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) |
Stephen G. Simon
Fiduciary Counselling, Inc.
2000 Wells Fargo Place, 30 E. 7th Street
Saint Paul, Minnesota 55101-4930
Copy to:
John O’Hanlon, Esq.
Dechert LLP
One International Place, 40th Floor
100 Oliver Street
Boston, Massachusetts 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, 2015 |
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, 2015
Management Discussion of Clearwater Funds’ Performance
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-manager, multi-style” approach. 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 without requiring the Fund to realize taxable gains. The remaining 40% of the Fund’s assets are divided among AQR Capital Management, LLC (“AQR”), O’Shaughnessy Asset Management, LLC (“OSAM”), and Osterweis Capital Management, LLC (“Osterweis”) who all utilize an active management style. Effective January 29, 2015, the Trust terminated Heartland Advisers, Inc. and Knightsbridge Asset Management LLC as subadvisers to the Clearwater Core Equity Fund. Effective as of February 3, 2015 and February 4, 2015, respectively, the Trust engaged AQR and OSAM as subadvisers to the Clearwater Core Equity Fund.
2015 Year-to-date Market Overview:
Domestic large capitalization equities achieved modest yet positive returns over the period. The dominant factors influencing share prices were modest growth of the U.S. economy, strengthening of the U.S. dollar against most foreign currencies, and ongoing speculation about when the U.S. Federal Reserve might begin to raise short-term interest rates. Corporate earnings were positive overall but hindered by poor results from the Energy sector.
Investment style mattered during the period. Large company growth stocks bested large company value stocks by a wide margin as the Russell 1000® Growth Index gained 4.0% while the Russell 1000® Value Index lost 0.6%.
2015 Year-to-date Performance and 2015 Outlook:
The Clearwater Core Equity Fund rose 1.3%, net of fees, during the six-month period ended June 30, 2015 compared to 1.7% for the Russell 1000® Index, the Fund’s benchmark. Parametric, the subadviser that follows a tax-managed passive strategy, performed in line with the index and AQR and Osterweis, two of the active subadvisers, outperformed the index. The underperformance of the fund was concentrated in the remaining active subadvisers, a combination of Knightsbridge and Heartland through early February and OSAM from February through June. While OSAM underperformed the Fund’s benchmark, their portion is measured against the Russell 1000® Value Index, and it slightly outperformed.
Each of the three “active” subadvisers comment on the performance of their respective portfolios and their outlook for the remainder of the year in the paragraphs below. For comparison of the subadvisers’ capabilities, performance is shown gross of fees. The Fund pays a single advisory fee to Clearwater Management Company, which in turn pays the subadvisers out of its advisory fee.
Although the overall performance of the Clearwater Core Equity Fund is measured against its benchmark, as stated above, each of the underlying subadvisers may manage their portfolio of the Fund against a different benchmark that aligns more closely with their particular strategy. In each section
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below, the subadvisers discuss the performance of their portfolios with respect to the benchmark against which their particular portfolio is managed.
AQR Commentary
2015 Year-to-date Performance: AQR began managing a portion of the Clearwater Core Equity Fund (the “Portfolio”) on February 12, 2015. For the period from the Portfolio’s inception until June 2015 month-end, the Russell 1000® Index (the “benchmark”) returned 0.8% while the Portfolio had estimated returns of 1.7% (gross of fees), outperforming the benchmark by 0.9%. Both stock selection within sectors and sector selection contributed positively to performance. The strategy performed best in the Financial sector where stock selection outperformed and performance for sector selection was flat.
2015 Outlook: In terms of sector positioning, we are currently overweight in Financials while being underweight in Energy. Tactically, we are now underweight value in the U.S. Because our investment approach employs a systematic set of rules based on economic intuition and rigorous testing to seek to ensure they are robust across time, macro environments and geographies, we typically do not offer general market overviews.
OSAM Commentary
2015 Year-to-date Performance: OSAM began managing a portion of the Clearwater Core Equity Fund (the “Portfolio”) on February 10, 2015. For the period from the Portfolio’s inception in February 2015 until June 2015 month-end, the Portfolio outperformed slightly, returning (1.0%) (gross of fees) while the Russell 1000® Value Index (the “benchmark”) returned (1.3%). During the period, an overweight exposure to Valuation, one of three final selection factors utilized in OSAM’s investment process, positively impacted performance. An overweight to Shareholder Yield, the second final selection factor, detracted from returns. Momentum, the third final selection factor, had a positive impact on the portfolio for the first half of 2015. Stocks with the worst Earnings Quality, Financial Strength, and Earnings Growth all outperformed the market for the first half of 2015. The strategy seeks to avoid low quality names, as our research shows that the outperformance of low quality stocks is not sustainable in the long run. Stock selection effects, specifically within Energy and Materials, were positive for the first half of 2015. This was partially offset by negative selection effects within Consumer Discretionary and Information Technology. Sector allocation effects detracted from overall returns, particularly an overweight to Energy and an underweight to Healthcare. This was partially offset by underweighting Information Technology and Utilities, which contributed.
2015 Outlook: We believe that U.S. equity markets continue to remain richly valued. A substantial strengthening in the U.S. dollar from July 2014 to March 2015 could begin to negatively impact U.S. earnings in the coming quarters. Also, knock on effects from the swoon in oil prices last year may have an impact on employment growth and capital expenditures in the U.S. as the oil outlook remains uncertain. Typically, it is expected that when valuations are high, returns over the subsequent 10-year period are lower than average and vice versa, but our research shows that market level valuations are not an effective tool for timing markets. We believe that the popular wisdom that bear markets occur at expensive valuations is unsubstantiated. In the U.S. since 1900, there were 14 bear markets with declines of 20% or greater, and many more pullbacks of at least 10%. Eleven bear markets have commenced at price-to-earnings (PE) levels below the current PE valuation of 20.6x. We believe that valuation is an incredibly effective individual stock selection factor, if you have a three-to-five year time horizon. Over the last five decades, the least expensive stocks have outperformed by an average of 4-6% annualized depending on
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the capitalization range you are researching. But, we believe overall valuation is a poor indicator for predicting short term market movements. We believe that maintaining a portfolio of stocks, as we seek to do in the strategy, that have discounted valuation, strong momentum, and are rewarding shareholders with buybacks and dividends is the best defense against the herculean task of market timing. As of June 30th, the securities held in the Portfolio were on average: trading at a 14% PE discount, a 40% price to sales discount, a 30% EBITDA to enterprise value premium and offered nearly three times the shareholder yield of the benchmark (7.7% vs. 2.7%).
Osterweis Commentary
2015 Year-to-date Performance: For the six months ended June 30, 2015, the portion of the Clearwater Core Equity Fund managed by Osterweis (the “Portfolio”) generated a total return of 2.8% (gross of fees) versus 1.2% for the S&P 500® Index (the “S&P 500” or the “benchmark”). Leading the Portfolio’s sector returns, both on an absolute basis and relative to the S&P 500, was Healthcare, which rose 17% for the Portfolio compared to 10% for the benchmark. Furthermore, Healthcare was also the largest sector in the Portfolio, producing the highest contribution to total return and adding the most value in both sector weighting and stock selection. Within the sector, the stellar performers were Actavis, Health South, Teleflex, and Valeant Pharmaceuticals, each of which garnered double-digit gains. The Portfolio also outperformed the S&P 500® in Consumer Staples, Financials, and Industrials, three sectors in which the Portfolio’s performance exceeded the benchmark’s by over 500 basis points each and where the Portfolio posted positive returns while the benchmark suffered losses. After Healthcare, these three sectors were the top contributors to total return and generated the most value-add overall as well as in stock selection. Holdings that fared particularly well within these sectors were Unilever in Consumer Staples, Digital Realty and New Residential in Financials, and Boeing in Industrials. On the downside, our outperformance was dampened by our weightings in Energy and Utilities, each of which was about double the S&P 500’s exposure. Further subtracting from relative returns were our stock picks in Consumer Discretionary and Energy. In particular, Viacom, Liberty Interactive and Cabelas in the former sector and Master Limited Partnership investments in the latter accounted for most of the value detraction.
2015 Outlook: Not much has changed in our outlook for the U.S. economy or the U.S. financial markets. The U.S. economy appears to have rebounded in the second quarter from the first quarter swoon. U.S. GDP growth should trend higher in the second half of 2015 and there is, in our view, still no recession in sight. The U.S. dollar is likely to remain strong, which together with weak commodity prices should hold down inflation. The key point for us is our observation that the “Goldilocks” economic backdrop of low growth and low inflation remains in place and should, in our view, provide continued support for equity markets. We believe that earnings growth for the S&P 500 will likely remain hampered in 2015 by the twin headwinds of a stronger dollar and lower energy prices. However, earnings growth excluding Energy and adjusting for foreign exchange is running at an impressive 8-10% rate. This underlying earnings growth coupled with increasing return of capital to shareholders (dividends and share repurchases) and robust mergers and acquisitions activity should, in our view, support equity markets over the next 12 months. Just as importantly, we continue to find a steady flow of what we believe to be interesting new investment ideas. We often refer to these new names as “ugly ducklings” because we try to buy them when their long-term positive attributes are temporarily obscured by some near-term concerns. We continue to be particularly attracted to stocks that we think have strong downside support from robust earnings and cash flows as well as durable asset values that complement a compelling longer term growth outlook. We think this is particularly important in an aging bull market.
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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 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 and convertible securities. The Fund uses a “multi-style, multi-manager” approach with two subadvisers who employ distinct investment styles: Kennedy Capital Management (“Kennedy”) and Keeley Asset Management (“Keeley”). At the period ending June 30, 2015, Kennedy and Keeley respectively managed approximately 75% and 25% of the Fund balances.
2015 Year-to-date Market Overview:
Domestic small capitalization equities performed well over the period. The dominant factors influencing share prices were modest growth of the U.S. economy, strengthening of the U.S. dollar against most foreign currencies, and ongoing speculation about when the U.S. Federal Reserve might begin to raise short-term interest rates. Corporate earnings were positive overall but hindered by poor results from the Energy sector.
Investment style mattered during the period. Small company growth stocks bested small company value stocks by a wide margin as the Russell 2000® Growth Index gained 8.7% while the Russell 2000® Value Index increased by 0.8%.
2015 Year-to-date Performance and 2015 Outlook:
The Clearwater Small Companies Fund advanced 5.6%, net of fees, during the six-month period ended June 30, 2015 compared to 4.8% for the Russell 2000® Index, the Fund’s benchmark. One subadviser, Kennedy, outperformed the Fund’s benchmark during the period while the other, Keeley, underperformed, although Keeley outperformed the Russell 2000® Value Index, which is a benchmark that is representative of Keeley’s value style of investing. The overall outperformance was driven primarily by good stock selection in the Consumer Discretionary and Industrial sectors while poor stock selection in the Technology and Health Care sectors detracted from performance.
The two subadvisers to the Fund comment on the performance of their specific portfolios and their outlook for the remainder of the year in the paragraphs below. For comparison of the subadvisers’ capabilities, performance is shown gross of fees. The Fund pays a single advisory fee to Clearwater Management Company, which in turn pays the subadvisers out of its advisory fee.
Although the overall performance of the Clearwater Small Companies Fund is measured against its benchmark, as stated above, each of the underlying subadvisers may manage their portfolio of the Fund against a different benchmark that aligns more closely with their particular strategy. In each section below, the subadvisers discuss the performance of their portfolios with respect to the benchmark against which their particular portfolio is managed.
Kennedy Commentary
2015 Year-to-date Performance: For the six months ended June 30, 2015, the portion of the Clearwater Small Companies Fund managed by Kennedy (the “Portfolio”) returned 7.6% (gross of fees), outperforming the 4.8% return of the Fund’s benchmark, the Russell 2000® Index. Within Kennedy’s Portfolio are two “sub-portfolios”: one focused on small companies and one focused on microcap
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companies. The small companies sub-portfolio returned 8.1% (gross of fees) versus the 4.8% return of its benchmark, the Russell 2000® Index, while the microcap sub-portfolio returned 6.2% (gross of fees) versus the 6.0% return of its benchmark, the Russell Microcap® Index. With regard to the Russell 2000® Index, stock selection was the dominant positive contributor during the period, adding 269 basis points of relative performance, and sector allocation was also a positive factor. Although Healthcare was the highest returning sector for the Portfolio, we were not able to keep pace with the continuing biotech boom. The Industrials sector was our best relative performer during the period, adding 122 basis points of performance. Energy and Financials were our most significant underweights during the first half of 2015. We remain cautious of the volatile Energy space, but we have found select opportunities to increase position sizes or initiate new buys. Within Financials, we have been gravitating towards banks with above-market loan growth prospects and positive asset sensitivity, which has helped us outperform in that sector; however, valuations in the group make this a difficult one to overweight.
2015 Outlook: Clearly, the key current areas of focus for the market are China and Greece and the pressures they may cause on future earnings. While the large majority of our companies are domestically focused, it would be naïve to ignore these events, as they may have wide-ranging impacts on global growth. Although China is often only a small part of many small cap companies’ revenue streams, the Chinese industrial and consumer economies have many ancillary impacts. From chemical companies that may begin to experience global trade imbalances to industrial valve manufacturers that could see a slowdown in global demand for equipment, we are probing our companies about their outlooks and exposures. Despite the well-deserved global concerns, we continue to expect our domestic economy to benefit from the strengthening consumer. We expect that low levels of household debt, continued low interest rates, and an improving employment picture all help to embolden the U.S. consumer. We look forward to some degree of improvement in retail sales rippling through the economy as we progress through 2015.
Keeley Commentary
2015 Year-to-date Performance: For the six months ended June 30, 2015, the portion of the Clearwater Small Companies Fund managed by Keeley (the “Portfolio”) outperformed its benchmark, the Russell 2000® Value Index (the “benchmark”). The Portfolio increased approximately 2.0% (gross of fees) versus an increase of 0.8% for the benchmark. Over this time frame, stock selection delivered positive contributions, with positive attribution driven by Financials, Consumer Discretionary and Materials. Sector allocation effects were slightly negative, primarily driven by our underweight in the Healthcare sector. Additionally, our overweight in the Materials sector served as a detractor in the first half of 2015.
Our underweight in Healthcare was the primary detractor during the first half of the year, despite the fact that our stocks in the sector outperformed the benchmark positions. We remain underweight Healthcare, and especially biotech stocks which have been exceptionally strong for a number of years. We have never viewed the biotech industry as an area of emphasis for our firm, primarily due to their lack of earnings and transparency. Strength in this industry has often been a headwind for our process. We remain comfortable with this, especially in light of what we believe are excessive valuations in the space at this time.
In addition, while our underweight in Energy helped us, weak stock selection in the sector drove negative performance. Underperformance was also driven by negative sector allocation and poor stock selection in Industrials.
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2015 Outlook: We are disappointed by the short-term performance of our strategy in the first half of 2015, yet we believe that this short-term volatility has created opportunities to add to existing positions and selectively harvest gains where appropriate. The recent macro environment has introduced sporadic volatility in U.S. equity markets, particularly surrounding Fed interest rate news, the situation in Greece, and China’s stock market. In the U.S., we are encouraged by declines in the unemployment rate this year, as well as positive signals from the housing markets. In our experience, we believe that markets such as these often create attractive long-term opportunities for small cap value equities.
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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. It should be noted that the Fund is not a money market fund and is not intended to be a money market fund substitute. Under normal market conditions, the Fund’s investments may be more susceptible than a money market fund to interest rate risk and credit risks relevant to the Fund’s investments.
Sit has provided all of the commentary below regarding the Clearwater Tax-Exempt Bond Fund.
Sit Commentary
2015 Year-to-date Market Overview: Coming off an exceptionally strong 2014, tax-exempt fixed income markets enjoyed a fast start to the year in 2015, as flows into tax-exempt municipal bond funds remained modestly positive. However, the worm turned in the second quarter, as weakness throughout the bond market and record supply (over $200 billion) put pressure on tax-exempt bond prices. Specifically, levels of interest rates, especially on the long end of the curve, have risen in the first half of 2015, with long U.S. Treasury yields up 20-40 basis points, and long tax-exempt yields up 15-25 basis points. Credit fundamentals are generally sound. State and local government tax collections continued to improve from the low recession-driven levels of 2008 and 2009. Tax collections have now exceeded pre-recession levels, such that even though assistance from the federal government’s stimulus programs is no longer helping, state and local government finances remain generally on the upswing, despite a few notable exceptions such as New Jersey, Chicago and the State of Illinois. Puerto Rico related debt took a negative turn at the end of June and into July, as the Governor of Puerto Rico stated that Puerto Rico would not be able to honor all of its debt obligations. All required payments were made on July 1, but expectations of potential future missed payments have risen considerably. The situation remains very fluid, and could lead to further volatility in the tax-exempt bond market. The U.S. Federal Reserve (the “Fed”), through comments by Chair Yellen and other members of the Federal Open Market Committee, has indicated its desire to begin raising short-term interest rates later in 2015. Given how well this potential move has been telegraphed, we do not expect its implementation to have much negative impact on the bond market. Concerns about tax reform, and a potential reduction of the value of the municipal bond tax exemption remain, but have had little overall effect on the market to date.
2015 Year-to-date Performance: For the six months ended June 30, 2015, the Clearwater Tax-Exempt Bond Fund (the “Fund”) returned 0.1%, (net of fees) compared to its benchmark, the Barclays U.S. Municipal Bond 5-Year (4-6) Index (the “benchmark”), which returned 0.6% over the same period. We modestly decreased the Fund’s average life duration, a measure of the Fund’s sensitivity to changes in interest rates, from 5.6 years at the beginning of the year to 5.5 years at the end of the period. For comparison, the benchmark had duration of 3.8 years at June 30, 2015. The Fund’s yield rose during the period, more than the yield of the benchmark. Revenue bonds and general obligation bonds both delivered
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flat performance during the first half of 2015, with revenue bonds returning 0.2% for the period, while general obligation bonds returned (0.1%). Furthermore, duration dictated much of the relative performance, as longer duration underperformed intermediate and short duration. Sector allocations had little effect on performance, but credit quality played a role, as lower investment grade rated bonds and non-rated bonds outperformed those of higher credit quality as investors sought yield. The Fund’s performance, due to its longer duration and meaningful exposure to lower investment grade and non-rated bonds, came in slightly behind that of its benchmark in the first half of 2015.
2015 Outlook: We expect growth to be positive during the second half of 2015, although it remains slow by the standards of most recoveries. Housing is providing some strength, and employment appears to be improving, although unemployment remains elevated. The economy has been able to muddle through volatility in oil prices and global uncertainty over the past year, but doesn’t seem able to accelerate to a consistently higher level of growth as is typical after most recessions. Interest rates, while likely to remain low in absolute terms, may rise a bit further in 2015, as the Fed ponders if and when to hike short-term interest rates. We expect the Treasury yield curve to remain relatively steep, with yields rising a bit on the intermediate and long-term portions of the curve, while the tax-exempt curve flattens less, with short-term rates remaining low. We believe that long-term tax-exempt yields will rise somewhat as supply continues at a record but manageable level and most state and local government finances continue to improve, which should help tax-exempt bonds to outperform in the second half. We expect revenue bonds to continue to be stronger performers in the second half of 2015. We believe that Puerto Rico related concerns, as well as Chicago and Illinois, continue to weigh on the market, however, and could lead to some increase in volatility. Furthermore, potential problems funding retirement pension and healthcare obligations still persist in many places, especially Chicago and Illinois (although local officials in and around Chicago seem to be making some positive changes), and remain the subject of many of the negative media reports about the municipal market. Despite the modest performance in the first half of 2015, we believe that the Fund’s longer duration and its use of revenue and non-rated bonds have positioned it opportunistically for the economic and interest rate environment that we expect in the second half of 2015.
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Clearwater International Fund
The Clearwater International Fund seeks long-term growth of capital. 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) as closely as possible without requiring the Fund to realize taxable gains. The Fund also has four “active” managers who each manage approximately 12.5% of the Fund: Artisan Partners Limited Partnership (“Artisan Partners”), Denver Investments (“Denver”), Templeton Investment Counsel, LLC (“Templeton”) and WCM Investment Management (“WCM”).
2015 Year-to-date Market Overview:
International equities achieved modest gains during the period despite continuing sub-par economic growth, generally declining currencies against the U.S. dollar, and some unnerving geo-political events highlighted by Greece’s uncertain status in the Eurozone. Currency adjustments adversely impacted returns for the period as the Euro fell 7.9% and the Japanese Yen 2.0% against the U.S. dollar. This lowers the returns shown to shareholders because the Clearwater International Fund reports its results in U.S. dollars, after currency adjustments have taken place.
2015 Year-to-date Performance and 2015 Outlook:
The Clearwater International Fund gained 5.4%, net of fees, during the six-month period ended June 30, 2015 compared to 4.3% for the MSCI World Ex USA Index (net), the Fund’s benchmark. The outperformance was driven primarily by two of the Fund’s subadvisers (Templeton and WCM), while one subadviser (Denver) underperformed and one subadviser remained relatively neutral (Artisan).
Each of the three “active” subadvisers comment on the performance of their specific portions of the portfolio and provide market outlook for the remainder of the year in the paragraphs below. For comparison of the subadvisers’ capabilities, performance is shown gross of fees. The Fund pays a single advisory fee to Clearwater Management Company, which in turn pays the subadvisers out of its advisory fee.
Although the overall performance of the Clearwater International Fund is measured against its benchmark, as stated above, each of the underlying subadvisers may manage their portfolio of the Fund against a different benchmark that aligns more closely with their particular strategy. In each section below, the subadvisers discuss the performance of their portfolios with respect to the benchmark against which their particular portfolio is managed.
Artisan Partners Commentary
2015 Year-to-date Performance: For the six month period ended June 30, 2015, the portion of the Clearwater International Fund managed by Artisan (the “Portfolio”) returned 4.5% (gross of fees) in USD terms compared to its benchmark the MSCI EAFE Index (net), which returned 5.5% in USD terms over
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the same period. The three largest contributors to return were financial services provider ING Groep NV, financial services provider UBS Group AG, and UK food retailer Tesco PLC. ING recently completed a multi-year extensive restructuring that saw it shed insurance and non-core assets, repay bailout funding from the government and cut costs. Technology company Applied Materials Inc., financial services provider Royal Bank of Scotland Group PLC and Chinese Internet company Baidu Inc. detracted most from performance. Shares of Applied Materials declined after the company’s effort to merge with Tokyo Electron was scuttled by the U.S. Department of Justice.
2015 Outlook: Artisan believes bargains remain difficult to find. It is our hope that the ongoing issues in Greece, signs of rising interest rates and the slowdown in China will present us with more opportunities to deploy capital at attractive returns.
Denver Commentary
2015 Year-to-date Performance: For the six months ended June 30, 2015, the portion of the Clearwater International Fund managed by Denver Investments (the “Portfolio”) returned 3.8% (gross of fees), trailing its benchmark, the MSCI EAFE Small Cap Index (net), (the “benchmark”), which returned 10.1%. Relative to its benchmark, the Portfolio’s weightings in South Korea and South Africa were a source of positive performance. (Note: the Portfolio’s benchmark does not include South Korea and South Africa.) Stock selection in Hong Kong, Italy and Norway also contributed to performance for the quarter. The Portfolio’s overweight to and stock selection in Australia were primary performance detractors. Weightings in China and Canada had a negative impact as these Portfolio holdings underperformed the benchmark as a whole. (Note: the Portfolio’s benchmark does not include China and Canada.) Finally, an underweight position in Japan also detracted from performance. Top individual performers over the period included Rightmove and Azimut. Rightmove operates the largest property listings website in the U.K. The company continues to gain from strong growth in site traffic and average revenue per advertiser. Azimut is an Italian based asset manager also specializing in the selling and distribution of its financial products. We believe a key source of Azimut’s competitive advantage derives from its robust distribution model through which the company effectively develops and retains sales relationships. Slater & Gordon and Decmil Group were among the greatest individual detractors during the first half of the year. Slater & Gordon is a national law firm based in Australia. Skepticism around a recent acquisition by Slater & Gordon impacted the stock during the quarter. We remain positive on the company and its ambitions for global expansion. Decmil specializes in the construction of temporary facilities and infrastructure for mining and energy companies. Exposure to a weakened Australian resources sector weighed on the stock during the first half of the year. We believe the company’s business model will continue to benefit from high occupancy rates and new projects in the accommodation business and the success of the operational work Decmil provides in the Liquid Natural Gas space.
2015 Outlook: Our investment discipline, which seeks to identify and invest in what we believe to be solid companies at compelling valuations, continues to encounter some headwinds. We are encouraged by the strong fundamentals of the Portfolio’s holdings and their attractive relative valuations. It is our belief that the market will recognize the potential of these companies, close what we see as a valuation gap, and ideally deliver improving returns to our shareholders.
Templeton Commentary
2015 Year-to-date Performance: For the six months ended June 30, 2015, the portion of the Clearwater International Fund managed by Templeton (the “Portfolio”) returned 8.5% (gross of fees) which was slightly ahead of its benchmark, the MSCI ACWI ex USA Small Cap Index (net), (the “benchmark”),
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which returned 8.3% over same period. The Energy sector provided the largest contribution to relative returns, with positive effects from both stock selection and an underweight exposure. In particular, a lack of exposure to the Oil, Gas and Consumable Fuels industry helped. Stock selection in Consumer Staples, Materials and Financials also contributed. In Consumer Staples, U.K.-based food retailer Greggs posted a strong contribution to performance. Stock selection in Consumer Discretionary made it the most significant sector detractor in the Portfolio on a relative basis. Within the sector, Canada-based holding Dorel Industries, a bike manufacturer and home furnishings provider, was the largest detractor. From a regional standpoint, stock selection in Europe was strong, notably in the United Kingdom, Finland and Germany. Conversely, stock selection in Asia, particularly in South Korea, held back relative returns.
2015 Outlook: Looking ahead, we expect historically low interest rates to eventually normalize over our investment horizon, a condition that we believe correlates closely with the performance potential of value investing. Historically, when value outperforms, our approach has often proven its strength. We believe an unusually protracted period of financial repression has artificially depressed interest rates and distorted the cost of capital, lowering corporate borrowing costs without regard for fundamentals. In our opinion, this environment cannot last. We expect that once interest rates begin to normalize and fundamentals come into focus, investors capable of accurately pricing business value at the security level should be duly rewarded.
WCM Commentary
2015 Year-to-date Performance: For the six months ended June 30, 2015, the portion of the Clearwater International Fund managed by WCM (the “Portfolio”) returned 6.8% (gross of fees) outperforming its benchmark, MSCI ACWI ex USA Index (net), (the “benchmark”), which returned 4.0% over the same period. Outperformance for the first half of the year is attributable to both allocation and selection. From an allocation standpoint, the biggest contributors to the Portfolio’s outperformance were underweights to Energy and Utilities, the two worst performing sectors in the benchmark over the period, as well as our overweights to Healthcare and Consumer Discretionary, the second and third best benchmark performers, respectively. On the other hand, underweights to Telecom and Staples were mild detractors. Regarding selection, which accounted for roughly 65% of the Portfolio’s total outperformance, the biggest contributors to outperformance were found within Healthcare, Technology, and Materials. The largest draws on performance came from Industrials and Financials.
2015 Outlook: Looking forward, we believe that what we wrote a year ago still holds true: “. . . mean reversion alone should benefit the strategy over the next couple of years.” This seems to have gone as hoped and should, in our view, continue for awhile longer. But best of all, this reinforces our conviction that turmoil in the world creates exciting new investment opportunities and refocuses the market on structurally high-quality businesses (those with growing moats and strong long-term tailwinds) rather than mediocre businesses benefitting from temporary/cyclical phenomena.
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Fund Expense Example
(unaudited)
As a shareholder of the Clearwater Core Equity Fund, Clearwater Small Companies Fund, Clearwater Tax-Exempt Bond Fund, and Clearwater International Fund (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.)
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, 2015.
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, 2015 through June 30, 2015” to estimate the expenses attributable to your investment during this period.
Hypothetical Example for Comparison Purposes
The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in the 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 mutual funds.
Please note that the expenses shown in the second section of the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you compare the relative total costs of the Funds to other mutual funds that charge transaction costs and/or sales charges or redemption fees.
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Actual returns | Beginning Account Value January 1, 2015 | Ending Account Value June 30, 2015 | Expenses Paid During the Period January 1, 2015 through June 30, 2015 * |
Core Equity Fund | $1,000.00 | $1,012.90 | $2.20 |
Small Companies Fund | $1,000.00 | $1,055.70 | $4.89 |
Tax-Exempt Bond Fund | $1,000.00 | $999.30 | $1.69 |
International Fund | $1,000.00 | $1,054.10 | $3.46 |
Hypothetical 5% return | |||
(before expenses) | |||
Core Equity Fund | $1,000.00 | $1,022.61 | $2.21 |
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 | $1,021.42 | $3.41 |
* | 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) | 0.44% |
Small Companies Fund (b) | 0.96% |
Tax-Exempt Bond Fund (c) | 0.34% |
International Fund (d) | 0.68% |
(a) | The expense ratio for the Core Equity Fund represents the blended expense ratio during the six-month period. The management fee amount of the Fund was reduced through a voluntary waiver to 0.50% until March 16, 2015, when the voluntary waiver was increased and the expense ratio of the Fund became 0.40%. |
(b) | The expense ratio for the Small Companies Fund represents the blended expense ratio during the six-month period. The management fee amount of the Fund was reduced through a voluntary waiver to 0.94% until March 16, 2015, when the voluntary waiver was decreased and the expense ratio of the Fund became 0.98%. |
(c) | The expense ratio for the Tax-Exempt Bond Fund represents the blended expense ratio during the six-month period. The management fee amount of the Fund was reduced through a voluntary waiver to 0.33% until March 16, 2015, when the voluntary waiver was decreased and the expense ratio of the Fund became 0.34%. |
(d) | The expense ratio for the International Fund represents the blended expense ratio during the six-month period. The management fee amount of the Fund was reduced through a voluntary waiver to 0.67% until March 16, 2015, when the voluntary waiver was decreased and the expense ratio of the Fund became 0.69%. |
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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.
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Approval of Subadviser Service Agreements
Clearwater Management Company, Inc. (“CMC”) is responsible for managing the investment programs and strategies for the Clearwater Core Equity Fund, Clearwater Small Companies Fund, Clearwater Tax-Exempt Bond Fund and Clearwater International Fund (each a “Fund” and collectively, the “Funds”). CMC conducts due diligence when selecting each subadviser for the Funds and oversees the performance of the subadvisers. The subadvisers provide portfolio management and related services for the Funds under individual subadvisory agreements.
AQR Capital Management, LLC (Clearwater Core Equity Fund)
At a meeting held on January 29, 2015, Clearwater Investment Trust’s (the “Trust”) Board of Trustees (the “Trustees”), including a majority of the Trustees who are not “interested persons” of the Trust or of CMC, as defined under the Investment Company Act of 1940 (collectively, the “Independent Trustees”), approved a subadvisory agreement among the Trust, CMC, and AQR Capital Management LLC (“AQR” and such agreement, the “AQR Agreement”). CMC recommended to the Trustees that they approve the AQR Agreement with respect to the Fund. CMC made the recommendation based upon, among other factors: the qualifications and performance of AQR’s investment team, AQR’s research and investment process and the belief that its investment strategies will complement the strategies of the Fund’s other subadvisers. During a meeting held in December 2014, the Trustees met in person with representatives of AQR and received a presentation discussing AQR’s assets under management, investment philosophy and process, core equity investment style, trading capabilities, and AQR’s competitive advantages. In advance of the meeting on January 29, 2015, the Trustees received written information that included: information as to the proposed allocation of assets among the Fund’s subadvisers, and a summary of information about AQR, including its investment professionals, process, philosophy, performance data, proposed subadvisory fees and the fees being charged by AQR for comparable subadvisory relationships. In addition, at the meeting on January 29, 2015, the Trustees received information from the Trust’s Chief Compliance Officer as to his review of AQR’s Code of Ethics, Form ADV, and compliance program. The Trustees reviewed and analyzed the factors that the Trustees deemed relevant with respect to AQR. These factors included the nature, quality, and extent of the services to be provided to the Fund by AQR; AQR’s investment process; performance data for AQR’s strategy; the qualifications and experience of the investment professionals who would be responsible for the management of their allocation of the Fund’s assets; and AQR’s overall resources. The following is a description of certain of the factors relevant to the Trustees’ decision to approve the AQR Agreement.
Nature, Extent, and Quality of Services: The Trustees considered the specific investment processes AQR would use in managing its allocation of the Fund’s assets. The Trustees looked at the qualifications of AQR’s investment team who would be responsible for managing its allocation of the Fund’s assets. The Trustees concluded that the nature, extent, and quality of the subadvisory services expected to be provided by AQR were appropriate for the Fund.
Investment Performance: The Trustees discussed the performance data for the strategy AQR would use in managing its allocation of the Fund’s assets as compared to its benchmark. The Trustees noted that the strategy had favorable backtested returns as compared to the benchmark, and that a fund managed by AQR using the same strategy had performed well over the brief period since its launch. The Trustees concluded that this data supported the decision to approve the AQR Agreement.
Subadvisory Fee: The Trustees evaluated the proposed subadvisory fee schedule, which was negotiated at arm’s length by CMC under the supervision of the Trustees. The Trustees noted that the fee schedule was competitive with the three discretionary active managers that currently subadvise the Fund and the other proposed subadviser. The Trustees also noted that CMC, not the Fund, would pay the subadvisory fee to
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AQR. The Trustees concluded that the proposed subadvisory fee schedule was reasonable given the nature, extent and quality of the subadvisory services to be performed by AQR.
Benefits to the Subadviser: The Trustees considered the ancillary benefits that could accrue to AQR due to its relationship with the Fund and noted that the relationship would be limited to the provision of subadvisory services. The Trustees concluded that no significant ancillary benefits would result from the AQR Agreement.
Profitability: The Trustees considered that AQR is an independent firm and that the subadvisory fee to be charged is the result of arm’s length bargaining between AQR and CMC under the supervision of the Trustees.
Economies of Scale: The Trustees noted that CMC, not the Fund, would pay the subadvisory fee to AQR and that the Trustees consider on an annual basis whether economies of scale might be realized by CMC as the Fund’s assets grow and whether there also might be benefits from such growth for the Fund’s shareholders.
Other Considerations: The Trustees considered CMC’s judgment and recommendation that adding AQR as a subadviser would add value to the Fund’s shareholders and would be complementary to both the existing and proposed subadvisers.
After full consideration of the factors described above along with other information, with no single factor identified as being of paramount importance, the Trustees, including a majority of Independent Trustees, concluded that the approval of the AQR Agreement was in the best interests of the Fund and its shareholders and approved the AQR Agreement, with the proposed fee to be paid by CMC out of its management fee.
O’Shaughnessy Asset Management, LLC (Clearwater Core Equity Fund)
At a meeting held on January 29, 2015, the Trustees, including a majority of the Independent Trustees, approved a subadvisory agreement among the Trust, CMC, and O’Shaughnessy Asset Management, LLC (“OSAM” and such agreement, the “OSAM Agreement”). CMC recommended to the Trustees that they approve the OSAM Agreement with respect to the Fund. CMC made the recommendation based upon, among other factors: the qualifications and performance of OSAM’s investment team, OSAM’s research and investment process and the belief that its investment strategies will complement the strategies of the Fund’s other subadvisers. During a meeting held in December 2014, the Trustees met in person with representatives of OSAM and received a presentation discussing OSAM’s investment philosophy and the construction, characteristics and performance of OSAM’s proprietary value blend strategy. In advance of the meeting on January 29, 2015, the Trustees received written information that included: information as to the proposed allocation of assets among the Fund’s subadvisers, and a summary of information about OSAM, including its investment professionals, process, philosophy, past performance, proposed subadvisory fees and the fees being charged by OSAM for comparable subadvisory relationships. In addition, at the meeting on January 29, 2015, the Trustees received information from the Trust’s Chief Compliance Officer as to his review of OSAM’s Code of Ethics, Form ADV, and compliance program. The Trustees reviewed and analyzed the factors that the Trustees deemed relevant with respect to OSAM. These factors included the nature, quality, and extent of the services to be provided to the Fund by OSAM; OSAM’s investment process; OSAM’s historical performance record for other portfolios with a similar management style to the Fund; the qualifications and experience of the investment professionals who would be responsible for the management of their allocation of the Fund’s assets; and OSAM’s overall resources. The following is a description of certain of the factors relevant to the Trustees’ decision to approve the OSAM Agreement.
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Nature, Extent, and Quality of Services: The Trustees considered the specific investment processes OSAM would use in managing its allocation of the Fund’s assets. The Trustees looked at the qualifications of OSAM’s investment team who would be responsible for managing its allocation of the Fund’s assets. The Trustees concluded that the nature, extent, and quality of the subadvisory services expected to be provided by OSAM were appropriate for the Fund.
Investment Performance: The Trustees discussed OSAM’s performance record for the strategy it would use in managing its allocation of the Fund’s assets as compared to its strategy benchmark and the Fund’s benchmark. The Trustees noted that the strategy’s performance compared favorably to its strategy benchmark for the period since its inception in December 2001. The Trustees concluded that this data supported the decision to approve the OSAM Agreement.
Subadvisory Fee: The Trustees evaluated the proposed subadvisory fee schedule, which was negotiated at arm’s length by CMC under the supervision of the Trustees. The Trustees noted that the fee schedule was competitive with the three discretionary active managers that currently subadvise the Fund and the other proposed subadviser. The Trustees also noted that CMC, not the Fund, would pay the subadvisory fee to OSAM. The Trustees concluded that the proposed subadvisory fee schedule was reasonable given the nature, extent and quality of the subadvisory services to be performed by OSAM.
Benefits to the Subadviser: The Trustees considered the ancillary benefits that could accrue to OSAM due to its relationship with the Fund and noted that the relationship would be limited to the provision of subadvisory services. The Trustees concluded that no significant ancillary benefits would result from the OSAM Agreement.
Profitability: The Trustees considered that OSAM is an independent firm and that the subadvisory fee to be charged is the result of arm’s length bargaining between OSAM and CMC under the supervision of the Trustees.
Economies of Scale: The Trustees noted that CMC, not the Fund, would pay the subadvisory fee to OSAM and that the Trustees consider on an annual basis whether economies of scale might be realized by CMC as the Fund’s assets grow and whether there also might be benefits from such growth for the Fund’s shareholders.
Other Considerations: The Trustees considered CMC’s judgment and recommendation that adding OSAM as a subadviser would add value to the Fund’s shareholders and would be complementary to both the existing and proposed subadvisers.
After full consideration of the factors described above along with other information, with no single factor identified as being of paramount importance, the Trustees, including a majority of Independent Trustees, concluded that the approval of the OSAM Agreement was in the best interests of the Fund and its shareholders and approved the OSAM Agreement, with the proposed fee to be paid by CMC out of its management fee.
Keeley Asset Management Corp. (Clearwater Small Companies Fund)
In June 2015, the Trustees were advised of the death of the controlling shareholder of Keeley Asset Management Corp. (“Keeley”), which constituted a “change in control” of Keeley. As a result of the change in control, the existing subadvisory agreement with Keeley for the Small Companies Fund (the “Prior Keeley Agreement”) automatically terminated. At a telephonic meeting on June 9, 2015, the Trustees considered the approval of an interim subadvisory agreement with Keeley (the “Interim Keeley Agreement”) to be effective until such time as the Trustees could hold an in-person meeting to approve a new subadvisory agreement with Keeley (the “New Keeley Agreement”). At an in-person meeting on June 29, 2015, the Trustees considered the approval of the New Keeley Agreement for an initial two-year
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period. The Trustees considered a number of factors, including those discussed below, that they believed to be relevant. No single factor determined whether or not an agreement would be approved but rather the totality of factors considered was determinative. Following an analysis and discussion of the factors described below, the Trustees, including all independent trustees, approved the Interim Keeley Agreement and New Keeley Agreement.
In considering the approval of each of the Interim Keeley Agreement and the New Keeley Agreement, the Trustees considered that the terms and conditions of each of the Interim Keeley Agreement and the New Keeley Agreement are substantially identical to the terms and conditions of the Prior Keeley Agreement.
Among other things, the Trustees considered: (i) information about the anticipated impact of the change in control on the nature, quality and extent of services provided to the Fund and its shareholders, including compliance services; (ii) information about the portfolio management team that would be primarily responsible for the day-to-day management of the Fund going forward; and (iii) that the fees payable to Keeley under the Interim Keeley Agreement and the New Keeley Agreement would not differ from those under the Prior Keeley Agreement.
The Trustees also considered that they had performed a full review of the Prior Keeley Agreement in December 2014 and had determined to renew the Prior Keeley Agreement. The Trustees determined that the information they had considered with respect to the following factors in connection with their renewal of the Prior Keeley Agreement and their conclusions regarding those factors were applicable to their decision to approve the Interim Keeley Agreement and the New Keeley Agreement: (i) the nature, extent and quality of services to be provided; (ii) investment performance; (iii) comparative fees and cost of services provided; (iv) management profitability; and (v) economies of scale.
Based on the factors described above, the Trustees, including all of the Independent Trustees, concluded that the subadvisory fee was fair and reasonable in view of the investment performance and quality of services provided. In reaching this conclusion, no single factor was considered determinative.
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Clearwater Investment Trust
Financial Statements
For the Six Months Ended June 30, 2015 (unaudited)
Table of Contents
CLEARWATER INVESTMENT TRUST
Statements of Assets and Liabilities
June 30, 2015 (unaudited)
Core Equity Fund | Small Companies Fund | Tax-Exempt Bond Fund | International Fund | |||||||||||||
Assets | ||||||||||||||||
Investments in securities, at fair value (identified cost: $291,766,134 Core Equity Fund; $273,659,280 Small Companies Fund; $485,815,582 Tax-Exempt Bond Fund; $399,955,215 International Fund) | $ | 527,444,390 | 341,391,434 | 502,395,390 | 520,872,931 | |||||||||||
Foreign currencies, at value (cost: $523,543) | - | - | - | 530,928 | ||||||||||||
Receivable for securities sold | 3,479,736 | 506,141 | 388,129 | 199,736 | ||||||||||||
Accrued dividend and interest receivable | 599,126 | 372,546 | 5,217,201 | 963,115 | ||||||||||||
Foreign tax reclaim receivable | 33,953 | - | - | 1,394,498 | ||||||||||||
Unrealized appreciation on forward foreign currency exchange contracts | - | - | - | 64,966 | ||||||||||||
Total assets | 531,557,205 | 342,270,121 | 508,000,720 | 524,026,174 | ||||||||||||
Liabilities | ||||||||||||||||
Payables for investment securities purchased | 4,177,855 | 1,645,956 | 3,385,313 | 155,809 | ||||||||||||
Payables for fund shares redeemed | 112,500 | 13,000 | - | - | ||||||||||||
Accrued investment advisory fee | 535,749 | 823,384 | 429,145 | 919,481 | ||||||||||||
Payable for dividend distribution | - | - | 254,881 | - | ||||||||||||
Unrealized depreciation on forward foreign currency exchange contracts | - | - | - | 5,750 | ||||||||||||
Total liabilities | 4,826,104 | 2,482,340 | 4,069,339 | 1,081,040 | ||||||||||||
Net assets | $ | 526,731,101 | 339,787,781 | 503,931,381 | 522,945,134 | |||||||||||
Capital | ||||||||||||||||
Capital stock and additional paid-in capital (authorized unlimited number of shares at no par value for each Fund: 13,195,342, 15,858,556, 50,702,552 and 34,423,211 shares, respectively) | $ | 245,065,693 | 248,668,776 | 487,663,745 | 394,478,248 | |||||||||||
Undistributed net investment income | 4,107,581 | 410,427 | 53,311 | 5,474,808 | ||||||||||||
Accumulated net realized gain (loss) from investments and foreign currency transactions | 41,879,651 | 22,976,424 | (365,483 | ) | 2,110,844 | |||||||||||
Unrealized appreciation of investments and translation of assets and liabilities in foreign currencies | 235,678,176 | 67,732,154 | 16,579,808 | 120,881,234 | ||||||||||||
Net assets | $ | 526,731,101 | 339,787,781 | 503,931,381 | 522,945,134 | |||||||||||
Net asset value per share of outstanding capital stock | $ | 39.92 | 21.43 | 9.94 | 15.19 |
See accompanying notes to financial statements.
1 |
CLEARWATER INVESTMENT TRUST
for the six months ended June 30, 2015 (unaudited)
Core Equity Fund | Small Companies Fund | Tax-Exempt Bond Fund | International Fund | |||||||||||||
Investment income: | ||||||||||||||||
Income: | ||||||||||||||||
Dividends (net of foreign taxes withheld of $37,860, $3,696, $0 and $769,583, respectively) | $ | 5,108,604 | 1,872,026 | 888,381 | 8,459,493 | |||||||||||
Interest | - | - | 10,732,296 | - | ||||||||||||
Total income | 5,108,604 | 1,872,026 | 11,620,677 | 8,459,493 | ||||||||||||
Expenses: | ||||||||||||||||
Investment advisory fee | 2,401,448 | 2,230,053 | 1,513,109 | 2,555,289 | ||||||||||||
Voluntary fee reduction | (1,224,913 | ) | (637,779 | ) | (666,034 | ) | (812,118 | ) | ||||||||
Total net expenses | 1,176,535 | 1,592,274 | 847,075 | 1,743,171 | ||||||||||||
Net investment income | 3,932,069 | 279,752 | 10,773,602 | 6,716,322 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Security transactions | 42,077,644 | 23,215,457 | (306,557 | ) | 3,185,698 | |||||||||||
Forward foreign currency exchange contracts | - | - | - | 489,058 | ||||||||||||
Foreign currency transactions | (2,211 | ) | - | - | 29,081 | |||||||||||
Net increase (decrease) in unrealized appreciation/ depreciation on: | ||||||||||||||||
Security transactions | (38,967,473 | ) | (5,600,637 | ) | (11,009,664 | ) | 15,985,860 | |||||||||
Forward foreign currency exchange contracts | - | - | - | (454,887 | ) | |||||||||||
Translation of other assets and liabilities denominated in foreign currencies | 1,360 | - | - | 7,046 | ||||||||||||
Net gain (loss) on investments | 3,109,320 | 17,614,820 | (11,316,221 | ) | 19,241,856 | |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 7,041,389 | 17,894,572 | (542,619 | ) | 25,958,178 |
See accompanying notes to financial statements.
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CLEARWATER INVESTMENT TRUST
Statements of Changes in Net Assets
for the six months ended June 30, 2015 (unaudited)
and the year ended December 31, 2014
Core Equity Fund | Small Companies Fund | |||||||||||||||
6/30/2015 | 12/31/2014 | 6/30/2015 | 12/31/2014 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 3,932,069 | 7,989,905 | 279,752 | 815,686 | |||||||||||
Net realized gain | 42,075,433 | 17,023,383 | 23,215,457 | 36,427,294 | ||||||||||||
Net increase (decrease) in unrealized appreciation/depreciation | (38,966,113 | ) | 22,275,634 | (5,600,637 | ) | (20,342,867 | ) | |||||||||
Net increase in net assets resulting from operations | 7,041,389 | 47,288,922 | 17,894,572 | 16,900,113 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | - | (8,347,216 | ) | - | (637,608 | ) | ||||||||||
Net realized gain | - | (16,626,561 | ) | - | (47,231,708 | ) | ||||||||||
Total distributions to shareholders | - | (24,973,777 | ) | - | (47,869,316 | ) | ||||||||||
Capital share transactions: | ||||||||||||||||
Proceeds from shares sold | 957,320 | 3,000,890 | 11,917,523 | 8,274,472 | ||||||||||||
Reinvestment of distributions from net investment income and net realized gain | - | 24,973,774 | - | 47,869,316 | ||||||||||||
Payments for shares redeemed | (22,284,790 | ) | (32,315,020 | ) | (23,912,177 | ) | (34,354,438 | ) | ||||||||
Net increase (decrease) in net assets from capital share transactions | (21,327,470 | ) | (4,340,356 | ) | (11,994,654 | ) | 21,789,350 | |||||||||
Total increase (decrease) in net assets | (14,286,081 | ) | 17,974,789 | 5,899,918 | (9,179,853 | ) | ||||||||||
Net assets: | ||||||||||||||||
At the beginning of the period | 541,017,182 | 523,042,393 | 333,887,863 | 343,067,716 | ||||||||||||
At the end of the period | $ | 526,731,101 | 541,017,182 | 339,787,781 | 333,887,863 | |||||||||||
Undistributed net investment income | $ | 4,107,581 | 445,248 | 410,427 | 130,675 |
Tax-Exempt Bond Fund | International Fund | |||||||||||||||
6/30/2015 | 12/31/2014 | 6/30/2015 | 12/31/2014 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 10,773,602 | 21,933,285 | 6,716,322 | 11,338,380 | |||||||||||
Net realized gain (loss) | (306,557 | ) | 1,154,381 | 3,703,837 | 7,234,369 | |||||||||||
Net increase (decrease) in unrealized appreciation/depreciation | (11,009,664 | ) | 46,365,974 | 15,538,019 | (42,795,882 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | (542,619 | ) | 69,453,640 | 25,958,178 | (24,223,133 | ) | ||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (10,770,201 | ) | (21,919,530 | ) | - | (11,567,920 | ) | |||||||||
Net realized gain | - | (894,126 | ) | - | (8,447,272 | ) | ||||||||||
Total distributions to shareholders | (10,770,201 | ) | (22,813,656 | ) | - | (20,015,192 | ) | |||||||||
Capital share transactions: | ||||||||||||||||
Proceeds from shares sold | 20,075,350 | 18,525,800 | 19,730,234 | 14,290,245 | ||||||||||||
Reinvestment of distributions from net investment income and net realized gain | 10,624,842 | 22,773,030 | - | 20,015,199 | ||||||||||||
Payments for shares redeemed | (23,438,003 | ) | (44,983,038 | ) | (4,685,922 | ) | (20,028,659 | ) | ||||||||
Net increase (decrease) in net assets from capital share transactions | 7,262,189 | (3,684,208 | ) | 15,044,312 | 14,276,785 | |||||||||||
Total increase (decrease) in net assets | (4,050,631 | ) | 42,955,776 | 41,002,490 | (29,961,540 | ) | ||||||||||
Net assets: | ||||||||||||||||
At the beginning of the period | 507,982,012 | 465,026,236 | 481,942,644 | 511,904,184 | ||||||||||||
At the end of the period | $ | 503,931,381 | 507,982,012 | 522,945,134 | 481,942,644 | |||||||||||
Undistributed (overdistributed) net investment income | $ | 53,311 | 49,910 | 5,474,808 | (1,759,655 | ) |
See accompanying notes to financial statements.
