P 500 Future Option		Put		7		1,671		4,775.00		3/18/22		49
											$	153

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

See accompanying notes to financial statements.

97

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 79.33%
		Australia — 5.65%
	11,784	Afterpay Ltd. (IT Services)(a)	$	712
	12,849	Ampol Ltd. (Oil, Gas & Consumable Fuels)		277
	64,076	APA Group (Gas Utilities)		469
	32,640	Aristocrat Leisure Ltd. (Hotels, Restaurants & Leisure)		1,034
	10,511	ASX Ltd. (Capital Markets)		710
	99,161	Aurizon Holdings Ltd. (Road & Rail)		252
	103,526	AusNet Services (Electric Utilities)		194
	154,006	Australia & New Zealand Banking Group Ltd. (Banks)		3,082
	159,745	BHP Billiton Ltd. (Metals & Mining)^		4,822
	114,340	BHP Group Ltd. (Metals & Mining)		3,403
	27,339	BlueScope Steel Ltd. (Metals & Mining)		416
	78,257	Brambles Ltd. (Commercial Services & Supplies)		605
	3,569	Cochlear Ltd. (Health Care Equipment & Supplies)		561
	72,155	Coles Group Ltd. (Food & Staples Retailing)		942
	96,055	Commonwealth Bank of Australia (Banks)		7,058
	29,396	Computershare Ltd. (IT Services)		428
	20,195	Crown Resorts Ltd. (Hotels, Restaurants & Leisure)(a)		176
	25,672	CSL Ltd. (Biotechnology)		5,430
	58,823	Dexus (Equity Real Estate Investment Trusts)		476
	3,278	Domino’s Pizza Enterprises Ltd. (Hotels, Restaurants & Leisure)		281
	72,480	Endeavour Group Ltd. (Food & Staples Retailing)		355
	98,971	Evolution Mining Ltd. (Metals & Mining)		292
	91,744	Fortescue Metals Group Ltd. (Metals & Mining)		1,282
	90,156	Goodman Group (Equity Real Estate Investment Trusts)		1,738
	11,315	IDP Education Ltd. (Diversified Consumer Services)		285
	133,518	Insurance Australia Group Ltd. (Insurance)		414
	37,213	LendLease Group (Real Estate Management & Development)(b)		289
	18,990	Macquarie Group Ltd. (Capital Markets)		2,837
	7,489	Magellan Financial Group Ltd. (Capital Markets)		116
	148,088	Medibank Private Ltd. (Insurance)		361
	214,324	Mirvac Group (Equity Real Estate Investment Trusts)		454
	178,290	National Australia Bank Ltd. (Banks)		3,740
	44,168	Newcrest Mining Ltd. (Metals & Mining)		786
	60,148	Northern Star Resources Ltd. (Metals & Mining)		412
	21,980	Orica Ltd. (Chemicals)		219
	95,103	Origin Energy Ltd. (Electric Utilities)		362
	49,394	Qantas Airways Ltd. (Airlines)(a)		180

Shares		Security Description	Value (000)
		Australia (continued)
	79,754	QBE Insurance Group Ltd. (Insurance)	$	658
	9,942	Ramsay Health Care Ltd. (Health Care Providers & Services)		517
	2,846	REA Group Ltd. (Interactive Media & Services)		347
	15,778	Reece Ltd. (Trading Companies & Distributors)		310
	20,106	Rio Tinto Ltd. (Metals & Mining)		1,464
	167,931	Santos Ltd. (Oil, Gas & Consumable Fuels)(b)		771
	284,073	Scentre Group (Equity Real Estate Investment Trusts)		653
	18,174	SEEK Ltd. (Interactive Media & Services)		433
	24,616	Sonic Healthcare Ltd. (Health Care Providers & Services)		835
	251,680	South32 Ltd. (Metals & Mining)		734
	131,886	Stockland (Equity Real Estate Investment Trusts)		407
	69,419	Suncorp Group Ltd. (Insurance)		559
	71,334	Sydney Airport (Transportation Infrastructure)(a)		450
	120,715	Tabcorp Holdings Ltd. (Hotels, Restaurants & Leisure)		441
	223,469	Telstra Corp. Ltd. (Diversified Telecommunication Services)		679
	104,568	The GPT Group (Equity Real Estate Investment Trusts)		412
	165,034	Transurban Group (Transportation Infrastructure)		1,659
	38,870	Treasury Wine Estates Ltd. (Beverages)		350
	209,818	Vicinity Centres (Equity Real Estate Investment Trusts)(b)		258
	11,698	Washington H Soul Pattinson & Co. Ltd. (Oil, Gas & Consumable Fuels)		252
	61,344	Wesfarmers Ltd. (Multiline Retail)		2,646
	198,607	Westpac Banking Corp. (Banks)		3,084
	7,902	WiseTech Global Ltd. (Software)		337
	52,097	Woodside Petroleum Ltd. (Oil, Gas & Consumable Fuels)		831
	68,664	Woolworths Group Ltd. (Food & Staples Retailing)		1,898
				66,435
		Austria — 0.19%
	18,538	Erste Group Bank AG (Banks)(b)		873
	7,921	OMV AG (Oil, Gas & Consumable Fuels)		450
	7,958	Raiffeisen Bank International AG (Banks)(b)		234
	3,673	Verbund AG (Electric Utilities)		414
	6,261	Voestalpine AG (Metals & Mining)		228
				2,199
		Belgium — 0.63%
	9,363	Ageas SA (Insurance)		486
	41,307	Anheuser-Busch InBev N.V. (Beverages)		2,499
	2,967	Colruyt SA (Food & Staples Retailing)		126
	1,710	Elia Group SA (Electric Utilities)(b)		225

See accompanying notes to financial statements.

98

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Belgium (continued)
	6,240	Groupe Bruxelles Lambert SA (Diversified Financial Services)	$	697
	13,557	KBC Group N.V. (Banks)		1,165
	8,241	Proximus SADP (Diversified Telecommunication Services)		161
	840	Sofina SA (Diversified Financial Services)		413
	4,029	Solvay SA, Class - A (Chemicals)		469
	6,878	UCB SA (Pharmaceuticals)		786
	10,684	Umicore SA (Chemicals)(b)		435
				7,462
		China — 0.09%
	2,747	Futu Holdings Ltd., ADR (Capital Markets)(a)		119
	11,700	Jardine Matheson Holdings Ltd. (Industrial Conglomerates)		644
	72,000	SITC International Holdings Co. Ltd. (Marine)		260
				1,023
		Denmark — 2.16%
	169	A.P. Moller - Maersk A/S, Class - A (Marine)		564
	313	A.P. Moller - Maersk A/S, Class - B (Marine)		1,124
	9,070	Ambu A/S, Class - B (Health Care Equipment & Supplies)^		240
	5,443	Carlsberg A/S, Class - B (Beverages)		941
	5,719	Christian Hansen Holding A/S (Chemicals)(b)		451
	6,441	Coloplast A/S, Class - B (Health Care Equipment & Supplies)		1,135
	37,315	Danske Bank A/S (Banks)		645
	5,861	Demant A/S (Health Care Equipment & Supplies)(a)		301
	11,053	DSV A/S (Road & Rail)		2,585
	3,563	Genmab A/S (Biotechnology)(a)(b)		1,435
	6,758	GN Store Nord A/S (Health Care Equipment & Supplies)		426
	91,206	Novo Nordisk A/S, Class - B (Pharmaceuticals)		10,264
	11,134	Novozymes A/S, B Shares (Chemicals)		916
	10,258	Orsted A/S (Electric Utilities)(b)		1,312
	5,408	Pandora A/S (Textiles, Apparel & Luxury Goods)		675
	453	ROCKWOOL International A/S, B Shares (Building Products)		198
	19,695	Tryg A/S (Insurance)(b)		487
	54,707	Vestas Wind Systems A/S (Electrical Equipment)		1,675
				25,374
		Finland — 1.00%
	7,644	Elisa Oyj (Diversified Telecommunication Services)		471
	24,151	Fortum Oyj (Electric Utilities)		742
	14,721	Kesko Oyj, Class - B (Food & Staples Retailing)		492
	18,420	Kone Oyj, Class - B (Machinery)		1,322

Shares		Security Description	Value (000)
		Finland (continued)
	22,893	Neste Oyj (Oil, Gas & Consumable Fuels)	$	1,130
	291,852	Nokia Oyj (Communications Equipment)(a)		1,852
	175,268	Nordea Bank Abp (Banks)		2,144
	5,720	Orion Oyj, Class - B (Pharmaceuticals)		238
	27,021	Sampo Oyj, Class - A (Insurance)		1,355
	31,562	Stora Enso Oyj, R Shares (Paper & Forest Products)		580
	29,042	UPM-Kymmene Oyj (Paper & Forest Products)		1,106
	25,653	Wartsila Oyj Abp (Machinery)		361
				11,793
		France — 8.63%
	9,318	Accor SA (Hotels, Restaurants & Leisure)(a)(b)		302
	1,611	Aeroports de Paris (Transportation Infrastructure)(a)		208
	25,672	Air Liquide SA (Chemicals)		4,481
	17,236	Alstom SA (Machinery)		613
	3,328	Amundi SA (Capital Markets)		275
	3,328	Arkema SA (Chemicals)		469
	104,912	AXA SA (Insurance)		3,127
	2,245	BioMerieux (Health Care Equipment & Supplies)		319
	60,870	BNP Paribas SA (Banks)		4,211
	46,939	Bollore SA (Entertainment)		263
	12,416	Bouygues SA (Construction & Engineering)		445
	16,007	Bureau Veritas SA (Professional Services)(b)		532
	8,684	Capgemini SE (IT Services)		2,130
	34,109	Carrefour SA (Food & Staples Retailing)(b)		625
	9,295	CNP Assurances (Insurance)		230
	27,388	Compagnie de Saint-Gobain (Building Products)		1,929
	9,182	Compagnie Generale des Etablissements Michelin (Auto Components)		1,507
	2,869	Covivio (Equity Real Estate Investment Trusts)		236
	66,805	Credit Agricole SA (Banks)		954
	35,375	Danone SA (Food Products)		2,198
	1,365	Dassault Aviation SA (Aerospace & Defense)(b)		148
	36,022	Dassault Systemes SE (Software)		2,145
	13,581	Edenred (IT Services)		627
	4,524	Eiffage SA (Construction & Engineering)(b)		466
	25,644	Electricite de France SA (Electric Utilities)		302
	99,030	Engie SA (Multi-Utilities)		1,467
	15,553	EssilorLuxottica SA (Textiles, Apparel & Luxury Goods)		3,315
	2,137	Eurazeo SE (Diversified Financial Services)		187
	122	Faurecia SE (Auto Components)		6
	6,238	Faurecia SE (Auto Components)		292
	2,563	Gecina SA (Equity Real Estate Investment Trusts)(b)		359
	23,761	Getlink SE (Transportation Infrastructure)		394

See accompanying notes to financial statements.

99

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		France (continued)
	1,715	Hermes International (Textiles, Apparel & Luxury Goods)	$	2,999
	2,037	Ipsen SA (Pharmaceuticals)		187
	4,061	Kering SA (Textiles, Apparel & Luxury Goods)		3,268
	11,038	Klepierre SA (Equity Real Estate Investment Trusts)		262
	5,209	LA Francaise des Jeux SAEM (Hotels, Restaurants & Leisure)		231
	14,527	Legrand SA (Electrical Equipment)		1,702
	13,589	L’Oreal SA (Personal Products)		6,449
	15,034	LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods)		12,441
	107,761	Orange SA (Diversified Telecommunication Services)(b)		1,155
	2,820	Orpea (Health Care Providers & Services)(b)		283
	11,336	Pernod Ricard SA (Beverages)		2,729
	12,293	Publicis Groupe SA (Media)		828
	1,224	Remy Cointreau SA (Beverages)^		298
	10,390	Renault SA (Automobiles)(a)		361
	18,523	Safran SA (Aerospace & Defense)		2,270
	61,612	Sanofi (Pharmaceuticals)		6,213
	1,502	Sartorius Stedim Biotech (Life Sciences Tools & Services)		825
	29,313	Schneider Electric SE (Electrical Equipment)(b)		5,755
	1,506	SEB SA (Household Durables)		235
	43,785	Societe Generale SA (Banks)		1,506
	4,829	Sodexo SA (Hotels, Restaurants & Leisure)		424
	19,091	Suez SA (Multi-Utilities)		431
	3,184	Teleperformance (Professional Services)		1,421
	5,801	Thales SA (Aerospace & Defense)		494
	135,893	TotalEnergies SE (Oil, Gas & Consumable Fuels)		6,903
	5,026	UbiSoft Entertainment SA (Entertainment)(a)		246
	6,765	Unibail-Rodamco-Westfield (Equity Real Estate Investment Trusts)(a)		475
	12,441	Valeo SA (Auto Components)		376
	35,494	Veolia Environnement SA (Multi-Utilities)		1,304
	29,202	Vinci SA (Construction & Engineering)		3,089
	41,964	Vivendi SA (Entertainment)		568
	1,439	Wendel SE (Diversified Financial Services)		173
	12,940	Worldline SA (IT Services)(a)		722
				101,385
		Germany — 6.62%
	10,325	adidas AG (Textiles, Apparel & Luxury Goods)		2,976
	22,379	Allianz SE (Insurance)		5,291
	55,835	Aroundtown SA (Real Estate Management & Development)(b)		338
	49,907	BASF SE (Chemicals)		3,510
	53,288	Bayer AG, Registered Shares (Pharmaceuticals)		2,851

Shares		Security Description	Value (000)
		Germany (continued)
	17,953	Bayerische Motoren Werke AG (Automobiles)	$	1,809
	4,468	Bechtle AG (IT Services)		320
	5,525	Beiersdorf AG (Personal Products)		568
	8,407	Brenntag AG (Trading Companies & Distributors)		762
	2,190	Carl Zeiss Meditec AG (Health Care Equipment & Supplies)		461
	54,407	Commerzbank AG (Banks)(a)		414
	6,026	Continental AG (Auto Components)(a)		639
	10,507	Covestro AG (Chemicals)		648
	46,382	Daimler AG (Automobiles)(b)		3,570
	23,191	Daimler Truck Holding AG (Machinery)(a)		852
	8,785	Delivery Hero SE (Internet & Direct Marketing Retail)(a)		980
	112,011	Deutsche Bank AG, Registered Shares (Capital Markets)(a)		1,405
	10,351	Deutsche Boerse AG (Capital Markets)		1,733
	32,585	Deutsche Lufthansa AG, Registered Shares (Airlines)(a)		229
	53,748	Deutsche Post AG, Registered Shares (Air Freight & Logistics)		3,459
	180,919	Deutsche Telekom AG (Diversified Telecommunication Services)(b)		3,357
	122,568	E.ON SE (Multi-Utilities)		1,701
	11,637	Evonik Industries AG (Chemicals)		377
	11,217	Fresenius Medical Care AG & Co. KGAA (Health Care Providers & Services)		730
	22,825	Fresenius SE & Co. KGAA (Health Care Providers & Services)		920
	8,390	GEA Group AG (Machinery)		459
	3,319	Hannover Rueckversicherung SE (Insurance)		632
	8,063	HeidelbergCement AG (Construction Materials)		546
	8,952	HelloFresh SE (Internet & Direct Marketing Retail)(a)		688
	5,734	Henkel AG & Co. KGAA (Household Products)		448
	70,800	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)(b)		3,285
	3,934	KION Group AG (Machinery)(b)		432
	3,968	Knorr-Bremse AG (Machinery)		393
	4,521	Lanxess AG (Chemicals)		280
	4,121	LEG Immobilien AG (Real Estate Management & Development)		576
	7,009	Merck KGAA (Pharmaceuticals)		1,811
	2,909	MTU Aero Engines AG (Aerospace & Defense)		594
	7,617	Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares (Insurance)		2,259
	3,142	Nemetschek SE (Software)		403

See accompanying notes to financial statements.

100

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Germany (continued)
	5,774	Puma SE (Textiles, Apparel & Luxury Goods)(b)	$	707
	279	Rational AG (Machinery)		286
	35,000	RWE AG (Multi-Utilities)		1,423
	56,591	SAP SE (Software)		8,047
	4,836	Scout24 AG (Interactive Media & Services)		338
	41,448	Siemens AG, Registered Shares (Industrial Conglomerates)		7,205
	21,731	Siemens Energy AG (Electrical Equipment)(a)		556
	15,348	Siemens Healthineers AG (Health Care Equipment & Supplies)		1,150
	7,018	Symrise AG (Chemicals)(b)		1,041
	57,033	Telefonica Deutschland Holding AG (Diversified Telecommunication Services)		158
	5,184	Uniper SE (Independent Power and Renewable Electricity Producers)		247
	5,344	United Internet AG (Diversified Telecommunication Services)(b)		213
	1,752	Volkswagen AG (Automobiles)		515
	39,504	Vonovia SE (Real Estate Management & Development)		2,181
	12,054	Zalando SE (Internet & Direct Marketing Retail)(a)		976
				77,749
		Hong Kong — 2.11%
	654,918	AIA Group Ltd. (Insurance)		6,603
	200,195	BOC Hong Kong Holdings Ltd. (Banks)		656
	93,100	Budweiser Brewing Co. APAC Ltd. (Beverages)		244
	588,000	China Common Rich Renewable Energy Investment Ltd. (Independent Power and Renewable Electricity Producers)(a)(c)		—
	107,400	Chow Tai Fook Jewellery Group Ltd. (Specialty Retail)		193
	109,700	CK Asset Holdings Ltd. (Real Estate Management & Development)		691
	144,910	CK Hutchison Holdings Ltd. (Industrial Conglomerates)		935
	36,000	CK Infrastructure Holdings Ltd. (Electric Utilities)		229
	89,219	CLP Holdings Ltd. (Electric Utilities)		901
	108,000	ESR Cayman Ltd. (Real Estate Management & Development)(a)		365
	118,000	Galaxy Entertainment Group Ltd. (Hotels, Restaurants & Leisure)(a)		611
	111,720	Hang Lung Properties Ltd. (Real Estate Management & Development)		230
	41,439	Hang Seng Bank Ltd. (Banks)		758
	80,845	Henderson Land Development Co. Ltd. (Real Estate Management & Development)		344

Shares		Security Description	Value (000)
		Hong Kong (continued)
	143,877	HK Electric Investments & HK Electric Investments Ltd. (Electric Utilities)	$	141
	202,550	HKT Trust & HKT Ltd. (Diversified Telecommunication Services)(b)		272
	607,247	Hong Kong & China Gas Co. Ltd. (Gas Utilities)		945
	65,200	Hong Kong Exchanges & Clearing Ltd. (Capital Markets)		3,809
	63,840	Hongkong Land Holdings Ltd. (Real Estate Management & Development)		332
	11,678	Melco Resorts & Entertainment Ltd., ADR (Hotels, Restaurants & Leisure)(a)		119
	83,500	MTR Corp. Ltd. (Road & Rail)		448
	82,310	New World Development Co. Ltd. (Real Estate Management & Development)		326
	74,868	Power Assets Holdings Ltd. (Electric Utilities)		467
	131,460	Sands China Ltd. (Hotels, Restaurants & Leisure)(a)		306
	187,429	Sino Land Co. Ltd. (Real Estate Management & Development)		233
	70,360	Sun Hung Kai Properties Ltd. (Real Estate Management & Development)		854
	26,430	Swire Pacific Ltd., Class - A (Real Estate Management & Development)		150
	66,400	Swire Properties Ltd. (Real Estate Management & Development)		166
	74,500	Techtronic Industries Co. Ltd. (Machinery)		1,484
	113,536	The Link Real Estate Investment Trust (Equity Real Estate Investment Trusts)		1,000
	446,856	WH Group Ltd. (Food Products)(b)		280
	91,000	Wharf Real Estate Investment Co. Ltd. (Real Estate Management & Development)		462
	98,000	Xinyi Glass Holdings Ltd. (Building Products)		245
				24,799
		Ireland (Republic of) — 0.88%
	42,205	CRH PLC (Construction Materials)(b)		2,235
	5,360	DCC PLC (Industrial Conglomerates)(b)		439
	49,950	Experian PLC (Professional Services)		2,456
	9,037	Flutter Entertainment PLC (Hotels, Restaurants & Leisure)(a)		1,430
	24,023	James Hardie Industries PLC (Construction Materials)		966
	8,652	Kerry Group PLC, Class - A (Food Products)(b)		1,115
	8,352	Kingspan Group PLC (Building Products)		998
	13,403	Smurfit Kappa Group PLC (Containers & Packaging)(b)		739
				10,378

See accompanying notes to financial statements.

101

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Isle of Man — 0.06%
	31,712	GVC Holdings PLC (Hotels, Restaurants & Leisure)(a)	$	722
		Israel — 0.58%
	2,334	Azrieli Group Ltd. (Real Estate Management & Development)		223
	60,975	Bank Hapoalim BM (Banks)		630
	77,949	Bank Leumi Le (Banks)		839
	5,753	Check Point Software Technologies Ltd. (Software)(a)		671
	2,148	CyberArk Software Ltd. (Software)(a)		372
	1,426	Elbit Systems Ltd. (Aerospace & Defense)		247
	1,580	Fiverr International Ltd. (Internet & Direct Marketing Retail)(a)		180
	37,850	ICL Group Ltd. (Chemicals)(b)		366
	2,673	Inmode Ltd. (Health Care Equipment & Supplies)(a)		189
	1	Isracard Ltd. (Consumer Finance)		—
	62,246	Israel Discount Bank Ltd., Class - A (Banks)		420
	2,501	Kornit Digital Ltd. (Machinery)(a)		381
	7,527	Mizrahi Tefahot Bank Ltd. (Banks)		291
	3,411	Nice Ltd. (Software)(a)		1,044
	59,433	Teva Pharmaceutical Industries Ltd., ADR (Pharmaceuticals)(a)		476
	2,938	Wix.com Ltd. (IT Services)(a)		464
	96	Wix.com Ltd. (IT Services)(a)		15
				6,808
		Italy — 1.64%
	6,740	Amplifon SpA (Health Care Providers & Services)		364
	59,721	Assicurazioni Generali SpA (Insurance)		1,267
	26,799	Atlantia SpA (Transportation Infrastructure)(a)		533
	28,113	Davide Campari-Milano N.V. (Beverages)		411
	1,364	Diasorin SpA (Health Care Equipment & Supplies)		260
	440,790	Enel SpA (Electric Utilities)(b)		3,536
	136,558	Eni SpA (Oil, Gas & Consumable Fuels)		1,900
	6,827	Ferrari N.V. (Automobiles)		1,768
	32,893	FinecoBank Banca Fineco SpA (Banks)		578
	18,200	Infrastrutture Wireless Italiane SpA (Diversified Telecommunication Services)^(b)		221
	892,589	Intesa Sanpaolo SpA (Banks)(b)		2,311
	33,554	Mediobanca Banca di Credito Finanziario SpA (Banks)		386
	11,101	Moncler SpA (Textiles, Apparel & Luxury Goods)		809
	25,351	Nexi SpA (IT Services)(a)(b)		404
	27,956	Poste Italiane SpA (Insurance)		367
	13,774	Prusmian SpA (Electrical Equipment)		519

Shares		Security Description	Value (000)
		Italy (continued)
	5,626	Recordati SpA (Pharmaceuticals)	$	362
	109,298	Snam SpA (Gas Utilities)		659
	539,017	Telecom Italia SpA (Diversified Telecommunication Services)		266
	77,039	Terna - Rete Elettrica Nazionale SpA (Electric Utilities)		624
	115,198	Unicredit SpA (Banks)		1,776
				19,321
		Japan — 17.96%
	10,800	Advantest Corp. (Semiconductors & Semiconductor Equipment)(b)		1,024
	35,400	Aeon Mall Co. Ltd. (Food & Staples Retailing)		834
	10,365	AGC, Inc. (Building Products)		495
	8,000	Aisin Seiki Co. Ltd. (Auto Components)		307
	25,200	Ajinomoto Co., Inc. (Food Products)		766
	8,600	ANA Holdings, Inc. (Airlines)(a)(b)		180
	24,700	Asahi Group Holdings Ltd. (Beverages)^(b)		961
	11,800	Asahi Intecc Co. Ltd. (Health Care Equipment & Supplies)		254
	67,810	Asahi Kasei Corp. (Chemicals)		637
	100,790	Astellas Pharma, Inc. (Pharmaceuticals)		1,639
	6,700	Azbil Corp. (Electronic Equipment, Instruments & Components)		305
	10,800	Bandai Namco Holdings, Inc. (Leisure Products)		845
	4,300	Benefit One, Inc. (Professional Services)		185
	30,960	Bridgestone Corp. (Auto Components)		1,332
	12,700	Brother Industries Ltd. (Technology Hardware, Storage & Peripherals)		244
	54,147	Canon, Inc. (Technology Hardware, Storage & Peripherals)^		1,319
	9,500	Capcom Co. Ltd. (Entertainment)		224
	7,800	Central Japan Railway Co. (Road & Rail)		1,041
	35,000	Chubu Electric Power Co., Inc. (Electric Utilities)		369
	36,400	Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals)		1,182
	58,300	Concordia Financial Group Ltd. (Banks)		212
	1,100	Cosmos Pharmaceutical Corp. (Food & Staples Retailing)		162
	21,900	CyberAgent, Inc. (Media)		364
	11,939	Dai Nippon Printing Co. Ltd. (Commercial Services & Supplies)		300
	5,500	Daifuku Co. Ltd. (Machinery)		450
	54,400	Dai-ichi Life Holdings, Inc. (Insurance)		1,100
	94,900	Daiichi Sankyo Co. Ltd. (Pharmaceuticals)		2,414
	13,500	Daikin Industries Ltd. (Building Products)		3,061
	3,547	Daito Trust Construction Co. Ltd. (Real Estate Management & Development)		406

See accompanying notes to financial statements.

102

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	31,030	Daiwa House Industry Co. Ltd. (Real Estate Management & Development)	$	893
	120	Daiwa House REIT Investment Corp. (Equity Real Estate Investment Trusts)(b)		364
	78,500	Daiwa Securities Group, Inc. (Capital Markets)		443
	23,500	Denso Corp. (Auto Components)		1,947
	11,670	Dentsu Group, Inc. (Media)		416
	1,600	Disco Corp. (Semiconductors & Semiconductor Equipment)		489
	16,400	East Japan Railway Co. (Road & Rail)		1,009
	12,800	Eisai Co. Ltd. (Pharmaceuticals)		727
	165,978	ENEOS Holdings, Inc. (Oil, Gas & Consumable Fuels)		621
	10,400	FANUC Corp. (Machinery)		2,205
	3,200	Fast Retailing Co. Ltd. (Specialty Retail)		1,817
	6,900	Fuji Electric Co. Ltd. (Electrical Equipment)		377
	19,510	FUJIFILM Holdings Corp. (Technology Hardware, Storage & Peripherals)		1,446
	10,650	Fujitsu Ltd. (IT Services)(b)		1,827
	233	GLP J-REIT (Equity Real Estate Investment Trusts)		403
	2,300	GMO Payment Gateway, Inc. (IT Services)		287
	12,400	Hakuhodo DY Holdings, Inc. (Media)		207
	7,600	Hamamatsu Photonics K.K. (Electronic Equipment, Instruments & Components)		485
	12,300	Hankyu Hanshin Holdings, Inc. (Road & Rail)		349
	1,100	Hikari Tsushin, Inc. (Specialty Retail)		169
	15,500	Hino Motors Ltd. (Machinery)		128
	1,780	Hirose Electric Co. Ltd. (Electronic Equipment, Instruments & Components)		299
	5,800	Hitachi Construction Machinery Co. Ltd. (Machinery)		168
	52,480	Hitachi Ltd. (Industrial Conglomerates)		2,843
	11,600	Hitachi Metals Ltd. (Metals & Mining)(a)		215
	88,254	Honda Motor Co. Ltd. (Automobiles)		2,479
	2,900	Hoshizaki Corp. (Machinery)		218
	20,000	HOYA Corp. (Health Care Equipment & Supplies)		2,974
	21,600	Hulic Co. Ltd. (Real Estate Management & Development)(b)		205
	5,700	Ibiden Co. Ltd. (Electronic Equipment, Instruments & Components)		339
	11,259	Idemitsu Kosan Co. Ltd. (Oil, Gas & Consumable Fuels)(b)		288
	8,200	Iida Group Holdings Co. Ltd. (Household Durables)		191
	55,300	Inpex Corp. (Oil, Gas & Consumable Fuels)		482
	31,570	Isuzu Motors Ltd. (Automobiles)		393

Shares		Security Description	Value (000)
		Japan (continued)
	2,900	ITO EN Ltd. (Beverages)	$	152
	64,458	ITOCHU Corp. (Trading Companies & Distributors)		1,972
	5,200	ITOCHU Techno-Solutions Corp. (IT Services)		167
	7,800	Japan Airlines Co. Ltd. (Airlines)(a)(b)		149
	27,600	Japan Exchange Group, Inc. (Capital Markets)		604
	22,100	Japan Post Bank Co. Ltd. (Banks)		203
	132,760	Japan Post Holdings Co. Ltd. (Insurance)(b)		1,035
	10,800	Japan Post Insurance Co. Ltd. (Insurance)(b)		174
	68	Japan Real Estate Investment Corp. (Equity Real Estate Investment Trusts)		386
	380	Japan Retail Fund Investment Corp. (Equity Real Estate Investment Trusts)		327
	65,027	Japan Tobacco, Inc. (Tobacco)^		1,313
	26,600	JFE Holdings, Inc. (Metals & Mining)		339
	10,933	JSR Corp. (Chemicals)		416
	24,300	Kajima Corp. (Construction & Engineering)		279
	7,300	Kakaku.com, Inc. (Interactive Media & Services)		195
	9,600	Kansai Paint Co. Ltd. (Chemicals)		209
	25,700	Kao Corp. (Personal Products)		1,345
	87,300	KDDI Corp. (Wireless Telecommunication Services)		2,552
	5,500	Keio Corp. (Road & Rail)		242
	6,900	Keisei Electric Railway Co. Ltd. (Road & Rail)		187
	10,500	Keyence Corp. (Electronic Equipment, Instruments & Components)		6,598
	7,900	Kikkoman Corp. (Food Products)		664
	9,200	Kintetsu Group Holdings Co. Ltd. (Road & Rail)(a)		257
	44,510	Kirin Holdings Co. Ltd., Class - C (Beverages)		715
	2,900	Kobayashi Pharmaceutical Co. Ltd. (Personal Products)		228
	7,400	Kobe Bussan Co. Ltd. (Food & Staples Retailing)		287
	3,210	Koei Tecmo Holdings Co., Ltd. (Entertainment)		126
	5,700	Koito Manufacturing Co. Ltd. (Auto Components)		302
	47,390	Komatsu Ltd. (Machinery)		1,110
	5,000	Konami Holdings Corp. (Entertainment)		240
	1,800	Kose Corp. (Personal Products)		204
	55,700	Kubota Corp. (Machinery)		1,237
	5,300	Kurita Water Industries Ltd. (Machinery)		252
	17,420	Kyocera Corp. (Electronic Equipment, Instruments & Components)		1,089
	14,600	Kyowa Kirin Co. Ltd. (Pharmaceuticals)		398
	4,100	Lasertec Corp. (Semiconductors & Semiconductor Equipment)		1,258
	2,726	Lawson, Inc. (Food & Staples Retailing)		129
	12,100	Lion Corp. (Household Products)		162

See accompanying notes to financial statements.

103

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	14,345	Lixil Corp. (Building Products)	$	382
	23,900	M3, Inc. (Health Care Technology)		1,204
	12,100	Makita Corp. (Machinery)		514
	84,671	Marubeni Corp. (Trading Companies & Distributors)		824
	30,650	Mazda Motor Corp. (Automobiles)(a)		236
	4,500	McDonald’s Holdings Co. Ltd. (Hotels, Restaurants & Leisure)^		199
	9,800	Medipal Holdings Corp. (Health Care Providers & Services)		184
	6,600	MEIJI Holdings Co. Ltd. (Food Products)		394
	5,600	Mercari, Inc. (Internet & Direct Marketing Retail)(a)		285
	19,700	MINEBEA MITSUMI, Inc. (Machinery)		559
	15,400	MISUMI Group, Inc. (Machinery)		632
	68,910	Mitsubishi Chemical Holdings Corp. (Chemicals)		510
	68,440	Mitsubishi Corp. (Trading Companies & Distributors)		2,173
	98,890	Mitsubishi Electric Corp. (Electrical Equipment)		1,254
	65,900	Mitsubishi Estate Co. Ltd. (Real Estate Management & Development)		914
	8,500	Mitsubishi Gas Chemical Co., Inc. (Chemicals)		144
	17,297	Mitsubishi Heavy Industries Ltd. (Machinery)		400
	661,582	Mitsubishi UFJ Financial Group, Inc. (Banks)		3,594
	36,400	Mitsubishi UFJ Lease & Finance Co. Ltd. (Diversified Financial Services)		180
	84,566	Mitsui & Co. Ltd. (Trading Companies & Distributors)		2,003
	9,850	Mitsui Chemicals, Inc. (Chemicals)		265
	50,300	Mitsui Fudosan Co. Ltd. (Real Estate Management & Development)		997
	4,700	Miura Co. Ltd. (Machinery)		162
	130,552	Mizuho Financial Group, Inc. (Banks)		1,661
	13,500	MonotaRO Co. Ltd. (Trading Companies & Distributors)		243
	24,200	MS&AD Insurance Group Holdings, Inc. (Insurance)		747
	31,100	Murata Manufacturing Co. Ltd. (Electronic Equipment, Instruments & Components)		2,476
	13,230	NEC Corp. (Technology Hardware, Storage & Peripherals)		611
	26,700	Nexon Co. Ltd. (Entertainment)		516
	14,000	NGK Insulators Ltd. (Machinery)		237
	24,200	Nidec Corp. (Electrical Equipment)		2,845
	16,400	Nihon M&A Center Holdings, Inc. (Professional Services)		402

Shares		Security Description	Value (000)
		Japan (continued)
	6,100	Nintendo Co. Ltd. (Entertainment)	$	2,845
	81	Nippon Building Fund, Inc. (Equity Real Estate Investment Trusts)		472
	4,100	Nippon Express Co. Ltd. (Road & Rail)		246
	38,600	Nippon Paint Holdings Co. Ltd. (Chemicals)(b)		421
	113	Nippon Prologis REIT, Inc. (Equity Real Estate Investment Trusts)(b)		400
	2,600	Nippon Shinyaku Co. Ltd. (Pharmaceuticals)		181
	46,300	Nippon Steel Corp. (Metals & Mining)(b)		756
	69,540	Nippon Telegraph & Telephone Corp. (Diversified Telecommunication Services)		1,905
	8,700	Nippon Yusen Kabushiki Kaisha (Marine)		663
	6,600	Nissan Chemical Corp. (Chemicals)		383
	125,600	Nissan Motor Co. Ltd. (Automobiles)(a)		607
	10,700	Nisshin Seifun Group, Inc. (Food Products)		154
	3,400	Nissin Foods Holdings Co. Ltd. (Food Products)(b)		248
	4,300	Nitori Holdings Co. Ltd. (Specialty Retail)		644
	7,660	Nitto Denko Corp. (Chemicals)		592
	166,400	Nomura Holdings, Inc. (Capital Markets)		726
	6,900	Nomura Real Estate Holdings, Inc. (Real Estate Management & Development)		159
	232	Nomura Real Estate Master Fund, Inc. (Equity Real Estate Investment Trusts)		326
	18,220	Nomura Research Institute Ltd. (IT Services)		782
	34,200	NTT Data Corp. (IT Services)		733
	35,000	Obayashi Corp. (Construction & Engineering)		271
	3,800	Obic Co. Ltd. (IT Services)		714
	15,800	Odakyu Electric Railway Co. Ltd. (Road & Rail)		293
	44,100	Oji Paper Co. Ltd. (Paper & Forest Products)		214
	59,800	Olympus Corp. (Health Care Equipment & Supplies)		1,378
	10,000	OMRON Corp. (Electronic Equipment, Instruments & Components)		996
	20,000	Ono Pharmaceutical Co. Ltd. (Pharmaceuticals)		497
	4,500	Open House Group Co. Ltd. (Real Estate Management & Development)(b)		236
	2,100	Oracle Corp. (Software)		160
	10,800	Oriental Land Co. Ltd. (Hotels, Restaurants & Leisure)		1,821
	66,100	ORIX Corp. (Diversified Financial Services)		1,349
	143	ORIX JREIT, Inc. (Equity Real Estate Investment Trusts)		224
	20,445	Osaka Gas Co. Ltd. (Gas Utilities)		338
	6,200	OTSUKA Corp. (IT Services)		296
	21,100	Otsuka Holdings Co. Ltd. (Pharmaceuticals)		765
	22,300	Pan Pacific International Holdings Corp. (Multiline Retail)		308
	119,600	Panasonic Corp. (Household Durables)		1,315

See accompanying notes to financial statements.

104

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	9,600	Persol Holdings Co. Ltd. (Professional Services)	$	279
	4,900	Pola Orbis Holdings, Inc. (Personal Products)		82
	47,000	Rakuten, Inc. (Internet & Direct Marketing Retail)		472
	73,500	Recruit Holdings Co. Ltd. (Professional Services)		4,455
	68,000	Renesas Electronics Corp. (Semiconductors & Semiconductor Equipment)(a)(b)		841
	111,885	Resona Holdings, Inc. (Banks)		435
	36,200	Ricoh Co. Ltd. (Technology Hardware, Storage & Peripherals)		337
	2,000	Rinnai Corp. (Household Durables)		181
	4,670	Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)		425
	13,700	Ryohin Keikaku Co. Ltd. (Multiline Retail)		209
	19,500	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals)		239
	13,300	SBI Holdings, Inc. (Capital Markets)		363
	8,400	SCSK Corp. (IT Services)		167
	11,400	Secom Co. Ltd. (Commercial Services & Supplies)		792
	15,069	Seiko Epson Corp. (Technology Hardware, Storage & Peripherals)		271
	20,500	Sekisui Chemical Co. Ltd. (Household Durables)		343
	33,525	Sekisui House Ltd. (Household Durables)		720
	40,730	Seven & I Holdings Co. Ltd. (Food & Staples Retailing)		1,791
	17,300	SG Holdings Co. Ltd. (Air Freight & Logistics)		405
	11,600	Sharp Corp. (Household Durables)(b)		133
	12,800	Shimadzu Corp. (Electronic Equipment, Instruments & Components)		540
	4,000	Shimano, Inc. (Leisure Products)		1,066
	29,800	Shimizu Corp. (Construction & Engineering)		185
	19,185	Shin-Etsu Chemical Co. Ltd. (Chemicals)		3,322
	14,300	Shionogi & Co. Ltd. (Pharmaceuticals)		1,010
	21,600	Shiseido Co. Ltd. (Personal Products)		1,205
	3,100	SMC Corp. (Machinery)		2,091
	155,554	Softbank Corp. (Wireless Telecommunication Services)		1,967
	65,300	SoftBank Group Corp. (Wireless Telecommunication Services)		3,084
	3,900	Sohgo Security Services Co. Ltd. (Commercial Services & Supplies)		155
	17,160	Sompo Holdings, Inc. (Insurance)		725
	68,300	Sony Corp. (Household Durables)		8,595
	4,600	Square Enix Holdings Co. Ltd. (Entertainment)		236
	7,100	Stanley Electric Co. Ltd. (Auto Components)		178

Shares		Security Description	Value (000)
		Japan (continued)
	33,354	Subaru Corp. (Automobiles)	$	597
	18,000	SUMCO Corp. (Semiconductors & Semiconductor Equipment)(b)		368
	79,860	Sumitomo Chemical Co. Ltd. (Chemicals)		376
	61,040	Sumitomo Corp. (Trading Companies & Distributors)		903
	9,600	Sumitomo Dainippon Pharma Co. Ltd. (Pharmaceuticals)		111
	40,920	Sumitomo Electric Industries Ltd. (Auto Components)		534
	13,300	Sumitomo Metal Mining Co. Ltd. (Metals & Mining)		503
	70,703	Sumitomo Mitsui Financial Group, Inc. (Banks)		2,424
	18,200	Sumitomo Mitsui Trust Holdings, Inc. (Banks)		608
	17,000	Sumitomo Realty & Development Co. Ltd. (Real Estate Management & Development)		500
	7,500	Suntory Beverage & Food Ltd. (Beverages)		271
	20,000	Suzuki Motor Corp. (Automobiles)		770
	9,100	Sysmex Corp. (Health Care Equipment & Supplies)		1,230
	29,000	T&D Holdings, Inc. (Insurance)		371
	10,350	Taisei Corp. (Construction & Engineering)		315
	2,000	Taisho Pharmaceutical Holdings Co. Ltd. (Pharmaceuticals)		92
	8,200	Taiyo Nippon Sanso Corp. (Chemicals)		179
	85,845	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals)		2,341
	21,100	TDK Corp. (Electronic Equipment, Instruments & Components)		824
	35,000	Terumo Corp. (Health Care Equipment & Supplies)		1,479
	28,400	The Chiba Bank Ltd. (Banks)		163
	38,210	The Kansai Electric Power Co., Inc. (Electric Utilities)		357
	23,800	The Shizuoka Bank Ltd. (Banks)		170
	12,100	TIS, Inc. (IT Services)		360
	10,100	Tobu Railway Co. Ltd. (Road & Rail)		230
	6,000	Toho Co. Ltd. (Entertainment)		257
	34,040	Tokio Marine Holdings, Inc. (Insurance)		1,892
	2,000	Tokyo Century Corp. (Diversified Financial Services)		97
	82,700	Tokyo Electric Power Co. Holdings, Inc. (Electric Utilities)(a)		214
	8,060	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		4,644
	20,400	Tokyo Gas Co. Ltd. (Gas Utilities)		366
	26,900	Tokyu Corp. (Road & Rail)		357

See accompanying notes to financial statements.

105

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	14,100	TOPPAN, Inc. (Commercial Services & Supplies)	$	264
	74,800	Toray Industries, Inc. (Chemicals)		443
	22,100	Toshiba Corp. (Industrial Conglomerates)		909
	14,000	Tosoh Corp. (Chemicals)		208
	7,600	TOTO Ltd. (Building Products)		350
	4,800	Toyo Suisan Kaisha Ltd. (Food Products)		203
	7,900	Toyota Industries Corp. (Auto Components)		631
	574,400	Toyota Motor Corp. (Automobiles)		10,515
	11,500	Toyota Tsusho Corp. (Trading Companies & Distributors)		530
	7,200	Trend Micro, Inc. (Software)		400
	2,100	Tsuruha Holdings, Inc. (Food & Staples Retailing)		202
	21,900	Unicharm Corp. (Household Products)		952
	11,600	USS Co. Ltd. (Specialty Retail)		181
	5,100	Welcia Holdings Co. Ltd. (Food & Staples Retailing)		159
	11,700	West Japan Railway Co. (Road & Rail)(b)		489
	6,900	Yakult Honsha Co. Ltd. (Food Products)		360
	7,200	Yamaha Corp. (Leisure Products)		355
	16,100	Yamaha Motor Co. Ltd. (Automobiles)		386
	15,700	Yamato Holdings Co. Ltd. (Air Freight & Logistics)		369
	13,000	Yaskawa Electric Corp. (Machinery)		638
	12,300	Yokogawa Electric Corp. (Electronic Equipment, Instruments & Components)		222
	145,300	Z Holdings Corp. (Interactive Media & Services)		843
	6,700	ZOZO, Inc. (Internet & Direct Marketing Retail)(b)		209
				211,002
		Jersey — 0.32%
	539,686	Glencore PLC (Metals & Mining)(b)		2,738
	64,409	WPP PLC (Media)		976
				3,714
		Luxembourg — 0.20%
	36,325	ArcelorMittal SA (Metals & Mining)		1,163
	7,240	Eurofins Scientific SE (Life Sciences Tools & Services)		897
	25,716	Tenaris SA (Energy Equipment & Services)		270
				2,330
		Netherlands — 4.66%
	22,793	ABN AMRO Group N.V. (Banks)		335
	1,072	Adyen N.V. (IT Services)(a)(b)		2,821
	96,800	AEGON N.V. (Insurance)		484
	31,929	Airbus SE (Aerospace & Defense)(a)		4,084
	10,155	Akzo Nobel N.V. (Chemicals)		1,116

Shares		Security Description	Value (000)
		Netherlands (continued)
	2,491	Argenx SE (Biotechnology)(a)	$	894
	2,531	ASM International N.V. (Semiconductors & Semiconductor Equipment)		1,120
	22,380	ASML Holding N.V. (Semiconductors & Semiconductor Equipment)(b)		18,004
	55,271	CNH Industrial N.V. (Machinery)		1,074
	4,678	Euronext NV (Capital Markets)		486
	5,839	EXOR N.V. (Diversified Financial Services)		525
	6,212	Heineken Holding N.V., Class - A (Beverages)		574
	14,034	Heineken N.V. (Beverages)		1,579
	3,088	IMCD NV (Trading Companies & Distributors)(b)		684
	211,291	ING Groep N.V. (Banks)		2,945
	5,507	JDE Peet’s N.V. (Food Products)		170
	9,786	Just Eat Takeaway.com N.V. (Internet & Direct Marketing Retail)(a)		540
	56,668	Koninklijke Ahold Delhaize N.V. (Food & Staples Retailing)		1,944
	9,458	Koninklijke DSM N.V. (Chemicals)		2,132
	181,532	Koninklijke KPN N.V. (Diversified Telecommunication Services)		564
	49,649	Koninklijke Philips N.V. (Health Care Equipment & Supplies)		1,852
	14,623	NN Group N.V. (Insurance)^		793
	50,564	Prosus N.V. (Internet & Direct Marketing Retail)(b)		4,233
	12,407	QIAGEN N.V. (Life Sciences Tools & Services)(a)		692
	6,485	Randstad N.V. (Professional Services)		443
	36,970	STMicroelectronics N.V. (Semiconductors & Semiconductor Equipment)		1,825
	39,268	Universal Music Group N.V. (Entertainment)		1,108
	14,518	Wolters Kluwer N.V. (Professional Services)		1,712
				54,733
		New Zealand — 0.23%
	66,783	Auckland International Airport Ltd. (Transportation Infrastructure)(a)		352
	31,227	Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Supplies)		700
	36,161	Mercury NZ Ltd. (Electric Utilities)		152
	68,941	Meridian Energy Ltd. (Independent Power and Renewable Electricity Producers)		229
	22,895	Ryman Healthcare Ltd. (Health Care Providers & Services)		192
	95,821	Spark New Zealand Ltd. (Diversified Telecommunication Services)		297
	7,237	Xero Ltd. (Software)(a)		744
				2,666

See accompanying notes to financial statements.

106

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Norway — 0.52%
	13,970	Adevinta ASA (Interactive Media & Services)(a)	$	186
	6,837	Aker BP ASA (Oil, Gas & Consumable Fuels)		211
	50,387	DNB Bank ASA (Banks)		1,156
	52,905	Equinor ASA (Oil, Gas & Consumable Fuels)		1,418
	10,949	Gjensidige Forsikring ASA (Insurance)		266
	23,773	Mowi ASA (Food Products)		564
	72,578	Norsk Hydro ASA (Metals & Mining)		573
	40,793	Orkla ASA (Food Products)		409
	3,922	Schibsted ASA, Class - A (Media)		152
	5,306	Schibsted ASA, Class - B (Media)		179
	37,954	Telenor ASA (Diversified Telecommunication Services)		598
	8,982	Yara International ASA (Chemicals)		454
				6,166
		Poland — 0.01%
	10,783	InPost SA (Air Freight & Logistics)(a)		130
		Portugal — 0.12%
	151,519	EDP - Energias de Portugal SA (Electric Utilities)		834
	27,240	Galp Energia SGPS SA, B Shares (Oil, Gas & Consumable Fuels)(b)		264
	15,298	Jeronimo Martins, SGPS, SA (Food & Staples Retailing)(b)		350
				1,448
		Singapore — 0.96%
	185,138	Ascendas Real Estate Investment Trust (Equity Real Estate Investment Trusts)		405
	266,424	CapitaLand Integrated Commercial Trust (Equity Real Estate Investment Trusts)		403
	143,900	Capitaland Investment, Ltd. (Real Estate Management & Development)(a)		364
	24,400	City Developments Ltd. (Real Estate Management & Development)		123
	98,131	DBS Group Holdings Ltd. (Banks)		2,380
	328,500	Genting Singapore Ltd. (Hotels, Restaurants & Leisure)		189
	77,900	Keppel Corp. Ltd. (Industrial Conglomerates)		296
	118,700	Mapletree Commercial Trust (Equity Real Estate Investment Trusts)		176
	172,290	Mapletree Logistics Trust (Equity Real Estate Investment Trusts)		243
	183,237	Oversea-Chinese Banking Corp. Ltd. (Banks)		1,550
	7,456	Sea Ltd., ADR (Entertainment)(a)		1,669
	72,200	Singapore Airlines Ltd. (Airlines)(a)		267
	43,900	Singapore Exchange Ltd. (Capital Markets)		303
	84,500	Singapore Technologies Engineering Ltd. (Aerospace & Defense)		236

Shares		Security Description	Value (000)
		Singapore (continued)
	443,840	Singapore Telecommunications Ltd. (Diversified Telecommunication Services)	$	764
	64,000	United Overseas Bank Ltd. (Banks)		1,278
	24,800	United Overseas Land Group Ltd. (Real Estate Management & Development)		131
	14,800	Venture Corp. Ltd. (Electronic Equipment, Instruments & Components)		201
	103,500	Wilmar International Ltd. (Food Products)		318
				11,296
		Spain — 1.82%
	13,320	ACS Actividades de Construccion y Servicios SA (Construction & Engineering)		357
	4,055	Aena SME SA (Transportation Infrastructure)(a)		641
	24,410	Amadeus IT Group SA (IT Services)(a)		1,657
	360,789	Banco Bilbao Vizcaya Argentaria SA (Banks)		2,156
	937,758	Banco Santander SA (Banks)(b)		3,140
	239,961	CaixaBank SA (Banks)		659
	27,611	Cellnex Telecom SA (Diversified Telecommunication Services)		1,609
	15,616	EDP Renovaveis SA (Independent Power and Renewable Electricity Producers)		389
	13,208	Enagas SA (Gas Utilities)(b)		307
	17,371	Endesa SA (Electric Utilities)		399
	26,190	Ferrovial SA (Construction & Engineering)		822
	16,283	Grifols SA (Biotechnology)		313
	310,541	Iberdrola SA (Electric Utilities)		3,681
	59,033	Industria de Diseno Textil SA (Specialty Retail)		1,917
	10,644	Naturgy Energy Group SA (Gas Utilities)		347
	23,714	Red Electrica Corp. SA (Electric Utilities)		514
	78,459	Repsol SA (Oil, Gas & Consumable Fuels)		932
	12,931	Siemens Gamesa Renewable Energy SA, Registered Shares (Electrical Equipment)(a)		310
	284,929	Telefonica SA (Diversified Telecommunication Services)		1,249
				21,399
		Sweden — 2.98%
	17,007	Alfa Laval AB (Machinery)		686
	54,292	Assa Abloy AB, B Shares (Building Products)		1,660
	36,338	Atlas Copco AB, A Shares (Machinery)		2,516
	21,128	Atlas Copco AB, B Shares (Machinery)		1,245
	14,671	Boliden AB (Metals & Mining)		568
	12,253	Electrolux AB, Class - B (Household Durables)		298
	25,741	Embracer Group AB, Class - A (Entertainment)(a)		275
	35,740	Epiroc AB, Class - A (Machinery)		907
	21,020	Epiroc AB, Class - B (Machinery)		446
	16,023	Equities AB (Capital Markets)		874
	32,932	Essity AB, Class - B (Household Products)		1,077
	9,319	Evolution AB (Hotels, Restaurants & Leisure)		1,327

See accompanying notes to financial statements.

107

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Sweden (continued)
	5,786	Fastighets AB Balder, Class - B (Real Estate Management & Development)(a)	$	418
	12,341	Getinge AB, B Shares (Health Care Equipment & Supplies)		540
	39,498	Hennes & Mauritz AB, B Shares (Specialty Retail)		779
	106,530	Hexagon AB, Class - B (Electronic Equipment, Instruments & Components)		1,694
	22,674	Husqvarna AB (Household Durables)		364
	7,542	Industrivarden AB, A Shares (Diversified Financial Services)(b)		241
	8,420	Industrivarden AB, C Shares (Diversified Financial Services)		265
	7,990	Investment AB Latour, Class - B (Industrial Conglomerates)		326
	27,170	Investor AB, Class - A (Diversified Financial Services)		718
	98,349	Investor AB, Class - B (Diversified Financial Services)		2,479
	13,089	Kinnevik AB, Class - B (Diversified Financial Services)(a)		468
	4,135	L E Lundbergforetagen AB, Class - B (Diversified Financial Services)		233
	12,587	Lifco AB, Class - B (Industrial Conglomerates)		377
	10,849	Lundin Energy AB (Oil, Gas & Consumable Fuels)		390
	77,104	Nibe Industrier AB, Class - B (Building Products)		1,167
	8,892	Sagax AB, Class - B (Real Estate Management & Development)		300
	61,142	Sandvik AB (Machinery)		1,710
	17,010	Securitas AB, B Shares (Commercial Services & Supplies)		235
	28,277	Sinch AB (Software)(a)		360
	88,060	Skandinaviska Enskilda Banken AB, Class - A (Banks)		1,227
	18,425	Skanska AB, B Shares (Construction & Engineering)		478
	20,675	SKF AB, B Shares (Machinery)		491
	32,932	Svenska Cellulosa AB SCA, B Shares (Paper & Forest Products)		586
	78,850	Svenska Handelsbanken AB, A Shares (Banks)		854
	49,037	Swedbank AB, A Shares (Banks)		989
	85,429	Swedish Match AB (Tobacco)		681
	26,977	Tele2 AB, B Shares (Wireless Telecommunication Services)		386
	157,925	Telefonaktiebolaget LM Ericsson, B Shares (Communications Equipment)		1,745

Shares		Security Description	Value (000)
		Sweden (continued)
	143,215	Telia Co. AB (Diversified Telecommunication Services)(b)	$	561
	77,672	Volvo AB, B Shares (Machinery)		1,802
	10,616	Volvo AB, Class - A (Machinery)		250
				34,993
		Switzerland — 8.38%
	88,998	ABB Ltd., Registered Shares (Electrical Equipment)		3,410
	8,410	Adecco Group AG (Professional Services)(b)		430
	27,065	Alcon, Inc. (Health Care Equipment & Supplies)		2,399
	335	Bachem Holding AG, Registered Shares (Life Sciences Tools & Services)		263
	2,512	Baloise Holding AG, Registered Shares (Insurance)		411
	193	Barry Callebaut AG, Registered Shares (Food Products)(b)		470
	57	Chocoladefabriken Lindt & Spruengli AG (Food Products)		790
	6	Chocoladefabriken Lindt & Spruengli AG (Food Products)		805
	11,585	Clariant AG, Registered Shares (Chemicals)		242
	10,821	Coca-Cola HBC AG (Beverages)		374
	28,264	Compagnie Financiere Richemont SA, Registered Shares (Textiles, Apparel & Luxury Goods)		4,249
	143,352	Credit Suisse Group AG, Registered Shares (Capital Markets)		1,396
	377	EMS-Chemie Holding AG (Chemicals)		423
	1,940	Geberit AG, Registered Shares (Building Products)		1,587
	500	Givaudan SA, Registered Shares (Chemicals)		2,630
	28,269	Holcim Ltd., Registered Shares (Construction Materials)(b)		1,443
	11,996	Julius Baer Group Ltd. (Capital Markets)		806
	2,941	Kuehne & Nagel International AG, Registered Shares (Marine)		951
	9,363	Logitech International SA, Registered Shares (Technology Hardware, Storage & Peripherals)		790
	4,035	Lonza Group AG, Registered Shares (Life Sciences Tools & Services)(b)		3,374
	152,478	Nestle SA, Registered Shares (Food Products)		21,333
	118,712	Novartis AG, Registered Shares (Pharmaceuticals)		10,462
	1,231	Partners Group Holding AG (Capital Markets)		2,044
	38,053	Roche Holding AG (Pharmaceuticals)		15,837
	1,730	Roche Holding AG (Pharmaceuticals)		776
	2,218	Schindler Holding AG (Machinery)		598

See accompanying notes to financial statements.

108

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Switzerland (continued)
	1,072	Schindler Holding AG, Registered Shares (Machinery)	$	288
	327	SGS SA, Registered Shares (Professional Services)(b)		1,094
	7,677	Sika AG, Registered Shares (Chemicals)(b)		3,204
	2,964	Sonova Holding AG, Registered Shares (Health Care Equipment & Supplies)(b)		1,164
	560	Straumann Holding AG, Registered Shares (Health Care Equipment & Supplies)		1,191
	1,710	Swiss Life Holding AG (Insurance)		1,049
	4,558	Swiss Prime Site AG, Registered Shares (Real Estate Management & Development)		449
	16,339	Swiss Re AG (Insurance)		1,619
	1,398	Swisscom AG, Registered Shares (Diversified Telecommunication Services)		790
	3,646	Temenos AG, Registered Shares (Software)		505
	2,711	The Swatch Group AG (Textiles, Apparel & Luxury Goods)		159
	1,588	The Swatch Group AG, B Shares (Textiles, Apparel & Luxury Goods)		486
	190,518	UBS Group AG (Capital Markets)		3,434
	1,454	VAT Group AG (Machinery)(b)		725
	2,632	Vifor Pharma AG (Pharmaceuticals)		469
	8,153	Zurich Financial Services AG (Insurance)		3,584
				98,503
		United Kingdom — 10.93%
	52,705	3i Group PLC (Capital Markets)		1,034
	117,902	abrdn PLC (Diversified Financial Services)		384
	10,473	Admiral Group PLC (Insurance)(b)		447
	69,887	Anglo American PLC (Metals & Mining)		2,852
	21,255	Antofagasta PLC (Metals & Mining)		385
	24,227	Ashtead Group PLC (Trading Companies & Distributors)		1,948
	19,294	Associated British Foods PLC (Food Products)		524
	83,912	AstraZeneca PLC (Pharmaceuticals)(b)		9,855
	51,905	Auto Trader Group PLC (Interactive Media & Services)(b)		520
	6,560	Aveva Group PLC (Software)		302
	211,960	Aviva PLC (Insurance)		1,177
	174,099	BAE Systems PLC (Aerospace & Defense)		1,295
	915,198	Barclays PLC (Banks)		2,316
	55,322	Barratt Developments PLC (Household Durables)		560
	6,127	Berkeley Group Holdings PLC (Household Durables)		396
	1,089,549	BP PLC (Oil, Gas & Consumable Fuels)		4,873
	118,082	British American Tobacco PLC (Tobacco)		4,368

Shares		Security Description	Value (000)
		United Kingdom (continued)
	47,913	British Land Co. PLC (Equity Real Estate Investment Trusts)	$	344
	482,950	BT Group PLC (Diversified Telecommunication Services)		1,108
	18,313	Bunzl PLC (Trading Companies & Distributors)		715
	21,886	Burberry Group PLC (Textiles, Apparel & Luxury Goods)(b)		538
	11,117	Coca-Cola Europacific Partners PLC (Beverages)		622
	96,839	Compass Group PLC (Hotels, Restaurants & Leisure)(a)		2,164
	7,553	Croda International PLC (Chemicals)(b)		1,034
	126,363	Diageo PLC (Beverages)		6,902
	27,480	Evraz PLC (Metals & Mining)		224
	12,043	Ferguson PLC (Trading Companies & Distributors)		2,136
	272,691	GlaxoSmithKline PLC (Pharmaceuticals)		5,929
	20,498	Halma PLC (Electronic Equipment, Instruments & Components)		888
	19,332	Hargreaves Lansdown PLC (Capital Markets)		354
	9,367	Hikma Pharmaceuticals PLC (Pharmaceuticals)(b)		281
	1,106,325	HSBC Holdings PLC (Banks)		6,717
	51,222	Imperial Brands PLC (Tobacco)		1,121
	81,557	Informa PLC (Media)(a)		570
	9,979	Intercontinental Hotels Group PLC (Hotels, Restaurants & Leisure)(a)		646
	8,762	Intertek Group PLC (Professional Services)		668
	93,909	J Sainsbury PLC (Food & Staples Retailing)		351
	148,750	JD Sports Fashion PLC (Specialty Retail)(a)		438
	10,462	Johnson Matthey PLC (Chemicals)		290
	113,837	Kingfisher PLC (Specialty Retail)		521
	38,314	Land Securities Group PLC (Equity Real Estate Investment Trusts)		403
	323,675	Legal & General Group PLC (Insurance)		1,303
	3,839,474	Lloyds Banking Group PLC (Banks)		2,484
	17,823	London Stock Exchange Group PLC (Capital Markets)		1,672
	140,862	M&G PLC (Diversified Financial Services)		380
	236,978	Melrose Industries PLC (Industrial Conglomerates)		513
	26,430	Mondi PLC (Paper & Forest Products)		653
	196,347	National Grid PLC (Multi-Utilities)		2,816
	310,576	Natwest Group PLC (Banks)(b)		949
	7,176	Next PLC (Multiline Retail)		791
	26,420	Ocado Group PLC (Internet & Direct Marketing Retail)(a)(b)		600
	40,991	Pearson PLC (Media)		340
	17,342	Persimmon PLC (Household Durables)		670
	35,736	Phoenix Group Holdings PLC (Insurance)		316

See accompanying notes to financial statements.

109

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United Kingdom (continued)
	141,623	Prudential PLC (Insurance)	$	2,443
	38,686	RecKitt Benckiser Group PLC (Household Products)		3,320
	104,790	RELX PLC (Professional Services)		3,406
	100,917	Rentokil Initial PLC (Commercial Services & Supplies)		798
	60,791	Rio Tinto PLC (Metals & Mining)		4,025
	453,177	Rolls-Royce Holdings PLC (Aerospace & Defense)(a)		754
	222,045	Royal Dutch Shell PLC, A Shares (Oil, Gas & Consumable Fuels)		4,873
	199,425	Royal Dutch Shell PLC, B Shares (Oil, Gas & Consumable Fuels)		4,379
	6,787	Schroders PLC (Capital Markets)		327
	65,383	Segro PLC (Equity Real Estate Investment Trusts)		1,271
	13,615	Severn Trent PLC (Water Utilities)(b)		543
	47,800	Smith & Nephew PLC (Health Care Equipment & Supplies)		837
	21,398	Smiths Group PLC (Industrial Conglomerates)		457
	3,991	Spirax-Sarco Engineering PLC (Machinery)		867
	56,527	SSE PLC (Electric Utilities)		1,261
	29,351	St. James Place PLC (Capital Markets)		669
	142,196	Standard Chartered PLC (Banks)		863
	110,196	Stellantis N.V. (Automobiles)		2,093
	197,830	Taylor Wimpey PLC (Household Durables)(b)		470
	418,193	Tesco PLC (Food & Staples Retailing)		1,641
	57,171	The Sage Group PLC (Software)		660
	140,593	Unilever PLC (Personal Products)		7,507
	37,055	United Utilities Group PLC (Water Utilities)		546
	1,496,368	Vodafone Group PLC (Wireless Telecommunication Services)		2,273
	10,986	Whitbread PLC (Hotels, Restaurants & Leisure)(a)		445
				128,415
		Total Common Stocks		932,243
		Preferred Stocks — 0.43%
		Germany — 0.43%
	3,159	Bayerische Motoren Werke Aktiengesellschaft — Preferred (Automobiles)		264
	3,799	FUCHS PETROLUB SE — Preferred (Chemicals)		173
	9,642	Henkel AG & Co. KGAA — Preferred (Household Products)		781
	8,306	Porsche Automobil Holding SE — Preferred (Automobiles)		789

Shares		Security Description	Value (000)
		Germany (continued)
	1,422	Sartorius AG — Preferred (Health Care Equipment & Supplies)	$	963
	10,065	Volkswagen AG — Preferred (Automobiles)		2,033
		Total Preferred Stocks		5,003
		Right — 0.00%
		United Kingdom — 0.00%
	418,457	CC Japan Income & Growth Trust, Subscription Shares, 3/1/23 (Capital Markets)(a)		14
		Total Right		14
		Warrant — 0.00%
		Australia — 0.00%
	502,568	WAM Global Ltd., 9/12/22 (Capital Markets)		14
		Total Warrant		14
		Investment Companies — 18.25%
	640,983	Aberdeen New Dawn Investment Trust PLC		2,758
	218,097	Aberforth Smaller Companies Trust PLC		4,321
	212,452	abrdn UK Smaller Companies Growth Trust PLC		2,194
	142,796	ASA Gold and Precious Metals, Ltd.		3,012
	1,614,892	AVI Japan Opportunity Trust PLC		2,644
	125,000	Baillie Gifford European Growth Trust PLC		252
	86,472	BlackRock Health Sciences Trust II		2,193
	294,176	BlackRock Innovation & Growth Trust		4,277
	874,740	BMO Global Smaller Companies PLC		2,053
	2,092,289	CC Japan Income & Growth Trust PLC		4,261
	579,383	Edinburgh Investment Trust PLC		4,924
	399,435	European Opportunities Trust PLC		4,584
	471,613	Federated Hermes Treasury Obligations Fund, Institutional Shares, 0.01%^^(d)		472
	184,037	Fidelity Emerging Markets Ltd.		2,045
	708,250	Fidelity European Trust PLC		3,264
	685,690	Fidelity Japan Trust PLC		2,125
	102,598	First Trust Dynamic Europe Equity Income Fund		1,363
	206,000	Henderson European Focus Trust PLC		4,537
	1,461,450	Henderson EuroTrust PLC		2,917
	606,368	Japan Smaller Capitalization Fund, Inc.		4,772
	963,847	JPMorgan European Discovery Trust PLC		7,110
	1,155,587	JPMorgan European Investment Trust PLC - Growth		5,880
	1,273,375	JPMorgan European Investment Trust PLC - Income		2,701
	84,661	JPMorgan Indian Investment Trust PLC		937
	469,246	JPMorgan Japan Small Cap Growth & Income, Ordinary Shares		3,042
	458,302	JPMorgan Japanese Investment Trust PLC		4,124
	161,893	Morgan Stanley China A Share Fund, Inc.		3,304
	204,803	Murray Income Trust PLC		2,544

See accompanying notes to financial statements.

110

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The Institutional International Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Investment Companies (continued)
	522,291	Neuberger Berman MLP and Energy Income Fund, Inc.	$	2,737
	240,581	Neuberger Berman Next Generation Connectivity Fund, Inc.		4,162
	630,100	Oakley Capital Investments Ltd.		3,569
	35,326	Pershing Square Holdings Fund Ltd.		1,441
	1,189,246	Polar Capital Global Financials Trust PLC		2,784
	697,057	Polar Capital Global Healthcare Trust PLC		2,901
	2,531,800	Schroder Japan Growth Fund PLC		7,316
	5,902,219	Schroder UK Public Private Trust PLC		2,644
	78,136,131	State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01%(d)		78,135
	1,037,969	Strategic Equity Capital PLC		4,453
	319,978	Temple Bar Investment Trust PLC		4,798
	94,600	The Mexico Fund, Inc.		1,489
	112,380	The New Germany Fund, Inc.		1,664
	1,742,616	TR European Growth Trust PLC		4,221
	1,796,637	VGI Partners Asian Investments Ltd.^		2,731
	502,568	WAM Global Ltd.		877
		Total Investment Companies		214,532

Security Description	Value (000)
Purchased Options on Futures — 0.06%
Total Purchased Options on Futures	$	710
Total Investments (cost $889,737) — 98.07%		1,152,516
Other assets in excess of liabilities — 1.93%		22,695
Net Assets — 100.00%	$	1,175,211

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

^ All or part of this security was on loan as of December 31, 2021. The total value of securities on loan as of December 31, 2021, was $8,625 (amount in thousands).

^^ 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, 2021.

(a) Represents non-income producing security.

(b) Represents a security purchased under Rule 144A or Section 4(2) and is exempt from registration under the Securities Act of 1933, as amended, or is otherwise restricted to resale. Certain of these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been deemed liquid by the Specialist Manager.

(c) Security was valued using significant unobservable inputs as of December 31, 2021.

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

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of December 31, 2021.

The Institutional International Equity Portfolio	City of London Investment Management Company, Limited			Mellon Investments Corporation			Parametric Portfolio Associates, LLC			HC Capital Solutions			Total
Common Stocks		—			79.33	%		—			—			79.33	%
Preferred Stocks		—			0.43	%		—			—			0.43	%
Right		0.00	%		—			—			—			0.00	%
Warrant		0.00	%											0.00	%
Investment Companies		11.72	%		0.31	%		6.21	%		0.01	%		18.25	%
Purchased Options on Futures		—			—			0.06	%		—			0.06	%
Other Assets (Liabilities)		0.04	%		0.24	%		1.22	%		0.43	%		1.93	%
Total Net Assets		11.76	%		80.31	%		7.49	%		0.44	%		100.00	%

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

Amounts designated as 0.00% round to less than 0.005%.

See accompanying notes to financial statements.

111

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

The following tables reflect the open derivative positions held by the Portfolio as of December 31, 2021.

Futures Contracts Purchased*

Description		Number of Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
MSCI EAFE Index Future			817		3/18/22	$	94,846	$	1,482
						$	94,846	$	1,482
	Total Unrealized Appreciation							$	1,482
	Total Unrealized Depreciation								—
	Total Net Unrealized Appreciation/(Depreciation)							$	1,482

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

Options on Futures Contracts

Exchange-traded options on futures contacts written as of December 31, 2021 were as follows:

Description	Put/Call		Number of Contracts		Notional Amount (000)		Exercise Price		Expiration Date		Value (000)
E-Mini S&P 500 Future Option		Put		34	$	7,004	$	4,120.00		1/21/22	$	(6	)
E-Mini S&P 500 Future Option		Put		35		7,193		4,110.00		1/21/22		(6	)
E-Mini S&P 500 Future Option		Put		68		15,130		4,450.00		1/21/22		(35	)
E-Mini S&P 500 Future Option		Put		68		14,552		4,280.00		1/21/22		(18	)
E-Mini S&P 500 Future Option		Put		40		8,380		4,190.00		1/21/22		(8	)
E-Mini S&P 500 Future Option		Put		40		8,300		4,150.00		1/31/22		(14	)
E-Mini S&P 500 Future Option		Put		35		7,298		4,170.00		1/31/22		(13	)
E-Mini S&P 500 Future Option		Put		36		7,596		4,220.00		1/31/22		(15	)
E-Mini S&P 500 Future Option		Put		68		14,824		4,360.00		1/31/22		(43	)
E-Mini S&P 500 Future Option		Put		72		15,048		4,180.00		1/31/22		(26	)
E-Mini S&P 500 Future Option		Put		36		7,578		4,210.00		1/31/22		(14	)
E-Mini S&P 500 Future Option		Put		34		6,698		3,940.00		2/21/22		(16	)
E-Mini S&P 500 Future Option		Put		34		6,766		3,980.00		2/21/22		(17	)
E-Mini S&P 500 Future Option		Put		68		15,640		4,600.00		2/21/22		(196	)
E-Mini S&P 500 Future Option		Put		34		7,055		4,150.00		2/21/22		(26	)
E-Mini S&P 500 Future Option		Put		35		6,913		3,950.00		2/21/22		(17	)
E-Mini S&P 500 Future Option		Put		68		14,620		4,300.00		2/28/22		(101	)
E-Mini S&P 500 Future Option		Put		68		15,198		4,470.00		3/18/22		(228	)
											$	(799	)

See accompanying notes to financial statements.

112

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments (concluded) — December 31, 2021 (Unaudited)

Exchanged-traded options on futures contacts purchased as of December 31, 2021 were as follows:

Description	Put/Call		Number of Contracts		Notional Amount (000)		Exercise Price		Expiration Date		Value (000)
E-Mini S&P 500 Future Option		Put		34	$	7,990	$	4,700.00		1/21/22	$	65
E-Mini S&P 500 Future Option		Put		34		7,735		4,550.00		1/21/22		28
E-Mini S&P 500 Future Option		Put		34		7,905		4,650.00		1/31/22		71
E-Mini S&P 500 Future Option		Put		34		8,160		4,800.00		2/21/22		195
E-Mini S&P 500 Future Option		Put		34		7,820		4,600.00		2/28/22		114
E-Mini S&P 500 Future Option		Put		34		8,118		4,775.00		3/18/22		237
											$	710

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

See accompanying notes to financial statements.

113

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 84.33%
		Bermuda — 0.08%
	348,000	Alibaba Health Information Technology Ltd. (Health Care Technology)(a)(b)	$	294
	1,039,733	Beijing Enterprises Water Group Ltd. (Water Utilities)(b)		404
				698
		Brazil — 3.06%
	411,100	Ambev SA (Beverages)		1,138
	47,055	Americanas SA (Internet & Direct Marketing Retail)(a)		267
	1,494,581	B3 SA - Brasil Bolsa Balcao (Capital Markets)		2,990
	340,991	Banco Bradesco SA (Banks)		991
	120,800	Banco do Brasil SA (Banks)		626
	161,250	BB Seguridade Participacoes SA (Insurance)		601
	71,700	BRF SA (Food Products)(a)		290
	69,300	Centrais Electricas Brasileiras SA (Electric Utilities)		416
	98,100	Companhia Siderurgica Nacional SA (CSN) (Metals & Mining)		440
	400,700	Itau Unibanco Holding SA (Banks)		1,507
	133,700	JBS SA (Food Products)		911
	144,200	Klabin SA (Containers & Packaging)		664
	55,965	Localiza Rent A Car SA (Road & Rail)(b)		533
	153,824	Lojas Renner SA (Multiline Retail)		675
	462,500	Magazine Luiza SA (Multiline Retail)		600
	142,500	Natura & Co. Holding SA (Personal Products)(a)(b)		651
	704,200	Petroleo Brasileiro SA (Oil, Gas & Consumable Fuels)		3,881
	730,487	Raia Drogasil SA (Food & Staples Retailing)		3,187
	108,800	Rumo SA (Road & Rail)(a)(b)		347
	41,400	Suzano SA (Paper & Forest Products)(a)		447
	260,400	Tim SA (Wireless Telecommunication Services)		615
	235,200	Vale SA (Metals & Mining)		3,293
	289,400	WEG SA (Machinery)		1,714
				26,784
		Cayman Islands — 2.67%
	14,000	AAC Technologies Holdings, Inc. (Electronic Equipment, Instruments & Components)		55
	1,185,598	Alibaba Group Holding Ltd. (Internet & Direct Marketing Retail)(a)		18,080
	103,000	Anta Sports Products Ltd. (Textiles, Apparel & Luxury Goods)(b)		1,545
	24,000	China Mengniu Dairy Co. Ltd. (Food Products)(b)		136
	480,000	Geely Automobile Holdings Ltd. (Automobiles)(b)		1,311
	62,000	Kingsoft Corp. Ltd. (Software)(b)		272

Shares		Security Description	Value (000)
		Cayman Islands (continued)
	190,350	New Oriental Education & Technology Group, Inc., ADR (Diversified Consumer Services)(a)	$	400
	1,000	Parade Technologies Ltd. (Semiconductors & Semiconductor Equipment)		76
	77,000	Shenzhou International Group Holdings Ltd. (Textiles, Apparel & Luxury Goods)(b)		1,480
				23,355
		Chile — 0.43%
	18,870	Banco de Credito e Inversiones SA (Banks)		552
	293,158	Empresas CMPC SA (Paper & Forest Products)		492
	5,969,240	Enel Americas SA (Electric Utilities)		651
	7,027,795	Enersis Chile SA (Electric Utilities)		246
	482,804	S.A.C.I. Falabella (Multiline Retail)		1,575
	5,610	Sociedad Quimica y Minera de Chile SA (Chemicals)		287
				3,803
		China — 21.78%
	133,365	360 Security Technology, Inc., Class - A (Software)(a)		266
	1,200	51Job, Inc., ADR (Professional Services)(a)		59
	2,150,000	Agricultural Bank of China Ltd., H Shares (Banks)		739
	118,000	Air China Ltd. (Airlines)(a)		82
	75,400	Air China Ltd. (Airlines)(a)		108
	28,440	Alibaba Group Holding Ltd., ADR (Internet & Direct Marketing Retail)(a)		3,378
	314,000	Aluminum Corp of China Ltd., H Shares (Metals & Mining)(a)		174
	58,580	Autobio Diagnostics Co. Ltd., Class - A (Health Care Equipment & Supplies)		506
	5,814	Autohome, Inc., ADR (Interactive Media & Services)		171
	30,734	Baidu, Inc., ADR (Interactive Media & Services)(a)		4,573
	6,902,100	Bank of China Ltd., H Shares (Banks)		2,487
	1,399,000	Bank of Communications Co. Ltd., H Shares (Banks)		845
	4,000	BeiGene Ltd., ADR (Biotechnology)(a)		1,084
	281,350	Beijing Dabeinong Technology Group Co. Ltd., Class - A (Food Products)		463
	172,760	Beijing Shiji Information Technology Co. Ltd. (Software)		779
	27,600	Beijing Tiantan Biological Products Corp. Ltd. (Biotechnology)		125
	9,449	Bilibili, Inc., ADR (Entertainment)(a)		438
	122,000	Brilliance China Automotive Holdings Ltd. (Automobiles)(a)		114

See accompanying notes to financial statements.

114

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		China (continued)
	92,553	BYD Co. Ltd. (Automobiles)	$	3,894
	19,000	BYD Co. Ltd., H Shares (Automobiles)(b)		650
	115,500	BYD Electronic International Co. Ltd. (Communications Equipment)		423
	4,000	CanSino Biologics, Inc., Class - H (Pharmaceuticals)^(a)		92
	6,500	Chengxin Lithium Group Co. Ltd., Class - A (Paper & Forest Products)(a)		59
	432,000	China Cinda Asset Management Co. Ltd., H Shares (Capital Markets)(b)		79
	134,900	China Communications Services Corp. Ltd., H Shares (Diversified Telecommunication Services)		66
	545,000	China Conch Venture Holdings Ltd. (Machinery)		2,663
	9,982,350	China Construction Bank Corp., H Shares (Banks)		6,914
	124,800	China COSCO Shipping Holdings Co. Ltd., H Shares (Marine)(a)		242
	1,641,000	China Everbright Bank Co. Ltd., H Shares (Banks)		581
	38,000	China Evergrande Group (Real Estate Management & Development)^		8
	110,000	China Feihe Ltd. (Food Products)		148
	174,000	China Galaxy Securities Co. Ltd., H Shares (Capital Markets)		100
	607,000	China Huarong Asset Management Co. Ltd., Class - H (Capital Markets)(a)		79
	50,800	China International Capital Corp. Ltd. (Capital Markets)		140
	7,500	China International Travel Service Corp. Ltd. (Hotels, Restaurants & Leisure)		258
	864,000	China Life Insurance Co. Ltd., H Shares (Insurance)		1,432
	108,200	China Literature Ltd. (Media)(a)(b)		680
	217,000	China Longyuan Power Group Corp. Ltd., H Shares (Independent Power and Renewable Electricity Producers)		507
	27,000	China Merchants Bank Co. Ltd. (Banks)		206
	468,000	China Merchants Bank Co. Ltd., H Shares (Banks)		3,634
	285,000	China Molybdenum Co. Ltd. (Metals & Mining)		150
	102,000	China National Building Material Co. Ltd., H Shares (Construction Materials)(b)		125
	20,450	China Northern Rare Earth Group High-Tech Co. Ltd. (Metals & Mining)		147
	805,400	China Petroleum & Chemical Corp., H Shares (Oil, Gas & Consumable Fuels)		375

Shares		Security Description	Value (000)
		China (continued)
	748,000	China Resources Cement Holdings Ltd. (Construction Materials)(b)	$	565
	941,761	China Resources Land Ltd. (Real Estate Management & Development)		3,961
	902,143	China Resources Power Holdings Co. Ltd. (Independent Power and Renewable Electricity Producers)		3,020
	697,500	China Shenhua Energy Co. Ltd., H Shares (Oil, Gas & Consumable Fuels)		1,635
	162,000	China Southern Airlines Co. Ltd., H Shares (Airlines)(a)		97
	1,652,000	China Tower Corp. Ltd. (Diversified Telecommunication Services)		182
	38,000	China Transinfo Technology Co. Ltd. (IT Services)		89
	304,900	China Vanke Co. Ltd., H Shares (Real Estate Management & Development)(b)		709
	12,400	Chongqing Brewery Co. Ltd. (Beverages)(a)		294
	13,500	Chongqing Zhifei Biological Products Co. Ltd. (Biotechnology)		264
	192,000	CIFI Holdings Group Co. Ltd. (Real Estate Management & Development)		115
	29,100	CITIC Securities Co. Ltd. (Capital Markets)		121
	48,500	CITIC Securities Co. Ltd., H Shares (Capital Markets)		127
	8,400	Contemporary Amperex Technology Co. Ltd., Class - A (Electrical Equipment)		775
	482,430	COSCO Shipping Holdings Co. Ltd. (Marine)(a)		1,415
	786,000	Country Garden Holdings Co. (Real Estate Management & Development)(b)		698
	130,678	Country Garden Services Holdings Co. Ltd., Series S (Commercial Services & Supplies)		783
	28,500	CSC Financial Co. Ltd. (Capital Markets)		131
	121,600	DA An Gene Co., Ltd. of Sun Yat-Sen University, Class - A (Biotechnology)		383
	4,307	Daqo New Energy Corp., ADR (Semiconductors & Semiconductor Equipment)(a)		174
	73,400	Dongfang Electric Corp. Ltd. (Electrical Equipment)		247
	65,088	East Money Information Co. Ltd. (Capital Markets)		379
	117,200	ENN Energy Holdings Ltd. (Gas Utilities)		2,207
	30,223	Eve Energy Co. Ltd. (Electrical Equipment)		560
	85,400	Fangda Carbon New Material Co. Ltd. (Electrical Equipment)		145
	133,400	Focus Media Information Technology Co. Ltd. (Media)		171

See accompanying notes to financial statements.

