|
UNITED STATES |
SECURITIES AND EXCHANGE COMMISSION |
Washington, D.C. 20549 |
|
FORM N-CSR |
|
CERTIFIED SHAREHOLDER REPORT OF REGISTERED |
MANAGEMENT INVESTMENT COMPANIES |
|
Investment Company Act file number: 811-5038 |
|
|
Clearwater Investment Trust |
|
|
2000 Wells Fargo Place, 30 East 7th Street, Saint Paul, Minnesota 55101-4930 |
|
Jennifer D. Lammers |
Chief Compliance Officer |
Fiduciary Counselling, Inc. |
2000 Wells Fargo Place, 30 East 7th Street |
Saint Paul, Minnesota 55101-4930 |
(Name and address of agent for service) |
|
Copy to: |
|
John V. O’Hanlon, Esquire |
Dechert LLP |
200 Clarendon Street, 27th Floor |
Boston, MA 02116-5021 |
(Name and address for agent for service) |
|
Registrant’s telephone number, including area code: 651-228-0935 |
Date of fiscal year end: December 31, 2009 |
Date of reporting period: June 30, 2010 |
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.
CLEARWATER INVESTMENT TRUST
Clearwater Growth Fund
Clearwater Small Cap Fund
Clearwater Tax-Exempt Bond Fund
Clearwater International Fund
SEMIANNUAL REPORT
for the period ended
June 30, 2010
Letter to our shareholders
August 30, 2010
We encourage you to read this semi-annual report as it contains important information about financial performance and fund holdings as well as investment performance. Each of the sub-advisers to the Clearwater Investment Trust has provided information as to their view of the markets in which they invest. During this period of unpredictable markets we hope you find this commentary interesting. In addition, this report describes a contract review process in April of this year, during which your Board of Trustees reviewed new information provided by Keeley Asset Management (“Keeley”) and determined to retain Keeley as a subadviser for the Small Cap Fund.
We hope the information contained within this report is helpful to you, our shareholders. As always, we encourage you as investors to carefully review and consider the investment objectives, risks and fees of a mutual fund before making investment decisions. In addition to this semi-annual report, additional information is available in the Clearwater Funds prospectus, which you received earlier this year and is also available by calling your Financial Consultant and Fiduciary Counselling, Inc. We thank you for your continued confidence and for choosing to invest with us.
| |
|
|
George Weyerhaeuser, Jr. | Philip W. Pascoe |
CEO, Clearwater Investment Trust | President, Clearwater Management Company |
2010 Clearwater Funds’ Performance (unaudited)
The Clearwater Growth Fund’s subadviser, Parametric Portfolio Associates, provided the following commentary regarding the U.S. equity markets in 2010: The US equity market finished the quarter ended June 30, 2010 at its lowest level of the year, with the S&P 500 Index down -11.4%. It was the worst quarter for US stocks since the depth of the global financial crisis in the fourth quarter of 2008. The sovereign debt crisis unfolding in Greece and potentially much of southern Europe shook investor confidence in the US. The stock market decline was broad-based, cutting across economic sectors, size, and relative valuation. Value, growth, mid and small-cap stocks were all down similarly in the second quarter, around -10%. While all economic sectors in the S&P 500 Index were negative for the quarter, the defensive utilities (-3.7%) and telecommunications (-4.2%) were the best relative performers, as these sectors tend to weather a slumping economy. The worst performing sectors were materials (-15%) and financials (-13.3%). We believe US stocks are now inexpensive compared to historical valuation measures. The S&P 500 trades at 13.5 times estimated earnings versus a historical average of 16. However, with the global financial meltdown of 2008 fresh in their minds, investors appear unable to move beyond their collective risk aversion
1
On the bright side, though, we note the continued strength of a number of important economic indicators. Heavy duty truck orders are very strong for this time period and containerboard inventories are at the lowest levels in decades, once again indicating that the economy is moving forward at a faster pace than most had planned. Finally, although some are bemoaning the drop in Institute for Supply Management’s Purchasing Managers Index in June, the 56.2 index level remains solidly in expansion mode.
In summary, we see mixed signals, and we cannot put aside some real fears of the ramifications of excessive debt burdens at all levels of government. In general, we believe that the overwhelming influence of a growing middle class in emerging markets will buoy global industrial production, helping to ease global debt burdens over time. It helps us put in perspective some of the near-term concerns about our economy, such as high unemployment and an uneven housing recovery.
Although a number of challenges remain, we expect a slow, but positive recovery. We continue to identify attractive opportunities in today’s environment and are optimistic that corporate earnings and the future guidance companies provide will be strong in the coming quarters. We are also pleased with the continued improvement within the credit markets. Merger and acquisition activity, the number of companies emerging from bankruptcy, and the projected number of spin-offs are all evidence that credit markets are improving.
2
Revenue bonds continued to outperform general obligation bonds during the first half of 2010, with revenue bonds returning 3.7% for the year-to-date ended June 30, 2010, while general obligation bonds returned 3.4%. Furthermore, longer duration outperformed shorter duration, and lower quality issues outperformed those of higher credit quality, as investors sought yield. We expect revenue bonds to again be strong performers in the second half of 2010, as the Fed’s accommodative policies and the Obama administration’s fiscal stimulus should continue to allay liquidity concerns in the market, and investor focus remains on yield. General obligation bond performance should remain weak on a relative basis, however, as many cities, counties and states continue to experience revenue shortfalls, despite the economy pulling out of recession, due to the persistent unemployment problem.
3
The $1 trillion loan package set forth by the European Union to end the region’s sovereign debt crisis could not overcome the extreme investor pessimism. All sectors were negative for the quarter ended June 30, 2010, with the worst performer being energy (-22.7%) driven by the BP disaster in the U.S. Gulf region. The best performing sector was the defensive consumer staples (-7.5%). The Euro continued to weaken versus the US dollar (-9.5%), but the Japanese yen appreciated versus the US dollar (+5.6%) as the yen represented an alternative safe haven currency for some investors.
Equity markets tumbled during the second quarter as risk aversion ruled the environment. With the euro and smaller European economies’ currencies precipitous falls during the quarter, international equity returns in U.S. Dollars suffered during the quarter. As market participants shifted their attention to negative headlines and continuing data suggested developed economies around the world will see much lower growth in the second half, investors headed for the exits during the quarter. Macro events ruled the environment and investors ignored some market valuations that appeared attractive versus their history. The sharp market selloff is creating some opportunities to buy high quality companies at attractive levels. A much anticipated rally from an ECB/IMF funding package for Greece lasted one day as markets moved on quickly to fears about the risk of contagion. Small and mid-cap securities performed better than large caps during the quarter and year-to-date periods ended June 30, 2010. Growth also fared better than value in this period. The best performing EAFE markets for the quarter
4
ended June 30, 2010 were Singapore, Denmark, and Hong Kong while the worst performing markets for the same period were Greece, Finland, and Austria. In the emerging markets, the best performing for the quarter ended June 30, 2010 were Indonesia, Peru, and Colombia while the worst performers were Hungary, Poland, and Russia.
Economic outcomes rarely move in a straight line. With stock markets genetically wired to hard financial data and human emotion, one cannot and should not expect consistency in the movement of share prices, especially as we come out of a difficult period. Political “solutions”, which seem to be showing up with increased frequency, only add to the confusion. As a result, sentiment has turned for the worse and equity markets have declined. In our opinion, the returns available in equities compare very favorably to many other asset classes including the historically low rates available on government bonds.
5
The Trustees considered the materials presented throughout 2009 and 2010, including the materials presented at the December, 2009, and April 17, 2010 board meetings, and based their decision on, among other things, that information, including management’s evaluations of Keeley’s investment staff, portfolio management process, compliance program enhancements and fund performance. The Trustees considered a number of factors, including those discussed below, that they believed, in light of the legal advice furnished to them by legal counsel and their own business judgment, to be relevant. No single factor determined whether or not the agreement would be approved but rather the totality of factors considered was determinative.
Nature, Extent and Quality of Services Provided
The Trustees considered the experience of the Keeley organization. The Trustees noted that Keeley has been managing investment portfolios since 1982 with total assets under management of [$xx] billion, employs a team of [xxx] investment professionals, and is headed by John L. Keeley, Jr., who is its President, and the fund’s primary portfolio manager. The Trustees considered Keeley’s investment approach for the fund. The Trustees also considered oral and written reports presented to them from management and Keeley regarding Keeley’s compliance program, including enhancements to Keeley’s trading operations. In particular, the Trustees considered the views expressed by CMC and the Trust’s Chief Compliance Officer that the concerns with Keeley’s trading operations that had led to the termination of Keeley’s previous agreement with the fund had been adequately addressed. The Trustees also considered CMC’s recommendation to retain Keeley. Based on their analysis of the data and other information presented, the Trustees concluded that Keeley is capable of providing investment and related services that are appropriate in light of the fund’s operations. .
Investment Performance
The Trustees considered the sub-adviser’s performance in the period since inception on August 1, 2006. They noted the performance reports prepared for their considerations by the fund’s transfer agent and shareholder service provider, which compared the fund’s performance to the relevant benchmarks for the since inception, year-to-date and three year time period. The Trustees also noted the fund’s performance, attributable to both sub-advisers of the fund, relevant to peer groups. The Trustees concluded that they were satisfied with Keeley’s investment management performance to date, but will continue to monitor due to the short-term history with Clearwater.
Cost of Services
The Trustees considered the fund’s subadvisory fee. They noted that management fees charged by most advisers directly managing a fund’s portfolio (i.e., not via hiring a subadviser to manage the portfolio) also cover significant administrative services not required of Keeley. Keeley charges a fee based on assets under management on a sliding scale ranging from 100 basis points on the first $2 million under management to 70 basis points on assets in excess of $10 million. The Trustees relied on presentations by the fund’s transfer agent and shareholder servicing provider comparing Keeley’s net management fee to its relevant peer groups. This analysis led the Trustees to determine that the fees charged to the fund and received by Clearwater and Keeley are reasonable.
6
Management Profitability
The Trustees considered the profitability data provided by Clearwater. The Trustees did not consider the profitability of Keeley resulting from its relationship with the fund. The fund’s situation is different from that where the portfolio is managed by the sole adviser, which established, promotes and markets the fund as a method of increasing its assets under management and, therefore, its profitability. Keeley is an independent firm and the advisory fee charged is the result of arm’s length bargaining between Keeley and the fund’s adviser under the supervision of the Trustees.
Economies of Scale
The Trustees considered whether the fund could enjoy economies of scale as it grows as a result of Keeley realizing economies of scale. They noted that they will have the opportunity to periodically reexamine whether the fund has achieved economies of scale, and the appropriateness of management fees payable to Clearwater and fees paid to the Keeley, in the future.
Quarterly Portfolio Schedule of Investments
The Funds file a complete schedule of their portfolio holdings as of the close of the first and third quarters of their fiscal years with the SEC on Form N-Q. Shareholders may request copies of Form N-Q free of charge by calling the Transfer Agent toll free at 1-888-228-0935 or by sending a written request to: Fiduciary Counselling, Inc, 30 East 7th Street, Suite 2000, St. Paul, MN 55101 Attn: Clearwater Investment Trust Transfer Agent. These filings are also available on the SEC’s Internet site at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information about the public reference room may be obtained by calling 1-800-SEC-0330.
Voting Proxies on Fund Portfolio Securities
The Funds have established Proxy Voting Policies and Procedure (“Policies”) that the Funds use to determine how to vote proxies relating to portfolio securities. They also report, on Form N-PX, how the Funds voted any such proxies during the most recent 12-month period ended June 30. Shareholders may request copies of the Policies or Form N-PX free of charge by calling the Transfer Agent toll free at 1-888-228-0935 or by sending a written request to: Fiduciary Counselling, Inc, 30 East 7th Street, Suite 2000, St. Paul, MN 55101 Attn: Clearwater Investment Trust Transfer Agent. Form N-PX is also available from the EDGAR database on the SEC’s Internet site at http://www.sec.gov.
7
Shareholder Expense Example (unaudited)
As a shareholder of the Funds, you incur costs, including management fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the 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 December 31, 2009 to June 30, 2010.
Actual Expenses
The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred 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 first section under the heading entitled “Expenses Paid During the Period” to estimate the expenses attributable to your investment during this period.
Hypothetical Example for Comparison Purposes
The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in the Clearwater Funds and funds offered by other organizations. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the second section of the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you compare the relative total costs of the Clearwater Funds to funds that charge transaction costs and/or sales charges or redemption fees.
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning Account |
| Ending Account |
| Expenses Paid During |
| |||
Growth Fund |
|
| $1,000.00 |
|
| $ 935.50 |
|
| $1.34 |
|
Small Cap Fund |
|
| $1,000.00 |
|
| $1,004.20 |
|
| $4.72 |
|
Tax-Exempt Bond Fund |
|
| $1,000.00 |
|
| $1,043.30 |
|
| $1.82 |
|
International Fund |
|
| $1,000.00 |
|
| $ 889.80 |
|
| $3.75 |
|
expenses)
|
|
|
|
|
|
|
|
|
|
|
Growth Fund |
|
| $1,000.00 |
|
| $1,024.79 |
|
| $1.41 |
|
Small Cap Fund |
|
| $1,000.00 |
|
| $1,024.79 |
|
| $4.77 |
|
Tax-Exempt Bond Fund |
|
| $1,000.00 |
|
| $1,024.79 |
|
| $1.81 |
|
International Fund |
|
| $1,000.00 |
|
| $1,024.79 |
|
| $4.02 |
|
*Expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
|
|
|
The annualized expense ratios for each fund are as follows: | ||
| Growth Fund | 0.28% |
| Small Cap Fund | 0.95% |
| Tax-Exempt Bond Fund | 0.36% |
| International Fund | 0.80% |
8
CLEARWATER INVESTMENT TRUST
Statement of Assets and Liabilities
June 30, 2010 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth |
| Small Cap |
| Tax-Exempt |
| International |
| ||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in securities, at market value (identified cost: $219,269,570 Growth Fund; $192,997,891 Small Cap Fund; $537,146,013 Tax-Exempt Bond Fund; $228,548,730 International Fund) |
| $ | 273,223,782 |
|
| 203,728,835 |
|
| 533,284,087 |
|
| 258,828,985 |
|
Cash and cash equivalents |
|
| — |
|
| — |
|
| — |
|
| 6,402,587 |
|
Foreign currencies, at value (cost: $507,487) |
|
| — |
|
| — |
|
| — |
|
| 510,902 |
|
Receivable for securities sold |
|
| — |
|
| 3,821,359 |
|
| 2,484,149 |
|
| 1,388,085 |
|
Receivable for shares of beneficial interest sold |
|
| — |
|
| — |
|
| 30,300 |
|
| 384,500 |
|
Accrued dividend and interest receivable, less the allowance for uncollectible interest of $641,634 (Tax-Exempt Bond Fund) |
|
| 365,051 |
|
| 239,353 |
|
| 7,201,399 |
|
| 590,116 |
|
Foreign tax reclaimable receivable |
|
| — |
|
| — |
|
| — |
|
| 257,180 |
|
Total assets |
|
| 273,588,833 |
|
| 207,789,547 |
|
| 542,999,935 |
|
| 268,362,355 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables for investment securities purchased |
|
| — |
|
| 2,532,690 |
|
| 3,037,644 |
|
| 2,313,003 |
|
Payables for fund shares redeemed |
|
| 22,000 |
|
| 197,200 |
|
| 1,105,880 |
|
| 1,039,515 |
|
Dividend Distribution Payable |
|
| — |
|
| — |
|
| — |
|
| — |
|
Accrued investment advisory fee |
|
| 210,471 |
|
| 542,270 |
|
| 486,694 |
|
| 572,038 |
|
Unrealized depreciation on forward foreign currency exchange contracts |
|
| — |
|
| — |
|
| — |
|
| 161 |
|
Total liabilities |
|
| 232,471 |
|
| 3,272,160 |
|
| 4,630,218 |
|
| 3,924,717 |
|
Net assets |
| $ | 273,356,362 |
|
| 204,517,387 |
|
| 538,369,717 |
|
| 264,437,638 |
|
Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital stock and additional paid-in capital (authorized unlimited number of shares at no par value for each Fund: outstanding 12,480,191; 14,130,429; 57,194,742; and 22,578,601 shares, respectively) |
| $ | 234,988,171 |
|
| 217,249,609 |
|
| 551,318,679 |
|
| 230,271,917 |
|
Undistributed net investment income (loss) |
|
| 2,519,586 |
|
| (218,178 | ) |
| (1 | ) |
| 2,997,431 |
|
Accumulated net realized gain (loss) |
|
| (18,105,707 | ) |
| (23,244,989 | ) |
| (9,087,035 | ) |
| 890,748 |
|
Unrealized appreciation (depreciation) of investments |
|
| 53,954,212 |
|
| 10,730,945 |
|
| (3,861,926 | ) |
| 30,277,542 |
|
Net assets |
| $ | 273,356,262 |
|
| 204,517,387 |
|
| 538,369,717 |
|
| 264,437,638 |
|
Net asset value per share of outstanding capital stock |
| $ | 21.90 |
|
| 14.47 |
|
| 9.41 |
|
| 11.71 |
|
See accompanying notes to financial statements.
9
CLEARWATER INVESTMENT TRUST
Statement of Operations
for the six months ended June 30, 2010 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth |
| Small Cap |
| Tax-Exempt |
| International |
| ||||
Investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends (net of foreign taxes withheld of $0, $947, $0, and $524,778 respectively) |
| $ | 2,801,630 |
|
| 821,671 |
|
| 1,214,531 |
|
| 4,816,546 |
|
Interest |
|
| 45 |
|
| 775 |
|
| 13,645,902 |
|
| 562 |
|
Total income |
|
| 2,801,675 |
|
| 822,446 |
|
| 14,860,433 |
|
| 4,817,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal excise taxes |
|
| — |
|
| — |
|
| — |
|
| — |
|
Bad debts expense |
|
| — |
|
| — |
|
| 44,025 |
|
| — |
|
Investment advisory fee |
|
| 667,206 |
|
| 1,502,149 |
|
| 1,624,745 |
|
| 1,437,400 |
|
Voluntary fee reduction |
|
| (252,056 | ) |
| (445,081 | ) |
| (649,898 | ) |
| (287,064 | ) |
Total expenses |
|
| 415,150 |
|
| 1,057,068 |
|
| 1,018,872 |
|
| 1,150,336 |
|
Net investment income |
|
| 2,386,525 |
|
| (234,622 | ) |
| 13,841,561 |
|
| 3,666,772 |
|
Realized and unrealized gain (loss) on investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on security transactions |
|
| 2,326 |
|
| 22,139,984 |
|
| (546,414 | ) |
| 161,771 |
|
Net realized gain (loss) on foreign currency transactions |
|
| — |
|
| — |
|
| — |
|
| (103,952 | ) |
Unrealized appreciation (depreciation) during the period |
|
| (21,023,118 | ) |
| (20,145,570 | ) |
| 9,916,668 |
|
| (36,789,637 | ) |
Unrealized appreciation (depreciation) on forward foreign currency exchange contracts during the period |
|
| — |
|
| — |
|
| — |
|
| (1,093 | ) |
Unrealized appreciation (depreciation) on translation of other assets and liabilities denominated in foreign currencies during the period |
|
| — |
|
| — |
|
| — |
|
| (1,287 | ) |
Net gain (loss) on investments |
|
| (21,020,792 | ) |
| 1,994,414 |
|
| 9,370,254 |
|
| (36,734,198 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets from operations |
| $ | (18,634,267 | ) |
| 1,759,792 |
|
| 23,211,815 |
|
| (33,067,426 | ) |
See accompanying notes to financial statements.
10
CLEARWATER INVESTMENT TRUST
Statements of Changes in Net Assets
for the six months ended June 30, 2010 (unaudited)
and the year ended December 31, 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth Fund |
| Small Cap Fund |
| ||||||||
|
| 6/30/2010 |
| 12/31/2009 |
| 6/30/2010 |
| 12/31/2009 |
| ||||
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
| $ | 2,386,525 |
|
| 4,693,990 |
|
| (234,622 | ) |
| (66,057 | ) |
Net realized gain (loss) on investments |
|
| 2,326 |
|
| (8,594,039 | ) |
| 22,139,984 |
|
| (12,244,262 | ) |
Unrealized appreciation (depreciation) during the period |
|
| (21,023,118 | ) |
| 68,041,563 |
|
| (20,145,570 | ) |
| 71,407,497 |
|
Net increase (decrease) in net assets from operations |
|
| (18,634,267 | ) |
| 64,141,514 |
|
| 1,759,792 |
|
| 59,097,178 |
|
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| — |
|
| (4,613,011 | ) |
| — |
|
| — |
|
Net realized gain on investments |
|
| — |
|
| — |
|
| — |
|
| — |
|
Total distributions to shareholders |
|
| — |
|
| (4,613,011 | ) |
| — |
|
| 0 |
|
Capital share transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold |
|
| 3,674,900 |
|
| 85,875,365 |
|
| 2,426,000 |
|
| 75,386,269 |
|
Reinvestment of distributions from net investment income and gain |
|
| — |
|
| 4,613,011 |
|
| — |
|
| — |
|
Payments for shares redeemed |
|
| (4,872,127 | ) |
| (54,091,900 | ) |
| (14,073,623 | ) |
| (40,994,631 | ) |
Increase (decrease) in net assets from capital shares transactions |
|
| (1,197,227 | ) |
| 36,396,476 |
|
| (11,647,623 | ) |
| 34,391,639 |
|
Total increase (decrease) in net assets |
|
| (19,831,494 | ) |
| 95,924,979 |
|
| (9,887,831 | ) |
| 93,488,817 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
At the beginning of the period |
|
| 293,187,855 |
|
| 197,262,876 |
|
| 214,334,942 |
|
| 120,846,125 |
|
At the end of the period |
| $ | 273,356,361 |
|
| 293,187,855 |
|
| 204,447,111 |
|
| 214,334,942 |
|
Undistributed net investment income (loss) |
| $ | 2,519,586 |
|
| 133,061 |
|
| (218,178 | ) |
| (53,833 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tax-Exempt Bond Fund |
| International Fund |
| ||||||||
|
| 6/30/2010 |
| 12/31/2009 |
| 6/30/2010 |
| 12/31/2009* |
| ||||
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
| $ | 13,841,561 |
|
| 25,093,557 |
|
| 3,666,772 |
|
| 3,061,595 |
|
Net realized gain (loss) on investments |
|
| (546,414 | ) |
| (3,545,962 | ) |
| 57,819 |
|
| 5,561,677 |
|
Unrealized appreciation (depreciation) during the period |
|
| 9,916,668 |
|
| 62,240,551 |
|
| (36,792,017 | ) |
| 67,069,559 |
|
Net increase (decrease) in net assets from operations |
|
| 23,211,815 |
|
| 83,788,146 |
|
| (33,067,426 | ) |
| 75,692,831 |
|
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (13,841,750 | ) |
| (25,117,859 | ) |
| — |
|
| (4,013,644 | ) |
Net realized gain on investments |
|
| — |
|
| — |
|
| — |
|
| (4,446,040 | ) |
Total distributions to shareholders |
|
| (13,841,750 | ) |
| (25,117,859 | ) |
| — |
|
| (8,459,684 | ) |
Capital share transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold |
|
| 10,797,292 |
|
| 120,179,220 |
|
| 11,193,341 |
|
| 244,076,067 |
|
Reinvestment of distributions from net investment income and gain |
|
| 13,841,750 |
|
| 25,117,859 |
|
| — |
|
| 8,459,684 |
|
Payments for shares redeemed |
|
| (38,033,141 | ) |
| (32,421,588 | ) |
| (6,590,172 | ) |
| (26,867,003 | ) |
Increase (decrease) in net assets from capital shares transactions |
|
| (13,394,099 | ) |
| 112,875,491 |
|
| 4,603,169 |
|
| 225,668,748 |
|
Total increase (decrease) in net assets |
|
| (4,024,034 | ) |
| 171,545,778 |
|
| (28,464,257 | ) |
| 292,901,895 |
|
Net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
At the beginning of the period |
|
| 542,393,751 |
|
| 370,847,973 |
|
| 292,901,895 |
|
| — |
|
At the end of the period |
| $ | 538,369,717 |
|
| 542,393,751 |
|
| 264,437,638 |
|
| 292,901,895 |
|
Undistributed net investment income (loss) |
| $ | (1 | ) |
| 188 |
|
| 2,997,431 |
|
| (669,341 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Period from February 5, 2009 (commencement of operations) to December 31, 2009.
See accompanying notes to financial statements.
11
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2010
|
|
(1) | Organization |
|
|
Clearwater Investment Trust (the Trust) was established on January 12, 1987 as a Massachusetts business trust and is registered under the Investment Company Act of 1940 (as amended) as a diversified open end management investment company and presently includes four series of funds: Clearwater Growth Fund, Clearwater Small Cap Fund, Clearwater Tax-Exempt Bond Fund, and Clearwater International Fund (the Funds). The Trust’s declaration of trust permits the Board of Trustees to create additional funds in the future. The investment objective of the Clearwater Growth, Small Cap, and International Funds is long term capital growth. The investment objective of the Clearwater Tax-Exempt Bond Fund is high current income that is exempt from federal income tax, consistent with preservation of capital. The Clearwater International Fund commenced operations on February 5, 2009. | |
|
|
The Clearwater Growth Fund is passively managed to track but not replicate the Russell 1000® Index (the Index), an unmanaged, capitalization weighted index of the largest 1000 public companies in the United States. The Fund is managed so that its holdings match the holdings of the Index as closely as possible while attempting to minimize the realization of taxable gains. This means that the Fund will not buy and sell securities to match changes in the composition of securities in the Index. Instead, the Fund’s portfolio is adjusted periodically to reflect the holdings and weightings of the Index, but only after consideration of the Fund’s policy to minimize realization of taxable gains. | |
|
|
The Clearwater Small Cap Fund invests primarily in equity securities of issuers with market capitalizations, at the time of investment, no greater than the range of capitalizations of the companies included in the Russell 2000® Index, an unmanaged, capitalization weighted index of the largest 3000 public companies in the United States less the largest 1000 tracked by the Russell 1000 Index. The Fund may invest up to 20% of its assets in microcap securities, generally defined as securities with a market capitalization under $300 million. | |
|
|
The Clearwater Tax-Exempt Bond Fund invests at least 80% of its assets in municipal securities, which are debt obligations issued by or for the U.S. states, territories and possessions, and the District of Columbia. The interest on these securities is generally exempt from regular federal income tax and may also be exempt from federal alternative minimum tax. However, the Fund may invest up to 20% of its assets in securities that generate interest income subject to federal alternative minimum tax. | |
|
|
The Clearwater International Fund, using a “multi-style, multi-manager” approach, allocates portions of its assets among subadvisers who employ distinct investment styles. The Fund currently has four subadvisers, Parametric Portfolio Associates (Parametric), AXA Rosenberg Investment Management LLC (AXA Rosenberg), Artisan Partners Limited Partnership (Artisan Partners), and Eagle Global Advisors, LLC (Eagle). The Fund generally invests at least 80% of the value of its net assets in equity securities that trade in markets outside the United States. Such securities are generally issued by companies domiciled outside of the Unites States or that derive more than half of their revenues or pre-tax income from activities occurring outside of the United States. The Fund diversifies its investments among a number of different countries throughout the world, and may invest in companies of any size. The Fund does not currently intend to invest more than 20% of its net assets in the equity securities of developing or emerging market issuers. |
|
|
12 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2010
|
|
(2) | Summary of Significant Accounting Policies |
|
|
The significant accounting policies followed by the Funds are as follows: |
|
|
(a) | Investments in Securities |
|
|
| Investments in U.S. and foreign equity securities are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. Foreign security values are stated in U.S. dollars. Equity securities which have not traded on the date of valuation or securities for which sales prices are not generally reported are valued at the mean between the last bid and asked prices. Debt securities maturing more than 60 days from the valuation date are valued at the market price supplied by an independent pricing vendor; those securities with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued at amortized cost, which approximates fair value. Securities for which no market quotations are readily available (including those the trading of which has been suspended) will be valued at fair value as determined in good faith by the board of trustees, although the actual computations may be made by persons acting pursuant to the direction of the board. |
|
|
| Security transactions are accounted for on the trade date which is the date the securities are purchased or sold. Realized gains and losses are calculated on an identified cost basis. Dividend income is recognized on the ex-dividend date or, for foreign securities, as soon as the information is available. Interest income, including amortization of original issue discount and premium, is accrued daily. |
|
|
(b) | Foreign Currency Translations |
|
|
| The International Fund invests in securities which are purchased and sold in foreign currencies as a principal investment strategy. The cost of purchases and proceeds from sales of investments, interest and dividend income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such transactions. The value of the International Fund’s assets as measured in U.S. dollars therefore may be affected favorably or unfavorably by changes in foreign currency exchange rates and exchange control regulations. The gains or losses, if any, on investments resulting from changes in foreign exchange rates are included in the Statements of Operations with net realized and unrealized gain (loss) on investments. The realized gains or losses, if any, on translations of other assets and liabilities denominated in foreign currencies are included in foreign currency transactions on the Statements of Operations. The International Fund also will incur costs in converting U.S. dollars to local currencies, and vice versa. The International Fund therefore may enter into foreign currency transactions as a principal investment strategy. |
|
|
| Risks may arise upon investing in foreign securities including, but not limited to, political, social or economic instability in the country of the issuer, the difficulty of predicting international trade patterns, the possibility of the imposition of exchange controls, expropriation, limits on removal of currency or other assets, nationalization of assets, foreign withholding and income tax and possible delays in the settlement of foreign stock exchange transactions. The principal markets on which these securities trade may have less volume and liquidity, and may be more volatile, than securities markets in the United States. |
|
|
13 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2010
|
|
(c) | Forward Foreign Currency Exchange Contracts |
|
|
| The International Fund enters into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date as a hedge against either specific transactions or the portfolio position. The objective of the International Fund’s foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of the International Fund’s foreign currency denominated securities will decline in value due to changes in foreign currency exchange rates. Forward foreign currency exchange contracts are marked-to-market daily at the applicable exchange rates and any resulting unrealized gains or losses are recorded in the financial statements. The International Fund records realized gains or losses at the time the forward foreign currency exchange contract is offset by entering into a closing transaction with the same counterparty or is extinguished by delivery of the currency. |
|
|
| Risks may arise upon entering into forward foreign currency exchange contracts from the potential of the issuer to default on its obligations under the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The measurement of risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. The Statements of Operations reflect realized gains or losses, if any, in net realized gain (loss) on foreign currency transactions and unrealized gains or losses in unrealized appreciation (depreciation) on forward foreign currency exchange contracts. Additional information on derivative instruments and how these positions may impact the financial statements is found in Note 9. |
|
|
(d) | Spot Contacts |
|
|
| The International Fund enters into spot contracts in order to buy or sell a certain amount of foreign currency at the current market rate, with settlement occurring in two business days. The International Fund may enter into spot contracts in order to make payments, or to receive payments, based on trading activity in a foreign currency. A spot contract allows the International Fund to buy or sell foreign currency on the day it chooses to deal. |
|
|
| Risks may arise upon entering into spot contracts from unanticipated movements in the value of a foreign currency relative to the U.S. dollar in a short period of time. Additional information on derivative instruments and how these positions may impact the financial statements is found in Note 9 |
|
|
(e) | Cash and Cash Equivalents |
|
|
| For the International Fund, cash and cash equivalents include cash and short-term deposits maintained in foreign currencies. |
|
|
(f) | Recoverable Taxes |
|
|
| The balance disclosed as foreign tax reclaimable receivable represents net amounts withheld by foreign governments on dividend income earned in the respective countries subject to reclamation. All reclaims are paid directly to the International Fund. |
|
|
14 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2010
|
|
(g) | Federal Taxes |
|
|
| The Trust’s policy is to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies. On a calendar-year basis, the Funds intend to distribute substantially all of their net investment income and realized gains, if any, to avoid the payment of federal income and excise taxes. Therefore, no income tax provision is required. Each fund is treated as a separate entity for federal income tax purposes. |
|
|
| Management has analyzed all funds’ tax positions taken on federal tax returns for all open tax years and has concluded that as of June 30, 2010, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and Minnesota state income and federal excise tax returns for the 2006, 2007, 2008 and 2009 tax years for which the applicable statutes of limitations have not expired remain subject to examination by the Internal Revenue Service and state departments of revenue. |
|
|
| Net investment income and net realized gains (losses) for the Funds may differ for financial statement and tax purposes. The character of distributions made during the year from net investment income or net realized gains, if any, may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the period or fiscal year in which amounts are distributed may differ from the period or year that the income or realized gains (losses) were recorded by the Funds. The tax character of distributions paid by the funds during the years ended December 31, 2009 and 2008 was as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tax-exempt |
| Ordinary income |
| ||||||||
|
| 2009 |
| 2008 |
| 2009 |
| 2008 |
| ||||
Growth Fund |
| $ | — |
|
| — |
|
| 4,613,011 |
|
| 5,407,889 |
|
Small Cap Fund |
|
| — |
|
| — |
|
| — |
|
| 619,899 |
|
Tax-Exempt Bond Fund |
|
| 24,795,282 |
|
| 18,268,358 |
|
| 322,577 |
|
| 98,771 |
|
International Fund* |
|
| — |
|
| — |
|
| 8,459,684 |
|
| — |
|
|
|
| *Commenced investment operations on February 5, 2009. |
|
|
| Qualified Dividend Income Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”), 100% of ordinary dividends paid during the years ended December 31, 2008 and 2009 for the Growth Fund, 100% of ordinary dividends paid during the year ended December 31, 2008 for the Small Cap Fund, and 47.02% of ordinary dividends paid during the period ended December 31, 2009 for the International Fund are designated as “qualified dividend income”, as defined in the Act, subject to reduced tax rates in 2009. |
|
|
| Foreign Tax Credit The International Fund intends to make an election that will allow shareholders to treat their proportionate share of foreign taxes paid by the Fund as having been paid by them. The amounts per share which represent income from sources within foreign countries and the foreign tax credit were 0.2286 and 0.0221, respectively. |
|
|
15 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2010
|
|
| As of June 30, 2010, the components of distributable earnings on a tax basis were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth Fund |
| Small Cap |
| Tax-Exempt |
| International |
| ||||
Undistributed ordinary income |
| $ | 2,519,586 |
|
| (218,178 | ) |
| (1 | ) |
| 2,893,479 |
|
Undistributed capital gain |
|
| — |
|
| — |
|
| — |
|
| — |
|
Accumulated capital losses |
|
| (17,832,659 | ) |
| (23,202,839 | ) |
| (9,087,035 | ) |
| — |
|
Unrealized appreciation (depreciation) |
|
| 53,681,164 |
|
| 10,688,795 |
|
| (3,861,926 | ) |
| — |
|
| |||||||||||||
Total |
| $ | 38,368,091 |
|
| (12,732,222 | ) |
| (12,948,962 | ) |
| 2,893,479 |
|
|
|
| On the statements of assets and liabilities, due to permanent book-to-tax differences, the following adjustments have been made: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth Fund |
| Small Cap Fund |
| Tax-Exempt |
| International |
| ||||
Undistributed net income |
| $ | — |
| $ | — |
| $ | — |
| $ | (103,952 | ) |
Accumulated net realized gains |
|
| — |
|
| — |
|
| — |
|
| 103,952 |
|
Additional paid-in capital |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
(h) | Distributions to Shareholders |
|
|
| Distributions to shareholders from net investment income, if any, are declared annually for the Growth, Small Cap, and International Funds and declared daily, payable monthly, for the Tax-Exempt Bond Fund. Distributions to shareholders from net realized gains, if any, are declared annually for all Funds. Distributions are paid in cash or reinvested in additional shares. |
|
|
(i) | Use of Estimates |
|
|
| The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the period. Actual results could differ from those estimates. |
|
|
(j) | Recent Accounting Pronouncements |
|
|
| In April 2009, the Financial Accounting Standards Board (“FASB”) issues additional guidance related to fair value measurement. This guidance requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosure are to be expanded for each major category of equity and debt securities. There were no changed to the financial position of the Funds and the results of their operations upon adoption of this guidance. Management believes that appropriate disclosures, reflecting the potential impact of this guidance, have been made for the current period as part of the Notes to Financial Statements and Schedule of Investments. |
|
|
16 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2010
|
|
| In June 2009, the FASB issued guidance establishing general standards of accounting for and disclosure of events that occur after the balance sheet date, but before the financial statements are issued. Management has evaluated subsequent events for the Funds as described in note 10. |
|
|
|
|
(3) | Fair Value Measurements |
|
|
Fair value is an estimate of the price the Funds would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. Fair value measurement guidance establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments, as described in note 2(a) above. These inputs are summarized in the three broad levels listed below. | |
|
|
• | Level 1 – quoted prices in active markets for identical securities. |
|
|
• | Level 2 – other significant observable inputs including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc. or quoted prices for identical or similar assets in markets that are not active. Inputs that are derived principally from or corroborated by observable market data. An adjustment to any observable input that is significant to the fair value may render the measurement a Level 3 measurement. |
|
|
• | Level 3 – valuations based on unobservable inputs, which may include the advisor’s own assumptions in determining fair value of an investments. |
|
|
Investments are valued as of the close of business on the New York Stock Exchange, normally 4:00pm Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the Funds use independent pricing services approved by the Board of Trustees to value their estimates. When prices are not readily available, or are determined not to reflect fair value, the Funds may value these securities at fair value as determined in accordance with the procedures approved by the Funds’ Board of Trustees. | |
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the investments of each Fund as of June 30, 2010 using the Fair Value methodology and broad levels described above: |
|
|
|
|
|
|
|
|
|
| Investments in Securities at Value |
| ||||
|
| Growth |
| Small Cap |
| ||
|
|
|
| ||||
Level 1 |
| $ | 272,321,632 |
|
| 197,270,734 |
|
Level 2 |
|
| 902,150 |
|
| 6,458,101 |
|
Level 3 |
|
| — |
|
| — |
|
Total |
| $ | 273,223,782 |
|
| 203,728,835 |
|
|
|
(a) | For these funds, 100% of the investment value is compromised of equity and fixed income securities and cash equivalents. See the respective Fund’s Schedule of Investments for industry classification. Level 2 securities are fixed income securities. |
|
|
17 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clearwater Tax-Exempt Bond Fund (b) |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
STIF- Type Instrument |
| $ | — |
|
| 8,648,054 |
|
| — |
|
| 8,648,054 |
|
Total Cash Equivalents |
|
| 8,648,054 |
|
|
|
|
|
|
|
| 8,648,054 |
|
Equities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
| 8,038,944 |
|
| — |
|
| — |
|
| 8,038,944 |
|
Mutual Funds |
|
| 25,678,113 |
|
| — |
|
| — |
|
| 25,678,113 |
|
Real Estate Investment Trust |
|
| 458,892 |
|
| — |
|
| — |
|
| 458,892 |
|
Shares of Beneficial Interest |
|
| 2,479,699 |
|
| — |
|
| — |
|
| 2,479,699 |
|
Total Equities |
|
| 36,655,648 |
|
| — |
|
| — |
|
| 36,655,648 |
|
Fixed Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Coporate Bonds |
|
| — |
|
| 511,525 |
|
| — |
|
| 511,525 |
|
Municipals |
|
| — |
|
| 486,529,583 |
|
| 583,569 |
|
| 487,113,152 |
|
Other Asset Backed |
|
| — |
|
| 355,708 |
|
| — |
|
| 355,708 |
|
Total Fixed Income |
|
| — |
|
| 487,396,816 |
|
| 583,569 |
|
| 487,980,385 |
|
Total Assets |
| $ | 36,655,648 |
|
| 496,044,870 |
|
| 583,569 |
|
| 533,284,087 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) For this fund, 100% of the investment value is compromised of closed-end funds, fixed income securities, and cash equivalents. Level 2 securities are primarily fixed income securities.
The following is a reconciliation of investments for the Clearwater Tax-Exempt Bond Fund in which significant unobservable inputs (Level 3) were used in determining fair value:
|
|
|
|
|
|
| Investments in |
| |
Balance as of 12/31/09 |
| $ | 552,924 |
|
Net realized gain (loss) |
|
| — |
|
Net change in unrealized appreciation (depreciation) |
|
| 30,645 |
|
Net purchases (sales) |
|
| — |
|
Net transfers in and/or out of Level 3 |
|
| — |
|
Balance as of 6/30/10 |
| $ | 583,569 |
|
As of June 30, 2010 total change in unrealized gains or losses on Level 3 securities still held at year end and included in the change in net assets was $0.
|
|
18 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Clearwater International Fund (c) |
| Level 1 |
|
|
| Level 2 |
| Level 3 |
| Total |
| |||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Common Stock |
| $ | 256,368,704 |
| * |
| $ | — |
| $ | — |
| $ | 256,368,704 |
| |
Preferred Stocks |
|
| 1,359,702 |
| * |
|
| — |
|
| — |
|
| 1,359,702 |
| |
Corporate Bonds |
|
| — |
|
|
|
| — |
|
| 1,096,449 |
|
| 1,096,449 |
| |
Rights |
|
| 3,215 |
| * |
|
| — |
|
| — |
|
| 3,215 |
| |
Warrants |
|
| 915 |
|
|
|
| — |
|
| — |
|
| 915 |
| |
Total Assets |
|
| 257,732,536 |
|
|
|
| — |
|
| 1,096,449 |
|
| 258,828,985 |
| |
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Forward Foreign Exchange Contracts |
| $ | — |
| $ |
| $ | (161 | ) | $ | — |
| $ | (161 | ) | |
|
| $ | 257,732,536 |
| $ |
| $ | (161 | ) | $ | 1,096,449 |
| $ | 258,828,824 |
|
* Classifications as defined in the Schedule of Investments and on the Industry Sector table.
(c) For this fund, 100% of the investment value is compromised of equity securities, corporate bonds, rights, and warrants. See the Fund’s Schedule of Investments for geographical classification. Level 2 securities are primarily foreign securities where the closing price has been adjusted by application of a systematic process for events occurring after the close of the foreign exchange.
The following is a reconciliation of investments for the Clearwater International Fund in which significant unobservable inputs (Level 3) were used in determining fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stock |
|
|
|
|
|
|
| |||||||
|
| Energy |
| Industrials |
| Information |
| Corporate |
| Totals |
| |||||
Balance as of 12/31/09 |
| $ | 421,737 |
|
| 188,354 |
|
| 160,485 |
|
| 995,466 |
|
| 1,766,042 |
|
Net realized gain (loss) |
|
| — |
|
| — |
|
| — |
|
| 5,111 |
|
| 5,111 |
|
Net change in unrealized appreciation (depreciation) |
|
| 43,113 |
|
| (3,388 | ) |
| (4,716 | ) |
| (28,736 | ) |
| 6,273 |
|
Net purchases (sales) |
|
| 134,916 |
|
| — |
|
| 119,331 |
|
| 124,608 |
|
| 378,855 |
|
Net transfers in and/or out of Level 3* |
|
| (599,766 | ) |
| (184,966 | ) |
| (275,100 | ) |
| — |
|
| (1,059,832 | ) |
Balance as of 6/30/10 |
| $ | — |
|
| — |
|
| — |
|
| 1,096,449 |
|
| 1,096,449 |
|
* The value of Net Transfers Out of Level 3 was measured using the fair value as of the end of the period March 31, 2010.
|
|
19 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2010
At December 31, 2009, certain foreign equity securities that were deemed restricted were also deemed illiquid. The restricted and illiquid securities were also fair valued as a result of the Fund’s valuation procedures setting forth certain triggers which instruct the accounting services provider when to use the fair valuation model. At March 31, 2010, the same foreign equity securities were not deemed restricted or illiquid and there was not a fair value override at March 31, 2010 due to the fair value trigger not being met. As a result, at March 31, 2010, these securities were considered Level 1 investments. In addition, at December 31, 2009, a foreign equity security was valued using a price type other than the last traded or bid price, which resulted in the security being considered a Level 3 investment. At March 31, 2010, this foreign equity security was valued using the last traded price, which resulted in the security being considered a Level 1 investment. These two scenarios explain the transfers from Level 3 to Level 1 during the period from December 31, 2009 to March 31, 2010.
At March 31, 2010, securities with the fair value of $253,288,323 were transferred out of Level 2 to Level 1 during the period, which is measured using the fair value as of the end of the period for transfers out. For the foreign equity securities, the fair value trigger was met at December 31, 2009 and, as a result of the established procedures, certain foreign equity holdings of the Fund received a fair value and were therefore categorized as Level 2 investments. Since the fair value trigger was not met on March 31, 2010, there was no fair value override and prices were considered Level 1 investments; thereby explaining the transfer from Level 2 to Level 1 during the period from December 31, 2009 to March 31, 2010.
The only asset considered a Level 3 investment at June 30, 2010 is a corporate bond that currently is being valued using an evaluated adjusted price provided by a services provider that is not deemed a primary pricing provider.
The forward foreign currency exchange contracts outstanding at June 30, 2010 are considered Level 2 investments due to the fact that the contracts are marked-to-market daily at the applicable exchanges rate that have been adjusted from the initial quoted rate.
The amount of change in net unrealized loss on investments in Level 3 securities still held at June 30, 2010, was approximately ($28,736), which is included in the Statement of Operations as part of the unrealized depreciation during the period.
|
|
(4) | Investment Security Transactions |
Cost of purchases and proceeds from sales of securities, other than temporary investments in short term securities, for the six months ended June 30, 2010, were as follows:
|
|
|
|
|
|
|
|
|
| Purchases |
| Sales |
| ||
| |||||||
Growth Fund |
| $ | 12,932,203 |
|
| 11,825,437 |
|
Small Cap Fund |
|
| 86,417,814 |
|
| 99,300,947 |
|
Tax-Exempt Bond Fund |
|
| 69,415,954 |
|
| 78,824,083 |
|
International Fund |
|
| 56,791,646 |
|
| 48,735,285 |
|
|
|
20 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2010
|
|
(5) | Capital Share Transactions |
Transactions in shares of each fund for the six months ended June 30, 2010 and year ended December 31, 2009 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth Fund |
| Small Cap Fund |
| ||||||||
|
| 2010 |
| 2009 |
| 2010 |
| 2009 |
| ||||
| |||||||||||||
Sold |
| $ | 3,674,900 |
|
| 4,317,991 |
|
| 2,426,000 |
|
| 6,858,845 |
|
Issued for reinvested distributions |
|
| — |
|
| 197,053 |
|
| — |
|
| — |
|
Redeemed |
|
| (4,872,127 | ) |
| (2,592,135 | ) |
| (14,073,623 | ) |
| (3,617,902 | ) |
| |||||||||||||
Increase |
| $ | (1,197,227 | ) |
| 1,922,909 |
|
| (11,647,623 | ) |
| 3,240,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tax-Exempt Bond Fund |
| International Fund |
| ||||||||
|
| 2010 |
| 2009 |
| 2010 |
| 2009* |
| ||||
| |||||||||||||
Sold |
| $ | 10,797,292 |
|
| 13,601,897 |
|
| 874,736 |
|
| 23,904,428 |
|
Issued for reinvested distributions |
|
| 13,841,750 |
|
| 2,823,365 |
|
| — |
|
| 642,834 |
|
Redeemed |
|
| 38,033,140 |
|
| (3,640,932 | ) |
| (553,404 | ) |
| (2,289,993 | ) |
| |||||||||||||
Increase |
| $ | 62,672,182 |
|
| 12,784,330 |
|
| 321,332 |
|
| 22,257,269 |
|
*Fund commenced operations on February 5, 2009.
|
|
(6) | Capital Loss Carry Over |
For federal income tax purposes, the Growth Fund, Small Cap Fund, Tax-Exempt Bond Fund, and International Fund have capital loss carryovers of $17,834,842, $45,354,932, $8,540,621, and $0, respectively, at December 31, 2009, which, if not offset by subsequent capital gains, will expire as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year of expiration: |
| Growth Fund |
| Small Cap |
| Tax-Exempt |
| International |
| ||||
| |||||||||||||
2010 |
| $ | 5,878,353 |
|
| — |
|
| — |
|
| — |
|
2012 |
|
| — |
|
| — |
|
| — |
|
| — |
|
2013 |
|
| 183,070 |
|
| — |
|
| 508,252 |
|
| — |
|
2014 |
|
| — |
|
| — |
|
| — |
|
| — |
|
2015 |
|
| — |
|
| — |
|
| 1,013,836 |
|
| — |
|
2016 |
|
| 3,166,401 |
|
| 33,061,735 |
|
| 3,472,571 |
|
| — |
|
2017 |
|
| 8,607,018 |
|
| 12,293,197 |
|
| 3,545,962 |
|
| — |
|
| |||||||||||||
Total |
| $ | 17,834,842 |
|
| 45,354,932 |
|
| 8,540,621 |
|
| — |
|
|
|
21 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2010
|
|
(7) | Expenses and Related-Party Transactions |
|
|
The Trust has a contract for investment advisory services with Clearwater Management Company (CMC), a management firm of which the Trust’s President and Treasurer is a shareholder. Under terms of an agreement, Clearwater Growth Fund, Clearwater Small Cap Fund, Clearwater Tax-Exempt Bond Fund and Clearwater International Fund pay a fee equal to an annual rate of 0.45%, 1.35%, 0.60% and 1.00% of average net assets, respectively. CMC is responsible for the payment or reimbursement of all the Funds’ expenses, except brokerage, taxes, interest, and extraordinary expenses. CMC has periodically reduced its management fee for each of the Funds through voluntary waivers. As of December 31, 2009, the management fee paid by the Growth Fund net of voluntary waiver is 0.28%. Effective July 1, 2008 CMC voluntarily reduced the fees paid by the Clearwater Small Cap Fund and Clearwater Tax-Exempt Bond Fund funds to 0.95% and 0.36%, respectively. On October 1, 2009 CMC voluntarily reduced the fees paid by the Clearwater International Fund to 0.80%. These voluntary fee reductions may be discontinued at any time. | |
|
|
In addition to fees and expenses which the Funds bear directly, the Funds indirectly bear a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in any of the reported expense ratios. | |
|
|
CMC has entered into sub advisory contracts with independent investment advisory firms for each fund to provide daily investment management services. CMC pays each subadviser and annual fee, based on average daily net assets, in the following amounts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth |
|
| Small Cap Fund |
|
| Tax-Exempt Bond |
|
| International Fund |
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parametric Portfolio Associates |
|
| 0.15% of |
|
|
|
|
|
|
|
| 0.15% of net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kennedy Capital Management, Inc. |
|
|
|
|
| 0.85% of the first $50 million in net assets it manages and then 0.80% of net assets in excess of $50 million |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Keeley Asset Management |
|
|
|
|
| 1.00% of the first $2 million in net assets it manages, then 0.85% of the next $8 million in net assets, and then 0.70% of net assets in excess of $10 million |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sit Fixed Income Advisers II, LLC |
|
|
|
|
|
|
|
| 0.40% of the first $20 million in net assets and decreasing in reduced percentages to 0.20% of net assets in excess of $75 million |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth |
|
| Small Cap Fund |
|
| Tax-Exempt Bond |
|
| International Fund |
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Artisan Partners, LP |
|
|
|
|
|
|
|
|
|
|
| 0.80% of the first $50 million in net assets it manages, then 0.60% of the next $50 million in net assets, and then 0.50% of net assets in excess of $100 million |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle Global Advisors, LLC |
|
|
|
|
|
|
|
|
|
|
| 0.60% of the first $100 million in net assets it manages and then 0.50% of net assets in excess of $100 million |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2010
|
|
(8) | Financial Highlights |
|
|
Per share data (rounded to the nearest cent) for a share of capital stock outstanding throughout the years and selected information for each year is as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| June 30, |
| Year ended December 31, |
| ||||||||||||||
Growth Fund |
|
| 2009 |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
| |||||||
| |||||||||||||||||||
Net asset value, beginning of year |
| $ | 23.40 |
|
| 18.60 |
|
| 30.57 |
|
| 29.47 |
|
| 26.03 |
|
| 24.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| 0.19 |
|
| 0.39 |
|
| 0.51 |
|
| 0.48 |
|
| 0.40 |
|
| 0.37 |
|
Net realized and unrealized gain (loss) |
|
| (1.69 | ) |
| 4.78 |
|
| (11.96 | ) |
| 1.10 |
|
| 3.44 |
|
| 1.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from investment operations |
|
| (1.50 | ) |
| 5.17 |
|
| (11.45 | ) |
| 1.58 |
|
| 3.84 |
|
| 1.47 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
| — |
|
| (0.37 | ) |
| (0.52 | ) |
| (0.48 | ) |
| (0.40 | ) |
| (0.37 | ) |
Distributions from net realized gains |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Total distributions |
|
| — |
|
| (0.37 | ) |
| (0.52 | ) |
| (0.48 | ) |
| (0.40 | ) |
| (0.37 | ) |
Net asset value, end of year |
| $ | 21.90 |
|
| 23.40 |
|
| 18.60 |
|
| 30.57 |
|
| 29.47 |
|
| 26.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return (a) |
|
| (6.5 | )% |
| 27.9 | % |
| (37.5 | )% |
| 5.4 | % |
| 14.8 | % |
| 5.9 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of year (000s omitted) |
| $ | 273,356 |
|
| 293,188 |
|
| 197,263 |
|
| 330,991 |
|
| 291,513 |
|
| 229,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of expenses to average net assets (b)(c)(d) |
|
| 0.28 | % |
| 0.28 | % |
| 0.28 | % |
| 0.28 | % |
| 0.31 | % |
| 0.36 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income to average net assets (b)(d) |
|
| 1.61 | % |
| 1.98 | % |
| 1.92 | % |
| 1.61 | % |
| 1.56 | % |
| 1.52 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio turnover rate (excluding short-term securities) (d) |
|
| 4.04 | % |
| 21.83 | % |
| 14.71 | % |
| 17.99 | % |
| 5.24 | % |
| 5.80 | % |
|
|
(a) | Total return figures are based on the change in net asset value of a share during the period and assume reinvestment of distributions at net asset value. |
|
|
(b) | Total fund expenses are contractually limited to 0.45% of average daily net assets. However, during the period ended June 30, 2010 and the years ended December 31, 2009, 2008, 2007, 2006, and 2005, the investment advisor voluntarily reduced management fees otherwise payable by the Funds. Had the Funds incurred these expenses, the ratio of expenses to average daily net assets on an annualized basis would have been 0.45% for the six months ended June 30, 2010 and 0.45%, 0.45%, 0.45%, 0.45%, and 0.45%, for the years ended December 31, 2009, 2008, 2007, 2006, and 2005, respectively and the ratio of net investment income to average daily net assets on an annualized basis would have been 1.44%, 1.81%, 1.75%, 1.44%, 1.42%, and 1.43%, respectively. |
|
|
(c) | In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratio. |
|
|
(d) | Annualized for periods less than one year. |
|
|
24 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| June 30, |
| Year ended December 31, |
| ||||||||||||||
Small Cap Fund |
|
| 2009 |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
| |||||||
| |||||||||||||||||||
Net asset value, beginning of year |
| $ | 14.41 |
|
| 10.39 |
|
| 16.68 |
|
| 18.71 |
|
| 18.09 |
|
| 19.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
| (0.02 | ) |
| — |
|
| 0.05 |
|
| — |
|
| (0.04 | ) |
| (0.04 | ) |
Net realized and unrealized gains (losses) |
|
| 0.08 |
|
| 4.02 |
|
| (6.29 | ) |
| 0.58 |
|
| 3.13 |
|
| 1.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from investment operations |
|
| 0.06 |
|
| 4.02 |
|
| (6.24 | ) |
| 0.58 |
|
| 3.09 |
|
| 1.77 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
| — |
|
| — |
|
| (0.05 | ) |
| — |
|
| — |
|
| — |
|
Distributions from net realized gains |
|
| — |
|
| — |
|
| — |
|
| (2.61 | ) |
| (2.47 | ) |
| (2.82 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions |
|
| — |
|
| — |
|
| (0.05 | ) |
| (2.61 | ) |
| (2.47 | ) |
| (2.82 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of year |
| $ | 14.47 |
|
| 14.41 |
|
| 10.39 |
|
| 16.68 |
|
| 18.71 |
|
| 18.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return (a) |
|
| 0.4 | % |
| 38.7 | % |
| (37.4 | )% |
| 3.1 | % |
| 17.1 | % |
| 9.2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of year (000s omitted) |
| $ | 204,517 |
|
| 214,335 |
|
| 120,846 |
|
| 246,987 |
|
| 253,846 |
|
| 203,351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of expenses to average net assets (b)(c)(d) |
|
| 0.95 | % |
| 0.95 | % |
| 0.95 | % |
| 0.98 | % |
| 1.03 | % |
| 1.14 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income (loss) to average net assets (b)(d) |
|
| (0.21 | )% |
| (0.04 | )% |
| 0.32 | % |
| — | % |
| (0.23 | )% |
| (0.19 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio turnover rate (excluding short-term securities) (d) |
|
| 46.23 | % |
| 95.13 | % |
| 117.12 | % |
| 115.19 | % |
| 69.57 | % |
| 73.65 | % |
|
|
(a) | Total return figures are based on the change in net asset value of a share during the period and assume reinvestment of distributions at net asset value. |
|
|
(b) | Total fund expenses are contractually limited to 1.35% of average daily net assets. However, during the period ended June 30, 2010 and the years ended December 31, 2009, 2008, 2007, 2006, and 2005, the investment advisor voluntarily reduced management fees otherwise payable by the Funds. Had the Funds incurred these expenses, the ratio of expenses to average daily net assets on an annualized basis would have been 1.35% for the six months ended June 30, 2010 and 1.35%, 1.35%, 1.35%, 1.35%, and 1.35%, for the years ended December 31, 2009, 2008, 2007, 2006, and 2005, respectively and the ratio of net investment income (loss) to average daily net assets on an annualized basis would have been (0.45)%, (0.44)%, (0.08)%, (0.37)%, (0.55)%, and (0.40)%, respectively. |
|
|
(c) | In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. |
|
|
(d) | Annualized for periods less than one year. |
|
|
25 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-Exempt |
| June 30, |
| Year ended December 31, |
| ||||||||||||||
|
| 2009 |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
| ||||||||
| |||||||||||||||||||
Net asset value, beginning of year |
| $ | 9.25 |
|
| 8.09 |
|
| 9.64 |
|
| 10.06 |
|
| 10.00 |
|
| 10.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| 0.24 |
|
| 0.47 |
|
| 0.46 |
|
| 0.46 |
|
| 0.43 |
|
| 0.48 |
|
Net realized and unrealized gains |
|
| 0.16 |
|
| 1.16 |
|
| (1.55 | ) |
| (0.42 | ) |
| 0.06 |
|
| (0.03 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from investment operations |
|
| 0.40 |
|
| 1.63 |
|
| (1.09 | ) |
| 0.04 |
|
| 0.49 |
|
| 0.45 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
| (0.24 | ) |
| (0.47 | ) |
| (0.46 | ) |
| (0.46 | ) |
| (0.43 | ) |
| (0.48 | ) |
Distributions from net realized gains |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions |
|
| (0.24 | ) |
| (0.47 | ) |
| (0.46 | ) |
| (0.46 | ) |
| (0.43 | ) |
| (0.48 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of year |
| $ | 9.41 |
|
| 9.25 |
|
| 8.09 |
|
| 9.64 |
|
| 10.06 |
|
| 10.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return (a) |
|
| 4.3 | % |
| 20.6 | % |
| (11.8 | )% |
| 0.6 | % |
| 5.3 | % |
| 4.6 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of year (000s omitted) |
| $ | 538,370 |
|
| 542,394 |
|
| 370,848 |
|
| 337,395 |
|
| 283,745 |
|
| 225,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of expenses to average net assets (b)(c)(d) |
|
| 0.36 | % |
| 0.36 | % |
| 0.37 | % |
| 0.38 | % |
| 0.42 | % |
| 0.48 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income to average net assets (b)(d) |
|
| 5.11 | % |
| 5.36 | % |
| 5.03 | % |
| 4.75 | % |
| 4.66 | % |
| 4.77 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio turnover rate (excluding short-term securities)(d) |
|
| 14.88 | % |
| 22.90 | % |
| 32.20 | % |
| 27.58 | % |
| 40.20 | % |
| 41.39 | % |
|
|
(a) | Total return figures are based on the change in net asset value of a share during the period and assume reinvestment of distributions at net asset value. |
|
|
(b) | Total fund expenses are contractually limited to 0.60% of average daily net assets. However, during the period ended June 30, 2010 and the years ended December 31, 2009, 2008, 2007, 2006, and 2005, the investment advisor voluntarily reduced management fees otherwise payable by the Funds. Had the Funds incurred these expenses, the ratio of expenses to average daily net assets on an annualized basis would have been 0.60% for the six months ended June 30, 2010 and 0.60%, 0.60%, 0.60%, 0.60%, and 0.60%, for the years ended December 31, 2009, 2008, 2007, 2006, and 2005, respectively and the ratio of net investment income to average daily net assets on an annualized basis would have been 4.15%, 5.10%, 4.80%, 4.53%, 4.48%, and 4.65%, respectively. |
|
|
(c) | In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. |
|
|
(d) | Annualized for periods less than one year. |
|
|
26 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2010
|
|
|
|
|
|
|
|
International Fund |
| June 30, |
| December 31, |
| ||
| |||||||
Net asset value, beginning of period |
| $ | 13.16 |
|
| 10.00 |
|
|
|
|
|
|
|
|
|
Income from investment operations: |
|
|
|
|
|
|
|
Net investment income |
|
| 0.16 |
|
| 0.19 |
|
Net realized and unrealized gains |
|
| (1.61 | ) |
| 3.35 |
|
|
|
|
|
|
|
|
|
Total from investment operations |
|
| (1.45 | ) |
| 3.54 |
|
Less distributions: |
|
|
|
|
|
|
|
Distributions from net investment income |
|
| — |
|
| (0.18 | ) |
Distributions from net realized gains |
|
| — |
|
| (0.20 | ) |
|
|
|
|
|
|
|
|
Total distributions |
|
| — |
|
| (0.38 | ) |
|
|
|
|
|
|
|
|
Net asset value, end of period |
| $ | 11.71 |
|
| 13.16 |
|
|
|
|
|
|
|
|
|
Total return (a) |
|
| (11.00 | )% |
| 35.50 | % |
|
|
|
|
|
|
|
|
Net assets, end of period (000s omitted) |
| $ | 264,438 |
|
| 292,902 |
|
|
|
|
|
|
|
|
|
Ratio of expenses to average net assets (b)(c) |
|
| 0.80 | % |
| 0.92 | % |
|
|
|
|
|
|
|
|
Ratio of net investment income to average net assets (b)(c) |
|
| 2.55 | % |
| 1.74 | % |
|
|
|
|
|
|
|
|
Portfolio turnover rate (excluding short-term securities) (c) |
|
| 17.40 | % |
| 35.33 | % |
|
|
(a) | Total return figures are based on the change in net asset value of a share during the period and assume reinvestment of distributions at net asset value. Total return is not annualized for periods of less than one year. |
|
|
(b) | Total fund expenses are contractually limited to 1.00% of average daily net assets. However, during the period ended June 30, 2010 and the year ended December 31, 2009, the investment advisor voluntarily reduced management fees otherwise payable by the Fund. Had the Fund incurred these expenses, the ratio of expenses to average daily net assets on an annualized basis would have been 1.00% for the six months ended June 30, 2010 and 1.00% for the year ended December 31, 2009 and the ratio of net investment income to average daily net assets on an annualized basis would have been 2.35%, and 1.66%, respectively. |
|
|
(c) | Annualized for periods less than one year. |
|
|
(d) | Commenced investment operations on February 5, 2009. |
|
|
(e) | Net investment income for the period was calculated using the average shares outstanding method. |
|
|
27 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2010
|
|
(9) | Derivative Instruments |
|
|
None of the derivatives held in the International Fund have been designated as hedging instruments. Information concerning the types of derivatives in which the International Fund invests, the objectives for using them and their related risks can be found in Note 2. | |
|
|
Below are the types of derivatives in the Clearwater International Fund by location as presented in the Statement of Assets and Liabilities as of June 30, 2010: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
| LIABILITIES |
|
|
|
|
Derivative type |
| Statement of Assets and |
| Value |
| Statement of Assets and |
| Value |
| ||
Foreign exchange contracts |
| Unrealized appreciation on forward foreign currency exchange contracts |
| $ | — |
| Unrealized depreciation on forward foreign currency exchange contracts |
| $ | 161 |
|
The following tables set forth by primary risk exposure the Clearwater International Fund’s realized gains (losses) and change in unrealized gains (losses) by type of derivative contract for the period ended June 30, 2010.