3 |
CLEARWATER INVESTMENT TRUST
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, 2015 | Year ended December 31, | |||||||||||||||||||||||
Core Equity Fund | (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||
Net asset value, beginning of period | $ | 39.41 | 37.77 | 28.81 | 25.26 | 26.38 | 23.40 | |||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.30 | 0.60 | 0.51 | 0.40 | 0.33 | 0.38 | ||||||||||||||||||
Net realized and unrealized gains (losses) | 0.21 | 2.91 | 8.95 | 3.54 | (1.13 | ) | 2.99 | |||||||||||||||||
Total from investment operations | 0.51 | 3.51 | 9.46 | 3.94 | (0.80 | ) | 3.37 | |||||||||||||||||
Less distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | - | (0.63 | ) | (0.50 | ) | (0.39 | ) | (0.32 | ) | (0.39 | ) | |||||||||||||
Net realized gain | - | (1.24 | ) | - | - | - | - | |||||||||||||||||
Total distributions to shareholders | - | (1.87 | ) | (0.50 | ) | (0.39 | ) | (0.32 | ) | (0.39 | ) | |||||||||||||
Net asset value, end of period | $ | 39.92 | 39.41 | 37.77 | 28.81 | 25.26 | 26.38 | |||||||||||||||||
Total return (a) | 1.29 | % | 9.23 | % | 32.85 | % | 15.64 | % | (3.04 | )% | 14.42 | % | ||||||||||||
Net assets, end of period (000s omitted) | $ | 526,731 | 541,017 | 523,042 | 395,242 | 332,320 | 344,270 | |||||||||||||||||
Ratio of expenses, net of waivers, to average net assets(b)(c)(d)(e)(f)(g)(h) | 0.44 | % | 0.50 | % | 0.50 | % | 0.54 | % | 0.53 | % | 0.30 | % | ||||||||||||
Ratio of expenses, before waivers, to average net assets (b)(c)(d)(e)(f)(g)(h) | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | 0.69 | % | 0.45 | % | ||||||||||||
Ratio of net investment income, net of waivers, to average net assets (b)(d)(e)(f)(g)(h) | 1.47 | % | 1.50 | % | 1.51 | % | 1.49 | % | 1.25 | % | 1.60 | % | ||||||||||||
Ratio of net investment income, before waivers, to average net assets (b)(d)(e)(f)(g)(h) | 1.01 | % | 1.10 | % | 1.11 | % | 1.13 | % | 1.09 | % | 1.45 | % | ||||||||||||
Portfolio turnover rate (excluding short-term securities) | 32.67 | % | 13.54 | % | 21.07 | % | 22.31 | % | 27.01 | % | 43.65 | % |
(a) | Total return figures are based on the change in net asset value of a share during the period and assume reinvestment of distributions at net asset value. 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 16, 2015, the investment advisory fee, net of voluntary waivers, decreased to 0.40%. Also effective March 16, 2015, the Advisor increased the voluntary waiver to 0.50%. |
(e) | 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%. |
(f) | 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%. |
(g) | 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%. |
(h) | 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
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, 2015 | Year ended December 31, | |||||||||||||||||||||||
Small Companies Fund | (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||
Net asset value, beginning of period | $ | 20.30 | 22.35 | 18.70 | 16.91 | 18.70 | 14.41 | |||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.02 | 0.05 | 0.05 | 0.09 | 0.01 | - | ||||||||||||||||||
Net realized and unrealized gains (losses) | 1.11 | 1.10 | 6.30 | 3.10 | (0.28 | ) | 4.31 | |||||||||||||||||
Total from investment operations | 1.13 | 1.15 | 6.35 | 3.19 | (0.27 | ) | 4.31 | |||||||||||||||||
Less distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | - | (0.04 | ) | (0.06 | ) | (0.10 | ) | (0.01 | ) | (0.02 | ) | |||||||||||||
Net realized gain | - | (3.16 | ) | (2.64 | ) | (1.30 | ) | (1.51 | ) | - | ||||||||||||||
Total distributions to shareholders | - | (3.20 | ) | (2.70 | ) | (1.40 | ) | (1.52 | ) | (0.02 | ) | |||||||||||||
Net asset value, end of period | $ | 21.43 | 20.30 | 22.35 | 18.70 | 16.91 | 18.70 | |||||||||||||||||
Total return (a) | 5.57 | % | 5.03 | % | 34.01 | % | 19.02 | % | (1.62 | )% | 29.99 | % | ||||||||||||
Net assets, end of period (000s omitted) | $ | 339,788 | 333,888 | 343,068 | 281,936 | 239,508 | 256,237 | |||||||||||||||||
Ratio of expenses, net of waivers, to average net assets (b)(c)(d)(e)(f) | 0.96 | % | 0.94 | % | 0.95 | % | 1.00 | % | 0.98 | % | 0.95 | % | ||||||||||||
Ratio of expenses, before waivers, to average net assets (b)(c)(d)(e)(f) | 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)(f) | 0.17 | % | 0.24 | % | 0.21 | % | 0.51 | % | 0.05 | % | (0.02 | )% | ||||||||||||
Ratio of net investment income (loss), before waivers, to average net assets(b)(d)(e)(f) | (0.22 | )% | (0.17 | )% | (0.19 | )% | 0.16 | % | (0.32 | )% | (0.42 | )% | ||||||||||||
Portfolio turnover rate (excluding short-term securities) | 29.33 | % | 55.51 | % | 59.84 | % | 59.48 | % | 64.54 | % | 71.05 | % |
(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 16, 2015, the investment advisory fee, net of voluntary waivers, increased to 0.98%. Also effective March 16, 2015, the Adviser reduced the voluntary waiver to 0.37%. |
(e) | Effective 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%. |
(f) | 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
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, 2015 | Year ended December 31, | |||||||||||||||||||||||
Tax-Exempt Bond Fund | (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||
Net asset value, beginning of period | $ | 10.16 | 9.23 | 10.15 | 9.62 | 9.06 | 9.25 | |||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.21 | 0.44 | 0.46 | 0.48 | 0.48 | 0.47 | ||||||||||||||||||
Net realized and unrealized gains (losses) | (0.22 | ) | 0.95 | (0.84 | ) | 0.53 | 0.56 | (0.19 | ) | |||||||||||||||
Total from investment operations | (0.01 | ) | 1.39 | (0.38 | ) | 1.01 | 1.04 | 0.28 | ||||||||||||||||
Less distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.21 | ) | (0.44 | ) | (0.46 | ) | (0.48 | ) | (0.48 | ) | (0.47 | ) | ||||||||||||
Net realized gain | - | (0.02 | ) | (0.08 | ) | - | - | - | ||||||||||||||||
Total distributions to shareholders | (0.21 | ) | (0.46 | ) | (0.54 | ) | (0.48 | ) | (0.48 | ) | (0.47 | ) | ||||||||||||
Net asset value, end of period | $ | 9.94 | 10.16 | 9.23 | 10.15 | 9.62 | 9.06 | |||||||||||||||||
Total return (a) | (0.07 | )% | 15.29 | % | (3.77 | )% | 10.66 | % | 11.81 | % | 2.99 | % | ||||||||||||
Net assets, end of period (000s omitted) | $ | 503,931 | 507,982 | 465,026 | 527,118 | 518,834 | 516,202 | |||||||||||||||||
Ratio of expenses, net of waivers, to average net assets (b)(c)(d)(e) | 0.34 | % | 0.33 | % | 0.34 | % | 0.36 | % | 0.36 | % | 0.36 | % | ||||||||||||
Ratio of expenses, before waivers, to average net assets (b)(c)(d)(e) | 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)(e) | 4.27 | % | 4.48 | % | 4.78 | % | 4.79 | % | 5.08 | % | 5.00 | % | ||||||||||||
Ratio of net investment income, before waivers, to average net assets(b)(d)(e) | 4.01 | % | 4.21 | % | 4.52 | % | 4.55 | % | 4.84 | % | 4.76 | % | ||||||||||||
Portfolio turnover rate (excluding short-term securities) | 8.29 | % | 22.25 | % | 31.65 | % | 28.06 | % | 24.83 | % | 28.95 | % |
(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 16, 2015, the investment advisory fee, net of voluntary waivers, increased to 0.34%. Also effective March 16, 2015, the Adviser decreased the voluntary waiver to 0.26%. |
(e) | 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
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, 2015 | Year ended December 31, | |||||||||||||||||||||||
International Fund | (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||
Net asset value, beginning of period | $ | 14.41 | 15.76 | 13.33 | 12.23 | 14.33 | 13.16 | |||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.20 | 0.35 | 0.29 | 0.30 | 0.30 | 0.23 | ||||||||||||||||||
Net realized and unrealized gains (losses) | 0.58 | (1.08 | ) | 2.62 | 1.88 | (2.08 | ) | 1.27 | ||||||||||||||||
Total from investment operations | 0.78 | (0.73 | ) | 2.91 | 2.18 | (1.78 | ) | 1.50 | ||||||||||||||||
Less distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | - | (0.36 | ) | (0.34 | ) | (0.31 | ) | (0.29 | ) | (0.23 | ) | |||||||||||||
Net realized gain | - | (0.26 | ) | (0.14 | ) | (0.77 | ) | (0.03 | ) | (0.10 | ) | |||||||||||||
Total distributions to shareholders | - | (0.62 | ) | (0.48 | ) | (1.08 | ) | (0.32 | ) | (0.33 | ) | |||||||||||||
Net asset value, end of period | $ | 15.19 | 14.41 | 15.76 | 13.33 | 12.23 | 14.33 | |||||||||||||||||
Total return (a) | 5.41 | % | (4.70 | )% | 21.85 | % | 17.91 | % | (12.44 | )% | 11.39 | % | ||||||||||||
Net assets, end of period (000s omitted) | $ | 522,945 | 481,943 | 511,904 | 408,059 | 305,071 | 346,415 | |||||||||||||||||
Ratio of expenses, net of waivers, to average net assets (b)(c)(d)(e)(f)(g) | 0.68 | % | 0.67 | % | 0.66 | % | 0.62 | % | 0.77 | % | 0.80 | % | ||||||||||||
Ratio of expenses, before waivers, to average net assets (b)(c)(d)(e)(f)(g) | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | ||||||||||||
Ratio of net investment income, net of waivers, to average net assets (b)(d)(e)(f)(g) | 2.63 | % | 2.22 | % | 1.99 | % | 2.39 | % | 2.15 | % | 1.77 | % | ||||||||||||
Ratio of net investment income, before waivers, to average net assets (b)(d)(e)(f)(g) | 2.31 | % | 1.89 | % | 1.65 | % | 2.01 | % | 1.92 | % | 1.57 | % | ||||||||||||
Portfolio turnover rate (excluding short-term securities) | 7.80 | % | 15.33 | % | 22.54 | % | 72.32 | % | 36.93 | % | 30.82 | % |
(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 16, 2015, the investment advisory fee, net of voluntary waivers, increased to 0.69%. Also effective March 16, 2015, the Adviser decreased the voluntary waiver to 0.31%. |
(e) | Effective March 15, 2013, the investment advisory fee, net of voluntary waivers, increased to 0.67%. Also effective March 15, 2013, the Adviser decreased the voluntary waiver to 0.33%. |
(f) | 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%. |
(g) | 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, 2015
(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.
The Northern Trust Company serves as the custodian, administrator, accounting services agent and transfer agent for the Trust.
Effective January 29, 2015, the Trust terminated Knightsbridge Asset Management, LLC and Heartland Advisors, Inc., two of the subadvisers to the Clearwater Core Equity Fund. Effective February 3, 2015 and February 4, 2015, respectively, the Trust engaged AQR Capital Management, LLC (“AQR”) and O’Shaughnessy Asset Management, LLC (“OSAM”) as two new subadvisers to the Clearwater Core Equity Fund.
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 for the Fund: Parametric Portfolio Associates, LLC (“Parametric”), AQR, OSAM 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 total 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 total 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 but does not provided day-to-day management.
8 |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2015
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 in the portfolio. 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. It is intended that the Fund holds a portion of its portfolio for more than two years to allow for the change that prompted the relevant security’s purchase to yield results. The Fund uses a “multi-style, multi-manager” approach. The Fund’s Adviser allocates portions of the Fund’s assets between subadvisers who employ distinct investment styles. The Fund currently allocates assets between the following subadvisers who provide day-to-day management for the Fund: Kennedy Capital Management, Inc. (“Kennedy”) and Keeley Asset Management Corp. (“Keeley”). FCI also acts as a subadviser to the Fund but does not provide day-to-day management.
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 for individuals. All exempt interest income may increase certain corporate shareholders 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”). FCI also acts as a subadviser to the Fund but does not provide day-to-day management.
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 and 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 does not intend to invest more than 20% of its net assets in the equity securities of developing or emerging market issuers. In order to hedge against adverse movements in currency exchange rates, the Fund may enter into foreign currency exchange contracts. The Fund does not intend to invest in foreign currency exchange contracts, options, future contracts or options in future contracts for speculative purposes. The Fund uses a “multi-style, multi-manager” approach. The Fund’s net 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 for 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 assets will be allocated to Parametric, and the remaining assets will be allocated to one or more of the Fund’s four other subadvisers that provide day-to-day management of the Fund. Parametric manages its portion of the Fund’s assets in a passive management strategy so that, to the extent
9 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2015
feasible, its portion of the Fund’s holdings matches the holdings of the MSCI World Ex USA Index (net) as closely as possible. FCI also acts as a subadviser to the Fund but does not provide day-to-day management.
(2) | Summary of Significant Accounting Policies |
The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies.”
The 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 are valued at the market price supplied by an independent pricing vendor provided such prices are believed to reflect the fair value of such securities. Shares of open end investment companies are valued at their daily net asset value (“NAV”). 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 NAV, are valued at fair value as determined in good faith using procedures established by the Board of Trustees. This may occur particularly 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 NAV 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 net 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 |
10 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2015
recorded within net realized gain (loss) on security transactions and within net increase (decrease) in unrealized 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 within net realized gain (loss) on 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 exchange contracts within net increase (decrease) in unrealized 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 recorded within net realized gain (loss) on forward foreign currency exchange contracts 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. The International Fund may enter into spot contracts in order to make payments, or to receive payments, based on investment 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 investment 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 translation of other assets and liabilities denominated in foreign currencies within net increase (decrease) in |
11 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2015
unrealized appreciation/depreciation on the Statements of Operations. Unrealized gains or losses on outstanding spot contracts are recorded in payables for investment securities purchased or receivable for securities sold, respectively, on the Statements of Assets and Liabilities. The Funds record any realized gains or losses at the time the spot contract settles. Realized gains or losses, if any, are included within net realized gain (loss) on 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 are 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. 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, an investment company advised by Northern Trust Investments, Inc. (“NTI”), a subsidiary of Northern Trust. 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. 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 balances disclosed as foreign tax reclaim receivable, if any, represent net amounts withheld by foreign governments on dividend income earned in the respective countries subject to reclamation. All reclaims are paid directly to the applicable Funds. | ||
(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. |
12 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2015
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, 2014, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for the 2011, 2012, 2013 and 2014 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 gain (loss) 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 gain (loss) were recorded by the Funds. The tax character of distributions paid by the Funds during the years ended December 31, 2014 and 2013 was as follows: |
Tax-Exempt | Ordinary Income | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Core Equity Fund | $ | - | $ | - | $ | 7,119,857 | $ | 6,741,356 | ||||||||
Small Companies Fund | - | - | 4,041,973 | 7,282,854 | ||||||||||||
Tax-Exempt Bond Fund | 21,739,172 | 22,903,417 | 683,862 | 199,996 | ||||||||||||
International Fund | - | - | 13,341,732 | 12,704,376 |
Long-Term Capital Gains | ||||||||
2014 | 2013 | |||||||
Core Equity Fund | $ | 17,853,920 | $ | 141,918 | ||||
Small Companies Fund | 43,827,345 | 31,561,189 | ||||||
Tax-Exempt Bond Fund | 350,149 | 4,029,044 | ||||||
International Fund | 6,673,460 | 2,541,715 |
As of June 30, 2015, the components of distributable earnings on a tax basis were as follows: |
Core Equity Fund | Small Companies Fund | Tax-Exempt Bond Fund | International Fund | |||||||||||||
Undistributed ordinary income | $ | 3,824,663 | $ | 3,930,164 | $ | 154,583 | $ | 7,001,230 | ||||||||
Undistributed capital gain | 41,979,425 | 19,703,157 | 3,131 | 2,659,054 | ||||||||||||
Accumulated capital losses | - | - | (523,197 | ) | - | |||||||||||
Unrealized appreciation | 235,861,317 | 67,485,684 | 16,579,808 | 118,806,603 | ||||||||||||
Total | $ | 281,665,405 | $ | 91,119,005 | $ | 16,214,325 | $ | 128,466,887 |
Distributions to shareholders from net investment income and net realized gain are determined in accordance with federal income tax regulations, which may differ from such amounts recorded in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for financial reporting purposes. Accordingly, the Funds may make reclassifications among certain of their capital accounts in order to reflect the tax treatment |
13 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2015
for certain permanent differences that exist between federal income tax regulations and U.S. GAAP. These reclassifications are reported in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and U.S. GAAP. These reclassifications may relate to net operating losses, Section 998 currency gains and losses, Passive Foreign Investment Companies (“PFICs”) gains and losses, recharacterization of dividends from investments in real estate investment trusts (“REITs”), and Partnerships. These reclassifications have no impact on the total net assets or the NAV per share of the Funds. At June 30, 2015, reclassifications have been recorded among the following capital accounts on the Statements of Assets and Liabilities: |
Core Equity Fund | International Fund | |||||||
Undistributed (overdistributed) net investment income | $ | (269,736 | ) | $ | 518,141 | |||
Accumulated net realized gain (loss) | 269,736 | (518,141 | ) |
(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. 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. | ||
(l) | Recent Accounting Pronouncement | |
In May 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-07, Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or its Equivalent) (“ASU 2015-07”). ASU 2015-07 requires the removal of investments for which fair value is measured using the NAV per share practical expedient from within the fair value hierarchy. Instead, an entity would be required to include those investments as a reconciling line item so that the total fair value amount of investments in the disclosure is consistent with the amounts on the Statements of Assets and Liabilities. ASU 2015-07 also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the NAV per share practical expedient and only requires it for investments for which the entity has elected to measure the fair value using that practical expedient. ASU 2015-07 is effective for interim and annual reporting periods beginning on or after December 15, 2015. At this time, management is evaluating the implications of this requirement and the impacts it will have to the 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 |
14 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2015
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. |
· | 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, 2015.
Core Equity Fund (a) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 515,383,412 | $ | - | $ | - | $ | 515,383,412 | ||||||||
Master Limited Partnerships | 4,577,795 | - | - | 4,577,795 | ||||||||||||
Preferred Stock | 462,593 | - | - | 462,593 | ||||||||||||
Rights | - | - | 1,702 | 1,702 | ||||||||||||
Short-Term Investments | 7,018,888 | - | - | 7,018,888 | ||||||||||||
Total | $ | 527,442,688 | $ | - | $ | 1,702 | $ | 527,444,390 |
15 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2015
(a) | For the Core Equity Fund, the investment value is comprised of equity securities, MLPs, rights and short-term investments. See the Fund’s Schedule of Investments for industry classification. Investments in equity, MLPs 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. Investments in rights generally are determined by taking into account the terms of the rights as well as the value of the underlying equity securities, which are determined by the valuation methodology described above. Two rights were deemed Level 3 classifications, as their trading was suspended pending corporate actions and these rights were valued at period end using the applicable company’s internally determined prices, which also factored in the terms of the applicable corporate actions and third party valuations. | |
The Core Equity Fund records all transfers between levels based on valuations at the end of each reporting period. At June 30, 2015, there were no transfers between Level 1, Level 2 or Level 3 classifications based on levels assigned to the securities on December 31, 2014. | ||
The following is a reconciliation of investments for the Core Equity Fund in which significant unobservable inputs (Level 3) were used in determining fair value: |
Rights | ||||||||||||
Consumer Staples | Financials | Total | ||||||||||
Balance as of 12/31/14 | $ | - | $ | - | $ | - | ||||||
Realized Gains | - | - | - | |||||||||
Realized Losses | - | - | - | |||||||||
Change in Unrealized Appreciation (Depreciation) | - | - | - | |||||||||
Purchases | 1,624 | 78 | 1,702 | |||||||||
Sales | - | - | - | |||||||||
Transfers into Level 3 | - | - | - | |||||||||
Transfers out of Level 3 | - | - | - | |||||||||
Balance as of 06/30/15 | $ | 1,624 | $ | 78 | $ | 1,702 |
The net increase (decrease) in unrealized appreciation (depreciation) on the above Level 3 securities still held at June 30, 2015 is $0, which is included in the Statements of Operations.
There were no significant Level 3 valuations for which significant unobservable valuations inputs were developed at June 30, 2015.
16 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2015
Small Companies Fund (b) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 332,607,745 | $ | - | $ | - | $ | 332,607,745 | ||||||||
Short-Term Investments | 8,783,689 | - | - | 8,783,689 | ||||||||||||
Total | $ | 341,391,434 | $ | - | $ | - | $ | 341,391,434 |
(b) | For the Small Companies Fund, 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, 2015, there were no transfers between Level 1, Level 2 or Level 3 classifications based on levels assigned to the securities on December 31, 2014.
17 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2015
Tax-Exempt Bond Fund (c) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Closed-End Funds | $ | 27,448,664 | $ | - | $ | - | $ | 27,448,664 | ||||||||
Municipal Bonds | ||||||||||||||||
Airport | - | 2,832,420 | - | 2,832,420 | ||||||||||||
Bond Bank | - | 2,474,598 | - | 2,474,598 | ||||||||||||
Development | - | 27,247,560 | 310,859 | 27,558,419 | ||||||||||||
Education | - | 38,374,357 | - | 38,374,357 | ||||||||||||
Facilities | - | 3,639,136 | - | 3,639,136 | ||||||||||||
General | - | 43,544,251 | 3,515 | 43,547,766 | ||||||||||||
General Obligation | - | 20,205,932 | - | 20,205,932 | ||||||||||||
Higher Education | - | 19,264,955 | - | 19,264,955 | ||||||||||||
Housing | - | 38,661,761 | - | 38,661,761 | ||||||||||||
Medical | - | 52,010,398 | 96,250 | 52,106,648 | ||||||||||||
Mello-Roos | - | 1,094,824 | - | 1,094,824 | ||||||||||||
Multifamily Housing | - | 29,814,561 | - | 29,814,561 | ||||||||||||
Nursing Home | - | 49,914,831 | - | 49,914,831 | ||||||||||||
Power | - | 5,616,626 | - | 5,616,626 | ||||||||||||
School District | - | 29,769,006 | - | 29,769,006 | ||||||||||||
Single Family Housing | - | 70,304,697 | - | 70,304,697 | ||||||||||||
Student Loan | - | 2,511,628 | - | 2,511,628 | ||||||||||||
Tobacco Settlement | - | 728,806 | - | 728,806 | ||||||||||||
Transportation | - | 12,480,528 | - | 12,480,528 | ||||||||||||
Utilities | - | 2,305,218 | - | 2,305,218 | ||||||||||||
Water | - | 6,935,922 | - | 6,935,922 | ||||||||||||
Short-Term Investments | 14,804,087 | - | - | 14,804,087 | ||||||||||||
Total | $ | 42,252,751 | $ | 459,732,015 | $ | 410,624 | $ | 502,395,390 |
(c) | For the Tax-Exempt Bond Fund, the investment value is comprised of closed-end funds, municipal bonds, and short-term investments. Investments in closed-end funds 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. Investments in municipal bonds generally are 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 NAV 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 NAV is calculated. |
18 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2015
As of June 30, 2015, 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 in addition to the consideration of recent developments relating to a credit review of a municipal bond as well as observations and the nature of similar securities which are not currently openly traded 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, 2015, there were no transfers between Level 1, Level 2 or Level 3 classifications based on levels assigned to the securities on December 31, 2014.
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:
Municipal Bonds | ||||||||||||||||
Development | General | Medical | Total | |||||||||||||
Balance as of 12/31/14 | $ | 267,629 | $ | 3,515 | $ | 157,500 | $ | 428,644 | ||||||||
Accrued Discounts | - | - | - | - | ||||||||||||
Realized Gains (Losses) | - | - | - | - | ||||||||||||
Change in Unrealized Appreciation (Depreciation) | 43,230 | - | (61,250 | ) | (18,020 | ) | ||||||||||
Purchases | - | - | - | - | ||||||||||||
Sales | - | - | - | - | ||||||||||||
Transfers into Level 3 | - | - | - | - | ||||||||||||
Transfers out of Level 3 | - | - | - | - | ||||||||||||
Balance as of 6/30/2015 | $ | 310,859 | $ | 3,515 | $ | 96,250 | $ | 410,624 | ||||||||
Net increase (decrease) in unrealized appreciation (depreciation) (1) | $ | 43,230 | $ | - | $ | (61,250 | ) | $ | (18,020 | ) |
(1) | The net increase (decrease) in unrealized appreciation (depreciation) on Level 3 securities still held at June 30, 2015 is included in the Statements of Operations. |
There were no significant Level 3 valuations for which significant unobservable valuations inputs were developed at June 30, 2015.
19 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2015
International Fund (d) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | ||||||||||||||||
Hong Kong | $ | 20,210,985 | $ | 1,571,387 | $ | - | $ | 21,782,372 | ||||||||
Thailand | - | 706,987 | - | 706,987 | ||||||||||||
All other countries | 474,853,441 | - | - | 474,853,441 | ||||||||||||
Master Limited Partnerships | 2,887,306 | - | - | 2,887,306 | ||||||||||||
Preferred Stock | 2,416,045 | - | - | 2,416,045 | ||||||||||||
Rights | ||||||||||||||||
France | 15 | - | - | 15 | ||||||||||||
Singapore | - | 1,170 | - | 1,170 | ||||||||||||
Warrants | 60,870 | - | - | 60,870 | ||||||||||||
Investment Companies | 540,812 | - | - | 540,812 | ||||||||||||
Short-Term Investments | 17,623,913 | - | - | 17,623,913 | ||||||||||||
Total | $ | 518,593,387 | $ | 2,279,544 | $ | - | $ | 520,872,931 |
(d) | For the International Fund, the investment value is comprised of equity securities, MLPs, rights, warrants, investment companies and short-term investments. See the Fund’s Schedule of Investments for additional information on industry sector and currency concentration information. Investments in equity, MLPs, investment companies 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. Investments in rights and warrants generally are determined by taking into account the terms of the rights and warrants as well as the value of the underlying equity securities, which are determined by the valuation methodology described above. At June 30, 2015, the Singapore based rights issued had not started trading yet at period end and the valuation was based on the terms of the rights as well as the valuation of the underlying security, resulting in a Level 2 classification. Two Thailand based securities were valued at period end based on the prices of the securities’ local lines as there was not any active trading on the securities’ foreign lines, resulting in Level 2 classifications. Additionally, the trading of a Hong Kong equity security was suspended and valuation at period end was based on the last traded price from the primary pricing provider at the time of suspension, resulting in a Level 2 classification. |
20 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2015
The International Fund records all transfers between levels based on valuations at the end of each reporting period.
At June 30, 2015, the International Fund had transfers from Level 2 to Level 1 classifications from December 31, 2014 to June 30, 2015 as disclosed below:
Transfers from Level 2 to Level 1 | ||||||
Country | Value | Reason | ||||
Common Stocks | ||||||
Australia | $ | 24,758,280 | Unadjusted valuations at last trade or closing price | |||
Austria | 923,124 | Unadjusted valuations at last trade or closing price | ||||
Belgium | 5,306,062 | Unadjusted valuations at last trade or closing price | ||||
Brazil | 3,432,545 | Unadjusted valuations at last trade or closing price | ||||
Canada | 30,340,947 | Unadjusted valuations at last trade or closing price | ||||
China | 7,331,973 | Unadjusted valuations at last trade or closing price | ||||
Denmark | 12,023,871 | Unadjusted valuations at last trade or closing price | ||||
Finland | 4,687,448 | Unadjusted valuations at last trade or closing price | ||||
France | 26,568,042 | Unadjusted valuations at last trade or closing price | ||||
Germany | 27,172,511 | Unadjusted valuations at last trade or closing price | ||||
Greece | 96,220 | Unadjusted valuations at last trade or closing price | ||||
Hong Kong | 18,423,740 | Unadjusted valuations at last trade or closing price | ||||
Ireland | 4,110,036 | Unadjusted valuations at last trade or closing price | ||||
Israel | 479,778 | Unadjusted valuations at last trade or closing price | ||||
Italy | 9,264,182 | Unadjusted valuations at last trade or closing price | ||||
Japan | 74,353,809 | Unadjusted valuations at last trade or closing price | ||||
Mexico | 83,910 | Unadjusted valuations at last trade or closing price | ||||
Netherlands | 15,024,965 | Unadjusted valuations at last trade or closing price | ||||
New Zealand | 314,454 | Unadjusted valuations at last trade or closing price |
21 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2015
Transfers from Level 2 to Level 1 | ||||||
Country | Value | Reason | ||||
Norway | $ | 4,995,746 | Unadjusted valuations at last trade or closing price | |||
Philippines | 805,663 | Unadjusted valuations at last trade or closing price | ||||
Portugal | 321,663 | Unadjusted valuations at last trade or closing price | ||||
Singapore | 3,459,836 | Unadjusted valuations at last trade or closing price | ||||
South Africa | 3,036,212 | Unadjusted valuations at last trade or closing price | ||||
South Korea | 8,648,016 | Unadjusted valuations at last trade or closing price | ||||
Spain | 10,560,750 | Unadjusted valuations at last trade or closing price | ||||
Sweden | 8,135,031 | Unadjusted valuations at last trade or closing price | ||||
Switzerland | 34,277,215 | Unadjusted valuations at last trade or closing price | ||||
Taiwan | 2,297,816 | Unadjusted valuations at last trade or closing price | ||||
United Kingdom | 80,225,889 | Unadjusted valuations at last trade or closing price | ||||
United States | 745,747 | Unadjusted valuations at last trade or closing price | ||||
Preferred Stock | Unadjusted valuations at last trade or closing price | |||||
Germany | 1,861,603 | Unadjusted valuations at last trade or closing price | ||||
South Korea | 182,496 | Unadjusted valuations at last trade or closing price | ||||
Rights | Unadjusted valuations at last trade or closing price | |||||
France | 15 | Unadjusted valuations at last trade or closing price | ||||
Total | $ | 424,249,595 |
22 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2015
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
Forward foreign currency exchange contracts | $ | - | $ | 64,966 | $ | - | $ | 64,966 | ||||||||
Liabilities | ||||||||||||||||
Forward foreign currency exchange contracts | - | (5,750 | ) | - | (5,750 | ) | ||||||||||
Net Other Financial Instruments | $ | - | $ | 59,216 | $ | - | $ | 59,216 |
The forward foreign currency exchange contracts outstanding at June 30, 2015 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.
(4) | Investment Security Transactions |
The cost of purchases and proceeds from sales of securities (excluding short-term securities) for the period ended June 30, 2015, were as follows:
Purchases | Sales | |||||||
Core Equity Fund | $ | 171,833,427 | $ | 184,917,912 | ||||
Small Companies Fund | 94,775,281 | 104,912,521 | ||||||
Tax-Exempt Bond Fund | 43,604,744 | 40,688,175 | ||||||
International Fund | 58,067,869 | 38,320,869 |
23 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2015
(5) | Capital Share Transactions |
Transactions in capital shares for the six months ended June 30, 2015 and the fiscal year ended December 31, 2014, were as follows:
Core Equity Fund | Small Companies Fund | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Sold | 23,625 | 76,703 | 558,810 | 375,718 | ||||||||||||
Issued for reinvestment of distributions | - | 625,596 | - | 2,336,228 | ||||||||||||
Redeemed | (556,584 | ) | (823,611 | ) | (1,151,546 | ) | (1,611,217 | ) | ||||||||
Net Increase (decrease) | (532,959 | ) | (121,312 | ) | (592,736 | ) | 1,100,729 |
Tax-Exempt Bond Fund | International Fund | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Sold | 1,990,311 | 1,888,829 | 1,292,039 | 897,252 | ||||||||||||
Issued for reinvestment of distributions | 1,051,520 | 2,303,187 | - | 1,374,670 | ||||||||||||
Redeemed | (2,325,079 | ) | (4,609,524 | ) | (308,115 | ) | (1,309,596 | ) | ||||||||
Net Increase (decrease) | 716,752 | (417,508 | ) | 983,924 | 962,326 |
(6) | Capital Loss Carryforward |
For the period subsequent to October 31, 2014 through the fiscal year ended December 31, 2014, 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:
Short-Term | Long-Term | Total | ||||||||||
Core Equity Fund | $ | 1,129,556 | $ | - | $ | 1,129,556 | ||||||
Small Companies Fund | 1,262,085 | - | 1,262,085 | |||||||||
Tax-Exempt Bond Fund | - | 216,640 | 216,640 | |||||||||
International Fund | 1,823,469 | - | 1,823,469 |
24 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2015
(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 each pay an investment advisory 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 modified its management fee for each of the Funds through voluntary waivers. Effective March 16, 2015, the voluntary waiver for the Core Equity Fund was increased to 0.50%, while the voluntary waivers for the Small Companies, Tax-Exempt Bond and International Funds were reduced to 0.37%, 0.26% and 0.31%, respectively. For the period ended June 30, 2015, the management fees actually paid by the Core Equity, Small Companies, Tax-Exempt Bond and International Funds, net of voluntary waivers, are 0.44%, 0.96%, 0.34% and 0.68%, respectively. As of June 30, 2015, the management fees in place, net of voluntary waivers, for the Core Equity, Small Companies, Tax-Exempt Bond, and International Funds are 0.40%, 0.98%, 0.34%, and 0.69%, 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 or other investment companies 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 manages within each Fund and are paid directly by the Adviser. For each subadviser, the fee schedule is detailed according to the following schedule:
The subadvisory fee for the Clearwater Core Equity Fund, payable to Parametric and OSAM is equal to an annual rate of 0.15% and 0.35% of the portions of net assets managed, respectively.
Effective January 29, 2015, the subadvisory fee for the Clearwater Core Equity Fund, payable to Osterweis for Osterweis’s portion of net assets managed was changed and is now based on the annual rates in the below table. Prior to January 29, 2015, the subadvisory fee payable to Osterweis was equal to an annual rate of 0.75% of the portion of net assets managed.
Osterweis | ||||
First $25 Million | 0.75% | |||
Next $75 Million | 0.65% | |||
Over $100 Million | 0.55% |
25 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2015
The subadvisory fee for the Clearwater Core Equity Fund, payable to AQR for AQR’s portion of net assets managed is based on the following annual rates:
AQR | |
First $100 Million | 0.375% |
Over $100 Million | 0.35% |
The subadvisory fee for the Clearwater Small Companies Fund, payable to Kennedy and Keeley for each of their respective portions of net assets managed is based on the following annual rates:
Kennedy | |
First $50 Million | 0.85% |
Over $50 Million | 0.80% |
Keeley | |
First $2 Million | 1.00% |
