CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Common Stocks: | ||||||||
Communication Services: | ||||||||
28,847 | ACTIVISION BLIZZARD, INC. | $1,476,722 | 2,682,771 | |||||
5,002 | ALPHABET, INC., CLASS A(b) | 2,292,897 | 10,316,725 | |||||
4,079 | ALPHABET, INC., CLASS C(b) | 1,734,443 | 8,437,942 | |||||
2,000 | ALTICE U.S.A., INC., CLASS A(b) | 43,775 | 65,060 | |||||
135,632 | AT&T, INC. | 3,480,829 | 4,105,581 | |||||
300 | CABLE ONE, INC. | 113,966 | 548,508 | |||||
590 | CHARTER COMMUNICATIONS, INC., CLASS A(b) | 292,304 | 364,042 | |||||
4,718 | CINEMARK HOLDINGS, INC.(b) | 52,438 | 96,294 | |||||
57,795 | COMCAST CORP., CLASS A | 632,884 | 3,127,288 | |||||
54,186 | DISCOVERY, INC., CLASS A(b) | 1,150,730 | 2,354,924 | |||||
5,100 | DISH NETWORK CORP., CLASS A(b) | 163,688 | 184,620 | |||||
27,466 | ELECTRONIC ARTS, INC. | 2,377,943 | 3,718,072 | |||||
33,564 | FACEBOOK, INC., CLASS A(b) | 2,425,319 | 9,885,605 | |||||
300 | IAC/INTERACTIVECORP(b) | 11,572 | 64,893 | |||||
3,574 | INTERPUBLIC GROUP OF (THE) COS., INC. | 55,609 | 104,361 | |||||
788 | LIBERTY BROADBAND CORP., CLASS C(b) | 51,084 | 118,318 | |||||
5,832 | LIBERTY GLOBAL PLC, CLASS A(b)(c) | 42,377 | 149,649 | |||||
7,374 | LIBERTY GLOBAL PLC, CLASS C(b)(c) | 51,974 | 188,332 | |||||
1,800 | LIBERTY MEDIA CORP.-LIBERTY FORMULA ONE, CLASS C(b) | 45,464 | 77,922 | |||||
5,522 | LIONS GATE ENTERTAINMENT CORP., CLASS A(b) | 95,171 | 82,554 | |||||
165,227 | LUMEN TECHNOLOGIES, INC. | 1,662,872 | 2,205,780 | |||||
4,046 | MATCH GROUP, INC.(b) | 234,961 | 555,840 | |||||
4,811 | NETFLIX, INC.(b) | 1,723,497 | 2,509,706 | |||||
7,900 | NEW YORK TIMES (THE) CO., CLASS A | 402,865 | 399,898 | |||||
2,375 | NEWS CORP., CLASS A | 7,170 | 60,396 | |||||
700 | NEXSTAR MEDIA GROUP, INC., CLASS A | 44,492 | 98,301 | |||||
2,195 | OMNICOM GROUP, INC. | 52,802 | 162,759 | |||||
3,303 | PINTEREST, INC., CLASS A(b) | 244,160 | 244,521 | |||||
257 | ROKU, INC.(b) | 45,736 | 83,723 | |||||
1,300 | SPOTIFY TECHNOLOGY S.A.(b)(c) | 185,547 | 348,335 | |||||
926 | TAKE-TWO INTERACTIVE SOFTWARE, INC.(b) | 184,665 | 163,624 | |||||
1,544 | TEGNA, INC. | 7,743 | 29,074 | |||||
23,087 | T-MOBILE U.S., INC.(b) | 1,511,343 | 2,892,570 | |||||
3,305 | TRIPADVISOR, INC.(b) | 56,130 | 177,776 | |||||
9,852 | TWITTER, INC.(b) | 231,498 | 626,883 | |||||
67,275 | VERIZON COMMUNICATIONS, INC. | 2,992,841 | 3,912,041 | |||||
22,070 | VIACOMCBS, INC., CLASS B | 926,006 | 995,357 | |||||
27,007 | WALT DISNEY (THE) CO.(b) | 679,844 | 4,983,332 | |||||
12,380 | ZILLOW GROUP, INC., CLASS C(b) | 1,563,552 | 1,604,943 | |||||
6,930 | ZYNGA, INC., CLASS A(b) | 68,439 | 70,755 | |||||
29,417,352 | 68,799,075 | 10.25% | ||||||
Consumer Discretionary: | ||||||||
1,500 | ADVANCE AUTO PARTS, INC. | 53,557 | 275,235 | |||||
5,649 | AMAZON.COM, INC.(b) | 6,268,124 | 17,478,458 | |||||
5,476 | APTIV PLC(b)(c) | 739,674 | 755,140 | |||||
2,400 | ARAMARK | 47,393 | 90,672 | |||||
1,100 | AUTOLIV, INC.(b)(c) | 13,982 | 102,080 | |||||
13,174 | AUTONATION, INC.(b) | 340,741 | 1,228,080 | |||||
800 | AUTOZONE, INC.(b) | 571,776 | 1,123,440 | |||||
57,075 | BEST BUY CO., INC. | 3,242,872 | 6,552,781 | |||||
1,400 | BIG LOTS, INC. | 15,477 | 95,620 | |||||
1,206 | BOOKING HOLDINGS, INC.(b) | 1,725,856 | 2,809,787 | |||||
11,464 | BORGWARNER, INC. | 318,786 | 531,471 | |||||
628 | BURLINGTON STORES, INC.(b) | 68,198 | 187,646 | |||||
3,068 | CARMAX, INC.(b) | 33,093 | 407,001 | |||||
13,535 | CARNIVAL CORP.(b) | 157,667 | 359,219 | |||||
1,926 | CARTER'S, INC.(b) | 156,040 | 171,279 | |||||
2,300 | CARVANA CO.(b) | 419,338 | 603,520 | |||||
4,600 | D.R. HORTON, INC. | 22,057 | 409,952 | |||||
2,326 | DARDEN RESTAURANTS, INC. | 108,803 | 330,292 | |||||
3,545 | DICK'S SPORTING GOODS, INC. | 140,126 | 269,952 | |||||
3,389 | DOLLAR GENERAL CORP. | 248,398 | 686,679 | |||||
5,224 | DOLLAR TREE, INC.(b) | 52,773 | 597,939 | |||||
1,100 | DOMINO'S PIZZA, INC. | 154,333 | 404,569 | |||||
106,530 | EBAY, INC. | 4,283,621 | 6,523,897 |
1 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Discretionary (Cont'd): | ||||||||
1,383 | ETSY, INC.(b) | $276,395 | 278,910 | |||||
822 | EXPEDIA GROUP, INC.(b) | 13,985 | 141,483 | |||||
47,886 | EXTENDED STAY AMERICA, INC. | 658,532 | 945,748 | |||||
959 | FLOOR & DECOR HOLDINGS, INC., CLASS A(b) | 27,966 | 91,565 | |||||
19,572 | FOOT LOCKER, INC. | 464,589 | 1,100,925 | |||||
22,163 | FORD MOTOR CO.(b) | 72,511 | 271,497 | |||||
1,300 | FRONTDOOR, INC.(b) | 30,172 | 69,875 | |||||
3,967 | GAP (THE), INC.(b) | 30,461 | 118,137 | |||||
5,273 | GARMIN LTD.(c) | 188,068 | 695,245 | |||||
15,381 | GENERAL MOTORS CO.(b) | 415,311 | 883,792 | |||||
15,000 | GENTEX CORP. | 106,860 | 535,050 | |||||
3,450 | GENUINE PARTS CO. | 102,424 | 398,786 | |||||
15,839 | HANESBRANDS, INC. | 138,414 | 311,553 | |||||
400 | HASBRO, INC. | 10,206 | 38,448 | |||||
1,600 | HILTON WORLDWIDE HOLDINGS, INC.(b) | 115,613 | 193,472 | |||||
15,600 | HOME DEPOT (THE), INC. | 2,462,542 | 4,761,900 | |||||
30,418 | INTERNATIONAL GAME TECHNOLOGY PLC(b) | 167,706 | 488,209 | |||||
6,950 | KOHL'S CORP. | 55,508 | 414,289 | |||||
971 | KONTOOR BRANDS, INC. | 5,113 | 47,123 | |||||
17,397 | L BRANDS, INC.(b) | 837,609 | 1,076,178 | |||||
2,338 | LAS VEGAS SANDS CORP.(b) | 14,654 | 142,057 | |||||
21,869 | LENNAR CORP., CLASS A | 857,383 | 2,213,799 | |||||
58 | LENNAR CORP., CLASS B | 652 | 4,776 | |||||
25,112 | LKQ CORP.(b) | 828,378 | 1,062,991 | |||||
1,324 | LOWE'S COS., INC. | 223,088 | 251,798 | |||||
4,767 | LULULEMON ATHLETICA, INC.(b)(c) | 606,562 | 1,462,087 | |||||
3,038 | MARRIOTT INTERNATIONAL, INC., CLASS A(b) | 63,603 | 449,958 | |||||
294 | MARRIOTT VACATIONS WORLDWIDE CORP.(b) | 4,103 | 51,209 | |||||
10,620 | MCDONALD'S CORP. | 433,348 | 2,380,367 | |||||
6,600 | MGM RESORTS INTERNATIONAL | 54,921 | 250,734 | |||||
3,152 | MOHAWK INDUSTRIES, INC.(b) | 495,274 | 606,161 | |||||
600 | MURPHY U.S.A., INC. | 4,392 | 86,736 | |||||
4,915 | NEWELL BRANDS, INC. | 52,223 | 131,624 | |||||
10,200 | NIKE, INC., CLASS B | 247,236 | 1,355,478 | |||||
4,300 | NORDSTROM, INC. | 45,233 | 162,841 | |||||
103 | NVR, INC.(b) | 133,164 | 485,226 | |||||
900 | O'REILLY AUTOMOTIVE, INC.(b) | 27,059 | 456,525 | |||||
2,830 | PELOTON INTERACTIVE, INC., CLASS A(b) | 417,207 | 318,205 | |||||
4,707 | PENSKE AUTOMOTIVE GROUP, INC. | 191,281 | 377,690 | |||||
900 | PLANET FITNESS, INC., CLASS A(b) | 45,306 | 69,570 | |||||
1,225 | POOL CORP. | 308,981 | 422,919 | |||||
14,100 | PULTEGROUP, INC. | 58,797 | 739,404 | |||||
2,342 | PVH CORP.(b) | 101,514 | 247,549 | |||||
17,636 | QURATE RETAIL, INC., CLASS A | 45,988 | 207,399 | |||||
1,500 | RALPH LAUREN CORP.(b) | 31,320 | 184,740 | |||||
4,543 | ROSS STORES, INC. | 175,795 | 544,751 | |||||
3,870 | ROYAL CARIBBEAN CRUISES LTD.(b) | 82,045 | 331,311 | |||||
5,700 | SIX FLAGS ENTERTAINMENT CORP.(b) | 96,791 | 264,879 | |||||
23,500 | STARBUCKS CORP. | 154,545 | 2,567,845 | |||||
17,193 | TAPESTRY, INC. | 553,567 | 708,524 | |||||
22,005 | TARGET CORP. | 2,265,472 | 4,358,530 | |||||
10,121 | TESLA, INC.(b) | 3,197,878 | 6,760,120 | |||||
1,900 | THOR INDUSTRIES, INC. | 22,316 | 256,006 | |||||
20,188 | TJX (THE) COS., INC. | 86,033 | 1,335,436 | |||||
1,466 | TOPBUILD CORP.(b) | 11,809 | 307,024 | |||||
23,166 | TRAVEL + LEISURE CO. | 477,832 | 1,416,833 | |||||
1,100 | VEONEER, INC.(b)(c) | 5,428 | 26,928 | |||||
6,800 | VF CORP. | 81,950 | 543,456 | |||||
607 | WAYFAIR, INC., CLASS A(b) | 145,849 | 191,053 | |||||
3,000 | WENDY'S (THE) CO. | 43,280 | 60,780 | |||||
7,417 | WHIRLPOOL CORP. | 755,937 | 1,634,336 | |||||
2,773 | WILLIAMS-SONOMA, INC. | 149,190 | 496,922 | |||||
1,400 | WYNDHAM HOTELS & RESORTS, INC. | 46,408 | 97,692 | |||||
1,600 | WYNN RESORTS LTD.(b) | 39,859 | 200,592 | |||||
900 | YUM CHINA HOLDINGS, INC.(c) | 40,023 | 53,289 | |||||
39,086,344 | 91,135,044 | 13.57% |
2 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Staples: | ||||||||
59,362 | ALTRIA GROUP, INC. | $2,426,405 | 3,036,960 | |||||
10,300 | ARCHER-DANIELS-MIDLAND CO. | 188,618 | 587,100 | |||||
700 | BEYOND MEAT, INC.(b) | 51,107 | 91,084 | |||||
600 | BOSTON BEER (THE) CO., INC., CLASS A(b) | 373,931 | 723,768 | |||||
7,290 | BROWN-FORMAN CORP., CLASS B | 57,343 | 502,791 | |||||
1,266 | CAMPBELL SOUP CO. | 61,512 | 63,642 | |||||
17,416 | CHURCH & DWIGHT CO., INC. | 917,098 | 1,521,288 | |||||
4,072 | CLOROX (THE) CO. | 633,919 | 785,407 | |||||
56,139 | COCA-COLA (THE) CO. | 844,179 | 2,959,087 | |||||
1,280 | COLGATE-PALMOLIVE CO. | 36,019 | 100,902 | |||||
2,100 | CONAGRA BRANDS, INC. | 33,308 | 78,960 | |||||
1,600 | CONSTELLATION BRANDS, INC., CLASS A | 202,589 | 364,800 | |||||
4,049 | COSTCO WHOLESALE CORP. | 173,164 | 1,427,192 | |||||
1,646 | ESTEE LAUDER (THE) COS., INC., CLASS A | 288,146 | 478,739 | |||||
3,709 | FLOWERS FOODS, INC. | 79,756 | 88,274 | |||||
22,864 | GENERAL MILLS, INC. | 838,622 | 1,402,020 | |||||
5,300 | HERBALIFE NUTRITION LTD.(b) | 36,401 | 235,108 | |||||
1,642 | HERSHEY (THE) CO. | 60,568 | 259,699 | |||||
5,000 | HORMEL FOODS CORP. | 53,308 | 238,900 | |||||
1,700 | INGREDION, INC. | 48,104 | 152,864 | |||||
17,610 | J M SMUCKER (THE) CO. | 1,905,178 | 2,228,193 | |||||
1,643 | KEURIG DR. PEPPER, INC. | (27,168) | 56,470 | |||||
1,550 | KIMBERLY-CLARK CORP. | 69,760 | 215,528 | |||||
3,914 | KRAFT HEINZ (THE) CO. | 39,875 | 156,560 | |||||
131,591 | KROGER (THE) CO. | 3,455,788 | 4,735,960 | |||||
633 | LAMB WESTON HOLDINGS, INC. | 7,452 | 49,045 | |||||
1,500 | MCCORMICK & CO., INC. (NON VOTING) | 31,021 | 133,740 | |||||
1,300 | MOLSON COORS BEVERAGE CO., CLASS B(b) | 37,841 | 66,495 | |||||
6,969 | MONDELEZ INTERNATIONAL, INC., CLASS A | 99,573 | 407,896 | |||||
5,564 | MONSTER BEVERAGE CORP.(b) | 262,660 | 506,825 | |||||
232 | NU SKIN ENTERPRISES, INC., CLASS A | 8,194 | 12,270 | |||||
24,270 | PEPSICO, INC. | 1,881,046 | 3,432,991 | |||||
16,195 | PHILIP MORRIS INTERNATIONAL, INC. | 1,067,983 | 1,437,144 | |||||
700 | POST HOLDINGS, INC.(b) | 43,421 | 74,004 | |||||
34,396 | PROCTER & GAMBLE (THE) CO. | 1,138,085 | 4,658,250 | |||||
30,797 | SPROUTS FARMERS MARKET, INC.(b) | 653,520 | 819,816 | |||||
7,700 | SYSCO CORP. | 117,906 | 606,298 | |||||
17,945 | TYSON FOODS, INC., CLASS A | 822,269 | 1,333,314 | |||||
2,700 | US FOODS HOLDING CORP.(b) | 45,757 | 102,924 | |||||
19,224 | WALGREENS BOOTS ALLIANCE, INC. | 331,290 | 1,055,398 | |||||
19,118 | WALMART, INC. | 1,744,087 | 2,596,798 | |||||
21,139,635 | 39,784,504 | 5.93% | ||||||
Energy: | ||||||||
1 | ANTERO MIDSTREAM CORP. | 2 | 9 | |||||
7,500 | APA CORP. | 44,218 | 134,250 | |||||
6,600 | BAKER HUGHES CO. | 77,964 | 142,626 | |||||
17,610 | CABOT OIL & GAS CORP. | 330,988 | 330,716 | |||||
2,200 | CHENIERE ENERGY, INC.(b) | 73,298 | 158,422 | |||||
37,095 | CHEVRON CORP. | 2,194,333 | 3,887,185 | |||||
2,700 | CIMAREX ENERGY CO. | 45,271 | 160,353 | |||||
69,076 | CONOCOPHILLIPS | 2,321,525 | 3,658,956 | |||||
2,000 | CONTINENTAL RESOURCES, INC.(b) | 20,765 | 51,740 | |||||
9,794 | ENBRIDGE, INC.(c) | 137,797 | 356,502 | |||||
12,548 | EOG RESOURCES, INC. | 570,060 | 910,106 | |||||
119,184 | EQUITRANS MIDSTREAM CORP. | 854,874 | 972,542 | |||||
28,733 | EXXON MOBIL CORP. | 1,312,967 | 1,604,163 | |||||
3,100 | HELMERICH & PAYNE, INC. | 39,003 | 83,576 | |||||
2,600 | HESS CORP. | 90,342 | 183,976 | |||||
47,018 | KINDER MORGAN, INC. | 669,259 | 782,850 | |||||
60,333 | MARATHON OIL CORP. | 733,740 | 644,356 | |||||
5,994 | OCCIDENTAL PETROLEUM CORP. | 53,941 | 159,560 | |||||
3,900 | ONEOK, INC. | 54,477 | 197,574 | |||||
6,900 | PBF ENERGY, INC., CLASS A(b) | 45,786 | 97,635 | |||||
1,000 | PHILLIPS 66 | 50,510 | 81,540 | |||||
1,500 | PIONEER NATURAL RESOURCES CO. | 108,477 | 238,230 | |||||
9,633 | SCHLUMBERGER N.V. | 108,848 | 261,921 | |||||
8,079 | VALERO ENERGY CORP. | 257,608 | 578,456 |
3 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Energy (Cont'd): | ||||||||
37,307 | WILLIAMS (THE) COS., INC. | $698,930 | 883,803 | |||||
10,894,983 | 16,561,047 | 2.47% | ||||||
Financials: | ||||||||
3,800 | AFLAC, INC. | 182,728 | 194,484 | |||||
500 | ALLEGHANY CORP.(b) | 140,685 | 313,145 | |||||
26,983 | ALLSTATE (THE) CORP. | 2,018,400 | 3,100,347 | |||||
3,633 | AMERICAN EXPRESS CO. | 111,938 | 513,852 | |||||
2,208 | AMERICAN FINANCIAL GROUP, INC. | 135,743 | 251,933 | |||||
5,500 | AMERICAN INTERNATIONAL GROUP, INC. | 129,086 | 254,155 | |||||
1,689 | AMERICAN NATIONAL GROUP, INC. | 113,808 | 182,193 | |||||
11,193 | AMERIPRISE FINANCIAL, INC. | 945,013 | 2,601,813 | |||||
13,600 | ANNALY CAPITAL MANAGEMENT, INC. | 80,993 | 116,960 | |||||
1,848 | AON PLC, CLASS A | 223,031 | 425,243 | |||||
15,811 | ARCH CAPITAL GROUP LTD.(b)(c) | 307,170 | 606,668 | |||||
2,300 | ARTHUR J. GALLAGHER & CO. | 80,002 | 286,971 | |||||
3,659 | ASSOCIATED BANC-CORP | 77,220 | 78,083 | |||||
4,900 | ASSURANT, INC. | 218,575 | 694,673 | |||||
1,000 | AXIS CAPITAL HOLDINGS LTD.(c) | 28,371 | 49,570 | |||||
115,825 | BANK OF AMERICA CORP. | 1,176,757 | 4,481,269 | |||||
10,000 | BANK OF NEW YORK MELLON (THE) CORP. | 206,454 | 472,900 | |||||
22,651 | BERKSHIRE HATHAWAY, INC., CLASS B(b) | 2,584,621 | 5,786,651 | |||||
2,000 | BRIGHTHOUSE FINANCIAL, INC.(b) | 48,875 | 88,500 | |||||
620 | CANNAE HOLDINGS, INC.(b) | 2,893 | 24,564 | |||||
7,647 | CAPITAL ONE FINANCIAL CORP. | 232,495 | 972,928 | |||||
19,308 | CHARLES SCHWAB (THE) CORP. | 201,859 | 1,258,495 | |||||
2,385 | CHUBB LTD.(c) | 126,355 | 376,758 | |||||
47,964 | CITIGROUP, INC. | 1,875,338 | 3,489,381 | |||||
7,030 | CITIZENS FINANCIAL GROUP, INC. | 131,016 | 310,375 | |||||
1,965 | CME GROUP, INC. | 203,851 | 401,312 | |||||
500 | CREDIT ACCEPTANCE CORP.(b) | 86,421 | 180,115 | |||||
8,202 | DISCOVER FINANCIAL SERVICES | 125,376 | 779,108 | |||||
469 | FAIRFAX FINANCIAL HOLDINGS LTD.(c) | 86,576 | 204,175 | |||||
1,863 | FIDELITY NATIONAL FINANCIAL, INC. | 15,560 | 75,750 | |||||
10,565 | FIFTH THIRD BANCORP | 109,297 | 395,659 | |||||
400 | FIRST CITIZENS BANCSHARES, INC., CLASS A | 57,523 | 334,308 | |||||
30,500 | FIRST HORIZON CORP. | 193,065 | 515,755 | |||||
15,329 | GOLDMAN SACHS GROUP (THE), INC. | 1,896,007 | 5,012,583 | |||||
3,000 | HANOVER INSURANCE GROUP (THE), INC. | 215,948 | 388,380 | |||||
3,700 | HARTFORD FINANCIAL SERVICES GROUP (THE), INC. | 62,228 | 247,123 | |||||
35,000 | HUNTINGTON BANCSHARES, INC. | 169,770 | 550,200 | |||||
505 | INTERCONTINENTAL EXCHANGE, INC. | 12,819 | 56,398 | |||||
15,903 | JANUS HENDERSON GROUP PLC | 222,792 | 495,378 | |||||
47,492 | JPMORGAN CHASE & CO. | 1,723,282 | 7,229,707 | |||||
20,310 | KEYCORP | 330,706 | 405,794 | |||||
2,200 | LEMONADE, INC.(b) | 236,890 | 204,886 | |||||
200 | MARKEL CORP.(b) | 67,789 | 227,924 | |||||
200 | MARKETAXESS HOLDINGS, INC. | 100,378 | 99,584 | |||||
5,684 | MARSH & MCLENNAN COS., INC. | 240,120 | 692,311 | |||||
1,300 | MERCURY GENERAL CORP. | 38,019 | 79,053 | |||||
5,091 | METLIFE, INC. | 162,948 | 309,482 | |||||
800 | MOODY'S CORP. | 28,632 | 238,888 | |||||
78,857 | MORGAN STANLEY | 2,295,591 | 6,124,035 | |||||
200 | MSCI, INC. | 6,396 | 83,856 | |||||
5,900 | NASDAQ, INC. | 240,309 | 870,014 | |||||
2,326 | ONEMAIN HOLDINGS, INC. | 40,168 | 124,953 | |||||
2,485 | PACWEST BANCORP | 28,898 | 94,803 | |||||
7,214 | PNC FINANCIAL SERVICES GROUP (THE), INC. | 276,365 | 1,265,408 | |||||
17,728 | POPULAR, INC. | 602,360 | 1,246,633 | |||||
1,800 | PRINCIPAL FINANCIAL GROUP, INC. | 37,586 | 107,928 | |||||
20,410 | PROGRESSIVE (THE) CORP. | 1,462,007 | 1,951,400 | |||||
