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HC Capital Trust – ‘N-CSRS’ for 12/31/14

On:  Monday, 3/9/15, at 3:59pm ET   ·   Effective:  3/9/15   ·   For:  12/31/14   ·   Accession #:  1144204-15-14817   ·   File #:  811-08918

Previous ‘N-CSRS’:  ‘N-CSRS’ on 3/7/14 for 12/31/13   ·   Next:  ‘N-CSRS’ on 3/8/16 for 12/31/15   ·   Latest:  ‘N-CSRS’ on 3/5/20 for 12/31/19

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 3/09/15  HC Capital Trust                  N-CSRS     12/31/14    3:19M                                    Toppan Vintage/FAThe Commodity Returns Strategy Portfolio HC Advisors Shares (HCCAX) — HC Strategic Shares (HCCSX)The Core Fixed Income Portfolio HC Advisors Shares (HCFNX) — HC Strategic Shares (HCIIX)The Emerging Markets Portfolio HC Advisors Shares (HCEPX) — HC Strategic Shares (HCEMX)The Fixed Income Opportunity Portfolio HC Advisors Shares (HCFOX) — HC Strategic Shares (HCHYX)The Growth Equity Portfolio HC Advisors Shares (HCGWX) — HC Strategic Shares (HCEGX)The Inflation Protected Securities Portfolio HC Advisors Shares (HCPAX) — HC Strategic Shares (HCPBX)The Institutional International Equity Portfolio HC Advisors Shares (HCITX) — HC Strategic Shares (HCINX)The Institutional Small Capitalization – Mid Capitalization Equity Portfolio HC Advisors Shares (HCISX) — HC Strategic Shares (HCSCX)The Institutional U.S. Equity Portfolio HC Advisors Shares (HCIWX) — HC Strategic Shares (HCIGX)The Institutional Value Equity Portfolio HC Advisors Shares (HCEIX) — HC Strategic Shares (HCIVX)The Intermediate Term Municipal Bond II Portfolio HC Advisors Shares (HCBAX) — HC Strategic Shares (HCBSX)The Intermediate Term Municipal Bond Portfolio HC Advisors Shares (HCIBX) — HC Strategic Shares (HCIMX)The International Equity Portfolio HC Advisors Shares (HCIAX) — HC Strategic Shares (HCIEX)The Real Estate Securities Portfolio HC Strategic Shares (HCREX)The Short-Term Municipal Bond Portfolio HC Strategic Shares (HCSBX)The Small Capitalization – Mid Capitalization Equity Portfolio HC Advisors Shares (HCSAX) — HC Strategic Shares (HCCEX)The U.S. Corporate Fixed Income Securities Portfolio HC Strategic Shares (HCXSX)The U.S. Government Fixed Income Securities Portfolio HC Strategic Shares (HCUSX)The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio HC Strategic Shares (HCASX)The Value Equity Portfolio HC Advisors Shares (HCVPX) — HC Strategic Shares (HCVEX)

Certified Semi-Annual Shareholder Report by a Management Investment Company   —   Form N-CSR
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-CSRS      Semi-Annual Report                                  HTML   5.78M 
 3: EX-99.906CERT  Section 906 Certifications                       HTML     11K 
 2: EX-99.CERT  Section 302 Certifications                          HTML     19K 


N-CSRS   —   Semi-Annual Report
Document Table of Contents

Page (sequential)   (alphabetic) Top
 
11st Page  –  Filing Submission
"Table of Contents
"Portfolios of Investments
"Statements of Assets and Liabilities
"186
"Statements of Operations
"191
"Statements of Changes in Net Assets
"196
"Financial Highlights
"203
"Notes to Financial Statements
"211
"Additional Information
"250

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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, Suite 500, West Conshohocken, PA 19428
(Address of principal executive offices)                   (Zip code)
 
Citi Fund Services Ohio, Inc., 3435 Stelzer Road, 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, 2014

 

 C: 
 
 

 

 

Item 1. Reports to Stockholders.

 

[GRAPHIC MISSING]

  
  
  

Semiannual Report

The Value Equity Portfolio
The Institutional Value Equity Portfolio
The Growth Equity Portfolio
The Institutional Growth Equity Portfolio
The Small Capitalization–Mid Capitalization Equity Portfolio
The Institutional Small Capitalization–Mid Capitalization Equity Portfolio
The Real Estate Securities Portfolio
The Commodity Returns Strategy Portfolio
The International Equity Portfolio
The Institutional International Equity Portfolio
The Emerging Markets Portfolio
The Core Fixed Income Portfolio
The Fixed Income Opportunity Portfolio
The U.S. Government Fixed Income Securities Portfolio
The Inflation Protected 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, 2014


 
 

TABLE OF CONTENTS

December 31, 2014

We are pleased to present the December 31, 2014 Semiannual Report for the HC Capital Trust (the “Trust”).

The Trust is a diversified open-end management investment company. The Trust currently consists of twenty 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 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 Institutional 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 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 Small Capitalization–Mid Capitalization Equity Portfolio, seeks long-term capital appreciation by investing in a diversified portfolio of equity securities of small-capitalization companies.

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

The Real Estate Securities Portfolio, seeks to provide a total return consisting of both capital appreciation and current income.

The Commodity Returns Strategy Portfolio, seeks capital appreciation by investing in a diversified portfolio of commodity-related instruments.

The International Equity Portfolio, seeks 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 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 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 Fixed Income Opportunity 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 Inflation Protected Securities Portfolio, seeks to provide inflation protection and income consistent with investment in inflation-indexed 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 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 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 current income, consistent with the preservation of capital, exempt from Federal income tax by investing in securities issued by municipalities and related entities.


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST

Semiannual Report

 

December 31, 2014

Table of Contents

 
 
 
 
 
 


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Value Equity Portfolio
Portfolio of Investments — December 31, 2014 (Unaudited)

   
Shares   Security
Description
  Value   (000)  
       Common Stocks — 84.45%
 
       Aerospace & Defense — 2.14%
 
8,046     Exelis, Inc.     $ 141  
17,423     Honeywell International, Inc.       1,741  
23,497     L-3 Communications Holdings, Inc.       2,966  
11,436     Lockheed Martin Corp.       2,202  
12,651     Raytheon Co.       1,368  
42,439     The Boeing Co.       5,516  
                13,934  
       Air Freight & Logistics — 0.41%
 
24,138     United Parcel Service, Inc., Class – B       2,683  
       Airlines — 0.97%
 
4,856     Copa Holdings SA, Class – A       503  
118,413     Delta Air Lines, Inc.       5,825  
                6,328  
       Auto Components — 0.63%
 
59,252     Johnson Controls, Inc.       2,864  
12,500     Lear Corp.       1,226  
                4,090  
       Automobiles — 2.11%
 
658,224     Ford Motor Co.       10,202  
100,571     General Motors Co.       3,511  
                13,713  
       Banks — 4.94%
 
7,412     Associated Banc-Corp.       138  
611,040     Bank of America Corp.       10,932  
1,751     Bank of Hawaii Corp.       104  
6,671     BankUnited, Inc.       193  
30,497     BB&T Corp.       1,186  
1,721     BOK Financial Corp.       103  
30,800     Citigroup, Inc.       1,667  
2,575     Cullen/Frost Bankers, Inc.       182  
14,806     First Niagara Financial Group, Inc.       125  
8,784     Fulton Financial Corp.       109  
52,701     JPMorgan Chase & Co.       3,298  
4,992     M&T Bank Corp.       627  
6,504     PacWest Bancorp       296  
40,045     PNC Financial Services Group, Inc.       3,653  
174,267     Wells Fargo & Co.       9,553  
                32,166  
       Beverages — 1.19%
 
16,716     Coca-Cola Enterprises, Inc.       739  
8,731     Dr. Pepper Snapple Group, Inc.       626  
33,118     PepsiCo, Inc.       3,132  
76,848     The Coca-Cola Co.       3,244  
                7,741  
       Biotechnology — 0.58%
 
39,984     Gilead Sciences, Inc. (a)       3,769  
       Capital Markets — 1.18%
 
1,374     Artisan Partners Asset Management, Inc.       69  
5,411     BlackRock, Inc., Class – A       1,935  
5,107     Eaton Vance Corp.       209  
3,302     Federated Investors, Inc., Class – B       109  

   
Shares   Security
Description
  Value   (000)  
       Capital Markets (continued)
 
9,050     Goldman Sachs Group, Inc.     $ 1,754  
19,239     Invesco Ltd.       761  
5,243     Lazard Ltd., Class – A       262  
3,534     LPL Financial Holdings, Inc.       157  
17,649     Northern Trust Corp.       1,190  
11,478     T. Rowe Price Group, Inc.       986  
4,721     Waddell & Reed Financial, Inc., Class – A       235  
                7,667  
       Chemicals — 3.05%
 
8,348     Air Products & Chemicals, Inc.       1,204  
2,526     CF Industries Holdings, Inc.       688  
35,122     E.I. du Pont de Nemours & Co.       2,597  
31,124     Eastman Chemical Co.       2,361  
74,799     LyondellBasell Industries NV, Class A       5,939  
15,937     Monsanto Co.       1,904  
2,933     Rockwood Holdings, Inc.       231  
66,737     The Dow Chemical Co.       3,044  
37,846     The Mosaic Co.       1,728  
1,992     The Scotts Miracle-Gro Co.       124  
                19,820  
       Commercial Services & Supplies — 0.39%
 
4,363     Covanta Holding Corp.       96  
2,809     Iron Mountain, Inc.       109  
5,652     KAR Auction Services, Inc.       196  
8,276     Pitney Bowes, Inc.       202  
11,675     R.R. Donnelley & Sons Co.       196  
11,623     Republic Services, Inc., Class – A       468  
11,081     The ADT Corp.       401  
17,011     Waste Management, Inc.       873  
                2,541  
       Communications Equipment — 2.11%
 
203,641     Brocade Communications Systems, Inc.       2,411  
116,856     Cisco Systems, Inc.       3,250  
63,472     Corning, Inc.       1,455  
29,672     Harris Corp.       2,131  
60,354     Qualcomm, Inc.       4,487  
                13,734  
       Consumer Finance — 2.52%
 
10,250     Ameriprise Financial, Inc.       1,356  
98,594     Capital One Financial Corp.       8,138  
54,806     Discover Financial Services       3,589  
19,652     Navient Corp.       425  
287,618     SLM Corp.       2,931  
                16,439  
       Containers & Packaging — 0.24%
 
4,234     Avery Dennison Corp.       220  
3,588     Bemis Co., Inc.       162  
4,208     Greif, Inc., Class – A       199  
6,648     MeadWestvaco Corp.       295  
19,687     Owens-Illinois, Inc. (a)       531  
3,925     Sonoco Products Co.       172  
                1,579  

See accompanying notes to financial statements.

1


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Value Equity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

   
Shares   Security
Description
  Value   (000)  
       Common Stocks (continued)
 
       Distributors — 0.10%
 
5,852     Genuine Parts Co.     $ 624  
       Diversified Banks — 0.50%
 
71,753     U.S. BanCorp       3,225  
       Diversified Chemicals — 0.03%
 
8,153     Huntsman Corp.       186  
       Diversified Consumer Services — 0.05%
 
10,132     H&R Block, Inc.       341  
       Diversified Financial Services — 0.31%
 
12,295     CME Group, Inc.       1,090  
4,250     IntercontinentalExchange Group, Inc.       932  
                2,022  
       Diversified Telecommunication Services — 1.18%
 
96,674     AT&T, Inc.       3,247  
24,617     CenturyLink, Inc.       974  
37,876     Frontier Communications Corp.       253  
68,642     Verizon Communications, Inc.       3,211  
                7,685  
       Electric Utilities — 1.51%
 
32,541     American Electric Power, Inc.       1,976  
5,803     Duke Energy Corp.       485  
64,568     Edison International       4,227  
1,264     Entergy Corp.       111  
35,668     Exelon Corp.       1,323  
3,137     FirstEnergy Corp.       122  
1,273     Great Plains Energy, Inc.       36  
709     Hawaiian Electric Industries, Inc.       24  
3,773     NextEra Energy, Inc.       401  
2,643     Northeast Utilities       141  
2,157     OGE Energy Corp.       77  
2,073     Pepco Holdings, Inc.       56  
840     Pinnacle West Capital Corp.       57  
5,585     PPL Corp.       203  
7,630     The Southern Co.       375  
1,072     Westar Energy, Inc.       44  
4,245     Xcel Energy, Inc.       152  
                9,810  
       Electrical Equipment — 0.84%
 
21,663     Eaton Corp. PLC       1,472  
53,616     Emerson Electric Co.       3,309  
6,156     Rockwell Automation, Inc.       685  
                5,466  
       Energy Equipment & Services — 0.81%
 
3,562     Atwood Oceanics, Inc. (a)       101  
15,900     Cameron International Corp. (a)       794  
1,894     Franks International NV       31  
14,483     Helmerich & Payne, Inc.       976  
50,344     National Oilwell Varco, Inc.       3,300  
5,840     Patterson-UTI Energy, Inc.       97  
                5,299  

   
Shares   Security
Description
  Value   (000)  
       Food & Staples Retailing — 1.68%
 
22,900     CVS Caremark Corp.     $ 2,205  
20,987     Sysco Corp.       833  
73,383     The Kroger Co.       4,712  
37,142     Wal-Mart Stores, Inc.       3,190  
                10,940  
       Food Products — 1.46%
 
7,068     Campbell Soup Co.       311  
14,146     ConAgra Foods, Inc.       513  
7,641     Flowers Foods, Inc.       147  
28,451     General Mills, Inc.       1,517  
6,060     Hershey Co.       630  
41,373     Ingredion, Inc.       3,510  
10,935     Kellogg Co.       716  
24,065     Kraft Foods Group, Inc.       1,508  
1,952     Pinnacle Foods, Inc.       69  
5,748     The J.M. Smucker Co.       580  
                9,501  
       Food Retail — 0.06%
 
11,171     Safeway, Inc.       392  
       Gas Utilities — 0.58%
 
1,093     AGL Resources, Inc.       60  
871     Atmos Energy Corp.       49  
806     National Fuel Gas Co.       56  
1,678     Questar Corp.       42  
93,368     UGI Corp.       3,546  
                3,753  
       Health Care Equipment & Supplies — 0.53%
 
24,126     Baxter International, Inc.       1,768  
17,252     Covidien PLC       1,765  
                3,533  
       Health Care Providers & Services — 2.58%
 
51,738     Aetna, Inc.       4,596  
73,653     Anthem, Inc.       9,256  
16,250     Express Scripts Holding Co. (a)       1,376  
15,450     UnitedHealth Group, Inc.       1,562  
                16,790  
       Hotels, Restaurants & Leisure — 1.78%
 
18,034     Carnival Corp.       818  
5,313     Darden Restaurants, Inc.       312  
10,484     International Game Technology       181  
69,414     Las Vegas Sands Corp.       4,037  
35,245     McDonald's Corp.       3,302  
15,049     SeaWorld Entertainment, Inc.       269  
2,942     Six Flags Entertainment Corp.       127  
4,073     Wynn Resorts Ltd.       606  
26,848     YUM! Brands, Inc.       1,956  
                11,608  

See accompanying notes to financial statements.

2


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Value Equity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

   
Shares   Security
Description
  Value   (000)  
       Common Stocks (continued)
 
       Household Durables — 0.48%
 
4,937     Garmin Ltd.     $ 261  
4,969     Leggett & Platt, Inc.       212  
3,750     Mohawk Industries, Inc. (a)       583  
46,553     PulteGroup, Inc.       999  
17,160     Tupperware Brands Corp.       1,080  
                3,135  
       Household Products — 0.84%
 
15,546     Kimberly-Clark Corp.       1,796  
5,002     The Clorox Co.       521  
34,953     The Procter & Gamble Co.       3,184  
                5,501  
       Independent Power and Renewable Electricity Producers — 0.65%
 
192,600     Calpine Corp. (a)       4,262  
       Industrial Conglomerates — 1.36%
 
19,878     3M Co.       3,266  
221,337     General Electric Co.       5,594  
                8,860  
       Industrial Machinery — 0.02%
 
2,067     Crane Co.       121  
       Insurance — 6.58%
 
24,237     ACE Ltd.       2,784  
54,194     Aflac, Inc.       3,311  
7,136     Allied World Assurance Co. Holdings AG       271  
100,490     Allstate Corp.       7,059  
47,879     American Financial Group, Inc.       2,907  
94,012     American International Group, Inc.       5,266  
45,300     Aon PLC       4,295  
6,128     Arthur J. Gallagher & Co.       289  
30,600     Aspen Insurance Holdings Ltd.       1,339  
25,590     Assurant, Inc.       1,751  
4,916     AXIS Capital Holdings Ltd.       251  
6,697     Cincinnati Financial Corp.       347  
1,070     CNA Financial Corp.       41  
1,676     Endurance Specialty Holdings Ltd.       100  
2,050     Everest Re Group Ltd.       349  
10,401     FNF Group       358  
1,870     Hanover Insurance Group, Inc.       133  
4,644     HCC Insurance Holdings, Inc.       249  
1,018     Mercury General Corp.       58  
11,555     Old Republic International Corp.       169  
52,435     PartnerRe Ltd.       5,985  
19,564     Principal Financial Group, Inc.       1,016  
2,761     ProAssurance Corp.       125  
19,527     Prudential Financial, Inc.       1,766  
9,666     The Chubb Corp.       1,000  
14,539     The Travelers Cos., Inc.       1,539  
3,962     Validus Holdings Ltd.       165  
                42,923  

   
Shares   Security
Description
  Value   (000)  
       IT Services — 2.17%
 
28,128     Accenture PLC, Class – A     $ 2,512  
19,749     Automatic Data Processing, Inc.       1,646  
47,700     Booz Allen Hamilton Holding Corp.       1,265  
4,770     Broadridge Financial Solutions, Inc.       220  
20,370     International Business Machines Corp.       3,269  
2,856     Leidos Holdings, Inc.       124  
11,483     Paychex, Inc.       530  
26,142     Western Union Co.       468  
294,278     Xerox Corp.       4,080  
                14,114  
       Leisure Products — 0.34%
 
4,795     Hasbro, Inc.       264  
62,133     Mattel, Inc.       1,922  
                2,186  
       Life & Health Insurance — 0.50%
 
60,329     MetLife, Inc.       3,263  
       Machinery — 2.46%
 
59,692     Caterpillar, Inc.       5,464  
13,682     Cummins, Inc.       1,973  
18,382     Deere & Co.       1,626  
31,640     Dover Corp.       2,269  
88,448     ITT Corp.       3,579  
3,550     Pentair PLC       236  
6,402     Stanley Black & Decker, Inc.       615  
5,420     The Timken Co.       231  
                15,993  
       Media — 3.02%
 
7,905     Cablevision Systems Corp., Class – A       163  
4,284     Cinemark Holdings, Inc.       152  
44,500     Comcast Corp.       2,581  
10,085     Gannett Co., Inc.       322  
97,386     Liberty Global PLC, Series C (a)       4,704  
17,000     Liberty Media Corp., Class – C (a)       596  
30,788     Omnicom Group, Inc.       2,385  
3,184     Regal Entertainment Group, Class – A       68  
13,507     Thomson Reuters Corp.       545  
68,753     Time Warner, Inc.       5,874  
22,753     Time, Inc.       560  
22,991     Viacom, Inc., Class – B       1,730  
                19,680  
       Metals & Mining — 0.67%
 
4,389     Allegheny Technologies, Inc.       153  
6,194     Cliffs Natural Resources, Inc. ˆ       44  
4,452     Compass Minerals International, Inc.       387  
118,527     Freeport-McMoRan Copper & Gold, Inc.       2,768  
12,920     Nucor Corp.       633  
3,455     Reliance Steel & Aluminum Co.       212  
9,703     Steel Dynamics, Inc.       192  
                4,389  

See accompanying notes to financial statements.

3


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Value Equity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

   
Shares   Security
Description
  Value   (000)  
       Common Stocks (continued)
 
       Multiline Retail — 1.13%
 
13,400     Dillard's, Inc., Class – A     $ 1,677  
40,444     Dollar General Corp. (a)       2,860  
9,695     Kohl's Corp.       592  
29,460     Target Corp.       2,236  
                7,365  
       Multi-Utilities — 0.31%
 
943     Alliant Energy Corp.       63  
1,905     Ameren Corp.       88  
4,711     CenterPoint Energy, Inc.       110  
2,032     CMS Energy Corp.       71  
2,478     Consolidated Edison, Inc.       164  
5,109     Dominion Resources, Inc.       392  
1,456     DTE Energy Co.       126  
597     Integrys Energy Group, Inc.       46  
2,197     MDU Resources Group, Inc.       52  
2,750     NiSource, Inc.       117  
3,242     PG&E Corp.       173  
3,790     Public Service Enterprise Group, Inc.       157  
1,203     SCANA Corp.       73  
2,050     Sempra Energy       227  
1,883     TECO Energy, Inc.       39  
713     Vectren Corp.       33  
2,167     Wisconsin Energy Corp.       114  
                2,045  
       Oil & Gas Equipment & Services — 0.02%
 
2,733     RPC, Inc.       36  
2,757     Tidewater, Inc.       89  
                125  
       Oil, Gas & Consumable Fuels — 8.90%
 
30,912     Chevron Corp.       3,468  
50,539     ConocoPhillips       3,490  
978     CVR Energy, Inc.       38  
33,350     Encana Corp.       463  
35,877     Exxon Mobil Corp.       3,317  
2,687     Golar LNG Ltd.       98  
120,150     Hess Corp.       8,868  
11,014     HollyFrontier Corp.       413  
27,503     Kinder Morgan, Inc.       1,164  
41,041     Marathon Oil Corp.       1,161  
52,255     Marathon Petroleum Corp.       4,717  
85,034     Murphy Oil Corp.       4,296  
151,171     Occidental Petroleum Corp.       12,185  
15,808     ONEOK, Inc.       787  
3,023     PBF Energy, Inc.       81  
13,643     Peabody Energy Corp.       106  
37,619     Phillips 66       2,697  
15,000     SM Energy Co.       579  
40,598     Spectra Energy Corp.       1,474  
1,526     Targa Resources Corp.       162  
1,985     Teekay Shipping Corp.       101  

   
Shares   Security
Description
  Value   (000)  
       Oil, Gas & Consumable Fuels (continued)
 
49,665     The Williams Cos., Inc.     $ 2,232  
121,347     Valero Energy Corp.       6,007  
                57,904  
       Paper & Forest Products — 0.11%
 
9,600     Domtar Corp.       386  
8,353     Weyerhaeuser Co.       300  
                686  
       Paper Products — 0.17%
 
21,013     International Paper Co.       1,126  
       Personal Products — 0.05%
 
17,563     Avon Products, Inc.       165  
4,091     Nu Skin Enterprises, Inc., Class – A       179  
                344  
       Pharmaceuticals — 5.04%
 
47,513     AbbVie, Inc.       3,109  
2,150     Actavis, Inc. PLC (a)       553  
69,449     Bristol-Myers Squibb Co.       4,100  
36,704     Eli Lilly & Co.       2,532  
29,990     Johnson & Johnson       3,136  
54,744     Merck & Co., Inc.       3,109  
478,704     Pfizer, Inc.       14,912  
9,150     Valeant Pharmaceuticals International, Inc.(a)       1,309  
                32,760  
       Professional Services — 0.10%
 
14,167     Nielsen Holdings NV       634  
       Real Estate Investment Trusts — 1.37%
 
1,086     Alexandria Real Estate Equities, Inc.       96  
1,442     American Campus Communities, Inc.       60  
8,550     American Tower Corp.       846  
2,213     Apartment Investment & Management Co., Class – A       82  
1,676     AvalonBay Communities, Inc.       274  
3,044     BioMed Realty Trust, Inc.       66  
2,410     Brandywine Realty Trust       39  
694     Brixmor Property Group, Inc.       17  
1,243     Camden Property Trust       92  
2,705     CBL & Associates Properties, Inc.       53  
2,057     Columbia Property Trust, Inc.       52  
1,205     Corporate Office Properties Trust       34  
1,679     Corrections Corp. of America       61  
4,819     Crown Castle International Corp.       379  
4,567     DDR Corp.       84  
2,155     Digital Realty Trust, Inc.       143  
2,336     Douglas Emmett, Inc.       66  
4,228     Duke Realty Corp.       85  
1,194     Equity Lifestyle Properties, Inc.       62  
5,213     Equity Residential       375  
908     Essex Property Trust, Inc.       188  
1,774     Extra Space Storage, Inc.       104  
962     Federal Realty Investment Trust       128  

See accompanying notes to financial statements.