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Assets and Liabilities | |||||||||||
|
| ASSETS |
|
|
|
| LIABILITIES |
|
|
|
|
Derivative type |
| Statement of Assets |
| Value |
| Statement of |
| Value |
| ||
Foreign exchange contracts |
| Unrealized appreciation on forward foreign currency exchange contracts |
| $ | (24,249 | ) | Unrealized depreciation on forward foreign |
| $ | (1,093 | ) |
The following table presents the volume of derivative activity for the six months ended June 30, 2010. Derivative activity during the period is measured by number of trades during the period and average notional amount for foreign exchange contracts.
|
|
|
|
|
|
|
|
|
| Foreign Exchange Contracts |
| ||||
|
| Number |
| Average |
| ||
Clearwater International Fund |
| 184 |
| $ 56,008 |
|
|
|
|
| 28 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2010
|
|
10) | Subsequent Events |
|
|
Management has evaluated subsequent events for the Funds through the date the financial statements were issued, and has concluded there are no additional events that require financial statement disclosure and/or adjustments to the financial statements |
|
|
|
| 29 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Face amount |
| Security |
| Cost |
| Market |
| Percent |
| ||||
Common stocks: |
|
|
|
|
|
|
|
|
|
| |||
Consumer discretionary: |
|
|
|
|
|
|
|
|
|
| |||
| 1,200 |
| AARON S INC |
| $ | 24,772 |
|
| 20,484 |
|
|
|
|
| 2,300 |
| ABERCROMBIE + FITCH CO |
|
| 50,218 |
|
| 70,587 |
|
|
|
|
| 2,900 |
| ADVANCE AUTO PARTS |
|
| 103,545 |
|
| 145,522 |
|
|
|
|
| 4,200 |
| AEROPOSTALE (b) |
|
| 103,215 |
|
| 120,288 |
|
|
|
|
| 8,150 |
| AMAZON COM INC (b) |
|
| 416,559 |
|
| 890,469 |
|
|
|
|
| 3,300 |
| AMERICAN EAGLE OUTFITTERS INC |
|
| 33,099 |
|
| 38,775 |
|
|
|
|
| 2,100 |
| AUTOLIV (b) |
|
| 50,385 |
|
| 100,485 |
|
|
|
|
| 700 |
| AUTOZONE INC (b) |
|
| 54,676 |
|
| 135,254 |
|
|
|
|
| 7,975 |
| BED BATH + BEYOND INC (b) |
|
| 241,621 |
|
| 295,713 |
|
|
|
|
| 8,450 |
| BEST BUY CO INC |
|
| 232,128 |
|
| 286,117 |
|
|
|
|
| 1,400 |
| BIG LOTS INC (b) |
|
| 15,477 |
|
| 44,926 |
|
|
|
|
| 2,800 |
| BJS WHOLESALE CLUB INC (b) |
|
| 93,845 |
|
| 103,628 |
|
|
|
|
| 3,800 |
| BORG WARNER INC (b) |
|
| 107,106 |
|
| 141,892 |
|
|
|
|
| 10,450 |
| BRINKER INTERNATIONAL INC |
|
| 144,107 |
|
| 151,107 |
|
|
|
|
| 8,300 |
| BROCADE COMMUNICATIONS SYS INC (b) |
|
| 52,215 |
|
| 42,828 |
|
|
|
|
| 6,400 |
| CABLEVISION SYSTEMS NY GRP A |
|
| 85,854 |
|
| 153,664 |
|
|
|
|
| 5,468 |
| CARMAX INC (b) |
|
| 78,791 |
|
| 108,813 |
|
|
|
|
| 13,800 |
| CARNIVAL CORP |
|
| 434,835 |
|
| 417,312 |
|
|
|
|
| 14,043 |
| CBS CORP CLASS B NON VOTING |
|
| 273,383 |
|
| 181,576 |
|
|
|
|
| 2,400 |
| CENTRAL EUROPEAN MEDIA ENT (b) |
|
| 50,118 |
|
| 47,760 |
|
|
|
|
| 5,100 |
| CHICOS FAS INC |
|
| 55,562 |
|
| 50,388 |
|
|
|
|
| 1,000 |
| CHIPOTLE MEXICAN GRILL INC (b) |
|
| 83,937 |
|
| 136,810 |
|
|
|
|
| 11,800 |
| CLEAR CHANNEL OUTDOOR CL A (b) |
|
| 98,115 |
|
| 102,424 |
|
|
|
|
| 7,500 |
| COACH INC |
|
| 71,549 |
|
| 274,125 |
|
|
|
|
| 72,167 |
| COMCAST CORP NEW |
|
| 1,264,213 |
|
| 1,253,541 |
|
|
|
|
| 2,600 |
| COPART INC (b) |
|
| 76,486 |
|
| 93,106 |
|
|
|
|
| 11,800 |
| COSTCO WHOLESALE CORP |
|
| 446,725 |
|
| 646,994 |
|
|
|
|
| 4,200 |
| DARDEN RESTAURANTS INC |
|
| 109,766 |
|
| 163,170 |
|
|
|
|
| 1,500 |
| DICKS SPORTING GOODS INC (b) |
|
| 24,803 |
|
| 37,335 |
|
|
|
|
| 23,748 |
| DIRECTV CLASS A (b) |
|
| 390,682 |
|
| 805,532 |
|
|
|
|
| 3,600 |
| DISCOVERY COMMUNICATIONS INC (b) |
|
| 135,136 |
|
| 128,556 |
|
|
|
|
| 5,700 |
| DISH NETWORK CORP A |
|
| 174,889 |
|
| 103,455 |
|
|
|
|
| 2,000 |
| DOLBY LABORATORIES INC CL A (b) |
|
| 43,420 |
|
| 125,380 |
|
|
|
|
| 3,750 |
| DOLLAR TREE INC (b) |
|
| 70,662 |
|
| 156,113 |
|
|
|
|
| 6,900 |
| DR HORTON INC |
|
| 46,031 |
|
| 67,827 |
|
|
|
|
| 3,600 |
| DREAMWORKS ANIMATION SKG (b) |
|
| 77,238 |
|
| 102,780 |
|
|
|
|
| 6,220 |
| EXPEDIA INC DEL |
|
| 124,528 |
|
| 116,812 |
|
|
|
|
| 4,800 |
| FAMILY DOLLAR STORES INC |
|
| 121,464 |
|
| 180,912 |
|
|
|
|
| 3,000 |
| FOOT LOCKER INC |
|
| 40,394 |
|
| 37,860 |
|
|
|
|
| 83,163 |
| FORD MOTOR CO (b) |
|
| 506,171 |
|
| 838,283 |
|
|
|
|
| 4,300 |
| FORTUNE BRANDS INC |
|
| 149,332 |
|
| 168,474 |
|
|
|
|
| 5,100 |
| GAMESTOP CORP CLASS A (b) |
|
| 46,725 |
|
| 95,829 |
|
|
|
|
| 3,100 |
| GANNETT INC |
|
| 25,746 |
|
| 41,726 |
|
|
|
|
| 12,000 |
| GAP INC/THE |
|
| 191,181 |
|
| 233,520 |
|
|
|
|
| 2,200 |
| GARMIN LTD |
|
| 40,557 |
|
| 64,372 |
|
|
|
|
| 7,900 |
| GENTEX CORP |
|
| 112,612 |
|
| 142,042 |
|
|
|
|
| 5,050 |
| GENUINE PARTS CO |
|
| 153,969 |
|
| 199,223 |
|
|
|
|
| 4,200 |
| GOODYEAR TIRE AND RUBBER (b) |
|
| 114,093 |
|
| 41,748 |
|
|
|
|
| 1,600 |
| GUESS? INC |
|
| 59,816 |
|
| 49,984 |
|
|
|
|
| 2,081 |
| HANESBRANDS INC (b) |
|
| 53,684 |
|
| 50,069 |
|
|
|
|
| 6,750 |
| HARLEY DAVIDSON INC |
|
| 39,547 |
|
| 150,053 |
|
|
|
|
| 4,300 |
| HARMAN INTERNATIONAL (b) |
|
| 74,799 |
|
| 128,527 |
|
|
|
|
|
|
|
See accompanying notes to financial statements | 30 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Face amount |
| Security |
| Cost |
| Market |
| Percent |
| ||||
Common stocks: |
|
|
|
|
|
|
|
|
|
| |||
Consumer discretionary (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 4,700 |
| HASBRO INC |
| $ | 119,921 |
|
| 193,170 |
|
|
|
|
| 6,600 |
| HERTZ GLOBAL HOLDINGS INC (b) |
|
| 37,676 |
|
| 62,436 |
|
|
|
|
| 42,725 |
| HOME DEPOT INC |
|
| 255,620 |
|
| 1,199,291 |
|
|
|
|
| 2,710 |
| IAC/INTERACTIVECORP (b) |
|
| 66,598 |
|
| 59,539 |
|
|
|
|
| 15,600 |
| INTERPUBLIC GROUP OF COS INC (b) |
|
| 40,950 |
|
| 111,228 |
|
|
|
|
| 7,800 |
| INTL GAME TECHNOLOGY |
|
| 211,426 |
|
| 122,460 |
|
|
|
|
| 5,300 |
| J C PENNEY INC |
|
| 210,583 |
|
| 113,844 |
|
|
|
|
| 16,250 |
| JOHNSON CONTROLS INC |
|
| 290,930 |
|
| 436,638 |
|
|
|
|
| 1,200 |
| KB HOME |
|
| 31,938 |
|
| 13,200 |
|
|
|
|
| 8,450 |
| KOHLS CORP (b) |
|
| 127,787 |
|
| 401,375 |
|
|
|
|
| 2,800 |
| LAMAR ADVERTISING COCL A (b) |
|
| 29,498 |
|
| 68,656 |
|
|
|
|
| 7,200 |
| LAS VEGAS SANDS CORP (b) |
|
| 69,445 |
|
| 159,408 |
|
|
|
|
| 3,700 |
| LEGGETT + PLATT INC |
|
| 74,495 |
|
| 74,222 |
|
|
|
|
| 4,700 |
| LENNAR CORPCL A |
|
| 64,339 |
|
| 65,377 |
|
|
|
|
| 4,440 |
| LIBERTY MEDIA CORP CAP SER A (b) |
|
| 22,396 |
|
| 186,080 |
|
|
|
|
| 16,837 |
| LIBERTY MEDIA CORP INTER A (b) |
|
| 134,351 |
|
| 176,789 |
|
|
|
|
| 1,272 |
| LIBERTY MEDIA STARZ SERIES A (b) |
|
| 18,267 |
|
| 65,940 |
|
|
|
|
| 41,100 |
| LOWES COS INC |
|
| 756,099 |
|
| 839,262 |
|
|
|
|
| 8,090 |
| LTD BRANDS INC |
|
| 92,851 |
|
| 178,546 |
|
|
|
|
| 9,300 |
| MACYS INC |
|
| 172,825 |
|
| 166,470 |
|
|
|
|
| 1,600 |
| MADISON SQUARE GAR INCA (b) |
|
| 18,242 |
|
| 31,472 |
|
|
|
|
| 10,169 |
| MARRIOTT INTERNATIONAL CL A |
|
| 192,971 |
|
| 304,460 |
|
|
|
|
| 8,700 |
| MATTEL INC |
|
| 164,712 |
|
| 184,092 |
|
|
|
|
| 25,400 |
| MCDONALDS CORP |
|
| 799,374 |
|
| 1,673,098 |
|
|
|
|
| 6,890 |
| MCGRAW HILL COMPANIES INC |
|
| 208,301 |
|
| 193,885 |
|
|
|
|
| 2,200 |
| MDC HOLDINGS INC |
|
| 73,073 |
|
| 59,290 |
|
|
|
|
| 7,000 |
| MGM RESORTS INTERNATIONAL (b) |
|
| 61,970 |
|
| 67,480 |
|
|
|
|
| 1,800 |
| MOHAWK INDS INC (b) |
|
| 128,808 |
|
| 82,368 |
|
|
|
|
| 800 |
| NETFLIX INC (b) |
|
| 32,332 |
|
| 86,920 |
|
|
|
|
| 4,200 |
| NEWELL RUBBERMAID INC |
|
| 97,738 |
|
| 61,488 |
|
|
|
|
| 69,275 |
| NEWS CORP CL A |
|
| 898,908 |
|
| 828,529 |
|
|
|
|
| 8,500 |
| NIKE INC CL B |
|
| 310,840 |
|
| 574,175 |
|
|
|
|
| 4,300 |
| NORDSTROM INC |
|
| 45,233 |
|
| 138,417 |
|
|
|
|
| 100 |
| NVR INC (b) |
|
| 51,543 |
|
| 65,503 |
|
|
|
|
| 4,200 |
| O REILLY AUTOMOTIVE INC (b) |
|
| 144,100 |
|
| 199,752 |
|
|
|
|
| 4,500 |
| OFFICE DEPOT INC (b) |
|
| 65,209 |
|
| 18,180 |
|
|
|
|
| 7,495 |
| OMNICOM GROUP |
|
| 278,273 |
|
| 257,079 |
|
|
|
|
| 1,500 |
| PANERA BREAD COMPANY CLASS A (b) |
|
| 69,668 |
|
| 112,935 |
|
|
|
|
| 1,900 |
| PENN NATIONAL GAMING INC (b) |
|
| 71,272 |
|
| 43,890 |
|
|
|
|
| 2,900 |
| PETSMART INC |
|
| 64,210 |
|
| 87,493 |
|
|
|
|
| 1,500 |
| PHILLIPS VAN HEUSEN |
|
| 61,290 |
|
| 69,405 |
|
|
|
|
| 1,500 |
| POLO RALPH LAUREN CORP |
|
| 31,320 |
|
| 109,440 |
|
|
|
|
| 1,100 |
| PRICELINECOM INC (b) |
|
| 120,841 |
|
| 194,194 |
|
|
|
|
| 10,400 |
| PULTE GROUP INC (b) |
|
| 106,280 |
|
| 86,112 |
|
|
|
|
| 6,200 |
| RADIOSHACK CORP |
|
| 75,547 |
|
| 120,962 |
|
|
|
|
| 6,000 |
| REGAL ENTERTAINMENT GROUPA |
|
| 86,655 |
|
| 78,240 |
|
|
|
|
| 3,500 |
| ROSS STORES INC |
|
| 80,292 |
|
| 186,515 |
|
|
|
|
| 2,900 |
| ROYAL CARIBBEAN CRUISES LTD (b) |
|
| 48,744 |
|
| 66,033 |
|
|
|
|
| 2,300 |
| SCRIPPS NETWORKS INTERCL A |
|
| 91,239 |
|
| 92,782 |
|
|
|
|
| 1,227 |
| SEARS HLDGS CORP (b) |
|
| 78,518 |
|
| 79,326 |
|
|
|
|
| 3,000 |
| SHERWIN WILLIAMS CO/THE |
|
| 150,183 |
|
| 207,570 |
|
|
|
|
| 2,600 |
| SIGNET JEWELERS LTD (b) |
|
| 52,469 |
|
| 71,500 |
|
|
|
|
|
|
|
See accompanying notes to financial statements | 31 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Face amount |
| Security |
| Cost |
| Market |
| Percent |
| ||||
Common stocks: |
|
|
|
|
|
|
|
|
|
| |||
Consumer discretionary (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 1,400 |
| SNAP ON INC |
| $ | 52,729 |
|
| 57,274 |
|
|
|
|
| 4,557 |
| STANLEY BLACK DECKER INC |
|
| 173,443 |
|
| 230,220 |
|
|
|
|
| 19,350 |
| STAPLES INC |
|
| 327,531 |
|
| 368,618 |
|
|
|
|
| 18,450 |
| STARBUCKS CORP |
|
| 249,339 |
|
| 448,335 |
|
|
|
|
| 5,010 |
| STARWOOD HOTELS + RESORTS INC |
|
| 224,617 |
|
| 207,564 |
|
|
|
|
| 20,500 |
| TARGET CORP |
|
| 747,843 |
|
| 1,007,985 |
|
|
|
|
| 5,700 |
| THOMSON REUTERS CORP (b) |
|
| 210,956 |
|
| 204,231 |
|
|
|
|
| 1,900 |
| THOR INDUSTRIES INC |
|
| 22,316 |
|
| 45,125 |
|
|
|
|
| 4,200 |
| TIFFANY + CO |
|
| 122,192 |
|
| 159,222 |
|
|
|
|
| 9,279 |
| TIME WARNER CABLE INC |
|
| 408,963 |
|
| 483,250 |
|
|
|
|
| 30,733 |
| TIME WARNER INC |
|
| 788,784 |
|
| 888,491 |
|
|
|
|
| 10,347 |
| TJX COMPANIES INC |
|
| 205,891 |
|
| 434,057 |
|
|
|
|
| 4,700 |
| TOLL BROS INC (b) |
|
| 102,805 |
|
| 76,892 |
|
|
|
|
| 800 |
| TRW AUTOMOTIVE HLDGS CORP (b) |
|
| 18,216 |
|
| 22,056 |
|
|
|
|
| 3,227 |
| URBAN OUTFITTERS INC (b) |
|
| 61,562 |
|
| 110,977 |
|
|
|
|
| 2,900 |
| V F CORP |
|
| 180,557 |
|
| 206,422 |
|
|
|
|
| 16,457 |
| VIACOM INC CLASS B |
|
| 520,692 |
|
| 516,256 |
|
|
|
|
| 7,400 |
| VIRGIN MEDIA INC |
|
| 115,726 |
|
| 123,506 |
|
|
|
|
| 3,166 |
| WABCO HLDGS INC (b) |
|
| 71,725 |
|
| 99,666 |
|
|
|
|
| 700 |
| WABTEC CORP |
|
| 25,603 |
|
| 27,923 |
|
|
|
|
| 49,296 |
| WAL MART STORES INC |
|
| 2,226,449 |
|
| 2,369,659 |
|
|
|
|
| 48,560 |
| WALT DISNEY CO/THE |
|
| 1,086,923 |
|
| 1,529,640 |
|
|
|
|
| 100 |
| WASHINGTON POST CLASS B |
|
| 43,247 |
|
| 41,048 |
|
|
|
|
| 9,090 |
| WENDYS/ARBYS GROUP INC A |
|
| 56,673 |
|
| 36,360 |
|
|
|
|
| 2,300 |
| WHIRLPOOL CORP |
|
| 98,184 |
|
| 201,986 |
|
|
|
|
| 1,000 |
| WILEY JOHN + SONS INC |
|
| 40,649 |
|
| 38,670 |
|
|
|
|
| 600 |
| WMS INDUSTRIES INC (b) |
|
| 24,981 |
|
| 23,550 |
|
|
|
|
| 5,475 |
| WYNDHAM WORLDWIDE CORP |
|
| 24,501 |
|
| 110,267 |
|
|
|
|
| 1,600 |
| WYNN RESORTS LTD |
|
| 42,372 |
|
| 122,032 |
|
|
|
|
| 11,416 |
| YUM BRANDS INC |
|
| 146,079 |
|
| 445,681 |
|
|
|
|
|
|
|
|
|
| 23,679,464 |
|
| 32,047,643 |
|
| 11.72 | % |
Consumer staples: |
|
|
|
|
|
|
|
|
|
| |||
| 1,600 |
| ALBERTO CULIVER CO |
|
| 38,952 |
|
| 43,344 |
|
|
|
|
| 53,300 |
| ALTRIA GROUP INC |
|
| 524,569 |
|
| 1,068,132 |
|
|
|
|
| 17,800 |
| ARCHER DANIELS MIDLAND CO |
|
| 407,181 |
|
| 459,596 |
|
|
|
|
| 12,162 |
| AVON PRODS INC |
|
| 310,053 |
|
| 322,293 |
|
|
|
|
| 3,144 |
| BROWN FORMAN CORP CLASS B |
|
| 115,946 |
|
| 179,931 |
|
|
|
|
| 3,200 |
| BUNGE LIMITED |
|
| 255,908 |
|
| 157,408 |
|
|
|
|
| 7,300 |
| CAMPBELL SOUP CO |
|
| 204,835 |
|
| 261,559 |
|
|
|
|
| 1,500 |
| CENTRAL EUROPEAN DISTR CORP (b) |
|
| 21,353 |
|
| 32,070 |
|
|
|
|
| 3,000 |
| CHURCH AND DWIGHT CO INC |
|
| 157,235 |
|
| 188,130 |
|
|
|
|
| 3,600 |
| CLOROX CO |
|
| 190,920 |
|
| 223,776 |
|
|
|
|
| 52,959 |
| COCA COLA CO/THE |
|
| 1,957,499 |
|
| 2,654,305 |
|
|
|
|
| 6,200 |
| COCA COLA ENTERPRISES INC |
|
| 118,931 |
|
| 160,332 |
|
|
|
|
| 12,390 |
| COLGATE PALMOLIVE CO |
|
| 727,954 |
|
| 975,836 |
|
|
|
|
| 15,000 |
| CONAGRA FOODS INC |
|
| 326,418 |
|
| 349,800 |
|
|
|
|
| 4,600 |
| CONSTELLATION BRANDS INC (b) |
|
| 63,227 |
|
| 71,852 |
|
|
|
|
| 1,300 |
| CORN PRODUCTS INTL INC |
|
| 29,972 |
|
| 39,390 |
|
|
|
|
| 36,622 |
| CVS CAREMARK CORP |
|
| 728,653 |
|
| 1,073,757 |
|
|
|
|
| 3,700 |
| DEAN FOODS CO NEW (b) |
|
| 73,612 |
|
| 37,259 |
|
|
|
|
| 5,773 |
| DEL MONTE FOODS CO |
|
| 57,723 |
|
| 83,073 |
|
|
|
|
| 6,000 |
| DR PEPPER SNAPPLE GROUP INC |
|
| 125,060 |
|
| 224,340 |
|
|
|
|
|
|
|
See accompanying notes to financial statements | 32 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Growth Fund |
June 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Face amount |
| Security |
| Cost |
| Market |
| Percent |
| ||||
Common stocks: |
|
|
|
|
|
|
|
|
|
| |||
| Consumer staples (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 2,667 |
| ESTEE LAUDER COMPANIES CL A |
| $ | 103,843 |
|
| 148,632 |
|
|
|
|
| 1,200 |
| FLOWERS FOODS INC |
|
| 25,434 |
|
| 29,316 |
|
|
|
|
| 16,200 |
| GENERAL MILLS INC |
|
| 400,558 |
|
| 575,424 |
|
|
|
|
| 2,400 |
| GREEN MTN COFFEE ROASTERS (b) |
|
| 44,948 |
|
| 61,680 |
|
|
|
|
| 1,600 |
| HANSEN NATURAL CORP (b) |
|
| 61,969 |
|
| 62,576 |
|
|
|
|
| 1,900 |
| HERBALIFE LTD |
|
| 52,204 |
|
| 87,495 |
|
|
|
|
| 3,100 |
| HERSHEY CO / THE |
|
| 120,285 |
|
| 148,583 |
|
|
|
|
| 8,075 |
| HJ HEINZ CO |
|
| 303,404 |
|
| 349,002 |
|
|
|
|
| 3,100 |
| HORMEL FOODS CORP |
|
| 111,616 |
|
| 125,488 |
|
|
|
|
| 2,700 |
| JM SMUCKER CO/THE |
|
| 124,838 |
|
| 162,594 |
|
|
|
|
| 5,600 |
| KELLOGG CO |
|
| 258,254 |
|
| 281,680 |
|
|
|
|
| 10,250 |
| KIMBERLY CLARK CORP |
|
| 587,793 |
|
| 621,458 |
|
|
|
|
| 43,938 |
| KRAFT FOODS INC CLASS A |
|
| 872,534 |
|
| 1,230,264 |
|
|
|
|
| 18,800 |
| KROGER CO |
|
| 343,049 |
|
| 370,172 |
|
|
|
|
| 3,300 |
| LORILLARD INC |
|
| 157,432 |
|
| 237,534 |
|
|
|
|
| 2,800 |
| MCCORMICK+ CO INC NON VTG SHRS |
|
| 97,399 |
|
| 106,288 |
|
|
|
|
| 4,800 |
| MEAD JOHNSON NUTRITION CO |
|
| 225,648 |
|
| 240,576 |
|
|
|
|
| 2,400 |
| MOLSON COORS BREWING CO B |
|
| 78,697 |
|
| 101,664 |
|
|
|
|
| 1,000 |
| NBTY INC (b) |
|
| 21,300 |
|
| 34,010 |
|
|
|
|
| 40,762 |
| PEPSICO INC |
|
| 1,782,089 |
|
| 2,484,444 |
|
|
|
|
| 48,100 |
| PHILIP MORRIS INTERNATIONAL |
|
| 906,211 |
|
| 2,204,904 |
|
|
|
|
| 73,789 |
| PROCTER AND GAMBLE CO |
|
| 2,132,193 |
|
| 4,425,864 |
|
|
|
|
| 2,100 |
| RALCORP HLDGS INC (b) |
|
| 128,338 |
|
| 115,080 |
|
|
|
|
| 3,300 |
| REYNOLDS AMERICAN INC |
|
| 124,559 |
|
| 171,996 |
|
|
|
|
| 10,119 |
| SAFEWAY INC |
|
| 198,581 |
|
| 198,940 |
|
|
|
|
| 20,650 |
| SARA LEE CORP |
|
| 225,034 |
|
| 291,165 |
|
|
|
|
| 5,400 |
| SMITHFIELD FOODS INC (b) |
|
| 108,846 |
|
| 80,460 |
|
|
|
|
| 4,606 |
| SUPERVALU INC |
|
| 89,569 |
|
| 49,929 |
|
|
|
|
| 14,000 |
| SYSCO CORP |
|
| 285,312 |
|
| 399,980 |
|
|
|
|
| 9,527 |
| TYSON FOODS INC CL A |
|
| 111,286 |
|
| 156,148 |
|
|
|
|
| 20,150 |
| WALGREEN CO |
|
| 231,445 |
|
| 538,005 |
|
|
|
|
| 3,000 |
| WHOLE FOODS MKT INC (b) |
|
| 64,425 |
|
| 108,060 |
|
|
|
|
|
|
|
|
|
| 16,815,086 |
|
| 24,805,593 |
|
| 9.07 | % |
| Energy: |
|
|
|
|
|
|
|
|
|
|
|
|
| 14,546 |
| ANADARKO PETE CORP |
|
| 641,100 |
|
| 524,965 |
|
|
|
|
| 8,134 |
| APACHE CORP |
|
| 359,503 |
|
| 684,801 |
|
|
|
|
| 11,503 |
| BAKER HUGHES INC |
|
| 647,930 |
|
| 478,180 |
|
|
|
|
| 1,804 |
| CABOT OIL+ GAS CORP |
|
| 57,973 |
|
| 56,501 |
|
|
|
|
| 5,000 |
| CAMERON INTERNATIONAL CORP (b) |
|
| 131,489 |
|
| 162,600 |
|
|
|
|
| 15,086 |
| CHESAPEAKE ENERGY CORP |
|
| 355,404 |
|
| 316,052 |
|
|
|
|
| 49,495 |
| CHEVRON CORP |
|
| 2,501,596 |
|
| 3,358,731 |
|
|
|
|
| 2,800 |
| CIMAREX ENERGY CO |
|
| 154,862 |
|
| 200,424 |
|
|
|
|
| 3,200 |
| CONCHO RESOURCES INC (b) |
|
| 107,893 |
|
| 177,056 |
|
|
|
|
| 39,144 |
| CONOCOPHILLIPS |
|
| 1,303,880 |
|
| 1,921,579 |
|
|
|
|
| 4,631 |
| CONSOL ENERGY INC |
|
| 120,948 |
|
| 156,343 |
|
|
|
|
| 1,000 |
| CONTINENTAL RESOURCES INC/OK (b) |
|
| 20,765 |
|
| 44,620 |
|
|
|
|
| 13,422 |
| DENBURY RESOURCES INC (b) |
|
| 174,151 |
|
| 196,498 |
|
|
|
|
| 13,323 |
| DEVON ENERGY CORPORATION |
|
| 665,221 |
|
| 811,637 |
|
|
|
|
| 1,700 |
| DIAMOND OFFSHORE DRILLING |
|
| 159,726 |
|
| 105,723 |
|
|
|
|
| 4,100 |
| DRESSER RAND GROUP INC (b) |
|
| 134,747 |
|
| 129,355 |
|
|
|
|
| 17,400 |
| EL PASO CORP |
|
| 139,789 |
|
| 193,314 |
|
|
|
|
| 7,900 |
| EOG RESOURCES INC |
|
| 319,223 |
|
| 777,123 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements | 33 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Growth Fund |
June 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Face amount |
| Security |
| Cost |
| Market |
| Percent |
| ||||
Common stocks: |
|
|
|
|
|
|
|
|
|
| |||
| Energy (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 3,700 |
| EXCO RESOURCES INC |
| $ | 56,238 |
|
| 54,057 |
|
|
|
|
| 7,000 |
| EXTERRAN HOLDINGS INC (b) |
|
| 145,915 |
|
| 180,670 |
|
|
|
|
| 126,951 |
| EXXON MOBIL CORP |
|
| 5,865,738 |
|
| 7,245,099 |
|
|
|
|
| 3,200 |
| FMC TECHNOLOGIES INC (b) |
|
| 138,073 |
|
| 168,512 |
|
|
|
|
| 4,100 |
| FRONTIER OIL CORP |
|
| 57,462 |
|
| 55,145 |
|
|
|
|
| 1,300 |
| FRONTLINE LTD (b) |
|
| 43,095 |
|
| 37,102 |
|
|
|
|
| 22,858 |
| HALLIBURTON CO |
|
| 509,109 |
|
| 561,164 |
|
|
|
|
| 3,100 |
| HELMERICH AND PAYNE INC |
|
| 39,003 |
|
| 113,212 |
|
|
|
|
| 6,600 |
| HESS CORP |
|
| 450,982 |
|
| 332,244 |
|
|
|
|
| 1,200 |
| HOLLY CORP |
|
| 22,578 |
|
| 31,896 |
|
|
|
|
| 22,486 |
| MARATHON OIL CORP |
|
| 597,006 |
|
| 699,090 |
|
|
|
|
| 4,100 |
| MARINER ENERGY INC (b) |
|
| 52,383 |
|
| 88,068 |
|
|
|
|
| 2,000 |
| MASSEY ENERGY CORP |
|
| 68,948 |
|
| 54,700 |
|
|
|
|
| 5,200 |
| MURPHY OIL CORP |
|
| 172,519 |
|
| 257,660 |
|
|
|
|
| 5,400 |
| NABORS INDUSTRIES LTD (b) |
|
| 164,133 |
|
| 95,148 |
|
|
|
|
| 9,622 |
| NATIONAL OILWELL VARCO INC |
|
| 245,031 |
|
| 318,200 |
|
|
|
|
| 5,142 |
| NEWFIELD EXPLORATION CO (b) |
|
| 222,527 |
|
| 251,238 |
|
|
|
|
| 4,200 |
| NOBLE ENERGY INC |
|
| 158,333 |
|
| 253,386 |
|
|
|
|
| 20,214 |
| OCCIDENTAL PETROLEUM CORP |
|
| 397,871 |
|
| 1,559,510 |
|
|
|
|
| 2,000 |
| OCEANEERING INTL INC (b) |
|
| 102,370 |
|
| 89,800 |
|
|
|
|
| 900 |
| OIL STATES INTERNATIONAL INC (b) |
|
| 54,464 |
|
| 35,622 |
|
|
|
|
| 5,600 |
| PATTERSON UTI ENERGY INC |
|
| 114,212 |
|
| 72,072 |
|
|
|
|
| 6,700 |
| PEABODY ENERGY CORP |
|
| 188,391 |
|
| 262,171 |
|
|
|
|
| 3,200 |
| PIONEER NATURAL RESOURCES CO |
|
| 48,507 |
|
| 190,240 |
|
|
|
|
| 3,300 |
| PLAINS EXPLORATION + PRODUCT (b) |
|
| 92,785 |
|
| 68,013 |
|
|
|
|
| 5,600 |
| PRIDE INTERNATIONAL INC (b) |
|
| 176,387 |
|
| 125,104 |
|
|
|
|
| 5,810 |
| QUICKSILVER RESOURCES INC (b) |
|
| 119,305 |
|
| 63,910 |
|
|
|
|
| 4,800 |
| RANGE RESOURCES CORP |
|
| 198,185 |
|
| 192,720 |
|
|
|
|
| 1,100 |
| ROWAN COMPANIES INC (b) |
|
| 50,419 |
|
| 24,134 |
|
|
|
|
| 4,700 |
| SANDRIDGE ENERGY INC (b) |
|
| 41,069 |
|
| 27,401 |
|
|
|
|
| 31,400 |
| SCHLUMBERGER LTD |
|
| 1,678,586 |
|
| 1,737,676 |
|
|
|
|
| 5,200 |
| SMITH INTERNATIONAL INC |
|
| 112,076 |
|
| 195,780 |
|
|
|
|
| 9,300 |
| SOUTHWESTERN ENERGY CO (b) |
|
| 163,645 |
|
| 359,352 |
|
|
|
|
| 2,400 |
| SUNOCO INC |
|
| 50,440 |
|
| 83,448 |
|
|
|
|
| 4,700 |
| SUPERIOR ENERGY SERVICES INC (b) |
|
| 169,835 |
|
| 87,749 |
|
|
|
|
| 1,800 |
| TESORO CORP |
|
| 28,809 |
|
| 21,006 |
|
|
|
|
| 2,300 |
| TIDEWATER INC |
|
| 118,715 |
|
| 89,056 |
|
|
|
|
| 1,100 |
| ULTRA PETROLEUM CORP (b) |
|
| 51,634 |
|
| 48,675 |
|
|
|
|
| 10,710 |
| VALERO ENERGY CORP |
|
| 111,500 |
|
| 192,566 |
|
|
|
|
| 19,000 |
| WEATHERFORD INTL LTD (b) |
|
| 273,300 |
|
| 249,660 |
|
|
|
|
| 1,300 |
| WHITING PETROLEUM CORP (b) |
|
| 73,761 |
|
| 101,946 |
|
|
|
|
| 20,275 |
| WILLIAMS COS INC |
|
| 386,539 |
|
| 370,627 |
|
|
|
|
|
|
|
|
|
| 21,808,071 |
|
| 27,340,330 |
|
| 10.00 | % |
| Financials: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6,000 |
| ACE LTD (b) |
|
| 317,873 |
|
| 308,880 |
|
|
|
|
| 2,300 |
| AFFILIATED MANAGERS GROUP INC (b) |
|
| 146,986 |
|
| 139,771 |
|
|
|
|
| 12,450 |
| AFLAC INC |
|
| 365,255 |
|
| 531,242 |
|
|
|
|
| 700 |
| ALEXANDRIA REAL ESTATE EQUITY |
|
| 25,006 |
|
| 44,359 |
|
|
|
|
| 2,700 |
| ALLIED WORLD ASSURANCE COMPANY |
|
| 86,630 |
|
| 122,526 |
|
|
|
|
| 10,500 |
| ALLSTATE CORP |
|
| 409,968 |
|
| 301,665 |
|
|
|
|
| 4,829 |
| AMB PROPERTY CORP |
|
| 161,507 |
|
| 114,496 |
|
|
|
|
| 28,233 |
| AMERICAN EXPRESS CO |
|
| 943,883 |
|
| 1,120,850 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements | 34 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Growth Fund |
June 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Face amount |
| Security |
| Cost |
| Market |
| Percent |
| ||||
Common stocks: |
|
|
|
|
|
|
|
|
|
| |||
| Financials (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 1,800 |
| AMERICAN FINANCIAL GROUP INC |
| $ | 29,745 |
|
| 49,176 |
|
|
|
|
| 2,600 |
| AMERICAN INTERNATIONAL GROUP (b) |
|
| 40,854 |
|
| 89,544 |
|
|
|
|
| 2,700 |
| AMERICREDIT CORP (b) |
|
| 31,865 |
|
| 49,194 |
|
|
|
|
| 7,191 |
| AMERIPRISE FINANCIAL INC |
|
| 278,023 |
|
| 259,811 |
|
|
|
|
| 14,400 |
| ANNALY CAPITAL MANAGEMENT INC |
|
| 233,405 |
|
| 246,960 |
|
|
|
|
| 7,000 |
| AON CORP |
|
| 213,108 |
|
| 259,840 |
|
|
|
|
| 6,028 |
| APARTMENT INVT + MGMT CO |
|
| 121,929 |
|
| 116,762 |
|
|
|
|
| 1,600 |
| ARCH CAPITAL GROUP LTD (b) |
|
| 101,982 |
|
| 119,200 |
|
|
|
|
| 5,600 |
| ARES CAPITAL CORP (b) |
|
| 72,744 |
|
| 70,168 |
|
|
|
|
| 1,600 |
| ARTHUR J GALLAGHER + CO |
|
| 34,040 |
|
| 39,008 |
|
|
|
|
| 2,000 |
| ASPEN INSURANCE HOLDINGS LTD |
|
| 45,330 |
|
| 49,480 |
|
|
|
|
| 4,100 |
| ASSOCIATED BANCCORP |
|
| 116,092 |
|
| 50,266 |
|
|
|
|
| 4,300 |
| ASSURANT INC |
|
| 180,126 |
|
| 149,210 |
|
|
|
|
| 5,500 |
| ASSURED GUARANTY LTD (b) |
|
| 75,350 |
|
| 72,985 |
|
|
|
|
| 1,834 |
| AVALONBAY COMMUNITIES INC |
|
| 136,479 |
|
| 171,241 |
|
|
|
|
| 5,100 |
| AXIS CAPITAL HOLDINGS LTD |
|
| 187,376 |
|
| 151,572 |
|
|
|
|
| 3,400 |
| BANCORPSOUTH INC |
|
| 62,679 |
|
| 60,792 |
|
|
|
|
| 258,165 |
| BANK OF AMERICA CORP |
|
| 6,093,290 |
|
| 3,709,831 |
|
|
|
|
| 34,001 |
| BANK OF NEW YORK MELLON CORP |
|
| 1,012,806 |
|
| 839,485 |
|
|
|
|
| 23,158 |
| BB+T CORP |
|
| 586,647 |
|
| 609,287 |
|
|
|
|
| 42,500 |
| BERKSHIRE HATHAWAY INC CL B (b) |
|
| 3,475,650 |
|
| 3,386,825 |
|
|
|
|
| 600 |
| BLACKROCK INC |
|
| 110,619 |
|
| 86,040 |
|
|
|
|
| 3,688 |
| BOSTON PROPERTIES INC |
|
| 200,204 |
|
| 263,102 |
|
|
|
|
| 6,500 |
| BRANDYWINE REALTY TRUST |
|
| 106,523 |
|
| 69,875 |
|
|
|
|
| 1,100 |
| BRE PROPERTIES INC |
|
| 25,471 |
|
| 40,623 |
|
|
|
|
| 2,600 |
| BROWN + BROWN INC |
|
| 50,447 |
|
| 49,764 |
|
|
|
|
| 900 |
| CAMDEN PROPERTY TRUST |
|
| 24,791 |
|
| 36,765 |
|
|
|
|
| 11,447 |
| CAPITAL ONE FINANCIAL CORP |
|
| 360,144 |
|
| 461,314 |
|
|
|
|
| 6,900 |
| CAPITALSOURCE INC |
|
| 23,267 |
|
| 32,844 |
|
|
|
|
| 3,700 |
| CB RICHARD ELLIS GROUP INC (b) |
|
| 84,241 |
|
| 50,357 |
|
|
|
|
| 14,200 |
| CHIMERA INVESTMENT CORP |
|
| 49,341 |
|
| 51,262 |
|
|
|
|
| 8,000 |
| CHUBB CORP |
|
| 365,714 |
|
| 400,080 |
|
|
|
|
| 2,756 |
| CINCINNATI FINANCIAL CORP |
|
| 103,501 |
|
| 71,298 |
|
|
|
|
| 1,400 |
| CIT GROUP INC (b) |
|
| 49,108 |
|
| 47,404 |
|
|
|
|
| 504,815 |
| CITIGROUP INC (b) |
|
| 3,028,625 |
|
| 1,898,104 |
|
|
|
|
| 1,300 |
| CITY NATIONAL CORP |
|
| 47,574 |
|
| 66,599 |
|
|
|
|
| 1,773 |
| CME GROUP INC |
|
| 507,511 |
|
| 499,188 |
|
|
|
|
| 4,300 |
| COMERICA INC |
|
| 217,302 |
|
| 158,369 |
|
|
|
|
| 900 |
| CORELOGIC INC |
|
| 16,993 |
|
| 15,894 |
|
|
|
|
| 900 |
| CORPORATE OFFICE PROPERTIES |
|
| 25,110 |
|
| 33,984 |
|
|
|
|
| 2,800 |
| CORRECTIONS CORP OF AMERICA (b) |
|
| 56,290 |
|
| 53,424 |
|
|
|
|
| 2,300 |
| DIGITAL REALTY TRUST INC |
|
| 91,488 |
|
| 132,664 |
|
|
|
|
| 20,987 |
| DISCOVER FINANCIAL SERVICES |
|
| 310,849 |
|
| 293,398 |
|
|
|
|
| 2,800 |
| DOUGLAS EMMETT INC |
|
| 23,674 |
|
| 39,816 |
|
|
|
|
| 2,500 |
| DUKE REALTY CORP |
|
| 64,221 |
|
| 28,375 |
|
|
|
|
| 900 |
| ENDURANCE SPECIALTY HOLDINGS |
|
| 25,106 |
|
| 33,777 |
|
|
|
|
| 5,416 |
| EQUITY RESIDENTIAL |
|
| 174,162 |
|
| 225,522 |
|
|
|
|
| 2,900 |
| ERIE INDEMNITY COMPANY CL A |
|
| 151,861 |
|
| 131,950 |
|
|
|
|
| 2,400 |
| EVEREST REINSURANCE GROUP LTD |
|
| 184,908 |
|
| 169,728 |
|
|
|
|
| 900 |
| FEDERAL REALTY INVS TRUST |
|
| 48,569 |
|
| 63,243 |
|
|
|
|
| 3,000 |
| FEDERATED INVESTORS INC CL B |
|
| 71,403 |
|
| 62,130 |
|
|
|
|
| 6,281 |
| FIDELITY NATIONAL FINL INC |
|
| 104,831 |
|
| 81,590 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements | 35 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Growth Fund |
June 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Face amount |
| Security |
| Cost |
| Market |
| Percent |
| ||||
Common stocks: |
|
|
|
|
|
|
|
|
|
| |||
| Financials (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 17,400 |
| FIFTH THIRD BANCORP |
| $ | 138,329 |
|
| 213,846 |
|
|
|
|
| 600 |
| FIRST CITIZENS BANCSHARES INC |
|
| 86,506 |
|
| 115,398 |
|
|
|
|
| 16,283 |
| FIRST HORIZON NATIONAL CORP (b) |
|
| 213,292 |
|
| 186,444 |
|
|
|
|
| 3,200 |
| FIRST NIAGARA FINANCIAL GROUP INC |
|
| 37,456 |
|
| 40,096 |
|
|
|
|
| 4,659 |
| FRANKLIN RESOURCES INC |
|
| 306,937 |
|
| 401,559 |
|
|
|
|
| 3,500 |
| FULTON FINANCIAL CORP |
|
| 37,748 |
|
| 33,775 |
|
|
|
|
| 6,900 |
| GENERAL GROWTH PROPERTIES (b) |
|
| 98,105 |
|
| 91,494 |
|
|
|
|
| 15,500 |
| GENWORTH FINANCIAL INC (b) |
|
| 192,577 |
|
| 202,585 |
|
|
|
|
| 18,800 |
| GLG PARTNERS INC (b) |
|
| 73,314 |
|
| 82,344 |
|
|
|
|
| 13,426 |
| GOLDMAN SACHS GROUP INC |
|
| 1,422,609 |
|
| 1,762,431 |
|
|
|
|
| 400 |
| GREENHILL + CO INC |
|
| 27,762 |
|
| 24,452 |
|
|
|
|
| 1,200 |
| HANOVER INSURANCE GROUP INC |
|
| 51,342 |
|
| 52,200 |
|
|
|
|
| 7,800 |
| HARTFORD FINANCIAL SVCS GRP |
|
| 284,978 |
|
| 172,614 |
|
|
|
|
| 1,000 |
| HCC INSURANCE HOLDINGS INC |
|
| 24,155 |
|
| 24,760 |
|
|
|
|
| 7,100 |
| HCP INC |
|
| 118,485 |
|
| 228,975 |
|
|
|
|
| 4,000 |
| HEALTH CARE REIT INC |
|
| 160,634 |
|
| 168,480 |
|
|
|
|
| 1,800 |
| HOSPITALITY PROPERTIES TRUST |
|
| 23,967 |
|
| 37,980 |
|
|
|
|
| 14,422 |
| HOST HOTELS + RESORTS INC |
|
| 138,467 |
|
| 194,409 |
|
|
|
|
| 6,400 |
| HRPT PROPERTIES TRUST |
|
| 56,139 |
|
| 39,744 |
|
|
|
|
| 9,800 |
| HUDSON CITY BANCORP INC |
|
| 155,183 |
|
| 119,952 |
|
|
|
|
| 11,100 |
| HUNTINGTON BANCSHARES INC |
|
| 51,227 |
|
| 61,494 |
|
|
|
|
| 2,100 |
| INTERCONTINENTALEXCHANGE INC (b) |
|
| 266,834 |
|
| 237,363 |
|
|
|
|
| 9,000 |
| INVESCO LTD |
|
| 201,525 |
|
| 151,470 |
|
|
|
|
| 7,200 |
| JANUS CAP GROUP INC |
|
| 93,054 |
|
| 63,936 |
|
|
|
|
| 2,700 |
| JEFFERIES GROUP INC |
|
| 64,508 |
|
| 56,916 |
|
|
|
|
| 1,500 |
| JONES LANG LASALLE INC |
|
| 86,453 |
|
| 98,460 |
|
|
|
|
| 103,746 |
| JPMORGAN CHASE + CO |
|
| 3,251,093 |
|
| 3,798,141 |
|
|
|
|
| 12,900 |
| KEYCORP NEW |
|
| 160,418 |
|
| 99,201 |
|
|
|
|
| 11,901 |
| KIMCO REALTY CORP |
|
| 257,702 |
|
| 159,949 |
|
|
|
|
| 6,152 |
| LEGG MASON INC |
|
| 147,960 |
|
| 172,441 |
|
|
|
|
| 3,500 |
| LEUCADIA NATIONAL CORP (b) |
|
| 126,468 |
|
| 68,285 |
|
|
|
|
| 1,100 |
| LIBERTY PROPERTY TRUST |
|
| 24,811 |
|
| 31,735 |
|
|
|
|
| 9,248 |
| LINCOLN NATIONAL CORP |
|
| 312,337 |
|
| 224,634 |
|
|
|
|
| 6,700 |
| LOEWS CORP |
|
| 155,821 |
|
| 223,177 |
|
|
|
|
| 700 |
| M T BANK CORP |
|
| 50,526 |
|
| 59,465 |
|
|
|
|
| 5,323 |
| MACERICH CO/THE |
|
| 141,793 |
|
| 198,654 |
|
|
|
|
| 5,200 |
| MACK CALI REALTY CORP |
|
| 156,917 |
|
| 154,596 |
|
|
|
|
| 600 |
| MARKEL CORP (b) |
|
| 203,366 |
|
| 204,000 |
|
|
|
|
| 12,578 |
| MARSH + MCLENNAN COS INC |
|
| 320,563 |
|
| 283,634 |
|
|
|
|
| 15,699 |
| MARSHALL + ILSLEY CORP NEW |
|
| 149,084 |
|
| 112,719 |
|
|
|
|
| 7,800 |
| MBIA INC (b) |
|
| 38,883 |
|
| 43,758 |
|
|
|
|
| 1,300 |
| MERCURY GENERAL CORP |
|
| 38,019 |
|
| 53,872 |
|
|
|
|
| 15,200 |
| METLIFE INC |
|
| 485,070 |
|
| 573,952 |
|
|
|
|
| 4,400 |
| MOODYS CORP |
|
| 173,138 |
|
| 87,648 |
|
|
|
|
| 35,560 |
| MORGAN STANLEY |
|
| 1,051,333 |
|
| 825,348 |
|
|
|
|
| 600 |
| MORNINGSTAR INC (b) |
|
| 26,109 |
|
| 25,512 |
|
|
|
|
| 2,700 |
| MSCI INC (b) |
|
| 77,567 |
|
| 73,980 |
|
|
|
|
| 4,000 |
| NASDAQ OMX GROUP/THE (b) |
|
| 124,060 |
|
| 71,120 |
|
|
|
|
| 1,500 |
| NATIONWIDE HEALTH PPTYS INC |
|
| 48,195 |
|
| 53,655 |
|
|
|
|
| 9,749 |
| NEW YORK COMMUNITY BANCORP INC |
|
| 112,805 |
|
| 148,867 |
|
|
|
|
| 7,002 |
| NORTHERN TRUST CORP |
|
| 325,772 |
|
| 326,993 |
|
|
|
|
| 6,500 |
| NYSE EURONEXT |
|
| 317,543 |
|
| 179,595 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements | 36 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Face amount |
| Security |
| Cost |
| Market |
| Percent |
| ||||
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
| ||
| Financials (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 8,925 |
| OLD REPUBLIC INTL CORP |
| $ | 135,413 |
|
| 108,260 |
|
|
|
|
| 2,100 |
| ONEBEACON INSURANCE GROUP LTD |
|
| 46,442 |
|
| 30,072 |
|
|
|
|
| 1,000 |
| PARTNERRE LTD |
|
| 66,204 |
|
| 70,140 |
|
|
|
|
| 6,023 |
| PEOPLES UNITED FINANCIAL INC |
|
| 94,488 |
|
| 81,311 |
|
|
|
|
| 5,485 |
| PLUM CREEK TIMBER CO INC |
|
| 142,391 |
|
| 189,397 |
|
|
|
|
| 14,625 |
| PNC FINANCIAL SERVICES GROUP INC |
|
| 625,890 |
|
| 826,313 |
|
|
|
|
| 32,200 |
| POPULAR INC (b) |
|
| 71,645 |
|
| 86,296 |
|
|
|
|
| 7,450 |
| PRINCIPAL FINANCIAL GROUP |
|
| 258,099 |
|
| 174,628 |
|
|
|
|
| 17,748 |
| PROGRESSIVE CORP |
|
| 307,204 |
|
| 332,243 |
|
|
|
|
| 11,872 |
| PROLOGIS |
|
| 262,406 |
|
| 120,263 |
|
|
|
|
| 2,200 |
| PROTECTIVE LIFE CORP |
|
| 24,849 |
|
| 47,058 |
|
|
|
|
| 10,600 |
| PRUDENTIAL FINANCIAL INC |
|
| 388,745 |
|
| 568,796 |
|
|
|
|
| 3,691 |
| PUBLIC STORAGE |
|
| 271,725 |
|
| 324,476 |
|
|
|
|
| 2,825 |
| RAYMOND JAMES FINANCIAL INC |
|
| 70,271 |
|
| 69,749 |
|
|
|
|
| 2,700 |
| REALTY INCOME CORP |
|
| 65,733 |
|
| 81,891 |
|
|
|
|
| 3,900 |
| REGENCY CENTERS CORP |
|
| 102,145 |
|
| 134,160 |
|
|
|
|
| 23,099 |
| REGIONS FINANCIAL CORP |
|
| 98,977 |
|
| 151,991 |
|
|
|
|
| 2,900 |
| RENAISSANCERE HOLDINGS LTD |
|
| 136,231 |
|
| 163,183 |
|
|
|
|
| 24,200 |
| SCHWAB CHARLES CORP |
|
| 239,164 |
|
| 343,156 |
|
|
|
|
| 5,400 |
| SEI INVESTMENTS CO |
|
| 74,937 |
|
| 109,944 |
|
|
|
|
| 1,500 |
| SENIOR HOUSING PROP TRUST |
|
| 24,815 |
|
| 30,165 |
|
|
|
|
| 7,995 |
| SIMON PROPERTY GROUP INC |
|
| 497,755 |
|
| 645,596 |
|
|
|
|
| 1,500 |
| SL GREEN REALTY CORP |
|
| 32,888 |
|
| 82,560 |
|
|
|
|
| 11,200 |
| SLM CORP (b) |
|
| 149,572 |
|
| 116,368 |
|
|
|
|
| 3,300 |
| ST JOE CO/THE (b) |
|
| 98,033 |
|
| 76,428 |
|
|
|
|
| 13,535 |
| STATE STREET CORPORATION |
|
| 579,744 |
|
| 457,754 |
|
|
|
|
| 14,334 |
| SUNTRUST BANKS INC |
|
| 249,943 |
|
| 333,982 |
|
|
|
|
| 20,100 |
| SYNOVUS FINANCIAL CORP |
|
| 56,481 |
|
| 51,054 |
|
|
|
|
| 6,400 |
| T ROWE PRICE GROUP INC |
|
| 128,107 |
|
| 284,096 |
|
|
|
|
| 2,100 |
| TAUBMAN CENTERS INC |
|
| 62,440 |
|
| 79,023 |
|
|
|
|
| 3,900 |
| TCF FINANCIAL CORP |
|
| 33,574 |
|
| 64,779 |
|
|
|
|
| 7,566 |
| TD AMERITRADE HOLDING CORP (b) |
|
| 121,495 |
|
| 115,760 |
|
|
|
|
| 5,700 |
| TFS FINANCIAL CORP |
|
| 68,529 |
|
| 70,737 |
|
|
|
|
| 5,000 |
| TORCHMARK INC |
|
| 223,439 |
|
| 247,550 |
|
|
|
|
| 1,100 |
| TRANSATLANTIC HOLDINGS INC |
|
| 71,062 |
|
| 52,756 |
|
|
|
|
| 11,088 |
| TRAVELERS COS INC/THE |
|
| 395,464 |
|
| 546,084 |
|
|
|
|
| 2,400 |
| UDR INC |
|
| 24,876 |
|
| 45,912 |
|
|
|
|
| 4,000 |
| UNITRIN INC |
|
| 101,606 |
|
| 102,400 |
|
|
|
|
| 8,900 |
| UNUM GROUP |
|
| 140,762 |
|
| 193,130 |
|
|
|
|
| 49,185 |
| US BANCORP DEL |
|
| 1,083,267 |
|
| 1,099,285 |
|
|
|
|
| 1,100 |
| VALIDUS HOLDINGS LTD |
|
| 23,557 |
|
| 26,862 |
|
|
|
|
| 5,893 |
| VALLEY NATIONAL BANCORP |
|
| 95,545 |
|
| 80,263 |
|
|
|
|
| 4,700 |
| VENTAS INC |
|
| 202,147 |
|
| 220,665 |
|
|
|
|
| 12,000 |
| VISA INC |
|
| 954,352 |
|
| 849,000 |
|
|
|
|
| 3,244 |
| VORNADO REALTY TRUST |
|
| 237,569 |
|
| 236,650 |
|
|
|
|
| 3,200 |
| WADDELL + REED FINANCIAL INC |
|
| 83,222 |
|
| 70,016 |
|
|
|
|
| 5,200 |
| WASHINGTON FEDERAL INC |
|
| 71,016 |
|
| 84,136 |
|
|
|
|
| 1,900 |
| WEINGARTEN REALTY INVESTORS |
|
| 25,128 |
|
| 36,195 |
|
|
|
|
| 128,045 |
| WELLS FARGO + CO NEW |
|
| 2,304,093 |
|
| 3,277,952 |
|
|
|
|
| 1,900 |
| WILMINGTON TRUST CORP |
|
| 24,197 |
|
| 21,071 |
|
|
|
|
| 5,206 |
| WR BERKLEY CORP |
|
| 157,149 |
|
| 137,751 |
|
|
|
|
| 7,225 |
| XL GROUP PLC (d) |
|
| 92,119 |
|
| 115,672 |
|
|
|
|
|
|
|
| ||
See accompanying notes to financial statements | 37 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Face amount |
| Security |
|
| Cost |
|
| Market |
|
| Percent |
|
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
| |
| Financials (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 3,500 |
| ZIONS BANCORPORATION |
| $ | 167,964 |
|
| 75,495 |
|
|
|
|
|
|
|
|
|
| 47,044,272 |
|
| 45,941,490 |
|
| 16.81 | % |
| Healthcare: |
|
|
|
|
|
|
|
|
|
| ||
| 39,435 |
| ABBOTT LABORATORIES |
|
| 1,580,364 |
|
| 1,844,769 |
|
|
|
|
| 10,600 |
| AETNA INC |
|
| 167,862 |
|
| 279,628 |
|
|
|
|
| 800 |
| ALCON INC (b) |
|
| 120,541 |
|
| 118,552 |
|
|
|
|
| 2,000 |
| ALEXION PHARMACEUTICALS INC (b) |
|
| 77,450 |
|
| 102,380 |
|
|
|
|
| 6,386 |
| ALLERGAN INC |
|
| 259,743 |
|
| 372,048 |
|
|
|
|
| 7,200 |
| AMERISOURCEBERGEN CORP |
|
| 115,968 |
|
| 228,600 |
|
|
|
|
| 25,050 |
| AMGEN INC (b) |
|
| 275,977 |
|
| 1,317,630 |
|
|
|
|
| 2,700 |
| AMYLIN PHARMACEUTICALS INC (b) |
|
| 82,493 |
|
| 50,760 |
|
|
|
|
| 17,300 |
| BAXTER INTERNATIONAL INC |
|
| 585,541 |
|
| 703,072 |
|
|
|
|
| 1,900 |
| BECKMAN COULTER INC |
|
| 99,749 |
|
| 114,551 |
|
|
|
|
| 6,400 |
| BECTON DICKINSON + CO |
|
| 410,281 |
|
| 432,768 |
|
|
|
|
| 6,550 |
| BIOGEN IDEC INC (b) |
|
| 82,841 |
|
| 310,798 |
|
|
|
|
| 2,300 |
| BIOMARIN PHARMACEUTICAL INC (b) |
|
| 67,195 |
|
| 43,608 |
|
|
|
|
| 32,550 |
| BOSTON SCIENTIFIC CORP (b) |
|
| 361,757 |
|
| 188,790 |
|
|
|
|
| 44,000 |
| BRISTOL MYERS SQUIBB CO |
|
| 1,058,843 |
|
| 1,097,360 |
|
|
|
|
| 7,450 |
| CARDINAL HEALTH INC |
|
| 276,076 |
|
| 250,395 |
|
|
|
|
| 3,875 |
| CAREFUSION CORP (b) |
|
| 111,234 |
|
| 87,963 |
|
|
|
|
| 12,136 |
| CELGENE CORP (b) |
|
| 433,140 |
|
| 616,752 |
|
|
|
|
| 1,800 |
| CEPHALON INC (b) |
|
| 99,644 |
|
| 102,150 |
|
|
|
|
| 800 |
| CHARLES RIVER LABORATORIES (b) |
|
| 24,460 |
|
| 27,368 |
|
|
|
|
| 5,700 |
| CIGNA CORP |
|
| 89,680 |
|
| 177,042 |
|
|
|
|
| 3,000 |
| COMMUNITY HEALTH SYSTEMS INC (b) |
|
| 97,596 |
|
| 101,430 |
|
|
|
|
| 1,400 |
| COVANCE INC (b) |
|
| 82,457 |
|
| 71,848 |
|
|
|
|
| 2,546 |
| COVENTRY HEALTH CARE INC (b) |
|
| 100,005 |
|
| 45,013 |
|
|
|
|
| 9,500 |
| COVIDIEN PLC (b) |
|
| 397,714 |
|
| 381,710 |
|
|
|
|
| 1,200 |
| CR BARD INC |
|
| 72,420 |
|
| 93,036 |
|
|
|
|
| 3,225 |
| DAVITA INC (b) |
|
| 123,269 |
|
| 201,369 |
|
|
|
|
| 3,700 |
| DENDREON CORP (b) |
|
| 104,079 |
|
| 119,621 |
|
|
|
|
| 3,700 |
| DENTSPLY INTERNATIONAL INC |
|
| 102,583 |
|
| 110,667 |
|
|
|
|
| 3,800 |
| EDWARDS LIFESCIENCES CORP (b) |
|
| 118,152 |
|
| 212,876 |
|
|
|
|
| 25,494 |
| ELI LILLY CO |
|
| 988,993 |
|
| 854,049 |
|
|
|
|
| 5,300 |
| ENDO PHARMACEUTICALS HLDGS (b) |
|
| 116,324 |
|
| 115,646 |
|
|
|
|
| 13,800 |
| EXPRESS SCRIPTS INC (b) |
|
| 329,552 |
|
| 648,876 |
|
|
|
|
| 12,650 |
| FOREST LABORATORIES INC (b) |
|
| 365,314 |
|
| 346,990 |
|
|
|
|
| 450 |
| FURIEX PHARMACEUTICALS (b) |
|
| 4,205 |
|
| 4,572 |
|
|
|
|
| 1,600 |
| GEN PROBE INC (b) |
|
| 66,869 |
|
| 72,672 |
|
|
|
|
| 6,600 |
| GENZYME CORP (b) |
|
| 381,430 |
|
| 335,082 |
|
|
|
|
| 23,860 |
| GILEAD SCIENCES INC (b) |
|
| 603,150 |
|
| 817,921 |
|
|
|
|
| 9,200 |
| HEALTH MGMT ASSOCIATES INC (b) |
|
| 59,662 |
|
| 71,484 |
|
|
|
|
| 2,450 |
| HEALTH NET INC (b) |
|
| 64,669 |
|
| 59,707 |
|
|
|
|
| 1,900 |
| HENRY SCHEIN INC (b) |
|
| 86,167 |
|
| 104,310 |
|
|
|
|
| 1,300 |
| HILL ROM HOLDINGS INC |
|
| 38,228 |
|
| 39,559 |
|
|
|
|
| 3,700 |
| HILLENBRAND INC |
|
| 88,840 |
|
| 79,143 |
|
|
|
|
| 8,108 |
| HOLOGIC INC (b) |
|
| 180,379 |
|
| 112,944 |
|
|
|
|
| 6,405 |
| HOSPIRA INC (b) |
|
| 231,083 |
|
| 367,967 |
|
|
|
|
| 4,800 |
| HUMAN GENOME SCIENCES INC (b) |
|
| 116,208 |
|
| 108,768 |
|
|
|
|
| 4,100 |
| HUMANA INC (b) |
|
| 46,352 |
|
| 187,247 |
|
|
|
|
| 1,400 |
| IDEXX LABORATORIES INC (b) |
|
| 60,410 |
|
| 85,260 |
|
|
|
|
| 3,400 |
| ILLUMINA INC (b) |
|
| 140,152 |
|
| 148,002 |
|
|
|
|
|
|
|
See accompanying notes to financial statements | 38 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Face amount |
| Security |
|
| Cost |
|
| Market |
|
| Percent |
|
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
| |
| Healthcare (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 900 |
| INTUITIVE SURGICAL INC (b) |
| $ | 221,425 |
|
| 284,058 |
|
|
|
|
| 1,800 |
| INVERNESS MEDICAL INNOVATIONS (b) |
|
| 57,627 |
|
| 47,988 |
|
|
|
|
| 68,884 |
| JOHNSON +JOHNSON |
|
| 2,609,569 |
|
| 4,068,289 |
|
|
|
|
| 1,931 |
| KINETIC CONCEPTS INC (b) |
|
| 71,019 |
|
| 70,501 |
|
|
|
|
| 8,800 |
| KING PHARMACEUTICALS INC (b) |
|
| 93,510 |
|
| 66,792 |
|
|
|
|
| 800 |
| LABORATORY CORP AMER HLDGS (b) |
|
| 18,788 |
|
| 60,280 |
|
|
|
|
| 5,773 |
| LIFE TECHNOLOGIES CORP (b) |
|
| 181,311 |
|
| 272,774 |
|
|
|
|
| 2,925 |
| LINCARE HLDGS INC |
|
| 58,492 |
|
| 95,092 |
|
|
|
|
| 6,600 |
| MCKESSON CORP |
|
| 255,058 |
|
| 443,256 |
|
|
|
|
| 12,056 |
| MEDCO HEALTH SOLUTIONS INC (b) |
|
| 238,755 |
|
| 664,044 |
|
|
|
|
| 1,900 |
| MEDNAX INC (b) |
|
| 110,240 |
|
| 105,659 |
|
|
|
|
| 31,550 |
| MEDTRONIC INC |
|
| 448,479 |
|
| 1,144,319 |
|
|
|
|
| 80,478 |
| MERCK CO INC |
|
| 2,270,379 |
|
| 2,814,316 |
|
|
|
|
| 2,853 |
| MILLIPORE CORP (b) |
|
| 170,051 |
|
| 304,272 |
|
|
|
|
| 7,500 |
| MYLAN INC (b) |
|
| 87,384 |
|
| 127,800 |
|
|
|
|
| 600 |
| MYRIAD GENETICS INC (b) |
|
| 22,005 |
|
| 8,970 |
|
|
|
|
| 1,200 |
| OMNICARE INC |
|
| 29,082 |
|
| 28,440 |
|
|
|
|
| 4,200 |
| PATTERSON COS INC |
|
| 117,791 |
|
| 119,826 |
|
|
|
|
| 2,900 |
| PERRIGO CO |
|
| 109,545 |
|
| 171,303 |
|
|
|
|
| 207,090 |
| PFIZER INC |
|
| 2,052,989 |
|
| 2,953,103 |
|
|
|
|
| 5,400 |
| PHARMACEUTICAL PRODUCT DEVEL |
|
| 115,907 |
|
| 137,214 |
|
|
|
|
| 3,965 |
| QUEST DIAGNOSTICS INC |
|
| 159,250 |
|
| 197,338 |
|
|
|
|
| 2,000 |
| RESMED INC (b) |
|
| 81,990 |
|
| 121,620 |
|
|
|
|
| 12,600 |
| SERVICE CORP INTERNATIONAL |
|
| 90,438 |
|
| 93,240 |
|
|
|
|
| 8,639 |
| ST JUDE MEDICAL INC (b) |
|
| 254,799 |
|
| 311,782 |
|
|
|
|
| 7,200 |
| STRYKER CORP |
|
| 119,192 |
|
| 360,432 |
|
|
|
|
| 2,800 |
| SXC HEALTH SOLUTIONS CORP (b) |
|
| 208,712 |
|
| 205,100 |
|
|
|
|
| 12,900 |
| TENET HEALTHCARE CORP (b) |
|
| 56,567 |
|
| 55,986 |
|
|
|
|
| 10,300 |
| THERMO FISHER SCIENTIFIC INC (b) |
|
| 318,047 |
|
| 505,215 |
|
|
|
|
| 1,200 |
| UNITED THERAPEUTICS CORP (b) |
|
| 50,361 |
|
| 58,572 |
|
|
|
|
| 29,102 |
| UNITEDHEALTH GROUP INC |
|
| 621,269 |
|
| 826,497 |
|
|
|
|
| 4,136 |
| UNIVERSAL HEALTH SERVICES |
|
| 96,639 |
|
| 157,788 |
|
|
|
|
| 1,100 |
| VALEANT PHARMACEUTICALS INTL (b) |
|
| 25,273 |
|
| 57,519 |
|
|
|
|
| 5,000 |
| VARIAN MEDICAL SYSTEMS INC (b) |
|
| 184,300 |
|
| 261,400 |
|
|
|
|
| 2,400 |
| VCA ANTECH INC (b) |
|
| 71,120 |
|
| 59,424 |
|
|
|
|
| 5,000 |
| VERTEX PHARMACEUTICALS INC (b) |
|
| 140,315 |
|
| 164,500 |
|
|
|
|
| 2,300 |
| WARNER CHILCOTT PLC CLASS A (b) |
|
| 55,996 |
|
| 52,555 |
|
|
|
|
| 2,600 |
| WATERS CORP (b) |
|
| 60,997 |
|
| 168,220 |
|
|
|
|
| 3,175 |
| WATSON PHARMACEUTICALS INC (b) |
|