115

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Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		China (continued)
	62,337	Foshan Haitian Flavouring & Food Co. Ltd. (Food Products)	$	1,028
	6,300	Fu Jian Anjoy Foods Co., Ltd., Class - A (Food Products)		169
	25,400	Fujian Sunner Development Co. Ltd. (Food Products)		96
	11,610	GDS Holdings Ltd., ADR (IT Services)(a)		548
	110,000	Genscript Biotech Corp. (Life Sciences Tools & Services)(a)(b)		487
	85,000	GF Securities Co. Ltd., Class - H (Capital Markets)		162
	1,600	Ginlong Technologies Co. Ltd., Class - A (Electrical Equipment)		58
	276,500	Great Wall Motor Co. Ltd., H Shares (Automobiles)		950
	598,000	Guangzhou Automobile Group Co. Ltd., H Shares (Automobiles)		590
	46,000	Haidilao International Holding Ltd. (Hotels, Restaurants & Leisure)		104
	104,200	Haier Smart Home Co. Ltd., Class - H (Household Durables)		440
	45,900	Haitong Securities Co. Ltd. (Capital Markets)		88
	88,400	Haitong Securities Co. Ltd., H Shares (Capital Markets)		78
	16,600	Hefei Meiya Optoelectronic Technology, Inc. (Machinery)		98
	12,323	Hello Group, Inc., ADR (Interactive Media & Services)		111
	45,000	Hengli Petrochemical Co. Ltd. (Chemicals)		162
	276,000	HengTen Networks Group, Ltd. (Internet & Direct Marketing Retail)^(a)		104
	6,800	Hithink Royalflush Information Network Co. Ltd. (Capital Markets)		154
	54,000	Hua Hong Semiconductor Ltd. (Semiconductors & Semiconductor Equipment)(a)(b)		298
	25,200	Huadong Medicine Co. Ltd. (Health Care Providers & Services)		159
	59,000	Huatai Securities Co. Ltd., Class - H (Capital Markets)		98
	7,072	Huazhu Group Ltd., ADR (Hotels, Restaurants & Leisure)(a)		264
	100,900	Iflytek Co. Ltd. (Software)		831
	6,486,440	Industrial & Commercial Bank of China Ltd., H Shares (Banks)		3,660
	222,200	Inner Mongolia Baotou Steel Union Co. Ltd. (Metals & Mining)(a)		97
	79,000	Innovent Biologics, Inc. (Biotechnology)(a)(b)		489

Shares		Security Description	Value (000)
		China (continued)
	23,184	Inspur Electronic Information Industry Co. Ltd. (Technology Hardware, Storage & Peripherals)	$	130
	11,550	Intco Medical Technology Co., Ltd., Class - A (Health Care Equipment & Supplies)		105
	14,242	iQiyi, Inc., ADR (Entertainment)(a)		65
	76,775	JD.com, Inc., ADR (Internet & Direct Marketing Retail)(a)		5,381
	1,180,000	Jiangsu Expressway Co. Ltd., H Shares (Transportation Infrastructure)		1,209
	131,931	Jiangsu Hengrui Medicine Co. Ltd. (Pharmaceuticals)		1,050
	176,600	Jiangxi Zhengbang Technology Co. Ltd. (Food Products)		268
	98,300	Jinke Properties Group Co. Ltd. (Real Estate Management & Development)		69
	2,600	Joinn Laboratories China Co. Ltd., Class - A (Life Sciences Tools & Services)		47
	1,500	JOYY, Inc., ADR (Interactive Media & Services)		68
	14,100	Juewei Food Co. Ltd. (Food Products)		151
	28,762	KE Holdings, Inc., ADR (Real Estate Management & Development)(a)		579
	34,000	Kingboard Holdings Ltd. (Electronic Equipment, Instruments & Components)		165
	277,000	Kingdee International Software Group Co. Ltd. (Software)(a)		853
	17,900	Kuaishou Technology (Media)(a)		165
	4,600	Kweichow Moutai Co. Ltd. (Beverages)		1,480
	139,000	Lee & Man Paper Manufacturing Ltd. (Paper & Forest Products)		97
	46,500	Lens Technology Co. Ltd. (Electronic Equipment, Instruments & Components)		168
	35,612	LI Auto, Inc., ADR (Automobiles)(a)		1,143
	278,500	LI Ning Co. Ltd. (Textiles, Apparel & Luxury Goods)		3,048
	118,265	LONGi Green Energy Technology Co. Ltd., Class - A (Semiconductors & Semiconductor Equipment)		1,600
	131,819	Luxshare Precision Industry Co. Ltd. (Electronic Equipment, Instruments & Components)		1,018
	218,160	Meinian Onehealth Healthcare Holdings Co. Ltd. (Health Care Providers & Services)(a)		269
	320,800	Meituan Dianping (Internet & Direct Marketing Retail)(a)		9,275
	59,000	Microport Scientific Corp. (Health Care Equipment & Supplies)		215
	7,280	Muyuan Foodstuff Co. Ltd. (Food Products)		61

See accompanying notes to financial statements.

116

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Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		China (continued)
	369,457	NARI Technology Co. Ltd., Class - A (Electrical Equipment)	$	2,321
	38,660	NetEase, Inc., ADR (Entertainment)		3,935
	22,400	New China Life Insurance Co. Ltd., H Shares (Insurance)(b)		60
	95,439	NIO, Inc., ADR (Automobiles)(a)		3,024
	5,300	Noah Holdings Ltd., ADR (Capital Markets)(a)		163
	77,290	O-FILM Tech Co. Ltd. (Electronic Equipment, Instruments & Components)(a)		118
	23,520	Ovctek China, Inc. (Health Care Equipment & Supplies)		212
	111,600	Perfect World Co. Ltd., Class - A (Entertainment)		356
	904,000	PetroChina Co. Ltd., H Shares (Oil, Gas & Consumable Fuels)		402
	9,300	PharmaBlock Sciences Nanjing, Inc., Class - A (Pharmaceuticals)		207
	18,000	Pharmaron Beijing Co. Ltd., Class - H (Life Sciences Tools & Services)		278
	38,973	Pinduoduo, Inc., ADR (Internet & Direct Marketing Retail)(a)		2,272
	1,362,017	Ping An Insurance Group Company of China Ltd. (Insurance)		9,808
	345,600	Rongsheng Petro Chemical Co. Ltd., Class - A (Chemicals)		985
	81,320	SDIC Capital Co. Ltd. (Capital Markets)		105
	142,000	Seazen Group Ltd. (Real Estate Management & Development)		96
	120,299	Shandong Buchang Pharmaceuticals Co. Ltd., Class - A (Pharmaceuticals)		398
	136,100	Shanghai Electric Group Co. Ltd. (Electrical Equipment)		104
	921,300	Shanghai Pharmaceuticals Holding Co. Ltd., H Shares (Health Care Providers & Services)		1,746
	2,100	Shanghai Putailai New Energy Technology Co. Ltd., Class - A (Chemicals)		53
	43,600	Shanghai Zhangjiang High-Tech Park Development Co. (Real Estate Management & Development)		103
	82,200	Shanxi Meijin Energy Co. Ltd. (Oil, Gas & Consumable Fuels)(a)		209
	1,200	Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class - A (Beverages)		59
	146,151	Shenzhen Inovance Technology Co. Ltd., Class - A (Machinery)		1,573
	36,200	Shenzhen Kangtai Biological Products Co. Ltd. (Biotechnology)		560

Shares		Security Description	Value (000)
		China (continued)
	222,500	Shimao Property Holdings Ltd. (Real Estate Management & Development)^	$	146
	26,100	Sichuan Kelun Pharmaceutical Co. Ltd. (Pharmaceuticals)		78
	18,700	Sichuan New Energy Power Co. Ltd. (Chemicals)(a)		78
	5,000	Silergy Corp. (Semiconductors & Semiconductor Equipment)		908
	54,000	Sinotruk Hong Kong Ltd. (Machinery)		83
	75,000	Smoore International Holdings Ltd. (Tobacco)		382
	233,617	Songcheng Performance Development Co. Ltd., Class - A (Hotels, Restaurants & Leisure)		525
	155,000	Sunac China Holdings Ltd. (Real Estate Management & Development)(b)		234
	154,427	Sunny Optical Technology Group Co. Ltd. (Electronic Equipment, Instruments & Components)		4,884
	30,900	Suzhou Dongshan Precision Manufacturing Co. Ltd., Class - A (Electronic Equipment, Instruments & Components)		131
	500	Suzhou Maxwell Technologies Co. Ltd., Class - A (Electrical Equipment)		50
	45,497	TAL Education Group, ADR (Diversified Consumer Services)(a)		179
	611,286	Tencent Holdings Ltd. (Interactive Media & Services)(b)		35,814
	31,445	Tencent Music Entertainment Group, ADR (Entertainment)(a)		215
	131,880	Toly Bread Co. Ltd. (Food Products)		588
	20,300	Topsec Technologies Group, Inc., Class - A (Electrical Equipment)		61
	89,000	Transfar Zhilian Co. Ltd. (Chemicals)		122
	27,444	Trip.com Group Ltd., ADR (Internet & Direct Marketing Retail)(a)		676
	30,940	Unisplendour Corp. Ltd., Class - A (Electronic Equipment, Instruments & Components)		111
	34,096	Vipshop Holdings Ltd., ADR (Internet & Direct Marketing Retail)(a)		286
	81,675	Walvax Biotechnology Co Ltd., Class - A (Biotechnology)		720
	8,500	Weibo Corp., ADR (Interactive Media & Services)(a)		263
	54,000	Weichai Power Co. Ltd. (Machinery)		106
	50,500	Weichai Power Co. Ltd. (Machinery)		142
	44,260	Wens Foodstuffs Group Co. Ltd. (Food Products)		134

See accompanying notes to financial statements.

117

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Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		China (continued)
	73,780	Wuhan Guide Infrared Co. Ltd. (Electronic Equipment, Instruments & Components)	$	280
	4,800	Wuliangye Yibin Co. Ltd., Class - A (Beverages)		168
	30,360	WUS Printed Circuit Kunshan Co. Ltd. (Electronic Equipment, Instruments & Components)		79
	30,340	WuXi AppTec Co. Ltd., Class - H (Life Sciences Tools & Services)		525
	242,000	Wuxi Biologics Cayman, Inc. (Life Sciences Tools & Services)(a)(b)		2,872
	969,600	Xiaomi Corp. (Technology Hardware, Storage & Peripherals)(a)(b)		2,350
	51,700	Xinjiang Goldwind Science & Technology Co. Ltd. (Electrical Equipment)		134
	188,481	Xinyi Solar Holdings Ltd. (Semiconductors & Semiconductor Equipment)		320
	28,268	Xpeng, Inc., ADR (Automobiles)(a)		1,423
	98,000	Yadea Group Holdings Ltd. (Automobiles)		191
	13,950	Yealink Network Technology Corp. Ltd. (Communications Equipment)		178
	61,000	Yihai International Holdings (Food Products)		282
	76,440	Yintai Gold Co. Ltd. (Metals & Mining)		105
	59,576	Yonyou Network Technology Co. Ltd. (Software)		335
	2,900	Youngy Co. Ltd., Class - A (Electrical Equipment)(a)		59
	27,030	Yunda Holding Co. Ltd. (Air Freight & Logistics)		87
	1,400	Yunnan Energy New Material Co. Ltd., Class - A (Containers & Packaging)		55
	4,926	Zai Lab Ltd., ADR (Biotechnology)(a)		310
	17,500	Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (Pharmaceuticals)		1,200
	51,400	Zhejiang Century Huatong Group Co. Ltd., Class - A (Entertainment)(a)		68
	13,440	Zhejiang Dingli Machinery Co. Ltd. (Machinery)		169
	1,094,000	Zhejiang Expressway Co. Ltd., H Shares (Transportation Infrastructure)		975
	2,982	Zhejiang HangKe Technology, Inc. Co., Class - A (Electrical Equipment)		50
	48,300	Zhejiang Longsheng Group Co. Ltd. (Chemicals)		96
	61,300	Zhejiang Semir Garment Co. Ltd. (Textiles, Apparel & Luxury Goods)		74
	8,200	Zhejiang Supor Co. Ltd. (Household Durables)		80
	75,900	Zheshang Securities Co. Ltd. (Capital Markets)		157
	29,200	ZhongAn Online P&C Insurance Co. Ltd. (Insurance)(a)		101

Shares		Security Description	Value (000)
		China (continued)
	15,300	Zhongji Innolight Co. Ltd. (Communications Equipment)	$	102
	63,500	Zhongsheng Group Holdings Ltd. (Specialty Retail)		495
	514,300	Zijin Mining Group Co. Ltd., Class - A (Metals & Mining)		783
	218,000	Zijin Mining Group Co. Ltd., H Shares (Metals & Mining)		259
	120,400	Zoomlion Heavy Industry Science & Technology Co. Ltd., H Shares (Machinery)		76
	94,300	ZTE Corp. (Communications Equipment)		496
	32,600	ZTE Corp., H Shares (Communications Equipment)		89
	12,800	ZTO Express Cayman, Inc., ADR (Air Freight & Logistics)		361
				190,739
		Colombia — 0.10%
	1,312,007	Ecopetrol SA (Oil, Gas & Consumable Fuels)		868
		Cyprus — 0.01%
	654	TCS Group Holding PLC, GDR (Banks)		53
		Czech Republic — 0.05%
	96,212	Moneta Money Bank A/S (Banks)(b)		413
		Egypt — 0.08%
	195,461	Commercial International Bank Egypt SAE (Banks)(a)		661
		Greece — 0.16%
	51,559	Alpha Services and Holdings SA (Banks)(a)(b)		63
	71,369	Hellenic Telecommunication Organization SA (Diversified Telecommunication Services)		1,321
				1,384
		Hong Kong — 1.73%
	384,865	AIA Group Ltd. (Insurance)		3,880
	3,310,000	Alibaba Pictures Group Ltd. (Entertainment)(a)		301
	38,000	China Education Group Holdings Ltd. (Diversified Consumer Services)^		62
	712,182	China Everbright International Ltd. (Commercial Services & Supplies)		572
	1,546,000	China Jinmao Holdings Group Ltd. (Real Estate Management & Development)		478
	432,500	China Overseas Land & Investment Ltd. (Real Estate Management & Development)		1,024
	36,000	China Resources Beer Holdings Co. Ltd. (Beverages)		295
	112,000	China State Construction International Holdings Ltd. (Construction & Engineering)		139
	79,400	China Taiping Insurance Holdings Co. Ltd. (Insurance)(b)		109

See accompanying notes to financial statements.

118

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Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Hong Kong (continued)
	288,000	CSPC Pharmaceutical Group Ltd. (Pharmaceuticals)(b)	$	313
	1,172,000	Far East Horizon Ltd. (Diversified Financial Services)		1,040
	67,000	Fosun International Ltd. (Industrial Conglomerates)		72
	170,400	Guangzhou R&F Properties Co. Ltd., H Shares (Real Estate Management & Development)^		63
	179,000	Hengan International Group Co. Ltd. (Personal Products)		922
	67,243	Hong Kong Exchanges & Clearing Ltd. (Capital Markets)		3,926
	25,200	Hutchison China Meditech Ltd., ADR (Pharmaceuticals)(a)		884
	88,500	Kingboard Laminates Holdings Ltd. (Electronic Equipment, Instruments & Components)(b)		151
	117,000	KWG Group Holdings Ltd. (Real Estate Management & Development)		77
	124,000	Lenovo Group Ltd. (Technology Hardware, Storage & Peripherals)		142
	735,000	Sino Biopharmaceutiical Ltd. (Pharmaceuticals)(b)		515
	209,600	Yuexiu Property Co. Ltd. (Real Estate Management & Development)		185
				15,150
		Hungary — 0.34%
	10,516	MOL Hungarian Oil & Gas PLC (Oil, Gas & Consumable Fuels)		82
	28,568	OTP Bank Nyrt PLC (Banks)(a)		1,463
	54,565	Richter Gedeon Nyrt (Pharmaceuticals)		1,468
				3,013
		India — 11.05%
	54,236	Adani Green Energy, Ltd. (Independent Power and Renewable Electricity Producers)(a)		971
	159,504	Adani Ports and Special Economic Zone Ltd. (Transportation Infrastructure)		1,567
	19,908	Adani Total Gas Ltd. (Gas Utilities)		461
	17,187	Adani Transmission Ltd. (Electric Utilities)(a)		403
	319,100	Ambuja Cements Ltd. (Construction Materials)		1,621
	8,752	Apollo Hospitals Enterprise (Health Care Providers & Services)(b)		590
	1,404	Asian Paints Ltd. (Chemicals)		64
	34,614	Aurobindo Pharma Ltd. (Pharmaceuticals)(b)		342
	49,538	Avenue Supermarts Ltd. (Food & Staples Retailing)(a)(b)		3,113

Shares		Security Description	Value (000)
		India (continued)
	302,901	Axis Bank Ltd. (Banks)(a)(b)	$	2,765
	7,846	Bajaj Auto Ltd. (Automobiles)		343
	32,970	Bajaj Finance Ltd. (Consumer Finance)(b)		3,095
	5,884	Bajaj Finserv Ltd. (Insurance)		1,299
	133,285	Bharat Petroleum Corp. Ltd. (Oil, Gas & Consumable Fuels)(b)		691
	12,160	Biocon Ltd. (Biotechnology)(a)		60
	8,842,285	Chennai Super Kings Cricket Ltd. (Entertainment)(c)		—
	513,160	Coal India Ltd. (Oil, Gas & Consumable Fuels)		1,008
	73,059	Dr. Reddy’s Laboratories Ltd., ADR (Pharmaceuticals)		4,779
	12,020	Eicher Motors Ltd. (Automobiles)(b)		419
	329,358	GAIL India Ltd. (Gas Utilities)		572
	133,690	HCL Technologies Ltd. (IT Services)		2,373
	166,274	HDFC Bank Ltd. (Banks)		3,309
	31,793	Hindustan Unilever Ltd. (Household Products)(b)		1,010
	359,764	Housing Development Finance Corp. Ltd. (Thrifts & Mortgage Finance)(b)		12,518
	624,534	ICICI Bank Ltd. (Banks)(b)		6,219
	260,255	Infosys Ltd. (IT Services)		6,610
	2,337	InterGlobe Aviation Ltd. (Airlines)(a)(b)		63
	462,455	ITC Ltd. (Tobacco)(b)		1,357
	2,246	Kotak Mahindra Bank Ltd. (Banks)(b)		54
	329,946	Mahindra & Mahindra Ltd. (Automobiles)		3,716
	301,748	NTPC Ltd. (Independent Power and Renewable Electricity Producers)(b)		505
	41,081	Oil & Natural Gas Corp. Ltd. (Oil, Gas & Consumable Fuels)		79
	19,352	Pidilite Industries Ltd. (Chemicals)		641
	258,389	Reliance Industries Ltd. (Oil, Gas & Consumable Fuels)		8,232
	3,903	SBI Life Insurance Co. Ltd. (Insurance)		63
	4,624	Shree Cement Ltd. (Construction Materials)(b)		1,679
	242,156	State Bank of India (Banks)(b)		1,500
	216,193	Tata Consultancy Services Ltd. (IT Services)(b)		10,873
	47,857	Tata Motors Ltd. (Automobiles)(a)		311
	159,991	Tata Steel Ltd. (Metals & Mining)		2,392
	19,873	Titan Co. Ltd. (Textiles, Apparel & Luxury Goods)		674
	4,235	Trent Ltd. (Multiline Retail)		61
	18,266	Ultra Tech Cement Ltd. (Construction Materials)		1,865
	222,144	United Spirits Ltd. (Beverages)(a)		2,685
	124,150	Vedanta Ltd. (Metals & Mining)		570
	309,606	Wipro Ltd. (IT Services)(b)		2,980
	1,074,947	Yes Bank, Ltd. (Banks)(a)(b)		198
				96,700

See accompanying notes to financial statements.

119

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The Emerging Markets Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Indonesia — 1.35%
	360,200	Aneka Tambang Tbk (Metals & Mining)	$	57
	345,000	Indah Kiat Pulp & Paper TBK (Paper & Forest Products)		189
	1,184,400	PT Astra International Tbk (Automobiles)		474
	6,705,185	PT Bank Central Asia Tbk (Banks)		3,435
	3,856,600	PT Bank Rakyat Indonesia Persero Tbk (Banks)		1,112
	830,300	PT Barito Pacific Tbk (Chemicals)		50
	1,875,600	PT Charoen Pokphand Indonesia Tbk (Food Products)		783
	436,600	PT Indocement Tunggal Prakarsa Tbk (Construction Materials)		371
	2,093,700	PT Indofood Sukses Makmur Tbk (Food Products)		929
	20,553,735	PT Kalbe Farma Tbk (Pharmaceuticals)		2,329
	237,400	PT Merdeka Copper Gold Tbk (Metals & Mining)(a)(b)		65
	621,400	PT Semen Gresik (Persero) Tbk (Construction Materials)		316
	4,571,250	PT Telekomunikasi Indonesia Persero Tbk (Diversified Telecommunication Services)(b)		1,296
	251,300	PT United Tractors Tbk (Oil, Gas & Consumable Fuels)		391
				11,797
		Kuwait — 0.22%
	346,226	Boubyan Bank KSCP (Banks)(a)		906
	356,620	Kuwait Finance House KSCP (Banks)		983
				1,889
		Malaysia — 1.43%
	241,900	AMMB Holdings Berhad (Banks)(a)		184
	1,488,900	Dialog Group Berhad (Energy Equipment & Services)		937
	60,200	DiGi.Com Berhad (Wireless Telecommunication Services)		63
	281,400	Hartalega Holdings Berhad (Health Care Equipment & Supplies)		387
	1,093,800	IHH Healthcare Berhad (Health Care Providers & Services)		1,928
	777,500	IOI Corp. Berhad (Food Products)		696
	153,396	Malayan Banking Berhad (Banks)		306
	1,764,700	Malaysia Airports Holdings Berhad (Transportation Infrastructure)(a)		2,535
	581,500	Maxis Berhad (Wireless Telecommunication Services)(b)		677
	15,300	Petronas Gas Berhad (Gas Utilities)		66
	1,200,200	Press Metal Aluminum Holdings (Metals & Mining)		1,666
	475,000	Public Bank Berhad (Banks)		475

Shares		Security Description	Value (000)
		Malaysia (continued)
	1,262,600	Ql Resources Berhad (Food Products)	$	1,386
	558,900	Sime Darby Berhad (Industrial Conglomerates)		311
	533,100	Sime Darby Plantation Berhad (Food Products)		481
	685,700	Top Glove Corp. Berhad (Health Care Equipment & Supplies)		427
				12,525
		Mexico — 1.91%
	2,706,700	America Movil SAB de CV (Wireless Telecommunication Services)		2,868
	1,788,800	CEMEX SAB de CV (Construction Materials)(a)		1,222
	138,800	Coca-Cola Femsa SAB de CV (Beverages)		757
	156,300	Fibra Uno Amdinistracion SA (Equity Real Estate Investment Trusts)(b)		165
	47,504	Fomento Economico Mexicano SAB de CV, ADR (Beverages)		3,693
	57,155	Grupo Aeroportuario del Sureste SAB de CV, Class - B (Transportation Infrastructure)		1,180
	363,500	Grupo Bimbo SAB de CV, Series A (Food Products)		1,118
	195,000	Grupo Financiero Banorte SAB de CV (Banks)		1,267
	450,245	Grupo Mexico SAB de CV, Series B (Metals & Mining)		1,964
	255,700	Grupo Televisa SAB de CV (Media)		482
	576,600	Kimberly-Clark de Mexico SAB de CV, A Shares (Household Products)		873
	439,825	Orbia Advance Corp SAB de CV (Chemicals)		1,123
				16,712
		Netherlands — 0.15%
	22,341	Yandex N.V., Class - A (Interactive Media & Services)(a)		1,352
		Peru — 0.33%
	183,303	Compania de Minas Buenaventura SA, ADR (Metals & Mining)(a)		1,342
	11,934	Credicorp Ltd. (Banks)		1,457
	700	Credicorp Ltd. (Banks)		85
				2,884
		Philippines — 0.79%
	1,181,140	Aboitiz Equity Ventures, Inc. (Industrial Conglomerates)(b)		1,262
	1,797,673	Metropolitan Bank & Trust Co. (Banks)		1,964
	17,765	PLDT, Inc. (Wireless Telecommunication Services)		631
	166,308	SM Investments Corp. (Industrial Conglomerates)		3,077
				6,934
		Poland — 0.39%
	84,014	Bank Pekao SA (Banks)(b)		2,545
	3,287	CD Projekt SA (Entertainment)		157

See accompanying notes to financial statements.

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Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Poland (continued)
	3,670	KGHM Polska Miedz SA (Metals & Mining)	$	127
	42,368	Powszechny Zaklad Ubezpieczen SA (Insurance)(b)		372
	85,078	Telekomunikacja Polska SA (Diversified Telecommunication Services)(a)		179
				3,380
		Qatar — 0.20%
	125,342	Mesaieed Petrochemical Holding Co. (Chemicals)		72
	153,868	Qatar National Bank (Banks)		853
	459,841	The Commercial Bank of Qatar QSC (Banks)		852
				1,777
		Russia — 2.19%
	766,150	Gazprom PJSC (Oil, Gas & Consumable Fuels)		3,508
	280,855	Gazprom PJSC, ADR (Oil, Gas & Consumable Fuels)		2,595
	27,710	LUKOIL (Oil, Gas & Consumable Fuels)		2,429
	23,471	LUKOIL PJSC, ADR (Oil, Gas & Consumable Fuels)		2,101
	8,073	Novatek OAO, Registered Shares, GDR (Oil, Gas & Consumable Fuels)		1,891
	11,677	Polymetal International PLC (Metals & Mining)		205
	854	Polyus PJSC (Metals & Mining)		149
	89,489	Sberbank of Russia PJSC, ADR (Banks)		1,436
	113,164	Severstal, Registered Shares, GDR (Metals & Mining)		2,438
	55,190	Tatneft PJSC, Class - S (Oil, Gas & Consumable Fuels)		369
	766,486	The Moscow Exchange (Capital Markets)		1,567
	814,600,000	VTB Bank PJSC (Banks)		525
				19,213
		Saudi Arabia — 2.46%
	117,942	Al Rajhi Bank (Banks)		4,456
	4,497	Almarai Co. JSC (Food Products)		58
	77,181	Banque Saudi Fransi (Banks)		971
	16,955	Bupa Arabia For Cooperative Insurance Co. (Insurance)		594
	382,830	Dar Al Arkan Real Estate Development Co. (Real Estate Management & Development)(a)		1,026
	1,354	Dr. Sulaiman Al Habib Medical Services Group Co. (Health Care Providers & Services)		58
	224,771	Emaar Economic City (Real Estate Management & Development)(a)		715
	17,324	Mobile Telecommunications Co. (Wireless Telecommunication Services)(a)		56
	105,859	National Commercial Bank (Banks)		1,816

Shares		Security Description	Value (000)
		Saudi Arabia (continued)
	172,781	Riyad Bank (Banks)	$	1,247
	46,591	Sahara International Petrochemical Co. (Chemicals)		521
	59,797	Saudi Arabian Fertilizer Co. (Chemicals)		2,814
	98,341	Saudi Arabian Mining Co. (Metals & Mining)(a)		2,058
	62,760	Saudi Basic Industries Corp. (Chemicals)		1,939
	31,231	Saudi Industrial Investment Group (Chemicals)		259
	127,544	Saudi Kayan Petrochemical Co. (Chemicals)(a)		578
	48,506	Saudi Telecom Co. (Diversified Telecommunication Services)(b)		1,452
	71,146	The Saudi British Bank (Banks)(b)		625
	37,378	The Savola Group (Food Products)		318
				21,561
		South Africa — 3.02%
	8,100	Absa Group Ltd. (Banks)		78
	3,694	Anglo American Platinum Ltd. (Metals & Mining)		421
	59,086	AngloGold Ashanti Ltd. (Metals & Mining)		1,220
	11,124	Aspen Pharmacare Holdings Ltd. (Pharmaceuticals)		157
	41,657	Bid Corp. Ltd. (Food & Staples Retailing)		854
	6,139	Bidvest Group Ltd. (Industrial Conglomerates)		73
	6,145	Capitec Bank Holdings Ltd. (Banks)		787
	167,750	Clicks Group Ltd. (Food & Staples Retailing)		3,324
	225,187	Discovery Ltd. (Insurance)(a)(b)		2,030
	81,417	Exxaro Resources Ltd. (Oil, Gas & Consumable Fuels)(b)		782
	403,136	FirstRand Ltd. (Diversified Financial Services)		1,539
	57,103	Gold Fields Ltd. (Metals & Mining)(b)		624
	399,656	Growthpoint Properties Ltd. (Equity Real Estate Investment Trusts)(b)		386
	19,783	Impala Platinum Holdings Ltd. (Metals & Mining)		280
	3,537	Kumba Iron Ore Ltd. (Metals & Mining)		102
	32,304	Mr. Price Group Ltd. (Specialty Retail)		405
	230,530	MTN Group Ltd. (Wireless Telecommunication Services)(a)		2,471
	79,012	MultiChoice Group Ltd. (Media)		605
	38,107	Naspers Ltd. (Media)		5,915
	6,453	Nedbank Group Ltd. (Banks)(b)		71
	144,156	Old Mutual Ltd. (Insurance)		119
	43,185	Rand Merchant Investment Holdings Ltd. (Insurance)		122
	15,002	Remgro Ltd. (Diversified Financial Services)		124
	34,236	Sanlam Ltd. (Insurance)(b)		128
	54,300	Sasol Ltd. (Chemicals)(a)		883
	9,822	Shoprite Holdings Ltd. (Food & Staples Retailing)		129
	455,387	Sibanye Stillwater Ltd. (Metals & Mining)		1,404

See accompanying notes to financial statements.

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Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		South Africa (continued)
	151,097	Standard Bank Group Ltd. (Banks)	$	1,328
	22,743	Woolworths Holdings Ltd. (Multiline Retail)(b)		74
				26,435
		South Korea — 10.59%
	4,208	AmorePacific Corp. (Personal Products)		591
	7,301	Celltrion Healthcare Co. Ltd. (Health Care Providers & Services)(b)		493
	7,068	Celltrion, Inc. (Biotechnology)		1,177
	2,884	CJ Cheiljedang Corp. (Food Products)		940
	10,846	Dongbu Insurance Co. Ltd. (Insurance)(b)		493
	7,304	E-Mart Co. Ltd. (Food & Staples Retailing)		928
	1,990	GS Holdings Corp. (Oil, Gas & Consumable Fuels)		65
	25,499	Hana Financial Group, Inc. (Banks)		902
	2,925	Hankook Tire & Technology Co. Ltd. (Auto Components)		98
	25,998	Hanon Systems (Auto Components)		294
	6,496	HLB, Inc. (Leisure Products)(a)		190
	16,423	HMM Co. Ltd. (Marine)(a)		372
	5,698	Hotel Shilla Co. Ltd. (Specialty Retail)^		374
	23,284	Hyundai Engineering & Construction Co. Ltd. (Construction & Engineering)		871
	6,702	Hyundai Mobis Co. Ltd. (Auto Components)		1,435
	10,168	Hyundai Motor Co. Ltd. (Automobiles)		1,788
	11,325	Industrial Bank of Korea (Banks)		98
	4,199	KakaoBank Corp. (Banks)(a)		208
	11,917	Kakao Corp. (Interactive Media & Services)		1,128
	40,398	Kangwon Land, Inc. (Hotels, Restaurants & Leisure)(a)		817
	29,280	KB Financial Group, Inc. (Banks)(b)		1,355
	27,922	Kia Motors Corp. (Automobiles)		1,931
	52,858	Korea Electric Power Corp. (Electric Utilities)		983
	9,376	Korea Shipbuilding & Offshore Engineering Co. Ltd. (Machinery)(a)		746
	3,400	Krafton, Inc. (Entertainment)^(a)		1,316
	28,976	KT&G Corp. (Tobacco)(b)		1,926
	3,976	Kumho Petro Chemical Co. Ltd. (Chemicals)^		555
	2,798	LG Chem Ltd. (Chemicals)		1,448
	30,475	LG Corp. (Industrial Conglomerates)		2,074
	35,797	LG Display Co. Ltd. (Electronic Equipment, Instruments & Components)(a)		741
	630	LG Household & Health Care Ltd. (Personal Products)		581
	849	LG Innotek Co. Ltd. (Electronic Equipment, Instruments & Components)		260
	65,000	Mirae Asset Daewoo Co. Ltd. (Capital Markets)		473
	9,633	Naver Corp. (Interactive Media & Services)		3,068
	3,134	NCsoft Corp. (Entertainment)		1,695

Shares		Security Description	Value (000)
		South Korea (continued)
	37,145	Pan Ocean Co. Ltd. (Marine)	$	169
	7,647	Pearl Abyss Corp. (Entertainment)(a)		890
	8,136	POSCO (Metals & Mining)		1,879
	5,257	POSCO Chemical Co. Ltd. (Construction Materials)		637
	2,201	Samsung Biologics Co. Ltd. (Life Sciences Tools & Services)(a)		1,672
	6,353	Samsung Electro-Mechanics Co. Ltd. (Electronic Equipment, Instruments & Components)		1,056
	389,810	Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals)		25,680
	54,624	Samsung Engineering Co. Ltd. (Construction & Engineering)(a)(b)		1,052
	20,092	Samsung Fire & Marine Insurance Co. Ltd. (Insurance)		3,415
	3,196	Samsung SDI Co. Ltd. (Electronic Equipment, Instruments & Components)		1,761
	2,942	Seegene, Inc. (Biotechnology)		151
	3,720	Shin Poong Pharmaceutical Co., Ltd. (Pharmaceuticals)		100
	127,550	Shinhan Financial Group Co. Ltd. (Banks)		3,949
	728	SK Chemicals Co., Ltd. (Chemicals)		91
	123,845	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)		13,649
	433	SK IE Technology Co. Ltd. (Chemicals)(a)(b)		61
	6,816	SK Innovation Co. Ltd. (Oil, Gas & Consumable Fuels)(a)		1,368
	7,250	SK Square Co. Ltd. (Semiconductors & Semiconductor)(a)		405
	7,649	SK Telecom Co. Ltd., ADR (Wireless Telecommunication Ser)		204
	11,214	SK Telecom Co. Ltd. (Wireless Telecommunication Services)		546
	15,050	Woongjin Coway Co. Ltd. (Household Durables)		942
	57,981	Woori Financial Group, Inc. (Banks)		620
				92,711
		Taiwan — 13.03%
	135,485	AdvanTech Co. Ltd. (Technology Hardware, Storage & Peripherals)		1,942
	42,904	Airtac International Group (Machinery)		1,582
	371,672	ASE Technology Holding Co. Ltd., Class - H (Semiconductors & Semiconductor Equipment)		1,431
	462,971	Asia Cement Corp. (Construction Materials)		742
	82,000	Asustek Computer, Inc. (Technology Hardware, Storage & Peripherals)		1,115

See accompanying notes to financial statements.

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Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Taiwan (continued)
	30,000	Catcher Technology Co. Ltd. (Technology Hardware, Storage & Peripherals)	$	170
	719,000	Cheng Shin Rubber Industry Co. Ltd. (Auto Components)		938
	3,764,000	China Development Financial Holding Corp. (Banks)		2,382
	172,000	Chunghwa Telecom Co. Ltd. (Diversified Telecommunication Services)		725
	1,359,000	Compal Electronics, Inc. (Technology Hardware, Storage & Peripherals)		1,189
	1,556,681	E.Sun Financial Holding Co. Ltd. (Banks)		1,579
	42,000	ECLAT Textile Co. Ltd. (Textiles, Apparel & Luxury Goods)		958
	5,000	eMemory Technology, Inc. (Semiconductors & Semiconductor Equipment)		396
	133,000	Evergreen Marine Corp. Ltd. (Marine)		685
	454,000	Far EasTone Telecommunications Co. Ltd. (Wireless Telecommunication Services)		1,060
	549,707	Fubon Financial Holding Co. Ltd. (Diversified Financial Services)		1,517
	39,000	Globalwafers Co. Ltd. (Semiconductors & Semiconductor Equipment)		1,252
	53,004	Hiwin Technologies Corp. (Machinery)		587
	819,000	Hon Hai Precision Industry Co. Ltd. (Electronic Equipment, Instruments & Components)		3,080
	399,000	Innolux Corp. (Electronic Equipment, Instruments & Components)		283
	625,000	Inventec Corp. (Technology Hardware, Storage & Peripherals)		564
	23,628	Largan Precision Co. Ltd. (Electronic Equipment, Instruments & Components)		2,106
	515,554	Lite-On Technology Corp. (Technology Hardware, Storage & Peripherals)		1,189
	164,315	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)		7,070
	2,369,477	Mega Financial Holding Co. Ltd. (Banks)		3,046
	3,000	Nan Ya Printed Circuit Board Corp. (Electronic Equipment, Instruments & Components)		62
	58,000	Nanya Technology Corp. (Semiconductors & Semiconductor Equipment)(b)		164
	52,000	Novatek Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		1,013

Shares		Security Description	Value (000)
		Taiwan (continued)
	20,000	Oneness Biotech Co., Ltd. (Pharmaceuticals)(a)	$	208
	497,000	Pegatron Corp. (Technology Hardware, Storage & Peripherals)		1,242
	99,620	Pou Chen Corp. (Textiles, Apparel & Luxury Goods)		119
	127,356	President Chain Store Corp. (Food & Staples Retailing)		1,259
	1,364,369	President Enterprises Corp. (Food Products)		3,384
	286,000	Quanta Computer, Inc. (Technology Hardware, Storage & Peripherals)		979
	376,488	Ruentex Development Co. Ltd. (Real Estate Management & Development)		868
	637,900	Synnex Technology International Corp. (Electronic Equipment, Instruments & Components)		1,527
	879,721	Taiwan Cement Corp. (Construction Materials)		1,527
	151,000	Taiwan Mobile Co. Ltd. (Wireless Telecommunication Services)		546
	2,490,985	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		55,391
	176,243	The Shanghai Commercial & Savings Bank Ltd. (Banks)		301
	8,000	Unimicron Technology Corp. (Electronic Equipment, Instruments & Components)		67
	593,000	United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		1,394
	42,000	Win Semiconductors Corp. (Semiconductors & Semiconductor Equipment)		569
	238,000	Winbond Electronics Corp. (Semiconductors & Semiconductor Equipment)		293
	1,094,155	Wistron Corp. (Technology Hardware, Storage & Peripherals)		1,153
	477,400	WPG Holdings Ltd. (Electronic Equipment, Instruments & Components)		908
	29,000	Yageo Corp. (Electronic Equipment, Instruments & Components)		503
	120,000	Yang Ming Marine Transport Corp. (Marine)(a)		525
	2,684,480	Yuanta Financial Holding Co. Ltd. (Capital Markets)		2,456
				114,046
		Thailand — 1.95%
	264,700	Advanced Info Service Public Co. Ltd., Class - F (Wireless Telecommunication Services)		1,823

See accompanying notes to financial statements.

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Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Thailand (continued)
	379,300	Airports of Thailand PCL (Transportation Infrastructure)	$	693
	691,100	Berli Jucker PCL (Food & Staples Retailing)		641
	728,100	BTS Group Holdings PCL (Road & Rail)		204
	171,633	Central Retail Corp.-Local (Multiline Retail)		164
	45,500	Delta Electronics Thailand PCL - NVDR (Electronic Equipment, Instruments & Components)		561
	291,369	Delta Electronics, Inc. (Electronic Equipment, Instruments & Components)		2,897
	688,700	Energy Absolute PCL (Independent Power and Renewable Electricity Producers)		1,981
	1,418,800	Gulf Energy Development PCL (Independent Power and Renewable Electricity Producers)		1,943
	89,800	Indorama Ventures PCL - NVDR (Chemicals)		116
	313,996	Kasikornbank Public Co. Ltd. (Banks)		1,335
	1,724,700	Krung Thai Bank Public Co. Ltd., Registered Shares (Banks)		682
	682,900	Minor International PCL (Hotels, Restaurants & Leisure)(a)		588
	93,800	Muangthai Capital PCL (Consumer Finance)		165
	429,142	PTT Chemical Public Co. Ltd. (Chemicals)		755
	272,575	PTT Exploration & Production Public Co. Ltd. (Oil, Gas & Consumable Fuels)		963
	361,600	Siam Commercial Bank Public Co. Ltd. - NVDR (Banks)		1,375
	98,100	Thai Oil Public Co. Ltd. (Oil, Gas & Consumable Fuels)		145
				17,031
		Turkey — 0.33%
	173,530	Aselsan Elektronik Sanayi VE Ticaret A/S (Aerospace & Defense)		275
	39,242	BIM Birlesik Magazalar A/S (Food & Staples Retailing)		183
	1,815,092	Enka Insaat ve Sanayi A/S (Industrial Conglomerates)		2,073
	68,200	Eregli Demir ve Celik Fabrikalari TAS (Metals & Mining)		146
	1	Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class - D (Metals & Mining)(a)		—
	167,030	Turkcell Iletisim Hizmetleri A/S (Wireless Telecommunication Services)		234
				2,911
		United Arab Emirates — 0.31%
	193,132	Abu Dhabi Commercial Bank PJSC (Banks)		449
	488,800	Dubai Islamic Bank PJSC (Banks)		716

Shares		Security Description	Value (000)
		United Arab Emirates (continued)
	309,932	First Abu Dhabi Bank PJSC (Banks)	$	1,590
				2,755
		United Kingdom — 1.40%
	296,949	Antofagasta PLC (Metals & Mining)		5,379
	95,207	Mondi PLC (Paper & Forest Products)		2,362
	85,059	Unilever PLC (Personal Products)		4,542
				12,283
		United States — 0.74%
	973	MercadoLibre, Inc. (Internet & Direct Marketing Retail)(a)		1,312
	13,200	Southern Copper Corp. (Metals & Mining)		815
	87,528	Yum China Holdings, Inc. (Hotels, Restaurants & Leisure)		4,362
				6,489
		Total Common Stocks		738,306
		Preferred Stocks — 0.81%
		Brazil — 0.39%
	502,062	Banco Bradesco SA — Preferred (Banks)(b)		1,732
	342,225	Companhia Energetica de Minas Gerais SA — Preferred (Electric Utilities)		806
	24,400	Gerdau SA — Preferred (Metals & Mining)		119
	152,900	Petroleo Brasileiro SA — Preferred (Oil, Gas & Consumable Fuels)		781
				3,438
		Chile — 0.01%
	1,045	Sociedad Quimica y Minera de Chile SA — Preferred, B Shares (Chemicals)		53
		South Korea — 0.41%
	1,400	Hyundai Motor Co. Ltd. — Preferred (Automobiles)		116
	5,951	Hyundai Motor Co. Ltd. 2nd — Preferred (Automobiles)		506
	49,604	Samsung Electronics Co. Ltd. — Preferred (Technology Hardware, Storage & Peripherals)		2,972
				3,594
		Total Preferred Stocks		7,085
		Right — 0.00%
		China — 0.00%
	6,761	Seazen Group Ltd., 1/20/22 (Real Estate Management & Development)(a)		—
		Total Right		—

See accompanying notes to financial statements.

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Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Shares		Security Description	Value (000)
		Investment Companies — 6.00%
	421,215	Federated Hermes Treasury Obligations Fund, Institutional Shares, 0.01%^^(d)	$	421
	52,096,247	State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01%(d)		52,096
		Total Investment Companies		52,517
		Purchased Options on Futures — 0.02%
		Total Purchased Options on Futures		181
		Total Investments (cost $612,540) — 91.16%		798,089
		Other assets in excess of liabilities — 8.84%		77,380
		Net Assets — 100.00%	$	875,469

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

^ All or part of this security was on loan as of December 31, 2021. The total value of securities on loan as of December 31, 2021, was $1,922 (amount in thousands).

^^ 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, 2021.

(a) Represents non-income producing security.

(b) Represents a security purchased under Rule 144A or Section 4(2) and is exempt from registration under the Securities Act of 1933, as amended, or is otherwise restricted to resale. Certain of these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been deemed liquid by the Specialist Manager.

(c) Security was valued using significant unobservable inputs as of December 31, 2021.

(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, 2021.

The Emerging Markets Portfolio	Mellon Investments Corporation			Parametric Portfolio Associates, LLC			RBC Global Asset Management (UK) Limited			XY Investments (HK) Limited			Total
Common Stocks		66.93	%		—			17.40	%		—			84.33	%
Preferred Stocks		0.81	%		—			—			—			0.81	%
Right		0.00	%		—			—			—			0.00	%
Investment Companies		1.20	%		4.53	%		0.27	%		—			6.00	%
Purchased Options on Futures		—			0.02	%		—			—			0.02	%
Other Assets (Liabilities)		-0.06	%		1.16	%		-0.10	%		7.84	%		8.84	%
Total Net Assets		68.88	%		5.71	%		17.57	%		7.84	%		100.00	%

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

Amounts designated as 0.00% round to less than 0.005%.

The following tables reflect the open derivative positions held by the Portfolio as of December 31, 2021.

Futures Contracts Purchased^^^

Description		Number of Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
MSCI Emerging Markets Index Future			1,017		3/18/22	$	62,357	$	(239	)
						$	62,357	$	(239	)
	Total Unrealized Appreciation							$	—
	Total Unrealized Depreciation								(239	)
	Total Net Unrealized Appreciation/(Depreciation)							$	(239	)

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

See accompanying notes to financial statements.

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Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Options on Futures Contracts

Exchange-traded options on futures contacts written as of December 31, 2021 were as follows:

Description	Put/Call		Number of Contracts		Notional Amount (000)		Exercise Price		Expiration Date		Value (000)
E-Mini S&P 500 Future Option		Put		8	$	1,644	$	4,110.00		1/21/22	$	(1	)
E-Mini S&P 500 Future Option		Put		16		3,424		4,280.00		1/21/22		(4	)
E-Mini S&P 500 Future Option		Put		18		4,005		4,450.00		1/21/22		(9	)
E-Mini S&P 500 Future Option		Put		10		2,095		4,190.00		1/21/22		(2	)
E-Mini S&P 500 Future Option		Put		9		1,854		4,120.00		1/21/22		(2	)
E-Mini S&P 500 Future Option		Put		18		3,924		4,360.00		1/31/22		(10	)
E-Mini S&P 500 Future Option		Put		9		1,868		4,150.00		1/31/22		(3	)
E-Mini S&P 500 Future Option		Put		9		1,895		4,210.00		1/31/22		(4	)
E-Mini S&P 500 Future Option		Put		18		3,762		4,180.00		1/31/22		(7	)
E-Mini S&P 500 Future Option		Put		8		1,668		4,170.00		1/31/22		(3	)
E-Mini S&P 500 Future Option		Put		9		1,899		4,220.00		1/31/22		(4	)
E-Mini S&P 500 Future Option		Put		9		1,868		4,150.00		2/21/22		(7	)
E-Mini S&P 500 Future Option		Put		8		1,580		3,950.00		2/21/22		(4	)
E-Mini S&P 500 Future Option		Put		9		1,791		3,980.00		2/21/22		(5	)
E-Mini S&P 500 Future Option		Put		9		1,773		3,940.00		2/21/22		(4	)
E-Mini S&P 500 Future Option		Put		16		3,680		4,600.00		2/21/22		(46	)
E-Mini S&P 500 Future Option		Put		18		3,870		4,300.00		2/28/22		(27	)
E-Mini S&P 500 Future Option		Put		18		4,023		4,470.00		3/18/22		(60	)
											$	(202	)

Exchanged-traded options on futures contacts purchased as of December 31, 2021 were as follows:

Description	Put/Call		Number of Contracts		Notional Amount (000)		Exercise Price		Expiration Date		Value (000)
E-Mini S&P 500 Future Option		Put		8	$	1,820	$	4,550.00		1/21/22	$	7
E-Mini S&P 500 Future Option		Put		9		2,115		4,700.00		1/21/22		17
E-Mini S&P 500 Future Option		Put		9		2,093		4,650.00		1/31/22		19
E-Mini S&P 500 Future Option		Put		8		1,920		4,800.00		2/21/22		46
E-Mini S&P 500 Future Option		Put		9		2,070		4,600.00		2/28/22		30
E-Mini S&P 500 Future Option		Put		9		2,148		4,775.00		3/18/22		62
											$	181

See accompanying notes to financial statements.

126

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The Emerging Markets Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Total Return Swap Agreements
Pay/ Receive(a)	Financing Rate		Description	Counterparty		Expiration Date		Payment Frequency		Notional Amount (000)		Value (000)			Upfront Premiums Paid/ (Received) (000)		Unrealized Appreciation/ (Depreciation) (000)
Receive		0.73%	Advanced Micro-Fabrication Equipment, Inc. A-shares		Morgan Stanley		1/31/22		At Maturity	$	34	$	(5	)	$	—	$	(5	)
Receive		0.65%	AECC Aero-Engine Control Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		76		4			—		4
Receive		0.73%	AECC Aviation Power Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		69		1			—		1
Receive		0.65%	All Winner Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		16		(1	)		—		(1	)
Receive		0.73%	Amoy Diagnostics Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		24		(1	)		—		(1	)
Receive		0.73%	Angang Steel Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		131		—			—		—
Receive		0.73%	Angel Yeast Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		79		6			—		6
Receive		0.73%	Anhui Conch Cement Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		13		1			—		1
Receive		0.65%	Anhui Construction Engineering Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		194		13			—		13
Receive		0.73%	Anhui Guangxin Agrochemical Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		357		21			—		21
Receive		0.73%	Anhui Gujing Distillery Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		9		(1	)		—		(1	)
Receive		0.65%	Anhui Honglu Steel Construction Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		25		(25	)		—		(25	)
Receive		0.65%	Anhui Huilong Agricultural Means of Production Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		113		(114	)		—		(114	)
Receive		0.73%	Anhui Jinhe Industrial Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		95		6			—		6
Receive		0.65%	Anhui Kouzi Distillery Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		221		1			—		1
Receive		0.73%	Anhui Transport Consulting & Design Institute Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		—		—			—		—
Receive		0.65%	Anhui Yingjia Distillery Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		53		2			—		2
Receive		0.65%	Anhui Zhongding Sealing Parts Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		104		2			—		2
Receive		0.73%	Anker Innovations Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		23		(2	)		—		(2	)
Receive		0.73%	Apeloa Pharmaceutical Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		6		—			—		—
Receive		0.73%	Asia Cuanon Technology Shanghai Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		13		2			—		2
Receive		0.73%	Asymchem Laboratories Tianjin Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		225		(6	)		—		(6	)
Receive		0.73%	Autel Intelligent Technology Corp. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		4		—			—		—

See accompanying notes to financial statements.

127

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Total Return Swap Agreements
Pay/ Receive(a)	Financing Rate		Description	Counterparty		Expiration Date		Payment Frequency		Notional Amount (000)		Value (000)			Upfront Premiums Paid/ (Received) (000)		Unrealized Appreciation/ (Depreciation) (000)
Receive		0.73%	Avary Holding Shenzhen Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity	$	11	$	—		$	—	$	—
Receive		0.73%	AVIC Electromechanical Systems Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		15		3			—		3
Receive		0.73%	Bafang Electric Suzhou Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		2		—			—		—
Receive		0.73%	Bank of Chengdu Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		8		1			—		1
Receive		0.73%	Bank of Communications Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		164		1			—		1
Receive		0.73%	Bank of Jiangsu Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		1,353		(81	)		—		(81	)
Receive		0.73%	Bank of Nanjing Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		376		(16	)		—		(16	)
Receive		0.65%	Bank of Ningbo Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		126		7			—		7
Receive		0.73%	Baoshan Iron & Steel Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		74		—			—		—
Receive		0.73%	Bear Electric Appliance Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		2		—			—		—
Receive		0.65%	Beijing Bei Mo Gao Ke Friction Material Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		85		4			—		4
Receive		0.73%	Beijing Capital Eco-Environment Protection Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		219		9			—		9
Receive		0.73%	Beijing Cisri-Gaona Materials & Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		50		6			—		6
Receive		0.73%	Beijing Compass Technology Development Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		10		1			—		1
Receive		0.65%	Beijing Easpring Material Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		258		(18	)		—		(18	)
Receive		0.65%	Beijing E-Hualu Information Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		5		(5	)		—		(5	)
Receive		0.73%	Beijing Enlight Media Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		5		1			—		1
Receive		0.73%	Beijing GeoEnviron Engineering & Technology, Inc. A-shares		Morgan Stanley		1/31/22		At Maturity		4		—			—		—
Receive		0.65%	Beijing Huafeng Test & Control Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		237		5			—		5
Receive		1.13%	Beijing Kingsoft Office Software, Inc. A-shares		Morgan Stanley		1/31/22		At Maturity		53		2			—		2
Receive		0.73%	Beijing North Star Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		2		—			—		—
Receive		0.73%	Beijing Orient National Communication Science & Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		263		3			—		3
Receive		0.73%	Beijing Roborock Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		43		(4	)		—		(4	)

See accompanying notes to financial statements.

128

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Total Return Swap Agreements
Pay/ Receive(a)	Financing Rate		Description	Counterparty		Expiration Date		Payment Frequency		Notional Amount (000)		Value (000)			Upfront Premiums Paid/ (Received) (000)		Unrealized Appreciation/ (Depreciation) (000)
Receive		0.73%	Beijing Shiji Information Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity	$	28	$	1		$	—	$	1
Receive		0.65%	Beijing Shougang Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		6		(1	)		—		(1	)
Receive		0.65%	Beijing SuperMap Software Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		89		—			—		—
Receive		0.73%	Beijing Ultrapower Software Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		26		1			—		1
Receive		0.65%	Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		289		—			—		—
Receive		0.65%	Beijing Yanjing Brewery Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		26		(26	)		—		(26	)
Receive		0.65%	Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		152		14			—		14
Receive		0.73%	Beijing Zhong Ke San Huan High-Tech Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		29		4			—		4
Receive		0.73%	Bengang Steel Plates Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		7		—			—		—
Receive		0.73%	Biem.L.Fdlkk Garment Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		15		1			—		1
Receive		0.65%	BOE Technology Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		557		6			—		6
Receive		0.73%	Boya Bio-pharmaceutical Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		79		(2	)		—		(2	)
Receive		0.65%	Bright Dairy & Food Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		57		—			—		—
Receive		0.65%	B-Soft Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		12		1			—		1
Receive		0.65%	BYD Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		379		(43	)		—		(43	)
Receive		0.73%	C&S Paper Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		5		—			—		—
Receive		0.73%	Castech, Inc. A-shares		Morgan Stanley		1/31/22		At Maturity		216		10			—		10
Receive		0.65%	CECEP Solar Energy Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		33		(33	)		—		(33	)
Receive		0.65%	CECEP Wind-Power Corp. A-shares		Morgan Stanley		1/31/22		At Maturity		6		(6	)		—		(6	)
Receive		0.65%	Central China Securities Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		434		17			—		17
Receive		0.73%	Chacha Food Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		5		—			—		—
Receive		0.65%	Changchun Faway Automobile Components Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		112		(11	)		—		(11	)
Receive		0.73%	Changchun High & New Technology Industry Group, Inc. A-shares		Morgan Stanley		1/31/22		At Maturity		163		(5	)		—		(5	)

See accompanying notes to financial statements.

129

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Total Return Swap Agreements
Pay/ Receive(a)	Financing Rate		Description	Counterparty		Expiration Date		Payment Frequency		Notional Amount (000)		Value (000)			Upfront Premiums Paid/ (Received) (000)		Unrealized Appreciation/ (Depreciation) (000)
Receive		0.73%	Chaozhou Three-Circle Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity	$	51	$	(1	)	$	—	$	(1	)
Receive		0.73%	Chengdu ALD Aviation Manufacturing Corp. A-shares		Morgan Stanley		1/31/22		At Maturity		104		1			—		1
Receive		0.73%	Chengdu Galaxy Magnets Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		6		—			—		—
Receive		0.73%	Chengdu Leejun Industrial Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		2		—			—		—
Receive		0.73%	Chengdu Wintrue Holding Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		270		(8	)		—		(8	)
Receive		0.73%	Chengdu Xingrong Environment Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		388		16			—		16
Receive		0.65%	Chengtun Mining Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		76		1			—		1
Receive		0.73%	Chenguang Biotech Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		157		16			—		16
Receive		0.73%	China Automotive Engineering Research Institute Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		40		1			—		1
Receive		0.73%	China Baoan Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		63		(9	)		—		(9	)
Receive		0.73%	China Building Material Test & Certification Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		—		—			—		—
Receive		0.65%	China Coal Energy Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		67		(6	)		—		(6	)
Receive		0.73%	China Construction Bank Corp. A-shares		Morgan Stanley		1/31/22		At Maturity		656		—			—		—
Receive		0.73%	China Energy Engineering Corp. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		32		—			—		—
Receive		0.73%	China Galaxy Securities Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		204		6			—		6
Receive		0.73%	China International Marine Containers Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		606		11			—		11
Receive		0.65%	China Jushi Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		382		6			—		6
Receive		0.65%	China Merchants Bank Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		553		(24	)		—		(24	)
Receive		0.73%	China Merchants Expressway Network & Technology Holdings Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		4		—			—		—
Receive		0.73%	China Merchants Shekou Industrial Zone Holdings Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		9		3			—		3
Receive		0.73%	China National Chemical Engineering Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		8		—			—		—
Receive		0.65%	China National Nuclear Power Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		47		5			—		5
Receive		0.73%	China Northern Rare Earth Group High-Tech Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		288		(4	)		—		(4	)

See accompanying notes to financial statements.

130

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Total Return Swap Agreements
Pay/ Receive(a)	Financing Rate		Description	Counterparty		Expiration Date		Payment Frequency		Notional Amount (000)		Value (000)			Upfront Premiums Paid/ (Received) (000)		Unrealized Appreciation/ (Depreciation) (000)
Receive		0.73%	China Oilfield Services Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity	$	7	$	—		$	—	$	—
Receive		0.73%	China Pacific Insurance Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		237		(6	)		—		(6	)
Receive		0.73%	China Shenhua Energy Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		61		2			—		2
Receive		0.73%	China State Construction Engineering Corp. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		351		2			—		2
Receive		0.73%	China Suntien Green Energy Corp. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		8		1			—		1
Receive		0.73%	China Tourism Group Duty Free Corp. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		572		(70	)		—		(70	)
Receive		0.65%	China Tungsten And Hightech Materials Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		79		9			—		9
Receive		0.73%	China Vanke Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		48		(2	)		—		(2	)
Receive		0.73%	China Wafer Level CSP Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		5		—			—		—
Receive		0.65%	China World Trade Center Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		123		(1	)		—		(1	)
Receive		0.65%	China Zhenhua Group Science & Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		149		14			—		14
Receive		0.73%	Chongqing Brewery Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		105		(2	)		—		(2	)
Receive		0.65%	Chongqing Changan Automobile Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		63		(3	)		—		(3	)
Receive		0.73%	Chongqing Department Store Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		22		—			—		—
Receive		0.65%	Chongqing Fuling Electric Power Industrial Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		82		(1	)		—		(1	)
Receive		0.65%	Chongqing Fuling Zhacai Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		7		(6	)		—		(6	)
Receive		0.73%	Chongqing Rural Commercial Bank Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		135		—			—		—
Receive		0.73%	Chongqing Sanfeng Environment Group Corp. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		3		—			—		—
Receive		0.65%	Chongqing Three Gorges Water Conservancy & Electric Power Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		64		—			—		—
Receive		0.73%	Chongqing Water Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		31		—			—		—
Receive		0.65%	Chongqing Zhifei Biological Products Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		389		(63	)		—		(63	)
Receive		0.73%	Chow Tai Seng Jewellery Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		5		—			—		—
Receive		0.73%	Citic Pacific Special Steel Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		5		—			—		—

See accompanying notes to financial statements.

131

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Total Return Swap Agreements
Pay/ Receive(a)	Financing Rate		Description	Counterparty		Expiration Date		Payment Frequency		Notional Amount (000)		Value (000)			Upfront Premiums Paid/ (Received) (000)		Unrealized Appreciation/ (Depreciation) (000)
Receive		0.73%	CITIC Securities Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity	$	825	$	23		$	—	$	23
Receive		0.73%	CMST Development Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		15		—			—		—
Receive		0.65%	CNGR Advanced Material Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		4		(5	)		—		(5	)
Receive		0.73%	CNOOC Energy Technology & Services Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		14		—			—		—
Receive		0.73%	CoCreation Grass Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		6		—			—		—
Receive		0.65%	COFCO Biotechnology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		108		(2	)		—		(2	)
Receive		0.73%	Contemporary Amperex Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		1,760		103			—		103
Receive		0.65%	COSCO SHIPPING Holdings Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		645		86			—		86
Receive		0.73%	Crystal Clear Electronic Material Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		8		(1	)		—		(1	)
Receive		0.65%	Daan Gene Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		155		5			—		5
Receive		0.73%	DeHua TB New Decoration Materials Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		143		33			—		33
Receive		0.65%	Do-Fluoride New Materials Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		191		(2	)		—		(2	)
Receive		0.65%	Dong-E-E-Jiao Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		6		(6	)		—		(6	)
Receive		0.73%	Dongfang Electric Corp. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		13		—			—		—
Receive		0.65%	Dongfang Electronics Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		21		(1	)		—		(1	)
Receive		0.73%	East Money Information Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		1,324		54			—		54
Receive		0.65%	Ecovacs Robotics Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		84		(6	)		—		(6	)
Receive		0.65%	ENN Natural Gas Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		325		(12	)		—		(12	)
Receive		0.73%	Eoptolink Technology, Inc. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		4		—			—		—
Receive		0.73%	Eve Energy Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		208		(3	)		—		(3	)
Receive		0.73%	Fangda Special Steel Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		157		5			—		5
Receive		0.65%	First Capital Securities Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		129		1			—		1
Receive		0.65%	Foryou Corp. A-shares		Morgan Stanley		1/31/22		At Maturity		6		—			—		—

See accompanying notes to financial statements.

132

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Total Return Swap Agreements
Pay/ Receive(a)	Financing Rate		Description	Counterparty		Expiration Date		Payment Frequency		Notional Amount (000)		Value (000)			Upfront Premiums Paid/ (Received) (000)		Unrealized Appreciation/ (Depreciation) (000)
Receive		0.73%	Foshan Nationstar Optoelectronics Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity	$	83	$	1		$	—	$	1
Receive		0.65%	Fujian Star-net Communication Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		233		3			—		3
Receive		0.73%	Fujian Sunner Development Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		55		2			—		2
Receive		0.65%	Fuyao Glass Industry Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		19		—			—		—
Receive		0.65%	Ganfeng Lithium Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		629		(75	)		—		(75	)
Receive		0.73%	Gansu Shangfeng Cement Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		51		(1	)		—		(1	)
Receive		0.73%	G-bits Network Technology Xiamen Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		220		24			—		24
Receive		0.73%	GCI Science & Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		20		1			—		1
Receive		0.73%	Gemdale Corp. A-shares		Morgan Stanley		1/31/22		At Maturity		7		1			—		1
Receive		0.73%	GF Securities Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		49		3			—		3
Receive		0.65%	Gigadevice Semiconductor Beijing, Inc. A-shares		Morgan Stanley		1/31/22		At Maturity		709		72			—		72
Receive		0.73%	GoerTek, Inc. A-shares		Morgan Stanley		1/31/22		At Maturity		444		22			—		22
Receive		0.73%	Goke Microelectronics Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		206		6			—		6
Receive		0.73%	Goldenmax International Technology Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		9		1			—		1
Receive		0.73%	Great Wall Motor Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		20		(2	)		—		(2	)
Receive		0.65%	GRG Banking Equipment Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		22		(22	)		—		(22	)
Receive		0.73%	Grinm Advanced Materials Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		38		1			—		1
Receive		0.65%	Guangdong Dowstone Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		75		(1	)		—		(1	)
Receive		0.73%	Guangdong Great River Smarter Logistics Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		12		6			—		6
Receive		0.73%	Guangdong Haid Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		24		2			—		2
Receive		0.65%	Guangdong Hybribio Biotech Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		513		22			—		22
Receive		0.73%	Guangdong Kinlong Hardware Products Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		5		1			—		1
Receive		0.65%	Guangdong South New Media Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		290		13			—		13

See accompanying notes to financial statements.

133

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Total Return Swap Agreements
Pay/ Receive(a)	Financing Rate		Description	Counterparty		Expiration Date		Payment Frequency		Notional Amount (000)		Value (000)			Upfront Premiums Paid/ (Received) (000)		Unrealized Appreciation/ (Depreciation) (000)
Receive		0.73%	Guangdong Tapai Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity	$	5	$	—		$	—	$	—
Receive		0.73%	Guangdong Xinbao Electrical Appliances Holdings Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		14		1			—		1
Receive		0.65%	Guanghui Energy Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		172		5			—		5
Receive		0.73%	Guangzhou Great Power Energy & Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		6		(1	)		—		(1	)
Receive		0.65%	Guangzhou Haige Communications Group, Inc. Co. A-shares		Morgan Stanley		1/31/22		At Maturity		5		(6	)		—		(6	)
Receive		0.73%	Guangzhou Jet Biofiltration Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		13		3			—		3
Receive		0.65%	Guangzhou Kingmed Diagnostics Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		420		23			—		23
Receive		0.73%	Guangzhou Restaurant Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		231		4			—		4
Receive		0.65%	Guangzhou Shiyuan Electronic Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		41		2			—		2
Receive		0.65%	Guangzhou Tinci Materials Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		710		(94	)		—		(94	)
Receive		0.65%	Guoyuan Securities Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		50		(50	)		—		(50	)
Receive		0.73%	Haier Smart Home Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		288		14			—		14
Receive		0.73%	Hangzhou Boiler Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		5		1			—		1
Receive		0.73%	Hangzhou Chang Chuan Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		5		—			—		—
Receive		0.65%	Hangzhou Dptech Technologies Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		23		—			—		—
Receive		0.73%	Hangzhou First Applied Material Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		12		—			—		—
Receive		0.65%	Hangzhou Lion Electronics Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		13		—			—		—
Receive		0.73%	Hangzhou Robam Appliances Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		276		38			—		38
Receive		0.73%	Hangzhou Shunwang Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		16		(1	)		—		(1	)
Receive		0.73%	Hangzhou Silan Microelectronics Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		45		(2	)		—		(2	)
Receive		0.73%	Hangzhou Tigermed Consulting Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		166		(6	)		—		(6	)
Receive		0.73%	Han’s Laser Technology Industry Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		414		71			—		71
Receive		0.73%	Hanwei Electronics Group Corp. A-shares		Morgan Stanley		1/31/22		At Maturity		2		—			—		—

See accompanying notes to financial statements.

134

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Total Return Swap Agreements
Pay/ Receive(a)	Financing Rate		Description	Counterparty		Expiration Date		Payment Frequency		Notional Amount (000)		Value (000)			Upfront Premiums Paid/ (Received) (000)		Unrealized Appreciation/ (Depreciation) (000)
Receive		0.65%	Hebei Chengde Lulu Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity	$	233	$	3		$	—	$	3
Receive		0.65%	Hebei Hengshui Laobaigan Liquor Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		93		1			—		1
Receive		0.73%	Henan Jindan Lactic Acid Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		20		1			—		1
Receive		0.73%	Henan Lingrui Pharmaceutical Co. A-shares		Morgan Stanley		1/31/22		At Maturity		154		57			—		57
Receive		0.65%	Hengtong Optic-electric Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		237		(4	)		—		(4	)
Receive		0.65%	Hithink RoyalFlush Information Network Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		265		58			—		58
Receive		0.73%	Hongfa Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		408		1			—		1
Receive		0.73%	Hoshine Silicon Industry Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		483		(68	)		—		(68	)
Receive		0.73%	Huafon Chemical Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		384		(28	)		—		(28	)
Receive		0.65%	Huafu Fashion Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		2		(3	)		—		(3	)
Receive		0.73%	Huagong Tech Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		744		(29	)		—		(29	)
Receive		0.73%	Huaibei Mining Holdings Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		3		—			—		—
Receive		0.73%	Huaneng Power International, Inc. A-shares		Morgan Stanley		1/31/22		At Maturity		18		5			—		5
Receive		0.73%	Huaxin Cement Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		5		—			—		—
Receive		0.65%	Hubei Biocause Pharmaceutical Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		110		4			—		4
Receive		0.65%	Hubei Energy Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		21		(21	)		—		(21	)
Receive		0.65%	Hubei Feilihua Quartz Glass Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		4		(4	)		—		(4	)
Receive		0.73%	Hubei Xingfa Chemicals Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		475		(50	)		—		(50	)
Receive		0.73%	Hunan TV & Broadcast Intermediary Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		16		2			—		2
Receive		0.65%	Hunan Valin Steel Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		91		—			—		—
Receive		0.65%	Hunan Zhongke Electric Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		9		—			—		—
Receive		0.65%	Hundsun Technologies, Inc. A-shares		Morgan Stanley		1/31/22		At Maturity		178		—			—		—
Receive		0.65%	Huolinhe Opencut Coal Industry Corp. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		314		(26	)		—		(26	)

See accompanying notes to financial statements.

135

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Total Return Swap Agreements
Pay/ Receive(a)	Financing Rate		Description	Counterparty		Expiration Date		Payment Frequency		Notional Amount (000)		Value (000)			Upfront Premiums Paid/ (Received) (000)		Unrealized Appreciation/ (Depreciation) (000)
Receive		0.65%	HyUnion Holding Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity	$	29	$	(29	)	$	—	$	(29	)
Receive		0.65%	IAT Automobile Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		40		—			—		—
Receive		0.73%	Iflytek Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		17		—			—		—
Receive		0.73%	IKD Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		3		1			—		1
Receive		0.65%	Imeik Technology Development Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		208		(15	)		—		(15	)
Receive		0.65%	Industrial Bank Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		411		5			—		5
Receive		0.65%	Inner Mongolia ERDOS Resources Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		199		(14	)		—		(14	)
Receive		0.65%	Inner Mongolia M-Grass Ecology And Enviroment Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		3		(3	)		—		(3	)
Receive		0.65%	Inner Mongolia Yili Industrial Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		1,154		100			—		100
Receive		0.73%	Inner Mongolia Yuan Xing Energy Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		68		—			—		—
Receive		0.65%	Inspur Electronic Information Industry Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		201		17			—		17
Receive		0.73%	Jason Furniture Hangzhou Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		20		3			—		3
Receive		0.73%	JCET Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		121		(8	)		—		(8	)
Receive		0.73%	Jenkem Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		80		(6	)		—		(6	)
Receive		0.65%	Jiangshan Oupai Door Industry Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		3		(3	)		—		(3	)
Receive		0.65%	Jiangsu Bioperfectus Technologies Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		191		14			—		14
Receive		0.73%	Jiangsu Boqian New Materials Stock Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		4		—			—		—
Receive		0.73%	Jiangsu Changshu Rural Commercial Bank Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		234		(7	)		—		(7	)
Receive		0.73%	Jiangsu Eastern Shenghong Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		7		(1	)		—		(1	)
Receive		0.73%	Jiangsu Guomao Reducer Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		12		—			—		—
Receive		0.65%	Jiangsu Guotai International Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		23		—			—		—
Receive		0.65%	Jiangsu Huachang Chemical Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		141		3			—		3
Receive		0.65%	Jiangsu King’s Luck Brewery JSC Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		18		1			—		1

See accompanying notes to financial statements.

136

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Total Return Swap Agreements
Pay/ Receive(a)	Financing Rate		Description	Counterparty		Expiration Date		Payment Frequency		Notional Amount (000)		Value (000)			Upfront Premiums Paid/ (Received) (000)		Unrealized Appreciation/ (Depreciation) (000)
Receive		0.73%	Jiangsu Lihua Animal Husbandry Stock Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity	$	12	$	—		$	—	$	—
Receive		0.65%	Jiangsu Nhwa Pharmaceutical Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		109		2			—		2
Receive		0.73%	Jiangsu Provincial Agricultural Reclamation and Development Corp. A-shares		Morgan Stanley		1/31/22		At Maturity		163		—			—		—
Receive		0.65%	Jiangsu Sopo Chemical Co. A-shares		Morgan Stanley		1/31/22		At Maturity		75		(2	)		—		(2	)
Receive		0.73%	Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		13		(1	)		—		(1	)
Receive		0.65%	Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		192		7			—		7
Receive		0.73%	Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		1,056		10			—		10
Receive		0.73%	Jiangsu Zhongtian Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		8		—			—		—
Receive		0.65%	Jiangxi Xinyu Guoke Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		21		—			—		—
Receive		0.73%	Jiangzhong Pharmaceutical Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		245		44			—		44
Receive		0.73%	Jingjin Environmental Protection Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		35		2			—		2
Receive		0.73%	Jinke Properties Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		16		—			—		—
Receive		0.65%	JiuGui Liquor Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		375		(34	)		—		(34	)
Receive		0.73%	Jiuzhitang Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		15		—			—		—
Receive		0.65%	JL Mag Rare-Earth Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		221		(10	)		—		(10	)
Receive		0.73%	Joincare Pharmaceutical Group Industry Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		65		5			—		5
Receive		0.73%	Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		6		1			—		1
Receive		0.73%	Juewei Food Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		249		2			—		2
Receive		0.73%	Kaiser China Cultural Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		14		2			—		2
Receive		0.65%	KBC Corp. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		71		2			—		2
Receive		0.73%	Keda Industrial Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		172		7			—		7
Receive		0.73%	Keeson Technology Corp. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		266		(16	)		—		(16	)
Receive		0.65%	Kunlun Tech Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		87		4			—		4

See accompanying notes to financial statements.

137

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Total Return Swap Agreements
Pay/ Receive(a)	Financing Rate		Description	Counterparty		Expiration Date		Payment Frequency		Notional Amount (000)		Value (000)			Upfront Premiums Paid/ (Received) (000)		Unrealized Appreciation/ (Depreciation) (000)
Receive		0.65%	Kweichow Moutai Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity	$	1,918	$	372		$	—	$	372
Receive		0.73%	Lakala Payment Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		46		1			—		1
Receive		0.73%	LB Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		21		—			—		—
Receive		0.73%	LianChuang Electronic Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		24		10			—		10
Receive		0.65%	Lianhe Chemical Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		23		(23	)		—		(23	)
Receive		0.73%	Longhua Technology Group Luoyang Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		31		(2	)		—		(2	)
Receive		0.73%	LONGi Green Energy Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		518		(9	)		—		(9	)
Receive		0.65%	Longshine Technology Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		21		10			—		10
Receive		0.73%	Luolai Lifestyle Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		4		—			—		—
Receive		0.73%	Luoyang Xinqianglian Slewing Bearing Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		26		(3	)		—		(3	)
Receive		0.73%	Lushang Health Industry Development Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		9		—			—		—
Receive		0.73%	Luxi Chemical Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		127		1			—		1
Receive		0.73%	Luxshare Precision Industry Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		65		5			—		5
Receive		0.65%	Luzhou Laojiao Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		424		58			—		58
Receive		0.73%	Maanshan Iron & Steel Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		70		(3	)		—		(3	)
Receive		0.73%	Mango Excellent Media Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		20		5			—		5
Receive		0.65%	Milkyway Chemical Supply Chain Service Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		29		1			—		1
Receive		0.65%	Ming Yang Smart Energy Group Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		439		(56	)		—		(56	)
Receive		0.65%	Monalisa Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		17		1			—		1
Receive		0.73%	Moon Environment Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		4		—			—		—
Receive		0.73%	Muyuan Foods Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		14		1			—		1
Receive		0.65%	Nanjing Iron & Steel Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		47		1			—		1
Receive		0.73%	Nanjing Yunhai Special Metals Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		11		—			—		—

See accompanying notes to financial statements.

138

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Total Return Swap Agreements
Pay/ Receive(a)	Financing Rate		Description	Counterparty		Expiration Date		Payment Frequency		Notional Amount (000)		Value (000)			Upfront Premiums Paid/ (Received) (000)		Unrealized Appreciation/ (Depreciation) (000)
Receive		0.65%	NARI Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity	$	30	$	1		$	—	$	1
Receive		0.65%	NAURA Technology Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		152		(11	)		—		(11	)
Receive		0.65%	NavInfo Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		39		1			—		1
Receive		0.65%	New China Life Insurance Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		245		—			—		—
Receive		0.65%	Newland Digital Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		309		17			—		17
Receive		0.73%	Ningbo BaoSi Energy Equipment Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		19		—			—		—
Receive		0.73%	Ningbo Haitian Precision Machinery Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		67		2			—		2
Receive		0.65%	Ningbo Huaxiang Electronic Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		256		7			—		7
Receive		0.73%	Ningbo Orient Wires & Cables Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		33		2			—		2
Receive		0.65%	Ningbo Ronbay New Energy Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		18		(17	)		—		(17	)
Receive		0.73%	Ningbo Sanxing Medical Electric Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		4		1			—		1
Receive		0.65%	Ningbo Shanshan Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		402		(15	)		—		(15	)
Receive		0.73%	Ningbo Tuopu Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		283		11			—		11
Receive		0.73%	Ningbo Xusheng Auto Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		60		6			—		6
Receive		0.65%	Ningxia Baofeng Energy Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		7		(6	)		—		(6	)
Receive		0.73%	North Industries Group Red Arrow Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		388		(11	)		—		(11	)
Receive		0.73%	Northeast Securities Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		65		(2	)		—		(2	)
Receive		0.65%	Ocean’s King Lighting Science & Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		2		(3	)		—		(3	)
Receive		0.73%	Oppein Home Group, Inc. A-shares		Morgan Stanley		1/31/22		At Maturity		29		2			—		2
Receive		0.73%	Orient Securities Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		21		—			—		—
Receive		0.73%	Ovctek China, Inc. A-shares		Morgan Stanley		1/31/22		At Maturity		41		(1	)		—		(1	)
Receive		0.65%	PCI Technology Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		77		2			—		2
Receive		0.73%	Perfect World Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		13		1			—		1

See accompanying notes to financial statements.