4


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Value Equity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

   
Shares   Security
Description
  Value   (000)  
       Common Stocks (continued)
 
       Real Estate Investment Trusts (continued)
 
1,217     Gaming And Leisure Properties, Inc.     $ 36  
8,592     General Growth Properties, Inc.       242  
6,623     HCP, Inc.       292  
4,084     Health Care REIT, Inc.       309  
1,488     Healthcare Trust of America, Inc., Class – A       40  
808     Home Properties, Inc.       53  
2,162     Hospitality Properties Trust       67  
12,017     Host Hotels & Resorts, Inc.       286  
6,221     Kimco Realty Corp.       156  
7,830     Lamar Advertising Co., Class – A       420  
2,074     Liberty Property Trust       78  
5,798     MFA Financial, Inc.       46  
1,058     Mid-America Apartment Communities, Inc.       79  
1,772     National Retail Properties, Inc.       70  
3,437     NorthStar Realty Finance Corp.       60  
1,718     OMEGA Healthcare Investors, Inc.       67  
2,515     Piedmont Office Realty Trust, Inc.,
Class – A
      47  
785     Post Properties, Inc.       46  
7,001     Prologis, Inc.       301  
2,226     Public Storage       411  
3,204     Realty Income Corp.       153  
1,145     Regency Centers Corp.       73  
3,000     Retail Properties of America, Inc.,
Class – A
      50  
3,397     Senior Housing Properties Trust       75  
4,630     Simon Property Group, Inc.       843  
5,329     Spirit Realty Capital, Inc.       63  
3,304     Starwood Property Trust, Inc.       77  
913     Taubman Centers, Inc.       70  
2,132     The Macerich Co.       178  
5,390     Two Harbors Investment Corp.       54  
3,585     UDR, Inc.       110  
4,056     Ventas, Inc.       291  
2,238     Vornado Realty Trust       263  
1,619     Weingarten Realty Investors       57  
1,428     WP Carey, Inc.       100  
                8,949  
       Regional Banks — 0.12%
 
39,538     Fifth Third Bancorp       806  
       Restaurants — 0.02%
 
12,783     The Wendy's Co.       115  
       Retail Real Estate Investment Trusts — 0.01%
 
1,444     Tanger Factory Outlet Centers, Inc.       53  
       Road & Rail — 0.24%
 
14,319     Norfolk Southern Corp.       1,570  
       Semiconductors — 0.08%
 
11,387     Xilinx, Inc.       493  
       Semiconductors & Semiconductor
Equipment — 2.06%

 
12,393     Analog Devices, Inc.       688  
95,451     Applied Materials, Inc.       2,379  

   
Shares   Security
Description
  Value   (000)  
       Semiconductors & Semiconductor
Equipment (continued)

 
8,600     ASML Holding NV, NYS     $ 927  
13,100     Broadcom Corp.       568  
86,796     Intel Corp.       3,150  
7,373     KLA-Tencor Corp.       518  
9,341     Linear Technology Corp.       426  
12,014     Maxim Integrated Products, Inc.       383  
8,747     Microchip Technology, Inc.       395  
75,149     Texas Instruments, Inc.       4,017  
                13,451  
       Software — 2.94%
 
13,577     CA, Inc.       413  
113,183     Electronic Arts, Inc. (a)       5,321  
223,133     Microsoft Corp.       10,365  
52,274     Oracle Corp.       2,351  
27,961     Symantec Corp.       717  
                19,167  
       Specialized Real Estate Investment Trusts — 0.03%
 
2,582     Plum Creek Timber Co., Inc.       110  
1,959     Rayonier, Inc.       55  
                165  
       Specialty Retail — 1.81%
 
3,237     Abercrombie & Fitch Co., Class – A       93  
76,623     Foot Locker, Inc.       4,305  
129,977     GameStop Corp., Class – A ˆ       4,393  
291,116     Office Depot, Inc. (a)       2,496  
26,140     Staples, Inc.       474  
                11,761  
       Technology Hardware, Storage &
Peripherals — 2.01%

 
2,963     Diebold, Inc.       103  
297,076     Hewlett-Packard Co.       11,921  
3,111     Lexmark International, Inc., Class – A       128  
23,300     NetApp, Inc.       966  
                13,118  
       Textiles, Apparel & Luxury Goods — 0.40%
 
69,895     Coach, Inc.       2,625  
       Thrifts & Mortgage Finance — 0.08%
 
18,407     New York Community Bancorp, Inc.       294  
13,830     People's United Financial, Inc.       210  
                504  
       Tobacco — 1.20%
 
62,971     Altria Group, Inc.       3,102  
13,816     Lorillard, Inc.       870  
37,813     Philip Morris International, Inc.       3,080  
11,889     Reynolds American, Inc.       764  
                7,816  
       Trading Companies & Distributors — 0.11%
 
12,869     Fastenal Co.       612  
2,048     GATX Corp.       118  
                730  

See accompanying notes to financial statements.

5


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Value Equity Portfolio
Portfolio of Investments (concluded) — December 31, 2014 (Unaudited)

   
Shares or
Principal
Amount
  (000)  
  Security
Description
  Value   (000)  
       Common Stocks (concluded)
 
       Water Utilities — 0.02%
 
1,547     American Water Works Co., Inc.     $ 83  
1,626     Aqua America, Inc.       43  
                126  
       Wireless Telecommunication Services — 0.57%
 
3,653     Telephone & Data Systems, Inc.       92  
106,460     Vodafone Group PLC, ADR       3,638  
                3,730  
       Total Common Stocks       549,974  
       Time Deposit — 0.30%
 
$1,956     State Street Liquidity Management Control System Eurodollar Time Deposit, 0.01%, 1/2/15       1,956  
       Total Time Deposit       1,956  

   
Shares or
Principal
Amount
  (000)  
  Security
Description
  Value   (000)  
       Mutual Fund — 9.90%
 
64,462,661     Federated U.S. Treasury Cash Reserve Fund, Institutional Shares, 0.00% (b)     $ 64,463  
       Total Mutual Fund       64,463  
       Total Investments
(cost $502,123) — 94.65%
      616,393  
       Other assets in excess of liabilities — 5.35 %      34,870  
       Net Assets — 100.00%     $ 651,263  
ˆ All or part of this security was on loan as of December 31, 2014. The total value of securities on loan as of December 31, 2014, was $4,194 (amount in thousands).
(a) Represents non-income producing security.
(b) The rate disclosed is the rate in effect on December 31, 2014.

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, see Note 3 in the Notes to Financial Statements.

         
The Value Equity Portfolio   Alliance
Bernstein L.P.
  Cadence Capital
Management, LLC
  Institutional
Capital, LLC
  HC Capital
Solutions
  Total
Common Stocks     36.07     39.99     8.39           84.45
Time Deposit     0.13           0.17           0.30
Mutual Fund                       9.90     9.90
Other Assets (Liabilities)     0.01     0.25     —0.12     5.21     5.35
Total Net Assets     36.21 %      40.24 %      8.44 %      15.11 %      100.00 % 

See accompanying notes to financial statements.

6


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Institutional Value Equity Portfolio
Portfolio of Investments — December 31, 2014 (Unaudited)

   
Shares   Security
Description
  Value
  (000)  
       Common Stocks — 84.31%
 
       Aerospace & Defense — 1.87%
 
13,506     Exelis, Inc.     $ 237  
11,794     Honeywell International, Inc.       1,178  
40,149     L-3 Communications Holdings, Inc.       5,067  
19,197     Lockheed Martin Corp.       3,697  
21,235     Raytheon Co.       2,297  
54,169     The Boeing Co.       7,041  
                19,517  
       Air Freight & Logistics — 0.43%
 
40,518     United Parcel Service, Inc., Class – B       4,504  
       Airlines — 1.03%
 
8,150     Copa Holdings SA, Class – A       845  
202,327     Delta Air Lines, Inc.       9,952  
                10,797  
       Auto Components — 0.51%
 
66,956     Johnson Controls, Inc.       3,236  
21,419     Lear Corp.       2,101  
                5,337  
       Automobiles — 2.13%
 
1,052,738     Ford Motor Co.       16,318  
168,816     General Motors Co.       5,893  
                22,211  
       Banks — 4.71%
 
12,442     Associated Banc-Corp.       232  
923,191     Bank of America Corp.       16,517  
2,939     Bank of Hawaii Corp.       174  
11,199     BankUnited, Inc.       324  
51,190     BB&T Corp.       1,991  
2,888     BOK Financial Corp.       173  
20,800     Citigroup, Inc.       1,125  
4,323     Cullen/Frost Bankers, Inc.       305  
24,852     First Niagara Financial Group, Inc.       210  
14,745     Fulton Financial Corp.       182  
88,462     JPMorgan Chase & Co.       5,536  
8,380     M&T Bank Corp.       1,053  
10,918     PacWest Bancorp       496  
48,885     PNC Financial Services Group, Inc.       4,460  
295,999     Wells Fargo & Co.       16,227  
                49,005  
       Beverages — 1.25%
 
28,061     Coca-Cola Enterprises, Inc.       1,241  
14,656     Dr. Pepper Snapple Group, Inc.       1,051  
55,591     PepsiCo, Inc.       5,257  
128,995     The Coca-Cola Co.       5,445  
                12,994  

   
Shares   Security
Description
  Value
  (000)  
       Biotechnology — 0.65%
 
72,427     Gilead Sciences, Inc. (a)     $ 6,827  
       Capital Markets — 0.95%
 
2,308     Artisan Partners Asset Management, Inc.       117  
9,082     BlackRock, Inc., Class – A       3,247  
8,571     Eaton Vance Corp.       351  
5,543     Federated Investors, Inc., Class – B       183  
6,100     Goldman Sachs Group, Inc.       1,182  
32,294     Invesco Ltd.       1,277  
8,801     Lazard Ltd., Class – A       440  
5,933     LPL Financial Holdings, Inc.       264  
11,899     Northern Trust Corp.       802  
19,267     T. Rowe Price Group, Inc.       1,654  
7,924     Waddell & Reed Financial, Inc., Class – A       395  
                9,912  
       Chemicals — 2.95%
 
14,013     Air Products & Chemicals, Inc.       2,021  
4,241     CF Industries Holdings, Inc.       1,156  
58,955     E.I. du Pont de Nemours & Co.       4,359  
53,180     Eastman Chemical Co.       4,034  
126,998     LyondellBasell Industries NV, Class A       10,083  
10,757     Monsanto Co.       1,285  
4,923     Rockwood Holdings, Inc.       388  
112,024     The Dow Chemical Co.       5,110  
47,891     The Mosaic Co.       2,186  
3,344     The Scotts Miracle-Gro Co.       208  
                30,830  
       Commercial Services & Supplies — 0.41%
 
7,324     Covanta Holding Corp.       161  
4,716     Iron Mountain, Inc.       182  
9,487     KAR Auction Services, Inc.       329  
13,892     Pitney Bowes, Inc.       339  
19,598     R.R. Donnelley & Sons Co.       329  
19,509     Republic Services, Inc., Class – A       785  
18,601     The ADT Corp.       674  
28,556     Waste Management, Inc.       1,466  
                4,265  
       Communications Equipment — 2.09%
 
320,500     Brocade Communications Systems, Inc.       3,795  
196,151     Cisco Systems, Inc.       5,456  
106,544     Corning, Inc.       2,443  
53,073     Harris Corp.       3,812  
85,167     Qualcomm, Inc.       6,330  
                21,836  
       Consumer Finance — 2.56%
 
6,950     Ameriprise Financial, Inc.       919  
168,462     Capital One Financial Corp.       13,906  

See accompanying notes to financial statements.

7


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Institutional Value Equity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

   
Shares   Security
Description
  Value
  (000)  
       Common Stocks (continued)
 
       Consumer Finance (continued)
 
93,644     Discover Financial Services     $ 6,133  
32,987     Navient Corp.       713  
491,439     SLM Corp.       5,008  
                26,679  
       Containers & Packaging — 0.20%
 
7,106     Avery Dennison Corp.       369  
6,022     Bemis Co., Inc.       272  
7,063     Greif, Inc., Class – A       334  
11,160     MeadWestvaco Corp.       494  
13,289     Owens-Illinois, Inc. (a)       359  
6,587     Sonoco Products Co.       288  
                2,116  
       Distributors — 0.10%
 
9,823     Genuine Parts Co.       1,047  
       Diversified Banks — 0.52%
 
120,444     U.S. BanCorp       5,414  
       Diversified Chemicals — 0.03%
 
13,685     Huntsman Corp.       312  
       Diversified Consumer Services — 0.05%
 
17,006     H&R Block, Inc.       573  
       Diversified Financial Services — 0.24%
 
20,639     CME Group, Inc.       1,830  
2,900     IntercontinentalExchange Group, Inc.       636  
                2,466  
       Diversified Telecommunication Services — 1.24%
 
162,275     AT&T, Inc.       5,451  
41,321     CenturyLink, Inc.       1,635  
63,577     Frontier Communications Corp.       424  
115,220     Verizon Communications, Inc.       5,390  
                12,900  
       Electric Utilities — 1.46%
 
49,278     American Electric Power, Inc.       2,992  
9,741     Duke Energy Corp.       814  
110,241     Edison International       7,219  
2,120     Entergy Corp.       185  
30,709     Exelon Corp.       1,139  
5,266     FirstEnergy Corp.       205  
2,136     Great Plains Energy, Inc.       61  
1,189     Hawaiian Electric Industries, Inc.       40  
6,334     NextEra Energy, Inc.       673  
4,436     Northeast Utilities       237  
3,621     OGE Energy Corp.       128  
3,481     Pepco Holdings, Inc.       94  
1,411     Pinnacle West Capital Corp.       96  

   
Shares   Security
Description
  Value
  (000)  
       Electric Utilities (continued)
 
9,374     PPL Corp.     $ 341  
12,808     The Southern Co.       629  
1,801     Westar Energy, Inc.       74  
7,125     Xcel Energy, Inc.       256  
                15,183  
       Electrical Equipment — 0.88%
 
36,363     Eaton Corp. PLC       2,472  
89,997     Emerson Electric Co.       5,556  
10,333     Rockwell Automation, Inc.       1,149  
                9,177  
       Energy Equipment & Services — 0.78%
 
5,979     Atwood Oceanics, Inc. (a)       170  
10,750     Cameron International Corp. (a)       537  
3,181     Franks International NV       53  
24,311     Helmerich & Payne, Inc.       1,639  
84,505     National Oilwell Varco, Inc.       5,537  
9,803     Patterson-UTI Energy, Inc.       163  
                8,099  
       Food & Staples Retailing — 1.82%
 
42,904     CVS Caremark Corp.       4,132  
35,229     Sysco Corp.       1,398  
125,387     The Kroger Co.       8,052  
62,346     Wal-Mart Stores, Inc.       5,354  
                18,936  
       Food Products — 1.55%
 
11,865     Campbell Soup Co.       522  
23,746     ConAgra Foods, Inc.       862  
12,828     Flowers Foods, Inc.       246  
47,756     General Mills, Inc.       2,547  
10,173     Hershey Co.       1,057  
71,588     Ingredion, Inc.       6,073  
18,355     Kellogg Co.       1,201  
40,393     Kraft Foods Group, Inc.       2,531  
3,278     Pinnacle Foods, Inc.       116  
9,647     The J.M. Smucker Co.       974  
                16,129  
       Food Retail — 0.06%
 
18,753     Safeway, Inc.       659  
       Gas Utilities — 0.61%
 
1,836     AGL Resources, Inc.       100  
1,462     Atmos Energy Corp.       81  
1,353     National Fuel Gas Co.       94  
2,818     Questar Corp.       71  
159,487     UGI Corp.       6,058  
                6,404  

See accompanying notes to financial statements.

8


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Institutional Value Equity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

   
Shares   Security
Description
  Value
  (000)  
       Common Stocks (continued)
 
       Health Care Equipment & Supplies — 0.39%
 
40,499     Baxter International, Inc.     $ 2,968  
11,684     Covidien PLC       1,195  
                4,163  
       Health Care Providers & Services — 2.46%
 
88,403     Aetna, Inc.       7,853  
125,847     Anthem, Inc.       15,816  
11,000     Express Scripts Holding Co. (a)       931  
10,450     UnitedHealth Group, Inc.       1,056  
                25,656  
       Hotels, Restaurants & Leisure — 1.80%
 
30,271     Carnival Corp.       1,372  
8,918     Darden Restaurants, Inc.       523  
17,599     International Game Technology       304  
103,665     Las Vegas Sands Corp.       6,030  
59,162     McDonald's Corp.       5,543  
25,262     SeaWorld Entertainment, Inc.       452  
4,939     Six Flags Entertainment Corp.       213  
6,837     Wynn Resorts Ltd.       1,017  
45,067     YUM! Brands, Inc.       3,283  
                18,737  
       Household Durables — 0.45%
 
8,287     Garmin Ltd.       438  
8,341     Leggett & Platt, Inc.       355  
2,550     Mohawk Industries, Inc. (a)       396  
78,803     PulteGroup, Inc.       1,691  
28,805     Tupperware Brands Corp.       1,815  
                4,695  
       Household Products — 0.89%
 
26,096     Kimberly-Clark Corp.       3,015  
8,396     The Clorox Co.       875  
58,670     The Procter & Gamble Co.       5,344  
                9,234  
       Independent Power and Renewable
Electricity Producers — 0.70%

 
329,087     Calpine Corp. (a)       7,283  
       Industrial Conglomerates — 1.20%
 
33,366     3M Co.       5,483  
276,673     General Electric Co.       6,991  
                12,474  
       Industrial Machinery — 0.02%
 
3,469     Crane Co.       204  
       Insurance — 6.93%
 
31,446     ACE Ltd.       3,613  
90,968     Aflac, Inc.       5,557  
11,978     Allied World Assurance Co. Holdings AG       454  

   
Shares   Security
Description
  Value
  (000)  
       Insurance (continued)
 
171,706     Allstate Corp.     $ 12,062  
81,809     American Financial Group, Inc.       4,967  
160,634     American International Group, Inc.       8,997  
81,229     Aon PLC       7,703  
10,286     Arthur J. Gallagher & Co.       484  
49,100     Aspen Insurance Holdings Ltd.       2,149  
43,724     Assurant, Inc.       2,992  
8,252     AXIS Capital Holdings Ltd.       422  
11,241     Cincinnati Financial Corp.       583  
1,797     CNA Financial Corp.       70  
2,814     Endurance Specialty Holdings Ltd.       168  
3,442     Everest Re Group Ltd.       586  
17,458     FNF Group       601  
3,138     Hanover Insurance Group, Inc.       224  
7,796     HCC Insurance Holdings, Inc.       417  
1,707     Mercury General Corp.       97  
19,396     Old Republic International Corp.       284  
89,521     PartnerRe Ltd.       10,218  
32,839     Principal Financial Group, Inc.       1,706  
4,635     ProAssurance Corp.       209  
32,777     Prudential Financial, Inc.       2,965  
16,358     The Chubb Corp.       1,693  
24,404     The Travelers Cos., Inc.       2,583  
6,650     Validus Holdings Ltd.       276  
                72,080  
       IT Services — 2.27%
 
47,215     Accenture PLC, Class – A       4,217  
33,151     Automatic Data Processing, Inc.       2,764  
75,899     Booz Allen Hamilton Holding Corp.       2,014  
8,006     Broadridge Financial Solutions, Inc.       370  
34,192     International Business Machines Corp.       5,485  
4,794     Leidos Holdings, Inc.       209  
19,275     Paychex, Inc.       890  
43,882     Western Union Co.       786  
502,819     Xerox Corp.       6,968  
                23,703  
       Leisure Products — 0.35%
 
8,049     Hasbro, Inc.       443  
104,295     Mattel, Inc.       3,227  
                3,670  
       Life & Health Insurance — 0.53%
 
101,266     MetLife, Inc.       5,477  
       Machinery — 2.52%
 
100,950     Caterpillar, Inc.       9,240  
22,966     Cummins, Inc.       3,311  
30,855     Deere & Co.       2,730  

See accompanying notes to financial statements.

