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		Alternative Formats (Word, et al.) Additional Information Financial Highlights Notes to Financial Statements Portfolios of Investments Statements of Assets and Liabilities Statements of Changes in Net Assets Statements of Operations Table of Contents 186 191 196 203 211 250
1	1st 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

[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

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.

HC CAPITAL TRUST

Semiannual Report

December 31, 2014


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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		Rentrak Corp. (a)		170
5		Saga Communications, Inc.		—
129		Salem Communications Corp., Class – A		1
26		Scholastic Corp.		1
389		Sinclair Broadcast Group, Inc.		11
40		Time, Inc.		1
124		Townsquare Media, Inc., Class – A (a)		2
163		World Wrestling Entertainment, Inc., Class – A		2
				971
		Metals & Mining — 0.99%
6,780		Agnico-Eagle Mines Ltd.		169
7,330		Allegheny Technologies, Inc.		255
3,382		Carpenter Technology Corp.		167
180		Coeur d’Alene Mines Corp. (a)		1
100		Commercial Metals Co.		2
15,651		Globe Specialty Metals, Inc.		269
169		Gold Resource Corp.		1
4,354		Horsehead Holding Corp. (a)		69
25		Kaiser Aluminum Corp.		2
49		Materion Corp.		2
109		Olympic Steel, Inc.		2
14		RTI International Metals, Inc. (a)		—
3,600		Schnitzer Steel Industries, Inc., Class – A		81
635		Stillwater Mining Co. (a)		9
274		SunCoke Energy, Inc.		5
60		United States Steel Corp.		2
3,162		US Silica Holdings, Inc.		81
138		Walter Energy, Inc.ˆ		—
291		Worthington Industries, Inc.		9
				1,126
		Multiline Retail — 0.01%
39		Big Lots, Inc.		2
145		Burlington Stores, Inc. (a)		7
11		Dillard’s, Inc., Class – A		1
196		Tuesday Morning Corp. (a)		4
				14
		Multi-Utilities — 0.39%
80		Avista Corp.		3
8,272		Black Hills Corp.		439
				442
		Oil, Gas & Consumable Fuels — 2.24%
537		Abraxas Petroleum Corp. (a)		2
23		Adams Resources & Energy, Inc.		1
14		Alon USA Energy, Inc.		—
17		Apco Oil & Gas International, Inc. (a)		—
92		Approach Resources, Inc. (a)		1
19,210		Bill Barrett Corp. (a)		219

See accompanying notes to financial statements.

38

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)
		Oil, Gas & Consumable Fuels (continued)
183		Bonanza Creek Energy, Inc. (a)	$	4
491		BPZ Resources, Inc. (a)		—
5,712		Cabot Oil & Gas Corp.		169
18,038		Carrizo Oil & Gas, Inc. (a)		751
35		Clayton Williams Energy, Inc. (a)		2
241		Clean Energy Fuels Corp. (a)		1
2,330		CONSOL Energy, Inc.		79
9,200		Contango Oil & Gas Co. (a)		269
4,952		Continental Resources, Inc. (a)		190
212		Delek US Holdings, Inc.		6
160		Denbury Resources, Inc.		1
238		Diamondback Energy, Inc. (a)		14
113		Eclipse Resources Corp. (a)		1
36,300		Emerald Oil, Inc.ˆ (a)		44
136,440		Enbridge Energy Management LLC (a)(c)		—
94		Evolution Petroleum Corp.		1
342		EXCO Resources, Inc.		1
241		FX Energy, Inc. (a)		—
46		GasLog Ltd.		1
345		Gastar Exploration, Inc. (a)		1
201		Goodrich Petroleum Corp.ˆ (a)		1
220		Green Plains Renewable Energy, Inc.		5
5,088		Interoil Corp.ˆ (a)		248
3		Isramco, Inc. (a)		—
178		Jones Energy, Inc., Class – A (a)		2
1,032		Magnum Hunter Resources Corp. (a)		3
222		Matador Resources Co. (a)		4
24		Pacific Ethanol, Inc. (a)		—
75		Panhandle Oil & Gas, Inc., Class – A		2
300		Parsley Energy, Inc., Class – A (a)		5
41		PBF Energy, Inc.		1
4		PDC Energy, Inc. (a)		—
269		PetroQuest Energy, Inc. (a)		1
13		Quicksilver Resources, Inc. (a)		—
131,930		Rentech, Inc. (a)		166
29		REX American Resources Corp. (a)		2
5,085		Rex Energy Corp. (a)		26
106		Ring Energy, Inc. (a)		1
47		Rosetta Resources, Inc. (a)		1
37		RSP Permian, Inc. (a)		1
185		Sanchez Energy Corp. (a)		2
18,263		SandRidge Energy, Inc.ˆ (a)		33
242		Semgroup Corp.		17
30		SM Energy Co.		1
386		Solazyme, Inc. (a)		1
10,350		Synergy Resources Corp. (a)		130
106		TransAtlantic Petroleum Ltd. (a)		1
241		Triangle Petroleum Corp. (a)		1
109		Vertex Energy, Inc. (a)		—
88		W&T Offshore, Inc.		1
333		Western Refining, Inc.		13
11,722		WPX Energy, Inc. (a)		136
				2,563
		Paper & Forest Products — 0.54%
5,717		Boise Cascade Co. (a)		212
115		Clearwater Paper Corp. (a)		8


Shares	Security Description		Value (000)
		Paper & Forest Products (continued)
62		Deltic Timber Corp.	$	4
40		Domtar Corp.		2
480		KapStone Paper & Packaging Corp.		14
22,000		Louisiana-Pacific Corp. (a)		364
51		Neenah Paper, Inc.		3
157		P.H. Glatfelter Co.		4
61		Schweitzer-Mauduit International, Inc.		3
228		Wausau Paper Corp.		3
				617
		Personal Products — 0.01%
183		IGI Laboratories, Inc. (a)		2
5		Inter Parfums, Inc.		—
73		Medifast, Inc. (a)		2
20		Nature’s Sunshine Products, Inc.		—
30		Nutraceutical International Corp. (a)		1
17		Revlon, Inc., Class – A (a)		1
118		Synutra International, Inc. (a)		1
135		The Female Health Co.		1
34		USANA Health Sciences, Inc. (a)		2
				10
		Pharmaceuticals — 0.40%
133		AcelRx Pharmaceuticals, Inc. (a)		1
4		Achaogen, Inc. (a)		—
60		Aerie Pharmaceuticals, Inc. (a)		2
354		Akorn, Inc. (a)		13
117		Alimera Sciences, Inc. (a)		1
68		Amphastar Pharmaceuticals, Inc. (a)		1
313		Ampio Pharmaceuticals, Inc. (a)		1
41		ANI Pharmaceuticals, Inc. (a)		2
166		Aratana Therapeutics, Inc. (a)		3
285		Auxilium Pharmaceuticals, Inc. (a)		10
1,095		AVANIR Pharmaceuticals, Inc., Class – A (a)		19
7,138		BioDelivery Sciences International, Inc. (a)		85
399		Bio-Path Holdings, Inc. (a)		1
249		Catalent, Inc. (a)		7
130		Cempra Holdings LLC (a)		3
288		Corcept Therapeutics, Inc. (a)		1
324		DepoMed, Inc. (a)		5
41		Dermira, Inc. (a)		1
57		Egalet Corp. (a)		—
191		Endocyte, Inc. (a)		1
367		Horizon Pharma PLC (a)		5
152		Impax Laboratories, Inc. (a)		5
1,268		Intersect ENT, Inc. (a)		24
96		Intra-Cellular Therapies, Inc. (a)		2
146		Lannett Co., Inc. (a)		6
406		Nektar Therapeutics (a)		6
191		Omeros Corp.ˆ (a)		5
200		Omthera Pharmaceutical, Inc.* (a)		—
1,227		Pacira Pharmaceuticals, Inc. (a)		108
192		Pain Therapeutics, Inc. (a)		—
182		Pernix Therapeutics Holdings, Inc. (a)		2
156		Phibro Animal Health Corp., Class – A		5
10,441		POZEN, Inc. (a)		84
357		Prestige Brands Holdings, Inc. (a)		12
102		Relypsa, Inc. (a)		3
116		Repros Therapeutics, Inc. (a)		1

See accompanying notes to financial statements.

39

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)
		Pharmaceuticals (continued)
46		Revance Therapeutics, Inc. (a)	$	1
184		Sagent Pharmaceuticals, Inc. (a)		5
450		SciClone Pharmaceuticals, Inc. (a)		4
253		Sucampo Pharmaceuticals, Inc., Class – A (a)		4
154		Supernus Pharmaceuticals, Inc. (a)		1
423		The Medicines Co. (a)		12
648		TherapeuticsMD, Inc. (a)		3
129		Theravance Biopharma, Inc. (a)		2
477		VIVUS, Inc. (a)		1
45		XenoPort, Inc. (a)		—
559		Zogenix, Inc. (a)		1
31		ZS Pharma, Inc. (a)		1
				460
		Professional Services — 1.05%
34		Barrett Business Services, Inc.		1
130		CBIZ, Inc. (a)		1
254		Corporate Resource Services, Inc. (a)		—
74		Exponent, Inc.		6
32		Franklin Covey Co. (a)		1
52		GP Strategies Corp. (a)		2
165		Hill International, Inc. (a)		1
11		Huron Consulting Group, Inc. (a)		1
141		Information Services Group, Inc. (a)		1
126		Insperity, Inc.		4
78		Kelly Services, Inc., Class – A		1
149		Kforce, Inc.		4
155		Korn/Ferry International (a)		4
93		Mistras Group, Inc. (a)		2
307		On Assignment, Inc. (a)		10
4,144		Paylocity Holding Corp. (a)		108
165,900		Pendrell Corp. (a)		229
20		RPX Corp. (a)		—
208		The Advisory Board Co. (a)		10
192		The Corporate Executive Board Co.		14
22		TriNet Group, Inc. (a)		1
231		TrueBlue, Inc. (a)		5
29		VSE Corp.		2
12,319		WageWorks, Inc. (a)		795
				1,203
		Real Estate Investment Trusts — 2.09%
132		AG Mortgage Investment Trust, Inc.		2
11		Alexander’s, Inc.		5
5,301		Alexandria Real Estate Equities, Inc.		469
45		American Assets Trust, Inc.		2
127		American Capital Mortgage Investment Corp.		2
480		Anworth Mortgage Asset Corp.		3
159		Apollo Residential Mortgage, Inc.		3
9,400		Ares Commercial Real Estate Corp.		108
694		Armour Residential REIT, Inc.		3
250		Ashford Hospitality Trust		3
8,400		AV Homes, Inc. (a)		122
12		Aviv REIT, Inc.		—
204		Capstead Mortgage Corp.		3
121		CareTrust REIT, Inc.		1
136		CBL & Associates Properties, Inc.		3


Shares	Security Description		Value (000)
		Real Estate Investment Trusts (continued)
376		Cedar Realty Trust, Inc.	$	3
186		Coresite Realty Corp.		7
6,013		Corporate Office Properties Trust		171
100		CyrusOne, Inc.		3
277		CYS Investments, Inc.		2
3,859		DiamondRock Hospitality Co.		57
123		DuPont Fabros Technology, Inc.		4
303		Dynex Capital, Inc.		2
4,942		EastGroup Properties, Inc.		313
519		Empire State Realty Trust, Inc., Class – A		9
24		Forestar Group, Inc. (a)		—
698		Glimcher Realty Trust		10
137		Hatteras Financial Corp.		3
164		Invesco Mortgage Capital		3
25		Kennedy-Wilson Holdings, Inc.		1
235		Lexington Realty Trust		3
4,471		Mid-America Apartment Communities, Inc.		333
214		National Health Investors, Inc.		15
120		Pennsylvania Real Estate Investment Trust		3
4,725		Potlatch Corp.		198
96		PS Business Parks, Inc.		8
72		QTS Realty Trust, Inc., Class – L		2
346		Rait Financial Trust		3
179		RE/MAX Holdings, Inc., Class – A		6
19,450		Redwood Trust, Inc.		382
126		Ryman Hospitality Properties, Inc.		7
288		Sabra Healthcare REIT, Inc.		9
51		Saul Centers, Inc.		3
162		Sovran Self Storage, Inc.		14
4,735		Strategic Hotels & Resorts, Inc. (a)		63
272		Sun Communities, Inc.		16
13		Tejon Ranch Co. (a)		—
33		UMH Properties, Inc.		—
74		Universal Health Realty Income Trust		4
92		Urstadt Biddle Properties, Inc., Class – A		2
176		Western Asset Mortgage Capital Corp.		3
				2,391
		Real Estate Management & Development — 0.01%
7		Altisource Asset Management Corp. (a)		2
81		Altisource Portfolio Solutions SA (a)		2
6		Consolidated-Tomoka Land Co.		—
472		St. Joe Corp. (a)		9
				13
		Road & Rail — 0.23%
7		AMERCO, Inc.		2
135		ArcBest Corp.		6
19		Celadon Group, Inc.		—
1,753		Con-way, Inc.		86
317		Heartland Express, Inc.		9
961		Kansas City Southern Industries		118
338		Knight Transportation, Inc.		11
57		Marten Transport Ltd.		1
9		P.A.M. Transportation Services, Inc. (a)		—
55		Quality Distribution, Inc. (a)		1
51		Roadrunner Transportation Systems, Inc. (a)		1
135		Saia, Inc. (a)		7
482		Swift Transportation Co. (a)		14

See accompanying notes to financial statements.

40

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)
		Road & Rail (continued)
22		Universal Truckload Services, Inc.	$	1
55		Werner Enterprises, Inc.		2
23		YRC Worldwide, Inc. (a)		1
				260
		Semiconductors & Semiconductor Equipment — 7.82%
209		Advanced Energy Industries, Inc. (a)		5
220		Alpha & Omega Semiconductor Ltd. (a)		2
3,895		Altera Corp.		144
159		Ambarella, Inc. (a)		8
572		Amkor Technology, Inc. (a)		4
456		Applied Micro Circuits Corp. (a)		3
17,800		Atmel Corp. (a)		149
12,336		Brooks Automation, Inc.		157
114		Cabot Microelectronics Corp. (a)		5
3,235		Canadian Solar, Inc. (a)		78
9,530		Cavium, Inc. (a)		589
215		Cirrus Logic, Inc. (a)		5
47,230		Cypress Semiconductor Corp.ˆ		674
5,573		Diodes, Inc. (a)		154
581		Entegris, Inc. (a)		8
38		Exar Corp. (a)		—
13,341		Fairchild Semiconductor International, Inc. (a)		225
183		Inphi Corp. (a)		3
10,516		Integrated Device Technology, Inc. (a)		206
127		Integrated Silicon Solution, Inc.		2
5,356		International Rectifier Corp. (a)		214
148		IXYS Corp.		2
655		Lattice Semiconductor Corp. (a)		5
72		MA-COM Technology Solutions Holdings, Inc. (a)		2
6,576		Maxim Integrated Products, Inc.		210
138		MaxLinear, Inc. (a)		1
3,928		Mellanox Technologies Ltd. (a)		168
270		Micrel, Inc.		4
1,554		Microsemi Corp. (a)		44
13,189		Monolithic Power Systems, Inc.		656
64		Nanometrics, Inc. (a)		1
8		NVE Corp. (a)		1
72		OmniVision Technologies, Inc. (a)		2
35,505		ON Semiconductor Corp. (a)		360
177		PDF Solutions, Inc. (a)		3
237		Photronics, Inc. (a)		2
327		PMC – Sierra, Inc. (a)		3
7,292		Power Integrations, Inc.		377
53,080		QuickLogic Corp.ˆ (a)		167
644		Rambus, Inc. (a)		7
1,627		RF Micro Devices, Inc. (a)		27
28,132		Rubicon Technology, Inc. (a)		129
19		Rudolph Technologies, Inc. (a)		—
3,781		Semtech Corp. (a)		104
22,000		Sigma Designs, Inc. (a)		163
223		Silicon Image, Inc. (a)		1
2,076		Silicon Laboratories, Inc. (a)		99
10,338		Skyworks Solutions, Inc.		752


Shares	Security Description		Value (000)
		Semiconductors & Semiconductor Equipment (continued)
35,669		Spansion, Inc., Class – A (a)	$	1,221
9,700		SunEdison, Inc. (a)		189
3,634		Synaptics, Inc. (a)		250
103		Teradyne, Inc.		2
9,267		Tessera Technologies, Inc.		331
26,064		TriQuint Semiconductor, Inc. (a)		718
296		Ultra Clean Holdings, Inc. (a)		3
15,540		Ultratech, Inc. (a)		288
330		Vitesse Semiconductor Corp. (a)		1
115		Xcerra Corp. (a)		1
				8,929
		Software — 5.22%
113		A10 Networks, Inc. (a)		—
646		ACI Worldwide, Inc. (a)		13
4,311		Advent Software, Inc.		132
125		American Software, Inc., Class – A		1
10,344		Aspen Technology, Inc. (a)		362
211		AVG Technologies NV (a)		4
42		Barracuda Networks, Inc. (a)		2
262		Blackbaud, Inc.		11
186		Bottomline Technologies, Inc. (a)		5
160		BroadSoft, Inc. (a)		5
279		Callidus Software, Inc. (a)		5
251		Cinedigm Corp., Class – A (a)		—
268		CommVault Systems, Inc. (a)		14
132		Comverse, Inc. (a)		2
54		Covisint Corp. (a)		—
263		Cyan, Inc. (a)		1
6,640		CyberArk Software Ltd. (a)		264
31		Digimarc Corp.		1
121		Ebix, Inc.		2
6,430		Electronic Arts, Inc. (a)		302
3,259		Ellie Mae, Inc. (a)		131
99		EPIQ Systems, Inc.		2
27		ePlus, Inc. (a)		2
207		Fair Isaac Corp.		15
7,612		Fleetmatics Group Ltd. (a)		270
7,700		Fortinet, Inc. (a)		236
140		Gigamon, Inc. (a)		2
39		Globant SA (a)		1
439		Glu Mobile, Inc. (a)		2
94		Guidance Software, Inc. (a)		1
6,515		Guidewire Software, Inc. (a)		330
14		HubSpot, Inc. (a)		—
125		Imperva, Inc. (a)		6
262		Infoblox, Inc. (a)		5
94		Interactive Intelligence Group (a)		5
239		Jive Software, Inc. (a)		1
448		Kofax Ltd. (a)		3
8,941		Manhattan Associates, Inc. (a)		364
44		Mavenir Systems, Inc. (a)		1
73		Mentor Graphics Corp.		2
52		MicroStrategy, Inc. (a)		8
72		MobileIron, Inc. (a)		1
60		Model N, Inc. (a)		1
223		Monotype Imaging Holdings, Inc.		6

See accompanying notes to financial statements.

41

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)
		Software (continued)
207		NetScout Systems, Inc. (a)	$	8
3,780		NetSuite, Inc. (a)		413
48		Park City Group, Inc. (a)		—
215		Pegasystems, Inc.		4
7,870		Proofpoint, Inc. (a)		380
142		PROS Holdings, Inc. (a)		4
15,491		PTC, Inc. (a)		568
27		QAD, Inc., Class – A		1
509		QLIK Technologies, Inc. (a)		16
7,814		Qualys, Inc. (a)		295
129		Rally Software Development Corp. (a)		1
293		RealPage, Inc. (a)		6
19,000		Rosetta Stone, Inc. (a)		185
16,521		Rovi Corp. (a)		373
46		Sapiens International Corp. NV (a)		—
10,100		SeaChange International, Inc. (a)		64
13,287		Silver Spring Networks, Inc. (a)		112
387		SS&C Technologies Holdings, Inc.		23
200		Synchronoss Technologies, Inc. (a)		8
92		Take-Two Interactive Software, Inc. (a)		3
11,028		Tangoe, Inc. (a)		144
466		Telecommunication Systems, Inc. (a)		1
14,900		Telenav, Inc. (a)		99
59		The Rubicon Project, Inc. (a)		1
2,012		The Ultimate Software Group, Inc. (a)		295
15,332		TiVo, Inc. (a)		182
188		Tyler Technologies, Inc. (a)		21
27		Varonis Systems, Inc. (a)		1
166		VASCO Data Security International, Inc. (a)		5
321		Verint Systems, Inc. (a)		19
217		VirnetX Holding Corp. (a)		1
470		Vringo, Inc. (a)		—
62		Zendesk, Inc. (a)		2
77,000		Zynga, Inc. (a)		205
				5,961
		Specialty Retail — 2.12%
52		Abercrombie & Fitch Co., Class – A		1
1		America’s Car-Mart, Inc. (a)		—
266		Ann, Inc. (a)		10
174		Asbury Automotive Group, Inc. (a)		13
110		Ascena Retail Group, Inc. (a)		1
103		Big 5 Sporting Goods Corp.		2
128		Brown Shoe Co., Inc.		4
41		Build-A-Bear Workshop, Inc. (a)		1
4,526		Cabela’s, Inc., Class – A (a)		240
6,548		Chico’s FAS, Inc.		106
191		Christopher & Banks Corp. (a)		1
168		Conn’s, Inc. (a)		3
65		Destination Maternity Corp.		1
26		Express, Inc. (a)		—
1,343		Five Below, Inc. (a)		55
249		Francesca’s Holdings Corp. (a)		4
40		GameStop Corp., Class – A		1
7		Genesco, Inc. (a)		1
42		Group 1 Automotive, Inc.		4
55		Haverty Furniture Cos., Inc.		1


Shares	Security Description		Value (000)
		Specialty Retail (continued)
147		Hibbett Sports, Inc. (a)	$	7
47		Kirkland’s, Inc. (a)		1
129		Lithia Motors, Inc.		11
155		Lumber Liquidators Holdings, Inc. (a)		10
7,200		MarineMax, Inc. (a)		144
84		Mattress Firm Holding Corp. (a)		5
179		Monro Muffler Brake, Inc.		10
892		Murphy USA, Inc. (a)		61
157		New York & Co., Inc. (a)		—
123		Outerwall, Inc. (a)		9
249		Pacific Sunwear of California, Inc. (a)		1
536		Pier 1 Imports, Inc.		8
4,406		Rent-A-Center, Inc.		161
6,514		Restoration Hardware Holdings, Inc. (a)		626
10,597		Select Comfort Corp. (a)		287
49		Sonic Automotive, Inc., Class – A		1
52		Sportsman’s Warehouse Holdings, Inc. (a)		—
97		Stein Mart, Inc.		1
160		The Buckle, Inc.		8
53		The Cato Corp.		2
104		The Container Store Group, Inc. (a)		2
72		The Finish Line, Inc., Class – A		2
158		The Tile Shop Holdings, Inc. (a)		1
150		Tilly’s, Inc., Class – A (a)		1
7,711		Tractor Supply Co.		609
94		Vitamin Shoppe, Inc. (a)		5
11		Winmark Corp.		1
100		Zumiez, Inc. (a)		4
				2,427
		Technology Hardware, Storage & Peripherals — 0.76%
5,951		Cray, Inc. (a)		205
318		Dot Hill Systems Corp. (a)		1
264		Electronics for Imaging, Inc. (a)		11
45,700		Imation Corp. (a)		173
147		Immersion Corp. (a)		1
42		Lexmark International, Inc., Class – A		2
55		Nimble Storage, Inc. (a)		2
16,800		QLogic Corp. (a)		224
187		Silicon Graphics International Corp. (a)		2
7,041		Super Micro Computer, Inc. (a)		246
				867
		Textiles, Apparel & Luxury Goods — 2.31%
105		Columbia Sportswear Co.		5
26		Crocs, Inc. (a)		—
85		Culp, Inc.		2
7,496		Deckers Outdoor Corp. (a)		682
7,777		G-III Apparel Group Ltd. (a)		786
101		Iconix Brand Group, Inc. (a)		3
106		Movado Group, Inc.		3
81		Oxford Industries, Inc.		4
394		Quiksilver, Inc. (a)		1
55		Sequential Brands Group, Inc. (a)		1
164		Skechers USA, Inc., Class – A (a)		9
330		Steven Madden Ltd. (a)		11
287		Tumi Holdings, Inc. (a)		7
8,524		Under Armour, Inc., Class – A (a)		579

See accompanying notes to financial statements.

42

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)
		Textiles, Apparel & Luxury Goods (continued)
3,652		Vera Bradley, Inc. (a)	$	74
990		Vince Holding Corp. (a)		26
15,110		Wolverine World Wide, Inc.		445
				2,638
		Thrifts & Mortgage Finance — 0.08%
80		Bofl Holding, Inc. (a)		6
254		Essent Group Ltd. (a)		7
60		Federal Agricultural Mortgage Corp., Class – C		2
40		First Defiance Financial Corp.		1
70		Home Loan Servicing Solutions Ltd.		1
79		HomeStreet, Inc.		1
4		Kearny Financial Corp. (a)		—
120		Meridian Bancorp, Inc. (a)		1
40		Meta Financial Group, Inc.		1
796		MGIC Investment Corp. (a)		7
36		PennyMac Financial Services, Inc. (a)		1
233		Radian Group, Inc.		4
29		Stonegate Mortgage Corp. (a)		—
18		Tree.com, Inc. (a)		1
37		United Financial Bancorp, Inc.		1
92		Walker & Dunlop, Inc. (a)		2
718		WSFS Financial Corp.		56
				92
		Tobacco — 0.01%
365		22nd Century Group, Inc. (a)		1
38		Universal Corp.		2
263		Vector Group Ltd.		5
				8
		Trading Companies & Distributors — 1.04%
35		Aceto Corp.		1
191		Aircastle Ltd.		4
7,634		Applied Industrial Technologies, Inc.		347
64		Beacon Roofing Supply, Inc. (a)		2
70		CAI International, Inc. (a)		2
72		DXP Enterprises, Inc. (a)		4
3,073		GATX Corp.		177
75		General Finance Corp. (a)		1
176		H&E Equipment Services, Inc.		5
130		Houston Wire & Cable Co.		2
86		Kaman Corp.		3
9,957		MRC Global, Inc. (a)		151
161		Rush Enterprises, Inc., Class – A (a)		5
11,082		Stock Building Supply Holdings, Inc. (a)		170
112		TAL International Group, Inc.		5
68		Textainer Group Holdings Ltd.		2
36		Titan Machinery, Inc. (a)		1
2,878		Watsco, Inc.		307
				1,189
		Transportation Infrastructure — 0.00%
46		Wesco Aircraft Holdings, Inc. (a)		1
		Water Utilities — 0.00%
15		American States Water Co.		1
17		SJW Corp.		1
39		The York Water Co.		—
				2


Shares or Principal Amount (000)	Security Description		Value (000)
		Wireless Telecommunication Services — 0.20%
70		NTELOS Holding Corp.	$	—
161		RingCentral, Inc., Class – A (a)		2
1,940		SBA Communications Corp., Class – A (a)		215
124		Shenandoah Telecommunications Co.		4
88		Spok Holdings, Inc.		2
				223
		Total Common Stocks		98,952
		Contingent Rights — 0.00%
		Biotechnology — 0.00%
500		Clinical Data, Inc.* (a)(b)(c)		—
		Machinery — 0.00%
1,000		Gerber Scientific, Inc.* (b)(d)		—
		Wireless Telecommunication Services — 0.00%
260		Leap Wireless International, Inc.* (b)(d)		—
		Total Contingent Rights		—
		Warrant — 0.00%
		Oil, Gas & Consumable Fuels — 0.00%
160		Magnum Hunter Resources Corp. (a)		—
		Total Warrant		—
		Time Deposit — 2.06%
$2,354		State Street Liquidity Management Control System Eurodollar Time Deposit, 0.01%, 1/2/15		2,354
		Total Time Deposit		2,354
		Mutual Funds — 11.40%
12,990,903		Federated U.S. Treasury Cash Reserve Fund, Institutional Shares, 0.00% (e)		12,991
36,330		SSgA Prime Money Market Fund, 0.00% (e)		36
6,731		SSgA Treasury Money Market Fund, 0.00% (e)		7
		Total Mutual Funds		13,034
		Total Investments (cost $87,277) — 100.01%		114,340
		Liabilities in excess of other assets — (0.01)%		(15	)
		Net Assets — 100.00%	$	114,325

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

*

Security was fair valued on December 31, 2014 and represents a Level 2 security. Refer to Note 2 in the Notes to Financial Statements.

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 $2,009 (amount in thousands).

^(a)

Represents non-income producing security.

See accompanying notes to financial statements.

43

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

^(b)

These securities have been deemed illiquid by the Specialist Manager and represent 0.00% of the Portfolio.

^(c)

Rights entitle the Portfolio to cash based on the company’s achievement of milestones in connection with a pharmaceutical drug that was brought to market.

^(d)

Rights entitle the Portfolio to cash based on any net recoveries obtained by the company in connection with certain claims of patent infringement.

^(e)

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 Small Capitalization– Mid Capitalization Equity Portfolio	Ariel Investments, LLC			Cupps Capital Management, LLC			Frontier Capital Management Company, LLC			IronBridge Capital Management LP			Mellon Capital Management Corporation			Pzena Investment Management, LLC			HC Capital Solutions			Total
Common Stocks		—			13.91	%		28.58	%		29.28	%		4.94	%		5.06	%		4.78	%		86.55	%
Contingent Rights		—			—			—			—			—			—			—			0.00	%
Warrant		—			—			—			—			—			—			—			0.00	%
Time Deposit		—			—			0.62	%		1.23	%		—			0.06	%		0.15	%		2.06	%
Mutual Funds		4.92	%		0.04	%		—			—			—			—			6.44	%		11.40	%
Other Assets (Liabilities)		—			—			-0.01	%		-0.09	%		0.10	%		0.01	%		-0.02	%		-0.01	%
Total Net Assets		4.92	%		13.95	%		29.19	%		30.42	%		5.04	%		5.13	%		11.35	%		100.00	%

See accompanying notes to financial statements.

44

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


Shares	Security Description		Value (000)
		Common Stocks — 87.36%
		Aerospace & Defense — 1.57%
153		AAR Corp.	$	4
36		Alliant Techsystems, Inc.		4
4,700		Cubic Corp.		247
10,895		Curtiss-Wright Corp.		769
180		Ducommun, Inc. (a)		5
110		Engility Holdings, Inc. (a)		5
9,635		Esterline Technologies Corp. (a)		1,057
229		Exelis, Inc.		4
70		National Presto Industries, Inc.		4
19,876		Orbital Sciences Corp. (a)		534
16,694		TASER International, Inc. (a)		442
70		Triumph Group, Inc.		5
				3,080
		Air Freight & Logistics — 0.33%
540		Air Transport Services Group, Inc. (a)		5
95		Atlas Air Worldwide Holdings, Inc. (a)		5
6,478		Hub Group, Inc., Class – A (a)		246
32,180		UTI Worldwide, Inc. (a)		388
				644
		Airlines — 2.73%
8,110		American Airlines Group, Inc.		435
54,400		Controladora Vuela Compania de Aviacion SAB de CV, ADR (a)		491
50		Copa Holdings SA, Class – A		5
180		Hawaiian Holdings, Inc. (a)		5
60,075		JetBlue Airways Corp. (a)		953
340		Republic Airways Holdings, Inc. (a)		5
370		SkyWest, Inc.		5
49,656		United Continental Holdings, Inc. (a)		3,321
2,930		Virgin America, Inc. (a)		127
				5,347
		Apparel Retail — 0.00%
150		Shoe Carnival, Inc.		4
		Auto Components — 1.49%
3,584		Autoliv, Inc.		380
200		Cooper Tire & Rubber Co.		7
11,450		Dana Holding Corp.		249
22,150		Fox Factory Holding Corp. (a)		359
10,205		Gentherm, Inc. (a)		374
14,100		Modine Manufacturing Co. (a)		192
330		Remy International, Inc.		7
21,898		Stoneridge, Inc. (a)		282
13,735		Tenneco, Inc. (a)		777
260		Tower International, Inc. (a)		7
2,840		TRW Automotive Holdings Corp. (a)		292
				2,926
		Banks — 4.79%
120		1st Source, Inc.		4
180		American National Bankshares, Inc.		4


Shares	Security Description		Value (000)
		Banks (continued)
15,250		Associated Banc-Corp.	$	284
120		Banco Latinoamericano de Comercio Exterior SA, Class – E		4
12,420		Bank of the Ozarks, Inc.		471
23,330		BankUnited, Inc.		676
17,407		BBCN Bancorp, Inc.		250
110		Camden National Corp.		4
230		CNB Financial Corp.		4
42,558		Columbia Banking System, Inc.		1,176
20,821		Cullen/Frost Bankers, Inc.		1,472
241		Fidelity Southern Corp.		4
170		Financial Institutions, Inc.		4
700		First Bancorp (a)		4
220		First Bancorp		4
260		First Community Bancshares, Inc.		4
120		First Financial Corp.		4
140		First Interstate BancSystem, Inc.		4
14,315		First Midwest BanCorp, Inc.		245
490		First Niagara Financial Group, Inc.		4
105		Great Southern Bancorp, Inc.		4
130		Hancock Holding Co.		4
160		Heartland Financial USA, Inc.		4
160		Horizon Bancorp		4
310		Independent Bank Corp.		4
170		International Bancshares Corp.		5
210		MainSource Financial Group, Inc.		4
230		MidSouth Bancorp, Inc.		4
23,550		National Penn Bancshares, Inc.		248
170		NBT Bancorp, Inc.		4
150		Northrim BanCorp, Inc.		4
240		OFG Bancorp		4
19,820		PacWest Bancorp		901
160		Peoples Bancorp, Inc.		4
13,892		Popular, Inc. (a)		473
23,427		Square 1 Financial, Inc., Class – A (a)		579
290		Susquehanna Bancshares, Inc.		4
9,160		SVB Financial Group (a)		1,063
9,700		Synovus Financial Corp.		263
49,065		TCF Financial Corp.		780
1,800		Texas Capital Bancshares, Inc. (a)		98
270		TowneBank		4
170		Trustmark Corp.		4
200		Univest Corp. of Pennsylvania		4
7,647		Webster Financial Corp.		249
120		WesBanco, Inc.		4
90		Wintrust Financial Corp.		4
				9,353
		Beverages — 0.00%
43		Coca-Cola Bottling Co. Consolidated		4
		Biotechnology — 3.32%
11,022		Acadia Pharmaceuticals, Inc. (a)		350

See accompanying notes to financial statements.

45

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Biotechnology (continued)
140		Acorda Therapeutics, Inc. (a)	$	6
1,593		BioMarin Pharmaceutical, Inc. (a)		144
7,636		Celladon Corp. (a)		149
17,394		Cepheid, Inc. (a)		942
15,400		Dyax Corp. (a)		217
228		Emergent BioSolutions, Inc. (a)		6
53,088		Exact Sciences Corp.ˆ (a)		1,458
13,920		Genomic Health, Inc. (a)		445
9,915		Isis Pharmaceuticals, Inc. (a)		612
9,390		Myriad Genetics, Inc.ˆ (a)		320
10,245		NPS Pharmaceuticals, Inc. (a)		366
13,760		OncoMed Pharmaceuticals, Inc.ˆ (a)		299
5,080		Ophthotech Corp. (a)		228
800		PDL BioPharma, Inc.		6
5,444		PTC Therapeutics, Inc. (a)		282
6,691		Repligen Corp. (a)		132
8,700		Sangamo BioSciences, Inc. (a)		132
9,450		Seattle Genetics, Inc. (a)		304
2,355		Ultragenyx Pharmaceutical, Inc. (a)		103
				6,501
		Building Products — 1.63%
5,100		Armstrong World Industries, Inc. (a)		261
14,219		Gibraltar Industries, Inc. (a)		231
15,441		Griffon Corp.		205
7,920		Lennox International, Inc.		754
7,425		Masonite International Corp. (a)		456
14,137		NCI Building Systems, Inc. (a)		262
7,100		Trex Co., Inc. (a)		302
13,843		Universal Forest Products, Inc.		736
				3,207
		Capital Markets — 1.00%
110		Arlington Asset Investment Corp.		3
240		Calamos Asset Management, Inc., Class – A		3
120		FBR & Co. (a)		3
40		GAMCO Investors, Inc., Class – A		4
5,190		LPL Financial Holdings, Inc.		231
210		Manning & Napier, Inc.		3
140		Oppenheimer Holdings, Inc., Class – A		3
7,098		Raymond James Financial, Inc.		407
22,786		Stifel Financial Corp. (a)		1,162
2,903		Waddell & Reed Financial, Inc., Class – A		145
				1,964
		Chemicals — 2.22%
109		A. Schulman, Inc.		4
4,972		Albemarle Corp.		299
100		Axiall Corp.		4
12,740		Cabot Corp.		559
2,250		Celanese Corp., Series A		135


Shares	Security Description		Value (000)
		Chemicals (continued)
108		Chase Corp.	$	4
9,600		Flotek Industries, Inc. (a)		180
5,146		FMC Corp.		293
330		FutureFuel Corp.		4
170		Koppers Holdings, Inc.		4
25,300		Kraton Performance Polymers, Inc. (a)		526
9,768		Methanex Corp.		448
2,403		NewMarket Corp.		971
176		Olin Corp.		4
15,810		PolyOne Corp.		600
111		Stepan Co.		4
12,910		Tronox Ltd., Class – A		308
				4,347
		Commercial Services & Supplies — 0.88%
130		ABM Industries, Inc.		4
410		ACCO Brands Corp. (a)		4
5,079		ARC Document Solutions, Inc. (a)		52
60		Deluxe Corp.		4
300		Ennis, Inc.		4
4,275		Herman Miller, Inc.		126
8,550		KAR Auction Services, Inc.		296
430		Kimball International, Inc., Class – B		4
12,990		Mobile Mini, Inc.		527
180		Quad Graphics, Inc.		4
240		R.R. Donnelley & Sons Co.		4
3,850		Ritchie Bros. Auctioneers, Inc.		104
230		Steelcase, Inc., Class – A		4
10,650		Tetra Tech, Inc.		284
160		The Brink’s Co.		4
36		UniFirst Corp.		4
7,031		United Stationers, Inc.		296
120		West Corp.		4
				1,729
		Communications Equipment — 0.42%
3,904		ADTRAN, Inc.		85
160		BEL Fuse, Inc., Class – B		4
175		Black Box Corp.		4
9,705		Sierra Wireless, Inc.ˆ (a)		460
61,951		Sonus Networks, Inc. (a)		247
140		TESSCO Technologies, Inc.		4
				804
		Construction & Engineering — 0.68%
110		Chicago Bridge & Iron Co.		5
4,700		KBR, Inc.		80
26,455		MasTec, Inc. (a)		597
166		MYR Group, Inc. (a)		5
5,790		Primoris Services Corp.		135
10,145		Quanta Services, Inc. (a)		288
9,718		Tutor Perini Corp. (a)		234
				1,344

See accompanying notes to financial statements.

46

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Construction Materials — 1.07%
17,740		CaesarStone Sdot Yam Ltd.	$	1,061
8,400		Eagle Materials, Inc.		639
12,946		Headwaters, Inc. (a)		194
1,950		Martin Marietta Materials, Inc.		215
				2,109
		Consumer Finance — 0.44%
130		Enova International, Inc. (a)		3
270		EZCORP, Inc., Class – A (a)		3
9,170		Green Dot Corp., Class – A (a)		188
70		Nelnet, Inc., Class – A		3
240		Nicholas Financial, Inc. (a)		4
11,395		PRA Group, Inc. (a)		660
170		Santander Consumer USA Holdings, Inc.		3
35		World Acceptance Corp. (a)		3
				867
		Containers & Packaging — 1.25%
13,751		AptarGroup, Inc.		919
39,670		Berry Plastics Group, Inc. (a)		1,251
90		Greif, Inc., Class – A		4
3,607		Packaging Corp. of America		282
				2,456
		Data Processing & Outsourced Services — 0.00%
8		Alliance Data Systems Corp. (a)		2
		Diversified Consumer Services — 0.21%
9,890		2U, Inc. (a)		194
150		Apollo Group, Inc., Class – A (a)		5
1,240		Career Education Corp. (a)		9
440		K12, Inc. (a)		5
4,160		Matthews International Corp., Class – A		203
115		Steiner Leisure Ltd. (a)		5
				421
		Diversified Financial Services — 0.39%
5,635		Interactive Brokers Group, Inc., Class – A		164
11,171		Leucadia National Corp.		251
6,160		On Deck Capital, Inc. (a)		138
8,402		PHH Corp. (a)		201
				754
		Diversified Telecommunication Services — 0.60%
23,590		Cogent Communications Group, Inc.		836
150		Hawaiian Telcom Holdco, Inc. (a)		4
210		IDT Corp.		4
30,838		Premiere Global Services, Inc. (a)		327
				1,171
		Electric Utilities — 0.84%
19,838		El Paso Electric Co.		795
20,203		ITC Holdings Corp.		817
237		PNM Resources, Inc.		7
181		Portland General Electric Co.		7
460		Spark Energy, Inc., Class – A		6


Shares	Security Description		Value (000)
		Electric Utilities (continued)
239		The Empire District Electric Co.	$	7
160		UIL Holdings Corp.		7
190		Unitil Corp.		7
				1,653
		Electrical Equipment — 1.19%
5,325		Acuity Brands, Inc.		745
9,934		Brady Corp.		272
8,881		EnerSys		548
22,728		Enphase Energy, Inc. (a)		325
21,175		General Cable Corp.		316
1,086		Hubbell, Inc., Class – B		116
90		Preformed Line Products Co.		5
55		Regal-Beloit Corp.		4
				2,331
		Electronic Equipment, Instruments & Components — 3.67%
12,557		Belden, Inc.		990
170		Benchmark Electronics, Inc. (a)		4
15,150		Cognex Corp. (a)		626
9,000		Control4 Corp. (a)		138
100		Dolby Laboratories, Inc., Class – A		4
13,229		DTS, Inc. (a)		407
280		Electro Rent Corp.		4
260		Fabrinet (a)		4
42,495		Flextronics International Ltd. (a)		475
10,259		Insight Enterprises, Inc. (a)		266
7,233		IPG Photonics Corp. (a)		542
10,508		Itron, Inc. (a)		444
17,785		Jabil Circuit, Inc.		388
375		Kimball Electronics, Inc. (a)		5
7,483		Littelfuse, Inc.		723
170		PC Connection, Inc.		4
110		Plexus Corp. (a)		5
9,812		Rogers Corp. (a)		799
180		Sanmina Corp. (a)		4
60		SYNNEX Corp.		5
4,843		Tech Data Corp. (a)		306
29,766		Trimble Navigation Ltd. (a)		790
605		TTM Technologies, Inc. (a)		5
8,170		Universal Display Corp.ˆ (a)		227
300		Vishay Intertechnology, Inc.		4
				7,169
		Energy Equipment & Services — 1.50%
12,643		Atwood Oceanics, Inc. (a)		359
230		Dawson Geophysical Co.		3
80		Diamond Offshore Drilling, Inc.		3
4,001		Dril-Quip, Inc. (a)		307
140		GulfMark Offshore, Inc., Class – A		3
25,330		Helix Energy Solutions Group, Inc. (a)		550
55,044		McDermott International, Inc. (a)		160

See accompanying notes to financial statements.

47

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Energy Equipment & Services (continued)
280		Nabors Industries Ltd.	$	4
62,715		Newpark Resources, Inc. (a)		598
1,080		Parker Drilling Co. (a)		3
80		PHI, Inc. (a)		3
45,854		Superior Energy Services, Inc.		924
250		Tesco Corp.		3
90		Unit Corp. (a)		3
4,180		Vantage Drilling Co. (a)		2
				2,925
		Food & Staples Retailing — 0.91%
19,564		Casey’s General Stores, Inc.		1,767
250		Ingles Markets, Inc., Class – A		9
320		Village Super Market, Inc., Class – A		9
				1,785
		Food Products — 0.01%
90		Cal-Maine Foods, Inc.		4
123		Fresh Del Monte Produce, Inc.		4
85		John B Sanfilippo & Son, Inc.		4
400		Omega Protein Corp. (a)		4
40		Sanderson Farms, Inc.		3
1		Seaboard Corp. (a)		4
				23
		Gas Utilities — 0.74%
120		Southwest Gas Corp.		7
37,728		UGI Corp.		1,433
				1,440
		Health Care Equipment & Supplies — 5.82%
7,130		Abiomed, Inc. (a)		271
47,443		DexCom, Inc. (a)		2,612
2,930		Edwards Lifesciences Corp. (a)		373
210		Exactech, Inc. (a)		5
90		Greatbatch, Inc. (a)		4
120		Halyard Health, Inc. (a)		5
2,600		HeartWare International, Inc. (a)		191
48,139		Insulet Corp. (a)		2,217
3,720		LDR Holding Corp. (a)		122
13,282		Neogen Corp. (a)		659
16,862		Novadaq Technologies, Inc. (a)		280
11,225		STERIS Corp.		728
6,417		The Cooper Cos., Inc.		1,040
15,485		The Spectranetics Corp. (a)		535
58,590		Unilife Corp.ˆ (a)		196
29,810		West Pharmaceutical Services, Inc.		1,587
20,300		Zeltiq Aesthetics, Inc. (a)		567
				11,392
		Health Care Providers & Services — 3.10%
35,846		Acadia Healthcare Co., Inc. (a)		2,195
160		Almost Family, Inc. (a)		5
100		AmSurg Corp. (a)		5


Shares	Security Description		Value (000)
		Health Care Providers & Services (continued)
5,260		Catamaran Corp. (a)	$	272
47		Chemed Corp.		5
7,415		ExamWorks Group, Inc. (a)		308
990		Five Star Quality Care, Inc. (a)		4
210		Hanger, Inc. (a)		5
125		HealthSouth Corp.		5
3,951		iKang Healthcare Group, Inc., ADRˆ (a)		59
220		Kindred Healthcare, Inc.		4
160		LHC Group, Inc. (a)		5
19,832		LifePoint Hospitals, Inc. (a)		1,427
70		Magellan Health Services, Inc. (a)		4
7,340		MEDNAX, Inc. (a)		485
80		Molina Heathcare, Inc. (a)		4
3,205		MWI Veterinary Supply, Inc. (a)		545
71		National Healthcare Corp.		4
7,448		Owens & Minor, Inc.		261
330		Select Medical Holdings Corp.		5
640		Skilled Healthcare Group, Inc. (a)		5
3,240		Team Health Holdings, Inc. (a)		186
105		The Ensign Group, Inc.		5
190		Triple-S Management Corp., Class – A (a)		5
3,215		WellCare Health Plans, Inc. (a)		264
				6,072
		Health Care Supplies — 0.07%
13,710		OraSure Technologies, Inc. (a)		139
		Health Care Technology — 1.06%
15,100		Allscripts Healthcare Solutions, Inc. (a)		193
23,928		Medidata Solutions, Inc. (a)		1,142
22,573		Omnicell, Inc. (a)		748
				2,083
		Hotels, Restaurants & Leisure — 2.33%
8,212		Buffalo Wild Wings, Inc. (a)		1,481
550		Caesars Acquisition Co., Class – A (a)		6
10,433		Del Frisco’s Restaurant Group, Inc. (a)		248
11,415		Diamond Resorts International, Inc. (a)		318
10,590		Fiesta Restaurant Group, Inc. (a)		644
90		Hyatt Hotels Corp., Class – A (a)		5
170		International Speedway Corp., Class – A		5
240		Interval Leisure Group, Inc.		5
17,260		La Quinta Holdings, Inc. (a)		381
90		Life Time Fitness, Inc. (a)		5
270		Marcus Corp.		5
310		Monarch Casino & Resort, Inc. (a)		5
69,430		Ruby Tuesday, Inc. (a)		475
380		Ruth’s Hospitality Group, Inc.		6
320		SeaWorld Entertainment, Inc.		6
240		Speedway Motorsports, Inc.		5
11,230		Texas Roadhouse, Inc., Class – A		379
5,662		Vail Resorts, Inc.		516

See accompanying notes to financial statements.

48

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Hotels, Restaurants & Leisure (continued)
2,260		Zoe’s Kitchen, Inc. (a)	$	68
				4,563
		Household Durables — 0.48%
150		CSS Industries, Inc.		4
140		Flexsteel Industries, Inc.		5
5,144		Harman International Industries, Inc.		548
940		iRobot Corp. (a)		33
290		Lifetime Brands, Inc.		5
9,465		Meritage Homes Corp. (a)		341
80		NACCO Industries, Inc., Class – A		5
				941
		Household Products — 0.00%
60		Oil-Dri Corp. of America		2
		Industrial Conglomerates — 0.13%
2,725		Carlisle Cos., Inc.		246
		Insurance — 2.80%
1,922		Alleghany Corp. (a)		890
7,329		American Equity Investment Life Holding Co.		214
27,470		American Financial Group, Inc.		1,667
15,751		Argo Group International Holdings Ltd.		873
3,175		Aspen Insurance Holdings Ltd.		139
460		Crawford & Co.		5
4,225		Endurance Specialty Holdings Ltd.		253
2,724		Everest Re Group Ltd.		464
4,910		HCC Insurance Holdings, Inc.		263
323		Maiden Holdings Ltd.		4
500		MBIA, Inc. (a)		5
300		OneBeacon Insurance Group Ltd.		5
70		Phoenix Cos., Inc. (a)		5
1,890		Primerica, Inc.		103
6,660		Symetra Financial Corp.		154
230		Universal Insurance Holdings, Inc.		5
8,221		W.R. Berkley Corp.		421
				5,470
		Internet & Catalog Retail — 0.00%
490		1-800-FLOWERS.COM, Inc., Class – A (a)		4
		Internet Software & Services — 3.11%
6,040		Akamai Technologies, Inc. (a)		380
100		AOL, Inc. (a)		5
12,431		Benefitfocus, Inc. (a)		408
330		Blucora, Inc. (a)		5
51,212		Brightcove, Inc. (a)		398
8,860		comScore, Inc. (a)		411
14,195		Demandware, Inc. (a)		817
400		Dice Holdings, Inc. (a)		4
1,050		EarthLink Holdings Corp.		5
19,220		Envestnet, Inc. (a)		945


Shares	Security Description		Value (000)
		Internet Software & Services (continued)
24,307		Gogo, Inc.ˆ (a)	$	402
8,206		Hortonworks, Inc. (a)		222
75		j2 Global, Inc.		5
12,719		Lands’ End, Inc. (a)		686
4,690		Marketo, Inc. (a)		153
21,725		Monster Worldwide, Inc. (a)		100
26,918		QuinStreet, Inc. (a)		163
1,936		Shutterstock, Inc. (a)		134
23,022		TrueCar, Inc.ˆ (a)		527
4,230		Trulia, Inc. (a)		195
6,540		Web.com Group, Inc. (a)		124
				6,089
		Investment Banking & Brokerage — 0.13%
10,100		E*Trade Financial Corp. (a)		245
		IT Services — 1.13%
110		Blackhawk Network Holdings, Inc. (a)		4
160		Booz Allen Hamilton Holding Corp.		4
49		CACI International, Inc., Class – A (a)		4
93		Cass Information Systems, Inc.		5
520		Computer Task Group, Inc.		5
192		Convergys Corp.		4
141		CoreLogic, Inc. (a)		4
172		CSG Systems International, Inc.		4
50		DST Systems, Inc.		5
600		Global Cash Access Holdings, Inc. (a)		4
2,303		Global Payments, Inc.		186
120		iGATE Corp. (a)		5
20,816		Jack Henry & Associates, Inc.		1,295
110		Leidos Holdings, Inc.		5
143		ManTech International Corp., Class – A		4
530		MoneyGram International, Inc. (a)		5
160		NeuStar, Inc., Class – A (a)		4
90		Science Applications International Corp.		4
190		Sykes Enterprises, Inc. (a)		4
10,132		Syntel, Inc. (a)		456
180		TeleTech Holdings, Inc. (a)		4
540		The Hackett Group, Inc.		5
160		Unisys Corp. (a)		5
4,970		VeriFone Systems, Inc. (a)		185
				2,210
		Leisure Products — 0.14%
140		Arctic Cat, Inc.		5
170		Johnson Outdoors, Inc., Class – A		5
53,976		Leapfrog Enterprises, Inc. (a)		255
130		Sturm, Ruger & Co., Inc.		5
				270
		Life Sciences Tools & Services — 0.94%
670		Affymetrix, Inc. (a)		7
380		Albany Molecular Research, Inc. (a)		6
48		Bio-Rad Laboratories, Inc., Class – A (a)		6

See accompanying notes to financial statements.

49

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Life Sciences Tools & Services (continued)
60		Bio-Techne Corp.	$	6
320		Bruker Biosciences Corp. (a)		6
250		Cambrex Corp. (a)		5
100		Charles River Laboratories International, Inc. (a)		6
12,140		Fluidigm Corp. (a)		409
4,202		Illumina, Inc. (a)		776
330		Luminex Corp. (a)		6
7,573		PAREXEL International Corp. (a)		421
7,873		QIAGEN NV (a)		184
				1,838
		Machinery — 3.55%
9,435		Actuant Corp., Class – A		257
100		AGCO Corp.		5
90		American Railcar Industries		5
220		Ampco-Pittsburgh Corp.		4
198		Briggs & Stratton Corp.		4
8,610		Columbus McKinnon Corp./NY		241
350		Global Brass & Copper Holdings, Inc.		5
8,050		Harsco Corp.		152
55		Hyster-Yale Materials Handling, Inc.		4
10,770		IDEX Corp.		838
21,840		ITT Corp.		884
12,832		Lincoln Electric Holdings, Inc.		886
29,940		Meritor, Inc. (a)		454
221		Miller Industries, Inc.		5
15,225		Mueller Water Products, Inc., Class – A		156
4,205		Pall Corp.		426
1,234		Proto Labs, Inc. (a)		83
9,823		Snap-on, Inc.		1,342
8,310		Terex Corp.		232
90		The Greenbrier Cos., Inc.ˆ		5
100		The Timken Co.		4
4,050		TriMas Corp. (a)		127
37,860		Wabash National Corp. (a)		468
3,555		WABCO Holdings, Inc. (a)		372
				6,959
		Marine — 0.29%
2,253		Kirby Corp. (a)		182
96,335		Navios Maritime Holdings, Inc.ˆ		396
				578
		Media — 0.90%
110		AMC Entertainment Holdings, Inc., Class – A		3
240		Entercom Communications Corp. (a)		3
70,988		Harte-Hanks, Inc.		549
10,530		Imax Corp. (a)		325
260		Journal Communications, Inc., Class – A (a)		3
15,570		Lions Gate Entertainment Corp.		499
4,688		Rentrak Corp. (a)		341


Shares	Security Description		Value (000)
		Media (continued)
350		Salem Communications Corp., Class – A	$	3
77		Scholastic Corp.		3
110		Time, Inc.		3
220		Townsquare Media, Inc., Class – A (a)		3
				1,735
		Metals & Mining — 1.01%
11,620		Agnico-Eagle Mines Ltd.		289
12,690		Allegheny Technologies, Inc.		442
7,516		Carpenter Technology Corp.		370
260		Commercial Metals Co.		4
26,414		Globe Specialty Metals, Inc.		456
7,481		Horsehead Holding Corp. (a)		118
60		Kaiser Aluminum Corp.		4
251		Olympic Steel, Inc.		4
6,240		Schnitzer Steel Industries, Inc., Class – A		141
150		United States Steel Corp.		4
5,832		US Silica Holdings, Inc.		150
				1,982
		Multiline Retail — 0.00%
85		Big Lots, Inc.		3
37		Dillard’s, Inc., Class – A		5
				8
		Multi-Utilities — 0.48%
196		Avista Corp.		7
17,628		Black Hills Corp.		935
				942
		Oil, Gas & Consumable Fuels — 1.88%
70		Adams Resources & Energy, Inc.		3
41,354		Bill Barrett Corp. (a)		471
9,452		Cabot Oil & Gas Corp.		280
33,100		Carrizo Oil & Gas, Inc. (a)		1,378
3,850		CONSOL Energy, Inc.		130
8,168		Continental Resources, Inc. (a)		313
100		Delek US Holdings, Inc.		3
440		Denbury Resources, Inc.		4
62,800		Emerald Oil, Inc.ˆ (a)		75
120		Green Plains Renewable Energy, Inc.		3
8,367		Interoil Corp.ˆ (a)		408
280		Jones Energy, Inc., Class – A (a)		3
100		PBF Energy, Inc.		3
7,914		Rex Energy Corp. (a)		40
31,520		SandRidge Energy, Inc.ˆ (a)		57
90		SM Energy Co.		3
20,459		Synergy Resources Corp. (a)		257
80		Western Refining, Inc.		3
20,263		WPX Energy, Inc. (a)		236
				3,670
		Paper & Forest Products — 0.48%
9,000		Boise Cascade Co. (a)		334
100		Domtar Corp.		4

See accompanying notes to financial statements.

50

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Paper & Forest Products (continued)
36,300		Louisiana-Pacific Corp. (a)	$	602
170		P.H. Glatfelter Co.		4
100		Schweitzer-Mauduit International, Inc.		4
				948
		Personal Products — 0.00%
130		Nature’s Sunshine Products, Inc.		2
90		Nutraceutical International Corp. (a)		2
				4
		Pharmaceuticals — 0.22%
14,122		BioDelivery Sciences International, Inc. (a)		170
187		Impax Laboratories, Inc. (a)		6
2,050		Intersect ENT, Inc. (a)		38
2,105		Pacira Pharmaceuticals, Inc. (a)		188
190		Phibro Animal Health Corp., Class – A		6
180		Prestige Brands Holdings, Inc. (a)		6
210		Sagent Pharmaceuticals, Inc. (a)		5
720		SciClone Pharmaceuticals, Inc. (a)		6
430		Sucampo Pharmaceuticals, Inc., Class – A (a)		6
232		The Medicines Co. (a)		6
				437
		Professional Services — 0.94%
440		CBIZ, Inc. (a)		4
230		Kelly Services, Inc., Class – A		4
8,452		Paylocity Holding Corp. (a)		221
70		VSE Corp.		5
24,765		WageWorks, Inc. (a)		1,598
				1,832
		Real Estate Investment Trusts — 2.28%
348		AG Mortgage Investment Trust, Inc.		6
10,597		Alexandria Real Estate Equities, Inc.		939
350		American Capital Mortgage Investment Corp.		7
1,290		Anworth Mortgage Asset Corp.		7
430		Apollo Residential Mortgage, Inc.		7
15,700		Ares Commercial Real Estate Corp.		180
1,850		Armour Residential REIT, Inc.		7
670		Ashford Hospitality Trust		7
532		Capstead Mortgage Corp.		7
350		CBL & Associates Properties, Inc.		7
990		Cedar Realty Trust, Inc.		7
177		Coresite Realty Corp.		7
13,356		Corporate Office Properties Trust		379
260		CyrusOne, Inc.		7
740		CYS Investments, Inc.		6
6,724		DiamondRock Hospitality Co.		100
810		Dynex Capital, Inc.		7
10,291		EastGroup Properties, Inc.		652
360		Hatteras Financial Corp.		7
433		Invesco Mortgage Capital		7


Shares	Security Description		Value (000)
		Real Estate Investment Trusts (continued)
620		Lexington Realty Trust	$	7
9,483		Mid-America Apartment Communities, Inc.		708
282		Pennsylvania Real Estate Investment Trust		7
9,986		Potlatch Corp.		418
90		PS Business Parks, Inc.		7
920		Rait Financial Trust		7
362		RE/MAX Holdings, Inc., Class – A		12
43,235		Redwood Trust, Inc.		851
7,305		Strategic Hotels & Resorts, Inc. (a)		97
454		Western Asset Mortgage Capital Corp.		7
				4,474
		Real Estate Management & Development — 0.00%
380		St. Joe Corp. (a)		7
		Road & Rail — 0.18%
15		AMERCO, Inc.		4
3,057		Con-way, Inc.		150
1,668		Kansas City Southern Industries		204
				358
		Semiconductors & Semiconductor Equipment — 7.78%
570		Alpha & Omega Semiconductor Ltd. (a)		5
6,344		Altera Corp.		234
810		Amkor Technology, Inc. (a)		6
29,370		Atmel Corp. (a)		247
6,645		Canadian Solar, Inc. (a)		161
18,925		Cavium, Inc. (a)		1,170
270		Cirrus Logic, Inc. (a)		6
92,417		Cypress Semiconductor Corp.ˆ		1,320
9,511		Diodes, Inc. (a)		262
389		Entegris, Inc. (a)		5
22,076		Fairchild Semiconductor International, Inc. (a)		373
16,420		Integrated Device Technology, Inc. (a)		322
293		Integrated Silicon Solution, Inc.		5
8,818		International Rectifier Corp. (a)		352
390		IXYS Corp.		5
10,832		Maxim Integrated Products, Inc.		345
8,052		Mellanox Technologies Ltd. (a)		344
2,054		Microsemi Corp. (a)		58
23,048		Monolithic Power Systems, Inc.		1,146
190		OmniVision Technologies, Inc. (a)		5
60,230		ON Semiconductor Corp. (a)		610
620		Photronics, Inc. (a)		5
15,230		Power Integrations, Inc.		788
91,300		QuickLogic Corp.ˆ (a)		287
5,700		Semtech Corp. (a)		157
3,133		Silicon Laboratories, Inc. (a)		149
19,252		Skyworks Solutions, Inc.		1,400
74,628		Spansion, Inc., Class – A (a)		2,554
15,980		SunEdison, Inc. (a)		312

See accompanying notes to financial statements.

51

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Semiconductors & Semiconductor Equipment (continued)
5,730		Synaptics, Inc. (a)	$	394
261		Teradyne, Inc.		5
15,040		Tessera Technologies, Inc.		538
41,270		TriQuint Semiconductor, Inc. (a)		1,137
590		Ultra Clean Holdings, Inc. (a)		5
26,743		Ultratech, Inc. (a)		496
				15,208
		Software — 5.23%
6,630		Advent Software, Inc.		203
21,896		Aspen Technology, Inc. (a)		767
13,615		CyberArk Software Ltd.ˆ (a)		540
250		Ebix, Inc.		4
10,590		Electronic Arts, Inc. (a)		498
5,100		Ellie Mae, Inc. (a)		206
280		EPIQ Systems, Inc.		5
60		ePlus, Inc. (a)		5
60		Fair Isaac Corp.		4
12,300		Fleetmatics Group Ltd. (a)		437
12,600		Fortinet, Inc. (a)		386
13,008		Guidewire Software, Inc. (a)		659
17,270		Manhattan Associates, Inc. (a)		703
191		Mentor Graphics Corp.		4
7,758		NetSuite, Inc. (a)		847
15,175		Proofpoint, Inc. (a)		732
34,518		PTC, Inc. (a)		1,264
15,779		Qualys, Inc. (a)		596
27,269		Rovi Corp. (a)		616
17,556		SeaChange International, Inc. (a)		112
22,006		Silver Spring Networks, Inc. (a)		186
150		Take-Two Interactive Software, Inc. (a)		4
18,700		Tangoe, Inc. (a)		244
1,550		Telecommunication Systems, Inc. (a)		5
3,797		The Ultimate Software Group, Inc. (a)		557
24,915		TiVo, Inc. (a)		295
127,000		Zynga, Inc. (a)		338
				10,217
		Specialty Retail — 2.28%
140		Abercrombie & Fitch Co., Class – A		4
320		Ascena Retail Group, Inc. (a)		4
280		Big 5 Sporting Goods Corp.		4
10,419		Cabela’s, Inc., Class – A (a)		549
10,765		Chico’s FAS, Inc.		175
240		Destination Maternity Corp.		4
2,125		Five Below, Inc. (a)		87
110		GameStop Corp., Class – Aˆ		4
40		Group 1 Automotive, Inc.		4
170		Haverty Furniture Cos., Inc.		4
11,800		MarineMax, Inc. (a)		237


Shares	Security Description		Value (000)
		Specialty Retail (continued)
60		Murphy USA, Inc. (a)	$	4
50		Outerwall, Inc. (a)		4
7,687		Rent-A-Center, Inc.		279
12,997		Restoration Hardware Holdings, Inc. (a)		1,247
17,110		Select Comfort Corp. (a)		462
140		Sonic Automotive, Inc., Class – A		4
250		Stein Mart, Inc.		4
90		The Cato Corp.		4
410		Tilly’s, Inc., Class – A (a)		4
17,508		Tractor Supply Co.		1,379
				4,467
		Technology Hardware, Storage & Peripherals — 0.65%
11,731		Cray, Inc. (a)		404
101		Lexmark International, Inc., Class – A		4
27,600		QLogic Corp. (a)		368
14,035		Super Micro Computer, Inc. (a)		490
				1,266
		Textiles, Apparel & Luxury Goods — 2.74%
220		Culp, Inc.		5
15,874		Deckers Outdoor Corp. (a)		1,445
15,669		G-III Apparel Group Ltd. (a)		1,583
170		Movado Group, Inc.		5
18,673		Under Armour, Inc., Class – A (a)		1,268
5,800		Vera Bradley, Inc. (a)		118
1,890		Vince Holding Corp. (a)		49
30,238		Wolverine World Wide, Inc.		891
				5,364
		Thrifts & Mortgage Finance — 0.06%
140		Federal Agricultural Mortgage Corp., Class – C		4
120		First Defiance Financial Corp.		4
190		Home Loan Servicing Solutions Ltd.		4
250		HomeStreet, Inc.		4
110		Meta Financial Group, Inc.		4
234		Walker & Dunlop, Inc. (a)		4
1,270		WSFS Financial Corp.		98
				122
		Tobacco — 0.00%
90		Universal Corp.		4
		Trading Companies & Distributors — 1.11%
194		Aircastle Ltd.		4
17,025		Applied Industrial Technologies, Inc.		777
200		CAI International, Inc. (a)		5
6,472		GATX Corp.		372
340		Houston Wire & Cable Co.		4
16,520		MRC Global, Inc. (a)		250
18,100		Stock Building Supply Holdings, Inc. (a)		277
97		TAL International Group, Inc.		4
130		Textainer Group Holdings Ltd.		4

See accompanying notes to financial statements.

52

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


Shares or Principal Amount (000)	Security Description		Value (000)
		Trading Companies & Distributors (continued)
4,502		Watsco, Inc.	$	482
				2,179
		Wireless Telecommunication Services — 0.18%
3,180		SBA Communications Corp., Class – A (a)		353
250		Spok Holdings, Inc.		4
				357
		Total Common Stocks		171,042
		Contingent Rights — 0.00%
		Biotechnology — 0.00%
700		Clinical Data, Inc.* (a)(b)(c)		—
		Machinery — 0.00%
1,400		Gerber Scientific, Inc.* (a)(c)(d)		—
		Total Contingent Rights		—
		Time Deposit — 3.47%
$6,803		State Street Liquidity Management Control System Eurodollar Time Deposit, 0.01%, 1/2/15		6,803
		Total Time Deposit		6,803
		Mutual Funds — 9.46%
18,434,432		Federated U.S. Treasury Cash Reserve Fund, Institutional Shares, 0.00% (e)		18,434
64,194		SSgA Prime Money Market Fund, 0.00% (e)		64
22,584		SSgA Treasury Money Market Fund, 0.00% (e)		23
		Total Mutual Funds		18,521
		Total Investments (cost $148,823) — 100.29%		196,366
		Liabilities in excess of other assets — (0.29)%		(559	)
		Net Assets — 100.00%	$	195,807

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

*

Security was fair valued on December 31, 2014 and represents a Level 2 security. Refer to Note 2 in the Notes to Financial Statements.

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 $5,388 (amount in thousands).

^(a)

Represents non-income producing security.

^(b)

Rights entitle the Portfolio to cash based on the company’s achievement of milestones in connection with a pharmaceutical drug that was brought to market.

^(c)

These securities have been deemed illiquid by the Specialist Manager and represent 0.00% of the Portfolio.

^(d)

Rights entitle the Portfolio to cash based on any net recoveries obtained by the company in connection with certain claims of patent infringement.

^(e)

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 Institutional Small Capitalization–Mid Capitalization Equity Portfolio	Cupps Capital Management, LLC			Frontier Capital Management Company, LLC			IronBridge Capital Management LP			Mellon Capital Management Corporation			Pzena Investment Management, LLC			HC Capital Solutions			Total
Common Stocks		16.67	%		27.78	%		36.96	%		0.82	%		5.13	%		—			87.36	%
Contingent Rights		—			—			—			—			—			—			0.00	%
Time Deposit		—			1.65	%		1.76	%		—			0.06	%		—			3.47	%
Mutual Funds		0.03	%		—			—			0.02	%		—			9.41	%		9.46	%
Other Assets (Liablities)		0.01	%		—			-0.29	%		-0.01	%		—			—			-0.29	%
Total Net Assets		16.71	%		29.43	%		38.43	%		0.83	%		5.19	%		9.41	%		100.00	%

See accompanying notes to financial statements.

53

HC CAPITAL TRUST
The Real Estate Securities Portfolio
Portfolio of Investments — December 31, 2014 (Unaudited)


Shares	Security Description		Value (000)
		Common Stocks — 93.83%
		Consumer Finance — 1.47%
63,491		Education Realty Trust, Inc.	$	2,323
		Food & Staples Retailing — 1.59%
26,048		CVS Caremark Corp.		2,509
		Health Care Providers & Services — 2.93%
74,841		American Realty Capital Healthcare Trust		891
51,136		HCA Holdings, Inc. (a)		3,752
				4,643
		Hotels, Restaurants & Leisure — 5.05%
68,380		Pebblebrook Hotel Trust		3,121
21,739		Starwood Hotels & Resorts Worldwide, Inc.		1,762
36,210		Wyndham Worldwide Corp.		3,105
				7,988
		Paper & Forest Products — 0.92%
40,779		Weyerhaeuser Co.		1,464
		Real Estate Investment Trusts — 77.73%
46,308		Acadia Realty Trust		1,483
40,588		American Tower Corp.		4,012
68,457		AvalonBay Communities, Inc.		11,186
226,401		Big Yellow Group PLC		2,133
59,615		Boston Properties, Inc.		7,672
153,392		Douglas Emmett, Inc.		4,356
112,847		Duke Realty Corp.		2,280
21,299		EastGroup Properties, Inc.		1,349
73,024		Equity Lifestyle Properties, Inc.		3,764
37,341		Essex Property Trust, Inc.		7,715
37,311		Extra Space Storage, Inc.		2,188
33,481		Federal Realty Investment Trust		4,468
334,002		General Growth Properties, Inc.		9,395
131,457		Health Care REIT, Inc.		9,947
102,088		Healthcare Trust of America, Inc., Class – A		2,750
53,747		Kennedy-Wilson Holdings, Inc.		1,360
30,535		Kilroy Realty Corp.		2,109
52,732		Kite Realty Group Trust		1,516
118,571		Paramount Group, Inc. ^(a)		2,204
103,196		Physicians Realty Trust		1,713
44,568		Public Storage		8,238
186,479		Retail Properties of America, Inc., Class – A		3,112
91,349		RLJ Lodging Trust		3,063
59,042		Simon Property Group, Inc.		10,752
59,615		SL Green Realty Corp.		7,095
36,612		The Macerich Co.		3,054
133,544		UDR, Inc.		4,116
				123,030


Shares or Principal Amount (000)	Security Description		Value (000)
		Real Estate Management & Development — 2.80%
208,227		Forest City Enterprises, Inc., Class – A (a)	$	4,435
		Wireless Telecommunication Services — 1.34%
19,121		SBA Communications Corp., Class – A (a)		2,118
		Total Common Stocks		148,510
		Mutual Funds — 5.92%
1,613,951		DWS Government Cash Money Market Fund, 0.03% (b)		1,614
7,749,637		Federated U.S. Treasury Cash Reserve Fund, Institutional Shares, 0.00% (b)		7,750
		Total Mutual Funds		9,364
		Total Investments (cost $126,775) — 99.75%		157,874
		Other assets in excess of liabilities — 0.25%		403
		Net Assets — 100.00%	$	158,277

(a)

Represents non-income producing security.

(b)

The rate disclosed is the rate in effect on December 31, 2014.

REIT — Real Estate Investment Trust

See accompanying notes to financial statements.

54

HC CAPITAL TRUST
The Commodity Returns Strategy Portfolio
Portfolio of Investments — December 31, 2014 (Unaudited)


Shares	Security Description		Value (000)
		Common Stocks — 62.54%
		Australia — 2.73%
164,319		Alumina Ltd. (Metals & Mining) (a)	$	237
82,950		Amcor Ltd. (Containers & Packaging)		912
4,552,843		Beach Energy Ltd. (Oil, Gas & Consumable Fuels)		3,859
220,779		BHP Billiton Ltd. (Metals & Mining)		5,219
50,717		Boral Ltd. (Construction Materials)		218
9,018		Caltex Australia Ltd. (Oil, Gas & Consumable Fuels)		250
2,304,293		Fortescue Metals Group Ltd. (Metals & Mining) ˆ		5,058
28,876		Iluka Resources Ltd. (Metals & Mining)		139
105,187		Incitec Pivot Ltd. (Chemicals)		272
2,100,236		Medusa Mining Ltd. (Metals & Mining) (a)		1,097
51,913		Newcrest Mining Ltd. (Metals & Mining) (a)		457
25,408		Orica Ltd. (Chemicals)		389
72,578		Origin Energy Ltd. (Oil, Gas & Consumable Fuels)		687
29,955		Rio Tinto Ltd. (Metals & Mining)		1,404
391,692		Santos Ltd. (Oil, Gas & Consumable Fuels)		2,616
50,974		Woodside Petroleum Ltd. (Oil, Gas & Consumable Fuels)		1,576
14,303		WorleyParsons Ltd. (Energy Equipment & Services)		117
				24,507
		Austria — 0.06%
10,049		OMV AG (Oil, Gas & Consumable Fuels)		267
7,726		Voestalpine AG (Metals & Mining)		305
				572
		Belgium — 0.67%
4,015		Solvay SA (Chemicals)		543
135,934		Umicore SA (Chemicals)		5,470
				6,013
		Bermuda — 0.09%
210,000		Kunlun Energy Co. Ltd. (Oil, Gas & Consumable Fuels)		198
18,200		Nabors Industries Ltd. (Energy Equipment & Services)		236
112,000		Nine Dragons Paper Holdings Ltd. (Paper & Forest Products)		98
25,075		Seadrill Ltd. (Energy Equipment & Services)		290
				822
		Brazil — 0.26%
50,400		Companhia Siderurgica Nacional SA (CSN) (Metals & Mining)		106
9,513		Cosan SA Industria e Comercio (Oil, Gas & Consumable Fuels)		103
20,577		Duratex SA (Paper Products)		62
16,600		Fibria Celulose SA (Paper & Forest Products) (a)		203


Shares	Security Description		Value (000)
		Brazil (continued)
204,612		Petroleo Brasileiro SA (Oil, Gas & Consumable Fuels)	$	739
24,503		Ultrapar Participacoes SA (Oil, Gas & Consumable Fuels)		475
84,610		Vale SA (Metals & Mining)		697
				2,385
		Canada — 6.57%
2,500		Agnico-Eagle Mines Ltd. (Metals & Mining)		62
13,000		Agnico-Eagle Mines Ltd. (Metals & Mining)		324
9,887		Agrium, Inc. (Chemicals) ˆ		936
128,360		Alamos Gold, Inc. (Metals & Mining)		915
9,600		AltaGas Ltd. (Oil, Gas & Consumable Fuels)		358
1,400		ARC Resources Ltd. (Oil, Gas & Consumable Fuels)		30
21,600		ARC Resources Ltd. (Oil, Gas & Consumable Fuels)		468
80,129		Barrick Gold Corp. (Metals & Mining)		864
12,000		Baytex Energy Corp. (Oil, Gas & Consumable Fuels)		200
27,100		Cameco Corp. (Oil, Gas & Consumable Fuels) ˆ		444
184,169		Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels)		5,696
32,300		Canadian Oil Sands Ltd. (Oil, Gas & Consumable Fuels)		290
52,014		Cenovus Energy, Inc. (Oil, Gas & Consumable Fuels)		1,073
29,777		Crescent Point Energy Corp. (Oil, Gas & Consumable Fuels) ˆ		690
50,904		Eldorado Gold Corp. (Metals & Mining)		310
75,634		Enbridge, Inc. (Oil, Gas & Consumable Fuels)		3,888
58,211		Enbridge, Inc. (Oil, Gas & Consumable Fuels)		2,994
2,400		Encana Corp. (Oil, Gas & Consumable Fuels)		33
50,467		EnCana Corp. (Oil, Gas & Consumable Fuels)		703
13,200		Enerplus Corp. (Oil, Gas & Consumable Fuels) ˆ		127
471,071		First Quantum Minerals Ltd. (Metals & Mining)		6,697
10,740		Franco-Nevada Corp. (Metals & Mining)		529
195,510		Goldcorp, Inc. (Metals & Mining)		3,622
55,853		Goldcorp, Inc. (Metals & Mining)		1,034
23,515		Husky Energy, Inc. (Oil, Gas & Consumable Fuels)		557
1,300		Husky Energy, Inc. (Oil, Gas & Consumable Fuels)		31
173,622		Imperial Oil Ltd. (Oil, Gas & Consumable Fuels)		7,472
19,960		Imperial Oil Ltd. (Oil, Gas & Consumable Fuels)		860

See accompanying notes to financial statements.

55

HC CAPITAL TRUST
The Commodity Returns Strategy Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Canada (continued)
22,300		Inter Pipeline Ltd. (Oil, Gas & Consumable Fuels)	$	690
5,900		Keyera Corp. (Oil, Gas & Consumable Fuels)		412
82,321		Kinross Gold Corp. (Metals & Mining) (a)		231
10,700		Meg Energy Corp. (Oil, Gas & Consumable Fuels) (a)		180
6,600		Methanex Corp. (Chemicals)		303
691,498		New Gold, Inc. (Metals & Mining) (a)		2,973
32,750		New Gold, Inc. (Metals & Mining) (a)		140
21,698		Pacific Rubiales Energy Corp. (Oil, Gas & Consumable Fuels)		134
4,000		Paramount Resources Ltd., Class A (Oil, Gas & Consumable Fuels) (a)		97
22,969		Pembina Pipelines Corp. (Oil, Gas & Consumable Fuels) ˆ		837
31,700		Penn West Petroleum Ltd. (Oil, Gas & Consumable Fuels) ˆ		66
10,000		Peyto Exploration & Development Corp. (Oil, Gas & Consumable Fuels) ˆ		288
57,046		Potash Corp. of Saskatchewan, Inc. (Chemicals)		2,018
8,800		PrairieSky Royalty Ltd. (Oil, Gas & Consumable Fuels)		232
24,451		Silver Wheaton Corp. (Metals & Mining)		497
100,698		Suncor Energy, Inc. (Oil, Gas & Consumable Fuels)		3,199
70,286		Talisman Energy, Inc. (Oil, Gas & Consumable Fuels)		551
4,300		Talisman Energy, Inc. (Oil, Gas & Consumable Fuels)		34
39,797		Teck Cominco Ltd., Class B (Metals & Mining)		544
12,051		Tourmaline Oil Corp. (Oil, Gas & Consumable Fuels) (a)		402
48,700		TransCanada Corp. (Oil, Gas & Consumable Fuels) ˆ		2,394
52,406		Turquoise Hill Resources Ltd. (Metals & Mining) (a)		162
205,348		Uranium Participation Corp. (Capital Markets) (a)		910
800		Vermilion Energy, Inc. (Oil, Gas & Consumable Fuels)		39
7,100		Vermilion Energy, Inc. (Oil, Gas & Consumable Fuels) ˆ		348
57,600		Yamana Gold, Inc. (Metals & Mining)		233
9,300		Yamana Gold, Inc. (Metals & Mining)		37
				59,158
		Cayman Islands — 0.02%
125,000		China Resources Cement Holdings Ltd. (Construction Materials)		81
117,000		Lee & Man Paper Manufacturing Ltd. (Paper & Forest Products)		65
				146


Shares	Security Description		Value (000)
		Chile — 0.06%
3,704		Cap SA (Metals & Mining)	$	16
86,189		Empresas CMPC SA (Paper & Forest Products)		216
30,387		Empresas Copec SA (Oil, Gas & Consumable Fuels)		343
				575
		China — 0.58%
243,000		Aluminum Corp. of China Ltd., H Shares (Metals & Mining) (a)		112
69,000		Anhui Conch Cement Co. Ltd., H Shares (Construction Materials) ˆ		255
80,500		BBMG Corp., H Shares (Construction Materials)		67
285,000		China Coal Energy Co. Ltd., H Shares (Oil, Gas & Consumable Fuels)		178
199,000		China National Building Material Co. Ltd., H Shares (Construction Materials)		192
126,000		China Oilfield Services Ltd., H Shares (Energy Equipment & Services)		218
1,754,869		China Petroleum & Chemical Corp., H Shares (Oil, Gas & Consumable Fuels)		1,421
230,500		China Shenhua Energy Co. Ltd., H Shares (Oil, Gas & Consumable Fuels)		680
69,300		Inner Mongolia Yitai Coal Co. Ltd., B Shares (Oil, Gas & Consumable Fuels)		99
91,000		Jiangxi Copper Co. Ltd., H Shares (Metals & Mining)		156
1,450,729		PetroChina Co. Ltd., H Shares (Oil, Gas & Consumable Fuels)		1,611
200,000		Sinopec Shanghai Petrochemical Co. Ltd., H Shares (Chemicals)		58
120,000		Yanzhou Coal Mining Co. Ltd., H Shares (Oil, Gas & Consumable Fuels)		102
368,000		Zijin Mining Group Co. Ltd., H Shares (Metals & Mining)		104
				5,253
		Colombia — 0.06%
27,980		Cementos Argos SA (Construction Materials)		120
337,214		Ecopetrol SA (Oil, Gas & Consumable Fuels)		295
19,571		Grupo Argos SA (Construction Materials)		169
				584
		Curaçao — 1.37%
144,791		Schlumberger Ltd. (Energy Equipment & Services)		12,367
		Denmark — 0.08%
16,454		Novozymes A/S, B Shares (Specialty Chemicals)		693
		Finland — 0.12%
8,813		Neste Oil Oyj (Oil, Gas & Consumable Fuels)		214
35,822		Stora Enso Oyj, R Shares (Paper & Forest Products)		320

See accompanying notes to financial statements.

56

HC CAPITAL TRUST
The Commodity Returns Strategy Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Finland (continued)
35,847		UPM-Kymmene Oyj (Paper & Forest Products)	$	588
				1,122
		France — 1.54%
23,687		Air Liquide SA (Chemicals)		2,931
4,237		Arkema SA (Chemicals)		280
2,292		Imerys SA (Construction Materials)		169
12,840		Lafarge SA (Construction Materials)		901
65,083		Technip SA (Energy Equipment & Services)		3,876
112,721		Total SA (Oil, Gas & Consumable Fuels)		5,774
				13,931
		Germany — 1.13%
63,138		BASF SE (Chemicals)		5,294
9,545		HeidelbergCement AG (Construction Materials)		674
11,229		K+S AG – Registered (Chemicals)		310
6,226		Lanxess AG (Chemicals)		288
12,768		Linde AG (Chemicals)		2,352
8,464		Symrise AG (Chemicals)		510
31,123		ThyssenKrupp AG (Metals & Mining) (a)		793
				10,221
		Greece — 0.01%
3,179		Titan Cement Co. SA (Construction Materials)		74
		Hong Kong — 0.51%
1,227,302		CNOOC Ltd. (Oil, Gas & Consumable Fuels)		1,660
113,000		Fosun International Ltd. (Metals & Mining)		147
9,036,000		Minmetals Resources Ltd. (Diversified Metals & Mining)		2,783
				4,590
		Hungary — 0.01%
2,622		MOL Hungarian Oil & Gas PLC (Oil, Gas & Consumable Fuels)		115
		India — 0.18%
43,434		Reliance Industries Ltd., GDR (Oil, Gas & Consumable Fuels) (b)		1,227
18,460		Sesa Sterlite Ltd., ADR (Metals & Mining)		250
19,038		Tata Steel Ltd., Registered Shares, GDR (Metals & Mining)		119
				1,596
		Indonesia — 0.07%
873,600		PT Adaro Energy Tbk (Oil, Gas & Consumable Fuels)		73
21,200		PT Indo Tambangraya Megah Tbk (Oil, Gas & Consumable Fuels)		26
101,600		PT Indocement Tunggal Prakarsa Tbk (Construction Materials)		205
198,000		PT Semen Gresik (Persero) Tbk (Construction Materials)		259


Shares	Security Description		Value (000)
		Indonesia (continued)
43,700		PT Tambang Batubara Bukit Asam Tbk (Oil, Gas & Consumable Fuels)	$	44
				607
		Ireland — 0.10%
36,868		CRH PLC (Construction Materials)		886
		Israel — 0.04%
305		Delek Group Ltd. (Oil, Gas & Consumable Fuels)		77
29,752		Israel Chemicals Ltd. (Chemicals)		214
200		The Israel Corp. Ltd. (Chemicals) (a)		95
				386
		Italy — 0.86%
434,382		Eni SpA (Oil, Gas & Consumable Fuels)		7,608
18,162		Saipem SpA (Energy Equipment & Services) (a)		190
				7,798
		Japan — 2.67%
9,000		Air Water, Inc. (Chemicals)		143
87,000		Asahi Kasei Corp. (Chemicals)		794
19,000		Daicel Corp. (Chemicals)		222
7,200		Hitachi Chemical Co. Ltd. (Chemicals)		127
14,000		Hitachi Metals Ltd. (Metals & Mining)		238
5,800		Idemitsu Kosan Co. Ltd. (Oil, Gas & Consumable Fuels)		96
57,700		INPEX Corp. (Oil, Gas & Consumable Fuels)		642
33,200		JFE Holdings, Inc. (Metals & Mining)		741
183,200		JSR Corp. (Chemicals)		3,144
155,344		JX Holdings, Inc. (Oil, Gas & Consumable Fuels)		605
17,000		Kaneka Corp. (Chemicals)		91
16,000		Kansai Paint Co. Ltd. (Chemicals)		248
209,000		Kobe Steel Ltd. (Metals & Mining)		360
138,800		Komatsu Ltd. (Machinery)		3,069
22,100		Kuraray Co. Ltd. (Chemicals)		251
3,000		Maruichi Steel Tube Ltd. (Metals & Mining)		64
94,000		Mitsubishi Chemical Holdings Corp. (Chemicals)		456
27,000		Mitsubishi Gas Chemical Co., Inc. (Chemicals)		136
73,000		Mitsubishi Materials Corp. (Metals & Mining)		242
57,000		Mitsui Chemicals, Inc. (Chemicals)		161
12,000		Nippon Paint Holdings Co. Ltd. (Chemicals)		348
2,631,082		Nippon Steel & Sumitomo Metal Corp. (Metals & Mining)		6,528
10,600		Nitto Denko Corp. (Chemicals)		592
53,000		Oji Paper Co. Ltd. (Paper & Forest Products)		190
28,215		Shin-Etsu Chemical Co. Ltd. (Chemicals)		1,837

See accompanying notes to financial statements.

57

HC CAPITAL TRUST
The Commodity Returns Strategy Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Japan (continued)
13,100		Showa Shell Sekiyu K.K. (Oil, Gas & Consumable Fuels) ˆ	$	129
96,000		Sumitomo Chemical Co. Ltd. (Chemicals)		378
36,000		Sumitomo Metal Mining Co. Ltd. (Metals & Mining)		537
77,000		Taiheiyo Cement Corp. (Construction Materials)		242
9,000		Taiyo Nippon Sanso Corp. (Chemicals)		99
65,000		Teijin Ltd. (Chemicals)		173
20,000		TonenGeneral Sekiyu K.K. (Oil, Gas & Consumable Fuels)		171
101,000		Toray Industries, Inc. (Chemicals)		807
11,200		Toyo Seikan Kaisha Ltd. (Containers & Packaging)		139
2,400		Yamato Kogyo Co. Ltd. (Metals & Mining)		67
				24,067
		Jersey — 0.44%
729,817		Glencore International PLC (Metals & Mining)		3,368
16,915		Petrofac Ltd. (Energy Equipment & Services)		184
5,978		Randgold Resources Ltd. (Metals & Mining)		406
				3,958
		Luxembourg — 0.16%
68,690		ArcelorMittal (Metals & Mining)		753
18,257		Subsea 7 SA (Energy Equipment & Services)		187
32,704		Tenaris SA (Energy Equipment & Services)		494
				1,434
		Malaysia — 0.07%
85,350		Bumi Armada Berhad (Energy Equipment & Services)		27
23,700		Lafarge Malayan Cement Berhad (Construction Materials)		66
191,800		Petronas Chemicals Group Berhad (Chemicals)		299
14,400		Petronas Dagangan Berhad (Oil, Gas & Consumable Fuels)		71
234,000		SapuraKencana Petroleum Berhad (Energy Equipment & Services)		154
				617
		Mexico — 0.23%
834,584		Cemex SAB de CV (Construction Materials) (a)		851
262,234		Grupo Mexico SAB de CV, Series B (Metals & Mining)		761
8,724		Industrias Penoles SAB de CV (Metals & Mining)		171
64,932		Mexichem SAB de CV (Chemicals) (a)		197


Shares	Security Description		Value (000)
		Mexico (continued)
34,300		Minera Frisco SAB de CV, Class – A1 (Metals & Mining) (a)	$	50
				2,030
		Mongolia — 0.37%
75,619,300		Mongolian Mining Corp. (Metals & Mining) (a)		3,316
		Netherlands — 0.96%
16,679		Akzo Nobel NV (Chemicals)		1,154
2,989		Core Laboratories NV (Energy Equipment & Services)		360
11,848		Koninklijke DSM NV (Chemicals)		723
4,533		Koninklijke Vopak NV (Oil, Gas & Consumable Fuels)		235
77,755		LyondellBasell Industries NV, Class A (Chemicals)		6,172
				8,644
		New Zealand — 0.03%
44,720		Fletcher Building Ltd. (Construction Materials)		288
		Norway — 0.86%
567,075		DNO International ASA (Oil, Gas & Consumable Fuels) ˆ (a)		1,201
91,081		Norsk Hydro ASA (Metals & Mining)		513
315,061		Statoil ASA (Oil, Gas & Consumable Fuels)		5,551
11,808		Yara International ASA (Chemicals)		526
				7,791
		Papua New Guinea — 0.10%
145,385		Oil Search Ltd. (Oil, Gas & Consumable Fuels)		932
		Peru — 0.01%
13,100		Compania de Minas Buenaventura SA, ADR (Metals & Mining)		125
		Poland — 0.10%
3,409		Grupa Azoty SA (Chemicals)		61
6,354		Grupa Lotos SA (Oil, Gas & Consumable Fuels) (a)		46
9,645		KGHM Polska Miedz SA (Metals & Mining)		294
20,928		Polski Koncern Naftowy Orlen SA (Oil, Gas & Consumable Fuels)		286
122,329		Polskie Gornictwo Naftowe i Gazownictwo SA (Oil, Gas & Consumable Fuels)		153
28,195		Synthos SA (Chemicals)		33
				873
		Portugal — 0.34%
297,660		Galp Energia SGPS SA, B Shares (Oil, Gas & Consumable Fuels)		3,022
		Qatar — 0.01%
3,145		Gulf International Services QSC (Oil, Gas & Consumable Fuels)		84

See accompanying notes to financial statements.

58

HC CAPITAL TRUST
The Commodity Returns Strategy Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Russia — 0.61%
391,088		Gazprom OAO, GDR (Oil, Gas & Consumable Fuels)	$	1,771
27,570		LUKOIL, ADR (Oil, Gas & Consumable Fuels)		1,091
7,136		LUKOIL OAO, ADR (Oil, Gas & Consumable Fuels)		274
37,788		Mining & Metallurgical Co. Norilsk Nickel OJSC, ADR (Metals & Mining)		522
1,347		Novatek OAO, GDR (Oil, Gas & Consumable Fuels)		105
4,915		NovaTek OAO, Registered Shares, GDR (Oil, Gas & Consumable Fuels)		383
15,150		Rosneft Oil Co. OJSC, Registered Shares, GDR (Oil, Gas & Consumable Fuels)		53
54,591		Rosneft Oil Co. OJSC, Registered Shares, GDR (Oil, Gas & Consumable Fuels)		190
2,600		Severstal, Registered Shares, GDR (Metals & Mining)		24
10,548		Severstal, Registered Shares, GDR (Metals & Mining)		96
78,066		Surgutneftegas, ADR (Oil, Gas & Consumable Fuels)		324
4,200		Tatneft OAO, ADR (Oil, Gas & Consumable Fuels)		103
11,653		Tatneft OAO, Registered Shares, ADR (Oil, Gas & Consumable Fuels)		286
20,812		Uralkali, Registered Shares, GDR (Chemicals)		245
				5,467
		South Africa — 0.32%
6,533		African Rainbow Minerals Ltd. (Metals & Mining)		67
3,842		Anglo Platinum Ltd. (Metals & Mining) (a)		113
27,657		AngloGold Ashanti Ltd. (Metals & Mining) (a)		243
1,665		Assore Ltd. (Metals & Mining)		21
9,847		Exxaro Resources Ltd. (Oil, Gas & Consumable Fuels)		88
50,150		Gold Fields Ltd. (Metals & Mining)		227
34,929		Impala Platinum Holdings Ltd. (Metals & Mining) (a)		228
4,703		Kumba Iron Ore Ltd. (Metals & Mining)		97
41,221		Nampak Ltd. (Containers & Packaging)		155
38,232		PPC Ltd. (Construction Materials)		91
37,556		Sappi Ltd. (Paper & Forest Products) (a)		136
38,017		Sasol Ltd. (Oil, Gas & Consumable Fuels)		1,420
				2,886
		South Korea — 0.36%
3,565		GS Holdings Corp. (Oil, Gas & Consumable Fuels)		130
7,450		Hanwha Chemical Corp. (Chemicals)		79
3,092		Hanwha Corp. (Chemicals)		87
1,036		Honam Petrochemical Corp. (Chemicals)		149
1,478		Hyosung Corp. (Chemicals)		92


Shares	Security Description		Value (000)
		South Korea (continued)
4,819		Hyundai Steel Co. (Metals & Mining)	$	276
786		Korea Kumho Petrochemical Co. Ltd. (Chemicals)		57
585		Korea Zinc Co. Ltd. (Metals & Mining)		214
3,142		LG Chem Ltd. (Chemicals)		515
1,008		OCI Co. Ltd. (Chemicals) (a)		71
4,495		POSCO (Metals & Mining)		1,133
3,916		SK Innovation Co. Ltd. (Oil, Gas & Consumable Fuels)		301
3,096		S-Oil Corp. (Oil, Gas & Consumable Fuels)		136
				3,240
		Spain — 0.15%
8,357		Cemex Latam Holdings SA (Construction Materials) (a)		56
69,616		Repsol YPF SA (Oil, Gas & Consumable Fuels)		1,303
				1,359
		Sweden — 0.83%
456,721		Boliden AB (Metals & Mining)		7,305
14,506		Lundin Petroleum AB (Oil, Gas & Consumable Fuels) (a)		208
				7,513
		Switzerland — 0.67%
546		EMS-Chemie Holding AG – Registered (Chemicals)		221
635		Givaudan SA – Registered (Chemicals)		1,139
15,739		Holcim Ltd. – Registered (Construction Materials)		1,125
146		Sika AG (Chemicals)		431
6,389		Syngenta AG, Registered Shares (Chemicals)		2,056
24,563		Transocean Ltd. (Energy Equipment & Services) ˆ		451
54,500		Weatherford International PLC (Energy Equipment & Services) (a)		624
				6,047
		Taiwan — 0.35%
151,082		Asia Cement Corp. (Construction Materials)		186
799,376		China Steel Corp. (Metals & Mining)		663
224,000		Formosa Chemicals & Fibre Corp. (Chemicals)		472
79,000		Formosa Petrochemical Corp. (Oil, Gas & Consumable Fuels)		171
280,160		Formosa Plastics Corp. (Chemicals)		639
313,010		Nan Ya Plastics Corp. (Chemicals)		646
216,000		Taiwan Cement Corp. (Construction Materials)		295
54,000		Taiwan Fertilizer Co. Ltd. (Chemicals)		95
30,450		TSRC Corp. (Chemicals)		33
				3,200
		Thailand — 0.19%
62,500		Banpu Public Co. Ltd., Foreign Registered Shares (Oil, Gas & Consumable Fuels)		47

See accompanying notes to financial statements.

59

HC CAPITAL TRUST
The Commodity Returns Strategy Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Thailand (continued)
62,400		Energy Absolute Public Co. Ltd. – NVDR (Oil, Gas & Consumable Fuels)	$	47
26,400		Indorama Ventures Public Co. Ltd. (Chemicals)		16
467,400		IRPC Public Co. Ltd. – NVDR (Oil, Gas & Consumable Fuels)		43
81,204		PTT Exploration & Production Public Co. Ltd. (Oil, Gas & Consumable Fuels)		275
98,355		PTT Global Chemical Public Co. Ltd. (Chemicals)		153
69,600		PTT Public Co. Ltd. (Oil, Gas & Consumable Fuels)		683
48,700		Thai Oil Public Co. Ltd. (Oil, Gas & Consumable Fuels)		62
7,400		The Siam Cement Public Co. Ltd. (Construction Materials)		100
20,000		The Siam Cement Public Co. Ltd. – Foreign Registered Shares (Construction Materials)		273
				1,699
		Turkey — 0.04%
87,794		Eregli Demir ve Celik Fabrikalari TAS (Metals & Mining)		167
23,296		Petkim Petrokimya Holding AS (Chemicals)		39
7,852		Tupras-Turkiye Petrol Rafinerileri A/S (Oil, Gas & Consumable Fuels)		187
				393
		United Kingdom — 11.59%
25,136		AMEC PLC (Energy Equipment & Services)		332
335,810		Anglo American PLC (Metals & Mining)		6,213
25,612		Antofagasta PLC (Metals & Mining)		298
1,407,021		BG Group PLC (Oil, Gas & Consumable Fuels)		18,826
586,363		BHP Billiton PLC (Metals & Mining)		12,565
1,405,490		BP PLC (Oil, Gas & Consumable Fuels)		8,920
8,891		Croda International PLC (Chemicals)		367
16,677		Ensco PLC, ADR (Energy Equipment & Services)		499
13,922		Fresnillo PLC (Metals & Mining)		165
13,878		Johnson Matthey PLC (Chemicals)		730
18,400		Noble Corp. PLC (Energy Equipment & Services)		305
995,268		Ophir Energy PLC (Oil, Gas & Consumable Fuels) (a)		2,187
48,253		Rexam PLC (Containers & Packaging)		340
368,574		Rio Tinto PLC (Metals & Mining)		16,989
692,612		Royal Dutch Shell PLC, A Shares (Oil, Gas & Consumable Fuels)		23,111
167,759		Royal Dutch Shell PLC, B Shares (Oil, Gas & Consumable Fuels)		5,796
498,874		Tullow Oil PLC (Oil, Gas & Consumable Fuels)		3,215


Shares	Security Description		Value (000)
		United Kingdom (continued)
407,146		Vedanta Resources PLC (Diversified Metals & Mining)	$	3,611
				104,469
		United States — 23.96%
14,636		Air Products & Chemicals, Inc. (Chemicals)		2,111
4,825		Airgas, Inc. (Chemicals)		556
5,678		Albemarle Corp. (Chemicals)		341
80,824		Alcoa, Inc. (Metals & Mining)		1,276
63,415		Anadarko Petroleum Corp. (Oil, Gas & Consumable Fuels)		5,232
4,000		Antero Resources Corp. (Oil, Gas & Consumable Fuels) (a)		162
120,604		Apache Corp. (Oil, Gas & Consumable Fuels)		7,558
5,300		Ashland, Inc. (Chemicals)		635
6,400		Avery Dennison Corp. (Containers & Packaging)		332
80,125		Baker Hughes, Inc. (Energy Equipment & Services)		4,493
9,000		Ball Corp. (Containers & Packaging)		614
81,193		Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels)		2,404
71,450		Cameron International Corp. (Energy Equipment & Services) (a)		3,569
72,252		Caterpillar, Inc. (Machinery)		6,613
11,000		Celanese Corp., Series A (Chemicals)		660
3,445		CF Industries Holdings, Inc. (Chemicals)		939
36,646		Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)		717
148,481		Chevron Corp. (Oil, Gas & Consumable Fuels)		16,657
27,525		Cimarex Energy Co. (Oil, Gas & Consumable Fuels)		2,918
249,216		Cobalt International Energy, Inc. (Oil, Gas & Consumable Fuels) (a)		2,216
7,800		Concho Resources, Inc. (Oil, Gas & Consumable Fuels) (a)		778
222,319		ConocoPhillips (Oil, Gas & Consumable Fuels)		15,353
16,300		CONSOL Energy, Inc. (Oil, Gas & Consumable Fuels)		551
6,838		Continental Resources, Inc. (Oil, Gas & Consumable Fuels) (a)		262
9,900		Crown Holdings, Inc. (Metal & Glass Containers) (a)		504
23,800		Denbury Resources, Inc. (Oil, Gas & Consumable Fuels)		193
26,691		Devon Energy Corp. (Oil, Gas & Consumable Fuels)		1,634
4,830		Diamond Offshore Drilling, Inc. (Energy Equipment & Services) ˆ		177
63,286		E.I. du Pont de Nemours & Co. (Chemicals)		4,679
10,256		Eastman Chemical Co. (Chemicals)		778
18,536		Ecolab, Inc. (Chemicals)		1,937

See accompanying notes to financial statements.

60

HC CAPITAL TRUST
The Commodity Returns Strategy Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Shares	Security Description		Value (000)
		Common Stocks (continued)
		United States (continued)
50,385		Energen Corp. (Oil, Gas & Consumable Fuels)	$	3,213
62,916		EOG Resources, Inc. (Oil, Gas & Consumable Fuels)		5,793
10,438		EQT Corp. (Oil, Gas & Consumable Fuels)		790
276,180		Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		25,533
67,664		First Solar, Inc. (Semiconductors & Semiconductor Equipment) (a)		3,017
9,462		FMC Corp. (Chemicals)		540
16,100		FMC Technologies, Inc. (Energy Equipment & Services) (a)		754
71,417		Freeport-McMoRan Copper & Gold, Inc. (Metals & Mining)		1,669
181,177		Halliburton Co. (Energy Equipment & Services)		7,125
7,700		Helmerich & Payne, Inc. (Energy Equipment & Services)		519
19,048		Hess Corp. (Oil, Gas & Consumable Fuels)		1,406
12,872		HollyFrontier Corp. (Oil, Gas & Consumable Fuels)		482
5,600		International Flavors & Fragrances, Inc. (Chemicals)		568
27,900		International Paper Co. (Paper Products)		1,495
368,805		KBR, Inc. (Construction & Engineering)		6,251
288,746		Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		12,218
46,334		Marathon Oil Corp. (Oil, Gas & Consumable Fuels)		1,311
19,483		Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)		1,759
3,928		Martin Marietta Materials, Inc. (Construction Materials)		433
11,600		MeadWestvaco Corp. (Containers & Packaging)		515
36,070		Monsanto Co. (Chemicals)		4,309
11,600		Murphy Oil Corp. (Oil, Gas & Consumable Fuels)		586
29,558		National Oilwell Varco, Inc. (Energy Equipment & Services)		1,937
33,875		Newmont Mining Corp. (Metals & Mining)		640
24,820		Noble Energy, Inc. (Oil, Gas & Consumable Fuels)		1,177
21,900		Nucor Corp. (Metals & Mining)		1,074
53,610		Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		4,322
7,358		Oceaneering International, Inc. (Energy Equipment & Services)		433
14,300		ONEOK, Inc. (Oil, Gas & Consumable Fuels)		712
11,900		Owens-Illinois, Inc. (Containers & Packaging) (a)		321
38,381		Phillips 66 (Oil, Gas & Consumable Fuels)		2,752


Shares	Security Description		Value (000)
		United States (continued)
22,042		Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)	$	3,281
9,518		PPG Industries, Inc. (Chemicals)		2,200
20,050		Praxair, Inc. (Chemicals)		2,598
12,600		QEP Resources, Inc. (Oil, Gas & Consumable Fuels)		255
11,929		Range Resources Corp. (Oil, Gas & Consumable Fuels)		638
9,800		Rock-Tenn Co., Class A (Containers & Packaging)		598
13,700		Sealed Air Corp. (Containers & Packaging)		581
8,200		Sigma-Aldrich Corp. (Chemicals)		1,126
10,860		Southern Copper Corp. (Metals & Mining)		306
24,269		Southwestern Energy Co. (Oil, Gas & Consumable Fuels) (a)		662
46,078		Spectra Energy Corp. (Oil, Gas & Consumable Fuels)		1,673
10,259		Superior Energy Services, Inc. (Energy Equipment & Services)		207
9,000		Tesoro Corp. (Oil, Gas & Consumable Fuels)		669
82,133		The Dow Chemical Co. (Chemicals)		3,747
158,509		The Mosaic Co. (Chemicals)		7,236
5,751		The Sherwin-Williams Co. (Chemicals)		1,513
48,778		The Williams Cos., Inc. (Oil, Gas & Consumable Fuels)		2,192
36,300		Valero Energy Corp. (Oil, Gas & Consumable Fuels)		1,797
9,000		Vulcan Materials Co. (Construction Materials)		592
3,300		Westlake Chemical Corp. (Chemicals)		202
104,626		Whiting Petroleum Corp. (Oil, Gas & Consumable Fuels) (a)		3,453
				216,029
		Total Common Stocks		563,884
		Preferred Stocks — 0.49%
		Brazil — 0.41%
15,800		Bradespar SA – Preferred (Metals & Mining)		85
10,700		Braskem SA – Preferred, Class – A (Chemicals)		70
55,900		Gerdau SA – Preferred (Metals & Mining)		202
140,400		Klabin SA – Preferred (Containers & Packaging)		152
16,000		Metalurgica Gerdau SA – Preferred (Metals & Mining)		68
131,509		Petroleo Brasileiro SA – Preferred, ADR (Oil, Gas & Consumable Fuels)		997
288,775		Petroleo Brasileiro SA – Preferred (Oil, Gas & Consumable Fuels)		1,089
23,200		Suzano Papel e Celulose SA – Preferred, Class – A (Paper & Forest Products)		98
26,187		Usinas Siderurgicas de Minas Gerais SA – Preferred, Class – A (Metals & Mining) (a)		50
132,404		Vale SA – Preferred (Metals & Mining)		958
				3,769

See accompanying notes to financial statements.