139

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Total Return Swap Agreements
Pay/ Receive(a)	Financing Rate		Description	Counterparty		Expiration Date		Payment Frequency		Notional Amount (000)		Value (000)			Upfront Premiums Paid/ (Received) (000)		Unrealized Appreciation/ (Depreciation) (000)
Receive		0.73%	Pharmaron Beijing Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity	$	269	$	(41	)	$	—	$	(41	)
Receive		0.65%	Ping An Bank Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		76		(3	)		—		(3	)
Receive		0.73%	Ping An Insurance Group Co. of China Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		655		3			—		3
Receive		0.73%	Pingdingshan Tianan Coal Mining Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		113		(1	)		—		(1	)
Receive		0.73%	Poly Developments and Holdings Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		64		2			—		2
Receive		0.73%	Pony Testing International Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		2		—			—		—
Receive		0.65%	Postal Savings Bank of China Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		61		(3	)		—		(3	)
Receive		0.73%	Power Construction Corp. of China Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		11		—			—		—
Receive		0.73%	Proya Cosmetics Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		33		9			—		9
Receive		0.73%	Qingdao Haier Biomedical Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		31		(7	)		—		(7	)
Receive		0.65%	Qingdao Sentury Tire Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		4		(3	)		—		(3	)
Receive		0.65%	Qinghai Salt Lake Industry Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		15		(15	)		—		(15	)
Receive		0.73%	QuakeSafe Technologies Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		24		—			—		—
Receive		0.73%	Quectel Wireless Solutions Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		33		1			—		1
Receive		0.65%	Renhe Pharmacy Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		13		(13	)		—		(13	)
Receive		0.73%	Riyue Heavy Industry Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		7		—			—		—
Receive		0.73%	Rongsheng Petrochemical Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		46		1			—		1
Receive		0.73%	Ruida Futures Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		12		—			—		—
Receive		0.65%	Sailun Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		7		—			—		—
Receive		0.73%	Sangfor Technologies, Inc. A-shares		Morgan Stanley		1/31/22		At Maturity		16		(1	)		—		(1	)
Receive		0.73%	SF Holding Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		35		3			—		3
Receive		0.73%	SG Micro Corp. A-shares		Morgan Stanley		1/31/22		At Maturity		324		(3	)		—		(3	)
Receive		0.73%	SGIS Songshan Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		19		2			—		2

See accompanying notes to financial statements.

140

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Total Return Swap Agreements
Pay/ Receive(a)	Financing Rate		Description	Counterparty		Expiration Date		Payment Frequency		Notional Amount (000)		Value (000)			Upfront Premiums Paid/ (Received) (000)		Unrealized Appreciation/ (Depreciation) (000)
Receive		0.73%	Shaanxi Coal Industry Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity	$	266	$	(5	)	$	—	$	(5	)
Receive		0.65%	Shan Xi Hua Yang Group New Energy Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		132		13			—		13
Receive		0.65%	Shandong Denghai Seeds Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		10		—			—		—
Receive		0.73%	Shandong Dongyue Organosilicon Material Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		39		1			—		1
Receive		0.73%	Shandong Head Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		21		3			—		3
Receive		0.73%	Shandong Hi-Speed Road & Bridge Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		343		(4	)		—		(4	)
Receive		0.73%	Shandong Hualu Hengsheng Chemical Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		145		6			—		6
Receive		0.65%	Shandong Nanshan Aluminum Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		106		—			—		—
Receive		0.73%	Shandong Pharmaceutical Glass Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		86		4			—		4
Receive		0.65%	Shandong Shida Shenghua Chemical Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		12		(12	)		—		(12	)
Receive		0.73%	Shandong Sun Paper Industry JSC Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		6		—			—		—
Receive		0.65%	Shandong WIT Dyne Health Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		16		1			—		1
Receive		0.65%	Shanghai AJ Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		59		—			—		—
Receive		0.73%	Shanghai Baolong Automotive Corp. A-shares		Morgan Stanley		1/31/22		At Maturity		85		8			—		8
Receive		0.65%	Shanghai Baosight Software Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		109		—			—		—
Receive		1.13%	Shanghai Friendess Electronic Technology Corp. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		122		(2	)		—		(2	)
Receive		0.73%	Shanghai Fudan Microelectronics Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		11		1			—		1
Receive		0.73%	Shanghai Fullhan Microelectronics Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		32		1			—		1
Receive		0.73%	Shanghai Hanbell Precise Machinery Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		34		—			—		—
Receive		0.73%	Shanghai Jahwa United Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		5		—			—		—
Receive		0.73%	Shanghai Kelai Mechatronics Engineering Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		18		—			—		—
Receive		0.73%	Shanghai Medicilon, Inc. A-shares		Morgan Stanley		1/31/22		At Maturity		18		(2	)		—		(2	)
Receive		0.73%	Shanghai Putailai New Energy Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		111		(10	)		—		(10	)

See accompanying notes to financial statements.

141

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Total Return Swap Agreements
Pay/ Receive(a)	Financing Rate		Description	Counterparty		Expiration Date		Payment Frequency		Notional Amount (000)		Value (000)			Upfront Premiums Paid/ (Received) (000)		Unrealized Appreciation/ (Depreciation) (000)
Receive		0.65%	Shanghai Tongji Science & Technology Industrial Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity	$	33	$	(32	)	$	—	$	(32	)
Receive		0.73%	Shanghai Wanye Enterprises Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		6		—			—		—
Receive		0.73%	Shantui Construction Machinery Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		30		1			—		1
Receive		0.65%	Shanxi Coking Coal Energy Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		119		(3	)		—		(3	)
Receive		0.73%	Shanxi Lu’an Environmental Energy Development Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		390		(10	)		—		(10	)
Receive		0.65%	Shanxi Taigang Stainless Steel Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		143		(5	)		—		(5	)
Receive		0.73%	Shanxi Xinghuacun Fen Wine Factory Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		366		11			—		11
Receive		0.73%	Shenghe Resources Holding Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		6		—			—		—
Receive		0.65%	Shengyi Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		507		5			—		5
Receive		0.73%	Shennan Circuits Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		42		2			—		2
Receive		0.73%	Shenyang Xingqi Pharmaceutical Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		133		15			—		15
Receive		0.65%	Shenzhen Aisidi Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		120		—			—		—
Receive		0.65%	Shenzhen Capchem Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		612		(69	)		—		(69	)
Receive		0.65%	Shenzhen Fastprint Circuit Tech Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		278		3			—		3
Receive		0.65%	Shenzhen Fine Made Electronics Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		35		(2	)		—		(2	)
Receive		0.73%	Shenzhen H&T Intelligent Control Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		5		—			—		—
Receive		0.73%	Shenzhen Inovance Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		318		1			—		1
Receive		0.73%	Shenzhen Jinjia Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		36		3			—		3
Receive		0.65%	Shenzhen Kangtai Biological Products Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		139		(6	)		—		(6	)
Receive		0.73%	Shenzhen Kedali Industry Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		47		(2	)		—		(2	)
Receive		0.65%	Shenzhen Laibao Hi-tech Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		95		2			—		2
Receive		0.73%	Shenzhen Mindray Bio-Medical Electronics Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		364		13			—		13
Receive		0.73%	Shenzhen Overseas Chinese Town Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		12		1			—		1

See accompanying notes to financial statements.

142

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Total Return Swap Agreements
Pay/ Receive(a)	Financing Rate		Description	Counterparty		Expiration Date		Payment Frequency		Notional Amount (000)		Value (000)			Upfront Premiums Paid/ (Received) (000)		Unrealized Appreciation/ (Depreciation) (000)
Receive		0.73%	Shenzhen Properties & Resources Development Group Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity	$	122	$	10		$	—	$	10
Receive		0.73%	Shenzhen SC New Energy Technology Corp. A-shares		Morgan Stanley		1/31/22		At Maturity		5		—			—		—
Receive		0.65%	Shenzhen Senior Technology Material Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		88		(9	)		—		(9	)
Receive		0.65%	Shenzhen Sinovatio Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		11		(11	)		—		(11	)
Receive		0.73%	Shenzhen Sunlord Electronics Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		5		—			—		—
Receive		0.65%	Shenzhen Sunnypol Optoelectronics Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		3		(3	)		—		(3	)
Receive		0.73%	Shenzhen Suntak Circuit Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		92		5			—		5
Receive		0.65%	Shenzhen Tagen Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		376		27			—		27
Receive		0.73%	Shenzhen Transsion Holdings Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		60		(4	)		—		(4	)
Receive		0.65%	Shenzhen Yinghe Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		24		(3	)		—		(3	)
Receive		0.73%	Shenzhen YUTO Packaging Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		23		1			—		1
Receive		0.73%	Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		220		(2	)		—		(2	)
Receive		0.65%	Sichuan Anning Iron and Titanium Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		177		2			—		2
Receive		0.65%	Sichuan Hebang Biotechnology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		261		—			—		—
Receive		0.73%	Sichuan Kelun Pharmaceutical Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		25		—			—		—
Receive		0.73%	Sichuan Shuangma Cement Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		5		—			—		—
Receive		0.65%	Sichuan Swellfun Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		467		(43	)		—		(43	)
Receive		0.73%	Sichuan Yahua Industrial Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		199		(7	)		—		(7	)
Receive		0.65%	Sieyuan Electric Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		43		(1	)		—		(1	)
Receive		0.73%	Sino Wealth Electronic Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		198		(13	)		—		(13	)
Receive		0.73%	Sinomine Resource Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		106		8			—		8
Receive		0.73%	Sinoseal Holding Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		71		6			—		6
Receive		0.73%	Sinosoft Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		3		—			—		—

See accompanying notes to financial statements.

143

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Total Return Swap Agreements
Pay/ Receive(a)	Financing Rate		Description	Counterparty		Expiration Date		Payment Frequency		Notional Amount (000)		Value (000)			Upfront Premiums Paid/ (Received) (000)		Unrealized Appreciation/ (Depreciation) (000)
Receive		0.73%	Sobute New Materials Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity	$	3	$	1		$	—	$	1
Receive		0.73%	Sonoscape Medical Corp. A-shares		Morgan Stanley		1/31/22		At Maturity		3		—			—		—
Receive		0.73%	SooChow Securities Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		38		31			—		31
Receive		0.65%	StarPower Semiconductor Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		162		(13	)		—		(13	)
Receive		0.65%	Sunflower Pharmaceutical Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		8		(8	)		—		(8	)
Receive		0.73%	Sungrow Power Supply Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		272		(4	)		—		(4	)
Receive		0.73%	Suzhou Anjie Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		19		(1	)		—		(1	)
Receive		0.65%	Suzhou Electrical Apparatus Science Academy Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		53		(53	)		—		(53	)
Receive		0.65%	Suzhou Gold Mantis Construction Decoration Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		4		(4	)		—		(4	)
Receive		0.73%	Suzhou Secote Precision Electronic Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		111		7			—		7
Receive		0.65%	Suzhou SLAC Precision Equipment Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		4		(4	)		—		(4	)
Receive		0.73%	Suzhou TA&A Ultra Clean Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		297		(50	)		—		(50	)
Receive		0.65%	TangShan Port Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		129		(1	)		—		(1	)
Receive		0.65%	TBEA Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		390		(35	)		—		(35	)
Receive		0.73%	TCL Technology Group Corp. A-shares		Morgan Stanley		1/31/22		At Maturity		189		(6	)		—		(6	)
Receive		0.73%	The People’s Insurance Co. Group of China Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		19		—			—		—
Receive		0.73%	Three’s Co. Media Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		11		2			—		2
Receive		0.65%	Thunder Software Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		66		(6	)		—		(6	)
Receive		0.73%	Tianjin Teda Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		9		—			—		—
Receive		0.73%	Tianjin Zhonghuan Semiconductor Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		621		(68	)		—		(68	)
Receive		0.73%	Tianjin ZhongXin Pharmaceutical Group Corp. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		3		1			—		1
Receive		0.65%	Tianshan Aluminum Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		18		(1	)		—		(1	)
Receive		0.65%	Tianshui Huatian Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		195		(6	)		—		(6	)

See accompanying notes to financial statements.

144

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Total Return Swap Agreements
Pay/ Receive(a)	Financing Rate		Description	Counterparty		Expiration Date		Payment Frequency		Notional Amount (000)		Value (000)			Upfront Premiums Paid/ (Received) (000)		Unrealized Appreciation/ (Depreciation) (000)
Receive		0.73%	Tofflon Science & Technology Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity	$	25	$	1		$	—	$	1
Receive		0.65%	TongFu Microelectronics Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		52		(3	)		—		(3	)
Receive		0.65%	Tongkun Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		236		3			—		3
Receive		0.73%	Tongling Nonferrous Metals Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		30		(1	)		—		(1	)
Receive		0.73%	Tongwei Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		410		(42	)		—		(42	)
Receive		0.65%	Topchoice Medical Corp. A-shares		Morgan Stanley		1/31/22		At Maturity		32		—			—		—
Receive		0.73%	Topsec Technologies Group, Inc. A-shares		Morgan Stanley		1/31/22		At Maturity		5		—			—		—
Receive		0.73%	TPV Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		18		—			—		—
Receive		0.73%	Unigroup Guoxin Microelectronics Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		414		31			—		31
Receive		0.73%	Unilumin Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		16		—			—		—
Receive		0.73%	Unisplendour Corp. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		69		1			—		1
Receive		0.65%	Vats Liquor Chain Store Management JSC Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		115		13			—		13
Receive		0.73%	Wanhua Chemical Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		416		(5	)		—		(5	)
Receive		0.65%	Weihai Guangwei Composites Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		77		1			—		1
Receive		0.73%	Western Mining Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		21		—			—		—
Receive		0.73%	Western Superconducting Technologies Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		271		37			—		37
Receive		0.65%	Will Semiconductor Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		81		—			—		—
Receive		0.65%	Winall Hi-Tech Seed Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		77		(2	)		—		(2	)
Receive		0.73%	Winning Health Technology Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		6		1			—		1
Receive		0.73%	Wolong Electric Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		83		(3	)		—		(3	)
Receive		0.73%	WPG Shanghai Smart Water PCL A-shares		Morgan Stanley		1/31/22		At Maturity		7		—			—		—
Receive		0.73%	Wuhan DR Laser Technology Corp. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		4		—			—		—
Receive		0.73%	Wuhan Jingce Electronic Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		17		5			—		5

See accompanying notes to financial statements.

145

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Total Return Swap Agreements
Pay/ Receive(a)	Financing Rate		Description	Counterparty		Expiration Date		Payment Frequency		Notional Amount (000)		Value (000)			Upfront Premiums Paid/ (Received) (000)		Unrealized Appreciation/ (Depreciation) (000)
Receive		0.73%	Wuhan Raycus Fiber Laser Technologies Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity	$	33	$	(2	)	$	—	$	(2	)
Receive		0.65%	Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		231		12			—		12
Receive		0.73%	Wuhu Token Science Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		9		—			—		—
Receive		0.73%	Wuliangye Yibin Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		724		10			—		10
Receive		0.73%	WuXi AppTec Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		533		(71	)		—		(71	)
Receive		0.65%	Wuxi Lead Intelligent Equipment Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		203		(12	)		—		(12	)
Receive		0.65%	Wuxi NCE Power Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		162		(5	)		—		(5	)
Receive		0.65%	Wuxi Shangji Automation Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		126		(15	)		—		(15	)
Receive		0.73%	Xiamen Faratronic Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		28		1			—		1
Receive		0.65%	Xiamen Tungsten Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		7		—			—		—
Receive		0.73%	Xiamen Xiangyu Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		450		56			—		56
Receive		0.73%	Xi’an Triangle Defense Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		117		1			—		1
Receive		0.73%	Xilinmen Furniture Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		20		3			—		3
Receive		0.65%	Xinjiang Communications Construction Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		9		(9	)		—		(9	)
Receive		0.65%	Xinjiang Goldwind Science & Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		56		(4	)		—		(4	)
Receive		0.65%	Xinjiang Xintai Natural Gas Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		26		(26	)		—		(26	)
Receive		0.73%	Xinxiang Chemical Fiber Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		171		(8	)		—		(8	)
Receive		0.73%	Xinxiang Richful Lube Additive Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		3		—			—		—
Receive		0.73%	Xuji Electric Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		5		—			—		—
Receive		0.65%	Yangzhou Yangjie Electronic Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		110		(3	)		—		(3	)
Receive		0.65%	Yankuang Energy Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		192		(7	)		—		(7	)
Receive		0.73%	Yantai Tayho Advanced Materials Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		60		(2	)		—		(2	)
Receive		0.65%	Yantai Zhenghai Bio-tech Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		65		—			—		—

See accompanying notes to financial statements.

146

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Total Return Swap Agreements
Pay/ Receive(a)	Financing Rate		Description	Counterparty		Expiration Date		Payment Frequency		Notional Amount (000)		Value (000)			Upfront Premiums Paid/ (Received) (000)		Unrealized Appreciation/ (Depreciation) (000)
Receive		0.73%	Yealink Network Technology Corp. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity	$	7	$	—		$	—	$	—
Receive		0.73%	Yijiahe Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		29		(1	)		—		(1	)
Receive		0.73%	Yipinhong Pharmaceutical Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		7		—			—		—
Receive		0.65%	Yixintang Pharmaceutical Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		171		16			—		16
Receive		0.73%	YongXing Special Materials Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		63		6			—		6
Receive		0.73%	Youngor Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		18		—			—		—
Receive		0.73%	Youngy Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		10		—			—		—
Receive		0.73%	YTO Express Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		15		—			—		—
Receive		0.73%	Yuan Longping High-tech Agriculture Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		11		—			—		—
Receive		0.65%	Yunnan Aluminium Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		139		2			—		2
Receive		0.73%	Yunnan Botanee Bio-Technology Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		7		—			—		—
Receive		0.65%	Yunnan Energy New Material Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		189		—			—		—
Receive		0.65%	Yunnan Jianzhijia Health Chain Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		12		—			—		—
Receive		0.73%	Yunnan Tin Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		143		12			—		12
Receive		0.65%	Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		378		6			—		6
Receive		0.65%	Zhejiang China Commodities City Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		9		—			—		—
Receive		0.65%	Zhejiang Crystal-Optech Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		47		(1	)		—		(1	)
Receive		0.73%	Zhejiang Dahua Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		7		—			—		—
Receive		0.73%	Zhejiang Dingli Machinery Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		26		9			—		9
Receive		0.73%	Zhejiang HangKe Technology, Inc. Co. A-shares		Morgan Stanley		1/31/22		At Maturity		29		5			—		5
Receive		0.73%	Zhejiang Jiecang Linear Motion Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		5		—			—		—
Receive		0.73%	Zhejiang Jiemei Electronic & Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		4		—			—		—
Receive		0.65%	Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		360		(5	)		—		(5	)

See accompanying notes to financial statements.

147

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Total Return Swap Agreements
Pay/ Receive(a)	Financing Rate		Description	Counterparty		Expiration Date		Payment Frequency		Notional Amount (000)		Value (000)			Upfront Premiums Paid/ (Received) (000)		Unrealized Appreciation/ (Depreciation) (000)
Receive		0.73%	Zhejiang Jiuzhou Pharmaceutical Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity	$	88	$	(1	)	$	—	$	(1	)
Receive		0.65%	Zhejiang Medicine Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		9		(9	)		—		(9	)
Receive		0.65%	Zhejiang Meida Industrial Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		630		45			—		45
Receive		0.65%	Zhejiang NHU Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		19		1			—		1
Receive		1.13%	Zhejiang Orient Gene Biotech Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		97		51			—		51
Receive		0.73%	Zhejiang Sanhua Intelligent Controls Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		50		4			—		4
Receive		0.73%	Zhejiang Satellite Petrochemical Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		422		17			—		17
Receive		0.65%	Zhejiang Southeast Space Frame Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		28		(27	)		—		(27	)
Receive		0.73%	Zhejiang Starry Pharmaceutical Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		4		1			—		1
Receive		0.73%	Zhejiang Supor Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		15		—			—		—
Receive		0.73%	Zhejiang Tiantie Industry Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		3		—			—		—
Receive		0.73%	Zhejiang Wanliyang Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		7		—			—		—
Receive		0.73%	Zhejiang Wanma Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		17		—			—		—
Receive		1.13%	Zhejiang Wansheng Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		4		—			—		—
Receive		0.73%	Zhejiang Weiming Environment Protection Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		7		—			—		—
Receive		0.73%	Zhejiang Weixing New Building Materials Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		5		2			—		2
Receive		0.73%	Zhejiang Windey Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		11		—			—		—
Receive		0.73%	Zhejiang Yinlun Machinery Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		4		—			—		—
Receive		0.65%	Zhejiang Yongtai Technology Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		111		(10	)		—		(10	)
Receive		0.73%	Zhengzhou Coal Mining Machinery Group Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		91		1			—		1
Receive		0.65%	Zheshang Securities Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		286		12			—		12
Receive		0.73%	Zhuzhou CRRC Times Electric Co. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		20		1			—		1
Receive		0.65%	Zhuzhou Hongda Electronics Corp. Ltd. A-shares		Morgan Stanley		1/31/22		At Maturity		63		4			—		4

See accompanying notes to financial statements.

148

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments (concluded) — December 31, 2021 (Unaudited)

Total Return Swap Agreements
Pay/ Receive(a)	Financing Rate		Description	Counterparty			Expiration Date		Payment Frequency		Notional Amount (000)		Value (000)			Upfront Premiums Paid/ (Received) (000)		Unrealized Appreciation/ (Depreciation) (000)
Receive		0.73%	Zhuzhou Kibing Group Co. Ltd. A-shares		Morgan Stanley			1/31/22		At Maturity	$	353	$	6		$	—	$	6
Receive		0.65%	Zibo Qixiang Tengda Chemical Co. Ltd. A-shares		Morgan Stanley			1/31/22		At Maturity		12		—			—		—
Receive		0.65%	Zijin Mining Group Co. Ltd. A-shares		Morgan Stanley			1/31/22		At Maturity		633		(35	)		—		(35	)
Receive		0.73%	ZTE Corp. A-shares		Morgan Stanley			1/31/22		At Maturity		268		8			—		8
													$	15		$	—	$	15
						Total swap agreements at value (assets)												$	2,389
						Total swap agreements at value (liabilities)													(2,374	)
						Total swap agreements at value												$	15

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

(a) Receive represents that the Portfolio receives payments for any positive return on the underlying reference. The Portfolio makes payments for any negative return on such underlying reference. Pay represents that the Portfolio receives payments for any negative return on the underlying reference. The Portfolio makes payments for any positive return on such underlying reference.

See accompanying notes to financial statements.

149

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Asset Backed Securities — 0.10%
$	35	Ally Auto Receivables Trust, Series 2019-2, Class - A4, Callable 2/15/23 @ 100.00		2.26		8/15/24	$	35
	10	GM Financial Automobile Leasing Trust, Series 2021-3, Class - A3, Callable 4/20/24 @ 100.00		0.39		10/21/24		10
	20	Toyota Auto Receivables Owner Trust, Series 2020-D, Class - A3, Callable 4/15/24 @ 100.00		0.35		1/15/25		20
		Total Asset Backed Securities						65
		Collateralized Mortgage Obligations — 1.68%
	20	Bank, Series 2019-BN21, Class - A5, Callable 9/15/29 @ 100.00		2.85		10/15/52		21
	40	Bank, Series 2017-BNK8, Class - A3, Callable 10/15/27 @ 100.00		3.23		11/15/50		43
	25	Bank, Series 2017-BNK9, Class - ASB, Callable 8/15/27 @ 100.00		3.47		11/15/54		27
	20	BBCMS Mortgage Trust, Series 2020-C7, Class - AS, Callable 3/15/30 @ 100.00		2.44		4/15/53		20
	10	Benchmark Mortgage Trust, Series 2020-IG1, Class - AS, Callable 1/15/30 @ 100.00		2.91(a)		9/15/43		10
	10	Benchmark Mortgage Trust, Series 2019-B9, Class - A5, Callable 1/15/29 @ 100.00		4.02		3/15/52		11
	23	Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class - A4, Callable 11/10/24 @ 100.00		2.88		2/10/48		24
	15	Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class - AS, Callable 2/15/30 @ 100.00		2.92		2/15/53		16
	10	Citigroup Commercial Mortgage Trust, Series 2019-C7, Class - A4, Callable 12/15/29 @ 100.00		3.10		12/15/72		11
	25	Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class - A4, Callable 7/10/24 @ 100.00		3.62		7/10/47		26
	25	Commercial Mortgage Trust, Series 2015-LC19, Class - A4, Callable 1/10/25 @ 100.00		3.18		2/10/48		26
	20	Commercial Mortgage Trust, Series 2015-DC1, Class - A5, Callable 1/10/25 @ 100.00		3.35		2/10/48		21
	25	Commercial Mortgage Trust, Series 2013-CR8, Class - A5, Callable 5/10/23 @ 100.00		3.61(a)		6/10/46		26
	25	Commercial Mortgage Trust, Series 2013-CR11, Class - B, Callable 9/10/23 @ 100.00		5.11(a)		8/10/50		26
	20	Fannie Mae-ACES, Series 2020-M14, Class - A2		1.78		5/25/30		20
	22	Fannie Mae-ACES, Series 2015-M1, Class - A2		2.53		9/25/24		23
	10	Fannie Mae-ACES, Series 2015-M8, Class - A2		2.90(a)		1/25/25		10
	23	Fannie Mae-ACES, Series 2016-M1, Class - A2		2.94(a)		1/25/26		24
	23	Fannie Mae-ACES, Series 2018-M1, Class - A2		2.99(a)		12/25/27		25
	21	Fannie Mae-ACES, Series 2017-M12, Class - A2		3.07(a)		6/25/27		22
	20	Fannie Mae-ACES, Series 2019-M5, Class - A2		3.27		1/25/29		22
	25	Fannie Mae-ACES, Series 2018-M10, Class - A2		3.37(a)		7/25/28		28
	20	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K112, Class - A2, Callable 5/25/30 @ 100.00		1.31		5/25/30		19
	20	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K1516, Class - A2, Callable 5/25/35 @ 100.00		1.72		5/25/35		19
	25	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K126, Class - A2, Callable 1/25/31 @ 100.00		2.07		1/25/31		26
	29	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K726, Class - A2, Callable 4/25/24 @ 100.00		2.91		7/25/49		30
	30	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K033, Class - A2, Callable 7/25/23 @ 100.00		3.06(a)		7/25/23		31
	25	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K052, Class - A2, Callable 11/25/25 @ 100.00		3.15		11/25/25		27
	50	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K091, Class - A2, Callable 3/25/29 @ 100.00		3.51		3/25/29		55
	25	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K082, Class - A2, Callable 9/25/28 @ 100.00		3.92(a)		9/25/28		29
	50	GS Mortgage Securities Trust, Series 2018-GS9, Class - A4, Callable 2/10/28 @ 100.00		3.99(a)		3/10/51		55
	25	JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class - A5, Callable 10/15/24 @ 100.00		3.64		11/15/47		26

See accompanying notes to financial statements.

150

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Collateralized Mortgage Obligations (continued)
$	50	JPMDB Commercial Mortgage Securities Trust, Series 2016-C4, Class - A3, Callable 10/15/26 @ 100.00		3.14		12/15/49	$	52
	25	Morgan Stanley BAML Trust, Series 2013-C9, Class - AS, Callable 4/15/23 @ 100.00		3.46		5/15/46		26
	25	Morgan Stanley BAML Trust, Series 2014-C19, Class - A4, Callable 11/15/24 @ 100.00		3.53		12/15/47		26
	25	Morgan Stanley BAML Trust, Series 2017-C33, Class - A5, Callable 4/15/27 @ 100.00		3.60		5/15/50		27
	20	Santander Drive Auto Receivables Trust, Series 2021-1, Class - D, Callable 9/15/23 @ 100.00		1.13		11/16/26		20
	25	SG Commercial Mortgage Securities Trust, Series 2016-C5, Class - A4, Callable 6/10/26 @ 100.00		3.06		10/10/48		26
	20	Toyota Auto Receivables Owner Trust, Series 2021-A, Class - A3, Callable 9/15/24 @ 100.00		0.26		5/15/25		20
	25	UBS Commercial Mortgage Trust, Series 2018-C12, Class - A5, Callable 7/15/28 @ 100.00		4.30		8/15/51		28
	25	Wells Fargo Commercial Mortgage Trust, Series 2018-C47, Class - A4, Callable 9/15/28 @ 100.00		4.44		9/15/61		29
		Total Collateralized Mortgage Obligations						1,053
		U.S. Government Agency Mortgages — 21.74%
	48	Fannie Mae, Pool #MA4304		1.50		4/1/51		46
	23	Fannie Mae, Pool #MA4236		1.50		1/1/51		22
	22	Fannie Mae, Pool #MA4302		1.50		4/1/36		23
	49	Fannie Mae, Pool #CB0711		1.50		6/1/51		47
	48	Fannie Mae, Pool #MA4343		1.50		5/1/51		47
	24	Fannie Mae, Pool #MA4280		1.50		3/1/51		23
	24	Fannie Mae, Pool #MA4342		1.50		4/1/41		23
	47	Fannie Mae, Pool #CB0310		1.50		4/1/36		47
	23	Fannie Mae, Pool #CA7695		1.50		11/1/50		22
	25	Fannie Mae, Pool #MA4445		1.50		10/1/41		24
	24	Fannie Mae, Pool #MA4417		1.50		9/1/36		24
	48	Fannie Mae, Pool #FM6579		1.50		3/1/51		47
	19	Fannie Mae, Pool #BQ3141		1.50		10/1/35		20
	23	Fannie Mae, Pool #CA7696		1.50		11/1/50		22
	20	Fannie Mae, Pool #BQ5781		1.50		11/1/35		20
	49	Fannie Mae, Pool #MA4441		1.50		10/1/36		49
	24	Fannie Mae, Pool #MA4403		2.00		8/1/36		24
	45	Fannie Mae, Pool #CA8252		2.00		12/1/45		45
	44	Fannie Mae, Pool #FM4788		2.00		11/1/50		43
	45	Fannie Mae, Pool #MA4303		2.00		4/1/36		46
	45	Fannie Mae, Pool #MA4237		2.00		1/1/51		45
	45	Fannie Mae, Pool #CA8110		2.00		12/1/50		45
	25	Fannie Mae, Pool #CB1787		2.00		10/1/51		25
	45	Fannie Mae, Pool #MA4255		2.00		2/1/51		45
	43	Fannie Mae, Pool #BP9370		2.00		7/1/50		43
	45	Fannie Mae, Pool #BQ3004		2.00		10/1/50		45
	24	Fannie Mae, Pool #BR2176		2.00		7/1/36		24
	22	Fannie Mae, Pool #CA7224		2.00		10/1/50		22
	16	Fannie Mae, Pool #AS2673		2.00		5/1/29		17
	24	Fannie Mae, Pool #FM6559		2.00		3/1/51		24
	48	Fannie Mae, Pool #MA4325		2.00		5/1/51		47
	33	Fannie Mae, Pool #FM3755		2.00		9/1/35		34
	25	Fannie Mae, Pool #BT0240		2.00		9/1/51		25

See accompanying notes to financial statements.

151

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	46	Fannie Mae, Pool #MA4281		2.00		3/1/51	$	46
	45	Fannie Mae, Pool #BQ5112		2.00		11/1/50		45
	44	Fannie Mae, Pool #BQ8341		2.00		12/1/50		44
	18	Fannie Mae, Pool #FM4039		2.00		10/1/35		18
	46	Fannie Mae, Pool #BQ7777		2.00		3/1/36		47
	23	Fannie Mae, Pool #CA7833		2.00		11/1/50		23
	45	Fannie Mae, Pool #CA9183		2.00		2/1/36		46
	50	Fannie Mae, Pool #MA4511		2.00		1/1/52		50
	23	Fannie Mae, Pool #BQ9685		2.00		1/1/51		23
	21	Fannie Mae, Pool #MA4182		2.00		11/1/50		21
	23	Fannie Mae, Pool #FM5044		2.00		12/1/50		23
	21	Fannie Mae, Pool #FM5453		2.00		1/1/41		22
	37	Fannie Mae, Pool #MA4128		2.00		9/1/40		37
	23	Fannie Mae, Pool #FM5308		2.00		12/1/50		23
	49	Fannie Mae, Pool #MA4442		2.00		10/1/36		50
	25	Fannie Mae, Pool #MA4474		2.00		11/1/41		25
	49	Fannie Mae, Pool #CB1620		2.00		9/1/51		49
	48	Fannie Mae, Pool #CB0325		2.00		4/1/51		48
	24	Fannie Mae, Pool #CB0497		2.00		5/1/51		24
	24	Fannie Mae, Pool #CB0684		2.00		6/1/51		24
	47	Fannie Mae, Pool #FM6448		2.00		3/1/51		47
	25	Fannie Mae, Pool #FM9704		2.00		12/1/51		25
	21	Fannie Mae, Pool #MA4204		2.00		12/1/40		21
	23	Fannie Mae, Pool #MA4360		2.00		6/1/36		24
	48	Fannie Mae, Pool #FM6852		2.00		5/1/51		48
	22	Fannie Mae, Pool #CA7225		2.00		10/1/50		22
	25	Fannie Mae, Pool #FM9579		2.00		7/1/51		25
	17	Fannie Mae, Pool #SB8061		2.00		9/1/35		17
	47	Fannie Mae, Pool #MA4305		2.00		4/1/51		47
	23	Fannie Mae, Pool #CA8687		2.00		1/1/51		23
	49	Fannie Mae, Pool #FM7411		2.00		5/1/51		49
	47	Fannie Mae, Pool #CA8850		2.00		2/1/51		47
	48	Fannie Mae, Pool #BR4435		2.00		4/1/51		47
	22	Fannie Mae, Pool #CA8118		2.00		12/1/50		22
	47	Fannie Mae, Pool #FM6555		2.00		4/1/51		47
	21	Fannie Mae, Pool #MA4176		2.00		10/1/40		21
	16	Fannie Mae, Pool #MA4096		2.50		8/1/50		16
	9	Fannie Mae, Pool #MA3833		2.50		11/1/49		9
	19	Fannie Mae, Pool #MA4210		2.50		12/1/50		20
	19	Fannie Mae, Pool #AU6677		2.50		9/1/28		20
	13	Fannie Mae, Pool #MA1277		2.50		12/1/27		14
	14	Fannie Mae, Pool #AS8893		2.50		2/1/32		15
	18	Fannie Mae, Pool #MA4159		2.50		10/1/50		19
	16	Fannie Mae, Pool #FM3878		2.50		7/1/50		17
	19	Fannie Mae, Pool #FM4231		2.50		9/1/50		19
	18	Fannie Mae, Pool #BP5878		2.50		6/1/50		19
	9	Fannie Mae, Pool #AS4946		2.50		5/1/30		10
	18	Fannie Mae, Pool #BQ0329		2.50		7/1/50		18

See accompanying notes to financial statements.

152

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	18	Fannie Mae, Pool #MA4183		2.50		11/1/50	$	19
	16	Fannie Mae, Pool #AB7391		2.50		12/1/42		16
	20	Fannie Mae, Pool #FM4309		2.50		9/1/50		20
	7	Fannie Mae, Pool #MA3765		2.50		9/1/49		8
	15	Fannie Mae, Pool #MA4075		2.50		7/1/35		15
	9	Fannie Mae, Pool #MA3965		2.50		3/1/40		9
	9	Fannie Mae, Pool #MA3990		2.50		4/1/50		10
	15	Fannie Mae, Pool #CA6075		2.50		6/1/50		16
	15	Fannie Mae, Pool #MA4078		2.50		7/1/50		15
	37	Fannie Mae, Pool #FM4638		2.50		10/1/50		38
	19	Fannie Mae, Pool #BC9041		2.50		11/1/31		19
	8	Fannie Mae, Pool #MA3154		2.50		10/1/32		8
	21	Fannie Mae, Pool #BQ5110		2.50		11/1/50		22
	14	Fannie Mae, Pool #BD8046		2.50		9/1/31		15
	10	Fannie Mae, Pool #MA3902		2.50		12/1/49		10
	14	Fannie Mae, Pool #BK2588		2.50		5/1/50		15
	25	Fannie Mae, Pool #BU5917		2.50		12/1/51		26
	24	Fannie Mae, Pool #MA4423		2.50		9/1/41		25
	23	Fannie Mae, Pool #CB0415		2.50		5/1/51		24
	20	Fannie Mae, Pool #MA4256		2.50		2/1/51		20
	24	Fannie Mae, Pool #FM9033		2.50		10/1/51		25
	9	Fannie Mae, Pool #MA3930		2.50		2/1/35		10
	25	Fannie Mae, Pool #CB1828		2.50		10/1/51		25
	25	Fannie Mae, Pool #CB1784		2.50		10/1/51		25
	24	Fannie Mae, Pool #CB1556		2.50		9/1/51		25
	9	Fannie Mae, Pool #MA3827		2.50		11/1/34		9
	33	Fannie Mae, Pool #CA6304		2.50		7/1/50		33
	31	Fannie Mae, Pool #CA6074		2.50		6/1/50		32
	47	Fannie Mae, Pool #BR7857		2.50		5/1/51		49
	6	Fannie Mae, Pool #MA2789		2.50		10/1/36		6
	17	Fannie Mae, Pool #MA2854		2.50		12/1/46		18
	21	Fannie Mae, Pool #CA8131		2.50		12/1/50		21
	26	Fannie Mae, Pool #AP4742		2.50		8/1/27		27
	8	Fannie Mae, Pool #MA3246		2.50		1/1/33		9
	48	Fannie Mae, Pool #CA8955		2.50		2/1/51		49
	5	Fannie Mae, Pool #MA3744		3.00		8/1/49		5
	16	Fannie Mae, Pool #QB1382		3.00		7/1/50		16
	8	Fannie Mae, Pool #MA2897		3.00		2/1/37		9
	12	Fannie Mae, Pool #MA3802		3.00		10/1/49		13
	6	Fannie Mae, Pool #FM1299		3.00		7/1/49		6
	11	Fannie Mae, Pool #CA5423		3.00		3/1/50		11
	8	Fannie Mae, Pool #BO3192		3.00		10/1/49		9
	8	Fannie Mae, Pool #MA3890		3.00		1/1/40		8
	8	Fannie Mae, Pool #BO2201		3.00		9/1/49		8
	34	Fannie Mae, Pool #AB7099		3.00		11/1/42		36
	8	Fannie Mae, Pool #MA3905		3.00		1/1/50		8
	7	Fannie Mae, Pool #BN7703		3.00		8/1/49		7
	6	Fannie Mae, Pool #MA3774		3.00		9/1/49		6

See accompanying notes to financial statements.

153

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	7	Fannie Mae, Pool #MA3127		3.00		9/1/37	$	7
	8	Fannie Mae, Pool #MA3871		3.00		12/1/49		8
	7	Fannie Mae, Pool #MA3237		3.00		1/1/48		7
	7	Fannie Mae, Pool #MA3339		3.00		4/1/33		7
	5	Fannie Mae, Pool #AO7628		3.00		6/1/27		5
	11	Fannie Mae, Pool #AL9996		3.00		4/1/32		12
	12	Fannie Mae, Pool #MA4048		3.00		6/1/50		12
	18	Fannie Mae, Pool #BD2446		3.00		1/1/47		19
	7	Fannie Mae, Pool #MA3377		3.00		5/1/48		8
	12	Fannie Mae, Pool #AL9263		3.00		10/1/46		13
	26	Fannie Mae, Pool #MA2246		3.00		4/1/30		27
	18	Fannie Mae, Pool #AL9865		3.00		2/1/47		18
	10	Fannie Mae, Pool #B08947		3.00		1/1/50		10
	8	Fannie Mae, Pool #MA2863		3.00		1/1/47		9
	6	Fannie Mae, Pool #MA2416		3.00		10/1/35		6
	6	Fannie Mae, Pool #FM2132		3.00		1/1/50		7
	8	Fannie Mae, Pool #FM1370		3.00		4/1/46		9
	8	Fannie Mae, Pool #AS8074		3.00		10/1/46		8
	19	Fannie Mae, Pool #MA3937		3.00		2/1/50		19
	9	Fannie Mae, Pool #BD5545		3.00		10/1/46		9
	29	Fannie Mae, Pool #AS0302		3.00		8/1/43		30
	28	Fannie Mae, Pool #AT0682		3.00		4/1/43		29
	12	Fannie Mae, Pool #AU3353		3.00		8/1/43		12
	27	Fannie Mae, Pool #AB8897		3.00		4/1/43		29
	32	Fannie Mae, Pool #AS8483		3.00		12/1/46		33
	14	Fannie Mae, Pool #AS8276		3.00		11/1/46		15
	14	Fannie Mae, Pool #AS5977		3.00		10/1/30		15
	9	Fannie Mae, Pool #AZ2936		3.00		9/1/45		10
	17	Fannie Mae, Pool #BC9003		3.00		11/1/46		17
	8	Fannie Mae, Pool #890566		3.00		12/1/43		8
	9	Fannie Mae, Pool #AS8414		3.00		11/1/46		10
	8	Fannie Mae, Pool #AS8739		3.00		2/1/37		8
	6	Fannie Mae, Pool #MA2523		3.00		2/1/36		6
	22	Fannie Mae, Pool #AQ7920		3.00		12/1/42		23
	22	Fannie Mae, Pool #AK0006		3.00		1/1/27		23
	12	Fannie Mae, Pool #AB2047		3.00		1/1/26		13
	36	Fannie Mae, Pool #AO0752		3.00		4/1/42		38
	16	Fannie Mae, Pool #AY2961		3.00		5/1/45		17
	13	Fannie Mae, Pool #AS7908		3.00		9/1/46		14
	7	Fannie Mae, Pool #MA3831		3.00		11/1/39		7
	11	Fannie Mae, Pool #CA5668		3.00		5/1/50		12
	12	Fannie Mae, Pool #BP1932		3.00		4/1/50		12
	3	Fannie Mae, Pool #BH8817		3.00		10/1/47		3
	12	Fannie Mae, Pool #MA3897		3.00		1/1/35		12
	11	Fannie Mae, Pool #MA1307		3.00		1/1/33		11
	13	Fannie Mae, Pool #FM3395		3.00		6/1/50		14
	11	Fannie Mae, Pool #CA5519		3.00		4/1/50		11
	11	Fannie Mae, Pool #FM4317		3.00		9/1/50		12

See accompanying notes to financial statements.

154

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	14	Fannie Mae, Pool #BP6466		3.00		7/1/50	$	14
	17	Fannie Mae, Pool #MA3991		3.00		4/1/50		18
	5	Fannie Mae, Pool #FM1585		3.00		9/1/49		5
	12	Fannie Mae, Pool #B09169		3.00		12/1/49		13
	17	Fannie Mae, Pool #MA3834		3.00		11/1/49		17
	12	Fannie Mae, Pool #BO7242		3.00		1/1/50		12
	5	Fannie Mae, Pool #MA3691		3.00		7/1/49		5
	10	Fannie Mae, Pool #B06219		3.00		12/1/49		11
	17	Fannie Mae, Pool #BC4764		3.00		10/1/46		18
	12	Fannie Mae, Pool #MA4079		3.00		7/1/50		13
	12	Fannie Mae, Pool #MA3738		3.00		8/1/34		12
	4	Fannie Mae, Pool #CA4026		3.50		5/1/49		4
	11	Fannie Mae, Pool #BP1947		3.50		4/1/50		11
	8	Fannie Mae, Pool #BA3123		3.50		2/1/46		9
	5	Fannie Mae, Pool #FM0020		3.50		7/1/49		5
	4	Fannie Mae, Pool #MA3692		3.50		7/1/49		5
	9	Fannie Mae, Pool #AS7388		3.50		6/1/46		9
	7	Fannie Mae, Pool #MA2389		3.50		9/1/35		7
	6	Fannie Mae, Pool #MA3059		3.50		7/1/37		6
	5	Fannie Mae, Pool #MA3745		3.50		8/1/49		5
	7	Fannie Mae, Pool #MA3210		3.50		12/1/49		7
	6	Fannie Mae, Pool #BD5046		3.50		2/1/47		6
	9	Fannie Mae, Pool #AS0024		3.50		7/1/43		10
	6	Fannie Mae, Pool #MA3835		3.50		11/1/49		7
	11	Fannie Mae, Pool #MA2706		3.50		8/1/46		11
	31	Fannie Mae, Pool #AB6017		3.50		8/1/42		34
	11	Fannie Mae, Pool #AS4772		3.50		4/1/45		12
	15	Fannie Mae, Pool #AS4771		3.50		4/1/45		16
	8	Fannie Mae, Pool #AS7491		3.50		7/1/46		8
	7	Fannie Mae, Pool #MA3906		3.50		1/1/50		7
	6	Fannie Mae, Pool #ZM4908		3.50		11/1/47		7
	6	Fannie Mae, Pool #ZA5052		3.50		11/1/47		6
	15	Fannie Mae, Pool #ZS4618		3.50		6/1/45		16
	7	Fannie Mae, Pool #BC0443		3.50		12/1/45		7
	12	Fannie Mae, Pool #BC2926		3.50		3/1/46		13
	11	Fannie Mae, Pool #AB2052		3.50		1/1/26		12
	4	Fannie Mae, Pool #MA3494		3.50		10/1/48		4
	5	Fannie Mae, Pool #MA3775		3.50		9/1/49		6
	8	Fannie Mae, Pool #BK9038		3.50		10/1/33		9
	23	Fannie Mae, Pool #AS3133		3.50		8/1/44		25
	12	Fannie Mae, Pool #MA1980		3.50		8/1/44		13
	11	Fannie Mae, Pool #AZ0862		3.50		7/1/45		12
	9	Fannie Mae, Pool #AS6102		3.50		11/1/45		9
	5	Fannie Mae, Pool #MA2522		3.50		2/1/46		6
	9	Fannie Mae, Pool #BC1158		3.50		2/1/46		9
	4	Fannie Mae, Pool #MA3663		3.50		5/1/49		5
	13	Fannie Mae, Pool #BM1568		3.50		7/1/47		14
	8	Fannie Mae, Pool #MA3520		3.50		10/1/48		9

See accompanying notes to financial statements.

155

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	4	Fannie Mae, Pool #MA3637		3.50		4/1/49	$	4
	6	Fannie Mae, Pool #MA3057		3.50		7/1/47		6
	4	Fannie Mae, Pool #BM5485		3.50		2/1/49		4
	7	Fannie Mae, Pool #FM1566		3.50		11/1/48		7
	6	Fannie Mae, Pool #FM1001		3.50		11/1/48		7
	7	Fannie Mae, Pool #BM2000		3.50		5/1/49		7
	13	Fannie Mae, Pool #AJ1886		3.50		3/1/42		15
	18	Fannie Mae, Pool #MA2125		3.50		12/1/44		19
	4	Fannie Mae, Pool #AS5596		3.50		8/1/45		5
	4	Fannie Mae, Pool #BA1893		3.50		8/1/45		4
	4	Fannie Mae, Pool #AS4236		3.50		1/1/45		5
	5	Fannie Mae, Pool #AS6394		3.50		12/1/45		5
	33	Fannie Mae, Pool #AQ0546		3.50		11/1/42		35
	10	Fannie Mae, Pool #AL1717		3.50		5/1/27		10
	59	Fannie Mae, Pool #AO2548		3.50		4/1/42		64
	5	Fannie Mae, Pool #SD8001		3.50		7/1/49		5
	16	Fannie Mae, Pool #AB5511		3.50		7/1/42		17
	13	Fannie Mae, Pool #MA3243		3.50		1/1/38		14
	6	Fannie Mae, Pool #MA3305		3.50		3/1/48		6
	10	Fannie Mae, Pool #MA3026		3.50		6/1/47		10
	7	Fannie Mae, Pool #BJ3716		3.50		12/1/47		8
	11	Fannie Mae, Pool #MA3182		3.50		11/1/47		12
	13	Fannie Mae, Pool #BJ4916		3.50		3/1/48		13
	4	Fannie Mae, Pool #MA3614		3.50		3/1/49		4
	6	Fannie Mae, Pool #BM4703		3.50		2/1/48		7
	4	Fannie Mae, Pool #MA3597		3.50		2/1/49		4
	6	Fannie Mae, Pool #MA3148		3.50		10/1/47		6
	9	Fannie Mae, Pool #FM1911		3.50		7/1/48		9
	4	Fannie Mae, Pool #BK0920		4.00		7/1/48		4
	5	Fannie Mae, Pool #FM0021		4.00		3/1/49		5
	5	Fannie Mae, Pool #AS8532		4.00		12/1/46		5
	4	Fannie Mae, Pool #BK0909		4.00		7/1/48		5
	26	Fannie Mae, Pool #AJ5303		4.00		11/1/41		28
	6	Fannie Mae, Pool #BD7165		4.00		4/1/47		6
	3	Fannie Mae, Pool #MA3615		4.00		3/1/49		4
	9	Fannie Mae, Pool #AS9314		4.00		3/1/47		9
	11	Fannie Mae, Pool #ZA4988		4.00		8/1/47		12
	7	Fannie Mae, Pool #BN6677		4.00		6/1/49		8
	6	Fannie Mae, Pool #AS7600		4.00		7/1/46		6
	18	Fannie Mae, Pool #BK7943		4.00		11/1/48		19
	12	Fannie Mae, Pool #AX0841		4.00		9/1/44		14
	11	Fannie Mae, Pool #AU8849		4.00		11/1/43		12
	4	Fannie Mae, Pool #BM4991		4.00		9/1/48		5
	9	Fannie Mae, Pool #ZS4708		4.00		3/1/47		10
	4	Fannie Mae, Pool #MA3563		4.00		1/1/49		5
	4	Fannie Mae, Pool #AV0606		4.00		11/1/43		4
	4	Fannie Mae, Pool #FM1571		4.00		12/1/48		5
	5	Fannie Mae, Pool #MA2415		4.00		10/1/45		5

See accompanying notes to financial statements.

156

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	5	Fannie Mae, Pool #BN0334		4.00		12/1/48	$	6
	5	Fannie Mae, Pool #FM1415		4.00		12/1/48		6
	10	Fannie Mae, Pool #MA3121		4.00		9/1/47		11
	4	Fannie Mae, Pool #AZ1210		4.00		5/1/45		4
	42	Fannie Mae, Pool #190405		4.00		10/1/40		46
	4	Fannie Mae, Pool #MA3638		4.00		4/1/49		4
	5	Fannie Mae, Pool #BE8373		4.00		2/1/47		5
	8	Fannie Mae, Pool #MA3804		4.00		10/1/49		9
	11	Fannie Mae, Pool #BM4306		4.00		9/1/25		12
	13	Fannie Mae, Pool #BM1066		4.00		2/1/47		14
	6	Fannie Mae, Pool #MA3277		4.00		2/1/48		6
	5	Fannie Mae, Pool #BD7060		4.00		3/1/47		5
	11	Fannie Mae, Pool #AS3467		4.00		10/1/44		12
	7	Fannie Mae, Pool #AS9831		4.00		6/1/47		8
	4	Fannie Mae, Pool #CA2316		4.00		7/1/48		4
	4	Fannie Mae, Pool #MA3521		4.00		11/1/48		4
	13	Fannie Mae, Pool #AS3468		4.00		10/1/44		14
	21	Fannie Mae, Pool #AO2959		4.00		5/1/42		22
	3	Fannie Mae, Pool #MA3592		4.00		2/1/49		3
	7	Fannie Mae, Pool #AS3452		4.00		9/1/44		8
	8	Fannie Mae, Pool #AS7558		4.00		7/1/46		8
	9	Fannie Mae, Pool #BM2002		4.00		10/1/47		10
	3	Fannie Mae, Pool #AY9901		4.00		7/1/45		4
	5	Fannie Mae, Pool #MA3183		4.00		11/1/47		6
	13	Fannie Mae, Pool #AH6242		4.00		4/1/26		13
	5	Fannie Mae, Pool #CA0183		4.00		8/1/47		6
	6	Fannie Mae, Pool #FM1960		4.00		5/1/49		6
	10	Fannie Mae, Pool #MA2995		4.00		5/1/47		11
	6	Fannie Mae, Pool #MA3746		4.00		8/1/49		6
	11	Fannie Mae, Pool #MA0534		4.00		10/1/30		12
	15	Fannie Mae, Pool #AL8139		4.00		2/1/32		15
	6	Fannie Mae, Pool #AZ7362		4.00		11/1/45		6
	15	Fannie Mae, Pool #AC7328		4.00		12/1/39		16
	12	Fannie Mae, Pool #AS8823		4.00		2/1/47		13
	5	Fannie Mae, Pool #BK4850		4.50		5/1/48		5
	31	Fannie Mae, Pool #AL1107		4.50		11/1/41		34
	4	Fannie Mae, Pool #BH3310		4.50		5/1/47		4
	9	Fannie Mae, Pool #AL6567		4.50		10/1/44		10
	16	Fannie Mae, Pool #MA3184		4.50		11/1/47		17
	16	Fannie Mae, Pool #AS9394		4.50		4/1/47		18
	3	Fannie Mae, Pool #BK6328		4.50		6/1/48		3
	7	Fannie Mae, Pool #BM3286		4.50		11/1/47		7
	6	Fannie Mae, Pool #CA0623		4.50		10/1/47		6
	6	Fannie Mae, Pool #AS2751		4.50		6/1/44		7
	5	Fannie Mae, Pool #AU9017		4.50		9/1/43		5
	22	Fannie Mae, Pool #AE0954		4.50		2/1/41		24
	2	Fannie Mae, Pool #930998		4.50		4/1/29		2
	5	Fannie Mae, Pool #MA3639		4.50		4/1/49		6

See accompanying notes to financial statements.

157

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	6	Fannie Mae, Pool #CA1711		4.50		5/1/48	$	6
	11	Fannie Mae, Pool #MA3747		4.50		8/1/49		12
	28	Fannie Mae, Pool #AE0217		4.50		8/1/40		31
	4	Fannie Mae, Pool #MA3537		4.50		12/1/48		4
	4	Fannie Mae, Pool #BN4309		4.50		1/1/49		4
	3	Fannie Mae, Pool #BE6489		4.50		1/1/47		3
	6	Fannie Mae, Pool #BM3904		5.00		5/1/48		7
	28	Fannie Mae, Pool #889117		5.00		10/1/35		31
	13	Fannie Mae, Pool #725238		5.00		3/1/34		15
	6	Fannie Mae, Pool #725027		5.00		11/1/33		6
	4	Fannie Mae, Pool #890603		5.00		8/1/41		4
	5	Fannie Mae, Pool #890221		5.50		12/1/33		6
	12	Fannie Mae, Pool #959451		6.00		12/1/37		14
	32	Fannie Mae, Pool #725228		6.00		3/1/34		37
	17	Fannie Mae, Pool #AE0442		6.50		1/1/39		19
	25	Fannie Mae, 15 YR TBA		1.50		2/25/36		25
	100	Fannie Mae, 15 YR TBA		1.50		1/25/37		100
	50	Fannie Mae, 15 YR TBA		2.00		1/25/37		51
	25	Fannie Mae, 15 YR TBA		2.50		1/25/36		26
	25	Fannie Mae, 30 YR TBA		1.50		1/25/51		24
	300	Fannie Mae, 30 YR TBA		2.00		1/25/51		299
	100	Fannie Mae, 30 YR TBA		2.00		2/25/50		99
	125	Fannie Mae, 30 YR TBA		2.50		2/25/51		127
	375	Fannie Mae, 30 YR TBA		2.50		1/25/51		382
	25	Fannie Mae, 30 YR TBA		3.00		1/25/50		26
	10	Federal National Mortgage Association, Series 2020-M52, Class - A2		1.32(a)		10/25/30		10
	20	Federal National Mortgage Association, Pool #MA4205		1.50		12/1/35		20
	23	Federal National Mortgage Association, Pool #CA8893		2.00		2/1/51		23
	24	Freddie Mac, Pool #RB5110		1.50		5/1/41		23
	21	Freddie Mac, Pool #SB8088		1.50		2/1/36		21
	48	Freddie Mac, Pool #QC0962		1.50		4/1/51		46
	49	Freddie Mac, Pool #SD8154		1.50		6/1/51		47
	23	Freddie Mac, Pool #SB8097		1.50		4/1/36		23
	24	Freddie Mac, Pool #SB8115		2.00		8/1/36		24
	20	Freddie Mac, Pool #RC1727		2.00		12/1/35		21
	22	Freddie Mac, Pool #RB5095		2.00		12/1/40		22
	22	Freddie Mac, Pool #SD8121		2.00		12/1/50		22
	48	Freddie Mac, Pool #QC1075		2.00		4/1/51		47
	24	Freddie Mac, Pool #RB5121		2.00		7/1/41		25
	25	Freddie Mac, Pool #RA6025		2.00		10/1/51		25
	49	Freddie Mac, Pool #QC6815		2.00		9/1/51		49
	24	Freddie Mac, Pool #QC4423		2.00		7/1/51		24
	22	Freddie Mac, Pool #RA3575		2.00		9/1/50		22
	25	Freddie Mac, Pool #QC7473		2.00		9/1/51		25
	25	Freddie Mac, Pool #RA6333		2.00		11/1/51		25
	50	Freddie Mac, Pool #QD1254		2.00		11/1/51		50
	25	Freddie Mac, Pool #QD0433		2.00		11/1/51		25
	25	Freddie Mac, Pool #QC6925		2.00		9/1/51		25

See accompanying notes to financial statements.

158

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	47	Freddie Mac, Pool #QB9896		2.00		3/1/51	$	47
	48	Freddie Mac, Pool #QC3697		2.00		6/1/51		48
	25	Freddie Mac, Pool #SB8128		2.00		11/1/36		25
	24	Freddie Mac, Pool #QC3597		2.00		6/1/51		24
	50	Freddie Mac, Pool #SD8188		2.00		1/1/52		50
	23	Freddie Mac, Pool #SB8107		2.00		5/1/36		24
	39	Freddie Mac, Pool #SB8079		2.00		12/1/35		40
	46	Freddie Mac, Pool #QB7708		2.00		1/1/51		46
	46	Freddie Mac, Pool #QB8064		2.00		1/1/51		46
	47	Freddie Mac, Pool #QB6893		2.00		12/1/50		46
	45	Freddie Mac, Pool #SD8128		2.00		2/1/51		45
	21	Freddie Mac, Pool #QB3926		2.00		10/1/50		21
	21	Freddie Mac, Pool #QB3716		2.00		9/1/50		21
	47	Freddie Mac, Pool #QC0423		2.00		4/1/51		46
	24	Freddie Mac, Pool #RB5114		2.00		6/1/41		24
	24	Freddie Mac, Pool #SD8146		2.00		5/1/51		24
	47	Freddie Mac, Pool #SD7537		2.00		3/1/51		47
	47	Freddie Mac, Pool #RA4986		2.00		4/1/51		47
	48	Freddie Mac, Pool #QC1333		2.00		5/1/51		47
	50	Freddie Mac, Pool #SD8177		2.00		10/1/51		50
	25	Freddie Mac, Pool #SD8172		2.00		9/1/51		25
	22	Freddie Mac, Pool #SD8113		2.00		12/1/50		22
	24	Freddie Mac, Pool #RA5155		2.00		5/1/51		24
	17	Freddie Mac, Pool #ZS7735		2.00		1/1/32		18
	21	Freddie Mac, Pool #RA3205		2.00		8/1/50		21
	13	Freddie Mac, Pool #J25686		2.00		9/1/28		13
	25	Freddie Mac, Pool #RA6340		2.50		11/1/51		25
	9	Freddie Mac, Pool #G07445		2.50		7/1/43		9
	20	Freddie Mac, Pool #RA4070		2.50		11/1/50		21
	49	Freddie Mac, Pool #RA5832		2.50		9/1/51		50
	40	Freddie Mac, Pool #RA2643		2.50		6/1/50		41
	20	Freddie Mac, Pool #RA2645		2.50		6/1/50		20
	24	Freddie Mac, Pool #ZS8483		2.50		3/1/28		25
	24	Freddie Mac, Pool #SD8167		2.50		9/1/51		25
	23	Freddie Mac, Pool #SD0578		2.50		3/1/51		23
	25	Freddie Mac, Pool #RA5802		2.50		9/1/51		25
	23	Freddie Mac, Pool #QC2031		2.50		5/1/51		24
	24	Freddie Mac, Pool #QC2251		2.50		5/1/51		24
	20	Freddie Mac, Pool #SD8122		2.50		1/1/51		20
	18	Freddie Mac, Pool #SD8099		2.50		10/1/50		18
	9	Freddie Mac, Pool #QA5290		2.50		12/1/49		10
	16	Freddie Mac, Pool #RA2595		2.50		5/1/50		17
	16	Freddie Mac, Pool #SD8083		2.50		8/1/50		16
	23	Freddie Mac, Pool #SD8147		2.50		5/1/51		23
	14	Freddie Mac, Pool #RB5054		2.50		6/1/40		14
	25	Freddie Mac, Pool #SD8189		2.50		1/1/52		26
	12	Freddie Mac, Pool #SB8045		2.50		5/1/35		12
	38	Freddie Mac, Pool #SD8114		2.50		12/1/50		39

See accompanying notes to financial statements.

159

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	18	Freddie Mac, Pool #QB3287		2.50		8/1/50	$	19
	20	Freddie Mac, Pool #QB3703		2.50		9/1/50		20
	9	Freddie Mac, Pool #ZS8692		2.50		4/1/33		10
	19	Freddie Mac, Pool #ZS4687		2.50		11/1/46		19
	39	Freddie Mac, Pool #RA2634		2.50		5/1/50		40
	24	Freddie Mac, Pool #QC7457		2.50		9/1/51		25
	10	Freddie Mac, Pool #G18635		2.50		3/1/32		10
	21	Freddie Mac, Pool #RA4527		2.50		2/1/51		21
	20	Freddie Mac, Pool #SD8129		2.50		2/1/51		20
	23	Freddie Mac, Pool #SD8151		2.50		6/1/51		24
	46	Freddie Mac, Pool #SD0412		2.50		8/1/50		47
	50	Freddie Mac, Pool #SD8183		2.50		12/1/51		51
	18	Freddie Mac, Pool #RA2897		2.50		6/1/50		18
	19	Freddie Mac, Pool #G18485		2.50		10/1/28		20
	19	Freddie Mac, Pool #G18470		2.50		6/1/28		20
	45	Freddie Mac, Pool #SD8141		2.50		4/1/51		46
	29	Freddie Mac, Pool #G18611		2.50		9/1/31		30
	9	Freddie Mac, Pool #RB5043		2.50		4/1/40		9
	8	Freddie Mac, Pool #G18687		2.50		5/1/33		8
	10	Freddie Mac, Pool #SD8055		2.50		4/1/50		10
	9	Freddie Mac, Pool #ZK8425		2.50		12/1/31		9
	25	Freddie Mac, Series K-1514, Class - A2, Callable 10/25/34 @ 100.00		2.86		10/25/34		27
	13	Freddie Mac, Pool #QA9049		3.00		4/1/50		14
	11	Freddie Mac, Pool #QA8065		3.00		3/1/50		12
	4	Freddie Mac, Pool #G18518		3.00		7/1/29		5
	7	Freddie Mac, Pool #G18601		3.00		5/1/31		7
	7	Freddie Mac, Pool #ZS4688		3.00		11/1/46		7
	11	Freddie Mac, Pool #SB8046		3.00		5/1/35		12
	21	Freddie Mac, Pool #G60989		3.00		12/1/46		22
	42	Freddie Mac, Pool #C09035		3.00		4/1/43		44
	6	Freddie Mac, Pool #QA1033		3.00		7/1/49		7
	7	Freddie Mac, Pool #G08803		3.00		3/1/48		7
	15	Freddie Mac, Pool #G18663		3.00		10/1/32		16
	32	Freddie Mac, Pool #ZS4697		3.00		1/1/47		33
	13	Freddie Mac, Pool #ZS4658		3.00		4/1/46		14
	3	Freddie Mac, Pool #J25193		3.00		8/1/23		3
	43	Freddie Mac, Pool #ZS4522		3.00		7/1/43		45
	19	Freddie Mac, Pool #ZA2304		3.00		6/1/33		20
	29	Freddie Mac, Pool #ZS4511		3.00		3/1/43		31
	49	Freddie Mac, Pool #SD8174		3.00		10/1/51		51
	9	Freddie Mac, Pool #SD8056		3.00		4/1/50		9
	20	Freddie Mac, Pool #ZS4606		3.00		3/1/45		21
	5	Freddie Mac, Pool #C91809		3.00		2/1/35		6
	16	Freddie Mac, Pool #SD8030		3.00		11/1/49		16
	12	Freddie Mac, Pool #SD8074		3.00		7/1/50		13
	6	Freddie Mac, Pool #G08635		3.00		4/1/45		6
	9	Freddie Mac, Pool #G61680		3.00		4/1/47		9
	8	Freddie Mac, Pool #ZM2721		3.00		2/1/47		8

See accompanying notes to financial statements.

160

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	15	Freddie Mac, Pool #G08737		3.00		12/1/46	$	16
	7	Freddie Mac, Pool #C91927		3.00		5/1/37		7
	9	Freddie Mac, Pool #J38057		3.00		12/1/32		9
	18	Freddie Mac, Pool #ZS4706		3.00		3/1/47		18
	9	Freddie Mac, Pool #J36428		3.00		2/1/32		10
	13	Freddie Mac, Pool #G15145		3.00		7/1/29		14
	8	Freddie Mac, Pool #ZM2089		3.00		11/1/46		8
	8	Freddie Mac, Pool #ZM2169		3.00		11/1/46		8
	4	Freddie Mac, Pool #Q57871		3.50		8/1/48		4
	7	Freddie Mac, Pool #J30284		3.50		11/1/29		7
	10	Freddie Mac, Pool #G08687		3.50		1/1/46		11
	7	Freddie Mac, Pool #V83453		3.50		10/1/47		8
	8	Freddie Mac, Pool #Q43933		3.50		10/1/46		9
	12	Freddie Mac, Pool #SB8007		3.50		9/1/34		13
	17	Freddie Mac, Pool #C91456		3.50		6/1/32		18
	19	Freddie Mac, Pool #ZS4642		3.50		12/1/45		20
	38	Freddie Mac, Pool #ZS4487		3.50		6/1/42		41
	10	Freddie Mac, Pool #G08698		3.50		3/1/46		11
	5	Freddie Mac, Pool #ZS4599		3.50		1/1/45		6
	16	Freddie Mac, Pool #C03759		3.50		2/1/42		17
	22	Freddie Mac, Pool #G08554		3.50		10/1/43		24
	9	Freddie Mac, Pool #ZS4651		3.50		3/1/46		10
	5	Freddie Mac, Pool #ZS4659		3.50		4/1/46		5
	4	Freddie Mac, Pool #ZS4771		3.50		6/1/48		4
	6	Freddie Mac, Pool #ZA5128		3.50		12/1/47		6
	5	Freddie Mac, Pool #G08627		3.50		2/1/45		5
	11	Freddie Mac, Pool #G61148		3.50		9/1/47		11
	5	Freddie Mac, Pool #J14069		3.50		1/1/26		6
	9	Freddie Mac, Pool #SD8011		3.50		9/1/49		9
	18	Freddie Mac, Pool #Q09896		3.50		8/1/42		19
	7	Freddie Mac, Pool #G08620		3.50		12/1/44		7
	5	Freddie Mac, Pool #G08770		3.50		7/1/47		5
	8	Freddie Mac, Pool #Q53176		3.50		12/1/47		8
	5	Freddie Mac, Pool #ZS4713		3.50		4/1/47		5
	12	Freddie Mac, Pool #RA2469		3.50		4/1/50		13
	9	Freddie Mac, Pool #G08784		3.50		10/1/47		9
	9	Freddie Mac, Pool #G08761		3.50		5/1/47		10
	10	Freddie Mac, Pool #RA1508		3.50		10/1/49		11
	21	Freddie Mac, Pool #G08636		3.50		4/1/45		22
	8	Freddie Mac, Pool #C91395		4.00		9/1/31		8
	4	Freddie Mac, Pool #ZA6946		4.00		5/1/49		5
	6	Freddie Mac, Pool #G08771		4.00		7/1/47		7
	9	Freddie Mac, Pool #G08563		4.00		1/1/44		10
	20	Freddie Mac, Pool #ZL7781		4.00		2/1/44		22
	7	Freddie Mac, Pool #ZT1320		4.00		11/1/48		8
	12	Freddie Mac, Pool #G08567		4.00		1/1/44		13
	12	Freddie Mac, Pool #A96286		4.00		1/1/41		13
	8	Freddie Mac, Pool #Q58680		4.00		9/1/48		9

See accompanying notes to financial statements.

161

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	5	Freddie Mac, Pool #ZT2106		4.00		3/1/49	$	5
	10	Freddie Mac, Pool #G08775		4.00		8/1/47		11
	14	Freddie Mac, Pool #G08606		4.00		9/1/44		15
	4	Freddie Mac, Pool #ZT1840		4.00		9/1/48		4
	18	Freddie Mac, Pool #G08637		4.00		4/1/45		20
	11	Freddie Mac, Pool #ZS4631		4.00		9/1/45		12
	11	Freddie Mac, Pool #SD8070		4.00		6/1/50		12
	6	Freddie Mac, Pool #G08801		4.00		2/1/48		7
	18	Freddie Mac, Pool #G06506		4.00		12/1/40		20
	8	Freddie Mac, Pool #SD0290		4.00		4/1/50		8
	7	Freddie Mac, Pool #A97186		4.50		3/1/41		8
	6	Freddie Mac, Pool #C09059		4.50		3/1/44		7
	6	Freddie Mac, Pool #G08781		4.50		9/1/47		6
	7	Freddie Mac, Pool #Q58217		4.50		9/1/48		7
	18	Freddie Mac, Pool #G01890		4.50		10/1/35		20
	1	Freddie Mac, Pool #C90686		4.50		6/1/23		1
	4	Freddie Mac, Pool #ZS4774		4.50		5/1/48		5
	22	Freddie Mac, Pool #A97692		4.50		3/1/41		24
	7	Freddie Mac, Pool #Q52321		4.50		11/1/47		8
	11	Freddie Mac, Pool #G04817		5.00		9/1/38		12
	12	Freddie Mac, Pool #G05904		5.00		9/1/39		14
	12	Freddie Mac, Pool #G01962		5.00		12/1/35		13
	6	Freddie Mac, Pool #G08838		5.00		9/1/48		6
	10	Freddie Mac, Pool #ZT1779		5.00		3/1/49		11
	19	Freddie Mac, Pool #G01665		5.50		3/1/34		22
	2	Freddie Mac, Pool #C90989		6.00		9/1/26		2
	6	Freddie Mac, Pool #G03616		6.00		12/1/37		7
	12	Freddie Mac, Pool #G02794		6.00		5/1/37		15
	41	Government National Mortgage Association, Pool #MA6864		2.00		9/20/50		42
	24	Government National Mortgage Association, Pool #MA7366		2.00		5/20/51		24
	22	Government National Mortgage Association, Pool #MA7051		2.00		12/20/50		22
	25	Government National Mortgage Association, Pool #MA7588		2.00		9/20/51		25
	49	Government National Mortgage Association, Pool #MA7471		2.00		7/20/51		49
	22	Government National Mortgage Association, Pool #MA7135		2.00		1/20/51		23
	42	Government National Mortgage Association, Pool #MA6930		2.00		10/20/50		43
	46	Government National Mortgage Association, Pool #MA7254		2.00		3/20/51		47
	49	Government National Mortgage Association, Pool #MA7472		2.50		7/20/51		50
	24	Government National Mortgage Association, Pool #MA7534		2.50		8/20/51		25
	8	Government National Mortgage Association, Pool #MA4355		2.50		4/20/32		9
	6	Government National Mortgage Association, Pool #MA1155		2.50		7/20/43		6
	10	Government National Mortgage Association, Pool #MA6540		2.50		3/20/50		10
	44	Government National Mortgage Association, Pool #MA7255		2.50		3/20/51		45
	18	Government National Mortgage Association, Pool #MA6931		2.50		10/20/50		18
	18	Government National Mortgage Association, Pool #MA6995		2.50		11/20/50		19
	25	Government National Mortgage Association, Pool #MA7589		2.50		9/20/51		25
	29	Government National Mortgage Association, Pool #MA4260		2.50		2/20/47		30
	32	Government National Mortgage Association, Pool #MA6819		2.50		8/20/50		33
	3	Government National Mortgage Association, Pool #AA8341		2.50		2/15/28		4

See accompanying notes to financial statements.

162

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	7	Government National Mortgage Association, Pool #MA4194		2.50		1/20/47	$	8
	23	Government National Mortgage Association, Pool #MA7312		2.50		4/20/51		24
	13	Government National Mortgage Association, Pool #MA6655		2.50		5/20/50		13
	17	Government National Mortgage Association, Pool #MA6865		2.50		9/20/50		18
	42	Government National Mortgage Association, Pool #MA7193		2.50		2/20/51		43
	17	Government National Mortgage Association, Pool #MA4003		3.00		10/20/46		18
	7	Government National Mortgage Association, Pool #MA3873		3.00		8/20/46		7
	12	Government National Mortgage Association, Pool #MA3936		3.00		9/20/46		13
	19	Government National Mortgage Association, Pool #MA0851		3.00		3/20/43		20
	9	Government National Mortgage Association, Pool #MA6409		3.00		1/20/50		9
	10	Government National Mortgage Association, Pool #MA2960		3.00		7/20/45		11
	7	Government National Mortgage Association, Pool #MA5815		3.00		3/20/49		7
	7	Government National Mortgage Association, Pool #MA4261		3.00		2/20/47		7
	11	Government National Mortgage Association, Pool #MA4836		3.00		11/20/47		11
	11	Government National Mortgage Association, Pool #MA3662		3.00		5/20/46		11
	23	Government National Mortgage Association, Pool #MA1447		3.00		11/20/43		24
	19	Government National Mortgage Association, Pool #MA1011		3.00		5/20/43		20
	8	Government National Mortgage Association, Pool #MA6338		3.00		12/20/49		9
	11	Government National Mortgage Association, Pool #AA5897		3.00		12/15/42		12
	13	Government National Mortgage Association, Pool #MA4320		3.00		3/20/47		14
	8	Government National Mortgage Association, Pool #MA4068		3.00		11/20/46		8
	18	Government National Mortgage Association, Pool #MA5018		3.00		2/20/48		18
	9	Government National Mortgage Association, Pool #MA3243		3.00		11/20/45		10
	10	Government National Mortgage Association, Pool #MA3309		3.00		12/20/45		11
	9	Government National Mortgage Association, Pool #MA4126		3.00		12/20/46		9
	11	Government National Mortgage Association, Pool #MA3802		3.00		7/20/46		12
	26	Government National Mortgage Association, Pool #MA6766		3.00		7/20/50		27
	12	Government National Mortgage Association, Pool #MA6710		3.00		6/20/50		13
	8	Government National Mortgage Association, Pool #MA6089		3.00		8/20/49		8
	8	Government National Mortgage Association, Pool #MA6283		3.00		11/20/49		8
	10	Government National Mortgage Association, Pool #MA0205		3.00		7/20/27		10
	15	Government National Mortgage Association, Pool #MA3375		3.00		1/20/46		15
	14	Government National Mortgage Association, Pool #MA2520		3.00		1/20/45		14
	8	Government National Mortgage Association, Pool #MA4509		3.00		6/20/47		8
	17	Government National Mortgage Association, Pool #MA6474		3.00		2/20/50		18
	14	Government National Mortgage Association, Pool #MA6820		3.00		8/20/50		14
	5	Government National Mortgage Association, Pool #MA3596		3.00		4/20/46		5
	10	Government National Mortgage Association, Pool #MA6599		3.00		4/20/50		11
	10	Government National Mortgage Association, Pool #MA4195		3.00		1/20/47		11
	13	Government National Mortgage Association, Pool #MA4777		3.00		10/20/47		13
	27	Government National Mortgage Association, Pool #AA6149		3.00		3/20/43		28
	20	Government National Mortgage Association, Pool #MA4899		3.00		12/20/47		21
	23	Government National Mortgage Association, Pool #MA6656		3.00		5/20/50		24
	14	Government National Mortgage Association, Pool #MA3735		3.00		6/20/46		15
	20	Government National Mortgage Association, Pool #MA0461		3.00		10/20/42		21
	11	Government National Mortgage Association, Pool #MA4321		3.50		3/20/47		11
	15	Government National Mortgage Association, Pool #MA0934		3.50		4/20/43		17
	5	Government National Mortgage Association, Pool #AB9211		3.50		11/15/42		6

See accompanying notes to financial statements.

163

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	7	Government National Mortgage Association, Pool #MA3244		3.50		11/20/45	$	8
	6	Government National Mortgage Association, Pool #MA1574		3.50		1/20/29		6
	5	Government National Mortgage Association, Pool #MA5762		3.50		2/20/49		5
	10	Government National Mortgage Association, Pool #MA5875		3.50		4/20/49		10
	7	Government National Mortgage Association, Pool #MA6339		3.50		12/20/49		7
	9	Government National Mortgage Association, Pool #MA3376		3.50		1/20/46		10
	10	Government National Mortgage Association, Pool #MA3597		3.50		4/20/46		10
	15	Government National Mortgage Association, Pool #MA2445		3.50		12/20/44		16
	6	Government National Mortgage Association, Pool #AJ0411		3.50		9/15/44		6
	10	Government National Mortgage Association, Pool #MA2223		3.50		9/20/44		11
	18	Government National Mortgage Association, Pool #MA0699		3.50		1/20/43		19
	16	Government National Mortgage Association, Pool #MA0318		3.50		8/20/42		17
	11	Government National Mortgage Association, Pool #MA4262		3.50		2/20/47		12
	5	Government National Mortgage Association, Pool #MA3454		3.50		2/20/46		5
	10	Government National Mortgage Association, Pool #MA3105		3.50		9/20/45		10
	13	Government National Mortgage Association, Pool #MA3173		3.50		10/20/45		14
	8	Government National Mortgage Association, Pool #MA2961		3.50		7/20/45		9
	7	Government National Mortgage Association, Pool #MA2826		3.50		5/20/45		8
	11	Government National Mortgage Association, Pool #MA2371		3.50		11/20/44		11
	21	Government National Mortgage Association, Pool #MA1157		3.50		7/20/43		23
	11	Government National Mortgage Association, Pool #MA3937		3.50		9/20/46		12
	11	Government National Mortgage Association, Pool #MA3874		3.50		8/20/46		11
	11	Government National Mortgage Association, Pool #MA4382		3.50		4/20/47		11
	6	Government National Mortgage Association, Pool #MA6219		3.50		10/20/49		6
	11	Government National Mortgage Association, Pool #MA4004		3.50		10/20/46		12
	13	Government National Mortgage Association, Pool #MA4127		3.50		12/20/46		13
	6	Government National Mortgage Association, Pool #MA4778		3.50		10/20/47		6
	6	Government National Mortgage Association, Pool #MA4837		3.50		11/20/47		6
	10	Government National Mortgage Association, Pool #MA3803		3.50		7/20/46		11
	11	Government National Mortgage Association, Pool #MA4510		3.50		6/20/47		12
	7	Government National Mortgage Association, Pool #AM4971		3.50		4/20/45		7
	6	Government National Mortgage Association, Pool #AC3938		3.50		1/15/43		7
	10	Government National Mortgage Association, Pool #MA3736		3.50		6/20/46		11
	3	Government National Mortgage Association, Pool #MA1600		3.50		1/20/44		4
	20	Government National Mortgage Association, Pool #MA0220		3.50		7/20/42		21
	10	Government National Mortgage Association, Pool #MA4586		3.50		7/20/47		10
	12	Government National Mortgage Association, Pool #MA4652		3.50		8/20/47		12
	11	Government National Mortgage Association, Pool #MA4719		3.50		9/20/47		12
	29	Government National Mortgage Association, Pool #MA0462		3.50		10/20/42		32
	9	Government National Mortgage Association, Pool #MA3310		3.50		12/20/45		10
	7	Government National Mortgage Association, Pool #MA5191		3.50		5/20/48		7
	8	Government National Mortgage Association, Pool #MA5019		3.50		2/20/48		9
	4	Government National Mortgage Association, Pool #MA5876		4.00		4/20/49		4
	7	Government National Mortgage Association, Pool #MA5931		4.00		5/20/49		7
	6	Government National Mortgage Association, Pool #BD9886		4.00		1/15/48		7
	8	Government National Mortgage Association, Pool #MA1761		4.00		3/20/44		8
	5	Government National Mortgage Association, Pool #MA5466		4.00		9/20/48		5
	10	Government National Mortgage Association, Pool #MA4587		4.00		7/20/47		10

See accompanying notes to financial statements.