| 79,361 |
|
| 128,810 |
|
|
|
|
| 2,666 |
| WEBMD HEALTH CORP (b) |
|
| 58,227 |
|
| 123,782 |
|
|
|
|
| 9,249 |
| WELLPOINT INC (b) |
|
| 325,438 |
|
| 452,554 |
|
|
|
|
| 5,974 |
| ZIMMER HOLDINGS INC (b) |
|
| 319,510 |
|
| 322,895 |
|
|
|
|
|
|
|
|
|
| 24,264,300 |
|
| 33,038,276 |
|
| 12.09 | % |
| Industrials: |
|
|
|
|
|
|
|
|
|
| ||
| 18,450 |
| 3M CO |
|
| 1,287,872 |
|
| 1,457,366 |
|
|
|
|
| 2,800 |
| AECOM TECHNOLOGY CORP (b) |
|
| 81,858 |
|
| 64,568 |
|
|
|
|
| 4,210 |
| AGCO CORP (b) |
|
| 174,615 |
|
| 113,544 |
|
|
|
|
| 2,300 |
| AMETEK INC |
|
| 73,221 |
|
| 92,345 |
|
|
|
|
| 8,600 |
| AMR CORP DEL (b) |
|
| 63,411 |
|
| 58,308 |
|
|
|
|
| 3,300 |
| APOLLO GROUP INC (b) |
|
| 209,131 |
|
| 140,151 |
|
|
|
|
| 1,700 |
| AVERY DENNISON CORP |
|
| 90,518 |
|
| 54,621 |
|
|
|
|
| 2,000 |
| BE AEROSPACE INC (b) |
|
| 58,542 |
|
| 50,860 |
|
|
|
|
|
|
|
See accompanying notes to financial statements | 39 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Face amount |
| Security |
| Cost |
| Market |
| Percent |
| ||||
Common stocks: |
|
|
|
|
|
|
|
|
|
| |||
Industrials (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 19,400 |
| BOEING CO |
| $ | 519,187 |
|
| 1,217,350 |
|
|
|
|
| 1,700 |
| BUCYRUS INTERNATIONAL INC |
|
| 47,502 |
|
| 80,665 |
|
|
|
|
| 5,000 |
| C H ROBINSON WORLDWIDE INC |
|
| 254,053 |
|
| 278,300 |
|
|
|
|
| 1,600 |
| CAREER EDUCATION CORP (b) |
|
| 26,824 |
|
| 36,832 |
|
|
|
|
| 3,000 |
| CARLISLE COS INC |
|
| 76,640 |
|
| 108,390 |
|
|
|
|
| 18,204 |
| CATERPILLAR INC |
|
| 688,528 |
|
| 1,093,514 |
|
|
|
|
| 2,500 |
| CHICAGO BRIDGE + IRON NY SHR (b) |
|
| 50,995 |
|
| 47,025 |
|
|
|
|
| 3,700 |
| CINTAS CORP |
|
| 122,389 |
|
| 88,689 |
|
|
|
|
| 2,027 |
| CON WAY INC |
|
| 44,529 |
|
| 60,851 |
|
|
|
|
| 4,300 |
| CONTINENTAL AIRLINES INC (b) |
|
| 102,190 |
|
| 94,600 |
|
|
|
|
| 3,900 |
| CONVERGYS CORP (b) |
|
| 69,089 |
|
| 38,259 |
|
|
|
|
| 1,400 |
| COOPER INDUSTRIES PLC (b) |
|
| 65,301 |
|
| 61,600 |
|
|
|
|
| 700 |
| COPA HOLDINGS SA |
|
| 26,884 |
|
| 30,954 |
|
|
|
|
| 4,500 |
| COVANTA HOLDING CORP (b) |
|
| 119,422 |
|
| 74,655 |
|
|
|
|
| 3,948 |
| CRANE CO |
|
| 66,572 |
|
| 119,269 |
|
|
|
|
| 9,300 |
| CSX CORP |
|
| 97,923 |
|
| 461,559 |
|
|
|
|
| 5,800 |
| CUMMINS INC |
|
| 172,148 |
|
| 377,754 |
|
|
|
|
| 11,200 |
| DANAHER CORP |
|
| 256,759 |
|
| 415,744 |
|
|
|
|
| 11,200 |
| DEERE + CO |
|
| 438,491 |
|
| 623,616 |
|
|
|
|
| 26,450 |
| DELTA AIRLINES INC (b) |
|
| 248,442 |
|
| 310,788 |
|
|
|
|
| 1,978 |
| DEVRY INC DEL |
|
| 93,134 |
|
| 103,825 |
|
|
|
|
| 1,600 |
| DONALDSON CO INC |
|
| 63,715 |
|
| 68,240 |
|
|
|
|
| 5,925 |
| DOVER CORP |
|
| 251,755 |
|
| 247,606 |
|
|
|
|
| 1,987 |
| DUN + BRADSTREET CORP |
|
| 49,383 |
|
| 133,367 |
|
|
|
|
| 4,300 |
| EATON CORP |
|
| 166,977 |
|
| 281,392 |
|
|
|
|
| 18,400 |
| EMERSON ELECTRIC CO |
|
| 543,306 |
|
| 803,896 |
|
|
|
|
| 1,397 |
| ENERGIZER HOLDINGS INC (b) |
|
| 87,823 |
|
| 70,241 |
|
|
|
|
| 5,400 |
| EXPEDITORS INTL WASH INC |
|
| 208,985 |
|
| 186,354 |
|
|
|
|
| 400 |
| FACTSET RESEARCH SYSTEMS INC |
|
| 26,742 |
|
| 26,796 |
|
|
|
|
| 3,600 |
| FASTENAL CO |
|
| 139,138 |
|
| 180,684 |
|
|
|
|
| 9,353 |
| FEDEX CORP |
|
| 358,844 |
|
| 655,739 |
|
|
|
|
| 1,200 |
| FIRST SOLAR INC (b) |
|
| 159,446 |
|
| 136,596 |
|
|
|
|
| 1,300 |
| FLOWSERVE CORP |
|
| 119,620 |
|
| 110,240 |
|
|
|
|
| 4,250 |
| FLUOR CORP |
|
| 127,616 |
|
| 180,625 |
|
|
|
|
| 2,300 |
| FTI CONSULTING INC (b) |
|
| 119,264 |
|
| 100,257 |
|
|
|
|
| 900 |
| GARDNER DENVER INC |
|
| 50,054 |
|
| 40,131 |
|
|
|
|
| 1,400 |
| GATX CORPORATION |
|
| 24,276 |
|
| 37,352 |
|
|
|
|
| 700 |
| GENERAL CABLE CORP (b) |
|
| 50,306 |
|
| 18,655 |
|
|
|
|
| 8,500 |
| GENERAL DYNAMICS CORP |
|
| 386,554 |
|
| 497,760 |
|
|
|
|
| 284,800 |
| GENERAL ELECTRIC CO |
|
| 5,691,867 |
|
| 4,106,816 |
|
|
|
|
| 1,700 |
| GENPACT LTD (b) |
|
| 27,625 |
|
| 26,401 |
|
|
|
|
| 1,000 |
| GLOBAL PAYMENTS INC |
|
| 33,115 |
|
| 36,540 |
|
|
|
|
| 3,200 |
| GOODRICH CORP |
|
| 95,088 |
|
| 212,000 |
|
|
|
|
| 4,100 |
| GRACO INC |
|
| 162,258 |
|
| 115,579 |
|
|
|
|
| 8,400 |
| H+R BLOCK INC |
|
| 103,744 |
|
| 131,796 |
|
|
|
|
| 2,200 |
| HARSCO CORP |
|
| 59,517 |
|
| 51,700 |
|
|
|
|
| 2,200 |
| HEWITT ASSOCIATES INC (b) |
|
| 70,939 |
|
| 75,812 |
|
|
|
|
| 17,600 |
| HONEYWELL INTERNATIONAL INC |
|
| 471,639 |
|
| 686,928 |
|
|
|
|
| 2,400 |
| HUBBELL INC |
|
| 102,187 |
|
| 95,256 |
|
|
|
|
| 2,100 |
| HUNT (JB) TRANSPRT SVCS INC |
|
| 40,530 |
|
| 68,607 |
|
|
|
|
| 2,500 |
| IDEX CORP |
|
| 58,238 |
|
| 71,425 |
|
|
|
|
| 12,624 |
| ILLINOIS TOOL WORKS INC |
|
| 530,139 |
|
| 521,119 |
|
|
|
|
|
|
|
See accompanying notes to financial statements | 40 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Face amount |
| Security |
| Cost |
| Market |
| Percent |
| ||||
Common stocks: |
|
|
|
|
|
|
|
|
|
| |||
Industrials (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 6,800 |
| INGERSOLL RAND PLC (b) |
| $ | 258,998 |
|
| 234,532 |
|
|
|
|
| 5,400 |
| IRON MOUNTAIN INC |
|
| 121,527 |
|
| 121,284 |
|
|
|
|
| 3,600 |
| ITT CORP NEW |
|
| 168,296 |
|
| 161,712 |
|
|
|
|
| 1,300 |
| ITT EDUCATIONAL SERVICES INC (b) |
|
| 52,038 |
|
| 107,926 |
|
|
|
|
| 3,000 |
| JABIL CIRCUIT INC |
|
| 49,755 |
|
| 39,900 |
|
|
|
|
| 4,468 |
| JACOBS ENGINEERING GROUP INC (b) |
|
| 138,179 |
|
| 162,814 |
|
|
|
|
| 2,238 |
| JOY GLOBAL INC |
|
| 102,549 |
|
| 112,101 |
|
|
|
|
| 2,900 |
| KANSAS CITY SOUTHERN (b) |
|
| 46,328 |
|
| 105,415 |
|
|
|
|
| 3,800 |
| KBR INC |
|
| 78,280 |
|
| 77,292 |
|
|
|
|
| 3,300 |
| L 3 COMMUNICATIONS HLDG CORP |
|
| 220,484 |
|
| 233,772 |
|
|
|
|
| 1,200 |
| LANDSTAR SYSTEM INC |
|
| 38,351 |
|
| 46,788 |
|
|
|
|
| 1,100 |
| LINCOLN ELECTRIC HOLDINGS INC |
|
| 60,456 |
|
| 56,089 |
|
|
|
|
| 7,900 |
| LOCKHEED MARTIN CORP |
|
| 527,289 |
|
| 588,550 |
|
|
|
|
| 13,500 |
| MANITOWOC COMPANY INC |
|
| 130,073 |
|
| 123,390 |
|
|
|
|
| 2,475 |
| MANPOWER INC |
|
| 96,158 |
|
| 106,871 |
|
|
|
|
| 8,800 |
| MASCO CORP |
|
| 173,216 |
|
| 94,688 |
|
|
|
|
| 6,800 |
| MCDERMOTT INTL INC (b) |
|
| 127,937 |
|
| 147,288 |
|
|
|
|
| 2,500 |
| MOLEX INC |
|
| 68,986 |
|
| 45,600 |
|
|
|
|
| 4,900 |
| MONSTER WORLDWIDE INC (b) |
|
| 76,056 |
|
| 57,085 |
|
|
|
|
| 1,500 |
| NAVISTAR INTERNATIONAL (b) |
|
| 59,705 |
|
| 73,800 |
|
|
|
|
| 9,760 |
| NORFOLK SOUTHN CORP |
|
| 347,169 |
|
| 517,768 |
|
|
|
|
| 8,160 |
| NORTHROP GRUMMAN CORP |
|
| 460,053 |
|
| 444,230 |
|
|
|
|
| 2,300 |
| OSHKOSH CORP (b) |
|
| 74,375 |
|
| 71,668 |
|
|
|
|
| 2,600 |
| OWENS CORNING NEW (b) |
|
| 59,847 |
|
| 77,766 |
|
|
|
|
| 9,189 |
| PACCAR INC |
|
| 122,594 |
|
| 366,365 |
|
|
|
|
| 2,200 |
| PALL CORP |
|
| 55,214 |
|
| 75,614 |
|
|
|
|
| 3,950 |
| PARKER HANNIFIN CORP |
|
| 212,565 |
|
| 219,067 |
|
|
|
|
| 2,200 |
| PENTAIR INC |
|
| 72,761 |
|
| 70,840 |
|
|
|
|
| 5,700 |
| PITNEY BOWES INC |
|
| 182,172 |
|
| 125,172 |
|
|
|
|
| 4,600 |
| PRECISION CASTPARTS CORP |
|
| 369,776 |
|
| 473,432 |
|
|
|
|
| 5,300 |
| QUANTA SERVICES INC (b) |
|
| 92,074 |
|
| 109,445 |
|
|
|
|
| 10,100 |
| RAYTHEON CO |
|
| 403,423 |
|
| 488,739 |
|
|
|
|
| 2,200 |
| RELIANCE STEEL + ALUMINUM CO |
|
| 61,215 |
|
| 79,530 |
|
|
|
|
| 8,022 |
| REPUBLIC SERVICES INC |
|
| 141,864 |
|
| 238,494 |
|
|
|
|
| 3,300 |
| ROBERT HALF INTL INC |
|
| 85,171 |
|
| 77,715 |
|
|
|
|
| 5,250 |
| ROCKWELL AUTOMATION INC |
|
| 73,987 |
|
| 257,723 |
|
|
|
|
| 6,514 |
| ROCKWELL COLLINS INC |
|
| 230,297 |
|
| 346,089 |
|
|
|
|
| 1,600 |
| ROPER INDUSTRIES INC |
|
| 104,136 |
|
| 89,536 |
|
|
|
|
| 6,000 |
| RR DONNELLEY + SONS CO |
|
| 177,337 |
|
| 98,220 |
|
|
|
|
| 1,800 |
| SHAW GROUP INC (b) |
|
| 92,083 |
|
| 61,596 |
|
|
|
|
| 15,375 |
| SOUTHWEST AIRLINES CO |
|
| 117,253 |
|
| 170,816 |
|
|
|
|
| 1,300 |
| SPIRIT AEROSYSTEMS HLDGS INC (b) |
|
| 24,954 |
|
| 24,778 |
|
|
|
|
| 1,400 |
| SPX CORP |
|
| 92,591 |
|
| 73,934 |
|
|
|
|
| 3,780 |
| STERICYCLE INC (b) |
|
| 200,051 |
|
| 247,892 |
|
|
|
|
| 600 |
| STRAYER EDUCATION INC |
|
| 126,138 |
|
| 124,734 |
|
|
|
|
| 4,700 |
| SUNPOWER CORP CLASS A (b) |
|
| 185,238 |
|
| 56,870 |
|
|
|
|
| 1,100 |
| TEEKAY CORP (b) |
|
| 31,416 |
|
| 28,787 |
|
|
|
|
| 500 |
| TELEFLEX INC |
|
| 22,515 |
|
| 27,140 |
|
|
|
|
| 2,700 |
| TEREX CORP (b) |
|
| 90,082 |
|
| 50,598 |
|
|
|
|
| 6,750 |
| TEXTRON INC |
|
| 147,724 |
|
| 114,548 |
|
|
|
|
| 1,790 |
| TOTAL SYSTEM SERVICES INC |
|
| 55,518 |
|
| 24,344 |
|
|
|
|
| 1,500 |
| TRINITY INDUSTRIES INC |
|
| 41,498 |
|
| 26,580 |
|
|
|
|
|
|
|
See accompanying notes to financial statements | 41 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Face amount |
| Security |
| Cost |
| Market |
| Percent |
| ||||
Common stocks: |
|
|
|
|
|
|
|
|
|
| |||
Industrials (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 11,000 |
| TYCO INTERNATIONAL LTD (b) |
| $ | 406,764 |
|
| 387,530 |
|
|
|
|
| 1,700 |
| UAL CORP (b) |
|
| 35,615 |
|
| 34,952 |
|
|
|
|
| 14,400 |
| UNION PACIFIC CORP |
|
| 607,176 |
|
| 1,000,944 |
|
|
|
|
| 17,440 |
| UNITED PARCEL SERVICE INC |
|
| 1,105,845 |
|
| 992,162 |
|
|
|
|
| 22,050 |
| UNITED TECHNOLOGIES CORP |
|
| 951,947 |
|
| 1,431,266 |
|
|
|
|
| 2,500 |
| URS CORP (b) |
|
| 94,338 |
|
| 98,375 |
|
|
|
|
| 2,000 |
| USG CORP (b) |
|
| 12,350 |
|
| 24,160 |
|
|
|
|
| 4,100 |
| UTI WORLDWIDE INC |
|
| 50,357 |
|
| 50,758 |
|
|
|
|
| 1,900 |
| WALTER ENERGY INC |
|
| 44,977 |
|
| 115,615 |
|
|
|
|
| 1,100 |
| WASTE CONNECTIONS INC (b) |
|
| 29,915 |
|
| 38,379 |
|
|
|
|
| 11,750 |
| WASTE MANAGEMENT INC |
|
| 234,223 |
|
| 367,658 |
|
|
|
|
| 1,700 |
| WW GRAINGER INC |
|
| 74,317 |
|
| 169,065 |
|
|
|
|
|
|
|
|
|
| 26,802,417 |
|
| 30,399,701 |
|
| 11.12 | % |
Information technology: |
|
|
|
|
|
|
|
|
|
| |||
| 11,800 |
| ACCENTURE PLC CL A (b) |
|
| 472,683 |
|
| 456,070 |
|
|
|
|
| 15,400 |
| ACTIVISION BLIZZARD INC |
|
| 141,131 |
|
| 161,546 |
|
|
|
|
| 14,524 |
| ADOBE SYSTEMS INC (b) |
|
| 368,313 |
|
| 383,869 |
|
|
|
|
| 14,300 |
| ADVANCED MICRO DEVICES INC (b) |
|
| 64,279 |
|
| 104,676 |
|
|
|
|
| 9,900 |
| AGILENT TECHNOLOGIES INC (b) |
|
| 233,287 |
|
| 281,457 |
|
|
|
|
| 3,300 |
| AKAMAI TECHNOLOGIES INC (b) |
|
| 45,920 |
|
| 133,881 |
|
|
|
|
| 1,900 |
| ALLIANCE DATA SYSTEMS CORP (b) |
|
| 92,734 |
|
| 113,088 |
|
|
|
|
| 6,400 |
| ALTERA CORP |
|
| 120,963 |
|
| 158,784 |
|
|
|
|
| 7,600 |
| AMDOCS LTD (b) |
|
| 221,261 |
|
| 204,060 |
|
|
|
|
| 4,000 |
| AMPHENOL CORP CL A |
|
| 168,180 |
|
| 157,120 |
|
|
|
|
| 9,400 |
| ANALOG DEVICES INC |
|
| 135,404 |
|
| 261,884 |
|
|
|
|
| 2,600 |
| ANSYS INC (b) |
|
| 90,242 |
|
| 105,482 |
|
|
|
|
| 2,793 |
| AOL INC (b) |
|
| 56,124 |
|
| 58,066 |
|
|
|
|
| 23,600 |
| APPLE INC (b) |
|
| 1,482,786 |
|
| 5,936,108 |
|
|
|
|
| 33,100 |
| APPLIED MATERIALS INC |
|
| 443,417 |
|
| 397,862 |
|
|
|
|
| 2,200 |
| ARROW ELECTRONICS INC (b) |
|
| 73,136 |
|
| 49,170 |
|
|
|
|
| 6,586 |
| AUTODESK INCORPORATED (b) |
|
| 207,114 |
|
| 160,435 |
|
|
|
|
| 12,466 |
| AUTOMATIC DATA PROCESSING INC |
|
| 435,900 |
|
| 501,881 |
|
|
|
|
| 3,600 |
| AVNET INC (b) |
|
| 98,190 |
|
| 86,796 |
|
|
|
|
| 4,550 |
| BMC SOFTWARE INC (b) |
|
| 89,322 |
|
| 157,567 |
|
|
|
|
| 13,212 |
| BROADCOM CORP |
|
| 246,055 |
|
| 435,600 |
|
|
|
|
| 3,080 |
| BROADRIDGE FINANCIAL SOLUTIONS INC |
|
| 52,817 |
|
| 58,674 |
|
|
|
|
| 10,925 |
| CA INC |
|
| 208,510 |
|
| 201,020 |
|
|
|
|
| 13,200 |
| CADENCE DESIGN SYS INC (b) |
|
| 171,534 |
|
| 76,428 |
|
|
|
|
| 2,000 |
| CERNER CORP (b) |
|
| 129,491 |
|
| 151,780 |
|
|
|
|
| 147,450 |
| CISCO SYSTEMS INC (b) |
|
| 944,287 |
|
| 3,142,160 |
|
|
|
|
| 4,534 |
| CITRIX SYSTEMS INC (b) |
|
| 56,437 |
|
| 191,471 |
|
|
|
|
| 8,800 |
| COGNIZANT TECHNOLOGY SOLUTIONS (b) |
|
| 194,203 |
|
| 440,528 |
|
|
|
|
| 2,074 |
| COMMSCOPE INC (b) |
|
| 90,418 |
|
| 49,299 |
|
|
|
|
| 5,322 |
| COMPUTER SCIENCES CORP |
|
| 246,664 |
|
| 240,821 |
|
|
|
|
| 8,000 |
| COMPUWARE CORP (b) |
|
| 54,024 |
|
| 63,840 |
|
|
|
|
| 44,300 |
| CORNING INC |
|
| 556,143 |
|
| 715,445 |
|
|
|
|
| 2,300 |
| CREE RESEARCH INC (b) |
|
| 79,378 |
|
| 138,069 |
|
|
|
|
| 2,700 |
| CYPRESS SEMICONDUCTOR CORP (b) |
|
| 8,499 |
|
| 27,108 |
|
|
|
|
| 45,550 |
| DELL INC (b) |
|
| 1,017,171 |
|
| 549,333 |
|
|
|
|
| 27,500 |
| EBAY INC (b) |
|
| 271,802 |
|
| 539,275 |
|
|
|
|
| 9,900 |
| ELECTRONIC ARTS INC (b) |
|
| 355,096 |
|
| 142,560 |
|
|
|
|
| 50,910 |
| EMC CORP/MASS (b) |
|
| 449,879 |
|
| 931,653 |
|
|
|
|
|
|
|
See accompanying notes to financial statements | 42 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Face amount |
| Security |
| Cost |
| Market |
| Percent |
| ||||
Common stocks: |
|
|
|
|
|
|
|
|
|
| |||
Information technology (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 1,000 |
| EQUINIX INC (b) |
| $ | 77,505 |
|
| 81,220 |
|
|
|
|
| 1,400 |
| F5 NETWORKS INC (b) |
|
| 32,375 |
|
| 95,998 |
|
|
|
|
| 1,600 |
| FAIRCHILD SEMICONDUCTOR INTL (b) |
|
| 21,840 |
|
| 13,456 |
|
|
|
|
| 9,402 |
| FIDELITY NATL INFORMATION SVC |
|
| 170,292 |
|
| 252,162 |
|
|
|
|
| 4,650 |
| FISERV INC (b) |
|
| 142,355 |
|
| 212,319 |
|
|
|
|
| 4,100 |
| FLIR SYSTEMS INC (b) |
|
| 127,455 |
|
| 119,269 |
|
|
|
|
| 6,367 |
| GOOGLE INC (b) |
|
| 2,262,537 |
|
| 2,832,997 |
|
|
|
|
| 2,800 |
| HARRIS CORP |
|
| 37,337 |
|
| 116,620 |
|
|
|
|
| 60,227 |
| HEWLETT PACKARD CO |
|
| 1,235,397 |
|
| 2,606,625 |
|
|
|
|
| 1,200 |
| IHS INC (b) |
|
| 65,421 |
|
| 70,104 |
|
|
|
|
| 6,300 |
| INGRAM MICRO INC (b) |
|
| 83,129 |
|
| 95,697 |
|
|
|
|
| 149,900 |
| INTEL CORP |
|
| 1,028,169 |
|
| 2,915,555 |
|
|
|
|
| 9,100 |
| INTERSIL CORP |
|
| 137,970 |
|
| 110,201 |
|
|
|
|
| 32,300 |
| INTL BUSINESS MACHINES CORP |
|
| 2,784,891 |
|
| 3,988,404 |
|
|
|
|
| 9,500 |
| INTUIT INC (b) |
|
| 237,668 |
|
| 330,315 |
|
|
|
|
| 1,000 |
| ITRON INC (b) |
|
| 56,573 |
|
| 61,820 |
|
|
|
|
| 14,267 |
| JUNIPER NETWORKS INC (b) |
|
| 289,096 |
|
| 325,573 |
|
|
|
|
| 6,100 |
| KLA TENCOR CORP |
|
| 210,231 |
|
| 170,068 |
|
|
|
|
| 3,000 |
| LAM RESEARCH CORP (b) |
|
| 83,706 |
|
| 114,180 |
|
|
|
|
| 2,371 |
| LENDER PROCESSING SERVICES INC |
|
| 76,903 |
|
| 74,236 |
|
|
|
|
| 3,800 |
| LEXMARK INTERNATIONAL INC (b) |
|
| 106,458 |
|
| 125,514 |
|
|
|
|
| 8,200 |
| LINEAR TECHNOLOGY CORP |
|
| 205,881 |
|
| 228,042 |
|
|
|
|
| 28,600 |
| LSI CORP (b) |
|
| 120,263 |
|
| 131,560 |
|
|
|
|
| 13,700 |
| MARVELL TECHNOLOGY GROUP LTD (b) (d) |
|
| 160,495 |
|
| 215,912 |
|
|
|
|
| 2,200 |
| MASTERCARD INC |
|
| 273,924 |
|
| 438,966 |
|
|
|
|
| 7,000 |
| MAXIM INTEGRATED PRODUCTS INC |
|
| 125,147 |
|
| 117,110 |
|
|
|
|
| 3,900 |
| MCAFEE INC (b) |
|
| 96,027 |
|
| 119,808 |
|
|
|
|
| 6,914 |
| MEMC ELECTRONIC MATERIALS INC (b) |
|
| 212,290 |
|
| 68,310 |
|
|
|
|
| 1,300 |
| METTLER TOLEDO INTERNATIONAL INC (b) |
|
| 87,484 |
|
| 145,119 |
|
|
|
|
| 5,400 |
| MICROCHIP TECHNOLOGY INC |
|
| 101,340 |
|
| 149,796 |
|
|
|
|
| 19,100 |
| MICRON TECHNOLOGY INC (b) |
|
| 94,334 |
|
| 162,159 |
|
|
|
|
| 1,000 |
| MICROS SYSTEMS INC (b) |
|
| 26,215 |
|
| 31,870 |
|
|
|
|
| 198,750 |
| MICROSOFT CORP |
|
| 2,459,986 |
|
| 4,573,238 |
|
|
|
|
| 70,200 |
| MOTOROLA INC (b) |
|
| 444,032 |
|
| 457,704 |
|
|
|
|
| 6,600 |
| NATIONAL SEMICONDUCTOR CORP |
|
| 102,715 |
|
| 88,836 |
|
|
|
|
| 4,000 |
| NCR CORPORATION (b) |
|
| 85,604 |
|
| 48,480 |
|
|
|
|
| 8,800 |
| NETAPP INC (b) |
|
| 216,784 |
|
| 328,328 |
|
|
|
|
| 5,200 |
| NOVELL INC (b) |
|
| 31,071 |
|
| 29,536 |
|
|
|
|
| 2,800 |
| NOVELLUS SYSTEMS INC (b) |
|
| 70,810 |
|
| 71,008 |
|
|
|
|
| 7,100 |
| NUANCE COMMUNICATIONS INC (b) |
|
| 101,494 |
|
| 106,145 |
|
|
|
|
| 16,650 |
| NVIDIA CORP (b) |
|
| 175,158 |
|
| 169,997 |
|
|
|
|
| 10,700 |
| ON SEMICONDUCTOR CORP (b) |
|
| 93,650 |
|
| 68,266 |
|
|
|
|
| 100,062 |
| ORACLE CORP |
|
| 584,268 |
|
| 2,147,331 |
|
|
|
|
| 7,266 |
| PAYCHEX INC |
|
| 101,485 |
|
| 188,698 |
|
|
|
|
| 3,400 |
| PERKINELMER INC |
|
| 53,706 |
|
| 70,278 |
|
|
|
|
| 3,200 |
| PMC SIERRA INC (b) |
|
| 26,160 |
|
| 24,064 |
|
|
|
|
| 5,700 |
| QLOGIC CORP (b) |
|
| 82,128 |
|
| 94,734 |
|
|
|
|
| 45,150 |
| QUALCOMM INC |
|
| 1,290,482 |
|
| 1,482,726 |
|
|
|
|
| 4,500 |
| RAMBUS INC DEL (b) |
|
| 79,087 |
|
| 78,840 |
|
|
|
|
| 4,200 |
| RED HAT INC (b) |
|
| 61,669 |
|
| 121,548 |
|
|
|
|
| 2,300 |
| ROVI CORP (b) |
|
| 55,715 |
|
| 87,193 |
|
|
|
|
| 9,100 |
| SAIC INC (b) |
|
| 172,102 |
|
| 152,334 |
|
|
|
|
|
|
|
See accompanying notes to financial statements | 43 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Face amount |
| Security |
| Cost |
| Market |
| Percent |
| ||||
Common stocks: |
|
|
|
|
|
|
|
|
|
| |||
Information technology (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 2,600 |
| SALESFORCE COM INC (b) |
| $ | 124,820 |
|
| 223,132 |
|
|
|
|
| 7,800 |
| SANDISK CORP (b) |
|
| 118,234 |
|
| 328,146 |
|
|
|
|
| 13,800 |
| SEAGATE TECHNOLOGY (b) |
|
| 141,660 |
|
| 179,952 |
|
|
|
|
| 800 |
| SYBASE INC (b) |
|
| 28,388 |
|
| 51,728 |
|
|
|
|
| 21,819 |
| SYMANTEC CORP (b) |
|
| 187,612 |
|
| 302,848 |
|
|
|
|
| 4,200 |
| SYNOPSYS INC (b) |
|
| 88,560 |
|
| 87,654 |
|
|
|
|
| 11,950 |
| TELLABS INC |
|
| 70,500 |
|
| 76,361 |
|
|
|
|
| 4,500 |
| TERADATA CORP (b) |
|
| 73,317 |
|
| 137,160 |
|
|
|
|
| 4,400 |
| TERADYNE INC (b) |
|
| 40,150 |
|
| 42,900 |
|
|
|
|
| 31,400 |
| TEXAS INSTRUMENTS INC |
|
| 620,017 |
|
| 730,992 |
|
|
|
|
| 3,800 |
| TRIMBLE NAVIGATION LTD (b) |
|
| 87,764 |
|
| 106,400 |
|
|
|
|
| 6,800 |
| VERISIGN INC (b) |
|
| 137,208 |
|
| 180,540 |
|
|
|
|
| 7,800 |
| VISHAY INTERTECHNOLOGY INC (b) |
|
| 54,625 |
|
| 60,372 |
|
|
|
|
| 1,100 |
| VISTAPRINT NV (b) |
|
| 54,168 |
|
| 52,239 |
|
|
|
|
| 1,500 |
| VMWARE INC (b) |
|
| 47,285 |
|
| 93,885 |
|
|
|
|
| 5,900 |
| WESTERN DIGITAL CORP (b) |
|
| 91,433 |
|
| 177,944 |
|
|
|
|
| 18,044 |
| WESTERN UNION CO |
|
| 160,005 |
|
| 269,036 |
|
|
|
|
| 27,907 |
| XEROX CORP |
|
| 210,226 |
|
| 224,372 |
|
|
|
|
| 6,750 |
| XILINX INC |
|
| 47,180 |
|
| 170,505 |
|
|
|
|
| 31,340 |
| YAHOO INC (b) |
|
| 473,723 |
|
| 433,432 |
|
|
|
|
|
|
|
|
|
| 30,088,473 |
|
| 48,804,729 |
|
| 17.86 | % |
Materials: |
|
|
|
|
|
|
|
|
|
| |||
| 4,475 |
| AIR PRODUCTS + CHEMICALS INC |
|
| 251,100 |
|
| 290,025 |
|
|
|
|
| 1,900 |
| AIRGAS INC |
|
| 100,686 |
|
| 118,180 |
|
|
|
|
| 4,316 |
| AK STEEL HOLDING CORP |
|
| 137,899 |
|
| 51,447 |
|
|
|
|
| 1,900 |
| ALBEMARLE CORP |
|
| 53,108 |
|
| 75,449 |
|
|
|
|
| 27,800 |
| ALCOA INC |
|
| 511,326 |
|
| 279,668 |
|
|
|
|
| 2,500 |
| ALLEGHENY TECHNOLOGIES INC |
|
| 61,863 |
|
| 110,475 |
|
|
|
|
| 2,900 |
| ALPHA NATURAL RESOURCES INC (b) |
|
| 89,756 |
|
| 98,223 |
|
|
|
|
| 800 |
| APTARGROUP INC |
|
| 27,324 |
|
| 30,256 |
|
|
|
|
| 4,900 |
| ARCH COAL INC |
|
| 44,088 |
|
| 97,069 |
|
|
|
|
| 1,600 |
| ASHLAND INC |
|
| 47,358 |
|
| 74,272 |
|
|
|
|
| 3,032 |
| BALL CORP |
|
| 70,662 |
|
| 160,181 |
|
|
|
|
| 4,200 |
| BEMIS CO INC |
|
| 93,645 |
|
| 113,400 |
|
|
|
|
| 2,600 |
| CELANESE CORP SERIES A |
|
| 126,875 |
|
| 64,766 |
|
|
|
|
| 2,300 |
| CF INDUSTRIES HOLDINGS INC |
|
| 203,768 |
|
| 145,935 |
|
|
|
|
| 3,500 |
| CLIFFS NATURAL RESOURCES INC |
|
| 98,835 |
|
| 165,060 |
|
|
|
|
| 500 |
| COMPASS MINERALS INTERNATIONAL INC |
|
| 27,453 |
|
| 35,140 |
|
|
|
|
| 6,300 |
| CROWN HOLDINGS INC (b) |
|
| 128,704 |
|
| 157,752 |
|
|
|
|
| 3,537 |
| CYTEC INDUSTRIES INC |
|
| 195,563 |
|
| 141,445 |
|
|
|
|
| 1,000 |
| DOMTAR CORP (b) |
|
| 52,480 |
|
| 49,150 |
|
|
|
|
| 31,150 |
| DOW CHEMICAL CO |
|
| 886,606 |
|
| 738,878 |
|
|
|
|
| 23,625 |
| DU PONT EI DE NEMOURS + CO |
|
| 799,956 |
|
| 817,189 |
|
|
|
|
| 1,938 |
| EAGLE MATERIALS INC |
|
| 37,630 |
|
| 50,252 |
|
|
|
|
| 1,500 |
| EASTMAN CHEMICAL COMPANY |
|
| 58,012 |
|
| 80,040 |
|
|
|
|
| 5,871 |
| ECOLAB INC |
|
| 222,515 |
|
| 263,667 |
|
|
|
|
| 1,900 |
| FMC CORP |
|
| 113,204 |
|
| 109,117 |
|
|
|
|
| 10,248 |
| FREEPORT MCMORAN COPPER + GOLD |
|
| 517,188 |
|
| 605,964 |
|
|
|
|
| 3,600 |
| GERDAU AMERISTEEL CORP (b) |
|
| 39,568 |
|
| 39,240 |
|
|
|
|
| 1,700 |
| GREIF INC |
|
| 77,348 |
|
| 94,418 |
|
|
|
|
| 5,100 |
| HUNTSMAN CORP |
|
| 96,099 |
|
| 44,217 |
|
|
|
|
| 11,531 |
| INTERNATIONAL PAPER CO |
|
| 207,197 |
|
| 260,947 |
|
|
|
|
|
|
|
See accompanying notes to financial statements | 44 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Face amount |
| Security |
|
| Cost |
| Market |
| Percent |
| |||
Common stocks: |
|
|
|
|
|
|
|
|
|
| |||
Materials (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 3,683 |
| INTL FLAVORS + FRAGRANCES INC |
| $ | 79,231 |
|
| 156,233 |
|
|
|
|
| 1,000 |
| INTREPID POTASH INC (b) |
|
| 30,875 |
|
| 19,570 |
|
|
|
|
| 1,400 |
| JARDEN CORP |
|
| 25,277 |
|
| 37,618 |
|
|
|
|
| 1,500 |
| LUBRIZOL CORP |
|
| 72,108 |
|
| 120,465 |
|
|
|
|
| 700 |
| MARTIN MARIETTA MATERIALS INC |
|
| 27,965 |
|
| 59,367 |
|
|
|
|
| 6,975 |
| MEADWESTVACO CORP |
|
| 124,312 |
|
| 154,845 |
|
|
|
|
| 14,515 |
| MONSANTO CO NEW |
|
| 392,660 |
|
| 670,883 |
|
|
|
|
| 3,900 |
| MOSAIC CO/THE |
|
| 88,490 |
|
| 152,022 |
|
|
|
|
| 11,945 |
| NEWMONT MINING CORP |
|
| 300,671 |
|
| 737,484 |
|
|
|
|
| 9,100 |
| NUCOR CORP |
|
| 237,999 |
|
| 348,348 |
|
|
|
|
| 3,950 |
| OWENS ILLINOIS INC (b) |
|
| 57,616 |
|
| 104,478 |
|
|
|
|
| 3,200 |
| PACKAGING CORP OF AMERICA |
|
| 55,674 |
|
| 70,464 |
|
|
|
|
| 3,850 |
| PACTIV CORP (b) |
|
| 52,072 |
|
| 107,223 |
|
|
|
|
| 5,186 |
| PPG INDUSTRIES INC |
|
| 252,007 |
|
| 313,286 |
|
|
|
|
| 7,650 |
| PRAXAIR INC |
|
| 343,228 |
|
| 581,324 |
|
|
|
|
| 4,648 |
| RAYONIER INC |
|
| 104,763 |
|
| 204,605 |
|
|
|
|
| 2,000 |
| ROYAL GOLD INC |
|
| 88,486 |
|
| 96,000 |
|
|
|
|
| 6,000 |
| RPM INTERNATIONAL INC |
|
| 61,643 |
|
| 107,040 |
|
|
|
|
| 700 |
| SCOTTS MIRACLE GRO CO |
|
| 25,183 |
|
| 31,087 |
|
|
|
|
| 3,400 |
| SEALED AIR CORP NEW |
|
| 82,806 |
|
| 67,048 |
|
|
|
|
| 3,200 |
| SIGMA ALDRICH |
|
| 187,446 |
|
| 159,456 |
|
|
|
|
| 4,800 |
| SONOCO PRODUCTS CO |
|
| 114,335 |
|
| 146,304 |
|
|
|
|
| 4,400 |
| SOUTHERN COPPER CORP |
|
| 52,866 |
|
| 116,776 |
|
|
|
|
| 3,600 |
| STEEL DYNAMICS INC |
|
| 87,525 |
|
| 47,484 |
|
|
|
|
| 2,000 |
| TEMPLE INLAND INC |
|
| 22,890 |
|
| 41,340 |
|
|
|
|
| 2,349 |
| TITANIUM METALS CORP (b) |
|
| 62,648 |
|
| 41,319 |
|
|
|
|
| 3,100 |
| UNITED STATES STEEL CORP |
|
| 160,947 |
|
| 119,505 |
|
|
|
|
| 3,200 |
| VALSPAR CORP |
|
| 68,240 |
|
| 96,384 |
|
|
|
|
| 2,957 |
| VULCAN MATERIALS CO |
|
| 159,237 |
|
| 129,605 |
|
|
|
|
|
|
|
|
|
| 8,797,008 |
|
| 10,399,383 |
|
| 3.80 | % |
Telecommunication services: |
|
|
|
|
|
|
|
|
|
| |||
| 10,050 |
| AMERICAN TOWER CORP (b) |
|
| 245,927 |
|
| 447,225 |
|
|
|
|
| 156,715 |
| AT+T INC |
|
| 3,952,780 |
|
| 3,790,936 |
|
|
|
|
| 9,119 |
| CENTURYTEL INC |
|
| 250,897 |
|
| 303,754 |
|
|
|
|
| 7,300 |
| CROWN CASTLE INTL CORP (b) |
|
| 152,053 |
|
| 271,998 |
|
|
|
|
| 3,040 |
| ECHOSTAR CORP (b) |
|
| 67,049 |
|
| 58,003 |
|
|
|
|
| 11,525 |
| FRONTIER COMMUNICATIONS CORP |
|
| 88,166 |
|
| 81,943 |
|
|
|
|
| 8,000 |
| JDS UNIPHASE CORP (b) |
|
| 111,480 |
|
| 78,720 |
|
|
|
|
| 2,700 |
| LEAP WIRELESS INTL INC (b) |
|
| 63,488 |
|
| 35,046 |
|
|
|
|
| 8,353 |
| LIBERTY GLOBAL INC (b) |
|
| 185,541 |
|
| 217,094 |
|
|
|
|
| 4,800 |
| NEUSTAR INC (b) |
|
| 79,848 |
|
| 98,976 |
|
|
|
|
| 4,100 |
| NII HLDGS INC (b) |
|
| 83,778 |
|
| 133,332 |
|
|
|
|
| 20,300 |
| QWEST COMMUNICATIONS INTL INC |
|
| 79,339 |
|
| 106,575 |
|
|
|
|
| 3,100 |
| SBA COMMUNCATIONS CORP (b) |
|
| 83,846 |
|
| 105,431 |
|
|
|
|
| 79,966 |
| SPRINT NEXTEL CORP (b) |
|
| 295,284 |
|
| 339,056 |
|
|
|
|
| 2,700 |
| TELEPHONE + DATA SYSTEMS INC |
|
| 72,097 |
|
| 82,053 |
|
|
|
|
| 4,500 |
| TW TELECOM INC (b) |
|
| 50,425 |
|
| 75,060 |
|
|
|
|
| 1,780 |
| UNITED STATES CELLULAR CORP (b) |
|
| 89,053 |
|
| 73,247 |
|
|
|
|
| 73,383 |
| VERIZON COMMUNICATIONS |
|
| 2,401,293 |
|
| 2,056,192 |
|
|
|
|
| 11,424 |
| WINDSTREAM CORP |
|
| 138,133 |
|
| 120,637 |
|
|
|
|
|
|
|
|
|
| 8,490,475 |
|
| 8,475,278 |
|
| 3.10 | % |
|
|
|
See accompanying notes to financial statements | 45 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Face amount |
| Security |
|
| Cost |
| Market |
| Percent |
| |||
Common stocks: |
|
|
|
|
|
|
|
|
|
| |||
Utilities: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 16,567 |
| AES CORP (b) |
| $ | 226,300 |
|
| 153,079 |
|
|
|
|
| 4,500 |
| AGL RESOURCES INC |
|
| 135,198 |
|
| 161,190 |
|
|
|
|
| 5,800 |
| ALLEGHENY ENERGY INC |
|
| 242,823 |
|
| 119,944 |
|
|
|
|
| 1,000 |
| ALLIANT ENERGY CORP |
|
| 24,835 |
|
| 31,740 |
|
|
|
|
| 7,000 |
| AMEREN CORP |
|
| 250,596 |
|
| 166,390 |
|
|
|
|
| 10,900 |
| AMERICAN ELECTRIC POWER INC |
|
| 348,057 |
|
| 352,070 |
|
|
|
|
| 3,700 |
| AMERICAN WATER WORKS |
|
| 72,499 |
|
| 76,220 |
|
|
|
|
| 3,488 |
| AQUA AMERICA INC |
|
| 67,899 |
|
| 61,668 |
|
|
|
|
| 8,600 |
| CALPINE CORP (b) |
|
| 57,319 |
|
| 109,392 |
|
|
|
|
| 5,800 |
| CENTERPOINT ENERGY INC |
|
| 66,308 |
|
| 76,328 |
|
|
|
|
| 10,200 |
| CMS ENERGY CORP |
|
| 144,342 |
|
| 149,430 |
|
|
|
|
| 6,600 |
| CONSOLIDATED EDISON INC |
|
| 273,555 |
|
| 284,460 |
|
|
|
|
| 4,615 |
| CONSTELLATION ENERGY GROUP INC |
|
| 191,729 |
|
| 148,834 |
|
|
|
|
| 11,962 |
| DOMINION RESOURCES INC/VA |
|
| 401,376 |
|
| 463,408 |
|
|
|
|
| 1,100 |
| DPL INC |
|
| 24,481 |
|
| 26,290 |
|
|
|
|
| 5,300 |
| DTE ENERGY CO |
|
| 213,573 |
|
| 241,733 |
|
|
|
|
| 40,113 |
| DUKE ENERGY HLDG CORP |
|
| 550,659 |
|
| 641,808 |
|
|
|
|
| 8,525 |
| EDISON INTERNATIONAL |
|
| 182,117 |
|
| 270,413 |
|
|
|
|
| 4,764 |
| ENTERGY CORP NEW |
|
| 192,987 |
|
| 341,198 |
|
|
|
|
| 4,000 |
| EQT CORP |
|
| 132,900 |
|
| 144,560 |
|
|
|
|
| 16,232 |
| EXELON CORP |
|
| 734,097 |
|
| 616,329 |
|
|
|
|
| 7,016 |
| FIRSTENERGY CORP |
|
| 357,121 |
|
| 247,174 |
|
|
|
|
| 2,800 |
| GREAT PLAINS ENERGY INC |
|
| 43,498 |
|
| 47,656 |
|
|
|
|
| 1,300 |
| HAWAIIAN ELECTRIC INDS INC |
|
| 24,005 |
|
| 29,614 |
|
|
|
|
| 3,300 |
| INTEGRYS ENERGY GROUP INC |
|
| 164,560 |
|
| 144,342 |
|
|
|
|
| 3,500 |
| ITC HOLDINGS CORP |
|
| 154,844 |
|
| 185,185 |
|
|
|
|
| 10,600 |
| MDU RESOURCES GROUP INC |
|
| 242,945 |
|
| 191,118 |
|
|
|
|
| 600 |
| MIRANT CORP NEW (b) |
|
| 20,589 |
|
| 6,336 |
|
|
|
|
| 2,900 |
| NALCO HLDG CO |
|
| 58,310 |
|
| 59,334 |
|
|
|
|
| 1,500 |
| NATIONAL FUEL GAS CO N J |
|
| 38,322 |
|
| 68,820 |
|
|
|
|
| 13,472 |
| NEXTERA ENERGY INC |
|
| 663,198 |
|
| 656,895 |
|
|
|
|
| 7,800 |
| NISOURCE INC |
|
| 128,106 |
|
| 113,100 |
|
|
|
|
| 2,600 |
| NORTHEAST UTILITIES |
|
| 64,649 |
|
| 66,248 |
|
|
|
|
| 9,000 |
| NRG ENERGY INC (b) |
|
| 211,851 |
|
| 190,890 |
|
|
|
|
| 2,700 |
| NSTAR |
|
| 92,265 |
|
| 94,500 |
|
|
|
|
| 6,200 |
| NV ENERGY INC |
|
| 76,954 |
|
| 73,222 |
|
|
|
|
| 2,400 |
| OGE ENERGY CORP |
|
| 43,344 |
|
| 87,744 |
|
|
|
|
| 4,100 |
| ONEOK INC NEW |
|
| 155,972 |
|
| 177,325 |
|
|
|
|
| 700 |
| ORMAT TECHNOLOGIES INC |
|
| 27,311 |
|
| 19,803 |
|
|
|
|
| 9,400 |
| P G E CORP |
|
| 213,041 |
|
| 386,340 |
|
|
|
|
| 6,028 |
| PEPCO HOLDINGS INC |
|
| 119,419 |
|
| 94,519 |
|
|
|
|
| 6,300 |
| PETROHAWK ENERGY CORP (b) |
|
| 154,795 |
|
| 106,911 |
|
|
|
|
| 2,400 |
| PINNACLE WEST CAPITAL CORP |
|
| 71,637 |
|
| 87,264 |
|
|
|
|
| 11,487 |
| PPL CORP |
|
| 361,188 |
|
| 286,601 |
|
|
|
|
| 6,131 |
| PROGRESS ENERGY INC |
|
| 230,254 |
|
| 240,458 |
|
|
|
|
| 13,084 |
| PUBLIC SERVICE ENTERPRISE GROUP |
|
| 400,201 |
|
| 409,922 |
|
|
|
|
| 5,100 |
| QUESTAR CORP |
|
| 58,200 |
|
| 231,999 |
|
|
|
|
| 15,600 |
| RRI ENERGY INC (b) |
|
| 147,247 |
|
| 59,124 |
|
|
|
|
| 4,800 |
| SCANA CORP |
|
| 166,536 |
|
| 171,648 |
|
|
|
|
| 5,200 |
| SEMPRA ENERGY |
|
| 259,640 |
|
| 243,308 |
|
|
|
|
| 23,059 |
| SOUTHERN CO |
|
| 654,686 |
|
| 767,404 |
|
|
|
|
| 2,200 |
| SOUTHERN UNION CO NEW |
|
| 28,347 |
|
| 48,092 |
|
|
|
|
|
|
|
See accompanying notes to financial statements | 46 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Face amount |
| Security |
|
| Cost |
| Market |
| Percent |
| |||
Common stocks: |
|
|
|
|
|
|
|
|
|
| |||
Utilities (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 19,654 |
| SPECTRA ENERGY CORP |
| $ | 353,549 |
|
| 394,456 |
|
|
|
|
| 7,600 |
| TECO ENERGY INC |
|
| 90,842 |
|
| 114,532 |
|
|
|
|
| 3,100 |
| UGI CORP NEW |
|
| 51,203 |
|
| 78,864 |
|
|
|
|
| 1,400 |
| WESTSTAR ENERGY INC |
|
| 25,767 |
|
| 30,254 |
|
|
|
|
| 2,410 |
| WISCONSIN ENERGY CORP |
|
| 46,469 |
|
| 122,283 |
|
|
|
|
| 4,825 |
| XCEL ENERGY INC |
|
| 43,342 |
|
| 99,443 |
|
|
|
|
|
|
|
|
|
| 10,577,853 |
|
| 11,069,210 |
|
| 4.05 | % |
Cash equivalents: |
|
|
|
|
|
|
|
|
|
| |||
| 902,150 |
| SSGA MONEY MARKET FUND, current rate 0.01% |
|
| 902,150 |
|
| 902,150 |
|
|
|
|
|
|
|
|
|
| 902,150 |
|
| 902,150 |
|
| 0.33 | % |
|
|
| Grand total (c) |
| $ | 219,269,570 |
|
| 273,223,782 |
|
| 99.95 | % |
|
|
Notes to investments in securities: | |
| |
(a) | Securities are valued in accordance with procedures described in note 2 to the December 31, 2009 financial statements. |
(b) | Currently non-income producing assets. |
(c) | At June 30, 2010, the cost for Federal income tax purposes was $219,542,618. The aggregate gross unrealized appreciation and depreciation of investments in securities based of this cost were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross unrealized appreciation |
| $ | 69,939,619 |
|
|
|
|
|
|
|
|
|
| Gross unrealized depreciation |
|
| (16,258,455 | ) |
|
|
|
|
|
|
|
|
| Net unrealized appreciation |
| $ | 53,681,164 |
|
|
|
|
|
|
|
|
|
(d) | Foreign security values are stated in U.S. dollars. As of June 30, 2010 the value of foreign stocks or depository receipts of companies based outside of the United States represented 0.12% of net assets. |
|
|
|
See accompanying notes to financial statements | 47 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
|
Schedule of Investments – Clearwater Growth Fund |
|
June 30, 2010 (unaudited) |
|
|
|
See accompanying notes to financial statements. |
|
48
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Cap Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Face |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Common stocks: |
|
|
|
|
|
|
|
|
|
|
|
| |
Consumer discretionary: |
|
|
|
|
|
|
|
|
|
| |||
| 12,144 |
| AFC ENTERPRISES INC (b) |
| $ | 80,198 |
|
| 110,510 |
|
|
|
|
| 20,039 |
| CACHE INC (b) |
|
| 102,394 |
|
| 113,822 |
|
|
|
|
| 31,800 |
| CENTURY CASINOS INC (b) |
|
| 56,023 |
|
| 68,688 |
|
|
|
|
| 17,750 |
| CHRISTOPHER + BANKS CORP |
|
| 115,108 |
|
| 109,873 |
|
|
|
|
| 171,639 |
| COMMERCIAL VEHICLE GROUP INC (b) |
|
| 986,391 |
|
| 1,752,434 |
|
|
|
|
| 28,166 |
| COST PLUS INC/CALIFORNIA (b) |
|
| 62,758 |
|
| 100,553 |
|
|
|
|
| 125,000 |
| DENNYS CORP (b) |
|
| 486,880 |
|
| 325,000 |
|
|
|
|
| 38,109 |
| DGSE COMPANIES INC (b) |
|
| 87,411 |
|
| 120,806 |
|
|
|
|
| 184,088 |
| DOLAN CO/THE (b) |
|
| 1,881,819 |
|
| 2,047,059 |
|
|
|
|
| 45,000 |
| DR HORTON INC |
|
| 519,425 |
|
| 442,350 |
|
|
|
|
| 6,698 |
| DXP ENTERPRISES INC (b) |
|
| 103,879 |
|
| 104,824 |
|
|
|
|
| 164,473 |
| ENTERCOM COMMUNICATIONS CORP (b) |
|
| 888,476 |
|
| 1,450,652 |
|
|
|
|
| 47,391 |
| EW SCRIPPS CO CL A (b) |
|
| 404,783 |
|
| 352,115 |
|
|
|
|
| 171,525 |
| EXIDE TECHNOLOGIES (b) |
|
| 996,749 |
|
| 891,930 |
|
|
|
|
| 32,000 |
| GAYLORD ENTERTAINMENT CO (b) |
|
| 812,882 |
|
| 706,880 |
|
|
|
|
| 284,200 |
| HANCOCK FABRICS INC (b) |
|
| 405,103 |
|
| 454,720 |
|
|
|
|
| 26,500 |
| HANESBRANDS INC (b) |
|
| 605,173 |
|
| 637,590 |
|
|
|
|
| 31,037 |
| JO ANN STORES INC (b) |
|
| 486,295 |
|
| 1,164,198 |
|
|
|
|
| 103,489 |
| KNOLOGY INC (b) |
|
| 814,022 |
|
| 1,131,135 |
|
|
|
|
| 25,000 |
| MADISON SQUARE GARDEN INC (b) |
|
| 467,989 |
|
| 491,750 |
|
|
|
|
| 35,760 |
| MOTORCAR PARTS OF AMERICA INC (b) |
|
| 193,256 |
|
| 228,149 |
|
|
|
|
| 5,000 |
| NATIONAL PRESTO INDS INC |
|
| 553,356 |
|
| 464,300 |
|
|
|
|
| 8,490 |
| O CHARLEYS INC (b) |
|
| 55,182 |
|
| 44,997 |
|
|
|
|
| 50,000 |
| ORIENT EXPRESS HOTELS LTD (b) |
|
| 752,944 |
|
| 370,000 |
|
|
|
|
| 50,300 |
| OUTDOOR CHANNEL HOLDINGS INC (b) |
|
| 305,950 |
|
| 234,901 |
|
|
|
|
| 7,447 |
| OXFORD INDUSTRIES INC |
|
| 156,458 |
|
| 155,866 |
|
|
|
|
| 11,150 |
| PC CONNECTION INC (b) |
|
| 67,079 |
|
| 67,569 |
|
|
|
|
| 14,059 |
| PEP BOYS MANNY MOE & JACK |
|
| 127,683 |
|
| 124,563 |
|
|
|
|
| 27,000 |
| PETSMART INC |
|
| 584,596 |
|
| 814,590 |
|
|
|
|
| 52,000 |
| PULTE GROUP INC (b) |
|
| 641,251 |
|
| 430,560 |
|
|
|
|
| 62,285 |
| RC2 CORP (b) |
|
| 947,837 |
|
| 1,003,411 |
|
|
|
|
| 41,450 |
| ROCKY BRANDS INC (b) |
|
| 348,180 |
|
| 264,866 |
|
|
|
|
| 16,387 |
| SINCLAIR BROADCAST GROUP (b) |
|
| 82,427 |
|
| 95,536 |
|
|
|
|
| 13,000 |
| SNAP ON INC |
|
| 589,135 |
|
| 531,830 |
|
|
|
|
| 19,327 |
| STAMPS COM INC (b) |
|
| 190,239 |
|
| 198,102 |
|
|
|
|
| 25,607 |
| STANDARD MOTOR PRODS |
|
| 234,934 |
|
| 206,648 |
|
|
|
|
| 14,485 |
| SUMMER INFANT INC (b) |
|
| 63,129 |
|
| 94,877 |
|
|
|
|
| 17,793 |
| TANDY LEATHER FACTORY INC |
|
| 81,842 |
|
| 73,663 |
|
|
|
|
| 25,000 |
| TOLL BROTHERS INC (b) |
|
| 489,250 |
|
| 409,000 |
|
|
|
|
| 59,144 |
| UNIVERSAL ELECTRONICS INC (b) |
|
| 1,278,308 |
|
| 983,565 |
|
|
|
|
| 13,000 |
| VAIL RESORTS INC (b) |
|
| 472,042 |
|
| 453,830 |
|
|
|
|
| 56,798 |
| WABTEC CORP |
|
| 1,832,063 |
|
| 2,265,672 |
|
|
|
|
| 18,300 |
| WET SEAL INC/THE (b) |
|
| 60,606 |
|
| 66,795 |
|
|
|
|
| 20,391 |
| WMS INDUSTRIES INC (b) |
|
| 805,678 |
|
| 800,347 |
|
|
|
|
| 36,912 |
| WOLVERINE WOLD WIDE INC |
|
| 1,037,031 |
|
| 930,921 |
|
|
|
|
| 30,000 |
| WYNDHAM WORLDWIDE CORP |
|
| 766,350 |
|
| 604,200 |
|
|
|
|
|
|
|
|
|
| 23,080,563 |
|
| 24,495,643 |
|
| 11.98 | % |
| Consumer staples: |
|
|
|
|
|
|
|
|
|
| ||
| 74,494 |
| AMERICAN ITALIAN PASTA CO (b) |
|
| 2,093,749 |
|
| 3,938,498 |
|
|
|
|
| 10,384 |
| CHIQUITA BRANDS INTL INC (b) |
|
| 133,540 |
|
| 126,166 |
|
|
|
|
| 23,000 |
| DR PEPPER SNAPPLE GROUP INC |
|
| 361,424 |
|
| 859,970 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 49 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Cap Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Face |
| Security |
| Cost |
| Fair |
| Percent |
| |||
Consumer staples (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 27,000 |
| FLOWERS FOODS INC |
| $ | 511,723 |
|
| 659,610 |
|
|
|
|
| 29,192 |
| MEDIFAST INC (b) |
|
| 800,002 |
|
| 756,365 |
|
|
|
|
| 13,000 |
| NBTY INC (b) |
|
| 592,927 |
|
| 442,130 |
|
|
|
|
| 21,977 |
| OMEGA PROTEIN CORP (b) |
|
| 105,044 |
|
| 88,128 |
|
|
|
|
| 25,000 |
| ORCHIDS PAPER PRODS CO DEL (b) |
|
| 457,892 |
|
| 325,000 |
|
|
|
|
| 65,000 |
| SALLY BEAUTY HOLDINGS INC (b) |
|
| 562,956 |
|
| 533,000 |
|
|
|
|
| 3,500 |
| SENECA FOODS CORP NEW (b) |
|
| 80,930 |
|
| 112,910 |
|
|
|
|
| 48,375 |
| SPARTAN STORES INC |
|
| 728,747 |
|
| 663,705 |
|
|
|
|
| 20,547 |
| TREEHOUSE FOODS INC (b) |
|
| 720,183 |
|
| 938,176 |
|
|
|
|
| 65,543 |
| WINN DIXIE STORES INC (b) |
|
| 894,874 |
|
| 631,835 |
|
|
|
|
|
|
|
|
| 8,043,990 |
|
| 10,075,491 |
|
| 4.93 | % | |
Energy: |
|
|
|
|
|
|
|
|
|
| |||
| 18,000 |
| COMSTOCK RESOURCES INC (b) |
|
| 530,236 |
|
| 498,960 |
|
|
|
|
| 11,000 |
| CONTANGO OIL + GAS CO (b) |
|
| 491,222 |
|
| 492,250 |
|
|
|
|
| 30,177 |
| DRIL QUIP INC (b) |
|
| 905,430 |
|
| 1,328,392 |
|
|
|
|
| 36,000 |
| EXCO RESOURCES INC |
|
| 599,107 |
|
| 525,960 |
|
|
|
|
| 22,000 |
| FOSTER WHEELER AG (b) |
|
| 462,159 |
|
| 463,320 |
|
|
|
|
| 26,799 |
| GASTAR EXPLORATION LTD (b) |
|
| 117,775 |
|
| 96,744 |
|
|
|
|
| 160,689 |
| GMX RESOURCES INC (b) |
|
| 1,123,985 |
|
| 1,042,872 |
|
|
|
|
| 340,670 |
| HERCULES OFFSHORE INC (b) |
|
| 1,661,536 |
|
| 827,828 |
|
|
|
|
| 13,000 |
| OASIS PETROLEUM INC (b) |
|
| 198,021 |
|
| 188,500 |
|
|
|
|
| 76,166 |
| PENN VIRGINIA CORP |
|
| 1,387,658 |
|
| 1,531,698 |
|
|
|
|
| 52,072 |
| SUPERIOR ENERGY SERVICES INC (b) |
|
| 1,001,997 |
|
| 972,184 |
|
|
|
|
| 138,736 |
| TESCO CORP (b) |
|
| 1,415,392 |
|
| 1,703,678 |
|
|
|
|
| 185,133 |
| VAALCO ENERGY INC |
|
| 1,033,570 |
|
| 1,036,745 |
|
|
|
|
| 34,000 |
| WILLBROS GROUP INC (b) |
|
| 545,402 |
|
| 251,600 |
|
|
|
|
|
|
|
|
|
| 11,473,491 |
|
| 10,960,731 |
|
| 5.36 | % |
Financials: |
|
|
|
|
|
|
|
|
|
| |||
| 31,935 |
| ABINGTON BANCORP INC |
|
| 278,003 |
|
| 278,473 |
|
|
|
|
| 7,815 |
| AMERISAFE INC (b) |
|
| 127,009 |
|
| 137,153 |
|
|
|
|
| 110,712 |
| AMTRUST FINANCIAL SERVICES |
|
| 1,085,960 |
|
| 1,332,972 |
|
|
|
|
| 22,000 |
| ARTHUR J GALLAGHER + CO |
|
| 421,012 |
|
| 536,360 |
|
|
|
|
| 23,350 |
| ASPEN INSURANCE HOLDINGS LTD |
|
| 505,844 |
|
| 577,679 |
|
|
|
|
| 453,750 |
| BANNER CORPORATION |
|
| 907,500 |
|
| 898,425 |
|
|
|
|
| 6,200 |
| BERKSHIRE HILLS BANCORP INC |
|
| 136,967 |
|
| 120,776 |
|
|
|
|
| 136,050 |
| BOSTON PRIVATE FINL HOLDING |
|
| 829,905 |
|
| 874,802 |
|
|
|
|
| 6,200 |
| BROOKLINE BANCORP INC |
|
| 58,884 |
|
| 55,056 |
|
|
|
|
| 52,900 |
| CAPLEASE INC |
|
| 99,337 |
|
| 243,869 |
|
|
|
|
| 6,901 |
| CENTERSTATE BANKS INC |
|
| 55,223 |
|
| 69,631 |
|
|
|
|
| 11,176 |
| COMMUNITY CAPITAL CORP (b) |
|
| 36,280 |
|
| 48,057 |
|
|
|
|
| 35,330 |
| COMMUNITY TRUST BANCORP INC |
|
| 986,982 |
|
| 886,783 |
|
|
|
|
| 23,150 |
| COMMUNITY WEST BANKSHARES (b) |
|
| 63,660 |
|
| 57,875 |
|
|
|
|
| 40,000 |
| CORELOGIC INC |
|
| 809,814 |
|
| 706,400 |
|
|
|
|
| 33,575 |
| CORPORATE OFFICE PROPERTIES |
|
| 1,039,656 |
|
| 1,267,792 |
|
|
|
|
| 42,307 |
| DELPHI FINANCIAL GROUP INC |
|
| 947,862 |
|
| 1,032,714 |
|
|
|
|
| 13,279 |
| EDUCATION REALTY TRUST INC |
|
| 80,072 |
|
| 80,072 |
|
|
|
|
| 15,682 |
| ENCORE BANCSHARES INC (b) |
|
| 133,024 |
|
| 155,095 |
|
|
|
|
| 50,000 |
| EPOCH HOLDING CORP |
|
| 662,894 |
|
| 613,500 |
|
|
|
|
| 122,358 |
| FIRST MERCHANTS CORP |
|
| 703,559 |
|
| 1,037,596 |
|
|
|
|
| 77,000 |
| FIRST NIAGARA FINANCIAL GROUP INC |
|
| 1,110,190 |
|
| 964,810 |
|
|
|
|
| 17,650 |
| FIRST POTOMAC REALTY TRUST |
|
| 191,130 |
|
| 253,631 |
|
|
|
|
| 12,774 |
| FIRST UNITED CORP |
|
| 76,727 |
|
| 49,819 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 50 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Cap Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Face |
| Security |
| Cost |
| Fair |
| Percent |
| |||
Financials (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 37,000 |
| FORESTAR GROUP INC (b) |
| $ | 757,077 |
|
| 664,520 |
|
|
|
|
| 5,625 |
| FPIC INSURANCE GROUP INC (b) |
|
| 125,718 |
|
| 144,281 |
|
|
|
|
| 30,531 |
| HALLMARK FINL SERVICES INC (b) |
|
| 208,928 |
|
| 303,783 |
|
|
|
|
| 9,120 |
| HERITAGE FINANCIAL CORP (b) |
|
| 104,880 |
|
| 136,526 |
|
|
|
|
| 12,722 |
| HFF INC CLASS A (b) |
|
| 96,168 |
|
| 89,945 |
|
|
|
|
| 34,080 |
| HOME FEDERAL BANCORP INC/MD |
|
| 450,267 |
|
| 430,430 |
|
|
|
|
| 45,965 |
| HORACE MANN EDUCATORS |
|
| 516,168 |
|
| 703,265 |
|
|
|
|
| 7,470 |
| HORIZON BANCORP INDIANA |
|
| 100,149 |
|
| 159,335 |
|
|
|
|
| 29,718 |
| IBERIABANK CORP |
|
| 1,524,786 |
|
| 1,529,883 |
|
|
|
|
| 91,487 |
| ITEX CORP |
|
| 331,361 |
|
| 397,970 |
|
|
|
|
| 24,000 |
| LEGG MASON INC |
|
| 598,797 |
|
| 672,720 |
|
|
|
|
| 47,313 |
| MB FINANCIAL INC |
|
| 600,488 |
|
| 870,086 |
|
|
|
|
| 105,300 |
| MEDICAL PROPERTIES TRUST INC |
|
| 1,017,317 |
|
| 994,032 |
|
|
|
|
| 6,600 |
| MIDSOUTH BANCORP INC |
|
| 97,614 |
|
| 84,282 |
|
|
|
|
| 98,706 |
| MISSION WEST PROPERTIES INC |
|
| 685,178 |
|
| 673,175 |
|
|
|
|
| 15,375 |
| NATIONAL FINANCIAL PARTNERS (b) |
|
| 176,331 |
|
| 150,214 |
|
|
|
|
| 59,495 |
| NATIONAL RETAIL PROPERTIES INC |
|
| 1,006,844 |
|
| 1,275,573 |
|
|
|
|
| 159,681 |
| NORTHWEST BANCSHARES INC |
|
| 1,596,670 |
|
| 1,831,541 |
|
|
|
|
| 105,077 |
| ORIENTAL FINANCIAL GROUP |
|
| 1,223,415 |
|
| 1,330,275 |
|
|
|
|
| 12,150 |
| PACIFIC CONTINENTAL CORP |
|
| 123,071 |
|
| 115,061 |
|
|
|
|
| 100,683 |
| PHOENIX COS INC NEW (b) |
|
| 293,513 |
|
| 212,441 |
|
|
|
|
| 16,642 |
| PINNACLE FINANCIAL PARTNERS INC (b) |
|
| 208,000 |