5,900 | PRUDENTIAL FINANCIAL, INC. | 182,565 | 537,490 | |||||
16,006 | RAYMOND JAMES FINANCIAL, INC. | 1,016,976 | 1,961,695 | |||||
12,839 | REGIONS FINANCIAL CORP. | 73,436 | 265,254 | |||||
800 | RENAISSANCERE HOLDINGS LTD.(c) | 81,779 | 128,200 | |||||
3,151 | ROYAL BANK OF CANADA(c) | 75,539 | 290,554 | |||||
7,500 | SEI INVESTMENTS CO. | 108,537 | 456,975 | |||||
18,352 | SLM CORP. | 93,485 | 329,785 |
4 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Financials (Cont'd): | ||||||||
20,892 | STATE STREET CORP. | $1,076,086 | 1,755,137 | |||||
50,935 | SYNCHRONY FINANCIAL | 1,167,904 | 2,071,017 | |||||
3,657 | SYNOVUS FINANCIAL CORP. | 49,372 | 167,308 | |||||
3,549 | T. ROWE PRICE GROUP, INC. | 106,978 | 609,008 | |||||
2,946 | TCF FINANCIAL CORP. | 51,834 | 136,871 | |||||
15,374 | TRAVELERS (THE) COS., INC. | 1,378,221 | 2,312,250 | |||||
12,994 | TRUIST FINANCIAL CORP. | 242,181 | 757,810 | |||||
16,200 | TWO HARBORS INVESTMENT CORP. | 70,556 | 118,746 | |||||
17,585 | US BANCORP | 318,503 | 972,626 | |||||
7,855 | W R BERKLEY CORP. | 230,563 | 591,874 | |||||
1,800 | WASHINGTON FEDERAL, INC. | 23,535 | 55,440 | |||||
47,427 | WELLS FARGO & CO. | 593,148 | 1,852,973 | |||||
2,568 | WESTERN ALLIANCE BANCORP | 59,789 | 242,522 | |||||
2,600 | ZIONS BANCORP N.A. | 49,361 | 142,896 | |||||
29,805,451 | 73,681,245 | 10.97% | ||||||
Health Care: | ||||||||
13,934 | ABBOTT LABORATORIES | 408,203 | 1,669,851 | |||||
22,130 | ABBVIE, INC. | 919,868 | 2,394,909 | |||||
800 | ABIOMED, INC.(b) | 204,045 | 254,984 | |||||
500 | ACCELERON PHARMA, INC.(b) | 48,935 | 67,805 | |||||
1,800 | ADAPTIVE BIOTECHNOLOGIES CORP.(b) | 45,536 | 72,468 | |||||
1,457 | AGILENT TECHNOLOGIES, INC. | 63,335 | 185,243 | |||||
1,200 | AGIOS PHARMACEUTICALS, INC.(b) | 44,843 | 61,968 | |||||
1,844 | ALEXION PHARMACEUTICALS, INC.(b) | 87,654 | 281,966 | |||||
1,778 | ALIGN TECHNOLOGY, INC.(b) | 410,374 | 962,840 | |||||
1,200 | ALNYLAM PHARMACEUTICALS, INC.(b) | 181,534 | 169,428 | |||||
7,200 | AMERISOURCEBERGEN CORP. | 115,968 | 850,104 | |||||
8,140 | AMGEN, INC. | 1,452,829 | 2,025,313 | |||||
6,046 | ANTHEM, INC. | 702,079 | 2,170,212 | |||||
193 | AVANOS MEDICAL, INC.(b) | 3,014 | 8,442 | |||||
3,700 | AVANTOR, INC.(b) | 41,167 | 107,041 | |||||
9,390 | BAXTER INTERNATIONAL, INC. | 469,695 | 791,953 | |||||
3,085 | BECTON DICKINSON AND CO. | 305,797 | 750,118 | |||||
11,313 | BIOGEN, INC.(b) | 3,221,002 | 3,164,812 | |||||
2,814 | BIO-RAD LABORATORIES, INC., CLASS A(b) | 1,417,545 | 1,607,272 | |||||
1,351 | BIO-TECHNE CORP. | 529,200 | 515,987 | |||||
32,800 | BOSTON SCIENTIFIC CORP.(b) | 182,160 | 1,267,720 | |||||
33,328 | BRISTOL-MYERS SQUIBB CO. | 1,175,553 | 2,103,997 | |||||
2,145 | BRUKER CORP. | 43,219 | 137,881 | |||||
1,000 | CARDINAL HEALTH, INC. | 26,001 | 60,750 | |||||
1,500 | CATALENT, INC.(b) | 72,507 | 157,965 | |||||
3,972 | CENTENE CORP.(b) | 157,082 | 253,851 | |||||
3,600 | CERNER CORP. | 40,603 | 258,768 | |||||
241 | CHARLES RIVER LABORATORIES INTERNATIONAL, INC.(b) | 31,337 | 69,849 | |||||
3,674 | CIGNA CORP. | 321,186 | 888,153 | |||||
200 | COOPER (THE) COS., INC. | 50,902 | 76,818 | |||||
16,630 | CVS HEALTH CORP. | 746,454 | 1,251,075 | |||||
9,229 | DANAHER CORP. | 272,153 | 2,077,263 | |||||
5,332 | DENTSPLY SIRONA, INC. | 141,306 | 340,235 | |||||
1,500 | DEXCOM, INC.(b) | 87,311 | 539,085 | |||||
11,778 | EDWARDS LIFESCIENCES CORP.(b) | 161,745 | 985,112 | |||||
3,800 | ELANCO ANIMAL HEALTH, INC.(b) | 74,580 | 111,910 | |||||
13,874 | ELI LILLY AND CO. | 1,062,186 | 2,591,941 | |||||
1,413 | EXACT SCIENCES CORP.(b) | 187,220 | 186,205 | |||||
17,143 | GILEAD SCIENCES, INC. | 144,642 | 1,107,952 | |||||
17,503 | HCA HEALTHCARE, INC. | 2,483,249 | 3,296,515 | |||||
3,800 | HENRY SCHEIN, INC.(b) | 67,547 | 263,112 | |||||
27,356 | HOLOGIC, INC.(b) | 1,549,268 | 2,034,739 | |||||
6,925 | HORIZON THERAPEUTICS PLC(b) | 168,428 | 637,377 | |||||
1,948 | HUMANA, INC. | 718,193 | 816,699 | |||||
6,784 | IDEXX LABORATORIES, INC.(b) | 2,082,530 | 3,319,479 | |||||
2,300 | ILLUMINA, INC.(b) | 98,233 | 883,338 | |||||
1,957 | INCYTE CORP.(b) | 125,794 | 159,045 | |||||
1,462 | INTUITIVE SURGICAL, INC.(b) | 560,949 | 1,080,330 | |||||
6,100 | IOVANCE BIOTHERAPEUTICS, INC.(b) | 253,092 | 193,126 | |||||
5,634 | IQVIA HOLDINGS, INC.(b) | 560,732 | 1,088,151 | |||||
444 | JAZZ PHARMACEUTICALS PLC(b)(c) | 66,274 | 72,980 |
5 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Health Care (Cont'd): | ||||||||
24,983 | JOHNSON & JOHNSON | $1,645,033 | 4,105,956 | |||||
842 | LABORATORY CORP. OF AMERICA HOLDINGS(b) | 53,269 | 214,735 | |||||
500 | MASIMO CORP.(b) | 110,177 | 114,830 | |||||
6,221 | MCKESSON CORP. | 278,005 | 1,213,344 | |||||
6,200 | MEDTRONIC PLC(c) | 526,620 | 732,406 | |||||
40,510 | MERCK & CO., INC. | 1,165,258 | 3,122,916 | |||||
1,317 | METTLER-TOLEDO INTERNATIONAL, INC.(b) | 123,051 | 1,522,044 | |||||
3,497 | MODERNA, INC.(b) | 393,032 | 457,932 | |||||
5,255 | MOLINA HEALTHCARE, INC.(b) | 1,021,212 | 1,228,409 | |||||
800 | NEUROCRINE BIOSCIENCES, INC.(b) | 72,192 | 77,800 | |||||
386 | NOVOCURE LTD.(b)(c) | 66,797 | 51,021 | |||||
3,700 | OAK STREET HEALTH, INC.(b) | 230,718 | 200,799 | |||||
300 | PENUMBRA, INC.(b) | 36,663 | 81,174 | |||||
921 | PERKINELMER, INC. | 142,329 | 118,155 | |||||
1,200 | PERRIGO CO. PLC(c) | 53,711 | 48,564 | |||||
48,566 | PFIZER, INC. | 615,682 | 1,759,546 | |||||
2,600 | PPD, INC.(b) | 45,518 | 98,384 | |||||
2,000 | QIAGEN N.V.(b)(c) | 83,380 | 97,380 | |||||
2,944 | QUIDEL CORP.(b) | 481,867 | 376,626 | |||||
193 | REGENERON PHARMACEUTICALS, INC.(b) | 95,376 | 91,316 | |||||
400 | REPLIGEN CORP.(b) | 46,604 | 77,764 | |||||
4,791 | RESMED, INC. | 129,046 | 929,550 | |||||
700 | SAREPTA THERAPEUTICS, INC.(b) | 66,178 | 52,171 | |||||
2,100 | SEAGEN, INC.(b) | 357,076 | 291,606 | |||||
900 | TELADOC HEALTH, INC.(b) | 179,423 | 163,575 | |||||
1,800 | TELEFLEX, INC. | 195,858 | 747,828 | |||||
3,226 | THERMO FISHER SCIENTIFIC, INC. | 859,616 | 1,472,282 | |||||
6,118 | UNITED THERAPEUTICS CORP.(b) | 616,285 | 1,023,358 | |||||
15,791 | UNITEDHEALTH GROUP, INC. | 2,477,161 | 5,875,357 | |||||
2,036 | UNIVERSAL HEALTH SERVICES, INC., CLASS B | 38,822 | 271,582 | |||||
1,880 | VAREX IMAGING CORP.(b) | 19,829 | 38,521 | |||||
5,199 | VARIAN MEDICAL SYSTEMS, INC.(b) | 193,000 | 917,779 | |||||
1,800 | VEEVA SYSTEMS, INC., CLASS A(b) | 318,742 | 470,232 | |||||
3,000 | VERTEX PHARMACEUTICALS, INC.(b) | 509,278 | 644,670 | |||||
9,243 | VIATRIS, INC.(b) | 83,316 | 129,125 | |||||
5,851 | WATERS CORP.(b) | 699,949 | 1,662,679 | |||||
2,248 | WEST PHARMACEUTICAL SERVICES, INC. | 628,826 | 633,441 | |||||
4,304 | ZIMMER BIOMET HOLDINGS, INC. | 233,961 | 688,984 | |||||
1,147 | ZOETIS, INC. | 123,318 | 180,630 | |||||
39,401,237 | 78,408,608 | 11.68% | ||||||
Industrials: | ||||||||
6,987 | 3M CO. | 417,187 | 1,346,255 | |||||
923 | ACCO BRANDS CORP. | 3,137 | 7,790 | |||||
3,338 | ACUITY BRANDS, INC. | 362,545 | 550,770 | |||||
11,607 | ADT, INC. | 45,143 | 97,963 | |||||
5,973 | AGCO CORP. | 421,122 | 858,021 | |||||
8,255 | AIR LEASE CORP. | 223,546 | 404,495 | |||||
2,194 | ALASKA AIR GROUP, INC.(b) | 107,932 | 151,847 | |||||
1,533 | ALLEGION PLC(c) | 40,913 | 192,575 | |||||
5,175 | AMETEK, INC. | 73,220 | 661,003 | |||||
1,000 | AXON ENTERPRISE, INC.(b) | 177,010 | 142,420 | |||||
4,087 | BOEING (THE) CO.(b) | 373,004 | 1,041,041 | |||||
9,493 | BOOZ ALLEN HAMILTON HOLDING CORP. | 296,204 | 764,471 | |||||
1,200 | BWX TECHNOLOGIES, INC. | 54,215 | 79,128 | |||||
7,260 | C.H. ROBINSON WORLDWIDE, INC. | 741,282 | 692,822 | |||||
1,436 | CACI INTERNATIONAL, INC., CLASS A(b) | 305,354 | 354,204 | |||||
2,996 | CARLISLE COS., INC. | 114,358 | 493,082 | |||||
10,640 | CARRIER GLOBAL CORP. | 57,007 | 449,221 | |||||
10,504 | CATERPILLAR, INC. | 272,491 | 2,435,563 | |||||
3,200 | CINTAS CORP. | 258,101 | 1,092,192 | |||||
5,095 | COPA HOLDINGS S.A., CLASS A(b)(c) | 416,038 | 411,625 | |||||
3,100 | COPART, INC.(b) | 271,982 | 336,691 | |||||
6,700 | CORELOGIC, INC. | 76,313 | 530,975 | |||||
372 | COSTAR GROUP, INC.(b) | 335,130 | 305,743 | |||||
3,948 | CRANE CO. | 66,572 | 370,757 | |||||
7,824 | CSX CORP. | 429,438 | 754,390 | |||||
11,748 | CUMMINS, INC. | 1,835,519 | 3,044,024 |
6 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials (Cont'd): | ||||||||
7,300 | DEERE & CO. | $199,160 | 2,731,222 | |||||
10,100 | DELTA AIR LINES, INC.(b) | 100,965 | 487,628 | |||||
1,525 | DOVER CORP. | 32,899 | 209,123 | |||||
19,882 | EATON CORP. PLC | 936,024 | 2,749,283 | |||||
3,980 | EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. | 259,722 | 428,606 | |||||
7,395 | FEDEX CORP. | 1,444,024 | 2,100,476 | |||||
3,325 | FORTIVE CORP. | 36,012 | 234,878 | |||||
25,528 | FORTUNE BRANDS HOME & SECURITY, INC. | 968,503 | 2,446,093 | |||||
1,400 | GATX CORP. | 24,276 | 129,836 | |||||
1,328 | GENERAC HOLDINGS, INC.(b) | 286,861 | 434,854 | |||||
837 | GENERAL DYNAMICS CORP. | 116,523 | 151,966 | |||||
50,000 | GENERAL ELECTRIC CO. | 348,445 | 656,500 | |||||
20,900 | GRAFTECH INTERNATIONAL LTD. | 154,560 | 255,607 | |||||
875 | HEICO CORP. | 61,334 | 110,075 | |||||
2,156 | HEICO CORP., CLASS A | 109,365 | 244,922 | |||||
360 | HERC HOLDINGS, INC.(b) | 5,808 | 36,479 | |||||
9,188 | HONEYWELL INTERNATIONAL, INC. | 265,803 | 1,994,439 | |||||
25,039 | HOWMET AEROSPACE, INC.(b) | 299,194 | 804,503 | |||||
1,200 | HUBBELL, INC. | 43,310 | 224,268 | |||||
2,955 | HUNTINGTON INGALLS INDUSTRIES, INC. | 444,504 | 608,287 | |||||
1,500 | IAA, INC.(b) | 45,883 | 82,710 | |||||
2,271 | IDEX CORP. | 140,770 | 475,366 | |||||
1,533 | IHS MARKIT LTD.(c) | 137,138 | 148,364 | |||||
4,824 | ILLINOIS TOOL WORKS, INC. | 155,812 | 1,068,612 | |||||
2,382 | INGERSOLL RAND, INC.(b) | 18,866 | 117,218 | |||||
1,468 | JACOBS ENGINEERING GROUP, INC. | 29,713 | 189,768 | |||||
2,100 | JB HUNT TRANSPORT SERVICES, INC. | 40,530 | 352,947 | |||||
37,751 | JOHNSON CONTROLS INTERNATIONAL PLC | 982,980 | 2,252,602 | |||||
2,603 | KNIGHT-SWIFT TRANSPORTATION HOLDINGS, INC. | 110,637 | 125,178 | |||||
9,411 | L3HARRIS TECHNOLOGIES, INC. | 1,219,092 | 1,907,421 | |||||
1,047 | LEIDOS HOLDINGS, INC. | 45,558 | 100,805 | |||||
600 | LENNOX INTERNATIONAL, INC. | 17,874 | 186,954 | |||||
1,400 | LINCOLN ELECTRIC HOLDINGS, INC. | 28,970 | 172,116 | |||||
3,432 | LOCKHEED MARTIN CORP. | 1,010,994 | 1,268,124 | |||||
2,500 | LYFT, INC., CLASS A(b) | 83,427 | 157,950 | |||||
1,200 | MANITOWOC (THE) CO., INC.(b) | 10,053 | 24,744 | |||||
2,475 | MANPOWERGROUP, INC. | 81,957 | 244,778 | |||||
23,855 | MASCO CORP. | 605,407 | 1,428,915 | |||||
3,039 | MSC INDUSTRIAL DIRECT CO., INC., CLASS A | 189,928 | 274,087 | |||||
577 | NORDSON CORP. | 57,299 | 114,638 | |||||
760 | NORFOLK SOUTHERN CORP. | 14,546 | 204,075 | |||||
4,673 | NORTHROP GRUMMAN CORP. | 480,108 | 1,512,370 | |||||
2,519 | NVENT ELECTRIC PLC(c) | 24,113 | 70,305 | |||||
7,566 | OLD DOMINION FREIGHT LINE, INC. | 1,155,010 | 1,818,942 | |||||
8,647 | OSHKOSH CORP. | 389,630 | 1,026,053 | |||||
5,320 | OTIS WORLDWIDE CORP. | 90,693 | 364,154 | |||||
1,100 | OWENS CORNING | 22,578 | 101,299 | |||||
1,056 | PACCAR, INC. | 46,858 | 98,124 | |||||
4,628 | PARKER-HANNIFIN CORP. | 350,966 | 1,459,810 | |||||
2,519 | PENTAIR PLC(c) | 49,295 | 156,984 | |||||
10,575 | QUANTA SERVICES, INC. | 579,132 | 930,389 | |||||
13,341 | RAYTHEON TECHNOLOGIES CORP. | 243,956 | 1,030,859 | |||||
12,257 | REPUBLIC SERVICES, INC. | 732,074 | 1,217,733 | |||||
9,420 | ROLLINS, INC. | 221,629 | 324,236 | |||||
700 | ROPER TECHNOLOGIES, INC. | 94,317 | 282,338 | |||||
31,354 | SCHNEIDER NATIONAL, INC., CLASS B | 729,039 | 782,909 | |||||
700 | SNAP-ON, INC. | 17,991 | 161,518 | |||||
18,647 | SOUTHWEST AIRLINES CO.(b) | 424,513 | 1,138,586 | |||||
1,500 | SPIRIT AEROSYSTEMS HOLDINGS, INC., CLASS A | 25,470 | 72,975 | |||||
2,557 | STANLEY BLACK & DECKER, INC. | 72,048 | 510,556 | |||||
600 | STERICYCLE, INC.(b) | 18,858 | 40,506 | |||||
11,246 | TIMKEN (THE) CO. | 499,847 | 912,838 | |||||
1,596 | TORO (THE) CO. | 76,510 | 164,611 | |||||
10,505 | TRANE TECHNOLOGIES PLC(c) | 490,333 | 1,739,208 | |||||
200 | TRANSDIGM GROUP, INC.(b) | 63,839 | 117,584 | |||||
11,300 | UBER TECHNOLOGIES, INC.(b) | 325,747 | 615,963 | |||||
5,902 | UNION PACIFIC CORP. | 373,569 | 1,300,860 |
7 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials (Cont'd): | ||||||||
1,928 | UNITED AIRLINES HOLDINGS, INC.(b) | $38,137 | 110,937 | |||||
4,957 | UNITED PARCEL SERVICE, INC., CLASS B | 392,428 | 842,640 | |||||
12,194 | UNITED RENTALS, INC.(b) | 1,319,924 | 4,015,606 | |||||
794 | VERISK ANALYTICS, INC. | 137,235 | 140,292 | |||||
180 | VERITIV CORP.(b) | 1,653 | 7,657 | |||||
700 | W.W. GRAINGER, INC. | 30,601 | 280,651 | |||||
975 | WASTE CONNECTIONS, INC. | 42,575 | 105,281 | |||||
17,554 | WASTE MANAGEMENT, INC. | 879,219 | 2,264,817 | |||||
1,200 | WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP. | 21,945 | 94,992 | |||||
1,600 | XYLEM, INC. | 30,618 | 168,288 | |||||
29,431,947 | 71,488,356 | 10.65% | ||||||
Information Technology: | ||||||||
2,200 | 2U, INC.(b) | 40,782 | 84,106 | |||||
6,372 | ACCENTURE PLC, CLASS A(c) | 675,728 | 1,760,265 | |||||
8,947 | ADOBE, INC.(b) | 1,806,133 | 4,253,135 | |||||
12,800 | ADVANCED MICRO DEVICES, INC.(b) | 228,637 | 1,004,800 | |||||
12,626 | AKAMAI TECHNOLOGIES, INC.(b) | 715,662 | 1,286,589 | |||||
2,695 | ALLIANCE DATA SYSTEMS CORP. | 114,079 | 302,083 | |||||
1,236 | ALTERYX, INC., CLASS A(b) | 140,231 | 102,539 | |||||
4,065 | AMDOCS LTD. | 200,086 | 285,160 | |||||
4,400 | ANALOG DEVICES, INC. | 82,698 | 682,352 | |||||
1,400 | ANAPLAN, INC.(b) | 47,612 | 75,390 | |||||
1,200 | ANSYS, INC.(b) | 30,630 | 407,472 | |||||
245,112 | APPLE, INC. | 4,089,142 | 29,940,431 | |||||
7,400 | APPLIED MATERIALS, INC. | 134,145 | 988,640 | |||||
7,925 | ARROW ELECTRONICS, INC.(b) | 483,101 | 878,249 | |||||
1,800 | ATLASSIAN CORP. PLC, CLASS A(b)(c) | 206,509 | 379,368 | |||||
4,347 | AUTODESK, INC.(b) | 578,347 | 1,204,771 | |||||
6,766 | AUTOMATIC DATA PROCESSING, INC. | 361,211 | 1,275,188 | |||||
20,661 | BLACK KNIGHT, INC.(b) | 1,461,752 | 1,528,707 | |||||
2,791 | BROADCOM, INC. | 153,147 | 1,294,075 | |||||
3,413 | BROADRIDGE FINANCIAL SOLUTIONS, INC. | 106,898 | 522,530 | |||||
13,500 | CADENCE DESIGN SYSTEMS, INC.(b) | 415,110 | 1,849,365 | |||||
1,522 | CDK GLOBAL, INC. | 19,712 | 82,279 | |||||
7,000 | CDW CORP. | 292,424 | 1,160,250 | |||||
8,331 | CERENCE, INC.(b) | 197,675 | 746,291 | |||||
50,440 | CISCO SYSTEMS, INC. | 490,070 | 2,608,252 | |||||
10,793 | CITRIX SYSTEMS, INC. | 1,133,411 | 1,514,905 | |||||
2,200 | CLOUDFLARE, INC., CLASS A(b) | 78,522 | 154,572 | |||||
1,000 | COGNEX CORP. | 44,753 | 82,990 | |||||
2,700 | COGNIZANT TECHNOLOGY SOLUTIONS CORP., CLASS A | 25,751 | 210,924 | |||||
4,830 | CONCENTRIX CORP.(b) | 290,324 | 723,148 | |||||
15,600 | CORNING, INC. | 85,176 | 678,756 | |||||
368 | COUPA SOFTWARE, INC.(b) | 45,753 | 93,649 | |||||
1,700 | CROWDSTRIKE HOLDINGS, INC., CLASS A(b) | 247,592 | 310,267 | |||||
2,100 | DATADOG, INC., CLASS A(b) | 179,184 | 175,014 | |||||
36,745 | DELL TECHNOLOGIES, INC., CLASS C(b) | 2,486,941 | 3,239,072 | |||||
2,800 | DOCUSIGN, INC.(b) | 393,007 | 566,860 | |||||
2,000 | DOLBY LABORATORIES, INC., CLASS A | 43,420 | 197,440 | |||||
2,300 | DROPBOX, INC., CLASS A(b) | 42,360 | 61,318 | |||||
1,640 | ECHOSTAR CORP., CLASS A(b) | 21,050 | 39,360 | |||||
954 | EPAM SYSTEMS, INC.(b) | 163,143 | 378,442 | |||||