164

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	10	Government National Mortgage Association, Pool #MA6040		4.00		7/20/49	$	11
	5	Government National Mortgage Association, Pool #MA4263		4.00		2/20/47		5
	4	Government National Mortgage Association, Pool #MA3377		4.00		1/20/46		5
	9	Government National Mortgage Association, Pool #MA4383		4.00		4/20/47		10
	8	Government National Mortgage Association, Pool #MA1996		4.00		6/20/44		9
	4	Government National Mortgage Association, Pool #MA3245		4.00		11/20/45		4
	5	Government National Mortgage Association, Pool #MA4653		4.00		8/20/47		5
	6	Government National Mortgage Association, Pool #MA6155		4.00		9/20/49		7
	14	Government National Mortgage Association, Pool #MA3737		4.00		6/20/46		15
	4	Government National Mortgage Association, Pool #MA5710		4.00		1/20/49		4
	4	Government National Mortgage Association, Pool #MA4322		4.00		3/20/47		5
	6	Government National Mortgage Association, Pool #MA3522		4.00		3/20/46		7
	4	Government National Mortgage Association, Pool #MA5651		4.00		12/20/48		5
	9	Government National Mortgage Association, Pool #MA2224		4.00		9/20/44		9
	8	Government National Mortgage Association, Pool #MA2304		4.00		10/20/44		9
	10	Government National Mortgage Association, Pool #MA1286		4.00		9/20/43		11
	35	Government National Mortgage Association, Pool #MA1091		4.00		6/20/43		37
	9	Government National Mortgage Association, Pool #MA4511		4.00		6/20/47		10
	5	Government National Mortgage Association, Pool #MA4452		4.00		5/20/47		5
	4	Government National Mortgage Association, Pool #MA5986		4.00		6/20/49		5
	5	Government National Mortgage Association, Pool #MA0023		4.00		4/20/42		5
	4	Government National Mortgage Association, Pool #MA5595		4.00		11/20/48		5
	12	Government National Mortgage Association, Pool #MA6091		4.00		8/20/49		13
	18	Government National Mortgage Association, Pool #721760		4.50		8/15/40		20
	4	Government National Mortgage Association, Pool #MA5193		4.50		5/20/48		4
	8	Government National Mortgage Association, Pool #MA5764		4.50		2/20/49		8
	31	Government National Mortgage Association, Pool #4801		4.50		9/20/40		33
	4	Government National Mortgage Association, Pool #MA5596		4.50		11/20/48		4
	4	Government National Mortgage Association, Pool #MA5818		4.50		3/20/49		4
	4	Government National Mortgage Association, Pool #BA2485		4.50		4/15/47		4
	13	Government National Mortgage Association, Pool #MA5987		4.50		6/20/49		14
	7	Government National Mortgage Association, Pool #MA2373		4.50		11/20/44		7
	9	Government National Mortgage Association, Pool #MA2756		4.50		4/20/45		10
	6	Government National Mortgage Association, Pool #738906		4.50		10/15/41		6
	4	Government National Mortgage Association, Pool #MA4721		4.50		9/20/47		5
	4	Government National Mortgage Association, Pool #MA1762		4.50		3/20/44		4
	8	Government National Mortgage Association, Pool #MA5399		4.50		8/20/48		9
	3	Government National Mortgage Association, Pool #MA5653		5.00		12/20/48		4
	19	Government National Mortgage Association, Pool #4559		5.00		10/20/39		22
	13	Government National Mortgage Association, Pool #697946		5.00		3/15/39		15
	6	Government National Mortgage Association, Pool #MA5988		5.00		6/20/49		6
	4	Government National Mortgage Association, Pool #MA5530		5.00		10/20/48		4
	6	Government National Mortgage Association, Pool #MA5933		5.00		5/20/49		6
	11	Government National Mortgage Association, Pool #MA0466		5.50		10/20/42		13
	8	Government National Mortgage Association, Pool #510835		5.50		2/15/35		9
	9	Government National Mortgage Association, Pool #4222		6.00		8/20/38		11
	400	Government National Mortgage Association, 30 YR TBA		2.00		1/20/52		403
	25	Government National Mortgage Association, 30 YR TBA		2.00		2/20/51		25

See accompanying notes to financial statements.

165

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	300	Government National Mortgage Association, 30 YR TBA		2.50		7/20/51	$	307
	25	Government National Mortgage Association, 30 YR TBA		2.50		2/20/51		26
	25	Government National Mortgage Association, 30 YR TBA		3.00		1/20/51		26
		Total U.S. Government Agency Mortgages						13,631
		U.S. Government Agency Securities — 1.13%
	25	Fannie Mae		0.25		5/22/23		25
	25	Fannie Mae		0.50		6/17/25		24
	25	Fannie Mae		0.75		10/8/27		24
	25	Fannie Mae, Callable 3/18/22 @ 100.00		0.88		12/18/26		24
	25	Fannie Mae		1.63		1/7/25		25
	30	Fannie Mae		2.13		4/24/26		31
	10	Fannie Mae		5.63		7/15/37		15
	20	Fannie Mae		6.63		11/15/30		28
	25	Federal Farm Credit Bank		0.25		2/26/24		25
	75	Federal Farm Credit Bank		0.88		11/18/24		76
	50	Federal Home Loan Bank		0.13		6/2/23		50
	25	Federal Home Loan Bank		0.63		12/22/23		25
	25	Federal Home Loan Bank		1.38		2/17/23		25
	25	Federal Home Loan Bank		2.13		3/10/23		25
	40	Federal Home Loan Bank		2.88		9/13/24		42
	25	Freddie Mac		0.25		11/6/23		25
	50	Freddie Mac		0.25		12/4/23		50
	50	Freddie Mac		0.38		7/21/25		49
	15	Freddie Mac		6.25		7/15/32		21
	10	Freddie Mac		6.75		3/15/31		14
	25	Freddie Mac		6.75		9/15/29		34
	5	Tennessee Valley Authority		3.50		12/15/42		6
	30	Tennessee Valley Authority		5.88		4/1/36		44
		Total U.S. Government Agency Securities						707
		Corporate Bonds — 39.45%
	140	AbbVie, Inc. (Biotechnology), Callable 8/14/28 @ 100.00		4.25		11/14/28		158
	215	AbbVie, Inc. (Biotechnology)		4.40		11/6/42		258
	25	Alabama Power Co. (Electric Utilities), Callable 2/15/44 @ 100.00		4.15		8/15/44		29
	250	Ally Financial, Inc. (Consumer Finance), Callable 10/21/25 @ 100.00		5.75		11/20/25		282
	225	Amgen, Inc. (Biotechnology), Callable 8/21/39 @ 100.00		3.15		2/21/40		229
	270	Analog Devices, Inc. (Semiconductors & Semiconductor Equipment), Callable 9/5/26 @ 100.00		3.50		12/5/26		294
	180	Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide, Inc. (Beverages), Callable 8/1/45 @ 100.00		4.90		2/1/46		227
	220	Anheuser-Busch InBev Worldwide, Inc. (Beverages), Callable 12/1/39 @ 100.00		4.35		6/1/40		258
	40	Anthem, Inc. (Health Care Providers & Services), Callable 2/15/30 @ 100.00		2.25		5/15/30		40
	185	Anthem, Inc. (Health Care Providers & Services), Callable 12/1/27 @ 100.00		4.10		3/1/28		206
	70	Anthem, Inc. (Health Care Providers & Services)		4.63		5/15/42		87
	270	Apple, Inc. (Technology Hardware, Storage & Peripherals), Callable 8/23/45 @ 100.00		4.65		2/23/46		354
	300	AT&T, Inc. (Diversified Telecommunication Services), Callable 12/1/28 @ 100.00		4.35		3/1/29		337
	55	AT&T, Inc. (Diversified Telecommunication Services), Callable 9/9/48 @ 100.00		4.55		3/9/49		65
	215	AT&T, Inc. (Diversified Telecommunication Services)		5.35		9/1/40		270

See accompanying notes to financial statements.

166

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Corporate Bonds (continued)
$	90	AT&T, Inc. (Diversified Telecommunication Services)		5.55		8/15/41	$	116
	65	Atmos Energy Corp. (Gas Utilities), Callable 4/15/44 @ 100.00		4.13		10/15/44		76
	95	Atmos Energy Corp. (Gas Utilities), Callable 7/15/42 @ 100.00		4.15		1/15/43		110
	430	Bank of America Corp. (Banks), Callable 12/20/27 @ 100.00		3.42 (US0003M + 104 bps)(b)		12/20/28		458
	680	Bank of America Corp., MTN (Banks), Callable 2/7/29 @ 100.00		3.97 (US0003M + 121 bps)(b)		2/7/30		747
	165	Berkshire Hathaway, Inc. (Multi-Utilities), Callable 8/1/44 @ 100.00		4.50		2/1/45		199
	25	BP Capital Markets America, Inc. (Diversified Financial Services), Callable 8/24/49 @ 100.00		3.00		2/24/50		25
	135	Bristol-Myers Squibb Co. (Pharmaceuticals), Callable 4/26/49 @ 100.00		4.25		10/26/49		167
	317	Brown & Brown, Inc. (Insurance), Callable 12/15/28 @ 100.00		4.50		3/15/29		357
	195	Bunge Limited Finance Corp. (Food Products), Callable 2/14/31 @ 100.00		2.75		5/14/31		197
	170	Bunge Limited Finance Corp. (Food Products), Callable 5/15/26 @ 100.00		3.25		8/15/26		179
	80	Capital One Financial Corp. (Consumer Finance), Callable 1/5/25 @ 100.00		3.20		2/5/25		84
	130	Capital One Financial Corp. (Consumer Finance), Callable 9/30/24 @ 100.00		3.30		10/30/24		137
	220	Capital One Financial Corp. (Consumer Finance), Callable 3/31/25 @ 100.00		4.25		4/30/25		238
	50	CF Industries, Inc. (Chemicals)		3.45		6/1/23		52
	210	Charter Communications Operating LLC/Charter Communications Operating Capital (Media), Callable 12/30/28 @ 100.00		5.05		3/30/29		241
	30	Cisco Systems, Inc. (Communications Equipment)		5.50		1/15/40		42
	595	Citigroup, Inc. (Banks), Callable 7/21/26 @ 100.00		3.20		10/21/26		629
	210	Citigroup, Inc. (Banks), Callable 3/31/30 @ 100.00		4.41 (SOFR + 391 bps)(b)		3/31/31		239
	25	Comcast Corp. (Media), Callable 5/1/49 @ 100.00		4.00		11/1/49		29
	25	Comcast Corp. (Media)		4.65		7/15/42		31
	245	Comcast Corp. (Media)		4.75		3/1/44		308
	170	ConocoPhillips (Oil, Gas & Consumable Fuels)		6.50		2/1/39		246
	20	Consolidated Edison Company of New York, Inc., Series 2008-B (Multi-Utilities)		6.75		4/1/38		29
	255	Constellation Brands, Inc. (Beverages), Callable 5/1/29 @ 100.00		3.15		8/1/29		268
	230	CSX Corp. (Road & Rail)		6.22		4/30/40		330
	184	CVS Health Corp. (Health Care Providers & Services), Callable 12/25/27 @ 100.00		4.30		3/25/28		206
	260	CVS Health Corp. (Health Care Providers & Services), Callable 9/25/37 @ 100.00		4.78		3/25/38		316
	188	Devon Energy Corp. (Oil, Gas & Consumable Fuels), Callable 1/15/41 @ 100.00		5.60		7/15/41		236
	110	Digital Realty Trust LP (Equity Real Estate Investment Trusts), Callable 4/15/28 @ 100.00		4.45		7/15/28		124
	115	Dominion Energy Gas Holding LLC, Series B (Multi-Utilities), Callable 8/15/29 @ 100.00		3.00		11/15/29		118
	225	Dominion Gas Holdings LLC (Multi-Utilities), Callable 9/15/24 @ 100.00		3.60		12/15/24		239
	35	Duke Energy Carolinas LLC (Electric Utilities), Callable 6/15/41 @ 100.00		4.25		12/15/41		41
	25	Duke Energy Progress LLC (Electric Utilities), Callable 2/15/45 @ 100.00		4.20		8/15/45		30
	55	E.I. du Pont de Nemours and Co. (Chemicals), Callable 4/15/30 @ 100.00		2.30		7/15/30		55
	85	Eaton Corp. (Electrical Equipment), Callable 6/15/27 @ 100.00		3.10		9/15/27		90
	5	Energy Transfer Partners LP (Oil, Gas & Consumable Fuels), Callable 3/15/28 @ 100.00		4.95		6/15/28		6
	239	Enterprise Products Operating LLC (Oil, Gas & Consumable Fuels), Callable 9/15/43 @ 100.00		4.85		3/15/44		286
	185	FedEx Corp., Series 2020-1, AA (Air Freight & Logistics)		1.88		8/20/35		181
	140	Fiserv, Inc. (IT Services), Callable 4/1/29 @ 100.00		3.50		7/1/29		151
	10	Fiserv, Inc. (IT Services), Callable 1/1/49 @ 100.00		4.40		7/1/49		12
	355	General Motors Co. (Automobiles), Callable 9/1/25 @ 100.00		6.13		10/1/25		408
	111	Gilead Sciences, Inc. (Biotechnology), Callable 8/1/44 @ 100.00		4.50		2/1/45		136
	220	HCA, Inc. (Health Care Providers & Services)		5.38		2/1/25		241

See accompanying notes to financial statements.

167

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date			Value (000)
		Corporate Bonds (continued)
$	175	Intel Corp. (Semiconductors & Semiconductor Equipment), Callable 6/8/47 @ 100.00		3.73		12/8/47		$	198
	75	International Business Machines Corp. (IT Services)		4.00		6/20/42			86
	105	International Paper Co. (Containers & Packaging), Callable 5/15/41 @ 100.00		6.00		11/15/41			145
	25	JPMorgan Chase & Co. (Banks), Callable 10/15/29 @ 100.00		2.74 (SOFR + 151 bps)(b)		10/15/30			26
	30	JPMorgan Chase & Co. (Banks), Callable 5/1/27 @ 100.00		3.54 (US0003M + 138 bps)(b)		5/1/28			33
	165	JPMorgan Chase & Co. (Banks), Callable 5/6/29 @ 100.00		3.70 (US0003M + 116 bps)(b)		5/6/30			180
	515	JPMorgan Chase & Co. (Banks), Callable 4/23/28 @ 100.00		4.01 (US0003M + 112 bps)(b)		4/23/29			567
	135	JPMorgan Chase & Co. (Banks)		8.00		4/29/27			174
	195	Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels), Callable 12/1/44 @ 100.00		5.55		6/1/45			247
	110	Lincoln National Corp. (Insurance), Callable 9/15/26 @ 100.00		3.63		12/12/26			119
	175	Lincoln National Corp. (Insurance)		7.00		6/15/40			266
	30	Lockheed Martin Corp. (Aerospace & Defense), Callable 9/1/44 @ 100.00		3.80		3/1/45			34
	70	Lockheed Martin Corp. (Aerospace & Defense)		4.07		12/15/42			83
	70	Martin Marietta Materials, Inc. (Construction Materials), Callable 3/1/27 @ 100.00		3.45		6/1/27			75
	75	Martin Marietta Materials, Inc. (Construction Materials), Callable 9/15/27 @ 100.00		3.50		12/15/27			81
	135	Martin Marietta Materials, Inc. (Construction Materials), Callable 4/2/24 @ 100.00		4.25		7/2/24	��		144
	25	Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment), Callable 9/1/22 @ 102.13		4.25		9/1/25			26
	165	Microsoft Corp. (Software), Callable 9/17/61 @ 100.00		3.04		3/17/62			176
	105	Mohawk Industries, Inc. (Household Durables), Callable 2/15/30 @ 100.00		3.63		5/15/30			112
	180	Morgan Stanley (Capital Markets)		3.63		1/20/27			195
	395	Morgan Stanley, MTN (Capital Markets), Callable 1/23/29 @ 100.00		4.43 (US0003M + 163 bps)(b)		1/23/30			449
	185	National Retail Properties, Inc. (Equity Real Estate Investment Trusts), Callable 1/15/30 @ 100.00		2.50		4/15/30			187
	100	National Rural Utilities Cooperative Finance Corp. (Diversified Financial Services), Callable 12/15/29 @ 100.00		2.40		3/15/30			102
	130	National Rural Utilities Cooperative Finance Corp. (Diversified Financial Services), Callable 1/25/27 @ 100.00		3.05		4/25/27			138
	50	Netflix, Inc. (Entertainment)		5.88		2/15/25			56
	130	NextEra Energy Capital Holdings, Inc. (Electric Utilities), Callable 3/1/30 @ 100.00		2.25		6/1/30			129
	130	Northrop Grumman Corp. (Aerospace & Defense), Callable 4/15/47 @ 100.00		4.03		10/15/47			153
	125	Nucor Corp. (Metals & Mining), Callable 2/1/43 @ 100.00		5.20		8/1/43			167
	145	NVIDIA Corp. (Semiconductors & Semiconductor Equipment), Callable 1/1/30 @ 100.00		2.85		4/1/30			153
	220	Oklahoma Gas and Electric Co. (Electric Utilities), Callable 2/15/28 @ 100.00		3.80		8/15/28			241
	170	Oracle Corp. (Software), Callable 11/15/44 @ 100.00		4.13		5/15/45			179
	105	Ovintiv Exploration, Inc. (Oil, Gas & Consumable Fuels)		5.63		7/1/24			115
	120	Pfizer, Inc. (Pharmaceuticals), Callable 3/15/38 @ 100.00		4.10		9/15/38			143
	50	Pfizer, Inc. (Pharmaceuticals)		4.30		6/15/43			62
	160	Philip Morris International, Inc. (Tobacco)		4.50		3/20/42			184
	155	Principal Financial Group, Inc. (Insurance), Callable 2/15/29 @ 100.00		3.70		5/15/29			171
	255	Progress Energy, Inc. (Electric Utilities)		6.00		12/1/39			350
	70	Prudential Financial, Inc., MTN (Insurance), Callable 9/10/39 @ 100.00		3.00		3/10/40			71
	110	Prudential Financial, Inc. (Insurance)		4.60		5/15/44			137

See accompanying notes to financial statements.

168

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Corporate Bonds (continued)
$	15	Prudential Financial, Inc. (Insurance)		6.63		6/21/40	$	22
	30	Public Service Electric & Gas Co. (Electric Utilities), Callable 3/1/42 @ 100.00		3.65		9/1/42		33
	70	Reliance Steel & Aluminum Co. (Metals & Mining), Callable 5/15/30 @ 100.00		2.15		8/15/30		68
	280	RELX Capital, Inc. (Professional Services), Callable 2/22/30 @ 100.00		3.00		5/22/30		293
	155	Rockwell Collins, Inc. (Aerospace & Defense), Callable 12/15/26 @ 100.00		3.50		3/15/27		165
	90	Roper Technologies, Inc. (Industrial Conglomerates), Callable 6/15/28 @ 100.00		4.20		9/15/28		101
	70	Sabra Health Care, LP (Equity Real Estate Investment Trusts), Callable 9/1/31 @ 100.00		3.20		12/1/31		68
	180	Sabra Health Care, LP (Equity Real Estate Investment Trusts), Callable 5/15/26 @ 100.00		5.13		8/15/26		198
	30	Southern Company Gas Capital Corp. (Electric Utilities), Callable 3/15/26 @ 100.00		3.25		6/15/26		32
	80	Southern Company Gas Capital Corp. (Electric Utilities), Callable 11/30/46 @ 100.00		4.40		5/30/47		94
	125	Southwest Airlines Co. (Airlines), Callable 4/15/27 @ 100.00		5.13		6/15/27		142
	49	Southwest Airlines Co., Series 2017-1 (Airlines)		6.15		2/1/24		49
	255	Sunoco Logistics Partners Operations LP (Oil, Gas & Consumable Fuels), Callable 10/15/22 @ 100.00		3.45		1/15/23		259
	185	Sunoco Logistics Partners Operations LP (Oil, Gas & Consumable Fuels), Callable 7/15/42 @ 100.00		4.95		1/15/43		199
	150	TCI Communications, Inc. (Media)		7.88		2/15/26		187
	470	The Goldman Sachs Group, Inc. (Capital Markets), Callable 6/5/27 @ 100.00		3.69 (US0003M + 151 bps)(b)		6/5/28		506
	215	The Goldman Sachs Group, Inc. (Capital Markets), Callable 1/26/26 @ 100.00		3.85		1/26/27		231
	60	The Goldman Sachs Group, Inc. (Capital Markets), Callable 10/31/37 @ 100.00		4.02 (US0003M + 137 bps)(b)		10/31/38		68
	55	The Home Depot, Inc. (Specialty Retail), Callable 6/6/48 @ 100.00		4.50		12/6/48		71
	145	The Home Depot, Inc. (Specialty Retail), Callable 3/15/40 @ 100.00		5.40		9/15/40		197
	125	The Interpublic Group of Companies, Inc. (Media)		4.20		4/15/24		133
	70	The Interpublic Group of Companies, Inc. (Media), Callable 4/1/48 @ 100.00		5.40		10/1/48		95
	70	The Travelers Companies, Inc. (Insurance)		5.35		11/1/40		95
	120	The Travelers Companies, Inc. (Insurance)		6.25		6/15/37		172
	175	The Walt Disney Co. (Entertainment), Callable 3/15/44 @ 100.00		4.75		9/15/44		224
	120	Toyota Motor Credit Corp., MTN (Consumer Finance)		3.38		4/1/30		132
	95	Union Pacific Corp. (Road & Rail), Callable 6/10/28 @ 100.00		3.95		9/10/28		107
	15	United Parcel Service, Inc. (Air Freight & Logistics), Callable 9/15/48 @ 100.00		4.25		3/15/49		19
	50	United Technologies Corp. (Aerospace & Defense)		4.50		6/1/42		63
	45	UnitedHealth Group, Inc. (Health Care Providers & Services), Callable 5/15/41 @ 100.00		4.63		11/15/41		57
	130	UnitedHealth Group, Inc. (Health Care Providers & Services)		4.75		7/15/45		170
	135	Valero Energy Corp. (Oil, Gas & Consumable Fuels)		6.63		6/15/37		181
	305	Verizon Communications, Inc. (Diversified Telecommunication Services), Callable 9/22/50 @ 100.00		3.55		3/22/51		327
	375	Verizon Communications, Inc. (Diversified Telecommunication Services)		4.33		9/21/28		425
	35	Verizon Communications, Inc. (Diversified Telecommunication Services)		4.86		8/21/46		45
	130	Virginia Electric and Power Co., Series B (Electric Utilities), Callable 3/15/47 @ 100.00		3.80		9/15/47		147
	80	Virginia Electric and Power Co., Series D (Electric Utilities), Callable 2/15/43 @ 100.00		4.65		8/15/43		99
	235	Wells Fargo & Co., MTN (Banks), Callable 10/30/29 @ 100.00		2.88 (US0003M + 117 bps)(b)		10/30/30		244
	495	Wells Fargo & Co. (Banks)		3.00		4/22/26		519
	120	Wells Fargo & Co., MTN (Banks), Callable 5/22/27 @ 100.00		3.58 (US0003M + 131 bps)(b)		5/22/28		129
	90	Wells Fargo & Co., MTN (Banks), Callable 10/24/28 @ 100.00		4.15		1/24/29		101

See accompanying notes to financial statements.

169

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Corporate Bonds (continued)
$	55	WestRock MWV LLC (Containers & Packaging)		8.20		1/15/30	$	76
	265	WRKCo, Inc. (Containers & Packaging), Callable 1/15/26 @ 100.00		4.65		3/15/26		295
	165	XTO Energy, Inc. (Oil, Gas & Consumable Fuels)		6.75		8/1/37		234
		Total Corporate Bonds						24,730
		U.S. Treasury Obligations — 30.91%
	65	U.S. Treasury Bond		1.13		5/15/40		57
	8	U.S. Treasury Bond		1.13		8/15/40		7
	105	U.S. Treasury Bond		1.25		5/15/50		89
	28	U.S. Treasury Bond		1.38		11/15/40		25
	145	U.S. Treasury Bond		1.38		8/15/50		127
	140	U.S. Treasury Bond		1.63		11/15/50		130
	10	U.S. Treasury Bond		1.75		8/15/41		10
	40	U.S. Treasury Bond		1.88		2/15/41		40
	15	U.S. Treasury Bond		1.88		11/15/51		15
	86	U.S. Treasury Bond		1.88		2/15/51		85
	106	U.S. Treasury Bond		2.00		2/15/50		108
	109	U.S. Treasury Bond		2.00		8/15/51		111
	117	U.S. Treasury Bond		2.25		8/15/46		124
	30	U.S. Treasury Bond		2.25		5/15/41		31
	101	U.S. Treasury Bond		2.25		8/15/49		108
	60	U.S. Treasury Bond		2.38		5/15/51		66
	96	U.S. Treasury Bond		2.38		11/15/49		105
	60	U.S. Treasury Bond		2.50		2/15/45		66
	120	U.S. Treasury Bond		2.50		2/15/46		132
	125	U.S. Treasury Bond		2.50		5/15/46		138
	55	U.S. Treasury Bond		2.75		8/15/47		64
	80	U.S. Treasury Bond		2.75		11/15/47		93
	20	U.S. Treasury Bond		2.75		11/15/42		23
	100	U.S. Treasury Bond		2.88		5/15/43		116
	65	U.S. Treasury Bond		2.88		11/15/46		77
	94	U.S. Treasury Bond		2.88		5/15/49		113
	110	U.S. Treasury Bond		2.88		8/15/45		129
	95	U.S. Treasury Bond		3.00		8/15/48		116
	75	U.S. Treasury Bond		3.00		2/15/47		91
	100	U.S. Treasury Bond		3.00		11/15/44		119
	50	U.S. Treasury Bond		3.00		11/15/45		60
	50	U.S. Treasury Bond		3.00		5/15/45		60
	50	U.S. Treasury Bond		3.00		2/15/48		61
	55	U.S. Treasury Bond		3.00		5/15/47		67
	90	U.S. Treasury Bond		3.00		2/15/49		111
	97	U.S. Treasury Bond		3.13		8/15/44		118
	22	U.S. Treasury Bond		3.13		2/15/42		26
	90	U.S. Treasury Bond		3.13		2/15/43		108
	80	U.S. Treasury Bond		3.13		5/15/48		100
	15	U.S. Treasury Bond		3.13		11/15/41		18
	30	U.S. Treasury Bond		3.38		11/15/48		39
	75	U.S. Treasury Bond		3.38		5/15/44		94

See accompanying notes to financial statements.

170

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Treasury Obligations (continued)
$	8	U.S. Treasury Bond		3.50		2/15/39	$	10
	100	U.S. Treasury Bond		3.63		2/15/44		130
	75	U.S. Treasury Bond		3.63		8/15/43		97
	33	U.S. Treasury Bond		3.75		8/15/41		43
	75	U.S. Treasury Bond		3.75		11/15/43		99
	10	U.S. Treasury Bond		3.88		8/15/40		13
	25	U.S. Treasury Bond		4.38		2/15/38		34
	15	U.S. Treasury Bond		4.38		5/15/40		21
	25	U.S. Treasury Bond		4.38		11/15/39		35
	35	U.S. Treasury Bond		4.38		5/15/41		49
	20	U.S. Treasury Bond		4.50		2/15/36		27
	35	U.S. Treasury Bond		4.63		2/15/40		50
	70	U.S. Treasury Bond		4.75		2/15/41		103
	40	U.S. Treasury Bond		5.00		5/15/37		58
	20	U.S. Treasury Bond		5.25		2/15/29		25
	40	U.S. Treasury Bond		5.38		2/15/31		53
	25	U.S. Treasury Bond		6.00		2/15/26		30
	25	U.S. Treasury Bond		6.13		8/15/29		33
	60	U.S. Treasury Bond		6.13		11/15/27		76
	35	U.S. Treasury Bond		6.25		5/15/30		48
	15	U.S. Treasury Bond		6.50		11/15/26		19
	17	U.S. Treasury Bond		7.50		11/15/24		20
	15	U.S. Treasury Bond		7.63		2/15/25		18
	25	U.S. Treasury Note		0.13		4/30/23		25
	98	U.S. Treasury Note		0.13		2/28/23		98
	135	U.S. Treasury Note		0.13		5/31/23		134
	50	U.S. Treasury Note		0.13		8/31/23		50
	120	U.S. Treasury Note		0.13		12/15/23		119
	100	U.S. Treasury Note		0.13		3/31/23		100
	50	U.S. Treasury Note		0.13		6/30/23		50
	45	U.S. Treasury Note		0.13		10/15/23		45
	20	U.S. Treasury Note		0.13		7/31/23		20
	130	U.S. Treasury Note		0.13		1/31/23		130
	70	U.S. Treasury Note		0.25		9/30/23		70
	100	U.S. Treasury Note		0.25		5/31/25		97
	115	U.S. Treasury Note		0.25		8/31/25		111
	60	U.S. Treasury Note		0.25		6/30/25		58
	55	U.S. Treasury Note		0.25		11/15/23		55
	60	U.S. Treasury Note		0.25		7/31/25		58
	55	U.S. Treasury Note		0.25		5/15/24		54
	25	U.S. Treasury Note		0.25		9/30/25		24
	120	U.S. Treasury Note		0.25		6/15/24		118
	125	U.S. Treasury Note		0.25		10/31/25		121
	85	U.S. Treasury Note		0.38		4/30/25		83
	75	U.S. Treasury Note		0.38		10/31/23		75
	65	U.S. Treasury Note		0.38		9/15/24		64
	70	U.S. Treasury Note		0.38		8/15/24		69
	25	U.S. Treasury Note		0.38		7/31/27		24

See accompanying notes to financial statements.

171

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Treasury Obligations (continued)
$	60	U.S. Treasury Note		0.38		11/30/25	$	58
	25	U.S. Treasury Note		0.38		12/31/25		24
	115	U.S. Treasury Note		0.38		7/15/24		114
	82	U.S. Treasury Note		0.38		1/31/26		79
	115	U.S. Treasury Note		0.38		9/30/27		109
	120	U.S. Treasury Note		0.38		4/15/24		119
	10	U.S. Treasury Note		0.50		6/30/27		10
	120	U.S. Treasury Note		0.50		10/31/27		114
	105	U.S. Treasury Note		0.50		8/31/27		100
	15	U.S. Treasury Note		0.50		5/31/27		14
	90	U.S. Treasury Note		0.50		3/15/23		90
	130	U.S. Treasury Note		0.50		2/28/26		126
	175	U.S. Treasury Note		0.63		8/15/30		163
	130	U.S. Treasury Note		0.63		12/31/27		124
	120	U.S. Treasury Note		0.63		5/15/30		112
	5	U.S. Treasury Note		0.63		3/31/27		5
	125	U.S. Treasury Note		0.63		11/30/27		120
	25	U.S. Treasury Note		0.63		10/15/24		25
	15	U.S. Treasury Note		0.63		7/31/26		15
	85	U.S. Treasury Note		0.75		11/15/24		85
	115	U.S. Treasury Note		0.75		12/31/23		115
	125	U.S. Treasury Note		0.75		4/30/26		123
	42	U.S. Treasury Note		0.75		8/31/26		41
	135	U.S. Treasury Note		0.75		1/31/28		130
	30	U.S. Treasury Note		0.75		5/31/26		29
	185	U.S. Treasury Note		0.88		11/15/30		176
	60	U.S. Treasury Note		0.88		6/30/26		59
	15	U.S. Treasury Note		0.88		9/30/26		15
	125	U.S. Treasury Note		1.00		7/31/28		122
	105	U.S. Treasury Note		1.00		12/15/24		105
	45	U.S. Treasury Note		1.13		2/28/25		45
	125	U.S. Treasury Note		1.13		8/31/28		123
	30	U.S. Treasury Note		1.13		10/31/26		30
	130	U.S. Treasury Note		1.13		2/29/28		128
	70	U.S. Treasury Note		1.13		2/28/27		69
	211	U.S. Treasury Note		1.13		2/15/31		206
	35	U.S. Treasury Note		1.25		11/30/26		35
	130	U.S. Treasury Note		1.25		5/31/28		129
	145	U.S. Treasury Note		1.25		8/15/31		142
	45	U.S. Treasury Note		1.25		8/31/24		45
	120	U.S. Treasury Note		1.25		9/30/28		119
	130	U.S. Treasury Note		1.25		4/30/28		129
	125	U.S. Treasury Note		1.25		6/30/28		124
	130	U.S. Treasury Note		1.25		3/31/28		129
	115	U.S. Treasury Note		1.38		12/31/28		114
	25	U.S. Treasury Note		1.38		8/31/23		25
	75	U.S. Treasury Note		1.38		9/30/23		76
	60	U.S. Treasury Note		1.38		2/15/23		61

See accompanying notes to financial statements.

172

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Treasury Obligations (continued)
$	72	U.S. Treasury Note		1.38		11/15/31	$	71
	70	U.S. Treasury Note		1.38		6/30/23		71
	95	U.S. Treasury Note		1.38		1/31/25		96
	120	U.S. Treasury Note		1.38		10/31/28		120
	50	U.S. Treasury Note		1.50		10/31/24		51
	90	U.S. Treasury Note		1.50		11/30/24		91
	80	U.S. Treasury Note		1.50		9/30/24		81
	65	U.S. Treasury Note		1.50		1/15/23		66
	25	U.S. Treasury Note		1.50		8/15/26		25
	105	U.S. Treasury Note		1.50		2/28/23		106
	115	U.S. Treasury Note		1.50		11/30/28		115
	35	U.S. Treasury Note		1.50		1/31/27		35
	63	U.S. Treasury Note		1.50		2/15/30		63
	60	U.S. Treasury Note		1.63		4/30/23		61
	195	U.S. Treasury Note		1.63		5/15/31		197
	70	U.S. Treasury Note		1.63		9/30/26		71
	100	U.S. Treasury Note		1.63		10/31/23		102
	120	U.S. Treasury Note		1.63		2/15/26		122
	130	U.S. Treasury Note		1.63		8/15/29		132
	80	U.S. Treasury Note		1.63		5/31/23		81
	88	U.S. Treasury Note		1.75		12/31/24		90
	20	U.S. Treasury Note		1.75		12/31/26		20
	80	U.S. Treasury Note		1.75		7/31/24		82
	120	U.S. Treasury Note		1.75		11/15/29		123
	114	U.S. Treasury Note		1.75		5/15/23		116
	55	U.S. Treasury Note		1.75		1/31/23		56
	75	U.S. Treasury Note		1.75		6/30/24		77
	25	U.S. Treasury Note		1.88		6/30/26		26
	75	U.S. Treasury Note		1.88		7/31/26		77
	20	U.S. Treasury Note		1.88		8/31/24		21
	125	U.S. Treasury Note		2.00		5/31/24		128
	70	U.S. Treasury Note		2.00		4/30/24		72
	95	U.S. Treasury Note		2.00		6/30/24		98
	100	U.S. Treasury Note		2.00		2/15/23		102
	160	U.S. Treasury Note		2.00		11/15/26		166
	170	U.S. Treasury Note		2.00		2/15/25		175
	170	U.S. Treasury Note		2.13		3/31/24		175
	90	U.S. Treasury Note		2.13		11/30/23		92
	100	U.S. Treasury Note		2.13		5/31/26		104
	5	U.S. Treasury Note		2.13		2/29/24		5
	65	U.S. Treasury Note		2.13		9/30/24		67
	85	U.S. Treasury Note		2.13		5/15/25		88
	55	U.S. Treasury Note		2.13		7/31/24		57
	80	U.S. Treasury Note		2.25		1/31/24		82
	80	U.S. Treasury Note		2.25		12/31/23		82
	50	U.S. Treasury Note		2.25		4/30/24		52
	80	U.S. Treasury Note		2.25		3/31/26		83
	95	U.S. Treasury Note		2.25		11/15/25		99

See accompanying notes to financial statements.

173

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Treasury Obligations (continued)
$	165	U.S. Treasury Note		2.25		2/15/27	$	173
	150	U.S. Treasury Note		2.25		11/15/24		155
	160	U.S. Treasury Note		2.25		8/15/27		168
	55	U.S. Treasury Note		2.25		12/31/24		57
	150	U.S. Treasury Note		2.25		11/15/27		157
	55	U.S. Treasury Note		2.25		10/31/24		57
	120	U.S. Treasury Note		2.38		5/15/29		128
	175	U.S. Treasury Note		2.38		5/15/27		185
	100	U.S. Treasury Note		2.38		8/15/24		104
	85	U.S. Treasury Note		2.38		1/31/23		87
	100	U.S. Treasury Note		2.38		2/29/24		103
	80	U.S. Treasury Note		2.38		4/30/26		84
	105	U.S. Treasury Note		2.50		5/15/24		109
	50	U.S. Treasury Note		2.50		1/31/24		52
	60	U.S. Treasury Note		2.50		3/31/23		61
	67	U.S. Treasury Note		2.50		8/15/23		69
	60	U.S. Treasury Note		2.50		2/28/26		63
	90	U.S. Treasury Note		2.63		12/31/25		95
	75	U.S. Treasury Note		2.63		3/31/25		79
	100	U.S. Treasury Note		2.63		12/31/23		104
	165	U.S. Treasury Note		2.63		2/15/29		178
	105	U.S. Treasury Note		2.63		6/30/23		108
	60	U.S. Treasury Note		2.63		2/28/23		61
	85	U.S. Treasury Note		2.63		1/31/26		90
	35	U.S. Treasury Note		2.75		5/31/23		36
	90	U.S. Treasury Note		2.75		6/30/25		95
	90	U.S. Treasury Note		2.75		7/31/23		93
	170	U.S. Treasury Note		2.75		11/15/23		176
	100	U.S. Treasury Note		2.75		2/15/24		104
	85	U.S. Treasury Note		2.75		8/31/25		90
	90	U.S. Treasury Note		2.75		2/28/25		95
	105	U.S. Treasury Note		2.75		2/15/28		113
	45	U.S. Treasury Note		2.75		4/30/23		46
	105	U.S. Treasury Note		2.75		8/31/23		109
	140	U.S. Treasury Note		2.88		5/15/28		153
	35	U.S. Treasury Note		2.88		11/30/23		36
	50	U.S. Treasury Note		2.88		10/31/23		52
	90	U.S. Treasury Note		2.88		4/30/25		95
	105	U.S. Treasury Note		2.88		9/30/23		109
	200	U.S. Treasury Note		2.88		8/15/28		219
	90	U.S. Treasury Note		2.88		11/30/25		96
	75	U.S. Treasury Note		2.88		7/31/25		80
	85	U.S. Treasury Note		3.00		10/31/25		91
	85	U.S. Treasury Note		3.00		9/30/25		91
	115	U.S. Treasury Note		3.13		11/15/28		128
		Total U.S. Treasury Obligations						19,376

See accompanying notes to financial statements.

174

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Yankee Dollars — 4.89%
$	85	America Movil SAB de CV (Wireless Telecommunication Services)		6.13		11/15/37	$	115
	75	BHP Billiton Finance USA Ltd. (Metals & Mining)		5.00		9/30/43		99
	185	BP Capital Markets PLC (Diversified Financial Services)		3.54		11/4/24		197
	114	British Telecommunications PLC (Diversified Telecommunication Services)		9.63		12/15/30		167
	170	Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels), Callable 6/15/25 @ 100.00		2.05		7/15/25		171
	200	Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels), Callable 3/1/27 @ 100.00		3.85		6/1/27		215
	160	Canadian Pacific Railway Co. (Road & Rail), Callable 12/5/29 @ 100.00		2.05		3/5/30		157
	105	Deutsche Telekom International Finance BV (Diversified Telecommunication Services)		8.75(c)		6/15/30		153
	90	Diageo Capital PLC (Diversified Financial Services)		5.88		9/30/36		126
	160	Enbridge, Inc. (Oil, Gas & Consumable Fuels), Callable 2/1/51 @ 100.00		3.40		8/1/51		162
	55	Enbridge, Inc. (Oil, Gas & Consumable Fuels), Callable 4/15/27 @ 100.00		3.70		7/15/27		59
	55	Equinor ASA (Oil, Gas & Consumable Fuels)		3.95		5/15/43		64
	105	Equinor ASA (Oil, Gas & Consumable Fuels)		5.10		8/17/40		137
	140	Iberdrola International BV (Electric Utilities)		5.81		3/15/25		160
	145	Iberdrola International BV (Electric Utilities)		6.75		7/15/36		213
	14	LyondellBasell Industries N.V. (Chemicals)		4.00		7/15/23		15
	20	LyondellBasell Industries N.V. (Chemicals), Callable 8/26/54 @ 100.00		4.63		2/26/55		24
	120	Nutrien Ltd. (Chemicals), Callable 2/13/30 @ 100.00		2.95		5/13/30		126
	120	Orange SA (Diversified Telecommunication Services)		9.00		3/1/31		183
	90	Shell International Finance BV (Oil, Gas & Consumable Fuels)		4.13		5/11/35		105
	50	Shell International Finance BV (Diversified Financial Services)		4.55		8/12/43		62
	55	Shell International Finance BV (Oil, Gas & Consumable Fuels)		6.38		12/15/38		80
	75	Telefonica Emisiones SAU (Diversified Telecommunication Services)		7.05		6/20/36		107
	40	TransCanada PipeLines Ltd. (Oil, Gas & Consumable Fuels), Callable 4/16/43 @ 100.00		5.00		10/16/43		50
	35	Vodafone Group PLC (Wireless Telecommunication Services)		5.00		5/30/38		43
	55	Vodafone Group PLC (Wireless Telecommunication Services)		6.15		2/27/37		74
		Total Yankee Dollars						3,064
Shares
		Investment Companies — 4.15%
	470,163	State Street Institutional Treasury Money Market Fund, Premier Class		0.01(d)				470
	2,132,642	State Street Institutional Treasury Plus Money Market Fund, Trust Class		0.01(d)				2,133
		Total Investment Companies						2,603
		Total Investments Before TBA Sale Commitments (cost $63,337) — 104.05%						65,229

See accompanying notes to financial statements.

175

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments (concluded) — December 31, 2021 (Unaudited)

Principal Amount (000)			Security Description	Rate %		Maturity Date		Value (000)
			TBA Sale Commitments(e) — (0.13)%
$	(25	)	Government National Mortgage Association, 30 YR TBA		3.50		1/20/51	$	(26	)
	(50	)	Government National Mortgage Association, 30 YR TBA		4.50		1/20/51		(53	)
			Total TBA Sale Commitments						(79	)
			Liabilities in excess of other assets — (3.92)%						(2,456	)
			Net Assets — 100.00%					$	62,694

(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, 2021.

(b) Variable Rate Security. The rate disclosed is the rate in effect on December 31, 2021.

(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, 2021.

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

(e) 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.)

bps—Basis Points

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, 2021.

The Core Fixed Income Portfolio	Agincourt Capital Management, LLC			Mellon Investments Corporation			HC Capital Solutions			Total
Asset Backed Securities		—			0.10	%		—			0.10	%
Collateralized Mortgage Obligations		—			1.68	%		—			1.68	%
U.S. Government Agency Mortgages		—			21.74	%		—			21.74	%
U.S. Government Agency Securities		—			1.13	%		—			1.13	%
Corporate Bonds		39.45	%		—			—			39.45	%
U.S. Treasury Obligations		—			30.91	%		—			30.91	%
Yankee Dollars		4.89	%		—			—			4.89	%
Investment Companies		0.75	%		3.40	%		—			4.15	%
TBA Sale Commitments		—			-0.13	%		—			-0.13	%
Other Assets (Liabilities)		0.41	%		-3.15	%		-1.18	%		-3.92	%
Total Net Assets		45.50	%		55.68	%		-1.18	%		100.00	%

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

See accompanying notes to financial statements.

176

HC CAPITAL TRUST

The Corporate Opportunities Portfolio

Portfolio of Investments — December 31, 2021 (Unaudited)

Shares		Security Description	Rate %		Maturity Date		Value (000)
		Common Stock — 0.00%
	1,740,900	ACC Claims Holding LLC (Communications Equipment) (a)(b)^					$	—
		Total Common Stock						—
Principal Amount (000)
		Loan Participations and Assignments — 7.35%
$	22,320	Centric Commercial Funding, LP(b)(c)		6.50 (US00001M with 1.00% floor + 550 bps)		10/9/22		22,291
		Total Loan Participations and Assignments						22,291
Shares
		Investment Companies — 90.59%
	1,177,000	Federated Hermes Treasury Obligations Fund, Institutional Shares^^		0.01(d)				1,177
	273,597,067	State Street Institutional Treasury Plus Money Market Fund, Trust Class		0.01(d)				273,597
		Total Investment Companies						274,774
		Total Investments (cost $297,094) — 97.94%						297,065
		Other assets in excess of liabilities — 2.06%						6,245
		Net Assets — 100.00%					$	303,310

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

^ All or part of this security was on loan as of December 31, 2021.

^^ Purchased with cash collateral held from securities lending.

(a) Escrow security due to bankruptcy.

(b) Security was valued using significant unobservable inputs as of December 31, 2021.

(c) The original loan commitment represents $24,000. The unfunded commitment represents $960 as of December 31, 2021 (amounts in thousands).

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

bps—Basis Points

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of December 31, 2021.

The Corporate Opportunities Portfolio	Parametric Portfolio Associates, LLC			HC Capital Solutions			Total
Common Stock		0.00	%		—			0.00	%
Loan Participations and Assignments		—			7.35	%		7.35	%
Investment Companies		90.12	%		0.47	%		90.59	%
Other Assets (Liabilities)		1.85	%		0.21	%		2.06	%
Total Net Assets		91.97	%		8.03	%		100.00	%

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

Amounts designated as 0.00% round to less than 0.005%.

See accompanying notes to financial statements.

177

HC CAPITAL TRUST

The Corporate Opportunities Portfolio

Portfolio of Investments (concluded) — December 31, 2021 (Unaudited)

The following table reflects the open derivative positions held by the Portfolio as of December 31, 2021.

Futures Contracts Purchased^^^

Description		Number of Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
5-Year US Treasury Note Future			1,377		3/31/22	$	166,585	$	697
E-Mini S&P 500 Future			477		3/18/22		113,490		2,355
						$	280,075	$	3,052
	Total Unrealized Appreciation							$	3,052
	Total Unrealized Depreciation								—
	Total Net Unrealized Appreciation/(Depreciation)							$	3,052

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

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

See accompanying notes to financial statements.

178

HC CAPITAL TRUST

The U.S. Government Fixed Income Securities Portfolio

Portfolio of Investments — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Securities — 3.15%
$	250	Fannie Mae		0.25		11/27/23	$	248
	200	Fannie Mae		0.25		7/10/23		199
	100	Fannie Mae		0.25		5/22/23		100
	200	Fannie Mae		0.38		8/25/25		195
	150	Fannie Mae		0.50		6/17/25		147
	150	Fannie Mae		0.63		4/22/25		148
	50	Fannie Mae		0.75		10/8/27		48
	100	Fannie Mae, Callable 3/18/22 @ 100.00		0.88		12/18/26		97
	200	Fannie Mae		0.88		8/5/30		188
	125	Fannie Mae		1.75		7/2/24		128
	100	Fannie Mae		1.88		9/24/26		103
	150	Fannie Mae		2.13		4/24/26		156
	200	Fannie Mae		2.50		2/5/24		207
	250	Fannie Mae		2.63		9/6/24		261
	95	Fannie Mae		6.25		5/15/29		126
	160	Fannie Mae		6.63		11/15/30		225
	180	Fannie Mae		7.25		5/15/30		260
	250	Federal Farm Credit Bank		0.13		11/23/22		250
	300	Federal Farm Credit Bank		0.25		2/26/24		296
	500	Federal Farm Credit Bank		0.88		11/18/24		498
	75	Federal Farm Credit Bank, Callable 1/14/22 @ 100.00		1.24		12/23/30		71
	200	Federal Home Loan Bank		0.13		6/2/23		199
	100	Federal Home Loan Bank		0.13		8/28/23		99
	200	Federal Home Loan Bank		0.50		11/9/23		199
	100	Federal Home Loan Bank		1.25		12/21/26		100
	500	Federal Home Loan Bank		1.38		2/17/23		505
	50	Federal Home Loan Bank		2.13		3/10/23		51
	150	Federal Home Loan Bank		2.88		9/13/24		158
	300	Federal Home Loan Bank		3.38		9/8/23		313
	65	Federal Home Loan Bank		5.50		7/15/36		94
	50	Freddie Mac		0.13		10/16/23		49
	250	Freddie Mac		0.25		11/6/23		248
	100	Freddie Mac		0.25		12/4/23		99
	300	Freddie Mac		0.25		8/24/23		298
	250	Freddie Mac		0.38		9/23/25		243
	150	Freddie Mac		0.38		7/21/25		146
	150	Freddie Mac		0.38		4/20/23		150
	200	Freddie Mac		0.38		5/5/23		200
	100	Freddie Mac, Callable 1/27/22 @ 100.00		0.80		10/27/26		97
	100	Freddie Mac		1.50		2/12/25		101
	150	Freddie Mac		6.25		7/15/32		215
	180	Freddie Mac		6.75		3/15/31		258
	110	Tennessee Valley Authority		4.70		7/15/33		142
	85	Tennessee Valley Authority		5.25		9/15/39		120
	100	Tennessee Valley Authority		5.88		4/1/36		145
	190	Tennessee Valley Authority		6.15		1/15/38		288
		Total U.S. Government Agency Securities						8,468

See accompanying notes to financial statements.

179

HC CAPITAL TRUST

The U.S. Government Fixed Income Securities Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Treasury Obligations — 96.40%
$	625	U.S. Treasury Bond		1.13		8/15/40	$	544
	1,285	U.S. Treasury Bond		1.25		5/15/50		1,091
	1,385	U.S. Treasury Bond		1.38		8/15/50		1,213
	715	U.S. Treasury Bond		1.38		11/15/40		650
	1,370	U.S. Treasury Bond		1.63		11/15/50		1,275
	1,770	U.S. Treasury Bond		1.75		8/15/41		1,712
	695	U.S. Treasury Bond		1.88		2/15/51		688
	1,015	U.S. Treasury Bond		1.88		11/15/51		1,007
	640	U.S. Treasury Bond		1.88		2/15/41		632
	1,345	U.S. Treasury Bond		2.00		2/15/50		1,365
	1,885	U.S. Treasury Bond		2.00		8/15/51		1,922
	500	U.S. Treasury Bond		2.00		11/15/41		505
	1,260	U.S. Treasury Bond		2.25		8/15/46		1,331
	1,250	U.S. Treasury Bond		2.25		8/15/49		1,338
	635	U.S. Treasury Bond		2.38		5/15/51		701
	1,000	U.S. Treasury Bond		2.38		11/15/49		1,099
	1,135	U.S. Treasury Bond		2.50		2/15/46		1,253
	1,015	U.S. Treasury Bond		2.50		2/15/45		1,116
	800	U.S. Treasury Bond		2.50		5/15/46		884
	1,110	U.S. Treasury Bond		2.75		8/15/47		1,291
	320	U.S. Treasury Bond		2.75		11/15/47		373
	955	U.S. Treasury Bond		2.88		11/15/46		1,130
	780	U.S. Treasury Bond		2.88		8/15/45		916
	1,500	U.S. Treasury Bond		2.88		5/15/49		1,806
	1,116	U.S. Treasury Bond		2.88		5/15/43		1,296
	1,015	U.S. Treasury Bond		3.00		11/15/44		1,210
	705	U.S. Treasury Bond		3.00		2/15/47		853
	1,360	U.S. Treasury Bond		3.00		8/15/48		1,663
	1,075	U.S. Treasury Bond		3.00		5/15/47		1,305
	1,645	U.S. Treasury Bond		3.00		2/15/49		2,021
	1,620	U.S. Treasury Bond		3.00		2/15/48		1,977
	670	U.S. Treasury Bond		3.00		11/15/45		805
	1,010	U.S. Treasury Bond		3.00		5/15/45		1,208
	1,505	U.S. Treasury Bond		3.13		5/15/48		1,880
	827	U.S. Treasury Bond		3.13		2/15/43		996
	1,230	U.S. Treasury Bond		3.13		8/15/44		1,492
	1,130	U.S. Treasury Bond		3.38		5/15/44		1,422
	900	U.S. Treasury Bond		3.38		11/15/48		1,178
	40	U.S. Treasury Bond		3.50		2/15/39		50
	1,030	U.S. Treasury Bond		3.63		2/15/44		1,340
	970	U.S. Treasury Bond		3.63		8/15/43		1,258
	645	U.S. Treasury Bond		3.75		11/15/43		852
	225	U.S. Treasury Bond		3.88		8/15/40		296
	550	U.S. Treasury Bond		4.25		11/15/40		759
	30	U.S. Treasury Bond		4.25		5/15/39		41
	551	U.S. Treasury Bond		4.38		5/15/41		776
	855	U.S. Treasury Bond		4.38		11/15/39		1,190

See accompanying notes to financial statements.

180

HC CAPITAL TRUST

The U.S. Government Fixed Income Securities Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Treasury Obligations (continued)
$	163	U.S. Treasury Bond		4.38		5/15/40	$	228
	530	U.S. Treasury Bond		4.38		2/15/38		729
	400	U.S. Treasury Bond		4.50		2/15/36		549
	150	U.S. Treasury Bond		4.50		8/15/39		211
	255	U.S. Treasury Bond		4.50		5/15/38		356
	673	U.S. Treasury Bond		4.63		2/15/40		965
	70	U.S. Treasury Bond		4.75		2/15/37		99
	575	U.S. Treasury Bond		4.75		2/15/41		844
	235	U.S. Treasury Bond		5.00		5/15/37		342
	425	U.S. Treasury Bond		5.25		2/15/29		535
	282	U.S. Treasury Bond		5.25		11/15/28		353
	99	U.S. Treasury Bond		5.38		2/15/31		132
	85	U.S. Treasury Bond		6.00		2/15/26		101
	280	U.S. Treasury Bond		6.13		8/15/29		375
	265	U.S. Treasury Bond		6.13		11/15/27		336
	320	U.S. Treasury Bond		6.25		5/15/30		441
	100	U.S. Treasury Bond		6.38		8/15/27		127
	218	U.S. Treasury Bond		6.50		11/15/26		272
	200	U.S. Treasury Bond		6.75		8/15/26		249
	300	U.S. Treasury Bond		6.88		8/15/25		361
	115	U.S. Treasury Bond		7.13		2/15/23		123
	295	U.S. Treasury Bond		7.63		2/15/25		355
	1,505	U.S. Treasury Note		0.13		9/15/23		1,491
	685	U.S. Treasury Note		0.13		10/15/23		678
	1,475	U.S. Treasury Note		0.13		2/15/24		1,456
	500	U.S. Treasury Note		0.13		6/30/23		497
	1,490	U.S. Treasury Note		0.13		3/31/23		1,483
	945	U.S. Treasury Note		0.13		1/31/23		942
	880	U.S. Treasury Note		0.13		12/31/22		877
	500	U.S. Treasury Note		0.13		8/31/23		496
	745	U.S. Treasury Note		0.13		8/15/23		739
	1,275	U.S. Treasury Note		0.13		1/15/24		1,259
	1,250	U.S. Treasury Note		0.13		2/28/23		1,245
	700	U.S. Treasury Note		0.13		7/15/23		695
	1,430	U.S. Treasury Note		0.13		4/30/23		1,422
	1,485	U.S. Treasury Note		0.13		12/15/23		1,468
	700	U.S. Treasury Note		0.25		6/15/23		697
	1,680	U.S. Treasury Note		0.25		10/31/25		1,624
	200	U.S. Treasury Note		0.25		9/30/23		199
	1,990	U.S. Treasury Note		0.25		9/30/25		1,927
	1,805	U.S. Treasury Note		0.25		3/15/24		1,784
	200	U.S. Treasury Note		0.25		11/15/23		198
	1,770	U.S. Treasury Note		0.25		8/31/25		1,714
	1,370	U.S. Treasury Note		0.25		5/15/24		1,351
	1,090	U.S. Treasury Note		0.25		5/31/25		1,060
	1,415	U.S. Treasury Note		0.25		6/15/24		1,394
	45	U.S. Treasury Note		0.25		4/15/23		45
	620	U.S. Treasury Note		0.25		6/30/25		602

See accompanying notes to financial statements.

181

HC CAPITAL TRUST

The U.S. Government Fixed Income Securities Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Treasury Obligations (continued)
$	290	U.S. Treasury Note		0.25		7/31/25	$	281
	1,545	U.S. Treasury Note		0.38		12/31/25		1,497
	1,845	U.S. Treasury Note		0.38		9/30/27		1,746
	800	U.S. Treasury Note		0.38		8/15/24		789
	1,350	U.S. Treasury Note		0.38		7/31/27		1,282
	1,395	U.S. Treasury Note		0.38		9/15/24		1,375
	235	U.S. Treasury Note		0.38		4/30/25		230
	250	U.S. Treasury Note		0.38		11/30/23		249
	1,410	U.S. Treasury Note		0.38		7/15/24		1,392
	1,400	U.S. Treasury Note		0.38		1/31/26		1,355
	1,380	U.S. Treasury Note		0.38		4/15/24		1,366
	750	U.S. Treasury Note		0.50		6/30/27		717
	1,510	U.S. Treasury Note		0.50		3/31/25		1,485
	1,595	U.S. Treasury Note		0.50		8/31/27		1,522
	175	U.S. Treasury Note		0.50		2/28/26		170
	750	U.S. Treasury Note		0.50		5/31/27		718
	1,355	U.S. Treasury Note		0.50		4/30/27		1,299
	1,000	U.S. Treasury Note		0.50		3/15/23		1,000
	1,895	U.S. Treasury Note		0.63		8/15/30		1,767
	2,055	U.S. Treasury Note		0.63		12/31/27		1,966
	1,840	U.S. Treasury Note		0.63		11/30/27		1,762
	1,200	U.S. Treasury Note		0.63		10/15/24		1,190
	2,275	U.S. Treasury Note		0.63		5/15/30		2,127
	475	U.S. Treasury Note		0.63		3/31/27		459
	1,635	U.S. Treasury Note		0.63		7/31/26		1,590
	1,400	U.S. Treasury Note		0.75		1/31/28		1,348
	1,375	U.S. Treasury Note		0.75		11/15/24		1,367
	1,320	U.S. Treasury Note		0.75		3/31/26		1,295
	1,190	U.S. Treasury Note		0.75		4/30/26		1,166
	1,845	U.S. Treasury Note		0.75		8/31/26		1,803
	2,115	U.S. Treasury Note		0.75		5/31/26		2,072
	2,160	U.S. Treasury Note		0.88		9/30/26		2,122
	2,330	U.S. Treasury Note		0.88		11/15/30		2,214
	795	U.S. Treasury Note		0.88		6/30/26		782
	1,100	U.S. Treasury Note		1.00		12/15/24		1,101
	215	U.S. Treasury Note		1.00		7/31/28		209
	965	U.S. Treasury Note		1.13		2/28/25		968
	1,100	U.S. Treasury Note		1.13		2/28/27		1,091
	775	U.S. Treasury Note		1.13		10/31/26		770
	35	U.S. Treasury Note		1.13		2/29/28		34
	1,550	U.S. Treasury Note		1.13		8/31/28		1,520
	2,965	U.S. Treasury Note		1.13		2/15/31		2,877
	2,980	U.S. Treasury Note		1.25		8/15/31		2,912
	1,520	U.S. Treasury Note		1.25		9/30/28		1,502
	1,625	U.S. Treasury Note		1.25		6/30/28		1,608
	1,540	U.S. Treasury Note		1.25		3/31/28		1,527
	400	U.S. Treasury Note		1.25		7/31/23		404
	1,100	U.S. Treasury Note		1.25		11/30/26		1,099

See accompanying notes to financial statements.

182

HC CAPITAL TRUST

The U.S. Government Fixed Income Securities Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Treasury Obligations (continued)
$	670	U.S. Treasury Note		1.25		8/31/24	$	676
	1,520	U.S. Treasury Note		1.25		4/30/28		1,506
	660	U.S. Treasury Note		1.25		5/31/28		654
	1,000	U.S. Treasury Note		1.38		2/15/23		1,010
	450	U.S. Treasury Note		1.38		8/31/26		453
	1,205	U.S. Treasury Note		1.38		1/31/25		1,219
	1,655	U.S. Treasury Note		1.38		11/15/31		1,633
	1,915	U.S. Treasury Note		1.50		2/15/30		1,924
	1,485	U.S. Treasury Note		1.50		9/30/24		1,508
	1,000	U.S. Treasury Note		1.50		8/15/26		1,011
	950	U.S. Treasury Note		1.50		2/28/23		961
	465	U.S. Treasury Note		1.50		3/31/23		471
	225	U.S. Treasury Note		1.50		1/15/23		227
	905	U.S. Treasury Note		1.50		1/31/27		915
	1,620	U.S. Treasury Note		1.50		10/31/24		1,645
	1,090	U.S. Treasury Note		1.50		11/30/24		1,107
	815	U.S. Treasury Note		1.63		5/31/23		827
	810	U.S. Treasury Note		1.63		4/30/23		822
	200	U.S. Treasury Note		1.63		10/31/23		203
	1,000	U.S. Treasury Note		1.63		10/31/26		1,017
	945	U.S. Treasury Note		1.63		11/30/26		961
	1,095	U.S. Treasury Note		1.63		8/15/29		1,111
	1,400	U.S. Treasury Note		1.63		2/15/26		1,424
	3,080	U.S. Treasury Note		1.63		5/15/31		3,117
	600	U.S. Treasury Note		1.63		9/30/26		610
	745	U.S. Treasury Note		1.75		7/31/24		762
	1,160	U.S. Treasury Note		1.75		12/31/24		1,186
	175	U.S. Treasury Note		1.75		6/30/24		179
	790	U.S. Treasury Note		1.75		11/15/29		810
	1,100	U.S. Treasury Note		1.75		12/31/26		1,126
	700	U.S. Treasury Note		1.75		1/31/23		710
	1,603	U.S. Treasury Note		1.75		5/15/23		1,629
	990	U.S. Treasury Note		1.88		8/31/24		1,015
	475	U.S. Treasury Note		1.88		6/30/26		488
	390	U.S. Treasury Note		1.88		7/31/26		401
	1,825	U.S. Treasury Note		2.00		8/15/25		1,882
	1,710	U.S. Treasury Note		2.00		5/31/24		1,757
	1,421	U.S. Treasury Note		2.00		2/15/25		1,463
	1,885	U.S. Treasury Note		2.00		11/15/26		1,950
	1,360	U.S. Treasury Note		2.00		4/30/24		1,397
	1,538	U.S. Treasury Note		2.00		2/15/23		1,564
	590	U.S. Treasury Note		2.13		7/31/24		609
	385	U.S. Treasury Note		2.13		5/15/25		398
	445	U.S. Treasury Note		2.13		11/30/24		460
	1,315	U.S. Treasury Note		2.13		9/30/24		1,358
	557	U.S. Treasury Note		2.13		11/30/23		572
	1,145	U.S. Treasury Note		2.13		2/29/24		1,178
	950	U.S. Treasury Note		2.13		3/31/24		978

See accompanying notes to financial statements.

183

HC CAPITAL TRUST

The U.S. Government Fixed Income Securities Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Treasury Obligations (continued)
$	795	U.S. Treasury Note		2.25		12/31/24	$	825
	1,770	U.S. Treasury Note		2.25		8/15/27		1,857
	790	U.S. Treasury Note		2.25		10/31/24		819
	1,775	U.S. Treasury Note		2.25		11/15/27		1,863
	950	U.S. Treasury Note		2.25		12/31/23		979
	810	U.S. Treasury Note		2.25		1/31/24		835
	1,785	U.S. Treasury Note		2.25		2/15/27		1,870
	1,675	U.S. Treasury Note		2.25		11/15/25		1,745
	700	U.S. Treasury Note		2.25		4/30/24		723
	1,955	U.S. Treasury Note		2.25		11/15/24		2,026
	1,810	U.S. Treasury Note		2.38		5/15/27		1,910
	340	U.S. Treasury Note		2.38		4/30/26		357
	1,955	U.S. Treasury Note		2.38		5/15/29		2,084
	1,250	U.S. Treasury Note		2.38		1/31/23		1,276
	1,675	U.S. Treasury Note		2.38		8/15/24		1,739
	1,125	U.S. Treasury Note		2.38		2/29/24		1,163
	990	U.S. Treasury Note		2.50		3/31/23		1,014
	1,065	U.S. Treasury Note		2.50		5/15/24		1,106
	1,020	U.S. Treasury Note		2.50		1/31/25		1,066
	850	U.S. Treasury Note		2.50		2/28/26		895
	1,370	U.S. Treasury Note		2.50		8/15/23		1,411
	1,300	U.S. Treasury Note		2.50		1/31/24		1,347
	1,055	U.S. Treasury Note		2.63		1/31/26		1,115
	1,250	U.S. Treasury Note		2.63		12/31/23		1,296
	1,205	U.S. Treasury Note		2.63		12/31/25		1,274
	985	U.S. Treasury Note		2.63		2/28/23		1,009
	1,785	U.S. Treasury Note		2.63		2/15/29		1,929
	500	U.S. Treasury Note		2.63		6/30/23		515
	955	U.S. Treasury Note		2.63		3/31/25		1,003
	980	U.S. Treasury Note		2.75		4/30/23		1,009
	1,620	U.S. Treasury Note		2.75		2/15/24		1,687
	745	U.S. Treasury Note		2.75		8/31/23		771
	1,010	U.S. Treasury Note		2.75		8/31/25		1,068
	585	U.S. Treasury Note		2.75		5/31/23		603
	1,897	U.S. Treasury Note		2.75		11/15/23		1,968
	1,050	U.S. Treasury Note		2.75		7/31/23		1,085
	2,120	U.S. Treasury Note		2.75		2/15/28		2,291
	750	U.S. Treasury Note		2.88		11/30/23		781
	500	U.S. Treasury Note		2.88		9/30/23		519
	1,000	U.S. Treasury Note		2.88		7/31/25		1,063
	1,230	U.S. Treasury Note		2.88		8/15/28		1,343
	2,245	U.S. Treasury Note		2.88		5/15/28		2,446
	505	U.S. Treasury Note		2.88		5/31/25		535
	800	U.S. Treasury Note		2.88		11/30/25		853
	1,105	U.S. Treasury Note		2.88		10/31/23		1,149
	880	U.S. Treasury Note		3.00		10/31/25		941
	995	U.S. Treasury Note		3.00		9/30/25		1,063
	1,380	U.S. Treasury Note		3.13		11/15/28		1,534

See accompanying notes to financial statements.

184

HC CAPITAL TRUST

The U.S. Government Fixed Income Securities Portfolio

Portfolio of Investments (concluded) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Treasury Obligations (continued)
$	400	U.S. Treasury Note		5.50		8/15/28	$	503
		Total U.S. Treasury Obligations						259,408
		Yankee Dollar — 0.05%
	115	AID-Israel (Sovereign Bond)		5.50		9/18/23		124
		Total Yankee Dollar						124
		Total Investments (cost $258,745) — 99.60%						268,000
		Other assets in excess of liabilities — 0.40%						1,073
		Net Assets — 100.00%					$	269,073

As of December 31, 2021, 100% of the Portfolio’s net assets were managed by Mellon Investments Corporation.

See accompanying notes to financial statements.

185

HC CAPITAL TRUST

The U.S. Corporate Fixed Income Securities Portfolio

Portfolio of Investments — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Corporate Bonds — 71.28%
$	930	AbbVie, Inc. (Biotechnology), Callable 8/14/28 @ 100.00		4.25		11/14/28	$	1,049
	1,954	AbbVie, Inc. (Biotechnology)		4.40		11/6/42		2,341
	530	Alabama Power Co., Series B (Electric Utilities), Callable 6/1/47 @ 100.00		3.70		12/1/47		587
	155	Alabama Power Co. (Electric Utilities), Callable 2/15/44 @ 100.00		4.15		8/15/44		180
	2,155	Ally Financial, Inc. (Consumer Finance), Callable 10/21/25 @ 100.00		5.75		11/20/25		2,430
	1,935	Amgen, Inc. (Biotechnology), Callable 8/21/39 @ 100.00		3.15		2/21/40		1,969
	2,330	Analog Devices, Inc. (Semiconductors & Semiconductor Equipment), Callable 9/5/26 @ 100.00		3.50		12/5/26		2,540
	1,525	Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide, Inc. (Beverages), Callable 8/1/45 @ 100.00		4.90		2/1/46		1,926
	1,880	Anheuser-Busch InBev Worldwide, Inc. (Beverages), Callable 12/1/39 @ 100.00		4.35		6/1/40		2,204
	1,980	Anthem, Inc. (Health Care Providers & Services), Callable 12/1/27 @ 100.00		4.10		3/1/28		2,204
	790	Anthem, Inc. (Health Care Providers & Services)		4.63		5/15/42		979
	2,295	Apple, Inc. (Technology Hardware, Storage & Peripherals), Callable 8/23/45 @ 100.00		4.65		2/23/46		3,011
	2,250	AT&T, Inc. (Diversified Telecommunication Services), Callable 12/1/28 @ 100.00		4.35		3/1/29		2,528
	740	AT&T, Inc. (Diversified Telecommunication Services), Callable 9/9/48 @ 100.00		4.55		3/9/49		880
	2,046	AT&T, Inc. (Diversified Telecommunication Services)		5.35		9/1/40		2,570
	585	AT&T, Inc. (Diversified Telecommunication Services)		5.55		8/15/41		754
	255	Atmos Energy Corp. (Gas Utilities), Callable 4/15/44 @ 100.00		4.13		10/15/44		296
	1,145	Atmos Energy Corp. (Gas Utilities), Callable 7/15/42 @ 100.00		4.15		1/15/43		1,321
	4,501	Bank of America Corp. (Banks), Callable 12/20/27 @ 100.00		3.42 (US0003M + 104 bps)(a)		12/20/28		4,804
	5,225	Bank of America Corp., MTN (Banks), Callable 2/7/29 @ 100.00		3.97 (US0003M + 121 bps)(a)		2/7/30		5,747
	1,665	Berkshire Hathaway, Inc. (Multi-Utilities), Callable 8/1/44 @ 100.00		4.50		2/1/45		2,013
	265	BP Capital Markets America, Inc. (Diversified Financial Services), Callable 8/24/49 @ 100.00		3.00		2/24/50		260
	1,110	Bristol-Myers Squibb Co. (Pharmaceuticals), Callable 4/26/49 @ 100.00		4.25		10/26/49		1,372
	2,705	Brown & Brown, Inc. (Insurance), Callable 12/15/28 @ 100.00		4.50		3/15/29		3,045
	1,315	Bunge Limited Finance Corp. (Food Products), Callable 2/14/31 @ 100.00		2.75		5/14/31		1,331
	1,885	Bunge Limited Finance Corp. (Food Products), Callable 5/15/26 @ 100.00		3.25		8/15/26		1,983
	500	Capital One Bank USA NA (Banks), Callable 1/28/25 @ 100.00		2.28 (SOFR + 91 bps)(a)		1/28/26		510
	700	Capital One Financial Corp. (Consumer Finance), Callable 1/5/25 @ 100.00		3.20		2/5/25		734
	2,022	Capital One Financial Corp. (Consumer Finance), Callable 3/31/25 @ 100.00		4.25		4/30/25		2,186
	500	CF Industries, Inc. (Chemicals)		3.45		6/1/23		516
	1,780	Charter Communications Operating LLC/Charter Communications Operating Capital (Media), Callable 12/30/28 @ 100.00		5.05		3/30/29		2,040
	310	Cisco Systems, Inc. (Communications Equipment)		5.50		1/15/40		431
	5,835	Citigroup, Inc. (Banks), Callable 7/21/26 @ 100.00		3.20		10/21/26		6,179
	1,310	Citigroup, Inc. (Banks), Callable 3/31/30 @ 100.00		4.41 (SOFR + 391 bps)(a)		3/31/31		1,492
	295	Comcast Corp. (Media)		4.65		7/15/42		362
	2,185	Comcast Corp. (Media)		4.75		3/1/44		2,744
	1,845	ConocoPhillips (Oil, Gas & Consumable Fuels)		6.50		2/1/39		2,674
	175	Consolidated Edison Company of New York, Inc., Series 2008-B (Multi-Utilities)		6.75		4/1/38		253
	2,195	Constellation Brands, Inc. (Beverages), Callable 5/1/29 @ 100.00		3.15		8/1/29		2,306
	2,050	CSX Corp. (Road & Rail)		6.22		4/30/40		2,938
	1,047	CVS Health Corp. (Health Care Providers & Services), Callable 12/25/27 @ 100.00		4.30		3/25/28		1,172
	2,415	CVS Health Corp. (Health Care Providers & Services), Callable 9/25/37 @ 100.00		4.78		3/25/38		2,936

See accompanying notes to financial statements.

186

HC CAPITAL TRUST

The U.S. Corporate Fixed Income Securities Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Corporate Bonds (continued)
$	1,565	Devon Energy Corp. (Oil, Gas & Consumable Fuels), Callable 1/15/41 @ 100.00		5.60		7/15/41	$	1,962
	315	Devon Energy Corp. (Oil, Gas & Consumable Fuels), Callable 9/15/25 @ 100.00		5.85		12/15/25		360
	1,625	Digital Realty Trust LP (Equity Real Estate Investment Trusts), Callable 4/15/28 @ 100.00		4.45		7/15/28		1,837
	1,005	Dominion Energy Gas Holding LLC, Series B (Multi-Utilities), Callable 8/15/29 @ 100.00		3.00		11/15/29		1,035
	1,830	Dominion Gas Holdings LLC (Multi-Utilities), Callable 9/15/24 @ 100.00		3.60		12/15/24		1,941
	685	E.I. du Pont de Nemours and Co. (Chemicals), Callable 4/15/30 @ 100.00		2.30		7/15/30		686
	569	Eaton Corp. (Electrical Equipment), Callable 6/15/27 @ 100.00		3.10		9/15/27		605
	800	Energy Transfer Partners LP (Oil, Gas & Consumable Fuels), Callable 3/15/28 @ 100.00		4.95		6/15/28		902
	2,052	Enterprise Products Operating LLC (Oil, Gas & Consumable Fuels), Callable 9/15/43 @ 100.00		4.85		3/15/44		2,459
	2,049	FedEx Corp., Series 2020-1, AA (Air Freight & Logistics)		1.88		8/20/35		2,009
	1,275	Fiserv, Inc. (IT Services), Callable 4/1/29 @ 100.00		3.50		7/1/29		1,371
	225	Fiserv, Inc. (IT Services), Callable 1/1/49 @ 100.00		4.40		7/1/49		267
	3,495	General Motors Co. (Automobiles), Callable 9/1/25 @ 100.00		6.13		10/1/25		4,012
	1,155	Gilead Sciences, Inc. (Biotechnology), Callable 8/1/44 @ 100.00		4.50		2/1/45		1,410
	1,890	HCA, Inc. (Health Care Providers & Services)		5.38		2/1/25		2,070
	1,512	Intel Corp. (Semiconductors & Semiconductor Equipment), Callable 6/8/47 @ 100.00		3.73		12/8/47		1,708
	560	International Business Machines Corp. (IT Services)		4.00		6/20/42		641
	795	International Paper Co. (Containers & Packaging), Callable 5/15/41 @ 100.00		6.00		11/15/41		1,097
	225	JPMorgan Chase & Co. (Banks), Callable 10/15/29 @ 100.00		2.74 (SOFR + 151 bps)(a)		10/15/30		231
	310	JPMorgan Chase & Co. (Banks), Callable 5/1/27 @ 100.00		3.54 (US0003M + 138 bps)(a)		5/1/28		336
	1,658	JPMorgan Chase & Co. (Banks), Callable 5/6/29 @ 100.00		3.70 (US0003M + 116 bps)(a)		5/6/30		1,804
	5,705	JPMorgan Chase & Co. (Banks), Callable 4/23/28 @ 100.00		4.01 (US0003M + 112 bps)(a)		4/23/29		6,291
	208	JPMorgan Chase & Co. (Banks)		8.00		4/29/27		269
	1,665	Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels), Callable 12/1/44 @ 100.00		5.55		6/1/45		2,108
	190	Lincoln National Corp. (Insurance), Callable 9/15/26 @ 100.00		3.63		12/12/26		205
	1,365	Lincoln National Corp. (Insurance)		7.00		6/15/40		2,074
	40	Lockheed Martin Corp. (Aerospace & Defense), Callable 9/1/44 @ 100.00		3.80		3/1/45		46
	655	Lockheed Martin Corp. (Aerospace & Defense)		4.07		12/15/42		776
	789	Martin Marietta Materials, Inc. (Construction Materials), Callable 3/1/27 @ 100.00		3.45		6/1/27		840
	1,165	Martin Marietta Materials, Inc. (Construction Materials), Callable 9/15/27 @ 100.00		3.50		12/15/27		1,253
	205	Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment), Callable 9/1/22 @ 102.13		4.25		9/1/25		212
	1,415	Microsoft Corp. (Software), Callable 9/17/61 @ 100.00		3.04		3/17/62		1,509
	960	Mohawk Industries, Inc. (Household Durables), Callable 2/15/30 @ 100.00		3.63		5/15/30		1,028
	1,235	Morgan Stanley (Capital Markets)		3.63		1/20/27		1,335
	3,730	Morgan Stanley, MTN (Capital Markets), Callable 1/23/29 @ 100.00		4.43 (US0003M + 163 bps)(a)		1/23/30		4,234
	1,580	National Retail Properties, Inc. (Equity Real Estate Investment Trusts), Callable 1/15/30 @ 100.00		2.50		4/15/30		1,597
	1,615	National Rural Utilities Cooperative Finance Corp. (Diversified Financial Services), Callable 12/15/29 @ 100.00		2.40		3/15/30		1,647
	450	Netflix, Inc. (Entertainment)		5.88		2/15/25		506
	1,000	NextEra Energy Capital Holdings, Inc. (Electric Utilities), Callable 3/1/30 @ 100.00		2.25		6/1/30		994
	1,075	Northrop Grumman Corp. (Aerospace & Defense), Callable 4/15/47 @ 100.00		4.03		10/15/47		1,267

See accompanying notes to financial statements.

187

HC CAPITAL TRUST

The U.S. Corporate Fixed Income Securities Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Corporate Bonds (continued)
$	1,056	Nucor Corp. (Metals & Mining), Callable 2/1/43 @ 100.00		5.20		8/1/43	$	1,413
	2,420	Oklahoma Gas and Electric Co. (Electric Utilities), Callable 2/15/28 @ 100.00		3.80		8/15/28		2,651
	1,460	Oracle Corp. (Software), Callable 11/15/44 @ 100.00		4.13		5/15/45		1,539
	895	Ovintiv Exploration, Inc. (Oil, Gas & Consumable Fuels)		5.63		7/1/24		980
	1,080	Pfizer, Inc. (Pharmaceuticals), Callable 3/15/38 @ 100.00		4.10		9/15/38		1,283
	400	Pfizer, Inc. (Pharmaceuticals)		4.30		6/15/43		493
	1,435	Philip Morris International, Inc. (Tobacco)		4.50		3/20/42		1,655
	1,420	Principal Financial Group, Inc. (Insurance), Callable 2/15/29 @ 100.00		3.70		5/15/29		1,568
	2,534	Progress Energy, Inc. (Electric Utilities)		6.00		12/1/39		3,474
	495	Prudential Financial, Inc. (Insurance)		4.60		5/15/44		618
	152	Prudential Financial, Inc. (Insurance)		6.63		6/21/40		227
	265	Public Service Electric & Gas Co. (Electric Utilities), Callable 3/1/42 @ 100.00		3.65		9/1/42		289
	610	Reliance Steel & Aluminum Co. (Metals & Mining), Callable 5/15/30 @ 100.00		2.15		8/15/30		593
	2,501	RELX Capital, Inc. (Professional Services), Callable 2/22/30 @ 100.00		3.00		5/22/30		2,620
	1,244	Rockwell Collins, Inc. (Aerospace & Defense), Callable 12/15/26 @ 100.00 ^		3.50		3/15/27		1,322
	864	Roper Technologies, Inc. (Industrial Conglomerates), Callable 6/15/28 @ 100.00		4.20		9/15/28		970
	930	Sabra Health Care, LP (Equity Real Estate Investment Trusts), Callable 9/1/31 @ 100.00		3.20		12/1/31		907
	959	Sabra Health Care, LP (Equity Real Estate Investment Trusts), Callable 5/15/26 @ 100.00		5.13		8/15/26		1,056
	330	Southern Company Gas Capital Corp. (Electric Utilities), Callable 3/15/26 @ 100.00		3.25		6/15/26		348
	920	Southern Company Gas Capital Corp. (Electric Utilities), Callable 11/30/46 @ 100.00		4.40		5/30/47		1,079
	1,095	Southwest Airlines Co. (Airlines), Callable 4/15/27 @ 100.00		5.13		6/15/27		1,247
	306	Southwest Airlines Co., Series 2017-1 (Airlines)		6.15		2/1/24		311
	3,371	Sunoco Logistics Partners Operations LP (Oil, Gas & Consumable Fuels), Callable 10/15/22 @ 100.00		3.45		1/15/23		3,430
	1,625	Sunoco Logistics Partners Operations LP (Oil, Gas & Consumable Fuels), Callable 7/15/42 @ 100.00		4.95		1/15/43		1,751
	1,850	TCI Communications, Inc. (Media)		7.88		2/15/26		2,303
	3,685	The Goldman Sachs Group, Inc. (Capital Markets), Callable 6/5/27 @ 100.00		3.69 (US0003M + 151 bps)(a)		6/5/28		3,978
	2,234	The Goldman Sachs Group, Inc. (Capital Markets), Callable 1/26/26 @ 100.00		3.85		1/26/27		2,398
	530	The Goldman Sachs Group, Inc. (Capital Markets), Callable 10/31/37 @ 100.00		4.02 (US0003M + 137 bps)(a)		10/31/38		604
	345	The Home Depot, Inc. (Specialty Retail), Callable 6/6/48 @ 100.00		4.50		12/6/48		445
	1,210	The Home Depot, Inc. (Specialty Retail), Callable 3/15/40 @ 100.00		5.40		9/15/40		1,643
	1,065	The Interpublic Group of Companies, Inc. (Media)		4.20		4/15/24		1,133
	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		784
	430	The Travelers Companies, Inc. (Insurance)		5.35		11/1/40		582
	296	The Travelers Companies, Inc. (Insurance)		6.25		6/15/37		423
	1,485	The Walt Disney Co. (Entertainment), Callable 3/15/44 @ 100.00		4.75		9/15/44		1,899
	560	Toyota Motor Credit Corp., MTN (Consumer Finance)		3.38		4/1/30		614
	140	United Parcel Service, Inc. (Air Freight & Logistics), Callable 9/15/48 @ 100.00		4.25		3/15/49		179
	674	United Technologies Corp. (Aerospace & Defense)		4.50		6/1/42		843
	810	UnitedHealth Group, Inc. (Health Care Providers & Services), Callable 5/15/41 @ 100.00		4.63		11/15/41		1,021
	490	UnitedHealth Group, Inc. (Health Care Providers & Services)		4.75		7/15/45		641
	1,190	Valero Energy Corp. (Oil, Gas & Consumable Fuels)		6.63		6/15/37		1,596
	2,830	Verizon Communications, Inc. (Diversified Telecommunication Services), Callable 9/22/50 @ 100.00		3.55		3/22/51		3,033

See accompanying notes to financial statements.