Next $8 Million | 0.85% |
Over $10 Million | 0.70% |
The subadvisory fee for the Clearwater Tax-Exempt Bond Fund, payable to Sit for Sit’s portion of net assets managed is based on the following annual rates:
Sit | |
First $20 Million | 0.40% |
Next $30 Million | 0.30% |
Next $25 Million | 0.25% |
Next $175 Million | 0.20% |
Over $250 Million | 0.18% |
The subadvisory fee for the Clearwater International Fund, payable to Parametric and WCM, is equal to an annual rate of 0.15% and 0.80% of the portions of net assets managed, respectively.
26 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2015
The subadvisory fee for the Clearwater International Fund, payable to Artisan Partners, Denver, and Templeton for each of their respective portions of net assets managed is based on the following annual rates:
Artisan Partners | |
First $50 Million | 0.80% |
Next $50 Million | 0.60% |
Over $100 Million | 0.50% |
Denver | |
First $10 Million | 1.25% |
Over $10 Million | 0.85% |
Templeton | |
First $25 Million | 0.95% |
Next $25 Million | 0.85% |
Next $50 Million | 0.75% |
Next $150 Million | 0.65% |
Next $250 Million | 0.55% |
Over $500 Million | 0.50% |
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 average daily 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.
27 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2015
(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). Below are the types of derivatives held in the International Fund by location as presented in the Statements of Assets and Liabilities as of June 30, 2015, with additional detail on the net amounts impacting the Statements of Assets and Liabilities. The forward foreign currency exchange contracts presented below are not subject to master netting agreements or other similar agreements.
ASSETS | LIABILITIES | |||||||||||||||||||
Derivative Type | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | Net Amounts of Assets Presented in the Statements of Assets and Liabilities | Counterparty | ||||||||||||||
Forward foreign currency exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 64,966 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 5,750 | $ | 59,216 | Northern Trust |
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, 2015:
Derivative Type | Statements of Operations Location | Value | Derivative Type | Statements of Operations Location | Value | ||||||||||
Forward foreign currency exchange contracts | Net realized gain (loss) loss on forward foreign currency exchange contracts | $ | 489,058 | Forward foreign currency exchange contracts | Net increase (decrease) in unrealized appreciation/depreciation on forward foreign currency exchange contracts | $ | (454,887) |
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, 2015.
Forward Foreign Currency Exchange Contracts | ||||||
Number of Transactions | Weighted Average Notional Amount | |||||
6 | $ | 106,852,977 |
28 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2015
(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.
29 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | |||||||||
Common Stocks: | |||||||||||||
Consumer Discretionary: | |||||||||||||
3,000 | ADVANCE AUTO PARTS, INC. | $ | 288,060 | 477,870 | |||||||||
6,150 | AMAZON.COM, INC.(b) | 274,721 | 2,669,653 | ||||||||||
1,600 | AMC NETWORKS, INC., CLASS A(b) | 25,785 | 130,960 | ||||||||||
3,300 | AMERICAN EAGLE OUTFITTERS, INC. | 33,099 | 56,826 | ||||||||||
6,300 | APOLLO EDUCATION GROUP, INC.(b) | 166,322 | 81,144 | ||||||||||
1,300 | AUTOLIV, INC.(c) | 29,596 | 151,775 | ||||||||||
1,300 | AUTONATION, INC.(b) | 81,913 | 81,874 | ||||||||||
800 | AUTOZONE, INC.(b) | 320,664 | 533,520 | ||||||||||
33,267 | BED BATH & BEYOND, INC.(b) | 2,307,554 | 2,294,758 | ||||||||||
4,200 | BEST BUY CO., INC. | 151,499 | 136,962 | ||||||||||
1,400 | BIG LOTS, INC. | 15,477 | 62,986 | ||||||||||
4,400 | BORGWARNER, INC. | 51,799 | 250,096 | ||||||||||
3,550 | BRINKER INTERNATIONAL, INC. | 176,242 | 204,657 | ||||||||||
2,800 | BURLINGTON STORES, INC.(b) | 144,555 | 143,360 | ||||||||||
17,915 | CABELA’S, INC.(b) | 986,636 | 895,392 | ||||||||||
11,200 | CABLEVISION SYSTEMS CORP., CLASS A (NEW YORK GROUP) | 222,408 | 268,128 | ||||||||||
4,168 | CARMAX, INC.(b) | 50,984 | 275,963 | ||||||||||
2,700 | CARNIVAL CORP. | 80,824 | 133,353 | ||||||||||
6,043 | CBS CORP., CLASS B (NON VOTING) | 52,350 | 335,386 | ||||||||||
12,060 | CHARTER COMMUNICATIONS, INC., CLASS A(b) | 1,549,096 | 2,065,275 | ||||||||||
600 | CHICO’S FAS, INC. | 5,619 | 9,978 | ||||||||||
31,864 | CINEMARK HOLDINGS, INC. | 603,094 | 1,279,977 | ||||||||||
32,900 | CLEAR CHANNEL OUTDOOR HOLDINGS, INC., CLASS A | 197,904 | 333,277 | ||||||||||
5,000 | COACH, INC. | 19,161 | 173,050 | ||||||||||
1,800 | COLUMBIA SPORTSWEAR CO. | 78,617 | 108,828 | ||||||||||
32,122 | COMCAST CORP., CLASS A | 585,280 | 1,931,817 | ||||||||||
800 | CRACKER BARREL OLD COUNTRY STORE, INC. | 108,978 | 119,328 | ||||||||||
1,345 | CST BRANDS, INC. | 11,311 | 52,536 | ||||||||||
4,600 | DANA HOLDING CORP. | 106,986 | 94,668 | ||||||||||
2,300 | DARDEN RESTAURANTS, INC. | 47,909 | 163,484 | ||||||||||
1,100 | DECKERS OUTDOOR CORP.(b) | 78,966 | 79,167 | ||||||||||
2,986 | DELPHI AUTOMOTIVE PLC(c) | 266,172 | 254,079 | ||||||||||
5,700 | DEVRY EDUCATION GROUP, INC. | 192,959 | 170,886 | ||||||||||
1,500 | DICK’S SPORTING GOODS, INC. | 24,803 | 77,655 | ||||||||||
2,000 | DILLARD’S, INC., CLASS A | 234,910 | 210,380 | ||||||||||
12,221 | DIRECTV(b) | 135,228 | 1,133,987 | ||||||||||
3,718 | DISCOVERY COMMUNICATIONS, INC., CLASS A(b) | 126,598 | 123,661 | ||||||||||
1,200 | DOLLAR GENERAL CORP. | 82,842 | 93,288 | ||||||||||
22,294 | DOLLAR TREE, INC.(b) | 1,275,262 | 1,761,003 | ||||||||||
900 | DOMINO’S PIZZA, INC. | 90,041 | 102,060 | ||||||||||
4,600 | DR HORTON, INC. | 22,057 | 125,856 | ||||||||||
3,710 | EXPEDIA, INC. | 274,189 | 405,688 | ||||||||||
500 | FAMILY DOLLAR STORES, INC. | 12,653 | 39,405 | ||||||||||
7,700 | FOOT LOCKER, INC. | 294,530 | 515,977 | ||||||||||
51,363 | FORD MOTOR CO. | 248,244 | 770,959 | ||||||||||
5,700 | GAMESTOP CORP., CLASS A | 90,835 | 244,872 | ||||||||||
6,350 | GANNETT CO., INC.(b) | 56,462 | 88,836 | ||||||||||
10,000 | GAP (THE), INC. | 308,644 | 381,700 | ||||||||||
2,200 | GARMIN LTD.(c) | 40,557 | 96,646 | ||||||||||
15,000 | GENTEX CORP. | 106,860 | 246,300 | ||||||||||
9,724 | GENUINE PARTS CO. | 705,160 | 870,590 | ||||||||||
300 | GRAHAM HOLDINGS CO., CLASS B | 287,941 | 322,515 | ||||||||||
13,700 | H&R BLOCK, INC. | 155,487 | 406,205 | ||||||||||
8,400 | HANESBRANDS, INC. | 193,340 | 279,888 | ||||||||||
6,750 | HARLEY-DAVIDSON, INC. | 39,547 | 380,362 | ||||||||||
5,500 | HARMAN INTERNATIONAL INDUSTRIES, INC. | 234,431 | 654,170 | ||||||||||
400 | HASBRO, INC. | 10,206 | 29,916 | ||||||||||
47,434 | HOME DEPOT (THE), INC. | 1,961,533 | 5,271,340 | ||||||||||
1,000 | HSN, INC. | 75,323 | 70,190 | ||||||||||
6,776 | INTERCONTINENTAL HOTELS GROUP PLC ADR(c)(d) | 269,563 | 274,157 | ||||||||||
15,600 | INTERPUBLIC GROUP OF (THE) COS., INC. | 40,950 | 300,612 | ||||||||||
39,900 | J.C. PENNEY CO., INC.(b) | 352,716 | 337,953 | ||||||||||
3,150 | JARDEN CORP.(b) | 25,277 | 163,013 | ||||||||||
2,700 | JOHN WILEY & SONS, INC., CLASS A | 168,925 | 146,799 | ||||||||||
8,400 | JOHNSON CONTROLS, INC. | 229,244 | 416,052 |
See accompanying notes to the financial statements. | 30 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | |||||||||
Consumer Discretionary (Cont’d): | |||||||||||||
22,165 | KOHL’S CORP. | $ | 1,045,773 | 1,387,751 | |||||||||
13,032 | L BRANDS, INC. | 673,011 | 1,117,233 | ||||||||||
2,338 | LAS VEGAS SANDS CORP. | 14,654 | 122,909 | ||||||||||
4,300 | LEAR CORP. | 307,661 | 482,718 | ||||||||||
1,800 | LEGGETT & PLATT, INC. | 79,087 | 87,624 | ||||||||||
2,900 | LENNAR CORP., CLASS A | 38,266 | 148,016 | ||||||||||
783 | LIBERTY BROADBAND CORP., CLASS A(b) | 1,186 | 39,910 | ||||||||||
1,566 | LIBERTY BROADBAND CORP., CLASS C(b) | 2,222 | 80,117 | ||||||||||
5,832 | LIBERTY GLOBAL PLC, CLASS A(b)(c) | 51,410 | 315,336 | ||||||||||
7,374 | LIBERTY GLOBAL PLC, SERIES C(b)(c) | 64,301 | 373,346 | ||||||||||
75,385 | LIBERTY INTERACTIVE CORP. QVC GROUP, CLASS A(b) | 1,085,188 | 2,091,934 | ||||||||||
3,132 | LIBERTY MEDIA CORP., CLASS A(b) | 3,690 | 112,877 | ||||||||||
6,264 | LIBERTY MEDIA CORP., CLASS C(b) | 6,877 | 224,878 | ||||||||||
1,580 | LIBERTY TRIPADVISOR HOLDINGS, INC., CLASS A(b) | 11,997 | 50,908 | ||||||||||
4,979 | LIBERTY VENTURES, SERIES A(b) | 55,312 | 195,525 | ||||||||||
1,200 | LKQ CORP.(b) | 14,970 | 36,294 | ||||||||||
33,031 | LOWE’S COS., INC. | 1,775,707 | 2,212,086 | ||||||||||
10,100 | MACY’S, INC. | 411,903 | 681,447 | ||||||||||
10,400 | MAGNA INTERNATIONAL, INC.(c) | 516,690 | 583,336 | ||||||||||
15,986 | MARRIOTT INTERNATIONAL, INC., CLASS A | 902,826 | 1,189,199 | ||||||||||
496 | MARRIOTT VACATIONS WORLDWIDE CORP. | 3,643 | 45,508 | ||||||||||
8,202 | MCDONALD’S CORP. | 146,086 | 779,764 | ||||||||||
6,600 | MGM RESORTS INTERNATIONAL(b) | 54,921 | 120,450 | ||||||||||
600 | MOHAWK INDUSTRIES, INC.(b) | 26,796 | 114,540 | ||||||||||
800 | MORNINGSTAR, INC. | 32,901 | 63,640 | ||||||||||
600 | MURPHY USA, INC.(b) | 4,392 | 33,492 | ||||||||||
700 | NETFLIX, INC.(b) | 41,142 | 459,858 | ||||||||||
2,200 | NEWELL RUBBERMAID, INC. | 26,950 | 90,442 | ||||||||||
6,475 | NEWS CORP., CLASS A(b) | 28,965 | 94,470 | ||||||||||
19,278 | NIKE, INC., CLASS B | 1,110,206 | 2,082,410 | ||||||||||
7,400 | NORDSTROM, INC. | 289,699 | 551,300 | ||||||||||
100 | NVR, INC.(b) | 128,601 | 134,000 | ||||||||||
2,695 | OMNICOM GROUP, INC. | 78,532 | 187,276 | ||||||||||
5,788 | O’REILLY AUTOMOTIVE, INC.(b) | 811,233 | 1,307,972 | ||||||||||
1,500 | PANERA BREAD CO., CLASS A(b) | 69,667 | 262,155 | ||||||||||
800 | PRICELINE GROUP (THE), INC.(b) | 194,799 | 921,096 | ||||||||||
14,100 | PULTEGROUP, INC. | 58,797 | 284,115 | ||||||||||
600 | PVH CORP. | 22,503 | 69,120 | ||||||||||
1,500 | RALPH LAUREN CORP. | 31,320 | 198,540 | ||||||||||
3,000 | REGAL ENTERTAINMENT GROUP, CLASS A | 25,876 | 62,730 | ||||||||||
110 | REMY INTERNATIONAL, INC. | 1,043 | 2,432 | ||||||||||
12,800 | ROSS STORES, INC. | 207,188 | 622,208 | ||||||||||
6,200 | ROYAL CARIBBEAN CRUISES LTD. | 152,757 | 487,878 | ||||||||||
3,000 | SALLY BEAUTY HOLDINGS, INC.(b) | 94,542 | 94,740 | ||||||||||
10,400 | SERVICE CORP. INTERNATIONAL | 74,152 | 306,072 | ||||||||||
3,900 | SKECHERS U.S.A., INC., CLASS A(b) | 240,497 | 428,181 | ||||||||||
28,462 | STAPLES, INC. | 484,053 | 435,753 | ||||||||||
46,154 | STARBUCKS CORP. | 1,088,499 | 2,474,547 | ||||||||||
8,469 | STARWOOD HOTELS & RESORTS WORLDWIDE, INC. | 662,079 | 686,751 | ||||||||||
17,768 | TARGET CORP. | 805,458 | 1,450,402 | ||||||||||
12,700 | TEGNA, INC. | 225,165 | 407,289 | ||||||||||
1,000 | TEMPUR SEALY INTERNATIONAL, INC.(b) | 31,500 | 65,900 | ||||||||||
2,000 | TESLA MOTORS, INC.(b) | 137,158 | 536,520 | ||||||||||
4,500 | THOMSON REUTERS CORP. | 128,277 | 171,315 | ||||||||||
1,900 | THOR INDUSTRIES, INC. | 22,316 | 106,932 | ||||||||||
4,200 | TIFFANY & CO. | 122,192 | 385,560 | ||||||||||
5,679 | TIME WARNER CABLE, INC. | 183,138 | 1,011,827 | ||||||||||
21,033 | TIME WARNER, INC. | 457,012 | 1,838,495 | ||||||||||
2,629 | TIME, INC. | 19,683 | 60,493 | ||||||||||
10,989 | TJX (THE) COS., INC. | 145,399 | 727,142 | ||||||||||
90,320 | TRI POINTE HOMES, INC.(b) | 1,352,666 | 1,381,896 | ||||||||||
2,210 | TRIPADVISOR, INC.(b) | 42,908 | 192,579 | ||||||||||
12,400 | TWENTY-FIRST CENTURY FOX, INC., CLASS A | 79,285 | 403,558 | ||||||||||
600 | ULTA SALON COSMETICS & FRAGRANCE, INC.(b) | 79,252 | 92,670 | ||||||||||
1,000 | UNDER ARMOUR, INC., CLASS A(b) | 23,330 | 83,440 | ||||||||||
2,127 | URBAN OUTFITTERS, INC.(b) | 37,857 | 74,445 | ||||||||||
6,800 | VF CORP. | 87,065 | 474,232 | ||||||||||
47,435 | VIACOM, INC., CLASS B | 2,399,947 | 3,066,198 |
See accompanying notes to the financial statements. | 31 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | |||||||||
Consumer Discretionary (Cont’d): | |||||||||||||
800 | VISTEON CORP.(b) | $ | 33,968 | 83,984 | |||||||||
35,707 | WALT DISNEY (THE) CO. | 1,202,493 | 4,075,597 | ||||||||||
2,500 | WHIRLPOOL CORP. | 174,221 | 432,625 | ||||||||||
2,600 | WILLIAMS-SONOMA, INC. | 209,065 | 213,902 | ||||||||||
5,475 | WYNDHAM WORLDWIDE CORP. | 24,501 | 448,457 | ||||||||||
1,600 | WYNN RESORTS LTD. | 32,322 | 157,872 | ||||||||||
9,016 | YUM! BRANDS, INC. | 78,831 | 812,161 | ||||||||||
38,876,477 | 76,053,423 | 14.44% | |||||||||||
Consumer Staples: | |||||||||||||
36,994 | ALTRIA GROUP, INC. | 544,111 | 1,809,377 | ||||||||||
20,495 | ARCHER-DANIELS-MIDLAND CO. | 647,779 | 988,269 | ||||||||||
2,916 | BROWN-FORMAN CORP., CLASS B | 57,343 | 292,125 | ||||||||||
2,500 | BUNGE LTD. | 132,072 | 219,500 | ||||||||||
4,000 | CHURCH & DWIGHT CO., INC. | 100,310 | 324,520 | ||||||||||
3,000 | CLOROX (THE) CO. | 154,515 | 312,060 | ||||||||||
64,481 | COCA-COLA (THE) CO. | 991,395 | 2,529,590 | ||||||||||
14,780 | COLGATE-PALMOLIVE CO. | 422,681 | 966,760 | ||||||||||
1,900 | CONAGRA FOODS, INC. | 33,609 | 83,068 | ||||||||||
4,600 | CONSTELLATION BRANDS, INC., CLASS A | 63,227 | 533,692 | ||||||||||
9,210 | COSTCO WHOLESALE CORP. | 443,708 | 1,243,903 | ||||||||||
4,100 | COTY, INC., CLASS A(b) | 80,504 | 131,077 | ||||||||||
470 | CRIMSON WINE GROUP LTD.(b) | 2,671 | 4,395 | ||||||||||
23,319 | CVS HEALTH CORP. | 1,561,369 | 2,445,697 | ||||||||||
13,330 | DIAGEO PLC ADR(c)(d) | 963,286 | 1,546,813 | ||||||||||
24,111 | DR. PEPPER SNAPPLE GROUP, INC. | 1,551,889 | 1,757,692 | ||||||||||
1,997 | ENERGIZER HOLDINGS, INC. | 233,419 | 262,705 | ||||||||||
3,734 | ESTEE LAUDER (THE) COS., INC., CLASS A | 70,943 | 323,588 | ||||||||||
2,700 | FLOWERS FOODS, INC. | 25,434 | 57,105 | ||||||||||
12,400 | GENERAL MILLS, INC. | 277,055 | 690,928 | ||||||||||
3,300 | HERBALIFE LTD.(b) | 45,262 | 181,797 | ||||||||||
1,642 | HERSHEY (THE) CO. | 60,568 | 145,859 | ||||||||||
2,400 | HORMEL FOODS CORP. | 43,206 | 135,288 | ||||||||||
4,400 | INGREDION, INC. | 269,819 | 351,164 | ||||||||||
1,600 | JM SMUCKER (THE) CO. | 64,617 | 173,456 | ||||||||||
5,800 | KEURIG GREEN MOUNTAIN, INC. | 122,296 | 444,454 | ||||||||||
1,550 | KIMBERLY-CLARK CORP. | 69,760 | 164,253 | ||||||||||
115,754 | KONINKLIJKE AHOLD N.V. ADR(c)(d) | 2,154,395 | 2,184,278 | ||||||||||
7,279 | KRAFT FOODS GROUP, INC. | 89,966 | 619,734 | ||||||||||
22,596 | KROGER (THE) CO. | 894,055 | 1,638,436 | ||||||||||
700 | MCCORMICK & CO., INC. (NON VOTING) | 21,613 | 56,665 | ||||||||||
2,200 | MEAD JOHNSON NUTRITION CO. | 103,422 | 198,484 | ||||||||||
13,718 | MOLSON COORS BREWING CO., CLASS B | 1,009,668 | 957,654 | ||||||||||
22,838 | MONDELEZ INTERNATIONAL, INC., CLASS A | 194,577 | 939,555 | ||||||||||
2,900 | MONSTER BEVERAGE CORP.(b) | 253,105 | 388,658 | ||||||||||
32,191 | PEPSICO, INC. | 1,581,351 | 3,004,708 | ||||||||||
30,132 | PHILIP MORRIS INTERNATIONAL, INC. | 261,758 | 2,415,682 | ||||||||||
9,700 | PILGRIM’S PRIDE CORP. | 253,266 | 222,809 | ||||||||||
6,000 | PINNACLE FOODS, INC. | 219,854 | 273,240 | ||||||||||
200 | POST HOLDINGS, INC.(b) | 4,616 | 10,786 | ||||||||||
39,860 | PROCTER & GAMBLE (THE) CO. | 676,015 | 3,118,646 | ||||||||||
4,548 | REYNOLDS AMERICAN, INC. | 140,942 | 339,566 | ||||||||||
11,200 | RITE AID CORP.(b) | 82,319 | 93,520 | ||||||||||
22 | SEABOARD CORP.(b) | 87,109 | 79,178 | ||||||||||
1,900 | SPECTRUM BRANDS HOLDINGS, INC. | 176,648 | 193,781 | ||||||||||
8,000 | SYSCO CORP. | 124,113 | 288,800 | ||||||||||
9,910 | TYSON FOODS, INC., CLASS A | 207,429 | 422,463 | ||||||||||
18,415 | UNILEVER N.V. (REGISTERED)(c) | 553,643 | 770,484 | ||||||||||
20,150 | WALGREENS BOOTS ALLIANCE, INC. | 231,445 | 1,701,466 | ||||||||||
18,743 | WAL-MART STORES, INC. | 888,542 | 1,329,441 | ||||||||||
8,800 | WHOLE FOODS MARKET, INC. | 116,393 | 347,072 | ||||||||||
19,359,092 | 39,714,241 | 7.54% | |||||||||||
Energy: | |||||||||||||
9,446 | ANADARKO PETROLEUM CORP. | 319,802 | 737,355 | ||||||||||
4,700 | BAKER HUGHES, INC. | 200,906 | 289,990 | ||||||||||
3,000 | CABOT OIL & GAS CORP. | 64,915 | 94,620 | ||||||||||
48,260 | CALIFORNIA RESOURCES CORP. | 311,454 | 291,490 | ||||||||||
41,033 | CAMERON INTERNATIONAL CORP.(b) | 1,807,296 | 2,148,898 |
See accompanying notes to the financial statements. | 32 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | |||||||||
Energy (Cont’d): | |||||||||||||
4,500 | CHESAPEAKE ENERGY CORP. | $ | 41,288 | 50,265 | |||||||||
33,195 | CHEVRON CORP. | 1,449,959 | 3,202,322 | ||||||||||
400 | CIMAREX ENERGY CO. | 24,076 | 44,124 | ||||||||||
1,628 | CNOOC LTD. ADR(c)(d) | 218,459 | 231,046 | ||||||||||
7,200 | COBALT INTERNATIONAL ENERGY, INC.(b) | 63,000 | 69,912 | ||||||||||
1,700 | CONCHO RESOURCES, INC.(b) | 49,632 | 193,562 | ||||||||||
25,444 | CONOCOPHILLIPS | 460,670 | 1,562,516 | ||||||||||
2,000 | CONTINENTAL RESOURCES, INC.(b) | 20,765 | 84,780 | ||||||||||
4,700 | CVR ENERGY, INC. | 185,803 | 176,908 | ||||||||||
2,800 | DEVON ENERGY CORP. | 148,196 | 166,572 | ||||||||||
3,000 | DRESSER-RAND GROUP, INC.(b) | 98,595 | 255,540 | ||||||||||
10,813 | EOG RESOURCES, INC. | 178,608 | 946,678 | ||||||||||
4,000 | EQT CORP. | 132,900 | 325,360 | ||||||||||
65,151 | EXXON MOBIL CORP. | 2,511,797 | 5,420,563 | ||||||||||
2,400 | FMC TECHNOLOGIES, INC.(b) | 33,690 | 99,576 | ||||||||||
321,191 | GAZPROM OAO ADR(c)(d) | 1,546,178 | 1,692,677 | ||||||||||
19,922 | HALLIBURTON CO. | 524,456 | 858,041 | ||||||||||
4,300 | HELMERICH & PAYNE, INC. | 118,381 | 302,806 | ||||||||||
18,455 | HESS CORP. | 1,095,418 | 1,234,270 | ||||||||||
4,000 | HOLLYFRONTIER CORP. | 52,098 | 170,760 | ||||||||||
7,412 | KINDER MORGAN, INC. | 67,014 | 284,547 | ||||||||||
96,514 | MARATHON PETROLEUM CORP. | 4,480,892 | 5,048,647 | ||||||||||
2,400 | MURPHY OIL CORP. | 27,663 | 99,768 | ||||||||||
12,750 | NATIONAL OILWELL VARCO, INC. | 391,808 | 615,570 | ||||||||||
7,000 | NEWFIELD EXPLORATION CO.(b) | 206,807 | 252,840 | ||||||||||
8,400 | NOBLE ENERGY, INC. | 158,332 | 358,512 | ||||||||||
28,440 | OCCIDENTAL PETROLEUM CORP. | 994,176 | 2,211,779 | ||||||||||
2,500 | OCEANEERING INTERNATIONAL, INC. | 66,222 | 116,475 | ||||||||||
2,000 | ONEOK, INC. | 27,592 | 78,960 | ||||||||||
13,372 | PHILLIPS 66 | 156,993 | 1,077,248 | ||||||||||
3,200 | PIONEER NATURAL RESOURCES CO. | 48,507 | 443,808 | ||||||||||
69,490 | PLAINS GP HOLDINGS L.P., CLASS A | 1,698,538 | 1,795,622 | ||||||||||
1,200 | RANGE RESOURCES CORP. | 39,654 | 59,256 | ||||||||||
19,100 | SCHLUMBERGER LTD. | 491,561 | 1,646,229 | ||||||||||
7,200 | SOUTHWESTERN ENERGY CO.(b) | 107,060 | 163,656 | ||||||||||
10,954 | SPECTRA ENERGY CORP. | 155,906 | 357,100 | ||||||||||
5,635 | TESORO CORP. | 407,677 | 475,650 | ||||||||||
69,803 | VALERO ENERGY CORP. | 3,244,435 | 4,369,668 | ||||||||||
2,800 | WESTERN REFINING, INC. | 108,949 | 122,136 | ||||||||||
2,600 | WHITING PETROLEUM CORP.(b) | 73,760 | 87,360 | ||||||||||
6,600 | WILLIAMS (THE) COS., INC. | 139,909 | 378,774 | ||||||||||
24,751,797 | 40,694,236 | 7.73% | |||||||||||
Financials: | |||||||||||||
2,400 | ACE LTD.(c) | 127,149 | 244,032 | ||||||||||
1,100 | AFFILIATED MANAGERS GROUP, INC.(b) | 73,653 | 240,460 | ||||||||||
29,455 | AFLAC, INC. | 1,453,847 | 1,832,101 | ||||||||||
2,100 | ALEXANDRIA REAL ESTATE EQUITIES, INC. | 110,368 | 183,666 | ||||||||||
3,416 | ALLEGHANY CORP.(b) | 940,988 | 1,601,284 | ||||||||||
8,100 | ALLIED WORLD ASSURANCE CO. HOLDINGS A.G.(c) | 86,629 | 350,082 | ||||||||||
66,670 | ALLSTATE (THE) CORP. | 4,416,947 | 4,324,883 | ||||||||||
800 | AMERICAN CAMPUS COMMUNITIES, INC. | 28,673 | 30,152 | ||||||||||
31,803 | AMERICAN EXPRESS CO. | 1,663,555 | 2,471,729 | ||||||||||
4,900 | AMERICAN FINANCIAL GROUP, INC. | 220,290 | 318,696 | ||||||||||
3,700 | AMERICAN HOMES 4 RENT, CLASS A | 60,162 | 59,348 | ||||||||||
25,276 | AMERICAN INTERNATIONAL GROUP, INC. | 777,894 | 1,562,562 | ||||||||||
900 | AMERICAN NATIONAL INSURANCE CO. | 95,187 | 92,088 | ||||||||||
13,900 | AMERICAN REALTY CAPITAL PROPERTIES, INC. | 115,092 | 113,007 | ||||||||||
3,450 | AMERICAN TOWER CORP. | 159,151 | 321,850 | ||||||||||
7,291 | AMERIPRISE FINANCIAL, INC. | 438,838 | 910,865 | ||||||||||
4,500 | AMTRUST FINANCIAL SERVICES, INC. | 234,575 | 294,795 | ||||||||||
4,748 | AON PLC(c) | 110,582 | 473,281 | ||||||||||
5,628 | APARTMENT INVESTMENT & MANAGEMENT CO., CLASS A | 119,782 | 207,842 | ||||||||||
6,100 | ARCH CAPITAL GROUP LTD.(b)(c) | 180,058 | 408,456 | ||||||||||
1,600 | ARTHUR J GALLAGHER & CO. | 34,040 | 75,680 | ||||||||||
4,900 | ASSURANT, INC. | 218,575 | 328,300 | ||||||||||
8,000 | ASSURED GUARANTY LTD.(c) | 202,042 | 191,920 | ||||||||||
734 | AVALONBAY COMMUNITIES, INC. | 31,138 | 117,345 | ||||||||||
900 | AXIS CAPITAL HOLDINGS LTD.(c) | 23,391 | 48,033 |
See accompanying notes to the financial statements. | 33 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | |||||||||
Financials (Cont’d): | |||||||||||||
174,100 | BANK OF AMERICA CORP. | $ | 1,341,036 | 2,963,182 | |||||||||
20,100 | BANK OF NEW YORK MELLON (THE) CORP. | 444,485 | 843,597 | ||||||||||
13,900 | BB&T CORP. | 306,415 | 560,309 | ||||||||||
37,905 | BERKSHIRE HATHAWAY, INC., CLASS B(b) | 3,918,048 | 5,159,249 | ||||||||||
2,500 | BIOMED REALTY TRUST, INC. | 44,395 | 48,350 | ||||||||||
1,319 | BLACKROCK, INC. | 258,424 | 456,348 | ||||||||||
3,388 | BOSTON PROPERTIES, INC. | 171,468 | 410,083 | ||||||||||
7,900 | BRANDYWINE REALTY TRUST | 100,400 | 104,912 | ||||||||||
900 | CAMDEN PROPERTY TRUST | 24,065 | 66,852 | ||||||||||
14,647 | CAPITAL ONE FINANCIAL CORP. | 505,517 | 1,288,497 | ||||||||||
7,600 | CBRE GROUP, INC., CLASS A(b) | 222,808 | 281,200 | ||||||||||
21,400 | CHARLES SCHWAB (THE) CORP. | 186,608 | 698,710 | ||||||||||
3,540 | CHIMERA INVESTMENT CORP. | 32,435 | 48,533 | ||||||||||
4,600 | CHUBB (THE) CORP. | 276,362 | 437,644 | ||||||||||
5,172 | CIT GROUP, INC. | 213,529 | 240,446 | ||||||||||
48,494 | CITIGROUP, INC. | 1,808,379 | 2,678,808 | ||||||||||
2,000 | CITY NATIONAL CORP. | 75,538 | 180,780 | ||||||||||
1,365 | CME GROUP, INC. | 50,304 | 127,027 | ||||||||||
1,100 | CNA FINANCIAL CORP. | 25,102 | 42,031 | ||||||||||
4,900 | CNO FINANCIAL GROUP, INC. | 81,171 | 89,915 | �� | |||||||||
4,800 | CORPORATE OFFICE PROPERTIES TRUST | 105,517 | 112,992 | ||||||||||
2,645 | CORRECTIONS CORP. OF AMERICA | 49,470 | 87,497 | ||||||||||
500 | CREDIT ACCEPTANCE CORP.(b) | 86,421 | 123,090 | ||||||||||
4,600 | CROWN CASTLE INTERNATIONAL CORP. | 194,396 | 369,380 | ||||||||||
8,500 | DDR CORP. | 109,627 | 131,410 | ||||||||||
800 | DIGITAL REALTY TRUST, INC. | 38,149 | 53,344 | ||||||||||
21,287 | DISCOVER FINANCIAL SERVICES | 517,665 | 1,226,557 | ||||||||||
5,200 | DOUGLAS EMMETT, INC. | 56,241 | 140,088 | ||||||||||
1,700 | DUKE REALTY CORP. | 28,453 | 31,569 | ||||||||||
6,000 | E*TRADE FINANCIAL CORP.(b) | 48,576 | 179,700 | ||||||||||
1,100 | EAST WEST BANCORP, INC. | 25,190 | 49,302 | ||||||||||
900 | ENDURANCE SPECIALTY HOLDINGS LTD.(c) | 25,106 | 59,130 | ||||||||||
18,980 | EPR PROPERTIES | 1,099,326 | 1,039,724 | ||||||||||
921 | EQUINIX, INC. | 74,468 | 233,934 | ||||||||||
14,000 | EQUITY COMMONWEALTH(b) | 364,140 | 359,380 | ||||||||||
800 | EQUITY LIFESTYLE PROPERTIES, INC. | 26,920 | 42,064 | ||||||||||
8,216 | EQUITY RESIDENTIAL | 331,618 | 576,517 | ||||||||||
875 | ESSEX PROPERTY TRUST, INC. | 105,181 | 185,937 | ||||||||||
14,345 | EVEREST RE GROUP LTD.(c) | 2,542,440 | 2,610,933 | ||||||||||
900 | FEDERAL REALTY INVESTMENT TRUST | 48,326 | 115,281 | ||||||||||
25,300 | FIFTH THIRD BANCORP | 220,963 | 526,746 | ||||||||||
6,400 | FIRST AMERICAN FINANCIAL CORP. | 222,918 | 238,144 | ||||||||||
400 | FIRST CITIZENS BANCSHARES, INC., CLASS A | 57,523 | 105,216 | ||||||||||
36,400 | FIRST HORIZON NATIONAL CORP. | 273,237 | 570,388 | ||||||||||
15,200 | FIRST NIAGARA FINANCIAL GROUP, INC. | 120,688 | 143,488 | ||||||||||
8,663 | FNF GROUP | 263,803 | 320,444 | ||||||||||
620 | FNFV GROUP(b) | 3,375 | 9,536 | ||||||||||
10,077 | FRANKLIN RESOURCES, INC. | 189,834 | 494,075 | ||||||||||
6,400 | GENERAL GROWTH PROPERTIES, INC. | 122,757 | 164,224 | ||||||||||
10,800 | GENWORTH FINANCIAL, INC., CLASS A(b) | 57,035 | 81,756 | ||||||||||
12,068 | GOLDMAN SACHS GROUP (THE), INC. | 1,374,183 | 2,519,678 | ||||||||||
2,600 | GREENHILL & CO., INC. | 78,832 | 107,458 | ||||||||||
3,000 | HANOVER INSURANCE GROUP (THE), INC. | 215,948 | 222,090 | ||||||||||
22,640 | HARTFORD FINANCIAL SERVICES GROUP (THE), INC. | 849,591 | 941,145 | ||||||||||
1,000 | HCC INSURANCE HOLDINGS, INC. | 24,155 | 76,840 | ||||||||||
7,000 | HCP, INC. | 101,518 | 255,290 | ||||||||||
1,900 | HEALTH CARE REIT, INC. | 79,612 | 124,697 | ||||||||||
4,250 | HEALTHCARE TRUST OF AMERICA, INC., CLASS A | 95,568 | 101,787 | ||||||||||
500 | HOME PROPERTIES, INC. | 30,360 | 36,525 | ||||||||||
2,900 | HOSPITALITY PROPERTIES TRUST | 49,578 | 83,578 | ||||||||||
16,122 | HOST HOTELS & RESORTS, INC. | 138,445 | 319,699 | ||||||||||
678 | HOWARD HUGHES (THE) CORP.(b) | 20,502 | 97,320 | ||||||||||
10,500 | HUDSON CITY BANCORP, INC. | 65,625 | 103,740 | ||||||||||
45,100 | HUNTINGTON BANCSHARES, INC. | 273,731 | 510,081 | ||||||||||
701 | INTERCONTINENTAL EXCHANGE, INC. | 89,127 | 156,751 | ||||||||||
11,400 | INVESCO LTD. | 176,068 | 427,386 | ||||||||||
1,334 | IRON MOUNTAIN, INC. | 28,528 | 41,354 | ||||||||||
38,200 | JANUS CAPITAL GROUP, INC. | 303,326 | 653,984 |
See accompanying notes to the financial statements. | 34 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | |||||||||
Financials (Cont’d): | |||||||||||||
2,200 | JONES LANG LASALLE, INC. | $ | 277,845 | 376,200 | |||||||||
80,293 | JPMORGAN CHASE & CO. | 2,752,755 | 5,440,654 | ||||||||||
11,700 | KEYCORP | 80,298 | 175,734 | ||||||||||
600 | KILROY REALTY CORP. | 31,433 | 40,290 | ||||||||||
8,201 | KIMCO REALTY CORP. | 94,153 | 184,850 | ||||||||||
4,200 | LAMAR ADVERTISING CO., CLASS A | 54,751 | 241,416 | ||||||||||
3,752 | LEGG MASON, INC. | 52,584 | 193,340 | ||||||||||
1,100 | LIBERTY PROPERTY TRUST | 23,496 | 35,442 | ||||||||||
5,900 | LINCOLN NATIONAL CORP. | 278,296 | 349,398 | ||||||||||
4,800 | LOEWS CORP. | 96,218 | 184,848 | ||||||||||
2,000 | M&T BANK CORP. | 145,114 | 249,860 | ||||||||||
5,123 | MACERICH (THE) CO. | 118,425 | 382,176 | ||||||||||
200 | MARKEL CORP.(b) | 67,789 | 160,136 | ||||||||||
4,778 | MARSH & MCLENNAN COS., INC. | 128,790 | 270,913 | ||||||||||
3,600 | MCGRAW HILL FINANCIAL, INC. | 84,305 | 361,620 | ||||||||||
4,600 | MERCURY GENERAL CORP. | 235,539 | 255,990 | ||||||||||
10,137 | METLIFE, INC. | 453,619 | 567,571 | ||||||||||
1,200 | MID-AMERICA APARTMENT COMMUNITIES, INC. | 78,061 | 87,372 | ||||||||||
12,501 | MOODY’S CORP. | 1,027,455 | 1,349,608 | ||||||||||
36,827 | MORGAN STANLEY | 865,476 | 1,428,519 | ||||||||||
3,900 | MSCI, INC. | 124,722 | 240,045 | ||||||||||
5,900 | NASDAQ OMX GROUP (THE), INC. | 240,309 | 287,979 | ||||||||||
24,000 | NAVIENT CORP. | 268,405 | 437,040 | ||||||||||
96,717 | NEW RESIDENTIAL INVESTMENT CORP. | 1,142,728 | 1,473,967 | ||||||||||
86,104 | NEW SENIOR INVESTMENT GROUP, INC. | 1,647,904 | 1,151,210 | ||||||||||
7,649 | NEW YORK COMMUNITY BANCORP, INC. | 86,776 | 140,589 | ||||||||||
1,402 | NORTHERN TRUST CORP. | 66,115 | 107,197 | ||||||||||
4,539 | PACWEST BANCORP | 65,912 | 212,244 | ||||||||||
1,800 | PARTNERRE LTD.(c) | 96,426 | 231,300 | ||||||||||
42,255 | PHH CORP.(b) | 936,039 | 1,099,898 | ||||||||||
4,385 | PLUM CREEK TIMBER CO., INC. | 105,969 | 177,899 | ||||||||||
13,797 | PNC FINANCIAL SERVICES GROUP (THE), INC. | 606,500 | 1,319,683 | ||||||||||
1,600 | POPULAR, INC.(b)(c) | 33,280 | 46,176 | ||||||||||
1,600 | POST PROPERTIES, INC. | 97,204 | 86,992 | ||||||||||
5,900 | PRINCIPAL FINANCIAL GROUP, INC. | 185,029 | 302,611 | ||||||||||
8,648 | PROGRESSIVE (THE) CORP. | 151,810 | 240,674 | ||||||||||
10,169 | PROLOGIS, INC. | 257,893 | 377,270 | ||||||||||
9,700 | PRUDENTIAL FINANCIAL, INC. | 352,452 | 848,944 | ||||||||||
2,061 | PUBLIC STORAGE | 206,053 | 379,987 | ||||||||||
8,600 | RADIAN GROUP, INC. | 144,577 | 161,336 | ||||||||||
2,000 | RAYMOND JAMES FINANCIAL, INC. | 109,748 | 119,160 | ||||||||||
6,972 | RAYONIER, INC. | 74,534 | 178,135 | ||||||||||
2,700 | REALTY INCOME CORP. | 57,833 | 119,853 | ||||||||||
3,900 | REGENCY CENTERS CORP. | 89,622 | 230,022 | ||||||||||
10,399 | REGIONS FINANCIAL CORP. | 46,450 | 107,734 | ||||||||||
2,600 | REINSURANCE GROUP OF AMERICA, INC. | 222,253 | 246,662 | ||||||||||
800 | RENAISSANCERE HOLDINGS LTD.(c) | 81,779 | 81,208 | ||||||||||
9,800 | RETAIL PROPERTIES OF AMERICA, INC., CLASS A | 84,972 | 136,514 | ||||||||||
7,500 | SEI INVESTMENTS CO. | 108,537 | 367,725 | ||||||||||
1,500 | SENIOR HOUSING PROPERTIES TRUST | 22,692 | 26,325 | ||||||||||
400 | SIGNATURE BANK(b) | 29,712 | 58,556 | ||||||||||
3,595 | SIMON PROPERTY GROUP, INC. | 148,165 | 622,007 | ||||||||||
1,900 | SL GREEN REALTY CORP. | 58,204 | 208,791 | ||||||||||
12,600 | SLM CORP.(b) | 48,157 | 124,362 | ||||||||||
3,000 | SPIRIT REALTY CAPITAL, INC. | 26,378 | 29,010 | ||||||||||
4,800 | STATE STREET CORP. | 238,239 | 369,600 | ||||||||||
32,195 | STONEGATE MORTGAGE CORP.(b) | 541,489 | 324,204 | ||||||||||
6,000 | STRATEGIC HOTELS & RESORTS, INC.(b) | 80,164 | 72,720 | ||||||||||
13,034 | SUNTRUST BANKS, INC. | 347,413 | 560,723 | ||||||||||
3,657 | SYNOVUS FINANCIAL CORP. | 49,372 | 112,709 | ||||||||||
6,349 | T ROWE PRICE GROUP, INC. | 125,884 | 493,508 | ||||||||||
2,100 | TAUBMAN CENTERS, INC. | 57,085 | 145,950 | ||||||||||
12,000 | TCF FINANCIAL CORP. | 111,496 | 199,320 | ||||||||||
2,600 | TFS FINANCIAL CORP. | 25,038 | 43,732 | ||||||||||
5,400 | TORCHMARK CORP. | 95,047 | 314,388 | ||||||||||
37,390 | TRAVELERS (THE) COS., INC. | 3,299,072 | 3,614,117 | ||||||||||
4,100 | UDR, INC. | 65,319 | 131,323 | ||||||||||
56,044 | UNUM GROUP | 1,813,164 | 2,003,573 |
See accompanying notes to the financial statements. | 35 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | |||||||||
Financials (Cont’d): | |||||||||||||
1,300 | URBAN EDGE PROPERTIES | $ | 18,730 | 27,027 | |||||||||
17,885 | US BANCORP | 325,796 | 776,209 | ||||||||||
5,100 | VALIDUS HOLDINGS LTD.(c) | 188,678 | 224,349 | ||||||||||
1,800 | VENTAS, INC. | 73,053 | 111,762 | ||||||||||
2,600 | VORNADO REALTY TRUST | 179,922 | 246,818 | ||||||||||
1,100 | VOYA FINANCIAL, INC. | 29,348 | 51,117 | ||||||||||
2,900 | WADDELL & REED FINANCIAL, INC., CLASS A | 75,336 | 137,199 | ||||||||||
1,800 | WASHINGTON FEDERAL, INC. | 23,535 | 42,030 | ||||||||||
2,100 | WEINGARTEN REALTY INVESTORS | 30,002 | 68,649 | ||||||||||
112,549 | WELLS FARGO & CO. | 2,808,932 | 6,329,756 | ||||||||||
300 | WHITE MOUNTAINS INSURANCE GROUP LTD. | 194,754 | 196,482 | ||||||||||
1,797 | WP GLIMCHER, INC. | 9,413 | 24,313 | ||||||||||
6,006 | WR BERKLEY CORP. | 267,607 | 311,892 | ||||||||||
40,421 | XL GROUP PLC(c) | 1,357,470 | 1,503,661 | ||||||||||
3,000 | ZIONS BANCORPORATION | 56,955 | 95,205 | ||||||||||
60,873,009 | 93,537,557 | 17.76 | % | ||||||||||
Health Care: | |||||||||||||
12,735 | ABBOTT LABORATORIES | 208,212 | 625,034 | ||||||||||
33,823 | ABBVIE, INC. | 1,185,393 | 2,272,567 | ||||||||||
11,601 | AETNA, INC. | 798,151 | 1,478,663 | ||||||||||
5,600 | AGILENT TECHNOLOGIES, INC. | 158,209 | 216,048 | ||||||||||
2,800 | AKORN, INC.(b) | 121,856 | 122,248 | ||||||||||
4,200 | ALERE, INC.(b) | 77,812 | 221,550 | ||||||||||
4,100 | ALEXION PHARMACEUTICALS, INC.(b) | 254,253 | 741,157 | ||||||||||
10,939 | ALLERGAN PLC(b) | 1,857,727 | 3,319,549 | ||||||||||
11,395 | AMERISOURCEBERGEN CORP. | 553,224 | 1,211,744 | ||||||||||
21,534 | AMGEN, INC. | 908,479 | 3,305,900 | ||||||||||
16,308 | ANTHEM, INC. | 1,420,441 | 2,676,795 | ||||||||||
3,800 | BAXTER INTERNATIONAL, INC. | 196,259 | 265,734 | ||||||||||
8,550 | BAYER A.G. ADR(c)(d) | 538,876 | 1,205,422 | ||||||||||
6,826 | BECTON DICKINSON AND CO. | 752,232 | 966,903 | ||||||||||
5,433 | BIOGEN, INC.(b) | 140,328 | 2,194,606 | ||||||||||
900 | BIOMARIN PHARMACEUTICAL, INC.(b) | 45,432 | 123,102 | ||||||||||
32,800 | BOSTON SCIENTIFIC CORP.(b) | 182,160 | 580,560 | ||||||||||
23,000 | BRISTOL-MYERS SQUIBB CO. | 576,711 | 1,530,420 | ||||||||||
3,400 | CARDINAL HEALTH, INC. | 128,461 | 284,410 | ||||||||||
1,600 | CATAMARAN CORP.(b) | 51,333 | 97,728 | ||||||||||
15,496 | CELGENE CORP.(b) | 366,898 | 1,793,430 | ||||||||||
4,400 | CENTENE CORP.(b) | 252,959 | 353,760 | ||||||||||
3,600 | CERNER CORP.(b) | 40,604 | 248,616 | ||||||||||
12,611 | CIGNA CORP. | 1,034,407 | 2,042,982 | ||||||||||
3,879 | COMMUNITY HEALTH SYSTEMS, INC.(b) | 68,097 | 244,261 | ||||||||||
2,600 | CR BARD, INC. | 315,062 | 443,820 | ||||||||||
3,850 | DAVITA HEALTHCARE PARTNERS, INC.(b) | 97,977 | 305,959 | ||||||||||
3,700 | DENTSPLY INTERNATIONAL, INC. | 102,583 | 190,735 | ||||||||||
5,200 | DEXCOM, INC.(b) | 413,972 | 415,896 | ||||||||||
5,800 | EDWARDS LIFESCIENCES CORP.(b) | 389,590 | 826,094 | ||||||||||
15,100 | ELI LILLY & CO. | 801,210 | 1,260,699 | ||||||||||
4,200 | ENDO INTERNATIONAL PLC(b)(c) | 110,376 | 334,530 | ||||||||||
16,502 | EXPRESS SCRIPTS HOLDING CO.(b) | 241,921 | 1,467,688 | ||||||||||
38,398 | GILEAD SCIENCES, INC. | 1,263,678 | 4,495,638 | ||||||||||
12,465 | GLAXOSMITHKLINE PLC ADR(c)(d) | 556,559 | 519,167 | ||||||||||
193 | HALYARD HEALTH, INC.(b) | 3,014 | 7,816 | ||||||||||
8,614 | HCA HOLDINGS, INC.(b) | 594,223 | 781,462 | ||||||||||
5,200 | HEALTH NET, INC.(b) | 265,323 | 333,424 | ||||||||||
17,885 | HEALTHSOUTH CORP. | 321,156 | 823,783 | ||||||||||
1,900 | HENRY SCHEIN, INC.(b) | 86,167 | 270,028 | ||||||||||
18,710 | HOLOGIC, INC.(b) | 536,009 | 712,103 | ||||||||||
1,805 | HOSPIRA, INC.(b) | 47,736 | 160,122 | ||||||||||
6,100 | HUMANA, INC. | 370,875 | 1,166,808 | ||||||||||
3,800 | IDEXX LABORATORIES, INC.(b) | 138,619 | 243,732 | ||||||||||
2,700 | ILLUMINA, INC.(b) | 175,377 | 589,572 | ||||||||||
300 | INTUITIVE SURGICAL, INC.(b) | 112,800 | 145,350 | ||||||||||
59,129 | JOHNSON & JOHNSON | 2,743,780 | 5,762,712 | ||||||||||
2,800 | JUNO THERAPEUTICS, INC.(b) | 130,536 | 149,324 | ||||||||||
500 | LABORATORY CORP. OF AMERICA HOLDINGS(b) | 11,742 | 60,610 | ||||||||||
2,800 | LIFEPOINT HEALTH, INC.(b) | 189,626 | 243,460 | ||||||||||
5,700 | MCKESSON CORP. | 202,597 | 1,281,417 |
See accompanying notes to the financial statements. | 36 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | |||||||||
Health Care (Cont’d): | |||||||||||||
11,340 | MEDTRONIC PLC(c) | $ | 664,088 | 840,294 | |||||||||
59,017 | MERCK & CO., INC. | 1,768,186 | 3,359,838 | ||||||||||
1,321 | METTLER-TOLEDO INTERNATIONAL, INC.(b) | 91,350 | 451,069 | ||||||||||
800 | MYLAN N.V.(b) | 14,816 | 54,288 | ||||||||||
16,180 | NOVARTIS A.G. ADR(c)(d) | 931,278 | 1,591,141 | ||||||||||
2,000 | PAREXEL INTERNATIONAL CORP.(b) | 122,787 | 128,620 | ||||||||||
1,600 | PATTERSON COS., INC. | 29,864 | 77,840 | ||||||||||
3,400 | PERKINELMER, INC. | 53,706 | 178,976 | ||||||||||
86,962 | PFIZER, INC. | 729,972 | 2,915,836 | ||||||||||
2,000 | QUEST DIAGNOSTICS, INC. | 109,108 | 145,040 | ||||||||||
3,300 | QUINTILES TRANSNATIONAL HOLDINGS, INC.(b) | 199,165 | 239,613 | ||||||||||
900 | REGENERON PHARMACEUTICALS, INC.(b) | 135,034 | 459,117 | ||||||||||
4,000 | RESMED, INC. | 81,990 | 225,480 | ||||||||||
900 | SIRONA DENTAL SYSTEMS, INC.(b) | 38,745 | 90,378 | ||||||||||
4,539 | ST. JUDE MEDICAL, INC. | 114,088 | 331,665 | ||||||||||
2,600 | STERIS CORP. | 173,731 | 167,544 | ||||||||||
4,700 | STRYKER CORP. | 18,139 | 449,179 | ||||||||||
13,625 | TELEFLEX, INC. | 695,048 | 1,845,506 | ||||||||||
6,700 | THERMO FISHER SCIENTIFIC, INC. | 138,728 | 869,392 | ||||||||||
1,400 | UNITED THERAPEUTICS CORP.(b) | 197,621 | 243,530 | ||||||||||
30,074 | UNITEDHEALTH GROUP, INC. | 1,711,461 | 3,669,028 | ||||||||||
3,936 | UNIVERSAL HEALTH SERVICES, INC., CLASS B | 239,148 | 559,306 | ||||||||||
10,920 | VALEANT PHARMACEUTICALS INTERNATIONAL, INC.(b) | 307,084 | 2,425,878 | ||||||||||
4,700 | VARIAN MEDICAL SYSTEMS, INC.(b) | 173,242 | 396,351 | ||||||||||
2,100 | VCA, INC.(b) | 111,194 | 114,250 | ||||||||||
12,100 | VEEVA SYSTEMS, INC., CLASS A(b) | 344,971 | 339,163 | ||||||||||
3,000 | VERTEX PHARMACEUTICALS, INC.(b) | 74,805 | 370,440 | ||||||||||
2,600 | WATERS CORP.(b) | 60,997 | 333,788 | ||||||||||
5,374 | ZIMMER BIOMET HOLDINGS, INC. | 371,831 | 587,002 | ||||||||||
31,843,199 | 74,574,690 | 14.16 | % | ||||||||||
Industrials: | |||||||||||||
9,663 | 3M CO. | 754,679 | 1,491,001 | ||||||||||
923 | ACCO BRANDS CORP.(b) | 3,137 | 7,172 | ||||||||||
5,250 | ADT (THE) CORP. | 122,682 | 176,243 | ||||||||||
47,050 | AIR LEASE CORP. | 1,091,631 | 1,594,995 | ||||||||||
4,300 | ALASKA AIR GROUP, INC. | 287,293 | 277,049 | ||||||||||
1,533 | ALLEGION PLC(c) | 40,913 | 92,195 | ||||||||||
400 | AMERCO | 120,202 | 130,764 | ||||||||||
1,298 | AMERICAN AIRLINES GROUP, INC. | 64,341 | 51,836 | ||||||||||
5,175 | AMETEK, INC. | 73,220 | 283,486 | ||||||||||
3,300 | AVIS BUDGET GROUP, INC.(b) | 198,962 | 145,464 | ||||||||||
1,700 | B/E AEROSPACE, INC. | 34,478 | 93,330 | ||||||||||
24,480 | BOEING (THE) CO. | 1,010,551 | 3,395,866 | ||||||||||
8,674 | CANADIAN NATIONAL RAILWAY CO.(c) | 600,429 | 500,923 | ||||||||||
2,200 | CARLISLE COS., INC. | 45,116 | 220,264 | ||||||||||
19,063 | CATERPILLAR, INC. | 957,925 | 1,616,924 | ||||||||||
7,402 | CINTAS CORP. | 596,997 | 626,135 | ||||||||||
2,027 | CON-WAY, INC. | 44,529 | 77,776 | ||||||||||
800 | COPA HOLDINGS S.A., CLASS A(c) | 32,619 | 66,072 | ||||||||||
3,948 | CRANE CO. | 66,572 | 231,866 | ||||||||||
34,000 | CSX CORP. | 309,239 | 1,110,100 | ||||||||||
5,400 | CUMMINS, INC. | 294,414 | 708,426 | ||||||||||
2,400 | CURTISS-WRIGHT CORP. | 167,857 | 173,856 | ||||||||||
11,163 | DANAHER CORP. | 255,642 | 955,441 | ||||||||||
7,300 | DEERE & CO. | 199,160 | 708,465 | ||||||||||
19,300 | DELTA AIR LINES, INC. | 533,792 | 792,844 | ||||||||||
3,400 | DELUXE CORP. | 227,260 | 210,800 | ||||||||||
860 | DONALDSON CO., INC. | 18,762 | 30,788 | ||||||||||
2,125 | DOVER CORP. | 61,065 | 149,133 | ||||||||||
1,987 | DUN & BRADSTREET (THE) CORP. | 49,383 | 242,414 | ||||||||||