|
| 213,850 |
|
|
|
|
| 21,491 |
| PLATINUM UNDERWRITERS HOLDINGS |
|
| 634,576 |
|
| 779,908 |
|
|
|
|
| 39,936 |
| PRESIDENTIAL LIFE |
|
| 397,782 |
|
| 363,418 |
|
|
|
|
| 65,110 |
| PRIVATEBANCORP INC |
|
| 950,241 |
|
| 721,419 |
|
|
|
|
| 47,687 |
| REDWOOD TR INC. |
|
| 620,497 |
|
| 698,138 |
|
|
|
|
| 168,966 |
| SWS GROUP INC |
|
| 2,110,640 |
|
| 1,605,177 |
|
|
|
|
| 27,000 |
| TERRITORIAL BANCORP INC |
|
| 402,472 |
|
| 511,650 |
|
|
|
|
| 5,178 |
| TOWER BANCORP INC |
|
| 120,787 |
|
| 113,346 |
|
|
|
|
| 122,622 |
| U STORE IT TRUST |
|
| 668,057 |
|
| 914,760 |
|
|
|
|
| 17,586 |
| UNITED FINANCIAL BANCORP INC |
|
| 221,791 |
|
| 240,049 |
|
|
|
|
| 11,950 |
| UNIVEST CORP OF PENNSYLVANIA |
|
| 200,179 |
|
| 206,974 |
|
|
|
|
| 9,969 |
| URSTADT BIDDLE CLASS A |
|
| 164,127 |
|
| 160,800 |
|
|
|
|
| 35,000 |
| WALTER INVESTMENT MANAGEMENT |
|
| 465,880 |
|
| 572,250 |
|
|
|
|
| 7,423 |
| WASHINGTON BANKING CO |
|
| 66,807 |
|
| 94,940 |
|
|
|
|
| 85,159 |
| WESTFIELD FINL INC |
|
| 873,425 |
|
| 709,374 |
|
|
|
|
|
|
|
|
|
| 31,087,496 |
|
| 32,954,730 |
|
| 16.11 | % |
Healthcare: |
|
|
|
|
|
|
|
|
|
| |||
| 16,000 |
| AMERICAN DENTAL PARTNERS INC (b) |
|
| 202,701 |
|
| 193,760 |
|
|
|
|
| 93,902 |
| AMERICAN MEDICAL SYS HLDGS (b) |
|
| 1,432,789 |
|
| 2,077,112 |
|
|
|
|
| 21,000 |
| AMERISOURCEBERGEN CORP |
|
| 346,011 |
|
| 666,750 |
|
|
|
|
| 16,589 |
| CATALYST HEALTH SOLUTIONS INC (b) |
|
| 321,485 |
|
| 572,321 |
|
|
|
|
| 13,000 |
| COVIDIEN PLC |
|
| 542,107 |
|
| 522,340 |
|
|
|
|
| 14,571 |
| ENZON PHARMACEUTICALS INC (b) |
|
| 145,647 |
|
| 155,181 |
|
|
|
|
| 31,813 |
| FIVE STAR QUALITY CARE INC (b) |
|
| 114,062 |
|
| 96,075 |
|
|
|
|
| 44,749 |
| GENOPTIX INC (b) |
|
| 930,031 |
|
| 769,683 |
|
|
|
|
| 149,331 |
| HEALTHSOUTH CORP (b) |
|
| 2,419,472 |
|
| 2,793,983 |
|
|
|
|
| 86,760 |
| HEALTHSPRING INC (b) |
|
| 991,392 |
|
| 1,345,648 |
|
|
|
|
| 28,000 |
| HILLROM HOLDINGS |
|
| 548,960 |
|
| 852,040 |
|
|
|
|
| 43,047 |
| ICU MEDICAL INC (b) |
|
| 1,555,235 |
|
| 1,384,822 |
|
|
|
|
| 28,565 |
| INTEGRAMED AMERICA INC (b) |
|
| 222,365 |
|
| 231,948 |
|
|
|
|
| 41,465 |
| MARTEK BIOSCIENCES CORP (b) |
|
| 845,515 |
|
| 983,135 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 51 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Cap Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Face |
| Security |
| Cost |
| Fair |
| Percent |
| |||
Healthcare (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 8,955 |
| NUTRACEUTAL INTL CORP (b) |
| $ | 116,754 |
|
| 136,653 |
|
|
|
|
| 91,905 |
| ORTHOFIX INTERNATIONAL NV (b) |
|
| 2,082,661 |
|
| 2,945,555 |
|
|
|
|
| 20,000 |
| PATTERSON COS INC |
|
| 448,311 |
|
| 570,600 |
|
|
|
|
| 20,000 |
| PERRIGO CO |
|
| 396,772 |
|
| 1,181,400 |
|
|
|
|
| 30,000 |
| PHARMERICA CORP (b) |
|
| 563,950 |
|
| 439,800 |
|
|
|
|
| 56,700 |
| PHC INC MASS (b) |
|
| 77,648 |
|
| 65,205 |
|
|
|
|
| 87,672 |
| REHABCARE GROUP INC (b) |
|
| 2,438,201 |
|
| 1,909,496 |
|
|
|
|
| 280,168 |
| RTI BIOLOGICS INC (b) |
|
| 1,185,290 |
|
| 820,892 |
|
|
|
|
| 80,668 |
| SUN HEALTHCARE GROUP INC (b) |
|
| 725,785 |
|
| 651,797 |
|
|
|
|
| 8,850 |
| US PHYSICAL THERAPY INC (b) |
|
| 130,440 |
|
| 149,388 |
|
|
|
|
| 60,933 |
| ZOLL MED CORP (b) |
|
| 1,017,533 |
|
| 1,651,284 |
|
|
|
|
|
|
|
|
|
| 19,801,119 |
|
| 23,166,869 |
|
| 11.33 | % |
Industrials: |
|
|
|
|
|
|
|
|
|
| |||
| 53,350 |
| ACTUANT CORP |
|
| 941,753 |
|
| 1,004,581 |
|
|
|
|
| 15,000 |
| ACUITY BRANDS INC |
|
| 533,328 |
|
| 545,700 |
|
|
|
|
| 27,000 |
| AECOM TECHNOLOGY CORP (b) |
|
| 628,313 |
|
| 622,620 |
|
|
|
|
| 6,863 |
| AIR T INC |
|
| 75,019 |
|
| 71,787 |
|
|
|
|
| 250,720 |
| AIR TRANSPORT SERVICES GROUP (b) |
|
| 1,361,716 |
|
| 1,193,427 |
|
|
|
|
| 44,532 |
| APPLIED SIGNAL TECHNOLOGY INC |
|
| 862,403 |
|
| 875,054 |
|
|
|
|
| 25,180 |
| ARGON ST INC (b) |
|
| 470,482 |
|
| 863,422 |
|
|
|
|
| 38,464 |
| AZZ INC |
|
| 1,277,150 |
|
| 1,414,321 |
|
|
|
|
| 15,000 |
| BUCYRUS INTERNATIONAL INC |
|
| 352,862 |
|
| 711,750 |
|
|
|
|
| 9,482 |
| CASCADE CORP |
|
| 263,119 |
|
| 337,654 |
|
|
|
|
| 32,500 |
| CHICAGO BRIDGE + IRON NY SHR (b) |
|
| 631,117 |
|
| 611,325 |
|
|
|
|
| 50,000 |
| COLFAX CORP (b) |
|
| 570,484 |
|
| 520,500 |
|
|
|
|
| 28,000 |
| COVANTA HOLDING CORP (b) |
|
| 524,966 |
|
| 464,520 |
|
|
|
|
| 44,900 |
| CURTISS WRIGHT CORP |
|
| 1,618,620 |
|
| 1,303,896 |
|
|
|
|
| 37,368 |
| DHT HOLDINGS INC |
|
| 145,321 |
|
| 143,867 |
|
|
|
|
| 20,110 |
| DIAMOND MANAGEMENT TECHNOLOGY |
|
| 144,083 |
|
| 207,334 |
|
|
|
|
| 28,605 |
| DOCUMENT SECURITY SYSTEMS (b) |
|
| 94,743 |
|
| 90,106 |
|
|
|
|
| 66,882 |
| DUCOMMUN INC |
|
| 1,369,369 |
|
| 1,143,682 |
|
|
|
|
| 5,400 |
| ENNIS INC |
|
| 69,365 |
|
| 81,054 |
|
|
|
|
| 20,000 |
| ENPRO INDUSTRIES INC (b) |
|
| 569,233 |
|
| 563,000 |
|
|
|
|
| 8,500 |
| FLOWSERVE CORP |
|
| 433,671 |
|
| 720,800 |
|
|
|
|
| 28,126 |
| FORCE PROTECTION INC (b) |
|
| 123,587 |
|
| 115,317 |
|
|
|
|
| 23,500 |
| FOSTER L B CO (b) |
|
| 542,920 |
|
| 609,120 |
|
|
|
|
| 16,313 |
| GARDNER DENVER INC |
|
| 362,684 |
|
| 727,397 |
|
|
|
|
| 185,428 |
| GENCORP INC (b) |
|
| 897,549 |
|
| 812,175 |
|
|
|
|
| 19,950 |
| GENESEE & WYOMING INC (b) |
|
| 502,922 |
|
| 744,335 |
|
|
|
|
| 9,177 |
| GP STRATEGIES CORP (b) |
|
| 62,336 |
|
| 66,625 |
|
|
|
|
| 25,000 |
| GREENBRIER COMPANIES INC (b) |
|
| 374,326 |
|
| 280,000 |
|
|
|
|
| 12,250 |
| HAWAIIAN HOLDINGS INC (b) |
|
| 80,581 |
|
| 63,333 |
|
|
|
|
| 70,252 |
| HORNBECK OFFSHORE SERVICES INC (b) |
|
| 1,538,017 |
|
| 1,025,679 |
|
|
|
|
| 168,256 |
| ICONIX BRAND GROUP INC (b) |
|
| 1,972,606 |
|
| 2,417,839 |
|
|
|
|
| 42,942 |
| II VI INC (b) |
|
| 970,873 |
|
| 1,272,371 |
|
|
|
|
| 104,233 |
| INSITUFORM TECHNOLOGIES INC (b) |
|
| 1,881,904 |
|
| 2,134,692 |
|
|
|
|
| 11,554 |
| INSTEEL INDS INC |
|
| 126,930 |
|
| 134,257 |
|
|
|
|
| 40,000 |
| JOHN BEAN TECHNOLOGIES CORP |
|
| 516,680 |
|
| 610,000 |
|
|
|
|
| 14,500 |
| JOY GLOBAL INC |
|
| 562,673 |
|
| 726,305 |
|
|
|
|
| 25,000 |
| KANSAS CITY SOUTHERN (b) |
|
| 582,716 |
|
| 908,750 |
|
|
|
|
| 41,380 |
| KOPPERS HOLDINGS INC |
|
| 1,464,840 |
|
| 930,222 |
|
|
|
|
| 16,254 |
| LYDALL INC (b) |
|
| 107,900 |
|
| 124,181 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 52 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Cap Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Face |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Industrials (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 44,076 |
| MAGNETEK INC (b) |
| $ | 70,962 |
|
| 40,550 |
|
|
|
|
| 50,000 |
| MANITOWOC COMPANY INC |
|
| 471,335 |
|
| 457,000 |
|
|
|
|
| 27,000 |
| MCDERMOTT INTL INC (b) |
|
| 591,053 |
|
| 584,820 |
|
|
|
|
| 375,993 |
| METALICO INC (b) |
|
| 2,276,725 |
|
| 1,496,452 |
|
|
|
|
| 22,286 |
| MIDDLEBY CORP (b) |
|
| 1,006,057 |
|
| 1,185,392 |
|
|
|
|
| 13,362 |
| MULTICOLOR CORP |
|
| 164,690 |
|
| 136,827 |
|
|
|
|
| 83,503 |
| ORION MARINE GROUP INC (b) |
|
| 1,501,340 |
|
| 1,185,743 |
|
|
|
|
| 9,500 |
| OWENS CORNING (b) |
|
| 320,686 |
|
| 284,145 |
|
|
|
|
| 14,765 |
| PRIMORIS SERVICES CORP |
|
| 118,256 |
|
| 93,020 |
|
|
|
|
| 127,531 |
| SANMINA SCI CORPORATION (b) |
|
| 915,248 |
|
| 1,735,697 |
|
|
|
|
| 19,000 |
| SHAW GROUP INC (b) |
|
| 775,678 |
|
| 650,180 |
|
|
|
|
| 52,643 |
| SOLAR POWER INC (b) |
|
| 51,513 |
|
| 28,427 |
|
|
|
|
| 77,973 |
| SPARTON CORP (b) |
|
| 466,655 |
|
| 392,204 |
|
|
|
|
| 19,000 |
| TENNANT CO |
|
| 696,347 |
|
| 642,580 |
|
|
|
|
| 24,000 |
| TEREX CORP NEW (b) |
|
| 686,125 |
|
| 449,760 |
|
|
|
|
| 12,500 |
| THOMAS + BETTS CORP (b) |
|
| 547,678 |
|
| 433,750 |
|
|
|
|
| 14,000 |
| TYCO INTERNATIONAL LTD |
|
| 644,066 |
|
| 493,220 |
|
|
|
|
| 28,456 |
| VALASSIS COMMUNICATIONS INC (b) |
|
| 38,487 |
|
| 902,624 |
|
|
|
|
| 77,303 |
| VALENCE TECHNOLOGY INC (b) |
|
| 67,673 |
|
| 55,658 |
|
|
|
|
| 18,000 |
| WRIGHT EXPRESS CORP (b) |
|
| 495,073 |
|
| 534,600 |
|
|
|
|
|
|
|
|
|
| 37,514,803 |
|
| 38,975,646 |
|
| 19.08 | % |
Information technology: |
|
|
|
|
|
|
|
|
|
| |||
| 23,491 |
| ACTUATE CORPORATION (b) |
|
| 107,312 |
|
| 104,535 |
|
|
|
|
| 254,521 |
| ADPT CORP (b) |
|
| 826,733 |
|
| 735,566 |
|
|
|
|
| 70,400 |
| ALLIANCE FIBER OPTIC PRODS INC |
|
| 65,111 |
|
| 98,560 |
|
|
|
|
| 191,838 |
| ANAREN INC (b) |
|
| 2,228,424 |
|
| 2,866,060 |
|
|
|
|
| 154,722 |
| ARRIS GROUP INC (b) |
|
| 1,650,114 |
|
| 1,576,617 |
|
|
|
|
| 22,863 |
| AXT INC (b) |
|
| 33,295 |
|
| 103,112 |
|
|
|
|
| 102,300 |
| BRIDGELINE DIGITAL INC (b) |
|
| 129,824 |
|
| 114,576 |
|
|
|
|
| 28,000 |
| BROADRIDGE FINANCIAL SOLUTIONS INC |
|
| 458,289 |
|
| 533,400 |
|
|
|
|
| 12,395 |
| CACI INTERNATIONAL INC (b) |
|
| 508,993 |
|
| 526,540 |
|
|
|
|
| 19,303 |
| CALAMP CORP (b) |
|
| 31,599 |
|
| 41,115 |
|
|
|
|
| 21,300 |
| CLARUS CORPORATION (b) |
|
| 128,439 |
|
| 146,970 |
|
|
|
|
| 84,659 |
| COMTECH TELECOMMUNICATIONS (b) |
|
| 2,343,180 |
|
| 2,533,844 |
|
|
|
|
| 39,707 |
| CPI INTERNATIONAL INC (b) |
|
| 444,641 |
|
| 619,032 |
|
|
|
|
| 101,679 |
| DDI CORP |
|
| 850,445 |
|
| 765,643 |
|
|
|
|
| 61,296 |
| DYNAMICS RESEARCH CORP (b) |
|
| 484,334 |
|
| 619,703 |
|
|
|
|
| 47,173 |
| EVOLVING SYSTEMS INC |
|
| 293,503 |
|
| 339,646 |
|
|
|
|
| 23,369 |
| FREQUENCY ELECTRONICS INC (b) |
|
| 82,836 |
|
| 108,666 |
|
|
|
|
| 60,713 |
| GILAT SATELLITE NETWORKS LTD (b) |
|
| 283,657 |
|
| 280,494 |
|
|
|
|
| 670,700 |
| GRAPHON CORP (b) |
|
| 184,262 |
|
| 33,535 |
|
|
|
|
| 18,976 |
| IEC ELECTRONICS CORP (b) |
|
| 101,678 |
|
| 86,720 |
|
|
|
|
| 4,198 |
| INTEGRAL SYSTEMS INC/MD (b) |
|
| 32,148 |
|
| 26,657 |
|
|
|
|
| 10,540 |
| INTEVAC INC (b) |
|
| 153,117 |
|
| 112,462 |
|
|
|
|
| 9,250 |
| KEITHLEY INSTRUMENTS INC |
|
| 80,753 |
|
| 81,678 |
|
|
|
|
| 20,000 |
| LENDER PROCESSING SERVICES INC |
|
| 548,268 |
|
| 626,200 |
|
|
|
|
| 300,830 |
| LOOKSMART LTD (b) |
|
| 400,631 |
|
| 354,979 |
|
|
|
|
| 90,283 |
| MAGMA DESIGN AUTOMATION INC (b) |
|
| 237,809 |
|
| 256,404 |
|
|
|
|
| 24,422 |
| MERCURY COMPUTER SYSTEMS INC (b) |
|
| 184,968 |
|
| 286,470 |
|
|
|
|
| 39,324 |
| MIPS TECHNOLOGIES INC (b) |
|
| 203,145 |
|
| 200,946 |
|
|
|
|
| 90,295 |
| MKS INSTRUMENTS INC (b) |
|
| 1,927,537 |
|
| 1,690,322 |
|
|
|
|
| 34,423 |
| MONOLITHIC POWER SYSTEMS INC (b) |
|
| 751,629 |
|
| 614,795 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 53 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Cap Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Face |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Information technology (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 41,800 |
| NAPCO SECURITY TECHNOLOGIES INC (b) |
| $ | 68,377 |
|
| 78,793 |
|
|
|
|
| 5,138 |
| NCI INC CLASS A (b) |
|
| 116,324 |
|
| 116,016 |
|
|
|
|
| 188,575 |
| NEO MATERIAL TECHNOLOGIES INC (b) |
|
| 769,750 |
|
| 633,065 |
|
|
|
|
| 88,836 |
| NETSCOUT SYSTEMS INC (b) |
|
| 1,318,090 |
|
| 1,263,248 |
|
|
|
|
| 40,516 |
| ONLINE RESOURCES CORP (b) |
|
| 186,842 |
|
| 168,141 |
|
|
|
|
| 12,915 |
| OSI SYSTEMS INC (b) |
|
| 333,292 |
|
| 358,650 |
|
|
|
|
| 633,462 |
| QUANTUM CORP (b) |
|
| 1,816,865 |
|
| 1,190,909 |
|
|
|
|
| 76,875 |
| QUEST SOFTWARE INC (b) |
|
| 1,336,414 |
|
| 1,386,825 |
|
|
|
|
| 11,819 |
| RADVISION LTD (b) |
|
| 81,506 |
|
| 72,096 |
|
|
|
|
| 318,990 |
| RF MICRO DEVICES INC (b) |
|
| 1,179,450 |
|
| 1,247,251 |
|
|
|
|
| 28,874 |
| ROVI CORP (b) |
|
| 576,815 |
|
| 1,094,613 |
|
|
|
|
| 33,870 |
| SELECTICA INC (b) |
|
| 195,859 |
|
| 186,285 |
|
|
|
|
| 16,050 |
| SILICON GRAPHICS INTERNATIONAL (b) |
|
| 114,693 |
|
| 113,634 |
|
|
|
|
| 31,625 |
| SL INDS INC (b) |
|
| 365,380 |
|
| 379,500 |
|
|
|
|
| 22,753 |
| SMART MODULAR TECHNOLOGIES (b) |
|
| 183,091 |
|
| 133,105 |
|
|
|
|
| 146,105 |
| SMITH MICRO SOFTWARE INC (b) |
|
| 1,384,449 |
|
| 1,389,459 |
|
|
|
|
| 19,206 |
| SPECTRUM CONTROL INC (b) |
|
| 136,183 |
|
| 268,500 |
|
|
|
|
| 62,454 |
| SYNNEX CORP (b) |
|
| 1,746,051 |
|
| 1,600,071 |
|
|
|
|
| 15,965 |
| TAKE TWO INTERACTIVE SOFTWARE (b) |
|
| 138,443 |
|
| 143,685 |
|
|
|
|
| 28,807 |
| TELEDYNE TECHNOLOGIES INC (b) |
|
| 1,215,936 |
|
| 1,111,374 |
|
|
|
|
| 76,663 |
| TIER TECHNOLOGIES INC (b) |
|
| 594,640 |
|
| 466,111 |
|
|
|
|
| 58,106 |
| TNS INC (b) |
|
| 1,397,760 |
|
| 1,013,369 |
|
|
|
|
| 15,308 |
| TOLLGRADE COMMUNICATIONS INC (b) |
|
| 97,863 |
|
| 96,440 |
|
|
|
|
| 114,817 |
| UNISYS CORP (b) |
|
| 3,271,184 |
|
| 2,122,966 |
|
|
|
|
| 19,592 |
| WEB.COM GROUP INC (b) |
|
| 78,540 |
|
| 70,335 |
|
|
|
|
| 68,399 |
| WESTELL TECHNOLOGIES INC (b) |
|
| 99,150 |
|
| 106,702 |
|
|
|
|
|
|
|
|
|
| 34,559,619 |
|
| 33,296,389 |
|
| 16.26 | % |
Materials: |
|
|
|
|
|
|
|
|
|
| |||
| 17,000 |
| APTARGROUP INC |
|
| 711,338 |
|
| 642,940 |
|
|
|
|
| 15,000 |
| ASHLAND INC |
|
| 551,175 |
|
| 696,300 |
|
|
|
|
| 17,000 |
| BEMIS COMPANY INC |
|
| 490,899 |
|
| 459,000 |
|
|
|
|
| 14,200 |
| BUCKEYE TECHNOLOGIES INC (b) |
|
| 145,651 |
|
| 141,290 |
|
|
|
|
| 12,500 |
| CAPITAL GOLD CORP (b) |
|
| 39,250 |
|
| 50,000 |
|
|
|
|
| 50,000 |
| CELLU TISSUE HOLDINGS INC (b) |
|
| 559,675 |
|
| 388,500 |
|
|
|
|
| 18,000 |
| CLEARWATER PAPER CORP (b) |
|
| 410,539 |
|
| 985,680 |
|
|
|
|
| 10,500 |
| DELTIC TIMBER CORP |
|
| 503,271 |
|
| 438,900 |
|
|
|
|
| 82,750 |
| GRAFTECH INTERNATIONAL LTD (b) |
|
| 1,142,322 |
|
| 1,209,805 |
|
|
|
|
| 17,957 |
| GREIF INC |
|
| 853,847 |
|
| 997,332 |
|
|
|
|
| 13,934 |
| HORSEHEAD HOLDING CORP (b) |
|
| 151,406 |
|
| 105,341 |
|
|
|
|
| 4,465 |
| INNOPHOS HOLDINGS INC |
|
| 79,083 |
|
| 116,447 |
|
|
|
|
| 18,143 |
| INNOSPEC INC |
|
| 155,995 |
|
| 170,181 |
|
|
|
|
| 20,000 |
| KAPSTONE PAPER + PACKAGING CORP (b) |
|
| 145,550 |
|
| 222,800 |
|
|
|
|
| 13,864 |
| NORTH AMERN PALLADIUM LTD (b) |
|
| 41,752 |
|
| 43,117 |
|
|
|
|
| 262,959 |
| OMNOVA SOLUTIONS INC (b) |
|
| 1,818,142 |
|
| 2,053,710 |
|
|
|
|
| 58,480 |
| ROCK TENN COMPANY |
|
| 2,135,566 |
|
| 2,904,702 |
|
|
|
|
| 14,000 |
| TEXAS INDUSTRIES INC |
|
| 775,328 |
|
| 413,560 |
|
|
|
|
| 16,433 |
| U S GOLD CORP (b) |
|
| 66,379 |
|
| 82,329 |
|
|
|
|
| 9,058 |
| UFP TECHNOLOGIES INC (b) |
|
| 66,817 |
|
| 83,243 |
|
|
|
|
| 7,000 |
| UNIVERSAL STAINLESS + ALLOY (b) |
|
| 104,537 |
|
| 111,930 |
|
|
|
|
| 135,463 |
| WHX CORP (b) |
|
| 302,761 |
|
| 577,072 |
|
|
|
|
| 19,000 |
| WR GRACE CO (b) |
|
| 465,151 |
|
| 399,760 |
|
|
|
|
| 39,000 |
| ZEP INC |
|
| 555,900 |
|
| 680,160 |
|
|
|
|
|
|
|
|
|
| 12,272,335 |
|
| 13,974,100 |
|
| 6.83 | % |
|
|
|
See accompanying notes to financial statements. | 54 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Cap Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Face |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Telecommunication Services: |
|
|
|
|
|
|
|
|
|
| |||
| 141,504 |
| SYNIVERSE HOLDINGS INC (b) |
| $ | 1,975,163 |
|
| 2,893,757 |
|
|
|
|
|
|
|
|
|
| 1,975,163 |
|
| 2,893,757 |
|
| 1.41 | % |
Utilities: |
|
|
|
|
|
|
|
|
|
| |||
| 21,030 |
| ALLETE INC |
|
| 671,405 |
|
| 720,067 |
|
|
|
|
| 27,000 |
| AMERICAN WATER WORKS CO INC |
|
| 583,883 |
|
| 556,200 |
|
|
|
|
| 19,000 |
| CLECO CORP NEW |
|
| 470,134 |
|
| 501,790 |
|
|
|
|
| 14,000 |
| ITC HOLDINGS CORP |
|
| 638,988 |
|
| 740,740 |
|
|
|
|
| 151,243 |
| NGP CAPITAL RESOURCES CO |
|
| 1,706,117 |
|
| 1,084,412 |
|
|
|
|
| 40,000 |
| PETROHAWK ENERGY CORP (b) |
|
| 448,994 |
|
| 678,800 |
|
|
|
|
| 24,825 |
| SOUTHWEST GAS CORP |
|
| 610,719 |
|
| 732,338 |
|
|
|
|
| 32,317 |
| UIL HOLDING CORP |
|
| 917,737 |
|
| 808,895 |
|
|
|
|
| 3,677 |
| UNITIL CORP |
|
| 72,403 |
|
| 76,886 |
|
|
|
|
|
|
|
|
|
| 6,120,381 |
|
| 5,900,128 |
|
| 2.88 | % |
ETFs: |
|
|
|
|
|
|
|
|
|
| |||
Commodities: |
|
|
|
|
|
|
|
|
|
| |||
| 25,000 |
| SPDR KBW REGIONAL BANKING ETF |
|
| 610,828 |
|
| 577,250 |
|
|
|
|
|
|
|
|
|
| 610,828 |
|
| 577,250 |
|
| 0.28 | % |
Cash equivalents: |
|
|
|
|
|
|
|
|
|
| |||
| 6,458,101 |
| SSGA MONEY MARKET FUND, Current rate 0.01% |
|
| 6,458,101 |
|
| 6,458,101 |
|
| 3.16 | % |
|
|
| Grand Total (c) |
| $ | 192,997,891 |
|
| 203,728,835 |
|
| 99.61 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes to Investments in Securities |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
| Securities are valued in accordance with procedures described in note 2 to the December 31, 2009 financial statements. | ||||||||||
| (b) |
| Currently non-income producing assets. |
|
|
|
|
|
|
|
|
|
|
| (c) |
| At June 30, 2010, the cost for Federal income tax purposes was $193,040,041. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost were as follows: | ||||||||||
|
|
| Gross unrealized appreciation |
|
| 27,546,554 |
|
|
|
|
|
|
|
|
|
| Gross unrealized depreciation |
|
| (16,857,759 | ) |
|
|
|
|
|
|
|
|
| Net unrealized appreciation |
|
| 10,688,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (d) |
| Foreign security values are stated in U.S. dollars. As of June 30, 2010, the value of stocks or depository receipts represented 0.00% of net assets. |
|
|
|
See accompanying notes to financial statements. | 55 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater Small Cap Fund
June 30, 2010 (unaudited)
|
See accompanying notes to financial statements. |
56
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Closed-End funds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 47,200 |
| AMERICAN MUN INCOME |
|
|
|
|
| $ | 554,976 |
|
| 674,016 |
|
|
|
|
| 186,000 |
| BLACKROCK LONG TERM MUNICIPAL |
|
|
|
|
|
| 1,910,193 |
|
| 2,012,520 |
|
|
|
|
| 18,200 |
| BLACKROCK MUNICIPAL BOND TRUST |
|
|
|
|
|
| 169,379 |
|
| 272,636 |
|
|
|
|
| 25,100 |
| BLACKROCK MUNICIPAL INCOME TRU |
|
|
|
|
|
| 237,725 |
|
| 358,177 |
|
|
|
|
| 186,000 |
| BLACKROCK MUNIHOLDINGS FL INSD |
|
|
|
|
|
| 2,175,942 |
|
| 2,574,240 |
|
|
|
|
| 59,500 |
| BLACKROCK MUNIHOLDINGS INSD FD |
|
|
|
|
|
| 749,861 |
|
| 799,085 |
|
|
|
|
| 78,300 |
| BLACKROCK MUNIYIELD INSD FD |
|
|
|
|
|
| 1,032,557 |
|
| 1,082,106 |
|
|
|
|
| 21,837 |
| BLACKROCK MUNITIELD INSURED IN |
|
|
|
|
|
| 275,930 |
|
| 305,500 |
|
|
|
|
| 71,200 |
| BLACKROCK MUNIYIELD INVESTMENT |
|
|
|
|
|
| 905,807 |
|
| 983,272 |
|
|
|
|
| 76,179 |
| BLACKROCK MUNIYIELD MI INSD FD |
|
|
|
|
|
| 1,014,103 |
|
| 1,073,362 |
|
|
|
|
| 81,800 |
| BLACKROCK MUNIYIELD MICH INSD |
|
|
|
|
|
| 981,525 |
|
| 1,064,218 |
|
|
|
|
| 54,700 |
| BLACKROCK MUNIYIELD PA INSD |
|
|
|
|
|
| 774,527 |
|
| 798,620 |
|
|
|
|
| 28,100 |
| BLACKROCK MUNIYIELD QUALITY FD |
|
|
|
|
|
| 333,747 |
|
| 352,655 |
|
|
|
|
| 12,500 |
| DREYFUS STRATEGIC MUN BD FD |
|
|
|
|
|
| 68,613 |
|
| 102,375 |
|
|
|
|
| 209,000 |
| DWS MUNICIPAL INCOME TRUST |
|
|
|
|
|
| 2,278,136 |
|
| 2,639,670 |
|
|
|
|
| 1,000 |
| EATON VANCE CALIFORNIA MUNICIP |
|
|
|
|
|
| 8,280 |
|
| 12,580 |
|
|
|
|
| 62,900 |
| EATON VANCE INCS CA MU II |
|
|
|
|
|
| 702,542 |
|
| 792,540 |
|
|
|
|
| 1,100 |
| EATON VANCE INSD MI MUN BD FD |
|
|
|
|
|
| 15,510 |
|
| 14,685 |
|
|
|
|
| 26,905 |
| EATON VANCE MUN INCOME TR |
|
|
|
|
|
| 286,929 |
|
| 331,470 |
|
|
|
|
| 10,800 |
| FEDERATED PREMIER MUN INCOME |
|
|
|
|
|
| 128,672 |
|
| 156,600 |
|
|
|
|
| 67,200 |
| INVESCO MUNICIPAL PREMIUM INCO |
|
|
|
|
|
| 507,600 |
|
| 545,664 |
|
|
|
|
| 101,381 |
| INVESCO QUALITY MUNICIPAL INCO |
|
|
|
|
|
| 1,158,163 |
|
| 1,285,511 |
|
|
|
|
| 114,300 |
| INVESCO VAN KAMPEN ADVANTAGE M |
|
|
|
|
|
| 1,329,113 |
|
| 1,383,030 |
|
|
|
|
| 84,239 |
| INVESCO VAN KAMPEN PA VALUE |
|
|
|
|
|
| 1,114,508 |
|
| 1,153,232 |
|
|
|
|
| 37,800 |
| INVESCO VAN KAMPEN SELECT |
|
|
|
|
|
| 398,849 |
|
| 458,892 |
|
|
|
|
| 83,800 |
| INVESCO VAN KAMPEN TR IN GR NY |
|
|
|
|
|
| 954,508 |
|
| 1,226,832 |
|
|
|
|
| 63,277 |
| INVESCO VAN KAMPEN TRUST FOR I |
|
|
|
|
|
| 894,508 |
|
| 909,290 |
|
|
|
|
| 54,248 |
| MANAGED DUR INVTGR MUN FD |
|
|
|
|
|
| 688,397 |
|
| 764,354 |
|
|
|
|
| 6,500 |
| MFS HIGH INCOME MUNICIPAL TRUST |
|
|
|
|
|
| 23,108 |
|
| 32,435 |
|
|
|
|
| 95,900 |
| MORGAN STANLEY QUALITY MUNICIPAL |
|
|
|
|
|
| 1,173,337 |
|
| 1,258,208 |
|
|
|
|
| 10,299 |
| NEUBERGER BERMAN INTER MUN FD |
|
|
|
|
|
| 126,917 |
|
| 146,143 |
|
|
|
|
| 31,103 |
| NUVEEN CALIF INVT QUALITY MUN |
|
|
|
|
|
| 373,215 |
|
| 426,111 |
|
|
|
|
| 13,700 |
| NUVEEN CALIF MUN MKT |
|
|
|
|
|
| 157,825 |
|
| 189,608 |
|
|
|
|
| 17,000 |
| NUVEEN DIVID ADVANTAGE MUN FD3 |
|
|
|
|
|
| 185,431 |
|
| 245,310 |
|
|
|
|
| 41,700 |
| NUVEEN DIVIDEND ADVANTAGE MUNI |
|
|
|
|
|
| 475,800 |
|
| 578,796 |
|
|
|
|
| 13,500 |
| NUVEEN INSD DIVID ADVANTAGE |
|
|
|
|
|
| 181,771 |
|
| 196,425 |
|
|
|
|
| 4,800 |
| NUVEEN MASS PREM INCOME MUN FD |
|
|
|
|
|
| 65,734 |
|
| 73,632 |
|
|
|
|
| 30,600 |
| NUVEEN MICH PREM INCOME MUN FD |
|
|
|
|
|
| 404,605 |
|
| 402,084 |
|
|
|
|
| 44,600 |
| NUVEEN MUN ADVANTAGE FD INC |
|
|
|
|
|
| 522,316 |
|
| 656,512 |
|
|
|
|
| 15,500 |
| NUVEEN N J INVT QUALITY MUN FD |
|
|
|
|
|
| 211,528 |
|
| 212,970 |
|
|
|
|
| 48,500 |
| NUVEEN PA INVT QUALITY MUN FD |
|
|
|
|
|
| 673,352 |
|
| 675,605 |
|
|
|
|
| 10,100 |
| NUVEEN PA DIVID ADVANTAGE MUN |
|
|
|
|
|
| 127,549 |
|
| 150,288 |
|
|
|
|
| 27,100 |
| NUVEEN PREMIER INC |
|
|
|
|
|
| 367,653 |
|
| 368,560 |
|
|
|
|
| 238,709 |
| NUVEEN PREM INCOME MUN FD 2 |
|
|
|
|
|
| 3,273,534 |
|
| 3,341,926 |
|
|
|
|
| 216,190 |
| PUTNAM MUN OPPORTUITIES TR |
|
|
|
|
|
| 2,450,699 |
|
| 2,479,699 |
|
|
|
|
| 22,000 |
| WESTERN ASSET MGNT MUNS FD INC |
|
|
|
|
|
| 240,488 |
|
| 287,320 |
|
|
|
|
| 48,606 |
| WESTERN ASSET PARTNERS FD INC |
|
|
|
|
|
| 620,291 |
|
| 685,345 |
|
|
|
|
| 12,700 |
| WESTERN ASSET INTER MUNI FD INC |
|
|
|
|
|
| 111,045 |
|
| 121,539 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 33,416,798 |
|
| 36,655,648 |
|
| 6.81 | % |
|
|
|
See accompanying notes to financial statements. | 57 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal bonds: |
|
|
|
|
|
|
|
|
|
|
|
| |||||
| 1,825,000 |
| ABAG FIN AUTH FOR NONPROFIT CO |
| 2/15/2019 |
| 5.375 |
| $ | 1,625,171 |
|
| 1,814,324 |
|
|
|
|
| 750,000 |
| ABAG FIN AUTH FOR NONPROFIT CO |
| 9/1/2037 |
| 6.000 |
|
| 744,976 |
|
| 758,460 |
|
|
|
|
| 1,000,000 |
| ABERDEEN S D ECONOMIC DEV REV |
| 5/1/2029 |
| 5.625 |
|
| 963,468 |
|
| 985,650 |
|
|
|
|
| 405,000 |
| ABILENE TEX HEALTH FACS DEV |
| 11/15/2028 |
| 5.150 |
|
| 405,000 |
|
| 317,293 |
|
|
|
|
| 500,000 |
| ADAMS CNTY PA INDL DEV AUTH |
| 8/15/2021 |
| 5.875 |
|
| 500,031 |
|
| 532,110 |
|
|
|
|
| 1,500,000 |
| AGUA CALIENTE BAND CAHUILLA |
| 7/1/2018 |
| 6.000 |
|
| 1,467,318 |
|
| 1,471,680 |
|
|
|
|
| 1,345,000 |
| ALABAMA HSG FIN AUTH SINGLE |
| 10/1/2028 |
| 5.250 |
|
| 1,345,000 |
|
| 1,402,257 |
|
|
|
|
| 680,000 |
| ALABAMA HSG FIN AUTH SINGLE |
| 4/1/2038 |
| 4.500 |
|
| 506,187 |
|
| 646,850 |
|
|
|
|
| 200,000 |
| ALABAMA SPL CARE FACS FING AUT |
| 11/1/2019 |
| 5.000 |
|
| 208,312 |
|
| 200,578 |
|
|
|
|
| 870,000 |
| ALACHUA CNTY FLA HEALTH FACS A |
| 12/1/2011 |
| 6.000 |
|
| 870,000 |
|
| 874,489 |
|
|
|
|
| 470,000 |
| ALASKA HSG FIN CORP HOME MTG |
| 12/1/2033 |
| 5.450 |
|
| 470,000 |
|
| 488,565 |
|
|
|
|
| 1,000,000 |
| ALASKA HSG FIN CORP HOME MTG |
| 12/1/2034 |
| 5.250 |
|
| 997,178 |
|
| 1,029,430 |
|
|
|
|
| 350,000 |
| ALASKA INDL DEV + EXPT AUTH CM |
| 12/1/2010 |
| 5.400 |
|
| 350,000 |
|
| 349,566 |
|
|
|
|
| 250,000 |
| ALASKA INDL DEV + EXPT AUTH CM |
| 12/1/2011 |
| 5.450 |
|
| 250,000 |
|
| 251,890 |
|
|
|
|
| 1,500,000 |
| ALASKA ST HSG FIN CORP |
| 6/1/2032 |
| 5.250 |
|
| 1,282,384 |
|
| 1,518,255 |
|
|
|
|
| 2,000,000 |
| ALASKA ST HSG FIN CORP |
| 12/1/2034 |
| 5.250 |
|
| 2,007,351 |
|
| 2,054,600 |
|
|
|
|
| 240,000 |
| ALBANY N Y INDL DEV AGY CIVIC (b) |
| 5/1/2016 |
| 6.500 |
|
| 240,000 |
|
| 95,993 |
|
|
|
|
| 350,000 |
| ALEUTIANS EAST BOROUGH ALASKA |
| 6/1/2025 |
| 5.500 |
|
| 315,316 |
|
| 315,970 |
|
|
|
|
| 490,000 |
| ALEXANDRIA VA REDEV + HSG AUTH |
| 10/1/2029 |
| 6.125 |
|
| 516,226 |
|
| 496,576 |
|
|
|
|
| 1,025,000 |
| ALISAL CALIF UN SCH DIST ( c) |
| 8/1/2025 |
| 6.221 |
|
| 427,769 |
|
| 430,357 |
|
|
|
|
| 1,047,900 |
| ARIZONA HEALTH FACS AUTH REV |
| 7/1/2027 |
| 5.250 |
|
| 1,016,551 |
|
| 842,522 |
|
|
|
|
| 1,750,000 |
| ARLINGTON TEX SPL OBLIG |
| 8/15/2034 |
| 5.000 |
|
| 1,875,335 |
|
| 1,754,218 |
|
|
|
|
| 1,005,000 |
| ASMS PUB EDL BLDG AUTH MOBILE |
| 9/1/2026 |
| 4.375 |
|
| 977,663 |
|
| 1,008,126 |
|
|
|
|
| 500,000 |
| ATLANTA GA ARPT REV |
| 1/1/2020 |
| 5.750 |
|
| 505,849 |
|
| 506,890 |
|
|
|
|
| 750,000 |
| ATLANTA GA WTR + WASTEWTR REV |
| 11/1/2029 |
| 6.000 |
|
| 750,000 |
|
| 804,188 |
|
|
|
|
| 630,000 |
| AUSTIN TEX CONVENTION ENTERPRI |
| 1/1/2012 |
| 6.000 |
|
| 595,702 |
|
| 635,928 |
|
|
|
|
| 400,000 |
| AVE MARIA STEWARDSHIP CMNTY DE |
| 11/1/2012 |
| 4.800 |
|
| 399,784 |
|
| 382,204 |
|
|
|
|
| 500,000 |
| BERKELEY CNTY S C SCH DIST INS |
| 12/1/2024 |
| 5.250 |
|
| 511,739 |
|
| 514,295 |
|
|
|
|
| 1,000,000 |
| BEXAR CNTY TEX HEALTH FACS DEV |
| 7/1/2030 |
| 5.875 |
|
| 983,911 |
|
| 1,000,370 |
|
|
|
|
| 55,000 |
| BEXAR CNTY TEX HSG FIN CORP MU |
| 6/1/2011 |
| 5.500 |
|
| 54,827 |
|
| 53,570 |
|
|
|
|
| 500,000 |
| BEXAR CNTY TEX HSG FIN CORP MU |
| 1/1/2021 |
| 5.700 |
|
| 443,579 |
|
| 466,650 |
|
|
|
|
| 455,000 |
| BEXAR CNTY TEX HSG FIN CORP MU |
| 9/15/2021 |
| 8.750 |
|
| 445,000 |
|
| 445,387 |
|
|
|
|
| 250,000 |
| BEXAR CNTY TEX HSG FIN CORP MU |
| 12/1/2021 |
| 6.500 |
|
| 267,215 |
|
| 239,508 |
|
|
|
|
| 805,000 |
| BEXAR CNTY TEX HSG FIN CORP MU (b) |
| 4/1/2030 |
| 9.000 |
|
| 802,501 |
|
| 323,240 |
|
|
|
|
| 570,000 |
| BEXAR CNTY TEX HSG FIN CORP MU |
| 8/1/2030 |
| 8.125 |
|
| 550,214 |
|
| 437,903 |
|
|
|
|
| 600,000 |
| BEXAR CNTY TEX HSG FIN CORP MU |
| 8/1/2030 |
| 6.100 |
|
| 517,765 |
|
| 565,566 |
|
|
|
|
| 1,005,000 |
| BEXAR CNTY TEX HSG FIN CORP MU (b) |
| 6/1/2031 |
| 10.500 |
|
| 1,005,000 |
|
| 301,942 |
|
|
|
|
| 890,000 |
| BEXAR CNTY TEX HSG FIN CORP MU |
| 12/1/2036 |
| 9.250 |
|
| 868,483 |
|
| 636,982 |
|
|
|
|
| 650,000 |
| BI STATE DEV AGY MO ILL MET |
| 10/1/2033 |
| 5.250 |
|
| 650,000 |
|
| 650,228 |
|
|
|
|
| 500,000 |
| BIRMINGHAM-SOUTHERN COLLEGE AL |
| 12/1/2019 |
| 5.350 |
|
| 504,616 |
|
| 469,990 |
|
|
|
|
| 97,618 |
| BISMARCK STATE COLLEGE |
| 4/1/2032 |
| 5.010 |
|
| 99,297 |
|
| 96,976 |
|
|
|
|
| - |
| BLOUNT CNTY TENN HEALTH + EDL |
| 4/1/2012 |
| 4.750 |
|
| 0 |
|
| - |
|
|
|
|
| 250,000 |
| BLUE ASH OHIO TAX INCREMENT |
| 12/1/2021 |
| 5.000 |
|
| 252,962 |
|
| 236,693 |
|
|
|
|
| 230,000 |
| BLYTHE CALIF REDEV AGY REDEV P |
| 5/1/2028 |
| 5.800 |
|
| 185,806 |
|
| 209,507 |
|
|
|
|
| 750,000 |
| BOONE CNTY IND REDEV COMMN |
| 8/1/2028 |
| 5.000 |
|
| 741,180 |
|
| 719,783 |
|
|
|
|
| 500,000 |
| BOONE CNTY MO HOSP REV |
| 8/1/2028 |
| 5.750 |
|
| 516,264 |
|
| 517,275 |
|
|
|
|
| 700,000 |
| BOSTON MASS REV |
| 10/1/2031 |
| 6.125 |
|
| 701,441 |
|
| 728,623 |
|
|
|
|
| 500,000 |
| BOWLING GREEN OHIO STUDENT HSG |
| 6/1/2031 |
| 5.750 |
|
| 491,629 |
|
| 488,680 |
|
|
|
|
| 965,000 |
| BRAZOS CNTY TEX HEALTH FAC DEV |
| 1/1/2032 |
| 5.375 |
|
| 954,526 |
|
| 951,094 |
|
|
|
|
| 500,000 |
| BRAZOS CNTY TEX HEALTH FAC DEV |
| 1/1/2033 |
| 5.500 |
|
| 505,142 |
|
| 497,445 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 58 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
| 218,000 |
| BRIDGEVILLE DEL SPL OBLIG |
| 7/1/2035 |
| 5.125 |
| $ | 218,000 |
|
| 151,475 |
|
|
|
|
| 500,000 |
| BROOKLYN ARENA LOCAL DEV CORP |
| 7/15/2030 |
| 6.000 |
|
| 494,237 |
|
| 515,730 |
|
|
|
|
| 890,000 |
| BUCKEYE OHIO TOB SETTLEMENT |
| 6/1/2024 |
| 5.125 |
|
| 855,362 |
|
| 752,878 |
|
|
|
|
| 750,000 |
| BUNCOME CNTY N C PROJ DEV FING |
| 8/1/2024 |
| 6.750 |
|
| 737,285 |
|
| 703,373 |
|
|
|
|
| 395,000 |
| BUTLER CNTY PA GEN AUTH REV |
| 10/1/2034 |
| 0.895 |
|
| 395,000 |
|
| 256,256 |
|
|
|
|
| 130,000 |
| CALIFORNIA CMNTYS HSG FIN AGY |
| 12/1/2011 |
| 5.000 |
|
| 129,924 |
|
| 126,503 |
|
|
|
|
| 145,000 |
| CALIFORNIA CMNTYS HSG FIN AGY |
| 8/1/2012 |
| 4.650 |
|
| 144,859 |
|
| 118,674 |
|
|
|
|
| 385,000 |
| CALIFORNIA CMNTYS HSG FIN AGY |
| 11/1/2012 |
| 4.850 |
|
| 381,747 |
|
| 315,034 |
|
|
|
|
| - |
| CALIFORNIA CNTY CALIF TOB SECU |
| 6/1/2019 |
| 4.750 |
|
| 0 |
|
| - |
|
|
|
|
| 135,000 |
| CALIFORNIA CNTY CALIF TOB SECU |
| 6/1/2021 |
| 4.500 |
|
| 133,507 |
|
| 121,246 |
|
|
|
|
| 130,000 |
| CALIFORNIA CNTY CALIF TOB SECU |
| 6/1/2023 |
| 5.625 |
|
| 124,988 |
|
| 130,061 |
|
|
|
|
| 500,000 |
| CALIFORNIA CNTY CALIF TOB SECU |
| 6/1/2036 |
| 5.000 |
|
| 494,972 |
|
| 370,220 |
|
|
|
|
| 500,000 |
| CALIFORNIA HEALTH FACS FING |
| 3/1/2033 |
| 5.000 |
|
| 503,704 |
|
| 480,305 |
|
|
|
|
| 500,000 |
| CALIFORNIA HSG FIN AGY REV |
| 8/1/2033 |
| 5.450 |
|
| 480,916 |
|
| 499,975 |
|
|
|
|
| 750,000 |
| CALIFORNIA HSG FIN AGY REV |
| 8/1/2038 |
| 5.500 |
|
| 754,665 |
|
| 750,878 |
|
|
|
|
| 500,000 |
| CALIFORNIA INFRASTRUCTURE + |
| 8/15/2029 |
| 5.750 |
|
| 505,472 |
|
| 511,835 |
|
|
|
|
| 1,000,000 |
| CALIFORNIA INFRASTRUCTURE + EC |
| 2/1/2030 |
| 6.000 |
|
| 1,013,131 |
|
| 1,058,090 |
|
|
|
|
| 750,000 |
| CALIFORNIA MUN FIN AUTH ED REV |
| 6/1/2026 |
| 5.250 |
|
| 744,561 |
|
| 703,020 |
|
|
|
|
| 500,000 |
| CALIFORNIA MUN FIN AUTH REV |
| 5/1/2025 |
| 6.875 |
|
| 498,830 |
|
| 532,895 |
|
|
|
|
| 750,000 |
| CALIFORNIA MUN FIN AUTH SR LIV |
| 5/15/2029 |
| 5.875 |
|
| 750,000 |
|
| 776,940 |
|
|
|
|
| 1,500,000 |
| CALIFORNIA SCH FACS FING AUTH ( c) |
| 8/1/2029 |
| 1.994 |
|
| 1,027,199 |
|
| 1,062,660 |
|
|
|
|
| 750,000 |
| CALIFORNIA STATEWIDE CMNTYS |
| 6/1/2017 |
| 5.400 |
|
| 747,829 |
|
| 733,478 |
|
|
|
|
| 500,000 |
| CALIFORNIA STATEWIDE CMNTYS |
| 10/1/2025 |
| 5.750 |
|
| 487,584 |
|
| 491,735 |
|
|
|
|
| 350,000 |
| CALIFORNIA STATEWIDE CMNTYS DE |
| 9/1/2029 |
| 6.000 |
|
| 350,000 |
|
| 309,302 |
|
|
|
|
| 400,000 |
| CALIFORNIA STATEWIDE CMNTYS DE |
| 8/15/2031 |
| 5.500 |
|
| 371,718 |
|
| 400,096 |
|
|
|
|
| 500,000 |
| CALIFORNIA STATEWIDE CMNTYS DE |
| 5/15/2032 |
| 5.750 |
|
| 493,216 |
|
| 507,545 |
|
|
|
|
| 200,000 |
| CALIFORNIA STATEWIDE CMNTYS DE |
| 4/20/2036 |
| 7.000 |
|
| 200,000 |
|
| 212,626 |
|
|
|
|
| 605,000 |
| CALIFORNIA STATEWIDE CMNTYS DE |
| 11/20/2036 |
| 6.150 |
|
| 635,551 |
|
| 722,176 |
|
|
|
|
| 1,000,000 |
| CAMERON TEX ED CORP REV |
| 8/15/2021 |
| 5.000 |
|
| 835,091 |
|
| 948,370 |
|
|
|
|
| 1,000,000 |
| CAPITAL AREA CULTURAL ED FACS |
| 4/1/2024 |
| 5.500 |
|
| 978,237 |
|
| 1,001,400 |
|
|
|
|
| 255,000 |
| CAPITAL TR AGY FLA MULTIFAMILY |
| 6/1/2013 |
| 4.750 |
|
| 255,000 |
|
| 200,552 |
|
|
|
|
| 750,000 |
| CAPITAL TR AGY FLA MULTIFAMILY |
| 6/1/2038 |
| 5.875 |
|
| 763,186 |
|
| 324,855 |
|
|
|
|
| 1,217,640 |
| CARLSBAD N M INDL DEV REV |
| 4/15/2021 |
| 5.750 |
|
| 1,249,791 |
|
| 1,142,073 |
|
|
|
|
| 125,000 |
| CARSON CITY NEV HOSP REV |
| 9/1/2031 |
| 5.750 |
|
| 130,121 |
|
| 120,979 |
|
|
|
|
| 1,000,000 |
| CENTER UNI SCH DIST CALIF ( c) |
| 8/1/2031 |
| 6.074 |
|
| 290,341 |
|
| 245,740 |
|
|
|
|
| 900,000 |
| CENTINELA VALLEY CALIF UN HIGH |
| 8/1/2033 |
| 5.500 |
|
| 911,918 |
|
| 931,077 |
|
|
|
|
| 595,000 |
| CHANDLER PARK ACADEMY MICH |
| 11/1/2022 |
| 5.000 |
|
| 437,723 |
|
| 547,507 |
|
|
|
|
| 400,000 |
| CHARTIERS VALLEY PA INDL + COM |
| 8/15/2012 |
| 5.000 |
|
| 398,799 |
|
| 400,832 |
|
|
|
|
| 500,000 |
| CHATHAM CNTY GA HOSP AUTH REV |
| 1/1/2034 |
| 5.500 |
|
| 520,294 |
|
| 454,125 |
|
|
|
|
| 250,000 |
| CHESTERFIELD CNTY VA INDL DEV |
| 6/1/2017 |
| 5.875 |
|
| 255,210 |
|
| 257,255 |
|
|
|
|
| 275,000 |
| CHESTERFIELD CNTY VA INDL DEV |
| 7/1/2019 |
| 5.200 |
|
| 255,882 |
|
| 276,870 |
|
|
|
|
| 20,000 |
| CHICAGO ILL MET HSG DEV CORP M |
| 7/1/2022 |
| 6.850 |
|
| 20,559 |
|
| 20,037 |
|
|
|
|
| 500,000 |
| CITIZEN POTAWATOMI NATION OKLA |
| 9/1/2016 |
| 6.500 |
|
| 500,000 |
|
| 489,880 |
|
|
|
|
| 250,000 |
| CLARK CNTY NEV ECONOMIC DEV RE |
| 5/15/2033 |
| 5.375 |
|
| 254,232 |
|
| 251,205 |
|
|
|
|
| 455,000 |
| CLARK CNTY NEV IMPT DIST |
| 2/1/2019 |
| 5.000 |
|
| 456,492 |
|
| 382,368 |
|
|
|
|
| 1,000,000 |
| CLARK CNTY NEV PASSANGER FAC C |
| 7/1/2030 |
| 5.000 |
|
| 984,422 |
|
| 997,490 |
|
|
|
|
| 355,000 |
| CLEARWATER FLA HSG AUTH REV |
| 5/1/2024 |
| 5.350 |
|
| 258,639 |
|
| 309,276 |
|
|
|
|
| 500,000 |
| CLEVELAND CNTY OKLA JUSTICE |
| 3/1/2029 |
| 5.750 |
|
| 488,260 |
|
| 526,990 |
|
|
|
|
| 435,000 |
| CLEVELAND-CUYAHOGA CNTY OHIO P |
| 5/15/2016 |
| 6.250 |
|
| 413,495 |
|
| 437,567 |
|
|
|
|
| 1,065,000 |
| CLEVELAND-CUYAHOGA CNTY OHIO P |
| 5/15/2023 |
| 5.250 |
|
| 943,071 |
|
| 808,665 |
|
|
|
|
| 750,000 |
| CLIFTON TEX HIGHER ED FIN CORP |
| 2/15/2018 |
| 7.750 |
|
| 739,371 |
|
| 870,855 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 59 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
| 1,000,000 |
| CLIFTON TEX HIGHER ED FIN CORP |
| 12/1/2025 |
| 5.700 |
| $ | 991,817 |
|
| 1,016,440 |
|
|
|
|
| 1,000,000 |
| CLIFTON TEX HIGHER ED FIN CORP |
| 12/1/2030 |
| 6.000 |
|
| 982,590 |
|
| 1,005,320 |
|
|
|
|
| 395,000 |
| COLLIER CNTY FLA HSG FIN AUTH |
| 8/15/2015 |
| 5.250 |
|
| 393,859 |
|
| 407,099 |
|
|
|
|
| 625,000 |
| COLO HSG FIN AUTH SINGLE |
| 11/1/2034 |
| 5.000 |
|
| 625,052 |
|
| 635,000 |
|
|
|
|
| 835,000 |
| COLORADO EDL + CULTURAL FACS |
| 11/15/2028 |
| 6.750 |
|
| 835,000 |
|
| 935,142 |
|
|
|
|
| 1,500,000 |
| COLORADO EDL + CULTURAL FACS |
| 5/1/2030 |
| 6.000 |
|
| 1,457,541 |
|
| 1,514,265 |
|
|
|
|
| 1,000,000 |
| COLORADO EDL + CULTURAL FACS |
| 6/1/2033 |
| 5.500 |
|
| 974,511 |
|
| 1,018,890 |
|
|
|
|
| 1,000,000 |
| COLORADO EDL + CULTURAL FACS |
| 7/1/2034 |
| 5.600 |
|
| 993,385 |
|
| 1,009,910 |
|
|
|
|
| 350,000 |
| COLORADO EDL + CULTURAL FACS |
| 12/1/2039 |
| 5.125 |
|
| 330,464 |
|
| 341,418 |
|
|
|
|
| 1,000,000 |
| COLORADO HSG + FIN AUTH |
| 10/1/2029 |
| 5.400 |
|
| 1,000,000 |
|
| 1,045,300 |
|
|
|
|
| 1,000,000 |
| COLORADO HSG + FIN AUTH |
| 11/1/2029 |
| 5.500 |
|
| 1,000,000 |
|
| 1,058,720 |
|
|
|
|
| 1,750,000 |
| COMPARK BUSINESS CAMPUS MET |
| 12/1/2027 |
| 5.750 |
|
| 1,570,006 |
|
| 1,495,603 |
|
|
|
|
| 260,000 |
| CONCORDE ESTATES CMNTY DEV DIS (b) |
| 5/1/2011 |
| 5.000 |
|
| 259,789 |
|
| 115,700 |
|
|
|
|
| 1,250,000 |
| CONNECTICUT ST DEV AUTH POLLUT |
| 9/1/2028 |
| 5.850 |
|
| 1,318,265 |
|
| 1,262,188 |
|
|
|
|
| 1,000,000 |
| CONNECTICUT ST HSG FIN AUTH |
| 11/15/2035 |
| 4.750 |
|
| 1,000,000 |
|
| 1,012,030 |
|
|
|
|
| 375,000 |
| CONNERTON WEST CMNTY DEV DIST (b) |
| 5/1/2016 |
| 5.125 |
|
| 374,510 |
|
| 144,225 |
|
|
|
|
| 1,105,000 |
| CORONA-NORCO CALIF UNI SCH DIS ( c) |
| 8/1/2039 |
| 1.728 |
|
| 669,936 |
|
| 763,588 |
|
|
|
|
| 637,000 |
| CORTLAND ILL SPL TAX REV |
| 3/1/2017 |
| 5.500 |
|
| 632,638 |
|
| 392,124 |
|
|
|
|
| 500,000 |
| CRAWFORD CNTY PA INDL DEV AUTH |
| 11/1/2031 |
| 6.000 |
|
| 492,311 |
|
| 525,840 |
|
|
|
|
| 960,000 |
| CROW FIN AUTH MONT TRIBAL PURP |
| 10/1/2017 |
| 5.650 |
|
| 922,562 |
|
| 961,939 |
|
|
|
|
| 1,250,000 |
| CROWN POINT IND ECONOMIC DEV |
| 11/15/2013 |
| 6.500 |
|
| 1,250,000 |
|
| 1,250,963 |
|
|
|
|
| 1,000,000 |
| CULLMAN CNTY ALA HEALTH CARE A |
| 2/1/2023 |
| 6.250 |
|
| 978,630 |
|
| 1,011,170 |
|
|
|
|
| 500,000 |
| CUYAHOGA CNTY OHIO HSG MTG REV |
| 3/20/2042 |
| 5.700 |
|
| 514,090 |
|
| 529,165 |
|
|
|
|
| 3,385,000 |
| DALLAS TEX HSG FIN CORP MULTI- |
| 10/20/2032 |
| 6.750 |
|
| 3,366,716 |
|
| 3,490,646 |
|
|
|
|
| 225,000 |
| DALTON GA DEV AUTH REV |
| 8/15/2026 |
| 5.250 |
|
| 226,837 |
|
| 214,126 |
|
|
|
|
| 750,000 |
| DE KALB CNTY GA HOSP AUTH REV |
| 9/1/2030 |
| 6.000 |
|
| 742,142 |
|
| 752,760 |
|
|
|
|
| 1,000,000 |
| DELAWARE ST HEALTH FACS AUTH R |
| 6/1/2030 |
| 5.000 |
|
| 800,452 |
|
| 599,500 |
|
|
|
|
| 500,000 |
| DELAWARE ST HSG AUTH REV |
| 7/1/2031 |
| 5.200 |
|
| 500,000 |
|
| 516,325 |
|
|
|
|
| 500,000 |
| DELTA CNTY COLO MEM HOSP DIST |
| 9/1/2030 |
| 5.500 |
|
| 488,638 |
|
| 488,060 |
|
|
|
|
| 193,357 |
| DENHAM SPRINGS-LIVINGSTON HSG |
| 11/1/2040 |
| 5.000 |
|
| 200,627 |
|
| 195,971 |
|
|
|
|
| 500,000 |
| DENVER COLO CITY + CNTY ARPT |
| 11/15/2031 |
| 5.000 |
|
| 493,523 |
|
| 513,150 |
|
|
|
|
| 1,500,000 |
| DENVER COLO CITY + CNTY EXCISE |
| 9/1/2023 |
| 6.000 |
|
| 1,603,406 |
|
| 1,724,190 |
|
|
|
|
| 500,000 |
| DENVER COLO CONVENTION CTR |
| 12/1/2030 |
| 5.000 |
|
| 512,225 |
|
| 443,715 |
|
|
|
|
| 205,000 |
| DETROIT CMNTY HIGH SCH MICH |
| 11/1/2010 |
| 5.000 |
|
| 205,000 |
|
| 205,047 |
|
|
|
|
| 500,000 |
| DETROIT LAKES MINN HSG + |
| 8/1/2034 |
| 5.440 |
|
| 500,000 |
|
| 499,860 |
|
|
|
|
| 750,000 |
| DETROIT MICH |
| 4/1/2020 |
| 5.250 |
|
| 753,347 |
|
| 652,020 |
|
|
|
|
| 500,000 |
| DINUBA CALIF FING AUTH LEASE R |
| 9/1/2038 |
| 5.375 |
|
| 494,610 |
|
| 395,490 |
|
|
|
|
| 1,105,000 |
| DIRECTOR ST NEV DEPT BUSINESS (b) |
| 11/15/2014 |
| 6.000 |
|
| 1,096,599 |
|
| 663,420 |
|
|
|
|
| 2,000,000 |
| DISTRICT COLUMBIA REV |
| 7/1/2025 |
| 6.000 |
|
| 2,020,000 |
|
| 2,027,480 |
|
|
|
|
| 500,000 |
| DISTRICT COLUMBIA REV |
| 6/1/2026 |
| 5.000 |
|
| 508,868 |
|
| 446,325 |
|
|
|
|
| 3,000,000 |
| DUBLIN CALIF UNI SCH DIST ( c) |
| 8/1/2034 |
| 6.378 |
|
| 661,175 |
|
| 651,750 |
|
|
|
|
| 325,000 |
| DURBIN CROSSING CMNTY DEV DIST |
| 11/1/2010 |
| 4.875 |
|
| 324,970 |
|
| 299,592 |
|
|
|
|
| 500,000 |
| E-470 PUB HWY AUTH COLO REV |
| 9/1/2024 |
| 5.500 |
|
| 505,794 |
|
| 501,740 |
|
|
|
|
| 5,000 |
| EAST BATON ROUGE LA MTG FIN AU |
| 10/1/2024 |
| 4.625 |
|
| 5,000 |
|
| 5,122 |
|
|
|
|
| 500,000 |
| EAST BATON ROUGE LA MTG FIN AU |
| 10/1/2034 |
| 5.000 |
|
| 500,000 |
|
| 506,685 |
|
|
|
|
| 550,000 |
| EAST CHICAGO IND REDEV COMMN |
| 7/15/2014 |
| 5.000 |
|
| 550,000 |
|
| 558,322 |
|
|
|
|
| 565,000 |
| EAST CHICAGO IND REDEV COMMN |
| 1/15/2015 |
| 5.250 |
|
| 565,000 |
|
| 573,029 |
|
|
|
|
| 950,000 |
| EAST POINT GA |
| 2/1/2026 |
| 8.000 |
|
| 1,071,906 |
|
| 966,217 |
|
|
|
|
| 800,000 |
| EDEN PRAIRIE MINN MULTIFAMILY |
| 2/20/2043 |
| 6.200 |
|
| 872,704 |
|
| 849,120 |
|
|
|
|
| 2,045,000 |
| EDEN TWP CALIF HEALTHCARE DIST |
| 6/1/2030 |
| 6.000 |
|
| 2,021,462 |
|
| 2,035,470 |
|
|
|
|
| 200,000 |
| EL PASO CNTY TEX HSG FIN CORP |
| 12/1/2015 |
| 7.000 |
|
| 200,000 |
|
| 199,096 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 60 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
| 750,000 |
| EL PASO DE ROBLES CALIF REDEV |
| 7/1/2033 |
| 6.375 |
| $ | 741,474 |
|
| 770,393 |
|
|
|
|
| 825,083 |
| EL PASO TEX HSG FIN CORP MTG R |
| 4/1/2033 |
| 6.180 |
|
| 854,628 |
|
| 873,433 |
|
|
|
|
| 500,000 |
| ELKHART CNTY IND HOSP AUTH REV |
| 8/15/2020 |
| 5.250 |
|
| 506,685 |
|
| 501,645 |
|
|
|
|
| 2,000,000 |
| EMERY CNTY UTAH POLLUTN CTL RE |
| 11/1/2023 |
| 5.650 |
|
| 2,021,657 |
|
| 2,006,200 |
|
|
|
|
| 500,000 |
| ERIE CNTY OHIO HOSP FACS REV |
| 8/15/2013 |
| 6.000 |
|
| 520,637 |
|
| 528,950 |
|
|
|
|
| 1,000,000 |
| ERIE CNTY OHIO HOSP FACS REV |
| 8/15/2032 |
| 5.625 |
|
| 1,009,923 |
|
| 967,390 |
|
|
|
|
| 1,000,000 |
| ERIE CNTY PA HOSP AUTH REV |
| 7/1/2027 |
| 7.000 |
|
| 1,000,000 |
|
| 1,012,150 |
|
|
|
|
| 500,000 |
| ESTHERVILLE IOWA HOSP REV |
| 7/1/2020 |
| 6.300 |
|
| 505,004 |
|
| 505,365 |
|
|
|
|
| 500,000 |
| FAIRFAX CNTY VA REDEV + HSG AU |
| 8/1/2039 |
| 5.600 |
|
| 500,000 |
|
| 526,865 |
|
|
|
|
| 250,000 |
| FARGO N D HEALTH SYS REV |
| 6/1/2027 |
| 5.375 |
|
| 246,702 |
|
| 250,115 |
|
|
|
|
| 2,886,181 |
| FARGO N D UNIV FACS REV |
| 11/29/2027 |
| 5.110 |
|
| 2,886,181 |
|
| 3,128,534 |
|
|
|
|
| 1,500,000 |
| FARMINGTON N M POLLUTN CTL REV |
| 6/1/2040 |
| 5.200 |
|
| 1,500,000 |
|
| 1,507,785 |
|
|
|
|
| 239,000 |
| FARMS NEW KENT VA CMNTY DEV |
| 3/1/2036 |
| 5.125 |
|
| 239,000 |
|
| 169,824 |
|
|
|
|
| 1,000,000 |
| FESTIVAL RANCH CMNTY FACS DIST |
| 7/15/2024 |
| 6.250 |
|
| 1,017,202 |
|
| 1,024,150 |
|
|
|
|
| 315,000 |
| FIDDLERS CREEK CMNTY DEV DIST (b) |
| 5/1/2013 |
| 5.750 |
|
| 313,978 |
|
| 122,850 |
|
|
|
|
| 925,000 |
| FLAGSTAFF ARIZ INDL DEV AUTH R |
| 7/1/2022 |
| 5.500 |
|
| 848,694 |
|
| 781,560 |
|
|
|
|
| 1,500,000 |
| FLINT MICH HOSP BLDG AUTH REV |
| 7/1/2020 |
| 6.000 |
|