188

HC CAPITAL TRUST

The U.S. Corporate Fixed Income Securities Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Corporate Bonds (continued)
$	2,625	Verizon Communications, Inc. (Diversified Telecommunication Services)		4.33		9/21/28	$	2,976
	310	Verizon Communications, Inc. (Diversified Telecommunication Services)		4.86		8/21/46		399
	625	Virginia Electric and Power Co., Series B (Electric Utilities), Callable 3/15/47 @ 100.00		3.80		9/15/47		709
	820	Virginia Electric and Power Co., Series D (Electric Utilities), Callable 2/15/43 @ 100.00		4.65		8/15/43		1,018
	2,525	Wells Fargo & Co., MTN (Banks), Callable 10/30/29 @ 100.00		2.88 (US0003M + 117 bps)(a)		10/30/30		2,622
	3,679	Wells Fargo & Co. (Banks)		3.00		4/22/26		3,866
	775	Wells Fargo & Co., MTN (Banks), Callable 5/22/27 @ 100.00		3.58 (US0003M + 131 bps)(a)		5/22/28		833
	770	Wells Fargo & Co., MTN (Banks), Callable 10/24/28 @ 100.00		4.15		1/24/29		861
	340	WestRock MWV LLC (Containers & Packaging)		8.20		1/15/30		468
	3,045	WRKCo, Inc. (Containers & Packaging), Callable 1/15/26 @ 100.00		4.65		3/15/26		3,391
	1,146	XTO Energy, Inc. (Oil, Gas & Consumable Fuels)		6.75		8/1/37		1,628
		Total Corporate Bonds						211,447
		Yankee Dollars — 8.92%
	850	America Movil SAB de CV (Wireless Telecommunication Services)		6.13		11/15/37		1,147
	645	BHP Billiton Finance USA Ltd. (Metals & Mining)		5.00		9/30/43		849
	1,246	British Telecommunications PLC (Diversified Telecommunication Services)		9.63		12/15/30		1,830
	880	Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels), Callable 6/15/25 @ 100.00		2.05		7/15/25		887
	2,504	Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels), Callable 3/1/27 @ 100.00		3.85		6/1/27		2,690
	1,285	Canadian Pacific Railway Co. (Road & Rail), Callable 12/5/29 @ 100.00		2.05		3/5/30		1,263
	1,106	Deutsche Telekom International Finance BV (Diversified Telecommunication Services)		8.75(b)		6/15/30		1,607
	1,010	Diageo Capital PLC (Diversified Financial Services)		5.88		9/30/36		1,413
	1,365	Enbridge, Inc. (Oil, Gas & Consumable Fuels), Callable 2/1/51 @ 100.00		3.40		8/1/51		1,380
	506	Enbridge, Inc. (Oil, Gas & Consumable Fuels), Callable 4/15/27 @ 100.00		3.70		7/15/27		545
	560	Equinor ASA (Oil, Gas & Consumable Fuels)		3.95		5/15/43		650
	825	Equinor ASA (Oil, Gas & Consumable Fuels)		5.10		8/17/40		1,076
	1,430	Iberdrola International BV (Electric Utilities)		5.81		3/15/25		1,632
	1,655	Iberdrola International BV (Electric Utilities)		6.75		7/15/36		2,436
	180	LyondellBasell Industries N.V. (Chemicals), Callable 8/26/54 @ 100.00		4.63		2/26/55		220
	1,012	Nutrien Ltd. (Chemicals), Callable 2/13/30 @ 100.00		2.95		5/13/30		1,065
	1,143	Orange SA (Diversified Telecommunication Services)		9.00		3/1/31		1,747
	893	Shell International Finance BV (Oil, Gas & Consumable Fuels)		4.13		5/11/35		1,041
	645	Shell International Finance BV (Diversified Financial Services)		4.55		8/12/43		798
	850	Telefonica Emisiones SA (Diversified Telecommunication Services)		4.67		3/6/38		980
	340	TransCanada PipeLines Ltd. (Oil, Gas & Consumable Fuels), Callable 4/16/43 @ 100.00		5.00		10/16/43		421
	586	Vodafone Group PLC (Wireless Telecommunication Services)		6.15		2/27/37		788
		Total Yankee Dollars						26,465
		Loan Participations and Assignments — 5.01%
	14,880	Centric Commercial Funding, LP(c)(d)		6.50 (US00001M with 1.00% floor + 550 bps)		10/9/22		14,861
		Total Loan Participations and Assignments						14,861

See accompanying notes to financial statements.

189

HC CAPITAL TRUST

The U.S. Corporate Fixed Income Securities Portfolio

Portfolio of Investments (concluded) — December 31, 2021 (Unaudited)

Shares		Security Description	Rate %			Maturity Date	Value (000)
		Investment Companies — 14.12%
	5,525	Federated Hermes Treasury Obligations Fund, Institutional Shares^^		0.01	(e)		$	6
	4,669,644	State Street Institutional Treasury Money Market Fund, Premier Class		0.01	(e)			4,670
	37,224,860	State Street Institutional Treasury Plus Money Market Fund, Trust Class		0.01	(e)			37,224
		Total Investment Companies						41,900
		Total Investments (cost $285,414) — 99.33%						294,673
		Other assets in excess of liabilities — 0.67%						2,000
		Net Assets — 100.00%					$	296,673

^ All or part of this security was on loan as of December 31, 2021. The total value of securities on loan as of December 31, 2021, was $5 (amount in thousands).

^^ 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, 2021.

(a) Variable Rate Security. The rate disclosed is the rate in effect on December 31, 2021.

(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, 2021.

(c) The original loan commitment represents $16,000. The unfunded commitment represents $640 as of December 31, 2021 (amounts in thousands).

(d) Security was valued using significant unobservable inputs as of December 31, 2021.

(e) Annualized 7-day yield as of period-end.

bps—Basis Points

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, 2021.

The U.S. Corporate Fixed Income Securities Portfolio	Agincourt Capital Management, LLC			HC Capital Solutions			Total
Corporate Bonds		71.28	%		—			71.28	%
Yankee Dollars		8.92	%		—			8.92	%
Loan Participations and Assignments		—			5.01	%		5.01	%
Investment Companies		1.57	%		12.55	%		14.12	%
Other Assets (Liabilities)		0.91	%		-0.24	%		0.67	%
Total Net Assets		82.68	%		17.32	%		100.00	%

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

See accompanying notes to financial statements.

190

HC CAPITAL TRUST

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

Portfolio of Investments — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Asset Backed Securities — 0.52%
$	50	AmeriCredit Automobile Receivables Trust, Series 2021-1, Class - A3, Callable 4/18/24 @ 100.00		0.37		8/18/25	$	50
	125	Chase Issuance Trust, Series 2020-A1, Class - A1		1.53		1/15/25		126
	200	GM Financial Automobile Leasing Trust, Series 2021-3, Class - A3, Callable 4/20/24 @ 100.00		0.39		10/21/24		198
	100	Honda Auto Receivables Owner Trust, Series 2021-1, Class - A4, Callable 3/21/24 @ 100.00		0.42		1/21/28		99
	300	Mercedes-Benz Auto Lease Trust, Series 2021-B, Class - A3, Callable 2/15/24 @ 100.00		0.40		11/15/24		298
	132	Toyota Auto Receivables Owner Trust, Series 2020-D, Class - A3, Callable 4/15/24 @ 100.00		0.35		1/15/25		132
	100	Toyota Auto Receivables Owner Trust, Series 2021-A, Class - A4, Callable 9/15/24 @ 100.00		0.39		6/15/26		98
	200	World Omni Auto Receivables Trust, Series 2020-B, Class - A4, Callable 12/15/23 @ 100.00		0.82		1/15/26		199
		Total Asset Backed Securities						1,200
		Collateralized Mortgage Obligations — 6.23%
	150	Bank, Series 2020-BNK26, Class - A4, Callable 2/15/30 @ 100.00		2.40		3/15/63		153
	100	Bank, Series 2019-BN21, Class - A5, Callable 9/15/29 @ 100.00		2.85		10/15/52		105
	100	Bank, Series 2019-BNK19, Class - A3, Callable 7/15/29 @ 100.00		3.18		8/15/61		107
	250	Bank, Series 2017-BNK9, Class - ASB, Callable 8/15/27 @ 100.00		3.47		11/15/54		266
	300	Bank, Series 2018-BN10, Class - A5, Callable 1/15/28 @ 100.00		3.69		2/15/61		329
	100	Bank, Series 2019-BN17, Class - A4		3.71		4/15/52		111
	100	Bank of America Commercial Mortgage Trust, Series 2017-BNK3, Class - ASB, Callable 6/15/26 @ 100.00		3.37		2/15/50		105
	60	BBCMS Mortgage Trust, Series 2020-C7, Class - AS, Callable 3/15/30 @ 100.00		2.44		4/15/53		60
	100	Benchmark Mortgage Trust, Series 2020-IG1, Class - AS, Callable 1/15/30 @ 100.00		2.91(a)		9/15/43		103
	250	Benchmark Mortgage Trust, Series 2019-B9, Class - A5, Callable 1/15/29 @ 100.00		4.02		3/15/52		280
	200	Benchmark Mortgage Trust, Series 2018-B6, Class - A4, Callable 8/10/28 @ 100.00		4.26		10/10/51		227
	210	Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class - A4, Callable 11/10/24 @ 100.00		2.88		2/10/48		216
	100	Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class - AS, Callable 2/15/30 @ 100.00		2.92		2/15/53		104
	150	Citigroup Commercial Mortgage Trust, Series 2019-C7, Class - A4, Callable 12/15/29 @ 100.00		3.10		12/15/72		160
	183	Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class - A5, Callable 12/10/24 @ 100.00		3.14		2/10/48		190
	100	Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class - A4, Callable 1/10/26 @ 100.00		3.31		4/10/49		106
	100	Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class - A5, Callable 1/10/26 @ 100.00		3.62		2/10/49		107
	228	Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class - A4, Callable 7/10/24 @ 100.00		3.62		7/10/47		239
	183	Commercial Mortgage Trust, Series 2015-LC19, Class - A4, Callable 1/10/25 @ 100.00		3.18		2/10/48		191
	80	Commercial Mortgage Trust, Series 2015-DC1, Class - A5, Callable 1/10/25 @ 100.00		3.35		2/10/48		84
	256	Commercial Mortgage Trust, Series 2013-CR8, Class - A5, Callable 5/10/23 @ 100.00		3.61(a)		6/10/46		264
	100	Commercial Mortgage Trust, Series 2014-UBS4, Class - AM, Callable 7/10/24 @ 100.00		3.97		8/10/47		105
	100	Commercial Mortgage Trust, Series 2013-CR11, Class - B, Callable 9/10/23 @ 100.00		5.11(a)		8/10/50		105
	167	CSAIL Commercial Mortgage Trust, Series 2016-C7, Class - ASB, Callable 7/15/25 @ 100.00		3.31		11/15/49		174
	200	Fannie Mae-ACES, Series 2020-M8, Class - A2		1.82		2/25/30		203
	12	Fannie Mae-ACES, Series 2016-M6, Class - A1		2.14		5/25/26		12
	243	Fannie Mae-ACES, Series 2015-M3, Class - A2		2.72		10/25/24		252
	200	Fannie Mae-ACES, Series 2017-M7, Class - A2		2.96(a)		2/25/27		212
	100	Fannie Mae-ACES, Series 2017-M11, Class - A2		2.98		8/25/29		108
	252	Fannie Mae-ACES, Series 2017-M12, Class - A2		3.07(a)		6/25/27		270
	200	Fannie Mae-ACES, Series 2017 M15, Class - ATS2		3.14(a)		11/25/27		211
	250	Fannie Mae-ACES, Series 2018-M14, Class - A2		3.58(a)		8/25/28		280
	196	Fannie Mae-ACES, Series 2019-M2, Class - A2		3.63(a)		11/25/28		220

See accompanying notes to financial statements.

191

HC CAPITAL TRUST

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

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Collateralized Mortgage Obligations (continued)
$	300	Freddie Mac Multifamily Structured Pass Through Certificates, Series K117, Class - A2, Callable 8/25/30 @ 100.00		1.41		8/25/30	$	292
	400	Freddie Mac Multifamily Structured Pass Through Certificates, Series K081, Class - A2, Callable 8/25/28 @ 100.00		3.90(a)		8/25/28		455
	300	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K1516, Class - A2, Callable 5/25/35 @ 100.00		1.72		5/25/35		286
	98	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K106, Class - A1, Callable 10/25/29 @ 100.00		1.78		5/25/29		99
	190	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K126, Class - A2, Callable 1/25/31 @ 100.00		2.07		1/25/31		195
	48	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K099, Class - A1, Callable 6/25/29 @ 100.00		2.26		6/25/29		49
	76	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K058, Class - A1, Callable 6/25/26 @ 100.00		2.34		7/25/26		78
	183	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K027, Class - A2, Callable 1/25/23 @ 100.00		2.64		1/25/23		185
	350	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K055, Class - A2, Callable 3/25/26 @ 100.00		2.67		3/25/26		367
	148	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K726, Class - A2, Callable 4/25/24 @ 100.00		2.91		7/25/49		154
	365	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K043, Class - A2, Callable 12/25/24 @ 100.00		3.06		12/25/24		383
	100	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K092, Class - A2, Callable 4/25/29 @ 100.00		3.30		4/25/29		111
	183	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K032, Class - A2, Callable 5/25/23 @ 100.00		3.31(a)		5/25/23		188
	177	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K029, Class - A2, Callable 2/25/23 @ 100.00		3.32(a)		2/25/23		182
	100	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K047, Class - A2, Callable 5/25/25 @ 100.00		3.33(a)		5/25/25		106
	250	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K091, Class - A2, Callable 3/25/29 @ 100.00		3.51		3/25/29		280
	250	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K087, Class - A2, Callable 12/25/28 @ 100.00		3.77		12/25/28		283
	500	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K077, Class - A2, Callable 5/25/28 @ 100.00		3.85		5/25/28		565
	230	GS Mortgage Securities Trust, Series 2016-GS2, Class - A3, Callable 2/10/26 @ 100.00		2.79		5/10/49		237
	200	GS Mortgage Securities Trust, Series 2019-GC42, Class - A4, Callable 9/10/29 @ 100.00		3.00		9/1/52		212
	100	GS Mortgage Securities Trust, Series 2020-GC45, Class - AS, Callable 12/13/29 @ 100.00		3.17(a)		2/13/53		105
	250	GS Mortgage Securities Trust, Series 2017-GS5, Class - A4, Callable 2/10/27 @ 100.00		3.67		3/10/50		271
	100	GS Mortgage Securities Trust, Series 2018-GS10, Class - A5		4.15(a)		7/10/51		113
	274	GS Mortgage Securities Trust, Series 2013-GC14, Class - A5, Callable 7/10/23 @ 100.00		4.24		8/10/46		285
	137	JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class - A5, Callable 10/15/24 @ 100.00		3.64		11/15/47		143
	183	JPMBB Commercial Mortgage Securities Trust, Series 2014-C22, Class - A4, Callable 8/15/24 @ 100.00		3.80		9/15/47		192
	183	JPMBB Commercial Mortgage Securities Trust, Series 2013-C15, Class - A5, Callable 9/15/23 @ 100.00		4.13		11/15/45		190

See accompanying notes to financial statements.

192

HC CAPITAL TRUST

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

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Collateralized Mortgage Obligations (continued)
$	56	Morgan Stanley BAML Trust, Series 2015-C21, Class - ASB, Callable 11/15/24 @ 100.00		3.15		3/15/48	$	57
	183	Morgan Stanley BAML Trust, Series 2015-C20, Class - A4, Callable 12/15/24 @ 100.00		3.25		2/15/48		191
	200	Morgan Stanley BAML Trust, Series 2014-C19, Class - A4, Callable 11/15/24 @ 100.00		3.53		12/15/47		210
	200	Morgan Stanley BAML Trust, Series 2017-C33, Class - A5, Callable 4/15/27 @ 100.00		3.60		5/15/50		216
	100	Morgan Stanley BAML Trust, Series 2014-C17, Class - A5, Callable 7/15/24 @ 100.00		3.74		8/15/47		105
	200	Morgan Stanley Capital I Trust, Series 2017-H1, Class - A4, Callable 3/15/27 @ 100.00		3.26		6/15/50		211
	183	Morgan Stanley Capital I Trust, Series 2016-UBS9, Class - A4, Callable 1/15/26 @ 100.00		3.59		3/15/49		194
	100	SG Commercial Mortgage Securities Trust, Series 2016-C5, Class - A4, Callable 6/10/26 @ 100.00		3.06		10/10/48		104
	50	Toyota Auto Receivables Owner Trust, Series 2021-A, Class - A3, Callable 9/15/24 @ 100.00		0.26		5/15/25		50
	122	Wells Fargo Commercial Mortgage Trust, Series 2019-C53, Class - A4, Callable 10/15/29 @ 100.00		3.04		10/15/52		130
	500	Wells Fargo Commercial Mortgage Trust, Series 2016-C34, Class - A4, Callable 4/15/26 @ 100.00		3.10		6/15/49		520
	183	Wells Fargo Commercial Mortgage Trust, Series 2015-C30, Class - A4, Callable 7/15/25 @ 100.00		3.66		9/15/58		195
	124	Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class - A4, Callable 12/15/25 @ 100.00		3.81		12/15/48		133
	169	Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class - A5, Callable 5/15/24 @ 100.00		3.82		8/15/50		177
	142	Wells Fargo Commercial Mortgage Trust, Series 2015-C26, Class - C, Callable 2/15/25 @ 100.00		4.07		2/15/48		146
	100	Wells Fargo Commercial Mortgage Trust, Series 2018-C47, Class - A4, Callable 9/15/28 @ 100.00		4.44		9/15/61		114
		Total Collateralized Mortgage Obligations						14,418
		U.S. Government Agency Mortgages — 79.97%
	492	Fannie Mae, Pool #MA4397		1.50		8/1/51		476
	377	Fannie Mae, Pool #BQ3141		1.50		10/1/35		379
	420	Fannie Mae, Pool #CB0310		1.50		4/1/36		422
	428	Fannie Mae, Pool #MA4304		1.50		4/1/51		416
	243	Fannie Mae, Pool #MA4302		1.50		4/1/36		244
	47	Fannie Mae, Pool #MA4342		1.50		4/1/41		47
	436	Fannie Mae, Pool #MA4417		1.50		9/1/36		438
	447	Fannie Mae, Pool #MA4280		1.50		3/1/51		434
	441	Fannie Mae, Pool #MA4236		1.50		1/1/51		427
	193	Fannie Mae, Pool #MA4386		1.50		7/1/41		190
	434	Fannie Mae, Pool #MA4343		1.50		5/1/51		421
	99	Fannie Mae, Pool #MA4445		1.50		10/1/41		97
	440	Fannie Mae, Pool #CA7695		1.50		11/1/50		425
	463	Fannie Mae, Pool #CB0711		1.50		6/1/51		451
	164	Fannie Mae, Pool #MA4310		1.50		4/1/41		161
	486	Fannie Mae, Pool #MA4354		1.50		6/1/51		472
	440	Fannie Mae, Pool #MA4441		1.50		10/1/36		442
	203	Fannie Mae, Pool #MA4266		1.50		1/1/41		200
	312	Fannie Mae, Pool #BQ5781		1.50		11/1/35		313
	428	Fannie Mae, Pool #CA7696		1.50		11/1/50		414
	429	Fannie Mae, Pool #FM6579		1.50		3/1/51		419
	92	Fannie Mae, Pool #MA4286		1.50		2/1/41		90

See accompanying notes to financial statements.

193

HC CAPITAL TRUST

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

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	283	Fannie Mae, Pool #FM4039		2.00		10/1/35	$	290
	472	Fannie Mae, Pool #FM9579		2.00		7/1/51		472
	444	Fannie Mae, Pool #MA4128		2.00		9/1/40		448
	496	Fannie Mae, Pool #FM7411		2.00		5/1/51		498
	472	Fannie Mae, Pool #FM9704		2.00		12/1/51		472
	402	Fannie Mae, Pool #MA4237		2.00		1/1/51		401
	466	Fannie Mae, Pool #MA4442		2.00		10/1/36		479
	270	Fannie Mae, Pool #FM5044		2.00		12/1/50		271
	403	Fannie Mae, Pool #CA9183		2.00		2/1/36		413
	368	Fannie Mae, Pool #CA7224		2.00		10/1/50		368
	381	Fannie Mae, Pool #BP9370		2.00		7/1/50		380
	405	Fannie Mae, Pool #BQ3004		2.00		10/1/50		404
	372	Fannie Mae, Pool #FM3755		2.00		9/1/35		381
	396	Fannie Mae, Pool #CA7225		2.00		10/1/50		395
	421	Fannie Mae, Pool #CA8850		2.00		2/1/51		420
	394	Fannie Mae, Pool #MA4182		2.00		11/1/50		393
	426	Fannie Mae, Pool #FM6448		2.00		3/1/51		426
	261	Fannie Mae, Pool #MA4325		2.00		5/1/51		261
	449	Fannie Mae, Pool #CA8110		2.00		12/1/50		448
	150	Fannie Mae, Pool #FM5453		2.00		1/1/41		151
	417	Fannie Mae, Pool #BQ7777		2.00		3/1/36		427
	468	Fannie Mae, Pool #BT0240		2.00		9/1/51		467
	449	Fannie Mae, Pool #CA7833		2.00		11/1/50		449
	420	Fannie Mae, Pool #BQ9685		2.00		1/1/51		419
	440	Fannie Mae, Pool #MA4360		2.00		6/1/36		451
	430	Fannie Mae, Pool #BR2176		2.00		7/1/36		441
	396	Fannie Mae, Pool #BQ8341		2.00		12/1/50		395
	500	Fannie Mae, Pool #MA4511		2.00		1/1/52		500
	99	Fannie Mae, Pool #MA4474		2.00		11/1/41		101
	246	Fannie Mae, Pool #CA8118		2.00		12/1/50		246
	287	Fannie Mae, Pool #SB8061		2.00		9/1/35		294
	262	Fannie Mae, Pool #BR4435		2.00		4/1/51		261
	423	Fannie Mae, Pool #FM6555		2.00		4/1/51		423
	566	Fannie Mae, Pool #FM4788		2.00		11/1/50		566
	434	Fannie Mae, Pool #FM5308		2.00		12/1/50		433
	497	Fannie Mae, Pool #CA8252		2.00		12/1/45		496
	431	Fannie Mae, Pool #FM6852		2.00		5/1/51		432
	23	Fannie Mae, Pool #AS0001		2.00		7/1/28		24
	458	Fannie Mae, Pool #CA8687		2.00		1/1/51		457
	432	Fannie Mae, Pool #CB0325		2.00		4/1/51		431
	126	Fannie Mae, Pool #AS1058		2.00		11/1/28		129
	401	Fannie Mae, Pool #MA4303		2.00		4/1/36		411
	160	Fannie Mae, Pool #MA4287		2.00		3/1/41		161
	467	Fannie Mae, Pool #CB1787		2.00		10/1/51		466
	178	Fannie Mae, Pool #MA4204		2.00		12/1/40		177
	12	Fannie Mae, Pool #CA0052		2.00		7/1/32		12
	52	Fannie Mae, Pool #MA2906		2.00		2/1/32		53
	422	Fannie Mae, Pool #MA4305		2.00		4/1/51		421

See accompanying notes to financial statements.

194

HC CAPITAL TRUST

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

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	454	Fannie Mae, Pool #CB0497		2.00		5/1/51	$	453
	205	Fannie Mae, Pool #MA4176		2.00		10/1/40		207
	168	Fannie Mae, Pool #BP6626		2.00		8/1/50		168
	407	Fannie Mae, Pool #MA4255		2.00		2/1/51		406
	36	Fannie Mae, Pool #MA4093		2.00		8/1/40		36
	71	Fannie Mae, Pool #MA4333		2.00		5/1/41		71
	414	Fannie Mae, Pool #MA4281		2.00		3/1/51		413
	405	Fannie Mae, Pool #MA4403		2.00		8/1/36		416
	484	Fannie Mae, Pool #MA4378		2.00		7/1/51		485
	146	Fannie Mae, Pool #MA4155		2.00		10/1/35		149
	442	Fannie Mae, Pool #CB1620		2.00		9/1/51		441
	50	Fannie Mae, Pool #MA4071		2.00		7/1/40		50
	16	Fannie Mae, Pool #BJ4362		2.00		11/1/32		16
	454	Fannie Mae, Pool #CB0684		2.00		6/1/51		453
	588	Fannie Mae, Pool #BQ5112		2.00		11/1/50		587
	20	Fannie Mae, Pool #AY4232		2.00		5/1/30		21
	296	Fannie Mae, Pool #MA4078		2.50		7/1/50		303
	376	Fannie Mae, Pool #CA8955		2.50		2/1/51		385
	332	Fannie Mae, Pool #FM3494		2.50		4/1/48		342
	313	Fannie Mae, Pool #CA6075		2.50		6/1/50		320
	174	Fannie Mae, Pool #MA3990		2.50		4/1/50		178
	427	Fannie Mae, Pool #BR7857		2.50		5/1/51		437
	275	Fannie Mae, Pool #MA4210		2.50		12/1/50		281
	400	Fannie Mae, Pool #CA8131		2.50		12/1/50		408
	343	Fannie Mae, Pool #FM3878		2.50		7/1/50		351
	134	Fannie Mae, Pool #MA1277		2.50		12/1/27		139
	176	Fannie Mae, Pool #MA3902		2.50		12/1/49		180
	241	Fannie Mae, Pool #MA4075		2.50		7/1/35		250
	12	Fannie Mae, Pool #MA3788		2.50		9/1/39		12
	263	Fannie Mae, Pool #FM3027		2.50		12/1/46		272
	363	Fannie Mae, Pool #CA7237		2.50		10/1/50		371
	297	Fannie Mae, Pool #FM4231		2.50		9/1/50		304
	157	Fannie Mae, Pool #MA4099		2.50		8/1/35		162
	290	Fannie Mae, Pool #BP5878		2.50		6/1/50		296
	176	Fannie Mae, Pool #BQ0329		2.50		7/1/50		179
	144	Fannie Mae, Pool #MA1210		2.50		10/1/27		149
	453	Fannie Mae, Pool #CB0415		2.50		5/1/51		464
	470	Fannie Mae, Pool #CB1784		2.50		10/1/51		481
	464	Fannie Mae, Pool #CB1556		2.50		9/1/51		475
	471	Fannie Mae, Pool #CB1828		2.50		10/1/51		482
	50	Fannie Mae, Pool #AS8246		2.50		11/1/31		52
	17	Fannie Mae, Pool #AS8437		2.50		12/1/36		17
	128	Fannie Mae, Pool #MA3765		2.50		9/1/49		131
	86	Fannie Mae, Pool #MA4053		2.50		6/1/35		89
	33	Fannie Mae, Pool #MA4016		2.50		5/1/40		33
	129	Fannie Mae, Pool #MA3827		2.50		11/1/34		134
	32	Fannie Mae, Pool #AS4660		2.50		3/1/30		33
	12	Fannie Mae, Pool #MA1511		2.50		7/1/33		12

See accompanying notes to financial statements.

195

HC CAPITAL TRUST

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

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	23	Fannie Mae, Pool #MA1270		2.50		11/1/32	$	23
	92	Fannie Mae, Pool #FM3296		2.50		5/1/35		95
	84	Fannie Mae, Pool #BC9041		2.50		11/1/31		87
	228	Fannie Mae, Pool #MA3246		2.50		1/1/33		236
	15	Fannie Mae, Pool #MA3830		2.50		11/1/39		15
	14	Fannie Mae, Pool #ZT2094		2.50		6/1/34		15
	26	Fannie Mae, Pool #MA2868		2.50		1/1/32		27
	68	Fannie Mae, Pool #MA3764		2.50		9/1/34		70
	375	Fannie Mae, Pool #FM4309		2.50		9/1/50		383
	374	Fannie Mae, Pool #FM4638		2.50		10/1/50		382
	271	Fannie Mae, Pool #BK2588		2.50		5/1/50		277
	320	Fannie Mae, Pool #MA4256		2.50		2/1/51		327
	66	Fannie Mae, Pool #MA3955		2.50		3/1/35		68
	65	Fannie Mae, Pool #MA3896		2.50		1/1/35		67
	29	Fannie Mae, Pool #MA3737		2.50		8/1/34		30
	42	Fannie Mae, Pool #MA3217		2.50		12/1/32		44
	86	Fannie Mae, Pool #AB7391		2.50		12/1/42		89
	199	Fannie Mae, Pool #MA2730		2.50		8/1/46		205
	29	Fannie Mae, Pool #AZ6458		2.50		7/1/30		30
	125	Fannie Mae, Pool #MA3154		2.50		10/1/32		130
	303	Fannie Mae, Pool #CA6074		2.50		6/1/50		310
	82	Fannie Mae, Pool #MA3965		2.50		3/1/40		84
	317	Fannie Mae, Pool #CA6304		2.50		7/1/50		324
	34	Fannie Mae, Pool #MA3801		2.50		10/1/49		34
	489	Fannie Mae, Pool #FM9033		2.50		10/1/51		500
	36	Fannie Mae, Pool #AT2717		2.50		5/1/43		38
	32	Fannie Mae, Pool #BJ3944		2.50		1/1/33		33
	57	Fannie Mae, Pool #AU5334		2.50		11/1/28		59
	297	Fannie Mae, Pool #MA4096		2.50		8/1/50		303
	71	Fannie Mae, Pool #AS8892		2.50		2/1/32		73
	34	Fannie Mae, Pool #MA3282		2.50		2/1/33		35
	93	Fannie Mae, Pool #BE3032		2.50		1/1/32		96
	6	Fannie Mae, Pool #MA2789		2.50		10/1/36		6
	24	Fannie Mae, Pool #BJ3742		2.50		12/1/32		25
	11	Fannie Mae, Pool #MA2854		2.50		12/1/46		11
	21	Fannie Mae, Pool #AS0513		2.50		8/1/43		22
	89	Fannie Mae, Pool #AU2619		2.50		8/1/28		92
	222	Fannie Mae, Pool #MA4183		2.50		11/1/50		227
	291	Fannie Mae, Pool #MA4159		2.50		10/1/50		297
	408	Fannie Mae, Pool #BQ5110		2.50		11/1/50		416
	106	Fannie Mae, Pool #AO3019		2.50		5/1/27		110
	117	Fannie Mae, Pool #AP4742		2.50		8/1/27		122
	80	Fannie Mae, Pool #AU6387		2.50		11/1/28		83
	9	Fannie Mae, Pool #MA2888		2.50		1/1/47		9
	475	Fannie Mae, Pool #BU5917		2.50		12/1/51		490
	89	Fannie Mae, Pool #AS4946		2.50		5/1/30		92
	7	Fannie Mae, Pool #AS8172		2.50		10/1/36		8
	71	Fannie Mae, Pool #AS8521		3.00		12/1/46		74

See accompanying notes to financial statements.

196

HC CAPITAL TRUST

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

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	15	Fannie Mae, Pool #MA3218		3.00		12/1/32	$	16
	65	Fannie Mae, Pool #MA1527		3.00		8/1/33		69
	9	Fannie Mae, Pool #BA0826		3.00		10/1/30		9
	21	Fannie Mae, Pool #BC4276		3.00		4/1/46		22
	16	Fannie Mae, Pool #AR7426		3.00		7/1/43		17
	49	Fannie Mae, Pool #MA2425		3.00		10/1/30		51
	64	Fannie Mae, Pool #MA1401		3.00		4/1/33		67
	33	Fannie Mae, Pool #MA1338		3.00		2/1/33		34
	110	Fannie Mae, Pool #AK3302		3.00		3/1/27		115
	147	Fannie Mae, Pool #MA1307		3.00		1/1/33		155
	13	Fannie Mae, Pool #MA2287		3.00		6/1/35		13
	13	Fannie Mae, Pool #MA3078		3.00		7/1/37		14
	17	Fannie Mae, Pool #MA2897		3.00		2/1/37		17
	55	Fannie Mae, Pool #MA3147		3.00		10/1/47		57
	21	Fannie Mae, Pool #AZ4358		3.00		7/1/30		22
	130	Fannie Mae, Pool #AT2014		3.00		4/1/43		137
	84	Fannie Mae, Pool #AY4829		3.00		5/1/45		88
	81	Fannie Mae, Pool #BE1901		3.00		12/1/46		85
	33	Fannie Mae, Pool #AS8438		3.00		12/1/36		34
	215	Fannie Mae, Pool #BP1932		3.00		4/1/50		223
	38	Fannie Mae, Pool #MA2230		3.00		4/1/35		40
	138	Fannie Mae, Pool #MA3871		3.00		12/1/49		143
	119	Fannie Mae, Pool #MA2246		3.00		4/1/30		125
	16	Fannie Mae, Pool #BA4786		3.00		2/1/31		17
	5	Fannie Mae, Pool #FM1585		3.00		9/1/49		5
	226	Fannie Mae, Pool #MA4048		3.00		6/1/50		234
	201	Fannie Mae, Pool #MA4020		3.00		5/1/50		208
	41	Fannie Mae, Pool #MA3831		3.00		11/1/39		42
	396	Fannie Mae, Pool #AQ7920		3.00		12/1/42		417
	71	Fannie Mae, Pool #FM2132		3.00		1/1/50		74
	40	Fannie Mae, Pool #AQ3223		3.00		11/1/27		42
	17	Fannie Mae, Pool #MA2087		3.00		11/1/34		17
	42	Fannie Mae, Pool #MA2149		3.00		1/1/30		44
	11	Fannie Mae, Pool #MA2065		3.00		10/1/34		11
	42	Fannie Mae, Pool #MA2523		3.00		2/1/36		44
	49	Fannie Mae, Pool #BE4400		3.00		1/1/47		51
	67	Fannie Mae, Pool #MA3179		3.00		11/1/47		70
	24	Fannie Mae, Pool #BE9547		3.00		4/1/47		25
	131	Fannie Mae, Pool #AS0196		3.00		8/1/28		137
	94	Fannie Mae, Pool #MA2833		3.00		12/1/46		98
	29	Fannie Mae, Pool #BJ2996		3.00		1/1/33		30
	125	Fannie Mae, Pool #BN7703		3.00		8/1/49		129
	74	Fannie Mae, Pool #FM1552		3.00		12/1/47		77
	146	Fannie Mae, Pool #AS7904		3.00		9/1/46		152
	53	Fannie Mae, Pool #AS7908		3.00		9/1/46		55
	178	Fannie Mae, Pool #B06219		3.00		12/1/49		184
	12	Fannie Mae, Pool #AK0006		3.00		1/1/27		13
	98	Fannie Mae, Pool #BO7242		3.00		1/1/50		101

See accompanying notes to financial statements.

197

HC CAPITAL TRUST

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

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	151	Fannie Mae, Pool #AB8897		3.00		4/1/43	$	159
	22	Fannie Mae, Pool #MA2579		3.00		4/1/36		23
	45	Fannie Mae, Pool #MA3991		3.00		4/1/50		47
	16	Fannie Mae, Pool #MA1058		3.00		5/1/32		17
	257	Fannie Mae, Pool #FM3395		3.00		6/1/50		267
	156	Fannie Mae, Pool #B08947		3.00		1/1/50		162
	166	Fannie Mae, Pool #BP6466		3.00		7/1/50		172
	149	Fannie Mae, Pool #MA4079		3.00		7/1/50		154
	157	Fannie Mae, Pool #BO2201		3.00		9/1/49		163
	134	Fannie Mae, Pool #BO3192		3.00		10/1/49		138
	72	Fannie Mae, Pool #AB4483		3.00		2/1/27		75
	6	Fannie Mae, Pool #MA3100		3.00		8/1/37		7
	155	Fannie Mae, Pool #MA2956		3.00		4/1/47		161
	155	Fannie Mae, Pool #FM1370		3.00		4/1/46		163
	31	Fannie Mae, Pool #AW8295		3.00		8/1/29		32
	60	Fannie Mae, Pool #AW7383		3.00		8/1/29		63
	35	Fannie Mae, Pool #AU7890		3.00		9/1/28		37
	54	Fannie Mae, Pool #AZ0538		3.00		9/1/30		57
	34	Fannie Mae, Pool #MA3339		3.00		4/1/33		36
	118	Fannie Mae, Pool #BC4764		3.00		10/1/46		123
	41	Fannie Mae, Pool #BD5076		3.00		2/1/32		43
	38	Fannie Mae, Pool #AS2312		3.00		5/1/29		40
	31	Fannie Mae, Pool #AS3117		3.00		8/1/29		32
	155	Fannie Mae, Pool #AT0682		3.00		4/1/43		163
	37	Fannie Mae, Pool #MA3631		3.00		4/1/34		38
	8	Fannie Mae, Pool #AL9848		3.00		3/1/47		9
	165	Fannie Mae, Pool #BD2446		3.00		1/1/47		172
	87	Fannie Mae, Pool #AS4884		3.00		5/1/45		91
	49	Fannie Mae, Pool #B09169		3.00		12/1/49		51
	116	Fannie Mae, Pool #BC9003		3.00		11/1/46		121
	280	Fannie Mae, Pool #MA3834		3.00		11/1/49		290
	30	Fannie Mae, Pool #AS8424		3.00		12/1/36		31
	153	Fannie Mae, Pool #AT7620		3.00		6/1/43		161
	12	Fannie Mae, Pool #MA3657		3.00		5/1/34		13
	70	Fannie Mae, Pool #BD5787		3.00		9/1/46		73
	91	Fannie Mae, Pool #MA3960		3.00		3/1/50		95
	110	Fannie Mae, Pool #MA3774		3.00		9/1/49		114
	35	Fannie Mae, Pool #MA3090		3.00		8/1/32		37
	29	Fannie Mae, Pool #MA3304		3.00		3/1/48		31
	46	Fannie Mae, Pool #CA3788		3.00		7/1/49		48
	189	Fannie Mae, Pool #AP2465		3.00		8/1/42		199
	149	Fannie Mae, Pool #MA3905		3.00		1/1/50		155
	28	Fannie Mae, Pool #MA3958		3.00		3/1/40		29
	32	Fannie Mae, Pool #AS8483		3.00		12/1/46		34
	62	Fannie Mae, Pool #CA3754		3.00		6/1/34		66
	50	Fannie Mae, Pool #AS8186		3.00		10/1/46		53
	31	Fannie Mae, Pool #MA3247		3.00		1/1/33		33
	28	Fannie Mae, Pool #CA4860		3.00		12/1/49		29

See accompanying notes to financial statements.

198

HC CAPITAL TRUST

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

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	25	Fannie Mae, Pool #MA3897		3.00		1/1/35	$	26
	18	Fannie Mae, Pool #MA3185		3.00		11/1/37		19
	144	Fannie Mae, Pool #MA3937		3.00		2/1/50		149
	254	Fannie Mae, Pool #QB1382		3.00		7/1/50		264
	75	Fannie Mae, Pool #CA5519		3.00		4/1/50		78
	184	Fannie Mae, Pool #CA5668		3.00		5/1/50		191
	30	Fannie Mae, Pool #CA5423		3.00		3/1/50		31
	8	Fannie Mae, Pool #MA3802		3.00		10/1/49		8
	118	Fannie Mae, Pool #MA3082		3.00		7/1/47		123
	95	Fannie Mae, Pool #MA3106		3.00		8/1/47		99
	12	Fannie Mae, Pool #AX8309		3.00		11/1/29		12
	395	Fannie Mae, Pool #AB7099		3.00		11/1/42		416
	25	Fannie Mae, Pool #BE3861		3.00		1/1/47		26
	77	Fannie Mae, Pool #BD5545		3.00		10/1/46		80
	105	Fannie Mae, Pool #MA2895		3.00		2/1/47		110
	118	Fannie Mae, Pool #MA2806		3.00		11/1/46		123
	49	Fannie Mae, Pool #MA3127		3.00		9/1/37		51
	42	Fannie Mae, Pool #MA3744		3.00		8/1/49		44
	75	Fannie Mae, Pool #AS1527		3.00		1/1/29		78
	84	Fannie Mae, Pool #AS4333		3.00		1/1/45		88
	18	Fannie Mae, Pool #AS4334		3.00		1/1/45		19
	217	Fannie Mae, Pool #AP6493		3.00		9/1/42		229
	485	Fannie Mae, Pool #AP6375		3.00		9/1/42		511
	46	Fannie Mae, Pool #FM4317		3.00		9/1/50		47
	43	Fannie Mae, Pool #AL8861		3.00		7/1/31		45
	14	Fannie Mae, Pool #J24886		3.00		7/1/23		14
	95	Fannie Mae, Pool #AS8784		3.00		2/1/47		99
	133	Fannie Mae, Pool #CA5729		3.00		5/1/50		138
	23	Fannie Mae, Pool #MA2832		3.00		12/1/36		24
	14	Fannie Mae, Pool #AS8056		3.00		10/1/46		15
	65	Fannie Mae, Pool #AY4200		3.00		5/1/45		68
	42	Fannie Mae, Pool #AL9996		3.00		4/1/32		44
	35	Fannie Mae, Pool #MA3934		3.00		2/1/40		36
	18	Fannie Mae, Pool #BK1015		3.00		2/1/33		19
	42	Fannie Mae, Pool #MA2773		3.00		10/1/36		44
	64	Fannie Mae, Pool #AS7238		3.00		5/1/46		67
	137	Fannie Mae, Pool #AS8414		3.00		11/1/46		144
	40	Fannie Mae, Pool #MA3060		3.00		7/1/32		41
	141	Fannie Mae, Pool #AL9865		3.00		2/1/47		148
	89	Fannie Mae, Pool #BD4225		3.00		11/1/46		93
	23	Fannie Mae, Pool #BM1370		3.00		4/1/37		24
	145	Fannie Mae, Pool #MA2737		3.00		9/1/46		151
	88	Fannie Mae, Pool #FM1134		3.00		4/1/48		92
	98	Fannie Mae, Pool #MA2863		3.00		1/1/47		103
	19	Fannie Mae, Pool #AT1575		3.00		5/1/43		20
	21	Fannie Mae, Pool #MA2961		3.00		4/1/37		22
	98	Fannie Mae, Pool #AS8276		3.00		11/1/46		103
	9	Fannie Mae, Pool #MA3738		3.00		8/1/34		9

See accompanying notes to financial statements.

199

HC CAPITAL TRUST

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

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	102	Fannie Mae, Pool #AU3735		3.00		8/1/43	$	107
	263	Fannie Mae, Pool #AO0752		3.00		4/1/42		277
	35	Fannie Mae, Pool #MA3331		3.00		4/1/48		36
	26	Fannie Mae, Pool #MA3237		3.00		1/1/48		27
	15	Fannie Mae, Pool #MA2495		3.50		1/1/46		16
	37	Fannie Mae, Pool #BJ0647		3.50		3/1/48		39
	164	Fannie Mae, Pool #AQ0546		3.50		11/1/42		176
	85	Fannie Mae, Pool #MA3745		3.50		8/1/49		90
	81	Fannie Mae, Pool #SD8001		3.50		7/1/49		85
	134	Fannie Mae, Pool #BH9277		3.50		2/1/48		141
	120	Fannie Mae, Pool #AU1635		3.50		7/1/43		128
	64	Fannie Mae, Pool #AY5303		3.50		3/1/45		69
	6	Fannie Mae, Pool #AX0159		3.50		9/1/29		7
	25	Fannie Mae, Pool #BA1893		3.50		8/1/45		27
	112	Fannie Mae, Pool #BH5155		3.50		9/1/47		118
	30	Fannie Mae, Pool #MA3597		3.50		2/1/49		32
	57	Fannie Mae, Pool #BE3767		3.50		7/1/47		61
	100	Fannie Mae, Pool #BC1158		3.50		2/1/46		106
	24	Fannie Mae, Pool #BC7633		3.50		6/1/46		25
	64	Fannie Mae, Pool #AO4647		3.50		6/1/42		69
	49	Fannie Mae, Pool #BC3126		3.50		1/1/46		52
	62	Fannie Mae, Pool #AS4773		3.50		4/1/45		66
	32	Fannie Mae, Pool #BC0163		3.50		1/1/46		34
	5	Fannie Mae, Pool #BA5031		3.50		1/1/46		5
	17	Fannie Mae, Pool #MA3835		3.50		11/1/49		18
	50	Fannie Mae, Pool #AS5068		3.50		6/1/45		53
	59	Fannie Mae, Pool #AY4300		3.50		1/1/45		64
	70	Fannie Mae, Pool #AS4771		3.50		4/1/45		75
	80	Fannie Mae, Pool #AO4385		3.50		6/1/42		85
	85	Fannie Mae, Pool #FM3387		3.50		3/1/35		90
	420	Fannie Mae, Pool #AO2548		3.50		4/1/42		450
	45	Fannie Mae, Pool #AX5201		3.50		10/1/29		47
	79	Fannie Mae, Pool #CA0487		3.50		10/1/47		84
	72	Fannie Mae, Pool #AU3742		3.50		8/1/43		78
	10	Fannie Mae, Pool #AV6407		3.50		2/1/29		11
	7	Fannie Mae, Pool #MA2996		3.50		5/1/37		7
	342	Fannie Mae, Pool #AB6017		3.50		8/1/42		367
	75	Fannie Mae, Pool #AX9530		3.50		2/1/45		80
	33	Fannie Mae, Pool #AS4772		3.50		4/1/45		35
	26	Fannie Mae, Pool #MA3692		3.50		7/1/49		27
	95	Fannie Mae, Pool #AY1306		3.50		3/1/45		102
	25	Fannie Mae, Pool #AP9390		3.50		10/1/42		27
	13	Fannie Mae, Pool #BM1231		3.50		11/1/31		14
	106	Fannie Mae, Pool #AS3133		3.50		8/1/44		114
	57	Fannie Mae, Pool #AO9140		3.50		7/1/42		60
	185	Fannie Mae, Pool #ZM4908		3.50		11/1/47		196
	59	Fannie Mae, Pool #AX2486		3.50		10/1/44		63
	5	Fannie Mae, Pool #AL8776		3.50		7/1/46		5

See accompanying notes to financial statements.

200

HC CAPITAL TRUST

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

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	157	Fannie Mae, Pool #AO3760		3.50		5/1/42	$	167
	343	Fannie Mae, Pool #AO8137		3.50		8/1/42		368
	13	Fannie Mae, Pool #AS2081		3.50		4/1/29		13
	23	Fannie Mae, Pool #MA3637		3.50		4/1/49		24
	36	Fannie Mae, Pool #MA3775		3.50		9/1/49		38
	29	Fannie Mae, Pool #MA3614		3.50		3/1/49		30
	84	Fannie Mae, Pool #AJ8476		3.50		12/1/41		90
	12	Fannie Mae, Pool #MA3634		3.50		4/1/39		12
	104	Fannie Mae, Pool #BH9215		3.50		1/1/48		110
	99	Fannie Mae, Pool #MA2292		3.50		6/1/45		106
	114	Fannie Mae, Pool #BM4703		3.50		2/1/48		122
	97	Fannie Mae, Pool #FM1543		3.50		11/1/48		103
	104	Fannie Mae, Pool #MA3182		3.50		11/1/47		110
	70	Fannie Mae, Pool #MA3332		3.50		4/1/48		74
	162	Fannie Mae, Pool #MA3305		3.50		2/1/48		171
	199	Fannie Mae, Pool #BP1947		3.50		4/1/50		209
	96	Fannie Mae, Pool #MA3238		3.50		1/1/48		102
	69	Fannie Mae, Pool #AS7388		3.50		6/1/46		73
	98	Fannie Mae, Pool #FM1911		3.50		7/1/48		105
	36	Fannie Mae, Pool #AZ2614		3.50		8/1/45		39
	70	Fannie Mae, Pool #AS7491		3.50		7/1/46		75
	8	Fannie Mae, Pool #MA1021		3.50		3/1/27		9
	79	Fannie Mae, Pool #MA1059		3.50		5/1/32		84
	98	Fannie Mae, Pool #MA3520		3.50		10/1/48		104
	105	Fannie Mae, Pool #MA1107		3.50		7/1/32		112
	31	Fannie Mae, Pool #MA3494		3.50		10/1/48		32
	83	Fannie Mae, Pool #MA1982		3.50		8/1/34		88
	81	Fannie Mae, Pool #MA2125		3.50		12/1/44		85
	12	Fannie Mae, Pool #MA2692		3.50		7/1/36		13
	60	Fannie Mae, Pool #AK7497		3.50		4/1/42		65
	74	Fannie Mae, Pool #MA3414		3.50		7/1/48		78
	12	Fannie Mae, Pool #MA3152		3.50		10/1/37		12
	202	Fannie Mae, Pool #BM1568		3.50		7/1/47		220
	75	Fannie Mae, Pool #AS0024		3.50		7/1/43		81
	22	Fannie Mae, Pool #AE0981		3.50		3/1/41		23
	31	Fannie Mae, Pool #AE5487		3.50		10/1/25		32
	89	Fannie Mae, Pool #BD5046		3.50		2/1/47		94
	20	Fannie Mae, Pool #310139		3.50		11/1/25		21
	35	Fannie Mae, Pool #MA2923		3.50		3/1/37		38
	39	Fannie Mae, Pool #BM2001		3.50		12/1/46		42
	76	Fannie Mae, Pool #FM1566		3.50		11/1/48		81
	87	Fannie Mae, Pool #BM2000		3.50		5/1/49		92
	88	Fannie Mae, Pool #MA3663		3.50		5/1/49		92
	39	Fannie Mae, Pool #MA3462		3.50		9/1/33		41
	120	Fannie Mae, Pool #ZS4618		3.50		6/1/45		128
	68	Fannie Mae, Pool #MA3057		3.50		7/1/47		72
	12	Fannie Mae, Pool #MA3906		3.50		1/1/50		13
	126	Fannie Mae, Pool #BD2436		3.50		1/1/47		134

See accompanying notes to financial statements.

201

HC CAPITAL TRUST

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

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	52	Fannie Mae, Pool #MA3243		3.50		1/1/38	$	56
	64	Fannie Mae, Pool #FM1028		3.50		6/1/49		67
	50	Fannie Mae, Pool #BE5258		3.50		1/1/47		53
	106	Fannie Mae, Pool #BJ2692		3.50		4/1/48		111
	33	Fannie Mae, Pool #MA2389		3.50		9/1/35		35
	82	Fannie Mae, Pool #FM1001		3.50		11/1/48		86
	5	Fannie Mae, Pool #AJ6181		3.50		12/1/26		5
	52	Fannie Mae, Pool #AY3802		3.50		2/1/45		56
	11	Fannie Mae, Pool #CA0234		3.50		8/1/47		12
	54	Fannie Mae, Pool #FM0020		3.50		7/1/49		57
	31	Fannie Mae, Pool #AX7655		3.50		1/1/45		33
	54	Fannie Mae, Pool #AS6649		3.50		2/1/46		58
	98	Fannie Mae, Pool #BK9038		3.50		10/1/33		104
	134	Fannie Mae, Pool #AL1717		3.50		5/1/27		141
	50	Fannie Mae, Pool #AY3913		3.50		2/1/45		54
	93	Fannie Mae, Pool #MA3305		3.50		3/1/48		99
	31	Fannie Mae, Pool #AY8856		3.50		9/1/45		33
	8	Fannie Mae, Pool #BM5446		3.50		2/1/49		8
	55	Fannie Mae, Pool #AS7239		3.50		5/1/46		58
	98	Fannie Mae, Pool #AZ0862		3.50		7/1/45		105
	42	Fannie Mae, Pool #AS5696		3.50		8/1/45		45
	64	Fannie Mae, Pool #BM5485		3.50		2/1/49		68
	42	Fannie Mae, Pool #AJ4093		3.50		10/1/26		44
	66	Fannie Mae, Pool #MA1980		3.50		8/1/44		71
	34	Fannie Mae, Pool #AZ6383		3.50		9/1/45		36
	8	Fannie Mae, Pool #MA2909		3.50		2/1/37		8
	76	Fannie Mae, Pool #MA3026		3.50		6/1/47		81
	15	Fannie Mae, Pool #AK0706		3.50		2/1/27		16
	69	Fannie Mae, Pool #AZ9576		3.50		12/1/45		74
	24	Fannie Mae, Pool #AS5892		3.50		10/1/45		26
	12	Fannie Mae, Pool #MA3059		3.50		7/1/37		13
	39	Fannie Mae, Pool #AS5319		3.50		7/1/45		42
	23	Fannie Mae, Pool #BM4306		4.00		9/1/25		24
	91	Fannie Mae, Pool #MA3804		4.00		10/1/49		96
	78	Fannie Mae, Pool #CA1015		4.00		1/1/48		84
	7	Fannie Mae, Pool #MA2655		4.00		6/1/36		8
	106	Fannie Mae, Pool #ZS4627		4.00		8/1/45		114
	37	Fannie Mae, Pool #BK0915		4.00		7/1/48		39
	41	Fannie Mae, Pool #BK9697		4.00		12/1/48		44
	19	Fannie Mae, Pool #BH2623		4.00		8/1/47		20
	94	Fannie Mae, Pool #AO2959		4.00		5/1/42		102
	29	Fannie Mae, Pool #CA2474		4.00		7/1/48		31
	34	Fannie Mae, Pool #MA3638		4.00		4/1/49		36
	48	Fannie Mae, Pool #AY1595		4.00		1/1/45		52
	9	Fannie Mae, Pool #AS7028		4.00		4/1/46		10
	21	Fannie Mae, Pool #AS8823		4.00		2/1/47		22
	68	Fannie Mae, Pool #AL8387		4.00		3/1/46		73
	54	Fannie Mae, Pool #AS9486		4.00		4/1/47		58

See accompanying notes to financial statements.

202

HC CAPITAL TRUST

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

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	78	Fannie Mae, Pool #MA3027		4.00		6/1/47	$	83
	69	Fannie Mae, Pool #BK7608		4.00		9/1/48		73
	55	Fannie Mae, Pool #CA1894		4.00		6/1/48		58
	28	Fannie Mae, Pool #AC2995		4.00		9/1/24		29
	73	Fannie Mae, Pool #MA3121		4.00		9/1/47		79
	30	Fannie Mae, Pool #AY2291		4.00		3/1/45		32
	4	Fannie Mae, Pool #CA3084		4.00		2/1/49		4
	87	Fannie Mae, Pool #MA0641		4.00		2/1/31		93
	7	Fannie Mae, Pool #MA2536		4.00		2/1/36		7
	29	Fannie Mae, Pool #MA3244		4.00		1/1/38		31
	16	Fannie Mae, Pool #MA0695		4.00		4/1/31		18
	47	Fannie Mae, Pool #AW5063		4.00		7/1/44		50
	29	Fannie Mae, Pool #MA3521		4.00		11/1/48		31
	99	Fannie Mae, Pool #MA2995		4.00		5/1/47		106
	11	Fannie Mae, Pool #MA3413		4.00		7/1/38		12
	15	Fannie Mae, Pool #AH3394		4.00		1/1/41		16
	41	Fannie Mae, Pool #AS7600		4.00		7/1/46		44
	14	Fannie Mae, Pool #AW5109		4.00		8/1/44		15
	20	Fannie Mae, Pool #AT3872		4.00		6/1/43		21
	86	Fannie Mae, Pool #MA3183		4.00		11/1/47		92
	28	Fannie Mae, Pool #AY0025		4.00		2/1/45		30
	79	Fannie Mae, Pool #AH6242		4.00		4/1/26		83
	40	Fannie Mae, Pool #AS3903		4.00		11/1/44		43
	36	Fannie Mae, Pool #AL4778		4.00		10/1/32		38
	50	Fannie Mae, Pool #AS7601		4.00		7/1/46		54
	54	Fannie Mae, Pool #BK0909		4.00		7/1/48		58
	8	Fannie Mae, Pool #AW9041		4.00		8/1/44		8
	27	Fannie Mae, Pool #MA0493		4.00		8/1/30		29
	64	Fannie Mae, Pool #AS3216		4.00		9/1/44		70
	61	Fannie Mae, Pool #AS9831		4.00		6/1/47		66
	41	Fannie Mae, Pool #CA0237		4.00		8/1/47		44
	23	Fannie Mae, Pool #MA3592		4.00		2/1/49		25
	52	Fannie Mae, Pool #AV2340		4.00		12/1/43		57
	58	Fannie Mae, Pool #MA3615		4.00		3/1/49		62
	20	Fannie Mae, Pool #MA3536		4.00		12/1/48		22
	90	Fannie Mae, Pool #BD7081		4.00		3/1/47		96
	85	Fannie Mae, Pool #CA0183		4.00		8/1/47		92
	77	Fannie Mae, Pool #BJ9169		4.00		5/1/48		82
	9	Fannie Mae, Pool #AS3448		4.00		9/1/44		9
	99	Fannie Mae, Pool #MA3746		4.00		8/1/49		105
	50	Fannie Mae, Pool #MA3563		4.00		1/1/49		53
	73	Fannie Mae, Pool #BM2002		4.00		10/1/47		79
	17	Fannie Mae, Pool #BJ0639		4.00		3/1/48		19
	16	Fannie Mae, Pool #MA2455		4.00		11/1/35		18
	136	Fannie Mae, Pool #AS7558		4.00		7/1/46		147
	43	Fannie Mae, Pool #BE8050		4.00		4/1/47		46
	54	Fannie Mae, Pool #AS3293		4.00		9/1/44		59
	16	Fannie Mae, Pool #AE0375		4.00		7/1/25		17

See accompanying notes to financial statements.

203

HC CAPITAL TRUST

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

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	75	Fannie Mae, Pool #FM0021		4.00		3/1/49	$	80
	90	Fannie Mae, Pool #ZA4988		4.00		8/1/47		96
	53	Fannie Mae, Pool #FM1571		4.00		12/1/48		56
	82	Fannie Mae, Pool #MA3211		4.00		12/1/47		88
	6	Fannie Mae, Pool #MA3037		4.00		6/1/37		7
	40	Fannie Mae, Pool #AL7347		4.00		9/1/45		43
	40	Fannie Mae, Pool #AY8981		4.00		8/1/45		43
	72	Fannie Mae, Pool #AZ7362		4.00		11/1/45		78
	3	Fannie Mae, Pool #AZ8874		4.00		9/1/45		3
	59	Fannie Mae, Pool #FM1415		4.00		12/1/48		64
	94	Fannie Mae, Pool #AZ8067		4.00		9/1/45		102
	32	Fannie Mae, Pool #BM4991		4.00		9/1/48		34
	16	Fannie Mae, Pool #BA0847		4.00		3/1/46		17
	18	Fannie Mae, Pool #BM5525		4.00		3/1/31		19
	25	Fannie Mae, Pool #BA6910		4.00		2/1/46		27
	33	Fannie Mae, Pool #BN0594		4.00		12/1/48		36
	24	Fannie Mae, Pool #FM1101		4.00		7/1/34		26
	14	Fannie Mae, Pool #AL9742		4.00		7/1/29		14
	210	Fannie Mae, Pool #AJ7689		4.00		12/1/41		229
	212	Fannie Mae, Pool #AJ5303		4.00		11/1/41		231
	20	Fannie Mae, Pool #MA3427		4.00		7/1/33		22
	61	Fannie Mae, Pool #BN0334		4.00		12/1/48		65
	150	Fannie Mae, Pool #BN6677		4.00		6/1/49		159
	178	Fannie Mae, Pool #AJ7857		4.00		12/1/41		194
	46	Fannie Mae, Pool #BC5559		4.00		3/1/46		49
	16	Fannie Mae, Pool #MA3216		4.00		12/1/37		17
	394	Fannie Mae, Pool #190405		4.00		10/1/40		429
	54	Fannie Mae, Pool #AS8532		4.00		12/1/46		59
	61	Fannie Mae, Pool #FM1960		4.00		5/1/49		65
	41	Fannie Mae, Pool #AC7328		4.00		12/1/39		45
	135	Fannie Mae, Pool #AY1377		4.00		4/1/45		150
	129	Fannie Mae, Pool #FM5134		4.00		1/1/49		139
	10	Fannie Mae, Pool #AS2117		4.00		4/1/44		11
	58	Fannie Mae, Pool #MA3277		4.00		2/1/48		62
	46	Fannie Mae, Pool #AS2498		4.00		5/1/44		49
	96	Fannie Mae, Pool #AU3753		4.00		8/1/43		104
	19	Fannie Mae, Pool #CA2469		4.00		10/1/48		20
	131	Fannie Mae, Pool #AH5859		4.00		2/1/41		143
	38	Fannie Mae, Pool #AS3468		4.00		10/1/44		41
	115	Fannie Mae, Pool #BK7943		4.00		11/1/48		123
	31	Fannie Mae, Pool #BN5258		4.00		2/1/49		33
	48	Fannie Mae, Pool #AS3467		4.00		10/1/44		52
	54	Fannie Mae, Pool #BM5685		4.00		6/1/48		57
	102	Fannie Mae, Pool #ZS4708		4.00		3/1/47		109
	19	Fannie Mae, Pool #AL2689		4.00		2/1/27		20
	63	Fannie Mae, Pool #AX0841		4.00		9/1/44		68
	172	Fannie Mae, Pool #AS0531		4.00		9/1/43		188
	30	Fannie Mae, Pool #G60512		4.50		12/1/45		32

See accompanying notes to financial statements.

204

HC CAPITAL TRUST

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

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	31	Fannie Mae, Pool #MA3537		4.50		12/1/48	$	33
	37	Fannie Mae, Pool #CA0623		4.50		10/1/47		40
	180	Fannie Mae, Pool #AH9055		4.50		4/1/41		197
	71	Fannie Mae, Pool #AI4815		4.50		6/1/41		78
	37	Fannie Mae, Pool #MA3522		4.50		11/1/48		40
	82	Fannie Mae, Pool #CA1711		4.50		5/1/48		88
	16	Fannie Mae, Pool #AA0860		4.50		1/1/39		18
	44	Fannie Mae, Pool #254954		4.50		10/1/23		45
	74	Fannie Mae, Pool #AD8529		4.50		8/1/40		81
	162	Fannie Mae, Pool #AS9394		4.50		4/1/47		180
	91	Fannie Mae, Pool #BK1416		4.50		5/1/48		98
	7	Fannie Mae, Pool #BK8830		4.50		8/1/48		8
	43	Fannie Mae, Pool #BE5992		4.50		2/1/47		46
	12	Fannie Mae, Pool #AL8816		4.50		9/1/45		13
	264	Fannie Mae, Pool #AL1107		4.50		11/1/41		289
	34	Fannie Mae, Pool #AL5082		4.50		3/1/44		37
	15	Fannie Mae, Pool #AB1470		4.50		9/1/40		16
	7	Fannie Mae, Pool #BN0877		4.50		11/1/48		8
	28	Fannie Mae, Pool #BE6489		4.50		1/1/47		30
	5	Fannie Mae, Pool #982892		4.50		5/1/23		5
	3	Fannie Mae, Pool #AW7048		4.50		6/1/44		3
	49	Fannie Mae, Pool #BN4309		4.50		1/1/49		53
	49	Fannie Mae, Pool #MA0481		4.50		8/1/30		53
	23	Fannie Mae, Pool #FM3619		4.50		1/1/50		24
	61	Fannie Mae, Pool #AL4450		4.50		12/1/43		67
	14	Fannie Mae, Pool #AU5302		4.50		10/1/43		16
	35	Fannie Mae, Pool #AB1389		4.50		8/1/40		39
	33	Fannie Mae, Pool #BK5283		4.50		6/1/48		36
	86	Fannie Mae, Pool #MA3639		4.50		4/1/49		92
	38	Fannie Mae, Pool #AS2276		4.50		4/1/44		41
	36	Fannie Mae, Pool #ZT1321		4.50		11/1/48		39
	74	Fannie Mae, Pool #CA0148		4.50		8/1/47		80
	24	Fannie Mae, Pool #BM1285		4.50		5/1/47		27
	15	Fannie Mae, Pool #AH6790		4.50		3/1/41		16
	18	Fannie Mae, Pool #CA1218		4.50		2/1/48		20
	8	Fannie Mae, Pool #AS0861		4.50		10/1/43		9
	32	Fannie Mae, Pool #AS1638		4.50		2/1/44		35
	11	Fannie Mae, Pool #AA9781		4.50		7/1/24		12
	314	Fannie Mae, Pool #MA3184		4.50		11/1/47		340
	81	Fannie Mae, Pool #AE0217		4.50		8/1/40		89
	64	Fannie Mae, Pool #AB3192		4.50		6/1/41		70
	16	Fannie Mae, Pool #AS8576		4.50		12/1/46		18
	165	Fannie Mae, Pool #AH7521		4.50		3/1/41		181
	66	Fannie Mae, Pool #AS8157		4.50		10/1/46		72
	27	Fannie Mae, Pool #MA3593		4.50		2/1/49		28
	29	Fannie Mae, Pool #MA3669		5.00		5/1/49		32
	42	Fannie Mae, Pool #836750		5.00		10/1/35		46
	33	Fannie Mae, Pool #AL5788		5.00		5/1/42		37

See accompanying notes to financial statements.

205

HC CAPITAL TRUST

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

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	22	Fannie Mae, Pool #MA3472		5.00		9/1/48	$	24
	39	Fannie Mae, Pool #MA3594		5.00		2/1/49		42
	16	Fannie Mae, Pool #MA3527		5.00		11/1/48		18
	29	Fannie Mae, Pool #AS0837		5.00		10/1/43		32
	19	Fannie Mae, Pool #MA3617		5.00		3/1/49		20
	33	Fannie Mae, Pool #AS0575		5.00		9/1/43		36
	21	Fannie Mae, Pool #725238		5.00		3/1/34		24
	20	Fannie Mae, Pool #CA0349		5.00		9/1/47		22
	20	Fannie Mae, Pool #CA1795		5.00		5/1/48		22
	14	Fannie Mae, Pool #MA3708		5.00		6/1/49		15
	62	Fannie Mae, Pool #AH5988		5.00		3/1/41		70
	15	Fannie Mae, Pool #890603		5.00		8/1/41		16
	373	Fannie Mae, Pool #889117		5.00		10/1/35		425
	16	Fannie Mae, Pool #BM3781		5.00		11/1/30		18
	32	Fannie Mae, Pool #BM3904		5.00		5/1/48		35
	15	Fannie Mae, Pool #890621		5.00		5/1/42		17
	2	Fannie Mae, Pool #A69671		5.50		12/1/37		2
	7	Fannie Mae, Pool #929451		5.50		5/1/38		8
	599	Fannie Mae, Pool #890221		5.50		12/1/33		675
	1	Fannie Mae, Pool #A79636		5.50		7/1/38		1
	1	Fannie Mae, Pool #976945		5.50		2/1/23		1
	370	Fannie Mae, Pool #725228		6.00		3/1/34		422
	84	Fannie Mae, Pool #889984		6.50		10/1/38		98
	1,075	Fannie Mae, 15 YR TBA		1.50		1/25/37		1,079
	300	Fannie Mae, 15 YR TBA		1.50		2/25/36		300
	700	Fannie Mae, 15 YR TBA		2.00		1/25/37		718
	225	Fannie Mae, 15 YR TBA		2.00		2/25/36		230
	75	Fannie Mae, 15 YR TBA		2.50		1/25/36		78
	25	Fannie Mae, 30 YR TBA		1.50		1/25/51		24
	7,225	Fannie Mae, 30 YR TBA		2.00		1/25/51		7,205
	1,300	Fannie Mae, 30 YR TBA		2.00		2/25/50		1,294
	1,550	Fannie Mae, 30 YR TBA		2.50		2/25/51		1,579
	3,475	Fannie Mae, 30 YR TBA		2.50		1/25/51		3,548
	300	Fannie Mae, 30 YR TBA		3.00		2/25/51		310
	475	Fannie Mae, 30 YR TBA		3.00		1/25/50		493
	25	Fannie Mae, 30 YR TBA		3.50		1/25/51		26
	71	Freddie Mac, Pool #RB5110		1.50		5/1/41		70
	430	Freddie Mac, Pool #QC0962		1.50		4/1/51		417
	438	Freddie Mac, Pool #SD8154		1.50		6/1/51		425
	439	Freddie Mac, Pool #SB8097		1.50		4/1/36		440
	465	Freddie Mac, Pool #SB8106		1.50		6/1/36		467
	400	Freddie Mac, Pool #SB8088		1.50		2/1/36		402
	415	Freddie Mac, Pool #QB3716		2.00		9/1/50		414
	402	Freddie Mac, Pool #QB3926		2.00		10/1/50		401
	256	Freddie Mac, Pool #QC0423		2.00		4/1/51		255
	260	Freddie Mac, Pool #SD8146		2.00		5/1/51		259
	428	Freddie Mac, Pool #QC1333		2.00		5/1/51		427
	419	Freddie Mac, Pool #QB6893		2.00		12/1/50		418

See accompanying notes to financial statements.

206

HC CAPITAL TRUST

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

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	460	Freddie Mac, Pool #QC4423		2.00		7/1/51	$	459
	49	Freddie Mac, Pool #J25777		2.00		9/1/28		50
	24	Freddie Mac, Pool #G18547		2.00		3/1/30		25
	149	Freddie Mac, Pool #RB5138		2.00		11/1/41		151
	438	Freddie Mac, Pool #RA5928		2.00		9/1/51		438
	473	Freddie Mac, Pool #SB8079		2.00		12/1/35		485
	188	Freddie Mac, Pool #RB5111		2.00		5/1/41		190
	500	Freddie Mac, Pool #SD8188		2.00		1/1/52		500
	474	Freddie Mac, Pool #QD0433		2.00		11/1/51		473
	447	Freddie Mac, Pool #QD1254		2.00		11/1/51		446
	429	Freddie Mac, Pool #SB8115		2.00		8/1/36		440
	267	Freddie Mac, Pool #RB5121		2.00		7/1/41		270
	472	Freddie Mac, Pool #SD8177		2.00		10/1/51		470
	469	Freddie Mac, Pool #SD8172		2.00		9/1/51		468
	386	Freddie Mac, Pool #RC1727		2.00		12/1/35		395
	462	Freddie Mac, Pool #RA5155		2.00		5/1/51		462
	152	Freddie Mac, Pool #RB5095		2.00		12/1/40		154
	437	Freddie Mac, Pool #SB8107		2.00		5/1/36		448
	424	Freddie Mac, Pool #SD8121		2.00		12/1/50		423
	416	Freddie Mac, Pool #QB8064		2.00		1/1/51		415
	406	Freddie Mac, Pool #SD8128		2.00		2/1/51		405
	471	Freddie Mac, Pool #QC6925		2.00		9/1/51		470
	467	Freddie Mac, Pool #SB8128		2.00		11/1/36		480
	20	Freddie Mac, Pool #J25759		2.00		8/1/28		20
	428	Freddie Mac, Pool #QC1075		2.00		4/1/51		427
	469	Freddie Mac, Pool #QC7473		2.00		9/1/51		468
	525	Freddie Mac, Pool #QB7708		2.00		1/1/51		525
	491	Freddie Mac, Pool #RA6026		2.00		10/1/51		492
	498	Freddie Mac, Pool #SD8182		2.00		12/1/51		498
	411	Freddie Mac, Pool #RA3575		2.00		9/1/50		410
	272	Freddie Mac, Pool #RA6025		2.00		10/1/51		272
	134	Freddie Mac, Pool #ZS7735		2.00		1/1/32		138
	258	Freddie Mac, Pool #SD7537		2.00		3/1/51		259
	467	Freddie Mac, Pool #QB9896		2.00		3/1/51		466
	263	Freddie Mac, Pool #SD8113		2.00		12/1/50		263
	438	Freddie Mac, Pool #QC6815		2.00		9/1/51		437
	285	Freddie Mac, Pool #RB5114		2.00		6/1/41		288
	458	Freddie Mac, Pool #QC3697		2.00		6/1/51		457
	461	Freddie Mac, Pool #QC3597		2.00		6/1/51		460
	436	Freddie Mac, Pool #RA3205		2.00		8/1/50		436
	420	Freddie Mac, Pool #RA4986		2.00		4/1/51		420
	308	Freddie Mac, Pool #SD8150		2.00		6/1/51		307
	497	Freddie Mac, Pool #RA6333		2.00		11/1/51		497
	44	Freddie Mac, Pool #G18634		2.00		3/1/32		45
	288	Freddie Mac, Pool #QA9142		2.50		5/1/50		295
	29	Freddie Mac, Pool #SB8053		2.50		7/1/35		30
	381	Freddie Mac, Pool #SD8129		2.50		2/1/51		389
	404	Freddie Mac, Pool #SD8141		2.50		4/1/51		413

See accompanying notes to financial statements.

207

HC CAPITAL TRUST

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

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	254	Freddie Mac, Pool #SD8067		2.50		6/1/50	$	260
	178	Freddie Mac, Pool #G18611		2.50		9/1/31		184
	337	Freddie Mac, Pool #SD8099		2.50		10/1/50		344
	70	Freddie Mac, Pool #G18533		2.50		12/1/29		73
	374	Freddie Mac, Pool #SD8122		2.50		1/1/51		382
	215	Freddie Mac, Pool #RA2645		2.50		6/1/50		220
	300	Freddie Mac, Pool #RA2595		2.50		5/1/50		307
	349	Freddie Mac, Pool #QB3287		2.50		8/1/50		356
	355	Freddie Mac, Pool #QB3703		2.50		9/1/50		362
	77	Freddie Mac, Pool #G18635		2.50		3/1/32		80
	342	Freddie Mac, Pool #SD8167		2.50		9/1/51		349
	14	Freddie Mac, Pool #G18472		2.50		7/1/28		14
	145	Freddie Mac, Pool #RB5086		2.50		11/1/40		149
	86	Freddie Mac, Pool #J37902		2.50		11/1/32		89
	395	Freddie Mac, Pool #RA2643		2.50		6/1/50		405
	390	Freddie Mac, Pool #SD0578		2.50		3/1/51		398
	473	Freddie Mac, Pool #RA6340		2.50		11/1/51		484
	68	Freddie Mac, Pool #RB5054		2.50		6/1/40		70
	139	Freddie Mac, Pool #J38477		2.50		2/1/33		145
	148	Freddie Mac, Pool #RB5043		2.50		4/1/40		152
	23	Freddie Mac, Pool #SB8045		2.50		5/1/35		24
	32	Freddie Mac, Pool #J25585		2.50		9/1/28		33
	38	Freddie Mac, Pool #G18485		2.50		10/1/28		40
	38	Freddie Mac, Pool #C09026		2.50		2/1/43		39
	90	Freddie Mac, Pool #G18568		2.50		9/1/30		93
	10	Freddie Mac, Pool #G08755		2.50		2/1/47		10
	118	Freddie Mac, Pool #G18680		2.50		3/1/33		123
	51	Freddie Mac, Pool #J35643		2.50		11/1/31		53
	75	Freddie Mac, Pool #J23440		2.50		4/1/28		78
	185	Freddie Mac, Pool #SB8108		2.50		6/1/36		191
	10	Freddie Mac, Pool #G08638		2.50		4/1/45		11
	181	Freddie Mac, Pool #QA5290		2.50		12/1/49		185
	192	Freddie Mac, Pool #SD8083		2.50		8/1/50		196
	174	Freddie Mac, Pool #SD8055		2.50		4/1/50		178
	87	Freddie Mac, Pool #G18470		2.50		6/1/28		90
	108	Freddie Mac, Pool #J26408		2.50		11/1/28		112
	445	Freddie Mac, Pool #RA5802		2.50		9/1/51		454
	414	Freddie Mac, Pool #RA4527		2.50		2/1/51		423
	69	Freddie Mac, Pool #ZK8425		2.50		12/1/31		72
	6	Freddie Mac, Pool #J30875		2.50		3/1/30		6
	67	Freddie Mac, Pool #RB5072		2.50		9/1/40		68
	46	Freddie Mac, Pool #SB8062		2.50		9/1/35		48
	56	Freddie Mac, Pool #ZS8692		2.50		4/1/33		58
	33	Freddie Mac, Pool #G18704		2.50		6/1/33		35
	25	Freddie Mac, Pool #Q42878		2.50		9/1/46		26
	73	Freddie Mac, Pool #ZS8483		2.50		3/1/28		75
	475	Freddie Mac, Pool #SD8189		2.50		1/1/52		486
	72	Freddie Mac, Pool #ZS4687		2.50		11/1/46		74

See accompanying notes to financial statements.