8,384 | EATON CORP. PLC | 126,795 | 565,836 | ||||||||||
15,500 | EMERSON ELECTRIC CO. | 422,332 | 859,165 | ||||||||||
700 | ESTERLINE TECHNOLOGIES CORP.(b) | 80,375 | 66,738 | ||||||||||
900 | EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. | 26,150 | 41,495 | ||||||||||
1,300 | FASTENAL CO. | 20,267 | 54,834 | ||||||||||
13,888 | FEDEX CORP. | 1,379,800 | 2,366,515 | ||||||||||
1,950 | FLUOR CORP. | 26,013 | 103,370 | ||||||||||
4,300 | FORTUNE BRANDS HOME & SECURITY, INC. | 33,889 | 197,026 |
See accompanying notes to the financial statements. | 37 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | |||||||||
Industrials (Cont’d): | |||||||||||||
3,300 | GATX CORP. | $ | 136,605 | 175,395 | |||||||||
16,902 | GENERAL DYNAMICS CORP. | 2,139,962 | 2,394,844 | ||||||||||
111,400 | GENERAL ELECTRIC CO. | 1,703,138 | 2,959,898 | ||||||||||
6,600 | HERTZ GLOBAL HOLDINGS, INC.(b) | 37,676 | 119,592 | ||||||||||
9,188 | HONEYWELL INTERNATIONAL, INC. | 279,204 | 936,900 | ||||||||||
1,200 | HUBBELL, INC., CLASS B | 43,310 | 129,936 | ||||||||||
2,510 | HUNTINGTON INGALLS INDUSTRIES, INC. | 245,617 | 282,601 | ||||||||||
2,500 | IDEX CORP. | 58,237 | 196,450 | ||||||||||
700 | IHS, INC., CLASS A(b) | 30,839 | 90,041 | ||||||||||
23,982 | ILLINOIS TOOL WORKS, INC. | 1,965,833 | 2,201,308 | ||||||||||
3,700 | INGERSOLL-RAND PLC | 122,122 | 249,454 | ||||||||||
800 | ITT CORP. | 8,681 | 33,472 | ||||||||||
1,468 | JACOBS ENGINEERING GROUP, INC.(b) | 29,713 | 59,630 | ||||||||||
2,100 | JB HUNT TRANSPORT SERVICES, INC. | 40,530 | 172,389 | ||||||||||
15,500 | JETBLUE AIRWAYS CORP.(b) | 95,281 | 321,780 | ||||||||||
2,900 | KANSAS CITY SOUTHERN | 46,328 | 264,480 | ||||||||||
850 | KLX, INC.(b) | 13,147 | 37,511 | ||||||||||
2,000 | L-3 COMMUNICATIONS HOLDINGS, INC. | 164,286 | 226,760 | ||||||||||
3,100 | LANDSTAR SYSTEM, INC. | 165,448 | 207,297 | ||||||||||
900 | LENNOX INTERNATIONAL, INC. | 26,811 | 96,921 | ||||||||||
1,400 | LINCOLN ELECTRIC HOLDINGS, INC. | 28,970 | 85,246 | ||||||||||
5,245 | LOCKHEED MARTIN CORP. | 560,527 | 975,046 | ||||||||||
2,200 | MACQUARIE INFRASTRUCTURE CORP. | 162,544 | 181,786 | ||||||||||
4,800 | MANITOWOC (THE) CO., INC. | 47,568 | 94,080 | ||||||||||
2,475 | MANPOWERGROUP, INC. | 81,957 | 221,215 | ||||||||||
13,200 | MASCO CORP. | 97,548 | 352,044 | ||||||||||
2,200 | NAVISTAR INTERNATIONAL CORP.(b) | 47,586 | 49,786 | ||||||||||
2,000 | NIELSEN N.V. | 61,200 | 89,540 | ||||||||||
700 | NORDSON CORP. | 29,470 | 54,523 | ||||||||||
6,472 | NORFOLK SOUTHERN CORP. | 281,827 | 565,394 | ||||||||||
17,346 | NORTHROP GRUMMAN CORP. | 2,359,564 | 2,751,596 | ||||||||||
2,180 | NOW, INC.(b) | 21,218 | 43,404 | ||||||||||
6,300 | OSHKOSH CORP. | 109,053 | 266,994 | ||||||||||
1,100 | OWENS CORNING | 22,578 | 45,375 | ||||||||||
8,389 | PACCAR, INC. | 91,278 | 535,302 | ||||||||||
2,200 | PALL CORP. | 55,214 | 273,790 | ||||||||||
2,850 | PARKER-HANNIFIN CORP. | 123,853 | 331,540 | ||||||||||
2,519 | PENTAIR PLC(c) | 73,408 | 173,181 | ||||||||||
8,500 | PITNEY BOWES, INC. | 191,635 | 176,885 | ||||||||||
2,000 | PRECISION CASTPARTS CORP. | 118,921 | 399,740 | ||||||||||
4,100 | QUANTA SERVICES, INC.(b) | 52,131 | 118,162 | ||||||||||
3,900 | RAYTHEON CO. | 151,724 | 373,152 | ||||||||||
8,472 | REPUBLIC SERVICES, INC. | 326,463 | 331,848 | ||||||||||
3,400 | ROBERT HALF INTERNATIONAL, INC. | 207,710 | 188,700 | ||||||||||
5,250 | ROCKWELL AUTOMATION, INC. | 73,987 | 654,360 | ||||||||||
5,214 | ROCKWELL COLLINS, INC. | 154,727 | 481,513 | ||||||||||
300 | ROPER TECHNOLOGIES, INC. | 19,526 | 51,738 | ||||||||||
2,800 | RR DONNELLEY & SONS CO. | 25,228 | 48,804 | ||||||||||
2,200 | RYDER SYSTEM, INC. | 75,226 | 192,214 | ||||||||||
4,685 | SNAP-ON, INC. | 544,847 | 746,086 | ||||||||||
2,700 | SOLARCITY CORP.(b) | 98,496 | 144,585 | ||||||||||
34,779 | SOUTHWEST AIRLINES CO. | 897,798 | 1,150,837 | ||||||||||
5,900 | SPIRIT AEROSYSTEMS HOLDINGS, INC., CLASS A(b) | 238,478 | 325,149 | ||||||||||
1,500 | SPIRIT AIRLINES, INC.(b) | 115,737 | 93,150 | ||||||||||
300 | SPX CORP. | 11,766 | 21,717 | ||||||||||
5,057 | STANLEY BLACK & DECKER, INC. | 311,623 | 532,199 | ||||||||||
2,000 | STERICYCLE, INC.(b) | 95,283 | 267,820 | ||||||||||
800 | TELEDYNE TECHNOLOGIES, INC.(b) | 78,490 | 84,408 | ||||||||||
1,700 | TEREX CORP. | 31,637 | 39,525 | ||||||||||
4,500 | TEXTRON, INC. | 174,599 | 200,835 | ||||||||||
2,200 | TIMKEN (THE) CO. | 87,525 | 80,454 | ||||||||||
1,000 | TOWERS WATSON & CO., CLASS A | 56,220 | 125,800 | ||||||||||
4,900 | TRINITY INDUSTRIES, INC. | 136,243 | 129,507 | ||||||||||
16,980 | TRIUMPH GROUP, INC. | 1,182,743 | 1,120,510 | ||||||||||
10,500 | TYCO INTERNATIONAL PLC | 190,755 | 404,040 | ||||||||||
29,981 | UNION PACIFIC CORP. | 2,022,494 | 2,859,288 | ||||||||||
9,328 | UNITED CONTINENTAL HOLDINGS, INC.(b) | 423,444 | 494,477 | ||||||||||
6,340 | UNITED PARCEL SERVICE, INC., CLASS B | 318,903 | 614,409 |
See accompanying notes to the financial statements. | 38 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | |||||||||
Industrials (Cont’d): | |||||||||||||
2,500 | UNITED RENTALS, INC.(b) | $ | 222,938 | 219,050 | |||||||||
16,850 | UNITED TECHNOLOGIES CORP. | 637,288 | 1,869,170 | ||||||||||
2,000 | USG CORP.(b) | 12,350 | 55,580 | ||||||||||
500 | VERISK ANALYTICS, INC.(b) | 25,120 | 36,380 | ||||||||||
180 | VERITIV CORP.(b) | 1,653 | 6,563 | ||||||||||
2,966 | WABCO HOLDINGS, INC.(b) | 129,705 | 366,954 | ||||||||||
1,400 | WABTEC CORP. | 25,603 | 131,936 | ||||||||||
1,650 | WASTE CONNECTIONS, INC. | 29,915 | 77,748 | ||||||||||
8,650 | WASTE MANAGEMENT, INC. | 135,675 | 400,927 | ||||||||||
1,700 | WW GRAINGER, INC. | 74,317 | 402,305 | ||||||||||
1,600 | XYLEM, INC. | 30,618 | 59,312 | ||||||||||
31,726,143 | 54,740,945 | 10.39 | % | ||||||||||
Information Technology: | |||||||||||||
5,600 | ACCENTURE PLC, CLASS A(c) | 230,959 | 541,968 | ||||||||||
19,200 | ACTIVISION BLIZZARD, INC. | 281,280 | 464,832 | ||||||||||
7,524 | ADOBE SYSTEMS, INC.(b) | 128,931 | 609,519 | ||||||||||
4,600 | AKAMAI TECHNOLOGIES, INC.(b) | 124,459 | 321,172 | ||||||||||
1,600 | ALLIANCE DATA SYSTEMS CORP.(b) | 75,650 | 467,104 | ||||||||||
5,000 | ALTERA CORP. | 94,155 | 256,000 | ||||||||||
4,700 | AMDOCS LTD. | 231,646 | 256,573 | ||||||||||
8,600 | ANALOG DEVICES, INC. | 120,368 | 551,991 | ||||||||||
1,300 | ANSYS, INC.(b) | 34,888 | 118,612 | ||||||||||
133,572 | APPLE, INC. | 4,699,576 | 16,753,268 | ||||||||||
25,800 | APPLIED MATERIALS, INC. | 453,813 | 495,876 | ||||||||||
7,600 | ARRIS GROUP, INC.(b) | 203,338 | 232,560 | ||||||||||
700 | ARROW ELECTRONICS, INC.(b) | 18,814 | 39,060 | ||||||||||
2,386 | AUTODESK, INC.(b) | 55,907 | 119,479 | ||||||||||
7,421 | AUTOMATIC DATA PROCESSING, INC. | 405,666 | 595,387 | ||||||||||
262 | BLACKHAWK NETWORK HOLDINGS, INC.(b) | 6,196 | 10,794 | ||||||||||
8,300 | BOOZ ALLEN HAMILTON HOLDING CORP. | 242,196 | 209,492 | ||||||||||
9,791 | BROADCOM CORP., CLASS A | 141,439 | 504,139 | ||||||||||
2,180 | BROADRIDGE FINANCIAL SOLUTIONS, INC. | 33,318 | 109,022 | ||||||||||
20,300 | BROCADE COMMUNICATIONS SYSTEMS, INC. | 239,140 | 241,164 | ||||||||||
11,400 | CADENCE DESIGN SYSTEMS, INC.(b) | 154,632 | 224,124 | ||||||||||
1,500 | CAVIUM, INC.(b) | 86,579 | 103,215 | ||||||||||
2,022 | CDK GLOBAL, INC. | 30,504 | 109,146 | ||||||||||
6,100 | CDW CORP. | 214,484 | 209,108 | ||||||||||
102,794 | CISCO SYSTEMS, INC. | 194,050 | 2,822,723 | ||||||||||
4,234 | CITRIX SYSTEMS, INC.(b) | 47,866 | 297,057 | ||||||||||
12,600 | COGNIZANT TECHNOLOGY SOLUTIONS CORP., CLASS A(b) | 95,625 | 769,734 | ||||||||||
8,400 | COMMSCOPE HOLDING CO., INC.(b) | 248,168 | 256,284 | ||||||||||
5,200 | COMPUTER SCIENCES CORP. | 294,528 | 341,328 | ||||||||||
6,700 | CORELOGIC, INC.(b) | 76,313 | 265,923 | ||||||||||
121,423 | CORNING, INC. | 2,553,178 | 2,395,676 | ||||||||||
2,700 | CYPRESS SEMICONDUCTOR CORP.(b) | 3,855 | 31,752 | ||||||||||
4,000 | DOLBY LABORATORIES, INC., CLASS A | 120,978 | 158,720 | ||||||||||
44,220 | EBAY, INC.(b) | 1,884,324 | 2,663,813 | ||||||||||
2,140 | ECHOSTAR CORP., CLASS A(b) | 36,471 | 104,175 | ||||||||||
14,000 | ELECTRONIC ARTS, INC.(b) | 430,874 | 931,000 | ||||||||||
49,710 | EMC CORP. | 649,537 | 1,311,847 | ||||||||||
2,800 | F5 NETWORKS, INC.(b) | 196,245 | 336,980 | ||||||||||
31,100 | FACEBOOK, INC., CLASS A(b) | 1,163,355 | 2,667,291 | ||||||||||
7,802 | FIDELITY NATIONAL INFORMATION SERVICES, INC. | 135,427 | 482,164 | ||||||||||
9,000 | FISERV, INC.(b) | 191,792 | 745,470 | ||||||||||
2,600 | FORTINET, INC.(b) | 80,697 | 107,458 | ||||||||||
1,300 | FREESCALE SEMICONDUCTOR LTD.(b) | 14,326 | 51,961 | ||||||||||
7,107 | FUJIFILM HOLDINGS CORP. ADR(c)(d) | 240,323 | 253,862 | ||||||||||
1,900 | GLOBAL PAYMENTS, INC. | 113,707 | 196,555 | ||||||||||
7,500 | GODADDY, INC., CLASS A(b) | 221,625 | 211,425 | ||||||||||
5,841 | GOOGLE, INC., CLASS A(b) | 1,181,870 | 3,154,374 | ||||||||||
5,466 | GOOGLE, INC., CLASS C(b) | 1,112,498 | 2,845,108 | ||||||||||
5,000 | HARRIS CORP. | 189,845 | 384,550 | ||||||||||
52,219 | HEWLETT-PACKARD CO. | 1,365,038 | 1,567,092 | ||||||||||
1,800 | IAC/INTERACTIVECORP | 101,008 | 143,388 | ||||||||||
1,800 | INFORMATICA CORP.(b) | 54,045 | 87,246 | ||||||||||
131,704 | INTEL CORP. | 1,558,652 | 4,005,777 | ||||||||||
13,268 | INTERNATIONAL BUSINESS MACHINES CORP. | 1,183,340 | 2,158,173 | ||||||||||
5,000 | INTUIT, INC. | 103,285 | 503,850 |
See accompanying notes to the financial statements. | 39 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | |||||||||
Information Technology (Cont’d): | |||||||||||||
4,900 | JABIL CIRCUIT, INC. | $ | 103,202 | 104,321 | |||||||||
42,060 | JUNIPER NETWORKS, INC. | 944,242 | 1,092,298 | ||||||||||
2,800 | KEYSIGHT TECHNOLOGIES, INC.(b) | 63,035 | 87,332 | ||||||||||
5,000 | KLA-TENCOR CORP. | 236,819 | 281,050 | ||||||||||
1,062 | KNOWLES CORP.(b) | 12,542 | 19,222 | ||||||||||
8,300 | LAM RESEARCH CORP. | 394,770 | 675,205 | ||||||||||
5,400 | LINEAR TECHNOLOGY CORP. | 119,475 | 238,842 | ||||||||||
1,000 | LINKEDIN CORP., CLASS A(b) | 118,870 | 206,630 | ||||||||||
28,700 | MARVELL TECHNOLOGY GROUP LTD.(c) | 317,905 | 378,410 | ||||||||||
17,000 | MASTERCARD, INC., CLASS A | 182,282 | 1,589,160 | ||||||||||
4,400 | MAXIM INTEGRATED PRODUCTS, INC. | 76,114 | 152,130 | ||||||||||
4,200 | MICROCHIP TECHNOLOGY, INC. | 46,115 | 199,185 | ||||||||||
23,021 | MICRON TECHNOLOGY, INC.(b) | 375,789 | 433,716 | ||||||||||
164,086 | MICROSOFT CORP. | 2,429,517 | 7,244,397 | ||||||||||
7,428 | MOTOROLA SOLUTIONS, INC. | 173,254 | 425,922 | ||||||||||
11,615 | NETAPP, INC. | 425,557 | 366,569 | ||||||||||
4,800 | NEUSTAR, INC., CLASS A(b) | 79,848 | 140,208 | ||||||||||
22,100 | NVIDIA CORP. | 325,054 | 444,431 | ||||||||||
19,300 | ON SEMICONDUCTOR CORP.(b) | 199,220 | 225,617 | ||||||||||
84,505 | ORACLE CORP. | 775,107 | 3,405,551 | ||||||||||
2,800 | PALO ALTO NETWORKS, INC.(b) | 116,508 | 489,160 | ||||||||||
3,666 | PAYCHEX, INC. | 10,315 | 171,862 | ||||||||||
2,400 | PTC, INC.(b) | 82,674 | 98,448 | ||||||||||
17,200 | QUALCOMM, INC. | 370,769 | 1,077,236 | ||||||||||
4,200 | RED HAT, INC.(b) | 61,669 | 318,906 | ||||||||||
7,600 | SALESFORCE.COM, INC.(b) | 86,711 | 529,188 | ||||||||||
8,000 | SANDISK CORP. | 261,577 | 465,760 | ||||||||||
27,215 | SEAGATE TECHNOLOGY PLC | 1,356,719 | 1,292,712 | ||||||||||
3,700 | SERVICENOW, INC.(b) | 139,416 | 274,947 | ||||||||||
3,500 | SKYWORKS SOLUTIONS, INC. | 288,121 | 364,350 | ||||||||||
1,800 | SOLARWINDS, INC.(b) | 88,425 | 83,034 | ||||||||||
23,919 | SYMANTEC CORP. | 314,649 | 556,117 | ||||||||||
4,400 | SYNOPSYS, INC.(b) | 172,415 | 222,860 | ||||||||||
4,500 | TERADATA CORP.(b) | 73,317 | 166,500 | ||||||||||
9,000 | TERADYNE, INC. | 122,880 | 173,610 | ||||||||||
26,111 | TEXAS INSTRUMENTS, INC. | 755,073 | 1,344,978 | ||||||||||
2,700 | TOTAL SYSTEM SERVICES, INC. | 60,453 | 112,779 | ||||||||||
5,000 | TRIMBLE NAVIGATION LTD.(b) | 38,163 | 117,300 | ||||||||||
3,900 | VERIFONE SYSTEMS, INC.(b) | 124,641 | 132,444 | ||||||||||
1,600 | VERINT SYSTEMS, INC.(b) | 88,776 | 97,192 | ||||||||||
900 | VERISIGN, INC.(b) | 40,779 | 55,548 | ||||||||||
23,200 | VISA, INC., CLASS A | 395,709 | 1,557,880 | ||||||||||
7,800 | VISHAY INTERTECHNOLOGY, INC. | 48,931 | 91,104 | ||||||||||
1,500 | VMWARE, INC., CLASS A(b) | 47,285 | 128,610 | ||||||||||
9,100 | WESTERN DIGITAL CORP. | 423,751 | 713,622 | ||||||||||
21,559 | WESTERN UNION (THE) CO. | 391,928 | 438,294 | ||||||||||
3,000 | WORKDAY, INC., CLASS A(b) | 180,280 | 229,170 | ||||||||||
128,361 | XEROX CORP. | 1,691,761 | 1,365,761 | ||||||||||
6,750 | XILINX, INC. | 47,180 | 298,080 | ||||||||||
20,640 | YAHOO!, INC.(b) | 228,331 | 810,946 | ||||||||||
2,700 | ZEBRA TECHNOLOGIES CORP., CLASS A(b) | 232,759 | 299,835 | ||||||||||
39,891,465 | 87,584,790 | 16.63 | % | ||||||||||
Materials: | |||||||||||||
2,775 | AIR PRODUCTS & CHEMICALS, INC. | 126,374 | 379,703 | ||||||||||
400 | AIRGAS, INC. | 16,882 | 42,312 | ||||||||||
1,300 | ALBEMARLE CORP. | 29,152 | 71,851 | ||||||||||
12,000 | ALCOA, INC. | 198,656 | 133,800 | ||||||||||
1,600 | ALLEGHENY TECHNOLOGIES, INC. | 39,592 | 48,320 | ||||||||||
800 | APTARGROUP, INC. | 27,324 | 51,016 | ||||||||||
2,812 | ASHLAND, INC. | 202,817 | 342,783 | ||||||||||
700 | AVERY DENNISON CORP. | 25,347 | 42,658 | ||||||||||
18,036 | BALL CORP. | 1,036,751 | 1,265,225 | ||||||||||
3,000 | BEMIS CO., INC. | 66,889 | 135,030 | ||||||||||
2,300 | BERRY PLASTICS GROUP, INC.(b) | 79,339 | 74,520 | ||||||||||
2,100 | CELANESE CORP., SERIES A | 107,515 | 150,948 | ||||||||||
37,165 | CF INDUSTRIES HOLDINGS, INC. | 1,988,543 | 2,388,966 | ||||||||||
500 | COMPASS MINERALS INTERNATIONAL, INC. | 27,452 | 41,070 | ||||||||||
32,340 | CROWN HOLDINGS, INC.(b) | 963,321 | 1,711,109 |
See accompanying notes to the financial statements. | 40 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | |||||||||
Materials (Cont’d): | |||||||||||||
1,400 | CYTEC INDUSTRIES, INC. | $ | 25,564 | 84,742 | |||||||||
2,000 | DOMTAR CORP.(c) | 52,480 | 82,800 | ||||||||||
24,100 | DOW CHEMICAL (THE) CO. | 738,435 | 1,233,197 | ||||||||||
13,025 | E.I. DU PONT DE NEMOURS & CO. | 385,472 | 832,949 | ||||||||||
438 | EAGLE MATERIALS, INC. | 1,727 | 33,433 | ||||||||||
4,100 | EASTMAN CHEMICAL CO. | 137,430 | 335,462 | ||||||||||
3,991 | ECOLAB, INC. | 137,417 | 451,262 | ||||||||||
6,196 | FREEPORT-MCMORAN, INC. | 100,778 | 115,370 | ||||||||||
13,800 | GRAPHIC PACKAGING HOLDING CO. | 203,228 | 192,234 | ||||||||||
900 | GREIF, INC., CLASS A | 27,104 | 32,265 | ||||||||||
3,683 | INTERNATIONAL FLAVORS & FRAGRANCES, INC. | 79,231 | 402,515 | ||||||||||
9,431 | INTERNATIONAL PAPER CO. | 115,495 | 448,821 | ||||||||||
42,975 | LYONDELLBASELL INDUSTRIES N.V., CLASS A | 3,591,562 | 4,448,772 | ||||||||||
700 | MARTIN MARIETTA MATERIALS, INC. | 27,965 | 99,057 | ||||||||||
2,875 | MEADWESTVACO CORP. | 27,016 | 135,671 | ||||||||||
10,115 | MONSANTO CO. | 47,604 | 1,078,158 | ||||||||||
46,251 | MOSAIC (THE) CO. | 2,163,659 | 2,166,859 | ||||||||||
5,844 | NUCOR CORP. | 99,313 | 257,545 | ||||||||||
72,145 | OWENS-ILLINOIS, INC.(b) | 1,785,952 | 1,655,006 | ||||||||||
4,500 | PACKAGING CORP. OF AMERICA | 213,913 | 281,205 | ||||||||||
7,972 | PPG INDUSTRIES, INC. | 180,558 | 914,548 | ||||||||||
6,450 | PRAXAIR, INC. | 258,706 | 771,098 | ||||||||||
2,324 | RAYONIER ADVANCED MATERIALS, INC. | 26,574 | 37,788 | ||||||||||
2,200 | RELIANCE STEEL & ALUMINUM CO. | 61,215 | 133,056 | ||||||||||
2,800 | ROCK-TENN CO., CLASS A | 160,462 | 168,560 | ||||||||||
2,000 | ROYAL GOLD, INC. | 95,049 | 123,180 | ||||||||||
6,500 | RPM INTERNATIONAL, INC. | 72,503 | 318,305 | ||||||||||
1,400 | SEALED AIR CORP. | 24,528 | 71,932 | ||||||||||
2,725 | SHERWIN-WILLIAMS (THE) CO. | 389,781 | 749,430 | ||||||||||
3,600 | SONOCO PRODUCTS CO. | 74,519 | 154,296 | ||||||||||
3,234 | SOUTHERN COPPER CORP.(c) | 38,445 | 95,112 | ||||||||||
16,600 | STEEL DYNAMICS, INC. | 237,025 | 343,869 | ||||||||||
1,273 | SUNCOKE ENERGY, INC. | 8,474 | 16,549 | ||||||||||
6,300 | UNITED STATES STEEL CORP. | 144,120 | 129,906 | ||||||||||
3,200 | VALSPAR (THE) CORP. | 68,240 | 261,824 | ||||||||||
4,158 | VULCAN MATERIALS CO. | 232,101 | 348,981 | ||||||||||
2,400 | WESTLAKE CHEMICAL CORP. | 149,920 | 164,616 | ||||||||||
17,119,519 | 26,049,684 | 4.94 | % | ||||||||||
Telecommunication Services: | |||||||||||||
109,091 | AT&T, INC. | 2,839,380 | 3,874,912 | ||||||||||
23,001 | CENTURYLINK, INC. | 909,392 | 675,769 | ||||||||||
39,389 | FRONTIER COMMUNICATIONS CORP. | 233,122 | 194,976 | ||||||||||
6,710 | LEVEL 3 COMMUNICATIONS, INC.(b) | 159,907 | 353,416 | ||||||||||
40,125 | MOBILE TELESYSTEMS OJSC ADR(c)(d) | 445,967 | 392,422 | ||||||||||
44,067 | NIPPON TELEGRAPH & TELEPHONE CORP. ADR(c)(d) | 1,318,505 | 1,599,191 | ||||||||||
1,922 | PHILIPPINE LONG DISTANCE TELEPHONE CO. ADR(c)(d) | 135,504 | 119,741 | ||||||||||
700 | SBA COMMUNICATIONS CORP., CLASS A(b) | 53,338 | 80,479 | ||||||||||
27,740 | SPRINT CORP.(b) | 103,117 | 126,494 | ||||||||||
5,435 | TELEPHONE & DATA SYSTEMS, INC. | 109,150 | 159,789 | ||||||||||
1,500 | T-MOBILE US, INC.(b) | 13,875 | 58,155 | ||||||||||
33,183 | VERIZON COMMUNICATIONS, INC. | 1,037,896 | 1,546,660 | ||||||||||
7,359,153 | 9,182,004 | 1.74 | % | ||||||||||
Utilities: | |||||||||||||
9,100 | AES CORP. | 96,005 | 120,666 | ||||||||||
5,900 | AGL RESOURCES, INC. | 214,721 | 274,704 | ||||||||||
1,000 | ALLIANT ENERGY CORP. | 24,835 | 57,720 | ||||||||||
4,000 | AMEREN CORP. | 114,624 | 150,720 | ||||||||||
14,700 | AMERICAN ELECTRIC POWER CO., INC. | 634,102 | 778,659 | ||||||||||
32,345 | AMERICAN WATER WORKS CO., INC. | 787,309 | 1,572,937 | ||||||||||
1,735 | AQUA AMERICA, INC. | 22,973 | 42,490 | ||||||||||
8,500 | CALPINE CORP.(b) | 56,652 | 152,915 | ||||||||||
5,800 | CENTERPOINT ENERGY, INC. | 66,308 | 110,374 | ||||||||||
13,300 | CMS ENERGY CORP. | 259,708 | 423,472 | ||||||||||
6,889 | CONSOLIDATED EDISON, INC. | 343,192 | 398,735 | ||||||||||
8,862 | DOMINION RESOURCES, INC. | 284,452 | 592,602 | ||||||||||
4,600 | DTE ENERGY CO. | 289,481 | 343,344 |
See accompanying notes to the financial statements. | 41 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | |||||||||
Utilities (Cont’d): | |||||||||||||
10,451 | DUKE ENERGY CORP. | $ | 369,386 | 738,050 | |||||||||
12,625 | EDISON INTERNATIONAL | 460,805 | 701,697 | ||||||||||
6,264 | ENTERGY CORP. | 341,680 | 441,612 | ||||||||||
4,961 | EVERSOURCE ENERGY | 125,492 | 225,279 | ||||||||||
9,600 | EXELON CORP. | 350,193 | 301,632 | ||||||||||
2,800 | GREAT PLAINS ENERGY, INC. | 43,498 | 67,648 | ||||||||||
1,300 | IDACORP, INC. | 87,611 | 72,982 | ||||||||||
10,500 | ITC HOLDINGS CORP. | 154,844 | 337,890 | ||||||||||
1,500 | NATIONAL FUEL GAS CO. | 38,322 | 88,335 | ||||||||||
4,300 | NEXTERA ENERGY, INC. | 178,192 | 421,529 | ||||||||||
6,900 | NISOURCE, INC. | 111,901 | 314,571 | ||||||||||
9,383 | NRG ENERGY, INC. | 149,215 | 214,683 | ||||||||||
19,410 | NRG YIELD, INC., CLASS A | 369,479 | 426,826 | ||||||||||
19,410 | NRG YIELD, INC., CLASS C | 369,479 | 424,885 | ||||||||||
4,800 | OGE ENERGY CORP. | 43,344 | 137,136 | ||||||||||
500 | ONE GAS, INC. | 3,925 | 21,280 | ||||||||||
11,100 | PG&E CORP. | 382,654 | 545,010 | ||||||||||
3,500 | PINNACLE WEST CAPITAL CORP. | 148,582 | 199,115 | ||||||||||
1,700 | PPL CORP. | 35,744 | 50,099 | ||||||||||
6,400 | PUBLIC SERVICE ENTERPRISE GROUP, INC. | 274,037 | 251,392 | ||||||||||
6,000 | SCANA CORP. | 242,780 | 303,900 | ||||||||||
3,300 | SEMPRA ENERGY | 170,451 | 326,502 | ||||||||||
9,700 | SOUTHERN (THE) CO. | 207,277 | 406,430 | ||||||||||
212 | TALEN ENERGY CORP.(b) | 2,770 | 3,638 | ||||||||||
7,600 | TECO ENERGY, INC. | 90,842 | 134,216 | ||||||||||
9,850 | UGI CORP. | 246,882 | 339,333 | ||||||||||
1,600 | VECTREN CORP. | 77,182 | 61,568 | ||||||||||
4,820 | WEC ENERGY GROUP, INC. | 46,469 | 216,755 | ||||||||||
5,100 | WESTAR ENERGY, INC. | 184,168 | 174,522 | ||||||||||
8,825 | XCEL ENERGY, INC. | 193,224 | 283,989 | ||||||||||
8,694,790 | 13,251,842 | 2.52 | % | ||||||||||
Sub-total Common Stocks: | 280,494,644 | 515,383,412 | 97.85 | % | |||||||||
Master Limited Partnerships: | |||||||||||||
Energy: | |||||||||||||
58,615 | CONE MIDSTREAM PARTNERS L.P. | 1,564,739 | 1,037,486 | ||||||||||
43,215 | ENTERPRISE PRODUCTS PARTNERS L.P. | 892,329 | 1,291,696 | ||||||||||
20,135 | MAGELLAN MIDSTREAM PARTNERS L.P. | 558,900 | 1,477,506 | ||||||||||
30,795 | VTTI ENERGY PARTNERS L.P.(c) | 645,192 | 771,107 | ||||||||||
3,661,160 | 4,577,795 | 0.87 | % | ||||||||||
Sub-total Master Limited Partnerships: | 3,661,160 | 4,577,795 | 0.87 | % | |||||||||
Preferred Stocks: | |||||||||||||
Financials: | |||||||||||||
18,540 | BANCO BRADESCO S.A. ADR(c)(d) | 204,520 | 169,826 | ||||||||||
204,520 | 169,826 | 0.03 | % | ||||||||||
Telecommunication Services: | |||||||||||||
21,017 | TELEFONICA BRASIL S.A. ADR(c)(d) | 385,220 | 292,767 | ||||||||||
385,220 | 292,767 | 0.06 | % | ||||||||||
Sub-total Preferred Stocks: | 589,740 | 462,593 | 0.09 | % | |||||||||
Rights: | |||||||||||||
Consumer Staples: | |||||||||||||
1,600 | CASA LEY (CONTINGENT VALUE RIGHTS)(b) | 1,624 | 1,624 | ||||||||||
1,624 | 1,624 | 0.00 | % | ||||||||||
Financials: | |||||||||||||
1,600 | PROPERTY DEVELOPMENT CENTERS LLC (CONTINGENT VALUE RIGHTS)(b) | 78 | 78 | ||||||||||
78 | 78 | 0.00 | % | ||||||||||
Sub-total Rights: | 1,702 | 1,702 | 0.00 | % |
See accompanying notes to the financial statements. | 42 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | |||||||||
Short-Term Investments: | |||||||||||||
7,018,888 | NORTHERN INSTITUTIONAL FUNDS -U.S. GOVERNMENT SELECT PORTFOLIO, 0.01%(e) | $ | 7,018,888 | 7,018,888 | |||||||||
Sub-total Short-Term Investments: | 7,018,888 | 7,018,888 | 1.33 | % | |||||||||
Grand total(f) | $ | 291,766,134 | 527,444,390 | 100.14 | % |
Notes to Schedule of Investments:
(a) | Investments are valued in accordance with procedures described in note 2 to the financial statements. | |
(b) | Non-income producing assets. | |
(c) | Foreign security values are stated in U.S. dollars. As of June 30, 2015, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 4.74% of net assets. | |
(d) | Securities are American Depositary Receipts of companies based outside of the United States representing 2.29% of net assets as of June 30, 2015. | |
(e) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2014, the value of the Clearwater Core Equity Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $10,357,430 with net sales of $3,338,542 during the six months ended June 30, 2015. | |
(f) | At June 30, 2015, the cost for Federal income tax purposes was $291,582,992. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost was as follows: |
Gross unrealized appreciation | $ | 243,878,390 | ||
Gross unrealized depreciation | (8,016,992 | ) | ||
Net unrealized appreciation | $ | 235,861,398 |
See accompanying notes to the financial statements. | 43 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater Core Equity Fund (unaudited)
June 30, 2015
See accompanying notes to the financial statements. | 44 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||||
Common Stocks: | ||||||||||
Consumer Discretionary: | ||||||||||
7,097 | ARCTIC CAT, INC. | $ | 214,903 | 235,691 | ||||||
265,197 | BLACK DIAMOND, INC.(b) | 2,254,033 | 2,450,420 | |||||||
48,900 | BLOOMIN’ BRANDS, INC. | 1,124,517 | 1,044,015 | |||||||
57,264 | BRAVO BRIO RESTAURANT GROUP, INC.(b) | 797,530 | 775,927 | |||||||
22,988 | CARRIAGE SERVICES, INC. | 417,803 | 548,954 | |||||||
4,924 | CHUY’S HOLDINGS, INC.(b) | 110,543 | 131,914 | |||||||
5,697 | CSS INDUSTRIES, INC. | 163,303 | 172,334 | |||||||
35,700 | CST BRANDS, INC. | 1,075,899 | 1,394,442 | |||||||
88,823 | DANA HOLDING CORP. | 2,049,510 | 1,827,977 | |||||||
144,500 | DENNY’S CORP.(b) | 558,365 | 1,677,645 | |||||||
57,877 | DGSE COS., INC.(b) | 119,826 | 25,854 | |||||||
46,900 | EW SCRIPPS (THE) CO., CLASS A | 820,223 | 1,071,665 | |||||||
55,100 | FEDERAL-MOGUL HOLDINGS CORP.(b) | 1,003,956 | 625,385 | |||||||
38,843 | FTD COS., INC.(b) | 1,250,600 | 1,094,984 | |||||||
14,873 | HELEN OF TROY LTD.(b)(c) | 1,156,601 | 1,449,969 | |||||||
40,000 | HOUGHTON MIFFLIN HARCOURT CO.(b) | 874,020 | 1,008,000 | |||||||
122,237 | IROBOT CORP.(b) | 3,916,255 | 3,896,916 | |||||||
85,266 | JAMBA, INC.(b) | 1,241,132 | 1,320,770 | |||||||
42,276 | KATE SPADE & CO.(b) | 1,358,844 | 910,625 | |||||||
158,165 | LIFELOCK, INC.(b) | 1,971,288 | 2,593,906 | |||||||
36,090 | LITHIA MOTORS, INC., CLASS A | 2,359,478 | 4,083,944 | |||||||
4,000 | MARRIOTT VACATIONS WORLDWIDE CORP. | 90,543 | 367,000 | |||||||
62,000 | MEDIA GENERAL, INC.(b) | 1,043,485 | 1,024,240 | |||||||
23,135 | OUTERWALL, INC. | 1,645,780 | 1,760,805 | |||||||
31,500 | PENSKE AUTOMOTIVE GROUP, INC. | 609,816 | 1,641,465 | |||||||
25,483 | PEP BOYS-MANNY MOE & JACK (THE)(b) | 232,078 | 312,676 | |||||||
16,187 | PERRY ELLIS INTERNATIONAL, INC.(b) | 376,839 | 384,765 | |||||||
72,610 | PINNACLE ENTERTAINMENT, INC.(b) | 1,594,482 | 2,706,901 | |||||||
22,613 | ROCKY BRANDS, INC. | 241,571 | 422,863 | |||||||
43,000 | SALLY BEAUTY HOLDINGS, INC.(b) | 366,257 | 1,357,940 | |||||||
9,005 | SHILOH INDUSTRIES, INC.(b) | 142,197 | 116,615 | |||||||
10,010 | SHOE CARNIVAL, INC. | 232,241 | 288,889 | |||||||
39,127 | SHUTTERFLY, INC.(b) | 1,785,792 | 1,870,662 | |||||||
30,700 | STARZ, CLASS A(b) | 573,102 | 1,372,904 | |||||||
29,602 | SUMMER INFANT, INC.(b) | 70,210 | 59,796 | |||||||
26,878 | SUPERIOR INDUSTRIES INTERNATIONAL, INC. | 506,379 | 492,136 | |||||||
155,879 | TILE SHOP HOLDINGS, INC.(b) | 1,834,236 | 2,211,923 | |||||||
57,000 | TIME, INC. | 1,346,835 | 1,311,570 | |||||||
13,394 | TRAVELCENTERS OF AMERICA LLC(b) | 153,985 | 198,901 | |||||||
75,100 | TRI POINTE HOMES, INC.(b) | 1,269,144 | 1,149,030 | |||||||
12,136 | UNIFI, INC.(b) | 331,792 | 406,556 | |||||||
14,000 | VAIL RESORTS, INC. | 514,183 | 1,528,800 | |||||||
18,500 | VISTA OUTDOOR, INC.(b) | 815,537 | 830,650 | |||||||
48,802 | VITAMIN SHOPPE, INC.(b) | 1,970,322 | 1,818,851 | |||||||
18,758 | WINNEBAGO INDUSTRIES, INC. | 471,610 | 442,501 | |||||||
43,057,045 | 52,419,776 | 15.43 | % | |||||||
Consumer Staples: | ||||||||||
36,441 | CAL-MAINE FOODS, INC. | 1,354,033 | 1,902,220 | |||||||
15,538 | CASEY’S GENERAL STORES, INC. | 1,080,070 | 1,487,608 | |||||||
26,857 | DIAMOND FOODS, INC.(b) | 722,620 | 842,773 | |||||||
56,350 | FLOWERS FOODS, INC. | 466,378 | 1,191,802 | |||||||
85,255 | FRESH MARKET (THE), INC.(b) | 3,049,924 | 2,740,096 | |||||||
18,919 | JOHN B. SANFILIPPO & SON, INC. | 722,533 | 981,896 | |||||||
10,307 | LIBERATOR MEDICAL HOLDINGS, INC. | 35,236 | 23,397 | |||||||
24,963 | MEDIFAST, INC.(b) | 743,602 | 806,804 | |||||||
26,839 | PRIMO WATER CORP.(b) | 84,842 | 153,519 | |||||||
71,376 | S&W SEED CO.(b) | 315,115 | 348,315 | |||||||
7,087 | SENECA FOODS CORP., CLASS A(b) | 154,404 | 196,806 | |||||||
11,677 | SPARTANNASH CO. | 254,983 | 379,970 | |||||||
30,990 | SPECTRUM BRANDS HOLDINGS, INC. | 1,113,701 | 3,160,670 | |||||||
10,097,441 | 14,215,876 | 4.18 | % | |||||||
Energy: | ||||||||||
42,518 | ALON USA ENERGY, INC. | 586,968 | 803,590 | |||||||
25,500 | BONANZA CREEK ENERGY, INC.(b) | 667,662 | 465,375 | |||||||
37,735 | CARRIZO OIL & GAS, INC.(b) | 966,386 | 1,858,072 |
See accompanying notes to the financial statements. | 45 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||||
Energy (Cont’d): | ||||||||||
65,982 | FORUM ENERGY TECHNOLOGIES, INC.(b) | $ | 1,425,058 | 1,338,115 | ||||||
70,654 | MEMORIAL RESOURCE DEVELOPMENT CORP.(b) | 1,308,502 | 1,340,306 | |||||||
39,032 | STEEL EXCEL, INC.(b) | 1,032,572 | 811,866 | |||||||
135,752 | SYNERGY RESOURCES CORP.(b) | 1,499,033 | 1,551,645 | |||||||
7,486,181 | 8,168,969 | 2.40 | % | |||||||
Financials: | ||||||||||
34,579 | ALEXANDER & BALDWIN, INC. | 1,365,258 | 1,362,413 | |||||||
56,100 | AMERICAN EQUITY INVESTMENT LIFE HOLDING CO. | 1,154,324 | 1,513,578 | |||||||
40,016 | AMERICAN NATIONAL BANKSHARES, INC. | 872,621 | 952,781 | |||||||
31,671 | AMTRUST FINANCIAL SERVICES, INC. | 757,605 | 2,074,767 | |||||||
18,211 | ASHFORD HOSPITALITY PRIME, INC. | 287,363 | 273,529 | |||||||
192,480 | ASHFORD HOSPITALITY TRUST, INC. | 1,910,574 | 1,628,381 | |||||||
16,537 | ATLAS FINANCIAL HOLDINGS, INC.(b) | 206,712 | 327,929 | |||||||
38,900 | BANCORPSOUTH, INC. | 753,702 | 1,002,064 | |||||||
60,267 | BANKUNITED, INC. | 1,786,098 | 2,165,393 | |||||||
26,086 | BERKSHIRE HILLS BANCORP, INC. | 552,615 | 742,929 | |||||||
35,239 | BLUE HILLS BANCORP, INC.(b) | 462,995 | 493,346 | |||||||
24,649 | BNC BANCORP | 413,342 | 476,465 | |||||||
45,284 | BROOKLINE BANCORP, INC. | 374,494 | 511,256 | |||||||
15,105 | BSB BANCORP, INC.(b) | 236,123 | 333,972 | |||||||
25,056 | CAMPUS CREST COMMUNITIES, INC. | 199,796 | 138,810 | |||||||
39,799 | CAPE BANCORP, INC. | 369,192 | 376,499 | |||||||
21,300 | CBOE HOLDINGS, INC. | 501,811 | 1,218,786 | |||||||
62,602 | CHESAPEAKE LODGING TRUST | 1,023,950 | 1,908,109 | |||||||
36,254 | CHEVIOT FINANCIAL CORP. | 413,484 | 532,934 | |||||||
9,205 | CHICOPEE BANCORP, INC. | 148,166 | 151,790 | |||||||
12,224 | CITIZENS & NORTHERN CORP. | 240,204 | 251,203 | |||||||
15,097 | CNB FINANCIAL CORP. | 253,598 | 277,785 | |||||||
1,377 | COMMUNITY BANKERS TRUST CORP.(b) | 6,662 | 6,844 | |||||||
13,110 | COMMUNITY TRUST BANCORP, INC. | 426,154 | 457,146 | |||||||
22,957 | CONNECTONE BANCORP, INC. | 415,515 | 494,264 | |||||||
76,012 | CORPORATE OFFICE PROPERTIES TRUST | 2,130,258 | 1,789,322 | |||||||
109,147 | COUSINS PROPERTIES, INC. | 1,104,697 | 1,132,946 | |||||||
19,911 | DONEGAL GROUP, INC., CLASS A | 316,178 | 303,245 | |||||||
28,958 | EMC INSURANCE GROUP, INC. | 461,114 | 725,965 | |||||||
10,288 | EVANS BANCORP, INC. | 228,397 | 249,484 | |||||||
43,079 | FARMERS NATIONAL BANC CORP. | 300,914 | 355,402 | |||||||
25,385 | FINANCIAL INSTITUTIONS, INC. | 451,150 | 630,563 | |||||||
35,000 | FIRST AMERICAN FINANCIAL CORP. | 483,735 | 1,302,350 | |||||||
20,843 | FIRST BANCORP | 332,154 | 347,661 | |||||||
18,548 | FIRST FINANCIAL CORP. | 559,232 | 663,276 | |||||||
51,000 | FIRSTMERIT CORP. | 829,058 | 1,062,330 | |||||||
20,535 | FLUSHING FINANCIAL CORP. | 326,021 | 431,440 | |||||||
50,544 | FORESTAR GROUP, INC.(b) | 826,452 | 665,159 | |||||||
35,200 | GAMING AND LEISURE PROPERTIES, INC. | 1,250,070 | 1,290,432 | |||||||
9,356 | GERMAN AMERICAN BANCORP, INC. | 258,265 | 275,534 | |||||||
47,258 | GETTY REALTY CORP. | 844,697 | 773,141 | |||||||
40,834 | GREAT WESTERN BANCORP, INC. | 885,075 | 984,508 | |||||||
46,042 | GUARANTY BANCORP | 743,629 | 760,153 | |||||||
88,152 | HANMI FINANCIAL CORP. | 1,909,744 | 2,189,696 | |||||||
24,100 | HANOVER INSURANCE GROUP (THE), INC. | 1,337,061 | 1,784,123 | |||||||
61,633 | HERITAGE COMMERCE CORP. | 558,614 | 592,293 | |||||||
56,225 | HERITAGE FINANCIAL CORP. | 764,333 | 1,004,741 | |||||||
15,912 | HERITAGE FINANCIAL GROUP, INC. | 221,781 | 480,224 | |||||||
69,580 | HERSHA HOSPITALITY TRUST | 1,858,387 | 1,784,025 | |||||||
23,638 | HORACE MANN EDUCATORS CORP. | 480,878 | 859,950 | |||||||
18,100 | IBERIABANK CORP. | 853,747 | 1,234,963 | |||||||
131,283 | INVESTORS BANCORP, INC. | 721,524 | 1,614,781 | |||||||
7,838 | KANSAS CITY LIFE INSURANCE CO. | 307,791 | 358,275 | |||||||
80,263 | KITE REALTY GROUP TRUST | 2,016,697 | 1,964,036 | |||||||
13,592 | LCNB CORP. | 212,449 | 220,258 | |||||||
48,700 | LEGACYTEXAS FINANCIAL GROUP, INC. | 618,187 | 1,470,740 | |||||||
11,593 | LNB BANCORP, INC. | 205,811 | 214,470 | |||||||
30,888 | MARCUS & MILLICHAP, INC.(b) | 991,076 | 1,425,172 | |||||||
159,135 | MEDICAL PROPERTIES TRUST, INC. | 1,796,745 | 2,086,260 | |||||||
118,256 | NATIONAL BANK HOLDINGS CORP., CLASS A | 2,247,961 | 2,463,272 | |||||||
99,077 | NEW MOUNTAIN FINANCE CORP. | 1,496,484 | 1,435,626 |
See accompanying notes to the financial statements. | 46 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||||
Financials (Cont’d): | ||||||||||
23,306 | NORTHWEST BANCSHARES, INC. | $ | 280,943 | 298,783 | ||||||
115,359 | ORITANI FINANCIAL CORP. | 1,580,024 | 1,851,512 | |||||||
46,058 | PACIFIC CONTINENTAL CORP. | 520,591 | 623,165 | |||||||
34,696 | PACIFIC MERCANTILE BANCORP(b) | 219,067 | 263,343 | |||||||
56,990 | PACWEST BANCORP | 1,616,940 | 2,664,852 | |||||||
34,256 | PARK STERLING CORP. | 224,224 | 246,643 | |||||||
18,621 | PEOPLES BANCORP, INC. | 411,308 | 434,614 | |||||||
17,865 | PEOPLE’S UTAH BANCORP(b) | 259,042 | 303,348 | |||||||
54,152 | PREFERRED APARTMENT COMMUNITIES, INC., CLASS A | 394,492 | 538,812 | |||||||
72,700 | PROVIDENT FINANCIAL SERVICES, INC. | 1,313,447 | 1,380,573 | |||||||
10,622 | QCR HOLDINGS, INC. | 206,661 | 231,135 | |||||||
23,690 | RYMAN HOSPITALITY PROPERTIES, INC. | 476,390 | 1,258,176 | |||||||
50,200 | SABRA HEALTH CARE REIT, INC. | 935,812 | 1,292,148 | |||||||
4,971 | SANDY SPRING BANCORP, INC. | 115,606 | 139,089 | |||||||
29,297 | SI FINANCIAL GROUP, INC. | 292,666 | 341,017 | |||||||
111,700 | SLM CORP.(b) | 992,940 | 1,102,479 | |||||||
88,240 | SPIRIT REALTY CAPITAL, INC. | 649,021 | 853,281 | |||||||
13,525 | STATE BANK FINANCIAL CORP. | 214,643 | 293,493 | |||||||
32,927 | STERLING BANCORP | 316,856 | 484,027 | |||||||
25,851 | STONEGATE BANK | 711,431 | 766,999 | |||||||
34,800 | SYNOVUS FINANCIAL CORP. | 841,162 | 1,072,536 | |||||||
17,000 | TEXAS CAPITAL BANCSHARES, INC.(b) | 836,796 | 1,058,080 | |||||||
21,802 | TOWNE BANK | 217,748 | 355,155 | |||||||
18,666 | TRICO BANCSHARES | 454,329 | 448,917 | |||||||
23,400 | UMB FINANCIAL CORP. | 1,237,898 | 1,334,268 | |||||||
141,494 | UMPQUA HOLDINGS CORP. | 1,824,926 | 2,545,477 | |||||||
34,400 | UNION BANKSHARES CORP. | 802,320 | 799,456 | |||||||
74,541 | UNITED FINANCIAL BANCORP, INC. | 797,872 | 1,002,576 | |||||||
11,659 | UNITED FIRE GROUP, INC. | 308,798 | 381,949 | |||||||
34,098 | UNIVEST CORP. OF PENNSYLVANIA | 610,322 | 694,235 | |||||||
38,500 | URBAN EDGE PROPERTIES | 880,313 | 800,415 | |||||||
9,113 | URSTADT BIDDLE PROPERTIES, INC., CLASS A | 147,437 | 170,231 | |||||||
95,678 | WALKER & DUNLOP, INC.(b) | 1,350,900 | 2,558,430 | |||||||
27,800 | WINTRUST FINANCIAL CORP. | 1,006,799 | 1,483,964 | |||||||
37,000 | XENIA HOTELS & RESORTS, INC. | 865,241 | 804,380 | |||||||
69,977,689 | 87,476,347 | 25.75 | % | |||||||
Health Care: | ||||||||||
84,451 | ACCURAY, INC.(b) | 630,834 | 569,200 | |||||||
19,314 | ACETO CORP. | 398,997 | 475,704 | |||||||
37,195 | AIR METHODS CORP.(b) | 1,587,989 | 1,537,641 | |||||||
5,619 | ALBANY MOLECULAR RESEARCH, INC.(b) | 93,364 | 113,616 | |||||||
87,585 | ALERE, INC.(b) | 2,977,437 | 4,620,109 | |||||||
12,405 | AMN HEALTHCARE SERVICES, INC.(b) | 158,995 | 391,874 | |||||||
22,378 | ANALOGIC CORP. | 1,661,709 | 1,765,624 | |||||||
2,454 | ANIKA THERAPEUTICS, INC.(b) | 83,249 | 81,056 | |||||||
12,508 | BIO-REFERENCE LABORATORIES, INC.(b) | 460,755 | 515,955 | |||||||
270,112 | BIOSCRIP, INC.(b) | 1,279,968 | 980,506 | |||||||
4,236 | CROSS COUNTRY HEALTHCARE, INC.(b) | 44,704 | 53,712 | |||||||
16,928 | CRYOLIFE, INC. | 161,766 | 190,948 | |||||||
21,229 | CYNOSURE, INC., CLASS A(b) | 524,482 | 819,015 | |||||||
69,877 | EMERGENT BIOSOLUTIONS, INC.(b) | 1,574,881 | 2,302,447 | |||||||
85,269 | EXAMWORKS GROUP, INC.(b) | 2,666,450 | 3,334,018 | |||||||
185,047 | FLAMEL TECHNOLOGIES S.A. ADR(b)(c)(d) | 2,626,951 | 3,921,146 | |||||||
68,807 | GLOBUS MEDICAL, INC., CLASS A(b) | 1,120,820 | 1,766,276 | |||||||
60,870 | HEALTHSOUTH CORP. | 1,728,087 | 2,803,672 | |||||||
6,578 | HEALTHSTREAM, INC.(b) | 175,357 | 200,103 | |||||||
142,564 | HEALTHWAYS, INC.(b) | 2,000,410 | 1,707,917 | |||||||
79,030 | HMS HOLDINGS CORP.(b) | 1,222,465 | 1,356,945 | |||||||
90,428 | HORIZON PHARMA PLC(b)(c) | 1,618,859 | 3,141,469 | |||||||
42,470 | ICON PLC(b)(c) | 1,930,150 | 2,858,231 | |||||||
21,231 | IGI LABORATORIES, INC.(b) | 174,457 | 133,755 | |||||||
2,856 | LANDAUER, INC. | 96,756 | 101,788 | |||||||
9,827 | LEMAITRE VASCULAR, INC. | 66,271 | 118,514 | |||||||
71,191 | MEDASSETS, INC.(b) | 1,371,689 | 1,570,473 | |||||||
110,649 | MERGE HEALTHCARE, INC.(b) | 371,915 | 531,115 | |||||||
7,073 | MISONIX, INC.(b) | 77,404 | 67,193 | |||||||
7,611 | NATUS MEDICAL, INC.(b) | 154,014 | 323,924 | |||||||
31,472 | PAREXEL INTERNATIONAL CORP.(b) | 1,745,307 | 2,023,964 |
See accompanying notes to the financial statements. | 47 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||||
Health Care (Cont’d): | ||||||||||
32,589 | PHARMERICA CORP.(b) | $ | 637,688 | 1,085,214 | ||||||
37,829 | PSYCHEMEDICS CORP. | 457,785 | 561,004 | |||||||
3,530 | SPAN-AMERICA MEDICAL SYSTEMS, INC. | 64,206 | 65,023 | |||||||
11,458 | SYMMETRY SURGICAL, INC.(b) | 75,511 | 99,914 | |||||||
32,104 | WEST PHARMACEUTICAL SERVICES, INC. | 617,368 | 1,864,600 | |||||||
28,500 | WRIGHT MEDICAL GROUP, INC.(b) | 821,617 | 748,410 | |||||||
33,460,667 | 44,802,075 | 13.19 | % | |||||||
Industrials: | ||||||||||
69,027 | A.O. SMITH CORP. | 1,545,368 | 4,968,563 | |||||||
76,099 | AEROJET ROCKETDYNE HOLDINGS, INC.(b) | 1,298,248 | 1,568,400 | |||||||
35,200 | AIR LEASE CORP. | 776,980 | 1,193,280 | |||||||
6,701 | ALLEGIANT TRAVEL CO. | 688,200 | 1,191,974 | |||||||
80,960 | API TECHNOLOGIES CORP.(b) | 207,178 | 203,210 | |||||||
20,326 | ASTRONICS CORP.(b) | 917,569 | 1,440,910 | |||||||
16,037 | AZZ, INC. | 679,390 | 830,717 | |||||||
65,289 | CASELLA WASTE SYSTEMS, INC., CLASS A(b) | 305,827 | 366,271 | |||||||
15,259 | CELADON GROUP, INC. | 322,551 | 315,556 | |||||||
35,575 | CLARCOR, INC. | 2,075,972 | 2,214,188 | |||||||
15,506 | COMFORT SYSTEMS USA, INC. | 183,441 | 355,863 | |||||||
5,984 | COMMERCIAL VEHICLE GROUP, INC.(b) | 40,592 | 43,145 | |||||||
87,159 | ECHO GLOBAL LOGISTICS, INC.(b) | 1,997,617 | 2,846,613 | |||||||
3,889 | ENCORE WIRE CORP. | 149,684 | 172,244 | |||||||
21,849 | ENNIS, INC. | 300,460 | 406,173 | |||||||
20,000 | ENPRO INDUSTRIES, INC. | 569,233 | 1,144,400 | |||||||
52,211 | ESCO TECHNOLOGIES, INC. | 1,869,952 | 1,953,214 | |||||||
29,700 | FORTUNE BRANDS HOME & SECURITY, INC. | 588,009 | 1,360,854 | |||||||
76,567 | GENERAC HOLDINGS, INC.(b) | 2,840,511 | 3,043,538 | |||||||