61

HC CAPITAL TRUST
The Commodity Returns Strategy Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Shares or Principal Amount (000)	Security Description		Value (000)
		Preferred Stocks (continued)
		Chile — 0.02%
$6,657		Sociedad Quimica y Minera de Chile SA – Preferred, B Shares (Chemicals)	$	162
		Colombia — 0.01%
6,462		Grupo Argos SA – Preferred (Construction Materials)		54
		Germany — 0.02%
4,921		Fuchs Petrolub AG – Preferred (Chemicals)		196
		Russia — 0.02%
98		AK Transneft OAO – Preferred (Oil, Gas & Consumable Fuels) (c)		204
		South Korea — 0.01%
451		LG Chem Ltd. – Preferred (Chemicals)		58
		Total Preferred Stocks		4,443
		Right — 0.00%
		Spain — 0.00%
66,597		Repsol SA (Oil, Gas & Consumable Fuels) (a)		37
		Total Right		37
		Commercial Paper — 0.14%
		United Kingdom — 0.14%
1,300		Tesco Treasury Services PLC, 1.00%, 8/18/15 (d)(f)		1,277
		Total Commercial Paper		1,277
		Corporate Bonds — 1.56%
2,100		AT&T, Inc., 0.68%, 3/30/17 (Diversified Telecommunication Services) (e)		2,098
2,100		Citigroup, Inc., 0.75%, 5/1/17(Banks) (e)		2,095
3,000		Ford Motor Credit Co. LLC, 0.76%, 9/8/17 (Diversified Financial Services) (e)		2,979
2,100		Goldman Sachs Group, Inc., 0.86%, 6/4/17 (Capital Markets) (e)		2,096
2,100		International Lease Finance Corp., 5.75%, 5/15/16 (Trading Companies & Distributors)		2,179
900		New York Life Global Funding, 2.10%, 1/2/19 (Insurance) (f)		903
186		Overseas Private Investment Corp., 4.73%, 3/15/22 (Sovereign)		205
300		SLM Corp., 6.25%, 1/25/16 (Consumer Finance)		312
1,200		Verizon Communications, Inc., 1.77%, 9/15/16 (Diversified Telecommunication Services) (e)		1,222
		Total Corporate Bonds		14,089
		Asset Backed Securities — 0.64%
400		ACA CLO Ltd., Series 2006-2A, Class A1, 0.48%, 1/20/21 (e)(f)		399
662		Atrium CDO Corp., Series 5A, Class A1, 0.48%, 7/20/20 (e)(f)		660
360		Commercial Industrial Finance Corp., Series 2007-1AL, Class A1L, 0.49%, 5/10/21 (e)(f)		357


Shares or Principal Amount (000)	Security Description		Value (000)
		Asset Backed Securities (continued)
$268		Fore CLO Ltd., Series 2007-1AB, Class A1B, 0.48%, 7/20/19 (e)(f)	$	266
225		Four Corners CLO Ltd., Series 2006-2A, Class A, 0.50%, 1/26/20 (e)(f)		223
347		First Franklin Mortgage Loan Asset Backed Certificates, Series 2005-FF11D, Class A2D, 0.85%, 11/25/35 (e)		338
250		First Franklin Mortgage Loan Asset Backed Certificates, Series 2005-FF2, Class M3, 0.89%, 3/25/35 (e)		248
300		Gulf Stream Sextant CLO Ltd., Series 2006-1A, Class B, 0.63%, 8/21/20 (e)(f)		299
1,100		Household Home Equity Loan Trust, Series 2007-1, Class M2, 0.65%, 3/20/36 (e)		1,034
400		New Century Home Equity Loan Trust, Series 2005-3, Class M2, 0.66%, 7/25/35 (e)		382
200		Park Place Securities, Inc., Series 2005-WCW2, Class M1, 0.67%, 7/25/35 (e)		197
1,004		Race Point CLO Ltd., Series 2006-3, Class A, 0.49%, 4/15/20 (e)(f)		1,000
403		Structured Asset Investment Loan Trust, Series 2003-BC11, Class M1, 1.14%, 10/25/33 (e)		384
		Total Asset Backed Securities		5,787
		Collateralized Mortgage Obligations — 1.05%
300		Ameriquest Mortgage Securities, Inc., Series 2005-R11, Class M1, 0.62%, 1/25/36 (e)		273
61		BCAP LLC Trust, Series 2011-R11, Class 30A5, 2.38%, 1/26/34 (e)(f)		61
400		Banc of America Commercial Mortgage, Inc., Series 2007-2, Class A4, 5.78%, 4/10/49 (e)		428
1,522		Banc of America Funding Corp., Series 2012-R5, Class A, 0.42%, 10/3/39 (e)(f)		1,523
579		Bear Stearns ALT-A Trust, Series 2007-8, Class 1A, 0.87%, 9/25/34 (e)		561
265		Countrywide Alternative Loan Trust, Series 2004-J7, Class 2A1, 0.94%, 9/25/34 (e)		260
70		Deutsche Mortgage Securities, Inc., Series 2010-RS2, Class A2, 3.82%, 6/28/47 (e)(f)		70
701		Freddie Mac, Series 2781, Class F1, 0.61%, 9/15/42 (e)		706
2,682		Fannie Mae, Series 2013-M4, Class X1, 4.08%, 2/25/18 (e)		258
524		Freddie Mac, Series 3096, Class FX, 0.61%, 5/15/32 (e)		530
492		Fannie Mae, Series 2006-98, Class FA, 0.60%, 10/25/36 (e)		495
167		Freddie Mac, Series 3179, Class FP, 0.54%, 7/15/36 (e)		168

See accompanying notes to financial statements.

62

HC CAPITAL TRUST
The Commodity Returns Strategy Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Shares or Principal Amount (000)	Security Description		Value (000)
		Collateralized Mortgage Obligations (continued)
$200		First Franklin Mortgage Loan Trust Asset Backed Certificates, Series 2005-FF6, Class M2, 0.61%, 5/25/36 (e)	$	179
21		GMAC Mortgage Corp. Loan Trust, Series 2004-AR1, Class 12A, 2.99%, 6/25/34 (e)		21
200		Long Beach Mortgage Loan Trust, Series 2005-2, Class M4, 1.10%, 4/25/35 (e)		191
400		Structured Asset Securities Corp., Series 2005-NC1, Class M2, 0.65%, 2/25/35 (e)		372
235		WaMu Mortgage Pass-Through Certificates, Series 2004-AR10, Class A3, 0.72%, 7/25/44 (e)		218
350		WaMu Mortgage Pass-Through Certificates, Series 2004-AR14, Class A1, 2.40%, 1/25/35 (e)		352
61		Granite Mortgages PLC, Series 2004-2, Class 2A1, 0.36%, 6/20/44 (e)		74
559		Hercules (Eclipse 2006-4) PLC, Series 2006-4, Class A, 0.80%, 10/25/18 (e)		859
1,567		Grecale SRL, Series 2011-1, Class A2, 0.71%, 1/27/61 (e)		1,879
		Total Collateralized Mortgage Obligations		9,478
		Certificates of Deposit — 1.28%
2,700		Banco do Brasil NY, 1.21%, 6/29/15 (e)		2,700
2,100		China Construction Bank Corp., 1.70%, 4/16/15		2,106
2,520		Credit Suisse NY, 0.44%, 1/12/15 (e)		2,520
1,400		Intesa Sanpaolo SpA, 1.65%, 4/7/15		1,403
2,800		Itau Unibanco NY, 1.19%, 6/26/15 (e)		2,800
		Total Certificates of Deposit		11,529
		Global Bonds — 2.97%
		Italy — 0.91%
599		Buoni del Tesoro Poliennali, Series ICPI, 2.15%, 11/12/17 (g)		751
400		Buoni Poliennali del Tesoro, Series ICPI, 5.50%, 11/1/22 (g)		622
200		Italy Buoni Poliennali del Tesoro, Series ICPI, 2.55%, 10/22/16 (g)		249
5,288		Italy Buoni Poliennali del Tesoro, Series ICPI, 2.25%, 4/22/17 (g)		6,608
				8,230
		Mexico — 0.46%
1,582		Mexican Udibonos, Series S, 4.50%, 12/4/25 (e)(g)		126
21,872		Mexican Udibonos, Series S, 4.50%, 11/22/35 (e)(g)		1,779
12,702		Mexican Udibonos, Series S, 4.00%, 11/15/40 (e)(g)		969
16,865		Mexican Udibonos, Series S, 4.00%, 11/8/46 (e)(g)		1,306
				4,180


Shares or Principal Amount (000)	Security Description		Value (000)
		New Zealand — 0.01%
$100		New Zealand Index Linked Bond, 2.00%, 9/20/25 (g)	$	80
		Slovenia — 0.04%
300		Republic of Slovenia, 4.70%, 11/1/16 (f)(g)		388
		Spain — 1.30%
100		Bankia SA, 3.50%, 12/14/15 (g)		124
100		Bankia SA, 0.29%, 1/25/16 (e)(g)		120
4,900		Bonos y Obligaciones del Estado, 5.85%, 1/31/22 (g)		7,813
1,300		Generalitat de Catalunya, 4.95%, 2/11/20 (g)		1,743
1,400		Generalitat de Valencia, Series E, 4.90%, 3/17/20 (g)		1,942
				11,742
		United Kingdom — 0.05%
190		LBG Capital No. 2 PLC, Series 21, 15.00%, 12/21/19 (g)		406
		United States — 0.20%
1,000		JPMorgan Chase Bank NA, 5.38%, 9/28/16 (g)		1,661
100		JPMorgan Chase Bank NA, 4.37%, 11/30/21, Callable 11/14/16 @ 100 (e)		127
				1,788
		Total Global Bonds		26,814
		U.S. Government Agency Securities — 1.70%
200		Federal Home Loan Bank, 0.09%, 5/18/15 (d)		200
100		Federal Home Loan Bank, 0.09%, 5/19/15 (d)		100
2,800		Federal Home Loan Bank, 0.13%, 9/2/15		2,798
1,500		Federal Home Loan Bank, 0.03%, 3/13/15 (d)		1,500
2,378		Freddie Mac, 0.42%, 9/18/15 (h)		2,380
8,400		Freddie Mac, 0.09%, 5/6/15 (d)		8,397
		Total U.S. Government Agency Securities		15,375
		U.S. Treasury Obligations — 5.15%
440		U.S. Treasury Bill, 0.00%, 1/2/15 (d)		440
1,517		U.S. Treasury Bill, 0.01%, 1/8/15 (d)		1,517
130		U.S. Treasury Bill, 0.11%, 3/5/15 (d)(h)		130
1,753		U.S. Treasury Bill, 0.02%, 3/12/15 (d)(h)		1,753
1,460		U.S. Treasury Bill, 0.02%, 3/26/15 (d)(h)		1,460
3,221		U.S. Treasury Bill, 0.03%, 4/16/15 (d)(h)		3,221
360		U.S. Treasury Bill, 0.04%, 4/30/15 (d)(h)		360
3,974		U.S. Treasury Bill, 0.05%, 5/14/15 (d)(h)		3,973
1,034		U.S. Treasury Bill, 0.06%, 5/21/15 (d)(h)		1,034
2,920		U.S. Treasury Bill, 0.06%, 5/28/15 (d)(h)		2,919
122		U.S. Treasury Inflation Index Note, 1.88%, 7/15/15		122
11,079		U.S. Treasury Inflation Index Note, 0.13%, 4/15/16		11,046
7,498		U.S. Treasury Inflation Index Note, 0.13%, 4/15/19		7,416
6,100		U.S. Treasury Note, 2.13%, 12/31/21		6,159

See accompanying notes to financial statements.

63

HC CAPITAL TRUST
The Commodity Returns Strategy Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Shares or Principal Amount (000)	Security Description		Value (000)
		U.S. Treasury Obligations (continued)
$103		U.S. Treasury Inflation Index Note, 0.13%, 1/15/23	$	99
102		U.S. Treasury Inflation Index Note, 0.38%, 7/15/23		101
1,800		U.S. Treasury Note, 2.75%, 11/15/23 (h)		1,895
430		U.S. Treasury Inflation Index Note, 0.13%, 7/15/24 (h)		414
504		U.S. Treasury Inflation Index Bond, 2.38%, 1/15/25 (h)		592
116		U.S. Treasury Inflation Index Bond, 3.88%, 4/15/29 (h)		165
1,426		U.S. Treasury Inflation Index Bond, 1.38%, 2/15/44		1,614
		Total U.S. Treasury Obligations		46,430
		Yankee Dollars — 1.82%
		Australia — 0.31%
2,100		Westpac Banking Corp., 0.56%, 5/19/17(Banks) (e)		2,099
700		Westpac Banking Corp., Series E, 1.85%, 11/26/18(Banks) (f)		700
				2,799
		Canada — 0.04%
400		Canadian Natural Resources Ltd., 0.63%, 3/30/16 (Oil, Gas & Consumable Fuels) (e)		399
		Chile — 0.03%
300		Empresa Nacional de Telecomunicaciones SA – Registered Shares, 4.88%, 10/30/24 (Wireless Telecommunication Services)		305
		Colombia — 0.05%
400		Ecopetrol SA, 7.63%, 7/23/19 (Oil, Gas & Consumable Fuels)		458
		France — 0.43%
2,800		BPCE SA, 0.87%, 6/17/17 (Banks) (e)		2,804
1,000		Dexia Credit Local SA NY, 1.25%, 10/18/16(Banks) (f)		1,004
				3,808
		Italy — 0.08%
700		Intesa Sanpaolo SpA, 3.13%, 1/15/16 (Banks)		711
		Korea, Republic Of — 0.03%
300		Export-Import Bank of Korea, 1.09%, 9/17/16(Banks) (e)		301
		Luxembourg — 0.03%
300		Rosneft Finance SA, Series 6, 7.88%, 3/13/18 (Oil, Gas & Consumable Fuels) (f)		277


Shares or Principal Amount (000)	Security Description		Value (000)
		U.S. Treasury Obligations (continued)
		Netherlands — 0.38%
$1,400		Deutsche Annington Finance BV, 3.20%, 10/2/17(Real Estate Management & Development) (f)	$	1,432
2,000		Rabobank Nederland NY, 0.56%, 4/28/17 (Banks) (e)		1,998
				3,430
		Norway — 0.10%
500		Kommunalbanken AS, 0.63%, 3/27/17 (Sovereign) (e)(f)		504
400		Nordea Eiendomskreditt AS, 2.13%, 9/22/16 (Banks) (f)		407
				911
		Russian Federation — 0.07%
300		Gazprom OAO, 9.25%, 4/23/19 (Oil, Gas & Consumable Fuels) (f)		306
400		Sberbank of Russia Via SB Capital SA, 5.18%, 6/28/19 (Banks)		354
				660
		Slovenia — 0.13%
200		Republic of Slovenia – Registered Shares, 5.85%, 5/10/23 (Sovereign)		226
900		Republic of Slovenia – Registered Shares, 5.25%, 2/18/24 (Sovereign)		989
				1,215
		Switzerland — 0.05%
350		UBS AG Stamford Connecticut, 7.63%, 8/17/22 (Banks)		412
		United Kingdom — 0.07%
600		HBOS PLC, Series E, 0.96%, 9/30/16, Callable 3/30/15 @ 100 (Banks) (e)		596
		United States — 0.02%
2,100		Navient LLC, Series E, 8.78%, 9/15/16 (Consumer Finance)		143
		Total Yankee Dollars		16,425
		Time Deposit — 1.61%
14,501		State Street Liquidity Management Control System Eurodollar Time Deposit, 0.01%, 1/2/15		14,501
		Total Time Deposit		14,501
		Mutual Funds — 1.02%
4,100		ETFS Platinum Trust		480
8,674,000		SSgA Treasury Money Market Fund, 0.00% (i)		8,674
		Total Mutual Funds		9,154

See accompanying notes to financial statements.

64

HC CAPITAL TRUST
The Commodity Returns Strategy Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Contracts, or Principal Amount (000)	Security Description		Value (000)
		Purchased Options — 0.0%
		Total Purchased Options	$	31
		Repurchase Agreements — 19.39%
$36,200		Bank of America Corp., 0.06%, 1/2/15 (Purchased on 12/31/14, proceeds at maturity $36,200,121 collateralized by U.S. Treasury Bonds, 3.00% – 3.38%, 5/15/44 – 11/15/44 fair value $36,924,045)		36,200
36,100		BNP Paribas, 0.05%, 1/2/15, (Purchased on 12/31/14, proceeds at maturity $36,100,100 collateralized by U.S. Treasury Notes, 0.25% – 3.50%, 2/29/16 – 5/15/20 fair value $36,822,125)		36,100
6,600		BNP Paribas, 0.13%, 1/2/15, (Purchased on 12/31/14, proceeds at maturity $6,600,048 collateralized by U.S. Treasury Inflation Index Note, 0.13%, 1/15/23 fair value $6,759,745)		6,600
3,100		Credit Suisse Securities, 0.07%, 1/2/15 (Purchased on 12/31/14, proceeds at maturity $3,100,012 collateralized by U.S. Treasury Obligations, 0.38% – 4.50%, 4/15/15 – 2/15/36 fair value $3,165,479)		3,100
36,300		Deutsche Bank Securities, Inc., 0.10%, 1/2/15 (Purchased on 12/31/14, proceeds at maturity $36,300,202 collateralized by U.S. Treasury Obligations, 0.13% – 3.63%, 4/15/15 – 2/15/43 fair value $37,261,104)		36,300
1,600		Goldman Sachs & Co., 0.17%, 1/2/15 (Purchased on 12/31/14, proceeds at maturity $1,600,015 collateralized by Freddie Mac, 4.00%, 3/1/43 fair value $1,650,707)		1,600
3,600		JPMorgan Securities, 0.14%, 1/2/15 (Purchased on 12/31/14, proceeds at maturity $3,600,028 collateralized by U.S. Treasury Note, 1.88%, 6/30/15 fair value $3,683,374)		3,600
6,600		Merrill Lynch Pierce Fenner & Smith, Inc., 0.15%, 1/2/15 (Purchased on 12/31/14, proceeds at maturity $6,600,055 collateralized by U.S. Treasury Bond, 3.75%, 11/15/43 fair value $6,786,116)		6,600
36,200		Morgan Stanley & Co. LLC, 0.06%, 1/2/15 (Purchased on 12/31/14, proceeds at maturity $36,200,121 collateralized by U.S. Treasury Obligations, 0.00% – 7.63%, 4/30/15 – 5/15/43 fair value $36,924,097)		36,200


Contracts, or Principal Amount (000)	Security Description		Value (000)
		Repurchase Agreements (continued)
$8,500		Toronto Dominion Bank NY, 0.15%, 1/2/15 (Purchased on 12/31/14, proceeds at maturity $8,500,071 collateralized by U.S. Treasury Note, 1.25%, 1/31/19 fair value $8,729,065)	$	8,500
		Total Repurchase Agreements	$	174,800
		Total Investments (cost $953,196) — 101.36%		914,054
		Liabilities in excess of other assets — (1.36%)		(12,257 )
		Net Assets — 100.00%	$	901,797

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 $9,393 (amount in thousands).

(a)

Represents non-income producing security.

(b)

Represents a security purchased under Rule 144A or Section 4(2) and is exempt from registration under the Securities Act of 1933, as amended, or is otherwise restricted to resale. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. This security has been deemed illiquid by the Specialist Manager and represents 0.14% of the Portfolio's net assets.

(c)

These securities have been deemed illiquid by the Specialist Manager and represent 0.02% of the Portfolio.

(d)

Rate disclosed represents effective yield at purchase.

(e)

Variable Rate Security. The rate reflected is the rate in effect on December 31, 2014.

(f)

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.

(g)

The principal amount is disclosed in local currency and the value is disclosed in U.S. Dollars.

(h)

All or part of this security has been pledged as collateral for derivative instruments held by the Portfolio.

(i)

The rate disclosed is the rate in effect on December 31, 2014.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

MTN — Medium Term Note

NVDR — Non-Voting Depository Receipt

See accompanying notes to financial statements.

65

HC CAPITAL TRUST
The Commodity Returns Strategy 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 Commodity Returns Strategy Portfolio	Mellon Capital Management Corporation			PIMCO			Wellington Management Company, LLP; Global National Resources Equity Strategy			Wellington Management Company, LLP; Commodity Futures Strategy			Total
Common Stocks		32.32	%		—			30.12	%		0.10	%		62.54	%
Preferred Stocks		0.38	%		—			0.11	%		—			0.49	%
Rights		—			—			0.00	%		—			0.00	%
Commercial Paper		—			0.14	%		—			—			0.14	%
Corporate Bonds		—			1.56	%		—			—			1.56	%
Asset Backed Securities		—			0.64	%		—			—			0.64	%
Collateralized Mortgage Obligations		—			1.05	%		—			—			1.05	%
Certificates of Deposit		—			1.28	%		—			—			1.28	%
Global Bonds		—			2.97	%		—			—			2.97	%
U.S. Government Agency Securities		—			1.70	%		—			—			1.70	%
U.S. Treasury Obligations		—			5.15	%		—			—			5.15	%
Yankee Dollars		—			1.82	%		—			—			1.82	%
Time Deposits		—			0.11	%		1.50	%		0.00	%		1.61	%
Mutual Funds		0.96	%		—			—			0.06	%		1.02	%
Purchased Options		—			0.00	%		—			0.00	%		0.00	%
Repurchase Agreements		—			2.98	%		—			16.41	%		19.39	%
Other Assets		0.44	%		-2.86	%		0.22	%		0.84	%		-1.36	%
Total Investments		34.10	%		16.54	%		31.95	%		17.41	%		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)
—		3.5% Fuel Oil RDAM Crack Swap Future*	$	—			12/31/14	$	—
1		Brent Crude Future*		57			1/15/15		(10	)
66		Brent Crude Future*		3,842			2/12/15		(209	)
119		Brent Crude Future*		7,284			5/14/15		(611	)
40		Brent Crude Future*		2,618			11/13/15		(274	)
(7)		Brent Crude Future*		(482	)		4/29/16		3
5		Brent Crude Future*		355			10/31/16		1
(35)		Cocoa Future*		(1,019	)		3/16/15		(6	)
(8)		Cocoa Future*		(247	)		3/16/15		1
35		Cocoa Future*		1,012			5/13/15		(15	)
11		Coffee ‘C’ Future*		687			3/19/15		(110	)
(9)		Corn Future*		(179	)		3/13/15		(6	)
111		Corn Future*		2,337			12/14/15		68
108		Cotton No. 2 Future*		3,255			3/9/15		(17	)
107		Electrolytic Copper Future*		16,984			1/16/15		(302	)
6		Electrolytic Copper Future*		946			3/16/15		(38	)
(57)		Euro-Bund Future*		(10,750	)		3/6/15		(127	)
—		European Gasoil Crack Spread Swap Future*		—			12/31/14		—
83		Gas Oil Future*		4,252			1/12/15		(764	)
49		Gasoline RBOB Future*		3,030			1/30/15		(47	)
10		Gasoline RBOB Future*		632			2/27/15		(170	)
(10)		Gasoline RBOB Future*		(724	)		3/31/15		198

See accompanying notes to financial statements.

66

HC CAPITAL TRUST
The Commodity Returns Strategy Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Number of Contracts	Futures Contracts Positionsˆ		Value (000)			Expiration		Unrealized Appreciation/ (Depreciation) (000)
12		Gasoline RBOB Future*	$	804			11/30/15	$	(381	)
(4)		Gold 100 Oz Future*		(474	)		2/25/15		(1	)
291		Gold 100 Oz Future*		34,481			4/28/15		(551	)
52		Hard Red Winter Wheat Future*		1,653			7/14/15		156
7		Henry Hub Natural Gas Swap Future*		62			12/29/15		(11	)
7		Henry Hub Natural Gas Swap Future*		62			1/27/16		(11	)
7		Henry Hub Natural Gas Swap Future*		61			2/25/16		(12	)
7		Henry Hub Natural Gas Swap Future*		58			3/29/16		(15	)
7		Henry Hub Natural Gas Swap Future*		58			4/27/16		(15	)
7		Henry Hub Natural Gas Swap Future*		59			5/26/16		(14	)
7		Henry Hub Natural Gas Swap Future*		60			6/28/16		(13	)
7		Henry Hub Natural Gas Swap Future*		60			7/27/16		(13	)
7		Henry Hub Natural Gas Swap Future*		60			8/29/16		(13	)
7		Henry Hub Natural Gas Swap Future*		60			9/28/16		(13	)
7		Henry Hub Natural Gas Swap Future*		62			10/27/16		(11	)
7		Henry Hub Natural Gas Swap Future*		65			11/28/16		(8	)
8		Henry Hub Natural Gas Swap Future*		77			12/28/16		(8	)
8		Henry Hub Natural Gas Swap Future*		77			1/27/17		(9	)
8		Henry Hub Natural Gas Swap Future*		76			2/24/17		(10	)
8		Henry Hub Natural Gas Swap Future*		73			3/29/17		(13	)
8		Henry Hub Natural Gas Swap Future*		73			4/26/17		(13	)
8		Henry Hub Natural Gas Swap Future*		73			5/26/17		(12	)
8		Henry Hub Natural Gas Swap Future*		74			6/28/17		(12	)
8		Henry Hub Natural Gas Swap Future*		74			7/27/17		(12	)
8		Henry Hub Natural Gas Swap Future*		74			8/29/17		(12	)
8		Henry Hub Natural Gas Swap Future*		75			9/27/17		(11	)
8		Henry Hub Natural Gas Swap Future*		76			10/27/17		(10	)
8		Henry Hub Natural Gas Swap Future*		80			11/28/17		(6	)
7		Henry Hub Natural Gas Swap Future*		72			12/27/17		(5	)
7		Henry Hub Natural Gas Swap Future*		72			1/29/18		(6	)
7		Henry Hub Natural Gas Swap Future*		71			2/26/18		(7	)
7		Henry Hub Natural Gas Swap Future*		67			3/27/18		(11	)
7		Henry Hub Natural Gas Swap Future*		67			4/26/18		(11	)
7		Henry Hub Natural Gas Swap Future*		67			5/29/18		(11	)
7		Henry Hub Natural Gas Swap Future*		68			6/27/18		(10	)
7		Henry Hub Natural Gas Swap Future*		68			7/27/18		(10	)
7		Henry Hub Natural Gas Swap Future*		68			8/29/18		(10	)
7		Henry Hub Natural Gas Swap Future*		68			9/26/18		(9	)
7		Henry Hub Natural Gas Swap Future*		70			10/29/18		(8	)
7		Henry Hub Natural Gas Swap Future*		73			11/28/18		(5	)
(1)		ICE WTI Crude Future*		(53	)		1/16/15		10
1		ICE WTI Crude Future*		63			5/19/16		1
(1)		ICE WTI Crude Future*		(65	)		11/18/16		(1	)
24		Lean Hogs Future*		879			6/12/15		(37	)
9		Live Cattle Future*		585			4/30/15		(14	)
60		Live Cattle Future*		3,718			6/30/15		(61	)
2		LLS (Argus) VS WTI Spread Calendar Swap Future*		4			1/30/15		(1	)
2		LLS (Argus) VS WTI Spread Calendar Swap Future*		4			2/27/15		(1	)
2		LLS (Argus) VS WTI Spread Calendar Swap Future*		4			3/31/15		(1	)
2		LLS (Argus) VS WTI Spread Calendar Swap Future*		4			4/30/15		(1	)
2		LLS (Argus) VS WTI Spread Calendar Swap Future*		4			5/29/15		(1	)
2		LLS (Argus) VS WTI Spread Calendar Swap Future*		5			6/30/15		(1	)
87		LME Lead Future*		4,037			2/13/15		(299	)
51		Mill Wheat Euro Future*		621			3/10/15		17
13		Mill Wheat Euro Future*		157			12/10/15		—
15		Mini MSCI Emerging Markets Index Future*		718			3/20/15		6

See accompanying notes to financial statements.

67

HC CAPITAL TRUST
The Commodity Returns Strategy Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Number of Contracts	Futures Contracts Positionsˆ		Value (000)			Expiration		Unrealized Appreciation/ (Depreciation) (000)
51		Natural Gas Future*	$	1,473			1/28/15	$	(550	)
(2)		Natural Gas Future*		(58	)		2/25/15		392
(46)		Natural Gas Future*		(1,325	)		3/27/15		357
70		Natural Gas Future*		2,033			4/28/15		(626	)
20		Natural Gas Future*		602			6/26/15		(94	)
(5)		Natural Gas Future*		(177	)		12/29/15		30
15		Natural Gas Future*		523			2/25/16		(80	)
(10)		Natural Gas Future*		(334	)		3/29/16		42
13		New York Harbor USLD Future*		1,001			1/30/15		(111	)
22		New York Harbor USLD Future*		1,679			2/27/15		(3	)
(2)		New York Harbor USLD Future*		(155	)		7/31/15		37
(2)		New York Harbor USLD Future*		(157	)		8/31/15		36
(2)		New York Harbor USLD Future*		(158	)		9/30/15		34
38		NYMEX Palladium Future*		3,034			3/27/15		82
(10)		NYMEX WTI Crude Future*		(533	)		1/20/15		106
(25)		NYMEX WTI Crude Future*		(1,343	)		2/20/15		140
125		NYMEX WTI Crude Future*		6,956			5/19/15		(605	)
27		NYMEX WTI Crude Future*		1,553			8/20/15		(276	)
22		NYMEX WTI Crude Future*		1,279			9/22/15		(60	)
40		NYMEX WTI Crude Future*		2,386			11/20/15		30
6		NYMEX WTI Crude Future*		375			5/20/16		(135	)
(6)		NYMEX WTI Crude Future*		(390	)		11/21/16		141
(5)		NYMEX WTI Crude Future*		(339	)		11/20/17		38
2		NYMEX WTI Crude Future*		139			11/19/18		(15	)
3		NYMEX WTI Crude Future*		211			11/20/19		(24	)
120		Platinum Future*		7,257			4/28/15		30
(52)		Primary Aluminum Future*		(2,403	)		3/16/15		94
202		Primary Aluminum Future*		9,548			12/14/15		(615	)
75		Primary Nickel Future*		6,813			3/16/15		(549	)
2		RBOB Calendar Swap Future*		145			7/31/15		(29	)
2		RBOB Calendar Swap Future*		144			8/31/15		(30	)
2		RBOB Calendar Swap Future*		135			9/30/15		(39	)
1		RBOB Gasoline Brent Crack Spread Future*		9			7/31/15		2
1		RBOB Gasoline Brent Crack Spread Future*		8			8/31/15		1
1		RBOB Gasoline Brent Crack Spread Future*		3			9/30/15		(4	)
11		Red Spring Wheat Future*		342			3/13/15		16
3		Red Spring Wheat Future*		96			7/14/15		(2	)
5		S&P 500 E-mini Future*		513			3/20/15		(6	)
36		Silver Future*		2,808			3/27/15		(30	)
(3)		Soybean Future*		(155	)		5/14/15		3
(32)		Soybean Future*		(1,659	)		7/14/15		34
32		Soybean Future*		1,609			11/13/15		(16	)
348		Sugar #11 Future*		5,659			2/27/15		(663	)
(19)		Wheat Future*		(560	)		3/13/15		4
(20)		Wheat Future*		(598	)		7/14/15		(14	)
12		Wheat Future*		369			12/14/15		—
8		White Sugar Future*		156			2/13/15		(27	)
139		Zinc Future*		7,534			1/16/15		(52	)
		Net Unrealized Appreciation/(Depreciation)							(6,982	)

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

ˆ

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

*

All or a portion of these futures contracts are held by the wholly-owned subsidiaries of the Portfolio. See Note 2N in the Notes to Financial Statements for the basis of consolidation.

See accompanying notes to financial statements.

68

HC CAPITAL TRUST
The Commodity Returns Strategy 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
230,215		Australian Dollar		Goldman Sachs		1/5/15	$	189	$	188	$	(1	)
1,072,626		Brazilian Real		Deutsche Bank		1/5/15		404		403		(1	)
2,378,150		Brazilian Real		Credit Suisse		1/5/15		897		894		(3	)
3,319,939		Brazilian Real		Deutsche Bank		2/3/15		1,255		1,238		(17	)
396,929		Brazilian Real		JPMorgan Chase		1/5/15		149		149		—
141,000*		Canadian Dollar		JPMorgan Chase		3/3/15		122		121		(1	)
22,433,788		Euro		Goldman Sachs		1/5/15		27,333		27,144		(189	)
130,000*		Euro		Deutsche Bank		2/19/15		159		157		(2	)
702,212		Euro		JPMorgan Chase		1/5/15		876		850		(26	)
379,000*		Euro		Goldman Sachs		2/19/15		472		459		(13	)
130,953,804		Indian Rupee		JPMorgan Chase		1/20/15		2,086		2,066		(20	)
31,056,430		Indian Rupee		Goldman Sachs		2/26/15		496		486		(10	)
200,000		Japanese Yen		Deutsche Bank		1/5/15		2		2		—
18,239,142		Mexican Peso		JPMorgan Chase		2/5/15		1,313		1,234		(79	)
		Total Currencies Purchased					$	35,753	$	35,391	$	(362	)
		Currencies Sold
1,503,000		Australian Dollar		Deutsche Bank		1/5/15	$	1,279	$	1,226	$	53
1,072,626		Brazilian Real		Deutsche Bank		1/5/15		388		403		(15	)
2,378,150		Brazilian Real		Credit Suisse		1/5/15		884		894		(10	)
2,378,150		Brazilian Real		Credit Suisse		2/3/15		889		887		2
396,929		Brazilian Real		JPMorgan Chase		1/5/15		147		149		(2	)
471,000		British Pound Sterling		Goldman Sachs		2/3/15		741		734		7
1,916,000		British Pound Sterling		Credit Suisse		2/3/15		2,994		2,985		9
188,000		Canadian Dollar		JPMorgan Chase		3/3/15		164		162		2
177,000		Euro		Goldman Sachs		1/5/15		220		214		6
22,434,000		Euro		Goldman Sachs		2/3/15		27,341		27,152		189
22,959,000		Euro		JPMorgan Chase		1/5/15		28,472		27,779		693
27,245,430		Indian Rupee		Barclays Bank		2/26/15		423		427		(4	)
36,824,000		Mexican Peso		Credit Suisse		2/5/15		2,669		2,491		178
1,513,336		Mexican Peso		JPMorgan Chase		2/5/15		102		102		—
14,415,000		Mexican Peso		Deutsche Bank		2/5/15		1,056		975		81
20,279,435		Mexican Peso		Barclays Bank		2/5/15		1,485		1,372		113
		Total Currencies Sold					$	69,256	$	67,952	$	1,302
		Net Unrealized/Appreciation(Depreciation)									$	940

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

*

All or a portion of these currency contracts are held by the wholly-owned subsidiaries of the Portfolio. See Note 2N in the Notes to Financial Statements for the basis of consolidation.

Over-the-counter options written as of December 31, 2014 were as follows:


Description	Counterparty		Put/ Call		Exercise Price		Expiration Date		Number of Contracts			Premium (000)			Value (000)			Unrealized Appreciation/ (Depreciation) (000)
Inflation Capital US Dollar US CPI Urban Consumers NSA Index Option*		Deutsche Bank		Put	$	—		1/11/18		(50	)	$	(5	)	$	(2	)	$	3
Inflation Capital US Dollar US CPI Urban Consumers NSA Index Option*		Deutsche Bank		Put		—		1/22/18		(50	)		(5	)		(2	)		3

See accompanying notes to financial statements.

69

HC CAPITAL TRUST
The Commodity Returns Strategy Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Description	Counterparty		Put/ Call		Exercise Price		Expiration Date		Number of Contracts			Premium (000)			Value (000)			Unrealized Appreciation/ (Depreciation) (000)
Inflation Capital US Dollar US CPI Urban Consumers NSA Index Option*		JPMorgan Chase		Put	$	4		4/22/24		(60	)	$	(4	)	$	(1	)	$	3
Inflation Capital US Dollar US CPI Urban Consumers NSA Index Option*		JPMorgan Chase		Put		4		5/16/24		(20	)		(1	)		—			1
10-Year USD Interest Rate Option		JPMorgan Chase		Call		2		2/19/15		(890	)		(40	)		(72	)		(32	)
10-Year USD Interest Rate Option		JPMorgan Chase		Put		3		2/19/15		(890	)		(48	)		(7	)		41
Total												$	(103	)	$	(84	)	$	19

Exchange-traded options purchased as of December 31, 2014 were as follows:


Description	Put/ Call		Exercise Price		Expiration Date		Number of Contracts		Cost (000)		Value (000)		Unrealized Appreciation/ (Depreciation) (000)
Crude Oil Future*		Call	$	145		11/17/15		5	$	30	$	1	$	(29	)
Gold Future Option*		Call		2,000		11/22/16		19		102		16		(86	)
Natural Gas Option*		Call		5		1/27/15		69		117		1		(116	)
Wheat Future*		Put		575		2/20/15		16		14		13		(1	)
Total									$	263	$	31	$	(232	)

Exchange-traded options written as of December 31, 2014 were as follows:


Description	Put/ Call		Exercise Price		Expiration Date		Number of Contracts			Premium (000)			Value (000)			Unrealized Appreciation/ (Depreciation) (000)
Coffee “C'' Future*		Call	$	190		2/11/15		(2	)	$	(2	)	$	(2	)	$	—
Corn Future*		Call		435		1/23/15		(14	)		(3	)		(1	)		2
Crude Oil Future*		Call		74		1/14/15		(2	)		(2	)		—			2
Crude Oil Future*		Call		75		1/14/15		(8	)		(7	)		—			7
Crude Oil Future*		Call		67		2/17/15		(4	)		(5	)		(2	)		3
Gold Future Option*		Call		1,250		1/27/15		(6	)		(4	)		(2	)		2
Gold Future Option*		Call		250		2/24/15		(1	)		(1	)		(1	)		—
Mill Wheat Euro Future*		Call		185		2/13/15		(8	)		(5	)		(9	)		(4	)
Mill Wheat Euro Future*		Call		185		2/13/15		(8	)		(3	)		(1	)		2
Natural Gas Future*		Call		1		2/24/15		(6	)		(12	)		(1	)		11
Natural Gas Future*		Call		1		2/24/15		(2	)		(7	)		(1	)		6
Natural Gas Future*		Call		4		3/26/15		(2	)		—			—			—
Natural Gas Future*		Call		4		3/26/15		(2	)		—			—			—
Soybean Future*		Call		100		1/23/15		(3	)		(1	)		(1	)		—
WTI Brent Future*		Call		—		1/14/15		(2	)		(1	)		(1	)		—
WTI Brent Future*		Call		—		2/11/15		(5	)		(4	)		(3	)		1
WTI Brent Spread Future*		Call		—		2/11/15		(6	)		(5	)		(12	)		(7	)
Corn Future*		Put		370		2/20/15		(24	)		(14	)		(6	)		8
Crude Oil Future*		Put		70		11/17/15		(5	)		(37	)		(75	)		(38	)
Natural Gas Future*		Put		3		1/27/15		(1	)		(1	)		(4	)		(3	)
Natural Gas Future*		Put		3		3/26/15		(4	)		(4	)		(12	)		(8	)
Soybean Future*		Put		—		1/23/15		(3	)		(1	)		(2	)		(1	)
WTI Brent Future*		Put		—		2/11/15		(6	)		(5	)		—			5
WTI Brent Future*		Put		—		2/11/15		(5	)		(3	)		(1	)		2
Total										$	(127	)	$	(137	)	$	(10	)

*

All or a portion of these currency contracts are held by the wholly-owned subsidiaries of the Portfolio. See Note 2N in the Notes to Financial Statements for the basis of consolidation.

See accompanying notes to financial statements.

70

HC CAPITAL TRUST
The Commodity Returns Strategy Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

Over-the-counter swaptions written as of December 31, 2014 were as follows:


Description	Counterparty		Put/ Call		Exercise Price		Expiration Date		Notional Amount (000)		Premium (000)			Value (000)		Unrealized Appreciation/ (Depreciation) (000)
NYMEX WTI Crude Oil Index*		Goldman Sachs		Call	$	0.3058		2/10/15	$	3,000	$	(8	)	$	—	$	8
Crude Oil February 2015 Future*		Goldman Sachs		Call		0.2678		2/10/15		1,000		(3	)		—		3
S&P GSCI Energy Excess Return Index*		Goldman Sachs		Call		0.5776		3/6/15		1,000		(6	)		—		6
S&P GSCI Crude Oil Excess Return Index*		Goldman Sachs		Call		0.4199		3/6/15		1,000		(4	)		—		4
											$	(21	)	$	—	$	21

Total Return Swap Agreementsˆ


Underlying Reference	Counterparty		Expiration Date		Notional Amount (000)		Swap Premiums Paid/ (Received) (000)		Amount at Value (000)			Unrealized Appreciation/ (Depreciation) (000)
S&P GSCI Agriculture Index*		Goldman Sachs International		2/27/15	$	1,528		—	$	(67	)	$	(67	)
S&P GSCI Industrial Metals Index*		Goldman Sachs International		5/29/15		784		—		(35	)		(35	)
S&P GSCI Grains Index*		Goldman Sachs International		5/29/15		227		—		3			3
S&P GSCI Grains Index*		JPMorgan Chase		2/27/15		2,001		—		24			24
							$	—	$	(75	)	$	(75	)

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)
Receive		IRS REC GBP FIXED		3.55	%		2/11/44		Goldman Sachs International		200 GB	$	—		$	19		$	19
Receive		IRS REC MXN		6.35	%		9/1/23		Deutsche Bank		2,750 MXN		(5	)		6			11
Receive		IRS REC MXN		6.35	%		9/1/23		Goldman Sachs International		5,000 MXN		(9	)		11			20
Receive		REC BRL		12.25	%		1/2/17		Barclays Bank		7,900 BRL		6			9			3
Receive		REC IRS GBP FIXED		3.10	%		12/12/24		JPMorgan Chase		4,000 GB		5			45			40
Receive		REC IRS GBP FIXED		3.53	%		12/15/24		JPMorgan Chase		100 GB		1			7			6
Receive		REC IRS GBP FIXED		3.55	%		12/11/44		Deutsche Bank		1,000 GB		3			92			89
Receive		RECV BRL FIXED		9.10	%		1/2/17		Goldman Sachs International		16,000 BRL		—			(394	)		(394	)
Receive		RECV US CPI URBAN CONSUMERS NSA		2.50	%		7/15/22		Deutsche Bank		500 USD		3			(44	)		(47	)
												$	4		$	(249	)	$	(253	)

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)
Pay		3-Month AUD-BBR-BBSW		3.75	%		6/18/44		5,800 USD	$	90		$	(1,297	)	$	(1,387	)
Pay		3-Month U.S. Dollar LIBOR BBA		0.75	%		6/18/16		10,300 USD		(10	)		(34	)		(24	)
Pay		6-Month EUR Dollar LIBOR BBA		2.00	%		3/18/45		1,200 EUR		(164	)		(193	)		(29	)
Receive		1-Month U.S. Dollar LIBOR BBA		6.35	%		9/1/23		9,250 MXN		27			17			(10	)
Receive		6-Month AUD Dollar LIBOR BBA		4.00	%		6/18/19		4,600 AUD		(29	)		216			245
										$	(86	)	$	(1,291	)	$	(1,205	)

See accompanying notes to financial statements.

71

HC CAPITAL TRUST
The Commodity Returns Strategy Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)

Commodity Forward Swap Agreementsˆ


Underlying Reference Entity	Counterparty		Strike Price		Expiration Date		Notional Amount (000)		Swap Premiums Paid/ (Received) (000)		Amount at Value (000)			Unrealized Appreciation/ (Depreciation) (000)
ACSH5*		Goldman Sachs International	$	7		3/2/15	$	10	$	—	$	17		$	17
JETNWECO*		JPMorgan Chase Bank		17		4/1/15		3		—		(9	)		(9	)
JETNWECO*		JPMorgan Chase Bank		17		4/1/15		1		—		2			2
LLSBRT*		Goldman Sachs International		—		1/2/16		24		—		105			105
LLSBRT*		Goldman Sachs International		—		1/4/16		12		—		48			48
LLSBRT*		Goldman Sachs International		—		7/1/15		3		—		2			2
LLSBRT*		Goldman Sachs International		—		7/1/15		3		—		2			2
NAPCO*		JPMorgan Chase Bank		—		4/1/15		1		—		1			1
NAPCO*		JPMorgan Chase Bank		—		4/1/15		3		—		(3	)		(3	)
Platinum Index*		Goldman Sachs International		272		11/2/15		1		—		(51	)		(51	)
Gold Index*		Goldman Sachs International		268		2/2/15		1		—		(111	)		(111	)
									$	—	$	3		$	3

Commodity Swap Agreementsˆ


Reference Entity	Counterparty		Expiration Date		Notional Amount (000)		Swap Premiums Paid/ (Received) (000)			Amount at Value (000)			Unrealized Appreciation/ (Depreciation) (000)
TBL/BCOMF1T Index*		JPMorgan Chase		2/17/15	$	7,741	$	(14	)	$	(381	)	$	(367	)
TBL/BCOMTR Index*		Canadian Imperial Bank of Commerce		2/17/15		1,722		—			(86	)		(86	)
TBL/JMABNICO Index*		JPMorgan Chase		2/17/15		409		—			(16	)		(16	)
TBL/BCOMTR Index*		JPMorgan Chase		2/17/15		74,505		(218	)		(3,703	)		(3,485	)
TBL/BCOMTR Index*		Goldman Sachs International		2/17/15		13,018		(57	)		(647	)		(590	)
TBL/BCOMTR Index*		Deutsche Bank		2/17/15		55,740		7			(2,770	)		(2,777	)
TBL/JMABNICP Index*		JPMorgan Chase		2/17/15		3,858		—			(154	)		(154	)
					$	156,993	$	(282	)	$	(7,757	)	$	(7,475	)

See accompanying notes to financial statements.

72

HC CAPITAL TRUST
The Commodity Returns Strategy Portfolio
Portfolio of Investments (concluded) — December 31, 2014 (Unaudited)

Variance Swap Agreementsˆ


Reference Entity	Counterparty		Strike Price		Expiration Date		Notional Amount (000)		Swap Premiums Paid/ (Received) (000)		Amount at Value (000)			Unrealized Appreciation/ (Depreciation) (000)"
Crude Oil February 2015 Future*		Goldman Sachs	$	0.1166		1/15/15	$	146	$	—	$	(27	)	$	(27	)
Crude Oil December 2015 Future*		Deustche Bank		0.0420		11/17/15		120		—		16			16
NYMEX WTI Crude Future Index*		Deustche Bank		0.0324		5/15/15		150		—		14			14
NYMEX WTI Crude Future Index*		Deustche Bank		0.0324		5/14/15		143		—		14			14
Brent Crude Oil Price Index*		Goldman Sachs		0.1156		1/12/15		147		—		(35	)		(35	)
Brent Crude Oil Price Index*		Goldman Sachs		0.1208		1/12/15		144		—		(35	)		(35	)
Dow Jones-UBS Commodity Index*		Goldman Sachs		0.0196		2/3/15		187		—		1			1
London Gold Market Fixing Ltd Index*		Goldman Sachs		0.0613		11/25/15		160		—		—			4
London Gold Market Fixing Ltd Index*		Goldman Sachs		0.1089		11/25/15		120		—		—			—
S&P GSCI Crude Oil Excess Return Index*		Deustche Bank		0.0638		11/17/15		100		—		(30	)		(30	)
S&P GSCI Silver Index*		Goldman Sachs		0.0272		6/11/15		423		—		(1	)		(1	)
S&P GSCI Crude Oil Index*		Deustche Bank		0.0462		5/14/15		240		—		(49	)		(49	)
S&P GSCI Silver Index*		Goldman Sachs		0.0576		6/11/15		291		—		9			9
S&P 500 Index*		JPMorgan Chase		0.0269		1/22/15		305		—		1			1
									$	—	$	(118	)	$	(118	)

ˆ

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

*

All or a portion of these swap contracts are held by the wholly-owned subsidiaries of the Portfolio. See Note 2N in the Notes to Portfolio of Investments.

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

AUD — Australian Dollar

BRL — Brazilian Real

EUR — Euro

MXN — Mexican Nuevo Peso

See accompanying notes to financial statements.

73

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


Shares	Security Description		Value (000)
		Common Stocks — 96.32%
		Australia — 5.12%
153,690		ALS Ltd. (Professional Services)	$	666
41,565		Amcor Ltd. (Containers & Packaging)		457
18,871		ASX Ltd. (Diversified Financial Services)		563
193,187		AusNet Services (Electric Utilities)		209
267,435		Australia & New Zealand Banking Group Ltd. (Banks)		6,957
35,327		Bank of Queensland Ltd. (Banks)		348
44,685		Bendigo & Adelaide Bank Ltd. (Banks)		465
246,334		Coca-Cola Amatil Ltd. (Beverages)		1,859
158,011		Commonwealth Bank of Australia (Banks)		10,976
278,266		Federation Centres (Real Estate Investment Trusts)		648
328,517		GPT Group (Real Estate Investment Trusts)		1,162
75,938		Iluka Resources Ltd. (Metals & Mining)		365
228,206		Insurance Australia Group Ltd. (Insurance)		1,158
346,295		Metcash Ltd. (Food & Staples Retailing)		522
719,676		Mirvac Group (Real Estate Investment Trusts)		1,041
229,412		National Australia Bank Ltd. (Banks)		6,255
21,706		Newcrest Mining Ltd. (Metals & Mining) (a)		191
411,781		Novion Property Group Pty Ltd. (Real Estate Investment Trusts)		708
116,285		Orica Ltd. (Chemicals)		1,781
1,037,759		Scentre Group (Real Estate Investment Trusts)		2,939
453,558		Stockland Trust Group (Real Estate Investment Trusts)		1,515
125,388		Suncorp Group Ltd. (Insurance)		1,432
423,334		Sydney Airport (Transportation Infrastructure)		1,620
848,863		Telstra Corp. Ltd. (Diversified Telecommunication Services)		4,120
250,156		Toll Holdings Ltd. (Air Freight & Logistics)		1,191
384,791		Westfield Corp. (Real Estate Investment Trusts)		2,820
302,999		Westpac Banking Corp. (Banks)		8,147
208,308		Woodside Petroleum Ltd. (Oil, Gas & Consumable Fuels)		6,441
80,677		WorleyParsons Ltd. (Energy Equipment & Services)		661
				67,217
		Austria — 0.16%
149,538		Immofinanz AG (Real Estate Management & Development) (a)		377
37,806		OMV AG (Oil, Gas & Consumable Fuels)		1,004
10,161		Raiffeisen Bank International AG (Banks)		155
6,746		Vienna Insurance Group Wiener Staedtische Versicherung AG (Insurance)		301
6,334		Voestalpine AG (Metals & Mining)		250
				2,087
		Belgium — 1.09%
19,846		Ageas (Insurance)		706
21,270		Anheuser-Busch InBev NV (Beverages)		2,393


Shares	Security Description		Value (000)
		Belgium (continued)
23,491		Belgacom SA (Diversified Telecommunication Services)	$	852
12,803		Colruyt SA (Food & Staples Retailing)		595
32,831		Delhaize Group (Food & Staples Retailing)		2,391
6,780		Groupe Bruxelles Lambert SA (Diversified Financial Services)		578
19,941		KBC Groep NV (Banks)		1,113
16,102		Solvay SA (Chemicals)		2,179
17,022		Telenet Group Holding NV (Media) (a)		955
15,038		UCB SA (Pharmaceuticals)		1,143
35,783		Umicore SA (Chemicals)		1,440
				14,345
		Bermuda — 0.24%
74,000		Alibaba Health Information Technology Ltd. (Diversified Financial Services) (a)		48
102,000		Beijing Enterprises Water Group Ltd. (Water Utilities)		69
46,000		Cosco Pacific Ltd. (Transportation Infrastructure)		65
25,300		Golar LNG Ltd. (Oil, Gas & Consumable Fuels)		923
300,000		GOME Electrical Appliances Holding Ltd. (Specialty Retail)		44
90,000		Kunlun Energy Co. Ltd. (Oil, Gas & Consumable Fuels)		85
52,000		Nine Dragons Paper Holdings Ltd. (Paper & Forest Products)		45
113,799		Seadrill Ltd. (Energy Equipment & Services)ˆ		1,318
122,000		Sihuan Pharmaceutical Holdings Group Ltd. (Pharmaceuticals)		81
136,667		Yue Yuen Industrial Holdings Ltd. (Textiles, Apparel & Luxury Goods)		491
				3,169
		Brazil — 0.62%
18,541		Ambev SA, ADR (Beverages)		115
128,300		Ambev SA (Beverages)		790
3,100		B2W CIA Digital (Internet & Catalog Retail) (a)		26
17,700		Banco Bradesco SA (Banks)		229
22,900		Banco do Brasil SA (Banks)		205
12,100		Banco Santander Brasil SA (Banks)		61
19,200		BB Seguridade Participacoes SA (Insurance)		233
47,200		BM&FBOVESPA SA (Diversified Financial Services)		175
12,100		BR Malls Participacoes SA (Real Estate Management & Development)		75
18,200		BRF SA (Food Products)		435
24,300		CCR SA (Transportation Infrastructure)		141
13,100		Centrais Electricas Brasileiras SA (Electric Utilities)		29
5,905		CETIP SA (Capital Markets)		72
9,000		Cia de Saneamento Basico do Estado de Sao Paulo SABESP (Water Utilities)		58
19,900		Cielo SA (IT Services)		312

See accompanying notes to financial statements.

74

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Brazil (continued)
3,900		Companhia Brasileira de Destribuicao Grupo PAO de (Food & Staples Retailing)	$	144
19,400		Companhia Siderurgica Nacional SA (CSN) (Metals & Mining)		41
3,200		Cosan SA Industria e Comercio (Oil, Gas & Consumable Fuels)		35
6,000		CPFL Energia SA (Electric Utilities)		41
7,000		Cyrela Brazil Realty SA Empreendimentos (Household Durables)		29
9,130		Duratex SA (Paper Products)		28
5,400		Ecorodovias Infraestrutura E Logistica SA (Transportation Infrastructure)		22
7,300		EDP – Energias do Brasil SA (Electric Utilities)		25
17,400		Embraer SA (Aerospace & Defense)		160
8,000		Estacio Participacoes SA (Diversified Consumer Services)		72
7,400		Fibria Celulose SA (Paper & Forest Products) (a)		91
73,500		Hypermarcas SA (Personal Products) (a)		461
75,750		Itau Unibanco Holding SA (Banks)		985
25,200		JBS SA (Food Products)		106
12,400		Klabin SA (Containers & Packaging)		68
37,140		Kroton Educacional SA (Diversified Consumer Services)		216
4,200		Localiza Rent A Car SA (Road & Rail)		56
3,550		Lojas Americanas SA (Multiline Retail)		18
3,400		Lojas Renner SA (Multiline Retail)		97
1,000		M Dias Branco SA (Food Products)		34
2,300		Multiplan Empreendimentos Imobiliarios SA (Real Estate Management & Development)		41
4,600		Natura Cosmeticos SA (Personal Products)		55
7,700		OdontoPrev SA (Health Care Providers & Services)		29
80,000		Petroleo Brasileiro SA (Oil, Gas & Consumable Fuels)		288
3,300		Porto Seguro SA (Insurance)		38
6,000		Qualicorp SA (Health Care Providers & Services) (a)		62
5,400		Raia Drogasil SA (Food & Staples Retailing)		52
9,700		Souza Cruz SA (Tobacco)		71
4,200		Sul America SA (Insurance)		20
23,000		Tim Participacoes SA (Wireless Telecommunication Services)		102
3,800		Totvs SA (Software)		50
4,700		Tractebel Energia SA (Independent Power and Renewable Electricity Producers)		60
3,100		Transmissora Alianca de Energia Eletrica SA (Electric Utilities)		22
9,800		Ultrapar Participacoes SA (Oil, Gas & Consumable Fuels)		190
111,600		Vale SA, ADR (Metals & Mining)		913
36,900		Vale SA (Metals & Mining)		304


Shares	Security Description		Value (000)
		Brazil (continued)
1,000		Via Varejo SA (Specialty Retail) (a)	$	8
8,190		WEG SA (Machinery)		94
				8,084
		Canada — 0.51%
9,800		Bank of Nova Scotia (Banks)		559
9,900		Cameco Corp. (Oil, Gas & Consumable Fuels)ˆ		162
35,400		Cenovus Energy, Inc. (Oil, Gas & Consumable Fuels)		731
1,300		Centerra Gold, Inc. (Metals & Mining)		7
95,400		Centerra Gold, Inc. (Metals & Mining)		496
32,400		Enbridge, Inc. (Oil, Gas & Consumable Fuels)		1,667
84,084		First Quantum Minerals Ltd. (Metals & Mining)		1,195
23,100		Imperial Oil Ltd. (Oil, Gas & Consumable Fuels)		995
22,900		Labrador Iron Ore Royalty Corp. (Metals & Mining)		367
9,700		Potash Corp. of Saskatchewan, Inc. (Chemicals)		343
5,500		Progressive Waste Solutions Ltd. (Commercial Services & Supplies)		165
				6,687
		Cayman Islands — 0.42%
20,000		AAC Technologies Holdings, Inc. (Electronic Equipment, Instruments & Components)		107
26,000		Anta Sports Products Ltd. (Textiles, Apparel & Luxury Goods)		46
25,300		Chailease Holding Co. Ltd. (Diversified Financial Services)		63
147,900		China Huishan Dairy Holdings Co. Ltd. (Food Products)		26
82,000		China Mengniu Dairy Co. Ltd. (Food Products)		338
60,000		China Resources Cement Holdings Ltd. (Construction Materials)		39
11,600		Ctrip.com International, ADR (Hotels, Restaurants & Leisure) (a)		528
268,000		GCL-Poly Energy Holdings Ltd. (Semiconductors & Semiconductor Equipment) (a)		62
160,000		Geely Automobile Holdings Ltd. (Automobiles)		51
31,000		Intime Retail Group Co. Ltd. (Multiline Retail)		22
21,000		Kingboard Chemical Holdings Ltd. (Electronic Equipment, Instruments & Components)		35
16,000		Kingsoft Corp. Ltd. (Software)		31
31,000		Lee & Man Paper Manufacturing Ltd. (Paper & Forest Products)		17
78,000		New World China Land Ltd. (Real Estate Management & Development)		46
669,000		Semiconductor Manufacturing International Corp. (Semiconductor and Semiconductor Equipment) (a)		61

See accompanying notes to financial statements.

75

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Cayman Islands (continued)
16,000		Shenzhou International Group (Textiles, Apparel & Luxury Goods)	$	53
268,500		Stella International Holdings Ltd. (Textiles, Apparel & Luxury Goods)		709
222,035		Tencent Holdings Ltd. (Internet Software & Services)		3,213
34,000		Uni-President China Holdings Ltd. (Food Products)		31
9,000		Zhen Ding Technology Holding Ltd. (Electronic Equipment, Instruments & Components)		24
				5,502
		Chile — 0.11%
72,544		AES Gener SA (Independent Power and Renewable Electricity Producers)		39
68,483		Aguas Andinas SA, Class – A (Water Utilities)		40
675,686		Banco de Chile SA (Banks)		77
881		Banco de Credito e Inversiones SA (Banks)		44
1,810,634		Banco Santander Chile (Banks)		90
4,524		Cap SA (Metals & Mining)		20
33,567		Cencosud SA (Food & Staples Retailing)		84
225,977		Colbun SA (Independent Power and Renewable Electricity Producers)		60
4,236		Compania Cervecerias Unidas SA (Beverages)		40
3,540,169		CorpBanca SA (Banks)		43
93,547		Empresa Nacional de Electricidad SA (Independent Power and Renewable Electricity Producers)		141
2,621		Empresa Nacional de Telecomunicaciones SA (Wireless Telecommunication Services)		26
37,407		Empresas CMPC SA (Paper & Forest Products)		94
13,326		Empresas Copec SA (Oil, Gas & Consumable Fuels)		151
498,562		Enersis SA (Electric Utilities)		163
7,969		LATAM Airlines Group SA (Airlines) (a)		93
24,057		S.A.C.I. Falabella (Multiline Retail)		162
14,053		Vina Concha y Toro SA (Beverages)		28
				1,395
		China — 1.70%
592,000		Agricultural Bank of China Ltd., H Shares (Banks)		298
54,000		Air China Ltd. (Airlines)		44
98,000		Aluminum Corp. of China Ltd., H Shares (Metals & Mining) (a)		45
33,500		Anhui Conch Cement Co. Ltd., H Shares (Construction Materials)		124
60,000		AviChina Industry & Technology Co. Ltd., H Shares (Aerospace & Defense)		37
16,273		Baidu, Inc., ADR (Internet Software & Services) (a)		3,710
3,254,613		Bank of China Ltd., H Shares (Banks)		1,827


Shares	Security Description		Value (000)
		China (continued)
243,000		Bank of Communications Co. Ltd., H Shares (Banks)	$	226
38,000		BBMG Corp., H Shares (Construction Materials)		32
46,000		Beijing Capital International Airport Co. Ltd., H Shares (Transportation Infrastructure)		37
15,000		Byd Co. Ltd., H Shares (Automobiles)		58
138,000		CGN Power Co. Ltd., H Shares (Independent Power and Renewable Electricity Producers) (a)		60
140,000		China Cinda Asset Management Co. Ltd., H Shares (Capital Markets) (a)		68
235,000		China CITIC Bank Corp. Ltd., H Shares (Banks)		187
105,000		China Coal Energy Co. Ltd., H Shares (Oil, Gas & Consumable Fuels)		66
118,000		China Communications Construction Co. Ltd. (Construction & Engineering)		141
76,000		China Communications Services Corp. Ltd., H Shares (Diversified Telecommunication Services)		36
1,979,000		China Construction Bank Corp., H Shares (Banks)		1,617
54,000		China COSCO Holdings Co. Ltd., H Shares (Marine) (a)		26
68,700		China Everbright Bank Co. Ltd., H Shares (Banks)		37
38,500		China Galaxy Securities Co., H Shares (Independent Power and Renewable Electricity Producers)		48
14,900		China International Marine Containers Group Co. Ltd., H Shares (Machinery)		33
206,000		China Life Insurance Co. Ltd., H Shares (Insurance)		807
81,000		China Longyuan Power Group Corp. (Independent Power and Renewable Electricity Producers)		84
25,000		China Medical System Holdings Ltd. (Pharmaceuticals)		41
127,000		China Merchants Bank Co. Ltd., H Shares (Banks)		317
171,600		China Minsheng Banking Corp. Ltd., H Shares (Banks)		224
80,000		China National Building Material Co. Ltd., H Shares (Construction Materials)		77
50,000		China Oilfield Services Ltd., H Shares (Energy Equipment & Services)		86
225,400		China Pacific Insurance Group Co. Ltd. (Insurance)		1,134
704,000		China Petroleum & Chemical Corp., H Shares (Oil, Gas & Consumable Fuels)		570
58,500		China Railway Construction Corp. Ltd., H Shares (Construction & Engineering)		74
101,000		China Railway Group Ltd., H Shares (Construction & Engineering)		83
54,000		China Resources Land Ltd. (Real Estate Management & Development)		143

See accompanying notes to financial statements.

76

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		China (continued)
93,500		China Shenhua Energy Co. Ltd., H Shares (Oil, Gas & Consumable Fuels)	$	276
73,000		China Shipping Container Lines Co. Ltd., H Shares (Marine) (a)		23
386,000		China Telecom Corp. Ltd. (Diversified Telecommunication Services)		223
38,300		China Vanke Co. Ltd., H Shares (Real Estate Management & Development) (a)		85
25,400		Chongqing Changan Automobile Co. Ltd., Class – A (Automobiles)		58
77,000		Chongqing Rural Commercial Bank Co. Ltd., H Shares (Banks)		48
29,000		CITIC Securities Co. Ltd., H Shares (Capital Markets)		108
136,000		Country Garden Holdings Co. (Real Estate Management & Development)		54
55,000		CSR Corp. Ltd., H Shares (Machinery)		73
72,000		Datang International Power Generation Co. Ltd., H Shares (Independent Power and Renewable Electricity Producers)		39
72,000		Dongfeng Motor Group Co. Ltd., H Shares (Automobiles)		101
20,000		ENN Energy Holdings Ltd. (Gas Utilities)		113
27,500		Great Wall Motor Co. Ltd., H Shares (Automobiles)		155
68,000		Guangzhou Automobile Group Co. Ltd., H Shares (Automobiles)		61
19,000		Haitian International Holdings Ltd. (Machinery)		40
35,200		Haitong Securities Co. Ltd., H Shares (Capital Markets)		88
44,000		Huadian Power International Corp. Ltd., H Shares (Independent Power and Renewable Electricity Producers)		38
88,000		Huaneng Power International, Inc., H Shares (Independent Power and Renewable Electricity Producers)		118
3,278,058		Industrial & Commercial Bank of China Ltd., H Shares (Banks)		2,394
25,900		Inner Mongolia Yitai Coal Co. Ltd., B Shares (Oil, Gas & Consumable Fuels)		37
10,400		Jardine Matheson Holdings Ltd. (Industrial Conglomerates)		632
36,000		Jiangsu Expressway Co. Ltd., H Shares (Transportation Infrastructure)		43
34,000		Jiangxi Copper Co. Ltd., H Shares (Metals & Mining)		59
40,500		Longfor Properties (Real Estate Management & Development)		52
22,000		New China Life Insurance Co. Ltd., H Shares (Insurance)		110
163,000		People's Insurance Co. Group of China Ltd., H Shares (Insurance)		76
582,000		PetroChina Co. Ltd., H Shares (Oil, Gas & Consumable Fuels)		646
480,500		PICC Property & Casualty Co. Ltd., H Shares (Insurance) (b)		927


Shares	Security Description		Value (000)
		China (continued)
193,739		Ping An Insurance Group Co. of China (Insurance)	$	1,963
48,000		Shandong Weigao Group Medical Polymer Co. Ltd. (Health Care Equipment & Supplies)		39
78,000		Shanghai Electric Group Co. Ltd., H Shares (Electrical Equipment)		41
43,500		Shanghai Fosun Pharmaceutical (Group) Co. Ltd., H Shares (Pharmaceuticals)		156
19,700		Shanghai Pharmaceuticals Holding Co. Ltd., H Shares (Health Care Providers & Services)		44
41,500		Shimao Property Holdings Ltd. (Real Estate Management & Development)		92
112,500		Shui On Land Ltd. (Real Estate Management & Development)		26
32,000		Sinopec Engineering Group Co. Ltd., H Shares (Construction & Engineering)		22
106,000		Sinopec Shanghai Petrochemical Co. Ltd., H Shares (Chemicals)		31
29,200		Sinopharm Group Co. (Health Care Providers & Services)		103
41,000		Sinotrans Ltd., H Shares (Air Freight & Logistics)		27
53,000		Soho China Ltd. (Real Estate Management & Development)		37
71,000		Sun Art Retail Group Ltd. (Food & Staples Retailing)		71
10,000		Tsingtao Brewery Co. Ltd. (Beverages)		67
166,000		Want Want China Holdings Ltd. (Food Products)		218
14,000		Weichai Power Co. Ltd. (Machinery)		59
48,000		Yanzhou Coal Mining Co. Ltd., H Shares (Oil, Gas & Consumable Fuels)		41
42,000		Zhejiang Expressway Co. Ltd., H Shares (Transportation Infrastructure)		48
16,000		Zhuzhou CSR Times Electric Co. Ltd. (Electrical Equipment)		94
174,000		Zijin Mining Group Co. Ltd., H Shares (Metals & Mining)		49
18,400		ZTE Corp., H Shares (Communications Equipment)		40
				22,342
		Colombia — 0.04%
5,141		Almacenes Exito SA (Food & Staples Retailing)		63
2,681		Banco Davivienda SA (Banks)		32
10,169		Cementos Argos SA (Construction Materials)		44
2,171		Corporacion Financiera Colombiana SA (Diversified Financial Services)		37
138,764		Ecopetrol SA (Oil, Gas & Consumable Fuels)		122
7,583		Grupo Argos SA (Construction Materials)		65
6,252		Grupo de Inversiones Suramericana (Diversified Financial Services)		104

See accompanying notes to financial statements.

77

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Colombia (continued)
9,604		Interconexion Electrica SA (Electric Utilities)	$	35
23,886		ISAGEN SA ESP (Electric Utilities)		30
				532
		Curaçao — 0.09%
13,465		Schlumberger Ltd. (Energy Equipment & Services)		1,150
		Czech Republic — 0.02%
4,336		CEZ A/S (Electric Utilities)		111
450		Komercni Banka A/S (Banks)		93
2,643		Telefonica O2 Czech Republic A/S (Diversified Telecommunication Services)		27
				231
		Denmark — 1.40%
565		A.P. Moller – Maersk A/S, Class – A (Marine)		1,081
1,412		A.P. Moller – Maersk A/S, Class – B (Marine)		2,809
34,413		Genmab A/S (Biotechnology) (a)		1,996
274,768		Novo Nordisk A/S, Class – B (Pharmaceuticals)		11,625
1,873		Rockwool International A/S, B Shares (Building Products)		211
59,529		TDC A/S (Diversified Telecommunication Services)		454
1,441		Tryg A/S (Insurance)		161
				18,337
		Egypt — 0.02%
24,541		Commercial International Bank Egypt SAE (Banks)		168
65,910		Orascom Telecom Holding SAE (Wireless Telecommunication Services) (a)		37
25,953		Talaat Moustafa Group (Real Estate Management & Development)		35
8,648		Telecom Egypt Co. (Diversified Telecommunication Services)		14
				254
		Finland — 0.65%
13,095		Elisa Oyj (Diversified Telecommunication Services)		357
50,680		Fortum Oyj (Electric Utilities)		1,100
24,512		Metso Oyj (Machinery)		734
19,874		Nokian Renkaat Oyj (Auto Components)		485
18,789		Orion Oyj, Class – B (Pharmaceuticals)		584
56,146		Sampo Oyj, A Shares (Insurance)		2,629
104,859		Stora Enso Oyj, R Shares (Paper & Forest Products)		937
101,096		UPM-Kymmene Oyj (Paper & Forest Products)		1,657
				8,483
		France — 8.21%
173,671		AXA SA (Insurance)		4,001
48,755		BNP Paribas (Banks)		2,878


Shares	Security Description		Value (000)
		France (continued)
56,631		Bouygues SA (Construction & Engineering)	$	2,045
21,807		Casino Guichard-Perrachon SA (Food & Staples Retailing)		2,005
12,028		CNP Assurances (Insurance)		213
106,343		Compagnie de Saint-Gobain (Building Products)		4,504
43,938		Compagnie Generale des Etablissements Michelin, Class – B (Tires & Rubber)		3,966
18,703		Danone SA (Food Products)		1,223
31,856		Edenred (Commercial Services & Supplies)		881
17,341		Electricite de France SA (Electric Utilities)		477
2,378		Essilor International SA (Health Care Equipment & Supplies)		265
41,068		Eutelsat Communications (Media)		1,328
3,436		Fonciere des Regions (Real Estate Investment Trusts)		318
160,289		GDF Suez (Multi-Utilities)		3,738
3,345		Gecina SA (Real Estate Investment Trusts)		418
238		Hermes International (Textiles, Apparel & Luxury Goods)		85
4,411		Icade (Real Estate Investment Trusts)		353
5,051		JC Decaux SA (Media)		174
12,156		Klepierre (Real Estate Investment Trusts)ˆ		521
30,835		Lagardere SCA (Media)		803
37,195		Legrand SA (Electrical Equipment)		1,951
11,825		L'Oreal SA (Personal Products)		1,979
10,001		LVMH Moet Hennessy Louis Vuitton SA (Textiles, Apparel & Luxury Goods)		1,584
39,155		Numericable – SFR (Media) (a)(b)		1,939
301,612		Orange (Diversified Telecommunication Services)		5,128
23,874		Pernod Ricard SA (Beverages)		2,653
114		Publicis Groupe (Media)		8
11,765		Renault SA (Automobiles)		857
57,059		Rexel SA (Trading Companies & Distributors)		1,022
15,540		Safran SA (Aerospace & Defense)		959
191,553		Sanofi-Aventis (Pharmaceuticals)		17,463
53,678		Schneider Electric SA (Electrical Equipment)		3,909
11,208		SCOR SE (Insurance)		340
15,000		Societe Generale (Banks)		628
19,427		Suez Environnement Co. (Multi-Utilities)		338
35,063		Technip SA (Energy Equipment & Services)		2,088
315,364		Total SA (Oil, Gas & Consumable Fuels)		16,155
11,846		Unibail-Rodamco SE (Real Estate Investment Trusts)		3,038
24,867		Veolia Environnement (Multi-Utilities)		440
146,593		Vinci SA (Construction & Engineering)		8,003
173,125		Vivendi (Diversified Telecommunication Services)		4,309
82,917		Zodiac Aerospace (Aerospace & Defense)		2,791
				107,778

See accompanying notes to financial statements.

78

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Germany — 7.16%
29,181		Allianz SE (Insurance)	$	4,832
7,777		Axel Springer AG (Media)		469
123,786		BASF SE (Chemicals)		10,382
47,591		Bayer AG (Pharmaceuticals)		6,486
72,967		Bayerische Motoren Werke AG (Automobiles)		7,874
17,466		Beiersdorf AG (Personal Products)		1,418
4,929		Brenntag AG (Trading Companies & Distributors)		276
211,417		Daimler AG (Automobiles)		17,557
66,928		Deutsche Bank AG (Capital Markets)		2,004
9,404		Deutsche Boerse AG (Diversified Financial Services)		668
216,359		Deutsche Post AG (Air Freight & Logistics)		7,023
316,613		Deutsche Telekom AG – Registered (Diversified Telecommunication Services)		5,065
74,275		Deutsche Wohnen AG (Real Estate Management & Development)		1,752
88,057		E.ON AG (Multi-Utilities)		1,505
11,698		ElringKlinger AG (Auto Components)		404
5,598		Freenet AG (Wireless Telecommunication Services)		159
2,980		Hannover Rueckversicherung AG – Registered (Insurance)		269
6,361		Hugo Boss AG (Textiles, Apparel & Luxury Goods)		778
31,234		Linde AG (Chemicals)		5,753
7,263		MTU Aero Engines Holding AG (Aerospace & Defense)		631
8,767		Muenchener Rueckversicherungs-Gesellschaft AG – Registered Shares (Insurance)		1,746
37,387		ProSiebenSat.1 Media AG (Media)		1,562
23,883		RWE AG (Multi-Utilities)		737
27,075		SAP AG (Software)		1,890
111,239		Siemens AG (Industrial Conglomerates)		12,480
47,720		Telefonica Deutschland Holding AG (Diversified Telecommunication Services)		253
				93,973
		Greece — 0.04%
107,214		Alpha Bank AE (Banks) (a)		60
217,770		Eurobank Ergasias SA (Banks) (a)		49
878		Folli Follie SA (Specialty Retail)		28
7,230		Hellenic Telecommunication Organization SA (Diversified Telecommunication Services) (a)		79
2,958		JUMBO SA (Specialty Retail)		30
40,545		National Bank of Greece SA (Banks) (a)		71
6,479		Opap SA (Hotels, Restaurants & Leisure)		69
58,688		Piraeus Bank SA (Banks) (a)		64
2,715		Public Power Corp. SA (Electric Utilities) (a)		18
1,466		Titan Cement Co. SA (Construction Materials)		34
				502


Shares	Security Description		Value (000)
		Hong Kong — 3.90%
1,443,580		AIA Group Ltd. (Insurance)	$	7,962
4,094		Alibaba Group Holding Ltd. (Internet Software & Services) (a)		425
140,000		Alibaba Pictures Group Ltd. (Internet Software & Services) (a)		25
181,500		Beijing Enterprises Holdings Ltd. (Industrial Conglomerates)		1,419
126,000		Belle International Holdings Ltd. (Specialty Retail)		142
351,555		BOC Hong Kong (Holdings) Ltd. (Banks)		1,172
84,000		Brilliance China Automotive Holdings Ltd. (Automobiles)		135
101,759		Cheung Kong Infrastructure Holdings Ltd. (Electric Utilities)		748
68,000		China Agri-Industries Holdings Ltd. (Food Products)		28
405,000		China Everbright International Ltd. (Commercial Services & Supplies)		598
26,000		China Everbright Ltd. (Capital Markets)		62
54,000		China Gas Holdings Ltd. (Gas Utilities)		85
318,330		China Merchants Holdings (International) Co. Ltd. (Transportation Infrastructure)		1,069
496,610		China Mobile Ltd. (Wireless Telecommunication Services)		5,817
114,000		China Overseas Land & Investment Ltd. (Real Estate Management & Development)		337
32,000		China Resources Enterprises Ltd. (Food & Staples Retailing)		67
26,000		China Resources Gas Group Ltd. (Gas Utilities)		67
54,000		China Resources Power Holdings Co. Ltd. (Independent Power and Renewable Electricity Producers)		138
58,000		China South City Holdings Ltd. (Real Estate Management & Development)		26
46,000		China State Construction International Holdings Ltd. (Construction & Engineering)		64
27,000		China Taiping Insurance Holdings Co. Ltd. (Insurance) (a)		77
672,000		China Unicom (Hong Kong) Ltd. (Diversified Telecommunication Services)		901
52,000		CITIC Pacific Ltd. (Industrial Conglomerates)		89
170,593		CLP Holdings Ltd. (Electric Utilities)		1,478
1,513,382		CNOOC Ltd. (Oil, Gas & Consumable Fuels)		2,047
70,000		CSPC Pharmaceutical Group Ltd. (Pharmaceuticals)		62
164,000		Evergrande Real Estate Group Ltd. (Real Estate Management & Development)		66
46,000		Far East Horizon Ltd. (Diversified Financial Services)		45
48,500		Fosun International Ltd. (Metals & Mining)		63
114,000		Franshion Properties China Ltd. (Real Estate Management & Development)		33

See accompanying notes to financial statements.

79

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Hong Kong (continued)
74,000		Guangdong Investment Ltd. (Water Utilities)	$	96
28,400		Guangzhou R&F Properties Co. Ltd., H Shares (Real Estate Management & Development)		35
30,000		Haier Electronics Group Co. Ltd. (Household Durables)		71
334,000		Hanergy Thin Film Power Group Ltd. (Semiconductors & Semiconductor Equipment)		121
412,675		Hang Lung Properties Ltd. (Real Estate Management & Development)		1,151
73,006		Hang Seng Bank Ltd. (Banks)		1,213
20,500		Hengan International Group Co. Ltd. (Personal Products)		214
1,195,680		HKT Trust & HKT Ltd. (Diversified Telecommunication Services)		1,557
86,000		Hysan Development Co. (Real Estate Management & Development)		382
124,500		Kerry Properties Ltd. (Real Estate Management & Development)		449
174,000		Lenovo Group Ltd. (Technology Hardware, Storage & Peripherals)		227
236,000		Li & Fung Ltd. (Textiles, Apparel & Luxury Goods)		221
13,700		Melco Crown Entertainment Ltd., ADR (Hotels, Restaurants & Leisure)		348
199,874		MTR Corp. Ltd. (Road & Rail)		818
974,483		New World Development Co. Ltd. (Real Estate Management & Development)		1,119
785,000		PCCW Ltd. (Diversified Telecommunication Services)		535
134,224		Power Assets Holdings Ltd. (Electric Utilities)		1,298
190,400		Sands China Ltd. (Hotels, Restaurants & Leisure)		927
15,000		Shanghai Industrial Holdings Ltd. (Industrial Conglomerates)		45
88,000		Sino Biopharmaceutiical Ltd. (Pharmaceuticals)		79
473,205		Sino Land Co. Ltd. (Real Estate Management & Development)		760
100,000		Sino-Ocean Land Holdings Ltd. (Real Estate Management & Development)		56
917,483		SJM Holdings Ltd. (Hotels, Restaurants & Leisure)		1,451
305,256		Sun Hung Kai Properties Ltd. (Real Estate Management & Development)		4,624
150,708		Swire Pacific Ltd., Class – A (Real Estate Management & Development)		1,956
122,404		The Bank of East Asia Ltd. (Banks)		492
541,408		The Link Real Estate Investment Trust (Real Estate Investment Trusts)		3,390
289,970		The Wharf (Holdings) Ltd. (Real Estate Management & Development)		2,082
54,000		Tingyi (Cayman Islands) Holding Corp. (Food Products)		123


Shares	Security Description		Value (000)
		Hong Kong (continued)
166,000		Yuexiu Property Co. Ltd. (Real Estate Management & Development)	$	32
				51,119
		Hungary — 0.01%
1,084		MOL Hungarian Oil & Gas PLC (Oil, Gas & Consumable Fuels)		48
6,307		OTP Bank Nyrt PLC (Banks)		91
4,016		Richter Gedeon Nyrt (Pharmaceuticals)		54
				193
		India — 0.10%
41,800		Infosys Ltd., ADR (IT Services)		1,315
		Indonesia — 0.22%
124,800		Media Nusantara Citra (Media)		26
356,700		PT Adaro Energy Tbk (Oil, Gas & Consumable Fuels)		29
11,700		PT Astra Agro Lestari Tbk (Food Products)		23
561,600		PT Astra International Tbk (Automobiles)		335
341,500		PT Bank Central Asia Tbk (Banks)		362
80,700		PT Bank Danamon Indonesia Tbk (Banks)		29
258,800		PT Bank Mandiri Tbk (Banks)		225
194,400		PT Bank Negara Indonesia Persero Tbk (Banks)		95
308,600		PT Bank Rakyat Indonesia Persero Tbk (Banks)		290
206,500		PT Bumi Serpong Damai (Real Estate Management & Development)		30
218,400		PT Charoen Pokphand Indonesia Tbk (Food Products)		67
210,300		PT Global MediaCom Tbk (Media)		24
14,000		PT Gudang Garam Tbk (Tobacco)		69
11,900		PT Indo Tambangraya Megah Tbk (Oil, Gas & Consumable Fuels)		15
37,800		PT Indocement Tunggal Prakarsa Tbk (Construction Materials)		76
34,100		PT Indofood CBP Sukses Makmur Tbk (Food Products)		36
130,600		PT Indofood Sukses Makmur Tbk (Food Products)		71
40,800		PT Jasa Marga Persero Tbk (Transportation Infrastructure)		23
668,300		PT Kalbe Farma Tbk (Pharmaceuticals)		99
590,300		PT Lippo Karawaci Tbk (Real Estate Management & Development)		48
44,500		PT Matahari Department Store Tbk (Multiline Retail)		54
299,500		PT Perusahaan Gas Negara Tbk (Gas Utilities)		145
78,900		PT Semen Gresik (Persero) Tbk (Construction Materials)		103
128,800		PT Surya Citra Media Tbk (Media)		36
24,700		PT Tambang Batubara Bukit Asam Tbk (Oil, Gas & Consumable Fuels)		25
1,339,600		PT Telekomunikasi Indonesia Persero Tbk (Diversified Telecommunication Services)		308

See accompanying notes to financial statements.

80

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Indonesia (continued)
55,400		PT Tower Bersama Infrastructure Tbk (Wireless Telecommunication Services)	$	43
40,300		PT Unilever Indonesia Tbk (Household Products)		105
42,800		PT United Tractors Tbk (Machinery)		60
80,800		PT XL Axiata Tbk (Diversified Telecommunication Services)		32
				2,883
		Ireland — 0.61%
2,574,096		Bank of Ireland (Banks) (a)		964
42,317		Covidien PLC (Health Care Equipment & Supplies)		4,328
90,244		CRH PLC (Construction Materials)		2,170
7,057		Ryanair Holdings PLC, ADR (Airlines) (a)		503
				7,965
		Israel — 0.42%
258,223		Bezeq The Israeli Telecommunication Corp. Ltd. (Diversified Telecommunication Services)		459
1,141		Delek Group Ltd. (Oil, Gas & Consumable Fuels)		287
127,867		Israel Chemicals Ltd. (Chemicals)		922
66,736		Teva Pharmaceutical Industries Ltd. (Pharmaceuticals)		3,831
				5,499
		Italy — 0.97%
16,163		Assicurazioni Generali SpA (Insurance)		332
59,592		Atlantia SpA (Transportation Infrastructure)		1,385
237,518		Enel SpA (Electric Utilities)		1,059
406,525		Eni SpA (Oil, Gas & Consumable Fuels)		7,119
214,240		Intesa Sanpaolo SpA (Banks)		621
246,229		Intesa Sanpaolo SpA (Banks)		607
73,215		Snam Rete Gas SpA (Gas Utilities)		362
609,612		Telecom Italia SpA (Diversified Telecommunication Services)		650
434,897		Telecom Italia SpA (Diversified Telecommunication Services)		364
54,396		Terna – Rete Elettrica Nationale SpA (Electric Utilities)		247
				12,746
		Japan — 18.27%
145,886		Aeon Co. Ltd. (Food & Staples Retailing)		1,466
6,261		Aeon Credit Service Co. Ltd. (Consumer Finance)		124
46,424		Aisin Seiki Co. Ltd. (Auto Components)		1,668
30,000		Ajinomoto Co., Inc. (Food Products)		559
37,228		Alfresa Holdings Corp. (Health Care Providers & Services)		450
63,162		Aozora Bank Ltd. (Banks)		196
246,229		Asahi Glass Co. Ltd. (Building Products)ˆ		1,199
17,680		Benesse Holdings, Inc. (Diversified Consumer Services)		525
153,175		Bridgestone Corp. (Auto Components)		5,314


Shares	Security Description		Value (000)
		Japan (continued)
274,110		Canon, Inc. (Technology Hardware, Storage & Peripherals)	$	8,714
136,577		Dai Nippon Printing Co. Ltd. (Commercial Services & Supplies)		1,230
45,963		Daihatsu Motor Co. Ltd. (Automobiles)		600
162,578		Daiichi Sankyo Co. Ltd. (Pharmaceuticals)		2,274
8,079		Daito Trust Construction Co. Ltd. (Real Estate Management & Development)		917
66,950		Daiwa House Industry Co. Ltd. (Real Estate Management & Development)		1,265
42,700		Denso Corp. (Auto Components)		1,991
19,300		East Japan Railway Co. (Road & Rail)		1,455
61,157		Eisai Co. Ltd. (Pharmaceuticals)		2,365
15,300		EXEDY Corp. (Auto Components)		368
14,459		FamilyMart Co. Ltd. (Food & Staples Retailing)		545
7,900		Fanuc Ltd. (Machinery)		1,303
43,886		Fukuoka Financial Group, Inc. (Banks)		226
38,700		Hamamatsu Photonics K.K. (Electronic Equipment, Instruments & Components)		1,843
3,496		Hikari Tsushin, Inc. (Specialty Retail)		213
12,065		Hisamitsu Pharmaceutical Co., Inc. (Pharmaceuticals)		381
22,741		Hitachi Construction Machinery Co. Ltd. (Construction & Farm Machinery & Heavy Trucks)		481
332,000		Hitachi Ltd. (Electronic Equipment, Instruments & Components)		2,451
9,541		Hokuriku Electric Power Co. (Electric Utilities)		122
375,736		Honda Motor Co. Ltd. (Automobiles)		11,025
104,481		HOYA Corp. (Electronic Equipment, Instruments & Components)		3,534
20,698		Idemitsu Kosan Co. Ltd. (Oil, Gas & Consumable Fuels)		342
633,000		IHI Corp. (Machinery)		3,206
34,230		Iida Group Holdings Co. Ltd. (Household Durables)		417
370,817		ITOCHU Corp. (Trading Companies & Distributors)		3,959
6,036		ITOCHU Techno-Solutions Corp. (IT Services)		213
27,141		Japan Airlines Co. Ltd. (Airlines)		805
91		Japan Prime Realty Investment Corp. (Real Estate Investment Trusts)		317
137		Japan Real Estate Investment Corp. (Real Estate Investment Trusts)		660
273		Japan Retail Fund Investment Corp. (Real Estate Investment Trusts)		577
273,309		Japan Tobacco, Inc. (Tobacco)		7,523
51,000		JGC Corp. (Construction & Engineering)		1,050
109,879		JS Group Corp. (Building Products)		2,313
44,054		JSR Corp. (Chemicals)		756
553,406		JX Holdings, Inc. (Oil, Gas & Consumable Fuels)		2,155

See accompanying notes to financial statements.

81

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Japan (continued)
10,600		Kakaku.com, Inc. (Internet Software & Services)	$	152
73,570		Kaneka Corp. (Chemicals)		394
310,000		Kawasaki Heavy Industries Ltd. (Machinery)		1,410
138,527		KDDI Corp. (Wireless Telecommunication Services)		8,704
7,620		Keyence Corp. (Electronic Equipment, Instruments & Components)		3,396
209,663		Kirin Holdings Co. Ltd. (Beverages)		2,606
653,986		Kobe Steel Ltd. (Metals & Mining)		1,127
271,945		Komatsu Ltd. (Machinery)		6,014
21,247		Konami Corp. (Home Entertainment Software)		390
38,000		Kubota Corp. (Machinery)		552
82,884		Kuraray Co. Ltd. (Chemicals)		942
27,921		Kurita Water Industries Ltd. (Machinery)		582
56,568		Kyowa Hakko Kirin Co. Ltd. (Pharmaceuticals)		533
15,394		Lawson, Inc. (Food & Staples Retailing)		930
481,416		Marubeni Corp. (Trading Companies & Distributors)		2,881
11,087		Maruichi Steel Tube Ltd. (Metals & Mining)		236
11,831		Miraca Holdings, Inc. (Health Care Providers & Services)		509
314,386		Mitsubishi Chemical Holdings Corp. (Chemicals)		1,525
369,845		Mitsubishi Corp. (Trading Companies & Distributors)		6,768
82,018		Mitsubishi Gas Chemical Co., Inc. (Chemicals)		412
236,204		Mitsubishi Materials Corp. (Metals & Mining)		784
53,926		Mitsubishi Tanabe Pharma Corp. (Pharmaceuticals)		791
903,505		Mitsubishi UFJ Financial Group, Inc. (Banks)		4,965
420,588		Mitsui & Co. Ltd. (Trading Companies & Distributors)		5,634
1,390,277		Mizuho Financial Group, Inc. (Banks)		2,331
28,094		MS&AD Insurance Group Holdings, Inc. (Insurance)		666
10,600		Murata Manufacturing Co. Ltd. (Electronic Equipment, Instruments & Components)		1,157
81,167		NGK Insulators Ltd. (Machinery)		1,664
36,116		NHK Spring Co. Ltd. (Auto Components)		314
201,499		Nikon Corp. (Household Durables)		2,678
3,300		Nintendo Co. Ltd. (Software)		344
155		Nippon Building Fund, Inc. (Real Estate Investment Trusts)		778
84,423		Nippon Electric Glass Co. Ltd. (Electronic Equipment, Instruments & Components)		380
194,343		Nippon Express Co. Ltd. (Road & Rail)		985
2,000		Nippon Paint Holdings Co. Ltd. (Chemicals)		58


Shares	Security Description		Value (000)
		Japan (continued)
155		Nippon Prologis REIT, Inc. (Real Estate Investment Trusts)	$	337
52,281		Nippon Telegraph & Telephone Corp. (Diversified Telecommunication Services)		2,671
693,054		Nissan Motor Co. Ltd. (Automobiles)		6,046
20,817		NKSJ Holdings, Inc. (Insurance)		524
13,811		Nomura Real Estate Holdings, Inc. (Real Estate Management & Development)		236
41,000		NSK Ltd. (Machinery)		484
183,225		NTT DoCoMo, Inc. (Wireless Telecommunication Services)		2,669
194,822		Oji Paper Co. Ltd. (Paper & Forest Products)		697
87,100		Olympus Corp. (Health Care Equipment & Supplies) (a)		3,052
6,500		Ono Pharmaceutical Co. Ltd. (Pharmaceuticals)		576
16,482		Oracle Corp. Japan (Software)		672
115,712		Osaka Gas Co. Ltd. (Gas Utilities)		432
10,053		Otsuka Corp. (IT Consulting & Other Services)		319
88,815		Otsuka Holdings Co. Ltd. (Pharmaceuticals)		2,662
24,584		Park24 Co. Ltd. (Commercial Services & Supplies)		362
25,000		Recruit Holdings Co. Ltd. (Professional Services) (a)(b)		718
125,538		Resona Holdings, Inc. (Banks)		634
149,483		Ricoh Co. Ltd. (Office Electronics)		1,511
5,300		Rinnai Corp. (Household Durables)		356
13,900		Rohto Pharmaceutical Co. Ltd. (Pharmaceuticals)		174
5,600		Ryohin Keikaku Co. (Multiline Retail)		690
13,215		Sankyo Co. Ltd. (Leisure Products)		453
101,793		Sekisui Chemical Co. Ltd. (Household Durables)		1,225
130,752		Sekisui House Ltd. (Household Durables)		1,721
4,900		Shimano, Inc. (Leisure Products)		635
26,300		Shin-Etsu Chemical Co. Ltd. (Chemicals)		1,713
43,794		Showa Shell Sekiyu K.K. (Oil, Gas & Consumable Fuels)ˆ		431
3,700		SMC Corp. (Machinery)		970
70,949		SoftBank Corp. (Wireless Telecommunication Services)		4,224
9,208		Sony Financial Holdings, Inc. (Life & Health Insurance)		136
335,809		Sumitomo Chemical Co. Ltd. (Chemicals)		1,322
274,486		Sumitomo Corp. (Trading Companies & Distributors)		2,820
118,226		Sumitomo Metal Mining Co. Ltd. (Metals & Mining)		1,763
163,148		Sumitomo Mitsui Financial Group, Inc. (Banks)		5,899
360,832		Sumitomo Mitsui Trust Holdings, Inc. (Banks)		1,382
42,091		Sumitomo Rubber Industries Ltd. (Auto Components)		626

See accompanying notes to financial statements.

82

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Japan (continued)
15,600		Sysmex Corp. (Health Care Equipment & Supplies)	$	692
190,911		Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals)		7,904
15,642		The Chugoku Electric Power Co., Inc. (Electric Utilities)		204
49,420		The Yokohama Rubber Co. Ltd. (Auto Components)		450
41,649		Tokio Marine Holdings, Inc. (Insurance)		1,352
69,981		TonenGeneral Sekiyu K.K. (Oil, Gas & Consumable Fuels)		597
133,522		Toppan Printing Co. Ltd. (Commercial Services & Supplies)		868
59,324		TOTO Ltd. (Building Products)		690
15,362		Toyoda Gosei Co. Ltd. (Auto Components)		309
399,503		Toyota Motor Corp. (Automobiles)		24,900
48,070		Toyota Tsusho Corp. (Trading Companies & Distributors)		1,117
53,427		Trend Micro, Inc. (Software)ˆ		1,477
12,000		Unicharm Corp. (Household Products)		288
273		United Urban Investment Corp. (Real Estate Investment Trusts)		430
53,789		USS Co. Ltd. (Specialty Retail)		826
41,119		West Japan Railway Co. (Road & Rail)		1,944
450,500		Yahoo Japan Corp. (Internet Software & Services)		1,615
10,500		Yamato Holdings Co. Ltd. (Air Freight & Logistics)		208
				239,702
		Jersey — 0.33%
294,093		Glencore International PLC (Metals & Mining)		1,357
23,275		Petrofac Ltd. (Energy Equipment & Services)		254
14,610		Wolseley PLC (Trading Companies & Distributors)		835
90,235		WPP PLC (Media)		1,876
				4,322
		Korea, Republic Of — 0.00%
463		KEPCO Plant Service & Engineering Co. Ltd. (Commercial Services & Supplies)		34
		Luxembourg — 0.43%
49,423		GAGFAH SA (Real Estate Management & Development) (a)		1,104
6,616		RTL Group (Media)		631
107,370		SES – FDR, Class – A (Media)		3,860
				5,595
		Malaysia — 0.29%
40,200		Airasia Berhad (Airlines)		31
30,000		Alliance Financial Group Berhad (Banks)		40
48,300		AMMB Holdings Berhad (Banks)		91
46,300		Astro Malaysia Holdings Berhad (Media)		40
70,200		Axiata Group Berhad (Wireless Telecommunication Services)		141


Shares	Security Description		Value (000)
		Malaysia (continued)
21,897		Berjaya Sports Toto Berhard (Hotels, Restaurants & Leisure)	$	22
3,800		British American Tobacco Malaysia Berhad (Tobacco)		70
49,800		Bumi Armada Berhad (Energy Equipment & Services)		16
137,900		CIMB Group Holdings Berhad (Banks)		219
92,736		Dialog Group Berhad (Construction & Engineering)		40
89,200		DiGi.Com Berhad (Wireless Telecommunication Services)		158
25,500		Felda Global Ventures Holdings Berhad (Food Products)		16
40,000		Gamuda Berhad (Construction & Engineering)		57
59,500		Genting Berhad (Hotels, Restaurants & Leisure)		151
85,400		Genting Malaysia Berhad (Hotels, Restaurants & Leisure)		99
7,800		Genting Plantations Berhad (Food Products)		22
14,500		Hong Leong Bank Berhad (Banks)		58
6,900		Hong Leong Financial Group Berhad (Banks)		32
67,200		Ihh Healthcare Berhad (Health Care Providers & Services)		93
32,400		IJM Corp. Berhad (Construction & Engineering)		61
85,500		IOI Corp. Berhad (Food Products)		118
39,800		IOI Properties Group Berhad (Real Estate Management & Development)		27
10,700		Kuala Lumpur Kepong Berhad (Food Products)		70
11,600		Lafarge Malayan Cement Berhad (Construction Materials)		32
122,900		Malayan Banking Berhad (Banks)		322
16,400		Malaysia Airports holdings Berhad (Transportation Infrastructure)		32
55,600		Maxis Berhad (Wireless Telecommunication Services)		109
31,700		MISC Berhad (Marine)		65
76,600		Petronas Chemicals Group Berhad (Chemicals)		119
7,000		Petronas Dagangan Berhad (Oil, Gas & Consumable Fuels)		34
16,100		Petronas Gas Berhad (Gas Utilities)		102
13,300		PPB Group Berhad (Food Products)		54
73,800		Public Bank Berhad (Banks)		387
16,600		RHB Capital Berhad (Banks)		36
97,700		SapuraKencana Petroleum Berhad (Energy Equipment & Services)		64
81,000		Sime Darby Berhad (Industrial Conglomerates)		213
29,200		Telekom Malaysia Berhad (Diversified Telecommunication Services)		57
79,500		Tenega Nasional Berhad (Electric Utilities)		314

See accompanying notes to financial statements.

83

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Malaysia (continued)
29,300		UEM Sunrise Berhad (Real Estate Management & Development)	$	12
16,100		UMW Holdings Berhad (Automobiles)		51
128,000		YTL Corp. Berhad (Multi-Utilities)		58
49,200		YTL Power International Berhad (Multi-Utilities)		21
				3,754
		Malta — 0.00%
8,581		Brait SE (Diversified Financial Services)		58
		Mexico — 0.55%
78,900		Alfa SAB de CV, Class – A (Industrial Conglomerates) (a)		176
942,000		America Movil SAB de CV (Wireless Telecommunication Services)		1,047
9,700		Arca Continental SAB de CV (Beverages) (a)		61
15,800		Cemex SAB de CV, ADR (Construction Materials) (a)		161
327,564		Cemex SAB de CV (Construction Materials) (a)		334
10,500		Coca-Cola FEMSA SAB de CV, Series L (Beverages)		90
33,200		Compartamos SAB de CV (Consumer Finance) (a)		67
12,400		Controladora Comercial Mexicana SAB de C.V (Food & Staples Retailing)		44
5,400		El Puerto de Liverpool SAB de CV, Class – C1 (Multiline Retail) (a)		54
61,200		Fibra Uno Amdinistracion SA (Real Estate Investment Trusts)		180
53,200		Fomento Economico Mexicano SAB de CV (Beverages) (a)		473
24,200		Genomma Lab Internacional SAB de CV, B Shares (Pharmaceuticals) (a)		46
3,900		Gruma, S.A.B de CV, Class – B (Food Products)		42
9,100		Grupo Aeroportuario del Pacifico SAB de CV, B Shares (Transportation Infrastructure)		57
6,200		Grupo Aeroportuario del Sureste SAB de CV, Class – B (Transportation Infrastructure) (a)		82
45,900		Grupo Bimbo SAB de CV (Food Products) (a)		126
16,100		Grupo Carso SAB de CV, Series A1 (Industrial Conglomerates)		79
10,900		Grupo Comercial Chedraui SAB de CV (Food & Staples Retailing) (a)		31
69,300		Grupo Financiero Banorte SAB de CV (Banks)		381
64,600		Grupo Financiero Inbursa, SAB de CV, Class – O (Banks)		167
49,700		Grupo Financiero Santander Mexico SAB de CV, B Shares (Banks)		104
9,400		Grupo Lala SAB de CV (Food Products) (a)		18
102,700		Grupo Mexico SAB de CV, Series B (Metals & Mining)		298
55,723		Grupo Televisa SA, ADR (Media)		1,899


Shares	Security Description		Value (000)
		Mexico (continued)
72,200		Grupo Televisa SAB de CV (Media) (a)	$	492
3,610		Industrias Penoles SAB de CV (Metals & Mining)		71
42,800		Kimberly-Clark de Mexico SAB de CV, A Shares (Household Products)		93
26,900		Mexichem SAB de CV (Chemicals) (a)		82
19,800		Minera Frisco SAB de CV, Class – A1 (Metals & Mining) (a)		29
17,300		Ohl Mexico SAB de CV (Transportation Infrastructure) (a)		32
7,200		Promotora y Operadora de Infraestructura SAB de CV (Construction & Engineering) (a)		87
142,700		Wal-Mart de Mexico SAB de CV, Series V (Food & Staples Retailing)		307
				7,210
		Netherlands — 3.14%
39,511		AEGON NV (Insurance)		297
73,066		Akzo Nobel NV (Chemicals)		5,054
70,499		ASML Holding NV (Semiconductors & Semiconductor Equipment)		7,617
8,061		ASML Holding NV, NYS (Semiconductors & Semiconductor Equipment)		870
2,379		Corio NV (Real Estate Investment Trusts)		116
4,776		Delta Lloyd NV (Insurance)		105
14,545		European Aeronautic Defence & Space Co. (Aerospace & Defense)		719
27,272		Gemalto NV (Software)ˆ		2,225
57,146		ING Groep NV (Banks) (a)		738
86,308		Koninklijke Ahold NV (Food & Staples Retailing)		1,534
6,698		Koninklijke Boskalis Westminster NV (Construction & Engineering)		366
49,856		Koninklijke DSM NV (Chemicals)		3,041
98,545		Koninklijke Philips Electronics NV (Industrial Conglomerates)		2,856
8,511		Randstad Holding NV (Professional Services)		409
196,112		Reed Elsevier NV (Media)		4,683
202,147		TNT NV (Air Freight & Logistics) (a)		751
221,185		Unilever NV (Food Products)		8,652
26,170		Wolters Kluwer NV (Media)		798
19,800		Yandex NV (Internet Software & Services) (a)		356
				41,187
		New Zealand — 0.08%
57,838		Auckland International Airport Ltd. (Transportation Infrastructure)		190
156,000		Infratil Ltd. (Electric Utilities)		365
194,219		Telecom Corp. of New Zealand Ltd. (Diversified Telecommunication Services)		471
				1,026
		Norway — 0.55%
41,783		DNB ASA (Banks)		617
9,932		Gjensidige Forsikring ASA (Insurance)		162
153,681		Orkla ASA (Food Products)		1,047

See accompanying notes to financial statements.

84

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Norway (continued)
221,654		Statoil ASA (Oil, Gas & Consumable Fuels)	$	3,905
75,301		Telenor ASA (Diversified Telecommunication Services)		1,524
				7,255
		Papua New Guinea — 0.12%
242,173		Oil Search Ltd. (Oil, Gas & Consumable Fuels)		1,553
		Peru — 0.03%
5,500		Compania de Minas Buenaventura SA, ADR (Metals & Mining)		53
1,900		Credicorp Ltd. (Banks)		304
				357
		Philippines — 0.10%
56,900		Aboitiz Equity Ventures, Inc. (Industrial Conglomerates)		66
38,300		Aboitiz Power Corp. (Independent Power and Renewable Electricity Producers)		36
60,300		Alliance Global Group, Inc. (Industrial Conglomerates)		30
5,390		Ayala Corp. (Diversified Financial Services)		83
194,900		Ayala Land, Inc. (Real Estate Management & Development)		145
22,490		Bank of the Philippine Islands (Banks)		47
39,960		BDO Unibank, Inc. (Banks)		97
115,800		DMCI Holdings, Inc. (Industrial Conglomerates)		41
248,700		Energy Development Corp. (Independent Power and Renewable Electricity Producers)		46
1,060		Globe Telecom, Inc. (Wireless Telecommunication Services)		41
15,140		International Container Terminal Services, Inc. (Transportation Infrastructure)		39
70,900		JG Summit Holdings, Inc. (Industrial Conglomerates)		104
12,380		Jollibee Foods Corp. (Hotels, Restaurants & Leisure)		59
346,000		Megaworld Corp. (Real Estate Management & Development)		36
324,000		Metro Pacific Investments Corp. (Diversified Financial Services)		33
14,460		Metropolitan Bank & Trust Co. (Banks)		27
2,425		Philippine Long Distance Telephone Co. (Wireless Telecommunication Services)		156
4,130		SM Investments Corp. (Industrial Conglomerates)		75
176,200		SM Prime Holdings, Inc. (Real Estate Management & Development)		67
25,390		Universal Robina Corp. (Food Products)		111
				1,339
		Poland — 0.13%
1,346		Alior Bank SA (Banks) (a)		30
971		Bank Handlowy w Warszawie SA (Banks)		29
13,300		Bank Millennium SA (Banks)		31


Shares	Security Description		Value (000)
		Poland (continued)
3,628		Bank Pekao SA (Banks)	$	183
969		Bank Zachodni WBK SA (Banks)		102
238		CCC SA (Textiles, Apparel & Luxury Goods)		9
5,459		Cyfrowy Polsat SA (Media)		36
6,568		Enea SA (Electric Utilities)		28
3,594		Energa SA (Electric Utilities)		23
1,813		Eurocash SA (Food & Staples Retailing)		19
47,826		Getin Nobel Bank SA (Banks) (a)		29
1,261		Grupa Azoty SA (Chemicals)		23
2,309		Grupa Lotos SA (Oil, Gas & Consumable Fuels) (a)		17
3,832		KGHM Polska Miedz SA (Metals & Mining)		117
20		LPP SA (Textiles, Apparel & Luxury Goods)		41
439		mBank SA (Banks)		62
21,551		PGE SA (Electric Utilities)		115
8,827		Polski Koncern Naftowy Orlen SA (Oil, Gas & Consumable Fuels)		120
52,480		Polskie Gornictwo Naftowe i Gazownictwo SA (Oil, Gas & Consumable Fuels)		66
24,137		Powszechna Kasa Oszczednosci Bank Polski SA (Banks)		242
1,552		Powszechny Zaklad Ubezpieczen SA (Insurance)		212
16,485		Synthos SA (Chemicals)		19
32,573		Tauron Polska Energia SA (Electric Utilities)		46
19,720		Telekomunikacja Polska SA (Diversified Telecommunication Services)		46
				1,645
		Portugal — 0.13%
431,350		EDP – Energias de Portugal SA (Electric Utilities)		1,672
		Qatar — 0.07%
2,648		Barwa Real Estate Co. (Real Estate Management & Development)		30
4,381		Doha Bank Qsc (Banks)		68
627		Gulf International Services QSC (Oil, Gas & Consumable Fuels)		17
4,122		Industries Qatar Q.S.C. (Industrial Conglomerates)		188
10,143		Masraf Al Rayan (Banks)		121
2,222		Ooredoo Qsc (Diversified Telecommunication Services)		75
760		Qatar Electricity & Water Co. (Multi-Utilities)		39
1,950		Qatar Islamic Bank (Banks)		54
4,414		Qatar National Bank (Banks)		255
1,440		The Commercial Bank of Qatar QSC (Banks)		27
9,533		Vodafone Qatar (Wireless Telecommunication Services)		42
				916
		Russia — 0.26%
38,600		ALROSA AO (Metals & Mining)		39
3,371,000		Federal Hydrogenerating Co. (Electric Utilities)		29

See accompanying notes to financial statements.