| 1,455,865 |
|
| 1,481,175 |
|
|
|
|
| 445,000 |
| FLORIDA HSG FIN CORP REV |
| 7/1/2033 |
| 5.450 |
|
| 445,000 |
|
| 459,507 |
|
|
|
|
| 1,995,000 |
| FLORIDA HSG FIN CORP REV |
| 7/1/2034 |
| 5.300 |
|
| 2,018,526 |
|
| 2,066,002 |
|
|
|
|
| 680,000 |
| FOREST CREEK CMNTY DEV DIST |
| 11/1/2013 |
| 7.000 |
|
| 889,302 |
|
| 530,720 |
|
|
|
|
| 250,000 |
| FOREST GROVE ORE REV |
| 5/1/2030 |
| 6.000 |
|
| 245,708 |
|
| 260,378 |
|
|
|
|
| 1,000,000 |
| FORT ML S C SCH FACS CORP |
| 12/1/2029 |
| 5.250 |
|
| 992,921 |
|
| 1,012,450 |
|
|
|
|
| 500,000 |
| FORT ML S C SCH FACS CORP |
| 12/1/2030 |
| 5.250 |
|
| 497,039 |
|
| 505,950 |
|
|
|
|
| 1,000,000 |
| FORT PIERCE FLA CAP IMPT REV |
| 9/1/2025 |
| 5.750 |
|
| 985,023 |
|
| 1,116,440 |
|
|
|
|
| 1,000,000 |
| FRANKLIN CNTY OHIO HEALTH CARE |
| 7/1/2035 |
| 5.125 |
|
| 583,754 |
|
| 878,060 |
|
|
|
|
| 1,245,000 |
| FULTON CNTY GA DEV AUTH REV |
| 11/1/2028 |
| 5.250 |
|
| 1,074,111 |
|
| 996,735 |
|
|
|
|
| 330,000 |
| FULTON CNTY PA INDL DEV AUTH |
| 7/1/2011 |
| 5.375 |
|
| 329,788 |
|
| 331,825 |
|
|
|
|
| 1,000,000 |
| FYI PROPERTIES WASH LEASE REV |
| 6/1/2034 |
| 5.500 |
|
| 980,359 |
|
| 1,060,690 |
|
|
|
|
| 500,000 |
| GAINESVILLE + HALL CNTY GA DEV |
| 11/15/2029 |
| 6.375 |
|
| 516,856 |
|
| 520,890 |
|
|
|
|
| 1,000,000 |
| GAINESVILLE + HALL CNTY GA HOS |
| 2/15/2030 |
| 5.000 |
|
| 970,784 |
|
| 964,790 |
|
|
|
|
| 1,167,478 |
| GALVESTON CNTY TEX MUN UTIL |
| 9/1/2010 |
| 6.390 |
|
| 1,167,478 |
|
| 933,282 |
|
|
|
|
| 500,000 |
| GARDEN GROVE CALIF CTFS PARTN |
| 8/1/2023 |
| 5.700 |
|
| 511,762 |
|
| 501,500 |
|
|
|
|
| 400,000 |
| GEISINGER AUTH PA HEALTH SYS |
| 5/1/2037 |
| 1.001 |
|
| 400,000 |
|
| 297,500 |
|
|
|
|
| 500,000 |
| GILA CNTY ARIZ UNI SCH DIST NO |
| 7/1/2028 |
| 3.000 |
|
| 476,300 |
|
| 537,335 |
|
|
|
|
| 750,000 |
| GLENDALE CALIF REDEV AGY TAX A |
| 12/1/2024 |
| 5.500 |
|
| 738,931 |
|
| 753,990 |
|
|
|
|
| 1,000,000 |
| GOLDEN ST TOB SECURITIZATION |
| 6/1/2022 |
| 4.550 |
|
| 857,472 |
|
| 951,890 |
|
|
|
|
| 1,000,000 |
| GOLDEN ST TOB SECURITIZATION |
| 6/1/2047 |
| 5.125 |
|
| 848,679 |
|
| 646,770 |
|
|
|
|
| 885,000 |
| GRAND FORKS N D HEALTH CARE FA |
| 12/1/2010 |
| 6.625 |
|
| 885,000 |
|
| 888,044 |
|
|
|
|
| 2,000,000 |
| GRAND FORKS N D HEALTH CARE SY |
| 8/15/2027 |
| 5.625 |
|
| 2,000,000 |
|
| 1,996,580 |
|
|
|
|
| 500,000 |
| GRAND VALLEY MICH ST UNIV REV |
| 12/1/2024 |
| 5.300 |
|
| 494,990 |
|
| 528,060 |
|
|
|
|
| - |
| GRAVOIS BLUFFS TRANSN DEV DIST |
| 5/1/2018 |
| 4.000 |
|
| 0 |
|
| - |
|
|
|
|
| 970,000 |
| GRAVOIS BLUFFS TRANSN DEV DIST |
| 5/1/2032 |
| 4.750 |
|
| 684,849 |
|
| 768,609 |
|
|
|
|
| 500,000 |
| GREENS PARKWAY MUN UTIL DIST |
| 9/1/2032 |
| 5.500 |
|
| 484,434 |
|
| 504,675 |
|
|
|
|
| 500,000 |
| GUNNISON CNTY COLO |
| 7/15/2019 |
| 6.099 |
|
| 509,257 |
|
| 512,970 |
|
|
|
|
| 1,000,000 |
| HAMDEN CONN FAC REV |
| 1/1/2014 |
| 6.125 |
|
| 985,334 |
|
| 993,950 |
|
|
|
|
| 750,000 |
| HAMILTON CNTY OHIO HEALTH CARE |
| 1/1/2037 |
| 5.000 |
|
| 629,299 |
|
| 660,090 |
|
|
|
|
| 1,000,000 |
| HAMMOND IND LOC PUB IMPT BD BK |
| 8/15/2025 |
| 6.500 |
|
| 1,026,069 |
|
| 1,034,320 |
|
|
|
|
| 500,000 |
| HAMMOND IND REDEV DIST REV |
| 1/15/2017 |
| 6.000 |
|
| 500,000 |
|
| 511,525 |
|
|
|
|
| 1,500,000 |
| HARBOR POINT INFRASTRUCTURE |
| 4/1/2022 |
| 7.000 |
|
| 1,500,000 |
|
| 1,579,920 |
|
|
|
|
| 1,250,000 |
| HARRIS CNTY TEX CULTURAL ED |
| 8/15/2021 |
| 6.750 |
|
| 1,250,000 |
|
| 1,267,700 |
|
|
|
|
| 500,000 |
| HARRIS CNTY TEX DEPT ED PUB FA |
| 2/15/2023 |
| 5.750 |
|
| 507,060 |
|
| 539,830 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 61 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
| 1,500,000 |
| HARTNELL CALIF CMNTY COLLEGE D (c) |
| 8/1/2034 |
| 3.593 |
| $ | 636,206 |
|
| 757,275 |
|
|
|
|
| 350,000 |
| HARVEY ILL |
| 12/1/2027 |
| 5.500 |
|
| 357,665 |
|
| 330,509 |
|
|
|
|
| 1,000,000 |
| HAWAII ST DEPT BUDGET + FIN |
| 11/15/2023 |
| 7.875 |
|
| 967,607 |
|
| 1,078,530 |
|
|
|
|
| 500,000 |
| HAWAII ST DEPT BUDGET + FIN SP |
| 11/15/2014 |
| 6.400 |
|
| 500,000 |
|
| 505,315 |
|
|
|
|
| 590,000 |
| HAWAII ST DEPT BUDGET + FIN SP |
| 11/15/2029 |
| 8.750 |
|
| 581,776 |
|
| 664,358 |
|
|
|
|
| 1,000,000 |
| HAWTHORNE CALIF SCH DIST (c) |
| 11/1/2026 |
| 6.697 |
|
| 341,518 |
|
| 336,480 |
|
|
|
|
| 2,000,000 |
| HAWTHORNE CALIF SCH DIST CTFS (c) |
| 12/1/2029 |
| 1.444 |
|
| 1,506,295 |
|
| 1,535,660 |
|
|
|
|
| 1,000,000 |
| HELENDALE CALIF SCH DIST (c) |
| 8/1/2034 |
| 2.437 |
|
| 557,939 |
|
| 588,610 |
|
|
|
|
| 1,500,000 |
| HENDERSON NEV LOC IMPT DISTS |
| 9/1/2010 |
| 4.500 |
|
| 1,500,000 |
|
| 1,452,960 |
|
|
|
|
| 255,000 |
| HIGHLANDS CNTY FLA HEALTH FACS |
| 11/15/2027 |
| 5.000 |
|
| 257,653 |
|
| 255,938 |
|
|
|
|
| 500,000 |
| HIMALAYA WTR + SANTN DIST COLO |
| 12/1/2035 |
| 5.000 |
|
| 512,939 |
|
| 429,385 |
|
|
|
|
| 1,260,000 |
| HOPKINS CNTY KY HOSP REV |
| 11/15/2011 |
| 6.625 |
|
| 1,254,020 |
|
| 1,263,767 |
|
|
|
|
| 500,000 |
| HOPKINS CNTY TEX HOSP DIST |
| 2/15/2023 |
| 5.500 |
|
| 488,409 |
|
| 470,040 |
|
|
|
|
| 271,000 |
| HOUMA-TERREBONNE PUB TR FING A |
| 12/1/2040 |
| 5.150 |
|
| 282,401 |
|
| 276,916 |
|
|
|
|
| 250,000 |
| HOWARD CNTY MD RETIREMENT |
| 4/1/2027 |
| 5.250 |
|
| 255,118 |
|
| 207,640 |
|
|
|
|
| 400,000 |
| HUNTSVILLE-REDSTONE VLG ALA |
| 1/1/2015 |
| 5.250 |
|
| 400,000 |
|
| 393,016 |
|
|
|
|
| 500,000 |
| HURON CNTY OHIO HOSP FACS REV |
| 12/1/2022 |
| 5.000 |
|
| 501,724 |
|
| 506,395 |
|
|
|
|
| 110,000 |
| IDAHO HEALTH FACS AUTH HOSP |
| 8/1/2010 |
| 6.000 |
|
| 110,017 |
|
| 109,835 |
|
|
|
|
| 85,000 |
| IDAHO HSG + FIN ASSN |
| 8/1/2010 |
| 5.750 |
|
| 85,000 |
|
| 84,969 |
|
|
|
|
| 245,000 |
| IDAHO HSG + FIN ASSN |
| 8/1/2017 |
| 6.250 |
|
| 245,000 |
|
| 234,458 |
|
|
|
|
| 250,000 |
| IDAHO HSG + FIN ASSN |
| 12/1/2018 |
| 5.500 |
|
| 247,496 |
|
| 241,818 |
|
|
|
|
| 250,000 |
| IDAHO HSG + FIN ASSN |
| 6/1/2021 |
| 5.500 |
|
| 250,000 |
|
| 251,423 |
|
|
|
|
| 250,000 |
| IDAHO HSG + FIN ASSN |
| 7/1/2021 |
| 5.625 |
|
| 249,280 |
|
| 249,290 |
|
|
|
|
| 750,000 |
| IDAHO HSG + FIN ASSN |
| 7/1/2021 |
| 9.000 |
|
| 750,000 |
|
| 880,763 |
|
|
|
|
| 735,000 |
| IDAHO HSG + FIN ASSN SINGLE |
| 7/1/2026 |
| 5.650 |
|
| 754,075 |
|
| 766,046 |
|
|
|
|
| 490,000 |
| IDAHO HSG + FIN ASSN SINGLE |
| 7/1/2038 |
| 5.500 |
|
| 490,000 |
|
| 511,923 |
|
|
|
|
| 305,000 |
| IDAHO HSG + FIN ASSN SINGLE |
| 1/1/2040 |
| 5.500 |
|
| 305,000 |
|
| 316,114 |
|
|
|
|
| 730,000 |
| ILLINOIS DEV FIN AUTH POLLUTN |
| 3/1/2014 |
| 5.500 |
|
| 735,080 |
|
| 731,007 |
|
|
|
|
| 195,000 |
| ILLINOIS DEV FIN AUTH POLLUTN |
| 2/1/2024 |
| 5.700 |
|
| 198,676 |
|
| 195,047 |
|
|
|
|
| 250,000 |
| ILLINOIS DEV FIN AUTH REV |
| 5/15/2021 |
| 5.500 |
|
| 258,457 |
|
| 250,060 |
|
|
|
|
| 500,000 |
| ILLINOIS EDL FACS AUTH REVS |
| 10/1/2032 |
| 5.700 |
|
| 501,651 |
|
| 504,570 |
|
|
|
|
| 600,000 |
| ILLINOIS FIN AUTH ED REV |
| 9/1/2027 |
| 5.000 |
|
| 567,735 |
|
| 455,484 |
|
|
|
|
| 500,000 |
| ILLINOIS FIN AUTH REV |
| 5/15/2012 |
| 5.100 |
|
| 499,113 |
|
| 498,015 |
|
|
|
|
| 600,000 |
| ILLINOIS FIN AUTH REV |
| 5/15/2012 |
| 5.250 |
|
| 601,568 |
|
| 601,020 |
|
|
|
|
| 500,000 |
| ILLINOIS FIN AUTH REV |
| 11/15/2016 |
| 5.000 |
|
| 510,931 |
|
| 470,015 |
|
|
|
|
| 400,000 |
| ILLINOIS FIN AUTH REV (b) |
| 11/15/2016 |
| 5.400 |
|
| 396,789 |
|
| 140,000 |
|
|
|
|
| 250,000 |
| ILLINOIS FIN AUTH REV |
| 12/1/2021 |
| 5.000 |
|
| 255,074 |
|
| 244,883 |
|
|
|
|
| 1,250,000 |
| ILLINOIS FIN AUTH REV |
| 11/15/2022 |
| 5.250 |
|
| 1,247,657 |
|
| 1,254,475 |
|
|
|
|
| 350,000 |
| ILLINOIS FIN AUTH REV |
| 8/15/2023 |
| 6.000 |
|
| 363,633 |
|
| 358,463 |
|
|
|
|
| 375,000 |
| ILLINOIS FIN AUTH REV |
| 4/1/2026 |
| 5.000 |
|
| 381,357 |
|
| 345,716 |
|
|
|
|
| 750,000 |
| ILLINOIS FIN AUTH REV |
| 5/15/2026 |
| 5.750 |
|
| 728,656 |
|
| 693,345 |
|
|
|
|
| 610,000 |
| ILLINOIS FIN AUTH REV |
| 8/15/2026 |
| 6.000 |
|
| 624,422 |
|
| 533,927 |
|
|
|
|
| 1,000,000 |
| ILLINOIS FIN AUTH REV |
| 11/15/2026 |
| 5.250 |
|
| 970,197 |
|
| 862,410 |
|
|
|
|
| 250,000 |
| ILLINOIS FIN AUTH REV |
| 11/15/2026 |
| 5.750 |
|
| 252,229 |
|
| 251,368 |
|
|
|
|
| 500,000 |
| ILLINOIS FIN AUTH REV |
| 3/15/2027 |
| 5.000 |
|
| 521,832 |
|
| 510,820 |
|
|
|
|
| 500,000 |
| ILLINOIS FIN AUTH REV |
| 5/15/2029 |
| 5.250 |
|
| 506,436 |
|
| 508,025 |
|
|
|
|
| 750,000 |
| ILLINOIS FIN AUTH REV |
| 11/1/2029 |
| 6.375 |
|
| 741,296 |
|
| 807,878 |
|
|
|
|
| 750,000 |
| ILLINOIS FIN AUTH REV |
| 11/15/2035 |
| 5.000 |
|
| 750,000 |
|
| 747,338 |
|
|
|
|
| 150,000 |
| ILLINOIS FIN AUTH REV |
| 12/1/2036 |
| 5.000 |
|
| 151,550 |
|
| 134,430 |
|
|
|
|
| 805,000 |
| ILLINOIS FIN AUTH REV |
| 2/1/2037 |
| 5.250 |
|
| 801,381 |
|
| 730,175 |
|
|
|
|
| 500,000 |
| ILLINOIS FIN AUTH REV |
| 2/15/2038 |
| 5.875 |
|
| 506,038 |
|
| 440,415 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 62 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
| 500,000 |
| ILLINOIS FIN AUTH REV |
| 3/1/2038 |
| 6.000 |
| $ | 484,893 |
|
| 539,165 |
|
|
|
|
| 250,000 |
| ILLINOIS FIN AUTH REV |
| 5/15/2038 |
| 5.750 |
|
| 257,154 |
|
| 208,455 |
|
|
|
|
| 750,000 |
| ILLINOIS FIN AUTH SPORTS FAC (b) |
| 10/1/2027 |
| 6.125 |
|
| 730,530 |
|
| 451,440 |
|
|
|
|
| 440,000 |
| ILLINOIS FIN AUTH SPORTS FAC (b) |
| 12/1/2035 |
| 7.000 |
|
| 436,679 |
|
| 39,622 |
|
|
|
|
| 500,000 |
| ILLINOIS FIN AUTH SPORTS FAC (b) |
| 10/1/2037 |
| 6.250 |
|
| 484,119 |
|
| 294,750 |
|
|
|
|
| 630,000 |
| ILLINOIS HEALTH FACS AUTH REV |
| 5/15/2014 |
| 6.250 |
|
| 631,179 |
|
| 635,651 |
|
|
|
|
| 750,000 |
| ILLINOIS HEALTH FACS AUTH REV |
| 8/15/2028 |
| 5.375 |
|
| 737,225 |
|
| 745,230 |
|
|
|
|
| 500,000 |
| ILLINOIS HEALTH FACS AUTH REV |
| 7/1/2033 |
| 6.000 |
|
| 515,528 |
|
| 513,780 |
|
|
|
|
| 2,100,000 |
| ILLINOIS HEALTH FACS AUTH REV |
| 8/15/2033 |
| 5.100 |
|
| 2,138,696 |
|
| 2,111,298 |
|
|
|
|
| 500,000 |
| ILLINOIS HEALTH FACS AUTH REV |
| 2/15/2037 |
| 5.150 |
|
| 501,305 |
|
| 500,825 |
|
|
|
|
| 500,000 |
| INDEPENDENCE CNTY ARK POLLUTN |
| 1/1/2021 |
| 5.000 |
|
| 500,000 |
|
| 500,195 |
|
|
|
|
| 250,000 |
| INDEPENDENCE MO THIRTY-NINTH |
| 9/1/2032 |
| 6.875 |
|
| 250,000 |
|
| 250,045 |
|
|
|
|
| 500,000 |
| INDIANA BD BK REV |
| 2/1/2029 |
| 5.500 |
|
| 490,280 |
|
| 538,585 |
|
|
|
|
| 1,000,000 |
| INDIANA FIN AUTH HOSP REV |
| 3/1/2030 |
| 5.125 |
|
| 950,246 |
|
| 959,830 |
|
|
|
|
| 1,750,000 |
| INDIANA HEALTH + EDL FAC FING |
| 3/1/2022 |
| 5.500 |
|
| 1,615,362 |
|
| 1,818,075 |
|
|
|
|
| 1,000,000 |
| INDIANA HEALTH + EDL FAC FING |
| 2/15/2030 |
| 5.250 |
|
| 737,791 |
|
| 947,180 |
|
|
|
|
| 500,000 |
| INDIANA HEALTH + EDL FAC FING |
| 2/15/2036 |
| 5.250 |
|
| 502,445 |
|
| 460,385 |
|
|
|
|
| 500,000 |
| INDIANA HEALTH FAC FING AUTH H |
| 2/15/2017 |
| 5.125 |
|
| 492,289 |
|
| 500,360 |
|
|
|
|
| - |
| INDIANA HEALTH FAC FING AUTH H |
| 2/15/2018 |
| 5.250 |
|
| 29 |
|
| - |
|
|
|
|
| 1,315,000 |
| INDIANA HEALTH FAC FING AUTH R |
| 8/15/2018 |
| 5.000 |
|
| 1,184,853 |
|
| 1,314,882 |
|
|
|
|
| 1,000,000 |
| INDIANA ST FIN AUTH REV |
| 10/1/2021 |
| 6.000 |
|
| 1,000,000 |
|
| 1,038,720 |
|
|
|
|
| 1,500,000 |
| INDIANA ST FIN AUTH REV |
| 7/1/2039 |
| 5.750 |
|
| 1,526,252 |
|
| 1,560,900 |
|
|
|
|
| 300,000 |
| INTERCOMMUNITY HOSP FING AUTH |
| 11/1/2019 |
| 5.250 |
|
| 309,770 |
|
| 295,416 |
|
|
|
|
| 961,113 |
| INTERMEDIATE SCH DIST 287 MINN |
| 1/1/2028 |
| 5.460 |
|
| 979,870 |
|
| 961,113 |
|
|
|
|
| 5,713,379 |
| INTERMEDIATE SCH DIST 287 MINN |
| 11/1/2032 |
| 5.295 |
|
| 5,459,500 |
|
| 5,745,888 |
|
|
|
|
| 400,000 |
| IOWA FIN AUTH SR HSG REV |
| 12/1/2014 |
| 5.000 |
|
| 397,943 |
|
| 369,156 |
|
|
|
|
| 500,000 |
| IOWA FIN AUTH SR LIVING FAC |
| 11/15/2027 |
| 5.500 |
|
| 509,393 |
|
| 359,320 |
|
|
|
|
| 1,000,000 |
| IOWA STUDENT LN LIQUIDITY CORP |
| 12/1/2027 |
| 5.500 |
|
| 977,000 |
|
| 1,013,150 |
|
|
|
|
| 475,000 |
| JACKSONVILLE FLA ECONOMIC DEV |
| 9/1/2017 |
| 6.000 |
|
| 475,000 |
|
| 486,894 |
|
|
|
|
| 1,000,000 |
| JACKSONVILLE FLA HEALTH FACS A |
| 11/1/2027 |
| 5.000 |
|
| 958,627 |
|
| 975,030 |
|
|
|
|
| 400,000 |
| JEFFERSON CNTY ALA MULTIFAMILY |
| 9/1/2012 |
| 5.400 |
|
| 396,888 |
|
| 400,896 |
|
|
|
|
| 1,500,000 |
| JEFFERSON CNTY KY MTG REV |
| 11/15/2013 |
| 6.125 |
|
| 1,500,000 |
|
| 1,502,955 |
|
|
|
|
| 155,000 |
| JEFFERSON PARISH LA FIN AUTH |
| 6/1/2033 |
| 5.000 |
|
| 163,118 |
|
| 160,980 |
|
|
|
|
| 1,250,000 |
| JEFFERSON PARISH LA FIN AUTH |
| 6/1/2038 |
| 5.000 |
|
| 1,308,231 |
|
| 1,297,800 |
|
|
|
|
| 250,000 |
| JEFFERSON PARISH LA FIN AUTH |
| 12/1/2048 |
| 5.700 |
|
| 262,113 |
|
| 268,913 |
|
|
|
|
| 500,000 |
| JOHNSON CITY TENN HEALTH + EDL |
| 7/1/2030 |
| 5.625 |
|
| 483,934 |
|
| 496,735 |
|
|
|
|
| 700,000 |
| JOPLIN MO INDL DEV AUTH INDL R |
| 5/15/2017 |
| 5.500 |
|
| 707,936 |
|
| 687,407 |
|
|
|
|
| 140,000 |
| JUBAN PARC CMNTY DEV DEV DIST |
| 10/1/2014 |
| 5.150 |
|
| 140,000 |
|
| 128,524 |
|
|
|
|
| 1,930,000 |
| KALISPEL TRIBE INDIANS |
| 1/1/2016 |
| 6.200 |
|
| 1,873,419 |
|
| 1,831,145 |
|
|
|
|
| 4,500,000 |
| KANSAS CITY MO INDL DEV AUTH M |
| 1/1/2012 |
| 5.000 |
|
| 4,462,964 |
|
| 4,456,485 |
|
|
|
|
| 1,000,000 |
| KANSAS CITY MO INDL DEV AUTH M |
| 11/20/2039 |
| 5.100 |
|
| 1,000,000 |
|
| 1,015,610 |
|
|
|
|
| 1,000,000 |
| KANSAS ST DEV FIN AUTH HOSP RE |
| 11/15/2029 |
| 5.500 |
|
| 976,647 |
|
| 1,074,950 |
|
|
|
|
| 200,000 |
| KATY TEX DEV AUTH REV |
| 6/1/2011 |
| 5.800 |
|
| 198,880 |
|
| 200,126 |
|
|
|
|
| 250,000 |
| KENTUCKY ECONOMIC DEV FIN AUTH |
| 10/1/2012 |
| 6.250 |
|
| 252,529 |
|
| 255,055 |
|
|
|
|
| 750,000 |
| KENTUCKY ECONOMIC DEV FIN AUTH |
| 10/1/2018 |
| 6.000 |
|
| 730,028 |
|
| 797,138 |
|
|
|
|
| 200,000 |
| KENTUCKY ECONOMIC DEV FIN AUTH |
| 12/1/2033 |
| 6.000 |
|
| 198,487 |
|
| 219,374 |
|
|
|
|
| 500,000 |
| KENTUCKY ECONOMIC DEV FIN AUTH |
| 11/20/2035 |
| 5.375 |
|
| 500,000 |
|
| 530,265 |
|
|
|
|
| 500,000 |
| KENTUCKY HSG CORP HSG REV |
| 7/1/2039 |
| 5.150 |
|
| 500,000 |
|
| 515,975 |
|
|
|
|
| 250,000 |
| KENTWOOD MICH ECONOMIC DEV |
| 11/15/2014 |
| 5.250 |
|
| 248,727 |
|
| 246,630 |
|
|
|
|
| 2,705,000 |
| KERRVILLE TEX HEALTH FACS DEV |
| 8/15/2035 |
| 5.450 |
|
| 2,694,390 |
|
| 2,486,734 |
|
|
|
|
| 750,000 |
| KING CNTY WASH HSG AUTH REV |
| 5/1/2028 |
| 5.200 |
|
| 750,000 |
|
| 786,645 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 63 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
| 500,000 |
| KIRKWOOD MO INDL DEV AUTH |
| 5/15/2015 |
| 6.500 |
| $ | 500,000 |
|
| 501,550 |
|
|
|
|
| 500,000 |
| KIRKWOOD MO INDL DEV AUTH |
| 11/15/2015 |
| 7.000 |
|
| 500,000 |
|
| 501,765 |
|
|
|
|
| 500,000 |
| KIRKWOOD MO INDL DEV AUTH |
| 5/15/2021 |
| 8.000 |
|
| 500,000 |
|
| 507,070 |
|
|
|
|
| 900,000 |
| KLICKITAT CNTY WASH PUB HOSP |
| 12/1/2020 |
| 6.000 |
|
| 831,517 |
|
| 869,562 |
|
|
|
|
| 750,000 |
| KNOX CNTY TENN HEALTH EDL + HS |
| 4/15/2031 |
| 6.500 |
|
| 636,948 |
|
| 798,690 |
|
|
|
|
| 455,000 |
| LA VERNIA TEX HIGHER ED FIN CO |
| 2/15/2018 |
| 6.000 |
|
| 455,000 |
|
| 445,181 |
|
|
|
|
| 1,500,000 |
| LAFAYETTE LA PUB TR FING AUTH |
| 1/1/2041 |
| 5.350 |
|
| 1,539,203 |
|
| 1,548,960 |
|
|
|
|
| 320,000 |
| LAKE ASHTON II CMNTY DEV DIST |
| 11/1/2010 |
| 4.875 |
|
| 320,044 |
|
| 272,669 |
|
|
|
|
| 650,000 |
| LAKELAND FLA HOSP SYS REV |
| 11/15/2032 |
| 5.000 |
|
| 660,955 |
|
| 621,303 |
|
|
|
|
| 250,000 |
| LAKELAND FLA RETIREMENT CMNTY |
| 1/1/2019 |
| 5.875 |
|
| 250,000 |
|
| 249,753 |
|
|
|
|
| 750,000 |
| LAKESIDE 370 LEVEE DIST MO |
| 4/1/2028 |
| 7.000 |
|
| 750,000 |
|
| 753,750 |
|
|
|
|
| 750,000 |
| LANCASTER CALIF REDEV AGY TAX |
| 8/1/2024 |
| 6.000 |
|
| 737,369 |
|
| 804,195 |
|
|
|
|
| 500,000 |
| LANCASTER CNTY NEB HOSP AUTH |
| 1/1/2023 |
| 5.125 |
|
| 496,544 |
|
| 510,370 |
|
|
|
|
| 400,000 |
| LANGSTON OKLA ECONOMIC DEV |
| 5/1/2026 |
| 5.250 |
|
| 413,031 |
|
| 399,972 |
|
|
|
|
| 2,000,000 |
| LAS VEGAS NEV REDEV AGY TAX IN |
| 6/15/2023 |
| 7.500 |
|
| 1,979,333 |
|
| 2,299,740 |
|
|
|
|
| 250,000 |
| LEE CNTY FLA INDL DEV AUTH HEA |
| 11/15/2029 |
| 5.000 |
|
| 254,792 |
|
| 215,913 |
|
|
|
|
| 750,000 |
| LEE CNTY FLA INDL DEV AUTH IND |
| 6/15/2027 |
| 5.250 |
|
| 753,854 |
|
| 648,263 |
|
|
|
|
| 400,000 |
| LEE CNTY S C SCH FACS INC |
| 12/1/2031 |
| 6.000 |
|
| 366,639 |
|
| 405,468 |
|
|
|
|
| 500,000 |
| LEESBURG FLA CAP IMPT REV |
| 10/1/2034 |
| 5.250 |
|
| 503,990 |
|
| 502,985 |
|
|
|
|
| 250,000 |
| LEHIGH CNTY PA GEN PURP AUTH |
| 8/15/2042 |
| 1.312 |
|
| 250,000 |
|
| 169,063 |
|
|
|
|
| 200,000 |
| LEWISVILLE TEX COMBINATION CON |
| 9/1/2028 |
| 5.700 |
|
| 131,710 |
|
| 189,796 |
|
|
|
|
| 500,000 |
| LOMBARD ILL PUB FACS CORP |
| 1/1/2015 |
| 6.375 |
|
| 500,000 |
|
| 455,880 |
|
|
|
|
| 550,000 |
| LOMBARD ILL PUB FACS CORP |
| 1/1/2030 |
| 5.500 |
|
| 578,599 |
|
| 378,725 |
|
|
|
|
| 1,750,000 |
| LOMBARD ILL PUB FACS CORP |
| 1/1/2036 |
| 5.250 |
|
| 1,778,921 |
|
| 1,754,970 |
|
|
|
|
| 250,000 |
| LOMPOC CALIF HEALTHCARE DIST |
| 8/1/2034 |
| 5.000 |
|
| 252,756 |
|
| 245,185 |
|
|
|
|
| 1,000,000 |
| LOS ANGELES CALIF CMNTY COLLEG |
| 8/1/2033 |
| 6.000 |
|
| 1,034,063 |
|
| 1,125,110 |
|
|
|
|
| 400,000 |
| LOS ANGELES CALIF CTFS PARTN |
| 2/1/2018 |
| 5.700 |
|
| 354,664 |
|
| 400,224 |
|
|
|
|
| 1,000,000 |
| LOS ANGELES CALIF CTFS PARTN |
| 2/1/2027 |
| 5.000 |
|
| 1,000,713 |
|
| 1,004,640 |
|
|
|
|
| 1,250,000 |
| LOS ANGELES CALIF HSG AUTH |
| 6/1/2029 |
| 5.000 |
|
| 1,090,383 |
|
| 1,178,425 |
|
|
|
|
| 500,000 |
| LOUDOUN CNTY VA INDL DEV AUTH |
| 8/1/2028 |
| 7.000 |
|
| 500,000 |
|
| 505,540 |
|
|
|
|
| 500,000 |
| LOUISIANA HSG FIN AGY SINGLE |
| 12/1/2034 |
| 5.100 |
|
| 500,000 |
|
| 513,680 |
|
|
|
|
| 315,000 |
| LOUISIANA HSG FIN AGY SINGLE |
| 6/1/2038 |
| 5.850 |
|
| 336,050 |
|
| 335,236 |
|
|
|
|
| 1,465,000 |
| LOUISIANA HSG FIN AGY SINGLE |
| 12/1/2038 |
| 5.700 |
|
| 1,536,394 |
|
| 1,568,927 |
|
|
|
|
| 235,000 |
| LOUISIANA HSG FIN AGY SINGLE |
| 6/1/2039 |
| 5.600 |
|
| 242,696 |
|
| 253,170 |
|
|
|
|
| 450,000 |
| LOUISIANA LOC GOVT ENVIR FACS |
| 6/20/2028 |
| 8.000 |
|
| 450,000 |
|
| 368,843 |
|
|
|
|
| 500,000 |
| LOUISIANA PUB FACS AUTH HOSP R |
| 7/1/2024 |
| 6.750 |
|
| 517,611 |
|
| 534,000 |
|
|
|
|
| 500,000 |
| LOUISIANA PUB FACS AUTH REV |
| 2/15/2036 |
| 0.992 |
|
| 500,000 |
|
| 368,750 |
|
|
|
|
| 350,000 |
| LUCAS CNTY OHIO HEALTH CARE |
| 8/15/2015 |
| 6.375 |
|
| 343,413 |
|
| 354,459 |
|
|
|
|
| 1,495,000 |
| LUZERNE CNTY PA |
| 11/1/2026 |
| 7.000 |
|
| 1,599,681 |
|
| 1,688,363 |
|
|
|
|
| 560,284 |
| LYONS COLO REV |
| 11/30/2016 |
| 4.750 |
|
| 565,037 |
|
| 518,375 |
|
|
|
|
| 460,000 |
| MADISON CNTY FLA REV |
| 7/1/2025 |
| 6.000 |
|
| 453,288 |
|
| 415,242 |
|
|
|
|
| 190,000 |
| MADISON CNTY NY INDL DEV AGY C |
| 2/1/2017 |
| 4.500 |
|
| 187,543 |
|
| 185,028 |
|
|
|
|
| 250,000 |
| MAGNOLIA CREEK FLA CMNTY DEV D (b) |
| 5/1/2014 |
| 5.600 |
|
| 250,000 |
|
| 155,018 |
|
|
|
|
| 1,000,000 |
| MAINE EDL LN AUTH STUDENT LN R |
| 12/1/2027 |
| 5.625 |
|
| 1,000,000 |
|
| 1,046,690 |
|
|
|
|
| 1,000,000 |
| MALTA ILL TAX INCREMENT REV |
| 12/30/2025 |
| 5.750 |
|
| 1,000,000 |
|
| 640,770 |
|
|
|
|
| 500,000 |
| MANCHESTER N H HSG + REDEV |
| 1/1/2015 |
| 6.750 |
|
| 504,356 |
|
| 494,295 |
|
|
|
|
| 500,000 |
| MANCHESTER N H HSG + REDEV (c) |
| 1/1/2020 |
| 5.248 |
|
| 298,073 |
|
| 243,870 |
|
|
|
|
| 557,000 |
| MANHATTAN ILL SPL SVC AREA SPL |
| 3/1/2022 |
| 5.750 |
|
| 557,000 |
|
| 350,442 |
|
|
|
|
| 500,000 |
| MANSFIELD OHIO |
| 12/1/2024 |
| 6.000 |
|
| 527,532 |
|
| 553,890 |
|
|
|
|
| 1,000,000 |
| MANTECA CALIF FING AUTH SWR |
| 12/1/2033 |
| 5.000 |
|
| 923,888 |
|
| 985,840 |
|
|
|
|
| 300,000 |
| MARICOPA CNTY ARIZ ELEM SCH |
| 7/1/2024 |
| 8.000 |
|
| 308,460 |
|
| 328,170 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 64 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
|
| Fair |
|
| Percent |
| ||
| 1,000,000 |
| MARICOPA CNTY ARIZ UNI SCH DIS |
| 7/1/2026 |
| 6.250 |
| $ | 1,018,779 |
|
| 1,137,530 |
|
|
|
|
| 235,000 |
| MARION CNTY IND CONVENTION + R |
| 6/1/2027 |
| 5.000 |
|
| 222,982 |
|
| 235,096 |
|
|
|
|
| 500,000 |
| MARQUIS CMNTY DEV AUTH VA REV |
| 9/1/2013 |
| 5.100 |
|
| 500,000 |
|
| 449,975 |
|
|
|
|
| 200,000 |
| MARYLAND ST HEALTH + HIGHER |
| 1/1/2017 |
| 5.000 |
|
| 200,000 |
|
| 188,436 |
|
|
|
|
| 450,000 |
| MARYLAND ST HEALTH + HIGHER |
| 7/1/2029 |
| 6.750 |
|
| 440,550 |
|
| 517,442 |
|
|
|
|
| 500,000 |
| MASHANTUCKET WESTERN PEQUOT TR (b) |
| 9/1/2036 |
| 5.500 |
|
| 509,103 |
|
| 236,215 |
|
|
|
|
| 1,000,000 |
| MASSACHUSETTS DEV FIN AGY SR |
| 6/1/2014 |
| 6.250 |
|
| 1,000,000 |
|
| 1,000,960 |
|
|
|
|
| 500,000 |
| MASSACHUSETTS EDL FING AUTH ED |
| 1/1/2027 |
| 5.200 |
|
| 500,000 |
|
| 510,525 |
|
|
|
|
| 2,500,000 |
| MASSACHUSETTS EDL FING AUTH ED |
| 1/1/2028 |
| 5.250 |
|
| 2,508,109 |
|
| 2,552,500 |
|
|
|
|
| 1,000,000 |
| MASSACHUSETTS ST DEV FIN AGY |
| 1/1/2030 |
| 5.500 |
|
| 1,037,430 |
|
| 1,042,830 |
|
|
|
|
| 775,000 |
| MASSACHUSETTS ST HEALTH + EDL |
| 1/15/2012 |
| 5.125 |
|
| 772,999 |
|
| 778,488 |
|
|
|
|
| 2,480,000 |
| MASSACHUSETTS ST HEALTH + EDL |
| 7/1/2013 |
| 7.300 |
|
| 2,480,000 |
|
| 2,487,564 |
|
|
|
|
| 500,000 |
| MASSACHUSETTS ST HEALTH + EDL |
| 10/15/2020 |
| 5.000 |
|
| 499,166 |
|
| 533,655 |
|
|
|
|
| 750,000 |
| MASSACHUSETTS ST HEALTH + EDL |
| 7/1/2024 |
| 5.375 |
|
| 750,916 |
|
| 747,443 |
|
|
|
|
| 500,000 |
| MASSACHUSETTS ST HEALTH + EDL |
| 10/15/2026 |
| 5.500 |
|
| 504,477 |
|
| 533,290 |
|
|
|
|
| 35,000 |
| MASSACHUSETTS ST HEALTH + EDL |
| 7/1/2028 |
| 5.000 |
|
| 36,026 |
|
| 35,002 |
|
|
|
|
| 1,000,000 |
| MASSACHUSETTS ST HSG FIN AGY H |
| 12/1/2033 |
| 5.350 |
|
| 1,000,000 |
|
| 1,031,850 |
|
|
|
|
| 1,000,000 |
| MASSACHUSETTS ST HSG FIN AGY H |
| 6/1/2040 |
| 5.050 |
|
| 1,000,000 |
|
| 1,015,030 |
|
|
|
|
| 100,000 |
| MASSACHUSETTS ST INDL FIN AGY |
| 9/1/2017 |
| 5.450 |
|
| 100,000 |
|
| 100,115 |
|
|
|
|
| 875,000 |
| MASSACHUSETTS ST TPK AUTH WEST |
| 1/1/2017 |
| 5.550 |
|
| 875,000 |
|
| 878,745 |
|
|
|
|
| 1,750,000 |
| MC ALESTER OKLA PUB WKS AUTH U (c) |
| 2/1/2030 |
| 5.480 |
|
| 603,769 |
|
| 584,010 |
|
|
|
|
| 200,000 |
| MEAD VLG NEB TAX INCREMENT REV (b) |
| 7/1/2012 |
| 5.125 |
|
| 200,000 |
|
| 118,392 |
|
|
|
|
| 500,000 |
| MESQUITE NEV REDEV AGY TAX |
| 6/1/2014 |
| 5.750 |
|
| 495,668 |
|
| 516,965 |
|
|
|
|
| 500,000 |
| MESQUITE TEX HEALTH FACS DEV C |
| 2/15/2015 |
| 5.000 |
|
| 502,024 |
|
| 509,890 |
|
|
|
|
| 500,000 |
| MET GOVT NASHVILLE + DAVIDSON |
| 2/15/2015 |
| 9.750 |
|
| 551,062 |
|
| 558,525 |
|
|
|
|
| 500,000 |
| MET GOVT NASHVILLE + DAVIDSON |
| 2/15/2015 |
| 9.750 |
|
| 551,062 |
|
| 558,525 |
|
|
|
|
| 1,070,000 |
| MET GOVT NASHVILLE + DAVIDSON (b) |
| 12/20/2020 |
| 8.000 |
|
| 1,070,000 |
|
| 546,128 |
|
|
|
|
| 855,000 |
| MET GOVT NASHVILLE + DAVIDSON (b) |
| 6/20/2036 |
| 10.000 |
|
| 855,000 |
|
| 430,270 |
|
|
|
|
| 1,830,000 |
| MET GOVT NASHVILLE + DAVIDSON (b) |
| 12/20/2040 |
| 7.500 |
|
| 1,830,000 |
|
| 1,108,852 |
|
|
|
|
| 500,000 |
| METROPOLITAN PIER + EXPOSITION |
| 6/15/2027 |
| 6.500 |
|
| 500,000 |
|
| 501,500 |
|
|
|
|
| 2,000,000 |
| METROPOLITAN WASHINGTON D C AR (c) |
| 10/1/2041 |
| 1.425 |
|
| 1,283,066 |
|
| 1,464,500 |
|
|
|
|
| 500,000 |
| MIAMI BEACH FLA HEALTH FACS |
| 11/15/2028 |
| 5.375 |
|
| 505,432 |
|
| 435,300 |
|
|
|
|
| 1,500,000 |
| MIAMI-DADE CNTY FLA SPL OBLIG (c) |
| 10/1/2026 |
| 6.250 |
|
| 554,217 |
|
| 545,625 |
|
|
|
|
| 750,000 |
| MIAMI-DADE CNTY FLA WTR + SWR |
| 10/1/2023 |
| 6.000 |
|
| 761,615 |
|
| 845,790 |
|
|
|
|
| 1,000,000 |
| MICHIGAN MUN BD AUTH REV |
| 5/1/2023 |
| 5.750 |
|
| 1,031,338 |
|
| 1,097,350 |
|
|
|
|
| 750,000 |
| MICHIGAN PUB EDL FACS AUTH REV |
| 9/1/2016 |
| 6.000 |
|
| 750,000 |
|
| 775,268 |
|
|
|
|
| 750,000 |
| MICHIGAN PUB EDL FACS AUTH REV |
| 6/1/2020 |
| 6.000 |
|
| 743,040 |
|
| 776,018 |
|
|
|
|
| 500,000 |
| MICHIGAN PUB EDL FACS AUTH REV |
| 9/1/2021 |
| 8.000 |
|
| 500,000 |
|
| 559,355 |
|
|
|
|
| 300,000 |
| MICHIGAN PUB EDL FACS AUTH REV |
| 9/1/2022 |
| 5.000 |
|
| 300,000 |
|
| 272,634 |
|
|
|
|
| 475,000 |
| MICHIGAN PUB EDL FACS AUTH REV |
| 10/1/2023 |
| 6.250 |
|
| 475,000 |
|
| 421,952 |
|
|
|
|
| 500,000 |
| MICHIGAN PUB EDL FACS AUTH REV |
| 11/1/2028 |
| 6.350 |
|
| 500,000 |
|
| 503,130 |
|
|
|
|
| 1,000,000 |
| MICHIGAN ST HOSP FIN AUTH REV |
| 12/1/2023 |
| 6.125 |
|
| 988,711 |
|
| 1,105,420 |
|
|
|
|
| 625,000 |
| MICHIGAN ST HSG DEV AUTH RENTA |
| 10/1/2020 |
| 5.375 |
|
| 597,578 |
|
| 665,413 |
|
|
|
|
| 1,000,000 |
| MICHIGAN ST HSG DEV AUTH RENTA |
| 10/1/2034 |
| 5.625 |
|
| 1,000,000 |
|
| 1,037,650 |
|
|
|
|
| 545,000 |
| MICHIGAN ST HSG DEV AUTH RENTA |
| 10/1/2038 |
| 5.700 |
|
| 545,000 |
|
| 571,994 |
|
|
|
|
| 1,000,000 |
| MICHIGAN ST STRATEGIC FD LTD |
| 9/1/2029 |
| 5.450 |
|
| 1,055,995 |
|
| 1,003,170 |
|
|
|
|
| 275,000 |
| MICHIGAN TOB SETTLEMENT FIN |
| 6/1/2022 |
| 5.125 |
|
| 258,596 |
|
| 239,605 |
|
|
|
|
| 500,000 |
| MILLSBORO DEL SPL OBLG |
| 7/1/2036 |
| 5.450 |
|
| 500,000 |
|
| 359,250 |
|
|
|
|
| 490,874 |
| MINNESOTA ST HIGHER ED FACS |
| 10/1/2016 |
| 4.493 |
|
| 494,150 |
|
| 491,674 |
|
|
|
|
| 225,000 |
| MINNESOTA ST HSG FIN AGY |
| 1/1/2020 |
| 5.000 |
|
| 215,942 |
|
| 227,500 |
|
|
|
|
| 500,000 |
| MINNESOTA ST HSG FIN AGY |
| 7/1/2034 |
| 5.050 |
|
| 500,000 |
|
| 508,685 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 65 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Tax-Exempt Bond Fund |
June 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
| 1,000,000 |
| MINNESOTA ST HSG FIN AGY |
| 1/1/2040 |
| 5.100 |
| $ | 1,000,000 |
|
| 1,015,140 |
|
|
|
|
| 360,000 |
| MISSISSIPPI HOME CORP SINGLE F |
| 6/1/2039 |
| 6.750 |
|
| 381,168 |
|
| 398,671 |
|
|
|
|
| 500,000 |
| MISSOURI DEV FIN BRD |
| 6/1/2029 |
| 5.625 |
|
| 486,626 |
|
| 510,440 |
|
|
|
|
| 250,000 |
| MISSOURI ST DEV FIN BRD INFRAS |
| 4/1/2025 |
| 5.125 |
|
| 252,612 |
|
| 251,895 |
|
|
|
|
| 500,000 |
| MISSOURI ST DEV FIN BRD INFRAS |
| 11/1/2025 |
| 5.500 |
|
| 491,834 |
|
| 515,690 |
|
|
|
|
| 500,000 |
| MISSOURI ST DEV FIN BRD INFRAS |
| 4/1/2027 |
| 6.000 |
|
| 505,630 |
|
| 513,570 |
|
|
|
|
| 500,000 |
| MISSOURI ST DEV FIN BRD INFRAS |
| 10/1/2027 |
| 6.125 |
|
| 484,195 |
|
| 520,200 |
|
|
|
|
| 980,000 |
| MISSOURI ST HEALTH + EDL FACS |
| 2/1/2022 |
| 5.125 |
|
| 1,009,518 |
|
| 968,583 |
|
|
|
|
| 500,000 |
| MISSOURI ST HEALTH + EDL FACS |
| 2/1/2027 |
| 4.875 |
|
| 504,901 |
|
| 454,600 |
|
|
|
|
| 650,000 |
| MISSOURI ST HSG DEV COMMN |
| 7/1/2042 |
| 5.250 |
|
| 641,069 |
|
| 663,650 |
|
|
|
|
| 405,000 |
| MISSOURI ST HSG DEV COMMN SING |
| 9/1/2034 |
| 5.250 |
|
| 402,256 |
|
| 419,706 |
|
|
|
|
| 450,000 |
| MISSOURI ST HSG DEV COMMN SING |
| 9/1/2034 |
| 5.350 |
|
| 450,000 |
|
| 468,648 |
|
|
|
|
| 475,000 |
| MODESTO CALIF IRR DIST CTFS PA |
| 7/1/2022 |
| 5.300 |
|
| 449,783 |
|
| 476,473 |
|
|
|
|
| 1,000,000 |
| MOHAVE CNTY ARIZ INDL DEV AUTH |
| 5/1/2015 |
| 7.250 |
|
| 992,762 |
|
| 1,074,330 |
|
|
|
|
| 1,525,000 |
| MONTANA ST BRD HSG |
| 12/1/2039 |
| 5.500 |
|
| 1,525,260 |
|
| 1,585,405 |
|
|
|
|
| 250,000 |
| MONTGOMERY ALA MED CLINIC BRD |
| 3/1/2031 |
| 5.250 |
|
| 254,889 |
|
| 234,975 |
|
|
|
|
| 1,500,000 |
| MONTGOMERY CNTY OHIO HEALTH |
| 9/20/2032 |
| 6.550 |
|
| 1,457,211 |
|
| 1,536,360 |
|
|
|
|
| 750,000 |
| MONTGOMERY CNTY PA HIGHER ED |
| 6/1/2025 |
| 5.000 |
|
| 740,656 |
|
| 758,685 |
|
|
|
|
| 650,000 |
| MONTGOMERY CNTY PA INDL DEV AU |
| 2/1/2014 |
| 5.375 |
|
| 647,385 |
|
| 610,162 |
|
|
|
|
| 375,000 |
| MONTGOMERY CNTY PA INDL DEV AU |
| 2/1/2028 |
| 6.125 |
|
| 370,034 |
|
| 300,506 |
|
|
|
|
| 800,000 |
| MOUNT CARBON MET DIST COLO REV |
| 6/1/2043 |
| 7.000 |
|
| 800,000 |
|
| 230,080 |
|
|
|
|
| 200,000 |
| MOUNT CARBON MET DIST COLO REV (c) (e) |
| 6/1/2043 |
| 8.000 |
|
| - |
|
| - |
|
|
|
|
| 460,000 |
| NEVADA HSG DIV SINGLE FAMILY |
| 10/1/2039 |
| 5.375 |
|
| 460,000 |
|
| 478,685 |
|
|
|
|
| 1,500,000 |
| NEVADA HSG DIV SINGLE FAMILY |
| 10/1/2040 |
| 5.100 |
|
| 1,500,000 |
|
| 1,521,030 |
|
|
|
|
| 1,000,000 |
| NEW HAMPSHIRE HEALTH + ED FACS |
| 10/1/2024 |
| 5.000 |
|
| 985,299 |
|
| 992,880 |
|
|
|
|
| 500,000 |
| NEW HAMPSHIRE HEALTH + ED FACS |
| 8/1/2038 |
| 6.000 |
|
| 490,009 |
|
| 531,250 |
|
|
|
|
| 570,000 |
| NEW HAMPSHIRE HGR EDL + HLTH F |
| 10/1/2010 |
| 5.700 |
|
| 570,000 |
|
| 571,858 |
|
|
|
|
| 750,000 |
| NEW HAMPSHIRE ST HSG FIN AUTH |
| 7/1/2034 |
| 5.375 |
|
| 750,000 |
|
| 776,640 |
|
|
|
|
| 875,000 |
| NEW HAMPSHIRE ST HSG FIN AUTH |
| 7/1/2038 |
| 6.625 |
|
| 921,298 |
|
| 971,758 |
|
|
|
|
| 300,000 |
| NEW JERSEY ECONOMIC DEV AUTH |
| 1/1/2015 |
| 5.000 |
|
| 297,614 |
|
| 297,144 |
|
|
|
|
| 415,000 |
| NEW JERSEY HEALTH CARE FACS FI |
| 7/1/2015 |
| 5.750 |
|
| 408,795 |
|
| 448,416 |
|
|
|
|
| 2,500,000 |
| NEW JERSEY HEALTH CARE FACS FI |
| 7/1/2016 |
| 6.250 |
|
| 2,500,000 |
|
| 2,504,375 |
|
|
|
|
| 500,000 |
| NEW JERSEY HEALTH CARE FACS FI |
| 1/1/2025 |
| 6.000 |
|
| 505,376 |
|
| 503,140 |
|
|
|
|
| 750,000 |
| NEW JERSEY ST EDL FACS AUTH |
| 12/1/2023 |
| 7.125 |
|
| 738,802 |
|
| 872,438 |
|
|
|
|
| 500,000 |
| NEW JERSEY ST HIGHER ED ASSIST |
| 6/1/2024 |
| 5.375 |
|
| 497,319 |
|
| 532,590 |
|
|
|
|
| 2,500,000 |
| NEW JERSEY ST HIGHER ED ASSIST |
| 6/1/2027 |
| 5.000 |
|
| 2,496,386 |
|
| 2,570,550 |
|
|
|
|
| 1,000,000 |
| NEW JERSEY ST HSG + MTG FIN |
| 5/1/2041 |
| 4.950 |
|
| 969,186 |
|
| 998,360 |
|
|
|
|
| 500,000 |
| NEW JERSEY ST HSG + MTG FIN AG |
| 10/1/2030 |
| 6.450 |
|
| 539,778 |
|
| 540,065 |
|
|
|
|
| 925,000 |
| NEW JERSEY ST HSG + MTG FIN AG |
| 10/1/2034 |
| 5.000 |
|
| 925,000 |
|
| 935,388 |
|
|
|
|
| 800,000 |
| NEW JERSEY ST HSG + MTG FIN AG |
| 10/1/2035 |
| 5.000 |
|
| 800,000 |
|
| 811,840 |
|
|
|
|
| 2,335,000 |
| NEW JERSEY ST HSG + MTG FIN AG |
| 10/1/2037 |
| 5.000 |
|
| 2,317,669 |
|
| 2,364,561 |
|
|
|
|
| 4,250,000 |
| NEW JERSEY ST TRANSN TR FD (c) |
| 12/15/2025 |
| 5.851 |
|
| 1,743,097 |
|
| 1,842,630 |
|
|
|
|
| 30,000 |
| NEW MEXICO MTG FIN AUTH |
| 1/1/2026 |
| 6.950 |
|
| 31,458 |
|
| 30,792 |
|
|
|
|
| 995,000 |
| NEW MEXICO MTG FIN AUTH |
| 9/1/2029 |
| 5.000 |
|
| 995,000 |
|
| 1,018,840 |
|
|
|
|
| 500,000 |
| NEW MEXICO MTG FIN AUTH |
| 9/1/2029 |
| 4.800 |
|
| 500,000 |
|
| 505,145 |
|
|
|
|
| 1,000,000 |
| NEW MEXICO MTG FIN AUTH |
| 9/1/2034 |
| 5.000 |
|
| 1,000,000 |
|
| 1,010,190 |
|
|
|
|
| 1,040,000 |
| NEW MEXICO MTG FIN AUTH |
| 3/1/2036 |
| 5.450 |
|
| 1,040,000 |
|
| 1,082,172 |
|
|
|
|
| 500,000 |
| NEW ORLEANS LA AVIATION BRD |
| 1/1/2025 |
| 6.000 |
|
| 489,567 |
|
| 525,105 |
|
|
|
|
| 750,000 |
| NEW ORLEANS LA SEW SVC REV |
| 6/1/2024 |
| 6.000 |
|
| 739,523 |
|
| 802,290 |
|
|
|
|
| 500,000 |
| NEW RIVER CMNTY DEV DIST FLA (b) |
| 5/1/2013 |
| 5.000 |
|
| 499,098 |
|
| 239,950 |
|
|
|
|
| 640,000 |
| NEW YORK N Y CITY HSG DEV CORP |
| 11/1/2024 |
| 5.100 |
|
| 550,284 |
|
| 659,834 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 66 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Tax-Exempt Bond Fund |
June 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
| 250,000 |
| NEW YORK N Y CITY INDL DEV AGY |
| 1/1/2029 |
| 6.125 |
| $ | 246,583 |
|
| 278,403 |
|
|
|
|
| 1,000,000 |
| NEW YORK ST DORM AUTH REV |
| 8/15/2024 |
| 6.450 |
|
| 998,366 |
|
| 1,051,590 |
|
|
|
|
| 990,000 |
| NEW YORK ST DORM AUTH REVS |
| 7/1/2015 |
| 6.050 |
|
| 990,000 |
|
| 992,723 |
|
|
|
|
| 350,000 |
| NEW YORK ST DORM AUTH REVS |
| 7/1/2019 |
| 6.875 |
|
| 357,000 |
|
| 359,359 |
|
|
|
|
| 750,000 |
| NEW YORK ST DORM AUTH REVS NON |
| 7/1/2029 |
| 6.250 |
|
| 761,716 |
|
| 837,653 |
|
|
|
|
| 500,000 |
| NEW YORK ST DORM AUTH REVS NON |
| 8/15/2038 |
| 6.000 |
|
| 529,829 |
|
| 544,655 |
|
|
|
|
| 915,000 |
| NEW YORK ST MED CARE FACS FIN |
| 8/15/2023 |
| 6.300 |
|
| 915,000 |
|
| 918,578 |
|
|
|
|
| 1,820,000 |
| NEW YORK ST MED CARE FACS FIN |
| 2/15/2035 |
| 6.375 |
|
| 1,802,282 |
|
| 1,825,278 |
|
|
|
|
| 230,000 |
| NEW YORK ST URBAN DEV CORP |
| 7/1/2016 |
| 5.500 |
|
| 230,000 |
|
| 230,842 |
|
|
|
|
| 500,000 |
| NOBLESVILLE IND REDEV AUTH |
| 2/1/2031 |
| 5.125 |
|
| 495,268 |
|
| 518,905 |
|
|
|
|
| 325,000 |
| NORCO CALIF REDEV AGY TAX ALLO |
| 3/1/2021 |
| 6.250 |
|
| 323,718 |
|
| 358,134 |
|
|
|
|
| 500,000 |
| NORCO CALIF REDEV AGY TAX ALLO |
| 3/1/2032 |
| 5.875 |
|
| 492,424 |
|
| 499,040 |
|
|
|
|
| 1,300,000 |
| NORTH CAROLINA MED CARE COMMN |
| 10/1/2035 |
| 4.750 |
|
| 1,300,000 |
|
| 1,295,632 |
|
|
|
|
| 1,000,000 |
| NORTH CENT TEX HEALTH FAC DEV |
| 5/15/2017 |
| 5.000 |
|
| 1,000,000 |
|
| 1,001,020 |
|
|
|
|
| 1,000,000 |
| NORTH DAKOTA ST HSG FIN AGY |
| 7/1/2034 |
| 5.350 |
|
| 1,000,000 |
|
| 1,033,800 |
|
|
|
|
| 2,000,000 |
| NORTH DAKOTA ST HSG FIN AGY |
| 7/1/2039 |
| 5.450 |
|
| 2,000,000 |
|
| 2,077,160 |
|
|
|
|
| 750,000 |
| NORTH OAKS MINN SR HSG REV |
| 10/1/2022 |
| 5.750 |
|
| 740,266 |
|
| 761,018 |
|
|
|
|
| 350,000 |
| NORTH RANGE MET DIST NO 1 COLO |
| 12/15/2024 |
| 5.000 |
|
| 360,289 |
|
| 256,613 |
|
|
|
|
| 500,000 |
| NORTH TEX TWY AUTH DALLAS NORT |
| 1/1/2025 |
| 6.000 |
|
| 500,000 |
|
| 549,170 |
|
|
|
|
| 1,000,000 |
| NORTH TEX TWY AUTH REV (c) |
| 1/1/2028 |
| 5.900 |
|
| 361,507 |
|
| 377,120 |
|
|
|
|
| 1,250,000 |
| NORTH TEX TWY AUTH REV |
| 1/1/2031 |
| 6.125 |
|
| 1,307,146 |
|
| 1,330,513 |
|
|
|
|
| 1,000,000 |
| NORTH TEX TWY AUTH REV (c) |
| 1/1/2042 |
| 1.154 |
|
| 695,965 |
|
| 792,560 |
|
|
|
|
| 500,000 |
| NORTHERN CALIF GAS AUTH NO 1 |
| 7/1/2027 |
| 0.915 |
|
| 500,000 |
|
| 323,750 |
|
|
|
|
| 220,000 |
| NORTHERN CALIF PWR AGY PUB PWR |
| 7/1/2032 |
| 5.200 |
|
| 224,218 |
|
| 219,996 |
|
|
|
|
| 400,000 |
| NORTHERN MARIANA ISLANDS |
| 10/1/2022 |
| 5.000 |
|
| 403,133 |
|
| 355,708 |
|
|
|
|
| 2,000,000 |
| NORWALK-LA MIRADA CALIF UNI SC (c) |
| 8/1/2029 |
| 3.256 |
|
| 1,079,596 |
|
| 1,064,600 |
|
|
|
|
| 300,000 |
| OAK ISLAND N C ENTERPRISE SYS |
| 6/1/2028 |
| 5.750 |
|
| 293,414 |
|
| 328,212 |
|
|
|
|
| 300,000 |
| OAK ISLAND N C ENTERPRISE SYS |
| 6/1/2029 |
| 5.875 |
|
| 295,763 |
|
| 329,787 |
|
|
|
|
| 500,000 |
| OHIO ST AIR QUALITY DEV AUTH |
| 5/1/2026 |
| 5.150 |
|
| 496,907 |
|
| 489,370 |
|
|
|
|
| 500,000 |
| OHIO ST HIGHER EDL FAC REV |
| 12/1/2024 |
| 5.500 |
|
| 508,374 |
|
| 547,535 |
|
|
|
|
| 755,000 |
| OHIO ST HSG FIN AGY RESIDENTIA |
| 9/1/2028 |
| 6.125 |
|
| 755,193 |
|
| 826,604 |
|
|
|
|
| 415,000 |
| OHIO ST HSG FIN AGY RESIDENTIA |
| 9/1/2033 |
| 5.450 |
|
| 415,000 |
|
| 430,492 |
|
|
|
|
| 750,000 |
| OHIO ST HSG FIN AGY RESIDENTIA |
| 9/1/2033 |
| 5.400 |
|
| 750,000 |
|
| 776,985 |
|
|
|
|
| 500,000 |
| OKLAHOMA HSG FIN AGY SINGLE |
| 3/1/2032 |
| 5.150 |
|
| 500,000 |
|
| 514,400 |
|
|
|
|
| 900,000 |
| OKLAHOMA HSG FIN AGY SINGLE |
| 9/1/2038 |
| 6.500 |
|
| 951,667 |
|
| 992,979 |
|
|
|
|
| 1,000,000 |
| ORANGE CNTY FLA HEALTH FACS AU |
| 10/1/2021 |
| 6.250 |
|
| 984,024 |
|
| 1,138,870 |
|
|
|
|
| 500,000 |
| OREGON HEALTH SCIENCES UNIV RE |
| 7/1/2039 |
| 5.750 |
|
| 485,575 |
|
| 526,550 |
|
|
|
|
| 550,000 |
| OREGON ST |
| 10/1/2031 |
| 5.125 |
|
| 545,992 |
|
| 554,818 |
|
|
|
|
| 500,000 |
| ORLEANS PARISH LA PARISHWIDE S |
| 9/1/2020 |
| 5.500 |
|
| 500,000 |
|
| 500,070 |
|
|
|
|
| 410,000 |
| ORLEANS PARISH LA SCH BRD (c) |
| 2/1/2015 |
| 5.575 |
|
| 314,186 |
|
| 310,485 |
|
|
|
|
| 1,000,000 |
| OVERLAND PK KANS TRANSN DEV |
| 4/1/2032 |
| 5.900 |
|
| 1,000,000 |
|
| 1,006,520 |
|
|
|
|
| 3,685,000 |
| PACHECO CALIF UN SCH DIST CTFS (c) |
| 2/1/2037 |
| 6.471 |
|
| 688,640 |
|
| 668,643 |
|
|
|
|
| 1,000,000 |
| PALM BAY FLA UTIL REV (c) |
| 10/1/2031 |
| 5.920 |
|
| 290,010 |
|
| 293,750 |
|
|
|
|
| 675,000 |
| PALM BEACH CNTY FL HEALTH FACS |
| 11/15/2029 |
| 5.125 |
|
| 683,411 |
|
| 629,782 |
|
|
|
|
| 420,000 |
| PALM BEACH CNTY FLA HEALTH FAC |
| 10/1/2011 |
| 5.500 |
|
| 420,210 |
|
| 420,928 |
|
|
|
|
| 1,000,000 |
| PALM BEACH CNTY FLA HEALTH FAC |
| 11/15/2022 |
| 5.375 |
|
| 913,096 |
|
| 936,750 |
|
|
|
|
| 130,000 |
| PANTHER TRACE II FLA CMNTY DEV |
| 11/1/2010 |
| 5.000 |
|
| 130,061 |
|
| 124,735 |
|
|
|
|
| 600,000 |
| PARKLANDS LEE CMNTY DEV DIST (b) |
| 5/1/2011 |
| 5.125 |
|
| 599,872 |
|
| 299,700 |
|
|
|
|
| 1,665,000 |
| PATTERSON CALIF JT UNI SCH DIS (c) |
| 8/1/2027 |
| 6.548 |
|
| 553,873 |
|
| 604,362 |
|
|
|
|
| 750,000 |
| PELL CITY ALA SPL CARE FACS FI |
| 12/1/2027 |
| 5.250 |
|
| 619,756 |
|
| 722,618 |
|
|
|
|
| 1,500,000 |
| PENNSYLVANIA ECONOMIC DEV FING |
| 10/15/2023 |
| 6.250 |
|
| 1,466,794 |
|
| 1,594,080 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 67 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Tax-Exempt Bond Fund |
June 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
| 500,000 |
| PENNSYLVANIA ST HIGHER EDL |
| 3/15/2030 |
| 5.750 |
| $ | 432,795 |
|
| 500,025 |
|
|
|
|
| 500,000 |
| PENNSYLVANIA ST HIGHER EDL |
| 7/1/2039 |
| 0.795 |
|
| 500,000 |
|
| 299,375 |
|
|
|
|
| 1,025,000 |
| PENNSYLVANIA ST TPK COMMN TPK (c) |
| 12/1/2030 |
| 2.281 |
|
| 645,032 |
|
| 722,994 |
|
|
|
|
| 1,000,000 |
| PENNSYLVANIA ST TPK COMMN TPK (c) |
| 6/1/2033 |
| 1.774 |
|
| 667,182 |
|
| 763,670 |
|
|
|
|
| 2,000,000 |
| PEORIA ILL PUB BLDG COMMN SCH (c) |
| 12/1/2021 |
| 5.601 |
|
| 1,064,469 |
|
| 1,132,180 |
|
|
|
|
| 500,000 |
| PEORIA ILL PUB BLDG COMMN SCH (c) |
| 12/1/2022 |
| 6.149 |
|
| 235,708 |
|
| 260,200 |
|
|
|
|
| 5,000,000 |
| PEORIA ILL PUB BLDG COMMN SCH (c) |
| 12/1/2026 |
| 6.233 |
|
| 1,822,629 |
|
| 1,880,550 |
|
|
|
|
| 1,000,000 |
| PHILADELPHIA PA HOSPS + HIGHER |
| 11/15/2023 |
| 6.625 |
|
| 1,000,957 |
|
| 999,900 |
|
|
|
|
| 135,000 |
| PHOENIX ARIZ STR + HWY USER RE |
| 7/1/2011 |
| 6.250 |
|
| 135,900 |
|
| 135,599 |
|
|
|
|
| 115,000 |
| PIMA CNTY ARIZ INDL DEV AUTH |
| 7/1/2012 |
| 5.000 |
|
| 114,889 |
|
| 114,934 |
|
|
|
|
| 130,000 |
| PIMA CNTY ARIZ INDL DEV AUTH |
| 8/1/2012 |
| 6.250 |
|
| 130,000 |
|
| 132,478 |
|
|
|
|
| 465,000 |
| PIMA CNTY ARIZ INDL DEV AUTH |
| 7/1/2014 |
| 4.650 |
|
| 464,154 |
|
| 449,032 |
|
|
|
|
| 375,000 |
| PIMA CNTY ARIZ INDL DEV AUTH |
| 2/1/2015 |
| 7.250 |
|
| 375,000 |
|
| 373,598 |
|
|
|
|
| 275,000 |
| PIMA CNTY ARIZ INDL DEV AUTH |
| 2/1/2015 |
| 6.625 |
|
| 275,000 |
|
| 269,310 |
|
|
|
|
| 205,000 |
| PIMA CNTY ARIZ INDL DEV AUTH |
| 7/1/2015 |
| 5.125 |
|
| 204,320 |
|
| 203,930 |
|
|
|
|
| 330,000 |
| PIMA CNTY ARIZ INDL DEV AUTH |
| 6/1/2016 |
| 6.000 |
|
| 330,000 |
|
| 313,899 |
|
|
|
|
| 200,000 |
| PIMA CNTY ARIZ INDL DEV AUTH |
| 12/15/2016 |
| 5.250 |
|
| 198,372 |
|
| 196,350 |
|
|
|
|
| 1,100,000 |
| PIMA CNTY ARIZ INDL DEV AUTH |
| 12/1/2017 |
| 5.350 |
|
| 983,206 |
|
| 1,049,400 |
|
|
|
|
| 480,000 |
| PIMA CNTY ARIZ INDL DEV AUTH |
| 12/1/2018 |
| 6.375 |
|
| 480,000 |
|
| 482,602 |
|
|
|
|
| 1,000,000 |
| PIMA CNTY ARIZ INDL DEV AUTH |
| 4/1/2022 |
| 5.875 |
|
| 1,000,000 |
|
| 1,003,210 |
|
|
|
|
| 250,000 |
| PIMA CNTY ARIZ INDL DEV AUTH |
| 6/1/2022 |
| 5.000 |
|
| 253,633 |
|
| 223,223 |
|
|
|
|
| 500,000 |
| PIMA CNTY ARIZ INDL DEV AUTH |
| 7/1/2022 |
| 5.375 |
|
| 504,831 |
|
| 462,250 |
|
|
|
|
| 150,000 |
| PIMA CNTY ARIZ INDL DEV AUTH |
| 7/1/2023 |
| 5.700 |
|
| 154,064 |
|
| 175,821 |
|
|
|
|
| 245,000 |
| PIMA CNTY ARIZ INDL DEV AUTH |
| 7/1/2024 |
| 6.100 |
|
| 241,044 |
|
| 231,777 |
|
|
|
|
| 1,000,000 |
| PIMA CNTY ARIZ INDL DEV AUTH |
| 9/1/2029 |
| 5.750 |
|
| 1,000,000 |
|
| 1,019,110 |
|
|
|
|
| 1,290,000 |
| PIMA CNTY ARIZ INDL DEV AUTH |
| 7/1/2031 |
| 6.750 |
|
| 937,916 |
|
| 1,258,240 |
|
|
|
|
| 500,000 |
| PINAL CNTY ARIZ CTFS PARTN |
| 12/1/2023 |
| 5.250 |
|
| 475,008 |
|
| 511,640 |
|
|
|
|
| 300,000 |
| PINAL CNTY ARIZ INDL DEV AUTH |
| 10/1/2018 |
| 5.250 |
|
| 250,864 |
|
| 293,304 |
|
|
|
|
| 1,000,000 |
| PITTSBURG CALIF REDEV AGY TAX |
| 9/1/2028 |
| 6.500 |
|
| 976,984 |
|
| 1,104,450 |
|
|
|
|
| 250,000 |
| PLAINFIELD IND CMNTY HIGH SCH |
| 7/15/2023 |
| 5.000 |
|
| 247,395 |
|
| 260,408 |
|
|
|
