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 811-05038
Clearwater Investment Trust
(Exact name of registrant as specified in charter)
2000 Wells Fargo Place, 30 East 7th Street, Saint Paul, Minnesota 55101-4930
(Address of principal executive offices) (Zip code)
Jennifer D. Lammers
Chief Compliance Officer
Fiduciary Counselling, Inc.
2000 Wells Fargo Place, 30 East 7th St.
St. Paul, MN 55101-4930
Copy to:
John O’Hanlon, Esq.
Dechert LLP
100 Oliver Street
40th Floor
Boston, MA 02110
(Name and address of agent for service)
Registrant’s telephone number, including area code: 651-228-0935
Date of fiscal year end: December 31
Date of reporting period: June 30, 2013
Item 1. Reports to Stockholders
CLEARWATER INVESTMENT TRUST
Clearwater Core Equity Fund
Clearwater Small Companies Fund
Clearwater Tax-Exempt Bond Fund
Clearwater International Fund
Semiannual Report
for the period ended
June 30, 2013
Letter to our shareholders (unaudited)
August 29, 2013
We are pleased to present you with this semi-annual report for the six-month period ended June 30, 2013. This report provides you with detailed information as to the performance and holdings of your Clearwater Funds. Both the Clearwater International and the Clearwater Core Equity funds outperformed their respective benchmarks for the six-month period ended June 30, 2013. The Clearwater Small Companies Fund slightly underperformed its benchmark for the same period. The Clearwater Tax-Exempt Bond Fund also underperformed for the six-month period ended June 30, 2013 compared to its benchmark in an increasingly challenging fixed income environment.
This semi-annual report also contains commentary from the managers who serve as subadvisers to the Clearwater Funds. Each manager has provided information as to how their portfolio performed as well as their economic outlook for the market(s) in which they invest. These managers are identified and evaluated by Clearwater Management Company, the advisor to the Clearwater Funds, prior to being reviewed and engaged by the Board of Trustees of Clearwater Investment Trust.
This year has been a difficult one for all of us as we mourn the loss of George Weyerhaeuser, Jr. We honor George by continuing his work in overseeing the Clearwater Investment Trust. We hope you find this report informative, and we thank you for your continued confidence and for choosing to invest with us.
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Justin H. Weyerhaeuser |
| James E. Johnson |
President |
| Chairman of the Board of Trustees |
Clearwater Investment Trust |
| Clearwater Investment Trust |
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Discussion of Clearwater Funds’ Performance
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Clearwater Core Equity Fund |
The Clearwater Core Equity Fund seeks long-term growth of capital. Current income, to the extent income is produced by the stocks held by the Fund, is a secondary objective. Under normal market conditions, the Clearwater Core Equity Fund pursues its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of U.S. companies. The Clearwater Core Equity Fund’s assets are managed in a multi-style (growth and value) and multi-manager approach, whereby portions of the Core Equity fund are allocated to different subadvisers who employ distinct investment styles. The Core Equity Fund has four subadvisers. Parametric Portfolio Associates (“Parametric”), with approximately 60% of the Fund’s assets, manages its portion of the Fund’s assets to mirror the Russell 1000® Index as closely as possible. The remaining 40% of the Fund’s assets are divided between Heartland Advisers, Inc. (“Heartland”), Osterweis Capital Management, LLC (“Osterweis”), and Knightsbridge Asset Management, LLC (“Knightsbridge”) who all utilize an active management style. |
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2013 Year-to-date Market Overview: |
Major U.S. equity market indices reached new highs during the early part of 2013 and many international equity markets also performed well, recovering ground lost during the financial crisis of 2008-2009. Equity investors appeared to have regained some optimism, thanks to U.S. Gross Domestic Product (“GDP”) growth and a recovery in housing. After a strong first quarter for U.S. equities, however, there was a correction in late May and June in reaction to incrementally negative economic news out of Europe and China, as well as to the Federal Reserve’s discussion regarding tapering of its bond purchasing program. Ultimately, U.S. equity markets began to digest these developments and overall the six-month period ended on a positive note. |
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2013 Year-to-date Performance and 2013 Outlook: |
The Clearwater Core Equity Fund’s return for the six-month period ended June 30, 2013 was 14.0%, net of fees, as compared to 13.9% for the Russell 1000® Index, the Fund’s benchmark. The portion of the portfolio managed by Parametric to closely track the benchmark gained 13.8%, gross of fees. The primary reason for the difference in performance as compared to the benchmark was differences in sector weighting. Parametric was slightly underweight compared to the Russell 1000® Index in the strong performing Financials and Technology sectors. |
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Commentary on the performance of their specific portfolio for the six-month period ended June 30, 2013 and their outlook for the remainder of 2013 is provided below from each of the three “active” managers in the Clearwater Core Equity Fund. |
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Heartland |
2013 Year-to-date Performance: For the first six months of 2013, our portion of the Clearwater Core Equity Fund returned 16.0%, gross of fees, while the benchmark Russell 1000® Index returned 13.9%. The Information Technology, Industrials, and Financials sectors were the strongest contributors to our performance for the six months ended June 30, 2013. Although we remain underweight relative to the benchmark in Information Technology, our position increased moderately over the six months, and our individual stock selections significantly outperformed their counterparts in the benchmark. We are particularly enthusiastic about developments in Industrials, where Engineering and Construction companies tied to the build-out of energy infrastructure performed well. The weakest sector in the portfolio was Materials, specifically our gold-mining position, which came under pressure from a declining price of gold. |
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2013 Outlook: We keep our focus on fundamental company research, rather than on making macro market calls. We believe the upward trend in consumer confidence, supported by rising household net worth, provides the foundation for the U.S. consumer to contribute to economic growth going forward. On the |
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corporate side of the equation, we are seeing America’s industrial renaissance, driven by increasingly abundant, reasonably priced energy. We believe this combination sets the stage for good performance from the cyclical stocks in the portfolio. |
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Osterweis |
2013 Year-to-date Performance: For the six months ending June 30, 2013, our portion of the Clearwater Core Equity Fund generated a total return of 18.1%, gross of fees, as compared to 13.9% for the benchmark Russell 1000® Index. Our strong performance was broad-based, with all sectors showing positive returns and all but one posting double-digit gains. Industrials, which rose almost 30% due to robust gains from aviation holdings Boeing, Air Lease and Spirit Aerosystems, was our strongest sector during the period. Other sectors in our portfolio that appreciated more than 20% during the six-month period ended June 30, 2013 were Financials, Consumer Discretionary, Energy and Health Care. Relative to the benchmark, our outperformance was driven primarily by stock selection, rather than sector weightings. During the six-month period, the top five holdings contributing to our portfolio’s absolute returns were Valeant Pharmaceuticals, Magellan Midstream, Viacom, HealthSouth and Air Lease. The only three securities detracting from performance during the period were Oracle, Hologic and Cosan. |
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2013 Outlook: U.S. equities still appear attractive to us even though investor sentiment has improved and U.S. markets have rallied from year-ago levels. In our view, slow growth in the U.S., recession in Europe and slowing emerging market economies have validated our bias toward companies that we believe can grow sales and profits without assistance from a macro-economic tailwind. We do not look for a major breakout in economic growth in the next 6-12 months but believe some improvement in the U.S. and Europe appears possible. One risk that we are monitoring is the negative impact that a stronger U.S. dollar could have on our companies’ profits and on the profits of U.S. equities in general. The S&P 500® is surprisingly global in its footprint with over 40% of its sales and profits derived from outside of the U.S. All things being equal, a stronger dollar would translate into lower earnings for many U.S. multinationals. Our focus remains on companies that we believe couple stronger than average growth with powerful internal, company specific value drivers. We also continue to look for companies that are able to increase their dividends. In this low interest rate environment, the search for yield is not over and we believe that should continue to create investor demand for strong companies with growing dividends. |
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Knightsbridge |
2013 Year-to-date Performance: Year-to-date through June 30, 2013, our portion of the Clearwater Core Equity Fund returned 11.2% gross of fees, compared to 13.9% for the Russell 1000® Index. Individual security selection within sectors contributed positively to performance in five of the seven sectors in which we invest. Our sector allocations, however, detracted significantly from performance. We were underweight the best performing sector, Health Care and overweight the worst performing sector, Materials. Within Materials, Newmont Mining, a gold-mining company, hindered performance as miners are being impacted by rising costs of doing business and low underlying commodity prices. For the six-months ended June 30, 2013, gold prices were down 25%. |
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2013 Outlook: Despite U.S. equities being more than four years into a bull market, we are encouraged that inflation remains moderate. We also have observed positive economic developments, particularly in the U.S. However, we also believe that investor sentiment is not overly optimistic, which we believe indicates room for future equity price appreciation. We are further encouraged by strong year-to-date performance in U.S. small cap equities which we believe is a hopeful sign for the overall U.S. stock market. Nonetheless, we are mindful of certain risks, such as the potential of a continued rise in long-term interest rates. We believe that we may mitigate many risks by investing in good businesses with underappreciated, company-specific valuation |
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drivers that could withstand a variety of headwinds they may face during our typical multi-year holding period. |
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Clearwater Small Companies Fund |
The Clearwater Small Companies Fund seeks long-term growth of capital. Current income is a secondary objective. Under normal market conditions, the Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of small companies. The Small Companies Fund defines “small companies” as issuers with market capitalizations no greater than $5 billion at the time of purchase. Equity securities consist primarily of exchange traded common and preferred stocks. The Clearwater Small Companies Fund may also invest in a type of equity security called a convertible security to reduce volatility or correlation risk in the portfolio. The assets of the Clearwater Small Companies Fund are allocated between two subadvisers who employ distinct investment styles. These subadvisers are Kennedy Capital Management (“Kennedy”) and Keeley Asset Management (“Keeley”). |
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2013 Year-to-date Market Overview: During the first half of the year there has been meaningful upturn in two important domestic industries, homebuilding and automobiles. In our view, as improvement in these two industries spreads to other industries, employment improves, and U.S. GDP strengthens. The strength in these two industries and the previously described ancillary benefits have helped to offset the negative impact of the U.S. government sequestration and the continued malaise in many overseas markets. The importance, however, of the interest rate environment to U.S. equity values was evidenced by the U.S. equity market’s reaction to news from the Federal Reserve that Chairman Ben Bernanke believed the real economy was improving and that members of the Federal Reserve Board of Governors had begun to consider the circumstances under which it would slow the pace of the central bank’s bond purchasing program or quantitative easing (“Q.E.”). Upon this news, interest rates rose, and stock prices fell. Subsequent announcements from the Federal Reserve that a reduction in stimulus would not occur in the near-term were reassuring to U.S. investors. This has resulted in disappointing economic data, which we believe is seen positively by U.S. investors. In our view, investors hope that disappointing news strengthens the possibility that Q.E. will be maintained and the interest rate environment will remain low. |
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2013 Year-to-date Performance and 2013 Outlook: |
The Clearwater Small Companies Fund posted a return of 15.7%, net of fees, for the six-month period ended June 30, 2013, slightly underperforming its benchmark, the Russell 2000® Index, which returned 15.9% for the same period. |
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Commentary on the performance of their specific portfolio for the six-month period ended June 30, 2103 and their outlook for the remainder of 2013 is provided below from each of the two subadvisers for the Clearwater Small Companies Fund. |
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Kennedy |
2013 Year-to-date Performance: For the six months ended June 30, 2013, our portion of the Clearwater Small Companies Fund returned 16.3%, gross of fees, outperforming the 15.9% return of the benchmark, the Russell 2000® Index. Our outperformance was driven by stock selection across most sectors, led by Consumer Discretionary and Energy. While the Energy sector has been challenging over the past year or two we are now seeing some stability in commodity prices. We have also found that better stock performance has begun to correlate with higher quality assets and strong company management teams. Other than our cash allocation, which detracted from overall performance in a strongly rising market, our sector weightings as compared to the benchmark were not significant factors in performance. |
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2013 Outlook: Currently, interest rates are playing an important role in the stock market. Over the past year or two, the impacts of a strong junk bond market have come into focus for equity investors in two key forms. |
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First, refinancing opportunities abound, which is positive for the U.S. consumer. So far this year, junk bond yields have been more than 50% lower than they were a decade ago. Interest expense savings are significant, thus positively impacting earnings multiples and equity valuations. Second, the merger and acquisition market is highly reliant on junk bond financing. For an acquiring company or a private equity firm, a 5% borrowing rate can make an acquisition prospect far more enticing than a 10% rate. We believe the recent lower rates will lead to increased merger activity. Importantly then, we feel that rising rates would hurt the U.S. equity markets going forward. We believe that, all else being equal, market valuations would fall, either due to lower earnings per share from higher interest expenses or multiple compression (i.e., lower expected earnings per share). We will continue to keep a watchful eye on the interest rate environment, as its movements can impact the value of future cash flows we are projecting for our portfolio companies. |
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Keeley |
2013 Year-to-date Performance: For the six-month period ended June 30, 2013, our portion of the Clearwater Small Companies Fund outperformed its benchmark, the Russell 2000® Index, with a return of 16.3%, gross of fees, versus an increase of 15.9% for the benchmark. From a sector perspective, Consumer Discretionary, Industrials, and Financials all contributed positively to returns. However, our stock selections within the Consumer Discretionary and Health Care sectors detracted from performance. We remain, however, comfortable with our current sector allocations relative to the benchmark. Specifically, we are underweight Healthcare and Technology and overweight Consumer Discretionary and Industrials. We have also been actively adding to the Financials sector which is slightly overweight compared to the benchmark. |
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2013 Outlook: Due to an environment of historically low interest rates which began in 2009, we have believed for quite some time that this market would foster corporate restructuring. We believe the number of spinoffs in 2011 and 2012 and the noticeable increase in merger and acquisition activity late in 2012 offers strong evidence that low cost financing is providing opportunities for the type of companies we hold in our portfolio. Given the Federal Reserve’s well publicized communication to keep interest rates low, we see few reasons why restructuring will not continue throughout 2013 and beyond. In a slow growth environment we believe that companies have even greater motivation to seek strategic alternatives that could improve efficiency and increase shareholder value. Consequently, we are optimistic that these catalysts will provide a strong tailwind for our portfolio companies throughout the remainder of this year. In this environment, we continue to identify attractive opportunities in individual companies and we remain committed to our value-driven strategy which buys stocks of relatively unknown (e.g., spin-offs) and out of favor (e.g., below book value) companies. We believe that if these opportunities continue to be available and are coupled with continued U.S. economic progress, low interest rates, and high levels of financial liquidity, the outlook for our portfolio is encouraging. |
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Clearwater Tax-Exempt Bond Fund |
The Clearwater Tax-Exempt Bond Fund seeks high current income that is exempt from U.S. federal income tax, consistent with preservation of capital. Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in tax-exempt bonds, 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 both U.S. regular federal income tax and U.S. 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 for individuals. The Fund invests in both revenue bonds, which are backed by and payable only from the revenues derived from a specific facility or specific revenue source, and in general obligation bonds, which are secured by the full faith, credit and taxation power of the issuing municipality. The Fund’s subadviser, Sit Fixed Income Advisers II, LLC (“Sit”), provides day to day management for the Fund. |
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Sit has provided all of the commentary below regarding the Clearwater Tax-Exempt Bond Fund. |
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2013 Year-to-date Market Overview: Tax-exempt fixed income markets enjoyed a positive start to the year in 2013, as cash flows were modestly positive into tax-exempt municipal bond funds and supply, while increasing, remained manageable. However, tax-exempt markets experienced a severe downturn in late May through the end of June, when the Federal Reserve announced it may reduce its bond purchase program later this year, causing yields to rise sharply, especially for longer duration bonds. This situation was exacerbated by over $15 billion in cash outflows from U.S. tax-exempt mutual funds from late May through the end of June. The rise in interest rates and cash outflows from tax-exempt mutual funds did not appear to be driven by investor credit concerns, however. State and local government tax collections continued to improve from the low recession levels of 2008 and 2009, and have now exceeded pre-recession levels. Although assistance from the federal government’s stimulus programs has diminished, state and local government finances remain generally on the upswing, despite a few notable exceptions such as Detroit, Chicago and the State of Illinois. The Federal Reserve’s commitment in December 2012 to hold short-term rates low until unemployment reaches 6.5%, absent significant inflation pressures, has continued to promote a steep yield curve. |
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2013 Year-to-date Performance: The Clearwater Tax-Exempt Bond Fund returned -3.3%, net of fees, for the six-month period ended June 30, 2013. The Tax-Exempt Bond Fund’s benchmark, the Barclays 5-Year Municipal Bond Index, returned -0.9% over the same period. Revenue bonds and general obligation bonds performed equally poorly during the first half of 2013, with revenue bonds and general obligation bonds each returning -2.8% for the six-month period. Sector allocations as compared to the benchmark and credit quality of holdings had little effect on performance. The Fund’s duration, a measure of the Fund’s sensitivity to interest rates, was 6.4 years as of June 30, 2013. By comparison, the Fund’s benchmark had a duration of 3.9 years as of the same date. Longer duration bonds significantly underperformed intermediate and short duration, as duration was a determining factor in market performance. The Tax-Exempt Bond Fund’s return, due to its relatively longer duration, therefore came in significantly worse than that of its benchmark for the first half of 2013. The Tax-Exempt Bond Fund’s yield, and therefore income to shareholders, rose during the period, and was more than the yield of the Barclays Municipal Bond 5-Year Index. |
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2013 Outlook: We expect U.S. economic growth to be positive during the second half of 2013, although it remains sluggish as of June 30, 2013. Through June 30, 2013, housing is clearly improving, but unemployment remains relatively high, and the drag from increased payroll taxes for all working Americans and significantly increased income tax rates on top earners are being felt by U.S. consumers. U.S. government sequestration cuts went into effect in the spring, and are scheduled to continue if Congress and the Obama Administration cannot agree on a budgetary plan. We believe these cuts will dampen economic growth. In our view, interest rates, while likely to remain low in absolute terms, may continue to be volatile during 2013, as investor concerns surrounding the U.S. debt ceiling, deficit reduction and the possibility of reducing the value of the municipal bond tax exemption continue. We believe that investors will also be watching as the Federal Reserve considers if and when it decides to reduce its current $85 billion monthly bond purchase program, or Q.E. We believe the U.S. Treasury yield curve will remain relatively steep, with yields rising a bit on the intermediate and long-term portions of the curve. We also believe that the tax-exempt curve should steepen less, with short-term rates remaining low and long-term tax-exempt yields rising somewhat as supply continues at a still manageable level and most state and local government finances continue to improve. We believe these factors will help tax-exempt bond performance improve in the second half of 2013. We have positive expectations for the performance of revenue bonds in the second half of 2013. However, we believe that general obligation bond performance will weaken, as, despite their recent improvement, many cities, counties and states still have work to do, and the recent bankruptcy filing by Detroit as well as downgrades of Chicago and the State of Illinois will weigh on the market. Furthermore, potential problems funding retirement pension and healthcare obligations still persist in other places, and remain the subject of many of |
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the negative media reports which affect the municipal market. We continue to believe that despite recent challenges, the Clearwater Tax-Exempt Bond Fund’s longer duration and its inclusion of revenue and non-rated bonds in the portfolio have it well-positioned for the economic and interest rate environment that we expect in the second half of 2013. We intend to focus our investment of new cash flows on bonds with maturities in the 5-25 year range. |
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Clearwater International Fund |
The Clearwater International Fund seeks long-term growth of capital. Under normal market conditions, the Fund generally invests at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies organized or located outside the United States and doing a substantial amount of business outside 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 intend to invest more than 20% of its net assets in the equity securities of developing or emerging market issuers. The Fund uses a “multi-style, multi-manager” approach. The Fund’s adviser allocates portions of the Fund’s assets among subadvisers who employ distinct investment styles. The Fund currently has five subadvisers. Parametric Portfolio Associates (“Parametric”) manages its portion of the portfolio (approximately 50%) to mirror the MSCI World Ex USA Index (net). The Fund also has four “active” managers who each manage approximately 12.5% of the Fund’s assets: Artisan Partners Limited Partnership (“Artisan Partners”), Denver Investments (“Denver”), WCM Investment Management (“WCM”), and Templeton Investment Counsel, LLC (“Templeton”). |
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2013 Year-to-date Market Overview: Global markets were mixed during the first half of 2013. U.S. markets took center stage as signs of improvement in the United States overshadowed the continued malaise in many international markets. Stock markets appear to have risen either because of, or at least in parallel with, aggressive government intervention in the global economy. Governments, specifically central banks around the world, have been aggressively managing interest rates, asset prices and exchange rates in order to try to stimulate economic growth. For example, most Asian markets finished the first half in negative territory with Japan’s Nikkei 225 Stock Average, the only market in the region to post healthy gains. Japan’s performance was mainly attributable to the continued weakness of the Japanese yen due to economic stimulus policies implemented earlier this year known as “Abenomics”. |
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2013 Year-to-date Performance and 2013 Outlook: |
The Clearwater International Fund returned 3.8%, net of fees, for the six-month period ended June 30, 2013, as compared to 3.0% for the MSCI World Ex USA Index (net), the Fund’s benchmark. The portion of the portfolio managed by Parametric to mirror the benchmark returned 3.1%, gross of fees. Parametric’s objective is to closely track the Index using a subset of the Index constituents. The slight outperformance is due to the performance of specific Canadian and Spanish securities held by the Fund. |
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Commentary on the performance of their portfolio for the six-month period ended June 30, 2013 and their outlook for the remainder of 2013 is provided below from each of the four “active” managers in the Clearwater International Fund. |
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Artisan |
2013 Year-to-date Performance: During the six-month period ended June 30, 2013, our portion of the Clearwater International Fund returned 9.9%, gross of fees, outperforming the benchmark the MSCI World Ex USA Index (net), which returned 3.0% for the same period. Performance of the following stocks had a positive impact on the portfolio during the period: engineered electronic components provider TE Connectivity Ltd.; household and chemical products manufacturer Kao Corporation; jewelry retailer Signet Jewelers Limited; catering company Compass Group PLC; insurance and financial services company Arch Capital Group Ltd. Notable detractors included: food retailer Tesco plc; natural gas producer and refiner Imperial Oil Ltd.; defense |
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company Qinetiq Group PLC; recruitment consultancy services provider Michael Page International plc; and brewing company Carlsberg A/S. |
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2013 Outlook: Looking ahead we see that the equity market volatility has picked up through June 30, 2013 and certain sectors and countries are starting to show price declines for the same period. We believe that a continuation of this trend would create a market environment conducive to finding reinvestment opportunities. |
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Denver |
2013 Year-to-date Performance: Our portion of the Clearwater International Fund returned 0.1%, gross of fess, for the six-month period ended June 30, 2013, trailing the benchmark, the MSCI World Ex USA Index (net) which was up 3.0% for the same period. We focus on investing in fast-growing small-cap companies around the world. Country and sector allocations are a by-product of our stock selection. The majority of our underperformance relative to the benchmark related to Japan and Australia. The Japanese market performed strongly during the period and our allocation was underweight relative to the benchmark. Additionally, two of the Japanese companies we held, Gree Inc. and DeNA Co Ltd., have struggled. Due to slowing growth and deterioration in free cash flow, we exited Gree in May. DeNA, a social mobile gaming company, is a company we believe has solid long-term prospects as its earnings have been up strongly. However, it has been impacted recently by the performance of one of its competitors, GungHo Online Entertainment Inc., whose stock surged as a result of its creation of one wildly popular game. Our holdings in Australia also detracted significantly from performance in the first half of 2013. As China’s slowing economy impacted commodities in Australia, this led to Australian stocks being sold indiscriminately by investors. Cardno Ltd., an environmental engineering firm with half of its business outside of Australia, along with Decmil Group Ltd., a construction company, are both examples of companies whose prices have been negatively impacted by economic concerns related to commodities and mining in Australia. We currently believe these are both stable businesses with strong operations. |
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2013 Outlook: Despite slowing growth in China and related economies such as Australia, we remain cautiously optimistic. In general, company operations appear strong and we believe valuations are compelling. We continue to focus on investing in companies that we believe are fast-growing, cash generative businesses with sound balance sheets. |
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WCM |
2013 Year-to-date Performance: Our portion of the Clearwater International Fund returned 7.0% for the six-months ended June 30, 2013. This compares to the Fund’s benchmark, the MSCI World Ex USA Index (net), which returned 3.0% for the same period. Our outperformance relative to the benchmark was primarily due to stock selection, though performance also benefited from our sector weightings. Our investment process tends to result in overweights in Consumer, Healthcare and Technology and all three of these sectors were positive contributors to outperformance for the first half of 2013. The positive performance impact of our stock selection was strong in Technology, but the biggest individual contributors came from holdings in sectors we tend to underweight, Materials and Energy. We believe this highlights the fact that good stock selection emphasizing quality in sectors we otherwise deem to be low-quality can still contribute positively to performance. |
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2013 Outlook: In general, our outlook is a function of prospects for our individual holdings rather than a top down assessment of the macro-economic environment. For example, on a recent research trip to China, conditions seemed different from our last visit in 2011. We saw mostly empty apartments and buildings, evidence that investors are accumulating property that goes uninhabited. Many professionals we spoke with were surprisingly negative. But some of our company visits were just the opposite. One conclusion from our visit was that the opportunity for health care in China remains enormous. Furthermore, select Chinese |
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technology firms are also seeing steady growth. In particular, we like e-commerce and social networking properties. Despite advertising slowdowns and retail traffic trends, we also concluded that there is significant room for expansion in the e-commerce sector as migration continues from brick and mortar retailers. |
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Even though the headlines and market performance have been mostly negative lately, we fully believe China, and emerging markets in general, still have significant growth potential, albeit at a moderated pace. We also believe that the companies that propelled economic growth to this point, Materials companies (such as nickel or copper producers), property developers, REITS, and state-owned enterprises (particularly banks) probably won’t be the leaders for the next ten years in part because most of them rely too heavily on leverage. We believe it is likely that market leadership will shift to Consumer, Technology and Healthcare. |
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Templeton |
2013 Performance: Our portion of the Clearwater International Fund returned 7.2%, gross of fees, for the six-months ended June 30, 2013. The Fund’s benchmark, the MSCI World Ex USA Index (net), gained 3.0% over the same period. Our outperformance during the six-month period was driven primarily by both stock selection and an overweight in the Consumer Discretionary sector, with particularly strong performance from Asian holdings. Our stock selection in Materials, Financials and Energy also contributed to performance. Broken down by region, our portfolio companies in Asia and North America were the major contributors. Detractors from relative performance included stocks in Industrials and Utilities, and an underweight in Health Care. |
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2013 Outlook: While we continue to analyze the long-term earnings, cash flow and asset growth potential of individual businesses, we believe the global market will likely continue to fixate on headlines, particularly those related to changes in government stimulus programs. When policymakers first introduced coordinated easing measures, investors seemed shocked at their profligacy. Now that they are considering scaling them back, many investors appear appalled by their restraint. Fortunately, central bankers have their own mandates, which in most places combine price stability with some measure of economic equilibrium. In our view, maligned though they may be, central bankers have restored systemic stability and rekindled economic growth following the worst recession in modern history. However, we believe that this has come with costs, such as capital misallocation, moral hazard and sovereign fiscal impairment that will likely be manifest in the performance potential of some asset classes. We believe our equity investments, with support from both valuations and fundamentals, are well positioned to potentially weather this environment over the long term. |
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Fund Expense Example |
(unaudited) |
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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 and to compare these costs with the ongoing costs of investing in other mutual funds. In addition to the ongoing costs which the Funds pay directly, you as a shareholder indirectly bear the expenses of any outside exchange traded funds or mutual funds in which the Funds invest. (These are also referred to as “acquired funds” and those indirect expenses represent the Funds’ pro rata portion of the cumulative expense charged by the acquired funds.) |
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The example provided is based on an investment of $1,000 invested at the beginning of the period and held for the six-month period ended June 30, 2013. |
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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 January 1, 2013 thru June 30, 2013” to estimate the expenses attributable to your investment during this period. |
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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 Funds and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. |
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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 Funds to funds that charge transaction costs and/or sales charges or redemption fees. |
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| Beginning Account | Ending Account | Expenses Paid During the |
Core Equity Fund | $1,000.00 | $1,140.20 | $2.71 |
Small Companies Fund | $1,000.00 | $1,157.20 | $5.13 |
Tax-Exempt Bond Fund | $1,000.00 | $967.20 | $1.66 |
International Fund | $1,000.00 | $1,037.50 | $3.23 |
|
|
|
|
Hypothetical (5% return |
|
|
|
Core Equity Fund | $1,000.00 | $1,022.27 | $2.56 |
Small Companies Fund | $1,000.00 | $1,020.03 | $4.81 |
Tax-Exempt Bond Fund | $1,000.00 | $1,023.11 | $1.71 |
International Fund | $1,000.00 | $1,021.62 | $3.21 |
|
|
* | Expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expense ratios for the most recent one-half year period may differ from expense ratios based on one-year data in the Financial Highlights. |
The annualized expense ratios are as follows:
|
|
|
| Core Equity Fund (a) | 0.51% |
| Small Companies Fund (b) | 0.96% |
| Tax-Exempt Bond Fund (c) | 0.34% |
| International Fund (d) | 0.64% |
|
|
|
| (a) | The expense ratio for the Core Equity Fund represents the blended expense ratio during the six-month period. The management fee of the Fund was reduced through voluntary waivers to 0.52% until March 15, 2013, when the voluntary waivers were increased and the expense ratio of the fund became 0.50%. |
| (b) | The expense ratio for the Small Companies Fund represents the blended expense ratio during the six-month period. The management fee of the Fund was reduced through voluntary waivers to 1.00% until March 15, 2013, when the voluntary waivers were increased and the expense ratio of the fund became 0.94%. |
| (c) | The expense ratio for the Tax-Exempt Bond Fund represents the blended expense ratio during the six-month period. The management fee of the Fund was reduced through voluntary waivers to 0.36% until March 15, 2013, when the voluntary waivers were increased and the expense ratio of the fund became 0.33%. |
| (d) | The expense ratio for the International Fund represents the blended expense ratio during the six-month period. The management fee of the Fund was reduced through voluntary waivers to 0.60% until March 15, 2013, when the voluntary waivers were reduced and the expense ratio of the fund became 0.67%. |
A-11
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 Securities and Exchange Commission (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 1-855-684-9144 or by sending a written request to: The Northern Trust Company, P.O. Box 4766, Chicago, IL 60680-4766 Attn: Clearwater Investment Trust Funds. 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 Procedures (“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 Fiduciary Counselling, Inc. 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 Funds. Form N-PX is also available from the EDGAR database on the SEC’s Internet site at http://www.sec.gov.
A-12
CLEARWATER INVESTMENT TRUST
Statements of Assets and Liabilities
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core Equity |
| Small Companies |
| Tax-Exempt |
| International |
| ||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in securities, at fair value (identified cost: $271,574,937 Core Equity Fund; $252,552,636 Small Companies Fund; $478,005,068 Tax-Exempt Bond Fund; $358,143,420 International Fund) |
| $ | 461,926,858 |
|
| 321,002,133 |
|
| 472,079,814 |
|
| 436,685,356 |
|
Foreign currencies, at value (cost: $5,247 and $806,880) |
|
| 5,119 |
|
| - |
|
| - |
|
| 801,238 |
|
Receivable for securities sold |
|
| 301,139 |
|
| 1,604,781 |
|
| 1,894,869 |
|
| 689,397 |
|
Accrued dividend and interest receivable |
|
| 687,064 |
|
| 355,449 |
|
| 5,714,706 |
|
| 840,153 |
|
Foreign tax reclaim receivable |
|
| 15,117 |
|
| - |
|
| - |
|
| 860,236 |
|
Unrealized appreciation on forward foreign currency exchange contracts |
|
| - |
|
| - |
|
| - |
|
| 227,813 |
|
Total assets |
|
| 462,935,297 |
|
| 322,962,363 |
|
| 479,689,389 |
|
| 440,104,193 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables for investment securities purchased |
|
| - |
|
| 1,359,144 |
|
| 3,481,880 |
|
| 973,529 |
|
Payables for fund shares redeemed |
|
| 9,000 |
|
| 4,000 |
|
| 3,000 |
|
| 5,000 |
|
Accrued investment advisory fee |
|
| 575,368 |
|
| 749,708 |
|
| 410,649 |
|
| 752,890 |
|
Payable for dividend distribution |
|
| - |
|
| - |
|
| 279,633 |
|
| - |
|
Unrealized depreciation on forward foreign currency exchange contracts |
|
| - |
|
| - |
|
| - |
|
| 9,651 |
|
Total liabilities |
|
| 584,368 |
|
| 2,112,852 |
|
| 4,175,162 |
|
| 1,741,070 |
|
Net assets |
| $ | 462,350,929 |
|
| 320,849,511 |
|
| 475,514,227 |
|
| 438,363,123 |
|
Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital stock and additional paid-in capital (authorized unlimited number of shares at no par value for each Fund: outstanding 14,072,150, 14,825,567, 49,553,190 and 31,694,829 shares, respectively) |
| $ | 278,359,727 |
|
| 227,783,643 |
|
| 476,163,268 |
|
| 352,999,859 |
|
Undistributed net investment income |
|
| 3,678,551 |
|
| 319,301 |
|
| 24,032 |
|
| 5,878,626 |
|
Accumulated net realized gain (loss) from investments and foreign currency transactions |
|
| (10,039,142 | ) |
| 24,297,070 |
|
| 5,252,181 |
|
| 745,351 |
|
Unrealized appreciation (depreciation) of investments and translation of assets and liabilities in foreign currencies |
|
| 190,351,793 |
|
| 68,449,497 |
|
| (5,925,254 | ) |
| 78,739,287 |
|
Net assets |
| $ | 462,350,929 |
|
| 320,849,511 |
|
| 475,514,227 |
|
| 438,363,123 |
|
Net asset value per share of outstanding capital stock |
| $ | 32.86 |
|
| 21.64 |
|
| 9.60 |
|
| 13.83 |
|
See accompanying notes to financial statements.
1
CLEARWATER INVESTMENT TRUST
Statements of Operations
for the six months ended June 30, 2013 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core Equity |
| Small Companies |
| Tax-Exempt |
| International |
| ||||
Investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends (net of foreign taxes withheld of $41,920, $3,018, $0 and $863,571 respectively) |
| $ | 4,761,490 |
|
| 1,810,528 |
|
| 983,045 |
|
| 7,629,998 |
|
Interest |
|
| - |
|
| - |
|
| 11,068,013 |
|
| - |
|
Total income |
|
| 4,761,490 |
|
| 1,810,528 |
|
| 12,051,058 |
|
| 7,629,998 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory fee |
|
| 1,994,181 |
|
| 2,090,988 |
|
| 1,496,798 |
|
| 2,188,409 |
|
Voluntary fee reduction |
|
| (869,192 | ) |
| (598,864 | ) |
| (643,052 | ) |
| (782,272 | ) |
Total net expenses |
|
| 1,124,989 |
|
| 1,492,124 |
|
| 853,746 |
|
| 1,406,137 |
|
Net investment income |
|
| 3,636,501 |
|
| 318,404 |
|
| 11,197,312 |
|
| 6,223,861 |
|
Net realized gain (loss) on investments and foreign currency transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Security transactions |
|
| 3,733,541 |
|
| 20,413,155 |
|
| 5,198,626 |
|
| 5,530,151 |
|
Forward foreign currency exchange contracts |
|
| - |
|
| - |
|
| - |
|
| 746,136 |
|
Foreign currency transactions |
|
| (2,732 | ) |
| - |
|
| - |
|
| (200,588 | ) |
Net increase (decrease) in appreciation/depreciation on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Security transactions |
|
| 49,289,132 |
|
| 23,810,051 |
|
| (32,700,042 | ) |
| 3,205,228 |
|
Forward foreign currency exchange contracts |
|
| - |
|
| - |
|
| - |
|
| (120,329 | ) |
Translation of other assets and liabilities denominated in foreign currencies |
|
| 279 |
|
| - |
|
| - |
|
| (41,095 | ) |
Net gain (loss) on investments |
|
| 53,020,220 |
|
| 44,223,206 |
|
| (27,501,416 | ) |
| 9,119,503 |
|
Net increase (decrease) in net assets resulting from operations |
| $ | 56,656,721 |
|
| 44,541,610 |
|
| (16,304,104 | ) |
| 15,343,364 |
|
See accompanying notes to financial statements.
2
CLEARWATER INVESTMENT TRUST
Statements of Changes in Net Assets
for the six months ended June 30, 2013 (unaudited)
and the year ended December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core Equity Fund |
| Small Companies Fund |
| ||||||||
|
| 6/30/2013 |
| 12/31/2012 |
| 6/30/2013 |
| 12/31/2012 |
| ||||
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
| $ | 3,636,501 |
|
| 5,455,131 |
|
| 318,404 |
|
| 1,359,546 |
|
Net realized gain on investments |
|
| 3,730,809 |
|
| 3,799,807 |
|
| 20,413,155 |
|
| 26,085,956 |
|
Net increase in unrealized appreciation |
|
| 49,289,411 |
|
| 42,473,315 |
|
| 23,810,051 |
|
| 17,884,680 |
|
Net increase in net assets resulting from operations |
|
| 56,656,721 |
|
| 51,728,253 |
|
| 44,541,610 |
|
| 45,330,182 |
|
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| - |
|
| (5,308,828 | ) |
| - |
|
| (1,372,954 | ) |
Net realized gain on investments |
|
| - |
|
| - |
|
| - |
|
| (18,710,016 | ) |
Total distributions to shareholders |
|
| - |
|
| (5,308,828 | ) |
| - |
|
| (20,082,970 | ) |
Capital share transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold |
|
| 14,175,500 |
|
| 30,761,200 |
|
| 2,502,789 |
|
| 17,578,121 |
|
Reinvestment of distributions from net investment income and gain |
|
| - |
|
| 5,308,828 |
|
| - |
|
| 20,082,970 |
|
Payments for shares redeemed |
|
| (3,723,778 | ) |
| (19,567,325 | ) |
| (8,130,490 | ) |
| (20,480,532 | ) |
Net increase (decrease) in net assets from capital share transactions |
|
| 10,451,722 |
|
| 16,502,703 |
|
| (5,627,701 | ) |
| 17,180,559 |
|
Total increase in net assets |
|
| 67,108,443 |
|
| 62,922,128 |
|
| 38,913,909 |
|
| 42,427,771 |
|
Net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
At the beginning of the period |
|
| 395,242,486 |
|
| 332,320,358 |
|
| 281,935,602 |
|
| 239,507,831 |
|
At the end of the period |
| $ | 462,350,929 |
|
| 395,242,486 |
|
| 320,849,511 |
|
| 281,935,602 |
|
Undistributed net investment income |
| $ | 3,678,551 |
|
| 107,752 |
|
| 319,301 |
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tax-Exempt Bond Fund |
| International Fund |
| ||||||||
|
| 6/30/2013 |
| 12/31/2012 |
| 6/30/2013 |
| 12/31/2012 |
| ||||
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
| $ | 11,197,312 |
|
| 25,148,388 |
|
| 6,223,861 |
|
| 8,391,926 |
|
Net realized gain on investments |
|
| 5,198,626 |
|
| 8,364,152 |
|
| 6,075,699 |
|
| 22,380,924 |
|
Net increase (decrease) in unrealized appreciation/depreciation |
|
| (32,700,042 | ) |
| 19,828,443 |
|
| 3,043,804 |
|
| 27,576,540 |
|
Net increase (decrease) in net assets resulting from operations |
|
| (16,304,104 | ) |
| 53,340,983 |
|
| 15,343,364 |
|
| 58,349,390 |
|
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (11,187,033 | ) |
| (25,130,641 | ) |
| - |
|
| (8,901,744 | ) |
Net realized gain on investments |
|
| - |
|
| - |
|
| - |
|
| (22,141,275 | ) |
Total distributions to shareholders |
|
| (11,187,033 | ) |
| (25,130,641 | ) |
| - |
|
| (31,043,019 | ) |
Capital share transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold |
|
| 15,661,000 |
|
| 27,526,350 |
|
| 19,433,833 |
|
| 70,026,648 |
|
Reinvestment of distributions from net investment income and gain |
|
| 10,967,101 |
|
| 25,302,734 |
|
| - |
|
| 31,043,019 |
|
Payments for shares redeemed |
|
| (50,740,303 | ) |
| (72,755,733 | ) |
| (4,472,991 | ) |
| (25,388,480 | ) |
Net increase (decrease) in net assets from capital share transactions |
|
| (24,112,202 | ) |
| (19,926,649 | ) |
| 14,960,842 |
|
| 75,681,187 |
|
Total increase (decrease) in net assets |
|
| (51,603,339 | ) |
| 8,283,693 |
|
| 30,304,206 |
|
| 102,987,558 |
|
Net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
At the beginning of the period |
|
| 527,117,566 |
|
| 518,833,873 |
|
| 408,058,917 |
|
| 305,071,359 |
|
At the end of the period |
| $ | 475,514,227 |
|
| 527,117,566 |
|
| 438,363,123 |
|
| 408,058,917 |
|
Undistributed (overdistributed) net investment income |
| $ | 24,032 |
|
| 13,753 |
|
| 5,878,626 |
|
| (891,294 | ) |
See accompanying notes to financial statements.
3
CLEARWATER INVESTMENT TRUST
Financial Highlights
June 30, 2013 (unaudited)
Per share data (rounded to the nearest cent) for a share of capital stock outstanding throughout the years or period ended and selected information for each year or period ended is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| June 30, |
| Year ended December 31, |
| ||||||||||||||
Core Equity Fund |
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||
Net asset value, beginning of period |
| $ | 28.81 |
|
| 25.26 |
|
| 26.38 |
|
| 23.40 |
|
| 18.60 |
|
| 30.57 |
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| 0.26 |
|
| 0.40 |
|
| 0.33 |
|
| 0.38 |
|
| 0.39 |
|
| 0.51 |
|
Net realized and unrealized gains (losses) |
|
| 3.79 |
|
| 3.54 |
|
| (1.13 | ) |
| 2.99 |
|
| 4.78 |
|
| (11.96 | ) |
Total from investment operations |
|
| 4.05 |
|
| 3.94 |
|
| (0.80 | ) |
| 3.37 |
|
| 5.17 |
|
| (11.45 | ) |
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
| - |
|
| (0.39 | ) |
| (0.32 | ) |
| (0.39 | ) |
| (0.37 | ) |
| (0.52 | ) |
Total distributions |
|
| - |
|
| (0.39 | ) |
| (0.32 | ) |
| (0.39 | ) |
| (0.37 | ) |
| (0.52 | ) |
Net asset value, end of period |
| $ | 32.86 |
|
| 28.81 |
|
| 25.26 |
|
| 26.38 |
|
| 23.40 |
|
| 18.60 |
|
Total return (a) |
|
| 14.02 | % |
| 15.64 | % |
| (3.04 | )% |
| 14.42 | % |
| 27.90 | % |
| (37.50 | )% |
Net assets, end of period (000s omitted) |
| $ | 462,351 |
|
| 395,242 |
|
| 332,320 |
|
| 344,270 |
|
| 293,188 |
|
| 197,263 |
|
Ratio of expenses, net of waivers, to average net assets (b)(c)(d)(e)(f)(g) |
|
| 0.51 | % |
| 0.54 | % |
| 0.53 | % |
| 0.30 | % |
| 0.28 | % |
| 0.28 | % |
Ratio of expenses, before waivers, to average net assets (b)(c)(d)(e)(f)(g) |
|
| 0.90 | % |
| 0.90 | % |
| 0.69 | % |
| 0.45 | % |
| 0.45 | % |
| 0.45 | % |
Ratio of net investment income, net of waivers, to average net assets (b)(d)(e)(f)(g) |
|
| 1.64 | % |
| 1.49 | % |
| 1.25 | % |
| 1.60 | % |
| 1.98 | % |
| 1.92 | % |
Ratio of net investment income, before waivers, to average net assets (b)(d)(e)(f)(g) |
|
| 1.25 | % |
| 1.13 | % |
| 1.09 | % |
| 1.45 | % |
| 1.81 | % |
| 1.75 | % |
Portfolio turnover rate (excluding short-term securities) |
|
| 8.74 | % |
| 22.31 | % |
| 27.01 | % |
| 43.65 | % |
| 21.83 | % |
| 14.71 | % |
|
|
|
| (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) | Annualized for periods of less than one year. |
|
|
|
| (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 any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. |
|
|
|
| (d) | Effective March 15, 2013, the investment advisory fee, net of voluntary waivers, decreased to 0.50%. Also effective March 15, 2013, the Advisor increased the voluntary waiver to 0.40%. |
|
|
|
| (e) | Effective March 15, 2012, the investment advisory fee, net of voluntary waivers, decreased to 0.52%. Also effective March 15, 2012, the Adviser increased the voluntary waiver to 0.38%. |
|
|
|
| (f) | Effective June 1, 2011, the investment advisory fee, net of voluntary waivers, increased to 0.60%. Also effective June 1, 2011, the Adviser increased the voluntary waiver to 0.30%. |
|
|
|
| (g) | Effective December 1, 2010, the Adviser discontinued the voluntary waiver previously in effect. |
See accompanying notes to financial statements.
4
CLEARWATER INVESTMENT TRUST
Financial Highlights
June 30, 2013 (unaudited)
Per share data (rounded to the nearest cent) for a share of capital stock outstanding throughout the years or period ended and selected information for each year or period ended is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| June 30, |
| Year ended December 31, |
| ||||||||||||||
Small Companies Fund |
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||
| |||||||||||||||||||
Net asset value, beginning of period |
| $ | 18.70 |
|
| 16.91 |
|
| 18.70 |
|
| 14.41 |
|
| 10.39 |
|
| 16.68 |
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| 0.02 |
|
| 0.09 |
|
| 0.01 |
|
| - |
|
| - |
|
| 0.05 |
|
Net realized and unrealized gains (losses) |
|
| 2.92 |
|
| 3.10 |
|
| (0.28 | ) |
| 4.31 |
|
| 4.02 |
|
| (6.29 | ) |
Total from investment operations |
|
| 2.94 |
|
| 3.19 |
|
| (0.27 | ) |
| 4.31 |
|
| 4.02 |
|
| (6.24 | ) |
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
| - |
|
| (0.10 | ) |
| (0.01 | ) |
| (0.02 | ) |
| - |
|
| (0.05 | ) |
Distributions from net realized gains |
|
| - |
|
| (1.30 | ) |
| (1.51 | ) |
| - |
|
| - |
|
| - |
|
Total distributions |
|
| - |
|
| (1.40 | ) |
| (1.52 | ) |
| (0.02 | ) |
| - |
|
| (0.05 | ) |
Net asset value, end of period |
| $ | 21.64 |
|
| 18.70 |
|
| 16.91 |
|
| 18.70 |
|
| 14.41 |
|
| 10.39 |
|
Total return (a) |
|
| 15.72 | % |
| 19.02 | % |
| (1.62 | )% |
| 29.99 | % |
| 38.70 | % |
| (37.40 | )% |
Net assets, end of period (000s omitted) |
| $ | 320,850 |
|
| 281,936 |
|
| 239,508 |
|
| 256,237 |
|
| 214,335 |
|
| 120,846 |
|
Ratio of expenses, net of waivers, to average net assets (b)(c)(d)(e) |
|
| 0.96 | % |
| 1.00 | % |
| 0.98 | % |
| 0.95 | % |
| 0.95 | % |
| 0.95 | % |
Ratio of expenses, before waivers, to average net assets (b)(c)(d)(e) |
|
| 1.35 | % |
| 1.35 | % |
| 1.35 | % |
| 1.35 | % |
| 1.35 | % |
| 1.35 | % |
Ratio of net investment income (loss), net of waivers, to average net assets(b)(d)(e) |
|
| 0.21 | % |
| 0.51 | % |
| 0.05 | % |
| (0.02 | )% |
| (0.04 | )% |
| 0.32 | % |
Ratio of net investment income (loss), before waivers, to average net assets(b)(d)(e) |
|
| (0.18 | )% |
| 0.16 | % |
| (0.32 | )% |
| (0.42 | )% |
| (0.44 | )% |
| (0.08 | )% |
Portfolio turnover rate (excluding short-term securities) |
|
| 32.08 | % |
| 59.48 | % |
| 64.54 | % |
| 71.05 | % |
| 95.13 | % |
| 117.12 | % |
|
|
|
| (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) | Annualized for periods of less than one year. |
|
|
|
| (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 any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. |
|
|
|
| (d) | March 15, 2013, the investment advisory fee, net of voluntary waivers, decreased to 0.94%. Also effective March 15, 2013, the Adviser increased the voluntary waiver to 0.41%. |
|
|
|
| (e) | Effective June 1, 2011, the investment advisory fee, net of voluntary waivers, increased to 1.00%. Also effective June 1, 2011, the Adviser reduced the voluntary waiver to 0.35%. |
See accompanying notes to financial statements.
|
|
5 | (Continued) |
CLEARWATER INVESTMENT TRUST
Financial Highlights
June 30, 2013 (unaudited)
Per share data (rounded to the nearest cent) for a share of capital stock outstanding throughout the years or period ended and selected information for each year or period ended is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| June 30, |
| Year ended December 31, |
| ||||||||||||||
Tax-Exempt Bond Fund |
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||||
Net asset value, beginning of period |
| $ | 10.15 |
|
| 9.62 |
|
| 9.06 |
|
| 9.25 |
|
| 8.09 |
|
| 9.64 |
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| 0.22 |
|
| 0.48 |
|
| 0.48 |
|
| 0.47 |
|
| 0.47 |
|
| 0.46 |
|
Net realized and unrealized gains (losses) |
|
| (0.55 | ) |
| 0.53 |
|
| 0.56 |
|
| (0.19 | ) |
| 1.16 |
|
| (1.55 | ) |
Total from investment operations |
|
| (0.33 | ) |
| 1.01 |
|
| 1.04 |
|
| 0.28 |
|
| 1.63 |
|
| (1.09 | ) |
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
| (0.22 | ) |
| (0.48 | ) |
| (0.48 | ) |
| (0.47 | ) |
| (0.47 | ) |
| (0.46 | ) |
Total distributions |
|
| (0.22 | ) |
| (0.48 | ) |
| (0.48 | ) |
| (0.47 | ) |
| (0.47 | ) |
| (0.46 | ) |
Net asset value, end of period |
| $ | 9.60 |
|
| 10.15 |
|
| 9.62 |
|
| 9.06 |
|
| 9.25 |
|
| 8.09 |
|
Total return (a) |
|
| (3.28 | )% |
| 10.66 | % |
| 11.81 | % |
| 2.99 | % |
| 20.60 | % |
| (11.80 | )% |
Net assets, end of period (000s omitted) |
| $ | 475,514 |
|
| 527,118 |
|
| 518,834 |
|
| 516,202 |
|
| 542,394 |
|
| 370,848 |
|
Ratio of expenses, net of waivers, to average net assets (b)(c)(d) |
|
| 0.34 | % |
| 0.36 | % |
| 0.36 | % |
| 0.36 | % |
| 0.36 | % |
| 0.37 | % |
Ratio of expenses, before waivers, to average net assets (b)(c)(d) |
|
| 0.60 | % |
| 0.60 | % |
| 0.60 | % |
| 0.60 | % |
| 0.60 | % |
| 0.60 | % |
Ratio of net investment income, net of waivers, to average net assets(b)(d) |
|
| 4.49 | % |
| 4.79 | % |
| 5.08 | % |
| 5.00 | % |
| 5.34 | % |
| 5.03 | % |
Ratio of net investment income, before waivers, to average net assets(b)(d) |
|
| 4.23 | % |
| 4.55 | % |
| 4.84 | % |
| 4.76 | % |
| 5.10 | % |
| 4.80 | % |
Portfolio turnover rate (excluding short-term securities) |
|
| 14.53 | % |
| 28.06 | % |
| 24.83 | % |
| 28.95 | % |
| 22.90 | % |
| 32.20 | % |
|
|
|
| (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) | Annualized for periods of less than one year. |
|
|
|
| (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 any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. |
|
|
|
| (d) | Effective March 15, 2013, the investment advisory fee, net of voluntary waivers, decreased to 0.33%. Also effective March 15, 2013, the Adviser increased the voluntary waiver to 0.27%. |
See accompanying notes to financial statements.
|
|
6 | (Continued) |
CLEARWATER INVESTMENT TRUST
Financial Highlights
June 30, 2013 (unaudited)
Per share data (rounded to the nearest cent) for a share of capital stock outstanding throughout the years or periods ended and selected information for each year or period ended is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Period ended |
|
|
|
|
|
|
|
|
|
| Period ended |
| ||
|
|
| Year ended December 31, |
|
| |||||||||||
International Fund |
|
| 2012 |
| 2011 |
| 2010 |
|
| |||||||
Net asset value, beginning of period |
| $ | 13.33 |
|
| 12.23 |
|
| 14.33 |
|
| 13.16 |
|
| 10.00 |
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| 0.20 |
|
| 0.30 |
|
| 0.30 |
|
| 0.23 |
|
| 0.19 |
|
Net realized and unrealized gains (losses) |
|
| 0.30 |
|
| 1.88 |
|
| (2.08 | ) |
| 1.27 |
|
| 3.35 |
|
Total from investment operations |
|
| 0.50 |
|
| 2.18 |
|
| (1.78 | ) |
| 1.50 |
|
| 3.54 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
| - |
|
| (0.31 | ) |
| (0.29 | ) |
| (0.23 | ) |
| (0.18 | ) |
Distributions from net realized gains |
|
| - |
|
| (0.77 | ) |
| (0.03 | ) |
| (0.10 | ) |
| (0.20 | ) |
Total distributions |
|
| - |
|
| (1.08 | ) |
| (0.32 | ) |
| (0.33 | ) |
| (0.38 | ) |
Net asset value, end of period |
| $ | 13.83 |
|
| 13.33 |
|
| 12.23 |
|
| 14.33 |
|
| 13.16 |
|
Total return (c) |
|
| 3.75 | % |
| 17.91 | % |
| (12.44 | )% |
| 11.39 | % |
| 35.50 | % |
Net assets, end of period (000s omitted) |
| $ | 438,363 |
|
| 408,059 |
|
| 305,071 |
|
| 346,415 |
|
| 292,902 |
|
Ratio of expenses, net of waivers, to average net assets (d)(e)(f)(g)(h) |
|
| 0.64 | % |
| 0.62 | % |
| 0.77 | % |
| 0.80 | % |
| 0.92 | % |
Ratio of expenses, before waivers, to average net assets (d)(e)(f)(g)(h) |
|
| 1.00 | % |
| 1.00 | % |
| 1.00 | % |
| 1.00 | % |
| 1.00 | % |
Ratio of net investment income, net of waivers, to average net assets (d)(f)(g)(h) |
|
| 2.85 | % |
| 2.39 | % |
| 2.15 | % |
| 1.77 | % |
| 1.74 | % |
Ratio of net investment income, before waivers, to average net assets (d)(f)(g)(h) |
|
| 2.49 | % |
| 2.01 | % |
| 1.92 | % |
| 1.57 | % |
| 1.66 | % |
Portfolio turnover rate (excluding short-term securities) |
|
| 11.73 | % |
| 72.32 | % |
| 36.93 | % |
| 30.82 | % |
| 35.33 | % |
|
|
|
| (a) | Commenced investment operations on February 5, 2009. |
|
|
|
| (b) | Net investment income for the period ended was calculated using the average shares outstanding method. |
|
|
|
| (c) | 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. |
|
|
|
| (d) | Annualized for periods of less than one year. |
|
|
|
| (e) | 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 any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. |
|
|
|
| (f) | Effective March 15, 2013, the investment advisory fee, net of voluntary waiver, increased to 0.67%. Also effective March 15, 2013, the Adviser reduced the voluntary waiver to 0.33%. |
|
|
|
| (g) | Effective March 15, 2012, the investment advisory fee, net of voluntary waivers, decreased to 0.60%. Also effective March 15, 2012, the Adviser increased the voluntary waiver to 0.40%. |
|
|
|
| (h) | Effective June 1, 2011, the investment advisory fee, net of voluntary waivers, decreased to 0.75%. Also effective June 1, 2011, the Adviser increased the voluntary waiver to 0.25%. Effective December 5, 2011, the investment advisory fee, net of voluntary waivers, decreased to 0.70%. Also effective December 5, 2011, the Adviser increased the voluntary waiver to 0.30%. |
See accompanying notes to financial statements.
|
|
7 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2013
|
|
(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: Clearwater Core Equity Fund, Clearwater Small Companies Fund, Clearwater Tax-Exempt Bond Fund, and Clearwater International Fund (the “Funds”). Clearwater Management Company (the “Adviser”) serves as the investment adviser for each of the Funds and is responsible for the oversight of each of the Fund’s subadvisers. The Trust’s declaration of trust permits the Board of Trustees to create additional funds in the future. The investment objective of the Clearwater Core Equity, Small Companies, 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 United States (“U.S.”) federal income tax, consistent with preservation of capital.
Fiduciary Counselling, Inc. (“FCI”) acts as subadviser to each of the Funds. FCI does not provide day-to-day management, but provides the Funds with various investment-related services, including investment strategy advice, manager recommendations and related duties as requested by the Adviser. FCI also provides certain services related to due diligence, performance reporting, compliance, and other administrative functions, which support the investment management services and subadviser oversight services provided to the Funds by the Adviser.
Under normal market conditions, the Clearwater Core Equity Fund pursues its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of U.S. companies. The equity securities in which the Fund primarily invests are common and preferred stocks. The Fund employs a multi-style (growth and value) and multi-manager approach whereby portions of the Fund are allocated to different subadvisers who employ distinct investment styles. The Fund’s Adviser allocates portions of the Fund’s net assets among subadvisers. The Fund currently allocates net assets among the following subadvisers who provide day-to-day management to the Fund: Parametric Portfolio Associates (“Parametric”), Heartland Advisors, Inc. (“Heartland”), Knightsbridge Asset Management, LLC (“Knightsbridge”), and Osterweis Capital Management, LLC (“Osterweis”). The allocation among subadvisers will vary over time, but the current intent of the Fund’s Adviser is that under normal market conditions approximately 60% of the Fund’s net assets will be allocated to Parametric; the remaining net assets will be allocated to one or more of the Fund’s three other subadvisers. To the extent feasible, Parametric manages its portion of the Fund’s net assets in a passive management strategy so that its portion of the Fund’s holdings generally matches the holdings of the Russell 1000® Index as closely as possible without requiring the Fund to realize gains. In addition, as noted above, FCI also acts as a subadviser to the Fund.
Under normal market conditions, the Clearwater Small Companies Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of small companies. The Fund defines “small companies” as issuers with market capitalizations no greater than $5 billion at the time of purchase. The equity securities the Fund invests in consist primarily of exchange traded common and preferred stocks. The Fund may also invest in a type of equity security called a convertible security to reduce volatility or correlation risk. A convertible security generally entitles the holder to receive interest paid or accrued on debt securities or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. The Fund uses a “multi-style, multi-manager” approach, whereby portions of the Fund’s assets are allocated between subadvisers who employ distinct investment styles. The Fund currently has two subadvisers that provide day-to-day management for the Fund, Kennedy Capital Management, Inc. (“Kennedy”) and Keeley Asset Management (“Keeley”). In addition, as noted above, FCI also acts as a subadviser to the Fund.
8
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2013
Under normal market conditions, the Clearwater Tax-Exempt Bond Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in tax-exempt bonds, which are debt obligations issued by or for the U.S. states, territories and possessions, and the District of Columbia. The interest on these bonds is generally exempt from both U.S. regular federal income tax and U.S. federal alternative minimum tax. However, the Fund may invest up to 20% of its net assets in bonds that generate interest income subject to federal alternative minimum tax. The Fund invests in both revenue bonds, which are backed by and payable only from the revenues derived from a specific facility or specific revenue source, and in general obligation bonds, which are secured by the full faith, credit and taxation power of the issuing municipality. The Fund currently has one subadviser that provides day-to-day management for the Fund, Sit Fixed Income Advisers II, LLC (“Sit”). In addition, as noted above, FCI also acts as a subadviser to the Fund.
Under normal market conditions, the Clearwater International Fund intends to invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies organized or located outside the U.S. and doing a substantial amount of business outside the U.S. Equity securities in which the Fund invests include common and preferred stock, sponsored and unsponsored American Depositary Receipts, European Depositary Receipts, and Global Depositary Receipts as well as exchange-traded funds and other investment companies. The Fund diversifies its investments among a number of different countries throughout the world, and may invest in companies of any size. The Fund currently does not intend to invest more than 20% of its net assets in the equity securities of developing or emerging market issuers. The Fund uses a “multi-style, multi-manager” approach, whereby portions of the Fund’s assets are allocated to different subadvisers who employ distinct investment styles. The Fund currently allocates assets among the following subadvisers who provide day-to-day management to the Fund: Parametric, Artisan Partners Limited Partnership (“Artisan Partners”), Denver Investments (“Denver”), WCM Investment Management (“WCM”) and Templeton Investment Counsel, LLC (“Templeton”). The allocation among subadvisers will vary over time, but the current intent of the Fund’s Adviser is that under normal market conditions approximately 50% of the Fund’s net assets will be allocated to Parametric; the remaining net assets will be allocated to one or more of the Fund’s four other subadvisers. To the extent feasible, Parametric manages its portion of the Fund’s net assets in a passive management strategy so that its portion of the Fund’s holdings generally matches the holdings of the MSCI World Ex USA Index (net) on a net basis as closely as possible. In addition, as noted above, FCI also acts as a subadviser to the Fund.