13,000 | GENESEE & WYOMING, INC., CLASS A(b) | 321,298 | 990,340 | |||||||
10,212 | GIBRALTAR INDUSTRIES, INC.(b) | 167,670 | 208,018 | |||||||
15,556 | GRAHAM CORP. | 335,771 | 318,742 | |||||||
40,300 | HARSCO CORP. | 1,056,914 | 664,950 | |||||||
41,700 | HILLENBRAND, INC. | 1,231,301 | 1,280,190 | |||||||
26,933 | HURON CONSULTING GROUP, INC.(b) | 1,649,328 | 1,887,734 | |||||||
32,400 | ITT CORP. | 644,275 | 1,355,616 | |||||||
24,755 | JASON INDUSTRIES, INC.(b) | 247,715 | 168,582 | |||||||
45,000 | JOHN BEAN TECHNOLOGIES CORP. | 604,564 | 1,691,550 | |||||||
19,000 | LB FOSTER CO., CLASS A | 424,937 | 657,590 | |||||||
56,863 | LSI INDUSTRIES, INC. | 463,395 | 531,100 | |||||||
7,383 | NN, INC. | 172,930 | 188,414 | |||||||
76,013 | ON ASSIGNMENT, INC.(b) | 2,258,033 | 2,985,791 | |||||||
42,902 | QUANEX BUILDING PRODUCTS CORP. | 818,296 | 919,390 | |||||||
27,436 | REGAL BELOIT CORP. | 1,749,477 | 1,991,579 | |||||||
75,012 | REXNORD CORP.(b) | 1,773,020 | 1,793,537 | |||||||
52,800 | RITCHIE BROS. AUCTIONEERS, INC.(c) | 1,177,398 | 1,474,176 | |||||||
41,571 | SPARTON CORP.(b) | 1,027,073 | 1,135,720 | |||||||
19,729 | SPX CORP. | 1,416,515 | 1,428,182 | |||||||
11,758 | TELEDYNE TECHNOLOGIES, INC.(b) | 371,490 | 1,240,587 | |||||||
59,927 | TRIMAS CORP.(b) | 1,810,148 | 1,773,839 | |||||||
26,110 | TRIUMPH GROUP, INC. | 1,660,916 | 1,722,999 | |||||||
56,038 | VERSAR, INC.(b) | 193,786 | 220,790 | |||||||
36,774 | VIAD CORP. | 915,387 | 996,943 | |||||||
37,849 | WOODWARD, INC. | 1,398,332 | 2,081,316 | |||||||
41,246,751 | 55,326,788 | 16.28 | % | |||||||
Information Technology: | ||||||||||
13,778 | ASURE SOFTWARE, INC.(b) | 81,915 | 83,564 | |||||||
111,170 | CALLIDUS SOFTWARE, INC.(b) | 1,208,889 | 1,732,029 | |||||||
7,791 | CHECKPOINT SYSTEMS, INC. | 82,612 | 79,312 | |||||||
35,355 | COGNEX CORP. | 834,761 | 1,700,575 | |||||||
10,472 | COMTECH TELECOMMUNICATIONS CORP. | 336,698 | 304,212 | |||||||
72,262 | COMVERSE, INC.(b) | 1,708,187 | 1,451,021 | |||||||
23,200 | DIEBOLD, INC. | 786,024 | 812,000 | |||||||
38,768 | DSP GROUP, INC.(b) | 400,924 | 400,473 | |||||||
80,269 | ELECTRONICS FOR IMAGING, INC.(b) | 3,327,930 | 3,492,504 | |||||||
34,244 | EPIQ SYSTEMS, INC. | 568,241 | 578,039 | |||||||
50,125 | EURONET WORLDWIDE, INC.(b) | 2,072,292 | 3,092,712 | |||||||
15,412 | EVOLVING SYSTEMS, INC. | 124,355 | 138,092 | |||||||
30,980 | EXAR CORP.(b) | 203,637 | 302,984 |
See accompanying notes to the financial statements. | 48 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||||
Information Technology (Cont’d): | ||||||||||
80,600 | FAIRCHILD SEMICONDUCTOR INTERNATIONAL, INC.(b) | $ | 1,020,949 | 1,400,828 | ||||||
33,948 | FARO TECHNOLOGIES, INC.(b) | 1,543,339 | 1,585,372 | |||||||
68,934 | FRANKLIN WIRELESS CORP.(b) | 125,914 | 110,294 | |||||||
36,809 | FREQUENCY ELECTRONICS, INC.(b) | 361,015 | 415,205 | |||||||
86,511 | GLOBALSCAPE, INC. | 228,145 | 284,621 | |||||||
20,195 | HACKETT GROUP (THE), INC. | 73,661 | 271,219 | |||||||
24,567 | HARMONIC, INC.(b) | 134,871 | 167,793 | |||||||
69,470 | INTERNAP CORP.(b) | 552,696 | 642,597 | |||||||
33,519 | INTEST CORP.(b) | 126,414 | 146,143 | |||||||
44,377 | IPG PHOTONICS CORP.(b) | 2,621,186 | 3,779,811 | |||||||
30,550 | ITERIS, INC.(b) | 59,851 | 54,073 | |||||||
39,000 | KNOWLES CORP.(b) | 1,186,746 | 705,900 | |||||||
5,197 | KVH INDUSTRIES, INC.(b) | 46,594 | 69,900 | |||||||
24,613 | LATTICE SEMICONDUCTOR CORP.(b) | 151,919 | 144,971 | |||||||
44,627 | LIONBRIDGE TECHNOLOGIES, INC.(b) | 197,813 | 275,349 | |||||||
30,785 | MARCHEX, INC., CLASS B | 116,267 | 152,386 | |||||||
28,519 | MATTSON TECHNOLOGY, INC.(b) | 83,379 | 95,539 | |||||||
18,153 | MAXLINEAR, INC., CLASS A(b) | 132,519 | 219,651 | |||||||
27,795 | MERCURY SYSTEMS, INC.(b) | 315,089 | 406,919 | |||||||
84,859 | METHODE ELECTRONICS, INC. | 2,815,442 | 2,329,380 | |||||||
96,800 | MITEL NETWORKS CORP.(b)(c) | 970,698 | 854,744 | |||||||
76,177 | MODUSLINK GLOBAL SOLUTIONS, INC.(b) | 264,551 | 259,002 | |||||||
43,789 | PC-TEL, INC. | 336,059 | 314,405 | |||||||
59,434 | PERFICIENT, INC.(b) | 1,127,738 | 1,143,510 | |||||||
26,867 | PLANET PAYMENT, INC.(b) | 62,891 | 65,018 | |||||||
48,209 | PLEXUS CORP.(b) | 1,508,734 | 2,115,411 | |||||||
29,613 | QUANTUM CORP.(b) | 34,742 | 49,750 | |||||||
31,188 | RADWARE LTD.(b)(c) | 659,927 | 692,374 | |||||||
36,927 | ROGERS CORP.(b) | 2,296,603 | 2,442,352 | |||||||
13,060 | SCIQUEST, INC.(b) | 199,956 | 193,419 | |||||||
11,672 | SELECTICA, INC.(b) | 48,703 | 61,278 | |||||||
10,541 | SERVICESOURCE INTERNATIONAL, INC.(b) | 42,718 | 57,659 | |||||||
62,259 | SHORETEL, INC.(b) | 446,678 | 422,116 | |||||||
191,888 | SUPPORT.COM, INC.(b) | 703,666 | 270,562 | |||||||
23,576 | SYKES ENTERPRISES, INC.(b) | 376,022 | 571,718 | |||||||
45,439 | SYNCHRONOSS TECHNOLOGIES, INC.(b) | 1,789,750 | 2,077,925 | |||||||
48,918 | SYNNEX CORP. | 2,455,749 | 3,580,308 | |||||||
34,096 | TELECOMMUNICATION SYSTEMS, INC., CLASS A(b) | 109,713 | 112,858 | |||||||
38,194 | UNISYS CORP.(b) | 840,760 | 763,498 | |||||||
20,400 | VERINT SYSTEMS, INC.(b) | 720,670 | 1,239,198 | |||||||
12,000 | WEX, INC.(b) | 318,886 | 1,367,640 | |||||||
43,796 | ZIX CORP.(b) | 117,292 | 226,425 | |||||||
39,062,780 | 46,306,638 | 13.63 | % | |||||||
Materials: | ||||||||||
40,302 | A. SCHULMAN, INC. | 1,378,235 | 1,762,003 | |||||||
49,882 | BERRY PLASTICS GROUP, INC.(b) | 1,152,597 | 1,616,177 | |||||||
49,600 | CHEMTURA CORP.(b) | 863,595 | 1,404,176 | |||||||
10,700 | DELTIC TIMBER CORP. | 504,016 | 723,748 | |||||||
84,309 | FERRO CORP.(b) | 546,360 | 1,414,705 | |||||||
38,181 | HANDY & HARMAN LTD.(b) | 723,171 | 1,322,972 | |||||||
3,381 | INNOSPEC, INC. | 113,043 | 152,280 | |||||||
11,600 | KAISER ALUMINUM CORP. | 883,670 | 963,728 | |||||||
46,800 | KAPSTONE PAPER AND PACKAGING CORP. | 1,313,978 | 1,082,016 | |||||||
25,860 | KOPPERS HOLDINGS, INC. | 497,442 | 639,259 | |||||||
3,801 | NEENAH PAPER, INC. | 107,136 | 224,107 | |||||||
22,756 | OMNOVA SOLUTIONS, INC.(b) | 197,081 | 170,443 | |||||||
56,456 | POLYONE CORP. | 1,986,803 | 2,211,382 | |||||||
744,578 | RENTECH, INC.(b) | 884,626 | 796,699 | |||||||
18,500 | SENSIENT TECHNOLOGIES CORP. | 1,007,928 | 1,264,290 | |||||||
3,929 | SYNALLOY CORP. | 53,596 | 53,827 | |||||||
13,650 | TRECORA RESOURCES(b) | 172,947 | 206,115 | |||||||
70,037 | TRONOX LTD., CLASS A | 1,664,383 | 1,024,641 | |||||||
14,050,607 | 17,032,568 | 5.01 | % | |||||||
Utilities: | ||||||||||
47,411 | ALLETE, INC. | 1,895,862 | 2,199,396 | |||||||
4,210 | DELTA NATURAL GAS CO., INC. | 83,575 | 84,621 | |||||||
25,638 | LACLEDE GROUP (THE), INC. | 1,261,888 | 1,334,714 |
See accompanying notes to the financial statements. | 49 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||||
Utilities (Cont’d): | ||||||||||
8,110 | MIDDLESEX WATER CO. | $ | 145,789 | 182,962 | ||||||
16,500 | NORTHWESTERN CORP. | 856,668 | 804,375 | |||||||
24,600 | ONE GAS, INC. | 880,972 | 1,046,976 | |||||||
18,302 | PURE CYCLE CORP.(b) | 101,991 | 95,170 | |||||||
1,546 | SJW CORP. | 46,144 | 47,447 | |||||||
28,400 | SOUTH JERSEY INDUSTRIES, INC. | 838,996 | 702,332 | |||||||
5,380 | UNITIL CORP. | 154,422 | 177,648 | |||||||
8,776 | YORK WATER (THE) CO. | 170,123 | 183,067 | |||||||
6,436,430 | 6,858,708 | 2.02 | % | |||||||
Sub-total Common Stocks: | 264,875,591 | 332,607,745 | 97.89 | % | ||||||
Rights: | ||||||||||
Health Care: | ||||||||||
270,112 | BIOSCRIP, INC.(b) | - | - | |||||||
- | - | 0.00 | % | |||||||
Sub-total Rights: | - | - | 0.00 | % | ||||||
Short-Term Investments: | ||||||||||
8,783,689 | NORTHERN INSTITUTIONAL FUNDS -U.S. GOVERNMENT SELECT PORTFOLIO, 0.01%(e) | 8,783,689 | 8,783,689 | |||||||
Sub-total Short-Term Investments: | 8,783,689 | 8,783,689 | 2.58 | % | ||||||
Grand total(f) | $ | 273,659,280 | 341,391,434 | 100.47 | % |
Notes to Schedule of Investments:
(a) | Investments are valued in accordance with procedures described in note 2 to the financial statements. | |
(b) | Non-income producing assets. | |
(c) | Foreign security values are stated in U.S. dollars. As of June 30, 2015, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 4.24% of net assets. | |
(d) | Securities are American Depositary Receipts of companies based outside of the United States representing 1.15% of net assets as of June 30, 2015. | |
(e) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2014, the value of the Clearwater Small Companies Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $11,049,724 with net sales of $2,266,035 during the six months ended June 30, 2015. | |
(f) | At June 30, 2015, the cost for Federal income tax purposes was $273,905,750. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost was as follows: |
Gross unrealized appreciation | $ | 76,077,370 | ||
Gross unrealized depreciation | (8,591,686 | ) | ||
Net unrealized appreciation | $ | 67,485,684 |
See accompanying notes to the financial statements. | 50 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater Small Companies Fund (unaudited)
June 30, 2015
See accompanying notes to the financial statements. | 51 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2015
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||||||||
Closed-End Funds: | ||||||||||||||||||
227,600 | BLACKROCK LNG-TM MUN ADV | $ | 2,360,733 | 2,458,080 | ||||||||||||||
22,000 | BLACKROCK MUN INCOMSCI BR | 300,539 | 296,340 | |||||||||||||||
148,800 | BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND | 1,705,296 | 2,060,880 | |||||||||||||||
57,300 | BLACKROCK MUNIHOLDINGS QUALITY FUND II INC | 729,193 | 734,013 | |||||||||||||||
35,700 | BLACKROCK MUNIHOLDINGS QUALITY FUND INC | 474,032 | 463,029 | |||||||||||||||
8,302 | BLACKROCK MUNIYIELD FUND INC | 122,288 | 114,900 | |||||||||||||||
67,229 | BLACKROCK MUNIYIELD INVES | 854,076 | 966,753 | |||||||||||||||
55,111 | BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND | 701,111 | 727,465 | |||||||||||||||
86,800 | BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND II INC | 1,045,017 | 1,082,396 | |||||||||||||||
61,179 | BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND INC | 801,516 | 813,681 | |||||||||||||||
51,700 | BLACKROCK MUNIYIELD PENNS | 729,423 | 694,331 | |||||||||||||||
101,896 | BLACKROCK MUNIYIELD QUAL | 1,307,244 | 1,283,890 | |||||||||||||||
118,472 | BLACKROCK MUNIYIELD QUALITY FUND III INC | 1,572,465 | 1,628,990 | |||||||||||||||
24,027 | BLACKROCK MUNIYIELD QUALITY FUND INC | 331,620 | 359,444 | |||||||||||||||
193,098 | DEUTSCHE MUNICIPAL INCOME | 2,097,006 | 2,434,966 | |||||||||||||||
33,000 | DREYFUS STRAT MUN COM USD | 301,450 | 260,700 | |||||||||||||||
43,668 | DREYFUS STRATEGIC MUNI BD | 359,770 | 334,933 | |||||||||||||||
20,318 | EATON VANCE CALI MUN BOND | 225,304 | 242,800 | |||||||||||||||
178,050 | INVESCO ADV MUN INC TR II | 1,985,371 | 1,953,208 | |||||||||||||||
113,205 | INVESCO MUNICIPAL OPP TR | 1,410,252 | 1,381,101 | |||||||||||||||
66,122 | INVESCO QUALITY MUNI INC | 750,670 | 781,562 | |||||||||||||||
30,000 | INVESCO TST. FOR INV. GRA | 398,796 | 380,700 | |||||||||||||||
50,248 | MANAGED DURATION INVESTME | 635,196 | 665,786 | |||||||||||||||
39,100 | MFC NUVEEN INSD MUN | 588,519 | 532,151 | |||||||||||||||
15,963 | NUVEEN MI QUALITY INCOME | 214,604 | 211,510 | |||||||||||||||
52,779 | NUVEEN PENN INV QUAL MUNI | 723,141 | 694,044 | |||||||||||||||
30,200 | NUVEEN PREMIER MUNI INC F | 409,657 | 389,580 | |||||||||||||||
238,709 | NUVEEN PREMIUM INC MUNI F | 3,273,534 | 3,170,055 | |||||||||||||||
22,077 | WESTERN ASSET MUNICIPAL P | 276,995 | 331,376 | |||||||||||||||
Sub-total Closed-End Funds | 26,684,818 | 27,448,664 | 5.45 | % | ||||||||||||||
Municipal Bonds: | ||||||||||||||||||
2,350,000 | ACALANES CA UNION HIGH SCH DIST(b) | 8/1/2039 | 2.02 | 1,142,066 | 1,837,253 | |||||||||||||
1,200,000 | AGUA CALIENTE CA BAND OF CAHUILLA INDIANS REVENUE(c) | 7/1/2018 | 6.00 | 1,174,646 | 1,186,104 | |||||||||||||
735,000 | ALABAMA ST HSG FIN AUTH SF MTGE REVENUE | 10/1/2028 | 5.25 | 735,000 | 766,715 | |||||||||||||
420,000 | ALABAMA ST HSG FIN AUTH SF MTGE REVENUE | 4/1/2038 | 4.50 | 320,896 | 420,605 | |||||||||||||
1,000,000 | ALACHUA CNTY FL HLTH FACS AUTH CCRC | 10/1/2032 | 8.00 | 1,153,168 | 1,241,620 | |||||||||||||
750,000 | ALASKA ST HSG FIN CORP MTGE REVENUE | 12/1/2037 | 4.13 | 736,506 | 754,875 | |||||||||||||
500,000 | ALASKA ST HSG FIN CORP MTGE REVENUE | 12/1/2040 | 4.63 | 495,000 | 510,700 | |||||||||||||
350,000 | ALASKA ST INDL DEV & EXPORT AUTH CMNTY PROVIDER REVENUE(d)(e) | 12/1/2010 | 5.40 | 350,000 | 96,250 | |||||||||||||
830,000 | ALLEGHENY CNTY PA INDL DEV AUTH CHRT SCH REVENUE | 8/15/2026 | 5.90 | 830,000 | 883,626 | |||||||||||||
1,000,000 | ALVORD CA UNIF SCH DIST | 8/1/2036 | 5.25 | 1,026,426 | 1,133,580 | |||||||||||||
1,000,000 | ALVORD CA UNIF SCH DIST(b) | 8/1/2046 | 1.89 | 380,857 | 752,790 | |||||||||||||
831,075 | ARIZONA ST HLTH FACS AUTH | 7/1/2027 | 5.25 | 810,122 | 922,394 | |||||||||||||
1,000,000 | ARIZONA ST HLTH FACS AUTH HLTH CARE FACS REVENUE | 10/1/2022 | 5.10 | 986,530 | 1,006,040 | |||||||||||||
2,130,000 | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE | 8/15/2028 | 7.00 | 2,101,765 | 2,322,339 | |||||||||||||
500,000 | ASTURIA FL CMNTY DEV DIST SPL ASSMNT | 5/1/2034 | 5.75 | 500,000 | 489,880 | |||||||||||||
500,000 | ASTURIA FL CMNTY DEV DIST SPL ASSMNT | 5/1/2045 | 5.75 | 495,033 | 482,690 | |||||||||||||
500,000 | ATHENS-CLARKE CNTY GA UNIF GOVT DEV AUTH REVENUE | 6/15/2039 | 5.00 | 521,311 | 550,235 | |||||||||||||
500,000 | ATLANTA GA ARPT REVENUE | 1/1/2030 | 6.00 | 512,909 | 599,110 | |||||||||||||
500,000 | ATLANTA GA DEV AUTH | 7/1/2035 | 4.00 | 491,523 | 495,240 |
See accompanying notes to the financial statements. | 52 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2015
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||||||||
Municipal Bonds (Cont’d): | ||||||||||||||||||
1,500,000 | BAY CNTY FL EDUCTNL FACS REVENUE | 9/1/2030 | 5.25 | $ | 1,389,746 | 1,547,085 | ||||||||||||
1,000,000 | BELLALAGO FL EDUCTNL FACS BENEFIT DIST CAPITAL IMPT REVENUE | 5/1/2030 | 4.38 | 983,353 | 1,022,030 | |||||||||||||
1,195,000 | BELLWOOD IL | 12/1/2027 | 5.88 | 1,185,133 | 1,356,444 | |||||||||||||
1,000,000 | BEXAR CNTY TX HSG FIN CORP | 2/1/2035 | 3.75 | 1,000,000 | 937,750 | |||||||||||||
2,000,000 | BEXAR CNTY TX REVENUE | 8/15/2039 | 5.00 | 2,131,799 | 2,127,940 | |||||||||||||
1,000,000 | BIRMINGHAM AL BAPTIST MED CTRS SPL CARE FACS FING AUTH REVEN | 11/15/2030 | 5.00 | 1,003,024 | 1,001,480 | |||||||||||||
500,000 | BOONE CNTY MO HOSP REVENUE | 8/1/2028 | 5.75 | 507,023 | 561,265 | |||||||||||||
750,000 | BOWLING GREEN OH STUDENT HSG REVENUE | 6/1/2031 | 5.75 | 722,094 | 795,337 | |||||||||||||
500,000 | BOYNTON BEACH FLA REV | 6/1/2022 | 5.75 | 500,000 | 299,985 | |||||||||||||
500,000 | BOYNTON BEACH FLA REV | 6/1/2027 | 6.25 | 500,000 | 299,985 | |||||||||||||
500,000 | BRAZOS CNTY TX HLTH FACS DEV CORP | 1/1/2033 | 5.50 | 502,186 | 565,440 | |||||||||||||
1,000,000 | BUREAU CNTY TWP IL HIGH SCH DIST #502 | 10/1/2043 | 6.63 | 1,064,517 | 1,212,330 | |||||||||||||
600,000 | BURLINGTON CNTY NJ BRIDGE COMMISSION ECON DEV REVENUE | 1/1/2038 | 5.63 | 603,805 | 616,380 | |||||||||||||
390,000 | BUTLER CNTY PA GEN AUTH REVENUE | 10/1/2034 | 0.89 | 390,000 | 310,054 | |||||||||||||
124,028 | CALIFORNIA ST CMNTY HSG FIN AGY LEASE REVENUE(e) | 8/1/2012 | 4.65 | 124,028 | 1,233 | |||||||||||||
351,527 | CALIFORNIA ST CMNTY HSG FIN AGY LEASE REVENUE(d)(e) | 11/1/2012 | 4.85 | 347,373 | 3,515 | |||||||||||||
500,000 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE | 8/15/2033 | 5.50 | 506,964 | 577,920 | |||||||||||||
1,000,000 | CALIFORNIA ST HSG FIN AGY REVENUE | 8/1/2033 | 5.45 | 930,041 | 1,032,020 | |||||||||||||
500,000 | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK ST SCH FUND APP | 8/15/2029 | 5.75 | 502,992 | 577,255 | |||||||||||||
1,500,000 | CALIFORNIA ST SCH FACS FING AUTH REVENUE(b) | 8/1/2029 | 1.64 | 1,134,304 | 1,711,935 | |||||||||||||
1,000,000 | CALIFORNIA ST STWD CMNTYS DEV AUTH EDUCTNL FACS REVENUE | 7/1/2030 | 5.15 | 837,952 | 1,005,390 | |||||||||||||
700,000 | CALIFORNIA ST STWD CMNTYS DEV AUTH REVENUE | 11/1/2021 | 6.50 | 700,000 | 792,029 | |||||||||||||
1,400,000 | CALIFORNIA ST STWD CMNTYS DEVAUTH STUDENT HSG REVENUE | 1/15/2036 | 5.60 | 1,400,000 | 1,446,872 | |||||||||||||
400,000 | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE | 11/1/2023 | 5.13 | 400,000 | 424,184 | |||||||||||||
750,000 | CAPITAL TRUST AGY FL REVENUE | 4/1/2035 | 7.00 | 750,000 | 744,892 | |||||||||||||
1,000,000 | CARLSBAD CA UNIF SCH DIST(b) | 8/1/2031 | 2.26 | 613,936 | 929,170 | |||||||||||||
1,000,000 | CARMEL IN REVENUE | 11/15/2022 | 6.00 | 985,317 | 1,097,540 | |||||||||||||
1,000,000 | CARMEL IN REVENUE | 11/15/2027 | 7.00 | 1,021,482 | 1,120,060 | |||||||||||||
500,000 | CEDAR FALLS IA CMNTY SCH DIST SCH INFRASTRUCTURE SALES SVCS | 6/1/2027 | 5.38 | 498,650 | 560,005 | |||||||||||||
1,000,000 | CENTRL BRADFORD PROGRESS AUTH PA | 12/1/2031 | 5.50 | 1,027,102 | 1,153,800 | |||||||||||||
595,000 | CHANDLER PARK ACADEMY MI PUBLIC SCH ACADEMY REVENUE | 11/1/2022 | 5.00 | 483,005 | 597,166 | |||||||||||||
250,000 | CHESTERFIELD CNTY VA INDL DEV AUTH MF REVENUE | 7/1/2019 | 5.20 | 241,088 | 250,445 | |||||||||||||
500,000 | CHICAGO IL BRD OF EDU | 12/1/2017 | 5.00 | 502,591 | 501,990 | |||||||||||||
1,000,000 | CHICAGO IL MIDWAY ARPT REVENUE | 1/1/2035 | 5.25 | 1,002,420 | 1,100,050 |
See accompanying notes to the financial statements. | 53 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2015
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||||||||
Municipal Bonds (Cont’d): | ||||||||||||||||||
200,000 | CITIZEN POTAWATOMI NATION OK SENIOR OBLG TAX REVENUE | 9/1/2016 | 6.50 | $ | 200,000 | 200,364 | ||||||||||||
460,000 | CLIFTON TX HGR EDU FIN CORP EDU REVENUE | 2/15/2018 | 7.75 | 457,278 | 483,787 | |||||||||||||
1,500,000 | CLOVIS CA UNIF SCH DIST(f) | 8/1/2030 | 0.00 | 604,188 | 780,555 | |||||||||||||
40,000 | COLLIER CNTY FL HSG FIN AUTH MF HSG REVENUE | 8/15/2015 | 5.25 | 39,850 | 40,137 | |||||||||||||
750,000 | COLLIER CNTY FL INDL DEV AUTH | 10/1/2039 | 6.25 | 736,213 | 882,202 | |||||||||||||
1,000,000 | COLLIER CNTY FLA INDL DEV AUTHCONTINUING CARE CMNTY REV(c) | 5/15/2020 | 6.50 | 1,000,000 | 1,001,390 | |||||||||||||
650,000 | COLLIER CNTY FLA INDL DEV AUTHCONTINUING CARE CMNTY REV(c) | 5/15/2022 | 5.25 | 650,000 | 649,955 | |||||||||||||
750,000 | COLLIER CNTY FLA INDL DEV AUTHCONTINUING CARE CMNTY REV(c) | 5/15/2026 | 7.25 | 750,000 | 865,050 | |||||||||||||
1,500,000 | COLORADO ST EDUCTNL & CULTURAL FACS AUTH INDEP SCH REVENUE | 5/1/2030 | 6.00 | 1,463,939 | 1,647,225 | |||||||||||||
835,000 | COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE | 11/15/2028 | 6.75 | 835,000 | 982,352 | |||||||||||||
1,000,000 | COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE | 6/1/2033 | 5.50 | 976,042 | 1,094,920 | |||||||||||||
1,000,000 | COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE | 7/1/2034 | 5.60 | 994,142 | 1,066,760 | |||||||||||||
1,000,000 | COLORADO ST HLTH FACS AUTH REVENUE | 8/1/2033 | 7.63 | 987,844 | 1,160,900 | |||||||||||||
315,000 | COLORADO ST HSG & FIN AUTH | 10/1/2029 | 5.40 | 315,000 | 336,010 | |||||||||||||
80,000 | COLORADO ST HSG & FIN AUTH | 11/1/2029 | 5.50 | 80,000 | 82,638 | |||||||||||||
370,000 | COLORADO ST HSG FIN AUTH SF MTGE REVENUE | 11/1/2034 | 5.00 | 370,000 | 376,793 | |||||||||||||
1,000,000 | COLTON CA JT UNIF SCH DIST(b) | 8/1/2035 | 1.86 | 605,185 | 826,020 | |||||||||||||
1,000,000 | CONNECTICUT ST HSG FIN AUTH | 11/15/2035 | 4.75 | 1,000,000 | 1,035,470 | |||||||||||||
870,000 | CONNECTICUT ST HSG FIN AUTH | 11/15/2041 | 4.63 | 865,909 | 898,240 | |||||||||||||
20,000 | CONNECTICUT ST HSG FIN AUTH | 11/15/2041 | 5.00 | 20,000 | 20,739 | |||||||||||||
1,500,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 11/15/2035 | 3.75 | 1,500,000 | 1,497,825 | |||||||||||||
1,000,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 5/15/2038 | 3.95 | 1,000,000 | 1,009,210 | |||||||||||||
1,000,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 11/15/2040 | 3.75 | 1,000,000 | 955,730 | |||||||||||||
2,485,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 5/15/2042 | 4.15 | 2,485,000 | 2,513,329 | |||||||||||||
5,000,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 11/15/2047 | 3.65 | 5,000,000 | 4,574,500 | |||||||||||||
1,105,000 | CORONA-NORCO CA UNIF SCH DIST(b) | 8/1/2039 | 1.35 | 730,112 | 1,291,844 | |||||||||||||
637,000 | CORTLAND IL SPL TAX REVENUE(e) | 3/1/2017 | 5.50 | 633,881 | 127,400 | |||||||||||||
500,000 | COVENTRY OH LOCAL SCH DIST | 11/1/2037 | 5.25 | 506,702 | 542,805 | |||||||||||||
515,000 | CROW FIN AUTH MT TRIBAL PURPOSE REVENUE | 10/1/2017 | 5.65 | 507,767 | 516,725 | |||||||||||||
500,000 | CUYAHOGA CNTY OH HSG MTGE REVENUE | 3/20/2042 | 5.70 | 511,192 | 524,190 |
See accompanying notes to the financial statements. | 54 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2015
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||||||||
Municipal Bonds (Cont’d): | ||||||||||||||||||
1,000,000 | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE | 11/1/2037 | 5.25 | $ | 1,010,751 | 1,133,260 | ||||||||||||
2,000,000 | DAMON RUN IN CONSERVANCY DIST | 7/1/2025 | 6.10 | 2,024,648 | 2,236,220 | |||||||||||||
1,000,000 | DAMON RUN IN CONSERVANCY DIST | 1/1/2027 | 6.38 | 1,009,605 | 1,126,000 | |||||||||||||
1,000,000 | DAVIE FL EDUCTNL FACS REVENUE | 4/1/2042 | 6.00 | 1,027,322 | 1,132,830 | |||||||||||||
500,000 | DAVIESS CNTY IN HOSP ASSN LEASE RENTAL REVENUE | 1/15/2029 | 5.25 | 490,474 | 539,280 | |||||||||||||
500,000 | DECATUR IL | 3/1/2034 | 5.00 | 517,758 | 540,865 | |||||||||||||
1,000,000 | DEKALB/KANE/LA SALLE CNTYS IL CMNTY CLG DIST #523(f) | 2/1/2029 | 0.00 | 477,495 | 499,400 | |||||||||||||
305,000 | DELAWARE ST HSG AUTH REVENUE | 7/1/2031 | 5.20 | 305,000 | 319,149 | |||||||||||||
500,000 | DINUBA CA FING AUTH LEASE REVENUE | 9/1/2038 | 5.38 | 495,079 | 509,810 | |||||||||||||
500,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | 7/1/2033 | 5.45 | 500,000 | 545,590 | |||||||||||||
1,000,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | 6/1/2040 | 4.90 | 1,000,000 | 1,033,880 | |||||||||||||
1,000,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | 6/1/2041 | 5.00 | 1,000,000 | 1,044,000 | |||||||||||||
1,000,000 | DOUGLAS CNTY CO MF REVENUE | 10/1/2029 | 4.50 | 1,000,000 | 1,038,020 | |||||||||||||
3,000,000 | DUBLIN CA UNIF SCH DIST(f) | 8/1/2034 | 0.00 | 904,848 | 1,016,910 | |||||||||||||
1,500,000 | EAST MORGAN CNTY CO HOSP DIST COPS | 12/1/2038 | 5.88 | 1,500,000 | 1,512,375 | |||||||||||||
735,000 | EAST POINT GA | 2/1/2026 | 8.00 | 735,000 | 736,690 | |||||||||||||
2,045,000 | EDEN TWP CA HOSP DIST COPS | 6/1/2030 | 6.00 | 2,025,031 | 2,165,062 | |||||||||||||
750,000 | EL PASO DE ROBLES CA REDEV AGY TAX ALLOCATION REVENUE | 7/1/2033 | 6.38 | 742,435 | 863,917 | |||||||||||||
1,000,000 | EL PASO TX DOWNTOWN DEV CORP SPL REVENUE | 8/15/2038 | 7.25 | 1,082,757 | 1,234,440 | |||||||||||||
1,000,000 | ENCINITAS CA UNION SCH DIST(b) | 8/1/2035 | 2.16 | 539,447 | 921,090 | |||||||||||||
1,155,000 | ENTERPRISE CA ELEM SCH DIST(b) | 8/1/2035 | 1.94 | 678,495 | 1,025,236 | |||||||||||||
1,000,000 | ERIE CNTY PA HOSP AUTH | 7/1/2027 | 7.00 | 1,000,000 | 1,057,680 | |||||||||||||
600,000 | ESCONDIDO CA SPL TAX | 9/1/2036 | 5.00 | 655,980 | 662,898 | |||||||||||||
500,000 | FAIRFAX CNTY VA REDEV & HSG AUTH MF REVENUE | 8/1/2039 | 5.60 | 500,000 | 523,020 | |||||||||||||
238,000 | FARMS NEW KENT VA CMNTY DEV AUTH SPL ASSMNT(e) | 3/1/2036 | 5.13 | 238,000 | 59,514 | |||||||||||||
1,000,000 | FAYETTE CNTY KY SCH DIST FIN CORP | 8/1/2033 | 4.00 | 990,000 | 1,000,800 | |||||||||||||
1,000,000 | FESTIVAL RANCH AZ CMNTY FACS DIST | 7/15/2024 | 6.25 | 1,008,828 | 1,111,270 | |||||||||||||
315,000 | FIDDLERS CREEK FL CDD #2 SPL ASSMNT REVENUE(e) | 5/1/2013 | 5.75 | 314,118 | 236,880 | |||||||||||||
900,000 | FISHHAWK CCD IV FL SPL ASSMNT REVENUE | 5/1/2033 | 7.00 | 900,000 | 967,725 | |||||||||||||
675,000 | FLAGSTAFF AZ INDL DEV AUTH | 7/1/2022 | 5.50 | 637,492 | 675,614 | |||||||||||||
1,000,000 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE | 6/15/2034 | 6.00 | 989,878 | 1,013,790 | |||||||||||||
345,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2026 | 5.00 | 345,767 | 372,424 | |||||||||||||
45,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2033 | 5.45 | 45,000 | 46,588 | |||||||||||||
1,110,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2034 | 5.30 | 1,112,379 | 1,157,275 | |||||||||||||
1,000,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2035 | 3.50 | 1,000,000 | 960,280 | |||||||||||||
975,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2039 | 4.20 | 975,000 | 984,028 |
See accompanying notes to the financial statements. | 55 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2015
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||||||||
Municipal Bonds (Cont’d): | ||||||||||||||||||
1,250,000 | FORT SILL APACHE TRIBE OK ECONDEV AUTH GAMING ENTERPRISE REV(c) | 8/25/2026 | 8.50 | $ | 1,250,000 | 1,446,962 | ||||||||||||
750,000 | FOSSIL RIDGE CO MET DIST #3 | 12/1/2044 | 5.00 | 786,186 | 781,740 | |||||||||||||
1,000,000 | FRANKLIN CNTY KS UNIF SCH DIST #290 | 9/1/2039 | 4.75 | 1,056,951 | 1,063,830 | |||||||||||||
1,145,000 | FULTON CNTY GA DEV AUTH | 11/1/2028 | 5.25 | 1,002,599 | 1,087,693 | |||||||||||||
1,000,000 | FYI PROPERTIES WA LEASE REVENUE | 6/1/2034 | 5.50 | 982,618 | 1,130,520 | |||||||||||||
500,000 | GAINESVILLE & HALL CNTY GA DEV AUTH RETMNT CMNTY REVENUE | 11/15/2029 | 6.38 | 509,009 | 563,440 | |||||||||||||
1,586,920 | GALVESTON COUNTY MUNICIPAL UTILITY DISTRICT | 2/24/2016 | 5.49 | 1,586,920 | 1,190,158 | |||||||||||||
500,000 | GEORGIA ST ENVRNMNTL LOAN ACQUISITION CORP LOC GOVT LOAN SEC | 2/15/2031 | 5.13 | 496,020 | 551,065 | |||||||||||||
355,000 | GEORGIA ST ENVRNMNTL LOAN ACQUISITION CORP LOC GOVT LOAN SEC | 2/15/2036 | 5.25 | 349,505 | 395,101 | |||||||||||||
3,500,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2037 | 3.80 | 3,500,000 | 3,396,925 | |||||||||||||
2,000,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2037 | 4.00 | 2,000,000 | 2,011,200 | |||||||||||||
1,000,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2039 | 3.55 | 1,000,000 | 948,200 | |||||||||||||
2,000,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2040 | 3.80 | 2,000,000 | 1,884,640 | |||||||||||||
1,000,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2041 | 3.85 | 1,006,947 | 933,830 | |||||||||||||
1,950,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2043 | 3.90 | 1,949,197 | 1,853,416 | |||||||||||||
2,000,000 | GLENDALE CA UNIF SCH DIST(f) | 9/1/2028 | 0.00 | 882,537 | 1,097,240 | |||||||||||||
1,500,000 | GRAND PARKWAY TRANSPRTN CORP TX SYS TOLL REVENUE(b) | 10/1/2035 | 1.91 | 906,175 | 1,147,485 | |||||||||||||
1,000,000 | HABITAT FL CDD CAPITAL IMPT REVENUE | 5/1/2031 | 3.50 | 991,547 | 984,410 | |||||||||||||
1,165,000 | HAMILTON CNTY OH HLTH CARE REVENUE | 1/1/2031 | 6.13 | 1,136,549 | 1,271,155 | |||||||||||||
910,000 | HAMMOND IN LOCAL PUBLIC IMPT BOND BANK SPL REVENUE | 8/15/2025 | 6.50 | 910,663 | 913,658 | |||||||||||||
1,000,000 | HAMMOND IN LOCAL PUBLIC IMPT BOND BANK SPL REVENUE | 8/15/2030 | 6.50 | 1,000,365 | 1,003,640 | |||||||||||||
1,250,000 | HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE(c) | 8/15/2021 | 6.75 | 1,250,000 | 1,364,750 | |||||||||||||
1,500,000 | HARTNELL CA CMNTY CLG DIST(b) | 8/1/2034 | 2.36 | 760,165 | 1,219,680 | |||||||||||||
3,500,000 | HEALDSBURG CA UNIF SCH DIST(b) | 8/1/2037 | 1.44 | 2,357,391 | 2,411,920 | |||||||||||||
1,000,000 | HELENDALE CA SCH DIST(b) | 8/1/2034 | 1.82 | 629,773 | 974,760 | |||||||||||||
750,000 | HEMPSTEAD TOWN NY LOCAL DEV CORP REVENUE | 9/1/2038 | 5.00 | 756,460 | 827,617 | |||||||||||||
2,000,000 | HENDERSON NV HLTHCARE FAC REVENUE | 7/1/2031 | 5.25 | 2,000,000 | 2,095,580 | |||||||||||||
850,000 | HERITAGE HARBOUR FL N CDD SPLASSMNT | 5/1/2034 | 5.00 | 850,000 | 843,795 | |||||||||||||
1,000,000 | HIDALGO CNTY TX REGL MOBILITY AUTH VEHICLE REGISTRATION FEE | 12/1/2038 | 5.25 | 1,031,542 | 1,132,090 | |||||||||||||
500,000 | HIGHLANDS CNTY FL HLTH FACS AUTH | 11/15/2032 | 5.13 | 500,427 | 525,900 |
See accompanying notes to the financial statements. | 56 | (Continued) |
CLEARWATER INVESTMENT TRUST | |||||||||||||
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited) | |||||||||||||
June 30, 2015 | |||||||||||||
Percent | |||||||||||||
Maturity | Coupon | Fair | of | ||||||||||
Par/Shares | Security | date | rate | Cost | value (a) | net assets | |||||||
Municipal Bonds (Cont’d): | |||||||||||||
1,000,000 | HILLSBORO OR HOSP FAC AUTH | 10/1/2031 | 5.38 | $ | 1,000,000 | 1,011,220 | |||||||
61,000 | HOUMA-TERREBONNE LA PUBLIC TRUST FING AUTH SF MTGE | 12/1/2040 | 5.15 | 63,046 | 61,164 | ||||||||
1,500,000 | HOUSTON TX HGR EDU FIN CORP | 9/1/2038 | 5.50 | 1,544,615 | 1,683,645 | ||||||||
500,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2021 | 6.00 | 500,000 | 501,665 | ||||||||
750,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2024 | 7.00 | 750,000 | 803,115 | ||||||||
750,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2029 | 7.38 | 741,764 | 795,525 | ||||||||
105,000 | IDAHO ST HSG & FIN ASSN SF MTGE REVENUE | 7/1/2026 | 5.65 | 106,370 | 110,004 | ||||||||
70,000 | IDAHO ST HSG & FIN ASSN SF MTGE REVENUE | 1/1/2040 | 5.50 | 70,000 | 72,742 | ||||||||
1,000,000 | ILLINOIS ST | 2/1/2031 | 5.25 | 1,038,472 | 1,041,320 | ||||||||
500,000 | ILLINOIS ST | 7/1/2033 | 5.50 | 498,790 | 533,635 | ||||||||
700,000 | ILLINOIS ST COPS | 7/1/2017 | 5.80 | 700,000 | 701,323 | ||||||||
1,000,000 | ILLINOIS ST EDUCTNL FACS AUTH | 11/1/2036 | 4.50 | 1,000,000 | 971,870 | ||||||||
500,000 | ILLINOIS ST FIN AUTH EDU REVENUE | 9/1/2032 | 6.00 | 500,000 | 558,730 | ||||||||
675,000 | ILLINOIS ST FIN AUTH EDUCTNL FAC REVENUE | 2/1/2034 | 6.00 | 683,968 | 696,883 | ||||||||
750,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2025 | 6.00 | 755,503 | 752,572 | ||||||||
610,000 | ILLINOIS ST FIN AUTH REVENUE | 8/15/2026 | 6.00 | 613,159 | 619,089 | ||||||||
500,000 | ILLINOIS ST FIN AUTH REVENUE | 3/15/2027 | 5.00 | 506,400 | 526,985 | ||||||||
465,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2029 | 5.25 | 467,461 | 498,108 | ||||||||
1,045,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2030 | 5.50 | 1,065,914 | 1,102,987 | ||||||||
750,000 | ILLINOIS ST FIN AUTH REVENUE | 11/15/2036 | 5.25 | 755,402 | 760,477 | ||||||||
570,000 | ILLINOIS ST FIN AUTH REVENUE | 2/1/2037 | 5.25 | 570,740 | 580,294 | ||||||||
500,000 | ILLINOIS ST FIN AUTH REVENUE | 3/1/2038 | 6.00 | 486,109 | 557,415 | ||||||||
1,000,000 | ILLINOIS ST FIN AUTH STUDENT HSG REVENUE | 10/1/2024 | 6.00 | 991,235 | 1,117,810 | ||||||||
600,000 | ILLINOIS ST HSG DEV AUTH | 7/1/2029 | 3.40 | 600,000 | 578,556 | ||||||||
1,000,000 | ILLINOIS ST HSG DEV AUTH | 7/1/2034 | 4.95 | 1,000,000 | 1,051,920 | ||||||||
500,000 | ILLINOIS ST HSG DEV AUTH | 7/1/2047 | 4.50 | 465,720 | 500,605 | ||||||||
1,500,000 | ILLINOIS ST SPORTS FACS AUTH | 6/15/2031 | 5.25 | 1,626,953 | 1,628,220 | ||||||||
1,000,000 | IMPERIAL CA CMNTY CLG DIST(b) | 8/1/2040 | 0.84 | 994,607 | 1,210,410 | ||||||||
500,000 | INDIANA ST BOND BANK REVENUE | 2/1/2029 | 5.50 | 491,996 | 557,300 | ||||||||
3,000,000 | INDIANA ST FIN AUTH REVENUE | 9/15/2030 | 6.50 | 3,061,073 | 3,450,090 | ||||||||
500,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2031 | 5.50 | 493,077 | 533,980 | ||||||||
1,000,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2033 | 6.50 | 986,738 | 1,129,280 | ||||||||
1,000,000 | INDIANA ST FIN AUTH REVENUE | 3/1/2041 | 5.00 | 1,057,988 | 1,059,180 | ||||||||
500,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2041 | 5.88 | 547,510 | 546,410 | ||||||||
1,000,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2041 | 6.00 | 986,852 | 1,102,180 | ||||||||
575,000 | INDIANA ST HLTH & EDUCTNL FACFING AUTH HOSP REVENUE | 2/15/2030 | 5.25 | 444,194 | 585,195 | ||||||||
6,014,472 | INTERMEDIATE SCH DIST #287MN LEASE REVENUE | 11/1/2032 | 5.30 | 5,800,513 | 6,116,899 | ||||||||
2,000,000 | JEFFERSON CA UNION HIGH SCH DIST SAN MATEO CNTY(f) | 8/1/2031 | 0.00 | 676,469 | 629,760 | ||||||||
280,000 | JEFFERSON PARISH LA FIN AUTH | 6/1/2038 | 5.00 | 291,464 | 290,881 | ||||||||
105,000 | JEFFERSON PARISH LA FIN AUTH | 12/1/2048 | 5.70 | 110,152 | 109,921 | ||||||||
390,000 | KALISPEL TRIBE OF INDIANS PRIORITY DIST WA REVENUE | 1/1/2016 | 6.20 | 387,606 | 395,772 | ||||||||
1,090,000 | KANSAS CITY MO INDL DEV AUTH | 9/1/2023 | 5.45 | 1,090,000 | 1,144,391 | ||||||||
1,000,000 | KANSAS CITY MO INDL DEV AUTH | 11/20/2039 | 5.10 | 1,000,000 | 1,041,380 | ||||||||
500,000 | KENTUCKY ST ECON DEV FIN AUTH MF HSG REVENUE | 11/20/2035 | 5.38 | 500,000 | 518,085 |
See accompanying notes to the financial statements. | 57 | (Continued) |
CLEARWATER INVESTMENT TRUST | |||||||||||||
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited) | |||||||||||||
June 30, 2015 | |||||||||||||
Percent | |||||||||||||
Maturity | Coupon | Fair | of | ||||||||||
Par/Shares | Security | date | rate | Cost | value (a) | net assets | |||||||
Municipal Bonds (Cont’d): | |||||||||||||
1,000,000 | KENTUCKY ST HSG CORP HSG REVENUE | 7/1/2028 | 3.75 | $ | 984,802 | 1,020,020 | |||||||
1,850,000 | KERRVILLE TX HLTH FACS DEV CORP HOSP REVENUE | 8/15/2035 | 5.45 | 1,821,875 | 1,854,606 | ||||||||
750,000 | KING CNTY WA HSG AUTH | 5/1/2028 | 5.20 | 750,000 | 826,012 | ||||||||
500,000 | KIRKWOOD MO INDL DEV AUTH RETMNT CMNTY REVENUE | 5/15/2021 | 8.00 | 500,000 | 565,690 | ||||||||
2,325,000 | KOYUKUK AK REVENUE | 10/1/2023 | 7.00 | 2,271,536 | 2,628,087 | ||||||||
1,175,000 | KREMMLING CO MEMORIAL HOSP DIST COPS | 12/1/2022 | 6.00 | 1,166,342 | 1,072,258 | ||||||||
341,000 | LAFAYETTE LA PUBLIC TRUST FING AUTH SF MTGE | 1/1/2041 | 5.35 | 348,477 | 348,117 | ||||||||
1,900,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2030 | 7.40 | 1,883,086 | 2,311,464 | ||||||||
750,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2033 | 6.70 | 750,000 | 856,185 | ||||||||
500,000 | LAKEWOOD RANCH FL STEWARDSHIPDIST SPL ASSMNT REVENUE | 5/1/2025 | 4.25 | 498,788 | 490,165 | ||||||||
1,000,000 | LAKEWOOD RANCH FL STEWARDSHIPDIST SPL ASSMNT REVENUE | 5/1/2034 | 5.35 | 1,000,000 | 1,009,670 | ||||||||
600,000 | LAKEWOOD RANCH FL STEWARDSHIPDIST SPL ASSMNT REVENUE | 5/1/2035 | 4.88 | 598,517 | 582,216 | ||||||||
2,000,000 | LAS VEGAS NV REDEV AGY TAX INCR REVENUE | 6/15/2023 | 7.50 | 1,985,061 | 2,271,100 | ||||||||
245,000 | LEHIGH CNTY PA GEN PURPOSE AUTH | 8/15/2042 | 1.20 | 245,000 | 193,508 | ||||||||
750,000 | LEWISVILLE TX COMB CONTRACT REVENUE | 9/1/2024 | 3.00 | 741,093 | 744,225 | ||||||||
475,000 | LEXINGTON OAKS FL CDD SPL ASSMNT REVENUE | 5/1/2033 | 5.65 | 475,000 | 502,512 | ||||||||
500,000 | LEXINGTON VA INDL DEV AUTH RSDL CARE FAC REVENUE | 1/1/2028 | 5.38 | 502,652 | 509,710 | ||||||||
180,000 | LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU(e) | 1/1/2015 | 6.38 | 180,000 | 90,000 | ||||||||
550,000 | LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU | 1/1/2030 | 5.50 | 553,064 | 446,006 | ||||||||
1,000,000 | LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU(e) | 1/1/2036 | 5.25 | 1,005,522 | 292,000 | ||||||||
445,000 | LONG LAKE RANCH CMNTY DEV DISTFLA CAP IMPT REV | 5/1/2024 | 5.63 | 445,000 | 449,588 | ||||||||
665,000 | LONG LAKE RANCH CMNTY DEV DISTFLA CAP IMPT REV | 5/1/2044 | 5.75 | 651,206 | 665,472 | ||||||||
1,000,000 | LOUISIANA ST ENERGY & PWR AUTH PWR PROJ REVENUE | 6/1/2038 | 5.25 | 1,019,398 | 1,125,250 | ||||||||
370,000 | LOUISIANA ST HSG FIN AGY SF MTGE REVENUE | 12/1/2034 | 5.10 | 370,000 | 388,315 | ||||||||
75,000 | LOUISIANA ST HSG FIN AGY SF MTGE REVENUE | 6/1/2038 | 5.85 | 76,806 | 78,507 | ||||||||
395,000 | LOUISIANA ST HSG FIN AGY SF MTGE REVENUE | 12/1/2038 | 5.70 | 400,995 | 408,940 | ||||||||
155,000 | LOUISIANA ST HSG FIN AGY SF MTGE REVENUE | 6/1/2039 | 5.60 | 159,829 | 166,208 | ||||||||
1,000,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH | 11/15/2030 | 6.00 | 1,019,237 | 1,009,140 | ||||||||
1,000,000 | LOUISIANA ST PUBLIC FACS AUTH REVENUE | 6/1/2030 | 5.00 | 1,018,242 | 1,017,400 | ||||||||
750,000 | LOUISIANA ST PUBLIC FACS AUTH REVENUE | 5/1/2031 | 6.50 | 746,997 | 826,995 |
See accompanying notes to the financial statements. | 58 | (Continued) |
CLEARWATER INVESTMENT TRUST | |||||||||||||
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited) | |||||||||||||
June 30, 2015 | |||||||||||||
Percent | |||||||||||||
Maturity | Coupon | Fair | of | ||||||||||
Par/Shares | Security | date | rate | Cost | value (a) | net assets | |||||||
Municipal Bonds (Cont’d): | |||||||||||||
460,000 | LOUISIANA ST PUBLIC FACS AUTH REVENUE | 2/15/2036 | 0.88 | $ | 460,000 | 409,487 | |||||||
500,000 | LOUISIANA ST PUBLIC FACS AUTHHOSP REVENUE | 7/1/2035 | 5.00 | 550,360 | 538,750 | ||||||||
500,000 | LUCAS CNTY OH HLTH CARE FACS REVENUE | 8/15/2030 | 5.50 | 492,395 | 536,430 | ||||||||
1,485,000 | LUZERNE CNTY PA | 11/1/2026 | 7.00 | 1,541,506 | 1,753,948 | ||||||||
1,000,000 | MACON & MOULTRIE CNTYS IL CMNTY SCH DIST #3 MOUNT ZION | 12/1/2041 | 5.50 | 1,031,187 | 1,131,480 | ||||||||
1,000,000 | MACON CNTY IL SCH DIST #61 | 1/1/2037 | 5.25 | 1,022,442 | 1,090,040 | ||||||||
250,000 | MAGNOLIA CREEK FL CDD CAPITAL IMPT REVENUE(d)(e) | 5/1/2014 | 5.60 | 250,000 | 87,500 | ||||||||
500,000 | MAINE ST HSG AUTH MTGE PURCHASE | 11/15/2034 | 3.50 | 500,000 | 474,930 | ||||||||
1,000,000 | MAINE ST HSG AUTH MTGE PURCHASE | 11/15/2035 | 4.00 | 1,000,000 | 998,580 | ||||||||
1,000,000 | MAINE ST HSG AUTH MTGE REVENUE | 11/15/2036 | 3.60 | 1,000,000 | 941,480 | ||||||||
1,000,000 | MAINE ST HSG AUTH MTGE REVENUE | 11/15/2037 | 4.50 | 1,000,000 | 1,032,270 | ||||||||
1,000,000 | MAINE ST TECH CLG SYS COPS | 1/1/2017 | 5.80 | 1,000,000 | 1,004,600 | ||||||||
1,000,000 | MALTA IL TAX INCR REVENUE(e) | 12/30/2025 | 5.75 | 1,000,000 | 539,610 | ||||||||