9


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Institutional Value Equity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

   
Shares   Security
Description
  Value
  (000)  
       Common Stocks (continued)
 
       Machinery (continued)
 
45,908     Dover Corp.     $ 3,293  
151,127     ITT Corp.       6,115  
2,400     Pentair PLC       159  
10,746     Stanley Black & Decker, Inc.       1,032  
9,098     The Timken Co.       388  
                26,268  
       Media — 2.52%
 
13,268     Cablevision Systems Corp., Class – A       274  
7,192     Cinemark Holdings, Inc.       256  
30,100     Comcast Corp.       1,746  
16,928     Gannett Co., Inc.       541  
166,398     Liberty Global PLC, Series C (a)       8,038  
11,450     Liberty Media Corp., Class – C (a)       401  
32,894     Omnicom Group, Inc.       2,548  
5,274     Regal Entertainment Group, Class – A       113  
22,674     Thomson Reuters Corp.       915  
117,474     Time Warner, Inc.       10,034  
15,371     Time, Inc.       378  
15,519     Viacom, Inc., Class – B       1,168  
                26,412  
       Metals & Mining — 0.71%
 
7,367     Allegheny Technologies, Inc.       256  
10,394     Cliffs Natural Resources, Inc.ˆ       74  
7,472     Compass Minerals International, Inc.       649  
198,958     Freeport-McMoRan Copper & Gold, Inc.       4,648  
21,688     Nucor Corp.       1,064  
5,800     Reliance Steel & Aluminum Co.       355  
16,289     Steel Dynamics, Inc.       322  
                7,368  
       Multiline Retail — 1.16%
 
22,400     Dillard's, Inc., Class – A       2,804  
64,468     Dollar General Corp. (a)       4,558  
16,274     Kohl's Corp.       993  
49,452     Target Corp.       3,754  
                12,109  
       Multi-Utilities — 0.33%
 
1,583     Alliant Energy Corp.       105  
3,196     Ameren Corp.       147  
7,909     CenterPoint Energy, Inc.       185  
3,411     CMS Energy Corp.       119  
4,159     Consolidated Edison, Inc.       275  
8,575     Dominion Resources, Inc.       659  
2,444     DTE Energy Co.       211  
1,002     Integrys Energy Group, Inc.       78  

   
Shares   Security
Description
  Value
  (000)  
       Multi-Utilities (continued)
 
3,687     MDU Resources Group, Inc.     $ 87  
4,615     NiSource, Inc.       196  
5,441     PG&E Corp.       290  
6,361     Public Service Enterprise Group, Inc.       263  
2,019     SCANA Corp.       122  
3,442     Sempra Energy       383  
3,161     TECO Energy, Inc.       65  
1,197     Vectren Corp.       55  
3,637     Wisconsin Energy Corp.       192  
                3,432  
       Oil & Gas Equipment & Services — 0.02%
 
4,588     RPC, Inc.       60  
4,627     Tidewater, Inc.       150  
                210  
       Oil, Gas & Consumable Fuels — 9.17%
 
51,888     Chevron Corp.       5,821  
84,833     ConocoPhillips       5,859  
1,641     CVR Energy, Inc.       64  
22,500     Encana Corp.       312  
60,222     Exxon Mobil Corp.       5,568  
4,510     Golar LNG Ltd.       164  
205,223     Hess Corp.       15,149  
18,487     HollyFrontier Corp.       693  
46,166     Kinder Morgan, Inc.       1,953  
68,891     Marathon Oil Corp.       1,949  
89,443     Marathon Petroleum Corp.       8,073  
139,651     Murphy Oil Corp.       7,055  
232,087     Occidental Petroleum Corp.       18,708  
26,537     ONEOK, Inc.       1,321  
5,075     PBF Energy, Inc.       135  
22,899     Peabody Energy Corp.       177  
63,145     Phillips 66       4,527  
26,500     SM Energy Co.       1,022  
68,146     Spectra Energy Corp.       2,474  
2,561     Targa Resources Corp.       272  
3,333     Teekay Shipping Corp.       170  
83,367     The Williams Cos., Inc.       3,747  
206,626     Valero Energy Corp.       10,228  
                95,441  
       Paper & Forest Products — 0.11%
 
16,114     Domtar Corp.       648  
14,021     Weyerhaeuser Co.       503  
                1,151  
       Paper Products — 0.18%
 
35,272     International Paper Co.       1,890  

See accompanying notes to financial statements.

10


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Institutional Value Equity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

   
Shares   Security
Description
  Value
  (000)  
       Common Stocks (continued)
 
       Personal Products — 0.06%
 
29,479     Avon Products, Inc.     $ 277  
6,868     Nu Skin Enterprises, Inc., Class – A       300  
                577  
       Pharmaceuticals — 4.84%
 
79,754     AbbVie, Inc.       5,219  
1,450     Actavis, Inc. PLC (a)       373  
100,332     Bristol-Myers Squibb Co.       5,923  
61,609     Eli Lilly & Co.       4,250  
50,341     Johnson & Johnson       5,264  
91,892     Merck & Co., Inc.       5,219  
745,050     Pfizer, Inc.       23,208  
6,200     Valeant Pharmaceuticals International, Inc. (a)       887  
                50,343  
       Professional Services — 0.10%
 
23,781     Nielsen Holdings NV       1,064  
       Real Estate Investment Trusts — 1.36%
 
1,824     Alexandria Real Estate Equities, Inc.       162  
2,421     American Campus Communities, Inc.       100  
5,800     American Tower Corp.       573  
3,715     Apartment Investment & Management Co., Class – A       138  
2,814     AvalonBay Communities, Inc.       460  
5,110     BioMed Realty Trust, Inc.       110  
4,046     Brandywine Realty Trust       65  
1,165     Brixmor Property Group, Inc.       29  
2,085     Camden Property Trust       154  
4,541     CBL & Associates Properties, Inc.       88  
3,453     Columbia Property Trust, Inc.       88  
2,023     Corporate Office Properties Trust       57  
2,818     Corrections Corp. of America       102  
8,088     Crown Castle International Corp.       637  
7,667     DDR Corp.       141  
3,617     Digital Realty Trust, Inc.       240  
3,921     Douglas Emmett, Inc.       111  
7,098     Duke Realty Corp.       143  
2,003     Equity Lifestyle Properties, Inc.       103  
8,751     Equity Residential       629  
1,524     Essex Property Trust, Inc.       315  
2,978     Extra Space Storage, Inc.       175  
1,614     Federal Realty Investment Trust       215  
2,042     Gaming And Leisure Properties, Inc.       60  
14,422     General Growth Properties, Inc.       406  
11,117     HCP, Inc.       489  
6,856     Health Care REIT, Inc.       519  

   
Shares   Security
Description
  Value
  (000)  
       Real Estate Investment Trusts (continued)
 
2,499     Healthcare Trust of America, Inc.,
Class – A
    $ 67  
1,356     Home Properties, Inc.       89  
3,629     Hospitality Properties Trust       112  
20,171     Host Hotels & Resorts, Inc.       479  
10,442     Kimco Realty Corp.       263  
13,144     Lamar Advertising Co., Class – A       705  
3,481     Liberty Property Trust       131  
9,732     MFA Financial, Inc.       78  
1,777     Mid-America Apartment Communities, Inc.       133  
2,974     National Retail Properties, Inc.       117  
5,769     NorthStar Realty Finance Corp.       101  
2,884     OMEGA Healthcare Investors, Inc.       113  
4,221     Piedmont Office Realty Trust, Inc., Class – A       80  
1,317     Post Properties, Inc.       77  
11,752     Prologis, Inc.       506  
3,738     Public Storage       691  
5,379     Realty Income Corp.       257  
1,922     Regency Centers Corp.       123  
5,036     Retail Properties of America, Inc., Class – A       84  
5,703     Senior Housing Properties Trust       126  
7,772     Simon Property Group, Inc.       1,416  
8,945     Spirit Realty Capital, Inc.       106  
5,547     Starwood Property Trust, Inc.       129  
1,532     Taubman Centers, Inc.       117  
3,578     The Macerich Co.       298  
9,047     Two Harbors Investment Corp.       91  
6,018     UDR, Inc.       185  
6,810     Ventas, Inc.       488  
3,758     Vornado Realty Trust       442  
2,717     Weingarten Realty Investors       95  
2,397     WP Carey, Inc.       168  
                14,176  
       Regional Banks — 0.13%
 
66,369     Fifth Third Bancorp       1,352  
       Restaurants — 0.02%
 
21,457     The Wendy's Co.       194  
       Retail Real Estate Investment Trusts — 0.01%
 
2,424     Tanger Factory Outlet Centers, Inc.       90  
       Road & Rail — 0.25%
 
24,034     Norfolk Southern Corp.       2,634  
       Semiconductors — 0.08%
 
19,115     Xilinx, Inc.       827  
       Semiconductors & Semiconductor
Equipment — 1.92%

 
20,803     Analog Devices, Inc.       1,155  

See accompanying notes to financial statements.

11


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Institutional Value Equity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

   
  
  
  
Shares
  Security
Description
  Value
  (000)  
       Common Stocks (continued)
 
       Aerospace & Defense — 1.87%
 
163,093     Applied Materials, Inc.     $ 4,064  
5,800     ASML Holding NV, NYS       625  
8,850     Broadcom Corp.       383  
145,694     Intel Corp.       5,287  
12,376     KLA-Tencor Corp.       870  
15,681     Linear Technology Corp.       715  
20,167     Maxim Integrated Products, Inc.       643  
14,683     Microchip Technology, Inc.       662  
105,482     Texas Instruments, Inc.       5,641  
                20,045  
       Software — 3.37%
 
22,791     CA, Inc.       694  
193,390     Electronic Arts, Inc. (a)       9,092  
408,855     Microsoft Corp.       18,992  
113,123     Oracle Corp.       5,087  
46,934     Symantec Corp.       1,204  
                35,069  
       Specialized Real Estate Investment Trusts — 0.03%
 
4,334     Plum Creek Timber Co., Inc.       185  
3,290     Rayonier, Inc.       92  
                277  
       Specialty Retail — 1.93%
 
5,434     Abercrombie & Fitch Co., Class – A       156  
131,881     Foot Locker, Inc.       7,409  
221,856     GameStop Corp., Class – A ˆ       7,498  
493,823     Office Depot, Inc. (a)       4,235  
43,878     Staples, Inc.       795  
                20,093  
       Technology Hardware, Storage &
Peripherals — 2.05%

 
4,974     Diebold, Inc.       172  
507,600     Hewlett-Packard Co.       20,370  
5,223     Lexmark International, Inc., Class – A       216  
15,750     NetApp, Inc.       653  
                21,411  
       Textiles, Apparel & Luxury Goods — 0.42%
 
117,325     Coach, Inc.       4,407  

                 
       Thrifts & Mortgage Finance — 0.08%
 
30,898     New York Community Bancorp, Inc.       495  
23,215     People's United Financial, Inc.       352  
                847  

   
Shares   Security
Description
  Value
  (000)  
       Tobacco — 1.26%
 
105,702     Altria Group, Inc.     $ 5,207  
23,192     Lorillard, Inc.       1,460  
63,473     Philip Morris International, Inc.       5,170  
19,957     Reynolds American, Inc.       1,283  
                13,120  
       Trading Companies & Distributors — 0.12%
 
21,602     Fastenal Co.       1,027  
3,438     GATX Corp.       198  
                1,225  
       Water Utilities — 0.02%
 
2,596     American Water Works Co., Inc.       138  
2,728     Aqua America, Inc.       73  
                211  
       Wireless Telecommunication Services — 0.47%
 
6,131     Telephone & Data Systems, Inc.       155  
141,403     Vodafone Group PLC, ADR       4,832  
                4,987  
       Total Common Stocks       878,735  
       Time Deposit — 0.53%
 
$5,572     State Street Liquidity Management Control System Eurodollar Time Deposit, 0.01%, 1/2/15       5,572  
       Total Time Deposit       5,572  
       Mutual Funds — 10.17%
 
597,179     Dreyfus Treasury Prime Cash Management Fund, 0.00% (b)       597  
105,442,413     Federated U.S. Treasury Cash Reserve Fund, Institutional Shares, 0.00% (b)       105,443  
       Total Mutual Funds       106,040  
       Total Investments
(cost $824,665) — 95.01%
      990,347  
       Other assets in excess of
liabilities — 4.99%
      52,013  
       Net Assets — 100.00 %    $ 1,042,360  
ˆ All or part of this security was on loan as of December 31, 2014. The total value of securities on loan as of December 31, 2014, was $7,104 (amount in thousands).
(a) Represents non-income producing security.
(b) The rate disclosed is the rate in effect on December 31, 2014.

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust

See accompanying notes to financial statements.

12


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Institutional Value Equity Portfolio
Portfolio of Investments (concluded) — December 31, 2014 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager, see Note 3 in the Notes to Financial Statements.

         
The Institutional
Value Equity Portfolio
  AllianceBernstein L.P.   Cadence Capital
Management, LLC
  Institutional
Capital, LLC
  HC Capital Solutions   Total
Common Stocks     38.83     41.94     3.54           84.31
Time Deposit     0.45           0.08           0.53
Mutual Funds           0.06           10.11     10.17
Other Assets (Liabilities)     0.15           -0.05     4.89     4.99
Total Net Assets     39.43 %      42.00 %      3.57 %      15.00 %      100.00 % 

See accompanying notes to financial statements.

13


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Growth Equity Portfolio
Portfolio of Investments — December 31, 2014 (Unaudited)

   
Shares   Security
Description
  Value
  (000)  
       Common Stocks — 83.79%
 
       Aerospace & Defense — 1.86%
 
1,818     Engility Holdings, Inc. (a)     $ 78  
9,779     General Dynamics Corp.       1,346  
3,026     L-3 Communications Holdings, Inc.       382  
25,363     Precision Castparts Corp.       6,109  
4,483     Rockwell Collins, Inc.       379  
38,249     The Boeing Co.       4,972  
28,099     United Technologies Corp.       3,231  
             16,497  
       Air Freight & Logistics — 0.08%
 
5,024     C.H. Robinson Worldwide, Inc.       376  
6,569     Expeditors International of Washington, Inc.       293  
             669  
       Auto Components — 0.02%
 
4,454     Gentex Corp.       161  
       Automobiles — 0.38%
 
14,959     Tesla Motors, Inc. (a)       3,327  
       Banks — 0.01%
 
1,553     Cullen/Frost Bankers, Inc.       110  
       Beverages — 1.17%
 
4,526     Brown-Forman Corp., Class – B       398  
4,181     Monster Beverage Corp. (a)       453  
47,946     PepsiCo, Inc.       4,534  
117,432     The Coca-Cola Co.       4,957  
             10,342  
       Biotechnology — 4.98%
 
27,312     Alexion Pharmaceuticals, Inc. (a)       5,054  
81,727     Amgen, Inc.       13,018  
24,080     Biogen Idec, Inc. (a)       8,174  
50,869     Celgene Corp. (a)       5,690  
49,060     Gilead Sciences, Inc. (a)       4,624  
10,279     Regeneron Pharmaceuticals, Inc. (a)       4,217  
28,023     Vertex Pharmaceuticals, Inc. (a)       3,329  
             44,106  
       Capital Markets — 2.10%
 
3,925     BlackRock, Inc., Class – A       1,403  
1,960     Federated Investors, Inc., Class – B       65  
12,885     Franklin Resources, Inc.       713  
17,901     Goldman Sachs Group, Inc.       3,470  
114,504     Morgan Stanley       4,443  
4,225     SEI Investments Co.       169  
96,116     State Street Corp.       7,546  
7,877     T. Rowe Price Group, Inc.       676  
2,675     Waddell & Reed Financial, Inc., Class – A       133  
             18,618  
       Chemicals — 2.60%
 
70,533     Ecolab, Inc.       7,372  
2,390     International Flavors & Fragrances, Inc.       242  
109,270     Monsanto Co.       13,055  
9,240     Praxair, Inc.       1,197  
3,714     Sigma-Aldrich Corp.       510  

   
Shares   Security
Description
  Value
  (000)  
       Chemicals (continued)
 
2,626     The Sherwin-Williams Co.     $ 691  
             23,067  
       Commercial Services & Supplies — 0.11%
 
3,263     Cintas Corp.       256  
3,163     Copart, Inc. (a)       115  
2,020     Rollins, Inc.       67  
2,572     Stericycle, Inc. (a)       338  
3,739     Waste Connections, Inc.       164  
             940  
       Communications Equipment — 1.49%
 
167,912     Cisco Systems, Inc.       4,670  
2,106     F5 Networks, Inc. (a)       275  
111,594     Qualcomm, Inc.       8,295  
             13,240  
       Construction & Engineering — 0.03%
 
3,540     AECOM Technology Corp. (a)       108  
3,944     Jacobs Engineering Group, Inc. (a)       176  
             284  
       Consumer Finance — 0.96%
 
91,910     American Express Co.       8,551  
       Containers & Packaging — 0.01%
 
1,970     AptarGroup, Inc.       132  
       Distributors — 0.06%
 
4,723     Genuine Parts Co.       503  
       Diversified Consumer Services — 0.01%
 
3,405     Apollo Group, Inc., Class – A (a)       116  
891     ITT Educational Services, Inc.ˆ(a)       9  
             125  
       Diversified Financial Services — 0.50%
 
2,656     CBOE Holdings, Inc.       168  
247     FNFV Group(a)       4  
2,143     IntercontinentalExchange Group, Inc.       470  
43,040     The McGraw-Hill Cos., Inc.       3,830  
             4,472  
       Electrical Equipment — 0.31%
 
7,467     AMETEK, Inc.       393  
3,744     Eaton Corp. PLC       254  
22,649     Emerson Electric Co.       1,398  
1,682     Hubbell, Inc., Class – B       180  
3,060     Roper Industries, Inc.       478  
             2,703  
       Electronic Equipment, Instruments
& Components — 0.11%

 
9,994     Amphenol Corp., Class – A       538  
1,591     Dolby Laboratories, Inc., Class – A       69  
4,741     FLIR Systems, Inc.       153  
2,661     National Instruments Corp.       83  
1,439     Zebra Technologies Corp. (a)       111  
             954  
       Energy Equipment & Services — 1.62%
 
735     CARBO Ceramics, Inc.ˆ       29  

See accompanying notes to financial statements.

14


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Growth Equity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

   
Shares   Security
Description
  Value
  (000)  
       Common Stocks (continued)
 
       Energy Equipment & Services (continued)
 
7,473     FMC Technologies, Inc. (a)     $ 350  
12,986     National Oilwell Varco, Inc.       851  
3,328     Oceaneering International, Inc.       196  
151,099     Schlumberger Ltd.       12,905  
             14,331  
       Food & Staples Retailing — 3.06%
 
57,645     Costco Wholesale Corp.       8,171  
38,602     CVS Caremark Corp.       3,718  
18,236     Sysco Corp.       724  
929     The Fresh Market, Inc. (a)       38  
26,203     Walgreens Boots Alliance, Inc.       1,997  
51,620     Wal-Mart Stores, Inc.       4,433  
159,298     Whole Foods Market, Inc.       8,032  
             27,113  
       Food Products — 1.93%
 
5,278     Flowers Foods, Inc.       101  
62,750     Hershey Co.       6,522  
4,122     Hormel Foods Corp.       215  
7,449     Kellogg Co.       487  
4,092     McCormick & Co., Inc.       304  
6,223     Mead Johnson Nutrition Co.       626  
233,922     Mondelez International, Inc., Class – A       8,497  
3,431     The J.M. Smucker Co.       346  
             17,098  
       Health Care Equipment & Supplies — 2.03%
 
163,014     Abbott Laboratories       7,339  
16,903     Baxter International, Inc.       1,239  
6,256     Becton, Dickinson & Co.       871  
2,616     C.R. Bard, Inc.       436  
14,874     Covidien PLC       1,522  
4,290     Dentsply International, Inc.       229  
3,300     Edwards Lifesciences Corp. (a)       420  
1,493     Halyard Health, Inc. (a)       68  
1,574     IDEXX Laboratories, Inc. (a)       233  
1,215     Intuitive Surgical, Inc. (a)       643  
32,015     Medtronic, Inc.       2,311  
4,339     ResMed, Inc.       243  
9,608     St. Jude Medical, Inc.       625  
9,529     Stryker Corp.       899  
3,437     Varian Medical Systems, Inc. (a)       297  
5,440     Zimmer Holdings, Inc.       617  
             17,992  
       Health Care Providers & Services — 1.23%
 
7,790     AmerisourceBergen Corp.       702  
10,195     Anthem, Inc.       1,281  
24,703     Express Scripts Holding Co. (a)       2,092  
2,787     Henry Schein, Inc. (a)       379  
5,048     Humana, Inc.       725  
2,965     Laboratory Corp. of America Holdings (a)       320  
7,203     McKesson Corp.       1,495  

   
Shares   Security
Description
  Value
  (000)  
       Health Care Providers & Services (continued)
 
3,026     MEDNAX, Inc. (a)     $ 200  
2,903     Patterson Cos., Inc.       140  
4,631     Quest Diagnostics, Inc.       311  
32,538     UnitedHealth Group, Inc.       3,289  
             10,934  
       Health Care Technology — 0.93%
 
126,809     Cerner Corp. (a)       8,199  
       Hotels, Restaurants & Leisure — 3.11%
 
5,456     Chipotle Mexican Grill, Inc. (a)       3,735  
3,842     Darden Restaurants, Inc.       225  
22,036     Dunkin' Brands Group, Inc.       940  
21,151     Las Vegas Sands Corp.       1,230  
65,591     Marriott International, Inc.       5,118  
30,201     McDonald's Corp.       2,830  
888     Panera Bread Co., Class – A (a)       155  
150,456     Starbucks Corp.       12,345  
13,798     YUM! Brands, Inc.       1,005  
             27,583  
       Household Durables — 0.02%
 
3,413     Garmin Ltd.       180  
       Household Products — 2.02%
 
4,244     Church & Dwight Co., Inc.       334  
135,117     Colgate-Palmolive Co.       9,349  
11,949     Kimberly-Clark Corp.       1,381  
3,937     The Clorox Co.       410  
70,586     The Procter & Gamble Co.       6,430  
             17,904  
       Industrial Conglomerates — 0.57%
 
21,500     3M Co.       3,533  
18,003     Danaher Corp.       1,543  
             5,076  
       Insurance — 0.73%
 
65,270     Aon PLC       6,190  
3,608     Brown & Brown, Inc.       119  
733     FNF Group       25  
4,624     Torchmark Corp.       250  
             6,584  
       Internet & Catalog Retail — 3.91%
 
49,141     Amazon.com, Inc. (a)       15,251  
13,174     Netflix.com, Inc. (a)       4,500  
10,924     Priceline.com, Inc. (a)       12,456  
32,583     TripAdvisor, Inc. (a)       2,433  
             34,640  
       Internet Software & Services — 7.80%
 
57,406     Alibaba Group Holding Ltd. (a)       5,967  
35,198     eBay, Inc. (a)       1,975  
34,950     Equinix, Inc.       7,924  
150,131     Facebook, Inc., Class – A (a)       11,713  
33,662     Google, Inc. (a)       17,720  
17,680     Google, Inc., Class – A (a)       9,382  
6,917     LendingClub Corp. (a)       175  

See accompanying notes to financial statements.