85

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Russia (continued)
324,727		Gazprom OAO (Oil, Gas & Consumable Fuels)	$	697
4,645		LUKOIL OAO, ADR (Oil, Gas & Consumable Fuels)		178
13,964		LUKOIL OAO (Oil, Gas & Consumable Fuels)		506
7,098		Magnit OJSC, Registered Shares, GDR (Food & Staples Retailing)		321
2,606		MegaFon OAO, GDR (Wireless Telecommunication Services)		36
1,571		Mining and Metallurgical Co. Norilsk Nickel OJSC (Metals & Mining)		209
14,600		Mobile TeleSystems OJSC, ADR (Wireless Telecommunication Services)		104
2,542		NovaTek OAO, Registered Shares, GDR (Oil, Gas & Consumable Fuels)		198
33,780		Rosneft Oil (Oil, Gas & Consumable Fuels)		108
18,370		Rostelecom OJSC (Diversified Telecommunication Services)		26
45,432		Sberbank of Russia, ADR (Banks)		176
291,070		Sberbank of Russia (Banks)		256
5,750		Severstal (Metals & Mining)		47
3,825		Sistema JSFC – Registered, GDR (Wireless Telecommunication Services)		20
208,800		Surgutneftegas (Oil, Gas & Consumable Fuels)		81
39,860		Tatneft, Class – S (Oil, Gas & Consumable Fuels)		150
37,470		Uralkali OJSC (Chemicals)		78
135,270,000		VTB Bank OJSC (Banks)		148
				3,407
		Singapore — 1.46%
385,772		Ascendas Real Estate Investment Trust (Real Estate Investment Trusts)		692
384,944		CapitaCommercial Trust (Real Estate Investment Trusts)		508
458,015		CapitaMall Trust (Real Estate Investment Trusts)		704
11,898		DBS Group Holdings Ltd. (Banks)		184
1,667,441		Hutchison Port Holdings Trust (Transportation Infrastructure)		1,146
548,699		Keppel Corp. Ltd. (Industrial Conglomerates)		3,658
131,390		Keppel Land Ltd. (Real Estate Management & Development)		339
266,608		Olam International Ltd. (Food & Staples Retailing)		405
119,000		SembCorp Industries Ltd. (Industrial Conglomerates)		399
594,317		SembCorp Marine Ltd. (Machinery)ˆ		1,459
76,300		Singapore Exchange Ltd. (Diversified Financial Services)		449
465,281		Singapore Press Holdings Ltd. (Media)		1,477
369,527		Singapore Tech Engineering (Aerospace & Defense)		946


Shares	Security Description		Value (000)
		Singapore (continued)
1,742,079		Singapore Telecommunications Ltd. (Diversified Telecommunication Services)	$	5,114
114,226		StarHub Ltd. (Wireless Telecommunication Services)		357
447,980		Suntec REIT (Real Estate Investment Trusts)		663
692,236		Yangzijiang Shipbuilding Holdings Ltd. (Machinery)		627
				19,127
		South Africa — 0.69%
43,895		African Bank Investments Ltd. (Diversified Financial Services) (a)(c)		—
3,271		African Rainbow Minerals Ltd. (Metals & Mining)		34
1,170		Anglo Platinum Ltd. (Metals & Mining) (a)		34
11,265		AngloGold Ashanti Ltd. (Metals & Mining) (a)		98
8,576		Aspen Pharmacare Holdings Ltd. (Pharmaceuticals)		299
1,027		Assore Ltd. (Metals & Mining)		13
9,306		Barclays Africa Group Ltd. (Banks)		146
5,507		Barloworld Ltd. (Trading Companies & Distributors)		45
8,487		Bidvest Group Ltd. (Industrial Conglomerates)		222
6,365		Coronation Fund Managers Ltd. (Capital Markets)		63
8,906		Discovery Ltd. (Insurance)		85
3,474		Exxaro Resources Ltd. (Oil, Gas & Consumable Fuels)		31
85,358		FirstRand Ltd. (Diversified Financial Services)		372
23,078		Gold Fields Ltd. (Metals & Mining)		105
55,514		Growthpoint Properties Ltd. (Real Estate Investment Trusts)		132
14,854		Impala Platinum Holdings Ltd. (Metals & Mining) (a)		97
5,145		Imperial Holdings Ltd. (Distributors)		82
6,725		Investec Ltd. (Capital Markets)		56
1,805		Kumba Iron Ore Ltd. (Metals & Mining)		37
3,592		Liberty Holdings Ltd. (Insurance)		38
27,750		Life Healthcare Group Holdings Ltd. (Health Care Providers & Services)		103
2,604		Massmart Holdings Ltd. (Food & Staples Retailing)		32
11,339		Mediclinic International Ltd. (Health Care Providers & Services)		98
28,315		MMI Holdings Ltd. (Insurance)		73
15,582		Mr. Price Group Ltd. (Specialty Retail)		315
46,098		MTN Group Ltd. (Wireless Telecommunication Services)		878
17,884		Nampak Ltd. (Containers & Packaging)		67
13,254		Naspers Ltd. (Media)		1,717
5,585		Nedbank Group Ltd. (Banks)		120
29,026		Netcare Ltd. (Health Care Providers & Services)		95

See accompanying notes to financial statements.

86

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		South Africa (continued)
6,007		Pick n Pay Stores Ltd. (Food & Staples Retailing)	$	27
13,295		PPC Ltd. (Construction Materials)		32
91,563		Redefine Properties Ltd. (Real Estate Management & Development)		85
13,249		Remgro Ltd. (Diversified Financial Services)		290
8,032		Resilient Property Income Fund Ltd. (Real Estate Investment Trusts)		58
20,460		RMB Holdings Ltd. (Diversified Financial Services)		113
17,162		RMI Holdings Ltd. (Insurance)		61
4,340		Samsung Heavy Industries Co. Ltd. (Machinery)		78
49,668		Sanlam Ltd. (Insurance)		300
14,462		Sappi Ltd. (Paper & Forest Products) (a)		52
15,246		Sasol Ltd. (Oil, Gas & Consumable Fuels)		570
37,253		Shoprite Holdings Ltd. (Food & Staples Retailing)		539
33,405		Standard Bank Group Ltd. (Banks)		411
56,723		Steinhoff International Holdings Ltd. (Household Durables)		290
5,590		Telkom SA SOC Ltd. (Diversified Telecommunication Services) (a)		34
5,896		The Foschini Group Ltd. (Specialty Retail)		68
4,499		The Spar Group Ltd. (Food & Staples Retailing)		63
4,444		Tiger Brands Ltd. (Food Products)		141
10,682		Truworths International Ltd. (Specialty Retail)		71
5,067		Tsogo Sun Holdings Ltd. (Hotels Restaurants & Leisure)		13
10,004		Vodacom Group Ltd. (Wireless Telecommunication Services)		111
25,278		Woolworths Holdings Ltd. (Multiline Retail)		168
				9,062
		South Korea — 1.72%
94		Amorepacific Corp. (Personal Products) (a)		190
83		Amorepacific Group (Personal Products)		75
5,701		BS Financial Group, Inc. (Banks)		75
1,935		Celltrion, Inc. (Pharmaceuticals) (a)		68
2,220		Cheil Worldwide, Inc. (Media) (a)		35
211		CJ Cheiljedang Corp. (Food Products)		59
374		CJ Corp. (Industrial Conglomerates) (a)		53
73		CJ Korea Express Co. Ltd. (Road & Rail) (a)		13
1,590		Coway Co. Ltd. (Household Durables)		121
651		Daelim Industrial Co. Ltd. (Construction & Engineering)		39
3,090		Daewoo Engineering & Construction Co. Ltd. (Construction & Engineering) (a)		16
1,370		Daewoo International Corp. (Trading Companies & Distributors) (a)		39
5,070		Daewoo Securities Co. Ltd. (Capital Markets) (a)		45


Shares	Security Description		Value (000)
		South Korea (continued)
2,810		Daewoo Shipbuilding & Marine Engineering Co. Ltd. (Machinery)	$	47
658		Daum Kakao Corp. (Internet Software & Services)		74
3,750		DGB Financial Group, Inc. (Banks)		39
1,260		Dongbu Insurance Co. Ltd. (Insurance)		63
180		Doosan Corp. (Industrial Conglomerates)		17
1,410		Doosan Heavy Industries & Construction Co. Ltd. (Construction & Engineering)		30
3,320		Doosan Infracore Co. Ltd. (Machinery) (a)		29
576		E-Mart Co. Ltd. (Food & Staples Retailing)		107
1,415		GS Engineering & Construction Corp. (Construction & Engineering) (a)		30
1,324		GS Holdings Corp. (Oil, Gas & Consumable Fuels)		48
1,110		Halla Climate Control Corp. (Auto Components) (a)		49
7,940		Hana Financial Group, Inc. (Banks)		230
2,008		Hankook Tire Co. Ltd. (Auto Components)		96
2,680		Hanwha Chemical Corp. (Chemicals)		28
1,430		Hanwha Corp. (Chemicals)		40
439		Honam Petrochemical Corp. (Chemicals)		64
726		Hotel Shilla Co. Ltd. (Hotels, Restaurants & Leisure)		60
15,740		Hynix Semiconductor, Inc. (Semiconductors & Semiconductor Equipment) (a)		673
627		Hyosung Corp. (Chemicals)		39
451		Hyundai Department Store (Multiline Retail)		50
1,690		Hyundai Development Co. (Construction & Engineering)		59
1,892		Hyundai Engineering & Construction Co. Ltd. (Construction & Engineering)		73
374		Hyundai Glovis Co. Ltd. (Air Freight & Logistics)		99
1,058		Hyundai Heavy Industries Co. Ltd. (Machinery)		110
1,900		Hyundai Marine & Fire Insurance Co. Ltd. (Insurance)		45
3,200		Hyundai Merchant Marine Co. Ltd. (Marine) (a)		29
318		Hyundai Mipo Dockyard Co. (Machinery)		20
5,040		Hyundai Mobis Co. Ltd. (Automobiles)		1,078
15,563		Hyundai Motor Co. Ltd. (Automobiles)		2,377
1,918		Hyundai Steel Co. (Metals & Mining)		110
464		Hyundai Wia Corp. (Auto Components)		74
6,747		Industrial Bank of Korea (Banks)		86
910		Jinro Ltd. (Beverages)		19
2,770		Kangwon Land, Inc. (Hotels, Restaurants & Leisure)		76
10,454		KB Financial Group, Inc. (Banks)		342
135		KCC Corp. (Building Products)		64
7,307		Kia Motors Corp. (Automobiles)		347
1,180		Korea Aerospace Industries Ltd. (Aerospace & Defense)		43

See accompanying notes to financial statements.

87

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		South Korea (continued)
7,160		Korea Electric Power Corp. (Electric Utilities)	$	276
830		Korea Gas Corp. (Gas Utilities) (a)		37
990		Korea Investment Holdings Co. Ltd. (Capital Markets)		44
307		Korea Kumho Petrochemical Co. Ltd. (Chemicals)		22
6,430		Korea Life Insurance Co. Ltd. (Insurance)		49
249		Korea Zinc Co. Ltd. (Metals & Mining)		91
900		Korean Air Lines Co. Ltd. (Airlines) (a)		39
1,680		KT Corp. (Diversified Telecommunication Services)		48
27,303		KT&G Corp. (Tobacco)		1,896
1,293		LG Chem Ltd. (Chemicals)		212
2,656		LG Corp. (Industrial Conglomerates)		148
6,520		LG Display Co. Ltd. (Electronic Equipment, Instruments & Components) (a)		198
2,944		LG Electronics, Inc. (Household Durables)		158
877		LG Household & Health Care Ltd. (Household Products)		497
362		LG Innotek Co. Ltd. (Electronic Equipment, Instruments & Components) (a)		37
5,540		LG UPlus Corp. (Diversified Telecommunication Services)		57
21		Lotte Confectionery Co. Ltd. (Food Products) (a)		34
325		Lotte Shopping Co. Ltd. (Multiline Retail)		81
425		LS Corp. (Electrical Equipment)		21
491		LS Industrial Systems Co. Ltd. (Electrical Equipment)		27
809		Mirae Asset Securities Co. Ltd. (Capital Markets)		31
1,140		Naver Corp. (Internet Software & Services)		730
396		NCsoft Corp. (Software)		65
435		OCI Co. Ltd. (Chemicals) (a)		31
104		Orion Corp. (Food Products)		96
1,870		Paradise Co. Ltd. (Hotels, Restaurants & Leisure)		40
1,779		POSCO (Metals & Mining)		448
498		S1 Corp. (Commercial Services & Supplies)		32
3,479		Samsung C&T Corp. (Trading Companies & Distributors)		195
890		Samsung Card Co. Ltd. (Consumer Finance)		36
1,598		Samsung Electro-Mechanics Co. Ltd. (Electronic Equipment, Instruments & Components)		79
3,831		Samsung Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)		4,605
740		Samsung Engineering Co. Ltd. (Construction & Engineering) (a)		25
927		Samsung Fire & Marine Insurance Co. Ltd. (Insurance)		238
1,698		Samsung Life Insurance Co. Ltd. (Insurance)		180


Shares	Security Description		Value (000)
		South Korea (continued)
1,485		Samsung SDI Co. Ltd. (Electronic Equipment, Instruments & Components)	$	155
705		Samsung SDS Co. Ltd. (IT Services) (a)		188
1,570		Samsung Securities Co. Ltd. (Capital Markets)		63
11,610		Shinhan Financial Group Co. Ltd. (Banks)		466
215		Shinsegae Co. Ltd. (Multiline Retail)		35
588		SK C&C Co. Ltd. (IT Services)		114
715		SK Holdings Co. Ltd. (Industrial Conglomerates)		106
1,674		SK Innovation Co. Ltd. (Oil, Gas & Consumable Fuels)		129
2,630		SK Networks Co. Ltd. (Trading Companies & Distributors) (a)		21
10,819		SK Telecom Co. Ltd. (Wireless Telecommunication Services)		2,646
1,131		S-Oil Corp. (Oil, Gas & Consumable Fuels)		50
8,243		Woori Bank (Banks) (a)		75
3,690		Woori Investment & Securities Co. Ltd. (Capital Markets)		34
229		Yuhan Corp. (Pharmaceuticals) (a)		35
				22,612
		Spain — 2.57%
84,576		Abertis Infraestructuras SA (Transportation Infrastructure)		1,677
36,967		ACS Actividades de Construccion y Servicios SA (Construction & Engineering)		1,288
310,512		Banco Bilbao Vizcaya SA (Banks)		2,932
932,377		Banco Santander SA (Banks)		7,825
98,974		CaixaBank SA (Banks)		519
4,918		Cemex Latam Holdings SA (Construction Materials) (a)		33
49,977		Corporacion Mapfre (Insurance)		169
10,616		Enagas (Gas Utilities)		335
135,976		Ferrovial SA (Construction & Engineering)		2,688
18,325		Gas Natural SDG SA (Gas Utilities)		460
13,757		Grifols SA, ADR (Biotechnology)		468
15,717		Grifols SA (Biotechnology)		626
7,600		Grifols SA, Class – B (Biotechnology)		257
266,567		Iberdrola SA (Electric Utilities)		1,797
213,180		Repsol YPF SA (Oil, Gas & Consumable Fuels)		3,990
18,599		Tecnicas Reunidas SA (Energy Equipment & Services)		813
541,996		Telefonica SA (Diversified Telecommunication Services)		7,781
				33,658
		Sweden — 2.67%
40,474		Assa Abloy AB, Class – B (Building Products)		2,139
485		Autoliv, Inc. (Auto Components)		52
42,164		Electrolux AB, Series B (Household Durables)		1,233
14,871		Industrivarden AB, C Shares (Diversified Financial Services)		258

See accompanying notes to financial statements.

88

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Sweden (continued)
3,269		Modern Times Group, B Shares (Media)	$	104
307,459		Nordea Bank AB (Banks)		3,561
431,698		Sandvik AB (Machinery)		4,200
153,762		Skandinaviska Enskilda Banken AB, Class – A (Banks)		1,954
121,169		Skanska AB, B Shares (Construction & Engineering)		2,603
160,313		SKF AB, B Shares (Machinery)		3,379
36,145		Svenska Handelsbanken AB, A Shares (Banks)		1,692
131,571		Swedbank AB, A Shares (Banks)		3,267
64,612		Tele2 AB, B Shares (Wireless Telecommunication Services)		783
482,133		TeliaSonera AB (Diversified Telecommunication Services)		3,102
620,949		Volvo AB, B Shares (Machinery)		6,701
				35,028
		Switzerland — 9.06%
808,812		ABB Ltd. – Registered (Electrical Equipment)		17,118
13,179		Actelion Ltd. – Registered (Biotechnology)		1,518
80,604		Adecco SA, Registered Shares (Human Resource & Employment Services)		5,542
5,623		Baloise Holding AG, Registered Shares (Insurance)		719
59,721		Clariant AG (Chemicals)		1,001
22,323		Compagnie Financiere Richemont SA – Registered (Textiles, Apparel & Luxury Goods)		1,980
39,508		Credit Suisse Group AG – Registered (Capital Markets)		993
7,584		DKSH Holding Ltd. (Professional Services)		578
3,698		Givaudan SA – Registered (Chemicals)		6,636
22,004		Holcim Ltd. – Registered (Construction Materials)		1,573
19,010		Julius Baer Group Ltd. (Capital Markets)		868
17,395		Kuehne & Nagel International (Marine)		2,364
335,598		Nestle SA (Food Products)		24,474
51,158		Novartis AG – Registered (Pharmaceuticals)		4,746
3,655		Pargesa Holding SA (Diversified Financial Services)		282
3,123		Partners Group Holding AG (Capital Markets)		909
38,470		Roche Holding AG – Genusscheine (Pharmaceuticals)		10,426
1,941		SGS SA – Registered (Professional Services)		3,964
13,240		Swiss Prime Site AG – Registered (Real Estate Management & Development)		972
41,660		Swiss Re AG (Insurance)		3,491
6,993		Swisscom AG – Registered (Diversified Telecommunication Services)		3,671
37,809		Syngenta AG, Registered Shares (Chemicals)		12,165
2,079		The Swatch Group AG (Textiles, Apparel & Luxury Goods)		924


Shares	Security Description		Value (000)
		Switzerland (continued)
199,273		UBS Group AG (Capital Markets) (a)	$	3,426
27,091		Zurich Financial Services AG (Insurance)		8,468
				118,808
		Taiwan — 1.04%
75,000		Acer, Inc. (Technology Hardware, Storage & Peripherals) (a)		50
172,000		Advanced Semiconductor Engineering, Inc. (Semiconductors & Semiconductor Equipment)		204
8,795		Advantech Co. Ltd. (Technology Hardware, Storage & Peripherals)		65
57,120		Asia Cement Corp. (Construction Materials)		70
52,000		Asia Pacific Telecom Co. Ltd. (Diversified Telecommunication Services)		29
19,000		Asustek Computer, Inc. (Technology Hardware, Storage & Peripherals)		207
234,000		AU Optronics Corp. (Electronic Equipment, Instruments & Components)		119
18,000		Catcher Technology Co. Ltd. (Technology Hardware, Storage & Peripherals)		139
226,800		Cathay Financial Holding Co. Ltd. (Insurance)		336
120,720		Chang Hwa Commercial Bank Ltd. (Banks)		69
46,000		Cheng Shin Rubber Industry Co. Ltd. (Auto Components)		108
15,075		Chicony Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals)		42
52,000		China Airlines Ltd. (Airlines) (a)		24
370,000		China Development Financial Holding Corp. (Banks)		118
77,900		China Life Insurance Co. Ltd. (Insurance)		64
21,000		China Motor Corp. (Automobiles)		19
328,440		China Steel Corp. (Metals & Mining)		272
373,318		Chinatrust Financial Holding Co. Ltd. (Banks)		241
106,000		Chunghwa Telecom Co. Ltd. (Diversified Telecommunication Services)		314
11,000		Clevo Co. (Technology Hardware, Storage & Peripherals)		17
123,000		Compal Electronics, Inc. (Technology Hardware, Storage & Peripherals)		86
18,000		CTCI Corp. (Construction & Engineering)		29
51,000		Delta Electronics, Inc. (Electronic Equipment, Instruments & Components)		301
179,445		E.Sun Financial Holding Co. Ltd. (Banks)		111
5,200		Eclat Textile Co. Ltd. (Textiles, Apparel & Luxury Goods)		52
25,000		Epistar Corp. (Semiconductors & Semiconductor Equipment)		49
37,000		EVA Airways Corp. (Airlines) (a)		26
42,000		Evergreen Marine Corp. Ltd. (Marine) (a)		30
27,540		Far Eastern Department Stores Ltd. (Multiline Retail)		24
76,720		Far Eastern New Century Corp. (Industrial Conglomerates)		76

See accompanying notes to financial statements.

89

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Taiwan (continued)
40,000		Far EasTone Telecommunications Co. Ltd. (Wireless Telecommunication Services)	$	92
9,000		Farglory Land Development Co. Ltd. (Real Estate Management & Development)		11
197,070		First Financial Holdings Co. Ltd. (Banks)		116
87,000		Formosa Chemicals & Fibre Corp. (Chemicals)		183
1,100		Formosa International Hotels Corp. (Hotels, Restaurants & Leisure)		12
31,000		Formosa Petrochemical Corp. (Oil, Gas & Consumable Fuels)		67
115,000		Formosa Plastics Corp. (Chemicals)		262
23,000		Formosa Taffeta Co. Ltd. (Textiles, Apparel & Luxury Goods)		23
25,200		Foxconn Technology Co. Ltd. (Technology Hardware, Storage & Peripherals)		68
180,000		Fubon Financial Holding Co. Ltd. (Diversified Financial Services)		287
8,000		Giant Manufacturing Co. Ltd. (Leisure Products)		70
1,000		Hermes Microvision, Inc. (Semiconductors & Semiconductor Equipment)		50
13,500		Highwealth Construction Corp. (Real Estate Management & Development)		27
5,150		Hiwin Technologies Corp. (Machinery)		43
337,200		Hon Hai Precision Industry Co. Ltd. (Electronic Equipment, Instruments & Components)		930
7,000		Hotai Motor Co. Ltd. (Specialty Retail)		105
19,000		HTC Corp. (Technology Hardware, Storage & Peripherals) (a)		85
158,620		Hua Nan Financial Holdings Co. Ltd., Class – C (Banks)		89
222,553		Innolux Corp. (Electronic Equipment, Instruments & Components)		108
59,000		Inotera Memories, Inc. (Semiconductors & Semiconductor Equipment) (a)		93
68,000		Inventec Corp. (Technology Hardware, Storage & Peripherals)		45
9,000		Kinsus Interconnect Technology Corp. (Semiconductors & Semiconductor Equipment)		30
3,000		Largan Precision Co. Ltd. (Electronic Equipment, Instruments & Components)		225
55,275		Lite-On Technology Corp. (Technology Hardware, Storage & Peripherals)		63
39,000		MediaTek, Inc. (Semiconductors & Semiconductor Equipment)		567
276,000		Mega Financial Holding Co. Ltd. (Banks)		212
6,300		Merida Industry Co. Ltd. (Leisure Products)		43
133,000		Nan Ya Plastics Corp. (Chemicals)		274
16,000		Novatek Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		89
43,000		Pegatron Corp. (Technology Hardware, Storage & Peripherals)		98


Shares	Security Description		Value (000)
		Taiwan (continued)
4,000		Phison Electronics Corp. (Semiconductors & Semiconductor Equipment)	$	27
60,000		Pou Chen Corp. (Textiles, Apparel & Luxury Goods)		73
22,000		Powertech Technology, Inc. (Semiconductors & Semiconductor Equipment)		37
16,000		President Chain Store Corp. (Food & Staples Retailing)		124
122,320		President Enterprises Corp. (Food Products)		193
35,500		Quanta Computer, Inc., GDR (Technology Hardware, Storage & Peripherals)(b)		445
72,000		Quanta Computer, Inc. (Technology Hardware, Storage & Peripherals)		179
13,000		Radiant Opto-Electronics Corp. (Semiconductors & Semiconductor Equipment)		41
14,000		Realtek Semiconductor Corp. (Semiconductors & Semiconductor Equipment)		46
19,000		Ruentex Development Co. Ltd. (Real Estate Management & Development)		30
15,000		Ruentex Industries Ltd. (Textiles, Apparel & Luxury Goods)		31
6,240		ScinoPharm Taiwan Ltd. (Pharmaceuticals)		11
212,955		Shin Kong Financial Holding Co. Ltd. (Insurance)		60
87,000		Siliconware Precision Industries Co. (Semiconductors & Semiconductor Equipment)		131
8,000		Simplo Technology Co. Ltd. (Electronic Equipment, Instruments & Components)		39
190,311		SinoPac Financial Holdings Co. Ltd. (Banks)		78
9,810		Standard Foods Corp. (Food Products)		22
38,000		Synnex Technology International Corp. (Electronic Equipment, Instruments & Components)		55
226,462		Taishin Financial Holding Co. Ltd. (Banks)		93
118,560		Taiwan Business Bank (Banks) (a)		34
91,000		Taiwan Cement Corp. (Construction Materials)		125
161,700		Taiwan Cooperative Financial Holding Co. Ltd. (Banks)		83
18,000		Taiwan Fertilizer Co. Ltd. (Chemicals)		32
51,000		Taiwan Glass Industry Corp. (Building Products)		40
45,000		Taiwan Mobile Co. Ltd. (Wireless Telecommunication Services)		149
10,400		Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Semiconductors & Semiconductor Equipment)		233
673,000		Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		2,966
42,000		Teco Electric & Machinery Co. Ltd. (Electrical Equipment)		40
7,000		Tpk Holding Co. Ltd. (Electronic Equipment, Instruments & Components)		42

See accompanying notes to financial statements.

90

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Taiwan (continued)
7,000		Transcend Information, Inc. (Semiconductors & Semiconductor Equipment)	$	22
13,650		TSRC Corp. (Chemicals)		15
8,000		U-Ming Marine Transport Corp. (Marine)		13
31,000		Unimicron Technology Corp. (Electronic Equipment, Instruments & Components)		23
327,000		United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		152
22,000		Vanguard International Semiconductor Corp. (Semiconductors & Semiconductor Equipment)		36
76,000		Walsin Lihwa Corp. (Electrical Equipment) (a)		24
57,121		Wistron Corp. (Technology Hardware, Storage & Peripherals)		51
43,000		WPG Holdings Ltd. (Electronic Equipment, Instruments & Components)		50
33,000		Yang Ming Marine Transport (Marine) (a)		17
219,900		Yuanta Financial Holding Co. Ltd. (Capital Markets)		107
24,000		Yulon Motor Co. Ltd. (Automobiles)		35
				13,662
		Thailand — 0.20%
29,200		Advanced INFO Service Public Co. Ltd. (Wireless Telecommunication Services)		221
12,600		Airports of Thailand Public Co. Ltd., Foreign Registered Shares (Transportation Infrastructure)		107
15,400		Bangkok Bank Public Co. Ltd. – NVDR (Banks)		90
92,000		Bangkok Dusit Medical Service Public Co. Ltd., Class – F (Health Care Providers & Services)		48
25,500		Banpu Public Co. Ltd., Foreign Registered Shares (Oil, Gas & Consumable Fuels)		19
30,400		BEC World Public Co. Ltd., Foreign Registered Shares (Media)		47
175,800		BTS Group Holdings Public Co. Ltd. (Road & Rail)		51
5,900		Bumrungrad Hospital Public Co. Ltd. (Health Care Providers & Services)		25
40,000		Central Pattana Public Co. Ltd., Foreign Registered Shares (Real Estate Management & Development)		55
81,600		Charoen Pokphand Foods Public Co. Ltd. (Food Products)		67
123,100		CP ALL Public Co. Ltd. (Food & Staples Retailing)		158
9,200		Delta Electronics (Thailand) Public Co. Ltd. (Electronic Equipment, Instruments & Components)		20
26,800		Energy Absolute Public Co. Ltd. – NVDR (Oil, Gas & Consumable Fuels)		20
17,300		Glow Energy Public Co. Ltd. (Independent Power and Renewable Electricity Producers)		47


Shares	Security Description		Value (000)
		Thailand (continued)
120,728		Home Product Center Public Co. Ltd., Foreign Registered Shares (Specialty Retail)	$	30
33,200		Indorama Ventures Public Co. Ltd. (Chemicals)		20
248,200		IRPC Public Co. Ltd. – NVDR (Oil, Gas & Consumable Fuels)		23
51,300		Kasikornbank Public Co. Ltd. (Banks)		356
107,800		Krung Thai Bank Public Co. Ltd., Foreign Registered Shares (Banks)		74
46,400		Minor International Public Co. Ltd., Foreign Registered Shares (Hotels, Restaurants & Leisure)		46
38,500		PTT Exploration & Production Public Co. Ltd. – NVDR (Oil, Gas & Consumable Fuels)		130
44,800		PTT Global Chemical Public Co. Ltd. (Chemicals)		70
38,800		PTT Public Co. Ltd. (Oil, Gas & Consumable Fuels)		381
43,800		Siam Commercial Bank Public Co. Ltd. (Banks)		241
26,700		Thai Oil Public Co. Ltd. – NVDR (Oil, Gas & Consumable Fuels)		34
9,600		Thai Union Frozen Products Public Co. Ltd. – NVDR (Food Products)		26
8,800		The Siam Cement Public Co. Ltd. – NVDR (Construction Materials)		119
436,800		TMB Bank Public Co. Ltd. – Foreign Registered Shares (Banks)		39
238,619		True Corp. Public Co. Ltd. – Foreign Registered Shares (Diversified Telecommunication Services) (a)		80
				2,644
		Turkey — 0.14%
50,180		Akbank TAS (Banks)		186
6,037		Anadolu EFES Biracilik VE Malt Sanayii A/S (Beverages) (a)		59
6,942		Arcelik A/S (Household Durables)		45
5,766		Bim Birlesik Magazalar A/S (Food & Staples Retailing)		123
1,899		Coca-Cola Icecek A/S (Beverages)		41
50,826		Emlak Konut Gayrimenkul Yatirim (Real Estate Investment Trusts)		60
11,745		Enka Insaat ve Sanayi A/S (Industrial Conglomerates)		27
42,091		Eregli Demir ve Celik Fabrikalari TAS (Metals & Mining)		80
2,121		Ford Otomotiv Sanayi A/S (Automobiles)		30
23,989		Haci OMER Sabanci Holding (Diversified Financial Services)		104
18,402		KOC Holdings A/S (Industrial Conglomerates)		98
6,398		Petkim Petrokimya Holding AS (Chemicals)		11
5,049		TAV Havalimanlari Holding A/S (Transportation Infrastructure)		41

See accompanying notes to financial statements.

91

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Turkey (continued)
3,854		Tofas Turk Otomobil Fabrikasi A/S (Automobiles)	$	26
3,307		Tupras-Turkiye Petrol Rafinerileri A/S (Oil, Gas & Consumable Fuels)		78
16,289		Turk Hava Yollari Anonim Ortakligi (Airlines) (a)		67
12,992		Turk Telekomunikasyon A/S (Diversified Telecommunication Services)		40
22,309		Turkcell Iletisim Hizmetleri A/S (Wireless Telecommunication Services) (a)		136
62,684		Turkiye Garanti Bankasi A/S (Banks)		253
17,024		Turkiye Halk Bankasi A/S (Banks)		101
42,821		Turkiye Is Bankasi A/S, C Shares (Banks)		123
17,675		Turkiye Sise ve Cam Fabrikalari A/S (Industrial Conglomerates)		27
23,039		Turkiye Vakiflar Bankasi TAO, Class – D (Banks)		48
4,274		Ulker Biskuvi Sanayi A/S (Food Products)		34
22,134		Yapi ve Kredi Bankasi AS (Banks)		46
				1,884
		United Arab Emirates — 0.05%
61,648		Arabtec Holding Co. (Construction & Engineering)		48
8,412		Dp World Ltd. (Transportation Infrastructure)		176
107,198		Dubai Financial Market (Diversified Financial Services)		57
63,735		Dubai Islamic Bank (Banks)		117
124,902		Emaar Properties PJSC (Real Estate Management & Development)		240
				638
		United Kingdom — 18.29%
281,100		AA PLC (Commercial Services & Supplies) (a)		1,533
10,356		Admiral Group PLC (Insurance)		212
79,301		AMEC PLC (Energy Equipment & Services)		1,047
285,737		Anglo American PLC (Metals & Mining)		5,287
85,642		Antofagasta PLC (Metals & Mining)		998
34,000		ARM Holdings PLC (Semiconductors & Semiconductor Equipment)		522
4,100		Associated British Foods PLC (Food Products)		200
259,624		AstraZeneca PLC (Pharmaceuticals)		18,335
265,480		Aviva PLC (Insurance)		1,995
35,949		Babcock Int'l Group PLC (Commercial Services & Supplies)		589
700,669		BAE Systems PLC (Aerospace & Defense)		5,123
212,942		Balfour Beatty PLC (Construction & Engineering)		704
534,039		Barclays PLC (Banks)		2,007
116,445		BG Group PLC (Oil, Gas & Consumable Fuels)		1,558
439,505		BHP Billiton PLC (Metals & Mining)		9,418
1,816,523		BP PLC (Oil, Gas & Consumable Fuels)		11,529


Shares	Security Description		Value (000)
		United Kingdom (continued)
290,234		British American Tobacco PLC (Tobacco)	$	15,726
98,346		British Land Co. PLC (Real Estate Investment Trusts)		1,186
240,185		BT Group PLC (Diversified Telecommunication Services)		1,494
90,846		Capital Shopping Centres Group PLC (Real Estate Investment Trusts)		470
36,242		Carnival PLC (Hotels, Restaurants & Leisure)		1,638
281,282		Centrica PLC (Multi-Utilities)		1,218
39,788		Croda International PLC (Chemicals)		1,642
21,500		CSR PLC (Semiconductors & Semiconductor Equipment)		285
3,750		Diageo PLC (Beverages)		107
76,723		Direct Line Insurance Group (Insurance)		347
12,800		Ensco PLC, ADR (Energy Equipment & Services)		383
19,700		Fidessa Group PLC (Software)		734
633,892		GlaxoSmithKline PLC (Pharmaceuticals)		13,598
121,454		Grainger PLC (Real Estate Management & Development)		354
20,255		Greene King PLC (Hotels, Restaurants & Leisure)		234
150,387		Home Retail Group PLC (Internet & Catalog Retail)		485
996,442		HSBC Holdings PLC (Banks)		9,416
234,120		HSBC Holdings PLC (HK) (Banks)		2,226
43,271		ICAP PLC (Capital Markets)		303
241,674		Imperial Tobacco Group PLC (Tobacco)		10,637
48,184		Inmarsat PLC (Diversified Telecommunication Services)		597
27,730		InterContinental Hotels Group PLC (Hotels, Restaurants & Leisure)		1,116
267,629		International Consolidated Airlines Group SA (Airlines) (a)		2,014
269,892		J Sainsbury PLC (Food & Staples Retailing)		1,031
42,758		John Wood Group PLC (Energy Equipment & Services)		396
47,167		Johnson Matthey PLC (Chemicals)		2,481
262,475		Kingfisher PLC (Specialty Retail)		1,387
316,809		Legal & General Group PLC (Insurance)		1,223
59,392		Liberty Global PLC, Class – A (Media) (a)		2,982
75,146		Liberty Global PLC, Series C (Media) (a)		3,630
3,490,605		Lloyds Banking Group PLC (Banks) (a)		4,105
373,619		Marks & Spencer Group PLC (Multiline Retail)		2,766
81,873		Meggitt PLC (Aerospace & Defense)		659
97,641		Merlin Entertainments PLC (Hotels, Restaurants & Leisure)		604
195,394		Michael Page International PLC (Professional Services)		1,246
216,638		National Grid PLC (Multi-Utilities)		3,074
294,616		Ocado Group PLC (Internet & Catalog Retail) (a)		1,823
250,552		Old Mutual PLC (Insurance)		738

See accompanying notes to financial statements.

92

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		United Kingdom (continued)
107,087		Ophir Energy PLC (Oil, Gas & Consumable Fuels) (a)	$	235
167,575		Pearson PLC (Media)		3,094
64,941		Persimmon PLC (Household Durables)		1,586
217,293		Prudential PLC (Insurance)		5,024
75,302		Resolution Ltd. (Insurance)		428
258,436		Rexam PLC (Containers & Packaging)		1,819
339,485		Rio Tinto PLC (Metals & Mining)		15,647
114,882		Rolls-Royce Holdings PLC (Aerospace & Defense)		1,543
321,328		Royal Dutch Shell PLC, A Shares (Oil, Gas & Consumable Fuels)		10,722
289,924		Royal Dutch Shell PLC, B Shares (Oil, Gas & Consumable Fuels)		10,016
135,154		RSA Insurance Group PLC (Insurance) (a)		912
44,710		SABMiller PLC (Beverages)		2,331
30,435		Saga PLC (Insurance) (a)		73
76,350		SEGRO PLC (Real Estate Investment Trusts)		437
12,252		Severn Trent PLC (Water Utilities)		382
52,366		SSE PLC (Electric Utilities)		1,323
126,227		Standard Chartered PLC (Banks)		1,888
126,336		Standard Life PLC (Insurance)		782
95,293		Tate & Lyle PLC (Food Products)		894
1,767,292		Tesco PLC (Food & Staples Retailing)		5,152
224,069		The Sage Group PLC (Software)		1,618
601,955		Thomas Cook Group PLC (Hotels, Restaurants & Leisure) (a)		1,191
50,198		Tullow Oil PLC (Oil, Gas & Consumable Fuels)		323
6,853		Unilever PLC (Food Products)		278
37,414		United Utilities Group PLC (Water Utilities)		531
4,400,545		Vodafone Group PLC (Wireless Telecommunication Services)		15,086
483,335		William Morrison Supermarkets PLC (Food & Staples Retailing)		1,379
				240,106
		United States — 0.12%
27,927		Cognizant Technology Solutions Corp. (IT Services) (a)		1,471
4,400		Southern Copper Corp. (Metals & Mining)		124
				1,595
		Total Common Stocks		1,263,644
		Preferred Stocks — 0.63%
		Brazil — 0.20%
3,000		AES Tiete SA – Preferred (Independent Power and Renewable Electricity Producers)		20
57,200		Banco Bradesco SA – Preferred (Banks)		755
4,500		Banco do Estado do Rio Grande do Sul SA – Preferred, B Shares (Banks)		25
6,600		Bradespar SA – Preferred (Metals & Mining)		36
5,000		Braskem SA – Preferred, Class – A (Chemicals)		33


Shares	Security Description		Value (000)
		Brazil (continued)
6,800		Centrais Eletricas Brasileiras SA – Preferred, B Shares (Electric Utilities)	$	21
20,900		Companhia Energetica de Minas Gerais SA – Preferred, ADR (Electric Utilities)		103
4,900		Companhia Energetica de Sao Paulo – Preferred, B Shares (Independent Power and Renewable Electricity Producers)		50
2,900		Companhia Paranaense de Energia-COPEL – Preferred, B Shares (Electric Utilities)		39
23,600		Gerdau SA – Preferred (Metals & Mining)		85
86,040		Itausa – Investimentos Itau SA – Preferred (Banks)		304
15,000		Lojas Americanas SA – Preferred (Multiline Retail)		97
7,000		Metalurgica Gerdau SA – Preferred (Metals & Mining)		30
8,170		Oi SA – Preferred (Diversified Telecommunication Services) (a)		26
115,600		Petroleo Brasileiro SA – Preferred (Oil, Gas & Consumable Fuels)		436
8,900		Suzano Papel e Celulose SA – Preferred, Class – A (Paper & Forest Products)		38
8,100		Telefonica Brasil SA – Preferred (Diversified Telecommunication Services)		143
11,200		Usinas Siderurgicas de Minas Gerais SA – Preferred, Class – A (Metals & Mining) (a)		21
50,200		Vale SA – Preferred (Metals & Mining)		363
				2,625
		Chile — 0.01%
7,534		Embotelladora Andina SA – Preferred, B Shares (Beverages)		21
2,526		Sociedad Quimica y Minera de Chile SA – Preferred, B Shares (Chemicals)		62
				83
		Colombia — 0.02%
11,954		Bancolombia SA – Preferred (Banks)		144
3,430		Grupo Argos SA – Preferred (Construction Materials)		29
91,081		Grupo Aval Acciones y Valores SA – Preferred (Banks)		49
2,721		Grupo de Inversiones Suramericana – Preferred (Diversified Financial Services)		45
				267
		Germany — 0.32%
9,277		Bayerische Motoren Werke AG – Preferred (Automobiles)		758
13,739		Henkel AG & Co. KGaA – Preferred (Household Products)		1,480
26,170		Porsche Automobil Holding SE – Preferred (Automobile Manufacturers)		2,116
				4,354

See accompanying notes to financial statements.

93

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


Shares or Principal Amount (000)	Security Description		Value (000)
		Common Stocks (continued)
		Russia — 0.02%
47		AK Transneft OAO – Preferred (Oil, Gas & Consumable Fuels)	$	96
23,000		Sberbank of Russia – Preferred (Banks)		14
190,100		Surgutneftegas – Preferred (Oil, Gas & Consumable Fuels)		91
				201
		South Korea — 0.06%
1,100		Hyundai Motor Co. Ltd. – Preferred (Automobiles) (a)		134
693		Hyundai Motor Co. Ltd. – Preferred (Automobiles) (a)		79
217		LG Chem Ltd. – Preferred (Chemicals)		28
559		Samsung Electronics Co. Ltd. – Preferred (Semiconductors & Semiconductor Equipment)		526
				767
		Total Preferred Stocks		8,297
		Rights — 0.00%
		Russia — 0.00%
31,900		The Moscow Exchange Micex (Diversified Financial Services) (a)		31
		South Korea — 0.00%
783		DGB Financial Group, Inc. (Banks) (a)		1
		Taiwan — 0.00%
5,449		EVA Airways Corp. (Airlines) (a)		1
		Total Rights		33
		U.S. Treasury Obligations — 0.00%
$10		U.S. Treasury Bill, 0.02%, 3/12/15 (d)		10
20		U.S. Treasury Bill, 0.07%, 6/4/15 (d)		20
		Total U.S. Treasury Obligations		30
		Time Deposit — 0.42%
5,544		State Street Liquidity Management Control System Eurodollar Time Deposit, 0.01%, 1/2/15		5,544
		Total Time Deposit		5,544


Shares or Principal Amount (000)	Security Description		Value (000)
		Mutual Funds — 1.94%
17,696,000		Dreyfus Treasury Prime Cash Management Fund, 0.00% (e)		17,696
247,112		iShares MSCI India ETF		7,435
233,000		SSgA Treasury Money Market Fund	$	233
		Total Mutual Funds		25,364
		Total Investments (cost $1,200,708) — 99.31%		1,302,912
		Other assets in excess of liabilities — 0.69%		9,110
		Net Assets — 100.00%	$	1,312,022

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 $6,985 (amount in thousands).

(a)

Represents non-income producing security.

(b)

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

(c)

This security has been deemed illiquid by the Specialist Manager and represents 0.00% of the Portfolio's net assets.

(d)

The rate disclosed represents effective yield at purchase.

(e)

The rate disclosed is the rate in effect on December 31, 2014.

ADR — American Depositary Receipt

ETF — Exchange Traded Fund

FDR — Fiduciary Depositary Receipt

GDR — Global Depositary Receipt

NVDR — Non-Voting Depository Receipt

REIT — Real Estate Investment Trust

See accompanying notes to financial statements.

94

HC CAPITAL TRUST
The International 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 International Equity Portfolio	Artisan Partners LP			Capital Guardian Trust Co.			Causeway Capital Management LLC			Cadence Capital Management – Quality Yield			Mellon Capital Management Corp. – Emerging			Total
Common Stocks		7.94	%		12.09	%		7.51	%		61.72	%		7.06	%		96.32	%
Preferred Stocks		0.11	%		—			—			0.22	%		0.30	%		0.63	%
Time Deposit		0.05	%		0.37	%		—			—			—			0.42	%
Mutual Funds		—			—			—			1.35	%		0.59	%		1.94	%
Other Assets (Liablities)		0.07	%		0.01	%		0.13	%		0.45	%		0.03	%		0.69	%
Total Net Assets		8.17	%		12.47	%		7.64	%		63.74	%		7.98	%		100.00	%

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

Long Futures

Number of
Contracts

Futures Contracts Positionsˆ

Value
(000)

Expiration

Unrealized Appreciation/ (Depreciation) (000)

11

Mini MSCI Emerging Markets Index Future

$527

3/20/15

$

15

Net Unrealized Appreciation/(Depreciation)

15

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

ˆ

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

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
3,949,659		Japanese Yen		Bank of America		1/5/15	$	33	$	33	$	—
7,799,135		Japanese Yen		Credit Suisse		1/6/15		65		65		—
5,731,145		Japanese Yen		JPMorgan Chase		1/7/15		48		48		—
1,409,504,000		Korean Won		Citibank		1/8/15		1,292		1,283		(9	)
		Total Currencies Purchased					$	1,438	$	1,429	$	(9	)
		Currencies Sold
45,313		British Pound Sterling		Bank of New York		1/5/15	$	71	$	71	$	—
8,821		British Pound Sterling		Barclays Bank		1/5/15		14		14		—
193,411		British Pound Sterling		Bank of New York		1/5/15		301		301		—
668,000		Euro		UBS Warburg		1/13/15		829		808		21
14,443		Euro		Morgan Stanley		1/5/15		17		17		—
320,974		Euro		Bank of New York		1/5/15		388		388		—
1,570,891		Hong Kong Dollar		Westpac Banking Corp.		1/5/15		203		203		—
43,720,979		Japanese Yen		Mellon Bank		1/5/15		363		365		(2	)
2,155,942		Japanese Yen		Citigroup		1/7/15		18		18		—
6,589,937		Japanese Yen		Deutsche Bank		1/6/15		55		55		—
19,811,828		Japanese Yen		JPMorgan Chase		1/5/15		164		165		(1	)
1,409,504,000		Korean Won		Citibank		1/8/15		1,266		1,283		(17	)
155,212		Singapore Dollar		Bank of New York		1/6/15		117		117		—
		Total Currencies Sold					$	3,806	$	3,805	$	1
		Net Unrealized/Appreciation (Depreciation)									$	(8	)

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

See accompanying notes to financial statements.

95

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


Shares	Security Description		Value (000)
		Common Stocks — 97.24%
		Australia — 5.52%
314,260		ALS Ltd. (Professional Services)	$	1,361
52,521		Amcor Ltd. (Containers & Packaging)		578
272,741		Aristocrat Leisure Ltd. (Hotels, Restaurants & Leisure)		1,448
38,587		ASX Ltd. (Diversified Financial Services)		1,151
393,514		AusNet Services (Electric Utilities)		425
590,407		Australia & New Zealand Banking Group Ltd. (Banks)		15,359
202,171		Bank of Queensland Ltd. (Banks)		1,991
91,370		Bendigo & Adelaide Bank Ltd. (Banks)		950
154,721		BHP Billiton Ltd. (Metals & Mining)		3,657
100,764		Bradken Ltd. (Machinery)		385
476,825		Coca-Cola Amatil Ltd. (Beverages)		3,599
323,231		Commonwealth Bank of Australia (Banks)		22,452
55,083		CSL Ltd. (Biotechnology)		3,868
150,050		Downer EDI Ltd. (Aerospace & Defense)		573
568,991		Federation Centres (Real Estate Investment Trusts)		1,324
251,069		Fortescue Metals Group Ltd. (Metals & Mining)		551
1,524,697		GPT Group (Real Estate Investment Trusts)		5,395
113,529		Iluka Resources Ltd. (Metals & Mining)		545
466,629		Insurance Australia Group Ltd. (Insurance)		2,369
708,095		Metcash Ltd. (Food & Staples Retailing)		1,067
1,471,580		Mirvac Group (Real Estate Investment Trusts)		2,128
469,328		National Australia Bank Ltd. (Banks)		12,796
24,850		Newcrest Mining Ltd. (Metals & Mining) (a)		219
841,999		Novion Property Group Pty Ltd. (Real Estate Investment Trusts)		1,447
237,777		Orica Ltd. (Chemicals)		3,643
2,123,072		Scentre Group (Real Estate Investment Trusts)		6,013
927,426		Stockland Trust Group (Real Estate Investment Trusts)		3,099
256,390		Suncorp Group Ltd. (Insurance)		2,928
865,625		Sydney Airport (Transportation Infrastructure)		3,313
2,954,613		Telstra Corp. Ltd. (Diversified Telecommunication Services)		14,341
511,513		Toll Holdings Ltd. (Air Freight & Logistics)		2,436
787,214		Westfield Corp. (Real Estate Investment Trusts)		5,769
619,838		Westpac Banking Corp. (Banks)		16,667
426,155		Woodside Petroleum Ltd. (Oil, Gas & Consumable Fuels)		13,177
164,965		WorleyParsons Ltd. (Energy Equipment & Services)		1,351
				158,375


Shares	Security Description		Value (000)
		Austria — 0.15%
180,351		Immofinanz AG (Real Estate Management & Development) (a)	$	454
77,303		OMV AG (Oil, Gas & Consumable Fuels)		2,053
20,775		Raiffeisen Bank International AG (Banks)		317
10,996		Vienna Insurance Group Wiener Staedtische Versicherung AG (Insurance)		491
26,601		Voestalpine AG (Metals & Mining)		1,051
				4,366
		Belgium — 1.09%
40,580		Ageas (Insurance)		1,443
43,559		Anheuser-Busch InBev NV (Beverages)		4,902
48,033		Belgacom SA (Diversified Telecommunication Services)		1,743
26,178		Colruyt SA (Food & Staples Retailing)		1,217
67,130		Delhaize Group (Food & Staples Retailing)		4,888
13,863		Groupe Bruxelles Lambert SA (Diversified Financial Services)		1,183
39,152		KBC Groep NV (Banks)		2,185
32,923		Solvay SA (Chemicals)		4,453
69,620		Telenet Group Holding NV (Media) (a)		3,906
31,162		UCB SA (Pharmaceuticals)		2,369
73,167		Umicore SA (Chemicals)		2,944
				31,233
		Bermuda — 0.20%
130,000		Alibaba Health Information Technology Ltd. (Diversified Financial Services) (a)		85
180,000		Beijing Enterprises Water Group Ltd. (Water Utilities)		122
80,000		Cosco Pacific Ltd. (Transportation Infrastructure)		113
40,900		Golar LNG Ltd. (Oil, Gas & Consumable Fuels)		1,492
530,000		GOME Electrical Appliances Holding Ltd. (Specialty Retail)		77
158,000		Kunlun Energy Co. Ltd. (Oil, Gas & Consumable Fuels)		149
91,000		Nine Dragons Paper Holdings Ltd. (Paper & Forest Products)		79
213,717		Seadrill Ltd. (Energy Equipment & Services) ˆ		2,474
216,000		Sihuan Pharmaceutical Holdings Group Ltd. (Pharmaceuticals)		144
279,500		Yue Yuen Industrial Holdings Ltd. (Textiles, Apparel & Luxury Goods)		1,005
				5,740
		Brazil — 0.48%
34,406		Ambev SA, ADR (Beverages)		214
228,300		Ambev SA (Beverages)		1,405
5,600		B2W CIA Digital (Internet & Catalog Retail) (a)		47
30,100		Banco Bradesco SA (Banks)		389
42,100		Banco do Brasil SA (Banks)		377
21,500		Banco Santander Brasil SA (Banks)		109
33,700		BB Seguridade Participacoes SA (Insurance)		409

See accompanying notes to financial statements.

96

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Brazil (continued)
88,600		BM&FBOVESPA SA (Diversified Financial Services)	$	328
21,500		BR Malls Participacoes SA (Real Estate Management & Development)		133
31,500		BRF SA (Food Products)		752
38,700		CCR SA (Transportation Infrastructure)		224
14,700		Centrais Electricas Brasileiras SA (Electric Utilities)		32
10,309		CETIP SA (Capital Markets)		125
15,900		Cia de Saneamento Basico do Estado de Sao Paulo SABESP (Water Utilities)		102
35,300		Cielo SA (IT Services)		554
7,000		Companhia Brasileira de Destribuicao Grupo PAO de (Food & Staples Retailing)		259
34,200		Companhia Siderurgica Nacional SA (CSN) (Metals & Mining)		72
5,600		Cosan SA Industria e Comercio (Oil, Gas & Consumable Fuels)		61
10,600		CPFL Energia SA (Electric Utilities)		74
12,300		Cyrela Brazil Realty SA Empreendimentos (Household Durables)		51
16,170		Duratex SA (Paper Products)		49
9,100		Ecorodovias Infraestrutura E Logistica SA (Transportation Infrastructure)		37
12,900		EDP – Energias do Brasil SA (Electric Utilities)		44
30,800		Embraer SA (Aerospace & Defense)		283
14,100		Estacio Participacoes SA (Diversified Consumer Services)		126
11,500		Fibria Celulose SA (Paper & Forest Products) (a)		141
121,700		Hypermarcas SA (Personal Products) (a)		763
133,890		Itau Unibanco Holding SA (Banks)		1,743
34,900		JBS SA (Food Products)		147
21,900		Klabin SA (Containers & Packaging)		120
65,088		Kroton Educacional SA (Diversified Consumer Services)		380
7,400		Localiza Rent A Car SA (Road & Rail)		99
9,125		Lojas Americanas SA (Multiline Retail)		45
6,000		Lojas Renner SA (Multiline Retail)		173
1,800		M Dias Branco SA (Food Products)		62
4,100		Multiplan Empreendimentos Imobiliarios SA (Real Estate Management & Development)		73
8,100		Natura Cosmeticos SA (Personal Products)		97
9,000		OdontoPrev SA (Health Care Providers & Services)		33
146,100		Petroleo Brasileiro SA (Oil, Gas & Consumable Fuels)		527
5,900		Porto Seguro SA (Insurance)		67
10,500		Qualicorp SA (Health Care Providers & Services) (a)		110
9,500		Raia Drogasil SA (Food & Staples Retailing)		91
17,200		Souza Cruz SA (Tobacco)		125


Shares	Security Description		Value (000)
		Brazil (continued)
7,500		Sul America SA (Insurance)	$	36
40,600		Tim Participacoes SA (Wireless Telecommunication Services)		180
6,700		Totvs SA (Software)		88
8,400		Tractebel Energia SA (Independent Power and Renewable Electricity Producers)		107
5,400		Transmissora Alianca de Energia Eletrica SA (Electric Utilities)		38
17,200		Ultrapar Participacoes SA (Oil, Gas & Consumable Fuels)		333
158,100		Vale SA, ADR (Metals & Mining)		1,293
69,700		Vale SA (Metals & Mining)		575
1,800		Via Varejo SA (Specialty Retail) (a)		14
14,560		WEG SA (Machinery)		168
				13,884
		Canada — 0.40%
15,900		Bank of Nova Scotia (Banks)		908
13,400		Cameco Corp. (Oil, Gas & Consumable Fuels) ˆ		220
52,000		Cenovus Energy, Inc. (Oil, Gas & Consumable Fuels)		1,073
69,500		Centerra Gold, Inc. (Metals & Mining)		361
101,500		Centerra Gold, Inc. (Metals & Mining)		528
51,000		Enbridge, Inc. (Oil, Gas & Consumable Fuels)		2,623
143,339		First Quantum Minerals Ltd. (Metals & Mining)		2,037
50,900		Imperial Oil Ltd. (Oil, Gas & Consumable Fuels)		2,193
26,200		Labrador Iron Ore Royalty Corp. (Metals & Mining)		420
16,200		Potash Corp. of Saskatchewan, Inc. (Chemicals)		573
15,200		Progressive Waste Solutions Ltd. (Commercial Services & Supplies)		457
				11,393
		Cayman Islands — 0.34%
35,500		AAC Technologies Holdings, Inc. (Electronic Equipment, Instruments & Components)		190
46,000		Anta Sports Products Ltd. (Textiles, Apparel & Luxury Goods)		81
45,100		Chailease Holding Co. Ltd. (Diversified Financial Services)		112
288,900		China Huishan Dairy Holdings Co. Ltd. (Food Products) ˆ		50
170,000		China Mengniu Dairy Co. Ltd. (Food Products)		700
108,000		China Resources Cement Holdings Ltd. (Construction Materials)		70
13,300		Ctrip.com International, ADR (Hotels, Restaurants & Leisure) (a)		605
472,000		GCL-Poly Energy Holdings Ltd. (Semiconductors & Semiconductor Equipment) (a)		110
285,000		Geely Automobile Holdings Ltd. (Automobiles)		90

See accompanying notes to financial statements.

97

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Cayman Islands (continued)
54,500		Intime Retail Group Co. Ltd. (Multiline Retail)	$	39
27,000		Kingboard Chemical Holdings Ltd. (Electronic Equipment, Instruments & Components)		45
28,000		Kingsoft Corp. Ltd. (Software) ˆ		55
54,000		Lee & Man Paper Manufacturing Ltd. (Paper & Forest Products)		30
138,000		New World China Land Ltd. (Real Estate Management & Development)		82
1,029,000		Semiconductor Manufacturing International Corp. (Semiconductor and Semiconductor Equipment) (a)		94
29,000		Shenzhou International Group (Textiles, Apparel & Luxury Goods)		96
469,000		Stella International Holdings Ltd. (Textiles, Apparel & Luxury Goods)		1,239
415,565		Tencent Holdings Ltd. (Internet Software & Services)		6,013
60,000		Uni-President China Holdings Ltd. (Food Products)		55
14,000		Zhen Ding Technology Holding Ltd. (Electronic Equipment, Instruments & Components)		37
				9,793
		Chile — 0.09%
129,207		AES Gener SA (Independent Power and Renewable Electricity Producers)		69
120,344		Aguas Andinas SA, Class – A (Water Utilities)		70
1,200,479		Banco de Chile SA (Banks)		139
1,869		Banco de Credito e Inversiones SA (Banks)		92
3,194,411		Banco Santander Chile (Banks)		161
879		Cap SA (Metals & Mining)		4
59,288		Cencosud SA (Food & Staples Retailing)		148
402,342		Colbun SA (Independent Power and Renewable Electricity Producers)		107
7,499		Compania Cervecerias Unidas SA (Beverages)		71
7,680,939		CorpBanca SA (Banks)		92
166,017		Empresa Nacional de Electricidad SA (Independent Power and Renewable Electricity Producers)		252
6,439		Empresa Nacional de Telecomunicaciones SA (Wireless Telecommunication Services)		65
58,680		Empresas CMPC SA (Paper & Forest Products)		147
22,070		Empresas Copec SA (Oil, Gas & Consumable Fuels)		249
947,070		Enersis SA (Electric Utilities)		310
15,666		LATAM Airlines Group SA (Airlines) (a)		182
43,435		S.A.C.I. Falabella (Multiline Retail)		292
24,405		Vina Concha y Toro SA (Beverages)		48
				2,498


Shares	Security Description		Value (000)
		China — 1.41%
1,052,000		Agricultural Bank of China Ltd., H Shares (Banks)	$	529
96,000		Air China Ltd. (Airlines)		77
222,000		Aluminum Corp. of China Ltd., H Shares (Metals & Mining) (a)		103
59,000		Anhui Conch Cement Co. Ltd., H Shares (Construction Materials)		218
104,000		AviChina Industry & Technology Co. Ltd., H Shares (Aerospace & Defense)		64
33,098		Baidu, Inc., ADR (Internet Software & Services) (a)		7,545
5,890,335		Bank of China Ltd., H Shares (Banks)		3,307
432,000		Bank of Communications Co. Ltd., H Shares (Banks)		402
67,000		BBMG Corp., H Shares (Construction Materials)		56
82,000		Beijing Capital International Airport Co. Ltd., H Shares (Transportation Infrastructure)		65
27,000		Byd Co. Ltd., H Shares (Automobiles)		104
244,000		CGN Power Co. Ltd., H Shares (Independent Power and Renewable Electricity Producers) (a)		106
248,000		China Cinda Asset Management Co. Ltd., H Shares (Capital Markets) (a)		120
418,000		China CITIC Bank Corp. Ltd., H Shares (Banks)		333
184,000		China Coal Energy Co. Ltd., H Shares (Oil, Gas & Consumable Fuels)		115
207,000		China Communications Construction Co. Ltd. (Construction & Engineering)		248
132,000		China Communications Services Corp. Ltd., H Shares (Diversified Telecommunication Services)		62
3,532,000		China Construction Bank Corp., H Shares (Banks)		2,885
94,000		China COSCO Holdings Co. Ltd., H Shares (Marine) ˆ(a)		46
125,900		China Everbright Bank Co. Ltd., H Shares (Banks)		68
66,500		China Galaxy Securities Co., H Shares (Independent Power and Renewable Electricity Producers)		83
26,300		China International Marine Containers Group Co. Ltd., H Shares (Machinery)		58
359,000		China Life Insurance Co. Ltd., H Shares (Insurance)		1,407
142,000		China Longyuan Power Group Corp. (Independent Power and Renewable Electricity Producers)		146
47,000		China Medical System Holdings Ltd. (Pharmaceuticals)		77
224,500		China Merchants Bank Co. Ltd., H Shares (Banks)		560
303,000		China Minsheng Banking Corp. Ltd., H Shares (Banks)		396
140,000		China National Building Material Co. Ltd., H Shares (Construction Materials)		135

See accompanying notes to financial statements.

98

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		China (continued)
88,000		China Oilfield Services Ltd., H Shares (Energy Equipment & Services)	$	152
390,400		China Pacific Insurance Group Co. Ltd. (Insurance)		1,964
1,254,000		China Petroleum & Chemical Corp., H Shares (Oil, Gas & Consumable Fuels)		1,016
103,500		China Railway Construction Corp. Ltd., H Shares (Construction & Engineering)		131
177,000		China Railway Group Ltd., H Shares (Construction & Engineering)		145
96,000		China Resources Land Ltd. (Real Estate Management & Development)		253
166,500		China Shenhua Energy Co. Ltd., H Shares (Oil, Gas & Consumable Fuels)		491
206,000		China Shipping Container Lines Co. Ltd., H Shares (Marine) (a)		65
682,000		China Telecom Corp. Ltd. (Diversified Telecommunication Services)		395
68,000		China Vanke Co. Ltd., H Shares (Real Estate Management & Development) ˆ(a)		151
44,900		Chongqing Changan Automobile Co. Ltd., Class – A (Automobiles)		102
135,000		Chongqing Rural Commercial Bank Co. Ltd., H Shares (Banks)		84
52,000		CITIC Securities Co. Ltd., H Shares (Capital Markets)		194
241,000		Country Garden Holdings Co. (Real Estate Management & Development)		96
97,000		CSR Corp. Ltd., H Shares (Machinery)		131
122,000		Datang International Power Generation Co. Ltd., H Shares (Independent Power and Renewable Electricity Producers)		66
128,000		Dongfeng Motor Group Co. Ltd., H Shares (Automobiles)		179
38,000		ENN Energy Holdings Ltd. (Gas Utilities)		215
49,000		Great Wall Motor Co. Ltd., H Shares (Automobiles)		277
118,000		Guangzhou Automobile Group Co. Ltd., H Shares (Automobiles)		107
33,000		Haitian International Holdings Ltd. (Machinery)		69
62,800		Haitong Securities Co. Ltd., H Shares (Capital Markets)		157
86,000		Huadian Power International Corp. Ltd., H Shares (Independent Power and Renewable Electricity Producers)		75
154,000		Huaneng Power International, Inc., H Shares (Independent Power and Renewable Electricity Producers)		208
6,214,952		Industrial & Commercial Bank of China Ltd., H Shares (Banks)		4,540
45,300		Inner Mongolia Yitai Coal Co. Ltd., B Shares (Oil, Gas & Consumable Fuels)		65
18,400		Jardine Matheson Holdings Ltd. (Industrial Conglomerates)		1,118


Shares	Security Description		Value (000)
		China (continued)
62,000		Jiangsu Expressway Co. Ltd., H Shares (Transportation Infrastructure)	$	74
61,000		Jiangxi Copper Co. Ltd., H Shares (Metals & Mining)		104
72,000		Longfor Properties (Real Estate Management & Development)		92
38,600		New China Life Insurance Co. Ltd., H Shares (Insurance)		194
341,000		People’s Insurance Co. Group of China Ltd., H Shares (Insurance)		159
1,034,000		PetroChina Co. Ltd., H Shares (Oil, Gas & Consumable Fuels)		1,148
720,260		PICC Property & Casualty Co. Ltd., H Shares (Insurance)(e)		1,390
326,356		Ping An Insurance Group Co. of China (Insurance)		3,304
88,000		Shandong Weigao Group Medical Polymer Co. Ltd. (Health Care Equipment & Supplies)		71
138,000		Shanghai Electric Group Co. Ltd., H Shares (Electrical Equipment)		73
70,000		Shanghai Fosun Pharmaceutical (Group) Co. Ltd., H Shares (Pharmaceuticals)		251
34,800		Shanghai Pharmaceuticals Holding Co. Ltd., H Shares (Health Care Providers & Services)		78
73,500		Shimao Property Holdings Ltd. (Real Estate Management & Development)		163
199,500		Shui On Land Ltd. (Real Estate Management & Development)		47
56,500		Sinopec Engineering Group Co. Ltd., H Shares (Construction & Engineering)		38
186,000		Sinopec Shanghai Petrochemical Co. Ltd., H Shares (Chemicals)		54
51,600		Sinopharm Group Co. (Health Care Providers & Services)		182
70,000		Sinotrans Ltd., H Shares (Air Freight & Logistics)		46
94,000		Soho China Ltd. (Real Estate Management & Development)		66
125,500		Sun Art Retail Group Ltd. (Food & Staples Retailing) ˆ		125
18,000		Tsingtao Brewery Co. Ltd. (Beverages)		121
294,000		Want Want China Holdings Ltd. (Food Products)		386
25,000		Weichai Power Co. Ltd. (Machinery)		105
84,000		Yanzhou Coal Mining Co. Ltd., H Shares (Oil, Gas & Consumable Fuels) ˆ		71
74,000		Zhejiang Expressway Co. Ltd., H Shares (Transportation Infrastructure)		86
28,500		Zhuzhou CSR Times Electric Co. Ltd. (Electrical Equipment)		167
308,000		Zijin Mining Group Co. Ltd., H Shares (Metals & Mining)		87
32,400		ZTE Corp., H Shares (Communications Equipment)		70
				40,513

See accompanying notes to financial statements.

99

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Colombia — 0.03%
9,084		Almacenes Exito SA (Food & Staples Retailing)	$	112
4,528		Banco Davivienda SA (Banks)		54
17,948		Cementos Argos SA (Construction Materials)		77
3,888		Corporacion Financiera Colombiana SA (Diversified Financial Services)		65
241,395		Ecopetrol SA (Oil, Gas & Consumable Fuels)		211
13,496		Grupo Argos SA (Construction Materials)		117
11,140		Grupo de Inversiones Suramericana (Diversified Financial Services)		188
16,956		Interconexion Electrica SA (Electric Utilities)		61
42,239		ISAGEN SA ESP (Electric Utilities)		53
				938
		Curaçao — 0.08%
27,012		Schlumberger Ltd. (Energy Equipment & Services)		2,307
		Czech Republic — 0.01%
7,953		CEZ A/S (Electric Utilities)		204
708		Komercni Banka A/S (Banks)		146
4,281		Telefonica O2 Czech Republic A/S (Diversified Telecommunication Services)		44
				394
		Denmark — 1.45%
1,154		A.P. Moller – Maersk A/S, Class – A (Marine)		2,209
2,888		A.P. Moller – Maersk A/S, Class – B (Marine)		5,745
24,591		Coloplast A/S, Class – B (Health Care Equipment & Supplies)		2,058
42,762		Genmab A/S (Biotechnology) (a)		2,481
651,615		Novo Nordisk A/S, Class – B (Pharmaceuticals)		27,568
3,008		Rockwool International A/S, B Shares (Building Products)		338
121,721		TDC A/S (Diversified Telecommunication Services)		929
2,943		Tryg A/S (Insurance)		329
				41,657
		Egypt — 0.02%
43,060		Commercial International Bank Egypt SAE (Banks)		294
142,421		Orascom Telecom Holding SAE (Wireless Telecommunication Services) (a)		80
45,523		Talaat Moustafa Group (Real Estate Management & Development)		62
17,067		Telecom Egypt Co. (Diversified Telecommunication Services)		28
				464
		Faroe Islands — 0.02%
23,974		Bakkafrost P/F (Food Products)		539


Shares	Security Description		Value (000)
		Finland — 0.77%
26,774		Elisa Oyj (Diversified Telecommunication Services)	$	731
90,037		Fortum Oyj (Electric Utilities)		1,955
127,582		Kone Oyj (Machinery)		5,807
50,120		Metso Oyj (Machinery)		1,500
40,636		Nokian Renkaat Oyj (Auto Components)		991
38,419		Orion Oyj, Class – B (Pharmaceuticals)		1,195
97,798		Sampo Oyj, A Shares (Insurance)		4,578
214,413		Stora Enso Oyj, R Shares (Paper & Forest Products)		1,917
206,718		UPM-Kymmene Oyj (Paper & Forest Products)		3,387
				22,061
		France — 8.25%
512,357		AXA SA (Insurance)		11,805
172,444		BNP Paribas (Banks)		10,179
115,796		Bouygues SA (Construction & Engineering)		4,181
42,059		Casino Guichard-Perrachon SA (Food & Staples Retailing)		3,867
26,116		CNP Assurances (Insurance)		463
216,011		Compagnie de Saint-Gobain (Building Products)		9,149
89,842		Compagnie Generale des Etablissements Michelin, Class – B (Tires & Rubber)		8,109
28,203		Danone SA (Food Products)		1,844
65,137		Edenred (Commercial Services & Supplies)		1,801
40,555		Electricite de France SA (Electric Utilities)		1,116
2,721		Essilor International SA (Health Care Equipment & Supplies)		303
83,973		Eutelsat Communications (Media)		2,715
7,025		Fonciere des Regions (Real Estate Investment Trusts)		649
336,827		GDF Suez (Multi-Utilities)		7,853
6,838		Gecina SA (Real Estate Investment Trusts)		854
356		Hermes International (Textiles, Apparel & Luxury Goods)		127
9,018		Icade (Real Estate Investment Trusts)		721
22,934		Ingenico Group (Electronic Equipment, Instruments & Components)		2,416
10,806		JC Decaux SA (Media)		372
24,855		Klepierre (Real Estate Investment Trusts) ˆ		1,067
63,050		Lagardere SCA (Media)		1,642
80,869		Legrand SA (Electrical Equipment)		4,242
25,988		L’Oreal SA (Personal Products)		4,349
17,891		LVMH Moet Hennessy Louis Vuitton SA (Textiles, Apparel & Luxury Goods)		2,833
64,525		Numericable – SFR (Media) (a)(e)		3,197
612,552		Orange (Diversified Telecommunication Services)		10,416
42,022		Pernod Ricard SA (Beverages)		4,670
160		Publicis Groupe (Media)		11
17,915		Renault SA (Automobiles)		1,305
116,705		Rexel SA (Trading Companies & Distributors)		2,091

See accompanying notes to financial statements.

100

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		France (continued)
24,636		Safran SA (Aerospace & Defense)	$	1,520
398,107		Sanofi-Aventis (Pharmaceuticals)		36,292
110,181		Schneider Electric SA (Electrical Equipment)		8,023
22,918		SCOR SE (Insurance)		694
69,357		Societe Generale (Banks)		2,902
39,723		Suez Environnement Co. (Multi-Utilities)		692
106,789		Technicolor SA (Media) (a)		596
73,347		Technip SA (Energy Equipment & Services)		4,369
768,753		Total SA (Oil, Gas & Consumable Fuels)		39,381
24,221		Unibail-Rodamco SE (Real Estate Investment Trusts)		6,213
50,847		Veolia Environnement (Multi-Utilities)		901
300,140		Vinci SA (Construction & Engineering)		16,386
354,001		Vivendi (Diversified Telecommunication Services)		8,810
157,782		Zodiac Aerospace (Aerospace & Defense)		5,311
				236,437
		Germany — 7.68%
86,202		Allianz SE (Insurance)		14,275
16,183		Axel Springer AG (Media)		976
303,951		BASF SE (Chemicals)		25,494
116,055		Bayer AG (Pharmaceuticals)		15,817
147,329		Bayerische Motoren Werke AG (Automobiles)		15,898
36,192		Beiersdorf AG (Personal Products)		2,938
11,790		Brenntag AG (Trading Companies & Distributors)		659
12,785		Continental AG (Auto Components)		2,696
433,267		Daimler AG (Automobiles)		35,981
139,928		Deutsche Bank AG (Capital Markets)		4,190
19,229		Deutsche Boerse AG (Diversified Financial Services)		1,366
457,646		Deutsche Post AG (Air Freight & Logistics)		14,854
621,042		Deutsche Telekom AG – Registered (Diversified Telecommunication Services)		9,936
111,818		Deutsche Wohnen AG (Real Estate Management & Development)		2,637
180,056		E.ON AG (Multi-Utilities)		3,077
11,227		ElringKlinger AG (Auto Components)		388
8,897		Freenet AG (Wireless Telecommunication Services)		253
13,028		Hannover Rueckversicherung AG – Registered (Insurance)		1,175
23,096		Hugo Boss AG (Textiles, Apparel & Luxury Goods)		2,825
15,915		Indus Holding AG (Industrial Conglomerates)		729
340,953		Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		3,607
66,489		Linde AG (Chemicals)		12,246
17,390		MTU Aero Engines Holding AG (Aerospace & Defense)		1,511


Shares	Security Description		Value (000)
		Germany (continued)
27,721		Muenchener Rueckversicherungs-Gesellschaft AG – Registered Shares (Insurance)	$	5,520
76,462		ProSiebenSat.1 Media AG (Media)		3,194
48,834		RWE AG (Multi-Utilities)		1,507
52,235		SAP AG (Software)		3,647
288,151		Siemens AG (Industrial Conglomerates)		32,328
97,575		Telefonica Deutschland Holding AG (Diversified Telecommunication Services)		517
				220,241
		Greece — 0.03%
188,889		Alpha Bank AE (Banks) (a)		106
409,594		Eurobank Ergasias SA (Banks) (a)		91
1,552		Folli Follie SA (Specialty Retail)		50
12,683		Hellenic Telecommunication Organization SA (Diversified Telecommunication Services) (a)		139
5,223		JUMBO SA (Specialty Retail)		53
75,427		National Bank of Greece SA (Banks) (a)		132
11,466		Opap SA (Hotels, Restaurants & Leisure)		123
99,254		Piraeus Bank SA (Banks) (a)		108
6,061		Public Power Corp. SA (Electric Utilities) (a)		40
1,998		Titan Cement Co. SA (Construction Materials)		46
				888
		Hong Kong — 3.73%
2,595,718		AIA Group Ltd. (Insurance)		14,317
6,065		Alibaba Group Holding Ltd. (Internet Software & Services) (a)		631
250,000		Alibaba Pictures Group Ltd. (Internet Software & Services) (a)		44
325,000		Beijing Enterprises Holdings Ltd. (Industrial Conglomerates)		2,542
223,000		Belle International Holdings Ltd. (Specialty Retail)		251
718,505		BOC Hong Kong (Holdings) Ltd. (Banks)		2,394
146,000		Brilliance China Automotive Holdings Ltd. (Automobiles)		234
236,534		Cheung Kong Infrastructure Holdings Ltd. (Electric Utilities)		1,740
119,000		China Agri-Industries Holdings Ltd. (Food Products)		49
510,000		China Everbright International Ltd. (Commercial Services & Supplies)		753
44,000		China Everbright Ltd. (Capital Markets)		104
94,000		China Gas Holdings Ltd. (Gas Utilities)		147
655,889		China Merchants Holdings (International) Co. Ltd. (Transportation Infrastructure)		2,203
1,014,482		China Mobile Ltd. (Wireless Telecommunication Services)		11,883
200,000		China Overseas Land & Investment Ltd. (Real Estate Management & Development)		592

See accompanying notes to financial statements.

101

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Hong Kong (continued)
58,000		China Resources Enterprises Ltd. (Food & Staples Retailing)	$	121
42,000		China Resources Gas Group Ltd. (Gas Utilities)		109
94,000		China Resources Power Holdings Co. Ltd. (Independent Power and Renewable Electricity Producers)		240
102,000		China South City Holdings Ltd. (Real Estate Management & Development)		46
80,000		China State Construction International Holdings Ltd. (Construction & Engineering)		112
46,800		China Taiping Insurance Holdings Co. Ltd. (Insurance) (a)		133
1,130,000		China Unicom (Hong Kong) Ltd. (Diversified Telecommunication Services)		1,515
91,000		CITIC Pacific Ltd. (Industrial Conglomerates)		155
348,419		CLP Holdings Ltd. (Electric Utilities)		3,017
3,162,771		CNOOC Ltd. (Oil, Gas & Consumable Fuels)		4,277
132,000		CSPC Pharmaceutical Group Ltd. (Pharmaceuticals)		116
292,000		Evergrande Real Estate Group Ltd. (Real Estate Management & Development) ˆ		118
80,000		Far East Horizon Ltd. (Diversified Financial Services)		79
85,500		Fosun International Ltd. (Metals & Mining)		111
202,000		Franshion Properties China Ltd. (Real Estate Management & Development)		58
130,000		Guangdong Investment Ltd. (Water Utilities)		169
50,000		Guangzhou R&F Properties Co. Ltd., H Shares (Real Estate Management & Development)		61
54,000		Haier Electronics Group Co. Ltd. (Household Durables)		128
588,000		Hanergy Thin Film Power Group Ltd. (Semiconductors & Semiconductor Equipment) ˆ		213
845,000		Hang Lung Properties Ltd. (Real Estate Management & Development)		2,358
242,909		Hang Seng Bank Ltd. (Banks)		4,037
135,000		Henderson Land Development Co. Ltd. (Real Estate Management & Development)		938
36,500		Hengan International Group Co. Ltd. (Personal Products)		381
2,123,180		HKT Trust & HKT Ltd. (Diversified Telecommunication Services)		2,765
48,000		Hutchison Whampoa Ltd. (Industrial Conglomerates)		549
180,000		Hysan Development Co. (Real Estate Management & Development)		799
260,000		Kerry Properties Ltd. (Real Estate Management & Development)		938


Shares	Security Description		Value (000)
		Hong Kong (continued)
306,000		Lenovo Group Ltd. (Technology Hardware, Storage & Peripherals)	$	400
270,000		Li & Fung Ltd. (Textiles, Apparel & Luxury Goods)		253
15,700		Melco Crown Entertainment Ltd., ADR (Hotels, Restaurants & Leisure)		399
409,000		MTR Corp. Ltd. (Road & Rail)		1,674
1,992,000		New World Development Co. Ltd. (Real Estate Management & Development)		2,287
1,639,000		PCCW Ltd. (Diversified Telecommunication Services)		1,116
274,538		Power Assets Holdings Ltd. (Electric Utilities)		2,655
394,000		Sands China Ltd. (Hotels, Restaurants & Leisure)		1,918
21,000		Shanghai Industrial Holdings Ltd. (Industrial Conglomerates)		63
156,000		Sino Biopharmaceutiical Ltd. (Pharmaceuticals)		141
967,839		Sino Land Co. Ltd. (Real Estate Management & Development)		1,554
177,000		Sino-Ocean Land Holdings Ltd. (Real Estate Management & Development)		100
1,797,899		SJM Holdings Ltd. (Hotels, Restaurants & Leisure)		2,843
625,040		Sun Hung Kai Properties Ltd. (Real Estate Management & Development)		9,470
304,326		Swire Pacific Ltd., Class – A (Real Estate Management & Development)		3,950
255,341		The Bank of East Asia Ltd. (Banks)		1,026
1,023,618		The Link Real Estate Investment Trust (Real Estate Investment Trusts)		6,409
1,245,300		The Wharf (Holdings) Ltd. (Real Estate Management & Development)		8,940
98,000		Tingyi (Cayman Islands) Holding Corp. (Food Products)		223
292,000		Yuexiu Property Co. Ltd. (Real Estate Management & Development)		56
				106,904
		Hungary — 0.01%
2,136		MOL Hungarian Oil & Gas PLC (Oil, Gas & Consumable Fuels)		94
9,970		OTP Bank Nyrt PLC (Banks)		144
7,107		Richter Gedeon Nyrt (Pharmaceuticals)		96
				334
		India — 0.06%
53,900		Infosys Ltd., ADR (IT Services)		1,696
		Indonesia — 0.18%
220,600		Media Nusantara Citra (Media)		45
621,300		PT Adaro Energy Tbk (Oil, Gas & Consumable Fuels)		52
20,600		PT Astra Agro Lestari Tbk (Food Products)		40
985,700		PT Astra International Tbk (Automobiles)		588
598,800		PT Bank Central Asia Tbk (Banks)		635
201,700		PT Bank Danamon Indonesia Tbk (Banks)		73
431,900		PT Bank Mandiri Tbk (Banks)		376

See accompanying notes to financial statements.

102

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Indonesia (continued)
343,100		PT Bank Negara Indonesia Persero Tbk (Banks)	$	168
540,500		PT Bank Rakyat Indonesia Persero Tbk (Banks)		508
365,000		PT Bumi Serpong Damai (Real Estate Management & Development)		53
385,800		PT Charoen Pokphand Indonesia Tbk (Food Products)		117
371,000		PT Global MediaCom Tbk (Media)		43
24,900		PT Gudang Garam Tbk (Tobacco)		122
20,900		PT Indo Tambangraya Megah Tbk (Oil, Gas & Consumable Fuels)		26
67,100		PT Indocement Tunggal Prakarsa Tbk (Construction Materials)		135
60,200		PT Indofood CBP Sukses Makmur Tbk (Food Products)		64
195,500		PT Indofood Sukses Makmur Tbk (Food Products)		107
108,500		PT Jasa Marga Persero Tbk (Transportation Infrastructure)		62
1,027,600		PT Kalbe Farma Tbk (Pharmaceuticals)		152
1,039,100		PT Lippo Karawaci Tbk (Real Estate Management & Development)		85
108,300		PT Matahari Department Store Tbk (Multiline Retail)		131
526,600		PT Perusahaan Gas Negara Tbk (Gas Utilities)		255
139,600		PT Semen Gresik (Persero) Tbk (Construction Materials)		183
227,600		PT Surya Citra Media Tbk (Media)		64
43,400		PT Tambang Batubara Bukit Asam Tbk (Oil, Gas & Consumable Fuels)		43
2,366,400		PT Telekomunikasi Indonesia Persero Tbk (Diversified Telecommunication Services)		544
95,800		PT Tower Bersama Infrastructure Tbk (Wireless Telecommunication Services)		75
71,300		PT Unilever Indonesia Tbk (Household Products)		185
76,000		PT United Tractors Tbk (Machinery)		106
141,100		PT XL Axiata Tbk (Diversified Telecommunication Services)		55
				5,092
		Ireland — 0.64%
3,401,909		Bank of Ireland (Banks) (a)		1,275
86,961		Covidien PLC (Health Care Equipment & Supplies)		8,894
184,528		CRH PLC (Construction Materials)		4,437
87,912		Experian PLC (Professional Services)		1,482
131,784		Greencore Group PLC (Personal Products)		585
18,489		Ryanair Holdings PLC, ADR (Airlines) (a)		1,318
17,055		Smurfit Kappa Group PLC (Containers & Packaging)		383
				18,374


Shares	Security Description		Value (000)
		Israel — 0.45%
158,816		Bank Leumi Le-Israel (Banks) (a)	$	543
539,809		Bezeq The Israeli Telecommunication Corp. Ltd. (Diversified Telecommunication Services)		959
2,389		Delek Group Ltd. (Oil, Gas & Consumable Fuels)		600
261,458		Israel Chemicals Ltd. (Chemicals)		1,884
733,991		Israel Discount Bank, Class – A (Banks) (a)		1,174
136,459		Teva Pharmaceutical Industries Ltd. (Pharmaceuticals)		7,836
				12,996
		Italy — 1.11%
26,540		Assicurazioni Generali SpA (Insurance)		545
121,851		Atlantia SpA (Transportation Infrastructure)		2,832
1,263,795		Enel SpA (Electric Utilities)		5,633
1,046,629		Eni SpA (Oil, Gas & Consumable Fuels)		18,330
248,644		Intesa Sanpaolo SpA (Banks)		722
278,207		Intesa Sanpaolo SpA (Banks)		685
149,706		Snam Rete Gas SpA (Gas Utilities)		741
1,072,189		Telecom Italia SpA (Diversified Telecommunication Services)		1,144
889,269		Telecom Italia SpA (Diversified Telecommunication Services)		743
110,860		Terna – Rete Elettrica Nationale SpA (Electric Utilities)		503
				31,878
		Japan — 18.78%
298,225		Aeon Co. Ltd. (Food & Staples Retailing)		2,998
12,700		Aeon Credit Service Co. Ltd. (Consumer Finance)		251
94,832		Aisin Seiki Co. Ltd. (Auto Components)		3,408
21,200		Ajinomoto Co., Inc. (Food Products)		395
76,100		Alfresa Holdings Corp. (Health Care Providers & Services)		919
30,100		ALPS ELECTRIC Co. Ltd. (Electronic Equipment, Instruments & Components)		569
128,000		Aozora Bank Ltd. (Banks)		396
503,575		Asahi Glass Co. Ltd. (Building Products) ˆ		2,452
255,000		Asahi Kasei Corp. (Chemicals)		2,327
99,400		Astellas Pharma, Inc. (Pharmaceuticals)		1,384
36,249		Benesse Holdings, Inc. (Diversified Consumer Services)		1,076
431,888		Bridgestone Corp. (Auto Components)		14,980
685,067		Canon, Inc. (Technology Hardware, Storage & Peripherals)		21,778
280,079		Dai Nippon Printing Co. Ltd. (Commercial Services & Supplies)		2,522
93,912		Daihatsu Motor Co. Ltd. (Automobiles)		1,227
332,591		Daiichi Sankyo Co. Ltd. (Pharmaceuticals)		4,651
24,167		Daito Trust Construction Co. Ltd. (Real Estate Management & Development)		2,742
344,000		Daiwa House Industry Co. Ltd. (Real Estate Management & Development)		6,499

See accompanying notes to financial statements.

103

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Japan (continued)
59,300		Denso Corp. (Auto Components)	$	2,764
27,500		East Japan Railway Co. (Road & Rail)		2,073
125,071		Eisai Co. Ltd. (Pharmaceuticals)		4,838
24,900		EXEDY Corp. (Auto Components)		600
29,557		FamilyMart Co. Ltd. (Food & Staples Retailing)		1,113
13,300		Fanuc Ltd. (Machinery)		2,193
91,000		Fukuoka Financial Group, Inc. (Banks)		469
60,600		Hamamatsu Photonics K.K. (Electronic Equipment, Instruments & Components)		2,885
81,500		HASEKO Corp. (Household Durables)		656
7,200		Hikari Tsushin, Inc. (Specialty Retail)		438
47,000		Hino Motors Ltd. (Machinery)		619
24,700		Hisamitsu Pharmaceutical Co., Inc. (Pharmaceuticals)		779
46,500		Hitachi Construction Machinery Co. Ltd. (Construction & Farm Machinery & Heavy Trucks)		983
655,000		Hitachi Ltd. (Electronic Equipment, Instruments & Components)		4,835
19,400		Hokuriku Electric Power Co. (Electric Utilities)		248
768,624		Honda Motor Co. Ltd. (Automobiles)		22,554
213,795		HOYA Corp. (Electronic Equipment, Instruments & Components)		7,232
42,300		Idemitsu Kosan Co. Ltd. (Oil, Gas & Consumable Fuels)		699
1,187,000		IHI Corp. (Machinery)		6,013
69,900		Iida Group Holdings Co. Ltd. (Household Durables)		852
797,668		ITOCHU Corp. (Trading Companies & Distributors)		8,517
12,193		ITOCHU Techno-Solutions Corp. (IT Services)		430
142,000		Japan Airlines Co. Ltd. (Airlines)		4,211
28,000		Japan Aviation Electronics Industry Ltd. (Electronic Equipment, Instruments & Components)		612
186		Japan Prime Realty Investment Corp. (Real Estate Investment Trusts)		647
280		Japan Real Estate Investment Corp. (Real Estate Investment Trusts)		1,349
559		Japan Retail Fund Investment Corp. (Real Estate Investment Trusts)		1,182
578,597		Japan Tobacco, Inc. (Tobacco)		15,927
107,000		JGC Corp. (Construction & Engineering)		2,203
223,845		JS Group Corp. (Building Products)		4,712
89,983		JSR Corp. (Chemicals)		1,545
1,131,924		JX Holdings, Inc. (Oil, Gas & Consumable Fuels)		4,405
31,900		Kakaku.com, Inc. (Internet Software & Services)		456
149,602		Kaneka Corp. (Chemicals)		802


Shares	Security Description		Value (000)
		Japan (continued)
504,451		Kawasaki Heavy Industries Ltd. (Machinery)	$	2,294
351,944		KDDI Corp. (Wireless Telecommunication Services)		22,114
11,950		Keyence Corp. (Electronic Equipment, Instruments & Components)		5,326
428,932		Kirin Holdings Co. Ltd. (Beverages)		5,331
1,338,000		Kobe Steel Ltd. (Metals & Mining)		2,305
562,100		Komatsu Ltd. (Machinery)		12,430
43,400		Konami Corp. (Home Entertainment Software)		796
221,000		Kubota Corp. (Machinery)		3,208
169,429		Kuraray Co. Ltd. (Chemicals)		1,925
57,100		Kurita Water Industries Ltd. (Machinery)		1,191
116,853		Kyowa Hakko Kirin Co. Ltd. (Pharmaceuticals)		1,101
31,526		Lawson, Inc. (Food & Staples Retailing)		1,905
984,731		Marubeni Corp. (Trading Companies & Distributors)		5,893
22,677		Maruichi Steel Tube Ltd. (Metals & Mining)		483
24,200		Miraca Holdings, Inc. (Health Care Providers & Services)		1,041
58,500		MIRAIT Holdings Corp. (Construction & Engineering)		664
642,700		Mitsubishi Chemical Holdings Corp. (Chemicals)		3,118
734,140		Mitsubishi Corp. (Trading Companies & Distributors)		13,437
51,000		Mitsubishi Electric Corp. (Heavy Electrical Equipment)		606
167,000		Mitsubishi Gas Chemical Co., Inc. (Chemicals)		838
483,000		Mitsubishi Materials Corp. (Metals & Mining)		1,603
110,343		Mitsubishi Tanabe Pharma Corp. (Pharmaceuticals)		1,618
2,239,282		Mitsubishi UFJ Financial Group, Inc. (Banks)		12,306
860,326		Mitsui & Co. Ltd. (Trading Companies & Distributors)		11,524
604,000		Mitsui Mining & Smelting Co. Ltd. (Metals & Mining)		1,458
2,844,092		Mizuho Financial Group, Inc. (Banks)		4,768
57,500		MS&AD Insurance Group Holdings, Inc. (Insurance)		1,363
15,600		Murata Manufacturing Co. Ltd. (Electronic Equipment, Instruments & Components)		1,703
165,327		NGK Insulators Ltd. (Machinery)		3,389
73,900		NHK Spring Co. Ltd. (Auto Components)		643
423,000		Nikon Corp. (Household Durables)		5,620
7,100		Nintendo Co. Ltd. (Software)		741
317		Nippon Building Fund, Inc. (Real Estate Investment Trusts)		1,592

See accompanying notes to financial statements.

104

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Japan (continued)
172,000		Nippon Electric Glass Co. Ltd. (Electronic Equipment, Instruments & Components)	$	774
396,172		Nippon Express Co. Ltd. (Road & Rail)		2,008
9,000		Nippon Paint Holdings Co. Ltd. (Chemicals)		261
317		Nippon Prologis REIT, Inc. (Real Estate Investment Trusts)		688
115,789		Nippon Telegraph & Telephone Corp. (Diversified Telecommunication Services)		5,916
614,000		Nippon Yusen Kabushiki Kaisha (Marine)		1,735
113,300		NIPRO Corp. (Health Care Equipment & Supplies)		976
1,508,879		Nissan Motor Co. Ltd. (Automobiles)		13,162
42,502		NKSJ Holdings, Inc. (Insurance)		1,069
28,200		Nomura Real Estate Holdings, Inc. (Real Estate Management & Development)		483
148,200		North Pacific Bank Ltd. (Banks)		572
72,000		NSK Ltd. (Machinery)		850
47,790		NTT Data Corp. (IT Consulting & Other Services)		1,781
374,800		NTT DoCoMo, Inc. (Wireless Telecommunication Services)		5,459
397,090		Oji Paper Co. Ltd. (Paper & Forest Products)		1,421
175,000		Olympus Corp. (Health Care Equipment & Supplies) (a)		6,131
40,800		OMRON Corp. (Electronic Equipment, Instruments & Components)		1,826
12,900		Ono Pharmaceutical Co. Ltd. (Pharmaceuticals)		1,142
38,200		Oracle Corp. Japan (Software)		1,557
48,700		ORIX Corp. (Diversified Financial Services)		613
236,477		Osaka Gas Co. Ltd. (Gas Utilities)		883
20,500		Otsuka Corp. (IT Consulting & Other Services)		650
181,681		Otsuka Holdings Co. Ltd. (Pharmaceuticals)		5,448
165,500		Panasonic Corp. (Household Durables)		1,950
50,300		Park24 Co. Ltd. (Commercial Services & Supplies)		741
35,500		Recruit Holdings Co. Ltd. (Professional Services) (a)(b)		1,020
483,985		Resona Holdings, Inc. (Banks)		2,445
305,700		Ricoh Co. Ltd. (Office Electronics)		3,091
9,100		Rinnai Corp. (Household Durables)		612
15,900		Rohto Pharmaceutical Co. Ltd. (Pharmaceuticals)		199
12,100		Ryohin Keikaku Co. (Multiline Retail)		1,492
27,004		Sankyo Co. Ltd. (Leisure Products)		927
207,457		Sekisui Chemical Co. Ltd. (Household Durables)		2,496
267,265		Sekisui House Ltd. (Household Durables)		3,517


Shares	Security Description		Value (000)
		Japan (continued)
5,600		Shimano, Inc. (Leisure Products)	$	725
52,500		Shin-Etsu Chemical Co. Ltd. (Chemicals)		3,418
60,900		SHOWA Corp. (Auto Components)		563
89,400		Showa Shell Sekiyu K.K. (Oil, Gas & Consumable Fuels) ˆ		881
5,000		SMC Corp. (Machinery)		1,311
119,810		SoftBank Corp. (Wireless Telecommunication Services)		7,133
458,400		Sojitz Corp. (Trading Companies & Distributors)		640
18,800		Sony Financial Holdings, Inc. (Life & Health Insurance)		277
686,000		Sumitomo Chemical Co. Ltd. (Chemicals)		2,701
561,600		Sumitomo Corp. (Trading Companies & Distributors)		5,769
242,000		Sumitomo Metal Mining Co. Ltd. (Metals & Mining)		3,609
478,123		Sumitomo Mitsui Financial Group, Inc. (Banks)		17,289
913,000		Sumitomo Mitsui Trust Holdings, Inc. (Banks)		3,498
238,531		Sumitomo Rubber Industries Ltd. (Auto Components)		3,547
24,100		Sysmex Corp. (Health Care Equipment & Supplies)		1,070
49,300		T&D Holdings, Inc. (Life & Health Insurance)		591
390,585		Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals)		16,171
108,000		Takuma Co. Ltd. (Machinery)		717
32,000		The Chugoku Electric Power Co., Inc. (Electric Utilities)		418
193,000		The San-in Godo Bank Ltd. (Banks)		1,451
102,000		The Yokohama Rubber Co. Ltd. (Auto Components)		929
85,225		Tokio Marine Holdings, Inc. (Insurance)		2,768
142,135		TonenGeneral Sekiyu K.K. (Oil, Gas & Consumable Fuels)		1,214
273,545		Toppan Printing Co. Ltd. (Commercial Services & Supplies)		1,778
122,000		TOTO Ltd. (Building Products)		1,419
31,481		Toyoda Gosei Co. Ltd. (Auto Components)		633
814,800		Toyota Motor Corp. (Automobiles)		50,784
98,300		Toyota Tsusho Corp. (Trading Companies & Distributors)		2,284
94,000		Trend Micro, Inc. (Software) ˆ		2,598
24,300		Unicharm Corp. (Household Products)		583
559		United Urban Investment Corp. (Real Estate Investment Trusts)		880
110,100		USS Co. Ltd. (Specialty Retail)		1,692
156,368		West Japan Railway Co. (Road & Rail)		7,394
715,900		Yahoo Japan Corp. (Internet Software & Services)		2,567
11,900		Yamato Holdings Co. Ltd. (Air Freight & Logistics)		236
				538,182

See accompanying notes to financial statements.

105

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Jersey — 0.41%
468,495		Glencore International PLC (Metals & Mining)	$	2,162
42,567		Petrofac Ltd. (Energy Equipment & Services)		464
52,560		Shire PLC (Pharmaceuticals)		3,726
28,158		Wolseley PLC (Trading Companies & Distributors)		1,610
186,976		WPP PLC (Media)		3,887
				11,849
		Korea, Republic Of — 0.00%
783		KEPCO Plant Service & Engineering Co. Ltd. (Commercial Services & Supplies)		57
		Luxembourg — 0.38%
72,658		GAGFAH SA (Real Estate Management & Development) (a)		1,622
13,543		RTL Group (Media)		1,291
218,347		SES – FDR, Class – A (Media)		7,851
				10,764
		Malaysia — 0.23%
71,000		Airasia Berhad (Airlines)		55
51,700		Alliance Financial Group Berhad (Banks)		70
85,400		AMMB Holdings Berhad (Banks)		160
82,100		Astro Malaysia Holdings Berhad (Media)		71
123,700		Axiata Group Berhad (Wireless Telecommunication Services)		249
38,372		Berjaya Sports Toto Berhard (Hotels, Restaurants & Leisure)		38
6,700		British American Tobacco Malaysia Berhad (Tobacco)		124
86,400		Bumi Armada Berhad (Energy Equipment & Services)		27
233,000		CIMB Group Holdings Berhad (Banks)		370
162,488		Dialog Group Berhad (Construction & Engineering)		70
159,100		DiGi.Com Berhad (Wireless Telecommunication Services)		281
70,200		Felda Global Ventures Holdings Berhad (Food Products)		44
90,300		Gamuda Berhad (Construction & Engineering)		130
105,600		Genting Berhad (Hotels, Restaurants & Leisure)		268
151,600		Genting Malaysia Berhad (Hotels, Restaurants & Leisure)		176
13,800		Genting Plantations Berhad (Food Products)		39
26,200		Hong Leong Bank Berhad (Banks)		105
11,700		Hong Leong Financial Group Berhad (Banks)		55
120,100		Ihh Healthcare Berhad (Health Care Providers & Services)		165
55,500		IJM Corp. Berhad (Construction & Engineering)		104
137,300		IOI Corp. Berhad (Food Products)		189


Shares	Security Description		Value (000)
		Malaysia (continued)
71,600		IOI Properties Group Berhad (Real Estate Management & Development)	$	50
24,500		Kuala Lumpur Kepong Berhad (Food Products)		160
20,800		Lafarge Malayan Cement Berhad (Construction Materials)		58
220,100		Malayan Banking Berhad (Banks)		577
28,400		Malaysia Airports holdings Berhad (Transportation Infrastructure)		55
100,000		Maxis Berhad (Wireless Telecommunication Services)		195
56,300		MISC Berhad (Marine)		116
137,400		Petronas Chemicals Group Berhad (Chemicals)		214
12,400		Petronas Dagangan Berhad (Oil, Gas & Consumable Fuels)		61
29,000		Petronas Gas Berhad (Gas Utilities)		184
23,800		PPB Group Berhad (Food Products)		97
129,740		Public Bank Berhad (Banks)		677
20,800		RHB Capital Berhad (Banks)		45
172,300		SapuraKencana Petroleum Berhad (Energy Equipment & Services)		114
138,800		Sime Darby Berhad (Industrial Conglomerates)		365
50,300		Telekom Malaysia Berhad (Diversified Telecommunication Services)		99
140,800		Tenega Nasional Berhad (Electric Utilities)		555
80,900		UEM Sunrise Berhad (Real Estate Management & Development)		32
28,500		UMW Holdings Berhad (Automobiles)		90
216,100		YTL Corp. Berhad (Multi-Utilities)		98
75,600		YTL Power International Berhad (Multi-Utilities)		32
				6,664
		Malta — 0.00%
16,382		Brait SE (Diversified Financial Services)		111
		Mexico — 0.46%
140,800		Alfa SAB de CV, Class – A (Industrial Conglomerates) (a)		314
1,667,300		America Movil SAB de CV (Wireless Telecommunication Services)		1,854
17,100		Arca Continental SAB de CV (Beverages) (a)		108
18,100		Cemex SAB de CV, ADR (Construction Materials) (a)		184
578,376		Cemex SAB de CV (Construction Materials) (a)		590
19,900		Coca-Cola FEMSA SAB de CV, Series L (Beverages)		171
58,100		Compartamos SAB de CV (Consumer Finance) (a)		117
21,700		Controladora Comercial Mexicana SAB de C.V (Food & Staples Retailing)		77
9,600		El Puerto de Liverpool SAB de CV, Class – C1 (Multiline Retail) (a)		96

See accompanying notes to financial statements.

106

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Mexico (continued)
108,500		Fibra Uno Amdinistracion SA (Real Estate Investment Trusts)	$	320
94,300		Fomento Economico Mexicano SAB de CV (Beverages) (a)		837
42,400		Genomma Lab Internacional SAB de CV, B Shares (Pharmaceuticals) (a)		81
7,900		Gruma, S.A.B de CV, Class – B (Food Products)		84
16,100		Grupo Aeroportuario del Pacifico SAB de CV, B Shares (Transportation Infrastructure)		101
10,800		Grupo Aeroportuario del Sureste SAB de CV, Class – B (Transportation Infrastructure) (a)		143
80,900		Grupo Bimbo SAB de CV (Food Products) (a)		223
28,800		Grupo Carso SAB de CV, Series A1 (Industrial Conglomerates)		142
19,100		Grupo Comercial Chedraui SAB de CV (Food & Staples Retailing) (a)		55
119,100		Grupo Financiero Banorte SAB de CV (Banks)		656
114,300		Grupo Financiero Inbursa, SAB de CV, Class – O (Banks)		295
86,500		Grupo Financiero Santander Mexico SAB de CV, B Shares (Banks)		181
16,500		Grupo Lala SAB de CV (Food Products) (a)		32
188,900		Grupo Mexico SAB de CV, Series B (Metals & Mining)		548
113,336		Grupo Televisa SA, ADR (Media)		3,860
128,300		Grupo Televisa SAB de CV (Media) (a)		875
6,380		Industrias Penoles SAB de CV (Metals & Mining)		125
75,300		Kimberly-Clark de Mexico SAB de CV, A Shares (Household Products)		164
47,200		Mexichem SAB de CV (Chemicals) (a)		143
35,000		Minera Frisco SAB de CV, Class – A1 (Metals & Mining) (a)		51
30,200		Ohl Mexico SAB de CV (Transportation Infrastructure) (a)		56
12,700		Promotora y Operadora de Infraestructura SAB de CV (Construction & Engineering) (a)		153
255,200		Wal-Mart de Mexico SAB de CV, Series V (Food & Staples Retailing)		548
				13,184
		Netherlands — 3.25%
80,839		AEGON NV (Insurance)		608
14,400		Aercap Holdings NV (Aerospace & Defense) (a)		559
13,400		AerCap Holdings NV (Trading Companies & Distributors) (a)		520
162,601		Akzo Nobel NV (Chemicals)		11,249
126,414		ASML Holding NV (Semiconductors & Semiconductor Equipment)		13,658
13,219		ASML Holding NV, NYS (Semiconductors & Semiconductor Equipment)		1,425


Shares	Security Description		Value (000)
		Netherlands (continued)
4,863		Corio NV (Real Estate Investment Trusts)	$	238
9,769		Delta Lloyd NV (Insurance)		215
80,512		European Aeronautic Defence & Space Co. (Aerospace & Defense)		3,980
7,048		Fugro NV (Energy Equipment & Services)		146
38,237		Gemalto NV (Software) ˆ		3,120
65,473		ING Groep NV (Banks) (a)		846
309,418		Koninklijke Ahold NV (Food & Staples Retailing)		5,499
13,704		Koninklijke Boskalis Westminster NV (Construction & Engineering)		750
83,615		Koninklijke DSM NV (Chemicals)		5,099
195,998		Koninklijke Philips Electronics NV (Industrial Conglomerates)		5,681
46,841		NN Group NV (Insurance) (a)		1,398
17,403		Randstad Holding NV (Professional Services)		837
444,474		Reed Elsevier NV (Media)		10,613
425,725		TNT NV (Air Freight & Logistics) (a)		1,582
579,522		Unilever NV (Food Products)		22,666
53,545		Wolters Kluwer NV (Media)		1,634
43,500		Yandex NV (Internet Software & Services) (a)		781
				93,104
		New Zealand — 0.06%
118,896		Auckland International Airport Ltd. (Transportation Infrastructure)		391
196,200		Infratil Ltd. (Electric Utilities)		459
397,133		Telecom Corp. of New Zealand Ltd. (Diversified Telecommunication Services)		962
				1,812
		Norway — 0.75%
138,833		DNB ASA (Banks)		2,049
20,233		Gjensidige Forsikring ASA (Insurance)		330
314,241		Orkla ASA (Food Products)		2,141
670,140		Statoil ASA (Oil, Gas & Consumable Fuels)		11,808
254,682		Telenor ASA (Diversified Telecommunication Services)		5,155
				21,483
		Papua New Guinea — 0.09%
394,390		Oil Search Ltd. (Oil, Gas & Consumable Fuels)		2,528
		Peru — 0.02%
9,800		Compania de Minas Buenaventura SA, ADR (Metals & Mining)		94
3,300		Credicorp Ltd. (Banks)		528
				622
		Philippines — 0.08%
100,830		Aboitiz Equity Ventures, Inc. (Industrial Conglomerates)		118
68,900		Aboitiz Power Corp. (Independent Power and Renewable Electricity Producers)		66

See accompanying notes to financial statements.

107

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Philippines (continued)
106,000		Alliance Global Group, Inc. (Industrial Conglomerates)	$	53
8,270		Ayala Corp. (Diversified Financial Services)		128
315,000		Ayala Land, Inc. (Real Estate Management & Development)		235
40,520		Bank of the Philippine Islands (Banks)		85
74,180		BDO Unibank, Inc. (Banks)		182
205,000		DMCI Holdings, Inc. (Industrial Conglomerates)		72
433,700		Energy Development Corp. (Independent Power and Renewable Electricity Producers)		78
1,850		Globe Telecom, Inc. (Wireless Telecommunication Services)		71
26,590		International Container Terminal Services, Inc. (Transportation Infrastructure)		68
125,900		JG Summit Holdings, Inc. (Industrial Conglomerates)		183
21,880		Jollibee Foods Corp. (Hotels, Restaurants & Leisure)		105
356,000		Megaworld Corp. (Real Estate Management & Development)		37
569,000		Metro Pacific Investments Corp. (Diversified Financial Services)		58
15,310		Metropolitan Bank & Trust Co. (Banks)		28
4,365		Philippine Long Distance Telephone Co. (Wireless Telecommunication Services)		282
7,340		SM Investments Corp. (Industrial Conglomerates)		132
518,400		SM Prime Holdings, Inc. (Real Estate Management & Development)		196
44,920		Universal Robina Corp. (Food Products)		196
				2,373
		Poland — 0.10%
1,871		Alior Bank SA (Banks) (a)		41
1,729		Bank Handlowy w Warszawie SA (Banks)		52
23,377		Bank Millennium SA (Banks)		55
6,324		Bank Pekao SA (Banks)		318
1,447		Bank Zachodni WBK SA (Banks)		153
1,239		CCC SA (Textiles, Apparel & Luxury Goods)		47
9,564		Cyfrowy Polsat SA (Media)		63
11,685		Enea SA (Electric Utilities)		50
5,866		Energa SA (Electric Utilities)		38
3,916		Eurocash SA (Food & Staples Retailing)		42
65,374		Getin Nobel Bank SA (Banks) (a)		40
2,212		Grupa Azoty SA (Chemicals)		39
3,961		Grupa Lotos SA (Oil, Gas & Consumable Fuels) (a)		29
6,736		KGHM Polska Miedz SA (Metals & Mining)		206
37		LPP SA (Textiles, Apparel & Luxury Goods)		75
776		mBank SA (Banks)		109
38,252		PGE SA (Electric Utilities)		203


Shares	Security Description		Value (000)
		Poland (continued)
15,509		Polski Koncern Naftowy Orlen SA (Oil, Gas & Consumable Fuels)	$	212
92,662		Polskie Gornictwo Naftowe i Gazownictwo SA (Oil, Gas & Consumable Fuels)		116
45,633		Powszechna Kasa Oszczednosci Bank Polski SA (Banks)		458
2,886		Powszechny Zaklad Ubezpieczen SA (Insurance)		394
29,075		Synthos SA (Chemicals)		34
57,327		Tauron Polska Energia SA (Electric Utilities)		81
34,745		Telekomunikacja Polska SA (Diversified Telecommunication Services)		81
				2,936
		Portugal — 0.12%
852,283		EDP – Energias de Portugal SA (Electric Utilities)		3,304
		Qatar — 0.06%
4,735		Barwa Real Estate Co. (Real Estate Management & Development)		54
1,592		Doha Bank Qsc (Banks)		25
1,111		Gulf International Services QSC (Oil, Gas & Consumable Fuels)		30
7,744		Industries Qatar Q.S.C. (Industrial Conglomerates)		353
19,085		Masraf Al Rayan (Banks)		229
3,897		Ooredoo Qsc (Diversified Telecommunication Services)		131
1,310		Qatar Electricity & Water Co. (Multi-Utilities)		66
3,454		Qatar Islamic Bank (Banks)		95
9,012		Qatar National Bank (Banks)		523
2,536		The Commercial Bank of Qatar QSC (Banks)		47
16,753		Vodafone Qatar (Wireless Telecommunication Services)		74
				1,627
		Russia — 0.21%
86,500		ALROSA AO (Metals & Mining)		88
5,977,000		Federal Hydrogenerating Co. (Electric Utilities)		52
574,672		Gazprom OAO (Oil, Gas & Consumable Fuels)		1,236
11,221		LUKOIL OAO, ADR (Oil, Gas & Consumable Fuels)		430
24,794		LUKOIL OAO (Oil, Gas & Consumable Fuels)		899
12,525		Magnit OJSC, Registered Shares, GDR (Food & Staples Retailing)		566
4,602		MegaFon OAO, GDR (Wireless Telecommunication Services)		63
2,763		Mining and Metallurgical Co. Norilsk Nickel OJSC (Metals & Mining)		366
25,700		Mobile TeleSystems OJSC, ADR (Wireless Telecommunication Services)		184

See accompanying notes to financial statements.