500,000 | MANATEE CNTY FL SCH BRD COPS | 7/1/2031 | 5.63 | 496,061 | 565,600 | ||||||||
500,000 | MANCHESTER NH HSG & REDEV AUTH REVENUE(f) | 1/1/2020 | 0.00 | 396,006 | 391,965 | ||||||||
452,000 | MANHATTAN IL SPL SVC AREA SPL TAX(e) | 3/1/2022 | 5.75 | 452,000 | 81,419 | ||||||||
500,000 | MANSFIELD OH | 12/1/2024 | 6.00 | 514,594 | 566,320 | ||||||||
800,000 | MAPLE-STEEL ND JT WTR RESOURCE DIST | 5/1/2030 | 4.00 | 800,000 | 800,224 | ||||||||
462,000 | MARQUIS VA CMNTY DEV AUTH REVENUE(f) | 9/1/2041 | 0.00 | 102,222 | 60,393 | ||||||||
349,000 | MARQUIS VA CMNTY DEV AUTH REVENUE | 9/1/2041 | 5.63 | 376,865 | 309,437 | ||||||||
750,000 | MARSHALL CREEK FL CDD SPL ASSMNT | 5/1/2032 | 5.00 | 770,491 | 754,582 | ||||||||
750,000 | MARTINEZ CA UNIF SCH DIST | 8/1/2035 | 6.13 | 627,937 | 937,882 | ||||||||
500,000 | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | 9/1/2030 | 5.13 | 500,000 | 532,560 | ||||||||
500,000 | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | 7/1/2031 | 4.50 | 500,000 | 522,175 | ||||||||
466,000 | MASHANTUCKET WSTRN PEQUOT TRIBE CT | 7/1/2031 | 6.05 | 512,686 | 32,620 | ||||||||
930,000 | MASSACHUSETTS ST DEV FIN AGY REVENUE | 7/1/2030 | 6.38 | 918,905 | 1,016,034 | ||||||||
1,475,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 1/1/2028 | 5.25 | 1,475,000 | 1,578,501 | ||||||||
1,000,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2033 | 5.00 | 1,000,000 | 1,059,610 | ||||||||
1,000,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2038 | 5.15 | 1,000,000 | 1,044,220 | ||||||||
1,000,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2043 | 5.00 | 1,000,000 | 1,057,530 | ||||||||
885,000 | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | 6/1/2040 | 5.05 | 885,000 | 918,701 | ||||||||
3,295,000 | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | 12/1/2043 | 4.00 | 3,295,000 | 3,154,501 | ||||||||
160,000 | MEAD NE TAX INCR REVENUE(e) | 7/1/2012 | 5.13 | 160,000 | 1,600 | ||||||||
1,000,000 | MEDFORD OR HOSP FACS AUTH REVENUE | 10/1/2042 | 5.00 | 1,044,643 | 1,045,310 |
See accompanying notes to the financial statements. | 59 | (Continued) |
CLEARWATER INVESTMENT TRUST | |||||||||||||
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited) | |||||||||||||
June 30, 2015 | |||||||||||||
Percent | |||||||||||||
Maturity | Coupon | Fair | of | ||||||||||
Par/Shares | Security | date | rate | Cost | value (a) | net assets | |||||||
Municipal Bonds (Cont’d): | |||||||||||||
1,070,000 | MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD(e) | 12/20/2020 | 8.00 | $ | 1,070,000 | 320,968 | |||||||
855,000 | MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD(e) | 6/20/2036 | 10.00 | 855,000 | 25,633 | ||||||||
1,830,000 | MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD(e) | 12/20/2040 | 7.50 | 1,830,000 | 1,097,890 | ||||||||
2,000,000 | MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE(b) | 10/1/2041 | 1.14 | 1,377,491 | 2,302,340 | ||||||||
1,000,000 | MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE | 10/1/2053 | 5.00 | 1,034,658 | 1,030,470 | ||||||||
500,000 | MIAMI-DADE CNTY FL HLTH FACS AUTH HOSP REVENUE | 8/1/2030 | 6.00 | 487,391 | 575,345 | ||||||||
1,000,000 | MIAMI-DADE CNTY FL SPL OBLIG(f) | 10/1/2038 | 0.00 | 300,617 | 283,190 | ||||||||
750,000 | MICHIGAN ST FIN AUTH REVENUE | 11/15/2035 | 5.25 | 745,312 | 748,560 | ||||||||
2,500,000 | MICHIGAN ST HOSP FIN AUTH | 11/15/2025 | 5.25 | 2,320,581 | 2,504,250 | ||||||||
1,500,000 | MICHIGAN ST HOSP FIN AUTH | 6/1/2034 | 6.13 | 1,537,929 | 1,772,520 | ||||||||
1,000,000 | MICHIGAN ST HSG DEV AUTH | 10/1/2034 | 5.63 | 1,000,000 | 1,049,540 | ||||||||
1,850,000 | MICHIGAN ST HSG DEV AUTH | 10/1/2035 | 4.10 | 1,850,000 | 1,852,738 | ||||||||
1,000,000 | MICHIGAN ST HSG DEV AUTH | 12/1/2040 | 3.95 | 1,000,000 | 962,660 | ||||||||
1,000,000 | MICHIGAN ST MUNI BOND AUTH | 5/1/2023 | 5.75 | 1,015,395 | 1,155,720 | ||||||||
610,000 | MICHIGAN ST PUBLIC EDUCTNL FACS AUTH(c)(g) | 9/1/2016 | 6.00 | 609,153 | 396,494 | ||||||||
360,000 | MICHIGAN ST PUBLIC EDUCTNL FACS AUTH | 10/1/2023 | 6.25 | 360,000 | 179,986 | ||||||||
500,000 | MICHIGAN ST PUBLIC EDUCTNL FACS AUTH | 11/1/2028 | 6.35 | 500,000 | 503,090 | ||||||||
126,172 | MINNESOTA ST HGR EDU FACS AUTH REVENUE | 10/1/2016 | 4.49 | 126,359 | 127,316 | ||||||||
340,000 | MINNESOTA ST HSG FIN AGY | 7/1/2034 | 5.05 | 340,000 | 357,129 | ||||||||
685,000 | MINNESOTA ST HSG FIN AGY | 1/1/2040 | 5.10 | 685,000 | 713,133 | ||||||||
1,000,000 | MISSISSIPPI ST DEV BANK SPL OBLG | 10/1/2031 | 6.50 | 975,465 | 1,122,330 | ||||||||
85,000 | MISSISSIPPI ST HOME CORP SF MTGE REVENUE | 6/1/2039 | 6.75 | 89,015 | 89,400 | ||||||||
145,000 | MISSOURI ST HSG DEV COMMISSION SF HSG REVENUE | 9/1/2034 | 5.35 | 145,000 | 152,663 | ||||||||
947,585 | MOBERLY MO INDL DEV AUTH(e) | 9/1/2024 | 6.00 | 963,425 | 67,373 | ||||||||
1,275,000 | MONTANA ST BRD OF HSG | 12/1/2038 | 3.75 | 1,275,000 | 1,269,058 | ||||||||
895,000 | MONTANA ST BRD OF HSG | 12/1/2038 | 5.20 | 895,000 | 959,100 | ||||||||
555,000 | MONTANA ST BRD OF HSG | 12/1/2039 | 5.50 | 555,040 | 576,773 | ||||||||
1,250,000 | MONTERRA FL CDD SPL ASSMNT | 5/1/2036 | 3.50 | 1,220,968 | 1,158,887 | ||||||||
1,000,000 | MONTGOMERY CNTY MD HSG OPPNTYSCOMMN MFH & RECONSTR DEV REV | 7/1/2039 | 3.88 | 1,000,000 | 976,300 | ||||||||
500,000 | MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION MF REVENUE | 7/1/2037 | 5.13 | 500,000 | 530,160 | ||||||||
2,000,000 | MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION SF MTGE REVE | 7/1/2038 | 4.00 | 2,000,000 | 1,970,400 | ||||||||
750,000 | MOON INDL DEV AUTH PA REVENUE | 7/1/2030 | 5.63 | 740,648 | 739,920 | ||||||||
800,000 | MOUNT CARBON CO MET DIST REVENUE | 6/1/2043 | 7.00 | 800,000 | 476,592 | ||||||||
200,000 | MOUNT CARBON CO MET DIST REVENUE(e) | 6/1/2043 | 8.00 | - | 1,000 |
See accompanying notes to the financial statements. | 60 | (Continued) |
CLEARWATER INVESTMENT TRUST | |||||||||||||
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited) | |||||||||||||
June 30, 2015 | |||||||||||||
Percent | |||||||||||||
Maturity | Coupon | Fair | of | ||||||||||
Par/Shares | Security | date | rate | Cost | value (a) | net assets | |||||||
Municipal Bonds (Cont’d): | |||||||||||||
500,000 | MULTNOMAH CNTY OR HOSP FACS AUTH REVENUE | 12/1/2029 | 5.00 | $ | 531,802 | 527,210 | |||||||
615,000 | MUNSTER IN ECON DEV TAX INCR REVENUE | 7/15/2026 | 4.75 | 612,363 | 656,254 | ||||||||
500,000 | N CENTRL TEXAS ST HLTH FAC DEV CORP | 2/15/2025 | 5.38 | 500,000 | 491,680 | ||||||||
1,000,000 | N SLOPE BORO AK SVC AREA 10 WTR & WSTWTR FACS | 6/30/2034 | 5.25 | 1,047,497 | 1,089,460 | ||||||||
460,000 | N SPRINGS FL IMPT DIST | 5/1/2027 | 6.00 | 460,000 | 473,197 | ||||||||
1,000,000 | N TX TOLLWAY AUTH REVENUE | 1/1/2034 | 6.00 | 1,000,000 | 1,169,370 | ||||||||
1,000,000 | N TX TOLLWAY AUTH REVENUE | 1/1/2042 | 6.20 | 737,179 | 1,205,350 | ||||||||
1,000,000 | NATRONA CNTY WY HOSP REVENUE | 9/15/2031 | 6.35 | 1,000,000 | 1,122,600 | ||||||||
1,980,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 10/1/2039 | 3.85 | 1,980,000 | 1,913,155 | ||||||||
350,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 10/1/2040 | 5.10 | 350,000 | 362,778 | ||||||||
1,000,000 | NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE | 1/1/2034 | 6.00 | 971,634 | 1,122,020 | ||||||||
500,000 | NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE | 8/1/2038 | 6.00 | 490,798 | 573,215 | ||||||||
1,000,000 | NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE | 7/1/2031 | 5.20 | 1,000,000 | 1,064,240 | ||||||||
575,000 | NEW HAMPSHIRE ST HSG FIN AUTH SF REVENUE | 7/1/2034 | 5.38 | 575,000 | 602,611 | ||||||||
300,000 | NEW HAMPSHIRE ST HSG FIN AUTH SF REVENUE | 7/1/2038 | 6.63 | 308,380 | 319,419 | ||||||||
750,000 | NEW HOPE CULTURAL ED FACS FINCORP TX RETIREMENT FAC REVENUE | 1/1/2035 | 5.50 | 767,793 | 769,530 | ||||||||
1,100,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX STUDENT HSG REV | 4/1/2046 | 5.00 | 1,162,171 | 1,170,356 | ||||||||
325,000 | NEW JERSEY ST ECON DEV AUTH | 12/1/2016 | 5.75 | 325,000 | 325,442 | ||||||||
480,000 | NEW JERSEY ST HGR EDU ASSISTANCE AUTH | 6/1/2024 | 5.38 | 478,140 | 519,259 | ||||||||
940,000 | NEW JERSEY ST HSG & MTGE FIN AGY | 10/1/2030 | 4.50 | 940,000 | 979,988 | ||||||||
165,000 | NEW JERSEY ST HSG & MTGE FIN AGY | 10/1/2030 | 6.45 | 170,852 | 175,803 | ||||||||
480,000 | NEW JERSEY ST HSG & MTGE FIN AGY | 10/1/2034 | 5.00 | 480,000 | 498,581 | ||||||||
660,000 | NEW JERSEY ST HSG & MTGE FIN AGY | 10/1/2035 | 5.00 | 660,000 | 684,611 | ||||||||
1,205,000 | NEW JERSEY ST HSG & MTGE FIN AGY | 10/1/2037 | 5.00 | 1,196,931 | 1,242,295 | ||||||||
1,000,000 | NEW JERSEY ST HSG & MTGE FIN AGY MF CONDUIT REVENUE | 1/1/2030 | 3.60 | 1,000,000 | 984,440 | ||||||||
1,000,000 | NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE | 5/1/2041 | 4.95 | 968,990 | 1,043,090 | ||||||||
280,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2029 | 4.80 | 280,000 | 292,292 | ||||||||
575,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2029 | 5.00 | 575,000 | 592,037 | ||||||||
555,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2034 | 5.00 | 555,000 | 583,050 | ||||||||
550,000 | NEW MEXICO ST MTGE FIN AUTH | 3/1/2036 | 5.45 | 550,000 | 577,445 | ||||||||
860,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2042 | 3.90 | 860,000 | 827,845 | ||||||||
1,230,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2042 | 4.13 | 1,230,000 | 1,232,435 | ||||||||
115,000 | NEW RIVER FL CDD CAPITAL IMPT REVENUE(e) | 5/1/2013 | 5.00 | 114,821 | 1 | ||||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORPMF HSG REVENUE | 11/1/2037 | 3.80 | 1,000,000 | 970,600 |
See accompanying notes to the financial statements. | 61 | (Continued) |
CLEARWATER INVESTMENT TRUST | |||||||||||||
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited) | |||||||||||||
June 30, 2015 | |||||||||||||
Percent | |||||||||||||
Maturity | Coupon | Fair | of | ||||||||||
Par/Shares | Security | date | rate | Cost | value (a) | net assets | |||||||
Municipal Bonds (Cont’d): | |||||||||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORPMF HSG REVENUE | 11/1/2039 | 4.30 | $ | 1,000,000 | 1,009,230 | |||||||
2,000,000 | NEW YORK CITY NY MUNI WTR FINAUTH WTR & SWR SYS REVENUE | 6/15/2038 | 5.00 | 2,211,020 | 2,214,100 | ||||||||
1,500,000 | NEW YORK ST HSG FIN AGY REVENUE | 11/1/2034 | 3.65 | 1,500,000 | 1,421,955 | ||||||||
500,000 | NEW YORK ST HSG FIN AGY REVENUE | 11/1/2045 | 5.10 | 500,000 | 529,410 | ||||||||
5,000,000 | NEW YORK ST HSG FIN AGY REVENUE | 5/1/2048 | 4.10 | 5,000,000 | 4,925,750 | ||||||||
750,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2038 | 3.75 | 750,000 | 716,280 | ||||||||
2,000,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2038 | 4.85 | 2,000,000 | 2,108,160 | ||||||||
1,450,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2040 | 3.80 | 1,450,000 | 1,366,640 | ||||||||
1,465,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2040 | 4.13 | 1,465,000 | 1,479,811 | ||||||||
500,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2042 | 3.75 | 500,000 | 469,070 | ||||||||
500,000 | NORTH CAROLINA ST CAPITAL FACS FIN AGY EDUCTNL FACS REVENUE | 6/1/2023 | 5.00 | 500,000 | 500,500 | ||||||||
1,000,000 | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE | 7/1/2035 | 6.25 | 977,589 | 1,078,200 | ||||||||
830,000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2032 | 3.60 | 830,000 | 837,271 | ||||||||
540,000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2033 | 5.00 | 540,000 | 578,680 | ||||||||
920,000 | NORTH DAKOTA ST HSG FIN AGY | 1/1/2038 | 5.15 | 920,000 | 950,167 | ||||||||
500,000 | NORTH SPRINGS FL IMPT DIST | 5/1/2044 | 6.50 | 500,000 | 510,290 | ||||||||
1,000,000 | NTHRN IL UNIV | 4/1/2026 | 5.50 | 1,009,925 | 1,125,610 | ||||||||
1,000,000 | NTHRN PALM BEACH CNTY FL IMPTDIST | 8/1/2029 | 5.00 | 1,000,000 | 1,009,410 | ||||||||
2,000,000 | OAK PARK CA UNIF SCH DIST(b) | 8/1/2038 | 1.86 | 1,097,026 | 1,859,400 | ||||||||
1,160,000 | OAKLAND CNTY MI ECON DEV CORP LTD OBLG REVENUE | 12/1/2020 | 6.50 | 1,155,261 | 1,240,516 | ||||||||
385,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2033 | 5.40 | 385,000 | 403,326 | ||||||||
5,506,864 | OKLAHOMA CNTY OK HOME FIN AUTH SF REVENUE(f) | 9/1/2034 | 0.00 | 1,734,566 | 1,779,103 | ||||||||
230,000 | OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE | 3/1/2032 | 5.15 | 230,000 | 239,393 | ||||||||
295,000 | OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE | 9/1/2038 | 6.50 | 302,490 | 313,075 | ||||||||
1,000,000 | ORANGE CNTY FL HLTH FACS AUTHREVENUE | 8/1/2034 | 5.00 | 1,062,189 | 1,066,880 | ||||||||
750,000 | ORANGE CNTY FL HLTH FACS AUTHREVENUE | 8/1/2035 | 5.00 | 793,806 | 788,805 | ||||||||
1,000,000 | ORANGE CNTY FL HSG FIN AUTH | 9/1/2035 | 3.80 | 1,000,000 | 967,060 | ||||||||
1,250,000 | OREGON ST | 12/1/2034 | 3.62 | 1,250,000 | 1,232,088 | ||||||||
2,000,000 | OREGON ST | 12/1/2039 | 3.90 | 2,000,000 | 1,956,740 | ||||||||
950,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 7/1/2038 | 4.00 | 950,000 | 931,770 | ||||||||
500,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 6/1/2021 | 6.00 | 500,000 | 539,920 | ||||||||
1,000,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 11/15/2022 | 5.38 | 939,878 | 1,104,790 | ||||||||
500,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 6/1/2023 | 6.25 | 500,000 | 544,870 | ||||||||
500,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 6/1/2034 | 7.25 | 500,000 | 566,535 |
See accompanying notes to the financial statements. | 62 | (Continued) |
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited) |
June 30, 2015 |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | |||||||
Municipal Bonds (Cont’d): | |||||||||||||
500,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 6/1/2049 | 7.50 | $ | 492,432 | 572,785 | |||||||
500,000 | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE | 7/1/2039 | 0.84 | 500,000 | 392,410 | ||||||||
1,000,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2029 | 4.63 | 928,170 | 1,031,020 | ||||||||
1,000,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2037 | 3.65 | 1,005,562 | 970,240 | ||||||||
500,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2038 | 4.00 | 500,000 | 500,915 | ||||||||
765,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2042 | 3.70 | 765,000 | 721,020 | ||||||||
1,935,000 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE(b) | 12/1/2035 | 0.90 | 1,569,005 | 2,010,813 | ||||||||
1,500,000 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE(b) | 12/1/2037 | 1.25 | 1,076,731 | 1,174,260 | ||||||||
1,000,000 | PEORIA AZ INDL DEV AUTH | 11/15/2029 | 5.25 | 1,000,000 | 1,001,770 | ||||||||
5,000,000 | PEORIA IL PUBLIC BLDG COMMISSION SCH DIST FACS REVENUE(f) | 12/1/2026 | 0.00 | 2,480,862 | 2,747,600 | ||||||||
500,000 | PHILADELPHIA PA AUTH FOR INDLDEV REVENUES | 6/15/2023 | 6.13 | 500,000 | 543,385 | ||||||||
1,250,000 | PHOENIX AZ INDL DEV AUTH EDU REVENUE(c) | 7/1/2024 | 5.75 | 1,241,239 | 1,359,788 | ||||||||
2,500,000 | PHOENIX AZ INDL DEV AUTH LEASE REVENUE | 6/1/2034 | 5.25 | 2,536,130 | 2,744,175 | ||||||||
1,000,000 | PIKE PLACE MARKET WA PRESERVATION & DEV AUTH SPL OBLG | 12/1/2040 | 5.00 | 1,080,964 | 1,085,380 | ||||||||
170,000 | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE | 6/1/2016 | 6.00 | 170,171 | 173,342 | ||||||||
185,000 | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE | 12/1/2018 | 6.38 | 185,000 | 194,794 | ||||||||
45,000 | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE | 7/1/2021 | 6.70 | 45,000 | 45,356 | ||||||||
705,000 | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE | 6/1/2022 | 5.00 | 655,445 | 695,659 | ||||||||
10,000 | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE | 7/1/2031 | 6.75 | 7,537 | 10,056 | ||||||||
2,625,000 | PITTSBURG CALIF UNI SCH DIST FING AUTH REV(f) | 9/1/2031 | 0.00 | 1,014,656 | 1,054,226 | ||||||||
2,000,000 | PORT SAINT LUCIE FL RESEARCH FACS REVENUE | 5/1/2033 | 5.00 | 2,072,880 | 2,112,260 | ||||||||
865,000 | PUBLIC FIN AUTH WI CCRC REVENUE | 6/1/2020 | 7.00 | 856,177 | 965,902 | ||||||||
1,500,000 | PUBLIC FIN AUTH WI CCRC REVENUE | 6/1/2046 | 8.25 | 1,556,551 | 1,746,645 | ||||||||
450,000 | PUBLIC FIN AUTH WI EDUCTNL FAC REVENUE | 9/1/2022 | 5.25 | 450,000 | 459,666 | ||||||||
750,000 | PUBLIC FIN AUTH WI REVENUE | 4/1/2025 | 5.00 | 755,745 | 749,940 | ||||||||
600,000 | PUBLIC FIN AUTH WI REVENUE | 4/1/2032 | 5.50 | 600,000 | 586,470 | ||||||||
442,000 | PUBLIC FIN AUTH WI REVENUE(f) | 10/1/2042 | 0.00 | 496,839 | 69,230 | ||||||||
515,000 | PUBLIC FIN AUTH WI REVENUE | 10/1/2042 | 7.00 | 567,534 | 513,058 | ||||||||
1,250,000 | PUBLIC FIN AUTH WI SENIOR LIVING REVENUE | 11/15/2024 | 5.00 | 1,245,306 | 1,298,275 | ||||||||
1,000,000 | PUERTO RICO CMWLTH | 7/1/2028 | 6.00 | 991,038 | 639,980 | ||||||||
1,500,000 | PUERTO RICO CMWLTH | 7/1/2035 | 5.00 | 1,500,000 | 1,417,695 | ||||||||
1,000,000 | PUERTO RICO INDL TOURIST EDUCTNL MED & ENVRNMNTL CONTROL FAC | 11/15/2025 | 6.13 | 1,000,000 | 1,022,750 |
See accompanying notes to the financial statements. | 63 | (Continued) |
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited) |
June 30, 2015 |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | |||||||
Municipal Bonds (Cont’d): | |||||||||||||
1,260,000 | QUECHAN INDIAN TRIBE AZ FORT YUMA INDIAN RESERVATION | 5/1/2025 | 9.75 | $ | 1,260,000 | 1,411,742 | |||||||
750,000 | RED RIVER TX HLTH FACS DEV CORP RETIREMENT FAC REVENUE | 11/15/2020 | 6.13 | 750,000 | 754,710 | ||||||||
750,000 | RED RIVER TX HLTH FACS DEV CORP RETIREMENT FAC REVENUE | 11/15/2034 | 7.50 | 746,111 | 867,000 | ||||||||
1,000,000 | REDONDO BEACH CA UNIF SCH DIST(b) | 8/1/2034 | 1.38 | 723,622 | 1,106,820 | ||||||||
750,000 | REEF-SUNSET CA UNIF SCH DIST(b) | 8/1/2038 | 1.30 | 519,781 | 579,128 | ||||||||
500,000 | RHODE ISLAND ST HLTH & EDUCTNL BLDG CORP | 5/15/2030 | 6.25 | 494,246 | 571,005 | ||||||||
1,000,000 | RHODE ISLAND ST HSG & MTGE FIN CORP | 10/1/2028 | 4.00 | 994,868 | 1,017,580 | ||||||||
750,000 | RHODE ISLAND ST HSG & MTGE FIN CORP | 10/1/2037 | 3.90 | 750,000 | 717,638 | ||||||||
1,000,000 | RIVERSIDE CA CMNTY PPTYS DEV INC LEASE REVENUE | 10/15/2038 | 6.00 | 1,023,554 | 1,164,430 | ||||||||
1,500,000 | S TAHOE CA JT PWRS FING AUTH LEASE REVENUE | 10/1/2030 | 5.00 | 1,656,469 | 1,645,365 | ||||||||
515,000 | S WSTRN IL DEV AUTH | 10/1/2022 | 7.00 | 515,000 | 430,705 | ||||||||
350,000 | SACRAMENTO CNTY CA WTR FING AUTH REVENUE | 6/1/2039 | 0.76 | 350,000 | 292,254 | ||||||||
430,000 | SADDLEBACK VLY CA UNIF SCH DIST PUBLIC FING AUTH | 9/1/2017 | 5.65 | 430,000 | 431,926 | ||||||||
77,000 | SAINT BERNARD PARISH LA HOME MTGE AUTH SF MTGE | 3/1/2039 | 5.80 | 75,460 | 79,676 | ||||||||
500,000 | SAINT JOHNS CNTY FL INDL DEV AUTH REVENUE | 8/1/2040 | 5.88 | 493,218 | 549,250 | ||||||||
460,000 | SAINT JOSEPH CNTY IN ECON DEV REVENUE | 5/15/2026 | 6.00 | 356,132 | 466,537 | ||||||||
500,000 | SAINT JOSEPH CNTY IN ECON DEV REVENUE | 5/15/2038 | 6.00 | 374,822 | 504,965 | ||||||||
1,000,000 | SAINT JOSEPH CNTY IN ECON DEV REVENUE | 5/15/2039 | 6.25 | 1,007,809 | 1,025,280 | ||||||||
416,006 | SAINT JOSEPH CNTY IN HOSP AUTH HLTH FACS REVENUE(e) | 2/15/2028 | 5.25 | 421,343 | 20,343 | ||||||||
750,000 | SAINT LOUIS CNTY MO INDL DEV AUTH SENIOR LIVING FACS | 9/1/2042 | 5.00 | 770,438 | 775,973 | ||||||||
750,000 | SAINT TAMMANY LA PUBLIC TRUST FING AUTH | 11/15/2037 | 5.25 | 763,839 | 760,770 | ||||||||
500,000 | SAN DIEGO CA HSG AUTH MF HSG REVENUE | 5/1/2029 | 5.00 | 500,000 | 519,960 | ||||||||
1,500,000 | SAN GABRIEL CA UNIF SCH DIST(b) | 8/1/2039 | 0.32 | 1,384,327 | 1,591,290 | ||||||||
1,000,000 | �� | SAN JOSE CA FING AUTH | 6/1/2039 | 5.00 | 1,058,913 | 1,106,580 | |||||||
500,000 | SANTA MONICA CA REDEV AGY | 7/1/2036 | 5.88 | 514,338 | 593,680 | ||||||||
1,450,000 | SARASOTA CNTY FL HLTH FACS AUTH RETMNT FAC REVENUE | 1/1/2027 | 5.50 | 1,233,576 | 1,522,109 | ||||||||
1,000,000 | SARASOTA CNTY FL HLTH FACS AUTH RETMNT FAC REVENUE | 1/1/2032 | 5.50 | 1,008,083 | 1,041,190 | ||||||||
1,000,000 | SCHERERVILLE IN ECON DEV REVENUE | 1/15/2030 | 6.00 | 1,018,098 | 1,143,770 | ||||||||
770,000 | SEATTLE WA HSG AUTH POOLED HSG REVENUE | 9/15/2033 | 5.75 | 785,108 | 881,404 | ||||||||
500,000 | SEMINOLE TRIBE FL SPL OBLG REVENUE(c) | 10/1/2024 | 5.50 | 501,885 | 530,490 | ||||||||
500,000 | SEVEN OAKS FL CMNTY DEV DIST SPL ASSMNT REVENUE | 5/1/2033 | 5.50 | 488,883 | 521,045 | ||||||||
150,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(e) | 1/1/2019 | 5.35 | 134,966 | 7,491 |
See accompanying notes to the financial statements. | 64 | (Continued) |
CLEARWATER INVESTMENT TRUST | ||
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited) | ||
June 30, 2015 |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | |||||||
Municipal Bonds (Cont’d): | |||||||||||||
625,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(e) | 1/1/2029 | 5.55 | $ | 556,863 | 31,213 | |||||||
130,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(e) | 1/1/2029 | 6.00 | - | 1 | ||||||||
475,000 | SILVERLEAF FL CDD CAPITAL IMPT REVENUE | 5/1/2023 | 6.50 | 475,000 | 499,315 | ||||||||
245,000 | SILVERLEAF FL CDD CAPITAL IMPT REVENUE | 5/1/2044 | 6.75 | 240,391 | 256,993 | ||||||||
390,000 | SOUTH CAROLINA ST EDU ASSISTANCE AUTH | 10/1/2029 | 5.10 | 386,092 | 413,868 | ||||||||
135,000 | SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE | 7/1/2032 | 5.50 | 135,000 | 139,323 | ||||||||
356,475 | SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE | 11/15/2032 | 6.00 | 356,475 | 357,976 | ||||||||
228,572 | SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE(f) | 11/15/2047 | 0.00 | 225,329 | 21,881 | ||||||||
152,775 | SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE(f) | 11/15/2047 | 0.00 | 145,583 | 14,625 | ||||||||
1,000,000 | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE | 12/1/2038 | 5.00 | 1,070,466 | 1,088,450 | ||||||||
1,400,000 | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE | 12/1/2043 | 5.75 | 1,481,164 | 1,641,318 | ||||||||
500,000 | SOUTH DAKOTA ST HLTH & EDUCTNL FACS AUTH | 9/1/2032 | 5.00 | 499,500 | 544,035 | ||||||||
238,000 | SOUTHSIDE AZ CMNTY FACS DIST #1 SPL ASSMNT REVENUE PRESCOTT | 7/1/2018 | 6.13 | 200,741 | 200,967 | ||||||||
1,000,000 | SPRINGFIELD IL ELEC REVENUE | 3/1/2035 | 5.00 | 1,008,629 | 1,022,290 | ||||||||
1,000,000 | STC MET DIST #2 CO | 12/1/2038 | 6.00 | 969,374 | 940,210 | ||||||||
155,000 | STERLING HILL FL CDD CAPITAL IMPT REVENUE(e) | 11/1/2010 | 5.50 | 155,000 | 110,050 | ||||||||
1,000,000 | SUGAR LAND TX DEV CORP SALES TAX REVENUE | 2/15/2033 | 5.00 | 1,110,152 | 1,108,760 | ||||||||
2,500,000 | SULPHUR SPRINGS CA UNION SCH DIST COPS(b) | 12/1/2037 | 1.00 | 1,917,935 | 2,937,675 | ||||||||
1,500,000 | SUTTER BUTTE CA FLOOD AGY ASSMNT REVENUE | 10/1/2038 | 4.00 | 1,482,013 | 1,513,125 | ||||||||
1,100,000 | TALLAHASSEE FL HLTH FACS REVENUE | 12/1/2040 | 5.00 | 1,177,206 | 1,145,364 | ||||||||
1,000,000 | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE | 11/15/2038 | 5.00 | 1,091,624 | 1,084,510 | ||||||||
15,000 | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU | 2/15/2016 | 7.25 | 15,000 | 15,046 | ||||||||
750,000 | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU | 11/15/2035 | 5.00 | 783,958 | 779,513 | ||||||||
750,000 | TAYLOR MI BROWNFIELD REDEV AUTH | 5/1/2032 | 5.00 | 799,578 | 785,963 | ||||||||
1,000,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2039 | 3.55 | 1,000,000 | 922,250 | ||||||||
1,000,000 | TENNESSEE ST HSG DEV AGY | 1/1/2035 | 3.85 | 1,000,000 | 995,920 | ||||||||
1,435,000 | TENNESSEE ST HSG DEV AGY | 7/1/2043 | 3.80 | 1,435,000 | 1,354,554 | ||||||||
440,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 7/1/2039 | 5.45 | 440,000 | 459,782 | ||||||||
2,000,000 | TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE | 6/30/2033 | 7.50 | 2,037,324 | 2,440,440 | ||||||||
1,000,000 | TOBACCO SETTLEMENT AUTH WA TOBACCO SETTLEMENT REVENUE | 6/1/2029 | 5.25 | 1,029,071 | 1,078,930 |
See accompanying notes to the financial statements. | 65 | (Continued) |
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited) |
June 30, 2015 |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | |||||||
Municipal Bonds (Cont’d): | |||||||||||||
650,000 | TOBACCO SETTLEMENT FING CORP LA REVENUE | 5/15/2030 | 5.50 | $ | 676,681 | 728,806 | |||||||
360,257 | TODD CREEK FARMS CO MET DIST #1 WTR & WSTWTR REVENUE(d)(e) | 12/1/2009 | 4.75 | 356,355 | 223,359 | ||||||||
1,235,000 | TOLEDO-LUCAS CNTY OH PORT AUTHSTUDENT HSG REVENUE | 7/1/2039 | 5.00 | 1,237,584 | 1,289,587 | ||||||||
105,000 | TOLOMATO FL CDD(e) | 5/1/2017 | 6.38 | 105,000 | 5,033 | ||||||||
50,000 | TOLOMATO FL CDD | 5/1/2017 | 6.38 | 50,000 | 49,643 | ||||||||
35,000 | TOLOMATO FL CDD(b) | 5/1/2039 | 1.39 | 23,229 | 25,673 | ||||||||
140,000 | TOLOMATO FL CDD(b) | 5/1/2040 | 1.34 | 92,197 | 75,934 | ||||||||
185,000 | TOLOMATO FL CDD(b) | 5/1/2040 | 1.37 | 121,809 | 114,021 | ||||||||
115,000 | TOLOMATO FL CDD(b) | 5/1/2040 | 1.91 | 60,284 | 59,945 | ||||||||
125,000 | TOLOMATO FL CDD | 5/1/2040 | 6.61 | - | 1 | ||||||||
1,000,000 | TRACY CA JT UNIF SCH DIST(b) | 8/1/2041 | 2.00 | 451,712 | 643,980 | ||||||||
750,000 | TROUT CREEK CDD FL CAPITAL IMPT REVENUE | 5/1/2035 | 5.50 | 742,786 | 728,783 | ||||||||
500,000 | TURLOCK CA PUBLIC FING AUTH WTR REVENUE | 5/1/2032 | 4.75 | 513,309 | 539,545 | ||||||||
1,250,000 | TUSTIN CA UNIF SCH DIST(b) | 8/1/2028 | 2.33 | 837,397 | 1,116,838 | ||||||||
750,000 | UNIVERSAL ACADEMY MI PUBLIC SCH ACADEMY REVENUE | 12/1/2023 | 6.50 | 738,081 | 763,065 | ||||||||
500,000 | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE | 7/15/2025 | 6.50 | 500,000 | 546,060 | ||||||||
1,500,000 | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE | 10/15/2033 | 6.50 | 1,527,571 | 1,573,860 | ||||||||
300,000 | UTAH ST HSG CORP SF MTGE REVENUE | 1/1/2032 | 4.95 | 300,000 | 312,081 | ||||||||
545,000 | UTAH ST HSG CORP SF MTGE REVENUE | 1/1/2033 | 5.75 | 545,000 | 589,646 | ||||||||
490,000 | VANCOUVER WA HSG AUTH | 3/1/2025 | 5.00 | 481,862 | 544,464 | ||||||||
915,000 | VERMONT ST HSG FIN AGY | 5/1/2032 | 4.88 | 910,728 | 950,255 | ||||||||
420,000 | VIRGIN ISLANDS WTR & PWR AUTH WTR SYS REVENUE | 7/1/2017 | 5.50 | 420,000 | 421,323 | ||||||||
1,000,000 | VIRGINIA ST HSG DEV AUTH | 7/1/2033 | 4.13 | 1,000,000 | 1,023,010 | ||||||||
1,500,000 | VIRGINIA ST HSG DEV AUTH | 10/1/2038 | 5.10 | 1,500,000 | 1,616,595 | ||||||||
1,000,000 | VIRGINIA ST HSG DEV AUTH | 12/1/2039 | 5.00 | 1,000,000 | 1,037,010 | ||||||||
3,500,000 | VIRGINIA ST HSG DEV AUTH CMWLTH MTGE | 1/1/2038 | 3.88 | 3,490,250 | 3,455,970 | ||||||||
3,000,000 | VIRGINIA ST HSG DEV AUTH CMWLTH MTGE | 7/1/2038 | 4.80 | 3,000,000 | 3,176,760 | ||||||||
2,000,000 | VIRGINIA ST HSG DEV AUTH CMWLTH MTGE | 10/1/2038 | 4.75 | 2,000,000 | 2,111,560 | ||||||||
1,250,000 | VLG FL CDD #7 SPL ASSMNT REVENUE | 5/1/2036 | 4.00 | 1,241,257 | 1,213,938 | ||||||||
1,000,000 | W CAMPUS HSG LLC AZ STUDENT HSG REVENUE | 7/1/2025 | 5.00 | 904,608 | 1,000,120 | ||||||||
1,000,000 | WASHINGTON ST HLTH CARE FACS AUTH | 3/1/2029 | 7.12 | 978,621 | 1,208,860 | ||||||||
1,400,000 | WASHINGTON ST HSG FIN COMMISSION | 10/1/2022 | 6.00 | 1,400,000 | 1,536,780 | ||||||||
1,500,000 | WASHINGTON ST HSG FIN COMMISSION | 7/1/2030 | 3.50 | 1,500,000 | 1,469,085 | ||||||||
500,000 | WASHINGTON ST HSG FIN COMMISSION | 12/1/2033 | 3.50 | 500,000 | 484,120 | ||||||||
1,075,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT REVENUE | 1/1/2017 | 5.25 | 1,066,556 | 1,087,051 | ||||||||
2,300,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT REVENUE | 1/1/2027 | 5.63 | 2,177,799 | 2,308,349 | ||||||||
305,000 | WATERS EDGE FL CDD CAPITAL IMPT REVENUE(b) | 5/1/2039 | 0.87 | 281,633 | 254,837 | ||||||||
5,000 | WATERS EDGE FL CDD CAPITAL IMPT REVENUE | 5/1/2039 | 5.35 | 5,552 | 5,008 |
See accompanying notes to the financial statements. | 66 | (Continued) |
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited) |
June 30, 2015 |
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | |||||||
Municipal Bonds (Cont’d): | |||||||||||||
700,000 | WEST VIRGINIA ST HSG DEV FUND | 11/1/2039 | 4.10 | $ | 700,000 | 703,899 | |||||||
550,000 | WESTCHESTER CO NY LOCAL DEV CORP REVENUE | 1/1/2034 | 5.00 | 582,742 | 578,430 | ||||||||
750,000 | WESTMINSTER MD PROJ REVENUE | 7/1/2034 | 6.00 | 750,000 | 793,808 | ||||||||
685,000 | WESTMONT IL PARK DIST(f) | 12/1/2031 | 0.00 | 262,037 | 307,764 | ||||||||
685,000 | WESTMONT IL PARK DIST(f) | 12/1/2033 | 0.00 | 226,920 | 268,027 | ||||||||
1,350,000 | WICHITA KS HLTH CARE FACS REVENUE | 5/15/2034 | 6.25 | 1,350,000 | 1,401,165 | ||||||||
750,000 | WICHITA KS HLTH CARE FACS REVENUE | 12/15/2036 | 7.12 | 739,862 | 846,945 | ||||||||
750,000 | WIREGRASS FL CDD CAPITAL IMPTREVENUE | 5/1/2035 | 5.38 | 745,409 | 743,618 | ||||||||
1,000,000 | WISCONSIN ST GEN FUND ANNUAL APPROP REVENUE | 5/1/2027 | 6.00 | 1,011,896 | 1,167,320 | ||||||||
1,000,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 5/1/2026 | 5.50 | 1,030,746 | 1,027,580 | ||||||||
1,000,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 10/1/2029 | 5.00 | 1,000,000 | 1,008,770 | ||||||||
1,000,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 7/1/2030 | 5.75 | 1,016,436 | 1,136,820 | ||||||||
1,300,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 8/15/2032 | 5.00 | 1,447,472 | 1,408,355 | ||||||||
1,000,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 12/1/2034 | 6.80 | 1,000,000 | 999,760 | ||||||||
1,000,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 5/15/2036 | 5.00 | 1,006,334 | 1,009,070 | ||||||||
2,000,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 8/15/2043 | 5.00 | 2,116,379 | 2,067,320 | ||||||||
720,000 | WSTRN GENERATION AGY OR COGENERATION PROJ REVENUE | 1/1/2021 | 5.00 | 720,096 | 739,318 | ||||||||
750,000 | WYNNFIELD LAKES FL CDD | 5/1/2036 | 4.50 | 744,511 | 768,660 | ||||||||
2,305,000 | WYOMING ST CMNTY DEV AUTH HSG REVENUE | 12/1/2038 | 4.05 | 2,305,000 | 2,284,255 | ||||||||
1,000,000 | WYOMING ST CMNTY DEV AUTH HSGREVENUE | 12/1/2039 | 4.05 | 1,000,000 | 995,360 | ||||||||
355,000 | ZEPHYR RIDGE FL CDD CAPITAL IMPT REVENUE(e) | 5/1/2013 | 5.25 | 355,352 | 139,785 | ||||||||
Sub-total Municipal Bonds: | 444,326,677 | 460,142,639 | 91.31% | ||||||||||
Short-Term Investments: | |||||||||||||
14,804,087 | NORTHERN INSTITUTIONAL FUNDS -TAX-EXEMPT PORTFOLIO, 0.01%(h) | 14,804,087 | 14,804,087 | ||||||||||
Sub-total Short-Term Investments: | 14,804,087 | 14,804,087 | 2.94% | ||||||||||
Grand total(i) | $ | 485,815,582 | 502,395,390 | 99.70% |
See accompanying notes to the financial statements. | 67 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2015
Notes to Schedule of Investments:
(a) | Investments 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 be resold in transactions exempt from registration, normally to qualified institutional buyers. 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. | |
(d) | This security is being measured at fair value according to procedures adopted by the Board of Trustees. | |
(e) | Non-income producing assets. For long-term debt securities, item identified is in default as to payment of interest and/or principal. | |
(f) | Zero coupon bond. | |
(g) | Restricted security that has been deemed illiquid. At June 30, 2015, the value of this restricted illiquid security amounted to $396,494 or 0.08% of net assets. Additional information on this restricted illiquid security is as follows: |
ACQUISITION | ACQUISITION | ||||||
SECURITY | DATE | COST | |||||
MICHIGAN ST PUBLIC EDUCTNL FACS AUTH, 6.00%, 9/1/16 | 9/24/07 - 4/12/11 | $ | 606,563 |
(h) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2014, the value of the Clearwater Tax-Exempt Bond Fund’s investment in the Tax-Exempt Portfolio of the Northern Institutional Funds was $7,017,997 with net purchases of $7,786,090 during the six months ended June 30, 2015. | |
(i) | At June 30, 2015, the cost for Federal income tax purposes was $485,903,998. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost was as follows: |
Gross unrealized appreciation | $ | 32,218,609 | ||
Gross unrealized depreciation | (15,727,217 | ) | ||
Net unrealized appreciation | $ | 16,491,392 |
Diversification of investments representing geographic diversification, as a percentage of total investments at fair value, is as follows:
Geographical Diversification | Percent | |||
Illinois | 10.13 | % | ||
California | 10.08 | |||
Florida | 9.89 | |||
Texas | 6.02 | |||
New York | 5.29 | |||
Indiana | 4.14 | |||
Georgia | 3.42 | |||
Wisconsin | 3.23 | |||
Virginia | 2.90 | |||
Michigan | 2.89 | |||
Other | 42.01 | |||
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, 2015
See accompanying notes to the financial statements. | 69 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | |||||||||
Common Stocks: | |||||||||||||
Australia: | |||||||||||||
9,284 | AGL ENERGY LTD. | $ | 105,943 | 111,386 | |||||||||
10,786 | ALS LTD. | 47,396 | 48,683 | ||||||||||
51,722 | ALUMINA LTD. | 50,177 | 61,056 | ||||||||||
19,077 | AMCOR LTD. | 178,607 | 201,943 | ||||||||||
60,339 | AMP LTD. | 196,569 | 280,258 | ||||||||||
14,303 | APA GROUP | 80,028 | 90,932 | ||||||||||
21,346 | ASCIANO LTD. | 100,771 | 109,522 | ||||||||||
4,593 | ASX LTD. | 114,203 | 141,395 | ||||||||||
33,580 | AURIZON HOLDINGS LTD. | 120,717 | 132,911 | ||||||||||
51,501 | AUSTRALIA & NEW ZEALAND BANKING GROUP LTD. | 743,523 | 1,279,486 | ||||||||||
6,281 | BENDIGO & ADELAIDE BANK LTD. | 52,780 | 59,413 | ||||||||||
179,910 | BGP HOLDINGS PLC(b)(c) | - | - | ||||||||||
58,607 | BHP BILLITON LTD. | 1,389,859 | 1,223,153 | ||||||||||
39,133 | BHP BILLITON PLC | 853,977 | 767,982 | ||||||||||
10,199 | BORAL LTD. | 28,970 | 46,034 | ||||||||||
32,841 | BRAMBLES LTD. | 174,637 | 268,588 | ||||||||||
4,667 | CALTEX AUSTRALIA LTD. | 128,323 | 114,686 | ||||||||||
10,469 | COCA-COLA AMATIL LTD. | 85,706 | 73,908 | ||||||||||
971 | COCHLEAR LTD. | 35,893 | 60,046 | ||||||||||
30,685 | COMMONWEALTH BANK OF AUSTRALIA | 1,486,092 | 2,015,454 | ||||||||||
9,454 | COMPUTERSHARE LTD. | 86,815 | 85,415 | ||||||||||
395,794 | CREDIT CORP. GROUP LTD. | 3,247,658 | 3,716,412 | ||||||||||
5,236 | CROWN RESORTS LTD. | 53,939 | 49,286 | ||||||||||
38,001 | CSL LTD. | 2,191,474 | 2,535,272 | ||||||||||
1,725,301 | DECMIL GROUP LTD. | 3,445,011 | 1,544,141 | ||||||||||
14,184 | DEXUS PROPERTY GROUP | 62,970 | 79,889 | ||||||||||
22,356 | ECHO ENTERTAINMENT GROUP LTD. | 70,002 | 75,205 | ||||||||||
71,464 | FEDERATION CENTRES | 130,043 | 161,003 | ||||||||||
34,490 | FORTESCUE METALS GROUP LTD. | 68,323 | 50,827 | ||||||||||
27,199 | GOODMAN GROUP | 90,277 | 131,578 | ||||||||||
30,080 | GPT GROUP (THE) | 100,097 | 99,331 | ||||||||||
17,989 | HARVEY NORMAN HOLDINGS LTD. | 52,604 | 62,596 | ||||||||||
36,603 | INCITEC PIVOT LTD. | 83,901 | 108,728 | ||||||||||
47,825 | INSURANCE AUSTRALIA GROUP LTD. | 120,292 | 205,899 | ||||||||||
10,015 | LEND LEASE GROUP | 61,130 | 116,138 | ||||||||||
7,617 | MACQUARIE GROUP LTD. | 165,843 | 478,389 | ||||||||||
42,695 | MEDIBANK PVT LTD.(b) | 78,371 | 66,212 | ||||||||||
57,473 | MIRVAC GROUP | 81,042 | 82,035 | ||||||||||
47,691 | NATIONAL AUSTRALIA BANK LTD. | 903,894 | 1,225,674 | ||||||||||
17,346 | NEWCREST MINING LTD.(b) | 173,211 | 174,251 | ||||||||||
4,909 | ORICA LTD. | 80,716 | 80,599 | ||||||||||
20,046 | ORIGIN ENERGY LTD. | 226,733 | 185,134 | ||||||||||
16,330 | ORORA LTD. | 16,762 | 26,333 | ||||||||||
901,400 | OZFOREX GROUP LTD. | 1,777,229 | 1,543,955 | ||||||||||
416 | PERPETUAL LTD. | 7,027 | 15,522 | ||||||||||
24,596 | QBE INSURANCE GROUP LTD. | 259,862 | 259,416 | ||||||||||
2,468 | RAMSAY HEALTH CARE LTD. | 49,765 | 117,050 | ||||||||||
32,268 | REA GROUP LTD. | 1,164,027 | 976,187 | ||||||||||
6,568 | RECALL HOLDINGS LTD. | 24,961 | 35,118 | ||||||||||
22,469 | SANTOS LTD. | 244,511 | 135,741 | ||||||||||
99,326 | SCENTRE GROUP | 305,997 | 287,381 | ||||||||||
5,884 | SEEK LTD. | 49,598 | 63,830 | ||||||||||
4,898 | SHOPPING CENTRES AUSTRALASIA PROPERTY GROUP | 7,202 | 8,049 | ||||||||||
495,761 | SLATER & GORDON LTD. | 1,279,559 | 1,361,716 | ||||||||||
9,824 | SONIC HEALTHCARE LTD. | 79,849 | 161,978 | ||||||||||
58,607 | SOUTH32 LTD.(b) | 99,710 | 80,941 | ||||||||||
39,133 | SOUTH32 LTD.(b) | 63,699 | 52,879 | ||||||||||
34,990 | STOCKLAND | 132,305 | 110,686 | ||||||||||
22,978 | SUNCORP GROUP LTD. | 258,173 | 238,096 | ||||||||||
9,837 | SYDNEY AIRPORT | 33,263 | 37,797 | ||||||||||
8,477 | TABCORP HOLDINGS LTD. | 15,377 | 29,759 | ||||||||||
35,105 | TATTS GROUP LTD. | 95,309 | 100,757 | ||||||||||
70,571 | TELSTRA CORP. LTD. | 308,487 | 334,317 | ||||||||||
32,988 | TRANSURBAN GROUP | 173,197 | 236,703 | ||||||||||
12,264 | TREASURY WINE ESTATES LTD. | 49,093 | 47,217 | ||||||||||
765,429 | WEBJET LTD. | 2,661,238 | 1,765,795 | ||||||||||
19,340 | WESFARMERS LTD. | 723,600 | 582,410 |
See accompanying notes to the financial statements. | 70 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | |||||||||
Australia (Cont’d): | |||||||||||||
42,659 | WESTFIELD CORP. | $ | 217,717 | 300,172 | |||||||||
58,094 | WESTPAC BANKING CORP. | 811,435 | 1,441,041 | ||||||||||
14,000 | WOODSIDE PETROLEUM LTD. | 446,336 | 369,742 | ||||||||||
22,832 | WOOLWORTHS LTD. | 435,292 | 474,928 | ||||||||||
29,339,097 | 29,596,366 | 5.66 | % | ||||||||||
Austria: | |||||||||||||
1,237 | ANDRITZ A.G. | 66,657 | 68,471 | ||||||||||
1,685 | BUWOG A.G.(b) | 30,804 | 32,743 | ||||||||||
5,146 | ERSTE GROUP BANK A.G.(b) | 114,055 | 146,150 | ||||||||||
33,719 | IMMOFINANZ A.G.(b) | 87,282 | 79,393 | ||||||||||
2,509 | OMV A.G. | 80,527 | 69,034 | ||||||||||
3,834 | RAIFFEISEN BANK INTERNATIONAL A.G.(b) | 53,493 | 55,780 | ||||||||||
313 | STRABAG S.E. (BEARER) | 5,505 | 6,986 | ||||||||||
1,368 | VOESTALPINE A.G. | 51,510 | 56,932 | ||||||||||
29,470 | WIENERBERGER A.G. | 241,514 | 463,415 | ||||||||||
731,347 | 978,904 | 0.19 | % | ||||||||||
Belgium: | |||||||||||||
7,120 | AGEAS | 106,907 | 274,288 | ||||||||||