15


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Growth Equity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

   
Shares   Security
Description
  Value
  (000)  
       Common Stocks (continued)
 
       Internet Software & Services (continued)
 
43,890     LinkedIn Corp., Class – A (a)     $ 10,082  
3,360     Rackspace Hosting, Inc. (a)       157  
59,468     Tencent Holdings Ltd., ADR       863  
90,264     Twitter, Inc. (a)       3,238  
             69,196  
       IT Services — 6.03%
 
19,568     Accenture PLC, Class – A       1,748  
115,129     Automatic Data Processing, Inc.       9,598  
3,782     Broadridge Financial Solutions, Inc.       175  
19,059     Cognizant Technology Solutions Corp. (a)       1,004  
1,400     FleetCor Technologies, Inc. (a)       208  
2,332     Global Payments, Inc.       188  
24,556     International Business Machines Corp.       3,940  
2,661     Jack Henry & Associates, Inc.       165  
2,165     Leidos Holdings, Inc.       94  
136,848     MasterCard, Inc., Class – A       11,791  
2,004     NeuStar, Inc., Class – A (a)       56  
9,998     Paychex, Inc.       462  
1,220     Science Applications International Corp.       60  
4,989     Teradata Corp. (a)       218  
4,922     Total System Services, Inc.       167  
88,394     Visa, Inc., Class – A       23,176  
19,160     Western Union Co.       343  
                53,393  
       Leisure Products — 0.03%
 
1,965     Polaris Industries, Inc.       297  
       Life Sciences Tools & Services — 0.83%
 
1,088     Bio-Techne Corp.       101  
1,616     Covance, Inc. (a)       168  
27,611     Illumina, Inc. (a)       5,097  
1,000     Mettler-Toledo International, Inc. (a)       302  
11,304     Thermo Electron Corp.       1,416  
2,638     Waters Corp. (a)       297  
                7,381  
       Machinery — 0.27%
 
4,402     Donaldson Co., Inc.       170  
2,583     IDEX Corp.       201  
13,003     Illinois Tool Works, Inc.       1,232  
3,585     Pall Corp.       363  
2,825     Wabtec Corp.       245  
5,834     Xylem, Inc.       222  
                2,433  
       Marine — 0.01%
 
1,612     Kirby Corp. (a)       130  
       Media — 2.39%
 
17,674     Discovery Communications, Inc. (a)       609  
18,022     Discovery Communications, Inc. (a)       608  
1,367     John Wiley & Sons, Inc., Class – A       81  
849     Morningstar, Inc.       55  
8,269     Omnicom Group, Inc.       641  

   
Shares   Security
Description
  Value
  (000)  
       Media (continued)
 
2,587     Scripps Networks Interactive, Class – A     $ 195  
151,163     The Walt Disney Co.       14,237  
123,884     Twenty-First Century Fox, Inc.       4,758  
                21,184  
       Multiline Retail — 0.14%
 
7,073     Dollar Tree, Inc. (a)       498  
3,077     Family Dollar Stores, Inc.       244  
7,552     Kohl's Corp.       461  
                1,203  
       Oil, Gas & Consumable Fuels — 2.07%
 
42,828     Chevron Corp.       4,804  
41,325     Concho Resources, Inc. (a)       4,122  
38,456     EOG Resources, Inc.       3,541  
62,394     Exxon Mobil Corp.       5,768  
2,020     World Fuel Services Corp.       95  
                18,330  
       Personal Products — 0.07%
 
1,673     Nu Skin Enterprises, Inc., Class – Aˆ       73  
7,097     The Estee Lauder Cos., Inc., Class – A       541  
                614  
       Pharmaceuticals — 6.50%
 
48,009     AbbVie, Inc.       3,142  
21,282     Actavis, Inc. PLC(a)       5,478  
25,241     Allergan, Inc.       5,366  
117,085     Bristol-Myers Squibb Co.       6,912  
31,248     Eli Lilly & Co.       2,156  
5,049     Hospira, Inc. (a)       309  
66,507     Johnson & Johnson       6,955  
1,646     Mallinckrodt PLC(a)       163  
164,509     Merck & Co., Inc.       9,342  
99,731     Novo Nordisk A/S, ADR       4,221  
34,135     Perrigo Co. PLC       5,706  
89,458     Sanofi-Aventis, ADR       4,080  
17,697     Shire PLC, ADR       3,761  
             57,591  
       Professional Services — 0.09%
 
3,704     Equifax, Inc.       300  
1,810     Towers Watson & Co., Class – A       205  
4,472     Versik Analytics, Inc., Class – A (a)       286  
             791  
       Real Estate Investment Trusts — 0.40%
 
35,503     American Tower Corp.       3,509  
       Road & Rail — 1.15%
 
24,236     Canadian Pacific Railway Ltd.       4,670  
1,322     Landstar System, Inc.       96  
45,137     Union Pacific Corp.       5,377  
             10,143  

See accompanying notes to financial statements.

16


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Growth Equity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

   
 
Shares
   
 
Security
Description
   
Value
  (000)  
       Common Stocks (continued)
 
       Semiconductors &
Semiconductor Equipment — 1.32%

 
9,999     Altera Corp.     $ 369  
65,058     Applied Materials, Inc.       1,621  
79,796     ARM Holdings PLC, ADR       3,695  
157,838     Intel Corp.       5,728  
6,044     Microchip Technology, Inc.       273  
             11,686  
       Software — 5.78%
 
86,235     Adobe Systems, Inc. (a)       6,268  
2,812     ANSYS, Inc. (a)       231  
4,985     Cdk Global, Inc.       203  
5,521     Citrix Systems, Inc. (a)       352  
1,400     FactSet Research Systems, Inc.       197  
45,208     FireEye, Inc. (a)       1,428  
8,998     Intuit, Inc.       830  
118,450     Oracle Corp.       5,327  
151,008     Red Hat, Inc. (a)       10,440  
192,001     Salesforce.com, Inc. (a)       11,387  
83,480     SAP AG, ADR       5,814  
1,679     SolarWinds, Inc. (a)       84  
48,612     Splunk, Inc. (a)       2,866  
31,434     VMware, Inc., Class – A (a)       2,594  
38,619     Workday, Inc., Class – A (a)       3,152  
             51,173  
       Specialty Retail — 4.47%
 
2,486     Aaron's, Inc.       76  
2,632     Abercrombie & Fitch Co., Class – A       75  
2,185     Advance Auto Parts, Inc.       348  
3,615     Ascena Retail Group, Inc. (a)       45  
1,145     AutoZone, Inc. (a)       709  
7,146     Bed Bath & Beyond, Inc. (a)       544  
8,392     Best Buy Co., Inc.       327  
2,885     Dick's Sporting Goods, Inc.       143  
2,171     Guess?, Inc.       46  
337,169     Industria de Diseno Textil SA, ADR       4,788  
159,040     Lowe's Cos., Inc.       10,943  
23,986     O'Reilly Automotive, Inc. (a)       4,620  
3,243     PetSmart, Inc.       264  
6,818     Ross Stores, Inc.       643  
2,585     Signet Jewelers Ltd.       340  
21,636     Staples, Inc.       392  
46,911     The Home Depot, Inc.       4,924  
70,268     The TJX Cos., Inc.       4,819  
48,711     Tiffany & Co.       5,205  
1,843     Ulta Salon, Cosmetics & Fragrance, Inc. (a)       236  
3,163     Urban Outfitters, Inc. (a)       111  
             39,598  

   
Shares or Principal Amount   (000)     Security
Description
  Value
  (000)  
       Technology Hardware, Storage &
Peripherals — 3.14%

 
251,181     Apple, Inc.     $ 27,726  
2,168     Lexmark International, Inc., Class – A       89  
             27,815  
       Textiles, Apparel & Luxury Goods — 1.95%
 
8,831     Coach, Inc.       332  
1,159     Deckers Outdoor Corp. (a)       106  
1,507     Fossil Group, Inc. (a)       167  
25,487     Michael Kors Holdings Ltd. (a)       1,914  
98,587     NIKE, Inc., Class – B       9,478  
1,861     Ralph Lauren Corp.       345  
59,975     Under Armour, Inc., Class – A (a)       4,072  
10,658     V.F. Corp.       798  
             17,212  
       Tobacco — 0.55%
 
11,974     Lorillard, Inc.       754  
50,068     Philip Morris International, Inc.       4,078  
             4,832  
       Trading Companies & Distributors — 0.85%
 
146,161     Fastenal Co.       6,952  
1,336     MSC Industrial Direct Co., Inc., Class – A       109  
3,244     NOW, Inc. ˆ (a)       83  
1,634     W.W. Grainger, Inc.       416  
             7,560  
       Total Common Stocks       742,506  
       Time Deposit — 1.13%
 
$9,970     State Street Liquidity Management Control System Eurodollar Time Deposit, 0.01%, 1/2/15       9,970  
       Total Time Deposit       9,970  
       Mutual Funds — 9.85%
 
87,054,968     Federated U.S. Treasury Cash Reserve Fund, Institutional Shares, 0.00% (b)       87,055  
264,633     SSgA Treasury Money Market
Fund, 0.00% (b)
      265  
       Total Mutual Funds       87,320  
       Total Investments
  (cost $557,011) — 94.77%
      839,796  
       Other assets in excess of
liabilities — 5.23%
      46,327  
       Net Assets — 100.00%     $ 886,123  
ˆ All or part of this security was on loan as of December 31, 2014. The total value of securities on loan as of December 31, 2014, was $110 (amount in thousands).
(a) Represents non-income producing security.
(b) The rate disclosed is the rate in effect on December 31, 2014.

ADR — American Depositary Receipt

See accompanying notes to financial statements.

17


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Growth Equity Portfolio
Portfolio of Investments (concluded) — December 31, 2014 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager, see Note 3 in the Notes to Financial Statements.

         
The Growth Equity Portfolio   Jennison
Associates LLC
  Mellon Capital
Management
Corporation
  Sustainable
Growth
Advisers
  HC Capital
Solutions
  Total
Common Stocks     35.72     24.87     23.20           83.79
Time Deposit     0.26           0.87           1.13
Mutual Funds           0.07           9.78     9.85
Other Assets (Liabilities)     -0.01           0.02     5.22     5.23
Total Net Assets     35.97 %      24.94 %      24.09 %      15.00 %      100.00 % 

See accompanying notes to financial statements.

18


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Institutional Growth Equity Portfolio
Portfolio of Investments — December 31, 2014 (Unaudited)

   
Shares   Security
Description
  Value   (000)  
       Common Stocks — 81.21%
 
       Aerospace & Defense — 2.11%
 
3,471     Engility Holdings, Inc. (a)     $ 149  
17,475     General Dynamics Corp.       2,405  
5,433     L-3 Communications Holdings, Inc.       686  
48,272     Precision Castparts Corp.       11,628  
7,982     Rockwell Collins, Inc.       674  
72,935     The Boeing Co.       9,480  
50,526     United Technologies Corp.       5,810  
             30,832  
       Air Freight & Logistics — 0.08%
 
9,165     C.H. Robinson Worldwide, Inc.       687  
11,975     Expeditors International of Washington,
Inc.
      534  
             1,221  
       Auto Components — 0.02%
 
7,661     Gentex Corp.       277  
       Automobiles — 0.44%
 
28,688     Tesla Motors, Inc. (a)       6,380  
       Banks — 0.01%
 
2,981     Cullen/Frost Bankers, Inc.       211  
       Beverages — 1.28%
 
8,040     Brown-Forman Corp., Class – B       706  
7,981     Monster Beverage Corp. (a)       865  
86,355     PepsiCo, Inc.       8,166  
211,425     The Coca-Cola Co.       8,926  
             18,663  
       Biotechnology — 4.82%
 
52,187     Alexion Pharmaceuticals, Inc. (a)       9,656  
96,331     Amgen, Inc.       15,345  
45,989     Biogen Idec, Inc. (a)       15,610  
97,003     Celgene Corp. (a)       10,851  
93,656     Gilead Sciences, Inc. (a)       8,828  
9,509     Regeneron Pharmaceuticals, Inc. (a)       3,901  
53,492     Vertex Pharmaceuticals, Inc. (a)       6,355  
             70,546  
       Capital Markets — 1.90%
 
7,037     BlackRock, Inc., Class – A       2,516  
4,728     Federated Investors, Inc., Class – B       156  
22,741     Franklin Resources, Inc.       1,259  
34,250     Goldman Sachs Group, Inc.       6,639  
218,346     Morgan Stanley       8,472  
7,643     SEI Investments Co.       306  
88,943     State Street Corp.       6,982  
14,072     T. Rowe Price Group, Inc.       1,208  
4,655     Waddell & Reed Financial, Inc., Class – A       232  
             27,770  
       Chemicals — 2.04%
 
70,059     Ecolab, Inc.       7,323  
4,508     International Flavors & Fragrances, Inc.       457  
148,220     Monsanto Co.       17,708  
16,580     Praxair, Inc.       2,148  
6,608     Sigma-Aldrich Corp.       907  
4,776     The Sherwin-Williams Co.       1,256  
             29,799  

   
Shares   Security
Description
  Value   (000)  
       Commercial Services & Supplies — 0.12%
 
6,093     Cintas Corp.     $ 478  
5,406     Copart, Inc. (a)       197  
3,664     Rollins, Inc.       121  
4,739     Stericycle, Inc. (a)       622  
6,825     Waste Connections, Inc.       300  
             1,718  
       Communications Equipment — 1.37%
 
302,289     Cisco Systems, Inc.       8,408  
3,859     F5 Networks, Inc. (a)       503  
149,566     Qualcomm, Inc.       11,118  
             20,029  
       Construction & Engineering — 0.04%
 
6,497     AECOM Technology Corp. (a)       197  
7,255     Jacobs Engineering Group, Inc. (a)       325  
             522  
       Consumer Finance — 0.54%
 
85,020     American Express Co.       7,910  
       Containers & Packaging — 0.02%
 
3,531     AptarGroup, Inc.       236  
       Distributors — 0.06%
 
8,535     Genuine Parts Co.       910  
       Diversified Consumer Services — 0.01%
 
5,977     Apollo Group, Inc., Class – A (a)       204  
1,425     ITT Educational Services, Inc. ˆ (a)       14  
             218  
       Diversified Financial Services — 0.57%
 
4,904     CBOE Holdings, Inc.       311  
508     FNFV Group (a)       8  
3,926     IntercontinentalExchange Group, Inc.       861  
81,203     The McGraw-Hill Cos., Inc.       7,225  
             8,405  
       Electrical Equipment — 0.33%
 
13,431     AMETEK, Inc.       707  
6,947     Eaton Corp. PLC       472  
40,580     Emerson Electric Co.       2,505  
3,202     Hubbell, Inc., Class – B       342  
5,352     Roper Industries, Inc.       837  
             4,863  
       Electronic Equipment, Instruments &
Components — 0.12%

 
18,034     Amphenol Corp., Class – A       971  
2,929     Dolby Laboratories, Inc., Class – A       126  
8,309     FLIR Systems, Inc.       268  
5,408     National Instruments Corp.       168  
2,982     Zebra Technologies Corp. (a)       231  
             1,764  
       Energy Equipment & Services — 1.32%
 
1,107     CARBO Ceramics, Inc. ˆ       44  
13,210     FMC Technologies, Inc. (a)       619  
23,381     National Oilwell Varco, Inc.       1,532  
6,013     Oceaneering International, Inc.       354  
197,677     Schlumberger Ltd.       16,884  
             19,433  

See accompanying notes to financial statements.

19


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Institutional Growth Equity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

   
Shares   Security
Description
  Value   (000)  
       Common Stocks (continued)
 
       Food & Staples Retailing — 2.93%
 
108,331     Costco Wholesale Corp.     $ 15,357  
69,488     CVS Caremark Corp.       6,692  
32,530     Sysco Corp.       1,291  
1,586     The Fresh Market, Inc. (a)       65  
47,074     Walgreens Boots Alliance, Inc.       3,587  
92,850     Wal-Mart Stores, Inc.       7,974  
156,879     Whole Foods Market, Inc.       7,910  
             42,876  
       Food Products — 1.50%
 
9,704     Flowers Foods, Inc.       186  
57,950     Hershey Co.       6,023  
7,623     Hormel Foods Corp.       397  
13,262     Kellogg Co.       868  
7,488     McCormick & Co., Inc.       556  
11,182     Mead Johnson Nutrition Co.       1,124  
335,445     Mondelez International, Inc., Class – A       12,186  
6,064     The J.M. Smucker Co.       612  
             21,952  
       Health Care Equipment & Supplies — 2.25%
 
305,245     Abbott Laboratories       13,742  
30,283     Baxter International, Inc.       2,219  
11,159     Becton, Dickinson & Co.       1,553  
4,719     C.R. Bard, Inc.       786  
26,648     Covidien PLC       2,726  
7,986     Dentsply International, Inc.       425  
5,946     Edwards Lifesciences Corp. (a)       757  
2,700     Halyard Health, Inc. (a)       123  
3,066     IDEXX Laboratories, Inc. (a)       455  
2,162     Intuitive Surgical, Inc. (a)       1,144  
57,501     Medtronic, Inc.       4,152  
7,971     ResMed, Inc.       447  
17,229     St. Jude Medical, Inc.       1,120  
16,962     Stryker Corp.       1,600  
6,237     Varian Medical Systems, Inc. (a)       540  
9,610     Zimmer Holdings, Inc.       1,090  
             32,879  
       Health Care Providers & Services — 1.34%
 
13,837     AmerisourceBergen Corp.       1,248  
18,298     Anthem, Inc.       2,300  
44,504     Express Scripts Holding Co. (a)       3,768  
5,121     Henry Schein, Inc. (a)       697  
8,943     Humana, Inc.       1,284  
5,405     Laboratory Corp. of America Holdings (a)       583  
12,878     McKesson Corp.       2,673  
5,545     MEDNAX, Inc. (a)       367  
5,236     Patterson Cos., Inc.       252  
8,527     Quest Diagnostics, Inc.       572  
58,537     UnitedHealth Group, Inc.       5,917  
             19,661  
       Health Care Technology — 0.55%
 
124,983     Cerner Corp. (a)       8,081  

   
Shares   Security
Description
  Value   (000)  
       Hotels, Restaurants & Leisure — 3.11%
 
10,402     Chipotle Mexican Grill, Inc. (a)     $ 7,120  
6,955     Darden Restaurants, Inc.       408  
41,367     Dunkin' Brands Group, Inc.       1,764  
39,602     Las Vegas Sands Corp.       2,303  
125,076     Marriott International, Inc.       9,760  
54,384     McDonald's Corp.       5,096  
1,562     Panera Bread Co., Class – A (a)       273  
207,136     Starbucks Corp.       16,995  
24,785     YUM! Brands, Inc.       1,806  
             45,525  
       Household Durables — 0.02%
 
5,880     Garmin Ltd.       311  
       Household Products — 1.77%
 
7,734     Church & Dwight Co., Inc.       610  
150,505     Colgate-Palmolive Co.       10,413  
21,500     Kimberly-Clark Corp.       2,484  
7,226     The Clorox Co.       753  
127,254     The Procter & Gamble Co.       11,592  
             25,852  
       Industrial Conglomerates — 0.62%
 
38,772     3M Co.       6,371  
32,241     Danaher Corp.       2,763  
             9,134  
       Insurance — 0.44%
 
60,300     Aon PLC       5,718  
6,439     Brown & Brown, Inc.       212  
1,376     FNF Group       47  
8,301     Torchmark Corp.       450  
             6,427  
       Internet & Catalog Retail — 3.59%
 
70,711     Amazon.com, Inc. (a)       21,945  
25,043     Netflix.com, Inc. (a)       8,555  
15,290     Priceline.com, Inc. (a)       17,434  
61,690     TripAdvisor, Inc. (a)       4,606  
             52,540  
       Internet Software & Services — 7.52%
 
109,393     Alibaba Group Holding Ltd. (a)       11,370  
63,319     eBay, Inc. (a)       3,553  
30,014     Equinix, Inc.       6,805  
284,599     Facebook, Inc., Class – A (a)       22,204  
47,689     Google, Inc. (a)       25,104  
32,878     Google, Inc., Class – A (a)       17,447  
13,236     LendingClub Corp. (a)       335  
65,427     LinkedIn Corp., Class – A (a)       15,029  
6,064     Rackspace Hosting, Inc. (a)       284  
113,613     Tencent Holdings Ltd., ADR       1,649  
173,248     Twitter, Inc. (a)       6,214  
             109,994  
       IT Services — 5.52%
 
35,241     Accenture PLC, Class – A       3,147  
119,566     Automatic Data Processing, Inc.       9,968  
6,994     Broadridge Financial Solutions, Inc.       323  

See accompanying notes to financial statements.