300 | EURONET WORLDWIDE, INC.(b) | 25,458 | 41,490 | |||||
300 | EVERBRIDGE, INC.(b) | 42,279 | 36,354 | |||||
1,300 | F5 NETWORKS, INC.(b) | 30,063 | 271,206 | |||||
300 | FAIR ISAAC CORP.(b) | 80,682 | 145,815 | |||||
12,959 | FIDELITY NATIONAL INFORMATION SERVICES, INC. | 538,426 | 1,822,165 | |||||
3,900 | FIREEYE, INC.(b) | 44,602 | 76,323 | |||||
9,784 | FISERV, INC.(b) | 172,685 | 1,164,687 | |||||
600 | FIVE9, INC.(b) | 64,638 | 93,798 | |||||
200 | FLEETCOR TECHNOLOGIES, INC.(b) | 33,618 | 53,726 | |||||
11,746 | FORTINET, INC.(b) | 1,422,244 | 2,166,197 | |||||
3,873 | GLOBAL PAYMENTS, INC. | 299,961 | 780,719 | |||||
800 | GODADDY, INC., CLASS A(b) | 39,006 | 62,096 | |||||
18,800 | HEWLETT PACKARD ENTERPRISE CO. | 102,062 | 295,912 | |||||
56,636 | HP, INC. | 1,376,626 | 1,798,193 | |||||
1,200 | INPHI CORP.(b) | 136,907 | 214,092 |
8 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Information Technology (Cont'd): | ||||||||
60,826 | INTEL CORP. | $2,064,723 | 3,892,864 | |||||
18,856 | INTERNATIONAL BUSINESS MACHINES CORP. | 2,087,703 | 2,512,751 | |||||
3,500 | INTUIT, INC. | 75,843 | 1,340,710 | |||||
13,175 | JABIL, INC. | 259,881 | 687,208 | |||||
3,780 | JACK HENRY & ASSOCIATES, INC. | 655,086 | 573,502 | |||||
1,900 | JAMF HOLDING CORP.(b) | 69,270 | 67,108 | |||||
400 | KEYSIGHT TECHNOLOGIES, INC.(b) | 32,788 | 57,360 | |||||
6,727 | LAM RESEARCH CORP. | 765,234 | 4,004,179 | |||||
3,770 | MARVELL TECHNOLOGY GROUP LTD. | 20,234 | 184,655 | |||||
9,674 | MASTERCARD, INC., CLASS A | 2,270,835 | 3,444,428 | |||||
1,900 | MEDALLIA, INC.(b) | 44,418 | 52,991 | |||||
4,200 | MICROCHIP TECHNOLOGY, INC. | 38,962 | 651,924 | |||||
34,210 | MICRON TECHNOLOGY, INC.(b) | 627,712 | 3,017,664 | |||||
112,861 | MICROSOFT CORP. | 5,061,154 | 26,609,238 | |||||
500 | MKS INSTRUMENTS, INC. | 32,310 | 92,710 | |||||
600 | MONOLITHIC POWER SYSTEMS, INC. | 216,282 | 211,926 | |||||
900 | NCINO, INC.(b) | 66,285 | 60,048 | |||||
6,993 | NETAPP, INC. | 301,461 | 508,181 | |||||
900 | NEW RELIC, INC.(b) | 42,264 | 55,332 | |||||
22,781 | NORTONLIFELOCK, INC. | 207,695 | 484,324 | |||||
9,088 | NVIDIA CORP. | 1,335,992 | 4,852,356 | |||||
3,900 | NXP SEMICONDUCTORS N.V.(c) | 334,138 | 785,226 | |||||
3,297 | OKTA, INC.(b) | 513,168 | 726,758 | |||||
12,791 | ON SEMICONDUCTOR CORP.(b) | 481,458 | 532,234 | |||||
95,960 | ORACLE CORP. | 5,365,566 | 6,733,513 | |||||
4,328 | PALO ALTO NETWORKS, INC.(b) | 704,819 | 1,393,876 | |||||
466 | PAYCHEX, INC. | 27,642 | 45,677 | |||||
1,553 | PAYCOM SOFTWARE, INC.(b) | 217,948 | 574,703 | |||||
10,561 | PAYPAL HOLDINGS, INC.(b) | 1,174,381 | 2,564,633 | |||||
907 | PERSPECTA, INC. | 8,504 | 26,348 | |||||
3,800 | PLURALSIGHT, INC., CLASS A(b) | 42,888 | 84,892 | |||||
600 | PROOFPOINT, INC.(b) | 56,232 | 75,474 | |||||
6,152 | PTC, INC.(b) | 621,090 | 846,823 | |||||
4,379 | QORVO, INC.(b) | 519,351 | 800,043 | |||||
31,325 | QUALCOMM, INC. | 2,923,543 | 4,153,382 | |||||
1,500 | RINGCENTRAL, INC., CLASS A(b) | 152,618 | 446,820 | |||||
8,372 | SALESFORCE.COM, INC.(b) | 147,727 | 1,773,776 | |||||
58,681 | SEAGATE TECHNOLOGY PLC | 2,185,628 | 4,503,767 | |||||
2,100 | SERVICENOW, INC.(b) | 273,110 | 1,050,231 | |||||
3,089 | SKYWORKS SOLUTIONS, INC. | 243,391 | 566,770 | |||||
3,091 | SLACK TECHNOLOGIES, INC., CLASS A(b) | 130,664 | 125,587 | |||||
900 | SMARTSHEET, INC., CLASS A(b) | 39,015 | 57,528 | |||||
1,400 | SPLUNK, INC.(b) | 162,032 | 189,672 | |||||
3,200 | SQUARE, INC., CLASS A(b) | 157,892 | 726,560 | |||||
1,938 | SS&C TECHNOLOGIES HOLDINGS, INC. | 86,602 | 135,408 | |||||
809 | STONECO LTD., CLASS A(b)(c) | 67,899 | 49,527 | |||||
4,757 | SYNNEX CORP. | 144,301 | 546,294 | |||||
6,082 | SYNOPSYS, INC.(b) | 540,689 | 1,506,998 | |||||
4,600 | TERADYNE, INC. | 82,730 | 559,728 | |||||
27,872 | TEXAS INSTRUMENTS, INC. | 942,644 | 5,267,529 | |||||
182 | TRADE DESK (THE), INC., CLASS A(b) | 156,019 | 118,602 | |||||
18,368 | TRIMBLE, INC.(b) | 907,877 | 1,428,847 | |||||
1,414 | TWILIO, INC., CLASS A(b) | 367,603 | 481,835 | |||||
2,100 | UBIQUITI, INC. | 357,604 | 626,430 | |||||
200 | VERISIGN, INC.(b) | 23,200 | 39,752 | |||||
15,048 | VISA, INC., CLASS A | 1,105,040 | 3,186,113 | |||||
7,800 | VISHAY INTERTECHNOLOGY, INC. | 48,931 | 187,824 | |||||
3,772 | VMWARE, INC., CLASS A(b) | 206,842 | 567,497 | |||||
1,330 | VONTIER CORP.(b) | 7,056 | 40,259 | |||||
5,845 | WESTERN DIGITAL CORP. | 90,457 | 390,154 | |||||
72,905 | WESTERN UNION (THE) CO. | 1,375,842 | 1,797,837 | |||||
1,100 | WORKDAY, INC., CLASS A(b) | 160,168 | 273,273 | |||||
24,464 | XEROX HOLDINGS CORP. | 374,155 | 593,741 | |||||
7,695 | XILINX, INC. | 186,834 | 953,410 | |||||
5,648 | ZEBRA TECHNOLOGIES CORP., CLASS A(b) | 1,532,276 | 2,740,297 | |||||
1,300 | ZENDESK, INC.(b) | 79,216 | 172,406 |
9 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Information Technology (Cont'd): | ||||||||
2,300 | ZOOM VIDEO COMMUNICATIONS, INC., CLASS A(b) | $581,480 | 738,967 | |||||
64,945,567 | 176,700,257 | 26.32% | ||||||
Materials: | ||||||||
1,875 | AIR PRODUCTS AND CHEMICALS, INC. | 266,761 | 527,513 | |||||
1,300 | ALBEMARLE CORP. | 29,152 | 189,943 | |||||
13,770 | AMCOR PLC(c) | 60,200 | 160,834 | |||||
700 | ASHLAND GLOBAL HOLDINGS, INC. | 12,006 | 62,139 | |||||
3,165 | AVERY DENNISON CORP. | 207,899 | 581,252 | |||||
4,210 | CABOT CORP. | 129,002 | 220,772 | |||||
16,337 | CELANESE CORP. | 1,176,262 | 2,447,446 | |||||
2,605 | CHEMOURS (THE) CO. | 28,384 | 72,706 | |||||
12,762 | CORTEVA, INC. | 338,974 | 594,964 | |||||
1,800 | CROWN HOLDINGS, INC. | 57,831 | 174,672 | |||||
7,262 | DOW, INC. | 147,036 | 464,332 | |||||
7,262 | DUPONT DE NEMOURS, INC. | 212,802 | 561,207 | |||||
21,296 | EASTMAN CHEMICAL CO. | 1,573,767 | 2,345,116 | |||||
3,191 | ECOLAB, INC. | 114,294 | 683,097 | |||||
32,346 | FREEPORT-MCMORAN, INC.(b) | 640,054 | 1,065,154 | |||||
15,846 | HUNTSMAN CORP. | 249,978 | 456,840 | |||||
238 | INTERNATIONAL FLAVORS & FRAGRANCES, INC. | 5,120 | 33,227 | |||||
38,587 | INTERNATIONAL PAPER CO. | 1,300,493 | 2,086,399 | |||||
4,679 | LINDE PLC(c) | 777,044 | 1,310,775 | |||||
9,574 | LYONDELLBASELL INDUSTRIES N.V., CLASS A | 429,495 | 996,175 | |||||
700 | MARTIN MARIETTA MATERIALS, INC. | 27,965 | 235,074 | |||||
24,755 | NEWMONT CORP. | 929,653 | 1,491,984 | |||||
5,844 | NUCOR CORP. | 99,313 | 469,098 | |||||
1,268 | PACKAGING CORP. OF AMERICA | 103,960 | 170,521 | |||||
5,172 | PPG INDUSTRIES, INC. | 123,888 | 777,145 | |||||
6,625 | RELIANCE STEEL & ALUMINUM CO. | 325,929 | 1,008,921 | |||||
600 | ROYAL GOLD, INC. | 22,314 | 64,572 | |||||
2,400 | RPM INTERNATIONAL, INC. | 24,657 | 220,440 | |||||
500 | SCOTTS MIRACLE-GRO (THE) CO. | 37,765 | 122,485 | |||||
1,400 | SEALED AIR CORP. | 24,528 | 64,148 | |||||
2,509 | SILGAN HOLDINGS, INC. | 89,461 | 105,453 | |||||
3,600 | SONOCO PRODUCTS CO. | 74,519 | 227,880 | |||||
3,234 | SOUTHERN COPPER CORP.(c) | 38,445 | 219,492 | |||||
11,903 | STEEL DYNAMICS, INC. | 182,235 | 604,196 | |||||
4,392 | VALVOLINE, INC. | 24,184 | 114,499 | |||||
2,100 | VULCAN MATERIALS CO. | 63,441 | 354,375 | |||||
2,242 | WESTROCK CO. | 24,357 | 116,696 | |||||
9,973,168 | 21,401,542 | 3.19% | ||||||
Real Estate: | ||||||||
2,129 | ALEXANDRIA REAL ESTATE EQUITIES, INC. | 114,634 | 349,795 | |||||
2,252 | AMERICAN HOMES 4 RENT, CLASS A | 67,576 | 75,082 | |||||
4,180 | AMERICAN TOWER CORP. | 469,721 | 999,271 | |||||
1,837 | AMERICOLD REALTY TRUST | 68,589 | 70,669 | |||||
3,708 | APARTMENT INCOME REIT CORP. | 79,206 | 158,554 | |||||
3,708 | APARTMENT INVESTMENT AND MANAGEMENT CO., CLASS A | 73,924 | 22,767 | |||||
834 | AVALONBAY COMMUNITIES, INC. | 47,526 | 153,881 | |||||
14,826 | BOSTON PROPERTIES, INC. | 1,270,886 | 1,501,281 | |||||
46,503 | BRIXMOR PROPERTY GROUP, INC. | 409,622 | 940,756 | |||||
2,153 | CAMDEN PROPERTY TRUST | 123,504 | 236,636 | |||||
24,200 | COLONY CAPITAL, INC.(b) | 45,138 | 156,816 | |||||
500 | CORESITE REALTY CORP. | 43,021 | 59,925 | |||||
4,700 | CROWN CASTLE INTERNATIONAL CORP. | 183,337 | 809,011 | |||||
2,027 | CUBESMART | 52,884 | 76,681 | |||||
1,142 | CYRUSONE, INC. | 63,059 | 77,336 | |||||
3,157 | DIGITAL REALTY TRUST, INC. | 355,268 | 444,632 | |||||
5,200 | DOUGLAS EMMETT, INC. | 52,147 | 163,280 | |||||
1,700 | DUKE REALTY CORP. | 28,435 | 71,281 | |||||
315 | EPR PROPERTIES | 6,839 | 14,676 | |||||
952 | EQUINIX, INC. | 131,626 | 646,970 | |||||
1,905 | EQUITY COMMONWEALTH | 50,488 | 52,959 | |||||
1,600 | EQUITY LIFESTYLE PROPERTIES, INC. | 26,661 | 101,824 | |||||
5,416 | EQUITY RESIDENTIAL | 174,162 | 387,948 | |||||
4,777 | ESSEX PROPERTY TRUST, INC. | 1,056,048 | 1,298,580 |
10 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Real Estate (Cont'd): | ||||||||
900 | FEDERAL REALTY INVESTMENT TRUST | $48,022 | 91,305 | |||||
1,046 | FOUR CORNERS PROPERTY TRUST, INC. | 8,670 | 28,660 | |||||
2,070 | GAMING AND LEISURE PROPERTIES, INC. | 56,602 | 87,830 | |||||
7,000 | HEALTHPEAK PROPERTIES, INC. | 70,562 | 222,180 | |||||
70,821 | HOST HOTELS & RESORTS, INC.(b) | 798,690 | 1,193,334 | |||||
678 | HOWARD HUGHES (THE) CORP.(b) | 20,502 | 64,498 | |||||
700 | JBG SMITH PROPERTIES | 17,888 | 22,253 | |||||
700 | JONES LANG LASALLE, INC.(b) | 39,951 | 125,328 | |||||
4,001 | KIMCO REALTY CORP. | 39,434 | 75,019 | |||||
4,678 | LAMAR ADVERTISING CO., CLASS A | 85,562 | 439,358 | |||||
6,311 | MID-AMERICA APARTMENT COMMUNITIES, INC. | 643,774 | 911,056 | |||||
14,011 | OUTFRONT MEDIA, INC.(b) | 169,061 | 305,860 | |||||
10,911 | PROLOGIS, INC. | 282,240 | 1,156,566 | |||||
1,735 | PUBLIC STORAGE | 227,274 | 428,129 | |||||
6,972 | RAYONIER, INC. | 77,144 | 224,847 | |||||
2,600 | REALTY INCOME CORP. | 47,877 | 165,100 | |||||
3,900 | REGENCY CENTERS CORP. | 85,345 | 221,169 | |||||
1,780 | REXFORD INDUSTRIAL REALTY, INC. | 87,624 | 89,712 | |||||
2,100 | SBA COMMUNICATIONS CORP. | 214,169 | 582,855 | |||||
1,794 | SIMON PROPERTY GROUP, INC. | 97,850 | 204,103 | |||||
1,133 | SUN COMMUNITIES, INC. | 87,928 | 169,995 | |||||
4,100 | UDR, INC. | 64,147 | 179,826 | |||||
5,190 | VENTAS, INC. | 279,274 | 276,835 | |||||
2,020 | VEREIT, INC. | 48,318 | 78,012 | |||||
4,300 | VICI PROPERTIES, INC. | 66,376 | 121,432 | |||||
21,812 | WEINGARTEN REALTY INVESTORS | 307,574 | 586,961 | |||||
45,223 | WEYERHAEUSER CO. | 1,366,567 | 1,609,939 | |||||
10,332,726 | 18,532,773 | 2.76% | ||||||
Utilities: | ||||||||
3,000 | AES (THE) CORP. | 32,870 | 80,430 | |||||
2,000 | ALLIANT ENERGY CORP. | 24,835 | 108,320 | |||||
1,700 | AMEREN CORP. | 48,382 | 138,312 | |||||
4,800 | AMERICAN ELECTRIC POWER CO., INC. | 280,084 | 406,560 | |||||
800 | ATMOS ENERGY CORP. | 72,672 | 79,080 | |||||
13,200 | AVANGRID, INC. | 502,113 | 657,492 | |||||
5,800 | CENTERPOINT ENERGY, INC. | 66,308 | 131,370 | |||||
13,300 | CMS ENERGY CORP. | 259,708 | 814,226 | |||||
4,875 | CONSOLIDATED EDISON, INC. | 311,551 | 364,650 | |||||
12,073 | DOMINION ENERGY, INC. | 450,978 | 917,065 | |||||
2,300 | DTE ENERGY CO. | 84,036 | 306,222 | |||||
7,532 | DUKE ENERGY CORP. | 247,003 | 727,064 | |||||
4,425 | EDISON INTERNATIONAL | 136,263 | 259,305 | |||||
464 | ENTERGY CORP. | 14,344 | 46,154 | |||||
1,735 | ESSENTIAL UTILITIES, INC. | 22,973 | 77,641 | |||||
2,974 | EVERGY, INC. | 67,407 | 177,042 | |||||
4,961 | EVERSOURCE ENERGY | 125,492 | 429,573 | |||||
5,500 | FIRSTENERGY CORP. | 168,113 | 190,795 | |||||
900 | NATIONAL FUEL GAS CO. | 20,790 | 44,991 | |||||
18,254 | NEXTERA ENERGY, INC. | 255,154 | 1,380,185 | |||||
6,900 | NISOURCE, INC. | 43,973 | 166,359 | |||||
37,823 | NRG ENERGY, INC. | 1,236,004 | 1,427,062 | |||||
4,800 | OGE ENERGY CORP. | 43,344 | 155,328 | |||||
8,159 | PG&E CORP.(b) | 84,040 | 95,542 | |||||
2,400 | PINNACLE WEST CAPITAL CORP. | 71,637 | 195,240 | |||||
700 | PPL CORP. | 10,384 | 20,188 | |||||
14,361 | PUBLIC SERVICE ENTERPRISE GROUP, INC. | 664,138 | 864,676 | |||||
3,200 | SEMPRA ENERGY | 174,757 | 424,256 | |||||
8,600 | SOUTHERN (THE) CO. | 176,010 | 534,576 | |||||
4,650 | UGI CORP. | 51,203 | 190,697 | |||||
1,655 | WEC ENERGY GROUP, INC. | 96,502 | 154,891 | |||||
1,993 | XCEL ENERGY, INC. | 104,588 | 132,554 | |||||
5,947,656 | 11,697,846 | 1.74% | ||||||
Sub-total Common Stocks: | 290,376,066 | 668,190,297 | 99.53% | |||||
Preferred Stocks: |
11 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Discretionary: | ||||||||
355 | QURATE RETAIL, INC. | $14,247 | 36,086 | |||||
14,247 | 36,086 | 0.01% | ||||||
Sub-total Preferred Stocks: | 14,247 | 36,086 | 0.01% | |||||
Short-Term Investments: | ||||||||
3,980,030 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 0.03%(d) | 3,980,030 | 3,980,030 | |||||
Sub-total Short-Term Investments: | 3,980,030 | 3,980,030 | 0.59% | |||||
Grand total | $294,370,343 | 672,206,413 | 100.13% |
Notes to Schedule of Investments: | |
(a) | 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 the securities are traded. Foreign security values are stated in U.S. dollars. |
(b) | Non-income producing assets. |
(c) | Foreign security values are stated in U.S. dollars. As of March 31, 2021, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 2.19% of net assets. |
(d) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2020, the value of the Clearwater Core Equity Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $7,392,427 with net sales of $3,412,397 during the three months ended ended March 31, 2021. |
12 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
March 31, 2021 (unaudited)
Fair value is an estimate of the price the Clearwater Core Equity Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market for 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 Clearwater Core Equity Fund's investments, as described below. 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 Level 2 measurements. 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. |
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 in which such securities are traded, with foreign security values 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. Security transactions are accounted for as of trade date. Wherever possible, the Clearwater Core Equity Fund uses independent pricing services approved by the Board of Trustees of Clearwater Investment Trust to value its investments. When prices are not readily available (including those for which trading has been suspended), are determined not to reflect fair value, or when the Adviser becomes aware that a significant event impacting the value of a security or group of securities has occurred after the closing of the exchange on which the security or securities principally trade, but before the calculation of the daily net asset value, the Clearwater Core Equity Fund may value these securities at fair value as determined in good faith using procedures established by the Board of Trustees.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following is a summary of the inputs used in valuing the Clearwater Core Equity Fund’s investments and other financial instruments, if any, which are carried at fair value, as of March 31, 2021.
Level 1 | Level 2 | Level 3 | Total | ||||
Common Stocks | $668,190,297 | $— | $— | $668,190,297 | |||
Preferred Stocks | 36,086 | — | — | 36,086 | |||
Short-Term Investments | 3,980,030 | — | — | 3,980,030 | |||
Total | $672,206,413 | $— | $— | $672,206,413 |
For the Clearwater Core Equity Fund, the investment value is comprised of equity securities and short-term investments. See the Clearwater Core Equity 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.