208

HC CAPITAL TRUST

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

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	16	Freddie Mac, Pool #C91904		2.50		11/1/36	$	17
	383	Freddie Mac, Pool #SD8114		2.50		12/1/50		391
	461	Freddie Mac, Pool #QC7457		2.50		9/1/51		471
	392	Freddie Mac, Pool #RA2897		2.50		6/1/50		401
	449	Freddie Mac, Pool #QC2251		2.50		5/1/51		458
	77	Freddie Mac, Pool #J18954		2.50		4/1/27		80
	439	Freddie Mac, Pool #QC2031		2.50		5/1/51		449
	18	Freddie Mac, Pool #G18665		2.50		11/1/32		18
	448	Freddie Mac, Pool #SD8183		2.50		12/1/51		458
	350	Freddie Mac, Pool #SD8151		2.50		6/1/51		357
	410	Freddie Mac, Pool #SD0412		2.50		8/1/50		420
	466	Freddie Mac, Pool #RA5832		2.50		9/1/51		478
	360	Freddie Mac, Pool #RA2634		2.50		5/1/50		369
	75	Freddie Mac, Series K-1514, Class - A2, Callable 10/25/34 @ 100.00		2.86		10/25/34		81
	87	Freddie Mac, Pool #C04422		3.00		12/1/42		90
	79	Freddie Mac, Pool #G15145		3.00		7/1/29		83
	55	Freddie Mac, Pool #C91707		3.00		6/1/33		57
	265	Freddie Mac, Pool #Q21065		3.00		8/1/43		279
	130	Freddie Mac, Pool #ZS4658		3.00		4/1/46		136
	99	Freddie Mac, Pool #G18514		3.00		6/1/29		103
	149	Freddie Mac, Pool #QA9049		3.00		4/1/50		154
	89	Freddie Mac, Pool #QA8065		3.00		3/1/50		92
	71	Freddie Mac, Pool #ZS4779		3.00		6/1/48		74
	66	Freddie Mac, Pool #Q20067		3.00		7/1/43		69
	71	Freddie Mac, Pool #ZS4706		3.00		3/1/47		74
	112	Freddie Mac, Pool #ZS4512		3.00		5/1/43		118
	97	Freddie Mac, Pool #ZM2089		3.00		11/1/46		101
	5	Freddie Mac, Pool #J17111		3.00		10/1/26		6
	112	Freddie Mac, Pool #J17774		3.00		1/1/27		117
	12	Freddie Mac, Pool #C91943		3.00		7/1/37		13
	37	Freddie Mac, Pool #C91819		3.00		4/1/35		39
	212	Freddie Mac, Pool #ZS4519		3.00		6/1/43		223
	50	Freddie Mac, Pool #Q41795		3.00		7/1/46		53
	28	Freddie Mac, Pool #G08540		3.00		8/1/43		29
	22	Freddie Mac, Pool #ZT2019		3.00		5/1/34		23
	69	Freddie Mac, Pool #ZT1323		3.00		10/1/48		72
	78	Freddie Mac, Pool #G15217		3.00		11/1/29		81
	54	Freddie Mac, Pool #SD8056		3.00		4/1/50		56
	14	Freddie Mac, Pool #C91969		3.00		1/1/38		15
	24	Freddie Mac, Pool #G18575		3.00		11/1/30		25
	123	Freddie Mac, Pool #ZS4621		3.00		7/1/45		129
	55	Freddie Mac, Pool #ZT0195		3.00		9/1/46		58
	66	Freddie Mac, Pool #G18531		3.00		11/1/29		69
	62	Freddie Mac, Pool #G18569		3.00		9/1/30		64
	12	Freddie Mac, Pool #C91826		3.00		5/1/35		12
	25	Freddie Mac, Pool #G18715		3.00		11/1/33		26
	103	Freddie Mac, Pool #G60187		3.00		8/1/45		108
	38	Freddie Mac, Pool #J36428		3.00		2/1/32		40

See accompanying notes to financial statements.

209

HC CAPITAL TRUST

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

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	156	Freddie Mac, Pool #G60989		3.00		12/1/46	$	163
	129	Freddie Mac, Pool #C04619		3.00		3/1/43		137
	158	Freddie Mac, Pool #Q45735		3.00		1/1/47		165
	47	Freddie Mac, Pool #G08640		3.00		5/1/45		49
	18	Freddie Mac, Pool #J38057		3.00		12/1/32		19
	39	Freddie Mac, Pool #G08648		3.00		6/1/45		41
	25	Freddie Mac, Pool #SD8030		3.00		11/1/49		26
	121	Freddie Mac, Pool #G18673		3.00		1/1/33		127
	76	Freddie Mac, Pool #ZA2313		3.00		9/1/33		78
	109	Freddie Mac, Pool #ZS4609		3.00		4/1/45		114
	129	Freddie Mac, Pool #Q43734		3.00		10/1/46		135
	597	Freddie Mac, Pool #ZS4522		3.00		7/1/43		629
	18	Freddie Mac, Pool #J29932		3.00		11/1/29		18
	7	Freddie Mac, Pool #C91949		3.00		9/1/37		7
	9	Freddie Mac, Pool #J14241		3.00		1/1/26		10
	35	Freddie Mac, Pool #G18582		3.00		1/1/31		36
	35	Freddie Mac, Pool #ZS4703		3.00		2/1/47		37
	42	Freddie Mac, Pool #ZS4641		3.00		12/1/45		44
	7	Freddie Mac, Pool #Q13086		3.00		11/1/42		7
	57	Freddie Mac, Pool #ZS4688		3.00		11/1/46		59
	5	Freddie Mac, Pool #Q39527		3.00		3/1/46		6
	67	Freddie Mac, Pool #ZM2169		3.00		11/1/46		70
	109	Freddie Mac, Pool #QA1033		3.00		7/1/49		113
	175	Freddie Mac, Pool #ZS4697		3.00		1/1/47		183
	19	Freddie Mac, Pool #G18534		3.00		12/1/29		19
	79	Freddie Mac, Pool #RA2594		3.00		5/1/50		82
	90	Freddie Mac, Pool #ZS4693		3.00		12/1/46		94
	109	Freddie Mac, Pool #ZA1283		3.00		1/1/43		116
	21	Freddie Mac, Pool #J33135		3.00		11/1/30		21
	98	Freddie Mac, Pool #C91581		3.00		11/1/32		103
	37	Freddie Mac, Pool #C91927		3.00		5/1/37		39
	46	Freddie Mac, Pool #ZS8686		3.00		2/1/33		48
	50	Freddie Mac, Pool #ZT0715		3.00		9/1/48		52
	7	Freddie Mac, Pool #Q18882		3.00		5/1/43		7
	17	Freddie Mac, Pool #Q18599		3.00		6/1/43		17
	6	Freddie Mac, Pool #C91939		3.00		6/1/37		7
	53	Freddie Mac, Pool #G08783		3.00		10/1/47		55
	20	Freddie Mac, Pool #J38807		3.00		4/1/33		21
	142	Freddie Mac, Pool #ZM2285		3.00		12/1/46		148
	147	Freddie Mac, Pool #Q16222		3.00		3/1/43		155
	8	Freddie Mac, Pool #G30999		3.00		2/1/37		8
	86	Freddie Mac, Pool #SD8074		3.00		7/1/50		89
	70	Freddie Mac, Pool #ZM2721		3.00		2/1/47		74
	29	Freddie Mac, Pool #G30945		3.00		9/1/36		30
	438	Freddie Mac, Pool #SD8174		3.00		10/1/51		455
	170	Freddie Mac, Pool #SB8046		3.00		5/1/35		179
	141	Freddie Mac, Pool #SD8024		3.00		11/1/49		146
	29	Freddie Mac, Pool #C91798		3.00		12/1/34		31

See accompanying notes to financial statements.

210

HC CAPITAL TRUST

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

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	27	Freddie Mac, Pool #Q19754		3.00		7/1/43	$	28
	42	Freddie Mac, Pool #J38675		3.00		3/1/33		44
	77	Freddie Mac, Pool #G18518		3.00		7/1/29		81
	18	Freddie Mac, Pool #C91924		3.00		4/1/37		19
	5	Freddie Mac, Pool #C91809		3.00		2/1/35		6
	17	Freddie Mac, Pool #C91905		3.00		11/1/36		17
	41	Freddie Mac, Pool #ZT1951		3.50		5/1/49		43
	95	Freddie Mac, Pool #ZS4642		3.50		12/1/45		101
	75	Freddie Mac, Pool #SB0031		3.50		10/1/27		78
	40	Freddie Mac, Pool #ZS4663		3.50		5/1/46		43
	4	Freddie Mac, Pool #E02735		3.50		10/1/25		4
	56	Freddie Mac, Pool #Q37449		3.50		11/1/45		60
	45	Freddie Mac, Pool #G08687		3.50		1/1/46		48
	7	Freddie Mac, Pool #C91925		3.50		4/1/37		7
	12	Freddie Mac, Pool #Q55002		3.50		3/1/48		13
	21	Freddie Mac, Pool #RA1508		3.50		10/1/49		23
	223	Freddie Mac, Pool #RA2469		3.50		4/1/50		236
	33	Freddie Mac, Pool #G30776		3.50		7/1/35		36
	39	Freddie Mac, Pool #G08698		3.50		3/1/46		41
	67	Freddie Mac, Pool #C91403		3.50		3/1/32		71
	20	Freddie Mac, Pool #Q31134		3.50		2/1/45		21
	48	Freddie Mac, Pool #ZS4771		3.50		6/1/48		50
	108	Freddie Mac, Pool #Q20860		3.50		8/1/43		116
	26	Freddie Mac, Pool #G08605		3.50		9/1/44		28
	35	Freddie Mac, Pool #ZS4759		3.50		3/1/48		37
	45	Freddie Mac, Pool #Q04087		3.50		10/1/41		48
	49	Freddie Mac, Pool #Q12052		3.50		10/1/42		53
	46	Freddie Mac, Pool #G08733		3.50		11/1/46		48
	18	Freddie Mac, Pool #C91742		3.50		1/1/34		20
	81	Freddie Mac, Pool #ZS4713		3.50		4/1/47		85
	6	Freddie Mac, Pool #C91760		3.50		5/1/34		7
	65	Freddie Mac, Pool #Q51461		3.50		10/1/47		69
	59	Freddie Mac, Pool #ZS4704		3.50		2/1/47		63
	28	Freddie Mac, Pool #J13582		3.50		11/1/25		29
	47	Freddie Mac, Pool #G18707		3.50		9/1/33		49
	134	Freddie Mac, Pool #ZS4599		3.50		1/1/45		143
	39	Freddie Mac, Pool #Q57871		3.50		8/1/48		41
	12	Freddie Mac, Pool #ZS4747		3.50		12/1/47		13
	84	Freddie Mac, Pool #G61148		3.50		9/1/47		89
	23	Freddie Mac, Pool #C91950		3.50		9/1/37		24
	97	Freddie Mac, Pool #J15105		3.50		4/1/26		102
	46	Freddie Mac, Pool #Q06749		3.50		3/1/42		49
	106	Freddie Mac, Pool #G08766		3.50		6/1/47		112
	20	Freddie Mac, Pool #ZT0711		3.50		10/1/48		22
	28	Freddie Mac, Pool #J27494		3.50		2/1/29		29
	118	Freddie Mac, Pool #G08562		3.50		1/1/44		126
	48	Freddie Mac, Pool #ZA5128		3.50		12/1/47		50
	42	Freddie Mac, Pool #Q58422		3.50		9/1/48		45

See accompanying notes to financial statements.

211

HC CAPITAL TRUST

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

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	59	Freddie Mac, Pool #SD8011		3.50		9/1/49	$	62
	77	Freddie Mac, Pool #Q08903		3.50		6/1/42		83
	30	Freddie Mac, Pool #C03920		3.50		5/1/42		32
	91	Freddie Mac, Pool #G08641		3.50		5/1/45		97
	24	Freddie Mac, Pool #SB8007		3.50		9/1/34		25
	18	Freddie Mac, Pool #J26144		3.50		10/1/23		18
	63	Freddie Mac, Pool #Q53176		3.50		12/1/47		67
	74	Freddie Mac, Pool #ZS4630		3.50		9/1/45		79
	36	Freddie Mac, Pool #ZS4659		3.50		4/1/46		38
	14	Freddie Mac, Pool #C92003		3.50		7/1/38		14
	10	Freddie Mac, Pool #G08620		3.50		12/1/44		11
	81	Freddie Mac, Pool #ZS4622		3.50		7/1/45		87
	107	Freddie Mac, Pool #G08804		3.50		3/1/48		113
	32	Freddie Mac, Pool #G08813		3.50		5/1/48		34
	161	Freddie Mac, Pool #ZS4536		3.50		10/1/43		173
	336	Freddie Mac, Pool #ZS4487		3.50		6/1/42		361
	31	Freddie Mac, Pool #G08846		3.50		11/1/48		32
	93	Freddie Mac, Pool #ZS4651		3.50		3/1/46		99
	20	Freddie Mac, Pool #A96409		3.50		1/1/41		22
	103	Freddie Mac, Pool #QA8794		3.50		4/1/50		109
	71	Freddie Mac, Pool #G08761		3.50		5/1/47		76
	62	Freddie Mac, Pool #Q08998		3.50		6/1/42		66
	44	Freddie Mac, Pool #Q36040		3.50		9/1/45		47
	12	Freddie Mac, Pool #C91940		3.50		6/1/37		13
	72	Freddie Mac, Pool #C91456		3.50		6/1/32		77
	136	Freddie Mac, Pool #G08636		3.50		4/1/45		145
	82	Freddie Mac, Pool #G08632		3.50		3/1/45		88
	27	Freddie Mac, Pool #G08599		3.50		8/1/44		29
	89	Freddie Mac, Pool #Q49490		3.50		7/1/47		94
	121	Freddie Mac, Pool #G08627		3.50		2/1/45		130
	82	Freddie Mac, Pool #Q09896		3.50		8/1/42		88
	4	Freddie Mac, Pool #Q27456		4.00		7/1/44		4
	83	Freddie Mac, Pool #ZS4731		4.00		8/1/47		89
	54	Freddie Mac, Pool #ZT1952		4.00		5/1/49		58
	290	Freddie Mac, Pool #A96286		4.00		1/1/41		316
	16	Freddie Mac, Pool #G08672		4.00		10/1/45		17
	44	Freddie Mac, Pool #ZN5030		4.00		4/1/49		47
	180	Freddie Mac, Pool #SD8070		4.00		6/1/50		192
	56	Freddie Mac, Pool #Q27594		4.00		8/1/44		60
	59	Freddie Mac, Pool #G08618		4.00		12/1/44		64
	40	Freddie Mac, Pool #ZA6946		4.00		5/1/49		43
	153	Freddie Mac, Pool #SD0290		4.00		4/1/50		162
	10	Freddie Mac, Pool #C92019		4.00		10/1/38		11
	60	Freddie Mac, Pool #SD8039		4.00		1/1/50		64
	15	Freddie Mac, Pool #ZT1800		4.00		3/1/34		16
	61	Freddie Mac, Pool #ZS4573		4.00		7/1/44		66
	38	Freddie Mac, Pool #ZT1320		4.00		11/1/48		41
	52	Freddie Mac, Pool #ZT2106		4.00		3/1/49		55

See accompanying notes to financial statements.

212

HC CAPITAL TRUST

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

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	30	Freddie Mac, Pool #G08601		4.00		8/1/44	$	33
	28	Freddie Mac, Pool #G08836		4.00		9/1/48		30
	28	Freddie Mac, Pool #G08831		4.00		8/1/48		30
	27	Freddie Mac, Pool #G08483		4.00		3/1/42		30
	4	Freddie Mac, Pool #G08642		4.00		5/1/45		5
	63	Freddie Mac, Pool #G08459		4.00		9/1/41		69
	67	Freddie Mac, Pool #G08785		4.00		10/1/47		72
	30	Freddie Mac, Pool #Q34081		4.00		6/1/45		32
	45	Freddie Mac, Pool #G08767		4.00		6/1/47		48
	65	Freddie Mac, Pool #G08588		4.00		5/1/44		71
	104	Freddie Mac, Pool #G06506		4.00		12/1/40		113
	55	Freddie Mac, Pool #G08567		4.00		1/1/44		59
	51	Freddie Mac, Pool #C09070		4.00		12/1/44		56
	36	Freddie Mac, Pool #C91765		4.00		6/1/34		39
	23	Freddie Mac, Pool #G14453		4.00		6/1/26		24
	6	Freddie Mac, Pool #J12435		4.00		6/1/25		6
	92	Freddie Mac, Pool #ZL7781		4.00		2/1/44		101
	13	Freddie Mac, Pool #C91994		4.00		5/1/38		14
	62	Freddie Mac, Pool #G08616		4.00		11/1/44		67
	8	Freddie Mac, Pool #C91923		4.00		3/1/37		8
	8	Freddie Mac, Pool #G08633		4.00		3/1/45		9
	20	Freddie Mac, Pool #ZS4652		4.00		2/1/46		22
	38	Freddie Mac, Pool #C91738		4.00		11/1/33		41
	42	Freddie Mac, Pool #Q58680		4.00		9/1/48		45
	38	Freddie Mac, Pool #G08637		4.00		4/1/45		41
	84	Freddie Mac, Pool #ZS4631		4.00		9/1/45		90
	31	Freddie Mac, Pool #ZT1840		4.00		9/1/48		33
	5	Freddie Mac, Pool #E02862		4.50		3/1/26		5
	53	Freddie Mac, Pool #G08759		4.50		4/1/47		57
	75	Freddie Mac, Pool #ZT1711		4.50		2/1/49		81
	35	Freddie Mac, Pool #G08754		4.50		3/1/47		38
	10	Freddie Mac, Pool #C09059		4.50		3/1/44		11
	37	Freddie Mac, Pool #ZS4774		4.50		5/1/48		40
	41	Freddie Mac, Pool #Q57957		4.50		8/1/48		44
	9	Freddie Mac, Pool #Q49599		4.50		7/1/47		10
	40	Freddie Mac, Pool #Q59805		4.50		11/1/48		43
	623	Freddie Mac, Pool #A97692		4.50		3/1/41		684
	18	Freddie Mac, Pool #Q25432		4.50		3/1/44		19
	20	Freddie Mac, Pool #G08596		4.50		7/1/44		22
	5	Freddie Mac, Pool #A90437		4.50		1/1/40		5
	35	Freddie Mac, Pool #ZS4781		4.50		7/1/48		38
	148	Freddie Mac, Pool #SD8002		4.50		7/1/49		159
	52	Freddie Mac, Pool #A97495		4.50		3/1/41		57
	3	Freddie Mac, Pool #J07849		4.50		5/1/23		4
	17	Freddie Mac, Pool #G08781		4.50		9/1/47		19
	26	Freddie Mac, Pool #Q22671		4.50		11/1/43		29
	280	Freddie Mac, Pool #C01598		5.00		8/1/33		313
	18	Freddie Mac, Pool #G05205		5.00		1/1/39		21

See accompanying notes to financial statements.

213

HC CAPITAL TRUST

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

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	121	Freddie Mac, Pool #G04913		5.00		3/1/38	$	137
	90	Freddie Mac, Pool #Q00763		5.00		5/1/41		99
	8	Freddie Mac, Pool #G07068		5.00		7/1/41		8
	84	Freddie Mac, Pool #ZT1779		5.00		3/1/49		91
	11	Freddie Mac, Pool #G08838		5.00		9/1/48		12
	6	Freddie Mac, Pool #G13255		5.00		7/1/23		6
	9	Freddie Mac, Pool #SD0093		5.00		10/1/49		9
	39	Freddie Mac, Pool #G06031		5.50		3/1/40		45
	2	Freddie Mac, Pool #G06091		5.50		5/1/40		2
	174	Freddie Mac, Pool #G01665		5.50		3/1/34		203
	19	Freddie Mac, Pool #G05709		6.00		6/1/38		22
	4	Freddie Mac, Pool #A62706		6.00		6/1/37		5
	34	Freddie Mac, Pool #G03551		6.00		11/1/37		40
	155	Freddie Mac, Pool #G02794		6.00		5/1/37		184
	417	Government National Mortgage Association, Pool #MA7254		2.00		3/20/51		421
	436	Government National Mortgage Association, Pool #MA7417		2.00		6/20/51		440
	407	Government National Mortgage Association, Pool #MA7366		2.00		5/20/51		411
	449	Government National Mortgage Association, Pool #MA7051		2.00		12/20/50		454
	382	Government National Mortgage Association, Pool #MA6930		2.00		10/20/50		386
	228	Government National Mortgage Association, Pool #MA6864		2.00		9/20/50		230
	403	Government National Mortgage Association, Pool #MA7135		2.00		1/20/51		407
	470	Government National Mortgage Association, Pool #MA7588		2.00		9/20/51		476
	439	Government National Mortgage Association, Pool #MA7471		2.00		7/20/51		444
	11	Government National Mortgage Association, Pool #711729		2.50		3/15/43		11
	21	Government National Mortgage Association, Pool #MA4717		2.50		9/20/47		22
	426	Government National Mortgage Association, Pool #MA7312		2.50		4/20/51		438
	16	Government National Mortgage Association, Pool #MA4424		2.50		5/20/32		17
	15	Government National Mortgage Association, Pool #MA4194		2.50		1/20/47		15
	248	Government National Mortgage Association, Pool #MA4125		2.50		12/20/46		254
	406	Government National Mortgage Association, Pool #MA7193		2.50		2/20/51		417
	416	Government National Mortgage Association, Pool #MA7534		2.50		8/20/51		427
	24	Government National Mortgage Association, Pool #MA4067		2.50		11/20/46		25
	15	Government National Mortgage Association, Pool #776954		2.50		11/15/42		16
	323	Government National Mortgage Association, Pool #MA6931		2.50		10/20/50		331
	474	Government National Mortgage Association, Pool #MA7367		2.50		5/20/51		488
	8	Government National Mortgage Association, Pool #MA4355		2.50		4/20/32		9
	27	Government National Mortgage Association, Pool #AA8341		2.50		2/15/28		28
	28	Government National Mortgage Association, Pool #MA0601		2.50		12/20/27		29
	17	Government National Mortgage Association, Pool #MA1133		2.50		7/20/28		17
	271	Government National Mortgage Association, Pool #MA7589		2.50		9/20/51		278
	438	Government National Mortgage Association, Pool #MA7472		2.50		7/20/51		450
	349	Government National Mortgage Association, Pool #MA6995		2.50		11/20/50		358
	8	Government National Mortgage Association, Pool #MA2890		2.50		6/20/45		8
	235	Government National Mortgage Association, Pool #MA4260		2.50		2/20/47		241
	258	Government National Mortgage Association, Pool #MA6819		2.50		8/20/50		265
	16	Government National Mortgage Association, Pool #MA0908		2.50		4/20/28		17
	414	Government National Mortgage Association, Pool #MA7255		2.50		3/20/51		425
	332	Government National Mortgage Association, Pool #MA6865		2.50		9/20/50		341

See accompanying notes to financial statements.

214

HC CAPITAL TRUST

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

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	191	Government National Mortgage Association, Pool #MA6540		2.50		3/20/50	$	196
	233	Government National Mortgage Association, Pool #MA6655		2.50		5/20/50		239
	45	Government National Mortgage Association, Pool #MA1283		2.50		9/20/43		44
	51	Government National Mortgage Association, Pool #779084		3.00		4/15/42		52
	171	Government National Mortgage Association, Pool #MA3735		3.00		6/20/46		179
	206	Government National Mortgage Association, Pool #MA4899		3.00		12/20/47		216
	10	Government National Mortgage Association, Pool #MA1890		3.00		5/20/29		11
	81	Government National Mortgage Association, Pool #MA4320		3.00		3/20/47		85
	50	Government National Mortgage Association, Pool #MA2753		3.00		4/20/45		53
	70	Government National Mortgage Association, Pool #MA3104		3.00		9/20/45		73
	64	Government National Mortgage Association, Pool #MA2825		3.00		5/20/45		67
	10	Government National Mortgage Association, Pool #AA2934		3.00		7/15/42		11
	55	Government National Mortgage Association, Pool #AA2654		3.00		6/15/43		58
	91	Government National Mortgage Association, Pool #MA3033		3.00		8/20/45		95
	193	Government National Mortgage Association, Pool #AD8433		3.00		7/15/43		203
	77	Government National Mortgage Association, Pool #MA3596		3.00		4/20/46		80
	15	Government National Mortgage Association, Pool #MA2797		3.00		5/20/30		16
	96	Government National Mortgage Association, Pool #MA3802		3.00		7/20/46		100
	10	Government National Mortgage Association, Pool #AN5756		3.00		7/15/45		11
	75	Government National Mortgage Association, Pool #MA3309		3.00		12/20/45		78
	60	Government National Mortgage Association, Pool #MA3172		3.00		10/20/45		63
	92	Government National Mortgage Association, Pool #MA0461		3.00		10/20/42		97
	84	Government National Mortgage Association, Pool #MA4381		3.00		4/20/47		88
	28	Government National Mortgage Association, Pool #MA3520		3.00		3/20/46		29
	6	Government National Mortgage Association, Pool #5276		3.00		1/20/27		6
	218	Government National Mortgage Association, Pool #MA5076		3.00		3/20/48		227
	578	Government National Mortgage Association, Pool #MA0624		3.00		12/20/42		614
	191	Government National Mortgage Association, Pool #MA5018		3.00		2/20/48		200
	29	Government National Mortgage Association, Pool #MA0205		3.00		7/20/27		31
	29	Government National Mortgage Association, Pool #MA3243		3.00		11/20/45		31
	102	Government National Mortgage Association, Pool #MA6283		3.00		11/20/49		106
	105	Government National Mortgage Association, Pool #MA4450		3.00		5/20/47		110
	190	Government National Mortgage Association, Pool #MA4261		3.00		2/20/47		198
	27	Government National Mortgage Association, Pool #MA4559		3.00		7/20/32		28
	134	Government National Mortgage Association, Pool #MA4651		3.00		8/20/47		140
	25	Government National Mortgage Association, Pool #MA2600		3.00		2/20/45		26
	103	Government National Mortgage Association, Pool #MA4961		3.00		1/20/48		107
	31	Government National Mortgage Association, Pool #MA1265		3.00		9/20/28		33
	152	Government National Mortgage Association, Pool #MA6338		3.00		12/20/49		158
	109	Government National Mortgage Association, Pool #MA2520		3.00		1/20/45		115
	107	Government National Mortgage Association, Pool #MA1374		3.00		10/20/43		114
	22	Government National Mortgage Association, Pool #MA6766		3.00		7/20/50		22
	5	Government National Mortgage Association, Pool #AL5058		3.00		3/15/45		6
	189	Government National Mortgage Association, Pool #MA6474		3.00		2/20/50		196
	291	Government National Mortgage Association, Pool #MA6656		3.00		5/20/50		301
	335	Government National Mortgage Association, Pool #MA6599		3.00		4/20/50		347
	138	Government National Mortgage Association, Pool #MA2147		3.00		8/20/44		145
	7	Government National Mortgage Association, Pool #MA4935		3.00		1/20/33		7

See accompanying notes to financial statements.

215

HC CAPITAL TRUST

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

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	103	Government National Mortgage Association, Pool #MA0153		3.00		6/20/42	$	109
	229	Government National Mortgage Association, Pool #MA4126		3.00		12/20/46		239
	25	Government National Mortgage Association, Pool #MA6820		3.00		8/20/50		26
	95	Government National Mortgage Association, Pool #MA6710		3.00		6/20/50		98
	69	Government National Mortgage Association, Pool #MA3873		3.00		8/20/46		72
	175	Government National Mortgage Association, Pool #MA6409		3.00		1/20/50		182
	64	Government National Mortgage Association, Pool #MA2960		3.00		7/20/45		68
	163	Government National Mortgage Association, Pool #MA0391		3.00		9/20/42		173
	40	Government National Mortgage Association, Pool #MA4068		3.00		11/20/46		42
	38	Government National Mortgage Association, Pool #MA0851		3.00		3/20/43		40
	229	Government National Mortgage Association, Pool #MA4003		3.00		10/20/46		240
	68	Government National Mortgage Association, Pool #MA2444		3.00		12/20/44		71
	204	Government National Mortgage Association, Pool #MA4195		3.00		1/20/47		213
	122	Government National Mortgage Association, Pool #AA6149		3.00		3/20/43		127
	156	Government National Mortgage Association, Pool #MA3936		3.00		9/20/46		164
	20	Government National Mortgage Association, Pool #AK7285		3.00		3/15/45		21
	24	Government National Mortgage Association, Pool #AG0440		3.00		8/15/43		25
	101	Government National Mortgage Association, Pool #MA4777		3.00		10/20/47		106
	124	Government National Mortgage Association, Pool #MA4509		3.00		6/20/47		130
	84	Government National Mortgage Association, Pool #MA3662		3.00		5/20/46		88
	99	Government National Mortgage Association, Pool #MA6089		3.00		8/20/49		103
	140	Government National Mortgage Association, Pool #MA4836		3.00		11/20/47		146
	73	Government National Mortgage Association, Pool #MA2961		3.50		7/20/45		77
	95	Government National Mortgage Association, Pool #MA4652		3.50		8/20/47		100
	103	Government National Mortgage Association, Pool #MA4382		3.50		4/20/47		108
	71	Government National Mortgage Association, Pool #MA3736		3.50		6/20/46		75
	106	Government National Mortgage Association, Pool #AM4971		3.50		4/20/45		113
	26	Government National Mortgage Association, Pool #738602		3.50		8/15/26		27
	3	Government National Mortgage Association, Pool #AL8566		3.50		3/15/45		3
	241	Government National Mortgage Association, Pool #MA2148		3.50		8/20/44		256
	55	Government National Mortgage Association, Pool #MA1838		3.50		4/20/44		58
	125	Government National Mortgage Association, Pool #MA4837		3.50		11/20/47		131
	17	Government National Mortgage Association, Pool #MA6219		3.50		10/20/49		18
	19	Government National Mortgage Association, Pool #MA6711		3.50		6/20/50		20
	64	Government National Mortgage Association, Pool #MA5263		3.50		6/20/48		67
	160	Government National Mortgage Association, Pool #MA1090		3.50		6/20/43		169
	98	Government National Mortgage Association, Pool #MA4321		3.50		3/20/47		103
	141	Government National Mortgage Association, Pool #MA0934		3.50		4/20/43		151
	90	Government National Mortgage Association, Pool #MA4262		3.50		2/20/47		95
	90	Government National Mortgage Association, Pool #MA3937		3.50		9/20/46		95
	40	Government National Mortgage Association, Pool #BD5909		3.50		10/15/47		44
	87	Government National Mortgage Association, Pool #MA5136		3.50		4/20/48		91
	66	Government National Mortgage Association, Pool #MA4778		3.50		10/20/47		69
	164	Government National Mortgage Association, Pool #MA5019		3.50		2/20/48		172
	26	Government National Mortgage Association, Pool #AD2416		3.50		5/15/43		28
	52	Government National Mortgage Association, Pool #MA2371		3.50		11/20/44		55
	51	Government National Mortgage Association, Pool #740798		3.50		1/15/42		54
	162	Government National Mortgage Association, Pool #MA0462		3.50		10/20/42		173

See accompanying notes to financial statements.

216

HC CAPITAL TRUST

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

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	12	Government National Mortgage Association, Pool #MA1574		3.50		1/20/29	$	13
	73	Government National Mortgage Association, Pool #778157		3.50		3/15/42		77
	171	Government National Mortgage Association, Pool #MA2073		3.50		7/20/44		183
	140	Government National Mortgage Association, Pool #MA0852		3.50		3/20/43		150
	18	Government National Mortgage Association, Pool #796271		3.50		7/15/42		19
	17	Government National Mortgage Association, Pool #MA5762		3.50		2/20/49		18
	140	Government National Mortgage Association, Pool #MA3173		3.50		10/20/45		148
	123	Government National Mortgage Association, Pool #MA4719		3.50		9/20/47		129
	70	Government National Mortgage Association, Pool #MA4586		3.50		7/20/47		73
	14	Government National Mortgage Association, Pool #MA5875		3.50		4/20/49		15
	85	Government National Mortgage Association, Pool #MA0699		3.50		1/20/43		89
	163	Government National Mortgage Association, Pool #MA1157		3.50		7/20/43		172
	7	Government National Mortgage Association, Pool #MA1266		3.50		9/20/28		7
	14	Government National Mortgage Association, Pool #MA6410		3.50		1/20/50		14
	82	Government National Mortgage Association, Pool #MA3803		3.50		7/20/46		86
	75	Government National Mortgage Association, Pool #MA3874		3.50		8/20/46		79
	17	Government National Mortgage Association, Pool #MA6475		3.50		2/20/50		17
	133	Government National Mortgage Association, Pool #MA3521		3.50		3/20/46		141
	52	Government National Mortgage Association, Pool #AC3938		3.50		1/15/43		55
	142	Government National Mortgage Association, Pool #MA4196		3.50		1/20/47		150
	62	Government National Mortgage Association, Pool #MA2754		3.50		4/20/45		65
	124	Government National Mortgage Association, Pool #MA3034		3.50		8/20/45		131
	67	Government National Mortgage Association, Pool #MA4510		3.50		6/20/47		71
	80	Government National Mortgage Association, Pool #783976		3.50		4/20/43		86
	105	Government National Mortgage Association, Pool #MA2303		3.50		10/20/44		111
	93	Government National Mortgage Association, Pool #MA4069		3.50		11/20/46		98
	95	Government National Mortgage Association, Pool #MA4900		3.50		12/20/47		100
	48	Government National Mortgage Association, Pool #MA1919		3.50		5/20/44		50
	92	Government National Mortgage Association, Pool #MA2678		3.50		3/20/45		97
	100	Government National Mortgage Association, Pool #MA2892		3.50		6/20/45		105
	23	Government National Mortgage Association, Pool #MA6339		3.50		12/20/49		24
	79	Government National Mortgage Association, Pool #MA3663		3.50		5/20/46		83
	287	Government National Mortgage Association, Pool #MA0220		3.50		7/20/42		308
	103	Government National Mortgage Association, Pool #MA4004		3.50		10/20/46		108
	97	Government National Mortgage Association, Pool #MA3597		3.50		4/20/46		102
	60	Government National Mortgage Association, Pool #MA2445		3.50		12/20/44		63
	54	Government National Mortgage Association, Pool #MA3454		3.50		2/20/46		57
	75	Government National Mortgage Association, Pool #MA3310		3.50		12/20/45		79
	79	Government National Mortgage Association, Pool #MA5077		3.50		3/20/48		83
	112	Government National Mortgage Association, Pool #MA0088		3.50		5/20/42		118
	43	Government National Mortgage Association, Pool #MA4451		3.50		5/20/47		45
	97	Government National Mortgage Association, Pool #MA3376		3.50		1/20/46		102
	110	Government National Mortgage Association, Pool #MA3244		3.50		11/20/45		116
	120	Government National Mortgage Association, Pool #MA4127		3.50		12/20/46		127
	88	Government National Mortgage Association, Pool #MA0022		3.50		4/20/42		95
	13	Government National Mortgage Association, Pool #MA6040		4.00		7/20/49		14
	85	Government National Mortgage Association, Pool #MA1761		4.00		3/20/44		92
	88	Government National Mortgage Association, Pool #MA2224		4.00		9/20/44		94

See accompanying notes to financial statements.

217

HC CAPITAL TRUST

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

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	18	Government National Mortgage Association, Pool #MA5330		4.00			7/20/48	$	19
	67	Government National Mortgage Association, Pool #MA1449		4.00			11/20/43		73
	61	Government National Mortgage Association, Pool #MA0319		4.00			8/20/42		66
	76	Government National Mortgage Association, Pool #MA2304		4.00			10/20/44		81
	22	Government National Mortgage Association, Pool #MA4322		4.00			3/20/47		23
	41	Government National Mortgage Association, Pool #MA2602		4.00			2/20/45		44
	34	Government National Mortgage Association, Pool #MA2149		4.00			8/20/44		36
	65	Government National Mortgage Association, Pool #MA5078		4.00			3/20/48		69
	66	Government National Mortgage Association, Pool #MA3598		4.00			4/20/46		70
	113	Government National Mortgage Association, Pool #MA5466		4.00			9/20/48		120
	65	Government National Mortgage Association, Pool #MA5876		4.00			4/20/49		69
	74	Government National Mortgage Association, Pool #MA4511		4.00			6/20/47		79
	52	Government National Mortgage Association, Pool #MA4263		4.00			2/20/47		56
	26	Government National Mortgage Association, Pool #MA0155		4.00			6/20/42		28
	62	Government National Mortgage Association, Pool #MA4197		4.00			1/20/47		67
	60	Government National Mortgage Association, Pool #AB1483		4.00			8/15/42		65
	15	Government National Mortgage Association, Pool #4922		4.00			1/20/41		16
	81	Government National Mortgage Association, Pool #MA5595		4.00			11/20/48		85
	30	Government National Mortgage Association, Pool #753254		4.00			9/15/43		32
	59	Government National Mortgage Association, Pool #713876		4.00			8/15/39		64
	59	Government National Mortgage Association, Pool #MA3377		4.00			1/20/46		64
	136	Government National Mortgage Association, Pool #MA4587		4.00			7/20/47		145
	62	Government National Mortgage Association, Pool #MA2522		4.00			1/20/45		66
	73	Government National Mortgage Association, Pool #MA4383		4.00			4/20/47		78
	82	Government National Mortgage Association, Pool #MA4653		4.00			8/20/47		88
	18	Government National Mortgage Association, Pool #MA3106		4.00			9/20/45		19
	11	Government National Mortgage Association, Pool #MA3174		4.00			10/20/45		12
	32	Government National Mortgage Association, Pool #MA3245		4.00			11/20/45		34
	37	Government National Mortgage Association, Pool #AM8203		4.00			5/15/45		39
	12	Government National Mortgage Association, Pool #779401		4.00			6/15/42		14
	39	Government National Mortgage Association, Pool #MA3737		4.00			6/20/46		42
	208	Government National Mortgage Association, Pool #5139		4.00			8/20/41		224
	119	Government National Mortgage Association, Pool #MA4452		4.00			5/20/47		127
	5	Government National Mortgage Association, Pool #AJ2722		4.00			8/15/44		5
	20	Government National Mortgage Association, Pool #AD5627		4.00			4/15/43		22
	16	Government National Mortgage Association, Pool #766495		4.00			10/15/41		18
	22	Government National Mortgage Association, Pool #MA6155		4.00			9/20/49		23
	52	Government National Mortgage Association, Pool #MA1678		4.00			2/20/44		56
	100	Government National Mortgage Association, Pool #MA2074		4.00			7/20/44		108
	63	Government National Mortgage Association, Pool #MA5710		4.00			1/20/49		67
	37	Government National Mortgage Association, Pool #MA1996		4.00			6/20/44		40
	36	Government National Mortgage Association, Pool #MA1286		4.00			9/20/43		39
	21	Government National Mortgage Association, Pool #MA3455		4.00			2/20/46		23
	102	Government National Mortgage Association, Pool #MA1839		4.00			4/20/44		110
	22	Government National Mortgage Association, Pool #MA6091		4.00			8/20/49		23
	66	Government National Mortgage Association, Pool #MA1376		4.00			10/20/43		71
	24	Government National Mortgage Association, Pool #740068		4.00			9/15/40		26
	30	Government National Mortgage Association, Pool #AV6086		4.00			7/15/47		33
	22	Government National Mortgage Association, Pool #738710		4.00	��		9/15/41		25

See accompanying notes to financial statements.

218

HC CAPITAL TRUST

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

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	51	Government National Mortgage Association, Pool #MA5986		4.00		6/20/49	$	54
	82	Government National Mortgage Association, Pool #MA5931		4.00		5/20/49		87
	70	Government National Mortgage Association, Pool #MA2756		4.50		4/20/45		76
	43	Government National Mortgage Association, Pool #MA4512		4.50		6/20/47		47
	11	Government National Mortgage Association, Pool #MA5987		4.50		6/20/49		11
	77	Government National Mortgage Association, Pool #MA1762		4.50		3/20/44		84
	75	Government National Mortgage Association, Pool #5260		4.50		12/20/41		84
	22	Government National Mortgage Association, Pool #MA4780		4.50		10/20/47		23
	16	Government National Mortgage Association, Pool #738793		4.50		9/15/41		19
	61	Government National Mortgage Association, Pool #MA5877		4.50		4/20/49		65
	5	Government National Mortgage Association, Pool #MA5764		4.50		2/20/49		5
	35	Government National Mortgage Association, Pool #MA5467		4.50		9/20/48		37
	18	Government National Mortgage Association, Pool #MA4721		4.50		9/20/47		19
	16	Government National Mortgage Association, Pool #MA5596		4.50		11/20/48		17
	25	Government National Mortgage Association, Pool #MA1092		4.50		6/20/43		27
	59	Government National Mortgage Association, Pool #MA5652		4.50		12/20/48		63
	44	Government National Mortgage Association, Pool #MA0701		4.50		1/20/43		49
	15	Government National Mortgage Association, Pool #MA5399		4.50		8/20/48		16
	53	Government National Mortgage Association, Pool #MA5818		4.50		3/20/49		56
	127	Government National Mortgage Association, Pool #717148		4.50		5/15/39		140
	19	Government National Mortgage Association, Pool #MA5711		4.50		1/20/49		20
	204	Government National Mortgage Association, Pool #721760		4.50		8/15/40		225
	15	Government National Mortgage Association, Pool #729511		4.50		4/15/40		17
	9	Government National Mortgage Association, Pool #MA5529		4.50		10/20/48		9
	61	Government National Mortgage Association, Pool #MA4384		4.50		4/20/47		66
	12	Government National Mortgage Association, Pool #MA4129		4.50		12/20/46		13
	10	Government National Mortgage Association, Pool #BB7097		4.50		8/15/47		11
	289	Government National Mortgage Association, Pool #4801		4.50		9/20/40		315
	26	Government National Mortgage Association, Pool #MA3805		4.50		7/20/46		28
	17	Government National Mortgage Association, Pool #MA5933		5.00		5/20/49		18
	29	Government National Mortgage Association, Pool #MA4007		5.00		10/20/46		32
	6	Government National Mortgage Association, Pool #MA5988		5.00		6/20/49		7
	8	Government National Mortgage Association, Pool #MA0465		5.00		10/20/42		9
	15	Government National Mortgage Association, Pool #MA5530		5.00		10/20/48		16
	15	Government National Mortgage Association, Pool #MA5819		5.00		3/20/49		16
	47	Government National Mortgage Association, Pool #MA2076		5.00		7/20/44		53
	16	Government National Mortgage Association, Pool #675179		5.00		3/15/38		19
	6	Government National Mortgage Association, Pool #MA5653		5.00		12/20/48		6
	16	Government National Mortgage Association, Pool #MA5400		5.00		8/20/48		17
	60	Government National Mortgage Association, Pool #694531		5.00		11/15/38		68
	49	Government National Mortgage Association, Pool #604285		5.00		5/15/33		55
	37	Government National Mortgage Association, Pool #712690		5.00		4/15/39		43
	14	Government National Mortgage Association, Pool #MA5765		5.00		2/20/49		16
	215	Government National Mortgage Association, Pool #4559		5.00		10/20/39		243
	28	Government National Mortgage Association, Pool #MA5597		5.00		11/20/48		30
	102	Government National Mortgage Association, Pool #782523		5.00		11/15/35		116
	12	Government National Mortgage Association, Pool #782468		5.00		11/15/38		13
	42	Government National Mortgage Association, Pool #MA5080		5.00		3/20/48		44
	6	Government National Mortgage Association, Pool #MA5712		5.00		1/20/49		7

See accompanying notes to financial statements.

219

HC CAPITAL TRUST

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

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)			Security Description	Rate %		Maturity Date		Value (000)
			U.S. Government Agency Mortgages (continued)
$	43		Government National Mortgage Association, Pool #510835		5.50		2/15/35	$	48
	7		Government National Mortgage Association, Pool #658181		5.50		11/15/36		7
	10		Government National Mortgage Association, Pool #MA0466		5.50		10/20/42		12
	57		Government National Mortgage Association, Pool #783284		5.50		6/20/40		63
	36		Government National Mortgage Association, Pool #781959		6.00		7/15/35		39
	35		Government National Mortgage Association, Pool #4222		6.00		8/20/38		41
	38		Government National Mortgage Association, Pool #4245		6.00		9/20/38		45
	8		Government National Mortgage Association, Pool #699237		6.50		9/15/38		9
	500		Government National Mortgage Association, 30 YR TBA		2.00		2/20/51		504
	5,650		Government National Mortgage Association, 30 YR TBA		2.00		1/20/52		5,700
	200		Government National Mortgage Association, 30 YR TBA		2.50		2/20/51		205
	4,050		Government National Mortgage Association, 30 YR TBA		2.50		7/20/51		4,151
	300		Government National Mortgage Association, 30 YR TBA		3.00		1/20/51		311
	25		Government National Mortgage Association, 30 YR TBA		3.00		2/20/50		26
			Total U.S. Government Agency Mortgages						185,217
Shares
			Investment Company — 26.92%
	62,336,327		State Street Institutional Treasury Plus Money Market Fund, Trust Class		0.01(b)				62,336
			Total Investment Company						62,336
			Total Investments Before TBA Sale Commitments (cost $261,615) — 113.64%						263,171
Principal Amount (000)
			TBA Sale Commitments (c) — (0.26)%
$	(50	)	Fannie Mae, 30 YR TBA		4.50		1/25/51		(54	)
	(100	)	Government National Mortgage Association, 30 YR TBA		4.50		1/20/51		(106	)
	(225	)	Government National Mortgage Association, 30 YR TBA		5.00		1/20/51		(238	)
	(100	)	Government National Mortgage Association, 30 YR TBA		3.50		2/20/51		(104	)
	(100	)	Government National Mortgage Association, 30 YR TBA		4.00		2/20/51		(105	)
			Total TBA Sale Commitments						(607	)
			Liabilities in excess of other assets — (13.38)%						(30,992	)
			Net Assets — 100.00%					$	231,572

(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, 2021.

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

(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

See accompanying notes to financial statements.

220

HC CAPITAL TRUST

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

Portfolio of Investments (concluded) — December 31, 2021 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of December 31, 2021.

The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio	Mellon Investments Corporation			HC Capital Solutions			Total
Asset Backed Securities		0.52	%		—			0.52	%
Collateralized Mortgage Obligations		6.23	%		—			6.23	%
U.S. Government Agency Mortgages		79.97	%		—			79.97	%
Investment Company		13.43	%		13.49	%		26.92	%
TBA Sale Commitments		-0.26	%		—			-0.26	%
Other Assets (Liabilities)		-13.18	%		-0.20	%		-13.38	%
Total Net Assets		86.71	%		13.29	%		100.00	%

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

See accompanying notes to financial statements.

221

HC CAPITAL TRUST

The Short-Term Municipal Bond Portfolio

Portfolio of Investments — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		Municipal Bonds — 98.30%
		Alabama — 2.08%
$	2,025	County of Baldwin Alabama, GO, Callable 11/1/24 @ 100.00		5.00			5/1/25	$	2,284
	710	University of Alabama Revenue, Series A, Callable 7/1/22 @ 100.00		5.00			7/1/23		727
									3,011
		Arizona — 4.96%
	805	County of Pima Arizona Sewer System Revenue		5.00			7/1/23		862
	1,645	Maricopa County High School District No. 214 Tolleson Union High School, GO		5.00			7/1/24		1,830
	2,475	Maricopa County Industrial Development Authority Revenue, Series D		5.00(a)			1/1/46		2,940
	1,350	Maricopa County Unified School District No. 41 Gilbert, GO, Series C		5.00			7/1/25		1,562
									7,194
		Arkansas — 1.71%
	2,295	Rogers School District No. 30, GO, Callable 8/1/24 @ 100.00 (State Aid Withholding)		4.00			2/1/26		2,483
		California — 1.70%
	2,270	State of California, GO		5.00			11/1/23		2,465
		Connecticut — 0.84%
	1,200	State of Connecticut, GO, Series A		5.00			4/15/22		1,216
		Delaware — 1.03%
	1,500	County of New Castle, GO		0.56			7/15/24		1,487
		District of Columbia — 1.53%
	2,000	District of Columbia, GO, Series D		5.00			6/1/24		2,225
		Florida — 6.38%
	425	JEA Florida Electric System Revenue, Series D		5.00			10/1/22		440
	2,500	Orlando Utilities Commission Revenue		5.00			10/1/27		3,096
	950	State of Florida Department of Education Revenue, Series A		5.00	��		7/1/22		972
	1,645	State of Florida Department of Management Services Refunding Certificates of Participation, Series A		5.00			11/1/23		1,786
	2,420	State of Florida, GO, Series B, Callable 6/1/27 @ 100.00		5.00			6/1/28		2,957
									9,251
		Georgia — 1.74%
	2,000	State of Georgia, GO, Series A		5.00			8/1/28		2,527
		Hawaii — 1.52%
	1,970	City & County Honolulu Hawaii Wastewater System Revenue		4.00			7/1/25		2,204
		Indiana — 1.39%
	1,930	Indiana Municipal Power Agency Revenue, Series A		5.00			1/1/23		2,021
		Iowa — 3.01%
	1,440	Ankeny Community School District, GO		5.00			6/1/23		1,534
	2,105	City of Dubuque, GO		2.00			6/1/24		2,185
	550	Linn-Mar Community School District, GO, Callable 5/1/26 @ 100.00 (BAM)		5.00			5/1/27		652
									4,371

See accompanying notes to financial statements.

222

HC CAPITAL TRUST

The Short-Term Municipal Bond Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Municipal Bonds (continued)
		Kansas — 1.31%
$	1,790	Kansas Development Finance Authority Revenue		5.00		5/1/23		1,901
		Kentucky — 1.66%
	1,610	Louisville/Jefferson County Metropolitan Government, GO, Series A		5.00		8/1/22		1,655
	685	University of Kentucky, GO, Series A, Callable 4/1/24 @ 100.00 (State Intercept)		5.00		4/1/25		754
								2,409
		Maryland — 2.66%
	2,250	State of Maryland, GO		5.00		8/1/28		2,844
	1,000	University System of Maryland, GO, Series A		5.00		4/1/22		1,012
								3,856
		Michigan — 3.29%
	2,235	Michigan State Housing Development Authority Revenue, Series A1, Callable 2/8/22 @ 100.00		0.65		10/1/24		2,232
	2,105	Wayne State University Revenue		5.00		11/15/26		2,539
								4,771
		Minnesota — 3.50%
	2,000	Minneapolis Special School, GO (SD CRED PROG)		5.00		2/1/24		2,193
	2,765	White Bear Lake Independent School, GO, Series A (SD CRED PROG)		4.00		2/1/23		2,880
								5,073
		Missouri — 1.31%
	1,885	Saint Charles County Francis Howell School District, GO (State Aid Withholding)		4.00		3/1/22		1,896
		New Jersey — 2.07%
	2,815	New Jersey Infrastructure Bank, Series A		3.00		9/1/24		3,004
		New Mexico — 2.75%
	1,400	Carlsbad Municipal School District, GO (State Aid Withholding)		5.00		8/1/22		1,439
	2,500	New Mexico Finance Authority Revenue, Series B		5.00		6/1/22		2,549
								3,988
		New York — 7.14%
	2,165	City of New York, GO, Series A1		5.00		8/1/23		2,324
	2,000	New York City Transitional Finance Authority Future Tax Secured Revenue		5.00		11/1/23		2,173
	405	New York State Dormitory Authority Revenue, Series A		5.00		2/15/24		445
	3,970	New York State Dormitory Authority Revenue		1.06		3/15/25		3,933
	440	New York State Dormitory Authority Revenue (Pre-Refunded/Escrowed to Maturity)		5.00		2/15/23		463
	960	New York State Dormitory Authority Revenue (Pre-Refunded/Escrowed to Maturity)		5.00		2/15/23		1,011
								10,349
		North Carolina — 3.27%
	2,600	County of Durham North Carolina, GO		3.00		6/1/23		2,703
	1,625	County of Johnston Revenue, Series A		5.00		4/1/22		1,644
	375	State of North Carolina Revenue		5.00		3/1/23		396
								4,743
		North Dakota — 1.02%
	1,365	City of Bismarck, GO		4.00		5/1/24		1,479

See accompanying notes to financial statements.

223

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Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Municipal Bonds (continued)
		Ohio — 5.07%
$	2,020	Ohio University Revenue (Pre-Refunded/Escrowed to Maturity)		5.00		12/1/32	$	2,108
	2,955	State of Ohio, GO, Series B		5.00		8/1/23		3,175
	2,000	University of Cincinnati Revenue		2.26		6/1/26		2,072
								7,355
		Oregon — 3.72%
	1,320	City of Salem Oregon, GO		5.00		6/1/24		1,467
	4,000	Multnomah County School District, GO (State Intercept)		1.25		6/30/27		3,929
								5,396
		Pennsylvania — 3.84%
	2,910	Central Bucks School District, GO (State Aid Withholding)		5.00		5/15/23		3,091
	2,010	Millcreek Township School District, GO (BAM)		5.00		9/15/27		2,482
								5,573
		South Carolina — 1.14%
	1,635	Aiken County Consolidated School District South Carolina, GO, Series B (SCSDE)		5.00		4/1/22		1,654
		Tennessee — 0.85%
	1,225	City of Murfreesboro Tennessee, GO, Series C		3.00		2/1/22		1,228
		Texas — 15.85%
	1,730	Alief Independent School District, GO (PSF-GTD)		5.00		2/15/23		1,823
	1,255	City of Arlington Texas, GO, Series A		5.00		8/15/22		1,292
	1,565	City of Bryan Texas, GO		5.00		8/15/22		1,611
	1,550	City of Garland Texas Electric Utility System Revenue		5.00		3/1/24		1,703
	2,250	City of Grand Prairie Texas, GO		5.00		2/15/22		2,262
	2,065	City of Irving Texas, GO		5.00		9/15/24		2,324
	1,325	City of Midland Texas, GO		5.00		3/1/22		1,334
	1,015	Conroe Independent School District, GO (PSF-GTD)		5.00		2/15/25		1,158
	685	Cypress-Fairbanks Independent School District, GO, Series C (PSF-GTD)		5.00		2/15/22		689
	660	Dallas Area Rapid Transit Revenue, Series A		5.00		12/1/24		747
	430	Harris County Toll Road Authority Revenue, Series B		5.00		8/15/22		443
	690	Katy Independent School District, GO, Series B (PSF-GTD)		5.00		2/15/22		694
	625	North East Independent School District Texas, GO (PSF-GTD)		5.00		8/1/22		642
	3,685	Pearland Independent School District, GO (PSF-GTD)		5.00		2/15/23		3,883
	1,000	Plano Independent School, GO (PSF-GTD)		5.00		2/15/23		1,053
	1,150	Round Rock Independent School District, GO (PSF-GTD)		5.00		8/1/25		1,337
								22,995
		Virginia — 0.03%
	40	Virginia Housing Development Authority Revenue, Series A Continuously Callable @ 100.00		2.05		3/1/22		40
		Washington — 4.81%
	1,735	City of Seattle Washington Municipal Light & Power Revenue, Series A		5.00		1/1/24		1,897
	1,500	City of Seattle Washington, GO		5.00		8/1/22		1,542
	1,260	County of King Washington, GO, Series B		5.00		7/1/25		1,461
	1,085	King County Washington School District No. 405, GO, Series B (SCH BD GTY)		5.00		12/1/24		1,231

See accompanying notes to financial statements.

224

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Portfolio of Investments (concluded) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Municipal Bonds (continued)
		Washington (continued)
$	820	State of Washington Revenue, Series F		5.00		9/1/22	$	846
								6,977
		West Virginia — 1.53%
	2,130	Jefferson County Board of Education, GO		2.00		6/1/24		2,213
		Wisconsin — 3.59%
	3,205	State of Wisconsin Environmental Improvement Fund Revenue, Series A		5.00		6/1/24		3,561
	1,000	Stevens Point Area Public School District Wisconsin, GO		5.00		4/1/24		1,105
	525	Wisconsin Energy Power Supply Revenue, Series A		5.00		7/1/22		537
								5,203
		Total Municipal Bonds						142,558
Shares
		Investment Company — 0.58%
	844,678	State Street Institutional Treasury Plus Money Market Fund, Trust Class		0.01(b)				845
		Total Investment Company						845
		Total Investments (cost $142,422) — 98.88%						143,403
		Other assets in excess of liabilities — 1.12%						1,619
		Net Assets — 100.00%					$	145,022

(a) Interest rate is determined by the Remarketing Agent. The rate disclosed is the rate in effect on December 31, 2021.

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

As of December 31, 2021, 100% of the Portfolio’s net assets were managed by Breckinridge Capital Advisors, Inc.

BAM—Build America Mutual

GO—General Obligation

PSF-GTD—Public School Fund Guaranteed

SCH BD GTY—School Board Guaranty

SCSDE—Insured by South Carolina School Discount Enhancement

SD CRED PROG—School District Credit Program

See accompanying notes to financial statements.

225

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Portfolio of Investments — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Municipal Bonds — 98.92%
		Alabama — 2.44%
$	1,675	Auburn University Revenue, Series A		5.00		6/1/26	$	2,000
	1,400	Birmingham Alabama Water Works Board Water Revenue, Series B		5.00		1/1/24		1,531
	2,895	Black Belt Energy Gas District Revenue, Callable 9/1/31 @ 100.53		4.00(a)		6/1/51		3,528
	1,000	Lower Alabama Gas District Revenue (Goldman Sachs)		4.00(a)		12/1/50		1,115
	1,000	Troy University Revenue, Series A (BAM)		5.00		11/1/26		1,206
								9,380
		Arizona — 1.85%
	1,685	City of Phoenix Civic Improvement Corp. Revenue, Callable 7/1/30 @ 100.00		5.00		7/1/32		2,211
	1,000	Maricopa County High School District No. 210-Phoenix, GO		5.00		7/1/25		1,157
	1,215	Northern Arizona University Revenue, Series B (BAM)		5.00		6/1/26		1,446
	1,000	Salt Verde Arizona Financial Corp. Senior Gas Revenue (Citigroup, Inc.)		5.25		12/1/24		1,110
	1,015	State of Arizona, Series A		5.00		10/1/25		1,183
								7,107
		Arkansas — 0.33%
	1,200	Arkansas State Development Finance Authority Hospital Revenue, Series B		5.00		2/1/23		1,261
		California — 3.09%
	290	California State Department of Water Resources Revenue, Central Valley Project, Callable 2/8/22 @ 100.00		5.25		7/1/22		291
	3,000	California State, GO, Callable 11/1/30 @ 100.00		5.00		11/1/31		3,987
	1,250	California State, GO		5.00		8/1/24		1,397
	2,460	Golden State Tobacco Securitization Corp. California Tobacco Settlement Revenue, Series A-1		5.00		6/1/26		2,933
	1,000	Los Angeles California Department of Airports Revenue		5.00		5/15/23		1,061
	1,750	State of California, GO, Callable 4/1/29 @ 100.00		5.00		4/1/30		2,223
								11,892
		Colorado — 4.19%
	1,225	Board of Governors of Colorado State University System Revenue, Series E-2 (State Intercept)		5.00		3/1/25		1,395
	3,550	Colorado Health Facilities Authority Revenue, Series A		5.00		1/1/25		4,024
	3,600	Denver City & County Colorado Airport System Revenue, Series A		5.00		12/1/25		4,190
	1,750	Denver City & County Colorado Airport System Revenue, Series A		5.00		11/15/23		1,903
	2,970	Denver City & County School District No. 1, GO, Series A (State Aid Withholding)		5.50		12/1/25		3,543
	1,000	State of Colorado, Certificate of Participation		5.00		3/15/23		1,056
								16,111
		Connecticut — 1.18%
	1,085	Connecticut State Health & Educational Facilities Authority Revenue, Series B		5.00		12/1/26		1,295
	3,000	State of Connecticut, GO, Series A, Callable 10/15/23 @ 100.00		5.00		10/15/25		3,248
								4,543
		District of Columbia — 1.84%
	3,260	District of Columbia University Revenue, Callable 9/1/29 @ 100.00		5.00		3/1/31		4,186
	1,500	District of Columbia University Revenue		5.00		4/1/25		1,713
	1,000	District of Columbia, GO, Callable 12/1/26 @ 100.00		5.00		6/1/33		1,200
								7,099
		Florida — 3.60%
	2,000	Alachua County Health Facilities Authority Revenue		5.00(a)		12/1/37		2,376
	1,500	Central Florida Expressway Authority Revenue (AGM)		5.00		7/1/30		1,969
	955	County of Polk Florida Utility System Revenue		5.00		10/1/27		1,172

See accompanying notes to financial statements.

226

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Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Municipal Bonds (continued)
		Florida (continued)
$	1,000	Florida Municipal Power Agency Revenue		5.00		10/1/25	$	1,170
	1,500	Lee County Florida Solid Waste System Revenue (AMT)		5.00		10/1/25		1,727
	1,615	Lee County Florida Solid Waste System Revenue		5.00		10/1/22		1,668
	3,250	Orange County Florida Tourist Development Tax Revenue, Series B		5.00		10/1/25		3,790
								13,872
		Georgia — 3.11%
	1,000	Atlanta Georgia Development Authority Revenue, Series A-1		5.00		7/1/23		1,068
	1,000	Fayette County Hospital Authority Revenue, Callable 1/1/24 @ 100.00		5.00(a)		7/1/54		1,101
	1,250	Fulton County Georgia Development Authority Revenue, Series A		5.00		7/1/23		1,339
	1,600	Fulton County Georgia Development Authority Revenue, Series A		5.00		7/1/24		1,785
	5,000	Main Street Natural Gas, Inc. Revenue		4.00(a)		3/1/50		5,663
	1,000	Savannah Economic Development Authority Revenue		1.90		8/1/24		1,026
								11,982
		Illinois — 7.62%
	80	Chicago Illinois Certificates of Participation, Tax Increment Allocation Revenue, Diversey/Narragansett Project, Series NT Continuously Callable @ 100.00		7.46		2/15/26		76
	1,000	Chicago Park District, GO, Series B, Callable 1/1/24 @ 100.00		5.00		1/1/26		1,087
	1,000	City of Chicago Illinois Waterworks Revenue, Callable 11/1/24 @ 100.00		5.00		11/1/25		1,129
	1,000	City of Chicago Illinois Waterworks Revenue, Callable 11/1/22 @ 100.00		5.00		11/1/24		1,039
	1,000	City of Chicago Illinois Waterworks Revenue		5.00		11/1/24		1,130
	275	Illinois State Finance Authority Revenue		5.00		5/1/22		279
	1,375	Illinois State Finance Authority Revenue, Series B-2, Callable 5/15/26 @ 100.00		5.00(a)		5/15/50		1,625
	4,600	Illinois State Sales Tax Revenue, Series A (BAM)		5.00		6/15/25		5,292
	1,635	Illinois State Toll Highway Authority Revenue		5.00		1/1/25		1,857
	3,035	Metropolitan Water Reclamation District of Greater Chicago, GO, Series A, Callable 12/1/26 @ 100.00		5.00		12/1/27		3,649
	1,725	Metropolitan Water Reclamation District of Greater Chicago, GO, Series B		5.00		12/1/24		1,958
	1,420	Metropolitan Water Reclamation District of Greater Chicago, GO, Series D		5.00		12/1/30		1,875
	2,000	Regional Transportation Authority Revenue (AGC)		6.00		6/1/25		2,300
	2,000	Sales Tax Securitization Corp. Revenue, Series A		5.00		1/1/29		2,520
	2,995	University of Illinois, Certificate of Participation, Series B, Callable 10/1/26 @ 100.00		5.00		10/1/27		3,514
								29,330
		Indiana — 2.70%
	2,500	City of Whiting Indiana Revenue (BP Plc)		5.00(a)		12/1/44		2,970
	1,150	Indiana Finance Authority Revenue, Series A		5.00		11/1/23		1,251
	1,000	Indiana Finance Authority Revenue, Series A		5.00		11/1/24		1,132
	1,500	Indiana Finance Authority Revenue, Series A		3.13		12/1/24		1,608
	2,250	Indiana Finance Authority Revenue, Series B, Callable 1/1/25 @ 100.00		2.25(a)		12/1/58		2,365
	1,000	Indiana State Finance Authority Revenue, Stadium Project, Series A		5.00		2/1/23		1,051
								10,377
		Iowa — 0.15%
	450	Iowa Tobacco Settlement Authority Revenue, Series A2, Callable 6/1/31 @ 100.00		5.00		6/1/32		592
		Kentucky — 2.48%
	1,300	City of Owensboro Kentucky Electric Light & Power System Revenue		4.00		1/1/23		1,351

See accompanying notes to financial statements.

227

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Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Municipal Bonds (continued)
		Kentucky (continued)
$	3,160	Kentucky Public Energy Authority Revenue, Series A		4.00		4/1/23	$	3,309
	1,000	Kentucky Public Energy Authority Revenue, Series A, Callable 1/2/24 @ 100.40		4.00		4/1/24		1,077
	3,500	Kentucky Public Energy Authority Revenue, Series B		4.00(a)		1/1/49		3,817
								9,554
		Louisiana — 1.36%
	1,415	Jefferson Sales Tax District, Series A (AGM)		5.00		12/1/25		1,661
	2,500	Louisiana Offshore Terminal Authority Revenue		1.65(a)		9/1/33		2,544
	1,000	Parish of St. John the Baptist Louisiana Revenue		2.10(a)		6/1/37		1,027
								5,232
		Maine — 0.31%
	1,025	Finance Authority of Maine Revenue (AGC)		5.00		12/1/26		1,200
		Maryland — 3.92%
	2,905	County of Montgomery Maryland, GO, Series A, Callable 8/1/30 @ 100.00		4.00		8/1/31		3,571
	4,040	Maryland State Stadium Authority Revenue		5.00		5/1/24		4,470
	2,090	Maryland State Transportation Authority Revenue (AMT)		5.00		6/1/28		2,562
	2,500	State of Maryland Department of Transportation Revenue, Callable 10/1/30 @ 100.00		5.00		10/1/32		3,312
	1,000	State of Maryland Department of Transportation Revenue, Callable 10/1/27 @ 100.00		4.00		10/1/32		1,172
								15,087
		Massachusetts — 2.22%
	3,000	Commonwealth of Massachusetts, GO, Series A (AMBAC)		5.50		8/1/30		4,004
	1,400	Massachusetts Educational Financing Authority Revenue, Series B		5.00		7/1/29		1,703
	1,615	Massachusetts State Educational Financing Authority Revenue, Series A (AMT)		5.00		7/1/23		1,714
	1,000	Massachusetts State Educational Financing Authority Revenue (AMT)		5.00		1/1/25		1,116
								8,537
		Michigan — 4.20%
	1,810	Great Lakes Michigan Water Authority Sewage Disposal System Revenue, Series B		5.00		7/1/24		2,015
	1,000	Michigan Finance Authority Revenue, Callable 6/1/25 @ 100.00		5.50		12/1/29		1,160
	1,100	Michigan Finance Authority Revenue		5.00		10/1/29		1,421
	1,280	Michigan Finance Authority Revenue, Series B		5.00		10/1/30		1,692
	2,190	Michigan Finance Authority Revenue, Series B, Callable 10/1/30 @ 100.00		5.00		10/1/31		2,881
	1,450	Michigan State Building Authority Revenue		5.00		4/15/25		1,660
	1,605	Michigan Strategic Fund Revenue		5.00		6/30/25		1,836
	2,960	Utica Community Schools, GO (Q-SBLF)		5.00		5/1/26		3,516
								16,181
		Minnesota — 0.30%
	1,000	Minneapolis-St. Paul Metropolitan Airports Commission Revenue, Series C		5.00		1/1/26		1,172
		Missouri — 1.86%
	2,400	Health & Educational Facilities Authority of the State of Missouri Revenue		5.00		6/1/25		2,767
	1,000	Missouri State Health & Educational Facilities Authority Revenue		5.00		11/15/23		1,089
	2,505	The Curators of The University of Missouri Revenue		5.00		11/1/30		3,314
								7,170
		Nebraska — 0.64%
	1,000	City of Omaha Nebraska Sewer Revenue, Series A, Callable 4/1/30 @ 100.00		4.00		4/1/31		1,229

See accompanying notes to financial statements.

228

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Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Municipal Bonds (continued)
		Nebraska (continued)
$	1,000	City of Omaha Nebraska Sewer Revenue, Series A, Callable 4/1/30 @ 100.00		4.00		4/1/32	$	1,223
								2,452
		Nevada — 2.11%
	1,000	Clark County Nevada School District, GO, Series A		5.00		6/15/26		1,189
	1,000	Clark County Nevada School District, GO, Series A		5.00		6/15/23		1,067
	3,500	Las Vegas Valley Water District, GO		5.00		6/1/31		4,729
	1,000	State of Nevada Highway Improvement Revenue		5.00		12/1/24		1,135
								8,120
		New Jersey — 2.08%
	430	New Jersey Economic Development Authority Revenue, Callable 11/1/29 @ 100.00		5.00		11/1/30		538
	1,660	New Jersey Housing & Mortgage Finance Agency Revenue, Series D		4.00		4/1/22		1,675
	1,210	New Jersey State Economic Development Authority Revenue, School Facilities Construction		5.00		6/15/28		1,496
	2,000	New Jersey State Higher Education Student Assistance Authority Revenue, Series B (AMT)		5.00		12/1/22		2,082
	1,000	State of New Jersey, GO, Series A		4.00		6/1/30		1,215
	970	Tobacco Settlement Financing Corp. New Jersey Revenue, Series B		3.20		6/1/27		994
								8,000
		New Mexico — 0.78%
	2,590	New Mexico Educational Assistance Foundation Revenue, Series 1A		5.00		9/1/25		2,985
		New York — 6.93%
	4,000	City of New York, GO, Series A-1		5.00		8/1/27		4,890
	2,890	City of New York, GO, Series A-1, Callable 10/1/30 @ 100.00		5.00		4/1/32		3,763
	3,000	New York City Housing Development Corp. Revenue, Series B-2, Callable 7/1/23 @ 100.00		5.00		7/1/26		3,204
	1,000	New York City Transitional Finance Authority Future Tax Secured Revenue, Series B-1, Callable 8/1/24 @ 100.00		5.00		8/1/29		1,115
	2,000	New York City Water & Sewer System Revenue, Callable 12/15/30 @ 100.00		5.00		6/15/31		2,657
	2,410	New York City Water & Sewer System Revenue, Callable 12/15/25 @ 100.00		5.00		6/15/27		2,819
	1,500	New York State Dormitory Authority Revenue, Series D		5.00		2/15/25		1,714
	1,250	New York State Thruway Authority Revenue, Series A, Callable 3/15/31 @ 100.00		5.00		3/15/33		1,650
	4,500	Port Authority of New York & New Jersey New York Revenue, Consolidated 185th (AMT)		5.00		9/1/23		4,841
								26,653
		North Carolina — 2.11%
	1,000	City of Charlotte North Carolina Airport Revenue, Series C		5.00		7/1/24		1,114
	1,000	County of Wake North Carolina Revenue		5.00		9/1/28		1,268
	3,000	County of Wake North Carolina, GO		5.00		9/1/24		3,362
	1,000	North Carolina State Turnpike Authority Revenue (AGC)		5.00		1/1/24		1,090
	1,000	The Charlotte-Mecklenburg Hospital Authority Revenue		5.00(a)		1/15/50		1,267
								8,101
		Ohio — 3.35%
	1,500	American Municipal Power, Inc. Revenue, Series A, Callable 2/15/24 @ 100.00		5.00		2/15/27		1,635
	1,750	American Municipal Power, Inc. Revenue, Series A		5.00		2/15/24		1,923
	3,000	Buckeye Tobacco Settlement Financing Authority Revenue, Series A-2, Callable 6/1/30 @ 100.00		5.00		6/1/32		3,774
	800	County of Montgomery Revenue, Callable 8/1/31 @ 100.00		5.00		8/1/33		1,058
	465	Mahoning County Ohio Hospital Facilities Revenue, Western Reserve Care System Continuously Callable @ 100.00 (MBIA)		5.50		10/15/25		509
	1,850	University of Cincinnati Revenue		5.00		6/1/27		2,262

See accompanying notes to financial statements.

229

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Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Municipal Bonds (continued)
		Ohio (continued)
$	775	University of Cincinnati Revenue		5.00		6/1/26	$	922
	700	University of Cincinnati Revenue		5.00		6/1/25		806
								12,889
		Oklahoma — 1.11%
	1,000	Oklahoma Development Finance Authority Revenue, Callable 6/30/22 @ 100.00		1.63		7/6/23		1,005
	530	Oklahoma Municipal Power Authority Revenue, Series A, Callable 1/1/31 @ 100.00 (AGM)		4.00		1/1/32		647
	2,000	Oklahoma Turnpike Authority Revenue		5.00		1/1/30		2,613
								4,265
		Oregon — 1.23%
	1,305	Benton & Linn Counties Consolidated School District No. 509J & 509A Corvallis, GO, Series A (SCH BD GTY)		5.00(a)		6/15/25		1,507
	2,500	Multnomah County School District No. 1 Portland, GO (SCH BD GTY)		5.00		6/15/29		3,226
								4,733
		Pennsylvania — 7.97%
	3,500	City of Philadelphia PA Water & Wastewater Revenue, Callable 10/1/30 @ 100.00		5.00		10/1/32		4,558
	3,535	City of Philadelphia PA, GO, Series A		5.00		5/1/30		4,583
	1,000	City of Philadelphia Pennsylvania Water & Wastewater Revenue, Series B		5.00		11/1/27		1,231
	1,250	Commonwealth Financing Authority Revenue, Tobacco Master Settlement		5.00		6/1/23		1,332
	4,000	Delaware Valley Regional Finance Authority Revenue, Series B, Callable 1/24/22 @ 100.00 (CNTY-GTD)		0.52 (MUNIPSA + 42 bps)(b)		9/1/48		4,004
	850	Easton Area School District, GO, Series A (State Aid Withholding)		4.00		4/1/25		947
	1,860	Luzerne County Industrial Development Authority Revenue, Callable 12/3/29 @ 100.00		2.45(a)		12/1/39		2,017
	2,500	Pennsylvania Economic Development Financing Authority Revenue (AMT)		2.15(a)		7/1/41		2,609
	2,500	Pennsylvania State Turnpike Commission Revenue		5.00		6/1/24		2,772
	625	Pennsylvania Turnpike Commission Revenue		5.00		12/1/28		781
	3,225	School District of Philadelphia, GO		5.00		9/1/28		4,049
	1,700	Southeastern Pennsylvania Transportation Authority Revenue		5.00		3/1/23		1,794
								30,677
		Rhode Island — 1.02%
	2,000	Rhode Island Health & Educational Building Corp. Revenue		5.00		5/15/23		2,116
	1,000	Rhode Island State Student Loan Authority Revenue, Series A (AMT)		5.00		12/1/22		1,038
	625	Rhode Island State Student Loan Authority Revenue		5.00		12/1/29		785
								3,939
		South Carolina — 1.71%
	3,680	County of Charleston South Carolina, GO, Series A (State Aid Withholding)		5.00		11/1/26		4,454
	1,000	Piedmont Municipal Power Agency Revenue, Series B		5.00		1/1/29		1,258
	680	South Carolina Public Service Authority Revenue		5.00		12/1/27		850
								6,562
		Tennessee — 0.77%
	1,500	Tennessee Energy Acquisition Corp. Revenue, Callable 8/1/25 @ 100.22		4.00(a)		11/1/49		1,657
	1,250	Tennessee State Energy Acquisition Corp. Gas Revenue, Series E, Callable 2/1/23 @ 100.43		4.00(a)		5/1/48		1,302
								2,959
		Texas — 12.59%
	2,000	Aldine Texas Independent School District, GO (PSF-GTD)		5.00		2/15/25		2,277
	1,025	Arlington Higher Education Finance Corp. Revenue (PSF-GTD)		5.00		8/15/27		1,257

See accompanying notes to financial statements.

230

HC CAPITAL TRUST

The Intermediate Term Municipal Bond Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Municipal Bonds (continued)
		Texas (continued)
$	1,230	Arlington Higher Education Finance Corp. Revenue (PSF-GTD)		5.00		8/15/28	$	1,543
	1,000	Austin Texas Community College District, GO		5.00		8/1/23		1,075
	2,450	City of Dallas Texas, GO, Callable 2/15/25 @ 100.00		5.00		2/15/27		2,778
	2,500	City of Houston Texas Airport System Revenue, Series C (AMT)		5.00		7/1/25		2,869
	1,300	City of San Antonio Texas Electric & Gas Systems Revenue		4.00		2/1/33		1,650
	2,200	Clifton Higher Education Finance Corp. Revenue (PSF-GTD)		5.00		8/15/25		2,553
	1,205	Clifton Higher Education Finance Corp. Revenue (PSF-GTD)		5.00		8/15/24		1,349
	2,500	Dallas Independent School District, GO, Series A, Callable 2/15/25 @ 100.00 (PSF-GTD)		5.00		2/15/27		2,837
	2,300	Dallas Love Field Revenue (AMT)		5.00		11/1/25		2,656
	65	El Paso Texas Water & Sewer Revenue		5.00		3/1/22		66
	2,100	Harris County Cultural Education Facilities Finance Corp. Baylor College of Medicine Revenue		5.00		11/15/27		2,501
	2,095	Harris County Cultural Education Facilities Finance Corp. Revenue		5.00		11/15/23		2,250
	1,650	Harris County Cultural Education Facilities Finance Corp. Revenue		5.00		11/15/25		1,926
	1,220	Love Field Texas Airport Modernization Corp. General Airport Revenue, Callable 11/1/22 @ 100.00		5.00		11/1/28		1,257
	1,000	Love Field Texas Airport Modernization Corp. General Airport Revenue (AMT)		5.00		11/1/22		1,037
	1,000	Lower Colorado River Texas Authority Revenue		5.00		5/15/26		1,190
	825	Lower Colorado River Texas Authority Transmission Contract Revenue		5.00		5/15/23		879
	1,000	North Texas Tollway Authority Revenue, Series A		5.00		1/1/24		1,096
	1,000	San Antonio Texas Airport System Revenue		5.00		7/1/26		1,176
	1,750	San Antonio Texas Airport System Revenue		5.00		7/1/25		1,999
	3,585	Texas Water Development Board Revenue, Callable 8/1/31 @ 100.00		5.00		8/1/33		4,818
	2,230	University of Houston Revenue, Series C, Callable 2/15/26 @ 100.00		5.00		2/15/28		2,620
	1,300	West Harris County Regional Water Authority Revenue		5.00		12/15/27		1,619
	1,000	West Travis County Public Utility Agency Revenue (BAM)		5.00		8/15/26		1,186
								48,464
		Utah — 0.34%
	1,090	Utah Transit Authority Revenue		5.00		12/15/26		1,318
		Virginia — 2.16%
	1,500	City of Richmond VA Public Utility Revenue, Callable 1/15/26 @ 100.00		5.00		1/15/29		1,752
	1,000	Fairfax County Virginia Industrial Development Authority Revenue, Series A		5.00		5/15/24		1,110
	850	Hampton Roads Transportation Accountability Commission Revenue, Callable 7/1/30 @ 100.00		5.00		7/1/31		1,116
	2,000	King George County Economic Development Authority Revenue		2.50(a)		6/1/23		2,062
	1,000	Roanoke Economic Development Authority Revenue		5.00		7/1/25		1,150
	1,000	Virginia Public Building Authority Revenue, Series B (AMT)		5.00		8/1/24		1,117
								8,307
		Washington — 1.97%
	90	Grant County Washington Public Utilities District #2 Priest Rapids Hydro Electric Revenue, Series B (AMT)		5.00		1/1/22		90
	1,500	Port of Seattle Washington Revenue (AMT)		5.00		4/1/26		1,760
	1,600	Washington Health Care Facilities Authority Revenue, Series B1, Callable 2/1/24 @ 100.00		5.00(a)		8/1/49		1,767
	2,310	Washington Health Care Facilities Authority Revenue		5.00		8/15/23		2,489
	1,250	Washington Health Care Facilities Authority Revenue		5.00		10/1/25		1,461
								7,567
		Wisconsin — 1.30%
	1,000	Public Finance Authority Wisconsin Lease Development Revenue		5.00		3/1/23		1,054

See accompanying notes to financial statements.

231

HC CAPITAL TRUST

The Intermediate Term Municipal Bond Portfolio

Portfolio of Investments (concluded) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Municipal Bonds (continued)
		Wisconsin (continued)
$	1,225	University of Wisconsin Hospitals & Clinics Revenue		5.00		4/1/26	$	1,452
	1,100	Wisconsin Health & Educational Facilities Authority		4.00		11/15/26		1,283
	1,155	Wisconsin State Health & Educational Facilities Authority Revenue, Series A		5.00		11/15/22		1,203
								4,992
		Total Municipal Bonds						380,662
Shares
		Investment Company — 0.03%
	109,078	State Street Institutional Treasury Plus Money Market Fund, Trust Class		0.01(c)				109
		Total Investment Company						109
		Total Investments (cost $369,374) — 98.95%						380,771
		Other assets in excess of liabilities — 1.05%						4,053
		Net Assets — 100.00%					$	384,824

(a) Interest rate is determined by the Remarketing Agent. The rate disclosed is the rate in effect on December 31, 2021.

(b) Variable Rate Security. The rate disclosed is the rate in effect on December 31, 2021.

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

AGC—Assured Guaranty Corp.

AGM—Assured Guaranty Municipal Corporation

AMBAC—American Municipal Bond Assurance Corporation

AMT—Alternative Minimum Tax

BAM—Build America Mutual

bps—Basis Points

CNTY-GTD—County Guarantee

GO—General Obligation

MBIA—Municipal Bond Insurance Association

MUNIPSA—SIFMA Municipal Swap Index Yield

PSF-GTD—Public School Fund Guaranteed

Q-SBLF—Qualified School Bond Loan Fund

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, 2021.