|
| 500,000 |
| PLEASANT VALLEY CALIF SCH DIST |
| 2/1/2022 |
| 5.850 |
|
| 498,176 |
|
| 562,715 |
|
|
|
|
| 750,000 |
| PLEASANTS CNTY W VA POLLUTN CT |
| 5/1/2015 |
| 6.150 |
|
| 778,563 |
|
| 751,110 |
|
|
|
|
| 750,000 |
| PORT CORPUS CHRISTI AUTH TEX |
| 12/1/2022 |
| 5.650 |
|
| 750,000 |
|
| 754,883 |
|
|
|
|
| 1,750,000 |
| PORT EVERGLADES AUTH FLA PORT |
| 9/1/2016 |
| 5.000 |
|
| 1,751,492 |
|
| 1,781,115 |
|
|
|
|
| 250,000 |
| PORTLAND ME HSG DEV CORP |
| 8/1/2021 |
| 5.700 |
|
| 250,000 |
|
| 252,843 |
|
|
|
|
| 250,000 |
| PROVIDENCE R I HSG AUTH HSG |
| 9/1/2026 |
| 5.000 |
|
| 255,351 |
|
| 256,008 |
|
|
|
|
| 500,000 |
| PROVIDENCE R I HSG AUTH HSG |
| 9/1/2027 |
| 5.000 |
|
| 508,530 |
|
| 508,535 |
|
|
|
|
| 245,000 |
| PROVO UTAH CHARTER SCH REV |
| 6/15/2037 |
| 5.500 |
|
| 245,000 |
|
| 193,562 |
|
|
|
|
| 450,000 |
| PUERTO RICO COMWLTH HWY + TRAN |
| 7/1/2045 |
| 0.725 |
|
| 450,000 |
|
| 238,500 |
|
|
|
|
| 500,000 |
| PUERTO RICO ELEC PWR AUTH PWR |
| 7/1/2025 |
| 0.875 |
|
| 500,000 |
|
| 375,625 |
|
|
|
|
| 1,000,000 |
| PUERTO RICO SALES TAX FING (c) |
| 8/1/2033 |
| 2.500 |
|
| 563,522 |
|
| 633,790 |
|
|
|
|
| 500,000 |
| PUERTO RICO SALES TAX FING |
| 8/1/2057 |
| 1.161 |
|
| 500,000 |
|
| 293,125 |
|
|
|
|
| 750,000 |
| QUAIL CREEK CMNTY FACS DIST |
| 7/15/2016 |
| 5.150 |
|
| 750,000 |
|
| 721,223 |
|
|
|
|
| 750,000 |
| QUINAULT INDIAN NATION WASH |
| 12/1/2015 |
| 5.800 |
|
| 745,236 |
|
| 658,020 |
|
|
|
|
| 975,000 |
| RAMONA CALIF UNI SCH DIST CTFS (c) |
| 5/1/2032 |
| 0.992 |
|
| 785,566 |
|
| 799,734 |
|
|
|
|
| 1,000,000 |
| REDONDO BEACH CALIF UNI SCH (c) |
| 8/1/2034 |
| 1.702 |
|
| 664,833 |
|
| 710,710 |
|
|
|
|
| 500,000 |
| RENO NEV HOSP REV |
| 6/1/2020 |
| 5.500 |
|
| 507,996 |
|
| 536,495 |
|
|
|
|
| 400,000 |
| RENO NEV HOSP REV |
| 6/1/2032 |
| 5.250 |
|
| 411,892 |
|
| 379,048 |
|
|
|
|
| 750,000 |
| RENO-SPARKS INDIAN COLONY NEV |
| 6/1/2021 |
| 5.000 |
|
| 765,481 |
|
| 762,255 |
|
|
|
|
| 500,000 |
| RHODE ISLAND HSG + MTG FIN COR |
| 10/1/2038 |
| 5.625 |
|
| 500,000 |
|
| 523,765 |
|
|
|
|
| 500,000 |
| RHODE ISLAND ST HEALTH + EDL |
| 5/15/2030 |
| 6.250 |
|
| 493,242 |
|
| 553,005 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 68 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Tax-Exempt Bond Fund |
June 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
| 250,000 |
| RHODE ISLAND ST HEALTH + EDL B |
| 5/15/2026 |
| 5.250 |
| $ | 255,317 |
|
| 249,995 |
|
|
|
|
| 500,000 |
| RHODE ISLAND ST STUDENT LN AUT |
| 12/1/2027 |
| 5.750 |
|
| 500,000 |
|
| 507,235 |
|
|
|
|
| 500,000 |
| RICHARDSON TEX HOSP AUTH HOSP |
| 12/1/2028 |
| 5.625 |
|
| 514,937 |
|
| 464,515 |
|
|
|
|
| 1,000,000 |
| RICHMOND CALIF CMNTY REDEV AGY |
| 9/1/2030 |
| 6.000 |
|
| 971,466 |
|
| 1,006,710 |
|
|
|
|
| 500,000 |
| RICHMOND CALIF JT PWRS FING AU |
| 7/1/2024 |
| 6.250 |
|
| 500,000 |
|
| 544,790 |
|
|
|
|
| 325,000 |
| RICHMOND IND HOSP AUTH REV |
| 1/1/2029 |
| 6.500 |
|
| 314,779 |
|
| 345,251 |
|
|
|
|
| 1,345,000 |
| RIO GRANDE VY HEALTH FACS DEV |
| 8/1/2012 |
| 6.400 |
|
| 1,345,000 |
|
| 1,348,820 |
|
|
|
|
| 1,000,000 |
| RIVERSIDE CNTY CALIF REDEV AGY |
| 10/1/2030 |
| 6.000 |
|
| 1,015,160 |
|
| 1,015,160 |
|
|
|
|
| 550,000 |
| RIVERSIDE MO INDL DEV AUTH |
| 5/1/2027 |
| 4.500 |
|
| 521,364 |
|
| 505,907 |
|
|
|
|
| 250,000 |
| RIVERWOOD ESTATES CMNTY DEV (b) |
| 5/1/2013 |
| 5.000 |
|
| 250,000 |
|
| 44,850 |
|
|
|
|
| 500,000 |
| ROSS COUNTY OHIO HOSP REV |
| 12/1/2028 |
| 5.750 |
|
| 502,603 |
|
| 518,880 |
|
|
|
|
| 2,200,000 |
| ROWLAND CALIF UNI SCH DIST (c) |
| 8/1/2027 |
| 6.252 |
|
| 775,333 |
|
| 793,276 |
|
|
|
|
| 1,000,000 |
| SACRAMENTO CALIF CITY FING AUT (c) |
| 12/1/2021 |
| 5.200 |
|
| 558,073 |
|
| 497,400 |
|
|
|
|
| 500,000 |
| SACRAMENTO CALIF PWR AUTH COGE |
| 7/1/2022 |
| 3.750 |
|
| 431,289 |
|
| 412,750 |
|
|
|
|
| 500,000 |
| SACRAMENTO CNTY CALIF CTFS PAR |
| 10/1/2027 |
| 4.750 |
|
| 500,309 |
|
| 455,915 |
|
|
|
|
| 250,000 |
| SACRAMENTO CNTY CALIF SANTN DI |
| 12/1/2035 |
| 0.891 |
|
| 250,000 |
|
| 172,188 |
|
|
|
|
| 350,000 |
| SACRAMENTO CNTY CALIF WTR FING |
| 6/1/2039 |
| 0.931 |
|
| 350,000 |
|
| 200,813 |
|
|
|
|
| 1,355,000 |
| SADDLEBACK VY UNI SCH DIST CAL |
| 9/1/2017 |
| 5.650 |
|
| 1,355,000 |
|
| 1,360,149 |
|
|
|
|
| 750,000 |
| SAGINAW MICH HOSP FIN AUTH |
| 7/1/2030 |
| 6.500 |
|
| 744,310 |
|
| 757,838 |
|
|
|
|
| 1,750,000 |
| SAN BERNARDINO CNTY CALIF CTFS |
| 8/1/2028 |
| 5.000 |
|
| 1,795,025 |
|
| 1,681,453 |
|
|
|
|
| 500,000 |
| SAN DIEGO CALIF REDEV AGY |
| 9/1/2023 |
| 5.000 |
|
| 449,627 |
|
| 502,710 |
|
|
|
|
| 1,000,000 |
| SAN FRANCISCO CALIF CITY + |
| 5/1/2039 |
| 6.000 |
|
| 1,034,577 |
|
| 1,102,930 |
|
|
|
|
| 500,000 |
| SAN FRANCISCO CALIF CITY + CNT |
| 10/1/2033 |
| 5.250 |
|
| 504,906 |
|
| 503,465 |
|
|
|
|
| 750,000 |
| SAN GORGONIO CALIF MEM HEALTHC |
| 8/1/2027 |
| 7.000 |
|
| 765,672 |
|
| 826,785 |
|
|
|
|
| 250,000 |
| SAN JOAQUIN HILLS CALIF TRANSN |
| 1/15/2030 |
| 5.250 |
|
| 253,690 |
|
| 224,685 |
|
|
|
|
| 500,000 |
| SAN JOSE CALIF REDEV AGY TAX A |
| 8/1/2032 |
| 5.000 |
|
| 450,539 |
|
| 461,035 |
|
|
|
|
| 1,000,000 |
| SANTA PAULA CALIF UTIL AUTH |
| 2/1/2030 |
| 5.000 |
|
| 987,670 |
|
| 1,005,250 |
|
|
|
|
| 1,250,000 |
| SARASOTA CNTY FLA HEALTH FACS |
| 1/1/2027 |
| 5.500 |
|
| 1,023,999 |
|
| 1,143,500 |
|
|
|
|
| 250,000 |
| SARASOTA NATL CMNTY DEV DIST (b) |
| 5/1/2039 |
| 5.300 |
|
| 248,206 |
|
| 61,200 |
|
|
|
|
| 750,000 |
| SARTELL MINN HEALTH CARE + HSG |
| 9/1/2029 |
| 6.625 |
|
| 753,730 |
|
| 751,688 |
|
|
|
|
| 1,000,000 |
| SCAGO EDL FACS CORP FOR |
| 12/1/2026 |
| 5.000 |
|
| 1,038,862 |
|
| 1,008,700 |
|
|
|
|
| 200,000 |
| SEMINOLE TRIBE FLA SPL OBLIG |
| 10/1/2022 |
| 5.750 |
|
| 205,964 |
|
| 195,346 |
|
|
|
|
| 500,000 |
| SEMINOLE TRIBE FLA SPL OBLIG |
| 10/1/2024 |
| 5.500 |
|
| 505,352 |
|
| 472,565 |
|
|
|
|
| 250,000 |
| SENECA NATION INDIANS CAP |
| 12/1/2023 |
| 5.000 |
|
| 248,780 |
|
| 205,413 |
|
|
|
|
| 350,000 |
| SHELBY CNTY TENN HEALTH EDL + |
| 9/1/2011 |
| 4.900 |
|
| 350,000 |
|
| 354,347 |
|
|
|
|
| 150,000 |
| SHELBY CNTY TENN HEALTH EDL + (b) |
| 1/1/2019 |
| 5.350 |
|
| 134,966 |
|
| 15,804 |
|
|
|
|
| 625,000 |
| SHELBY CNTY TENN HEALTH EDL + (b) |
| 1/1/2029 |
| 5.550 |
|
| 556,863 |
|
| 63,213 |
|
|
|
|
| 1,250,000 |
| SMYRNA TENN HSG ASSN INC MULTI |
| 10/20/2035 |
| 6.450 |
|
| 1,254,329 |
|
| 1,293,113 |
|
|
|
|
| 550,000 |
| SNOHOMISH CNTY WASH HSG AUTH H |
| 4/1/2026 |
| 6.400 |
|
| 550,000 |
|
| 551,947 |
|
|
|
|
| 500,000 |
| SOUTH BAYSIDE WASTE MGMT AUTH |
| 9/1/2029 |
| 6.250 |
|
| 517,976 |
|
| 539,375 |
|
|
|
|
| 245,000 |
| SOUTH CAROLINA HSG FIN + DEV A |
| 7/1/2032 |
| 5.500 |
|
| 245,000 |
|
| 255,072 |
|
|
|
|
| 695,000 |
| SOUTH CAROLINA JOBS ECONOMIC |
| 11/1/2010 |
| 4.650 |
|
| 695,000 |
|
| 695,090 |
|
|
|
|
| 750,000 |
| SOUTH CAROLINA JOBS ECONOMIC |
| 5/1/2011 |
| 5.000 |
|
| 750,000 |
|
| 750,135 |
|
|
|
|
| 1,000,000 |
| SOUTH CAROLINA JOBS ECONOMIC |
| 4/1/2030 |
| 6.000 |
|
| 969,542 |
|
| 1,029,640 |
|
|
|
|
| 500,000 |
| SOUTH CAROLINA JOBS ECONOMIC D |
| 11/15/2027 |
| 6.000 |
|
| 503,669 |
|
| 400,570 |
|
|
|
|
| 750,000 |
| SOUTH CAROLINA JOBS ECONOMIC D |
| 11/15/2042 |
| 5.150 |
|
| 750,000 |
|
| 721,635 |
|
|
|
|
| 650,000 |
| SOUTH CAROLINA ST ED ASSISTANC |
| 10/1/2029 |
| 5.100 |
|
| 642,120 |
|
| 658,561 |
|
|
|
|
| 1,000,000 |
| SOUTH COAST CONSERVANCY DIST I |
| 1/1/2028 |
| 5.250 |
|
| 994,271 |
|
| 1,049,350 |
|
|
|
|
| 170,000 |
| SOUTH LAKE CNTY HOSP DIST FLA |
| 10/1/2022 |
| 6.000 |
|
| 171,731 |
|
| 171,862 |
|
|
|
|
| 300,000 |
| SOUTHERN MINN MUN PWR AGY PWR |
| 1/1/2013 |
| 0.367 |
|
| 300,000 |
|
| 284,625 |
|
|
|
|
| 250,000 |
| SOUTHWESTERN ILL DEV AUTH REV |
| 8/15/2015 |
| 5.375 |
|
| 255,978 |
|
| 252,750 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 69 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Tax-Exempt Bond Fund |
June 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
| 670,000 |
| SOUTHWESTERN ILL DEV AUTH REV |
| 10/1/2022 |
| 7.000 |
| $ | 670,000 |
|
| 636,674 |
|
|
|
|
| 230,000 |
| SOUTHWESTERN ILL DEV AUTH REV |
| 11/1/2026 |
| 5.625 |
|
| 228,464 |
|
| 168,917 |
|
|
|
|
| 1,500,000 |
| SOUTHWESTERN ILL DEV AUTH REV |
| 8/15/2029 |
| 5.625 |
|
| 1,538,230 |
|
| 1,451,295 |
|
|
|
|
| 750,000 |
| SPARKS NEV REDEV AGY TAX |
| 6/1/2020 |
| 6.400 |
|
| 720,224 |
|
| 720,210 |
|
|
|
|
| 1,000,000 |
| SPARKS NEV REDEV AGY TAX |
| 6/1/2020 |
| 7.250 |
|
| 989,573 |
|
| 1,014,810 |
|
|
|
|
| 1,000,000 |
| SPARKS NEV REDEV AGY TAX |
| 1/15/2022 |
| 5.000 |
|
| 976,808 |
|
| 989,620 |
|
|
|
|
| 490,000 |
| SPARKS NEV TOURISM IMPT DIST |
| 6/15/2020 |
| 6.500 |
|
| 474,321 |
|
| 482,591 |
|
|
|
|
| 255,000 |
| ST BERNARD PARISH LA HOME MTG |
| 3/1/2039 |
| 5.800 |
|
| 250,007 |
|
| 266,307 |
|
|
|
|
| 1,025,000 |
| ST JOHN BAPTIST PARISH LA REV |
| 6/1/2037 |
| 5.125 |
|
| 1,025,000 |
|
| 974,324 |
|
|
|
|
| 500,000 |
| ST JOHNS CNTY FLA INDL DEV AUT |
| 1/1/2016 |
| 5.000 |
|
| 469,040 |
|
| 459,035 |
|
|
|
|
| 250,000 |
| ST JOHNS CNTY FLA INDL DEV AUT |
| 8/1/2034 |
| 5.625 |
|
| 241,203 |
|
| 230,955 |
|
|
|
|
| 400,000 |
| ST JOSEPH CNTY IND ECONOMIC DE |
| 5/15/2014 |
| 5.750 |
|
| 406,207 |
|
| 403,488 |
|
|
|
|
| 460,000 |
| ST JOSEPH CNTY IND ECONOMIC DE |
| 5/15/2026 |
| 6.000 |
|
| 333,755 |
|
| 431,337 |
|
|
|
|
| 500,000 |
| ST JOSEPH CNTY IND ECONOMIC DE |
| 5/15/2038 |
| 6.000 |
|
| 367,366 |
|
| 453,710 |
|
|
|
|
| 500,000 |
| ST JOSEPH CNTY IND HOSP AUTH (b) |
| 2/15/2028 |
| 5.250 |
|
| 508,169 |
|
| 277,350 |
|
|
|
|
| 1,000,000 |
| ST JOSEPH MO INDL DEV AUTH TAX |
| 11/1/2019 |
| 5.100 |
|
| 988,990 |
|
| 956,530 |
|
|
|
|
| 500,000 |
| ST JOSEPH MO INDL DEV AUTH TAX |
| 11/1/2023 |
| 5.375 |
|
| 496,439 |
|
| 464,610 |
|
|
|
|
| 385,000 |
| ST LOUIS MO INDL DEV AUTH TAX |
| 5/1/2026 |
| 5.125 |
|
| 382,883 |
|
| 311,769 |
|
|
|
|
| 188,414 |
| ST TAMMANY PARISH LA FIN AUTH |
| 12/1/2039 |
| 5.250 |
|
| 192,540 |
|
| 196,275 |
|
|
|
|
| 160,000 |
| STERLING HILL CMNTY DEV DIST |
| 11/1/2010 |
| 5.500 |
|
| 159,948 |
|
| 139,104 |
|
|
|
|
| 500,000 |
| STONEYBROOK SOUTH CMNTY DEV (b) |
| 11/1/2015 |
| 5.450 |
|
| 498,703 |
|
| 214,800 |
|
|
|
|
| 500,000 |
| SULLIVAN CNTY TENN HEALTH EDL |
| 9/1/2036 |
| 5.250 |
|
| 516,035 |
|
| 460,015 |
|
|
|
|
| 345,000 |
| SUMMIT ACADEMY NORTH MICH PUB |
| 11/1/2011 |
| 4.750 |
|
| 345,039 |
|
| 341,205 |
|
|
|
|
| 250,000 |
| TARRANT CNTY TEX CULTURAL ED |
| 2/15/2013 |
| 5.000 |
|
| 249,815 |
|
| 243,640 |
|
|
|
|
| 500,000 |
| TARRANT CNTY TEX CULTURAL ED |
| 2/15/2014 |
| 6.500 |
|
| 500,000 |
|
| 501,510 |
|
|
|
|
| 1,000,000 |
| TARRANT CNTY TEX CULTURAL ED |
| 11/15/2014 |
| 6.500 |
|
| 1,000,000 |
|
| 995,410 |
|
|
|
|
| 250,000 |
| TARRANT CNTY TEX CULTURAL ED |
| 11/15/2014 |
| 6.250 |
|
| 250,000 |
|
| 250,610 |
|
|
|
|
| 1,000,000 |
| TARRANT CNTY TEX CULTURAL ED |
| 2/15/2016 |
| 7.250 |
|
| 1,000,000 |
|
| 1,004,030 |
|
|
|
|
| 500,000 |
| TARRANT CNTY TEX CULTURAL ED |
| 11/15/2016 |
| 5.250 |
|
| 486,786 |
|
| 497,565 |
|
|
|
|
| 500,000 |
| TARRANT CNTY TEX CULTURAL ED |
| 11/15/2019 |
| 5.750 |
|
| 495,531 |
|
| 512,485 |
|
|
|
|
| 750,000 |
| TARRANT CNTY TEX CULTURAL ED |
| 11/15/2019 |
| 7.750 |
|
| 750,000 |
|
| 750,885 |
|
|
|
|
| 950,000 |
| TARRANT CNTY TEX CULTURAL ED |
| 9/1/2023 |
| 5.000 |
|
| 938,259 |
|
| 985,521 |
|
|
|
|
| 1,000,000 |
| TARRANT CNTY TEX CULTURAL ED |
| 11/15/2026 |
| 6.000 |
|
| 1,034,746 |
|
| 1,013,640 |
|
|
|
|
| 1,000,000 |
| TARRANT CNTY TEX CULTURAL ED |
| 5/15/2027 |
| 5.125 |
|
| 710,792 |
|
| 894,200 |
|
|
|
|
| 750,000 |
| TARRANT CNTY TEX CULTURAL ED |
| 11/15/2036 |
| 6.000 |
|
| 772,274 |
|
| 720,248 |
|
|
|
|
| 195,000 |
| TENNESSEE HSG DEV AGY |
| 7/1/2031 |
| 4.500 |
|
| 195,000 |
|
| 195,020 |
|
|
|
|
| 1,000,000 |
| TENNESSEE HSG DEV AGY |
| 7/1/2038 |
| 5.450 |
|
| 1,000,000 |
|
| 1,037,390 |
|
|
|
|
| 210,000 |
| TENNESSEE HSG DEV AGY MTG FIN |
| 7/1/2023 |
| 5.200 |
|
| 211,508 |
|
| 214,706 |
|
|
|
|
�� | 795,000 |
| TERREBONNE PARISH LA |
| 3/1/2024 |
| 5.875 |
|
| 801,636 |
|
| 910,458 |
|
|
|
|
| 250,000 |
| TEXAS MUN GAS ACQUISITION + SU |
| 12/15/2026 |
| 1.810 |
|
| 250,000 |
|
| 178,438 |
|
|
|
|
| 185,000 |
| TEXAS MUN GAS ACQUISITION + SU |
| 12/15/2026 |
| 6.250 |
|
| 177,652 |
|
| 193,345 |
|
|
|
|
| 2,000,000 |
| TEXAS PRIVATE ACTIVITY SURFACE |
| 6/30/2033 |
| 7.500 |
|
| 2,063,729 |
|
| 2,093,740 |
|
|
|
|
| 1,000,000 |
| TEXAS ST DEPT HSG + CMNTY AFFA |
| 7/1/2039 |
| 5.450 |
|
| 1,000,000 |
|
| 1,038,580 |
|
|
|
|
| 400,000 |
| TEXAS ST PUB FIN AUTH CHARTER |
| 9/1/2018 |
| 5.500 |
|
| 400,000 |
|
| 384,452 |
|
|
|
|
| 500,000 |
| TEXAS ST PUB FIN AUTH CHARTER |
| 2/15/2030 |
| 6.000 |
|
| 500,000 |
|
| 504,320 |
|
|
|
|
| 1,000,000 |
| TEXAS ST PUB FIN AUTH CHARTER |
| 8/15/2030 |
| 5.000 |
|
| 875,503 |
|
| 896,890 |
|
|
|
|
| 800,000 |
| TEXAS ST STUDENT HSG AUTH (b) |
| 1/1/2033 |
| 11.000 |
|
| 800,000 |
|
| 8 |
|
|
|
|
| 425,000 |
| TODD CREEK FARMS MET DIST NO 1 |
| 12/1/2009 |
| 4.750 |
|
| 425,000 |
|
| 211,693 |
|
|
|
|
| 750,000 |
| TOLOMATO CMNTY DEV DIST FLA |
| 5/1/2017 |
| 6.375 |
|
| 750,000 |
|
| 695,213 |
|
|
|
|
| 2,000,000 |
| TORRANCE CALIF UNI SCH DIST (c) |
| 8/1/2023 |
| 6.197 |
|
| 899,844 |
|
| 993,080 |
|
|
|
|
| 910,000 |
| TRAVIS CNTY TEX HEALTH FACS |
| 11/15/2035 |
| 4.750 |
|
| 910,000 |
|
| 905,941 |
|
|
|
|
| 1,000,000 |
| TRAVIS CNTY TEX HEALTH FACS DE |
| 11/1/2016 |
| 6.250 |
|
| 1,000,000 |
|
| 1,000,930 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 70 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Tax-Exempt Bond Fund |
June 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
| 840,000 |
| TRAVIS CNTY TEX HSG FIN CORP M (b) |
| 6/1/2035 |
| 9.250 |
| $ | 840,000 |
|
| 159,592 |
|
|
|
|
| 1,000,000 |
| TULSA OKLA TULSA INDL AUTH REV |
| 10/1/2027 |
| 6.000 |
|
| 1,028,513 |
|
| 1,096,550 |
|
|
|
|
| 1,250,000 |
| TUSTIN CALIF UNI SCH DIST (c) |
| 8/1/2028 |
| 3.085 |
|
| 718,565 |
|
| 744,363 |
|
|
|
|
| 350,000 |
| TYLER TEX HEALTH FACS DEV CORP |
| 11/1/2037 |
| 5.375 |
|
| 347,644 |
|
| 325,626 |
|
|
|
|
| 500,000 |
| ULSTER CNTY N Y INDL DEV AGY |
| 9/15/2013 |
| 5.100 |
|
| 497,796 |
|
| 498,325 |
|
|
|
|
| 500,000 |
| ULSTER CNTY N Y INDL DEV AGY |
| 9/15/2016 |
| 5.250 |
|
| 494,771 |
|
| 466,860 |
|
|
|
|
| 350,000 |
| UNIVERSITY CALIF REVS |
| 5/15/2031 |
| 5.750 |
|
| 361,820 |
|
| 396,620 |
|
|
|
|
| 240,000 |
| UNIVERSITY CITY MO INDL DEV AU |
| 12/20/2030 |
| 6.000 |
|
| 250,517 |
|
| 239,971 |
|
|
|
|
| 671,000 |
| UTAH ASSOCIATED MUNI POWER SYS (e) |
| 5/1/2022 |
| 4.750 |
|
| 671,000 |
|
| 583,569 |
|
|
|
|
| 500,000 |
| UTAH HSG CORP SINGLE FAMILY MT |
| 1/1/2032 |
| 4.950 |
|
| 500,000 |
|
| 502,260 |
|
|
|
|
| 500,000 |
| UTAH HSG CORP SINGLE FAMILY MT |
| 1/1/2040 |
| 5.550 |
|
| 500,000 |
|
| 516,785 |
|
|
|
|
| 600,000 |
| UTAH ST CHARTER SCH FIN AUTH |
| 7/15/2018 |
| 6.375 |
|
| 600,000 |
|
| 599,418 |
|
|
|
|
| 1,000,000 |
| VERANO CTR CMNTY DEV DIST FLA |
| 11/1/2012 |
| 5.000 |
|
| 1,000,000 |
|
| 740,850 |
|
|
|
|
| 1,500,000 |
| VERMONT EDL + HEALTH BLDGS FIN |
| 12/1/2027 |
| 6.125 |
|
| 1,502,553 |
|
| 1,508,490 |
|
|
|
|
| 215,000 |
| VERRADO CMNTY FACS DIST NO 1 |
| 7/15/2013 |
| 6.000 |
|
| 215,000 |
|
| 221,848 |
|
|
|
|
| 300,000 |
| VIGO CNTY IND HOSP AUTH REV |
| 9/1/2027 |
| 5.500 |
|
| 297,022 |
|
| 289,638 |
|
|
|
|
| 1,500,000 |
| VIRGINIA ST HSG AUTH DEV AUTH |
| 12/1/2039 |
| 5.000 |
|
| 1,500,000 |
|
| 1,524,765 |
|
|
|
|
| 750,000 |
| VIRGINIA ST HSG DEV AUTH |
| 7/1/2025 |
| 6.000 |
|
| 750,000 |
|
| 810,773 |
|
|
|
|
| 425,000 |
| VIRGINIA ST HSG DEV AUTH COMWL |
| 7/1/2031 |
| 5.350 |
|
| 426,627 |
|
| 428,710 |
|
|
|
|
| 2,000,000 |
| VIRGINIA ST HSG DEV AUTH COMWL |
| 7/1/2036 |
| 5.375 |
|
| 2,090,520 |
|
| 2,014,620 |
|
|
|
|
| 500,000 |
| WASHINGTON CNTY VA INDL DEV AU |
| 7/1/2019 |
| 7.250 |
|
| 493,452 |
|
| 575,550 |
|
|
|
|
| 500,000 |
| WASHINGTON ST HEALTH CARE FACS |
| 3/1/2024 |
| 6.500 |
|
| 478,193 |
|
| 540,505 |
|
|
|
|
| 500,000 |
| WASHINGTON ST HEALTH CARE FACS |
| 8/1/2028 |
| 6.250 |
|
| 515,958 |
|
| 553,030 |
|
|
|
|
| 1,000,000 |
| WASHINGTON ST HEALTH CARE FACS |
| 3/1/2029 |
| 7.125 |
|
| 974,782 |
|
| 1,105,670 |
|
|
|
|
| 650,000 |
| WASHINGTON ST HSG FIN COMMN NO |
| 1/1/2013 |
| 5.100 |
|
| 650,000 |
|
| 638,183 |
|
|
|
|
| 1,150,000 |
| WASHINGTON ST HSG FIN COMMN NO |
| 1/1/2017 |
| 5.250 |
|
| 1,146,804 |
|
| 1,010,367 |
|
|
|
|
| 435,000 |
| WATERS EDGE CMNTY DEV DIST FLA (b) |
| 11/1/2012 |
| 5.000 |
|
| 435,038 |
|
| 257,172 |
|
|
|
|
| 500,000 |
| WATERSET NORTH CMNTY DEV DIST (b) |
| 11/1/2015 |
| 6.550 |
|
| 498,867 |
|
| 314,930 |
|
|
|
|
| 1,000,000 |
| WEST CAMPUS HSG LLC ARIZ STUDE |
| 7/1/2025 |
| 5.000 |
|
| 875,014 |
|
| 945,460 |
|
|
|
|
| 500,000 |
| WEST ORANGE HEALTHCARE DIST FL |
| 2/1/2031 |
| 5.800 |
|
| 502,732 |
|
| 502,220 |
|
|
|
|
| 240,000 |
| WEST VLGS IMPT DIST FLA REV (b) |
| 5/1/2037 |
| 5.500 |
|
| 240,000 |
|
| 111,060 |
|
|
|
|
| 530,000 |
| WESTERN GENERATION AGY ORE |
| 1/1/2021 |
| 5.000 |
|
| 533,637 |
|
| 491,443 |
|
|
|
|
| 200,000 |
| WESTPARK CMNTY FACS DIST AZ |
| 7/15/2016 |
| 4.900 |
|
| 200,000 |
|
| 190,382 |
|
|
|
|
| 500,000 |
| WHITEHOUSE TEX INDPT SCH DIST (c) |
| 2/15/2025 |
| 4.650 |
|
| 255,335 |
|
| 256,930 |
|
|
|
|
| 255,000 |
| WILL CNTY ILL SPL ED JT |
| 1/1/2021 |
| 5.500 |
|
| 264,123 |
|
| 267,309 |
|
|
|
|
| 750,000 |
| WINNEBAGO + STEPHENSON CNTYS I (c) |
| 1/1/2019 |
| 5.250 |
|
| 482,206 |
|
| 496,935 |
|
|
|
|
| 1,000,000 |
| WISCONSIN HEALTH + EDL FACS |
| 12/1/2034 |
| 5.000 |
|
| 1,000,000 |
|
| 1,021,230 |
|
|
|
|
| 1,000,000 |
| WISCONSIN ST GEN REV |
| 5/1/2027 |
| 6.000 |
|
| 1,024,033 |
|
| 1,140,380 |
|
|
|
|
| 1,000,000 |
| WISCONSIN ST HEALTH + EDL FA |
| 11/15/2025 |
| 5.750 |
|
| 990,376 |
|
| 1,001,070 |
|
|
|
|
| 1,000,000 |
| WISCONSIN ST HEALTH + EDL FACS |
| 9/15/2014 |
| 5.400 |
|
| 1,000,000 |
|
| 998,870 |
|
|
|
|
| 450,000 |
| WISCONSIN ST HEALTH + EDL FACS |
| 7/1/2017 |
| 6.000 |
|
| 460,306 |
|
| 457,340 |
|
|
|
|
| 250,000 |
| WISCONSIN ST HEALTH + EDL FACS |
| 8/15/2017 |
| 5.250 |
|
| 249,456 |
|
| 250,200 |
|
|
|
|
| 525,000 |
| WISCONSIN ST HEALTH + EDL FACS |
| 2/15/2018 |
| 6.250 |
|
| 507,629 |
|
| 529,142 |
|
|
|
|
| 350,000 |
| WISCONSIN ST HEALTH + EDL FACS |
| 7/1/2021 |
| 6.000 |
|
| 358,549 |
|
| 353,077 |
|
|
|
|
| 1,000,000 |
| WISCONSIN ST HEALTH + EDL FACS |
| 8/15/2022 |
| 5.750 |
|
| 902,918 |
|
| 999,990 |
|
|
|
|
| 400,000 |
| WISCONSIN ST HEALTH + EDL FACS |
| 8/15/2023 |
| 5.600 |
|
| 401,373 |
|
| 402,428 |
|
|
|
|
| 205,000 |
| WISCONSIN ST HEALTH + EDL FACS |
| 11/15/2023 |
| 6.000 |
|
| 217,553 |
|
| 212,743 |
|
|
|
|
| 500,000 |
| WISCONSIN ST HEALTH + EDL FACS |
| 8/15/2024 |
| 6.500 |
|
| 350,095 |
|
| 500,055 |
|
|
|
|
| 500,000 |
| WISCONSIN ST HEALTH + EDL FACS |
| 1/15/2025 |
| 5.650 |
|
| 506,197 |
|
| 509,620 |
|
|
|
|
| 500,000 |
| WISCONSIN ST HEALTH + EDL FACS |
| 7/1/2026 |
| 5.000 |
|
| 505,015 |
|
| 473,110 |
|
|
|
|
| 500,000 |
| WISCONSIN ST HEALTH + EDL FACS |
| 8/15/2026 |
| 5.875 |
|
| 476,604 |
|
| 499,995 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 71 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Tax-Exempt Bond Fund |
June 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
| 500,000 |
| WISCONSIN ST HEALTH + EDL FACS |
| 6/1/2028 |
| 5.700 |
| $ | 518,700 |
|
| 487,925 |
|
|
|
|
| 1,000,000 |
| WISCONSIN ST HEALTH + EDL FACS |
| 2/15/2029 |
| 5.600 |
|
| 992,582 |
|
| 993,070 |
|
|
|
|
| 1,000,000 |
| WISCONSIN ST HEALTH + EDL FACS |
| 5/15/2029 |
| 5.125 |
|
| 855,015 |
|
| 911,350 |
|
|
|
|
| 750,000 |
| WISCONSIN ST HEALTH + EDL FACS |
| 6/1/2030 |
| 6.000 |
|
| 750,000 |
|
| 761,715 |
|
|
|
|
| 500,000 |
| WISCONSIN ST HEALTH + EDL FACS |
| 2/15/2032 |
| 5.250 |
|
| 488,593 |
|
| 483,045 |
|
|
|
|
| 250,000 |
| WISCONSIN ST HEALTH + EDL FACS |
| 11/15/2032 |
| 6.000 |
|
| 267,978 |
|
| 257,128 |
|
|
|
|
| 750,000 |
| WISCONSIN ST HEALTH + EDL FACS |
| 4/15/2033 |
| 6.400 |
|
| 764,676 |
|
| 765,810 |
|
|
|
|
| 500,000 |
| WISCONSIN ST HEALTH + EDL FACS |
| 8/15/2034 |
| 6.750 |
|
| 507,256 |
|
| 502,620 |
|
|
|
|
| 825,000 |
| WOODHILL PUB FAC CORP TEX |
| 12/1/2015 |
| 7.250 |
|
| 817,694 |
|
| 831,922 |
|
|
|
|
| 1,500,000 |
| WYANDOTTE CNTY/KANS CITY KANS (c) |
| 6/1/2021 |
| 6.058 |
|
| 781,002 |
|
| 801,060 |
|
|
|
|
| 750,000 |
| WYOMING CMNTY DEV AUTH HSG REV |
| 12/1/2023 |
| 5.250 |
|
| 759,636 |
|
| 789,345 |
|
|
|
|
| 250,000 |
| WYOMING MUN PWR AGY PWR SUPPLY |
| 1/1/2028 |
| 5.500 |
|
| 254,594 |
|
| 268,733 |
|
|
|
|
| 355,000 |
| ZEPHYR RIDGE CMNTY DEV DIST (b) |
| 5/1/2013 |
| 5.250 |
|
| 355,409 |
|
| 141,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 495,081,160 |
|
| 487,980,385 |
|
| 90.63 | % |
Cash Equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 8,648,054 |
| SSGA TAX-EXEMPT MONEY MARKET FUND, Current rate 0.00% |
|
|
|
|
| $ | 8,648,054 |
|
| 8,648,054 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 8,648,054 |
|
| 8,648,054 |
|
| 1.61 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Grand total (d) |
|
|
|
|
| $ | 537,146,013 |
|
| 533,284,087 |
|
| 99.06 | % |
Notes to Schedule of Investments:
|
|
|
| (a) | Securities are valued in accordance with procedures described in note 2 to the December 31, 2009 financial statements. |
| (b) | Currently non-income producing assets. For long-term debt securities, item identified is in default as to payment of interest and/or principal. |
| (c) | For zero coupon bonds, the interest rate disclosed represents the annualized effective yield on the date of acquisition. |
| (d) | At June 30, 2010, the cost for Federal income tax purposes was $537,146,013. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost were as follows: |
|
|
|
|
|
Gross unrealized appreciation |
| $ | 19,177,591 |
|
Gross unrealized depreciation |
|
| (23,039,517 | ) |
Net unrealized depreciation |
| $ | (3,861,926 | ) |
|
|
|
| (e) | This security is being fair-valued according to procedures adopted by the Board of Trustees. |
Distribution of investments representing geographic diversification, as a percentage of total investments at fair value, is as follows:
|
|
|
|
|
Geographical Diversification |
|
| Percent |
|
|
|
|
|
|
California |
|
| 10.57 | % |
Texas |
|
| 9.25 |
|
Indiana |
|
| 3.48 |
|
Illinois |
|
| 5.57 |
|
Florida |
|
| 4.83 |
|
Missouri |
|
| 3.45 |
|
Arizona |
|
| 3.13 |
|
Louisiana |
|
| 2.40 |
|
Michigan |
|
| 2.59 |
|
Pennsylvania |
|
| 2.21 |
|
South Carolina |
|
| 1.49 |
|
Other |
|
| 51.03 |
|
|
|
| 100.00 | % |
|
|
|
See accompanying notes to financial statements. | 72 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
|
Schedule of Investments – Clearwater Tax-Exempt Bond Fund |
|
June 30, 2010 (unaudited) |
|
|
|
See accompanying notes to financial statements. |
|
73
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Common Stocks: |
|
|
|
|
|
|
|
|
|
| |||
Australia: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 7,000 |
| ADELAIDE BRIGHTON LTD. |
| $ | 17,494 |
|
| 15,789 |
|
|
|
|
| 6,144 |
| AGL ENERGY LTD. |
|
| 60,957 |
|
| 76,016 |
|
|
|
|
| 51,722 |
| ALUMINA LTD. |
|
| 50,177 |
|
| 66,386 |
|
|
|
|
| 59,715 |
| AMCOR LTD. |
|
| 258,428 |
|
| 320,655 |
|
|
|
|
| 37,706 |
| AMP LTD. |
|
| 144,346 |
|
| 165,342 |
|
|
|
|
| 3,000 |
| ANSELL LTD. |
|
| 35,045 |
|
| 33,153 |
|
|
|
|
| 16,005 |
| ARISTOCRAT LEISURE LTD. |
|
| 56,089 |
|
| 49,303 |
|
|
|
|
| 16,139 |
| ARROW ENERGY LTD.(b) |
|
| 75,029 |
|
| 65,880 |
|
|
|
|
| 4,112 |
| ASX LTD. |
|
| 84,309 |
|
| 100,919 |
|
|
|
|
| 40,756 |
| AUSTRALIA & NEW ZEALAND BANKING GROUP LTD. |
|
| 510,284 |
|
| 741,276 |
|
|
|
|
| 19,517 |
| AXA ASIA PACIFIC HOLDINGS LTD. |
|
| 47,802 |
|
| 89,853 |
|
|
|
|
| 1,214 |
| BANK OF QUEENSLAND LTD. |
|
| 10,871 |
|
| 10,698 |
|
|
|
|
| 6,281 |
| BENDIGO AND ADELAIDE BANK LTD. |
|
| 52,780 |
|
| 43,243 |
|
|
|
|
| 179,910 |
| BGP HOLDINGS PLC(b) |
|
| - |
|
| - |
|
|
|
|
| 54,757 |
| BHP BILLITON LTD. |
|
| 1,258,978 |
|
| 1,735,156 |
|
|
|
|
| 1,182 |
| BILLABONG INTERNATIONAL LTD. |
|
| 7,263 |
|
| 8,695 |
|
|
|
|
| 30,685 |
| BLUESCOPE STEEL LTD.(b) |
|
| 54,658 |
|
| 54,235 |
|
|
|
|
| 10,867 |
| BORAL LTD. |
|
| 30,867 |
|
| 44,085 |
|
|
|
|
| 7,300 |
| BRADKEN LTD. |
|
| 42,452 |
|
| 44,237 |
|
|
|
|
| 21,500 |
| BRAMBLES LTD. |
|
| 91,179 |
|
| 98,802 |
|
|
|
|
| 66,633 |
| CFS RETAIL PROPERTY TRUST |
|
| 88,659 |
|
| 105,995 |
|
|
|
|
| 28,298 |
| COCA-COLA AMATIL LTD. |
|
| 178,894 |
|
| 284,853 |
|
|
|
|
| 971 |
| COCHLEAR LTD. |
|
| 35,893 |
|
| 60,738 |
|
|
|
|
| 25,220 |
| COMMONWEALTH BANK OF AUSTRALIA |
|
| 661,319 |
|
| 1,032,458 |
|
|
|
|
| 8,520 |
| COMPUTERSHARE LTD. |
|
| 47,796 |
|
| 76,083 |
|
|
|
|
| 11,853 |
| CROWN LTD. |
|
| 47,994 |
|
| 77,515 |
|
|
|
|
| 9,576 |
| CSL LTD. |
|
| 226,091 |
|
| 262,584 |
|
|
|
|
| 41,838 |
| CSR LTD. |
|
| 48,720 |
|
| 59,158 |
|
|
|
|
| 85,105 |
| DEXUS PROPERTY GROUP |
|
| 62,970 |
|
| 55,154 |
|
|
|
|
| 180,435 |
| FAIRFAX MEDIA LTD. |
|
| 251,231 |
|
| 199,701 |
|
|
|
|
| 21,110 |
| FORTESCUE METALS GROUP LTD.(b) |
|
| 37,574 |
|
| 73,201 |
|
|
|
|
| 42,738 |
| FOSTER’S GROUP LTD. |
|
| 157,343 |
|
| 203,234 |
|
|
|
|
| 82,900 |
| GOODMAN FIELDER LTD. |
|
| 114,131 |
|
| 93,845 |
|
|
|
|
| 93,686 |
| GOODMAN GROUP |
|
| 48,414 |
|
| 50,071 |
|
|
|
|
| 35,982 |
| GPT GROUP |
|
| 55,818 |
|
| 85,099 |
|
|
|
|
| 34,844 |
| GRANGE RESOURCES LTD.(b) |
|
| 14,971 |
|
| 14,663 |
|
|
|
|
| 34,615 |
| HARVEY NORMAN HOLDINGS LTD. |
|
| 79,261 |
|
| 96,433 |
|
|
|
|
| 19,665 |
| INCITEC PIVOT LTD. |
|
| 31,737 |
|
| 45,185 |
|
|
|
|
| 50,025 |
| INSURANCE AUSTRALIA GROUP LTD. |
|
| 125,483 |
|
| 143,574 |
|
|
|
|
| 31,339 |
| INTOLL GROUP |
|
| 29,728 |
|
| 27,432 |
|
|
|
|
| 2,244 |
| LEIGHTON HOLDINGS LTD. |
|
| 29,819 |
|
| 54,677 |
|
|
|
|
| 3,157 |
| LEND LEASE GROUP |
|
| 10,919 |
|
| 19,477 |
|
|
|
|
| 6,268 |
| MACQUARIE ATLAS ROADS GROUP(b) |
|
| 2,373 |
|
| 5,012 |
|
|
|
|
| 5,587 |
| MACQUARIE GROUP LTD. |
|
| 112,772 |
|
| 174,550 |
|
|
|
|
| 58,748 |
| METCASH LTD. |
|
| 184,760 |
|
| 207,177 |
|
|
|
|
| 37,974 |
| MIRVAC GROUP |
|
| 50,570 |
|
| 42,029 |
|
|
|
|
| 35,500 |
| MOUNT GIBSON IRON LTD.(b) |
|
| 63,986 |
|
| 46,312 |
|
|
|
|
| 31,423 |
| NATIONAL AUSTRALIA BANK LTD. |
|
| 482,361 |
|
| 615,693 |
|
|
|
|
| 7,658 |
| NEWCREST MINING LTD. |
|
| 173,651 |
|
| 226,233 |
|
|
|
|
| 1,663 |
| NUFARM LTD. |
|
| 8,862 |
|
| 7,544 |
|
|
|
|
| 100,187 |
| ONESTEEL LTD. |
|
| 231,744 |
|
| 251,282 |
|
|
|
|
| 17,026 |
| ORICA LTD. |
|
| 237,242 |
|
| 361,116 |
|
|
|
|
| 12,164 |
| ORIGIN ENERGY LTD. |
|
| 118,319 |
|
| 152,954 |
|
|
|
|
| 68,197 |
| OZ MINERALS LTD.(b) |
|
| 31,654 |
|
| 55,102 |
|
|
|
|
| 9,100 |
| PACIFIC BRANDS LTD.(b) |
|
| 9,499 |
|
| 6,778 |
|
|
|
|
| 14,231 |
| PALADIN ENERGY LTD.(b) |
|
| 54,196 |
|
| 43,000 |
|
|
|
|
| 416 |
| PERPETUAL LTD. |
|
| 7,027 |
|
| 9,895 |
|
|
|
|
| 22,200 |
| PRIMARY HEALTH CARE LTD. |
|
| 92,581 |
|
| 66,518 |
|
|
|
|
| 116,632 |
| QANTAS AIRWAYS LTD.(b) |
|
| 222,335 |
|
| 215,960 |
|
|
|
|
| 13,190 |
| QBE INSURANCE GROUP LTD. |
|
| 168,322 |
|
| 202,046 |
|
|
|
|
| 8,245 |
| RIO TINTO LTD. |
|
| 321,508 |
|
| 462,583 |
|
|
|
|
| 12,740 |
| SANTOS LTD. |
|
| 130,070 |
|
| 135,106 |
|
|
|
|
| 1,300 |
| SIMS METAL MANAGEMENT LTD. |
|
| 14,504 |
|
| 18,721 |
|
|
|
|
| 9,824 |
| SONIC HEALTHCARE LTD. |
|
| 79,849 |
|
| 86,240 |
|
|
|
|
| 121,829 |
| STOCKLAND |
|
| 354,514 |
|
| 381,441 |
|
|
|
|
| 63,773 |
| SUNCORP-METWAY LTD. |
|
| 400,866 |
|
| 431,546 |
|
|
|
|
| 42,177 |
| TABCORP HOLDINGS LTD. |
|
| 210,955 |
|
| 224,705 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 74 |
|
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Australia (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 47,346 |
| TATTS GROUP LTD. |
| $ | 81,620 |
|
| 89,262 |
|
|
|
|
| 69,046 |
| TELSTRA CORP. LTD. |
|
| 158,437 |
|
| 188,867 |
|
|
|
|
| 11,689 |
| TOLL HOLDINGS LTD. |
|
| 48,972 |
|
| 53,913 |
|
|
|
|
| 13,099 |
| TRANSURBAN GROUP |
|
| 36,728 |
|
| 46,745 |
|
|
|
|
| 16,997 |
| WESFARMERS LTD. |
|
| 225,362 |
|
| 409,855 |
|
|
|
|
| 2,560 |
| WESFARMERS LTD. - PPS |
|
| 32,507 |
|
| 62,032 |
|
|
|
|
| 35,413 |
| WESTFIELD GROUP |
|
| 253,765 |
|
| 363,031 |
|
|
|
|
| 52,832 |
| WESTPAC BANKING CORP. |
|
| 701,839 |
|
| 944,019 |
|
|
|
|
| 8,400 |
| WHITEHAVEN COAL LTD. |
|
| 37,916 |
|
| 33,936 |
|
|
|
|
| 8,877 |
| WOODSIDE PETROLEUM LTD. |
|
| 262,926 |
|
| 312,602 |
|
|
|
|
| 19,482 |
| WOOLWORTHS LTD. |
|
| 346,571 |
|
| 443,050 |
|
|
|
|
| 2,623 |
| WORLEYPARSONS LTD. |
|
| 30,535 |
|
| 49,032 |
|
|
|
|
|
|
|
|
|
| 11,255,471 |
|
| 14,310,740 |
|
| 5.41 | % |
Austria: |
|
|
|
|
|
|
|
|
|
|
| ||
| 3,566 |
| ERSTE GROUP BANK A.G. |
|
| 63,769 |
|
| 114,925 |
|
|
|
|
| 15,879 |
| IMMOFINANZ A.G.(b) |
|
| 51,791 |
|
| 41,379 |
|
|
|
|
| 7,758 |
| OMV A.G. |
|
| 298,407 |
|
| 234,703 |
|
|
|
|
| 3,565 |
| RAIFFEISEN INTERNATIONAL BANK HOLDING A.G.(b) |
|
| 148,328 |
|
| 137,278 |
|
|
|
|
| 2,668 |
| STRABAG S.E. (BEARER) |
|
| 82,131 |
|
| 57,943 |
|
|
|
|
| 2,648 |
| TELEKOM AUSTRIA A.G. |
|
| 37,131 |
|
| 29,580 |
|
|
|
|
| 915 |
| VERBUND - OESTERREICHISCHE ELEKTRIZI-TAETSWIRTSCHAFTS A.G., CLASS A |
|
| 30,953 |
|
| 28,146 |
|
|
|
|
| 1,003 |
| VIENNA INSURANCE GROUP |
|
| 49,973 |
|
| 42,045 |
|
|
|
|
| 2,303 |
| VOESTALPINE A.G. |
|
| 32,585 |
|
| 63,674 |
|
|
|
|
| 22,080 |
| WIENERBERGER A.G.(b) |
|
| 353,186 |
|
| 271,488 |
|
|
|
|
|
|
|
|
|
| 1,148,254 |
|
| 1,021,161 |
|
| 0.39 | % |
Belgium: |
|
|
|
|
|
|
|
|
|
|
| ||
| 48,619 |
| AGEAS |
|
| 87,769 |
|
| 110,048 |
|
|
|
|
| 12,078 |
| ANHEUSER-BUSCH INBEV N.V. |
|
| 385,199 |
|
| 586,939 |
|
|
|
|
| 519 |
| BELGACOM S.A. |
|
| 15,605 |
|
| 16,415 |
|
|
|
|
| 329 |
| COLRUYT S.A. |
|
| 74,892 |
|
| 77,607 |
|
|
|
|
| 6,304 |
| DELHAIZE GROUP |
|
| 427,953 |
|
| 460,446 |
|
|
|
|
| 10,380 |
| DEXIA S.A.(b) |
|
| 53,154 |
|
| 36,670 |
|
|
|
|
| 4,744 |
| GROUPE BRUXELLES LAMBERT S.A. |
|
| 400,216 |
|
| 331,478 |
|
|
|
|
| 11,954 |
| KBC GROEP N.V.(b) |
|
| 323,586 |
|
| 465,359 |
|
|
|
|
| 400 |
| MOBISTAR S.A. |
|
| 25,537 |
|
| 21,343 |
|
|
|
|
| 1,320 |
| NATIONALE A PORTEFEUILLE |
|
| 65,973 |
|
| 56,495 |
|
|
|
|
| 155 |
| OMEGA PHARMA S.A. |
|
| 7,700 |
|
| 6,805 |
|
|
|
|
| 625 |
| SOLVAY S.A., CLASS A |
|
| 36,847 |
|
| 53,629 |
|
|
|
|
| 7,091 |
| UCB S.A. |
|
| 207,141 |
|
| 224,020 |
|
|
|
|
| 6,566 |
| UMICORE |
|
| 169,622 |
|
| 191,536 |
|
|
|
|
|
|
|
|
|
| 2,281,194 |
|
| 2,638,790 |
|
| 1.00 | % |
Brazil: |
|
|
|
|
|
|
|
|
|
|
| ||
| 20,180 |
| ALL AMERICA LATINA LOGISTICA S.A. |
|
| 148,332 |
|
| 158,757 |
|
|
|
|
|
|
|
|
|
| 148,332 |
|
| 158,757 |
|
| 0.06 | % |
Canada: |
|
|
|
|
|
|
|
|
|
|
| ||
| 6,800 |
| ADVANTAGE OIL & GAS LTD.(b) |
|
| 47,545 |
|
| 39,603 |
|
|
|
|
| 1,000 |
| AGNICO-EAGLE MINES LTD.(c) |
|
| 55,138 |
|
| 60,662 |
|
|
|
|
| 2,453 |
| AGNICO-EAGLE MINES LTD. (NEW YORK EXCHANGE) |
|
| 133,193 |
|
| 149,093 |
|
|
|
|
| 3,500 |
| AGRIUM, INC. |
|
| 173,732 |
|
| 170,959 |
|
|
|
|
| 10,032 |
| AGRIUM, INC. (NEW YORK EXCHANGE) |
|
| 415,570 |
|
| 490,966 |
|
|
|
|
| 980 |
| ASTRAL MEDIA, INC. |
|
| 33,388 |
|
| 33,094 |
|
|
|
|
| 2,600 |
| ATCO LTD., CLASS I |
|
| 79,610 |
|
| 116,350 |
|
|
|
|
| 10,194 |
| BANK OF MONTREAL |
|
| 312,529 |
|
| 553,330 |
|
|
|
|
| 18,663 |
| BANK OF NOVA SCOTIA |
|
| 509,178 |
|
| 858,871 |
|
|
|
|
| 17,426 |
| BARRICK GOLD CORP. |
|
| 574,317 |
|
| 791,315 |
|
|
|
|
| 7,403 |
| BCE, INC. |
|
| 151,150 |
|
| 216,686 |
|
|
|
|
| 2,740 |
| BIOVAIL CORP. |
|
| 29,140 |
|
| 52,718 |
|
|
|
|
| 10,600 |
| BOMBARDIER, INC., CLASS B |
|
| 57,320 |
|
| 48,192 |
|
|
|
|
| 11,627 |
| BROOKFIELD ASSET MANAGEMENT, INC., CLASS A |
|
| 172,468 |
|
| 263,003 |
|
|
|
|
| 10,300 |
| CAE, INC. |
|
| 92,812 |
|
| 89,302 |
|
|
|
|
| 11,740 |
| CAE, INC. (NEW YORK EXCHANGE) |
|
| 85,345 |
|
| 102,021 |
|
|
|
|
| 8,679 |
| CAMECO CORP. |
|
| 149,232 |
|
| 184,689 |
|
|
|
|
| 6,802 |
| CANADIAN IMPERIAL BANK OF COMMERCE |
|
| 284,246 |
|
| 423,288 |
|
|
|
|
| 8,847 |
| CANADIAN NATIONAL RAILWAY CO. |
|
| 339,073 |
|
| 507,641 |
|
|
|
|
| 19,788 |
| CANADIAN NATURAL RESOURCES LTD. |
|
| 435,800 |
|
| 657,555 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 75 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Canada (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 4,100 |
| CANADIAN PACIFIC RAILWAY LTD. |
| $ | 190,032 |
|
| 219,754 |
|
|
|
|
| 3,842 |
| CANADIAN PACIFIC RAILWAY LTD. |
|
| 120,622 |
|
| 206,008 |
|
|
|
|
| 3,260 |
| CANADIAN TIRE CORP. LTD., CLASS A |
|
| 163,013 |
|
| 162,758 |
|
|
|
|
| 9,300 |
| CELESTICA, INC.(b) |
|
| 74,389 |
|
| 75,128 |
|
|
|
|
| 15,213 |
| CENOVUS ENERGY, INC. |
|
| 314,780 |
|
| 392,343 |
|
|
|
|
| 10,919 |
| CGI GROUP, INC., CLASS A (NEW YORK EXCHANGE)(b) |
|
| 90,695 |
|
| 163,021 |
|
|
|
|
| 3,000 |
| CORUS ENTERTAINMENT, INC., CLASS B |
|
| 53,288 |
|
| 52,922 |
|
|
|
|
| 1,100 |
| CRESCENT POINT ENERGY CORP. |
|
| 40,839 |
|
| 38,396 |
|
|
|
|
| 1,861 |
| CRESCENT POINT ENERGY CORP. (OTC EXCHANGE) |
|
| 38,774 |
|
| 64,960 |
|
|
|
|
| 3,300 |
| ELDORADO GOLD CORP. |
|
| 55,596 |
|
| 59,144 |
|
|
|
|
| 8,666 |
| ELDORADO GOLD CORP. (NEW YORK EXCHANGE) |
|
| 96,394 |
|
| 155,641 |
|
|
|
|
| 7,936 |
| ENBRIDGE, INC. (NEW YORK EXCHANGE) |
|
| 263,158 |
|
| 369,818 |
|
|
|
|
| 14,993 |
| ENCANA CORP. |
|
| 352,865 |
|
| 454,888 |
|
|
|
|
| 6,047 |
| ENERPLUS RESOURCES FUND |
|
| 113,667 |
|
| 130,434 |
|
|
|
|
| 500 |
| FAIRFAX FINANCIAL HOLDINGS LTD. |
|
| 177,271 |
|
| 183,115 |
|
|
|
|
| 225 |
| FAIRFAX FINANCIAL HOLDINGS LTD. |
|
| 56,130 |
|
| 83,410 |
|
|
|
|
| 2,700 |
| FIRST QUANTUM MINERALS LTD. |
|
| 167,360 |
|
| 135,814 |
|
|
|
|
| 4,200 |
| GAMMON GOLD, INC.(b) |
|
| 30,394 |
|
| 22,961 |
|
|
|
|
| 400 |
| GEORGE WESTON LTD. |
|
| 28,160 |
|
| 27,357 |
|
|
|
|
| 3,052 |
| GILDAN ACTIVEWEAR, INC.(b) |
|
| 33,435 |
|
| 87,440 |
|
|
|
|
| 14,001 |
| GOLDCORP, INC. |
|
| 447,523 |
|
| 613,944 |
|
|
|
|
| 7,800 |
| IAMGOLD CORP. |
|
| 72,020 |
|
| 137,525 |
|
|
|
|
| 8,203 |
| IAMGOLD CORP. (NEW YORK EXCHANGE) |
|
| 91,103 |
|
| 145,029 |
|
|
|
|
| 900 |
| IGM FINANCIAL, INC. |
|
| 38,817 |
|
| 31,381 |
|
|
|
|
| 6,421 |
| IMPERIAL OIL LTD. |
|
| 227,021 |
|
| 233,853 |
|
|
|
|
| 2,710 |
| INMET MINING CORP. |
|
| 151,525 |
|
| 107,297 |
|
|
|
|
| 3,879 |
| IVANHOE MINES LTD.(b) |
|
| 23,410 |
|
| 50,582 |
|
|
|
|
| 200 |
| KINROSS GOLD CORP. |
|
| 3,625 |
|
| 3,419 |
|
|
|
|
| 11,663 |
| KINROSS GOLD CORP. (NEW YORK EXCHANGE) |
|
| 193,100 |
|
| 199,321 |
|
|
|
|
| 3,000 |
| MAGNA INTERNATIONAL, INC., CLASS A |
|
| 152,304 |
|
| 197,627 |
|
|
|
|
| 3,269 |
| MAGNA INTERNATIONAL, INC., CLASS A |
|
| 86,809 |
|
| 215,623 |
|
|
|
|
| 32,511 |
| MANULIFE FINANCIAL CORP. |
|
| 468,523 |
|
| 474,010 |
|
|
|
|
| 5,400 |
| MAPLE LEAF FOODS, INC. |
|
| 36,317 |
|
| 45,500 |
|
|
|
|
| 3,469 |
| METHANEX CORP. |
|
| 31,828 |
|
| 68,305 |
|
|
|
|
| 4,400 |
| NATIONAL BANK OF CANADA |
|
| 172,738 |
|
| 225,047 |
|
|
|
|
| 5,600 |
| NEXEN, INC. |
|
| 130,937 |
|
| 110,151 |
|
|
|
|
| 11,014 |
| NEXEN, INC. (NEW YORK EXCHANGE) |
|
| 198,615 |
|
| 216,645 |
|
|
|
|
| 11,800 |
| NORTHGATE MINERALS CORP.(b) |
|
| 39,374 |
|
| 35,691 |
|
|
|
|
| 3,400 |
| NUVISTA ENERGY LTD. |
|
| 41,370 |
|
| 32,449 |
|
|
|
|
| 1,560 |
| OPEN TEXT CORP.(b) |
|
| 48,602 |
|
| 58,562 |
|
|
|
|
| 2,253 |
| PAN AMERICAN SILVER CORP. |
|
| 41,183 |
|
| 56,956 |
|
|
|
|
| 1,990 |
| PARAMOUNT RESOURCES LTD., CLASS A(b) |
|
| 28,615 |
|
| 34,731 |
|
|
|
|
| 10,621 |
| PENN WEST ENERGY TRUST |
|
| 114,717 |
|
| 202,011 |
|
|
|
|
| 5,262 |
| POTASH CORP. OF SASKATCHEWAN, INC. |
|
| 456,856 |
|
| 453,795 |
|
|
|
|
| 10,641 |
| PROVIDENT ENERGY TRUST |
|
| 38,685 |
|
| 73,104 |
|
|
|
|
| 3,300 |
| QUADRA FNX MINING LTD.(b) |
|
| 43,274 |
|
| 30,347 |
|
|
|
|
| 3,200 |
| QUEBECOR, INC., CLASS B |
|
| 48,599 |
|
| 97,781 |
|
|
|
|
| 500 |
| RED BACK MINING, INC.(b) |
|
| 13,077 |
|
| 12,639 |
|
|
|
|
| 8,888 |
| RESEARCH IN MOTION LTD.(b) |
|
| 436,685 |
|
| 437,823 |
|
|
|
|
| 2,101 |
| RITCHIE BROS AUCTIONEERS, INC. |
|
| 37,504 |
|
| 38,280 |
|
|
|
|
| 10,965 |
| ROGERS COMMUNICATIONS, INC., CLASS B |
|
| 267,397 |
|
| 359,213 |
|
|
|
|
| 24,582 |
| ROYAL BANK OF CANADA |
|
| 793,754 |
|
| 1,174,774 |
|
|
|
|
| 5,500 |
| SAPUTO, INC. |
|
| 152,851 |
|
| 157,057 |
|
|
|
|
| 1,000 |
| SHAW COMMUNICATIONS, INC., CLASS B |
|
| 18,094 |
|
| 18,007 |
|
|
|
|
| 9,661 |
| SHAW COMMUNICATIONS, INC., CLASS B |
|
| 153,543 |
|
| 174,188 |
|
|
|
|
| 5,900 |
| SHERRITT INTERNATIONAL CORP. |
|
| 35,148 |
|
| 31,701 |
|
|
|
|
| 800 |
| SHOPPERS DRUG MART CORP. |
|
| 31,134 |
|
| 24,738 |
|
|
|
|
| 1,200 |
| SILVER WHEATON CORP.(b) |
|
| 22,991 |
|
| 24,043 |
|
|
|
|
| 7,524 |
| SILVER WHEATON CORP. (NEW YORK EXCHANGE)(b) |
|
| 82,208 |
|
| 151,232 |
|
|
|
|
| 400 |
| SNC-LAVALIN GROUP, INC. |
|
| 13,802 |
|
| 16,010 |
|
|
|
|
| 11,589 |
| SUN LIFE FINANCIAL, INC. |
|
| 229,193 |
|
| 304,907 |
|
|
|
|
| 27,764 |
| SUNCOR ENERGY, INC. |
|
| 661,747 |
|
| 817,372 |
|
|
|
|
| 19,786 |
| TALISMAN ENERGY, INC. |
|
| 227,686 |
|
| 300,352 |
|
|
|
|
| 10,975 |
| TECK RESOURCES LTD., CLASS B |
|
| 52,057 |
|
| 324,641 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 76 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Canada (Cont’d): |
|
|
|
|
|
|
|
|
|
|
| ||
| 1,500 |
| TELUS CORP. (NON VOTING) |
| $ | 39,343 |
|
| 54,275 |
|
|
|
|
| 4,274 |
| TELUS CORP. (NON VOTING) (NEW YORK EXCHANGE) |
|
| 113,886 |
|
| 154,719 |
|
|
|
|
| 33,400 |
| THOMPSON CREEK METALS CO., INC.(b) |
|
| 404,611 |
|
| 289,912 |
|
|
|
|
| 4,689 |
| TIM HORTONS, INC. |
|
| 143,594 |
|
| 150,051 |
|
|
|
|
| 15,008 |
| TORONTO-DOMINION BANK (THE) |
|
| 557,894 |
|
| 974,169 |
|
|
|
|
| 5,081 |
| TRANSALTA CORP. |
|
| 79,391 |
|
| 93,999 |
|
|
|
|
| 12,940 |
| TRANSCANADA CORP. |
|
| 339,196 |
|
| 432,584 |
|
|
|
|
| 3,700 |
| TRANSCONTINENTAL, INC., CLASS A |
|
| 47,559 |
|
| 45,738 |
|
|
|
|
| 2,300 |
| WEST FRASER TIMBER CO. LTD. |
|
| 56,982 |
|
| 71,793 |
|
|
|
|
| 20,900 |
| YAMANA GOLD, INC. |
|
| 217,021 |
|
| 214,383 |
|
|
|
|
| 15,431 |
| YAMANA GOLD, INC. (NEW YORK EXCHANGE) |
|
| 136,678 |
|
| 158,939 |
|
|
|
|
|
|
|
|
|
| 15,384,164 |
|
| 20,052,875 |
|
| 7.58 | % |
China: |
|
|
|
|
|
|
|
|
|
|
| ||
| 15,400 |
| FOCUS MEDIA HOLDING LTD. ADR(b) |
|
| 247,509 |
|
| 239,162 |
|
|
|
|
| 118,000 |
| FOSUN INTERNATIONAL |
|
| 87,459 |
|
| 83,347 |
|
|
|
|
| 6,000 |
| KINGBOARD CHEMICAL HOLDINGS LTD. |
|
| 14,300 |
|
| 26,044 |
|
|
|
|
| 3,400 |
| MINDRAY MEDICAL INTERNATIONAL LTD. ADR |
|
| 113,624 |
|
| 106,828 |
|
|
|
|
| 20,000 |
| XINGDA INTERNATIONAL HOLDINGS LTD. |
|
| 10,194 |
|
| 11,276 |
|
|
|
|
|
|
|
|
|
| 473,086 |
|
| 466,657 |
|
| 0.18 | % |
Cyprus: |
|
|
|
|
|
|
|
|
|
|
| ||
| 8,127 |
| BANK OF CYPRUS PUBLIC CO. LTD. |
|
| 51,271 |
|
| 32,796 |
|
|
|
|
|
|
|
|
|
| 51,271 |
|
| 32,796 |
|
| 0.01 | % |
Czech Republic: |
|
|
|
|
|
|
|
|
|
|
| ||
| 13,900 |
| CENTRAL EUROPEAN MEDIA ENTERPRISES LTD., |
|
| 356,004 |
|
| 276,610 |
|
|
|
|
|
|
|
|
|
| 356,004 |
|
| 276,610 |
|
| 0.10 | % |
Denmark: |
|
|
|
|
|
|
|
|
|
|
| ||
| 10 |
| A.P. MOLLER - MAERSK A/S, CLASS A |
|
| 46,408 |
|
| 76,679 |
|
|
|
|
| 20 |
| A.P. MOLLER - MAERSK A/S, CLASS B |
|
| 112,871 |
|
| 159,105 |
|
|
|
|
| 6,010 |
| CARLSBERG A/S, CLASS B |
|
| 337,423 |
|
| 460,646 |
|
|
|
|
| 500 |
| COLOPLAST A/S, CLASS B |
|
| 46,109 |
|
| 49,782 |
|
|
|
|
| 10,700 |
| DANSKE BANK A/S(b) |
|
| 145,239 |
|
| 207,445 |
|
|
|
|
| 4,000 |
| DSV A/S |
|
| 31,768 |
|
| 58,014 |
|
|
|
|
| 200 |
| FLSMIDTH & CO. A/S |
|
| 6,013 |
|
| 13,018 |
|
|
|
|
| 6,400 |
| H. LUNDBECK A/S |
|
| 125,836 |
|
| 87,517 |
|
|
|
|
| 200 |
| JYSKE BANK A/S (REGISTERED)(b) |
|
| 4,423 |
|
| 5,838 |
|
|
|
|
| 8,400 |
| NOVO-NORDISK A/S, CLASS B |
|
| 408,903 |
|
| 681,339 |
|
|
|
|
| 500 |
| NOVOZYMES A/S, CLASS B |
|
| 39,158 |
|
| 53,639 |
|
|
|
|
| 325 |
| TOPDANMARK A/S(b) |
|
| 33,362 |