(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 of sufficient credit quality 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 for which trading has been suspended), or when the Adviser becomes aware that a significant event impacting the value of a security or group of securities has occurred after the closing of the exchange on which the security or securities principally trade, but before the calculation of the daily net asset value, are valued at fair value as determined in good faith using procedures established by the Board of Trustees. This may occur particularly |
|
|
9 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2013
|
|
| with respect to certain foreign securities held by the International Fund, whereby the Board of Trustees may use adjustment factors obtained from an independent evaluation service that are intended to reflect more accurately the fair value of these foreign securities as of the time the Fund’s net asset value is calculated. The procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security. These procedures are used by the Valuation Committee, in accordance with the procedures established by the Board of Trustees, to determine the fair value of the security or securities. Such determinations are then submitted for review and ratification by the Board of Trustees. The use of fair valuation involves the risk that the values used by the Funds to price their investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same investments. 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 accretion of original issue discount and amortization of original issue premium, is accrued daily. |
|
|
(b) | Foreign Currency Translation |
|
|
| The International Fund invests in securities which are purchased and sold in foreign currencies as a principal investment strategy. The costs of purchases, 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, 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 recorded in security transactions within net realized gain (loss) on investments and foreign currency transactions and within net increase (decrease) in appreciation/depreciation on security transactions on the Statements of Operations. The realized gains or losses, if any, on translation of other assets and liabilities denominated in foreign currencies are recorded in foreign currency transactions within net realized gain (loss) on investments and 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 U.S. |
|
|
(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 adverse movements in foreign currency exchange rates, 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. Any resulting unrealized gains or losses are recorded in forward foreign currency |
|
|
10 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2013
|
|
| exchange contracts within net increase (decrease) in appreciation/depreciation on the Statements of Operations. The International Fund records any 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. Realized gains or losses, if any, are included in forward foreign currency exchange contracts within net realized gain (loss) on investments and foreign currency transactions on the Statements of Operations. |
|
|
| 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 International Fund bears the market risk from changes in foreign currency exchange rates and the credit risk if the issuer fails to perform. Additional information on derivative instruments and how these positions may impact the financial statements is found in Note 8, Derivative Instruments. |
|
|
(d) | Spot Contracts |
|
|
| The International Fund routinely 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. From time to time, the Core Equity Fund may also enter into spot contracts in order to make or receive payments due to trading activity in a foreign currency on a non-U.S. exchange. Spot contracts are marked-to-market daily at the applicable exchange rates. Any resulting unrealized gains or losses are recorded in foreign currency transactions within net increase (decrease) in appreciation/depreciation on the Statements of Operations. The Funds record any realized gains or losses at the time the spot contract settles. Realized gains or losses, if any, are included in foreign currency transactions within net realized gain (loss) on investments and foreign currency transactions on the Statements of Operations. 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. The Funds bear the market risk from changes in foreign currency exchange rates. |
|
|
(e) | Master Limited Partnerships |
|
|
| The Core Equity and International Funds invest in Master Limited Partnerships (“MLPs”). The benefits derived from the Funds’ investments in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes. If any of the MLPs held by the Funds were treated as corporations for U.S. federal income tax purposes, the after-tax return to the Funds with respect to their investments in such MLPs would be materially reduced, causing a decline in the value of the common stock. The Funds must include their allocable share of an MLP’s taxable income in their reportable taxable income, whether or not it receives a distribution in cash from the MLP. In such case, the Funds may have to liquidate securities to make required distributions to shareholders. |
|
|
(f) | Delayed Delivery Transactions and When-Issued Securities |
|
|
| Certain Funds may engage in securities transactions on a when-issued or delayed-delivery basis. In these transactions, the securities’ prices and yields are fixed on the date of the commitment, with payment and delivery scheduled for a future date. During this period, the securities are subject to market fluctuations. |
|
|
11 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2013
|
|
| When delayed-delivery purchases are outstanding, a Fund will segregate liquid assets on its records in amounts sufficient to meet the purchase price. A Fund may dispose of or renegotiate a delayed-delivery transaction, which may result in a capital gain or loss. |
|
|
(g) | Short-Term Investments |
|
|
| Each Fund currently invests uninvested cash in money market portfolios of Northern Institutional Funds. The Core Equity, Small Companies and International Funds currently invest in the U.S. Government Select Portfolio and the Tax-Exempt Bond Fund currently invests in the Tax-Exempt Portfolio. Northern Institutional Funds is an investment company advised by Northern Trust Investments, Inc. (“NTI”), a subsidiary of Northern Trust. |
|
|
| The U.S. Government Select Portfolio primarily invests in securities issued by the U.S. government, government agencies, and government-sponsored enterprises. The Tax-Exempt Portfolio primarily invests in high-quality short-term municipal instruments. |
|
|
(h) | Recoverable Taxes |
|
|
| The balance disclosed as foreign tax reclaim 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 Core Equity and International Funds, respectively. |
|
|
(i) | 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 net 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 the Funds’ tax positions taken on federal tax returns for all open tax years and has concluded that as of December 31, 2012, 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 2009, 2010, 2011 and 2012 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 fiscal year in which amounts are distributed may differ from the 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, 2012 and 2011 was as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-Exempt | Ordinary Income | ||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||
Core Equity Fund | $ | - | $ | - | $ | 5,308,828 | $ | 4,182,151 | |||||
Small Companies Fund | - | - | 1,592,303 | 44,627 | |||||||||
Tax-Exempt Bond Fund | 24,948,863 | 26,002,514 | 356,024 | 369,605 | |||||||||
International Fund | - | - | 8,901,744 | 7,184,471 |
|
|
12 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
Long-Term Capital Gains | |||||||
2012 | 2011 | ||||||
Core Equity Fund | $ | - | $ | - | |||
Small Companies Fund | 18,490,667 | 20,612,725 | |||||
Tax-Exempt Bond Fund | - | - | |||||
International Fund | 22,141,275 | 635,976 |
As of June 30, 2013, the components of distributable earnings on a tax basis were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core | Small Companies | Tax-Exempt | International | ||||||||||
Undistributed ordinary income | $ | 3,587,523 | $ | 4,558,504 | $ | 166,162 |
| $ | 8,167,763 |
| |||
Undistributed capital gain |
|
| - |
|
| 20,230,629 |
|
| 5,086,019 |
|
| 75,772 |
|
Accumulated capital losses |
|
| (9,690,218 | ) |
| - |
|
| - |
|
| - |
|
Unrealized appreciation (depreciation) |
| 190,093,896 |
|
| 68,276,735 |
|
| (5,925,254 | ) |
| 77,119,726 | ||
Total | $ | 183,991,201 | $ | 93,065,868 | $ | (673,073 | ) | $ | 85,363,261 |
On the Statements of Assets and Liabilities, due to permanent book-to-tax differences, the following adjustments have been made:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core | Small Companies | Tax-Exempt | International | ||||||||||
Undistributed net investment income (loss) | $ | (65,702 | ) | $ | 897 | $ | - | $ | 546,059 | ||||
Accumulated net realized gain (loss) | 65,702 | (897 | ) | - | (546,059 | ) |
|
|
(j) | Distributions to Shareholders |
|
|
Distributions to shareholders from net investment income, if any, are declared annually for the Core Equity, Small Companies, 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 at the direction of the shareholders. | |
| |
(k) | Use of Estimates |
|
|
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) 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. |
|
|
13 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2013
|
|
(l) | Recent Accounting Pronouncements |
| |
In January 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which replaced ASU 2011-11, Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. The Fund has adopted both ASU 2011-11 and ASU 2013-01 effective on January 1, 2013. | |
| |
In June 2013, the FASB issued ASU 2013-08, Amendments to the Scope, Measurement and Disclosure Requirements (“ASU 2013-08”), modifying Accounting Standards Codification (“ASC”) 946. The modifications were a result of a joint effort by the FASB and the International Accounting Standards Board to develop a consistent approach for determining whether an entity is an investment company for which fair value of investments is the most relevant measurement. ASU 2013-08 requires reporting entities to disclose that it is an investment company and is applying the guidance as set forth in ASC 946, to disclose any changes in, and the reasons for, its status as an investment company and to disclose information related to whether it has provided or is contractually required to provide financial support to any of its investees. The effective date of ASU 2013-08 is for interim and annual periods beginning after December 15, 2013. At this time, management is evaluating the implications of this requirement and the impact it will have on the Funds’ financial statement amounts and footnote disclosures, if any. | |
| |
(m) | Indemnification |
| |
Under each Fund’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to each Fund. In addition, certain of each Fund’s contracts with its service providers contain general indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against each Fund cannot be determined and each Fund has no historical basis for predicting the likelihood of any such claims. |
(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. This 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 – Unadjusted quoted market prices in active markets for identical securities on the measurement date. |
| |
• | 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 are also considered a Level 2 measurement. An adjustment to any observable input that is significant to the fair value may render the measurement a Level 3 measurement. |
|
|
|
| 14 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2013
|
|
• | Level 3 – Valuations based on unobservable inputs, which may include the Adviser’s own assumptions in determining the fair value of an investment. |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following is a summary of the inputs used in valuing each Fund’s investments and other financial instruments, if any, which are carried at fair value, as of June 30, 2013.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core Equity Fund (a) |
| ||||||||||||
Level 1 |
| Level 2 * |
| Level 3 |
| Total |
| ||||||
Common Stocks |
|
|
|
| |||||||||
Consumer Discretionary | $ | 60,947,348 | $ | - | $ | - | $ | 60,947,348 | |||||
Consumer Staples | 34,707,986 | - | - | 34,707,986 | |||||||||
Energy | 45,450,020 | - | - | 45,450,020 | |||||||||
Financials | 81,295,021 | - | - | 81,295,021 | |||||||||
Health Care | 57,341,279 | 79,596 | - | 57,420,875 | |||||||||
Industrials | 53,884,494 | - | - | 53,884,494 | |||||||||
Information Technology | 67,854,122 | - | - | 67,854,122 | |||||||||
Materials | 23,446,353 | - | - | 23,446,353 | |||||||||
Telecommunication Services | 7,501,502 | - | - | 7,501,502 | |||||||||
Utilities | 12,809,383 | - | - | 12,809,383 | |||||||||
Master Limited Partnerships | 5,794,849 | - | - | 5,794,849 | |||||||||
Rights | 1,351 | - | - | 1,351 | |||||||||
Short-Term Investments |
| 10,813,554 |
|
| - |
|
| - |
|
| 10,813,554 |
| |
Total | $ | 461,847,262 |
| $ | 79,596 |
| $ | - |
| $ | 461,926,858 |
|
|
|
|
(a) | For the Core Equity Fund, 100% of the investment value is comprised of equity securities, master limited partnerships, rights, and short-term investments. See the Fund’s Schedule of Investments for industry classification. Investments in equity, master limited partnerships and short-term securities generally are valued at the lastsales price or the regular trading session closing price on the principal exchange or market where they are traded. | |
|
|
|
* | The Core Equity Fund records all transfers between levels based on valuations at the end of each reporting period. At June 30, 2013, there were no transfers between Level 1 or Level 3 classifications based on levels assigned to the securities on December 31, 2012. At June 30, 2013, an equity investment with a fair value of $79,596, within the sector of Health Care, was transferred from Level 1 to Level 2 due to the Valuation Committee making a fair valuation determination as a result of a significant event occurring after the closing of the principal exchange which impacted the value of the security so that the closing price on the principle exchange was no longer reflective of the fair value of the security. The fair value determination factors in observable inputs based on trading activity on the principle exchange making the valuation a Level 2 classification as of June 30, 2013. U.S. GAAP provides additional guidance for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate when a transaction is not orderly. | |
|
|
15 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Small Companies Fund (b) |
| ||||||||||||
|
| Level 1 |
| Level 2 * |
| Level 3 |
| Total |
| ||||
Common Stocks |
|
|
|
|
|
|
|
| |||||
Consumer Discretionary |
| $ | 47,854,319 |
| $ | - |
| $ | - | $ | 47,854,319 | ||
Consumer Staples | 12,003,957 | - | - | 12,003,957 | |||||||||
Energy | 19,413,737 | - | - | 19,413,737 | |||||||||
Financials | 79,168,052 | 71,985 | - | 79,240,037 | |||||||||
Health Care | 32,765,965 | - | - | 32,765,965 | |||||||||
Industrials | 52,274,109 | - | - | 52,274,109 | |||||||||
Information Technology | 42,644,293 | - | - | 42,644,293 | |||||||||
Materials | 17,039,590 | - | - | 17,039,590 | |||||||||
Utilities | 11,073,186 | - | - | 11,073,186 | |||||||||
Short-Term Investments |
| 6,692,940 |
|
| - |
|
| - |
|
| 6,692,940 |
| |
Total | $ | 320,930,148 |
| $ | 71,985 |
| $ | - |
| $ | 321,002,133 |
|
|
|
|
| (b) | For the Small Companies Fund, 100% of the investment value is comprised of equity securities and short-term investments. See the Fund’s Schedule of Investments for industry classification. Investments in equity and short-term securities generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. |
|
|
|
* | The Small Companies Fund records all transfers between levels based on valuations at the end of each reporting period. At June 30, 2013, there were no transfers between Level 1 or Level 3 classifications based on levels assigned to the securities on December 31, 2012. At June 30, 2013, an equity investment with a fair value of $71,985, within the sector of Financials, was transferred from Level 1 to Level 2 due to the security being valued based on a bid price, rather than a last sales or regular trading session closing price, from a primary pricing service provider on June 30, 2013. U.S. GAAP provides additional guidance for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate when a transaction is not orderly. |
|
|
16 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-Exempt Bond Fund (c) |
| ||||||||||||
Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||||
Closed-End Funds | $ | 32,199,876 | $ | - | $ | - | $ | 32,199,876 | |||||
Municipal Bonds |
|
|
|
| |||||||||
Airport | - | 571,970 | - | 571,970 | |||||||||
Bond Bank | - | 2,591,480 | - | 2,591,480 | |||||||||
Development | - | 19,642,915 | 180,129 | 19,823,044 | |||||||||
Education | - | 42,327,031 | - | 42,327,031 | |||||||||
Facilities | - | 4,745,954 | - | 4,745,954 | |||||||||
General | - | 48,317,635 | 3,515 | 48,321,150 | |||||||||
General Obligation | - | 15,800,207 | - | 15,800,207 | |||||||||
Higher Education | - | 15,612,330 | - | 15,612,330 | |||||||||
Housing | - | 30,635,194 | - | 30,635,194 | |||||||||
Medical | - | 53,719,497 | 237,380 | 53,956,877 | |||||||||
Mello-Roos | - | 848,490 | - | 848,490 | |||||||||
Multifamily Housing | - | 31,898,506 | - | 31,898,506 | |||||||||
Nursing Home | - | 48,243,691 | - | 48,243,691 | |||||||||
Pollution | - | 2,688,115 | - | 2,688,115 | |||||||||
Power | - | 2,954,870 | - | 2,954,870 | |||||||||
School District | - | 24,050,008 | - | 24,050,008 | |||||||||
Single Family Housing | - | 63,726,692 | - | 63,726,692 | |||||||||
Student Loan | - | 4,519,949 | - | 4,519,949 | |||||||||
Tobacco Settlement | - | 235,974 | - | 235,974 | |||||||||
Transportation | - | 12,138,880 | - | 12,138,880 | |||||||||
Utilities | - | 1,057,200 | - | 1,057,200 | |||||||||
Water | - | 9,302,862 | - | 9,302,862 | |||||||||
Short-Term Investments |
| 3,829,464 |
|
| - |
|
| - |
|
| 3,829,464 |
| |
Total | $ | 36,029,340 |
| $ | 435,629,450 |
| $ | 421,024 |
| $ | 472,079,814 |
|
|
|
|
(c) | For the Tax-Exempt Bond Fund, 100% of the investment value is comprised of closed-end funds, municipal bond securities, and short-term investments. The municipal bond securities are generally considered Level 2 securities based on valuations using adjusted evaluated prices provided by the primary pricing provider. The Board of Trustees has delegated to the Valuation Committee the responsibility to determine in good faith the fair value of securities for which no price quotation is available from an approved pricing service or broker-dealer at the time the Tax-Exempt Bond Fund’s net asset value is calculated, including securities for which the prices do not represent fair value or for which a significant event occurs that materially affects the value of the security after the close of the market on which the security principally trades and before the time the Tax-Exempt Bond Fund’s net asset value is calculated. |
|
|
17 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2013
As of June 30, 2013, the Valuation Committee determined the fair valuation of municipal bonds based on inputs such as the last traded price at the time of significant events or the default of a municipal bond. The Valuation Committee also looked at observations of similar securities which are not currently openly traded in the active market. Finally, the Valuation Committee considered other events in determining fair valuation including the nature of the security and whether it is traded openly in the active market. Such investments have been classified as Level 3 instruments.
The Tax-Exempt Bond Fund records all transfers between levels based on valuations at the end of each reporting period. At June 30, 2013, there were no transfers between Level 1 or Level 2 classifications based on levels assigned to the securities on December 31, 2012. U.S. GAAP provides additional guidance for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate when a transaction is not orderly.
|
|
|
| 18 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| International Fund (d) |
| ||||||||||
|
| Level 1 |
| Level 2 * |
| Level 3 |
| Total |
| ||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary |
| $ | 68,754,626 |
| $ | - |
| $ | - |
| $ | 68,754,626 |
|
Consumer Staples |
|
| 50,926,372 |
|
| - |
|
| - |
|
| 50,926,372 |
|
Energy |
|
| 25,796,398 |
|
| - |
|
| - |
|
| 25,796,398 |
|
Financials |
|
| 87,777,232 |
|
| - |
|
| - |
|
| 87,777,232 |
|
Health Care |
|
| 38,346,970 |
|
| - |
|
| - |
|
| 38,346,970 |
|
Industrials |
|
| 66,199,120 |
|
| - |
|
| - |
|
| 66,199,120 |
|
Information Technology |
|
| 36,393,535 |
|
| - |
|
| - |
|
| 36,393,535 |
|
Materials |
|
| 24,223,191 |
|
| - |
|
| - |
|
| 24,223,191 |
|
Telecommunication Services |
|
| 12,058,022 |
|
| - |
|
| - |
|
| 12,058,022 |
|
Utilities |
|
| 8,223,870 |
|
| - |
|
| - |
|
| 8,223,870 |
|
Master Limited Partnerships |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financials |
|
| 1,744,628 |
|
| - |
|
| - |
|
| 1,744,628 |
|
Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary |
|
| 967,391 |
|
| - |
|
| - |
|
| 967,391 |
|
Consumer Staples |
|
| 214,421 |
|
| - |
|
| - |
|
| 214,421 |
|
Health Care |
|
| 301,540 |
|
| - |
|
| - |
|
| 301,540 |
|
Utilities |
|
| 85,632 |
|
| - |
|
| - |
|
| 85,632 |
|
Rights |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary |
|
| 5 |
|
| - |
|
| - |
|
| 5 |
|
Energy |
|
| 10,941 |
|
| - |
|
| - |
|
| 10,941 |
|
Short-Term Investments |
|
| 14,661,462 |
|
| - |
|
| - |
|
| 14,661,462 |
|
Total |
| $ | 436,685,356 |
| $ | - |
| $ | - |
| $ | 436,685,356 |
|
|
|
|
| (d) | For the International Fund, 100% of the investment value is comprised of equity securities, master limited partnerships, rights and short-term investments. See the Fund’s Schedule of Investments for geographical classification. Investments in equity, master limited partnerships and short-term securities generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded, which are generally considered Level 1 securities. |
|
|
|
* | The International Fund records all transfers between levels based on valuations at the end of each reporting period. At June 30, 2013, certain foreign equity securities with a fair value of $330,046,444 were transferred from Level 2 to Level 1 classifications from December 31, 2012 to June 30, 2013, due to receiving last sales or regular trading session closing prices from primary pricing service providers on June 30, 2013. U.S. GAAP provides additional guidance for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate when a transaction is no orderly. |
|
|
|
| 19 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward foreign currency exchange contracts |
| $ | - |
| $ | 227,813 |
| $ | - |
| $ | 227,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward foreign currency exchange contracts |
|
| - |
|
| (9,651 | ) |
| - |
|
| (9,651 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other Financial Instruments |
| $ | - |
| $ | 218,162 |
| $ | - |
| $ | 218,162 |
|
The forward foreign currency exchange contracts outstanding at June 30, 2013 are considered Level 2 investments due to the contracts being marked-to-market daily at the applicable exchange rates that have been adjusted from the initial quoted rate. Forward foreign currency exchange contracts are shown on a gross basis in the above table and on the Statements of Assets and Liabilities.
|
|
|
| 20 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2013
The following is a reconciliation of investments for the Tax-Exempt Bond Fund in which significant unobservable inputs (Level 3) were used in determining fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-Exempt Bond Fund |
| Municipal Bonds |
| ||||||||||||||||
|
| Development |
| General |
| Higher |
| Medical |
| Power |
| Total |
| ||||||
Balance as of 12/31/12 |
| $ | 180,130 |
| $ | 11,765 |
| $ | 909,527 |
| $ | 1,252,138 |
| $ | 619,400 |
| $ | 2,972,960 |
|
Realized Gains |
|
| - |
|
| - |
|
| - |
|
| 681 |
|
| - |
|
| 681 |
|
Realized Losses |
|
| (53,963 | ) |
| (14,478 | ) |
| (1,548 | ) |
| - |
|
| - |
|
| (69,989 | ) |
Change in Unrealized Appreciation |
|
| 69,999 |
|
| 13,452 |
|
| 115,680 |
|
| - |
|
| 51,600 |
|
| 250,731 |
|
Change in Unrealized Depreciation |
|
| - |
|
| - |
|
| - |
|
| (38,016 | ) |
| - |
|
| (38,016 | ) |
Sales |
|
| (16,037 | ) |
| (7,224 | ) |
| (46,539 | ) |
| (21,906 | ) |
| (671,000 | ) |
| (762,706 | ) |
Transfers into Level 3 (1) |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
Transfers out of Level 3 (1) |
|
| - |
|
| - |
|
| (977,120 | )(2) |
| (955,517 | )(2) |
| - |
|
| (1,932,637 | ) |
Balance as of 6/30/13 |
| $ | 180,129 |
| $ | 3,515 |
| $ | - |
| $ | 237,380 |
| $ | - |
| $ | 421,024 |
|
Change in net unrealized appreciation (depreciation) (3) |
| $ | - |
| $ | 13,452 |
| $ | - |
| $ | - |
| $ | - |
| $ | 13,452 |
|
|
| ||
(1) | The value of the Transfers into and out of Level 3 is measured using the fair value as of the period ended June 30, 2013. | ||
(2) | Transferred from Level 3 to Level 2 due to securities being valued based on adjusted evaluated prices provided by the primary pricing provider. | ||
(3) | The amount of change in net unrealized appreciation (depreciation) on Level 3 securities still held at June 30, 2013 is included in the Statements of Operations. |
|
|
|
| 21 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2013
(4) Investment Security Transactions
The cost of purchases and proceeds from sales of securities, other than temporary investments in short-term securities, for the six months ended June 30, 2013, were as follows:
|
|
|
|
|
|
|
|
|
| Purchases |
| Sales |
| ||
Core Equity Fund |
| $ | 48,896,063 |
| $ | 37,820,949 |
|
Small Companies Fund |
|
| 97,159,821 |
|
| 96,763,791 |
|
Tax-Exempt Bond Fund |
|
| 71,091,840 |
|
| 81,960,476 |
|
International Fund |
|
| 75,350,361 |
|
| 49,586,127 |
|
(5) Capital Share Transactions
Transactions in capital shares for each fund for the six months ended June 30, 2013 and the fiscal year ended December 31, 2012, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core Equity Fund |
| Small Companies Fund |
| ||||||||
|
| 2013 |
| 2012 |
| 2013 |
| 2012 |
| ||||
Sold |
|
| 466,821 |
|
| 1,085,012 |
|
| 127,306 |
|
| 924,853 |
|
Issued for reinvestment of distributions |
|
| - |
|
| 187,326 |
|
| - |
|
| 1,095,634 |
|
Redeemed |
|
| (113,736 | ) |
| (709,321 | ) |
| (377,971 | ) |
| (1,106,562 | ) |
Increase (decrease) |
|
| 353,085 |
|
| 563,017 |
|
| (250,665 | ) |
| 913,925 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tax-Exempt Bond Fund |
| International Fund |
| ||||||||
|
| 2013 |
| 2012 |
| 2013 |
| 2012 |
| ||||
Sold |
|
| 1,548,718 |
|
| 2,720,895 |
|
| 1,398,051 |
|
| 5,265,669 |
|
Issued for reinvestment of distributions |
|
| 1,093,142 |
|
| 2,524,334 |
|
| - |
|
| 2,342,869 |
|
Redeemed |
|
| (5,006,649 | ) |
| (7,257,727 | ) |
| (315,321 | ) |
| (1,941,501 | ) |
Increase (decrease) |
|
| (2,364,789 | ) |
| (2,012,498 | ) |
| 1,082,730 |
|
| 5,667,037 |
|
|
|
|
| 22 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2013
(6) Capital Loss Carryforward
For the period subsequent to October 31, 2012 through the fiscal year ended December 31, 2012, the following Funds incurred net capital losses, and/or Section 988 currency losses which each Fund intends to treat as having been incurred in the following fiscal year:
|
|
|
|
|
|
|
| Amount |
|
Core Equity Fund |
| $ | 57,250 |
|
Small Companies Fund |
|
| 250,809 |
|
International Fund |
|
| 4,253,583 |
|
On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes were made effective for the Funds for the fiscal year ended December 31, 2011. One of the more prominent changes addresses capital loss carryforwards. Under the Act, each Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation. As of December 31, 2012, pre-enactment capital loss carryforwards for U.S. Federal income tax purposes for the Core Equity Fund are $10,839,789, which will expire as follows:
|
|
|
|
|
|
| Core |
| |
Year of expiration: |
|
|
|
|
2016 |
| $ | 2,269,706 |
|
2017 |
|
| 8,570,083 |
|
Total |
| $ | 10,839,789 |
|
|
|
|
| 23 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2013
The following Fund’s capital loss carryforwards do not expire.
|
|
|
|
|
|
| Core |
| |
Short-Term Capital Loss Carryforward |
| $ | 2,623,181 |
|
The Fund in the above table may offset future capital gains with these capital loss carryforwards.
The following capital loss carryforwards were utilized at December 31, 2012, for U.S. Federal income tax purposes:
|
|
|
|
|
|
| Amount |
| |
Core Equity Fund |
| $ | 3,110,304 |
|
Tax-Exempt Bond Fund |
|
| 8,301,181 |
|
International Fund |
|
| 1,559,480 |
|
|
|
(7) | Expenses and Related-Party Transactions |
The Trust has a contract for investment advisory services with the Adviser. Under terms of separate agreements, Clearwater Core Equity Fund, Clearwater Small Companies Fund, Clearwater Tax-Exempt Bond Fund and Clearwater International Fund pay a fee equal to an annual rate of 0.90%, 1.35%, 0.60% and 1.00%, respectively, of each Fund’s average daily net assets. The Adviser is responsible for the payment or reimbursement of all the Funds’ expenses, except brokerage, taxes, interest, and extraordinary expenses. The Adviser has periodically reduced its management fee for each of the Funds through voluntary waivers. Effective March 15, 2013, the voluntary waivers for the Core Equity Fund, Small Companies Fund and the Tax-Exempt Fund were increased to 0.40%, 0.41%, and 0.27%, respectively; while the International Fund was decreased to 0.33%. As of June 30, 2013, the management fees paid by the Core Equity, Small Companies, Tax-Exempt Bond and International Funds net of voluntary waivers are 0.51%, 0.96%, 0.34%, and 0.64%, respectively. As of June 30, 2013, the management fees in place, net of voluntary waivers, for the Core Equity, Small Companies, Tax-Exempt Bond, and International Funds are 0.50%, 0.94%, 0.33%, and 0.67%, respectively. The Adviser currently intends to continue these voluntary waivers indefinitely. However, the Adviser may terminate these voluntary arrangements 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 any acquired funds in which they invest, such as short-term investments in mutual funds and investments in closed-end funds. Such indirect expenses are not included in any of the reported expense ratios.
The Adviser has entered into subadvisory contracts with independent investment advisory firms for each Fund to provide daily investment management services. The subadvisory fees are based on each subadviser’s proportional net assets it currently manage s within each Fund and are paid directly by the Adviser.
The subadvisory fee for the Clearwater Core Equity Fund, payable to Parametric, Heartland and Osterweis, is equal to an annual rate of 0.15% of the portion of net assets managed, an annual rate of 0.65% of the portion of net assets managed and an annual rate of 0.75% of the portion of net assets managed, respectively. The subadvisory fee payable to Knightsbridge is equal to a fee schedule based on an annual rate of 0.75% on the first
|
|
|
| 24 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2013
$20 million of the portion of net assets managed, decreasing to 0.50% of the portion of net assets managed in excess of $20 million.
The subadvisory fee for the Clearwater Small Companies Fund, payable to Kennedy, is equal to a fee schedule based on an annual rate of 0.85% on the first $50 million of the portion of net assets managed, decreasing to 0.80% of the portion of net assets managed in excess of $50 million. The subadvisory fee payable to Keeley is equal to a fee schedule based on an annual rate of 1.00% on the first $2 million of the portion of net assets managed, decreasing to 0.85% on the next $8 million of the portion of net assets managed, and further decreasing to 0.70% of the portion of net assets managed in excess of $10 million.
The subadvisory fee for the Clearwater Tax-Exempt Bond Fund, payable to Sit, is equal to a fee schedule based on an annual rate of 0.40% on the first $20 million in net assets managed, decreasing to 0.30% on the next $30 million of the portion of net assets managed, decreasing to 0.25% on the next $25 million of the portion of net assets managed, and further decreasing to 0.20% of net assets managed in excess of $75 million.
The subadvisory fee for the Clearwater International Fund, payable to Parametric, is equal to an annual rate of 0.15% of the portion of net assets managed. The subadvisory fee payable to Artisan Partners is equal to a fee schedule based on an annual rate of 0.80% on the first $50 million of the portion of net assets managed, decreasing to 0.60% on the next $50 million of the portion of net assets managed, and further decreasing to 0.50% of the portion of net assets managed in excess of $100 million. The subadvisory fee payable to Denver is equal to a fee schedule based on an annual rate of 1.25% on the first $10 million of the portion of net assets managed, decreasing to 0.85% of the portion of net assets managed in excess of $10 million. The subadvisory fee payable to WCM is equal to an annual rate of 0.80% of the portion of net assets managed. The subadvisory fee payable to Templeton is equal to a fee schedule based on an annual rate of 0.95% on the first $25 million of the portion of net assets managed, decreasing to 0.85% on the next $25 million of the portion of net assets managed, decreasing to 0.75% on the next $50 million of the portion of net assets managed, decreasing to 0.65% on the next $150 million of the portion of net assets managed, decreasing to 0.55% on the next $250 million of the net assets managed and further decreasing to 0.50% of the portion of net assets managed in excess of $500 million.
The Adviser has also engaged FCI as a subadviser for each Fund. FCI regularly provides the Funds with various investment-related services, including investment strategy advice, manager recommendations and related duties as requested by the Adviser. FCI also provides certain services related to due diligence, performance reporting, compliance, and other administrative functions, which support the investment management services and subadviser oversight services provided to the Trust by the Adviser. For its services, FCI is compensated with a subadvisory fee payable by the Adviser of 0.20% of each Fund’s net assets, paid on a quarterly basis. FCI is compensated out of the investment advisory fees the Adviser receives from the respective Funds. FCI has agreed to waive the difference between the amount calculated under the subadvisory fee schedule and an amount determined by multiplying the total number of hours worked by FCI in providing services under the subadvisory agreement by an hourly rate that is approved by the Adviser. The effect of this waiver agreement is that fees paid to FCI under the subadvisory agreement would approximate the fees previously paid to FCI under a consulting agreement previously in effect between the Adviser and FCI.
|
|
|
| 25 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2013
|
|
(8) | Derivative 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 (c). In December 2011, the FASB issued ASU 2011-11, to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting arrangements on the Statements of Assets and Liabilities.
Below are the types of derivatives in the International Fund by location as presented in the Statements of Assets and Liabilities as of June 30, 2013, with additional detail on the net amounts impacting the Statements of Assets and Liabilities. The forward foreign currency exchange contracts presented herein and within the financial statements are not subject to master netting agreements or other similar agreements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
|
Derivative Type |
| Statements of Assets and |
| Value |
| Statements of Assets and |
| Value |
| Net Amounts of |
| Counterparty | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward foreign currency exchange contracts |
| Unrealized appreciation on forward foreign currency exchange contracts |
| $ | 227,813 |
| Unrealized depreciation on forward foreign currency exchange contracts |
| $ | 9,651 |
| $ | 218,162 |
| Bank of America, Barclays, Citibank, Deutsche Bank, Morgan Stanley, Northern Trust, State Street |
The following tables set forth by primary risk exposure the International Fund’s net realized gain (loss) and net increase (decrease) in appreciation/depreciation on forward foreign currency exchange contracts for the six months ended June 30, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Type |
| Statements of |
| Value |
| Derivative Type |
| Statements of Operations |
| Value | ||
Forward foreign currency exchange contracts |
| Net realized gain on forward foreign currency exchange contracts |
| $ | 746,136 |
| Forward foreign currency exchange contracts |
| Net increase in depreciation on forward foreign currency exchange contracts |
| $ | (120,329) |
|
|
|
| 26 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2013
Derivative transactions are measured in terms of the notional amount. The following table presents, for the International Fund, the number of transactions and weighted average notional amounts, which is indicative of the volume of derivative activity, for the six months ended June 30, 2013.
|
|
|
|
|
Forward Foreign Currency |
| |||
Number of |
| Weighted |
| |
1,435 |
| $ | 820,718 |
|
|
|
(9) | Subsequent Events |
Management has evaluated subsequent events relating to the Funds through the date the financial statements were available to be issued, and has concluded there are no such events or transactions requiring financial statement disclosure and/or adjustments to the financial statements.
|
|
|
| 27 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Common Stocks: |
|
|
|
|
|
|
|
|
|
| |||
| Consumer Discretionary: |
|
|
|
|
|
|
|
|
|
| ||
| 2,300 |
| ABERCROMBIE & FITCH CO., CLASS A |
| $ | 50,218 |
|
| 104,075 |
|
|
|
|
| 1,500 |
| ADVANCE AUTO PARTS, INC. |
|
| 53,558 |
|
| 121,755 |
|
|
|
|
| 6,250 |
| AMAZON.COM, INC.(b) |
|
| 301,066 |
|
| 1,735,562 |
|
|
|
|
| 1,600 |
| AMC NETWORKS, INC., CLASS A(b) |
|
| 25,785 |
|
| 104,656 |
|
|
|
|
| 3,300 |
| AMERICAN EAGLE OUTFITTERS, INC. |
|
| 33,099 |
|
| 60,258 |
|
|
|
|
| 1,600 |
| AUTOLIV, INC.(c) |
|
| 44,874 |
|
| 123,824 |
|
|
|
|
| 500 |
| AUTOZONE, INC.(b) |
|
| 32,038 |
|
| 211,845 |
|
|
|
|
| 23,295 |
| BED BATH & BEYOND, INC.(b) |
|
| 1,200,112 |
|
| 1,651,616 |
|
|
|
|
| 2,800 |
| BEST BUY CO., INC. |
|
| 72,548 |
|
| 76,524 |
|
|
|
|
| 1,400 |
| BIG LOTS, INC.(b) |
|
| 15,477 |
|
| 44,142 |
|
|
|
|
| 2,200 |
| BORGWARNER, INC.(b) |
|
| 51,799 |
|
| 189,530 |
|
|
|
|
| 750 |
| BRINKER INTERNATIONAL, INC. |
|
| 10,084 |
|
| 29,572 |
|
|
|
|
| 1,700 |
| CABLEVISION SYSTEMS CORP., CLASS A |
|
| 15,956 |
|
| 28,594 |
|
|
|
|
| 4,168 |
| CARMAX, INC.(b) |
|
| 50,984 |
|
| 192,395 |
|
|
|
|
| 2,700 |
| CARNIVAL CORP. |
|
| 80,824 |
|
| 92,583 |
|
|
|
|
| 7,343 |
| CBS CORP., CLASS B (NON VOTING) |
|
| 103,889 |
|
| 358,852 |
|
|
|
|
| 600 |
| CHARTER COMMUNICATIONS, INC., CLASS A(b) |
|
| 30,036 |
|
| 74,310 |
|
|
|
|
| 600 |
| CHICO’S FAS, INC. |
|
| 5,619 |
|
| 10,236 |
|
|
|
|
| 300 |
| CHIPOTLE MEXICAN GRILL, INC.(b) |
|
| 89,324 |
|
| 109,305 |
|
|
|
|
| 68,820 |
| CINEMARK HOLDINGS, INC. |
|
| 1,340,356 |
|
| 1,921,454 |
|
|
|
|
| 18,500 |
| CLEAR CHANNEL OUTDOOR HOLDINGS, INC., CLASS A(b) |
|
| 72,792 |
|
| 138,010 |
|
|
|
|
| 5,000 |
| COACH, INC. |
|
| 19,161 |
|
| 285,450 |
|
|
|
|
| 40,800 |
| COMCAST CORP., CLASS A |
|
| 737,119 |
|
| 1,708,704 |
|
|
|
|
| 1,345 |
| CST BRANDS, INC.(b) |
|
| 11,311 |
|
| 41,439 |
|
|
|
|
| 20,518 |
| DARDEN RESTAURANTS, INC. |
|
| 900,430 |
|
| 1,035,749 |
|
|
|
|
| 500 |
| DELPHI AUTOMOTIVE PLC(c) |
|
| 25,615 |
|
| 25,345 |
|
|
|
|
| 2,400 |
| DEVRY, INC. |
|
| 44,808 |
|
| 74,448 |
|
|
|
|
| 1,500 |
| DICK’S SPORTING GOODS, INC. |
|
| 24,802 |
|
| 75,090 |
|
|
|
|
| 35,976 |
| DIRECTV(b) |
|
| 1,378,627 |
|
| 2,216,841 |
|
|
|
|
| 3,800 |
| DISCOVERY COMMUNICATIONS, INC., CLASS A(b) |
|
| 236,256 |
|
| 293,398 |
|
|
|
|
| 800 |
| DOLLAR GENERAL CORP.(b) |
|
| 34,400 |
|
| 40,344 |
|
|
|
|
| 6,700 |
| DOLLAR TREE, INC.(b) |
|
| 61,517 |
|
| 340,628 |
|
|
|
|
| 4,600 |
| DR HORTON, INC. |
|
| 22,057 |
|
| 97,888 |
|
|
|
|
| 710 |
| EXPEDIA, INC. |
|
| 10,883 |
|
| 42,706 |
|
|
|
|
| 500 |
| FAMILY DOLLAR STORES, INC. |
|
| 12,652 |
|
| 31,155 |
|
|
|
|
| 3,000 |
| FOOT LOCKER, INC. |
|
| 40,393 |
|
| 105,390 |
|
|
|
|
| 54,163 |
| FORD MOTOR CO. |
|
| 279,997 |
|
| 837,902 |
|
|
|
|
| 400 |
| FOSSIL GROUP, INC.(b) |
|
| 38,886 |
|
| 41,324 |
|
|
|
|
| 4,600 |
| GAMESTOP CORP., CLASS A |
|
| 34,643 |
|
| 193,338 |
|
|
|
|
| 5,700 |
| GANNETT CO., INC. |
|
| 51,199 |
|
| 139,422 |
|
|
|
|
| 4,100 |
| GAP (THE), INC. |
|
| 58,946 |
|
| 171,093 |
|
|
|
|
| 2,200 |
| GARMIN LTD.(c) |
|
| 40,557 |
|
| 79,552 |
|
|
|
|
| 9,400 |
| GENERAL MOTORS CO.(b) |
|
| 246,196 |
|
| 313,114 |
|
|
|
|
| 7,500 |
| GENTEX CORP. |
|
| 106,860 |
|
| 172,875 |
|
|
|
|
| 3,450 |
| GENUINE PARTS CO. |
|
| 102,424 |
|
| 269,342 |
|
|
|
|
| 1,900 |
| GOODYEAR TIRE & RUBBER (THE) CO.(b) |
|
| 26,258 |
|
| 29,051 |
|
|
|
|
| 25,800 |
| GROUPON, INC.(b) |
|
| 198,276 |
|
| 219,300 |
|
|
|
|
| 22,586 |
| GUESS?, INC. |
|
| 586,234 |
|
| 700,844 |
|
|
|
|
| 166,500 |
| H&R BLOCK, INC. |
|
| 2,380,408 |
|
| 4,620,375 |
|
|
|
|
| 500 |