The Intermediate Term Municipal Bond Portfolio	Insight North America LLC			HC Capital Solutions			Total
Municipal Bonds		98.92	%		—			98.92	%
Investment Company		—			0.03	%		0.03	%
Other Assets (Liabilities)		1.09	%		-0.04	%		1.05	%
Total Net Assets		100.01	%		-0.01	%		100.00	%

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

See accompanying notes to financial statements.

232

HC CAPITAL TRUST

The Intermediate Term Municipal Bond II Portfolio

Portfolio of Investments — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Municipal Bonds — 71.81%
		Alabama — 2.88%
$	1,415	Birmingham Alabama Special Care Facilities Financing Authority Health Care Facility, Callable 6/1/25 @ 100.00		5.00		6/1/29	$	1,603
	260	Pell City Alabama, GO, Series A (Pre-Refunded/Escrowed to Maturity)		5.00		2/1/26		296
	740	Pell City Alabama, GO, Series A, Callable 2/1/25 @ 100.00		5.00		2/1/26		840
								2,739
		California — 1.50%
	1,440	San Ramon Valley Unified School District, GO		1.44		8/1/27		1,426
		Connecticut — 1.09%
	870	State of Connecticut Special Tax Revenue, Callable 5/1/30 @ 100.00		4.00		5/1/36		1,041
		Florida — 6.34%
	1,250	Florida State Board of Education Lottery Revenue, Series A		5.00		7/1/26		1,500
	1,400	Lee County Florida School Board Certificates of Participation, Series A, Callable 8/1/24 @ 100.00		5.00		8/1/27		1,559
	750	Miami-Dade County Florida, GO, Series A, Callable 11/1/24 @ 100.00		5.00		11/1/27		844
	585	Orange County Florida School Board, Certificates of Participation, Series A		5.00		8/1/23		629
	1,500	West Palm Beach Florida Utility System Revenue, Series A, Callable 2/8/22 @ 100.00		5.00		10/1/22		1,506
								6,038
		Georgia — 1.48%
	1,150	Walton Industrial Building Authority Revenue		4.00		2/1/31		1,413
		Illinois — 6.39%
	1,085	City of Highland Park, GO		4.00		12/30/25		1,228
	1,095	Highland Park Park District Revenue		5.00		12/15/30		1,428
	1,400	Illinois Finance Authority Revenue		5.00		1/1/27		1,695
	1,730	Metropolitan Water Reclamation District of Greater Chicago, GO, Series E		1.82		12/1/27		1,734
								6,085
		Iowa — 1.70%
	1,410	City of Bettendorf Iowa, GO, Series D		5.00		6/1/25		1,618
		Kansas — 0.40%
	350	City of Olathe Kansas, GO, Series 230		5.00		10/1/23		379
		Michigan — 1.00%
	890	Michigan State Building Authority Revenue		4.00		10/15/23		949
		Minnesota — 4.76%
	1,005	City of Moorhead, GO		5.00		2/1/27		1,215
	1,420	Lakeville Independent School District No. 194, GO (SD CRED PROG)		5.00		2/1/27		1,725
	1,345	North St Paul-Maplewood-Oakdale Independent School District No. 622, GO, Series A (SD CRED PROG)		4.00		2/1/28		1,587
								4,527
		Nevada — 4.47%
	800	Clark County Nevada Highway Improvement Revenue		5.00		7/1/23		857
	1,105	Las Vegas Valley Nevada Water District, GO, Series B		5.00		12/1/24		1,255
	800	Nevada State System of Higher Education Certificates of Participation Revenue, Series A, Callable 7/1/24 @ 100.00		5.00		7/1/26		886

See accompanying notes to financial statements.

233

HC CAPITAL TRUST

The Intermediate Term Municipal Bond II Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Municipal Bonds (continued)
		Nevada (continued)
$	980	State of Nevada, GO, Series A		5.00		5/1/29	$	1,254
								4,252
		New Mexico — 1.34%
	1,025	Albuquerque Municipal School District No. 12, GO, Callable 8/1/28 @ 100.00 (State Aid Withholding)		5.00		8/1/29		1,271
		New York — 5.17%
	570	City of New York, GO		5.00		4/1/31		754
	600	Metropolitan Transportation Authority Revenue, Series A-1		5.00		2/1/23		629
	1,430	New York City Transitional Finance Authority Building Aid Revenue (State Aid Withholding)		1.35		7/15/27		1,398
	625	New York State Dormitory Authority State Personal Income Tax Revenue, Series A, Callable 2/15/24 @ 100.00		5.00		2/15/26		685
	1,080	New York State Urban Development Corp. Revenue, Callable 9/15/31 @ 100.00		5.00		3/15/32		1,459
								4,925
		North Carolina — 2.29%
	1,500	North Carolina State Revenue, Series B		5.00		5/1/27		1,837
	300	University of North Carolina at Greensboro Revenue		5.00		4/1/25		343
								2,180
		Ohio — 2.80%
	700	American Municipal Power, Inc. Revenue, Series A, Callable 2/15/24 @ 100.00		5.00		2/15/27		763
	1,000	Butler County Ohio Hospital Facilities Revenue, Series X		5.00		5/15/29		1,283
	500	Ohio State Hospital Facility Revenue, Callable 1/1/28 @ 100.00		5.00		1/1/30		614
								2,660
		Pennsylvania — 1.88%
	190	Blairsville-Saltsburg School District, GO (BAM State Aid Withholding)		5.00		3/15/23		201
	1,395	Pennsylvania Housing Finance Agency Revenue		5.00		4/1/25		1,589
								1,790
		South Dakota — 2.15%
	1,675	South Dakota Board of Regents Revenue, Callable 10/1/27 @ 100.00		5.00		4/1/29		2,042
		Texas — 11.57%
	1,550	City of Missouri City Texas, GO, Callable 6/15/26 @ 100.00		5.00		6/15/30		1,851
	300	City of Pearland Texas, GO, Callable 3/1/27 @ 100.00		5.00		3/1/29		360
	1,500	Harris County Texas Cultural Education Facilities Finance Corp. Medicine Facilities Revenue, Callable 10/1/25 @ 100.00		5.00		10/1/27		1,737
	1,545	Harris County Texas Revenue, Series A, Callable 8/15/26 @ 100.00		5.00		8/15/30		1,834
	1,460	Humble Independent School District, GO, Series C		5.00		2/15/24		1,604
	1,715	North East Independent School District Texas, GO, Series B (PSF-GTD)		5.00		2/1/24		1,884
	1,500	Texas State Water Development Board Revenue, Series A, Callable 10/15/25 @ 100.00		5.00		4/15/26		1,753
								11,023
		Washington — 11.26%
	1,415	Chelan County Public Utility District No. 1 Revenue, Callable 7/1/30 @ 100.00		5.00		7/1/31		1,865
	1,255	County of Snohomish, GO		5.00		12/1/27		1,557
	1,050	King County School District No. 405 Bellevue, GO, Callable 12/1/27 @ 100.00 (SCH BD GTY)		5.00		12/1/29		1,296
	1,250	King County School District No. 410 Snoqualmie Valley, GO, Callable 6/1/27 @ 100.00 (SCH BD GTY)		5.00		12/1/27		1,532
	1,575	King County Washington, GO, Callable 1/1/29 @ 100.00		5.00		1/1/30		2,005

See accompanying notes to financial statements.

234

HC CAPITAL TRUST

The Intermediate Term Municipal Bond II Portfolio

Portfolio of Investments (continued) — December 31, 2021 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Municipal Bonds (continued)
		Washington (continued)
$	850	Pierce County School District No. 403 Bethel, GO (SCH BD GTY)		4.00		12/1/28	$	1,018
	1,090	State of Washington, GO, Series A		5.00		8/1/30		1,445
								10,718
		West Virginia — 1.34%
	1,000	State of West Virginia, GO, Series A, Callable 6/1/29 @ 100.00		5.00		6/1/33		1,275
		Total Municipal Bonds						68,351
Shares
		Investment Companies — 27.41%
	86,205	BlackRock California Municipal Income Trust						1,254
	40,704	BlackRock Muni Intermediate Duration Fund, Inc.						617
	60,392	BlackRock Municipal 2030 Target Term Trust						1,566
	18,780	BlackRock Municipal Income Quality Trust						293
	58,076	BlackRock MuniHoldings Investment Quality Fund						863
	42,274	BlackRock MuniYield Fund, Inc.						621
	122,689	BlackRock MuniYield Quality Fund III, Inc.						1,818
	75,929	DWS Municipal Income Trust						897
	32,000	Eaton Vance California Municipal Bond Fund						371
	90,000	Eaton Vance Municipal Bond Fund						1,222
	40,000	Eaton Vance Municipal Income Trust						553
	16,805	Invesco Municipal Opportunity Trust						232
	45,000	Invesco Quality Municipal Income Trust						612
	45,000	Invesco Trust for Investment Grade Municipals						629
	121,249	Nuveen AMT-Free Quality Municipal Income Fund						1,892
	26,152	Nuveen California AMT-Free Quality Municipal Income Fund						414
	65,000	Nuveen California Quality Municipal Income Fund						1,017
	93,000	Nuveen Municipal Credit Income Fund						1,590
	60,377	Nuveen New York AMT-Free Quality Municipal Income Fund						833
	132,044	Nuveen Quality Municipal Income Fund						2,128
	67,693	Pioneer Municipal High Income Opportunities Fund, Inc.						1,244
	31,466	Pioneer Municipal High Income Opportunities Fund, Inc.						363
	4,656,217	State Street Institutional Treasury Plus Money Market Fund, Trust Class		0.01(a)				4,656
	30,601	Western Asset Managed Municipals Fund, Inc.						400
		Total Investment Companies						26,085
		Total Investments (cost $91,371) — 99.22%						94,436
		Other assets in excess of liabilities — 0.78%						740
		Net Assets — 100.00%					$	95,176

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

AMT—Alternative Minimum Tax

BAM—Build America Mutual

GO—General Obligation

PSF-GTD—Public School Fund Guaranteed

SCH BD GTY—School Board Guaranty

SD CRED PROG—School District Credit Program

See accompanying notes to financial statements.

235

HC CAPITAL TRUST

The Intermediate Term Municipal Bond II Portfolio

Portfolio of Investments (concluded) — December 31, 2021 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of December 31, 2021.

The Intermediate Term Municipal Bond II Portfolio	Breckinridge Capital Advisors, Inc.			City of London Investment Management Company, Limited			HC Capital Solutions			Total
Municipal Bonds		71.81	%		—			—			71.81	%
Investment Companies		0.41	%		22.51	%		4.49	%		27.41	%
Other Assets (Liabilities)		0.67	%		0.13	%		-0.02	%		0.78	%
Total Net Assets		72.89	%		22.64	%		4.47	%		100.00	%

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

See accompanying notes to financial statements.

236

HC CAPITAL TRUST

Statements of Assets and Liabilities

As of December 31, 2021 (Unaudited)

(Amounts in thousands, except per share amounts)

	The Value Equity Portfolio		The Growth Equity Portfolio		The Institutional U.S. Equity Portfolio		The Small Capitalization– Mid Capitalization Equity Portfolio
ASSETS:
Investments in securities, at value(a)	$	745,897	$	949,436	$	2,512,333	$	91,692
Cash		2,137		7,712		37,023		541
Foreign currency, at value (Cost $0, $0, $3 and $0, respectively)		—		—		3		—
Receivable for portfolio shares issued		—		—		273		—
Receivable from investments sold		—		—		1,463		144
Cash held as collateral at broker for derivatives		473		1,496		18,985		379
Dividends and interest receivable		428		598		1,478		51
Foreign tax reclaims receivable		1		130		117		4
Prepaid expenses		21		27		55		9
Total assets		748,957		959,399		2,571,730		92,820
LIABILITIES:
Written options, at fair value (Premiums received $512, $675, $5,578 and $0, respectively)		155		178		1,808		—
Payable for investments purchased		—		—		916		13
Payable for portfolio shares redeemed		—		2		11,655		—
Payable for collateral received on loaned securities		—		432		1,848		178
Variation margin payable on derivatives		5		109		873		12
Advisory fees payable		56		227		368		20
Management fees payable		31		41		104		4
Administrative services fees payable		30		36		91		12
Trustee fees payable		11		14		46		2
Professional fees payable		38		55		166		29
Custodian fees payable		22		28		81		5
Other accrued expenses		29		42		122		6
Total liabilities		377		1,164		18,078		281
NET ASSETS	$	748,580	$	958,235	$	2,553,652	$	92,539
NET ASSETS CONSISTS OF:
Shares of beneficial interest, at par value	$	23	$	28	$	132	$	3
Additional paid-in capital		324,742		261,353		1,546,423		49,862
Total distributable earnings/(loss)		423,815		696,854		1,007,097		42,674
Net Assets	$	748,580	$	958,235	$	2,553,652	$	92,539
NET ASSETS:
HC Strategic Shares	$	748,580	$	958,235	$	2,553,652	$	92,539
Total	$	748,580	$	958,235	$	2,553,652	$	92,539
SHARES OF BENEFICIAL INTEREST OUTSTANDING (Unlimited number of shares authorized; par value $0.001):
HC Strategic Shares		23,301		27,688		131,809		2,682
Total		23,301		27,688		131,809		2,682
Net Asset Value, offering and redemption price per share:(b)
HC Strategic Shares	$	32.13	$	34.61	$	19.37	$	34.50
Investments in securities, at cost	$	310,783	$	283,336	$	1,459,775	$	51,352

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

(a) Includes securities on loan of $0, $407, $1,748 and $174, respectively.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

See accompanying notes to financial statements.

237

HC CAPITAL TRUST

Statements of Assets and Liabilities (continued)

As of December 31, 2021 (Unaudited)

(Amounts in thousands, except per share amounts)

	The ESG Growth Portfolio		The Catholic SRI Growth Portfolio		The International Equity Portfolio		The Institutional International Equity Portfolio
ASSETS:
Investments in securities, at value(a)	$	183,056	$	32,369	$	718,284	$	1,152,516
Cash		409		6		5,445		10,666
Foreign currency, at value (Cost $127, $20, $3,627 and $1,450, respectively)		128		20		3,655		1,463
Receivable for portfolio shares issued		2		—		12		979
Cash held as collateral at broker for derivatives		154		—		1,045		7,220
Dividends and interest receivable		94		22		618		1,645
Foreign tax reclaims receivable		217		34		3,704		5,370
Receivable from Adviser		—		5		—		—
Prepaid expenses		5		1		21		26
Total assets		184,065		32,457		732,784		1,179,885
LIABILITIES:
Written options, at fair value (Premiums received $0, $0, $486 and $2,332, respectively)		—		—		170		799
Unrealized depreciation on futures contracts		—		—		—		9
Payable for investments purchased		—		—		—		170
Payable for portfolio shares redeemed		—		67		—		2,653
Payable for collateral received on loaned securities		—		13		—		472
Variation margin payable on derivatives		5		—		8		52
Advisory fees payable		29		—		54		112
Management fees payable		8		1		30		49
Administrative services fees payable		15		8		42		57
Trustee fees payable		2		—		12		21
Professional fees payable		14		9		93		128
Custodian fees payable		6		3		60		98
Other accrued expenses		4		1		33		54
Total liabilities		83		102		502		4,674
NET ASSETS	$	183,982	$	32,355	$	732,282	$	1,175,211
NET ASSETS CONSISTS OF:
Shares of beneficial interest, at par value	$	12	$	3	$	57	$	108
Additional paid-in capital		122,127		20,148		549,414		974,401
Total distributable earnings/(loss)		61,843		12,204		182,811		200,702
Net Assets	$	183,982	$	32,355	$	732,282	$	1,175,211
NET ASSETS:
HC Strategic Shares	$	183,982	$	32,355	$	732,282	$	1,175,211
Total	$	183,982	$	32,355	$	732,282	$	1,175,211
SHARES OF BENEFICIAL INTEREST OUTSTANDING (Unlimited number of shares authorized; par value $0.001):
HC Strategic Shares		12,169		2,735		57,479		108,316
Total		12,169		2,735		57,479		108,316
Net Asset Value, offering and redemption price per share:(b)
HC Strategic Shares	$	15.12	$	11.83	$	12.74	$	10.85
Investments in securities, at cost	$	120,949	$	19,791	$	444,214	$	889,737

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

(a) Includes securities on loan of $0, $27, $0 and $8,625, respectively.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

See accompanying notes to financial statements.

238

HC CAPITAL TRUST

Statements of Assets and Liabilities (continued)

As of December 31, 2021 (Unaudited)

(Amounts in thousands, except per share amounts)

	The Emerging Markets Portfolio		The Core Fixed Income Portfolio		The Corporate Opportunities Portfolio
ASSETS:
Investments in securities, at value(a)	$	798,089	$	65,229	$	297,065
Cash		76,690		487		1,803
Foreign currency, at value (Cost $795, $0 and $0, respectively)		763		—		—
Swap agreements, at value		2,389		—		—
Receivable for portfolio shares issued		947		2		1
Receivable from investments sold		—		727		—
Receivable for closed swap positions		21		—		—
Variation margin receivable on derivatives		—		—		97
Cash held as collateral at broker for derivatives		4,503		—		7,218
Dividends and interest receivable		1,422		383		7
Foreign tax reclaims receivable		37		—		—
TBA sale commitments receivable		—		79		—
Prepaid expenses		23		8		10
Total assets		884,884		66,915		306,201
LIABILITIES:
Written options, at fair value (Premiums received $589, $0 and $0, respectively)		202		—		—
Swap agreements, at value		2,374		—		—
Distributions payable		205		—		—
Payable for investments purchased		—		2,933		—
Payable for portfolio shares redeemed		1,158		1,185		1,297
Payable for collateral received on loaned securities		421		—		1,177
Variation margin payable on derivatives		356		—		328
Accrued foreign capital gains tax		3,907		—		—
TBA sale commitments, at fair value		—		79		—
Advisory fees payable		367		4		15
Management fees payable		37		3		12
Administrative services fees payable		40		10		15
Trustee fees payable		11		1		5
Professional fees payable		56		2		18
Custodian fees payable		254		3		12
Other accrued expenses		27		1		12
Total liabilities		9,415		4,221		2,891
NET ASSETS	$	875,469	$	62,694	$	303,310
NET ASSETS CONSISTS OF:
Shares of beneficial interest, at par value	$	42	$	6	$	40
Additional paid-in capital		781,730		60,766		299,473
Total distributable earnings/(loss)		93,697		1,922		3,797
Net Assets	$	875,469	$	62,694	$	303,310
NET ASSETS:
HC Strategic Shares	$	875,469	$	62,694	$	303,310
Total	$	875,469	$	62,694	$	303,310
SHARES OF BENEFICIAL INTEREST OUTSTANDING (Unlimited number of shares authorized; par value $0.001):
HC Strategic Shares		42,144		6,237		40,316
Total		42,144		6,237		40,316
Net Asset Value, offering and redemption price per share:(b)
HC Strategic Shares	$	20.79	$	10.05	$	7.52
Investments in securities, at cost	$	612,540	$	63,337	$	297,094

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

(a) Includes securities on loan of $1,922, $0 and $0, respectively.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

See accompanying notes to financial statements.

239

HC CAPITAL TRUST

Statements of Assets and Liabilities (continued)

As of December 31, 2021 (Unaudited)

(Amounts in thousands, except per share amounts)

	The U.S. Government Fixed Income Securities Portfolio		The U.S. Corporate Fixed Income Securities Portfolio		The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio
ASSETS:
Investments in securities, at value(a)	$	268,000	$	294,673	$	263,171
Cash		612		82		—
Receivable from investments sold		5,010		—		4,453
Dividends and interest receivable		1,140		2,336		383
TBA sale commitments receivable		—		—		610
Prepaid expenses		17		16		15
Total assets		274,779		297,107		268,632
LIABILITIES:
Distributions payable		129		218		138
Payable for investments purchased		5,398		—		36,089
Payable for portfolio shares redeemed		101		116		156
Payable for collateral received on loaned securities		—		6		—
TBA sale commitments, at fair value		—		—		607
Income payable on TBA sale commitments		—		—		2
Advisory fees payable		14		17		10
Management fees payable		11		12		10
Administrative services fees payable		15		18		24
Trustee fees payable		4		5		3
Professional fees payable		15		20		10
Custodian fees payable		8		10		7
Other accrued expenses		11		12		4
Total liabilities		5,706		434		37,060
NET ASSETS	$	269,073	$	296,673	$	231,572
NET ASSETS CONSISTS OF:
Shares of beneficial interest, at par value	$	27	$	30	$	25
Additional paid-in capital		260,365		286,503		243,117
Total distributable earnings/(loss)		8,681		10,140		(11,570	)
Net Assets	$	269,073	$	296,673	$	231,572
NET ASSETS:
HC Strategic Shares	$	269,073	$	296,673	$	231,572
Total	$	269,073	$	296,673	$	231,572
SHARES OF BENEFICIAL INTEREST OUTSTANDING (Unlimited number of shares authorized; par value $0.001):
HC Strategic Shares		27,286		29,272		24,599
Total		27,286		29,272		24,599
Net Asset Value, offering and redemption price per share:(b)
HC Strategic Shares	$	9.86	$	10.14	$	9.41
Investments in securities, at cost	$	258,745	$	285,414	$	261,615

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

(a) Includes securities on loan of $0, $5 and $0, respectively.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

See accompanying notes to financial statements.

240

HC CAPITAL TRUST

Statements of Assets and Liabilities (concluded)

As of December 31, 2021 (Unaudited)

(Amounts in thousands, except per share amounts)

	The Short-Term Municipal Bond Portfolio		The Intermediate Term Municipal Bond Portfolio		The Intermediate Term Municipal Bond II Portfolio
ASSETS:
Investments in securities, at value	$	143,403	$	380,771	$	94,436
Cash		—		2,241		128
Dividends and interest receivable		1,666		3,821		661
Prepaid expenses		13		15		7
Total assets		145,082		386,848		95,232
LIABILITIES:
Distributions payable		7		32		6
Payable for investments purchased		—		1,651		—
Payable for portfolio shares redeemed		9		100		15
Advisory fees payable		15		163		12
Management fees payable		6		16		4
Administrative services fees payable		8		18		7
Trustee fees payable		2		5		1
Professional fees payable		5		17		4
Custodian fees payable		3		9		3
Other accrued expenses		5		13		4
Total liabilities		60		2,024		56
NET ASSETS	$	145,022	$	384,824	$	95,176
NET ASSETS CONSISTS OF:
Shares of beneficial interest, at par value	$	14	$	37	$	9
Additional paid-in capital		144,019		374,259		91,975
Total distributable earnings/(loss)		989		10,528		3,192
Net Assets	$	145,022	$	384,824	$	95,176
NET ASSETS:
HC Strategic Shares	$	145,022	$	384,824	$	95,176
Total	$	145,022	$	384,824	$	95,176
SHARES OF BENEFICIAL INTEREST OUTSTANDING (Unlimited number of shares authorized; par value $0.001):
HC Strategic Shares		14,582		37,248		9,102
Total		14,582		37,248		9,102
Net Asset Value, offering and redemption price per share:(a)
HC Strategic Shares	$	9.95	$	10.33	$	10.46
Investments in securities, at cost	$	142,422	$	369,374	$	91,371

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

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

See accompanying notes to financial statements.

241

HC CAPITAL TRUST

Statements of Operations

For the Six Months Ended December 31, 2021 (Unaudited)

(Amounts in thousands)

	The Value Equity Portfolio			The Growth Equity Portfolio			The Institutional U.S. Equity Portfolio			The Small Capitalization– Mid Capitalization Equity Portfolio
INVESTMENT INCOME:
Dividends (net of foreign withholding tax of $0, $9, $176 and $2, respectively)	$	4,970		$	5,601		$	12,312		$	454
Non-cash dividends		—			—			778			—
Income from securities lending		5			4			12			5
Total Investment Income		4,975			5,605			13,102			459
EXPENSES:
Advisory fees		322			670			1,875			116
Management fees		183			246			625			24
Administrative services fees		144			187			468			33
Professional fees		60			83			210			32
Transfer agent fees		10			14			34			1
Compliance service fees		9			12			32			1
Custodian fees		36			45			108			8
Registration and filing fees		12			12			9			10
Trustee fees		26			35			90			4
Other		31			42			122			7
Total expenses before expenses paid indirectly		833			1,346			3,573			236
Less: Expenses paid indirectly		—			(1	)		(7	)		(1	)
Net Expenses		833			1,345			3,566			235
Net Investment Income		4,142			4,260			9,536			224
NET REALIZED/UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized gains/(losses) from investment in securities and foreign currency translations		1,907			50,352			42,377			4,771
Net realized gains/(losses) from futures transactions		551			1,024			29,301			(375	)
Net realized gains/(losses) from written options transactions		1,328			1,858			15,226			—
Net realized gains/(losses) from investments		3,786			53,234			86,904			4,396
Change in unrealized appreciation/(depreciation) on investment transactions and foreign currency translations		56,839			40,243			130,077			(4,624	)
Change in unrealized appreciation/(depreciation) on futures		25			363			2,466			354
Change in unrealized appreciation/(depreciation) on written options		(277	)		(317	)		(2,584	)		—
Change in unrealized appreciation/(depreciation) on investments		56,587			40,289			129,959			(4,270	)
Net realized/unrealized gains/(losses) from investments		60,373			93,523			216,863			126
Change in net assets resulting from operations	$	64,515		$	97,783		$	226,399		$	350

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

See accompanying notes to financial statements.

242

HC CAPITAL TRUST

Statements of Operations (continued)

For the Six Months Ended December 31, 2021 (Unaudited)

(Amounts in thousands)

	The ESG Growth Portfolio		The Catholic SRI Growth Portfolio			The International Equity Portfolio			The Institutional International Equity Portfolio
INVESTMENT INCOME:
Dividends (net of foreign withholding tax of $80, $20, $290 and $1,342, respectively)	$	1,182	$	225		$	8,210		$	12,179
Non-cash dividends		92		22			996			1,264
Income from securities lending		—		1			—			137
Total Investment Income		1,274		248			9,206			13,580
EXPENSES:
Advisory fees		175		15			321			691
Management fees		45		8			184			305
Administrative services fees		59		31			159			247
Professional fees		26		14			105			145
Transfer agent fees		3		—			9			16
Compliance service fees		2		—			8			14
Custodian fees		16		7			80			125
Registration and filing fees		1		1			12			15
Trustee fees		7		1			24			40
Other		9		5			28			51
Total expenses before waivers and/or reimbursements		343		82			930			1,649
Less: Expenses waived and/or reimbursed by Adviser		—		(34	)		—			—
Net Expenses		343		48			930			1,649
Net Investment Income		931		200			8,276			11,931
NET REALIZED/UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized gains/(losses) from investment in securities and foreign currency translations		1,618		67			(766	)		(1,225	)
Net realized gains/(losses) from futures transactions		123		—			(202	)		(4,594	)
Net realized gains/(losses) from written options transactions		—		—			1,185			6,366
Net realized gains/(losses) from investments		1,741		67			217			547
Change in unrealized appreciation/(depreciation) on investment transactions and foreign currency translations		10,763		2,064			11,802			10,953
Change in unrealized appreciation/(depreciation) on futures		49		—			312			5,913
Change in unrealized appreciation/(depreciation) on written options		—		—			(280	)		(1,319	)
Change in unrealized appreciation/(depreciation) on investments		10,812		2,064			11,834			15,547
Net realized/unrealized gains/(losses) from investments		12,553		2,131			12,051			16,094
Change in net assets resulting from operations	$	13,484	$	2,331		$	20,327		$	28,025

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

See accompanying notes to financial statements.

243

HC CAPITAL TRUST

Statements of Operations (continued)

For the Six Months Ended December 31, 2021 (Unaudited)

(Amounts in thousands)

	The Emerging Markets Portfolio			The Core Fixed Income Portfolio			The Corporate Opportunities Portfolio
INVESTMENT INCOME:
Interest	$	—		$	681		$	506
Dividends (net of foreign withholding tax of $1,300, $0 and $0, respectively)		9,309			—			8
Non-cash dividends		870			—			—
Income from securities lending		41			—			5
Total Investment Income		10,220			681			519
EXPENSES:
Advisory fees		1,395			22			98
Management fees		226			17			78
Administrative services fees		186			48			64
Professional fees		96			5			25
Transfer agent fees		11			1			4
Compliance service fees		10			1			4
Custodian fees		456			8			17
Registration and filing fees		12			5			9
Trustee fees		29			2			11
Other		39			4			16
Total expenses before waivers		2,460			113			326
Less: Expenses waived by Specialist Manager		(350	)		—			—
Net Expenses		2,110			113			326
Net Investment Income		8,110			568			193
NET REALIZED/UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized gains/(losses) from investment in securities and foreign currency translations		1,230			295			(10	)
Net realized gains/(losses) from futures transactions		(6,821	)		—			8,840
Net realized gains/(losses) from written options transactions		1,568			—			—
Net realized gains/(losses) from swap transactions		(1,890	)		—			—
Net realized gains/(losses) from investments		(5,913	)		295			8,830
Change in unrealized appreciation/(depreciation) on investment transactions and foreign currency translations (net of deferred foreign tax)		(76,705	)		(1,019	)		31
Change in unrealized appreciation/(depreciation) on futures		(5	)		—			1,680
Change in unrealized appreciation/(depreciation) on written options		(384	)		—			—
Change in unrealized appreciation/(depreciation) on swaps		(3,181	)		—			—
Change in unrealized appreciation/(depreciation) on investments		(80,275	)		(1,019	)		1,711
Net realized/unrealized gains/(losses) from investments		(86,188	)		(724	)		10,541
Change in net assets resulting from operations	$	(78,078	)	$	(156	)	$	10,734

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

See accompanying notes to financial statements.

244

HC CAPITAL TRUST

Statements of Operations (continued)

For the Six Months Ended December 31, 2021 (Unaudited)

(Amounts in thousands)

	The U.S. Government Fixed Income Securities Portfolio			The U.S. Corporate Fixed Income Securities Portfolio			The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio
INVESTMENT INCOME:
Interest	$	2,151		$	3,841		$	1,393
Dividends		—			1			1
Total Investment Income		2,151			3,842			1,394
EXPENSES:
Advisory fees		78			99			61
Management fees		66			71			56
Administrative services fees		60			63			83
Professional fees		21			24			19
Transfer agent fees		4			4			3
Compliance service fees		3			4			3
Custodian fees		12			12			13
Registration and filing fees		6			6			5
Trustee fees		9			10			8
Other		13			14			12
Net Expenses		272			307			263
Net Investment Income		1,879			3,535			1,131
NET REALIZED/UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized gains/(losses) from investment in securities		457			2,304			121
Change in unrealized appreciation/(depreciation) on investments		(2,350	)		(5,835	)		(2,317	)
Net realized/unrealized gains/(losses) from investments		(1,893	)		(3,531	)		(2,196	)
Change in net assets resulting from operations	$	(14	)	$	4		$	(1,065	)

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

See accompanying notes to financial statements.

245

HC CAPITAL TRUST

Statements of Operations (concluded)

For the Six Months Ended December 31, 2021 (Unaudited)

(Amounts in thousands)

	The Short-Term Municipal Bond Portfolio				The Intermediate Term Municipal Bond Portfolio			The Intermediate Term Municipal Bond II Portfolio
INVESTMENT INCOME:
Interest	$	789			$	3,582		$	601
Dividends		—				—			449
Total Investment Income		789				3,582			1,050
EXPENSES:
Advisory fees		92				323			87
Management fees		37				98			23
Administrative services fees		37				83			26
Professional fees		12				32			8
Transfer agent fees		2				5			1
Compliance service fees		2		��		5			1
Custodian fees		7				18			6
Registration and filing fees		5				7			6
Trustee fees		5				14			3
Other		7				20			6
Net Expenses		206				605			167
Net Investment Income		583				2,977			883
NET REALIZED/UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized gains/(losses) from investment in securities		17				(273	)		237
Change in unrealized appreciation/(depreciation) on investments		(848	)			(2,300	)		(890	)
Net realized/unrealized gains/(losses) from investments		(831	)			(2,573	)		(653	)
Change in net assets resulting from operations	$	(248	)		$	404		$	230

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

See accompanying notes to financial statements.

246

HC CAPITAL TRUST

Statements of Changes in Net Assets

(Amounts in thousands)

	The Value Equity Portfolio						The Growth Equity Portfolio						The Institutional U.S. Equity Portfolio
	Six Months Ended December 31, 2021 (Unaudited)			For the Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			For the Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			For the Year Ended June 30, 2021
Operations:
Net investment income	$	4,142		$	7,443		$	4,260		$	7,103		$	9,536		$	22,894
Net realized gains/(losses) from investments		3,786			10,126			53,234			67,703			86,904			540,124
Change in unrealized appreciation/(depreciation) from investments		56,587			196,223			40,289			202,627			129,959			374,176
Change in net assets resulting from operations		64,515			213,792			97,783			277,433			226,399			937,194
Distributions to Shareholders:
HC Strategic Shares		(7,823	)		(7,690	)		(76,849	)		(50,849	)		(563,058	)		(162,524	)
Change in net assets resulting from distributions		(7,823	)		(7,690	)		(76,849	)		(50,849	)		(563,058	)		(162,524	)
HC Strategic Shares
Proceeds from shares issued		1,530			9,282			6			1,184			125,802			131,407
Proceeds from reinvestment of dividends		6,380			5,906			53,832			41,703			553,228			153,985
Cost of shares redeemed		(13,139	)		(62,499	)		(49,935	)		(72,913	)		(222,837	)		(1,350,335	)
Change in net assets from HC Strategic Shares of beneficial interest		(5,229	)		(47,311	)		3,903			(30,026	)		456,193			(1,064,943	)
Change in net assets from shares of beneficial interest		(5,229	)		(47,311	)		3,903			(30,026	)		456,193			(1,064,943	)
Change in net assets		51,463			158,791			24,837			196,558			119,534			(290,273	)
Net Assets:
Beginning of period		697,117			538,326			933,398			736,840			2,434,118			2,724,391
End of period	$	748,580		$	697,117		$	958,235		$	933,398		$	2,553,652		$	2,434,118
Share Transactions:
HC Strategic Shares
Issued		50			364			—			40			5,684			6,446
Reinvested		204			228			1,601			1,425			29,404			7,853
Redeemed		(423	)		(2,480	)		(1,469	)		(2,423	)		(9,706	)		(67,025	)
Change in HC Strategic Shares		(169	)		(1,888	)		132			(958	)		25,382			(52,726	)
Total change in shares		(169	)		(1,888	)		132			(958	)		25,382			(52,726	)

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

See accompanying notes to financial statements.

247

HC CAPITAL TRUST

Statements of Changes in Net Assets (continued)

(Amounts in thousands)

	The Small Capitalization- Mid Capitalization Equity Portfolio						The ESG Growth Portfolio						The Catholic SRI Growth Portfolio
	Six Months Ended December 31, 2021 (Unaudited)			For the Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			For the Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			For the Year Ended June 30, 2021
Operations:
Net investment income	$	224		$	216		$	931		$	1,982		$	200		$	749
Net realized gains/(losses) from investments		4,396			10,290			1,741			5,137			67			10,533
Change in unrealized appreciation/(depreciation) from investments		(4,270	)		27,043			10,812			43,355			2,064			7,136
Change in net assets resulting from operations		350			37,549			13,484			50,474			2,331			18,418
Distributions to Shareholders:
HC Strategic Shares		(6,462	)		(298	)		(6,758	)		(3,686	)		(10,338	)		(786	)
Change in net assets resulting from distributions		(6,462	)		(298	)		(6,758	)		(3,686	)		(10,338	)		(786	)
HC Strategic Shares
Proceeds from shares issued		268			408			1,141			1,079			2,623			16,924
Proceeds from reinvestment of dividends		4,451			229			5,679			1,841			10,338			701
Cost of shares redeemed		(3,885	)		(8,598	)		(56	)		(11,668	)		(1,511	)		(59,428	)
Change in net assets from HC Strategic Shares of beneficial interest		834			(7,961	)		6,764			(8,748	)		11,450			(41,803	)
Change in net assets from shares of beneficial interest		834			(7,961	)		6,764			(8,748	)		11,450			(41,803	)
Change in net assets		(5,278	)		29,290			13,490			38,040			3,443			(24,171	)
Net Assets:
Beginning of period		97,817			68,527			170,492			132,452			28,912			53,083
End of period	$	92,539		$	97,817		$	183,982		$	170,492		$	32,355		$	28,912
Share Transactions:
HC Strategic Shares
Issued		8			13			76			79			159			1,191
Reinvested		133			7			387			145			895			50
Redeemed		(113	)		(307	)		(4	)		(873	)		(111	)		(4,012	)
Change in HC Strategic Shares		28			(287	)		459			(649	)		943			(2,771	)
Total change in shares		28			(287	)		459			(649	)		943			(2,771	)

See accompanying notes to financial statements.

248

HC CAPITAL TRUST

Statements of Changes in Net Assets (continued)

(Amounts in thousands)

	The International Equity Portfolio						The Institutional International Equity Portfolio						The Emerging Markets Portfolio
	Six Months Ended December 31, 2021 (Unaudited)			For the Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			For the Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			For the Year Ended June 30, 2021
Operations:
Net investment income	$	8,276		$	16,732		$	11,931		$	21,924		$	8,110		$	11,570
Net realized gains/(losses) from investments		217			2,131			547			129,620			(5,913	)		98,589
Change in unrealized appreciation/(depreciation) from investments		11,834			164,837			15,547			222,150			(80,275	)		200,638
Change in net assets resulting from operations		20,327			183,700			28,025			373,694			(78,078	)		310,797
Distributions to Shareholders:
HC Strategic Shares		(12,247	)		(16,434	)		(103,376	)		(24,462	)		(17,632	)		(10,399	)
Change in net assets resulting from distributions		(12,247	)		(16,434	)		(103,376	)		(24,462	)		(17,632	)		(10,399	)
HC Strategic Shares
Proceeds from shares issued		13,335			19,548			66,636			222,127			39,561			54,866
Proceeds from reinvestment of dividends		8,582			11,506			94,030			20,222			14,462			8,499
Cost of shares redeemed		(17,696	)		(83,436	)		(138,520	)		(703,421	)		(46,517	)		(341,261	)
Change in net assets from HC Strategic Shares of beneficial interest		4,221			(52,382	)		22,146			(461,072	)		7,506			(277,896	)
Change in net assets from shares of beneficial interest		4,221			(52,382	)		22,146			(461,072	)		7,506			(277,896	)
Change in net assets		12,301			114,884			(53,205	)		(111,840	)		(88,204	)		22,502
Net Assets:
Beginning of period		719,981			605,097			1,228,416			1,340,256			963,673			941,171
End of period	$	732,282		$	719,981		$	1,175,211		$	1,228,416		$	875,469		$	963,673
Share Transactions:
HC Strategic Shares
Issued		1,048			1,648			5,751			20,995			1,859			2,536
Reinvested		688			900			8,724			1,833			703			398
Redeemed		(1,393	)		(7,495	)		(11,963	)		(68,424	)		(2,144	)		(16,704	)
Change in HC Strategic Shares		343			(4,947	)		2,512			(45,596	)		418			(13,770	)
Total change in shares		343			(4,947	)		2,512			(45,596	)		418			(13,770	)

See accompanying notes to financial statements.

249

HC CAPITAL TRUST

Statements of Changes in Net Assets (continued)

(Amounts in thousands)

	The Core Fixed Income Portfolio						The Corporate Opportunities Portfolio						The U.S. Government Fixed Income Securities Portfolio
	Six Months Ended December 31, 2021 (Unaudited)			For the Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			For the Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			For the Year Ended June 30, 2021
Operations:
Net investment income	$	568		$	1,166		$	193		$	417		$	1,879		$	4,183
Net realized gains/(losses) from investments		295			1,033			8,830			49,300			457			2,042
Change in unrealized appreciation/(depreciation) from investments		(1,019	)		(2,199	)		1,711			(4,186	)		(2,350	)		(15,905	)
Change in net assets resulting from operations		(156	)		—			10,734			45,531			(14	)		(9,680	)
Distributions to Shareholders:
HC Strategic Shares		(1,219	)		(2,157	)		(30,438	)		(394	)		(3,345	)		(14,456	)
Change in net assets resulting from distributions		(1,219	)		(2,157	)		(30,438	)		(394	)		(3,345	)		(14,456	)
HC Strategic Shares
Proceeds from shares issued		2,358			11,596			8,016			19,366			40,400			97,804
Proceeds from reinvestment of dividends		1,217			2,150			29,706			384			2,754			12,543
Cost of shares redeemed		(5,736	)		(11,637	)		(22,051	)		(194,401	)		(27,188	)		(135,434	)
Change in net assets from HC Strategic Shares of beneficial interest		(2,161	)		2,109			15,671			(174,651	)		15,966			(25,087	)
Change in net assets from shares of beneficial interest		(2,161	)		2,109			15,671			(174,651	)		15,966			(25,087	)
Change in net assets		(3,536	)		(48	)		(4,033	)		(129,514	)		12,607			(49,223	)
Net Assets:
Beginning of period		66,230			66,278			307,343			436,857			256,466			305,689
End of period	$	62,694		$	66,230		$	303,310		$	307,343		$	269,073		$	256,466
Share Transactions:
HC Strategic Shares
Issued		230			1,112			984			2,543			4,042			9,307
Reinvested		120			205			3,990			49			277			1,211
Redeemed		(565	)		(1,125	)		(2,733	)		(25,675	)		(2,708	)		(13,081	)
Change in HC Strategic Shares		(215	)		192			2,241			(23,083	)		1,611			(2,563	)
Total change in shares		(215	)		192			2,241			(23,083	)		1,611			(2,563	)

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

See accompanying notes to financial statements.

250

HC CAPITAL TRUST

Statements of Changes in Net Assets (continued)

(Amounts in thousands)

	The U.S. Corporate Fixed Income Securities Portfolio						The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio						The Short-Term Municipal Bond Portfolio
	Six Months Ended December 31, 2021 (Unaudited)			For the Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			For the Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			For the Year Ended June 30, 2021
Operations:
Net investment income	$	3,535		$	8,470		$	1,131		$	2,189		$	583		$	1,351
Net realized gains/(losses) from investments		2,304			14,928			121			169			17			34
Change in unrealized appreciation/(depreciation) from investments		(5,835	)		(13,313	)		(2,317	)		(3,606	)		(848	)		(757	)
Change in net assets resulting from operations		4			10,085			(1,065	)		(1,248	)		(248	)		628
Distributions to Shareholders:
HC Strategic Shares		(14,547	)		(17,792	)		(2,106	)		(4,683	)		(654	)		(1,347	)
Change in net assets resulting from distributions		(14,547	)		(17,792	)		(2,106	)		(4,683	)		(654	)		(1,347	)
HC Strategic Shares
Proceeds from shares issued		37,885			73,540			23,122			68,718			15,262			33,793
Proceeds from reinvestment of dividends		13,300			14,345			1,473			3,353			612			1,287
Cost of shares redeemed		(10,404	)		(157,396	)		(4,886	)		(100,615	)		(20,434	)		(18,942	)
Change in net assets from HC Strategic Shares of beneficial interest		40,781			(69,511	)		19,709			(28,544	)		(4,560	)		16,138
Change in net assets from shares of beneficial interest		40,781			(69,511	)		19,709			(28,544	)		(4,560	)		16,138
Change in net assets		26,238			(77,218	)		16,538			(34,475	)		(5,462	)		15,419
Net Assets:
Beginning of period		270,435			347,653			215,034			249,509			150,484			135,065
End of period	$	296,673		$	270,435		$	231,572		$	215,034		$	145,022		$	150,484
Share Transactions:
HC Strategic Shares
Issued		3,600			6,748			2,433			7,068			1,529			3,362
Reinvested		1,299			1,321			155			346			61			128
Redeemed		(1,006	)		(14,519	)		(516	)		(10,341	)		(2,046	)		(1,888	)
Change in HC Strategic Shares		3,893			(6,450	)		2,072			(2,927	)		(456	)		1,602
Total change in shares		3,893			(6,450	)		2,072			(2,927	)		(456	)		1,602

See accompanying notes to financial statements.

251

HC CAPITAL TRUST

Statements of Changes in Net Assets (concluded)

(Amounts in thousands)

	The Intermediate Term Municipal Bond Portfolio						The Intermediate Term Municipal Bond II Portfolio
	Six Months Ended December 31, 2021 (Unaudited)			For the Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			For the Year Ended June 30, 2021
Operations:
Net investment income	$	2,977		$	6,447		$	883		$	1,519
Net realized gains/(losses) from investments		(273	)		1,318			237			876
Change in unrealized appreciation/(depreciation) from investments		(2,300	)		2,874			(890	)		48
Change in net assets resulting from operations		404			10,639			230			2,443
Distributions to Shareholders:
HC Strategic Shares		(3,592	)		(6,817	)		(1,874	)		(1,640	)
Change in net assets resulting from distributions		(3,592	)		(6,817	)		(1,874	)		(1,640	)
HC Strategic Shares
Proceeds from shares issued		6,800			28,827			6,780			14,381
Proceeds from reinvestment of dividends		3,387			6,485			1,773			1,552
Cost of shares redeemed		(10,248	)		(42,369	)		(1,471	)		(6,984	)
Change in net assets from HC Strategic Shares of beneficial interest		(61	)		(7,057	)		7,082			8,949
Change in net assets from shares of beneficial interest		(61	)		(7,057	)		7,082			8,949
Change in net assets		(3,249	)		(3,235	)		5,438			9,752
Net Assets:
Beginning of period		388,073			391,308			89,738			79,986
End of period	$	384,824		$	388,073		$	95,176		$	89,738
Share Transactions:
HC Strategic Shares
Issued		654			2,765			642			1,358
Reinvested		327			623			169			147
Redeemed		(985	)		(4,065	)		(139	)		(661	)
Change in HC Strategic Shares		(4	)		(677	)		672			844
Total change in shares		(4	)		(677	)		672			844

See accompanying notes to financial statements.

252

HC CAPITAL TRUST

Financial Highlights

Selected data for a share outstanding throughout the periods indicated.

			Change in Net Assets Resulting From Operations:							Distributions to Shareholders:																Ratios/Supplementary Data:
	Net Asset Value, Beginning of Period		Net Investment Income/ (Loss)			Net Realized/ Unrealized Gains/ (Losses) on Investments		Total from Operations		Net Investment Income			Net Realized Gains from Investments			Total Distributions to Shareholders			Net Asset Value, End of Period		Total Return(a)			Net Assets, at End of Period (in thousands)		Ratio of Expenses to Average Net Assets, Prior to Expenses Paid Indirectly and Waivers(b)			Ratio of Expenses to Average Net Assets, Net of Expenses Paid Indirectly and Waivers(b)			Ratio of Net Investment Income/ (Loss) to Average Net Assets(b)			Portfolio Turnover Rate(a)(c)
The Value Equity Portfolio
HC Strategic Shares
Six Months ended December 31, 2021 (Unaudited)	$	29.70	$	0.18	(d)	$	2.59	$	2.77	$	(0.18	)	$	(0.16	)	$	(0.34	)	$	32.13		9.35	%	$	748,580		0.23	%		0.23	%		1.13	%		3	%
Year Ended June 30, 2021		21.23		0.31	(d)		8.48		8.79		(0.32	)		—			(0.32	)		29.70		41.63	%		697,117		0.22	%		0.22	%		1.20	%		6	%
Year Ended June 30, 2020		20.21		0.35	(d)		1.03		1.38		(0.35	)		(0.01	)		(0.36	)		21.23		6.89	%		538,326		0.22	%		0.22	%		1.68	%		19	%
Year Ended June 30, 2019		19.95		0.40	(d)		1.34		1.74		(0.41	)		(1.07	)		(1.48	)		20.21		9.78	%		583,757		0.21	%		0.21	%		2.05	%		74	%
Year Ended June 30, 2018		19.53		0.42			1.36		1.78		(0.44	)		(0.92	)		(1.36	)		19.95		9.11	%		599,457		0.27	%		0.26	%		2.10	%		59	%
Year Ended June 30, 2017		17.70		0.42			2.51		2.93		(0.41	)		(0.69	)		(1.10	)		19.53		16.78	%		612,508		0.29	%		0.28	%		2.22	%		61	%
HC Advisors Shares
Period Ended June 30, 2019(e)	$	19.95	$	0.46	(d)	$	1.26	$	1.72	$	(0.33	)	$	(1.07	)	$	(1.40	)	$	20.27		9.69	%	$	—		0.46	%		0.21	%		2.29	%		74	%
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	%
Year Ended June 30, 2017		17.69		0.42			2.51		2.93		(0.41	)		(0.69	)		(1.10	)		19.52		16.79	%		845		0.54	%		0.28	%		2.22	%		61	%
The Growth Equity Portfolio
HC Strategic Shares
Six Months ended December 31, 2021 (Unaudited)	$	33.87	$	0.16	(d)	$	3.40	$	3.56	$	(0.16	)	$	(2.66	)	$	(2.82	)	$	34.61		10.76	%	$	958,235		0.27	%		0.27	%		0.86	%		4	%
Year Ended June 30, 2021		25.84		0.25	(d)		9.63		9.88		(0.26	)		(1.59	)		(1.85	)		33.87		39.43	%		933,398		0.27	%		0.27	%		0.84	%		15	%
Year Ended June 30, 2020		24.52		0.31	(d)		2.37		2.68		(0.33	)		(1.03	)		(1.36	)		25.84		11.17	%		736,840		0.26	%		0.26	%		1.26	%		37	%
Year Ended June 30, 2019		23.54		0.30	(d)		2.30		2.60		(0.30	)		(1.32	)		(1.62	)		24.52		12.22	%		802,838		0.25	%		0.25	%		1.28	%		41	%
Year Ended June 30, 2018		20.90		0.22			3.70		3.92		(0.22	)		(1.06	)		(1.28	)		23.54		19.12	%		808,868		0.30	%		0.29	%		0.96	%		40	%
Year Ended June 30, 2017		18.78		0.19			3.27		3.46		(0.19	)		(1.15	)		(1.34	)		20.90		19.31	%		786,563		0.31	%		0.31	%		0.98	%		38	%
HC Advisors Shares
Period Ended June 30, 2019(e)	$	23.50	$	0.28	(d)	$	2.00	$	2.28	$	(0.23	)	$	(1.32	)	$	(1.55	)	$	24.23		10.77	%	$	—		0.51	%		0.26	%		1.19	%		41	%
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	%
Year Ended June 30, 2017		18.76		0.19			3.25		3.44		(0.19	)		(1.15	)		(1.34	)		20.86		19.23	%		1,118		0.56	%		0.31	%		0.98	%		38	%

(a) Not annualized for periods less than one year.

(b) Annualized for periods less than one year.

(c) Portfolio turnover is calculated on the basis of the Portfolio, as a whole, without distinguishing between the classes of shares issued.

(d) Per share amounts are based on average shares outstanding.

(e) HC Advisors Shares are still offered, but were fully redeemed on May 1, 2019.

See accompanying notes to financial statements.

253

HC CAPITAL TRUST

Financial Highlights (continued)

Selected data for a share outstanding throughout the periods indicated.

				Change in Net Assets Resulting From Operations:									Distributions to Shareholders:																	Ratios/Supplementary Data:
	Net Asset Value, Beginning of Period			Net Investment Income/ (Loss)			Net Realized/ Unrealized Gains/ (Losses) on Investments			Total from Operations			Net Investment Income			Net Realized Gains from Investments			Total Distributions to Shareholders			Net Asset Value, End of Period			Total Return(a)			Net Assets, at End of Period (in thousands)		Ratio of Expenses to Average Net Assets, Prior to Expenses Paid Indirectly and Waivers(b)			Ratio of Expenses to Average Net Assets, Net of Expenses Paid Indirectly and Waivers(b)			Ratio of Net Investment Income/ (Loss) to Average Net Assets(b)			Portfolio Turnover Rate(a)(c)
The Institutional U.S. Equity Portfolio
HC Strategic Shares
Six Months ended December 31, 2021 (Unaudited)	$	22.87		$	0.09	(d)	$	1.90		$	1.99		$	(0.10	)	$	(5.39	)	$	(5.49	)	$	19.37			9.50	%	$	2,553,652		0.29	%		0.29	%		0.76	%		12	%
Year Ended June 30, 2021		17.12			0.17	(d)		6.79			6.96			(0.18	)		(1.03	)		(1.21	)		22.87			41.89	%		2,434,118		0.28	%		0.28	%		0.87	%		29	%
Year Ended June 30, 2020		18.53			0.23	(d)		1.98			2.21			(0.21	)		(3.41	)		(3.62	)		17.12			12.71	%		2,724,391		0.24	%		0.24	%		1.36	%		74	%
Year Ended June 30, 2019		18.25			0.24	(d)		1.59			1.83			(0.24	)		(1.31	)		(1.55	)		18.53			11.46	%		1,535,959		0.23	%		0.23	%		1.31	%		70	%
Year Ended June 30, 2018		16.10			0.18			2.82			3.00			(0.18	)		(0.67	)		(0.85	)		18.25			18.97	%		1,187,715		0.28	%		0.28	%		1.04	%		43	%
Year Ended June 30, 2017		14.80			0.17			2.48			2.65			(0.17	)		(1.18	)		(1.35	)		16.10			19.03	%		1,034,294		0.29	%		0.29	%		1.06	%		22	%
HC Advisors Shares
Period Ended June 30, 2019(e)	$	18.25		$	0.25	(d)	$	0.72		$	0.97		$	(0.19	)	$	(1.31	)	$	(1.50	)	$	17.72			6.27	%	$	—		0.48	%		0.23	%		1.36	%		70	%
Year Ended June 30, 2018		16.10			0.20			2.80			3.00			(0.18	)		(0.67	)		(0.85	)		18.25			18.97	%		1,026		0.53	%		0.28	%		1.00	%		43	%
Year Ended June 30, 2017		14.80			0.17			2.48			2.65			(0.17	)		(1.18	)		(1.35	)		16.10			19.03	%		2,008		0.54	%		0.29	%		1.08	%		22	%
The Small Capitalization-Mid Capitalization Equity Portfolio
HC Strategic Shares
Six Months ended December 31, 2021 (Unaudited)	$	36.85	(f)	$	0.08	(d)	$	0.03		$	0.11		$	(0.09	)	$	(2.37	)	$	(2.46	)	$	34.50			0.58	%	$	92,539		0.49	%		0.48	%		0.46	%		26	%
Year Ended June 30, 2021		23.30			0.08	(d)		13.58			13.66			(0.11	)		—			(0.11	)		36.85	(f)		58.67	%		97,817		0.49	%		0.49	%		0.25	%		32	%
Year Ended June 30, 2020		26.25			0.15	(d)		(1.82	)		(1.67	)		(0.18	)		(1.10	)		(1.28	)		23.30			(6.83	)%		68,527		0.53	%		0.52	%		0.64	%		87	%
Year Ended June 30, 2019		29.52			0.10	(d)		(0.77	)		(0.67	)		(0.13	)		(2.47	)		(2.60	)		26.25			(0.81	)%		95,614		0.68	%		0.67	%		0.36	%		79	%
Year Ended June 30, 2018		25.23			0.10			4.29			4.39			(0.10	)		—			(0.10	)		29.52			17.42	%		110,489		0.77	%		0.76	%		0.37	%		62	%
Year Ended June 30, 2017		21.04			0.02			4.20			4.22			(0.03	)		—			(0.03	)		25.23			20.07	%		107,395		0.83	%		0.82	%		0.09	%		49	%
HC Advisors Shares
Period Ended June 30, 2019(g)	$	29.49		$	0.08	(d)	$	(0.97	)	$	(0.89	)	$	(0.10	)	$	(2.47	)	$	(2.57	)	$	26.03			(1.62	)%	$	—		0.93	%		0.66	%		0.27	%		79	%
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	%
Year Ended June 30, 2017		21.02			0.02			4.20			4.22			(0.03	)		—			(0.03	)		25.21			20.09	%		141		1.08	%		0.82	%		0.09	%		49	%

(a) Not annualized for periods less than one year.

(b) Annualized for periods less than one year.

(c) Portfolio turnover is calculated on the basis of the Portfolio, as a whole, without distinguishing between the classes of shares issued.

(d) Per share amounts are based on average shares outstanding.

(e) HC Advisors Shares are still offered, but were fully redeemed on May 13, 2019.

(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 the United States of America.

(g) HC Advisors Shares are still offered, but were fully redeemed on May 1, 2019.

See accompanying notes to financial statements.

254

HC CAPITAL TRUST

Financial Highlights (continued)

Selected data for a share outstanding throughout the periods indicated.

			Change in Net Assets Resulting From Operations:									Distributions to Shareholders:																Ratios/Supplementary Data:
	Net Asset Value, Beginning of Period		Net Investment Income/ (Loss)			Net Realized/ Unrealized Gains/ (Losses) on Investments			Total from Operations			Net Investment Income			Net Realized Gains from Investments			Total Distributions to Shareholders			Net Asset Value, End of Period		Total Return(a)			Net Assets, at End of Period (in thousands)		Ratio of Expenses to Average Net Assets, Prior to Expenses Paid Indirectly and Waivers(b)			Ratio of Expenses to Average Net Assets, Net of Expenses Paid Indirectly and Waivers(b)			Ratio of Net Investment Income/ (Loss) to Average Net Assets(b)			Portfolio Turnover Rate(a)(c)
The ESG Growth Portfolio
HC Strategic Shares
Six Months ended December 31, 2021 (Unaudited)	$	14.56	$	0.08	(d)	$	1.06		$	1.14		$	(0.10	)	$	(0.48	)	$	(0.58	)	$	15.12		7.91	%	$	183,982		0.38	%		0.38	%		1.04	%		3	%
Year Ended June 30, 2021		10.72		0.16	(d)		3.98			4.14			(0.17	)		(0.13	)		(0.30	)		14.56		39.02	%		170,492		0.36	%		0.36	%		1.28	%		8	%
Year Ended June 30, 2020		10.92		0.18	(d)		0.32			0.50			(0.19	)		(0.51	)		(0.70	)		10.72		4.49	%		132,452		0.36	%		0.34	%		1.66	%		31	%
Year Ended June 30, 2019		11.42		0.28	(d)		(0.10	)		0.18			(0.30	)		(0.38	)		(0.68	)		10.92		2.06	%		148,978		0.34	%		0.34	%		2.52	%		172	%
Year Ended June 30, 2018		10.65		0.30			0.78			1.08			(0.31	)		—			(0.31	)		11.42		10.16	%		166,523		0.29	%		0.29	%		2.69	%		16	%
Year Ended June 30, 2017		9.34		0.27			1.32			1.59			(0.28	)		—			(0.28	)		10.65		17.19	%		148,643		0.35	%		0.34	%		2.70	%		25	%
HC Advisors Shares
Period Ended June 30, 2019(e)	$	11.41	$	0.28	(d)	$	(0.29	)	$	(0.01	)	$	(0.21	)	$	(0.38	)	$	(0.59	)	$	10.81		0.32	%	$	—		0.60	%		0.35	%		2.56	%		172	%
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	%
Year Ended June 30, 2017		9.34		0.27			1.31			1.58			(0.28	)		—			(0.28	)		10.64		17.08	%		1		0.60	%		0.34	%		2.67	%		25	%
The Catholic SRI Growth Portfolio
HC Strategic Shares
Six Months ended December 31, 2021 (Unaudited)	$	16.13	$	0.11	(d)	$	0.98		$	1.09		$	(0.14	)	$	(5.25	)	$	(5.39	)	$	11.83		7.86	%	$	32,355		0.53	%		0.31	%		1.30	%		7	%
Year Ended June 30, 2021		11.63		0.19	(d)		4.55			4.74			(0.24	)		—			(0.24	)		16.13		41.00	%		28,912		0.38	%		0.31	%		1.38	%		42	%
Year Ended June 30, 2020		11.84		0.21	(d)		0.13			0.34			(0.20	)		(0.35	)		(0.55	)		11.63		2.72	%		53,083		0.42	%		0.31	%		1.80	%		14	%
Year Ended June 30, 2019		12.71		0.31	(d)		(0.14	)		0.17			(0.31	)		(0.73	)		(1.04	)		11.84		2.16	%		51,401		0.41	%		0.31	%		2.60	%		180	%
Year Ended June 30, 2018		12.02		0.34			1.00			1.34			(0.34	)		(0.31	)		(0.65	)		12.71		11.23	%		29,413		0.37	%		0.31	%		2.65	%		17	%
Year Ended June 30, 2017		10.75		0.31			1.58			1.89			(0.35	)		(0.27	)		(0.62	)		12.02		18.02	%		27,992		0.57	%		0.31	%		2.85	%		27	%
HC Advisors Shares
Period Ended June 30, 2019(e)	$	12.72	$	0.31	(d)	$	(0.39	)	$	(0.08	)	$	(0.20	)	$	(0.73	)	$	(0.93	)	$	11.71		0.07	%	$	—		0.66	%		0.31	%		2.60	%		180	%
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	%
Year Ended June 30, 2017		10.76		0.32			1.57			1.89			(0.35	)		(0.27	)		(0.62	)		12.03		18.00	%		1		0.82	%		0.31	%		2.77	%		27	%

(a) Not annualized for periods less than one year.

(b) Annualized for periods less than one year.

(c) Portfolio turnover is calculated on the basis of the Portfolio, as a whole, without distinguishing between the classes of shares issued.

(d) Per share amounts are based on average shares outstanding.

(e) HC Advisors Shares are still offered, but were fully redeemed on June 14, 2019.

See accompanying notes to financial statements.

255

HC CAPITAL TRUST

Financial Highlights (continued)

Selected data for a share outstanding throughout the periods indicated.

			Change in Net Assets Resulting From Operations:									Distributions to Shareholders:																Ratios/Supplementary Data:
	Net Asset Value, Beginning of Period		Net Investment Income/ (Loss)			Net Realized/ Unrealized Gains/ (Losses) on Investments			Total from Operations			Net Investment Income			Net Realized Gains from Investments			Total Distributions to Shareholders			Net Asset Value, End of Period		Total Return(a)			Net Assets, at End of Period (in thousands)		Ratio of Expenses to Average Net Assets, Prior to Expenses Paid Indirectly and Waivers(b)*			Ratio of Expenses to Average Net Assets, Net of Expenses Paid Indirectly and Waivers(b)			Ratio of Net Investment Income/ (Loss) to Average Net Assets(b)			Portfolio Turnover Rate(a)(c)
The International Equity Portfolio
HC Strategic Shares
Six Months ended December 31, 2021 (Unaudited)	$	12.60	$	0.14	(d)	$	0.21		$	0.35		$	(0.21	)	$	—		$	(0.21	)	$	12.74		2.85	%	$	732,282		0.25	%		0.25	%		2.25	%		3	%
Year Ended June 30, 2021		9.75		0.29	(d)		2.85			3.14			(0.29	)		—			(0.29	)		12.60		32.16	%		719,981		0.25	%		0.25	%		2.51	%		23	%
Year Ended June 30, 2020		10.37		0.19	(d)		(0.58	)		(0.39	)		(0.23	)		—			(0.23	)		9.75		(3.82	)%		605,097		0.41	%		0.41	%		1.88	%		95	%
Year Ended June 30, 2019		10.74		0.34	(d)		(0.32	)		0.02			(0.39	)		—			(0.39	)		10.37		0.24	%		911,059		0.47	%		0.47	%		3.28	%		55	%
Year Ended June 30, 2018		10.48		0.33			0.26			0.59			(0.33	)		—			(0.33	)		10.74		5.60	%		1,213,191		0.44	%		0.44	%		2.88	%		30	%
Year Ended June 30, 2017		9.00		0.29			1.49			1.78			(0.30	)		—			(0.30	)		10.48		19.75	%		1,234,134		0.43	%		0.42	%		2.74	%		53	%
HC Advisors Shares
Period Ended June 30, 2019(e)	$	10.75	$	0.20	(d)	$	(0.17	)	$	0.03		$	(0.03	)	$	—		$	(0.03	)	$	10.75		0.31	%	$	—		0.72	%		0.46	%		1.95	%		55	%
Year Ended June 30, 2018		10.49		0.38			0.21			0.59			(0.33	)		—			(0.33	)		10.75		5.60	%		1,661		0.69	%		0.44	%		2.77	%		30	%
Year Ended June 30, 2017		9.00		0.28			1.51			1.79			(0.30	)		—			(0.30	)		10.49		19.87	%		2,222		0.68	%		0.42	%		2.79	%		53	%
The Institutional International Equity Portfolio
HC Strategic Shares
Six Months ended December 31, 2021 (Unaudited)	$	11.61	$	0.12	(d)	$	0.13		$	0.25		$	(0.52	)	$	(0.49	)	$	(1.01	)	$	10.85		2.42	%	$	1,175,211		0.27	%		0.27	%		1.95	%		3	%
Year Ended June 30, 2021		8.85		0.18	(d)		2.78			2.96			(0.20	)		—			(0.20	)		11.61		33.57	%		1,228,416		0.25	%		0.25	%		1.73	%		7	%
Year Ended June 30, 2020		9.70		0.18	(d)		(0.83	)		(0.65	)		(0.20	)		—			(0.20	)		8.85		(6.83	)%		1,340,256		0.44	%		0.44	%		1.96	%		64	%
Year Ended June 30, 2019		10.57		0.34	(d)		(0.40	)		(0.06	)		(0.42	)		(0.39	)		(0.81	)		9.70		0.09	%		1,886,176		0.42	%		0.42	%		3.46	%		38	%
Year Ended June 30, 2018		10.38		0.35			0.26			0.61			(0.40	)		(0.02	)		(0.42	)		10.57		5.77	%		2,332,353		0.40	%		0.40	%		3.11	%		40	%
Year Ended June 30, 2017		8.87		0.28			1.52			1.80			(0.29	)		—			(0.29	)		10.38		20.38	%		2,452,608		0.40	%		0.40	%		2.83	%		53	%
HC Advisors Shares
Period Ended June 30, 2019(f)	$	10.56	$	0.22	(d)	$	(0.69	)	$	(0.47	)	$	(0.15	)	$	(0.39	)	$	(0.54	)	$	9.55		(4.06	)%	$	—		0.67	%		0.42	%		2.14	%		38	%
Year Ended June 30, 2018		10.37		0.30			0.31			0.61			(0.40	)		(0.02	)		(0.42	)		10.56		5.78	%		1,868		0.65	%		0.40	%		2.78	%		40	%
Year Ended June 30, 2017		8.86		0.28			1.52			1.80			(0.29	)		—			(0.29	)		10.37		20.40	%		3,979		0.65	%		0.40	%		2.84	%		53	%
The Emerging Markets Portfolio
HC Strategic Shares
Six Months ended December 31, 2021 (Unaudited)	$	23.10	$	0.20	(d)	$	(2.08	)	$	(1.88	)	$	(0.43	)	$	—		$	(0.43	)	$	20.79		(8.14	)%	$	875,469		0.54	%		0.47	%		1.80	%		4	%
Year Ended June 30, 2021		16.96		0.25	(d)		6.11			6.36			(0.22	)		—			(0.22	)		23.10		37.62	%		963,673		0.51	%		0.51	%		1.20	%		8	%
Year Ended June 30, 2020		18.14		0.48	(d)		(1.05	)		(0.57	)		(0.61	)		—			(0.61	)		16.96		(3.44	)%		941,171		0.51	%		0.51	%		2.77	%		11	%
Year Ended June 30, 2019		17.78		0.39	(d)		0.30			0.69			(0.33	)		—			(0.33	)		18.14		4.11	%		1,466,128		0.58	%		0.58	%		2.24	%		50	%
Year Ended June 30, 2018		17.92		0.40	(d)		(0.13	)		0.27			(0.41	)		—			(0.41	)		17.78		1.34	%		1,631,863		0.67	%		0.67	%		2.09	%		55	%
Year Ended June 30, 2017		15.15		0.35			2.84			3.19			(0.42	)		—			(0.42	)		17.92		21.51	%		1,775,379		0.59	%		0.59	%		2.04	%		61	%
HC Advisors Shares
Period Ended June 30, 2019(f)	$	17.78	$	0.38	(d)	$	(0.58	)	$	(0.20	)	$	(0.33	)	$	—		$	(0.33	)	$	17.25		(0.99	)%	$	—		0.84	%		0.59	%		2.19	%		50	%
Year Ended June 30, 2018		17.92		0.38	(d)		(0.11	)		0.27			(0.41	)		—			(0.41	)		17.78		1.34	%		1,451		0.92	%		0.67	%		1.97	%		55	%
Year Ended June 30, 2017		15.15		0.35			2.84			3.19			(0.42	)		—			(0.42	)		17.92		21.51	%		2,633		0.84	%		0.59	%		2.04	%		61	%

* The expense ratios reflected do not included acquired fund and expenses of investment companies, in which a Portfolio invests.

(a) Not annualized for periods less than one year.

(b) Annualized for periods less than one year.

(c) Portfolio turnover is calculated on the basis of the Portfolio, as a whole, without distinguishing between the classes of shares issued.

(d) Per share amounts are based on average shares outstanding.

(e) HC Advisors Shares are still offered, but were fully redeemed on May 1, 2019.

(f) HC Advisors Shares are still offered, but were fully redeemed on May 13, 2019.

See accompanying notes to financial statements.

256

HC CAPITAL TRUST

Financial Highlights (continued)

Selected data for a share outstanding throughout the periods indicated.

				Change in Net Assets Resulting From Operations:									Distributions to Shareholders:														��			Ratios/Supplementary Data:
	Net Asset Value, Beginning of Period			Net Investment Income/ (Loss)			Net Realized/ Unrealized Gains/ (Losses) on Investments			Total from Operations			Net Investment Income			Net Realized Gains from Investments			Total Distributions to Shareholders			Net Asset Value, End of Period			Total Return(a)			Net Assets, at End of Period (in thousands)		Ratio of Expenses to Average Net Assets, Prior to Expenses Paid Indirectly and Waivers(b)*			Ratio of Expenses to Average Net Assets, Net of Expenses Paid Indirectly and Waivers(b)			Ratio of Net Investment Income/ (Loss) to Average Net Assets(b)			Portfolio Turnover Rate(a)(c)
The Core Fixed Income Portfolio
HC Strategic Shares
Six Months ended December 31, 2021 (Unaudited)	$	10.27		$	0.09	(d)	$	(0.10	)	$	(0.01	)	$	(0.12	)	$	(0.09	)	$	(0.21	)	$	10.05			(0.30	)%	$	62,694		0.34	%		0.34	%		1.70	%		14	%(e)
Year Ended June 30, 2021		10.59			0.18	(d)		(0.17	)		0.01			(0.21	)		(0.12	)		(0.33	)		10.27			0.09	%		66,230		0.33	%		0.33	%		1.71	%		38	%(e)
Year Ended June 30, 2020		9.98			0.25	(d)		0.62			0.87			(0.26	)		—			(0.26	)		10.59			8.85	%		66,278		0.32	%		0.32	%		2.42	%		36	%(e)
Year Ended June 30, 2019		9.49			0.25	(d)		0.51			0.76			(0.27	)		—			(0.27	)		9.98			8.12	%		68,267		0.35	%		0.35	%		2.63	%		34	%(e)
Year Ended June 30, 2018		9.80			0.22			(0.30	)		(0.08	)		(0.23	)		—			(0.23	)		9.49			(0.85	)%		65,387		0.33	%		0.33	%		2.26	%		44	%(e)
Year Ended June 30, 2017		10.01			0.19			(0.18	)		0.01			(0.22	)		—			(0.22	)		9.80			0.07	%		85,653		0.33	%		0.33	%		1.97	%		46	%(e)
HC Advisors Shares
Period Ended June 30, 2019(f)	$	9.49		$	0.25	(d)	$	0.23		$	0.48		$	(0.22	)	$	—		$	(0.22	)	$	9.75			5.14	%	$	—		0.60	%		0.35	%		2.63	%		34	%(e)
Year Ended June 30, 2018		9.79			0.23			(0.30	)		(0.07	)		(0.23	)		—			(0.23	)		9.49			(0.75	)%		1,362		0.58	%		0.33	%		2.25	%		44	%(e)
Year Ended June 30, 2017		10.01			0.20			(0.20	)		—			(0.22	)		—			(0.22	)		9.79			(0.03	)%		2,942		0.58	%		0.33	%		1.97	%		46	%(e)
The Corporate Opportunities Portfolio
HC Strategic Shares
Six Months ended December 31, 2021 (Unaudited)	$	8.07		$	0.01	(d)	$	0.27		$	0.28		$	(0.01	)	$	(0.82	)	$	(0.83	)	$	7.52			3.54	%	$	303,310		0.21	%		0.21	%		0.12	%		36	%
Year Ended June 30, 2021		7.14			0.01	(d)		0.93			0.94			(0.01	)		—			(0.01	)		8.07			13.17	%		307,343		0.21	%		0.21	%		0.12	%		123	%
Year Ended June 30, 2020		7.01	(g)		0.20	(d)		0.16			0.36			(0.23	)		—			(0.23	)		7.14			5.23	%		436,857		0.32	%		0.32	%		2.81	%		40	%
Year Ended June 30, 2019		6.85			0.40	(d)		0.17			0.57			(0.41	)		—			(0.41	)		7.01	(g)		8.62	%		597,848		0.47	%		0.47	%		5.81	%		52	%
Year Ended June 30, 2018		6.95			0.38			(0.10	)		0.28			(0.38	)		—			(0.38	)		6.85			4.06	%		673,271		0.44	%		0.44	%		5.46	%		38	%
Year Ended June 30, 2017		6.62			0.39			0.33			0.72			(0.39	)		—			(0.39	)		6.95			11.07	%		673,681		0.43	%		0.43	%		5.53	%		41	%
HC Advisors Shares
Period Ended June 30, 2019(f)	$	6.85		$	0.39	(d)	$	0.05		$	0.44		$	(0.30	)	$	—		$	(0.30	)	$	6.99			6.61	%	$	—		0.72	%		0.47	%		5.74	%		52	%
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	%
Year Ended June 30, 2017		6.62			0.38			0.34			0.72			(0.39	)		—			(0.39	)		6.95			11.08	%		789		0.68	%		0.43	%		5.54	%		41	%
The U.S. Government Fixed Income Securities Portfolio
HC Strategic Shares
Six Months ended December 31, 2021 (Unaudited)	$	9.99		$	0.07	(d)	$	(0.06	)	$	0.01		$	(0.08	)	$	(0.06	)	$	(0.14	)	$	9.86			(0.06	)%	$	269,073		0.21	%		0.21	%		1.42	%		20	%
Year Ended June 30, 2021		10.83			0.15	(d)		(0.50	)		(0.35	)		(0.15	)		(0.34	)		(0.49	)		9.99			(3.30	)%		256,466		0.20	%		0.20	%		1.47	%		67	%
Year Ended June 30, 2020		10.03			0.21	(d)		0.80			1.01			(0.21	)		—			(0.21	)		10.83			10.21	%		305,689		0.19	%		0.19	%		1.99	%		58	%
Year Ended June 30, 2019		9.59			0.21	(d)		0.44			0.65			(0.21	)		—			(0.21	)		10.03			6.87	%		305,531		0.20	%		0.20	%		2.22	%		31	%
Year Ended June 30, 2018		9.84			0.17			(0.25	)		(0.08	)		(0.17	)		—			(0.17	)		9.59			(0.79	)%		233,377		0.19	%		0.19	%		1.81	%		33	%
Year Ended June 30, 2017		10.30			0.15			(0.36	)		(0.21	)		(0.15	)		(0.10	)		(0.25	)		9.84			(2.03	)%		215,595		0.19	%		0.19	%		1.47	%		47	%

* The expense ratios reflected do not included acquired fund and expenses of investment companies, in which a Portfolio invests.

(a) Not annualized for periods less than one year.

(b) Annualized for periods less than one year.

(c) Portfolio turnover is calculated on the basis of the Portfolio, as a whole, without distinguishing between the classes of shares issued.

(d) Per share amounts are based on average shares outstanding.

(e) Portfolio turnover does not include TBA security transactions.

(f) HC Advisors Shares are still offered, but were fully redeemed on May 13, 2019.

(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 the United States of America.

See accompanying notes to financial statements.

257

HC CAPITAL TRUST

Financial Highlights (continued)

Selected data for a share outstanding throughout the periods indicated.

			Change in Net Assets Resulting From Operations:									Distributions to Shareholders:																Ratios/Supplementary Data:
	Net Asset Value, Beginning of Period		Net Investment Income/ (Loss)			Net Realized/ Unrealized Gains/ (Losses) on Investments			Total from Operations			Net Investment Income			Net Realized Gains from Investments			Total Distributions to Shareholders			Net Asset Value, End of Period		Total Return(a)			Net Assets, at End of Period (in thousands)		Ratio of Expenses to Average Net Assets, Prior to Expenses Paid Indirectly and Waivers(b)			Ratio of Expenses to Average Net Assets, Net of Expenses Paid Indirectly and Waivers(b)			Ratio of Net Investment Income/ (Loss) to Average Net Assets(b)			Portfolio Turnover Rate(a)(c)
The U.S. Corporate Fixed Income Securities Portfolio
HC Strategic Shares
Six Months ended December 31, 2021 (Unaudited)	$	10.66	$	0.13	(d)	$	(0.12	)	$	0.01		$	(0.14	)	$	(0.39	)	$	(0.53	)	$	10.14		0.04	%	$	296,673		0.22	%		0.22	%		2.49	%		15	%
Year Ended June 30, 2021		10.92		0.30	(d)		0.05			0.35			(0.31	)		(0.30	)		(0.61	)		10.66		3.21	%		270,435		0.23	%		0.23	%		2.77	%		46	%
Year Ended June 30, 2020		10.29		0.32	(d)		0.70			1.02			(0.32	)		(0.07	)		(0.39	)		10.92		10.10	%		347,653		0.21	%		0.21	%		3.04	%		43	%
Year Ended June 30, 2019		9.59		0.34	(d)		0.70			1.04			(0.34	)		—			(0.34	)		10.29		11.07	%		312,255		0.21	%		0.21	%		3.47	%		25	%
Year Ended June 30, 2018		10.03		0.29			(0.41	)		(0.12	)		(0.29	)		(0.03	)		(0.32	)		9.59		(1.21	)%		286,956		0.20	%		0.20	%		3.00	%		45	%
Year Ended June 30, 2017		10.16		0.26			(0.10	)		0.16			(0.26	)		(0.03	)		(0.29	)		10.03		1.62	%		254,908		0.19	%		0.19	%		2.59	%		40	%
The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio
HC Strategic Shares
Six Months ended December 31, 2021 (Unaudited)	$	9.55	$	0.05	(d)	$	(0.10	)	$	(0.05	)	$	(0.09	)	$	—		$	(0.09	)	$	9.41		(0.54	)%	$	231,572		0.23	%		0.23	%		1.00	%		17	%(e)
Year Ended June 30, 2021		9.80		0.09	(d)		(0.14	)		(0.05	)		(0.20	)		—			(0.20	)		9.55		(0.51	)%		215,034		0.23	%		0.23	%		0.96	%		46	%(e)
Year Ended June 30, 2020		9.57		0.20	(d)		0.28			0.48			(0.25	)		—			(0.25	)		9.80		5.12	%		249,509		0.22	%		0.22	%		2.04	%		32	%(e)
Year Ended June 30, 2019		9.32		0.24	(d)		0.28			0.52			(0.27	)		—			(0.27	)		9.57		5.70	%		216,403		0.24	%		0.24	%		2.60	%		15	%(e)
Year Ended June 30, 2018		9.59		0.21			(0.23	)		(0.02	)		(0.25	)		—			(0.25	)		9.32		(0.20	)%		205,138		0.23	%		0.23	%		2.24	%		17	%(e)
Year Ended June 30, 2017		9.88		0.18			(0.22	)		(0.04	)		(0.25	)		—			(0.25	)		9.59		(0.38	)%		183,834		0.22	%		0.22	%		1.86	%		18	%(e)
The Short-Term Municipal Bond Portfolio
HC Strategic Shares
Six Months ended December 31, 2021 (Unaudited)	$	10.01	$	0.04	(d)	$	(0.06	)	$	(0.02	)	$	(0.04	)	$	—		$	(0.04	)	$	9.95		(0.15	)%	$	145,022		0.28	%		0.28	%		0.79	%		7	%
Year Ended June 30, 2021		10.05		0.09	(d)		(0.04	)		0.05			(0.09	)		—	(f)		(0.09	)		10.01		0.51	%		150,484		0.28	%		0.28	%		0.91	%		18	%
Year Ended June 30, 2020		9.93		0.14	(d)		0.12			0.26			(0.14	)		—			(0.14	)		10.05		2.68	%		135,065		0.28	%		0.28	%		1.44	%		21	%
Year Ended June 30, 2019		9.80		0.15	(d)		0.13			0.28			(0.15	)		—			(0.15	)		9.93		2.88	%		106,274		0.28	%		0.28	%		1.56	%		15	%
Year Ended June 30, 2018		9.87		0.11			(0.08	)		0.03			(0.10	)		—			(0.10	)		9.80		0.34	%		79,612		0.33	%		0.33	%		1.23	%		19	%
Year Ended June 30, 2017		9.96		0.10			(0.09	)		0.01			(0.10	)		—			(0.10	)		9.87		0.12	%		17,788		0.35	%		0.35	%		1.05	%		25	%

(a) Not annualized for periods less than one year.