20


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Institutional Growth Equity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

   
Shares   Security
Description
  Value   (000)  
       Common Stocks (continued)
 
       IT Services (continued)
 
33,944     Cognizant Technology Solutions Corp. (a)     $ 1,787  
2,526     FleetCor Technologies, Inc. (a)       376  
4,330     Global Payments, Inc.       350  
44,265     International Business Machines Corp.       7,102  
4,917     Jack Henry & Associates, Inc.       306  
3,996     Leidos Holdings, Inc.       174  
248,216     MasterCard, Inc., Class – A       21,386  
3,691     NeuStar, Inc., Class – A (a)       103  
17,761     Paychex, Inc.       820  
2,318     Science Applications International Corp.       115  
8,953     Teradata Corp. (a)       391  
9,011     Total System Services, Inc.       306  
127,529     Visa, Inc., Class – A       33,437  
34,363     Western Union Co.       615  
             80,706  
       Leisure Products — 0.04%
 
3,666     Polaris Industries, Inc.       554  
       Life Sciences Tools & Services — 0.95%
 
2,030     Bio-Techne Corp.       188  
3,040     Covance, Inc. (a)       316  
52,743     Illumina, Inc. (a)       9,735  
1,647     Mettler-Toledo International, Inc. (a)       498  
20,293     Thermo Electron Corp.       2,543  
4,945     Waters Corp. (a)       557  
             13,837  
       Machinery — 0.30%
 
8,225     Donaldson Co., Inc.       318  
4,674     IDEX Corp.       364  
23,484     Illinois Tool Works, Inc.       2,224  
6,428     Pall Corp.       651  
5,400     Wabtec Corp.       469  
10,623     Xylem, Inc.       404  
             4,430  
       Marine — 0.02%
 
3,155     Kirby Corp. (a)       255  
       Media — 2.18%
 
33,644     Discovery Communications, Inc. (a)       1,159  
34,305     Discovery Communications, Inc. (a)       1,157  
2,782     John Wiley & Sons, Inc., Class – A       165  
1,287     Morningstar, Inc.       83  
14,774     Omnicom Group, Inc.       1,145  
4,779     Scripps Networks Interactive, Class – A       360  
199,006     The Walt Disney Co.       18,743  
236,114     Twenty-First Century Fox, Inc.       9,068  
             31,880  
       Multiline Retail — 0.15%
 
12,672     Dollar Tree, Inc. (a)       891  
5,347     Family Dollar Stores, Inc.       424  
13,380     Kohl's Corp.       817  
             2,132  
       Oil, Gas & Consumable Fuels — 2.31%
 
77,090     Chevron Corp.       8,648  
78,628     Concho Resources, Inc. (a)       7,843  
73,331     EOG Resources, Inc.       6,752  

   
Shares   Security
Description
  Value   (000)  
       Oil, Gas & Consumable Fuels (continued)
 
112,464     Exxon Mobil Corp.     $ 10,397  
4,159     World Fuel Services Corp.       195  
             33,835  
       Personal Products — 0.07%
 
3,040     Nu Skin Enterprises, Inc., Class – A ˆ       133  
12,510     The Estee Lauder Cos., Inc., Class – A       953  
             1,086  
       Pharmaceuticals — 6.81%
 
86,461     AbbVie, Inc.       5,658  
40,917     Actavis, Inc. PLC (a)       10,532  
46,967     Allergan, Inc.       9,985  
222,871     Bristol-Myers Squibb Co.       13,155  
56,218     Eli Lilly & Co.       3,878  
9,331     Hospira, Inc. (a)       572  
119,764     Johnson & Johnson       12,524  
3,166     Mallinckrodt PLC (a)       314  
304,559     Merck & Co., Inc.       17,295  
190,542     Novo Nordisk A/S, ADR       8,064  
39,571     Perrigo Co. PLC       6,615  
82,688     Sanofi-Aventis, ADR       3,771  
33,872     Shire PLC, ADR       7,198  
             99,561  
       Professional Services — 0.10%
 
6,727     Equifax, Inc.       544  
3,346     Towers Watson & Co., Class – A       379  
8,230     Versik Analytics, Inc., Class – A (a)       527  
             1,450  
       Real Estate Investment Trusts — 0.46%
 
67,704     American Tower Corp.       6,693  
       Road & Rail — 1.31%
 
46,217     Canadian Pacific Railway Ltd.       8,906  
2,722     Landstar System, Inc.       197  
84,358     Union Pacific Corp.       10,050  
             19,153  
       Semiconductors & Semiconductor
Equipment — 1.47%

 
18,065     Altera Corp.       667  
121,346     Applied Materials, Inc.       3,024  
151,742     ARM Holdings PLC, ADR       7,026  
283,931     Intel Corp.       10,304  
10,949     Microchip Technology, Inc.       494  
             21,515  
       Software — 5.45%
 
162,074     Adobe Systems, Inc. (a)       11,783  
5,143     ANSYS, Inc. (a)       422  
9,059     Cdk Global, Inc.       369  
10,034     Citrix Systems, Inc. (a)       640  
2,549     FactSet Research Systems, Inc.       359  
84,495     FireEye, Inc. (a)       2,668  
16,240     Intuit, Inc.       1,497  
213,235     Oracle Corp.       9,589  
208,258     Red Hat, Inc. (a)       14,399  
278,937     Salesforce.com, Inc. (a)       16,544  
72,680     SAP AG, ADR       5,062  
3,594     SolarWinds, Inc. (a)       179  
92,697     Splunk, Inc. (a)       5,464  

See accompanying notes to financial statements.

21


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Institutional Growth Equity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

   
Shares     
  
Security
Description
  Value
  (000)  
       Common Stocks (continued)
 
       Software (continued)
 
58,992     VMware, Inc., Class – A (a)     $ 4,868  
71,093     Workday, Inc., Class – A (a)       5,802  
             79,645  
       Specialty Retail — 4.33%
 
4,345     Aaron's, Inc.       133  
4,841     Abercrombie & Fitch Co., Class – A       139  
3,894     Advance Auto Parts, Inc.       620  
7,176     Ascena Retail Group, Inc. (a)       90  
1,959     AutoZone, Inc. (a)       1,213  
12,642     Bed Bath & Beyond, Inc. (a)       963  
15,298     Best Buy Co., Inc.       596  
5,291     Dick's Sporting Goods, Inc.       263  
3,892     Guess?, Inc.       82  
642,947     Industria de Diseno Textil SA, ADR       9,130  
146,990     Lowe's Cos., Inc.       10,113  
45,125     O'Reilly Automotive, Inc. (a)       8,692  
5,886     PetSmart, Inc.       479  
12,157     Ross Stores, Inc.       1,146  
4,776     Signet Jewelers Ltd.       628  
38,879     Staples, Inc.       704  
84,330     The Home Depot, Inc.       8,852  
131,283     The TJX Cos., Inc.       9,003  
92,883     Tiffany & Co.       9,925  
3,488     Ulta Salon, Cosmetics & Fragrance, Inc. (a)       446  
5,798     Urban Outfitters, Inc. (a)       204  
             63,421  
       Technology Hardware, Storage &
Peripherals — 3.56%

 
470,082     Apple, Inc.       51,888  
4,416     Lexmark International, Inc., Class – A       182  
             52,070  
       Textiles, Apparel & Luxury Goods — 2.21%
 
15,756     Coach, Inc.       592  
2,100     Deckers Outdoor Corp. (a)       191  
2,983     Fossil Group, Inc. (a)       330  
48,147     Michael Kors Holdings Ltd. (a)       3,616  
185,427     NIKE, Inc., Class – B       17,829  
3,419     Ralph Lauren Corp.       633  
113,871     Under Armour, Inc., Class – A (a)       7,732  
19,119     V.F. Corp.       1,432  
             32,355  
       Tobacco — 0.59%
 
21,450     Lorillard, Inc.       1,350  
90,044     Philip Morris International, Inc.       7,334  
             8,684  
       Trading Companies & Distributors — 0.54%
 
141,654     Fastenal Co.       6,737  
2,273     MSC Industrial Direct Co., Inc., Class – A       185  
5,837     NOW, Inc. ˆ (a)       150  
3,037     W.W. Grainger, Inc.       774  
             7,846  
       Total Common Stocks       1,188,047  

   
Shares or
Principal Amount
  (000)  
  Security
Description
  Value
  (000)  
       Corporate Bonds — 0.36%
 
       Banks — 0.17%
 
700     Bank of America Corp., 5.75%, 12/1/17     $ 773  
800     Citigroup, Inc., 0.78%, 3/10/17 (b)       798  
800     JPMorgan Chase Bank NA, 6.00%,
10/1/17
      889  
             2,460  
       Capital Markets — 0.06%
 
$200     Goldman Sachs Group, Inc., 0.73%,
1/12/15 (b)
      200  
500     Goldman Sachs Group, Inc., 3.70%,
8/1/15
      508  
200     Goldman Sachs Group, Inc., 0.70%,
3/22/16 (b)
      200  
             908  
       Diversified Financial Services — 0.06%
 
900     Ford Motor Credit Co. LLC, 2.38%, 1/16/18       905  
       Diversified Telecommunication Services — 0.06%
 
100     Verizon Communications, Inc., 1.77%, 9/15/16 (b)       102  
69     Verizon Communications, Inc., 2.50%, 9/15/16       71  
400     Verizon Communications, Inc., 3.65%, 9/14/18       422  
200     Verizon Communications, Inc., 4.50%, 9/15/20       217  
             812  
       Oil, Gas & Consumable Fuels — 0.01%
 
100     El Paso Pipeline Partners Operating Co. LLC, 6.50%, 4/1/20       113  
100     Southwestern Energy Co., 4.10%, 3/15/22, Callable 12/15/21 @ 100.00       98  
             211  
       Total Corporate Bonds       5,296  
       Asset Backed Securities — 0.01%
 
56     Asset Backed Securities Corp. Home Equity Loan Trust, Series 2007-HE2, Class A2, 0.25%, 5/25/37 (b)       36  
39     SLM Student Loan Trust, Series 2005-4, Class A2, 0.31%, 4/26/21 (b)       40  
27     Small Business Administration Participation Certificates, Series 2008-20E, Class 1, 5.49%, 5/1/28       29  
       Total Asset Backed Securities       105  
       Collateralized Mortgage Obligations — 0.19%
 
11     American Home Mortgage Investment Trust, Series 2005-2, Class 4A1, 1.83%,
9/25/45 (b)
      11  
120     Banc of America Commercial Mortgage, Inc., Series 2006-5, Class A4, 5.41%, 9/10/16       126  
13     Banc of America Mortgage Securities, Inc., Series 2006-A, Class 2A1, 2.74%,
2/25/36 (b)
      11  
31     Bear Stearns Adjustable Rate Mortgage Trust, Series 2002-11, Class 1A2, 2.67%, 2/25/33 (b)       29  

.See accompanying notes to financial statements

22


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Institutional Growth Equity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

   
Shares or
Principal Amount
  (000)  
  Security
Description
  Value
  (000)  
       Collateralized Mortgage Obligations (continued)
 
$21     Bear Stearns Adjustable Rate Mortgage Trust, Series 2002-11, Class 1A1, 2.35%, 2/25/33 (b)     $ 20  
23     Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-9, Class 22A1, 3.01%, 11/25/34 (b)       23  
59     Citigroup Mortgage Loan Trust, Inc., Series 2005-6, Class A2, 2.28%,
9/25/35 (b)
      59  
107     Citigroup Mortgage Loan Trust, Inc., Series 2005-6, Class A3, 1.93%,
9/25/35 (b)
      104  
0     Citigroup Mortgage Loan Trust, Inc., Series 2005-3, Class 2A2A, 2.56%, 8/25/35 (b)       0  
26     Countrywide Alternative Loan Trust, Series 2006-OA11B, Class A1B, 0.36%, 9/25/46 (b)(c)(d)       22  
19     Countrywide Alternative Loan Trust, Series 2006-OA9, Class 2A1A, 0.38%, 7/20/46 (b)(c)(d)       13  
87     Countrywide Alternative Loan Trust, Series 2003-J2, Class A1, 6.00%, 10/25/33       91  
22     Countrywide Alternative Loan Trust, Series 2006-HY13, Class 4A1, 2.66%, 2/25/37 (b)(c)(d)       19  
28     Countrywide Alternative Loan Trust, Series 2005-81, Class A1, 0.45%, 2/25/37 (b)       22  
0     Countrywide Home Loans, Series 2005-HYB9, Class 3A2A, 2.31%, 2/20/36 (b)       0  
61     Countrywide Home Loans, Series 2005-3, Class 2A1, 0.46%, 4/25/35 (b)       51  
659     Countrywide Home Loans, Series 2005-9, Class 1A3, 0.40%, 5/25/35 (b)       556  
147     Fannie Mae, Series 2006-82, Class F, 0.74%, 9/25/36 (b)       148  
112     Fannie Mae Whole Loan, Series 2004-W12, Class 1A1, 6.00%, 7/25/44       127  
118     First Horizon Mortgage Pass-Through Trust, Series 2004-AR1, Class 2A1, 2.53%, 2/25/34 (b)       117  
4     Freddie Mac, Series 3346, Class FA, 0.39%, 2/15/19 (b)       4  
5     Freddie Mac, Series 2395, Class FT, 0.61%, 12/15/31 (b)       6  
123     Freddie Mac, Series 3174, Class FM, 0.40%, 5/15/36 (b)       123  
49     Government National Mortgage Association, Series 2000-14, Class F, 0.81%, 2/16/30 (b)       49  
0     Government National Mortgage
Association, Series 2005-16, Class FA, 0.42%, 2/20/35 (b)
      0  
429     Government National Mortgage
Association, Series 2008-6, Class FA, 0.66%, 2/20/38 (b)
      434  

   
Shares or
Principal Amount
  (000)  
  Security
Description
  Value
  (000)  
       Collateralized Mortgage Obligations (continued)
 
$119     Morgan Stanley Capital I, Series 2007-IQ16, Class A4, 5.81%, 12/12/49     $ 129  
609     Nomura Asset Acceptance Corp., Series 2005-AR5, Class 2A1, 2.66%, 10/25/35 (b)       554  
       Total Collateralized Mortgage Obligations       2,848  
       Global Bonds — 0.27%
 
       Italy — 0.08%
 
899     Buoni del Tesoro Poliennali, Series ICPI, 2.15%, 11/12/17 (e)       1,126  
       Mexico — 0.11%
 
262,310     Mexican Cetes, 0.00%, 5/28/15 (e)       1,758  
       Slovenia — 0.05%
 
400     Republic of Slovenia, Series DZ53, 0.18%, 4/9/15 (e)(f)(g)       483  
200     Republic of Slovenia, 4.70%, 11/1/16 (e)(h)       259  
                742  
       Spain — 0.01%
 
100     Bonos y Obligaciones del Estado, 2.75%, 10/31/24 (e)(h)       133  
       United States — 0.02%
 
100     Goldman Sachs Group, Inc., 0.43%,
5/18/15 (b)
      121  
100     JPMorgan Chase Bank NA, 4.37%, 11/30/21, Callable 11/14/16 @ 100 (b)       127  
                248  
       Total Global Bonds       4,007  
       Municipal Bond — 0.02%
 
       Washington — 0.02%
 
200     Port of Seattle Washington Revenue, Series B1, 7.00%, 5/1/36       234  
       Total Municipal Bond       234  
       U.S. Government Agency Mortgages  — 0.02%
 
7     Fannie Mae, 4.50%, 10/1/35       8  
222     Fannie Mae, 2.21%, 10/1/35 (b)       238  
4     Fannie Mae, 6.00%, 11/1/37       5  
6     Fannie Mae, 4.50%, 3/1/41       7  
50     Fannie Mae, 4.50%, 4/1/42       54  
7     Fannie Mae, 4.50%, 12/1/34       8  
       Total U.S. Government Agency Mortgages       320  
       U.S. Treasury Obligations  — 1.89%
 
200     U.S. Treasury Bond, 3.00%, 11/15/44       210  
2,500     U.S. Treasury Inflation Index Note, 0.13%, 7/15/24 (i)       2,407  
339     U.S. Treasury Note, 0.25%, 9/15/15       339  
500     U.S. Treasury Note, 2.25%, 4/30/21       510  
8,300     U.S. Treasury Note, 2.75%, 2/15/24       8,734  
5,400     U.S. Treasury Note, 2.50%, 5/15/24       5,563  
9,700     U.S. Treasury Note, 2.38%, 8/15/24       9,880  
       Total U.S. Treasury Obligations       27,643  

See accompanying notes to financial statements.

23


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Institutional Growth Equity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

   
Shares or
Principal Amount
  (000)  
  Security
Description
  Value
  (000)  
       Yankee Dollars — 0.31%
 
       Aerospace & Defense — 0.01%
 
$72     Waha Aerospace BV, 3.93%, 7/28/20     $ 75  
       Banks — 0.27%
 
900     Banco Bilbao Vizcaya NY, 0.98%,
10/23/15 (b)
      899  
500     Banco Votorantim SA, 5.25%, 2/11/16 (h)       510  
600     DNB Bank ASA, 3.20%, 4/3/17 (h)       622  
200     Export-Import Bank of Korea, 5.88%, 1/14/15       200  
200     Export-Import Bank of Korea, 4.13%,
9/9/15
      204  
200     Export-Import Bank of Korea, 5.13%, 6/29/20       225  
200     Export-Import Bank of Korea, 5.00%, 4/11/22       229  
1,000     Sumitomo Mitsui Banking Corp., 0.55%, 4/29/16 (b)       999  
             3,888  
       Diversified Financial Services — 0.01%
 
175     Doric Nimrod Air Finance Alpha Ltd., Series 2012-1, Class A, 5.13%,
11/30/24 (h)
      181  
       Oil, Gas & Consumable Fuels — 0.02%
 
300     Gazprom OAO, 8.13%, 2/4/15       362  
       Total Yankee Dollars       4,506  
       Time Deposit — 1.38%
 
$20,122     State Street Liquidity Management Control
System Eurodollar Time Deposit, 0.01%,
1/2/15
      20,122  
       Total Time Deposit       20,122  
       Mutual Funds — 9.61%
 
623,805     SSgA U.S. Government Money Market Fund, 0.00% (j)       624  
139,928,558     Federated U.S. Treasury Cash Reserve Fund, Institutional Shares, 0.00% (j)       139,929  
       Total Mutual Funds       140,553  
       Repurchase Agreements — 0.72%
 
$4,200     Citigroup Global Markets, 0.14%, 1/2/15 (Purchased on 12/31/14, proceeds at maturity $4,200,033 collateralized by U.S. Treasury Note, 2.50, 5/15/24 fair value $4,299,315)       4,200  
$4,500     Deutsche Bank Securities, Inc., 0.10%, 1/2/15 (Purchased on 12/31/14, proceeds at maturity $4,500,025 collateralized by U.S. Treasury Bond, 3.13, 2/15/43 fair value $4,599,737)       4,500  

   
Shares or
Principal Amount
  (000)  
  Security
Description
  Value
  (000)  
       Repurchase Agreements (continued)
 
$1,800     JPMorgan Securities, 0.14%, 1/2/15 (Purchased on 12/31/14, proceeds at maturity $1,800,014 collateralized by U.S. Treasury Note, 1.88, 6/30/15 fair value $1,842,191)     $ 1,800  
       Total Repurchase Agreements       10,500  
       Total Investments
(cost $1,039,740) — 95.99%
    $ 1,404,181  
       Other assets in excess
of liabilities — 4.01%
      58,703  
       Net Assets — 100.00%     $ 1,462,884  

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

ˆ All or part of this security was on loan as of December 31, 2014. The total value of securities on loan as of December 31, 2014, was $326 (amount in thousands).
(a) Represents non-income producing security.
(b) Variable Rate Security. The rate reflected is the rate in effect on December 31, 2014.
(c) Escrow security due to bankruptcy.
(d) Issuer has defaulted on the payment of interest. These securities have been deemed illiquid by the Specialist Manager and represents 0.00% of the Portfolio's net assets.
(e) The principal amount is disclosed in local currency and the value is disclosed in U.S. Dollars.
(f) Zero Coupon Security. Effective rate shown is as of December 31, 2014.
(g) Rate disclosed represents effective yield at purchase.
(h) 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.
(i) All or part of this security has been pledged as collateral for derivative instruments held by the Portfolio.
(j) The rate disclosed is the rate in effect on December 31, 2014.

ADR — American Depositary Receipt

LIBOR — Represents the London InterBank Offered Rate

See accompanying notes to financial statements.

24


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Institutional Growth Equity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager, see Note 3 in the Notes to Financial Statements.

           
The Institutional
Growth Equity Portfolio
  Jennison Associates
LLC
  PIMCO   Mellon Quality
Yield
  Sustainable
Growth
Advisers
  HC Capital
Solutions
  Total
Common Stocks     41.17           27.12     12.92           81.21
Corporate Bonds           0.36                       0.36
Asset Backed Securities           0.01                       0.01
Collateralized Mortgage Obligations           0.19                       0.19
Global Bonds           0.27                       0.27
Municipal Bonds           0.02                       0.02
U.S. Government Agency Mortgages           0.02                       0.02
U.S. Treasury Obligations           1.89                       1.89
Yankee Dollars           0.31                       0.31
Time Deposits     0.67     0.16           0.55           1.38
Mutual Funds           0.04                 9.57     9.61
Repurchase Areements           0.72                       0.72
Other Assets (Liabilities)     -0.01     -1.03     -0.01     0.01     5.05     4.01
Total Net Assets     41.83 %      2.96 %      27.11 %      13.48 %      14.62 %      100.00 % 

  

The following tables reflect the open derivative positions held by the Portfolio as of December 31, 2014.

Long/(Short) Futures

       
Number of
 Contracts  
  Futures Contracts Positionsˆ   Value
  (000)  
  Expiration   Unrealized
Appreciation/
(Depreciation)
    (000)    
(27)     10 Year U.S. Dollar Deliverable Interest Rate Swap Future     $ (2,861     3/16/15     $ (31
82     10-Year U.S Treasury Note Future       10,397       3/20/15       63  
167     S&P 500 E-mini Future       17,138       3/20/15       425  
50     S&P 500 Index Future       25,655       3/19/15       950  
         Net Unrealized Appreciation/(Depreciation)                   1,407  
ˆ Cash has been pledged as collateral for futures contracts held by the Portfolio.

See accompanying notes to financial statements.