| HANESBRANDS, INC. |
|
| 10,750 |
|
| 25,710 |
|
|
|
|
| 6,750 |
| HARLEY-DAVIDSON, INC. |
|
| 39,547 |
|
| 370,035 |
|
|
|
|
| 30,202 |
| HARMAN INTERNATIONAL INDUSTRIES, INC. |
|
| 1,199,358 |
|
| 1,636,948 |
|
|
|
|
| 400 |
| HASBRO, INC. |
|
| 10,206 |
|
| 17,932 |
|
|
|
|
| 29,825 |
| HOME DEPOT (THE), INC. |
|
| 19,452 |
|
| 2,310,543 |
|
|
|
|
| 2,200 |
| INTERNATIONAL GAME TECHNOLOGY |
|
| 31,196 |
|
| 36,762 |
|
|
|
|
| 15,600 |
| INTERPUBLIC GROUP OF (THE) COS., INC. |
|
| 40,950 |
|
| 226,980 |
|
|
|
|
| 2,100 |
| JARDEN CORP.(b) |
|
| 25,277 |
|
| 91,875 |
|
|
|
|
| 47,858 |
| JOHNSON CONTROLS, INC. |
|
| 1,223,072 |
|
| 1,712,838 |
|
|
|
|
| 25,875 |
| KOHL’S CORP. |
|
| 923,940 |
|
| 1,306,946 |
|
|
|
|
| 6,190 |
| L BRANDS, INC. |
|
| 70,745 |
|
| 304,857 |
|
|
|
|
| 4,200 |
| LAMAR ADVERTISING CO., CLASS A(b) |
|
| 55,664 |
|
| 182,280 |
|
|
|
|
| 6,238 |
| LAS VEGAS SANDS CORP. |
|
| 189,837 |
|
| 330,177 |
|
|
|
|
| 3,000 |
| LEAR CORP. |
|
| 128,814 |
|
| 181,380 |
|
|
|
|
| 2,900 |
| LENNAR CORP., CLASS A |
|
| 38,266 |
|
| 104,516 |
|
|
|
|
| 6,833 |
| LIBERTY GLOBAL PLC, SERIES A(b)(c) |
|
| 124,888 |
|
| 506,174 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 28 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Consumer Discretionary (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 771 |
| LIBERTY GLOBAL PLC, SERIES C(b)(c) |
| $ | 15,065 |
|
| 52,357 |
|
|
|
|
| 88,880 |
| LIBERTY INTERACTIVE CORP., CLASS A(b) |
|
| 1,551,796 |
|
| 2,045,129 |
|
|
|
|
| 5,032 |
| LIBERTY MEDIA CORP., CLASS A(b) |
|
| 26,604 |
|
| 637,856 |
|
|
|
|
| 790 |
| LIBERTY VENTURES, SERIES A(b) |
|
| 23,580 |
|
| 67,158 |
|
|
|
|
| 2,000 |
| LKQ CORP.(b) |
|
| 24,950 |
|
| 51,500 |
|
|
|
|
| 17,400 |
| LOWE’S COS., INC. |
|
| 483,438 |
|
| 711,660 |
|
|
|
|
| 5,000 |
| MACY’S, INC. |
|
| 81,374 |
|
| 240,000 |
|
|
|
|
| 600 |
| MADISON SQUARE GARDEN (THE) CO., CLASS A(b) |
|
| 33,576 |
|
| 35,550 |
|
|
|
|
| 66,130 |
| MARKS & SPENCER GROUP PLC ADR(c)(d) |
|
| 772,476 |
|
| 865,642 |
|
|
|
|
| 4,969 |
| MARRIOTT INTERNATIONAL, INC., CLASS A |
|
| 60,013 |
|
| 200,599 |
|
|
|
|
| 75,496 |
| MARRIOTT VACATIONS WORLDWIDE CORP.(b) |
|
| 1,321,371 |
|
| 3,264,447 |
|
|
|
|
| 4,200 |
| MATTEL, INC. |
|
| 75,213 |
|
| 190,302 |
|
|
|
|
| 17,302 |
| MCDONALD’S CORP. |
|
| 470,052 |
|
| 1,712,898 |
|
|
|
|
| 6,600 |
| MGM RESORTS INTERNATIONAL(b) |
|
| 54,922 |
|
| 97,548 |
|
|
|
|
| 1,900 |
| MICHAEL KORS HOLDINGS LTD.(b)(c) |
|
| 112,956 |
|
| 117,838 |
|
|
|
|
| 600 |
| MOHAWK INDUSTRIES, INC.(b) |
|
| 26,796 |
|
| 67,494 |
|
|
|
|
| 1,400 |
| MORNINGSTAR, INC. |
|
| 57,577 |
|
| 108,612 |
|
|
|
|
| 800 |
| NETFLIX, INC.(b) |
|
| 47,728 |
|
| 168,872 |
|
|
|
|
| 2,200 |
| NEWELL RUBBERMAID, INC. |
|
| 26,950 |
|
| 57,750 |
|
|
|
|
| 28,700 |
| NEWS CORP., CLASS A |
|
| 308,077 |
|
| 935,620 |
|
|
|
|
| 12,500 |
| NIKE, INC., CLASS B |
|
| 309,382 |
|
| 796,000 |
|
|
|
|
| 4,300 |
| NORDSTROM, INC. |
|
| 45,233 |
|
| 257,742 |
|
|
|
|
| 100 |
| NVR, INC.(b) |
|
| 51,542 |
|
| 92,200 |
|
|
|
|
| 2,695 |
| OMNICOM GROUP, INC. |
|
| 78,532 |
|
| 169,435 |
|
|
|
|
| 2,300 |
| O’REILLY AUTOMOTIVE, INC.(b) |
|
| 69,868 |
|
| 259,026 |
|
|
|
|
| 1,500 |
| PANERA BREAD CO., CLASS A(b) |
|
| 69,668 |
|
| 278,910 |
|
|
|
|
| 500 |
| PENN NATIONAL GAMING, INC.(b) |
|
| 25,475 |
|
| 26,430 |
|
|
|
|
| 2,600 |
| PETSMART, INC. |
|
| 55,966 |
|
| 174,174 |
|
|
|
|
| 800 |
| PRICELINE.COM, INC.(b) |
|
| 194,799 |
|
| 661,704 |
|
|
|
|
| 14,100 |
| PULTEGROUP, INC.(b) |
|
| 58,797 |
|
| 267,477 |
|
|
|
|
| 600 |
| PVH CORP. |
|
| 22,503 |
|
| 75,030 |
|
|
|
|
| 1,500 |
| RALPH LAUREN CORP. |
|
| 31,320 |
|
| 260,610 |
|
|
|
|
| 3,000 |
| REGAL ENTERTAINMENT GROUP, CLASS A |
|
| 28,342 |
|
| 53,700 |
|
|
|
|
| 4,600 |
| ROSS STORES, INC. |
|
| 36,395 |
|
| 298,126 |
|
|
|
|
| 49,073 |
| ROYAL CARIBBEAN CRUISES LTD. |
|
| 1,558,544 |
|
| 1,636,094 |
|
|
|
|
| 600 |
| SCRIPPS NETWORKS INTERACTIVE, INC., CLASS A |
|
| 21,337 |
|
| 40,056 |
|
|
|
|
| 600 |
| SEARS HOLDINGS CORP.(b) |
|
| 24,822 |
|
| 25,248 |
|
|
|
|
| 10,400 |
| SERVICE CORP. INTERNATIONAL |
|
| 74,152 |
|
| 187,512 |
|
|
|
|
| 2,600 |
| SIGNET JEWELERS LTD.(c) |
|
| 52,469 |
|
| 175,318 |
|
|
|
|
| 38,500 |
| SIRIUS XM RADIO, INC. |
|
| 106,710 |
|
| 128,975 |
|
|
|
|
| 3,900 |
| STAPLES, INC. |
|
| 51,251 |
|
| 61,854 |
|
|
|
|
| 14,250 |
| STARBUCKS CORP. |
|
| 182,045 |
|
| 933,232 |
|
|
|
|
| 1,110 |
| STARWOOD HOTELS & RESORTS |
|
| 37,885 |
|
| 70,141 |
|
|
|
|
| 5,032 |
| STARZ, CLASS A(b) |
|
| 3,469 |
|
| 111,207 |
|
|
|
|
| 12,200 |
| TARGET CORP. |
|
| 353,659 |
|
| 840,092 |
|
|
|
|
| 1,000 |
| TEMPUR SEALY INTERNATIONAL, INC.(b) |
|
| 31,500 |
|
| 43,900 |
|
|
|
|
| 2,700 |
| TESLA MOTORS, INC.(b) |
|
| 209,538 |
|
| 290,061 |
|
|
|
|
| 6,200 |
| THOMSON REUTERS CORP. |
|
| 178,087 |
|
| 201,934 |
|
|
|
|
| 1,900 |
| THOR INDUSTRIES, INC. |
|
| 22,316 |
|
| 93,442 |
|
|
|
|
| 4,200 |
| TIFFANY & CO. |
|
| 122,192 |
|
| 305,928 |
|
|
|
|
| 5,979 |
| TIME WARNER CABLE, INC. |
|
| 194,384 |
|
| 672,518 |
|
|
|
|
| 21,033 |
| TIME WARNER, INC. |
|
| 476,695 |
|
| 1,216,128 |
|
|
|
|
| 10,694 |
| TJX COS., INC. |
|
| 113,021 |
|
| 535,342 |
|
|
|
|
| 500 |
| TRACTOR SUPPLY CO. |
|
| 51,070 |
|
| 58,805 |
|
|
|
|
| 2,210 |
| TRIPADVISOR, INC.(b) |
|
| 42,908 |
|
| 134,523 |
|
|
|
|
| 2,800 |
| TRW AUTOMOTIVE HOLDINGS CORP.(b) |
|
| 87,856 |
|
| 186,032 |
|
|
|
|
| 500 |
| UNDER ARMOUR, INC., CLASS A(b) |
|
| 23,330 |
|
| 29,855 |
|
|
|
|
| 2,127 |
| URBAN OUTFITTERS, INC.(b) |
|
| 37,857 |
|
| 85,548 |
|
|
|
|
| 1,700 |
| VF CORP. |
|
| 87,065 |
|
| 328,202 |
|
|
|
|
| 43,792 |
| VIACOM, INC., CLASS B |
|
| 1,892,513 |
|
| 2,980,046 |
|
|
|
|
| 800 |
| VISTEON CORP.(b) |
|
| 33,968 |
|
| 50,496 |
|
|
|
|
| 29,960 |
| WALT DISNEY (THE) CO. |
|
| 587,935 |
|
| 1,891,974 |
|
|
|
|
| 2,300 |
| WHIRLPOOL CORP. |
|
| 98,184 |
|
| 263,028 |
|
|
|
|
| 5,475 |
| WYNDHAM WORLDWIDE CORP. |
|
| 24,501 |
|
| 313,334 |
|
|
|
|
| 1,600 |
| WYNN RESORTS LTD. |
|
| 30,206 |
|
| 204,800 |
|
|
|
|
| 9,016 |
| YUM! BRANDS, INC. |
|
| 78,831 |
|
| 625,169 |
|
|
|
|
|
|
|
|
|
| 29,065,951 |
|
| 60,947,348 |
|
| 13.18% |
|
|
|
|
See accompanying notes to the financial statements. | 29 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Consumer Staples: |
|
|
|
|
|
|
|
|
|
| |||
| 31,900 |
| ALTRIA GROUP, INC. |
| $ | 195,711 |
|
| 1,116,181 |
|
|
|
|
| 54,816 |
| ARCHER-DANIELS-MIDLAND CO. |
|
| 1,526,582 |
|
| 1,858,811 |
|
|
|
|
| 4,300 |
| BEAM, INC. |
|
| 115,443 |
|
| 271,373 |
|
|
|
|
| 2,916 |
| BROWN-FORMAN CORP., CLASS B |
|
| 57,343 |
|
| 196,976 |
|
|
|
|
| 23,605 |
| BUNGE LTD. |
|
| 1,518,691 |
|
| 1,670,526 |
|
|
|
|
| 600 |
| CAMPBELL SOUP CO. |
|
| 24,702 |
|
| 26,874 |
|
|
|
|
| 4,000 |
| CHURCH & DWIGHT CO., INC. |
|
| 100,310 |
|
| 246,840 |
|
|
|
|
| 3,000 |
| CLOROX (THE) CO. |
|
| 154,515 |
|
| 249,420 |
|
|
|
|
| 67,781 |
| COCA-COLA (THE) CO. |
|
| 1,113,200 |
|
| 2,718,696 |
|
|
|
|
| 2,300 |
| COCA-COLA ENTERPRISES, INC. |
|
| 39,663 |
|
| 80,868 |
|
|
|
|
| 16,980 |
| COLGATE-PALMOLIVE CO. |
|
| 539,355 |
|
| 972,784 |
|
|
|
|
| 4,500 |
| CONAGRA FOODS, INC. |
|
| 109,982 |
|
| 157,185 |
|
|
|
|
| 4,600 |
| CONSTELLATION BRANDS, INC., CLASS A(b) |
|
| 63,227 |
|
| 239,752 |
|
|
|
|
| 7,800 |
| COSTCO WHOLESALE CORP. |
|
| 237,671 |
|
| 862,446 |
|
|
|
|
| 470 |
| CRIMSON WINE GROUP LTD.(b) |
|
| 2,671 |
|
| 4,002 |
|
|
|
|
| 19,425 |
| CVS CAREMARK CORP. |
|
| 737,241 |
|
| 1,110,721 |
|
|
|
|
| 1,500 |
| DEAN FOODS CO.(b) |
|
| 12,421 |
|
| 15,030 |
|
|
|
|
| 16,185 |
| DIAGEO PLC ADR(c)(d) |
|
| 1,214,077 |
|
| 1,860,466 |
|
|
|
|
| 6,000 |
| DR PEPPER SNAPPLE GROUP, INC. |
|
| 125,060 |
|
| 275,580 |
|
|
|
|
| 697 |
| ENERGIZER HOLDINGS, INC. |
|
| 45,379 |
|
| 70,055 |
|
|
|
|
| 3,734 |
| ESTEE LAUDER (THE) COS., INC., CLASS A |
|
| 70,943 |
|
| 245,585 |
|
|
|
|
| 2,700 |
| FLOWERS FOODS, INC. |
|
| 25,434 |
|
| 59,535 |
|
|
|
|
| 23,000 |
| FRESH DEL MONTE PRODUCE, INC. |
|
| 619,408 |
|
| 641,240 |
|
|
|
|
| 12,400 |
| GENERAL MILLS, INC. |
|
| 277,056 |
|
| 601,772 |
|
|
|
|
| 5,800 |
| GREEN MOUNTAIN COFFEE ROASTERS, INC.(b) |
|
| 122,296 |
|
| 435,348 |
|
|
|
|
| 3,800 |
| HERBALIFE LTD.(c) |
|
| 52,204 |
|
| 171,532 |
|
|
|
|
| 2,342 |
| HERSHEY (THE) CO. |
|
| 112,137 |
|
| 209,094 |
|
|
|
|
| 800 |
| HILLSHIRE BRANDS CO. |
|
| 23,592 |
|
| 26,464 |
|
|
|
|
| 2,400 |
| HORMEL FOODS CORP. |
|
| 43,206 |
|
| 92,592 |
|
|
|
|
| 1,700 |
| INGREDION, INC. |
|
| 48,103 |
|
| 111,554 |
|
|
|
|
| 1,600 |
| JM SMUCKER (THE) CO. |
|
| 64,617 |
|
| 165,040 |
|
|
|
|
| 2,300 |
| KELLOGG CO. |
|
| 130,539 |
|
| 147,729 |
|
|
|
|
| 5,550 |
| KIMBERLY-CLARK CORP. |
|
| 410,821 |
|
| 539,127 |
|
|
|
|
| 9,679 |
| KRAFT FOODS GROUP, INC. |
|
| 201,146 |
|
| 540,766 |
|
|
|
|
| 13,400 |
| KROGER (THE) CO. |
|
| 228,089 |
|
| 462,836 |
|
|
|
|
| 5,322 |
| LORILLARD, INC. |
|
| 80,950 |
|
| 232,465 |
|
|
|
|
| 1,200 |
| MCCORMICK & CO., INC. (NON VOTING) |
|
| 50,951 |
|
| 84,432 |
|
|
|
|
| 2,200 |
| MEAD JOHNSON NUTRITION CO. |
|
| 103,422 |
|
| 174,306 |
|
|
|
|
| 1,800 |
| MOLSON COORS BREWING CO., CLASS B | �� |
| 54,437 |
|
| 86,148 |
|
|
|
|
| 29,538 |
| MONDELEZ INTERNATIONAL, INC., CLASS A |
|
| 371,129 |
|
| 842,719 |
|
|
|
|
| 2,200 |
| MONSTER BEVERAGE CORP.(b) |
|
| 80,569 |
|
| 133,694 |
|
|
|
|
| 700 |
| NU SKIN ENTERPRISES, INC., CLASS A |
|
| 27,650 |
|
| 42,784 |
|
|
|
|
| 27,891 |
| PEPSICO, INC. |
|
| 1,058,802 |
|
| 2,281,205 |
|
|
|
|
| 30,132 |
| PHILIP MORRIS INTERNATIONAL, INC. |
|
| 261,758 |
|
| 2,610,034 |
|
|
|
|
| 200 |
| POST HOLDINGS, INC.(b) |
|
| 4,616 |
|
| 8,732 |
|
|
|
|
| 47,360 |
| PROCTER & GAMBLE (THE) CO. |
|
| 823,796 |
|
| 3,646,246 |
|
|
|
|
| 4,200 |
| REYNOLDS AMERICAN, INC. |
|
| 79,844 |
|
| 203,154 |
|
|
|
|
| 1,600 |
| SAFEWAY, INC. |
|
| 28,960 |
|
| 37,856 |
|
|
|
|
| 4,200 |
| SMITHFIELD FOODS, INC.(b) |
|
| 78,183 |
|
| 137,550 |
|
|
|
|
| 8,700 |
| SYSCO CORP. |
|
| 145,736 |
|
| 297,192 |
|
|
|
|
| 6,010 |
| TYSON FOODS, INC., CLASS A |
|
| 53,610 |
|
| 154,337 |
|
|
|
|
| 48,000 |
| UNILEVER N.V. (REGISTERED)(c) |
|
| 1,454,959 |
|
| 1,886,880 |
|
|
|
|
| 20,150 |
| WALGREEN CO. |
|
| 231,445 |
|
| 890,630 |
|
|
|
|
| 27,323 |
| WAL-MART STORES, INC. |
|
| 1,284,153 |
|
| 2,035,290 |
|
|
|
|
| 383 |
| WHITEWAVE FOODS CO., CLASS A(b) |
|
| 5,749 |
|
| 6,224 |
|
|
|
|
| 545 |
| WHITEWAVE FOODS CO., CLASS B(b) |
|
| 7,992 |
|
| 8,284 |
|
|
|
|
| 8,800 |
| WHOLE FOODS MARKET, INC. |
|
| 116,393 |
|
| 453,024 |
|
|
|
|
|
|
|
|
|
| 16,767,939 |
|
| 34,707,986 |
|
| 7.51% |
|
Energy: |
|
|
|
|
|
|
|
|
|
| |||
| 9,446 |
| ANADARKO PETROLEUM CORP. |
|
| 319,802 |
|
| 811,695 |
|
|
|
|
| 3,300 |
| APACHE CORP. |
|
| 274,354 |
|
| 276,639 |
|
|
|
|
| 1,700 |
| ATWOOD OCEANICS, INC.(b) |
|
| 51,221 |
|
| 88,485 |
|
|
|
|
| 4,700 |
| BAKER HUGHES, INC. |
|
| 200,906 |
|
| 216,811 |
|
|
|
|
| 62,000 |
| BP PLC ADR(c)(d) |
|
| 2,753,380 |
|
| 2,587,880 |
|
|
|
|
| 2,000 |
| CABOT OIL & GAS CORP. |
|
| 94,617 |
|
| 142,040 |
|
|
|
|
| 4,800 |
| CAMERON INTERNATIONAL CORP.(b) |
|
| 124,988 |
|
| 293,568 |
|
|
|
|
| 2,700 |
| CHENIERE ENERGY, INC.(b) |
|
| 75,366 |
|
| 74,952 |
|
|
|
|
| 128,100 |
| CHESAPEAKE ENERGY CORP. |
|
| 2,300,610 |
|
| 2,610,678 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 30 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Energy (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 33,595 |
| CHEVRON CORP. |
| $ | 1,471,891 |
|
| 3,975,632 |
|
|
|
|
| 400 |
| CIMAREX ENERGY CO. |
|
| 24,076 |
|
| 25,996 |
|
|
|
|
| 7,200 |
| COBALT INTERNATIONAL ENERGY, INC.(b) |
|
| 63,000 |
|
| 191,304 |
|
|
|
|
| 1,700 |
| CONCHO RESOURCES, INC.(b) |
|
| 49,632 |
|
| 142,324 |
|
|
|
|
| 25,444 |
| CONOCOPHILLIPS |
|
| 460,670 |
|
| 1,539,362 |
|
|
|
|
| 4,531 |
| CONSOL ENERGY, INC. |
|
| 118,221 |
|
| 122,790 |
|
|
|
|
| 1,000 |
| CONTINENTAL RESOURCES, INC.(b) |
|
| 20,765 |
|
| 86,060 |
|
|
|
|
| 37,455 |
| COSAN LTD., CLASS A(c) |
|
| 519,427 |
|
| 605,273 |
|
|
|
|
| 9,300 |
| DENBURY RESOURCES, INC.(b) |
|
| 88,950 |
|
| 161,076 |
|
|
|
|
| 30,703 |
| DEVON ENERGY CORP. |
|
| 1,933,690 |
|
| 1,592,872 |
|
|
|
|
| 3,000 |
| DRESSER-RAND GROUP, INC.(b) |
|
| 98,595 |
|
| 179,940 |
|
|
|
|
| 20,283 |
| ENSCO PLC, CLASS A(c) |
|
| 981,074 |
|
| 1,178,848 |
|
|
|
|
| 4,800 |
| EOG RESOURCES, INC. |
|
| 62,765 |
|
| 632,064 |
|
|
|
|
| 4,000 |
| EQT CORP. |
|
| 132,900 |
|
| 317,480 |
|
|
|
|
| 15,800 |
| EXCO RESOURCES, INC.(b) |
|
| 113,456 |
|
| 120,712 |
|
|
|
|
| 82,451 |
| EXXON MOBIL CORP. |
|
| 3,533,267 |
|
| 7,449,448 |
|
|
|
|
| 3,900 |
| FMC TECHNOLOGIES, INC.(b) |
|
| 97,950 |
|
| 217,152 |
|
|
|
|
| 14,958 |
| HALLIBURTON CO. |
|
| 295,103 |
|
| 624,048 |
|
|
|
|
| 3,100 |
| HELMERICH & PAYNE, INC. |
|
| 39,003 |
|
| 193,595 |
|
|
|
|
| 21,600 |
| HESS CORP. |
|
| 1,141,749 |
|
| 1,436,184 |
|
|
|
|
| 4,000 |
| HOLLYFRONTIER CORP. |
|
| 52,098 |
|
| 171,120 |
|
|
|
|
| 12,212 |
| KINDER MORGAN, INC. |
|
| 252,612 |
|
| 465,888 |
|
|
|
|
| 9,000 |
| KOSMOS ENERGY LTD.(b)(c) |
|
| 89,726 |
|
| 91,440 |
|
|
|
|
| 25,763 |
| MARATHON OIL CORP. |
|
| 565,442 |
|
| 890,884 |
|
|
|
|
| 4,000 |
| MARATHON PETROLEUM CORP. |
|
| 225,604 |
|
| 284,240 |
|
|
|
|
| 197,059 |
| MCDERMOTT INTERNATIONAL, INC.(b) |
|
| 2,220,239 |
|
| 1,611,943 |
|
|
|
|
| 2,400 |
| MURPHY OIL CORP. |
|
| 32,055 |
|
| 146,136 |
|
|
|
|
| 4,700 |
| NABORS INDUSTRIES LTD.(c) |
|
| 70,547 |
|
| 71,957 |
|
|
|
|
| 8,722 |
| NATIONAL OILWELL VARCO, INC. |
|
| 214,854 |
|
| 600,946 |
|
|
|
|
| 1,200 |
| NEWFIELD EXPLORATION CO.(b) |
|
| 27,012 |
|
| 28,668 |
|
|
|
|
| 8,400 |
| NOBLE ENERGY, INC. |
|
| 158,332 |
|
| 504,336 |
|
|
|
|
| 33,740 |
| OCCIDENTAL PETROLEUM CORP. |
|
| 1,546,726 |
|
| 3,010,620 |
|
|
|
|
| 2,500 |
| OCEANEERING INTERNATIONAL, INC. |
|
| 66,222 |
|
| 180,500 |
|
|
|
|
| 400 |
| OIL STATES INTERNATIONAL, INC.(b) |
|
| 30,712 |
|
| 37,056 |
|
|
|
|
| 2,500 |
| PATTERSON-UTI ENERGY, INC. |
|
| 46,600 |
|
| 48,387 |
|
|
|
|
| 3,000 |
| PEABODY ENERGY CORP. |
|
| 56,797 |
|
| 43,920 |
|
|
|
|
| 503,000 |
| PENGROWTH ENERGY CORP.(c) |
|
| 2,317,791 |
|
| 2,479,790 |
|
|
|
|
| 13,372 |
| PHILLIPS 66 |
|
| 156,993 |
|
| 787,744 |
|
|
|
|
| 3,200 |
| PIONEER NATURAL RESOURCES CO. |
|
| 48,507 |
|
| 463,200 |
|
|
|
|
| 2,900 |
| QEP RESOURCES, INC. |
|
| 87,812 |
|
| 80,562 |
|
|
|
|
| 1,200 |
| RANGE RESOURCES CORP. |
|
| 39,654 |
|
| 92,784 |
|
|
|
|
| 700 |
| ROWAN COS. PLC, CLASS A(b) |
|
| 23,660 |
|
| 23,849 |
|
|
|
|
| 36,800 |
| SANDRIDGE ENERGY, INC.(b) |
|
| 192,048 |
|
| 175,168 |
|
|
|
|
| 24,100 |
| SCHLUMBERGER LTD. |
|
| 848,876 |
|
| 1,727,006 |
|
|
|
|
| 1,100 |
| SM ENERGY CO. |
|
| 57,442 |
|
| 65,978 |
|
|
|
|
| 7,200 |
| SOUTHWESTERN ENERGY CO.(b) |
|
| 107,060 |
|
| 263,016 |
|
|
|
|
| 10,954 |
| SPECTRA ENERGY CORP. |
|
| 155,906 |
|
| 377,475 |
|
|
|
|
| 1,200 |
| TESORO CORP. |
|
| 24,660 |
|
| 62,784 |
|
|
|
|
| 34,186 |
| TIDEWATER, INC. |
|
| 1,683,476 |
|
| 1,947,576 |
|
|
|
|
| 12,110 |
| VALERO ENERGY CORP. |
|
| 119,502 |
|
| 421,065 |
|
|
|
|
| 2,600 |
| WHITING PETROLEUM CORP.(b) |
|
| 73,760 |
|
| 119,834 |
|
|
|
|
| 7,200 |
| WILLIAMS (THE) COS., INC. |
|
| 152,628 |
|
| 233,784 |
|
|
|
|
| 2,400 |
| WPX ENERGY, INC.(b) |
|
| 34,284 |
|
| 45,456 |
|
|
|
|
|
|
|
|
|
| 29,221,065 |
|
| 45,450,020 |
|
| 9.83% |
|
Financials: |
|
|
|
|
|
|
|
|
|
| |||
| 6,000 |
| ACE LTD.(c) |
|
| 317,873 |
|
| 536,880 |
|
|
|
|
| 1,100 |
| AFFILIATED MANAGERS GROUP, INC.(b) |
|
| 73,654 |
|
| 180,334 |
|
|
|
|
| 9,850 |
| AFLAC, INC. |
|
| 262,100 |
|
| 572,482 |
|
|
|
|
| 2,100 |
| ALEXANDRIA REAL ESTATE EQUITIES, INC. |
|
| 111,348 |
|
| 138,012 |
|
|
|
|
| 4,916 |
| ALLEGHANY CORP.(b) |
|
| 1,400,737 |
|
| 1,884,352 |
|
|
|
|
| 2,700 |
| ALLIED WORLD ASSURANCE CO. HOLDINGS A.G.(c) |
|
| 86,630 |
|
| 247,077 |
|
|
|
|
| 8,300 |
| ALLSTATE (THE) CORP. |
|
| 197,623 |
|
| 399,396 |
|
|
|
|
| 18,333 |
| AMERICAN EXPRESS CO. |
|
| 546,904 |
|
| 1,370,575 |
|
|
|
|
| 1,800 |
| AMERICAN FINANCIAL GROUP, INC. |
|
| 29,745 |
|
| 88,038 |
|
|
|
|
| 103,900 |
| AMERICAN INTERNATIONAL GROUP, INC.(b) |
|
| 3,012,281 |
|
| 4,644,330 |
|
|
|
|
| 22,580 |
| AMERICAN INTERNATIONAL GROUP, INC. |
|
| - |
|
| - |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 31 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Financials (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 5,150 |
| AMERICAN TOWER CORP. |
| $ | 287,787 |
|
| 376,826 |
|
|
|
|
| 5,191 |
| AMERIPRISE FINANCIAL, INC. |
|
| 160,907 |
|
| 419,848 |
|
|
|
|
| 14,300 |
| ANNALY CAPITAL MANAGEMENT, INC. |
|
| 201,964 |
|
| 179,751 |
|
|
|
|
| 4,748 |
| AON PLC(c) |
|
| 110,582 |
|
| 305,534 |
|
|
|
|
| 3,628 |
| APARTMENT INVESTMENT & MANAGEMENT CO., CLASS A |
|
| 39,421 |
|
| 108,985 |
|
|
|
|
| 4,800 |
| ARCH CAPITAL GROUP LTD.(b)(c) |
|
| 101,982 |
|
| 246,768 |
|
|
|
|
| 1,600 |
| ARTHUR J GALLAGHER & CO. |
|
| 34,040 |
|
| 69,904 |
|
|
|
|
| 2,500 |
| ASSURANT, INC. |
|
| 60,537 |
|
| 127,275 |
|
|
|
|
| 2,000 |
| ASSURED GUARANTY LTD.(c) |
|
| 24,580 |
|
| 44,120 |
|
|
|
|
| 2,434 |
| AVALONBAY COMMUNITIES, INC. |
|
| 261,058 |
|
| 328,371 |
|
|
|
|
| 900 |
| AXIS CAPITAL HOLDINGS LTD.(c) |
|
| 23,391 |
|
| 41,202 |
|
|
|
|
| 403,000 |
| BANK OF AMERICA CORP. |
|
| 4,092,799 |
|
| 5,182,580 |
|
|
|
|
| 71,129 |
| BANK OF NEW YORK MELLON (THE) CORP. |
|
| 1,654,611 |
|
| 1,995,169 |
|
|
|
|
| 40,258 |
| BB&T CORP. |
|
| 965,162 |
|
| 1,363,941 |
|
|
|
|
| 29,200 |
| BERKSHIRE HATHAWAY, INC., CLASS B(b) |
|
| 2,413,327 |
|
| 3,268,064 |
|
|
|
|
| 2,500 |
| BIOMED REALTY TRUST, INC. |
|
| 44,091 |
|
| 50,575 |
|
|
|
|
| 1,700 |
| BLACKROCK, INC. |
|
| 326,714 |
|
| 436,645 |
|
|
|
|
| 60,506 |
| BOSTON PRIVATE FINANCIAL HOLDINGS, INC. |
|
| 605,033 |
|
| 643,784 |
|
|
|
|
| 3,388 |
| BOSTON PROPERTIES, INC. |
|
| 171,468 |
|
| 357,332 |
|
|
|
|
| 2,800 |
| BRANDYWINE REALTY TRUST |
|
| 31,505 |
|
| 37,856 |
|
|
|
|
| 1,600 |
| BRE PROPERTIES, INC. |
|
| 50,588 |
|
| 80,032 |
|
|
|
|
| 900 |
| CAMDEN PROPERTY TRUST |
|
| 24,065 |
|
| 62,226 |
|
|
|
|
| 37,564 |
| CAPITAL ONE FINANCIAL CORP. |
|
| 1,672,217 |
|
| 2,359,395 |
|
|
|
|
| 16,000 |
| CAPITALSOURCE, INC. |
|
| 78,410 |
|
| 150,080 |
|
|
|
|
| 5,300 |
| CBL & ASSOCIATES PROPERTIES, INC. |
|
| 96,937 |
|
| 113,526 |
|
|
|
|
| 2,500 |
| CBRE GROUP, INC., CLASS A(b) |
|
| 50,579 |
|
| 58,400 |
|
|
|
|
| 21,400 |
| CHARLES SCHWAB (THE) CORP. |
|
| 186,608 |
|
| 454,322 |
|
|
|
|
| 36,400 |
| CHIMERA INVESTMENT CORP. |
|
| 94,032 |
|
| 109,200 |
|
|
|
|
| 2,700 |
| CHUBB (THE) CORP. |
|
| 86,607 |
|
| 228,555 |
|
|
|
|
| 2,800 |
| CIT GROUP, INC.(b) |
|
| 100,145 |
|
| 130,564 |
|
|
|
|
| 48,381 |
| CITIGROUP, INC. |
|
| 1,739,005 |
|
| 2,320,837 |
|
|
|
|
| 2,000 |
| CITY NATIONAL CORP. |
|
| 75,538 |
|
| 126,740 |
|
|
|
|
| 3,365 |
| CME GROUP, INC. |
|
| 142,802 |
|
| 255,673 |
|
|
|
|
| 1,100 |
| CNA FINANCIAL CORP. |
|
| 25,102 |
|
| 35,882 |
|
|
|
|
| 800 |
| COMERICA, INC. |
|
| 25,288 |
|
| 31,864 |
|
|
|
|
| 700 |
| COMMERCE BANCSHARES, INC. |
|
| 25,578 |
|
| 30,492 |
|
|
|
|
| 4,800 |
| CORPORATE OFFICE PROPERTIES TRUST |
|
| 105,758 |
|
| 122,400 |
|
|
|
|
| 3,045 |
| CORRECTIONS CORP. OF AMERICA |
|
| 66,333 |
|
| 103,134 |
|
|
|
|
| 2,216 |
| CULLEN/FROST BANKERS, INC. |
|
| 122,545 |
|
| 147,962 |
|
|
|
|
| 8,500 |
| DDR CORP. |
|
| 116,006 |
|
| 141,525 |
|
|
|
|
| 1,400 |
| DIGITAL REALTY TRUST, INC. |
|
| 83,302 |
|
| 85,400 |
|
|
|
|
| 16,287 |
| DISCOVER FINANCIAL SERVICES |
|
| 233,079 |
|
| 775,913 |
|
|
|
|
| 5,200 |
| DOUGLAS EMMETT, INC. |
|
| 60,531 |
|
| 129,740 |
|
|
|
|
| 6,000 |
| E*TRADE FINANCIAL CORP.(b) |
|
| 48,576 |
|
| 75,960 |
|
|
|
|
| 1,100 |
| EAST WEST BANCORP, INC. |
|
| 25,190 |
|
| 30,250 |
|
|
|
|
| 30,938 |
| ENDURANCE SPECIALTY HOLDINGS LTD.(c) |
|
| 1,196,701 |
|
| 1,591,760 |
|
|
|
|
| 400 |
| EQUITY LIFESTYLE PROPERTIES, INC. |
|
| 26,851 |
|
| 31,436 |
|
|
|
|
| 8,216 |
| EQUITY RESIDENTIAL |
|
| 331,618 |
|
| 477,021 |
|
|
|
|
| 200 |
| ESSEX PROPERTY TRUST, INC. |
|
| 29,629 |
|
| 31,784 |
|
|
|
|
| 900 |
| FEDERAL REALTY INVESTMENT TRUST |
|
| 48,326 |
|
| 93,312 |
|
|
|
|
| 1,600 |
| FIDELITY NATIONAL FINANCIAL, INC., CLASS A |
|
| 24,512 |
|
| 38,096 |
|
|
|
|
| 25,300 |
| FIFTH THIRD BANCORP |
|
| 220,963 |
|
| 456,665 |
|
|
|
|
| 400 |
| FIRST CITIZENS BANCSHARES, INC., CLASS A |
|
| 57,523 |
|
| 76,820 |
|
|
|
|
| 30,500 |
| FIRST HORIZON NATIONAL CORP. |
|
| 193,065 |
|
| 341,600 |
|
|
|
|
| 95,534 |
| FIRST HORIZON NATIONAL CORP. |
|
| - |
|
| - |
|
|
|
|
| 61,697 |
| FIRST INTERSTATE BANCSYSTEM, INC. |
|
| 893,658 |
|
| 1,278,979 |
|
|
|
|
| 15,200 |
| FIRST NIAGARA FINANCIAL GROUP, INC. |
|
| 120,688 |
|
| 153,064 |
|
|
|
|
| 3,359 |
| FRANKLIN RESOURCES, INC. |
|
| 189,834 |
|
| 456,891 |
|
|
|
|
| 5,300 |
| GENERAL GROWTH PROPERTIES, INC. |
|
| 99,602 |
|
| 105,311 |
|
|
|
|
| 10,800 |
| GENWORTH FINANCIAL, INC., CLASS A(b) |
|
| 57,035 |
|
| 123,228 |
|
|
|
|
| 93,000 |
| GETTY REALTY CORP. |
|
| 1,444,070 |
|
| 1,920,450 |
|
|
|
|
| 8,700 |
| GOLDMAN SACHS GROUP (THE), INC. |
|
| 742,546 |
|
| 1,315,875 |
|
|
|
|
| 3,500 |
| GREENHILL & CO., INC. |
|
| 106,120 |
|
| 160,090 |
|
|
|
|
| 3,700 |
| HARTFORD FINANCIAL SERVICES GROUP, INC. |
|
| 62,228 |
|
| 114,404 |
|
|
|
|
| 1,100 |
| HATTERAS FINANCIAL CORP. |
|
| 27,302 |
|
| 27,104 |
|
|
|
|
| 1,000 |
| HCC INSURANCE HOLDINGS, INC. |
|
| 24,155 |
|
| 43,110 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 32 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Financials (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 7,600 |
| HCP, INC. |
| $ | 125,764 |
|
| 345,344 |
|
|
|
|
| 4,300 |
| HEALTH CARE REIT, INC. |
|
| 228,096 |
|
| 288,229 |
|
|
|
|
| 14,100 |
| HEALTHCARE TRUST OF AMERICA, INC., CLASS A |
|
| 163,894 |
|
| 158,343 |
|
|
|
|
| 2,900 |
| HOSPITALITY PROPERTIES TRUST |
|
| 49,740 |
|
| 76,212 |
|
|
|
|
| 16,122 |
| HOST HOTELS & RESORTS, INC. |
|
| 138,445 |
|
| 271,978 |
|
|
|
|
| 678 |
| HOWARD HUGHES (THE) CORP.(b) |
|
| 20,502 |
|
| 75,997 |
|
|
|
|
| 10,500 |
| HUDSON CITY BANCORP, INC. |
|
| 65,625 |
|
| 96,180 |
|
|
|
|
| 35,000 |
| HUNTINGTON BANCSHARES, INC. |
|
| 169,770 |
|
| 275,800 |
|
|
|
|
| 2,400 |
| ING US, INC.(b) |
|
| 64,032 |
|
| 64,944 |
|
|
|
|
| 700 |
| INTERCONTINENTALEXCHANGE, INC.(b) |
|
| 88,988 |
|
| 124,432 |
|
|
|
|
| 11,400 |
| INVESCO LTD. |
|
| 176,068 |
|
| 362,520 |
|
|
|
|
| 33,700 |
| JANUS CAPITAL GROUP, INC. |
|
| 222,792 |
|
| 286,787 |
|
|
|
|
| 700 |
| JONES LANG LASALLE, INC. |
|
| 39,950 |
|
| 63,798 |
|
|
|
|
| 62,046 |
| JPMORGAN CHASE & CO. |
|
| 1,618,050 |
|
| 3,275,408 |
|
|
|
|
| 11,700 |
| KEYCORP |
|
| 80,298 |
|
| 129,168 |
|
|
|
|
| 8,201 |
| KIMCO REALTY CORP. |
|
| 99,769 |
|
| 175,747 |
|
|
|
|
| 3,752 |
| LEGG MASON, INC. |
|
| 52,584 |
|
| 116,350 |
|
|
|
|
| 4,700 |
| LEUCADIA NATIONAL CORP. |
|
| 95,768 |
|
| 123,234 |
|
|
|
|
| 1,100 |
| LIBERTY PROPERTY TRUST |
|
| 23,737 |
|
| 40,656 |
|
|
|
|
| 1,100 |
| LINCOLN NATIONAL CORP. |
|
| 22,715 |
|
| 40,117 |
|
|
|
|
| 6,000 |
| LOEWS CORP. |
|
| 131,444 |
|
| 266,400 |
|
|
|
|
| 2,000 |
| M&T BANK CORP. |
|
| 145,114 |
|
| 223,500 |
|
|
|
|
| 5,123 |
| MACERICH (THE) CO. |
|
| 121,389 |
|
| 312,349 |
|
|
|
|
| 200 |
| MARKEL CORP.(b) |
|
| 67,789 |
|
| 105,390 |
|
|
|
|
| 5,478 |
| MARSH & MCLENNAN COS., INC. |
|
| 153,199 |
|
| 218,682 |
|
|
|
|
| 3,100 |
| MBIA, INC.(b) |
|
| 25,265 |
|
| 41,261 |
|
|
|
|
| 3,600 |
| MCGRAW HILL FINANCIAL, INC. |
|
| 84,305 |
|
| 191,484 |
|
|
|
|
| 1,300 |
| MERCURY GENERAL CORP. |
|
| 38,018 |
|
| 57,148 |
|
|
|
|
| 12,400 |
| METLIFE, INC. |
|
| 380,551 |
|
| 567,424 |
|
|
|
|
| 2,200 |
| MOODY’S CORP. |
|
| 77,502 |
|
| 134,046 |
|
|
|
|
| 21,600 |
| MORGAN STANLEY |
|
| 332,129 |
|
| 527,688 |
|
|
|
|
| 3,900 |
| MSCI, INC.(b) |
|
| 124,722 |
|
| 129,753 |
|
|
|
|
| 1,800 |
| NASDAQ OMX GROUP (THE), INC. |
|
| 45,036 |
|
| 59,022 |
|
|
|
|
| 30,810 |
| NATIONSTAR MORTGAGE HOLDINGS, INC.(b) |
|
| 429,098 |
|
| 1,153,526 |
|
|
|
|
| 199,375 |
| NEW RESIDENTIAL INVESTMENT CORP. |
|
| 1,155,570 |
|
| 1,343,788 |
|
|
|
|
| 7,649 |
| NEW YORK COMMUNITY BANCORP, INC. |
|
| 86,776 |
|
| 107,086 |
|
|
|
|
| 266,320 |
| NEWCASTLE INVESTMENT CORP. |
|
| 1,329,098 |
|
| 1,392,854 |
|
|
|
|
| 3,002 |
| NORTHERN TRUST CORP. |
|
| 146,375 |
|
| 173,816 |
|
|
|
|
| 4,100 |
| NYSE EURONEXT |
|
| 127,119 |
|
| 169,740 |
|
|
|
|
| 247,100 |
| OLD REPUBLIC INTERNATIONAL CORP. |
|
| 2,450,161 |
|
| 3,180,177 |
|
|
|
|
| 2,200 |
| PARTNERRE LTD.(c) |
|
| 119,028 |
|
| 199,232 |
|
|
|
|
| 5,200 |
| PEOPLE’S UNITED FINANCIAL, INC. |
|
| 68,068 |
|
| 77,480 |
|
|
|
|
| 4,385 |
| PLUM CREEK TIMBER CO., INC. |
|
| 105,969 |
|
| 204,648 |
|
|
|
|
| 23,002 |
| PNC FINANCIAL SERVICES GROUP (THE), INC. |
|
| 1,129,077 |
|
| 1,677,306 |
|
|
|
|
| 1,600 |
| POPULAR, INC.(b)(c) |
|
| 33,280 |
|
| 48,528 |
|
|
|
|
| 22,200 |
| PRINCIPAL FINANCIAL GROUP, INC. |
|
| 720,751 |
|
| 831,390 |
|
|
|
|
| 6,048 |
| PROGRESSIVE (THE) CORP. |
|
| 80,691 |
|
| 153,740 |
|
|
|
|
| 10,869 |
| PROLOGIS, INC. |
|
| 285,998 |
|
| 409,979 |
|
|
|
|
| 2,200 |
| PROTECTIVE LIFE CORP. |
|
| 24,849 |
|
| 84,502 |
|
|
|
|
| 8,500 |
| PRUDENTIAL FINANCIAL, INC. |
|
| 257,378 |
|
| 620,755 |
|
|
|
|
| 2,561 |
| PUBLIC STORAGE |
|
| 280,283 |
|
| 392,678 |
|
|
|
|
| 6,972 |
| RAYONIER, INC. |
|
| 104,763 |
|
| 386,179 |
|
|
|
|
| 2,700 |
| REALTY INCOME CORP. |
|
| 61,620 |
|
| 113,184 |
|
|
|
|
| 3,900 |
| REGENCY CENTERS CORP. |
|
| 90,168 |
|
| 198,159 |
|
|
|
|
| 15,799 |
| REGIONS FINANCIAL CORP. |
|
| 86,453 |
|
| 150,565 |
|
|
|
|
| 2,900 |
| RENAISSANCERE HOLDINGS LTD.(c) |
|
| 136,230 |
|
| 251,691 |
|
|
|
|
| 9,800 |
| RETAIL PROPERTIES OF AMERICA, INC., CLASS A |
|
| 87,271 |
|
| 139,944 |
|
|
|
|
| 7,500 |
| SEI INVESTMENTS CO. |
|
| 108,537 |
|
| 213,225 |
|
|
|
|
| 3,900 |
| SENIOR HOUSING PROPERTIES TRUST |
|
| 81,258 |
|
| 101,127 |
|
|
|
|
| 400 |
| SIGNATURE BANK(b) |
|
| 29,712 |
|
| 33,208 |
|
|
|
|
| 132,000 |
| SILVER BAY REALTY TRUST CORP. |
|
| 2,415,937 |
|
| 2,185,920 |
|
|
|
|
| 4,895 |
| SIMON PROPERTY GROUP, INC. |
|
| 361,784 |
|
| 773,018 |
|
|
|
|
| 1,900 |
| SL GREEN REALTY CORP. |
|
| 58,204 |
|
| 167,561 |
|
|
|
|
| 12,600 |
| SLM CORP. |
|
| 134,787 |
|
| 288,036 |
|
|
|
|
| 4,400 |
| ST JOE (THE) CO.(b) |
|
| 69,320 |
|
| 92,620 |
|
|
|
|
| 6,000 |
| STATE STREET CORP. |
|
| 262,103 |
|
| 391,260 |
|
|
|
|
| 6,634 |
| SUNTRUST BANKS, INC. |
|
| 92,817 |
|
| 209,435 |
|
|
|
|
| 79,260 |
| SYMETRA FINANCIAL CORP. |
|
| 929,924 |
|
| 1,267,367 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 33 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Financials (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 25,600 |
| SYNOVUS FINANCIAL CORP.(b) |
| $ | 48,228 |
|
| 74,752 |
|
|
|
|
| 6,349 |
| T ROWE PRICE GROUP, INC. |
|
| 125,884 |
|
| 464,429 |
|
|
|
|
| 2,100 |
| TAUBMAN CENTERS, INC. |
|
| 59,530 |
|
| 157,815 |
|
|
|
|
| 12,000 |
| TCF FINANCIAL CORP. |
|
| 111,496 |
|
| 170,160 |
|
|
|
|
| 2,600 |
| TFS FINANCIAL CORP.(b) |
|
| 25,038 |
|
| 29,120 |
|
|
|
|
| 5,100 |
| TORCHMARK CORP. |
|
| 138,962 |
|
| 332,214 |
|
|
|
|
| 10,688 |
| TRAVELERS (THE) COS., INC. |
|
| 378,568 |
|
| 854,185 |
|
|
|
|
| 19,500 |
| TWO HARBORS INVESTMENT CORP. |
|
| 217,230 |
|
| 199,875 |
|
|
|
|
| 4,100 |
| UDR, INC. |
|
| 65,319 |
|
| 104,509 |
|
|
|
|
| 1,600 |
| UNUM GROUP |
|
| 33,328 |
|
| 46,992 |
|
|
|
|
| 29,285 |
| US BANCORP |
|
| 702,718 |
|
| 1,058,653 |
|
|
|
|
| 1,100 |
| VALIDUS HOLDINGS LTD.(c) |
|
| 23,556 |
|
| 39,732 |
|
|
|
|
| 3,200 |
| VALLEY NATIONAL BANCORP |
|
| 29,792 |
|
| 30,304 |
|
|
|
|
| 4,900 |
| VENTAS, INC. |
|
| 273,189 |
|
| 340,354 |
|
|
|
|
| 800 |
| VORNADO REALTY TRUST |
|
| 39,944 |
|
| 66,280 |
|
|
|
|
| 2,900 |
| WADDELL & REED FINANCIAL, INC., CLASS A |
|
| 75,336 |
|
| 126,150 |
|
|
|
|
| 36,700 |
| WASHINGTON FEDERAL, INC. |
|
| 607,262 |
|
| 692,896 |
|
|
|
|
| 2,100 |
| WEINGARTEN REALTY INVESTORS |
|
| 30,002 |
|
| 64,617 |
|
|
|
|
| 86,145 |
| WELLS FARGO & CO. |
|
| 1,255,317 |
|
| 3,555,204 |
|
|
|
|
| 2,400 |
| WEYERHAEUSER CO. |
|
| 72,360 |
|
| 68,376 |
|
|
|
|
| 262 |
| WHITE MOUNTAINS INSURANCE GROUP LTD. |
|
| 136,992 |
|
| 150,634 |
|
|
|
|
| 32,741 |
| WILLIS GROUP HOLDINGS PLC(c) |
|
| 1,166,807 |
|
| 1,335,178 |
|
|
|
|
| 1,106 |
| WR BERKLEY CORP. |
|
| 29,276 |
|
| 45,191 |
|
|
|
|
| 4,900 |
| XL GROUP PLC(c) |
|
| 95,648 |
|
| 148,568 |
|
|
|
|
| 3,000 |
| ZIONS BANCORPORATION |
|
| 56,955 |
|
| 86,640 |
|
|
|
|
|
|
|
|
|
| 53,893,345 |
|
| 81,295,021 |
|
| 17.58% |
|
| Health Care: |
|
|
|
|
|
|
|
|
|
|
| |
| 23,335 |
| ABBOTT LABORATORIES |
|
| 562,831 |
|
| 813,925 |
|
|
|
|
| 24,435 |
| ABBVIE, INC. |
|
| 633,011 |
|
| 1,010,143 |
|
|
|
|
| 3,175 |
| ACTAVIS, INC.(b) |
|
| 79,361 |
|
| 400,748 |
|
|
|
|
| 8,103 |
| AETNA, INC. |
|
| 108,542 |
|
| 514,865 |
|
|
|
|
| 5,600 |
| AGILENT TECHNOLOGIES, INC. |
|
| 221,244 |
|
| 239,456 |
|
|
|
|
| 4,200 |
| ALERE, INC.(b) |
|
| 77,812 |
|
| 102,900 |
|
|
|
|
| 3,000 |
| ALEXION PHARMACEUTICALS, INC.(b) |
|
| 58,088 |
|
| 276,720 |
|
|
|
|
| 5,507 |
| ALLERGAN, INC. |
|
| 201,259 |
|
| 463,910 |
|
|
|
|
| 7,200 |
| AMERISOURCEBERGEN CORP. |
|
| 115,968 |
|
| 401,976 |
|
|
|
|
| 16,000 |
| AMGEN, INC. |
|
| 64,848 |
|
| 1,578,560 |
|
|
|
|
| 8,200 |
| BAXTER INTERNATIONAL, INC. |
|
| 481,994 |
|
| 568,014 |
|
|
|
|
| 18,515 |
| BAYER A.G. ADR(c)(d) |
|
| 1,299,729 |
|
| 1,974,995 |
|
|
|
|
| 2,500 |
| BECTON DICKINSON AND CO. |
|
| 143,665 |
|
| 247,075 |
|
|
|
|
| 5,750 |
| BIOGEN IDEC, INC.(b) |
|
| 72,723 |
|
| 1,237,400 |
|
|
|
|
| 900 |
| BIOMARIN PHARMACEUTICAL, INC.(b) |
|
| 45,432 |
|
| 50,211 |
|
|
|
|
| 32,800 |
| BOSTON SCIENTIFIC CORP.(b) |
|
| 182,160 |
|
| 304,056 |
|
|
|
|
| 27,500 |
| BRISTOL-MYERS SQUIBB CO. |
|
| 730,394 |
|
| 1,228,975 |
|
|
|
|
| 24,030 |
| CARDINAL HEALTH, INC. |
|
| 1,017,148 |
|
| 1,134,216 |
|
|
|
|
| 78,900 |
| CAREFUSION CORP.(b) |
|
| 1,963,933 |
|
| 2,907,465 |
|
|
|
|
| 1,300 |
| CATAMARAN CORP.(b) |
|
| 42,843 |
|
| 63,336 |
|
|
|
|
| 7,036 |
| CELGENE CORP.(b) |
|
| 198,565 |
|
| 822,579 |
|
|
|
|
| 1,800 |
| CERNER CORP.(b) |
|
| 40,604 |
|
| 172,962 |
|
|
|
|
| 5,700 |
| CIGNA CORP. |
|
| 89,680 |
|
| 413,193 |
|
|
|
|
| 3,400 |
| COMMUNITY HEALTH SYSTEMS, INC. |
|
| 58,650 |
|
| 159,392 |
|
|
|
|
| 6,200 |
| COVIDIEN PLC(c) |
|
| 329,997 |
|
| 389,608 |
|
|
|
|
| 1,200 |
| CR BARD, INC. |
|
| 72,420 |
|
| 130,416 |
|
|
|
|
| 1,425 |
| DAVITA HEALTHCARE PARTNERS, INC.(b) |
|
| 21,812 |
|
| 172,140 |
|
|
|
|
| 3,700 |
| DENTSPLY INTERNATIONAL, INC. |
|
| 102,582 |
|
| 151,552 |
|
|
|
|
| 3,800 |
| EDWARDS LIFESCIENCES CORP.(b) |
|
| 118,152 |
|
| 255,360 |
|
|
|
|
| 14,900 |
| ELI LILLY & CO. |
|
| 587,030 |
|
| 731,888 |
|
|
|
|
| 4,200 |
| ENDO HEALTH SOLUTIONS, INC.(b) |
|
| 110,376 |
|
| 154,518 |
|
|
|
|
| 17,002 |
| EXPRESS SCRIPTS HOLDING CO.(b) |
|
| 255,105 |
|
| 1,048,853 |
|
|
|
|
| 4,300 |
| FOREST LABORATORIES, INC.(b) |
|
| 149,131 |
|
| 176,300 |
|
|
|
|
| 28,520 |
| GILEAD SCIENCES, INC.(b) |
|
| 231,726 |
|
| 1,460,509 |
|
|
|
|
| 6,900 |
| HEALTH MANAGEMENT ASSOCIATES, INC., CLASS A(b) |
|
| 44,746 |
|
| 108,468 |
|
|
|
|
| 1,300 |
| HEALTH NET, INC.(b) |
|
| 31,603 |
|
| 41,366 |
|
|
|
|
| 71,650 |
| HEALTHSOUTH CORP.(b) |
|
| 1,317,807 |
|
| 2,063,520 |
|
|
|
|
| 1,900 |
| HENRY SCHEIN, INC.(b) |
|
| 86,166 |
|
| 181,925 |
|
|
|
|
| 85,193 |
| HOLOGIC, INC.(b) |
|
| 1,517,449 |
|
| 1,644,225 |
|
|
|
|
| 49,642 |
| HOSPIRA, INC.(b) |
|
| 1,663,726 |
|
| 1,901,785 |
|
|
|
|
| 14,656 |
| HUMANA, INC. |
|
| 805,003 |
|
| 1,236,673 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 34 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Health Care (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 1,400 |
| IDEXX LABORATORIES, INC.(b) |
| $ | 60,410 |
|
| 125,692 |
|
|
|
|
| 2,300 |
| ILLUMINA, INC.(b) |
|
| 98,233 |
|
| 172,132 |
|
|
|
|
| 200 |
| INTUITIVE SURGICAL, INC.(b) |
|
| 99,113 |
|
| 101,316 |
|
|
|
|
| 73,508 |
| JOHNSON & JOHNSON |
|
| 3,562,137 |
|
| 6,311,397 |
|
|
|
|
| 800 |
| LABORATORY CORP. OF AMERICA HOLDINGS(b) |
|
| 18,788 |
|
| 80,080 |
|
|
|
|
| 1,873 |
| LIFE TECHNOLOGIES CORP.(b) |
|
| 59,724 |
|
| 138,621 |
|
|
|
|
| 5,700 |
| MCKESSON CORP. |
|
| 202,596 |
|
| 652,650 |
|
|
|
|
| 16,900 |
| MEDTRONIC, INC. |
|
| 617,995 |
|
| 869,843 |
|
|
|
|
| 50,978 |
| MERCK & CO., INC. |
|
| 1,247,062 |
|
| 2,367,928 |
|
|
|
|
| 1,321 |
| METTLER-TOLEDO INTERNATIONAL, INC.(b) |
|
| 91,350 |
|
| 265,785 |
|
|
|
|
| 4,600 |
| MYLAN, INC.(b) |
|
| 85,192 |
|
| 142,738 |
|
|
|
|
| 21,945 |
| NOVARTIS A.G. ADR(c)(d) |
|
| 1,287,171 |
|
| 1,551,731 |
|
|
|
|
| 600 |
| ONYX PHARMACEUTICALS, INC.(b)(e) |
|
| 48,279 |
|
| 79,596 |
|
|
|
|
| 1,600 |
| PATTERSON COS., INC. |
|
| 29,864 |
|
| 60,160 |
|
|
|
|
| 3,400 |
| PERKINELMER, INC. |
|
| 53,706 |
|
| 110,500 |
|
|
|
|
| 2,900 |
| PERRIGO CO. |
|
| 109,545 |
|
| 350,900 |
|
|
|
|
| 158,918 |
| PFIZER, INC. |
|
| 1,460,598 |
|
| 4,451,293 |
|
|
|
|
| 3,900 |
| QIAGEN N.V.(b)(c) |
|
| 70,824 |
|
| 77,649 |
|
|
|
|
| 23,539 |
| QUEST DIAGNOSTICS, INC. |
|
| 1,258,469 |
|
| 1,427,170 |
|
|
|
|
| 1,200 |
| REGENERON PHARMACEUTICALS, INC.(b) |
|
| 187,859 |
|
| 269,856 |
|
|
|
|
| 4,000 |
| RESMED, INC. |
|
| 81,990 |
|
| 180,520 |
|
|
|
|
| 600 |
| SALIX PHARMACEUTICALS LTD.(b) |
|
| 24,294 |
|
| 39,690 |
|
|
|
|
| 900 |
| SIRONA DENTAL SYSTEMS, INC.(b) |
|
| 38,745 |
|
| 59,292 |
|
|
|
|
| 4,539 |
| ST JUDE MEDICAL, INC. |
|
| 114,088 |
|
| 207,115 |
|
|
|
|
| 4,700 |
| STRYKER CORP. |
|
| 18,139 |
|
| 303,996 |
|
|
|
|
| 22,645 |
| TELEFLEX, INC. |
|
| 1,222,836 |
|
| 1,754,761 |
|
|
|
|
| 7,500 |
| THERMO FISHER SCIENTIFIC, INC. |
|
| 162,174 |
|
| 634,725 |
|
|
|
|
| 400 |
| UNITED THERAPEUTICS CORP.(b) |
|
| 21,372 |
|
| 26,328 |
|
|
|
|
| 17,202 |
| UNITEDHEALTH GROUP, INC. |
|
| 273,316 |
|
| 1,126,387 |
|
|
|
|
| 2,036 |
| UNIVERSAL HEALTH SERVICES, INC., CLASS B |
|
| 38,822 |
|
| 136,330 |
|
|
|
|
| 29,760 |
| VALEANT PHARMACEUTICALS INTERNATIONAL, INC.(b) |
|
| 878,700 |
|
| 2,561,741 |
|
|
|
|
| 5,000 |
| VARIAN MEDICAL SYSTEMS, INC.(b) |
|
| 184,300 |
|
| 337,250 |
|
|
|
|
| 3,000 |
| VERTEX PHARMACEUTICALS, INC.(b) |
|
| 74,805 |
|
| 239,610 |
|
|
|
|
| 2,600 |
| WATERS CORP.(b) |
|
| 60,997 |
|
| 260,130 |
|
|
|
|
| 9,249 |
| WELLPOINT, INC. |
|
| 325,438 |
|
| 756,938 |
|
|
|
|
| 3,374 |
| ZIMMER HOLDINGS, INC. |
|
| 140,047 |
|
| 252,847 |
|
|
|
|
|
|
|
|
|
| 30,244,293 |
|
| 57,420,875 |
|
| 12.42% |
|
| Industrials: |
|
|
|
|
|
|
|
|
|
| ||
| 10,787 |
| 3M CO. |
|
| 743,694 |
|
| 1,179,558 |
|
|
|
|
| 948 |
| ACCO BRANDS CORP.(b) |
|
| 3,315 |
|
| 6,029 |
|
|
|
|
| 5,250 |
| ADT (THE) CORP.(b) |
|
| 123,444 |
|
| 209,212 |
|
|
|
|
| 12,072 |
| AGCO CORP. |
|
| 437,310 |
|
| 605,894 |
|
|
|
|
| 75,330 |
| AIR LEASE CORP. |
|
| 1,868,329 |
|
| 2,078,355 |
|
|
|
|
| 500 |
| ALLIANT TECHSYSTEMS, INC. |
|
| 24,985 |
|
| 41,165 |
|
|
|
|
| 5,175 |
| AMETEK, INC. |
|
| 73,220 |
|
| 218,902 |
|
|
|
|
| 700 |
| AVERY DENNISON CORP. |
|
| 25,347 |
|
| 29,932 |
|
|
|
|
| 1,700 |
| B/E AEROSPACE, INC.(b) |
|
| 47,626 |
|
| 107,236 |
|
|
|
|
| 2,700 |
| BABCOCK & WILCOX (THE) CO. |
|
| 35,478 |
|
| 81,081 |
|
|
|
|
| 29,760 |
| BOEING (THE) CO. |
|
| 1,404,260 |
|
| 3,048,614 |
|
|
|
|
| 2,200 |
| CARLISLE COS., INC. |
|
| 45,116 |
|
| 137,082 |
|
|
|
|
| 11,304 |
| CATERPILLAR, INC. |
|
| 320,532 |
|
| 932,467 |
|
|
|
|
| 2,500 |
| CHICAGO BRIDGE & IRON CO. N.V.(c) |
|
| 50,995 |
|
| 149,150 |
|
|
|
|
| 400 |
| CLEAN HARBORS, INC.(b) |
|
| 22,008 |
|
| 20,212 |
|
|
|
|
| 600 |
| COLFAX CORP.(b) |
|
| 31,956 |
|
| 31,266 |
|
|
|
|
| 2,027 |
| CON-WAY, INC. |
|
| 44,529 |
|
| 78,972 |
|
|
|
|
| 800 |
| COPA HOLDINGS S.A., CLASS A(c) |
|
| 32,618 |
|
| 104,896 |
|
|
|
|
| 3,948 |
| CRANE CO. |
|
| 66,572 |
|
| 236,564 |
|
|
|
|
| 27,900 |
| CSX CORP. |
|
| 97,923 |
|
| 647,001 |
|
|
|
|
| 3,700 |
| CUMMINS, INC. |
|
| 50,756 |
|
| 401,302 |
|
|
|
|
| 11,163 |
| DANAHER CORP. |
|
| 255,642 |
|
| 706,618 |
|
|
|
|
| 7,300 |
| DEERE & CO. |
|
| 199,160 |
|
| 593,125 |
|
|
|
|
| 10,100 |
| DELTA AIR LINES, INC.(b) |
|
| 100,965 |
|
| 188,971 |
|
|
|
|
| 2,160 |
| DONALDSON CO., INC. |
|
| 61,867 |
|
| 77,026 |
|
|
|
|
| 3,325 |
| DOVER CORP. |
|
| 122,574 |
|
| 258,220 |
|
|
|
|
| 19,161 |
| DUN & BRADSTREET (THE) CORP. |
|
| 1,402,238 |
|
| 1,867,240 |
|
|
|
|
| 8,384 |
| EATON CORP. PLC(c) |
|
| 157,701 |
|
| 551,751 |
|
|
|
|
| 15,500 |
| EMERSON ELECTRIC CO. |
|
| 422,332 |
|
| 845,370 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 35 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Industrials (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 200 |
| ENGILITY HOLDINGS, INC.(b) |
| $ | 2,327 |
|
| 5,684 |
|
|
|
|
| 195,600 |
| EXELIS, INC. |
|
| 2,224,286 |
|
| 2,697,324 |
|
|
|
|
| 1,600 |
| EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. |
|
| 52,791 |
|
| 60,816 |
|
|
|
|
| 3,200 |
| FASTENAL CO. |
|
| 105,341 |
|
| 146,720 |
|
|
|
|
| 6,653 |
| FEDEX CORP. |
|
| 130,734 |
|
| 655,853 |
|
|
|
|
| 300 |
| FLOWSERVE CORP. |
|
| 14,470 |
|
| 16,203 |
|
|
|
|
| 1,950 |
| FLUOR CORP. |
|
| 26,013 |
|
| 115,654 |
|
|
|
|
| 4,300 |
| FORTUNE BRANDS HOME & SECURITY, INC. |
|
| 33,889 |
|
| 166,582 |
|
|
|
|
| 1,400 |
| GATX CORP. |
|
| 24,276 |
|
| 66,402 |
|
|
|
|
| 2,500 |
| GENERAL CABLE CORP. |
|
| 60,825 |
|
| 76,875 |
|
|
|
|
| 3,900 |
| GENERAL DYNAMICS CORP. |
|
| 260,595 |
|
| 305,487 |
|
|
|
|
| 328,600 |
| GENERAL ELECTRIC CO. |
|
| 5,233,846 |
|
| 7,620,234 |
|
|
|
|
| 1,600 |
| HARSCO CORP. |
|
| 28,236 |
|
| 37,104 |
|
|
|
|
| 6,600 |
| HERTZ GLOBAL HOLDINGS, INC.(b) |
|
| 37,676 |
|
| 163,680 |
|
|
|
|
| 11,488 |
| HONEYWELL INTERNATIONAL, INC. |
|
| 425,783 |
|
| 911,458 |
|
|
|
|
| 1,200 |
| HUBBELL, INC., CLASS B |
|
| 43,310 |
|
| 118,800 |
|
|
|
|
| 610 |
| HUNTINGTON INGALLS INDUSTRIES, INC. |
|
| 14,978 |
|
| 34,453 |
|
|
|
|
| 2,500 |
| IDEX CORP. |
|
| 58,238 |
|
| 134,525 |
|
|
|
|
| 700 |
| IHS, INC., CLASS A(b) |
|
| 30,838 |
|
| 73,066 |
|
|
|
|
| 5,624 |
| ILLINOIS TOOL WORKS, INC. |
|
| 205,252 |
|
| 389,012 |
|
|
|
|
| 4,600 |
| INGERSOLL-RAND PLC(b)(c) |
|
| 200,097 |
|
| 255,392 |
|
|
|
|
| 1,524 |
| IRON MOUNTAIN, INC. |
|
| 35,583 |
|
| 40,554 |
|
|
|
|
| 28,800 |
| ITT CORP. |
|
| 517,715 |
|
| 847,008 |
|
|
|
|
| 2,068 |
| JACOBS ENGINEERING GROUP, INC.(b) |
|
| 46,598 |
|
| 114,009 |
|
|
|
|
| 2,100 |
| JB HUNT TRANSPORT SERVICES, INC. |
|
| 40,530 |
|
| 151,704 |
|
|
|
|
| 100,500 |
| JETBLUE AIRWAYS CORP.(b) |
|
| 620,820 |
|
| 633,150 |
|
|
|
|
| 1,938 |
| JOY GLOBAL, INC. |
|
| 87,757 |
|
| 94,051 |
|
|
|
|
| 2,900 |
| KANSAS CITY SOUTHERN |
|
| 46,328 |
|
| 307,284 |
|
|
|
|
| 42,306 |
| KBR, INC. |
|
| 1,271,783 |
|
| 1,374,945 |
|
|
|
|
| 400 |
| KIRBY CORP.(b) |
|
| 24,760 |
|
| 31,816 |
|
|
|
|
| 35,950 |
| KNIGHT TRANSPORTATION, INC. |
|
| 577,949 |
|
| 604,679 |
|
|
|
|
| 1,100 |
| L-3 COMMUNICATIONS HOLDINGS, INC. |
|
| 49,763 |
|
| 94,314 |
|
|
|
|
| 1,200 |
| LANDSTAR SYSTEM, INC. |
|
| 38,351 |
|
| 61,800 |
|
|
|
|
| 900 |
| LENNOX INTERNATIONAL, INC. |
|
| 26,811 |
|
| 58,086 |
|
|
|
|
| 1,400 |
| LINCOLN ELECTRIC HOLDINGS, INC. |
|
| 28,970 |
|
| 80,178 |
|
|
|
|
| 3,900 |
| LOCKHEED MARTIN CORP. |
|
| 194,786 |
|
| 422,994 |
|
|
|
|
| 4,800 |
| MANITOWOC (THE) CO., INC. |
|
| 47,568 |
|
| 85,968 |
|
|
|
|
| 12,938 |
| MANPOWERGROUP, INC. |
|
| 448,123 |
|
| 709,002 |
|
|
|
|
| 13,200 |
| MASCO CORP. |
|
| 97,548 |
|
| 257,268 |
|
|
|
|
| 18,407 |
| MASTEC, INC.(b) |
|
| 261,992 |
|
| 605,590 |
|
|
|
|
| 2,200 |
| NAVISTAR INTERNATIONAL CORP.(b) |
|
| 47,586 |
|
| 61,072 |
|
|
|
|
| 2,000 |
| NIELSEN HOLDINGS N.V. |
|
| 61,200 |
|
| 67,180 |
|
|
|
|
| 700 |
| NORDSON CORP. |
|
| 29,470 |
|
| 48,517 |
|
|
|
|
| 4,760 |
| NORFOLK SOUTHERN CORP. |
|
| 99,373 |
|
| 345,814 |
|
|
|
|
| 3,660 |
| NORTHROP GRUMMAN CORP. |
|
| 139,878 |
|
| 303,048 |
|
|
|
|
| 6,300 |
| OSHKOSH CORP.(b) |
|
| 109,053 |
|
| 239,211 |
|
|
|
|
| 1,100 |
| OWENS CORNING(b) |
|
| 22,578 |
|
| 42,988 |
|
|
|
|
| 8,389 |
| PACCAR, INC. |
|
| 91,278 |
|
| 450,154 |
|
|
|
|
| 2,200 |
| PALL CORP. |
|
| 55,214 |
|
| 146,146 |
|
|
|
|
| 2,850 |
| PARKER HANNIFIN CORP. |
|
| 123,853 |
|
| 271,890 |
|
|
|
|
| 2,519 |
| PENTAIR LTD. (REGISTERED)(c) |
|
| 73,408 |
|
| 145,321 |
|
|
|
|
| 2,200 |
| PRECISION CASTPARTS CORP. |
|
| 145,807 |
|
| 497,222 |
|
|
|
|
| 4,100 |
| QUANTA SERVICES, INC.(b) |
|
| 52,131 |
|
| 108,486 |
|
|
|
|
| 5,700 |
| RAYTHEON CO. |
|
| 160,192 |
|
| 376,884 |
|
|
|
|
| 3,900 |
| REPUBLIC SERVICES, INC. |
|
| 119,927 |
|
| 132,366 |
|
|
|
|
| 800 |
| ROBERT HALF INTERNATIONAL, INC. |
|
| 26,312 |
|
| 26,584 |
|
|
|
|
| 5,250 |
| ROCKWELL AUTOMATION, INC. |
|
| 73,987 |
|
| 436,485 |
|
|
|
|
| 5,214 |
| ROCKWELL COLLINS, INC. |
|
| 154,727 |
|
| 330,620 |
|
|
|
|
| 600 |
| ROPER INDUSTRIES, INC. |
|
| 52,898 |
|
| 74,532 |
|
|
|
|
| 2,800 |
| RR DONNELLEY & SONS CO. |
|
| 25,228 |
|
| 39,228 |
|
|
|
|
| 19,846 |
| RYDER SYSTEM, INC. |
|
| 723,228 |
|
| 1,206,438 |
|
|
|
|
| 700 |
| SNAP-ON, INC. |
|
| 17,991 |
|
| 62,566 |
|
|
|
|
| 4,300 |
| SOLARCITY CORP.(b) |
|
| 156,864 |
|
| 162,411 |
|
|
|
|
| 117,020 |
| SOUTHWEST AIRLINES CO. |
|
| 953,913 |
|
| 1,508,388 |
|
|
|
|
| 42,475 |
| SPIRIT AEROSYSTEMS HOLDINGS, INC., CLASS A(b) |
|
| 930,365 |
|
| 912,363 |
|
|
|
|
| 300 |
| SPX CORP. |
|
| 11,766 |
|
| 21,594 |
|
|
|
|
| 2,557 |
| STANLEY BLACK & DECKER, INC. |
|
| 72,047 |
|
| 197,656 |
|
|
|
|
| 2,000 |
| STERICYCLE, INC.(b) |
|
| 95,283 |
|
| 220,860 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 36 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Industrials (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 1,700 |
| TEREX CORP.(b) |
| $ | 31,637 |
|
| 44,710 |
|
|
|
|
| 2,000 |
| TEXTRON, INC. |
|
| 49,440 |
|
| 52,100 |
|
|
|
|
| 26,290 |
| TITAN MACHINERY, INC.(b) |
|
| 577,757 |
|
| 516,073 |
|
|
|
|
| 1,000 |
| TOWERS WATSON & CO., CLASS A |
|
| 56,220 |
|
| 81,940 |
|
|
|
|
| 200 |
| TRANSDIGM GROUP, INC. |
|
| 26,368 |
|
| 31,354 |
|
|
|
|
| 10,500 |
| TYCO INTERNATIONAL LTD.(c) |
|
| 190,755 |
|
| 345,975 |
|
|
|
|
| 7,600 |
| UNION PACIFIC CORP. |
|
| 219,426 |
|
| 1,172,528 |
|
|
|
|
| 4,828 |
| UNITED CONTINENTAL HOLDINGS, INC.(b) |