108

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Russia (continued)
4,502		NovaTek OAO, Registered Shares, GDR (Oil, Gas & Consumable Fuels)	$	351
56,300		Rosneft Oil (Oil, Gas & Consumable Fuels)		180
40,080		Rostelecom OJSC (Diversified Telecommunication Services)		56
59,829		Sberbank of Russia, ADR (Banks)		232
515,590		Sberbank of Russia (Banks)		454
10,170		Severstal (Metals & Mining)		83
6,696		Sistema JSFC – Registered, GDR (Wireless Telecommunication Services)		35
344,600		Surgutneftegas (Oil, Gas & Consumable Fuels)		133
70,570		Tatneft, Class – S (Oil, Gas & Consumable Fuels)		265
65,820		Uralkali OJSC (Chemicals)		137
257,340,000		VTB Bank OJSC (Banks)		281
				6,091
		Singapore — 1.51%
789,000		Ascendas Real Estate Investment Trust (Real Estate Investment Trusts)		1,416
786,909		CapitaCommercial Trust (Real Estate Investment Trusts)		1,039
936,000		CapitaMall Trust (Real Estate Investment Trusts)		1,438
1,166,000		ComfortDelGro Corp. Ltd. (Road & Rail)		2,282
104,521		DBS Group Holdings Ltd. (Banks)		1,619
3,407,907		Hutchison Port Holdings Trust (Transportation Infrastructure)		2,342
1,122,791		Keppel Corp. Ltd. (Industrial Conglomerates)		7,486
269,000		Keppel Land Ltd. (Real Estate Management & Development)		693
443,000		M1 Ltd./Singapore (Wireless Telecommunication Services)		1,205
277,897		Olam International Ltd. (Food & Staples Retailing)		422
347,000		SembCorp Industries Ltd. (Industrial Conglomerates)		1,162
1,161,000		SembCorp Marine Ltd. (Machinery) ˆ		2,849
155,399		Singapore Exchange Ltd. (Diversified Financial Services)		914
950,947		Singapore Press Holdings Ltd. (Media)		3,020
755,000		Singapore Tech Engineering (Aerospace & Defense)		1,933
3,452,110		Singapore Telecommunications Ltd. (Diversified Telecommunication Services)		10,135
233,000		StarHub Ltd. (Wireless Telecommunication Services)		728
915,180		Suntec REIT (Real Estate Investment Trusts)		1,354
1,414,011		Yangzijiang Shipbuilding Holdings Ltd. (Machinery)		1,282
				43,319


Shares	Security Description		Value (000)
		South Africa — 0.54%
76,767		African Bank Investments Ltd. (Diversified Financial Services) (a)(b)	$	—
5,764		African Rainbow Minerals Ltd. (Metals & Mining)		59
2,458		Anglo Platinum Ltd. (Metals & Mining) (a)		72
19,886		AngloGold Ashanti Ltd. (Metals & Mining) (a)		174
16,639		Aspen Pharmacare Holdings Ltd. (Pharmaceuticals)		581
1,828		Assore Ltd. (Metals & Mining)		23
16,448		Barclays Africa Group Ltd. (Banks)		257
9,687		Barloworld Ltd. (Trading Companies & Distributors)		80
15,019		Bidvest Group Ltd. (Industrial Conglomerates)		393
10,023		Coronation Fund Managers Ltd. (Capital Markets)		99
15,712		Discovery Ltd. (Insurance)		151
6,121		Exxaro Resources Ltd. (Oil, Gas & Consumable Fuels)		55
152,025		FirstRand Ltd. (Diversified Financial Services)		661
40,720		Gold Fields Ltd. (Metals & Mining)		184
107,581		Growthpoint Properties Ltd. (Real Estate Investment Trusts)		256
26,246		Impala Platinum Holdings Ltd. (Metals & Mining) (a)		172
9,054		Imperial Holdings Ltd. (Distributors)		144
12,100		Investec Ltd. (Capital Markets)		102
3,081		Kumba Iron Ore Ltd. (Metals & Mining)		64
6,319		Liberty Holdings Ltd. (Insurance)		67
48,976		Life Healthcare Group Holdings Ltd. (Health Care Providers & Services)		181
4,562		Massmart Holdings Ltd. (Food & Staples Retailing)		56
19,941		Mediclinic International Ltd. (Health Care Providers & Services)		173
50,183		MMI Holdings Ltd. (Insurance)		130
22,395		Mr. Price Group Ltd. (Specialty Retail)		453
80,738		MTN Group Ltd. (Wireless Telecommunication Services)		1,538
26,423		Nampak Ltd. (Containers & Packaging)		99
22,084		Naspers Ltd. (Media)		2,860
9,852		Nedbank Group Ltd. (Banks)		211
43,525		Netcare Ltd. (Health Care Providers & Services)		142
10,672		Pick n Pay Stores Ltd. (Food & Staples Retailing)		48
23,176		PPC Ltd. (Construction Materials)		55
142,544		Redefine Properties Ltd. (Real Estate Management & Development)		132
23,613		Remgro Ltd. (Diversified Financial Services)		517
11,026		Resilient Property Income Fund Ltd. (Real Estate Investment Trusts)		80

See accompanying notes to financial statements.

109

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		South Africa (continued)
32,328		RMB Holdings Ltd. (Diversified Financial Services)	$	179
36,650		RMI Holdings Ltd. (Insurance)		130
7,680		Samsung Heavy Industries Co. Ltd. (Machinery)		139
88,061		Sanlam Ltd. (Insurance)		530
25,158		Sappi Ltd. (Paper & Forest Products) (a)		91
27,139		Sasol Ltd. (Oil, Gas & Consumable Fuels)		1,013
46,908		Shoprite Holdings Ltd. (Food & Staples Retailing)		680
59,327		Standard Bank Group Ltd. (Banks)		732
100,568		Steinhoff International Holdings Ltd. (Household Durables)		515
10,894		Telkom SA SOC Ltd. (Diversified Telecommunication Services) (a)		66
10,349		The Foschini Group Ltd. (Specialty Retail)		119
7,858		The Spar Group Ltd. (Food & Staples Retailing)		109
7,849		Tiger Brands Ltd. (Food Products)		249
18,810		Truworths International Ltd. (Specialty Retail)		125
8,980		Tsogo Sun Holdings Ltd. (Hotels Restaurants & Leisure)		23
17,719		Vodacom Group Ltd. (Wireless Telecommunication Services)		196
44,639		Woolworths Holdings Ltd. (Multiline Retail)		296
				15,461
		South Korea — 1.48%
158		Amorepacific Corp. (Personal Products) (a)		319
146		Amorepacific Group (Personal Products)		132
10,068		BS Financial Group, Inc. (Banks)		133
3,416		Celltrion, Inc. (Pharmaceuticals) ˆ(a)		120
3,920		Cheil Worldwide, Inc. (Media) (a)		61
369		CJ Cheiljedang Corp. (Food Products)		103
653		CJ Corp. (Industrial Conglomerates) (a)		92
269		CJ Korea Express Co. Ltd. (Road & Rail) (a)		48
2,810		Coway Co. Ltd. (Household Durables)		214
1,105		Daelim Industrial Co. Ltd. (Construction & Engineering)		66
5,480		Daewoo Engineering & Construction Co. Ltd. (Construction & Engineering) (a)		29
2,410		Daewoo International Corp. (Trading Companies & Distributors) (a)		69
8,960		Daewoo Securities Co. Ltd. (Capital Markets) (a)		79
4,980		Daewoo Shipbuilding & Marine Engineering Co. Ltd. (Machinery)		84
1,171		Daum Kakao Corp. (Internet Software & Services)		131
6,490		DGB Financial Group, Inc. (Banks)		67
2,223		Dongbu Insurance Co. Ltd. (Insurance)		111
338		Doosan Corp. (Industrial Conglomerates)		32


Shares	Security Description		Value (000)
		South Korea (continued)
2,510		Doosan Heavy Industries & Construction Co. Ltd. (Construction & Engineering)	$	54
5,820		Doosan Infracore Co. Ltd. (Machinery) (a)		51
1,015		E-Mart Co. Ltd. (Food & Staples Retailing)		188
2,500		GS Engineering & Construction Corp. (Construction & Engineering) (a)		52
2,319		GS Holdings Corp. (Oil, Gas & Consumable Fuels)		84
1,960		Halla Climate Control Corp. (Auto Components) (a)		86
14,020		Hana Financial Group, Inc. (Banks)		406
3,548		Hankook Tire Co. Ltd. (Auto Components)		169
4,700		Hanwha Chemical Corp. (Chemicals)		50
2,510		Hanwha Corp. (Chemicals)		71
758		Honam Petrochemical Corp. (Chemicals)		109
1,286		Hotel Shilla Co. Ltd. (Hotels, Restaurants & Leisure)		107
27,810		Hynix Semiconductor, Inc. (Semiconductors & Semiconductor Equipment) (a)		1,189
1,093		Hyosung Corp. (Chemicals)		68
798		Hyundai Department Store (Multiline Retail)		89
2,980		Hyundai Development Co. (Construction & Engineering)		105
3,354		Hyundai Engineering & Construction Co. Ltd. (Construction & Engineering)		127
662		Hyundai Glovis Co. Ltd. (Air Freight & Logistics)		175
1,883		Hyundai Heavy Industries Co. Ltd. (Machinery)		196
3,340		Hyundai Marine & Fire Insurance Co. Ltd. (Insurance)		79
3,690		Hyundai Merchant Marine Co. Ltd. (Marine) (a)		34
565		Hyundai Mipo Dockyard Co. (Machinery)		35
9,480		Hyundai Mobis Co. Ltd. (Automobiles)		2,028
33,397		Hyundai Motor Co. Ltd. (Automobiles)		5,102
3,384		Hyundai Steel Co. (Metals & Mining)		194
818		Hyundai Wia Corp. (Auto Components)		131
13,300		Industrial Bank of Korea (Banks)		170
1,600		Jinro Ltd. (Beverages)		34
4,900		Kangwon Land, Inc. (Hotels, Restaurants & Leisure)		135
18,608		KB Financial Group, Inc. (Banks)		608
239		KCC Corp. (Building Products)		113
12,924		Kia Motors Corp. (Automobiles)		614
2,060		Korea Aerospace Industries Ltd. (Aerospace & Defense)		74
12,680		Korea Electric Power Corp. (Electric Utilities)		489
1,516		Korea Gas Corp. (Gas Utilities) (a)		68
1,710		Korea Investment Holdings Co. Ltd. (Capital Markets)		75
772		Korea Kumho Petrochemical Co. Ltd. (Chemicals)		56

See accompanying notes to financial statements.

110

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		South Korea (continued)
11,210		Korea Life Insurance Co. Ltd. (Insurance)	$	85
441		Korea Zinc Co. Ltd. (Metals & Mining)		161
1,580		Korean Air Lines Co. Ltd. (Airlines) (a)		68
2,930		KT Corp. (Diversified Telecommunication Services)		83
57,531		KT&G Corp. (Tobacco)		3,995
2,163		LG Chem Ltd. (Chemicals)		354
4,744		LG Corp. (Industrial Conglomerates)		263
11,440		LG Display Co. Ltd. (Electronic Equipment, Instruments & Components) (a)		347
5,219		LG Electronics, Inc. (Household Durables)		280
1,239		LG Household & Health Care Ltd. (Household Products)		702
632		LG Innotek Co. Ltd. (Electronic Equipment, Instruments & Components) (a)		64
9,660		LG UPlus Corp. (Diversified Telecommunication Services)		101
37		Lotte Confectionery Co. Ltd. (Food Products) (a)		60
575		Lotte Shopping Co. Ltd. (Multiline Retail)		142
732		LS Corp. (Electrical Equipment)		36
827		LS Industrial Systems Co. Ltd. (Electrical Equipment)		45
1,428		Mirae Asset Securities Co. Ltd. (Capital Markets)		56
2,111		Naver Corp. (Internet Software & Services)		1,352
810		NCsoft Corp. (Software)		133
769		OCI Co. Ltd. (Chemicals) (a)		54
183		Orion Corp. (Food Products)		169
2,434		Paradise Co. Ltd. (Hotels, Restaurants & Leisure)		52
3,140		POSCO (Metals & Mining)		791
880		S1 Corp. (Commercial Services & Supplies)		57
6,166		Samsung C&T Corp. (Trading Companies & Distributors)		345
1,530		Samsung Card Co. Ltd. (Consumer Finance)		62
2,826		Samsung Electro-Mechanics Co. Ltd. (Electronic Equipment, Instruments & Components)		140
6,661		Samsung Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)		8,008
1,316		Samsung Engineering Co. Ltd. (Construction & Engineering) (a)		45
1,654		Samsung Fire & Marine Insurance Co. Ltd. (Insurance)		425
2,849		Samsung Life Insurance Co. Ltd. (Insurance)		302
2,624		Samsung SDI Co. Ltd. (Electronic Equipment, Instruments & Components)		274
1,267		Samsung SDS Co. Ltd. (IT Serices) (a)		338
2,770		Samsung Securities Co. Ltd. (Capital Markets)		111
20,940		Shinhan Financial Group Co. Ltd. (Banks)		842


Shares	Security Description		Value (000)
		South Korea (continued)
378		Shinsegae Co. Ltd. (Multiline Retail)	$	62
1,027		SK C&C Co. Ltd. (IT Services)		199
1,257		SK Holdings Co. Ltd. (Industrial Conglomerates)		187
2,873		SK Innovation Co. Ltd. (Oil, Gas & Consumable Fuels)		222
4,620		SK Networks Co. Ltd. (Trading Companies & Distributors) (a)		37
23,873		SK Telecom Co. Ltd. (Wireless Telecommunication Services)		5,840
2,395		S-Oil Corp. (Oil, Gas & Consumable Fuels)		105
14,550		Woori Bank (Banks) (a)		132
6,560		Woori Investment & Securities Co. Ltd. (Capital Markets)		61
403		Yuhan Corp. (Pharmaceuticals) (a)		62
				42,554
		Spain — 2.56%
172,939		Abertis Infraestructuras SA (Transportation Infrastructure)		3,429
75,589		ACS Actividades de Construccion y Servicios SA (Construction & Engineering)		2,634
27,257		Amadeus It Holding SA (IT Services)		1,085
721,795		Banco Bilbao Vizcaya SA (Banks)		6,816
318,179		Banco de Sabadell SA (Banks)		842
2,054,940		Banco Santander SA (Banks)		17,244
156,300		CaixaBank SA (Banks)		819
8,717		Cemex Latam Holdings SA (Construction Materials) (a)		59
104,644		Corporacion Mapfre (Insurance)		354
21,707		Enagas (Gas Utilities)		685
278,040		Ferrovial SA (Construction & Engineering)		5,496
37,468		Gas Natural SDG SA (Gas Utilities)		941
28,506		Grifols SA, ADR (Biotechnology)		969
32,567		Grifols SA (Biotechnology)		1,299
8,500		Grifols SA, Class – B (Biotechnology)		287
545,068		Iberdrola SA (Electric Utilities)		3,674
11,196		Red Electrica Corporacion SA (Electric Utilities)		987
435,906		Repsol YPF SA (Oil, Gas & Consumable Fuels)		8,160
40,766		Tecnicas Reunidas SA (Energy Equipment & Services)		1,782
1,111,304		Telefonica SA (Diversified Telecommunication Services)		15,953
				73,515
		Sweden — 2.67%
60,176		Assa Abloy AB, Class – B (Building Products)		3,180
3,350		Autoliv, Inc. (Auto Components)		358
68,473		Electrolux AB, Series B (Household Durables)		2,002
102,396		Hennes & Mauritz AB, B Shares (Specialty Retail)		4,257
19,022		ICA Gruppen AB (Construction & Engineering)		741

See accompanying notes to financial statements.

111

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Sweden (continued)
30,408		Industrivarden AB, C Shares (Diversified Financial Services)	$	528
3,748		Modern Times Group, B Shares (Media)		119
628,687		Nordea Bank AB (Banks)		7,283
882,729		Sandvik AB (Machinery)		8,589
491,218		Skandinaviska Enskilda Banken AB, Class – A (Banks)		6,242
247,662		Skanska AB, B Shares (Construction & Engineering)		5,321
327,805		SKF AB, B Shares (Machinery)		6,910
57,119		Svenska Handelsbanken AB, A Shares (Banks)		2,674
270,125		Swedbank AB, A Shares (Banks)		6,706
132,117		Tele2 AB, B Shares (Wireless Telecommunication Services)		1,602
985,855		TeliaSonera AB (Diversified Telecommunication Services)		6,343
1,269,707		Volvo AB, B Shares (Machinery)		13,700
				76,555
		Switzerland — 9.19%
1,653,938		ABB Ltd. – Registered (Electrical Equipment)		35,005
26,373		Actelion Ltd. – Registered (Biotechnology)		3,037
164,816		Adecco SA, Registered Shares (Human Resource & Employment Services)		11,333
11,496		Baloise Holding AG, Registered Shares (Insurance)		1,470
130,127		Clariant AG (Chemicals)		2,181
29,105		Compagnie Financiere Richemont SA – Registered (Textiles, Apparel & Luxury Goods)		2,581
85,311		Credit Suisse Group AG – Registered (Capital Markets)		2,144
13,075		DKSH Holding Ltd. (Professional Services)		996
7,673		Givaudan SA – Registered (Chemicals)		13,768
34,441		Holcim Ltd. – Registered (Construction Materials)		2,463
26,013		Julius Baer Group Ltd. (Capital Markets)		1,188
35,568		Kuehne & Nagel International (Marine)		4,833
772,781		Nestle SA (Food Products)		56,354
184,868		Novartis AG – Registered (Pharmaceuticals)		17,150
7,472		Pargesa Holding SA (Diversified Financial Services)		577
9,976		Partners Group Holding AG (Capital Markets)		2,903
103,097		Roche Holding AG – Genusscheine (Pharmaceuticals)		27,942
3,968		SGS SA – Registered (Professional Services)		8,105
4,417		Swiss Life Holding (Insurance)		1,044
27,072		Swiss Prime Site AG – Registered (Real Estate Management & Development)		1,988
85,184		Swiss Re AG (Insurance)		7,138
14,134		Swisscom AG – Registered (Diversified Telecommunication Services)		7,419


Shares	Security Description		Value (000)
		Switzerland (continued)
77,366		Syngenta AG, Registered Shares (Chemicals)	$	24,893
2,503		The Swatch Group AG (Textiles, Apparel & Luxury Goods)		1,112
3,580		The Swatch Group AG – Registered (Textiles, Apparel & Luxury Goods)		310
32,258		UBS AG – Registered (Capital Markets) ˆ		532
414,880		UBS Group AG (Capital Markets) (a)		7,134
56,114		Zurich Financial Services AG (Insurance)		17,541
				263,141
		Taiwan — 0.83%
134,000		Acer, Inc. (Technology Hardware, Storage & Peripherals) (a)		90
303,000		Advanced Semiconductor Engineering, Inc. (Semiconductors & Semiconductor Equipment)		360
16,491		Advantech Co. Ltd. (Technology Hardware, Storage & Peripherals)		121
100,980		Asia Cement Corp. (Construction Materials)		124
90,000		Asia Pacific Telecom Co. Ltd. (Diversified Telecommunication Services)		50
34,000		Asustek Computer, Inc. (Technology Hardware, Storage & Peripherals)		371
412,000		AU Optronics Corp. (Electronic Equipment, Instruments & Components)		209
32,000		Catcher Technology Co. Ltd. (Technology Hardware, Storage & Peripherals)		247
389,100		Cathay Financial Holding Co. Ltd. (Insurance)		576
244,780		Chang Hwa Commercial Bank Ltd. (Banks)		140
82,000		Cheng Shin Rubber Industry Co. Ltd. (Auto Components)		192
27,135		Chicony Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals)		76
88,000		China Airlines Ltd. (Airlines) (a)		40
660,000		China Development Financial Holding Corp. (Banks)		210
140,600		China Life Insurance Co. Ltd. (Insurance)		116
35,000		China Motor Corp. (Automobiles)		31
583,440		China Steel Corp. (Metals & Mining)		484
662,640		Chinatrust Financial Holding Co. Ltd. (Banks)		428
185,000		Chunghwa Telecom Co. Ltd. (Diversified Telecommunication Services)		548
20,000		Clevo Co. (Technology Hardware, Storage & Peripherals)		31
218,000		Compal Electronics, Inc. (Technology Hardware, Storage & Peripherals)		152
32,000		CTCI Corp. (Construction & Engineering)		51
91,000		Delta Electronics, Inc. (Electronic Equipment, Instruments & Components)		538
312,544		E.Sun Financial Holding Co. Ltd. (Banks)		194
8,320		Eclat Textile Co. Ltd. (Textiles, Apparel & Luxury Goods)		84

See accompanying notes to financial statements.

112

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Taiwan (continued)
44,000		Epistar Corp. (Semiconductors & Semiconductor Equipment)	$	87
61,000		EVA Airways Corp. (Airlines) (a)		43
68,000		Evergreen Marine Corp. Ltd. (Marine) (a)		48
67,320		Far Eastern Department Stores Ltd. (Multiline Retail)		60
136,680		Far Eastern New Century Corp. (Industrial Conglomerates)		135
81,000		Far EasTone Telecommunications Co. Ltd. (Wireless Telecommunication Services)		187
19,000		Farglory Land Development Co. Ltd. (Real Estate Management & Development)		23
381,920		First Financial Holdings Co. Ltd. (Banks)		224
156,000		Formosa Chemicals & Fibre Corp. (Chemicals)		329
2,200		Formosa International Hotels Corp. (Hotels, Restaurants & Leisure)		23
58,000		Formosa Petrochemical Corp. (Oil, Gas & Consumable Fuels)		126
195,000		Formosa Plastics Corp. (Chemicals)		444
41,000		Formosa Taffeta Co. Ltd. (Textiles, Apparel & Luxury Goods)		40
45,150		Foxconn Technology Co. Ltd. (Technology Hardware, Storage & Peripherals)		121
319,000		Fubon Financial Holding Co. Ltd. (Diversified Financial Services)		508
14,000		Giant Manufacturing Co. Ltd. (Leisure Products)		124
2,000		Hermes Microvision, Inc. (Semiconductors & Semiconductor Equipment)		100
24,000		Highwealth Construction Corp. (Real Estate Management & Development)		48
9,270		Hiwin Technologies Corp. (Machinery)		77
613,760		Hon Hai Precision Industry Co. Ltd. (Electronic Equipment, Instruments & Components)		1,695
13,000		Hotai Motor Co. Ltd. (Specialty Retail)		195
31,000		HTC Corp. (Technology Hardware, Storage & Peripherals) (a)		138
316,220		Hua Nan Financial Holdings Co. Ltd., Class – C (Banks)		177
362,500		Innolux Corp. (Electronic Equipment, Instruments & Components)		175
113,000		Inotera Memories, Inc. (Semiconductors & Semiconductor Equipment) (a)		177
120,000		Inventec Corp. (Technology Hardware, Storage & Peripherals)		80
15,000		Kinsus Interconnect Technology Corp. (Semiconductors & Semiconductor Equipment)		50
5,000		Largan Precision Co. Ltd. (Electronic Equipment, Instruments & Components)		374
98,490		Lite-On Technology Corp. (Technology Hardware, Storage & Peripherals)		113


Shares	Security Description		Value (000)
		Taiwan (continued)
70,000		MediaTek, Inc. (Semiconductors & Semiconductor Equipment)	$	1,018
491,000		Mega Financial Holding Co. Ltd. (Banks)		378
10,500		Merida Industry Co. Ltd. (Leisure Products)		71
227,000		Nan Ya Plastics Corp. (Chemicals)		468
28,000		Novatek Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		156
76,000		Pegatron Corp. (Technology Hardware, Storage & Peripherals)		174
7,000		Phison Electronics Corp. (Semiconductors & Semiconductor Equipment)		48
106,000		Pou Chen Corp. (Textiles, Apparel & Luxury Goods)		128
28,000		Powertech Technology, Inc. (Semiconductors & Semiconductor Equipment)		48
29,000		President Chain Store Corp. (Food & Staples Retailing)		224
216,960		President Enterprises Corp. (Food Products)		343
41,000		Quanta Computer, Inc., GDR (Technology Hardware, Storage & Peripherals) (e)		514
128,000		Quanta Computer, Inc. (Technology Hardware, Storage & Peripherals)		319
19,000		Radiant Opto-Electronics Corp. (Semiconductors & Semiconductor Equipment)		60
24,000		Realtek Semiconductor Corp. (Semiconductors & Semiconductor Equipment)		80
33,000		Ruentex Development Co. Ltd. (Real Estate Management & Development)		52
27,000		Ruentex Industries Ltd. (Textiles, Apparel & Luxury Goods)		57
10,400		ScinoPharm Taiwan Ltd. (Pharmaceuticals)		18
372,144		Shin Kong Financial Holding Co. Ltd. (Insurance)		105
141,000		Siliconware Precision Industries Co. (Semiconductors & Semiconductor Equipment)		212
15,000		Simplo Technology Co. Ltd. (Electronic Equipment, Instruments & Components)		74
333,218		SinoPac Financial Holdings Co. Ltd. (Banks)		137
17,440		Standard Foods Corp. (Food Products)		39
67,000		Synnex Technology International Corp. (Electronic Equipment, Instruments & Components)		97
386,965		Taishin Financial Holding Co. Ltd. (Banks)		159
235,760		Taiwan Business Bank (Banks) (a)		68
160,000		Taiwan Cement Corp. (Construction Materials)		219
299,200		Taiwan Cooperative Financial Holding Co. Ltd. (Banks)		154
31,000		Taiwan Fertilizer Co. Ltd. (Chemicals)		55
48,000		Taiwan Glass Industry Corp. (Building Products)		37

See accompanying notes to financial statements.

113

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Taiwan (continued)
79,000		Taiwan Mobile Co. Ltd. (Wireless Telecommunication Services)	$	261
12,000		Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Semiconductors & Semiconductor Equipment)		269
1,191,000		Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		5,247
96,000		Teco Electric & Machinery Co. Ltd. (Electrical Equipment)		91
12,000		Tpk Holding Co. Ltd. (Electronic Equipment, Instruments & Components)		71
10,000		Transcend Information, Inc. (Semiconductors & Semiconductor Equipment)		31
23,100		TSRC Corp. (Chemicals)		25
18,000		U-Ming Marine Transport Corp. (Marine)		28
55,000		Unimicron Technology Corp. (Electronic Equipment, Instruments & Components)		42
579,000		United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		269
38,000		Vanguard International Semiconductor Corp. (Semiconductors & Semiconductor Equipment)		62
130,000		Walsin Lihwa Corp. (Electrical Equipment) (a)		41
123,423		Wistron Corp. (Technology Hardware, Storage & Peripherals)		111
76,000		WPG Holdings Ltd. (Electronic Equipment, Instruments & Components)		88
53,000		Yang Ming Marine Transport (Marine) (a)		28
392,525		Yuanta Financial Holding Co. Ltd. (Capital Markets)		190
42,000		Yulon Motor Co. Ltd. (Automobiles)		61
				23,811
		Thailand — 0.16%
51,200		Advanced INFO Service Public Co. Ltd. (Wireless Telecommunication Services)		388
22,300		Airports of Thailand Public Co. Ltd., Foreign Registered Shares (Transportation Infrastructure)		190
27,300		Bangkok Bank Public Co. Ltd. – NVDR (Banks)		160
163,000		Bangkok Dusit Medical Service Public Co. Ltd., Class – F (Health Care Providers & Services)		85
43,700		Banpu Public Co. Ltd., Foreign Registered Shares (Oil, Gas & Consumable Fuels)		33
44,200		BEC World Public Co. Ltd., Foreign Registered Shares (Media)		68
309,900		BTS Group Holdings Public Co. Ltd. (Road & Rail)		90
13,300		Bumrungrad Hospital Public Co. Ltd. (Health Care Providers & Services)		57


Shares	Security Description		Value (000)
		Thailand (continued)
71,200		Central Pattana Public Co. Ltd., Foreign Registered Shares (Real Estate Management & Development)	$	98
118,400		Charoen Pokphand Foods Public Co. Ltd. (Food Products)		97
217,400		CP ALL Public Co. Ltd. (Food & Staples Retailing)		280
18,500		Delta Electronics (Thailand) Public Co. Ltd. (Electronic Equipment, Instruments & Components)		40
47,500		Energy Absolute Public Co. Ltd. – NVDR (Oil, Gas & Consumable Fuels)		36
30,200		Glow Energy Public Co. Ltd. (Independent Power and Renewable Electricity Producers)		81
151,414		Home Product Center Public Co. Ltd., Foreign Registered Shares (Specialty Retail)		38
58,000		Indorama Ventures Public Co. Ltd. (Chemicals)		35
615,300		IRPC Public Co. Ltd. – NVDR (Oil, Gas & Consumable Fuels)		57
90,300		Kasikornbank Public Co. Ltd. (Banks)		625
190,800		Krung Thai Bank Public Co. Ltd., Foreign Registered Shares (Banks)		131
69,600		Minor International Public Co. Ltd., Foreign Registered Shares (Hotels, Restaurants & Leisure)		68
68,600		PTT Exploration & Production Public Co. Ltd. – NVDR (Oil, Gas & Consumable Fuels)		232
79,200		PTT Global Chemical Public Co. Ltd. (Chemicals)		123
70,300		PTT Public Co. Ltd. (Oil, Gas & Consumable Fuels)		690
76,600		Siam Commercial Bank Public Co. Ltd. (Banks)		422
46,700		Thai Oil Public Co. Ltd. – NVDR (Oil, Gas & Consumable Fuels)		59
18,900		Thai Union Frozen Products Public Co. Ltd. - NVDR (Food Products)		52
18,300		The Siam Cement Public Co. Ltd. – NVDR (Construction Materials)		248
764,400		TMB Bank Public Co. Ltd. – Foreign Registered Shares (Banks)		68
392,510		True Corp. Public Co. Ltd. – Foreign Registered Shares (Diversified Telecommunication Services) (a)		131
				4,682
		Turkey — 0.12%
88,871		Akbank TAS (Banks)		329
10,714		Anadolu EFES Biracilik VE Malt Sanayii A/S (Beverages) (a)		104
12,316		Arcelik A/S (Household Durables)		79
10,187		Bim Birlesik Magazalar A/S (Food & Staples Retailing)		218
3,350		Coca-Cola Icecek A/S (Beverages)		73

See accompanying notes to financial statements.

114

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Turkey (continued)
90,465		Emlak Konut Gayrimenkul Yatirim (Real Estate Investment Trusts)	$	107
21,338		Enka Insaat ve Sanayi A/S (Industrial Conglomerates)		48
73,718		Eregli Demir ve Celik Fabrikalari TAS (Metals & Mining)		140
3,776		Ford Otomotiv Sanayi A/S (Automobiles)		52
42,541		Haci OMER Sabanci Holding (Diversified Financial Services)		185
32,650		KOC Holdings A/S (Industrial Conglomerates)		174
11,340		Petkim Petrokimya Holding AS (Chemicals)		19
8,803		TAV Havalimanlari Holding A/S (Transportation Infrastructure)		72
6,835		Tofas Turk Otomobil Fabrikasi A/S (Automobiles)		47
5,823		Tupras-Turkiye Petrol Rafinerileri A/S (Oil, Gas & Consumable Fuels)		138
28,677		Turk Hava Yollari Anonim Ortakligi (Airlines) (a)		118
23,244		Turk Telekomunikasyon A/S (Diversified Telecommunication Services)		72
42,451		Turkcell Iletisim Hizmetleri A/S (Wireless Telecommunication Services) (a)		259
112,319		Turkiye Garanti Bankasi A/S (Banks)		452
30,116		Turkiye Halk Bankasi A/S (Banks)		179
75,852		Turkiye Is Bankasi A/S, C Shares (Banks)		218
28,042		Turkiye Sise ve Cam Fabrikalari A/S (Industrial Conglomerates)		44
40,653		Turkiye Vakiflar Bankasi TAO, Class – D (Banks)		85
7,460		Ulker Biskuvi Sanayi A/S (Food Products)		59
39,061		Yapi ve Kredi Bankasi AS (Banks)		81
				3,352
		United Arab Emirates — 0.04%
97,877		Arabtec Holding Co. (Construction & Engineering)		76
14,902		Dp World Ltd. (Transportation Infrastructure)		311
289,594		Dubai Financial Market (Diversified Financial Services)		153
94,227		Dubai Islamic Bank (Banks)		173
213,798		Emaar Properties PJSC (Real Estate Management & Development)		412
				1,125
		United Kingdom — 18.83%
380,900		AA PLC (Commercial Services & Supplies) (a)		2,078
241,075		Aberdeen Asset Management PLC (Capital Markets)		1,611
51,062		Admiral Group PLC (Insurance)		1,047
162,152		AMEC PLC (Energy Equipment & Services)		2,142
786,017		Anglo American PLC (Metals & Mining)		14,543
175,119		Antofagasta PLC (Metals & Mining)		2,040


Shares	Security Description		Value (000)
		United Kingdom (continued)
53,300		ARM Holdings PLC (Semiconductors & Semiconductor Equipment)	$	818
5,200		Associated British Foods PLC (Food Products)		254
514,980		AstraZeneca PLC (Pharmaceuticals)		36,369
592,180		Aviva PLC (Insurance)		4,449
74,490		Babcock Int’l Group PLC (Commercial Services & Supplies)		1,220
1,433,445		BAE Systems PLC (Aerospace & Defense)		10,482
397,307		Balfour Beatty PLC (Construction & Engineering)		1,313
1,214,734		Barclays PLC (Banks)		4,566
101,120		Bellway PLC (Household Durables)		3,032
253,654		BG Group PLC (Oil, Gas & Consumable Fuels)		3,394
893,416		BHP Billiton PLC (Metals & Mining)		19,145
3,716,036		BP PLC (Oil, Gas & Consumable Fuels)		23,584
627,066		British American Tobacco PLC (Tobacco)		33,978
201,221		British Land Co. PLC (Real Estate Investment Trusts)		2,427
285,574		British Sky Broadcasting Group PLC (Media)		3,985
994,941		BT Group PLC (Diversified Telecommunication Services)		6,188
185,740		Capital Shopping Centres Group PLC (Real Estate Investment Trusts)		960
81,910		Carnival PLC (Hotels, Restaurants & Leisure)		3,701
1,688,336		Centrica PLC (Multi-Utilities)		7,312
79,311		Croda International PLC (Chemicals)		3,273
48,600		CSR PLC (Semiconductors & Semiconductor Equipment)		645
6,617		Diageo PLC (Beverages)		190
156,879		Direct Line Insurance Group (Insurance)		710
16,000		Ensco PLC, ADR (Energy Equipment & Services)		479
34,800		Fidessa Group PLC (Software)		1,296
1,304,222		GlaxoSmithKline PLC (Pharmaceuticals)		27,977
159,930		Grainger PLC (Real Estate Management & Development)		466
27,868		Greene King PLC (Hotels, Restaurants & Leisure)		322
335,091		Home Retail Group PLC (Internet & Catalog Retail)		1,080
297,653		Howden Joinery Group PLC (Specialty Retail)		1,857
2,866,772		HSBC Holdings PLC (Banks)		27,087
510,596		HSBC Holdings PLC (HK) (Banks)		4,856
90,709		ICAP PLC (Capital Markets)		635
29,567		IMI PLC (Machinery)		578
481,083		Imperial Tobacco Group PLC (Tobacco)		21,174
19,369		Indivior PLC (Pharmaceuticals) (a)		45
100,684		Inmarsat PLC (Diversified Telecommunication Services)		1,248

See accompanying notes to financial statements.

115

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		United Kingdom (continued)
57,459		InterContinental Hotels Group PLC (Hotels, Restaurants & Leisure)	$	2,312
601,775		International Consolidated Airlines Group SA (Airlines) (a)		4,530
1,017,838		J Sainsbury PLC (Food & Staples Retailing) ˆ		3,886
45,964		John Wood Group PLC (Energy Equipment & Services)		425
95,591		Johnson Matthey PLC (Chemicals)		5,029
438,367		Kingfisher PLC (Specialty Retail)		2,317
647,803		Legal & General Group PLC (Insurance)		2,501
119,632		Liberty Global PLC, Class – A (Media) (a)		6,006
145,654		Liberty Global PLC, Series C (Media) (a)		7,036
7,194,872		Lloyds Banking Group PLC (Banks) (a)		8,462
782,282		Marks & Spencer Group PLC (Multiline Retail)		5,792
144,538		Meggitt PLC (Aerospace & Defense)		1,163
191,465		Merlin Entertainments PLC (Hotels, Restaurants & Leisure)		1,185
402,286		Michael Page International PLC (Professional Services)		2,565
40,010		Micro Focus International PLC (Software)		673
442,351		National Grid PLC (Multi-Utilities)		6,276
10,725		Next PLC (Multiline Retail)		1,137
448,044		Ocado Group PLC (Internet & Catalog Retail) (a)		2,773
512,852		Old Mutual PLC (Insurance)		1,511
122,702		Ophir Energy PLC (Oil, Gas & Consumable Fuels) (a)		270
342,829		Pearson PLC (Media)		6,331
132,788		Persimmon PLC (Household Durables)		3,243
78,425		Provident Financial PLC (Consumer Finance)		2,993
355,019		Prudential PLC (Insurance)		8,207
19,369		RecKitt Benckiser Group PLC (Household Products)		1,569
592,216		Rentokil Initial PLC (Commercial Services & Supplies)		1,115
158,306		Resolution Ltd. (Insurance)		899
547,090		Rexam PLC (Containers & Packaging)		3,851
788,159		Rio Tinto PLC (Metals & Mining)		36,327
230,289		Rolls-Royce Holdings PLC (Aerospace & Defense)		3,093
681,683		Royal Dutch Shell PLC, A Shares (Oil, Gas & Consumable Fuels)		22,746
628,067		Royal Dutch Shell PLC, B Shares (Oil, Gas & Consumable Fuels)		21,698
228,029		RSA Insurance Group PLC (Insurance) (a)		1,539
91,219		SABMiller PLC (Beverages)		4,754
50,588		Saga PLC (Insurance) ˆ(a)		121
160,493		SEGRO PLC (Real Estate Investment Trusts)		919
25,648		Severn Trent PLC (Water Utilities)		800
107,077		SSE PLC (Electric Utilities)		2,705
258,086		Standard Chartered PLC (Banks)		3,859
258,328		Standard Life PLC (Insurance)		1,600


Shares	Security Description		Value (000)
		United Kingdom (continued)
194,930		Tate & Lyle PLC (Food Products)	$	1,826
3,615,571		Tesco PLC (Food & Staples Retailing)		10,541
458,171		The Sage Group PLC (Software)		3,309
932,844		Thomas Cook Group PLC (Hotels, Restaurants & Leisure) (a)		1,846
104,148		Tullow Oil PLC (Oil, Gas & Consumable Fuels)		671
170,189		Ubm PLC (Media)		1,272
78,658		Unilever PLC (Food Products)		3,196
78,174		United Utilities Group PLC (Water Utilities)		1,110
8,844,734		Vodafone Group PLC (Wireless Telecommunication Services)		30,322
30,168		WH Smith PLC (Specialty Retail)		631
596,306		William Hill PLC (Hotels Restaurants & Leisure)		3,350
988,313		William Morrison Supermarkets PLC (Food & Staples Retailing)		2,820
				539,668
		United States — 0.11%
57,589		Cognizant Technology Solutions Corp. (IT Services) (a)		3,032
8,500		Southern Copper Corp. (Metals & Mining)		240
				3,272
		Total Common Stocks		2,788,141
		Preferred Stocks — 0.55%
		Brazil — 0.16%
5,300		AES Tiete SA – Preferred (Independent Power and Renewable Electricity Producers)		36
103,600		Banco Bradesco SA – Preferred (Banks)		1,366
10,100		Banco do Estado do Rio Grande do Sul SA – Preferred, B Shares (Banks)		55
11,800		Bradespar SA – Preferred (Metals & Mining)		64
8,800		Braskem SA – Preferred, Class – A (Chemicals)		58
11,900		Centrais Eletricas Brasileiras SA – Preferred, B Shares (Electric Utilities)		37
36,900		Companhia Energetica de Minas Gerais SA – Preferred, ADR (Electric Utilities)		182
8,700		Companhia Energetica de Sao Paulo – Preferred, B Shares (Independent Power and Renewable Electricity Producers)		88
5,100		Companhia Paranaense de Energia-COPEL – Preferred, B Shares (Electric Utilities)		69
41,600		Gerdau SA – Preferred (Metals & Mining)		150
157,210		Itausa – Investimentos Itau SA – Preferred (Banks)		556
23,825		Lojas Americanas SA – Preferred (Multiline Retail)		155
12,200		Metalurgica Gerdau SA – Preferred (Metals & Mining)		52

See accompanying notes to financial statements.

116

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


Shares	Security Description		Value (000)
		Preferred Stocks (continued)
		Brazil (continued)
13,640		Oi SA – Preferred (Diversified Telecommunication Services) (a)	$	44
201,500		Petroleo Brasileiro SA – Preferred (Oil, Gas & Consumable Fuels)		760
15,700		Suzano Papel e Celulose SA – Preferred, Class – A (Paper & Forest Products)		66
14,500		Telefonica Brasil SA – Preferred (Diversified Telecommunication Services)		256
20,000		Usinas Siderurgicas de Minas Gerais SA – Preferred, Class – A (Metals & Mining) (a)		38
91,500		Vale SA – Preferred (Metals & Mining)		662
				4,694
		Chile — 0.01%
13,354		Embotelladora Andina SA – Preferred, B Shares (Beverages)		38
4,452		Sociedad Quimica y Minera de Chile SA – Preferred, B Shares (Chemicals)		108
				146
		Colombia — 0.02%
21,339		Bancolombia SA – Preferred (Banks)		258
6,064		Grupo Argos SA – Preferred (Construction Materials)		51
161,668		Grupo Aval Acciones y Valores SA – Preferred (Banks)		87
4,778		Grupo de Inversiones Suramericana – Preferred (Diversified Financial Services)		79
				475
		Germany — 0.30%
18,968		Bayerische Motoren Werke AG – Preferred (Automobiles)		1,549
27,814		Henkel AG & Co. KGaA – Preferred (Household Products)		2,996
53,511		Porsche Automobil Holding SE – Preferred (Automobile Manufacturers)		4,327
				8,872
		Russia — 0.01%
75		AK Transneft OAO – Preferred (Oil, Gas & Consumable Fuels)		155
53,900		Sberbank of Russia – Preferred (Banks)		33
335,200		Surgutneftegas – Preferred (Oil, Gas & Consumable Fuels)		159
				347
		South Korea — 0.05%
1,944		Hyundai Motor Co. Ltd. – Preferred (Automobiles) (a)		236
1,224		Hyundai Motor Co. Ltd. – Preferred (Automobiles) (a)		140
386		LG Chem Ltd. – Preferred (Chemicals)		49


Shares or Principal Amount (000)	Security Description		Value (000)
		South Korea (continued)
978		Samsung Electronics Co. Ltd. – Preferred (Semiconductors & Semiconductor Equipment)	$	921
				1,346
		Total Preferred Stocks		15,880
		Warrant — 0.00%
		Singapore — 0.00%
80,602		Olam International Ltd. (Food & Staples Retailing) (a)		30
		Total Warrant		30
		Rights — 0.00%
		Russia — 0.00%
56,600		The Moscow Exchange Micex (Diversified Financial Services) (a)		56
		South Korea — 0.00%
1,356		DGB Financial Group, Inc. (Banks) (a)		1
		Taiwan — 0.00%
8,984		EVA Airways Corp. (Airlines) (a)		1
		Total Rights		58
		U.S. Treasury Obligations — 0.00%
$20		U.S. Treasury Bill, 0.02%, 3/12/15 (c)		20
35		U.S. Treasury Bill, 0.07%, 6/4/15 (c)		35
		Total U.S. Treasury Obligations		55
		Time Deposit — 0.96%
27,434		State Street Liquidity Management Control System Eurodollar Time Deposit, 0.01%, 1/2/15		27,434
		Total Time Deposit		27,434
		Mutual Funds — 0.78%
7,184,000		Dreyfus Treasury Prime Cash Management Fund, 0.00% (d)		7,184
437,777		iShares MSCI India ETF		13,173
273,000		SSgA Treasury Money Market Fund		273
1,875,000		SSgA U.S. Government Money Market Fund		1,875
		Total Mutual Funds		22,505
		Repurchase Agreement — 0.17%
5,000		Jefferies LLC, 0.12%, 1/2/15 (Purchased on 12/31/14, proceeds at maturity $5,000,033 collateralized by U.S. Treasury Obligations, 0.01% – 2.53%, 2/12/15 – 11/15/40 fair value $5,358,681) ˆˆ		5,000
		Total Repurchase Agreement		5,000
		Total Investments (cost $2,747,319) — 99.70%		2,859,103
		Other assets in excess of liabilities — 0.30%		8,473
		Net Assets — 100.00%	$	2,867,576

See accompanying notes to financial statements.

117

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

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 $13,029 (amount in thousands).

ˆˆ

Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before December 31, 2014.

(a)

Represents non-income producing security.

(b)

This security has been deemed illiquid by the Specialist Manager and represents 0.00% of the Portfolio’s net assets.

(c)

The rate disclosed represents effective yield at purchase.

(d)

The rate disclosed is the rate in effect on December 31, 2014.

(e)

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.

ADR — American Depositary Receipt

ETF — Exchange Traded Fund

FDR — Fiduciary Depositary Receipt

GDR — Global Depositary Receipt

NVDR — Non-Voting Depository 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 Institutional International Equity Portfolio	Artisan Partners LP			Cadence Capital Management LLC			Capital Guardian Trust Co.			Causeway Capital Management LLC			Lazard Asset Management LLC			Mellon Capital Management Corp. – Emerging			Total
Common Stocks		7.41	%		57.77	%		8.58	%		7.54	%		10.22	%		5.72	%		97.24	%
Preferred Stocks		0.10	%		0.20	%		—			—			—			0.25	%		0.55	%
Time Deposit		0.11	%		—			0.47	%		0.38	%		—			—			0.96	%
Mutual Fund		—			0.25	%		—			—			0.06	%		0.47	%		0.78	%
Repurchase Agreement		—			0.08	%		0.06	%		0.01	%		0.01	%		0.01	%		0.17	%
Other Assets (Liablities)		0.04	%		0.23	%		-0.03	%		0.04	%		0.01	%		0.01	%		0.30	%
Total Net Assets		7.66	%		58.53	%		9.08	%		7.97	%		10.30	%		6.46	%		100.00	%

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

Long Futures


Number of Contracts	Futures Contracts Positionsˆ		Value (000)		Expiration		Unrealized Appreciation/ (Depreciation) (000)
18		Mini MSCI Emerging Markets Index Future	$	862		3/20/15	$	24
		Net Unrealized Appreciation/(Depreciation)					$	24

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

ˆ

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

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
14,334,724		Japanese Yen		Credit Suisse		1/6/15	$	119	$	120	$	1
7,284,927		Japanese Yen		Citibank		1/5/15		61		61		—
10,587,306		Japanese Yen		JPMorgan Chase		1/7/15		88		88		—
1,632,670,000		Korean Won		Citibank		1/8/15		1,509		1,486		(23	)
952,586		Swedish Krona		Deutsche Bank		1/5/15		123		122		(1	)
		Total Currencies Purchased					$	1,900	$	1,877	$	(23)

See accompanying notes to financial statements.

118

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


Contract Amount (Local Currency)	Currency		Counterparty		Settlement Date		Settlement Value (000)		Value on 12/31/14 (000)		Unrealized Appreciation/ (Depreciation) (000)
		Currencies Sold
6,970		British Pound Sterling		Barclays Bank		1/5/15	$	11	$	11	$	—
51,297		British Pound Sterling		Bank of New York		1/5/15		80		80		—
1,037,000		Euro		UBS Warbrug		1/13/15		1,288		1,255		33
15,377,010		Japanese Yen		Deutsche Bank		1/6/15		127		128		(1	)
12,206,521		Japanese Yen		JPMorgan Chase		1/5/15		101		102		(1	)
4,311,885		Japanese Yen		Citigroup		1/7/15		36		36		—
1,632,670,000		Korean Won		Citibank		1/8/15		1,465		1,485		(20	)
		Total Currencies Sold					$	3,108	$	3,097	$	11
		Net Unrealized/Appreciation(Depreciation)									$	(12	)

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

See accompanying notes to financial statements.

119

HC CAPITAL TRUST
The Emerging Markets Portfolio
Portfolio of Investments — December 31, 2014 (Unaudited)


Shares	Security Description		Value (000)
		Common Stocks — 90.65%
		Bermuda — 1.36%
13,370,113		Cosco Pacific Ltd. (Transportation Infrastructure)	$	18,938
34,969,000		GOME Electrical Appliances Holding Ltd. (Specialty Retail)		5,112
				24,050
		Brazil — 6.51%
797,400		Ambev SA (Beverages)		4,906
4,200		Banco Bradesco SA (Banks)		54
159,947		Banco do Brasil SA (Banks)		1,431
3,828		Banco Santander Brasil SA (Banks)		19
1,642,600		BM&FBOVESPA SA (Diversified Financial Services)		6,089
967,500		Brasil Insurance Participacoes e Adminstracao SA (Insurance) (a)		1,238
60,000		BRF SA (Food Products)		1,432
919,898		Cia de Saneamento Basico do Estado de Sao Paulo SABESP, ADR (Water Utilities)		5,786
408,400		Cia Hering (Specialty Retail)		3,112
1,327,134		Cia Vale Do Rio, ADR (Metals & Mining)		9,636
3,900		Cielo SA (IT Services)		61
1,123,600		Cyrela Brazil Realty SA Empreendimentos (Household Durables)		4,677
1,359,800		Duratex SA (Paper Products)		4,109
2,028,247		EDP – Energias do Brasil SA (Electric Utilities)		6,846
1,326,690		Gerdau SA, ADR (Metals & Mining)		4,710
489,500		Grupo BTG Pactual SA (Capital Markets)		5,186
524,691		Itau Unibanco Holding SA, ADR (Banks)		6,826
739,203		Itau Unibanco Holding SA (Banks)		9,626
3,591,426		Magnesita Refratarios SA (Construction Materials) (a)		2,798
384,774		Oi SA, ADR (Diversified Telecommunication Services) ˆ(b)		1,227
2,178,391		Petroleo Brasileiro SA, ADR (Oil, Gas & Consumable Fuels)		15,902
610,600		Petroleo Brasileiro SA (Oil, Gas & Consumable Fuels)		2,204
340,550		Telefonica Brasil SA, ADR (Diversified Telecommunication Services)		6,021
585,400		Transmissora Alianca de Energia Eletrica SA (Electric Utilities)		4,151
824,300		Vale SA (Metals & Mining)		6,797
				114,844
		Cayman Islands — 1.54%
1,040,500		Kingboard Chemical Holdings Ltd. (Electronic Equipment, Instruments & Components)		1,747
42,294,000		Parkson Retail Group Ltd. (Multiline Retail) (a)		10,509
1,035,100		Tencent Holdings Ltd. (Internet Software & Services)		14,978
				27,234


Shares	Security Description		Value (000)
		Chile — 1.78%
38,500		Banco de Credito e Inversiones SA (Banks)	$	1,901
363,346		Cap SA (Metals & Mining)		1,607
4,930,761		Cencosud SA (Food & Staples Retailing)		12,312
196,078,972		CorpBanca SA (Banks)		2,357
745,594		Empresa Nacional de Telecomunicaciones SA (Wireless Telecommunication Services) (a)		7,496
17,360,344		Enersis SA (Electric Utilities)		5,690
				31,363
		China — 16.85%
14,091,000		Agricultural Bank of China Ltd., H Shares (Banks)		7,088
2,156,000		Air China Ltd. (Airlines)		1,740
3,821,000		Anhui Conch Cement Co. Ltd., H Shares (Construction Materials) ˆ		14,148
25,535,100		Bank of China Ltd., H Shares (Banks)		14,334
7,071,000		Bank of Communications Co. Ltd., H Shares (Banks)		6,575
3,857,500		Baoxin Auto Group Ltd. (Specialty Retail) ˆ		2,220
11,932,000		Beijing Capital International Airport Co. Ltd., H Shares (Transportation Infrastructure) (a)		9,513
7,716,000		China CITIC Bank Corp. Ltd., H Shares (Banks)		6,152
23,486,000		China Communications Services Corp. Ltd., H Shares (Diversified Telecommunication Services) (a)		10,983
53,732,350		China Construction Bank Corp., H Shares (Banks)		43,893
9,306,000		China Everbright Bank Co. Ltd., H Shares (Banks)		5,042
4,053,000		China Life Insurance Co. Ltd., H Shares (Insurance)		15,881
3,113,500		China Merchants Bank Co. Ltd., H Shares (Banks)		7,773
4,879,900		China Minsheng Banking Corp. Ltd., H Shares (Banks)		6,380
139,270		China Mobile Ltd., ADR (Wireless Telecommunication Services)		8,192
5,534,000		China National Building Material Co. Ltd., H Shares (Construction Materials)		5,339
16,800		China Pacific Insurance Group Co. Ltd. (Insurance)		85
10,797,400		China Petroleum & Chemical Corp., H Shares (Oil, Gas & Consumable Fuels)		8,746
3,122,000		China Railway Construction Corp. Ltd., H Shares (Construction & Engineering)		3,965
2,360,500		China Shenhua Energy Co. Ltd., H Shares (Oil, Gas & Consumable Fuels)		6,966
10,584,000		China Telecom Corp. Ltd. (Diversified Telecommunication Services)		6,139
8,038,000		Chongqing Rural Commercial Bank Co. Ltd., H Shares (Banks)		4,987
166,000		Datang International Power Generation Co. Ltd., H Shares (Independent Power and Renewable Electricity Producers)		90

See accompanying notes to financial statements.

120

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		China (continued)
2,816,000		Dongfang Electric Corp. Ltd., H Shares (Electrical Equipment) ˆ	$	5,158
22,629,200		Global Bio-Chem Technology Group Co. Ltd. (Food Products) (a)(b)		721
7,185,324		Guangzhou Automobile Group Co. Ltd., H Shares (Automobiles)		6,497
51,056,440		Industrial & Commercial Bank of China Ltd., H Shares (Banks)		37,286
3,702,000		Jiangsu Expressway Co. Ltd., H Shares (Transportation Infrastructure)		4,408
915,000		Jiangxi Copper Co. Ltd., H Shares (Metals & Mining)		1,562
13,263,000		Lianhua Supermarket Holdings Ltd., H Shares (Food & Staples Retailing) ˆ(a)(b)		6,635
3,848,000		PetroChina Co. Ltd., H Shares (Oil, Gas & Consumable Fuels)		4,272
1,536,500		Ping An Insurance Group Co. of China (Insurance)		15,560
2,211,000		Sinopec Engineering Group Co. Ltd., H Shares (Construction & Engineering)		1,488
3,880,500		Soho China Ltd. (Real Estate Management & Development)		2,737
1,716,000		Weichai Power Co. Ltd. (Machinery)		7,194
7,792,000		Wumart Stores, Inc., H Shares (Food & Staples Retailing) (a)		6,655
568,000		Zhejiang Expressway Co. Ltd., H Shares (Transportation Infrastructure)		658
				297,062
		Colombia — 0.15%
2,136,636		Ecopetrol SA (Oil, Gas & Consumable Fuels)		1,872
198,500		Interconexion Electrica SA (Electric Utilities)		721
				2,593
		Egypt — 0.01%
98,243		Telecom Egypt Co. (Diversified Telecommunication Services)		162
		Greece — 0.24%
2,428,537		National Bank of Greece SA (Banks) (b)		4,262
		Hong Kong — 3.71%
1,683,500		China Mobile Ltd. (Wireless Telecommunication Services)		19,720
188,000		China Overseas Land & Investment Ltd. (Real Estate Management & Development)		556
2,526,000		China Resources Power Holdings Co. Ltd. (Independent Power and Renewable Electricity Producers)		6,444
3,639,500		China Zhentong Auto Services Holdings Ltd. (Specialty Retail)		1,613
13,110,000		CNOOC Ltd. (Oil, Gas & Consumable Fuels)		17,729
337		Evergrande Real Estate Group Ltd. (Real Estate Management & Development) ˆ		—
1,304,158		NWS Holdings Ltd. (Industrial Conglomerates)		2,392


Shares	Security Description		Value (000)
		Hong Kong (continued)
5,655,000		Shanghai Industrial Holdings Ltd. (Industrial Conglomerates) (a)	$	16,891
				65,345
		Hungary — 1.22%
71,600		MOL Hungarian Oil & Gas PLC (Oil, Gas & Consumable Fuels)		3,146
769,285		OTP Bank Nyrt PLC (Banks)		11,107
533,746		Richter Gedeon Nyrt (Pharmaceuticals)		7,195
				21,448
		India — 8.69%
1,283,301		Bank of India (Commercial Banks)		6,091
952,559		Bharat Heavy Electricals Ltd. (Electrical Equipment)		3,980
286,700		Bharti Airtel Ltd. (Wireless Telecommunication Services)		1,594
999,370		Cairn India Ltd. (Oil, Gas & Consumable Fuels)		3,809
271,000		Coal India Ltd. (Coal & Consumable Fuels)		1,642
222,800		GAIL India Ltd. (Gas Utilities)		1,564
23,832		Hindalco Industries Ltd. (Metals & Mining)		59
119,775		Housing Development Finance Corp. Ltd. (Thrifts & Mortgage Finance)		2,148
1,772,385		ICICI Bank Ltd. (Banks)		9,864
1,404,390		IDFC Ltd. (Diversified Financial Services)		3,477
7,902,651		India Cements Ltd. (Construction Materials) (a)(b)		10,623
182,944		Infosys Ltd. (IT Services)		5,678
114,765		ITC Ltd. (Tobacco)		669
117,129		Jubilant Life Sciences Ltd. (Pharmaceuticals)		225
348,800		LIC Housing Finance Ltd. (Thirfts & Mortgage Finance)		2,401
106,800		Mahindra & Mahindra Ltd. (Automobiles)		2,080
2,927,967		NMDC Ltd. (Metals & Mining)		6,720
2,790,041		NTPC Ltd. (Independent Power and Renewable Electricity Producers)		6,345
652,790		Oil & Natural Gas Corp. Ltd. (Oil, Gas & Consumable Fuels)		3,513
386,324		Oriental Bank of Commerce (Banks)		2,064
2,763,126		Power Grid Corp. of India Ltd. (Electric Utilities)		6,024
1,261,850		Punjab National Bank (Banks)		4,343
1,732,015		Reliance Industries Ltd. (Oil, Gas & Consumable Fuels)		24,358
11,540		Reliance Industries Ltd., GDR (Oil, Gas & Consumable Fuels) (c)		326
1,486,289		Rolta India Ltd. (IT Services)		2,194
22,594		Rural Electrification Corp. Ltd. (Diversified Financial Services)		119
1,275,700		Sesa Sterlite Ltd. (Metals & Mining)		4,309
91,938		Sesa Sterlite Ltd., ADR (Metals & Mining)		1,249
1,691,480		South Indian Bank Ltd. (Banks)		755
3,560,725		State Bank of India (Banks)		17,494

See accompanying notes to financial statements.

121

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		India (continued)
3,910,290		Steel Authority of India Ltd. (Metals & Mining)	$	5,090
58,134		Tata Consultancy Services Ltd. (IT Services)		2,356
447,700		Tata Motors Ltd. (Automobiles)		3,502
546,200		Tata Power Co. Ltd. (Electric Utilities)		708
708,800		Tata Steel Ltd. (Metals & Mining)		4,465
162,300		Wipro Ltd. (IT Services)		1,410
				153,248
		Indonesia — 0.80%
1,788,700		PT Astra International Tbk (Automobiles)		1,067
488,800		PT Bank Central Asia Tbk (Banks)		519
2,603,700		PT Bank Danamon Indonesia Tbk (Banks)		948
2,566,700		PT Bank Negara Indonesia Persero Tbk (Banks)		1,258
524,500		PT Bank Rakyat Indonesia Persero Tbk (Banks)		493
9,419,500		PT Indofood Sukses Makmur Tbk (Food Products)		5,138
380,450		PT Telekomunikasi Indonesia Persero Tbk (Diversified Telecommunication Services)		87
3,298,300		PT United Tractors Tbk (Machinery)		4,608
				14,118
		Jersey — 0.18%
29,828,000		West China Cement Ltd. (Construction Materials)		3,125
		Malaysia — 2.49%
3,014,100		AMMB Holdings Berhad (Banks)		5,663
9,605,288		CIMB Group Holdings Berhad (Banks)		15,252
1,805,100		Felda Global Ventures Holdings Berhad (Food Products)		1,122
276,600		Hong Leong Financial Group Berhad (Banks)		1,300
5,159,283		IOI Properties Group Berhad (Real Estate Management & Development)		3,560
2,491,814		Malayan Banking Berhad (Banks)		6,529
222,000		Public Bank Berhad (Banks)		1,160
1,418,800		RHB Capital Berhad (Banks)		3,093
118,300		Tenega Nasional Berhad (Electric Utilities)		466
8,311,500		YTL Corp. Berhad (Multi-Utilities)		3,781
4,841,400		YTL Power International Berhad (Multi-Utilities)		2,045
				43,971
		Mexico — 2.77%
2,429,600		Alpek SA de CV (Chemicals) (b)		3,110
5,885,900		America Movil SAB de CV (Wireless Telecommunication Services)		6,544
478,372		Arca Continental SAB de CV (Beverages) (b)		3,027
1,076,300		Cemex SAB de CV (Construction Materials) (b)		1,097
520,900		Coca-Cola FEMSA SAB de CV, Series L (Beverages)		4,472


Shares	Security Description		Value (000)
		Mexico (continued)
2,632,900		Consorcio ARA SAB de CV (Household Durables) (b)	$	1,158
807,390		Volaris Aviation Holding Company, ADR (Airlines) (a)(b)		7,283
469,500		Fomento Economico Mexicano SAB de CV (Beverages) (b)		4,166
728,337		Grupo Aeroportuario del Pacifico SAB de CV, B Shares (Transportation Infrastructure)		4,578
782,500		Grupo Financiero Banorte SAB de CV (Banks)		4,308
539,000		Grupo Financiero Santander Mexico SAB de CV, B Shares (Banks)		1,127
299,045		Grupo Mexico SAB de CV, Series B (Metals & Mining)		868
294,200		Grupo Televisa SAB de CV (Media) (b)		2,006
2,444,700		Ohl Mexico SAB de CV (Transportation Infrastructure) (b)		4,533
248,100		Wal-Mart de Mexico SAB de CV, Series V (Food & Staples Retailing)		534
				48,811
		Peru — 0.28%
506,100		Compania de Minas Buenaventura SA, ADR (Metals & Mining)		4,838
400		Credicorp Ltd. (Banks)		64
				4,902
		Philippines — 0.14%
1,303,800		Metropolitan Bank & Trust Co. (Banks)		2,404
		Poland — 1.57%
2,193,100		Getin Nobel Bank SA (Banks) (b)		1,351
150,457		KGHM Polska Miedz SA (Metals & Mining)		4,591
850,383		PGE SA (Electric Utilities)		4,501
987,880		Powszechna Kasa Oszczednosci Bank Polski SA (Banks)		9,926
2,129,509		Tauron Polska Energia SA (Electric Utilities)		3,014
1,874,200		Telekomunikacja Polska SA (Diversified Telecommunication Services)		4,383
				27,766
		Qatar — 0.49%
310,600		Doha Bank Qsc (Banks)		4,817
205,379		The Commercial Bank of Qatar QSC (Banks)		3,825
				8,642
		Russia — 3.31%
4,559,599		Gazprom OAO, GDR (Oil, Gas & Consumable Fuels) (a)		20,655
80,319		LUKOIL, ADR (Oil, Gas & Consumable Fuels)		3,178
223,250		LUKOIL OAO, ADR (Oil, Gas & Consumable Fuels)		8,562
24,310		Magnit OJSC, Registered Shares, GDR (Food & Staples Retailing)		1,099
208,402		MegaFon OAO, GDR (Wireless Telecommunication Services) (c)		2,840

See accompanying notes to financial statements.

122

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Russia (continued)
1,415,282		Rosneft Oil Co. OJSC, Registered Shares, GDR (Oil, Gas & Consumable Fuels) (c)	$	4,934
1,633,848		Sberbank of Russia, ADR (Banks)		6,601
452,700		Sberbank of Russia, ADR (Banks)		1,753
111,764		Severstal, Registered Shares, GDR (Metals & Mining)		1,017
3,947		Sistema JSFC – Registered, GDR (Wireless Telecommunication Services)		21
13,069		Sistema JSFC, Registered Shares, GDR (Wireless Telecommunication Services)		68
944,006		Surgutneftegaz OAO, ADR (Oil, Gas & Consumable Fuels)		4,871
2,877,540		The Moscow Exchange (Diversified Financial Services)		2,804
				58,403
		South Africa — 4.49%
450,300		African Rainbow Minerals Ltd. (Metals & Mining)		4,615
1,917,256		Aveng Ltd. (Construction & Engineering) (b)		2,910
427,358		Barloworld Ltd. (Trading Companies & Distributors)		3,521
93,463		FirstRand Ltd. (Diversified Financial Services)		407
583,366		Growthpoint Properties Ltd. (Real Estate Investment Trusts)		1,387
243,095		Imperial Holdings Ltd. (Distributors)		3,874
232,386		Kumba Iron Ore Ltd. (Metals & Mining)		4,810
321,443		Liberty Holdings Ltd. (Insurance)		3,412
283,430		MTN Group Ltd. (Wireless Telecommunication Services)		5,396
71,889		Naspers Ltd. (Media)		9,307
4,800,306		Redefine Properties Ltd. (Real Estate Management & Development)		4,444
89,719		Sasol Ltd. (Oil, Gas & Consumable Fuels)		3,351
1,616,965		Standard Bank Group Ltd. (Banks)		19,947
1,425,100		Steinhoff International Holdings Ltd. (Household Durables)		7,297
680,141		Truworths International Ltd. (Specialty Retail)		4,521
				79,199
		South Korea — 16.64%
82,429		BS Financial Group, Inc. (Banks)		1,085
486,093		DGB Financial Group, Inc. (Banks) ˆ		4,997
47,200		Doosan Corp. (Industrial Conglomerates)		4,435
201,200		Doosan Heavy Industries & Construction Co. Ltd. (Construction & Engineering)		4,299
27,311		E-Mart Co. Ltd. (Food & Staples Retailing)		5,055
219,889		Hana Financial Group, Inc. (Banks)		6,369
154,111		Hanwha Corp. (Chemicals)		4,358
79,038		Hynix Semiconductor, Inc. (Semiconductors & Semiconductor Equipment) (b)		3,378
219,914		Hyundai Engineering & Construction Co. Ltd. (Construction & Engineering)		8,374


Shares	Security Description		Value (000)
		South Korea (continued)
30,681		Hyundai Marine & Fire Insurance Co. Ltd. (Insurance)	$	726
36,140		Hyundai Mobis Co. Ltd. (Automobiles)		7,733
155,330		Hyundai Motor Co. Ltd. (Automobiles)		23,731
407,400		Industrial Bank of Korea (Banks)		5,212
222,849		Jinro Ltd. (Beverages) ˆ		4,682
302,800		KB Financial Group, Inc., ADR (Banks) (a)(b)		9,877
533,431		KB Financial Group, Inc. (Banks)		17,443
18,081		Kia Motors Corp. (Automobiles)		859
726,920		Korea Electric Power Corp., ADR (Electric Utilities) (b)		14,073
307		Korean Reinsurance Co. (Insurance)		3
243,230		KT Corp., ADR (Diversified Telecommunication Services) (b)		3,434
193,482		KT Corp. (Diversified Telecommunication Services)		5,472
2,315		KT&G Corp. (Tobacco)		161
51,342		LG Chem Ltd. (Chemicals)		8,397
24,245		LG Corp. (Industrial Conglomerates)		1,347
161,756		LG Electronics, Inc. (Household Durables)		8,666
26,882		Lotte Shopping Co. Ltd. (Multiline Retail)		6,650
94,171		LS Corp. (Electrical Equipment)		4,646
3,044		Naver Corp. (Internet Software & Services)		1,950
22,434		Nong Shim Co. Ltd. (Food Products)		5,147
56,448		POSCO (Metals & Mining)		14,221
52,560		POSCO, ADR (Metals & Mining)		3,354
53,152		Samsung Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)		63,910
387,024		Shinhan Financial Group Co. Ltd. (Banks)		15,560
57,130		Shinsegae Co. Ltd. (Multiline Retail)		9,379
35,976		SK Holdings Co. Ltd. (Industrial Conglomerates)		5,340
1,621		SK Telecom Co. Ltd. (Wireless Telecommunication Services)		397
382,430		Tong Yang Life Insurance Co. Ltd. (Insurance)		3,738
541,154		Woori Bank (Banks) (b)		4,924
				293,382
		Taiwan — 10.82%
3,308,000		Advanced Semiconductor Engineering, Inc. (Semiconductors & Semiconductor Equipment)		3,929
960,971		Asia Cement Corp. (Construction Materials)		1,183
345,000		Asustek Computer, Inc. (Technology Hardware, Storage & Peripherals)		3,765
11,387,000		AU Optronics Corp. (Electronic Equipment, Instruments & Components)		5,780
454,500		Cathay Financial Holding Co. Ltd. (Insurance)		672
954,000		China Motor Corp. (Automobiles)		843
182,611		China Steel Corp. (Metals & Mining)		151

See accompanying notes to financial statements.

123

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


Shares	Security Description		Value (000)
		Common Stocks (continued)
		Taiwan (continued)
178,000		Chunghwa Telecom Co. Ltd. (Diversified Telecommunication Services)	$	528
22,457,000		Compal Electronics, Inc. (Technology Hardware, Storage & Peripherals)		15,681
73,000		Delta Electronics, Inc. (Electronic Equipment, Instruments & Components)		431
957,133		Far Eastern Department Stores Ltd. (Multiline Retail)		850
3,021,868		Far Eastern New Century Corp. (Industrial Conglomerates)		2,989
164,000		Farglory Land Development Co. Ltd. (Real Estate Management & Development)		195
7,742,486		First Financial Holdings Co. Ltd. (Banks)		4,540
113,200		Formosa Plastics Corp. (Chemicals)		258
629,000		Formosa Taffeta Co. Ltd. (Textiles, Apparel & Luxury Goods)		621
317,996		Fubon Financial Holding Co. Ltd. (Diversified Financial Services)		506
1,000		Grand Pacific Petrochemical Corp. (Chemicals)		1
6,510,316		Hon Hai Precision Industry Co. Ltd. (Electronic Equipment, Instruments & Components)		17,980
12,045,000		Innolux Corp. (Electronic Equipment, Instruments & Components)		5,822
1,000		Inventec Corp. (Technology Hardware, Storage & Peripherals)		1
4,338,552		Lite-On Technology Corp. (Technology Hardware, Storage & Peripherals)		4,957
170,962		MediaTek, Inc. (Semiconductors & Semiconductor Equipment)		2,486
8,311,477		Mega Financial Holding Co. Ltd. (Banks)		6,413
116,240		Nan Ya Plastics Corp. (Chemicals)		240
1,993,740		Nan Ya Printed Circuit Board Corp. (Electronic Equipment, Instruments & Components) (b)		2,602
2,154,000		Pegatron Corp. (Technology Hardware, Storage & Peripherals)		4,924
2,183,620		Pou Chen Corp. (Textiles, Apparel & Luxury Goods)		2,633
2,309,150		Radiant Opto-Electronics Corp. (Semiconductors & Semiconductor Equipment)		7,352
2,468,000		Ruentex Industries Ltd. (Textiles, Apparel & Luxury Goods)		5,176
31,645,550		Shin Kong Financial Holding Co. Ltd. (Insurance)		8,964
633,000		Simplo Technology Co. Ltd. (Electronic Equipment, Instruments & Components)		3,120
13,557,000		SinoPac Financial Holdings Co. Ltd. (Banks)		5,556
2,569,000		Synnex Technology International Corp. (Electronic Equipment, Instruments & Components)		3,721
11,822,038		Taishin Financial Holding Co. Ltd. (Banks)		4,853


Shares	Security Description		Value (000)
		Taiwan (continued)
5,735,000		Taiwan Business Bank (Banks) (b)	$	1,662
1,596,000		Taiwan Cement Corp. (Construction Materials)		2,182
2,149,000		Taiwan Cooperative Financial Holding Co. Ltd. (Banks)		1,105
7,048,000		Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		31,052
127,230		Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Semiconductors & Semiconductor Equipment)		2,847
268,550		TSRC Corp. (Chemicals)		286
5,642,000		Unimicron Technology Corp. (Electronic Equipment, Instruments & Components)		4,274
3,076,981		United Microelectronics Corp., ADR (Semiconductors & Semiconductor Equipment) (a)		6,985
12,889,000		United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		5,983
9,870,000		Walsin Lihwa Corp. (Electrical Equipment) (b)		3,096
1,715,408		Wistron Corp. (Technology Hardware, Storage & Peripherals)		1,545
				190,740
		Thailand — 2.71%
2,215,300		Bangkok Bank Public Co. Ltd. – Foreign Registered Shares (Banks)		13,166
907,800		Bangkok Bank Public Co. Ltd. – NVDR (Banks)		5,334
142,700		Banpu Public Co. Ltd., Foreign Registered Shares (Oil, Gas & Consumable Fuels)		108
100		Delta Electronics (Thailand) Public Co. Ltd. – Foreign Registered Shares (Electronic Equipment, Instruments & Components)		—
1,229,075		PTT Exploration & Production Public Co. Ltd. (Oil, Gas & Consumable Fuels)		4,163
8,212,142		PTT Global Chemical Public Co. Ltd. (Chemicals)		12,746
607,800		PTT Public Co. Ltd. (Oil, Gas & Consumable Fuels)		5,956
4,891,600		Thai Oil Public Co. Ltd. (Oil, Gas & Consumable Fuels)		6,226
				47,699
		Turkey — 1.50%
3,007,100		Emlak Konut Gayrimenkul Yatirim (Real Estate Investment Trusts)		3,561
1		Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class – D (Metals & Mining) (b)		—
862,902		Turkcell Iletisim Hizmetleri A/S (Wireless Telecommunication Services) (b)		5,273
1,171,212		Turkiye Halk Bankasi A/S (Banks)		6,947
2,045,008		Turkiye Is Bankasi A/S, C Shares (Banks)		5,888

See accompanying notes to financial statements.

124

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



Shares	Security Description		Value (000)
		Common Stocks (continued)
		Turkey (continued)
2,262,600		Turkiye Vakiflar Bankasi TAO, Class – D (Banks)	$	4,712
				26,381
		Ukraine — 0.00%
221,395		JKX Oil & Gas PLC (Oil, Gas & Consumable Fuels) ˆ(b)		41
		United Arab Emirates — 0.40%
2,148,700		Abu Dhabi Commercial Bank PJSC (Banks)		4,046
1,544,840		Emaar Properties PJSC (Real Estate Management & Development)		2,978
				7,024
		Total Common Stocks		1,598,219
		Preferred Stocks — 4.13%
		Brazil — 3.32%
322,000		Banco Bradesco SA – Preferred (Banks)		4,249
1,137,200		Banco do Estado do Rio Grande do Sul SA – Preferred, B Shares (Banks)		6,205
81,617		Bradespar SA – Preferred (Metals & Mining)		439
1,035,712		Companhia Energetica de Minas Gerais SA – Preferred, ADR (Electric Utilities)		5,121
433,500		Companhia Energetica de Sao Paulo – Preferred, B Shares (Independent Power and Renewable Electricity Producers)		4,374
319,800		Companhia Paranaense de Energia-COPEL – Preferred, B Shares (Electric Utilities)		4,321
2,586,500		Gerdau SA – Preferred (Metals & Mining)		9,326
1,270,126		Itausa – Investimentos Itau SA – Preferred (Banks)		4,488
155,300		Metalurgica Gerdau SA – Preferred (Metals & Mining)		660
890,600		Petroleo Brasileiro SA – Preferred (Oil, Gas & Consumable Fuels)		3,358
1,791,000		Randon Participacoes SA – Preferred (Automobiles)		3,215
287,309		Telefonica Brasil SA – Preferred (Diversified Telecommunication Services)		5,066
1,073,381		Vale SA – Preferred (Metals & Mining)		7,769
				58,591
		Chile — 0.05%
335,607		Embotelladora Andina SA – Preferred, B Shares (Beverages)		950
		Colombia — 0.28%
404,696		Bancolombia SA – Preferred (Banks)		4,880
		South Korea — 0.48%
8,905		Samsung Electronics Co. Ltd. – Preferred (Semiconductors & Semiconductor Equipment)		8,377
		Total Preferred Stocks		72,798


Shares or Principal Amount (000)	Security Description		Value (000)
		Right — 0.00%
		South Korea — 0.00%
12,990		DGB Financial Group, Inc. (Banks) (b)	$	14
		Total Right		14
		Time Deposit — 0.59%
10,425		State Street Liquidity Management Control System Eurodollar Time Deposit, 0.01%, 1/2/15		10,425
		Total Time Deposit		10,425
		Mutual Funds — 5.14%
430,000		Federated U.S. Treasury Cash Reserve Fund, Institutional Shares, 0.00% (d)		430
837,800		iShares Asia Trust – iShares FTSE A50 China Index ETF ˆ		1,402
1,461,486		iShares MSCI Emerging Markets Index Fund ETF		57,423
18,480		iShares MSCI Taiwan Index Fund ETF		279
27,349,000		SSgA Treasury Money Market Fund		27,349
169,473		WisdomTree India Earnings Fund ETF		3,737
		Total Mutual Funds		90,620
		Repurchase Agreement — 0.57%
10,000		Jefferies LLC, 0.12%, 1/2/15 (Purchased on 12/31/14, proceeds at maturity $10,000,067 collateralized by U.S. Treasury Obligations, 0.01% – 2.53%, 2/12/15 – 11/15/40 fair value $10,212,314) ˆˆ		10,000
		Total Repurchase Agreement		10,000
		Total Investments (cost $1,876,074) — 101.08%		1,782,076
		Liabilities in excess of other assets — (1.08%)		(18,973	)
		Net Assets — 100.00%	$	1,763,103

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 $13,912 (amount in thousands).

ˆˆ

Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before December 31, 2014.

^(a)

These securities have been deemed illiquid by the Specialist Manager and represents 7.31% of the Portfolio's net assets.

^(b)

Represents non-income producing security.

See accompanying notes to financial statements.

125

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

^(c)

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

^(d)

The rate disclosed is the rate in effect on December 31, 2014.

ADR — American Depositary Receipt

ETF — Exchange Traded Fund

GDR — Global Depositary Receipt

NVDR — Non-Voting Depository Receipt

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


The Emerging Markets Portfolio	Boston Company Asset Management, LLC			Mellon Capital Management Corp.			HC Capital Solutions			Total
Common Stocks		45.99	%		44.66	%		—			90.65	%
Preferred Stocks		1.06	%		3.07	%		—			4.13	%
Time Deposits		0.59	%		—			—			0.59	%
Mutual Funds		1.31	%		2.04	%		1.79	%		5.14	%
Repurchase Agreement		0.14	%		0.43	%		—			0.57	%
Other Assets (Liablities)		0.03	%		-1.11	%		—			-1.08	%
Total Net Assets		49.12	%		49.09	%		1.79	%		100.00	%

See accompanying notes to financial statements.

126

HC CAPITAL TRUST
The Core Fixed Income Portfolio
Portfolio of Investments — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	Asset Backed Securities — 0.52%
$27	Ally Auto Receivables Trust, Series 2012-4, Class A3		0.59		1/17/17	$	27
25	American Express Credit Account Master Trust, Series 2012-5, Class A		0.59		5/15/18		25
25	AmeriCredit Automobile Receivables Trust, Series 2013-5, Class A3		0.90		9/8/18		25
110	Capital One Multi-Asset Execution Trust, Series 2006-A3, Class A3		5.05		12/17/18		115
20	CarMax Auto Owner Trust, Series 2012-2, Class A4		1.16		12/15/17		20
100	Citibank Credit Card Issuance Trust, Series 2014-A4, Class A4		1.23		4/24/19		100
50	Ford Credit Auto Owner Trust, Series 2013-C, Class A4		1.25		10/15/18		50
60	Honda Auto Receivables Owner Trust, Series 2012-3, Class A4		0.74		10/15/18		60
60	Nissan Auto Receivables Owner Trust, Series 2012-A, Class A4		1.00		7/16/18		60
25	Santander Drive Auto Receivables Trust, Series 2014-3, Class C		2.13		8/17/20		25
20	World Omni Auto Receivables Trust, Series 2014-A, Class A3		0.94		4/15/19		20
	Total Asset Backed Securities						527
	Collateralized Mortgage Obligations — 2.25%
140	Banc of America Commercial Mortgage, Inc., Series 2006-2, Class AJ (a)		5.76		5/10/45		146
25	Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class A4		3.62		7/10/47		26
38	Commercial Mortgage Trust, Series 2013-CR8, Class A1		1.02		6/10/46		38
20	Commercial Mortgage Trust, Series 2014-LC15, Class A2		2.84		4/10/47		21
20	Commercial Mortgage Trust, Series 2014-CR15, Class A2		2.93		2/10/47		21
50	Commercial Mortgage Trust, Series 2013-CR8, Class A5 (a)		3.61		6/10/46		52
25	Commercial Mortgage Trust, Series 2014-UBS3, Class A4		3.82		6/10/47		27
30	Commercial Mortgage Trust, Series 2014-CR15, Class A4 (a)		4.07		2/10/47		32
50	Commercial Mortgage Trust, Series 2013-CR11, Class A4		4.26		10/10/46		55
25	Commercial Mortgage Trust, Series 2013-CR11, Class B (a)		5.33		10/10/46		28
66	Fannie Mae, Series 2013-M14, Class APT (a)		2.59		4/25/23		66
26	Fannie Mae, Series 2014-M3, Class AB2 (a)		3.46		1/25/24		27
27	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K714, Class A1		2.08		12/25/19		28
70	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K027, Class A2		2.64		1/25/23		70
25	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K017, Class A2		2.87		12/25/21		26
19	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K032, Class A1		3.02		2/25/23		20
30	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K033, Class A2 (a)		3.06		7/25/23		31
35	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K032, Class A2 (a)		3.31		5/25/23		37
60	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K014, Class A2		3.87		4/25/21		65
35	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K012, Class A2		4.19		12/25/20		39
15	Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class AM (a)		5.28		4/10/37		15
25	GS Mortgage Securities Trust, Series 2013-GC14, Class A5		4.24		8/10/46		27
20	JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class A5		3.77		8/15/47		21

See accompanying notes to financial statements.

127

HC CAPITAL TRUST
The Core Fixed Income Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	Collateralized Mortgage Obligations (continued)
$50	JPMBB Commercial Mortgage Securities Trust, Series 2013-C15, Class A5		4.13		11/15/45	$	54
150	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2012-C8, Class A3		2.83		10/15/45		150
255	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-CB17, Class A4		5.43		12/12/43		269
25	LB-UBS Commercial Mortgage Trust, Series 2006-C7, Class AM		5.38		10/15/16		26
40	Merrill Lynch Mortgage Trust, Series 2007-C1, Class A3 (a)		6.03		11/12/16		40
19	Morgan Stanley BAML Trust, Series 2013-C9, Class A1		0.83		5/15/46		18
50	Morgan Stanley BAML Trust, Series 2013-C11, Class A2		3.09		8/15/46		52
50	Morgan Stanley BAML Trust, Series 2013-C9, Class AS		3.46		5/15/46		51
25	Morgan Stanley BAML Trust, Series 2014-C17, Class A5		3.74		8/15/47		26
255	Morgan Stanley Capital I, Series 2007-HQ11, Class A4 (a)		5.45		2/12/44		273
145	Morgan Stanley Capital I, Series 2006-HQ9, Class A4 (a)		5.73		7/12/44		152
184	Morgan Stanley Capital I, Series 2007-IQ15, Class A4 (a)		5.91		7/11/17		200
20	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class A2		2.11		5/10/63		20
30	UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class A5		2.85		12/10/45		30
	Total Collateralized Mortgage Obligations						2,279
	U.S. Government Agency Mortgages — 31.57%
25	Fannie Mae, Pool #AT7281		2.00		9/1/28		24
99	Fannie Mae, Pool #AS2673		2.00		5/1/29		99
88	Fannie Mae, Pool #AU1660		2.50		7/1/28		90
147	Fannie Mae, Pool #AP4742		2.50		8/1/27		150
91	Fannie Mae, Pool #AU0293		2.50		8/1/28		93
89	Fannie Mae, Pool #AU6677		2.50		9/1/28		91
88	Fannie Mae, Pool #AO3019		2.50		5/1/27		89
149	Fannie Mae, Pool #MA1210		2.50		9/1/49		152
152	Fannie Mae, Pool #MA1277		2.50		12/1/27		155
70	Fannie Mae, Pool #AB7391		2.50		12/1/42		68
90	Fannie Mae, Pool #AT2127		3.00		4/1/43		91
153	Fannie Mae, Pool #AO0752		3.00		4/1/42		155
136	Fannie Mae, Pool #AK0006		3.00		1/1/27		142
90	Fannie Mae, Pool #AU8932		3.00		11/1/28		93
255	Fannie Mae, Pool #AB7099		3.00		11/1/42		258
115	Fannie Mae, Pool #AB4483		3.00		2/1/27		120
214	Fannie Mae, Pool #MA1307		3.00		1/1/33		222
90	Fannie Mae, Pool #AB8897		3.00		4/1/43		92
263	Fannie Mae, Pool #AJ3079		3.00		11/1/26		274
338	Fannie Mae, Pool #AP6375		3.00		9/1/42		343
25	Fannie Mae, Pool #AO7628		3.00		6/1/27		26
63	Fannie Mae, Pool #AW4057		3.00		8/1/29		66
336	Fannie Mae, Pool #AQ7920		3.00		12/1/42		341
132	Fannie Mae, Pool #AP6493		3.00		9/1/42		134
95	Fannie Mae, Pool #AS0302		3.00		8/1/43		96

See accompanying notes to financial statements.

128

HC CAPITAL TRUST
The Core Fixed Income Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	U.S. Government Agency Mortgages (continued)
$105	Fannie Mae, Pool #AU3735		3.00		8/1/43	$	107
91	Fannie Mae, Pool #AT0682		3.00		4/1/43		92
93	Fannie Mae, Pool #AT7311		3.00		7/1/43		94
48	Fannie Mae, Pool #AU3353		3.00		8/1/43		48
49	Fannie Mae, Pool #AW6710		3.00		6/1/29		51
157	Fannie Mae, Pool #AP2465		3.00		8/1/42		160
94	Fannie Mae, Pool #MA1107		3.50		7/1/32		100
47	Fannie Mae, Pool #AJ4867		3.50		1/1/42		49
125	Fannie Mae, Pool #MA0629		3.50		1/1/21		132
47	Fannie Mae, Pool #MA1921		3.50		6/1/34		49
221	Fannie Mae, Pool #AB4689		3.50		3/1/42		231
93	Fannie Mae, Pool #MA1059		3.50		5/1/32		98
363	Fannie Mae, Pool #AB6017		3.50		8/1/42		379
273	Fannie Mae, Pool #AO8137		3.50		8/1/42		285
163	Fannie Mae, Pool #AO3760		3.50		5/1/42		171
25	Fannie Mae, Pool #AJ1886		3.50		3/1/42		26
280	Fannie Mae, Pool #AL1717		3.50		5/1/27		296
42	Fannie Mae, Pool #AT2673		3.50		4/1/43		44
168	Fannie Mae, Pool #AP9390		3.50		10/1/42		175
436	Fannie Mae, Pool #AO2548		3.50		4/1/42		455
163	Fannie Mae, Pool #AQ0546		3.50		11/1/42		170
218	Fannie Mae, Pool #AH6242		4.00		4/1/26		234
92	Fannie Mae, Pool #AH5859		4.00		2/1/41		98
49	Fannie Mae, Pool #AU8849		4.00		11/1/43		53
431	Fannie Mae, Pool #190405		4.00		10/1/40		459
107	Fannie Mae, Pool #AC7328		4.00		12/1/39		115
45	Fannie Mae, Pool #AJ6153		4.00		11/1/41		48
293	Fannie Mae, Pool #AJ7689		4.00		12/1/41		313
152	Fannie Mae, Pool #MA0534		4.00		10/1/30		163
90	Fannie Mae, Pool #AO2959		4.00		5/1/42		96
139	Fannie Mae, Pool #AI1186		4.00		4/1/41		148
285	Fannie Mae, Pool #AI8534		4.00		8/1/41		304
139	Fannie Mae, Pool #AJ5303		4.00		11/1/41		148
35	Fannie Mae, Pool #745278		4.50		6/1/19		37
35	Fannie Mae, Pool #829106		4.50		10/1/20		38
68	Fannie Mae, Pool #AB3192		4.50		6/1/41		73
21	Fannie Mae, Pool #735646		4.50		7/1/20		23
45	Fannie Mae, Pool #MA0481		4.50		8/1/30		49
50	Fannie Mae, Pool #AU9017		4.50		9/1/43		54
73	Fannie Mae, Pool #AA9781		4.50		7/1/24		79
35	Fannie Mae, Pool #930998		4.50		4/1/29		37
109	Fannie Mae, Pool #AI1888		4.50		5/1/41		119
313	Fannie Mae, Pool #AE0217		4.50		8/1/40		341

See accompanying notes to financial statements.

129

HC CAPITAL TRUST
The Core Fixed Income Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	U.S. Government Agency Mortgages (continued)
$46	Fannie Mae, Pool #AE4314		4.50		9/1/40	$	50
134	Fannie Mae, Pool #AE0954		4.50		2/1/41		146
45	Fannie Mae, Pool #AB0388		4.50		4/1/19		47
287	Fannie Mae, Pool #AL1107		4.50		11/1/41		312
258	Fannie Mae, Pool #AH7521		4.50		3/1/41		281
46	Fannie Mae, Pool #AI8104		4.50		6/1/41		50
305	Fannie Mae, Pool #889117		5.00		10/1/35		338
25	Fannie Mae, Pool #890603		5.00		8/1/41		28
25	Fannie Mae, Pool #AA8753		5.00		6/1/39		28
43	Fannie Mae, Pool #AE0945		5.00		12/1/20		45
180	Fannie Mae, Pool #AH5988		5.00		3/1/41		200
82	Fannie Mae, Pool #AD5477		5.00		5/1/40		91
66	Fannie Mae, Pool #725238		5.00		3/1/34		73
99	Fannie Mae, Pool #AJ1263		5.00		9/1/26		104
71	Fannie Mae, Pool #725027		5.00		11/1/33		78
68	Fannie Mae, Pool #603083		5.50		1/1/17		72
128	Fannie Mae, Pool #AD0527		5.50		6/1/39		143
455	Fannie Mae, Pool #890221		5.50		12/1/33		512
81	Fannie Mae, Pool #959451		6.00		12/1/37		92
147	Fannie Mae, Pool #725228		6.00		3/1/34		169
61	Fannie Mae, Pool #AL0583		6.50		10/1/39		69
92	Fannie Mae, Pool #AE0442		6.50		1/1/39		105
17	Fannie Mae, Pool #888596		6.50		7/1/37		19
71	Fannie Mae, Pool #889984		6.50		10/1/38		81
25	Fannie Mae, 30 YR TBA		3.00		1/25/45		25
375	Fannie Mae, 30 YR TBA		3.50		1/25/45		391
75	Fannie Mae, 30 YR TBA		3.50		2/25/45		78
325	Fannie Mae, 30 YR TBA		4.00		2/25/44		346
595	Fannie Mae, 30 YR TBA		4.00		1/25/45		634
100	Fannie Mae, 30 YR TBA		4.50		1/25/44		109
74	Freddie Mac, Pool #J25686		2.00		9/1/28		74
87	Freddie Mac, Pool #849138 (a)		2.45		10/1/43		89
90	Freddie Mac, Pool #G18470		2.50		6/1/28		92
89	Freddie Mac, Pool #G18485		2.50		10/1/28		91
249	Freddie Mac, Pool #G18459		2.50		3/1/28		254
88	Freddie Mac, Pool #G18475		2.50		8/1/28		90
49	Freddie Mac, Pool #J24626		2.50		7/1/28		50
189	Freddie Mac, Pool #1B7911 (a)		2.72		12/1/40		202
72	Freddie Mac, Pool #G15145		3.00		7/1/29		74
92	Freddie Mac, Pool #G08525		3.00		5/1/43		93
238	Freddie Mac, Pool #G08524		3.00		3/1/43		241
186	Freddie Mac, Pool #G08537		3.00		7/1/43		189
47	Freddie Mac, Pool #Q20542		3.00		7/1/43		48

See accompanying notes to financial statements.

130

HC CAPITAL TRUST
The Core Fixed Income Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	U.S. Government Agency Mortgages (continued)
$96	Freddie Mac, Pool #J15438		3.00		5/1/21	$	100
48	Freddie Mac, Pool #Q20138		3.00		7/1/43		48
69	Freddie Mac, Pool #G08556		3.00		11/1/43		70
88	Freddie Mac, Pool #K90311		3.00		4/1/33		91
93	Freddie Mac, Pool #G08528		3.00		4/1/43		94
271	Freddie Mac, Pool #C09035		3.00		4/1/43		274
87	Freddie Mac, Pool #C04446		3.00		1/1/43		88
96	Freddie Mac, Pool #E09004		3.00		7/1/27		100
145	Freddie Mac, Pool #G18518		3.00		7/1/29		151
50	Freddie Mac, Pool #G18531		3.00		11/1/29		52
90	Freddie Mac, Pool #C91709		3.00		6/1/33		93
90	Freddie Mac, Pool #Q18101		3.50		5/1/43		94
91	Freddie Mac, Pool #Q09896		3.50		8/1/42		95
99	Freddie Mac, Pool #G08605		3.50		9/1/44		103
93	Freddie Mac, Pool #J13919		3.50		12/1/20		99
49	Freddie Mac, Pool #Q17596		3.50		4/1/43		51
119	Freddie Mac, Pool #C91456		3.50		6/1/32		125
91	Freddie Mac, Pool #C03759		3.50		2/1/42		95
45	Freddie Mac, Pool #G07283		3.50		7/1/42		47
477	Freddie Mac, Pool #G08495		3.50		6/1/42		496
97	Freddie Mac, Pool #G08591		3.50		6/1/44		101
69	Freddie Mac, Pool #Q25809		4.00		4/1/44		73
67	Freddie Mac, Pool #G08563		4.00		1/1/44		72
32	Freddie Mac, Pool #J14924		4.00		4/1/26		34
94	Freddie Mac, Pool #Q24955		4.00		2/1/44		101
34	Freddie Mac, Pool #J06163		4.00		1/1/20		36
22	Freddie Mac, Pool #Q25548		4.00		4/1/44		24
332	Freddie Mac, Pool #A96286		4.00		1/1/41		354
92	Freddie Mac, Pool #G08567		4.00		1/1/44		98
8	Freddie Mac, Pool #G14786		4.00		4/1/19		9
25	Freddie Mac, Pool #B18694		4.00		1/1/20		26
32	Freddie Mac, Pool #B19631		4.00		7/1/20		34
111	Freddie Mac, Pool #G18303		4.50		3/1/24		119
410	Freddie Mac, Pool #A97692		4.50		3/1/41		445
20	Freddie Mac, Pool #J10406		4.50		8/1/24		22
99	Freddie Mac, Pool #A97186		4.50		3/1/41		109
22	Freddie Mac, Pool #A97658		4.50		3/1/41		23
71	Freddie Mac, Pool #Q28202		4.50		12/1/43		77
50	Freddie Mac, Pool #Q04294		4.50		11/1/41		54
25	Freddie Mac, Pool #C90686		4.50		6/1/23		27
25	Freddie Mac, Pool #Q01065		4.50		6/1/41		27
34	Freddie Mac, Pool #C91377		4.50		6/1/31		37
48	Freddie Mac, Pool #C09059		4.50		3/1/44		52

See accompanying notes to financial statements.

131

HC CAPITAL TRUST
The Core Fixed Income Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	U.S. Government Agency Mortgages (continued)
$50	Freddie Mac, Pool #A14640		5.00		10/1/33	$	56
68	Freddie Mac, Pool #G01962		5.00		12/1/35		76
158	Freddie Mac, Pool #G04913		5.00		3/1/38		175
136	Freddie Mac, Pool #C01598		5.00		8/1/33		151
67	Freddie Mac, Pool #G04817		5.00		9/1/38		74
73	Freddie Mac, Pool #G05904		5.00		9/1/39		81
302	Freddie Mac, Pool #G01665		5.50		3/1/34		341
111	Freddie Mac, Pool #G04688		5.50		9/1/38		124
31	Freddie Mac, Pool #G30432		5.50		11/1/28		34
9	Freddie Mac, Pool #1G1537 (a)		5.71		2/1/37		10
140	Freddie Mac, Pool #G02794		6.00		5/1/37		159
13	Freddie Mac, Pool #C90989		6.00		9/1/26		14
41	Freddie Mac, Pool #G03616		6.00		12/1/37		47
100	Freddie Mac, Gold 15 YR TBA		3.50		1/15/30		106
325	Freddie Mac, Gold 15 YR TBA		3.50		1/15/44		338
25	Freddie Mac, Gold 30 YR TBA		2.50		1/15/44		24
775	Freddie Mac, Gold 30 YR TBA		4.00		1/15/45		825
25	Freddie Mac, Gold 30 YR TBA		4.00		2/15/45		27
150	Freddie Mac, Gold 30 YR TBA		4.50		1/15/44		163
32	Government National Mortgage Association, Pool #MA0719 (a)		2.00		1/20/43		33
31	Government National Mortgage Association, Pool #MA0483 (a)		2.00		10/20/42		32
33	Government National Mortgage Association, Pool #MA0712 (a)		2.50		1/20/43		34
83	Government National Mortgage Association, Pool #AA8341		2.50		2/15/28		85
70	Government National Mortgage Association, Pool #MA1155		2.50		7/20/43		69
91	Government National Mortgage Association, Pool #AA6149		3.00		3/20/43		93
95	Government National Mortgage Association, Pool #AA2654		3.00		6/15/43		98
96	Government National Mortgage Association, Pool #AA5897		3.00		12/15/42		98
70	Government National Mortgage Association, Pool #MA0205		3.00		7/20/27		74
87	Government National Mortgage Association, Pool #MA0851		3.00		3/20/43		89
93	Government National Mortgage Association, Pool #MA1447		3.00		11/20/43		96
64	Government National Mortgage Association, Pool #AF2664		3.00		7/15/43		66
46	Government National Mortgage Association, Pool #MA1374		3.00		10/20/43		47
92	Government National Mortgage Association, Pool #MA0461		3.00		10/20/42		94
83	Government National Mortgage Association, Pool #MA0391		3.00		9/20/42		85
98	Government National Mortgage Association, Pool #MA2147		3.00		8/20/44		101
424	Government National Mortgage Association, Pool #MA0624		3.00		12/20/42		435
88	Government National Mortgage Association, Pool #MA1011		3.00		5/20/43		90
39	Government National Mortgage Association, Pool #AC3938		3.50		1/15/43		41
81	Government National Mortgage Association, Pool #MA0852		3.50		3/20/43		85
70	Government National Mortgage Association, Pool #AB9211		3.50		11/15/42		74
88	Government National Mortgage Association, Pool #MA0699		3.50		1/20/43		92
98	Government National Mortgage Association, Pool #AJ0411		3.50		9/15/44		103
98	Government National Mortgage Association, Pool #MA2073		3.50		7/20/44		103

See accompanying notes to financial statements.

132

HC CAPITAL TRUST
The Core Fixed Income Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	U.S. Government Agency Mortgages (continued)
$297	Government National Mortgage Association, Pool #MA0220		3.50		7/20/42	$	313
154	Government National Mortgage Association, Pool #MA0462		3.50		10/20/42		162
84	Government National Mortgage Association, Pool #MA0934		3.50		4/20/43		88
46	Government National Mortgage Association, Pool #MA1012		3.50		5/20/43		48
36	Government National Mortgage Association, Pool #778157		3.50		3/15/42		38
87	Government National Mortgage Association, Pool #MA0318		3.50		8/20/42		92
284	Government National Mortgage Association, Pool #MA0088		3.50		5/20/42		298
88	Government National Mortgage Association, Pool #MA0154		3.50		6/20/42		92
74	Government National Mortgage Association, Pool #MA2223		3.50		9/20/44		78
82	Government National Mortgage Association, Pool #MA1574		3.50		1/20/29		88
23	Government National Mortgage Association, Pool #MA1600		3.50		1/20/44		25
117	Government National Mortgage Association, Pool #MA1838		3.50		4/20/44		123
98	Government National Mortgage Association, Pool #MA2148		3.50		8/20/44		103
69	Government National Mortgage Association, Pool #MA1761		4.00		3/20/44		74
74	Government National Mortgage Association, Pool #741682		4.00		7/15/41		79
74	Government National Mortgage Association, Pool #738710		4.00		9/15/41		79
25	Government National Mortgage Association, Pool #774767		4.00		12/15/41		27
80	Government National Mortgage Association, Pool #770602		4.00		9/15/41		86
160	Government National Mortgage Association, Pool #MA1091		4.00		6/20/43		171
75	Government National Mortgage Association, Pool #766495		4.00		10/15/41		80
309	Government National Mortgage Association, Pool #005139		4.00		8/20/41		332
249	Government National Mortgage Association, Pool #MA1839		4.00		4/20/44		267
72	Government National Mortgage Association, Pool #MA1996		4.00		6/20/44		77
74	Government National Mortgage Association, Pool #MA2224		4.00		9/20/44		80
143	Government National Mortgage Association, Pool #MA2074		4.00		7/20/44		153
83	Government National Mortgage Association, Pool #MA1286		4.00		9/20/43		89
145	Government National Mortgage Association, Pool #MA2149		4.00		8/20/44		156
179	Government National Mortgage Association, Pool #MA1762		4.50		3/20/44		196
59	Government National Mortgage Association, Pool #MA1014		4.50		5/20/43		65
134	Government National Mortgage Association, Pool #MA1092		4.50		6/20/43		147
194	Government National Mortgage Association, Pool #737310		4.50		8/15/40		214
73	Government National Mortgage Association, Pool #738906		4.50		10/15/41		80
403	Government National Mortgage Association, Pool #004801		4.50		9/20/40		442
99	Government National Mortgage Association, Pool #721760		4.50		8/15/40		109
25	Government National Mortgage Association, Pool #727455		4.50		8/15/41		27
49	Government National Mortgage Association, Pool #748119		4.50		6/15/41		54
36	Government National Mortgage Association, Pool #MA1451		5.00		11/20/43		39
84	Government National Mortgage Association, Pool #782523		5.00		11/15/35		93
233	Government National Mortgage Association, Pool #697946		5.00		3/15/39		258
383	Government National Mortgage Association, Pool #004559		5.00		10/20/39		427
52	Government National Mortgage Association, Pool #MA0538		5.50		11/20/42		58
38	Government National Mortgage Association, Pool #704170		5.50		1/15/39		42
83	Government National Mortgage Association, Pool #510835		5.50		2/15/35		93

See accompanying notes to financial statements.

133

HC CAPITAL TRUST
The Core Fixed Income Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	U.S. Government Agency Mortgages (continued)
$52	Government National Mortgage Association, Pool #MA0466		5.50		10/20/42	$	58
23	Government National Mortgage Association, Pool #658181		5.50		11/15/36		26
120	Government National Mortgage Association, Pool #781959		6.00		7/15/35		139
56	Government National Mortgage Association, Pool #004222		6.00		8/20/38		64
80	Government National Mortgage Association, Pool #582199		6.50		1/15/32		91
25	Government National Mortgage Association, 30 YR TBA		2.50		1/15/45		25
50	Government National Mortgage Association, 30 YR TBA		3.00		2/20/45		51
25	Government National Mortgage Association, 30 YR TBA		3.00		2/20/45		26
275	Government National Mortgage Association, 30 YR TBA		3.50		1/20/45		289
25	Government National Mortgage Association, 30 YR TBA		3.50		2/15/45		26
25	Government National Mortgage Association, 30 YR TBA		4.00		2/20/44		27
100	Government National Mortgage Association, 30 YR TBA		4.00		1/20/45		107
25	Government National Mortgage Association, 30 YR TBA		4.50		1/15/45		27
	Total U.S. Government Agency Mortgages						31,968
	U.S. Government Agency Securities — 1.93%
50	Fannie Mae		0.75		4/20/17		50
25	Fannie Mae		0.88		10/26/17		25
60	Fannie Mae		0.88		5/21/18		59
60	Fannie Mae, Callable 2/23/15 @ 100.00		0.95		8/23/17		60
145	Fannie Mae, Callable 3/27/15 @ 100.00		1.07		9/27/17		145
45	Fannie Mae		1.13		4/27/17		45
30	Fannie Mae		1.25		1/30/17		30
30	Fannie Mae		1.63		11/27/18		30
55	Fannie Mae		1.75		9/12/19		55
25	Fannie Mae		1.88		9/18/18		25
55	Fannie Mae (b)		2.84		10/9/19		49
20	Fannie Mae		5.63		7/15/37		28
20	Fannie Mae, Callable 4/18/16 @ 100.00		6.00		4/18/36		21
20	Fannie Mae		6.25		5/15/29		28
25	Fannie Mae		7.13		1/15/30		38
20	Fannie Mae		7.25		5/15/30		31
10	Federal Farm Credit Bank, Callable 1/16/15 @ 100.00		0.54		11/7/16		10
20	Federal Farm Credit Bank		5.13		8/25/16		21
35	Federal Home Loan Bank, Series 1		1.00		6/21/17		35
50	Federal Home Loan Bank		1.75		12/14/18		50
25	Federal Home Loan Bank		2.13		3/10/23		24
25	Federal Home Loan Bank		3.63		3/12/21		27
20	Federal Home Loan Bank		4.13		3/13/20		22
95	Federal Home Loan Bank		4.75		12/16/16		103
70	Federal Home Loan Bank, Series 1069		5.00		11/17/17		78
65	Federal Home Loan Bank, Series 656		5.38		5/18/16		69
15	Federal Home Loan Bank		5.63		6/11/21		18
50	Freddie Mac		0.42		9/18/15		50

See accompanying notes to financial statements.