|
| 35,693 |
|
|
|
|
| 900 |
| TRYG A/S |
|
| 49,560 |
|
| 47,589 |
|
|
|
|
| 3,700 |
| VESTAS WIND SYSTEMS A/S(b) |
|
| 169,635 |
|
| 155,068 |
|
|
|
|
|
|
|
|
|
| 1,556,708 |
|
| 2,091,372 |
|
| 0.79 | % |
Finland: |
|
|
|
|
|
|
|
|
|
|
| ||
| 1,805 |
| ELISA OYJ(b) |
|
| 21,851 |
|
| 31,387 |
|
|
|
|
| 7,306 |
| FORTUM OYJ |
|
| 150,746 |
|
| 161,528 |
|
|
|
|
| 1,396 |
| KESKO OYJ, CLASS B |
|
| 30,705 |
|
| 45,460 |
|
|
|
|
| 1,628 |
| KONE OYJ, CLASS B |
|
| 35,674 |
|
| 65,218 |
|
|
|
|
| 11,779 |
| METSO OYJ |
|
| 264,384 |
|
| 381,990 |
|
|
|
|
| 1,251 |
| NESTE OIL OYJ |
|
| 14,206 |
|
| 18,281 |
|
|
|
|
| 47,609 |
| NOKIA OYJ |
|
| 560,630 |
|
| 390,644 |
|
|
|
|
| 2,240 |
| NOKIAN RENKAAT OYJ |
|
| 31,307 |
|
| 55,194 |
|
|
|
|
| 2,272 |
| OUTOKUMPU OYJ |
|
| 32,298 |
|
| 34,534 |
|
|
|
|
| 13,911 |
| POHJOLA BANK PLC |
|
| 121,894 |
|
| 142,637 |
|
|
|
|
| 1,988 |
| RAUTARUUKKI OYJ |
|
| 39,419 |
|
| 29,221 |
|
|
|
|
| 6,275 |
| SAMPO OYJ, CLASS A |
|
| 93,477 |
|
| 133,286 |
|
|
|
|
| 559 |
| SANOMA OYJ |
|
| 6,931 |
|
| 9,686 |
|
|
|
|
| 19,829 |
| STORA ENSO OYJ, CLASS R |
|
| 105,318 |
|
| 144,880 |
|
|
|
|
| 38,934 |
| UPM-KYMMENE OYJ |
|
| 401,499 |
|
| 519,902 |
|
|
|
|
| 5,117 |
| WARTSILA OYJ |
|
| 226,794 |
|
| 234,460 |
|
|
|
|
|
|
|
|
|
| 2,137,133 |
|
| 2,398,308 |
|
| 0.91 | % |
France: |
|
|
|
|
|
|
|
|
|
| |||
| 1,275 |
| ACCOR S.A. |
|
| 45,335 |
|
| 59,636 |
|
|
|
|
| 551 |
| AEROPORTS DE PARIS |
|
| 28,858 |
|
| 35,643 |
|
|
|
|
| 4,557 |
| AIR FRANCE-KLM(b) |
|
| 56,714 |
|
| 54,744 |
|
|
|
|
| 4,204 |
| AIR LIQUIDE S.A. |
|
| 332,322 |
|
| 429,053 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 77 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
France (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 38,015 |
| ALCATEL-LUCENT(b) |
| $ | 63,037 |
|
| 98,644 |
|
|
|
|
| 3,194 |
| ALSTOM S.A. |
|
| 178,537 |
|
| 146,388 |
|
|
|
|
| 4,400 |
| ARKEMA S.A. |
|
| 124,681 |
|
| 154,367 |
|
|
|
|
| 3,908 |
| ATOS ORIGIN S.A.(b) |
|
| 171,162 |
|
| 158,515 |
|
|
|
|
| 34,710 |
| AXA S.A. |
|
| 513,938 |
|
| 540,959 |
|
|
|
|
| 23,047 |
| BNP PARIBAS |
|
| 1,245,776 |
|
| 1,261,745 |
|
|
|
|
| 3,237 |
| BOUYGUES S.A. |
|
| 115,573 |
|
| 126,370 |
|
|
|
|
| 735 |
| BUREAU VERITAS S.A. |
|
| 29,322 |
|
| 40,005 |
|
|
|
|
| 1,862 |
| CAP GEMINI S.A. |
|
| 62,328 |
|
| 82,641 |
|
|
|
|
| 9,700 |
| CARREFOUR S.A. |
|
| 357,241 |
|
| 388,347 |
|
|
|
|
| 3,436 |
| CASINO GUICHARD PERRACHON S.A. |
|
| 290,251 |
|
| 262,101 |
|
|
|
|
| 648 |
| CHRISTIAN DIOR S.A. |
|
| 36,000 |
|
| 62,647 |
|
|
|
|
| 8,119 |
| CIE GENERALE DE GEOPHYSIQUE-VERITAS(b) |
|
| 196,709 |
|
| 146,442 |
|
|
|
|
| 3,462 |
| CIE GENERALE D’OPTIQUE ESSILOR INTERNATIONAL S.A. |
|
| 134,447 |
|
| 207,356 |
|
|
|
|
| 1,684 |
| CNP ASSURANCES |
|
| 109,875 |
|
| 115,195 |
|
|
|
|
| 5,031 |
| COMPAGNIE DE SAINT-GOBAIN |
|
| 154,127 |
|
| 190,070 |
|
|
|
|
| 2,031 |
| COMPAGNIE GENERALE DES ESTABLISSEMENTS MICHELIN, CLASS B |
|
| 81,301 |
|
| 143,378 |
|
|
|
|
| 21,677 |
| CREDIT AGRICOLE S.A. |
|
| 283,871 |
|
| 228,893 |
|
|
|
|
| 8,581 |
| DANONE S.A. |
|
| 420,386 |
|
| 463,799 |
|
|
|
|
| 812 |
| DASSAULT SYSTEMES S.A. |
|
| 31,121 |
|
| 49,623 |
|
|
|
|
| 2,824 |
| EDF S.A. |
|
| 110,257 |
|
| 108,537 |
|
|
|
|
| 614 |
| EIFFAGE S.A. |
|
| 30,643 |
|
| 26,865 |
|
|
|
|
| 193 |
| ERAMET |
|
| 51,818 |
|
| 48,346 |
|
|
|
|
| 486 |
| EURAZEO |
|
| 9,917 |
|
| 28,131 |
|
|
|
|
| 3,941 |
| EUTELSAT COMMUNICATIONS |
|
| 93,691 |
|
| 132,818 |
|
|
|
|
| 115 |
| FAIVELEY TRANSPORT |
|
| 9,340 |
|
| 7,622 |
|
|
|
|
| 32,252 |
| FRANCE TELECOM S.A. |
|
| 744,757 |
|
| 563,387 |
|
|
|
|
| 20,995 |
| GDF SUEZ |
|
| 732,731 |
|
| 603,328 |
|
|
|
|
| 1,364 |
| GECINA S.A. |
|
| 142,556 |
|
| 124,079 |
|
|
|
|
| 12,624 |
| GEMALTO N.V. |
|
| 426,701 |
|
| 479,941 |
|
|
|
|
| 648 |
| HERMES INTERNATIONAL |
|
| 64,251 |
|
| 86,332 |
|
|
|
|
| 304 |
| ILIAD S.A. |
|
| 29,549 |
|
| 23,717 |
|
|
|
|
| 2,335 |
| KLEPIERRE |
|
| 57,367 |
|
| 65,002 |
|
|
|
|
| 3,031 |
| LAFARGE S.A. |
|
| 151,025 |
|
| 167,067 |
|
|
|
|
| 4,280 |
| LAGARDERE S.C.A. |
|
| 133,502 |
|
| 134,560 |
|
|
|
|
| 3,772 |
| LEGRAND S.A. |
|
| 68,920 |
|
| 112,777 |
|
|
|
|
| 3,537 |
| L’OREAL S.A. |
|
| 260,493 |
|
| 350,211 |
|
|
|
|
| 3,492 |
| LVMH MOET HENNESSY LOUIS VUITTON S.A. |
|
| 231,949 |
|
| 383,503 |
|
|
|
|
| 24,670 |
| NATIXIS(b) |
|
| 41,439 |
|
| 109,176 |
|
|
|
|
| 991 |
| NEOPOST S.A. |
|
| 83,847 |
|
| 72,116 |
|
|
|
|
| 400 |
| NEXITY |
|
| 7,938 |
|
| 11,502 |
|
|
|
|
| 2,898 |
| PERNOD-RICARD S.A. |
|
| 177,566 |
|
| 226,732 |
|
|
|
|
| 10,844 |
| PEUGEOT S.A.(b) |
|
| 310,495 |
|
| 279,332 |
|
|
|
|
| 1,531 |
| PPR |
|
| 112,344 |
|
| 191,991 |
|
|
|
|
| 39,182 |
| PUBLICIS GROUPE |
|
| 1,297,432 |
|
| 1,575,391 |
|
|
|
|
| 3,682 |
| RENAULT S.A.(b) |
|
| 98,990 |
|
| 138,610 |
|
|
|
|
| 4,202 |
| SAFRAN S.A. |
|
| 40,399 |
|
| 118,003 |
|
|
|
|
| 22,914 |
| SANOFI-AVENTIS |
|
| 1,331,959 |
|
| 1,387,839 |
|
|
|
|
| 3,672 |
| SCHNEIDER ELECTRIC S.A. |
|
| 285,174 |
|
| 375,566 |
|
|
|
|
| 1,813 |
| SCOR S.E. |
|
| 36,441 |
|
| 34,785 |
|
|
|
|
| 1,800 |
| SEB S.A. |
|
| 127,143 |
|
| 117,231 |
|
|
|
|
| 3,311 |
| SES |
|
| 62,443 |
|
| 69,296 |
|
|
|
|
| 11,981 |
| SOCIETE GENERALE |
|
| 625,126 |
|
| 502,524 |
|
|
|
|
| 39,697 |
| SOCIETE TELEVISION FRANCAISE 1 |
|
| 401,392 |
|
| 523,052 |
|
|
|
|
| 26,605 |
| SODEXO |
|
| 1,433,261 |
|
| 1,488,416 |
|
|
|
|
| 3,762 |
| SUEZ ENVIRONNEMENT CO. |
|
| 55,709 |
|
| 62,495 |
|
|
|
|
| 2,589 |
| TECHNIP S.A. |
|
| 116,011 |
|
| 150,699 |
|
|
|
|
| 2,172 |
| THALES S.A. |
|
| 86,735 |
|
| 70,491 |
|
|
|
|
| 69,699 |
| TOTAL S.A. |
|
| 3,721,327 |
|
| 3,150,556 |
|
|
|
|
| 1,568 |
| UNIBAIL-RODAMCO S.E. |
|
| 224,150 |
|
| 258,372 |
|
|
|
|
| 5,400 |
| VALEO S.A.(b) |
|
| 137,678 |
|
| 148,608 |
|
|
|
|
| 1,012 |
| VALLOUREC S.A. |
|
| 112,949 |
|
| 176,655 |
|
|
|
|
| 5,373 |
| VEOLIA ENVIRONNEMENT |
|
| 121,010 |
|
| 127,169 |
|
|
|
|
| 12,029 |
| VINCI S.A. |
|
| 525,428 |
|
| 505,126 |
|
|
|
|
| 13,333 |
| VIVENDI |
|
| 343,586 |
|
| 274,154 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 78 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund (unaudited) |
June 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
France (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 2,800 |
| ZODIAC AEROSPACE |
| $ | 145,158 |
|
| 136,770 |
|
|
|
|
|
|
|
|
|
| 20,475,509 |
|
| 21,175,441 |
|
| 8.01 | % |
Germany: |
|
|
|
|
|
|
|
|
|
|
| ||
| 2,785 |
| ADIDAS A.G. |
|
| 94,549 |
|
| 135,799 |
|
|
|
|
| 8,135 |
| ALLIANZ S.E. (REGISTERED) |
|
| 732,172 |
|
| 814,228 |
|
|
|
|
| 18,920 |
| BASF S.E. |
|
| 776,866 |
|
| 1,043,672 |
|
|
|
|
| 10,966 |
| BAYER A.G. |
|
| 546,672 |
|
| 616,845 |
|
|
|
|
| 5,264 |
| BAYERISCHE MOTOREN WERKE A.G. |
|
| 165,963 |
|
| 257,900 |
|
|
|
|
| 828 |
| BEIERSDORF A.G. |
|
| 35,556 |
|
| 45,730 |
|
|
|
|
| 3,000 |
| BILFINGER BERGER A.G. |
|
| 199,197 |
|
| 167,450 |
|
|
|
|
| 6,246 |
| CELESIO A.G. |
|
| 195,305 |
|
| 137,138 |
|
|
|
|
| 8,375 |
| COMMERZBANK A.G.(b) |
|
| 30,402 |
|
| 59,143 |
|
|
|
|
| 916 |
| CONTINENTAL A.G.(b) |
|
| 47,943 |
|
| 47,919 |
|
|
|
|
| 15,532 |
| DAIMLER A.G. (REGISTERED)(b) |
|
| 498,387 |
|
| 796,194 |
|
|
|
|
| 10,170 |
| DEUTSCHE BANK A.G. (REGISTERED) |
|
| 467,613 |
|
| 580,775 |
|
|
|
|
| 3,260 |
| DEUTSCHE BOERSE A.G. |
|
| 193,092 |
|
| 199,642 |
|
|
|
|
| 18,461 |
| DEUTSCHE LUFTHANSA A.G. (REGISTERED)(b) |
|
| 266,332 |
|
| 257,128 |
|
|
|
|
| 13,453 |
| DEUTSCHE POST A.G. (REGISTERED) |
|
| 152,569 |
|
| 197,575 |
|
|
|
|
| 3,411 |
| DEUTSCHE POSTBANK A.G.(b) |
|
| 86,410 |
|
| 99,669 |
|
|
|
|
| 38,913 |
| DEUTSCHE TELEKOM A.G. (REGISTERED) |
|
| 478,882 |
|
| 461,712 |
|
|
|
|
| 39,299 |
| E.ON A.G. |
|
| 1,178,807 |
|
| 1,065,892 |
|
|
|
|
| 3,418 |
| FRESENIUS MEDICAL CARE A.G. & CO. KGAA |
|
| 133,793 |
|
| 185,264 |
|
|
|
|
| 734 |
| FRESENIUS S.E. |
|
| 48,634 |
|
| 48,854 |
|
|
|
|
| 2,738 |
| GEA GROUP A.G. |
|
| 27,680 |
|
| 54,960 |
|
|
|
|
| 2,415 |
| HANNOVER RUECKVERSICHERUNG A.G. (REGISTERED) |
|
| 105,965 |
|
| 104,247 |
|
|
|
|
| 707 |
| HEIDELBERGCEMENT A.G. |
|
| 25,499 |
|
| 33,864 |
|
|
|
|
| 5,864 |
| HENKEL A.G. & CO. KGAA |
|
| 204,744 |
|
| 240,829 |
|
|
|
|
| 2,080 |
| HOCHTIEF A.G. |
|
| 104,954 |
|
| 125,115 |
|
|
|
|
| 74,257 |
| INFINEON TECHNOLOGIES A.G.(b) |
|
| 372,212 |
|
| 437,496 |
|
|
|
|
| 2,921 |
| K+S A.G. |
|
| 149,718 |
|
| 135,304 |
|
|
|
|
| 2,240 |
| LINDE A.G. |
|
| 160,885 |
|
| 236,965 |
|
|
|
|
| 1,438 |
| MAN S.E. |
|
| 62,202 |
|
| 119,486 |
|
|
|
|
| 1,310 |
| MERCK KGAA |
|
| 110,683 |
|
| 96,099 |
|
|
|
|
| 2,503 |
| METRO A.G. |
|
| 81,368 |
|
| 128,307 |
|
|
|
|
| 3,400 |
| MTU AERO ENGINES HOLDING A.G. |
|
| 184,885 |
|
| 190,151 |
|
|
|
|
| 3,476 |
| MUENCHENER RUECKVERSICHERUNGS A.G. (REGISTERED) |
|
| 451,147 |
|
| 439,299 |
|
|
|
|
| 11,398 |
| RWE A.G. |
|
| 862,103 |
|
| 748,746 |
|
|
|
|
| 582 |
| SALZGITTER A.G. |
|
| 34,934 |
|
| 34,866 |
|
|
|
|
| 12,974 |
| SAP A.G. |
|
| 477,368 |
|
| 581,933 |
|
|
|
|
| 13,593 |
| SIEMENS A.G. (REGISTERED) |
|
| 846,647 |
|
| 1,230,366 |
|
|
|
|
| 2,068 |
| SUEDZUCKER A.G. |
|
| 43,410 |
|
| 37,528 |
|
|
|
|
| 6,245 |
| THYSSENKRUPP A.G. |
|
| 125,145 |
|
| 155,406 |
|
|
|
|
| 9,068 |
| TUI A.G.(b) |
|
| 77,700 |
|
| 80,382 |
|
|
|
|
| 493 |
| VOLKSWAGEN A.G. |
|
| 49,099 |
|
| 42,176 |
|
|
|
|
| 517 |
| WACKER CHEMIE A.G. |
|
| 55,413 |
|
| 75,581 |
|
|
|
|
|
|
|
|
|
| 10,942,905 |
|
| 12,547,635 |
|
| 4.74 | % |
Greece: |
|
|
|
|
|
|
|
|
|
|
| ||
| 20,054 |
| ALPHA BANK A.E.(b) |
|
| 120,804 |
|
| 99,072 |
|
|
|
|
| 14,947 |
| COCA COLA HELLENIC BOTTLING CO. S.A. |
|
| 266,059 |
|
| 322,238 |
|
|
|
|
| 12,167 |
| EFG EUROBANK ERGASIAS S.A.(b) |
|
| 60,018 |
|
| 54,752 |
|
|
|
|
| 6,101 |
| NATIONAL BANK OF GREECE S.A.(b) |
|
| 93,063 |
|
| 66,474 |
|
|
|
|
| 625 |
| OPAP S.A. |
|
| 16,374 |
|
| 7,803 |
|
|
|
|
| 1,490 |
| PIRAEUS BANK S.A.(b) |
|
| 9,443 |
|
| 6,359 |
|
|
|
|
| 11,492 |
| PUBLIC POWER CORP. S.A. |
|
| 189,989 |
|
| 165,543 |
|
|
|
|
|
|
|
|
|
| 755,750 |
|
| 722,241 |
|
| 0.27 | % |
Hong Kong: |
|
|
|
|
|
|
|
|
|
|
| ||
| 30,700 |
| BANK OF EAST ASIA LTD. |
|
| 62,656 |
|
| 111,773 |
|
|
|
|
| 23,000 |
| BELLE INTERNATIONAL HOLDINGS LTD. |
|
| 11,860 |
|
| 32,964 |
|
|
|
|
| 308,600 |
| BOC HONG KONG HOLDINGS LTD. |
|
| 607,989 |
|
| 707,817 |
|
|
|
|
| 97,000 |
| CATHAY PACIFIC AIRWAYS LTD. |
|
| 135,947 |
|
| 193,084 |
|
|
|
|
| 20,000 |
| CHEUNG KONG HOLDINGS LTD. |
|
| 172,258 |
|
| 232,189 |
|
|
|
|
| 48,000 |
| CHINESE ESTATES HOLDINGS LTD. |
|
| 81,333 |
|
| 85,191 |
|
|
|
|
| 34,500 |
| CLP HOLDINGS LTD. |
|
| 236,618 |
|
| 250,108 |
|
|
|
|
| 42,000 |
| DAH CHONG HONG HOLDINGS LTD. |
|
| 29,216 |
|
| 26,160 |
|
|
|
|
| 29,462 |
| ESPRIT HOLDINGS LTD. |
|
| 196,425 |
|
| 160,614 |
|
|
|
|
| 70,000 |
| FIRST PACIFIC CO. LTD. |
|
| 22,580 |
|
| 47,645 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 79 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund (unaudited) |
June 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||||
Hong Kong (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||||
| 33,000 |
| FOXCONN INTERNATIONAL HOLDINGS LTD.(b) |
| $ | 22,488 |
|
| 21,656 |
|
|
|
| ||
| 2,000 |
| GREAT EAGLE HOLDINGS LTD. |
|
| 5,282 |
|
| 5,127 |
|
|
|
| ||
| 134,500 |
| GUOCO GROUP LTD. |
|
| 1,194,849 |
|
| 1,312,743 |
|
|
|
| ||
| 27,000 |
| HANG LUNG GROUP LTD. |
|
| 99,479 |
|
| 146,672 |
|
|
|
| ||
| 30,000 |
| HANG LUNG PROPERTIES LTD. |
|
| 64,007 |
|
| 116,159 |
|
|
|
| ||
| 11,500 |
| HANG SENG BANK LTD. |
|
| 124,740 |
|
| 154,480 |
|
|
|
| ||
| 13,000 |
| HENDERSON LAND DEVELOPMENT CO. LTD. |
|
| 45,544 |
|
| 76,797 |
|
|
|
| ||
| 100,100 |
| HONG KONG & CHINA GAS CO. LTD. |
|
| 149,918 |
|
| 248,619 |
|
|
|
| ||
| 3,600 |
| HONG KONG AIRCRAFT ENGINEERING CO. LTD. |
|
| 43,253 |
|
| 48,636 |
|
|
|
| ||
| 15,000 |
| HONG KONG EXCHANGES AND CLEARING LTD. |
|
| 136,476 |
|
| 236,170 |
|
|
|
| ||
| 10,500 |
| HONGKONG & SHANGHAI HOTELS (THE) |
|
| 9,511 |
|
| 17,449 |
|
|
|
| ||
| 19,500 |
| HONGKONG ELECTRIC HOLDINGS LTD. |
|
| 108,242 |
|
| 116,323 |
|
|
|
| ||
| 22,000 |
| HONGKONG LAND HOLDINGS LTD. |
|
| 94,549 |
|
| 109,560 |
|
|
|
| ||
| 400 |
| HOPEWELL HIGHWAY INFRASTRUCTURE LTD. |
|
| 229 |
|
| 281 |
|
|
|
| ||
| 4,000 |
| HOPEWELL HOLDINGS LTD. |
|
| 10,853 |
|
| 11,353 |
|
|
|
| ||
| 38,000 |
| HOPSON DEVELOPMENT HOLDINGS LTD. |
|
| 62,068 |
|
| 47,288 |
|
|
|
| ||
| 36,000 |
| HUTCHISON WHAMPOA LTD. |
|
| 189,637 |
|
| 223,302 |
|
|
|
| ||
| 11,000 |
| HYSAN DEVELOPMENT CO. LTD. |
|
| 26,964 |
|
| 31,361 |
|
|
|
| ||
| 27,000 |
| INDUSTRIAL & COMMERCIAL BANK OF CHINA ASIA LTD. |
|
| 28,640 |
|
| 71,949 |
|
|
|
| ||
| 36,000 |
| JOHNSON ELECTRIC HOLDINGS LTD.(b) |
|
| 22,504 |
|
| 16,551 |
|
|
|
| ||
| 27,000 |
| KERRY PROPERTIES LTD. |
|
| 90,767 |
|
| 118,066 |
|
|
|
| ||
| 60,000 |
| LI & FUNG LTD. |
|
| 147,736 |
|
| 270,845 |
|
|
|
| ||
| 111,500 |
| LINK REIT (THE) |
|
| 244,780 |
|
| 277,792 |
|
|
|
| ||
| 16,500 |
| MTR CORP. |
|
| 38,268 |
|
| 56,471 |
|
|
|
| ||
| 100,800 |
| NEW WORLD CHINA LAND LTD. |
|
| 56,159 |
|
| 31,456 |
|
|
|
| ||
| 143,000 |
| NEW WORLD DEVELOPMENT LTD. |
|
| 234,526 |
|
| 234,699 |
|
|
|
| ||
| 159,182 |
| NOBLE GROUP LTD. |
|
| 232,676 |
|
| 194,528 |
|
|
|
| ||
| 29,000 |
| NWS HOLDINGS LTD. |
|
| 52,824 |
|
| 52,736 |
|
|
|
| ||
| 2,000 |
| ORIENT OVERSEAS INTERNATIONAL LTD.(b) |
|
| 12,663 |
|
| 14,435 |
|
|
|
| ||
| 52,000 |
| PACIFIC CENTURY PREMIUM DEVELOPMENTS LTD. |
|
| 13,023 |
|
| 9,483 |
|
|
|
| ||
| 16,000 |
| ROAD KING INFRASTRUCTURE LTD. |
|
| 5,711 |
|
| 12,185 |
|
|
|
| ||
| 22,000 |
| SHANGRI-LA ASIA LTD. |
|
| 29,709 |
|
| 40,911 |
|
|
|
| ||
| 24,000 |
| SINO LAND CO. LTD. |
|
| 28,396 |
|
| 43,273 |
|
|
|
| ||
| 23,000 |
| SUN HUNG KAI PROPERTIES LTD. |
|
| 222,078 |
|
| 317,231 |
|
|
|
| ||
| 19,000 |
| SWIRE PACIFIC LTD., CLASS A |
|
| 143,178 |
|
| 217,164 |
|
|
|
| ||
| 9,000 |
| TELEVISION BROADCASTS LTD. |
|
| 33,546 |
|
| 41,956 |
|
|
|
| ||
| 37,000 |
| WHARF HOLDINGS LTD. |
|
| 94,826 |
|
| 181,276 |
|
|
|
| ||
| 78,000 |
| WHEELOCK & CO. LTD. |
|
| 215,231 |
|
| 222,378 |
|
|
|
| ||
| 54,000 |
| YUE YUEN INDUSTRIAL HOLDINGS LTD. |
|
| 127,789 |
|
| 168,864 |
|
|
|
| ||
|
|
|
|
|
| 6,020,001 |
|
| 7,365,770 |
|
| 2.79 | % | ||
Ireland: |
|
|
|
|
|
|
|
|
|
|
| ||||
| 29,561 |
| ACCENTURE PLC, CLASS A |
|
| 1,108,546 |
|
| 1,142,533 |
|
|
|
| ||
| 39,122 |
| COVIDIEN PLC |
|
| 1,459,207 |
|
| 1,571,922 |
|
|
|
| ||
| 3,509 |
| CRH PLC |
|
| 87,097 |
|
| 73,547 |
|
|
|
| ||
| 8,371 |
| CRH PLC (LONDON EXCHANGE) |
|
| 189,905 |
|
| 174,940 |
|
|
|
| ||
| 6,400 |
| DCC PLC |
|
| 149,159 |
|
| 145,254 |
|
|
|
| ||
| 666 |
| ELAN CORP. PLC(b) |
|
| 5,141 |
|
| 3,046 |
|
|
|
| ||
| 5,458 |
| ELAN CORP. PLC (LONDON EXCHANGE)(b) |
|
| 31,760 |
|
| 24,695 |
|
|
|
| ||
| 268,622 |
| EXPERIAN PLC |
|
| 2,114,267 |
|
| 2,351,885 |
|
|
|
| ||
| 10,176 |
| KERRY GROUP PLC, CLASS A |
|
| 274,635 |
|
| 282,687 |
|
|
|
| ||
| 11,192 |
| SHIRE PLC |
|
| 130,296 |
|
| 229,758 |
|
|
|
| ||
| 2,000 |
| SMURFIT KAPPA GROUP PLC(b) |
|
| 17,837 |
|
| 16,220 |
|
|
|
| ||
|
|
|
|
|
| 5,567,850 |
|
| 6,016,487 |
|
| 2.27 | % | ||
Israel: |
|
|
|
|
|
|
|
|
|
|
| ||||
| 13,486 |
| BANK HAPOALIM BM(b) |
|
| 51,982 |
|
| 48,809 |
|
|
|
| ||
| 11,685 |
| BANK LEUMI LE-ISRAEL BM(b) |
|
| 51,733 |
|
| 41,809 |
|
|
|
| ||
| 25,445 |
| BEZEQ ISRAELI TELECOMMUNICATION CORP. LTD. |
|
| 59,734 |
|
| 55,863 |
|
|
|
| ||
| 64 |
| ISRAEL (THE) CORP. LTD.(b) |
|
| 50,868 |
|
| 39,839 |
|
|
|
| ||
| 10,554 |
| ISRAEL CHEMICALS LTD. |
|
| 125,342 |
|
| 110,600 |
|
|
|
| ||
| 36,665 |
| ISRAEL DISCOUNT BANK LTD., CLASS A(b) |
|
| 75,471 |
|
| 62,143 |
|
|
|
| ||
| 14,564 |
| MAKHTESHIM-AGAN INDUSTRIES LTD. |
|
| 52,915 |
|
| 48,702 |
|
|
|
| ||
| 12,767 |
| TEVA PHARMACEUTICAL INDUSTRIES LTD. ADR |
|
| 745,123 |
|
| 663,756 |
|
|
|
| ||
|
|
|
|
|
| 1,213,168 |
|
| 1,071,521 |
|
| 0.41 | % | ||
Italy: | |||||||||||||||
| 41,159 |
| A2A S.P.A. |
|
| 67,304 |
|
| 56,622 |
|
|
|
| ||
| 6,654 |
| ACEA S.P.A.(b) |
|
| 70,969 |
|
| 66,355 |
|
|
|
| ||
| 19,503 |
| ASSICURAZIONI GENERALI S.P.A. |
|
| 310,560 |
|
| 344,142 |
|
|
|
| ||
|
|
|
See accompanying notes to the financial statements. | 80 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund (unaudited) |
June 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Italy (Cont’d): |
|
|
|
|
|
|
|
|
|
|
| ||
| 4,618 |
| ATLANTIA S.P.A. |
| $ | 77,005 |
|
| 82,391 |
|
|
|
|
| 12,162 |
| AUTOGRILL S.P.A.(b) |
|
| 72,812 |
|
| 146,640 |
|
|
|
|
| 1,791 |
| AUTOSTRADA TORINO-MILANO S.P.A. |
|
| 24,113 |
|
| 21,923 |
|
|
|
|
| 2,752 |
| BANCA CARIGE S.P.A. |
|
| 7,205 |
|
| 5,418 |
|
|
|
|
| 73,260 |
| BANCA MONTE DEI PASCHI DI SIENA S.P.A.(b) |
|
| 88,003 |
|
| 83,762 |
|
|
|
|
| 40,061 |
| BANCA POPOLARE DI MILANO SCARL |
|
| 201,614 |
|
| 166,682 |
|
|
|
|
| 16,537 |
| BANCO POPOLARE SCARL |
|
| 73,635 |
|
| 92,011 |
|
|
|
|
| 2,148 |
| BULGARI S.P.A. |
|
| 9,445 |
|
| 15,497 |
|
|
|
|
| 268 |
| DANIELI & C. OFFICINE MECCANICHE S.P.A. |
|
| 7,328 |
|
| 4,916 |
|
|
|
|
| 123,780 |
| ENEL S.P.A. |
|
| 560,402 |
|
| 528,258 |
|
|
|
|
| 38,255 |
| ENI S.P.A. |
|
| 748,863 |
|
| 710,585 |
|
|
|
|
| 2,842 |
| EXOR S.P.A. |
|
| 48,366 |
|
| 48,342 |
|
|
|
|
| 20,667 |
| FIAT S.P.A. |
|
| 233,093 |
|
| 215,195 |
|
|
|
|
| 30,348 |
| FINMECCANICA S.P.A. |
|
| 458,377 |
|
| 316,926 |
|
|
|
|
| 6,942 |
| FONDIARIA-SAI S.P.A. |
|
| 114,569 |
|
| 65,705 |
|
|
|
|
| 97,903 |
| INTESA SANPAOLO S.P.A. |
|
| 253,819 |
|
| 261,588 |
|
|
|
|
| 9,000 |
| ITALCEMENTI S.P.A. |
|
| 118,586 |
|
| 69,060 |
|
|
|
|
| 886 |
| LOTTOMATICA S.P.A. |
|
| 14,246 |
|
| 11,484 |
|
|
|
|
| 1,095 |
| LUXOTTICA GROUP S.P.A. |
|
| 14,342 |
|
| 26,700 |
|
|
|
|
| 8,238 |
| MEDIASET S.P.A. |
|
| 35,497 |
|
| 47,246 |
|
|
|
|
| 14,375 |
| MEDIOBANCA S.P.A.(b) |
|
| 131,569 |
|
| 108,283 |
|
|
|
|
| 52,777 |
| MEDIOLANUM S.P.A. |
|
| 205,633 |
|
| 208,296 |
|
|
|
|
| 20,039 |
| PARMALAT S.P.A. |
|
| 36,886 |
|
| 46,902 |
|
|
|
|
| 2,966 |
| PRYSMIAN S.P.A. |
|
| 29,515 |
|
| 42,943 |
|
|
|
|
| 3,842 |
| SAIPEM S.P.A. |
|
| 66,811 |
|
| 118,534 |
|
|
|
|
| 53,519 |
| SNAM RETE GAS S.P.A. |
|
| 243,142 |
|
| 214,497 |
|
|
|
|
| 4,703 |
| SOCIETA INIZIATIVE AUTOSTRADALI E SERVIZI S.P.A. |
|
| 46,823 |
|
| 39,682 |
|
|
|
|
| 158,727 |
| TELECOM ITALIA S.P.A. |
|
| 212,786 |
|
| 176,629 |
|
|
|
|
| 45,082 |
| TELECOM ITALIA S.P.A. (RSP) |
|
| 50,680 |
|
| 41,429 |
|
|
|
|
| 6,028 |
| TENARIS S.A. |
|
| 60,927 |
|
| 105,483 |
|
|
|
|
| 22,370 |
| TERNA S.P.A. |
|
| 71,955 |
|
| 80,765 |
|
|
|
|
| 263,520 |
| UNICREDIT S.P.A. |
|
| 436,477 |
|
| 592,605 |
|
|
|
|
| 11,384 |
| UNIONE DI BANCHE ITALIANE SCPA |
|
| 126,588 |
|
| 98,838 |
|
|
|
|
|
|
|
|
|
| 5,329,945 |
|
| 5,262,334 |
|
| 1.99 | % |
Japan: |
|
|
|
|
|
|
|
|
|
|
| ||
| 2,000 |
| 77 BANK (THE) LTD. |
|
| 10,160 |
|
| 10,837 |
|
|
|
|
| 3,940 |
| ACOM CO. LTD. |
|
| 63,512 |
|
| 51,476 |
|
|
|
|
| 26,500 |
| ADERANS HOLDINGS CO. LTD.(b) |
|
| 315,561 |
|
| 321,942 |
|
|
|
|
| 5,200 |
| ADVANTEST CORP. |
|
| 86,387 |
|
| 110,818 |
|
|
|
|
| 46,100 |
| AEON CO. LTD. |
|
| 344,949 |
|
| 492,789 |
|
|
|
|
| 4,800 |
| AEON CREDIT SERVICE CO. LTD. |
|
| 49,903 |
|
| 43,165 |
|
|
|
|
| 1,100 |
| AEON MALL CO. LTD. |
|
| 23,091 |
|
| 22,099 |
|
|
|
|
| 9,100 |
| AISIN SEIKI CO. LTD. |
|
| 200,523 |
|
| 248,489 |
|
|
|
|
| 50,000 |
| AJINOMOTO CO., INC. |
|
| 387,741 |
|
| 456,427 |
|
|
|
|
| 2,900 |
| ALFRESA HOLDINGS CORP. |
|
| 138,845 |
|
| 140,729 |
|
|
|
|
| 79,000 |
| ALL NIPPON AIRWAYS CO. LTD.(b) |
|
| 244,204 |
|
| 252,896 |
|
|
|
|
| 2,000 |
| AMADA CO. LTD. |
|
| 10,582 |
|
| 13,348 |
|
|
|
|
| 4,900 |
| ASAHI BREWERIES LTD. |
|
| 61,724 |
|
| 83,529 |
|
|
|
|
| 15,000 |
| ASAHI GLASS CO. LTD. |
|
| 80,697 |
|
| 143,036 |
|
|
|
|
| 13,000 |
| ASAHI KASEI CORP. |
|
| 46,220 |
|
| 68,673 |
|
|
|
|
| 7,600 |
| ASTELLAS PHARMA, INC. |
|
| 243,758 |
|
| 257,047 |
|
|
|
|
| 11,000 |
| BANK OF KYOTO (THE) LTD. |
|
| 98,298 |
|
| 91,331 |
|
|
|
|
| 23,000 |
| BANK OF YOKOHAMA (THE) LTD. |
|
| 96,740 |
|
| 106,409 |
|
|
|
|
| 1,300 |
| BENESSE HOLDINGS, INC. |
|
| 48,395 |
|
| 59,336 |
|
|
|
|
| 13,800 |
| BRIDGESTONE CORP. |
|
| 205,726 |
|
| 220,728 |
|
|
|
|
| 5,700 |
| BROTHER INDUSTRIES LTD. |
|
| 42,142 |
|
| 60,028 |
|
|
|
|
| 6,300 |
| CANON MARKETING JAPAN, INC. |
|
| 90,528 |
|
| 89,436 |
|
|
|
|
| 31,700 |
| CANON, INC. |
|
| 1,040,235 |
|
| 1,194,075 |
|
|
|
|
| 3,800 |
| CASIO COMPUTER CO. LTD. |
|
| 28,796 |
|
| 23,126 |
|
|
|
|
| 29 |
| CENTRAL JAPAN RAILWAY CO. |
|
| 162,730 |
|
| 240,781 |
|
|
|
|
| 15,000 |
| CHIBA BANK (THE) LTD. |
|
| 81,968 |
|
| 91,455 |
|
|
|
|
| 13,800 |
| CHUBU ELECTRIC POWER CO., INC. |
|
| 306,766 |
|
| 343,736 |
|
|
|
|
| 1,900 |
| CHUGAI PHARMACEUTICAL CO. LTD. |
|
| 30,706 |
|
| 34,044 |
|
|
|
|
| 3,200 |
| CHUGOKU ELECTRIC POWER (THE) CO., INC. |
|
| 69,825 |
|
| 66,205 |
|
|
|
|
| 78,000 |
| CHUO MITSUI TRUST HOLDINGS, INC. |
|
| 276,138 |
|
| 278,811 |
|
|
|
|
| 7,900 |
| CITIZEN HOLDINGS CO. LTD. |
|
| 31,581 |
|
| 49,060 |
|
|
|
|
| 2,000 |
| COCA-COLA WEST CO. LTD. |
|
| 30,433 |
|
| 33,234 |
|
|
|
|
| 63,819 |
| CREDIT SAISON CO. LTD. |
|
| 754,654 |
|
| 677,866 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 81 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund (unaudited) |
June 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Japan (Cont’d): |
|
|
|
|
|
|
|
|
|
|
| ||
| 25,000 |
| DAI NIPPON PRINTING CO. LTD. |
| $ | 234,314 |
|
| 292,125 |
|
|
|
|
| 19,000 |
| DAIHATSU MOTOR CO. LTD. |
|
| 177,768 |
|
| 178,386 |
|
|
|
|
| 93 |
| DAI-ICHI LIFE INSURANCE CO. (THE) LTD. |
|
| 151,539 |
|
| 128,974 |
|
|
|
|
| 13,100 |
| DAIICHI SANKYO CO. LTD. |
|
| 225,226 |
|
| 235,611 |
|
|
|
|
| 4,300 |
| DAIKIN INDUSTRIES LTD. |
|
| 117,015 |
|
| 133,129 |
|
|
|
|
| 1,200 |
| DAITO TRUST CONSTRUCTION CO. LTD. |
|
| 42,344 |
|
| 68,277 |
|
|
|
|
| 6,000 |
| DAIWA HOUSE INDUSTRY CO. LTD. |
|
| 45,826 |
|
| 54,636 |
|
|
|
|
| 195,000 |
| DAIWA SECURITIES GROUP, INC. |
|
| 1,164,089 |
|
| 833,786 |
|
|
|
|
| 1,600 |
| DENA CO. LTD. |
|
| 49,492 |
|
| 42,423 |
|
|
|
|
| 4,000 |
| DENKI KAGAKU KOGYO K.K. |
|
| 7,188 |
|
| 18,868 |
|
|
|
|
| 8,200 |
| DENSO CORP. |
|
| 185,234 |
|
| 229,664 |
|
|
|
|
| 4,900 |
| DENTSU, INC. |
|
| 98,494 |
|
| 131,806 |
|
|
|
|
| 13,000 |
| DOWA HOLDINGS CO. LTD. |
|
| 55,385 |
|
| 63,527 |
|
|
|
|
| 5,400 |
| EAST JAPAN RAILWAY CO. |
|
| 295,862 |
|
| 362,223 |
|
|
|
|
| 2,400 |
| EISAI CO. LTD. |
|
| 71,075 |
|
| 80,223 |
|
|
|
|
| 8,500 |
| ELECTRIC POWER DEVELOPMENT CO. LTD. |
|
| 253,608 |
|
| 270,565 |
|
|
|
|
| 4,500 |
| ELPIDA MEMORY, INC.(b) |
|
| 56,436 |
|
| 70,806 |
|
|
|
|
| 1,800 |
| FAMILYMART CO. LTD. |
|
| 52,590 |
|
| 59,780 |
|
|
|
|
| 2,600 |
| FANUC LTD. |
|
| 182,941 |
|
| 298,222 |
|
|
|
|
| 700 |
| FAST RETAILING CO. LTD. |
|
| 76,899 |
|
| 107,054 |
|
|
|
|
| 36,000 |
| FUJI HEAVY INDUSTRIES LTD.(b) |
|
| 124,263 |
|
| 195,466 |
|
|
|
|
| 37,300 |
| FUJIFILM HOLDINGS CORP. |
|
| 1,035,482 |
|
| 1,091,946 |
|
|
|
|
| 22,000 |
| FUJIKURA LTD. |
|
| 122,650 |
|
| 97,303 |
|
|
|
|
| 58,000 |
| FUJITSU LTD. |
|
| 223,927 |
|
| 368,060 |
|
|
|
|
| 41,000 |
| FUKUOKA FINANCIAL GROUP, INC. |
|
| 157,137 |
|
| 172,526 |
|
|
|
|
| 15,000 |
| FURUKAWA ELECTRIC CO. LTD. |
|
| 48,082 |
|
| 66,513 |
|
|
|
|
| 5,000 |
| GS YUASA CORP. |
|
| 36,696 |
|
| 33,200 |
|
|
|
|
| 19,000 |
| GUNMA BANK (THE) LTD. |
|
| 98,760 |
|
| 101,658 |
|
|
|
|
| 12,000 |
| HACHIJUNI BANK (THE) LTD. |
|
| 67,350 |
|
| 68,006 |
|
|
|
|
| 3,220 |
| HAKUHODO DY HOLDINGS, INC. |
|
| 174,361 |
|
| 163,178 |
|
|
|
|
| 31,000 |
| HANKYU HANSHIN HOLDINGS, INC. |
|
| 136,283 |
|
| 137,460 |
|
|
|
|
| 500 |
| HIROSE ELECTRIC CO. LTD. |
|
| 48,402 |
|
| 46,208 |
|
|
|
|
| 7,000 |
| HIROSHIMA BANK (THE) LTD. |
|
| 26,154 |
|
| 28,189 |
|
|
|
|
| 600 |
| HISAMITSU PHARMACEUTICAL CO., INC. |
|
| 17,668 |
|
| 23,958 |
|
|
|
|
| 3,000 |
| HITACHI CHEMICAL CO. LTD. |
|
| 54,135 |
|
| 56,468 |
|
|
|
|
| 7,400 |
| HITACHI CONSTRUCTION MACHINERY CO. LTD. |
|
| 151,571 |
|
| 138,618 |
|
|
|
|
| 156,000 |
| HITACHI LTD.(b) |
|
| 471,789 |
|
| 571,739 |
|
|
|
|
| 2,600 |
| HOKKAIDO ELECTRIC POWER CO., INC. |
|
| 49,244 |
|
| 56,174 |
|
|
|
|
| 25,000 |
| HOKUHOKU FINANCIAL GROUP, INC. |
|
| 45,996 |
|
| 46,378 |
|
|
|
|
| 5,000 |
| HOKURIKU ELECTRIC POWER CO. |
|
| 118,737 |
|
| 110,063 |
|
|
|
|
| 38,600 |
| HONDA MOTOR CO. LTD. |
|
| 1,063,163 |
|
| 1,133,933 |
|
|
|
|
| 5,000 |
| HOYA CORP. |
|
| 100,495 |
|
| 107,801 |
|
|
|
|
| 1,600 |
| IBIDEN CO. LTD. |
|
| 37,951 |
|
| 43,799 |
|
|
|
|
| 300 |
| IDEMITSU KOSAN CO. LTD. |
|
| 23,804 |
|
| 22,804 |
|
|
|
|
| 24,000 |
| IHI CORP. |
|
| 31,334 |
|
| 38,822 |
|
|
|
|
| 11 |
| INPEX CORP. |
|
| 77,116 |
|
| 61,841 |
|
|
|
|
| 4,500 |
| ISETAN MITSUKOSHI HOLDINGS LTD. |
|
| 35,506 |
|
| 44,387 |
|
|
|
|
| 52,000 |
| ISUZU MOTORS LTD. |
|
| 110,941 |
|
| 158,816 |
|
|
|
|
| 28,000 |
| ITOCHU CORP. |
|
| 163,531 |
|
| 223,293 |
|
|
|
|
| 8,000 |
| J FRONT RETAILING CO. LTD. |
|
| 31,099 |
|
| 39,093 |
|
|
|
|
| 6 |
| JAPAN REAL ESTATE INVESTMENT CORP. |
|
| 46,693 |
|
| 49,206 |
|
|
|
|
| 8 |
| JAPAN RETAIL FUND INVESTMENT CORP. |
|
| 8,807 |
|
| 9,809 |
|
|
|
|
| 5,000 |
| JAPAN STEEL WORKS (THE) LTD. |
|
| 47,736 |
|
| 44,512 |
|
|
|
|
| 75 |
| JAPAN TOBACCO, INC. |
|
| 198,243 |
|
| 235,595 |
|
|
|
|
| 7,400 |
| JFE HOLDINGS, INC. |
|
| 181,345 |
|
| 232,704 |
|
|
|
|
| 4,000 |
| JGC CORP. |
|
| 53,048 |
|
| 61,717 |
|
|
|
|
| 7,000 |
| JOYO BANK (THE) LTD. |
|
| 32,424 |
|
| 27,951 |
|
|
|
|
| 5,100 |
| JS GROUP CORP. |
|
| 59,682 |
|
| 98,419 |
|
|
|
|
| 3,100 |
| JSR CORP. |
|
| 39,530 |
|
| 52,810 |
|
|
|
|
| 19,500 |
| JTEKT CORP. |
|
| 187,360 |
|
| 183,742 |
|
|
|
|
| 45 |
| JUPITER TELECOMMUNICATIONS CO. LTD. |
|
| 27,159 |
|
| 43,318 |
|
|
|
|
| 79,180 |
| JX HOLDINGS, INC.(b) |
|
| 390,898 |
|
| 391,404 |
|
|
|
|
| 7,000 |
| KAJIMA CORP. |
|
| 15,004 |
|
| 16,074 |
|
|
|
|
| 11,000 |
| KAMIGUMI CO. LTD. |
|
| 72,240 |
|
| 85,109 |
|
|
|
|
| 36,000 |
| KANEKA CORP. |
|
| 241,488 |
|
| 211,348 |
|
|
|
|
| 11,900 |
| KANSAI ELECTRIC POWER (THE) CO., INC. |
|
| 258,103 |
|
| 290,891 |
|
|
|
|
| 2,000 |
| KANSAI PAINT CO. LTD. |
|
| 10,449 |
|
| 17,307 |
|
|
|
|
| 10,000 |
| KAO CORP. |
|
| 208,279 |
|
| 236,754 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 82 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund (unaudited) |
June 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Japan (Cont’d): |
|
|
|
|
|
|
|
|
|
|
| ||
| 35,000 |
| KAWASAKI HEAVY INDUSTRIES LTD. |
| $ | 71,135 |
|
| 85,912 |
|
|
|
|
| 20,000 |
| KAWASAKI KISEN KAISHA LTD.(b) |
|
| 71,674 |
|
| 82,802 |
|
|
|
|
| 50 |
| KDDI CORP. |
|
| 240,697 |
|
| 240,091 |
|
|
|
|
| 6,000 |
| KEIHIN ELECTRIC EXPRESS RAILWAY CO. LTD. |
|
| 45,614 |
|
| 53,278 |
|
|
|
|
| 3,000 |
| KEIO CORP. |
|
| 15,740 |
|
| 19,513 |
|
|
|
|
| 29,000 |
| KEISEI ELECTRIC RAILWAY CO. LTD. |
|
| 166,589 |
|
| 163,692 |
|
|
|
|
| 710 |
| KEYENCE CORP. |
|
| 131,805 |
|
| 166,007 |
|
|
|
|
| 6,000 |
| KIKKOMAN CORP. |
|
| 52,867 |
|
| 63,391 |
|
|
|
|
| 5,000 |
| KINTETSU CORP. |
|
| 17,255 |
|
| 15,327 |
|
|
|
|
| 11,000 |
| KIRIN HOLDINGS CO. LTD. |
|
| 114,467 |
|
| 139,609 |
|
|
|
|
| 159,000 |
| KOBE STEEL LTD. |
|
| 303,376 |
|
| 307,554 |
|
|
|
|
| 15,100 |
| KOMATSU LTD. |
|
| 187,238 |
|
| 276,365 |
|
|
|
|
| 3,900 |
| KONAMI CORP. |
|
| 61,913 |
|
| 61,012 |
|
|
|
|
| 23,500 |
| KONICA MINOLTA HOLDINGS, INC. |
|
| 222,009 |
|
| 229,407 |
|
|
|
|
| 21,000 |
| KUBOTA CORP. |
|
| 129,774 |
|
| 163,431 |
|
|
|
|
| 5,500 |
| KURARAY CO. LTD. |
|
| 46,234 |
|
| 65,449 |
|
|
|
|
| 4,300 |
| KURITA WATER INDUSTRIES LTD. |
|
| 96,931 |
|
| 118,974 |
|
|
|
|
| 2,000 |
| KYOCERA CORP. |
|
| 133,049 |
|
| 164,246 |
|
|
|
|
| 3,000 |
| KYOWA HAKKO KIRIN CO. LTD. |
|
| 23,089 |
|
| 28,709 |
|
|
|
|
| 4,300 |
| KYUSHU ELECTRIC POWER CO., INC. |
|
| 93,460 |
|
| 96,794 |
|
|
|
|
| 6,600 |
| LAWSON, INC. |
|
| 286,798 |
|
| 290,043 |
|
|
|
|
| 400 |
| MABUCHI MOTOR CO. LTD. |
|
| 22,433 |
|
| 18,461 |
|
|
|
|
| 2,000 |
| MAKITA CORP. |
|
| 45,574 |
|
| 54,183 |
|
|
|
|
| 44,000 |
| MARUBENI CORP. |
|
| 181,070 |
|
| 229,447 |
|
|
|
|
| 6,500 |
| MARUI GROUP CO. LTD. |
|
| 32,287 |
|
| 44,336 |
|
|
|
|
| 46,000 |
| MAZDA MOTOR CORP. |
|
| 90,783 |
|
| 109,271 |
|
|
|
|
| 17,100 |
| MEDIPAL HOLDINGS CORP. |
|
| 200,056 |
|
| 204,649 |
|
|
|
|
| 6,400 |
| MEIJI HOLDINGS CO. LTD. |
|
| 237,699 |
|
| 263,517 |
|
|
|
|
| 7,985 |
| MEITEC CORP. |
|
| 132,434 |
|
| 145,422 |
|
|
|
|
| 6,000 |
| MINEBEA CO. LTD. |
|
| 32,462 |
|
| 33,731 |
|
|
|
|
| 75,000 |
| MITSUBISHI CHEMICAL HOLDINGS CORP. |
|
| 314,391 |
|
| 346,987 |
|
|
|
|
| 27,500 |
| MITSUBISHI CORP. |
|
| 469,441 |
|
| 579,838 |
|
|
|
|
| 32,000 |
| MITSUBISHI ELECTRIC CORP. |
|
| 148,393 |
|
| 253,382 |
|
|
|
|
| 18,000 |
| MITSUBISHI ESTATE CO. LTD. |
|
| 212,941 |
|
| 253,903 |
|
|
|
|
| 17,000 |
| MITSUBISHI GAS CHEMICAL CO., INC. |
|
| 75,149 |
|
| 83,650 |
|
|
|
|
| 57,000 |
| MITSUBISHI HEAVY INDUSTRIES LTD. |
|
| 185,317 |
|
| 199,233 |
|
|
|
|
| 4,000 |
| MITSUBISHI LOGISTICS CORP. |
|
| 45,017 |
|
| 45,202 |
|
|
|
|
| 61,000 |
| MITSUBISHI MATERIALS CORP.(b) |
|
| 160,945 |
|
| 164,913 |
|
|
|
|
| 48,000 |
| MITSUBISHI MOTORS CORP.(b) |
|
| 72,153 |
|
| 61,355 |
|
|
|
|
| 5,000 |
| MITSUBISHI TANABE PHARMA CORP. |
|
| 54,031 |
|
| 76,580 |
|
|
|
|
| 388,300 |
| MITSUBISHI UFJ FINANCIAL GROUP, INC. |
|
| 1,970,074 |
|
| 1,778,896 |
|
|
|
|
| 1,290 |
| MITSUBISHI UFJ LEASE & FINANCE CO. LTD. |
|
| 33,945 |
|
| 43,995 |
|
|
|
|
| 86,000 |
| MITSUI & CO. LTD. |
|
| 1,030,046 |
|
| 1,025,338 |
|
|
|
|
| 74,000 |
| MITSUI CHEMICALS, INC. |
|
| 242,012 |
|
| 210,104 |
|
|
|
|
| 35,000 |
| MITSUI ENGINEERING & SHIPBUILDING CO. LTD. |
|
| 83,842 |
|
| 71,660 |
|
|
|
|
| 14,000 |
| MITSUI FUDOSAN CO. LTD. |
|
| 160,770 |
|
| 198,113 |
|
|
|
|
| 3,000 |
| MITSUI MINING & SMELTING CO. LTD. |
|
| 5,391 |
|
| 8,043 |
|
|
|
|
| 17,000 |
| MITSUI OSK LINES LTD. |
|
| 90,171 |
|
| 114,226 |
|
|
|
|
| 238,500 |
| MIZUHO FINANCIAL GROUP, INC. |
|
| 452,029 |
|
| 396,583 |
|
|
|
|
| 29,000 |
| MIZUHO SECURITIES CO. LTD. |
|
| 61,853 |
|
| 65,608 |
|
|
|
|
| 8,280 |
| MS&AD INSURANCE GROUP HOLDINGS, INC. |
|
| 191,651 |
|
| 179,735 |
|
|
|
|
| 2,500 |
| MURATA MANUFACTURING CO. LTD. |
|
| 101,583 |
|
| 120,894 |
|
|
|
|
| 19,300 |
| NAMCO BANDAI HOLDINGS, INC. |
|
| 200,312 |
|
| 170,941 |
|
|
|
|
| 143,000 |
| NEC CORP. |
|
| 400,041 |
|
| 376,895 |
|
|
|
|
| 3,000 |
| NGK INSULATORS LTD. |
|
| 44,485 |
|
| 47,339 |
|
|
|
|
| 6,000 |
| NGK SPARK PLUG CO. LTD. |
|
| 63,744 |
|
| 75,540 |
|
|
|
|
| 3,000 |
| NIDEC CORP. |
|
| 218,805 |
|
| 254,513 |
|
|
|
|
| 6,000 |
| NIKON CORP. |
|
| 75,728 |
|
| 105,267 |
|
|
|
|
| 1,500 |
| NINTENDO CO. LTD. |
|
| 373,394 |
|
| 447,095 |
|
|
|
|
| 11 |
| NIPPON BUILDING FUND, INC. |
|
| 90,970 |
|
| 87,598 |
|
|
|
|
| 30,000 |
| NIPPON ELECTRIC GLASS CO. LTD. |
|
| 338,923 |
|
| 348,853 |
|
|
|
|
| 4,000 |
| NIPPON EXPRESS CO. LTD. |
|
| 11,192 |
|
| 18,234 |
|
|
|
|
| 6,000 |
| NIPPON MEAT PACKERS, INC. |
|
| 72,315 |
|
| 74,929 |
|
|
|
|
| 3,100 |
| NIPPON PAPER GROUP, INC. |
|
| 78,898 |
|
| 86,368 |
|
|
|
|
| 40,000 |
| NIPPON SHEET GLASS CO. LTD. |
|
| 130,762 |
|
| 99,543 |
|
|
|
|
| 84,000 |
| NIPPON STEEL CORP. |
|
| 250,044 |
|
| 281,254 |
|
|
|
|
| 9,300 |
| NIPPON TELEGRAPH & TELEPHONE CORP. |
|
| 356,996 |
|
| 382,924 |
|
|
|
|
| 41,000 |
| NIPPON YUSEN K.K. |
|
| 141,616 |
|
| 151,656 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 83 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund (unaudited) |
June 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Japan (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 17,000 |
| NISHI-NIPPON CITY BANK (THE) LTD. |
|
| 40,901 |
| $ | 49,229 |
|
|
|
|
| 76,600 |
| NISSAN MOTOR CO. LTD.(b) |
|
| 467,775 |
|
| 542,414 |
|
|
|
|
| 2,500 |
| NISSHIN SEIFUN GROUP, INC. |
|
| 25,731 |
|
| 28,505 |
|
|
|
|
| 3,000 |
| NISSHINBO HOLDINGS, INC. |
|
| 23,700 |
|
| 29,150 |
|
|
|
|
| 600 |
| NITORI CO. LTD. |
|
| 33,819 |
|
| 51,921 |
|
|
|
|
| 3,200 |
| NITTO DENKO CORP. |
|
| 77,639 |
|
| 106,384 |
|
|
|
|
| 35,200 |
| NKSJ HOLDINGS, INC.(b) |
|
| 219,922 |
|
| 210,633 |
|
|
|
|
| 55,800 |
| NOMURA HOLDINGS, INC. |
|
| 330,008 |
|
| 308,653 |
|
|
|
|
| 8,300 |
| NOMURA REAL ESTATE HOLDINGS, INC. |
|
| 116,751 |
|
| 105,341 |
|
|
|
|
| 2,700 |
| NOMURA RESEARCH INSTITUTE LTD. |
|
| 43,930 |
|
| 57,815 |
|
|
|
|
| 6,000 |
| NSK LTD. |
|
| 24,006 |
|
| 42,419 |
|
|
|
|
| 29,000 |
| NTN CORP. |
|
| 116,432 |
|
| 120,718 |
|
|
|
|
| 15 |
| NTT DATA CORP. |
|
| 39,108 |
|
| 55,993 |
|
|
|
|
| 284 |
| NTT DOCOMO, INC. |
|
| 404,857 |
|
| 432,084 |
|
|
|
|
| 58 |
| NTT URBAN DEVELOPMENT CORP. |
|
| 54,407 |
|
| 46,647 |
|
|
|
|
| 12,000 |
| OBAYASHI CORP. |
|
| 48,665 |
|
| 48,188 |
|
|
|
|
| 8,000 |
| ODAKYU ELECTRIC RAILWAY CO. LTD. |
|
| 62,234 |
|
| 69,047 |
|
|
|
|
| 13,000 |
| OJI PAPER CO. LTD. |
|
| 49,994 |
|
| 64,262 |
|
|
|
|
| 4,000 |
| OLYMPUS CORP. |
|
| 61,766 |
|
| 95,923 |
|
|
|
|
| 7,300 |
| OMRON CORP. |
|
| 99,962 |
|
| 161,352 |
|
|
|
|
| 1,400 |
| ONO PHARMACEUTICAL CO. LTD. |
|
| 60,256 |
|
| 57,011 |
|
|
|
|
| 8,000 |
| ONWARD HOLDINGS CO. LTD. |
|
| 54,094 |
|
| 63,888 |
|
|
|
|
| 800 |
| ORIENTAL LAND CO. LTD. |
|
| 50,479 |
|
| 67,056 |
|
|
|
|
| 5,210 |
| ORIX CORP. |
|
| 294,705 |
|
| 383,071 |
|
|
|
|
| 24,000 |
| OSAKA GAS CO. LTD. |
|
| 74,241 |
|
| 86,874 |
|
|
|
|
| 30,500 |
| PANASONIC CORP. |
|
| 376,823 |
|
| 387,098 |
|
|
|
|
| 32,000 |
| PANASONIC ELECTRIC WORKS CO. LTD. |
|
| 306,380 |
|
| 318,900 |
|
|
|
|
| 153 |
| RAKUTEN, INC. |
|
| 84,827 |
|
| 110,937 |
|
|
|
|
| 8,800 |
| RESONA HOLDINGS, INC. |
|
| 111,603 |
|
| 108,601 |
|
|
|
|
| 23,000 |
| RICOH CO. LTD. |
|
| 281,377 |
|
| 296,853 |
|
|
|
|
| 1,200 |
| RINNAI CORP. |
|
| 52,047 |
|
| 61,965 |
|
|
|
|
| 3,300 |
| ROHM CO. LTD. |
|
| 201,922 |
|
| 200,455 |
|
|
|
|
| 18,800 |
| SANKYO CO. LTD. |
|
| 1,017,479 |
|
| 855,957 |
|
|
|
|
| 500 |
| SANTEN PHARMACEUTICAL CO. LTD. |
|
| 14,009 |
|
| 18,070 |
|
|
|
|
| 31,000 |
| SANYO ELECTRIC CO. LTD.(b) |
|
| 50,466 |
|
| 40,326 |
|
|
|
|
| 40,500 |
| SAPPORO HOKUYO HOLDINGS, INC. |
|
| 128,847 |
|
| 180,043 |
|
|
|
|
| 10,000 |
| SAPPORO HOLDINGS LTD. |
|
| 50,459 |
|
| 43,437 |
|
|
|
|
| 433 |
| SBI HOLDINGS, INC. |
|
| 45,378 |
|
| 54,906 |
|
|
|
|
| 3,400 |
| SECOM CO. LTD. |
|
| 133,812 |
|
| 152,108 |
|
|
|
|
| 16,500 |
| SEGA SAMMY HOLDINGS, INC. |
|
| 178,509 |
|
| 239,276 |
|
|
|
|
| 16,400 |
| SEIKO EPSON CORP. |
|
| 248,563 |
|
| 213,895 |
|
|
|
|
| 25,000 |
| SEINO HOLDINGS CO. LTD. |
|
| 196,920 |
|
| 173,635 |
|
|
|
|
| 35,000 |
| SEKISUI CHEMICAL CO. LTD. |
|
| 210,304 |
|
| 220,918 |
|
|
|
|
| 15,000 |
| SEKISUI HOUSE LTD. |
|
| 126,801 |
|
| 129,632 |
|
|
|
|
| 13,000 |
| SEVEN & I HOLDINGS CO. LTD. |
|
| 286,258 |
|
| 301,016 |
|
|
|
|
| 4 |
| SEVEN BANK LTD. |
|
| 9,649 |
|
| 7,303 |
|
|
|
|
| 20,000 |
| SHARP CORP. |
|
| 174,731 |
|
| 214,017 |
|
|
|
|
| 4,200 |
| SHIKOKU ELECTRIC POWER CO., INC |
|
| 116,898 |
|
| 120,483 |
|
|
|
|
| 4,000 |
| SHIMADZU CORP. |
|
| 25,419 |
|
| 30,496 |
|
|
|
|
| 1,000 |
| SHIMAMURA CO. LTD. |
|
| 61,206 |
|
| 90,946 |
|
|
|
|
| 1,500 |
| SHIMANO, INC. |
|
| 58,204 |
|
| 64,986 |
|
|
|
|
| 2,000 |
| SHIMIZU CORP. |
|
| 7,530 |
|
| 6,923 |
|
|
|
|
| 6,600 |
| SHIN-ETSU CHEMICAL CO. LTD. |
|
| 318,188 |
|
| 311,694 |
|
|
|
|
| 23,000 |
| SHINSEI BANK LTD.(b) |
|
| 30,029 |
|
| 19,773 |
|
|
|
|
| 4,000 |
| SHIONOGI & CO. LTD. |
|
| 67,679 |
|
| 83,390 |
|
|
|
|
| 4,000 |
| SHISEIDO CO. LTD. |
|
| 57,787 |
|
| 89,136 |
|
|
|
|
| 8,000 |
| SHIZUOKA BANK (THE) LTD. |
|
| 74,794 |
|
| 70,404 |
|
|
|
|
| 21,000 |
| SHOWA DENKO K.K. |
|
| 33,824 |
|
| 38,482 |
|
|
|
|
| 7,400 |
| SHOWA SHELL SEKIYU K.K. |
|
| 69,579 |
|
| 51,480 |
|
|
|
|
| 600 |
| SMC CORP. |
|
| 57,789 |
|
| 81,241 |
|
|
|
|
| 12,700 |
| SOFTBANK CORP. |
|
| 185,167 |
|
| 340,615 |
|
|
|
|
| 21,900 |
| SOJITZ CORP. |
|
| 34,134 |
|
| 34,682 |
|
|
|
|
| 14,200 |
| SONY CORP. |
|
| 310,061 |
|
| 382,772 |
|
|
|
|
| 33 |
| SONY FINANCIAL HOLDINGS, INC. |
|
| 85,415 |
|
| 111,165 |
|
|
|
|
| 2,700 |
| STANLEY ELECTRIC CO. LTD. |
|
| 30,745 |
|
| 45,293 |
|
|
|
|
| 97,000 |
| SUMITOMO CHEMICAL CO. LTD. |
|
| 443,397 |
|
| 380,741 |
|
|
|
|
| 17,400 |
| SUMITOMO CORP. |
|
| 156,343 |
|
| 176,551 |
|
|
|
|
| 8,800 |
| SUMITOMO ELECTRIC INDUSTRIES LTD. |
|
| 75,679 |
|
| 104,221 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 84 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund (unaudited) |
June 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Japan (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 12,000 |
| SUMITOMO HEAVY INDUSTRIES LTD. |
| $ | 39,379 |
|
| 71,535 |
|
|
|
|
| 42,000 |
| SUMITOMO METAL INDUSTRIES LTD. |
|
| 86,872 |
|
| 96,444 |
|
|
|
|
| 26,000 |
| SUMITOMO METAL MINING CO. LTD. |
|
| 368,307 |
|
| 329,397 |
|
|
|
|
| 21,400 |
| SUMITOMO MITSUI FINANCIAL GROUP, INC. |
|
| 677,635 |
|
| 614,375 |
|
|
|
|
| 7,000 |
| SUMITOMO REALTY & DEVELOPMENT CO. LTD. |
|
| 81,291 |
|
| 120,911 |
|
|
|
|
| 34,000 |
| SUMITOMO TRUST & BANKING (THE) CO. LTD. |
|
| 156,741 |
|
| 175,761 |
|
|
|
|
| 1,000 |
| SURUGA BANK LTD. |
|
| 8,247 |
|
| 9,174 |
|
|
|
|
| 6,500 |
| SUZUKEN CO. LTD. |
|
| 180,668 |
|
| 218,814 |
|
|
|
|
| 5,700 |
| SUZUKI MOTOR CORP. |
|
| 102,733 |
|
| 113,286 |
|
|
|
|
| 10,550 |
| T&D HOLDINGS, INC. |
|
| 251,159 |
|
| 229,011 |
|
|
|
|
| 11,000 |
| TAISEI CORP. |
|
| 19,822 |
|
| 22,273 |
|
|
|
|
| 2,000 |
| TAIYO NIPPON SANSO CORP. |
|
| 11,493 |
|
| 16,085 |
|
|
|
|
| 10,000 |
| TAKASHIMAYA CO. LTD. |
|
| 63,872 |
|
| 80,766 |
|
|
|
|
| 3,400 |
| TAKATA CORP. |
|
| 83,835 |
|
| 69,728 |
|
|
|
|
| 11,400 |
| TAKEDA PHARMACEUTICAL CO. LTD. |
|
| 404,837 |
|
| 492,602 |
|
|
|
|
| 1,500 |
| TDK CORP. |
|
| 58,582 |
|
| 83,396 |
|
|
|
|
| 68,000 |
| TEIJIN LTD. |
|
| 164,165 |
|
| 204,606 |
|
|
|
|
| 2,600 |
| TERUMO CORP. |
|
| 95,419 |
|
| 125,877 |
|
|
|
|
| 2,000 |
| THK CO. LTD. |
|
| 29,290 |
|
| 42,102 |
|
|
|
|
| 19,000 |
| TOBU RAILWAY CO. LTD. |
|
| 97,844 |
|
| 102,948 |
|
|
|
|
| 1,000 |
| TOHO CO. LTD. |
|
| 13,412 |
|
| 16,707 |
|
|
|
|
| 6,800 |
| TOHOKU ELECTRIC POWER CO., INC. |
|
| 143,233 |
|
| 146,532 |
|
|
|
|
| 11,600 |
| TOKIO MARINE HOLDINGS, INC. |
|
| 296,326 |
|
| 308,619 |
|
|
|
|
| 5,000 |
| TOKUYAMA CORP. |
|
| 31,864 |
|
| 22,284 |
|
|
|
|
| 8,900 |
| TOKYO BROADCASTING SYSTEM HOLDINGS, INC. |
|
| 126,033 |
|
| 122,218 |
|
|
|
|
| 20,900 |
| TOKYO ELECTRIC POWER (THE) CO., INC. |
|
| 517,637 |
|
| 569,996 |
|
|
|
|
| 3,200 |
| TOKYO ELECTRON LTD. |
|
| 128,746 |
|
| 175,739 |
|
|
|
|
| 46,000 |
| TOKYO GAS CO. LTD. |
|
| 160,535 |
|
| 210,737 |
|
|
|
|
| 14,000 |
| TOKYU CORP. |
|
| 57,421 |
|
| 57,328 |
|
|
|
|
| 20,000 |
| TOKYU LAND CORP. |
|
| 69,576 |
|
| 71,037 |
|
|
|
|
| 4,000 |
| TONENGENERAL SEKIYU K.K. |
|
| 37,796 |
|
| 34,840 |
|
|
|
|
| 48,000 |
| TOPPAN PRINTING CO. LTD. |
|
| 383,614 |
|
| 384,960 |
|
|
|
|
| 17,000 |
| TORAY INDUSTRIES, INC. |
|
| 70,413 |
|
| 82,304 |
|
|
|
|
| 99,000 |
| TOSHIBA CORP.(b) |
|
| 358,134 |
|
| 498,337 |
|
|
|
|
| 6,000 |
| TOTO LTD. |
|
| 30,029 |
|
| 40,383 |
|
|
|
|
| 11,900 |
| TOYO SEIKAN KAISHA LTD. |
|
| 196,531 |
|
| 176,204 |
|
|
|
|
| 1,000 |
| TOYO SUISAN KAISHA LTD. |
|
| 23,262 |
|
| 24,003 |
|
|
|
|
| 9,200 |
| TOYOTA AUTO BODY CO. LTD. |
|
| 172,671 |
|
| 116,556 |
|
|
|
|
| 2,300 |
| TOYOTA INDUSTRIES CORP. |
|
| 51,959 |
|
| 59,084 |
|
|
|
|
| 52,000 |
| TOYOTA MOTOR CORP. |
|
| 1,800,029 |
|
| 1,811,683 |
|
|
|
|
| 19,700 |
| TOYOTA TSUSHO CORP. |
|
| 264,953 |
|
| 285,682 |
|
|
|
|
| 2,500 |
| TREND MICRO, INC. |
|
| 74,501 |
|
| 68,238 |
|
|
|
|
| 1,700 |
| TSUMURA & CO. |
|
| 50,505 |
|
| 52,267 |
|
|
|
|
| 8,000 |
| UBE INDUSTRIES LTD. |
|
| 13,963 |
|
| 19,185 |
|
|
|
|
| 700 |
| UNICHARM CORP. |
|
| 42,706 |
|
| 79,419 |