25


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Institutional Growth Equity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

Currency Contracts

           
Contract
Amount
(Local Currency)
  Currency   Counterparty   Settlement   Date     Settlement
Value
    (000)   
  Value on 12/31/14
  (000)  
  Unrealized
Appreciation/
(Depreciation)
     (000)    
       Currencies Purchased
                                              
58,000     Australian Dollar       Citibank       2/3/15     $ 47     $ 47     $  
3,117,202     Brazilian Real       Bank of America       1/5/15       1,171       1,172       1  
15,996,699     Brazilian Real       Citibank       1/5/15       6,475       6,012       (463
12,501,663     Brazilian Real       JPMorgan Chase       1/5/15       4,729       4,698       (31
20,835,548     Brazilian Real       BNP Paribas       1/5/15       7,844       7,830       (14
8,998,114     Brazilian Real       BNP Paribas       2/3/15       3,362       3,355       (7
6,819,461     Brazilian Real       Deutsche Bank       1/5/15       2,651       2,563       (88
62,000     British Pound Sterling       Goldman Sachs       2/3/15       97       97        
999,000     Canadian Dollar       Citibank       3/3/15       858       859       1  
3,857,750     Chinese Renminbi       JPMorgan Chase       4/7/16       650       606       (44
12,485,660     Chinese Renminbi       Deutsche Bank       4/7/16       1,957       1,960       3  
21,920,000     Chinese Renminbi       Royal Bank of Scotland       9/8/15       3,400       3,465       65  
1,826,750     Euro       Citibank       2/19/15       2,288       2,211       (77
2,594,000     Euro       Bank of America       2/19/15       3,184       3,140       (44
1,115,031     Euro       Wespac Banking Corp.       2/19/15       1,370       1,350       (20
23,313,893     Japanese Yen       Bank of America       1/5/15       194       195       1  
14,969,871     Japanese Yen       Westpac Banking Corp.       1/5/15       126       125       (1
27,616,236     Japanese Yen       Citibank       1/5/15       235       231       (4
59,961,000     Korean Won       Citibank       2/26/15       55       54       (1
34,555,000     Mexican Peso       Citibank       5/28/15       2,340       2,321       (19
2,871,000     Mexican Peso       BNP Paribas       2/5/15       212       194       (18
24,786,959     Mexican Peso       BNP Paribas       4/1/15       1,690       1,671       (19
30,592,335     Mexican Peso       Bank of America       2/19/15       2,080       2,068       (12
         Total Currencies Purchased           $ 47,013     $ 46,224     $ (791
       Currencies Sold
                                              
119,000     Australian Dollar       Goldman Sachs       1/5/15     $ 97     $ 97     $  
6,819,461     Brazilian Real       Deutsche Bank       1/5/15       2,567       2,563       4  
1,213,915     Brazilian Real       Citibank       1/5/15       515       456       59  
20,835,548     Brazilian Real       BNP Paribas       1/5/15       7,946       7,830       116  
3,117,202     Brazilian Real       Bank of America       1/5/15       1,174       1,172       2  
14,782,783     Brazilian Real       Citibank       1/5/15       5,565       5,556       9  
12,501,663     Brazilian Real       JPMorgan Chase       1/5/15       5,299       4,698       601  
2,523,501     Brazilian Real       JPMorgan Chase       7/2/15       928       902       26  
6,819,461     Brazilian Real       Deutsche Bank       7/2/15       2,514       2,437       77  
77,000     British Pound Sterling       JPMorgan Chase       2/3/15       120       120        
994,000     Canadian Dollar       Citibank       3/3/15       868       855       13  
21,920,000     Chinese Renminbi       Citibank       9/8/15       3,424       3,465       (41
16,343,410     Chinese Renminbi       JPMorgan Chase       4/7/16       2,542       2,566       (24
614,000     Euro       Citibank       2/19/15       757       743       14  
1,370,000     Euro       Bank of America       2/19/15       1,717       1,658       59  
7,466,000     Euro       Goldman Sachs       2/19/15       9,313       9,037       276  
65,900,000     Japanese Yen       Deutsche Bank       1/5/15       559       550       9  
23,314,000     Japanese Yen       Bank of America       2/3/15       194       195       (1
30,514,767     Mexican Peso       BNP Paribas       2/19/15       2,239       2,062       177  
60,316,204     Mexican Peso       Deutsche Bank       5/28/15       4,369       4,052       317  
24,709,992     Mexican Peso       JPMorgan Chase       4/1/15       1,802       1,666       136  
1,924,000     Mexican Peso       JPMorgan Chase       2/5/15       136       130       6  
         Total Currencies Sold           $ 54,645     $ 52,810     $ 1,835  
         Net Unrealized/Appreciation(Depreciation)                       $ 1,044  

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

See accompanying notes to financial statements.

26


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Institutional Growth Equity Portfolio
Portfolio of Investments (concluded) — December 31, 2014 (Unaudited)

Interest Rate Swap Agreementsˆ

                 
Pay/Receive
Floating Rate
  Floating Rate Index   Fixed
Rate
  Expiration
Date
  Counterparty   Notional
Amount
(000)
  Swap
Premiums
Paid/
(Received)
(000)
  Amount
at Value
(000)
  Unrealized
Appreciation/
(Depreciation)
(000)
Pay     Brazil Cetip Interbank
Deposit Rate Index
      11.25     1/4/21       Bank of
America
      5,800 BRL       (60     (51     9  
                                   $ (60   $ (51   $ 9  

Centrally Cleared Interest Rate Swap Agreementsˆ

             
Pay/Receive Floating Rate   Floating Rate Index   Fixed
Rate
  Expiration Date   Notional Amount (000)   Swap Premiums Paid/ (Received) (000)   Amount
at Value
(000)
  Unrealized Appreciation/ (Depreciation) (000)
Receive     3-Month LIBOR BBA       2.75     6/19/43       200 USD     $ 12     $ (2   $ (14
Receive     3-Month LIBOR BBA       3.25     12/18/43       4,200 USD       201       (487     (688
Pay     6-Month BBR BBSW       4.00     6/18/19       1,600 AUD       2       75       73  
Receive     6-Month EURIBOR       1.25     3/18/25       3,400 EUR       80       163       83  
Receive     3-Month LIBOR BBA       2.42     12/3/24       3,400 USD             (42     (42
Receive     3-Month LIBOR BBA       2.25     12/17/19       11,700 USD       (116     (271     (155
Receive     3-Month LIBOR BBA       1.50     12/17/17       32,200 USD       (50     (210     (160
Pay     6-Month BBR BBSW       4.25     12/17/24       1,400 AUD       (35     (110     (75
Receive     3-Month BBR BBSW       3.25     9/21/17       27,000 AUD       5       202       197  
Receive     6-Month LIBOR BBA       2.00     3/18/45       1,700 EUR       36       (274     (310
Receive     3-Month LIBOR BBA       2.50     12/17/21       2,900 USD       (72     (88     (16
Pay     6-Month BBR BBSW       3.25     12/17/19       200 AUD       1       4       3  
Receive     6-Month BBR BBSW       3.75     12/17/24       100 AUD       (1     (4     (3
                             $ 63     $ (1,044   $ (1,107

See accompanying notes to financial statements.

27


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Small Capitalization–Mid Capitalization Equity Portfolio
Portfolio of Investments — December 31, 2014 (Unaudited)

   
Shares   Security
Description
  Value
  (000)  
       Common Stocks — 86.55%
 
       Aerospace & Defense — 1.47%
 
59     AAR Corp.     $ 2  
62     Aerovironment, Inc. (a)       2  
13     Alliant Techsystems, Inc.       2  
11     American Science & Engineering, Inc.       1  
105     Astronics Corp. (a)       6  
2,600     Cubic Corp.       137  
5,100     Curtiss-Wright Corp.       360  
90     Ducommun, Inc. (a)       2  
35     Engility Holdings, Inc. (a)       1  
18,000     Erickson Air-Crane, Inc. (a)       150  
4,579     Esterline Technologies Corp. (a)       502  
90     Exelis, Inc.       2  
338     GenCorp, Inc. (a)       6  
378     HEICO Corp.       23  
19     Moog, Inc., Class – A (a)       1  
24     National Presto Industries, Inc.       1  
9,485     Orbital Sciences Corp. (a)       255  
52     Sparton Corp. (a)       1  
8,444     TASER International, Inc. (a)       224  
49     Teledyne Technologies, Inc. (a)       5  
20     Triumph Group, Inc.       1  
             1,684  
       Air Freight & Logistics — 0.37%
 
202     Air Transport Services Group, Inc. (a)       2  
39     Atlas Air Worldwide Holdings, Inc. (a)       2  
123     Echo Global Logistics, Inc. (a)       4  
177     Forward Air Corp.       9  
4,106     Hub Group, Inc., Class – A (a)       155  
53     Park-Ohio Holdings Corp.       3  
19,530     UTI Worldwide, Inc. (a)       236  
63     XPO Logistics, Inc. (a)       3  
             414  
       Airlines — 2.74%
 
79     Allegiant Travel Co.       12  
4,920     American Airlines Group, Inc.       264  
33,000     Controladora Vuela Compania de Aviacion SAB de CV, ADR (a)       298  
20     Copa Holdings SA, Class – A       2  
326     Hawaiian Holdings, Inc. (a)       8  
32,821     JetBlue Airways Corp. (a)       521  
128     Republic Airways Holdings, Inc. (a)       2  
140     SkyWest, Inc.       2  
29,444     United Continental Holdings, Inc. (a)       1,969  
1,442     Virgin America, Inc. (a)       62  
             3,140  
       Apparel Retail — 0.01%
 
84     Destination XL Group, Inc. (a)        
50     Shoe Carnival, Inc.       1  
216     The Men’s Wearhouse, Inc.       10  
             11  
       Auto Components — 1.70%
 
383     American Axle & Manufacturing Holdings, Inc. (a)       9  
2,178     Autoliv, Inc.       230  
106     Cooper Tire & Rubber Co.       4  
7,329     Dana Holding Corp.       159  

   
Shares   Security
Description
  Value
  (000)  
       Auto Components (continued)
 
153     Dorman Products, Inc. (a)     $ 7  
134     Drew Industries, Inc. (a)       7  
12,901     Fox Factory Holding Corp. (a)       209  
5,175     Gentherm, Inc. (a)       190  
8,664     Modine Manufacturing Co. (a)       118  
108     Motorcar Parts of America, Inc. (a)       3  
144     Remy International, Inc.       3  
34     Shiloh Industries, Inc. (a)       1  
28,100     Spartan Motors, Inc.       148  
72     Standard Motor Products, Inc.       3  
12,739     Stoneridge, Inc. (a)       164  
15     Strattec Security Corp.       1  
5,900     Superior Industries, Inc.       117  
6,886     Tenneco, Inc. (a)       389  
222     Tower International, Inc. (a)       6  
1,720     TRW Automotive Holdings Corp. (a)       177  
             1,945  
       Automobiles — 0.00%
 
165     Winnebago Industries, Inc.       4  
       Banks — 4.28%
 
40     1st Source, Inc.       1  
66     American National Bankshares, Inc.       2  
8,775     Associated Banc-Corp.       163  
40     Banco Latinoamericano de Comercio
Exterior SA, Class – E
      1  
6,508     Bank of the Ozarks, Inc.       247  
9,930     BankUnited, Inc.       288  
9,966     BBCN Bancorp, Inc.       143  
40     Camden National Corp.       2  
7     Cardinal Financial Corp.        
77     CNB Financial Corp.       1  
19,797     Columbia Banking System, Inc.       547  
10,195     Cullen/Frost Bankers, Inc.       720  
109     Eagle BanCorp, Inc. (a)       4  
71     Fidelity Southern Corp.       1  
60     Financial Institutions, Inc.       2  
84     First Bancorp       2  
260     First Bancorp (a)       2  
80     First Community Bancshares, Inc.       1  
199     First Financial Bankshares, Inc.       6  
45     First Financial Corp.       2  
50     First Interstate BancSystem, Inc.       1  
8,225     First Midwest BanCorp, Inc.       141  
165     First Niagara Financial Group, Inc.       1  
40     Great Southern Bancorp, Inc.       2  
50     Hancock Holding Co.       2  
60     Heartland Financial USA, Inc.       2  
247     Home Bancshares, Inc.       8  
59     Horizon Bancorp       2  
115     Independent Bank Corp.       2  
22     Independent Bank Group, Inc.       1  
60     International Bancshares Corp.       2  
257     Investors Bancorp, Inc.       3  
70     MainSource Financial Group, Inc.       1  
2,500     MB Financial, Inc.       82  
90     MidSouth Bancorp, Inc.       2  
13,549     National Penn Bancshares, Inc.       143  

See accompanying notes to financial statements.

28


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Small Capitalization–Mid Capitalization Equity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

   
Shares   Security
Description
  Value
  (000)  
       Common Stocks (continued)
 
       Banks (continued)
 
60     NBT Bancorp, Inc.     $ 2  
50     Northrim BanCorp, Inc.       1  
85     OFG Bancorp       1  
12,037     PacWest Bancorp       547  
50     Peoples Bancorp, Inc.       1  
8,380     Popular, Inc. (a)       285  
10,608     Square 1 Financial, Inc., Class – A (a)       262  
109     Susquehanna Bancshares, Inc.       1  
4,290     SVB Financial Group (a)       498  
5,592     Synovus Financial Corp.       151  
24,690     TCF Financial Corp.       392  
972     Texas Capital Bancshares, Inc. (a)       53  
93     TowneBank       1  
61     Trustmark Corp.       1  
71     Univest Corp. of Pennsylvania       1  
9     Viewpoint Financial Group        
4,703     Webster Financial Corp.       153  
40     WesBanco, Inc.       1  
228     Western Alliance Bancorp (a)       6  
30     Wintrust Financial Corp.       1  
             4,888  
       Beverages — 0.02%
 
45     Coca-Cola Bottling Co. Consolidated       4  
59     Craft Brew Alliance, Inc. (a)       1  
68     National Beverage Corp. (a)       2  
47     The Boston Beer Co., Inc., Class – A (a)       13  
             20  
       Biotechnology — 3.32%
 
5,786     Acadia Pharmaceuticals, Inc. (a)       184  
99     Acceleron Pharma, Inc. (a)       4  
120     Achillion Pharmaceuticals, Inc. (a)       1  
304     Acorda Therapeutics, Inc. (a)       12  
93     Actinium Pharmaceuticals, Inc. (a)       1  
12     Adamas Pharmaceuticals, Inc. (a)        
175     Aegerion Pharmaceuticals, Inc. (a)       4  
222     Agenus, Inc. (a)       1  
85     Agios Pharmaceuticals, Inc. (a)       10  
32     Akebia Therapeutics, Inc. (a)        
35     Alder Biopharmaceuticals, Inc. (a)       1  
90     AMAG Pharmaceuticals, Inc. (a)       4  
71     Anacor Pharmaceuticals, Inc. (a)       2  
46     Applied Genetic Technologies Corp. (a)       1  
36     Ardelyx, Inc. (a)       1  
1,224     Arena Pharmaceuticals, Inc. (a)       4  
932     ARIAD Pharmaceuticals, Inc. (a)       6  
588     Array BioPharma, Inc. (a)       3  
278     Arrowhead Research Corp.ˆ (a)       2  
30     Atara Biotherapeutics, Inc. (a)       1  
47     Auspex Pharmaceuticals, Inc. (a)       2  
31     Avalanche Biotechnologies, Inc. (a)       2  
337     BioCryst Pharmaceuticals, Inc. (a)       4  
974     BioMarin Pharmaceutical, Inc. (a)       88  
24     BioSpecifics Technologies Corp. (a)       1  
248     BioTime, Inc. (a)       1  
123     Bluebird Bio, Inc. (a)       11  
42     Calithera Biosciences, Inc. (a)       1  

   
Shares   Security
Description
  Value
  (000)  
       Biotechnology (continued)
 
32     Cara Therapeutics, Inc. (a)     $  
4,459     Celladon Corp. (a)       87  
458     Celldex Therapeutics, Inc. (a)       8  
72     Cellular Dynamics International, Inc. (a)        
8,574     Cepheid, Inc. (a)       465  
173     Chimerix, Inc. (a)       7  
140     Clovis Oncology, Inc. (a)       8  
20     Coherus Biosciences, Inc. (a)        
715     CTI BioPharma Corp. (a)       2  
741     Cytori Therapeutics, Inc. (a)        
46     CytRx Corp. (a)        
29     Dicerna Pharmaceuticals, Inc. (a)        
8,280     Dyax Corp. (a)       116  
33     Eleven Biotherapeutics, Inc. (a)        
98     Emergent BioSolutions, Inc. (a)       3  
62     Enanta Pharmaceuticals, Inc. (a)       3  
77     Epizyme, Inc. (a)       1  
40     Esperion Therapeutics, Inc. (a)       2  
26,360     Exact Sciences Corp.ˆ (a)       724  
1,060     Exelixis, Inc. (a)       2  
48     Fibrogen, Inc. (a)       1  
91     Five Prime Therapeutics, Inc. (a)       2  
27     Flexion Therapeutics, Inc. (a)       1  
84     Foundation Medicine, Inc. (a)       2  
173     Galectin Therapeutics, Inc. (a)       1  
598     Galena Biopharma, Inc. (a)       1  
48     Genocea Biosciences, Inc. (a)        
6,361     Genomic Health, Inc. (a)       204  
584     Halozyme Therapeutics, Inc. (a)       6  
113     Heron Therapeutics, Inc. (a)       1  
52     Hyperion Therapeutics, Inc. (a)       1  
242     Idera Pharmaceuticals, Inc. (a)       1  
29     Immune Design Corp. (a)       1  
522     ImmunoGen, Inc. (a)       3  
404     Immunomedics, Inc. (a)       2  
271     Infinity Pharmaceuticals, Inc. (a)       5  
324     Inovio Pharmaceuticals, Inc. (a)       3  
276     Insmed, Inc. (a)       4  
60     Insys Therapeutics, Inc. (a)       3  
201     Intrexon Corp. (a)       6  
678     Ironwood Pharmaceuticals, Inc. (a)       10  
5,294     Isis Pharmaceuticals, Inc. (a)       328  
82     Karyopharm Therapeutics, Inc. (a)       3  
540     Keryx Biopharmaceuticals, Inc.ˆ (a)       8  
5,783     Kindred Biosciences, Inc. (a)       43  
45     Kite Pharma, Inc. (a)       3  
105     KYTHERA Biopharmaceuticals, Inc. (a)       4  
1,131     Lexicon Pharmaceuticals, Inc. (a)       1  
117     Ligand Pharmaceuticals, Inc., Class – B (a)       6  
121     MacroGenics, Inc. (a)       4  
1,290     MannKind Corp.ˆ (a)       7  
523     Merrimack Pharmaceuticals, Inc. (a)       6  
526     MiMedx Group, Inc. (a)       6  
29     Mirati Therapeutics, Inc. (a)       1  
290     Momenta Pharmaceuticals, Inc. (a)       3  
5,610     Myriad Genetics, Inc.ˆ (a)       191  
173     NanoViricides, Inc. (a)        

See accompanying notes to financial statements.

29


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Small Capitalization–Mid Capitalization Equity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

   
Shares   Security
Description
  Value
  (000)  
       Common Stocks (continued)
 
       Biotechnology (continued)
 
645     Navidea Biopharmaceuticals, Inc. (a)     $ 1  
76     NeoStem, Inc. (a)        
337     Neuralstem, Inc. (a)       1  
430     Neurocrine Biosciences, Inc. (a)       10  
120     NewLink Genetics Corp. (a)       5  
270     Northwest Biotherapeutics, Inc. (a)       1  
1,308     Novavax, Inc. (a)       8  
5,558     NPS Pharmaceuticals, Inc. (a)       199  
153     Ohr Pharmaceutical, Inc. (a)       1  
5,986     OncoMed Pharmaceuticals, Inc.ˆ (a)       130  
359     Oncothyreon, Inc. (a)       1  
2,559     Ophthotech Corp. (a)       115  
1,118     Opko Health, Inc. (a)       11  
681     Orexigen Therapeutics, Inc. (a)       4  
364     Organovo Holdings, Inc. (a)       3  
107     Osiris Therapeutics, Inc. (a)       2  
32     Otonomy, Inc. (a)       1  
1,208     PDL BioPharma, Inc.ˆ       9  
840     Peregrine Pharmaceuticals, Inc. (a)       1  
241     Portola Pharmaceuticals, Inc. (a)       7  
125     Progenics Pharmaceuticals, Inc. (a)       1  
45     Prothena Corp. PLC (a)       1  
2,776     PTC Therapeutics, Inc. (a)       144  
132     Puma Biotechnology, Inc. (a)       25  
39     Radius Health, Inc. (a)       2  
326     Raptor Pharmaceuticals Corp. (a)       3  
126     Receptos, Inc. (a)       15  
224     Regado Biosciences, Inc. (a)        
81     Regulus Therapeutics, Inc. (a)       1  
3,406     Repligen Corp. (a)       67  
104     Retrophin, Inc. (a)       1  
25     Sage Therapeutics, Inc. (a)       1  
5,784     Sangamo BioSciences, Inc. (a)       88  
247     Sarepta Therapeutics, Inc. (a)       4  
4,155     Seattle Genetics, Inc. (a)       134  
100     Spectrum Pharmaceuticals, Inc. (a)       1  
54     Stemline Therapeutics, Inc. (a)       1  
275     Sunesis Pharmaceuticals, Inc. (a)       1  
121     Synageva BioPharma Corp. (a)       11  
494     Synergy Pharmaceuticals, Inc.       2  
322     Synta Pharmaceuticals Corp. (a)       1  
40     T2 Biosystems, Inc. (a)       1  
116     Tesaro, Inc. (a)       4  
148     Tetraphase Pharmaceuticals, Inc. (a)       6  
140     TG Therapeutics, Inc. (a)       2  
440     Theravance, Inc.ˆ       6  
355     Threshold Pharmaceuticals, Inc. (a)       1  
18     Tokai Pharmaceuticals, Inc. (a)        
1,192     Ultragenyx Pharmaceutical, Inc. (a)       52  
219     Vanda Pharmaceuticals, Inc. (a)       3  
38     Verastem, Inc. (a)        
26     Versartis, Inc. (a)       1  
49,200     Vical, Inc. (a)       52  
17     Vitae Pharmaceuticals, Inc. (a)        
36     Vital Therapies, Inc. (a)       1  
27     Xencor, Inc. (a)        

   
Shares   Security
Description
  Value
  (000)  
       Biotechnology (continued)
 
394     XOMA Corp. (a)     $ 1  
30     Zafgen, Inc. (a)       1  
435     ZIOPHARM Oncology, Inc. (a)       2  
             3,799  
       Building Products — 1.67%
 
239     AAON, Inc.       5  
49     Advanced Drainage Systems, Inc.       1  
75     American Woodmark Corp. (a)       3  
92     Apogee Enterprises, Inc.       4  
3,100     Armstrong World Industries, Inc. (a)       158  
272     Builders FirstSource, Inc. (a)       2  
69     Continental Building Products, Inc. (a)       1  
8,875     Gibraltar Industries, Inc. (a)       144  
8,921     Griffon Corp.       119  
96     Insteel Industries, Inc.       2  
4,750     Lennox International, Inc.       453  
4,298     Masonite International Corp. (a)       264  
7,060     NCI Building Systems, Inc. (a)       131  
33     Norcraft Cos., Inc. (a)       1  
55     Nortek, Inc. (a)       4  
47     Patrick Industries, Inc. (a)       2  
276     PGT, Inc. (a)       3  
92     Ply Gem Holdings, Inc. (a)       1  
19     Quanex Building Products Corp.        
2,210     Simpson Manufacturing Co., Inc.       76  
4,510     Trex Co., Inc. (a)       192  
6,543     Universal Forest Products, Inc.       349  
             1,915  
       Capital Markets — 1.44%
 
36     Arlington Asset Investment Corp.       1  
287     BGC Partners, Inc., Class – A       3  
74     Calamos Asset Management, Inc., Class – A       1  
5,500     Capital Southwest Corp.       208  
109     Cohen & Steers, Inc.       5  
73,400     Cowen Group, Inc. (a)       351  
16     Diamond Hill Investment Group, Inc.       2  
187     Evercore Partners, Inc., Class – A       10  
40     FBR & Co. (a)       1  
292     Financial Engines, Inc.       11  
48     GAMCO Investors, Inc., Class – A       4  
160     Greenhill & Co., Inc.       7  
186     HFF, Inc., Class – A       7  
27     International Fcstone, Inc. (a)       1  
598     Ladenburg Thalmann Financial Services,
Inc. (a)
      2  
3,000     LPL Financial Holdings, Inc.       134  
57     Manning & Napier, Inc.       1  
46     Marcus & Millichap, Inc. (a)       2  
4     Moelis & Co., Class – A        
50     Om Asset Management PLC (a)       1  
41     Oppenheimer Holdings, Inc., Class – A       1  
76     Pzena Investment Management, Inc.       1  
4,315     Raymond James Financial, Inc.       246  
16     RCS Capital Corp., Class – A        
46     Silvercrest Asset Management Group, Inc.       1  
10,644     Stifel Financial Corp. (a)       542  
40     Virtus Investment Partners, Inc.       7  

See accompanying notes to financial statements.