134

HC CAPITAL TRUST
The Core Fixed Income Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	U.S. Government Agency Securities (continued)
$70	Freddie Mac		0.75		1/12/18	$	69
65	Freddie Mac		1.00		7/28/17		65
50	Freddie Mac		1.00		9/29/17		50
50	Freddie Mac		1.00		3/8/17		50
25	Freddie Mac, Callable 1/30/15 @ 100.00		1.02		4/30/18		25
25	Freddie Mac, Callable 2/28/15 @ 100.00		1.03		11/28/17		25
20	Freddie Mac, Callable 3/12/15 @ 100.00		1.20		6/12/18		20
25	Freddie Mac, Callable 3/5/15 @ 100.00		1.25		12/5/17		25
20	Freddie Mac		1.25		10/2/19		20
25	Freddie Mac		1.38		5/1/20		24
20	Freddie Mac, Callable 6/26/15 @ 100.00		1.40		8/22/19		20
25	Freddie Mac		1.75		5/30/19		25
50	Freddie Mac		2.00		8/25/16		51
65	Freddie Mac		2.38		1/13/22		66
100	Freddie Mac		5.25		4/18/16		106
25	Freddie Mac		6.25		7/15/32		37
5	Tennessee Valley Authority		3.50		12/15/42		5
35	Tennessee Valley Authority		5.25		9/15/39		45
	Total U.S. Government Agency Securities						1,954
	Corporate Bonds — 25.15%
189	3M Co. (Industrial Conglomerates)		1.38		9/29/16		191
636	American Airlines, Series 2013-2, Class A (Airlines)		4.95		1/15/23		681
378	American Express Credit, MTN (Consumer Finance)		1.75		6/12/15		380
468	American International Group, MTN (Insurance)		5.85		1/16/18		522
371	American Tower Corp. (Real Estate Investment Trusts)		3.50		1/31/23		358
454	American Tower Corp. (Real Estate Investment Trusts)		5.00		2/15/24		482
93	Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		3.00		4/15/16		95
585	Apple, Inc. (Technology Hardware, Storage & Peripherals)		2.85		5/6/21		598
330	Arch Capital Group (U.S.), Inc. (Insurance)		5.14		11/1/43		367
405	AT&T, Inc. (Wireless Telecommunication Services)		2.38		11/27/18		409
79	AT&T, Inc. (Wireless Telecommunication Services), Callable 12/15/44 @ 100.00		4.35		6/15/45		74
299	Bank of America Corp., Series BKNT (Banks)		1.25		2/14/17		298
362	Bank of America Corp., MTN (Banks)		1.70		8/25/17		362
449	Bank of America Corp. (Banks)		2.60		1/15/19		452
251	Bank of America Corp., MTN (Banks)		4.25		10/22/26		250
265	Barrick NA Finance LLC (Metals & Mining)		5.75		5/1/43		263
108	Becton Dickinson & Co. (Health Care Equipment & Supplies), Callable 6/15/44 @ 100.00		4.69		12/15/44		116
73	Boardwalk Pipelines LP (Oil, Gas & Consumable Fuels), Callable 9/15/24 @ 100.00		4.95		12/15/24		73
531	Burlington Northern Santa Fe LLC (Road & Rail), Callable 3/1/44 @ 100.00		4.55		9/1/44		569
470	CC Holdings GS V LLC (Communications Equipment)		3.85		4/15/23		467
157	Celgene Corp. (Biotechnology), Callable 11/15/43 @ 100.00		4.63		5/15/44		163

See accompanying notes to financial statements.

135

HC CAPITAL TRUST
The Core Fixed Income Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	Corporate Bonds (continued)
$500	Cisco Systems, Inc. (Communications Equipment)		2.13		3/1/19	$	502
219	Cisco Systems, Inc. (Communications Equipment)		5.50		2/22/16		231
678	Citigroup, Inc. (Banks)		2.50		9/26/18		687
388	Citigroup, Inc. (Banks)		4.95		11/7/43		432
210	Comcast Corp. (Media)		4.65		7/15/42		230
367	Continental Resources, Inc. (Oil, Gas & Consumable Fuels), Callable 3/1/24 @ 100.00		3.80		6/1/24		328
255	Delphi Corp. (Auto Components), Callable 12/15/23 @ 100.00		4.15		3/15/24		264
154	Digital Realty Trust LP (Real Estate Investment Trusts), Callable 12/15/20 @ 100.00		5.25		3/15/21		169
373	Digital Realty Trust LP (Real Estate Investment Trusts) ˆ		5.88		2/1/20		417
85	DIRECTV Holdings LLC (Media), Callable 10/15/24 @ 100.00		3.95		1/15/25		86
139	Dominion Resources, Inc. (Multi-Utilities)		1.95		8/15/16		140
134	Enterprise Products Operating LLC (Oil, Gas & Consumable Fuels), Callable 9/15/43 @ 100.00		4.85		3/15/44		140
309	ERAC USA Finance Co. (Commercial Services & Supplies) (c)		5.25		10/1/20		348
142	ERAC USA Finance Co. (Commercial Services & Supplies) (c)		5.60		5/1/15		144
284	ERAC USA Finance LLC (Commercial Services & Supplies) (c)		2.80		11/1/18		290
270	Exelon Generation Co. LLC (Independent Power and Renewable Electricity Producers)		6.20		10/1/17		300
567	Ford Motor Credit Co. LLC (Diversified Financial Services)		5.00		5/15/18		616
491	General Electric Capital Corp., Series G, MTN (Diversified Financial Services), Callable 2/13/24 @ 100.00		3.45		5/15/24		507
108	General Electric Co. (Industrial Conglomerates)		4.13		10/9/42		112
162	General Electric Co. (Industrial Conglomerates)		5.25		12/6/17		180
151	Gilead Sciences, Inc. (Biotechnology), Callable 8/1/44 @ 100.00		4.50		2/1/45		161
229	Goldman Sachs Group, Inc. (Capital Markets)		2.55		10/23/19		228
291	Goldman Sachs Group, Inc. (Capital Markets)		2.63		1/31/19		293
186	HSBC USA, Inc. (Banks)		2.38		11/13/19		186
220	Intel Corp. (Semiconductors & Semiconductor Equipment)		1.95		10/1/16		224
486	JPMorgan Chase & Co. (Banks)		4.13		12/15/26		486
438	JPMorgan Chase & Co., Series V (Banks), Callable 7/1/19 @ 100.00, Perpetual Bond (d)		5.00		—		429
658	Kinder Morgan Energy Partners LP (Oil, Gas & Consumable Fuels), Callable 2/15/42 @ 100.00		5.00		8/15/42		625
226	Kohl's Corp. (Multiline Retail)		6.88		12/15/37		285
375	L-3 Communications Corp. (Aerospace & Defense), Callable 2/28/24 @ 100.00		3.95		5/28/24		378
544	Lazard Group LLC (Diversified Financial Services)		4.25		11/14/20		573
359	Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels), Callable 3/15/54 @ 100.00		5.00		9/15/54		338
290	MassMutual Global Funding LLC (Diversified Financial Services) (c)		2.00		4/5/17		294
89	Medtronic, Inc. (Health Care Equipment & Supplies) (c)		3.50		3/15/25		91
229	Medtronic, Inc. (Health Care Equipment & Supplies) (c)		4.63		3/15/45		249
131	MidAmerican Energy Holdings Co. (Multi-Utilities)		6.13		4/1/36		165

See accompanying notes to financial statements.

136

HC CAPITAL TRUST
The Core Fixed Income Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	Corporate Bonds (continued)
$541	Morgan Stanley (Capital Markets)		3.70		10/23/24	$	549
315	Morgan Stanley, Series F (Capital Markets)		3.88		4/29/24		323
213	Newmont Mining Corp. (Metals & Mining)		6.25		10/1/39		216
158	Pacific Gas & Electric Co. (Electric Utilities), Callable 5/15/43 @ 100.00		5.13		11/15/43		181
26	Private Export Funding Corp. (Diversified Financial Services)		2.13		7/15/16		27
169	Reinsurance Group of America, Inc. (Insurance)		4.70		9/15/23		182
818	Roche Holding, Inc. (Pharmaceuticals), Callable 8/30/19 @ 100.00 (c)		2.25		9/30/19		823
455	Sabmiller Holdings, Inc. (Beverages) (c)		2.45		1/15/17		464
282	Teva Pharmaceutical Finance Co. LLC (Pharmaceuticals)		6.15		2/1/36		349
275	Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services), Callable 8/1/43 @ 100.00		5.30		2/1/44		316
67	TIAA Asset Management Finance Co. LLC (Insurance) (c)		2.95		11/1/19		67
198	TIAA Asset Management Finance Co. LLC (Insurance) (c)		4.13		11/1/24		203
116	Time Warner Cable, Inc. (Media), Callable 3/15/42 @ 100.00		4.50		9/15/42		119
321	U.S. Bancorp, MTN (Banks), Callable 8/11/24 @ 100.00		3.60		9/11/24		326
505	U.S. Bank NA, Series BKNT (Banks), Callable 12/30/16 @ 100.00		1.10		1/30/17		506
154	Union Pacific Corp. (Road & Rail), Callable 7/15/44 @ 100.00		4.15		1/15/45		161
450	United Airlines Pass Through Trust, Series 2014-1, Class A (Airlines)		4.00		10/11/27		457
102	UnitedHealth Group, Inc. (Health Care Providers & Services), Callable 9/15/42 @ 100.00		4.25		3/15/43		107
970	Verizon Communications, Inc. (Diversified Telecommunication Services) (c)		5.01		8/21/54		1,003
790	Wal-Mart Stores, Inc. (Food & Staples Retailing)		1.95		12/15/18		800
	Total Corporate Bonds						25,477
	U.S. Treasury Obligations — 20.73%
68	U.S. Treasury Bond		2.75		8/15/42		68
109	U.S. Treasury Bond		2.75		11/15/42		109
150	U.S. Treasury Bond		2.88		5/15/43		153
90	U.S. Treasury Bond		3.00		11/15/44		95
24	U.S. Treasury Bond		3.00		5/15/42		25
150	U.S. Treasury Bond		3.13		8/15/44		161
104	U.S. Treasury Bond		3.13		11/15/41		112
120	U.S. Treasury Bond		3.13		2/15/43		129
112	U.S. Treasury Bond		3.13		2/15/42		121
165	U.S. Treasury Bond		3.38		5/15/44		186
40	U.S. Treasury Bond		3.50		2/15/39		46
125	U.S. Treasury Bond		3.63		2/15/44		147
40	U.S. Treasury Bond		3.63		8/15/43		47
43	U.S. Treasury Bond		3.75		8/15/41		52
85	U.S. Treasury Bond		3.75		11/15/43		102
75	U.S. Treasury Bond		3.88		8/15/40		92
24	U.S. Treasury Bond		4.25		5/15/39		31
60	U.S. Treasury Bond		4.25		11/15/40		78
65	U.S. Treasury Bond		4.38		5/15/41		86

See accompanying notes to financial statements.

137

HC CAPITAL TRUST
The Core Fixed Income Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	U.S. Treasury Obligations (continued)
$70	U.S. Treasury Bond		4.38		11/15/39	$	92
70	U.S. Treasury Bond		4.38		5/15/40		92
55	U.S. Treasury Bond		4.50		8/15/39		73
35	U.S. Treasury Bond		4.50		2/15/36		47
100	U.S. Treasury Bond		4.63		2/15/40		136
70	U.S. Treasury Bond		4.75		2/15/41		98
30	U.S. Treasury Bond		5.25		11/15/28		40
40	U.S. Treasury Bond		5.38		2/15/31		56
30	U.S. Treasury Bond		5.50		8/15/28		41
61	U.S. Treasury Bond		6.00		2/15/26		84
35	U.S. Treasury Bond		6.13		11/15/27		50
65	U.S. Treasury Bond		6.25		5/15/30		97
40	U.S. Treasury Bond		6.50		11/15/26		58
40	U.S. Treasury Bond		6.75		8/15/26		58
50	U.S. Treasury Bond		6.88		8/15/25		72
25	U.S. Treasury Bond		7.25		5/15/16		27
17	U.S. Treasury Bond		7.50		11/15/24		25
95	U.S. Treasury Bond		7.50		11/15/16		107
15	U.S. Treasury Bond		7.63		2/15/25		22
40	U.S. Treasury Bond		8.00		11/15/21		56
35	U.S. Treasury Bond		8.13		8/15/19		45
90	U.S. Treasury Note		0.25		4/15/16		90
150	U.S. Treasury Note		0.25		2/29/16		150
116	U.S. Treasury Note		0.25		5/15/16		116
160	U.S. Treasury Note		0.38		5/31/16		160
78	U.S. Treasury Note		0.38		2/15/16		78
85	U.S. Treasury Note		0.38		1/15/16		85
150	U.S. Treasury Note		0.38		10/31/16		149
100	U.S. Treasury Note		0.38		1/31/16		100
95	U.S. Treasury Note		0.38		4/30/16		95
168	U.S. Treasury Note		0.38		3/15/16		168
120	U.S. Treasury Note		0.38		3/31/16		120
100	U.S. Treasury Note		0.50		9/30/16		100
95	U.S. Treasury Note		0.50		8/31/16		95
155	U.S. Treasury Note		0.50		7/31/17		153
80	U.S. Treasury Note		0.50		6/15/16		80
100	U.S. Treasury Note		0.50		11/30/16		100
105	U.S. Treasury Note		0.50		6/30/16		105
120	U.S. Treasury Note		0.50		7/31/16		120
120	U.S. Treasury Note		0.63		4/30/18		118
82	U.S. Treasury Note		0.63		10/15/16		82
108	U.S. Treasury Note		0.63		11/15/16		108
171	U.S. Treasury Note		0.63		7/15/16		171

See accompanying notes to financial statements.

138

HC CAPITAL TRUST
The Core Fixed Income Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	U.S. Treasury Obligations (continued)
$45	U.S. Treasury Note		0.63		12/31/16	$	45
180	U.S. Treasury Note		0.63		8/31/17		178
85	U.S. Treasury Note		0.63		5/31/17		85
108	U.S. Treasury Note		0.63		12/15/16		108
75	U.S. Treasury Note		0.63		11/30/17		74
180	U.S. Treasury Note		0.63		8/15/16		180
29	U.S. Treasury Note		0.63		9/30/17		29
112	U.S. Treasury Note		0.75		3/15/17		112
140	U.S. Treasury Note		0.75		2/28/18		138
50	U.S. Treasury Note		0.75		3/31/18		49
65	U.S. Treasury Note		0.75		1/15/17		65
20	U.S. Treasury Note		0.75		10/31/17		20
68	U.S. Treasury Note		0.75		6/30/17		68
78	U.S. Treasury Note		0.75		12/31/17		77
155	U.S. Treasury Note		0.88		5/15/17		155
95	U.S. Treasury Note		0.88		7/15/17		95
45	U.S. Treasury Note		0.88		7/31/19		44
90	U.S. Treasury Note		0.88		8/15/17		90
90	U.S. Treasury Note		0.88		11/15/17		90
110	U.S. Treasury Note		0.88		4/15/17		110
91	U.S. Treasury Note		0.88		1/31/18		90
77	U.S. Treasury Note		0.88		11/30/16		77
85	U.S. Treasury Note		0.88		9/15/16		85
145	U.S. Treasury Note		0.88		4/30/17		145
70	U.S. Treasury Note		0.88		2/28/17		70
150	U.S. Treasury Note		0.88		1/31/17		150
50	U.S. Treasury Note		0.88		10/15/17		50
202	U.S. Treasury Note		0.88		12/31/16		203
10	U.S. Treasury Note		1.00		9/30/16		10
12	U.S. Treasury Note		1.00		10/31/16		12
154	U.S. Treasury Note		1.00		8/31/16		155
144	U.S. Treasury Note		1.00		5/31/18		143
85	U.S. Treasury Note		1.00		12/15/17		85
20	U.S. Treasury Note		1.00		6/30/19		20
135	U.S. Treasury Note		1.00		3/31/17		136
100	U.S. Treasury Note		1.00		9/30/19		97
17	U.S. Treasury Note		1.00		8/31/19		17
95	U.S. Treasury Note		1.00		9/15/17		95
85	U.S. Treasury Note		1.00		11/30/19		82
100	U.S. Treasury Note		1.13		4/30/20		97
60	U.S. Treasury Note		1.13		12/31/19		59
100	U.S. Treasury Note		1.25		2/29/20		98
50	U.S. Treasury Note		1.25		10/31/19		49

See accompanying notes to financial statements.

139

HC CAPITAL TRUST
The Core Fixed Income Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	U.S. Treasury Obligations (continued)
$65	U.S. Treasury Note		1.25		1/31/19	$	64
150	U.S. Treasury Note		1.25		10/31/18		149
104	U.S. Treasury Note		1.25		4/30/19		103
155	U.S. Treasury Note		1.25		11/30/18		154
50	U.S. Treasury Note		1.38		7/31/18		50
50	U.S. Treasury Note		1.38		6/30/18		50
135	U.S. Treasury Note		1.38		9/30/18		135
75	U.S. Treasury Note		1.38		11/30/18		75
100	U.S. Treasury Note		1.38		2/28/19		99
20	U.S. Treasury Note		1.38		5/31/20		20
40	U.S. Treasury Note		1.38		1/31/20		39
51	U.S. Treasury Note		1.38		12/31/18		51
160	U.S. Treasury Note		1.50		10/31/19		159
131	U.S. Treasury Note		1.50		2/28/19		131
80	U.S. Treasury Note		1.50		11/30/19		79
139	U.S. Treasury Note		1.50		6/30/16		141
160	U.S. Treasury Note		1.50		12/31/18		160
150	U.S. Treasury Note		1.50		1/31/19		150
120	U.S. Treasury Note		1.50		5/31/19		120
205	U.S. Treasury Note		1.50		8/31/18		206
155	U.S. Treasury Note		1.50		7/31/16		157
120	U.S. Treasury Note		1.63		8/31/19		120
85	U.S. Treasury Note		1.63		6/30/19		85
160	U.S. Treasury Note		1.63		12/31/19		160
130	U.S. Treasury Note		1.63		4/30/19		130
81	U.S. Treasury Note		1.63		8/15/22		79
117	U.S. Treasury Note		1.63		11/15/22		113
130	U.S. Treasury Note		1.63		3/31/19		131
125	U.S. Treasury Note		1.63		7/31/19		125
110	U.S. Treasury Note		1.75		5/15/22		108
120	U.S. Treasury Note		1.75		9/30/19		121
65	U.S. Treasury Note		1.75		10/31/20		65
174	U.S. Treasury Note		1.75		5/15/23		169
130	U.S. Treasury Note		1.75		5/31/16		132
40	U.S. Treasury Note		1.75		10/31/18		41
150	U.S. Treasury Note		1.88		10/31/17		154
59	U.S. Treasury Note		1.88		6/30/20		59
100	U.S. Treasury Note		1.88		11/30/21		99
55	U.S. Treasury Note		1.88		9/30/17		56
75	U.S. Treasury Note		1.88		8/31/17		77
110	U.S. Treasury Note		2.00		9/30/20		111
98	U.S. Treasury Note		2.00		4/30/16		100
100	U.S. Treasury Note		2.00		5/31/21		101

See accompanying notes to financial statements.

140

HC CAPITAL TRUST
The Core Fixed Income Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	U.S. Treasury Obligations (continued)
$120	U.S. Treasury Note		2.00		2/15/22	$	120
130	U.S. Treasury Note		2.00		2/28/21		131
70	U.S. Treasury Note		2.00		11/15/21		70
129	U.S. Treasury Note		2.00		1/31/16		131
60	U.S. Treasury Note		2.00		11/30/20		61
190	U.S. Treasury Note		2.00		2/15/23		189
95	U.S. Treasury Note		2.00		8/31/21		95
95	U.S. Treasury Note		2.00		10/31/21		95
5	U.S. Treasury Note		2.13		8/31/20		5
105	U.S. Treasury Note		2.13		1/31/21		107
100	U.S. Treasury Note		2.13		9/30/21		101
125	U.S. Treasury Note		2.13		6/30/21		127
95	U.S. Treasury Note		2.13		12/31/21		96
134	U.S. Treasury Note		2.13		8/15/21		136
108	U.S. Treasury Note		2.25		3/31/21		110
125	U.S. Treasury Note		2.25		11/30/17		129
105	U.S. Treasury Note		2.25		4/30/21		107
81	U.S. Treasury Note		2.25		3/31/16		83
170	U.S. Treasury Note		2.25		11/15/24		171
100	U.S. Treasury Note		2.25		7/31/21		102
135	U.S. Treasury Note		2.38		7/31/17		140
110	U.S. Treasury Note		2.38		12/31/20		113
125	U.S. Treasury Note		2.38		8/15/24		127
115	U.S. Treasury Note		2.50		8/15/23		119
50	U.S. Treasury Note		2.50		6/30/17		52
255	U.S. Treasury Note		2.50		5/15/24		264
224	U.S. Treasury Note		2.63		11/15/20		234
65	U.S. Treasury Note		2.63		4/30/18		68
115	U.S. Treasury Note		2.63		8/15/20		120
100	U.S. Treasury Note		2.75		2/28/18		105
95	U.S. Treasury Note		2.75		2/15/24		100
236	U.S. Treasury Note		2.75		11/15/23		248
85	U.S. Treasury Note		2.75		2/15/19		89
127	U.S. Treasury Note		2.75		12/31/17		133
60	U.S. Treasury Note		2.75		11/30/16		62
9	U.S. Treasury Note		2.75		5/31/17		9
123	U.S. Treasury Note		3.00		9/30/16		128
89	U.S. Treasury Note		3.00		8/31/16		93
50	U.S. Treasury Note		3.00		2/28/17		52
100	U.S. Treasury Note		3.13		10/31/16		105
61	U.S. Treasury Note		3.13		5/15/19		65
100	U.S. Treasury Note		3.13		1/31/17		105
113	U.S. Treasury Note		3.13		4/30/17		119

See accompanying notes to financial statements.

141

HC CAPITAL TRUST
The Core Fixed Income Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	U.S. Treasury Obligations (continued)
$104	U.S. Treasury Note		3.13		5/15/21	$	112
79	U.S. Treasury Note		3.25		6/30/16		82
85	U.S. Treasury Note		3.25		12/31/16		89
83	U.S. Treasury Note		3.25		7/31/16		87
85	U.S. Treasury Note		3.25		3/31/17		90
121	U.S. Treasury Note		3.38		11/15/19		131
120	U.S. Treasury Note		3.50		5/15/20		131
100	U.S. Treasury Note		3.50		2/15/18		107
50	U.S. Treasury Note		3.63		8/15/19		55
190	U.S. Treasury Note		3.63		2/15/20		208
185	U.S. Treasury Note		3.63		2/15/21		204
60	U.S. Treasury Note		3.75		11/15/18		65
50	U.S. Treasury Note		3.88		5/15/18		54
30	U.S. Treasury Note		4.00		8/15/18		33
75	U.S. Treasury Note		4.25		11/15/17		82
110	U.S. Treasury Note		4.50		2/15/16		115
100	U.S. Treasury Note		4.50		5/15/17		109
50	U.S. Treasury Note		4.63		2/15/17		54
70	U.S. Treasury Note		4.75		8/15/17		77
70	U.S. Treasury Note		4.88		8/15/16		75
	Total U.S. Treasury Obligations						21,000
	Yankee Dollars — 4.52%
207	AXIS Specialty Finance PLC (Insurance)		5.15		4/1/45		224
229	Barrick (PD) Australia Finance Pty Ltd. (Metals & Mining)		5.95		10/15/39		219
207	Barrick International (Barbados) Corp. (Metals & Mining) (c)		6.35		10/15/36		211
353	BP Capital Markets PLC (Oil, Gas & Consumable Fuels)		2.25		11/1/16		360
283	Credit Suisse NY (Capital Markets)		3.63		9/9/24		288
210	Ensco PLC (Energy Equipment & Services), Callable 4/1/44 @ 100.00 ˆ		5.75		10/1/44		211
124	Fairfax Financial Holdings Ltd. (Insurance) (c)		5.80		5/15/21		133
381	Japan Tobacco, Inc. (Tobacco) (c)		2.10		7/23/18		384
356	TSMC Global Ltd. (Semiconductors & Semiconductor Equipment) (c)		1.63		4/3/18		349
489	UBS AG (Capital Markets)		2.38		8/14/19		489
354	Volkswagen International Finance NV (Automobiles) (c)		2.38		3/22/17		361
91	Weatherford Bermuda Holdings Ltd. (Energy Equipment & Services)		5.13		9/15/20		89
223	Weatherford Bermuda Holdings Ltd. (Energy Equipment & Services), Callable 10/17/41 @ 100.00		5.95		4/15/42		189
334	Weatherford International Ltd. (Energy Equipment & Services)		6.50		8/1/36		306
283	Wesfarmers Ltd. (Food & Staples Retailing) (c)		1.87		3/20/18		282
452	Woodside Finance Ltd. (Oil, Gas & Consumable Fuels), Callable 2/10/21 @ 100.00 (c)		4.60		5/10/21		482
	Total Yankee Dollars						4,577
	Time Deposit — 0.03%
32	State Street Liquidity Management Control System Eurodollar Time Deposit		0.01		1/2/15		32
	Total Time Deposit						32

See accompanying notes to financial statements.

142

HC CAPITAL TRUST
The Core Fixed Income Portfolio
Portfolio of Investments (concluded) — December 31, 2014 (Unaudited)


Shares or Principal Amount (000)		Rate %		Maturity Date		Value (000)
	Mutual Funds — 16.54%
13,195,434	Federated U.S. Treasury Cash Reserve Fund, Institutional Shares (e)		0.00			$	13,195
3,213,552	SSgA Treasury Money Market Fund (e)		0.00				3,214
349,541	SSgA U.S. Government Money Market Fund (e)		0.00				350
	Total Mutual Funds						16,759
	Total Investments Before TBA Sale Commitments (cost $103,009) — 103.24%						104,573
	TBA Sale Commitments (f) — (0.53)%
$(115)	Fannie Mae, 15 YR TBA		4.50		1/25/30		(121	)
(50)	Freddie Mac, Gold 15 YR TBA		4.50		1/15/30		(53	)
(100)	Freddie Mac, Gold 30 YR TBA		5.50		1/15/44		(112	)
(50)	Government National Mortgage Association, 30 YR TBA		2.50		1/20/45		(49	)
(25)	Government National Mortgage Association, 30 YR TBA		3.00		2/15/45		(26	)
(100)	Government National Mortgage Association, 30 YR TBA		5.00		1/15/45		(110	)
(50)	Government National Mortgage Association, 30 YR TBA		5.50		1/15/45		(56	)
	Total TBA Sale Commitments						(527	)
	Liabilities in excess of other assets — (2.71)%						(2,746	)
	Net Assets — 100.00%					$	101,300

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 $591 (amount in thousands).

^(a)

Variable Rate Security. The rate reflected is the rate in effect on December 31, 2014.

^(b)

Rate disclosed represents effective yield at purchase.

^(c)

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

^(d)

A perpetual bond is one with no maturity date that pays a fixed interest rate forever.

^(e)

The rate disclosed is the rate in effect on December 31, 2014.

^(f)

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

MTN — Medium Term Note

TBA — Security is subject to delayed delivery

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 Core Fixed Income Portfolio	Mellon Capital Management Corporation			Seix Investment Advisors LLC			HC Capital Solutions			Total
Asset Backed Securities		0.52	%		—			—			0.52	%
Collateralized Mortgage Obligations		2.25	%		—			—			2.25	%
U.S. Government Agency Mortgages		31.57	%		—			—			31.57	%
U.S. Government Agency Securities		1.93	%		—			—			1.93	%
Corporate Bonds		0.03	%		25.12	%		—			25.15	%
U.S. Treasury Obligations		20.73	%		—			—			20.73	%
Yankee Dollars		—			4.52	%		—			4.52	%
Time Deposit		0.03	%		—			—			0.03	%
Mutual Funds		3.17	%		0.35	%		13.02	%		16.54	%
Other Assets (Liablities)		-3.52	%		0.28	%		—			-3.24	%
Total Net Assets		56.71	%		30.27	%		13.02	%		100.00	%

See accompanying notes to financial statements.

143

HC CAPITAL TRUST
The Fixed Income Opportunity Portfolio
Portfolio of Investments — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	Asset Backed Security — 0.72%
$4,700	Magnus-Relda Holding Vier GmbH, Series 1A, Class JNR (a)		7.00		10/28/24	$	5,660
	Total Asset Backed Security						5,660
	Collateralized Mortgage Obligations — 6.97%
6,000	Banc of America Merrill Lynch Mezzanine Securities Trust, Series 2014-INMZ, Class MZB (a)(b)(c)		8.65		12/15/19		6,002
8,000	BLCP Hotel Trust, Series 2014-CLMZ, Class M (a)(b)		5.89		8/15/29		7,948
2,000	Carefree Portfolio Trust, Series 2014-CMZA, Class MZA (a)(b)(c)		6.13		11/15/29		2,000
6,000	Carefree Portfolio Trust, Series 2014-CMZB, Class MZB (a)(b)(c)		7.88		11/15/29		6,000
350	Commercial Mortgage Trust, Series 2013-CR13, Class E (a)(b)		4.76		12/10/23		304
420	Commercial Mortgage Trust, Series 2013-CR12, Class E (a)(b)		5.09		10/10/46		373
3,000	Credit Suisse European Mortgage Capital Trust, Series 2014-1MGN, Class B (a)(b)		7.16		7/20/22		3,630
6,000	Credit Suisse Mortgage Trust, Series 2014-TIKI, Class F (a)(b)		3.98		9/15/38		6,000
600	Goldman Sachs Mortgage Securities Trust, Series 2013-GC14, Class F (a)(b)		4.77		8/10/46		511
6,000	Hyatt Hotel Portfolio Trust, Series 2014-HYMZ, Class M (a)(b)(c)		6.39		11/15/19		5,995
3,900	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2014-CBMZ, Class M (a)(b)		6.38		10/15/29		3,908
4,600	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2014-INMZ, Class M (a)(b)		6.39		6/15/29		4,603
390	Morgan Stanley BAML Trust, Series 2013-C10, Class G (a)(b)		4.08		7/15/46		318
4,726	UBS - Barclays Commercial Mortgage Trust, Series 2012-C2, Class G (a)(b)		4.89		5/10/63		2,764
8,192	UBS - Barclays Commercial Mortgage Trust, Series 2012-C2, Class H (a)(b)		5.00		5/10/63		4,195
510	Wells Fargo Commercial Mortgage Trust, Series 2013-LC12, Class E (a)		3.50		7/15/46		393
	Total Collateralized Mortgage Obligations						54,944
	Corporate Bonds — 63.01%
1,500	Acadia Healthcare Co., Inc. (Health Care Providers & Services), Callable 7/1/17 @ 103.84		5.13		7/1/22		1,478
2,443	Activision Blizzard, Inc. (Software), Callable 9/15/16 @ 104.22 (a)		5.63		9/15/21		2,565
541	Activision Blizzard, Inc. (Software)		6.13		9/15/23		583
3,708	Aleris International, Inc. (Metals & Mining), Callable 2/17/15 @ 103.81		7.63		2/15/18		3,726
1,279	Aleris International, Inc. (Metals & Mining), Callable 11/1/15 @ 106.00		7.88		11/1/20		1,273
1,609	Allegion US Holding Co., Inc. (Household Durables), Callable 10/1/16 @ 104.31		5.75		10/1/21		1,702
2,069	Alliant Techsystems, Inc. (Aerospace & Defense), Callable 10/1/16 @ 103.94 (a)		5.25		10/1/21		2,085
2,624	Ally Financial, Inc. (Consumer Finance)		8.00		11/1/31		3,339
6,634	AMC Networks, Inc. (Media), Callable 7/15/16 @ 104.00		7.75		7/15/21		7,099
500	AmerenEnergy Generating Co., Series H (Independent Power and Renewable Electricity Producers)		7.00		4/15/18		440
2,609	American Airlines Pass-Through Trust, Series 2013-2, Class B (Airlines)		5.60		7/15/20		2,662
555	American Airlines Pass-Through Trust, Class B (Airlines)		5.63		1/15/21		566
3,832	American Axle & Manufacturing, Inc. (Auto Components), Callable 3/15/16 @ 105.00		6.25		3/15/21		4,023
3,844	Amsted Industries, Inc. (Machinery), Callable 3/15/18 @ 103.00 (a)		5.00		3/15/22		3,777
393	Amsted Industries, Inc. (Machinery), Callable 9/15/19 @ 102.69		5.38		9/15/24		382
1,644	Anixter International, Inc. (Electronic Equipment, Instruments & Components)		5.13		10/1/21		1,644
1,049	Aramark Services, Inc. (Food Products), Callable 3/15/15 @ 104.31		5.75		3/15/20		1,083
500	Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp. (Oil, Gas & Consumable Fuels), Callable 5/15/16 @ 104.00		4.75		11/15/21		475
1,144	Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp. (Oil, Gas & Consumable Fuels), Callable 2/1/18 @ 102.94		5.88		8/1/23		1,133
1,783	Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp. (Oil, Gas & Consumable Fuels), Callable 10/1/16 @ 103.00		6.63		10/1/20		1,814
2,157	Audatex North America, Inc. (Software), Callable 6/15/17 @ 103.00 (a)		6.00		6/15/21		2,222
829	B&G Foods, Inc. (Food Products), Callable 6/1/16 @ 103.47		4.63		6/1/21		809
247	Basic Energy Services, Inc. (Energy Equipment & Services), Callable 10/15/17 @ 104.00		7.75		10/15/22		185
200	Berry Petroleum Co. (Oil, Gas & Consumable Fuels), Callable 3/15/17 @ 103.00		6.38		9/15/22		152

See accompanying notes to financial statements.

144

HC CAPITAL TRUST
The Fixed Income Opportunity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	Corporate Bonds (continued)
$1,575	Berry Petroleum Co. (Oil, Gas & Consumable Fuels), Callable 11/1/15 @ 103.00		6.75		11/1/20	$	1,260
6,000	Bill Barrett Corp. (Oil, Gas & Consumable Fuels), Callable 10/15/17 @ 103.50		7.00		10/15/22		4,830
1,799	BI-LO LLC/BI-LO Finance Corp. (Food Products), Callable 2/15/15 @ 105.00 (a)		9.25		2/15/19		1,655
2,556	Blue Racer Mid LLC/Finan (Oil, Gas & Consumable Fuels) (a)		6.13		11/15/22		2,467
401	Building Materials Corp. of America (Building Products), Callable 5/1/16 @ 103.00		6.75		5/1/21		424
3,995	Calfrac Holdings LP (Energy Equipment & Services), Callable 12/1/15 @ 104.00 (a)		7.50		12/1/20		3,376
6,566	California Resources Corp. (Oil, Gas & Consumable Fuels), Callable 6/15/21 @ 100.00		5.50		9/15/21		5,615
3,257	Calpine Corp. (Independent Power and Renewable Electricity Producers), Callable 1/15/17 @ 103.94 (a)		7.88		1/15/23		3,591
2,832	Cardtronics, Inc. (IT Services), Callable 8/1/17 @ 103.84		5.13		8/1/22		2,761
3,399	Carrizo Oil & Gas, Inc. (Oil, Gas & Consumable Fuels), Callable 9/15/16 @ 103.75		7.50		9/15/20		3,263
1,206	CBRE Services, Inc. (Real Estate Management & Development), Callable 12/15/24 @ 100.00		5.25		3/15/25		1,230
1,389	CBS Outdoor Americas Capital LLC (Real Estate Investment Trusts), Callable 2/15/17 @ 103.94		5.25		2/15/22		1,399
2,315	CBS Outdoor Americas Capital LLC (Real Estate Investment Trusts), Callable 9/15/17 @ 102.94		5.88		3/15/25		2,332
1,310	CCO Holdings LLC/CCO Holdings Capital Corp. (Media), Callable 2/15/18 @ 103.00		5.13		2/15/23		1,281
831	CCO Holdings LLC/CCO Holdings Capital Corp. (Media), Callable 9/30/17 @ 103.00		5.25		9/30/22		829
1,085	CCO Holdings LLC/CCO Holdings Capital Corp. (Media), Callable 3/15/16 @ 104.00		5.25		3/15/21		1,093
3,340	CCO Holdings LLC/CCO Holdings Capital Corp. (Media), Callable 3/1/18 @ 103.00		5.75		9/1/23		3,382
1,370	CCO Holdings LLC/CCO Holdings Capital Corp. (Media), Callable 4/30/15 @ 104.88		6.50		4/30/21		1,439
773	CCO Holdings LLC/CCO Holdings Capital Corp. (Media), Callable 1/31/17 @ 103.00		6.63		1/31/22		821
725	CCO Holdings LLC/CCO Holdings Capital Corp. (Media), Callable 2/17/15 @ 103.50		7.00		1/15/19		752
3,294	CenturyLink, Inc. (Diversified Telecommunication Services)		5.63		4/1/20		3,418
2,061	CenturyLink, Inc., Series T (Diversified Telecommunication Services)		5.80		3/15/22		2,138
245	CenturyLink, Inc. (Diversified Telecommunication Services)		6.45		6/15/21		263
2,864	Cenveo Corp. (Commercial Services & Supplies), Callable 2/1/19 @ 100.00 (a)		6.00		8/1/19		2,591
1,360	Cenveo Corp. (Commercial Services & Supplies), Callable 5/15/15 @ 106.00 ˆ		11.50		5/15/17		1,238
6,178	Cequel Communications Holdings I LLC/Cequel Capital Corp. (Media), Callable 9/15/15 @ 105.00 (a)		6.38		9/15/20		6,395
2,388	Chemtura Corp. (Chemicals), Callable 7/15/16 @ 104.00		5.75		7/15/21		2,328
623	Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels), Callable 4/15/17 @ 104.00		4.88		4/15/22		606
2,000	Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)		5.75		3/15/23		2,060
220	Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)		6.13		2/15/21		231
95	Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)		6.50		8/15/17		101
500	Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)		6.63		8/15/20		531
1,190	Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)		6.88		11/15/20		1,279
1,450	Chesapeake Midstream Partners LLC (Oil, Gas & Consumable Fuels), Callable 4/15/15 @ 104.00		5.88		4/15/21		1,512
6,370	CHS/Community Health Systems, Inc. (Health Care Providers & Services), Callable 7/15/16 @ 104.00		7.13		7/15/20		6,792
1,905	Cincinnati Bell, Inc. (Diversified Telecommunication Services), Callable 10/15/15 @ 104.00		8.38		10/15/20		2,000
2,155	CIT Group, Inc. (Diversified Financial Services) (a)		4.75		2/15/15		2,157
2,013	CIT Group, Inc. (Diversified Financial Services)		5.00		8/15/22		2,068
1,080	CIT Group, Inc. (Diversified Financial Services)		5.25		3/15/18		1,126
1,515	CIT Group, Inc. (Diversified Financial Services) (a)		6.63		4/1/18		1,644
2,908	Clayton Williams Energy, Inc. (Oil, Gas & Consumable Fuels), Callable 4/1/15 @ 104.00		7.75		4/1/19		2,472
3,669	Clear Channel Worldwide Holdings, Inc., Series B (Media), Callable 11/15/17 @ 103.00		6.50		11/15/22		3,780
383	Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp. (Oil, Gas & Consumable Fuels), Callable 3/15/19 @ 103.00		6.38		3/15/24		356
710	Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp. (Oil, Gas & Consumable Fuels), Callable 2/17/15 @ 104.25		8.50		12/15/19		740

See accompanying notes to financial statements.

145

HC CAPITAL TRUST
The Fixed Income Opportunity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	Corporate Bonds (continued)
$1,418	Commercial Metals Co. (Metals & Mining), Callable 2/15/23 @ 100.00		4.88		5/15/23	$	1,354
1,572	CONSOL Energy, Inc. (Oil, Gas & Consumable Fuels), Callable 4/15/17 @ 104.41 (a)		5.88		4/15/22		1,462
714	Constellation Brands, Inc. (Beverages)		3.75		5/1/21		707
3,020	Constellation Brands, Inc. (Beverages)		4.25		5/1/23		2,997
551	Crestwood Midstream Partners LP (Oil, Gas & Consumable Fuels), Callable 11/1/16 @ 104.69		6.13		3/1/22		526
2,618	Crown Castle International Corp. (Real Estate Investment Trusts)		5.25		1/15/23		2,670
4,773	CTR Partnership LP/CareTrust Capital Corp. (Real Estate Investment Trusts), Callable 6/1/17 @ 102.94		5.88		6/1/21		4,833
1,856	D.R. Horton, Inc. (Household Durables), Callable 12/1/18 @ 100.00		3.75		3/1/19		1,837
753	D.R. Horton, Inc. (Household Durables), Callable 6/15/22 @ 100.00		4.38		9/15/22		738
574	DigitalGlobe, Inc. (Aerospace & Defense), Callable 2/1/17 @ 103.00		5.25		2/1/21		545
2,060	DISH DBS Corp. (Media)		5.13		5/1/20		2,075
1,428	DISH DBS Corp. (Media)		5.88		7/15/22		1,464
1,000	DISH DBS Corp. (Media)		6.75		6/1/21		1,075
965	DISH DBS Corp. (Media)		7.88		9/1/19		1,095
1,390	DPL, Inc. (Electric Utilities), Callable 7/15/21 @ 100.00		7.25		10/15/21		1,418
145	EchoStar DBS Corp. (Media)		7.13		2/1/16		152
2,419	Equinix, Inc. (Internet Software & Services), Callable 4/1/17 @ 102.44		4.88		4/1/20		2,407
581	Equinix, Inc. (Internet Software & Services), Callable 4/1/18 @ 103.00		5.38		4/1/23		581
3,141	First Cash Financial Services, Inc. (Consumer Finance), Callable 4/1/17 @ 105.06		6.75		4/1/21		3,267
2,281	Frontier Communications Corp. (Diversified Telecommunication Services), Callable 6/15/21 @ 100.00		6.25		9/15/21		2,292
1,645	Frontier Communications Corp. (Diversified Telecommunication Services)		8.13		10/1/18		1,847
4,264	Frontier Communications Corp. (Diversified Telecommunication Services)		8.50		4/15/20		4,754
3,536	FTS International, Inc. (Oil, Gas & Consumable Fuels), Callable 5/1/17 @ 105.00 (a)		6.25		5/1/22		2,581
615	Gannett Co., Inc. (Media), Callable 9/15/17 @ 102.44		4.88		9/15/21		610
41	Gannett Co., Inc. (Media), Callable 9/15/19 @ 102.75		5.50		9/15/24		41
210	GCI, Inc. (Diversified Telecommunication Services), Callable 6/1/16 @ 103.00		6.75		6/1/21		206
2,015	GCI, Inc. (Diversified Telecommunication Services), Callable 2/17/15 @ 104.31		8.63		11/15/19		2,113
691	General Motors Financial Co. (Diversified Financial Services)		3.50		7/10/19		706
4,589	General Motors Financial Co. (Diversified Financial Services)		4.25		5/15/23		4,679
2,000	Genesis Energy, LP (Oil, Gas & Consumable Fuels), Callable 6/15/19 @ 102.82		5.63		6/15/24		1,800
4,154	Genesis Energy, LP (Oil, Gas & Consumable Fuels), Callable 2/15/17 @ 103.00		5.75		2/15/21		3,863
2,365	GenOn Energy, Inc. (Independent Power and Renewable Electricity Producers)		9.50		10/15/18		2,353
2,603	Gibraltar Industries, Inc. (Building Products), Callable 2/1/17 @ 103.00 (c)		6.25		2/1/21		2,642
3,425	GMAC, Inc. (Consumer Finance)		8.00		11/1/31		4,367
1,883	Harland Clarke Holdings Corp. (Commercial Services & Supplies), Callable 3/1/17 @ 103.00 (a)		6.88		3/1/20		1,836
1,915	Harland Clarke Holdings Corp. (IT Services), Callable 8/1/15 @ 105.00 (a)		9.75		8/1/18		2,025
1,787	HCA, Inc. (Health Care Providers & Services)		5.88		3/15/22		1,957
2,555	HCA, Inc. (Health Care Providers & Services)		6.50		2/15/20		2,863
900	Hilcorp Energy, Inc./Hilcorp Energy Co. (Oil, Gas & Consumable Fuels), Callable 10/1/15 @ 104.00 (a)		7.63		4/15/21		905
2,999	Hilcorp Energy, Inc./Hilcorp Energy Co. (Oil, Gas & Consumable Fuels), Callable 2/15/15 @ 104.00 (a)		8.00		2/15/20		3,059
4,040	Hornbeck Offshore Services, Inc. (Energy Equipment & Services), Callable 3/1/16 @ 104.00		5.00		3/1/21		3,313
700	Hughes Satellite Systems Corp. (Diversified Telecommunication Services)		6.50		6/15/19		751
1,275	Hughes Satellite Systems Corp. (Diversified Telecommunication Services)		7.63		6/15/21		1,403
2,873	Huntsman International LLC (Chemicals), Callable 8/15/20 @ 100.00		4.88		11/15/20		2,851
1,232	Huntsman International Ltd. (Chemicals) (a)		5.13		11/15/22		1,214

See accompanying notes to financial statements.

146

HC CAPITAL TRUST
The Fixed Income Opportunity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	Corporate Bonds (continued)
$3,663	IAC/InterActiveCorp (Internet Software & Services), Callable 2/17/15 @ 104.88		4.88		11/30/18	$	3,727
3,691	Ingles Markets, Inc. (Food & Staples Retailing), Callable 6/15/18 @ 103.00		5.75		6/15/23		3,706
224	International Lease Finance Corp. (Diversified Financial Services)		4.63		4/15/21		228
376	International Lease Finance Corp. (Diversified Financial Services)		5.88		8/15/22		408
1,055	International Lease Finance Corp. (Diversified Financial Services)		5.88		4/1/19		1,137
1,125	International Lease Finance Corp. (Diversified Financial Services)		6.25		5/15/19		1,229
1,000	Iron Mountain, Inc. (Commercial Services & Supplies), Callable 8/15/17 @ 103.00		5.75		8/15/24		1,006
980	Iron Mountain, Inc. (Commercial Services & Supplies), Callable 10/1/15 @ 104.00		7.75		10/1/19		1,049
1,100	J.B. Poindexter & Co., Inc. (Auto Components), Callable 4/1/17 @ 105.00 (a)		9.00		4/1/22		1,188
8,000	JBS USA LLC/JBS USA Finance, Inc. (Food Products), Callable 6/1/15 @ 105.44 (a)		7.25		6/1/21		8,240
2,622	JMC Steel Group, Inc. (Metals & Mining), Callable 2/17/15 @ 106.19 (a)		8.25		3/15/18		2,491
8,518	Key Energy Services, Inc. (Energy Equipment & Services), Callable 3/1/16 @ 103.00		6.75		3/1/21		5,281
435	Kinder Morgan (Delaware), Inc. (Oil, Gas & Consumable Fuels), Callable 8/15/23 @ 100.00 (a)		5.63		11/15/23		466
3,556	Kindred Healthcare, Inc. (Health Care Providers & Services), Callable 4/15/17 @ 105.00 (a)		6.38		4/15/22		3,387
1,209	KLX, Inc. (Aerospace & Defense), Callable 12/1/17 @ 104.41 (a)		5.88		12/1/22		1,221
2,650	Lamar Media Corp. (Media), Callable 2/1/17 @ 102.94		5.88		2/1/22		2,749
2,262	LifePoint Hospitals, Inc. (Health Care Providers & Services), Callable 12/1/16 @ 104.13		5.50		12/1/21		2,313
3,787	Limited Brands, Inc. (Specialty Retail)		5.63		2/15/22		4,071
100	Limited Brands, Inc. (Specialty Retail)		6.63		4/1/21		113
170	Limited Brands, Inc. (Specialty Retail)		7.00		5/1/20		193
2,988	Lin Television Corp. (Cable & Satellite), Callable 1/15/17 @ 103.00		6.38		1/15/21		2,981
6,488	Linn Energy LLC/Linn Energy Finance Corp. (Oil, Gas & Consumable Fuels), Callable 4/15/15 @ 104.31		8.63		4/15/20		5,646
522	Lynx I Corp. (Media), Callable 4/15/17 @ 103.00 (a)		5.38		4/15/21		539
4,145	Martin Midstream Partners LP/Martin Midstream Finance Corp. (Oil, Gas & Consumable Fuels), Callable 2/15/17 @ 104.00		7.25		2/15/21		3,896
693	Media General Financing Sub, Inc. (Health Care Providers & Services) (a)		5.88		11/15/22		686
5,494	Meritage Homes Corp. (Household Durables)		7.15		4/15/20		5,905
7,227	MGM Resorts International (Hotels, Restaurants & Leisure) ˆ		5.25		3/31/20		7,173
4,967	MPT Operating Partnership LP/MPT Finance Corp. (Real Estate Investment Trusts), Callable 2/15/17 @ 103.00		6.38		2/15/22		5,278
1,615	MPT Operating Partnership LP/MPT Finance Corp. (Real Estate Investment Trusts), Callable 5/1/16 @ 103.00		6.88		5/1/21		1,728
1,722	Multi-Color Corp. (Professional Services), Callable 12/1/17 @ 104.60 (a)		6.13		12/1/22		1,722
6,023	Navient LLC (Consumer Finance)		6.13		3/25/24		5,917
3,282	NCR Corp. (Technology Hardware, Storage & Peripherals), Callable 12/15/17 @ 102.94		5.88		12/15/21		3,372
1,906	Netflix, Inc. (Internet & Catalog Retail) (a)		5.75		3/1/24		1,982
3,184	NGL Energy Partners LP/NGL Energy Finance Corp. (Oil, Gas & Consumable Fuels), Callable 10/15/16 @ 105.00 (a)		6.88		10/15/21		3,136
3,012	Nielsen Finance LLC/Nielsen Finance Co. (Media), Callable 10/1/16 @ 102.00		4.50		10/1/20		3,027
1,782	Nielsen Finance LLC/Nielsen Finance Co. (Media), Callable 4/15/17 @ 104.00 (a)		5.00		4/15/22		1,791
495	NRG Energy, Inc. (Independent Power and Renewable Electricity Producers), Callable 7/15/18 @ 103.12		6.25		7/15/22		506
3,157	NRG Energy, Inc. (Independent Power and Renewable Electricity Producers), Callable 5/15/16 @ 104.00		7.88		5/15/21		3,402
1,575	NRG Energy, Inc. (Independent Power and Renewable Electricity Producers), Callable 9/1/15 @ 104.00		8.25		9/1/20		1,681
1,759	Nuance Communications, Inc. (Software), Callable 8/15/16 @ 103.00 (a)		5.38		8/15/20		1,763
1,445	NuStar Logistics LP (Oil, Gas & Consumable Fuels)		4.80		9/1/20		1,358
316	NuStar Logistics LP (Oil, Gas & Consumable Fuels)		6.75		2/1/21		334
3,528	Oasis Petroleum, Inc. (Oil, Gas & Consumable Fuels), Callable 9/15/17 @ 103.44		6.88		3/15/22		3,210

See accompanying notes to financial statements.

147

HC CAPITAL TRUST
The Fixed Income Opportunity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	Corporate Bonds (continued)
$2,296	Ocwen Financial Corp. (Consumer Finance), Callable 5/15/16 @ 105.00 ˆ(a)		6.63		5/15/19	$	2,101
1,191	Omnicare, Inc. (Health Care Providers & Services), Callable 9/1/22 @ 100.00		4.75		12/1/22		1,206
2,214	Peabody Energy Corp. (Oil, Gas & Consumable Fuels)		6.00		11/15/18		2,009
790	Peabody Energy Corp. (Oil, Gas & Consumable Fuels) ˆ		6.25		11/15/21		675
3,105	Penske Automotive Group (Auto Components), Callable 12/1/19 @ 102.69		5.38		12/1/24		3,144
2,386	PHH Corp. (Diversified Financial Services), Callable 8/15/17 @ 103.00		6.38		8/15/21		2,186
3,963	PHH Corp. (Diversified Financial Services)		7.38		9/1/19		3,973
3,365	PolyOne Corp. (Chemicals)		5.25		3/15/23		3,363
6,670	Post Holdings, Inc. (Food Products), Callable 2/15/17 @ 103.69		7.38		2/15/22		6,670
1,916	QEP Resources, Inc. (Oil, Gas & Consumable Fuels)		6.80		3/1/20		1,983
2,700	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC (Household Products), Callable 8/15/15 @ 103.94		7.88		8/15/19		2,845
875	Rose Rock Midstream, LP (Oil, Gas & Consumable Fuels), Callable 7/15/17 @ 104.22		5.63		7/15/22		818
750	RRI Energy, Inc. (Independent Power and Renewable Electricity Producers)		7.88		6/15/17		746
814	RSI Home Products, Inc. (Household Durables), Callable 3/1/15 @ 105.00 (a)		6.88		3/1/18		851
1,070	Sanchez Energy Corp. (Oil, Gas & Consumable Fuels), Callable 7/15/18 @ 103.00 (a)		6.13		1/15/23		899
2,535	SandRidge Energy, Inc. (Oil, Gas & Consumable Fuels), Callable 3/15/16 @ 103.75		7.50		3/15/21		1,622
1,135	SandRidge Energy, Inc. (Oil, Gas & Consumable Fuels), Callable 4/15/17 @ 104.00		8.13		10/15/22		715
1,680	SandRidge Energy, Inc. (Oil, Gas & Consumable Fuels), Callable 1/15/15 @ 104.38		8.75		1/15/20		1,134
7,379	Select Medical Corp. (Health Care Providers & Services), Callable 6/1/16 @ 105.00		6.38		6/1/21		7,489
2,127	SemGroup Corp. (Oil, Gas & Consumable Fuels), Callable 6/15/16 @ 106.00		7.50		6/15/21		2,127
700	Service Corp. International (Diversified Consumer Services)		8.00		11/15/21		810
1,689	Seventy Seven Energy, Inc. (Energy Equipment & Services), Callable 7/15/17 @ 104.88		6.50		7/15/22		988
2,022	Sinclair Television Group, Inc. (Media), Callable 4/1/16 @ 104.00		5.38		4/1/21		2,007
2,379	Sinclair Television Group, Inc. (Media), Callable 10/1/17 @ 103.00		6.13		10/1/22		2,421
368	Sinclair Television Group, Inc. (Media), Callable 11/1/16 @ 105.00		6.38		11/1/21		379
1,488	Sirius XM Radio, Inc. (Media), Callable 8/15/17 @ 103.00 (a)		5.25		8/15/22		1,562
1,143	Sirius XM Radio, Inc. (Media), Callable 10/1/16 @ 103.00 (a)		5.88		10/1/20		1,177
446	Sirius XM Radio, Inc. (Media), Callable 7/15/19 @ 103.00 (a)		6.00		7/15/24		457
1,415	SLM Corp. (Consumer Finance)		5.50		1/15/19		1,447
2,000	SLM Corp., MTN (Consumer Finance)		6.25		1/25/16		2,080
3,571	Smithfield Foods, Inc. (Food Products), Callable 8/15/17 @ 103.00		6.63		8/15/22		3,732
3,880	Sprint Capital Corp. (Wireless Telecommunication Services)		6.90		5/1/19		3,958
2,597	Sprint Nextel Corp. (Wireless Telecommunication Services)		6.00		11/15/22		2,389
410	Sprint Nextel Corp. (Wireless Telecommunication Services)		7.00		8/15/20		410
960	Sprint Nextel Corp. (Wireless Telecommunication Services) (a)		7.00		3/1/20		1,037
165	Sprint Nextel Corp. (Wireless Telecommunication Services) (a)		9.00		11/15/18		188
735	Sprint Nextel Corp. (Wireless Telecommunication Services)		11.50		11/15/21		884
2,003	Standard Pacific Corp. (Household Durables), Callable 5/15/24 @ 100.00		5.88		11/15/24		2,003
129	Steel Dynamics, Inc. (Metals & Mining), Callable 10/1/17 @ 102.56		5.13		10/1/21		131
461	Steel Dynamics, Inc. (Metals & Mining), Callable 4/15/18 @ 103.00		5.25		4/15/23		468
1,000	Steel Dynamics, Inc. (Metals & Mining), Callable 8/15/17 @ 103.00		6.38		8/15/22		1,060
1,549	Steel Dynamics, Inc. (Metals & Mining), Callable 3/15/15 @ 104.00		7.63		3/15/20		1,615
1,127	Targa Resources Partners LP (Oil, Gas & Consumable Fuels), Callable 2/1/17 @ 103.00		6.38		8/1/22		1,141
5,920	Tenet Healthcare Corp. (Health Care Providers & Services)		6.00		10/1/20		6,357
461	Tesoro Logistics LP (Oil, Gas & Consumable Fuels), Callable 10/15/18 @ 103.13 (a)		6.25		10/15/22		460
1,437	Tesoro Logistics LP/Tesoro Logistics Corp. (Oil, Gas & Consumable Fuels), Callable 10/1/16 @ 103.00		5.88		10/1/20		1,441
2,213	The ADT Corp. (Commercial Services & Supplies)		3.50		7/15/22		1,887
1,655	The ADT Corp. (Commercial Services & Supplies) ˆ		6.25		10/15/21		1,701

See accompanying notes to financial statements.

148

HC CAPITAL TRUST
The Fixed Income Opportunity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	Corporate Bonds (continued)
$5,050	The AES Corp. (Independent Power and Renewable Electricity Producers), Callable 6/1/21 @ 100.00		7.38		7/1/21	$	5,706
15	The AES Corp. (Independent Power and Renewable Electricity Producers)		7.75		10/15/15		16
250	The AES Corp. (Independent Power and Renewable Electricity Producers)		8.00		6/1/20		286
2,196	The Goodyear Tire & Rubber Co. (Auto Components), Callable 3/1/16 @ 104.88		6.50		3/1/21		2,328
2,900	The Goodyear Tire & Rubber Co. (Auto Components)		8.75		8/15/20		3,357
1,177	The Men's Wearhouse, Inc. (Specialty Retail), Callable 7/1/17 @ 105.00 ˆ(a)		7.00		7/1/22		1,209
1,481	The Ryland Group, Inc. (Household Durables)		5.38		10/1/22		1,437
163	T-Mobile USA, Inc. (Wireless Telecommunication Services), Callable 9/1/15 @ 103.00		5.25		9/1/18		169
627	T-Mobile USA, Inc. (Wireless Telecommunication Services), Callable 9/1/18 @ 103.00		6.00		3/1/23		629
692	T-Mobile USA, Inc. (Wireless Telecommunication Services), Callable 1/15/18 @ 103.00		6.13		1/15/22		702
2,423	T-Mobile USA, Inc. (Wireless Telecommunication Services), Callable 4/1/17 @ 103.00		6.25		4/1/21		2,480
6,064	T-Mobile USA, Inc. (Wireless Telecommunication Services), Callable 4/28/16 @ 103.27		6.54		4/28/20		6,261
1,305	T-Mobile USA, Inc. (Wireless Telecommunication Services), Callable 4/1/18 @ 103.00		6.63		4/1/23		1,336
162	T-Mobile USA, Inc. (Wireless Telecommunication Services), Callable 4/28/18 @ 103.00		6.84		4/28/23		167
1,962	Toll Brothers Finance Corp. (Household Durables)		5.88		2/15/22		2,094
1,320	TRW Automotive, Inc. (Auto Components) (a)		4.50		3/1/21		1,327
855	United Airlines Pass Through Trust, Class B (Airlines)		4.63		9/3/22		837
520	United Rentals NA, Inc. (Commercial Services & Supplies), Callable 5/15/16 @ 104.00		7.38		5/15/20		562
2,636	United Rentals NA, Inc. (Commercial Services & Supplies), Callable 4/15/17 @ 104.00		7.63		4/15/22		2,897
3,470	Universal Hospital Services, Inc. (Health Care Equipment & Supplies), Callable 8/15/15 @ 106.00		7.63		8/15/20		2,984
5,348	URS Corp. (Industrial Conglomerates), Callable 1/1/22 @ 100.00		5.00		4/1/22		5,027
1,038	Valeant Pharmaceuticals International, Inc. (Pharmaceuticals), Callable 10/15/16 @ 103.00 (a)		6.38		10/15/20		1,085
4,778	ViaSat, Inc. (Communications Equipment), Callable 6/15/16 @ 103.00		6.88		6/15/20		4,969
2,814	Vulcan Materials Co. (Construction Materials)		7.50		6/15/21		3,278
2,286	West Corp. (Commercial Services & Supplies), Callable 7/15/17 @ 104.00 (a)		5.38		7/15/22		2,189
1,672	Weyerhaeuser Real Estate Co. (Real Estate Investment Trusts) (a)		4.38		6/15/19		1,649
3,446	Whiting Petroleum Corp. (Oil, Gas & Consumable Fuels), Callable 12/15/18 @ 100.00		5.00		3/15/19		3,222
3,556	Whiting Petroleum Corp. (Oil, Gas & Consumable Fuels), Callable 12/15/20 @ 100.00		5.75		3/15/21		3,298
901	William Lyon Homes, Inc. (Household Durables), Callable 4/15/16 @ 104.31		5.75		4/15/19		899
15	Windstream Corp. (Diversified Telecommunication Services), Callable 2/1/18 @ 103.00		6.38		8/1/23		14
533	Windstream Corp. (Diversified Telecommunication Services), Callable 4/1/16 @ 104.00		7.50		4/1/23		530
655	Windstream Corp. (Diversified Telecommunication Services), Callable 6/1/17 @ 104.00		7.50		6/1/22		653
600	Windstream Corp. (Diversified Telecommunication Services), Callable 10/15/15 @ 104.00		7.75		10/15/20		618
4,750	Windstream Corp. (Diversified Telecommunication Services)		7.88		11/1/17		5,143
	Total Corporate Bonds						496,417
	Yankee Dollars — 14.85%
294	Aercap Ireland Capital Ltd./AerCap Global Aviation Trust (Diversified Financial Services)		5.00		10/1/21		304
3,343	AerCap Ireland Capital Ltd./AerCap Global Aviation Trust (Diversified Financial Services) (a)		3.75		5/15/19		3,310
1,063	AerCap Ireland Capital Ltd./AerCap Global Aviation Trust (Diversified Financial Services) (a)		4.50		5/15/21		1,076
292	Aircastle Ltd. (Trading Companies & Distributors)		6.25		12/1/19		308
50	Aircastle Ltd. (Trading Companies & Distributors)		6.75		4/15/17		53
530	Aircastle Ltd. (Trading Companies & Distributors)		7.63		4/15/20		587
1,720	Albea Beauty Holdings SA (Personal Products), Callable 11/1/15 @ 106.00 (a)		8.38		11/1/19		1,806
1,714	Arcelormittal (Metals & Mining)		6.75		2/25/22		1,830
5,315	ArcelorMittal (Metals & Mining)		5.75		8/5/20		5,514
2,971	Barry Callebaut Services NV (Food Products) (a)		5.50		6/15/23		3,166
736	Baytex Energy Corp. (Oil, Gas & Consumable Fuels), Callable 6/1/17 @ 103.00 (a)		5.13		6/1/21		626

See accompanying notes to financial statements.

149

HC CAPITAL TRUST
The Fixed Income Opportunity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	Yankee Dollars (continued)
$1,180	Bombardier, Inc. (Aerospace & Defense) (a)		5.75		3/15/22	$	1,195
172	Bombardier, Inc. (Aerospace & Defense) ˆ(a)		6.13		1/15/23		175
1,295	Calcipar SA (Building Products), Callable 5/1/15 @ 103.00 (a)		6.88		5/1/18		1,301
2,107	Cogeco Cable, Inc. (Media), Callable 5/1/16 @ 104.00 (a)		4.88		5/1/20		2,107
5,702	Drill Rigs Holdings, Inc. (Oil, Gas & Consumable Fuels), Callable 10/1/15 @ 103.00 (a)		6.50		10/1/17		4,704
5,764	First Quantum Minerals Ltd. (Metals & Mining), Callable 2/15/18 @ 103.50 (a)		7.00		2/15/21		5,189
55	First Quantum Minerals Ltd. (Metals & Mining), Callable 10/15/15 @ 105.44		7.25		10/15/19		51
1,351	First Quantum Minerals Ltd. (Metals & Mining), Callable 5/15/17 @ 105.00 (a)		7.25		5/15/22		1,216
400	FMG Resources (August 2006) Pty Ltd. (Metals & Mining), Callable 4/1/17 @ 103.44 ˆ(a)		6.88		4/1/22		333
2,245	FMG Resources (August 2006) Pty Ltd. (Metals & Mining), Callable 11/1/15 @ 104.00 ˆ(a)		8.25		11/1/19		2,043
2,422	Gibson Energy, Inc. (Oil, Gas & Consumable Fuels), Callable 7/15/16 @ 105.00 (a)		6.75		7/15/21		2,416
2,158	Grifols Worldwide Operations Ltd. (Pharmaceuticals), Callable 4/1/17 @ 104.75 (a)		5.25		4/1/22		2,207
775	HudBay Minerals, Inc. (Metals & Mining), Callable 10/1/16 @ 105.00 (a)		9.50		10/1/20		752
2,608	HudBay Minerals, Inc. (Metals & Mining), Callable 10/1/16 @ 104.75		9.50		10/1/20		2,530
2,145	Intelsat Jackson Holdings SA (Diversified Telecommunication Services), Callable 10/15/15 @ 103.63		7.25		10/15/20		2,266
2,150	Intelsat Jackson Holdings SA (Diversified Telecommunication Services), Callable 4/1/16 @ 103.75		7.50		4/1/21		2,301
3,224	Intergen NV (Electric Utilities), Callable 6/30/18 @ 103.50 (a)		7.00		6/30/23		3,063
3,166	Lundin Mining Corp. (Metals & Mining) (a)		7.50		11/1/20		3,134
843	Lundin Mining Corp. (Metals & Mining) (a)		7.88		11/1/22		843
3,691	MEG Energy Corp. (Oil, Gas & Consumable Fuels), Callable 7/30/17 @ 103.00 (a)		6.38		1/30/23		3,294
3,751	MEG Energy Corp. (Oil, Gas & Consumable Fuels), Callable 3/15/15 @ 105.00 (a)		6.50		3/15/21		3,423
400	MEG Energy Corp. (Oil, Gas & Consumable Fuels), Callable 9/30/18 @ 104.00 (a)		7.00		3/31/24		362
3,393	Navios Maritime Holdings, Inc. (Marine), Callable 1/15/17 @ 106.00 (a)		7.38		1/15/22		3,105
1,021	NCL Corp. Ltd. (Hotels Restaurants & Leisure) (a)		5.25		11/15/19		1,029
1,204	Norbord, Inc. (Paper & Forest Products) (a)		5.38		12/1/20		1,168
2,208	Northern Blizzard Resources, Inc. (Oil, Gas & Consumable Fuels), Callable 2/1/17 @ 105.00 (a)		7.25		2/1/22		1,788
1,555	Novelis, Inc. (Metals & Mining), Callable 2/17/15 @ 104.19		8.38		12/15/17		1,613
4,348	Pacific Drilling SA (Oil, Gas & Consumable Fuels), Callable 6/1/16 @ 104.00 (a)		5.38		6/1/20		3,544
2,521	Pacific Drilling V Ltd. (Oil, Gas & Consumable Fuels), Callable 12/1/15 @ 104.00 (a)		7.25		12/1/17		2,269
3,405	Quebecor Media, Inc. (Media)		5.75		1/15/23		3,481
3,488	Rexel SA (Trading Companies & Distributors), Callable 6/15/16 @ 103.94 (a)		5.25		6/15/20		3,514
1,672	Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)		5.25		11/15/22		1,756
1,964	Seagate HDD Cayman (Technology Hardware, Storage & Peripherals) (a)		4.75		1/1/25		2,023
1,782	SoftBank Corp. (Wireless Telecommunication Services) (a)		4.50		4/15/20		1,755
3,672	Stackpole International Intermediate Co. (Auto Components), Callable 10/15/16 @ 106.00 (a)		7.75		10/15/21		3,672
2,038	Stena AB (Marine) (a)		7.00		2/1/24		1,865
2,836	Telecom Italia Capital (Diversified Telecommunication Services)		7.00		6/4/18		3,147
1,269	Tembec Industries, Inc. (Paper & Forest Products), Callable 10/15/16 @ 104.50		9.00		12/15/19		1,248
1,157	The Nielsen Co. (Luxembourg) Sarl (Professional Services), Callable 10/1/16 @ 104.00 (a)		5.50		10/1/21		1,180
3,751	Tullow Oil PLC (Oil, Gas & Consumable Fuels), Callable 11/1/16 @ 103.00 (a)		6.00		11/1/20		3,113
532	Tullow Oil PLC (Oil, Gas & Consumable Fuels), Callable 4/15/17 @ 105.00 (a)		6.25		4/15/22		447
3,652	UPCB Finance V Ltd. (Diversified Telecommunication Services), Callable 11/15/16 @ 103.63 (a)		7.25		11/15/21		3,994
1,037	UPCB Finance VI Ltd. (Diversified Telecommunication Services), Callable 1/15/17 @ 103.44 (a)		6.88		1/15/22		1,128
836	Videotron Ltee (Media)		5.00		7/15/22		851

See accompanying notes to financial statements.

150

HC CAPITAL TRUST
The Fixed Income Opportunity Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Shares or Principal Amount (000)		Rate %		Maturity Date		Value (000)
	Yankee Dollars (continued)
$5,520	VPII Escrow Corp. (Pharmaceuticals), Callable 8/15/15 @ 105.00 (a)		6.75		8/15/18	$	5,872
	Total Yankee Dollars						117,047
	Time Deposit — 0.34%
2,700	State Street Liquidity Management Control System Eurodollar Time Deposit		0.01		1/2/15		2,700
	Total Time Deposit						2,700
	Mutual Funds — 13.04%
440,900	BlackRock Corporate High Yield Fund, Inc.						5,025
1,332,677	BlackRock Debt Strategies Fund, Inc.						4,957
529,948	Credit Suisse Asset Management Income Fund, Inc.						1,744
260,855	Deutsche High Income Opportunities Fund, Inc.						3,660
269,104	Deutsche High Income Trust						2,352
48,927,645	Federated U.S. Treasury Cash Reserve Fund, Institutional Shares (d)		0.00				48,928
296,898	First Trust High Income Long/Short Fund						4,750
225,383	Ivy High Income Opportunity Fund						3,575
267,646	MFS Intermediate High Income Fund						709
306,608	Neuberger Berman High Yield Strategies Fund, Inc.						3,771
413,329	New America High Income Fund, Inc.						3,695
4,490,570	SSgA Treasury Money Market Fund (d)		0.00				4,491
393,331	SSgA U.S. Government Money Market Fund (d)		0.00				393
429,009	Wells Fargo Advantage Income Opportunities Fund						3,814
688,203	Western Asset High Income Opportunity Fund, Inc.						3,696
224,273	Western Asset High Yield Defined Opportunity Fund, Inc.						3,537
719,690	Western Asset Managed High Income Fund, Inc.						3,678
	Total Mutual Funds						102,775
	Repurchase Agreement — 0.63%
5,000	Jefferies LLC (Purchased on 12/31/14, proceeds at maturity $5,000,033 collateralized by U.S. Treasury Obligations, 0.01% – 2.53%, 2/12/15 – 11/15/40 fair value $5,133,237) ˆˆ		0.12		1/2/15		5,000
	Total Repurchase Agreement						5,000
	Total Investments (cost $800,593) — 99.56%						784,543
	Other assets in excess of liabilities — 0.44%						3,434
	Net Assets — 100.00%					$	787,977

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 $9,349 (amount in thousands).

ˆˆ

Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before December 31, 2014.

^(a)

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.

^(b)

Variable Rate Security. The rate reflected is the rate in effect on December 31, 2014.

^(c)

Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at December 31, 2014.

^(d)

The rate disclosed is the rate in effect on December 31, 2014.

MTN — Medium Term Note

See accompanying notes to financial statements.

151

HC CAPITAL TRUST
The Fixed Income Opportunity 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 Fixed Income Opportunity Portfolio	City of London Investment Management Company			Fort Washington Investment Advisors, Inc.			Western Asset Management Company			HC Capital Solutions			Total
Asset Backed Security		—			—			0.72	%		—			0.72	%
Collateralized Mortgage Obligations		—			—			6.97	%		—			6.97	%
Corporate Bonds		—			63.01	%		—			—			63.01	%
Yankee Dollars		—			14.85	%		—			—			14.85	%
Time Deposits		—			0.34	%		—			—			0.34	%
Mutual Funds		6.26	%		—			0.52	%		6.26	%		13.04	%
Repurchase Agreement		—			0.63	%		—			—			0.63	%
Other Assets (Liablities)		0.03	%		0.83	%		-0.42	%		—			0.44	%
Total Net Assets		6.29	%		79.66	%		7.79	%		6.26	%		100.00	%

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

Short Futures


Number of Contracts	Futures Contracts Positions ˆ		Value (000)			Expiration		Unrealized Appreciation/ (Depreciation) (000)
(37)		Euro FX Future	$	(5,599	)		3/16/15	$	159
		Net Unrealized Appreciation/(Depreciation)							159

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

ˆ

Cash has been pledged as collateral for Futures Contracts held by the Portfolio.

See accompanying notes to financial statements.

152

HC CAPITAL TRUST
The U.S. Government Fixed Income Securities Portfolio
Portfolio of Investments — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	U.S. Government Agency Securities — 7.36%
$200	Fannie Mae		0.50		3/30/16	$	201
385	Fannie Mae		0.88		10/26/17		382
350	Fannie Mae		0.88		12/20/17		346
300	Fannie Mae		0.88		8/28/17		299
450	Fannie Mae, Callable 2/23/15 @ 100.00		0.95		8/23/17		447
50	Fannie Mae, Callable 2/15/15 @ 100.00		1.00		2/15/18		50
300	Fannie Mae, Series 0001, Callable 1/30/15 @ 100.00		1.00		4/30/18		295
300	Fannie Mae, Callable 3/28/15 @ 100.00		1.00		12/28/17		298
250	Fannie Mae, Callable 3/27/15 @ 100.00		1.07		9/27/17		248
75	Fannie Mae, Callable 3/28/15 @ 100.00		1.13		3/28/18		74
250	Fannie Mae, Callable 2/28/15 @ 100.00		1.15		2/28/18		249
350	Fannie Mae		1.25		9/28/16		354
150	Fannie Mae, Callable 1/29/15 @ 100.00		1.55		10/29/19		148
200	Fannie Mae		1.75		11/26/19		200
600	Fannie Mae		1.88		2/19/19		609
350	Fannie Mae		1.88		9/18/18		356
100	Fannie Mae, Callable 2/22/15 @ 100.00		2.50		2/22/23		98
500	Fannie Mae		2.63		9/6/24		506
430	Fannie Mae (a)		2.86		10/9/19		387
410	Fannie Mae		5.00		2/13/17		446
300	Fannie Mae		5.00		3/15/16		316
400	Fannie Mae		5.25		9/15/16		431
200	Fannie Mae		5.38		6/12/17		221
150	Fannie Mae, Callable 4/18/16 @ 100.00		6.00		4/18/36		160
85	Fannie Mae		6.21		8/6/38		128
95	Fannie Mae		6.25		5/15/29		132
160	Fannie Mae		6.63		11/15/30		238
180	Fannie Mae		7.25		5/15/30		280
150	Federal Farm Credit Bank, Callable 1/16/15 @ 100.00		0.54		11/7/16		150
250	Federal Farm Credit Bank		5.13		8/25/16		269
200	Federal Home Loan Bank, Series 1		0.88		5/24/17		200
500	Federal Home Loan Bank, Series 1		1.00		6/21/17		500
170	Federal Home Loan Bank, Callable 1/28/15 @ 100.00		1.25		2/28/18		170
200	Federal Home Loan Bank, Callable 8/28/15 @ 100.00		1.50		2/28/17		201
200	Federal Home Loan Bank		1.75		12/14/18		202
400	Federal Home Loan Bank		2.00		9/14/18		409
300	Federal Home Loan Bank		3.63		3/12/21		327
200	Federal Home Loan Bank		4.13		3/13/20		222
550	Federal Home Loan Bank		4.75		12/16/16		596
250	Federal Home Loan Bank, Series 1069		5.00		11/17/17		278
180	Federal Home Loan Bank		5.25		12/11/20		213
500	Federal Home Loan Bank, Series 656		5.38		5/18/16		533
65	Federal Home Loan Bank		5.50		7/15/36		89
200	Freddie Mac		0.42		9/18/15		200

See accompanying notes to financial statements.

153

HC CAPITAL TRUST
The U.S. Government Fixed Income Securities Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	U.S. Government Agency Securities (continued)
$75	Freddie Mac		0.50		1/28/16	$	75
100	Freddie Mac, Callable 3/20/15 @ 100.00		0.57		6/20/16		100
150	Freddie Mac, Callable 4/5/15 @ 100.00		0.75		10/5/16		150
500	Freddie Mac		0.88		3/7/18		494
400	Freddie Mac		0.88		2/22/17		401
500	Freddie Mac		1.00		9/29/17		499
500	Freddie Mac		1.00		3/8/17		501
125	Freddie Mac, Callable 1/30/15 @ 100.00		1.02		4/30/18		123
245	Freddie Mac, Callable 3/12/15 @ 100.00		1.20		6/12/18		242
300	Freddie Mac, Callable 3/5/15 @ 100.00		1.25		12/5/17		299
100	Freddie Mac		1.25		10/2/19		98
200	Freddie Mac		1.25		8/1/19		196
200	Freddie Mac		1.38		5/1/20		195
250	Freddie Mac, Callable 6/26/15 @ 100.00		1.40		8/22/19		246
300	Freddie Mac		2.00		8/25/16		307
450	Freddie Mac		2.38		1/13/22		455
100	Freddie Mac, Callable 6/29/15 @ 100.00		2.50		4/17/23		99
800	Freddie Mac		4.75		1/19/16		837
1,040	Freddie Mac		5.25		4/18/16		1,104
250	Freddie Mac		6.25		7/15/32		365
80	Freddie Mac		6.75		3/15/31		120
310	Tennessee Valley Authority		4.70		7/15/33		372
135	Tennessee Valley Authority		5.25		9/15/39		172
190	Tennessee Valley Authority		6.15		1/15/38		271
	Total U.S. Government Agency Securities						20,179
	Corporate Bond — 0.10%
250	Private Export Funding Corp. (Diversified Financial Services)		4.38		3/15/19		275
	Total Corporate Bond						275
	U.S. Treasury Obligations — 78.58%
837	U.S. Treasury Bond		2.75		8/15/42		837
1,171	U.S. Treasury Bond		2.75		11/15/42		1,170
1,416	U.S. Treasury Bond		2.88		5/15/43		1,448
875	U.S. Treasury Bond		3.00		11/15/44		920
439	U.S. Treasury Bond		3.00		5/15/42		461
1,147	U.S. Treasury Bond		3.13		2/15/43		1,232
1,740	U.S. Treasury Bond		3.13		8/15/44		1,873
1,131	U.S. Treasury Bond		3.13		2/15/42		1,218
666	U.S. Treasury Bond		3.13		11/15/41		719
1,405	U.S. Treasury Bond		3.38		5/15/44		1,582
400	U.S. Treasury Bond		3.50		2/15/39		459
1,280	U.S. Treasury Bond		3.63		2/15/44		1,506
900	U.S. Treasury Bond		3.63		8/15/43		1,058
630	U.S. Treasury Bond		3.75		8/15/41		759
1,245	U.S. Treasury Bond		3.75		11/15/43		1,497

See accompanying notes to financial statements.

154

HC CAPITAL TRUST
The U.S. Government Fixed Income Securities Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	U.S. Treasury Obligations (continued)
$935	U.S. Treasury Bond		3.88		8/15/40	$	1,141
400	U.S. Treasury Bond		4.25		5/15/39		514
690	U.S. Treasury Bond		4.25		11/15/40		893
146	U.S. Treasury Bond		4.38		5/15/41		194
455	U.S. Treasury Bond		4.38		2/15/38		595
682	U.S. Treasury Bond		4.38		11/15/39		894
363	U.S. Treasury Bond		4.38		5/15/40		477
450	U.S. Treasury Bond		4.50		2/15/36		600
800	U.S. Treasury Bond		4.50		8/15/39		1,066
173	U.S. Treasury Bond		4.63		2/15/40		235
775	U.S. Treasury Bond		4.75		2/15/41		1,083
282	U.S. Treasury Bond		5.25		11/15/28		378
520	U.S. Treasury Bond		5.25		2/15/29		699
359	U.S. Treasury Bond		5.38		2/15/31		500
313	U.S. Treasury Bond		5.50		8/15/28		427
310	U.S. Treasury Bond		6.00		2/15/26		425
235	U.S. Treasury Bond		6.13		11/15/27		334
150	U.S. Treasury Bond		6.13		8/15/29		219
122	U.S. Treasury Bond		6.25		8/15/23		162
215	U.S. Treasury Bond		6.25		5/15/30		321
618	U.S. Treasury Bond		6.50		11/15/26		890
200	U.S. Treasury Bond		6.75		8/15/26		292
350	U.S. Treasury Bond		6.88		8/15/25		506
474	U.S. Treasury Bond		7.13		2/15/23		655
300	U.S. Treasury Bond		7.25		8/15/22		413
700	U.S. Treasury Bond		7.50		11/15/16		789
7	U.S. Treasury Bond		7.88		2/15/21		9
350	U.S. Treasury Bond		8.13		8/15/19		453
110	U.S. Treasury Bond		8.13		8/15/21		153
400	U.S. Treasury Bond		8.75		8/15/20		550
180	U.S. Treasury Note		0.25		5/15/16		180
1,700	U.S. Treasury Note		0.25		2/29/16		1,698
1,355	U.S. Treasury Note		0.25		4/15/16		1,353
899	U.S. Treasury Note		0.38		1/15/16		900
814	U.S. Treasury Note		0.38		3/15/16		814
980	U.S. Treasury Note		0.38		10/31/16		976
923	U.S. Treasury Note		0.38		4/30/16		923
1,500	U.S. Treasury Note		0.38		1/31/16		1,501
1,371	U.S. Treasury Note		0.38		2/15/16		1,372
1,714	U.S. Treasury Note		0.38		3/31/16		1,714
1,005	U.S. Treasury Note		0.38		5/31/16		1,004
1,050	U.S. Treasury Note		0.50		7/31/16		1,050
1,335	U.S. Treasury Note		0.50		7/31/17		1,320
970	U.S. Treasury Note		0.50		11/30/16		968

See accompanying notes to financial statements.

155

HC CAPITAL TRUST
The U.S. Government Fixed Income Securities Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	U.S. Treasury Obligations (continued)
$870	U.S. Treasury Note		0.50		8/31/16	$	870
995	U.S. Treasury Note		0.50		6/30/16		995
935	U.S. Treasury Note		0.50		9/30/16		934
327	U.S. Treasury Note		0.50		6/15/16		327
1,000	U.S. Treasury Note		0.63		2/15/17		998
925	U.S. Treasury Note		0.63		11/15/16		925
1,000	U.S. Treasury Note		0.63		8/15/16		1,002
1,100	U.S. Treasury Note		0.63		10/15/16		1,100
800	U.S. Treasury Note		0.63		4/30/18		784
1,785	U.S. Treasury Note		0.63		5/31/17		1,775
1,000	U.S. Treasury Note		0.63		7/15/16		1,002
1,120	U.S. Treasury Note		0.63		12/15/16		1,119
650	U.S. Treasury Note		0.63		9/30/17		643
800	U.S. Treasury Note		0.63		11/30/17		790
1,220	U.S. Treasury Note		0.63		8/31/17		1,208
1,000	U.S. Treasury Note		0.63		12/31/16		999
1,236	U.S. Treasury Note		0.75		12/31/17		1,223
1,000	U.S. Treasury Note		0.75		10/31/17		992
1,046	U.S. Treasury Note		0.75		3/15/17		1,046
1,150	U.S. Treasury Note		0.75		2/28/18		1,134
513	U.S. Treasury Note		0.75		3/31/18		505
1,100	U.S. Treasury Note		0.75		1/15/17		1,101
1,200	U.S. Treasury Note		0.75		6/30/17		1,196
1,000	U.S. Treasury Note		0.88		1/31/17		1,003
1,281	U.S. Treasury Note		0.88		9/15/16		1,288
680	U.S. Treasury Note		0.88		4/15/17		681
810	U.S. Treasury Note		0.88		8/15/17		808
799	U.S. Treasury Note		0.88		1/31/18		793
380	U.S. Treasury Note		0.88		7/31/19		368
930	U.S. Treasury Note		0.88		6/15/17		929
1,692	U.S. Treasury Note		0.88		4/30/17		1,694
895	U.S. Treasury Note		0.88		7/15/17		894
1,255	U.S. Treasury Note		0.88		2/28/17		1,258
910	U.S. Treasury Note		0.88		10/15/17		907
1,575	U.S. Treasury Note		0.88		12/31/16		1,581
1,022	U.S. Treasury Note		0.88		11/30/16		1,026
940	U.S. Treasury Note		0.88		5/15/17		941
900	U.S. Treasury Note		0.88		11/15/17		896
1,500	U.S. Treasury Note		1.00		8/31/16		1,511
600	U.S. Treasury Note		1.00		8/31/19		584
1,200	U.S. Treasury Note		1.00		3/31/17		1,205
1,210	U.S. Treasury Note		1.00		9/15/17		1,211
716	U.S. Treasury Note		1.00		9/30/19		696
860	U.S. Treasury Note		1.00		12/15/17		858

See accompanying notes to financial statements.

156

HC CAPITAL TRUST
The U.S. Government Fixed Income Securities Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	U.S. Treasury Obligations (continued)
$15	U.S. Treasury Note		1.00		10/31/16	$	15
1,400	U.S. Treasury Note		1.00		5/31/18		1,386
927	U.S. Treasury Note		1.00		9/30/16		934
515	U.S. Treasury Note		1.00		11/30/19		500
975	U.S. Treasury Note		1.13		12/31/19		951
655	U.S. Treasury Note		1.13		4/30/20		636
400	U.S. Treasury Note		1.13		3/31/20		389
1,150	U.S. Treasury Note		1.25		11/30/18		1,142
1,295	U.S. Treasury Note		1.25		10/31/18		1,287
475	U.S. Treasury Note		1.25		10/31/19		467
600	U.S. Treasury Note		1.25		2/29/20		587
835	U.S. Treasury Note		1.25		1/31/19		827
300	U.S. Treasury Note		1.25		4/30/19		297
500	U.S. Treasury Note		1.38		1/31/20		493
657	U.S. Treasury Note		1.38		6/30/18		658
300	U.S. Treasury Note		1.38		5/31/20		294
800	U.S. Treasury Note		1.38		7/31/18		801
1,600	U.S. Treasury Note		1.38		9/30/18		1,598
368	U.S. Treasury Note		1.38		2/28/19		366
893	U.S. Treasury Note		1.38		12/31/18		890
585	U.S. Treasury Note		1.38		11/30/18		584
1,135	U.S. Treasury Note		1.50		5/31/19		1,132
1,414	U.S. Treasury Note		1.50		7/31/16		1,436
820	U.S. Treasury Note		1.50		3/31/19		820
1,250	U.S. Treasury Note		1.50		10/31/19		1,242
1,176	U.S. Treasury Note		1.50		2/28/19		1,177
1,800	U.S. Treasury Note		1.50		8/31/18		1,809
750	U.S. Treasury Note		1.50		6/30/16		761
1,210	U.S. Treasury Note		1.50		11/30/19		1,202
1,233	U.S. Treasury Note		1.50		1/31/19		1,233
840	U.S. Treasury Note		1.50		12/31/18		841
1,120	U.S. Treasury Note		1.63		8/15/22		1,089
1,205	U.S. Treasury Note		1.63		12/31/19		1,203
1,660	U.S. Treasury Note		1.63		8/31/19		1,662
1,257	U.S. Treasury Note		1.63		11/15/22		1,219
1,230	U.S. Treasury Note		1.63		4/30/19		1,234
1,160	U.S. Treasury Note		1.63		6/30/19		1,163
1,160	U.S. Treasury Note		1.63		7/31/19		1,162
1,220	U.S. Treasury Note		1.63		3/31/19		1,225
1,000	U.S. Treasury Note		1.75		10/31/20		996
711	U.S. Treasury Note		1.75		5/31/16		724
1,090	U.S. Treasury Note		1.75		5/15/22		1,072
1,400	U.S. Treasury Note		1.75		9/30/19		1,408
640	U.S. Treasury Note		1.75		10/31/18		648

See accompanying notes to financial statements.

157

HC CAPITAL TRUST
The U.S. Government Fixed Income Securities Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	U.S. Treasury Obligations (continued)
$2,098	U.S. Treasury Note		1.75		5/15/23	$	2,042
1,000	U.S. Treasury Note		1.88		11/30/21		994
1,200	U.S. Treasury Note		1.88		10/31/17		1,228
1,000	U.S. Treasury Note		1.88		8/31/17		1,023
816	U.S. Treasury Note		1.88		9/30/17		835
750	U.S. Treasury Note		1.88		6/30/20		755
633	U.S. Treasury Note		2.00		1/31/16		644
766	U.S. Treasury Note		2.00		2/28/21		771
866	U.S. Treasury Note		2.00		4/30/16		884
940	U.S. Treasury Note		2.00		5/31/21		945
1,050	U.S. Treasury Note		2.00		11/30/20		1,059
980	U.S. Treasury Note		2.00		10/31/21		983
870	U.S. Treasury Note		2.00		8/31/21		873
1,000	U.S. Treasury Note		2.00		7/31/20		1,013
955	U.S. Treasury Note		2.00		9/30/20		965
1,538	U.S. Treasury Note		2.00		2/15/23		1,532
843	U.S. Treasury Note		2.00		2/15/22		845
1,500	U.S. Treasury Note		2.00		11/15/21		1,506
935	U.S. Treasury Note		2.13		9/30/21		946
1,035	U.S. Treasury Note		2.13		8/31/20		1,053
1,547	U.S. Treasury Note		2.13		8/15/21		1,565
750	U.S. Treasury Note		2.13		1/31/21		761
400	U.S. Treasury Note		2.13		2/29/16		408
960	U.S. Treasury Note		2.13		6/30/21		972
1,000	U.S. Treasury Note		2.13		12/31/21		1,010
1,360	U.S. Treasury Note		2.25		11/15/24		1,369
850	U.S. Treasury Note		2.25		4/30/21		867
300	U.S. Treasury Note		2.25		3/31/16		307
374	U.S. Treasury Note		2.25		11/30/17		387
665	U.S. Treasury Note		2.25		7/31/21		678
500	U.S. Treasury Note		2.25		7/31/18		516
1,010	U.S. Treasury Note		2.25		3/31/21		1,031
1,295	U.S. Treasury Note		2.38		7/31/17		1,342
1,085	U.S. Treasury Note		2.38		12/31/20		1,117
200	U.S. Treasury Note		2.38		5/31/18		207
450	U.S. Treasury Note		2.38		6/30/18		466
1,820	U.S. Treasury Note		2.38		8/15/24		1,854
995	U.S. Treasury Note		2.38		3/31/16		1,020
2,240	U.S. Treasury Note		2.50		5/15/24		2,307
750	U.S. Treasury Note		2.50		6/30/17		780
1,290	U.S. Treasury Note		2.50		8/15/23		1,331
592	U.S. Treasury Note		2.63		4/30/16		609
1,678	U.S. Treasury Note		2.63		11/15/20		1,752
300	U.S. Treasury Note		2.63		4/30/18		314

See accompanying notes to financial statements.

158

HC CAPITAL TRUST
The U.S. Government Fixed Income Securities Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	U.S. Treasury Obligations (continued)
$406	U.S. Treasury Note		2.63		1/31/18	$	424
465	U.S. Treasury Note		2.63		2/29/16		477
1,347	U.S. Treasury Note		2.63		8/15/20		1,407
648	U.S. Treasury Note		2.75		12/31/17		679
1,937	U.S. Treasury Note		2.75		11/15/23		2,038
700	U.S. Treasury Note		2.75		5/31/17		732
1,000	U.S. Treasury Note		2.75		11/30/16		1,040
1,029	U.S. Treasury Note		2.75		2/15/19		1,083
2,015	U.S. Treasury Note		2.75		2/15/24		2,119
300	U.S. Treasury Note		2.75		2/28/18		314
400	U.S. Treasury Note		2.88		3/31/18		421
900	U.S. Treasury Note		3.00		2/28/17		943
1,015	U.S. Treasury Note		3.00		9/30/16		1,058
767	U.S. Treasury Note		3.00		8/31/16		798
482	U.S. Treasury Note		3.13		4/30/17		508
1,035	U.S. Treasury Note		3.13		1/31/17		1,087
1,230	U.S. Treasury Note		3.13		5/15/19		1,311
1,300	U.S. Treasury Note		3.13		10/31/16		1,359
1,060	U.S. Treasury Note		3.13		5/15/21		1,138
349	U.S. Treasury Note		3.25		7/31/16		364
600	U.S. Treasury Note		3.25		6/30/16		624
1,102	U.S. Treasury Note		3.25		12/31/16		1,158
1,000	U.S. Treasury Note		3.25		5/31/16		1,039
827	U.S. Treasury Note		3.25		3/31/17		872
1,082	U.S. Treasury Note		3.38		11/15/19		1,172
799	U.S. Treasury Note		3.50		2/15/18		856
1,575	U.S. Treasury Note		3.50		5/15/20		1,718
1,152	U.S. Treasury Note		3.63		2/15/21		1,269
1,260	U.S. Treasury Note		3.63		2/15/20		1,381
1,000	U.S. Treasury Note		3.63		8/15/19		1,091
1,000	U.S. Treasury Note		3.75		11/15/18		1,089
665	U.S. Treasury Note		3.88		5/15/18		723
100	U.S. Treasury Note		4.00		8/15/18		110
500	U.S. Treasury Note		4.25		11/15/17		545
900	U.S. Treasury Note		4.50		2/15/16		942
648	U.S. Treasury Note		4.50		5/15/17		704
500	U.S. Treasury Note		4.63		11/15/16		537
580	U.S. Treasury Note		4.63		2/15/17		627
850	U.S. Treasury Note		4.88		8/15/16		910
1,000	U.S. Treasury Note		5.13		5/15/16		1,064
	Total U.S. Treasury Obligations						215,336
	Time Deposit — 0.19%
516	State Street Liquidity Management Control System Eurodollar Time Deposit		0.01		1/2/15		516
	Total Time Deposit						516

See accompanying notes to financial statements.

159

HC CAPITAL TRUST
The U.S. Government Fixed Income Securities Portfolio
Portfolio of Investments (concluded) — December 31, 2014 (Unaudited)


Shares or Principal Amount (000)		Rate %		Maturity Date	Value (000)
	Mutual Fund — 13.13%
35,985,507	Federated U.S. Treasury Cash Reserve Fund, Institutional Shares (b)		0.00		$	35,986
	Total Mutual Fund					35,986
	Total Investments (cost $267,706) — 99.36%					272,292
	Other assets in excess of liabilities — 0.64%					1,767
	Net Assets — 100.00%				$	274,059

(a)

Rate disclosed represents effective yield at purchase.

(b)

The rate disclosed is the rate in effect on December 31, 2014.

See accompanying notes to financial statements.

160

HC CAPITAL TRUST
The Inflation Protected Securities Portfolio
Portfolio of Investments — December 31, 2014 (Unaudited)


Shares		Rate %		Maturity Date		Value (000)
	U.S. Treasury Obligations — 89.01%
$6,769	U.S. Treasury Inflation Index Bond		0.63		2/15/43	$	6,364
9,036	U.S. Treasury Inflation Index Bond		0.75		2/15/42		8,779
10,096	U.S. Treasury Inflation Index Bond		1.38		2/15/44		11,427
7,629	U.S. Treasury Inflation Index Bond		1.75		1/15/28		8,636
9,740	U.S. Treasury Inflation Index Bond		2.00		1/15/26		11,161
5,133	U.S. Treasury Inflation Index Bond		2.13		2/15/41		6,701
4,092	U.S. Treasury Inflation Index Bond		2.13		2/15/40		5,304
7,647	U.S. Treasury Inflation Index Bond		2.38		1/15/27		9,152
13,047	U.S. Treasury Inflation Index Bond		2.38		1/15/25		15,318
7,384	U.S. Treasury Inflation Index Bond		2.50		1/15/29		9,162
2,983	U.S. Treasury Inflation Index Bond		3.38		4/15/32		4,231
6,442	U.S. Treasury Inflation Index Bond		3.63		4/15/28		8,854
7,841	U.S. Treasury Inflation Index Bond		3.88		4/15/29		11,223
22,239	U.S. Treasury Inflation Index Note		0.13		4/15/17		22,256
20,293	U.S. Treasury Inflation Index Note		0.13		7/15/22		19,772
24,726	U.S. Treasury Inflation Index Note		0.13		4/15/18		24,635
20,024	U.S. Treasury Inflation Index Note		0.13		7/15/24		19,284
20,385	U.S. Treasury Inflation Index Note		0.13		1/15/23		19,711
19,932	U.S. Treasury Inflation Index Note		0.13		1/15/22		19,387
24,494	U.S. Treasury Inflation Index Note		0.13		4/15/19		24,224
19,764	U.S. Treasury Inflation Index Note		0.13		4/15/16		19,704
20,221	U.S. Treasury Inflation Index Note		0.38		7/15/23		19,991
20,175	U.S. Treasury Inflation Index Note		0.63		1/15/24		20,261
17,823	U.S. Treasury Inflation Index Note		0.63		7/15/21		18,048
16,793	U.S. Treasury Inflation Index Note		1.13		1/15/21		17,445
14,678	U.S. Treasury Inflation Index Note		1.25		7/15/20		15,405
9,663	U.S. Treasury Inflation Index Note		1.38		1/15/20		10,143
7,452	U.S. Treasury Inflation Index Note		1.38		7/15/18		7,805
7,554	U.S. Treasury Inflation Index Note		1.63		1/15/18		7,910
7,873	U.S. Treasury Inflation Index Note		1.88		7/15/19		8,450
9,823	U.S. Treasury Inflation Index Note		2.00		1/15/16		9,968
6,932	U.S. Treasury Inflation Index Note		2.13		1/15/19		7,448
8,343	U.S. Treasury Inflation Index Note		2.38		1/15/17		8,753
9,623	U.S. Treasury Inflation Index Note		2.50		7/15/16		10,031
7,152	U.S. Treasury Inflation Index Note		2.63		7/15/17		7,667
	Total U.S. Treasury Obligations						454,610
	Mutual Funds — 10.61%
52,980,899	Federated U.S. Treasury Cash Reserve Fund, Institutional Shares (a)		0.00				52,981
1,178,877	SSgA Treasury Money Market Fund (a)		0.00				1,179
	Total Mutual Funds						54,160
	Total Investments (cost $510,059) — 99.62%						508,770
	Other assets in excess of liabilities — 0.38%						1,923
	Net Assets — 100.00%					$	510,693

(a)

The rate disclosed is the rate in effect on December 31, 2014.

See accompanying notes to financial statements.

161

HC CAPITAL TRUST
The U.S. Corporate Fixed Income Securities Portfolio
Portfolio of Investments — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	Corporate Bonds — 71.30%
$1,387	3M Co. (Industrial Conglomerates)		1.38		9/29/16	$	1,402
4,244	American Airlines, Series 2013-2, Class A (Airlines)		4.95		1/15/23		4,547
2,566	American Express Credit, MTN (Consumer Finance)		1.75		6/12/15		2,580
3,543	American International Group, MTN (Insurance)		5.85		1/16/18		3,961
2,348	American Tower Corp. (Real Estate Investment Trusts)		3.50		1/31/23		2,269
3,212	American Tower Corp. (Real Estate Investment Trusts)		5.00		2/15/24		3,405
699	Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		3.00		4/15/16		715
4,256	Apple, Inc. (Technology Hardware, Storage & Peripherals)		2.85		5/6/21		4,354
1,844	Arch Capital Group (U.S.), Inc. (Insurance)		5.14		11/1/43		2,049
3,101	AT&T, Inc. (Wireless Telecommunication Services)		2.38		11/27/18		3,125
566	AT&T, Inc. (Wireless Telecommunication Services), Callable 12/15/44 @ 100.00		4.35		6/15/45		534
1,775	Bank of America Corp., Series BKNT (Banks)		1.25		2/14/17		1,771
2,588	Bank of America Corp., MTN (Banks)		1.70		8/25/17		2,589
3,442	Bank of America Corp. (Banks)		2.60		1/15/19		3,469
1,697	Bank of America Corp., MTN (Banks)		4.25		10/22/26		1,693
1,796	Barrick NA Finance LLC (Metals & Mining)		5.75		5/1/43		1,782
753	Becton Dickinson & Co. (Health Care Equipment & Supplies), Callable 6/15/44 @ 100.00		4.69		12/15/44		811
495	Boardwalk Pipelines LP (Oil, Gas & Consumable Fuels), Callable 9/15/24 @ 100.00		4.95		12/15/24		492
3,640	Burlington Northern Santa Fe LLC (Road & Rail), Callable 3/1/44 @ 100.00		4.55		9/1/44		3,907
3,395	CC Holdings GS V LLC (Communications Equipment)		3.85		4/15/23		3,372
1,180	Celgene Corp. (Biotechnology), Callable 11/15/43 @ 100.00		4.63		5/15/44		1,224
2,430	Cisco Systems, Inc. (Communications Equipment)		2.13		3/1/19		2,441
1,904	Cisco Systems, Inc. (Communications Equipment)		5.50		2/22/16		2,009
5,041	Citigroup, Inc. (Banks)		2.50		9/26/18		5,100
1,993	Citigroup, Inc. (Banks)		4.95		11/7/43		2,222
1,585	Comcast Corp. (Media)		4.65		7/15/42		1,735
2,495	Continental Resources, Inc. (Oil, Gas & Consumable Fuels), Callable 3/1/24 @ 100.00		3.80		6/1/24		2,232
1,901	Delphi Corp. (Auto Components), Callable 12/15/23 @ 100.00		4.15		3/15/24		1,965
1,088	Digital Realty Trust LP (Real Estate Investment Trusts), Callable 12/15/20 @ 100.00		5.25		3/15/21		1,192
2,833	Digital Realty Trust LP (Real Estate Investment Trusts) ˆ		5.88		2/1/20		3,169
592	DIRECTV Holdings LLC (Media), Callable 10/15/24 @ 100.00		3.95		1/15/25		597
1,016	Dominion Resources, Inc. (Multi-Utilities)		1.95		8/15/16		1,027
376	Enterprise Products Operating LLC (Oil, Gas & Consumable Fuels), Callable 9/15/43 @ 100.00		4.85		3/15/44		392
2,731	ERAC USA Finance Co. (Commercial Services & Supplies) (a)		5.25		10/1/20		3,075
658	ERAC USA Finance Co. (Commercial Services & Supplies) (a)		5.60		5/1/15		668
1,883	ERAC USA Finance LLC (Commercial Services & Supplies) (a)		2.80		11/1/18		1,923
1,727	Exelon Generation Co. LLC (Independent Power and Renewable Electricity Producers)		6.20		10/1/17		1,919
3,543	Ford Motor Credit Co. LLC (Diversified Financial Services)		5.00		5/15/18		3,850
3,335	General Electric Capital Corp., Series G, MTN (Diversified Financial Services), Callable 2/13/24 @ 100.00		3.45		5/15/24		3,446
835	General Electric Co. (Industrial Conglomerates)		4.13		10/9/42		864
993	General Electric Co. (Industrial Conglomerates)		5.25		12/6/17		1,102
1,040	Gilead Sciences, Inc. (Biotechnology), Callable 8/1/44 @ 100.00		4.50		2/1/45		1,112
1,308	Goldman Sachs Group, Inc. (Capital Markets)		2.55		10/23/19		1,303
1,956	Goldman Sachs Group, Inc. (Capital Markets)		2.63		1/31/19		1,968
1,265	HSBC USA, Inc. (Banks)		2.38		11/13/19		1,265
1,346	Intel Corp. (Semiconductors & Semiconductor Equipment)		1.95		10/1/16		1,372
3,388	JPMorgan Chase & Co. (Banks)		4.13		12/15/26		3,391
3,221	JPMorgan Chase & Co., Series V (Banks), Callable 7/1/19 @ 100.00, Perpetual Bond (b)		5.00		—		3,152

See accompanying notes to financial statements.