13 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
March 31, 2021 (unaudited)
Clearwater Core Equity Fund Portfolio Diversification
(as a percentage of net assets)
14 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Common Stocks: | ||||||||
Communication Services: | ||||||||
579 | AMC NETWORKS, INC., CLASS A(b) | $20,717 | 30,780 | |||||
2,932 | CINCINNATI BELL, INC.(b) | 43,797 | 45,006 | |||||
1,564 | COGENT COMMUNICATIONS HOLDINGS, INC. | 93,562 | 107,541 | |||||
3,841 | CONSOLIDATED COMMUNICATIONS HOLDINGS, INC.(b) | 20,535 | 27,655 | |||||
54,912 | EW SCRIPPS (THE) CO., CLASS A | 650,577 | 1,058,154 | |||||
9,690 | GLU MOBILE, INC.(b) | 71,372 | 120,931 | |||||
28,645 | HEMISPHERE MEDIA GROUP, INC.(b) | 247,769 | 333,714 | |||||
5,964 | IRIDIUM COMMUNICATIONS, INC.(b) | 160,341 | 246,015 | |||||
18,802 | LIBERTY BROADBAND CORP., CLASS C(b) | 2,661,306 | 2,823,120 | |||||
1,313 | MEREDITH CORP.(b) | 20,521 | 39,101 | |||||
122,312 | NEW YORK TIMES (THE) CO., CLASS A | 5,584,750 | 6,191,433 | |||||
2,477 | QUINSTREET, INC.(b) | 41,581 | 50,283 | |||||
56,862 | SAGA COMMUNICATIONS, INC., CLASS A(b) | 1,550,530 | 1,242,435 | |||||
5,758 | SCHOLASTIC CORP. | 124,466 | 173,373 | |||||
447 | SHENANDOAH TELECOMMUNICATIONS CO. | 21,209 | 21,818 | |||||
10,718 | SPOK HOLDINGS, INC. | 101,973 | 112,432 | |||||
381 | TECHTARGET, INC.(b) | 14,301 | 26,461 | |||||
13,200 | THRYV HOLDINGS, INC.(b) | 163,742 | 308,880 | |||||
12,314 | VONAGE HOLDINGS CORP.(b) | 133,673 | 145,552 | |||||
11,726,722 | 13,104,684 | 2.60% | ||||||
Consumer Discretionary: | ||||||||
2,673 | ABERCROMBIE & FITCH CO., CLASS A(b) | 27,872 | 91,711 | |||||
6,038 | AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.(b) | 43,448 | 58,327 | |||||
92,320 | AMERICAN EAGLE OUTFITTERS, INC. | 1,469,077 | 2,699,437 | |||||
909 | AMERICAN PUBLIC EDUCATION, INC.(b) | 26,610 | 32,388 | |||||
1,030 | ASBURY AUTOMOTIVE GROUP, INC.(b) | 88,312 | 202,395 | |||||
4,586 | BED BATH & BEYOND, INC.(b) | 52,282 | 133,682 | |||||
1,930 | BIG LOTS, INC. | 78,615 | 131,819 | |||||
565 | BJ'S RESTAURANTS, INC.(b) | 13,681 | 32,815 | |||||
3,673 | BLOOMIN' BRANDS, INC.(b) | 38,034 | 99,355 | |||||
177,443 | BLUEGREEN VACATIONS CORP. | 1,462,425 | 1,912,836 | |||||
97,519 | BLUEGREEN VACATIONS HOLDING CORP.(b) | 1,835,959 | 1,808,002 | |||||
2,305 | BRINKER INTERNATIONAL, INC.(b) | 106,218 | 163,793 | |||||
1,060 | BUCKLE (THE), INC. | 17,193 | 41,637 | |||||
2,030 | CALERES, INC. | 21,289 | 44,254 | |||||
3,080 | CALLAWAY GOLF CO. | 74,284 | 82,390 | |||||
79,534 | CARRIAGE SERVICES, INC. | 1,667,549 | 2,798,801 | |||||
2,074 | CATO (THE) CORP., CLASS A(b) | 16,670 | 24,888 | |||||
460 | CAVCO INDUSTRIES, INC.(b) | 85,256 | 103,781 | |||||
1,644 | CENTURY COMMUNITIES, INC.(b) | 50,732 | 99,166 | |||||
2,233 | CHEESECAKE FACTORY (THE), INC.(b) | 47,155 | 130,653 | |||||
759 | CHILDREN'S PLACE (THE), INC.(b) | 21,260 | 52,902 | |||||
84,144 | CLARUS CORP. | 605,335 | 1,434,655 | |||||
1,666 | CONN'S, INC.(b) | 19,489 | 32,404 | |||||
3,663 | COOPER TIRE & RUBBER CO. | 101,122 | 205,055 | |||||
9,941 | CORE-MARK HOLDING CO., INC. | 243,771 | 384,617 | |||||
3,256 | CROCS, INC.(b) | 110,131 | 261,945 | |||||
143,089 | DANA, INC. | 1,419,582 | 3,481,355 | |||||
2,530 | DAVE & BUSTER'S ENTERTAINMENT, INC.(b) | 30,706 | 121,187 | |||||
2,938 | DESIGNER BRANDS, INC., CLASS A(b) | 18,059 | 51,121 | |||||
663 | DINE BRANDS GLOBAL, INC.(b) | 28,696 | 59,690 | |||||
1,551 | DORMAN PRODUCTS, INC.(b) | 101,784 | 159,195 | |||||
168,358 | DRIVE SHACK, INC.(b) | 412,740 | 540,429 | |||||
1,141 | EL POLLO LOCO HOLDINGS, INC.(b) | 17,103 | 18,393 | |||||
80,100 | EXTENDED STAY AMERICA, INC. | 1,513,293 | 1,581,975 | |||||
46,669 | FARFETCH LTD., CLASS A(b)(c) | 1,135,587 | 2,474,390 | |||||
49,418 | FIESTA RESTAURANT GROUP, INC.(b) | 569,473 | 622,173 | |||||
12,096 | FIVE BELOW, INC.(b) | 1,552,000 | 2,307,796 | |||||
12,744 | FIVERR INTERNATIONAL LTD.(b)(c) | 1,981,827 | 2,767,742 | |||||
161,330 | FULL HOUSE RESORTS, INC.(b) | 330,245 | 1,372,918 | |||||
62,704 | GAN LTD.(b)(c) | 1,162,953 | 1,141,213 | |||||
2,667 | GENTHERM, INC.(b) | 101,951 | 197,651 | |||||
2,387 | G-III APPAREL GROUP LTD.(b) | 34,366 | 71,944 | |||||
139,800 | GILDAN ACTIVEWEAR, INC.(c) | 3,395,714 | 4,286,268 | |||||
913 | GROUP 1 AUTOMOTIVE, INC. | 59,610 | 144,062 | |||||
1,751 | GUESS?, INC. | 16,316 | 41,149 |
15 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Discretionary (Cont'd): | ||||||||
79,700 | HANESBRANDS, INC. | $1,097,900 | 1,567,699 | |||||
15,520 | HELEN OF TROY LTD.(b) | 2,232,247 | 3,269,443 | |||||
58,638 | HOOKER FURNITURE CORP. | 1,347,057 | 2,137,941 | |||||
795 | INSTALLED BUILDING PRODUCTS, INC. | 66,311 | 88,150 | |||||
924 | IROBOT CORP.(b) | 74,197 | 112,894 | |||||
1,295 | KONTOOR BRANDS, INC. | 52,537 | 62,846 | |||||
2,457 | LA-Z-BOY, INC. | 67,314 | 104,373 | |||||
1,374 | LCI INDUSTRIES | 152,143 | 181,753 | |||||
1,164 | LGI HOMES, INC.(b) | 113,699 | 173,797 | |||||
234,242 | LIFETIME BRANDS, INC. | 2,340,177 | 3,441,015 | |||||
1,246 | LUMBER LIQUIDATORS HOLDINGS, INC.(b) | 17,493 | 31,300 | |||||
1,629 | M/I HOMES, INC.(b) | 53,545 | 96,225 | |||||
16,345 | MACY'S, INC.(b) | 107,310 | 264,626 | |||||
3,641 | MAGNITE, INC.(b) | 164,154 | 151,502 | |||||
16,200 | MALIBU BOATS, INC., CLASS A(b) | 359,354 | 1,290,816 | |||||
889 | MARINEMAX, INC.(b) | 20,195 | 43,881 | |||||
2,804 | MDC HOLDINGS, INC. | 101,344 | 166,603 | |||||
1,931 | MERITAGE HOMES CORP.(b) | 148,992 | 177,498 | |||||
3,018 | MICHAELS (THE) COS., INC.(b) | 20,821 | 66,215 | |||||
1,430 | MONRO, INC. | 72,095 | 94,094 | |||||
79,706 | MOTORCAR PARTS OF AMERICA, INC.(b) | 1,466,568 | 1,793,385 | |||||
1,832 | MOVADO GROUP, INC. | 19,444 | 52,120 | |||||
2,578 | ODP (THE) CORP.(b) | 54,723 | 111,602 | |||||
646 | OXFORD INDUSTRIES, INC. | 27,145 | 56,473 | |||||
43,234 | PAPA JOHN'S INTERNATIONAL, INC. | 3,747,599 | 3,832,262 | |||||
1,179 | PATRICK INDUSTRIES, INC. | 65,976 | 100,215 | |||||
1,636 | PERDOCEO EDUCATION CORP.(b) | 20,676 | 19,567 | |||||
770 | PETMED EXPRESS, INC. | 22,469 | 27,085 | |||||
17,047 | PVH CORP.(b) | 828,451 | 1,801,868 | |||||
2,225 | REGIS CORP.(b) | 20,464 | 27,946 | |||||
2,585 | RENT-A-CENTER, INC. | 68,779 | 149,051 | |||||
2,351 | RUTH'S HOSPITALITY GROUP, INC.(b) | 20,747 | 58,375 | |||||
5,771 | SALLY BEAUTY HOLDINGS, INC.(b) | 54,974 | 116,170 | |||||
23,409 | SELECT INTERIOR CONCEPTS, INC., CLASS A(b) | 150,431 | 168,545 | |||||
1,875 | SHAKE SHACK, INC., CLASS A(b) | 93,633 | 211,444 | |||||
2,529 | SIGNET JEWELERS LTD.(b) | 71,496 | 146,631 | |||||
977 | SLEEP NUMBER CORP.(b) | 66,391 | 140,190 | |||||
892 | SONIC AUTOMOTIVE, INC., CLASS A | 30,582 | 44,216 | |||||
736 | STAMPS.COM, INC.(b) | 145,242 | 146,839 | |||||
735 | STANDARD MOTOR PRODUCTS, INC. | 29,509 | 30,561 | |||||
3,094 | STEVEN MADDEN LTD. | 70,023 | 115,282 | |||||
22,894 | STITCH FIX, INC., CLASS A(b) | 715,112 | 1,134,169 | |||||
44,650 | STONERIDGE, INC.(b) | 834,094 | 1,420,317 | |||||
306 | STURM RUGER & CO., INC. | 19,869 | 20,217 | |||||
2,546 | TUPPERWARE BRANDS CORP.(b) | 72,528 | 67,240 | |||||
53,107 | UNIFI, INC.(b) | 870,061 | 1,463,629 | |||||
6,352 | UNIVERSAL ELECTRONICS, INC.(b) | 279,579 | 349,169 | |||||
3,098 | VISTA OUTDOOR, INC.(b) | 47,234 | 99,353 | |||||
52,012 | WINNEBAGO INDUSTRIES, INC. | 1,640,562 | 3,989,841 | |||||
3,529 | WOLVERINE WORLD WIDE, INC. | 77,930 | 135,231 | |||||
44,968 | WYNDHAM HOTELS & RESORTS, INC. | 2,191,001 | 3,137,867 | |||||
3,271 | YETI HOLDINGS, INC.(b) | 142,676 | 236,199 | |||||
44,780,627 | 69,230,089 | 13.77% | ||||||
Consumer Staples: | ||||||||
978 | ANDERSONS (THE), INC. | 19,289 | 26,778 | |||||
2,890 | B&G FOODS, INC. | 72,055 | 89,764 | |||||
1,361 | CALAVO GROWERS, INC. | 84,804 | 105,668 | |||||
1,927 | CAL-MAINE FOODS, INC.(b) | 76,285 | 74,035 | |||||
1,545 | CELSIUS HOLDINGS, INC.(b) | 92,095 | 74,237 | |||||
1,971 | CENTRAL GARDEN & PET CO., CLASS A(b) | 66,265 | 102,275 | |||||
1,424 | CHEFS' WAREHOUSE (THE), INC.(b) | 36,595 | 43,375 | |||||
247 | COCA-COLA CONSOLIDATED, INC. | 57,136 | 71,329 | |||||
1,381 | FRESH DEL MONTE PRODUCE, INC. | 33,253 | 39,538 | |||||
156,125 | GROCERY OUTLET HOLDING CORP.(b) | 6,092,112 | 5,759,451 | |||||
572 | J & J SNACK FOODS CORP. | 77,729 | 89,821 | |||||
14,516 | JOHN B. SANFILIPPO & SON, INC. | 1,152,542 | 1,311,811 | |||||
144,817 | LANDEC CORP.(b) | 1,464,868 | 1,535,060 |
16 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Staples (Cont'd): | ||||||||
646 | MEDIFAST, INC. | $108,263 | 136,836 | |||||
853 | MGP INGREDIENTS, INC. | 31,102 | 50,455 | |||||
980 | NATIONAL BEVERAGE CORP. | 33,897 | 47,932 | |||||
99,118 | NATURE'S SUNSHINE PRODUCTS, INC. | 994,857 | 1,978,395 | |||||
925 | PRICESMART, INC. | 78,999 | 89,494 | |||||
6,448 | SENECA FOODS CORP., CLASS A(b) | 204,393 | 303,636 | |||||
3,322 | SIMPLY GOOD FOODS (THE) CO.(b) | 104,200 | 101,055 | |||||
112,618 | SPARTANNASH CO. | 2,085,041 | 2,210,691 | |||||
16,915 | SPECTRUM BRANDS HOLDINGS, INC. | 880,456 | 1,437,775 | |||||
223,454 | SUNOPTA, INC.(b)(c) | 615,380 | 3,300,416 | |||||
3,114 | UNITED NATURAL FOODS, INC.(b) | 52,800 | 102,575 | |||||
39,420 | UNIVERSAL CORP. | 1,947,137 | 2,325,386 | |||||
329 | USANA HEALTH SCIENCES, INC.(b) | 25,067 | 32,110 | |||||
7,458 | VECTOR GROUP LTD. | 72,236 | 104,039 | |||||
749 | WD-40 CO. | 153,736 | 229,329 | |||||
16,712,592 | 21,773,266 | 4.33% | ||||||
Energy: | ||||||||
9,497 | ARCHROCK, INC. | 70,615 | 90,126 | |||||
1,330 | BONANZA CREEK ENERGY, INC.(b) | 20,228 | 47,521 | |||||
1,386 | BRISTOW GROUP, INC.(b) | 33,470 | 35,870 | |||||
3,392 | CALLON PETROLEUM CO.(b) | 19,013 | 130,761 | |||||
4,231 | CONSOL ENERGY, INC.(b) | 18,219 | 41,125 | |||||
1,872 | CORE LABORATORIES N.V.(c) | 33,935 | 53,895 | |||||
13,391 | DMC GLOBAL, INC.(b) | 392,352 | 726,596 | |||||
2,317 | DORIAN LPG LTD.(b) | 17,440 | 30,422 | |||||
2,055 | DRIL-QUIP, INC.(b) | 60,496 | 68,288 | |||||
1,659 | GREEN PLAINS, INC.(b) | 17,284 | 44,909 | |||||
6,213 | HELIX ENERGY SOLUTIONS GROUP, INC.(b) | 20,042 | 31,376 | |||||
6,710 | HELMERICH & PAYNE, INC. | 104,513 | 180,901 | |||||
5,849 | MATADOR RESOURCES CO. | 43,375 | 137,159 | |||||
77,544 | MURPHY OIL CORP. | 602,597 | 1,272,497 | |||||
395,846 | NEXTIER OILFIELD SOLUTIONS, INC.(b) | 955,877 | 1,472,547 | |||||
115,661 | NOV, INC.(b) | 1,184,635 | 1,586,869 | |||||
3,452 | OCEANEERING INTERNATIONAL, INC.(b) | 19,181 | 39,422 | |||||
2,364 | PAR PACIFIC HOLDINGS, INC.(b) | 17,723 | 33,380 | |||||
6,061 | PATTERSON-UTI ENERGY, INC. | 21,552 | 43,215 | |||||
5,102 | PDC ENERGY, INC.(b) | 67,785 | 175,509 | |||||
11,333 | RANGE RESOURCES CORP.(b) | 75,993 | 117,070 | |||||
1,367 | RENEWABLE ENERGY GROUP, INC.(b) | 107,438 | 90,277 | |||||
258 | REX AMERICAN RESOURCES CORP.(b) | 16,958 | 21,716 | |||||
25,022 | SOUTHWESTERN ENERGY CO.(b) | 83,007 | 116,352 | |||||
5,541 | TALOS ENERGY, INC.(b) | 38,487 | 66,714 | |||||
5,649 | TECHNIP ENERGIES N.V. (ADR)(b)(c)(d) | 82,085 | 84,565 | |||||
159,749 | TECHNIPFMC PLC(c) | 1,120,551 | 1,233,262 | |||||
5,244,851 | 7,972,344 | 1.58% | ||||||
Financials: | ||||||||
1,457 | ALLEGIANCE BANCSHARES, INC. | 36,424 | 59,067 | |||||
94,585 | AMERICAN EQUITY INVESTMENT LIFE HOLDING CO. | 2,448,837 | 2,982,265 | |||||
570 | AMERIS BANCORP | 21,706 | 29,931 | |||||
6,267 | APOLLO COMMERCIAL REAL ESTATE FINANCE, INC. | 55,482 | 87,550 | |||||
34,288 | ARGO GROUP INTERNATIONAL HOLDINGS LTD.(c) | 1,415,051 | 1,725,372 | |||||
3,448 | ARMOUR RESIDENTIAL REIT, INC. | 29,192 | 42,066 | |||||
149,268 | ASSOCIATED BANC-CORP | 2,350,546 | 3,185,379 | |||||
4,272 | ASSURED GUARANTY LTD.(c) | 119,856 | 180,620 | |||||
67,777 | AXIS CAPITAL HOLDINGS LTD.(c) | 3,385,421 | 3,359,706 | |||||
22,415 | B RILEY FINANCIAL, INC. | 1,100,323 | 1,263,758 | |||||
2,140 | BANC OF CALIFORNIA, INC. | 21,614 | 38,691 | |||||
953 | BANCFIRST CORP. | 42,865 | 67,368 | |||||
43,227 | BANCORP (THE), INC.(b) | 391,530 | 895,663 | |||||
12,493 | BANK OF MARIN BANCORP | 394,948 | 489,226 | |||||
4,296 | BANKUNITED, INC. | 99,866 | 188,809 | |||||
5,236 | BANKWELL FINANCIAL GROUP, INC. | 79,289 | 141,110 | |||||
1,876 | BANNER CORP. | 65,693 | 100,047 | |||||
90,731 | BARINGS BDC, INC. | 707,137 | 905,495 | |||||
6,521 | BERKSHIRE HILLS BANCORP, INC. | 67,292 | 145,549 | |||||
6,788 | BOSTON PRIVATE FINANCIAL HOLDINGS, INC. | 41,868 | 90,416 | |||||
3,329 | BRIGHTSPHERE INVESTMENT GROUP, INC. | 42,433 | 67,845 |
17 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Financials (Cont'd): | ||||||||
4,213 | BROOKLINE BANCORP, INC. | $39,081 | 63,195 | |||||
4,487 | CADENCE BANCORP | 81,891 | 93,015 | |||||
6,732 | CAPITOL FEDERAL FINANCIAL, INC. | 75,740 | 89,165 | |||||
3,803 | CAPSTEAD MORTGAGE CORP. | 20,118 | 23,693 | |||||
54,777 | CARLYLE GROUP (THE), INC. | 1,331,410 | 2,013,603 | |||||
1,837 | CITY HOLDING CO. | 111,779 | 150,230 | |||||
148,600 | CNO FINANCIAL GROUP, INC. | 2,487,716 | 3,609,494 | |||||
3,820 | COLUMBIA BANKING SYSTEM, INC. | 101,216 | 164,604 | |||||
21,872 | COMMERCE BANCSHARES, INC. | 991,656 | 1,675,614 | |||||
2,756 | COMMUNITY BANK SYSTEM, INC. | 152,076 | 211,440 | |||||
29,989 | COMMUNITY BANKERS TRUST CORP. | 235,259 | 264,503 | |||||
14,262 | COMMUNITY TRUST BANCORP, INC. | 594,271 | 627,956 | |||||
35,200 | COWEN, INC., CLASS A | 546,540 | 1,237,280 | |||||
49,377 | CRAWFORD & CO., CLASS A | 344,278 | 525,865 | |||||
6,872 | CVB FINANCIAL CORP. | 121,949 | 151,802 | |||||
50,654 | DIME COMMUNITY BANCSHARES, INC. | 1,348,253 | 1,526,712 | |||||
74,102 | DONEGAL GROUP, INC., CLASS A | 1,073,895 | 1,101,156 | |||||
1,921 | DONNELLEY FINANCIAL SOLUTIONS, INC.(b) | 16,285 | 53,461 | |||||
16,401 | EAGLE BANCORP MONTANA, INC. | 286,559 | 398,872 | |||||
1,718 | EAGLE BANCORP, INC. | 51,468 | 91,415 | |||||
487 | EHEALTH, INC.(b) | 36,822 | 35,419 | |||||
2,593 | EMPLOYERS HOLDINGS, INC. | 75,526 | 111,655 | |||||
1,484 | ENCORE CAPITAL GROUP, INC.(b) | 48,257 | 59,701 | |||||
83,100 | ESSENT GROUP LTD. | 2,822,903 | 3,946,419 | |||||
920 | FB FINANCIAL CORP. | 26,566 | 40,903 | |||||
2,241 | FIRST COMMONWEALTH FINANCIAL CORP. | 16,878 | 32,203 | |||||
5,013 | FIRST FINANCIAL BANCORP | 68,385 | 120,312 | |||||
1,800 | FIRST HAWAIIAN, INC. | 41,133 | 49,266 | |||||
18,024 | FIRST MID BANCSHARES, INC. | 545,632 | 791,794 | |||||
162,492 | FIRST MIDWEST BANCORP, INC. | 2,553,970 | 3,560,200 | |||||
27,240 | FIRST NORTHWEST BANCORP | 295,521 | 452,729 | |||||
28,117 | FIRST WESTERN FINANCIAL, INC.(b) | 363,016 | 703,206 | |||||
53,110 | FIRSTCASH, INC. | 3,539,899 | 3,487,734 | |||||
1,899 | FLAGSTAR BANCORP, INC. | 55,987 | 85,645 | |||||
81,673 | FLUSHING FINANCIAL CORP. | 1,362,362 | 1,733,918 | |||||
52,400 | GLACIER BANCORP, INC. | 2,076,799 | 2,990,992 | |||||
10,344 | GREAT SOUTHERN BANCORP, INC. | 436,750 | 586,194 | |||||
2,602 | GREEN DOT CORP., CLASS A(b) | 131,289 | 119,146 | |||||
13,753 | HANMI FINANCIAL CORP. | 151,998 | 271,347 | |||||
59,731 | HARBORONE BANCORP, INC. | 588,332 | 804,577 | |||||
375 | HCI GROUP, INC. | 16,590 | 28,807 | |||||
3,000 | HERITAGE FINANCIAL CORP. | 57,598 | 84,720 | |||||
3,479 | HOMESTREET, INC. | 83,790 | 153,320 | |||||
176,592 | HOPE BANCORP, INC. | 1,767,570 | 2,659,476 | |||||
1,373 | HORACE MANN EDUCATORS CORP. | 48,818 | 59,327 | |||||
64,512 | HORIZON BANCORP, INC. | 756,974 | 1,198,633 | |||||
1,006 | INDEPENDENT BANK CORP. | 71,617 | 84,695 | |||||
1,953 | INDEPENDENT BANK GROUP, INC. | 74,619 | 141,085 | |||||
11,469 | INVESCO MORTGAGE CAPITAL, INC. | 35,047 | 45,991 | |||||
2,919 | INVESTAR HOLDING CORP. | 47,572 | 59,985 | |||||
79,736 | INVESTCORP CREDIT MANAGEMENT BDC, INC. | 480,051 | 448,116 | |||||
1,630 | JAMES RIVER GROUP HOLDINGS LTD.(c) | 71,912 | 74,361 | |||||
422 | KINSALE CAPITAL GROUP, INC. | 65,542 | 69,546 | |||||
1,468 | KKR REAL ESTATE FINANCE TRUST, INC. | 22,900 | 26,997 | |||||
118,334 | LAKELAND BANCORP, INC. | 1,617,297 | 2,062,562 | |||||
47,216 | LCNB CORP. | 767,827 | 826,280 | |||||
99,478 | LENDINGCLUB CORP.(b) | 1,595,327 | 1,643,377 | |||||