30


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Small Capitalization–Mid Capitalization Equity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

   
Shares   Security
Description
  Value
  (000)  
       Common Stocks (continued)
 
       Capital Markets (continued)
 
1,759     Waddell & Reed Financial, Inc., Class – A     $ 88  
43     Westwood Holdings Group, Inc.       3  
610     WisdomTree Investments, Inc.       10  
             1,651  
       Chemicals — 2.23%
 
85     A. Schulman, Inc.       3  
121     Advanced Emissions Solutions, Inc. (a)       3  
3,013     Albemarle Corp.       181  
40     Axiall Corp.       2  
172     Balchem Corp.       11  
6,968     Cabot Corp.       306  
301     Calgon Carbon Corp. (a)       6  
1,360     Celanese Corp., Series A       82  
86     Chase Corp.       3  
483     Chemtura Corp. (a)       12  
405     Ferro Corp. (a)       5  
4,983     Flotek Industries, Inc. (a)       93  
3,122     FMC Corp.       178  
156     FutureFuel Corp.       2  
284     H.B. Fuller Co.       13  
3     Hawkins, Inc.        
77     Innophos Holdings, Inc.       5  
30     Innospec, Inc.       1  
185     Koppers Holdings, Inc.       5  
15,300     Kraton Performance Polymers, Inc. (a)       318  
16     Kronos Worldwide, Inc.        
12,800     Landec Corp. (a)       177  
165     Marrone Bio Innovations, Inc. (a)       1  
4,308     Methanex Corp.       197  
58     Minerals Technologies, Inc.       4  
1,096     NewMarket Corp.       442  
69     Olin Corp.       2  
257     Omnova Solutions, Inc. (a)       2  
7,795     PolyOne Corp.       296  
55     Quaker Chemical Corp.       5  
217     Senomyx, Inc. (a)       1  
10     Sensient Technologies Corp.       1  
93     Stepan Co.       4  
88     Trecora Resources (a)       1  
7,870     Tronox Ltd., Class – A       188  
33     Zep, Inc.        
             2,550  
       Commercial Services & Supplies — 1.07%
 
51     ABM Industries, Inc.       1  
160     ACCO Brands Corp. (a)       1  
3,161     ARC Document Solutions, Inc. (a)       32  
256     Casella Waste Systems, Inc. (a)       1  
261     Cenveo, Inc. (a)       1  
166     Deluxe Corp.       10  
58     EnerNOC, Inc. (a)       1  
107     Ennis, Inc.       1  
398     Healthcare Services Group, Inc.       12  
72     Heritage-Crystal Clean, Inc. (a)       1  
2,805     Herman Miller, Inc.       83  
236     HNI Corp.       12  
33     InnerWorkings, Inc. (a)        

   
Shares   Security
Description
  Value
  (000)  
       Commercial Services & Supplies (continued)
 
376     Interface, Inc.     $ 6  
5,190     KAR Auction Services, Inc.       181  
158     Kimball International, Inc., Class – B       1  
274     Knoll, Inc.       6  
6,191     Mobile Mini, Inc.       252  
167     MSA Safety, Inc.       9  
35     Multi-Color Corp.       2  
139     Performant Financial Corp. (a)       1  
70     Quad Graphics, Inc.       2  
184     Quest Resource Holding Corp. (a)        
80     R.R. Donnelley & Sons Co.       1  
2,331     Ritchie Bros. Auctioneers, Inc.       63  
82     SP Plus Corp. (a)       2  
551     Steelcase, Inc., Class – A       10  
2,913     Team, Inc. (a)       118  
6,146     Tetra Tech, Inc.       164  
2,447     The Brink’s Co.       60  
10     UniFirst Corp.       1  
4,033     United Stationers, Inc.       170  
120     US Ecology, Inc.       5  
162     West Corp.       5  
             1,215  
       Communications Equipment — 0.60%
 
2,550     ADTRAN, Inc.       56  
59     Alliance Fiber Optic Products, Inc.       1  
72     Applied Optoelectronics, Inc. (a)       1  
605     Aruba Networks, Inc. (a)       11  
65     BEL Fuse, Inc., Class – B       2  
57     Black Box Corp.       1  
200     CalAmp Corp. (a)       4  
595     Ciena Corp. (a)       12  
52     Clearfield, Inc. (a)       1  
343     Extreme Networks, Inc. (a)       1  
559     Finisar Corp. (a)       11  
55     Harmonic, Inc. (a)        
589     Infinera Corp. (a)       9  
211     InterDigital, Inc.       11  
53     Ixia (a)       1  
90     KVH Industries, Inc. (a)       1  
52     NumereX Corp., Class – A (a)       1  
901     ParkerVision, Inc. (a)       1  
21,700     PC-Telephone, Inc.       187  
213     Plantronics, Inc.       11  
356     Polycom, Inc. (a)       5  
42     Procera Networks, Inc. (a)        
346     Ruckus Wireless, Inc. (a)       4  
367     ShoreTel, Inc. (a)       3  
4,390     Sierra Wireless, Inc.ˆ (a)       208  
31,583     Sonus Networks, Inc. (a)       124  
58     TESSCO Technologies, Inc.       2  
167     Ubiquiti Networks, Inc.       5  
235     ViaSat, Inc. (a)       15  
             689  
       Computer & Electronics Retail — 0.00%
 
63     hhgregg, Inc. (a)        
       Computer Storage & Peripherals — 0.00%
 
366     Quantum Corp. (a)       1  

See accompanying notes to financial statements.

31


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Small Capitalization–Mid Capitalization Equity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

   
Shares   Security
Description
  Value
  (000)  
       Common Stocks (continued)
 
       Computer Storage & Peripherals (continued)
 
466     Violin Memory, Inc. (a)     $ 2  
             3  
       Construction & Engineering — 0.80%
 
18     Aegion Corp. (a)        
36     Argan, Inc.       1  
40     Chicago Bridge & Iron Co.       2  
28     Comfort Systems USA, Inc.        
170     Dycom Industries, Inc. (a)       6  
19,795     Furmanite Corp. (a)       155  
31     Great Lakes Dredge & Dock Co. (a)        
2,820     KBR, Inc.       48  
13,755     MasTec, Inc. (a)       311  
60     MYR Group, Inc. (a)       2  
3,684     Primoris Services Corp.       86  
6,147     Quanta Services, Inc. (a)       175  
5,231     Tutor Perini Corp. (a)       126  
             912  
       Construction Materials — 1.06%
 
9,969     CaesarStone Sdot Yam Ltd.       595  
5,100     Eagle Materials, Inc.       388  
6,726     Headwaters, Inc. (a)       101  
1,190     Martin Marietta Materials, Inc.       131  
9     United States Lime & Minerals, Inc.       1  
78     US Concrete, Inc. (a)       2  
             1,218  
       Consumer Finance — 0.41%
 
38     Credit Acceptance Corp. (a)       5  
99     Encore Capital Group, Inc. (a)       4  
50     Enova International, Inc. (a)       1  
87     EZCORP, Inc., Class – A (a)       1  
164     First Cash Financial Services, Inc. (a)       9  
5,570     Green Dot Corp., Class – A (a)       114  
23     Nelnet, Inc., Class – A       1  
72     Nicholas Financial, Inc. (a)       1  
5,539     PRA Group, Inc. (a)       322  
60     Santander Consumer USA Holdings, Inc.       1  
60     World Acceptance Corp. (a)       5  
             464  
       Containers & Packaging — 1.17%
 
17     AEP Industries, Inc. (a)       1  
6,341     AptarGroup, Inc.       424  
22,523     Berry Plastics Group, Inc. (a)       711  
1,859     Graphic Packaging Holding Co. (a)       25  
34     Greif, Inc., Class – A       2  
162     Myers Industries, Inc.       3  
2,195     Packaging Corp. of America       171  
             1,337  
       Data Processing & Outsourced Services — 0.00%
 
4     Alliance Data Systems Corp. (a)       1  
       Distributors — 0.01%
 
13     Core-Mark Holding Co., Inc.       1  
256     Pool Corp.       16  
             17  
       Diversified Consumer Services — 0.28%
 
5,992     2U, Inc. (a)       117  

   
Shares   Security
Description
  Value
  (000)  
       Diversified Consumer Services (continued)
 
100     American Public Education, Inc. (a)     $ 4  
54     Apollo Group, Inc., Class – A (a)       2  
169     Bright Horizons Family Solutions, Inc. (a)       8  
66     Capella Education Co.       5  
718     Career Education Corp. (a)       5  
13     Carriage Services, Inc.        
31     Collectors Universe, Inc.       1  
265     Grand Canyon Education, Inc. (a)       12  
356     Hillenbrand, Inc.       12  
4     ITT Educational Services, Inc. (a)        
238     K12, Inc. (a)       3  
17     Liberty Tax, Inc. (a)       1  
456     LifeLock, Inc. (a)       8  
2,400     Matthews International Corp., Class – A       117  
346     Sotheby’s       15  
41     Steiner Leisure Ltd. (a)       2  
61     Strayer Education, Inc. (a)       5  
154     Weight Watchers International, Inc. (a)       4  
             321  
       Diversified Financial Services — 0.38%
 
2,750     Interactive Brokers Group, Inc., Class – A       80  
6,775     Leucadia National Corp.       153  
214     MarketAxess Holdings, Inc.       15  
3,005     On Deck Capital, Inc. (a)       67  
4,809     PHH Corp. (a)       115  
             430  
       Diversified Telecommunication Services — 0.91%
 
168     8x8, Inc. (a)       2  
288     Cincinnati Bell, Inc. (a)       1  
13,924     Cogent Communications Group, Inc.       492  
200     Consolidated Communications Holdings, Inc.       6  
84     FairPoint Communications, Inc. (a)       1  
210     General Communication, Inc., Class – A (a)       3  
52     Hawaiian Telcom Holdco, Inc. (a)       1  
160     IDT Corp.       3  
320     inContact, Inc. (a)       3  
192     Inteliquent, Inc.       4  
29     Intelsat SA (a)       1  
83     Lumos Networks Corp.       1  
108     MagicJack VocalTec Ltd. (a)       1  
50,100     ORBCOMM, Inc. (a)       328  
18,909     Premiere Global Services, Inc. (a)       201  
             1,048  
       Electric Utilities — 0.62%
 
8,904     El Paso Electric Co.       357  
8,454     ITC Holdings Corp.       342  
93     PNM Resources, Inc.       3  
66     Portland General Electric Co.       2  
170     Spark Energy, Inc., Class – A       2  
92     The Empire District Electric Co.       3  
57     UIL Holdings Corp.       2  
70     Unitil Corp.       3  
             714  
       Electrical Components & Equipment — 0.00%
 
38     Vicor Corp. (a)        

See accompanying notes to financial statements.

32


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Small Capitalization–Mid Capitalization Equity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

   
Shares   Security
Description
  Value
  (000)  
       Common Stocks (continued)
 
       Electrical Equipment — 1.19%
 
2,630     Acuity Brands, Inc.     $ 368  
145     AZZ, Inc.       7  
5,725     Brady Corp.       157  
3,057     Capstone Turbine Corp.ˆ (a)       2  
96     Encore Wire Corp.       4  
4,061     EnerSys       251  
11,182     Enphase Energy, Inc. (a)       160  
251     Franklin Electric Co., Inc.       9  
1,365     FuelCell Energy, Inc. (a)       2  
391     Generac Holdings, Inc. (a)       18  
12,400     General Cable Corp.       185  
685     Hubbell, Inc., Class – B       73  
19,300     Orion Energy Systems, Inc. (a)       106  
256     Polypore International, Inc. (a)       12  
27     Power Solutions International, Inc. (a)       1  
30     Preformed Line Products Co.       2  
25     Regal-Beloit Corp.       2  
213     Revolution Lighting Technologies, Inc. (a)        
177     Thermon Group Holdings, Inc. (a)       4  
             1,363  
       Electronic Equipment, Instruments &
Components — 3.69%

 
68     Anixter International, Inc. (a)       6  
80     Badger Meter, Inc.       5  
7,809     Belden, Inc.       614  
61     Benchmark Electronics, Inc. (a)       2  
8,989     Cognex Corp. (a)       371  
7     Coherent, Inc. (a)        
5,462     Control4 Corp. (a)       84  
115     CUI Global, Inc. (a)       1  
154     Daktronics, Inc.       2  
35     Dolby Laboratories, Inc., Class – A       2  
8,057     DTS, Inc. (a)       248  
120     Electro Rent Corp.       2  
100     Fabrinet (a)       3  
84     FARO Technologies, Inc. (a)       5  
240     FEI Co.       22  
25,791     Flextronics International Ltd. (a)       288  
5,863     Insight Enterprises, Inc. (a)       152  
402     InvenSense, Inc.ˆ (a)       7  
3,495     IPG Photonics Corp. (a)       262  
6,100     Itron, Inc. (a)       258  
10,717     Jabil Circuit, Inc.       234  
138     Kimball Electronics, Inc. (a)       2  
3,655     Littelfuse, Inc.       353  
162     Maxwell Technologies, Inc. (a)       1  
15     Mesa Laboratories, Inc.       1  
223     Methode Electronics, Inc.       8  
85     MTS Systems Corp.       6  
7,300     Multi-Fineline Electronix, Inc. (a)       82  
186     Newport Corp. (a)       4  
27     OSI Systems, Inc. (a)       2  
70     PC Connection, Inc.       2  
117     Plexus Corp. (a)       5  
235     RealD, Inc. (a)       3  
5,961     Rogers Corp. (a)       484  

   
Shares   Security
Description
  Value
  (000)  
       Electronic Equipment, Instruments &
Components (continued)

 
66     Sanmina Corp. (a)     $ 2  
258     Speed Commerce, Inc. (a)       1  
41     SYNNEX Corp.       3  
2,773     Tech Data Corp. (a)       175  
13,889     Trimble Navigation Ltd. (a)       368  
224     TTM Technologies, Inc. (a)       2  
5,219     Universal Display Corp.ˆ (a)       145  
119     Vishay Intertechnology, Inc.       2  
             4,219  
       Energy Equipment & Services — 1.41%
 
6,296     Atwood Oceanics, Inc. (a)       180  
183     Basic Energy Services, Inc. (a)       1  
239     C&J Energy Services, Inc. (a)       3  
111     CARBO Ceramics, Inc.ˆ       4  
101     Dawson Geophysical Co.       1  
33     Diamond Offshore Drilling, Inc.       1  
2,481     Dril-Quip, Inc. (a)       191  
133     Forum Energy Technologies, Inc. (a)       3  
9     Geospace Technologies Corp. (a)        
106     Glori Energy, Inc. (a)        
7,246     Gulf Island Fabrication, Inc.       140  
39     GulfMark Offshore, Inc., Class – A       1  
11,947     Helix Energy Solutions Group, Inc. (a)       260  
153     ION Geophysical Corp. (a)        
160     Matrix Service Co. (a)       4  
32,062     McDermott International, Inc. (a)       94  
11,300     Mitcham Industries, Inc. (a)       67  
110     Nabors Industries Ltd.       2  
27,510     Newpark Resources, Inc. (a)       263  
64     Nordic American Offshore Ltd.       1  
200     North Atlantic Drilling Ltd.        
410     Parker Drilling Co. (a)       1  
39     PHI, Inc. (a)       1  
259     Pioneer Energy Services Corp. (a)       1  
193     Profire Energy, Inc. (a)        
72     RigNet, Inc. (a)       3  
19,193     Superior Energy Services, Inc.       388  
103     Tesco Corp.       1  
34     Unit Corp. (a)       1  
1,891     Vantage Drilling Co. (a)       1  
200     Willbros Group, Inc. (a)       1  
             1,614  
       Food & Staples Retailing — 0.80%
 
9,435     Casey’s General Stores, Inc.       853  
75     Chefs’ Warehouse Holdings LLC (a)       2  
32     Diplomat Pharmacy, Inc. (a)       1  
145     Fairway Group Holdings Corp. (a)        
92     Ingles Markets, Inc., Class – A       3  
265     Liberator Medical Holdings, Inc.       1  
45     Natural Grocers by Vitamin Cottage, Inc. (a)       1  
103     PriceSmart, Inc.       9  
24     Smart & Final Stores, Inc. (a)        
148     The Andersons, Inc.       8  
243     The Fresh Market, Inc. (a)       10  
282     United Natural Foods, Inc. (a)       22  

See accompanying notes to financial statements.

33


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Small Capitalization–Mid Capitalization Equity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

   
Shares   Security
Description
  Value
  (000)  
       Common Stocks (continued)
 
       Food & Staples Retailing (continued)
 
119     Village Super Market, Inc., Class – A     $ 3  
             913  
       Food Products — 0.07%
 
288     B&G Foods, Inc., Class – A       9  
341     Boulder Brands, Inc. (a)       4  
82     Calavo Growers, Inc.       4  
213     Cal-Maine Foods, Inc.       8  
196     Darling Ingredients, Inc. (a)       4  
132     Diamond Foods, Inc. (a)       4  
42     Farmer Brothers Co. (a)       1  
42     Fresh Del Monte Produce, Inc.       1  
23     Freshpet, Inc. (a)        
69     Inventure Foods, Inc. (a)       1  
85     J&J Snack Foods Corp.       9  
30     John B Sanfilippo & Son, Inc.       1  
65     Lancaster Colony Corp.       6  
15     Lifeway Foods, Inc. (a)        
60     Limoneira Co.       1  
150     Omega Protein Corp. (a)       2  
127     Sanderson Farms, Inc.       11  
1     Seaboard Corp. (a)       4  
103     Tootsie Roll Industries, Inc.       3  
123     TreeHouse Foods, Inc. (a)       11  
             84  
       Gas Utilities — 0.61%
 
44     Southwest Gas Corp.       3  
18,417     UGI Corp.       699  
             702  
       Health Care Equipment & Supplies — 5.26%
 
127     Abaxis, Inc.       7  
3,701     Abiomed, Inc. (a)       141  
454     Accuray, Inc. (a)       3  
86     Anika Therapeutics, Inc. (a)       4  
614     Antares Pharma, Inc. (a)       2  
116     AtriCure, Inc. (a)       2  
9     Atrion Corp.       3  
192     Cantel Medical Corp.       8  
155     Cardiovascular Systems, Inc. (a)       5  
433     Cerus Corp. (a)       3  
147     Cyberonics, Inc. (a)       8  
42     Cynosure, Inc. (a)       1  
25,354     DexCom, Inc. (a)       1,397  
1,770     Edwards Lifesciences Corp. (a)       225  
362     Endologix, Inc. (a)       6  
80     Exactech, Inc. (a)       2  
244     GenMark Diagnostics, Inc. (a)       3  
373     Globus Medical, Inc. (a)       9  
40     Greatbatch, Inc. (a)       2  
21     Haemonetics Corp. (a)       1  
50     Halyard Health, Inc. (a)       2  
1,596     HeartWare International, Inc. (a)       117  
35     Inogen, Inc. (a)       1  
26,509     Insulet Corp. (a)       1,222  
62     Integra LifeSciences Holdings Corp. (a)       3  
41     K2M Group Holdings, Inc. (a)       1  
1,915     LDR Holding Corp. (a)       63  

   
Shares   Security
Description
  Value
  (000)  
       Health Care Equipment & Supplies (continued)
 
253     Masimo Corp. (a)     $ 7  
231     Meridian Bioscience, Inc.       4  
182     Natus Medical, Inc. (a)       7  
6,177     Neogen Corp. (a)       306  
24     Nevro Corp. (a)       1  
8,225     Novadaq Technologies, Inc. (a)       137  
221     NuVasive, Inc. (a)       10  
347     NxStage Medical, Inc. (a)       6  
42     Ocular Therapeutix, Inc. (a)       1  
61     Oxford Immunotec Global PLC (a)       1  
153     Quidel Corp. (a)       4  
62     Rockwell Medical Technologies, Inc. (a)       1  
209     STAAR Surgical Co. (a)       2  
5,665     STERIS Corp.       367  
10     SurModics, Inc. (a)        
35     Tandem Diabetes Care, Inc. (a)        
3,761     The Cooper Cos., Inc.       610  
7,786     The Spectranetics Corp. (a)       269  
322     Thoratec Corp. (a)       10  
38     TriVascular Technologies, Inc. (a)        
35,984     Unilife Corp.ˆ (a)       121  
19     Utah Medical Products, Inc.       1  
100     Vascular Solutions, Inc. (a)       3  
50     Veracyte, Inc. (a)        
303     Volcano Corp. (a)       5  
11,387     West Pharmaceutical Services, Inc.       606  
142     Wright Medical Group, Inc. (a)       4  
10,064     Zeltiq Aesthetics, Inc. (a)       281  
             6,005  
       Health Care Providers & Services — 2.69%
 
11     AAC Holdings, Inc. (a)        
17,090     Acadia Healthcare Co., Inc. (a)       1,046  
11     Adeptus Health, Inc., Class – A (a)        
222     Air Methods Corp. (a)       10  
19     Alliance HealthCare Services, Inc. (a)        
65     Almost Family, Inc. (a)       2  
86     AmSurg Corp. (a)       5  
138     Bio-Reference Laboratories, Inc. (a)       4  
75     Biotelemetry, Inc. (a)       1  
161     Capital Senior Living Corp. (a)       4  
3,194     Catamaran Corp. (a)       165  
116     Chemed Corp.       12  
27     Civitas Solutions, Inc. (a)        
66     CorVel Corp. (a)       2  
3,801     ExamWorks Group, Inc. (a)       158  
390     Five Star Quality Care, Inc. (a)       2  
190     Gentiva Health Services, Inc. (a)       4  
81     Hanger, Inc. (a)       2  
32     HealthEquity, Inc. (a)       1  
430     HealthSouth Corp.       17  
92     Healthways, Inc. (a)       2  
1,924     iKang Healthcare Group, Inc., ADR (a)       29  
60     IPC The Hospitalist Co., Inc. (a)       3  
94     Kindred Healthcare, Inc.       2  
52     Landauer, Inc.       2  
60     LHC Group, Inc. (a)       2  
9,255     LifePoint Hospitals, Inc. (a)       666  

See accompanying notes to financial statements.