162

HC CAPITAL TRUST
The U.S. Corporate Fixed Income Securities Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	Corporate Bonds (continued)
$4,686	Kinder Morgan Energy Partners LP (Oil, Gas & Consumable Fuels), Callable 2/15/42 @ 100.00		5.00		8/15/42	$	4,454
1,618	Kohl’s Corp. (Multiline Retail)		6.88		12/15/37		2,043
2,742	L-3 Communications Corp. (Aerospace & Defense), Callable 2/28/24 @ 100.00		3.95		5/28/24		2,765
4,114	Lazard Group LLC (Diversified Financial Services)		4.25		11/14/20		4,336
2,581	Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels), Callable 3/15/54 @ 100.00		5.00		9/15/54		2,430
1,360	MassMutual Global Funding LLC (Diversified Financial Services) (a)		2.00		4/5/17		1,379
620	Medtronic, Inc. (Health Care Equipment & Supplies) (a)		3.50		3/15/25		634
1,594	Medtronic, Inc. (Health Care Equipment & Supplies) (a)		4.63		3/15/45		1,728
1,105	MidAmerican Energy Holdings Co. (Multi-Utilities)		6.13		4/1/36		1,388
3,503	Morgan Stanley (Capital Markets)		3.70		10/23/24		3,551
1,266	Morgan Stanley, Series F (Capital Markets)		3.88		4/29/24		1,299
1,372	Newmont Mining Corp. (Metals & Mining)		6.25		10/1/39		1,392
1,181	Pacific Gas & Electric Co. (Electric Utilities), Callable 5/15/43 @ 100.00		5.13		11/15/43		1,353
1,274	Reinsurance Group of America, Inc. (Insurance)		4.70		9/15/23		1,369
5,884	Roche Holding, Inc. (Pharmaceuticals), Callable 8/30/19 @ 100.00 (a)		2.25		9/30/19		5,921
3,088	Sabmiller Holdings, Inc. (Beverages) (a)		2.45		1/15/17		3,151
2,173	Teva Pharmaceutical Finance Co. LLC (Pharmaceuticals)		6.15		2/1/36		2,688
1,876	Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services), Callable 8/1/43 @ 100.00		5.30		2/1/44		2,155
455	TIAA Asset Management Finance Co. LLC (Insurance) (a)		2.95		11/1/19		456
1,347	TIAA Asset Management Finance Co. LLC (Insurance) (a)		4.13		11/1/24		1,380
838	Time Warner Cable, Inc. (Media), Callable 3/15/42 @ 100.00		4.50		9/15/42		861
3,315	Toyota Motor Credit Corp., MTN (Consumer Finance)		3.20		6/17/15		3,356
3,314	U.S. Bancorp, MTN (Banks), Callable 8/11/24 @ 100.00		3.60		9/11/24		3,365
3,021	U.S. Bank NA, Series BKNT (Banks), Callable 12/30/16 @ 100.00		1.10		1/30/17		3,018
596	Union Pacific Corp. (Road & Rail), Callable 7/15/44 @ 100.00		4.15		1/15/45		621
2,959	United Airlines Pass Through Trust, Series 2014-1, Class A (Airlines)		4.00		10/11/27		3,003
836	UnitedHealth Group, Inc. (Health Care Providers & Services), Callable 9/15/42 @ 100.00		4.25		3/15/43		876
6,825	Verizon Communications, Inc. (Diversified Telecommunication Services) (a)		5.01		8/21/54		7,061
4,415	Wal-Mart Stores, Inc. (Food & Staples Retailing)		1.95		12/15/18		4,472
	Total Corporate Bonds						177,047
	Yankee Dollars — 12.49%
1,507	AXIS Specialty Finance PLC (Insurance)		5.15		4/1/45		1,632
1,556	Barrick (PD) Australia Finance Pty Ltd. (Metals & Mining)		5.95		10/15/39		1,491
1,507	Barrick International (Barbados) Corp. (Metals & Mining) (a)		6.35		10/15/36		1,534
2,043	BP Capital Markets PLC (Oil, Gas & Consumable Fuels)		2.25		11/1/16		2,083
2,038	Credit Suisse NY (Capital Markets)		3.63		9/9/24		2,073
1,512	Ensco PLC (Energy Equipment & Services), Callable 4/1/44 @ 100.00 ˆ		5.75		10/1/44		1,517
831	Fairfax Financial Holdings Ltd. (Insurance) (a)		5.80		5/15/21		891
2,611	Japan Tobacco, Inc. (Tobacco) (a)		2.10		7/23/18		2,635
2,049	TSMC Global Ltd. (Semiconductors & Semiconductor Equipment) (a)		1.63		4/3/18		2,011
3,494	UBS AG (Capital Markets)		2.38		8/14/19		3,494
2,399	Volkswagen International Finance NV (Automobiles) (a)		2.38		3/22/17		2,444
707	Weatherford Bermuda Holdings Ltd. (Energy Equipment & Services)		5.13		9/15/20		695
1,949	Weatherford Bermuda Holdings Ltd. (Energy Equipment & Services), Callable 10/17/41 @ 100.00		5.95		4/15/42		1,650
1,799	Weatherford International Ltd. (Energy Equipment & Services)		6.50		8/1/36		1,648
2,034	Wesfarmers Ltd. (Food & Staples Retailing) (a)		1.87		3/20/18		2,027
2,980	Woodside Finance Ltd. (Oil, Gas & Consumable Fuels), Callable 2/10/21 @ 100.00 (a)		4.60		5/10/21		3,174
	Total Yankee Dollars						30,999

See accompanying notes to financial statements.

163

HC CAPITAL TRUST
The U.S. Corporate Fixed Income Securities Portfolio
Portfolio of Investments (concluded) — December 31, 2014 (Unaudited)


Shares or Principal Amount (000)		Rate %		Maturity Date	Value (000)
	Mutual Funds — 15.17%
31,997,018	Federated U.S. Treasury Cash Reserve Fund, Institutional Shares (c)		0.00		$	31,997
5,662,246	SSgA U.S. Government Money Market Fund (c)		0.00			5,662
	Total Mutual Funds					37,659
	Total Investments (cost $242,200) — 98.96%					245,705
	Other assets in excess of liabilities — 1.04%					2,573
	Net Assets — 100.00%				$	248,278

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 $4,451 (amount in thousands).

(a)

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.

(b)

A perpetual bond is one with no maturity date that pays a fixed interest rate forever.

(c)

The rate disclosed is the rate in effect on December 31, 2014.

MTN — Medium Term Note

See accompanying notes to financial statements.

164

HC CAPITAL TRUST
The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio
Portfolio of Investments — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	Asset Backed Securities — 1.50%
$100	American Express Credit Account Master Trust, Series 2012-5, Class A		0.59		5/15/18	$	100
100	AmeriCredit Automobile Receivables Trust, Series 2013-5, Class A3		0.90		9/8/18		100
70	Capital Auto Receivables Asset Trust, Series 2014-2, Class A3		1.26		5/21/18		70
600	Capital One Multi-Asset Execution Trust, Series 2006-A3, Class A3		5.05		12/17/18		629
100	CarMax Auto Owner Trust, Series 2012-2, Class A4		1.16		12/15/17		100
195	CarMax Auto Trust, Series 2014-1, Class A3		0.79		10/15/18		194
300	Chase Issuance Trust (CHAIT), Series 2014-A1, Class A1		1.15		1/15/19		300
250	Chase Issuance Trust (CHAIT), Series 2012-A7, Class A7		2.16		9/16/24		241
300	Citibank Credit Card Issuance Trust, Series 2014-A2, Class A2		1.02		2/22/19		299
100	Citibank Credit Card Issuance Trust, Series 2014-A1, Class A1		2.88		1/23/23		103
250	Discover Card Execution Note Trust, Series 2013-A2, Class A2		0.69		8/15/18		250
200	Discover Card Execution Note Trust, Series 2014-A4, Class A4		2.12		12/15/21		200
195	Fifth Third Auto Trust, Series 2014-3, Class A3		0.96		3/15/19		194
225	Ford Credit Auto Owner Trust, Series 2013-C, Class A4		1.25		10/15/18		226
300	Honda Auto Receivables Owner Trust, Series 2014-3, Class A3		0.88		6/15/18		299
62	Mercedes-Benz Auto Lease Trust, Series 2013-A, Class A3		0.59		2/15/16		62
210	Nissan Auto Lease Trust, Series 2013-A, Class A4		0.74		10/15/18		210
350	Nissan Auto Receivables Owner Trust, Series 2012-A, Class A4		1.00		7/16/18		351
200	Santander Drive Auto Receivables Trust, Series 2014-3, Class C		2.13		8/17/20		199
	Total Asset Backed Securities						4,127
	Collateralized Mortgage Obligations — 5.46%
250	Citigroup Commercial Mortgage Trust, Series 2014-GC19, Class A2		2.79		3/10/47		256
250	Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class A4		3.62		7/10/47		261
500	Commercial Mortgage Trust, Series 2012-CR1, Class A2		2.35		5/15/45		508
100	Commercial Mortgage Trust, Series 2014-LC15, Class A2		2.84		4/10/47		103
500	Commercial Mortgage Trust, Series 2013-CR8, Class A5 (a)		3.61		6/10/46		524
250	Commercial Mortgage Trust, Series 2014-UBS3, Class A4		3.82		6/10/47		265
100	Commercial Mortgage Trust, Series 2013-CR11, Class B (a)		5.33		10/10/46		113
316	CS First Boston Mortgage Securities Corp., Series 2005-C6, Class A4 (a)		5.23		10/15/15		322
38	Fannie Mae, Series 2013-M14, Class APT (a)		2.59		4/25/23		38
300	Fannie Mae, Series 2012-M1, Class A2		2.73		10/25/21		305
160	Fannie Mae, Series 2014-M3, Class AB2 (a)		3.46		1/25/24		168
154	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K714, Class A1		2.08		12/25/19		156
400	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K027, Class A2		2.64		1/25/23		402
150	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K017, Class A2		2.87		12/25/21		155
112	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K032, Class A1		3.02		2/25/23		117
200	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K033, Class A2 (a)		3.06		7/25/23		206
200	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K032, Class A2 (a)		3.31		5/25/23		210
360	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K014, Class A2		3.87		4/25/21		392
225	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K012, Class A2		4.19		12/25/20		248
110	Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class AM (a)		5.28		4/10/37		112
385	Greenwich Capital Commercial Funding Corp., Series 2006-GG7, Class A4 (a)		6.01		7/10/38		403
300	GS Mortgage Securities Trust, Series 2013-GC14, Class A5		4.24		8/10/46		328
200	JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class A5		3.77		8/15/47		212
200	JPMBB Commercial Mortgage Securities Trust, Series 2013-C15, Class A5		4.13		11/15/45		218
193	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2013-LC11, Class A2		1.85		4/15/46		193

See accompanying notes to financial statements.

165

HC CAPITAL TRUST
The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	Collateralized Mortgage Obligations (continued)
$1,000	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2012-C8, Class A3		2.83		10/15/45	$	998
220	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2014-C18, Class A5		4.08		2/15/47		238
115	LB-UBS Commercial Mortgage Trust, Series 2006-C7, Class AM		5.38		10/15/16		122
446	Merrill Lynch Mortgage Trust, Series 2006-C2, Class A4 (a)		5.74		8/12/43		471
247	Merrill Lynch Mortgage Trust, Series 2007-C1, Class A3 (a)		6.03		11/12/16		247
250	Morgan Stanley BAML Trust, Series 2013-C11, Class A2		3.09		8/15/46		260
100	Morgan Stanley BAML Trust, Series 2014-C17, Class A5		3.74		8/15/47		105
1,545	Morgan Stanley Capital I, Series 2007-HQ11, Class A4 (a)		5.45		2/12/44		1,647
827	Morgan Stanley Capital I, Series 2006-HQ9, Class A4 (a)		5.73		7/12/44		868
1,267	Morgan Stanley Capital I, Series 2007-IQ15, Class A4 (a)		5.91		7/11/17		1,377
250	UBS Commercial Mortgage Trust, Series 2012-C1, Class AAB		3.00		5/10/45		258
1,000	Wachovia Bank Commercial Mortgage Trust, Series 2006-C26, Class A3 (a)		6.01		6/15/45		1,053
185	Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class A5		3.82		8/15/50		196
131	WF-RBS Commercial Mortgage Trust, Series 2014-LC14, Class A1		1.19		3/15/47		130
500	WF-RBS Commercial Mortgage Trust, Series 2013-C11, Class A2		2.03		3/15/45		504
300	WF-RBS Commercial Mortgage Trust, Series 2013-C14, Class ASB		2.98		6/15/46		306
	Total Collateralized Mortgage Obligations						14,995
	U.S. Government Agency Mortgages — 80.62%
95	Fannie Mae, Pool #AS0001		2.00		7/1/28		95
497	Fannie Mae, Pool #AS1058		2.00		11/1/28		495
333	Fannie Mae, Pool #AU4798		2.50		9/1/28		339
525	Fannie Mae, Pool #AX2403		2.50		9/1/29		535
203	Fannie Mae, Pool #AU6387		2.50		11/1/28		207
683	Fannie Mae, Pool #AO3019		2.50		5/1/27		697
443	Fannie Mae, Pool #AU2619		2.50		8/1/28		452
91	Fannie Mae, Pool #MA1511		2.50		7/1/33		91
189	Fannie Mae, Pool #AS0513		2.50		8/1/43		185
834	Fannie Mae, Pool #MA1277		2.50		12/1/27		851
90	Fannie Mae, Pool #MA1270		2.50		11/1/32		90
892	Fannie Mae, Pool #MA1210		2.50		9/1/49		911
300	Fannie Mae, Pool #AU5334		2.50		11/1/28		306
735	Fannie Mae, Pool #AP4742		2.50		8/1/27		750
284	Fannie Mae, Pool #AB7391		2.50		12/1/42		278
84	Fannie Mae, Pool #AL4360 (a)		2.72		11/1/43		86
189	Fannie Mae, Pool #AL5800 (a)		2.73		2/1/44		195
362	Fannie Mae, Pool #MA1527		3.00		8/1/33		374
2,031	Fannie Mae, Pool #AB7099		3.00		11/1/42		2,059
456	Fannie Mae, Pool #AK8522		3.00		3/1/27		475
99	Fannie Mae, Pool #MA2087		3.00		11/1/34		102
1,176	Fannie Mae, Pool #AK3302		3.00		3/1/27		1,226
449	Fannie Mae, Pool #AS1527		3.00		1/1/29		467
726	Fannie Mae, Pool #AK0006		3.00		1/1/27		757
559	Fannie Mae, Pool #AP8746		3.00		10/1/42		567
754	Fannie Mae, Pool #MA1307		3.00		1/1/33		780
574	Fannie Mae, Pool #AB4483		3.00		2/1/27		598
173	Fannie Mae, Pool #MA1338		3.00		2/1/33		179

See accompanying notes to financial statements.

166

HC CAPITAL TRUST
The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	U.S. Government Agency Mortgages (continued)
$552	Fannie Mae, Pool #AB8897		3.00		4/1/43	$	559
296	Fannie Mae, Pool #AW7383		3.00		8/1/29		308
296	Fannie Mae, Pool #AQ3223		3.00		11/1/27		308
1,227	Fannie Mae, Pool #AO0752		3.00		4/1/42		1,244
550	Fannie Mae, Pool #AT2127		3.00		4/1/43		557
945	Fannie Mae, Pool #AP2465		3.00		8/1/42		958
194	Fannie Mae, Pool #AW8295		3.00		8/1/29		202
165	Fannie Mae, Pool #AU7890		3.00		9/1/28		172
1,082	Fannie Mae, Pool #AP6493		3.00		9/1/42		1,096
1,943	Fannie Mae, Pool #AP6375		3.00		9/1/42		1,970
67	Fannie Mae, Pool #AR7426		3.00		7/1/43		67
2,269	Fannie Mae, Pool #AQ7920		3.00		12/1/42		2,300
482	Fannie Mae, Pool #AT7263		3.00		9/1/43		488
211	Fannie Mae, Pool #AT7311		3.00		7/1/43		213
264	Fannie Mae, Pool #MA1401		3.00		4/1/33		273
293	Fannie Mae, Pool #AS2312		3.00		5/1/29		305
91	Fannie Mae, Pool #AT1575		3.00		5/1/43		92
195	Fannie Mae, Pool #AS3117		3.00		8/1/29		203
627	Fannie Mae, Pool #AU3735		3.00		8/1/43		635
554	Fannie Mae, Pool #AT0682		3.00		4/1/43		561
624	Fannie Mae, Pool #MA1059		3.50		5/1/32		658
3,381	Fannie Mae, Pool #AK7497		3.50		4/1/42		3,530
45	Fannie Mae, Pool #AJ6181		3.50		12/1/26		48
165	Fannie Mae, Pool #AK0706		3.50		2/1/27		175
500	Fannie Mae, Pool #AX1913		3.50		1/1/22		529
229	Fannie Mae, Pool #MA1889		3.50		5/1/34		241
2,180	Fannie Mae, Pool #AB6017		3.50		8/1/42		2,275
632	Fannie Mae, Pool #MA1107		3.50		7/1/32		667
59	Fannie Mae, Pool #MA1021		3.50		3/1/27		63
863	Fannie Mae, Pool #AB4689		3.50		3/1/42		901
2,963	Fannie Mae, Pool #AO8137		3.50		8/1/42		3,093
735	Fannie Mae, Pool #AO3760		3.50		5/1/42		768
1,769	Fannie Mae, Pool #AL1717		3.50		5/1/27		1,871
87	Fannie Mae, Pool #AP9390		3.50		10/1/42		91
2,291	Fannie Mae, Pool #AO2548		3.50		4/1/42		2,392
898	Fannie Mae, Pool #AQ0546		3.50		11/1/42		937
83	Fannie Mae, Pool #AH3394		4.00		1/1/41		89
2,408	Fannie Mae, Pool #AH6242		4.00		4/1/26		2,579
2,716	Fannie Mae, Pool #190405		4.00		10/1/40		2,904
168	Fannie Mae, Pool #AB6027		4.00		8/1/42		179
372	Fannie Mae, Pool #AT3872		4.00		6/1/43		397
451	Fannie Mae, Pool #AO2959		4.00		5/1/42		482
929	Fannie Mae, Pool #AS0531		4.00		9/1/43		998
725	Fannie Mae, Pool #AH5859		4.00		2/1/41		775
750	Fannie Mae, Pool #AC7328		4.00		12/1/39		802
1,251	Fannie Mae, Pool #AJ5303		4.00		11/1/41		1,336

See accompanying notes to financial statements.

167

HC CAPITAL TRUST
The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	U.S. Government Agency Mortgages (continued)
$1,661	Fannie Mae, Pool #AJ7689		4.00		12/1/41	$	1,775
593	Fannie Mae, Pool #MA0641		4.00		2/1/31		639
265	Fannie Mae, Pool #MA0493		4.00		8/1/30		285
1,166	Fannie Mae, Pool #AJ7857		4.00		12/1/41		1,246
495	Fannie Mae, Pool #AI6016		4.00		7/1/41		529
431	Fannie Mae, Pool #MA0481		4.50		8/1/30		471
400	Fannie Mae, Pool #AS0861		4.50		10/1/43		434
2	Fannie Mae, Pool #AB0390		4.50		3/1/15		2
95	Fannie Mae, Pool #AB1470		4.50		9/1/40		104
249	Fannie Mae, Pool #AB1389		4.50		8/1/40		270
1,231	Fannie Mae, Pool #AL1107		4.50		11/1/41		1,337
100	Fannie Mae, Pool #AW7048		4.50		6/1/44		109
401	Fannie Mae, Pool #AA9781		4.50		7/1/24		433
8	Fannie Mae, Pool #AB0388		4.50		4/1/19		9
251	Fannie Mae, Pool #AU5302		4.50		10/1/43		274
120	Fannie Mae, Pool #AA0860		4.50		1/1/39		130
111	Fannie Mae, Pool #982892		4.50		5/1/23		120
811	Fannie Mae, Pool #AL4450		4.50		12/1/43		880
3,923	Fannie Mae, Pool #AH7521		4.50		3/1/41		4,263
604	Fannie Mae, Pool #AI4815		4.50		6/1/41		656
1,172	Fannie Mae, Pool #AH9055		4.50		4/1/41		1,274
95	Fannie Mae, Pool #AH6790		4.50		3/1/41		104
297	Fannie Mae, Pool #254720		4.50		5/1/18		312
76	Fannie Mae, Pool #310112		4.50		6/1/19		80
532	Fannie Mae, Pool #AB3192		4.50		6/1/41		578
212	Fannie Mae, Pool #725504		5.00		1/1/19		227
100	Fannie Mae, Pool #890603		5.00		8/1/41		110
100	Fannie Mae, Pool #AL3272		5.00		2/1/25		110
2,106	Fannie Mae, Pool #889117		5.00		10/1/35		2,333
114	Fannie Mae, Pool #725238		5.00		3/1/34		126
1	Fannie Mae, Pool #650196		5.00		11/1/17		1
300	Fannie Mae, Pool #AS0575		5.00		9/1/43		331
2,547	Fannie Mae, Pool #AH5988		5.00		3/1/41		2,824
139	Fannie Mae, Pool #MA0184		5.00		9/1/29		154
5	Fannie Mae, Pool #868986		5.00		5/1/21		5
324	Fannie Mae, Pool #796663		5.00		9/1/19		348
11	Fannie Mae, Pool #A69671		5.50		12/1/37		12
5	Fannie Mae, Pool #A79636		5.50		7/1/38		5
144	Fannie Mae, Pool #976945		5.50		2/1/23		157
177	Fannie Mae, Pool #949500		5.50		9/1/22		193
3,202	Fannie Mae, Pool #890221		5.50		12/1/33		3,612
75	Fannie Mae, Pool #909662		5.50		2/1/22		82
5	Fannie Mae, Pool #630942		5.50		2/1/17		5
121	Fannie Mae, Pool #545400		5.50		1/1/17		128
39	Fannie Mae, Pool #545900		5.50		7/1/17		41
516	Fannie Mae, Pool #AD0527		5.50		6/1/39		577

See accompanying notes to financial statements.

168

HC CAPITAL TRUST
The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	U.S. Government Agency Mortgages (continued)
$59	Fannie Mae, Pool #627241		5.50		9/1/17	$	63
76	Fannie Mae, Pool #AL0725		5.50		6/1/24		81
17	Fannie Mae, Pool #625938		5.50		3/1/17		18
2,012	Fannie Mae, Pool #725228		6.00		3/1/34		2,312
381	Fannie Mae, Pool #AL0583		6.50		10/1/39		434
126	Fannie Mae, Pool #888596		6.50		7/1/37		144
624	Fannie Mae, Pool #AE0442		6.50		1/1/39		711
533	Fannie Mae, Pool #889984		6.50		10/1/38		607
200	Fannie Mae, 15 YR TBA		2.00		1/25/30		199
600	Fannie Mae, 15 YR TBA		2.50		1/25/29		611
200	Fannie Mae, 15 YR TBA		3.00		1/25/30		208
100	Fannie Mae, 15 YR TBA		3.00		2/25/30		104
550	Fannie Mae, 15 YR TBA		3.50		1/25/30		581
800	Fannie Mae, 30 YR TBA		3.00		1/25/45		809
2,750	Fannie Mae, 30 YR TBA		3.50		1/25/45		2,867
300	Fannie Mae, 30 YR TBA		3.50		2/25/45		312
5,650	Fannie Mae, 30 YR TBA		4.00		1/25/45		6,031
1,500	Fannie Mae, 30 YR TBA		4.00		2/25/44		1,597
300	Fannie Mae, 30 YR TBA		4.50		1/25/44		326
200	Fannie Mae, 30 YR TBA		5.00		1/25/45		221
99	Freddie Mac, Pool #J25759		2.00		8/1/28		99
495	Freddie Mac, Pool #J25777		2.00		9/1/28		494
434	Freddie Mac, Pool #849138 (a)		2.45		10/1/43		443
483	Freddie Mac, Pool #J26408		2.50		11/1/28		492
298	Freddie Mac, Pool #J22874		2.50		3/1/28		303
178	Freddie Mac, Pool #G18485		2.50		10/1/28		181
430	Freddie Mac, Pool #J18954		2.50		4/1/27		438
183	Freddie Mac, Pool #J25585		2.50		9/1/28		186
415	Freddie Mac, Pool #G18459		2.50		3/1/28		423
61	Freddie Mac, Pool #G18472		2.50		7/1/28		63
449	Freddie Mac, Pool #G18470		2.50		6/1/28		458
519	Freddie Mac, Pool #J23440		2.50		4/1/28		529
433	Freddie Mac, Pool #J25016		2.50		8/1/28		441
94	Freddie Mac, Pool #Q20404		2.50		7/1/43		92
1,296	Freddie Mac, Pool #1B7911 (a)		2.72		12/1/40		1,382
559	Freddie Mac, Pool #Q16222		3.00		3/1/43		566
96	Freddie Mac, Pool #Q19754		3.00		7/1/43		97
22	Freddie Mac, Pool #Q13086		3.00		11/1/42		22
422	Freddie Mac, Pool #C91581		3.00		11/1/32		436
285	Freddie Mac, Pool #Q20067		3.00		7/1/43		288
324	Freddie Mac, Pool #Q19752		3.00		7/1/43		327
29	Freddie Mac, Pool #Q18882		3.00		5/1/43		29
477	Freddie Mac, Pool #G15145		3.00		7/1/29		495
438	Freddie Mac, Pool #C04446		3.00		1/1/43		443
332	Freddie Mac, Pool #C04422		3.00		12/1/42		336
1,957	Freddie Mac, Pool #G08537		3.00		7/1/43		1,979

See accompanying notes to financial statements.

169

HC CAPITAL TRUST
The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	U.S. Government Agency Mortgages (continued)
$500	Freddie Mac, Pool #G15217		3.00		11/1/29	$	520
491	Freddie Mac, Pool #J28722		3.00		7/1/29		510
100	Freddie Mac, Pool #J29932		3.00		11/1/29		103
803	Freddie Mac, Pool #Q21065		3.00		8/1/43		812
93	Freddie Mac, Pool #Q18599		3.00		6/1/43		94
471	Freddie Mac, Pool #Q20964		3.00		8/1/43		477
823	Freddie Mac, Pool #G08534		3.00		6/1/43		833
458	Freddie Mac, Pool #G08525		3.00		5/1/43		463
469	Freddie Mac, Pool #C04619		3.00		3/1/43		475
100	Freddie Mac, Pool #G18534		3.00		12/1/29		104
290	Freddie Mac, Pool #C91707		3.00		6/1/33		299
277	Freddie Mac, Pool #C91724		3.00		9/1/33		286
95	Freddie Mac, Pool #G08540		3.00		8/1/43		96
479	Freddie Mac, Pool #G18518		3.00		7/1/29		498
398	Freddie Mac, Pool #G18531		3.00		11/1/29		413
585	Freddie Mac, Pool #G18514		3.00		6/1/29		608
463	Freddie Mac, Pool #Q09896		3.50		8/1/42		482
363	Freddie Mac, Pool #Q08903		3.50		6/1/42		378
493	Freddie Mac, Pool #C91456		3.50		6/1/32		519
406	Freddie Mac, Pool #C91403		3.50		3/1/32		427
551	Freddie Mac, Pool #C09004		3.50		7/1/42		574
198	Freddie Mac, Pool #G08605		3.50		9/1/44		206
922	Freddie Mac, Pool #G08554		3.50		10/1/43		960
934	Freddie Mac, Pool #G08562		3.50		1/1/44		972
490	Freddie Mac, Pool #J15105		3.50		4/1/26		519
3,136	Freddie Mac, Pool #G08495		3.50		6/1/42		3,266
486	Freddie Mac, Pool #Q20860		3.50		8/1/43		506
95	Freddie Mac, Pool #C03920		3.50		5/1/42		99
197	Freddie Mac, Pool #G08599		3.50		8/1/44		205
80	Freddie Mac, Pool #J12435		4.00		6/1/25		85
558	Freddie Mac, Pool #J11263		4.00		11/1/19		591
4,116	Freddie Mac, Pool #A96286		4.00		1/1/41		4,393
500	Freddie Mac, Pool #C09070		4.00		12/1/44		534
412	Freddie Mac, Pool #G08459		4.00		9/1/41		439
138	Freddie Mac, Pool #G08483		4.00		3/1/42		148
8	Freddie Mac, Pool #G14786		4.00		4/1/19		9
179	Freddie Mac, Pool #C91738		4.00		11/1/33		192
293	Freddie Mac, Pool #C91765		4.00		5/1/34		315
459	Freddie Mac, Pool #G08567		4.00		1/1/44		490
346	Freddie Mac, Pool #G14453		4.00		6/1/26		368
171	Freddie Mac, Pool #Q04411		4.00		11/1/41		183
472	Freddie Mac, Pool #Q24955		4.00		2/1/44		506
134	Freddie Mac, Pool #Q05770		4.00		1/1/42		143
226	Freddie Mac, Pool #E02862		4.50		3/1/26		244
199	Freddie Mac, Pool #J09311		4.50		2/1/24		209
105	Freddie Mac, Pool #J07849		4.50		5/1/23		113

See accompanying notes to financial statements.

170

HC CAPITAL TRUST
The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	U.S. Government Agency Mortgages (continued)
$5,062	Freddie Mac, Pool #A97692		4.50		3/1/41	$	5,495
519	Freddie Mac, Pool #A97495		4.50		3/1/41		563
66	Freddie Mac, Pool #357316		4.50		12/1/17		69
193	Freddie Mac, Pool #C09059		4.50		3/1/44		209
222	Freddie Mac, Pool #J09503		4.50		4/1/24		238
200	Freddie Mac, Pool #Q25432		4.50		3/1/44		217
37	Freddie Mac, Pool #1G2883 (a)		4.89		6/1/38		39
1,870	Freddie Mac, Pool #G04913		5.00		3/1/38		2,063
144	Freddie Mac, Pool #E96297		5.00		5/1/18		151
267	Freddie Mac, Pool #G13255		5.00		7/1/23		290
100	Freddie Mac, Pool #C90845		5.00		8/1/24		110
1,560	Freddie Mac, Pool #C01598		5.00		8/1/33		1,727
200	Freddie Mac, Pool #G07068		5.00		7/1/41		220
67	Freddie Mac, Pool #G30414		5.50		7/1/28		75
1,785	Freddie Mac, Pool #G01665		5.50		3/1/34		2,016
52	Freddie Mac, Pool #G30371		5.50		12/1/27		58
10	Freddie Mac, Pool #G06091		5.50		5/1/40		11
459	Freddie Mac, Pool #G06031		5.50		3/1/40		513
96	Freddie Mac, Pool #A62706		6.00		6/1/37		108
951	Freddie Mac, Pool #G02794		6.00		5/1/37		1,080
195	Freddie Mac, Pool #G03551		6.00		11/1/37		220
114	Freddie Mac, Pool #G05709		6.00		6/1/38		130
400	Freddie Mac, Gold 15 YR TBA		2.50		1/15/30		407
100	Freddie Mac, Gold 15 YR TBA		2.50		2/15/30		102
2,000	Freddie Mac, Gold 15 YR TBA		3.50		1/15/44		2,080
975	Freddie Mac, Gold 15 YR TBA		3.50		1/15/30		1,029
600	Freddie Mac, Gold 30 YR TBA		3.00		1/15/44		606
400	Freddie Mac, Gold 30 YR TBA		3.50		2/15/45		415
3,750	Freddie Mac, Gold 30 YR TBA		4.00		1/15/45		3,998
100	Freddie Mac, Gold 30 YR TBA		4.50		1/15/44		108
194	Government National Mortgage Association, Pool #MA0719 (a)		2.00		1/20/43		198
188	Government National Mortgage Association, Pool #MA0483 (a)		2.00		10/20/42		194
198	Government National Mortgage Association, Pool #MA0712 (a)		2.50		1/20/43		204
95	Government National Mortgage Association, Pool #776954		2.50		11/15/42		94
187	Government National Mortgage Association, Pool #MA1283		2.50		9/20/43		185
166	Government National Mortgage Association, Pool #AA8341		2.50		2/15/28		170
160	Government National Mortgage Association, Pool #MA0601		2.50		12/20/27		165
87	Government National Mortgage Association, Pool #MA1133		2.50		7/20/28		89
88	Government National Mortgage Association, Pool #MA0908		2.50		4/20/28		91
379	Government National Mortgage Association, Pool #AD8433		3.00		7/15/43		388
299	Government National Mortgage Association, Pool #MA0205		3.00		7/20/27		314
602	Government National Mortgage Association, Pool #MA0391		3.00		9/20/42		616
174	Government National Mortgage Association, Pool #MA0851		3.00		3/20/43		179
369	Government National Mortgage Association, Pool #779084		3.00		4/15/42		378
222	Government National Mortgage Association, Pool #MA0444		3.00		10/20/27		234
459	Government National Mortgage Association, Pool #MA0461		3.00		10/20/42		469

See accompanying notes to financial statements.

171

HC CAPITAL TRUST
The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	U.S. Government Agency Mortgages (continued)
$2,896	Government National Mortgage Association, Pool #MA0624		3.00		12/20/42	$	2,965
456	Government National Mortgage Association, Pool #AA6149		3.00		3/20/43		467
378	Government National Mortgage Association, Pool #AA2654		3.00		6/15/43		388
93	Government National Mortgage Association, Pool #AA2934		3.00		7/15/42		95
984	Government National Mortgage Association, Pool #MA2147		3.00		8/20/44		1,008
462	Government National Mortgage Association, Pool #MA1374		3.00		10/20/43		473
173	Government National Mortgage Association, Pool #MA1265		3.00		9/20/28		182
464	Government National Mortgage Association, Pool #AG0440		3.00		8/15/43		475
362	Government National Mortgage Association, Pool #778157		3.50		3/15/42		381
322	Government National Mortgage Association, Pool #738602		3.50		8/15/26		343
709	Government National Mortgage Association, Pool #MA0088		3.50		5/20/42		745
810	Government National Mortgage Association, Pool #MA0852		3.50		3/20/43		852
82	Government National Mortgage Association, Pool #MA1574		3.50		1/20/29		88
354	Government National Mortgage Association, Pool #AC3938		3.50		1/15/43		372
1,466	Government National Mortgage Association, Pool #MA2073		3.50		7/20/44		1,541
99	Government National Mortgage Association, Pool #740798		3.50		1/15/42		104
2,231	Government National Mortgage Association, Pool #MA0220		3.50		7/20/42		2,345
50	Government National Mortgage Association, Pool #MA1266		3.50		9/20/28		53
488	Government National Mortgage Association, Pool #AD2954		3.50		7/15/44		513
871	Government National Mortgage Association, Pool #MA1090		3.50		6/20/43		916
1,965	Government National Mortgage Association, Pool #MA2148		3.50		8/20/44		2,065
922	Government National Mortgage Association, Pool #MA0462		3.50		10/20/42		970
334	Government National Mortgage Association, Pool #AD2416		3.50		5/15/43		351
467	Government National Mortgage Association, Pool #MA1838		3.50		4/20/44		490
839	Government National Mortgage Association, Pool #MA0934		3.50		4/20/43		882
446	Government National Mortgage Association, Pool #MA0699		3.50		1/20/43		469
176	Government National Mortgage Association, Pool #MA0155		4.00		6/20/42		188
399	Government National Mortgage Association, Pool #AD5627		4.00		4/15/43		429
100	Government National Mortgage Association, Pool #766495		4.00		10/15/41		107
826	Government National Mortgage Association, Pool #MA1761		4.00		3/20/44		887
486	Government National Mortgage Association, Pool #MA1678		4.00		2/20/44		522
332	Government National Mortgage Association, Pool #MA1286		4.00		9/20/43		357
198	Government National Mortgage Association, Pool #AB1483		4.00		8/15/42		212
381	Government National Mortgage Association, Pool #MA0319		4.00		8/20/42		409
87	Government National Mortgage Association, Pool #779401		4.00		6/15/42		93
969	Government National Mortgage Association, Pool #MA2149		4.00		8/20/44		1,041
1,792	Government National Mortgage Association, Pool #005139		4.00		8/20/41		1,925
90	Government National Mortgage Association, Pool #004922		4.00		1/20/41		96
221	Government National Mortgage Association, Pool #738710		4.00		9/15/41		237
942	Government National Mortgage Association, Pool #MA1839		4.00		4/20/44		1,011
370	Government National Mortgage Association, Pool #713876		4.00		8/15/39		397
956	Government National Mortgage Association, Pool #MA2074		4.00		7/20/44		1,026
477	Government National Mortgage Association, Pool #MA1996		4.00		6/20/44		513
498	Government National Mortgage Association, Pool #753254		4.00		9/15/43		535
356	Government National Mortgage Association, Pool #MA0701		4.50		1/20/43		390
628	Government National Mortgage Association, Pool #MA1762		4.50		3/20/44		687

See accompanying notes to financial statements.

172

HC CAPITAL TRUST
The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	U.S. Government Agency Mortgages (continued)
$3,265	Government National Mortgage Association, Pool #004801		4.50		9/20/40	$	3,588
137	Government National Mortgage Association, Pool #MA1092		4.50		6/20/43		150
1,317	Government National Mortgage Association, Pool #717148		4.50		5/15/39		1,454
442	Government National Mortgage Association, Pool #005260		4.50		12/20/41		484
99	Government National Mortgage Association, Pool #738793		4.50		9/15/41		108
1,632	Government National Mortgage Association, Pool #721760		4.50		8/15/40		1,802
424	Government National Mortgage Association, Pool #782468		5.00		11/15/38		467
56	Government National Mortgage Association, Pool #MA0465		5.00		10/20/42		62
494	Government National Mortgage Association, Pool #782523		5.00		11/15/35		547
266	Government National Mortgage Association, Pool #712690		5.00		4/15/39		293
112	Government National Mortgage Association, Pool #675179		5.00		3/15/38		123
407	Government National Mortgage Association, Pool #694531		5.00		11/15/38		448
274	Government National Mortgage Association, Pool #604285		5.00		5/15/33		304
2,801	Government National Mortgage Association, Pool #004559		5.00		10/20/39		3,128
2	Government National Mortgage Association, Pool #673496		5.00		4/15/38		3
103	Government National Mortgage Association, Pool #MA0466		5.50		10/20/42		114
66	Government National Mortgage Association, Pool #MA0538		5.50		11/20/42		74
146	Government National Mortgage Association, Pool #658181		5.50		11/15/36		163
587	Government National Mortgage Association, Pool #510835		5.50		2/15/35		661
441	Government National Mortgage Association, Pool #783284		5.50		6/20/40		495
226	Government National Mortgage Association, Pool #004222		6.00		8/20/38		254
840	Government National Mortgage Association, Pool #781959		6.00		7/15/35		972
254	Government National Mortgage Association, Pool #004245		6.00		9/20/38		285
19	Government National Mortgage Association, Pool #695773		6.50		11/15/38		22
2	Government National Mortgage Association, Pool #690789		6.50		5/15/38		2
83	Government National Mortgage Association, Pool #699237		6.50		9/15/38		95
137	Government National Mortgage Association, Pool #694642		6.50		8/15/38		157
100	Government National Mortgage Association, 30 YR TBA		2.50		1/15/45		99
2,100	Government National Mortgage Association, 30 YR TBA		3.00		2/20/45		2,148
500	Government National Mortgage Association, 30 YR TBA		3.50		2/15/45		524
2,350	Government National Mortgage Association, 30 YR TBA		3.50		1/20/45		2,467
100	Government National Mortgage Association, 30 YR TBA		3.50		1/15/45		105
2,300	Government National Mortgage Association, 30 YR TBA		4.00		1/20/45		2,466
400	Government National Mortgage Association, 30 YR TBA		4.00		1/15/45		429
200	Government National Mortgage Association, 30 YR TBA		4.00		2/20/44		214
100	Government National Mortgage Association, 30 YR TBA		4.50		1/15/45		109
600	Government National Mortgage Association, 30 YR TBA		4.50		1/20/44		656
	Total U.S. Government Agency Mortgages						221,459

See accompanying notes to financial statements.

173

HC CAPITAL TRUST
The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio
Portfolio of Investments (concluded) — December 31, 2014 (Unaudited)


Shares or Principal Amount (000)		Rate %		Maturity Date		Value (000)
	Mutual Funds — 23.49%
35,115,215	Federated U.S. Treasury Cash Reserve Fund, Institutional Shares (b)		0.00			$	35,115
29,437,688	SSgA Treasury Money Market Fund (b)		0.00				29,438
	Total Mutual Funds						64,553
	Total Investments Before TBA Sale Commitments (cost $301,092) — 111.07%						305,134
	TBA Sale Commitments (c) — (0.89)%
$(100)	Fannie Mae, 15 YR TBA		5.00		1/25/30		(105	)
(300)	Fannie Mae, 15 YR TBA		5.50		1/25/30		(317	)
(300)	Fannie Mae, 15 YR TBA		4.50		1/25/30		(315	)
(1,000)	Fannie Mae, 30 YR TBA		4.00		1/25/45		(1,060	)
(275)	Freddie Mac, Gold 15 YR TBA		4.50		1/15/30		(289	)
(100)	Government National Mortgage Association, 30 YR TBA		5.50		1/20/45		(111	)
(100)	Government National Mortgage Association, 30 YR TBA		5.00		1/20/45		(109	)
(100)	Government National Mortgage Association, 30 YR TBA		5.00		1/15/45		(110	)
	Total TBA Sale Commitments						(2,416	)
	Liabilities in excess of other assets — (10.18)%						(27,963	)
	Net Assets — 100.00%					$	274,755

(a)

Variable Rate Security. The rate reflected is the rate in effect on December 31, 2014.

(b)

The rate disclosed is the rate in effect on December 31, 2014.

(c)

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

TBA — Security is subject to delayed delivery

See accompanying notes to financial statements.

174

HC CAPITAL TRUST
The Short-Term Municipal Bond Portfolio
Portfolio of Investments — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	Municipal Bonds — 97.56%
	Alabama — 2.50%
$525	Madison County Alabama Board of Education Capital Outlay, Tax Anticipation Warrants Revenue		2.00		9/1/15	$	530
	Arizona — 8.16%
650	Arizona State Transportation Board Grant Anticipation Notes Revenue, Series A		5.00		7/1/17		717
460	Gilbert Arizona Public Facilities Municipal Property Corp. Revenue		5.00		7/1/17		507
500	Phoenix Arizona Civic Improvement Corp. Excise Tax Revenue, Senior Lien, Series A		3.00		7/1/15		507
							1,731
	California — 3.65%
765	California State, GO		5.00		4/1/15		774
	Colorado — 2.44%
500	Colorado Springs Colorado Utilities Revenue, Series C-1		4.00		11/15/15		516
	Delaware — 3.21%
670	New Castle County Delaware, GO, Series A		3.00		7/15/15		680
	Florida — 2.04%
255	Port St. Lucie Florida Utility Revenue (NATL-RE)		5.00		9/1/16		272
150	Tallahassee Florida Energy System Revenue		5.00		10/1/16		162
							434
	Illinois — 8.02%
500	Kane County Illinois Forest Preserve District, GO		4.00		12/15/15		518
90	Lake County Illinois Adlai E. Stevenson High School District No. 125 Prairie, GO, Callable 1/1/15 @ 100.00		5.00		1/1/19		92
475	Northbrook Illinois, GO, Series A		5.00		12/1/19		552
500	Regional Transportation Authority Revenue (AGM/GO of Authority)		5.75		6/1/16		536
							1,698
	Indiana — 0.56%
115	Columbus Indiana Repair & Renovation School Building Corp. Revenue, Callable 7/15/15 @ 100.00 (NATL-RE/State Aid Withholding)		5.00		7/15/20		118
	Iowa — 5.13%
450	Waukee Iowa Community School District, GO, Series C		5.00		6/1/19		519
500	West Des Moines Iowa, GO, Series B		5.00		6/1/18		567
							1,086
	Massachusetts — 2.60%
525	Ashburnham Massachusetts, GO		5.00		1/15/16		550
	Michigan — 11.20%
200	Grand Rapids Michigan Water Supply System Revenue		4.00		1/2/15		200
1,000	Michigan State, GO, Series A		4.00		11/1/16		1,063
500	Michigan State Trunk Line Revenue (NATL-RE/FGIC)		5.25		11/1/15		521
500	Oakland University Michigan Revenue		5.00		3/1/21		591
							2,375
	Nevada — 2.65%
535	Las Vegas Valley Nevada Water District, GO, Series B		4.00		6/1/16		561
	New Jersey — 0.68%
130	South Brunswick Township New Jersey, GO		4.00		9/1/20		145
	New Mexico — 2.63%
500	New Mexico Finance Authority State Transportation Revenue, Series A-2		5.00		12/15/17		557

See accompanying notes to financial statements.

175

HC CAPITAL TRUST
The Short-Term Municipal Bond Portfolio
Portfolio of Investments (concluded) — December 31, 2014 (Unaudited)


Shares or Principal Amount (000)		Rate %		Maturity Date		Value (000)
	Municipal Bonds
	New York — 7.90%
$310	New York City Transitional Finance Authority Future Tax Secured Revenue, Series D, ETM		5.00		11/1/17	$	347
1,190	New York City Transitional Finance Authority Future Tax Secured Revenue, Series D		5.00		11/1/17		1,326
							1,673
	Ohio — 3.53%
730	Ohio State, GO		3.00		11/1/15		747
	Pennsylvania — 1.83%
380	South Eastern Pennsylvania School District York County, GO (State Aid Withholding)		2.00		2/15/16		387
	Tennessee — 2.70%
525	Tennessee State School Bond Authority Revenue, Series A		4.00		11/1/17		572
	Texas — 7.25%
745	College Station Texas, GO		5.00		2/15/16		784
400	Hurst-Euless-Bedford Texas Independent School District, GO (PSF-GTD)		5.00		8/15/17		444
310	League City Texas, GO, Series A		4.00		2/15/15		311
							1,539
	Utah — 2.57%
500	Washington County Utah Water Conservancy District Revenue		5.25		10/1/16		542
	Washington — 13.39%
200	Cascade Water Alliance Washington Water System Revenue (AMBAC)		5.00		9/1/15		206
475	Clark County Washington Public Utilities District No. 1 System Revenue		5.00		1/1/18		530
275	King County Washington, GO, Series B		4.00		12/1/16		294
350	King County Washington Sewer Revenue, Callable 7/1/20 @ 100.00		5.00		1/1/22		409
500	Tacoma Washington Electric System Revenue, Series A		4.00		1/1/20		559
800	Washington State Health Care Facilities Authority, Catholic Health Revenue, Series A		5.00		2/1/16		839
							2,837
	Wisconsin — 2.92%
600	Madison Wisconsin Area Technical College, Promissory Notes, GO, Series B		3.00		3/1/16		619
	Total Municipal Bonds						20,671
	Mutual Fund — 1.43%
303,919	SSgA Treasury Money Market Fund (a)		0.00				304
	Total Mutual Fund						304
	Total Investments (cost $20,718) — 98.99%						20,975
	Other assets in excess of liabilities — 1.01%						213
	Net Assets — 100.00%					$	21,188

(a)

The rate disclosed is the rate in effect on December 31, 2014.

AGM — Assured Guaranty Municipal Corporation

AMBAC — American Municipal Bond Assurance Corporation

ETM — Escrowed to Maturity

FGIC — Financial Guaranty Insurance Company

GO — General Obligation

NATL-RE — Reinsurance provided by National Reinsurance

PSF-GTD — Public School Fund Guaranteed

See accompanying notes to financial statements.

176

HC CAPITAL TRUST
The Intermediate Term Municipal Bond Portfolio
Portfolio of Investments — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	Municipal Bonds — 86.00%
	Alabama — 2.59%
$1,500	Alabama State Public School & College Authority Revenue, Series A		5.00		5/1/18	$	1,692
2,500	Alabama State Public School & College Authority Revenue, Series B		5.00		1/1/19		2,864
2,500	Birmingham Alabama Waterworks Board Water Revenue, Series A, Callable 1/1/19 @ 100.00 (Assured GTY)		5.00		1/1/21		2,852
2,920	Birmingham Alabama Waterworks Board Water Revenue, Series A, Callable 1/1/19 @ 100.00 (Assured GTY)		5.00		1/1/22		3,327
							10,735
	Alaska — 0.63%
2,265	Alaska Industrial Development & Export Authority Revenue, Revolving Fund, Series A, Callable 4/1/20 @ 100.00 (GO of Authority)		5.25		4/1/22		2,638
	Arizona — 0.87%
1,500	Phoenix Arizona Civic Improvement Corp. Wastewater System Revenue, Junior Lien		5.00		7/1/21		1,799
1,625	Phoenix Arizona Civic Improvement Corp. Transportation Excise Tax Revenue		5.00		7/1/18		1,841
							3,640
	Arkansas — 0.33%
1,200	Arkansas State Development Finance Authority Hospital Revenue, Series B		5.00		2/1/23		1,372
	California — 12.28%
5,000	California State, GO, Callable 4/1/19 @ 100.00		5.50		4/1/21		5,896
5,000	California State, GO, Callable 10/1/19 @ 100.00		5.25		10/1/20		5,930
3,705	California State Department of Water Resources Revenue, Central Valley Project		5.25		7/1/22		3,718
1,000	California State Public Works Board Lease Revenue, Department of Forestry & Fire, Series E		5.00		11/1/22		1,119
1,000	California State Public Works Board Lease Revenue, Series B		5.00		10/1/21		1,196
605	California Statewide Communities Development Authority, Multi-Family, Pioneer Park, Series T, AMT (GNMA)		6.10		12/20/20		606
2,500	Los Angeles California Department of Water & Power System Revenue, Series A		5.00		7/1/20		2,974
1,650	Los Angeles California Department of Water & Power System Revenue, Series A		5.00		7/1/21		1,998
5,000	Los Angeles California Harbor Department Revenue, Series C, Callable 8/1/19 @ 100.00		5.25		8/1/22		5,928
2,500	Los Angeles California Wastewater System Revenue, Series A		5.00		6/1/20		2,968
1,250	North Natomas California Community Facilities District Special Tax Revenue, Series E		5.00		9/1/18		1,393
5,000	Orange County California Sanitation District Wastewater Revenue, Series A		5.00		2/1/22		6,109
3,500	San Francisco California City & County Airports Commission International Terminal Revenue, AMT		5.25		5/1/18		3,966
3,925	San Francisco California City & County Airports Commission International Terminal Revenue, Series F, AMT, Callable 5/1/21 @ 100.00		5.00		5/1/22		4,550
2,500	University of California Revenue, Series Q, Callable 5/15/17 @ 100.00		5.25		5/15/23		2,795
							51,146
	Colorado — 1.27%
3,495	Colorado State Educational & Cultural Facilities Authority Revenue, Series B		5.00		4/1/19		3,937
1,150	Denver City & County Colorado Airport Revenue, Series A, AMT		5.00		11/15/19		1,330
							5,267
	Connecticut — 0.72%
2,500	Connecticut State Special Tax Obligation Revenue, Transportation Infrastructure, Series A		5.00		9/1/21		2,994
	Florida — 8.71%
3,000	Citizens Property Insurance Corp. Florida Revenue, Series A-1		5.25		6/1/17		3,304
2,000	Citizens Property Insurance Corp. Florida Revenue, Series A-1		5.00		6/1/19		2,297
2,500	Citizens Property Insurance Corp. Florida Revenue, Senior Secured Bonds, Series A-1		5.00		6/1/19		2,868

See accompanying notes to financial statements.

177

HC CAPITAL TRUST
The Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	Municipal Bonds (continued)
	Florida (continued)
$2,795	Clearwater Florida Water & Sewer Revenue, Series B		5.00		12/1/17	$	3,114
2,000	Florida State Municipal Power Agency Revenue, Series A, Callable 10/1/19 @ 100.00		5.25		10/1/22		2,298
4,435	Florida State Turnpike Authority Revenue, Department of Transportation, Series C		5.00		7/1/20		5,224
2,245	Hillsborough County Florida Solid Waste & Resource Recovery Revenue, Series A, AMT, Callable 9/1/16 @ 100.00 (AMBAC)		5.00		9/1/18		2,393
1,300	JEA Florida Water & Sewer System Revenue, Series A		5.00		10/1/17		1,446
1,100	JEA Florida Electric System Revenue, Series A		5.00		10/1/20		1,300
4,700	Lakeland Florida Energy System Revenue, Series B (AGM)		5.00		10/1/17		5,185
1,600	Lee County Florida Transportation Facilities Revenue (AGM)		5.00		10/1/20		1,880
3,250	Orlando & Orange County Expressway Authority Revenue, Series B		5.00		7/1/17		3,570
1,155	Tampa Bay Florida Water Regional Supply Authority Utility System Revenue		5.00		10/1/20		1,365
							36,244
	Georgia — 4.31%
3,650	Atlanta Georgia Water & Wastewater Revenue, Series A, Callable 11/1/19 @ 100.00		6.00		11/1/21		4,392
1,700	Atlanta Georgia Water & Wastewater Revenue, Series B		5.00		11/1/19		1,974
3,050	Georgia State Municipal Gas Authority Revenue, Gas Portfolio III Project, Series U		5.00		10/1/21		3,609
4,500	Metropolitan Atlanta Georgia Rapid Transit Authority Sales Tax Revenue, Series A (NATL-RE)		5.00		7/1/19		5,202
1,000	Municipal Electric Authority of Georgia Revenue, SUB, Series D, Callable 7/1/18 @ 100.00		5.75		1/1/19		1,162
1,500	Savannah Georgia Economic Development Authority Solid Waste Disposal Revenue, Waste Management Project, Series A, AMT		5.50		7/1/16		1,601
							17,940
	Hawaii — 0.34%
1,450	Hawaii State Department of Budget & Finance Special Purpose Revenue, Queens Health System, Series B (AMBAC) (a)		0.23		7/1/24		1,411
	Idaho — 0.13%
500	Idaho Housing & Finance Association, Single Family Mortgage Revenue, Series B, Class III, AMT		5.40		7/1/28		512
	Illinois — 2.75%
2,660	Chicago Illinois Certificates of Participation, Tax Increment Allocation Revenue, Diversey/Narragansett Project, Series NT, Callable 2/10/15 @ 100.00 (b)		7.46		2/15/26		1,903
2,500	Illinois State Sales Tax Revenue (NATL-RE)		5.75		6/15/18		2,886
2,490	Railsplitter Tobacco Settlement Authority Illinois Revenue		5.00		6/1/17		2,722
3,500	Railsplitter Illinois Tobacco Settlement Authority Revenue		5.00		6/1/18		3,932
							11,443
	Indiana — 0.44%
1,655	Indianapolis Indiana Thermal Energy System Revenue (AGM)		5.00		10/1/17		1,828
	Louisiana — 1.93%
1,000	Louisiana Stadium & Exposition District, Series A		5.00		7/1/18		1,128
6,000	Tobacco Settlement Financing Corp. Louisiana Revenue, Series A		5.00		5/15/19		6,883
							8,011
	Massachusetts — 6.96%
1,690	Massachusetts State Clean Energy Cooperative Corp. Revenue		4.00		7/1/17		1,818
4,730	Massachusetts State Educational Financing Authority Revenue, Series K		5.00		7/1/19		5,261
2,315	Massachusetts State Development Finance Agency Revenue, Bentley University, Callable 7/1/20 @ 100.00		5.00		7/1/21		2,664

See accompanying notes to financial statements.

178

HC CAPITAL TRUST
The Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	Municipal Bonds (continued)
	Massachusetts (continued)
$2,180	Massachusetts State Development Finance Agency Revenue, Bentley University, Callable 7/1/20 @ 100.00		5.00		7/1/22	$	2,500
2,920	Massachusetts State Development Finance Agency Revenue, Tufts Medical Center, Inc., Series I		5.25		1/1/21		3,409
4,170	Massachusetts State Health & Educational Facilities Authority Revenue, Northeastern University, Series A		5.00		10/1/17		4,613
1,390	Massachusetts State Health & Educational Facilities Authority Revenue, Massachusetts Eye & Ear Infirmary, Series C		5.00		7/1/18		1,547
1,250	Massachusetts State Health & Educational Facilities Authority Revenue, Massachusetts Eye & Ear Infirmary, Series C		5.00		7/1/19		1,416
5,000	Massachusetts State School Building Authority Sales Tax Revenue, Series B		5.00		10/15/18		5,720
							28,948
	Michigan — 4.69%
4,000	Michigan State Finance Authority Revenue, Series D1 (AGM)		5.00		7/1/21		4,554
6,000	Michigan State Finance Authority Revenue, Series B, Callable 7/1/18 @ 100.00		5.00		7/1/21		6,782
2,000	Michigan State, GO, Series A		5.00		11/1/19		2,332
2,530	Michigan State Trunk Line Revenue		5.00		11/15/18		2,889
1,665	Wayne County Michigan Airport Authority Revenue, Detroit Metropolitan Airport, Junior Lien, AMT, Callable 12/1/17 @ 100.00 (NATL-RE/FGIC)		5.00		12/1/22		1,835
1,000	Wayne County Michigan Airport Authority Revenue, Series A, AMT		5.00		12/1/19		1,128
							19,520
	Minnesota — 0.27%
1,000	Western Minnesota Municipal Power Agency Revenue, Series A		4.00		1/1/19		1,104
	Missouri — 1.78%
2,500	Kansas City Missouri Airport Revenue, Series A, AMT		5.00		9/1/20		2,882
1,600	Missouri State Joint Municipal Electric Utility Commission Power Project Revenue, Series A		5.00		1/1/21		1,871
2,410	Missouri State Regional Convention & Sports Complex Authority Revenue, Series A		5.00		8/15/17		2,664
							7,417
	New Jersey — 0.21%
750	New Jersey State Health Care Facilities Financing Authority Revenue, Virtua Health, Inc.		5.00		7/1/19		859
	New Mexico — 0.60%
2,500	New Mexico State Municipal Energy Acquisition Authority Gas Supply Revenue, Callable 2/1/19 @ 100.00 (SPA) (a)		0.85		11/1/39		2,502
	New York — 9.12%
1,500	Metropolitan Transportation Authority New York Revenue, Series C		5.00		11/15/18		1,713
2,000	Metropolitan Transportation Authority New York Revenue, Series B		5.00		11/15/22		2,392
3,020	New York State, GO, Series E, Callable 8/1/19 @ 100.00		5.00		8/1/21		3,500
3,250	New York NY, GO, Series G		5.00		8/1/19		3,757
2,500	New York City Health & Hospital Corp. Revenue, Health System, Series A, Callable 2/15/20 @ 100.00 (GO of Corp.)		5.00		2/15/22		2,901
2,000	New York City Transitional Finance Authority Future Tax Revenue, Sub Series E		5.00		11/1/18		2,287
435	New York State Housing Finance Agency Revenue, St. Philips Housing, Series A (FNMA)		4.05		11/15/16		444
2,500	New York State Dormitory Authority State Personal Income Tax Revenue, Series A		5.00		2/15/19		2,870
1,200	New York State Thruway Authority Revenue, Series J		5.00		1/1/20		1,400
5,000	New York State Thruway Authority General Revenue, Junior Indebtedness Obligations, Series A		5.00		5/1/19		5,722

See accompanying notes to financial statements.

179

HC CAPITAL TRUST
The Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	Municipal Bonds (continued)
	New York (continued)
$3,000	Port Authority of New York & New Jersey NY Revenue, Consolidated 175th Series		5.00		12/1/17	$	3,359
2,000	Port Authority of New York & New Jersey NY Revenue, Consolidated 185th Series, AMT		5.00		9/1/22		2,360
3,000	Sales Tax Asset Receivable Corp. NY Revenue, Series A		5.00		10/15/19		3,508
1,500	Triborough New York Bridge & Tunnel Authority Revenue, Series A (GO of Authority)		5.00		11/15/18		1,716
							37,929
	North Carolina — 0.72%
3,000	Wake County Industrial Facilities & Pollution Control Financing Authority Revenue, Series E (a)		0.14		10/1/22		2,998
	Ohio — 3.31%
6,535	Kent State University Revenue, Series B, Callable 5/1/19 @ 100.00 (Assured GTY)		5.00		5/1/22		7,499
990	Mahoning County Ohio Hospital Facilities Revenue, Western Reserve Care System, ETM (MBIA)		5.50		10/15/25		1,181
2,500	Montgomery County Ohio Revenue, Miami Valley Hospital, Series A, Callable 11/15/20 @ 100.00		5.75		11/15/22		3,006
1,875	Ohio State Capital Facilities Lease Appropriation Revenue, Administrative Building Fund Project, Series A		5.00		10/1/18		2,126
							13,812
	Pennsylvania — 3.73%
1,230	Montgomery County Pennsylvania Industrial Development Authority Revenue, Acts Retirement-Life Communities, Inc., Series B, Callable 11/15/16 @ 100.00		5.00		11/15/17		1,321
2,960	Pennsylvania State Economic Development Finance Authority, Unemployment Compensation Revenue, Series B, Callable 1/1/18 @ 100.00		5.00		7/1/21		3,305
3,500	Pennsylvania State Economic Development Finance Authority, Unemployment Compensation Revenue, Series B, Callable 7/1/17 @ 100.00		5.00		1/1/22		3,858
2,500	Pennsylvania Intergovernmental Cooperative Authority, Special Tax Revenue		5.00		6/15/18		2,827
1,590	Pittsburgh Pennsylvania Water & Sewer Authority Revenue, First Lien, Series A (AGM)		5.00		9/1/19		1,823
2,000	University of Pittsburgh Revenue, Commonwealth Systems of Higher Education, Series B, Callable 3/15/19 @ 100.00 (GO of University)		5.50		9/15/21		2,359
							15,493
	South Carolina — 0.96%
3,500	Piedmont Municipal Power Agency Electric Revenue, Series A-2, Callable 1/1/21 @ 100.00		5.00		1/1/22		4,051
	South Dakota — 0.04%
150	Heartland Consumers Power District South Dakota Electric Revenue, ETM		6.38		1/1/16		154
	Texas — 12.17%
1,650	Allen Texas Independent School District, GO (PSF-GTD)		5.00		2/15/21		1,981
880	Bexar County Texas Housing Finance Corp., Multi-Family Housing Revenue, Perkin Square Project, Series A-1 (GNMA)		6.55		12/20/34		902
3,500	Dallas-Fort Worth Texas International Airport Revenue, Series E, AMT		5.00		11/1/19		4,023
20	Dallas Texas, GO, Series A, ETM		5.00		2/15/18		22
2,090	Dickinson Texas Independent School District, GO (PSF-GTD)		5.00		2/15/21		2,491
1,000	El Paso Texas Water & Sewer Revenue		5.00		3/1/22		1,206
5,000	Fort Worth Texas Independent School District, GO, Callable 2/15/18 @ 100.00 (PSF-GTD)		5.00		2/15/21		5,619
2,800	Fort Worth Texas Water & Sewer Revenue		5.00		2/15/19		3,216
3,235	Harris County Houston Texas Sports Authority Revenue, Series A		5.00		11/15/20		3,781
2,000	Houston Texas Hotel Occupancy Tax & Special Revenue, Series A		5.00		9/1/20		2,286

See accompanying notes to financial statements.

180

HC CAPITAL TRUST
The Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	Municipal Bonds (continued)
	Texas (continued)
$3,400	North East Texas Independent School District, GO (PSF-GTD)		5.00		2/1/20	$	3,981
1,695	North Texas Tollway Authority Revenue, Series A		5.00		1/1/22		2,004
2,345	Retama Texas Development Corp., Special Facilities Revenue, ETM		8.75		12/15/18		2,992
2,000	San Antonio Texas, GO		5.00		2/1/20		2,345
4,150	San Antonio Texas Electricity & Gas Revenue, Junior Lien		5.00		2/1/20		4,860
2,500	San Antonio Texas Electricity & Gas Revenue, Series D		5.00		2/1/18		2,803
1,175	San Antonio Texas Water Revenue, Junior Lien, Series A		5.00		5/15/22		1,418
2,500	Texas State College Student Loan, GO, AMT		5.50		8/1/19		2,945
1,500	Texas State Transportation Commission Highway Fund Revenue, Series A		5.00		4/1/19		1,733
							50,608
	Utah — 0.44%
1,500	Intermountain Power Agency Power Supply Revenue, Series A		5.00		7/1/17		1,654
185	Utah Housing Corp., Single Family Mortgage, Series D-2, Class III, AMT, Callable 2/10/15 @ 100.00		5.00		7/1/18		185
							1,839
	Washington — 3.42%
2,405	Energy Northwest Washington Electric Revenue, Columbia Station, Series A, Callable 7/1/16 @ 100.00		5.00		7/1/23		2,565
1,155	Energy Northwest Washington Electric Revenue, Columbia Generating Station, Series A		5.00		7/1/20		1,356
1,070	Grant County Washington Public Utilities District #2 Priest Rapids Hydro Electric Revenue, Series B, AMT		5.00		1/1/20		1,233
1,650	Grant County Washington Public Utilities District #2 Priest Rapids Hydro Electric Revenue, Series B, AMT		5.00		1/1/21		1,927
1,420	Grant County Washington Public Utilities District #2 Priest Rapids Hydro Electric Revenue, Series B, AMT		5.00		1/1/22		1,675
1,000	Port of Seattle Washington, GO, AMT, Callable 6/1/21 @ 100.00		5.25		12/1/21		1,188
2,500	Washington State, GO, Series B		5.00		7/1/23		3,067
1,000	Washington State Health Care Facilities Authority Revenue, Providence Health & Services, Series B		5.00		10/1/19		1,156
							14,167
	Wisconsin — 0.28%
1,000	Wisconsin State Health & Educational Facilities Authority Health Facilities Revenue, UnityPoint Health, Series A		5.00		12/1/21		1,183
	Total Municipal Bonds						357,765
	Corporate Bond — 0.00%
3,939	ASC Equipment (Diversified Financial Services) *(c)(d)		5.13		3/1/08		—
	Total Corporate Bond						—
	Time Deposit — 0.50%
2,094	State Street Liquidity Management Control System Eurodollar Time Deposit		0.01		1/2/15		2,094
	Total Time Deposit						2,094

See accompanying notes to financial statements.

181

HC CAPITAL TRUST
The Intermediate Term Municipal Bond Portfolio
Portfolio of Investments (concluded) — December 31, 2014 (Unaudited)


Shares or Principal Amount (000)		Rate %		Maturity Date	Value (000)
	Mutual Fund — 12.97%
53,982,132	Federated U.S. Treasury Cash Reserve Fund, Institutional Shares (e)		0.00		$	53,982
	Total Mutual Fund					53,982
	Total Investments (cost $403,390) — 99.47%					413,841
	Other assets in excess of liabilities — 0.53%					2,210
	Net Assets — 100.00%				$	416,051

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

*

Security was fair valued on December 31, 2014 and represents a Level 2 security. Refer to Note 2 in the Notes to Financial Statements.

(a)

Variable Rate Security. The rate reflected is the rate in effect on December 31, 2014. The maturity date represents actual maturity date.

(b)

Represents a security purchased under Rule 144A or Section 4(2) and is exempt from registration under the Securities Act of 1933, as amended, or is otherwise restricted to resale. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. This security has been deemed illiquid by the Specialist Manager and represents 0.46% of the Portfolio's net assets.

(c)

Escrow security due to bankruptcy.

(d)

Issuer has defaulted on the payment of principal and interest. These securities have been deemed illiquid by the Specialist Manager and represents 0.00% of the Portfolio's net assets.

(e)

The rate disclosed is the rate in effect on December 31, 2014.

AGM — Assured Guaranty Municipal Corporation

AMBAC — American Municipal Bond Assurance Corporation

AMT — Alternative Minimum Tax

ETM — Escrowed to Maturity

FGIC — Financial Guaranty Insurance Company

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

GO — General Obligation

GTY — Guaranty

MBIA — Municipal Bond Insurance Association

NATL-RE — Reinsurance provided by National Reinsurance

PSF-GTD — Public School Fund Guaranteed

See accompanying notes to financial statements.

182

HC CAPITAL TRUST
The Intermediate Term Municipal Bond II Portfolio
Portfolio of Investments — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	Municipal Bonds — 85.78%
	Alabama — 4.89%
$1,500	Alabama State Public School & College Authority Revenue, Series A		5.00		5/1/19	$	1,730
1,235	Birmingham Alabama, GO, Series A, Callable 6/1/24 @ 100.00		5.00		12/1/26		1,475
500	Tuscaloosa Alabama, GO, Series C		3.00		1/1/18		528
							3,733
	Arizona — 1.52%
1,000	Maricopa County Arizona Union High School District No. 216 Agua Fria, GO		2.00		7/1/15		1,009
140	Yuma County Arizona Jail District Revenue, Pledge Obligation		5.00		7/1/20		155
							1,164
	California — 3.57%
1,000	California State Department of Water Resources, Power Supply Revenue, Series L, Callable 5/1/20 @ 100.00		5.00		5/1/22		1,187
1,500	Los Angeles California Unified School District, GO, Series A-2, Callable 7/1/15 @ 100.00 (NATL-RE)		5.00		7/1/19		1,535
							2,722
	Florida — 14.33%
1,550	Florida Water Pollution Control Financing Corp. Revenue, Series A		5.00		7/15/16		1,659
400	JEA Florida Electric System Revenue, Series A		5.00		10/1/15		414
875	Jacksonville Florida Special Revenue, Series A		5.00		10/1/15		906
1,400	Lee County Florida School Board Certificates of Participation, Series A, Callable 8/1/24 @ 100.00		5.00		8/1/27		1,660
895	Lee County Florida Water & Sewer Revenue		4.00		10/1/15		920
1,000	Miami-Dade County Florida Water & Sewer Revenue, Series B (AGM)		5.25		10/1/20		1,193
1,085	Orange County Florida School Board Certificates of Participation, Series A		5.00		8/1/23		1,304
1,000	Palm Beach County Florida Public Improvement Revenue, Series 2		5.00		11/1/16		1,082
1,500	West Palm Beach Florida Utility System Revenue, Series A, Callable 10/1/21 @ 100.00		5.00		10/1/22		1,790
							10,928
	Hawaii — 2.35%
1,500	Honolulu City & County Hawaii, GO, Series B, Callable 12/1/20 @ 100.00		5.00		12/1/23		1,795
	Illinois — 2.42%
1,325	DuPage & Cook Counties Illinois Community Unit School District #205, GO (NATL-RE)		5.50		1/1/16		1,391
125	Lake County Illinois Adlai E. Stevenson High School District No. 125 Prairie, GO, Callable 1/1/15 @ 100.00		5.00		1/1/19		128
320	Northbrook Illinois, GO		3.00		12/1/15		328
							1,847
	Maryland — 2.02%
1,330	Maryland State Transportation Authority Revenue, Transportation Facilities Project, Series A		5.00		7/1/19		1,541
	Massachusetts — 1.59%
1,000	Massachusetts Bay Transportation Authority Sales Tax Revenue, Series B		5.25		7/1/21		1,215
	Michigan — 1.47%
1,000	Grand Rapids Michigan Community College, GO (AGM)		5.00		5/1/18		1,123
	Minnesota — 0.60%
400	Crow Wing County Minnesota, GO, Series A		5.00		2/1/19		455
	Nebraska — 1.40%
1,000	Lincoln Nebraska Waterworks Revenue		3.00		8/15/18		1,068
	Nevada — 2.86%
800	Clark County Nevada Highway Improvement Revenue		5.00		7/1/23		973
250	Nevada State, Capital Improvement, GO, Series A, Callable 2/1/15 @ 100.00		5.00		2/1/19		251
800	Nevada State System of Higher Education Certificates of Participation, Series A, Callable 7/1/24 @ 100.00		5.00		7/1/26		953
							2,177
	New York — 3.34%
1,495	New York City Transitional Finance Authority Revenue, Series D, Callable 2/1/21 @ 100.00		5.25		2/1/22		1,794

See accompanying notes to financial statements.

183

HC CAPITAL TRUST
The Intermediate Term Municipal Bond II Portfolio
Portfolio of Investments (continued) — December 31, 2014 (Unaudited)


Principal Amount (000)		Rate %		Maturity Date		Value (000)
	Municipal Bonds (continued)
	New York (continued)
$625	New York State Dormitory Authority State Personal Income Tax Revenue, Series A, Callable 2/15/24 @ 100.00		5.00		2/15/26	$	755
							2,549
	Ohio — 8.80%
700	American Municipal Power, Inc. Revenue, Series A, Callable 2/15/24 @ 100.00		5.00		2/15/27		813
1,600	Columbus Ohio State, GO, Series 1, Callable 7/1/23 @ 100.00		5.00		7/1/24		1,962
1,400	Cuyahoga County Ohio, GO, Series A		5.00		12/1/19		1,632
1,000	Ohio State, GO, Series B		5.00		9/15/17		1,111
1,000	Ohio State Building Authority State Facilities Revenue		5.00		10/1/21		1,187
							6,705
	Oklahoma — 2.26%
450	Oklahoma State Capital Improvement Authority State Facilities Revenue, Series A		2.00		7/1/16		460
1,150	Oklahoma State Capital Improvement Authority State Facilities Revenue, Series A		5.00		7/1/17		1,267
							1,727
	Pennsylvania — 2.90%
1,010	Lackawanna County Pennsylvania Abington Heights School District, GO (State Aid Withholding)		3.00		3/15/16		1,040
1,000	Pennsylvania State, GO, Series A		5.00		5/1/20		1,171
							2,211
	South Carolina — 1.66%
1,100	Richland County School District No. 2, GO, Series A, Callable 2/1/19 @ 100.00 (SCSDE)		5.00		2/1/20		1,269
	Texas — 9.21%
1,000	Collin County Texas, GO, Series A		4.00		2/15/19		1,108
1,250	Dallas Texas Waterworks & Sewer System Revenue, Callable 10/1/21 @ 100.00		5.00		10/1/23		1,491
1,435	Sugar Land Texas, GO, Callable 2/15/19 @ 100.00		5.00		2/15/21		1,637
1,800	Texas State University Systems Financing Revenue		5.00		3/15/17		1,964
750	Webb County Texas, GO		4.50		2/15/19		832
							7,032
	Washington — 16.17%
500	Everett Washington Water & Sewer Revenue		5.00		12/1/17		555
1,000	King County Washington, GO		5.25		1/1/23		1,240
1,400	King County Washington Sewer Revenue, Callable 1/1/22 @ 100.00		5.00		1/1/24		1,647
750	King County Washington Sewer Revenue		5.00		1/1/20		881
1,580	Port of Seattle Washington Revenue, Intermediate Lien, Series B		5.00		6/1/18		1,780
1,150	Skagit County Washington, GO		4.00		12/1/17		1,251
1,500	Tacoma Washington Water Revenue, Series A, Callable 6/1/20 @ 100.00		5.00		12/1/22		1,748
1,800	Washington State, GO, Series R-2011-A		5.00		1/1/18		2,014
1,100	Washington State Health Care Facilities Authority Providence Health & Services Revenue, Series A		5.00		10/1/17		1,220
							12,336
	Wisconsin — 2.42%
1,220	Menomonee Falls Wisconsin School District, GO, Callable 4/1/17 @ 100.00 (NATL-RE/FGIC)		4.75		4/1/21		1,333
500	Wisconsin State, GO, Series C		5.00		5/1/15		508
							1,841
	Total Municipal Bonds						65,438

See accompanying notes to financial statements.

184

HC CAPITAL TRUST
The Intermediate Term Municipal Bond II Portfolio
Portfolio of Investments (concluded) — December 31, 2014 (Unaudited)


Shares (000)		Rate %		Maturity Date	Value (000)
	Mutual Funds — 14.33%
9,996,684	Federated U.S. Treasury Cash Reserve Fund, Institutional Shares (a)		0.00		$	9,996
932,657	SSgA Treasury Money Market Fund (a)		0.00			933
	Total Mutual Funds					10,929
	Total Investments (cost $73,551) — 100.11%					76,367
	Liabilities in excess of other assets — (0.11)%					(85	)
	Net Assets — 100.00%				$	76,282

(a)

The rate disclosed is the rate in effect on December 31, 2014.

AGM — Assured Guaranty Municipal Corporation

FGIC — Financial Guaranty Insurance Company

GO — General Obligation

NATL-RE — Reinsurance provided by National Reinsurance

SCSDE — Insured by South Carolina School Discount Enhancement

See accompanying notes to financial statements.

185

HC CAPITAL TRUST
Statements of Assets and Liabilities
As of December 31, 2014 (Unaudited)
(Amounts in thousands, except per share amounts)


	The Value Equity Portfolio			The Institutional Value Equity Portfolio			The Growth Equity Portfolio			The Institutional Growth Equity Portfolio
ASSETS:
Investments, at cost	$	502,123		$	824,665		$	557,011		$	1,039,740
Unrealized appreciation		114,270			165,682			282,785			364,441
Investments, at value		616,393			990,347			839,796			1,404,181
Cash		3,423			7,104			110			879
Foreign currency, at value (Cost $0, $0, $0 and $166, respectively)		—			—			—			168
Unrealized appreciation on forward currency contracts		—			—			—			1,972
Dividends and interest receivable		927			1,491			804			1,400
Margin deposits		—			—			—			83
Receivable for portfolio shares issued		34,020			51,716			46,025			74,035
Receivable from investments sold		35,982			51,608			46,098			85,481
Foreign tax reclaims receivable		3			7			53			7
Segregated cash for collateral		—			—			—			1,360
Variation margin receivable on future contracts		—			—			—			18
Variation margin receivable on interest rate swap agreements		—			—			—			25
Prepaid expenses		17			12			22			20
Total assets		690,765			1,102,285			932,908			1,569,629
LIABILITIES:
Swap agreements, at value		—			—			—			51
Unrealized depreciation on forward currency contracts		—			—			—			928
Payable to broker for swap agreements		—			—			—			3,631
Payable for collateral recorded on loaned securities		4,194			7,104			110			326
Payable for investments purchased		940			632			288			25,330
Payable for portfolio shares redeemed		34,053			51,716			46,005			75,326
Variation margin payable on future contracts		—			—			—			510
Variation margin payable on interest rate swap agreements		—			—			—			26
Advisory fees payable		201			323			274			453
Management fees payable		28			45			38			64
Administrative services fees payable		4			7			6			9
Trustee fees payable		7			9			6			8
Other accrued expenses		75			89			58			83
Total liabilities		39,502			59,925			46,785			106,745
NET ASSETS	$	651,263		$	1,042,360		$	886,123		$	1,462,884
NET ASSETS CONSISTS OF:
Shares of beneficial interest, at par value	$	35		$	77		$	41		$	89
Additional paid-in capital		561,977			850,738			569,927			1,063,730
Accumulated net investment income/(distributions in excess of net investment income)		247			(14	)		(4	)		195
Accumulated net realized gain/(loss) from investment transactions		(25,266	)		25,877			33,374			32,913
Net unrealized appreciation on investments		114,270			165,682			282,785			365,957
Net Assets	$	651,263		$	1,042,360		$	886,123		$	1,462,884
NET ASSETS:
HC Strategic Shares	$	650,054		$	1,041,038		$	884,460		$	1,460,986
HC Advisors Shares		1,209			1,322			1,663			1,898
Total	$	651,263		$	1,042,360		$	886,123		$	1,462,884
SHARES OF BENEFICIAL INTEREST OUTSTANDING (Unlimited number of shares authorized; par value $0.001):
HC Strategic Shares		35,094			76,863			40,965			88,391
HC Advisors Shares		65			98			77			115
Total		35,159			76,961			41,042			88,506
Net Asset Value, offering and redemption price per share:(a)
HC Strategic Shares	$	18.52		$	13.54		$	21.59		$	16.53
HC Advisors Shares	$	18.52		$	13.55		$	21.56		$	16.52

Graphic -- Image -- line.gif

(a)

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

Amounts designated as “—” are $0 or have been rounded to $0. Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

See accompanying notes to financial statements.

186

HC CAPITAL TRUST
Statements of Assets and Liabilities (continued)
As of December 31, 2014 (Unaudited)
(Amounts in thousands, except per share amounts)


	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^(a)
ASSETS:
Investments, at cost	$	87,277		$	148,823		$	126,775	$	953,196
Unrealized appreciation (depreciation)		27,063			47,543			31,099		(39,142	)
Investments, at value		114,340			196,366			157,874		914,054
Cash		2,006			5,388			—		9,416
Foreign currency, at value (Cost $0, $0, $0 and $980, respectively)		—			—			—		1,387
Swap agreements at value		—			—			—		266
Unrealized appreciation on futures		—			—			—		1
Unrealized appreciation on forward currency contracts		—			—			—		1,335
Dividends and interest receivable		55			105			807		1,170
Margin deposits		—			—			—		15,011
Receivable for portfolio shares issued		10			10			—		5,123
Receivable from investments sold		333			592			—		2,081
Foreign tax reclaims receivable		—			—			1		200
Segregated cash for collateral		—			—			—		1,855
Variation margin receivable on future contracts		—			—			—		330
Variation margin receivable on interest rate swap agreements		—			—			—		11
Prepaid expenses		19			21			20		196
Total assets		116,763			202,482			158,702		952,436
LIABILITIES:
Written options, at fair value (premiums received $0, $0, $0, and $251, respectively)		—			—			—		221
Swap agreements, at value		—			—			—		8,462
Unrealized depreciation on forward currency contracts		—			—			—		395
Unrealized depreciation on futures		—			—			—		6,640
Payable for collateral received on loaned securities		2,009			5,388			—		9,393
Distributions payable		—			—			—		674
Payable for investments purchased		343			990			—		22,694
Payable for portfolio shares redeemed		1			159			157		264
Payable to broker for swap collateral		—			—			—		500
Variation margin payable on future contracts		—			—			—		590
Variation margin payable on interest rate swap agreements		—			—			—		—
Accrued foreign capital gains tax		—			—			—		6
Advisory fees payable		70			110			257		436
Management fees payable		5			8			7		41
Administrative services fees payable		1			1			1		6
Trustee fees payable		—			2			1		2
Other accrued expenses		9			17			2		315
Total liabilities		2,438			6,675			425		50,639
NET ASSETS	$	114,325		$	195,807		$	158,277	$	901,797
NET ASSETS CONSISTS OF:
Shares of beneficial interest, at par value	$	5		$	12		$	47	$	100
Additional paid-in capital		109,450			147,886			123,164		1,060,117
Accumulated net investment income/(distributions in excess of net investment income)		10			(39	)		160		56
Accumulated net realized gain/(loss) from investment transactions		(22,203	)		405			3,807		(103,541	)
Net unrealized appreciation/(depreciation) on investments		27,063			47,543			31,099		(54,935	)
Net Assets	$	114,325		$	195,807		$	158,277	$	901,797
NET ASSETS:
HC Strategic Shares	$	114,117		$	195,580		$	158,277	$	900,406
HC Advisors Shares		208			227			—		1,391
Total	$	114,325		$	195,807		$	158,277	$	901,797
SHARES OF BENEFICIAL INTEREST OUTSTANDING (Unlimited number of shares authorized; par value $0.001):
HC Strategic Shares		5,225			12,277			47,076		99,936
HC Advisors Shares		10			14			—		154
Total		5,235			12,291			47,076		100,090
Net Asset Value, offering and redemption price per share:(b)
HC Strategic Shares	$	21.84		$	15.93		$	3.36	$	9.01
HC Advisors Shares	$	21.82		$	15.93		$	—	$	9.01

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(a)

Statement has been consolidated. See Note 2O in Notes to Financial Statements for basis of consolidation.

(b)

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

Amounts designated as “—” are $0 or have been rounded to $0. Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

See accompanying notes to financial statements.

187

HC CAPITAL TRUST
Statements of Assets and Liabilities (continued)
As of December 31, 2014 (Unaudited)
(Amounts in thousands, except per share amounts)


	The International Equity Portfolio		The Institutional International Equity Portfolio			The Emerging Markets Portfolio			The Core Fixed Income Portfolio
ASSETS:
Investments, at cost	$	1,200,708	$	2,747,319		$	1,876,074		$	103,009
Unrealized appreciation (depreciation)		102,204		111,784			(93,998	)		1,564
Investments, at value		1,302,912		2,859,103			1,782,076			104,573
Cash		5,857		5,305			3,916			590
Foreign currency, at value (Cost $4,019, $7,193, $19,722 and $0, respectively)		4,053		7,241			19,744			—
Unrealized appreciation on forward currency contracts		21		34			—			—
Dividends and interest receivable		1,967		4,243			4,324			505
Margin deposits		—		—			213			—
Receivable for portfolio shares issued		428		969			603			255
Receivable from investments sold		2,498		992			3,269			1,477
Foreign tax reclaims receivable		2,094		5,068			44			—
TBA sale commitments receivable		—		—			—			527
Variation margin receivable on future contracts		1		1			—			—
Prepaid expenses		33		41			30			2
Total assets		1,319,864		2,882,997			1,814,219			107,929
LIABILITIES:
Unrealized depreciation on forward currency contracts		29		46			—			—
TBA sale commitments, at fair value		44		78			3,037			527
Payable for collateral received on loaned securities		6,985		13,029			13,912			591
Distributions payable		—		—			—			238
Payable for investments purchased		221		1,214			33,340			5,224
Payable for portfolio shares redeemed		9		11			15			31
Advisory fees payable		312		624			470			9
Management fees payable		58		122			74			4
Administrative services fees payable		8		18			12			1
Trustee fees payable		6		12			4			—
Other accrued expenses		170		267			252			4
Total liabilities		7,842		15,421			51,116			6,629
NET ASSETS	$	1,312,022	$	2,867,576		$	1,763,103		$	101,300
NET ASSETS CONSISTS OF:
Shares of beneficial interest, at par value	$	121	$	281		$	102		$	10
Additional paid-in capital		1,183,384		2,747,651			1,890,413			99,717
Accumulated net investment income/(distributions in excess of net investment income)		1,430		(3,457	)		(881	)		(120	)
Accumulated net realized gain/(loss) from investment transactions		25,272		12,153			(29,390	)		129
Net unrealized appreciation/(depreciation) on investments		101,815		110,948			(97,141	)		1,564
Net Assets	$	1,312,022	$	2,867,576		$	1,763,103		$	101,300
NET ASSETS:
HC Strategic Shares	$	1,309,387	$	2,864,335		$	1,760,599		$	98,439
HC Advisors Shares		2,635		3,241			2,504			2,861
Total	$	1,312,022	$	2,867,576		$	1,763,103		$	101,300
SHARES OF BENEFICIAL INTEREST OUTSTANDING (Unlimited number of shares authorized; par value $0.001):
HC Strategic Shares		121,060		280,407			102,088			9,935
HC Advisors Shares		244		318			145			289
Total		121,304		280,725			102,233			10,224
Net Asset Value, offering and redemption price per share:(a)
HC Strategic Shares	$	10.82	$	10.21		$	17.25		$	9.91
HC Advisors Shares	$	10.82	$	10.21		$	17.24		$	9.90

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(a)

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

Amounts designated as “—” are $0 or have been rounded to $0. Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

See accompanying notes to financial statements.

188

HC CAPITAL TRUST
Statements of Assets and Liabilities (continued)
As of December 31, 2014 (Unaudited)
(Amounts in thousands, except per share amounts)


	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
ASSETS:
Investments, at cost	$	800,593		$	267,706		$	510,059		$	242,200
Unrealized appreciation (depreciation)		(16,050	)		4,586			(1,289	)		3,505
Investments, at value		784,543			272,292			508,770			245,705
Cash		4,349			—			—			4,451
Dividends and interest receivable		10,989			1,178			1,863			2,097
Receivable for portfolio shares issued		1,642			1,303			1,070			1,362
Receivable from investments sold		—			5,699			7,466			—
Variation margin receivable on future contracts		159			—			—			—
Prepaid expenses and other assets		16			16			77			10
Total assets		801,698			280,488			519,246			253,625
LIABILITIES:
Variation margin payable for futures contracts		42			—			—			—
Payable for collateral related loan securities		9,349			—			—			4,451
Distributions payable		—			367			—			743
Payable for investments purchased		3,630			5,945			8,502			—
Payable for portfolio shares redeemed		1			73			—			70
Advisory fees payable		620			12			16			40
Management fees payable		47			12			22			16
Administrative services fees payable		5			2			3			2
Trustee fees payable		2			1			10			1
Other accrued expenses		25			17			—			24
Total liabilities		13,721			6,429			8,553			5,347
NET ASSETS	$	787,977		$	274,059		$	510,693		$	248,278
NET ASSETS CONSISTS OF:
Shares of beneficial interest, at par value	$	112		$	27		$	51		$	25
Additional paid-in capital		802,789			269,627			513,033			244,754
Accumulated net investment income/(distributions in excess of net investment income)		126			(5	)		(1,695	)		(16	)
Accumulated net realized gain/(loss) from investment transactions		843			(176	)		593			10
Net unrealized appreciation/(depreciation) on investments		(15,893	)		4,586			(1,289	)		3,505
Net Assets	$	787,977		$	274,059		$	510,693		$	248,278
NET ASSETS:
HC Strategic Shares	$	786,939		$	274,059		$	510,692		$	248,278
HC Advisors Shares		1,038			—			1			—
Total	$	787,977		$	274,059		$	510,693		$	248,278
SHARES OF BENEFICIAL INTEREST OUTSTANDING (Unlimited number of shares authorized; par value $0.001):
HC Strategic Shares	$	111,583		$	27,228		$	51,138		$	24,572
HC Advisors Shares		147			—			—			—
Total		111,730			27,228			51,138			24,572
Net Asset Value, offering and redemption price per share:(a)
HC Strategic Shares	$	7.05		$	10.07		$	9.99		$	10.10
HC Advisors Shares	$	7.05		$	—		$	9.99		$	—

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(a)

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

Amounts designated as “—” are $0 or have been rounded to $0. Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

See accompanying notes to financial statements.

189

HC CAPITAL TRUST
Statements of Assets and Liabilities (concluded)
As of December 31, 2014 (Unaudited)
(Amounts in thousands, except per share amounts)


	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
ASSETS:
Investments, at cost	$	301,092		$	20,718		$	403,390		$	73,551
Unrealized appreciation		4,042			257			10,451			2,816
Investments, at value		305,134			20,975			413,841			76,367
Dividends and interest receivable		640			215			4,757			860
Receivable for portfolio shares issued		1,606			37			1,570			133
Receivable from investments sold		4,641			—			—			—
TBA sale commitments receivable		2,416			—			—			—
Prepaid expenses		12			11			17			10
Total assets		314,449			21,238			420,185			77,370
LIABILITIES:
TBA sale commitments, at fair value		2,416			—			—			—
Distributions payable		801			37			1,011			140
Cash overdraft		2			—			—			—
Payable for investments purchased		36,332			—			2,568			809
Payable for portfolio shares redeemed		77			2			261			100
Income payable on TBA sale commitments		6			—			—			—
Advisory fees payable		12			2			259			7
Management fees payable		12			1			18			4
Administrative services fees payable		2			—			3			—
Trustee fees payable		2			—			1			2
Other accrued expenses		32			8			13			26
Total liabilities		39,694			50			4,134			1,088
NET ASSETS	$	274,755		$	21,188		$	416,051		$	76,282
NET ASSETS CONSISTS OF:
Shares of beneficial interest, at par value	$	28		$	2		$	41		$	7
Additional paid-in capital		276,294			20,948			414,445			73,489
Accumulated net investment income/(distributions in excess of net investment income)		(836	)		(18	)		(65	)		(25	)
Accumulated net realized gain/(loss) from investment transactions		(4,773	)		1			(8,821	)		(5	)
Net unrealized appreciation on investments		4,042			257			10,451			2,816
Net Assets	$	274,755		$	21,188		$	416,051		$	76,282
NET ASSETS:
HC Strategic Shares	$	274,755		$	21,188		$	413,969		$	75,678
HC Advisors Shares		—			—			2,082			604
Total	$	274,755		$	21,188		$	416,051		$	76,282
SHARES OF BENEFICIAL INTEREST OUTSTANDING (Unlimited number of shares authorized; par value $0.001):
HC Strategic Shares		27,752			2,125			40,936			7,283
HC Advisors Shares		—			—			206			58
Total		27,752			2,125			41,142			7,341
Net Asset Value, offering and redemption price per share:^(a)
HC Strategic Shares	$	9.90		$	9.97		$	10.11		$	10.39
HC Advisors Shares	$	—		$	—		$	10.11		$	10.39

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(a)

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

Amounts designated as “—” are $0 or have been rounded to $0. Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

See accompanying notes to financial statements.

190

HC CAPITAL TRUST
Statements of Operations
For the Six Months Ended December 31, 2014 (Unaudited)
(Amounts in thousands)


	The Value Equity Portfolio			The Institutional Value Equity Portfolio			The Growth Equity Portfolio			The Institutional Growth Equity Portfolio
INVESTMENT INCOME:
Interest	$	4		$	7		$	1		$	1,498
Dividends (net of foreign withholding tax of $3, $5, $0 and $19, respectively)		6,987			11,516			5,221			7,892
Income from securities lending (net)		25			47			8			13
Total Investment Income		7,016			11,570			5,230			9,403
EXPENSES:
Advisory fees		609			996			814			1,323
Management fees		159			262			216			370
Administrative services fees		94			155			128			219
Distribution fees – HC Advisors Shares		2			2			2			3
Professional fees		30			37			34			53
Transfer agent fees		1			2			2			2
Compliance service fees		5			6			6			9
Custodian fees		31			36			32			49
Registration and filing fees		10			7			9			8
Trustee fees		13			17			15			24
Other		17			19			30			52
Total expenses before waivers and expenses paid indirectly		971			1,539			1,288			2,112
Less: Distribution fees waived – HC Advisors Shares		(2	)		(2	)		(2	)		(3	)
Expenses paid indirectly		(21	)		(42	)		(7	)		(12	)
Net Expenses		948			1,495			1,279			2,097
Net Investment Income		6,068			10,075			3,951			7,306
NET REALIZED/UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized gains/(losses) from investment transactions		44,435			76,663			55,547			55,070
Net realized gains/(losses) from futures transactions		—			—			—			10,870
Net realized gains/(losses) from written options transactions		—			—			—			(109	)
Net realized gains/(losses) from swap transactions		—			—			—			(474	)
Net realized gains/(losses) from foreign currency transactions		—			—			—			828
Net realized gains/(losses) from investments, futures, written options, swap transactions, foreign currency transactions		44,435			76,663			55,547			66,096
Change in unrealized appreciation/(depreciation) on investments		(21,438	)		(39,815	)		(1,010	)		24,056
Change in unrealized appreciation/(depreciation) on futures		—			—			—			(618	)
Change in unrealized appreciation/(depreciation) on written options		—			—			—			(2	)
Change in unrealized appreciation/(depreciation) on swaps		—			—			—			(1,162	)
Change in unrealized appreciation/(depreciation) on foreign currency translations		—			—			—			1,045
Change in unrealized appreciation/(depreciation) on investments, futures, written options, swap transactions, foreign currency transactions		(21,438	)		(39,815	)		(1,010	)		23,319
Net realized/unrealized gains/(losses) from investments, futures, written options, swap transactions, foreign currency transactions		22,997			36,848			54,537			89,415
Change in net assets resulting from operations	$	29,065		$	46,923		$	58,488		$	96,721

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

See accompanying notes to financial statements.

191

HC CAPITAL TRUST
Statements of Operations (continued)
For the Six Months Ended December 31, 2014 (Unaudited)
(Amounts in thousands)


	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^(a)
INVESTMENT INCOME:
Interest	$	—		$	—		$	—		$	755
Dividends (net of foreign withholding tax of $2, $3, $4 and $616, respectively)		418			725			1,923			6,462
Income from securities lending (net)		36			84			—			61
Total Investment Income		454			809			1,923			7,278
EXPENSES:
Advisory fees		348			615			553			2,974
Management fees		28			45			42			273
Administrative services fees		16			27			25			161
Distribution fees – HC Advisors Shares		—			—			—			2
Professional fees		5			6			4			48
Transfer agent fees		—			—			—			2
Compliance service fees		1			1			1			7
Custodian fees		16			8			5			97
Registration and filing fees		6			4			5			17
Trustee fees		2			3			2			21
Other		25			8			11			88
Total expenses before waivers and expenses paid indirectly		447			717			648			3,690
Less: Distribution fees waived – HC Advisors Shares		—			—			—			(2	)
Expenses paid indirectly		(3	)		(5	)		(1	)		(5	)
Net Expenses		444			712			647			3,683
Net Investment Income		10			97			1,276			3,595
NET REALIZED/UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized gains/(losses) from investment transactions		6,229			7,146			8,629			36,012
Net realized gains/(losses) from futures transactions		—			—			—			(42,080	)
Net realized gains/(losses) from written options transactions		—			—			—			47
Net realized gains/(losses) from swap transactions		—			—			—			(97,110	)
Net realized gains/(losses) from foreign currency transactions		—			—			(1	)		2,267
Net realized gains/(losses) from investments, futures, foreign currency transactions		6,229			7,146			8,628			(100,864	)
Change in unrealized appreciation/(depreciation) on investments		(3,045	)		(1,893	)		7,734			(144,812	)
Change in unrealized appreciation/(depreciation) on futures		—			—			—			(13,915	)
Change in unrealized appreciation/(depreciation) on written options		—			—			—			(79	)
Change in unrealized appreciation/(depreciation) on swaps		—			—			—			(9,102	)
Change in unrealized appreciation/(depreciation) on foreign currency translations		—			—			—			846
Change in unrealized appreciation/(depreciation) on investments, futures, written options, swap transactions, foreign currency transactions		(3,045	)		(1,893	)		7,734			(167,062	)
Net realized/unrealized gains/(losses) from investments, futures, foreign currency transactions		3,184			5,253			16,362			(267,926	)
Change in net assets resulting from operations	$	3,194		$	5,350		$	17,638		$	(264,331	)

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(a)

Statement has been consolidated. See Note 2O in Notes to Financial Statements for basis of consolidation.

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

See accompanying notes to financial statements.

192

HC CAPITAL TRUST
Statements of Operations (continued)
For the Six Months Ended December 31, 2014 (Unaudited)
(Amounts in thousands)


	The International Equity Portfolio			The Institutional International Equity Portfolio			The Emerging Markets Portfolio			The Core Fixed Income Portfolio
INVESTMENT INCOME:
Interest	$	1		$	1		$	1		$	1,151
Dividends (net of foreign withholding tax of $2,159, $4,383, $3,146 and $0, respectively)		14,510			28,699			26,860			—
Income from securities lending (net)		175			340			218			1
Total Investment Income		14,686			29,040			27,079			1,152
EXPENSES:
Advisory fees		1,731			3,215			3,286			53
Management fees		380			728			462			26
Administrative services fees		222			426			273			15
Distribution fees – HC Advisors Shares		4			5			4			4
Professional fees		117			137			93			4
Transfer agent fees		5			6			3			—
Compliance service fees		18			21			12			—
Custodian fees		534			523			1,126			4
Registration and filing fees		13			15			12			4
Trustee fees		51			60			33			1
Other		189			177			91			23
Total expenses before waivers and expenses paid indirectly		3,264			5,313			5,395			134
Less: Distribution fees waived – HC Advisors Shares		(4	)		(5	)		(4	)		(4	)
Expenses paid indirectly		(3	)		(9	)		(32	)		—
Net Expenses		3,257			5,299			5,359			130
Net Investment Income		11,429			23,741			21,720			1,022
NET REALIZED/UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized gains/(losses) from investment transactions		52,902			61,946			21,458			525
Net realized gains/(losses) from futures transactions		(116	)		(203	)		—			—
Net realized gains/(losses) from foreign currency transactions		(524	)		(1,278	)		(2,513	)		—
Net realized gains/(losses) from investments, futures, foreign currency transactions		52,262			60,465			18,945			525
Change in unrealized appreciation/(depreciation) on investments		(209,502	)		(368,459	)		(236,018	)		(42	)
Change in unrealized appreciation/(depreciation) on futures		15			25			—			—
Change in unrealized appreciation/(depreciation) on foreign currency translations		(11	)		(26	)		(56	)		—
Change in unrealized appreciation/(depreciation) on investments, futures, foreign currency transactions		(209,498	)		(368,460	)		(236,074	)		(42	)
Net realized/unrealized gains/(losses) from investments, futures, foreign currency transactions		(157,236	)		(307,995	)		(217,129	)		483
Change in net assets resulting from operations	$	(145,807	)	$	(284,254	)	$	(195,409	)	$	1,505

Graphic -- Image -- line.gif

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

See accompanying notes to financial statements.

193

HC CAPITAL TRUST
Statements of Operations (continued)
For the Six Months Ended December 31, 2014 (Unaudited)
(Amounts in thousands)


	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
INVESTMENT INCOME:
Interest	$	21,117		$	1,757	$	807		$	3,813
Dividends (net of foreign withholding tax of $0, $0, $0 and $0, respectively)		638			—		—			—
Income from securities lending (net)		44			—		—			10
Total Investment Income		21,799			1,757		807			3,823
EXPENSES:
Advisory fees		894			67		94			250
Management fees		201			65		131			64
Administrative services fees		119			39		77			38
Distribution fees – HC Advisors Shares		1			—		—			—
Professional fees		29			10		59			14
Transfer agent fees		1			—		1			—
Compliance service fees		5			1		3			7
Custodian fees		24			11		14			10
Registration and filing fees		14			6		60			9
Trustee fees		13			4		9			5
Other		50			9		21			15
Total expenses before waivers and expenses paid indirectly		1,351			212		469			412
Less: Distribution fees waived – HC Advisors Shares		(1	)		—		—			—
Net Expenses		1,350			212		469			412
Net Investment Income		20,449			1,545		338			3,411
NET REALIZED/UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized gains/(losses) from investment transactions		3,044			635		(134	)		2,423
Net realized gains/(losses) from futures transactions		95			—		—			—
Net realized gains/(losses) from foreign currency transactions		(1	)		—		—			—
Net realized gains/(losses) from investments, futures, foreign currency transactions		3,138			635		(134	)		2,423
Change in unrealized appreciation/(depreciation) on investments		(46,765	)		2,626		(10,977	)		(3,163	)
Change in unrealized appreciation/(depreciation) on futures		159			—		—			—
Change in unrealized appreciation/(depreciation) on foreign currency translations		—			—		—			—
Change in unrealized appreciation/(depreciation) on investments, futures, foreign currency transactions		(46,606	)		2,626		(10,977	)		(3,163	)
Net realized/unrealized gains/(losses) from investments, futures, foreign currency transactions		(43,468	)		3,261		(11,111	)		(740	)
Change in net assets resulting from operations	$	(23,019	)	$	4,806	$	(10,773	)	$	2,671

Graphic -- Image -- line.gif

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

See accompanying notes to financial statements.

194

HC CAPITAL TRUST
Statements of Operations (concluded)
For the Six Months Ended December 31, 2014 (Unaudited)
(Amounts in thousands)


	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
INVESTMENT INCOME:
Interest	$	2,838	$	162		$	4,822		$	810
Total Investment Income		2,838		162			4,822			810
EXPENSES:
Advisory fees		69		14			325			43
Management fees		66		5			106			19
Administrative services fees		39		3			62			11
Distribution fees – HC Advisors Shares		—		—			3			1
Professional fees		12		1			8			11
Compliance service fees		2		—			1			1
Custodian fees		10		1			8			11
Registration and filing fees		5		5			6			6
Trustee fees		5		—			4			5
Other		14		2			25			14
Total expenses before waivers and expenses paid indirectly		222		31			548			122
Less: Distribution fees waived – HC Advisors Shares		—		—			(3	)		(1	)
Net Expenses		222		31			545			121
Net Investment Income		2,616		131			4,277			689
NET REALIZED/UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized gains/(losses) from investment transactions		783		1			2,465			377
Change in unrealized appreciation/(depreciation) on investments		983		(125	)		(2,101	)		(150	)
Change in unrealized appreciation/(depreciation) on investments		983		(125	)		(2,101	)		(150	)
Net realized/unrealized gains/(losses) from investments		1,766		(124	)		364			227
Change in net assets resulting from operations	$	4,382	$	7		$	4,641		$	916

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

See accompanying notes to financial statements.

195

HC CAPITAL TRUST
Statements of Changes in Net Assets
(Amounts in thousands)


	The Value Equity Portfolio						The Institutional Value Equity Portfolio						The Growth Equity Portfolio
	For the Six Months Ended December 31, 2014			For the Year Ended June 30, 2014			For the Six Months Ended December 31, 2014			For the Year Ended June 30, 2014			For the Six Months Ended December 31, 2014			For the Year Ended June 30, 2014
	(Unaudited)						(Unaudited)						(Unaudited)
Operations:
Net investment income	$	6,068		$	15,596		$	10,075		$	23,478		$	3,951		$	8,703
Net realized gains/(losses) from investments, foreign currency transactions		44,435			100,427			76,663			135,287			55,547			73,925
Change in unrealized appreciation/(depreciation) from investments, foreign currency transactions		(21,438	)		15,325			(39,815	)		38,645			(1,010	)		76,692
Change in net assets resulting from operations		29,065			131,348			46,923			197,410			58,488			159,320
Distributions to Shareholders from:
Net investment income:
HC Strategic Shares		(6,574	)		(15,732	)		(11,386	)		(23,473	)		(4,282	)		(8,824	)
HC Advisors Shares		(12	)		(39	)		(15	)		(42	)		(8	)		(18	)
Net realized gains/(losses) from investments, foreign currency transactions:
HC Strategic Shares		—			—			(120,230	)		(142,904	)		(9,890	)		—
HC Advisors Shares		—			—			(169	)		(307	)		(19	)		—
Change in net assets resulting from distributions		(6,586	)		(15,771	)		(131,800	)		(166,726	)		(14,199	)		(8,842	)
HC Strategic Shares
Proceeds from shares issued	$	228,283		$	96,390		$	426,329		$	240,649		$	215,628		$	160,036
Proceeds from reinvestment of dividends		5,390			13,169			130,628			164,446			12,099			7,248
Cost of shares redeemed		(234,701	)		(276,146	)		(467,813	)		(335,962	)		(227,285	)		(213,896	)
Change in net assets from HC Strategic Shares of beneficial interest		(1,028	)		(166,587	)		89,144			69,133			442			(46,612	)
HC Advisors Shares
Proceeds from shares issued		—			139			78			311			—			136
Cost of shares redeemed		(50	)		(777	)		(69	)		(1,008	)		(111	)		(289	)
Change in net assets from HC Advisors Shares of beneficial interest		(50	)		(638	)		9			(697	)		(111	)		(153	)
Change in net assets from shares of beneficial interest	$	(1,078	)	$	(167,225	)	$	89,153		$	68,436		$	331		$	(46,765	)
Change in net assets		21,401			(51,648	)		4,276			99,120			44,620			103,713
Net Assets:
Beginning of period		629,862			681,510			1,038,084			938,964			841,503			737,790
End of period	$	651,263		$	629,862		$	1,042,360		$	1,038,084		$	886,123		$	841,503
Accumulated net investment income/(distributions in excess of net investment income)	$	247		$	765		$	(14	)	$	1,312		$	(4	)	$	335
Share Transactions:
HC Strategic Shares
Issued		12,490			5,816			29,003			16,618			10,089			8,247
Reinvested		292			792			9,718			12,076			564			374
Redeemed		(12,840	)		(16,960	)		(31,971	)		(22,760	)		(10,639	)		(11,108	)
Change in HC Strategic Shares		(58	)		(10,352	)		6,750			5,934			14			(2,487	)
HC Advisors Shares
Issued		—			9			6			22			—			7
Redeemed		(3	)		(45	)		(5	)		(69	)		(5	)		(15	)
Change in HC Advisors Shares		(3	)		(36	)		1			(47	)		(5	)		(8	)
Total change in shares		(61	)		(10,388	)		6,751			5,887			9			(2,495	)

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

See accompanying notes to financial statements.

196

HC CAPITAL TRUST
Statements of Changes in Net Assets (continued)
(Amounts in thousands)


	The Institutional Growth Equity Portfolio						The Small Capitalization– Mid Capitalization Equity Portfolio						The Institutional Small Capitalization– Mid Capitalization Equity Portfolio
	For the Six Months Ended December 31, 2014			For the Year Ended June 30, 2014			For the Six Months Ended December 31, 2014			For the Year Ended June 30, 2014			For the Six Months Ended December 31, 2014			For the Year Ended June 30, 2014
	(Unaudited)						(Unaudited)						(Unaudited)
Operations:
Net investment income	$	7,306		$	14,857		$	10		$	385		$	97		$	367
Net realized gains/(losses) from investments, futures, written options, swap transactions, foreign currency transactions		66,096			106,235			6,229			22,534			7,146			30,944
Change in unrealized appreciation/(depreciation) from investments, futures, written options, swap transactions, foreign currency transactions		23,319			133,438			(3,045	)		2,920			(1,893	)		2,645
Change in net assets resulting from operations		96,721			254,530			3,194			25,839			5,350			33,956
Distributions to Shareholders from:
Net investment income:
HC Strategic Shares		(7,258	)		(15,609	)		(34	)		(421	)		(107	)		(330	)
HC Advisors Shares		(10	)		(23	)		—			(1	)		—			—
Net realized gains/(losses) from investments, futures, written options, swap transactions, foreign currency transactions:
HC Strategic Shares		(93,716	)		(106,330	)		—			—			(19,022	)		(27,745	)
HC Advisors Shares		(125	)		(167	)		—			—			(25	)		(39	)
Change in net assets resulting from distributions		(101,109	)		(122,129	)		(34	)		(422	)		(19,154	)		(28,114	)
HC Strategic Shares
Proceeds from shares issued	$	426,205		$	386,626		$	43,045		$	22,645		$	62,767		$	41,223
Proceeds from reinvestment of dividends		100,319			120,585			28			363			19,090			28,000
Cost of shares redeemed		(503,875	)		(339,573	)		(45,807	)		(47,385	)		(54,950	)		(69,762	)
Change in net assets from HC Strategic Shares of beneficial interest		22,649			167,638			(2,734	)		(24,377	)		26,907			(539	)
HC Advisors Shares
Proceeds from shares issued		107			146			4			17			15			51
Cost of shares redeemed		(140	)		(245	)		(10	)		(43	)		(10	)		(60	)
Change in net assets from HC Advisors Shares of beneficial interest		(33	)		(99	)		(6	)		(26	)		5			(9	)
Change in net assets from shares of beneficial interest	$	22,616		$	167,539		$	(2,740	)	$	(24,403	)	$	26,912		$	(548	)
Change in net assets		18,228			299,940			420			1,014			13,108			5,294
Net Assets:
Beginning of period		1,444,656			1,144,716			113,905			112,891			182,699			177,405
End of period	$	1,462,884		$	1,444,656		$	114,325		$	113,905		$	195,807		$	182,699
Accumulated net investment income/(distributions in excess of net investment income)	$	195		$	157		$	10		$	34		$	(39	)	$	(28	)
Share Transactions:
HC Strategic Shares
Issued		24,713			24,108			2,055			1,108			3,587			2,429
Reinvested		6,103			7,822			1			18			1,229			1,753
Redeemed		(29,369	)		(21,161	)		(2,187	)		(2,352	)		(3,152	)		(3,936	)
Change in HC Strategic Shares		1,447			10,769			(131	)		(1,226	)		1,664			246
HC Advisors Shares
Issued		6			9			—			1			1			3
Redeemed		(8	)		(15	)		—			(2	)		(1	)		(3	)
Change in HC Advisors Shares		(2	)		(6	)		—			(1	)		—			—
Total change in shares		1,445			10,763			(131	)		(1,227	)		1,664			246

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

See accompanying notes to financial statements.