|
|
|
|
| 1,000 |
| USHIO, INC. |
|
| 14,106 |
|
| 15,633 |
|
|
|
|
| 130 |
| USS CO. LTD. |
|
| 5,696 |
|
| 9,367 |
|
|
|
|
| 126 |
| WEST JAPAN RAILWAY CO. |
|
| 427,214 |
|
| 463,214 |
|
|
|
|
| 236 |
| YAHOO! JAPAN CORP. |
|
| 62,283 |
|
| 95,170 |
|
|
|
|
| 2,500 |
| YAKULT HONSHA CO. LTD. |
|
| 42,793 |
|
| 68,577 |
|
|
|
|
| 1,270 |
| YAMADA DENKI CO. LTD. |
|
| 52,100 |
|
| 83,753 |
|
|
|
|
| 1,000 |
| YAMAGUCHI FINANCIAL GROUP, INC. |
|
| 8,604 |
|
| 9,649 |
|
|
|
|
| 5,200 |
| YAMAHA CORP. |
|
| 59,268 |
|
| 53,880 |
|
|
|
|
| 18,300 |
| YAMAHA MOTOR CO. LTD.(b) |
|
| 166,386 |
|
| 245,300 |
|
|
|
|
| 9,000 |
| YAMATO HOLDINGS CO. LTD. |
|
| 96,669 |
|
| 120,436 |
|
|
|
|
| 12,000 |
| YOKOGAWA ELECTRIC CORP. |
|
| 94,287 |
|
| 75,607 |
|
|
|
|
|
|
|
|
|
| 47,294,699 |
|
| 51,138,645 |
|
| 19.34 | % |
Kazakhstan: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 6,700 |
| KAZMUNAIGAS EXPLORATION PRODUCTION GDR |
|
| 136,347 |
|
| 124,620 |
|
|
|
|
|
|
|
|
|
| 136,347 |
|
| 124,620 |
|
| 0.05 | % |
Luxembourg: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 15,315 |
| ARCELORMITTAL |
|
| 336,733 |
|
| 418,660 |
|
|
|
|
| 13,600 |
| ARCELORMITTAL ADR |
|
| 536,070 |
|
| 363,936 |
|
|
|
|
|
|
|
|
|
| 872,803 |
|
| 782,596 |
|
| 0.30 | % |
|
|
|
See accompanying notes to the financial statements. | 85 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund (unaudited) |
June 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Macau: |
|
|
|
|
|
|
|
|
|
| |||
| 30,000 |
| WYNN MACAU LTD.(b) |
| $ | 50,423 |
|
| 49,546 |
|
|
|
|
|
|
|
|
|
| 50,423 |
|
| 49,546 |
|
| 0.02 | % |
Mexico: |
|
|
|
|
|
|
|
|
|
| |||
| 16,500 |
| DESARROLLADORA HOMEX S.A.B. DE C.V. ADR(b) |
|
| 513,230 |
|
| 416,460 |
|
|
|
|
| 8,700 |
| FOMENTO ECONOMICO MEXICANO S.A.B. DE C.V. ADR |
|
| 268,488 |
|
| 375,405 |
|
|
|
|
|
|
|
|
|
| 781,718 |
|
| 791,865 |
|
| 0.30 | % |
Netherlands: |
|
|
|
|
|
|
|
|
|
| |||
| 27,148 |
| AEGON N.V.(b) |
|
| 127,577 |
|
| 147,066 |
|
|
|
|
| 8,999 |
| AKZO NOBEL N.V. |
|
| 435,126 |
|
| 473,242 |
|
|
|
|
| 5,963 |
| ASML HOLDING N.V. |
|
| 107,018 |
|
| 166,727 |
|
|
|
|
| 35,743 |
| BRIT INSURANCE HOLDINGS N.V. |
|
| 439,810 |
|
| 483,300 |
|
|
|
|
| 1,079 |
| CORIO N.V. |
|
| 43,024 |
|
| 52,705 |
|
|
|
|
| 928 |
| CSM |
|
| 24,822 |
|
| 27,740 |
|
|
|
|
| 6,423 |
| EUROPEAN AERONAUTIC DEFENCE & SPACE CO. N.V.(b) |
|
| 81,439 |
|
| 132,502 |
|
|
|
|
| 1,198 |
| FUGRO N.V. - CVA |
|
| 57,119 |
|
| 56,049 |
|
|
|
|
| 1,747 |
| HEINEKEN HOLDING N.V. |
|
| 53,733 |
|
| 64,196 |
|
|
|
|
| 3,004 |
| HEINEKEN N.V. |
|
| 84,487 |
|
| 128,092 |
|
|
|
|
| 3,000 |
| IMTECH N.V. |
|
| 87,992 |
|
| 77,773 |
|
|
|
|
| 70,094 |
| ING GROEP N.V. - CVA(b) |
|
| 469,277 |
|
| 529,369 |
|
|
|
|
| 15,811 |
| KONINKLIJKE AHOLD N.V. |
|
| 177,973 |
|
| 196,534 |
|
|
|
|
| 2,539 |
| KONINKLIJKE DSM N.V. |
|
| 86,313 |
|
| 101,992 |
|
|
|
|
| 18,384 |
| KONINKLIJKE PHILIPS ELECTRONICS N.V. |
|
| 321,594 |
|
| 555,723 |
|
|
|
|
| 2,100 |
| NUTRECO HOLDING N.V. |
|
| 100,913 |
|
| 113,568 |
|
|
|
|
| 2,977 |
| QIAGEN N.V.(b) |
|
| 47,317 |
|
| 58,246 |
|
|
|
|
| 3,773 |
| RANDSTAD HOLDING N.V.(b) |
|
| 73,225 |
|
| 149,648 |
|
|
|
|
| 11,940 |
| REED ELSEVIER N.V. |
|
| 133,131 |
|
| 133,173 |
|
|
|
|
| 31,899 |
| ROYAL DUTCH SHELL PLC, CLASS A (AMSTERDAM EXCHANGE) |
|
| 874,343 |
|
| 809,404 |
|
|
|
|
| 57,115 |
| ROYAL DUTCH SHELL PLC, CLASS A (LONDON EXCHANGE) |
|
| 1,336,763 |
|
| 1,451,548 |
|
|
|
|
| 43,008 |
| ROYAL DUTCH SHELL PLC, CLASS B (LONDON EXCHANGE) |
|
| 990,131 |
|
| 1,048,045 |
|
|
|
|
| 48,874 |
| ROYAL KPN N.V. |
|
| 658,918 |
|
| 626,040 |
|
|
|
|
| 6,056 |
| SBM OFFSHORE N.V. |
|
| 85,999 |
|
| 87,422 |
|
|
|
|
| 2,181 |
| SNS REAAL N.V.(b) |
|
| 6,124 |
|
| 9,580 |
|
|
|
|
| 8,454 |
| TNT N.V. |
|
| 150,536 |
|
| 214,821 |
|
|
|
|
| 28,402 |
| UNILEVER N.V. - CVA |
|
| 579,364 |
|
| 782,840 |
|
|
|
|
| 26,642 |
| WOLTERS KLUWER N.V. |
|
| 452,417 |
|
| 513,933 |
|
|
|
|
|
|
|
|
|
| 8,086,485 |
|
| 9,191,278 |
|
| 3.48 | % |
New Zealand: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 94,800 |
| AIR NEW ZEALAND LTD. |
|
| 65,722 |
|
| 69,570 |
|
|
|
|
| 7,267 |
| CONTACT ENERGY LTD.(b) |
|
| 21,310 |
|
| 28,360 |
|
|
|
|
| 14,246 |
| FLETCHER BUILDING LTD. |
|
| 48,134 |
|
| 76,700 |
|
|
|
|
| 25,416 |
| TELECOM CORP. OF NEW ZEALAND LTD. |
|
| 36,442 |
|
| 32,946 |
|
|
|
|
|
|
|
|
|
| 171,608 |
|
| 207,576 |
|
| 0.08 | % |
Norway: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 3,325 |
| AKER SOLUTIONS ASA |
|
| 44,860 |
|
| 38,446 |
|
|
|
|
| 13,800 |
| DNB NOR ASA |
|
| 88,172 |
|
| 133,906 |
|
|
|
|
| 26,500 |
| NORSK HYDRO ASA |
|
| 110,600 |
|
| 121,138 |
|
|
|
|
| 12,000 |
| ORKLA ASA |
|
| 80,407 |
|
| 77,332 |
|
|
|
|
| 10,000 |
| PETROLEUM GEO-SERVICES ASA(b) |
|
| 93,165 |
|
| 84,664 |
|
|
|
|
| 20,900 |
| RENEWABLE ENERGY CORP. ASA(b) |
|
| 51,708 |
|
| 50,130 |
|
|
|
|
| 6,600 |
| SEADRILL LTD. |
|
| 70,381 |
|
| 120,681 |
|
|
|
|
| 26,448 |
| STATOIL ASA |
|
| 505,958 |
|
| 513,675 |
|
|
|
|
| 10,900 |
| TELENOR ASA |
|
| 62,904 |
|
| 138,426 |
|
|
|
|
| 5,850 |
| TGS NOPEC GEOPHYSICAL CO. ASA |
|
| 126,834 |
|
| 68,315 |
|
|
|
|
| 2,500 |
| YARA INTERNATIONAL ASA |
|
| 58,115 |
|
| 71,066 |
|
|
|
|
|
|
|
|
|
| 1,293,104 |
|
| 1,417,779 |
|
| 0.54 | % |
Papua New Guinea: |
|
|
|
|
|
|
|
|
|
| |||
| 10,400 |
| LIHIR GOLD LTD. |
|
| 31,597 |
|
| 37,726 |
|
|
|
|
|
|
|
|
|
| 31,597 |
|
| 37,726 |
|
| 0.01 | % |
Portugal: |
|
|
|
|
|
|
|
|
|
| |||
| 14,486 |
| BANCO ESPIRITO SANTO S.A. (REGISTERED) |
|
| 65,645 |
|
| 57,571 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 86 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund (unaudited) |
June 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Portugal (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 3,480 |
| BRISA AUTO-ESTRADAS DE PORTUGAL S.A. |
| $ | 21,107 |
|
| 21,171 |
|
|
|
|
| 8,464 |
| CIMPOR CIMENTOS DE PORTUGAL SGPS S.A. |
|
| 39,214 |
|
| 47,838 |
|
|
|
|
| 30,026 |
| ENERGIAS DE PORTUGAL S.A. |
|
| 109,545 |
|
| 89,590 |
|
|
|
|
| 2,881 |
| GALP ENERGIA SGPS S.A., CLASS B |
|
| 35,487 |
|
| 43,333 |
|
|
|
|
| 6,408 |
| JERONIMO MARTINS SGPS S.A. |
|
| 30,015 |
|
| 59,083 |
|
|
|
|
| 7,384 |
| PORTUGAL TELECOM SGPS S.A. (REGISTERED) |
|
| 57,187 |
|
| 73,861 |
|
|
|
|
| 1,430 |
| ZON MULTIMEDIA SERVICOS DE TELECOMUNICACOES E MULTIMEDIA SGPS S.A. |
|
| 7,522 |
|
| 5,564 |
|
|
|
|
|
|
|
|
|
| 365,722 |
|
| 398,011 |
|
| 0.15 | % |
Russia: |
|
|
|
|
|
|
|
|
|
|
| ||
| 7,500 |
| LUKOIL OAO ADR (OTC EXCHANGE) |
|
| 377,750 |
|
| 386,250 |
|
|
|
|
| 21,200 |
| TMK OAO GDR (REGISTERED)(b) |
|
| 333,621 |
|
| 318,000 |
|
|
|
|
|
|
|
|
|
| 711,371 |
|
| 704,250 |
|
| 0.27 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Singapore: |
|
|
|
|
|
|
|
|
|
| |||
| 25,326 |
| ARA ASSET MANAGEMENT LTD.(d) |
|
| 11,975 |
|
| 19,547 |
|
|
|
|
| 49,500 |
| CAPITALAND LTD. |
|
| 85,171 |
|
| 127,350 |
|
|
|
|
| 62,000 |
| CAPITAMALL TRUST |
|
| 54,263 |
|
| 81,527 |
|
|
|
|
| 36,000 |
| CAPITAMALLS ASIA LTD. |
|
| 58,996 |
|
| 54,285 |
|
|
|
|
| 6,000 |
| CITY DEVELOPMENTS LTD. |
|
| 21,796 |
|
| 47,595 |
|
|
|
|
| 51,000 |
| COSCO CORP. SINGAPORE LTD. |
|
| 48,134 |
|
| 54,306 |
|
|
|
|
| 98,500 |
| DBS GROUP HOLDINGS LTD. |
|
| 761,307 |
|
| 962,973 |
|
|
|
|
| 13,000 |
| FORTUNE REAL ESTATE INVESTMENT TRUST |
|
| 5,158 |
|
| 5,927 |
|
|
|
|
| 50,000 |
| FRASER AND NEAVE LTD. |
|
| 114,135 |
|
| 184,022 |
|
|
|
|
| 118,800 |
| GENTING SINGAPORE PLC(b) |
|
| 60,943 |
|
| 99,333 |
|
|
|
|
| 10,000 |
| HONG LEONG ASIA LTD. |
|
| 26,217 |
|
| 24,227 |
|
|
|
|
| 12,000 |
| JARDINE CYCLE & CARRIAGE LTD. |
|
| 114,279 |
|
| 257,273 |
|
|
|
|
| 97,200 |
| KEPPEL CORP. LTD. |
|
| 450,893 |
|
| 591,136 |
|
|
|
|
| 19,440 |
| K-GREEN TRUST(b) |
|
| - |
|
| 14,657 |
|
|
|
|
| 28,000 |
| OLAM INTERNATIONAL LTD. |
|
| 32,014 |
|
| 51,826 |
|
|
|
|
| 44,000 |
| OVERSEA-CHINESE BANKING CORP. LTD. |
|
| 141,236 |
|
| 278,912 |
|
|
|
|
| 80,000 |
| SEMBCORP INDUSTRIES LTD. |
|
| 179,646 |
|
| 233,261 |
|
|
|
|
| 22,000 |
| SEMBCORP MARINE LTD. |
|
| 32,803 |
|
| 60,688 |
|
|
|
|
| 53,000 |
| SIA ENGINEERING CO. LTD. |
|
| 91,417 |
|
| 150,748 |
|
|
|
|
| 12,000 |
| SINGAPORE AIRLINES LTD. |
|
| 70,334 |
|
| 125,206 |
|
|
|
|
| 55,000 |
| SINGAPORE AIRPORT TERMINAL SERVICES LTD. |
|
| 109,329 |
|
| 105,339 |
|
|
|
|
| 13,000 |
| SINGAPORE EXCHANGE LTD. |
|
| 40,226 |
|
| 68,656 |
|
|
|
|
| 25,000 |
| SINGAPORE PRESS HOLDINGS LTD. |
|
| 41,026 |
|
| 67,713 |
|
|
|
|
| 23,000 |
| SINGAPORE TECHNOLOGIES ENGINEERING LTD. |
|
| 52,809 |
|
| 54,077 |
|
|
|
|
| 112,000 |
| SINGAPORE TELECOMMUNICATIONS LTD. |
|
| 184,276 |
|
| 243,323 |
|
|
|
|
| 50,000 |
| STARHILL GLOBAL REIT |
|
| 20,741 |
|
| 19,831 |
|
|
|
|
| 22,000 |
| SUNTEC REAL ESTATE INVESTMENT TRUST |
|
| 19,859 |
|
| 20,753 |
|
|
|
|
| 25,000 |
| UNITED OVERSEAS BANK LTD. |
|
| 160,579 |
|
| 350,534 |
|
|
|
|
| 50,000 |
| UOL GROUP LTD. |
|
| 116,101 |
|
| 135,783 |
|
|
|
|
| 30,000 |
| WILMAR INTERNATIONAL LTD. |
|
| 137,044 |
|
| 123,920 |
|
|
|
|
|
|
|
|
|
| 3,242,707 |
|
| 4,614,728 |
|
| 1.74 | % |
South Korea: |
|
|
|
|
|
|
|
|
|
| |||
| 1,360 |
| DAELIM INDUSTRIAL CO. LTD. |
|
| 82,546 |
|
| 70,896 |
|
|
|
|
| 9,470 |
| DAEWOO SHIPBUILDING & MARINE ENGINEERING CO. LTD. |
|
| 137,178 |
|
| 145,309 |
|
|
|
|
| 3,900 |
| DAISHIN SECURITIES CO. LTD. |
|
| 49,482 |
|
| 45,320 |
|
|
|
|
| 790 |
| DONGBU INSURANCE CO. LTD. |
|
| 25,815 |
|
| 22,951 |
|
|
|
|
| 180 |
| GS HOME SHOPPING, INC. |
|
| 11,109 |
|
| 11,328 |
|
|
|
|
| 6,843 |
| HANA FINANCIAL GROUP, INC. |
|
| 170,292 |
|
| 183,960 |
|
|
|
|
| 4,850 |
| HANWHA CHEM CORP. |
|
| 61,676 |
|
| 70,450 |
|
|
|
|
| 3,120 |
| HYUNDAI MARINE & FIRE INSURANCE CO. LTD. |
|
| 53,385 |
|
| 62,555 |
|
|
|
|
| 790 |
| HYUNDAI MIPO DOCKYARD |
|
| 67,775 |
|
| 83,722 |
|
|
|
|
| 14,990 |
| INDUSTRIAL BANK OF KOREA |
|
| 184,477 |
|
| 177,873 |
|
|
|
|
| 440 |
| KCC CORP. |
|
| 133,255 |
|
| 106,762 |
|
|
|
|
| 380 |
| KIA MOTORS CORP. |
|
| 10,537 |
|
| 10,169 |
|
|
|
|
| 940 |
| KOREA ZINC CO. LTD. |
|
| 102,511 |
|
| 167,697 |
|
|
|
|
| 1,800 |
| KOREAN REINSURANCE CO. |
|
| 14,480 |
|
| 14,200 |
|
|
|
|
| 470 |
| KT&G CORP. |
|
| 26,197 |
|
| 23,154 |
|
|
|
|
| 1,100 |
| LG ELECTRONICS, INC. |
|
| 100,585 |
|
| 84,618 |
|
|
|
|
| 16,956 |
| LG TELECOM LTD. |
|
| 111,947 |
|
| 106,290 |
|
|
|
|
| 317 |
| LOTTE CHILSUNG BEVERAGE CO. LTD. |
|
| 206,972 |
|
| 205,719 |
|
|
|
|
| 820 |
| LOTTE SHOPPING CO. LTD. |
|
| 183,990 |
|
| 236,210 |
|
|
|
|
| 1,430 |
| NH INVESTMENT & SECURITIES CO. LTD. |
|
| 11,711 |
|
| 10,638 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 87 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund (unaudited) |
June 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
South Korea (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 180 |
| NHN CORP.(b) |
| $ | 26,072 |
|
| 27,030 |
|
|
|
|
| 110 |
| SAMSUNG C&T CORP. |
|
| 5,629 |
|
| 4,690 |
|
|
|
|
| 60 |
| SAMSUNG ELECTRO-MECHANICS CO. LTD. |
|
| 8,018 |
|
| 7,586 |
|
|
|
|
| 130 |
| SAMSUNG FIRE & MARINE INSURANCE CO. LTD. |
|
| 19,722 |
|
| 20,798 |
|
|
|
|
| 9,200 |
| SAMSUNG HEAVY INDUSTRIES CO. LTD. |
|
| 213,688 |
|
| 173,917 |
|
|
|
|
| 30 |
| SK ENERGY CO. LTD. |
|
| 3,125 |
|
| 2,701 |
|
|
|
|
| 2,270 |
| SK HOLDINGS CO. LTD. |
|
| 198,393 |
|
| 162,360 |
|
|
|
|
| 5,810 |
| SK NETWORKS CO. LTD. |
|
| 55,710 |
|
| 49,448 |
|
|
|
|
| 500 |
| WOONGJIN COWAY CO. LTD. |
|
| 16,420 |
|
| 16,817 |
|
|
|
|
| 4,820 |
| WOORI FINANCE HOLDINGS CO. LTD. |
|
| 60,850 |
|
| 57,589 |
|
|
|
|
|
|
|
|
|
| 2,353,547 |
|
| 2,362,757 |
|
| 0.89 | % |
Spain: |
|
|
|
|
|
|
|
|
|
| |||
| 3,500 |
| ABENGOA S.A.(b) |
|
| 101,867 |
|
| 68,629 |
|
|
|
|
| 4,082 |
| ABERTIS INFRAESTRUCTURAS S.A. |
|
| 61,599 |
|
| 59,101 |
|
|
|
|
| 346 |
| ACCIONA S.A. |
|
| 36,569 |
|
| 26,567 |
|
|
|
|
| 5,493 |
| ACERINOX S.A. |
|
| 67,660 |
|
| 86,180 |
|
|
|
|
| 2,447 |
| ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A. |
|
| 105,135 |
|
| 90,337 |
|
|
|
|
| 56,329 |
| BANCO BILBAO VIZCAYA ARGENTARIA S.A. |
|
| 484,462 |
|
| 593,207 |
|
|
|
|
| 13,498 |
| BANCO DE SABADELL S.A. |
|
| 64,346 |
|
| 61,402 |
|
|
|
|
| 1,548 |
| BANCO DE VALENCIA S.A. |
|
| 11,083 |
|
| 6,928 |
|
|
|
|
| 39,714 |
| BANCO POPULAR ESPANOL S.A. |
|
| 277,551 |
|
| 204,308 |
|
|
|
|
| 128,753 |
| BANCO SANTANDER S.A. |
|
| 1,011,010 |
|
| 1,376,064 |
|
|
|
|
| 11,204 |
| BANKINTER S.A. |
|
| 111,198 |
|
| 68,969 |
|
|
|
|
| 135 |
| CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A. |
|
| 58,674 |
|
| 55,262 |
|
|
|
|
| 15,374 |
| CRITERIA CAIXACORP S.A. |
|
| 47,978 |
|
| 63,187 |
|
|
|
|
| 1,378 |
| EDP RENOVAVEIS S.A.(b) |
|
| 12,766 |
|
| 8,142 |
|
|
|
|
| 2,531 |
| ENAGAS |
|
| 38,142 |
|
| 38,347 |
|
|
|
|
| 16,085 |
| FERROVIAL S.A. |
|
| 79,147 |
|
| 105,231 |
|
|
|
|
| 4,723 |
| FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A. |
|
| 176,603 |
|
| 101,851 |
|
|
|
|
| 9,135 |
| GAMESA CORP. TECNOLOGICA S.A.(b) |
|
| 90,394 |
|
| 79,289 |
|
|
|
|
| 4,262 |
| GAS NATURAL SDG S.A. |
|
| 52,029 |
|
| 62,020 |
|
|
|
|
| 2,222 |
| GRIFOLS S.A. |
|
| 33,845 |
|
| 22,925 |
|
|
|
|
| 13,908 |
| IBERDROLA RENOVABLES S.A. |
|
| 53,405 |
|
| 43,743 |
|
|
|
|
| 52,737 |
| IBERDROLA S.A. |
|
| 387,105 |
|
| 298,713 |
|
|
|
|
| 4,941 |
| INDITEX S.A. |
|
| 202,632 |
|
| 284,490 |
|
|
|
|
| 630 |
| INDRA SISTEMAS S.A. |
|
| 12,890 |
|
| 10,154 |
|
|
|
|
| 16,420 |
| MAPFRE S.A. |
|
| 54,049 |
|
| 45,097 |
|
|
|
|
| 2,128 |
| OBRASCON HUARTE LAIN S.A. |
|
| 44,952 |
|
| 47,855 |
|
|
|
|
| 2,111 |
| RED ELECTRICA CORP. S.A. |
|
| 88,270 |
|
| 75,997 |
|
|
|
|
| 11,060 |
| REPSOL YPF S.A. |
|
| 198,814 |
|
| 225,388 |
|
|
|
|
| 83,959 |
| TELEFONICA S.A. |
|
| 1,741,867 |
|
| 1,566,208 |
|
|
|
|
| 981 |
| ZARDOYA OTIS S.A. |
|
| 15,577 |
|
| 12,680 |
|
|
|
|
|
|
|
|
|
| 5,721,619 |
|
| 5,788,271 |
|
| 2.19 | % |
Sweden: |
|
|
|
|
|
|
|
|
|
| |||
| 4,550 |
| ALFA LAVAL AB |
|
| 35,782 |
|
| 59,637 |
|
|
|
|
| 18,200 |
| ASSA ABLOY AB, CLASS B |
|
| 316,685 |
|
| 366,923 |
|
|
|
|
| 9,200 |
| ATLAS COPCO AB, CLASS A |
|
| 72,813 |
|
| 135,686 |
|
|
|
|
| 4,000 |
| ATLAS COPCO AB, CLASS B |
|
| 31,058 |
|
| 53,300 |
|
|
|
|
| 792 |
| AXFOOD AB |
|
| 20,863 |
|
| 20,822 |
|
|
|
|
| 17,000 |
| ELECTROLUX AB, CLASS B |
|
| 320,805 |
|
| 392,221 |
|
|
|
|
| 3,200 |
| GETINGE AB, CLASS B |
|
| 37,616 |
|
| 62,257 |
|
|
|
|
| 13,600 |
| HENNES & MAURITZ AB, CLASS B |
|
| 274,862 |
|
| 376,044 |
|
|
|
|
| 400 |
| HOLMEN AB, CLASS B |
|
| 8,156 |
|
| 9,536 |
|
|
|
|
| 17,500 |
| HUSQVARNA AB, CLASS B |
|
| 64,201 |
|
| 105,910 |
|
|
|
|
| 11,800 |
| INVESTOR AB, CLASS B |
|
| 161,783 |
|
| 192,192 |
|
|
|
|
| 3,000 |
| KINNEVIK INVESTMENT AB, CLASS B |
|
| 51,225 |
|
| 48,439 |
|
|
|
|
| 18,000 |
| MEDA AB, CLASS A |
|
| 142,088 |
|
| 131,236 |
|
|
|
|
| 1,600 |
| MILLICOM INTERNATIONAL CELLULAR S.A. SDR |
|
| 87,461 |
|
| 130,608 |
|
|
|
|
| 1,100 |
| MODERN TIMES GROUP AB, CLASS B |
|
| 53,117 |
|
| 60,689 |
|
|
|
|
| 1,659 |
| NCC AB, CLASS B |
|
| 15,289 |
|
| 24,893 |
|
|
|
|
| 46,000 |
| NORDEA BANK AB |
|
| 280,618 |
|
| 382,871 |
|
|
|
|
| 1,600 |
| RATOS AB |
|
| 51,337 |
|
| 40,362 |
|
|
|
|
| 2,140 |
| SAAB AB, CLASS B |
|
| 29,937 |
|
| 24,454 |
|
|
|
|
| 13,973 |
| SANDVIK AB |
|
| 86,678 |
|
| 172,212 |
|
|
|
|
| 7,800 |
| SCANIA AB, CLASS B |
|
| 65,585 |
|
| 120,040 |
|
|
|
|
| 20,436 |
| SECURITAS AB, CLASS B |
|
| 185,288 |
|
| 186,344 |
|
|
|
|
| 20,400 |
| SKANDINAVISKA ENSKILDA BANKEN AB, CLASS A |
|
| 71,603 |
|
| 109,360 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 88 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund (unaudited) |
June 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Sweden (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 3,000 |
| SKANSKA AB, CLASS B |
| $ | 25,978 |
|
| 43,707 |
|
|
|
|
| 13,800 |
| SKF AB, CLASS B |
|
| 141,836 |
|
| 249,899 |
|
|
|
|
| 5,400 |
| SSAB AB, CLASS A |
|
| 48,129 |
|
| 73,271 |
|
|
|
|
| 41,976 |
| SVENSKA CELLULOSA AB, CLASS B |
|
| 412,152 |
|
| 496,882 |
|
|
|
|
| 6,900 |
| SVENSKA HANDELSBANKEN AB, CLASS A |
|
| 116,989 |
|
| 170,080 |
|
|
|
|
| 18,300 |
| SWEDBANK AB, CLASS A(b) |
|
| 58,744 |
|
| 170,270 |
|
|
|
|
| 6,600 |
| SWEDISH MATCH AB |
|
| 95,099 |
|
| 144,995 |
|
|
|
|
| 4,621 |
| TELE2 AB, CLASS B |
|
| 45,254 |
|
| 69,457 |
|
|
|
|
| 45,000 |
| TELEFONAKTIEBOLAGET LM ERICSSON, CLASS B |
|
| 406,347 |
|
| 503,534 |
|
|
|
|
| 30,500 |
| TELIASONERA AB |
|
| 151,188 |
|
| 196,947 |
|
|
|
|
| 15,032 |
| TRELLEBORG AB, CLASS B |
|
| 103,955 |
|
| 90,608 |
|
|
|
|
| 5,800 |
| VOLVO AB, CLASS A(b) |
|
| 29,472 |
|
| 61,924 |
|
|
|
|
| 37,600 |
| VOLVO AB, CLASS B(b) |
|
| 373,743 |
|
| 421,212 |
|
|
|
|
|
|
|
|
|
| 4,473,736 |
|
| 5,898,822 |
|
| 2.23 | % |
Switzerland: |
|
|
|
|
|
|
|
|
|
| |||
| 41,343 |
| ABB LTD. (REGISTERED)(b) |
|
| 579,344 |
|
| 727,648 |
|
|
|
|
| 19,000 |
| ABB LTD. ADR(b) |
|
| 319,423 |
|
| 328,320 |
|
|
|
|
| 1,591 |
| ACTELION LTD. (REGISTERED)(b) |
|
| 73,405 |
|
| 59,783 |
|
|
|
|
| 32,929 |
| ADECCO S.A. (REGISTERED) |
|
| 1,538,681 |
|
| 1,581,033 |
|
|
|
|
| 2,727 |
| ARYZTA A.G. |
|
| 68,593 |
|
| 105,252 |
|
|
|
|
| 2,676 |
| BALOISE-HOLDING A.G. (REGISTERED) |
|
| 188,738 |
|
| 187,574 |
|
|
|
|
| 148 |
| BKW FMB ENERGIE A.G. |
|
| 11,039 |
|
| 9,344 |
|
|
|
|
| 9,000 |
| CLARIANT A.G. (REGISTERED)(b) |
|
| 113,974 |
|
| 114,898 |
|
|
|
|
| 8,185 |
| COMPAGNIE FINANCIERE RICHEMONT S.A., CLASS A |
|
| 130,638 |
|
| 288,192 |
|
|
|
|
| 19,185 |
| CREDIT SUISSE GROUP A.G. (REGISTERED) |
|
| 599,317 |
|
| 728,366 |
|
|
|
|
| 3,082 |
| EFG INTERNATIONAL A.G. |
|
| 32,625 |
|
| 37,173 |
|
|
|
|
| 240 |
| FLUGHAFEN ZUERICH A.G. (REGISTERED) |
|
| 85,401 |
|
| 71,255 |
|
|
|
|
| 3,728 |
| GAM HOLDING LTD.(b) |
|
| 22,832 |
|
| 40,641 |
|
|
|
|
| 953 |
| GEBERIT A.G. (REGISTERED) |
|
| 83,492 |
|
| 148,986 |
|
|
|
|
| 1,446 |
| GIVAUDAN S.A. (REGISTERED) |
|
| 860,418 |
|
| 1,236,276 |
|
|
|
|
| 420 |
| HELVETIA HOLDING A.G. (REGISTERED) |
|
| 131,688 |
|
| 110,862 |
|
|
|
|
| 3,916 |
| HOLCIM LTD. (REGISTERED) |
|
| 168,212 |
|
| 264,682 |
|
|
|
|
| 3,728 |
| JULIUS BAER GROUP LTD. |
|
| 78,764 |
|
| 107,085 |
|
|
|
|
| 120 |
| KABA HOLDING A.G., CLASS B (REGISTERED) |
|
| 30,195 |
|
| 32,120 |
|
|
|
|
| 967 |
| KUEHNE & NAGEL INTERNATIONAL A.G. (REGISTERED) |
|
| 57,750 |
|
| 100,304 |
|
|
|
|
| 63 |
| LINDT & SPRUENGLI A.G. (PARTCIPATION CERTIFICATE) |
|
| 108,277 |
|
| 137,302 |
|
|
|
|
| 1 |
| LINDT & SPRUENGLI A.G. (REGISTERED) |
|
| 17,927 |
|
| 24,587 |
|
|
|
|
| 6,301 |
| LOGITECH INTERNATIONAL S.A. (REGISTERED)(b) |
|
| 70,452 |
|
| 86,287 |
|
|
|
|
| 127 |
| LONZA GROUP A.G. (REGISTERED) |
|
| 10,220 |
|
| 8,513 |
|
|
|
|
| 91,162 |
| NESTLE S.A. (REGISTERED) |
|
| 3,248,882 |
|
| 4,415,057 |
|
|
|
|
| 2,629 |
| NOBEL BIOCARE HOLDING A.G. (REGISTERED) |
|
| 45,806 |
|
| 45,613 |
|
|
|
|
| 84,967 |
| NOVARTIS A.G. (REGISTERED) |
|
| 3,516,081 |
|
| 4,146,560 |
|
|
|
|
| 16,713 |
| PANALPINA WELTTRANSPORT HOLDING A.G. |
|
| 1,220,576 |
|
| 1,327,334 |
|
|
|
|
| 19,385 |
| PARGESA HOLDING S.A. (BEARER) |
|
| 1,349,195 |
|
| 1,277,856 |
|
|
|
|
| 12,394 |
| ROCHE HOLDING A.G. (GENUSSCHEIN) |
|
| 1,602,744 |
|
| 1,714,514 |
|
|
|
|
| 755 |
| SCHINDLER HOLDING A.G. (PARTICIPATION CERTIFICATE) |
|
| 34,888 |
|
| 64,024 |
|
|
|
|
| 3,800 |
| SCHINDLER HOLDING A.G. (REGISTERED) |
|
| 301,699 |
|
| 318,716 |
|
|
|
|
| 121 |
| SGS S.A. (REGISTERED) |
|
| 130,564 |
|
| 164,129 |
|
|
|
|
| 117 |
| SIKA A.G. (BEARER) |
|
| 178,417 |
|
| 208,420 |
|
|
|
|
| 648 |
| SONOVA HOLDING A.G. (REGISTERED) |
|
| 35,616 |
|
| 80,021 |
|
|
|
|
| 32,678 |
| STMICROELECTRONICS N.V. |
|
| 179,389 |
|
| 263,097 |
|
|
|
|
| 257 |
| STRAUMANN HOLDING A.G. (REGISTERED) |
|
| 41,380 |
|
| 55,867 |
|
|
|
|
| 1,872 |
| SULZER A.G. (REGISTERED) |
|
| 96,613 |
|
| 175,941 |
|
|
|
|
| 475 |
| SWATCH GROUP (THE) A.G. (BEARER) |
|
| 59,791 |
|
| 135,075 |
|
|
|
|
| 2,391 |
| SWATCH GROUP (THE) A.G. (REGISTERED) |
|
| 61,462 |
|
| 123,119 |
|
|
|
|
| 2,654 |
| SWISS LIFE HOLDING A.G. (REGISTERED)(b) |
|
| 201,157 |
|
| 256,086 |
|
|
|
|
| 12,001 |
| SWISS REINSURANCE CO. LTD. (REGISTERED) |
|
| 409,105 |
|
| 497,822 |
|
|
|
|
| 196 |
| SWISSCOM A.G. (REGISTERED) |
|
| 51,473 |
|
| 66,720 |
|
|
|
|
| 1,549 |
| SYNGENTA A.G. (REGISTERED) |
|
| 322,477 |
|
| 360,151 |
|
|
|
|
| 1,901 |
| TAMEDIA A.G. (REGISTERED) |
|
| 113,489 |
|
| 144,626 |
|
|
|
|
| 58,929 |
| TYCO ELECTRONICS LTD. |
|
| 1,181,585 |
|
| 1,495,618 |
|
|
|
|
| 36,346 |
| XSTRATA PLC |
|
| 298,412 |
|
| 481,570 |
|
|
|
|
| 3,649 |
| ZURICH FINANCIAL SERVICES A.G. |
|
| 656,321 |
|
| 810,833 |
|
|
|
|
|
|
|
|
|
| 20,718,527 |
|
| 25,165,252 |
|
| 9.52 | % |
|
|
|
See accompanying notes to the financial statements. | 89 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund (unaudited) |
June 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Taiwan: |
|
|
|
|
|
|
|
|
|
| |||
| 30,000 |
| HON HAI PRECISION INDUSTRY CO. LTD. GDR (REGISTERED)(b) |
| $ | 258,774 |
|
| 219,600 |
|
|
|
|
| 36,000 |
| UNITED MICROELECTRONICS CORP. ADR(b) |
|
| 129,453 |
|
| 104,760 |
|
|
|
|
|
|
|
|
|
| 388,227 |
|
| 324,360 |
|
| 0.12 | % |
Turkey: |
|
|
|
|
|
|
|
|
|
| |||
| 33,900 |
| TURKCELL ILETISIM HIZMET A.S. ADR |
|
| 505,304 |
|
| 440,022 |
|
|
|
|
| 46,757 |
| TURKIYE IS BANKASI, CLASS C |
|
| 139,567 |
|
| 146,151 |
|
|
|
|
|
|
|
|
|
| 644,871 |
|
| 586,173 |
|
| 0.22 | % |
United Kingdom: |
|
|
|
|
|
|
|
|
|
| |||
| 58,828 |
| 3I GROUP PLC |
|
| 258,106 |
|
| 233,887 |
|
|
|
|
| 2,834 |
| ADMIRAL GROUP PLC |
|
| 35,119 |
|
| 59,661 |
|
|
|
|
| 4,578 |
| AMEC PLC |
|
| 34,931 |
|
| 56,498 |
|
|
|
|
| 21,348 |
| ANGLO AMERICAN PLC(b) |
|
| 434,264 |
|
| 749,712 |
|
|
|
|
| 19,600 |
| ANGLO AMERICAN PLC ADR(b) |
|
| 333,272 |
|
| 337,708 |
|
|
|
|
| 4,811 |
| ANTOFAGASTA PLC |
|
| 33,978 |
|
| 56,534 |
|
|
|
|
| 19,184 |
| ARM HOLDINGS PLC |
|
| 71,627 |
|
| 79,539 |
|
|
|
|
| 16,299 |
| ASSOCIATED BRITISH FOODS PLC |
|
| 218,984 |
|
| 237,312 |
|
|
|
|
| 23,371 |
| ASTRAZENECA PLC |
|
| 827,028 |
|
| 1,106,564 |
|
|
|
|
| 7,700 |
| ASTRAZENECA PLC ADR |
|
| 341,392 |
|
| 362,901 |
|
|
|
|
| 2,131 |
| AUTONOMY CORP. PLC(b) |
|
| 36,969 |
|
| 58,488 |
|
|
|
|
| 105,007 |
| AVIVA PLC |
|
| 422,365 |
|
| 492,791 |
|
|
|
|
| 138,006 |
| BAE SYSTEMS PLC |
|
| 739,397 |
|
| 646,417 |
|
|
|
|
| 54,775 |
| BALFOUR BEATTY PLC |
|
| 236,159 |
|
| 195,840 |
|
|
|
|
| 287,293 |
| BARCLAYS PLC |
|
| 1,101,467 |
|
| 1,161,314 |
|
|
|
|
| 45,610 |
| BG GROUP PLC |
|
| 700,229 |
|
| 685,543 |
|
|
|
|
| 39,457 |
| BHP BILLITON PLC |
|
| 868,056 |
|
| 1,034,319 |
|
|
|
|
| 91,000 |
| BOOKER GROUP PLC |
|
| 56,747 |
|
| 55,745 |
|
|
|
|
| 287,003 |
| BP PLC |
|
| 1,949,603 |
|
| 1,367,470 |
|
|
|
|
| 57,994 |
| BRITISH AMERICAN TOBACCO PLC |
|
| 1,497,265 |
|
| 1,851,241 |
|
|
|
|
| 11,630 |
| BRITISH LAND CO. PLC |
|
| 61,579 |
|
| 75,691 |
|
|
|
|
| 17,468 |
| BRITISH SKY BROADCASTING GROUP PLC |
|
| 116,486 |
|
| 182,822 |
|
|
|
|
| 11,000 |
| BRITVIC PLC |
|
| 80,883 |
|
| 78,132 |
|
|
|
|
| 132,209 |
| BT GROUP PLC |
|
| 159,975 |
|
| 256,989 |
|
|
|
|
| 5,069 |
| BUNZL PLC |
|
| 39,524 |
|
| 51,008 |
|
|
|
|
| 8,202 |
| BURBERRY GROUP PLC |
|
| 40,549 |
|
| 93,318 |
|
|
|
|
| 43,666 |
| CABLE & WIRELESS COMMUNICATIONS PLC |
|
| 37,084 |
|
| 37,677 |
|
|
|
|
| 20,702 |
| CABLE & WIRELESS WORLDWIDE |
|
| 27,090 |
|
| 26,786 |
|
|
|
|
| 40,577 |
| CAIRN ENERGY PLC(b) |
|
| 155,293 |
|
| 251,536 |
|
|
|
|
| 16,980 |
| CAPITA GROUP (THE) PLC |
|
| 162,367 |
|
| 187,989 |
|
|
|
|
| 6,025 |
| CAPITAL & COUNTIES PROPERTIES PLC(b) |
|
| 6,933 |
|
| 9,767 |
|
|
|
|
| 6,025 |
| CAPITAL SHOPPING CENTRES GROUP PLC |
|
| 23,472 |
|
| 28,050 |
|
|
|
|
| 24,000 |
| CARILLION PLC |
|
| 127,438 |
|
| 110,802 |
|
|
|
|
| 5,873 |
| CARNIVAL PLC |
|
| 158,859 |
|
| 191,554 |
|
|
|
|
| 30,249 |
| CARPETRIGHT PLC |
|
| 343,014 |
|
| 289,246 |
|
|
|
|
| 82,257 |
| CENTRICA PLC |
|
| 290,637 |
|
| 364,643 |
|
|
|
|
| 8,800 |
| CHARTER INTERNATIONAL PLC |
|
| 84,654 |
|
| 82,635 |
|
|
|
|
| 11,669 |
| COBHAM PLC |
|
| 30,337 |
|
| 37,188 |
|
|
|
|
| 194,948 |
| COMPASS GROUP PLC |
|
| 1,057,816 |
|
| 1,491,302 |
|
|
|
|
| 60,000 |
| COOKSON GROUP PLC(b) |
|
| 391,848 |
|
| 347,555 |
|
|
|
|
| 7,800 |
| CRODA INTERNATIONAL PLC |
|
| 105,683 |
|
| 117,471 |
|
|
|
|
| 10,882 |
| DAVIS SERVICE GROUP PLC |
|
| 67,933 |
|
| 59,669 |
|
|
|
|
| 126,084 |
| DIAGEO PLC |
|
| 1,716,520 |
|
| 1,996,838 |
|
|
|
|
| 10,724 |
| DRAX GROUP PLC |
|
| 63,366 |
|
| 60,293 |
|
|
|
|
| 17,000 |
| EASYJET PLC(b) |
|
| 68,995 |
|
| 101,039 |
|
|
|
|
| 2,968 |
| ENQUEST PLC(b) |
|
| 3,713 |
|
| 4,408 |
|
|
|
|
| 2,760 |
| EURASIAN NATURAL RESOURCES CORP. PLC |
|
| 15,790 |
|
| 35,505 |
|
|
|
|
| 3,153 |
| F&C ASSET MANAGEMENT PLC |
|
| 29,436 |
|
| 2,450 |
|
|
|
|
| 38,576 |
| FIRSTGROUP PLC |
|
| 199,616 |
|
| 210,717 |
|
|
|
|
| 9,699 |
| G4S PLC |
|
| 26,165 |
|
| 38,735 |
|
|
|
|
| 93,189 |
| GLAXOSMITHKLINE PLC |
|
| 1,432,456 |
|
| 1,591,431 |
|
|
|
|
| 12,300 |
| GLAXOSMITHKLINE PLC ADR |
|
| 464,571 |
|
| 418,323 |
|
|
|
|
| 10,000 |
| GREENE KING PLC |
|
| 58,087 |
|
| 58,613 |
|
|
|
|
| 12,000 |
| HALFORDS GROUP PLC |
|
| 86,547 |
|
| 87,799 |
|
|
|
|
| 17,505 |
| HAMMERSON PLC |
|
| 69,535 |
|
| 89,892 |
|
|
|
|
| 36,031 |
| HAYS PLC |
|
| 49,874 |
|
| 49,365 |
|
|
|
|
| 215,048 |
| HOME RETAIL GROUP PLC |
|
| 909,432 |
|
| 689,191 |
|
|
|
|
| 296,420 |
| HSBC HOLDINGS PLC |
|
| 2,008,860 |
|
| 2,724,587 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 90 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
United Kingdom (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 12,114 |
| ICAP PLC |
| $ | 51,874 |
|
| 73,339 |
|
|
|
|
| 11,465 |
| IMI PLC |
|
| 43,254 |
|
| 117,767 |
|
|
|
|
| 18,809 |
| IMPERIAL TOBACCO GROUP PLC |
|
| 441,612 |
|
| 528,043 |
|
|
|
|
| 30,000 |
| INCHCAPE PLC(b) |
|
| 123,756 |
|
| 110,264 |
|
|
|
|
| 4,344 |
| INMARSAT PLC |
|
| 50,991 |
|
| 46,373 |
|
|
|
|
| 6,290 |
| INTERCONTINENTAL HOTELS GROUP PLC |
|
| 49,219 |
|
| 99,899 |
|
|
|
|
| 20,434 |
| INTERNATIONAL POWER PLC |
|
| 61,912 |
|
| 91,682 |
|
|
|
|
| 12,127 |
| INVENSYS PLC |
|
| 29,802 |
|
| 43,775 |
|
|
|
|
| 18,249 |
| INVESTEC PLC |
|
| 128,736 |
|
| 123,677 |
|
|
|
|
| 98,470 |
| ITV PLC(b) |
|
| 52,339 |
|
| 74,077 |
|
|
|
|
| 29,306 |
| J. SAINSBURY PLC |
|
| 141,007 |
|
| 140,771 |
|
|
|
|
| 13,894 |
| JOHNSON MATTHEY PLC |
|
| 337,176 |
|
| 310,138 |
|
|
|
|
| 12,909 |
| KAZAKHMYS PLC |
|
| 194,999 |
|
| 191,715 |
|
|
|
|
| 117,414 |
| KINGFISHER PLC |
|
| 361,281 |
|
| 370,502 |
|
|
|
|
| 8,091 |
| LADBROKES PLC |
|
| 23,511 |
|
| 15,377 |
|
|
|
|
| 64,858 |
| LANCASHIRE HOLDINGS LTD. |
|
| 497,453 |
|
| 482,871 |
|
|
|
|
| 15,511 |
| LAND SECURITIES GROUP PLC |
|
| 113,585 |
|
| 129,432 |
|
|
|
|
| 358,802 |
| LEGAL & GENERAL GROUP PLC |
|
| 401,692 |
|
| 421,629 |
|
|
|
|
| 1,444,155 |
| LLOYDS BANKING GROUP PLC(b) |
|
| 1,180,004 |
|
| 1,158,684 |
|
|
|
|
| 112,000 |
| LOGICA PLC |
|
| 223,591 |
|
| 182,733 |
|
|
|
|
| 3,727 |
| LONDON STOCK EXCHANGE GROUP PLC |
|
| 38,197 |
|
| 31,378 |
|
|
|
|
| 1,021 |
| LONMIN PLC(b) |
|
| 17,874 |
|
| 21,524 |
|
|
|
|
| 33,399 |
| MAN GROUP PLC |
|
| 106,502 |
|
| 111,429 |
|
|
|
|
| 99,083 |
| MARKS & SPENCER GROUP PLC |
|
| 468,824 |
|
| 491,193 |
|
|
|
|
| 19,659 |
| MEGGITT PLC |
|
| 45,921 |
|
| 92,259 |
|
|
|
|
| 12,000 |
| MILLENNIUM & COPTHORNE HOTELS PLC |
|
| 75,270 |
|
| 72,971 |
|
|
|
|
| 30,000 |
| MONDI PLC |
|
| 68,373 |
|
| 172,164 |
|
|
|
|
| 66,831 |
| NATIONAL GRID PLC |
|
| 502,486 |
|
| 490,271 |
|
|
|
|
| 2,148 |
| NEXT PLC |
|
| 36,823 |
|
| 64,475 |
|
|
|
|
| 211,185 |
| OLD MUTUAL PLC |
|
| 251,201 |
|
| 326,573 |
|
|
|
|
| 41,911 |
| PEARSON PLC |
|
| 597,696 |
|
| 556,055 |
|
|
|
|
| 2,968 |
| PETROFAC LTD. |
|
| 45,259 |
|
| 52,593 |
|
|
|
|
| 32,976 |
| PRUDENTIAL PLC |
|
| 149,613 |
|
| 250,534 |
|
|
|
|
| 449,782 |
| QINETIQ GROUP PLC |
|
| 892,909 |
|
| 786,930 |
|
|
|
|
| 868 |
| RANDGOLD RESOURCES LTD. |
|
| 57,706 |
|
| 83,324 |
|
|
|
|
| 169,000 |
| RAVEN RUSSIA LTD. |
|
| 138,165 |
|
| 101,947 |
|
|
|
|
| 9,239 |
| RECKITT BENCKISER GROUP PLC |
|
| 360,757 |
|
| 432,338 |
|
|
|
|
| 183,961 |
| REED ELSEVIER PLC |
|
| 1,436,337 |
|
| 1,371,523 |
|
|
|
|
| 20,541 |
| REXAM PLC |
|
| 87,985 |
|
| 92,991 |
|
|
|
|
| 23,272 |
| RIO TINTO PLC |
|
| 686,175 |
|
| 1,032,162 |
|
|
|
|
| 27,303 |
| ROLLS-ROYCE GROUP PLC(b) |
|
| 111,284 |
|
| 229,462 |
|
|
|
|
| 248,250 |
| ROYAL BANK OF SCOTLAND GROUP PLC(b) |
|
| 114,766 |
|
| 153,667 |
|
|
|
|
| 40,053 |
| RSA INSURANCE GROUP PLC |
|
| 76,424 |
|
| 71,572 |
|
|
|
|
| 14,896 |
| SABMILLER PLC |
|
| 245,922 |
|
| 420,415 |
|
|
|
|
| 76,398 |
| SAGE GROUP (THE) PLC |
|
| 259,412 |
|
| 264,361 |
|
|
|
|
| 118,860 |
| SAVILLS PLC |
|
| 575,833 |
|
| 488,366 |
|
|
|
|
| 3,966 |
| SCHRODERS PLC |
|
| 45,826 |
|
| 71,877 |
|
|
|
|
| 11,992 |
| SCOTTISH & SOUTHERN ENERGY PLC |
|
| 191,679 |
|
| 200,493 |
|
|
|
|
| 10,277 |
| SEGRO PLC |
|
| 36,889 |
|
| 38,970 |
|
|
|
|
| 7,999 |
| SERCO GROUP PLC |
|
| 42,799 |
|
| 70,273 |
|
|
|
|
| 4,954 |
| SEVERN TRENT PLC |
|
| 76,220 |
|
| 91,115 |
|
|
|
|
| 60,325 |
| SIGNET JEWELERS LTD.(b) |
|
| 1,230,306 |
|
| 1,658,938 |
|
|
|
|
| 14,044 |
| SMITH & NEPHEW PLC |
|
| 98,628 |
|
| 133,347 |
|
|
|
|
| 2,453 |
| SMITHS GROUP PLC |
|
| 28,519 |
|
| 39,289 |
|
|
|
|
| 47,600 |
| SOCO INTERNATIONAL PLC(b) |
|
| 284,487 |
|
| 282,768 |
|
|
|
|
| 1,057 |
| SPECTRIS PLC |
|
| 12,673 |
|
| 12,255 |
|
|
|
|
| 32,653 |
| STANDARD CHARTERED PLC |
|
| 488,272 |
|
| 800,587 |
|
|
|
|
| 145,857 |
| STANDARD LIFE PLC |
|
| 399,382 |
|
| 380,277 |
|
|
|
|
| 1,041 |
| TATE & LYLE PLC |
|
| 5,037 |
|
| 6,994 |
|
|
|
|
| 125,666 |
| TESCO PLC |
|
| 626,514 |
|
| 713,568 |
|
|
|
|
| 42,000 |
| THOMAS COOK GROUP PLC |
|
| 148,858 |
|
| 112,075 |
|
|
|
|
| 17,601 |
| TOMKINS PLC |
|
| 28,936 |
|
| 59,643 |
|
|
|
|
| 13,300 |
| TRAVIS PERKINS PLC(b) |
|
| 127,863 |
|
| 145,657 |
|
|
|
|
| 47,072 |
| TUI TRAVEL PLC |
|
| 185,703 |
|
| 147,200 |
|
|
|
|
| 16,151 |
| TULLOW OIL PLC |
|
| 238,242 |
|
| 242,035 |
|
|
|
|
| 35,747 |
| UNILEVER PLC |
|
| 811,210 |
|
| 961,901 |
|
|
|
|
| 45,006 |
| UNILEVER PLC ADR |
|
| 1,121,900 |
|
| 1,203,010 |
|
|
|
|
| 2,333 |
| UNITED BUSINESS MEDIA LTD. |
|
| 13,794 |
|
| 17,324 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 91 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
United Kingdom (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 8,787 |
| UNITED UTILITIES GROUP PLC |
| $ | 62,187 |
|
| 68,991 |
|
|
|
|
| 2,343 |
| VEDANTA RESOURCES PLC |
|
| 35,450 |
|
| 74,389 |
|
|
|
|
| 8,029 |
| VITEC GROUP (THE) PLC |
|
| 36,461 |
|
| 51,313 |
|
|
|
|
| 928,295 |
| VODAFONE GROUP PLC |
|
| 1,671,709 |
|
| 1,929,950 |
|
|
|
|
| 13,800 |
| WEIR GROUP (THE) PLC |
|
| 191,219 |
|
| 213,813 |
|
|
|
|
| 994 |
| WHITBREAD PLC |
|
| 10,069 |
|
| 20,925 |
|
|
|
|
| 42,000 |
| WILLIAM HILL PLC |
|
| 111,648 |
|
| 107,494 |
|
|
|
|
| 42,339 |
| WM MORRISON SUPERMARKETS PLC |
|
| 156,009 |
|
| 168,330 |
|
|
|
|
| 4,513 |
| WOLSELEY PLC(b) |
|
| 70,476 |
|
| 90,287 |
|
|
|
|
| 23,432 |
| WPP PLC |
|
| 141,019 |
|
| 222,486 |
|
|
|
|
| 8,379 |
| YELL GROUP PLC(b) |
|
| 3,988 |
|
| 3,068 |
|
|
|
|
|
|
|
|
|
| 41,658,855 |
|
| 46,676,367 |
|
| 17.65 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States: |
|
|
|
|
|
|
|
|
|
| |||
| 21,384 |
| ARCH CAPITAL GROUP LTD.(b) |
|
| 1,265,405 |
|
| 1,593,108 |
|
|
|
|
| 5,526 |
| BROOKFIELD PROPERTIES CORP. |
|
| 35,639 |
|
| 77,585 |
|
|
|
|
| 2,600 |
| BROOKFIELD PROPERTIES CORP. (TORONTO EXCHANGE) |
|
| 37,374 |
|
| 36,512 |
|
|
|
|
| 14,300 |
| CENTRAL EUROPEAN DISTRIBUTION CORP.(b) |
|
| 422,885 |
|
| 305,734 |
|
|
|
|
| 6,080 |
| GERDAU AMERISTEEL CORP.(b) |
|
| 19,730 |
|
| 66,272 |
|
|
|
|
| 3,384 |
| KRAFT FOODS, INC., CLASS A |
|
| 10,684 |
|
| 94,752 |
|
|
|
|
| 514 |
| SYNTHES, INC. |
|
| 62,857 |
|
| 59,372 |
|
|
|
|
| 5,729 |
| THOMSON REUTERS CORP. |
|
| 151,051 |
|
| 205,270 |
|
|
|
|
| 1,676 |
| THOMSON REUTERS CORP. (TORONTO EXCHANGE) |
|
| 36,183 |
|
| 59,982 |
|
|
|
|
|
|
|
|
|
| 2,041,808 |
|
| 2,498,587 |
|
| 0.94 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stocks: |
|
|
|
|
|
|
|
|
|
| |||
Brazil: |
|
|
|
|
|
|
|
|
|
|
| ||
| 14,800 |
| PETROLEO BRASILEIRO S.A. ADR |
|
| 499,840 |
|
| 441,040 |
|
|
|
|
| 16,600 |
| VALE S.A. ADR |
|
| 282,398 |
|
| 348,932 |
|
|
|
|
|
|
|
|
|
| 782,238 |
|
| 789,972 |
|
| 0.30 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Germany: |
|
|
|
|
|
|
|
|
|
| |||
| 1,521 |
| BAYERISCHE MOTOREN WERKE A.G. (NON VOTING) |
|
| 49,612 |
|
| 53,734 |
|
|
|
|
| 1,114 |
| FRESENIUS S.E. |
|
| 51,175 |
|
| 73,902 |
|
|
|
|
| 2,360 |
| HENKEL A.G. & CO. KGAA |
|
| 60,940 |
|
| 115,725 |
|
|
|
|
| 890 |
| PORSCHE AUTOMOBIL HOLDING S.E. |
|
| 45,800 |
|
| 38,412 |
|
|
|
|
| 861 |
| RWE A.G. |
|
| 54,598 |
|
| 52,080 |
|
|
|
|
| 2,665 |
| VOLKSWAGEN A.G. |
|
| 183,670 |
|
| 235,877 |
|
|
|
|
|
|
|
|
|
| 445,795 |
|
| 569,730 |
|
| 0.21 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds: |
|
|
|
|
|
|
|
|
|
| |||
United Kingdom: |
|
|
|
|
|
|
|
|
|
| |||
| 248,549 |
| HSBC BANK PLC(b) |
|
| 1,184,178 |
|
| 1,096,449 |
|
|
|
|
|
|
|
|
|
| 1,184,178 |
|
| 1,096,449 |
|
| 0.42 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rights: |
|
|
|
|
|
|
|
|
|
| |||
Austria: |
|
|
|
|
|
|
|
|
|
| |||
| 10,586 |
| IMMOEAST A.G.(b) |
|
| - |
|
| - |
|
|
|
|
Norway: |
|
|
|
|
|
|
|
|
|
| |||
| 5,021 |
| NORSK HYDRO ASA(b) |
|
| - |
|
| 2,590 |
|
|
|
|
Spain: |
|
|
|
|
|
|
|
|
|
| |||
| 981 |
| ZARDOYA-OTIS RIGHTS(b) |
|
| - |
|
| 625 |
|
|
|
|
|
|
|
|
|
| - |
|
| 3,215 |
|
| 0.00 | % |
Warrants: |
|
|
|
|
|
|
|
|
|
| |||
France: |
|
|
|
|
|
|
|
|
|
| |||
| 440 |
| FONCIERE DES REGIONS, EXP. 12/31/10, STRIKE |
|
| - |
|
| 253 |
|
|
|
|
Hong Kong: |
|
|
|
|
|
|
|
|
|
| |||
| 2,600 |
| HENDERSON LAND DEVELOPMENT CO. LTD.(b) |
|
| - |
|
| 441 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 92 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Italy: |
|
|
|
|
|
|
|
|
|
| |||
| 11,384 |
| UNIONE DI BANCHE ITALIANE SCPA, EXP. 6/30/11, STRIKE 12.30 EURO(b) |
| $ | - |
|
| 221 |
|
|
|
|
|
|
|
|
|
| - |
|
| 915 |
|
| 0.00 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Grand total(e) |
| $ | 228,548,730 |
|
| 258,828,985 |
|
| 97.88 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes to Schedule of Investments: |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
| ||||
| (a) |
| Securities are valued in accordance with procedures described in note 2 to the financial statements. | ||||||||||
| (b) |
| Currently non-income producing assets. |
|
|
|
|
|
|
|
|
|
|
| (c) |
| Restricted security that has been deemed illiquid. At June 30, 2010, the value of these restricted securities amounted to approximately $60,662 or 0.02% of net assets. Additional information on each restricted security is as follows: |
|
|
|
|
|
|
|
SECURITY |
| ACQUISITION AND |
| AQUISITION | ||
AGNICO-EAGLE MINES LTD. |
| 3/18/09 - 5/28/10 |
| 55,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (d) |
| Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may not be publicly sold without registration under the Securities Act of 1933. The value of this security is determined by valuations supplied by a pricing service or brokers, or if not available in accordance with procedures established by the Board of Trustees of the Fund. | ||||||||||
| (e) |
| At June 30, 2010, the cost for Federal income tax purposes was $229,097,577. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost were as follows: | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross unrealized appreciation |
| $ | 40,567,205 |
|
|
|
|
|
|
|
|
|
| Gross unrealized depreciation |
|
| (10,835,797 | ) |
|
|
|
|
|
|
|
|
| Net unrealized appreciation |
| $ | 29,731,408 |
|
|
|
|
|
|
|
At June 30, 2010, the industry sectors for the Clearwater International Fund were:
|
|
|
|
|
Industry Sector |
|
| Percent of |
|
Consumer Discretionary |
|
| 13.15 | % |
Consumer Staples |
|
| 10.08 |
|
Energy |
|
| 7.55 |
|
Financials |
|
| 23.36 |
|
Health Care |
|
| 7.43 |
|
Industrials |
|
| 14.44 |
|
Information Technology |
|
| 6.00 |
|
Materials |
|
| 10.58 |
|
Telecommunication Services |
|
| 3.78 |
|
Utilities |
|
| 3.63 |
|
|
|
| 100.00 | % |
|
|
|
See accompanying notes to the financial statements. | 93 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2010
At June 30, 2010, the Clearwater International Fund’s investments were denominated in the following currencies:
|
|
|
| |
Concentration by Currency |
| Percent of |
| |
Euro |
|
| 23.25 | % |
Japanese Yen |
|
| 19.76 |
|
British Pound |
|
| 18.83 |
|
United States Dollar |
|
| 13.00 |
|
Swiss Franc |
|
| 8.75 |
|
Australian Dollar |
|
| 5.54 |
|
All other currencies less than 5% |
|
| 10.87 |
|
|
|
| 100.00 | % |
At June 30, 2010, the Clearwater International Fund had outstanding forward foreign currency exchange contracts as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts To |
| Amount |
| In |
| Amount |
| Settlement |
| Unrealized |
| |
Singapore Dollar |
| 6,909 |
| United States Dollar |
| 4,929 |
| 7/2/10 |
| $ | (9 | ) |
United States Dollar |
| 15,104 |
| British Pound |
| 10,007 |
| 7/2/10 |
|
| (152 | ) |
|
|
|
|
|
|
|
|
|
| $ | (161 | ) |
|
|
|
See accompanying notes to the financial statements. | 94 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater International Fund
June 30, 2010 (unaudited)
|
|
|
See accompanying notes to financial statements. |
|
95
CLEARWATER INVESTMENT TRUST
FORM N-CSR
Item 2 Code of Ethics (annual report only)
Item 3 Audit Committee Financial Expert (annual report only)
Item 4 Principal Accountant Fees and Services (annual report only) (accrual basis)
Item 5 Audit Committee of Listed Registrants (annual report only)
Item 6 Schedule of Investments (annual and semi-annual report)
See Item 1.
Item 7 Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable (the Trust is an open-end Management Investment Company)
Item 8 Portfolio Managers of Closed-End Management Investment Companies
Not applicable (the Trust is an open-end Management Investment Company)
Item 9 Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable (the Trust is an open-end Management Investment Company)
Item 10 Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Board of Trustees.
Item 11 Controls and Procedures
|
|
|
| a) | The Trust’s principal executive officer and principal financial officer have concluded that the Trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment company Act of 1940, as amended) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document. |
| b) | There have been no significant changes in the Trust’s internal controls over financial reporting since the filing of the last report that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting. |
|
|
|
Item 12 Exhibits | ||
|
|
|
|
|
|
| a) | The certifications for each principal executive and principal financial officer of the Trust as required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached. |
| b) | No written solicitations to purchase securities were sent or delivered during the period covered by this report by or on behalf of the Trust. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
|
Registrant: | Clearwater Investment Trust |
|
|
|
|
|
|
|
| /s/George H. Weyerhaeuser, Jr. |
|
|
|
|
| George H. Weyerhaeuser, Jr. |
|
| Chairman |
|
|
|
|
Date: | August 30, 2010 |
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1040, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
|
|
| /s/George H. Weyerhaeuser, Jr. |
|
|
|
|
| George H. Weyerhaeuser, Jr. |
|
| Chairman |
|
|
|
|
Date: | August 30, 2010 |
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1040, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
|
|
| /s/George H. Weyerhaeuser, Jr. |
|
|
|
|
| George H. Weyerhaeuser, Jr. |
|
| Treasurer |
|
|
|
|
Date: | August 30, 2010 |
|