14,316 | ANHEUSER-BUSCH INBEV N.V. | 562,478 | 1,715,721 | ||||||||||
10,910 | BARCO N.V. | 740,520 | 699,130 | ||||||||||
1,645 | COLRUYT S.A. | 74,892 | 73,660 | ||||||||||
1,555 | DELHAIZE GROUP | 80,953 | 128,390 | ||||||||||
16,494 | GROUPE BRUXELLES LAMBERT S.A. | 1,387,000 | 1,327,638 | ||||||||||
4,347 | KBC GROEP N.V. | 101,356 | 290,484 | ||||||||||
12,430 | ONTEX GROUP N.V. | 322,500 | 373,046 | ||||||||||
2,190 | PROXIMUS | 49,577 | 77,323 | ||||||||||
827 | SOLVAY S.A., CLASS A | 118,069 | 113,772 | ||||||||||
2,278 | UCB S.A. | 111,517 | 163,527 | ||||||||||
1,457 | UMICORE S.A. | 72,577 | 69,083 | ||||||||||
3,728,346 | 5,306,062 | 1.01 | % | ||||||||||
Brazil: | |||||||||||||
145,703 | CETIP S.A. - MERCADOS ORGANIZADOS | 1,751,700 | 1,597,105 | ||||||||||
3,000 | CIA DE SANEAMENTO DE MINAS GERAIS-COPASA(b) | 72,490 | 13,229 | ||||||||||
54,000 | GRENDENE S.A. | 363,157 | 290,573 | ||||||||||
122,103 | TOTVS S.A. | 1,725,435 | 1,531,638 | ||||||||||
48,500 | TUPY S.A.(b) | 278,939 | 251,150 | ||||||||||
4,191,721 | 3,683,695 | 0.70 | % | ||||||||||
Canada: | |||||||||||||
45,400 | AGF MANAGEMENT LTD., CLASS B | 488,633 | 213,006 | ||||||||||
3,548 | AGNICO EAGLE MINES LTD. | 111,862 | 100,730 | ||||||||||
3,620 | AGRIUM, INC. | 154,492 | 383,650 | ||||||||||
7,118 | ALIMENTATION COUCHE TARD, INC., CLASS B | 231,690 | 304,495 | ||||||||||
1,130 | ALTAGAS LTD. | 52,858 | 34,416 | ||||||||||
4,900 | ARC RESOURCES LTD. | 108,943 | 83,955 | ||||||||||
11,445 | BANK OF MONTREAL | 703,611 | 678,178 | ||||||||||
21,766 | BANK OF NOVA SCOTIA (THE) | 1,148,066 | 1,123,502 | ||||||||||
16,774 | BARRICK GOLD CORP. | 245,470 | 179,290 | ||||||||||
5,278 | BAYTEX ENERGY CORP. | 181,543 | 82,107 | ||||||||||
3,581 | BCE, INC. | 153,196 | 152,128 | ||||||||||
8,500 | BLACKBERRY LTD.(b) | 90,213 | 69,484 | ||||||||||
26,792 | BOMBARDIER, INC., CLASS B | 79,826 | 48,264 | ||||||||||
18,781 | BROOKFIELD ASSET MANAGEMENT, INC., CLASS A | 198,617 | 656,190 | ||||||||||
11,740 | CAE, INC. | 85,345 | 139,771 | ||||||||||
11,081 | CAMECO CORP. | 198,977 | 158,541 | ||||||||||
49,900 | CANACCORD GENUITY GROUP, INC. | 261,393 | 310,826 | ||||||||||
7,334 | CANADIAN IMPERIAL BANK OF COMMERCE | 342,248 | 540,860 | ||||||||||
15,994 | CANADIAN NATIONAL RAILWAY CO. | 292,557 | 922,760 | ||||||||||
19,866 | CANADIAN NATURAL RESOURCES LTD. | 433,114 | 539,515 | ||||||||||
8,057 | CANADIAN OIL SANDS LTD. | 126,903 | 65,153 | ||||||||||
14,240 | CANADIAN PACIFIC RAILWAY LTD. | 1,686,012 | 2,281,675 | ||||||||||
3,606 | CANADIAN PACIFIC RAILWAY LTD. | 112,878 | 577,480 | ||||||||||
1,060 | CANADIAN TIRE CORP. LTD., CLASS A | 80,129 | 113,367 | ||||||||||
1,767 | CANADIAN UTILITIES LTD., CLASS A | 54,222 | 50,888 | ||||||||||
13,665 | CENOVUS ENERGY, INC. | 343,890 | 218,487 | ||||||||||
6,978 | CGI GROUP, INC., CLASS A(b) | 55,128 | 272,919 |
See accompanying notes to the financial statements. | 71 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | |||||||||
Canada (Cont’d): | |||||||||||||
1,964 | CI FINANCIAL CORP. | $ | 49,854 | 52,835 | |||||||||
4,640 | CONSTELLATION SOFTWARE, INC. | 1,344,066 | 1,842,106 | ||||||||||
7,111 | CRESCENT POINT ENERGY CORP. | 221,266 | 145,921 | ||||||||||
2,064 | DOLLARAMA, INC. | 75,934 | 125,096 | ||||||||||
21,800 | DOREL INDUSTRIES, INC., CLASS B | 783,674 | 583,137 | ||||||||||
12,292 | ELDORADO GOLD CORP. | 92,575 | 50,979 | ||||||||||
672 | EMPIRE CO. LTD., CLASS A | 48,751 | 47,331 | ||||||||||
14,970 | ENBRIDGE, INC. | 664,392 | 700,078 | ||||||||||
14,152 | ENCANA CORP. | 269,821 | 156,023 | ||||||||||
17,900 | ENERFLEX LTD. | 204,385 | 193,475 | ||||||||||
7,101 | ENERPLUS CORP. | 87,344 | 62,311 | ||||||||||
32,600 | ENSIGN ENERGY SERVICES, INC. | 509,675 | 319,475 | ||||||||||
269 | FAIRFAX FINANCIAL HOLDINGS LTD. | 82,554 | 132,644 | ||||||||||
2,200 | FINNING INTERNATIONAL, INC. | 51,485 | 41,376 | ||||||||||
3,000 | FIRST CAPITAL REALTY, INC. | 51,131 | 42,946 | ||||||||||
9,776 | FIRST QUANTUM MINERALS LTD. | 165,066 | 127,816 | ||||||||||
3,100 | FORTIS, INC. | 105,357 | 87,068 | ||||||||||
2,537 | FRANCO-NEVADA CORP. | 128,281 | 121,000 | ||||||||||
18,700 | GENWORTH MI CANADA, INC. | 382,689 | 491,081 | ||||||||||
614 | GEORGE WESTON LTD. | 48,280 | 48,230 | ||||||||||
6,104 | GILDAN ACTIVEWEAR, INC. | 33,435 | 202,766 | ||||||||||
15,817 | GOLDCORP, INC. | 468,301 | 256,694 | ||||||||||
3,958 | GREAT-WEST LIFECO, INC. | 99,709 | 115,222 | ||||||||||
2,408 | H&R REAL ESTATE INVESTMENT TRUST | 50,886 | 43,263 | ||||||||||
38,192 | HOME CAPITAL GROUP, INC. | 992,558 | 1,323,419 | ||||||||||
124,600 | HUDBAY MINERALS, INC. | 1,106,269 | 1,037,502 | ||||||||||
5,697 | HUSKY ENERGY, INC. | 144,766 | 108,968 | ||||||||||
14,262 | IAMGOLD CORP.(b) | 78,431 | 28,547 | ||||||||||
2,500 | IGM FINANCIAL, INC. | 100,363 | 79,624 | ||||||||||
39,271 | IMPERIAL OIL LTD. | 1,657,737 | 1,517,074 | ||||||||||
2,780 | INDUSTRIAL ALLIANCE INSURANCE & FINANCIAL SERVICES, INC. | 97,885 | 93,505 | ||||||||||
2,672 | INTACT FINANCIAL CORP. | 170,651 | 185,671 | ||||||||||
4,880 | INTER PIPELINE LTD. | 142,496 | 112,135 | ||||||||||
1,400 | KEYERA CORP. | 51,327 | 46,741 | ||||||||||
7,600 | LAURENTIAN BANK OF CANADA | 295,598 | 292,926 | ||||||||||
3,199 | LOBLAW COS. LTD. | 121,245 | 161,564 | ||||||||||
9,476 | MAGNA INTERNATIONAL, INC. | 61,549 | 531,840 | ||||||||||
33,308 | MANULIFE FINANCIAL CORP. | 427,899 | 618,958 | ||||||||||
1,369 | METHANEX CORP. | 12,561 | 76,418 | ||||||||||
3,000 | METRO, INC. | 54,328 | 80,512 | ||||||||||
52,656 | MTY FOOD GROUP, INC. | 1,533,764 | 1,396,290 | ||||||||||
28,800 | MULLEN GROUP LTD. | 596,328 | 470,623 | ||||||||||
6,295 | NATIONAL BANK OF CANADA | 247,929 | 236,478 | ||||||||||
11,280 | NEW GOLD, INC.(b) | 90,970 | 30,255 | ||||||||||
2,600 | ONEX CORP. | 105,376 | 143,864 | ||||||||||
3,282 | OPEN TEXT CORP. | 72,477 | 133,303 | ||||||||||
4,328 | PAN AMERICAN SILVER CORP. | 53,923 | 37,216 | ||||||||||
4,772 | PEMBINA PIPELINE CORP. | 40,530 | 154,240 | ||||||||||
19,434 | PENGROWTH ENERGY CORP. | 99,676 | 48,546 | ||||||||||
2,500 | PEYTO EXPLORATION & DEVELOPMENT CORP. | 95,328 | 61,109 | ||||||||||
14,172 | POTASH CORP. OF SASKATCHEWAN, INC. | 386,602 | 438,889 | ||||||||||
4,200 | POWER CORP. OF CANADA | 105,623 | 107,404 | ||||||||||
1,672 | POWER FINANCIAL CORP. | 52,980 | 48,018 | ||||||||||
1,800 | PRAIRIESKY ROYALTY LTD. | 46,528 | 45,382 | ||||||||||
49,700 | PRECISION DRILLING CORP. | 300,248 | 334,251 | ||||||||||
3,681 | RESTAURANT BRANDS INTERNATIONAL, INC. | 137,022 | 140,756 | ||||||||||
2,546 | RIOCAN REAL ESTATE INVESTMENT TRUST | 64,790 | 54,569 | ||||||||||
2,701 | RITCHIE BROS. AUCTIONEERS, INC. | 50,064 | 75,364 | ||||||||||
9,354 | ROGERS COMMUNICATIONS, INC., CLASS B | 221,766 | 331,771 | ||||||||||
26,066 | ROYAL BANK OF CANADA | 866,758 | 1,594,012 | ||||||||||
4,800 | SAPUTO, INC. | 103,951 | 116,099 | ||||||||||
9,661 | SHAW COMMUNICATIONS, INC., CLASS B | 153,543 | 210,392 | ||||||||||
6,133 | SILVER WHEATON CORP. | 155,292 | 106,309 | ||||||||||
2,700 | SNC-LAVALIN GROUP, INC. | 100,003 | 90,706 | ||||||||||
11,810 | SUN LIFE FINANCIAL, INC. | 235,812 | 394,297 | ||||||||||
24,565 | SUNCOR ENERGY, INC. | 576,706 | 676,570 |
See accompanying notes to the financial statements. | 72 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | |||||||||
Canada (Cont’d): | |||||||||||||
9,512 | TECK RESOURCES LTD., CLASS B | $ | 135,959 | 94,282 | |||||||||
15,757 | TELUS CORP. | 442,454 | 542,601 | ||||||||||
34,125 | TORONTO-DOMINION BANK (THE) | 715,090 | 1,449,151 | ||||||||||
2,738 | TOURMALINE OIL CORP.(b) | 103,345 | 82,250 | ||||||||||
3,818 | TRANSALTA CORP. | 60,803 | 29,590 | ||||||||||
12,264 | TRANSCANADA CORP. | 528,913 | 498,415 | ||||||||||
15,331 | TURQUOISE HILL RESOURCES LTD.(b) | 53,846 | 58,304 | ||||||||||
5,676 | VALEANT PHARMACEUTICALS INTERNATIONAL, INC.(b) | 541,537 | 1,259,127 | ||||||||||
3,858 | VERESEN, INC. | 53,647 | 52,171 | ||||||||||
2,256 | VERMILION ENERGY, INC. | 83,841 | 97,447 | ||||||||||
1,004 | WEST FRASER TIMBER CO. LTD. | 54,124 | 55,168 | ||||||||||
28,823,938 | 34,281,133 | 6.56 | % | ||||||||||
China: | |||||||||||||
103,500 | AAC TECHNOLOGIES HOLDINGS, INC. | 357,673 | 584,825 | ||||||||||
8,869 | BAIDU, INC. ADR(b)(d) | 946,621 | 1,765,641 | ||||||||||
1,056,191 | CHINA MEDICAL SYSTEM HOLDINGS LTD. | 699,856 | 1,479,734 | ||||||||||
886,500 | CHINA ZHENGTONG AUTO SERVICES HOLDINGS LTD. | 505,928 | 577,539 | ||||||||||
388,000 | GOLDPAC GROUP LTD. | 327,085 | 247,770 | ||||||||||
1,706,000 | KINGDEE INTERNATIONAL SOFTWARE GROUP CO. LTD. | 328,672 | 1,016,793 | ||||||||||
13,706 | NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP, INC. ADR(b)(d) | 319,288 | 336,071 | ||||||||||
1,102,000 | SHENGUAN HOLDINGS GROUP LTD. | 462,633 | 282,909 | ||||||||||
490,900 | SINOMEDIA HOLDING LTD. | 408,209 | 284,348 | ||||||||||
118,400 | TENCENT HOLDINGS LTD. | 806,543 | 2,362,944 | ||||||||||
2,027,632 | XTEP INTERNATIONAL HOLDINGS LTD. | 854,262 | 742,880 | ||||||||||
6,016,770 | 9,681,454 | 1.85 | % | ||||||||||
Denmark: | |||||||||||||
66 | AP MOELLER - MAERSK A/S, CLASS A | 78,361 | 115,886 | ||||||||||
120 | AP MOELLER - MAERSK A/S, CLASS B | 125,436 | 217,337 | ||||||||||
17,054 | CARLSBERG A/S, CLASS B | 1,387,489 | 1,548,186 | ||||||||||
62,920 | CHR HANSEN HOLDING A/S | 2,449,257 | 3,069,887 | ||||||||||
1,868 | COLOPLAST A/S, CLASS B | 57,813 | 122,572 | ||||||||||
13,100 | DANSKE BANK A/S | 138,182 | 385,254 | ||||||||||
1,592 | DSV A/S | 48,905 | 51,577 | ||||||||||
200 | FLSMIDTH & CO. A/S | 6,012 | 9,624 | ||||||||||
48,710 | ISS A/S | 1,465,283 | 1,607,192 | ||||||||||
52,555 | NOVO NORDISK A/S ADR(d) | 1,778,838 | 2,877,912 | ||||||||||
36,359 | NOVO NORDISK A/S, CLASS B | 744,322 | 1,980,976 | ||||||||||
49,087 | NOVOZYMES A/S, CLASS B | 1,367,636 | 2,333,354 | ||||||||||
2,600 | PANDORA A/S | 18,150 | 279,353 | ||||||||||
15,973 | TDC A/S | 107,272 | 117,126 | ||||||||||
3,250 | TOPDANMARK A/S(b) | 33,362 | 87,128 | ||||||||||
3,244 | VESTAS WIND SYSTEMS A/S | 150,564 | 161,911 | ||||||||||
538 | WILLIAM DEMANT HOLDING A/S(b) | 50,896 | 41,042 | ||||||||||
10,007,778 | 15,006,317 | 2.87 | % | ||||||||||
Finland: | |||||||||||||
51,960 | AMER SPORTS OYJ | 664,520 | 1,384,470 | ||||||||||
6,013 | FORTUM OYJ | 117,943 | 106,855 | ||||||||||
39,840 | HUHTAMAKI OYJ | 657,037 | 1,231,201 | ||||||||||
1,396 | KESKO OYJ, CLASS B | 30,705 | 48,573 | ||||||||||
5,600 | KONE OYJ, CLASS B | 116,154 | 227,251 | ||||||||||
1,849 | METSO OYJ | 47,784 | 50,792 | ||||||||||
7,075 | NESTE OYJ | 67,704 | 180,310 | ||||||||||
66,103 | NOKIA OYJ | 233,836 | 448,802 | ||||||||||
2,240 | NOKIAN RENKAAT OYJ | 31,307 | 70,198 | ||||||||||
1,960 | ORION OYJ, CLASS B | 49,561 | 68,569 | ||||||||||
6,625 | SAMPO OYJ, CLASS A | 307,551 | 312,053 | ||||||||||
15,829 | STORA ENSO OYJ, CLASS R | 75,698 | 163,146 | ||||||||||
11,934 | UPM-KYMMENE OYJ | 99,929 | 211,144 | ||||||||||
1,849 | VALMET OYJ | 14,443 | 20,779 | ||||||||||
3,486 | WARTSILA OYJ ABP | 107,429 | 163,305 | ||||||||||
2,621,601 | 4,687,448 | 0.90 | % | ||||||||||
France: | |||||||||||||
2,714 | ACCOR S.A. | 79,810 | 136,974 | ||||||||||
695 | AEROPORTS DE PARIS | 87,114 | 78,528 | ||||||||||
3,200 | AIR FRANCE-KLM(b) | 22,485 | 22,472 |
See accompanying notes to the financial statements. | 73 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | |||||||||
France (Cont’d): | |||||||||||||
6,203 | AIR LIQUIDE S.A. | $ | 694,071 | 784,554 | |||||||||
10,484 | AIRBUS GROUP S.E. | 351,610 | 680,247 | ||||||||||
48,948 | ALCATEL-LUCENT(b) | 195,204 | 178,334 | ||||||||||
3,171 | ALSTOM S.A.(b) | 111,651 | 89,971 | ||||||||||
18,703 | ARCELORMITTAL | 262,634 | 182,092 | ||||||||||
1,616 | ARKEMA S.A. | 127,629 | 116,437 | ||||||||||
1,096 | ATOS S.E. | 81,888 | 81,841 | ||||||||||
34,027 | AXA S.A. | 496,882 | 858,469 | ||||||||||
26,840 | BENETEAU S.A. | 272,439 | 457,217 | ||||||||||
19,321 | BNP PARIBAS S.A. | 865,266 | 1,166,392 | ||||||||||
14,333 | BOLLORE S.A. | 80,638 | 76,300 | ||||||||||
2,080 | BOUYGUES S.A. | 79,993 | 77,764 | ||||||||||
3,220 | BUREAU VERITAS S.A. | 82,066 | 74,166 | ||||||||||
3,068 | CAP GEMINI S.A. | 111,959 | 271,474 | ||||||||||
10,544 | CARREFOUR S.A. | 248,258 | 337,603 | ||||||||||
2,177 | CASINO GUICHARD PERRACHON S.A. | 172,738 | 164,917 | ||||||||||
994 | CHRISTIAN DIOR S.E. | 70,757 | 194,039 | ||||||||||
8,077 | CIE DE SAINT-GOBAIN | 278,056 | 362,617 | ||||||||||
3,404 | CIE GENERALE DES ETABLISSEMENTS MICHELIN | 180,725 | 356,687 | ||||||||||
3,234 | CNP ASSURANCES | 53,985 | 54,009 | ||||||||||
18,530 | CREDIT AGRICOLE S.A. | 153,011 | 275,580 | ||||||||||
10,014 | DANONE S.A. | 509,812 | 647,407 | ||||||||||
2,340 | DASSAULT SYSTEMES S.A. | 163,379 | 170,143 | ||||||||||
3,633 | EDENRED | 65,572 | 89,774 | ||||||||||
8,317 | ELECTRICITE DE FRANCE S.A. | 153,984 | 185,444 | ||||||||||
3,332 | ESSILOR INTERNATIONAL S.A. | 339,445 | 397,471 | ||||||||||
2,425 | EURAZEO S.A. | 77,940 | 160,453 | ||||||||||
3,160 | EUTELSAT COMMUNICATIONS S.A. | 100,179 | 101,989 | ||||||||||
26,103 | GDF SUEZ | 552,815 | 484,239 | ||||||||||
564 | GECINA S.A. | 51,331 | 69,511 | ||||||||||
13,307 | GROUPE EUROTUNNEL S.E. (REGISTERED) | 102,800 | 192,711 | ||||||||||
441 | HERMES INTERNATIONAL | 156,748 | 164,506 | ||||||||||
304 | ILIAD S.A. | 29,549 | 67,393 | ||||||||||
1,734 | IPSOS | 55,152 | 44,820 | ||||||||||
2,121 | JCDECAUX S.A. | 50,974 | 88,507 | ||||||||||
1,442 | KERING | 274,344 | 257,459 | ||||||||||
3,582 | KLEPIERRE | 101,009 | 157,559 | ||||||||||
4,713 | LAFARGE S.A. | 166,939 | 311,264 | ||||||||||
4,882 | LEGRAND S.A. | 111,114 | 274,094 | ||||||||||
4,633 | L’OREAL S.A. | 385,425 | 826,416 | ||||||||||
15,620 | LVMH MOET HENNESSY LOUIS VUITTON S.E. | 2,240,093 | 2,736,603 | ||||||||||
15,891 | NATIXIS S.A. | 49,085 | 114,357 | ||||||||||
1,491 | NUMERICABLE-SFR SAS(b) | 76,134 | 79,031 | ||||||||||
34,547 | ORANGE S.A. | 364,835 | 531,888 | ||||||||||
3,500 | PERNOD RICARD S.A. | 239,500 | 404,245 | ||||||||||
12,969 | PEUGEOT S.A.(b) | 78,174 | 266,687 | ||||||||||
3,471 | PUBLICIS GROUPE S.A. | 251,099 | 256,635 | ||||||||||
4,895 | RENAULT S.A. | 134,511 | 509,811 | ||||||||||
4,801 | REXEL S.A. | 94,027 | 77,396 | ||||||||||
4,929 | SAFRAN S.A. | 274,948 | 334,047 | ||||||||||
21,753 | SANOFI | 1,385,089 | 2,139,938 | ||||||||||
10,522 | SCHNEIDER ELECTRIC S.E. | 454,997 | 726,467 | ||||||||||
278 | SCHNEIDER ELECTRIC S.E. | 8,838 | 19,440 | ||||||||||
1,813 | SCOR S.E. | 36,441 | 63,962 | ||||||||||
5,515 | SES S.A. | 114,220 | 185,282 | ||||||||||
457 | SOCIETE BIC S.A. | 49,235 | 72,857 | ||||||||||
13,326 | SOCIETE GENERALE S.A. | 486,680 | 622,041 | ||||||||||
20,157 | SOCIETE TELEVISION FRANCAISE 1 | 163,330 | 347,642 | ||||||||||
5,360 | SODEXO S.A. | 288,102 | 509,001 | ||||||||||
4,827 | SUEZ ENVIRONNEMENT CO. | 84,076 | 89,788 | ||||||||||
2,555 | TECHNIP S.A. | 218,518 | 158,145 | ||||||||||
916 | THALES S.A. | 52,448 | 55,308 | ||||||||||
38,987 | TOTAL S.A. | 1,975,154 | 1,893,755 | ||||||||||
1,808 | UNIBAIL-RODAMCO S.E. | 228,178 | 456,948 | ||||||||||
1,300 | VALEO S.A. | 168,708 | 204,859 | ||||||||||
3,555 | VALLOUREC S.A. | 141,792 | 72,607 | ||||||||||
13,671 | VEOLIA ENVIRONNEMENT S.A. | 145,445 | 278,760 | ||||||||||
8,317 | VINCI S.A. | 347,069 | 481,042 |
See accompanying notes to the financial statements. | 74 | (Continued) |
CLEARWATER INVESTMENT TRUST | ||
Schedule of Investments - Clearwater International Fund (unaudited) | ||
June 30, 2015 |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||||
France (Cont’d): | ||||||||||
48,366 | VIVENDI S.A. | $ | 949,194 | 1,219,959 | ||||||
1,345 | WENDEL S.A. | 91,561 | 164,867 | |||||||
2,435 | ZODIAC AEROSPACE | 82,519 | 79,268 | |||||||
19,883,380 | 26,922,480 | 5.15 | % | |||||||
Germany: | ||||||||||
3,492 | ADIDAS A.G. | 145,098 | 267,258 | |||||||
8,540 | ALLIANZ S.E. (REGISTERED) | 758,733 | 1,330,058 | |||||||
16,707 | BASF S.E. | 672,194 | 1,468,085 | |||||||
14,908 | BAYER A.G. (REGISTERED) | 793,310 | 2,086,664 | |||||||
5,625 | BAYERISCHE MOTOREN WERKE A.G. | 543,796 | 615,690 | |||||||
1,591 | BEIERSDORF A.G. | 86,858 | 133,278 | |||||||
1,768 | BRENNTAG A.G. | 77,868 | 101,371 | |||||||
67,184 | CANCOM S.E. | 3,032,403 | 2,418,898 | |||||||
4,528 | CELESIO A.G. | 63,758 | 131,249 | |||||||
20,348 | COMMERZBANK A.G.(b) | 248,184 | 260,083 | |||||||
1,823 | CONTINENTAL A.G. | 247,327 | 431,371 | |||||||
27,770 | CTS EVENTIM A.G. & CO. KGAA | 430,490 | 1,012,527 | |||||||
17,639 | DAIMLER A.G. (REGISTERED) | 589,913 | 1,605,437 | |||||||
5,495 | DEUTSCHE ANNINGTON IMMOBILIEN S.E. | 194,075 | 154,990 | |||||||
23,097 | DEUTSCHE BANK A.G. (REGISTERED) | 802,812 | 693,954 | |||||||
13,929 | DEUTSCHE BOERSE A.G. | 744,450 | 1,153,009 | |||||||
3,261 | DEUTSCHE LUFTHANSA A.G. (REGISTERED)(b) | 35,709 | 42,045 | |||||||
17,828 | DEUTSCHE POST A.G. (REGISTERED) | 210,542 | 520,839 | |||||||
53,629 | DEUTSCHE TELEKOM A.G. (REGISTERED) | 668,751 | 923,729 | |||||||
3,463 | DEUTSCHE WOHNEN A.G. (BEARER) | 80,362 | 79,357 | |||||||
34,782 | E.ON S.E. | 620,171 | 463,382 | |||||||
3,749 | FRESENIUS MEDICAL CARE A.G. & CO. KGAA | 251,227 | 309,456 | |||||||
6,867 | FRESENIUS S.E. & CO. KGAA | 150,261 | 440,584 | |||||||
2,127 | GEA GROUP A.G. | 78,369 | 94,875 | |||||||
18,980 | GERRESHEIMER A.G. | 1,060,450 | 1,183,047 | |||||||
40,600 | GRAND CITY PROPERTIES S.A. | 502,297 | 704,970 | |||||||
2,246 | HANNOVER RUECK S.E. | 94,321 | 217,318 | |||||||
3,952 | HEIDELBERGCEMENT A.G. | 143,515 | 313,391 | |||||||
2,050 | HENKEL A.G. & CO. KGAA | 189,371 | 195,383 | |||||||
2,600 | HOCHTIEF A.G. | 108,936 | 201,453 | |||||||
870 | HUGO BOSS A.G. | 111,261 | 97,234 | |||||||
21,437 | INFINEON TECHNOLOGIES A.G. | 117,250 | 265,996 | |||||||
2,881 | K+S A.G. (REGISTERED) | 79,970 | 121,361 | |||||||
72,260 | KLOECKNER & CO. S.E. | 799,031 | 652,126 | |||||||
1,658 | LANXESS A.G. | 98,543 | 97,763 | |||||||
4,090 | LEONI A.G. | 225,005 | 258,218 | |||||||
3,407 | LINDE A.G. | 605,841 | 645,330 | |||||||
728 | MAN S.E. | 80,772 | 74,985 | |||||||
2,050 | MERCK KGAA | 86,079 | 204,273 | |||||||
2,538 | METRO A.G. | 78,426 | 80,018 | |||||||
3,549 | MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT A.G. IN MUENCHEN (REGISTERED) | 444,935 | 629,100 | |||||||
2,502 | OSRAM LICHT A.G. | 92,424 | 119,817 | |||||||
2,854 | PROSIEBENSAT.1 MEDIA A.G. (REGISTERED) | 84,251 | 140,953 | |||||||
2,620 | RATIONAL A.G. | 657,685 | 962,293 | |||||||
7,668 | RWE A.G. | 245,889 | 164,861 | |||||||
1,130 | SALZGITTER A.G. | 50,070 | 40,389 | |||||||
18,124 | SAP S.E. | 760,217 | 1,264,867 | |||||||
14,594 | SIEMENS A.G. (REGISTERED) | 934,614 | 1,470,005 | |||||||
3,800 | STABILUS S.A.(b) | 159,104 | 162,022 | |||||||
2,085 | SYMRISE A.G. | 133,207 | 129,403 | |||||||
8,784 | TELEFONICA DEUTSCHLAND HOLDING A.G. | 48,334 | 50,629 | |||||||
8,827 | THYSSENKRUPP A.G. | 181,566 | 229,635 | |||||||
7,071 | TUI A.G. | 57,698 | 114,305 | |||||||
6,282 | TUI A.G. | 109,728 | 101,667 | |||||||
1,929 | UNITED INTERNET A.G. (REGISTERED) | 87,227 | 85,753 | |||||||
606 | VOLKSWAGEN A.G. | 78,578 | 140,221 | |||||||
20,033,256 | 27,856,975 | 5.33 | % | |||||||
Greece: | ||||||||||
6,746 | HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A. | 54,075 | 61,671 | |||||||
3,968 | OPAP S.A. | 51,161 | 34,549 | |||||||
105,236 | 96,220 | 0.02 | % |
See accompanying notes to the financial statements. | 75 | (Continued) |
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund (unaudited) |
June 30, 2015 |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||||
Hong Kong: | ||||||||||
220,400 | AIA GROUP LTD. | $ | 733,244 | 1,442,976 | ||||||
16,600 | BANK OF EAST ASIA (THE) LTD. | 71,196 | 72,597 | |||||||
82,500 | BOC HONG KONG HOLDINGS LTD. | 169,112 | 343,770 | |||||||
10,000 | CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD. | 46,496 | 77,662 | |||||||
56,044 | CHEUNG KONG PROPERTY HOLDINGS LTD.(b) | 165,366 | 464,891 | |||||||
56,044 | CK HUTCHISON HOLDINGS LTD. | 349,706 | 823,501 | |||||||
36,500 | CLP HOLDINGS LTD. | 253,113 | 310,306 | |||||||
27,800 | ESPRIT HOLDINGS LTD. | 35,637 | 26,037 | |||||||
1,696,000 | EVA PRECISION INDUSTRIAL HOLDINGS LTD. | 470,985 | 498,852 | |||||||
40,000 | GALAXY ENTERTAINMENT GROUP LTD. | 133,068 | 159,452 | |||||||
84,000 | GLOBAL BRANDS GROUP HOLDING LTD.(b) | 14,386 | 17,664 | |||||||
399,344 | HAIER ELECTRONICS GROUP CO. LTD. | 755,345 | 1,076,725 | |||||||
44,000 | HANG LUNG PROPERTIES LTD. | 116,126 | 130,838 | |||||||
18,600 | HANG SENG BANK LTD. | 228,767 | 363,527 | |||||||
21,303 | HENDERSON LAND DEVELOPMENT CO. LTD. | 73,321 | 145,793 | |||||||
100,430 | HONG KONG & CHINA GAS CO. LTD. | 203,143 | 210,666 | |||||||
18,500 | HONG KONG EXCHANGES AND CLEARING LTD. | 385,603 | 652,979 | |||||||
400 | HOPEWELL HIGHWAY INFRASTRUCTURE LTD. | 229 | 197 | |||||||
12,000 | HYSAN DEVELOPMENT CO. LTD. | 49,052 | 52,015 | |||||||
13,500 | KERRY LOGISTICS NETWORK LTD. | 28,209 | 21,352 | |||||||
27,000 | KERRY PROPERTIES LTD. | 90,767 | 105,889 | |||||||
84,000 | LI & FUNG LTD. | 86,666 | 66,645 | |||||||
40,500 | LINK REIT (THE) | 84,195 | 237,204 | |||||||
171,000 | LUK FOOK HOLDINGS INTERNATIONAL LTD. | 565,640 | 504,073 | |||||||
26,800 | MGM CHINA HOLDINGS LTD. | 51,645 | 43,839 | |||||||
30,500 | MTR CORP. LTD. | 88,703 | 142,043 | |||||||
54,000 | NEW WORLD DEVELOPMENT CO. LTD. | 59,135 | 70,639 | |||||||
43,500 | NWS HOLDINGS LTD. | 52,824 | 62,964 | |||||||
1,945,500 | PAX GLOBAL TECHNOLOGY LTD.(b) | 1,041,731 | 2,790,921 | |||||||
190,000 | PCCW LTD. | 77,805 | 113,487 | |||||||
4,678,603 | PICO FAR EAST HOLDINGS LTD. | 1,199,566 | 1,496,854 | |||||||
24,000 | POWER ASSETS HOLDINGS LTD. | 139,092 | 218,898 | |||||||
27,683,380 | REXLOT HOLDINGS LTD. | 2,646,928 | 1,571,387 | |||||||
48,000 | SANDS CHINA LTD. | 128,061 | 161,619 | |||||||
22,000 | SHANGRI-LA ASIA LTD. | 29,501 | 30,709 | |||||||
1,055,400 | SINO BIOPHARMACEUTICAL LTD. | 922,369 | 1,225,381 | |||||||
59,400 | SINO LAND CO. LTD. | 80,601 | 99,312 | |||||||
566,000 | SITOY GROUP HOLDINGS LTD. | 361,652 | 376,041 | |||||||
25,000 | SJM HOLDINGS LTD. | 52,349 | 27,091 | |||||||
256,000 | STELLA INTERNATIONAL HOLDINGS LTD. | 679,964 | 610,975 | |||||||
27,000 | SUN HUNG KAI PROPERTIES LTD. | 327,389 | 437,487 | |||||||
19,000 | SWIRE PACIFIC LTD., CLASS A | 127,857 | 238,862 | |||||||
17,800 | SWIRE PROPERTIES LTD. | 50,632 | 56,834 | |||||||
387,500 | TECHTRONIC INDUSTRIES CO. LTD. | 726,566 | 1,269,746 | |||||||
3,000 | TELEVISION BROADCASTS LTD. | 9,222 | 17,803 | |||||||
665,000 | VALUE PARTNERS GROUP LTD. | 409,258 | 1,050,061 | |||||||
84,300 | VTECH HOLDINGS LTD. | 996,749 | 1,119,063 | |||||||
22,000 | WHARF HOLDINGS (THE) LTD. | 170,501 | 146,448 | |||||||
19,000 | WHEELOCK & CO. LTD. | 30,489 | 97,064 | |||||||
30,000 | WYNN MACAU LTD. | 50,423 | 50,080 | |||||||
582,000 | YINGDE GASES GROUP CO. LTD. | 583,171 | 400,937 | |||||||
15,000 | YUE YUEN INDUSTRIAL HOLDINGS LTD. | 30,233 | 50,216 | |||||||
16,233,788 | 21,782,372 | 4.17 | % | |||||||
Ireland: | ||||||||||
7,005 | ACCENTURE PLC, CLASS A | 259,449 | 677,944 | |||||||
329,197 | BANK OF IRELAND(b) | 119,783 | 132,856 | |||||||
14,894 | CRH PLC | 217,633 | 420,428 | |||||||
127,123 | EXPERIAN PLC | 2,123,778 | 2,315,010 | |||||||
29,390 | ICON PLC(b) | 1,958,272 | 1,977,947 | |||||||
11,673 | JAMES HARDIE INDUSTRIES PLC - CDI | 105,224 | 155,989 | |||||||
2,882 | KERRY GROUP PLC, CLASS A | 190,984 | 213,632 | |||||||
25,218 | MEDTRONIC PLC | 586,319 | 1,868,654 | |||||||
10,894 | SHIRE PLC | 397,570 | 872,121 | |||||||
5,959,012 | 8,634,581 | 1.65 | % | |||||||
Israel: | ||||||||||
1,266 | AZRIELI GROUP | 53,830 | 50,554 |
See accompanying notes to the financial statements. | 76 | (Continued) |
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund (unaudited) |
June 30, 2015 |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||||
Israel (Cont’d): | ||||||||||
21,030 | BANK HAPOALIM B.M. | $ | 80,002 | 113,287 | ||||||
21,775 | BANK LEUMI LE-ISRAEL B.M.(b) | 77,241 | 92,086 | |||||||
21,100 | CAESARSTONE SDOT-YAM LTD. | 1,265,814 | 1,446,194 | |||||||
217 | DELEK GROUP LTD. | 52,364 | 63,997 | |||||||
6,042 | ISRAEL CHEMICALS LTD. | 49,265 | 42,218 | |||||||
395,114 | MAGIC SOFTWARE ENTERPRISES LTD. | 2,814,203 | 2,631,459 | |||||||
5,900 | MIZRAHI TEFAHOT BANK LTD. | 51,135 | 73,180 | |||||||
1,494 | NICE-SYSTEMS LTD. | 50,675 | 95,009 | |||||||
15,507 | TEVA PHARMACEUTICAL INDUSTRIES LTD. ADR(d) | 643,646 | 916,464 | |||||||
5,138,175 | 5,524,448 | 1.06 | % | |||||||
Italy: | ||||||||||
41,324 | AMPLIFON S.P.A. | 174,729 | 321,799 | |||||||
18,467 | ASSICURAZIONI GENERALI S.P.A. | 269,600 | 332,701 | |||||||
5,758 | ATLANTIA S.P.A. | 117,756 | 142,252 | |||||||
93,475 | AZIMUT HOLDING S.P.A. | 1,279,167 | 2,734,486 | |||||||
4,251 | BANCA MONTE DEI PASCHI DI SIENA S.P.A.(b) | 10,682 | 8,275 | |||||||
5,291 | BANCO POPOLARE S.C.(b) | 81,793 | 87,064 | |||||||
57,599 | ENEL GREEN POWER S.P.A. | 98,098 | 112,568 | |||||||
116,304 | ENEL S.P.A. | 453,132 | 526,945 | |||||||
49,857 | ENI S.P.A. | 958,264 | 884,883 | |||||||
3,610 | EXOR S.P.A. | 90,615 | 172,334 | |||||||
10,070 | FINMECCANICA S.P.A.(b) | 50,331 | 126,635 | |||||||
230,068 | INTESA SANPAOLO S.P.A. | 463,442 | 834,110 | |||||||
18,185 | INTESA SANPAOLO S.P.A. (RSP) | 53,136 | 58,023 | |||||||
2,826 | LUXOTTICA GROUP S.P.A. | 118,626 | 187,931 | |||||||
19,749 | MARR S.P.A. | 315,231 | 350,073 | |||||||
8,839 | MEDIOBANCA S.P.A. | 82,122 | 86,667 | |||||||
25,272 | MEDIOLANUM S.P.A. | 87,322 | 208,491 | |||||||
3,027 | PIRELLI & C. S.P.A. | 50,406 | 51,092 | |||||||
4,438 | PRYSMIAN S.P.A. | 86,023 | 95,887 | |||||||
4,974 | SAIPEM S.P.A.(b) | 50,817 | 52,541 | |||||||
57,530 | SNAM S.P.A. | 249,716 | 273,738 | |||||||
214,771 | SORIN S.P.A.(b) | 634,460 | 600,988 | |||||||
111,427 | TELECOM ITALIA S.P.A.(b) | 150,893 | 141,367 | |||||||
9,486 | TENARIS S.A. | 130,049 | 127,752 | |||||||
34,652 | TERNA RETE ELETTRICA NAZIONALE S.P.A. | 130,368 | 153,136 | |||||||
87,559 | UNICREDIT S.P.A. | 500,163 | 588,131 | |||||||
25,343 | UNIONE DI BANCHE ITALIANE S.C.P.A. | 103,374 | 203,285 | |||||||
6,790,315 | 9,463,154 | 1.81 | % | |||||||
Japan: | ||||||||||
1,400 | ABC-MART, INC. | 51,583 | 85,680 | |||||||
30,200 | ADERANS CO. LTD. | 398,005 | 260,828 | |||||||
14,200 | AEON CO. LTD. | 162,360 | 201,597 | |||||||
6,300 | AEON FINANCIAL SERVICE CO. LTD. | 81,451 | 175,021 | |||||||
1,210 | AEON MALL CO. LTD. | 23,091 | 22,680 | |||||||
2,900 | AISIN SEIKI CO. LTD. | 64,900 | 123,455 | |||||||
15,000 | AJINOMOTO CO., INC. | 116,767 | 324,979 | |||||||
5,200 | ALFRESA HOLDINGS CORP. | 50,794 | 80,984 | |||||||
2,000 | AMADA HOLDINGS CO. LTD. | 10,582 | 21,146 | |||||||
21,000 | ANA HOLDINGS, INC. | 52,231 | 56,985 | |||||||
18,000 | AOZORA BANK LTD. | 51,121 | 67,950 | |||||||
33,661 | ARCLAND SERVICE CO. LTD. | 1,449,768 | 1,438,469 | |||||||
36,100 | ASAHI CO. LTD. | 561,894 | 381,102 | |||||||
16,000 | ASAHI GLASS CO. LTD. | 97,913 | 96,090 | |||||||
5,600 | ASAHI GROUP HOLDINGS LTD. | 85,235 | 178,110 | |||||||
31,000 | ASAHI KASEI CORP. | 147,138 | 254,692 | |||||||
50,600 | ASICS CORP. | 702,996 | 1,308,567 | |||||||
39,000 | ASTELLAS PHARMA, INC. | 265,750 | 556,232 | |||||||
1,500 | BANDAI NAMCO HOLDINGS, INC. | 14,652 | 29,023 | |||||||
37,000 | BANK OF YOKOHAMA (THE) LTD. | 164,514 | 226,925 | |||||||
3,000 | BENESSE HOLDINGS, INC. | 114,910 | 75,254 | |||||||
13,800 | BRIDGESTONE CORP. | 205,726 | 510,516 | |||||||
5,200 | BROTHER INDUSTRIES LTD. | 38,445 | 73,676 | |||||||
20,100 | CANON, INC. | 672,638 | 654,069 | |||||||
16,600 | CAPCOM CO. LTD. | 276,543 | 321,597 | |||||||
3,800 | CASIO COMPUTER CO. LTD. | 51,908 | 75,016 | |||||||
2,700 | CENTRAL JAPAN RAILWAY CO. | 229,516 | 487,670 |
See accompanying notes to the financial statements. | 77 | (Continued) |
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund (unaudited) |
June 30, 2015 |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||||
Japan (Cont’d): | ||||||||||
15,000 | CHIBA BANK (THE) LTD. | $ | 81,968 | 114,352 | ||||||
9,900 | CHUBU ELECTRIC POWER CO., INC. | 134,469 | 147,588 | |||||||
4,500 | CHUGAI PHARMACEUTICAL CO. LTD. | 82,278 | 155,350 | |||||||
4,000 | CHUGOKU BANK (THE) LTD. | 53,626 | 63,112 | |||||||
5,200 | CHUGOKU ELECTRIC POWER (THE) CO., INC. | 81,720 | 75,885 | |||||||
7,900 | CITIZEN HOLDINGS CO. LTD. | 31,581 | 55,126 | |||||||
43,736 | CREDIT SAISON CO. LTD. | 575,172 | 937,723 | |||||||
6,000 | DAI NIPPON PRINTING CO. LTD. | 55,038 | 61,993 | |||||||
33,400 | DAIBIRU CORP. | 353,886 | 309,206 | |||||||
11,000 | DAIDO STEEL CO. LTD. | 45,649 | 45,839 | |||||||
17,500 | DAI-ICHI LIFE INSURANCE (THE) CO. LTD. | 222,759 | 344,109 | |||||||
9,900 | DAIICHI SANKYO CO. LTD. | 154,612 | 183,140 | |||||||
4,500 | DAIKIN INDUSTRIES LTD. | 124,473 | 323,900 | |||||||
1,200 | DAITO TRUST CONSTRUCTION CO. LTD. | 117,985 | 124,329 | |||||||
10,000 | DAIWA HOUSE INDUSTRY CO. LTD. | 103,706 | 233,117 | |||||||
25,000 | DAIWA SECURITIES GROUP, INC. | 96,011 | 187,360 | |||||||
8,700 | DENSO CORP. | 211,549 | 433,347 | |||||||
3,500 | DENTSU, INC. | 82,003 | 181,313 | |||||||
48,000 | DESCENTE LTD. | 278,723 | 720,480 | |||||||
1,400 | DON QUIJOTE HOLDINGS CO. LTD. | 51,867 | 59,599 | |||||||
13,000 | DOWA HOLDINGS CO. LTD. | 55,385 | 122,793 | |||||||
7,000 | EAST JAPAN RAILWAY CO. | 392,789 | 629,734 | |||||||
4,300 | EISAI CO. LTD. | 180,738 | 288,669 | |||||||
2,400 | ELECTRIC POWER DEVELOPMENT CO. LTD. | 71,894 | 84,814 | |||||||
1,800 | FAMILYMART CO. LTD. | 52,590 | 82,804 | |||||||
13,900 | FANUC CORP. | 2,011,429 | 2,848,486 | |||||||
1,100 | FAST RETAILING CO. LTD. | 136,395 | 499,375 | |||||||
21,000 | FUJI ELECTRIC CO. LTD. | 51,969 | 90,428 | |||||||
10,000 | FUJI HEAVY INDUSTRIES LTD. | 146,485 | 368,346 | |||||||
8,800 | FUJIFILM HOLDINGS CORP. | 165,274 | 314,473 | |||||||
44,000 | FUJITSU LTD. | 171,664 | 246,056 | |||||||
11,000 | FUKUOKA FINANCIAL GROUP, INC. | 36,036 | 57,074 | |||||||
32,000 | FURUKAWA ELECTRIC CO. LTD. | 65,376 | 57,000 | |||||||
12,000 | GS YUASA CORP. | 47,814 | 47,163 | |||||||
6,000 | GUNMA BANK (THE) LTD. | 31,571 | 44,319 | |||||||
3,000 | HAMAMATSU PHOTONICS K.K. | 52,686 | 88,491 | |||||||
17,000 | HANKYU HANSHIN HOLDINGS, INC. | 86,484 | 100,429 | |||||||
3,000 | HINO MOTORS LTD. | 42,968 | 37,112 | |||||||
525 | HIROSE ELECTRIC CO. LTD. | 48,402 | 75,199 | |||||||
7,000 | HIROSHIMA BANK (THE) LTD. | 26,154 | 41,868 | |||||||
95,000 | HITACHI LTD. | 295,895 | 626,270 | |||||||
6,000 | HITACHI METALS LTD. | 45,405 | 92,217 | |||||||
9,500 | HOKKAIDO ELECTRIC POWER CO., INC.(b) | 84,575 | 107,820 | |||||||
7,300 | HOKURIKU ELECTRIC POWER CO. | 76,486 | 108,798 | |||||||
29,700 | HONDA MOTOR CO. LTD. | 811,447 | 961,364 | |||||||
7,200 | HOYA CORP. | 181,547 | 288,682 | |||||||
5,100 | HULIC CO. LTD. | 54,980 | 45,256 | |||||||
3,800 | IBIDEN CO. LTD. | 71,559 | 64,273 | |||||||
1,200 | IDEMITSU KOSAN CO. LTD. | 23,804 | 23,562 | |||||||
20,000 | IHI CORP. | 52,673 | 93,149 | |||||||
15,600 | INPEX CORP. | 192,488 | 177,370 | |||||||
9,800 | ISETAN MITSUKOSHI HOLDINGS LTD. | 85,535 | 175,205 | |||||||
8,500 | ISUZU MOTORS LTD. | 108,047 | 111,646 | |||||||
27,200 | ITOCHU CORP. | 291,860 | 359,377 | |||||||
5,000 | IYO BANK (THE) LTD. | 43,448 | 61,445 | |||||||
4,000 | J FRONT RETAILING CO. LTD. | 31,099 | 75,303 | |||||||
1,600 | JAPAN AIRLINES CO. LTD. | 47,656 | 55,824 | |||||||
3,500 | JAPAN EXCHANGE GROUP, INC. | 56,090 | 113,678 | |||||||
1,500 | JAPAN PETROLEUM EXPLORATION CO. LTD. | 54,111 | 47,739 | |||||||
16 | JAPAN PRIME REALTY INVESTMENT CORP. | 56,433 | 49,745 | |||||||
112,639 | JAPAN PROPERTY MANAGEMENT CENTER CO. LTD. | 1,524,134 | 1,586,711 | |||||||
16 | JAPAN REAL ESTATE INVESTMENT CORP. | 81,469 | 72,689 | |||||||
33 | JAPAN RETAIL FUND INVESTMENT CORP. | 60,174 | 66,035 | |||||||
19,400 | JAPAN TOBACCO, INC. | 584,364 | 691,210 | |||||||
7,200 | JFE HOLDINGS, INC. | 122,618 | 159,814 | |||||||
4,000 | JGC CORP. | 53,048 | 75,565 | |||||||
12,000 | JOYO BANK (THE) LTD. | 54,056 | 67,263 | |||||||
3,100 | JSR CORP. | 39,530 | 54,814 |
See accompanying notes to the financial statements. | 78 | (Continued) |
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund (unaudited) |
June 30, 2015 |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||||
Japan (Cont’d): | ||||||||||
5,000 | JTEKT CORP. | $ | 36,670 | 94,701 | ||||||
29,200 | JX HOLDINGS, INC. | 150,765 | 126,024 | |||||||
7,000 | KAJIMA CORP. | 15,004 | 32,888 | |||||||
69,081 | KAKAKU.COM, INC. | 1,039,635 | 1,000,217 | |||||||
18,000 | KANSAI ELECTRIC POWER (THE) CO., INC.(b) | 164,557 | 199,363 | |||||||
2,000 | KANSAI PAINT CO. LTD. | 10,449 | 31,001 | |||||||
26,713 | KAO CORP. | 622,862 | 1,242,612 | |||||||
35,000 | KAWASAKI HEAVY INDUSTRIES LTD. | 71,135 | 163,296 | |||||||
44,862 | KDDI CORP. | 583,178 | 1,082,832 | |||||||
24,800 | KEIHIN CORP. | 308,810 | 355,834 | |||||||
13,000 | KEIKYU CORP. | 95,310 | 98,149 | |||||||
5,000 | KEIO CORP. | 28,322 | 35,789 | |||||||
5,000 | KEISEI ELECTRIC RAILWAY CO. LTD. | 23,110 | 59,484 | |||||||
981 | KEYENCE CORP. | 180,512 | 529,516 | |||||||
6,000 | KIKKOMAN CORP. | 52,867 | 187,523 | |||||||
35,000 | KINTETSU GROUP HOLDINGS CO. LTD. | 106,062 | 119,255 | |||||||
13,000 | KIRIN HOLDINGS CO. LTD. | 145,586 | 179,091 | |||||||
17,600 | KOBAYASHI PHARMACEUTICAL CO. LTD. | 945,028 | 1,196,487 | |||||||
27,000 | KOBE STEEL LTD. | 47,410 | 45,447 | |||||||
1,300 | KOITO MANUFACTURING CO. LTD. | 51,317 | 50,721 | |||||||
15,400 | KOMATSU LTD. | 339,281 | 309,170 | |||||||
2,300 | KONAMI CORP. | 50,313 | 42,773 | |||||||
7,000 | KONICA MINOLTA, INC. | 53,139 | 81,734 | |||||||
900 | KOSHIDAKA HOLDINGS CO. LTD. | 20,958 | 23,201 | |||||||
21,000 | KUBOTA CORP. | 129,773 | 333,141 | |||||||
3,800 | KURARAY CO. LTD. | 51,382 | 46,481 | |||||||
4,300 | KURITA WATER INDUSTRIES LTD. | 96,931 | 100,275 | |||||||
92,000 | KYB CO. LTD. | 338,205 | 318,732 | |||||||
5,400 | KYOCERA CORP. | 198,000 | 280,755 | |||||||
5,000 | KYOWA HAKKO KIRIN CO. LTD. | 54,616 | 65,408 | |||||||
6,500 | KYUSHU ELECTRIC POWER CO., INC.(b) | 59,661 | 75,418 | |||||||
2,800 | LAWSON, INC. | 120,035 | 191,723 | |||||||
4,200 | LIXIL GROUP CORP. | 71,097 | 83,393 | |||||||
2,400 | M3, INC. | 51,468 | 48,280 | |||||||
1,600 | MAKITA CORP. | 82,169 | 86,808 | |||||||
24,000 | MARUBENI CORP. | 173,505 | 137,723 | |||||||
6,500 | MARUI GROUP CO. LTD. | 32,287 | 87,846 | |||||||
11,400 | MAZDA MOTOR CORP. | 95,886 | 223,371 | |||||||
2,700 | MCDONALD’S HOLDINGS CO. JAPAN LTD. | 73,436 | 57,029 | |||||||
1,700 | MEIJI HOLDINGS CO. LTD. | 54,895 | 219,471 | |||||||
27,400 | MEITEC CORP. | 609,499 | 1,020,909 | |||||||
4,000 | MINEBEA CO. LTD. | 66,257 | 66,054 | |||||||
1,800 | MIRACA HOLDINGS, INC. | 71,311 | 90,011 | |||||||
40,000 | MITSUBISHI CHEMICAL HOLDINGS CORP. | 161,621 | 251,828 | |||||||
25,200 | MITSUBISHI CORP. | 378,464 | 554,303 | |||||||
32,000 | MITSUBISHI ELECTRIC CORP. | 244,114 | 413,645 | |||||||
27,000 | MITSUBISHI ESTATE CO. LTD. | 353,310 | 581,652 | |||||||
17,000 | MITSUBISHI GAS CHEMICAL CO., INC. | 75,149 | 95,289 | |||||||
57,000 | MITSUBISHI HEAVY INDUSTRIES LTD. | 185,317 | 346,839 | |||||||
4,000 | MITSUBISHI LOGISTICS CORP. | 45,017 | 52,555 | |||||||
18,000 | MITSUBISHI MATERIALS CORP. | 47,129 | 69,126 | |||||||
9,400 | MITSUBISHI MOTORS CORP. | 89,862 | 80,033 | |||||||
3,800 | MITSUBISHI TANABE PHARMA CORP. | 49,996 | 56,976 | |||||||
240,600 | MITSUBISHI UFJ FINANCIAL GROUP, INC. | 1,162,680 | 1,729,623 | |||||||
27,000 | MITSUBISHI UFJ LEASE & FINANCE CO. LTD. | 83,878 | 147,812 | |||||||
29,600 | MITSUI & CO. LTD. | 306,203 | 402,092 | |||||||
37,000 | MITSUI CHEMICALS, INC. | 87,469 | 137,558 | |||||||
16,000 | MITSUI FUDOSAN CO. LTD. | 421,176 | 448,029 | |||||||
3,000 | MITSUI MINING & SMELTING CO. LTD. | 5,391 | 8,114 | |||||||
12,000 | MITSUI OSK LINES LTD. | 47,398 | 38,436 | |||||||
422,420 | MIZUHO FINANCIAL GROUP, INC. | 741,265 | 914,665 | |||||||
8,280 | MS&AD INSURANCE GROUP HOLDINGS, INC. | 177,615 | 257,970 | |||||||
3,600 | MURATA MANUFACTURING CO. LTD. | 162,615 | 628,312 | |||||||
32,100 | NACHI-FUJIKOSHI CORP. | 188,362 | 189,371 | |||||||
44,000 | NEC CORP. | 128,517 | 133,382 | |||||||
5,000 | NGK INSULATORS LTD. | 63,090 | 128,897 | |||||||
3,000 | NGK SPARK PLUG CO. LTD. | 28,359 | 83,221 | |||||||
6,000 | NH FOODS LTD. | 72,315 | 136,978 |
See accompanying notes to the financial statements. | 79 | (Continued) |
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund (unaudited) |
June 30, 2015 |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||||
Japan (Cont’d): | ||||||||||
3,500 | NIDEC CORP. | $ | 102,546 | 262,103 | ||||||
21,968 | NIHON M&A CENTER, INC. | 862,881 | 906,471 | |||||||
6,000 | NIKON CORP. | 75,728 | 69,420 | |||||||
1,800 | NINTENDO CO. LTD. | 172,120 | 301,066 | |||||||
22 | NIPPON BUILDING FUND, INC. | 90,970 | 96,352 | |||||||
17,000 | NIPPON EXPRESS CO. LTD. | 60,747 | 83,621 | |||||||
2,000 | NIPPON PAINT HOLDINGS CO. LTD. | 44,426 | 56,461 | |||||||
123,535 | NIPPON STEEL & SUMITOMO METAL CORP. | 307,243 | 320,383 | |||||||
15,200 | NIPPON TELEGRAPH & TELEPHONE CORP. | 342,697 | 550,633 | |||||||
17,000 | NIPPON YUSEN K.K. | 49,682 | 47,367 | |||||||
17,000 | NISHI-NIPPON CITY BANK (THE) LTD. | 40,901 | 49,034 | |||||||
5,000 | NISSAN CHEMICAL INDUSTRIES LTD. | 50,851 | 110,430 | |||||||
42,300 | NISSAN MOTOR CO. LTD. | 397,070 | 440,679 | |||||||
8,470 | NISSHIN SEIFUN GROUP, INC. | 78,577 | 112,670 | |||||||
1,200 | NISSIN FOODS HOLDINGS CO. LTD. | 43,959 | 52,654 | |||||||
2,400 | NISSIN KOGYO CO. LTD. | 32,124 | 39,632 | |||||||
2,700 | NITORI HOLDINGS CO. LTD. | 87,310 | 220,174 | |||||||
3,200 | NITTO DENKO CORP. | 77,639 | 263,039 | |||||||
72,300 | NOMURA HOLDINGS, INC. | 256,136 | 490,684 | |||||||
2,700 | NOMURA REAL ESTATE HOLDINGS, INC. | 56,230 | 56,698 | |||||||
2,700 | NOMURA RESEARCH INSTITUTE LTD. | 43,930 | 105,675 | |||||||
17,800 | NORTH PACIFIC BANK LTD. | 49,457 | 79,557 | |||||||
7,000 | NSK LTD. | 50,459 | 108,159 | |||||||