|
| 104,937 |
|
| 151,068 |
|
|
|
|
| 13,640 |
| UNITED PARCEL SERVICE, INC., CLASS B |
|
| 891,446 |
|
| 1,179,587 |
|
|
|
|
| 8,955 |
| UNITED STATIONERS, INC. |
|
| 302,172 |
|
| 300,440 |
|
|
|
|
| 17,350 |
| UNITED TECHNOLOGIES CORP. |
|
| 684,303 |
|
| 1,612,509 |
|
|
|
|
| 20,507 |
| UNIVERSAL FOREST PRODUCTS, INC. |
|
| 705,981 |
|
| 818,640 |
|
|
|
|
| 38,763 |
| URS CORP. |
|
| 1,607,084 |
|
| 1,830,389 |
|
|
|
|
| 2,000 |
| USG CORP.(b) |
|
| 12,350 |
|
| 46,100 |
|
|
|
|
| 2,200 |
| UTI WORLDWIDE, INC. |
|
| 25,509 |
|
| 36,234 |
|
|
|
|
| 1,000 |
| VERISK ANALYTICS, INC., CLASS A(b) |
|
| 54,385 |
|
| 59,700 |
|
|
|
|
| 1,966 |
| WABCO HOLDINGS, INC.(b) |
|
| 30,197 |
|
| 146,841 |
|
|
|
|
| 1,400 |
| WABTEC CORP. |
|
| 25,602 |
|
| 74,802 |
|
|
|
|
| 1,650 |
| WASTE CONNECTIONS, INC. |
|
| 29,914 |
|
| 67,881 |
|
|
|
|
| 8,650 |
| WASTE MANAGEMENT, INC. |
|
| 135,675 |
|
| 348,854 |
|
|
|
|
| 1,700 |
| WW GRAINGER, INC. |
|
| 74,317 |
|
| 428,706 |
|
|
|
|
| 1,600 |
| XYLEM, INC. |
|
| 30,618 |
|
| 43,104 |
|
|
|
|
|
|
|
|
|
| 32,441,678 |
|
| 53,884,494 |
|
| 11.66% |
|
| Information Technology: |
|
|
|
|
|
|
|
|
|
| ||
| 11,100 |
| ACCENTURE PLC, CLASS A(c) |
|
| 590,783 |
|
| 798,756 |
|
|
|
|
| 7,800 |
| ACTIVISION BLIZZARD, INC. |
|
| 34,584 |
|
| 111,228 |
|
|
|
|
| 7,524 |
| ADOBE SYSTEMS, INC.(b) |
|
| 128,931 |
|
| 342,793 |
|
|
|
|
| 3,300 |
| AKAMAI TECHNOLOGIES, INC.(b) |
|
| 45,920 |
|
| 140,415 |
|
|
|
|
| 1,600 |
| ALLIANCE DATA SYSTEMS CORP.(b) |
|
| 75,650 |
|
| 289,648 |
|
|
|
|
| 5,000 |
| ALTERA CORP. |
|
| 94,155 |
|
| 164,950 |
|
|
|
|
| 1,600 |
| AMDOCS LTD. |
|
| 55,736 |
|
| 59,344 |
|
|
|
|
| 1,200 |
| AMPHENOL CORP., CLASS A |
|
| 76,532 |
|
| 93,528 |
|
|
|
|
| 8,600 |
| ANALOG DEVICES, INC. |
|
| 120,368 |
|
| 387,516 |
|
|
|
|
| 1,300 |
| ANSYS, INC.(b) |
|
| 34,888 |
|
| 95,030 |
|
|
|
|
| 7,800 |
| AOL, INC.(b) |
|
| 103,038 |
|
| 284,544 |
|
|
|
|
| 15,400 |
| APPLE, INC. |
|
| 680,886 |
|
| 6,099,632 |
|
|
|
|
| 12,100 |
| APPLIED MATERIALS, INC. |
|
| 130,014 |
|
| 180,411 |
|
|
|
|
| 700 |
| ARROW ELECTRONICS, INC.(b) |
|
| 18,814 |
|
| 27,895 |
|
|
|
|
| 139,250 |
| ATMEL CORP.(b) |
|
| 1,236,223 |
|
| 1,023,488 |
|
|
|
|
| 51,711 |
| ATMI, INC.(b) |
|
| 997,015 |
|
| 1,222,965 |
|
|
|
|
| 3,186 |
| AUTODESK, INC.(b) |
|
| 84,239 |
|
| 108,133 |
|
|
|
|
| 6,866 |
| AUTOMATIC DATA PROCESSING, INC. |
|
| 295,983 |
|
| 472,793 |
|
|
|
|
| 1,500 |
| AVAGO TECHNOLOGIES LTD.(c) |
|
| 50,833 |
|
| 56,070 |
|
|
|
|
| 17,467 |
| AVNET, INC.(b) |
|
| 563,918 |
|
| 586,891 |
|
|
|
|
| 2,300 |
| AVX CORP. |
|
| 24,817 |
|
| 27,025 |
|
|
|
|
| 31,826 |
| BENCHMARK ELECTRONICS, INC.(b) |
|
| 511,794 |
|
| 639,703 |
|
|
|
|
| 4,550 |
| BMC SOFTWARE, INC.(b) |
|
| 89,322 |
|
| 205,387 |
|
|
|
|
| 9,791 |
| BROADCOM CORP., CLASS A |
|
| 155,428 |
|
| 330,544 |
|
|
|
|
| 2,180 |
| BROADRIDGE FINANCIAL SOLUTIONS, INC. |
|
| 33,318 |
|
| 57,944 |
|
|
|
|
| 4,200 |
| CA, INC. |
|
| 94,102 |
|
| 120,246 |
|
|
|
|
| 4,200 |
| CADENCE DESIGN SYSTEMS, INC.(b) |
|
| 24,003 |
|
| 60,816 |
|
|
|
|
| 153,128 |
| CISCO SYSTEMS, INC. |
|
| 1,073,259 |
|
| 3,722,542 |
|
|
|
|
| 4,234 |
| CITRIX SYSTEMS, INC.(b) |
|
| 47,866 |
|
| 255,437 |
|
|
|
|
| 6,300 |
| COGNIZANT TECHNOLOGY SOLUTIONS CORP., CLASS A(b) |
|
| 95,624 |
|
| 394,443 |
|
|
|
|
| 1,500 |
| COMPUTER SCIENCES CORP. |
|
| 62,082 |
|
| 65,655 |
|
|
|
|
| 400 |
| CONCUR TECHNOLOGIES, INC.(b) |
|
| 27,272 |
|
| 32,552 |
|
|
|
|
| 6,700 |
| CORELOGIC, INC.(b) |
|
| 76,313 |
|
| 155,239 |
|
|
|
|
| 23,200 |
| CORNING, INC. |
|
| 181,284 |
|
| 330,136 |
|
|
|
|
| 500 |
| CREE, INC.(b) |
|
| 27,135 |
|
| 31,930 |
|
|
|
|
| 2,700 |
| CYPRESS SEMICONDUCTOR CORP.(b) |
|
| 6,231 |
|
| 28,971 |
|
|
|
|
| 7,600 |
| DELL, INC. |
|
| 103,922 |
|
| 101,460 |
|
|
|
|
| 2,000 |
| DOLBY LABORATORIES, INC., CLASS A |
|
| 43,420 |
|
| 66,900 |
|
|
|
|
| 18,200 |
| EBAY, INC.(b) |
|
| 506,222 |
|
| 941,304 |
|
|
|
|
| 2,140 |
| ECHOSTAR CORP., CLASS A(b) |
|
| 36,471 |
|
| 83,695 |
|
|
|
|
| 8,900 |
| ELECTRONIC ARTS, INC.(b) |
|
| 125,795 |
|
| 204,433 |
|
|
|
|
| 34,310 |
| EMC CORP. |
|
| 233,560 |
|
| 810,402 |
|
|
|
|
| 900 |
| EQUINIX, INC.(b) |
|
| 69,754 |
|
| 166,248 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 37 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Information Technology (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 1,300 |
| F5 NETWORKS, INC.(b) |
| $ | 30,062 |
|
| 89,440 |
|
|
|
|
| 17,200 |
| FACEBOOK, INC., CLASS A(b) |
|
| 408,196 |
|
| 427,592 |
|
|
|
|
| 7,802 |
| FIDELITY NATIONAL INFORMATION SERVICES, INC. |
|
| 135,427 |
|
| 334,238 |
|
|
|
|
| 3,950 |
| FISERV, INC.(b) |
|
| 108,063 |
|
| 345,270 |
|
|
|
|
| 2,100 |
| FLIR SYSTEMS, INC. |
|
| 49,313 |
|
| 56,637 |
|
|
|
|
| 1,300 |
| FORTINET, INC.(b) |
|
| 24,791 |
|
| 22,750 |
|
|
|
|
| 3,100 |
| FREESCALE SEMICONDUCTOR LTD.(b) |
|
| 34,162 |
|
| 42,005 |
|
|
|
|
| 2,100 |
| GENPACT LTD.(c) |
|
| 33,894 |
|
| 40,404 |
|
|
|
|
| 1,000 |
| GLOBAL PAYMENTS, INC. |
|
| 33,115 |
|
| 46,320 |
|
|
|
|
| 6,776 |
| GOOGLE, INC., CLASS A(b) |
|
| 2,918,987 |
|
| 5,965,387 |
|
|
|
|
| 2,800 |
| HARRIS CORP. |
|
| 37,337 |
|
| 137,900 |
|
|
|
|
| 31,300 |
| HEWLETT-PACKARD CO. |
|
| 555,703 |
|
| 776,240 |
|
|
|
|
| 1,800 |
| INFORMATICA CORP.(b) |
|
| 54,045 |
|
| 62,964 |
|
|
|
|
| 5,200 |
| INGRAM MICRO, INC., CLASS A(b) |
|
| 68,614 |
|
| 98,748 |
|
|
|
|
| 146,981 |
| INTEL CORP. |
|
| 1,354,409 |
|
| 3,559,880 |
|
|
|
|
| 1,000 |
| INTERACTIVECORP |
|
| 46,100 |
|
| 47,560 |
|
|
|
|
| 18,746 |
| INTERNATIONAL BUSINESS MACHINES CORP. |
|
| 1,607,492 |
|
| 3,582,548 |
|
|
|
|
| 5,000 |
| INTUIT, INC. |
|
| 103,285 |
|
| 305,150 |
|
|
|
|
| 1,900 |
| ITRON, INC.(b) |
|
| 65,968 |
|
| 80,617 |
|
|
|
|
| 900 |
| JABIL CIRCUIT, INC.(b) |
|
| 14,284 |
|
| 18,342 |
|
|
|
|
| 6,767 |
| JUNIPER NETWORKS, INC.(b) |
|
| 111,204 |
|
| 130,671 |
|
|
|
|
| 2,600 |
| KLA-TENCOR CORP. |
|
| 86,094 |
|
| 144,898 |
|
|
|
|
| 4,800 |
| LAM RESEARCH CORP.(b) |
|
| 123,706 |
|
| 212,832 |
|
|
|
|
| 3,700 |
| LENDER PROCESSING SERVICES, INC. |
|
| 55,722 |
|
| 119,695 |
|
|
|
|
| 2,000 |
| LEXMARK INTERNATIONAL, INC., CLASS A |
|
| 30,530 |
|
| 61,140 |
|
|
|
|
| 5,400 |
| LINEAR TECHNOLOGY CORP. |
|
| 119,475 |
|
| 198,936 |
|
|
|
|
| 2,400 |
| LINKEDIN CORP., CLASS A(b) |
|
| 371,612 |
|
| 427,920 |
|
|
|
|
| 23,700 |
| LSI CORP.(b) |
|
| 99,658 |
|
| 169,218 |
|
|
|
|
| 14,800 |
| MARVELL TECHNOLOGY GROUP LTD.(c) |
|
| 94,527 |
|
| 173,308 |
|
|
|
|
| 1,700 |
| MASTERCARD, INC., CLASS A |
|
| 182,282 |
|
| 976,650 |
|
|
|
|
| 4,400 |
| MAXIM INTEGRATED PRODUCTS, INC. |
|
| 76,114 |
|
| 122,232 |
|
|
|
|
| 4,200 |
| MICROCHIP TECHNOLOGY, INC.(b) |
|
| 58,069 |
|
| 156,450 |
|
|
|
|
| 15,300 |
| MICRON TECHNOLOGY, INC.(b) |
|
| 68,620 |
|
| 219,249 |
|
|
|
|
| 1,000 |
| MICROS SYSTEMS, INC.(b) |
|
| 26,215 |
|
| 43,150 |
|
|
|
|
| 134,650 |
| MICROSOFT CORP. |
|
| 860,025 |
|
| 4,649,465 |
|
|
|
|
| 56,428 |
| MOTOROLA SOLUTIONS, INC. |
|
| 2,240,348 |
|
| 3,257,588 |
|
|
|
|
| 900 |
| NATIONAL INSTRUMENTS CORP. |
|
| 24,354 |
|
| 25,146 |
|
|
|
|
| 5,700 |
| NETAPP, INC.(b) |
|
| 144,148 |
|
| 215,346 |
|
|
|
|
| 4,800 |
| NEUSTAR, INC., CLASS A(b) |
|
| 79,848 |
|
| 233,664 |
|
|
|
|
| 4,800 |
| NUANCE COMMUNICATIONS, INC.(b) |
|
| 63,624 |
|
| 88,224 |
|
|
|
|
| 8,900 |
| NVIDIA CORP. |
|
| 60,716 |
|
| 124,867 |
|
|
|
|
| 116,392 |
| ORACLE CORP. |
|
| 1,579,274 |
|
| 3,575,562 |
|
|
|
|
| 2,800 |
| PALO ALTO NETWORKS, INC.(b) |
|
| 116,508 |
|
| 118,048 |
|
|
|
|
| 3,666 |
| PAYCHEX, INC. |
|
| 10,315 |
|
| 133,882 |
|
|
|
|
| 24,900 |
| QUALCOMM, INC. |
|
| 728,736 |
|
| 1,520,892 |
|
|
|
|
| 4,200 |
| RED HAT, INC.(b) |
|
| 61,669 |
|
| 200,844 |
|
|
|
|
| 289,369 |
| RF MICRO DEVICES, INC.(b) |
|
| 1,522,067 |
|
| 1,548,124 |
|
|
|
|
| 214,000 |
| SAIC, INC. |
|
| 2,373,546 |
|
| 2,981,020 |
|
|
|
|
| 7,600 |
| SALESFORCE.COM, INC.(b) |
|
| 86,711 |
|
| 290,168 |
|
|
|
|
| 5,300 |
| SANDISK CORP.(b) |
|
| 51,149 |
|
| 323,830 |
|
|
|
|
| 5,500 |
| SEAGATE TECHNOLOGY PLC(c) |
|
| 51,728 |
|
| 246,565 |
|
|
|
|
| 3,700 |
| SERVICENOW, INC.(b) |
|
| 139,416 |
|
| 149,443 |
|
|
|
|
| 400 |
| SOLERA HOLDINGS, INC. |
|
| 21,484 |
|
| 22,260 |
|
|
|
|
| 15,519 |
| SYMANTEC CORP. |
|
| 88,098 |
|
| 348,712 |
|
|
|
|
| 1,500 |
| SYNOPSYS, INC.(b) |
|
| 24,907 |
|
| 53,625 |
|
|
|
|
| 37,045 |
| TE CONNECTIVITY LTD.(c) |
|
| 1,261,203 |
|
| 1,687,029 |
|
|
|
|
| 4,500 |
| TERADATA CORP.(b) |
|
| 73,317 |
|
| 226,035 |
|
|
|
|
| 4,400 |
| TERADYNE, INC.(b) |
|
| 40,150 |
|
| 77,308 |
|
|
|
|
| 17,400 |
| TEXAS INSTRUMENTS, INC. |
|
| 280,527 |
|
| 606,738 |
|
|
|
|
| 1,100 |
| TIBCO SOFTWARE, INC.(b) |
|
| 24,189 |
|
| 23,540 |
|
|
|
|
| 2,700 |
| TOTAL SYSTEM SERVICES, INC. |
|
| 60,453 |
|
| 66,096 |
|
|
|
|
| 5,000 |
| TRIMBLE NAVIGATION LTD.(b) |
|
| 38,162 |
|
| 130,050 |
|
|
|
|
| 900 |
| VERISIGN, INC.(b) |
|
| 40,779 |
|
| 40,194 |
|
|
|
|
| 8,600 |
| VISA, INC., CLASS A |
|
| 713,446 |
|
| 1,571,650 |
|
|
|
|
| 7,800 |
| VISHAY INTERTECHNOLOGY, INC.(b) |
|
| 48,931 |
|
| 108,342 |
|
|
|
|
| 557 |
| VISHAY PRECISION GROUP, INC.(b) |
|
| 5,692 |
|
| 8,433 |
|
|
|
|
| 1,500 |
| VMWARE, INC., CLASS A(b) |
|
| 47,285 |
|
| 100,485 |
|
|
|
|
| 5,900 |
| WESTERN DIGITAL CORP. |
|
| 91,433 |
|
| 366,331 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 38 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Information Technology (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 10,100 |
| WESTERN UNION (THE) CO. |
| $ | 131,323 |
|
| 172,811 |
|
|
|
|
| 3,000 |
| WORKDAY, INC., CLASS A(b) |
|
| 180,280 |
|
| 192,270 |
|
|
|
|
| 92,802 |
| XEROX CORP. |
|
| 630,591 |
|
| 841,714 |
|
|
|
|
| 6,750 |
| XILINX, INC. |
|
| 47,180 |
|
| 267,368 |
|
|
|
|
| 20,640 |
| YAHOO!, INC.(b) |
|
| 228,332 |
|
| 518,270 |
|
|
|
|
| 60,000 |
| ZYNGA, INC., CLASS A(b) |
|
| 160,272 |
|
| 166,800 |
|
|
|
|
|
|
|
|
|
| 32,686,795 |
|
| 67,854,122 |
|
| 14.68% |
|
| Materials: |
|
|
|
|
|
|
|
|
|
|
|
|
| 3,175 |
| AIR PRODUCTS & CHEMICALS, INC. |
|
| 158,901 |
|
| 290,735 |
|
|
|
|
| 400 |
| AIRGAS, INC. |
|
| 16,882 |
|
| 38,184 |
|
|
|
|
| 1,300 |
| ALBEMARLE CORP. |
|
| 29,152 |
|
| 80,977 |
|
|
|
|
| 1,600 |
| ALLEGHENY TECHNOLOGIES, INC. |
|
| 39,592 |
|
| 42,096 |
|
|
|
|
| 800 |
| APTARGROUP, INC. |
|
| 27,324 |
|
| 44,168 |
|
|
|
|
| 1,600 |
| ASHLAND, INC. |
|
| 47,358 |
|
| 133,600 |
|
|
|
|
| 176,990 |
| AURICO GOLD, INC.(c) |
|
| 1,185,551 |
|
| 775,814 |
|
|
|
|
| 3,064 |
| BALL CORP. |
|
| 11,968 |
|
| 127,279 |
|
|
|
|
| 3,000 |
| BEMIS CO., INC. |
|
| 66,889 |
|
| 117,420 |
|
|
|
|
| 600 |
| CELANESE CORP., SERIES A |
|
| 24,630 |
|
| 26,880 |
|
|
|
|
| 1,100 |
| CF INDUSTRIES HOLDINGS, INC. |
|
| 97,135 |
|
| 188,650 |
|
|
|
|
| 10,000 |
| CLIFFS NATURAL RESOURCES, INC. |
|
| 197,144 |
|
| 162,500 |
|
|
|
|
| 500 |
| COMPASS MINERALS INTERNATIONAL, INC. |
|
| 27,452 |
|
| 42,265 |
|
|
|
|
| 42,780 |
| CROWN HOLDINGS, INC.(b) |
|
| 1,312,976 |
|
| 1,759,541 |
|
|
|
|
| 700 |
| CYTEC INDUSTRIES, INC. |
|
| 25,564 |
|
| 51,275 |
|
|
|
|
| 1,000 |
| DOMTAR CORP.(c) |
|
| 52,480 |
|
| 66,500 |
|
|
|
|
| 19,000 |
| DOW CHEMICAL (THE) CO. |
|
| 485,497 |
|
| 611,230 |
|
|
|
|
| 15,725 |
| E.I. DU PONT DE NEMOURS & CO. |
|
| 512,220 |
|
| 825,562 |
|
|
|
|
| 438 |
| EAGLE MATERIALS, INC. |
|
| 1,727 |
|
| 29,026 |
|
|
|
|
| 3,000 |
| EASTMAN CHEMICAL CO. |
|
| 58,012 |
|
| 210,030 |
|
|
|
|
| 3,991 |
| ECOLAB, INC. |
|
| 137,417 |
|
| 339,993 |
|
|
|
|
| 82,496 |
| FREEPORT-MCMORAN COPPER & GOLD, INC. |
|
| 2,415,523 |
|
| 2,277,715 |
|
|
|
|
| 900 |
| GREIF, INC., CLASS A |
|
| 27,104 |
|
| 47,403 |
|
|
|
|
| 3,683 |
| INTERNATIONAL FLAVORS & FRAGRANCES, INC. |
|
| 79,231 |
|
| 276,814 |
|
|
|
|
| 9,431 |
| INTERNATIONAL PAPER CO. |
|
| 117,152 |
|
| 417,888 |
|
|
|
|
| 13,490 |
| LSB INDUSTRIES, INC.(b) |
|
| 443,645 |
|
| 410,231 |
|
|
|
|
| 3,700 |
| LYONDELLBASELL INDUSTRIES N.V., CLASS A(c) |
|
| 108,733 |
|
| 245,162 |
|
|
|
|
| 700 |
| MARTIN MARIETTA MATERIALS, INC. |
|
| 27,965 |
|
| 68,894 |
|
|
|
|
| 2,875 |
| MEADWESTVACO CORP. |
|
| 27,016 |
|
| 98,066 |
|
|
|
|
| 23,800 |
| MOLYCORP, INC.(b) |
|
| 135,660 |
|
| 147,560 |
|
|
|
|
| 10,415 |
| MONSANTO CO. |
|
| 79,296 |
|
| 1,029,002 |
|
|
|
|
| 23,549 |
| MOSAIC (THE) CO. |
|
| 1,185,259 |
|
| 1,267,172 |
|
|
|
|
| 82,900 |
| NEWMONT MINING CORP. |
|
| 3,983,863 |
|
| 2,482,855 |
|
|
|
|
| 5,844 |
| NUCOR CORP. |
|
| 99,313 |
|
| 253,162 |
|
|
|
|
| 59,640 |
| OWENS-ILLINOIS, INC.(b) |
|
| 1,494,166 |
|
| 1,657,396 |
|
|
|
|
| 2,100 |
| PACKAGING CORP. OF AMERICA |
|
| 30,901 |
|
| 102,816 |
|
|
|
|
| 3,986 |
| PPG INDUSTRIES, INC. |
|
| 180,558 |
|
| 583,590 |
|
|
|
|
| 6,450 |
| PRAXAIR, INC. |
|
| 258,706 |
|
| 742,782 |
|
|
|
|
| 2,200 |
| RELIANCE STEEL & ALUMINUM CO. |
|
| 61,215 |
|
| 144,232 |
|
|
|
|
| 400 |
| ROCK TENN CO., CLASS A |
|
| 29,220 |
|
| 39,952 |
|
|
|
|
| 1,000 |
| ROYAL GOLD, INC. |
|
| 47,541 |
|
| 42,080 |
|
|
|
|
| 6,500 |
| RPM INTERNATIONAL, INC. |
|
| 72,503 |
|
| 207,610 |
|
|
|
|
| 37,759 |
| RTI INTERNATIONAL METALS, INC.(b) |
|
| 883,649 |
|
| 1,046,302 |
|
|
|
|
| 118,400 |
| SEALED AIR CORP. |
|
| 2,332,433 |
|
| 2,835,680 |
|
|
|
|
| 1,585 |
| SHERWIN-WILLIAMS (THE) CO. |
|
| 72,398 |
|
| 279,911 |
|
|
|
|
| 1,000 |
| SIGMA-ALDRICH CORP. |
|
| 76,820 |
|
| 80,360 |
|
|
|
|
| 3,600 |
| SONOCO PRODUCTS CO. |
|
| 74,519 |
|
| 124,452 |
|
|
|
|
| 3,234 |
| SOUTHERN COPPER CORP. |
|
| 38,089 |
|
| 89,323 |
|
|
|
|
| 8,700 |
| STEEL DYNAMICS, INC. |
|
| 95,178 |
|
| 129,717 |
|
|
|
|
| 1,273 |
| SUNCOKE ENERGY, INC.(b) |
|
| 8,474 |
|
| 17,848 |
|
|
|
|
| 1,600 |
| UNITED STATES STEEL CORP. |
|
| 30,208 |
|
| 28,048 |
|
|
|
|
| 3,200 |
| VALSPAR (THE) CORP. |
|
| 68,240 |
|
| 206,944 |
|
|
|
|
| 2,100 |
| VULCAN MATERIALS CO. |
|
| 63,441 |
|
| 101,661 |
|
|
|
|
|
|
|
|
|
| 19,163,890 |
|
| 23,446,353 |
|
| 5.07% |
|
| Telecommunication Services: |
|
|
|
|
|
|
|
|
|
| ||
| 98,790 |
| AT&T, INC. |
|
| 2,463,415 |
|
| 3,497,166 |
|
|
|
|
| 7,513 |
| CENTURYLINK, INC. |
|
| 286,537 |
|
| 265,584 |
|
|
|
|
| 40,400 |
| CLEARWIRE CORP., CLASS A(b) |
|
| 170,584 |
|
| 201,192 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 39 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Telecommunication Services (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 4,600 |
| CROWN CASTLE INTERNATIONAL CORP.(b) |
| $ | 194,396 |
|
| 332,994 |
|
|
|
|
| 5,100 |
| LEVEL 3 COMMUNICATIONS, INC.(b) |
|
| 115,002 |
|
| 107,508 |
|
|
|
|
| 12,500 |
| NII HOLDINGS, INC.(b) |
|
| 83,473 |
|
| 83,375 |
|
|
|
|
| 800 |
| SBA COMMUNICATIONS CORP., CLASS A(b) |
|
| 58,532 |
|
| 59,296 |
|
|
|
|
| 41,800 |
| SPRINT NEXTEL CORP.(b) |
|
| 123,442 |
|
| 293,436 |
|
|
|
|
| 5,435 |
| TELEPHONE & DATA SYSTEMS, INC. |
|
| 109,150 |
|
| 133,973 |
|
|
|
|
| 1,500 |
| T-MOBILE US, INC.(b) |
|
| 13,875 |
|
| 37,215 |
|
|
|
|
| 2,300 |
| TW TELECOM, INC.(b) |
|
| 58,604 |
|
| 64,722 |
|
|
|
|
| 45,383 |
| VERIZON COMMUNICATIONS, INC. |
|
| 1,580,875 |
|
| 2,284,580 |
|
|
|
|
| 18,218 |
| WINDSTREAM CORP. |
|
| 151,039 |
|
| 140,461 |
|
|
|
|
|
|
|
|
|
| 5,408,924 |
|
| 7,501,502 |
|
| 1.62% |
|
| Utilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| 9,100 |
| AES CORP. |
|
| 99,645 |
|
| 109,109 |
|
|
|
|
| 4,500 |
| AGL RESOURCES, INC. |
|
| 135,198 |
|
| 192,870 |
|
|
|
|
| 1,000 |
| ALLIANT ENERGY CORP. |
|
| 24,835 |
|
| 50,420 |
|
|
|
|
| 4,000 |
| AMEREN CORP. |
|
| 114,624 |
|
| 137,760 |
|
|
|
|
| 9,200 |
| AMERICAN ELECTRIC POWER CO., INC. |
|
| 289,948 |
|
| 411,976 |
|
|
|
|
| 45,310 |
| AMERICAN WATER WORKS CO., INC. |
|
| 1,186,470 |
|
| 1,868,131 |
|
|
|
|
| 1,388 |
| AQUA AMERICA, INC. |
|
| 22,973 |
|
| 43,431 |
|
|
|
|
| 9,800 |
| CALPINE CORP.(b) |
|
| 83,359 |
|
| 208,054 |
|
|
|
|
| 5,800 |
| CENTERPOINT ENERGY, INC. |
|
| 66,308 |
|
| 136,242 |
|
|
|
|
| 10,200 |
| CMS ENERGY CORP. |
|
| 144,342 |
|
| 277,134 |
|
|
|
|
| 4,589 |
| CONSOLIDATED EDISON, INC. |
|
| 184,849 |
|
| 267,585 |
|
|
|
|
| 9,762 |
| DOMINION RESOURCES, INC. |
|
| 334,591 |
|
| 554,677 |
|
|
|
|
| 2,300 |
| DTE ENERGY CO. |
|
| 84,036 |
|
| 154,123 |
|
|
|
|
| 11,251 |
| DUKE ENERGY CORP. |
|
| 423,130 |
|
| 759,442 |
|
|
|
|
| 8,525 |
| EDISON INTERNATIONAL |
|
| 182,117 |
|
| 410,564 |
|
|
|
|
| 3,064 |
| ENTERGY CORP. |
|
| 60,101 |
|
| 213,500 |
|
|
|
|
| 11,324 |
| EXELON CORP. |
|
| 344,741 |
|
| 349,685 |
|
|
|
|
| 3,800 |
| FIRSTENERGY CORP. |
|
| 149,828 |
|
| 141,892 |
|
|
|
|
| 2,800 |
| GREAT PLAINS ENERGY, INC. |
|
| 43,498 |
|
| 63,112 |
|
|
|
|
| 3,500 |
| ITC HOLDINGS CORP. |
|
| 154,844 |
|
| 319,550 |
|
|
|
|
| 1,500 |
| NATIONAL FUEL GAS CO. |
|
| 38,322 |
|
| 86,925 |
|
|
|
|
| 6,700 |
| NEXTERA ENERGY, INC. |
|
| 347,944 |
|
| 545,916 |
|
|
|
|
| 6,900 |
| NISOURCE, INC. |
|
| 111,901 |
|
| 197,616 |
|
|
|
|
| 4,961 |
| NORTHEAST UTILITIES |
|
| 125,492 |
|
| 208,461 |
|
|
|
|
| 10,883 |
| NRG ENERGY, INC. |
|
| 189,415 |
|
| 290,576 |
|
|
|
|
| 6,200 |
| NV ENERGY, INC. |
|
| 76,954 |
|
| 145,452 |
|
|
|
|
| 2,400 |
| OGE ENERGY CORP. |
|
| 43,344 |
|
| 163,680 |
|
|
|
|
| 2,000 |
| ONEOK, INC. |
|
| 31,518 |
|
| 82,620 |
|
|
|
|
| 5,900 |
| PG&E CORP. |
|
| 79,340 |
|
| 269,807 |
|
|
|
|
| 2,400 |
| PINNACLE WEST CAPITAL CORP. |
|
| 71,637 |
|
| 133,128 |
|
|
|
|
| 9,000 |
| PPL CORP. |
|
| 245,589 |
|
| 272,340 |
|
|
|
|
| 7,800 |
| PUBLIC SERVICE ENTERPRISE GROUP, INC. |
|
| 236,574 |
|
| 254,748 |
|
|
|
|
| 73,285 |
| QUESTAR CORP. |
|
| 1,256,836 |
|
| 1,747,847 |
|
|
|
|
| 4,800 |
| SCANA CORP. |
|
| 166,536 |
|
| 235,680 |
|
|
|
|
| 3,300 |
| SEMPRA ENERGY |
|
| 170,451 |
|
| 269,808 |
|
|
|
|
| 13,700 |
| SOUTHERN (THE) CO. |
|
| 366,351 |
|
| 604,581 |
|
|
|
|
| 7,600 |
| TECO ENERGY, INC. |
|
| 90,842 |
|
| 130,644 |
|
|
|
|
| 3,100 |
| UGI CORP. |
|
| 51,202 |
|
| 121,241 |
|
|
|
|
| 1,400 |
| WESTAR ENERGY, INC. |
|
| 25,767 |
|
| 44,744 |
|
|
|
|
| 4,820 |
| WISCONSIN ENERGY CORP. |
|
| 46,469 |
|
| 197,572 |
|
|
|
|
| 4,825 |
| XCEL ENERGY, INC. |
|
| 43,342 |
|
| 136,740 |
|
|
|
|
|
|
|
|
|
| 7,945,263 |
|
| 12,809,383 |
|
| 2.77% |
|
|
| Sub-total Common Stocks: |
|
| 256,839,143 |
|
| 445,317,104 |
|
| 96.32% |
| |
Master Limited Partnerships: |
|
|
|
|
|
|
|
|
|
| |||
| Energy: |
|
|
|
|
|
|
|
|
|
|
|
|
| 42,345 |
| ATLAS PIPELINE PARTNERS L.P. |
|
| 1,461,527 |
|
| 1,617,156 |
|
|
|
|
| 27,570 |
| ENTERPRISE PRODUCTS PARTNERS L.P. |
|
| 1,184,195 |
|
| 1,713,475 |
|
|
|
|
| 45,215 |
| MAGELLAN MIDSTREAM PARTNERS L.P. |
|
| 1,276,518 |
|
| 2,464,218 |
|
|
|
|
|
|
|
|
|
| 3,922,240 |
|
| 5,794,849 |
|
| 1.25% |
|
|
| Sub-total Master Limited Partnerships: |
|
| 3,922,240 |
|
| 5,794,849 |
|
| 1.25% |
|
|
|
|
See accompanying notes to the financial statements. | 40 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
| Security |
|
| Cost |
|
| Fair |
|
| Percent |
|
Rights: |
|
|
|
|
|
|
|
|
|
|
|
| |
| Health Care: |
|
|
|
|
|
|
|
|
|
|
|
|
| 700 |
| SANOFI - CVR(b)(c) |
| $ | - |
|
| 1,351 |
|
|
|
|
|
| Sub-total Rights: |
|
| - |
|
| 1,351 |
|
| 0.00% |
| |
Short-Term Investments: |
|
|
|
|
|
|
|
|
|
| |||
| 10,813,554 |
| NORTHERN INSTITUTIONAL FUNDS - |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. GOVERNMENT SELECT PORTFOLIO, 0.01%(f) |
|
| 10,813,554 |
|
| 10,813,554 |
|
|
|
|
|
| Sub-total Short-Term Investments: |
|
| 10,813,554 |
|
| 10,813,554 |
|
| 2.34% |
| |
|
|
| Grand total(g) |
| $ | 271,574,937 |
|
| 461,926,858 |
|
| 99.91% |
|
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) | Foreign security values are stated in U.S. dollars. As of June 30, 2013, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 5.96% of net assets. |
| (d) | Securities are American Depositary Receipts of companies based outside of the United States representing 1.91% of net assets. |
| (e) | This security is being fair valued according to procedures adopted by the Board of Trustees. |
| (f) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2012, the value of the Clearwater Core Equity Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was approximately $26,364,287 with net sales of approximately $15,550,733 during the six months ended June 30, 2013. |
| (g) | At June 30, 2013, the cost for Federal income tax purposes was $271,832,834. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost was as follows: |
|
|
|
|
|
Gross unrealized appreciation |
| $ | 194,255,148 |
|
Gross unrealized depreciation |
|
| (4,161,124 | ) |
Net unrealized appreciation |
| $ | 190,094,024 |
|
|
|
|
See accompanying notes to the financial statements. | 41 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater Core Equity Fund (unaudited)
June 30, 2013
|
|
|
See accompanying notes to the financial statements. | 42 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Common Stocks: |
|
|
|
|
|
|
|
|
|
| |||
| Consumer Discretionary: |
|
|
|
|
|
|
|
|
|
| ||
| 17,000 |
| AMC NETWORKS, INC., CLASS A(b) |
| $ | 755,419 |
|
| 1,111,970 |
|
|
|
|
| 2,605 |
| AMERICA’S CAR-MART, INC.(b) |
|
| 113,152 |
|
| 112,640 |
|
|
|
|
| 46,335 |
| ARCTIC CAT, INC. |
|
| 1,893,991 |
|
| 2,084,148 |
|
|
|
|
| 113,202 |
| BLACK DIAMOND, INC.(b) |
|
| 924,549 |
|
| 1,064,099 |
|
|
|
|
| 18,402 |
| BRAVO BRIO RESTAURANT GROUP, INC.(b) |
|
| 296,883 |
|
| 327,924 |
|
|
|
|
| 26,192 |
| CALLAWAY GOLF CO. |
|
| 176,392 |
|
| 172,343 |
|
|
|
|
| 23,007 |
| CENTURY CASINOS, INC.(b) |
|
| 34,921 |
|
| 79,604 |
|
|
|
|
| 69,496 |
| COOPER TIRE & RUBBER CO. |
|
| 1,291,493 |
|
| 2,305,182 |
|
|
|
|
| 5,355 |
| CORE-MARK HOLDING CO., INC. |
|
| 214,078 |
|
| 340,043 |
|
|
|
|
| 25,000 |
| CST BRANDS, INC.(b) |
|
| 738,832 |
|
| 770,250 |
|
|
|
|
| 45,500 |
| DANA HOLDING CORP. |
|
| 802,009 |
|
| 876,330 |
|
|
|
|
| 162,000 |
| DENNY’S CORP.(b) |
|
| 628,669 |
|
| 910,440 |
|
|
|
|
| 6,679 |
| DESTINATION MATERNITY CORP. |
|
| 155,989 |
|
| 164,303 |
|
|
|
|
| 33,478 |
| DGSE COS., INC.(b) |
|
| 92,914 |
|
| 99,095 |
|
|
|
|
| 12,270 |
| EW SCRIPPS (THE) CO., CLASS A(b) |
|
| 119,802 |
|
| 191,167 |
|
|
|
|
| 112,639 |
| EXPRESS, INC.(b) |
|
| 1,900,222 |
|
| 2,362,040 |
|
|
|
|
| 22,625 |
| GAIAM, INC., CLASS A(b) |
|
| 82,050 |
|
| 100,908 |
|
|
|
|
| 14,194 |
| GROUP 1 AUTOMOTIVE, INC. |
|
| 906,250 |
|
| 913,100 |
|
|
|
|
| 264,575 |
| HANCOCK FABRICS, INC.(b) |
|
| 357,610 |
|
| 256,638 |
|
|
|
|
| 28,500 |
| HANESBRANDS, INC. |
|
| 652,515 |
|
| 1,465,470 |
|
|
|
|
| 69,441 |
| ICONIX BRAND GROUP, INC.(b) |
|
| 742,376 |
|
| 2,042,260 |
|
|
|
|
| 10,895 |
| JAMBA, INC.(b) |
|
| 133,781 |
|
| 162,662 |
|
|
|
|
| 8,733 |
| JTH HOLDING, INC., CLASS A(b) |
|
| 136,476 |
|
| 141,911 |
|
|
|
|
| 21,500 |
| LAMAR ADVERTISING CO., CLASS A(b) |
|
| 818,073 |
|
| 933,100 |
|
|
|
|
| 31,608 |
| LEAPFROG ENTERPRISES, INC.(b) |
|
| 257,551 |
|
| 311,023 |
|
|
|
|
| 194,344 |
| LIFELOCK, INC.(b) |
|
| 2,096,770 |
|
| 2,275,768 |
|
|
|
|
| 17,355 |
| LITHIA MOTORS, INC., CLASS A |
|
| 883,872 |
|
| 925,195 |
|
|
|
|
| 22,000 |
| MADISON SQUARE GARDEN (THE) CO., CLASS A(b) |
|
| 408,574 |
|
| 1,303,500 |
|
|
|
|
| 11,941 |
| MAIDENFORM BRANDS, INC.(b) |
|
| 269,422 |
|
| 206,938 |
|
|
|
|
| 30,000 |
| MARRIOTT VACATIONS WORLDWIDE CORP.(b) |
|
| 688,453 |
|
| 1,297,200 |
|
|
|
|
| 37,000 |
| PENSKE AUTOMOTIVE GROUP, INC. |
|
| 723,337 |
|
| 1,129,980 |
|
|
|
|
| 91,144 |
| PIER 1 IMPORTS, INC. |
|
| 1,112,540 |
|
| 2,140,972 |
|
|
|
|
| 42,417 |
| PREMIER EXHIBITIONS, INC.(b) |
|
| 100,980 |
|
| 73,806 |
|
|
|
|
| 5,540 |
| RED ROBIN GOURMET BURGERS, INC.(b) |
|
| 162,695 |
|
| 305,697 |
|
|
|
|
| 57,677 |
| RENT-A-CENTER, INC. |
|
| 1,937,952 |
|
| 2,165,771 |
|
|
|
|
| 31,364 |
| ROCKY BRANDS, INC. |
|
| 263,458 |
|
| 474,224 |
|
|
|
|
| 34,246 |
| RUBY TUESDAY, INC.(b) |
|
| 244,353 |
|
| 316,091 |
|
|
|
|
| 86,538 |
| RUE21, INC.(b) |
|
| 2,513,290 |
|
| 3,600,846 |
|
|
|
|
| 25,000 |
| RYLAND GROUP (THE), INC. |
|
| 712,145 |
|
| 1,002,500 |
|
|
|
|
| 43,000 |
| SALLY BEAUTY HOLDINGS, INC.(b) |
|
| 366,257 |
|
| 1,337,300 |
|
|
|
|
| 89,890 |
| SELECT COMFORT CORP.(b) |
|
| 2,594,577 |
|
| 2,252,643 |
|
|
|
|
| 6,377 |
| SHILOH INDUSTRIES, INC. |
|
| 64,386 |
|
| 66,576 |
|
|
|
|
| 14,816 |
| SHOE CARNIVAL, INC. |
|
| 301,398 |
|
| 355,732 |
|
|
|
|
| 45,000 |
| STARZ, CLASS A(b) |
|
| 840,237 |
|
| 994,500 |
|
|
|
|
| 43,591 |
| STEINWAY MUSICAL INSTRUMENTS, INC.(b) |
|
| 1,047,818 |
|
| 1,326,474 |
|
|
|
|
| 12,821 |
| TANDY LEATHER FACTORY, INC.(b) |
|
| 64,477 |
|
| 99,747 |
|
|
|
|
| 25,903 |
| TEMPUR SEALY INTERNATIONAL, INC.(b) |
|
| 760,455 |
|
| 1,137,142 |
|
|
|
|
| 15,500 |
| VAIL RESORTS, INC. |
|
| 580,317 |
|
| 953,560 |
|
|
|
|
| 51,520 |
| WOLVERINE WORLD WIDE, INC. |
|
| 1,464,270 |
|
| 2,813,507 |
|
|
|
|
|
|
|
|
|
| 34,428,030 |
|
| 47,854,319 |
|
| 14.92% |
|
Consumer Staples: |
|
|
|
|
|
|
|
|
|
| |||
| 123,127 |
| COTT CORP.(c) |
|
| 1,002,056 |
|
| 961,622 |
|
|
|
|
| 8,237 |
| DIAMOND FOODS, INC.(b) |
|
| 117,512 |
|
| 170,918 |
|
|
|
|
| 36,040 |
| ELIZABETH ARDEN, INC.(b) |
|
| 1,380,430 |
|
| 1,624,323 |
|
|
|
|
| 60,750 |
| FLOWERS FOODS, INC. |
|
| 511,723 |
|
| 1,339,538 |
|
|
|
|
| 28,000 |
| HILLSHIRE BRANDS CO. |
|
| 758,043 |
|
| 926,240 |
|
|
|
|
| 44,209 |
| INTER PARFUMS, INC. |
|
| 715,622 |
|
| 1,260,841 |
|
|
|
|
| 25,564 |
| MEDIFAST, INC.(b) |
|
| 400,626 |
|
| 658,529 |
|
|
|
|
| 16,134 |
| OMEGA PROTEIN CORP.(b) |
|
| 106,302 |
|
| 144,883 |
|
|
|
|
| 33,242 |
| PANTRY (THE), INC.(b) |
|
| 447,940 |
|
| 404,887 |
|
|
|
|
| 54,863 |
| S&W SEED CO.(b) |
|
| 326,739 |
|
| 459,752 |
|
|
|
|
| 7,087 |
| SENECA FOODS CORP., CLASS A(b) |
|
| 154,404 |
|
| 217,429 |
|
|
|
|
| 40,000 |
| SNYDERS-LANCE, INC. |
|
| 898,946 |
|
| 1,136,400 |
|
|
|
|
| 47,452 |
| SPECTRUM BRANDS HOLDINGS, INC. |
|
| 1,301,023 |
|
| 2,698,595 |
|
|
|
|
|
|
|
|
|
| 8,121,366 |
|
| 12,003,957 |
|
| 3.74% |
|
|
|
|
See accompanying notes to the financial statements. | 43 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Energy: |
|
|
|
|
|
|
|
|
|
| ||
| 61,239 |
| BILL BARRETT CORP.(b) |
| $ | 1,577,938 |
|
| 1,238,253 |
|
|
|
|
| 37,000 |
| BONANZA CREEK ENERGY, INC.(b) |
|
| 1,137,821 |
|
| 1,312,020 |
|
|
|
|
| 75,774 |
| CARRIZO OIL & GAS, INC.(b) |
|
| 2,131,228 |
|
| 2,146,677 |
|
|
|
|
| 101,990 |
| DAKOTA PLAINS HOLDINGS, INC.(b) |
|
| 386,240 |
|
| 285,572 |
|
|
|
|
| 11,000 |
| DRIL-QUIP, INC.(b) |
|
| 534,766 |
|
| 993,190 |
|
|
|
|
| 75,184 |
| FORBES ENERGY SERVICES LTD.(b) |
|
| 293,310 |
|
| 302,240 |
|
|
|
|
| 28,000 |
| GULFPORT ENERGY CORP.(b) |
|
| 816,373 |
|
| 1,317,960 |
|
|
|
|
| 49,500 |
| HELIX ENERGY SOLUTIONS GROUP, INC.(b) |
|
| 1,043,100 |
|
| 1,140,480 |
|
|
|
|
| 291,530 |
| HERCULES OFFSHORE, INC.(b) |
|
| 1,524,265 |
|
| 2,052,371 |
|
|
|
|
| 38,855 |
| HORNBECK OFFSHORE SERVICES, INC.(b) |
|
| 1,451,594 |
|
| 2,078,742 |
|
|
|
|
| 32,000 |
| OASIS PETROLEUM, INC.(b) |
|
| 564,228 |
|
| 1,243,840 |
|
|
|
|
| 15,647 |
| RESOLUTE ENERGY CORP.(b) |
|
| 129,842 |
|
| 124,863 |
|
|
|
|
| 26,442 |
| ROSETTA RESOURCES, INC.(b) |
|
| 1,250,701 |
|
| 1,124,314 |
|
|
|
|
| 38,500 |
| SANCHEZ ENERGY CORP.(b) |
|
| 878,505 |
|
| 883,960 |
|
|
|
|
| 50,749 |
| STEEL EXCEL, INC.(b) |
|
| 1,442,517 |
|
| 1,471,721 |
|
|
|
|
| 62,119 |
| SUPERIOR ENERGY SERVICES, INC.(b) |
|
| 1,453,562 |
|
| 1,611,367 |
|
|
|
|
| 12,292 |
| TRIANGLE PETROLEUM CORP.(b) |
|
| 65,821 |
|
| 86,167 |
|
|
|
|
|
|
|
|
|
| 16,681,811 |
|
| 19,413,737 |
|
| 6.05% |
|
Financials: |
|
|
|
|
|
|
|
|
|
| |||
| 16,424 |
| AGREE REALTY CORP. |
|
| 376,021 |
|
| 484,836 |
|
|
|
|
| 55,441 |
| AMERICAN EQUITY INVESTMENT LIFE HOLDING CO. |
|
| 760,892 |
|
| 870,424 |
|
|
|
|
| 12,595 |
| AMERICAN NATIONAL BANKSHARES, INC. |
|
| 255,148 |
|
| 292,708 |
|
|
|
|
| 15,053 |
| AMERICAN SAFETY INSURANCE HOLDINGS LTD.(b)(c) |
|
| 354,523 |
|
| 435,784 |
|
|
|
|
| 38,870 |
| AMREIT, INC. |
|
| 695,167 |
|
| 751,746 |
|
|
|
|
| 43,956 |
| AMTRUST FINANCIAL SERVICES, INC. |
|
| 682,501 |
|
| 1,569,229 |
|
|
|
|
| 27,000 |
| ARTHUR J GALLAGHER & CO. |
|
| 562,570 |
|
| 1,179,630 |
|
|
|
|
| 9,967 |
| ASHFORD HOSPITALITY TRUST, INC. |
|
| 76,888 |
|
| 114,122 |
|
|
|
|
| 50,000 |
| ASSOCIATED BANC-CORP |
|
| 666,059 |
|
| 777,500 |
|
|
|
|
| 34,680 |
| ASSOCIATED ESTATES REALTY CORP. |
|
| 530,901 |
|
| 557,654 |
|
|
|
|
| 30,536 |
| BERKSHIRE HILLS BANCORP, INC. |
|
| 692,865 |
|
| 847,679 |
|
|
|
|
| 47,245 |
| BNC BANCORP |
|
| 433,867 |
|
| 539,538 |
|
|
|
|
| 60,910 |
| BROOKLINE BANCORP, INC. |
|
| 519,121 |
|
| 528,699 |
|
|
|
|
| 3,520 |
| BSB BANCORP, INC.(b) |
|
| 46,540 |
|
| 46,288 |
|
|
|
|
| 213,053 |
| CAMPUS CREST COMMUNITIES, INC. |
|
| 2,327,997 |
|
| 2,458,632 |
|
|
|
|
| 31,364 |
| CAPE BANCORP, INC. |
|
| 291,845 |
|
| 297,958 |
|
|
|
|
| 49,999 |
| CAPLEASE, INC.(b) |
|
| 58,820 |
|
| 421,992 |
|
|
|
|
| 35,000 |
| CBOE HOLDINGS, INC. |
|
| 848,346 |
|
| 1,632,400 |
|
|
|
|
| 1,735 |
| CENTURY BANCORP, INC., CLASS A |
|
| 54,608 |
|
| 60,725 |
|
|
|
|
| 62,139 |
| CHARTER FINANCIAL CORP. |
|
| 630,086 |
|
| 626,361 |
|
|
|
|
| 80,128 |
| CHESAPEAKE LODGING TRUST |
|
| 1,361,494 |
|
| 1,665,861 |
|
|
|
|
| 33,294 |
| CHEVIOT FINANCIAL CORP. |
|
| 369,046 |
|
| 377,221 |
|
|
|
|
| 1,832 |
| CHICOPEE BANCORP, INC. |
|
| 29,881 |
|
| 30,961 |
|
|
|
|
| 12,836 |
| CLIFTON SAVINGS BANCORP, INC. |
|
| 142,143 |
|
| 152,107 |
|
|
|
|
| 13,409 |
| COMMUNITY TRUST BANCORP, INC. |
|
| 441,425 |
|
| 477,629 |
|
|
|
|
| 48,420 |
| CORPORATE OFFICE PROPERTIES TRUST |
|
| 1,047,166 |
|
| 1,234,710 |
|
|
|
|
| 25,768 |
| CORRECTIONS CORP. OF AMERICA |
|
| 812,668 |
|
| 872,762 |
|
|
|
|
| 14,093 |
| EMC INSURANCE GROUP, INC. |
|
| 313,950 |
|
| 370,082 |
|
|
|
|
| 14,500 |
| EXCEL TRUST, INC. |
|
| 169,874 |
|
| 185,745 |
|
|
|
|
| 16,736 |
| FARMERS NATIONAL BANC CORP. |
|
| 106,603 |
|
| 105,102 |
|
|
|
|
| 22,669 |
| FINANCIAL INSTITUTIONS, INC. |
|
| 389,399 |
|
| 417,336 |
|
|
|
|
| 49,000 |
| FIRST AMERICAN FINANCIAL CORP. |
|
| 686,144 |
|
| 1,079,960 |
|
|
|
|
| 40,650 |
| FIRST COMMUNITY BANCSHARES, INC. |
|
| 643,011 |
|
| 637,392 |
|
|
|
|
| 3,798 |
| FIRST CONNECTICUT BANCORP, INC. |
|
| 52,366 |
|
| 52,868 |
|
|
|
|
| 16,277 |
| FIRST FINANCIAL CORP. |
|
| 483,385 |
|
| 504,424 |
|
|
|
|
| 2,513 |
| FIRST OF LONG ISLAND (THE) CORP. |
|
| 74,391 |
|
| 83,406 |
|
|
|
|
| 134,281 |
| FIRSTMERIT CORP. |
|
| 1,981,985 |
|
| 2,689,648 |
|
|
|
|
| 24,935 |
| FLUSHING FINANCIAL CORP. |
|
| 399,486 |
|
| 410,181 |
|
|
|
|
| 50,000 |
| FORESTAR GROUP, INC.(b) |
|
| 940,728 |
|
| 1,003,000 |
|
|
|
|
| 15,573 |
| FRANKLIN FINANCIAL CORP. |
|
| 217,750 |
|
| 280,470 |
|
|
|
|
| 16,740 |
| GETTY REALTY CORP. |
|
| 265,171 |
|
| 345,681 |
|
|
|
|
| 33,729 |
| GLADSTONE CAPITAL CORP. |
|
| 266,230 |
|
| 275,566 |
|
|
|
|
| 60,490 |
| GLIMCHER REALTY TRUST |
|
| 644,250 |
|
| 660,551 |
|
|
|
|
| 2,362 |
| HAMPDEN BANCORP, INC. |
|
| 36,810 |
|
| 35,217 |
|
|
|
|
| 9,929 |
| HENNESSY ADVISORS, INC. |
|
| 29,849 |
|
| 71,985 |
|
|
|
|
| 16,070 |
| HERITAGE FINANCIAL CORP. |
|
| 201,226 |
|
| 235,426 |
|
|
|
|
| 26,207 |
| HERITAGE FINANCIAL GROUP, INC. |
|
| 366,630 |
|
| 386,553 |
|
|
|
|
| 48,080 |
| HOME FEDERAL BANCORP, INC. |
|
| 611,641 |
|
| 612,539 |
|
|
|
|
| 15,997 |
| HOME PROPERTIES, INC. |
|
| 870,975 |
|
| 1,045,724 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 44 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Financials (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 24,533 |
| HORACE MANN EDUCATORS CORP. |
| $ | 311,616 |
|
| 598,115 |
|
|
|
|
| 19,500 |
| IBERIABANK CORP. |
|
| 928,547 |
|
| 1,045,395 |
|
|
|
|
| 90,331 |
| INVESTORS BANCORP, INC. |
|
| 1,316,288 |
|
| 1,904,177 |
|
|
|
|
| 35,719 |
| INVESTORS CAPITAL HOLDINGS LTD.(b) |
|
| 151,806 |
|
| 178,595 |
|
|
|
|
| 4,905 |
| KANSAS CITY LIFE INSURANCE CO. |
|
| 182,608 |
|
| 187,714 |
|
|
|
|
| 264,691 |
| KITE REALTY GROUP TRUST |
|
| 1,665,718 |
|
| 1,596,087 |
|
|
|
|
| 17,620 |
| LAPORTE BANCORP, INC. |
|
| 154,704 |
|
| 177,962 |
|
|
|
|
| 60,000 |
| MANNING & NAPIER, INC. |
|
| 754,331 |
|
| 1,065,600 |
|
|
|
|
| 143,852 |
| MEDICAL PROPERTIES TRUST, INC. |
|
| 1,558,159 |
|
| 2,059,961 |
|
|
|
|
| 35,307 |
| MEDLEY CAPITAL CORP. |
|
| 497,451 |
|
| 479,469 |
|
|
|
|
| 36,299 |
| MERIDIAN INTERSTATE BANCORP, INC.(b) |
|
| 613,840 |
|
| 683,510 |
|
|
|
|
| 6,600 |
| MIDSOUTH BANCORP, INC. |
|
| 97,614 |
|
| 102,498 |
|
|
|
|
| 71,750 |
| NATIONAL BANK HOLDINGS CORP., CLASS A |
|
| 1,327,978 |
|
| 1,413,475 |
|
|
|
|
| 24,226 |
| NATIONAL RETAIL PROPERTIES, INC. |
|
| 380,370 |
|
| 833,374 |
|
|
|
|
| 121,720 |
| NEW MOUNTAIN FINANCE CORP. |
|
| 1,741,769 |
|
| 1,723,555 |
|
|
|
|
| 117,751 |
| NORTHFIELD BANCORP, INC. |
|
| 1,346,239 |
|
| 1,380,042 |
|
|
|
|
| 189,150 |
| NORTHWEST BANCSHARES, INC. |
|
| 2,049,749 |
|
| 2,555,417 |
|
|
|
|
| 9,803 |
| OLD LINE BANCSHARES, INC. |
|
| 124,722 |
|
| 129,302 |
|
|
|
|
| 9,851 |
| OMNIAMERICAN BANCORP, INC.(b) |
|
| 228,534 |
|
| 217,018 |
|
|
|
|
| 80,162 |
| ORITANI FINANCIAL CORP. |
|
| 1,019,287 |
|
| 1,256,940 |
|
|
|
|
| 24,520 |
| PACIFIC CONTINENTAL CORP. |
|
| 236,385 |
|
| 289,336 |
|
|
|
|
| 12,552 |
| PACIFIC MERCANTILE BANCORP(b) |
|
| 71,922 |
|
| 72,174 |
|
|
|
|
| 48,090 |
| PACWEST BANCORP |
|
| 1,115,628 |
|
| 1,473,959 |
|
|
|
|
| 13,111 |
| PARK STERLING CORP.(b) |
|
| 80,326 |
|
| 77,486 |
|
|
|
|
| 43,642 |
| PENNANTPARK INVESTMENT CORP. |
|
| 469,772 |
|
| 482,244 |
|
|
|
|
| 8,961 |
| PEOPLES BANCORP, INC. |
|
| 184,760 |
|
| 188,898 |
|
|
|
|
| 27,508 |
| PLATINUM UNDERWRITERS HOLDINGS LTD.(c) |
|
| 833,973 |
|
| 1,574,008 |
|
|
|
|
| 29,344 |
| POST PROPERTIES, INC. |
|
| 1,433,244 |
|
| 1,452,235 |
|
|
|
|
| 27,750 |
| PREFERRED APARTMENT COMMUNITIES, INC., CLASS A |
|
| 183,072 |
|
| 249,750 |
|
|
|
|
| 22,869 |
| PROTECTIVE LIFE CORP. |
|
| 841,862 |
|
| 878,398 |
|
|
|
|
| 17,469 |
| RENASANT CORP. |
|
| 279,846 |
|
| 425,195 |
|
|
|
|
| 67,740 |
| RETAIL OPPORTUNITY INVESTMENTS CORP. |
|
| 864,052 |
|
| 941,586 |
|
|
|
|
| 111,663 |
| ROCKVILLE FINANCIAL, INC. |
|
| 1,176,110 |
|
| 1,460,552 |
|
|
|
|
| 31,990 |
| RYMAN HOSPITALITY PROPERTIES |
|
| 791,493 |
|
| 1,247,930 |
|
|
|
|
| 38,000 |
| SABRA HEALTH CARE REIT, INC. |
|
| 664,755 |
|
| 992,180 |
|
|
|
|
| 14,195 |
| SANDY SPRING BANCORP, INC. |
|
| 254,929 |
|
| 306,896 |
|
|
|
|
| 13,149 |
| SCBT FINANCIAL CORP. |
|
| 491,992 |
|
| 662,578 |
|
|
|
|
| 26,664 |
| SI FINANCIAL GROUP, INC. |
|
| 261,875 |
|
| 294,637 |
|
|
|
|
| 26,907 |
| SIMMONS FIRST NATIONAL CORP., CLASS A |
|
| 673,089 |
|
| 702,004 |
|
|
|
|
| 16,159 |
| SIMPLICITY BANCORP, INC. |
|
| 192,548 |
|
| 234,306 |
|
|
|
|
| 1 |
| SOUTHSIDE BANCSHARES, INC. |
|
| 20 |
|
| 24 |
|
|
|
|
| 50,000 |
| SPIRIT REALTY CAPITAL, INC. |
|
| 803,435 |
|
| 886,000 |
|
|
|
|
| 32,588 |
| STANCORP FINANCIAL GROUP, INC. |
|
| 1,006,889 |
|
| 1,610,173 |
|
|
|
|
| 28,682 |
| STATE BANK FINANCIAL CORP. |
|
| 453,149 |
|
| 431,090 |
|
|
|
|
| 25,800 |
| STELLARONE CORP. |
|
| 341,581 |
|
| 506,970 |
|
|
|
|
| 25,201 |
| STERLING BANCORP |
|
| 284,855 |
|
| 292,836 |
|
|
|
|
| 420,385 |
| SYNOVUS FINANCIAL CORP.(b) |
|
| 892,408 |
|
| 1,227,524 |
|
|
|
|
| 20,972 |
| TCP CAPITAL CORP. |
|
| 325,699 |
|
| 351,700 |
|
|
|
|
| 36,500 |
| TERRITORIAL BANCORP, INC. |
|
| 585,519 |
|
| 825,265 |
|
|
|
|
| 29,893 |
| THL CREDIT, INC. |
|
| 423,592 |
|
| 454,075 |
|
|
|
|
| 16,700 |
| UMB FINANCIAL CORP. |
|
| 798,033 |
|
| 929,689 |
|
|
|
|
| 98,588 |
| UMPQUA HOLDINGS CORP. |
|
| 1,087,447 |
|
| 1,479,806 |
|
|
|
|
| 26,520 |
| UNIVEST CORP. OF PENNSYLVANIA |
|
| 440,329 |
|
| 505,736 |
|
|
|
|
| 10,419 |
| URSTADT BIDDLE PROPERTIES, INC., CLASS A |
|
| 180,622 |
|
| 210,151 |
|
|
|
|
| 52,500 |
| VIEWPOINT FINANCIAL GROUP, INC. |
|
| 669,191 |
|
| 1,092,525 |
|
|
|
|
| 96,356 |
| WALKER & DUNLOP, INC.(b) |
|
| 1,386,770 |
|
| 1,686,230 |
|
|
|
|
| 23,000 |
| WALTER INVESTMENT MANAGEMENT CORP.(b) |
|
| 305,985 |
|
| 777,630 |
|
|
|
|
| 35,477 |
| WASHINGTON BANKING CO. |
|
| 491,924 |
|
| 503,773 |
|
|
|
|
| 17,610 |
| WESTFIELD FINANCIAL, INC. |
|
| 128,912 |
|
| 123,270 |
|
|
|
|
| 25,000 |
| WINTRUST FINANCIAL CORP. |
|
| 855,525 |
|
| 957,000 |
|
|
|
|
|
|
|
|
|
| 63,835,290 |
|
| 79,240,037 |
|
| 24.70% |
|
| Health Care: |
|
|
|
|
|
|
|
|
|
| ||
| 125,796 |
| ACCRETIVE HEALTH, INC.(b) |
|
| 1,391,477 |
|
| 1,359,855 |
|
|
|
|
| 50,226 |
| AIR METHODS CORP. |
|
| 1,927,797 |
|
| 1,701,657 |
|
|
|
|
| 51,901 |
| ALEXZA PHARMACEUTICALS, INC.(b) |
|
| 237,478 |
|
| 225,250 |
|
|
|
|
| 38,470 |
| ANALOGIC CORP. |
|
| 2,868,918 |
|
| 2,801,770 |
|
|
|
|
| 14,179 |
| ANGIODYNAMICS, INC.(b) |
|
| 171,444 |
|
| 159,939 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 45 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Health Care (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 47,869 |
| BIODELIVERY SCIENCES INTERNATIONAL, INC.(b) |
| $ | 220,044 |
|
| 194,348 |
|
|
|
|
| 6,993 |
| BIO-REFERENCE LABS, INC.(b) |
|
| 196,745 |
|
| 201,049 |
|
|
|
|
| 32,126 |
| CENTENE CORP.(b) |
|
| 1,294,926 |
|
| 1,685,330 |
|
|
|
|
| 17,247 |
| CRYOLIFE, INC. |
|
| 97,210 |
|
| 107,966 |
|
|
|
|
| 112,342 |
| GLOBUS MEDICAL, INC., CLASS A(b) |
|
| 1,728,224 |
|
| 1,894,086 |
|
|
|
|
| 37,000 |
| HANGER, INC.(b) |
|
| 718,063 |
|
| 1,170,310 |
|
|
|
|
| 122,138 |
| HEALTH MANAGEMENT ASSOCIATES, INC., CLASS A(b) |
|
| 1,289,924 |
|
| 1,920,009 |
|
|
|
|
| 44,451 |
| HEALTH NET, INC.(b) |
|
| 1,176,785 |
|
| 1,414,431 |
|
|
|
|
| 107,064 |
| HEALTHSOUTH CORP.(b) |
|
| 1,718,321 |
|
| 3,083,443 |
|
|
|
|
| 95,784 |
| HEALTHWAYS, INC.(b) |
|
| 932,106 |
|
| 1,664,726 |
|
|
|
|
| 23,120 |
| HESKA CORP. |
|
| 187,656 |
|
| 159,297 |
|
|
|
|
| 63,261 |
| HILL-ROM HOLDINGS, INC. |
|
| 1,713,630 |
|
| 2,130,631 |
|
|
|
|
| 50,102 |
| ICON PLC(b)(c) |
|
| 1,185,843 |
|
| 1,775,114 |
|
|
|
|
| 66,122 |
| MERGE HEALTHCARE, INC.(b) |
|
| 227,824 |
|
| 238,039 |
|
|
|
|
| 12,379 |
| NATUS MEDICAL, INC.(b) |
|
| 144,641 |
|
| 168,973 |
|
|
|
|
| 48,518 |
| OMNICELL, INC.(b) |
|
| 817,083 |
|
| 997,045 |
|
|
|
|
| 56,950 |
| ORTHOFIX INTERNATIONAL N.V.(b)(c) |
|
| 1,674,942 |
|
| 1,531,955 |
|
|
|
|
| 22,000 |
| PATTERSON COS., INC. |
|
| 514,141 |
|
| 827,200 |
|
|
|
|
| 23,986 |
| PDI, INC.(b) |
|
| 140,520 |
|
| 112,734 |
|
|
|
|
| 12,727 |
| PHARMERICA CORP.(b) |
|
| 151,978 |
|
| 176,396 |
|
|
|
|
| 19,818 |
| PSYCHEMEDICS CORP. |
|
| 227,557 |
|
| 212,845 |
|
|
|
|
| 27,497 |
| SALIX PHARMACEUTICALS LTD.(b) |
|
| 1,164,064 |
|
| 1,818,927 |
|
|
|
|
| 23,746 |
| SPECTRUM PHARMACEUTICALS, INC. |
|
| 231,025 |
|
| 177,145 |
|
|
|
|
| 149,877 |
| UNIVERSAL AMERICAN CORP. |
|
| 1,314,340 |
|
| 1,332,407 |
|
|
|
|
| 5,497 |
| VASCULAR SOLUTIONS, INC.(b) |
|
| 83,394 |
|
| 80,861 |
|
|
|
|
| 20,527 |
| WEST PHARMACEUTICAL SERVICES, INC. |
|
| 773,147 |
|
| 1,442,227 |
|
|
|
|
|
|
|
|
|
| 26,521,247 |
|
| 32,765,965 |
|
| 10.21% |
|
| Industrials: |
|
|
|
|
|
|
|
|
|
| ||
| 85,174 |
| A.O. SMITH CORP. |
|
| 1,967,054 |
|
| 3,090,113 |
|
|
|
|
| 250,773 |
| ACCO BRANDS CORP.(b) |
|
| 1,960,891 |
|
| 1,594,916 |
|
|
|
|
| 29,126 |
| ACETO CORP. |
|
| 287,443 |
|
| 405,725 |
|
|
|
|
| 57,325 |
| ACTUANT CORP., CLASS A |
|
| 1,163,193 |
|
| 1,890,005 |
|
|
|
|
| 38,000 |
| AIR LEASE CORP. |
|
| 840,658 |
|
| 1,048,420 |
|
|
|
|
| 5,000 |
| AMERCO |
|
| 538,939 |
|
| 809,500 |
|
|
|
|
| 6,962 |
| AMERICAN RAILCAR INDUSTRIES, INC. |
|
| 200,638 |
|
| 233,297 |
|
|
|
|
| 20,402 |
| ASTRONICS CORP.(b) |
|
| 445,545 |
|
| 833,830 |
|
|
|
|
| 80,832 |
| AZZ, INC. |
|
| 2,336,907 |
|
| 3,116,882 |
|
|
|
|
| 32,000 |
| BABCOCK & WILCOX (THE) CO. |
|
| 726,567 |
|
| 960,960 |
|
|
|
|
| 55,583 |
| CASELLA WASTE SYSTEMS, INC., CLASS A(b) |
|
| 297,331 |
|
| 239,563 |
|
|
|
|
| 5,385 |
| CECO ENVIRONMENTAL CORP. |
|
| 33,425 |
|
| 66,236 |
|
|
|
|
| 24,000 |
| CHICAGO BRIDGE & IRON CO. N.V.(c) |
|
| 408,333 |
|
| 1,431,840 |
|
|
|
|
| 4,386 |
| CIRCOR INTERNATIONAL, INC. |
|
| 141,041 |
|
| 223,072 |
|
|
|
|
| 25,000 |
| COLFAX CORP.(b) |
|
| 197,420 |
|
| 1,302,750 |
|
|
|
|
| 24,018 |
| COMFORT SYSTEMS USA, INC. |
|
| 272,808 |
|
| 358,349 |
|
|
|
|
| 11,858 |
| ENNIS, INC. |
|
| 156,390 |
|
| 205,025 |
|
|
|
|
| 20,000 |
| ENPRO INDUSTRIES, INC.(b) |
|
| 569,233 |
|
| 1,015,200 |
|
|
|
|
| 17,307 |
| FEDERAL SIGNAL CORP.(b) |
|
| 67,423 |
|
| 151,436 |
|
|
|
|
| 32,000 |
| FORTUNE BRANDS HOME & SECURITY, INC. |
|
| 637,834 |
|
| 1,239,680 |
|
|
|
|
| 16,897 |
| GENCORP, INC.(b) |
|
| 68,463 |
|
| 274,745 |
|
|
|
|
| 95,585 |
| GENERAC HOLDINGS, INC. |
|
| 3,214,205 |
|
| 3,537,601 |
|
|
|
|
| 13,000 |
| GENESEE & WYOMING, INC., CLASS A(b) |
|
| 321,298 |
|
| 1,102,920 |
|
|
|
|
| 14,921 |
| GIBRALTAR INDUSTRIES, INC.(b) |
|
| 264,434 |
|
| 217,250 |
|
|
|
|
| 20,576 |
| GRAHAM CORP. |
|
| 451,669 |
|
| 617,897 |
|
|
|
|
| 21,802 |
| GREENBRIER COS., INC.(b) |
|
| 400,349 |
|
| 531,315 |
|
|
|
|
| 70,244 |
| ICF INTERNATIONAL, INC.(b) |
|
| 1,552,396 |
|
| 2,213,388 |
|
|
|
|
| 35,000 |
| ITT CORP. |
|
| 698,010 |
|
| 1,029,350 |
|
|
|
|
| 45,000 |
| JOHN BEAN TECHNOLOGIES CORP. |
|
| 604,564 |
|
| 945,450 |
|
|
|
|
| 20,500 |
| LB FOSTER CO., CLASS A |
|
| 462,717 |
|
| 884,985 |
|
|
|
|
| 25,500 |
| MACQUARIE INFRASTRUCTURE CO. LLC |
|
| 667,285 |
|
| 1,362,975 |
|
|
|
|
| 23,452 |
| MET-PRO CORP. |
|
| 313,410 |
|
| 315,195 |
|
|
|
|
| 8,609 |
| MIDDLEBY CORP.(b) |
|
| 439,240 |
|
| 1,464,305 |
|
|
|
|
| 5,237 |
| QUANEX BUILDING PRODUCTS CORP. |
|
| 84,203 |
|
| 88,191 |
|
|
|
|
| 32,027 |
| REGAL-BELOIT CORP. |
|
| 1,791,780 |
|
| 2,076,631 |
|
|
|
|
| 36,000 |
| REXNORD CORP.(b) |
|
| 759,725 |
|
| 606,600 |
|
|
|
|
| 8,454 |
| RUSH ENTERPRISES, INC., CLASS A(b) |
|
| 158,821 |
|
| 209,236 |
|
|
|
|
| 30,136 |
| TELEDYNE TECHNOLOGIES, INC.(b) |
|
| 1,221,076 |
|
| 2,331,019 |
|
|
|
|
| 38,092 |
| TENNANT CO. |
|
| 1,416,272 |
|
| 1,838,701 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 46 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Industrials (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 36,500 |
| TEREX CORP.(b) |
| $ | 831,385 |
|
| 959,950 |
|
|
|
|
| 49,156 |
| TETRA TECH, INC.(b) |
|
| 1,392,833 |
|
| 1,155,657 |
|
|
|
|
| 55,555 |
| TRIMAS CORP.(b) |
|
| 1,717,104 |
|
| 2,071,090 |
|
|
|
|
| 67,714 |
| TRINITY INDUSTRIES, INC. |
|
| 2,134,298 |
|
| 2,602,926 |
|
|
|
|
| 11,027 |
| TRIUMPH GROUP, INC. |
|
| 487,689 |
|