50,834 | MACKINAC FINANCIAL CORP. | 749,363 | 712,693 | |||||
17,066 | MAINSTREET BANCSHARES, INC.(b) | 299,743 | 354,290 | |||||
3,329 | MR COOPER GROUP, INC.(b) | 72,942 | 115,716 | |||||
660 | NATIONAL BANK HOLDINGS CORP., CLASS A | 16,757 | 26,189 | |||||
5,689 | NATIONAL WESTERN LIFE GROUP, INC., CLASS A | 1,646,680 | 1,416,561 | |||||
2,590 | NBT BANCORP, INC. | 73,547 | 103,341 | |||||
4,524 | NMI HOLDINGS, INC., CLASS A(b) | 65,445 | 106,947 | |||||
5,240 | NORTHFIELD BANCORP, INC. | 52,376 | 83,421 | |||||
7,463 | NORTHWEST BANCSHARES, INC. | 71,466 | 107,840 | |||||
503,559 | OAKTREE SPECIALTY LENDING CORP. | 2,438,267 | 3,122,065 |
18 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Financials (Cont'd): | ||||||||
2,740 | OFG BANCORP | $34,981 | 61,979 | |||||
8,796 | OLD NATIONAL BANCORP | 112,946 | 170,115 | |||||
4,826 | PACIFIC PREMIER BANCORP, INC. | 99,138 | 209,641 | |||||
744 | PALOMAR HOLDINGS, INC.(b) | 65,063 | 49,878 | |||||
839 | PARK NATIONAL CORP. | 75,067 | 108,483 | |||||
4,648 | PEAPACK-GLADSTONE FINANCIAL CORP. | 99,854 | 143,530 | |||||
3,509 | PENNYMAC MORTGAGE INVESTMENT TRUST | 60,397 | 68,776 | |||||
14,949 | PEOPLES BANCORP OF NORTH CAROLINA, INC. | 272,321 | 353,394 | |||||
44,628 | PIONEER BANCORP, INC.(b) | 562,279 | 519,916 | |||||
494 | PIPER SANDLER COS. | 33,799 | 54,167 | |||||
2,831 | PRA GROUP, INC.(b) | 103,649 | 104,945 | |||||
413 | PREFERRED BANK | 20,848 | 26,300 | |||||
48,983 | PRIMIS FINANCIAL CORP. | 749,387 | 712,213 | |||||
3,992 | PROVIDENT FINANCIAL SERVICES, INC. | 53,301 | 88,942 | |||||
3 | READY CAPITAL CORP. | (87) | 40 | |||||
10,091 | RED RIVER BANCSHARES, INC. | 405,499 | 565,197 | |||||
6,963 | REDWOOD TRUST, INC. | 45,819 | 72,485 | |||||
2,873 | RENASANT CORP. | 76,728 | 118,885 | |||||
3,273 | S&T BANCORP, INC. | 90,323 | 109,645 | |||||
1,242 | SAFETY INSURANCE GROUP, INC. | 97,045 | 104,638 | |||||
2,815 | SEACOAST BANKING CORP. OF FLORIDA(b) | 52,406 | 102,016 | |||||
30,400 | SELECTIVE INSURANCE GROUP, INC. | 1,859,892 | 2,205,216 | |||||
1,524 | SERVISFIRST BANCSHARES, INC. | 51,290 | 93,467 | |||||
6,591 | SIMMONS FIRST NATIONAL CORP., CLASS A | 105,067 | 195,555 | |||||
8,300 | SIRIUSPOINT LTD.(b)(c) | 60,222 | 84,411 | |||||
779 | SOUTHSIDE BANCSHARES, INC. | 20,080 | 29,999 | |||||
1,916 | STEWART INFORMATION SERVICES CORP. | 60,291 | 99,689 | |||||
349 | STONEX GROUP, INC.(b) | 19,802 | 22,818 | |||||
7,170 | SUMMIT STATE BANK | 88,235 | 117,014 | |||||
45,809 | TCF FINANCIAL CORP. | 1,153,866 | 2,128,286 | |||||
653 | TOMPKINS FINANCIAL CORP. | 39,591 | 54,003 | |||||
1,476 | TRUPANION, INC.(b) | 105,797 | 112,486 | |||||
5,783 | TRUSTCO BANK CORP. NY | 33,499 | 42,621 | |||||
294,039 | UMPQUA HOLDINGS CORP. | 4,194,700 | 5,160,384 | |||||
11,883 | UNITED BANCORP, INC. | 142,098 | 170,165 | |||||
5,970 | UNITED BANCSHARES, INC. | 129,860 | 150,742 | |||||
4,681 | UNITED COMMUNITY BANKS, INC. | 83,634 | 159,716 | |||||
12,100 | UNITED INSURANCE HOLDINGS CORP. | 69,993 | 87,241 | |||||
69,894 | UNITED SECURITY BANCSHARES | 592,934 | 572,432 | |||||
46,932 | UNITY BANCORP, INC. | 761,885 | 1,032,504 | |||||
8,232 | UNIVERSAL INSURANCE HOLDINGS, INC. | 123,036 | 118,047 | |||||
84,836 | UNIVEST FINANCIAL CORP. | 1,831,888 | 2,425,461 | |||||
2,866 | VERITEX HOLDINGS, INC. | 48,563 | 93,776 | |||||
388 | VIRTUS INVESTMENT PARTNERS, INC. | 49,590 | 91,374 | |||||
3,729 | WADDELL & REED FINANCIAL, INC., CLASS A | 58,547 | 93,411 | |||||
1,003 | WALKER & DUNLOP, INC. | 91,275 | 103,048 | |||||
64,674 | WEBSTER FINANCIAL CORP. | 2,397,455 | 3,564,184 | |||||
64,423 | WEST BANCORP, INC. | 1,246,594 | 1,551,950 | |||||
1,130 | WESTAMERICA BANCORP | 62,984 | 70,941 | |||||
3,856 | WISDOMTREE INVESTMENTS, INC. | 20,654 | 24,100 | |||||
57,181 | WSFS FINANCIAL CORP. | 2,305,770 | 2,847,042 | |||||
72,154,330 | 93,165,977 | 18.53% | ||||||
Health Care: | ||||||||
74,897 | 1LIFE HEALTHCARE, INC.(b) | 3,897,150 | 2,926,975 | |||||
9,747 | ABIOMED, INC.(b) | 2,611,055 | 3,106,661 | |||||
8,102 | ADDUS HOMECARE CORP.(b) | 764,921 | 847,388 | |||||
2,454 | AMN HEALTHCARE SERVICES, INC.(b) | 131,517 | 180,860 | |||||
4,267 | ANGIODYNAMICS, INC.(b) | 39,027 | 99,848 | |||||
758 | ANIKA THERAPEUTICS, INC.(b) | 27,364 | 30,919 | |||||
13,128 | AVID BIOSERVICES, INC.(b) | 118,152 | 239,323 | |||||
16,050 | BIO-TECHNE CORP. | 3,901,125 | 6,129,976 | |||||
2,254 | CARDIOVASCULAR SYSTEMS, INC.(b) | 72,322 | 86,418 | |||||
26,140 | CHF SOLUTIONS, INC.(b) | 145,144 | 154,226 | |||||
3,255 | COHERUS BIOSCIENCES, INC.(b) | 58,253 | 47,556 | |||||
6,953 | COMMUNITY HEALTH SYSTEMS, INC.(b) | 24,308 | 94,005 | |||||
760 | COMPUTER PROGRAMS AND SYSTEMS, INC. | 17,092 | 23,256 | |||||
1,523 | CONMED CORP. | 107,871 | 198,889 |
19 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Health Care (Cont'd): | ||||||||
5,151 | CORCEPT THERAPEUTICS, INC.(b) | $91,306 | 122,542 | |||||
236 | CORVEL CORP.(b) | 17,275 | 24,211 | |||||
4,687 | COVETRUS, INC.(b) | 88,788 | 140,469 | |||||
2,680 | CROSS COUNTRY HEALTHCARE, INC.(b) | 19,502 | 33,473 | |||||
33,658 | CRYOLIFE, INC.(b) | 626,877 | 759,998 | |||||
6,706 | CRYOPORT, INC.(b) | 408,506 | 348,779 | |||||
15,740 | CUTERA, INC.(b) | 229,699 | 472,987 | |||||
3,656 | CYTOKINETICS, INC.(b) | 61,810 | 85,039 | |||||
4,668 | EAGLE PHARMACEUTICALS, INC.(b) | 208,984 | 194,842 | |||||
472 | ENANTA PHARMACEUTICALS, INC.(b) | 21,792 | 23,279 | |||||
16,143 | ENDO INTERNATIONAL PLC(b)(c) | 49,160 | 119,620 | |||||
2,178 | ENSIGN GROUP (THE), INC. | 116,465 | 204,384 | |||||
100,280 | EVOLENT HEALTH, INC., CLASS A(b) | 1,119,410 | 2,025,656 | |||||
1,142 | GLAUKOS CORP.(b) | 52,182 | 95,848 | |||||
1,056 | HANGER, INC.(b) | 16,338 | 24,098 | |||||
96,044 | HARVARD BIOSCIENCE, INC.(b) | 183,588 | 524,400 | |||||
59,657 | HEALTHEQUITY, INC.(b) | 2,877,998 | 4,056,676 | |||||
43,739 | HEALTHSTREAM, INC.(b) | 946,421 | 977,129 | |||||
341 | HESKA CORP.(b) | 31,451 | 57,445 | |||||
24,600 | HILL-ROM HOLDINGS, INC. | 2,105,465 | 2,717,808 | |||||
4,590 | HMS HOLDINGS CORP.(b) | 136,351 | 169,715 | |||||
37,425 | INFUSYSTEM HOLDINGS, INC.(b) | 457,425 | 761,973 | |||||
607 | INOGEN, INC.(b) | 20,310 | 31,880 | |||||
1,693 | INTEGER HOLDINGS CORP.(b) | 111,654 | 155,925 | |||||
47,350 | INTEGRA LIFESCIENCES HOLDINGS CORP.(b) | 2,679,023 | 3,271,412 | |||||
2,704 | INVACARE CORP. | 19,534 | 21,686 | |||||
97,104 | KADMON HOLDINGS, INC.(b) | 403,677 | 377,735 | |||||
3,112 | LANNETT CO., INC.(b) | 17,883 | 16,431 | |||||
1,794 | LEMAITRE VASCULAR, INC. | 58,384 | 87,511 | |||||
877 | LUMINEX CORP. | 18,557 | 27,976 | |||||
1,231 | MAGELLAN HEALTH, INC.(b) | 73,822 | 114,778 | |||||
5,736 | MEDNAX, INC.(b) | 140,795 | 146,096 | |||||
2,275 | MERIDIAN BIOSCIENCE, INC.(b) | 34,164 | 59,719 | |||||
2,957 | MERIT MEDICAL SYSTEMS, INC.(b) | 128,856 | 177,065 | |||||
215 | MESA LABORATORIES, INC. | 46,939 | 52,353 | |||||
1,127 | MODIVCARE, INC.(b) | 163,484 | 166,931 | |||||
3,711 | MYRIAD GENETICS, INC.(b) | 42,922 | 113,000 | |||||
4,319 | NATUS MEDICAL, INC.(b) | 78,201 | 110,610 | |||||
5,523 | NEOGENOMICS, INC.(b) | 195,554 | 266,374 | |||||
20,062 | NEVRO CORP.(b) | 2,966,869 | 2,798,649 | |||||
107,389 | NEXTGEN HEALTHCARE, INC.(b) | 1,647,248 | 1,943,741 | |||||
1,083 | OMNICELL, INC.(b) | 76,570 | 140,649 | |||||
56,854 | ORASURE TECHNOLOGIES, INC.(b) | 594,587 | 663,486 | |||||
1,025 | ORTHOFIX MEDICAL, INC.(b) | 31,385 | 44,434 | |||||
3,746 | OWENS & MINOR, INC. | 37,718 | 140,812 | |||||
211,645 | PACIFIC BIOSCIENCES OF CALIFORNIA, INC.(b) | 3,224,421 | 7,049,895 | |||||
2,249 | PACIRA BIOSCIENCES, INC.(b) | 121,845 | 157,632 | |||||
1,490 | PENNANT GROUP (THE), INC.(b) | 57,269 | 68,242 | |||||
36,222 | PHIBRO ANIMAL HEALTH CORP., CLASS A | 754,956 | 883,817 | |||||
4,478 | R1 RCM, INC.(b) | 76,243 | 110,517 | |||||
2,451 | RADNET, INC.(b) | 39,172 | 53,309 | |||||
1,527 | REGENXBIO, INC.(b) | 44,600 | 52,086 | |||||
3,041 | SELECT MEDICAL HOLDINGS CORP.(b) | 42,741 | 103,698 | |||||
511 | SIMULATIONS PLUS, INC. | 31,714 | 32,316 | |||||
38,232 | STREAMLINE HEALTH SOLUTIONS, INC.(b) | 61,171 | 78,376 | |||||
2,284 | SUPERNUS PHARMACEUTICALS, INC.(b) | 48,152 | 59,795 | |||||
13,045 | SURMODICS, INC.(b) | 544,279 | 731,433 | |||||
33,400 | SYNEOS HEALTH, INC.(b) | 1,431,924 | 2,533,390 | |||||
1,888 | TABULA RASA HEALTHCARE, INC.(b) | 102,590 | 86,942 | |||||
61,352 | TANDEM DIABETES CARE, INC.(b) | 6,412,542 | 5,414,314 | |||||
2,165 | TIVITY HEALTH, INC.(b) | 27,633 | 48,323 | |||||
93,545 | TRIPLE-S MANAGEMENT CORP., CLASS B(b) | 2,136,298 | 2,434,976 | |||||
21,534 | TWIST BIOSCIENCE CORP.(b) | 2,750,467 | 2,667,201 | |||||
551 | US PHYSICAL THERAPY, INC. | 46,874 | 57,359 | |||||
134,044 | VAREX IMAGING CORP.(b) | 3,417,153 | 2,746,562 | |||||
2,612 | XENCOR, INC.(b) | 90,484 | 112,473 | |||||
52,832,758 | 64,518,580 | 12.83% |
20 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials: | ||||||||
2,233 | AAON, INC. | $123,232 | 156,332 | |||||
15,032 | AAR CORP.(b) | 304,464 | 626,083 | |||||
3,557 | ABM INDUSTRIES, INC. | 120,321 | 181,442 | |||||
15,180 | ACUITY BRANDS, INC. | 1,706,527 | 2,504,700 | |||||
1,617 | AEGION CORP.(b) | 24,543 | 46,489 | |||||
3,956 | AEROJET ROCKETDYNE HOLDINGS, INC. | 147,108 | 185,774 | |||||
845 | AEROVIRONMENT, INC.(b) | 54,807 | 98,071 | |||||
53,320 | AIR LEASE CORP. | 1,690,020 | 2,612,680 | |||||
555 | ALAMO GROUP, INC. | 55,130 | 86,663 | |||||
853 | ALBANY INTERNATIONAL CORP., CLASS A | 45,690 | 71,200 | |||||
748 | ALLEGIANT TRAVEL CO.(b) | 80,014 | 182,557 | |||||
41,601 | AMERICAN WOODMARK CORP.(b) | 3,494,878 | 4,101,027 | |||||
2,066 | APPLIED INDUSTRIAL TECHNOLOGIES, INC. | 125,566 | 188,357 | |||||
1,349 | ARCBEST CORP. | 37,892 | 94,929 | |||||
2,574 | ARCOSA, INC. | 102,643 | 167,542 | |||||
11,940 | ARMSTRONG WORLD INDUSTRIES, INC. | 992,668 | 1,075,675 | |||||
1,206 | ASTEC INDUSTRIES, INC. | 53,461 | 90,956 | |||||
48,279 | ASTRONICS CORP.(b) | 534,308 | 870,953 | |||||
1,395 | ATLAS AIR WORLDWIDE HOLDINGS, INC.(b) | 64,070 | 84,314 | |||||
16,928 | AVIS BUDGET GROUP, INC.(b) | 476,033 | 1,227,957 | |||||
11,949 | AZZ, INC. | 379,066 | 601,632 | |||||
2,068 | BARNES GROUP, INC. | 77,523 | 102,449 | |||||
2,186 | BOISE CASCADE CO. | 82,334 | 130,788 | |||||
462 | BRADY CORP., CLASS A | 19,898 | 24,694 | |||||
88,110 | BRIGHTVIEW HOLDINGS, INC.(b) | 1,324,771 | 1,486,416 | |||||
45,776 | BWX TECHNOLOGIES, INC. | 2,515,708 | 3,018,469 | |||||
37,471 | CECO ENVIRONMENTAL CORP.(b) | 262,308 | 297,145 | |||||
1,534 | CHART INDUSTRIES, INC.(b) | 109,625 | 218,365 | |||||
20,834 | CIRCOR INTERNATIONAL, INC.(b) | 663,250 | 725,440 | |||||
80,700 | COLFAX CORP.(b) | 1,996,178 | 3,535,467 | |||||
17,418 | COLUMBUS MCKINNON CORP. | 716,284 | 918,974 | |||||
1,430 | COMFORT SYSTEMS U.S.A, INC. | 72,885 | 106,921 | |||||
5,072 | CORECIVIC, INC. | 32,724 | 45,902 | |||||
137,245 | COVANTA HOLDING CORP. | 1,097,556 | 1,902,216 | |||||
1,435 | CUBIC CORP. | 63,497 | 107,008 | |||||
2,804 | DELUXE CORP. | 88,730 | 117,656 | |||||
1,443 | DXP ENTERPRISES, INC.(b) | 28,742 | 43,535 | |||||
1,253 | ENCORE WIRE CORP. | 58,883 | 84,114 | |||||
157,264 | ENERPAC TOOL GROUP CORP. | 3,458,832 | 4,107,736 | |||||
1,434 | ESCO TECHNOLOGIES, INC. | 116,528 | 156,148 | |||||
1,828 | EXPONENT, INC. | 153,488 | 178,139 | |||||
3,216 | FEDERAL SIGNAL CORP. | 92,803 | 123,173 | |||||
560 | FORRESTER RESEARCH, INC.(b) | 17,882 | 23,789 | |||||
2,045 | FRANKLIN ELECTRIC CO., INC. | 101,427 | 161,432 | |||||
68,420 | GATES INDUSTRIAL CORP. PLC(b) | 938,559 | 1,094,036 | |||||
924 | GIBRALTAR INDUSTRIES, INC.(b) | 43,216 | 84,555 | |||||
2,411 | GMS, INC.(b) | 55,860 | 100,659 | |||||
21,540 | GORMAN-RUPP (THE) CO. | 638,624 | 713,189 | |||||
38,431 | GRACO, INC. | 2,311,195 | 2,752,428 | |||||
56,241 | GRAHAM CORP. | 811,797 | 800,872 | |||||
2,495 | GRANITE CONSTRUCTION, INC. | 44,279 | 100,424 | |||||
1,308 | HARSCO CORP.(b) | 20,364 | 22,432 | |||||
4,075 | HAWAIIAN HOLDINGS, INC.(b) | 55,364 | 108,680 | |||||
7,800 | HEARTLAND EXPRESS, INC. | 144,677 | 152,724 | |||||
1,393 | HEIDRICK & STRUGGLES INTERNATIONAL, INC. | 29,329 | 49,758 | |||||
19,600 | HEXCEL CORP.(b) | 1,157,602 | 1,097,600 | |||||
925 | HILLENBRAND, INC. | 32,774 | 44,132 | |||||
1,731 | HUB GROUP, INC., CLASS A(b) | 86,321 | 116,462 | |||||
4,543 | HURCO COS., INC. | 147,693 | 160,368 | |||||
54,600 | IAA, INC.(b) | 2,578,770 | 3,010,644 | |||||
2,151 | ICF INTERNATIONAL, INC. | 152,213 | 187,997 | |||||
977 | INSTEEL INDUSTRIES, INC. | 18,377 | 30,131 | |||||
2,477 | INTERFACE, INC. | 26,026 | 30,913 | |||||
105,428 | JELD-WEN HOLDING, INC.(b) | 1,968,721 | 2,919,301 | |||||
1,691 | JOHN BEAN TECHNOLOGIES CORP. | 137,915 | 225,478 | |||||
6,000 | KADANT, INC. | 528,683 | 1,110,060 | |||||
1,476 | KAMAN CORP. | 58,477 | 75,704 |
21 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials (Cont'd): | ||||||||
977 | KELLY SERVICES, INC., CLASS A(b) | $18,133 | 21,758 | |||||
473 | KORN FERRY | 20,580 | 29,501 | |||||
12,396 | LIMBACH HOLDINGS, INC.(b) | 135,615 | 130,902 | |||||
579 | LINDSAY CORP. | 54,200 | 96,473 | |||||
312,328 | LSI INDUSTRIES, INC. | 1,845,615 | 2,664,158 | |||||
109,236 | LYFT, INC., CLASS A(b) | 2,997,885 | 6,901,530 | |||||
1,485 | MANTECH INTERNATIONAL CORP., CLASS A | 100,992 | 129,121 | |||||
20,766 | MASTEC, INC.(b) | 1,155,469 | 1,945,774 | |||||
1,383 | MATSON, INC. | 80,924 | 92,246 | |||||
25,708 | MAXAR TECHNOLOGIES, INC. | 1,136,886 | 972,276 | |||||
4,042 | MERITOR, INC.(b) | 76,835 | 118,916 | |||||
21,220 | MOOG, INC., CLASS A | 1,078,937 | 1,764,443 | |||||
77,399 | MRC GLOBAL, INC.(b) | 701,926 | 698,913 | |||||
3,030 | MUELLER INDUSTRIES, INC. | 78,800 | 125,290 | |||||
351 | NATIONAL PRESTO INDUSTRIES, INC. | 30,447 | 35,827 | |||||
91,966 | NN, INC.(b) | 606,977 | 650,200 | |||||
1,539 | PARK AEROSPACE CORP. | 16,372 | 20,346 | |||||
130,445 | PGT INNOVATIONS, INC.(b) | 1,797,697 | 3,293,736 | |||||
6,784 | PITNEY BOWES, INC. | 16,863 | 55,900 | |||||
615 | POWELL INDUSTRIES, INC. | 16,562 | 20,830 | |||||
1,421 | PROTO LABS, INC.(b) | 159,264 | 173,007 | |||||
1,914 | RAVEN INDUSTRIES, INC. | 39,098 | 73,364 | |||||
6,575 | RESIDEO TECHNOLOGIES, INC.(b) | 74,730 | 185,744 | |||||
1,915 | RESOURCES CONNECTION, INC. | 22,152 | 25,929 | |||||
173,867 | REV GROUP, INC. | 1,963,728 | 3,331,292 | |||||
45,750 | RUSH ENTERPRISES, INC., CLASS A | 1,261,715 | 2,279,722 | |||||
55,461 | RYDER SYSTEM, INC. | 2,918,177 | 4,195,625 | |||||
1,392 | SAIA, INC.(b) | 165,159 | 320,967 | |||||
1,075 | SEACOR HOLDINGS, INC.(b) | 28,849 | 43,806 | |||||
62,358 | SHYFT GROUP (THE), INC. | 1,004,676 | 2,319,718 | |||||
2,190 | SKYWEST, INC.(b) | 92,303 | 119,311 | |||||
1,679 | SPX CORP.(b) | 67,071 | 97,835 | |||||
7,132 | SPX FLOW, INC. | 218,279 | 451,669 | |||||
727 | STANDEX INTERNATIONAL CORP. | 39,599 | 69,479 | |||||
308,100 | STEELCASE, INC., CLASS A | 3,891,609 | 4,433,559 | |||||
3,086 | TEAM, INC.(b) | 19,078 | 35,582 | |||||
530 | TENNANT CO. | 33,777 | 42,342 | |||||
97,863 | TEREX CORP. | 3,300,507 | 4,508,548 | |||||
72,310 | TITAN MACHINERY, INC.(b) | 1,276,510 | 1,843,905 | |||||
55,279 | TRIMAS CORP.(b) | 1,411,070 | 1,676,059 | |||||
2,722 | TRIUMPH GROUP, INC.(b) | 20,706 | 50,030 | |||||
75,132 | TRUEBLUE, INC.(b) | 1,225,183 | 1,654,407 | |||||
3,336 | UFP INDUSTRIES, INC. | 159,029 | 253,002 | |||||
835 | UNIFIRST CORP. | 142,857 | 186,798 | |||||
3,624 | US ECOLOGY, INC.(b) | 122,194 | 150,903 | |||||
6,132 | VECTRUS, INC.(b) | 249,903 | 327,694 | |||||
1,394 | VIAD CORP.(b) | 25,927 | 58,199 | |||||
988 | VICOR CORP.(b) | 72,341 | 84,010 | |||||
4,675 | WABASH NATIONAL CORP. | 47,573 | 87,890 | |||||
1,484 | WATTS WATER TECHNOLOGIES, INC., CLASS A | 117,203 | 176,314 | |||||
18,500 | WOODWARD, INC. | 1,455,405 | 2,231,655 | |||||
69,344,520 | 99,116,361 | 19.71% | ||||||
Information Technology: | ||||||||
4,199 | 3D SYSTEMS CORP.(b) | 103,468 | 115,221 | |||||
6,589 | 8X8, INC.(b) | 104,347 | 213,747 | |||||
3,058 | ADTRAN, INC. | 32,282 | 51,007 | |||||
2,042 | ADVANCED ENERGY INDUSTRIES, INC. | 137,503 | 222,925 | |||||