(b) Annualized for periods less than one year.

(c) Portfolio turnover is calculated on the basis of the Portfolio, as a whole, without distinguishing between the classes of shares issued.

(d) Per share amounts are based on average shares outstanding.

(e) Portfolio turnover does not include TBA security transactions.

(f) Amounts round to less than $0.005 per share.

See accompanying notes to financial statements.

258

HC CAPITAL TRUST

Financial Highlights (concluded)

Selected data for a share outstanding throughout the periods indicated.

			Change in Net Assets Resulting From Operations:									Distributions to Shareholders:																Ratios/Supplementary Data:
	Net Asset Value, Beginning of Period		Net Investment Income/ (Loss)			Net Realized/ Unrealized Gains/ (Losses) on Investments			Total from Operations			Net Investment Income			Net Realized Gains from Investments			Total Distributions to Shareholders			Net Asset Value, End of Period		Total Return(a)			Net Assets, at End of Period (in thousands)		Ratio of Expenses to Average Net Assets, Prior to Expenses Paid Indirectly and Waivers(b)*			Ratio of Expenses to Average Net Assets, Net of Expenses Paid Indirectly and Waivers(b)			Ratio of Net Investment Income/ (Loss) to Average Net Assets(b)			Portfolio Turnover Rate(a)(c)
The Intermediate Term Municipal Bond Portfolio
HC Strategic Shares
Six Months ended December 31, 2021 (Unaudited)	$	10.42	$	0.08	(d)	$	(0.07	)	$	0.01		$	(0.08	)	$	(0.02	)	$	(0.10	)	$	10.33		0.06	%	$	384,824		0.31	%		0.31	%		1.53	%		5	%
Year Ended June 30, 2021		10.32		0.17	(d)		0.11			0.28			(0.18	)		—			(0.18	)		10.42		2.70	%		388,073		0.30	%		0.30	%		1.61	%		17	%
Year Ended June 30, 2020		10.21		0.20	(d)		0.12			0.32			(0.20	)		(0.01	)		(0.21	)		10.32		3.21	%		391,308		0.31	%		0.31	%		1.92	%		36	%
Year Ended June 30, 2019		9.90		0.22	(d)		0.31			0.53			(0.22	)		—			(0.22	)		10.21		5.45	%		393,097		0.32	%		0.32	%		2.21	%		27	%
Year Ended June 30, 2018		10.08		0.19			(0.18	)		0.01			(0.19	)		—			(0.19	)		9.90		0.13	%		383,200		0.29	%		0.29	%		1.94	%		26	%
Year Ended June 30, 2017		10.25		0.20			(0.17	)		0.03			(0.20	)		—			(0.20	)		10.08		0.28	%		385,133		0.28	%		0.28	%		1.94	%		20	%
HC Advisors Shares
Period Ended June 30, 2019(e)	$	9.90	$	0.22	(d)	$	0.32		$	0.54		$	(0.19	)	$	—		$	(0.19	)	$	10.25		5.48	%	$	—		0.57	%		0.31	%		2.20	%		27	%
Year Ended June 30, 2018		10.08		0.20			(0.19	)		0.01			(0.19	)		—			(0.19	)		9.90		0.14	%		1,008		0.54	%		0.29	%		1.94	%		26	%
Year Ended June 30, 2017		10.25		0.20			(0.17	)		0.03			(0.20	)		—			(0.20	)		10.08		0.28	%		1,437		0.53	%		0.28	%		1.94	%		20	%
The Intermediate Term Municipal Bond II Portfolio
HC Strategic Shares
Six Months ended December 31, 2021 (Unaudited)	$	10.64	$	0.10	(d)	$	(0.07	)	$	0.03		$	(0.09	)	$	(0.12	)	$	(0.21	)	$	10.46		0.31	%	$	95,176		0.36	%		0.36	%		1.91	%		14	%
Year Ended June 30, 2021		10.54		0.19	(d)		0.11			0.30			(0.19	)		(0.01	)		(0.20	)		10.64		2.92	%		89,738		0.32	%		0.32	%		1.80	%		39	%
Year Ended June 30, 2020		10.38		0.20	(d)		0.18			0.38			(0.21	)		(0.01	)		(0.22	)		10.54		3.69	%		79,986		0.30	%		0.30	%		1.95	%		8	%
Year Ended June 30, 2019		10.09		0.22	(d)		0.30			0.52			(0.22	)		(0.01	)		(0.23	)		10.38		5.26	%		78,705		0.31	%		0.31	%		2.16	%		17	%
Year Ended June 30, 2018		10.30		0.22			(0.21	)		0.01			(0.22	)		—	(f)		(0.22	)		10.09		0.07	%		77,455		0.27	%		0.27	%		2.14	%		22	%
Year Ended June 30, 2017		10.58		0.22			(0.27	)		(0.05	)		(0.22	)		(0.01	)		(0.23	)		10.30		(0.41	)%		74,163		0.27	%		0.27	%		2.13	%		15	%
HC Advisors Shares
Period Ended June 30, 2019(e)	$	10.09	$	0.22	(d)	$	0.05		$	0.27		$	(0.18	)	$	(0.01	)	$	(0.19	)	$	10.17		2.78	%	$	—		0.56	%		0.30	%		2.18	%		17	%
Year Ended June 30, 2018		10.30		0.22			(0.21	)		0.01			(0.22	)		—	(f)		(0.22	)		10.09		0.07	%		260		0.52	%		0.27	%		2.13	%		22	%
Year Ended June 30, 2017		10.59		0.22			(0.28	)		(0.06	)		(0.22	)		(0.01	)		(0.23	)		10.30		(0.50	)%		372		0.52	%		0.27	%		2.13	%		15	%

* The expense ratios reflected do not included acquired fund and expenses of investment companies, in which a Portfolio invests.

(a) Not annualized for periods less than one year.

(b) Annualized for periods less than one year.

(c) Portfolio turnover is calculated on the basis of the Portfolio, as a whole, without distinguishing between the classes of shares issued.

(d) Per share amounts are based on average shares outstanding.

(e) HC Advisors Shares are still offered, but were fully redeemed on May 1, 2019.

(f) Amount rounds to less than $0.005 per shares.

See accompanying notes to financial statements.

259

HC CAPITAL TRUST

Notes to Financial Statements — December 31, 2021 (Unaudited)

1. DESCRIPTION. HC Capital Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management series investment company. The Trust is a Delaware statutory trust which was organized on December 15, 1994. As of December 31, 2021, 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, 2021, 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, 2021, all Portfolios in the Trust are diversified Portfolios under the 1940 Act.

As is customary, the Trust’s organizational documents permit the Trust to indemnify its officers and trustees against certain liabilities under certain circumstances. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that also permit the indemnification of parties to the contract under certain circumstances. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES. The following is a summary of the significant accounting policies followed by the Portfolios in the preparation of their financial statements. The Portfolios are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services — Investment Companies.” The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The presentation of the Portfolios’ financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

A. Portfolio Valuation. The net asset value (“NAV”) per share of each Portfolio is determined at the close of regular trading on the New York Stock Exchange (“NYSE”), normally at 4:00 p.m. Eastern time, on days the NYSE is open. Each class’s NAV per share is calculated by adding the market value or fair value, as applicable, of all securities and other assets of the Portfolio, subtracting its liabilities and dividing the result by the number of its outstanding shares.

B. Securities Valuation. Security values are ordinarily obtained through the use of independent pricing services in accordance with procedures adopted by the Trust’s Board of Trustees (the “Board”). Pursuant to such procedures, the Portfolios may use a pricing service, bank, or broker-dealer experienced in such matters to value the Portfolio’s securities. When reliable market quotations are not readily available for any security, the fair value of that security will be determined by a committee established by the Board in accordance with procedures adopted by the Board. 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.

260

HC CAPITAL TRUST

Notes to Financial Statements (continued) — December 31, 2021 (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:

● Level 1 — quoted prices in active markets for identical assets

● 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.

Loan Participations and Assignments: Loan participations and assignments for which a secondary trading market exists are valued using prices or quotations provided by banks, dealers or pricing services and are typically categorized as Level 2 in the fair value hierarchy. To the extent a secondary trading market does not exist, loan participations and assignments are valued in accordance with procedures adopted by the Board, utilizing unobservable input evaluations from the investment manager of the lender and taking into consideration, among other factors: (i) the creditworthiness of the borrower and the lender; (ii) the

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current interest rate; period until next rate reset and maturity of the loan; (iii) currently available prices in the market for similar loans; and (iv) currently available prices in the market for instruments of similar quality, rate, period until next interest rate reset and maturity and are typically categorized as Level 3 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.

The following is a summary of the inputs used to value the following Portfolios’ securities as of December 31, 2021 (amounts in thousands). The breakdown of investment categorization is disclosed in the Schedule of Portfolio Investments for each Portfolio.

Portfolio	LEVEL 1 – Quoted Prices			LEVEL 2 – Other Significant Observable Inputs		LEVEL 3 – Significant Unobservable Inputs		Total
Value Portfolio
Common Stocks	$	744,356		$	—	$	—	$	744,356
Investment Company		1,393			—		—		1,393
Purchased Options		148			—		—		148
Total Investment Securities	$	745,897		$	—	$	—	$	745,897
Other Financial Instruments1
Futures	$	37		$	—	$	—	$	37
Written Options		(155	)		—		—		(155	)
Total Investments	$	745,779		$	—	$	—	$	745,779
Growth Portfolio
Common Stocks	$	935,375		$	—	$	—	$	935,375
Investment Companies		13,895			—		—		13,895
Purchased Options		166			—		—		166
Total Investment Securities	$	949,436		$	—	$	—	$	949,436
Other Financial Instruments1
Futures	$	739		$	—	$	—	$	739
Written Options		(178	)		—		—		(178	)
Total Investments	$	949,997		$	—	$	—	$	949,997

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Portfolio	LEVEL 1 – Quoted Prices			LEVEL 2 – Other Significant Observable Inputs		LEVEL 3 – Significant Unobservable Inputs			Total
Institutional U.S. Portfolio
Common Stocks	$	2,292,420		$	575	$	—		$	2,292,995
Contingent Right		—			—		—	2		—
Exchange-Traded Fund		10,817			—		—			10,817
Investment Companies		206,770			—		—			206,770
Purchased Options		1,751			—		—			1,751
Total Investment Securities	$	2,511,758		$	575	$	—		$	2,512,333
Other Financial Instruments1
Futures	$	6,242		$	—	$	—		$	6,242
Written Options		(1,808	)		—		—			(1,808	)
Total Investments	$	2,516,192		$	575	$	—		$	2,516,767
Small Cap-Mid Cap Portfolio
Common Stocks	$	84,577		$	5	$	—		$	84,582
Contingent Rights		135			1		—	2		136
Investment Companies		6,974			—		—			6,974
Total Investment Securities	$	91,686		$	6	$	—		$	91,692
Other Financial Instruments1
Futures	$	289		$	—	$	—		$	289
Total Investments	$	91,975		$	6	$	—		$	91,981
ESG Growth Portfolio
Common Stocks	$	180,343		$	20	$	—	2	$	180,363
Preferred Stocks		97			—		—			97
Investment Company		2,596			—		—			2,596
Total Investment Securities	$	183,036		$	20	$	—		$	183,056
Other Financial Instruments1
Futures	$	46		$	—	$	—		$	46
Total Investments	$	183,082		$	20	$	—		$	183,102
Catholic SRI Growth Portfolio
Common Stocks	$	32,292		$	2	$	—	2	$	32,294
Preferred Stocks		44			—		—			44
Investment Companies		31			—		—			31
Total Investment Securities	$	32,367		$	2	$	—		$	32,369

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Portfolio	LEVEL 1 – Quoted Prices			LEVEL 2 – Other Significant Observable Inputs		LEVEL 3 – Significant Unobservable Inputs			Total
International Portfolio
Common Stocks	$	708,035		$	168	$	—	2	$	708,203
Preferred Stocks		3,530			—		—			3,530
Investment Company		6,398			—		—			6,398
Purchased Options		153								153
Total Investment Securities	$	718,116		$	168	$	—		$	718,284
Other Financial Instruments1
Futures	$	184		$	—	$	—		$	184
Written Options		(170	)		—		—			(170	)
Total Investments	$	718,130		$	168	$	—		$	718,298
Institutional International Portfolio
Common Stocks	$	931,821		$	422	$	—	2	$	932,243
Preferred Stocks		5,003			—		—			5,003
Right		14			—		—			14
Warrant		14			—		—			14
Investment Companies		214,532			—		—			214,532
Purchased Options		710			—		—			710
Total Investment Securities	$	1,152,094		$	422	$	—		$	1,152,516
Other Financial Instruments1
Futures	$	1,482		$	—	$	—		$	1,482
Written Options		(799	)		—					(799	)
Total Investments	$	1,152,777		$	422	$	—		$	1,153,199
Emerging Markets Portfolio
Common Stocks	$	729,790		$	8,516	$	—	2	$	738,306
Preferred Stocks		7,085			—		—			7,085
Right		—			—		—			—
Investment Companies		52,517			—		—			52,517
Purchased Options		181			—		—			181
Total Investment Securities	$	789,573		$	8,516	$	—		$	798,089
Other Financial Instruments1
Futures	$	(239	)	$	—	$	—		$	(239	)
Written Options		(202	)		—		—			(202	)
Total Return Swaps		—			15		—			15
Total Investments	$	789,132		$	8,531	$	—		$	797,663

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Portfolio	LEVEL 1 – Quoted Prices		LEVEL 2 – Other Significant Observable Inputs			LEVEL 3 – Significant Unobservable Inputs		Total
Core Fixed Income Portfolio
Asset Backed Securities	$	—	$	65		$	—	$	65
Collateralized Mortgage Obligations		—		1,053			—		1,053
U.S. Government Agency Mortgages		—		707			—		707
U.S. Government Agency Securities		—		13,631			—		13,631
Corporate Bonds		—		24,730			—		24,730
U.S. Treasury Obligations		—		19,376			—		19,376
Yankee Dollars		—		3,064			—		3,064
Investment Companies		2,603		—			—		2,603
Total Investment Securities	$	2,603	$	62,626		$	—	$	65,229
Other Financial Instruments1
TBA Sale Commitments	$	—	$	(79	)	$	—	$	(79	)
Total Investments	$	2,603	$	62,547		$	—	$	65,150
Corporate Opportunities Portfolio
Common Stock	$	—	$	—		$	—	$	—
Loan Participations and Assignments		—		—			22,291		22,291
Investment Companies		274,774		—			—		274,774
Total Investment Securities	$	274,774	$	—		$	22,291	$	297,065
Other Financial Instruments1
Futures	$	3,052	$	—		$	—	$	3,052
Total Investments	$	277,826						$	300,117
U.S. Government Fixed Income Portfolio
U.S. Government Agency Securities	$	—	$	8,468		$	—	$	8,468
U.S. Treasury Obligations		—		259,408			—		259,408
Yankee Dollar		—		124			—		124
Total Investment Securities	$	—	$	268,000		$	—	$	268,000
U.S. Corporate Fixed Income Portfolio
Corporate Bonds	$	—	$	211,447		$	—	$	211,447
Yankee Dollars		—		26,465			—		26,465
Loan Participations and Assignments		—		—			14,861		14,861
Investment Companies		41,900		—			—		41,900
Total Investment Securities	$	41,900	$	237,912		$	14,861	$	294,673

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Portfolio	LEVEL 1 – Quoted Prices		LEVEL 2 – Other Significant Observable Inputs			LEVEL 3 – Significant Unobservable Inputs		Total
U.S. Mortgage/Asset Backed Fixed Income Portfolio
Asset Backed Securities	$	—	$	1,200		$	—	$	1,200
Collateralized Mortgage Obligations		—		14,418			—		14,418
U.S. Government Agency Mortgages		—		185,217			—		185,217
Investment Company		62,336		—			—		62,336
Total Investment Securities	$	62,336	$	200,835		$	—	$	263,171
Other Financial Instruments1
TBA Sale Commitments	$	—	$	(607	)	$	—	$	(607	)
Total Investments	$	62,336	$	200,228		$	—	$	262,564
Short-Term Municipal Portfolio
Municipal Bonds	$	—	$	142,558		$	—	$	142,558
Investment Company		845		—			—		845
Total Investment Securities	$	845	$	142,558		$	—	$	143,403
Intermediate Municipal Portfolio
Municipal Bonds	$	—	$	380,662		$	—	$	380,662
Investment Company		109		—			—		109
Total Investment Securities	$	109	$	380,662		$	—	$	380,771
Intermediate Municipal II Portfolio
Municipal Bonds	$	—	$	68,351		$	—	$	68,351
Investment Companies		26,085		—			—		26,085
Total Investment Securities	$	26,085	$	68,351		$	—	$	94,436

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

¹ 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.

² 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, 2021, Level 3 investments were 0.00% of net assets and are not considered significant.

A reconciliation of Level 3 financial instruments is presented when a Portfolio had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value (amounts in thousands):

Portfolio	Asset Group		Balance as of June 30, 2021		Realized Gain/ (Loss)			Change in Unrealized Appreciation / (Depreciation)		Purchases		Sales Proceeds			Transfer into Level 3		Transfer out of Level 3		Balance as of December 31, 2021
Corporate Opportunities Portfolio		Loan Participations and Assignments	$	14,958	$	(3	)	$	4	$	14,107	$	(6,775	)	$	—	$	—	$	22,291
U.S. Corporate Fixed Income Portfolio		Loan Participations and Assignments		9,972		(2	)		3		9,245		(4,357	)		—		—		14,861

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

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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.

C. Securities Transactions and Investment Income. For financial reporting purposes, portfolio securities transactions are reported on trade date. However, for daily NAV determination, portfolio securities transactions are reflected no later than in the first calculation on the first business day following trade date. Dividend income is recognized on the ex-dividend date and foreign dividends are recognized as soon as reliable information is available from the Portfolio’s sources. Interest income, including amortization of premium and accretion of discount on investments, is accrued daily. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash, if any, are recorded at the fair value of the securities received. Realized gains and losses from securities transactions are determined by comparing the identified cost of the security lot sold to the net sales proceeds. Realized gains and losses from principal payment transactions on mortgage-backed and asset- backed securities are classified as investment income or loss for financial reporting purposes.

For certain securities, including real estate investment trusts, the Portfolio records distributions received in excess of income as a reduction of the cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available. Actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Portfolio records adjustments to the estimated amounts of the components of distributions to investment income, unrealized appreciation/depreciation and realized gain/loss on investments as necessary, once the issuers provide information about the actual composition of the distributions.

D. Restricted Securities. A restricted security is a security that cannot be offered for public sale without prior registration under the Securities Act of 1933 (the “1933 Act”) (absent an exemption). Whether a restricted security is illiquid is determined pursuant to guidelines established by the Board. Not all restricted securities are considered illiquid.

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.

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.

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

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with collateral posted by the counterparty and create one net payment due to or from the Portfolios. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, the Portfolios receive securities as collateral with a market value in excess of the repurchase price to be received by the Portfolios upon the maturity of the transaction. Upon a bankruptcy or insolvency of the counterparty, the Portfolios would recognize a liability with respect to such excess collateral to reflect the Portfolio’s obligation under bankruptcy law to return the excess to the counterparty.

H. TBA Purchase and Sale Commitments. Certain of the Portfolios may enter into “TBA” (to be announced) commitments to purchase or sell securities for a fixed price at a future date, typically not to exceed 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.

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, 2021, the following commissions were recaptured:

Portfolio	Commissions Recaptured (000)
Growth Portfolio	$	1
Institutional U.S. Portfolio		7
Small Cap-Mid Cap Portfolio		1

J. Foreign Exchange Transactions. The books and records of the Portfolios are maintained in U.S. dollars. Non-U.S. dollar denominated amounts are translated into U.S. dollars as follows, with the resultant exchange gains and losses recorded in the Statements of Operations:

i) value of investment securities and other assets and liabilities at the exchange rate on the valuation date; and

ii) purchases and sales of investment securities and income and expenses at the exchange rate prevailing on the respective date of such transactions.

The Portfolios do not isolate realized and unrealized gains and losses attributable to changes in the exchange rates from gains and losses that arise from changes in the value of investments. Such fluctuations are included with net realized and unrealized gain or loss on investments.

Dividends and interest from non-U.S. sources received by a Portfolio are generally subject to non-U.S. withholding taxes at rates ranging up to 30%. Such withholding taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties, and each Portfolio intends to, if reasonable, undertake any procedural steps required to claim the benefits of such treaties. If the value of more than 50% of a Portfolio’s total assets at the close of any taxable year consists of stock or securities of non-U.S. corporations, the Portfolio may elect to treat any non-U.S. taxes paid by it as paid by its shareholders.

The Portfolios may be subject to foreign taxes on gains in investments or currency repatriation. The Portfolios accrue such taxes, as applicable, based on their current interpretation of tax rules in the foreign markets in which they invest.

K. Derivative Instruments. Certain of the Portfolios may invest in various financial instruments including positions in forward currency contracts, financial futures contracts, options contracts and swap agreements.

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The following is a summary of the fair value of derivative instruments held by the Portfolios as of December 31, 2021 (amounts in thousands).

	Assets
Portfolio	Unrealized appreciation on futures contracts*		Investments, at value for purchased options		Swap agreements, at value*
Equity Risk Exposure:
Value Portfolio	$	37	$	148	$	—
Growth Portfolio		739		166		—
Institutional U.S. Portfolio		6,242		1,751		—
Small Cap-Mid Cap Portfolio		289		—		—
ESG Growth Portfolio		46		—		—
International Portfolio		184		153		—
Institutional International Portfolio		1,482		710		—
Emerging Markets Portfolio		—		181		2,389
Corporate Opportunities Portfolio		2,355		—		—
Interest Rate Risk Exposure:
Corporate Opportunities Portfolio		697		—		—

	Liabilities
Portfolio	Unrealized depreciation on futures contracts*		Written options, at fair value		Swap agreements, at value*
Equity Risk Exposure:
Value Portfolio	$	—	$	155	$	—
Growth Portfolio		—		178		—
Institutional U.S. Portfolio		—		1,808		—
International Portfolio		—		170		—
Institutional International Portfolio		—		799		—
Emerging Markets Portfolio		239		202		2,374

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.

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The following is a summary of the effect of derivative instruments on the Statements of Operations for the period ended December 31, 2021 (amounts in thousands):

Portfolio	Net realized gains/(losses) from futures transactions			Net realized gains/(losses) from written options transactions		Net realized gains/(losses) from purchased options transactions			Net realized gains/(losses) from swap transactions
Equity Risk Exposure:
Value Portfolio	$	551		$	1,328	$	(726	)	$	—
Growth Portfolio		1,024			1,858		(1,033	)		—
Institutional U.S Portfolio		29,301			15,226		(8,458	)		—
Small Cap-Mid Cap Portfolio		(375	)		—		—			—
ESG Growth Portfolio		123			—		—			—
International Portfolio		(202	)		1,185		(556	)		—
Institutional International Portfolio		(4,594	)		6,366		(3,048	)		—
Emerging Markets Portfolio		(6,821	)		1,568		(751	)		(1,890	)
Corporate Opportunities Portfolio		11,770			—		—			—
Interest Rate Risk Exposure:
Corporate Opportunities Portfolio		(2,930	)		—		—			—

	Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result from Operations
Portfolio	Change in unrealized appreciation/ (depreciation) on futures			Change in unrealized appreciation/ (depreciation) on written options			Change in unrealized appreciation/ (depreciation) on purchased options			Change in unrealized appreciation/ (depreciation) on swaps
Equity Risk Exposure:
Value Portfolio	$	25		$	(277	)	$	(14	)	$	—
Growth Portfolio		363			(317	)		(35	)		—
Institutional U.S. Portfolio		2,466			(2,584	)		(215	)		—
Small Cap-Mid Cap Portfolio		354			—			—			—
ESG Growth Portfolio		49			—			—			—
International Portfolio		312			(280	)		15			—
Institutional International Portfolio		5,913			(1,319	)		142			—
Emerging Markets Portfolio		(5	)		(384	)		40			(3,181	)
Corporate Opportunities Portfolio		727			—			—			—
Interest Rate Risk Exposure:
Corporate Opportunities Portfolio		953			—			—			—

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

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the Statement 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, 2021.

As of December 31, 2021, each Portfolio’s derivative assets and liabilities by type are as follows (amounts in thousands):

	Value Portfolio						Growth Portfolio						Institutional U.S. Portfolio
	Assets			Liabilities			Assets			Liabilities			Assets			Liabilities
Derivative Financial Instruments:
Futures contracts	$	37		$	—		$	739		$	—		$	6,242		$	—
Options on futures contracts*		148			155			166			178			1,751			1,808
Total derivative assets and liabilities in the Statements of Assets and Liabilities		185			155			905			178			7,993			1,808
Derivatives not subject to a MNA or similar agreement		(185	)		(155	)		(905	)		(178	)		(7,993	)		(1,808	)
Total assets and liabilities subject to a MNA	$	—		$	—		$	—		$	—		$	—		$	—

	Small Cap-Mid Cap Portfolio					ESG Growth Portfolio					International Portfolio
	Assets			Liabilities		Assets			Liabilities		Assets			Liabilities
Derivative Financial Instruments:
Futures contracts	$	289		$	—	$	46		$	—	$	184		$	—
Options on futures contracts*		—			—		—			—		153			170
Total derivative assets and liabilities in the Statements of Assets and Liabilities		289			—		46			—		337			170
Derivatives not subject to a MNA or similar agreement		(289	)		—		(46	)		—		(337	)		(170	)
Total assets and liabilities subject to a MNA	$	—		$	—	$	—		$	—	$	—		$	—

	Institutional International Portfolio						Emerging Markets Portfolio						Corporate Opportunities Portfolio
	Assets			Liabilities			Assets			Liabilities			Assets			Liabilities
Derivative Financial Instruments:
Futures contracts	$	—		$	—		$	—		$	239		$	3,052		$	—
Options on futures contracts*		710			799			181			202			—			—
Swap agreements		—			—			2,389			2,374			—			—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		710			799			2,570			2,815			3,052			—
Derivatives not subject to a MNA or similar agreement		(710	)		(799	)		(181	)		(441	)		(3,052	)		—
Total assets and liabilities subject to a MNA	$	—		$	—		$	2,389		$	2,374		$	—		$	—

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

* Includes options contracts purchased at value as reported in the Statements of Assets and Liabilities.

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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, 2021 (amounts in thousands).

Counterparty	Derivative Assets Subject to a MNA by Counterparty		Derivatives Available for Offset			Non-cash Collateral Received(a)		Cash Collateral Received(a)		Net Amount of Derivative Assets
Emerging Markets Portfolio
Morgan Stanley	$	2,389	$	(2,374	)	$	—	$	—	$	15
Total	$	2,389	$	(2,374	)	$	—	$	—	$	15

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, 2021 (amounts in thousands).

Counterparty	Derivative Liabilities Subject to a MNA by Counterparty		Derivatives Available for Offset			Non-cash Collateral Pledged(a)		Cash Collateral Pledged(a)		Net Amount of Derivative Liabilities
Emerging Markets Portfolio
Morgan Stanley	$	2,374	$	(2,374	)	$	—	$	—	$	—
Total	$	2,374	$	(2,374	)	$	—	$	—	$	—

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

(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, 2021, 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, 2021.

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

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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, 2021 and the month-end average notional amount for the period ended December 31, 2021 are detailed in the table below:

	Outstanding Notional Amount (000)				Monthly Average Notional Amount (000)
Futures Contracts:	Long		Short		Long		Short
Value Portfolio	$	2,517	$	—	$	5,774	$	—
Growth Portfolio		18,883		—		11,041		—
Institutional U.S. Portfolio		304,485		—		310,039		—
Small Cap-Mid Cap Portfolio		6,728		—		5,764		—
ESG Growth Portfolio		2,472		—		2,619		—
International Portfolio		11,609		—		16,418		—
Institutional International Portfolio		94,846		—		134,821		—
Emerging Markets Portfolio		62,357		—		62,326		—
Corporate Opportunities Portfolio		280,075		—		288,687		—

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.

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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, 2021 and the month-end average notional amount for the period ended December 31, 2021 are detailed in the tables below:

Purchased Option Contracts:	Outstanding Notional Amount (000)		Monthly Average Notional Amount (000)
Value Portfolio	$	10,708	$	12,555
Growth Portfolio		13,231		18,064
Institutional U.S. Portfolio		121,221		149,305
International Portfolio		10,294		9,536
Institutional International Portfolio		47,728		50,097
Emerging Markets Portfolio		12,166		12,282

Written Option Contracts:	Outstanding Notional Amount (000)		Monthly Average Notional Amount (000)
Value Portfolio	$	37,979	$	45,554
Growth Portfolio		50,105		63,204
Institutional U.S. Portfolio		412,618		518,136
International Portfolio		38,570		41,366
Institutional International Portfolio		185,792		220,331
Emerging Markets Portfolio		46,622		53,531

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

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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 “unrealized appreciation or depreciation on swap agreements” and, when cash is exchanged, the gain or loss realized is recorded as “realized gains or losses on swap transactions.” A Portfolio may enter into total return swaps that provide the opposite return of its benchmark index or security (“short” the index or security). Its operations are similar to those swaps disclosed above except that the counterparty pays interest to the Portfolio on the notional amount outstanding and that dividends or interest on the underlying instruments reduce the value of the swaps plus, in certain instances, the Portfolio will agree to pay to the counterparty commissions or trading spreads on the notional amount. These amounts are netted against any unrealized appreciation or depreciation to determine the value of the swaps.

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, 2021 is disclosed in the swap tables included in the Portfolios of Investments. The notional value of the swap agreements outstanding at December 31, 2021 and the month-end average notional amount for the period ended December 31, 2021 are detailed in the table below:

Total Return Swap Agreements:	Outstanding Notional Amount (000)		Monthly Average Notional Amount (000)
Emerging Markets Portfolio	$	68,226	$	69,405

L. Loan Participations and Assignments. Certain of the Portfolios may purchase participations in commercial loans. Loan participations typically will result in a Portfolio having a contractual relationship only with the lender, not with the borrower. A Portfolio will have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing loan participations, a Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation. As a result, a Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a loan participation, a Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower. A Portfolio will acquire loan participations only if the lender interpositioned between the Portfolio and the borrower is determined by the applicable Specialist Manager or the Adviser to be creditworthy. When a Portfolio purchases assignments from lenders, the Portfolio will acquire direct rights against the borrower on the loan, except that under certain circumstances such rights may be more limited than those held by the assigning lender.

Investments in loans may include unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. A Portfolio may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. Any such fees earned are recorded as a component of interest income on the Statements of Operations.

M. 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

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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, 2021 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 in 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 in 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.

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, 2021 (amounts in thousands):

Portfolio	Value of Securities on Loan		Value of Collateral Received*		Net Amount
Growth Portfolio	$	407	$	407	$	—
Institutional U.S. Portfolio		1,748		1,748		—
Small Cap-Mid Cap Portfolio		174		174		—
Catholic SRI Growth Portfolio		27		13		14
Institutional International Portfolio		8,625		472		8,153
Emerging Markets Portfolio		1,922		421		1,501
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, 2021 (amounts in thousands):

	Remaining Contractual Maturity of the Collateral Held
Portfolio	Overnight and Continuous - Investment Companies			Total*
Growth Portfolio	$	432		$	432
Institutional U.S. Portfolio		1,848			1,848
Small Cap-Mid Cap Portfolio		178			178
Catholic SRI Growth Portfolio		13			13
Institutional International Portfolio		472			472
Emerging Markets Portfolio		421			421
Corporate Opportunities Portfolio		1,177	**		1,177
U.S. Corporate Fixed Income Portfolio		6			6

* Excludes non-cash collateral received with a value of (amounts in thousands) $27, $8,699 and $1,718 for the Catholic SRI Growth Portfolio, Institutional International Portfolio and Emerging Markets Portfolio, respectively.

** Represents collateral received from prior securities lending activity.

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N. 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 and its optional relief can be applied through December 31, 2022. The Portfolios will consider this optional guidance prospectively, if applicable.

3. INVESTMENT ADVISORY AND ADMINISTRATIVE CONTRACTS. The Trust has entered into investment advisory contracts (“Portfolio Management Contracts”) on behalf of each of the Portfolios with one or more investment management organizations (each, a “Specialist Manager”). For the Portfolio(s) it serves, each Specialist Manager is responsible for providing a continuous program of investment management for that portion of the Portfolio allocated to it and for placing all orders for the purchase and sale of securities and other instruments for such portion of the Portfolio. Except as noted, each Specialist Manager earns a fee, accrued daily and paid either monthly or quarterly, based on average daily net assets of that portion of the Portfolio managed.

For the period ended December 31, 2021, 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 Earned (000)		Fee
Echo Street Capital Management, LLC	$	—		0.65	%(a)(b)
Frontier Capital Management Company, LLC		—		0.45	%(b)(c)
Mellon Investments Corporation (Index Strategy)		—		0.04	%(b)(d)
Mellon Investments Corporation (Factor Strategy)		—		0.065	%(b)(d)
Parametric Portfolio Associates, LLC (Liquidity Strategy)		6		0.45	%(e)
Parametric Portfolio Associates, LLC (Targeted Strategy)		—		0.05	%(b)(f)
Parametric Portfolio Associates, LLC (Tax-Managed Custom Strategy)		283		0.08	%(g)
Parametric Portfolio Associates, LLC (Options Overlay Strategy)		33		2.04	%(h)
Total	$	322		0.09	%

Growth Portfolio:

Specialist Manager	Amount Earned (000)		Fee
Echo Street Capital Management LLC	$	—		0.65	%(a)(b)
Jennison Associates, LLC		339		0.30	%(i)
Mellon Investments Corporation (Index Strategy)		—		0.04	%(b)(d)
Mellon Investments Corporation (Factor Strategy)		—		0.065	%(b)(d)
Parametric Portfolio Associates, LLC (Liquidity Strategy)		7		0.32	%(e)
Parametric Portfolio Associates, LLC (Targeted Strategy)		—		0.05	%(b)(f)
Parametric Portfolio Associates, LLC (Tax-Managed Custom Strategy)		291		0.08	%(g)
Parametric Portfolio Associates, LLC (Options Overlay Strategy)		33		1.03	%(h)
Total	$	670		0.14	%

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Institutional U.S. Portfolio:

Specialist Manager	Amount Earned (000)		Fee
Echo Street Capital Management LLC	$	903		0.65	%(a)
Frontier Capital Management Company, LLC		—		0.45	%(b)(c)
Jennison Associates, LLC		173		0.30	%(i)
Mellon Investments Corporation (Index Strategy)		279		0.04	%(d)
Mellon Investments Corporation (Factor Strategy)		121		0.065	%(d)
Pacific Investment Management Company, LLC (Enhanced Index Strategy)		—		0.25	%(b)
Parametric Portfolio Associates, LLC (Liquidity Strategy)		72		0.07	%(e)
Parametric Portfolio Associates, LLC (Targeted Strategy)		7		0.08	%(f)
Parametric Portfolio Associates, LLC (Options Overlay Strategy)		33		0.24	%(h)
Wellington Management Company, LLP		287		0.75	%(j)
Total	$	1,875		0.15	%

Small Cap-Mid Cap Portfolio:

Specialist Manager	Amount Earned (000)		Fee
Frontier Capital Management Company, LLC	$	89		0.45	%(c)
Mellon Investments Corporation (Index Strategy)		—		0.04	%(b)(d)
Mellon Investments Corporation (Factor Strategy)		—		0.065	%(b)(d)
Parametric Portfolio Associates, LLC (Liquidity Strategy)		7		0.24	%(e)
Parametric Portfolio Associates, LLC (Targeted Strategy)		—		0.05	%(b)(f)
Parametric Portfolio Associates, LLC (Tax-Managed Custom Strategy)		20		0.08	%(g)
Total	$	116		0.24	%

ESG Growth Portfolio:

Specialist Manager	Amount Earned (000)		Fee
Agincourt Capital Management, LLC	$	—		0.12	%(b)
Mellon Investments Corporation		70		0.10	%
Parametric Portfolio Associates, LLC (Liquidity Strategy)		6		0.42	%(e)
Parametric Portfolio Associates, LLC (Targeted Strategy)		—		0.05	%(b)(f)
RBC Global Asset Management (U.K.) Limited		99		0.55	%(k)
Total	$	175		0.20	%

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Catholic SRI Growth Portfolio

Specialist Manager	Amount Earned (000)		Fee
Agincourt Capital Management, LLC	$	—		0.12	%(b)
Mellon Investments Corporation		15		0.10	%
Parametric Portfolio Associates, LLC (Liquidity Strategy)		—		0.05	%(b)(e)
Parametric Portfolio Associates, LLC (Targeted Strategy)		—		0.05	%(b)(f)
Total	$	15		0.10	%

International Portfolio:

Specialist Manager	Amount Earned (000)		Fee
City of London Investment Management Company, Limited	$	—		0.55	%(b)(l)
Mellon Investments Corporation (Developed Markets Strategy)		—		0.05	%(b)(m)
Mellon Investments Corporation (Developed Factor Strategy)		—		0.075	%(b)(m)
Mellon Investments Corporation (Emerging Markets Strategy)		—		0.13	%(b)(m)
Parametric Portfolio Associates, LLC (Liquidity Strategy)		9		0.14	%(e)
Parametric Portfolio Associates, LLC (Targeted Strategy)		—		0.05	%(b)(f)
Parametric Portfolio Associates, LLC (Tax-Managed Custom Strategy)		279		0.08	%(g)
Parametric Portfolio Associates, LLC (Options Overlay Strategy)		33		1.43	%(h)
WCM Investment Management, LLC		—		0.85	%(b)(n)
Total	$	321		0.09	%

Institutional International Portfolio:

Specialist Manager	Amount Earned (000)		Fee
City of London Investment Management Company, Limited	$	378		0.55	%(l)
Mellon Investments Corporation (Developed Markets Strategy)		235		0.05	%(m)
Mellon Investments Corporation (Developed Factor Strategy)		—		0.075	%(b)(m)
Mellon Investments Corporation (Emerging Markets Strategy)		—		0.13	%(b)(m)
Pacific Investment Management Company, LLC		—		0.39	%(b)(o)
Parametric Portfolio Associates, LLC (Liquidity Strategy)		45		0.07	%(e)
Parametric Portfolio Associates, LLC (Targeted Strategy)		—		0.05	%(b)(f)
Parametric Portfolio Associates, LLC (Options Overlay Strategy)		33		0.64	%(h)
WCM Investment Management, LLC		—		0.85	%(b)(n)
Total	$	691		0.11	%

279

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Notes to Financial Statements (continued) — December 31, 2021 (Unaudited)

Emerging Markets Portfolio:

Specialist Manager	Amount Earned (000)		Fee
City of London Investment Management Company, Limited	$	—		1.00	%(b)(p)
Mellon Investments Corporation		404		0.13	%(m)
Parametric Portfolio Associates, LLC (Liquidity Strategy)		20		0.09	%(e)
Parametric Portfolio Associates, LLC (Targeted Strategy)		—		0.05	%(b)(f)
Parametric Portfolio Associates, LLC (Tax-Managed Custom Strategy)		—		0.08	%(b)(g)
Parametric Portfolio Associates, LLC (Options Overlay Strategy)		33		0.85	%(h)
RBC Global Asset Management (U.K.) Limited		588		0.75	%(q)
XY Investments (HK) Limited		350		1.00	%(r)
Total	$	1,395		0.31	%

Core Fixed Income Portfolio:

Specialist Manager	Amount Earned (000)		Fee
Agincourt Capital Management, LLC	$	12		0.08	%
Mellon Investments Corporation (U.S. Government, Mortgage and Asset Backed Strategy)		10		0.06	%
Mellon Investments Corporation (Corporate Strategy)		—		0.15	%(b)
Pacific Investment Management Company, LLC		—		0.25	%(b)(s)
Parametric Portfolio Associates, LLC (Options Overlay Strategy)		—		N/A	(b)(t)
Total	$	22		0.07	%

Corporate Opportunities Portfolio

Specialist Manager	Amount Earned (000)		Fee
City of London Investment Management Company, Limited	$	—		0.45	%(b)
Fort Washington Investment Advisors, Inc.		—		0.20	%(b)(u)
Mellon Investments Corporation		—		0.25	%(b)
Pacific Investment Management Company, LLC		—		0.45	%(b)(v)
Parametric Portfolio Associates, LLC (Liquidity Strategy)		98		0.07	%(e)
Parametric Portfolio Associates, LLC (Targeted Strategy)		—		0.05	%(b)(f)
Parametric Portfolio Associates, LLC (Options Overlay Strategy)		—		N/A	(b)(h)
Western Asset Management Company, Ltd.		—		0.75	%(b)
Total	$	98		0.06	%

280

HC CAPITAL TRUST

Notes to Financial Statements (continued) — December 31, 2021 (Unaudited)

U.S. Government Fixed Income Portfolio:

Specialist Manager	Amount Earned (000)		Fee
Mellon Investments Corporation	$	78		0.06	%
Parametric Portfolio Associates, LLC (Options Overlay Strategy)		—		N/A	(b)(t)
	$	78		0.06	%

U.S. Corporate Fixed Income Portfolio:

Specialist Manager	Amount Earned (000)		Fee
Agincourt Capital Management, LLC	$	99		0.08	%
Mellon Investments Corporation		—		0.15	%(b)
Pacific Investment Management Company, LLC		—		0.60	%(b)(w)
Parametric Portfolio Associates, LLC (Options Overlay Strategy)		—		N/A	(b)(t)
Total	$	99		0.07	%

U.S. Mortgage/Asset Backed Fixed Income Portfolio:

Specialist Manager	Amount Earned (000)		Fee
Mellon Investments Corporation	$	61		0.06	%
Pacific Investment Management Company, LLC		—		0.60	%(b)(w)
Parametric Portfolio Associates, LLC (Options Overlay Strategy)		—		N/A	(b)(t)
	$	61		0.06	%

Short-Term Municipal Portfolio:

Specialist Manager	Amount Earned (000)		Fee
Breckinridge Capital Advisors, Inc.	$	92		0.125	%

Intermediate Municipal Portfolio:

Specialist Manager	Amount Earned (000)		Fee
Breckinridge Capital Advisors, Inc.	$	—		0.125	%(b)
City of London Investment Management Company, Limited		—		0.45	%(b)
Insight North America LLC (formerly Mellon Investments Corporation)		323		0.17	%(x)
Parametric Portfolio Associates, LLC (Options Overlay Strategy)		—		N/A	(b)(t)
Total	$	323		0.17	%

281

HC CAPITAL TRUST

Notes to Financial Statements (continued) — December 31, 2021 (Unaudited)

Intermediate Municipal II Portfolio:

Specialist Manager	Amount Earned (000)		Fee
Breckinridge Capital Advisors, Inc.	$	38		0.125	%
City of London Investment Management Company, Limited		49		0.45	%(b)
Parametric Portfolio Associates, LLC (Options Overlay Strategy)		—		N/A	(b)(t)
Total	$	87		0.19	%

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

(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.

(b) Specialist Manager approved by the Board but a strategy to which no assets were allocated during the period ended December 31, 2021.

(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.

“Combined Assets” shall mean the sum of: the net assets of that portion managed by Frontier in the Value Portfolio, Institutional U.S. Portfolio, Small Cap-Mid Cap Portfolio, and the net assets invested in the same strategy as the Portfolios that are managed by Frontier for certain other clients of the Trust’s primary adviser.

(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.

“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.

(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.

282

HC CAPITAL TRUST

Notes to Financial Statements (continued) — December 31, 2021 (Unaudited)

(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.

(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.

(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.

(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;

— 0.50% on the next $30 million;

— 0.35% on the next $25 million;

— 0.25% on the next $335 million;

— 0.22% on the next $600 million;

— 0.20% on the next $4 billion; and

— 0.25% on the balance

(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.

(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.

(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.

(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%.

283

HC CAPITAL TRUST

Notes to Financial Statements (continued) — December 31, 2021 (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%.

For assets allocated to an Emerging Markets Strategy (the “EM Account”), for so long as the aggregate assets allocated to Mellon for all of its passive equity mandates (including accounts for other clients of the Advisor and certain of its affiliates besides the Trust) exceed $2 billion, the fee shall be at the annual rate of 0.13% of the average daily net assets of the EM Account. Should these aggregate assets fall below $2 billion; the fee will be calculated at an annual rate of 0.15% for those assets allocated to emerging markets strategies.

The term “Combined Assets” means the sum of: (i) the net assets of the 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.

(n) WCM Investment Management, LLC (“WCM”) received a fee, which was calculated daily and payable monthly in arrears at the annual rate of 0.85% of the first $100 million of the Combined Assets (as defined below) and 0.75% of Combined Assets exceeding $100 million.

“Combined Assets” shall mean the sum of: the net assets of that portion managed by WCM in the International Portfolio and the Institutional International Portfolio.

WCM’s Portfolio Management Agreement was terminated on August 19, 2021.

(o) PIMCO receives a fee, which shall be payable monthly in arrears, at an annual rate of 0.39% on the month-end net assets subject to proration of contributions or withdrawals on daily net flows in excess of 1% of the month-end net assets.

(p) 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.

(q) RBC receives a fee, which shall be payable quarterly in arrears at the annual rate of 0.80% of the first $100 million of the Combined Assets (as defined below); 0.65% of the next $150 million of Combined Assets; and 0.60% of Combined Assets in excess of $250 million.

“Combined Assets” shall mean the sum of: (i) the net assets of the Account; and (ii) the net assets of each other investment advisory account for which Hirtle Callaghan & Co. serves as investment adviser and for which Portfolio Manager provides portfolio management services (“Other Hirtle Accounts”) using the same strategies as employed for the Account.

(r) 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.

(s) PIMCO receives a fee, which shall be payable monthly in arrears, at an annual rate of 0.25% on the month-end net assets subject to proration for contributions and withdrawals on daily net flows in excess of 1% of the month-end net assets.

(t) 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,

(u) 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.

284

HC CAPITAL TRUST

Notes to Financial Statements (continued) — December 31, 2021 (Unaudited)

“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.

(v) PIMCO receives a fee, which shall be payable monthly in arrears, at an annual rate of 0.45% on the month-end net assets subject to proration for contributions or withdrawals on daily net flows in excess of 1% of the month-end net assets.

(w) PIMCO receives a fee, which shall be payable monthly in arrears, at an annual rate of 0.60% on the month-end net assets subject to proration for contributions or withdrawals on daily net flows in excess of 1% of the month-end nets assets.

(x) 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 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, 2021 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 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, 2021 the Trust paid an annual fee of $164,000 for such services.

285

HC CAPITAL TRUST

Notes to Financial Statements (continued) — December 31, 2021 (Unaudited)

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, 2021 were as follows (amounts in thousands):

Portfolio	Purchases		Sales
Value Portfolio	$	19,705	$	26,008
Growth Portfolio		41,677		116,124
Institutional U.S Portfolio		274,329		267,986
Small Cap-Mid Cap Portfolio		23,483		28,929
ESG Growth Portfolio		6,740		4,992
Catholic SRI Growth Portfolio		3,603		2,209
International Portfolio		30,037		23,201
Institutional International Portfolio		54,352		35,763
Emerging Markets Portfolio		35,108		28,644
Core Fixed Income Portfolio		5,250		4,050
Corporate Opportunities Portfolio		5,647		6,027
U.S. Corporate Fixed Income Portfolio		47,126		37,224
U.S. Mortgage/Asset Backed Fixed Income Portfolio		547		1,369
Short-Term Municipal Portfolio		10,538		14,103
Intermediate Municipal Portfolio		28,542		19,424
Intermediate Municipal II Portfolio		24,301		10,994

The aggregate cost of purchases and proceeds from sales of long-term U.S. government securities for the period ended December 31, 2021 were as follows (amounts in thousands):

Portfolio	Purchases		Sales
Core Fixed Income Portfolio	$	4,757	$	4,770
U.S. Government Fixed Income Portfolio		75,858		52,614
U.S. Mortgage/Asset Backed Fixed Income Portfolio		33,974		27,903

286

HC CAPITAL TRUST

Notes to Financial Statements (continued) — December 31, 2021 (Unaudited)

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 2019 to 2021 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.

A. As of the latest tax year ended June 30, 2021, 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):

Portfolio	Tax Cost of Investments		Tax Unrealized Appreciation		Tax Unrealized (Depreciation)			Unrealized Appreciation/ (Depreciation)
Value Portfolio	$	315,992	$	378,658	$	(1,068	)	$	377,590
Growth Portfolio		301,242		627,002		(2,406	)		624,596
Institutional U.S. Portfolio		1,409,981		934,302		(25,947	)		908,355
Small Cap Mid-Cap Portfolio		53,982		45,666		(1,626	)		44,040
ESG Growth Portfolio		118,732		54,047		(3,736	)		50,311
Catholic SRI Growth Portfolio		18,799		10,615		(506	)		10,109
International Portfolio		456,464		263,322		(11,263	)		252,059
Institutional International Portfolio		1,015,692		277,340		(83,938	)		193,402
Emerging Markets Portfolio		622,008		295,922		(38,800	)		257,122
Core Fixed Income Portfolio		65,009		3,247		(394	)		2,853
Corporate Opportunities Portfolio		301,602		—		(61	)		(61	)
U.S. Government Fixed Income Portfolio		244,433		12,915		(1,997	)		10,918
U.S. Corporate Fixed Income Portfolio		253,324		16,174		(1,090	)		15,084
U.S. Mortgage/Asset Backed Fixed Income Portfolio		241,829		4,485		(611	)		3,874
Short-Term Municipal Portfolio		152,175		1,916		(87	)		1,829
Intermediate Municipal Portfolio		371,314		14,449		(751	)		13,698
Intermediate Municipal II Portfolio		85,698		3,956		(1	)		3,955

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.

287

HC CAPITAL TRUST

Notes to Financial Statements (continued) — December 31, 2021 (Unaudited)

The differences between book-basis and tax-basis unrealized appreciation/depreciation are attributable primarily to: tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains/losses on investments in passive foreign investment companies, the difference between book and tax accretion methods for market discount, derivatives, and in-kind purchases by investors that, for tax purposes, created a controlling interest in a Portfolio.

B. Tax Characteristics of Distributions Paid

The tax characteristics of distributions paid during the fiscal year ended June 30, 2021 were as follows (amounts in thousands):

	Distributions Paid From:
Year Ended June 30, 2021	Ordinary Income		Net Long Term Gains		Total Taxable Distributions		Tax-Exempt Distributions		Total Distributions Paid*
Value Portfolio	$	7,690	$	—	$	7,690	$	—	$	7,690
Growth Portfolio		7,897		42,952		50,849		—		50,849
Institutional U.S. Portfolio		68,946		93,578		162,524		—		162,524
Small Cap-Mid Cap Portfolio		216		82		298		—		298
ESG Growth Portfolio		2,021		1,665		3,686		—		3,686
Catholic SRI Growth Portfolio		786		—		786		—		786
International Portfolio		16,434		—		16,434		—		16,434
Institutional International Portfolio		24,462		—		24,462		—		24,462
Emerging Markets Portfolio		10,399		—		10,399		—		10,399
Core Fixed Income Portfolio		1,365		792		2,157		—		2,157
Corporate Opportunities Portfolio		394		—		394		—		394
U.S. Government Fixed Income Portfolio		7,087		7,412		14,499		—		14,499
U.S. Corporate Fixed Income Portfolio		9,924		7,963		17,887		—		17,887
U.S. Mortgage/Asset Backed Fixed Income Portfolio		4,715		—		4,715		—		4,715
Short-Term Municipal Portfolio		—		11		11		1,334		1,345
Intermediate Municipal Portfolio		1		289		290		6,522		6,812
Intermediate Municipal II Portfolio		2		114		116		1,521		1,637

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

* Total distributions paid may differ from what appears in the Statements of Changes in Net Assets because dividends for tax purposes are recognized when actually paid.

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C. Components of Accumulated Earnings

As of June 30, 2021, the components of accumulated earnings/(deficit) on a tax basis were as follows (amounts in thousands):

Portfolio	Undistributed Ordinary Income/Tax Exempt Income		Undistributed Long Term Capital Gains		Accumulated Earnings		Distributions Payable			Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)			Total Accumulated Earnings/ (Deficit)*
Value Portfolio	$	—	$	—	$	—	$	—		$	(10,465	)(a)	$	377,590		$	367,125
Growth Portfolio		8,131		53,298		61,429		—			(10,105	)(a)		624,596			675,920
Institutional U.S. Portfolio		214,586		256,653		471,239		—			(35,841	)(a)		908,359			1,343,757
Small Cap-Mid Cap Portfolio		—		4,750		4,750		—			—			44,040			48,790
ESG Growth Portfolio		1,602		3,196		4,798		—			—			50,319			55,117
Catholic SRI Growth Portfolio		67		10,033		10,100		—			—			10,110			20,210
International Portfolio		3,361		—		3,361		—			(80,774	)(a)		252,143			174,730
Institutional International Portfolio		42,111		40,270		82,381		—			—			193,581			275,962
Emerging Markets Portfolio		3,802		—		3,802		—			(68,292	)		253,907			189,417
Core Fixed Income Portfolio		—		442		442		(1	)		—			2,853			3,294
Corporate Opportunities Portfolio		18,091		5,471		23,562		—			—			(61	)		23,501
U.S. Government Fixed Income Portfolio		—		1,227		1,227		(104	)		—			10,918			12,041
U.S. Corporate Fixed Income Portfolio		1,165		8,613		9,778		(180	)		—			15,084			24,682
U.S. Mortgage/Asset Backed Fixed Income Portfolio		193		—		193		(111	)		(12,352	)		3,874			(8,396	)
Short-Term Municipal Portfolio		50		21		71		(7	)		—			1,829			1,893
Intermediate Municipal Portfolio		77		—		77		(31	)		—			13,698			13,744
Intermediate Municipal II Portfolio		170		730		900		(9	)		—			3,955			4,846

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

* Total accumulated earnings/(deficit) may differ from the total distributable earnings amounts reported in the Statements of Assets and Liabilities due to certain temporary differences between book-basis and tax-basis.

(a) Includes $5,502, $10,105, $20,946, and $144 of straddle losses which were deferred for the Value Portfolio, Growth Portfolio, Institutional U.S. Portfolio and International Portfolio, respectively (amounts in thousands).

D. Capital Loss Carryforwards

As of their tax year ended June 30, 2021, the following Portfolios had capital loss carryforwards (“CLCFs”) not subject to expiration as summarized below (amounts in thousands):

Portfolio	Short-Term Amount		Long-Term Amount		Total
Value Portfolio	$	4,963	$	—	$	4,963
Institutional U.S. Portfolio		4,627		10,268		14,895	(a)
International Portfolio		80,629		—		80,629
Emerging Markets Portfolio		28,635		39,657		68,292
U.S. Mortgage/Asset Backed Fixed Income Portfolio		2,993		9,359		12,352

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

(a) All or a portion are limited as a result of changes in ownership in connection with merger reorganizations. Unused limitations during a year accumulated for future use in offsetting net capital gains.

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E. 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.

6. RISK CONSIDERATIONS.

Market Risk — Market risk is the risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industrial sector of the economy or the market as a whole. In addition, unexpected events and their aftermaths, such as the spread of deadly diseases; natural environmental, or man-made disasters; financial, political, or social disruptions; terrorism and war; and other tragedies or catastrophes, can cause investor fear and panic, which can adversely affect the economies of many companies, sectors, nations, regions, and the market in general, in ways that cannot necessarily be foreseen. Finally, key information about a security or market may be inaccurate or unavailable. This is particularly relevant to investments in foreign securities.

Credit Risk — Credit risk is the risk that an issuer (or in the case of certain securities, the guarantor or counterparty) will be unable to make principal and interest payments when due. The creditworthiness of an issuer may be affected by a number of factors, including the financial condition of the issuer (or guarantor) and, in the case of foreign issuers, the financial condition of the region.

Foreign Investment Risk — Investments in securities issued by non-U.S. companies and non-U.S. governments and their agencies may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and foreign regulatory requirements and market practices. Securities denominated in foreign currencies 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

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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 announcements by the FCA, the LIBOR administrator and other regulators indicate that it is possible that certain LIBORs may continue beyond 2021 and certain of the most widely used LIBORs may 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.

Loan Participation Risk — Loan participations typically will result in a Portfolio having a contractual relationship only with the lender, not with the borrower. In connection with purchasing loan participations, a Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and a Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation. As a result, a Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. A Portfolio may have difficultly disposing of loan participations as the market for such instruments is not highly liquid.

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 ownership of voting securities of the Portfolio greater than 10% and less than 25% of the total Portfolio’s outstanding voting securities	Number of shareholders with ownership of voting securities of the Portfolio greater than 25% of the total Portfolio’s outstanding voting securities
Institutional U.S. Portfolio	1	—
Small Cap-Mid Cap Portfolio	1	1
ESG Growth Portfolio	—	1
Catholic SRI Growth Portfolio	1	1
Institutional International Portfolio	1	—
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

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8. CONCENTRATION OF INVESTMENTS.

As of December 31, 2021, the Corporate Opportunities Portfolio’s investment in the State Street Institutional Treasury Plus Money Market Fund represented greater than 25% of the Portfolio’s net assets. The financial statements of the State Street Institutional Treasury Plus Money Market Fund can be found by accessing the fund’s website at http://www.ssga.com.

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, 2021.

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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 http://www.sec.gov.

2. SHAREHOLDER VOTES.

During the period ending December 31, 2021, no actions were taken by the shareholders of the Portfolios.

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, 2021 through December 31, 2021.

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			Beginning Account Value July 1, 2021	Ending Account Value December 31, 2021	Expenses Paid During Period1	Annualized Expense Ratio
Value Portfolio	HC Strategic Shares	Actual	$1,000.00	$ 1,093.50	$1.21	0.23%
		Hypothetical2	$1,000.00	$ 1,024.05	$1.17	0.23%
Growth Portfolio	HC Strategic Shares	Actual	$1,000.00	$ 1,107.60	$1.43	0.27%
		Hypothetical2	$1,000.00	$ 1,023.84	$1.38	0.27%
Institutional U.S. Portfolio	HC Strategic Shares	Actual	$1,000.00	$ 1,095.00	$1.53	0.29%
		Hypothetical2	$1,000.00	$ 1,023.74	$1.48	0.29%
Small Cap-Mid Cap Portfolio	HC Strategic Shares	Actual	$1,000.00	$ 1,005.80	$2.43	0.48%
		Hypothetical2	$1,000.00	$ 1,022.79	$2.45	0.48%
ESG Growth Portfolio	HC Strategic Shares	Actual	$1,000.00	$ 1,079.10	$1.99	0.38%
		Hypothetical2	$1,000.00	$ 1,023.29	$1.94	0.38%

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Portfolio			Beginning Account Value July 1, 2021	Ending Account Value December 31, 2021	Expenses Paid During Period1	Annualized Expense Ratio
Catholic SRI Growth Portfolio	HC Strategic Shares	Actual	$1,000.00	$ 1,078.60	$1.62	0.31%
		Hypothetical2	$1,000.00	$ 1,023.64	$1.58	0.31%
International Portfolio	HC Strategic Shares	Actual	$1,000.00	$ 1,028.50	$1.28	0.25%
		Hypothetical2	$1,000.00	$ 1,023.95	$1.28	0.25%
Institutional International Portfolio	HC Strategic Shares	Actual	$1,000.00	$ 1,024.20	$1.38	0.27%
		Hypothetical2	$1,000.00	$ 1,023.84	$1.38	0.27%
Emerging Markets Portfolio	HC Strategic Shares	Actual	$1,000.00	$ 918.60	$2.27	0.47%
		Hypothetical2	$1,000.00	$ 1,022.84	$2.40	0.47%
Core Fixed Income Portfolio	HC Strategic Shares	Actual	$1,000.00	$ 997.00	$1.71	0.34%
		Hypothetical2	$1,000.00	$ 1,023.49	$1.73	0.34%
Corporate Opportunities Portfolio	HC Strategic Shares	Actual	$1,000.00	$ 1,035.40	$1.08	0.21%
		Hypothetical2	$1,000.00	$ 1,024.15	$1.07	0.21%
U.S. Government Fixed Income Portfolio	HC Strategic Shares	Actual	$1,000.00	$ 999.40	$1.06	0.21%
		Hypothetical2	$1,000.00	$ 1,024.15	$1.07	0.21%
U.S. Corporate Fixed Income Portfolio	HC Strategic Shares	Actual	$1,000.00	$ 1,000.40	$1.11	0.22%
		Hypothetical2	$1,000.00	$ 1,024.10	$1.12	0.22%
U.S. Mortgage/Asset Backed Fixed Income Portfolio	HC Strategic Shares	Actual	$1,000.00	$ 994.60	$1.16	0.23%
		Hypothetical2	$1,000.00	$ 1,024.05	$1.17	0.23%
Short-Term Municipal Portfolio	HC Strategic Shares	Actual	$1,000.00	$ 998.50	$1.41	0.28%
		Hypothetical2	$1,000.00	$ 1,023.79	$1.43	0.28%
Intermediate Municipal Portfolio	HC Strategic Shares	Actual	$1,000.00	$ 1,000.60	$1.56	0.31%
		Hypothetical2	$1,000.00	$ 1,023.64	$1.58	0.31%

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Portfolio			Beginning Account Value July 1, 2021	Ending Account Value December 31, 2021	Expenses Paid During Period1	Annualized Expense Ratio
Intermediate Municipal II Portfolio	HC Strategic Shares	Actual	$1,000.00	$ 1,003.10	$1.82	0.36%
		Hypothetical2	$1,000.00	$ 1,023.39	$1.84	0.36%

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.

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 http://www.sec.gov.

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 of Net Assets
Information Technology		28.3	%
Health Care		12.9	%
Consumer Discretionary		12.6	%
Financials		10.7	%
Communication Services		10.0	%
Industrials		8.9	%
Consumer Staples		5.5	%
Real Estate		3.1	%
Utilities		2.5	%
Energy		2.5	%
Materials		2.4	%
Investment Company		0.2	%
Purchased Options		0.0	%
Total Investment Securities		99.6	%
Other Financial Instruments
Futures		0.0	%
Written Options		-0.0	%
Total Investments		99.6	%

Growth Portfolio

Investment Allocation	Percentage of Net Assets
Information Technology		33.7	%
Consumer Discretionary		16.1	%
Health Care		10.9	%
Communication Services		9.4	%
Financials		8.4	%
Industrials		5.9	%
Consumer Staples		5.4	%
Real Estate		2.3	%
Utilities		1.9	%
Materials		1.8	%
Energy		1.8	%
Investment Companies		1.5	%
Purchased Options		0.0	%
Total Investment Securities		99.1	%
Other Financial Instruments
Futures		0.1	%
Written Options		-0.0	%
Total Investments		99.2	%

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Institutional U.S. Portfolio

Investment Allocation	Percentage of Net Assets
Information Technology		26.9	%
Health Care		11.9	%
Consumer Discretionary		10.7	%
Communication Services		8.6	%
Investment Companies		8.1	%
Financials		7.7	%
Industrials		7.1	%
Real Estate		5.8	%
Consumer Staples		5.1	%
Utilities		2.3	%
Materials		2.3	%
Energy		1.4	%
Exchange-Traded Fund		0.4	%
Purchased Options		0.1	%
Contingent Right		0.0	%
Total Investment Securities		98.4	%
Other Financial Instruments
Futures		0.2	%
Written Options		-0.1	%
Total Investments		98.5	%

Small Cap–Mid Cap Portfolio

Investment Allocation	Percentage of Net Assets
Industrials		17.2	%
Information Technology		16.5	%
Health Care		14.9	%
Financials		13.8	%
Consumer Discretionary		11.1	%
Investment Companies		7.5	%
Materials		5.9	%
Real Estate		4.7	%
Energy		2.7	%
Communication Services		1.9	%
Consumer Staples		1.7	%
Utilities		1.1	%
Contingent Rights		0.1	%
Total Investment Securities		99.1	%
Other Financial Instruments
Futures		0.3	%
Total Investments		99.4	%

ESG Growth Portfolio

Investment Allocation	Percentage of Net Assets
Information Technology		22.9	%
Financials		15.5	%
Health Care		13.5	%
Consumer Discretionary		12.7	%
Industrials		9.1	%
Communication Services		7.3	%
Consumer Staples		6.7	%
Materials		4.3	%
Energy		3.1	%
Utilities		1.8	%
Investment Company		1.4	%
Real Estate		1.2	%
Total Investment Securities		99.5	%
Other Financial Instruments
Futures		0.0	%
Total Investments		99.5	%

Catholic SRI Growth Portfolio

Investment Allocation	Percentage of Net Assets
Information Technology		28.3	%
Financials		15.3	%
Consumer Discretionary		13.2	%
Industrials		9.8	%
Communication Services		9.4	%
Consumer Staples		6.3	%
Health Care		4.8	%
Materials		4.1	%
Energy		3.9	%
Utilities		2.7	%
Real Estate		2.1	%
Investment Companies		0.1	%
Total Investment Securities		100.0	%
Total Investments		100.0	%

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International Portfolio

Investment Allocation	Percentage of Net Assets
Financials		18.9	%
Industrials		15.3	%
Consumer Discretionary		11.9	%
Health Care		11.2	%
Information Technology		9.8	%
Consumer Staples		9.4	%
Materials		7.7	%
Communication Services		4.5	%
Energy		4.0	%
Utilities		2.7	%
Real Estate		1.8	%
Investment Company		0.9	%
Purchased Options		0.0	%
Total Investment Securities		98.1	%
Other Financial Instruments
Futures		0.0	%
Written Options		-0.0	%
Total Investments		98.1	%

Institutional International Portfolio

Investment Allocation	Percentage of Net Assets
Investment Companies		18.3	%
Financials		14.9	%
Industrials		12.5	%
Health Care		10.7	%
Consumer Discretionary		10.5	%
Information Technology		8.2	%
Consumer Staples		8.1	%
Materials		5.4	%
Communication Services		3.3	%
Energy		2.8	%
Utilities		2.2	%
Real Estate		1.1	%
Purchased Options		0.1	%
Right		0.0	%
Warrant		0.0	%
Total Investment Securities		98.1	%
Other Financial Instruments
Futures		0.1	%
Written Options		-0.1	%
Total Investments		98.1	%

Emerging Markets Portfolio

Investment Allocation	Percentage of Net Assets
Information Technology		19.9	%
Financials		17.9	%
Consumer Discretionary		10.3	%
Communication Services		9.8	%
Materials		6.7	%
Investment Companies		6.0	%
Consumer Staples		6.0	%
Industrials		4.4	%
Energy		3.8	%
Health Care		3.2	%
Utilities		1.8	%
Real Estate		1.4	%
Right		0.0	%
Purchased Options		0.0	%
Total Investment Securities		91.2	%
Other Financial Instruments
Total Return Swaps		0.0	%
Futures		-0.0	%
Written Options		-0.0	%
Total Investments		91.2	%

Core Fixed Income Portfolio

Investment Allocation	Percentage of Net Assets
U.S. Treasury Obligations		30.9	%
U.S. Government Agency Mortgages		21.7	%
Financials		13.3	%
Communication Services		6.0	%
Energy		4.9	%
Investment Companies		4.2	%
Health Care		4.0	%
Utilities		3.8	%
Industrials		3.2	%
Information Technology		2.6	%
Materials		2.2	%
Consumer Staples		2.1	%
Collateralized Mortgage Obligations		1.7	%
Consumer Discretionary		1.3	%
U.S. Government Agency Securities		1.1	%
Real Estate		0.9	%
Asset Backed Securities		0.1	%
Total Investment Securities		104.0	%
Other Financial Instruments
TBA Sale Commitments		-0.1	%
Total Investments		103.9	%

297

HC CAPITAL TRUST

Additional Information (continued) — December 31, 2021 (Unaudited)

Corporate Opportunities Portfolio

Investment Allocation	Percentage of Net Assets
Investment Companies		90.6	%
Loan Participations and Assignments		7.3	%
Common Stock		0.0	%
Total Investment Securities		97.9	%
Other Financial Instruments
Futures		1.0	%
Total Investments		98.9	%

U.S. Government Fixed Income Portfolio

Investment Allocation	Percentage of Net Assets
U.S. Treasury Obligations		96.5	%
U.S. Government Agency Securities		3.1	%
Yankee Dollar		0.0	%
Total Investment Securities		99.6	%
Total Investments		99.6	%

U.S. Corporate Fixed Income Portfolio

Investment Allocation	Percentage of Net Assets
Financials		22.7	%
Investment Companies		14.1	%
Communication Services		11.2	%
Energy		9.5	%
Utilities		7.4	%
Health Care		7.1	%
Industrials		5.5	%
Loan Participations and Assignments		5.0	%
Information Technology		4.5	%
Materials		4.3	%
Consumer Staples		3.8	%
Consumer Discretionary		2.4	%
Real Estate		1.8	%
Total Investment Securities		99.3	%
Total Investments		99.3	%

U.S. Mortgage/Asset Backed Fixed Income Portfolio

Investment Allocation	Percentage of Net Assets
U.S. Government Agency Mortgages		80.0	%
Investment Company		26.9	%
Collateralized Mortgage Obligations		6.2	%
Asset Backed Securities		0.5	%
Total Investment Securities		113.6	%
Other Financial Instruments
TBA Sale Commitments		-0.3	%
Total Investments		113.3	%

Short-Term Municipal Portfolio

Investment Allocation	Percentage of Net Assets
General Obligation		59.1	%
Revenue Bonds		29.4	%
Financials		9.8	%
Investment Company		0.6	%
Total Investment Securities		98.9	%
Total Investments		98.9	%

Intermediate Municipal Portfolio

Investment Allocation	Percentage of Net Assets
Revenue Bonds		58.8	%
General Obligation		17.2	%
General		6.8	%
Facilities		2.3	%
Medical		1.9	%
Financials		1.8	%
Water		1.7	%
Education		1.4	%
Student Loan		1.2	%
Airport		1.1	%
Tobacco Settlement		1.1	%
Transportation		1.0	%
School District		0.9	%
Higher Education		0.8	%
Power		0.5	%
Utilities		0.4	%
Investment Company		0.0	%
Total Investment Securities		98.9	%
Total Investments		98.9	%

298

HC CAPITAL TRUST

Additional Information (concluded) — December 31, 2021 (Unaudited)

Intermediate Municipal II Portfolio

Investment Allocation	Percentage of Net Assets
General Obligation		37.1	%
Investment Companies		27.4	%
Revenue Bonds		18.3	%
School District		4.3	%
General		3.2	%
Medical		3.0	%
Utilities		2.4	%
Water		1.8	%
Higher Education		0.9	%
Financials		0.8	%
Total Investment Securities		99.2	%
Total Investments		99.2	%

6. BOARD APPROVAL OF INVESTMENT ADVISORY CONTRACTS

The Trust’s investment adviser is HC Capital Solutions (the “Adviser”), an operating division of Hirtle Callaghan & Co. LLC (“Hirtle Callaghan”). The Adviser provides overall investment management services with respect to HC Capital Trust (the “Trust”) and each of its separate portfolios (“Portfolios”) pursuant to the terms of two separate agreements with the Trust (the “HC Contracts”). The Adviser is authorized under the HC Contracts to purchase and sell portfolio securities for the Portfolios. Day-to-day portfolio management services, however, are generally provided to the respective Portfolios by one or more investment advisory organizations (each a “Specialist Manager”) pursuant to the terms of separate investment advisory agreements (each a “Portfolio Management Agreement”). The Trust offers seventeen Portfolios, sixteen of which are managed by two or more Specialist Managers. One Portfolio, The Inflation Protected Securities Portfolio, was liquidated during the period. Each Specialist Manager is responsible for providing day-to-day portfolio management services for that portion of a Portfolio’s assets allocated to it by, and under the supervision of, the Adviser.

During the six month period ended December 31, 2021, 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 of 1940 (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. Specifically, the Independent Trustees and their independent legal counsel conferred in executive sessions both with and without representatives of management prior to each quarterly Board meeting held during the six month period covered by this report. 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 amendments. Rather, the conclusions were made on the basis of each Trustee’s business judgment after consideration of all of the factors taken in their entirety.

299

HC CAPITAL TRUST

Additional Information (continued) — December 31, 2021 (Unaudited)

Continuation of Portfolio Management Agreements. The Portfolio Management Agreements approved for continuance during the period (the “Continuing Agreements”) are identified below, together with the Specialist Manager subject to review during the period.

Specialist Manager	Portfolios
Echo Street Capital Management, LLC (“Echo Street”)	The Value Equity Portfolio The Growth Equity Portfolio The Institutional U.S. Equity Portfolio
Frontier Capital Management Company, LLC (“Frontier”)	The Value Equity Portfolio The Small Capitalization-Mid Capitalization Equity Portfolio The Institutional U.S. Equity Portfolio
RBC Global Asset Management (UK) Limited (“RBC”)	The ESG Growth Portfolio The Emerging Markets Portfolio
Wellington Management Company, LLP (“Wellington”)	The Institutional U.S. Equity Portfolio
XY Investments (HK) Limited (“XY Investments”)	The Emerging Markets Portfolio

In its deliberations with respect to 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 to that portion of a Portfolio’s assets allocated to it. The Board further recognized that the Specialist Managers do not participate in the administration of any of the Portfolios or in the distribution of shares of any of the Portfolios and thus receive limited, if any, benefit from their association with the Trust other than the fee paid to them by the respective Portfolios for investment management services.

In approving the Continuing Agreements, the Board concluded that continuation of the Continuing Agreements was in the best interests of the respective Portfolios and consistent with the expectations of shareholders of those 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 the Specialist Managers, the Board was informed with respect to the specific investment process employed by the Specialist Managers in managing the assets of each Portfolio 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 was further informed about the impact of the ongoing pandemic on the Specialist Managers and the implementation of their business continuity plans. 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 Specialist Managers was consistent with the Adviser’s expectations in the context of the overall objectives, and multi-manager strategies, of the 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.

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 that in its one year of managing such assets, the returns of Echo Street’s portion of that Portfolio outperformed the returns of both the peer group median of similarly managed accounts provided by Echo Street and the Portfolio’s benchmark.

300

HC CAPITAL TRUST

Additional Information (continued) — December 31, 2021 (Unaudited)

With respect to Frontier, the Board was informed that the firm employs proprietary fundamental and quantitative methods in seeking to invest in small and mid-cap companies that have above-average earnings growth. The Board noted that, as of the date of the Meeting, Frontier was only actively managing assets of The Small Capitalization-Mid Capitalization Equity Portfolio. The Board also noted that the Frontier-managed portion of assets had underperformed its benchmark index and outperformed the peer group median of a composite of similarly managed accounts provided by Frontier for the one-year period, while outperforming both measures for the three and five-year periods.

With respect to RBC, the firm reported that for the three-year period ended September 30, 2021, its portion of The Emerging Markets Portfolio had outperformed the median return of an identified group of peer funds, while underperforming such peer funds for the one-year period. RBC’s portion of The Emerging Markets Portfolio also underperformed the appropriate comparative broad-based market index for both the one- and three-year periods. The Board also reviewed information with respect to the performance of other accounts managed by RBC using the same strategies as those employed in The Emerging Markets Portfolio, noting that such accounts underperformed the index and peer group median for the five-year period. The Board noted that RBC had been managing assets of The ESG Growth Portfolio for just over one year, but that its portion of that Portfolio had outperformed both its benchmark index and the median return of an identified group of peer funds for the year ended September 30, 2021. The Board also 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 outperformed both the benchmark index and the median return of an identified group of peer funds for the five-year period ended September 30, 2021.

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 for the one year ended September 30, 2021, but outperformed that index for the three- and five-year periods. The firm also outperformed the average performance of an appropriate peer group of funds for each of the one-, three- and five-year periods.

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, during its first one-year period managing assets of The Emerging Markets Portfolio, the firm’s sleeve outperformed the Portfolio’s benchmark index as well as select peer funds identified by XY Investments as being similarly managed.

When reviewing the performance information, the Board did not specifically rely on such information but based its conclusions on the facts and circumstances related to the Portfolios.

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 the Specialist Manager to pursue the Portfolio’s objectives within the desired asset classes. Based on the foregoing, the Board concluded that the performance of the Specialist Managers was satisfactory and that continuation of the contracts was in the best interest of shareholders of the Portfolios.

The Board also concluded that the fee rates at which each of the Specialist Managers is compensated under the Continuing Agreements is reasonable. In reaching this conclusion, the Board had before it information about the impact of break-points, financial information about the Specialist Managers relating to factors such as profitability, comparable fees charged to other institutional clients and/or to peer funds for similar services and costs incurred by the Specialist Managers in providing services to the respective Portfolios. The Board was also informed with respect to advisory fees paid by other, unaffiliated, funds with similar objectives and strategies. In considering this information, the Board gave substantial weight to information demonstrating that the rate at which these Specialist Managers are compensated was determined as a result of arms-length negotiations conducted by the officers of the Trust and the Adviser, including in several cases, negotiated fee waivers/reductions and scheduled breakpoints designed to recognize economies of scale where appropriate.

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 this fee schedule was resulting in an annual fee that was lower than the comparable industry average fees.

With respect to Frontier, the Board was informed that the firm received an annual fee of 0.45% for the first $90 million in assets and 0.75% for assets exceeding that amount. It was noted that the fee paid by The Small-Capitalization-Mid Capitalization Portfolio for the prior year was substantially lower than the comparable industry average fees.

301

HC CAPITAL TRUST

Additional Information (concluded) — December 31, 2021 (Unaudited)

With respect to RBC, the Board noted that the fees for both Portfolios included breakpoints intended to recognize economies of scale achieved as the level of assets in the respective accounts increases. 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 0.64%. For RBC in The Emerging Markets Portfolio, the Board was informed that the effective fee paid to RBC for the period was 0.75%, while the average advisory fee for peer funds was 0.90%.

With respect to Wellington, the Board also noted that the fee included breakpoints intended to recognize economies of scale. The Board was informed that Wellington received an effective fee for the period of 0.72%, while the average advisory fee for peer funds was 0.57%, 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.

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 slightly higher than the comparable industry average fees.

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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.

Investment Adviser HC Capital Solutions Five Tower Bridge 300 Barr Harbor Drive, 5th Floor West Conshohocken, PA 19428	Counsel Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018
Administrator Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Independent Registered Public Accounting Firm Grant Thornton LLP Two Commerce Square 2001 Market Street, Suite 700 Philadelphia, PA 19103
Distributor Ultimus Fund Distributors, LLC 225 Pictoria Drive, Suite 450 Cincinnati, OH 45246	Custodian State Street Bank and Trust Company State Street Financial Center 1 Lincoln Street Boston, MA 02111-2900

This report is for the information of the shareholders of HC Capital Trust. Its use in connection with any offering of the Trust’s shares is authorized only in case of a concurrent or prior delivery of the Trust’s current prospectus. The prospectus contains more complete information, including investment objectives, risks, fees and expenses and should be read carefully before investing or sending any money.

2/22

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. Disclosure 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.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the Act are attached hereto.

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 4, 2022

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 4, 2022
By (Signature and Title)	/s/ Geoffrey Trzepacz
	Geoffrey Trzepacz, Principal Executive Officer
Date:	March 4, 2022