| 872,787 |
|
|
|
|
| 9,611 |
| US ECOLOGY, INC. |
|
| 162,437 |
|
| 263,726 |
|
|
|
|
| 10,000 |
| WABTEC CORP. |
|
| 399,080 |
|
| 534,300 |
|
|
|
|
| 48,728 |
| WOODWARD, INC. |
|
| 1,588,721 |
|
| 1,949,120 |
|
|
|
|
|
|
|
|
|
| 36,852,537 |
|
| 52,274,109 |
|
| 16.29% |
|
| Information Technology: |
|
|
|
|
|
|
|
|
|
| ||
| 9,655 |
| ACCELRYS, INC.(b) |
|
| 87,254 |
|
| 81,102 |
|
|
|
|
| 17,723 |
| ACTUATE CORP.(b) |
|
| 90,532 |
|
| 117,681 |
|
|
|
|
| 63,856 |
| ANAREN, INC.(b) |
|
| 687,388 |
|
| 1,464,857 |
|
|
|
|
| 95,564 |
| ARUBA NETWORKS, INC.(b) |
|
| 2,141,418 |
|
| 1,467,863 |
|
|
|
|
| 101,776 |
| BRIDGELINE DIGITAL, INC.(b) |
|
| 136,820 |
|
| 117,042 |
|
|
|
|
| 32,000 |
| BROADRIDGE FINANCIAL SOLUTIONS, INC. |
|
| 543,517 |
|
| 850,560 |
|
|
|
|
| 43,347 |
| CALAMP CORP.(b) |
|
| 432,316 |
|
| 632,866 |
|
|
|
|
| 29,627 |
| CALLIDUS SOFTWARE, INC.(b) |
|
| 125,410 |
|
| 195,242 |
|
|
|
|
| 37,875 |
| CAMTEK LTD.(b)(c) |
|
| 82,558 |
|
| 90,900 |
|
|
|
|
| 43,388 |
| COGNEX CORP. |
|
| 1,261,387 |
|
| 1,962,005 |
|
|
|
|
| 31,774 |
| EMCORE CORP.(b) |
|
| 111,342 |
|
| 114,386 |
|
|
|
|
| 153,539 |
| ENTROPIC COMMUNICATIONS, INC.(b) |
|
| 903,080 |
|
| 655,612 |
|
|
|
|
| 6,239 |
| EVOLVING SYSTEMS, INC. |
|
| 32,665 |
|
| 41,365 |
|
|
|
|
| 40,189 |
| EXAR CORP.(b) |
|
| 273,828 |
|
| 432,835 |
|
|
|
|
| 38,305 |
| FARO TECHNOLOGIES, INC.(b) |
|
| 1,244,236 |
|
| 1,295,475 |
|
|
|
|
| 36,111 |
| FRANKLIN WIRELESS CORP.(b) |
|
| 92,351 |
|
| 61,389 |
|
|
|
|
| 17,233 |
| FREQUENCY ELECTRONICS, INC. |
|
| 139,415 |
|
| 183,531 |
|
|
|
|
| 34,921 |
| GLOBAL CASH ACCESS HOLDINGS, INC.(b) |
|
| 269,875 |
|
| 218,605 |
|
|
|
|
| 47,972 |
| HACKETT GROUP (THE), INC. |
|
| 192,541 |
|
| 248,975 |
|
|
|
|
| 78,940 |
| HARMONIC, INC.(b) |
|
| 434,929 |
|
| 501,269 |
|
|
|
|
| 6,983 |
| INPHI CORP.(b) |
|
| 62,811 |
|
| 76,813 |
|
|
|
|
| 12,596 |
| INTEST CORP. |
|
| 40,621 |
|
| 47,361 |
|
|
|
|
| 32,872 |
| INVENSENSE, INC.(b) |
|
| 437,556 |
|
| 505,571 |
|
|
|
|
| 57,805 |
| IPG PHOTONICS CORP. |
|
| 2,976,772 |
|
| 3,510,498 |
|
|
|
|
| 24,048 |
| ITERIS, INC.(b) |
|
| 43,015 |
|
| 43,046 |
|
|
|
|
| 10,249 |
| KEYNOTE SYSTEMS, INC. |
|
| 131,164 |
|
| 202,520 |
|
|
|
|
| 30,766 |
| KVH INDUSTRIES, INC.(b) |
|
| 338,916 |
|
| 409,495 |
|
|
|
|
| 47,121 |
| LIONBRIDGE TECHNOLOGIES, INC.(b) |
|
| 162,682 |
|
| 136,651 |
|
|
|
|
| 52,971 |
| LIQUIDITY SERVICES, INC.(b) |
|
| 2,137,952 |
|
| 1,836,505 |
|
|
|
|
| 19,635 |
| LTX-CREDENCE CORP.(b) |
|
| 126,595 |
|
| 117,614 |
|
|
|
|
| 86,472 |
| MAGNACHIP SEMICONDUCTOR CORP.(b)(c) |
|
| 1,274,665 |
|
| 1,579,843 |
|
|
|
|
| 8,502 |
| METHODE ELECTRONICS, INC. |
|
| 91,863 |
|
| 144,619 |
|
|
|
|
| 26,969 |
| MKS INSTRUMENTS, INC. |
|
| 704,092 |
|
| 715,757 |
|
|
|
|
| 28,795 |
| NAPCO SECURITY TECHNOLOGIES, INC.(b) |
|
| 46,467 |
|
| 137,640 |
|
|
|
|
| 37,000 |
| NCR CORP.(b) |
|
| 878,564 |
|
| 1,220,630 |
|
|
|
|
| 96,138 |
| NETGEAR, INC.(b) |
|
| 3,317,193 |
|
| 2,936,055 |
|
|
|
|
| 64,593 |
| NEWPORT CORP.(b) |
|
| 1,050,155 |
|
| 899,781 |
|
|
|
|
| 30,222 |
| NOVA MEASURING INSTRUMENTS LTD.(b)(c) |
|
| 245,714 |
|
| 273,509 |
|
|
|
|
| 71,537 |
| OFFICIAL PAYMENTS HOLDINGS, INC.(b) |
|
| 423,440 |
|
| 490,028 |
|
|
|
|
| 21,696 |
| OPLINK COMMUNICATIONS, INC.(b) |
|
| 367,456 |
|
| 376,860 |
|
|
|
|
| 33,093 |
| OSI SYSTEMS, INC.(b) |
|
| 1,918,068 |
|
| 2,131,851 |
|
|
|
|
| 12,298 |
| PERCEPTRON, INC. |
|
| 71,053 |
|
| 97,031 |
|
|
|
|
| 52,585 |
| PLEXUS CORP.(b) |
|
| 1,300,304 |
|
| 1,571,766 |
|
|
|
|
| 171,096 |
| RIVERBED TECHNOLOGY, INC.(b) |
|
| 2,690,756 |
|
| 2,662,254 |
|
|
|
|
| 25,632 |
| SANMINA CORP.(b) |
|
| 285,146 |
|
| 367,819 |
|
|
|
|
| 23,007 |
| SELECTICA, INC.(b) |
|
| 111,021 |
|
| 204,992 |
|
|
|
|
| 44,424 |
| SILICON IMAGE, INC.(b) |
|
| 217,190 |
|
| 259,880 |
|
|
|
|
| 89,138 |
| SUPPORT.COM, INC.(b) |
|
| 286,716 |
|
| 407,361 |
|
|
|
|
| 22,634 |
| SYKES ENTERPRISES, INC.(b) |
|
| 342,986 |
|
| 356,712 |
|
|
|
|
| 31,163 |
| SYNNEX CORP.(b) |
|
| 913,902 |
|
| 1,317,572 |
|
|
|
|
| 20,882 |
| TELLABS, INC. |
|
| 42,599 |
|
| 41,346 |
|
|
|
|
| 18,719 |
| ULTRA CLEAN HOLDINGS(b) |
|
| 109,319 |
|
| 113,250 |
|
|
|
|
| 60,087 |
| UNISYS CORP.(b) |
|
| 1,057,010 |
|
| 1,326,120 |
|
|
|
|
| 109,718 |
| VALUECLICK, INC.(b) |
|
| 2,203,327 |
|
| 2,707,840 |
|
|
|
|
| 22,000 |
| VERINT SYSTEMS, INC.(b) |
|
| 777,362 |
|
| 780,340 |
|
|
|
|
| 86,110 |
| WESTELL TECHNOLOGIES, INC., CLASS A(b) |
|
| 175,699 |
|
| 205,803 |
|
|
|
|
| 14,000 |
| WEX, INC.(b) |
|
| 375,768 |
|
| 1,073,800 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 47 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Information Technology (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 22,524 |
| WHERE FOOD COMES FROM, INC.(b) |
| $ | 20,722 |
|
| 30,858 |
|
|
|
|
| 140,270 |
| ZIX CORP.(b) |
|
| 397,473 |
|
| 593,342 |
|
|
|
|
|
|
|
|
|
| 37,436,976 |
|
| 42,644,293 |
|
| 13.29% |
|
| Materials: |
|
|
|
|
|
|
|
|
|
| ||
| 111,066 |
| A.M. CASTLE & CO.(b) |
|
| 1,899,413 |
|
| 1,750,400 |
|
|
|
|
| 15,000 |
| ASHLAND, INC. |
|
| 551,175 |
|
| 1,252,500 |
|
|
|
|
| 4,400 |
| CHASE CORP. |
|
| 67,610 |
|
| 98,384 |
|
|
|
|
| 128,591 |
| CHEMTURA CORP.(b) |
|
| 2,148,677 |
|
| 2,610,397 |
|
|
|
|
| 22,937 |
| CORE MOLDING TECHNOLOGIES, INC.(b) |
|
| 203,503 |
|
| 204,598 |
|
|
|
|
| 11,500 |
| DELTIC TIMBER CORP. |
|
| 546,288 |
|
| 664,930 |
|
|
|
|
| 18,822 |
| FLOTEK INDUSTRIES, INC.(b) |
|
| 251,242 |
|
| 337,667 |
|
|
|
|
| 52,774 |
| HANDY & HARMAN LTD.(b) |
|
| 476,633 |
|
| 943,599 |
|
|
|
|
| 80,306 |
| INNOSPEC, INC. |
|
| 2,303,255 |
|
| 3,226,695 |
|
|
|
|
| 57,919 |
| KOPPERS HOLDINGS, INC. |
|
| 1,718,428 |
|
| 2,211,347 |
|
|
|
|
| 13,584 |
| LANDEC CORP.(b) |
|
| 92,156 |
|
| 179,445 |
|
|
|
|
| 96,774 |
| MYERS INDUSTRIES, INC. |
|
| 1,420,387 |
|
| 1,452,578 |
|
|
|
|
| 21,600 |
| NEENAH PAPER, INC. |
|
| 634,086 |
|
| 686,232 |
|
|
|
|
| 9,466 |
| SYNALLOY CORP. |
|
| 114,118 |
|
| 147,007 |
|
|
|
|
| 46,714 |
| US ANTIMONY CORP.(b) |
|
| 73,536 |
|
| 51,853 |
|
|
|
|
| 33,470 |
| WAUSAU PAPER CORP. |
|
| 309,409 |
|
| 381,558 |
|
|
|
|
| 10,000 |
| WR GRACE & CO.(b) |
|
| 240,177 |
|
| 840,400 |
|
|
|
|
|
|
|
|
|
| 13,050,093 |
|
| 17,039,590 |
|
| 5.31% |
|
| Utilities: |
|
|
|
|
|
|
|
|
|
| ||
| 37,162 |
| ALLETE, INC. |
|
| 1,330,072 |
|
| 1,852,526 |
|
|
|
|
| 9,626 |
| CONNECTICUT WATER SERVICE, INC. |
|
| 273,049 |
|
| 276,266 |
|
|
|
|
| 20,796 |
| MIDDLESEX WATER CO. |
|
| 385,266 |
|
| 414,256 |
|
|
|
|
| 35,000 |
| PNM RESOURCES, INC. |
|
| 733,499 |
|
| 776,650 |
|
|
|
|
| 73,047 |
| PORTLAND GENERAL ELECTRIC CO. |
|
| 1,651,457 |
|
| 2,234,508 |
|
|
|
|
| 39,000 |
| QUESTAR CORP. |
|
| 663,326 |
|
| 930,150 |
|
|
|
|
| 22,826 |
| SJW CORP. |
|
| 590,146 |
|
| 598,041 |
|
|
|
|
| 27,024 |
| SOUTHWEST GAS CORP. |
|
| 829,073 |
|
| 1,264,453 |
|
|
|
|
| 35,864 |
| UIL HOLDINGS CORP. |
|
| 1,148,915 |
|
| 1,371,798 |
|
|
|
|
| 18,155 |
| UNITIL CORP. |
|
| 434,938 |
|
| 524,317 |
|
|
|
|
| 21,500 |
| VECTREN CORP. |
|
| 792,713 |
|
| 727,345 |
|
|
|
|
| 5,406 |
| YORK WATER CO. |
|
| 99,892 |
|
| 102,876 |
|
|
|
|
|
|
|
|
|
| 8,932,346 |
|
| 11,073,186 |
|
| 3.45% |
|
|
| Sub-total Common Stocks: |
|
| 245,859,696 |
|
| 314,309,193 |
|
| 97.96% |
| |
Escrow: |
|
|
|
|
|
|
|
|
|
| |||
| Energy: |
|
|
|
|
|
|
|
|
|
| ||
| 38,070 |
| CVR ENERGY, INC.(b) |
|
| - |
|
| - |
|
|
|
|
|
| Sub-total Escrow: |
|
| - |
|
| - |
|
| 0.00% |
| |
Short-Term Investments: |
|
|
|
|
|
|
|
|
|
| |||
| 6,692,940 |
| NORTHERN INSTITUTIONAL FUNDS - |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. GOVERNMENT SELECT PORTFOLIO, 0.01%(d) |
|
| 6,692,940 |
|
| 6,692,940 |
|
|
|
|
|
| Sub-total Short-Term Investments: |
|
| 6,692,940 |
|
| 6,692,940 |
|
| 2.09% |
| |
|
|
| Grand total(e) |
| $ | 252,552,636 |
|
| 321,002,133 |
|
| 100.05% |
|
|
|
|
See accompanying notes to the financial statements. | 48 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2013
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) | Foreign security values are stated in U.S. dollars. As of June 30, 2013, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 3.01% of net assets. |
| (d) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. |
|
| At December 31, 2012, the value of the Clearwater Small Companies Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was approximately $22,370,992 with net sales of approximately $15,678,052 during the six months ended June 30, 2013. |
| (e) | At June 30, 2013, the cost for Federal income tax purposes was $252,725,399. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost was as follows: |
|
|
|
|
|
Gross unrealized appreciation |
| $ | 73,503,675 |
|
Gross unrealized depreciation |
|
| (5,226,941 | ) |
Net unrealized appreciation |
| $ | 68,276,734 |
|
|
|
|
See accompanying notes to the financial statements. | 49 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater Small Companies Fund (unaudited)
June 30, 2013
|
|
|
See accompanying notes to the financial statements. | 50 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Closed-End funds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 5,200 |
| ALLIANCE NATIONAL (AFB) |
|
|
|
|
| $ | 73,850 |
|
| 69,992 |
|
|
|
|
| 10,100 |
| AMERICAN MUNI INCOME PT |
|
|
|
|
|
| 153,166 |
|
| 147,056 |
|
|
|
|
| 225,100 |
| BLACKROCK LNG-TM MUN ADV |
|
|
|
|
|
| 2,332,461 |
|
| 2,543,630 |
|
|
|
|
| 52,100 |
| BLACKROCK MUN INC TRUST |
|
|
|
|
|
| 791,528 |
|
| 763,786 |
|
|
|
|
| 7,471 |
| BLACKROCK MUNI BOND TRUST |
|
|
|
|
|
| 62,993 |
|
| 111,467 |
|
|
|
|
| 148,800 |
| BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND |
|
|
|
|
|
| 1,705,296 |
|
| 2,112,960 |
|
|
|
|
| 59,600 |
| BLACKROCK MUNIHOLDINGS QUALITY FUND II INC |
|
|
|
|
|
| 787,170 |
|
| 823,076 |
|
|
|
|
| 60,700 |
| BLACKROCK MUNIYIELD INVES |
|
|
|
|
|
| 759,694 |
|
| 881,364 |
|
|
|
|
| 21,837 |
| BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND |
|
|
|
|
|
| 275,931 |
|
| 290,214 |
|
|
|
|
| 81,800 |
| BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND II INC |
|
|
|
|
|
| 981,525 |
|
| 1,040,496 |
|
|
|
|
| 76,179 |
| BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND INC |
|
|
|
|
|
| 1,014,103 |
|
| 1,049,747 |
|
|
|
|
| 54,700 |
| BLACKROCK MUNIYIELD PENNS |
|
|
|
|
|
| 774,527 |
|
| 775,099 |
|
|
|
|
| 61,500 |
| BLACKROCK MUNIYIELD QUAL |
|
|
|
|
|
| 818,809 |
|
| 796,425 |
|
|
|
|
| 73,500 |
| BLACKROCK MUNIYIELD QUALITY FUND III INC |
|
|
|
|
|
| 963,910 |
|
| 1,026,060 |
|
|
|
|
| 33,000 |
| DREYFUS STRAT MUN COM USD |
|
|
|
|
|
| 301,450 |
|
| 283,800 |
|
|
|
|
| 20,800 |
| DREYFUS STRATEGIC MUNI BD |
|
|
|
|
|
| 180,179 |
|
| 169,520 |
|
|
|
|
| 209,000 |
| DWS MUNICIPAL INCOME TRUS |
|
|
|
|
|
| 2,278,136 |
|
| 2,696,100 |
|
|
|
|
| 66,800 |
| EATON VANCE CALI MUN BOND |
|
|
|
|
|
| 744,489 |
|
| 762,188 |
|
|
|
|
| 110,150 |
| INVESCO ADV MUN INC TR II |
|
|
|
|
|
| 1,261,284 |
|
| 1,298,668 |
|
|
|
|
| 108,205 |
| INVESCO MUNICIPAL OPP TR |
|
|
|
|
|
| 1,345,903 |
|
| 1,406,665 |
|
|
|
|
| 94,239 |
| INVESCO PENN VAL MUNI |
|
|
|
|
|
| 1,240,054 |
|
| 1,275,054 |
|
|
|
|
| 100,142 |
| INVESCO QUALITY MUNI INC |
|
|
|
|
|
| 1,173,329 |
|
| 1,213,721 |
|
|
|
|
| 94,277 |
| INVESCO TRUST INV GRD MUN |
|
|
|
|
|
| 1,342,033 |
|
| 1,284,995 |
|
|
|
|
| 65,548 |
| MANAGED DURATION INVESTME |
|
|
|
|
|
| 849,274 |
|
| 884,898 |
|
|
|
|
| 40,000 |
| MFC NUVEEN INSD MUN |
|
|
|
|
|
| 602,072 |
|
| 560,000 |
|
|
|
|
| 31,103 |
| NUVEEN CAL INV QUAL MUNI |
|
|
|
|
|
| 373,215 |
|
| 443,840 |
|
|
|
|
| 42,560 |
| NUVEEN DIVIDEND ADV MUNI |
|
|
|
|
|
| 523,323 |
|
| 563,920 |
|
|
|
|
| 13,500 |
| NUVEEN DIVIDEND ADVANTAGE |
|
|
|
|
|
| 181,771 |
|
| 180,225 |
|
|
|
|
| 41,700 |
| NUVEEN DVD ADVANTAGE MUNI |
|
|
|
|
|
| 475,800 |
|
| 573,792 |
|
|
|
|
| 15,963 |
| NUVEEN MI QUALITY INCOME |
|
|
|
|
|
| 214,604 |
|
| 219,012 |
|
|
|
|
| 44,600 |
| NUVEEN MUNI ADVANTAGE FUN |
|
|
|
|
|
| 522,316 |
|
| 598,532 |
|
|
|
|
| 6,453 |
| NUVEEN NJ INV QUAL MUNI F |
|
|
|
|
|
| 87,518 |
|
| 88,406 |
|
|
|
|
| 10,100 |
| NUVEEN PA DVD ADV MUNI FD |
|
|
|
|
|
| 127,549 |
|
| 131,502 |
|
|
|
|
| 48,500 |
| NUVEEN PENN INV QUAL MUNI |
|
|
|
|
|
| 673,352 |
|
| 676,090 |
|
|
|
|
| 27,100 |
| NUVEEN PREMIER MUNI INC F |
|
|
|
|
|
| 367,653 |
|
| 360,159 |
|
|
|
|
| 238,709 |
| NUVEEN PREMIUM INC MUNI F |
|
|
|
|
|
| 3,273,534 |
|
| 3,232,120 |
|
|
|
|
| 22,000 |
| WESTERN ASSET MANAGED MUN |
|
|
|
|
|
| 240,488 |
|
| 293,260 |
|
|
|
|
| 38,366 |
| WESTERN ASSET MUNICIPAL P |
|
|
|
|
|
| 486,666 |
|
| 572,037 |
|
|
|
|
|
| Sub-total Closed-End Funds |
|
|
|
|
|
| 30,360,955 |
|
| 32,199,876 |
|
| 6.77% |
| |
Municipal Bonds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 500,000 |
| ABAG CA FIN AUTH FOR |
| 1/1/2033 |
| 5.00 |
|
| 538,047 |
|
| 509,830 |
|
|
|
|
| 750,000 |
| ABAG CA FIN AUTH FOR |
| 11/15/2035 |
| 5.00 |
|
| 796,773 |
|
| 735,112 |
|
|
|
|
| 650,000 |
| ABAG CA FIN AUTH FOR |
| 11/1/2029 |
| 6.20 |
|
| 634,620 |
|
| 651,482 |
|
|
|
|
| 2,350,000 |
| ACALANES CA UNION HIGH SCH |
| 8/1/2039 |
| 2.02 |
|
| 1,107,538 |
|
| 1,374,421 |
|
|
|
|
| 1,500,000 |
| AGUA CALIENTE CA BAND OF |
| 7/1/2018 |
| 6.00 |
|
| 1,477,712 |
|
| 1,430,355 |
|
|
|
|
| 1,005,000 |
| ALABAMA ST HSG FIN AUTH SF |
| 10/1/2028 |
| 5.25 |
|
| 1,005,000 |
|
| 1,065,581 |
|
|
|
|
| 500,000 |
| ALABAMA ST HSG FIN AUTH SF |
| 4/1/2038 |
| 4.50 |
|
| 377,708 |
|
| 501,460 |
|
|
|
|
| 1,250,000 |
| ALACHUA CNTY FL HLTH FACS |
| 11/15/2016 |
| 7.12 |
|
| 1,250,000 |
|
| 1,267,875 |
|
|
|
|
| 1,000,000 |
| ALACHUA CNTY FL HLTH FACS |
| 10/1/2032 |
| 8.00 |
|
| 1,181,407 |
|
| 1,158,920 |
|
|
|
|
| 2,000,000 |
| ALASKA ST HSG FIN CORP |
| 12/1/2034 |
| 5.25 |
|
| 2,002,542 |
|
| 2,085,660 |
|
|
|
|
| 750,000 |
| ALASKA ST HSG FIN CORP |
| 12/1/2037 |
| 4.13 |
|
| 735,812 |
|
| 710,685 |
|
|
|
|
| 500,000 |
| ALASKA ST HSG FIN CORP |
| 12/1/2040 |
| 4.63 |
|
| 495,223 |
|
| 502,885 |
|
|
|
|
| 350,000 |
| ALASKA ST INDL DEV & EXPORT |
| 12/1/2010 |
| 5.40 |
|
| 350,000 |
|
| 237,380 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 51 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 240,000 |
| ALBANY NY INDL DEV AGY(e) |
| 5/1/2016 |
| 6.50 |
| $ | 240,000 |
|
| 35,940 |
|
|
|
|
| 925,000 |
| ALLEGHENY CNTY PA INDL DEV |
| 8/15/2026 |
| 5.90 |
|
| 925,000 |
|
| 941,058 |
|
|
|
|
| 725,000 |
| ALLEN ACADEMY MI |
| 6/1/2017 |
| 5.25 |
|
| 725,000 |
|
| 733,156 |
|
|
|
|
| 1,000,000 |
| ALVORD CA UNIF SCH DIST(b) |
| 8/1/2046 |
| 1.89 |
|
| 357,921 |
|
| 552,280 |
|
|
|
|
| 924,670 |
| ARIZONA ST HLTH FACS AUTH |
| 7/1/2027 |
| 5.25 |
|
| 899,062 |
|
| 955,517 |
|
|
|
|
| 2,000,000 |
| ARLINGTON TX HGR EDU FIN |
| 8/15/2028 |
| 7.00 |
|
| 1,952,036 |
|
| 2,063,020 |
|
|
|
|
| 500,000 |
| ATHENS-CLARKE CNTY GA UNIF |
| 6/15/2039 |
| 5.00 |
|
| 525,612 |
|
| 514,625 |
|
|
|
|
| 500,000 |
| ATLANTA GA ARPT REVENUE |
| 1/1/2030 |
| 6.00 |
|
| 517,761 |
|
| 571,970 |
|
|
|
|
| 1,500,000 |
| ATLANTA GA WTR & WSTWTR |
| 11/1/2039 |
| 5.00 |
|
| 1,498,548 |
|
| 1,503,690 |
|
|
|
|
| 1,500,000 |
| BAY CNTY FL EDUCTNL FACS |
| 9/1/2030 |
| 5.25 |
|
| 1,381,949 |
|
| 1,410,915 |
|
|
|
|
| 1,000,000 |
| BELLFLOWER CA UNIF SCH DIST |
| 8/1/2042 |
| 4.25 |
|
| 1,000,000 |
|
| 918,610 |
|
|
|
|
| 1,195,000 |
| BELLWOOD IL |
| 12/1/2027 |
| 5.88 |
|
| 1,184,116 |
|
| 1,086,159 |
|
|
|
|
| 1,000,000 |
| BEXAR CNTY TX HLTH FACS DEV |
| 7/1/2030 |
| 5.88 |
|
| 985,288 |
|
| 1,076,880 |
|
|
|
|
| 235,000 |
| BEXAR CNTY TX HSG FIN CORP |
| 12/1/2021 |
| 6.50 |
|
| 235,998 |
|
| 238,015 |
|
|
|
|
| 805,000 |
| BEXAR CNTY TX HSG FIN |
| 4/1/2030 |
| 9.00 |
|
| 802,520 |
|
| 158,786 |
|
|
|
|
| 600,000 |
| BEXAR CNTY TX HSG FIN CORP |
| 8/1/2030 |
| 6.10 |
|
| 521,878 |
|
| 605,850 |
|
|
|
|
| 365,000 |
| BEXAR CNTY TX HSG FIN CORP |
| 8/1/2030 |
| 8.13 |
|
| 353,162 |
|
| 303,487 |
|
|
|
|
| 1,005,000 |
| BEXAR CNTY TX HSG FIN |
| 6/1/2031 |
| 10.50 |
|
| 1,005,000 |
|
| 401,889 |
|
|
|
|
| 885,000 |
| BEXAR CNTY TX HSG FIN CORP |
| 12/1/2036 |
| 9.25 |
|
| 864,206 |
|
| 898,408 |
|
|
|
|
| 2,000,000 |
| BEXAR CNTY TX REVENUE |
| 8/15/2039 |
| 5.00 |
|
| 2,165,025 |
|
| 2,080,180 |
|
|
|
|
| 4,000,000 |
| BOLINGBROOK IL(b) |
| 1/1/2036 |
| 3.29 |
|
| 1,000,909 |
|
| 991,480 |
|
|
|
|
| 500,000 |
| BOONE CNTY MO HOSP |
| 8/1/2028 |
| 5.75 |
|
| 511,010 |
|
| 546,185 |
|
|
|
|
| 700,000 |
| BOSTON MA REVENUE |
| 10/1/2031 |
| 6.13 |
|
| 700,122 |
|
| 707,560 |
|
|
|
|
| 750,000 |
| BOWLING GREEN OH STUDENT |
| 6/1/2031 |
| 5.75 |
|
| 720,160 |
|
| 791,078 |
|
|
|
|
| 500,000 |
| BOYNTON BEACH FLA REV |
| 6/1/2022 |
| 5.75 |
|
| 500,000 |
|
| 490,755 |
|
|
|
|
| 500,000 |
| BOYNTON BEACH FLA REV |
| 6/1/2027 |
| 6.25 |
|
| 500,000 |
|
| 486,400 |
|
|
|
|
| 500,000 |
| BRAZOS CNTY TX HLTH FACS |
| 1/1/2033 |
| 5.50 |
|
| 503,463 |
|
| 519,020 |
|
|
|
|
| 81,000 |
| BRIDGEVILLE DE SPL OBLIG |
| 7/1/2035 |
| 5.13 |
|
| 81,000 |
|
| 63,621 |
|
|
|
|
| 395,000 |
| BUTLER CNTY PA GEN AUTH |
| 10/1/2034 |
| 0.97 |
|
| 395,000 |
|
| 319,354 |
|
|
|
|
| 124,028 |
| CALIFORNIA ST CMNTY HSG FIN |
| 8/1/2012 |
| 4.65 |
|
| 124,028 |
|
| 1,228 |
|
|
|
|
| 351,528 |
| CALIFORNIA ST CMNTY HSG FIN |
| 11/1/2012 |
| 4.85 |
|
| 347,374 |
|
| 3,515 |
|
|
|
|
| 500,000 |
| CALIFORNIA ST HLTH FACS FING |
| 8/15/2033 |
| 5.50 |
|
| 508,801 |
|
| 530,210 |
|
|
|
|
| 1,000,000 |
| CALIFORNIA ST HSG FIN AGY |
| 8/1/2033 |
| 5.45 |
|
| 929,211 |
|
| 966,780 |
|
|
|
|
| 480,000 |
| CALIFORNIA ST HSG FIN AGY |
| 8/1/2038 |
| 5.50 |
|
| 481,947 |
|
| 486,230 |
|
|
|
|
| 1,000,000 |
| CALIFORNIA ST |
| 2/1/2030 |
| 6.00 |
|
| 1,004,928 |
|
| 1,057,200 |
|
|
|
|
| 500,000 |
| CALIFORNIA ST |
| 8/15/2029 |
| 5.75 |
|
| 504,067 |
|
| 527,835 |
|
|
|
|
| 500,000 |
| CALIFORNIA ST MUNI FIN AUTH |
| 5/1/2025 |
| 6.88 |
|
| 498,982 |
|
| 565,115 |
|
|
|
|
| 1,500,000 |
| CALIFORNIA ST SCH FACS FING |
| 8/1/2029 |
| 1.64 |
|
| 1,090,141 |
|
| 1,361,790 |
|
|
|
|
| 750,000 |
| CALIFORNIA ST STWD CMNTYS |
| 7/15/2032 |
| 4.70 |
|
| 750,000 |
|
| 773,280 |
|
|
|
|
| 780,000 |
| CALIFORNIA ST STWD CMNTYS |
| 1/1/2016 |
| 5.25 |
|
| 777,719 |
|
| 785,086 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 52 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 1,300,000 |
| CALIFORNIA ST STWD CMNTYS |
| 1/1/2021 |
| 6.00 |
| $ | 1,300,000 |
|
| 1,339,780 |
|
|
|
|
| 900,000 |
| CALIFORNIA ST STWD CMNTYS |
| 11/1/2021 |
| 6.50 |
|
| 900,000 |
|
| 980,838 |
|
|
|
|
| 1,400,000 |
| CALIFORNIA ST STWD CMNTYS |
| 1/15/2036 |
| 5.60 |
|
| 1,400,000 |
|
| 1,236,886 |
|
|
|
|
| 500,000 |
| CALIFORNIA STWD CMNTYS |
| 11/1/2023 |
| 5.13 |
|
| 500,000 |
|
| 468,805 |
|
|
|
|
| 255,000 |
| CAPITAL TRUST AGY FL MF |
| 6/1/2013 |
| 4.75 |
|
| 255,000 |
|
| 112,200 |
|
|
|
|
| 750,000 |
| CAPITAL TRUST AGY FL MF |
| 6/1/2038 |
| 5.88 |
|
| 762,053 |
|
| 427,298 |
|
|
|
|
| 1,000,000 |
| CARLSBAD CA UNIF SCH DIST(b) |
| 8/1/2031 |
| 2.26 |
|
| 577,802 |
|
| 720,020 |
|
|
|
|
| 957,332 |
| CARLSBAD NM INDL DEV |
| 4/15/2021 |
| 5.75 |
|
| 976,997 |
|
| 977,120 |
|
|
|
|
| 1,000,000 |
| CARMEL IN REVENUE |
| 11/15/2022 |
| 6.00 |
|
| 982,355 |
|
| 1,024,040 |
|
|
|
|
| 1,000,000 |
| CARMEL IN REVENUE |
| 11/15/2027 |
| 7.00 |
|
| 1,025,737 |
|
| 1,070,850 |
|
|
|
|
| 500,000 |
| CEDAR FALLS IA CMNTY SCH |
| 6/1/2027 |
| 5.38 |
|
| 498,771 |
|
| 532,990 |
|
|
|
|
| 1,000,000 |
| CENTER CA UNIF SCH DIST(b) |
| 8/1/2031 |
| 3.24 |
|
| 347,598 |
|
| 370,770 |
|
|
|
|
| 1,000,000 |
| CENTRL BRADFORD PROGRESS |
| 12/1/2031 |
| 5.50 |
|
| 1,033,936 |
|
| 1,074,520 |
|
|
|
|
| 595,000 |
| CHANDLER PARK ACADEMY MI |
| 11/1/2022 |
| 5.00 |
|
| 462,597 |
|
| 573,872 |
|
|
|
|
| 275,000 |
| CHESTERFIELD CNTY VA INDL |
| 7/1/2019 |
| 5.20 |
|
| 261,124 |
|
| 275,558 |
|
|
|
|
| 500,000 |
| CHICAGO IL |
| 1/1/2035 |
| 5.25 |
|
| 513,245 |
|
| 513,410 |
|
|
|
|
| 5,000 |
| CHICAGO IL MET HSG DEV |
| 7/1/2022 |
| 6.85 |
|
| 5,000 |
|
| 5,013 |
|
|
|
|
| 400,000 |
| CITIZEN POTAWATOMI NATION |
| 9/1/2016 |
| 6.50 |
|
| 400,000 |
|
| 388,848 |
|
|
|
|
| 250,000 |
| CLARK CNTY NV ECON DEV |
| 5/15/2033 |
| 5.38 |
|
| 250,000 |
|
| 250,692 |
|
|
|
|
| 355,000 |
| CLEARWATER FL HSG AUTH |
| 5/1/2024 |
| 5.35 |
|
| 271,042 |
|
| 335,958 |
|
|
|
|
| 645,000 |
| CLIFTON TX HGR EDU FIN CORP |
| 2/15/2018 |
| 7.75 |
|
| 638,819 |
|
| 685,306 |
|
|
|
|
| 500,000 |
| COASTAL CAROLINA UNIV SC |
| 6/1/2040 |
| 3.50 |
|
| 496,267 |
|
| 415,955 |
|
|
|
|
| 190,000 |
| COLLIER CNTY FL HSG FIN |
| 8/15/2015 |
| 5.25 |
|
| 189,754 |
|
| 190,553 |
|
|
|
|
| 750,000 |
| COLLIER CNTY FL INDL DEV |
| 10/1/2039 |
| 6.25 |
|
| 735,761 |
|
| 820,702 |
|
|
|
|
| 1,000,000 |
| COLONIAL COUNTRY CLUB FL |
| 5/1/2033 |
| 4.10 |
|
| 995,925 |
|
| 893,540 |
|
|
|
|
| 1,500,000 |
| COLORADO ST EDUCTNL & |
| 5/1/2030 |
| 6.00 |
|
| 1,461,143 |
|
| 1,543,020 |
|
|
|
|
| 835,000 |
| COLORADO ST EDUCTNL & |
| 11/15/2028 |
| 6.75 |
|
| 835,000 |
|
| 914,659 |
|
|
|
|
| 1,000,000 |
| COLORADO ST EDUCTNL & |
| 6/1/2033 |
| 5.50 |
|
| 976,293 |
|
| 1,062,290 |
|
|
|
|
| 1,000,000 |
| COLORADO ST EDUCTNL & |
| 7/1/2034 |
| 5.60 |
|
| 993,814 |
|
| 1,002,580 |
|
|
|
|
| 430,000 |
| COLORADO ST HSG & FIN AUTH |
| 10/1/2029 |
| 5.40 |
|
| 430,000 |
|
| 460,930 |
|
|
|
|
| 680,000 |
| COLORADO ST HSG & FIN AUTH |
| 11/1/2029 |
| 5.50 |
|
| 680,000 |
|
| 704,500 |
|
|
|
|
| 625,000 |
| COLORADO ST HSG FIN AUTH |
| 11/1/2034 |
| 5.00 |
|
| 625,034 |
|
| 635,162 |
|
|
|
|
| 1,000,000 |
| COLTON CA JT UNIF SCH DIST(b) |
| 8/1/2035 |
| 1.86 |
|
| 575,639 |
|
| 652,220 |
|
|
|
|
| 1,000,000 |
| CONNECTICUT ST HSG FIN |
| 11/15/2035 |
| 4.75 |
|
| 1,000,000 |
|
| 1,029,900 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 53 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 955,000 |
| CONNECTICUT ST HSG FIN |
| 11/15/2041 |
| 4.63 |
| $ | 950,343 |
|
| 968,742 |
|
|
|
|
| 370,000 |
| CONNECTICUT ST HSG FIN |
| 11/15/2041 |
| 5.00 |
|
| 370,000 |
|
| 387,235 |
|
|
|
|
| 1,500,000 |
| CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM |
| 11/15/2035 |
| 3.75 |
|
| 1,500,000 |
|
| 1,378,065 |
|
|
|
|
| 5,000,000 |
| CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM |
| 5/15/2042 |
| 4.15 |
|
| 5,000,000 |
|
| 4,844,250 |
|
|
|
|
| 1,000,000 |
| CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM |
| 11/15/2042 |
| 3.40 |
|
| 996,043 |
|
| 840,400 |
|
|
|
|
| 5,000,000 |
| CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM |
| 11/15/2047 |
| 3.65 |
|
| 5,000,000 |
|
| 4,288,400 |
|
|
|
|
| 500,000 |
| COOK CNTY IL SCH DIST #83 |
| 6/1/2031 |
| 5.38 |
|
| 490,132 |
|
| 533,810 |
|
|
|
|
| 1,105,000 |
| CORONA-NORCO CA UNIF SCH DIST(b) |
| 8/1/2039 |
| 1.35 |
|
| 705,395 |
|
| 1,006,544 |
|
|
|
|
| 637,000 |
| CORTLAND IL SPL TAX REVENUE(e) |
| 3/1/2017 |
| 5.50 |
|
| 633,881 |
|
| 223,281 |
|
|
|
|
| 680,000 |
| CROW FIN AUTH MT TRIBAL PURPOSE REVENUE |
| 10/1/2017 |
| 5.65 |
|
| 663,019 |
|
| 682,026 |
|
|
|
|
| 750,000 |
| CULLMAN CNTY AL HLTH CARE AUTH |
| 2/1/2023 |
| 6.25 |
|
| 736,712 |
|
| 791,835 |
|
|
|
|
| 500,000 |
| CUYAHOGA CNTY OH HSG MTGE REVENUE |
| 3/20/2042 |
| 5.70 |
|
| 512,446 |
|
| 534,520 |
|
|
|
|
| 2,000,000 |
| DAMON RUN IN CONSERVANCY DIST |
| 7/1/2025 |
| 6.10 |
|
| 2,035,028 |
|
| 2,122,000 |
|
|
|
|
| 1,000,000 |
| DAMON RUN IN CONSERVANCY DIST |
| 1/1/2027 |
| 6.38 |
|
| 1,013,608 |
|
| 1,065,270 |
|
|
|
|
| 500,000 |
| DAVIESS CNTY IN HOSP ASSN LEASE RENTAL REVENUE |
| 1/15/2029 |
| 5.25 |
|
| 489,567 |
|
| 523,760 |
|
|
|
|
| 1,000,000 |
| DEKALB/KANE/LA SALLE CNTYS IL CMNTY CLG DIST #523(b) |
| 2/1/2029 |
| 3.83 |
|
| 400,656 |
|
| 441,500 |
|
|
|
|
| 395,000 |
| DELAWARE ST HSG AUTH REVENUE |
| 7/1/2031 |
| 5.20 |
|
| 395,000 |
|
| 416,855 |
|
|
|
|
| 84,147 |
| DENHAM SPRINGS-LIVINGSTON LA HSG & MTGE FIN AUTH |
| 11/1/2040 |
| 5.00 |
|
| 86,872 |
|
| 84,406 |
|
|
|
|
| 1,000,000 |
| D’IBERVILLE MS TAX INCR LTD OBLG |
| 4/1/2033 |
| 4.75 |
|
| 1,039,881 |
|
| 935,100 |
|
|
|
|
| 500,000 |
| DINUBA CA FING AUTH LEASE REVENUE |
| 9/1/2038 |
| 5.38 |
|
| 494,876 |
|
| 478,375 |
|
|
|
|
| 500,000 |
| DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE |
| 7/1/2033 |
| 5.45 |
|
| 500,000 |
|
| 548,545 |
|
|
|
|
| 1,000,000 |
| DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE |
| 6/1/2040 |
| 4.90 |
|
| 1,000,000 |
|
| 1,017,230 |
|
|
|
|
| 1,000,000 |
| DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE |
| 6/1/2041 |
| 5.00 |
|
| 1,000,000 |
|
| 1,035,410 |
|
|
|
|
| 1,000,000 |
| DOUBLE BRANCH FL CDD SPL ASSMNT |
| 5/1/2031 |
| 4.13 |
|
| 986,898 |
|
| 902,940 |
|
|
|
|
| 3,000,000 |
| DUBLIN CA UNIF SCH DIST(b) |
| 8/1/2034 |
| 3.18 |
|
| 798,101 |
|
| 881,220 |
|
|
|
|
| 550,000 |
| E CHICAGO IN REDEV COMMISSION LAKE FRONT REDEV AREA TAX |
| 7/15/2014 |
| 5.00 |
|
| 550,000 |
|
| 552,756 |
|
|
|
|
| 565,000 |
| E CHICAGO IN REDEV COMMISSION LAKE FRONT REDEV AREA TAX |
| 1/15/2015 |
| 5.25 |
|
| 565,000 |
|
| 567,526 |
|
|
|
|
| 885,000 |
| EAST POINT GA |
| 2/1/2026 |
| 8.00 |
|
| 885,000 |
|
| 886,097 |
|
|
|
|
| 2,045,000 |
| EDEN TWP CA HOSP DIST COPS |
| 6/1/2030 |
| 6.00 |
|
| 2,023,472 |
|
| 2,131,790 |
|
|
|
|
| 750,000 |
| EL PASO DE ROBLES CA REDEV AGY TAX ALLOCATION REVENUE |
| 7/1/2033 |
| 6.38 |
|
| 742,013 |
|
| 807,780 |
|
|
|
|
| 1,000,000 |
| ENCINITAS CA UNION SCH DIST(b) |
| 8/1/2035 |
| 2.16 |
|
| 521,313 |
|
| 719,450 |
|
|
|
|
| 1,155,000 |
| ENTERPRISE CA ELEM SCH DIST(b) |
| 8/1/2035 |
| 1.94 |
|
| 643,454 |
|
| 786,174 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 54 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 1,000,000 |
| ERIE CNTY PA HOSP AUTH |
| 7/1/2027 |
| 7.00 |
| $ | 1,000,000 |
|
| 1,051,860 |
|
|
|
|
| 500,000 |
| FAIRFAX CNTY VA REDEV & HSG AUTH MF REVENUE |
| 8/1/2039 |
| 5.60 |
|
| 500,000 |
|
| 530,355 |
|
|
|
|
| 500,000 |
| FAIRFIELD CNTY OH HOSP REVENUE |
| 6/15/2033 |
| 5.13 |
|
| 511,935 |
|
| 505,630 |
|
|
|
|
| 238,000 |
| FARMS NEW KENT VA CMNTY DEV AUTH SPL ASSMNT |
| 3/1/2036 |
| 5.13 |
|
| 238,000 |
|
| 134,772 |
|
|
|
|
| 1,000,000 |
| FESTIVAL RANCH AZ CMNTY FACS DIST |
| 7/15/2024 |
| 6.25 |
|
| 1,012,479 |
|
| 1,051,340 |
|
|
|
|
| 315,000 |
| FIDDLERS CREEK FL CDD #2 SPL ASSMNT REVENUE(e) |
| 5/1/2013 |
| 5.75 |
|
| 314,118 |
|
| 165,573 |
|
|
|
|
| 1,000,000 |
| FISHHAWK FL CDD II SPL ASSMNT REVENUE |
| 5/1/2029 |
| 4.13 |
|
| 982,266 |
|
| 892,850 |
|
|
|
|
| 775,000 |
| FLAGSTAFF AZ INDL DEV AUTH |
| 7/1/2022 |
| 5.50 |
|
| 722,785 |
|
| 760,988 |
|
|
|
|
| 1,000,000 |
| FLORIDA ST GOVTL UTILITY AUTH UTILITY REVENUE |
| 10/1/2037 |
| 5.00 |
|
| 1,048,226 |
|
| 1,017,730 |
|
|
|
|
| 415,000 |
| FLORIDA ST HSG FIN CORP REVENUE |
| 7/1/2026 |
| 5.00 |
|
| 416,233 |
|
| 438,572 |
|
|
|
|
| 375,000 |
| FLORIDA ST HSG FIN CORP REVENUE |
| 7/1/2033 |
| 5.45 |
|
| 375,000 |
|
| 393,518 |
|
|
|
|
| 1,415,000 |
| FLORIDA ST HSG FIN CORP REVENUE |
| 7/1/2034 |
| 5.30 |
|
| 1,423,588 |
|
| 1,479,694 |
|
|
|
|
| 235,000 |
| FOREST CREEK FL CDD CAPITAL IMPT REVENUE |
| 11/1/2013 |
| 7.00 |
|
| 242,075 |
|
| 233,693 |
|
|
|
|
| 1,250,000 |
| FORT SILL APACHE TRIBE OK ECONDEV AUTH GAMING ENTERPRISE REV(c) |
| 8/25/2026 |
| 8.50 |
|
| 1,250,000 |
|
| 1,369,738 |
|
|
|
|
| 1,145,000 |
| FULTON CNTY GA DEV AUTH |
| 11/1/2028 |
| 5.25 |
|
| 990,423 |
|
| 1,038,423 |
|
|
|
|
| 1,000,000 |
| FYI PROPERTIES WA LEASE REVENUE |
| 6/1/2034 |
| 5.50 |
|
| 981,637 |
|
| 1,071,860 |
|
|
|
|
| 500,000 |
| GAINESVILLE & HALL CNTY GA DEV AUTH RETMNT CMNTY REVENUE |
| 11/15/2029 |
| 6.38 |
|
| 512,426 |
|
| 541,955 |
|
|
|
|
| 400,000 |
| GEISINGER PA AUTH |
| 5/1/2037 |
| 0.95 |
|
| 400,000 |
|
| 343,948 |
|
|
|
|
| 500,000 |
| GEORGIA ST ENVRNMNTL LOAN ACQUISITION CORP LOC GOVT LOAN SEC |
| 2/15/2031 |
| 5.13 |
|
| 495,704 |
|
| 535,975 |
|
|
|
|
| 3,000,000 |
| GEORGIA ST ENVRNMNTL LOAN ACQUISITION CORP LOC GOVT LOAN SEC |
| 3/15/2031 |
| 5.13 |
|
| 3,000,000 |
|
| 3,209,220 |
|
|
|
|
| 500,000 |
| GEORGIA ST ENVRNMNTL LOAN ACQUISITION CORP LOC GOVT LOAN SEC |
| 2/15/2036 |
| 5.25 |
|
| 491,869 |
|
| 534,285 |
|
|
|
|
| 3,500,000 |
| GEORGIA ST HSG & FIN AUTH REVENUE |
| 12/1/2037 |
| 3.80 |
|
| 3,500,000 |
|
| 3,085,075 |
|
|
|
|
| 2,000,000 |
| GEORGIA ST HSG & FIN AUTH REVENUE |
| 12/1/2037 |
| 4.00 |
|
| 2,000,000 |
|
| 1,866,720 |
|
|
|
|
| 2,000,000 |
| GLENDALE CA UNIF SCH DIST(b) |
| 9/1/2028 |
| 3.82 |
|
| 779,442 |
|
| 885,580 |
|
|
|
|
| 750,000 |
| GTR WENATCHEE WA REGL EVENTS CENTER PUBLIC FACS DIST REVENUE |
| 9/1/2032 |
| 5.25 |
|
| 738,834 |
|
| 731,362 |
|
|
|
|
| 165,000 |
| HAMDEN CT FAC REVENUE |
| 1/1/2014 |
| 6.13 |
|
| 164,620 |
|
| 165,119 |
|
|
|
|
| 1,250,000 |
| HAMILTON CNTY OH HLTH CARE REVENUE |
| 1/1/2031 |
| 6.13 |
|
| 1,217,288 |
|
| 1,263,875 |
|
|
|
|
| 1,000,000 |
| HAMMOND IN LOCAL PUBLIC IMPT BOND BANK SPL REVENUE |
| 8/15/2025 |
| 6.50 |
|
| 1,011,759 |
|
| 1,022,060 |
|
|
|
|
| 1,000,000 |
| HAMMOND IN LOCAL PUBLIC IMPT BOND BANK SPL REVENUE |
| 8/15/2030 |
| 6.50 |
|
| 1,005,873 |
|
| 1,015,550 |
|
|
|
|
| 500,000 |
| HAMMOND IN REDEV DIST REVENUE |
| 1/15/2017 |
| 6.00 |
|
| 500,000 |
|
| 505,890 |
|
|
|
|
| 1,250,000 |
| HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE(c) |
| 8/15/2021 |
| 6.75 |
|
| 1,250,000 |
|
| 1,355,200 |
|
|
|
|
| 1,500,000 |
| HARTNELL CA CMNTY CLG DIST(b) |
| 8/1/2034 |
| 2.36 |
|
| 707,883 |
|
| 1,019,610 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 55 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 590,000 |
| HAWAII ST DEPT OF BUDGET &FIN SPL PURPOSE SENIOR LIVING REV |
| 11/15/2029 |
| 8.75 |
| $ | 582,333 |
|
| 680,087 |
|
|
|
|
| 500,000 |
| HAWAII ST DEPT OF BUDGET &FIN SPL PURPOSE SENIOR LIVING REV |
| 11/15/2037 |
| 5.25 |
|
| 507,352 |
|
| 507,745 |
|
|
|
|
| 3,500,000 |
| HEALDSBURG CA UNIF SCH DIST(b) |
| 8/1/2037 |
| 1.44 |
|
| 2,259,445 |
|
| 1,916,320 |
|
|
|
|
| 1,000,000 |
| HELENDALE CA SCH DIST(b) |
| 8/1/2034 |
| 1.82 |
|
| 599,967 |
|
| 762,640 |
|
|
|
|
| 500,000 |
| HERITAGE ISLE AT VIERA FL CDD |
| 5/1/2030 |
| 4.13 |
|
| 490,753 |
|
| 442,205 |
|
|
|
|
| 500,000 |
| HIGHLANDS CNTY FL HLTH FACS AUTH |
| 11/15/2032 |
| 5.13 |
|
| 501,000 |
|
| 522,905 |
|
|
|
|
| 137,000 |
| HOUMA-TERREBONNE LA PUBLIC TRUST FING AUTH SF MTGE |
| 12/1/2040 |
| 5.15 |
|
| 142,079 |
|
| 137,810 |
|
|
|
|
| 1,000,000 |
| HOUSTON TX HOTEL OCCUPANCY TAX & SPL REVENUE |
| 9/1/2030 |
| 5.00 |
|
| 1,004,808 |
|
| 1,005,210 |
|
|
|
|
| 1,000,000 |
| HURON SD SCH DIST #2-2 |
| 6/15/2039 |
| 5.00 |
|
| 1,071,511 |
|
| 1,017,930 |
|
|
|
|
| 245,000 |
| IDAHO ST HSG & FIN ASSN NONPROFIT FACS REVENUE |
| 8/1/2017 |
| 6.25 |
|
| 245,000 |
|
| 243,243 |
|
|
|
|
| 750,000 |
| IDAHO ST HSG & FIN ASSN NONPROFIT FACS REVENUE |
| 7/1/2030 |
| 5.50 |
|
| 750,000 |
|
| 718,058 |
|
|
|
|
| 430,000 |
| IDAHO ST HSG & FIN ASSN SF MTGE REVENUE |
| 7/1/2026 |
| 5.65 |
|
| 438,004 |
|
| 452,700 |
|
|
|
|
| 150,000 |
| IDAHO ST HSG & FIN ASSN SF MTGE REVENUE |
| 1/1/2040 |
| 5.50 |
|
| 150,000 |
|
| 156,489 |
|
|
|
|
| 500,000 |
| ILLINOIS ST |
| 7/1/2033 |
| 5.50 |
|
| 498,790 |
|
| 515,525 |
|
|
|
|
| 900,000 |
| ILLINOIS ST COPS |
| 7/1/2017 |
| 5.80 |
|
| 900,000 |
|
| 901,179 |
|
|
|
|
| 250,000 |
| ILLINOIS ST DEV FIN AUTH |
| 5/15/2021 |
| 5.50 |
|
| 250,000 |
|
| 251,030 |
|
|
|
|
| 1,000,000 |
| ILLINOIS ST FIN AUTH CHRT SCH REVENUE |
| 10/1/2031 |
| 6.88 |
|
| 1,000,000 |
|
| 1,122,430 |
|
|
|
|
| 1,500,000 |
| ILLINOIS ST FIN AUTH EDU REVENUE |
| 9/1/2027 |
| 5.00 |
|
| 1,454,392 |
|
| 1,397,340 |
|
|
|
|
| 350,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 5/15/2017 |
| 6.00 |
|
| 350,000 |
|
| 350,385 |
|
|
|
|
| 610,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 8/15/2026 |
| 6.00 |
|
| 618,323 |
|
| 615,130 |
|
|
|
|
| 500,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 3/15/2027 |
| 5.00 |
|
| 513,344 |
|
| 521,175 |
|
|
|
|
| 1,000,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 5/15/2027 |
| 5.50 |
|
| 1,031,828 |
|
| 1,010,430 |
|
|
|
|
| 500,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 5/15/2029 |
| 5.25 |
|
| 504,277 |
|
| 518,015 |
|
|
|
|
| 1,045,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 5/15/2030 |
| 5.50 |
|
| 1,070,749 |
|
| 1,034,738 |
|
|
|
|
| 1,500,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 8/15/2036 |
| 5.25 |
|
| 1,475,224 |
|
| 1,547,580 |
|
|
|
|
| 500,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 3/1/2038 |
| 6.00 |
|
| 485,577 |
|
| 538,195 |
|
|
|
|
| 750,000 |
| ILLINOIS ST FIN AUTH SPORTS FAC REVENUE(c)(e)(f) |
| 10/1/2027 |
| 6.13 |
|
| 730,795 |
|
| 44,618 |
|
|
|
|
| 500,000 |
| ILLINOIS ST FIN AUTH SPORTS FAC REVENUE(c)(e)(f) |
| 10/1/2037 |
| 6.25 |
|
| 484,210 |
|
| 29,745 |
|
|
|
|
| 1,000,000 |
| ILLINOIS ST FIN AUTH STUDENT HSG REVENUE |
| 10/1/2024 |
| 6.00 |
|
| 989,902 |
|
| 1,085,910 |
|
|
|
|
| 750,000 |
| ILLINOIS ST HLTH FACS AUTH |
| 8/15/2028 |
| 5.38 |
|
| 738,571 |
|
| 750,675 |
|
|
|
|
| 2,100,000 |
| ILLINOIS ST HLTH FACS AUTH REVENUE |
| 8/15/2033 |
| 5.10 |
|
| 2,101,473 |
|
| 2,101,218 |
|
|
|
|
| 500,000 |
| ILLINOIS ST HSG DEV AUTH |
| 7/1/2047 |
| 4.50 |
|
| 466,248 |
|
| 460,185 |
|
|
|
|
| 1,000,000 |
| ILLINOIS ST SPORTS FACS AUTH |
| 6/15/2032 |
| 5.00 |
|
| 1,000,000 |
|
| 1,000,270 |
|
|
|
|
| 1,000,000 |
| IMPERIAL CA CMNTY CLG DIST (b) |
| 8/1/2040 |
| 0.84 |
|
| 885,406 |
|
| 964,010 |
|
|
|
|
| 250,000 |
| INDEPENDENCE MO THIRTY-NINTH STREET TRANSPRTN DIST REVENUE |
| 9/1/2032 |
| 6.88 |
|
| 250,000 |
|
| 250,665 |
|
|
|
|
| 500,000 |
| INDIANA ST BOND BANK REVENUE |
| 2/1/2029 |
| 5.50 |
|
| 491,252 |
|
| 553,870 |
|
|
|
|
| 750,000 |
| INDIANA ST FIN AUTH HOSP REVENUE |
| 5/1/2031 |
| 5.75 |
|
| 770,473 |
|
| 814,065 |
|
|
|
|
| 1,000,000 |
| INDIANA ST FIN AUTH REVENUE |
| 3/1/2030 |
| 5.00 |
|
| 1,063,153 |
|
| 1,018,250 |
|
|
|
|
| 3,000,000 |
| INDIANA ST FIN AUTH REVENUE |
| 9/15/2030 |
| 6.50 |
|
| 3,076,373 |
|
| 3,145,140 |
|
|
|
|
| 500,000 |
| INDIANA ST FIN AUTH REVENUE |
| 2/1/2031 |
| 4.00 |
|
| 492,503 |
|
| 463,475 |
|
|
|
|
| 500,000 |
| INDIANA ST FIN AUTH REVENUE |
| 11/15/2031 |
| 5.50 |
|
| 492,586 |
|
| 516,225 |
|
|
|
|
| 1,000,000 |
| INDIANA ST FIN AUTH REVENUE |
| 2/1/2037 |
| 4.00 |
|
| 960,057 |
|
| 864,390 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 56 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 1,000,000 |
| INDIANA ST FIN AUTH REVENUE |
| 3/1/2041 |
| 5.00 |
| $ | 1,072,598 |
|
| 998,440 |
|
|
|
|
| 1,000,000 |
| INDIANA ST HLTH & EDUCTNL FAC FING AUTH HOSP REVENUE |
| 2/15/2030 |
| 5.25 |
|
| 756,972 |
|
| 1,007,990 |
|
|
|
|
| 6,413,554 |
| INTERMEDIATE SCH DIST #287 MN LEASE REVENUE |
| 11/1/2032 |
| 5.30 |
|
| 6,188,695 |
|
| 6,551,767 |
|
|
|
|
| 1,150,000 |
| IOWA ST FIN AUTH MIDWSTRN DISASTER AREA REVENUE |
| 12/1/2022 |
| 5.50 |
|
| 1,171,701 |
|
| 1,157,981 |
|
|
|
|
| 141,439 |
| IOWA ST FIN AUTH SENIOR HSG REVENUE(e) |
| 12/1/2014 |
| 5.00 |
|
| 141,157 |
|
| 4,762 |
|
|
|
|
| 390,000 |
| IOWA ST STUDENT LOAN LIQUIDITY CORP |
| 12/1/2027 |
| 5.50 |
|
| 382,020 |
|
| 382,754 |
|
|
|
|
| 2,000,000 |
| JEFFERSON CA UNION HIGH SCH DIST SAN MATEO CNTY(b) |
| 8/1/2031 |
| 4.10 |
|
| 512,013 |
|
| 491,300 |
|
|
|
|
| 439,000 |
| JEFFERSON CNTY KY MTGE REVENUE |
| 11/15/2013 |
| 6.13 |
|
| 439,000 |
|
| 440,383 |
|
|
|
|
| 640,000 |
| JEFFERSON PARISH LA FIN AUTH |
| 6/1/2038 |
| 5.00 |
|
| 666,991 |
|
| 668,806 |
|
|
|
|
| 155,000 |
| JEFFERSON PARISH LA FIN AUTH |
| 12/1/2048 |
| 5.70 |
|
| 162,468 |
|
| 163,778 |
|
|
|
|
| 750,000 |
| JOHNSON CITY TN HLTH & EDUCTNL FACS BRD REVENUE |
| 2/15/2034 |
| 5.00 |
|
| 776,066 |
|
| 709,335 |
|
|
|
|
| 1,140,000 |
| KALISPEL TRIBE OF INDIANS PRIORITY DIST WA REVENUE |
| 1/1/2016 |
| 6.20 |
|
| 1,111,448 |
|
| 1,115,034 |
|
|
|
|
| 1,250,000 |
| KANSAS CITY MO INDL DEV AUTH |
| 9/1/2023 |
| 5.45 |
|
| 1,250,000 |
|
| 1,284,975 |
|
|
|
|
| 1,000,000 |
| KANSAS CITY MO INDL DEV AUTH |
| 11/20/2039 |
| 5.10 |
|
| 1,000,000 |
|
| 1,042,000 |
|
|
|
|
| 500,000 |
| KENTUCKY ST ECON DEV FIN AUTH MF HSG REVENUE |
| 11/20/2035 |
| 5.38 |
|
| 500,000 |
|
| 528,755 |
|
|
|
|
| 1,000,000 |
| KENTUCKY ST HSG CORP HSG REVENUE |
| 7/1/2028 |
| 3.75 |
|
| 983,090 |
|
| 977,510 |
|
|
|
|
| 445,000 |
| KENTUCKY ST HSG CORP HSG REVENUE |
| 7/1/2039 |
| 5.15 |
|
| 445,000 |
|
| 465,817 |
|
|
|
|
| 1,940,000 |
| KERRVILLE TX HLTH FACS DEV CORP HOSP REVENUE |
| 8/15/2035 |
| 5.45 |
|
| 1,914,641 |
|
| 1,942,949 |
|
|
|
|
| 750,000 |
| KING CNTY WA HSG AUTH |
| 5/1/2028 |
| 5.20 |
|
| 750,000 |
|
| 804,038 |
|
|
|
|
| 500,000 |
| KIRKWOOD MO INDL DEV AUTH RETMNT CMNTY REVENUE |
| 5/15/2021 |
| 8.00 |
|
| 500,000 |
|
| 542,900 |
|
|
|
|
| 900,000 |
| KLICKITAT CNTY WA PUBLIC HOSP DIST #2 HOSP REVENUE |
| 12/1/2020 |
| 6.00 |
|
| 846,028 |
|
| 912,483 |
|
|
|
|
| 2,500,000 |
| KOYUKUK AK REVENUE |
| 10/1/2023 |
| 7.00 |
|
| 2,433,034 |
|
| 2,707,000 |
|
|
|
|
| 1,390,000 |
| KREMMLING CO MEMORIAL HOSP DIST COPS |
| 12/1/2022 |
| 6.00 |
|
| 1,377,695 |
|
| 1,461,390 |
|
|
|
|
| 681,000 |
| LAFAYETTE LA PUBLIC TRUST FING AUTH SF MTGE |
| 1/1/2041 |
| 5.35 |
|
| 695,582 |
|
| 711,121 |
|
|
|
|
| 2,000,000 |
| LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE |
| 5/1/2030 |
| 7.40 |
|
| 1,980,967 |
|
| 2,305,240 |
|
|
|
|
| 2,000,000 |
| LAS VEGAS NV REDEV AGY TAX INCR REVENUE |
| 6/15/2023 |
| 7.50 |
|
| 1,982,508 |
|
| 2,235,400 |
|
|
|
|
| 1,000,000 |
| LEE CNTY FL INDL DEV AUTH |
| 11/15/2029 |
| 5.00 |
|
| 837,321 |
|
| 1,010,650 |
|
|
|
|
| 750,000 |
| LEE CNTY FL TOUR DEV TAX REVENUE |
| 10/1/2038 |
| 4.00 |
|
| 750,000 |
|
| 684,195 |
|
|
|
|
| 250,000 |
| LEHIGH CNTY PA GEN PURPOSE AUTH |
| 8/15/2042 |
| 1.20 |
|
| 250,000 |
|
| 203,085 |
|
|
|
|
| 750,000 |
| LEWISVILLE TX COMB CONTRACT REVENUE |
| 9/1/2024 |
| 3.00 |
|
| 739,466 |
|
| 689,722 |
|
|
|
|
| 480,000 |
| LEXINGTON OAKS FL CDD SPL ASSMNT REVENUE |
| 5/1/2033 |
| 5.65 |
|
| 480,000 |
|
| 484,613 |
|
|
|
|
| 350,000 |
| LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU |
| 1/1/2015 |
| 6.38 |
|
| 350,000 |
|
| 294,343 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 57 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 550,000 |
| LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU |
| 1/1/2030 |
| 5.50 |
| $ | 564,682 |
|
| 334,180 |
|
|
|
|
| 1,000,000 |
| LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU |
| 1/1/2036 |
| 5.25 |
|
| 1,007,131 |
|
| 433,260 |
|
|
|
|
| 1,250,000 |
| LOUDOUN CNTY VA INDL DEV AUTH RSDL CARE FAC REVENUE |
| 8/1/2028 |
| 6.00 |
|
| 1,266,008 |
|
| 1,299,800 |
|
|
|
|
| 495,000 |
| LOUISIANA ST HSG FIN AGY SF MTGE REVENUE |
| 12/1/2034 |
| 5.10 |
|
| 495,000 |
|
| 522,656 |
|
|
|
|
| 160,000 |
| LOUISIANA ST HSG FIN AGY SF MTGE REVENUE |
| 6/1/2038 |
| 5.85 |
|
| 166,787 |
|
| 169,405 |
|
|
|
|
| 795,000 |
| LOUISIANA ST HSG FIN AGY SF MTGE REVENUE |
| 12/1/2038 |
| 5.70 |
|
| 818,518 |
|
| 843,368 |
|
|
|
|
| 235,000 |
| LOUISIANA ST HSG FIN AGY SF MTGE REVENUE |
| 6/1/2039 |
| 5.60 |
|
| 242,412 |
|
| 254,423 |
|
|
|
|
| 390,000 |
| LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH |
| 6/20/2028 |
| 8.00 |
|
| 390,000 |
|
| 253,426 |
|
|
|
|
| 750,000 |
| LOUISIANA ST PUBLIC FACS AUTH REVENUE |
| 5/1/2031 |
| 6.50 |
|
| 746,792 |
|
| 823,200 |
|
|
|
|
| 490,000 |
| LOUISIANA ST PUBLIC FACS AUTH REVENUE |
| 2/15/2036 |
| 0.88 |
|
| 490,000 |
|
| 432,621 |
|
|
|
|
| 1,000,000 |
| LOUISIANA ST TRANSPRTN AUTH TOLL REVENUE(b) |
| 12/1/2027 |
| 3.68 |
|
| 469,321 |
|
| 469,670 |
|
|
|
|
| 500,000 |
| LUCAS CNTY OH HLTH CARE FACS REVENUE |
| 8/15/2030 |
| 5.50 |
|
| 491,800 |
|
| 518,530 |
|
|
|
|
| 1,490,000 |
| LUZERNE CNTY PA |
| 11/1/2026 |
| 7.00 |
|
| 1,568,352 |
|
| 1,699,285 |
|
|
|
|
| 342,229 |
| LYONS CO |
| 11/30/2016 |
| 4.75 |
|
| 343,880 |
|
| 330,994 |
|
|
|
|
| 1,000,000 |
| MACON CNTY IL SCH DIST #61 |
| 1/1/2037 |
| 5.25 |
|
| 1,029,261 |
|
| 1,055,160 |
|
|
|
|
| 250,000 |
| MAGNOLIA CREEK FL CDD CAPITAL IMPT REVENUE(e) |
| 5/1/2014 |
| 5.60 |
|
| 250,000 |
|
| 86,158 |
|
|
|
|
| 1,000,000 |
| MAINE ST HLTH & HGR EDUCTNL FACS AUTH REVENUE |
| 7/1/2032 |
| 7.50 |
|
| 1,050,726 |
|
| 1,208,530 |
|
|
|
|
| 1,000,000 |
| MAINE ST HSG AUTH MTGE REVENUE |
| 11/15/2036 |
| 3.60 |
|
| 1,000,000 |
|
| 860,210 |
|
|
|
|
| 1,000,000 |
| MAINE ST HSG AUTH MTGE REVENUE |
| 11/15/2037 |
| 4.50 |
|
| 1,000,000 |
|
| 999,950 |
|
|
|
|
| 1,000,000 |
| MAINE ST TECH CLG SYS COPS |
| 1/1/2017 |
| 5.80 |
|
| 1,000,000 |
|
| 1,004,240 |
|
|
|
|
| 1,000,000 |
| MALTA IL TAX INCR REVENUE |
| 12/30/2025 |
| 5.75 |
|
| 1,000,000 |
|
| 480,180 |
|
|
|
|
| 500,000 |
| MANATEE CNTY FL SCH BRD COPS |
| 7/1/2031 |
| 5.63 |
|
| 495,774 |
|
| 539,215 |
|
|
|
|
| 500,000 |
| MANCHESTER NH HSG & REDEV AUTH REVENUE |
| 1/1/2015 |
| 6.75 |
|
| 497,632 |
|
| 497,535 |
|
|
|
|
| 500,000 |
| MANCHESTER NH HSG & REDEV AUTH REVENUE(b) |
| 1/1/2020 |
| 3.58 |
|
| 350,525 |
|
| 321,940 |
|
|
|
|
| 452,000 |
| MANHATTAN IL SPL SVC AREA SPL TAX(e) |
| 3/1/2022 |
| 5.75 |
|
| 452,000 |
|
| 90,183 |
|
|
|
|
| 500,000 |
| MANSFIELD OH |
| 12/1/2024 |
| 6.00 |
|
| 520,178 |
|
| 559,325 |
|
|
|
|
| 462,000 |
| MARQUIS VA CMNTY DEV AUTH REVENUE(b) |
| 9/1/2041 |
| 2.95 |
|
| 78,329 |
|
| 42,259 |
|
|
|
|
| 349,000 |
| MARQUIS VA CMNTY DEV AUTH REVENUE |
| 9/1/2041 |
| 5.63 |
|
| 377,845 |
|
| 282,313 |
|
|
|
|
| 925,000 |
| MARTIN CNTY FL HLTH FACS AUTH |
| 11/15/2032 |
| 5.50 |
|
| 948,623 |
|
| 959,502 |
|
|
|
|
| 750,000 |
| MARTINEZ CA UNIF SCH DIST(b) |
| 8/1/2035 |
| 0.72 |
|
| 630,256 |
|
| 780,315 |
|
|
|
|
| 500,000 |
| MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV |
| 9/1/2030 |
| 5.13 |
|
| 500,000 |
|
| 534,785 |
|
|
|
|
| 500,000 |
| MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV |
| 7/1/2031 |
| 4.50 |
|
| 500,000 |
|
| 515,085 |
|
|
|
|
| 500,000 |
| MASHANTUCKET WSTRN PEQUOT TRIBE CT(c)(e)(f) |
| 9/1/2036 |
| 5.50 |
|
| 509,035 |
|
| 242,505 |
|
|
|
|
| 1,000,000 |
| MASSACHUSETTS ST DEV FIN AGY REVENUE |
| 7/1/2030 |
| 6.38 |
|
| 987,181 |
|
| 1,079,840 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 58 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares | Security | Maturity | Coupon | Cost | Fair | Percent | |||||||||||
Municipal Bonds (Cont’d): |
|
|
|
|
| ||||||||||||
290,000 | MASSACHUSETTS ST DEV FIN | 6/1/2014 | 6.25 | $ | 290,000 | 144,794 |
| ||||||||||