197

HC CAPITAL TRUST
Statements of Changes in Net Assets (continued)
(Amounts in thousands)


	The Real Estate Securities Portfolio						The Commodity Returns Strategy Portfolio^(b)						The International Equity Portfolio
	For the Six Months Ended December 31, 2014			For Period September 12, 2013 through June 30, 2014^(a)			For the Six Months Ended December 31, 2014			For the Year Ended June 30, 2014			For the Six Months Ended December 31, 2014			For the Year Ended June 30, 2014
	(Unaudited)						(Unaudited)						(Unaudited)
Operations:
Net investment income	$	1,276		$	2,676		$	3,595		$	9,200		$	11,429		$	50,196
Net realized gains/(losses) from investments, futures, foreign currency transactions		8,628			2,250			(100,864	)		42,982			52,262			169,384
Change in unrealized appreciation/(depreciation) from investments, futures, written options, swap transactions, foreign currency transactions		7,734			23,365			(167,062	)		133,259			(209,498	)		101,889
Change in net assets resulting from operations		17,638			28,291			(264,331	)		185,441			(145,807	)		321,469
Distributions to Shareholders from:
Net investment income:
HC Strategic Shares		(2,240	)		(1,546	)		(6,253	)		(10,032	)		(14,041	)		(51,093	)
HC Advisors Shares		—			—			(9	)		(13	)		(29	)		(101	)
Net realized gains/(losses) from investments, futures, foreign currency transactions:
HC Strategic Shares		(7,059	)		(18	)		(3,435	)		—			(152,759	)		(4,102	)
HC Advisors Shares		—			—			(5	)		—			(336	)		(8	)
Change in net assets resulting from distributions		(9,299	)		(1,564	)		(9,702	)		(10,045	)		(167,165	)		(55,304	)
HC Strategic Shares
Proceeds from shares issued	$	11,495		$	177,266		$	276,177		$	333,653		$	145,838		$	167,603
Proceeds from reinvestment of dividends		9,171			1,291			8,646			8,308			132,294			45,940
Cost of shares redeemed		(42,311	)		(33,701	)		(285,364	)		(248,890	)		(269,987	)		(251,509	)
Change in net assets from HC Strategic Shares of beneficial interest		(21,645	)		144,856			(541	)		93,071			8,145			(37,966	)
HC Advisors Shares
Proceeds from shares issued		—			—			189			339			207			247
Cost of shares redeemed		—			—			(32	)		(93	)		(47	)		(377	)
Change in net assets from HC Advisors Shares of beneficial interest		—			—			157			246			160			(130	)
Change in net assets from shares of beneficial interest	$	(21,645	)	$	144,856		$	(384	)	$	93,317		$	8,305		$	(38,096	)
Change in net assets		(13,306	)		171,583			(274,417	)		268,713			(304,667	)		228,069
Net Assets:
Beginning of period		171,583			—			1,176,214			907,501			1,616,689			1,388,620
End of period	$	158,277		$	171,583		$	901,797		$	1,176,214		$	1,312,022		$	1,616,689
Accumulated net investment income/(distributions in excess of net investment income)	$	160		$	1,124		$	56		$	268		$	1,430		$	4,071
Share Transactions:
HC Strategic Shares
Issued		3,560			63,884			29,111			30,232			11,992			12,672
Reinvested		2,741			467			925			757			11,980			3,451
Redeemed		(12,919	)		(10,657	)		(31,059	)		(22,352	)		(21,930	)		(19,178	)
Change in HC Strategic Shares		(6,618	)		53,694			(1,023	)		8,637			2,042			(3,055	)
HC Advisors Shares
Issued		—			—			18			31			16			20
Redeemed		—			—			(3	)		(9	)		(3	)		(29	)
Change in HC Advisors Shares		—			—			15			22			13			(9	)
Total change in shares		(6,618	)		53,694			(1,008	)		8,659			2,055			(3,064	)

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(a)

Commencement of operations.

(b)

Statement has been consolidated. See Note 2O in the Notes to Financial Statements for basis of consolidation.

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

See accompanying notes to financial statements.

198

HC CAPITAL TRUST
Statements of Changes in Net Assets (continued)
(Amounts in thousands)


	The Institutional International Equity Portfolio						The Emerging Markets Portfolio						The Core Fixed Income Portfolio
	For the Six Months Ended December 31, 2014			For the Year Ended June 30, 2014			For the Six Months Ended December 31, 2014			For the Year Ended June 30, 2014			For the Six Months Ended December 31, 2014			For the Year Ended June 30, 2014
	(Unaudited)						(Unaudited)						(Unaudited)
Operations:
Net investment income	$	23,741		$	93,123		$	21,720		$	31,213		$	1,022		$	2,181
Net realized gains/(losses) from investments, futures, foreign currency transactions		60,465			287,397			18,945			5,309			525			188
Change in unrealized appreciation/(depreciation) from investments, futures, foreign currency transactions		(368,460	)		207,531			(236,074	)		190,779			(42	)		2,262
Change in net assets resulting from operations		(284,254	)		588,051			(195,409	)		227,301			1,505			4,631
Distributions to Shareholders from:
Net investment income:
HC Strategic Shares		(33,460	)		(93,524	)		(41,389	)		(25,766	)		(1,154	)		(2,486	)
HC Advisors Shares		(38	)		(115	)		(60	)		(39	)		(34	)		(68	)
Net realized gains/(losses) from investments, futures, foreign currency transactions:
HC Strategic Shares		(267,727	)		(100,495	)		(28,792	)		—			(91	)		(429	)
HC Advisors Shares		(343	)		(137	)		(44	)		—			(3	)		(12	)
Change in net assets resulting from distributions		(301,568	)		(194,271	)		(70,285	)		(25,805	)		(1,282	)		(2,995	)
HC Strategic Shares
Proceeds from shares issued	$	365,407		$	444,113		$	263,238		$	597,280		$	19,780		$	26,314
Proceeds from reinvestment of dividends		296,426			181,429			58,999			22,829			1,243			2,910
Cost of shares redeemed		(214,254	)		(448,774	)		(109,821	)		(87,035	)		(22,518	)		(24,112	)
Change in net assets from HC Strategic Shares of beneficial interest		447,579			176,768			212,416			533,074			(1,495	)		5,112
HC Advisors Shares
Proceeds from shares issued		420			305			125			1,037			220			459
Cost of shares redeemed		(37	)		(618	)		(81	)		(256	)		(96	)		(115	)
Change in net assets from HC Advisors Shares of beneficial interest		383			(313	)		44			781			124			344
Change in net assets from shares of beneficial interest	$	447,962		$	176,455		$	212,460		$	533,855		$	(1,371	)	$	5,456
Change in net assets		(137,860	)		570,235			(53,234	)		735,351			(1,148	)		7,092
Net Assets:
Beginning of period		3,005,436			2,435,201			1,816,337			1,080,986			102,448			95,356
End of period	$	2,867,576		$	3,005,436		$	1,763,103		$	1,816,337		$	101,300		$	102,448
Accumulated net investment income/(distributions in excess of net investment income)	$	(3,457	)	$	6,300		$	(881	)	$	18,848		$	(120	)	$	46
Share Transactions:
HC Strategic Shares
Issued		31,225			36,268			14,016			32,428			1,995			2,690
Reinvested		28,439			15,097			3,385			1,229			126			299
Redeemed		(17,821	)		(36,469	)		(5,931	)		(4,681	)		(2,271	)		(2,463	)
Change in HC Strategic Shares		41,843			14,896			11,470			28,976			(150	)		526
HC Advisors Shares
Issued		35			25			6			55			22			47
Redeemed		(3	)		(51	)		(4	)		(14	)		(9	)		(12	)
Change in HC Advisors Shares		32			(26	)		2			41			13			35
Total change in shares		41,875			14,870			11,472			29,017			(137	)		561

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

See accompanying notes to financial statements.

199

HC CAPITAL TRUST
Statements of Changes in Net Assets (continued)
(Amounts in thousands)


	The Fixed Income Opportunity Portfolio						The U.S. Government Fixed Income Securities Portfolio						The Inflation Protected Securities Portfolio
	For the Six Months Ended December 31, 2014			For the Year Ended June 30, 2014			For the Six Months Ended December 31, 2014			For the Year Ended June 30, 2014			For the Six Months Ended December 31, 2014			For the period April 3, 2014^(a) through June 30, 2014
	(Unaudited)						(Unaudited)						(Unaudited)
Operations:
Net investment income	$	20,449		$	49,105		$	1,545		$	3,176		$	338		$	5,407
Net realized gains/(losses) from investments, futures, foreign currency transactions		3,138			23,664			635			(428	)		(134	)		1,141
Change in unrealized appreciation/(depreciation) from investments, futures, foreign currency transactions		(46,606	)		23,214			2,626			1,789			(10,977	)		9,688
Change in net assets resulting from operations		(23,019	)		95,983			4,806			4,537			(10,773	)		16,236
Distributions to Shareholders from:
Net investment income:
HC Strategic Shares		(22,764	)		(49,510	)		(1,602	)		(3,198	)		(2,375	)		(5,089	)
HC Advisors Shares		(31	)		(59	)		—			—			—			—
Net realized gains/(losses) from investments, futures, foreign currency transactions:
HC Strategic Shares		(18,509	)		(15,185	)		—			(786	)		(414	)		—
HC Advisors Shares		(25	)		(18	)		—			—			—			—
Change in net assets resulting from distributions		(41,329	)		(64,772	)		(1,602	)		(3,984	)		(2,789	)		(5,089	)
HC Strategic Shares
Proceeds from shares issued	$	289,597		$	499,918		$	120,330		$	66,039		$	21,799		$	577,167
Proceeds from reinvestment of dividends		39,527			61,741			1,376			3,560			2,651			4,793
Cost of shares redeemed		(281,995	)		(540,906	)		(97,765	)		(88,628	)		(26,654	)		(66,648	)
Change in net assets from HC Strategic Shares of beneficial interest		47,129			20,753			23,941			(19,029	)		(2,204	)		515,312
HC Advisors Shares
Proceeds from shares issued		87			153			—			—			—			—
Cost of shares redeemed		(11	)		(51	)		—			—			—			—
Change in net assets from HC Advisors Shares of beneficial interest		76			102			—			—			—			—
Change in net assets from shares of beneficial interest	$	47,205		$	20,855		$	23,941		$	(19,029	)	$	(2,204	)	$	515,312
Change in net assets		(17,143	)		52,066			27,145			(18,476	)		(15,766	)		526,459
Net Assets:
Beginning of period		805,120			753,054			246,914			265,390			526,459			—
End of period	$	787,977		$	805,120		$	274,059		$	246,914		$	510,693		$	526,459
Accumulated net investment income/(distributions in excess of net investment income)	$	126		$	2,472		$	(5	)	$	52		$	(1,695	)	$	342
Share Transactions:
HC Strategic Shares
Issued		35,588			65,904			12,054			6,667			2,160			57,398
Reinvested		5,525			8,242			138			361			260			468
Redeemed		(34,594	)		(70,673	)		(9,797	)		(8,962	)		(2,640	)		(6,508	)
Change in HC Strategic Shares		6,519			3,473			2,395			(1,934	)		(220	)		51,358
HC Advisors Shares
Issued		12			21			—			—			—			—
Redeemed		(2	)		(7	)		—			—			—			—
Change in HC Advisors Shares		10			14			—			—			—			—
Total change in shares		6,529			3,487			2,395			(1,934	)		(220	)		51,358

Graphic -- Image -- line.gif

(a)

Commencement of operations.

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

See accompanying notes to financial statements.

200

HC CAPITAL TRUST
Statements of Changes in Net Assets (continued)
(Amounts in thousands)


	The U.S. Corporate Fixed Income Securities Portfolio						The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio						The Short-Term Municipal Bond Portfolio
	For the Six Months Ended December 31, 2014			For the Year Ended June 30, 2014			For the Six Months Ended December 31, 2014			For the Year Ended June 30, 2014			For the Six Months Ended December 31, 2014			For the Year Ended June 30, 2014
	(Unaudited)						(Unaudited)						(Unaudited)
Operations:
Net investment income	$	3,411		$	7,108		$	2,616		$	5,320		$	131		$	260
Net realized gains/(losses) from investments		2,423			45			783			638			1			8
Change in unrealized appreciation/(depreciation) from investments		(3,163	)		9,909			983			4,143			(125	)		8
Change in net assets resulting from operations		2,671			17,062			4,382			10,101			7			276
Distributions to Shareholders from:
Net investment income:
HC Strategic Shares		(3,558	)		(7,199	)		(3,581	)		(7,654	)		(140	)		(261	)
Net realized gains/(losses) from investments:
HC Strategic Shares		(2,303	)		(3,582	)		—			—			(4	)		(44	)
Change in net assets resulting from distributions		(5,861	)		(10,781	)		(3,581	)		(7,654	)		(144	)		(305	)
HC Strategic Shares
Proceeds from shares issued	$	59,636		$	79,521		$	60,645		$	51,694		$	281		$	2,017
Proceeds from reinvestment of dividends		5,431			9,991			2,984			6,485			144			301
Cost of shares redeemed		(71,203	)		(58,243	)		(40,307	)		(63,542	)		(803	)		(3,194	)
Change in net assets from HC Strategic Shares of beneficial interest		(6,136	)		31,269			23,322			(5,363	)		(378	)		(876	)
Change in net assets from shares of beneficial interest	$	(6,136	)	$	31,269		$	23,322		$	(5,363	)	$	(378	)	$	(876	)
Change in net assets		(9,326	)		37,550			24,123			(2,916	)		(515	)		(905	)
Net Assets:
Beginning of period		257,604			220,054			250,632			253,548			21,703			22,608
End of period	$	248,278		$	257,604		$	274,755		$	250,632		$	21,188		$	21,703
Accumulated net investment income/(distributions in excess of net investment income)	$	(16	)	$	131		$	(836	)	$	129		$	(18	)	$	(9	)
Share Transactions:
HC Strategic Shares
Issued		5,824			7,881			6,128			5,267			28			201
Reinvested		535			1,006			303			664			14			30
Redeemed		(6,953	)		(5,791	)		(4,068	)		(6,475	)		(80	)		(318	)
Change in HC Strategic Shares		(594	)		3,096			2,363			(544	)		(38	)		(87	)
Total change in shares		(594	)		3,096			2,363			(544	)		(38	)		(87	)

Graphic -- Image -- line.gif

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

See accompanying notes to financial statements.

201

HC CAPITAL TRUST
Statements of Changes in Net Assets (continued)
(Amounts in thousands)


	The Intermediate Term Municipal Bond Portfolio						The Intermediate Term Municipal Bond II Portfolio
	For the Six Months Ended December 31, 2014			For the Year Ended June 30, 2014			For the Six Months Ended December 31, 2014			For the Year Ended June 30, 2014
	(Unaudited)						(Unaudited)
Operations:
Net investment income	$	4,277		$	10,475		$	689		$	1,609
Net realized gains/(losses) from investments		2,465			611			377			(57	)
Change in unrealized appreciation/(depreciation) from investments		(2,101	)		5,645			(150	)		1,224
Change in net assets resulting from operations		4,641			16,731			916			2,776
Distributions to Shareholders from:
Net investment income:
HC Strategic Shares		(4,488	)		(10,544	)		(707	)		(1,605	)
HC Advisors Shares		(26	)		(55	)		(6	)		(12	)
Net realized gains/(losses) from investments:
HC Strategic Shares		—			—			(319	)		(225	)
HC Advisors Shares		—			—			(3	)		(1	)
Change in net assets resulting from distributions		(4,514	)		(10,599	)		(1,035	)		(1,843	)
HC Strategic Shares
Proceeds from shares issued	$	64,565		$	83,412		$	12,138		$	19,161
Proceeds from reinvestment of dividends		4,330			10,168			996			1,785
Cost of shares redeemed		(78,307	)		(96,267	)		(15,040	)		(17,642	)
Change in net assets from HC Strategic Shares of beneficial interest		(9,412	)		(2,687	)		(1,906	)		3,304
HC Advisors Shares
Proceeds from shares issued		41			655			13			263
Cost of shares redeemed		(452	)		(39	)		(132	)		(9	)
Change in net assets from HC Advisors Shares of beneficial interest		(411	)		616			(119	)		254
Change in net assets from shares of beneficial interest	$	(9,823	)	$	(2,071	)	$	(2,025	)	$	3,558
Change in net assets		(9,696	)		4,061			(2,144	)		4,491
Net Assets:
Beginning of period		425,747			421,686			78,426			73,935
End of period	$	416,051		$	425,747		$	76,282		$	78,426
Accumulated net investment income/(distributions in excess of net investment income)	$	(65	)	$	172		$	(25	)	$	(1	)
Share Transactions:
HC Strategic Shares
Issued		6,345			8,286			1,159			1,850
Reinvested		427			1,016			96			173
Redeemed		(7,702	)		(9,573	)		(1,436	)		(1,701	)
Change in HC Strategic Shares		(930	)		(271	)		(183	)		322
HC Advisors Shares
Issued		4			65			1			26
Redeemed		(44	)		(4	)		(13	)		(1	)
Change in HC Advisors Shares		(40	)		61			(12	)		25
Total change in shares		(970	)		(210	)		(195	)		347

Graphic -- Image -- line.gif

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

See accompanying notes to financial statements.

202

HC CAPITAL TRUST
Financial Highlights
Selected data for a share outstanding throughout the periods indicated.


			Change in Net Assets Resulting From Operations:								Distributions to Shareholders:
	Net Asset Value, Beginning of Period		Net Investment Income/ (Loss)			Net Realized/ Unrealized Gains/ (Losses) from Investments			Total from Operations		Net Investment Income			Net Realized Gains from Investments			Total Distributions to Shareholders
The Value Equity Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	17.88	$	0.17		$	0.66		$	0.83	$	(0.19	)	$	—		$	(0.19	)
Year Ended June 30, 2014		14.94		0.42			2.94			3.36		(0.42	)		—			(0.42	)
Year Ended June 30, 2013		12.22		0.38			2.69			3.07		(0.35	)		—			(0.35	)
Year Ended June 30, 2012		12.50		0.30			(0.28	)		0.02		(0.30	)		—			(0.30	)
Year Ended June 30, 2011		9.98		0.22			2.52			2.74		(0.22	)		—			(0.22	)
Year Ended June 30, 2010		8.84		0.21			1.13			1.34		(0.20	)		—			(0.20	)
HC Advisors Shares
Six Months ended December 31, 2014 (Unaudited)	$	17.88	$	0.17		$	0.66		$	0.83	$	(0.19	)	$	—		$	(0.19	)
Year Ended June 30, 2014		14.94		0.43			2.93			3.36		(0.42	)		—			(0.42	)
Year Ended June 30, 2013		12.22		0.35			2.72			3.07		(0.35	)		—			(0.35	)
Year Ended June 30, 2012		12.49		0.31			(0.28	)		0.03		(0.30	)		—			(0.30	)
Period Ended June 30, 2011(d)		9.93		0.21			2.57			2.78		(0.22	)		—			(0.22	)
The Institutional Value Equity Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	14.79	$	0.14		$	0.49		$	0.63	$	(0.15	)	$	(1.73	)	$	(1.88	)
Year Ended June 30, 2014		14.60		0.36	^(e)		2.66	^(e)		3.02		(0.35	)		(2.48	)		(2.83	)
Year Ended June 30, 2013		12.55		0.38			2.69			3.07		(0.37	)		(0.65	)		(1.02	)
Year Ended June 30, 2012		12.96		0.13			(0.06	)		0.07		(0.30	)		(0.18	)		(0.48	)
Year Ended June 30, 2011		10.26		0.23			2.67			2.90		(0.20	)		—			(0.20	)
Year Ended June 30, 2010		9.02		0.17			1.24			1.41		(0.17	)		—			(0.17	)
HC Advisors Shares
Six Months ended December 31, 2014 (Unaudited)	$	14.79	$	0.14		$	0.50		$	0.64	$	(0.15	)	$	(1.73	)	$	(1.88	)
Year Ended June 30, 2014		14.60		0.36	^(e)		2.66	^(e)		3.02		(0.35	)		(2.48	)		(2.83	)
Year Ended June 30, 2013		12.55		0.37			2.70			3.07		(0.37	)		(0.65	)		(1.02	)
Year Ended June 30, 2012		12.97		0.14			(0.08	)		0.06		(0.30	)		(0.18	)		(0.48	)
Period Ended June 30, 2011(d)		10.21		0.21			2.75			2.96		(0.20	)		—			(0.20	)
The Growth Equity Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	20.51	$	0.10		$	1.32		$	1.42	$	(0.10	)	$	(0.24	)	$	(0.34	)
Year Ended June 30, 2014		16.95		0.21			3.56			3.77		(0.21	)		—			(0.21	)
Year Ended June 30, 2013		14.88		0.24			2.07			2.31		(0.24	)		—			(0.24	)
Year Ended June 30, 2012		13.87		0.15			1.01			1.16		(0.15	)		—			(0.15	)
Year Ended June 30, 2011		10.39		0.10			3.48			3.58		(0.10	)		—			(0.10	)
Year Ended June 30, 2010		9.42		0.10			0.97			1.07		(0.10	)		—			(0.10	)
HC Advisors Shares
Six Months ended December 31, 2014 (Unaudited)	$	20.48	$	0.10		$	1.32		$	1.42	$	(0.10	)	$	(0.24	)	$	(0.34	)
Year Ended June 30, 2014		16.93		0.21			3.55			3.76		(0.21	)		—			(0.21	)
Year Ended June 30, 2013		14.86		0.22			2.09			2.31		(0.24	)		—			(0.24	)
Year Ended June 30, 2012		13.85		0.15			1.01			1.16		(0.15	)		—			(0.15	)
Period Ended June 30, 2011(d)		10.40		0.10			3.45			3.55		(0.10	)		—			(0.10	)
The Institutional Growth Equity Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	16.59	$	0.08		$	1.03		$	1.11	$	(0.08	)	$	(1.09	)	$	(1.17	)
Year Ended June 30, 2014		15.00		0.18			3.01			3.19		(0.19	)		(1.41	)		(1.60	)
Year Ended June 30, 2013		15.02		0.23			2.07			2.30		(0.23	)		(2.09	)		(2.32	)
Year Ended June 30, 2012		14.10		0.16			0.97			1.13		(0.15	)		(0.06	)		(0.21	)
Year Ended June 30, 2011		10.58		0.12			3.50			3.62		(0.10	)		—			(0.10	)
Year Ended June 30, 2010		9.50		0.07			1.10			1.17		(0.09	)		—			(0.09	)
HC Advisors Shares
Six Months ended December 31, 2014 (Unaudited)	$	16.59	$	0.08		$	1.02		$	1.10	$	(0.08	)	$	(1.09	)	$	(1.17	)
Year Ended June 30, 2014		15.00		0.19			3.00			3.19		(0.19	)		(1.41	)		(1.60	)
Year Ended June 30, 2013		15.01		0.23			2.08			2.31		(0.23	)		(2.09	)		(2.32	)
Year Ended June 30, 2012		14.10		0.16			0.96			1.12		(0.15	)		(0.06	)		(0.21	)
Period Ended June 30, 2011(d)		10.59		0.11			3.50			3.61		(0.10	)		—			(0.10	)

Graphic -- Image -- line.gif

(a)

Not annualized for periods less than one year.

(b)

Annualized for periods less than one year.

(c)

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

(d)

For the period July 6, 2010 (commencement of operations) through June 30, 2011.

(e)

Per share amounts are based on average shares outstanding.

(f)

Portfolio Turnover does not include TBA security transactions.

See accompanying notes to financial statements.

203


						Ratios/Supplementary Data:
	Net Asset Value, End of Period		Total Return^(a)			Net Assets, at End of Period (in thousands)		Ratio of Expenses to Average Net Assets, Prior to Expenses Paid Indirectly and Waivers^(b)			Ratio of Expenses to Average Net Assets, Net of Expenses Paid Indirectly and Waivers^(b)			Ratio of Expenses to Average Net Assets, Net of Waivers^(b)			Ratio of Net Investment Income/(Loss) to Average Net Assets^(b)			Portfolio Turnover Rate^(a)^(c)
The Value Equity Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	18.52		4.64	%	$	650,054		0.30	%		0.30	%		0.30	%		1.90	%		8.18	%
Year Ended June 30, 2014		17.88		22.69	%		628,645		0.32	%		0.31	%		0.31	%		2.44	%		53.96	%
Year Ended June 30, 2013		14.94		25.46	%		679,946		0.29	%		0.27	%		0.27	%		2.73	%		54.28	%
Year Ended June 30, 2012		12.22		0.23	%		608,294		0.29	%		0.26	%		0.26	%		2.59	%		108.58	%
Year Ended June 30, 2011		12.50		27.56	%		534,710		0.37	%		0.31	%		0.31	%		1.90	%		72.04	%
Year Ended June 30, 2010		9.98		14.94	%		411,468		0.38	%		0.33	%		0.34	%		1.88	%		77.68	%
HC Advisors Shares
Six Months ended December 31, 2014 (Unaudited)	$	18.52		4.64	%	$	1,209		0.55	%		0.30	%		0.30	%		1.90	%		8.18	%
Year Ended June 30, 2014		17.88		22.69	%		1,217		0.57	%		0.31	%		0.31	%		2.43	%		53.96	%
Year Ended June 30, 2013		14.94		25.46	%		1,564		0.48	%		0.27	%		0.27	%		2.74	%		54.28	%
Year Ended June 30, 2012		12.22		0.32	%		811		0.29	%		0.26	%		0.26	%		2.58	%		108.58	%
Period Ended June 30, 2011(d)		12.49		28.10	%		763		0.62	%		0.31	%		0.31	%		1.98	%		72.04	%
The Institutional Value Equity Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	13.54		4.51	%	$	1,041,038		0.29	%		0.29	%		0.29	%		1.92	%		64.19	%
Year Ended June 30, 2014		14.79		22.82	%		1,036,650		0.32	%		0.31	%		0.31	%		2.45	%		63.68	%
Year Ended June 30, 2013		14.60		25.76	%		936,866		0.28	%		0.26	%		0.26	%		2.76	%		51.12	%
Year Ended June 30, 2012		12.55		0.78	%		958,796		0.29	%		0.26	%		0.26	%		2.58	%		128.77	%
Year Ended June 30, 2011		12.96		28.41	%		820,117		0.40	%		0.35	%		0.35	%		1.79	%		97.05	%(f)
Year Ended June 30, 2010		10.26		15.54	%		688,971		0.42	%		0.37	%		0.38	%		1.60	%		107.30	%
HC Advisors Shares
Six Months ended December 31, 2014 (Unaudited)	$	13.55		4.58	%	$	1,322		0.54	%		0.29	%		0.29	%		1.93	%		64.19	%
Year Ended June 30, 2014		14.79		22.82	%		1,434		0.57	%		0.31	%		0.31	%		2.45	%		63.68	%
Year Ended June 30, 2013		14.60		25.76	%		2,098		0.46	%		0.26	%		0.26	%		2.76	%		51.12	%
Year Ended June 30, 2012		12.55		0.70	%		1,658		0.29	%		0.26	%		0.26	%		2.58	%		128.77	%
Period Ended June 30, 2011(d)		12.97		29.14	%		1,292		0.65	%		0.35	%		0.35	%		1.83	%		97.05	%(f)
The Growth Equity Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	21.59		6.98	%	$	884,460		0.30	%		0.30	%		0.30	%		0.91	%		18.99	%
Year Ended June 30, 2014		20.51		22.33	%		839,813		0.28	%		0.28	%		0.28	%		1.09	%		30.28	%
Year Ended June 30, 2013		16.95		15.62	%		736,260		0.27	%		0.27	%		0.27	%		1.47	%		23.77	%
Year Ended June 30, 2012		14.88		8.49	%		731,586		0.31	%		0.31	%		0.31	%		1.11	%		64.59	%
Year Ended June 30, 2011		13.87		34.56	%		735,267		0.37	%		0.36	%		0.37	%		0.82	%		49.14	%
Year Ended June 30, 2010		10.39		11.26	%		589,930		0.37	%		0.37	%		0.37	%		0.89	%		51.80	%
HC Advisors Shares
Six Months ended December 31, 2014 (Unaudited)	$	21.56		6.99	%	$	1,663		0.55	%		0.30	%		0.30	%		0.91	%		18.99	%
Year Ended June 30, 2014		20.48		22.29	%		1,690		0.53	%		0.28	%		0.28	%		1.09	%		30.28	%
Year Ended June 30, 2013		16.93		15.64	%		1,530		0.46	%		0.27	%		0.27	%		1.49	%		23.77	%
Year Ended June 30, 2012		14.86		8.50	%		928		0.31	%		0.31	%		0.31	%		1.10	%		64.59	%
Period Ended June 30, 2011(d)		13.85		34.24	%		955		0.62	%		0.36	%		0.37	%		0.83	%		49.14	%
The Institutional Growth Equity Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	16.53		6.77	%	$	1,460,986		0.28	%		0.28	%		0.28	%		0.99	%		44.36	%
Year Ended June 30, 2014		16.59		22.19	%		1,442,721		0.26	%		0.26	%		0.26	%		1.15	%		48.43	%
Year Ended June 30, 2013		15.00		17.08	%		1,142,874		0.26	%		0.26	%		0.26	%		1.53	%		39.54	%
Year Ended June 30, 2012		15.02		8.20	%		1,090,547		0.32	%		0.32	%		0.32	%		1.18	%		83.80	%
Year Ended June 30, 2011		14.10		34.29	%		1,072,089		0.39	%		0.38	%		0.37	%		0.92	%		85.12	%(f)
Year Ended June 30, 2010		10.58		12.23	%		858,425		0.40	%		0.40	%		0.40	%		0.68	%		85.24	%
HC Advisors Shares
Six Months ended December 31, 2014 (Unaudited)	$	16.52		6.70	%	$	1,898		0.53	%		0.28	%		0.28	%		0.99	%		44.36	%
Year Ended June 30, 2014		16.59		22.19	%		1,935		0.51	%		0.26	%		0.26	%		1.16	%		48.43	%
Year Ended June 30, 2013		15.00		17.15	%		1,842		0.44	%		0.26	%		0.26	%		1.54	%		39.54	%
Year Ended June 30, 2012		15.01		8.13	%		1,828		0.32	%		0.32	%		0.32	%		1.19	%		83.80	%
Period Ended June 30, 2011(d)		14.10		34.16	%		1,555		0.64	%		0.38	%		0.37	%		0.92	%		85.12	%(f)

See accompanying notes to financial statements.

204

HC CAPITAL TRUST
Financial Highlights (continued)
Selected data for a share outstanding throughout the periods indicated.


			Change in Net Assets Resulting From Operations:									Distributions to Shareholders:
	Net Asset Value, Beginning of Period		Net Investment Income/ (Loss)			Net Realized/ Unrealized Gains/(Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains from Investments			Tax Return of Capital			Total Distributions to Shareholders
The Small Capitalization–Mid Capitalization Equity Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	21.22	$	0.01		$	0.62		$	0.63		$	(0.01	)	$	—		$	—		$	(0.01	)
Year Ended June 30, 2014		17.12		0.06			4.11			4.17			(0.07	)		—			—			(0.07	)
Year Ended June 30, 2013		13.68		0.15			3.43			3.58			(0.14	)		—			—			(0.14	)
Year Ended June 30, 2012		14.04		0.07			(0.36	)		(0.29	)		(0.07	)		—			—			(0.07	)
Year Ended June 30, 2011		10.41		0.05			3.64			3.69			(0.06	)		—			—			(0.06	)
Year Ended June 30, 2010		8.94		0.04			1.47			1.51			(0.04	)		—			—			(0.04	)
HC Advisors Shares																			—
Six Months ended December 31, 2014 (Unaudited)	$	21.20	$	0.01		$	0.62		$	0.63		$	(0.01	)	$	—			—		$	(0.01	)
Year Ended June 30, 2014		17.10		0.06			4.11			4.17			(0.07	)		—			—			(0.07	)
Year Ended June 30, 2013		13.66		0.14			3.44			3.58			(0.14	)		—			—			(0.14	)
Year Ended June 30, 2012		14.03		0.07			(0.37	)		(0.30	)		(0.07	)		—			—			(0.07	)
Period Ended June 30, 2011(d)		10.13		0.05			3.91			3.96			(0.06	)		—			—			(0.06	)
The Institutional Small Capitalization–Mid Capitalization Equity Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	17.19	$	0.01		$	0.46		$	0.47		$	(0.01	)	$	(1.72	)	$	—		$	(1.73	)
Year Ended June 30, 2014		17.09		0.03			3.28			3.31			(0.03	)		(3.18	)		—			(3.21	)
Year Ended June 30, 2013		13.52		0.09			3.58			3.67			(0.10	)		—			—			(0.10	)
Year Ended June 30, 2012		13.90		0.04			(0.38	)		(0.34	)		(0.04	)		—			—			(0.04	)
Year Ended June 30, 2011		10.32		0.05			3.59			3.64			(0.06	)		—			—			(0.06	)
Year Ended June 30, 2010		8.88		0.05			1.43			1.48			(0.04	)		—			—			(0.04	)
HC Advisors Shares
Six Months ended December 31, 2014 (Unaudited)	$	17.19	$	0.01		$	0.46		$	0.47		$	(0.01	)	$	(1.72	)	$	—		$	(1.73	)
Year Ended June 30, 2014		17.09		0.03			3.28			3.31			(0.03	)		(3.18	)		—			(3.21	)
Year Ended June 30, 2013		13.52		0.09			3.58			3.67			(0.10	)		—			—			(0.10	)
Year Ended June 30, 2012		13.90		0.04			(0.38	)		(0.34	)		(0.04	)		—			—			(0.04	)
Period Ended June 30, 2011(d)		10.05		0.05			3.86			3.91			(0.06	)		—			—			(0.06	)
The Real Estate Securities Portfolio
HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	3.20	$	0.03		$	0.33		$	0.36		$	(0.04	)	$	(0.16	)	$	—		$	(0.20	)
Period Ended June 30, 2014(e)		2.76		0.05			0.41			0.46			(0.02	)		—	^(j)		—			(0.02	)
Period Ended June 30, 2013(f)		11.16		0.09			0.94			1.03			(0.11	)		(6.65	)		—	^(j)		(6.76	)
Year Ended June 30, 2012		17.60		0.13			0.63			0.76			(0.20	)		(7.00	)		—			(7.20	)
Year Ended June 30, 2011		13.53		0.20			4.71			4.91			(0.33	)		(0.51	)		—			(0.84	)
Year Ended June 30, 2010		10.08		0.21			3.53			3.74			(0.27	)		(0.02	)		—			(0.29	)
The Commodity Returns Strategy Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)(g)	$	11.64	$	0.04		$	(2.58	)	$	(2.54	)	$	(0.06	)	$	(0.03	)	$	—		$	(0.09	)
Year Ended June 30, 2014(g)		9.82		0.09			1.83			1.92			(0.10	)		—			—			(0.10	)
Year Ended June 30, 2013(g)		10.01		0.12			(0.20	)		(0.08	)		(0.11	)		—			—			(0.11	)
Year Ended June 30, 2012(g)		12.62		0.07			(2.46	)		(2.39	)		(0.06	)		(0.16	)		—			(0.22	)
Year Ended June 30, 2011(g)		9.57		0.04			3.19			3.23			(0.04	)		(0.14	)		—			(0.18	)
Period Ended June 30, 2010(g)(h)		10.00		—	^(j)		(0.43	)		(0.43	)		—			—			—			—
HC Advisors Shares
Six Months ended December 31, 2014 (Unaudited)(g)	$	11.63	$	0.03		$	(2.56	)	$	(2.53	)	$	(0.06	)	$	(0.03	)	$	—		$	(0.09	)
Year Ended June 30, 2014(g)		9.81		0.08			1.84			1.92			(0.10	)		—			—			(0.10	)
Year Ended June 30, 2013(g)		10.01		0.12			(0.21	)		(0.09	)		(0.11	)		—			—			(0.11	)
Year Ended June 30, 2012(g)		12.62		0.08			(2.47	)		(2.39	)		(0.06	)		(0.16	)		—			(0.22	)
Period Ended June 30, 2011(d)(g)		9.71		0.05			3.04			3.09			(0.04	)		(0.14	)		—			(0.18	)
The International Equity Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	13.56	$	0.10		$	(1.34	)	$	(1.24	)	$	(0.12	)	$	(1.38	)	$	—		$	(1.50	)
Year Ended June 30, 2014		11.35		0.43			2.25			2.68			(0.43	)		(0.04	)		—			(0.47	)
Year Ended June 30, 2013		9.74		0.32			1.61			1.93			(0.32	)		—			—			(0.32	)
Year Ended June 30, 2012		10.98		0.24			(1.25	)		(1.01	)		(0.23	)		—			—			(0.23	)
Year Ended June 30, 2011		8.51		0.25			2.49			2.74			(0.27	)		—			—			(0.27	)
Year Ended June 30, 2010		7.92		0.17			0.58			0.75			(0.16	)		—			—			(0.16	)
HC Advisors Shares
Six Months ended December 31, 2014 (Unaudited)	$	13.56	$	0.09		$	(1.33	)	$	(1.24	)	$	(0.12	)	$	(1.38	)	$	—		$	(1.50	)
Year Ended June 30, 2014		11.36		0.43			2.24			2.67			(0.43	)		(0.04	)		—			(0.47	)
Year Ended June 30, 2013		9.75		0.31			1.62			1.93			(0.32	)		—			—			(0.32	)
Year Ended June 30, 2012		10.99		0.24			(1.25	)		(1.01	)		(0.23	)		—			—			(0.23	)
Period Ended June 30, 2011		8.74		0.23			2.29			2.52			(0.27	)		—			—			(0.27	)

Graphic -- Image -- line.gif

(a)

Not annualized for periods less than one year.

(b)

Annualized for periods less than one year.

(c)

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

(d)

For the period July 6, 2010 (commencement of operations) through June 30, 2011.

(e)

For the period September 12, 2013 (commencement of operations) through June 30, 2014.

(f)

Represents the last traded net asset value per share on June 30, 2013 As of the close of business on June 30, 2013, the Real Estate Securities Portfolio had no net assets and no shareholders and was closed to new investors.

(g)

Statement has been consolidated. Please see Note 2O in the Notes to Financial Statements for basis of consolidation.

(h)

For the period June 8, 2010 (commencement of operations) through June 30, 2010.

(i)

Amount rounds to less than $0.005 per share.

See accompanying notes to financial statements.

205


						Ratios/Supplementary Data:
	Net Asset Value, End of Period		Total Return^(a)			Net Assets, at End of Period (in thousands)		Ratio of Expenses to Average Net Assets, Prior to Expenses Paid Indirectly and Waivers^(b)			Ratio of Expenses to Average Net Assets, Net of Expenses Paid Indirectly and Waivers^(b)			Ratio of Expenses to Average Net Assets, Net of Waivers^(b)			Ratio of Net Investment Income/ (Loss) to Average Net Assets^(b)			Portfolio Turnover Rate^(a)^(c)
The Small Capitalization–Mid Capitalization Equity Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	21.84		2.95	%	$	114,117		0.80	%		0.79	%		0.79	%		0.02	%		18.21	%
Year Ended June 30, 2014		21.22		24.38	%		113,698		0.61	%		0.60	%		0.60	%		0.32	%		41.18	%
Year Ended June 30, 2013		17.12		26.34	%		112,700		0.56	%		0.56	%		0.56	%		0.99	%		34.45	%
Year Ended June 30, 2012		13.68		(2.06	)%		125,014		0.63	%		0.63	%		0.63	%		0.52	%		57.28	%
Year Ended June 30, 2011		14.04		35.48	%		134,582		0.70	%		0.70	%		0.70	%		0.37	%		51.76	%
Year Ended June 30, 2010		10.41		16.83	%		113,749		0.74	%		0.73	%		0.74	%		0.37	%		101.53	%
HC Advisors Shares
Six Months ended December 31, 2014 (Unaudited)	$	21.82		2.95	%	$	208		1.05	%		0.79	%		0.79	%		0.02	%		18.21	%
Year Ended June 30, 2014		21.20		24.41	%		207		0.86	%		0.60	%		0.60	%		0.32	%		41.18	%
Year Ended June 30, 2013		17.10		26.38	%		191		0.75	%		0.56	%		0.56	%		1.02	%		34.45	%
Year Ended June 30, 2012		13.66		(2.13	)%		162		0.63	%		0.63	%		0.63	%		0.52	%		57.28	%
Period Ended June 30, 2011(d)		14.03		39.12	%		157		0.95	%		0.70	%		0.70	%		0.37	%		51.76	%
The Institutional Small Capitalization–Mid Capitalization Equity Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	15.93		3.01	%	$	195,580		0.80	%		0.79	%		0.79	%		0.11	%		54.20	%
Year Ended June 30, 2014		17.19		20.85	%		182,460		0.70	%		0.70	%		0.70	%		0.21	%		67.75	%
Year Ended June 30, 2013		17.09		27.29	%		177,162		0.70	%		0.69	%		0.69	%		0.68	%		58.43	%
Year Ended June 30, 2012		13.52		(2.45	)%		196,911		0.78	%		0.76	%		0.76	%		0.29	%		81.04	%
Year Ended June 30, 2011		13.90		35.33	%		188,534		0.71	%		0.71	%		0.71	%		0.42	%		100.93	%
Year Ended June 30, 2010		10.32		16.65	%		161,671		0.72	%		0.71	%		0.72	%		0.41	%		156.96	%
HC Advisors Shares
Six Months ended December 31, 2014 (Unaudited)	$	15.93		3.01	%	$	227		1.05	%		0.79	%		0.79	%		0.10	%		54.20	%
Year Ended June 30, 2014		17.19		20.85	%		239		0.95	%		0.70	%		0.70	%		0.22	%		67.75	%
Year Ended June 30, 2013		17.09		27.29	%		243		0.88	%		0.69	%		0.69	%		0.67	%		58.43	%
Year Ended June 30, 2012		13.52		(2.45	)%		276		0.78	%		0.76	%		0.76	%		0.29	%		81.04	%
Period Ended June 30, 2011(d)		13.90		38.97	%		228		0.96	%		0.71	%		0.71	%		0.44	%		100.93	%
The Real Estate Securities Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	3.36		11.34	%	$	158,277		0.77	%		0.77	%		0.77	%		1.52	%		31.88	%
Period Ended June 30, 2014(e)		3.20		17.00	%		171,583		0.79	%		0.78	%		0.78	%		1.94	%		52.49	%
Period Ended June 30, 2013(f)		5.43		13.28	%		—		0.88	%		0.88	%		0.88	%		0.98	%		53.50	%
Year Ended June 30, 2012		11.16		12.29	%		77,739		0.82	%		0.82	%		0.82	%		1.00	%		70.31	%
Year Ended June 30, 2011		17.60		37.15	%		147,326		0.80	%		0.80	%		0.80	%		2.15	%		79.82	%
Year Ended June 30, 2010		13.53		37.08	%		207,039		0.82	%		0.82	%		0.82	%		1.91	%		45.39	%
The Commodity Returns Strategy Portfolio
HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)(g)	$	9.01		(21.79	)%	$	900,406		0.67	%		0.67	%		0.67	%		0.66	%		164.73	%
Year Ended June 30, 2014(g)		11.64		19.64	%		1,174,593		0.66	%		0.66	%		0.66	%		0.87	%		61.70	%
Year Ended June 30, 2013(g)		9.82		(0.85	)%		906,350		0.64	%		0.64	%		0.64	%		1.18	%		34.75	%
Year Ended June 30, 2012(g)		10.01		(18.95	)%		686,912		0.73	%		0.73	%		0.73	%		0.83	%		83.66	%
Year Ended June 30, 2011(g)		12.62		33.86	%		500,846		1.03	%		1.03	%		1.03	%		0.40	%		79.60	%
Period Ended June 30, 2010(g)(h)		9.57		(4.30	)%		120,841		1.06	%		1.06	%		1.06	%		(0.40	)%		3.26	%
HC Advisors Shares
Six Months ended December 31, 2014 (Unaudited)(g)	$	9.01		(21.72	)%	$	1,391		0.92	%		0.67	%		0.67	%		0.65	%		164.73	%
Year Ended June 30, 2014(g)		11.63		19.66	%		1,621		0.91	%		0.66	%		0.66	%		0.81	%		61.70	%
Year Ended June 30, 2013(g)		9.81		(0.95	)%		1,151		0.82	%		0.64	%		0.64	%		1.20	%		34.75	%
Year Ended June 30, 2012(g)		10.01		(18.95	)%		902		0.73	%		0.73	%		0.73	%		0.84	%		84.66	%
Period Ended June 30, 2011(d)(g)		12.62		31.93	%		609		1.28	%		1.03	%		1.03	%		0.44	%		79.60	%
The International Equity Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	10.82		(9.29	)%	$	1,309,387		0.40	%		0.40	%		0.40	%		1.51	%		22.86	%
Year Ended June 30, 2014		13.56		23.72	%		1,613,553		0.42	%		0.42	%		0.42	%		3.26	%		55.23	%
Year Ended June 30, 2013		11.35		19.76	%		1,385,888		0.41	%		0.41	%		0.41	%		2.91	%		46.29	%
Year Ended June 30, 2012		9.74		(9.13	)%		1,190,531		0.54	%		0.54	%		0.54	%		2.58	%		68.87	%
Year Ended June 30, 2011		10.98		32.30	%		1,204,581		0.57	%		0.57	%		0.57	%		2.42	%		49.11	%
Year Ended June 30, 2010		8.51		9.39	%		926,187		0.60	%		0.60	%		0.60	%		1.51	%		74.59	%
HC Advisors Shares
Six Months ended December 31, 2014 (Unaudited)	$	10.82		(9.29	)%	$	2,635		0.65	%		0.40	%		0.40	%		1.50	%		22.86	%
Year Ended June 30, 2014		13.56		23.61	%		3,136		0.67	%		0.42	%		0.42	%		3.24	%		55.23	%
Year Ended June 30, 2013		11.36		19.74	%		2,732		0.61	%		0.41	%		0.41	%		3.07	%		46.29	%
Year Ended June 30, 2012		9.75		(9.12	)%		1,581		0.54	%		0.54	%		0.54	%		2.62	%		68.87	%
Period Ended June 30, 2011		10.99		28.93	%		1,466		0.82	%		0.57	%		0.57	%		3.05	%		49.11	%

See accompanying notes to financial statements.

206

HC CAPITAL TRUST
Financial Highlights (continued)
Selected data for a share outstanding throughout the periods indicated.


			Change in Net Assets Resulting From Operations:									Distributions to Shareholders:
	Net Asset Value, Beginning of Period		Net Investment Income/ (Loss)			Net Realized/ Unrealized Gains/(Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains from Investments			Tax Return of Capital		Total Distributions to Shareholders
The Institutional International Equity Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	12.58	$	0.08		$	(1.25	)	$	(1.17	)	$	(0.12	)	$	(1.08	)	$	—	$	(1.20	)
Year Ended June 30, 2014		10.87		0.40			2.17			2.57			(0.40	)		(0.46	)		—		(0.86	)
Year Ended June 30, 2013		9.38		0.30			1.56			1.86			(0.30	)		(0.07	)		—		(0.37	)
Year Ended June 30, 2012		10.97		0.22			(1.29	)		(1.07	)		(0.21	)		(0.31	)		—		(0.52	)
Year Ended June 30, 2011		8.51		0.25			2.49			2.74			(0.28	)		—			—		(0.28	)
Period Ended June 30, 2010(d)		9.64		0.14			(1.14	)		(1.00	)		(0.13	)		—			—		(0.13	)
HC Advisors Shares
Six Months ended December 31, 2014 (Unaudited)	$	12.57	$	0.09		$	(1.25	)	$	(1.16	)	$	(0.12	)	$	(1.08	)	$	—	$	(1.20	)
Year Ended June 30, 2014		10.87		0.41			2.15			2.56			(0.40	)		(0.46	)		—		(0.86	)
Year Ended June 30, 2013		9.37		0.31			1.56			1.87			(0.30	)		(0.07	)		—		(0.37	)
Year Ended June 30, 2012		10.96		0.23			(1.30	)		(1.07	)		(0.21	)		(0.31	)		—		(0.52	)
Period Ended June 30, 2011(e)		8.73		0.24			2.27			2.51			(0.28	)		—			—		(0.28	)
The Emerging Markets Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	20.01	$	0.23	^(f)	$	(2.28	)	$	(2.05	)	$	(0.41	)	$	(0.30	)	$	—	$	(0.71	)
Year Ended June 30, 2014		17.51		0.35			2.51			2.86			(0.36	)		—			—		(0.36	)
Year Ended June 30, 2013		17.79		0.34			(0.36	)		(0.02	)		(0.26	)		—			—		(0.26	)
Year Ended June 30, 2012		22.42		0.18			(4.20	)		(4.02	)		(0.17	)		(0.44	)		—		(0.61	)
Year Ended June 30, 2011		17.81		0.25			4.72			4.97			(0.15	)		(0.21	)		—		(0.36	)
Period Ended June 30, 2010(g)		18.84		0.12			(1.15	)		(1.03	)		—			—			—		—
HC Advisors Shares
Six Months ended December 31, 2014 (Unaudited)	$	20.00	$	0.23	^(f)	$	(2.28	)	$	(2.05	)	$	(0.41	)	$	(0.30	)	$	—	$	(0.71	)
Year Ended June 30, 2014		17.51		0.35			2.50			2.85			(0.36	)		—			—		(0.36	)
Year Ended June 30, 2013		17.79		0.36			(0.38	)		(0.02	)		(0.26	)		—			—		(0.26	)
Year Ended June 30, 2012		22.42		0.19			(4.21	)		(4.02	)		(0.17	)		(0.44	)		—		(0.61	)
Period Ended June 30, 2011(e)		18.17		0.25			4.36			4.61			(0.15	)		(0.21	)		—		(0.36	)
The Core Fixed Income Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	9.89	$	0.10		$	0.04		$	0.14		$	(0.11	)	$	(0.01	)	$	—	$	(0.12	)
Year Ended June 30, 2014		9.73		0.22			0.24			0.46			(0.25	)		(0.05	)		—		(0.30	)
Year Ended June 30, 2013		10.27		0.21			(0.30	)		(0.09	)		(0.26	)		(0.19	)		—		(0.45	)
Year Ended June 30, 2012		10.14		0.24			0.53			0.77			(0.25	)		(0.39	)		—		(0.64	)
Year Ended June 30, 2011		10.25		0.19			0.15			0.34			(0.25	)		(0.20	)		—		(0.45	)
Year Ended June 30, 2010		9.57		0.32			0.70			1.02			(0.34	)		—			—		(0.34	)
HC Advisors Shares
Six Months ended December 31, 2014 (Unaudited)	$	9.88	$	0.10		$	0.04		$	0.14		$	(0.11	)	$	(0.01	)	$	—	$	(0.12	)
Year Ended June 30, 2014		9.73		0.21			0.24			0.45			(0.25	)		(0.05	)		—		(0.30	)
Year Ended June 30, 2013		10.26		0.21			(0.29	)		(0.08	)		(0.26	)		(0.19	)		—		(0.45	)
Year Ended June 30, 2012		10.13		0.24			0.53			0.77			(0.25	)		(0.39	)		—		(0.64	)
Period Ended June 30, 2011(e)		10.27		0.24			0.07			0.31			(0.25	)		(0.20	)		—		(0.45	)
The Fixed Income Opportunity Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	7.65	$	0.19		$	(0.41	)	$	(0.22	)	$	(0.21	)	$	(0.17	)	$	—	$	(0.38	)
Year Ended June 30, 2014		7.41		0.43			0.37			0.80			(0.43	)		(0.13	)		—		(0.56	)
Year Ended June 30, 2013		7.22		0.47			0.19			0.66			(0.47	)		—			—		(0.47	)
Year Ended June 30, 2012		7.39		0.52			(0.16	)		0.36			(0.53	)		—			—		(0.53	)
Year Ended June 30, 2011		6.73		0.57			0.66			1.23			(0.57	)		—			—		(0.57	)
Year Ended June 30, 2010		6.19		0.58			0.52			1.10			(0.56	)		—			—		(0.56	)
HC Advisors Shares
Six Months ended December 31, 2014 (Unaudited)	$	7.65	$	0.19		$	(0.41	)	$	(0.22	)	$	(0.21	)	$	(0.17	)	$	—	$	(0.38	)
Year Ended June 30, 2014		7.40		0.41			0.40			0.81			(0.43	)		(0.13	)		—		(0.56	)
Year Ended June 30, 2013		7.22		0.47			0.18			0.65			(0.47	)		—			—		(0.47	)
Year Ended June 30, 2012		7.39		0.53			(0.17	)		0.36			(0.53	)		—			—		(0.53	)
Period Ended June 30, 2011(e)		6.74		0.53			0.69			1.22			(0.57	)		—			—		(0.57	)

Graphic -- Image -- line.gif

^(a)

Not annualized for periods less than one year.

^(b)

Annualized for periods less than one year.

^(c)

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

^(d)

For the period July 6, 2010 (commencement of operations) through June 30, 2011.

^(e)

For the period November 20, 2009 (commencement of operations) through June 30, 2010.

^(f)

Per share amounts are based on average shares outstanding.

^(g)

For the period December 10, 2009 (commencement of operations) through June 30, 2010.

See accompanying notes to financial statements.

207


						Ratios/Supplementary Data:
	Net Asset Value, End of Period		Total Return^(a)			Net Assets at End of Period (in thousands)		Ratio of Expenses to Average Net Assets, Prior to Expenses Paid Indirectly and Waivers^(b)			Ratio of Expenses to Average Net Assets, Net of Expenses Paid Indirectly and Waivers^(b)			Ratio of Expenses to Average Net Assets, Net of Waivers^(b)			Ratio of Net Investment Income (Loss) to Average Net Assets^(b)			Portfolio Turnover Rate^(a)^(c)
The Institutional International Equity Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	10.21		(9.38	)%	$	2,864,335		0.36	%		0.36	%		0.36	%		1.63	%		19.73	%
Year Ended June 30, 2014		12.58		24.16	%		3,001,838		0.40	%		0.40	%		0.40	%		3.35	%		64.38	%
Year Ended June 30, 2013		10.87		19.86	%		2,431,816		0.42	%		0.42	%		0.42	%		2.93	%		47.98	%
Year Ended June 30, 2012		9.38		(9.40	)%		1,990,173		0.55	%		0.55	%		0.55	%		2.59	%		68.64	%
Year Ended June 30, 2011		10.97		32.24	%		1,753,957		0.58	%		0.58	%		0.58	%		2.30	%		54.67	%
Period Ended June 30, 2010(d)		8.51		(10.46	)%		1,417,353		0.60	%		0.59	%		0.60	%		2.48	%		24.84	%
HC Advisors Shares
Six Months ended December 31, 2014 (Unaudited)	$	10.21		(9.30	)%	$	3,241		0.61	%		0.36	%		0.36	%		1.63	%		19.73	%
Year Ended June 30, 2014		12.57		24.07	%		3,598		0.65	%		0.40	%		0.40	%		3.27	%		64.38	%
Year Ended June 30, 2013		10.87		19.99	%		3,385		0.63	%		0.42	%		0.42	%		2.89	%		47.98	%
Year Ended June 30, 2012		9.37		(9.41	)%		3,148		0.55	%		0.55	%		0.55	%		2.68	%		68.64	%
Period Ended June 30, 2011(e)		10.96		28.79	%		2,399		0.83	%		0.58	%		0.58	%		2.53	%		54.67	%
The Emerging Markets Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	17.25		(10.20	)%	$	1,760,599		0.58	%		0.58	%		0.58	%		2.35	%		35.59	%
Year Ended June 30, 2014		20.01		16.48	%		1,813,476		0.73	%		0.73	%		0.73	%		2.26	%		75.84	%
Year Ended June 30, 2013		17.51		(0.28	)%		1,079,208		0.77	%		0.77	%		0.77	%		2.27	%		63.21	%
Year Ended June 30, 2012		17.79		(17.81	)%		719,013		0.98	%		0.98	%		0.98	%		1.68	%		52.27	%
Year Ended June 30, 2011		22.42		28.05	%		510,732		1.00	%		1.00	%		1.00	%		1.21	%		61.56	%
Period Ended June 30, 2010(g)		17.81		(5.45	)%		345,184		1.04	%		1.04	%		1.04	%		1.32	%		44.29	%
HC Advisors Shares
Six Months ended December 31, 2014 (Unaudited)	$	17.24		(10.21	)%	$	2,504		0.83	%		0.58	%		0.58	%		2.35	%		35.59	%
Year Ended June 30, 2014		20.00		16.42	%		2,861		0.98	%		0.73	%		0.73	%		2.25	%		75.84	%
Year Ended June 30, 2013		17.51		(0.28	)%		1,778		0.95	%		0.77	%		0.77	%		2.24	%		63.21	%
Year Ended June 30, 2012		17.79		(17.81	)%		1,350		0.98	%		0.98	%		0.98	%		1.68	%		52.27	%
Period Ended June 30, 2011(e)		22.42		25.44	%		966		1.25	%		1.00	%		1.00	%		1.28	%		61.56	%
The Core Fixed Income Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	9.91		1.47	%	$	98,439		0.25	%		0.25	%		0.25	%		1.98	%		26.34	%
Year Ended June 30, 2014		9.89		4.78	%		99,718		0.25	%		0.25	%		0.25	%		2.22	%		75.17	%
Year Ended June 30, 2013		9.73		(1.02	)%		93,015		0.27	%		0.26	%		0.26	%		2.09	%		53.26	%
Year Ended June 30, 2012		10.27		7.75	%		94,895		0.30	%		0.30	%		0.30	%		2.34	%		64.20	%
Year Ended June 30, 2011		10.14		3.36	%		103,528		0.33	%		0.33	%		0.33	%		2.30	%		684.04	%
Year Ended June 30, 2010		10.25		10.78	%		356,056		0.34	%		0.34	%		0.34	%		3.23	%		511.41	%
HC Advisors Shares
Six Months ended December 31, 2014 (Unaudited)	$	9.90		1.47	%	$	2,861		0.50	%		0.25	%		0.25	%		1.98	%		26.34	%
Year Ended June 30, 2014		9.88		4.68	%		2,730		0.50	%		0.25	%		0.25	%		2.22	%		75.17	%
Year Ended June 30, 2013		9.73		(0.92	)%		2,341		0.45	%		0.26	%		0.26	%		2.08	%		53.26	%
Year Ended June 30, 2012		10.26		7.76	%		2,232		0.30	%		0.30	%		0.30	%		2.36	%		64.20	%
Period Ended June 30, 2011(e)		10.13		3.05	%		2,659		0.58	%		0.33	%		0.33	%		2.26	%		684.04	%
The Fixed Income Opportunity Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	7.05		(2.82	)%	$	786,939		0.34	%		0.34	%		0.34	%		5.09	%		20.12	%
Year Ended June 30, 2014		7.65		11.23	%		804,070		0.30	%		0.30	%		0.30	%		5.52	%		82.94	%
Year Ended June 30, 2013		7.41		9.17	%		752,140		0.43	%		0.43	%		0.43	%		6.33	%		74.84	%
Year Ended June 30, 2012		7.22		5.27	%		585,953		0.53	%		0.53	%		0.53	%		7.30	%		104.25	%
Year Ended June 30, 2011		7.39		18.78	%		452,436		0.54	%		0.54	%		0.54	%		7.84	%		157.18	%
Year Ended June 30, 2010		6.73		18.19	%		378,847		0.56	%		0.56	%		0.56	%		8.57	%		126.93	%
HC Advisors Shares
Six Months ended December 31, 2014 (Unaudited)	$	7.05		(2.82	)%	$	1,038		0.59	%		0.34	%		0.34	%		5.08	%		20.12	%
Year Ended June 30, 2014		7.65		11.39	%		1,050		0.55	%		0.30	%		0.30	%		5.52	%		82.94	%
Year Ended June 30, 2013		7.40		9.03	%		914		0.64	%		0.43	%		0.43	%		6.33	%		74.84	%
Year Ended June 30, 2012		7.22		5.27	%		753		0.53	%		0.53	%		0.53	%		7.33	%		104.25	%
Period Ended June 30, 2011(e)		7.39		18.61	%		824		0.79	%		0.54	%		0.54	%		7.80	%		157.18	%

See accompanying notes to financial statements.

208

HC CAPITAL TRUST
Financial Highlights (concluded)
Selected data for a share outstanding throughout the periods indicated.


			Change in Net Assets Resulting From Operations:									Distributions to Shareholders:
	Net Asset Value, Beginning of Period		Net Investment Income/ (Loss)			Net Realized/ Unrealized Gains/ (Losses) on Investments			Total from Operations			Net Investment Income			Net Realized Gains from Investments			Total Distributions to Shareholders
The U.S. Government Fixed Income Securities Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	9.94	$	0.06		$	0.13		$	0.19		$	(0.06	)	$	—		$	(0.06	)
Year Ended June 30, 2014		9.91		0.12			0.07			0.19			(0.13	)		(0.03	)		(0.16	)
Year Ended June 30, 2013		10.48		0.12			(0.30	)		(0.18	)		(0.12	)		(0.27	)		(0.39	)
Year Ended June 30, 2012		10.01		0.15			0.66			0.81			(0.15	)		(0.19	)		(0.34	)
Period Ended June 30, 2011(d)		10.00		0.07			0.01			0.08			(0.07	)		—			(0.07	)
The Inflation Protected Securities Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	10.25	$	0.01		$	(0.21	)	$	(0.20	)	$	(0.05	)	$	(0.01	)	$	(0.06	)
Period Ended June 30, 2014(h)		10.00		0.11			0.24			0.35			(0.10	)		—			(0.10	)
HC Advisors Shares
Six Months ended December 31, 2014 (Unaudited)	$	10.26	$	—	⁽ⁱ⁾	$	(0.21	)	$	(0.21	)	$	(0.05	)	$	(0.01	)	$	(0.06	)
Period Ended June 30, 2014(h)		10.00		0.12			0.24			0.36			(0.10	)		—			(0.10	)
The U.S. Corporate Fixed Income Securities Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	10.24	$	0.14		$	(0.04	)	$	0.10		$	(0.14	)	$	(0.10	)	$	(0.24	)
Year Ended June 30, 2014		9.97		0.31			0.44			0.75			(0.32	)		(0.16	)		(0.48	)
Year Ended June 30, 2013		10.59		0.35			(0.35	)		—	⁽ⁱ⁾		(0.34	)		(0.28	)		(0.62	)
Year Ended June 30, 2012		9.96		0.26			0.81			1.07			(0.35	)		(0.09	)		(0.44	)
Period Ended June 30, 2011(d)		10.00		0.18			(0.04	)		0.14			(0.18	)		—			(0.18	)
The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	9.87	$	0.10		$	0.06		$	0.16		$	(0.13	)	$	—		$	(0.13	)
Year Ended June 30, 2014		9.78		0.21			0.18			0.39			(0.30	)		—			(0.30	)
Year Ended June 30, 2013		10.22		0.20			(0.30	)		(0.10	)		(0.34	)		—			(0.34	)
Year Ended June 30, 2012		10.13		0.25			0.24			0.49			(0.36	)		(0.04	)		(0.40	)
Period Ended June 30, 2011(d)		10.00		0.10			0.13			0.23			(0.10	)		—			(0.10	)
The Short-Term Municipal Bond Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	10.04	$	0.06		$	(0.06	)	$	—	⁽ⁱ⁾	$	(0.07	)	$	—		$	(0.07	)
Year Ended June 30, 2014		10.05		0.12			0.01			0.13			(0.12	)		(0.02	)		(0.14	)
Year Ended June 30, 2013		10.26		0.13			(0.11	)		0.02			(0.13	)		(0.10	)		(0.23	)
Year Ended June 30, 2012		10.24		0.20			0.04			0.24			(0.20	)		(0.02	)		(0.22	)
Year Ended June 30, 2011		10.28		0.22			(0.03	)		0.19			(0.22	)		(0.01	)		(0.23	)
Year Ended June 30, 2010		10.23		0.27			0.07			0.34			(0.26	)		(0.03	)		(0.29	)
The Intermediate Term Municipal Bond Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	10.11	$	0.10		$	0.01		$	0.11		$	(0.11	)	$	—		$	(0.11	)
Year Ended June 30, 2014		9.96		0.25			0.15			0.40			(0.25	)		—			(0.25	)
Year Ended June 30, 2013		10.10		0.28			(0.14	)		0.14			(0.28	)		—			(0.28	)
Year Ended June 30, 2012		9.64		0.33			0.46			0.79			(0.33	)		—			(0.33	)
Year Ended June 30, 2011		9.59		0.34			0.05			0.39			(0.34	)		—			(0.34	)
Year Ended June 30, 2010		9.17		0.36			0.42			0.78			(0.36	)		—			(0.36	)
HC Advisors Shares
Six Months ended December 31, 2014 (Unaudited)	$	10.11	$	0.10		$	0.01		$	0.11		$	(0.11	)	$	—		$	(0.11	)
Year Ended June 30, 2014		9.96		0.25			0.15			0.40			(0.25	)		—			(0.25	)
Year Ended June 30, 2013		10.10		0.26			(0.12	)		0.14			(0.28	)		—			(0.28	)
Year Ended June 30, 2012		9.64		0.33			0.46			0.79			(0.33	)		—			(0.33	)
Period Ended June 30, 2011(f)		9.61		0.32			0.05			0.37			(0.34	)		—			(0.34	)
The Intermediate Term Municipal Bond II Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	10.41	$	0.09		$	0.03		$	0.12		$	(0.10	)	$	(0.04	)	$	(0.14	)
Year Ended June 30, 2014		10.28		0.22			0.16			0.38			(0.22	)		(0.03	)		(0.25	)
Year Ended June 30, 2013		10.56		0.22			(0.25	)		(0.03	)		(0.22	)		(0.03	)		(0.25	)
Year Ended June 30, 2012		10.10		0.23			0.47			0.70			(0.23	)		(0.01	)		(0.24	)
Period Ended June 30, 2011(g)		10.00		0.17			0.10			0.27			(0.17	)		—			(0.17	)
HC Advisors Shares
Six Months ended December 31, 2014 (Unaudited)	$	10.41	$	0.09		$	0.03		$	0.12		$	(0.10	)	$	(0.04	)	$	(0.14	)
Year Ended June 30, 2014		10.29		0.22			0.15			0.37			(0.22	)		(0.03	)		(0.25	)
Year Ended June 30, 2013		10.56		0.22			(0.24	)		(0.02	)		(0.22	)		(0.03	)		(0.25	)
Year Ended June 30, 2012		10.10		0.23			0.47			0.70			(0.23	)		(0.01	)		(0.24	)
Period Ended June 30, 2011(g)		10.11		0.14			(0.01	)		0.13			(0.14	)		—			(0.14	)

Graphic -- Image -- line.gif

^(a)

Not annualized for periods less than one year.

^(b)

Annualized for periods less than one year.

^(c)

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

^(d)

For the period December 6, 2010 (commencement of operations) through June 30, 2011.

^(e)

Portfolio Turnover does not include TBA security transactions.

^(f)

For the period July 6, 2010 (commencement of operations) through June 2011.

^(g)

For the period July 13, 2010 (commencement of operations) through June 30. 2011.

^(h)

For the period April 3, 2014 (commencement of operations) through June 30, 2014 .

⁽ⁱ⁾

Amount rounds to less than $0.005 per share.

See accompanying notes to financial statements.

209


						Ratios/Supplementary Data:
	Net Asset Value, End of Period		Total Return^(a)			Net Assets at End of Period (in thousands)		Ratio of Expenses to Average Net Assets, Prior to Expenses Paid Indirectly and Waivers^(b)			Ratio of Expenses to Average Net Assets, Net of Expenses Paid Indirectly and Waivers^(b)			Ratio of Expenses to Average Net Assets, Net of Waivers^(b)			Ratio of Net Investment Income (Loss) to Average Net Assets^(b)			Portfolio Turnover Rate^(a)^(c)
The U.S. Government Fixed Income Securities Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	10.07		1.93	%	$	274,059		0.16	%		0.16	%		0.16	%		1.18	%		56.47	%
Year Ended June 30, 2014		9.94		1.91	%		246,914		0.18	%		0.18	%		0.18	%		1.29	%		62.52	%
Year Ended June 30, 2013		9.91		(1.75	)%		265,390		0.18	%		0.18	%		0.18	%		1.21	%		41.62	%
Year Ended June 30, 2012		10.48		8.10	%		250,150		0.25	%		0.25	%		0.25	%		1.40	%		89.01	%
Period Ended June 30, 2011(d)		10.01		0.85	%		291,810		0.26	%		0.26	%		0.26	%		1.43	%		73.52	%
The Inflation Protected Securities Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	9.99		(2.01	)%	$	510,692		0.18	%		0.18	%		0.18	%		0.13	%		13.27	%
Period Ended June 30, 2014(h)		10.25		3.50	%		526,458		0.15	%		0.15	%		0.15	%		4.55	%		18.56	%
HC Advisors Shares
Six Months ended December 31, 2014 (Unaudited)	$	9.99		(2.11	)%	$	1		0.43	%		0.18	%		0.18	%		0.13	%		13.27	%
Period Ended June 30, 2014(h)		10.26		3.60	%		1		0.40	%		0.15	%		0.15	%		4.58	%		18.56	%
The U.S. Corporate Fixed Income Securities Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	10.10		0.97	%	$	248,278		0.32	%		0.32	%		0.32	%		2.67	%		37.23	%
Year Ended June 30, 2014		10.24		7.76	%		257,604		0.33	%		0.33	%		0.33	%		3.16	%		130.81	%
Year Ended June 30, 2013		9.97		(0.24	)%		220,054		0.33	%		0.33	%		0.33	%		3.26	%		52.16	%
Year Ended June 30, 2012		10.59		10.87	%		207,893		0.35	%		0.35	%		0.35	%		3.33	%		56.04	%
Period Ended June 30, 2011(d)		9.96		1.44	%		233,801		0.36	%		0.36	%		0.36	%		3.48	%		127.65	%
The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	9.90		1.68	%	$	274,755		0.17	%		0.17	%		0.17	%		1.98	%		10.92%(e)
Year Ended June 30, 2014		9.87		4.04	%		250,632		0.17	%		0.17	%		0.17	%		2.12	%		26.46%(e)
Year Ended June 30, 2013		9.78		(1.05	)%		253,548		0.23	%		0.23	%		0.23	%		1.84	%		34.20%(e)
Year Ended June 30, 2012		10.22		4.95	%		237,857		0.30	%		0.30	%		0.30	%		2.49	%		28.67%(e)
Period Ended June 30, 2011(d)		10.13		2.33	%		278,160		0.31	%		0.31	%		0.31	%		1.60	%		10.64%(e)
The Short-Term Municipal Bond Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	9.97		(0.03	)%	$	21,188		0.29	%		0.29	%		0.29	%		1.20	%		14.17	%
Year Ended June 30, 2014		10.04		1.26	%		21,703		0.29	%		0.29	%		0.29	%		1.16	%		25.15	%
Year Ended June 30, 2013		10.05		0.21	%		22,608		0.27	%		0.27	%		0.27	%		1.27	%		5.92	%
Year Ended June 30, 2012		10.26		2.33	%		25,718		0.27	%		0.27	%		0.27	%		1.88	%		22.24	%
Year Ended June 30, 2011		10.24		1.92	%		32,518		0.28	%		0.28	%		0.28	%		2.17	%		19.68	%
Year Ended June 30, 2010		10.28		3.39	%		37,806		0.29	%		0.29	%		0.29	%		2.59	%		25.70	%
The Intermediate Term Municipal Bond Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	10.11		1.08	%	$	413,969		0.26	%		0.26	%		0.26	%		2.02	%		16.50	%
Year Ended June 30, 2014		10.11		4.10	%		423,257		0.29	%		0.29	%		0.29	%		2.49	%		34.05	%
Year Ended June 30, 2013		9.96		1.39	%		419,846		0.29	%		0.29	%		0.29	%		2.74	%		59.43	%
Year Ended June 30, 2012		10.10		8.29	%		442,365		0.31	%		0.31	%		0.31	%		3.24	%		16.99	%
Year Ended June 30, 2011		9.64		4.13	%		493,229		0.33	%		0.33	%		0.33	%		3.48	%		21.78	%
Year Ended June 30, 2010		9.59		8.57	%		579,760		0.34	%		0.34	%		0.34	%		3.78	%		36.62	%
HC Advisors Shares
Six Months ended December 31, 2014 (Unaudited)	$	10.11		1.08	%	$	2,082		0.51	%		0.26	%		0.26	%		2.02	%		16.50	%
Year Ended June 30, 2014		10.11		4.10	%		2,490		0.54	%		0.29	%		0.29	%		2.48	%		34.05	%
Year Ended June 30, 2013		9.96		1.39	%		1,840		0.48	%		0.29	%		0.29	%		2.70	%		59.43	%
Year Ended June 30, 2012		10.10		8.29	%		1,056		0.31	%		0.31	%		0.31	%		3.24	%		16.99	%
Period Ended June 30, 2011(f)		9.64		3.92	%		1,211		0.58	%		0.33	%		0.33	%		3.50	%		21.78	%
The Intermediate Term Municipal Bond II Portfolio HC Strategic Shares
Six Months ended December 31, 2014 (Unaudited)	$	10.39		1.16	%	$	75,678		0.31	%		0.31	%		0.31	%		1.77	%		13.03	%
Year Ended June 30, 2014		10.41		3.76	%		77,702		0.25	%		0.25	%		0.25	%		2.12	%		17.84	%
Year Ended June 30, 2013		10.28		(0.37	)%		73,472		0.25	%		0.25	%		0.25	%		2.06	%		3.76	%
Year Ended June 30, 2012		10.56		6.97	%		72,377		0.25	%		0.25	%		0.25	%		2.17	%		12.31	%
Period Ended June 30, 2011(g)		10.10		2.72	%		72,294		0.32	%		0.32	%		0.32	%		1.86	%		2.81	%
HC Advisors Shares
Six Months ended December 31, 2014 (Unaudited)	$	10.39		1.16	%	$	604		0.56	%		0.31	%		0.31	%		1.77	%		13.03	%
Year Ended June 30, 2014		10.41		3.66	%		724		0.50	%		0.25	%		0.25	%		2.11	%		17.84	%
Year Ended June 30, 2013		10.29		(0.27	)%		463		0.44	%		0.25	%		0.25	%		2.06	%		3.76	%
Year Ended June 30, 2012		10.56		6.97	%		277		0.25	%		0.25	%		0.25	%		2.24	%		12.31	%
Period Ended June 30, 2011(g)		10.10		1.54	%		303		0.57	%		0.32	%		0.32	%		1.99	%		2.81	%

See accompanying notes to financial statements.

210

HC CAPITAL TRUST
Notes to Financial Statements — December 31, 2014 (Unaudited)

1. DESCRIPTION. HC Capital Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management series investment company. The Trust is a Delaware statutory trust which was organized on December 15, 1994. As of December 31, 2014, the Trust offered twenty separate investment portfolios: The Value Equity Portfolio (“Value Portfolio”), The Institutional Value Equity Portfolio (“Institutional Value Portfolio”), The Growth Equity Portfolio (“Growth Portfolio”), The Institutional Growth Equity Portfolio (“Institutional Growth Portfolio”), The Small Capitalization–Mid Capitalization Equity Portfolio (“Small Cap–Mid Cap Portfolio”), The Institutional Small Capitalization–Mid Capitalization Equity Portfolio (“Institutional Small Cap–Mid Cap Portfolio”), The Real Estate Securities Portfolio (“Real Estate Portfolio”), The Commodity Returns Strategy Portfolio (“Commodity Portfolio”), The International Equity Portfolio (“International Portfolio”), The Institutional International Equity Portfolio (“Institutional International Portfolio”), The Emerging Markets Portfolio (“Emerging Markets Portfolio”), The Core Fixed Income Portfolio (“Core Fixed Income Portfolio”), The Fixed Income Opportunity Portfolio (“Fixed Opportunity Portfolio”), The U.S. Government Fixed Income Securities Portfolio (“U.S. Government Fixed Income Portfolio”), The Inflation Protected Securities Portfolio (“Inflation Protected Portfolio”), The U.S. Corporate Fixed Income Securities Portfolio (“U.S. Corporate Fixed Income Portfolio”), The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio (“U.S. Mortgage/Asset Backed Fixed Income Portfolio”), The Short-Term Municipal Bond Portfolio (“Short-Term Municipal Portfolio”), The Intermediate Term Municipal Bond Portfolio (“Intermediate Municipal Portfolio”) and The Intermediate Term Municipal Bond II Portfolio (“Intermediate Municipal II Portfolio) (each a “Portfolio” and collectively the “Portfolios”).

Each Portfolio is authorized to issue an unlimited number of shares of beneficial interest with a par value of $0.001 each in two classes of shares: HC Advisors Shares and HC Strategic Shares. As of December 31, 2014, the HC Advisors Shares for U.S. Government Fixed Income Portfolio, U.S. Corporate Fixed Income Portfolio, U.S. Mortgage/Asset Backed Fixed Income Portfolio and Short-Term Municipal Portfolio had not yet commenced operations. Each class of shares for each of the Portfolios has identical rights and privileges except with respect to voting rights on matters affecting a single class of shares. The Trust’s investment adviser is HC Capital Solutions (the “Adviser”), an operating division of Hirtle Callaghan & Co., LLC.

All the Portfolios in the Trust, except the Real Estate Portfolio are diversified portfolios under the 1940 Act. The Real Estate Portfolio is a non-diversified portfolio, which means that it may concentrate its investments in the securities of a limited number of issuers.

As is customary, the Trust’s organizational documents permit the Trust to indemnify its officers and trustees against certain liabilities under certain circumstances. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that also permit the indemnification of parties to the contract under certain circumstances. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES. The following is a summary of the significant accounting policies followed by the Portfolios in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The presentation of the Portfolios’ financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

A. Portfolio Valuation. The net asset value (“NAV”) per share of each Portfolio is determined at the close of regular trading on the New York Stock Exchange (“NYSE”), normally at 4:00 p.m. Eastern time, on days the NYSE is open. Each class’s NAV per share is calculated by adding the market value or fair value, as applicable, of all securities and other assets of the Portfolio, subtracting its liabilities and dividing the result by the number of its outstanding shares.

211

HC CAPITAL TRUST
Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

B. Securities Valuation. Security values are ordinarily obtained through the use of independent pricing services in accordance with procedures adopted by the Trust’s Board of Trustees (the “Board”). Pursuant to such procedures, the Portfolios may use a pricing service, bank, or broker-dealer experienced in such matters to value the Portfolio’s securities. When reliable market quotations are not readily available for any security, the fair value of that security will be determined by a committee established by the Board in accordance with procedures adopted by the Board. The fair valuation process is designed to value the subject security at the price the Portfolio would reasonably expect to receive upon its current sale. Additional consideration is given to securities that have experienced a decrease in the volume or level of activity or to circumstances that indicate that a transaction is not orderly.

For disclosure purposes, the Trust has a three-tier fair value hierarchy that is dependent upon the various “inputs” used to determine the value of the Portfolios’ investments. These inputs are summarized in the three broad levels listed below:

•

Level 1 — quoted prices in active markets for identical assets

•

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3 — significant unobservable inputs (including a Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

Equity Securities (Common and Preferred Stock and Exchange-Traded Funds): Readily marketable portfolio securities listed on a national securities exchange or on NASDAQ are valued at the closing price on the exchange or at the NASDAQ Official Closing Price. If there have been no sales on such exchange, or on NASDAQ, the securities are valued at the closing bid price. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy. Readily marketable securities traded only in the over-the-counter market and not on NASDAQ are valued at the closing price and are typically categorized as Level 1 in the fair value hierarchy, or, if there have been no sales, are valued at the mean of the last reported bid and asked prices and are typically categorized as Level 2 in the fair value hierarchy.

Securities listed on a foreign exchange are valued at the closing price on that exchange provided that where the prices of such securities are denominated in foreign currencies, such prices are converted into U.S. dollars at the bid price of such currencies against U.S. dollars at the time of the NAV calculation. If there have been no sales on such exchange, the security is valued at the closing bid price. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy. Fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the NAV is calculated. Such securities may be valued at fair value in accordance with procedures adopted by the Board. Management identifies possible fluctuations in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, a Portfolio may use a systematic valuation model provided by an independent third party to fair value its international securities. Such systematic valuations are typically categorized as Level 2 in the fair value hierarchy.

Mutual Funds: Mutual funds are valued at their respective daily net asset value and are typically categorized as Level 1 in the fair value hierarchy.

Fixed Income Securities (Corporate, Municipal and Foreign Bonds, U.S. Government and Agency Securities and Inflation Indexed Bonds): Fixed income securities are valued using various inputs including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, and industry and market events, and are typically categorized as Level 2 in the fair value hierarchy.

212

HC CAPITAL TRUST
Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

Asset Backed and Mortgage Backed Securities: In addition to the inputs discussed above for fixed income securities, asset backed and mortgage backed securities are valued using new issue data, monthly payment information and collateral performance and are typically categorized as Level 2 in the fair value hierarchy.

Short-Term Obligations: Short-term obligations with maturities of 60 days or less may also be valued at amortized cost, which constitutes fair value as determined by the Board. Such securities are typically categorized as Level 2 in the fair value hierarchy.

Derivative Instruments (Futures, Options, Swaps and Forward Currency Contracts): Swaps are valued using interdealer broker rates, benchmark yields, and swap details and are typically categorized as Level 2 in the fair value hierarchy. Exchange traded futures, swaps and options are valued using quoted prices from the exchange and are typically categorized as Level 1 in the fair value hierarchy. Interest rate swaptions are valued using future interest rate volatility, yield curve, and strike price and are typically categorized as Level 2 in the fair value hierarchy. Forward currency contracts are valued using market quotes posted by major currency dealers and are typically categorized as Level 2 in the fair value hierarchy.

The following is a summary of the inputs used to value the following Portfolios’ securities as of December 31, 2014 (amounts in thousands):


Portfolio	LEVEL 1 – Quoted Prices		LEVEL 2 – Other Significant Observable Inputs		LEVEL 3 – Significant Unobservable Inputs		Total
Value Portfolio
Common Stocks¹	$	549,974	$	—	$	—	$	549,974
Time Deposit		—		1,956		—		1,956
Mutual Fund		64,463		—		—		64,463
Total Investments	$	614,437	$	1,956	$	—	$	616,393
Institutional Value Portfolio
Common Stocks¹	$	878,735	$	—	$	—	$	878,735
Time Deposit		—		5,572		—		5,572
Mutual Funds		106,040		—		—		106,040
Total Investments	$	984,775	$	5,572	$	—	$	990,347
Growth Portfolio
Common Stocks¹	$	742,506	$	—	$	—	$	742,506
Time Deposit		—		9,970		—		9,970
Mutual Funds		87,320		—		—		87,320
Total Investments	$	829,826	$	9,970	$	—	$	839,796
Institutional Growth Portfolio
Common Stocks¹	$	1,188,047	$	—	$	—	$	1,188,047
Corporate Bonds¹		—		5,296		—		5,296
Asset Backed Securities		—		105		—		105
Collateralized Mortgage Obligations		—		2,848		—		2,848
Global Bonds²		—		4,007		—		4,007
Municipal Bond³		—		234		—		234
U.S. Government Agency Mortgages		—		320		—		320
U.S. Treasury Obligations		—		27,643		—		27,643
Yankee Dollars¹		—		4,506		—		4,506
Time Deposit		—		20,122		—		20,122
Mutual Funds		140,553		—		—		140,553
Repurchase Agreements		—		10,500		—		10,500
Total Investments	$	1,328,600	$	75,581	$	—	$	1,404,181

213

HC CAPITAL TRUST
Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)


Portfolio	LEVEL 1 – Quoted Prices			LEVEL 2 – Other Significant Observable Inputs			LEVEL 3 – Significant Unobservable Inputs		Total
Institutional Growth Portfolio (continued)
Other Financial Instruments⁴
Futures	$	1,407		$	—		$	—	$	1,407
Centrally Cleared Interest Rate Swaps		—			(1,044	)		—		(1,044	)
Interest Rate Swaps		—			51			—		51
Currency Contracts		—			1,044			—		1,044
Small Cap–Mid Cap Portfolio
Common Stocks¹	$	98,952		$	—		$	—	$	98,952
Time Deposit		—			2,354			—		2,354
Mutual Funds		13,034			—			—		13,034
Contingent Rights		—			—	⁵		—		—	⁵
Warrant		—	⁵		—			—		—	⁵
Total Investments	$	111,986		$	2,354		$	—	$	114,340
Institutional Small Cap–Mid Cap Portfolio
Common Stocks¹	$	171,042		$	—		$	—	$	171,042
Time Deposit		—			6,803			—		6,803
Mutual Funds		18,521			—			—		18,521
Contingent Rights		—			—	⁵		—		—	⁵
Total Investments	$	189,563		$	6,803		$	—	$	196,366
Real Estate Portfolio
Common Stocks¹	$	146,377		$	2,133		$	—	$	148,510
Mutual Funds		9,364			—			—		9,364
Total Investments	$	155,741		$	2,133		$	—	$	157,874
Commodity Portfolio
Common Stocks^{1, 2, 6}	$	306,165		$	257,719		$	—	$	563,884
Preferred Stocks^{1, 2}		4,135			308			—		4,443
Corporate Bonds¹		—			14,089			—		14,089
Asset Backed Securities		—			5,787			—		5,787
Collateralized Mortgage Obligations		—			9,478			—		9,478
Certificates of Deposit		—			11,529			—		11,529
Global Bonds²		—			26,814			—		26,814
U.S. Government Agency Securities		—			15,375			—		15,375
U.S. Treasury Obligations		—			46,430			—		46,430
Yankee Dollars^{1, 2}		—			16,425			—		16,425
Time Deposit		—			14,501			—		14,501
Right^{1, 2}		37			—			—		37
Mutual Funds		9,154			—			—		9,154
Options		31			—			—		31
Repurchase Agreements		—			174,800			—		174,800
Commercial Paper		—			1,277			—		1,277
Total Investments	$	319,522		$	594,532		$	—	$	914,054
Other Financial Instruments⁴
Futures	$	(6,982	)	$	—		$	—	$	(6,982	)
Currency Contracts		—			940			—		940
Written Options		(137	)		(84	)		—		(221	)
Variance Swaps		—			(118	)		—		(118)

214

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Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)


Portfolio	LEVEL 1 – Quoted Prices		LEVEL 2 – Other Significant Observable Inputs			LEVEL 3 – Significant Unobservable Inputs		Total
Commodity Portfolio (continued)
Other Financial Instruments⁴ (continued)
Commodity Forward Swaps	$	—	$	3		$	—	$	3
Commodity Swaps		—		(7,757	)		—		(7,757	)
Total Return Swaps		—		(75	)		—		(75	)
Interest Rate Swaps		—		(249	)		—		(249	)
Centrally Cleared Interest Rate Swaps		—		(1,291	)		—		(1,291	)
International Portfolio
Common Stocks^{1, 2, 6}	$	48,915	$	1,214,729		$	—	$	1,263,644
Preferred Stocks^{1, 2}		2,946		5,351			—		8,297
U.S. Treasury Obligations		—		30			—		30
Time Deposit		—		5,544			—		5,544
Rights^{1, 2}		2		31			—		33
Mutual Funds		25,364		—			—		25,364
Total Investments	$	77,227	$	1,225,685		$	—	$	1,302,912
Other Financial Instruments⁴
Futures	$	15	$	—		$	—	$	15
Currency Contracts		—		(8	)		—		(8	)
Institutional International Portfolio
Common Stocks^{1, 2, 6}	$	90,082	$	2,698,059		$	—	$	2,788,141
Preferred Stocks^{1, 2}		5,264		10,616			—		15,880
U.S. Treasury Obligations		—		55			—		55
Time Deposit		—		27,434			—		27,434
Rights^{1, 2}		2		56			—		58
Mutual Funds		22,505		—			—		22,505
Repurchase Agreement		—		5,000			—		5,000
Warrant^{1, 2}		30		—			—		30
Total Investments	$	117,883	$	2,741,220		$	—	$	2,859,103
Other Financial Instruments⁴
Futures	$	24	$	—		$	—	$	24
Currency Contracts		—		(12	)		—		(12	)
Emerging Markets Portfolio
Common Stocks^{1, 2}	$	291,495	$	1,306,724		$	—	$	1,598,219
Preferred Stocks^{1, 2}		64,421		8,377			—		72,798
Time Deposit		—		10,425			—		10,425
Right		14		—			—		14
Mutual Funds		90,620		—			—		90,620
Repurchase Agreement		—		10,000			—		10,000
Total Investments	$	446,550	$	1,335,526		$	—	$	1,782,076
Core Fixed Income Portfolio
Corporate Bonds¹	$	—	$	25,477		$	—	$	25,477
Asset Backed Securities		—		527			—		527
Collateralized Mortgage Obligations		—		2,279			—		2,279
U.S. Government Agency Securities		—		1,954			—		1,954
U.S. Government Agency Mortgages		—		31,968			—		31,968
U.S. Treasury Obligations		—		21,000			—		21,000

215

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Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)


Portfolio	LEVEL 1 – Quoted Prices		LEVEL 2 – Other Significant Observable Inputs			LEVEL 3 – Significant Unobservable Inputs		Total
Core Fixed Income Portfolio (continued)
Yankee Dollars¹	$	—	$	4,577		$	—	$	4,577
Time Deposit		—		32			—		32
Mutual Funds		16,759		—			—		16,759
Total Investments	$	16,759	$	87,814		$	—	$	104,573
TBA Sale Commitments	$	—	$	(527	)	$	—	$	(527	)
Fixed Opportunity Portfolio
Corporate Bonds¹	$	—	$	496,417		$	—	$	496,417
Asset Backed Security		—		5,660			—		5,660
Collateralized Mortgage Obligations		—		54,944			—		54,944
Yankee Dollars¹		—		117,047			—		117,047
Time Deposit		—		2,700			—		2,700
Mutual Funds		102,775		—			—		102,775
Repurchase Agreement		—		5,000			—		5,000
Total Investments	$	102,775	$	681,768		$	—	$	784,543
Other Financial Instruments⁴
Futures	$	159	$	—		$	—	$	159
U.S. Government Fixed Income Portfolio
Corporate Bond¹	$	—	$	275		$	—	$	275
U.S. Government Agency Securities		—		20,179			—		20,179
U.S. Treasury Obligations		—		215,336			—		215,336
Time Deposit		—		516			—		516
Mutual Fund		35,986		—			—		35,986
Total Investments	$	35,986	$	236,306		$	—	$	272,292
Inflation Protected Portfolio
U.S. Treasury Obligations	$	—	$	454,610		$	—	$	454,610
Mutual Funds		54,160		—			—		54,160
Total Investments	$	54,160	$	454,610		$	—	$	508,770
U.S. Corporate Fixed Income Portfolio
Corporate Bonds¹	$	—	$	177,047		$	—	$	177,047
Yankee Dollars¹		—		30,999			—		30,999
Mutual Funds		37,659		—			—		37,659
Total Investments	$	37,659	$	208,046		$	—	$	245,705
U.S. Mortgage/Asset Backed Fixed Income Portfolio
Asset Backed Securities	$	—	$	4,127		$	—	$	4,127
Collateralized Mortgage Obligations		—		14,995			—		14,995
U.S. Government Agency Mortgages		—		221,459			—		221,459
Mutual Funds		64,553		—			—		64,553
Total Investments	$	64,553	$	240,581		$	—	$	305,134
TBA Sale Commitments	$	—	$	(2,416	)	$	—	$	(2,416	)
Short-Term Municipal Portfolio
Municipal Bonds³	$	—	$	20,671		$	—	$	20,671
Mutual Fund		304		—			—		304
Total Investments	$	304	$	20,671		$	—	$	20,975

216

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Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)


Portfolio	LEVEL 1 – Quoted Prices		LEVEL 2 – Other Significant Observable Inputs			LEVEL 3 – Significant Unobservable Inputs		Total
Intermediate Municipal Portfolio
Corporate Bond¹	$	—	$	—	⁵	$	—	$	—	⁵
Municipal Bonds³		—		357,765			—		357,765
Time Deposit		—		2,094			—		2,094
Mutual Fund		53,982		—			—		53,982
Total Investments	$	53,982	$	359,859		$	—	$	413,841
Intermediate Municipal II Portfolio
Municipal Bonds³	$	—	$	65,438		$	—	$	65,438
Mutual Funds		10,929		—			—		10,929
Total Investments	$	10,929	$	65,438		$	—	$	76,367

Graphic -- Image -- line.gif

1

Please see the Portfolio of Investments for industry classification.

2

Please see the Portfolio of Investments for country classification.

3

Please see the Portfolio of Investments for state classification.

4

Other Financial Instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures and currency contracts, which are valued at the unrealized appreciation/(depreciation) on the instrument and written options and swap agreements, which are valued at fair value.

5

Amounts are $0 or have been rounded to $0.

6

Please see the Portfolio of Investments for securities noted as Level 2.

The Trust’s policy is to disclose transfers between fair value hierarchy levels based on valuations at the end of the reporting period. There were no transfers from Level 2 to Level 1 as of December 31, 2014.

There were however, transfers from Level 1 to Level 2 as of December 31, 2014. On December 31, 2014, the Portfolios shown below systematically fair valued foreign securities trading on foreign stock exchanges that close before U.S. stock exchanges. The Portfolios did not systematically fair value on June 30, 2014.


	Tranfers from Level 1 to Level 2
Commodity Portfolio
Common Stocks	$	226,392
International Portfolio
Common Stocks		1,124,566
Institutional International Portfolio
Common Stocks		2,369,042
Emerging Markets Portfolio
Common Stocks		1,066,337

C. Securities Transactions and Investment Income. For financial reporting purposes, portfolio securities transactions are reported on trade date. However, for daily NAV determination, portfolio securities transactions are reflected no later than in the first calculation on the first business day following trade date. Dividend income is recognized on the ex-dividend date and foreign dividends are recognized as soon as reliable information is available from the Portfolio’s sources. Interest income, including amortization of premium and accretion of discount on investments, is accrued daily, as earned. Realized gains and losses from securities transactions are determined by comparing the identified cost of the security lot sold to the net sales proceeds. Realized gains and losses from paydown transactions on mortgage backed and asset backed securities are classified as investment income or loss for financial reporting purposes.

217

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Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

For certain securities, including real estate investment trusts, the Portfolio records distributions received in excess of income as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available. Actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Portfolio adjusts the estimated amounts of the components of distributions as adjustments to investment income, unrealized appreciation/depreciation and realized gain/loss on investments as necessary, once the issuers provide information about the actual composition of the distributions.

D. Restricted Securities. A restricted security is a security that cannot be offered for public sale without prior registration under the Securities Act of 1933 (the “1933 Act”) (absent an exemption). Whether a restricted security is illiquid is determined pursuant to guidelines established by the Board of Trustees. Not all restricted securities are considered illiquid. At December 31, 2014, the Commodity Portfolio and Intermediate Municipal Portfolio held illiquid restricted securities representing 0.14% and 0.46% of net assets, respectively. The illiquid restricted securities held as of December 31, 2014 are identified below:


Security	Acquisition Date		Acquisition Cost (000)		Shares or Principal Amount (000)		Fair Value (000)
Commodity Portfolio
Reliance Industries Ltd.		10/3/11	$	2,391		43	$	1,227
Intermediate Municipal Portfolio
Chicago Illinois Certificates of Participation, Tax Increment Allocation Revenue, Diversey/Narragansett Project, Series NT, Callable 8/11/14 @ 100		8/1/06	$	2,839		2,660	$	1,903

E. Allocations. Expenses directly attributable to a Portfolio are charged to that Portfolio. Class specific expenses, if any, are borne by that class. Other expenses are allocated proportionately among the Portfolios in relation to the net assets of each Portfolio or by another appropriate method. Income, non-class specific expenses and realized and unrealized gains and losses are allocated to the respective classes based on relative net assets.

F. Dividends and Capital Gain Distributions to Shareholders. The Core Fixed Income Portfolio, U.S. Government Fixed Income Portfolio, Inflation Protected Portfolio, U.S. Corporate Fixed Income Portfolio, U.S. Mortgage/Asset Backed Fixed Income Portfolio, Short-Term Municipal Portfolio, Intermediate Municipal Portfolio and Intermediate Municipal II Portfolio declare and distribute dividends from net investment income on a monthly basis. The Value Portfolio, Institutional Value Portfolio, Growth Portfolio, Institutional Growth Portfolio, Small Cap–Mid Cap Portfolio, Institutional Small Cap–Mid Cap Portfolio, Real Estate Portfolio, Commodity Portfolio and Fixed Opportunity Portfolio declare and distribute dividends from net investment income, if any, on a quarterly basis. The International Portfolio and the Institutional International Portfolio declare and distribute dividends from net investment income, if any, on a semiannual basis. The Emerging Markets Portfolio declares and distributes dividends from net investment income, if any, on an annual basis. Net realized capital gains, if any, are declared and distributed at least annually by each Portfolio.

G. Repurchase Agreements. Among the instruments that each of the Portfolios may use for temporary investment purposes are repurchase agreements. Under the terms of a typical repurchase agreement, a Portfolio would acquire an underlying debt security for a relatively short period (usually not more than one week), subject to an obligation of the seller to repurchase that security and the obligation of the Portfolio to resell that security at an agreed-upon price and date. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Portfolio’s ability to dispose of the underlying securities. The creditworthiness of those banks and non-bank dealers with which the Portfolios may enter into repurchase agreements are monitored in accordance with guidelines adopted by the Board, as is the market value of the securities underlying any repurchase agreement to ensure that the repurchase obligation of the seller is collateralized by an amount at least equal to the repurchase price including accrued interest. All repurchase agreements are fully collateralized by cash and/or government securities (as defined in the 1940 Act). If approved by the Adviser, repurchase agreements may also be fully collateralized by other securities that, at the time the repurchase agreement is entered into, are determined by the Board,

218

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Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

or its authorized delegate, to be (i) issued by an issuer that has an exceptionally strong capacity to meet its obligations on the collateral, and (ii) sufficiently liquid that they can be sold by the Trust at approximately their carrying value in the ordinary course of business within seven (7) calendar days. Master Repurchase Agreements (“MRA”) permit the Portfolios, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables under the MRA with collateral posted by the counterparty and create one net payment due to or from the Portfolios. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, the Portfolios receive securities as collateral with a market value in excess of the repurchase price to be received by the Portfolios upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Portfolios would recognize a liability with respect to such excess collateral to reflect the Portfolio’s obligation under bankruptcy law to return the excess to the counterparty.

The following table is a summary of each Portfolio’s open repurchase agreements by counterparty which are subject to offset under an MRA on a net basis as of December 31, 2014:


Portfolio	Value of Repurchase Agreements (000)		Value of Collateral Received (000)		Net Amount (000)
Institutional Growth Equity Portfolio	$	10,500	$	10,500	$	—
Commodity Returns Strategy Portfolio		174,800		174,800		—

H. TBA Purchase and Sale Commitments. Certain of the Portfolios may enter into “TBA” (to be announced) commitments to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBA commitments may be considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date. The risk is in addition to the risk of decline in the value of a Portfolio’s other assets. Unsettled TBA commitments are valued at the current market value of the underlying securities, according to the procedures described under “Securities Valuation” above.

I. Commission Recapture. Certain of the Portfolios participate in a commission recapture program. These Portfolios will utilize the recaptured commissions to pay for, in whole or in part, certain expenses of the Portfolios, excluding investment advisory and distribution fees. The expenses eligible to be paid will include, but are not limited to, administration fees, audit fees, custodian fees, legal fees and printing expenses, as directed by the Trust. These amounts are disclosed as “Expenses paid indirectly” on the Statements of Operations.

For the period ending December 31, 2014, the following commissions were recaptured (amounts in thousands):


Portfolio	Commissions Recaptured
Value Equity Portfolio	$	21
Institutional Value Equity Portfolio		42
Growth Portfolio		7
Institutional Growth Equity Portfolio		12
Small Capitalization–Mid Capitalization Equity Portfolio		3
Institutional Small Capitalization–Mid Capitalization Equity Portfolio		5
Real Estate Securities Portfolio		1
Commodity Returns Strategy Portfolio		5
International Equity Portfolio		3
Institutional International Equity Portfolio		9
Emerging Markets Portfolio		32

219

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Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

J. Foreign Exchange Transactions. The books and records of the Portfolios are maintained in U.S. dollars. Non-U.S. dollar denominated amounts are translated into U.S. dollars as follows, with the resultant exchange gains and losses recorded in the Statements of Operations:

i) value of investment securities and other assets and liabilities at the exchange rate on the valuation date; and

ii) purchases and sales of investment securities and income and expenses at the exchange rate prevailing on the respective date of such transactions.

The Portfolios do not isolate realized and unrealized gains and losses attributable to changes in the exchange rates from gains and losses that arise from changes in the value of investments. Such fluctuations are included with net realized and unrealized gain or loss on investments.

Dividends and interest from non-U.S. sources received by a Portfolio are generally subject to non-U.S. withholding taxes at rates ranging up to 30%. Such withholding taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties, and each Portfolio intends to, if reasonable, undertake any procedural steps required to claim the benefits of such treaties. If the value of more than 50% of a Portfolio’s total assets at the close of any taxable year consists of stock or securities of non-U.S. corporations, the Portfolio may elect to treat any non-U.S. taxes paid by it as paid by its shareholders.

The Portfolios may be subject to foreign taxes on gains in investments or currency repatriation. The Portfolios accrue such taxes, as applicable, based on their current interpretation of tax rules in the foreign markets in which they invest.

K. Derivative Instruments. Certain of the Portfolios may invest in various financial instruments including positions in forward currency contracts, financial futures contracts, options contracts and swap agreements.

220

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Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

The following is a summary of the fair value of derivative instruments held by the Portfolios as of December 31, 2014 (amounts in thousands).


	Assets
Portfolio	Unrealized appreciation on futures contracts*		Investments, at value for purchased options		Investments, at value for written options		Unrealized appreciation on forward currency contracts		Swap agreements, at value*
Equity Risk Exposure:
Institutional Growth Portfolio	$	1,375	$	—	$	—	$	—	$	—
Commodity Portfolio		6		—		—		—		1
International Portfolio		15		—		—		—		—
Institutional International Portfolio		24		—		—		—		—
Foreign Exchange Rate Risk Exposure:
Institutional Growth Portfolio		—		—		—		1,972		—
Commodity Portfolio		—		—		—		1,333		—
International Portfolio		—		—		—		21		—
Institutional International Portfolio		—		—		—		34		—
Fixed Income Opportunity Portfolio		159		—		—		—		—
Commodity Risk Exposure:
Commodity Portfolio		2,104		31		—		—		262
Interest Rate Risk Exposure:
Institutional Growth Portfolio		63		—		—		—		444
Commodity Portfolio		—		—		—		—		422


	Liabilities
Portfolio	Net unrealized deprecation on futures contracts*		Purchased options, at fair value		Written options, at fair value		Unrealized depreciation on forward currency contracts		Swap agreements, at value*
Equity Risk Exposure:
Commodity Portfolio	$	6	$	—	$	—	$	—	$	—
Foreign Exchange Rate Risk Exposure:
Institutional Growth Portfolio		—		—		—		928		—
Commodity Portfolio		—		—		—		393
International Portfolio		—		—		—		29		—
Institutional International Portfolio		—		—		—		46		—
Commodity Risk Exposure:
Commodity Portfolio		9,086		—		137		—		8,210
Interest Rate Risk Exposure:
Institutional Growth Portfolio		31		—		—		—		1,539
Commodity Portfolio		—		—		84		—		1,962

Graphic -- Image -- line.gif

*

Total fair value is presented by Primary Risk Exposure. For foreign currency contracts, such amounts represent the appreciation (for asset derivatives) or depreciation (for liability derivatives). For futures contracts and centrally cleared swaps, the amounts represent their cumulative appreciation/depreciation.

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

221

HC CAPITAL TRUST
Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

The following is a summary of the effect of derivative instruments on the Statements of Operations for the year ending December 31, 2014 (amounts in thousands).


Portfolio	Net realized gains/(losses) from futures transactions			Net realized gains/(losses) from written options transactions			Net realized gains/(losses) from purchased options transactions			Net realized gains/(losses) from foreign currency transactions			Net realized gains/(losses) from swap transactions
Equity Risk Exposure:
Institutional Growth Portfolio	$	11,117		$	—		$	—		$	—		$	—
Commodity Portfolio		12			—			—			—			—
International Portfolio		(116	)		—			—			—			—
Institutional International Portfolio		(203	)		—			—			—			—
Foreign Exchange Rate Risk Exposure:
Institutional Growth Portfolio		—			—			—			1,078			—
Commodity Portfolio		—			—			—			2,399			—
International Portfolio		—			—			—			119			—
Institutional International Portfolio		—			—			—			(71	)		—
Fixed Income Opportunity Portfolio		95			—			—			—			—
Commodity Risk Exposure:
Commodity Portfolio		(42,115	)		47			—			—			(96,965	)
Interest Rate Risk Exposure:
Institutional Growth Portfolio		(247	)		(109	)		(1	)		—			(474	)
Commodity Portfolio		23			—			—			—			(145	)


	Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result from Operations
Portfolio	Change in unrealized appreciation/ (depreciation) on futures			Change in unrealized appreciation/ (depreciation) on written options			Change in unrealized appreciation/ (depreciation) on purchased options			Change in unrealized appreciation/ (depreciation) on foreign currency translations		Change in unrealized appreciation/ (depreciation) on swaps
Equity Risk Exposure:
Institutional Growth Portfolio	$	(731	)	$	—		$	—		$	—	$	—
Commodity Portfolio		(6	)		—			—			—		—
International Portfolio		15			—			—			—		—
Institutional International Portfolio		26			—			—			—		—
Foreign Exchange Rate Risk Exposure:
Institutional Growth Portfolio		—			—			—			1,206		—
Commodity Portfolio		—			—			—			997		—
International Portfolio		—			—			—			10		—
Institutional International Portfolio		—			—			—			10		—
Fixed Income Opportunity Portfolio		159			—			—			—		—
Commodity Risk Exposure:
Commodity Portfolio		(13,907	)		(81	)		(112	)		—		(8,303	)
Interest Rate Risk Exposure:
Institutional Growth Portfolio		113			(3	)		1			—		(1,162	)
Commodity Portfolio		(2	)		2			(1	)		—		(799	)

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

222

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Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

Offsetting Assets and Liabilities: The Trust is generally subject to master netting agreements (“MNA”) that allow for amounts owed between the Portfolio and the counterparty to be netted. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the counterparty. The MNA do not apply to amounts owed to/from different counterparties. The amounts shown in the Statement of Assets and Liabilities do not take into consideration the effects of legally enforceable MNA. The table below presents the gross and net amounts of these assets and liabilities with any offsets to reflect the Portfolio’s ability to reflect the MNA at December 31, 2014. For financial reporting purposes, the Portfolios do not offset derivative assets and derivative liabilities that are subject to MNA in the Statement of Assets and Liabilities.