2,350 | ALARM.COM HOLDINGS, INC.(b) | 135,048 | 202,993 | |||||
56,264 | ANAPLAN, INC.(b) | 3,461,066 | 3,029,816 | |||||
12,720 | ASTRONOVA, INC.(b) | 117,059 | 170,448 | |||||
9,473 | ASURE SOFTWARE, INC.(b) | 60,911 | 72,374 | |||||
76,140 | AVNET, INC. | 2,567,566 | 3,160,571 | |||||
28,612 | AXT, INC.(b) | 106,176 | 333,616 | |||||
1,458 | BADGER METER, INC. | 92,421 | 135,696 | |||||
1,679 | BEL FUSE, INC., CLASS B | 17,796 | 33,395 | |||||
82,857 | BELDEN, INC. | 3,083,215 | 3,676,365 | |||||
2,504 | BENCHMARK ELECTRONICS, INC. | 50,443 | 77,424 |
22 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Information Technology (Cont'd): | ||||||||
21,269 | BILL.COM HOLDINGS, INC.(b) | $1,933,244 | 3,094,640 | |||||
237 | BM TECHNOLOGY INC.(b)(e) | 2,972 | 2,761 | |||||
930 | BOTTOMLINE TECHNOLOGIES DE, INC.(b) | 44,754 | 42,083 | |||||
122 | BROOKS AUTOMATION, INC. | 5,331 | 9,961 | |||||
1,426 | CARDTRONICS PLC, CLASS A(b)(c) | 29,131 | 55,329 | |||||
356,862 | CELESTICA, INC.(b)(c) | 2,874,406 | 2,986,935 | |||||
1,216 | CEVA, INC.(b) | 44,668 | 68,278 | |||||
1,959 | COMTECH TELECOMMUNICATIONS CORP. | 29,694 | 48,662 | |||||
1,766 | CSG SYSTEMS INTERNATIONAL, INC. | 70,000 | 79,276 | |||||
2,782 | CTS CORP. | 58,247 | 86,409 | |||||
8,231 | DAKTRONICS, INC.(b) | 33,876 | 51,608 | |||||
3,858 | DIEBOLD NIXDORF, INC.(b) | 23,906 | 54,514 | |||||
1,486 | DIGI INTERNATIONAL, INC.(b) | 22,009 | 28,219 | |||||
2,401 | DIODES, INC.(b) | 118,436 | 191,696 | |||||
46,920 | DOLBY LABORATORIES, INC., CLASS A | 4,043,286 | 4,631,942 | |||||
140,913 | DSP GROUP, INC.(b) | 1,922,599 | 2,008,010 | |||||
2,099 | EBIX, INC. | 43,890 | 67,231 | |||||
37,429 | ELASTIC N.V.(b) | 4,102,913 | 4,162,105 | |||||
58,433 | EMCORE CORP.(b) | 362,544 | 319,044 | |||||
720 | EPLUS, INC.(b) | 48,694 | 71,741 | |||||
3,272 | EVERTEC, INC. | 93,000 | 121,784 | |||||
1,883 | EXLSERVICE HOLDINGS, INC.(b) | 116,337 | 169,771 | |||||
8,040 | EXTREME NETWORKS, INC.(b) | 32,929 | 70,350 | |||||
1,961 | FABRINET(b)(c) | 125,617 | 177,255 | |||||
898 | FARO TECHNOLOGIES, INC.(b) | 47,641 | 77,740 | |||||
5,207 | FORMFACTOR, INC.(b) | 124,322 | 234,888 | |||||
160,290 | FRANKLIN WIRELESS CORP.(b) | 765,508 | 3,478,293 | |||||
129,970 | FREQUENCY ELECTRONICS, INC.(b) | 1,194,113 | 1,467,361 | |||||
28,981 | GUIDEWIRE SOFTWARE, INC.(b) | 3,069,061 | 2,945,339 | |||||
77,613 | HARMONIC, INC.(b) | 458,603 | 608,486 | |||||
93,536 | IDENTIV, INC.(b) | 473,085 | 1,071,923 | |||||
1,935 | INSIGHT ENTERPRISES, INC.(b) | 111,211 | 184,638 | |||||
942 | ITRON, INC.(b) | 74,024 | 83,508 | |||||
5,139 | KNOWLES CORP.(b) | 77,505 | 107,508 | |||||
2,917 | LIVEPERSON, INC.(b) | 126,326 | 153,843 | |||||
34,071 | LIVERAMP HOLDINGS, INC.(b) | 1,762,010 | 1,767,603 | |||||
2,686 | MAXLINEAR, INC.(b) | 67,981 | 91,539 | |||||
1,980 | METHODE ELECTRONICS, INC. | 56,960 | 83,120 | |||||
293 | MICROSTRATEGY, INC., CLASS A(b) | 122,087 | 198,888 | |||||
4,600 | MKS INSTRUMENTS, INC. | 442,209 | 852,932 | |||||
2,361 | NETGEAR, INC.(b) | 56,550 | 97,037 | |||||
3,475 | NIC, INC. | 83,735 | 117,907 | |||||
1,037 | ONESPAN, INC.(b) | 19,889 | 25,407 | |||||
33,610 | ONTO INNOVATION, INC.(b) | 1,025,094 | 2,208,513 | |||||
24,038 | OSI SYSTEMS, INC.(b) | 1,955,773 | 2,310,052 | |||||
903 | PDF SOLUTIONS, INC.(b) | 17,553 | 16,055 | |||||
1,594 | PERFICIENT, INC.(b) | 51,786 | 93,600 | |||||
30,889 | PHOTRONICS, INC.(b) | 311,146 | 397,233 | |||||
39,856 | PLANTRONICS, INC.(b) | 372,143 | 1,550,797 | |||||
23,423 | PLEXUS CORP.(b) | 1,548,170 | 2,151,168 | |||||
2,642 | POWER INTEGRATIONS, INC. | 158,518 | 215,270 | |||||
2,889 | PROGRESS SOFTWARE CORP. | 106,362 | 127,289 | |||||
26,934 | QUANTUM CORP.(b) | 184,498 | 224,360 | |||||
7,080 | RAMBUS, INC.(b) | 102,818 | 137,635 | |||||
527 | ROGERS CORP.(b) | 75,768 | 99,187 | |||||
64,223 | SAILPOINT TECHNOLOGIES HOLDINGS, INC.(b) | 2,437,182 | 3,252,253 | |||||
1,148 | SANMINA CORP.(b) | 27,674 | 47,504 | |||||
65,846 | SCANSOURCE, INC.(b) | 2,514,326 | 1,972,088 | |||||
794,205 | SERVICESOURCE INTERNATIONAL, INC.(b) | 1,092,862 | 1,167,481 | |||||
1,164 | SMART GLOBAL HOLDINGS, INC.(b) | 30,795 | 53,567 | |||||
1,915 | SPS COMMERCE, INC.(b) | 143,863 | 190,179 | |||||
45,245 | SUPER MICRO COMPUTER, INC.(b) | 1,087,402 | 1,767,270 | |||||
2,048 | SYKES ENTERPRISES, INC.(b) | 70,529 | 90,276 | |||||
6,274 | TTM TECHNOLOGIES, INC.(b) | 72,311 | 90,973 | |||||
745 | ULTRA CLEAN HOLDINGS, INC.(b) | 19,154 | 43,240 | |||||
204,098 | UNISYS CORP.(b) | 2,331,866 | 5,188,171 | |||||
72,225 | VARONIS SYSTEMS, INC.(b) | 2,744,950 | 3,708,031 |
23 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Information Technology (Cont'd): | ||||||||
10,065 | VIAVI SOLUTIONS, INC.(b) | $120,773 | 158,021 | |||||
17,910 | VISHAY PRECISION GROUP, INC.(b) | 534,790 | 551,807 | |||||
13,951 | WIX.COM LTD.(b)(c) | 3,611,105 | 3,895,398 | |||||
200,491 | XPERI HOLDING CORP. | 2,988,801 | 4,364,689 | |||||
258,899 | ZIX CORP.(b) | 1,941,694 | 1,954,687 | |||||
63,064,310 | 81,769,956 | 16.26% | ||||||
Materials: | ||||||||
1,495 | ADVANSIX, INC.(b) | 17,055 | 40,096 | |||||
7,074 | ALLEGHENY TECHNOLOGIES, INC.(b) | 64,413 | 148,978 | |||||
2,099 | AMERICAN VANGUARD CORP. | 31,339 | 42,841 | |||||
5,643 | ARCONIC CORP.(b) | 83,038 | 143,276 | |||||
39,500 | AXALTA COATING SYSTEMS LTD.(b) | 602,888 | 1,168,410 | |||||
1,760 | BALCHEM CORP. | 164,751 | 220,722 | |||||
1,610 | CARPENTER TECHNOLOGY CORP. | 41,174 | 66,252 | |||||
2,446 | CENTURY ALUMINUM CO.(b) | 17,115 | 43,196 | |||||
612 | CLEARWATER PAPER CORP.(b) | 20,484 | 23,023 | |||||
7,298 | CLEVELAND-CLIFFS, INC. | 112,144 | 146,763 | |||||
4,390 | FERRO CORP.(b) | 49,722 | 74,015 | |||||
1,570 | FUTUREFUEL CORP. | 18,184 | 22,812 | |||||
2,880 | GCP APPLIED TECHNOLOGIES, INC.(b) | 53,386 | 70,675 | |||||
45,703 | H.B. FULLER CO. | 2,402,415 | 2,875,176 | |||||
1,166 | HAWKINS, INC. | 25,673 | 39,084 | |||||
227 | INNOSPEC, INC. | 20,598 | 23,311 | |||||
1,120 | KOPPERS HOLDINGS, INC.(b) | 19,868 | 38,931 | |||||
1,882 | KRATON CORP.(b) | 32,648 | 68,862 | |||||
7,360 | LIVENT CORP.(b) | 46,346 | 127,475 | |||||
487 | MATERION CORP. | 27,725 | 32,259 | |||||
2,794 | MERCER INTERNATIONAL, INC.(c) | 20,568 | 40,206 | |||||
1,910 | MYERS INDUSTRIES, INC. | 27,366 | 37,742 | |||||
107,011 | OLIN CORP. | 1,753,670 | 4,063,208 | |||||
102,556 | ORION ENGINEERED CARBONS S.A.(b)(c) | 1,116,543 | 2,022,404 | |||||
693 | QUAKER CHEMICAL CORP. | 128,226 | 168,933 | |||||
18,300 | RELIANCE STEEL & ALUMINUM CO. | 1,494,148 | 2,786,907 | |||||
73,659 | SCHWEITZER-MAUDUIT INTERNATIONAL, INC. | 2,787,521 | 3,607,081 | |||||
1,154 | STEPAN CO. | 110,502 | 146,685 | |||||
7,386 | TIMKENSTEEL CORP.(b) | 26,484 | 86,786 | |||||
64,636 | TREDEGAR CORP. | 1,130,229 | 970,186 | |||||
846 | US CONCRETE, INC.(b) | 19,856 | 62,029 | |||||
13,021 | VERSO CORP. | 191,912 | 189,976 | |||||
2,731 | WARRIOR MET COAL, INC. | 40,792 | 46,782 | |||||
12,698,783 | 19,645,082 | 3.91% | ||||||
Real Estate: | ||||||||
5,739 | ACADIA REALTY TRUST | 73,016 | 108,869 | |||||
3,689 | AGREE REALTY CORP. | 239,707 | 248,307 | |||||
4,425 | ALEXANDER & BALDWIN, INC. | 53,431 | 74,296 | |||||
46,629 | ALPINE INCOME PROPERTY TRUST, INC. | 692,723 | 809,479 | |||||
4,968 | AMERICAN ASSETS TRUST, INC. | 129,822 | 161,162 | |||||
3,015 | ARMADA HOFFLER PROPERTIES, INC. | 28,885 | 37,808 | |||||
55,605 | BLUEROCK RESIDENTIAL GROWTH REIT, INC. | 394,290 | 562,167 | |||||
9,103 | BRANDYWINE REALTY TRUST | 93,265 | 117,520 | |||||
4,965 | CARETRUST REIT, INC. | 86,221 | 115,610 | |||||
3,809 | CHATHAM LODGING TRUST(b) | 23,679 | 50,126 | |||||
1,777 | CTO REALTY GROWTH, INC. | 71,533 | 92,422 | |||||
148,995 | DIAMONDROCK HOSPITALITY CO.(b) | 897,728 | 1,534,648 | |||||
7,840 | DIVERSIFIED HEALTHCARE TRUST | 32,003 | 37,475 | |||||
4,135 | EASTERLY GOVERNMENT PROPERTIES, INC. | 92,278 | 85,719 | |||||
29,773 | EQUITY COMMONWEALTH | 875,368 | 827,689 | |||||
3,841 | ESSENTIAL PROPERTIES REALTY TRUST, INC. | 69,521 | 87,690 | |||||
3,754 | FOUR CORNERS PROPERTY TRUST, INC. | 86,702 | 102,860 | |||||
4,241 | GEO GROUP (THE), INC. | 37,601 | 32,910 | |||||
1,826 | GETTY REALTY CORP. | 52,146 | 51,712 | |||||
111,774 | GLOBAL MEDICAL REIT, INC. | 1,279,086 | 1,465,357 | |||||
3,298 | HERSHA HOSPITALITY TRUST(b) | 18,358 | 34,794 | |||||
128,139 | INDEPENDENCE REALTY TRUST, INC. | 1,203,346 | 1,947,713 | |||||
3,481 | INDUSTRIAL LOGISTICS PROPERTIES TRUST | 71,070 | 80,516 | |||||
690 | INNOVATIVE INDUSTRIAL PROPERTIES, INC. | 126,474 | 124,310 | |||||
61,611 | ISTAR, INC. | 645,495 | 1,095,444 |
24 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Real Estate (Cont'd): | ||||||||
57,153 | KITE REALTY GROUP TRUST | $763,932 | 1,102,481 | |||||
16,096 | LEXINGTON REALTY TRUST | 169,420 | 178,827 | |||||
4,469 | MACK-CALI REALTY CORP. | 57,409 | 69,180 | |||||
891 | MARCUS & MILLICHAP, INC.(b) | 25,083 | 30,027 | |||||
3,311 | NATIONAL STORAGE AFFILIATES TRUST | 94,043 | 132,208 | |||||
24,238 | NEXPOINT RESIDENTIAL TRUST, INC. | 630,457 | 1,117,129 | |||||
39,335 | PLYMOUTH INDUSTRIAL REIT, INC. | 501,117 | 662,795 | |||||
33,460 | POSTAL REALTY TRUST, INC., CLASS A | 429,075 | 574,843 | |||||
968 | RE/MAX HOLDINGS, INC., CLASS A | 30,056 | 38,130 | |||||
6,160 | REALOGY HOLDINGS CORP.(b) | 45,866 | 93,201 | |||||
32,030 | REDFIN CORP.(b) | 1,501,576 | 2,132,878 | |||||
6,031 | RETAIL OPPORTUNITY INVESTMENTS CORP. | 65,628 | 95,712 | |||||
12,377 | RETAIL PROPERTIES OF AMERICA, INC., CLASS A | 84,751 | 129,711 | |||||
4,749 | RPT REALTY | 30,317 | 54,186 | |||||
716 | SAFEHOLD, INC. | 40,289 | 50,192 | |||||
690 | SAUL CENTERS, INC. | 20,472 | 27,676 | |||||
7,941 | SITE CENTERS CORP. | 59,761 | 107,680 | |||||
71,149 | STRATUS PROPERTIES, INC.(b) | 1,882,716 | 2,170,044 | |||||
3,340 | SUMMIT HOTEL PROPERTIES, INC.(b) | 18,266 | 33,934 | |||||
7,677 | TANGER FACTORY OUTLET CENTERS, INC. | 48,408 | 116,153 | |||||
24,324 | UMH PROPERTIES, INC. | 274,948 | 466,291 | |||||
10,784 | UNITI GROUP, INC. | 101,771 | 118,947 | |||||
321 | UNIVERSAL HEALTH REALTY INCOME TRUST | 20,634 | 21,757 | |||||
2,744 | WASHINGTON REAL ESTATE INVESTMENT TRUST | 58,175 | 60,642 | |||||
4,519 | WHITESTONE REIT | 29,258 | 43,834 | |||||
14,357,176 | 19,515,061 | 3.88% | ||||||
Utilities: | ||||||||
1,970 | AMERICAN STATES WATER CO. | 152,237 | 148,972 | |||||
5,095 | AVISTA CORP. | 180,419 | 243,286 | |||||
2,207 | CALIFORNIA WATER SERVICE GROUP | 111,140 | 124,342 | |||||
844 | CHESAPEAKE UTILITIES CORP. | 74,972 | 97,972 | |||||
2,025 | NORTHWEST NATURAL HOLDING CO. | 93,857 | 109,249 | |||||
185,991 | PURE CYCLE CORP.(b) | 1,408,282 | 2,495,999 | |||||
1,442 | SOUTH JERSEY INDUSTRIES, INC. | 33,896 | 32,560 | |||||
2,054,803 | 3,252,380 | 0.65% | ||||||
Sub-total Common Stocks: | 364,971,472 | 493,063,780 | 98.05% | |||||
Convertible Preferred Stocks: | ||||||||
Real Estate: | ||||||||
26,114 | WHEELER REAL ESTATE INVESTMENT TRUST, INC.(b) | 286,968 | 287,254 | |||||
20,843 | WHEELER REAL ESTATE INVESTMENT TRUST, INC. (Step to 10.75% on 9/21/2023), 8.75%(b)(f) | 278,172 | 375,174 | |||||
565,140 | 662,428 | 0.13% | ||||||
Sub-total Convertible Preferred Stocks: | 565,140 | 662,428 | 0.13% | |||||
Master Limited Partnerships: | ||||||||
Industrials: | ||||||||
39,052 | STEEL PARTNERS HOLDINGS L.P.(b) | 360,386 | 536,965 | |||||
360,386 | 536,965 | 0.11% | ||||||
Sub-total Master Limited Partnerships: | 360,386 | 536,965 | 0.11% | |||||
Preferred Stocks: | ||||||||
Industrials: | ||||||||
87,708 | STEEL PARTNERS HOLDINGS L.P. | 1,118,601 | 1,758,546 | |||||
1,118,601 | 1,758,546 | 0.35% | ||||||
Sub-total Preferred Stocks: | 1,118,601 | 1,758,546 | 0.35% | |||||
Rights: | ||||||||
Communication Services: | ||||||||
55,700 | MEDIA GENERAL, INC. (CONTINGENT VALUE RIGHTS)(b)(g) | - | - | |||||
- | - | 0.00% | ||||||
Sub-total Rights: | - | - | 0.00% | |||||
Warrants: |
25 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Health Care: | ||||||||
19,977 | NANOVIBRONIX, INC.(b)(g) | $200 | - | |||||
200 | - | 0.00% | ||||||
Sub-total Warrants: | 200 | - | 0.00% | |||||
Short-Term Investments: | ||||||||
14,019,550 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 0.03%(h) | 14,019,550 | 14,019,550 | |||||
Sub-total Short-Term Investments: | 14,019,550 | 14,019,550 | 2.79% | |||||
Grand total | $381,035,349 | 510,041,269 | 101.43% |
Notes to Schedule of Investments: | |
(a) | 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 the securities are traded. Foreign security values are stated in U.S. dollars. |
(b) | Non-income producing assets. |
(c) | Foreign security values are stated in U.S. dollars. As of March 31, 2021, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 5.98% of net assets. |
(d) | Securities are American Depositary Receipts of companies based outside of the United States representing 0.02% of net assets as of March 31, 2021. |
(e) | This is a Level 3 security. |
(f) | For step bonds, the coupon rate disclosed is the current rate in effect. |
(g) | Security has been deemed worthless and is a Level 3 investment. |
(h) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2020, the value of the Clearwater Select Equity Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $16,222,989 with net sales of $2,203,439 during the three months ended March 31, 2021. |
26 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
March 31, 2021 (unaudited)
Fair value is an estimate of the price the Clearwater Select Equity Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market for 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 Clearwater Select Equity Fund's investments, as described below. 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 Level 2 measurements. 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. |
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 in which such securities are traded, with foreign security values 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. Security transactions are accounted for as of trade date. Wherever possible, the Clearwater Select Equity Fund uses independent pricing services approved by the Board of Trustees of Clearwater Investment Trust to value its investments. When prices are not readily available (including those for which trading has been suspended), are determined not to reflect fair value, or when the Adviser becomes aware that a significant event impacting the value of a security or group of securities has occurred after the closing of the exchange on which the security or securities principally trade, but before the calculation of the daily net asset value, the Clearwater Select Equity Fund may value these securities at fair value as determined in good faith using procedures established by the Board of Trustees.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following is a summary of the inputs used in valuing the Clearwater Select Equity Fund’s investments and other financial instruments, if any, which are carried at fair value, as of March 31, 2021.
Level 1 | Level 2 | Level 3 | Total | ||||
Common Stocks | $493,061,019 | $— | $2,761 | $493,063,780 | |||
Convertible Preferred Stocks | 662,428 | — | — | 662,428 | |||
Master Limited Partnerships | 536,965 | — | — | 536,965 | |||
Preferred Stocks | 1,758,546 | — | — | 1,758,546 | |||
Rights | — | — | —* | —* | |||
Warrants | — | — | —* | —* | |||
Short-Term Investments | 14,019,550 | — | — | 14,019,550 | |||
Total | $510,038,508 | $— | $2,761 | $510,041,269 |
* Security has been deemed worthless and is a Level 3 investment. |
For the Clearwater Select Equity Fund, the investment value is comprised of equity securities, convertible bonds, investment companies, master limited partnerships, rights, warrants and short-term investments. See the Clearwater Select Equity Fund’s Schedule of Investments for industry classification. Investments in equity and short-term securities are valued at the last sales price or the regular trading session closing price on the principal exchange or market where the securities are traded.