1,980,000 | MASSACHUSETTS ST EDUCTNL | 1/1/2028 | 5.25 | 1,982,859 | 2,088,088 |
| |||||||||||
685,000 | MASSACHUSETTS ST HLTH & | 7/1/2013 | 7.30 | 685,000 | 685,342 |
| |||||||||||
750,000 | MASSACHUSETTS ST HSG FIN | 12/1/2031 | 3.50 | 750,000 | 687,622 |
| |||||||||||
1,000,000 | MASSACHUSETTS ST HSG FIN | 12/1/2032 | 4.05 | 1,000,000 | 969,840 |
| |||||||||||
175,000 | MASSACHUSETTS ST HSG FIN | 12/1/2033 | 5.35 | 175,000 | 182,439 |
| |||||||||||
2,000,000 | MASSACHUSETTS ST HSG FIN | 12/1/2037 | 3.45 | 2,000,000 | 1,695,940 |
| |||||||||||
885,000 | MASSACHUSETTS ST HSG FIN | 6/1/2040 | 5.05 | 885,000 | 920,772 |
| |||||||||||
500,000 | MASSACHUSETTS ST HSG FIN | 12/1/2042 | 3.50 | 499,382 | 412,370 |
| |||||||||||
3,500,000 | MASSACHUSETTS ST HSG FIN | 12/1/2043 | 4.00 | 3,500,000 | 3,095,120 |
| |||||||||||
750,000 | MATAGORDA CNTY TX NAV DIST | 6/1/2030 | 4.00 | 750,000 | 664,215 |
| |||||||||||
160,000 | MEAD NE TAX INCR REVENUE(e) | 7/1/2012 | 5.13 | 160,000 | 72,000 |
| |||||||||||
1,000,000 | MEDFORD OR HOSP FACS AUTH | 10/1/2042 | 5.00 | 1,053,269 | 983,310 |
| |||||||||||
1,000,000 | MESQUITE TX HLTH FAC DEV | 2/15/2025 | 5.50 | 998,221 | 1,008,690 |
| |||||||||||
1,070,000 | MET GOVT NASHVILLE & | 12/20/2020 | 8.00 | 1,070,000 | 502,600 |
| |||||||||||
855,000 | MET GOVT NASHVILLE & | 6/20/2036 | 10.00 | 855,000 | 401,611 |
| |||||||||||
1,830,000 | MET GOVT NASHVILLE & | 12/20/2040 | 7.50 | 1,830,000 | 1,005,988 |
| |||||||||||
2,000,000 | MET WASHINGTON DC ARPTS | 10/1/2041 | 1.14 | 1,338,873 | 1,857,840 |
| |||||||||||
500,000 | MIAMI-DADE CNTY FL HLTH FACS | 8/1/2030 | 6.00 | 486,437 | 554,680 |
| |||||||||||
1,000,000 | MIAMI-DADE CNTY FL SPL OBLG | 10/1/2035 | 5.00 | 1,108,480 | 1,034,390 |
| |||||||||||
1,000,000 | MICHIGAN ST HOSP FIN AUTH | 12/1/2023 | 6.13 | 990,492 | 1,168,440 |
| |||||||||||
2,500,000 | MICHIGAN ST HOSP FIN AUTH | 11/15/2025 | 5.25 | 2,296,818 | 2,411,625 |
| |||||||||||
1,500,000 | MICHIGAN ST HOSP FIN AUTH | 6/1/2034 | 6.13 | 1,554,444 | 1,614,585 |
| |||||||||||
625,000 | MICHIGAN ST HSG DEV AUTH | 10/1/2020 | 5.38 | 603,973 | 679,862 |
| |||||||||||
1,000,000 | MICHIGAN ST HSG DEV AUTH | 10/1/2034 | 5.63 | 1,000,000 | 1,056,690 |
| |||||||||||
1,000,000 | MICHIGAN ST MUNI BOND AUTH | 5/1/2023 | 5.75 | 1,022,281 | 1,134,100 |
| |||||||||||
695,000 | MICHIGAN ST PUBLIC EDUCTNL | 9/1/2016 | 6.00 | 692,837 | 486,340 |
| |||||||||||
750,000 | MICHIGAN ST PUBLIC EDUCTNL | 6/1/2020 | 6.00 | 744,724 | 771,315 |
| |||||||||||
450,000 | MICHIGAN ST PUBLIC EDUCTNL | 10/1/2023 | 6.25 | 450,000 | 429,322 |
| |||||||||||
500,000 | MICHIGAN ST PUBLIC EDUCTNL | 11/1/2028 | 6.35 | 500,000 | 503,740 |
| |||||||||||
265,000 | MICHIGAN ST TOBACCO | 6/1/2022 | 5.13 | 249,254 | 235,975 |
| |||||||||||
1,000,000 | MIDDLEBURG HEIGHTS OH | 8/1/2047 | 5.00 | 1,075,486 | 990,590 |
| |||||||||||
495,000 | MILLSBORO DE SPL OBLG | 7/1/2036 | 5.45 | 495,000 | 354,722 |
| |||||||||||
281,838 | MINNESOTA ST HGR EDU FACS | 10/1/2016 | 4.49 | 282,880 | 286,925 |
| |||||||||||
415,000 | MINNESOTA ST HSG FIN AGY | 7/1/2034 | 5.05 | 415,000 | 434,551 |
| |||||||||||
830,000 | MINNESOTA ST HSG FIN AGY | 1/1/2040 | 5.10 | 830,000 | 859,498 |
|
|
|
|
See accompanying notes to the financial statements. | 59 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
| ||||||||||||
970,000 | MINNESOTA ST OFFICE OF HGR | 11/1/2029 | 5.00 | $ | 970,000 | 1,014,795 |
| ||||||||||
1,000,000 | MISSISSIPPI ST DEV BANK SPL | 10/1/2031 | 6.50 | 973,893 | 1,129,240 |
| |||||||||||
145,000 | MISSISSIPPI ST HOME CORP SF | 6/1/2039 | 6.75 | 152,468 | 148,421 |
| |||||||||||
500,000 | MISSOURI ST DEV FIN BRD | 11/1/2025 | 5.50 | 492,934 | 522,415 |
| |||||||||||
980,000 | MISSOURI ST HLTH & EDUCTNL | 2/1/2022 | 5.13 | 995,205 | 1,017,916 |
| |||||||||||
1,000,000 | MISSOURI ST HLTH & EDUCTNL | 3/1/2033 | 5.75 | 1,000,000 | 901,920 |
| |||||||||||
140,000 | MISSOURI ST HSG DEV | 9/1/2034 | 5.25 | 139,115 | 145,639 |
| |||||||||||
260,000 | MISSOURI ST HSG DEV | 9/1/2034 | 5.35 | 260,000 | 276,536 |
| |||||||||||
947,585 | MOBERLY MO INDL DEV AUTH(e) | 9/1/2024 | 6.00 | 963,425 | 66,312 |
| |||||||||||
1,500,000 | MONTANA ST BRD OF HSG | 12/1/2038 | 3.75 | 1,500,000 | 1,349,520 |
| |||||||||||
885,000 | MONTANA ST BRD OF HSG | 12/1/2039 | 5.50 | 885,101 | 929,250 |
| |||||||||||
500,000 | MONTGOMERY CNTY MD HSG | 7/1/2037 | 5.13 | 500,000 | 521,505 |
| |||||||||||
2,000,000 | MONTGOMERY CNTY MD HSG | 7/1/2038 | 4.00 | 2,000,000 | 1,836,720 |
| |||||||||||
1,500,000 | MONTGOMERY CNTY OH HLTH | 9/20/2032 | 6.55 | 1,459,989 | 1,505,730 |
| |||||||||||
650,000 | MONTGOMERY CNTY PA INDL | 2/1/2014 | 5.38 | 649,537 | 651,372 |
| |||||||||||
800,000 | MOUNT CARBON CO MET DIST | 6/1/2043 | 7.00 | 800,000 | 470,664 |
| |||||||||||
200,000 | MOUNT CARBON CO MET DIST | 6/1/2043 | 8.00 | - | 20,000 |
| |||||||||||
1,500,000 | MOUNT VERNON IN SCH BLDG | 1/15/2037 | 5.00 | 1,531,310 | 1,481,565 |
| |||||||||||
500,000 | MULTNOMAH CNTY OR HOSP | 12/1/2029 | 5.00 | 538,893 | 512,830 |
| |||||||||||
1,500,000 | N SUMTER CNTY UTILITY | 10/1/2032 | 5.00 | 1,527,701 | 1,474,395 |
| |||||||||||
500,000 | N TX TOLLWAY AUTH DALLAS N | 1/1/2025 | 6.00 | 500,000 | 579,490 |
| |||||||||||
1,000,000 | N TX TOLLWAY AUTH | 1/1/2028 | 3.44 | 430,359 | 494,720 |
| |||||||||||
1,000,000 | N TX TOLLWAY AUTH REVENUE | 1/1/2034 | 6.00 | 1,000,000 | 1,084,070 |
| |||||||||||
1,000,000 | N TX TOLLWAY AUTH | 1/1/2042 | 0.95 | 720,390 | 1,053,330 |
| |||||||||||
1,500,000 | N W MI CMNTY SCHS | 5/1/2029 | 4.00 | 1,485,006 | 1,490,685 |
| |||||||||||
500,000 | NARCOOSSEE FL CDD SPL | 5/1/2033 | 4.15 | 497,969 | 430,460 |
| |||||||||||
1,000,000 | NATRONA CNTY WY HOSP | 9/15/2031 | 6.35 | 1,000,000 | 1,085,440 |
| |||||||||||
205,000 | NEVADA ST HSG DIV SF MTGE | 10/1/2039 | 5.38 | 205,000 | 212,482 |
| |||||||||||
845,000 | NEVADA ST HSG DIV SF MTGE | 10/1/2040 | 5.10 | 845,000 | 877,794 |
| |||||||||||
1,000,000 | NEW HAMPSHIRE ST HLTH & | 1/1/2034 | 6.00 | 970,088 | 1,064,530 |
| |||||||||||
500,000 | NEW HAMPSHIRE ST HLTH & | 8/1/2038 | 6.00 | 490,453 | 545,105 |
| |||||||||||
1,000,000 | NEW HAMPSHIRE ST HSG FIN | 7/1/2031 | 5.20 | 1,000,000 | 1,067,410 |
| |||||||||||
675,000 | NEW HAMPSHIRE ST HSG FIN | 7/1/2034 | 5.38 | 675,000 | 714,150 |
| |||||||||||
515,000 | NEW HAMPSHIRE ST HSG FIN | 7/1/2038 | 6.63 | 534,966 | 569,168 |
|
|
|
|
See accompanying notes to the financial statements. | 60 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
| ||||||||||||
615,000 | NEW JERSEY ST ECON DEV | 12/1/2016 | 5.75 | $ | 615,000 | 615,375 |
| ||||||||||
500,000 | NEW JERSEY ST HGR EDU | 6/1/2024 | 5.38 | 497,741 | 539,215 |
| |||||||||||
980,000 | NEW JERSEY ST HSG & MTGE | 10/1/2030 | 4.50 | 980,000 | 1,007,175 |
| |||||||||||
330,000 | NEW JERSEY ST HSG & MTGE | 10/1/2030 | 6.45 | 347,982 | 357,558 |
| |||||||||||
590,000 | NEW JERSEY ST HSG & MTGE | 10/1/2034 | 5.00 | 590,000 | 614,804 |
| |||||||||||
745,000 | NEW JERSEY ST HSG & MTGE | 10/1/2035 | 5.00 | 745,000 | 774,383 |
| |||||||||||
1,490,000 | NEW JERSEY ST HSG & MTGE | 10/1/2037 | 5.00 | 1,479,557 | 1,536,473 |
| |||||||||||
1,000,000 | NEW JERSEY ST HSG & MTGE | 1/1/2030 | 3.60 | 1,000,000 | 911,210 |
| |||||||||||
1,000,000 | NEW JERSEY ST HSG & MTGE | 5/1/2041 | 4.95 | 970,522 | 1,006,420 |
| |||||||||||
370,000 | NEW MEXICO ST MTGE FIN | 9/1/2029 | 4.80 | 370,000 | 387,064 |
| |||||||||||
730,000 | NEW MEXICO ST MTGE FIN | 9/1/2029 | 5.00 | 730,000 | 768,588 |
| |||||||||||
740,000 | NEW MEXICO ST MTGE FIN | 9/1/2034 | 5.00 | 740,000 | 781,336 |
| |||||||||||
680,000 | NEW MEXICO ST MTGE FIN | 3/1/2036 | 5.45 | 680,000 | 720,161 |
| |||||||||||
960,000 | NEW MEXICO ST MTGE FIN | 9/1/2042 | 3.90 | 960,000 | 872,698 |
| |||||||||||
1,440,000 | NEW MEXICO ST MTGE FIN | 9/1/2042 | 4.13 | 1,440,000 | 1,384,358 |
| |||||||||||
115,000 | NEW RIVER FL CDD CAPITAL | 5/1/2013 | 5.00 | 114,821 | 1 |
| |||||||||||
70,000 | NEW RIVER FL CDD CAPITAL | 5/1/2015 | 5.00 | 66,866 | 67,416 |
| |||||||||||
135,000 | NEW RIVER FL CDD CAPITAL | 5/1/2018 | 1.19 | 122,790 | 63,966 |
| |||||||||||
175,000 | NEW RIVER FL CDD CAPITAL | 5/1/2038 | 0.64 | 142,847 | 74,700 |
| |||||||||||
70,000 | NEW RIVER FL CDD CAPITAL | 5/1/2038 | 5.75 | 63,311 | 56,749 |
| |||||||||||
1,000,000 | NEW YORK CITY NY HSG DEV | 11/1/2037 | 3.80 | 1,000,000 | 881,650 |
| |||||||||||
2,000,000 | NEW YORK CITY NY MUNI WTR | 6/15/2038 | 5.00 | 2,255,583 | 2,119,120 |
| |||||||||||
2,500,000 | NEW YORK ST HSG FIN AGY | 11/1/2042 | 3.80 | 2,500,000 | 2,216,375 |
| |||||||||||
5,000,000 | NEW YORK ST HSG FIN AGY | 5/1/2048 | 4.10 | 5,000,000 | 4,388,000 |
| |||||||||||
1,595,000 | NEW YORK ST MTGE AGY | 10/1/2040 | 4.13 | 1,595,000 | 1,491,405 |
| |||||||||||
500,000 | NEW YORK ST MTGE AGY | 10/1/2042 | 3.75 | 500,000 | 434,905 |
| |||||||||||
450,000 | NOBLESVILLE IN REDEV AUTH | 2/1/2031 | 5.13 | 446,118 | 486,770 |
| |||||||||||
1,000,000 | NORTH CAROLINA ST MED CARE | 10/1/2029 | 6.38 | 1,000,000 | 1,003,510 |
| |||||||||||
1,300,000 | NORTH CAROLINA ST MED CARE | 10/1/2035 | 6.63 | 1,300,000 | 1,250,262 |
| |||||||||||
1,660,000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2032 | 3.60 | 1,660,000 | 1,486,181 |
| |||||||||||
1,260,000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2040 | 5.05 | 1,260,000 | 1,330,295 |
| |||||||||||
1,000,000 | NTHRN IL UNIV | 4/1/2026 | 5.50 | 1,013,424 | 1,084,310 |
|
|
|
|
See accompanying notes to the financial statements. | 61 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 650,000 |
| NTHRN INYO CNTY CA LOCAL |
| 12/1/2029 |
| 5.00 |
| $ | 678,407 |
|
| 623,942 |
|
|
|
|
| 2,000,000 |
| OAK PARK CA UNIF SCH DIST(b) |
| 8/1/2038 |
| 1.86 |
|
| 1,041,404 |
|
| 1,382,140 |
|
|
|
|
| 1,250,000 |
| OAKLAND CNTY MI ECON DEV |
| 12/1/2020 |
| 6.50 |
|
| 1,243,417 |
|
| 1,289,200 |
|
|
|
|
| 475,000 |
| OHIO ST HSG FIN AGY RSDL |
| 9/1/2033 |
| 5.40 |
|
| 475,000 |
|
| 501,914 |
|
|
|
|
| 110,000 |
| OHIO ST HSG FIN AGY RSDL |
| 9/1/2033 |
| 5.45 |
|
| 110,000 |
|
| 113,760 |
|
|
|
|
| 500,000 |
| OKLAHOMA CNTY OK FIN AUTH |
| 4/1/2033 |
| 5.00 |
|
| 505,261 |
|
| 482,320 |
|
|
|
|
| 500,000 |
| OKLAHOMA CNTY OK FIN AUTH |
| 4/1/2042 |
| 5.13 |
|
| 500,000 |
|
| 481,940 |
|
|
|
|
| 355,000 |
| OKLAHOMA ST HSG FIN AGY SF |
| 3/1/2032 |
| 5.15 |
|
| 355,000 |
|
| 371,852 |
|
|
|
|
| 535,000 |
| OKLAHOMA ST HSG FIN AGY SF |
| 9/1/2038 |
| 6.50 |
|
| 556,008 |
|
| 543,630 |
|
|
|
|
| 1,000,000 |
| OREGON ST HSG & CMNTY |
| 7/1/2038 |
| 4.00 |
|
| 1,000,000 |
|
| 919,760 |
|
|
|
|
| 2,280,000 |
| PACHECO CA UNION SCH DIST |
| 2/1/2037 |
| 2.96 |
|
| 547,699 |
|
| 599,936 |
|
|
|
|
| 1,000,000 |
| PALM BEACH CNTY FL HLTH |
| 11/15/2022 |
| 5.38 |
|
| 927,896 |
|
| 1,025,990 |
|
|
|
|
| 500,000 |
| PALMA SOLA TRACE FL CDD |
| 5/1/2029 |
| 4.00 |
|
| 500,000 |
|
| 445,705 |
|
|
|
|
| 1,665,000 |
| PATTERSON CA JT UNIF SCH |
| 8/1/2027 |
| 3.77 |
|
| 671,881 |
|
| 817,731 |
|
|
|
|
| 1,000,000 |
| PELL CITY AL SPL CARE FACS |
| 12/1/2039 |
| 5.00 |
|
| 1,063,482 |
|
| 1,013,000 |
|
|
|
|
| 500,000 |
| PENNSYLVANIA ST HGR |
| 7/1/2039 |
| 0.92 |
|
| 500,000 |
|
| 373,695 |
|
|
|
|
| 1,000,000 |
| PENNSYLVANIA ST HGR |
| 5/1/2042 |
| 5.38 |
|
| 1,007,313 |
|
| 961,010 |
|
|
|
|
| 500,000 |
| PENNSYLVANIA ST HSG FIN AGY |
| 10/1/2025 |
| 5.00 |
|
| 501,500 |
|
| 521,035 |
|
|
|
|
| 1,000,000 |
| PENNSYLVANIA ST HSG FIN AGY |
| 10/1/2029 |
| 4.63 |
|
| 921,757 |
|
| 1,018,920 |
|
|
|
|
| 625,000 |
| PENNSYLVANIA ST HSG FIN AGY |
| 10/1/2034 |
| 4.88 |
|
| 626,728 |
|
| 625,944 |
|
|
|
|
| 1,000,000 |
| PENNSYLVANIA ST HSG FIN AGY |
| 10/1/2037 |
| 3.65 |
|
| 1,007,098 |
|
| 872,560 |
|
|
|
|
| 500,000 |
| PENNSYLVANIA ST HSG FIN AGY |
| 10/1/2038 |
| 4.00 |
|
| 500,000 |
|
| 449,220 |
|
|
|
|
| 940,000 |
| PENNSYLVANIA ST HSG FIN AGY |
| 10/1/2042 |
| 3.70 |
|
| 940,000 |
|
| 814,576 |
|
|
|
|
| 1,935,000 |
| PENNSYLVANIA ST TURNPIKE |
| 12/1/2035 |
| 0.90 |
|
| 1,537,075 |
|
| 1,730,645 |
|
|
|
|
| 1,500,000 |
| PENNSYLVANIA ST TURNPIKE |
| 12/1/2038 |
| 1.02 |
|
| 1,103,342 |
|
| 1,376,460 |
|
|
|
|
| 5,000,000 |
| PEORIA IL PUBLIC BLDG |
| 12/1/2026 |
| 3.73 |
|
| 2,180,414 |
|
| 2,478,600 |
|
|
|
|
| 500,000 |
| PHOENIX AZ INDL DEV AUTH |
| 7/1/2022 |
| 5.00 |
|
| 500,000 |
|
| 480,365 |
|
|
|
|
| 3,000,000 |
| PHOENIX AZ INDL DEV AUTH |
| 6/1/2034 |
| 5.25 |
|
| 3,056,026 |
|
| 3,088,170 |
|
|
|
|
| 480,000 |
| PIMA CNTY AZ INDL DEV AUTH |
| 6/1/2016 |
| 6.00 |
|
| 482,387 |
|
| 482,525 |
|
|
|
|
| 825,000 |
| PIMA CNTY AZ INDL DEV AUTH |
| 12/1/2017 |
| 5.35 |
|
| 754,195 |
|
| 820,157 |
|
|
|
|
| 330,000 |
| PIMA CNTY AZ INDL DEV AUTH |
| 12/1/2018 |
| 6.38 |
|
| 330,000 |
|
| 341,494 |
|
|
|
|
| 1,970,000 |
| PIMA CNTY AZ INDL DEV AUTH |
| 7/1/2021 |
| 6.70 |
|
| 1,970,000 |
|
| 1,976,343 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 62 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 865,000 |
| PIMA CNTY AZ INDL DEV AUTH |
| 6/1/2022 |
| 5.00 |
| $ | 806,450 |
|
| 840,114 |
|
|
|
|
| 485,000 |
| PIMA CNTY AZ INDL DEV AUTH |
| 7/1/2031 |
| 6.75 |
|
| 359,433 |
|
| 485,078 |
|
|
|
|
| 2,625,000 |
| PITTSBURG CALIF UNI SCH DIST |
| 9/1/2031 |
| 3.78 |
|
| 815,613 |
|
| 870,319 |
|
|
|
|
| 1,000,000 |
| PUBLIC FIN AUTH WI CCRC |
| 6/1/2020 |
| 7.00 |
|
| 986,571 |
|
| 1,106,560 |
|
|
|
|
| 1,500,000 |
| PUBLIC FIN AUTH WI CCRC |
| 6/1/2046 |
| 8.25 |
|
| 1,563,151 |
|
| 1,701,450 |
|
|
|
|
| 500,000 |
| PUBLIC FIN AUTH WI EDUCTNL |
| 9/1/2022 |
| 5.25 |
|
| 500,000 |
|
| 479,915 |
|
|
|
|
| 900,000 |
| PUBLIC FIN AUTH WI REVENUE |
| 4/1/2022 |
| 5.00 |
|
| 900,000 |
|
| 886,770 |
|
|
|
|
| 600,000 |
| PUBLIC FIN AUTH WI REVENUE |
| 4/1/2032 |
| 5.50 |
|
| 600,000 |
|
| 571,620 |
|
|
|
|
| 221,000 |
| PUBLIC FIN AUTH WI |
| 10/1/2042 |
| (0.46 | ) |
| 250,561 |
|
| 87,680 |
|
|
|
|
| 221,000 |
| PUBLIC FIN AUTH WI |
| 10/1/2042 |
| (0.46 | ) |
| 250,560 |
|
| 2 |
|
|
|
|
| 515,000 |
| PUBLIC FIN AUTH WI REVENUE |
| 10/1/2042 |
| 7.00 |
|
| 580,902 |
|
| 468,815 |
|
|
|
|
| 1,000,000 |
| PUERTO RICO CMWLTH |
| 7/1/2028 |
| 6.00 |
|
| 990,181 |
|
| 1,003,140 |
|
|
|
|
| 1,500,000 |
| PUERTO RICO CMWLTH |
| 7/1/2035 |
| 5.00 |
|
| 1,500,000 |
|
| 1,394,100 |
|
|
|
|
| 1,500,000 |
| PUERTO RICO CMWLTH |
| 7/1/2040 |
| 6.50 |
|
| 1,523,168 |
|
| 1,537,560 |
|
|
|
|
| 500,000 |
| PUERTO RICO ELEC PWR AUTH |
| 7/1/2025 |
| 0.95 |
|
| 500,000 |
|
| 408,105 |
|
|
|
|
| 1,000,000 |
| PUERTO RICO SALES TAX FING |
| 8/1/2033 |
| 1.88 |
|
| 607,095 |
|
| 737,570 |
|
|
|
|
| 500,000 |
| PUERTO RICO SALES TAX FING |
| 8/1/2057 |
| 1.11 |
|
| 500,000 |
|
| 357,140 |
|
|
|
|
| 750,000 |
| QUAIL CREEK AZ CMNTY FACS |
| 7/15/2016 |
| 5.15 |
|
| 750,000 |
|
| 773,842 |
|
|
|
|
| 1,260,000 |
| QUECHAN INDIAN TRIBE AZ |
| 5/1/2025 |
| 9.75 |
|
| 1,260,000 |
|
| 1,301,177 |
|
|
|
|
| 500,000 |
| RED RIVER TX HLTH FACS DEV |
| 1/1/2032 |
| 5.50 |
|
| 514,656 |
|
| 486,980 |
|
|
|
|
| 1,000,000 |
| REDONDO BEACH CA UNIF SCH |
| 8/1/2034 |
| 1.38 |
|
| 699,484 |
|
| 929,680 |
|
|
|
|
| 750,000 |
| REEF-SUNSET CA UNIF SCH |
| 8/1/2038 |
| 1.30 |
|
| 503,530 |
|
| 455,482 |
|
|
|
|
| 750,000 |
| RENO NV SPARKS INDIAN |
| 6/1/2021 |
| 5.00 |
|
| 765,004 |
|
| 780,495 |
|
|
|
|
| 500,000 |
| RHODE ISLAND ST HLTH & |
| 5/15/2030 |
| 6.25 |
|
| 493,806 |
|
| 549,885 |
|
|
|
|
| 1,000,000 |
| RHODE ISLAND ST HSG & MTGE |
| 10/1/2028 |
| 4.00 |
|
| 994,304 |
|
| 961,210 |
|
|
|
|
| 750,000 |
| RHODE ISLAND ST HSG & MTGE |
| 10/1/2037 |
| 3.90 |
|
| 750,000 |
|
| 667,448 |
|
|
|
|
| 500,000 |
| RICHMOND CA JT PWRS FING |
| 7/1/2024 |
| 6.25 |
|
| 500,000 |
|
| 561,405 |
|
|
|
|
| 325,000 |
| RICHMOND IN HOSP AUTH |
| 1/1/2029 |
| 6.50 |
|
| 315,707 |
|
| 357,896 |
|
|
|
|
| 3,000,000 |
| ROBLA CA SCH DIST(b) |
| 8/1/2036 |
| 3.22 |
|
| 766,534 |
|
| 812,070 |
|
|
|
|
| 500,000 |
| S BAYSIDE CA WST MGMT AUTH |
| 9/1/2029 |
| 6.25 |
|
| 513,088 |
|
| 549,505 |
|
|
|
|
| 1,000,000 |
| S COAST IN CONSERVANCY |
| 1/1/2028 |
| 5.25 |
|
| 994,920 |
|
| 928,930 |
|
|
|
|
| 595,000 |
| S WSTRN IL DEV AUTH |
| 10/1/2022 |
| 7.00 |
|
| 595,000 |
|
| 611,077 |
|
|
|
|
| 190,000 |
| S WSTRN IL DEV AUTH |
| 11/1/2026 |
| 5.63 |
|
| 188,886 |
|
| 152,538 |
|
|
|
|
| 350,000 |
| SACRAMENTO CNTY CA WTR |
| 6/1/2039 |
| 0.73 |
|
| 350,000 |
|
| 306,537 |
|
|
|
|
| 845,000 |
| SADDLEBACK VLY CA UNIF SCH |
| 9/1/2017 |
| 5.65 |
|
| 845,000 |
|
| 848,490 |
|
|
|
|
| 1,000,000 |
| SAGINAW MI HOSP FIN AUTH |
| 7/1/2030 |
| 5.00 |
|
| 924,429 |
|
| 1,011,780 |
|
|
|
|
| 147,000 |
| SAINT BERNARD PARISH LA |
| 3/1/2039 |
| 5.80 |
|
| 144,249 |
|
| 152,601 |
|
|
|
|
| 500,000 |
| SAINT JOHNS CNTY FL INDL DEV |
| 8/1/2040 |
| 5.88 |
|
| 492,995 |
|
| 524,610 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 63 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 460,000 |
| SAINT JOSEPH CNTY IN ECON |
| 5/15/2026 |
| 6.00 |
| $ | 345,935 |
|
| 470,437 |
|
|
|
|
| 500,000 |
| SAINT JOSEPH CNTY IN ECON |
| 5/15/2038 |
| 6.00 |
|
| 371,461 |
|
| 504,290 |
|
|
|
|
| 1,000,000 |
| SAINT JOSEPH CNTY IN ECON |
| 5/15/2039 |
| 6.25 |
|
| 1,015,277 |
|
| 1,019,350 |
|
|
|
|
| 425,694 |
| SAINT JOSEPH CNTY IN HOSP |
| 2/15/2028 |
| 5.25 |
|
| 431,280 |
|
| 46,260 |
|
|
|
|
| 500,000 |
| SAINT LOUIS CNTY MO INDL DEV |
| 8/15/2032 |
| 5.88 |
|
| 500,000 |
|
| 478,395 |
|
|
|
|
| 750,000 |
| SAINT LOUIS CNTY MO INDL DEV |
| 9/1/2042 |
| 5.00 |
|
| 775,059 |
|
| 712,455 |
|
|
|
|
| 96,971 |
| SAINT TAMMANY PARISH LA FIN |
| 12/1/2039 |
| 5.25 |
|
| 99,144 |
|
| 98,595 |
|
|
|
|
| 1,000,000 |
| SALEM OR HOSP FAC AUTH |
| 5/15/2027 |
| 5.75 |
|
| 1,026,136 |
|
| 1,042,630 |
|
|
|
|
| 500,000 |
| SALINE MI ECON DEV CORP |
| 6/1/2032 |
| 5.25 |
|
| 503,499 |
|
| 459,215 |
|
|
|
|
| 500,000 |
| SAN DIEGO CA HSG AUTH MF |
| 5/1/2029 |
| 5.00 |
|
| 500,000 |
|
| 518,120 |
|
|
|
|
| 1,000,000 |
| SAN JOSE CA FING AUTH |
| 6/1/2039 |
| 5.00 |
|
| 1,071,020 |
|
| 1,029,140 |
|
|
|
|
| 500,000 |
| SANTA ANA CA CMNTY REDEV |
| 9/1/2022 |
| 6.00 |
|
| 495,636 |
|
| 561,745 |
|
|
|
|
| 500,000 |
| SANTA MONICA CA REDEV AGY |
| 7/1/2036 |
| 5.88 |
|
| 518,199 |
|
| 559,700 |
|
|
|
|
| 1,450,000 |
| SARASOTA CNTY FL HLTH FACS |
| 1/1/2027 |
| 5.50 |
|
| 1,215,301 |
|
| 1,485,989 |
|
|
|
|
| 500,000 |
| SEMINOLE TRIBE FL SPL OBLG |
| 10/1/2024 |
| 5.50 |
|
| 503,383 |
|
| 531,280 |
|
|
|
|
| 500,000 |
| SEVEN OAKS FL CMNTY DEV |
| 5/1/2033 |
| 5.50 |
|
| 488,198 |
|
| 492,250 |
|
|
|
|
| 150,000 |
| SHELBY CNTY TN HLTH |
| 1/1/2019 |
| 5.35 |
|
| 134,966 |
|
| 14,967 |
|
|
|
|
| 625,000 |
| SHELBY CNTY TN HLTH |
| 1/1/2029 |
| 5.55 |
|
| 556,862 |
|
| 62,362 |
|
|
|
|
| 475,000 |
| SOUTH CAROLINA ST EDU |
| 10/1/2029 |
| 5.10 |
|
| 469,810 |
|
| 495,097 |
|
|
|
|
| 205,000 |
| SOUTH CAROLINA ST HSG FIN & |
| 7/1/2032 |
| 5.50 |
|
| 205,000 |
|
| 214,215 |
|
|
|
|
| 356,475 |
| SOUTH CAROLINA ST |
| 11/15/2032 |
| 6.00 |
|
| 357,630 |
|
| 222,690 |
|
|
|
|
| 228,572 |
| SOUTH CAROLINA ST |
| 11/15/2047 |
| 0.04 |
|
| 225,000 |
|
| 4,050 |
|
|
|
|
| 152,775 |
| SOUTH CAROLINA ST |
| 11/15/2047 |
| 0.14 |
|
| 145,079 |
|
| 153 |
|
|
|
|
| 533,336 |
| SOUTH CAROLINA ST |
| 11/15/2047 |
| 6.00 |
|
| 525,091 |
|
| 322,188 |
|
|
|
|
| 338,000 |
| SOUTHSIDE AZ CMNTY FACS |
| 7/1/2018 |
| 6.13 |
|
| 259,017 |
|
| 258,523 |
|
|
|
|
| 1,000,000 |
| SPARKS NV REDEV AGY TAX |
| 6/1/2020 |
| 7.25 |
|
| 991,976 |
|
| 1,052,990 |
|
|
|
|
| 1,000,000 |
| SPARKS NV REDEV AGY TAX |
| 1/15/2022 |
| 5.00 |
|
| 981,568 |
|
| 1,025,540 |
|
|
|
|
| 1,000,000 |
| SPRINGFIELD IL ELEC REVENUE |
| 3/1/2035 |
| 5.00 |
|
| 1,033,223 |
|
| 1,000,430 |
|
|
|
|
| 2,500,000 |
| SULPHUR SPRINGS CA UNION |
| 12/1/2037 |
| 1.00 |
|
| 1,887,556 |
|
| 2,412,325 |
|
|
|
|
| 1,500,000 |
| SUTTER BUTTE CA FLOOD AGY |
| 10/1/2038 |
| 4.00 |
|
| 1,481,117 |
|
| 1,336,560 |
|
|
|
|
| 500,000 |
| TALLAHASSEE FL HLTH FACS |
| 12/1/2030 |
| 6.38 |
|
| 491,602 |
|
| 500,485 |
|
|
|
|
| 1,000,000 |
| TARRANT CNTY TX CULTURAL |
| 11/15/2038 |
| 5.00 |
|
| 1,111,034 |
|
| 1,014,750 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 64 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 300,000 |
| TARRANT CNTY TX CULTURAL |
| 2/15/2016 |
| 7.25 |
| $ | 300,000 |
|
| 300,681 |
|
|
|
|
| 750,000 |
| TARRANT CNTY TX CULTURAL |
| 11/15/2019 |
| 7.75 |
|
| 750,000 |
|
| 842,925 |
|
|
|
|
| 1,000,000 |
| TARRANT CNTY TX CULTURAL |
| 11/15/2026 |
| 6.00 |
|
| 1,020,693 |
|
| 1,044,110 |
|
|
|
|
| 1,000,000 |
| TARRANT CNTY TX CULTURAL |
| 5/15/2027 |
| 5.13 |
|
| 737,813 |
|
| 1,013,540 |
|
|
|
|
| 750,000 |
| TARRANT CNTY TX CULTURAL |
| 11/15/2036 |
| 6.00 |
|
| 763,401 |
|
| 777,142 |
|
|
|
|
| 3,000,000 |
| TENNESSEE HSG DEV AGY |
| 7/1/2043 |
| 4.00 |
|
| 3,000,000 |
|
| 2,708,640 |
|
|
|
|
| 660,000 |
| TENNESSEE ST HSG DEV AGY |
| 7/1/2038 |
| 5.45 |
|
| 660,000 |
|
| 689,608 |
|
|
|
|
| 2,000,000 |
| TENNESSEE ST HSG DEV AGY |
| 7/1/2043 |
| 3.80 |
|
| 2,000,000 |
|
| 1,741,020 |
|
|
|
|
| 145,000 |
| TENNESSEE ST HSG DEV AGY |
| 7/1/2023 |
| 5.20 |
|
| 145,000 |
|
| 145,058 |
|
|
|
|
| 550,000 |
| TEXAS ST DEPT OF HSG & |
| 7/1/2039 |
| 5.45 |
|
| 550,000 |
|
| 584,595 |
|
|
|
|
| 250,000 |
| TEXAS ST MUNI GAS |
| 12/15/2026 |
| 1.63 |
|
| 250,000 |
|
| 220,660 |
|
|
|
|
| 2,000,000 |
| TEXAS ST PRIV ACTIVITY BOND |
| 6/30/2033 |
| 7.50 |
|
| 2,048,997 |
|
| 2,425,360 |
|
|
|
|
| 800,000 |
| TEXAS ST STUDENT HSG AUTH |
| 1/1/2033 |
| 11.00 |
|
| 800,000 |
|
| 8 |
|
|
|
|
| 360,257 |
| TODD CREEK FARMS CO MET |
| 12/1/2009 |
| 4.75 |
|
| 356,355 |
|
| 180,129 |
|
|
|
|
| 300,000 |
| TOLOMATO FL CDD(e) |
| 5/1/2017 |
| 6.38 |
|
| 300,000 |
|
| 121,266 |
|
|
|
|
| 100,000 |
| TOLOMATO FL CDD(e) |
| 5/1/2017 |
| 6.38 |
|
| 100,000 |
|
| 1 |
|
|
|
|
| 95,000 |
| TOLOMATO FL CDD |
| 5/1/2017 |
| 6.38 |
|
| 95,000 |
|
| 90,354 |
|
|
|
|
| 10,000 |
| TOLOMATO FL CDD(e) |
| 5/1/2017 |
| 6.38 |
|
| 10,000 |
|
| 5,694 |
|
|
|
|
| 35,000 |
| TOLOMATO FL CDD(b) |
| 5/1/2039 |
| 1.39 |
|
| 22,325 |
|
| 25,916 |
|
|
|
|
| 90,000 |
| TOLOMATO FL CDD(b) |
| 5/1/2040 |
| 1.34 |
|
| 57,377 |
|
| 54,366 |
|
|
|
|
| 50,000 |
| TOLOMATO FL CDD(b) |
| 5/1/2040 |
| 1.34 |
|
| 31,876 |
|
| 22,382 |
|
|
|
|
| 2,000,000 |
| TORRANCE CA UNIF SCH DIST(b) |
| 8/1/2023 |
| 4.12 |
|
| 1,080,548 |
|
| 1,319,700 |
|
|
|
|
| 1,000,000 |
| TRACY CA JT UNIF SCH DIST(b) |
| 8/1/2041 |
| 2.00 |
|
| 437,349 |
|
| 495,480 |
|
|
|
|
| 1,000,000 |
| TRAVIS CNTY TX HLTH FACS |
| 11/1/2016 |
| 6.25 |
|
| 1,000,000 |
|
| 1,008,260 |
|
|
|
|
| 780,000 |
| TRAVIS CNTY TX HLTH FACS |
| 1/1/2017 |
| 5.50 |
|
| 769,452 |
|
| 780,086 |
|
|
|
|
| 1,000,000 |
| TRAVIS CNTY TX HLTH FACS |
| 1/1/2022 |
| 6.00 |
|
| 990,983 |
|
| 996,710 |
|
|
|
|
| 840,000 |
| TRAVIS CNTY TX HSG FIN |
| 6/1/2035 |
| 9.25 |
|
| 840,000 |
|
| 41,782 |
|
|
|
|
| 500,000 |
| TURLOCK CA PUBLIC FING AUTH |
| 5/1/2032 |
| 4.75 |
|
| 521,892 |
|
| 510,590 |
|
|
|
|
| 1,250,000 |
| TUSTIN CA UNIF SCH DIST(b) |
| 8/1/2028 |
| 2.33 |
|
| 787,636 |
|
| 922,275 |
|
|
|
|
| 600,000 |
| UTAH ST CHRT SCH FIN AUTH |
| 7/15/2018 |
| 6.38 |
|
| 600,000 |
|
| 623,646 |
|
|
|
|
| 500,000 |
| UTAH ST CHRT SCH FIN AUTH |
| 7/15/2025 |
| 6.50 |
|
| 500,000 |
|
| 529,765 |
|
|
|
|
| 1,000,000 |
| UTAH ST HSG CORP MTGE |
| 7/1/2030 |
| 4.10 |
|
| 1,000,000 |
|
| 1,000,000 |
|
|
|
|
| 470,000 |
| UTAH ST HSG CORP SF MTGE |
| 1/1/2032 |
| 4.95 |
|
| 470,000 |
|
| 480,754 |
|
|
|
|
| 725,000 |
| UTAH ST HSG CORP SF MTGE |
| 1/1/2033 |
| 5.75 |
|
| 725,000 |
|
| 783,638 |
|
|
|
|
| 500,000 |
| VANCOUVER WA HSG AUTH |
| 3/1/2025 |
| 5.00 |
|
| 493,458 |
|
| 516,245 |
|
|
|
|
| 1,000,000 |
| VERMONT ST HSG FIN AGY |
| 8/15/2041 |
| 3.80 |
|
| 982,966 |
|
| 861,700 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 65 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 500,000 |
| VERONA WALK FL CDD |
| 5/1/2030 |
| 4.25 |
| $ | 496,411 |
|
| 455,490 |
|
|
|
|
| 1,000,000 |
| VIRGIN ISLANDS PUBLIC FIN |
| 10/1/2042 |
| 5.00 |
|
| 1,041,271 |
|
| 1,002,860 |
|
|
|
|
| 1,000,000 |
| VIRGINIA ST HSG DEV AUTH |
| 7/1/2033 |
| 4.13 |
|
| 1,000,000 |
|
| 959,800 |
|
|
|
|
| 750,000 |
| VIRGINIA ST HSG DEV AUTH |
| 12/1/2038 |
| 4.60 |
|
| 746,364 |
|
| 762,720 |
|
|
|
|
| 1,000,000 |
| VIRGINIA ST HSG DEV AUTH |
| 12/1/2039 |
| 5.00 |
|
| 1,000,000 |
|
| 1,040,480 |
|
|
|
|
| 595,000 |
| VIRGINIA ST HSG DEV AUTH |
| 7/1/2025 |
| 6.00 |
|
| 595,000 |
|
| 653,197 |
|
|
|
|
| 810,000 |
| VIRGINIA ST HSG DEV AUTH |
| 7/1/2031 |
| 6.25 |
|
| 823,798 |
|
| 879,628 |
|
|
|
|
| 2,500,000 |
| VIRGINIA ST HSG DEV AUTH |
| 1/1/2038 |
| 3.88 |
|
| 2,496,270 |
|
| 2,245,425 |
|
|
|
|
| 1,000,000 |
| W CAMPUS HSG LLC AZ |
| 7/1/2025 |
| 5.00 |
|
| 891,652 |
|
| 986,680 |
|
|
|
|
| 1,000,000 |
| WASHINGTON ST HLTH CARE |
| 3/1/2029 |
| 7.12 |
|
| 976,917 |
|
| 1,199,280 |
|
|
|
|
| 400,000 |
| WASHINGTON ST HSG FIN |
| 10/1/2017 |
| 5.00 |
|
| 400,000 |
|
| 393,504 |
|
|
|
|
| 1,500,000 |
| WASHINGTON ST HSG FIN |
| 10/1/2022 |
| 6.00 |
|
| 1,500,000 |
|
| 1,457,370 |
|
|
|
|
| 1,000,000 |
| WASHINGTON ST HSG FIN |
| 7/15/2029 |
| 4.75 |
|
| 1,000,000 |
|
| 1,047,640 |
|
|
|
|
| 1,500,000 |
| WASHINGTON ST HSG FIN |
| 7/1/2030 |
| 3.50 |
|
| 1,500,000 |
|
| 1,356,270 |
|
|
|
|
| 500,000 |
| WASHINGTON ST HSG FIN |
| 7/1/2033 |
| 5.00 |
|
| 547,333 |
|
| 486,440 |
|
|
|
|
| 500,000 |
| WASHINGTON ST HSG FIN |
| 12/1/2033 |
| 3.50 |
|
| 500,000 |
|
| 439,760 |
|
|
|
|
| 935,000 |
| WASHINGTON ST HSG FIN |
| 1/1/2017 |
| 5.25 |
|
| 933,491 |
|
| 930,129 |
|
|
|
|
| 500,000 |
| WATERLOO IA CMNTY SCH DIST |
| 7/1/2029 |
| 5.00 |
|
| 500,000 |
|
| 514,625 |
|
|
|
|
| 425,000 |
| WATERS EDGE FL CDD CAPITAL |
| 5/1/2039 |
| 0.87 |
|
| 348,458 |
|
| 195,075 |
|
|
|
|
| 6,000 |
| WATERS EDGE FL CDD CAPITAL |
| 5/1/2039 |
| 5.35 |
|
| 8,427 |
|
| 5,572 |
|
|
|
|
| 1,000,000 |
| WEST TRAVIS CNTY TX PUBLIC |
| 8/15/2024 |
| 5.00 |
|
| 1,004,198 |
|
| 1,004,760 |
|
|
|
|
| 550,000 |
| WESTCHESTER CO NY LOCAL |
| 1/1/2034 |
| 5.00 |
|
| 589,926 |
|
| 549,296 |
|
|
|
|
| 1,000,000 |
| WISCONSIN ST GEN FUND |
| 5/1/2027 |
| 6.00 |
|
| 1,017,163 |
|
| 1,166,020 |
|
|
|
|
| 400,000 |
| WISCONSIN ST HLTH & |
| 8/15/2023 |
| 5.60 |
|
| 400,066 |
|
| 401,128 |
|
|
|
|
| 1,000,000 |
| WISCONSIN ST HLTH & |
| 7/1/2030 |
| 5.75 |
|
| 1,021,884 |
|
| 1,090,090 |
|
|
|
|
| 750,000 |
| WISCONSIN ST HLTH & |
| 4/15/2033 |
| 6.40 |
|
| 750,000 |
|
| 751,117 |
|
|
|
|
| 500,000 |
| WISCONSIN ST HLTH & |
| 8/15/2034 |
| 6.75 |
|
| 502,367 |
|
| 535,330 |
|
|
|
|
| 1,000,000 |
| WISCONSIN ST HLTH & |
| 12/1/2034 |
| 6.31 |
|
| 1,000,000 |
|
| 649,290 |
|
|
|
|
| 1,000,000 |
| WISCONSIN ST HLTH & |
| 5/15/2036 |
| 5.00 |
|
| 1,020,008 |
|
| 1,002,870 |
|
|
|
|
| 500,000 |
| WISCONSIN ST HLTH & |
| 2/15/2040 |
| 5.00 |
|
| 513,179 |
|
| 497,055 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 66 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 1,000,000 |
| WISCONSIN ST HLTH & |
| 8/15/2043 |
| 5.00 |
| $ | 1,052,695 |
|
| 978,600 |
|
|
|
|
| 215,000 |
| WSTRN GENERATION AGY OR |
| 1/1/2021 |
| 5.00 |
|
| 215,126 |
|
| 206,556 |
|
|
|
|
| 500,000 |
| WYOMING CMNTY DEV AUTH |
| 7/1/2031 |
| 6.25 |
|
| 500,000 |
|
| 531,675 |
|
|
|
|
| 3,000,000 |
| WYOMING ST CMNTY DEV AUTH |
| 12/1/2038 |
| 4.05 |
|
| 3,000,000 |
|
| 2,694,270 |
|
|
|
|
| 355,000 |
| ZEPHYR RIDGE FL CDD CAPITAL |
| 5/1/2013 |
| 5.25 |
|
| 355,352 |
|
| 139,483 |
|
|
|
|
|
| Sub-total Municipal Bonds: |
|
|
|
|
|
| 443,814,649 |
|
| 436,050,474 |
|
| 91.70 | % | |
Short-Term Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 3,829,464 |
| NORTHERN INSTITUTIONAL FUNDS - |
|
|
|
|
|
| 3,829,464 |
|
| 3,829,464 |
|
|
|
|
|
| Sub-total Short-Term Investments: |
|
|
|
|
|
| 3,829,464 |
|
| 3,829,464 |
|
| 0.81 | % | |
|
|
| Grand total(h) |
|
|
|
|
| $ | 478,005,068 |
|
| 472,079,814 |
|
| 99.28 | % |
Notes to Schedule of Investments:
|
|
|
| (a) | Securities are valued in accordance with procedures described in note 2 to the financial statements. |
|
|
|
| (b) | For zero coupon bonds, the interest rate disclosed represents the annualized effective yield on the date of acquisition. |
|
|
|
| (c) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. The value of these securities 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 Funds. |
|
|
|
| (d) | This security is being fair valued according to procedures adopted by the Board of Trustees. |
|
|
|
| (e) | Currently non-income producing assets. For long-term debt securities, item identified is in default as to payment of interest and/or principal. |
|
|
|
| (f) | Restricted security that has been deemed illiquid. At June 30, 2013, the value of these restricted illiquid securities amounted to approximately $803,208 or 0.17% of net assets. Additional information on each restricted illiquid security is as follows: |
|
|
|
|
|
|
|
|
|
| SECURITY |
| ACQUISITION AND |
| ACQUISITION |
| ||
| ILLINOIS ST FIN AUTH SPORTS FAC REVENUE, |
|
| 9/28/07 |
| $ | 728,963 |
|
| ILLINOIS ST FIN AUTH SPORTS FAC REVENUE, |
|
| 9/28/07 |
|
| 483,580 |
|
| MASHANTUCKET WSTRN PEQUOT TRIBE CT, |
|
| 7/19/06 |
|
| 509,675 |
|
| MICHIGAN ST PUBLIC EDUCTNL FACS AUTH, |
|
| 9/24/07 - 4/12/11 |
|
| 691,563 |
|
|
|
|
| (g) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2012, the value of the Clearwater Tax-Exempt Bond Fund’s investment in the Tax-Exempt Portfolio of the Northern Institutional Funds was approximately $18,121,788 with net sales of approximately $14,292,324 during the six months ended June 30, 2013. |
|
|
|
| (h) | At June 30, 2013, the cost for Federal income tax purposes was $478,005,068. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost was as follows: |
|
|
|
|
|
Gross unrealized appreciation |
| $ | 22,091,240 |
|
Gross unrealized depreciation |
|
| (28,016,494 | ) |
Net unrealized depreciation |
| $ | (5,925,254 | ) |
|
|
|
See accompanying notes to the financial statements. | 67 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2013
Diversification of investments representing geographic diversification, as a percentage of total invesments at fair value, is as follows:
|
|
|
|
|
Geographical Diversification |
| Percent |
| |
California |
|
| 12.09 | % |
Illinois |
|
| 8.45 |
|
Texas |
|
| 6.66 |
|
Florida |
|
| 6.27 |
|
Indiana |
|
| 5.12 |
|
New York |
|
| 3.98 |
|
New Jersey |
|
| 3.36 |
|
Ohio |
|
| 3.27 |
|
Michigan |
|
| 3.25 |
|
Pennsylvania |
|
| 3.18 |
|
Other |
|
| 44.37 |
|
|
|
| 100.00 | % |
|
|
|
See accompanying notes to the financial statements. | 68 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2013
|
|
|
See accompanying notes to the financial statements. | 69 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Common Stocks: |
|
|
|
|
|
|
|
|
|
| |||
| Argentina: |
|
|
|
|
|
|
|
|
|
| ||
| 147,009 |
| ARCOS DORADOS HOLDINGS, INC., CLASS A |
| $ | 2,109,602 |
|
| 1,717,065 |
|
|
|
|
| 11,295 |
| MERCADOLIBRE, INC. |
|
| 1,153,510 |
|
| 1,217,149 |
|
|
|
|
|
|
|
|
|
| 3,263,112 |
|
| 2,934,214 |
|
| 0.67% |
|
| Australia: |
|
|
|
|
|
|
|
|
|
| ||
| 9,284 |
| AGL ENERGY LTD. |
|
| 105,943 |
|
| 122,945 |
|
|
|
|
| 51,722 |
| ALUMINA LTD.(b) |
|
| 50,177 |
|
| 46,593 |
|
|
|
|
| 11,304 |
| AMCOR LTD. |
|
| 97,450 |
|
| 104,828 |
|
|
|
|
| 36,255 |
| AMP LTD. |
|
| 95,058 |
|
| 140,917 |
|
|
|
|
| 10,115 |
| APA GROUP |
|
| 50,066 |
|
| 55,412 |
|
|
|
|
| 21,346 |
| ASCIANO LTD. |
|
| 100,771 |
|
| 98,000 |
|
|
|
|
| 4,593 |
| ASX LTD. |
|
| 114,203 |
|
| 138,911 |
|
|
|
|
| 25,843 |
| AURIZON HOLDINGS LTD. |
|
| 91,220 |
|
| 98,320 |
|
|
|
|
| 50,341 |
| AUSTRALIA & NEW ZEALAND BANKING GROUP LTD. |
|
| 712,399 |
|
| 1,315,805 |
|
|
|
|
| 6,281 |
| BENDIGO AND ADELAIDE BANK LTD. |
|
| 52,780 |
|
| 57,845 |
|
|
|
|
| 179,910 |
| BGP HOLDINGS PLC - (FRACTIONAL SHARES)(b)(c) |
|
| - |
|
| - |
|
|
|
|
| 58,607 |
| BHP BILLITON LTD. |
|
| 1,389,859 |
|
| 1,681,402 |
|
|
|
|
| 10,199 |
| BORAL LTD. |
|
| 28,970 |
|
| 39,269 |
|
|
|
|
| 32,841 |
| BRAMBLES LTD. |
|
| 174,637 |
|
| 280,524 |
|
|
|
|
| 601,890 |
| CARDNO LTD. |
|
| 4,458,740 |
|
| 2,851,375 |
|
|
|
|
| 40,505 |
| CFS RETAIL PROPERTY TRUST GROUP |
|
| 46,791 |
|
| 74,088 |
|
|
|
|
| 6,261 |
| COCA-COLA AMATIL LTD. |
|
| 34,318 |
|
| 72,777 |
|
|
|
|
| 971 |
| COCHLEAR LTD. |
|
| 35,893 |
|
| 54,800 |
|
|
|
|
| 28,239 |
| COMMONWEALTH BANK OF AUSTRALIA |
|
| 1,300,302 |
|
| 1,786,641 |
|
|
|
|
| 6,418 |
| COMPUTERSHARE LTD. |
|
| 56,556 |
|
| 60,281 |
|
|
|
|
| 420,175 |
| CREDIT CORP. GROUP LTD. |
|
| 3,481,019 |
|
| 3,612,148 |
|
|
|
|
| 9,576 |
| CSL LTD. |
|
| 226,091 |
|
| 539,301 |
|
|
|
|
| 596,228 |
| DECMIL GROUP LTD. |
|
| 1,600,583 |
|
| 970,599 |
|
|
|
|
| 85,105 |
| DEXUS PROPERTY GROUP |
|
| 62,970 |
|
| 83,281 |
|
|
|
|
| 22,356 |
| ECHO ENTERTAINMENT GROUP LTD. |
|
| 70,002 |
|
| 62,564 |
|
|
|
|
| 402,211 |
| EMECO HOLDINGS LTD. |
|
| 302,613 |
|
| 102,996 |
|
|
|
|
| 25,256 |
| FEDERATION CENTRES LTD. |
|
| 52,870 |
|
| 54,742 |
|
|
|
|
| 21,110 |
| FORTESCUE METALS GROUP LTD. |
|
| 37,574 |
|
| 58,691 |
|
|
|
|
| 18,737 |
| GOODMAN GROUP |
|
| 48,414 |
|
| 83,623 |
|
|
|
|
| 27,685 |
| GPT GROUP |
|
| 104,093 |
|
| 97,226 |
|
|
|
|
| 36,747 |
| ILUKA RESOURCES LTD. |
|
| 390,455 |
|
| 335,734 |
|
|
|
|
| 36,603 |
| INCITEC PIVOT LTD. |
|
| 83,901 |
|
| 95,739 |
|
|
|
|
| 47,825 |
| INSURANCE AUSTRALIA GROUP LTD. |
|
| 120,292 |
|
| 237,937 |
|
|
|
|
| 2,773 |
| LEIGHTON HOLDINGS LTD. |
|
| 49,627 |
|
| 39,182 |
|
|
|
|
| 10,015 |
| LEND LEASE GROUP |
|
| 61,130 |
|
| 76,479 |
|
|
|
|
| 9,837 |
| MACQUARIE GROUP LTD. |
|
| 195,127 |
|
| 376,680 |
|
|
|
|
| 13,956 |
| METCASH LTD. |
|
| 38,758 |
|
| 44,927 |
|
|
|
|
| 37,974 |
| MIRVAC GROUP |
|
| 50,570 |
|
| 55,740 |
|
|
|
|
| 39,852 |
| NATIONAL AUSTRALIA BANK LTD. |
|
| 675,928 |
|
| 1,081,736 |
|
|
|
|
| 3,985 |
| NEWCREST MINING LTD. |
|
| 74,588 |
|
| 35,971 |
|
|
|
|
| 5,329 |
| ORICA LTD. |
|
| 135,508 |
|
| 100,641 |
|
|
|
|
| 20,046 |
| ORIGIN ENERGY LTD. |
|
| 226,734 |
|
| 230,447 |
|
|
|
|
| 319,647 |
| PACIFIC BRANDS LTD. |
|
| 185,549 |
|
| 204,633 |
|
|
|
|
| 416 |
| PERPETUAL LTD. |
|
| 7,027 |
|
| 13,468 |
|
|
|
|
| 36,732 |
| QANTAS AIRWAYS LTD.(b) |
|
| 46,697 |
|
| 45,351 |
|
|
|
|
| 20,769 |
| QBE INSURANCE GROUP LTD. |
|
| 283,045 |
|
| 286,624 |
|
|
|
|
| 2,468 |
| RAMSAY HEALTH CARE LTD. |
|
| 49,765 |
|
| 80,827 |
|
|
|
|
| 7,202 |
| RIO TINTO LTD. |
|
| 402,208 |
|
| 344,940 |
|
|
|
|
| 56,370 |
| SAI GLOBAL LTD. |
|
| 224,716 |
|
| 187,138 |
|
|
|
|
| 22,469 |
| SANTOS LTD. |
|
| 244,511 |
|
| 257,479 |
|
|
|
|
| 4,898 |
| SHOPPING CENTRES AUSTRALASIA |
|
| 7,202 |
|
| 7,122 |
|
|
|
|
| 495,611 |
| SLATER & GORDON LTD. |
|
| 1,025,756 |
|
| 1,260,053 |
|
|
|
|
| 9,824 |
| SONIC HEALTHCARE LTD. |
|
| 79,849 |
|
| 133,061 |
|
|
|
|
| 34,990 |
| STOCKLAND |
|
| 132,304 |
|
| 111,360 |
|
|
|
|
| 16,581 |
| SUNCORP GROUP LTD. |
|
| 177,259 |
|
| 180,757 |
|
|
|
|
| 8,477 |
| TABCORP HOLDINGS LTD. |
|
| 15,377 |
|
| 23,646 |
|
|
|
|
| 8,846 |
| TATTS GROUP LTD. |
|
| 14,773 |
|
| 25,646 |
|
|
|
|
| 67,234 |
| TELSTRA CORP. LTD. |
|
| 282,134 |
|
| 293,302 |
|
|
|
|
| 22,161 |
| TOLL HOLDINGS LTD. |
|
| 98,848 |
|
| 107,822 |
|
|
|
|
| 21,881 |
| TRANSURBAN GROUP |
|
| 88,365 |
|
| 135,276 |
|
|
|
|
| 420,202 |
| WEBJET LTD. |
|
| 1,814,403 |
|
| 1,710,116 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 70 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Australia (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 18,428 |
| WESFARMERS LTD. |
| $ | 698,283 |
|
| 667,392 |
|
|
|
|
| 42,659 |
| WESTFIELD GROUP |
|
| 253,085 |
|
| 446,318 |
|
|
|
|
| 50,298 |
| WESTFIELD RETAIL TRUST |
|
| 103,414 |
|
| 142,600 |
|
|
|
|
| 59,259 |
| WESTPAC BANKING CORP. |
|
| 833,676 |
|
| 1,565,161 |
|
|
|
|
| 12,270 |
| WOODSIDE PETROLEUM LTD. |
|
| 400,780 |
|
| 392,866 |
|
|
|
|
| 22,832 |
| WOOLWORTHS LTD. |
|
| 435,292 |
|
| 685,106 |
|
|
|
|
| 3,542 |
| WORLEYPARSONS LTD. |
|
| 57,010 |
|
| 63,135 |
|
|
|
|
|
|
|
|
|
| 25,046,308 |
|
| 26,828,316 |
|
| 6.12% |
|
| Austria: |
|
|
|
|
|
|
|
|
|
| ||
| 33,326 |
| ANDRITZ A.G. |
|
| 1,958,454 |
|
| 1,710,209 |
|
|
|
|
| 5,146 |
| ERSTE GROUP BANK A.G. |
|
| 114,055 |
|
| 137,349 |
|
|
|
|
| 33,719 |
| IMMOFINANZ A.G. |
|
| 94,189 |
|
| 125,965 |
|
|
|
|
| 1,383 |
| OMV A.G. |
|
| 50,806 |
|
| 62,466 |
|
|
|
|
| 3,309 |
| RAIFFEISEN BANK INTERNATIONAL A.G. |
|
| 106,621 |
|
| 96,480 |
|
|
|
|
| 313 |
| STRABAG S.E. (BEARER) |
|
| 5,505 |
|
| 6,478 |
|
|
|
|
| 19,070 |
| TELEKOM AUSTRIA A.G. |
|
| 124,529 |
|
| 120,736 |
|
|
|
|
| 1,368 |
| VOESTALPINE A.G. |
|
| 51,509 |
|
| 48,309 |
|
|
|
|
| 29,760 |
| WIENERBERGER A.G. |
|
| 239,407 |
|
| 343,676 |
|
|
|
|
|
|
|
|
|
| 2,745,075 |
|
| 2,651,668 |
|
| 0.60% |
|
| Belgium: |
|
|
|
|
|
|
|
|
|
| ||
| 9,207 |
| AGEAS |
|
| 155,603 |
|
| 323,276 |
|
|
|
|
| 13,822 |
| ANHEUSER-BUSCH INBEV N.V. |
|
| 502,521 |
|
| 1,230,432 |
|
|
|
|
| 10,910 |
| BARCO N.V. |
|
| 740,520 |
|
| 882,876 |
|
|
|
|
| 2,190 |
| BELGACOM S.A. |
|
| 49,577 |
|
| 49,130 |
|
|
|
|
| 1,645 |
| COLRUYT S.A. |
|
| 74,892 |
|
| 86,516 |
|
|
|
|
| 1,238 |
| DELHAIZE GROUP S.A. |
|
| 51,243 |
|
| 76,528 |
|
|
|
|
| 13,233 |
| GROUPE BRUXELLES LAMBERT S.A. |
|
| 1,093,923 |
|
| 995,762 |
|
|
|
|
| 4,347 |
| KBC GROEP N.V. |
|
| 101,356 |
|
| 161,855 |
|
|
|
|
| 415 |
| SOLVAY S.A., CLASS A |
|
| 57,004 |
|
| 54,397 |
|
|
|
|
| 1,091 |
| UCB S.A. |
|
| 30,548 |
|
| 58,771 |
|
|
|
|
| 1,457 |
| UMICORE S.A. |
|
| 72,577 |
|
| 60,555 |
|
|
|
|
|
|
|
|
|
| 2,929,764 |
|
| 3,980,098 |
|
| 0.91% |
|
| Bermuda: |
|
|
|
|
|
|
|
|
|
| ||
| 111,580 |
| AFRICAN MINERALS LTD.(b) |
|
| 433,054 |
|
| 321,596 |
|
|
|
|
|
|
|
|
|
| 433,054 |
|
| 321,596 |
|
| 0.07% |
|
| Brazil: |
|
|
|
|
|
|
|
|
|
| ||
| 81,476 |
| BRF S.A. ADR(d) |
|
| 1,527,515 |
|
| 1,768,844 |
|
|
|
|
| 13,600 |
| CIA DE SANEAMENTO DE MINAS GERAIS-COPASA |
|
| 328,620 |
|
| 219,419 |
|
|
|
|
| 52,700 |
| DIAGNOSTICOS DA AMERICA S.A. |
|
| 304,541 |
|
| 273,260 |
|
|
|
|
| 6,300 |
| LOJAS RENNER S.A. |
|
| 231,973 |
|
| 180,556 |
|
|
|
|
|
|
|
|
|
| 2,392,649 |
|
| 2,442,079 |
|
| 0.56% |
|
| Canada: |
|
|
|
|
|
|
|
|
|
| ||
| 31,400 |
| AGF MANAGEMENT LTD., CLASS B |
|
| 334,748 |
|
| 334,093 |
|
|
|
|
| 4,723 |
| AGNICO EAGLE MINES LTD. |
|
| 188,800 |
|
| 130,234 |
|
|
|
|
| 3,934 |
| AGRIUM, INC. |
|
| 176,472 |
|
| 341,069 |
|
|
|
|
| 848 |
| ALIMENTATION COUCHE TARD, INC., CLASS B |
|
| 49,231 |
|
| 50,314 |
|
|
|
|
| 4,900 |
| ARC RESOURCES LTD. |
|
| 108,943 |
|
| 128,266 |
|
|
|
|
| 48,100 |
| ATS AUTOMATION TOOLING SYSTEMS, INC.(b) |
|
| 435,313 |
|
| 507,664 |
|
|
|
|
| 10,306 |
| BANK OF MONTREAL |
|
| 623,553 |
|
| 597,762 |
|
|
|
|
| 19,232 |
| BANK OF NOVA SCOTIA |
|
| 982,143 |
|
| 1,028,072 |
|
|
|
|
| 11,176 |
| BARRICK GOLD CORP. |
|
| 334,680 |
|
| 176,402 |
|
|
|
|
| 3,479 |
| BAYTEX ENERGY CORP. |
|
| 151,408 |
|
| 125,372 |
|
|
|
|
| 3,700 |
| BCE, INC. |
|
| 156,653 |
|
| 151,701 |
|
|
|
|
| 12,732 |
| BOMBARDIER, INC., CLASS B |
|
| 50,302 |
|
| 56,657 |
|
|
|
|
| 3,100 |
| BONAVISTA ENERGY CORP. |
|
| 50,156 |
|
| 40,235 |
|
|
|
|
| 13,183 |
| BROOKFIELD ASSET MANAGEMENT, INC., |
|
| 220,688 |
|
| 473,821 |
|
|
|
|
| 11,740 |
| CAE, INC. |
|
| 85,345 |
|
| 121,787 |
|
|
|
|
| 11,081 |
| CAMECO CORP. |
|
| 198,977 |
|
| 228,743 |
|
|
|
|
| 49,900 |
| CANACCORD FINANCIAL, INC. |
|
| 261,393 |
|
| 270,922 |
|
|
|
|
| 6,440 |
| CANADIAN IMPERIAL BANK OF COMMERCE |
|
| 260,643 |
|
| 457,052 |
|
|
|
|
| 22,632 |
| CANADIAN NATIONAL RAILWAY CO. |
|
| 2,001,787 |
|
| 2,201,415 |
|
|
|
|
| 9,614 |
| CANADIAN NATIONAL RAILWAY CO. |
|
| 389,611 |
|
| 936,078 |
|
|
|
|
| 19,866 |
| CANADIAN NATURAL RESOURCES LTD. |
|
| 433,114 |
|
| 560,071 |
|
|
|
|
| 4,722 |
| CANADIAN OIL SANDS LTD. |
|
| 97,388 |
|
| 87,418 |
|
|
|
|
| 4,295 |
| CANADIAN PACIFIC RAILWAY LTD. |
|
| 154,434 |
|
| 520,815 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 71 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Canada (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 744 |
| CANADIAN TIRE CORP. LTD., CLASS A |
| $ | 50,047 |
|
| 56,014 |
|
|
|
|
| 12,184 |
| CENOVUS ENERGY, INC. |
|
| 374,298 |
|
| 347,552 |
|
|
|
|
| 10,919 |
| CGI GROUP, INC., CLASS A(b) |
|
| 90,696 |
|
| 319,773 |
|
|
|
|
| 1,964 |
| CI FINANCIAL CORP. |
|
| 49,854 |
|
| 56,528 |
|
|
|
|
| 5,882 |
| CRESCENT POINT ENERGY CORP. |
|
| 190,849 |
|
| 199,497 |
|
|
|
|
| 675 |
| DOLLARAMA, INC. |
|
| 46,003 |
|
| 47,244 |
|
|
|
|
| 18,500 |
| DOREL INDUSTRIES, INC., CLASS B |
|
| 668,249 |
|
| 645,574 |
|
|
|
|
| 5,431 |
| ELDORADO GOLD CORP. |
|
| 48,575 |
|
| 33,618 |
|
|
|
|
| 11,548 |
| ENBRIDGE, INC. |
|
| 488,852 |
|
| 485,440 |
|
|
|
|
| 11,992 |
| ENCANA CORP. |
|
| 240,407 |
|
| 202,850 |
|
|
|
|
| 32,200 |
| ENERFLEX LTD. |
|
| 376,606 |
|
| 413,331 |
|
|
|
|
| 3,995 |
| ENERPLUS CORP. |
|
| 57,117 |
|
| 59,030 |
|
|
|
|
| 32,600 |
| ENSIGN ENERGY SERVICES, INC. |
|
| 509,675 |
|
| 504,638 |
|
|
|
|
| 211 |
| FAIRFAX FINANCIAL HOLDINGS LTD. |
|
| 52,589 |
|
| 82,974 |
|
|
|
|
| 2,200 |
| FINNING INTERNATIONAL, INC. |
|
| 51,485 |
|
| 45,289 |
|
|
|
|
| 6,854 |
| FIRST QUANTUM MINERALS LTD. |
|
| 123,021 |
|
| 101,666 |
|
|
|
|
| 3,100 |
| FORTIS, INC. |
|
| 105,357 |
|
| 94,883 |
|
|
|
|
| 1,695 |
| FRANCO-NEVADA CORP. |
|
| 78,995 |
|
| 60,680 |
|
|
|
|
| 24,500 |
| GENWORTH MI CANADA, INC. |
|
| 510,922 |
|
| 571,674 |
|
|
|
|
| 3,052 |
| GILDAN ACTIVEWEAR, INC. |
|
| 33,435 |
|
| 123,769 |
|
|
|
|
| 16,237 |
| GOLDCORP, INC. |
|
| 511,665 |
|
| 403,262 |
|
|
|
|
| 2,200 |
| GREAT-WEST LIFECO, INC. |
|
| 49,273 |
|
| 59,680 |
|
|
|
|
| 38,171 |
| HOME CAPITAL GROUP, INC. |
|
| 1,952,440 |
|
| 2,015,438 |
|
|
|
|
| 76,400 |
| HUDBAY MINERALS, INC. |
|
| 729,076 |
|
| 505,604 |
|
|
|
|
| 8,953 |
| HUSKY ENERGY, INC. |
|
| 227,518 |
|
| 238,531 |
|
|
|
|
| 14,262 |
| IAMGOLD CORP. |
|
| 78,431 |
|
| 59,939 |
|
|
|
|
| 2,500 |
| IGM FINANCIAL, INC. |
|
| 100,363 |
|
| 107,184 |
|
|
|
|
| 32,465 |
| IMPERIAL OIL LTD. |
|
| 1,379,966 |
|
| 1,239,393 |
|
|
|
|
| 1,593 |
| INDUSTRIAL ALLIANCE INSURANCE & FINANCIAL |
|
| 51,268 |
|
| 63,011 |
|
|
|
|
| 1,899 |
| INTACT FINANCIAL CORP. |
|
| 119,497 |
|
| 106,985 |
|
|
|
|
| 11,900 |
| KINROSS GOLD CORP. |
|
| 98,714 |
|
| 60,988 |
|
|
|
|
| 1,500 |
| LOBLAW COS. LTD. |
|
| 53,150 |
|
| 67,819 |
|
|
|