As of December 31, 2014, each Fund's derivative assets and liabilities by type are as follows (amounts in thousands):


	Institutional Growth Portfolio						Commodity Portfolio						International Portfolio					Institutional International Portfolio					Fixed Income Opportunity Portfolio
	Assets			Liabilities			Assets			Liabilities			Assets			Liabilities		Assets			Liabilities		Assets			Liabilities
Derivative Financial Instruments:
Futures contracts	$	18		$	510		$	331		$	7,230		$	1		$	—	$	1		$	—	$	159		$	—
Forward currency contracts		1,974			930			1,335			395			21			29		34			46		—			—
Option contracts*		—			—			31			221			—			—		—			—		—			—
Swap agreements		25			77			277			8,462			—			—		—			—		—			—
Total derivative assets and liabilities in the Statement of Assets and Liabilities		2,017			1,517			1,974			16,308			22			29		35			46		159			—
Derivatives not subject to a master netting agreement or similar agreement (“MNA”)		(43	)		(536	)		(373	)		(7,367	)		(1	)		—		(1	)		—		(159	)		—
Total assets and liabilities subject to a MNA	$	1,974		$	981		$	1,601		$	8,941		$	21		$	29	$	34		$	46	$	—		$	—

Graphic -- Image -- line.gif

*

Includes option contracts purchased at value as reported in the Statement of Assets and Liabilities.

223

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Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

The following table represents each Fund's derivative assets by counterparty net of amounts available for offset under a master netting arrangement and net of the related collateral received by each Fund as of December 31, 2014 (amounts in thousands):


Counterparty	Derivative Assets Subject to a MNA by Counterparty		Derivatives Available for Offset			Non-cash Collateral Received (a)		Cash Collateral Received (a)			Net Amount of Derivative Assets
Institutional Growth Portfolio:
Bank of America	$	63	$	(63	)	$	—	$	—		$	—
BNP Paribas		293		(58	)		—		(235	)		—
Citibank		96		(96	)		—		—			—
Deutsche Bank		411		(88	)		—		(270	)		53
Goldman Sachs		276		—			—		—			276
JPMorgan Chase		770		(100	)		—		(670	)		—
Royal Bank of Scotland		65		—			—		—			65
Total	$	1,974	$	(405	)	$	—	$	(1,175	)	$	394
Commodity Portfolio:
Barclays Bank	$	122	$	(4	)	$	—	$	(90	)	$	28
Credit Suisse		189		(13	)		—		(70	)		106
Deutsche Bank		276		(276	)		—		—			—
Goldman Sachs		423		(420	)		—		—			3
JPMorgan Chase		591		(567	)		—		—			24
Total	$	1,601	$	(1,280	)	$	—	$	(160	)	$	161
International Portfolio:
UBS Warburg	$	21	$	—		$	—	$	—		$	21
Total	$	21	$	—		$	—	$	—		$	21
Institutional International Portfolio:
Credit Suisse	$	1	$	(1	)	$	—	$	—		$	—
UBS Warburg		33		—			—		—			33
Total	$	34	$	(1	)	$	—	$	—		$	33

224

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Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

The following table represents each Fund’s derivative liabilities by counterparty net of amounts available for offset under a master netting arrangement and net of the related collateral pledged by each Fund as of December 31, 2014 (amounts in thousands):


Counterparty	Derivative Liabilities Subject to a MNA by Counterparty		Derivatives Available for Offset			Non-cash Collateral Pledged (a)			Cash Collateral Pledged (a)			Net Amount of Derivative Liabilities
Institutional Growth Portfolio:
Bank of America	$	108	$	(63	)	$	—		$	—		$	45
BNP Paribas		58		(58	)		—			—			—
Citibank		606		(96	)		(510	)		—			—
Deutsche Bank		88		(88	)		—			—			—
JPMorgan Chase		100		(100	)		—			—			—
Westpac Banking Corp.		21		—			—			—			21
Total	$	981	$	(405	)	$	(510	)	$	—		$	66
Commodity Portfolio:
Barclays Bank	$	4	$	(4	)	$	—		$	—		$	—
Canadian Imperial Bank of Commerce		86		—			—			—			86
Deutsche Bank		2,932		(276	)		(1,658	)		—			998
Goldman Sachs		1,616		(423	)		(806	)		(255	)		132
JPMorgan Chase		4,290		(567	)		(3,627	)		—			96
Total	$	8,941	$	(1,283	)	$	(6,091	)	$	(255	)	$	1,312
International Portfolio:
Citibank	$	26	$	—		$	—		$	—		$	26
JPMorgan Chase		1		—			—			—			1
Mellon Bank		2		—			—			—			2
Total	$	29	$	—		$	—		$	—		$	29
Institutional International Portfolio:
Citibank	$	43	$	—		$	—		$	—		$	43
Credit Suisse		2		(1	)		—			—			1
Deutsche Bank		1		—			—			—			1
Total	$	46	$	(1	)	$	—		$	—		$	45

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(a)

The actual collateral received or pledged may be in excess of the amounts shown in the table. The table only reflects collateral amounts up to the amount of the financial instrument disclosed on the Statement of Assets and Liabilities.

Forward Currency Contracts: Certain of the Portfolios may be subject to currency exchange rate risk in the normal course of pursuing their investment objectives. A Portfolio enters into forward currency contracts (“forward contracts”) for the purpose of hedging exposure to changes in foreign currency exchange rates on its holdings. A forward contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The value of the forward contract fluctuates with changes in currency exchange rates. The forward contract is marked-to-market daily and the change in value is recorded by the Portfolio as unrealized appreciation or depreciation. When the forward contract is closed, the Portfolio records a realized gain or loss equal to the fluctuation in value during the period the forward contract was open. The Portfolio could be exposed to credit risk if the counterparty is unable to meet the terms of a forward contract, or market risk if the value of the currency changes unfavorably.

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Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

Forward contracts may involve credit or market risk in excess of the amounts reflected on the Portfolio’s Statement of Assets and Liabilities. The gain or loss from the difference between the cost of original contracts and the amount realized upon the closing of such forward contracts is included in net realized gains or losses on foreign currency transactions. Fluctuations in the value of forward contracts held at December 31, 2014 are recorded for financial reporting purposes as net unrealized gains or losses by the Portfolio. In addition, at December 31, 2014, the Portfolios entered into currency contracts to settle trades in foreign currencies. These transactions are included in the Statements of Assets and Liabilities as “Receivable from investments sold” and “Payable for investments purchased.” The amount of the forward contracts outstanding as of December 31, 2014 and the month-end average contract amount for all forward contracts during the period ending December 31, 2014 are detailed in the table below:


Portfolio	Average Month-End Notional Amount (000)		Forwards Amount Outstanding at December 31, 2014 (000)
Institutional Growth Portfolio	$	54,496	$	47,796
Commodity Portfolio		98,782		115,319
International Portfolio		5,842		3,018
Institutional International Portfolio		6,820		3,473

Financial Futures Contracts: Certain of the Portfolios may be subject to equity price risk, interest rate risk, commodity price risk and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. Certain of the Portfolios may invest in financial futures contracts (“futures contracts”) as part of their investment strategies, to gain exposure to or hedge against changes in the value of equities, interest rates or foreign currencies. The Commodity Portfolio may invest in commodity-linked futures contracts to gain exposure to the commodities market. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into a futures contract, a Portfolio is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made or received by a Portfolio each day, depending on the daily fluctuations in the value of the underlying financial instrument. A Portfolio recognizes a gain or loss equal to the daily variation margin, which is recorded as a receivable or payable on the Statement of Assets and Liabilities (if applicable). When a futures contract is closed, a realized gain or loss is recorded as “Net realized gains/(losses) from futures transactions” on the Statement of Operations. Should market conditions move unexpectedly, the Portfolio may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions involves the risk of an imperfect correlation in movements in the price of futures contracts, interest rates, and the underlying hedged assets. With futures contracts, there is minimal counterparty credit risk to the Portfolios since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures contracts, guarantees the futures contracts against default. Securities designated as collateral for market value on futures contracts are noted in each Portfolio’s Portfolio of Investments (if applicable). Such collateral is held with the Trust’s custodian. The notional value of the futures contracts outstanding at December 31, 2014 and the month-end average notional amount for the period ending December 31, 2014 are detailed in the table below:


Portfolio	Average Month-End Notional Amount (000)		Notional Amount of Futures Contracts Outstanding at December 31, 2014 (000)
Institutional Growth Portfolio	$	154,741	$	56,051
Commodity Portfolio		297,104		195,276
International Portfolio		1,133		527
Institutional International Portfolio		1,932		862
Fixed Opportunity Portfolio		2,858		5,599

226

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Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

Options Contracts — Purchased Options Contracts: Certain of the Portfolios may be subject to equity price risk, commodities price risk and interest rate risk in the normal course of pursuing their investment objectives. In order to reduce such risks and/or in anticipation of future purchases, including to achieve market exposure, pending direct investment in securities, certain of the Portfolios may purchase put or call options. Options contracts provide the purchaser with the right, but not the obligation, to buy or sell (call or put option, respectively) a financial instrument at the exercise price. The Portfolio pays a premium which is included in “Investments, at value” on the Statement of Assets and Liabilities and marked-to-market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. When an option is exercised or closed, premiums paid for purchasing options are offset against proceeds to determine the realized gain or loss on the transaction.

Options Contracts — Written Options Contracts: Certain of the Portfolios may be subject to equity price risk and interest rate risk in the normal course of pursuing their investment objectives. In order to reduce such risks and/or in anticipation of future purchases, including to achieve market exposure, pending direct investment in securities, certain of the Portfolios may write put or call options. Premiums received from written options contracts are recorded as liabilities and are subsequently adjusted to the current value of the options written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options, which are either exercised or closed, are offset against the proceeds received or the amount paid on the transaction to determine realized gains or losses. Realized gains and losses are reported as “Net realized gains/(losses) from options transactions” on the Statement of Operations (if applicable). When writing an option, the Portfolio bears the market risk of unfavorable changes in the price of the underlying instrument.

With exchange-traded options, there is minimal counterparty credit risk to the Portfolios since the exchange’s clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. With over-the-counter options, the Portfolios bear the risk that counterparties will be unable to perform under the terms of the contracts.

The Institutional Growth Portfolio had the following transactions in purchased call and put options during the period ended December 31, 2014:


	Number of Contracts			Cost (000)
Options outstanding at June 30, 2014		28		$	2
Options purchased		28			—
Options exercised		—			—
Options expired		—			—
Options closed		(56	)		(2	)
Options outstanding at December 31, 2014		—		$	—

The Institutional Growth Portfolio had the following transactions in written call and put options during the period ended December 31, 2014:


	Number of Contracts			Premiums Received (000)
Options outstanding at June 30, 2014		(28	)	$	(3	)
Options written		(7,767,604	)		(204	)
Options exercised		—			—
Options expired		3,014,480			66
Options closed		4,753,152			141
Options outstanding at December 31, 2014		—		$	—

227

HC CAPITAL TRUST
Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

The Commodity Portfolio had the following transactions in purchased call and put options during the period ended December 31, 2014:


	Number of Contracts			Cost (000)
Options outstanding at June 30, 2014		50		$	192
Options purchased		116			139
Options exercised		—			—
Options expired		(49	)		(41	)
Options closed		(8	)		(27	)
Options outstanding at December 31, 2014		109		$	263

The Commodity Portfolio had the following transactions in written call and put options during the period ended December 31, 2014:


	Number of Contracts			Notional (000)⁽¹⁾			Premiums Received (000)
Options outstanding at June 30, 2014		(646	)	$	—		$	(113	)
Options written		(2,525	)		(7,852	)		(380	)
Options exercised		—			—			—
Options expired		930			1,852			132
Options closed		152			—			110
Options outstanding at December 31, 2014		(2,089	)	$	(6,000	)	$	(251	)

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(1)

Includes swaptions.

Swap Agreements: Certain of the Portfolios may enter into swap agreements (“swap”) for purposes of attempting to gain exposure to the securities making up an index without actually purchasing those instruments, to hedge a position or to gain exposure to a particular instrument or currency. A swap is a two-party contract entered into for periods ranging from one day to more than one year. In a standard swap transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount,” i.e., the return on or increase in value of a particular dollar amount invested in a “basket” of securities representing a particular index.

Interest Rate Swaps: Certain of the Portfolios are subject to interest rate risk exposure in the normal course of pursuing their investment objectives. Because certain Portfolios hold fixed-rate bonds, the value of these bonds may decrease if interest rates rise. In order to reduce such risks, certain Portfolios may enter into interest rate swaps. Interest rate swaps involve the exchange of commitments to pay and receive a fixed or floating rate of interest based on a notional principal amount. The risks of interest rate swaps include changes in market conditions that will affect their value or the cash flows and the possible inability of the counterparty to fulfill its obligations under the agreement. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the swap’s remaining life. Net periodic interest payments to be received or paid are accrued daily and are recorded as realized gains or losses on the Statements of Operations.

Total Return Swaps: Certain of the Portfolios are subject to equity price risk in the normal course of pursuing their investment objectives. In order to reduce such risks, certain Portfolios may enter into total return swaps to gain or mitigate exposure to the underlying securities or indices. In “long” total return swaps, the counterparty will generally agree to pay the Portfolio the amount, if any, by which the notional amount of the swaps would have increased in value had it been invested in the particular instruments, plus an amount equal to any dividends or interest that would have been received on those instruments. The Portfolio will agree to pay to the counterparty an amount equal to a fixed or

228

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Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

floating rate of interest on the notional amount of the swaps plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such instruments plus, in certain instances, commissions or trading spreads on the notional amount. Total return swaps do not involve the delivery of securities or other underlying instruments. The net amount of the excess, if any, of a Portfolio’s obligations over its entitlements with respect to each swap is accrued on a daily basis and an amount of cash or liquid assets, having an aggregate value at least equal to such accrued excess, is maintained at the broker-dealer or the Portfolio’s custodian. Until a total return swap is settled in cash, the gain or loss on the notional amount plus dividends or interest on the instruments less the interest paid by the Portfolio on the notional amount are recorded as “unrealized appreciation or depreciation on swap agreements” and when cash is exchanged, the gain or loss realized is recorded as “realized gains or losses on swap transactions.” A Portfolio may enter into total return swaps that provide the opposite return of its benchmark index or security (“short” the index or security). Its operations are similar to those swaps disclosed above except that the counterparty pays interest to the Portfolio on the notional amount outstanding and that dividends or interest on the underlying instruments reduce the value of the swaps plus, in certain instances, the Portfolio will agree to pay to the counterparty commissions or trading spreads on the notional amount. These amounts are netted against any unrealized appreciation or depreciation to determine the value of the swaps.

Variance Swaps: Certain of the Portfolios may invest in variance swaps to gain or reduce exposure to the underlying reference securities. Variance swaps involve two parties agreeing to exchange cash flows based on the measured variance (or square of the volatility) of a specified underlying asset. One party agrees to exchange a “fixed rate” or strike price payment for the “floating rate” or realized price variance on the underlying asset with respect to the notional amount. At inception, the strike price is generally chosen such that the fair value of the swaps is zero. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price variance of the underlying asset and the strike price multiplied by the notional amount. As a receiver of the realized price variance, a Portfolio would receive the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would owe the payoff amount when the variance is less than the strike price. As a payer of the realized price variance, a Portfolio would owe the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would receive the payoff amount when the variance is less than the strike price. This type of swap is essentially a forward contract on the future realized price variance of the underlying asset.

The primary risks associated with the use of swaps are an imperfect correlation between the price of financial instruments and movements in the prices of the underlying investments and the inability of counterparties to perform under the agreement. The counterparty to any swap agreement will typically be a bank, investment banking firm or broker-dealer. The Portfolio will bear the counterparty risk, i.e., the risk of loss of the net amount, if any, expected to be received under a swap in the event of the default or bankruptcy of the swap counterparty. The unrealized gain or loss at December 31, 2014 is disclosed in the swap tables included in the Portfolios of Investments. The notional value of the swap agreements outstanding at December 31, 2014 and the month-end average notional amount for the period ending December 31, 2014 are detailed in the table below:


Portfolio	Average Month-End Notional Amount (000)		Notional Amount of Swap Agreements Outstanding at December 31, 2014 (000)
Institutional Growth Portfolio	$	122,784	$	95,888
Commodity Portfolio		320,618		232,871

L. Inflation Indexed Bonds. Certain of the Portfolios may invest in inflation-indexed bonds, which are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity.

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Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

Interest rates on conventional bonds have two primary components: a “real” yield and an increment that reflects investor expectations of future inflation. By contrast, interest rates on inflation-indexed bonds are adjusted for inflation and, therefore, are not affected meaningfully by inflation expectations. This leaves only real rates to influence the price of inflation-indexed bonds. A rise in real rates will cause the price of inflation-indexed bonds to fall, while a decline in real rates will boost the price of inflation-indexed bonds. Inflation-indexed bonds issued by non-U.S. governments would be expected to be indexed to the inflation rates prevailing in those countries.

The primary risk associated with the use of inflation-indexed bonds is that the principal value of an investment is not protected or otherwise guaranteed by virtue of the Fund’s investments in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal value. Deflation risk is the possibility that prices throughout the economy decline over time and, in which case, the principal and income of an inflation-protected bond will decline and could result in losses.

M. Bank Loans. Certain Portfolios may invest in bank loans, which generally have interest rates which are reset periodically by reference to a base lending rate plus a premium. These base rates are primarily the London-Interbank Offered Rate, and secondarily the prime rate offered by one or more major U. S. banks and the certificate of deposit rate or other base lending rates used by commercial lenders. Bank loans often require prepayments from excess cash flows or allow the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. Therefore, the anticipated or actual maturity may be considerably earlier than the stated maturity shown in the Portfolio of Investments.

All or a portion of any bank loans may be unfunded. The Portfolio is obligated to fund any commitments at the borrower’s discretion. Therefore, the Portfolio must have funds sufficient to cover its contractual obligation. These unfunded loan commitments, which are marked-to-market daily, are presented in the Portfolio of Investments. As of December 31, 2014 none of the Portfolios invested in bank loans.

N. Securities Lending. Certain of the Portfolios may lend from their total assets in the form of their portfolio securities to broker dealers under contracts calling for collateral equal to at least the market value of the securities loaned, marked to market on a daily basis. The Portfolios will continue to benefit from interest or dividends on the securities loaned and may also earn a return from the collateral. The Portfolios pay various fees in connection with the investment of the collateral. Under some securities lending arrangements a Portfolio may receive a set fee for keeping its securities available for lending. Any voting rights, or rights to consent, relating to securities loaned pass to the borrower. Cash collateral received by a Portfolio in securities lending transactions may be invested in short-term liquid fixed income instruments or in money market or short-term funds, or similar investment vehicles. A Portfolio bears the risk of such investments. Securities on loan at December 31, 2014 are presented in the Portfolio of Investments.

Securities lending transactions are entered into by each Portfolio under a Master Securities Lending Agreement (“MSLA”) which permits the Portfolios, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Portfolios to the same counterparty against amounts to be received and create one single net payment due to or from the Portfolios.

230

HC CAPITAL TRUST
Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

The following table is a summary of the Portfolios’ securities lending agreements by counterparty which are subject to offset under an MSLA as of December 31, 2014:


Portfolio	Value of Securities on Loan (000)		Value of Collateral Received (000)		Net Amount (000)
Value Equity Portfolio	$	4,194	$	4,194	$	—
Institutional Value Equity Portfolio		7,104		7,104		—
Growth Portfolio		110		110		—
Institutional Growth Equity Portfolio		326		326		—
Small Capitalization–Mid Capitalization Equity Portfolio		2,009		2,009		—
Institutional Small Capitalization–Mid Capitalization Equity Portfolio		5,388		5,388		—
Commodity Returns Strategy Portfolio		9,393		9,393		—
International Equity Portfolio		6,985		6,985		—
Institutional International Equity Portfolio		13,029		13,029		—
Emerging Markets Portfolio		13,912		13,912		—
Fixed Income Opportunity Portfolio		9,349		9,349		—
Core Fixed Income Portfolio		591		591		—
U.S. Corporate Fixed Income Securities Portfolio		4,451		4,451		—

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*

The actual value of collateral received may be in excess of the amounts shown in the table. The table only reflects collateral amounts up to the amount of the value of securities on loan as disclosed in the Statements of assets and liabilities.

O. Basis for Consolidation for the Commodity Portfolio. The HC Commodity Related Securities Fund, Ltd. and the HC Commodity Related Securities Fund II, Ltd. (the “Funds”) are incorporated as Cayman Islands exempted companies. The Funds are wholly-owned subsidiaries of the Commodity Portfolio and act as investment vehicles for the Commodity Portfolio for the purpose of effecting certain commodity-linked investments consistent with its investment objectives. The Funds may invest in commodity-linked derivative instruments including options, futures and swaps. The Funds may also invest in debt securities, some of which are intended to serve as margin or collateral for the Funds’ derivative positions.

Under the Articles of Association of each of the Funds, shares issued by the Funds give the Commodity Portfolio, as the sole shareholder, the right to receive notice of, to attend, and to vote at general meetings of the Funds, the right to participate in the profits of the Funds and rights to the assets of the Funds in the event that they are liquidated.

231

HC CAPITAL TRUST
Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

The following table summarizes the structure, incorporation and relationship information of the Funds, and certain financial information of the Funds recognized in the consolidated financial statements referred to above (amounts in thousands).


	HC Commodity Related Securities Fund, Ltd.			HC Commodity Related Securities Fund II, Ltd.
Date of Incorporation		April 27, 2011			June 2, 2011
Fund Net Assets
Commodity Portfolio	$	54,434		$	42,980
Subsidiary % of Fund net assets		6.12	%		4.83%
Consolidated Financial Statement Information
Total assets		61,532			57,512
Total liabilities		7,098			14,531
Net assets		54,434			42,980
Total investment income		20			35
Net investment income (loss)		3			19
Net realized gains/(losses) from investment transactions		(311	)		72
Net realized gains/(losses) from futures transactions		(43,028	)		1,129
Net realized gains/(losses) from written options transactions		(154	)		47
Net realized gains/(losses) from swap transactions		(683	)		(54,611	)
Net realized gains/(losses) from foreign currency transactions		—			(49	)
Change in net unrealized appreciation (depreciation) on investments		144			(244	)
Change in net unrealized appreciation (depreciation) on futures		(13,226	)		(603	)
Change in net unrealized appreciation (depreciation) on written options		(72	)		(24	)
Change in net unrealized appreciation (depreciation) on swaps		(311	)		(8,328	)
Change in net unrealized appreciation (depreciation) on foreign currency translations		—			(20	)
Net realized/unrealized gains/(losses) from investments, futures, written options, swap transactions, foreign currency transactions		(57,640	)		(62,632	)
Change in net assets resulting from operations		(57,638	)		(62,613	)

The Commodity Portfolio’s investments in these Funds have been consolidated and include the portfolio holdings of the underlying Funds. The consolidated financial statements include the accounts of the Commodity Portfolio and the Funds. All intercompany transactions and balances have been eliminated.

3. INVESTMENT ADVISORY AND ADMINISTRATIVE CONTRACTS. The Trust has entered into investment advisory contracts (“Portfolio Management Contracts”) on behalf of each of the Portfolios with one or more investment management organizations (each, a “Specialist Manager”). For the Portfolio(s) it serves, each Specialist Manager is responsible for providing a continuous program of investment management for that portion of the Portfolio allocated to it and for placing all orders for the purchase and sale of securities and other instruments for such portion of the Portfolio. Except as noted, each Specialist Manager earns a fee, accrued daily and paid either monthly or quarterly, based on average daily net assets of that portion of the Portfolio managed.

For the period ending December 31, 2014, the Portfolios incurred the following investment advisory fees, before any applicable fee waivers, with respect to the services of the indicated Specialist Manager(s). The following annual fee rates are applied to the portions of the Portfolios that are managed by the Specialist Managers in determining amounts earned, except as footnoted.

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Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

Value Portfolio:


Specialist Manager	Amount Earned (000)		Fee
Institutional Capital, LLC	$	157		0.35	%
AllianceBernstein L.P.		365		0.32	%(a)
Cadence Capital Management, LLC		87		0.065	%(b)
Mellon Capital Management Corporation		—		0.065	%(c)(d)
Parametric Portfolio Associates, LLC		—		0.350	%(c)(z)
Total	$	609		0.21	%

International Value Portfolio:


Specialist Manager	Amount Earned (000)		Fee
Institutional Capital, LLC	$	222		0.35	%
AllianceBernstein L.P.		631		0.32	%(a)
Cadence Capital Management, LLC		143		0.065	%(b)
Pacific Investment Management Company, LLC		—		0.25	%(c)
Mellon Capital Management Corporation		—		0.065	%(c)(d)
Parametric Portfolio Associates, LLC		—		0.350	%(c)(z)
Total	$	996		0.21	%

Growth Portfolio:


Specialist Manager	Amount Earned (000)		Fee
Jennison Associates LLC	$	393		0.25	%(e)
Sustainable Growth Advisers		328		0.35	%
Mellon Capital Management Corporation		93		0.065	%(d)
Cadence Capital Management, LLC		—		0.065	%(b)(c)
Parametric Portfolio Associates, LLC		—		0.350	%(c)(z)
Total	$	814		0.21	%

Institutional Growth Portfolio:


Specialist Manager	Amount Earned (000)		Fee
Jennison Associates, LLC	$	689		0.25	%(e)
Sustainable Growth Advisers		278		0.35	%
Pacific Investment Management Company, LLC		197		0.25	%
Mellon Capital Management Corporation		160		0.065	%(d)
Cadence Capital Management, LLC		—		0.065	%(b)(c)
Parametric Portfolio Associates, LLC		—		0.350	%(c)(z)
Total	$	1,323		0.19	%

233

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Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

Small Cap-Mid Cap Portfolio:


Specialist Manager	Amount Earned (000)		Fee
Frontier Capital Management Company, LLC	$	72		0.45	%
Mellon Capital Management Corporation		3		0.065	%(d)
IronBridge Capital Management LP		155		0.95	%
Pzena Investment Management, LLC		59		1.00	%
Cupps Capital Management, LLC		32		0.85	%
Cadence Capital Management, LLC		—		0.065	%(b)(c)
Ariel Investments, LLC		28		1.00	%(f)
Total	$	348		0.70	%

Institutional Small Cap-Mid Cap Portfolio:


Specialist Manager	Amount Earned (000)		Fee
Frontier Capital Management Company, LLC	$	121		0.45	%
IronBridge Capital Management LP		309		0.95	%
Pzena Investment Management, LLC		99		1.00	%
Cupps Capital Management, LLC		85		0.85	%
Mellon Capital Management Corporation		2		0.066	%(d)
Cadence Capital Management, LLC		—		0.065	%(b)(c)
Ariel Investments, LLC		—		1.00	%(c)(f)
Total	$	615		0.75	%

Real Estate Portfolio:


Specialist Manager	Amount Earned (000)		Fee
Wellington Management Company LLP	$	553		0.67	%(g)
Mellon Capital Management Corporation	$	—		0.10	%(c)(h)
Cadence Capital Management, LLC	$	—		0.10	%(c)(i)
Total	$	553		0.67	%

Commodity Portfolio:


Specialist Manager	Amount Earned (000)		Fee
Wellington Management Company, LLP	$	1,193		0.85	%(j)
Wellington Management Company, LLP		1,004		0.75	%(k)
Pacific Investment Management Company, LLC		634		0.49	%
Mellon Capital Management Corporation		143		0.10	%(h)
Cadence Capital Management, LLC		—		0.10	%(c)(i)
Total	$	2,974		0.55	%

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Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

International Portfolio:


Specialist Manager	Amount Earned (000)		Fee
Causeway Capital Management, LLC	$	343		0.45	%
Artisan Partners Limited Partnership		512		0.66	%(l)
Capital Guardian Trust Company		375		0.33	%(m)
Cadence Capital Management, LLC		428		0.10	%(o)(q)
Mellon Capital Management Corporation		73		0.13	%(n)(p)
Total	$	1,731		0.23	%

Institutional International Equity Portfolio:


Specialist Manager	Amount Earned (000)		Fee
Causeway Capital Management, LLC	$	502		0.45	%
Artisan Partners Limited Partnership		763		0.64	%(l)
Capital Guardian Trust Company		441		0.33	%(m)
Cadence Capital Management, LLC		822		0.10	%(o)(q)
Lazard International Management, LLC		558		0.36	%(r)
Mellon Capital Management Corporation		130		0.13	%(n)(p)
Total	$	3,215		0.22	%

Emerging Markets Portfolio:


Specialist Manager	Amount Earned (000)		Fee
Boston Company Asset Management	$	2,690		0.58	%(s)
Mellon Capital Management Corporation		596		0.14	%(n)
Cadence Capital Management, LLC		—		0.13	%(c)(o)
Total	$	3,286		0.36	%

Core Fixed Income Portfolio:


Specialist Manager	Amount Earned (000)		Fee
Seix Investment Advisors LLC	$	35		0.22	%(t)
Mellon Capital Management Corporation		7		0.06	%(u)
Mellon Capital Management Corporation		11		0.15	%(v)
Total	$	53		0.12	%

Fixed Income Opportunity Portfolio:


Specialist Manager	Amount Earned (000)		Fee
Fort Washington Investment Advisors, Inc.	$	775		0.20	%(w)
Western Asset Management Company		99		0.75	%(aa)
City of London		20		0.45	%(bb)
Mellon Capital Management		—		0.25	%(c)
Total	$	894		0.27	%

235

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Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

U.S. Government Fixed Income Securities Portfolio:


Specialist Manager	Amount Earned (000)		Fee
Mellon Capital Management Corporation	$	67		0.06	%

Inflation Protected Securities Portfolio:


Specialist Manager	Amount Earned (000)		Fee
Mellon Capital Management Corporation	$	94		0.04%(x)

U.S. Corporate Fixed Income Securities Portfolio:


Specialist Manager	Amount Earned (000)		Fee
Seix Investment Advisors LLC	$	250		0.22	%(t)
Mellon Capital Management Corporation	$	—		0.15	%(c)
Total	$	250		0.22	%

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


Specialist Manager	Amount Earned (000)		Fee
Mellon Capital Management Corporation	$	69		0.06	%

Short-Term Municipal Bond Portfolio:


Specialist Manager	Amount Earned (000)		Fee
Breckinridge Capital Advisors, Inc.	$	14		0.13	%

Intermediate Municipal Bond Portfolio:


Specialist Manager	Amount Earned (000)		Fee
Standish Mellon Asset Management Company	$	325		0.17%(y)

Intermediate Municipal Bond II Portfolio:


Specialist Manager	Amount Earned (000)		Fee
Breckinridge Capital Advisors, Inc.	$	43		0.13	%

Graphic -- Image -- line.gif

(a)

AllianceBernstein L.P. (“AllianceBernstein”) receives a fee, which shall be payable monthly in arrears, of 0.37% of the average daily net assets of the first $150 million of the Combined Assets (as defined below), 0.35% of the next $150 million of Combined Assets and 0.29% of the Combined Assets exceeding $300 million.

“Combined Assets” shall mean the sum of: the average net assets of the portion of the Value Portfolio managed by AllianceBernstein, the average net assets of the portion of the Institutional Value Portfolio managed by AllianceBernstein, and assets invested in the same investment strategy as the Portfolio that are managed by AllianceBernstein for certain other clients of the Trust’s primary adviser.

(b)

Cadence Capital Management LLP (“Cadence”) receives a fee, which shall be calculated daily and payable monthly in arrears. For so long as Combined Assets (as defined below) are greater than $2 billion, the fee shall be at the annual

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Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

rate of 0.065% of the average daily net assets of the portion of the Portfolio managed by Cadence. If the Combined Assets are reduced to $2 billion or less due to redemptions, the fee shall be calculated at the annual rate of 0.075% beginning in the following calendar year.

“Combined Assets” shall mean the sum of: the net assets managed by Cadence in the Value Portfolio, Institutional Value Portfolio, Growth Portfolio, Institutional Growth Portfolio, Small Cap–Mid Cap Portfolio, Institutional Small Cap–Mid Cap Portfolio, Real Estate Portfolio, Commodity Portfolio, International Portfolio, Institutional International Portfolio, Emerging Markets Portfolio, and the net assets managed by Cadence in other investment advisory accounts for which HC Capital Solutions or certain of its affiliates serves as investment adviser.

(c)

Specialist manager approved by the Board but to which no assets were allocated during the period ending December 31, 2014.

(d)

Mellon Capital Management Corporation (“Mellon”) receives a fee, which shall be calculated daily and payable monthly in arrears. For so long as Combined Assets (as defined below) are greater than $2 billion, the fee shall be at the annual rate of 0.065% of the average daily net assets of the portion of the Portfolio managed by Mellon. If the Combined Assets are reduced to $2 billion or less due to redemptions, the fee shall be calculated at the annual rate of 0.075% beginning in the following calendar year.

“Combined Assets” shall mean the sum of: the net assets managed by Mellon in the Value Portfolio, Institutional Value Portfolio, Growth Portfolio, Institutional Growth Portfolio, Small Cap–Mid Cap Portfolio, Institutional Small Cap–Mid Cap Portfolio, Real Estate Portfolio, Commodity Portfolio, International Portfolio, Institutional International Portfolio, Emerging Markets Portfolio, and the net assets managed by Mellon in other investment advisory accounts for which HC Capital Solutions or certain of its affiliates serves as investment adviser.

(e)

Jennison Associates LLC (“Jennison”) is entitled to receive an annual fee of no more than 0.30% of average daily net assets of that portion of the Growth Portfolio and Institutional Growth Portfolio allocated to Jennison (the “Jennison Accounts”). While the rate at which Jennison’s fee for managing the Portfolios will not exceed 0.30%, the fee may decrease based on the aggregate market value of the Jennison Accounts and certain other assets managed by Jennison (which may pay fees exceeding 0.30%) for the benefit of certain investors who are clients of the Trust’s primary adviser at the following annual rates:

— 0.75% on the first $10 million;

— 0.50% on the next $30 million;

— 0.35% on the next $25 million;

— 0.25% on the next $335 million;

— 0.22% on the next $600 million;

— 0.20% on the next $4 billion; and

— 0.25% on the balance

(f)

For its services to the Small Cap–Mid Cap Portfolio and the Institutional Small Cap–Mid Cap Portfolio, Ariel Investments, LLC (“Ariel”) will be paid an annual fee, calculated daily and payable quarterly, in arrears, based on the Combined Assets (as defined below), in accordance with the following schedule: 1.00% of the first $10 million of the Combined Assets, 0.75% of the next $10 million of Combined Assets and 0.50% of the Combined Assets exceeding $20 million. Ariel did not manage assets for the Institutional Small Cap–Mid Cap Portfolio during the period shown in the table.

“Combined Assets” shall mean the sum of: the net assets managed by Ariel in the Small Cap–Mid Cap Portfolio, the Institutional Small Cap–Mid Cap Portfolio and the net assets invested in the same strategy as the Portfolios that are managed by Ariel for the benefit of certain investors who are clients of certain affiliates of the Trust’s primary adviser.

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Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

(g)

Wellington Management Company, LLP (“Wellington”) receives a fee, which shall be payable monthly in arrears of 0.75% of the average daily net assets of the first $50 million of the Combined Assets (as defined below). On Combined Assets over $50 million, the fee shall be at the annual rate of 0.65% of the Combined Assets.

“Combined Assets” shall mean the sum of: the net assets of the Real Estate Portfolio and assets invested in the same investment strategy as the Portfolio that are managed by Wellington for certain other clients of the Trust’s primary adviser.

(h)

Mellon receives a fee, which shall be calculated daily and payable monthly in arrears. For so long as Combined Assets (as defined below) are greater than $2 billion, the fee shall be at the annual rate of 0.10% of the average daily net assets of the portion of the Portfolio managed by Mellon. If the Combined Assets are reduced to $2 billion or less due to redemptions, the fee shall be calculated at the annual rate of 0.11% beginning in the following calendar year.

“Combined Assets” shall mean the sum of: the net assets managed by Mellon in the Value Portfolio, Institutional Value Portfolio, Growth Portfolio, Institutional Growth Portfolio, Small Cap–Mid Cap Portfolio, Institutional Small Cap–Mid Cap Portfolio, Real Estate Portfolio, Commodity Portfolio, International Portfolio, Institutional International Portfolio, Emerging Markets Portfolio, and the net assets managed by Mellon in other investment advisory accounts for which HC Capital Solutions or certain of its affiliates serves as investment adviser.

(i)

Cadence receives a fee, which shall be calculated daily and payable monthly in arrears. For so long as Combined Assets (as defined below) are greater than $2 billion, the fee shall be at the annual rate of 0.10% of the average daily net assets of the portion of the Portfolio managed by Cadence. If the Combined Assets are reduced to $2 billion or less due to redemptions, the fee shall be calculated at the annual rate of 0.11% beginning in the following calendar year.

“Combined Assets” shall mean the sum of: the net assets managed by Cadence in the Value Portfolio, Institutional Value Portfolio, Growth Portfolio, Institutional Growth Portfolio, Small Cap–Mid Cap Portfolio, Institutional Small Cap–Mid Cap Portfolio, Real Estate Portfolio, Commodity Portfolio, International Portfolio, Institutional International Portfolio, Emerging Markets Portfolio, and the net assets managed by Cadence in other investment advisory accounts for which HC Capital Solutions or certain of its affiliates serves as investment adviser.

(j)

With respect to its Global National Resources Strategy (“GNRS”) account, Wellington is entitled to receive a fee, which shall be payable monthly in arrears at the annual rate of 0.85%, so long as at least $50 million in assets are present in the GNRS and 1.00% if less than $50 million in assets are present in the GNRS.

(k)

With respect to its Commodity Futures Strategy account, Wellington is entitled to receive a fee, which shall be payable monthly in arrears at the annual rate of 0.75% of the average daily net assets of the Commodity Futures Strategy account.

(l)

Effective March 12, 2014, Artisan Partners Limited Partnership (“Artisan”) receives a fee, which shall be payable monthly in arrears within 30 days after each month end. For so long as the Combined Assets (as defined below) are greater than $500 million, the fee shall be at the annual rate of 0.47% of the average daily net assets of the Portfolios. If the Combined Assets are reduced to $500 million or less, the fee shall be calculated based on average daily net assets of the Portfolios at the following annual rates:

— 0.80% on assets up to $50 million; and

— 0.60% on assets in excess of $50 million

“Combined Assets” shall mean the sum of: the net assets of the International Portfolio managed by Artisan and the net assets of the Institutional International Portfolio managed by Artisan.

238

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Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

(m)

Capital Guardian Trust Company (“CapGuardian”) receives a fee, which shall be payable quarterly in arrears in accordance with the following annual rates. The minimum annual fee (based on an account size of $50 million) is $312,500.

— 0.70% on the first $25 million;

— 0.55% on the next $25 million;

— 0.425% on the next $200 million; and

— 0.375% on the balance

When the total aggregated fees exceed $3 million, before discounts (as set forth below), fee break points are to be eliminated and the Portfolio will pay its fee at an annual rate of 0.375% on all assets in the Portfolio managed by CapGuardian.

The following fee discounts will be applied based upon the total annualized aggregate fees, which include fees from separate accounts, pooled investments vehicles, and funds with internally charged fees managed by The Capital Group Companies, Inc. The resulting discount percentage will be applied to each account’s fees (excluding fees related to investments in funds with internally charged fees):

— 5% discount on fees from $1.25 million to $4 million;

— 7.5% discount on fees from $4 million to $8 million;

— 10% discount on fees from $8 million to $12 million; and

— 12.5% discount on fees over $12 million

(n)

With respect to the emerging markets portion of the portfolio managed by Mellon, Mellon receives a fee, which shall be calculated daily and payable monthly in arrears. For so long as Combined Assets (as defined below) are greater than $2 billion, the fee shall be at the annual rate of 0.13% of the average daily net assets of that portion of the Portfolio. If the Combined Assets are reduced to $2 billion or less due to redemptions, the fee shall be calculated at the annual rate of 0.15% beginning in the following calendar year.

“Combined Assets” shall mean the sum of: the net assets managed by Mellon in the Value Portfolio, Institutional Value Portfolio, Growth Portfolio, Institutional Growth Portfolio, Small Cap–Mid Cap Portfolio, Institutional Small Cap–Mid Cap Portfolio, Real Estate Portfolio, Commodity Portfolio, International Portfolio, Institutional International Portfolio, Emerging Markets Portfolio, and the net assets managed by Mellon in other investment advisory accounts for which HC Capital Solutions or one of its affiliates serves as investment adviser.

(o)

With respect to the emerging markets portion of the Portfolio managed by Cadence, Cadence receives a fee, which shall be calculated daily and payable monthly in arrears. For so long as Combined Assets (as defined below) are greater than $2 billion, the fee shall be at the annual rate of 0.13% of the average daily net assets of that portion of the Portfolio. If the Combined Assets are reduced to $2 billion or less due to redemptions, the fee shall be calculated at the annual rate of 0.15% beginning in the following calendar year.

“Combined Assets” shall mean the sum of: the net assets managed by Cadence in the Value Portfolio, Institutional Value Portfolio, Growth Portfolio, Institutional Growth Portfolio, Small Cap–Mid Cap Portfolio, Institutional Small Cap–Mid Cap Portfolio, Real Estate Portfolio, Commodity Portfolio, International Portfolio, Institutional International Portfolio, Emerging Markets Portfolio, and the net assets managed by Cadence in other investment advisory accounts for which HC Capital Solutions or certain of its affiliates serves as investment adviser.

(p)

With respect to the developed markets portion of the Portfolio managed by Mellon, Mellon receives a fee, which shall be calculated daily and payable monthly in arrears. For so long as Combined Assets (as defined below) are greater than $2 billion, the fee shall be at the annual rate of 0.10% of the average daily net assets of that portion of the Portfolio. If the Combined Assets are reduced to $2 billion or less due to redemptions, the fee shall be calculated at the annual rate of 0.11% beginning in the following calendar year.

“Combined Assets” shall mean the sum of: the net assets managed by Mellon in the Value Portfolio, Institutional Value Portfolio, Growth Portfolio, Institutional Growth Portfolio, Small Cap–Mid Cap Portfolio, Institutional Small Cap–Mid Cap Portfolio, Real Estate Portfolio, Commodity Portfolio, International Portfolio, Institutional

239

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Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

International Portfolio, Emerging Markets Portfolio, and the net assets managed by Mellon in other investment advisory accounts for which HC Capital Solutions or certain of its affiliates serves as investment adviser.

(q)

With respect to the developed markets portion of the Portfolio managed by Cadence, Cadence receives a fee, which shall be calculated daily and payable monthly in arrears. For so long as Combined Assets (as defined below) are greater than $2 billion, the fee shall be at the annual rate of 0.10% of the average daily net assets of that portion of the Portfolio. If the Combined Assets are reduced to $2 billion or less due to redemptions, the fee shall be calculated at the annual rate of 0.11% beginning in the following calendar year.

“Combined Assets” shall mean the sum of: the net assets managed by Cadence in the Value Portfolio, Institutional Value Portfolio, Growth Portfolio, Institutional Growth Portfolio, Small Cap–Mid Cap Portfolio, Institutional Small Cap–Mid Cap Portfolio, Real Estate Portfolio, Commodity Portfolio, International Portfolio, Institutional International Portfolio, Emerging Markets Portfolio, and the net assets managed by Cadence in other investment advisory accounts for which HC Capital Solutions or certain of its affiliates serves as investment adviser.

(r)

Lazard Asset Management LLC (“Lazard”) receives a fee which shall be payable monthly in arrears of 0.40% of the average daily net assets of the first $75 million and 0.35% on the excess over $75 million of that portion of the Portfolio managed by Lazard.

(s)

Boston Company Asset Management, LLC (“Boston Company”) receives an annual fee of 0.90% of the average daily net assets of the first $50 million; 0.85% of the average daily net assets on the next $50 million; 0.70% of the average daily net assets on the next $100 million; 0.55% of the average daily net assets on the next $200 million; and 0.50% of the average daily net assets over $400 million of that portion of the Portfolio managed by Boston Company.

(t)

Seix Investment Advisors LLC (“Seix”), receives a fee, which shall be calculated daily and payable monthly in arrears at the annual rate of 0.25% of the first $100 million of the Combined Assets (as defined below) and 0.20% of the Combined Assets exceeding $100 million.

“Combined Assets” shall mean the sum of: the net assets managed by Seix in the Core Fixed Income Portfolio and the net assets managed by Seix in the U.S. Corporate Fixed Income Portfolio.

(u)

Mellon receives a fee which shall be calculated daily and payable monthly at the annual rate of 0.06% of the average daily net assets of the U.S. mortgage- and asset-backed and U.S. Government securities portions of the Core Fixed Income Portfolio managed by Mellon. Mellon also receives a fee at the annual rate of 0.06% of the average daily net assets of the U.S. Government Fixed Income Portfolio and the U.S. Mortgage/Asset Backed Fixed Income Portfolio.

(v)

Mellon receives a fee which shall be calculated daily and payable monthly at the annual rate of 0.15% of the average daily net assets of the U.S. corporate fixed-income securities portion of the Core Fixed Income Portfolio managed by Mellon. Mellon also receives a fee at the annual rate of 0.15% of the average daily net assets of the portion of the U.S. Corporate Fixed Income Portfolio managed by Mellon.

(w)

Fort Washington Investment Advisors, Inc. (“Fort Washington”) receives a fee, which shall be payable monthly in arrears. For so long as the Combined Assets (as defined below) are greater than $200 million, the fee shall be at the annual rate of 0.20% of the Combined Assets. If the Combined Assets are reduced to $200 million or less due to withdrawals or redemptions, beginning with the first calendar quarter following the date of such withdrawals or redemptions, the fee shall be based on 0.40% of the Combined Assets of the first $25 million, 0.375% of the Combined Assets of the next $25 million, 0.3375% of the Combined Assets of the next $50 million, and 0.25% of the Combined Assets of the next $100 million, and 0.20% of the Combined Assets exceeding $200 million.

“Combined Assets” shall mean the sum of: the average daily net assets managed by Fort Washington in the Portfolio and the net assets invested in the same strategy as the Portfolio that are managed by Fort Washington for the benefit of certain investors who are clients of the Trust’s primary adviser.

(x)

Mellon receives a fee, which shall be payable monthly in arrears, at the annual rate of: 0.04% of the average daily net assets invested according to a domestic inflation-protected securities strategy; 0.07% of the average daily net assets invested according to a global inflation-protected securities strategy; and 0.13% of the average daily net assets invested according to an emerging-markets inflation-protected securities strategy.

(y)

Standish Mellon Asset Management Company (“Standish Mellon”) receives a fee, which shall be calculated daily and payable quarterly, at an annual rate of 0.25% for the first $100 million of the Combined Assets (as defined below)

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HC CAPITAL TRUST
Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

and 0.15% of the Combined Assets exceeding $100 million. Standish Mellon is entitled to receive a fee at an annual rate not to exceed 0.20% of the Combined Assets.

“Combined Assets” shall mean the sum of: the net assets managed by Standish Mellon in the Portfolio and the net assets invested in the same strategy as the Portfolio that are managed by Standish Mellon for the benefit of certain investors who are clients of the Trust’s primary adviser.

(z)

Parametric Portfolio Associates, LLC (“Parametric”) receives a fee, which shall be calculated daily and payable monthly in arrears at an annual rate of 0.35% of the first $50 million of the Combined Assets (as defined below) and 0.25% of the Combined Assets exceeding $50 million.

“Combined Assets” shall mean the sum of: the net assets managed by Parametric in the Value Portfolio, Institutional Value Portfolio, Growth Portfolio, and Institutional Growth Portfolio.

(aa)

Effective August 29, 2014, Western Asset Management Company (“Western Asset”) receives an annual fee of 0.75% of the average daily net assets of that portion of the Fixed Income Opportunity Portfolio allocated to Western Asset. Prior to August 29, 2014, Western Asset received a fee of 0.40% of the first $25 million of the Combined Assets (as defined below); 0.375% of the next $25 million of the Combined Assets; 0.3375% of the next $50 million of the Combined Assets; 0.25% of the next $100 million of the Combined Assets; and 0.20% of the Combined Assets over $200 million.

“Combined Assets” shall mean the sum of: the net assets managed by Western Asset in the Fixed Income Opportunity Portfolio and certain other net assets managed by Western Asset for clients of the Trust’s primary advisor.

(bb)

City of London Investment Management Company Limited (“CLIM”) receives an annual fee of 1.00% of the average daily net assets of the first $100 million; 0.80% of the average daily net assets on the next $100 million; and 0.50% of the average daily net assets over $200 million invested in emerging markets and an annual fee of 0.80% of the average daily net assets of the first $50 million; and 0.40% of the average daily net assets over $50 million invested in developed international markets.

Pursuant to discretionary investment advisory agreements between the Trust and the Adviser, the Adviser is paid a fee which is accrued daily and paid monthly at an annual rate of 0.05% of average daily net assets per Portfolio. The fees that the Adviser receives are listed as “Management fees” on the Statements of Operations. The Adviser continuously monitors the performance of various investment management organizations, including the Specialist Managers retained by the Trust, and generally oversees the services provided to the Trust by its administrator, custodian and other service providers. The Adviser is also authorized to allocate and reallocate assets among Specialist Managers in multi-manager portfolios of the Trust from time to time without additional authorization of the Trust’s Board. In addition, the Adviser will make its officers available to serve as officers and/or Trustees of the Trust, and maintain office space sufficient for the Trust’s principal office. The Securities and Exchange Commission has issued an order that permits the Trust to enter into portfolio management agreements with Specialist Managers upon the approval of the Board but without submitting such contracts for the approval of the shareholders of the relevant Portfolio under certain circumstances.

Citi Fund Services Ohio, Inc. (“Citi”) is responsible for providing the Portfolios with administrative, fund accounting, dividend and capital gains disbursing agent and transfer agency services. Citi receives compensation for providing administration, fund accounting and transfer agency services at an all inclusive fee (“Omnibus Fee”) based on a percentage of each Portfolio’s average net assets. These amounts are disclosed as “Administrative service fees” on the Statements of Operations. The Omnibus Fee is accrued daily and payable on a monthly basis at an annual rate of 0.054% of the Trust’s Portfolios’ average daily net assets up to $6 billion; 0.005% of the Trust’s Portfolios’ average daily net assets between $6 billion and $12 billion; and 0.0295% in excess of $12 billion. As such, the Trust paid an aggregate amount of $1,957,236 to Citi for the period ending December 31, 2014.

The Trust has adopted a Distribution Plan for the HC Advisors Shares under which the Adviser may receive compensation for distribution services. Under the Distribution Plan, which was adopted pursuant to Rule 12b-1 under the 1940 Act, the Adviser is entitled to receive a fee of up to 0.25% annually of the average daily net assets attributable to the HC Advisors Shares. Currently, the Adviser is voluntarily waiving all fees associated with the Distribution Plan, and there is no current intention to collect such a fee.

241

HC CAPITAL TRUST
Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

Unified Financial Securities, Inc. (“Unified”), a wholly-owned subsidiary of Huntington Bancshares, Inc., provides certain distribution services to the Trust. Unified receives an annual fee of $50,000 for performing the services listed under its agreement with the Trust.

Alaric Compliance Services, LLC. (“Alaric”) provides an employee to serve as the Trust’s Chief Compliance Officer. For these services, Alaric was compensated $110,000 per year through December 31, 2014. Effective January 1, 2015, Alaric is compensated $150,000 per year for these services.

4. PURCHASE AND SALE TRANSACTIONS. The aggregate cost of purchases and proceeds from sales of investment securities, other than long-term U.S. Government securities, TBA securities and short-term securities, for the period ending December 31, 2014 were as follows (amounts in thousands):


Portfolio	Purchases		Sales
Value Portfolio	$	325,697	$	372,205
Institutional Value Portfolio		597,494		692,526
Growth Portfolio		146,664		230,979
Institutional Growth Portfolio		564,145		667,348
Small Cap–Mid Cap Portfolio		15,124		33,362
Institutional Small Cap–Mid Cap Portfolio		91,159		86,257
Real Estate Portfolio		51,506		89,057
Commodity Portfolio		1,355,831		1,244,246
International Portfolio		334,198		408,645
Institutional International Portfolio		859,055		556,506
Emerging Markets Portfolio		840,308		636,256
Core Fixed Income Portfolio		22,634		26,464
Fixed Opportunity Portfolio		136,709		189,274
U.S. Government Fixed Income Portfolio		137,538		125,825
Inflation Protected Portfolio		63,565		67,872
U.S. Corporate Fixed Income Portfolio		80,256		93,297
U.S. Mortgage/Asset Backed Fixed Income Portfolio		22,386		23,505
Short-Term Municipal Portfolio		2,992		3,753
Intermediate Municipal Portfolio		60,165		74,391
Intermediate Municipal II Portfolio		8,661		12,625

The aggregate cost of purchases and proceeds from sales of long-term U.S. Government securities for the period ending December 31, 2014 were as follows (amounts in thousands):


Portfolio	Purchases		Sales
Institutional Growth Portfolio	$	314,750	$	325,637
Commodity Portfolio		179,335		133,304
Core Fixed Income Portfolio		11,226		17,317
U.S. Government Fixed Income Portfolio		137,538		125,825
Inflation Protected Portfolio		63,565		—
U.S. Mortgage/Asset Backed Fixed Income Portfolio		18,516		19,808

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Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

5. FEDERAL INCOME TAXES. It is the policy of each Portfolio to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code (the “Code”), and to make distributions of net investment income and net realized capital gains sufficient to relieve it (but not the shareholders) from all, or substantially all, federal income taxes. The Portfolios may utilize equalization accounting for tax purposes by designating earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction for income tax purposes.

The Trust has evaluated tax positions taken or expected to be taken in the course of preparing each Portfolio’s tax returns to determine whether it is more likely than not (i.e., greater than 50-percent chance) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable), including the recognition of any related interest and penalties as an operating expense. Tax positions taken in tax years remain subject to examination by tax authorities (generally the last three tax year ends 2011 – 2013, and the interim tax period since then). The determination has been made that there are no uncertain tax positions that would require the Portfolios to record a tax liability and, therefore, there is no impact to the Portfolios’ financial statements. Furthermore, management of the Portfolios is not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

A. Unrealized Appreciation/Depreciation on securities (amounts in thousands):


Portfolio	Tax Cost of Securities		Tax Unrealized Appreciation		Tax Unrealized (Depreciation)			Net Tax Unrealized Appreciation/ (Depreciation)
Value Portfolio		509,999		112,097		(5,703	)		106,394
Institutional Value Portfolio		836,708		162,346		(8,707	)		153,639
Growth Portfolio		565,793		276,377		(2,374	)		274,003
Institutional Growth Portfolio		1,050,402		358,817		(5,038	)		353,779
Small Cap Mid–Cap Portfolio		88,525		28,791		(2,976	)		25,815
Institutional Small Cap–Mid Cap Portfolio		151,049		48,621		(3,304	)		45,317
Real Estate Portfolio		127,166		30,710		(2	)		30,708
International Portfolio		1,222,407		158,496		(77,991	)		80,505
Institutional International Portfolio		2,778,603		261,459		(180,959	)		80,500
Emerging Markets Portfolio		1,911,398		81,804		(211,126	)		(129,322	)
Core Fixed Income Portfolio		103,026		2,000		(453	)		1,547
Fixed Opportunity Portfolio		800,833		12,104		(28,394	)		(16,290	)
U.S. Government Fixed Income Portfolio		267,928		4,717		(353	)		4,364
Inflation Protected Portfolio		510,210		4,138		(5,578	)		(1,440	)
U.S. Corporate Fixed Income Portfolio		242,210		5,251		(1,756	)		3,495
U.S. Mortgage/Asset Backed Fixed Income Portfolio		301,094		5,276		(1,236	)		4,040
Short-Term Municipal Portfolio		20,718		274		(17	)		257
Intermediate Municipal Portfolio		403,358		15,412		(4,929	)		10,483
Intermediate Municipal II Portfolio		73,551		2,834		(18	)		2,816

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Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

The differences between book-basis and tax-basis unrealized appreciation/depreciation are attributable primarily to: tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains/losses on investments in passive foreign investment companies and the difference between book and tax accretion methods for market discount.

B. Tax Characteristics of Distributions Paid

The tax characteristics of distributions paid during the fiscal year ending June 30, 2014 was as follows (amounts in thousands):


	Distributions Paid From:				Total Taxable Distributions		Tax-Exempt Distributions		Total Distributions Paid*
Year Ended June 30, 2014	Ordinary Income		Net Long Term Gains		Total Taxable Distributions		Tax-Exempt Distributions		Total Distributions Paid*
Value Portfolio	$	15,771	$	—	$	15,771	$	—	$	15,771
Institutional Value Portfolio		66,819		99,907		166,726		—		166,726
Growth Portfolio		8,842		—		8,842		—		8,842
Institutional Growth Portfolio		33,110		89,019		122,129		—		122,129
Small Cap–Mid Cap Portfolio		422		—		422		—		422
Institutional Small Cap–Mid Cap Portfolio		5,542		22,572		28,114		—		28,114
Real Estate Portfolio		1,564		—		1,564		—		1,564
International Portfolio		51,194		4,110		55,304		—		55,304
Institutional International Portfolio		120,895		73,376		194,271		—		194,271
Emerging Markets Portfolio		25,805		—		25,805		—		25,805
Core Fixed Income Portfolio		2,561		430		2,991		—		2,991
Fixed Opportunity Portfolio		49,569		15,203		64,772		—		64,772
U.S. Government Fixed Income Portfolio		3,179		786		3,965		—		3,965
Inflation Protected Portfolio		3,240		—		3,240		—		3,240
U.S. Corporate Fixed Income Portfolio		7,699		3,116		10,815		—		10,815
U.S. Mortgage/Asset Backed Fixed Income Portfolio		7,656		—		7,656		—		7,656
Short-Term Municipal Portfolio		—		44		44		266		310
Intermediate Municipal Portfolio		2		—		2		10,643		10,645
Intermediate Municipal II Portfolio		—		226		226		1,611		1,837

Graphic -- Image -- line.gif

*

Total distributions paid may differ from what appears in the Statements of Changes in Net Assets because dividends for tax purposes are recognized when actually paid. The Portfolios may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemptions of shares, as part of the dividends paid deduction for income tax purposes.

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

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Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

C. Components of Accumulated Earnings

As of June 30, 2014, the components of accumulated earnings/(deficit) on a tax basis were as follows (amounts in thousands):


Portfolio	Undistributed Ordinary Income/Tax Exempt Income		Undistributed Long Term Capital Gains		Accumulated Earnings		Dividends Payable			Accumulated Capital and Other Losses			Unrealized Appreciation/ Depreciation		Total Accumulated Earnings/ (Deficit)
Value Portfolio	$	766	$	—	$	766	$	—		$	(63,828	)	$	129,833	$	66,771
Institutional Value Portfolio		17,557		59,896		77,453		—			—			198,971		276,424
Growth Portfolio		336		—		336		—			(5,296	)		276,827		271,867
Institutional Growth Portfolio		8,111		62,050		70,161		—			—			333,297		403,458
Small Cap–Mid Cap Portfolio		33		—		33		—			(27,376	)		29,052		1,709
Institutional Small Cap–Mid Cap Portfolio		340		13,578		13,918		—			—			47,803		61,721
Real Estate Portfolio		3,599		369		3,968		—			—			22,758		26,726
International Portfolio		6,534		138,945		145,479		—			—			296,010		441,489
Institutional International Portfolio		42,675		210,279		252,954		—			—			452,523		705,477
Emerging Markets Portfolio		27,318		6,217		33,535		—			—			104,769		138,304
Core Fixed Income Portfolio		253		—		253		(208	)		(284	)		1,587		1,348
Fixed Opportunity Portfolio		10,299		8,495		18,794		—			—			30,630		49,424
U.S. Government Fixed Income Portfolio		330		—		330		(273	)		(614	)		1,762		1,205
Inflation Protected Portfolio		3,336		—		3,336		(1,848	)		—			9,683		11,171
U.S. Corporate Fixed Income Portfolio		674		—		674		(541	)		(70	)		6,627		6,690
U.S. Mortgage/Asset Backed Fixed Income Portfolio		762		—		762		(629	)		(5,555	)		3,058		(2,364	)
Short-Term Municipal Portfolio		21		4		25		(18	)		—			382		389
Intermediate Municipal Portfolio		958		—		958		(787	)		(11,311	)		12,577		1,437
Intermediate Municipal II Portfolio		152		—		152		(127	)		(59	)		2,966		2,932

D. Capital Loss Carryforwards

As of their tax year ending June 30, 2014, the following Portfolios had capital loss carryforwards (“CLCFs”) as summarized below (amounts in thousands):

CLCFs subject to expiration:


Portfolio	Expires 2018		Expires 2019		Total
Value Portfolio	$	63,828	$	—	$	63,828
Growth Portfolio		5,296		—		5,296
Small Cap–Mid Cap Portfolio		27,376		—		27,376
Intermediate Municipal Portfolio		1,229		9,713		10,942

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Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

CLCFs not subject to expiration:


Portfolio	Short-Term Amount		Long-Term Amount		Total
Core Fixed Income Portfolio	$	222	$	34	$	256
U.S. Government Fixed Income Portfolio		434		—		434
U.S. Corporate Fixed Income Portfolio		70		—		70
U.S. Mortgage/Asset Backed Fixed Income Portfolio		1,865		3,035		4,900
Intermediate Municipal II Portfolio		13		—		13

CLCFs that are not subject to expiration must be utilized before those that are subject to expiration. During the year ending June 30, 2014, the Portfolios utilized CLCFs as follows (amounts in thousands):


Portfolio	Total
Value Portfolio	$	97,444
Growth Portfolio		72,292
Small Cap–Mid Cap Portfolio		21,857
International Portfolio		20,181
Intermediate Municipal Portfolio		984

E. Deferred Losses

Under current tax law, capital losses and specified ordinary losses realized after October 31 and non-specified ordinary losses incurred after December 31 (ordinary losses collectively known as “late year ordinary loss”) may be deferred and treated as occurring on the first business day of the following fiscal year. The following Portfolios had deferred losses, which will be treated as arising on the first day of the fiscal year ending June 30, 2015 (amounts in thousands):


Portfolio	Post-October Capital Losses
Core Fixed Income Portfolio	$	28
U.S. Government Fixed Income Portfolio		180
U.S. Mortgage/Asset Backed Fixed Income Portfolio		655
Intermediate Municipal Portfolio		369
Intermediate Municipal II Portfolio		46

F. Book-To-Tax Differences

Distributions are based on amounts calculated in accordance with applicable federal tax regulations, which may differ from GAAP. To the extent these differences are permanent in nature (e.g., net operating losses, reclassification of bond discount and premium, treatment of gains (losses) relating to foreign currency transactions and differing treatment of income relating to swap agreements), such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassifications.

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Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)

On the Statements of Assets and Liabilities, as a result of permanent book-to-tax differences, reclassification adjustments were made as follows (amounts in thousands):


Portfolio	Accumulated Net Investment Income/(Distributions in Excess of Net Investment Income)			Accumulated Net Realized Gains/(Losses)			Paid-In Capital
Value Portfolio	$	(188	)	$	188		$	—
Institutional Value Portfolio		(221	)		221			—
Growth Portfolio		(25	)		25			—
Institutional Growth Portfolio		(1,061	)		1,061			—
Small Cap–Mid Cap Portfolio		6			(6	)		—
Real Estate Portfolio		(6	)		6			—
International Portfolio		863			(863	)		—
Institutional International Portfolio		371			(371	)		—
Emerging Markets Portfolio		167			(167	)		—
Core Fixed Income Portfolio		352			(352	)		—
Fixed Opportunity Portfolio		61			(50	)		(11	)
Inflation Protected Portfolio		24			—			(24	)
U.S. Corporate Fixed Income Portfolio		11			(11	)		—
U.S. Mortgage/Asset Backed Fixed Income Portfolio		2,271			(2,271	)		—
Intermediate Municipal Portfolio		(36	)		36			—

G. Commodity Portfolio Tax Information

The Commodity Portfolio has a tax year end of December 31.

The Commodity Portfolio’s tax cost of securities as of December 31, 2014 was $916,233, resulting in accumulated net unrealized depreciation of $2,179, consisting of $80,375 in gross unrealized appreciation and $82,554 in gross unrealized depreciation.

The tax characteristics of distributions paid during the tax years ending December 31, 2014 and December 31, 2013 were as follows (amounts in thousands):


	Distributions Paid From:				Total Taxable Distributions		Tax-Exempt Distributions		Total Distributions Paid*
Year Ended December 31, 2014	Ordinary Income		Net Long Term Gains
Commodity Portfolio	$	8,151	$	3,440	$	11,591	$	—	$	11,591

Graphic -- Image -- line.gif

*

Total distributions paid may differ from the Statements of Changes in Net Assets because dividends for tax purposes are recognized when actually paid. Certain Portfolios utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes.

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

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Notes to Financial Statements (continued) — December 31, 2014 (Unaudited)


	Distributions Paid From:				Total Taxable Distributions		Tax-Exempt Distributions		Total Distributions Paid*
Year Ended December 31, 2013	Ordinary Income		Net Long Term Gains
Commodity Portfolio	$	8,445	$	—	$	8,445	$	—	$	8,445

Graphic -- Image -- line.gif

*

Total distributions paid may differ from what appears in the Statements of Changes in Net Assets because dividends for tax purposes are recognized when actually paid. The Portfolios may utilize equalization accounting for tax purposes by designating earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes.

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

As of December 31, 2014, the components of accumulated earnings (deficit) on a tax basis were as follows:


Portfolio	Undistributed Ordinary Income/Tax Exempt Income		Undistributed Long Term Capital Gains		Accumulated Earnings		Dividends Payable			Accumulated Capital and Other Losses			Unrealized Appreciation/ Depreciation			Total Accumulated Earnings/ (Deficit)
Commodity Portfolio	$	4,328	$	417	$	4,745	$	(4,062	)	$	(15,546	)	$	(93,706	)	$	(108,569	)

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

At December 31, 2014, the Commodity Portfolio did not have any CLCFs available to offset future capital gains.

At December 31, 2014, the Commodity Portfolio had deferred losses, which will be treated as arising on the first day of the tax year ending December 31, 2015.


Portfolio	Post-October Capital Losses
Commodity Portfolio	$	15,546

6. RISK CONSIDERATIONS.

Market Risk — Each Portfolio bears a basic risk that the value of the securities held by a Portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies.

Credit Risk — Credit risk is the risk that an issuer (or in the case of certain securities, the guarantor or counterparty) will be unable to make principal and interest payments when due. The creditworthiness of an issuer may be affected by a number of factors, including the financial condition of the issuer (or guarantor) and, in the case of foreign issuers, the financial condition of the region.

Foreign Investment Risk — Investments in securities issued by non-U.S. companies and non-U.S. governments and their agencies may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. In addition, risks associated with foreign investments may be intensified in the case of investments in emerging-market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations.

Concentration Risk — Concentration risk is the risk that results from focusing investments in one industry or market sector. The Real Estate Portfolio and Commodity Portfolio concentrate their investments in real estate securities and commodity-related industries, respectively, which may present greater risks of loss than if the Portfolios were more broadly diversified over numerous unrelated industries.

248

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Notes to Financial Statements (concluded) — December 31, 2014 (Unaudited)

Commodity-Related Derivatives Risk — The Commodity Portfolio, through its investment in its subsidiaries, will hold commodity-related derivatives. Commodity-related derivatives provide exposure, which may include long and/or short exposure, to the investment returns of physical commodities that trade in the commodities markets without investing directly in physical commodities. The value of a commodity-related derivative typically is based on the price movements of a physical commodity (such as heating oil, precious metals, livestock, or agricultural products), a commodity futures contract or commodity index, or some other readily measurable economic variable. The value of commodity-related derivatives may be affected by changes in overall market movements, volatility of the underlying benchmark, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The value of commodity-related derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-related derivatives may be subject to greater volatility than non-derivative based investments. A highly liquid secondary market may not exist for certain commodity-related derivatives, and there can be no assurance that one will develop.

7. SUBSEQUENT EVENTS. Management has evaluated subsequent events through the date these financial statements were issued. Based on the evaluation, no additional disclosures or adjustments were required to the financial statements as of December 31, 2014.

Effective November 3, 2014, the Board of the Trustees of the Trust approved an interim agreement that provided for the engagement of City of London Investment Management Company Limited (“City of London”) as an additional investment advisory organization (“Specialist Manager”) to manage a portion of the assets of The Fixed Income Opportunity Portfolio beginning on that date. In addition, on December 29, 2014, the Trust submitted to a vote of shareholders (i) a proposed Portfolio Management Agreement between the Trust and City of London with regard to City of London’s fee for its portfolio management services to The Fixed Income Opportunity Portfolio; and (ii) an additional proposed Portfolio Management Agreement between the Trust and City of London with respect to The International Equity Portfolio, The Institutional International Equity Portfolio, and the Emerging Markets Portfolio. Such agreements became effective January 23, 2015.

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Additional Information — December 31, 2014 (Unaudited)

1. SECURITY PROXY VOTING. A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is contained in the Statement of Additional Information. Information regarding how the Portfolios voted proxies relating to portfolio securities during the most recent twelve months ended June 30, is available without charge, upon request, by calling 800-242-9596 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

2. SHAREHOLDER VOTES. During the period ending December 31, 2014, the following actions were taken by the shareholders of certain of the Portfolios.

SPECIAL MEETING OF THE SHAREHOLDERS — JULY 18, 2014

A special meeting of shareholders of each of The Value Equity Portfolio, The Institutional Value Equity Portfolio, The Growth Equity Portfolio and The Institutional Growth Equity Portfolio was held on July 18, 2014. At the July 18, 2014 meeting, shareholders of The Value Equity Portfolio, The Institutional Value Equity Portfolio, The Growth Equity Portfolio and The Institutional Growth Equity Portfolio approved an amendment to the portfolio management agreements between the Trust and Parametric Portfolio Associates LLC.

1. Approval of an amendment to the portfolio management agreement between the Trust, on behalf of The Value Equity Portfolio, and Parametric Portfolio Associates LLC;


Portfolio	Record Date Shares		Shares Voted		% of Total Shares			For Proposal		% of Votes in Favor
The Value Equity Portfolio		35,294,489.347		33,467,330.535		94.8823	%		33,467,330.535		100	%

2. Approval of an amendment to the portfolio management agreement between the Trust, on behalf of The Institutional Value Equity Portfolio, and Parametric Portfolio Associates LLC;


Portfolio	Record Date Shares		Shares Voted		% of Total Shares			For Proposal		% of Votes in Favor
The Institutional Value Equity Portfolio		69,930,990.109		42,839,497.971		61.259	%		42,839,497.971		100	%

3. Approval of an amendment to the portfolio management agreement between the Trust, on behalf of The Growth Equity Portfolio, and Parametric Portfolio Associates LLC;


Portfolio	Record Date Shares		Shares Voted		% of Total Shares			For Proposal		% of Votes in Favor
The Growth Equity Portfolio		41,066,751.487		35,110,827.770		85.496	%		35,110,827.770		100	%

4. Approval of an amendment to the portfolio management agreement between the Trust, on behalf of The Institutional Growth Equity Portfolio, and Parametric Portfolio Associates LLC;


Portfolio	Record Date Shares		Shares Voted		% of Total Shares			For Proposal		% of Votes in Favor
The Institutional Growth Equity Portfolio		86,355,736.363		52,875,379.599		61.229	%		52,875,379.599		100	%

250

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Additional Information (continued) — December 31, 2014 (Unaudited)

SPECIAL MEETING OF THE SHAREHOLDERS — AUGUST 29, 2014

A special meeting of shareholders of each of The Fixed Income Opportunity Portfolio was held on August 29, 2014. At the August 29, 2014 meeting, shareholders of The Fixed Income Opportunity Portfolio approved an amendment to the portfolio management agreements between the Trust and Western Asset Management Company. The results of the August 29, 2014 meeting are presented below:

1. Approval of an amendment to the portfolio management agreement between the Trust, on behalf of The Fixed Income Portfolio, and Western Asset Management Company;


Portfolio	Record Date Shares		Shares Voted		% of Total Shares			For Proposal		% of Votes in Favor
The Fixed Income Opportunity Portfolio		104,788,669.742		67,558,799.281		64.471	%		67,558,799.81		100	%

3. EXPENSE EXAMPLE. As a shareholder of the Trust, you incur ongoing costs, including management fees and other Portfolio expenses. This example (as set forth in the table below) is intended to help you understand your ongoing costs (in dollars) of investing in the Trust and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2014 through December 31, 2014.

Actual Expenses: The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes: The table below provides information about hypothetical account values and hypothetical expenses based on each of the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


			Beginning Account Value, July 1, 2014		Ending Account Value, December 31, 2014		Expenses Paid During Period²		Annualized Expense Ratio
Value Portfolio	HC Strategic Shares	Actual	$	1,000.00	$	1,046.40	$	1.55		0.30	%
		Hypothetical¹	$	1,000.00	$	1,023.69	$	1.53		0.30	%
	HC Advisors Shares	Actual	$	1,000.00	$	1,046.40	$	1.55		0.30	%
		Hypothetical¹	$	1,000.00	$	1,023.69	$	1.53		0.30	%
Institutional Value Portfolio	HC Strategic Shares	Actual	$	1,000.00	$	1,045.10	$	1.49		0.29	%
		Hypothetical¹	$	1,000.00	$	1,023.74	$	1.48		0.29	%
	HC Advisors Shares	Actual	$	1,000.00	$	1,045.80	$	1.50		0.29	%
		Hypothetical¹	$	1,000.00	$	1,023.74	$	1.48		0.29	%
Growth Portfolio	HC Strategic Shares	Actual	$	1,000.00	$	1,069.80	$	1.57		0.30	%
		Hypothetical¹	$	1,000.00	$	1,023.69	$	1.53		0.30	%

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Additional Information (continued) — December 31, 2014 (Unaudited)


			Beginning Account Value, July 1, 2014		Ending Account Value, December 31, 2014		Expenses Paid During Period²		Annualized Expense Ratio
	HC Advisors Shares	Actual	$	1,000.00	$	1,069.90	$	1.57		0.30	%
		Hypothetical¹	$	1,000.00	$	1,023.69	$	1.53		0.30	%
Institutional Growth Portfolio	HC Strategic Shares	Actual	$	1,000.00	$	1,067.70	$	1.46		0.28	%
		Hypothetical¹	$	1,000.00	$	1,023.79	$	1.43		0.28	%
	HC Advisors Shares	Actual	$	1,000.00	$	1,067.00	$	1.46		0.28	%
		Hypothetical¹	$	1,000.00	$	1,023.79	$	1.43		0.28	%
Small Cap-Mid Cap Portfolio	HC Strategic Shares	Actual	$	1,000.00	$	1,029.50	$	4.04		0.79	%
		Hypothetical¹	$	1,000.00	$	1,021.22	$	4.02		0.79	%
	HC Advisors Shares	Actual	$	1,000.00	$	1,029.50	$	4.04		0.79	%
		Hypothetical¹	$	1,000.00	$	1,021.22	$	4.02		0.79	%
Institutional Small Cap- Mid Cap Portfolio	HC Strategic Shares	Actual	$	1,000.00	$	1,030.10	$	4.04		0.79	%
		Hypothetical¹	$	1,000.00	$	1,021.22	$	4.02		0.79	%
	HC Advisors Shares	Actual	$	1,000.00	$	1,030.10	$	4.04		0.79	%
		Hypothetical¹	$	1,000.00	$	1,021.22	$	4.02		0.79	%
Real Estate Portfolio	HC Strategic Shares	Actual	$	1,000.00	$	1,113.40	$	4.10		0.77	%
		Hypothetical¹	$	1,000.00	$	1,021.32	$	3.92		0.77	%
Commodity Portfolio	HC Strategic Shares	Actual	$	1,000.00	$	782.10	$	3.01		0.67	%
		Hypothetical¹	$	1,000.00	$	1,021.83	$	3.41		0.67	%
	HC Advisors Shares	Actual	$	1,000.00	$	782.80	$	3.01		0.67	%
		Hypothetical¹	$	1,000.00	$	1,021.83	$	3.41		0.67	%
International Portfolio	HC Strategic Shares	Actual	$	1,000.00	$	907.10	$	1.92		0.40	%
		Hypothetical¹	$	1,000.00	$	1,023.19	$	2.04		0.40	%
	HC Advisors Shares	Actual	$	1,000.00	$	907.10	$	1.92		0.40	%
		Hypothetical¹	$	1,000.00	$	1,023.19	$	2.04		0.40	%
Institutional International Portfolio	HC Strategic Shares	Actual	$	1,000.00	$	906.20	$	1.73		0.36	%
		Hypothetical¹	$	1,000.00	$	1,023.39	$	1.84		0.36	%
	HC Advisors Shares	Actual	$	1,000.00	$	907.00	$	1.73		0.36	%
		Hypothetical¹	$	1,000.00	$	1,023.39	$	1.84		0.36	%
Emerging Markets Portfolio	HC Strategic Shares	Actual	$	1,000.00	$	898.00	$	2.77		0.58	%
		Hypothetical¹	$	1,000.00	$	1,022.28	$	2.96		0.58	%
	HC Advisors Shares	Actual	$	1,000.00	$	897.90	$	2.77		0.58	%
		Hypothetical¹	$	1,000.00	$	1,022.28	$	2.96		0.58	%
Core Fixed Income Portfolio	HC Strategic Shares	Actual	$	1,000.00	$	1,014.70	$	1.27		0.25	%
		Hypothetical¹	$	1,000.00	$	1,023.95	$	1.28		0.25	%
	HC Advisors Shares	Actual	$	1,000.00	$	1,014.70	$	1.27		0.25	%
		Hypothetical¹	$	1,000.00	$	1,023.95	$	1.28		0.25	%
Fixed Opportunity Portfolio	HC Strategic Shares	Actual	$	1,000.00	$	971.80	$	1.69		0.34	%
		Hypothetical¹	$	1,000.00	$	1,023.49	$	1.73		0.34	%
	HC Advisors Shares	Actual	$	1,000.00	$	971.80	$	1.64		0.33	%
		Hypothetical¹	$	1,000.00	$	1,023.49	$	1.73		0.34	%
U.S. Government Fixed Income Portfolio	HC Strategic Shares	Actual	$	1,000.00	$	1,019.30	$	0.81		0.16	%
		Hypothetical¹	$	1,000.00	$	1,024.40	$	0.82		0.16	%

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			Beginning Account Value, July 1, 2014		Ending Account Value, December 31, 2014		Expenses Paid During Period²		Annualized Expense Ratio
Inflation Protected Portfolio	HC Strategic Shares	Actual	$	1,000.00	$	979.90	$	0.90		0.18	%
		Hypothetical¹	$	1,000.00	$	1,024.30	$	0.92		0.18	%
	HC Advisors Shares	Actual	$	1,000.00	$	978.90	$	0.90		0.18	%
		Hypothetical¹	$	1,000.00	$	1,024.30	$	0.92		0.18	%
U.S. Corporate Fixed Income Portfolio	HC Strategic Shares	Actual	$	1,000.00	$	1,009.70	$	1.62		0.32	%
		Hypothetical¹	$	1,000.00	$	1,023.59	$	1.63		0.32	%
U.S. Mortgage/Asset Backed Fixed Income Portfolio	HC Strategic Shares	Actual	$	1,000.00	$	1,016.80	$	0.86		0.17	%
		Hypothetical¹	$	1,000.00	$	1,024.35	$	0.87		0.17	%
Short-Term Municipal Portfolio	HC Strategic Shares	Actual	$	1,000.00	$	999.70	$	1.46		0.29	%
		Hypothetical¹	$	1,000.00	$	1,023.74	$	1.48		0.29	%
Intermediate Municipal Portfolio	HC Strategic Shares	Actual	$	1,000.00	$	1,010.80	$	1.32		0.26	%
		Hypothetical¹	$	1,000.00	$	1,023.89	$	1.33		0.26	%
	HC Advisors Shares	Actual	$	1,000.00	$	1,010.80	$	1.32		0.26	%
		Hypothetical¹	$	1,000.00	$	1,023.89	$	1.33		0.26	%
Intermediate Muni II	HC Strategic Shares	Actual	$	1,000.00	$	1,011.60	$	1.57		0.31	%
		Hypothetical¹	$	1,000.00	$	1,023.64	$	1.58		0.31	%
	HC Advisors Shares	Actual	$	1,000.00	$	1,011.60	$	1.57		0.31	%
		Hypothetical¹	$	1,000.00	$	1,023.64	$	1.58		0.31	%

Graphic -- Image -- line.gif

1

Represents the hypothetical 5% annual return before expenses.

2

Expenses are equal to the Portfolio's annualized expense ratio multiplied by the average account value over the period multiplied by 184/365 (to reflect the one-half year period).

4. ADDITIONAL FEDERAL INCOME TAX INFORMATION

A. Dividends Received Deduction. For corporate shareholders, the following percentage of the total ordinary income distributions paid during the fiscal year ending December 31, 2014 qualify for the corporate dividend received deduction for the following Portfolio:


Portfolio	Dividends Received Deduction
Commodity Portfolio		32.66	%

B. Qualified Dividends. For the fiscal year ending December 31, 2013, under current tax law, the following dividends paid may be subject to a maximum tax rate of 23.8%.


Portfolio	Dividends Paid
Commodity Portfolio		100.00	%

The Portfolio intends to designate the maximum amount allowable as taxed at a maximum rate of 23.8%. Complete information will be reported in conjunction with your 2014 Form 1099-DIV.

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Additional Information (continued) — December 31, 2014 (Unaudited)

5. ACCESS TO QUARTERLY HOLDINGS

A complete schedule of each Portfolio’s portfolio holdings for the first and third fiscal quarter of each fiscal year is filed with the SEC on Form N-Q and is available on the SEC’s website at http://www.sec.gov. In addition, the schedules may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

6. ADDITIONAL PORTFOLIO HOLDINGS INFORMATION

The following tables reflect the percentage of the total investments of each Portfolio attributable to the indicated industry sector, type of security or geographic region, as appropriate for the indicated Portfolio.

Value Portfolio


Security Allocation	Percentage of Value
Consumer Discretionary		12.6	%
Consumer Staples		7.0	%
Energy		10.3	%
Energy Equipment & Services		0.0	%
Financials		29.6	%
Health Care		9.3	%
Industrials		9.4	%
Information Technology		12.0	%
Machinery		0.0	%
Materials		4.5	%
Telecommunication Services		1.8	%
Utilities		3.2	%
Other		0.3	%
Total		100.0	%

Institutional Value Portfolio



Security Allocation	Percentage of Value
Consumer Discretionary		11.9	%
Consumer Staples		7.2	%
Energy		10.5	%
Energy Equipment & Services		0.0	%
Financials		29.8	%
Health Care		8.9	%
Industrials		9.4	%
Information Technology		12.5	%
Machinery		0.0	%
Materials		4.3	%
Telecommunication Services		1.8	%
Utilities		3.1	%
Other		0.6	%
Total		100.0	%

Growth Portfolio


Security Allocation	Percentage of Value
Consumer Discretionary		17.2	%
Consumer Staples		9.2	%
Energy		3.9	%
Financials		15.3	%
Health Care		17.1	%
Industrials		5.7	%
Information Technology		27.2	%
Materials		2.7	%
Pharmaceuticals		0.5	%
Other		1.2	%
Total		100.0	%

Institutional Growth Portfolio


Security Allocation	Percentage of Value
Consumer Discretionary		16.8	%
Consumer Staples		8.5	%
Energy		3.8	%
Financials		15.1	%
Health Care		16.9	%
Industrials		5.7	%
Information Technology		26.1	%
Materials		2.1	%
Pharmaceuticals		0.6	%
Telecommunication Services		0.1	%
Transportation		0.0	%
Other		4.3	%
Total		100.0	%

254

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Additional Information (continued) — December 31, 2014 (Unaudited)

Small Capitalization Portfolio


Security Allocation	Percentage of Value
Biotechnology		0.1	%
Consumer Discretionary		10.2	%
Consumer Staples		0.9	%
Electrical Equipment		0.0	%
Electronic Equipment, Instruments & Components		0.0	%
Energy		3.6	%
Energy Equipment & Services		0.0	%
Financials		22.7	%
Health Care		13.4	%
Health Care Equipment & Supplies		0.1	%
Industrials		15.3	%
Information Technology		22.7	%
Insurance		0.2	%
Machinery		0.0	%
Materials		6.0	%
Metals & Mining		0.0	%
Software		0.0	%
Specialty Retail		0.0	%
Telecommunication Services		1.1	%
Trading Companies & Distributors		0.0	%
Utilities		1.6	%
Other		2.1	%
Total		100.0	%

Institutional Small Capitalization Portfolio



Security Allocation	Percentage of Value
Biotechnology		0.2	%
Consumer Discretionary		10.6	%
Consumer Staples		0.9	%
Electronic Equipment, Instruments & Components		0.0	%
Energy		3.4	%
Energy Equipment & Services		0.0	%
Financials		21.1	%
Health Care		14.2	%
Health Care Equipment & Supplies		0.1	%
Industrials		15.1	%
Information Technology		22.1	%
Machinery		0.0	%
Materials		6.0	%
Metals & Mining		0.0	%
Software		0.0	%
Telecommunication Services		0.8	%
Utilities		2.0	%
Other		3.5	%
Total		100.0	%

Real Estate Portfolio


Security Allocation	Percentage of Value
Consumer Discretionary		6.6	%
Consumer Staples		1.6	%
Financials		86.7	%
Health Care		2.9	%
Materials		0.9	%
Telecommunication Services		1.3	%
Other		0.0	%
Total		100.0	%

Commodity Portfolio


Security Allocation	Percentage of Value
Energy		32.8	%
Financials		16.0	%
Industrials		2.1	%
Materials		21.5	%
Telecommunication Services		0.1	%
Other		27.5	%
Total		100.0	%

International Portfolio


Security Allocation	Percentage of Value
Consumer Discretionary		12.5	%
Consumer Staples		8.7	%
Energy		7.9	%
Financials		21.9	%
Health Care		9.4	%
Industrials		15.4	%
Information technology		0.1	%
Information Technology		5.7	%
Materials		8.5	%
Telecommunication Services		7.7	%
Utilities		1.8	%
Other		0.4	%
Total		100.0	%

255

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Additional Information (continued) — December 31, 2014 (Unaudited)

Institutional International Portfolio


Security Allocation	Percentage of Value
Consumer Discretionary		12.6	%
Consumer Staples		8.7	%
Energy		7.7	%
Financials		20.9	%
Health Care		9.7	%
Industrials		15.3	%
Information technology		0.1	%
Information Technology		5.3	%
Materials		8.5	%
Telecommunication Services		7.8	%
Utilities		2.2	%
Other		1.2	%
Total		100.0	%

Emerging Markets Portfolio


Security Allocation	Percentage of Value
Consumer Discretionary		7.9	%
Consumer Staples		3.9	%
Energy		8.9	%
Financials		35.9	%
Health Care		0.4	%
Industrials		7.8	%
Information Technology		13.6	%
Materials		9.9	%
Telecommunication Services		5.7	%
Thrifts & Mortgage Finance		0.1	%
Utilities		4.7	%
Other		1.2	%
Total		100.0	%

Core Fixed Income Portfolio



Security Allocation	Percentage of Value
Consumer Discretionary		2.4	%
Consumer Staples		0.8	%
Energy		3.0	%
Financials		27.5	%
Health Care		2.2	%
Industrials		3.5	%
Information Technology		2.4	%
Materials		0.9	%
Telecommunication Services		1.5	%
Utilities		0.8	%
Other		55.0	%
Total		100.0	%

Fixed Opportunity Portfolio


Security Allocation	Percentage of Value
Consumer Discretionary		14.7	%
Consumer Staples		4.8	%
Energy		15.9	%
Financials		21.9	%
Health Care		5.9	%
Industrials		6.1	%
Information Technology		3.9	%
Materials		7.1	%
Telecommunication Services		8.0	%
Utilities		3.0	%
Other		8.7	%
Total		100.0	%

U.S. Government Fixed Income Portfolio


Security Allocation	Percentage of Value
Treasury		79.1	%
Agency		7.4	%
Corporate		0.1	%
Other		13.4	%
Total		100.0	%

Inflation Protected Securities Portfolio


Security Allocation	Percentage of Value
Treasury		89.4	%
Other		10.6	%
Total		100.0	%

U.S. Corporate Fixed Income Portfolio


Security Allocation	Percentage of Value
Consumer Discretionary		6.5	%
Consumer Staples		2.4	%
Energy		8.5	%
Financials		49.9	%
Health Care		7.1	%
Industrials		9.7	%
Information Technology		6.6	%
Materials		2.5	%
Telecommunication Services		4.4	%
Utilities		2.4	%
Other		0.0	%
Total		100.0	%

256

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Additional Information (continued) — December 31, 2014 (Unaudited)

U.S. Mortgage/Asset Backed Fixed Income Portfolio


Security Allocation	Percentage of Value
Agency		72.3	%
Mortgage		5.0	%
Asset Backed Securities		1.4	%
Other		21.3	%
Total		100.0	%

Short-Term Municipal Portfolio


Security Allocation	Percentage of Value
Financials		1.4	%
General		7.4	%
General Obligation		38.4	%
Higher Education		11.0	%
Medical		4.0	%
Power		2.7	%
School District		5.0	%
Transportation		16.5	%
Utilities		5.8	%
Water		7.8	%
Other		0.0	%
Total		100.0	%

Intermediate Municipal Portfolio



Security Allocation	Percentage of Value
Airport		4.8	%
Development		1.2	%
Education		1.1	%
Facilities		3.0	%
Financials		13.0	%
General		16.1	%
General Obligation		8.1	%
Higher Education		5.1	%
Medical		4.7	%
Multi-Family Housing		0.5	%
Nursing Homes		0.3	%
Pollution		1.7	%
Power		5.9	%
School District		2.8	%
Single Family Housing		0.2	%
Student Loan		1.3	%
Tobacco		1.0	%
Tobacco Settlement		2.3	%
Transportation		10.2	%
Utilities		6.0	%
Water		10.2	%
Other		0.5	%
Total		100.0	%

Intermediate Municipal II Portfolio



Security Allocation	Percentage of Value
Education		4.0	%
Facilities		6.4	%
Financials		14.3	%
General		8.0	%
General Obligation		28.1	%
Higher Education		3.8	%
Pollution		2.2	%
Power		1.6	%
School District		10.9	%
Transportation		4.3	%
Utilities		5.9	%
Water		10.5	%
Other		0.0	%
Total		100.0	%

257

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Additional Information (continued) — December 31, 2014 (Unaudited)

7. BOARD APPROVAL OF INVESTMENT ADVISORY CONTRACTS

The Trust’s investment adviser is HC Capital Solutions (the “Adviser”), an operating division of Hirtle Callaghan & Co. LLC, (“Hirtle Callaghan”). The Adviser provides overall investment management services with respect to the Trust and its Portfolios pursuant to the terms of two separate agreements with the Trust (“HC Contracts”). The Adviser is authorized under the HC Contracts to purchase and sell portfolio securities for the Portfolios. Day-to-day portfolio management services are generally provided to the respective Portfolios by one or more investment advisory organizations (each a “Specialist Manager”) pursuant to the terms of separate investment advisory agreements (each, a “Portfolio Management Agreement”). As of the date of this report, the Trust offered twenty Portfolios, fifteen of which were managed by two or more Specialist Managers.¹ Each Specialist Manager is responsible for providing day-to-day portfolio management services for that portion of a Portfolio’s assets allocated to it by, and under the supervision of, the Adviser.

During the six-month period covered by this report, the Trust’s Board of Trustees (the “Board”):

•

Approved continuation of certain Portfolio Management Agreements relating to certain Portfolios designed to invest primarily in international securities (“International Portfolios”) and other Portfolios that focus on the small and mid capitalization sector of the securities markets (“Small-Mid Cap Portfolios”);

•

Approved new Portfolio Management Agreements with City of London Investment Management (“CLIM”) relating to four Portfolios; and

•

Approved a new Portfolio Management Agreement and subsequent amendment to that Agreement with Western Asset Management Company (“WAMCO”) relating to The Fixed Income Opportunity Portfolio.

Continuation of Certain Portfolio Management Agreements. The Portfolio Management Agreements relating to the International Portfolios and the Small-Mid Cap Portfolios (collectively, the “Continuing Agreements”) approved for continuance during the period are identified below, together with the Specialist Managers subject to review during the period.


Specialist Manager		International Portfolios
Artisan Partners Limited Partnership		The International Equity Portfolio The Institutional International Equity Portfolio
The Boston Company Asset Management, LLC		The Emerging Markets Portfolio
Capital Guardian Trust Company		The International Equity Portfolio The Institutional International Equity Portfolio
Causeway Capital Management, LLC		The International Equity Portfolio The Institutional International Equity Portfolio
Lazard Asset Management, LLC		The Institutional International Equity Portfolio
Wellington Management Company, LLP		The Real Estate Securities Portfolio The Commodity Returns Strategy Portfolio


Specialist Manager		Small–Mid Cap Portfolios
Ariel Investments, LLC		The Small Capitalization–Mid Capitalization Equity Portfolio The Institutional Small Capitalization–Mid Capitalization Equity Portfolio

Graphic -- Image -- line.gif

1

See Note 3.

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Additional Information (continued) — December 31, 2014 (Unaudited)


Specialist Manager		Small–Mid Cap Portfolios
Cupps Capital Management Company, LLC		The Small Capitalization–Mid Capitalization Equity Portfolio The Institutional Small Capitalization–Mid Capitalization Equity Portfolio
Frontier Capital Management Company, LLC		The Small Capitalization–Mid Capitalization Equity Portfolio The Institutional Small Capitalization–Mid Capitalization Equity Portfolio
IronBridge Capital Management, LLC		The Small Capitalization–Mid Capitalization Equity Portfolio The Institutional Small Capitalization–Mid Capitalization Equity Portfolio
Pzena Investment Management, LLC		The Small Capitalization–Mid Capitalization Equity Portfolio The Institutional Small Capitalization–Mid Capitalization Equity Portfolio

In considering each of the Portfolio Management Agreements referenced above, the Board recognized that, under each such agreement, a Specialist Manager is responsible only for day-to-day investment decisions with respect to that portion of a Portfolio’s assets allocated to it. The Board further recognized that Specialist Mangers do not participate in the administration of any of the Portfolios or in the distribution of shares of any Portfolio and thus receive limited, if any, benefit from their association with the Trust other than the fee paid to them by the respective Portfolios for investment management services.

In approving the Continuing Agreements, the Board concluded that continuation of each of the Continuing Agreements was in the best interests of the respective Portfolios and consistent with the expectations of shareholders of the respective Portfolios. While the Board did not identify any particular factor as controlling, the Board gave substantial weight to the fact that the Trust is designed primarily to serve as a vehicle through which the Adviser implements asset allocation strategies on behalf of Hirtle Callaghan’s clients and that shares of the respective Portfolios are generally available only to such clients. The Board also gave substantial weight to representations made by the Adviser that the performance achieved by the relevant Specialist Managers was consistent with the Adviser’s expectations in the context of overall objectives, and multi-manager strategies, of each of the respective Portfolios.

During the course of its deliberations, the Board was informed with respect to publicly available information assembled by a third-party service provider about the performance of peer funds managed by other investment advisory organizations. The Board did not specifically rely on such information but based its conclusions on the facts and circumstances of the Trust.

In concluding that continuation of the Portfolio Management Agreements identified above was appropriate, the Board did not rely upon any single factor but gave considerable weight to the Adviser’s recommendations and its assessment of each Specialist Manager’s overall compliance profile and the success of each Specialist Manager in capturing the respective Portfolios’ desired asset classes as well as the Board’s assessment of each Specialist Manager’s ability to continue to capture such asset classes in the future. Based on the foregoing, the Board concluded that the performance of the Specialist Managers was satisfactory and that continuation of such contracts was in the best interest of shareholders of the respective Portfolios.

The Board also determined that the rate at which each of the Specialist Managers is compensated under the Continuing Agreements is reasonable. In reaching this conclusion, the Board had before it information about the impact of break-points and fee waivers afforded to the Portfolios, financial information about the Specialist Managers relating to factors such as profitability, comparable fees charged to other institutional clients and/or to peer funds for similar services and costs incurred by the Specialist Managers in providing services to the respective Portfolios. In considering this information, the Board gave substantial weight to information demonstrating that the rate at which these Specialist

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Additional Information (continued) — December 31, 2014 (Unaudited)

Managers are compensated was determined as a result of arms-length negotiations conducted by the officers of the Trust and the Adviser, including in several cases, negotiated fee waivers and scheduled breakpoints designed to recognize economies of scale where appropriate.

Approval of New Portfolio Management Agreements with CLIM. During the period, the Board approved new Portfolio Management Agreements between the Trust and CLIM relating to each of The International Equity Portfolio, The Institutional International Equity Portfolio and The Emerging Markets Portfolio (collectively, the “International Portfolios”), as well as an interim and a final agreement with CLIM relating to The Fixed Income Opportunity Portfolio. The agreements relating to International Portfolios are referred to collectively as the “International Agreements,” and, together with the Agreements related to The Fixed Income Opportunity Portfolio, are referred to as the CLIM Agreements.

The following is a summary of the factors considered by the Board in approving the CLIM Agreements.

In approving the CLIM Agreements, the Board received information from CLIM regarding the strategies it implements by investing in asset class-specific closed-end funds (“CEF Strategies”) and information from the Adviser regarding the Adviser’s belief that implementation of the CEF Strategies in The Fixed Income Opportunity Portfolio and the International Portfolios (collectively, the “Affected Portfolios”) would, under certain market conditions, allow the Portfolios to benefit from volatility in the discounts at which closed-end fund may trade. With respect to the nature and quality of the services expected to be provided to the Affected Portfolios by CLIM, the Board gave considerable weight to the Adviser’s assessment of CLIM’s investment philosophy, investment management capabilities and its compliance framework, as well as the Adviser’s recommendation of CLIM, based on services provided by CLIM to other Hirtle Callaghan accounts and on the performance achieved by CLIM in relation to the performance of relevant broad-based securities indices and other benchmarks.

With respect to the fee schedules pursuant to which CLIM would be compensated for its services, the Board considered the fact that, under the CLIM Agreements, the rates at which advisory fees relating to assets allocated to CLIM would be calculated would, in some cases and under certain circumstances, be higher that the rates then being paid to the other Specialist Managers currently serving the Affected Portfolios and that, by investing in closed-end funds, the Affected Portfolios would incur certain indirect expenses in the form of the fees and expenses to which the closed-end funds are subject. The Board balanced the likelihood of increased expenses, however, against the potential that the Affected Portfolios would benefit by virtue of access to the CLIM Strategies and the fact that the overall levels of advisory fees and expenses experienced by the Affected Portfolios would depend upon the manner and extent to which assets of the Affected Portfolios are allocated by the Adviser to CLIM, as well as among their various Specialist Managers that provide services to the Affected Portfolios.

The Board was also informed with respect to CLIM’s financial position and the projected profitability of the relationships with the Affected Portfolios to CLIM. In considering this information, the Board gave substantial weight to information demonstrating that the rate at which CLIM was to be compensated under the separate Portfolio Management Agreements was determined as a result of arms-length negotiations conducted by the officers of the Trust and the Adviser. The Board also was provided with data regarding overall advisory fees paid by funds with investment policies and objectives similar to those of the Affected Portfolios. The Board did not specifically rely on such information but based its conclusions on the facts and circumstances of the Trust. In concluding that approval of the CLIM Agreements was in the best interests of the Affected Portfolios, the Board was also informed that CLIM would not participate in the administration or distribution of shares of the Portfolios and that, other than advisory fees payable under the terms of the CLIM Agreements, it was not expected that CLIM would benefit materially from its association with the Trust.

Approval of a New Portfolio Management Agreement and Amendment with WAMCO. During the period, the Board also approved a new Portfolio Management Agreement (the “WAMCO Agreement) and a subsequent

260

HC CAPITAL TRUST
Additional Information (concluded) — December 31, 2014 (Unaudited)

amendment (the “Amendment”) between the Trust and WAMCO relating to The Fixed Income Opportunity Portfolio (the “Portfolio”). The following is a summary of the factors considered by the Board in approving the WAMCO Agreement and the Amendment.

In approving the WAMCO Agreement, the Board received information from WAMCO regarding the fixed income strategies it implements as well as information from the Adviser regarding the Adviser’s belief that WAMCO would contribute to the achievement of the Portfolio’s investment objective. With respect to the nature and quality of the services expected to be provided to the Portfolio, the Board gave considerable weight to the Adviser’s recommendation that the Portfolio would benefit from access to WAMCO’s approach to fixed income investing. The Board also considered fact that WAMCO would not participate in the administration or distribution of shares of the Portfolio and that, other than advisory fees payable under the terms of the WAMCO Agreement, it was not expected that WAMCO would benefit materially from its association with the Trust. In concluding that approval of the WAMCO Agreement was in the best interests of the Portfolio, the Board was informed with respect to information about the performance of WAMCO’s Strategy in relation to the performance of relevant broad-based securities indices and the relevant investment universe.

With respect to the fee schedule pursuant to which WAMCO would be compensated for its services, the Board considered the fact that WAMCO had agreed to temporarily serve the Portfolio at a fee level that was significantly reduced from its standard fee in order to allow the WAMCO Agreement to be implemented immediately pursuant to the Trust’s “Manager of Manager” exemptive order, provided that the Trust seek shareholder approval of a subsequent amendment to the WAMCO Agreement implementing WAMCO’s standard, higher, fee schedule. The Board noted that WAMCO’s standard fee, as represented by the Amendment, was higher than any of the fees then being paid by the Portfolio to any of its then-existing Specialist Managers. The Board was, therefore, aware of the fact that full implementation of the proposed engagement would result in an increase in the overall advisory fees paid by the Portfolio but balanced such increase against the advantage to the Portfolios expected to be achieved by virtue of access to WAMCO’s management. The Board also recognized that the overall levels of advisory fees experienced by the Portfolio would depend upon the manner in which the assets of the Portfolio were allocated among their various Specialist Managers by the Adviser.

The Board was also informed with respect to WAMCO’s financial position and the projected profitability of the relationship with the Portfolio to WAMCO as well as data regarding advisory fees paid by other funds with similar investment policies. In considering this information, the Board gave substantial weight to information demonstrating that the rate at which WAMCO was to be compensated under the WAMCO Agreement was determined as a result of arms-length negotiations conducted by the officers of the Trust and the Adviser.

261

HC CAPITAL TRUST

Trustees

JARRETT B. KLING

HARVEY G. MAGARICK

RICHARD W. WORTHAM III

R. RICHARD WILLIAMS

ROBERT J. ZION*

*

“Interested Person” as that term is defined in the Investment Company Act of 1940.

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Investment Adviser		Counsel
HC Capital Solutions Five Tower Bridge 300 Barr Harbor Drive, Suite 500 West Conshohocken, PA 19428		Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018
Administrator Citi Fund Services Ohio, Inc. 3435 Stelzer Road Columbus, OH 43219 Distributor Unified Financial Securities, Inc. 2960 North Meridian Street, Suite 300 Indianapolis, IN 46208-4715		McCarter & English, LLP 1735 Market Street, Suite 700 Philadelphia, PA 19103
		Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP 41 South High Street, Suite 2500 Columbus, OH 43215
		Custodian State Street Bank and Trust Company State Street Financial Center 1 Lincoln Street Boston, MA 02111-2900

This report is for the information of the shareholders of HC Capital Trust. Its use in connection with any offering of the Trust’s shares is authorized only in case of a concurrent or prior delivery of the Trust’s current prospectus. The prospectus contains more complete information, including investment objectives, risks, fees and expenses and should be read carefully before investing or sending any money.

2/15

By (Signature and Title)	/s/ *Robert J. Zion*
	Robert J. Zion, Principal Executive Officer

By (Signature and Title)	/s/ *Colette L. Bergman*
	Colette L. Bergman, Principal Financial Officer

This ‘N-CSRS’ Filing	Date	Other Filings

	12/31/15	N-CSRS, NSAR-A, NSAR-A/A
	6/30/15	24F-2NT, N-CSR, N-PX, NSAR-B
Filed on / Effective on:	3/9/15
	1/23/15	DEF 14A, PRE 14A
	1/1/15
For Period End:	12/31/14	NSAR-A
	12/29/14	CORRESP, DEF 14A, N-Q/A
	11/3/14	CORRESP
	8/29/14	485APOS, 497, DEF 14A, NSAR-B, PRE 14A
	7/18/14	497, DEF 14A, PRE 14A
	7/1/14
	6/30/14	24F-2NT, 497, N-CSR, N-PX, NSAR-B
	4/3/14
	3/12/14
	12/31/13	N-CSRS, NSAR-A
	9/12/13	497
	6/30/13	24F-2NT, N-CSR, N-PX, NSAR-B, NSAR-B/A
	6/30/12	24F-2NT, N-CSR, N-PX, NSAR-B
	6/30/11	24F-2NT, 24F-2NT/A, N-CSR, N-PX, NSAR-B
	6/2/11
	4/27/11
	12/6/10
	7/13/10
	7/6/10	497
	6/30/10	24F-2NT, N-CSR, N-PX, NSAR-B, NSAR-B/A
	6/8/10
	12/10/09
	11/20/09
	12/15/94
		List all Filings

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 3/5/24 for 12/31/23

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

N-CSRS — Semi-Annual ReportDocument Table of Contents

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Table of Contents

Long/(Short) Futures

Currency Contracts

Interest Rate Swap Agreementsˆ

Centrally Cleared Interest Rate Swap Agreementsˆ

Long/(Short) Futures

Currency Contracts

Total Return Swap Agreementsˆ

Interest Rate Swap Agreementsˆ

Centrally Cleared Interest Rate Swap Agreementsˆ

Commodity Forward Swap Agreementsˆ

Commodity Swap Agreementsˆ

Variance Swap Agreementsˆ

Long Futures

Currency Contracts

Long Futures

Currency Contracts

Short Futures

Value Portfolio:

International Value Portfolio:

Growth Portfolio:

Institutional Growth Portfolio:

Small Cap-Mid Cap Portfolio:

Institutional Small Cap-Mid Cap Portfolio:

Real Estate Portfolio:

Commodity Portfolio:

International Portfolio:

Institutional International Equity Portfolio:

Emerging Markets Portfolio:

Core Fixed Income Portfolio:

Fixed Income Opportunity Portfolio:

U.S. Government Fixed Income Securities Portfolio:

Inflation Protected Securities Portfolio:

U.S. Corporate Fixed Income Securities Portfolio:

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

Short-Term Municipal Bond Portfolio:

Intermediate Municipal Bond Portfolio:

Intermediate Municipal Bond II Portfolio:

SPECIAL MEETING OF THE SHAREHOLDERS — JULY 18, 2014

SPECIAL MEETING OF THE SHAREHOLDERS — AUGUST 29, 2014

Value Portfolio

Institutional Value Portfolio

Growth Portfolio

Institutional Growth Portfolio

Small Capitalization Portfolio

Institutional Small Capitalization Portfolio

Real Estate Portfolio

Commodity Portfolio

International Portfolio

Institutional International Portfolio

Emerging Markets Portfolio

Core Fixed Income Portfolio

Fixed Opportunity Portfolio

U.S. Government Fixed Income Portfolio

Inflation Protected Securities Portfolio

U.S. Corporate Fixed Income Portfolio

U.S. Mortgage/Asset Backed Fixed Income Portfolio

Short-Term Municipal Portfolio

Intermediate Municipal Portfolio

Intermediate Municipal II Portfolio

HC CAPITAL TRUST

Trustees

Dates Referenced Herein and Documents Incorporated by Reference

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

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