There were no significant Level 3 valuations at March 31, 2021.
27 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
March 31, 2021 (unaudited)
Clearwater Select Equity Fund Portfolio Diversification
(as a percentage of net assets)
28 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
March 31, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Closed-End Funds: | ||||||||||||
171,824 | BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST | $1,701,436 | 2,175,292 | |||||||||
54,180 | BLACKROCK MUNICIPAL INCOME QUALITY TRUST | 739,165 | 818,660 | |||||||||
17,900 | BLACKROCK MUNIENHANCED FUND INC | 188,128 | 211,578 | |||||||||
114,491 | BLACKROCK MUNIHOLDINGS FUND INC | 1,778,286 | 1,831,867 | |||||||||
91,327 | BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND | 1,010,095 | 1,305,063 | |||||||||
46,838 | BLACKROCK MUNIHOLDINGS NEW JERSEY QUALITY FUND INC | 651,076 | 696,013 | |||||||||
83,977 | BLACKROCK MUNIHOLDINGS QUALITY FUND II INC | 1,060,120 | 1,125,292 | |||||||||
36,675 | BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND | 454,303 | 531,787 | |||||||||
157,958 | BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND INC | 2,064,776 | 2,374,109 | |||||||||
51,700 | BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND | 729,423 | 762,058 | |||||||||
102,096 | BLACKROCK MUNIYIELD QUALITY FUND II INC | 1,309,732 | 1,417,092 | |||||||||
118,472 | BLACKROCK MUNIYIELD QUALITY FUND III INC | 1,572,465 | 1,689,411 | |||||||||
42,549 | BNY MELLON STRATEGIC MUNICIPAL BOND FUND INC | 298,824 | 333,159 | |||||||||
177,634 | DWS MUNICIPAL INCOME TRUST | 2,001,406 | 2,069,436 | |||||||||
179,650 | INVESCO ADVANTAGE MUNICIPAL INCOME TRUST II | 1,987,818 | 2,128,852 | |||||||||
149,405 | INVESCO MUNICIPAL OPPORTUNITY TRUST | 1,829,532 | 1,969,158 | |||||||||
101,614 | INVESCO MUNICIPAL TRUST | 1,260,657 | 1,341,305 | |||||||||
164,886 | INVESCO QUALITY MUNICIPAL INCOME TRUST | 1,994,240 | 2,138,571 | |||||||||
65,173 | INVESCO TRUST FOR INVESTMENT GRADE MUNICIPALS | 834,173 | 878,532 | |||||||||
55,434 | INVESCO VALUE MUNICIPAL INCOME TRUST | 803,627 | 868,651 | |||||||||
83,434 | NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND | 1,220,326 | 1,410,035 | |||||||||
332,011 | NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND | 4,496,294 | 4,920,403 | |||||||||
52,779 | NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND | 723,142 | 757,906 | |||||||||
244,784 | NUVEEN QUALITY MUNICIPAL INCOME FUND | 3,475,068 | 3,706,030 | |||||||||
11,931 | PUTNAM MUNICIPAL OPPORTUNITIES TRUST | 158,107 | 159,875 | |||||||||
Sub-total Closed-End Funds: | 34,342,219 | 37,620,135 | 6.10% | |||||||||
Municipal Bonds: | ||||||||||||
Alabama | ||||||||||||
500,000 | MOBILE CNTY AL LTD OBLG(b) | 11/1/2045 | 4.00 | 500,000 | 501,069 | |||||||
1,000,000 | PELL CITY AL SPL CARE FACS FING AUTH REVENUE | 12/1/2031 | 5.00 | 1,007,635 | 1,024,376 | |||||||
1,507,635 | 1,525,445 | 0.25% | ||||||||||
Alaska | ||||||||||||
350,000 | ALASKA ST INDL DEV & EXPORT AUTH CMNTY PROVIDER REVENUE(c) | 12/1/2010 | 5.40 | 350,000 | 14,438 | |||||||
350,000 | 14,438 | 0.00% | ||||||||||
Arizona | ||||||||||||
1,250,000 | ARIZONA ST INDL DEV AUTH ECON DEV REVENUE(b) | 7/1/2030 | 6.75 | 1,238,057 | 1,335,710 | |||||||
1,250,000 | ARIZONA ST INDL DEV AUTH ECON DEV REVENUE(b) | 7/1/2050 | 7.75 | 1,237,567 | 1,355,414 | |||||||
500,000 | ARIZONA ST INDL DEV AUTH EDU REVENUE(b) | 7/15/2038 | 5.75 | 518,397 | 574,258 | |||||||
700,000 | GLENDALE AZ INDL DEV AUTH | 11/15/2036 | 5.00 | 721,796 | 749,113 | |||||||
550,000 | GLENDALE AZ INDL DEV AUTH | 11/15/2046 | 5.25 | 556,639 | 551,291 | |||||||
800,000 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE | 7/1/2035 | 5.00 | 834,875 | 867,304 | |||||||
870,000 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE(b) | 7/1/2052 | 6.00 | 914,194 | 1,017,058 | |||||||
500,000 | NAVAJO NATION AZ(b) | 12/1/2030 | 5.50 | 519,341 | 557,367 | |||||||
1,000,000 | PEORIA AZ INDL DEV AUTH | 11/15/2029 | 5.25 | 1,000,000 | 995,837 | |||||||
1,000,000 | PHOENIX AZ INDL DEV AUTH EDU REVENUE(b) | 7/1/2036 | 5.13 | 986,924 | 1,100,227 | |||||||
1,000,000 | PHOENIX AZ INDL DEV AUTH EDU REVENUE(b) | 9/1/2045 | 5.00 | 1,043,451 | 1,081,786 | |||||||
2,500,000 | PHOENIX AZ INDL DEV AUTH LEASE REVENUE | 6/1/2034 | 5.25 | 2,506,995 | 2,598,836 | |||||||
700,000 | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE(b) | 12/1/2026 | 5.25 | 700,000 | 730,498 | |||||||
10,000 | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE | 7/1/2031 | 6.75 | 8,043 | 10,060 | |||||||
1,370,000 | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE(b) | 6/15/2035 | 5.38 | 1,439,424 | 1,486,024 | |||||||
750,000 | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE(b) | 6/15/2037 | 4.75 | 737,506 | 762,071 | |||||||
815,000 | QUECHAN INDIAN TRIBE AZ FORT YUMA INDIAN RESERVATION | 5/1/2025 | 9.75 | 815,000 | 849,056 | |||||||
500,000 | TEMPE AZ INDL DEV AUTH REVENUE(b) | 10/1/2024 | 4.70 | 499,182 | 500,270 |
29 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
March 31, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Arizona (Cont'd): | ||||||||||||
500,000 | TEMPE AZ INDL DEV AUTH REVENUE(b) | 10/1/2037 | 6.00 | $502,360 | 543,849 | |||||||
16,779,751 | 17,666,029 | 2.86% | ||||||||||
Arkansas | ||||||||||||
525,000 | SHERIDAN AR SCH DIST #37 | 2/1/2047 | 4.00 | 527,962 | 541,646 | |||||||
1,000,000 | SPRINGDALE AR SALES & USE REVENUE | 4/1/2041 | 3.60 | 973,493 | 1,034,261 | |||||||
1,501,455 | 1,575,907 | 0.26% | ||||||||||
California | ||||||||||||
2,350,000 | ACALANES CA UNION HIGH SCH DIST (Step to 6.55% on 8/1/2024)(d) | 8/1/2039 | 0.00 | 1,897,731 | 2,688,792 | |||||||
1,000,000 | ALVORD CA UNIF SCH DIST | 8/1/2036 | 5.25 | 1,008,716 | 1,118,181 | |||||||
1,000,000 | ALVORD CA UNIF SCH DIST (Step to 7.35% on 8/1/2026)(d) | 8/1/2046 | 0.00 | 683,587 | 1,247,413 | |||||||
500,000 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE | 8/15/2033 | 5.50 | 500,493 | 507,940 | |||||||
1,500,000 | CALIFORNIA ST SCH FACS FING AUTH REVENUE | 8/1/2029 | 6.00 | 1,490,081 | 1,904,387 | |||||||
750,000 | CALIFORNIA ST STWD CMNTYS DEV AUTH REVENUE | 10/1/2042 | 6.00 | 767,212 | 814,402 | |||||||
1,000,000 | CARLSBAD CA UNIF SCH DIST (Step to 6.13% on 8/1/2021)(d) | 8/1/2031 | 0.00 | 977,620 | 1,351,753 | |||||||
1,000,000 | COLTON CA JT UNIF SCH DIST (Step to 5.80% on 8/1/2021)(d) | 8/1/2035 | 0.00 | 980,723 | 1,245,842 | |||||||
1,105,000 | CORONA-NORCO CA UNIF SCH DIST | 8/1/2039 | 6.80 | 1,103,556 | 1,510,477 | |||||||
750,000 | EL PASO DE ROBLES CA REDEV AGY TAX ALLOCATION REVENUE | 7/1/2033 | 6.38 | 743,993 | 753,080 | |||||||
1,000,000 | ENCINITAS CA UNION SCH DIST (Step to 6.75% on 8/1/2022)(d) | 8/1/2035 | 0.00 | 915,047 | 1,444,952 | |||||||
1,155,000 | ENTERPRISE CA ELEM SCH DIST (Step to 6.20% on 8/1/2021)(d) | 8/1/2035 | 0.00 | 1,130,881 | 1,613,053 | |||||||
600,000 | ESCONDIDO CA SPL TAX | 9/1/2036 | 5.00 | 627,012 | 704,129 | |||||||
1,500,000 | HARTNELL CA CMNTY CLG DIST (Step to 7.00% on 8/1/2022)(d) | 8/1/2034 | 0.00 | 1,368,530 | 1,840,901 | |||||||
3,500,000 | HEALDSBURG CA UNIF SCH DIST (Step to 4.60% on 8/1/2022)(d) | 8/1/2037 | 0.00 | 3,290,487 | 3,815,260 | |||||||
1,000,000 | HELENDALE CA SCH DIST | 8/1/2034 | 6.25 | 998,588 | 1,373,919 | |||||||
1,000,000 | IMPERIAL CA CMNTY CLG DIST | 8/1/2040 | 6.75 | 1,006,377 | 1,260,534 | |||||||
750,000 | MARTINEZ CA UNIF SCH DIST | 8/1/2035 | 6.13 | 747,254 | 894,032 | |||||||
2,000,000 | OAK PARK CA UNIF SCH DIST (Step to 7.10% on 8/1/2021)(d) | 8/1/2038 | 0.00 | 1,954,468 | 2,871,312 | |||||||
1,000,000 | REDONDO BEACH CA UNIF SCH DIST | 8/1/2034 | 6.38 | 996,937 | 1,287,275 | |||||||
750,000 | REEF-SUNSET CA UNIF SCH DIST (Step to 4.85% on 8/1/2021)(d) | 8/1/2038 | 0.00 | 737,911 | 858,085 | |||||||
1,000,000 | RIVERSIDE CA CMNTY PPTYS DEV INC LEASE REVENUE | 10/15/2038 | 6.00 | 1,008,396 | 1,146,442 | |||||||
1,500,000 | S TAHOE CA JT PWRS FING AUTH LEASE REVENUE | 10/1/2030 | 5.00 | 1,565,441 | 1,696,473 | |||||||
350,000 | SACRAMENTO CNTY CA WTR FING AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.57%)(e) | 6/1/2039 | 0.70 | 350,000 | 333,950 | |||||||
500,000 | SAN DIEGO CA HSG AUTH MF HSG REVENUE | 5/1/2029 | 5.00 | 500,000 | 501,288 | |||||||
1,500,000 | SAN GABRIEL CA UNIF SCH DIST | 8/1/2039 | 5.35 | 1,495,454 | 1,597,144 | |||||||
1,000,000 | SAN JOSE CA FING AUTH LEASE REVENUE | 6/1/2039 | 5.00 | 1,018,062 | 1,085,497 | |||||||
500,000 | SANTA MONICA CA REDEV AGY | 7/1/2036 | 5.88 | 500,696 | 514,550 | |||||||
2,185,000 | SULPHUR SPRINGS CA UNION SCH DIST COPS | 12/1/2037 | 6.50 | 2,183,434 | 2,694,355 | |||||||
1,500,000 | SUTTER BUTTE CA FLOOD AGY ASSMNT REVENUE | 10/1/2038 | 4.00 | 1,485,032 | 1,588,001 | |||||||
1,000,000 | TRACY CA JT UNIF SCH DIST (Step to 7.30% on 8/1/2027)(d) | 8/1/2041 | 0.00 | 729,326 | 1,083,613 | |||||||
1,250,000 | TUSTIN CA UNIF SCH DIST | 8/1/2028 | 6.00 | 1,244,565 | 1,273,474 | |||||||
36,007,610 | 44,620,506 | 7.23% | ||||||||||
Colorado | ||||||||||||
500,000 | 9TH AVENUE MET DIST #2 CO | 12/1/2048 | 5.00 | 500,000 | 533,248 | |||||||
1,000,000 | AEROTROPOLIS REGL TRANPRTN AUTH CO SPL REVENUE | 12/1/2051 | 5.00 | 1,014,126 | 1,062,929 | |||||||
1,000,000 | BRIGHTON CROSSING MET DIST #6 CO | 12/1/2050 | 5.00 | 1,016,129 | 1,086,687 |
30 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
March 31, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Colorado (Cont'd): | ||||||||||||
750,000 | BROADWAY STATION MET DIST #2 CO | 12/1/2048 | 5.13 | $750,000 | 810,960 | |||||||
1,000,000 | BROADWAY STATION MET DIST #3 CO | 12/1/2049 | 5.00 | 1,022,746 | 1,086,423 | |||||||
650,000 | BUFFALO HIGHLANDS MET DIST | 12/1/2038 | 5.25 | 651,546 | 695,213 | |||||||
1,000,000 | COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE | 7/1/2034 | 5.60 | 995,317 | 1,003,647 | |||||||
1,000,000 | COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE | 9/1/2046 | 5.00 | 1,001,219 | 1,007,308 | |||||||
1,250,000 | COLORADO ST HLTH FACS AUTH HOSP REVENUE | 12/1/2048 | 5.00 | 1,305,002 | 1,419,289 | |||||||
1,000,000 | COLORADO ST HLTH FACS AUTH HOSP REVENUE | 12/1/2050 | 4.00 | 1,051,404 | 1,101,469 | |||||||
1,000,000 | COLORADO ST HLTH FACS AUTH REVENUE | 8/1/2033 | 7.63 | 990,099 | 1,061,439 | |||||||
750,000 | COPPERLEAF CO MET DIST #4 | 12/1/2049 | 5.00 | 779,722 | 805,195 | |||||||
1,000,000 | CREEKWALK MARKETPLACE BUSINESS IMPT DIST CO(b) | 12/1/2039 | 5.50 | 1,000,000 | 1,097,197 | |||||||
750,000 | CRYSTAL CO CROSSING MET DIST | 12/1/2040 | 5.25 | 750,000 | 805,799 | |||||||
1,500,000 | DENVER CO CITY & CNTY MF HSG REVENUE | 2/1/2039 | 2.05 | 1,500,000 | 1,456,189 | |||||||
1,000,000 | DENVER CO URBAN RENEWAL AUTH TAX INCR REVENUE(b) | 12/1/2039 | 5.25 | 985,897 | 1,076,883 | |||||||
1,000,000 | DIATC MET DIST CO(b) | 12/1/2049 | 5.00 | 1,056,692 | 1,069,355 | |||||||
1,000,000 | DOUGLAS CNTY CO MF REVENUE | 10/1/2029 | 4.50 | 1,000,000 | 1,013,372 | |||||||
1,000,000 | GREEN VALLEY RANCH EAST MET DIST #6 CO | 12/1/2050 | 5.88 | 1,000,000 | 1,092,929 | |||||||
500,000 | HASKINS STATION CO MET DIST | 12/1/2039 | 5.00 | 516,297 | 538,097 | |||||||
500,000 | HUNTERS OVERLOOK METRO DIST #5 CO | 12/1/2049 | 5.00 | 525,274 | 537,530 | |||||||
500,000 | JOHNSTOWN VLG MET DIST #2 CO | 12/1/2050 | 5.00 | 503,832 | 535,865 | |||||||
655,000 | LAMBERTSON FARMS CO MET DIST #1 REVENUE | 12/15/2025 | 5.00 | 646,140 | 600,872 | |||||||
500,000 | LAMBERTSON FARMS CO MET DIST #1 REVENUE | 12/15/2035 | 5.50 | 500,000 | 421,315 | |||||||
750,000 | LEYDEN ROCK MET DIST #10 | 12/1/2045 | 5.00 | 765,876 | 779,746 | |||||||
1,000,000 | LITTLETON VLG MET DIST #2 COLO SPL REVENUE | 12/1/2045 | 5.38 | 996,579 | 1,031,083 | |||||||
750,000 | MIRABELLE MET DIST #2 CO | 12/1/2049 | 5.00 | 790,012 | 802,063 | |||||||
583,045 | MOUNT CARBON CO MET DIST REVENUE (Step to 0.00% on 6/1/2033)(d) | 6/1/2043 | 7.00 | 583,045 | 583,074 | |||||||
200,000 | MOUNT CARBON CO MET DIST REVENUE(c) | 6/1/2043 | 8.00 | - | 44,000 | |||||||
1,000,000 | PAINTED PRAIRIE PUB IMPT AUTH CO | 12/1/2039 | 5.00 | 1,032,290 | 1,089,398 | |||||||
500,000 | PALISADE CO MET DIST #2 LIMITED TAX | 12/1/2046 | 5.00 | 510,546 | 519,091 | |||||||
650,000 | PEAK MET DIST #1 CO(b) | 12/1/2051 | 5.00 | 676,948 | 691,846 | |||||||
1,000,000 | PROMENADE CASTLE ROCK CO MET DIST #1 | 12/1/2025 | 5.13 | 1,000,000 | 1,032,103 | |||||||
500,000 | ST VRAIN LAKES MET DIST #2 | 12/1/2037 | 5.00 | 500,000 | 533,847 | |||||||
1,000,000 | STC MET DIST #2 CO | 12/1/2049 | 5.00 | 1,051,874 | 1,075,993 | |||||||
500,000 | TALLMAN GULCH MET DIST CO | 12/1/2047 | 5.25 | 500,000 | 526,343 | |||||||
1,000,000 | THOMPSON CROSSING MET DIST #4 CO | 12/1/2049 | 5.00 | 1,049,312 | 1,069,020 | |||||||
1,000,000 | TRANSPORT MET DIST #3 CO | 12/1/2041 | 5.00 | 1,023,205 | 1,087,118 | |||||||
750,000 | TRANSPORT MET DIST #3 CO | 12/1/2051 | 5.00 | 754,850 | 807,116 | |||||||
700,000 | VAUXMONT MET DIST CO | 12/15/2050 | 3.25 | 700,000 | 740,060 | |||||||
1,000,000 | WINDSHIRE PARK CO MET DIST #2 | 12/1/2047 | 6.50 | 1,075,003 | 1,131,198 | |||||||
34,070,982 | 35,462,309 | 5.75% | ||||||||||
Connecticut | ||||||||||||
500,000 | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE(b) | 1/1/2027 | 3.25 | 500,000 | 507,697 | |||||||
500,000 | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE(b) | 1/1/2055 | 5.00 | 513,572 | 539,348 | |||||||
545,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 11/15/2035 | 3.88 | 545,000 | 596,868 | |||||||
515,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 5/15/2038 | 3.95 | 515,000 | 532,803 | |||||||
2,000,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 5/15/2045 | 3.85 | 2,048,458 | 2,055,067 | |||||||
5,000,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 11/15/2047 | 3.65 | 5,000,000 | 5,043,289 |
31 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
March 31, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Connecticut (Cont'd): | ||||||||||||
583,408 | MASHANTUCKET WSTRN PEQUOT TRIBE CT | 7/1/2031 | 6.05 | $595,056 | 37,922 | |||||||
9,717,086 | 9,312,994 | 1.51% | ||||||||||
District of Columbia | ||||||||||||
500,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | 7/1/2033 | 5.45 | 500,000 | 504,164 | |||||||
1,000,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | 6/1/2040 | 4.90 | 1,000,000 | 1,022,261 | |||||||
1,000,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | 6/1/2041 | 5.00 | 1,000,000 | 1,021,985 | |||||||
665,000 | DIST OF COLUMBIA REVENUE | 7/1/2027 | 4.13 | 620,514 | 691,799 | |||||||
1,250,000 | DIST OF COLUMBIA REVENUE | 7/1/2042 | 5.00 | 1,096,855 | 1,307,798 | |||||||
1,000,000 | DISTRICT OF COLUMBIA HSG FIN AGY | 9/1/2043 | 4.05 | 1,000,000 | 1,126,676 | |||||||
5,217,369 | 5,674,683 | 0.92% | ||||||||||
Florida | ||||||||||||
1,000,000 | ALACHUA CNTY FL HLTH FACS AUTH CCRC | 10/1/2032 | 8.00 | 1,052,104 | 1,091,558 | |||||||
395,000 | ASTURIA FL CMNTY DEV DIST SPL ASSMNT | 5/1/2034 | 5.75 | 395,000 | 421,797 | |||||||
1,000,000 | BELLALAGO FL EDUCTNL FACS BENEFIT DIST CAPITAL IMPT REVENUE | 5/1/2030 | 4.38 | 988,537 | 1,110,584 | |||||||
500,000 | BLACKBURN CREEK CMNTY DEV DISTFL CAP IMPT REVENUE | 5/1/2035 | 6.25 | 500,000 | 563,256 | |||||||
180,000 | BLACKBURN CREEK CMNTY DEV DISTFL CAP IMPT REVENUE | 5/1/2045 | 6.25 | 180,000 | 201,122 | |||||||
1,370,000 | CAPITAL TRUST AGY FL CHRT SCH REVENUE | 2/1/2035 | 5.38 | 1,370,000 | 1,449,390 | |||||||
485,000 | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE | 6/1/2056 | 4.00 | 520,400 | 506,583 | |||||||
750,000 | CAPITAL TRUST AGY FL REVENUE | 4/1/2035 | 7.00 | 750,000 | 411,658 | |||||||
1,750,000 | CAPITAL TRUST AGY FL REVENUE(b)(c)(f) | 12/1/2035 | 6.75 | 1,745,953 | 700,000 | |||||||
750,000 | CAPITAL TRUST AGY FL REVENUE(b)(c)(f) | 7/1/2037 | 6.75 | 750,000 | 262,500 | |||||||
500,000 | CAPITAL TRUST AGY FL STUDENT HSG REVENUE(b) | 12/1/2043 | 5.25 | 513,292 | 568,361 | |||||||
710,000 | CELEBRATION POINTE CMNTY DEV DIST #1 FL SPL ASSMNT REVENUE(b) | 5/1/2032 | 5.00 | 713,679 | 779,184 | |||||||
750,000 | COLLIER CNTY FL INDL DEV AUTH | 10/1/2039 | 6.25 | 737,882 | 752,712 | |||||||
750,000 | COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REVENUE(b)(c)(f) | 5/15/2026 | 7.25 | 750,000 | 580,313 | |||||||
1,750,000 | COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REVENUE(b)(c)(f) | 5/15/2044 | 8.13 | 1,913,765 | 1,354,063 | |||||||
1,000,000 | DAVIE FL EDUCTNL FACS REVENUE | 4/1/2042 | 6.00 | 1,008,197 | 1,114,006 | |||||||
695,000 | ESCAMBIA CNTY FL HSG FIN AUTH SF MTGE REVENUE | 10/1/2049 | 3.75 | 695,000 | 735,406 | |||||||
715,000 | FISHHAWK CCD IV FL SPL ASSMNT REVENUE | 5/1/2033 | 7.00 | 715,000 | 783,370 | |||||||
1,350,000 | FLORIDA DEV FIN CORP SURFACE TRANPRTN FAC REVENUE(b) | 1/1/2049 | 7.38 | 1,292,545 | 1,326,798 | |||||||
1,000,000 | FLORIDA ST DEPT OF EDU CMNTY CLG CAPITAL IMPT REVENUE | 7/1/2030 | 4.38 | 1,002,545 | 1,010,214 | |||||||
1,000,000 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE(b) | 6/15/2035 | 6.00 | 1,000,703 | 1,131,264 | |||||||
920,000 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE(b) | 6/1/2040 | 5.00 | 948,100 | 1,002,817 | |||||||