1,400 | NTT DATA CORP. | 36,520 | 61,200 | |||||||
25,400 | NTT DOCOMO, INC. | 392,916 | 486,478 | |||||||
6,500 | NTT URBAN DEVELOPMENT CORP. | 52,710 | 64,689 | |||||||
12,000 | OBAYASHI CORP. | 48,665 | 87,560 | |||||||
6,000 | ODAKYU ELECTRIC RAILWAY CO. LTD. | 51,746 | 56,036 | |||||||
5,100 | OLYMPUS CORP. | 71,174 | 176,272 | |||||||
3,400 | OMRON CORP. | 112,198 | 147,796 | |||||||
1,300 | ONO PHARMACEUTICAL CO. LTD. | 55,952 | 142,019 | |||||||
8,000 | ONWARD HOLDINGS CO. LTD. | 54,094 | 55,170 | |||||||
6,400 | ORIENTAL LAND CO. LTD. | 244,249 | 408,678 | |||||||
20,900 | ORIX CORP. | 271,898 | 310,977 | |||||||
37,000 | OSAKA GAS CO. LTD. | 121,878 | 146,114 | |||||||
7,000 | OTSUKA HOLDINGS CO. LTD. | 206,418 | 223,267 | |||||||
38,000 | PANASONIC CORP. | 278,832 | 522,098 | |||||||
2,600 | PARK24 CO. LTD. | 51,627 | 44,550 | |||||||
28,403 | PRESTIGE INTERNATIONAL, INC. | 180,651 | 217,922 | |||||||
15,200 | RAKUTEN, INC. | 97,714 | 245,602 | |||||||
1,600 | RECRUIT HOLDINGS CO. LTD. | 50,223 | 48,830 | |||||||
34,500 | RESONA HOLDINGS, INC. | 158,868 | 188,448 | |||||||
13,000 | RICOH CO. LTD. | 126,012 | 134,902 | |||||||
1,200 | RINNAI CORP. | 52,047 | 94,619 | |||||||
1,500 | ROHM CO. LTD. | 51,836 | 100,625 | |||||||
1,100 | SANKYO CO. LTD. | 48,612 | 38,963 | |||||||
15,100 | SANTEN PHARMACEUTICAL CO. LTD. | 116,834 | 213,820 | |||||||
13,720 | SBI HOLDINGS, INC. | 111,165 | 189,009 | |||||||
3,400 | SECOM CO. LTD. | 133,812 | 220,722 | |||||||
4,100 | SEGA SAMMY HOLDINGS, INC. | 38,822 | 53,601 | |||||||
3,400 | SEIBU HOLDINGS, INC. | 65,652 | 78,787 | |||||||
5,200 | SEIKO EPSON CORP. | 85,119 | 92,243 | |||||||
13,000 | SEKISUI CHEMICAL CO. LTD. | 66,177 | 159,652 | |||||||
8,000 | SEKISUI HOUSE LTD. | 76,913 | 127,074 | |||||||
12,800 | SEVEN & I HOLDINGS CO. LTD. | 281,200 | 550,133 | |||||||
25,000 | SHARP CORP.(b) | 50,043 | 30,437 | |||||||
4,900 | SHIKOKU ELECTRIC POWER CO., INC. | 52,495 | 73,389 | |||||||
4,000 | SHIMADZU CORP. | 25,419 | 54,353 | |||||||
1,000 | SHIMAMURA CO. LTD. | 61,206 | 105,078 | |||||||
1,500 | SHIMANO, INC. | 58,204 | 204,682 | |||||||
6,000 | SHIMIZU CORP. | 50,924 | 50,545 | |||||||
8,300 | SHIN-ETSU CHEMICAL CO. LTD. | 411,842 | 515,355 | |||||||
41,600 | SHINKO PLANTECH CO. LTD. | 342,251 | 367,444 | |||||||
25,000 | SHINSEI BANK LTD. | 51,465 | 50,456 | |||||||
4,900 | SHIONOGI & CO. LTD. | 98,552 | 189,978 | |||||||
5,900 | SHISEIDO CO. LTD. | 88,706 | 133,923 | |||||||
7,000 | SHIZUOKA BANK (THE) LTD. | 65,240 | 73,154 | |||||||
900 | SMC CORP. | 106,941 | 271,099 |
See accompanying notes to the financial statements. | 80 | (Continued) |
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund (unaudited) |
June 30, 2015 |
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||||
Japan (Cont’d): | ||||||||||
71,379 | SMS CO. LTD. | $ | 907,370 | 943,088 | ||||||
17,000 | SOFTBANK CORP. | 380,491 | 1,001,373 | |||||||
5,700 | SOMPO JAPAN NIPPONKOA HOLDINGS, INC. | 114,918 | 209,189 | |||||||
21,000 | SONY CORP.(b) | 346,346 | 593,958 | |||||||
4,400 | SONY FINANCIAL HOLDINGS, INC. | 56,074 | 77,153 | |||||||
22,200 | SQUARE ENIX HOLDINGS CO. LTD. | 278,007 | 491,398 | |||||||
54,900 | STANLEY ELECTRIC CO. LTD. | 805,200 | 1,144,787 | |||||||
7,000 | SUMCO CORP. | 47,761 | 87,682 | |||||||
25,000 | SUMITOMO CHEMICAL CO. LTD. | 74,256 | 150,345 | |||||||
21,300 | SUMITOMO CORP. | 207,214 | 247,834 | |||||||
13,100 | SUMITOMO ELECTRIC INDUSTRIES LTD. | 127,803 | 203,054 | |||||||
12,000 | SUMITOMO HEAVY INDUSTRIES LTD. | 39,379 | 70,009 | |||||||
9,000 | SUMITOMO METAL MINING CO. LTD. | 88,484 | 137,039 | |||||||
25,500 | SUMITOMO MITSUI FINANCIAL GROUP, INC. | 795,433 | 1,137,431 | |||||||
71,310 | SUMITOMO MITSUI TRUST HOLDINGS, INC. | 214,202 | 326,645 | |||||||
6,000 | SUMITOMO REALTY & DEVELOPMENT CO. LTD. | 163,837 | 210,492 | |||||||
58,000 | SUMITOMO RUBBER INDUSTRIES LTD. | 689,507 | 899,015 | |||||||
2,300 | SUNTORY BEVERAGE & FOOD LTD. | 88,486 | 91,617 | |||||||
2,000 | SURUGA BANK LTD. | 41,830 | 42,930 | |||||||
5,800 | SUZUKI MOTOR CORP. | 104,611 | 195,964 | |||||||
47,000 | SYSMEX CORP. | 1,081,349 | 2,803,448 | |||||||
7,700 | T&D HOLDINGS, INC. | 97,474 | 114,822 | |||||||
13,000 | TAIHEIYO CEMENT CORP. | 27,372 | 38,028 | |||||||
11,000 | TAISEI CORP. | 19,821 | 63,186 | |||||||
600 | TAISHO PHARMACEUTICAL HOLDINGS CO. LTD. | 40,190 | 40,544 | |||||||
10,000 | TAKASHIMAYA CO. LTD. | 63,872 | 90,697 | |||||||
14,200 | TAKEDA PHARMACEUTICAL CO. LTD. | 576,371 | 685,837 | |||||||
1,800 | TDK CORP. | 105,373 | 137,811 | |||||||
29,000 | TEIJIN LTD. | 67,529 | 112,555 | |||||||
5,200 | TERUMO CORP. | 95,419 | 124,790 | |||||||
2,000 | THK CO. LTD. | 29,290 | 43,241 | |||||||
14,000 | TOBU RAILWAY CO. LTD. | 67,422 | 60,171 | |||||||
2,200 | TOHO CO. LTD. | 42,502 | 54,737 | |||||||
17,000 | TOHO GAS CO. LTD. | 81,221 | 100,707 | |||||||
7,200 | TOHOKU ELECTRIC POWER CO., INC. | 56,650 | 97,541 | |||||||
13,900 | TOKAI RIKA CO. LTD. | 182,782 | 347,543 | |||||||
14,400 | TOKIO MARINE HOLDINGS, INC. | 359,676 | 599,368 | |||||||
21,600 | TOKYO ELECTRIC POWER CO., INC.(b) | 102,702 | 117,720 | |||||||
20,600 | TOKYO ELECTRON LTD. | 1,088,008 | 1,303,985 | |||||||
40,000 | TOKYO GAS CO. LTD. | 151,969 | 212,444 | |||||||
3,000 | TOKYO TATEMONO CO. LTD. | 56,308 | 41,672 | |||||||
25,000 | TOKYU CORP. | 103,448 | 167,504 | |||||||
23,000 | TOKYU FUDOSAN HOLDINGS CORP. | 86,617 | 177,407 | |||||||
4,000 | TONENGENERAL SEKIYU K.K. | 37,796 | 37,227 | |||||||
23,000 | TORAY INDUSTRIES, INC. | 121,780 | 194,603 | |||||||
80,000 | TOSHIBA CORP. | 245,423 | 275,197 | |||||||
6,000 | TOTO LTD. | 30,029 | 108,151 | |||||||
3,000 | TOYO SUISAN KAISHA LTD. | 74,690 | 109,450 | |||||||
4,000 | TOYOTA INDUSTRIES CORP. | 101,266 | 228,133 | |||||||
49,800 | TOYOTA MOTOR CORP. | 1,796,596 | 3,337,904 | |||||||
1,900 | TOYOTA TSUSHO CORP. | 17,167 | 50,999 | |||||||
2,500 | TREND MICRO, INC. | 74,501 | 85,591 | |||||||
61,000 | TSUGAMI CORP. | 318,601 | 335,940 | |||||||
34,800 | TSUMURA & CO. | 799,027 | 748,974 | |||||||
21,703 | TSURUHA HOLDINGS, INC. | 797,050 | 1,689,991 | |||||||
8,000 | UBE INDUSTRIES LTD. | 13,963 | 15,100 | |||||||
68,300 | UNICHARM CORP. | 1,457,979 | 1,623,719 | |||||||
17,500 | UNIPRES CORP. | 363,607 | 366,487 | |||||||
34 | UNITED URBAN INVESTMENT CORP. | 52,061 | 48,089 | |||||||
6,500 | USHIO, INC. | 68,874 | 84,659 | |||||||
4,900 | USS CO. LTD. | 56,003 | 88,483 | |||||||
4,100 | WEST JAPAN RAILWAY CO. | 134,756 | 262,479 | |||||||
23,600 | YAHOO JAPAN CORP. | 62,283 | 95,260 | |||||||
1,300 | YAKULT HONSHA CO. LTD. | 22,252 | 77,117 | |||||||
16,300 | YAMADA DENKI CO. LTD. | 56,674 | 65,261 | |||||||
4,800 | YAMAHA MOTOR CO. LTD. | 48,849 | 104,993 | |||||||
4,500 | YAMATO HOLDINGS CO. LTD. | 77,981 | 87,125 | |||||||
1,600 | YAMATO KOGYO CO. LTD. | 50,862 | 37,377 |
See accompanying notes to the financial statements. | 81 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | |||||||||
Japan (Cont’d): | |||||||||||||
4,000 | YAMAZAKI BAKING CO. LTD. | $ | 44,679 | 66,642 | |||||||||
5,000 | YASKAWA ELECTRIC CORP. | 48,019 | �� | 64,060 | |||||||||
56,775,992 | 82,805,763 | 15.83 | % | ||||||||||
Mexico: | |||||||||||||
7,695 | FRESNILLO PLC | 109,038 | 83,910 | ||||||||||
496,719 | WAL-MART DE MEXICO S.A.B. DE C.V. | 1,512,171 | 1,208,180 | ||||||||||
1,621,209 | 1,292,090 | 0.25 | % | ||||||||||
Netherlands: | |||||||||||||
35,080 | AALBERTS INDUSTRIES N.V. | 676,899 | 1,041,862 | ||||||||||
26,780 | ACCELL GROUP | 446,234 | 497,097 | ||||||||||
34,297 | AEGON N.V. | 128,398 | 252,052 | ||||||||||
4,340 | AKZO NOBEL N.V. | 184,408 | 315,806 | ||||||||||
1,575 | ALTICE S.A.(b) | 121,551 | 216,940 | ||||||||||
30,290 | ARCADIS N.V. | 736,105 | 833,077 | ||||||||||
7,173 | ASML HOLDING N.V. | 106,863 | 741,305 | ||||||||||
25,939 | ASML HOLDING N.V. (REGISTERED) | 1,571,559 | 2,701,028 | ||||||||||
1,581 | BOSKALIS WESTMINSTER N.V. | 79,255 | 77,377 | ||||||||||
14,274 | CORE LABORATORIES N.V. | 1,662,464 | 1,627,807 | ||||||||||
3,045 | DELTA LLOYD N.V. | 50,618 | 49,987 | ||||||||||
1,461 | GEMALTO N.V. | 110,002 | 130,108 | ||||||||||
1,400 | HEINEKEN HOLDING N.V. | 54,687 | 98,252 | ||||||||||
4,034 | HEINEKEN N.V. | 158,561 | 306,132 | ||||||||||
232,998 | ING GROEP N.V. - CVA | 2,026,517 | 3,847,013 | ||||||||||
14,147 | KONINKLIJKE AHOLD N.V. | 182,769 | 264,966 | ||||||||||
3,037 | KONINKLIJKE DSM N.V. | 116,513 | 176,062 | ||||||||||
51,375 | KONINKLIJKE KPN N.V. | 108,346 | 196,455 | ||||||||||
20,095 | KONINKLIJKE PHILIPS N.V. | 343,642 | 511,234 | ||||||||||
1,765 | KONINKLIJKE VOPAK N.V. | 97,890 | 89,068 | ||||||||||
2,816 | NN GROUP N.V. | 80,872 | 79,160 | ||||||||||
1,395 | OCI N.V. | 50,711 | 39,425 | ||||||||||
8,430 | QIAGEN N.V.(b) | 119,420 | 207,089 | ||||||||||
3,238 | RANDSTAD HOLDING N.V. | 99,928 | 210,853 | ||||||||||
71,627 | ROYAL DUTCH SHELL PLC, CLASS A | 2,056,099 | 2,010,597 | ||||||||||
45,720 | ROYAL DUTCH SHELL PLC, CLASS B | 1,093,318 | 1,298,105 | ||||||||||
46,270 | SENSATA TECHNOLOGIES HOLDING N.V.(b) | 1,607,892 | 2,440,280 | ||||||||||
127,964 | TNT EXPRESS N.V. | 865,605 | 1,085,505 | ||||||||||
28,440 | USG PEOPLE N.V. | 240,781 | 422,011 | ||||||||||
6,193 | WOLTERS KLUWER N.V. | 101,075 | 183,964 | ||||||||||
15,278,982 | 21,950,617 | 4.20 | % | ||||||||||
New Zealand: | |||||||||||||
25,444 | AUCKLAND INTERNATIONAL AIRPORT LTD. | 78,319 | 85,090 | ||||||||||
11,811 | CONTACT ENERGY LTD. | 51,688 | 40,099 | ||||||||||
12,034 | FLETCHER BUILDING LTD. | 81,961 | 66,217 | ||||||||||
18,050 | SKYCITY ENTERTAINMENT GROUP LTD. | 49,429 | 51,372 | ||||||||||
37,843 | SPARK NEW ZEALAND LTD. | 73,138 | 71,676 | ||||||||||
334,535 | 314,454 | 0.06 | % | ||||||||||
Norway: | |||||||||||||
76,926 | AKASTOR ASA(b) | 262,775 | 136,379 | ||||||||||
97,909 | AKER SOLUTIONS ASA | 1,084,046 | 549,458 | ||||||||||
17,219 | DNB ASA | 147,846 | 287,260 | ||||||||||
3,900 | KVAERNER ASA | 6,507 | 2,452 | ||||||||||
21,490 | NORSK HYDRO ASA | 82,180 | 90,587 | ||||||||||
107,332 | ORKLA ASA | 735,972 | 844,644 | ||||||||||
11,890 | SCHIBSTED ASA, CLASS A | 227,212 | 369,721 | ||||||||||
11,890 | SCHIBSTED ASA, CLASS B(b) | 227,212 | 359,409 | ||||||||||
10,672 | SEADRILL LTD. | 167,080 | 111,206 | ||||||||||
21,587 | STATOIL ASA | 418,607 | 385,735 | ||||||||||
11,360 | TELENOR ASA | 229,860 | 248,921 | ||||||||||
42,100 | TGS NOPEC GEOPHYSICAL CO. ASA | 1,057,977 | 983,172 | ||||||||||
85,000 | TOMRA SYSTEMS ASA | 703,315 | 777,857 | ||||||||||
4,000 | YARA INTERNATIONAL ASA | 109,527 | 208,355 | ||||||||||
5,460,116 | 5,355,156 | 1.02 | % | ||||||||||
Philippines: | |||||||||||||
386,461 | METROPOLITAN BANK & TRUST CO. | 658,640 | 805,663 | ||||||||||
658,640 | 805,663 | 0.15 | % |
See accompanying notes to the financial statements. | 82 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | |||||||||
Portugal: | |||||||||||||
28,955 | EDP - ENERGIAS DE PORTUGAL S.A. | $ | 81,065 | 109,915 | |||||||||
10,080 | GALP ENERGIA SGPS S.A. | 157,855 | 118,220 | ||||||||||
7,295 | JERONIMO MARTINS SGPS S.A. | 80,825 | 93,528 | ||||||||||
319,745 | 321,663 | 0.06 | % | ||||||||||
Russia: | |||||||||||||
50,795 | YANDEX N.V., CLASS A(b) | 1,341,566 | 773,100 | ||||||||||
1,341,566 | 773,100 | 0.15 | % | ||||||||||
Singapore: | |||||||||||||
31,000 | ASCENDAS REAL ESTATE INVESTMENT TRUST | 51,622 | 56,621 | ||||||||||
39,500 | CAPITALAND LTD. | 75,674 | 102,647 | ||||||||||
36,000 | CAPITALAND MALL TRUST | 34,133 | 57,467 | ||||||||||
11,000 | CITY DEVELOPMENTS LTD. | 71,096 | 79,875 | ||||||||||
32,000 | COMFORTDELGRO CORP. LTD. | 49,631 | 74,366 | ||||||||||
34,000 | DBS GROUP HOLDINGS LTD. | 221,626 | 522,300 | ||||||||||
22,000 | FRASER AND NEAVE LTD. | 7,412 | 43,776 | ||||||||||
44,000 | FRASERS CENTREPOINT LTD. | 52,608 | 57,987 | ||||||||||
113,000 | GLOBAL LOGISTIC PROPERTIES LTD. | 177,046 | 212,266 | ||||||||||
2,000 | JARDINE CYCLE & CARRIAGE LTD. | 60,253 | 49,152 | ||||||||||
28,000 | KEPPEL CORP. LTD. | 105,334 | 170,888 | ||||||||||
7,840 | KEPPEL REIT | 3,244 | 6,665 | ||||||||||
54,000 | OVERSEA-CHINESE BANKING CORP. LTD. | 427,830 | 408,152 | ||||||||||
17,000 | SEMBCORP INDUSTRIES LTD. | 31,827 | 49,100 | ||||||||||
22,000 | SEMBCORP MARINE LTD. | 32,803 | 46,390 | ||||||||||
12,000 | SINGAPORE AIRLINES LTD. | 70,334 | 95,601 | ||||||||||
31,000 | SINGAPORE EXCHANGE LTD. | 139,131 | 180,221 | ||||||||||
26,000 | SINGAPORE PRESS HOLDINGS LTD. | 44,166 | 78,762 | ||||||||||
21,000 | SINGAPORE TECHNOLOGIES ENGINEERING LTD. | 48,624 | 51,453 | ||||||||||
170,000 | SINGAPORE TELECOMMUNICATIONS LTD. | 324,551 | 531,388 | ||||||||||
16,000 | STARHUB LTD. | 54,214 | 46,924 | ||||||||||
26,900 | UNITED OVERSEAS BANK LTD. | 383,948 | 460,766 | ||||||||||
15,000 | UOL GROUP LTD. | 49,917 | 77,069 | ||||||||||
2,517,024 | 3,459,836 | 0.66 | % | ||||||||||
South Africa: | |||||||||||||
11,111 | INVESTEC PLC | 66,959 | 99,861 | ||||||||||
2,041 | LONMIN PLC(b) | 4,632 | 3,588 | ||||||||||
4,391 | MONDI PLC | 97,696 | 94,590 | ||||||||||
74,221 | SHOPRITE HOLDINGS LTD. | 1,521,660 | 1,058,470 | ||||||||||
231,707 | WOOLWORTHS HOLDINGS LTD. | 1,469,763 | 1,877,882 | ||||||||||
3,160,710 | 3,134,391 | 0.60 | % | ||||||||||
South Korea: | |||||||||||||
6,492 | BINGGRAE CO. LTD. | 586,045 | 491,796 | ||||||||||
61,397 | BNK FINANCIAL GROUP, INC. | 682,218 | 781,602 | ||||||||||
68,192 | DGB FINANCIAL GROUP, INC. | 792,461 | 715,269 | ||||||||||
22,348 | HALLA VISTEON CLIMATE CONTROL CORP. | 466,916 | 772,348 | ||||||||||
5,243 | HYUNDAI MIPO DOCKYARD(b) | 581,800 | 304,582 | ||||||||||
33,221 | KGINICIS CO. LTD. | 584,429 | 680,532 | ||||||||||
18,148 | KIA MOTORS CORP. | 860,470 | 737,016 | ||||||||||
6,353 | KIWOOM SECURITIES CO. LTD. | 349,706 | 420,894 | ||||||||||
8,630 | KOREA INVESTMENT HOLDINGS CO. LTD. | 309,155 | 492,833 | ||||||||||
2,232 | SAMSUNG ELECTRONICS CO. LTD. | 2,764,384 | 2,537,251 | ||||||||||
9,049 | YOUNGONE HOLDINGS CO. LTD. | 515,320 | 713,893 | ||||||||||
8,492,904 | 8,648,016 | 1.65 | % | ||||||||||
Spain: | |||||||||||||
7,845 | ABERTIS INFRAESTRUCTURAS S.A. | 102,995 | 128,654 | ||||||||||
1,260 | ACCIONA S.A. | 78,312 | 95,141 | ||||||||||
7,760 | ACERINOX S.A. | 95,129 | 107,362 | ||||||||||
3,979 | ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A. | 137,948 | 128,000 | ||||||||||
1,170 | AENA S.A.(b)(e) | 111,625 | 122,272 | ||||||||||
8,299 | AMADEUS IT HOLDING S.A., CLASS A | 256,267 | 330,810 | ||||||||||
103,161 | BANCO BILBAO VIZCAYA ARGENTARIA S.A. | 787,415 | 1,011,160 | ||||||||||
77,107 | BANCO DE SABADELL S.A. | 197,277 | 186,110 | ||||||||||
26,295 | BANCO POPULAR ESPANOL S.A. | 111,507 | 127,403 | ||||||||||
257,733 | BANCO SANTANDER S.A. | 1,867,583 | 1,799,858 | ||||||||||
98,076 | BANKIA S.A.(b) | 167,891 | 124,429 | ||||||||||
5,846 | BANKINTER S.A. | 47,898 | 43,204 | ||||||||||
33,767 | CAIXABANK S.A. | 125,921 | 156,453 |
See accompanying notes to the financial statements. | 83 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited )
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | |||||||||
Spain (Cont’d): | |||||||||||||
1,388 | CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A. | $ | 645,501 | 412,463 | |||||||||
16,470 | DISTRIBUIDORA INTERNACIONAL DE ALIMENTACION S.A. | 93,655 | 125,777 | ||||||||||
6,512 | ENAGAS S.A. | 118,772 | 177,105 | ||||||||||
5,533 | FERROVIAL S.A. | 97,924 | 119,977 | ||||||||||
10,622 | GAS NATURAL SDG S.A. | 164,427 | 240,865 | ||||||||||
1,818 | GRIFOLS S.A. | 52,706 | 73,228 | ||||||||||
86,102 | IBERDROLA S.A. | 477,068 | 579,977 | ||||||||||
67,152 | INDITEX S.A. | 1,825,111 | 2,182,672 | ||||||||||
41,424 | MAPFRE S.A. | 112,854 | 142,562 | ||||||||||
21,390 | MELIA HOTELS INTERNATIONAL S.A. | 142,889 | 282,344 | ||||||||||
2,839 | RED ELECTRICA CORP. S.A. | 121,909 | 227,504 | ||||||||||
19,639 | REPSOL S.A. | 379,635 | 344,839 | ||||||||||
9,363 | TECNICAS REUNIDAS S.A. | 419,375 | 481,208 | ||||||||||
74,506 | TELEFONICA S.A. | 1,046,315 | 1,059,053 | ||||||||||
4,021 | ZARDOYA OTIS S.A. | 45,057 | 43,797 | ||||||||||
9,830,966 | 10,854,227 | 2.08 | % | ||||||||||
Sweden: | |||||||||||||
2,566 | ALFA LAVAL AB | 49,937 | 45,161 | ||||||||||
22,200 | ASSA ABLOY AB, CLASS B | 89,466 | 418,032 | ||||||||||
11,337 | ATLAS COPCO AB, CLASS A | 121,649 | 317,278 | ||||||||||
6,368 | ATLAS COPCO AB, CLASS B | 78,834 | 158,627 | ||||||||||
2,481 | BOLIDEN AB | 49,118 | 45,221 | ||||||||||
31,182 | BULTEN AB | 262,010 | 306,560 | ||||||||||
34,110 | DUNI AB | 300,088 | 461,872 | ||||||||||
7,501 | ELECTROLUX AB, CLASS B | 95,788 | 235,078 | ||||||||||
11,882 | ELEKTA AB, CLASS B | 134,440 | 74,533 | ||||||||||
3,286 | GETINGE AB, CLASS B | 76,263 | 79,079 | ||||||||||
15,793 | HENNES & MAURITZ AB, CLASS B | 349,564 | 608,108 | ||||||||||
3,700 | HEXAGON AB, CLASS B | 56,830 | 134,077 | ||||||||||
17,500 | HUSQVARNA AB, CLASS B | 64,201 | 131,833 | ||||||||||
8,270 | INDUSTRIVARDEN AB, CLASS C | 85,948 | 155,826 | ||||||||||
3,000 | INVESTMENT AB KINNEVIK, CLASS B | 51,225 | 94,851 | ||||||||||
10,953 | INVESTOR AB, CLASS B | 150,033 | 408,135 | ||||||||||
3,301 | LUNDIN PETROLEUM AB(b) | 46,595 | 56,544 | ||||||||||
1,045 | MILLICOM INTERNATIONAL CELLULAR S.A. SDR | 88,132 | 77,084 | ||||||||||
51,042 | NORDEA BANK AB | 353,595 | 636,651 | ||||||||||
23,773 | SANDVIK AB | 201,678 | 262,827 | ||||||||||
13,348 | SECURITAS AB, CLASS B | 106,689 | 176,474 | ||||||||||
35,236 | SKANDINAVISKA ENSKILDA BANKEN AB, CLASS A | 139,725 | 450,553 | ||||||||||
2,800 | SKANSKA AB, CLASS B | 23,703 | 56,744 | ||||||||||
5,793 | SKF AB, CLASS B | 143,420 | 132,144 | ||||||||||
5,400 | SSAB AB, CLASS A(b) | 48,129 | 28,212 | ||||||||||
79,856 | SVENSKA CELLULOSA AB S.C.A., CLASS B | 1,618,083 | 2,030,633 | ||||||||||
33,168 | SVENSKA HANDELSBANKEN AB, CLASS A | 235,903 | 484,126 | ||||||||||
14,403 | SWEDBANK AB, CLASS A | 342,536 | 335,844 | ||||||||||
3,023 | SWEDISH MATCH AB | 101,559 | 85,987 | ||||||||||
9,481 | TELE2 AB, CLASS B | 115,918 | 110,252 | ||||||||||
58,718 | TELEFONAKTIEBOLAGET LM ERICSSON, CLASS B | 533,417 | 608,440 | ||||||||||
36,666 | TELIASONERA AB | 193,138 | 215,887 | ||||||||||
25,492 | VOLVO AB, CLASS B | 188,891 | 316,426 | ||||||||||
6,496,505 | 9,739,099 | 1.86 | % | ||||||||||
Switzerland: | |||||||||||||
109,779 | ABB LTD. (REGISTERED)(b) | 2,033,642 | 2,299,024 | ||||||||||
24,737 | ACE LTD. | 1,993,580 | 2,515,258 | ||||||||||
1,612 | ACTELION LTD. (REGISTERED)(b) | 81,861 | 235,865 | ||||||||||
14,903 | ADECCO S.A. (REGISTERED)(b) | 627,501 | 1,209,838 | ||||||||||
2,059 | ARYZTA A.G.(b) | 50,704 | 101,524 | ||||||||||
484 | BALOISE HOLDING A.G. (REGISTERED) | 26,452 | 59,015 | ||||||||||
93 | BANQUE CANTONALE VAUDOISE (REGISTERED) | 50,737 | 57,643 | ||||||||||
88 | BARRY CALLEBAUT A.G. (REGISTERED)(b) | 88,741 | 100,241 | ||||||||||
35 | CHOCOLADEFABRIKEN LINDT & SPRUNGLI A.G. (PARTICIPATION CERTIFICATE) | 50,308 | 185,079 | ||||||||||
3 | CHOCOLADEFABRIKEN LINDT & SPRUNGLI A.G. (REGISTERED) | 75,352 | 187,646 | ||||||||||
9,231 | CIE FINANCIERE RICHEMONT S.A. (REGISTERED) | 641,015 | 750,861 | ||||||||||
2,819 | COCA-COLA HBC A.G. - CDI(b) | 52,202 | 60,594 | ||||||||||
25,501 | CREDIT SUISSE GROUP A.G. (REGISTERED)(b) | 643,542 | 700,974 |
See accompanying notes to the financial statements. | 84 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | |||||||||
Switzerland (Cont’d): | |||||||||||||
990 | GEBERIT A.G. (REGISTERED) | $ | 85,632 | 330,053 | |||||||||
140 | GIVAUDAN S.A. (REGISTERED)(b) | 76,496 | 242,280 | ||||||||||
196,348 | GLENCORE PLC(b) | 767,256 | 787,631 | ||||||||||
4,025 | HOLCIM LTD. (REGISTERED)(b) | 183,971 | 297,048 | ||||||||||
4,134 | JULIUS BAER GROUP LTD.(b) | 87,890 | 231,914 | ||||||||||
754 | KUEHNE + NAGEL INTERNATIONAL A.G. (REGISTERED) | 111,825 | 100,082 | ||||||||||
45,240 | LOGITECH INTERNATIONAL S.A. (REGISTERED) | 392,534 | 663,218 | ||||||||||
897 | LONZA GROUP A.G. (REGISTERED)(b) | 50,452 | 119,830 | ||||||||||
97,718 | NESTLE S.A. (REGISTERED) | 4,170,318 | 7,054,885 | ||||||||||
57,269 | NOVARTIS A.G. (REGISTERED) | 2,782,733 | 5,644,514 | ||||||||||
13,730 | ORIFLAME HOLDING A.G.(b) | 453,020 | 221,937 | ||||||||||
10,628 | PANALPINA WELTTRANSPORT HOLDING A.G. (REGISTERED) | 859,276 | 1,341,359 | ||||||||||
8,225 | PARGESA HOLDING S.A. (BEARER) | 522,376 | 553,348 | ||||||||||
12,797 | ROCHE HOLDING A.G. (GENUSSCHEIN) | 1,729,064 | 3,586,089 | ||||||||||
1,381 | SCHINDLER HOLDING A.G. (PARTICIPATION CERTIFICATE) | 108,493 | 225,846 | ||||||||||
589 | SCHINDLER HOLDING A.G. (REGISTERED) | 68,597 | 96,198 | ||||||||||
1,079 | SGS S.A. (REGISTERED) | 2,223,657 | 1,968,848 | ||||||||||
77 | SIKA A.G. (BEARER) | 152,753 | 271,615 | ||||||||||
1,300 | SONOVA HOLDING A.G. (REGISTERED) | 84,464 | 175,753 | ||||||||||
14,638 | STMICROELECTRONICS N.V. | 85,296 | 120,028 | ||||||||||
635 | SULZER A.G. (REGISTERED) | 30,609 | 65,303 | ||||||||||
2,995 | SWATCH GROUP (THE) A.G. (BEARER) | 1,446,159 | 1,166,351 | ||||||||||
613 | SWATCH GROUP (THE) A.G. (REGISTERED) | 54,520 | 46,027 | ||||||||||
743 | SWISS LIFE HOLDING A.G. (REGISTERED) (b) | 101,194 | 170,144 | ||||||||||
1,660 | SWISS PRIME SITE A.G. (REGISTERED)(b) | 125,957 | 125,971 | ||||||||||
5,621 | SWISS RE A.G. | 451,631 | 497,500 | ||||||||||
459 | SWISSCOM A.G. (REGISTERED) | 157,641 | 257,250 | ||||||||||
1,651 | SYNGENTA A.G. (REGISTERED) | 431,302 | 671,031 | ||||||||||
26,074 | TE CONNECTIVITY LTD. | 472,114 | 1,676,558 | ||||||||||
5,119 | TRANSOCEAN LTD. | 82,405 | 82,518 | ||||||||||
181,086 | UBS GROUP A.G. (REGISTERED) | 3,229,968 | 3,840,778 | ||||||||||
4,176 | WOLSELEY PLC | 70,461 | 266,595 | ||||||||||
2,606 | ZURICH INSURANCE GROUP A.G.(b) | 481,416 | 793,270 | ||||||||||
28,547,117 | 42,155,334 | 8.06 | % | ||||||||||
Taiwan: | |||||||||||||
671,160 | D-LINK CORP. | 372,053 | 280,606 | ||||||||||
102,000 | GIANT MANUFACTURING CO. LTD. | 540,156 | 862,824 | ||||||||||
176,000 | SIMPLO TECHNOLOGY CO. LTD. | 932,483 | 815,700 | ||||||||||
156,486 | TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. ADR(d) | 2,401,935 | 3,553,797 | ||||||||||
190,000 | TRIPOD TECHNOLOGY CORP. | 428,387 | 338,686 | ||||||||||
4,675,014 | 5,851,613 | 1.12 | % | ||||||||||
Thailand: | |||||||||||||
843,000 | LPN DEVELOPMENT PCL (REGISTERED) | 503,455 | 439,277 | ||||||||||
358,100 | PRUKSA REAL ESTATE PCL (REGISTERED) | 244,466 | 267,710 | ||||||||||
747,921 | 706,987 | 0.13 | % | ||||||||||
United Arab Emirates: | |||||||||||||
697 | ORASCOM CONSTRUCTION LTD.(b) | 10,246 | 9,019 | ||||||||||
10,246 | 9,019 | 0.00 | % | ||||||||||
United Kingdom: | |||||||||||||
25,248 | 3I GROUP PLC | 88,645 | 204,900 | ||||||||||
13,185 | ABERDEEN ASSET MANAGEMENT PLC | 49,918 | 83,696 | ||||||||||
111,289 | ADMIRAL GROUP PLC | 2,147,625 | 2,425,348 | ||||||||||
5,755 | AGGREKO PLC | 166,030 | 130,122 | ||||||||||
100,516 | ALENT PLC | 496,170 | 584,204 | ||||||||||
56,355 | AMEC FOSTER WHEELER PLC | 856,653 | 723,878 | ||||||||||
24,964 | ANGLO AMERICAN PLC | 493,529 | 360,279 | ||||||||||
9,080 | ANTOFAGASTA PLC | 92,822 | 98,371 | ||||||||||
24,249 | ARM HOLDINGS PLC | 346,404 | 395,110 | ||||||||||
45,240 | ARM HOLDINGS PLC ADR(d) | 1,472,829 | 2,228,975 | ||||||||||
6,463 | ASHTEAD GROUP PLC | 107,387 | 111,603 | ||||||||||
6,425 | ASSOCIATED BRITISH FOODS PLC | 227,341 | 289,836 | ||||||||||
23,261 | ASTRAZENECA PLC | 829,199 | 1,468,898 | ||||||||||
84,472 | AVIVA PLC | 357,595 | 653,679 | ||||||||||
5,239 | BABCOCK INTERNATIONAL GROUP PLC | 41,807 | 88,903 |
See accompanying notes to the financial statements. | 85 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | |||||||||
United Kingdom (Cont’d): | |||||||||||||
54,121 | BAE SYSTEMS PLC | $ | 290,350 | 383,690 | |||||||||
13,290 | BALFOUR BEATTY PLC | 50,926 | 50,513 | ||||||||||
302,277 | BARCLAYS PLC | 1,144,885 | 1,237,252 | ||||||||||
12,926 | BARRATT DEVELOPMENTS PLC | 119,263 | 124,805 | ||||||||||
12,840 | BELLWAY PLC | 208,527 | 478,547 | ||||||||||
26,880 | BERENDSEN PLC | 243,954 | 430,377 | ||||||||||
63,030 | BG GROUP PLC | 997,933 | 1,049,285 | ||||||||||
22,610 | BOVIS HOMES GROUP PLC | 188,875 | 395,404 | ||||||||||
336,758 | BP PLC | 2,260,533 | 2,223,144 | ||||||||||
33,949 | BRITISH AMERICAN TOBACCO PLC | 1,321,633 | 1,821,642 | ||||||||||
14,058 | BRITISH LAND (THE) CO. PLC | 91,960 | 175,273 | ||||||||||
143,369 | BT GROUP PLC | 523,985 | 1,014,159 | ||||||||||
5,069 | BUNZL PLC | 39,524 | 138,426 | ||||||||||
68,102 | BURBERRY GROUP PLC | 1,468,017 | 1,681,053 | ||||||||||
16,980 | CAPITA PLC | 162,367 | 330,296 | ||||||||||
92,189 | CENTRICA PLC | 340,421 | 382,119 | ||||||||||
24,375 | CNH INDUSTRIAL N.V. | 141,398 | 222,287 | ||||||||||
28,496 | COBHAM PLC | 93,701 | 117,757 | ||||||||||
280,396 | COMPASS GROUP PLC | 2,597,814 | 4,639,225 | ||||||||||
2,950 | CRODA INTERNATIONAL PLC | 101,220 | 127,560 | ||||||||||
261,940 | DEBENHAMS PLC | 313,425 | 367,329 | ||||||||||
82,520 | DEVRO PLC | 362,296 | 392,544 | ||||||||||
73,948 | DIAGEO PLC | 1,014,488 | 2,139,073 | ||||||||||
14,844 | DIGNITY PLC | 263,151 | 500,992 | ||||||||||
179,845 | DIPLOMA PLC | 1,499,917 | 2,283,258 | ||||||||||
29,465 | DIRECT LINE INSURANCE GROUP PLC | 123,935 | 155,444 | ||||||||||
13,691 | DIXONS CARPHONE PLC | 84,128 | 97,557 | ||||||||||
88,300 | DOMINO’S PIZZA GROUP PLC | 1,036,880 | 1,078,020 | ||||||||||
95 | DRAX GROUP PLC | 544 | 520 | ||||||||||
2,272 | EASYJET PLC | 52,680 | 55,190 | ||||||||||
10,222 | FIAT CHRYSLER AUTOMOBILES N.V.(b) | 27,207 | 148,526 | ||||||||||
150,060 | FOXTONS GROUP PLC | 603,460 | 558,567 | ||||||||||
21,685 | G4S PLC | 77,070 | 91,519 | ||||||||||
32,712 | GKN PLC | 101,683 | 171,929 | ||||||||||
89,632 | GLAXOSMITHKLINE PLC | 1,383,058 | 1,862,533 | ||||||||||
73,220 | GREGGS PLC | 565,352 | 1,361,005 | ||||||||||
17,505 | HAMMERSON PLC | 69,535 | 169,292 | ||||||||||
3,142 | HARGREAVES LANSDOWN PLC | 48,173 | 56,922 | ||||||||||
104,290 | HOMESERVE PLC | 364,770 | 705,278 | ||||||||||
356,803 | HSBC HOLDINGS PLC | 2,518,567 | 3,196,133 | ||||||||||
4,108 | IMI PLC | 83,264 | 72,615 | ||||||||||
18,792 | IMPERIAL TOBACCO GROUP PLC | 441,174 | 905,591 | ||||||||||
12,262 | INDIVIOR PLC(b) | 11,861 | 43,311 | ||||||||||
11,958 | INMARSAT PLC | 92,794 | 172,013 | ||||||||||
3,085 | INTERCONTINENTAL HOTELS GROUP PLC | 111,384 | 124,382 | ||||||||||
32,745 | INTERNATIONAL CONSOLIDATED AIRLINES GROUP S.A.(b) | 90,834 | 254,664 | ||||||||||
2,722 | INTERTEK GROUP PLC | 108,909 | 104,785 | ||||||||||
6,025 | INTU PROPERTIES PLC | 21,274 | 29,120 | ||||||||||
607,559 | ITE GROUP PLC | 2,178,727 | 1,632,412 | ||||||||||
57,035 | ITV PLC | 149,180 | 235,960 | ||||||||||
29,306 | J SAINSBURY PLC | 141,007 | 122,163 | ||||||||||
3,841 | JOHNSON MATTHEY PLC | 85,088 | 183,349 | ||||||||||
42,914 | KINGFISHER PLC | 109,517 | 234,180 | ||||||||||
133,080 | LAIRD PLC | 465,719 | 768,868 | ||||||||||
15,511 | LAND SECURITIES GROUP PLC | 113,585 | 293,435 | ||||||||||
99,326 | LEGAL & GENERAL GROUP PLC | 296,197 | 388,448 | ||||||||||
271 | LIBERTY GLOBAL PLC, CLASS A(b) | 12,461 | 14,653 | ||||||||||
669 | LIBERTY GLOBAL PLC, CLASS C(b) | 29,576 | 33,871 | ||||||||||
2,164,981 | LLOYDS BANKING GROUP PLC | 1,878,809 | 2,899,632 | ||||||||||
6,030 | LONDON STOCK EXCHANGE GROUP PLC | 69,795 | 224,549 | ||||||||||
366,990 | MAN GROUP PLC | 511,805 | 904,737 | ||||||||||
25,083 | MARKS & SPENCER GROUP PLC | 101,882 | 211,247 | ||||||||||
225,051 | MEARS GROUP PLC | 1,111,517 | 1,487,820 | ||||||||||
13,587 | MEGGITT PLC | 60,745 | 99,570 | ||||||||||
12,477 | MELROSE INDUSTRIES PLC | 52,257 | 48,521 | ||||||||||
7,630 | MERLIN ENTERTAINMENTS PLC(e) | 55,544 | 51,203 |
See accompanying notes to the financial statements. | 86 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | |||||||||
United Kingdom (Cont’d): | |||||||||||||
69,725 | NATIONAL GRID PLC | $ | 738,768 | 895,287 | |||||||||
3,200 | NEXT PLC | 86,367 | 374,586 | ||||||||||
96,618 | OLD MUTUAL PLC | 133,905 | 305,899 | ||||||||||
33,800 | OXFORD INSTRUMENTS PLC | 528,090 | 515,416 | ||||||||||
17,030 | PEARSON PLC | 231,527 | 322,439 | ||||||||||
4,751 | PERSIMMON PLC(b) | 114,520 | 147,434 | ||||||||||
6,290 | PETROFAC LTD. | 120,064 | 91,469 | ||||||||||
47,844 | PRUDENTIAL PLC | 798,462 | 1,152,055 | ||||||||||
154,908 | QINETIQ GROUP PLC | 305,128 | 545,944 | ||||||||||
2,341 | RANDGOLD RESOURCES LTD. | 150,411 | 157,615 | ||||||||||
41,477 | RECKITT BENCKISER GROUP PLC | 3,002,452 | 3,576,570 | ||||||||||
25,528 | REED ELSEVIER N.V. | 384,486 | 605,484 | ||||||||||
154,215 | REED ELSEVIER PLC | 1,218,452 | 2,507,912 | ||||||||||
10,746 | REXAM PLC | 57,562 | 93,203 | ||||||||||
55,800 | RIGHTMOVE PLC | 2,083,321 | 2,873,134 | ||||||||||
7,202 | RIO TINTO LTD. | 402,208 | 298,673 | ||||||||||
23,179 | RIO TINTO PLC | 1,012,745 | 952,019 | ||||||||||
33,377 | ROLLS-ROYCE HOLDINGS PLC(b) | 497,076 | 456,259 | ||||||||||
208,000 | ROTORK PLC | 903,523 | 760,183 | ||||||||||
506,260 | ROYAL BANK OF SCOTLAND GROUP PLC(b) | 2,852,999 | 2,796,046 | ||||||||||
11,017 | ROYAL MAIL PLC | 81,986 | 89,062 | ||||||||||
12,917 | RSA INSURANCE GROUP PLC | 94,770 | 80,616 | ||||||||||
17,320 | SABMILLER PLC | 799,648 | 899,152 | ||||||||||
20,657 | SAGE GROUP (THE) PLC | 74,323 | 166,344 | ||||||||||
1,039 | SCHRODERS PLC | 55,150 | 51,849 | ||||||||||
10,277 | SEGRO PLC | 36,889 | 65,528 | ||||||||||
263,508 | SERCO GROUP PLC | 799,998 | 488,564 | ||||||||||
4,954 | SEVERN TRENT PLC | 76,220 | 161,984 | ||||||||||
113,280 | SIG PLC | 327,170 | 356,872 | ||||||||||
18,980 | SKY PLC | 142,985 | 309,258 | ||||||||||
18,823 | SMITH & NEPHEW PLC | 151,602 | 317,642 | ||||||||||
5,478 | SMITHS GROUP PLC | 80,025 | 97,177 | ||||||||||
4,369 | SPORTS DIRECT INTERNATIONAL PLC(b) | 53,128 | 49,324 | ||||||||||
16,949 | SSE PLC | 293,982 | 409,054 | ||||||||||
45,342 | STANDARD CHARTERED PLC | 644,383 | 725,972 | ||||||||||
39,357 | STANDARD LIFE PLC | 131,737 | 274,568 | ||||||||||
5,438 | TATE & LYLE PLC | 49,810 | 44,388 | ||||||||||
41,857 | TAYLOR WIMPEY PLC | 120,051 | 122,197 | ||||||||||
724,820 | TESCO PLC | 3,427,398 | 2,420,675 | ||||||||||
4,578 | TRAVIS PERKINS PLC | 141,647 | 151,776 | ||||||||||
18,576 | TULLOW OIL PLC | 163,810 | 99,150 | ||||||||||
78,159 | UBM PLC | 629,001 | 656,405 | ||||||||||
29,514 | UNILEVER N.V. - CVA | 1,012,016 | 1,229,117 | ||||||||||
24,244 | UNILEVER PLC | 545,189 | 1,039,949 | ||||||||||
14,491 | UNILEVER PLC ADR(d) | 348,302 | 622,533 | ||||||||||
10,541 | UNITED UTILITIES GROUP PLC | 80,109 | 147,738 | ||||||||||
256,900 | VECTURA GROUP PLC(b) | 364,176 | 724,156 | ||||||||||
2,343 | VEDANTA RESOURCES PLC | 35,450 | 19,143 | ||||||||||
120,710 | VESUVIUS PLC | 602,959 | 806,079 | ||||||||||
484,417 | VODAFONE GROUP PLC | 1,593,934 | 1,749,480 | ||||||||||
4,355 | WEIR GROUP (THE) PLC | 124,084 | 116,122 | ||||||||||
2,849 | WHITBREAD PLC | 65,613 | 221,407 | ||||||||||
8,611 | WILLIAM HILL PLC | 52,153 | 54,540 | ||||||||||
51,312 | WM MORRISON SUPERMARKETS PLC | 206,637 | 145,768 | ||||||||||
25,749 | WPP PLC | 191,382 | 576,933 | ||||||||||
68,276,247 | 88,721,495 | 16.97 | % | ||||||||||
United States: | |||||||||||||
33,738 | ARCH CAPITAL GROUP LTD.(b) | 690,333 | 2,259,097 | ||||||||||
23,620 | AXIS CAPITAL HOLDINGS LTD. | 884,843 | 1,260,599 | ||||||||||
4,351 | CARNIVAL PLC | 131,345 | 222,118 | ||||||||||
3,558 | CATAMARAN CORP.(b) | 172,030 | 217,440 | ||||||||||
158,064 | FLEXTRONICS INTERNATIONAL LTD.(b) | 1,062,473 | 1,787,704 |
See accompanying notes to the financial statements. | 87 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2015
Shares | Security | Cost | Fair value (a) | Percent of net assets | |||||||||
United States (Cont’d): | |||||||||||||
16,540 | STEINER LEISURE LTD.(b) | $ | 783,275 | 889,521 | |||||||||
8,041 | THOMSON REUTERS CORP. | 206,631 | 306,189 | ||||||||||
3,930,930 | 6,942,668 | 1.33 | % | ||||||||||
Sub-total Common Stocks: | 378,080,129 | 497,342,800 | 95.11 | % | |||||||||
Master Limited Partnerships: | |||||||||||||
United States: | |||||||||||||
51,339 | LAZARD LTD., CLASS A | 1,479,020 | 2,887,306 | ||||||||||
1,479,020 | 2,887,306 | 0.55 | % | ||||||||||
Sub-total Master Limited Partnerships: | 1,479,020 | 2,887,306 | 0.55 | % | |||||||||
Preferred Stocks: | |||||||||||||
Brazil: | |||||||||||||
112,300 | ALPARGATAS S.A. | 332,064 | 298,349 | ||||||||||
5,253 | TELEFONICA BRASIL S.A. | 71,712 | 73,597 | ||||||||||
403,776 | 371,946 | 0.07 | % | ||||||||||
Germany: | |||||||||||||
1,521 | BAYERISCHE MOTOREN WERKE A.G. | 49,612 | 128,753 | ||||||||||
3,500 | DRAEGERWERK A.G. & CO. KGAA | 397,095 | 375,019 | ||||||||||
3,246 | HENKEL A.G. & CO. KGAA | 319,045 | 364,052 | ||||||||||
3,478 | PORSCHE AUTOMOBIL HOLDING S.E. | 159,145 | 293,019 | ||||||||||
2,770 | RWE A.G. (NON VOTING) | 76,994 | 45,210 | ||||||||||
2,827 | VOLKSWAGEN A.G. | 641,718 | 655,550 | ||||||||||
1,643,609 | 1,861,603 | 0.36 | % | ||||||||||
South Korea: | |||||||||||||
205 | SAMSUNG ELECTRONICS CO. LTD. | 179,321 | 182,496 | ||||||||||
179,321 | 182,496 | 0.03 | % | ||||||||||
Sub-total Preferred Stocks: | 2,226,706 | 2,416,045 | 0.46 | % | |||||||||
Rights: | |||||||||||||
Austria: | |||||||||||||
10,586 | IMMOEAST A.G.(b)(c) | - | - | ||||||||||
- | - | 0.00 | % | ||||||||||
France: | |||||||||||||
2 | GROUPE FNAC(b) | - | 15 | ||||||||||
- | 15 | 0.00 | % | ||||||||||
Singapore: | |||||||||||||
222 | JARDINE CYCLE & CARRIAGE LTD.(b) | - | 1,170 | ||||||||||
- | 1,170 | 0.00 | % | ||||||||||
Sub-total Rights: | - | 1,185 | 0.00 | % | |||||||||
Warrants: | |||||||||||||
France: | |||||||||||||
12,969 | PEUGEOT S.A. EXP. 4/29/17, STRIKE $6.43(b) | - | 60,870 | ||||||||||
- | 60,870 | 0.01 | % | ||||||||||
Sub-total Warrants: | - | 60,870 | 0.01 | % | |||||||||
Investment Companies: | |||||||||||||
United States: | |||||||||||||
10,600 | ISHARES MSCI EAFE SMALL-CAP ETF | 545,447 | 540,812 | ||||||||||
545,447 | 540,812 | 0.10 | % | ||||||||||
Sub-total Investment Companies: | 545,447 | 540,812 | 0.10 | % | |||||||||
Short-Term Investments: | |||||||||||||
17,623,913 | NORTHERN INSTITUTIONAL FUNDS -U.S. GOVERNMENT SELECT PORTFOLIO, 0.01%(f) | 17,623,913 | 17,623,913 | ||||||||||
Sub-total Short-Term Investments: | 17,623,913 | 17,623,913 | 3.37 | % | |||||||||
Grand total(g) | $ | 399,955,215 | 520,872,931 | 99.60 | % |
See accompanying notes to the financial statements. | 88 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2015
Notes to Schedule of Investments:
(a) | Investments are valued in accordance with procedures described in note 2 to the financial statements. | |
(b) | 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 2.35% of net assets as of June 30, 2015. | |
(e) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. 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. | |
(f) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2014, the value of the Clearwater International Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $16,787,523 with net purchases of $836,390 during the six months ended June 30, 2015. | |
(g) | At June 30, 2015, the cost for Federal income tax purposes was $401,971,646. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost was as follows: |
Gross unrealized appreciation | $ | 139,774,152 | ||
Gross unrealized depreciation | (20,872,867 | ) | ||
Net unrealized appreciation | $ | 118,901,285 |
At June 30, 2015, the industry sectors for the Clearwater International Fund were:
Industry Sector | Percent of Long-Term Investments | |||
Consumer Discretionary | 17.67 | % | ||
Consumer Staples | 10.14 | |||
Energy | 4.88 | |||
Financials | 22.62 | |||
Health Care | 9.52 | |||
Industrials | 14.37 | |||
Information Technology | 10.86 | |||
Materials | 5.67 | |||
Telecommunication Services | 2.46 | |||
Utilities | 1.81 | |||
100.00 | % |
At June 30, 2015, the Clearwater International Fund’s investments were denominated in the following currencies:
Concentration by Currency | Percent of Long-Term Investments | |||
Euro | 20.54 | % | ||
British Pound | 18.30 | |||
Japanese Yen | 16.45 | |||
United States Dollar | 9.04 | |||
Swiss Franc | 7.11 | |||
Canadian Dollar | 6.46 | |||
Hong Kong Dollar | 5.84 | |||
Australian Dollar | 5.81 | |||
All other currencies less than 5% | 10.45 | |||
100.00 | % |
See accompanying notes to the financial statements. | 89 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2015
At June 30, 2015, the Clearwater International Fund had outstanding forward foreign currency exchange contracts as follows:
Contracts To Deliver Currency | Amount (Local Currency) | In Exchange For Currency | Amount (Local Currency) | Settlement Date | Unrealized Gains (Losses) | Counterparty | ||||||||||
Japanese Yen | 332,458,913 | United States Dollar | 2,769,475 | 8/13/15 | $ | 51,530 | Northern Trust | |||||||||
Japanese Yen | 66,291,135 | United States Dollar | 553,517 | 8/13/15 | 11,568 | Northern Trust | ||||||||||
Japanese Yen | 30,769,067 | United States Dollar | 253,414 | 8/13/15 | 1,868 | Northern Trust | ||||||||||
United States Dollar | 316,337 | Japanese Yen | 37,990,959 | 8/13/15 | (5,750 | ) | Northern Trust | |||||||||
$ | 59,216 |
See accompanying notes to the financial statements. | 90 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater International Fund (unaudited)
June 30, 2015
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 (the “1940 Act”)) are effective based on the principal executive officer and principal financial officer’s evaluation of these controls and procedures, as required by Rule 30a-3(b) under the 1940 Act, 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 control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred 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) under the 1940 Act. |
(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) under the 1940 Act. |
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 2, 2015 |
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 2, 2015 |
Clearwater Investment Trust | ||
By: | /s/ Justin H. Weyerhaeuser | |
Justin H. Weyerhaeuser Treasurer (Principal Financial Officer) | ||
Date: September 2, 2015 |