|
| 4,738 |
| MAGNA INTERNATIONAL, INC. |
|
| 61,549 |
|
| 337,251 |
|
|
|
|
| 34,374 |
| MANULIFE FINANCIAL CORP. |
|
| 420,235 |
|
| 550,075 |
|
|
|
|
| 1,542 |
| MEG ENERGY CORP.(b) |
|
| 49,741 |
|
| 42,270 |
|
|
|
|
| 3,469 |
| METHANEX CORP. |
|
| 31,828 |
|
| 148,596 |
|
|
|
|
| 1,000 |
| METRO, INC. |
|
| 54,328 |
|
| 67,015 |
|
|
|
|
| 28,100 |
| MULLEN GROUP LTD. |
|
| 636,395 |
|
| 610,788 |
|
|
|
|
| 2,501 |
| NATIONAL BANK OF CANADA |
|
| 186,303 |
|
| 178,449 |
|
|
|
|
| 11,280 |
| NEW GOLD, INC.(b) |
|
| 90,970 |
|
| 73,041 |
|
|
|
|
| 2,600 |
| ONEX CORP. |
|
| 105,376 |
|
| 117,973 |
|
|
|
|
| 1,641 |
| OPEN TEXT CORP. |
|
| 72,477 |
|
| 112,188 |
|
|
|
|
| 4,251 |
| PACIFIC RUBIALES ENERGY CORP. |
|
| 98,772 |
|
| 74,656 |
|
|
|
|
| 8,812 |
| PAN AMERICAN SILVER CORP. |
|
| 137,252 |
|
| 102,640 |
|
|
|
|
| 6,322 |
| PEMBINA PIPELINE CORP. |
|
| 85,382 |
|
| 193,441 |
|
|
|
|
| 19,434 |
| PENGROWTH ENERGY CORP. |
|
| 99,676 |
|
| 95,535 |
|
|
|
|
| 7,900 |
| PENN WEST PETROLEUM LTD. |
|
| 85,291 |
|
| 83,379 |
|
|
|
|
| 51,941 |
| POTASH CORP. OF SASKATCHEWAN, INC. |
|
| 2,107,153 |
|
| 1,980,510 |
|
|
|
|
| 14,521 |
| POTASH CORP. OF SASKATCHEWAN, INC. |
|
| 406,729 |
|
| 553,944 |
|
|
|
|
| 4,200 |
| POWER CORP. OF CANADA |
|
| 105,623 |
|
| 112,697 |
|
|
|
|
| 1,900 |
| POWER FINANCIAL CORP. |
|
| 52,279 |
|
| 55,246 |
|
|
|
|
| 7,700 |
| RESEARCH IN MOTION LTD.(b) |
|
| 85,461 |
|
| 81,122 |
|
|
|
|
| 2,701 |
| RITCHIE BROS. AUCTIONEERS, INC. |
|
| 50,064 |
|
| 51,775 |
|
|
|
|
| 10,807 |
| ROGERS COMMUNICATIONS, INC., CLASS B |
|
| 262,922 |
|
| 423,361 |
|
|
|
|
| 27,108 |
| ROYAL BANK OF CANADA |
|
| 922,860 |
|
| 1,579,517 |
|
|
|
|
| 2,400 |
| SAPUTO, INC. |
|
| 103,951 |
|
| 110,313 |
|
|
|
|
| 9,661 |
| SHAW COMMUNICATIONS, INC., CLASS B |
|
| 153,543 |
|
| 231,857 |
|
|
|
|
| 2,227 |
| SHOPPERS DRUG MART CORP. |
|
| 94,125 |
|
| 102,742 |
|
|
|
|
| 2,700 |
| SNC-LAVALIN GROUP, INC. |
|
| 100,004 |
|
| 114,064 |
|
|
|
|
| 11,810 |
| SUN LIFE FINANCIAL, INC. |
|
| 235,812 |
|
| 349,797 |
|
|
|
|
| 27,174 |
| SUNCOR ENERGY, INC. |
|
| 655,919 |
|
| 800,983 |
|
|
|
|
| 24,791 |
| TALISMAN ENERGY, INC. |
|
| 289,882 |
|
| 282,868 |
|
|
|
|
| 4,422 |
| TECK RESOURCES LTD., CLASS B |
|
| 143,403 |
|
| 94,478 |
|
|
|
|
| 6,148 |
| TELUS CORP. |
|
| 109,313 |
|
| 179,524 |
|
|
|
|
| 4,489 |
| TIM HORTONS, INC. |
|
| 137,057 |
|
| 242,782 |
|
|
|
|
| 16,563 |
| TORONTO-DOMINION BANK (THE) |
|
| 671,143 |
|
| 1,330,300 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 72 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Canada (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 1,800 |
| TOURMALINE OIL CORP.(b) |
| $ | 51,783 |
|
| 72,106 |
|
|
|
|
| 3,818 |
| TRANSALTA CORP. |
|
| 60,803 |
|
| 52,313 |
|
|
|
|
| 10,915 |
| TRANSCANADA CORP. |
|
| 465,857 |
|
| 469,935 |
|
|
|
|
| 32,500 |
| TRICAN WELL SERVICE LTD. |
|
| 422,140 |
|
| 432,015 |
|
|
|
|
| 4,105 |
| VALEANT PHARMACEUTICALS INTERNATIONAL, INC.(b) |
|
| 239,640 |
|
| 353,943 |
|
|
|
|
| 2,256 |
| VERMILION ENERGY, INC. |
|
| 83,841 |
|
| 110,279 |
|
|
|
|
| 19,653 |
| YAMANA GOLD, INC. |
|
| 186,540 |
|
| 187,429 |
|
|
|
|
|
|
|
|
|
| 27,657,597 |
|
| 32,049,018 |
|
| 7.31% |
|
China: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 118,000 |
| AAC TECHNOLOGIES HOLDINGS, INC. |
|
| 407,781 |
|
| 666,370 |
|
|
|
|
| 10,468 |
| BAIDU, INC. ADR(b)(d) |
|
| 980,539 |
|
| 989,540 |
|
|
|
|
| 685,383 |
| CHINA MEDICAL SYSTEM HOLDINGS LTD. |
|
| 396,543 |
|
| 611,503 |
|
|
|
|
| 2,382,000 |
| KINGDEE INTERNATIONAL SOFTWARE GROUP |
|
| 469,113 |
|
| 442,246 |
|
|
|
|
| 488,800 |
| PRINCE FROG INTERNATIONAL HOLDINGS LTD. |
|
| 238,534 |
|
| 337,797 |
|
|
|
|
| 920,000 |
| SHANDONG WEIGAO GROUP MEDICAL POLYMER CO. |
|
| 1,253,334 |
|
| 1,005,873 |
|
|
|
|
| 884,000 |
| SPRINGLAND INTERNATIONAL HOLDINGS LTD. |
|
| 484,941 |
|
| 437,666 |
|
|
|
|
| 51,500 |
| TENCENT HOLDINGS LTD. |
|
| 1,799,291 |
|
| 2,019,881 |
|
|
|
|
| 759,000 |
| WANT WANT CHINA HOLDINGS LTD. |
|
| 1,122,003 |
|
| 1,068,621 |
|
|
|
|
|
|
|
|
|
| 7,152,079 |
|
| 7,579,497 |
|
| 1.73% |
|
Denmark: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 10 |
| A.P. MOELLER - MAERSK A/S, CLASS A |
|
| 46,408 |
|
| 67,434 |
|
|
|
|
| 24 |
| A.P. MOELLER - MAERSK A/S, CLASS B |
|
| 125,436 |
|
| 171,892 |
|
|
|
|
| 11,397 |
| CARLSBERG A/S, CLASS B |
|
| 896,574 |
|
| 1,020,342 |
|
|
|
|
| 1,500 |
| COLOPLAST A/S, CLASS B |
|
| 27,666 |
|
| 84,109 |
|
|
|
|
| 13,100 |
| DANSKE BANK A/S(b) |
|
| 138,182 |
|
| 224,045 |
|
|
|
|
| 200 |
| FLSMIDTH & CO. A/S |
|
| 6,012 |
|
| 9,106 |
|
|
|
|
| 10,470 |
| NOVO NORDISK A/S ADR(d) |
|
| 1,771,478 |
|
| 1,622,536 |
|
|
|
|
| 6,890 |
| NOVO NORDISK A/S, CLASS B |
|
| 664,352 |
|
| 1,073,763 |
|
|
|
|
| 49,742 |
| NOVOZYMES A/S, CLASS B |
|
| 1,373,149 |
|
| 1,592,064 |
|
|
|
|
| 2,600 |
| PANDORA A/S |
|
| 18,150 |
|
| 88,117 |
|
|
|
|
| 15,973 |
| TDC A/S |
|
| 107,272 |
|
| 129,454 |
|
|
|
|
| 3,250 |
| TOPDANMARK A/S(b) |
|
| 33,362 |
|
| 82,808 |
|
|
|
|
|
|
|
|
|
| 5,208,041 |
|
| 6,165,670 |
|
| 1.41% |
|
Finland: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 63,180 |
| AMER SPORTS OYJ |
|
| 810,482 |
|
| 1,164,494 |
|
|
|
|
| 4,509 |
| FORTUM OYJ |
|
| 87,100 |
|
| 84,516 |
|
|
|
|
| 57,740 |
| HUHTAMAKI OYJ |
|
| 966,271 |
|
| 1,072,494 |
|
|
|
|
| 1,396 |
| KESKO OYJ, CLASS B |
|
| 30,705 |
|
| 38,813 |
|
|
|
|
| 2,451 |
| KONE OYJ, CLASS B |
|
| 86,493 |
|
| 194,771 |
|
|
|
|
| 1,849 |
| METSO OYJ |
|
| 62,227 |
|
| 62,864 |
|
|
|
|
| 11,359 |
| NESTE OIL OYJ |
|
| 110,935 |
|
| 166,188 |
|
|
|
|
| 61,900 |
| NOKIA OYJ(b) |
|
| 203,584 |
|
| 229,308 |
|
|
|
|
| 2,240 |
| NOKIAN RENKAAT OYJ |
|
| 31,307 |
|
| 91,291 |
|
|
|
|
| 10,565 |
| POHJOLA BANK PLC, CLASS A |
|
| 85,425 |
|
| 155,259 |
|
|
|
|
| 2,904 |
| SAMPO OYJ, CLASS A |
|
| 101,099 |
|
| 113,173 |
|
|
|
|
| 15,829 |
| STORA ENSO OYJ (REGISTERED) |
|
| 75,698 |
|
| 106,110 |
|
|
|
|
| 11,934 |
| UPM-KYMMENE OYJ |
|
| 99,928 |
|
| 116,970 |
|
|
|
|
| 2,352 |
| WARTSILA OYJ ABP |
|
| 56,960 |
|
| 102,345 |
|
|
|
|
|
|
|
|
|
| 2,808,214 |
|
| 3,698,596 |
|
| 0.84% |
|
France: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 2,714 |
| ACCOR S.A. |
|
| 79,809 |
|
| 95,506 |
|
|
|
|
| 3,200 |
| AIR FRANCE-KLM(b) |
|
| 22,485 |
|
| 28,707 |
|
|
|
|
| 5,429 |
| AIR LIQUIDE S.A. |
|
| 664,882 |
|
| 670,414 |
|
|
|
|
| 4,036 |
| ALSTOM S.A. |
|
| 142,736 |
|
| 132,177 |
|
|
|
|
| 15,974 |
| ARCELORMITTAL |
|
| 233,322 |
|
| 178,275 |
|
|
|
|
| 1,165 |
| ARKEMA S.A. |
|
| 98,307 |
|
| 106,953 |
|
|
|
|
| 30,343 |
| AXA S.A. |
|
| 403,058 |
|
| 596,192 |
|
|
|
|
| 26,840 |
| BENETEAU S.A.(b) |
|
| 272,439 |
|
| 296,609 |
|
|
|
|
| 16,306 |
| BNP PARIBAS S.A. |
|
| 672,088 |
|
| 890,907 |
|
|
|
|
| 2,660 |
| BUREAU VERITAS S.A. |
|
| 75,734 |
|
| 68,884 |
|
|
|
|
| 3,068 |
| CAP GEMINI S.A. |
|
| 111,959 |
|
| 149,156 |
|
|
|
|
| 10,544 |
| CARREFOUR S.A. |
|
| 248,258 |
|
| 290,001 |
|
|
|
|
| 2,177 |
| CASINO GUICHARD PERRACHON S.A. |
|
| 172,738 |
|
| 203,941 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 73 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
France (Cont’d): |
|
|
|
|
|
|
|
|
|
|
| ||
| 2,998 |
| CGG(b) |
| $ | 87,186 |
|
| 66,301 |
|
|
|
|
| 994 |
| CHRISTIAN DIOR S.A. |
|
| 84,311 |
|
| 160,436 |
|
|
|
|
| 7,447 |
| CIE DE ST-GOBAIN |
|
| 248,952 |
|
| 301,464 |
|
|
|
|
| 3,404 |
| CIE GENERALE DES ETABLISSEMENTS MICHELIN |
|
| 180,725 |
|
| 304,397 |
|
|
|
|
| 16,517 |
| CREDIT AGRICOLE S.A.(b) |
|
| 122,492 |
|
| 141,960 |
|
|
|
|
| 11,002 |
| DANONE S.A. |
|
| 567,706 |
|
| 825,735 |
|
|
|
|
| 392 |
| DASSAULT SYSTEMES S.A. |
|
| 50,518 |
|
| 47,953 |
|
|
|
|
| 3,633 |
| EDENRED |
|
| 65,572 |
|
| 111,129 |
|
|
|
|
| 14,107 |
| ELECTRICITE DE FRANCE S.A. |
|
| 261,183 |
|
| 327,493 |
|
|
|
|
| 3,084 |
| ESSILOR INTERNATIONAL S.A. |
|
| 309,422 |
|
| 328,128 |
|
|
|
|
| 2,747 |
| EURAZEO |
|
| 104,305 |
|
| 147,191 |
|
|
|
|
| 7,112 |
| EUROPEAN AERONAUTIC DEFENCE AND SPACE |
|
| 127,911 |
|
| 380,152 |
|
|
|
|
| 3,160 |
| EUTELSAT COMMUNICATIONS S.A. |
|
| 100,179 |
|
| 89,709 |
|
|
|
|
| 34,547 |
| FRANCE TELECOM S.A. |
|
| 364,835 |
|
| 326,828 |
|
|
|
|
| 17,386 |
| GDF SUEZ |
|
| 351,116 |
|
| 340,476 |
|
|
|
|
| 564 |
| GECINA S.A. |
|
| 51,331 |
|
| 62,386 |
|
|
|
|
| 13,307 |
| GROUPE EUROTUNNEL S.A. (REGISTERED) |
|
| 102,800 |
|
| 101,224 |
|
|
|
|
| 152 |
| GROUPE FNAC(b) |
|
| 4,024 |
|
| 3,225 |
|
|
|
|
| 304 |
| ILIAD S.A. |
|
| 29,549 |
|
| 65,746 |
|
|
|
|
| 15,920 |
| IPSOS |
|
| 510,553 |
|
| 600,842 |
|
|
|
|
| 2,121 |
| JCDECAUX S.A. |
|
| 50,974 |
|
| 57,853 |
|
|
|
|
| 1,218 |
| KERING |
|
| 223,744 |
|
| 247,562 |
|
|
|
|
| 2,335 |
| KLEPIERRE |
|
| 57,367 |
|
| 92,032 |
|
|
|
|
| 4,713 |
| LAFARGE S.A. |
|
| 166,939 |
|
| 289,802 |
|
|
|
|
| 1,212 |
| LAGARDERE S.C.A. |
|
| 30,640 |
|
| 33,761 |
|
|
|
|
| 4,882 |
| LEGRAND S.A. |
|
| 111,114 |
|
| 226,480 |
|
|
|
|
| 12,851 |
| L’OREAL S.A. |
|
| 1,468,629 |
|
| 2,111,847 |
|
|
|
|
| 11,635 |
| LVMH MOET HENNESSY LOUIS VUITTON S.A. |
|
| 1,564,357 |
|
| 1,885,515 |
|
|
|
|
| 15,891 |
| NATIXIS |
|
| 55,209 |
|
| 66,521 |
|
|
|
|
| 3,500 |
| PERNOD-RICARD S.A. |
|
| 239,500 |
|
| 388,106 |
|
|
|
|
| 12,969 |
| PEUGEOT S.A.(b) |
|
| 94,513 |
|
| 106,773 |
|
|
|
|
| 2,007 |
| PUBLICIS GROUPE S.A. |
|
| 121,945 |
|
| 142,899 |
|
|
|
|
| 5,954 |
| RENAULT S.A. |
|
| 173,471 |
|
| 400,676 |
|
|
|
|
| 2,444 |
| REXEL S.A. |
|
| 51,580 |
|
| 54,972 |
|
|
|
|
| 2,397 |
| SAFRAN S.A. |
|
| 103,557 |
|
| 125,192 |
|
|
|
|
| 20,214 |
| SANOFI |
|
| 1,218,149 |
|
| 2,094,926 |
|
|
|
|
| 11,344 |
| SCHNEIDER ELECTRIC S.A. |
|
| 504,223 |
|
| 822,905 |
|
|
|
|
| 1,813 |
| SCOR S.E. |
|
| 36,441 |
|
| 55,634 |
|
|
|
|
| 5,515 |
| SES S.A. |
|
| 114,220 |
|
| 157,929 |
|
|
|
|
| 457 |
| SOCIETE BIC S.A. |
|
| 49,235 |
|
| 45,804 |
|
|
|
|
| 11,367 |
| SOCIETE GENERALE S.A. |
|
| 395,442 |
|
| 390,611 |
|
|
|
|
| 44,495 |
| SOCIETE TELEVISION FRANCAISE 1 |
|
| 420,702 |
|
| 532,430 |
|
|
|
|
| 4,172 |
| SODEXO |
|
| 221,116 |
|
| 347,551 |
|
|
|
|
| 13,444 |
| SODEXO PRIME FIDELITE |
|
| 721,006 |
|
| 1,119,961 |
|
|
|
|
| 1,115 |
| TECHNIP S.A. |
|
| 111,452 |
|
| 113,219 |
|
|
|
|
| 48,197 |
| TOTAL S.A. |
|
| 2,452,418 |
|
| 2,352,900 |
|
|
|
|
| 1,808 |
| UNIBAIL-RODAMCO S.E. |
|
| 228,178 |
|
| 421,256 |
|
|
|
|
| 2,466 |
| VALLOUREC S.A. |
|
| 112,671 |
|
| 124,784 |
|
|
|
|
| 17,297 |
| VEOLIA ENVIRONNEMENT S.A. |
|
| 184,022 |
|
| 196,800 |
|
|
|
|
| 7,810 |
| VINCI S.A. |
|
| 316,569 |
|
| 391,946 |
|
|
|
|
| 30,828 |
| VIVENDI S.A. |
|
| 595,831 |
|
| 583,852 |
|
|
|
|
| 1,345 |
| WENDEL S.A. |
|
| 91,561 |
|
| 138,569 |
|
|
|
|
| 480 |
| ZODIAC AEROSPACE |
|
| 50,096 |
|
| 63,541 |
|
|
|
|
|
|
|
|
|
| 19,259,356 |
|
| 24,625,106 |
|
| 5.62 | % |
Germany: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 3,492 |
| ADIDAS A.G. |
|
| 145,098 |
|
| 377,901 |
|
|
|
|
| 8,718 |
| ALLIANZ S.E. (REGISTERED) |
|
| 780,413 |
|
| 1,273,789 |
|
|
|
|
| 16,707 |
| BASF S.E. |
|
| 672,193 |
|
| 1,492,474 |
|
|
|
|
| 15,120 |
| BAYER A.G. (REGISTERED) |
|
| 808,915 |
|
| 1,612,460 |
|
|
|
|
| 4,692 |
| BAYERISCHE MOTOREN WERKE A.G. |
|
| 433,184 |
|
| 410,291 |
|
|
|
|
| 1,591 |
| BEIERSDORF A.G. |
|
| 86,858 |
|
| 138,752 |
|
|
|
|
| 435 |
| BRENNTAG A.G. |
|
| 47,835 |
|
| 66,078 |
|
|
|
|
| 7,652 |
| CELESIO A.G. |
|
| 109,250 |
|
| 166,336 |
|
|
|
|
| 11,556 |
| COMMERZBANK A.G.(b) |
|
| 138,680 |
|
| 100,750 |
|
|
|
|
| 916 |
| CONTINENTAL A.G. |
|
| 47,943 |
|
| 122,331 |
|
|
|
|
| 24,724 |
| CTS EVENTIM A.G. |
|
| 732,606 |
|
| 996,676 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 74 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Germany (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 17,639 |
| DAIMLER A.G. (REGISTERED) |
| $ | 589,913 |
|
| 1,067,287 |
|
|
|
|
| 14,849 |
| DEUTSCHE BANK A.G. (REGISTERED) |
|
| 563,583 |
|
| 621,498 |
|
|
|
|
| 14,246 |
| DEUTSCHE BOERSE A.G. |
|
| 760,312 |
|
| 937,735 |
|
|
|
|
| 3,261 |
| DEUTSCHE LUFTHANSA A.G. (REGISTERED)(b) |
|
| 35,709 |
|
| 66,196 |
|
|
|
|
| 19,219 |
| DEUTSCHE POST A.G. (REGISTERED) |
|
| 228,974 |
|
| 477,688 |
|
|
|
|
| 42,716 |
| DEUTSCHE TELEKOM A.G. (REGISTERED) |
|
| 491,621 |
|
| 498,410 |
|
|
|
|
| 27,124 |
| E.ON S.E. |
|
| 500,011 |
|
| 445,208 |
|
|
|
|
| 3,460 |
| FRESENIUS MEDICAL CARE A.G. & CO. KGAA |
|
| 218,760 |
|
| 245,587 |
|
|
|
|
| 2,289 |
| FRESENIUS S.E. & CO. KGAA |
|
| 150,261 |
|
| 282,186 |
|
|
|
|
| 1,527 |
| GEA GROUP A.G. |
|
| 49,653 |
|
| 54,123 |
|
|
|
|
| 11,960 |
| GERRESHEIMER A.G. |
|
| 619,616 |
|
| 692,764 |
|
|
|
|
| 13,820 |
| GILDEMEISTER A.G. |
|
| 297,292 |
|
| 308,238 |
|
|
|
|
| 2,580 |
| HANNOVER RUECKVERSICHERUNG S.E. (REGISTERED) |
|
| 110,106 |
|
| 185,779 |
|
|
|
|
| 14,591 |
| HEIDELBERGCEMENT A.G. |
|
| 622,267 |
|
| 981,336 |
|
|
|
|
| 1,294 |
| HENKEL A.G. & CO. KGAA |
|
| 100,737 |
|
| 101,481 |
|
|
|
|
| 2,600 |
| HOCHTIEF A.G. |
|
| 108,936 |
|
| 169,993 |
|
|
|
|
| 21,437 |
| INFINEON TECHNOLOGIES A.G. |
|
| 120,692 |
|
| 179,419 |
|
|
|
|
| 37,820 |
| JENOPTIK A.G. |
|
| 336,538 |
|
| 467,522 |
|
|
|
|
| 2,182 |
| K+S A.G. (REGISTERED) |
|
| 92,368 |
|
| 80,676 |
|
|
|
|
| 1,680 |
| KABEL DEUTSCHLAND HOLDING A.G. |
|
| 100,991 |
|
| 184,520 |
|
|
|
|
| 31,830 |
| KLOECKNER & CO. S.E.(b) |
|
| 328,691 |
|
| 339,987 |
|
|
|
|
| 1,013 |
| LANXESS A.G. |
|
| 69,793 |
|
| 61,024 |
|
|
|
|
| 3,200 |
| LEONI A.G. |
|
| 153,070 |
|
| 159,343 |
|
|
|
|
| 2,743 |
| LINDE A.G. |
|
| 475,408 |
|
| 511,821 |
|
|
|
|
| 465 |
| MAN S.E. |
|
| 50,636 |
|
| 50,782 |
|
|
|
|
| 1,025 |
| MERCK KGAA |
|
| 86,079 |
|
| 156,167 |
|
|
|
|
| 1,559 |
| METRO A.G. |
|
| 48,976 |
|
| 49,352 |
|
|
|
|
| 4,041 |
| MUENCHENER RUECKVERSICHERUNGS A.G. (REGISTERED) |
|
| 512,591 |
|
| 743,759 |
|
|
|
|
| 2,770 |
| RATIONAL A.G. |
|
| 702,746 |
|
| 928,615 |
|
|
|
|
| 8,089 |
| RWE A.G. |
|
| 329,670 |
|
| 258,172 |
|
|
|
|
| 1,130 |
| SALZGITTER A.G. |
|
| 50,070 |
|
| 37,220 |
|
|
|
|
| 17,263 |
| SAP A.G. |
|
| 695,154 |
|
| 1,264,184 |
|
|
|
|
| 15,179 |
| SIEMENS A.G. (REGISTERED) |
|
| 992,308 |
|
| 1,534,189 |
|
|
|
|
| 7,661 |
| THYSSENKRUPP A.G.(b) |
|
| 152,398 |
|
| 150,527 |
|
|
|
|
| 7,071 |
| TUI A.G.(b) |
|
| 57,698 |
|
| 84,060 |
|
|
|
|
| 483 |
| VOLKSWAGEN A.G. |
|
| 48,103 |
|
| 94,147 |
|
|
|
|
| 7,048 |
| WINCOR NIXDORF A.G. |
|
| 262,852 |
|
| 382,190 |
|
|
|
|
| 27,303 |
| WIRECARD A.G. |
|
| 624,203 |
|
| 743,119 |
|
|
|
|
|
|
|
|
|
| 15,741,761 |
|
| 22,354,142 |
|
| 5.10% |
|
Greece: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 45,170 | JUMBO S.A. |
|
| 289,903 |
|
| 446,846 |
|
| |||
|
|
|
|
|
| 289,903 |
|
| 446,846 |
|
| 0.10% |
|
Hong Kong: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 220,400 |
| AIA GROUP LTD. |
|
| 733,244 |
|
| 933,483 |
|
|
|
|
| 5,100 |
| ASM PACIFIC TECHNOLOGY LTD. |
|
| 52,284 |
|
| 56,188 |
|
|
|
|
| 82,500 |
| BOC HONG KONG HOLDINGS LTD. |
|
| 169,112 |
|
| 253,689 |
|
|
|
|
| 10,674,072 |
| BONJOUR HOLDINGS LTD. |
|
| 1,481,505 |
|
| 1,954,240 |
|
|
|
|
| 28,000 |
| CHEUNG KONG HOLDINGS LTD. |
|
| 277,057 |
|
| 379,781 |
|
|
|
|
| 10,000 |
| CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD. |
|
| 46,496 |
|
| 66,658 |
|
|
|
|
| 36,500 |
| CLP HOLDINGS LTD. |
|
| 253,113 |
|
| 295,302 |
|
|
|
|
| 27,800 |
| ESPRIT HOLDINGS LTD. |
|
| 35,637 |
|
| 41,435 |
|
|
|
|
| 26,000 |
| GALAXY ENTERTAINMENT GROUP LTD.(b) |
|
| 67,404 |
|
| 127,385 |
|
|
|
|
| 44,000 |
| HANG LUNG PROPERTIES LTD. |
|
| 116,126 |
|
| 153,454 |
|
|
|
|
| 18,600 |
| HANG SENG BANK LTD. |
|
| 228,767 |
|
| 275,065 |
|
|
|
|
| 14,300 |
| HENDERSON LAND DEVELOPMENT CO. LTD. |
|
| 45,544 |
|
| 85,364 |
|
|
|
|
| 41,800 |
| HONG KONG & CHINA GAS CO. LTD. |
|
| 103,880 |
|
| 102,182 |
|
|
|
|
| 10,300 |
| HONG KONG EXCHANGES AND CLEARING LTD. |
|
| 175,585 |
|
| 155,508 |
|
|
|
|
| 400 |
| HOPEWELL HIGHWAY INFRASTRUCTURE LTD. |
|
| 229 |
|
| 193 |
|
|
|
|
| 95,000 |
| HOPEWELL HOLDINGS LTD. |
|
| 362,735 |
|
| 316,624 |
|
|
|
|
| 41,000 |
| HUTCHISON WHAMPOA LTD. |
|
| 238,015 |
|
| 431,089 |
|
|
|
|
| 12,000 |
| HYSAN DEVELOPMENT CO. LTD. |
|
| 49,052 |
|
| 52,063 |
|
|
|
|
| 27,000 |
| KERRY PROPERTIES LTD. |
|
| 90,767 |
|
| 105,827 |
|
|
|
|
| 120,000 |
| LI & FUNG LTD. |
|
| 153,985 |
|
| 164,929 |
|
|
|
|
| 40,500 |
| LINK REIT (THE) |
|
| 84,196 |
|
| 199,209 |
|
|
|
|
| 26,800 |
| MGM CHINA HOLDINGS LTD. |
|
| 51,645 |
|
| 71,526 |
|
|
|
|
| 987,200 |
| MIE HOLDINGS CORP. |
|
| 244,310 |
|
| 229,106 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 75 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Hong Kong (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 30,500 |
| MTR CORP. LTD. |
| $ | 88,703 |
|
| 112,467 |
|
|
|
|
| 54,000 |
| NEW WORLD DEVELOPMENT CO. LTD. |
|
| 62,818 |
|
| 74,775 |
|
|
|
|
| 43,500 |
| NWS HOLDINGS LTD. |
|
| 52,824 |
|
| 66,966 |
|
|
|
|
| 190,000 |
| PCCW LTD. |
|
| 77,805 |
|
| 88,924 |
|
|
|
|
| 10,238,052 |
| PICO FAR EAST HOLDINGS LTD. |
|
| 2,829,555 |
|
| 3,471,622 |
|
|
|
|
| 3,257,821 |
| PORTS DESIGN LTD. |
|
| 2,565,239 |
|
| 2,125,383 |
|
|
|
|
| 24,000 |
| POWER ASSETS HOLDINGS LTD. |
|
| 139,091 |
|
| 207,013 |
|
|
|
|
| 48,000 |
| SANDS CHINA LTD. |
|
| 128,061 |
|
| 226,198 |
|
|
|
|
| 22,000 |
| SHANGRI-LA ASIA LTD. |
|
| 29,501 |
|
| 38,009 |
|
|
|
|
| 59,400 |
| SINO LAND CO. LTD. |
|
| 80,601 |
|
| 83,631 |
|
|
|
|
| 25,000 |
| SJM HOLDINGS LTD. |
|
| 52,349 |
|
| 60,791 |
|
|
|
|
| 256,000 |
| STELLA INTERNATIONAL HOLDINGS LTD. |
|
| 679,964 |
|
| 706,339 |
|
|
|
|
| 27,000 |
| SUN HUNG KAI PROPERTIES LTD. |
|
| 349,196 |
|
| 348,463 |
|
|
|
|
| 19,000 |
| SWIRE PACIFIC LTD., CLASS A |
|
| 127,857 |
|
| 230,027 |
|
|
|
|
| 473,500 |
| TECHTRONIC INDUSTRIES CO. |
|
| 862,031 |
|
| 1,133,072 |
|
|
|
|
| 3,000 |
| TELEVISION BROADCASTS LTD. |
|
| 9,222 |
|
| 20,616 |
|
|
|
|
| 192,000 |
| TEXWINCA HOLDINGS LTD. |
|
| 152,622 |
|
| 178,235 |
|
|
|
|
| 84,300 |
| VTECH HOLDINGS LTD. |
|
| 996,749 |
|
| 1,287,969 |
|
|
|
|
| 14,000 |
| WHARF HOLDINGS LTD. |
|
| 111,765 |
|
| 117,689 |
|
|
|
|
| 19,000 |
| WHEELOCK & CO. LTD. |
|
| 30,489 |
|
| 95,293 |
|
|
|
|
| 30,000 |
| WYNN MACAU LTD. |
|
| 50,423 |
|
| 81,227 |
|
|
|
|
| 2,975,700 |
| XTEP INTERNATIONAL HOLDINGS |
|
| 1,259,930 |
|
| 1,243,064 |
|
|
|
|
| 504,000 |
| YINGDE GASES GROUP CO. LTD. |
|
| 500,822 |
|
| 465,268 |
|
|
|
|
| 56,000 |
| YUE YUEN INDUSTRIAL HOLDINGS LTD. |
|
| 131,926 |
|
| 145,125 |
|
|
|
|
|
|
|
|
|
| 16,430,231 |
|
| 19,058,466 |
|
| 4.35% |
|
Ireland: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 11,210 |
| ACCENTURE PLC, CLASS A |
|
| 397,303 |
|
| 806,672 |
|
|
|
|
| 57,994 |
| COVIDIEN PLC |
|
| 2,806,004 |
|
| 3,644,343 |
|
|
|
|
| 14,894 |
| CRH PLC |
|
| 217,633 |
|
| 301,464 |
|
|
|
|
| 9,616 |
| ELAN CORP. PLC(b) |
|
| 78,624 |
|
| 134,617 |
|
|
|
|
| 12,223 |
| EXPERIAN PLC |
|
| 202,091 |
|
| 212,490 |
|
|
|
|
| 11,673 |
| JAMES HARDIE INDUSTRIES PLC |
|
| 105,224 |
|
| 100,243 |
|
|
|
|
| 1,848 |
| KERRY GROUP PLC, CLASS A |
|
| 101,410 |
|
| 101,991 |
|
|
|
|
| 123 |
| PROTHENA CORP. PLC(b) |
|
| 551 |
|
| 1,588 |
|
|
|
|
| 9,299 |
| SHIRE PLC |
|
| 267,371 |
|
| 294,888 |
|
|
|
|
| 38,703 |
| UBM PLC |
|
| 411,567 |
|
| 386,157 |
|
|
|
|
|
|
|
|
|
| 4,587,778 |
|
| 5,984,453 |
|
| 1.36% |
|
Israel: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 21,030 |
| BANK HAPOALIM B.M.(b) |
|
| 80,002 |
|
| 95,219 |
|
|
|
|
| 21,775 |
| BANK LEUMI LE-ISRAEL B.M.(b) |
|
| 77,241 |
|
| 72,433 |
|
|
|
|
| 217 |
| DELEK GROUP LTD. |
|
| 52,364 |
|
| 56,374 |
|
|
|
|
| 53 |
| ISRAEL (THE) CORP. LTD.(b) |
|
| 37,899 |
|
| 31,909 |
|
|
|
|
| 7,922 |
| ISRAEL CHEMICALS LTD. |
|
| 95,763 |
|
| 78,250 |
|
|
|
|
| 16,800 |
| MAGIC SOFTWARE ENTERPRISES LTD. |
|
| 91,674 |
|
| 90,552 |
|
|
|
|
| 5,900 |
| MIZRAHI TEFAHOT BANK LTD.(b) |
|
| 51,135 |
|
| 59,202 |
|
|
|
|
| 1,494 |
| NICE SYSTEMS LTD. |
|
| 50,675 |
|
| 54,297 |
|
|
|
|
| 15,762 |
| TEVA PHARMACEUTICAL INDUSTRIES LTD. ADR(d) |
|
| 616,142 |
|
| 617,870 |
|
|
|
|
|
|
|
|
|
| 1,152,895 |
|
| 1,156,106 |
|
| 0.26% |
|
Italy: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 56,711 |
| AMPLIFON S.P.A. |
|
| 248,331 |
|
| 283,904 |
|
|
|
|
| 18,467 |
| ASSICURAZIONI GENERALI S.P.A. |
|
| 269,601 |
|
| 322,584 |
|
|
|
|
| 2,238 |
| ATLANTIA S.P.A. |
|
| 25,873 |
|
| 36,501 |
|
|
|
|
| 111,934 |
| AZIMUT HOLDING S.P.A. |
|
| 1,398,103 |
|
| 2,038,327 |
|
|
|
|
| 57,599 |
| ENEL GREEN POWER S.P.A. |
|
| 98,098 |
|
| 119,583 |
|
|
|
|
| 84,176 |
| ENEL S.P.A. |
|
| 307,528 |
|
| 264,058 |
|
|
|
|
| 49,857 |
| ENI S.P.A. |
|
| 958,264 |
|
| 1,024,065 |
|
|
|
|
| 3,610 |
| EXOR S.P.A. |
|
| 90,616 |
|
| 106,760 |
|
|
|
|
| 24,375 |
| FIAT INDUSTRIAL S.P.A. |
|
| 141,398 |
|
| 271,748 |
|
|
|
|
| 10,222 |
| FIAT S.P.A.(b) |
|
| 27,207 |
|
| 71,450 |
|
|
|
|
| 10,070 |
| FINMECCANICA S.P.A.(b) |
|
| 50,331 |
|
| 50,438 |
|
|
|
|
| 177,988 |
| INTESA SANPAOLO S.P.A. |
|
| 307,053 |
|
| 285,196 |
|
|
|
|
| 2,826 |
| LUXOTTICA GROUP S.P.A. |
|
| 118,626 |
|
| 142,872 |
|
|
|
|
| 25,272 |
| MEDIOLANUM S.P.A. |
|
| 87,322 |
|
| 156,582 |
|
|
|
|
| 2,801 |
| PRYSMIAN S.P.A. |
|
| 56,504 |
|
| 52,319 |
|
|
|
|
| 3,459 |
| SAIPEM S.P.A. |
|
| 117,006 |
|
| 56,235 |
|
|
|
|
| 57,530 |
| SNAM S.P.A. |
|
| 249,716 |
|
| 262,094 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 76 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Italy (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 7,497 |
| TENARIS S.A. |
| $ | 100,710 |
|
| 150,378 |
|
|
|
|
| 34,652 |
| TERNA RETE ELETTRICA NAZIONALE S.P.A. |
|
| 130,368 |
|
| 143,974 |
|
|
|
|
| 67,174 |
| UNICREDIT S.P.A. |
|
| 347,501 |
|
| 314,598 |
|
|
|
|
| 25,343 |
| UNIONE DI BANCHE ITALIANE S.C.P.A. |
|
| 103,374 |
|
| 91,772 |
|
|
|
|
|
|
|
|
|
| 5,233,530 |
|
| 6,245,438 |
|
| 1.42 | % |
Japan: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 1,400 |
| ABC-MART, INC. |
|
| 51,583 |
|
| 54,628 |
|
|
|
|
| 2,794 |
| ADERANS CO. LTD. |
|
| 29,560 |
|
| 38,820 |
|
|
|
|
| 10,000 |
| AEON CO. LTD. |
|
| 112,237 |
|
| 131,276 |
|
|
|
|
| 32,458 |
| AEON DELIGHT CO. LTD. |
|
| 656,409 |
|
| 588,747 |
|
|
|
|
| 6,300 |
| AEON FINANCIAL SERVICE CO. LTD. |
|
| 81,451 |
|
| 178,430 |
|
|
|
|
| 1,100 |
| AEON MALL CO. LTD. |
|
| 23,091 |
|
| 27,250 |
|
|
|
|
| 2,300 |
| AISIN SEIKI CO. LTD. |
|
| 37,584 |
|
| 88,007 |
|
|
|
|
| 17,000 |
| AJINOMOTO CO., INC. |
|
| 136,093 |
|
| 249,566 |
|
|
|
|
| 1,300 |
| ALFRESA HOLDINGS CORP. |
|
| 50,794 |
|
| 69,601 |
|
|
|
|
| 2,000 |
| AMADA CO. LTD. |
|
| 10,582 |
|
| 13,208 |
|
|
|
|
| 17,000 |
| AOZORA BANK LTD. |
|
| 53,794 |
|
| 53,136 |
|
|
|
|
| 36,100 |
| ASAHI CO. LTD. |
|
| 561,894 |
|
| 530,690 |
|
|
|
|
| 16,000 |
| ASAHI GLASS CO. LTD. |
|
| 120,885 |
|
| 104,215 |
|
|
|
|
| 5,600 |
| ASAHI GROUP HOLDINGS LTD. |
|
| 85,235 |
|
| 138,955 |
|
|
|
|
| 31,000 |
| ASAHI KASEI CORP. |
|
| 147,138 |
|
| 205,041 |
|
|
|
|
| 59,900 |
| ASICS CORP. |
|
| 819,109 |
|
| 948,809 |
|
|
|
|
| 7,400 |
| ASTELLAS PHARMA, INC. |
|
| 236,149 |
|
| 402,158 |
|
|
|
|
| 5,000 |
| BANK OF KYOTO (THE) LTD. |
|
| 43,972 |
|
| 41,692 |
|
|
|
|
| 37,000 |
| BANK OF YOKOHAMA (THE) LTD. |
|
| 164,514 |
|
| 191,006 |
|
|
|
|
| 3,000 |
| BENESSE HOLDINGS, INC. |
|
| 114,910 |
|
| 108,137 |
|
|
|
|
| 13,800 |
| BRIDGESTONE CORP. |
|
| 205,726 |
|
| 470,296 |
|
|
|
|
| 5,200 |
| BROTHER INDUSTRIES LTD. |
|
| 38,445 |
|
| 58,564 |
|
|
|
|
| 20,100 |
| CANON, INC. |
|
| 672,639 |
|
| 655,611 |
|
|
|
|
| 16,600 |
| CAPCOM CO. LTD. |
|
| 276,543 |
|
| 268,633 |
|
|
|
|
| 1,000 |
| CASIO COMPUTER CO. LTD. |
|
| 7,474 |
|
| 8,812 |
|
|
|
|
| 2,700 |
| CENTRAL JAPAN RAILWAY CO. |
|
| 229,516 |
|
| 330,218 |
|
|
|
|
| 15,000 |
| CHIBA BANK (THE) LTD. |
|
| 81,968 |
|
| 102,238 |
|
|
|
|
| 7,800 |
| CHUBU ELECTRIC POWER CO., INC. |
|
| 102,883 |
|
| 110,575 |
|
|
|
|
| 4,500 |
| CHUGAI PHARMACEUTICAL CO. LTD. |
|
| 82,278 |
|
| 93,285 |
|
|
|
|
| 4,000 |
| CHUGOKU BANK (THE) LTD. |
|
| 53,626 |
|
| 56,140 |
|
|
|
|
| 5,200 |
| CHUGOKU ELECTRIC POWER (THE) CO., INC. |
|
| 81,720 |
|
| 81,686 |
|
|
|
|
| 7,900 |
| CITIZEN HOLDINGS CO. LTD. |
|
| 31,581 |
|
| 44,128 |
|
|
|
|
| 38,236 |
| CREDIT SAISON CO. LTD. |
|
| 462,302 |
|
| 959,562 |
|
|
|
|
| 11,000 |
| DAIDO STEEL CO. LTD. |
|
| 45,649 |
|
| 55,787 |
|
|
|
|
| 103 |
| DAI-ICHI LIFE INSURANCE (THE) CO. LTD. |
|
| 120,497 |
|
| 148,715 |
|
|
|
|
| 9,800 |
| DAIICHI SANKYO CO. LTD. |
|
| 166,638 |
|
| 163,630 |
|
|
|
|
| 4,500 |
| DAIKIN INDUSTRIES LTD. |
|
| 124,473 |
|
| 181,942 |
|
|
|
|
| 1,200 |
| DAITO TRUST CONSTRUCTION CO. LTD. |
|
| 117,985 |
|
| 113,128 |
|
|
|
|
| 10,000 |
| DAIWA HOUSE INDUSTRY CO. LTD. |
|
| 103,706 |
|
| 186,630 |
|
|
|
|
| 31,000 |
| DAIWA SECURITIES GROUP, INC. |
|
| 119,396 |
|
| 260,365 |
|
|
|
|
| 110,837 |
| DENA CO. LTD. |
|
| 3,311,867 |
|
| 2,176,956 |
|
|
|
|
| 8,200 |
| DENSO CORP. |
|
| 185,234 |
|
| 385,693 |
|
|
|
|
| 2,800 |
| DENTSU, INC. |
|
| 46,871 |
|
| 96,834 |
|
|
|
|
| 48,000 |
| DESCENTE LTD. |
|
| 278,723 |
|
| 338,778 |
|
|
|
|
| 13,000 |
| DOWA HOLDINGS CO. LTD. |
|
| 55,385 |
|
| 116,001 |
|
|
|
|
| 7,000 |
| EAST JAPAN RAILWAY CO. |
|
| 392,789 |
|
| 544,162 |
|
|
|
|
| 3,300 |
| EISAI CO. LTD. |
|
| 114,484 |
|
| 134,589 |
|
|
|
|
| 730 |
| EPS CORP. |
|
| 981,473 |
|
| 812,583 |
|
|
|
|
| 1,800 |
| FAMILYMART CO. LTD. |
|
| 52,590 |
|
| 76,770 |
|
|
|
|
| 14,200 |
| FANUC CORP. |
|
| 2,044,899 |
|
| 2,058,842 |
|
|
|
|
| 1,100 |
| FAST RETAILING CO. LTD. |
|
| 136,395 |
|
| 370,992 |
|
|
|
|
| 21,000 |
| FUJI ELECTRIC CO. LTD. |
|
| 51,969 |
|
| 74,108 |
|
|
|
|
| 11,000 |
| FUJI HEAVY INDUSTRIES LTD. |
|
| 57,631 |
|
| 271,174 |
|
|
|
|
| 8,800 |
| FUJIFILM HOLDINGS CORP. |
|
| 165,274 |
|
| 193,870 |
|
|
|
|
| 44,000 |
| FUJITSU LTD. |
|
| 171,664 |
|
| 181,892 |
|
|
|
|
| 11,000 |
| FUKUOKA FINANCIAL GROUP, INC. |
|
| 36,036 |
|
| 46,804 |
|
|
|
|
| 32,000 |
| FURUKAWA ELECTRIC CO. LTD. |
|
| 65,376 |
|
| 74,209 |
|
|
|
|
| 5,354 |
| GMO PAYMENT GATEWAY, INC. |
|
| 90,828 |
|
| 114,281 |
|
|
|
|
| 12,000 |
| GS YUASA CORP. |
|
| 47,814 |
|
| 49,849 |
|
|
|
|
| 40 |
| GUNGHO ONLINE ENTERTAINMENT, INC.(b) |
|
| 50,848 |
|
| 43,557 |
|
|
|
|
| 6,000 |
| GUNMA BANK (THE) LTD. |
|
| 31,571 |
|
| 33,152 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 77 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Japan (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 1,500 |
| HAMAMATSU PHOTONICS K.K. |
| $ | 52,686 |
|
| 54,220 |
|
|
|
|
| 11,000 |
| HANKYU HANSHIN HOLDINGS, INC. |
|
| 51,221 |
|
| 62,664 |
|
|
|
|
| 500 |
| HIROSE ELECTRIC CO. LTD. |
|
| 48,402 |
|
| 65,941 |
|
|
|
|
| 7,000 |
| HIROSHIMA BANK (THE) LTD. |
|
| 26,154 |
|
| 29,855 |
|
|
|
|
| 2,500 |
| HITACHI CONSTRUCTION MACHINERY CO. LTD. |
|
| 53,411 |
|
| 50,539 |
|
|
|
|
| 95,000 |
| HITACHI LTD. |
|
| 295,895 |
|
| 610,153 |
|
|
|
|
| 6,000 |
| HITACHI METALS LTD. |
|
| 45,405 |
|
| 67,514 |
|
|
|
|
| 9,500 |
| HOKKAIDO ELECTRIC POWER CO., INC.(b) |
|
| 84,575 |
|
| 129,885 |
|
|
|
|
| 7,300 |
| HOKURIKU ELECTRIC POWER CO. |
|
| 76,486 |
|
| 114,674 |
|
|
|
|
| 28,800 |
| HONDA MOTOR CO. LTD. |
|
| 780,069 |
|
| 1,070,054 |
|
|
|
|
| 5,300 |
| HOYA CORP. |
|
| 112,594 |
|
| 109,495 |
|
|
|
|
| 300 |
| IDEMITSU KOSAN CO. LTD. |
|
| 23,804 |
|
| 23,079 |
|
|
|
|
| 20,000 |
| IHI CORP. |
|
| 52,673 |
|
| 75,822 |
|
|
|
|
| 10 |
| INPEX CORP. |
|
| 54,743 |
|
| 41,742 |
|
|
|
|
| 9,800 |
| ISETAN MITSUKOSHI HOLDINGS LTD. |
|
| 85,535 |
|
| 130,133 |
|
|
|
|
| 9,000 |
| ISUZU MOTORS LTD. |
|
| 55,583 |
|
| 61,615 |
|
|
|
|
| 27,200 |
| ITOCHU CORP. |
|
| 291,860 |
|
| 314,015 |
|
|
|
|
| 5,000 |
| IYO BANK (THE) LTD. |
|
| 43,448 |
|
| 47,792 |
|
|
|
|
| 8,000 |
| J. FRONT RETAILING CO. LTD. |
|
| 31,099 |
|
| 63,803 |
|
|
|
|
| 1,000 |
| JAPAN AIRLINES CO. LTD. |
|
| 52,620 |
|
| 51,422 |
|
|
|
|
| 700 |
| JAPAN EXCHANGE GROUP, INC. |
|
| 56,090 |
|
| 70,720 |
|
|
|
|
| 8 |
| JAPAN REAL ESTATE INVESTMENT CORP. |
|
| 76,499 |
|
| 89,292 |
|
|
|
|
| 8 |
| JAPAN RETAIL FUND INVESTMENT CORP. |
|
| 8,807 |
|
| 16,713 |
|
|
|
|
| 8,000 |
| JAPAN STEEL WORKS (THE) LTD. |
|
| 45,974 |
|
| 44,041 |
|
|
|
|
| 17,700 |
| JAPAN TOBACCO, INC. |
|
| 521,356 |
|
| 625,514 |
|
|
|
|
| 6,000 |
| JFE HOLDINGS, INC. |
|
| 94,802 |
|
| 131,700 |
|
|
|
|
| 4,000 |
| JGC CORP. |
|
| 53,048 |
|
| 143,981 |
|
|
|
|
| 12,000 |
| JOYO BANK (THE) LTD. |
|
| 54,056 |
|
| 65,699 |
|
|
|
|
| 3,100 |
| JSR CORP. |
|
| 39,530 |
|
| 62,700 |
|
|
|
|
| 5,000 |
| JTEKT CORP. |
|
| 36,670 |
|
| 56,261 |
|
|
|
|
| 15,000 |
| JX HOLDINGS, INC. |
|
| 79,470 |
|
| 72,747 |
|
|
|
|
| 7,000 |
| KAJIMA CORP. |
|
| 15,004 |
|
| 23,220 |
|
|
|
|
| 18,000 |
| KANSAI ELECTRIC POWER (THE) CO., INC.(b) |
|
| 164,557 |
|
| 246,642 |
|
|
|
|
| 2,000 |
| KANSAI PAINT CO. LTD. |
|
| 10,449 |
|
| 25,529 |
|
|
|
|
| 61,213 |
| KAO CORP. |
|
| 1,543,458 |
|
| 2,083,020 |
|
|
|
|
| 35,000 |
| KAWASAKI HEAVY INDUSTRIES LTD. |
|
| 71,135 |
|
| 107,633 |
|
|
|
|
| 9,954 |
| KDDI CORP. |
|
| 239,416 |
|
| 517,873 |
|
|
|
|
| 23,200 |
| KEIHIN CORP. |
|
| 285,371 |
|
| 354,152 |
|
|
|
|
| 13,000 |
| KEIKYU CORP. |
|
| 95,311 |
|
| 111,676 |
|
|
|
|
| 5,000 |
| KEIO CORP. |
|
| 28,322 |
|
| 34,382 |
|
|
|
|
| 5,000 |
| KEISEI ELECTRIC RAILWAY CO. LTD. |
|
| 23,110 |
|
| 46,834 |
|
|
|
|
| 981 |
| KEYENCE CORP. |
|
| 180,512 |
|
| 313,054 |
|
|
|
|
| 6,000 |
| KIKKOMAN CORP. |
|
| 52,867 |
|
| 99,819 |
|
|
|
|
| 49,000 |
| KINTETSU CORP. |
|
| 153,011 |
|
| 215,406 |
|
|
|
|
| 14,000 |
| KIRIN HOLDINGS CO. LTD. |
|
| 159,350 |
|
| 219,359 |
|
|
|
|
| 18,300 |
| KOBAYASHI PHARMACEUTICAL CO. LTD. |
|
| 982,900 |
|
| 965,003 |
|
|
|
|
| 15,400 |
| KOMATSU LTD. |
|
| 339,281 |
|
| 356,042 |
|
|
|
|
| 2,300 |
| KONAMI CORP. |
|
| 50,313 |
|
| 48,815 |
|
|
|
|
| 21,000 |
| KUBOTA CORP. |
|
| 129,773 |
|
| 306,594 |
|
|
|
|
| 3,900 |
| KURARAY CO. LTD. |
|
| 51,445 |
|
| 54,737 |
|
|
|
|
| 4,300 |
| KURITA WATER INDUSTRIES LTD. |
|
| 96,931 |
|
| 91,090 |
|
|
|
|
| 2,700 |
| KYOCERA CORP. |
|
| 198,000 |
|
| 274,955 |
|
|
|
|
| 6,500 |
| KYUSHU ELECTRIC POWER CO., INC.(b) |
|
| 59,661 |
|
| 98,044 |
|
|
|
|
| 2,800 |
| LAWSON, INC. |
|
| 120,035 |
|
| 213,712 |
|
|
|
|
| 4,200 |
| LIXIL GROUP CORP. |
|
| 71,097 |
|
| 102,353 |
|
|
|
|
| 1,000 |
| MAKITA CORP. |
|
| 48,587 |
|
| 54,043 |
|
|
|
|
| 24,000 |
| MARUBENI CORP. |
|
| 173,505 |
|
| 160,436 |
|
|
|
|
| 6,500 |
| MARUI GROUP CO. LTD. |
|
| 32,287 |
|
| 64,816 |
|
|
|
|
| 57,000 |
| MAZDA MOTOR CORP.(b) |
|
| 95,886 |
|
| 224,713 |
|
|
|
|
| 1,600 |
| MCDONALD’S HOLDINGS CO. JAPAN LTD. |
|
| 43,060 |
|
| 44,364 |
|
|
|
|
| 51,200 |
| MEGANE TOP CO. LTD. |
|
| 586,843 |
|
| 714,467 |
|
|
|
|
| 1,700 |
| MEIJI HOLDINGS CO. LTD. |
|
| 54,895 |
|
| 81,675 |
|
|
|
|
| 31,600 |
| MEITEC CORP. |
|
| 704,775 |
|
| 734,402 |
|
|
|
|
| 1,800 |
| MIRACA HOLDINGS, INC. |
|
| 71,311 |
|
| 82,759 |
|
|
|
|
| 40,000 |
| MITSUBISHI CHEMICAL HOLDINGS CORP. |
|
| 161,621 |
|
| 187,941 |
|
|
|
|
| 25,200 |
| MITSUBISHI CORP. |
|
| 378,464 |
|
| 431,688 |
|
|
|
|
| 32,000 |
| MITSUBISHI ELECTRIC CORP. |
|
| 244,114 |
|
| 299,738 |
|
|
|
|
| 27,000 |
| MITSUBISHI ESTATE CO. LTD. |
|
| 353,310 |
|
| 718,966 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 78 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Japan (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 17,000 |
| MITSUBISHI GAS CHEMICAL CO., INC. |
| $ | 75,149 |
|
| 124,955 |
|
|
|
|
| 57,000 |
| MITSUBISHI HEAVY INDUSTRIES LTD. |
|
| 185,317 |
|
| 316,667 |
|
|
|
|
| 4,000 |
| MITSUBISHI LOGISTICS CORP. |
|
| 45,017 |
|
| 55,858 |
|
|
|
|
| 18,000 |
| MITSUBISHI MATERIALS CORP. |
|
| 47,129 |
|
| 63,339 |
|
|
|
|
| 54,000 |
| MITSUBISHI MOTORS CORP.(b) |
|
| 51,556 |
|
| 74,047 |
|
|
|
|
| 3,800 |
| MITSUBISHI TANABE PHARMA CORP. |
|
| 49,996 |
|
| 49,234 |
|
|
|
|
| 240,600 |
| MITSUBISHI UFJ FINANCIAL GROUP, INC. |
|
| 1,162,680 |
|
| 1,484,646 |
|
|
|
|
| 27,000 |
| MITSUBISHI UFJ LEASE & FINANCE CO. LTD. |
|
| 83,878 |
|
| 127,949 |
|
|
|
|
| 29,600 |
| MITSUI & CO. LTD. |
|
| 306,203 |
|
| 371,865 |
|
|
|
|
| 37,000 |
| MITSUI CHEMICALS, INC. |
|
| 87,469 |
|
| 83,565 |
|
|
|
|
| 12,000 |
| MITSUI FUDOSAN CO. LTD. |
|
| 299,330 |
|
| 352,934 |
|
|
|
|
| 3,000 |
| MITSUI MINING & SMELTING CO. LTD. |
|
| 5,391 |
|
| 6,382 |
|
|
|
|
| 336,820 |
| MIZUHO FINANCIAL GROUP, INC. |
|
| 571,325 |
|
| 699,586 |
|
|
|
|
| 6,080 |
| MS&AD INSURANCE GROUP HOLDINGS |
|
| 125,874 |
|
| 154,605 |
|
|
|
|
| 3,600 |
| MURATA MANUFACTURING CO. LTD. |
|
| 162,615 |
|
| 274,047 |
|
|
|
|
| 1,500 |
| NAMCO BANDAI HOLDINGS, INC. |
|
| 14,652 |
|
| 24,350 |
|
|
|
|
| 27,000 |
| NEC CORP. |
|
| 70,167 |
|
| 59,074 |
|
|
|
|
| 5,000 |
| NGK INSULATORS LTD. |
|
| 63,090 |
|
| 62,008 |
|
|
|
|
| 3,000 |
| NGK SPARK PLUG CO. LTD. |
|
| 28,359 |
|
| 60,073 |
|
|
|
|
| 1,500 |
| NIDEC CORP. |
|
| 70,097 |
|
| 104,658 |
|
|
|
|
| 12,469 |
| NIFCO, INC. |
|
| 278,882 |
|
| 264,140 |
|
|
|
|
| 6,000 |
| NIKON CORP. |
|
| 75,728 |
|
| 139,988 |
|
|
|
|
| 2,300 |
| NINTENDO CO. LTD. |
|
| 230,400 |
|
| 271,325 |
|
|
|
|
| 11 |
| NIPPON BUILDING FUND, INC. |
|
| 90,970 |
|
| 127,324 |
|
|
|
|
| 11,000 |
| NIPPON ELECTRIC GLASS CO. LTD. |
|
| 57,054 |
|
| 53,569 |
|
|
|
|
| 17,000 |
| NIPPON EXPRESS CO. LTD. |
|
| 60,747 |
|
| 80,732 |
|
|
|
|
| 6,000 |
| NIPPON MEAT PACKERS, INC. |
|
| 72,315 |
|
| 91,773 |
|
|
|
|
| 4,200 |
| NIPPON PAPER INDUSTRIES CO. LTD.(b) |
|
| 49,572 |
|
| 59,879 |
|
|
|
|
| 103,535 |
| NIPPON STEEL & SUMITOMO METAL CORP. |
|
| 253,094 |
|
| 279,768 |
|
|
|
|
| 7,600 |
| NIPPON TELEGRAPH & TELEPHONE CORP. |
|
| 342,697 |
|
| 393,870 |
|
|
|
|
| 17,000 |
| NISHI-NIPPON CITY BANK (THE) LTD. |
|
| 40,901 |
|
| 44,394 |
|
|
|
|
| 5,000 |
| NISSAN CHEMICAL INDUSTRIES LTD. |
|
| 50,851 |
|
| 67,352 |
|
|
|
|
| 39,100 |
| NISSAN MOTOR CO. LTD. |
|
| 362,480 |
|
| 396,204 |
|
|
|
|
| 2,500 |
| NISSHIN SEIFUN GROUP, INC. |
|
| 25,731 |
|
| 29,946 |
|
|
|
|
| 1,200 |
| NISSIN FOODS HOLDINGS CO. LTD. |
|
| 43,959 |
|
| 48,578 |
|
|
|
|
| 13,900 |
| NISSIN KOGYO CO. LTD. |
|
| 186,052 |
|
| 251,988 |
|
|
|
|
| 1,350 |
| NITORI HOLDINGS CO. LTD. |
|
| 87,310 |
|
| 108,893 |
|
|
|
|
| 3,200 |
| NITTO DENKO CORP. |
|
| 77,639 |
|
| 205,848 |
|
|
|
|
| 5,700 |
| NKSJ HOLDINGS, INC. |
|
| 114,918 |
|
| 135,920 |
|
|
|
|
| 72,300 |
| NOMURA HOLDINGS, INC. |
|
| 256,136 |
|
| 532,883 |
|
|
|
|
| 2,700 |
| NOMURA RESEARCH INSTITUTE LTD. |
|
| 43,930 |
|
| 87,931 |
|
|
|
|
| 17,800 |
| NORTH PACIFIC BANK LTD. |
|
| 49,457 |
|
| 65,507 |
|
|
|
|
| 7,000 |
| NSK LTD. |
|
| 50,459 |
|
| 66,979 |
|
|
|
|
| 14 |
| NTT DATA CORP. |
|
| 36,520 |
|
| 49,687 |
|
|
|
|
| 265 |
| NTT DOCOMO, INC. |
|
| 387,833 |
|
| 411,741 |
|
|
|
|
| 65 |
| NTT URBAN DEVELOPMENT CORP. |
|
| 52,710 |
|
| 79,825 |
|
|
|
|
| 12,000 |
| OBAYASHI CORP. |
|
| 48,665 |
|
| 62,311 |
|
|
|
|
| 4,000 |
| ODAKYU ELECTRIC RAILWAY CO. LTD. |
|
| 30,548 |
|
| 39,040 |
|
|
|
|
| 5,100 |
| OLYMPUS CORP.(b) |
|
| 71,174 |
|
| 155,036 |
|
|
|
|
| 2,000 |
| OMRON CORP. |
|
| 50,017 |
|
| 59,528 |
|
|
|
|
| 1,300 |
| ONO PHARMACEUTICAL CO. LTD. |
|
| 55,952 |
|
| 88,213 |
|
|
|
|
| 8,000 |
| ONWARD HOLDINGS CO. LTD. |
|
| 54,094 |
|
| 66,223 |
|
|
|
|
| 800 |
| ORIENTAL LAND CO. LTD. |
|
| 50,479 |
|
| 123,735 |
|
|
|
|
| 10,700 |
| ORIX CORP. |
|
| 118,187 |
|
| 146,184 |
|
|
|
|
| 37,000 |
| OSAKA GAS CO. LTD. |
|
| 121,878 |
|
| 156,312 |
|
|
|
|
| 5,000 |
| OTSUKA HOLDINGS CO. LTD. |
|
| 144,921 |
|
| 165,104 |
|
|
|
|
| 33,300 |
| PANASONIC CORP.(b) |
|
| 217,151 |
|
| 267,595 |
|
|
|
|
| 15,200 |
| RAKUTEN, INC. |
|
| 97,714 |
|
| 179,770 |
|
|
|
|
| 23,400 |
| RESONA HOLDINGS, INC. |
|
| 97,985 |
|
| 113,956 |
|
|
|
|
| 10,000 |
| RICOH CO. LTD. |
|
| 94,506 |
|
| 118,976 |
|
|
|
|
| 1,200 |
| RINNAI CORP. |
|
| 52,047 |
|
| 85,420 |
|
|
|
|
| 1,500 |
| ROHM CO. LTD. |
|
| 51,836 |
|
| 60,496 |
|
|
|
|
| 9,938 |
| SANKYO CO. LTD. |
|
| 511,553 |
|
| 469,445 |
|
|
|
|
| 2,600 |
| SANTEN PHARMACEUTICAL CO. LTD. |
|
| 85,886 |
|
| 111,938 |
|
|
|
|
| 13,720 |
| SBI HOLDINGS, INC. |
|
| 111,165 |
|
| 151,476 |
|
|
|
|
| 3,400 |
| SECOM CO. LTD. |
|
| 133,812 |
|
| 185,118 |
|
|
|
|
| 4,100 |
| SEGA SAMMY HOLDINGS, INC. |
|
| 38,822 |
|
| 102,645 |
|
|
|
|
| 13,000 |
| SEKISUI CHEMICAL CO. LTD. |
|
| 66,177 |
|
| 138,022 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 79 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Japan (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 6,000 |
| SEKISUI HOUSE LTD. |
| $ | 44,394 |
|
| 86,751 |
|
|
|
|
| 11,600 |
| SERIA CO. LTD. |
|
| 206,350 |
|
| 349,591 |
|
|
|
|
| 12,800 |
| SEVEN & I HOLDINGS CO. LTD. |
|
| 281,200 |
|
| 467,836 |
|
|
|
|
| 25,000 |
| SHARP CORP.(b) |
|
| 50,043 |
|
| 100,827 |
|
|
|
|
| 4,900 |
| SHIKOKU ELECTRIC POWER CO., INC.(b) |
|
| 52,495 |
|
| 88,485 |
|
|
|
|
| 4,000 |
| SHIMADZU CORP. |
|
| 25,419 |
|
| 32,184 |
|
|
|
|
| 1,000 |
| SHIMAMURA CO. LTD. |
|
| 61,206 |
|
| 121,496 |
|
|
|
|
| 1,500 |
| SHIMANO, INC. |
|
| 58,204 |
|
| 127,344 |
|
|
|
|
| 8,300 |
| SHIN-ETSU CHEMICAL CO. LTD. |
|
| 411,842 |
|
| 550,655 |
|
|
|
|
| 41,600 |
| SHINKO PLANTECH CO. LTD. |
|
| 342,251 |
|
| 313,321 |
|
|
|
|
| 4,000 |
| SHIONOGI & CO. LTD. |
|
| 67,679 |
|
| 83,485 |
|
|
|
|
| 5,900 |
| SHISEIDO CO. LTD. |
|
| 88,706 |
|
| 87,863 |
|
|
|
|
| 13,000 |
| SHIZUOKA BANK (THE) LTD. |
|
| 130,502 |
|
| 140,119 |
|
|
|
|
| 21,000 |
| SHOWA DENKO K.K. |
|
| 33,824 |
|
| 27,737 |
|
|
|
|
| 900 |
| SMC CORP. |
|
| 106,941 |
|
| 180,762 |
|
|
|
|
| 22,643 |
| SMS CO. LTD. |
|
| 233,273 |
|
| 287,432 |
|
|
|
|
| 17,900 |
| SOFTBANK CORP. |
|
| 355,350 |
|
| 1,044,979 |
|
|
|
|
| 14,400 |
| SONY CORP. |
|
| 173,384 |
|
| 301,706 |
|
|
|
|
| 4,400 |
| SONY FINANCIAL HOLDINGS, INC. |
|
| 56,074 |
|
| 69,518 |
|
|
|
|
| 35,400 |
| SQUARE ENIX HOLDINGS CO. LTD. |
|
| 454,922 |
|
| 426,171 |
|
|
|
|
| 58,402 |
| STANLEY ELECTRIC CO. LTD. |
|
| 859,276 |
|
| 1,137,655 |
|
|
|
|
| 7,000 |
| SUMCO CORP. |
|
| 47,761 |
|
| 77,001 |
|
|
|
|
| 25,000 |
| SUMITOMO CHEMICAL CO. LTD. |
|
| 74,256 |
|
| 78,645 |
|
|
|
|
| 21,300 |
| SUMITOMO CORP. |
|
| 207,214 |
|
| 265,659 |
|
|
|
|
| 13,100 |
| SUMITOMO ELECTRIC INDUSTRIES LTD. |
|
| 127,803 |
|
| 156,651 |
|
|
|
|
| 12,000 |
| SUMITOMO HEAVY INDUSTRIES LTD. |
|
| 39,379 |
|
| 50,575 |
|
|
|
|
| 9,000 |
| SUMITOMO METAL MINING CO. LTD. |
|
| 88,484 |
|
| 100,363 |
|
|
|
|
| 26,400 |
| SUMITOMO MITSUI FINANCIAL GROUP, INC. |
|
| 824,716 |
|
| 1,211,131 |
|
|
|
|
| 71,310 |
| SUMITOMO MITSUI TRUST HOLDINGS, INC. |
|
| 214,202 |
|
| 332,895 |
|
|
|
|
| 6,000 |
| SUMITOMO REALTY & DEVELOPMENT CO. LTD. |
|
| 163,837 |
|
| 239,262 |
|
|
|
|
| 51,000 |
| SUMITOMO RUBBER INDUSTRIES LTD. |
|
| 592,291 |
|
| 834,059 |
|
|
|
|
| 5,800 |
| SUZUKI MOTOR CORP. |
|
| 104,611 |
|
| 133,743 |
|
|
|
|
| 32,000 |
| SYSMEX CORP. |
|
| 1,475,582 |
|
| 2,093,971 |
|
|
|
|
| 4,200 |
| T&D HOLDINGS, INC. |
|
| 47,440 |
|
| 56,491 |
|
|
|
|
| 31,000 |
| TAIHEIYO CEMENT CORP. |
|
| 68,814 |
|
| 99,082 |
|
|
|
|
| 11,000 |
| TAISEI CORP. |
|
| 19,821 |
|
| 39,816 |
|
|
|
|
| 600 |
| TAISHO PHARMACEUTICAL HOLDINGS CO. LTD. |
|
| 40,190 |
|
| 42,589 |
|
|
|
|
| 10,000 |
| TAKASHIMAYA CO. LTD. |
|
| 63,872 |
|
| 101,331 |
|
|
|
|
| 14,700 |
| TAKEDA PHARMACEUTICAL CO. LTD. |
|
| 588,054 |
|
| 664,005 |
|
|
|
|
| 1,500 |
| TDK CORP. |
|
| 58,582 |
|
| 51,800 |
|
|
|
|
| 29,000 |
| TEIJIN LTD. |
|
| 67,529 |
|
| 63,743 |
|
|
|
|
| 2,600 |
| TERUMO CORP. |
|
| 95,419 |
|
| 129,371 |
|
|
|
|
| 2,000 |
| THK CO. LTD. |
|
| 29,290 |
|
| 42,045 |
|
|
|
|
| 14,000 |
| TOBU RAILWAY CO. LTD. |
|
| 67,422 |
|
| 72,131 |
|
|
|
|
| 1,000 |
| TOHO CO. LTD. |
|
| 13,412 |
|
| 20,589 |
|
|
|
|
| 17,000 |
| TOHO GAS CO. LTD. |
|
| 81,221 |
|
| 87,931 |
|
|
|
|
| 7,200 |
| TOHOKU ELECTRIC POWER CO., INC.(b) |
|
| 56,650 |
|
| 89,946 |
|
|
|
|
| 14,100 |
| TOKAI RIKA CO. LTD. |
|
| 186,874 |
|
| 281,488 |
|
|
|
|
| 14,400 |
| TOKIO MARINE HOLDINGS, INC. |
|
| 359,676 |
|
| 456,624 |
|
|
|
|
| 21,600 |
| TOKYO ELECTRIC POWER CO., INC.(b) |
|
| 102,702 |
|
| 111,724 |
|
|
|
|
| 3,200 |
| TOKYO ELECTRON LTD. |
|
| 128,746 |
|
| 161,968 |
|
|
|
|
| 40,000 |
| TOKYO GAS CO. LTD. |
|
| 151,969 |
|
| 221,012 |
|
|
|
|
| 25,000 |
| TOKYU CORP. |
|
| 103,448 |
|
| 163,591 |
|
|
|
|
| 23,000 |
| TOKYU LAND CORP. |
|
| 86,617 |
|
| 211,030 |
|
|
|
|
| 4,000 |
| TONENGENERAL SEKIYU K.K. |
|
| 37,796 |
|
| 38,758 |
|
|
|
|
| 17,000 |
| TORAY INDUSTRIES, INC. |
|
| 70,413 |
|
| 110,042 |
|
|
|
|
| 80,000 |
| TOSHIBA CORP. |
|
| 245,424 |
|
| 384,755 |
|
|
|
|
| 6,000 |
| TOTO LTD. |
|
| 30,029 |
|
| 61,041 |
|
|
|
|
| 3,000 |
| TOYO SUISAN KAISHA LTD. |
|
| 74,690 |
|
| 99,819 |
|
|
|
|
| 4,000 |
| TOYOTA INDUSTRIES CORP. |
|
| 101,266 |
|
| 163,743 |
|
|
|
|
| 50,700 |
| TOYOTA MOTOR CORP. |
|
| 1,751,092 |
|
| 3,062,039 |
|
|
|
|
| 1,900 |
| TOYOTA TSUSHO CORP. |
|
| 17,167 |
|
| 48,985 |
|
|
|
|
| 2,500 |
| TREND MICRO, INC. |
|
| 74,501 |
|
| 79,401 |
|
|
|
|
| 1,700 |
| TSUMURA & CO. |
|
| 50,505 |
|
| 50,119 |
|
|
|
|
| 20,034 |
| TSURUHA HOLDINGS, INC. |
|
| 1,566,303 |
|
| 1,896,746 |
|
|
|
|
| 8,000 |
| UBE INDUSTRIES LTD. |
|
| 13,963 |
|
| 14,842 |
|
|
|
|
| 2,600 |
| UNICHARM CORP. |
|
| 68,794 |
|
| 147,066 |
|
|
|
|
| 6,500 |
| USHIO, INC. |
|
| 68,874 |
|
| 85,723 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 80 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Japan (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 80 |
| USS CO. LTD. |
| $ | 3,505 |
|
| 10,155 |
|
|
|
|
| 4,100 |
| WEST JAPAN RAILWAY CO. |
|
| 134,756 |
|
| 174,037 |
|
|
|
|
| 236 |
| YAHOO JAPAN CORP. |
|
| 62,283 |
|
| 116,358 |
|
|
|
|
| 1,300 |
| YAKULT HONSHA CO. LTD. |
|
| 22,252 |
|
| 53,872 |
|
|
|
|
| 2,720 |
| YAMADA DENKI CO. LTD. |
|
| 102,434 |
|
| 110,385 |
|
|
|
|
| 8,400 |
| YAMAHA MOTOR CO. LTD. |
|
| 101,558 |
|
| 108,832 |
|
|
|
|
| 3,100 |
| YAMATO HOLDINGS CO. LTD. |
|
| 48,197 |
|
| 65,357 |
|
|
|
|
| 1,600 |
| YAMATO KOGYO CO. LTD. |
|
| 50,862 |
|
| 48,961 |
|
|
|
|
| 4,000 |
| YAMAZAKI BAKING CO. LTD. |
|
| 44,679 |
|
| 46,985 |
|
|
|
|
| 5,000 |
| YASKAWA ELECTRIC CORP. |
|
| 48,019 |
|
| 60,849 |
|
|
|
|
|
|
|
|
|
| 50,935,071 |
|
| 65,721,628 |
|
| 14.99% |
|
| Mexico: |
|
|
|
|
|
|
|
|
|
| ||