34


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Small Capitalization–Mid Capitalization Equity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

   
Shares   Security
Description
  Value
  (000)  
       Common Stocks (continued)
 
       Health Care Providers & Services (continued)
 
30     Magellan Health Services, Inc. (a)     $ 2  
4,450     MEDNAX, Inc. (a)       294  
205     Molina Heathcare, Inc. (a)       11  
1,515     MWI Veterinary Supply, Inc. (a)       257  
26     National Healthcare Corp.       2  
57     National Research Corp., Class – A       1  
1,954     Owens & Minor, Inc.       69  
67     Providence Service Corp. (a)       2  
160     RadNet, Inc. (a)       1  
546     Select Medical Holdings Corp.       8  
343     Skilled Healthcare Group, Inc. (a)       3  
71     Surgical Care Affiliates, Inc. (a)       2  
1,979     Team Health Holdings, Inc. (a)       114  
142     The Ensign Group, Inc.       6  
70     Triple-S Management Corp., Class – A (a)       2  
72     U.S. Physical Therapy, Inc.       3  
1,862     WellCare Health Plans, Inc. (a)       153  
             3,071  
       Health Care Supplies — 0.06%
 
6,701     OraSure Technologies, Inc. (a)       68  
       Health Care Technology — 0.94%
 
9,200     Allscripts Healthcare Solutions, Inc. (a)       117  
44     Castlight Health, Inc., Class – B (a)       1  
62     Computer Programs & Systems, Inc.       4  
128     HealthStream, Inc. (a)       4  
497     HMS Holdings Corp. (a)       11  
32     Imprivata, Inc. (a)        
324     MedAssets, Inc. (a)       6  
11,924     Medidata Solutions, Inc. (a)       570  
362     Merge Healthcare, Inc. (a)       1  
10,761     Omnicell, Inc. (a)       356  
278     Quality Systems, Inc.       4  
115     Vocera Communications, Inc. (a)       1  
             1,075  
       Hotels, Restaurants & Leisure — 2.39%
 
34     BJ’s Restaurant, Inc. (a)       2  
438     Bloomin’ Brands, Inc. (a)       11  
332     Boyd Gaming Corp. (a)       4  
88     Bravo Brio Restaurant Group, Inc. (a)       1  
4,000     Buffalo Wild Wings, Inc. (a)       723  
210     Caesars Acquisition Co., Class – A (a)       2  
25     Caesars Entertainment Corp. (a)        
31,600     Century Casinos, Inc. (a)       160  
47     Churchill Downs, Inc.       4  
90     Chuy’s Holdings, Inc. (a)       2  
132     ClubCorp Holdings, Inc.       2  
102     Cracker Barrel Old Country Store, Inc.       14  
19     Dave & Buster’s Entertainment, Inc. (a)       1  
5,224     Del Frisco’s Restaurant Group, Inc. (a)       124  
354     Denny’s Corp. (a)       4  
5,765     Diamond Resorts International, Inc. (a)       161  
39     DineEquity, Inc.       4  
22     El Pollo Loco Holdings, Inc. (a)        
16     Famous Dave’s of America, Inc. (a)        
5,307     Fiesta Restaurant Group, Inc. (a)       323  
30     Hyatt Hotels Corp., Class – A (a)       2  

   
Shares   Security
Description
  Value
  (000)  
       Hotels, Restaurants & Leisure (continued)
 
55     Ignite Restaurant Group, Inc. (a)     $  
5,566     International Speedway Corp., Class – A       176  
276     Interval Leisure Group, Inc.       6  
227     Jack in the Box, Inc.       18  
89     Jamba, Inc. (a)       1  
368     Krispy Kreme Doughnuts, Inc. (a)       7  
8,615     La Quinta Holdings, Inc. (a)       190  
50     Life Time Fitness, Inc. (a)       3  
123     Marcus Corp.       2  
114     Monarch Casino & Resort, Inc. (a)       2  
62     Morgans Hotel Group Co. (a)        
18     Nathan’s Famous, Inc. (a)       1  
65     Noodles & Co. (a)       2  
173     Papa John’s International, Inc.       10  
44     Papa Murphy’s Holdings, Inc. (a)       1  
337     Pinnacle Entertainment, Inc. (a)       7  
134     Popeyes Louisiana Kitchen, Inc. (a)       8  
81     Potbelly Corp. (a)       1  
80     Red Robin Gourmet Burgers, Inc. (a)       6  
31,660     Ruby Tuesday, Inc. (a)       217  
278     Ruth’s Hospitality Group, Inc.       4  
195     Scientific Games Corp. (a)       2  
120     SeaWorld Entertainment, Inc.       2  
215     Sonic Corp.       6  
90     Speedway Motorsports, Inc.       2  
5,870     Texas Roadhouse, Inc., Class – A       198  
284     The Cheesecake Factory, Inc.       14  
16     The Habit Restaurants, Inc. (a)       1  
2,964     Vail Resorts, Inc.       270  
1,134     Zoe’s Kitchen, Inc. (a)       34  
             2,735  
       Household Durables — 0.50%
 
63     Beazer Homes USA, Inc. (a)       1  
53     Cavco Industries, Inc. (a)       4  
61     CSS Industries, Inc.       2  
50     Flexsteel Industries, Inc.       2  
3,128     Harman International Industries, Inc.       333  
65     Helen of Troy Ltd. (a)       4  
45     Installed Building Products, Inc. (a)       1  
622     iRobot Corp. (a)       21  
349     KB Home       6  
252     La-Z-Boy, Inc.       7  
38     LGI Homes, Inc. (a)       1  
122     Libbey, Inc. (a)       4  
118     Lifetime Brands, Inc.       2  
4,938     Meritage Homes Corp. (a)       177  
28     NACCO Industries, Inc., Class – A       2  
77     The Dixie Group, Inc. (a)       1  
67     TRI Pointe Homes, Inc. (a)       1  
57     Turtle Beach Corp. (a)        
90     Universal Electronics, Inc. (a)       6  
16     William Lyon Homes, Class – A (a)        
             575  
       Household Products — 0.01%
 
32     Central Garden & Pet Co., Class – A (a)        
207     Harbinger Group, Inc. (a)       3  
36     Oil-Dri Corp. of America       1  

See accompanying notes to financial statements.

35


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Small Capitalization–Mid Capitalization Equity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

   
Shares   Security
Description
  Value
  (000)  
       Common Stocks (continued)
 
       Household Products (continued)
 
31     Orchids Paper Products Co.     $ 1  
84     WD-40 Co.       7  
             12  
       Independent Power and Renewable Electricity Producers — 0.01%
 
13     Abengoa Yield PLC        
40     Ormat Technologies, Inc.       1  
223     Pattern Energy Group, Inc.       6  
36     TerraForm Power, Inc., Class – A       1  
             8  
       Industrial Conglomerates — 0.13%
 
1,648     Carlisle Cos., Inc.       149  
204     Raven Industries, Inc.       5  
             154  
       Insurance — 2.67%
 
867     Alleghany Corp. (a)       402  
4,196     American Equity Investment Life Holding Co.       122  
12,329     American Financial Group, Inc.       748  
127     AmTrust Financial Services, Inc.       7  
7,057     Argo Group International Holdings Ltd.       391  
1,917     Aspen Insurance Holdings Ltd.       84  
50     Atlas Financial Holdings, Inc. (a)       1  
226     Crawford & Co.       2  
104     eHealth, Inc. (a)       3  
108     Employers Holdings, Inc.       3  
2,425     Endurance Specialty Holdings Ltd.       145  
1,649     Everest Re Group Ltd.       281  
68     Federated National Holding Co.       2  
8,000     First American Financial Corp.       271  
2,980     HCC Insurance Holdings, Inc.       159  
35     HCI Group, Inc.       2  
34     Heritage Insurance Holdings, Inc. (a)       1  
25     Infinity Property & Casualty Corp.       2  
176     Maiden Holdings Ltd.       2  
190     MBIA, Inc. (a)       2  
9     National Interstate Corp.        
110     OneBeacon Insurance Group Ltd.       2  
30     Phoenix Cos., Inc. (a)       2  
1,081     Primerica, Inc.       59  
23     State National Cos., Inc.        
3,806     Symetra Financial Corp.       88  
80     United Insurance Holdings Corp.       2  
268     Universal Insurance Holdings, Inc.       5  
5,046     W.R. Berkley Corp.       259  
             3,047  
       Internet & Catalog Retail — 0.03%
 
185     1-800-FLOWERS.COM, Inc., Class – A (a)       2  
70     Blue Nile, Inc. (a)       3  
71     Coupons.com, Inc. (a)       1  
111     Evine Live, Inc. (a)       1  
15     FTD Cos., Inc. (a)       1  
188     HSN, Inc.       13  
170     NutriSystem, Inc.       3  
137     Orbitz Worldwide, Inc. (a)       1  
66     Overstock.com, Inc. (a)       2  

   
Shares   Security
Description
  Value
  (000)  
       Internet & Catalog Retail (continued)
 
107     PetMed Express, Inc.     $ 2  
185     RetailMeNot, Inc. (a)       3  
133     Shutterfly, Inc. (a)       5  
48     Travelport Worldwide Ltd.       1  
20     Wayfair, Inc., Class – A (a)        
             38  
       Internet Software & Services — 3.30%
 
57     Aerohive Networks, Inc. (a)        
3,660     Akamai Technologies, Inc. (a)       230  
75     Amber Road, Inc. (a)       1  
227     Angie’s List, Inc. (a)       1  
40     AOL, Inc. (a)       2  
111     Bazaarvoice, Inc. (a)       1  
6,074     Benefitfocus, Inc. (a)       199  
129     Blucora, Inc. (a)       2  
41     Borderfree, Inc. (a)        
30,122     Brightcove, Inc. (a)       234  
88     Carbonite, Inc. (a)       1  
38     Care.com, Inc. (a)        
120     ChannelAdvisor Corp. (a)       3  
189     Cimpress NV (a)       14  
4,511     comScore, Inc. (a)       209  
178     Constant Contact, Inc. (a)       7  
302     Cornerstone OnDemand, Inc. (a)       11  
108     Cvent, Inc. (a)       3  
255     DealerTrack Holdings, Inc. (a)       11  
7,090     Demandware, Inc. (a)       409  
233     Dice Holdings, Inc. (a)       2  
105     E2open, Inc. (a)       1  
370     EarthLink Holdings Corp.       2  
181     Endurance International Group Holdings, Inc. (a)       3  
9,563     Envestnet, Inc. (a)       471  
44     Everyday Health, Inc. (a)       1  
87     Five9, Inc. (a)        
173     Global Eagle Entertainment, Inc. (a)       2  
14,426     Gogo, Inc.ˆ (a)       238  
53     GrubHub, Inc. (a)       2  
107     GTT Communications, Inc. (a)       1  
3,997     Hortonworks, Inc. (a)       108  
302     j2 Global, Inc.       19  
6,202     Lands’ End, Inc. (a)       336  
302     LivePerson, Inc. (a)       4  
137     LogMeln, Inc. (a)       7  
214     Marchex, Inc.       1  
134     Marin Software, Inc. (a)       1  
2,423     Marketo, Inc. (a)       79  
12,500     Monster Worldwide, Inc. (a)       58  
369     NIC, Inc.       7  
38     Opower, Inc. (a)       1  
130     Perficient, Inc. (a)       2  
43     Q2 Holdings, Inc. (a)       1  
15,680     QuinStreet, Inc. (a)       95  
25,600     RealNetworks, Inc. (a)       180  
7     Reis, Inc.        
110     Rocket Fuel, Inc. (a)       2  
160     SciQuest, Inc. (a)       2  

See accompanying notes to financial statements.

36


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Small Capitalization–Mid Capitalization Equity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

   
Shares   Security
Description
  Value
  (000)  
       Common Stocks (continued)
 
       Internet Software & Services (continued)
 
1,032     Shutterstock, Inc. (a)     $ 71  
90     SPS Commerce, Inc. (a)       5  
70     Stamps.com, Inc. (a)       3  
113     Textura Corp. (a)       3  
21     Travelzoo, Inc. (a)        
11,259     TrueCar, Inc. (a)       258  
2,260     Trulia, Inc. (a)       104  
429     Unwired Planet, Inc. (a)        
4,312     Web.com Group, Inc. (a)       82  
220     WebMD Health Corp. (a)       9  
82     Wix.com Ltd. (a)       2  
14,748     XO Group, Inc. (a)       269  
181     Xoom Corp. (a)       3  
268     Zix Corp. (a)       1  
             3,774  
       Investment Banking & Brokerage — 0.13%
 
6,200     E*Trade Financial Corp. (a)       150  
       IT Services — 1.12%
 
354     Blackhawk Network Holdings, Inc. (a)       14  
63     Booz Allen Hamilton Holding Corp.       2  
22     CACI International, Inc., Class – A (a)       2  
252     Cardtronics, Inc. (a)       10  
100     Cass Information Systems, Inc.       5  
201     Computer Task Group, Inc.       2  
84     Convergys Corp.       2  
52     CoreLogic, Inc. (a)       2  
150     CSG Systems International, Inc.       4  
17     DST Systems, Inc.       2  
202     EPAM Systems, Inc. (a)       10  
289     Euronet Worldwide, Inc. (a)       16  
372     EVERTEC, Inc.       8  
83     Exlservice Holdings, Inc. (a)       2  
66     Forrester Research, Inc.       3  
250     Global Cash Access Holdings, Inc. (a)       2  
1,404     Global Payments, Inc.       113  
203     Heartland Payment Systems, Inc.       11  
103     Higher One Holdings, Inc. (a)        
259     iGATE Corp. (a)       10  
9,964     Jack Henry & Associates, Inc.       618  
40     Leidos Holdings, Inc.       2  
352     Lionbridge Technologies, Inc. (a)       2  
42     Luxoft Holding, Inc. (a)       2  
53     ManTech International Corp., Class – A       2  
385     MAXIMUS, Inc.       21  
200     MoneyGram International, Inc. (a)       2  
359     NeuStar, Inc., Class – A (a)       10  
702     Sapient Corp. (a)       17  
260     Science Applications International Corp.       13  
92     Sykes Enterprises, Inc. (a)       2  
4,726     Syntel, Inc. (a)       212  
126     TeleTech Holdings, Inc. (a)       3  
252     The Hackett Group, Inc.       2  
236     Unisys Corp. (a)       7  
3,010     VeriFone Systems, Inc. (a)       112  
147     Virtusa Corp. (a)       6  

   
Shares   Security
Description
  Value
  (000)  
       IT Services (continued)
 
221     WEX, Inc. (a)     $ 22  
             1,275  
       Leisure Products — 0.13%
 
73     Arctic Cat, Inc.       3  
263     Brunswick Corp.       13  
30     Escalade, Inc.        
66     Johnson Outdoors, Inc., Class – A       2  
24,413     Leapfrog Enterprises, Inc. (a)       115  
38     Malibu Boats, Inc., Class – A (a)       1  
92     Marine Products Corp.       1  
107     Nautilus, Inc. (a)       2  
325     Smith & Wesson Holding Corp. (a)       3  
158     Sturm, Ruger & Co., Inc.       5  
             145  
       Life Sciences Tools & Services — 0.91%
 
136     Accelerate Diagnostics, Inc. (a)       3  
356     Affymetrix, Inc. (a)       4  
142     Albany Molecular Research, Inc. (a)       2  
15     Bio-Rad Laboratories, Inc., Class – A (a)       2  
20     Bio-Techne Corp.       2  
118     Bruker Biosciences Corp. (a)       2  
253     Cambrex Corp. (a)       5  
39     Charles River Laboratories International,
Inc. (a)
      2  
139     ENZO Biochem, Inc. (a)       1  
6,287     Fluidigm Corp. (a)       212  
107     Furiex Pharmaceuticals, Inc.* (a)(b)        
2,550     Illumina, Inc. (a)       470  
28     INC Research Holdings, Inc., Class – A (a)       1  
357     Luminex Corp. (a)       7  
44     NanoString Technologies, Inc. (a)       1  
334     Pacific Boisciences of California, Inc. (a)       3  
3,788     PAREXEL International Corp. (a)       210  
79     PRA Health Sciences, Inc. (a)       2  
4,777     QIAGEN NV (a)       112  
632     Sequenom, Inc. (a)       2  
             1,043  
       Machinery — 3.33%
 
263     Accuride Corp. (a)       1  
5,430     Actuant Corp., Class – A       148  
40     AGCO Corp.       2  
9     Albany International Corp., Class – A        
150     Altra Holdings, Inc.       4  
88     American Railcar Industries       5  
86     Ampco-Pittsburgh Corp.       2  
13     ARC Group Worldwide, Inc. (a)        
276     Blount International, Inc. (a)       5  
75     Briggs & Stratton Corp.       2  
173     Chart Industries, Inc. (a)       6  
89     CIRCOR International, Inc.       5  
270     CLARCOR, Inc.       18  
4,954     Columbus McKinnon Corp./NY       139  
129     Commercial Vehicle Group, Inc. (a)       1  
115     Douglas Dynamics, Inc.       2  
86     Energy Recovery, Inc. (a)        
125     ENPRO Industries, Inc. (a)       8  
228     Global Brass & Copper Holdings, Inc.       3  

See accompanying notes to financial statements.

37


 
 

TABLE OF CONTENTS

HC CAPITAL TRUST
The Small Capitalization–Mid Capitalization Equity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

   
Shares   Security
Description
  Value
  (000)  
       Common Stocks (continued)
 
       Machinery (continued)
 
55     Graham Corp.     $ 2  
5,127     Harsco Corp.       97  
81     Hyster-Yale Materials Handling, Inc.       6  
4,940     IDEX Corp.       385  
10,260     ITT Corp.       415  
163     John Bean Technologies Corp.       5  
11     Kadant, Inc.        
5,791     Lincoln Electric Holdings, Inc.       400  
55     Lindsay Corp.       5  
85     Lydall, Inc. (a)       3  
89     Manitex International, Inc. (a)       1  
18,447     Meritor, Inc. (a)       279  
83     Miller Industries, Inc.       2  
209     Mueller Industries, Inc.       7  
9,674     Mueller Water Products, Inc., Class – A       99  
89     Nn, Inc.       2  
15     Omega Flex, Inc.       1  
2,550     Pall Corp.       258  
728     Proto Labs, Inc. (a)       49  
128     RBC Bearings, Inc.       8  
426     Rexnord Corp. (a)       12  
4,725     Snap-on, Inc.       645  
55     Standex International Corp.       4  
126     Sun Hydraulics Corp.       5  
104     Tennant Co.       8  
4,760     Terex Corp.       133  
54     The ExOne Co.ˆ (a)       1  
114     The Gorman-Rupp Co.       4  
186     The Greenbrier Cos., Inc.ˆ       10  
35     The Timken Co.       1  
2,651     TriMas Corp. (a)       83  
27     Twin Disc, Inc.       1  
23,219     Wabash National Corp. (a)       287  
2,155     WABCO Holdings, Inc. (a)       226  
3     Watts Water Technologies, Inc.        
251     Woodward, Inc.       12  
51     Xerium Technologies, Inc. (a)       1  
             3,808  
       Marine — 0.24%
 
1,361     Kirby Corp. (a)       110  
89     Matson, Inc.       3  
39,955     Navios Maritime Holdings, Inc.       164  
             277  
       Media — 0.85%
 
40     AMC Entertainment Holdings, Inc., Class – A       1  
126     Carmike Cinemas, Inc. (a)       3  
57     Crown Media Holdings, Inc., Class – A (a)        
586     Cumulus Media, Inc., Class – A (a)       2  
90     Entercom Communications Corp. (a)       1  
293     Entravision Communications Corp., Class – A       2  
51     Eros International PLC (a)       1  
291     Gray Television, Inc. (a)       3  
32,136     Harte-Hanks, Inc.       250  
6,390     Imax Corp. (a)       197  

   
Shares   Security
Description
  Value
  (000)  
       Media (continued)
 
100     Journal Communications, Inc., Class – A (a)     $ 1  
9,460     Lions Gate Entertainment Corp.       304  
74     Loral Space & Communications, Inc. (a)       6  
187     Martha Stewart Living Omnimedia, Inc. (a)       1  
61     MDC Partners, Inc.       1  
64     National CineMedia, Inc.       1  
173     Nexstar Broadcasting Group, Inc., Class – A       9  
180     Radio One, Inc., Class – D (a)        
47     ReachLocal, Inc. (a)        
2,340