| 7,116 |
| FRESNILLO PLC |
|
| 151,933 |
|
| 95,460 |
|
|
|
|
| 520,519 |
| WAL-MART DE MEXICO S.A.B. DE C.V., SERIES V |
|
| 1,588,758 |
|
| 1,465,453 |
|
|
|
|
|
|
|
|
|
| 1,740,691 |
|
| 1,560,913 |
|
| 0.36% |
|
| Netherlands: |
|
|
|
|
|
|
|
|
|
| ||
| 39,620 |
| AALBERTS INDUSTRIES N.V. |
|
| 750,987 |
|
| 885,480 |
|
|
|
|
| 25,740 |
| ACCELL GROUP |
|
| 426,901 |
|
| 399,708 |
|
|
|
|
| 34,297 |
| AEGON N.V. |
|
| 128,399 |
|
| 229,419 |
|
|
|
|
| 4,340 |
| AKZO NOBEL N.V. |
|
| 184,408 |
|
| 244,693 |
|
|
|
|
| 23,430 |
| ARCADIS N.V. |
|
| 506,394 |
|
| 629,624 |
|
|
|
|
| 8,054 |
| ASML HOLDING N.V. |
|
| 131,659 |
|
| 635,509 |
|
|
|
|
| 27,184 |
| ASML HOLDING N.V. (REGISTERED) |
|
| 1,663,147 |
|
| 2,150,254 |
|
|
|
|
| 13,709 |
| CORE LABORATORIES N.V. |
|
| 1,445,721 |
|
| 2,079,107 |
|
|
|
|
| 1,094 |
| CORIO N.V. |
|
| 43,642 |
|
| 43,525 |
|
|
|
|
| 28,308 |
| DE MASTER BLENDERS 1753 N.V.(b) |
|
| 308,423 |
|
| 453,219 |
|
|
|
|
| 3,045 |
| DELTA LLOYD N.V. |
|
| 50,618 |
|
| 61,019 |
|
|
|
|
| 1,259 |
| FUGRO N.V. - CVA |
|
| 70,525 |
|
| 68,255 |
|
|
|
|
| 768 |
| GEMALTO N.V. |
|
| 50,381 |
|
| 69,537 |
|
|
|
|
| 965 |
| HEINEKEN HOLDING N.V. |
|
| 23,862 |
|
| 54,144 |
|
|
|
|
| 3,662 |
| HEINEKEN N.V. |
|
| 128,663 |
|
| 233,327 |
|
|
|
|
| 222,668 |
| ING GROEP N.V. - CVA(b) |
|
| 1,908,959 |
|
| 2,028,851 |
|
|
|
|
| 13,554 |
| KONINKLIJKE AHOLD N.V. |
|
| 152,134 |
|
| 201,743 |
|
|
|
|
| 2,539 |
| KONINKLIJKE DSM N.V. |
|
| 86,313 |
|
| 165,443 |
|
|
|
|
| 64,990 |
| KONINKLIJKE KPN N.V. |
|
| 148,217 |
|
| 135,097 |
|
|
|
|
| 63,264 |
| KONINKLIJKE PHILIPS N.V. |
|
| 1,335,475 |
|
| 1,724,770 |
|
|
|
|
| 883 |
| KONINKLIJKE VOPAK N.V. |
|
| 51,486 |
|
| 52,095 |
|
|
|
|
| 9,716 |
| QIAGEN N.V.(b) |
|
| 139,904 |
|
| 190,904 |
|
|
|
|
| 3,238 |
| RANDSTAD HOLDING N.V. |
|
| 99,928 |
|
| 132,764 |
|
|
|
|
| 22,774 |
| REED ELSEVIER N.V. |
|
| 264,057 |
|
| 379,440 |
|
|
|
|
| 67,775 |
| ROYAL DUTCH SHELL PLC, CLASS A |
|
| 1,891,597 |
|
| 2,164,730 |
|
|
|
|
| 47,797 |
| ROYAL DUTCH SHELL PLC, CLASS B |
|
| 1,167,518 |
|
| 1,581,883 |
|
|
|
|
| 22,670 |
| ROYAL IMTECH N.V.(b) |
|
| 591,165 |
|
| 166,546 |
|
|
|
|
| 48,305 |
| SENSATA TECHNOLOGIES HOLDING N.V.(b) |
|
| 1,678,661 |
|
| 1,685,844 |
|
|
|
|
| 64,356 |
| TNT EXPRESS N.V. |
|
| 483,286 |
|
| 482,677 |
|
|
|
|
| 27,623 |
| UNILEVER N.V. - CVA |
|
| 917,402 |
|
| 1,087,833 |
|
|
|
|
| 32,690 |
| USG PEOPLE N.V. |
|
| 259,392 |
|
| 212,755 |
|
|
|
|
| 6,193 |
| WOLTERS KLUWER N.V. |
|
| 101,075 |
|
| 131,034 |
|
|
|
|
|
|
|
|
|
| 17,190,299 |
|
| 20,761,229 |
|
| 4.74% |
|
| New Zealand: |
|
|
|
|
|
|
|
|
|
| ||
| 11,811 |
| CONTACT ENERGY LTD. |
|
| 51,688 |
|
| 46,863 |
|
|
|
|
| 7,321 |
| FLETCHER BUILDING LTD. |
|
| 51,323 |
|
| 47,827 |
|
|
|
|
| 18,050 |
| SKYCITY ENTERTAINMENT GROUP LTD. |
|
| 49,428 |
|
| 60,987 |
|
|
|
|
| 37,843 |
| TELECOM CORP. OF NEW ZEALAND LTD. |
|
| 73,138 |
|
| 65,984 |
|
|
|
|
|
|
|
|
|
| 225,577 |
|
| 221,661 |
|
| 0.05% |
|
| Norway: |
|
|
|
|
|
|
|
|
|
| ||
| 3,760 |
| AKER SOLUTIONS ASA |
|
| 43,776 |
|
| 51,160 |
|
|
|
|
| 13,773 |
| DNB ASA |
|
| 87,874 |
|
| 199,418 |
|
|
|
|
| 3,900 |
| KVAERNER ASA |
|
| 6,507 |
|
| 6,234 |
|
|
|
|
| 21,490 |
| NORSK HYDRO ASA |
|
| 82,180 |
|
| 85,757 |
|
|
|
|
| 103,332 |
| ORKLA ASA |
|
| 712,205 |
|
| 846,478 |
|
|
|
|
| 12,350 |
| SCHIBSTED ASA |
|
| 474,811 |
|
| 533,496 |
|
|
|
|
| 4,963 |
| SEADRILL LTD. |
|
| 89,506 |
|
| 200,339 |
|
|
|
|
| 18,458 |
| STATOIL ASA |
|
| 342,560 |
|
| 380,747 |
|
|
|
|
| 11,360 |
| TELENOR ASA |
|
| 229,860 |
|
| 225,167 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 81 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Norway (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 85,000 |
| TOMRA SYSTEMS ASA |
| $ | 703,315 |
|
| 720,653 |
|
|
|
|
| 4,000 |
| YARA INTERNATIONAL ASA |
|
| 109,527 |
|
| 159,490 |
|
|
|
|
|
|
|
|
|
| 2,882,121 |
|
| 3,408,939 |
|
| 0.78% |
|
| Philippines: |
|
|
|
|
|
|
|
|
|
| ||
| 265,880 |
| METROPOLITAN BANK & TRUST |
|
| 591,567 |
|
| 683,164 |
|
|
|
|
|
|
|
|
|
| 591,567 |
|
| 683,164 |
|
| 0.16% |
|
| Poland: |
|
|
|
|
|
|
|
|
|
| ||
| 5,272 |
| EUROCASH S.A. |
|
| 63,752 |
|
| 93,137 |
|
|
|
|
|
|
|
|
|
| 63,752 |
|
| 93,137 |
|
| 0.02% |
|
| Portugal: |
|
|
|
|
|
|
|
|
|
| ||
| 20,567 |
| EDP - ENERGIAS DE PORTUGAL S.A. |
|
| 48,529 |
|
| 66,258 |
|
|
|
|
| 10,080 |
| GALP ENERGIA SGPS S.A. |
|
| 157,855 |
|
| 149,247 |
|
|
|
|
| 60,717 |
| JERONIMO MARTINS SGPS S.A. |
|
| 1,026,051 |
|
| 1,279,533 |
|
|
|
|
| 25,788 |
| PORTUGAL TELECOM SGPS S.A. (REGISTERED) |
|
| 118,941 |
|
| 100,365 |
|
|
|
|
|
|
|
|
|
| 1,351,376 |
|
| 1,595,403 |
|
| 0.36% |
|
| Russia: |
|
|
|
|
|
|
|
|
|
| ||
| 510 |
| X5 RETAIL GROUP N.V.(b) |
|
| 8,769 |
|
| 9,231 |
|
|
|
|
| 6,460 |
| X5 RETAIL GROUP N.V. GDR (REGISTERED)(b) |
|
| 122,935 |
|
| 116,926 |
|
|
|
|
|
|
|
|
|
| 131,704 |
|
| 126,157 |
|
| 0.03% |
|
| Singapore: |
|
|
|
|
|
|
|
|
|
| ||
| 31,000 |
| ASCENDAS REAL ESTATE INVESTMENT TRUST |
|
| 51,644 |
|
| 54,540 |
|
|
|
|
| 39,500 |
| CAPITALAND LTD. |
|
| 75,674 |
|
| 95,984 |
|
|
|
|
| 36,000 |
| CAPITAMALL TRUST |
|
| 34,133 |
|
| 56,663 |
|
|
|
|
| 11,000 |
| CITY DEVELOPMENTS LTD. |
|
| 71,096 |
|
| 92,860 |
|
|
|
|
| 34,000 |
| DBS GROUP HOLDINGS LTD. |
|
| 221,626 |
|
| 415,779 |
|
|
|
|
| 169,924 |
| FLEXTRONICS INTERNATIONAL LTD.(b) |
|
| 1,089,961 |
|
| 1,315,212 |
|
|
|
|
| 22,000 |
| FRASER AND NEAVE LTD. |
|
| 58,463 |
|
| 148,923 |
|
|
|
|
| 52,000 |
| GENTING SINGAPORE PLC |
|
| 65,403 |
|
| 54,154 |
|
|
|
|
| 130,000 |
| GLOBAL LOGISTIC PROPERTIES LTD. |
|
| 203,681 |
|
| 282,051 |
|
|
|
|
| 96,000 |
| GOLDEN AGRI-RESOURCES LTD. |
|
| 50,472 |
|
| 42,414 |
|
|
|
|
| 59,000 |
| HUTCHISON PORT HOLDINGS TRUST, CLASS U |
|
| 48,423 |
|
| 43,512 |
|
|
|
|
| 28,000 |
| KEPPEL CORP. LTD. |
|
| 105,334 |
|
| 229,744 |
|
|
|
|
| 5,600 |
| KEPPEL REIT |
|
| 1,235 |
|
| 5,722 |
|
|
|
|
| 38,000 |
| OVERSEA-CHINESE BANKING CORP. LTD. |
|
| 302,981 |
|
| 299,803 |
|
|
|
|
| 17,000 |
| SEMBCORP INDUSTRIES LTD. |
|
| 31,827 |
|
| 66,390 |
|
|
|
|
| 22,000 |
| SEMBCORP MARINE LTD. |
|
| 32,803 |
|
| 74,982 |
|
|
|
|
| 12,000 |
| SINGAPORE AIRLINES LTD. |
|
| 70,334 |
|
| 96,000 |
|
|
|
|
| 31,000 |
| SINGAPORE EXCHANGE LTD. |
|
| 139,131 |
|
| 171,937 |
|
|
|
|
| 41,000 |
| SINGAPORE PRESS HOLDINGS LTD. |
|
| 91,268 |
|
| 134,888 |
|
|
|
|
| 21,000 |
| SINGAPORE TECHNOLOGIES ENGINEERING LTD. |
|
| 48,624 |
|
| 69,420 |
|
|
|
|
| 170,000 |
| SINGAPORE TELECOMMUNICATIONS LTD. |
|
| 324,551 |
|
| 505,641 |
|
|
|
|
| 22,000 |
| UNITED OVERSEAS BANK LTD. |
|
| 299,383 |
|
| 344,710 |
|
|
|
|
| 15,000 |
| UOL GROUP LTD. |
|
| 49,917 |
|
| 79,527 |
|
|
|
|
| 33,000 |
| WILMAR INTERNATIONAL LTD. |
|
| 95,945 |
|
| 82,012 |
|
|
|
|
|
|
|
|
|
| 3,563,909 |
|
| 4,762,868 |
|
| 1.09% |
|
| South Africa: |
|
|
|
|
|
|
|
|
|
| ||
| 77,786 |
| SHOPRITE HOLDINGS LTD. |
|
| 1,596,359 |
|
| 1,459,710 |
|
|
|
|
|
|
|
|
|
| 1,596,359 |
|
| 1,459,710 |
|
| 0.33% |
|
| South Korea: |
|
|
|
|
|
|
|
|
|
| ||
| 5,245 |
| BINGGRAE CO. LTD. |
|
| 488,445 |
|
| 496,003 |
|
|
|
|
| 56,830 |
| BS FINANCIAL GROUP, INC. |
|
| 640,583 |
|
| 719,052 |
|
|
|
|
| 50,050 |
| DGB FINANCIAL GROUP, INC. |
|
| 625,621 |
|
| 683,665 |
|
|
|
|
| 24,840 |
| HALLA VISTEON CLIMATE CONTROL CORP. |
|
| 529,036 |
|
| 788,451 |
|
|
|
|
| 6,616 |
| HYUNDAI MIPO DOCKYARD |
|
| 742,541 |
|
| 729,930 |
|
|
|
|
| 17,720 |
| KIA MOTORS CORP. |
|
| 835,131 |
|
| 963,541 |
|
|
|
|
| 6,353 |
| KIWOOM SECURITIES CO. LTD. |
|
| 349,706 |
|
| 307,623 |
|
|
|
|
| 6,820 |
| KOREA INVESTMENT HOLDINGS CO. LTD. |
|
| 241,658 |
|
| 248,125 |
|
|
|
|
| 9,049 |
| YOUNGONE HOLDINGS CO. LTD. |
|
| 515,320 |
|
| 544,342 |
|
|
|
|
|
|
|
|
|
| 4,968,041 |
|
| 5,480,732 |
|
| 1.25% |
|
| Spain: |
|
|
|
|
|
|
|
|
|
| ||
| 7,845 |
| ABERTIS INFRAESTRUCTURAS S.A. |
|
| 113,552 |
|
| 136,833 |
|
|
|
|
| 1,260 |
| ACCIONA S.A. |
|
| 78,312 |
|
| 66,505 |
|
|
|
|
| 7,760 |
| ACERINOX S.A. |
|
| 95,129 |
|
| 72,241 |
|
|
|
|
| 5,299 |
| AMADEUS IT HOLDING S.A., CLASS A |
|
| 128,322 |
|
| 169,367 |
|
|
|
|
| 97,279 |
| BANCO BILBAO VIZCAYA ARGENTARIA S.A. |
|
| 737,382 |
|
| 816,087 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 82 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Spain (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 19,444 |
| BANCO POPULAR ESPANOL S.A.(b) |
| $ | 75,513 |
|
| 59,604 |
|
|
|
|
| 169,709 |
| BANCO SANTANDER S.A. |
|
| 1,159,868 |
|
| 1,082,860 |
|
|
|
|
| 27,341 |
| CAIXABANK |
|
| 92,783 |
|
| 84,024 |
|
|
|
|
| 1,388 |
| CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A. |
|
| 645,501 |
|
| 592,504 |
|
|
|
|
| 9,700 |
| DISTRIBUIDORA INTERNACIONAL DE ALIMENTACION S.A. |
|
| 47,567 |
|
| 73,357 |
|
|
|
|
| 85,944 |
| DURO FELGUERA S.A. |
|
| 552,937 |
|
| 553,752 |
|
|
|
|
| 7,427 |
| ENAGAS S.A. |
|
| 138,558 |
|
| 183,535 |
|
|
|
|
| 3,362 |
| FERROVIAL S.A. |
|
| 50,676 |
|
| 53,739 |
|
|
|
|
| 13,148 |
| GAS NATURAL SDG S.A. |
|
| 203,530 |
|
| 265,097 |
|
|
|
|
| 1,818 |
| GRIFOLS S.A. |
|
| 52,706 |
|
| 66,732 |
|
|
|
|
| 50,243 |
| IBERDROLA S.A. |
|
| 239,960 |
|
| 265,258 |
|
|
|
|
| 10,995 |
| INDITEX S.A. |
|
| 1,484,065 |
|
| 1,357,316 |
|
|
|
|
| 49,976 |
| MAPFRE S.A. |
|
| 136,153 |
|
| 162,758 |
|
|
|
|
| 21,941 |
| MELIA HOTELS INTERNATIONAL S.A. |
|
| 146,843 |
|
| 166,502 |
|
|
|
|
| 3,172 |
| RED ELECTRICA CORP. S.A. |
|
| 137,295 |
|
| 174,443 |
|
|
|
|
| 19,639 |
| REPSOL S.A. |
|
| 379,635 |
|
| 414,378 |
|
|
|
|
| 5,898 |
| TECNICAS REUNIDAS S.A. |
|
| 293,674 |
|
| 270,964 |
|
|
|
|
| 56,727 |
| TELEFONICA S.A.(b) |
|
| 784,783 |
|
| 726,942 |
|
|
|
|
| 4,021 |
| ZARDOYA OTIS S.A. |
|
| 49,157 |
|
| 56,998 |
|
|
|
|
|
|
|
|
|
| 7,823,901 |
|
| 7,871,796 |
|
| 1.80% |
|
| Sweden: |
|
|
|
|
|
|
|
|
|
| ||
| 7,400 |
| ASSA ABLOY AB, CLASS B |
|
| 89,466 |
|
| 289,993 |
|
|
|
|
| 11,337 |
| ATLAS COPCO AB, CLASS A |
|
| 121,649 |
|
| 273,869 |
|
|
|
|
| 6,368 |
| ATLAS COPCO AB, CLASS B |
|
| 78,834 |
|
| 136,550 |
|
|
|
|
| 39,960 |
| DUNI AB |
|
| 351,554 |
|
| 347,097 |
|
|
|
|
| 8,524 |
| ELECTROLUX AB, CLASS B |
|
| 113,200 |
|
| 215,321 |
|
|
|
|
| 8,575 |
| ELEKTA AB, CLASS B |
|
| 104,728 |
|
| 130,426 |
|
|
|
|
| 77 |
| GETINGE AB, CLASS B |
|
| 905 |
|
| 2,340 |
|
|
|
|
| 15,793 |
| HENNES & MAURITZ AB, CLASS B |
|
| 349,564 |
|
| 519,046 |
|
|
|
|
| 3,700 |
| HEXAGON AB, CLASS B |
|
| 56,830 |
|
| 98,926 |
|
|
|
|
| 17,500 |
| HUSQVARNA AB, CLASS B |
|
| 64,201 |
|
| 92,353 |
|
|
|
|
| 10,000 |
| INDUSTRIVARDEN AB, CLASS C |
|
| 103,927 |
|
| 167,012 |
|
|
|
|
| 32,645 |
| INDUTRADE AB |
|
| 934,333 |
|
| 1,010,101 |
|
|
|
|
| 3,000 |
| INVESTMENT AB KINNEVIK, CLASS B |
|
| 51,225 |
|
| 76,900 |
|
|
|
|
| 11,800 |
| INVESTOR AB, CLASS B |
|
| 161,782 |
|
| 317,254 |
|
|
|
|
| 2,344 |
| LUNDIN PETROLEUM AB(b) |
|
| 54,274 |
|
| 46,488 |
|
|
|
|
| 1,045 |
| MILLICOM INTERNATIONAL CELLULAR S.A. SDR |
|
| 88,132 |
|
| 75,281 |
|
|
|
|
| 41,436 |
| NORDEA BANK AB |
|
| 232,747 |
|
| 463,414 |
|
|
|
|
| 10,770 |
| ORIFLAME COSMETICS S.A. SDR |
|
| 355,456 |
|
| 340,954 |
|
|
|
|
| 23,773 |
| SANDVIK AB |
|
| 201,678 |
|
| 284,308 |
|
|
|
|
| 2,429 |
| SCANIA AB, CLASS B |
|
| 50,725 |
|
| 48,644 |
|
|
|
|
| 15,868 |
| SECURITAS AB, CLASS B |
|
| 125,722 |
|
| 138,778 |
|
|
|
|
| 41,800 |
| SKANDINAVISKA ENSKILDA BANKEN AB, CLASS A |
|
| 171,318 |
|
| 399,544 |
|
|
|
|
| 2,800 |
| SKANSKA AB, CLASS B |
|
| 23,703 |
|
| 46,471 |
|
|
|
|
| 5,793 |
| SKF AB, CLASS B |
|
| 143,420 |
|
| 135,709 |
|
|
|
|
| 5,400 |
| SSAB AB, CLASS A |
|
| 48,129 |
|
| 32,234 |
|
|
|
|
| 82,070 |
| SVENSKA CELLULOSA AB, CLASS B |
|
| 1,673,266 |
|
| 2,059,674 |
|
|
|
|
| 11,896 |
| SVENSKA HANDELSBANKEN AB, CLASS A |
|
| 264,805 |
|
| 477,536 |
|
|
|
|
| 9,175 |
| SWEDBANK AB, CLASS A |
|
| 197,055 |
|
| 210,423 |
|
|
|
|
| 3,023 |
| SWEDISH MATCH AB |
|
| 101,559 |
|
| 107,332 |
|
|
|
|
| 5,078 |
| TELE2 AB, CLASS B |
|
| 64,621 |
|
| 59,631 |
|
|
|
|
| 58,718 |
| TELEFONAKTIEBOLAGET LM ERICSSON, CLASS B |
|
| 533,417 |
|
| 665,011 |
|
|
|
|
| 36,666 |
| TELIASONERA AB |
|
| 193,138 |
|
| 239,096 |
|
|
|
|
| 21,000 |
| VOLVO AB, CLASS B |
|
| 127,847 |
|
| 281,207 |
|
|
|
|
|
|
|
|
|
| 7,233,210 |
|
| 9,788,923 |
|
| 2.23% |
|
| Switzerland: |
|
|
|
|
|
|
|
|
|
| ||
| 44,424 |
| ABB LTD. (REGISTERED) |
|
| 619,065 |
|
| 964,625 |
|
|
|
|
| 25,927 |
| ACE LTD. |
|
| 2,097,627 |
|
| 2,319,948 |
|
|
|
|
| 2,362 |
| ACTELION LTD. (REGISTERED) |
|
| 90,246 |
|
| 142,288 |
|
|
|
|
| 18,895 |
| ADECCO S.A. (REGISTERED) |
|
| 790,950 |
|
| 1,077,228 |
|
|
|
|
| 2,059 |
| ARYZTA A.G. |
|
| 50,704 |
|
| 115,751 |
|
|
|
|
| 484 |
| BALOISE HOLDING A.G. (REGISTERED) |
|
| 26,452 |
|
| 47,065 |
|
|
|
|
| 8,167 |
| CIE FINANCIERE RICHEMONT S.A., CLASS A (BEARER) |
|
| 550,611 |
|
| 722,410 |
|
|
|
|
| 3,332 |
| COCA-COLA HBC A.G. |
|
| 76,472 |
|
| 77,993 |
|
|
|
|
| 14,319 |
| CREDIT SUISSE GROUP A.G. (REGISTERED) |
|
| 340,080 |
|
| 379,748 |
|
|
|
|
| 470 |
| FORBO HOLDING A.G. (REGISTERED) |
|
| 307,691 |
|
| 299,799 |
|
|
|
|
| 1,115 |
| GEBERIT A.G. (REGISTERED) |
|
| 110,661 |
|
| 276,581 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 83 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Switzerland (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 174 |
| GIVAUDAN S.A. (REGISTERED) |
| $ | 105,989 |
|
| 224,558 |
|
|
|
|
| 189,200 |
| GLENCORE XSTRATA PLC |
|
| 736,586 |
|
| 783,149 |
|
|
|
|
| 4,025 |
| HOLCIM LTD. (REGISTERED) |
|
| 183,971 |
|
| 280,606 |
|
|
|
|
| 4,134 |
| JULIUS BAER GROUP LTD. |
|
| 87,890 |
|
| 161,456 |
|
|
|
|
| 408 |
| KUEHNE + NAGEL INTERNATIONAL A.G. (REGISTERED) |
|
| 48,982 |
|
| 44,793 |
|
|
|
|
| 41 |
| LINDT & SPRUENGLI A.G. (PARTICIPATION CERTIFICATE) |
|
| 59,775 |
|
| 154,008 |
|
|
|
|
| 3 |
| LINDT & SPRUENGLI A.G. (REGISTERED) |
|
| 75,352 |
|
| 130,729 |
|
|
|
|
| 45,240 |
| LOGITECH INTERNATIONAL S.A. (REGISTERED) |
|
| 392,534 |
|
| 318,942 |
|
|
|
|
| 897 |
| LONZA GROUP A.G. (REGISTERED) |
|
| 50,452 |
|
| 67,568 |
|
|
|
|
| 90,501 |
| NESTLE S.A. (REGISTERED) |
|
| 3,533,844 |
|
| 5,935,670 |
|
|
|
|
| 40,470 |
| NOBEL BIOCARE HOLDING A.G. (REGISTERED) |
|
| 378,692 |
|
| 492,727 |
|
|
|
|
| 65,047 |
| NOVARTIS A.G. (REGISTERED) |
|
| 2,948,866 |
|
| 4,620,882 |
|
|
|
|
| 15,794 |
| PANALPINA WELTTRANSPORT HOLDING |
|
| 1,250,198 |
|
| 1,703,889 |
|
|
|
|
| 9,929 |
| PARGESA HOLDING S.A. (BEARER) |
|
| 628,597 |
|
| 662,774 |
|
|
|
|
| 13,103 |
| ROCHE HOLDING A.G. (GENUSSCHEIN) |
|
| 1,721,829 |
|
| 3,259,970 |
|
|
|
|
| 1,381 |
| SCHINDLER HOLDING A.G. (PARTICIPATION CERTIFICATE) |
|
| 108,493 |
|
| 192,409 |
|
|
|
|
| 589 |
| SCHINDLER HOLDING A.G. (REGISTERED) |
|
| 68,597 |
|
| 79,818 |
|
|
|
|
| 1,129 |
| SGS S.A. (REGISTERED) |
|
| 2,343,604 |
|
| 2,425,219 |
|
|
|
|
| 77 |
| SIKA A.G. (BEARER) |
|
| 152,753 |
|
| 199,399 |
|
|
|
|
| 1,300 |
| SONOVA HOLDING A.G. (REGISTERED) |
|
| 84,464 |
|
| 137,907 |
|
|
|
|
| 10,640 |
| STMICROELECTRONICS N.V. |
|
| 55,625 |
|
| 95,853 |
|
|
|
|
| 635 |
| SULZER A.G. (REGISTERED) |
|
| 30,609 |
|
| 101,581 |
|
|
|
|
| 510 |
| SWATCH GROUP (THE) A.G. (BEARER) |
|
| 241,014 |
|
| 279,149 |
|
|
|
|
| 579 |
| SWATCH GROUP (THE) A.G. (REGISTERED) |
|
| 52,552 |
|
| 54,556 |
|
|
|
|
| 743 |
| SWISS LIFE HOLDING A.G. (REGISTERED) |
|
| 101,194 |
|
| 120,824 |
|
|
|
|
| 1,576 |
| SWISS PRIME SITE A.G. (REGISTERED) |
|
| 122,881 |
|
| 115,879 |
|
|
|
|
| 3,269 |
| SWISS RE A.G. |
|
| 238,123 |
|
| 243,302 |
|
|
|
|
| 743 |
| SWISSCOM A.G. (REGISTERED) |
|
| 269,477 |
|
| 325,345 |
|
|
|
|
| 1,170 |
| SYNGENTA A.G. (REGISTERED) |
|
| 237,102 |
|
| 457,818 |
|
|
|
|
| 52,845 |
| TE CONNECTIVITY LTD. |
|
| 1,016,434 |
|
| 2,406,561 |
|
|
|
|
| 6,004 |
| TRANSOCEAN LTD. |
|
| 321,336 |
|
| 287,892 |
|
|
|
|
| 55,541 |
| UBS A.G. (REGISTERED) |
|
| 890,566 |
|
| 945,529 |
|
|
|
|
| 4,316 |
| WOLSELEY PLC |
|
| 70,476 |
|
| 199,099 |
|
|
|
|
| 2,962 |
| ZURICH INSURANCE GROUP A.G. |
|
| 537,248 |
|
| 768,292 |
|
|
|
|
|
|
|
|
|
| 24,206,664 |
|
| 34,701,589 |
|
| 7.92% |
|
| Taiwan: |
|
|
|
|
|
|
|
|
|
| ||
| 866,000 |
| D-LINK CORP. |
|
| 489,773 |
|
| 530,216 |
|
|
|
|
| 121,000 |
| GIANT MANUFACTURING CO. LTD. |
|
| 642,690 |
|
| 831,671 |
|
|
|
|
| 203,000 |
| SIMPLO TECHNOLOGY CO. LTD. |
|
| 1,102,093 |
|
| 880,518 |
|
|
|
|
| 163,991 |
| TAIWAN SEMICONDUCTOR MANUFACTURING CO. |
|
| 2,525,827 |
|
| 3,004,315 |
|
|
|
|
| 129,000 |
| TRIPOD TECHNOLOGY CORP. |
|
| 311,363 |
|
| 278,479 |
|
|
|
|
|
|
|
|
|
| 5,071,746 |
|
| 5,525,199 |
|
| 1.26% |
|
| Thailand: |
|
|
|
|
|
|
|
|
|
| ||
| 1,024,700 |
| LPN DEVELOPMENT PCL (REGISTERED) |
|
| 612,245 |
|
| 796,236 |
|
|
|
|
|
|
|
|
|
| 612,245 |
|
| 796,236 |
|
| 0.18% |
|
| Turkey: |
|
|
|
|
|
|
|
|
|
| ||
| 38,326 |
| AYGAZ A/S |
|
| 175,595 |
|
| 176,061 |
|
|
|
|
|
|
|
|
|
| 175,595 |
|
| 176,061 |
|
| 0.04% |
|
| United Kingdom: |
|
|
|
|
|
|
|
|
|
| ||
| 25,248 |
| 3I GROUP PLC |
|
| 88,645 |
|
| 129,642 |
|
|
|
|
| 13,185 |
| ABERDEEN ASSET MANAGEMENT PLC |
|
| 49,918 |
|
| 76,766 |
|
|
|
|
| 88,343 |
| ADMIRAL GROUP PLC |
|
| 1,635,397 |
|
| 1,783,027 |
|
|
|
|
| 6,473 |
| AGGREKO PLC |
|
| 179,905 |
|
| 161,657 |
|
|
|
|
| 103,832 |
| ALENT PLC |
|
| 488,356 |
|
| 517,988 |
|
|
|
|
| 18,460 |
| AMEC PLC |
|
| 250,623 |
|
| 282,171 |
|
|
|
|
| 22,669 |
| ANGLO AMERICAN PLC |
|
| 440,589 |
|
| 436,497 |
|
|
|
|
| 4,811 |
| ANTOFAGASTA PLC |
|
| 33,978 |
|
| 58,172 |
|
|
|
|
| 33,451 |
| AON PLC |
|
| 1,617,255 |
|
| 2,152,572 |
|
|
|
|
| 14,574 |
| ARM HOLDINGS PLC |
|
| 183,136 |
|
| 176,222 |
|
|
|
|
| 32,055 |
| ARM HOLDINGS PLC ADR(d) |
|
| 914,776 |
|
| 1,159,750 |
|
|
|
|
| 348,486 |
| ASHMORE GROUP PLC |
|
| 2,133,607 |
|
| 1,821,712 |
|
|
|
|
| 18,990 |
| ASOS PLC(b) |
|
| 1,152,223 |
|
| 1,168,311 |
|
|
|
|
| 2,111 |
| ASSOCIATED BRITISH FOODS PLC |
|
| 52,996 |
|
| 55,706 |
|
|
|
|
| 39,147 |
| ASTRAZENECA PLC |
|
| 1,628,133 |
|
| 1,854,691 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 84 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| United Kingdom (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 59,299 |
| AVIVA PLC |
| $ | 212,664 |
|
| 306,288 |
|
|
|
|
| 5,239 |
| BABCOCK INTERNATIONAL GROUP PLC |
|
| 47,416 |
|
| 87,890 |
|
|
|
|
| 69,985 |
| BAE SYSTEMS PLC |
|
| 356,154 |
|
| 407,679 |
|
|
|
|
| 13,290 |
| BALFOUR BEATTY PLC |
|
| 50,926 |
|
| 48,189 |
|
|
|
|
| 202,354 |
| BARCLAYS PLC |
|
| 785,219 |
|
| 856,986 |
|
|
|
|
| 26,580 |
| BELLWAY PLC |
|
| 431,670 |
|
| 513,421 |
|
|
|
|
| 47,320 |
| BERENDSEN PLC |
|
| 430,401 |
|
| 535,827 |
|
|
|
|
| 61,258 |
| BG GROUP PLC |
|
| 967,887 |
|
| 1,042,110 |
|
|
|
|
| 39,133 |
| BHP BILLITON PLC |
|
| 853,977 |
|
| 1,001,115 |
|
|
|
|
| 49,770 |
| BODYCOTE PLC |
|
| 296,347 |
|
| 396,656 |
|
|
|
|
| 40,090 |
| BOVIS HOMES GROUP PLC |
|
| 334,837 |
|
| 464,934 |
|
|
|
|
| 347,971 |
| BP PLC |
|
| 2,336,178 |
|
| 2,409,395 |
|
|
|
|
| 35,098 |
| BRITISH AMERICAN TOBACCO PLC |
|
| 1,391,296 |
|
| 1,797,649 |
|
|
|
|
| 11,630 |
| BRITISH LAND CO. PLC |
|
| 61,579 |
|
| 100,206 |
|
|
|
|
| 17,468 |
| BRITISH SKY BROADCASTING GROUP PLC |
|
| 116,486 |
|
| 210,418 |
|
|
|
|
| 143,369 |
| BT GROUP PLC |
|
| 523,985 |
|
| 674,232 |
|
|
|
|
| 5,069 |
| BUNZL PLC |
|
| 39,524 |
|
| 98,684 |
|
|
|
|
| 8,202 |
| BURBERRY GROUP PLC |
|
| 40,549 |
|
| 168,535 |
|
|
|
|
| 16,980 |
| CAPITA PLC |
|
| 162,367 |
|
| 249,477 |
|
|
|
|
| 3,001 |
| CARNIVAL PLC |
|
| 81,398 |
|
| 104,524 |
|
|
|
|
| 19,383 |
| CARPETRIGHT PLC(b) |
|
| 188,450 |
|
| 172,461 |
|
|
|
|
| 92,189 |
| CENTRICA PLC |
|
| 340,421 |
|
| 505,054 |
|
|
|
|
| 28,496 |
| COBHAM PLC |
|
| 93,701 |
|
| 113,597 |
|
|
|
|
| 278,351 |
| COMPASS GROUP PLC |
|
| 1,770,331 |
|
| 3,556,207 |
|
|
|
|
| 2,950 |
| CRODA INTERNATIONAL PLC |
|
| 101,220 |
|
| 111,138 |
|
|
|
|
| 192,670 |
| DEBENHAMS PLC |
|
| 201,104 |
|
| 279,561 |
|
|
|
|
| 78,480 |
| DIAGEO PLC |
|
| 1,070,935 |
|
| 2,244,046 |
|
|
|
|
| 17,440 |
| DIGNITY PLC |
|
| 263,164 |
|
| 361,806 |
|
|
|
|
| 200,945 |
| DIPLOMA PLC |
|
| 1,561,157 |
|
| 1,713,041 |
|
|
|
|
| 119,233 |
| DIRECT LINE INSURANCE GROUP PLC |
|
| 372,511 |
|
| 422,540 |
|
|
|
|
| 95 |
| DRAX GROUP PLC |
|
| 544 |
|
| 842 |
|
|
|
|
| 17,860 |
| EURASIAN NATURAL RESOURCES CORP. PLC |
|
| 68,365 |
|
| 55,415 |
|
|
|
|
| 99,309 |
| FIBERWEB PLC |
|
| 111,178 |
|
| 106,108 |
|
|
|
|
| 21,685 |
| G4S PLC |
|
| 77,070 |
|
| 75,990 |
|
|
|
|
| 32,712 |
| GKN PLC |
|
| 101,683 |
|
| 149,907 |
|
|
|
|
| 91,912 |
| GLAXOSMITHKLINE PLC |
|
| 1,410,189 |
|
| 2,303,798 |
|
|
|
|
| 101,170 |
| GREGGS PLC |
|
| 781,008 |
|
| 642,272 |
|
|
|
|
| 17,505 |
| HAMMERSON PLC |
|
| 69,535 |
|
| 129,740 |
|
|
|
|
| 104,290 |
| HOMESERVE PLC |
|
| 364,770 |
|
| 444,136 |
|
|
|
|
| 335,233 |
| HSBC HOLDINGS PLC |
|
| 2,323,658 |
|
| 3,477,331 |
|
|
|
|
| 232,158 |
| ICAP PLC |
|
| 1,259,540 |
|
| 1,283,521 |
|
|
|
|
| 231,255 |
| IG GROUP HOLDINGS PLC |
|
| 1,683,027 |
|
| 2,040,018 |
|
|
|
|
| 2,830 |
| IMI PLC |
|
| 52,352 |
|
| 53,373 |
|
|
|
|
| 18,792 |
| IMPERIAL TOBACCO GROUP PLC |
|
| 441,174 |
|
| 651,663 |
|
|
|
|
| 11,958 |
| INMARSAT PLC |
|
| 92,794 |
|
| 122,493 |
|
|
|
|
| 1,818 |
| INTERCONTINENTAL HOTELS GROUP PLC |
|
| 52,081 |
|
| 49,993 |
|
|
|
|
| 32,745 |
| INTERNATIONAL CONSOLIDATED AIRLINES |
|
| 90,834 |
|
| 131,533 |
|
|
|
|
| 2,722 |
| INTERTEK GROUP PLC |
|
| 108,909 |
|
| 121,013 |
|
|
|
|
| 6,025 |
| INTU PROPERTIES PLC |
|
| 23,472 |
|
| 28,646 |
|
|
|
|
| 9,702 |
| INVENSYS PLC |
|
| 29,802 |
|
| 60,882 |
|
|
|
|
| 11,111 |
| INVESTEC PLC |
|
| 66,959 |
|
| 69,912 |
|
|
|
|
| 444,560 |
| ITE GROUP PLC |
|
| 1,583,036 |
|
| 2,016,290 |
|
|
|
|
| 17,144 |
| ITV PLC |
|
| 9,112 |
|
| 36,531 |
|
|
|
|
| 29,306 |
| J. SAINSBURY PLC |
|
| 141,007 |
|
| 158,368 |
|
|
|
|
| 3,841 |
| JOHNSON MATTHEY PLC |
|
| 85,088 |
|
| 153,527 |
|
|
|
|
| 42,914 |
| KINGFISHER PLC |
|
| 109,517 |
|
| 223,876 |
|
|
|
|
| 195,230 |
| LAIRD PLC |
|
| 683,216 |
|
| 527,060 |
|
|
|
|
| 15,511 |
| LAND SECURITIES GROUP PLC |
|
| 113,585 |
|
| 208,548 |
|
|
|
|
| 69,234 |
| LEGAL & GENERAL GROUP PLC |
|
| 173,141 |
|
| 180,487 |
|
|
|
|
| 2,118,440 |
| LLOYDS BANKING GROUP PLC(b) |
|
| 1,702,120 |
|
| 2,035,041 |
|
|
|
|
| 6,030 |
| LONDON STOCK EXCHANGE GROUP PLC |
|
| 69,795 |
|
| 122,621 |
|
|
|
|
| 449,800 |
| MAN GROUP PLC |
|
| 638,904 |
|
| 569,191 |
|
|
|
|
| 25,083 |
| MARKS & SPENCER GROUP PLC |
|
| 101,882 |
|
| 164,312 |
|
|
|
|
| 349,915 |
| MEARS GROUP PLC |
|
| 1,841,014 |
|
| 2,058,296 |
|
|
|
|
| 13,587 |
| MEGGITT PLC |
|
| 60,745 |
|
| 106,942 |
|
|
|
|
| 15,880 |
| MELROSE INDUSTRIES PLC |
|
| 52,258 |
|
| 60,213 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 85 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| United Kingdom (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 92,482 |
| MICHAEL PAGE INTERNATIONAL PLC |
| $ | 519,290 |
|
| 521,850 |
|
|
|
|
| 167,629 |
| MITIE GROUP PLC |
|
| 789,786 |
|
| 640,703 |
|
|
|
|
| 57,366 |
| NATIONAL GRID PLC |
|
| 524,321 |
|
| 650,891 |
|
|
|
|
| 3,200 |
| NEXT PLC |
|
| 86,367 |
|
| 221,840 |
|
|
|
|
| 96,618 |
| OLD MUTUAL PLC |
|
| 133,905 |
|
| 265,541 |
|
|
|
|
| 17,030 |
| PEARSON PLC |
|
| 231,527 |
|
| 303,310 |
|
|
|
|
| 6,290 |
| PETROFAC LTD. |
|
| 120,064 |
|
| 114,610 |
|
|
|
|
| 39,966 |
| PRUDENTIAL PLC |
|
| 587,453 |
|
| 653,453 |
|
|
|
|
| 350,880 |
| QINETIQ GROUP PLC |
|
| 638,683 |
|
| 962,742 |
|
|
|
|
| 772 |
| RANDGOLD RESOURCES LTD. |
|
| 79,361 |
|
| 47,965 |
|
|
|
|
| 12,630 |
| RECKITT BENCKISER GROUP PLC |
|
| 545,806 |
|
| 892,862 |
|
|
|
|
| 188,329 |
| REED ELSEVIER PLC |
|
| 1,477,551 |
|
| 2,139,699 |
|
|
|
|
| 24,403 |
| RESOLUTION LTD. |
|
| 95,067 |
|
| 105,780 |
|
|
|
|
| 18,486 |
| REXAM PLC |
|
| 87,980 |
|
| 134,255 |
|
|
|
|
| 18,477 |
| RIO TINTO PLC |
|
| 802,244 |
|
| 753,993 |
|
|
|
|
| 33,377 |
| ROLLS-ROYCE HOLDINGS PLC |
|
| 490,757 |
|
| 575,672 |
|
|
|
|
| 30,125 |
| ROYAL BANK OF SCOTLAND GROUP PLC(b) |
|
| 147,782 |
|
| 125,314 |
|
|
|
|
| 36,342 |
| RSA INSURANCE GROUP PLC |
|
| 68,056 |
|
| 65,776 |
|
|
|
|
| 14,621 |
| SABMILLER PLC |
|
| 656,380 |
|
| 701,047 |
|
|
|
|
| 20,657 |
| SAGE GROUP (THE) PLC |
|
| 74,323 |
|
| 106,885 |
|
|
|
|
| 50,841 |
| SAVILLS PLC |
|
| 234,523 |
|
| 441,535 |
|
|
|
|
| 10,277 |
| SEGRO PLC |
|
| 36,889 |
|
| 43,641 |
|
|
|
|
| 96,765 |
| SERCO GROUP PLC |
|
| 865,757 |
|
| 907,332 |
|
|
|
|
| 4,954 |
| SEVERN TRENT PLC |
|
| 76,220 |
|
| 125,379 |
|
|
|
|
| 18,823 |
| SMITH & NEPHEW PLC |
|
| 151,602 |
|
| 210,422 |
|
|
|
|
| 5,478 |
| SMITHS GROUP PLC |
|
| 80,025 |
|
| 108,979 |
|
|
|
|
| 16,949 |
| SSE PLC |
|
| 293,983 |
|
| 392,608 |
|
|
|
|
| 44,425 |
| STANDARD CHARTERED PLC |
|
| 726,163 |
|
| 964,198 |
|
|
|
|
| 48,103 |
| STANDARD LIFE PLC |
|
| 131,737 |
|
| 252,922 |
|
|
|
|
| 6,872 |
| SUBSEA 7 S.A.(b) |
|
| 162,265 |
|
| 120,485 |
|
|
|
|
| 54,459 |
| SYNERGY HEALTH PLC |
|
| 832,417 |
|
| 934,316 |
|
|
|
|
| 8,607 |
| TATE & LYLE PLC |
|
| 92,385 |
|
| 107,934 |
|
|
|
|
| 521,777 |
| TESCO PLC |
|
| 2,757,226 |
|
| 2,629,980 |
|
|
|
|
| 18,836 |
| TULLOW OIL PLC |
|
| 298,063 |
|
| 286,773 |
|
|
|
|
| 24,244 |
| UNILEVER PLC |
|
| 545,190 |
|
| 981,583 |
|
|
|
|
| 37,893 |
| UNILEVER PLC ADR(d) |
|
| 923,287 |
|
| 1,532,772 |
|
|
|
|
| 10,541 |
| UNITED UTILITIES GROUP PLC |
|
| 80,109 |
|
| 109,661 |
|
|
|
|
| 307,500 |
| VECTURA GROUP PLC(b) |
|
| 435,905 |
|
| 378,831 |
|
|
|
|
| 2,343 |
| VEDANTA RESOURCES PLC |
|
| 35,450 |
|
| 36,349 |
|
|
|
|
| 112,385 |
| VESUVIUS PLC |
|
| 541,709 |
|
| 628,346 |
|
|
|
|
| 1,233,177 |
| VODAFONE GROUP PLC |
|
| 2,490,262 |
|
| 3,523,316 |
|
|
|
|
| 1,806 |
| WEIR GROUP (THE) PLC |
|
| 44,508 |
|
| 59,084 |
|
|
|
|
| 2,849 |
| WHITBREAD PLC |
|
| 65,613 |
|
| 132,422 |
|
|
|
|
| 7,337 |
| WILLIAM HILL PLC |
|
| 50,538 |
|
| 49,201 |
|
|
|
|
| 51,312 |
| WM MORRISON SUPERMARKETS PLC |
|
| 206,637 |
|
| 204,316 |
|
|
|
|
| 23,432 |
| WPP PLC |
|
| 141,019 |
|
| 399,868 |
|
|
|
|
|
|
|
|
|
| 63,362,940 |
|
| 78,954,880 |
|
| 18.01% |
|
| United States: |
|
|
|
|
|
|
|
|
|
| ||
| 41,583 |
| ARCH CAPITAL GROUP LTD.(b) |
|
| 796,665 |
|
| 2,137,782 |
|
|
|
|
| 24,880 |
| AXIS CAPITAL HOLDINGS LTD. |
|
| 938,631 |
|
| 1,139,006 |
|
|
|
|
| 9,091 |
| BROOKFIELD OFFICE PROPERTIES, INC.(b) |
|
| 77,904 |
|
| 151,185 |
|
|
|
|
| 2,505 |
| CATAMARAN CORP.(b) |
|
| 124,238 |
|
| 121,927 |
|
|
|
|
| 51,424 |
| COCA-COLA ENTERPRISES, INC. |
|
| 1,613,228 |
|
| 1,808,068 |
|
|
|
|
| 16,410 |
| STEINER LEISURE LTD.(b) |
|
| 777,562 |
|
| 867,433 |
|
|
|
|
| 8,041 |
| THOMSON REUTERS CORP. |
|
| 206,631 |
|
| 262,401 |
|
|
|
|
|
|
|
|
|
| 4,534,859 |
|
| 6,487,802 |
|
| 1.48% |
|
|
| Sub-total Common Stocks: |
|
| 340,592,974 |
|
| 418,699,336 |
|
| 95.51% |
| |
Master Limited Partnerships: |
|
|
|
|
|
|
|
|
|
| |||
| United States: |
|
|
|
|
|
|
|
|
|
| ||
| 756 |
| BROOKFIELD PROPERTY PARTNERS L.P. |
|
| 15,940 |
|
| 15,311 |
|
|
|
|
| 53,789 |
| LAZARD LTD., CLASS A |
|
| 1,557,119 |
|
| 1,729,317 |
|
|
|
|
|
|
|
|
|
| 1,573,059 |
|
| 1,744,628 |
|
| 0.40% |
|
|
| Sub-total Master Limited Partnerships: |
|
| 1,573,059 |
|
| 1,744,628 |
|
| 0.40% |
| |
Preferred Stocks: |
|
|
|
|
|
|
|
|
|
| |||
| Germany: |
|
|
|
|
|
|
|
|
|
| ||
| 1,521 |
| BAYERISCHE MOTOREN WERKE A.G. |
|
| 49,612 |
|
| 104,000 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 86 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Germany (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 2,200 |
| DRAEGERWERK A.G. & CO. KGAA |
| $ | 284,294 |
|
| 301,540 |
|
|
|
|
| 2,280 |
| HENKEL A.G. & CO. KGAA |
|
| 200,431 |
|
| 214,421 |
|
|
|
|
| 3,478 |
| PORSCHE AUTOMOBIL HOLDING S.E. |
|
| 159,145 |
|
| 269,274 |
|
|
|
|
| 3,577 |
| PROSIEBENSAT.1 MEDIA A.G.(b) |
|
| 60,490 |
|
| 153,741 |
|
|
|
|
| 2,770 |
| RWE A.G. (NON VOTING) |
|
| 76,994 |
|
| 85,632 |
|
|
|
|
| 2,175 |
| VOLKSWAGEN A.G. |
|
| 473,409 |
|
| 440,376 |
|
|
|
|
|
|
|
|
|
| 1,304,375 |
|
| 1,568,984 |
|
| 0.36% |
|
|
| Sub-total Preferred Stocks |
|
| 1,304,375 |
|
| 1,568,984 |
|
| 0.36% |
| |
Rights: |
|
|
|
|
|
|
|
|
|
| |||
| Austria: |
|
|
|
|
|
|
|
|
|
| ||
| 10,586 |
| IMMOEAST A.G.(b)(c) |
|
| - |
|
| - |
|
|
|
|
|
|
|
|
|
| - |
|
| - |
|
| 0.00% |
|
| France: |
|
|
|
|
|
|
|
|
|
| ||
| 2 |
| GROUPE FNAC(b) |
|
| - |
|
| 5 |
|
|
|
|
|
|
|
|
|
| - |
|
| 5 |
|
| 0.00% |
|
| Spain: |
|
|
|
|
|
|
|
|
|
| ||
| 19,639 |
| REPSOL S.A.(b) |
|
| 11,550 |
|
| 10,941 |
|
|
|
|
|
|
|
|
|
| 11,550 |
|
| 10,941 |
|
| 0.00% |
|
|
| Sub-total Rights |
|
| 11,550 |
|
| 10,946 |
|
| 0.00% |
| |
Short-Term Investments: |
|
|
|
|
|
|
|
|
|
| |||
| 14,661,462 |
| NORTHERN INSTITUTIONAL FUNDS - |
|
| 14,661,462 |
|
| 14,661,462 |
|
|
|
|
|
| Sub-total Short-Term Investments: |
|
| 14,661,462 |
|
| 14,661,462 |
|
| 3.35% |
| |
|
|
| Grand total(f) |
| $ | 358,143,420 |
|
| 436,685,356 |
|
| 99.62% |
|
|
|
|
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) | Security has been deemed worthless and is a Level 3 investment. | |
(d) | Securities are American Depositary Receipts of companies based outside of the United States representing 2.44% of net assets. | |
(e) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. | |
At December 31, 2012, the value of the Clearwater International Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was approximately $33,524,860 with net sales of approximately $18,863,398 during the six months ended June 30, 2013. | ||
(f) | At June 30, 2013, the cost for Federal income tax purposes was $359,544,499. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost was as follows: |
|
|
|
|
|
Gross unrealized appreciation | $ | 89,594,099 | ||
Gross unrealized depreciation |
| (12,453,242 | ) | |
Net unrealized appreciation |
| $ | 77,140,857 |
|
|
|
See accompanying notes to the financial statements. | 87 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2013
At June 30, 2013, the industry sectors for the Clearwater International Fund were:
|
|
|
|
|
Industry Sector | Percent of | |||
Consumer Discretionary | 16.52 | % | ||
Consumer Staples | 12.12 | |||
Energy | 6.11 | |||
Financials | 21.21 | |||
Health Care | 9.16 | |||
Industrials | 15.69 | |||
Information Technology | 8.62 | |||
Materials | 5.74 | |||
Telecommunication Services | 2.86 | |||
Utilities | 1.97 | |||
100.00 | % |
At June 30, 2013, the Clearwater International Fund’s investments were denominated in the following currencies:
|
|
|
|
|
Concentration by Currency | Percent of | |||
Euro | 20.59 | % | ||
British Pound | 18.95 | |||
Japanese Yen | 15.57 | |||
United States Dollar | 10.65 | |||
Canadian Dollar | 6.73 | |||
Swiss Franc | 6.69 | |||
Australian Dollar | 6.38 | |||
Hong Kong Dollar | 6.08 | |||
All other currencies less than 5% | 8.36 | |||
100.00 | % |
At June 30, 2013, the Clearwater International Fund had outstanding forward foreign currency exchange contracts as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts To | Amount | In | Amount | Settlement | Unrealized | Counterparty | |||||||||||
Australian Dollar | 1,787 | United States Dollar | 1,656 | 7/1/13 | $ | 22 | Northern Trust | ||||||||||
British Pound | 6,243 | United States Dollar | 9,511 | 7/1/13 | 17 | Morgan Stanley | |||||||||||
Euro | 114,569 | United States Dollar | 149,180 | 7/1/13 | 52 | Morgan Stanley | |||||||||||
Japanese Yen | 724,094 | United States Dollar | 7,365 | 7/1/13 | 64 | Barclays | |||||||||||
Japanese Yen | 1,158,805 | United States Dollar | 11,776 | 7/1/13 | 92 | Northern Trust | |||||||||||
Japanese Yen | 1,084,207 | United States Dollar | 11,018 | 7/1/13 | 87 | Northern Trust | |||||||||||
Japanese Yen | 653,685 | United States Dollar | 6,643 | 7/1/13 | 52 | Northern Trust | |||||||||||
Japanese Yen | 453,819 | United States Dollar | 4,612 | 7/1/13 | 36 | Northern Trust | |||||||||||
Japanese Yen | 331,485 | United States Dollar | 3,369 | 7/1/13 | 26 | Northern Trust | |||||||||||
Japanese Yen | 222,847 | United States Dollar | 2,265 | 7/1/13 | 18 | Northern Trust | |||||||||||
Japanese Yen | 220,526 | United States Dollar | 2,241 | 7/1/13 | 18 | Northern Trust | |||||||||||
Japanese Yen | 125,352 | United States Dollar | 1,274 | 7/1/13 | 10 | Northern Trust | |||||||||||
Japanese Yen | 120,709 | United States Dollar | 1,227 | 7/1/13 | 10 | Northern Trust | |||||||||||
Japanese Yen | 120,245 | United States Dollar | 1,222 | 7/1/13 | 9 | Northern Trust | |||||||||||
Japanese Yen | 111,424 | United States Dollar | 1,132 | 7/1/13 | 9 | Northern Trust | |||||||||||
Japanese Yen | 103,067 | United States Dollar | 1,047 | 7/1/13 | 8 | Northern Trust | |||||||||||
Japanese Yen | 102,138 | United States Dollar | 1,038 | 7/1/13 | 8 | Northern Trust | |||||||||||
Japanese Yen | 102,138 | United States Dollar | 1,038 | 7/1/13 | 8 | Northern Trust | |||||||||||
Japanese Yen | 96,135 | United States Dollar | 977 | 7/1/13 | 8 | Northern Trust | |||||||||||
Japanese Yen | 89,139 | United States Dollar | 906 | 7/1/13 | 7 | Northern Trust |
|
|
|
See accompanying notes to the financial statements. | 88 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts To |
| Amount |
| In |
| Amount |
| Settlement |
| Unrealized |
| Counterparty | |||||
Japanese Yen | 81,711 | United States Dollar | 830 | 7/1/13 | $ | 7 | Northern Trust | ||||||||||
Japanese Yen | 71,033 | United States Dollar | 722 | 7/1/13 | 6 | Northern Trust | |||||||||||
Japanese Yen | 36,213 | United States Dollar | 368 | 7/1/13 | 3 | Northern Trust | |||||||||||
Japanese Yen | 35,098 | United States Dollar | 357 | 7/1/13 | 3 | Northern Trust | |||||||||||
Japanese Yen | 10,845 | United States Dollar | 110 | 7/1/13 | 1 | Northern Trust | |||||||||||
United States Dollar | 111,809 | British Pound | 72,945 | 7/1/13 | (865 | ) | Northern Trust | ||||||||||
United States Dollar | 504,988 | British Pound | 329,454 | 7/1/13 | (3,904 | ) | Northern Trust | ||||||||||
United States Dollar | 7,781 | British Pound | 5,075 | 7/1/13 | (62 | ) | State Street | ||||||||||
United States Dollar | 12,073 | Euro | 9,282 | 7/1/13 | 9 | Bank of America | |||||||||||
British Pound | 3 | United States Dollar | 5 | 7/2/13 | - | * | Northern Trust | ||||||||||
British Pound | 9,301 | United States Dollar | 14,110 | 7/2/13 | (37 | ) | Northern Trust | ||||||||||
British Pound | 13,856 | United States Dollar | 21,020 | 7/2/13 | (55 | ) | Northern Trust | ||||||||||
Canadian Dollar | 78 | United States Dollar | 74 | 7/2/13 | - | * | Northern Trust | ||||||||||
Canadian Dollar | 616 | United States Dollar | 584 | 7/2/13 | (1 | ) | Northern Trust | ||||||||||
Euro | 27,077 | United States Dollar | 35,219 | 7/2/13 | (26 | ) | Citibank | ||||||||||
Euro | 1,028 | United States Dollar | 1,336 | 7/2/13 | (2 | ) | Northern Trust | ||||||||||
Euro | 3,829 | United States Dollar | 4,977 | 7/2/13 | (7 | ) | Northern Trust | ||||||||||
Euro | 10,732 | United States Dollar | 13,950 | 7/2/13 | (20 | ) | Northern Trust | ||||||||||
Euro | 15,107 | United States Dollar | 19,636 | 7/2/13 | (28 | ) | Northern Trust | ||||||||||
Euro | 19,650 | United States Dollar | 25,542 | 7/2/13 | (36 | ) | Northern Trust | ||||||||||
Japanese Yen | 5,571 | United States Dollar | 56 | 7/2/13 | - | * | Northern Trust | ||||||||||
Japanese Yen | 11,699 | United States Dollar | 118 | 7/2/13 | - | * | Northern Trust | ||||||||||
Japanese Yen | 19,499 | United States Dollar | 196 | 7/2/13 | - | * | Northern Trust | ||||||||||
Japanese Yen | 23,213 | United States Dollar | 234 | 7/2/13 | - | * | Northern Trust | ||||||||||
Japanese Yen | 24,792 | United States Dollar | 250 | 7/2/13 | - | * | Northern Trust | ||||||||||
Japanese Yen | 38,998 | United States Dollar | 393 | 7/2/13 | (1 | ) | Northern Trust | ||||||||||
Japanese Yen | 41,784 | United States Dollar | 421 | 7/2/13 | (1 | ) | Northern Trust | ||||||||||
Japanese Yen | 48,284 | United States Dollar | 486 | 7/2/13 | (1 | ) | Northern Trust | ||||||||||
Japanese Yen | 50,141 | United States Dollar | 505 | 7/2/13 | (1 | ) | Northern Trust | ||||||||||
Japanese Yen | 53,112 | United States Dollar | 535 | 7/2/13 | (1 | ) | Northern Trust | ||||||||||
Japanese Yen | 64,997 | United States Dollar | 654 | 7/2/13 | (1 | ) | Northern Trust | ||||||||||
Japanese Yen | 66,854 | United States Dollar | 673 | 7/2/13 | (1 | ) | Northern Trust | ||||||||||
Japanese Yen | 74,747 | United States Dollar | 753 | 7/2/13 | (1 | ) | Northern Trust | ||||||||||
Japanese Yen | 78,925 | United States Dollar | 795 | 7/2/13 | (1 | ) | Northern Trust | ||||||||||
Japanese Yen | 81,711 | United States Dollar | 823 | 7/2/13 | (1 | ) | Northern Trust | ||||||||||
Japanese Yen | 87,746 | United States Dollar | 883 | 7/2/13 | (1 | ) | Northern Trust | ||||||||||
Japanese Yen | 88,210 | United States Dollar | 888 | 7/2/13 | (1 | ) | Northern Trust | ||||||||||
Japanese Yen | 108,638 | United States Dollar | 1,094 | 7/2/13 | (2 | ) | Northern Trust | ||||||||||
Japanese Yen | 108,638 | United States Dollar | 1,094 | 7/2/13 | (2 | ) | Northern Trust | ||||||||||
Japanese Yen | 121,637 | United States Dollar | 1,225 | 7/2/13 | (2 | ) | Northern Trust | ||||||||||
Japanese Yen | 150,422 | United States Dollar | 1,514 | 7/2/13 | (2 | ) | Northern Trust | ||||||||||
Japanese Yen | 152,427 | United States Dollar | 1,535 | 7/2/13 | (2 | ) | Northern Trust | ||||||||||
Japanese Yen | 162,493 | United States Dollar | 1,636 | 7/2/13 | (2 | ) | Northern Trust | ||||||||||
Japanese Yen | 168,528 | United States Dollar | 1,697 | 7/2/13 | (3 | ) | Northern Trust | ||||||||||
Japanese Yen | 216,162 | United States Dollar | 2,176 | 7/2/13 | (3 | ) | Northern Trust | ||||||||||
Japanese Yen | 219,412 | United States Dollar | 2,209 | 7/2/13 | (3 | ) | Northern Trust | ||||||||||
Japanese Yen | 264,631 | United States Dollar | 2,664 | 7/2/13 | (4 | ) | Northern Trust | ||||||||||
Japanese Yen | 264,631 | United States Dollar | 2,664 | 7/2/13 | (4 | ) | Northern Trust | ||||||||||
Japanese Yen | 273,916 | United States Dollar | 2,758 | 7/2/13 | (4 | ) | Northern Trust | ||||||||||
Japanese Yen | 441,052 | United States Dollar | 4,442 | 7/2/13 | (6 | ) | Northern Trust | ||||||||||
Japanese Yen | 1,228,445 | United States Dollar | 12,367 | 7/2/13 | (19 | ) | Northern Trust |
|
|
|
See accompanying notes to the financial statements. | 89 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2013
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Contracts To |
| Amount |
| In |
| Amount |
| Settlement |
| Unrealized |
| Counterparty | |||||
Singapore Dollar | 9,520 | United States Dollar | 7,502 | 7/2/13 | $ | (9 | ) | Northern Trust | |||||||||
United States Dollar | 41,145 | British Pound | 27,006 | 7/2/13 | (71 | ) | Morgan Stanley | ||||||||||
United States Dollar | 83,664 | Euro | 64,253 | 7/2/13 | (29 | ) | Morgan Stanley | ||||||||||
United States Dollar | 4,607 | Hong Kong Dollar | 35,744 | 7/2/13 | 1 | Barclays | |||||||||||
United States Dollar | 6,617 | Hong Kong Dollar | 51,331 | 7/2/13 | 2 | Northern Trust | |||||||||||
Japanese Yen | 495,203 | United States Dollar | 5,001 | 7/3/13 | 8 | Deutsche Bank | |||||||||||
United States Dollar | 17,121 | British Pound | 11,267 | 7/3/13 | 15 | Deutsche Bank | |||||||||||
United States Dollar | 80,611 | Euro | 61,975 | 7/3/13 | 59 | Citibank | |||||||||||
United States Dollar | 11,940 | Hong Kong Dollar | 92,613 | 7/3/13 | - | * | Northern Trust | ||||||||||
Hong Kong Dollar | 3,831,412 | United States Dollar | 493,688 | 7/5/13 | (313 | ) | Northern Trust | ||||||||||
Japanese Yen | 339,314,948 | United States Dollar | 3,631,542 | 8/15/13 | 209,674 | Northern Trust | |||||||||||
Japanese Yen | 19,649,885 | United States Dollar | 211,198 | 8/15/13 | 13,036 | Northern Trust | |||||||||||
Japanese Yen | 13,784,468 | United States Dollar | 139,403 | 8/15/13 | 392 | Northern Trust | |||||||||||
Japanese Yen | 14,538,502 | United States Dollar | 146,775 | 8/15/13 | 160 | Northern Trust | |||||||||||
United States Dollar | 361,160 | Japanese Yen | 36,197,307 | 8/15/13 | 3,876 | Northern Trust | |||||||||||
United States Dollar | 92,989 | Japanese Yen | 8,812,754 | 8/15/13 | (4,116 | ) | Northern Trust | ||||||||||
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| $ | 218,162 |
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* | Amount rounds to less than $1. |
The Clearwater International Fund did not have any spot foreign currency transactions outstanding as of June 30, 2013.
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See accompanying notes to the financial statements. | 90 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater International Fund (unaudited)
June 30, 2013
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See accompanying notes to the financial statements. | 91 | (Continued) |
Item 2. Code of Ethics
Not applicable to this filing.
Item 3. Audit Committee Financial Expert
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants
Not applicable to this filing.
Item 6. Investments
(a) | Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this report on Form N-CSR. |
(b) | Not applicable. |
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 during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting. |
Item 12. Exhibits
(a)(1) | Not applicable to this filing. |
(a)(2) | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) of the Investment Company Act of 1940. |
(a)(3) | No written solicitations to purchase securities were sent or delivered during the period covered by this report by or on behalf of the Trust. |
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) of the Investment Company Act of 1940. |
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.
Clearwater Investment Trust | |||
By | /s/ Justin H. Weyerhaeuser | ||
Justin H. Weyerhaeuser | |||
President (Principal Executive Officer) and | |||
Treasurer (Principal Financial Officer) | |||
Date: September 6, 2013 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Clearwater Investment Trust | |||
By | /s/ Justin H. Weyerhaeuser | ||
Justin H. Weyerhaeuser | |||
President (Principal Executive Officer) | |||
Date: September 6, 2013 |
Clearwater Investment Trust | |||
By | /s/ Justin H. Weyerhaeuser | ||
Justin H. Weyerhaeuser | |||
Treasurer (Principal Financial Officer) | |||
Date: September 6, 2013 |