2,000,000 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE(b) | 6/1/2050 | 5.25 | 2,038,377 | 2,220,564 | |||||||
535,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2035 | 3.75 | 535,000 | 559,658 | |||||||
245,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2039 | 4.20 | 245,000 | 249,986 | |||||||
1,445,000 | FLORIDA ST HSG FIN CORP REVENUE | 1/1/2045 | 4.20 | 1,445,000 | 1,558,616 | |||||||
2,000,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2046 | 2.10 | 2,000,000 | 1,929,241 | |||||||
850,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2049 | 3.30 | 850,000 | 879,026 | |||||||
1,000,000 | FRERC CDD FL | 11/1/2040 | 5.38 | 1,000,000 | 1,056,916 | |||||||
700,000 | GRANDE PINES CDD FL SPL ASSMNT REVENUE | 5/1/2041 | 3.75 | 698,993 | 697,049 |
32 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
March 31, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Florida (Cont'd): | ||||||||||||
650,000 | HARBOR BAY FL CDD CAPITAL IMPT REVENUE | 5/1/2048 | 4.10 | $645,757 | 691,219 | |||||||
800,000 | HERITAGE HARBOUR FL N CDD SPL ASSMNT | 5/1/2034 | 5.00 | 800,000 | 918,663 | |||||||
1,000,000 | HOLLYWOOD BEACH FL CMNTY DEV DIST REVENUE | 10/1/2045 | 4.00 | 1,102,580 | 1,138,403 | |||||||
710,000 | LAKE CNTY FLA RETMNT FAC REVENUE | 8/15/2050 | 5.75 | 724,376 | 752,641 | |||||||
600,000 | LAKES OF SARASOTA CDD FL IMPT REVENUE | 5/1/2031 | 3.88 | 595,794 | 595,308 | |||||||
500,000 | LAKES OF SARASOTA CDD FL IMPT REVENUE(b) | 5/1/2031 | 4.13 | 498,565 | 498,161 | |||||||
385,000 | LAKES OF SARASOTA CDD FL IMPT REVENUE(b) | 5/1/2041 | 4.13 | 383,691 | 383,174 | |||||||
240,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2025 | 4.25 | 239,729 | 249,536 | |||||||
1,500,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2030 | 7.40 | 1,490,198 | 1,507,826 | |||||||
700,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2033 | 6.70 | 700,000 | 745,387 | |||||||
1,000,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2034 | 5.35 | 1,000,000 | 1,137,049 | |||||||
1,300,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2036 | 5.00 | 1,300,000 | 1,414,601 | |||||||
750,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(b) | 5/1/2037 | 5.00 | 745,074 | 817,466 | |||||||
750,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2037 | 5.25 | 745,918 | 831,602 | |||||||
700,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2038 | 5.00 | 700,000 | 766,822 | |||||||
1,000,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2039 | 5.30 | 1,000,000 | 1,139,173 | |||||||
580,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(b) | 5/1/2040 | 3.63 | 575,637 | 594,664 | |||||||
1,000,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(b) | 5/1/2040 | 3.75 | 1,000,000 | 1,033,427 | |||||||
630,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2049 | 4.00 | 626,749 | 652,878 | |||||||
470,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2049 | 4.50 | 463,348 | 503,023 | |||||||
1,440,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2050 | 4.00 | 1,436,336 | 1,486,026 | |||||||
465,000 | LEXINGTON OAKS FL CDD SPL ASSMNT REVENUE | 5/1/2033 | 5.65 | 465,000 | 470,705 | |||||||
315,000 | LONG LAKE RANCH CMNTY DEV DIST FLA CAP IMPT REVENUE | 5/1/2024 | 5.63 | 315,000 | 325,898 | |||||||
500,000 | LT RANCH CDD FL CAPITAL IMPT REVENUE | 5/1/2040 | 4.00 | 505,685 | 524,584 | |||||||
250,000 | MAGNOLIA CREEK FL CDD CAPITAL IMPT REVENUE(c) | 5/1/2014 | 5.60 | 250,000 | 45,000 | |||||||
735,000 | MARSHALL CREEK FL CDD SPL ASSMNT | 5/1/2032 | 5.00 | 744,449 | 776,859 | |||||||
500,000 | MIAMI BEACH FL HLTH FACS AUTH | 11/15/2044 | 5.00 | 523,909 | 544,485 | |||||||
135,000 | MIAMI-DADE CNTY FL HLTH FACS AUTH HOSP REVENUE | 8/1/2030 | 6.00 | 131,055 | 135,532 | |||||||
300,000 | N SPRINGS FL IMPT DIST | 5/1/2027 | 6.00 | 300,000 | 326,423 | |||||||
115,000 | NEW RIVER FL CDD CAPITAL IMPT REVENUE(c) | 5/1/2013 | 5.00 | 114,821 | 1 | |||||||
1,120,000 | NORTH RIVER RANCH CDD FL CAPITAL IMPT REVENUE | 5/1/2035 | 4.20 | 1,120,000 | 1,140,291 | |||||||
500,000 | NORTH SPRINGS FL IMPT DIST | 5/1/2044 | 6.50 | 500,000 | 549,884 | |||||||
1,400,000 | NTHRN PALM BEACH CNTY FL IMPT DIST | 8/1/2029 | 5.00 | 1,404,775 | 1,518,919 | |||||||
500,000 | NTHRN PALM BEACH CNTY FL IMPT DIST | 8/1/2037 | 5.00 | 508,119 | 564,406 | |||||||
1,000,000 | ORANGE CNTY FL HLTH FACS AUTH REVENUE | 8/1/2034 | 5.00 | 1,025,588 | 1,086,136 | |||||||
750,000 | ORANGE CNTY FL HLTH FACS AUTH REVENUE | 8/1/2035 | 5.00 | 771,145 | 830,930 | |||||||
1,000,000 | ORANGE CNTY FL HLTH FACS AUTH REVENUE | 8/1/2047 | 5.00 | 1,054,503 | 1,079,588 | |||||||
210,000 | ORANGE CNTY FL HSG FIN AUTH | 9/1/2035 | 3.80 | 210,000 | 221,300 |
33 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
March 31, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Florida (Cont'd): | ||||||||||||
500,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 6/1/2034 | 7.25 | $500,000 | 537,360 | |||||||
1,200,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 5/15/2036 | 5.00 | 1,281,398 | 1,356,603 | |||||||
1,000,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 6/1/2049 | 7.50 | 1,028,340 | 1,074,546 | |||||||
2,935,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 5/15/2053 | 4.00 | 2,874,343 | 3,156,203 | |||||||
500,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 6/1/2055 | 5.00 | 512,588 | 526,685 | |||||||
500,000 | PARKER ROAD FL CDD CAPITAL IMPT REVENUE | 5/1/2050 | 4.10 | 498,288 | 518,792 | |||||||
500,000 | PARKVIEW AT LONG LAKE RANCH CDD FL SPL ASSMNET | 5/1/2051 | 4.00 | 503,786 | 514,961 | |||||||
500,000 | PINELLAS CNTY FL INDL DEV AUTH INDL DEV REVENUE | 7/1/2039 | 5.00 | 548,632 | 586,032 | |||||||
710,000 | POINCIANA FL W CDD SPL ASSMNT | 5/1/2030 | 5.38 | 703,668 | 770,760 | |||||||
560,000 | RIVER LANDING CDD FL CAP IMPT REVENUE | 11/1/2035 | 4.25 | 558,171 | 582,884 | |||||||
1,900,000 | SAINT JOHNS CNTY FL INDL DEV AUTH REVENUE | 8/1/2055 | 4.00 | 2,011,789 | 2,021,121 | |||||||
880,000 | SANDRIDGE CMNTY DEV DIST FL SPL ASSMNT REVENUE | 5/1/2031 | 3.88 | 880,000 | 874,538 | |||||||
730,000 | SANDRIDGE CMNTY DEV DIST FL SPL ASSMNT REVENUE | 5/1/2051 | 4.00 | 719,895 | 712,495 | |||||||
495,000 | SEVEN OAKS FL CMNTY DEV DIST SPL ASSMNT REVENUE | 5/1/2033 | 5.50 | 486,429 | 501,164 | |||||||
155,000 | SILVERLEAF FL CDD CAPITAL IMPT REVENUE | 5/1/2044 | 6.75 | 152,313 | 170,864 | |||||||
142,538 | STERLING HILL FL CDD CAPITAL IMPT REVENUE(c) | 11/1/2010 | 5.50 | 142,538 | 85,523 | |||||||
1,100,000 | TALLAHASSEE FL HLTH FACS REVENUE | 12/1/2040 | 5.00 | 1,136,284 | 1,227,114 | |||||||
500,000 | TOLOMATO FL CDD | 5/1/2037 | 4.25 | 500,000 | 546,346 | |||||||
50,000 | TOLOMATO FL CDD (Step to 6.61% on 5/1/2022)(d) | 5/1/2040 | 0.00 | 51,307 | 42,508 | |||||||
185,000 | TOLOMATO FL CDD (Step to 6.61% on 11/1/2021)(d) | 5/1/2040 | 0.00 | 179,145 | 176,145 | |||||||
115,000 | TOLOMATO FL CDD (Step to 6.61% on 11/1/2024)(d) | 5/1/2040 | 0.00 | 89,420 | 85,124 | |||||||
1,490,000 | TOLOMATO FL CDD | 5/1/2040 | 3.75 | 1,434,784 | 1,645,701 | |||||||
125,000 | TOLOMATO FL CDD(c) | 5/1/2040 | 6.61 | - | 1 | |||||||
700,000 | TROUT CREEK CDD FL CAPITAL IMPT REVENUE | 5/1/2038 | 5.38 | 700,000 | 784,254 | |||||||
385,000 | TROUT CREEK CDD FL CAPITAL IMPT REVENUE | 5/1/2040 | 4.00 | 389,403 | 395,619 | |||||||
500,000 | TSR CDD FL SPL ASSMNT REVENUE | 11/1/2035 | 5.38 | 498,744 | 565,069 | |||||||
1,500,000 | UNIVERSITY PARK RECREATION DIST FL ON-AD VALOREM ASSMNT | 5/1/2050 | 3.50 | 1,500,000 | 1,630,813 | |||||||
1,125,000 | VLG FL CDD #7 SPL ASSMNT REVENUE | 5/1/2036 | 4.00 | 1,118,694 | 1,212,380 | |||||||
4,000 | WATERS EDGE FL CDD CAPITAL IMPT REVENUE | 5/1/2039 | 5.35 | 4,000 | 4,003 | |||||||
85,000 | WATERS EDGE FL CDD CAPITAL IMPT REVENUE | 5/1/2039 | 6.60 | 84,382 | 85,912 | |||||||
735,000 | WIREGRASS FL CDD CAPITAL IMPT REVENUE | 5/1/2035 | 5.38 | 731,354 | 792,977 | |||||||
1,000,000 | WIREGRASS II CDD FL CAPITAL IMPROVEMENT REVENUE | 5/1/2050 | 3.88 | 985,383 | 1,021,102 | |||||||
750,000 | WYNNFIELD LAKES FL CDD | 5/1/2036 | 4.50 | 745,549 | 800,642 | |||||||
350,934 | ZEPHYR RIDGE FL CDD CAPITAL IMPT REVENUE(c) | 5/1/2013 | 5.25 | 351,276 | 154,411 | |||||||
78,974,776 | 80,166,654 | 12.99% | ||||||||||
Georgia | ||||||||||||
500,000 | ATHENS-CLARKE CNTY GA UNIF GOVT DEV AUTH REVENUE | 6/15/2039 | 5.00 | 506,659 | 548,117 | |||||||
1,350,000 | COBB CNTY GA DEV AUTH(b) | 12/1/2039 | 5.00 | 1,415,606 | 1,371,724 | |||||||
3,500,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2037 | 3.80 | 3,500,000 | 3,590,246 | |||||||
2,000,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2037 | 4.00 | 2,000,000 | 2,021,241 | |||||||
905,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2038 | 3.85 | 905,000 | 962,939 |
34 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
March 31, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Georgia (Cont'd): | ||||||||||||
2,500,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2040 | 3.80 | $2,500,000 | 2,626,244 | |||||||
1,000,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2041 | 3.85 | 1,001,732 | 1,023,179 | |||||||
1,950,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2043 | 3.90 | 1,939,285 | 1,993,676 | |||||||
895,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2048 | 4.00 | 895,000 | 939,842 | |||||||
1,500,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2048 | 4.20 | 1,505,794 | 1,621,142 | |||||||
1,750,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2049 | 3.25 | 1,750,000 | 1,828,003 | |||||||
17,919,076 | 18,526,353 | 3.00% | ||||||||||
Idaho | ||||||||||||
570,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2024 | 7.00 | 570,000 | 484,337 | |||||||
750,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2029 | 7.38 | 744,104 | 636,470 | |||||||
1,000,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2044 | 8.00 | 1,033,614 | 847,591 | |||||||
2,347,718 | 1,968,398 | 0.32% | ||||||||||
Illinois | ||||||||||||
1,195,000 | BELLWOOD IL | 12/1/2027 | 5.88 | 1,188,822 | 1,302,891 | |||||||
1,495,000 | BOLINGBROOK IL SPL SVC AREA SPL TAX | 3/1/2030 | 4.00 | 1,538,613 | 1,725,364 | |||||||
1,250,000 | BURBANK IL EDUCTNL FACS REVENUE(b) | 9/1/2035 | 6.00 | 1,258,861 | 1,363,716 | |||||||
1,000,000 | BUREAU CNTY TWP IL HIGH SCH DIST #502 | 10/1/2043 | 6.63 | 1,023,801 | 1,166,585 | |||||||
1,000,000 | CHICAGO HEIGHTS IL | 12/1/2029 | 4.50 | 1,040,492 | 1,110,991 | |||||||
1,000,000 | CHICAGO IL MIDWAY ARPT REVENUE | 1/1/2035 | 5.25 | 1,000,651 | 1,077,918 | |||||||
1,000,000 | CHICAGO IL PARK DIST | 1/1/2028 | 5.00 | 1,058,401 | 1,097,964 | |||||||
750,000 | CHICAGO IL PARK DIST | 1/1/2042 | 4.00 | 770,631 | 851,975 | |||||||
637,000 | CORTLAND IL SPL TAX REVENUE(c) | 3/1/2017 | 5.50 | 633,881 | 117,845 | |||||||
500,000 | DECATUR IL | 3/1/2034 | 5.00 | 506,752 | 561,116 | |||||||
1,500,000 | ILLINOIS ST | 2/1/2030 | 4.00 | 1,494,418 | 1,677,447 | |||||||
500,000 | ILLINOIS ST | 7/1/2033 | 5.50 | 498,790 | 537,498 | |||||||
1,000,000 | ILLINOIS ST EDUCTNL FACS AUTH | 11/1/2036 | 4.50 | 1,000,000 | 1,123,333 | |||||||
675,000 | ILLINOIS ST FIN AUTH EDUCTNL FAC REVENUE | 2/1/2034 | 6.00 | 678,462 | 725,580 | |||||||
600,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2027 | 6.13 | 600,000 | 601,580 | |||||||
500,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2036 | 5.00 | 501,102 | 546,548 | |||||||
750,000 | ILLINOIS ST FIN AUTH REVENUE | 12/1/2037 | 5.00 | 763,079 | 829,671 | |||||||
500,000 | ILLINOIS ST FIN AUTH REVENUE | 5/1/2038 | 5.25 | 508,238 | 519,108 | |||||||
1,450,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2038 | 5.13 | 1,411,270 | 1,436,072 | |||||||
1,500,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2045 | 5.00 | 1,567,022 | 1,641,305 | |||||||
1,000,000 | ILLINOIS ST HSG DEV AUTH MF REVENUE | 7/1/2044 | 3.15 | 1,000,000 | 1,048,430 | |||||||
650,000 | ILLINOIS ST HSG DEV AUTH REVENUE | 4/1/2041 | 3.88 | 650,000 | 699,110 | |||||||
1,000,000 | ILLINOIS ST SALES TAX REVENUE | 6/15/2033 | 5.00 | 1,062,042 | 1,187,098 | |||||||
1,500,000 | ILLINOIS ST SPORTS FACS AUTH | 6/15/2031 | 5.25 | 1,550,839 | 1,671,749 | |||||||
500,000 | LAKE CNTY IL SCH DIST #33 | 12/1/2040 | 5.00 | 514,645 | 565,115 | |||||||
1,000,000 | MACON & MOULTRIE CNTYS IL CMNTY SCH DIST #3 MOUNT ZION | 12/1/2041 | 5.50 | 1,011,329 | 1,139,151 | |||||||
1,080,000 | MACOUPIN SANGAMON & MONTGOMERY CNTYS IL CMNTY SCH DIST #34 | 12/1/2037 | 4.25 | 1,097,123 | 1,176,862 | |||||||
1,000,000 | MALTA IL TAX INCR REVENUE(c) | 12/30/2025 | 5.75 | 1,000,000 | 320,000 | |||||||
500,000 | MET PIER & EXPOSITION AUTH IL REVENUE | 6/15/2057 | 5.00 | 516,668 | 583,978 | |||||||
500,000 | RICHTON PARK IL PUBLIC LIBRARY DIST | 12/15/2032 | 4.50 | 516,602 | 532,825 | |||||||
750,000 | ROCKFORD IL | 12/15/2030 | 4.00 | 750,000 | 751,892 | |||||||
375,000 | S WSTRN IL DEV AUTH(c) | 10/1/2022 | 7.00 | 375,000 | 217,500 | |||||||
385,000 | UPPER IL RIVER VLY DEV AUTH(b) | 12/1/2022 | 4.00 | 383,769 | 390,356 | |||||||
750,000 | UPPER IL RIVER VLY DEV AUTH(b) | 12/1/2037 | 5.25 | 766,593 | 805,287 | |||||||
465,000 | UPPER IL RIVER VLY DEV AUTH(b) | 1/1/2045 | 5.00 | 492,591 | 484,971 | |||||||
685,000 | WESTMONT IL PARK DIST(g) | 12/1/2031 | 0.00 | 366,897 | 424,900 | |||||||
685,000 | WESTMONT IL PARK DIST(g) | 12/1/2033 | 0.00 | 320,399 | 372,494 | |||||||
31,417,783 | 32,386,225 | 5.25% | ||||||||||
Indiana | ||||||||||||
1,000,000 | EAST CHICAGO IN SAN DIST REVENUE | 7/15/2035 | 4.00 | 993,270 | 1,079,496 |
35 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
March 31, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Indiana (Cont'd): | ||||||||||||
500,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2031 | 5.50 | $494,834 | 510,195 | |||||||
1,000,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2033 | 6.50 | 989,347 | 1,067,233 | |||||||
1,000,000 | INDIANA ST FIN AUTH REVENUE | 3/1/2041 | 5.00 | 1,008,899 | 1,044,340 | |||||||
500,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2041 | 5.88 | 516,819 | 539,617 | |||||||
1,000,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2041 | 6.00 | 988,251 | 1,082,364 | |||||||
1,000,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2046 | 5.25 | 1,025,872 | 1,112,639 | |||||||
1,500,000 | INDIANA ST HSG & CMNTY DEV AUTH MF HSG REVENUE | 1/1/2036 | 5.75 | 1,500,000 | 1,534,724 | |||||||
600,000 | MERRILLVILLE IN ECON DEV REVENUE | 4/1/2036 | 5.75 | 600,000 | 618,848 | |||||||
615,000 | MUNSTER IN ECON DEV TAX INCR REVENUE | 7/15/2026 | 4.75 | 613,565 | 659,965 | |||||||
1,000,000 | SCHERERVILLE IN ECON DEV REVENUE | 1/15/2030 | 6.00 | 1,005,016 | 1,101,360 | |||||||
9,735,873 | 10,350,781 | 1.68% | ||||||||||
Iowa | ||||||||||||
1,500,000 | IOWA ST FIN AUTH REVENUE | 5/15/2036 | 5.00 | 1,601,748 | 1,695,754 | |||||||
500,000 | IOWA ST HGR EDU LOAN AUTH | 11/1/2030 | 5.00 | 517,296 | 549,390 | |||||||
2,119,044 | 2,245,144 | 0.36% | ||||||||||
Kansas | ||||||||||||
1,000,000 | FRANKLIN CNTY KS UNIF SCH DIST #290 | 9/1/2039 | 4.75 | 1,027,607 | 1,183,996 | |||||||
700,000 | WICHITA KS HLTH CARE FACS REVENUE | 12/1/2036 | 5.25 | 709,902 | 708,824 | |||||||
935,000 | WYANDOTTE CNTY KS KANSAS CITY UNIF GOVT SPL OBLG REVENUE | 9/1/2032 | 5.75 | 929,569 | 937,534 | |||||||
2,667,078 | 2,830,354 | 0.46% | ||||||||||
Kentucky | ||||||||||||
450,000 | KENTUCKY ST HSG CORP HSG REVENUE | 7/1/2028 | 3.75 | 445,768 | 464,535 | |||||||
445,768 | 464,535 | 0.07% | ||||||||||
Louisiana | ||||||||||||
1,000,000 | LOUISIANA ST ENERGY & PWR AUTH PWR PROJ REVENUE | 6/1/2038 | 5.25 | 1,006,077 | 1,098,445 | |||||||
650,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH | 11/15/2025 | 5.25 | 679,068 | 692,394 | |||||||
1,000,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH | 11/15/2030 | 6.00 | 1,009,974 | 1,106,460 | |||||||
700,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(b) | 11/1/2037 | 5.65 | 700,000 | 793,359 | |||||||
1,000,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(b) | 7/1/2039 | 5.00 | 1,059,551 | 1,014,084 | |||||||
600,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(b) | 11/1/2039 | 5.50 | 600,000 | 656,386 | |||||||
1,000,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(b) | 11/1/2044 | 4.00 | 1,000,000 | 1,007,930 | |||||||
750,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(b) | 11/1/2044 | 4.40 | 750,000 | 777,352 | |||||||
1,250,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(b) | 11/1/2046 | 4.00 | 1,250,000 | 1,251,943 | |||||||
500,000 | LOUISIANA ST PUBLIC FACS AUTH HOSP REVENUE | 7/1/2035 | 5.00 | 523,730 | 575,994 | |||||||
370,000 | LOUISIANA ST PUBLIC FACS AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.70%)(e) | 2/15/2036 | 0.83 | 370,000 | 366,667 | |||||||
750,000 | SAINT TAMMANY LA PUBLIC TRUST FING AUTH | 11/15/2037 | 5.25 | 756,117 | 803,867 | |||||||
9,704,517 | 10,144,881 | 1.64% | ||||||||||
Maine | ||||||||||||
1,000,000 | MAINE ST HSG AUTH MTGE PURCHASE | 11/15/2035 | 4.00 | 1,000,000 | 1,057,418 | |||||||
1,000,000 | MAINE ST HSG AUTH MTGE PURCHASE | 11/15/2036 | 3.90 | 1,000,000 | 1,070,227 | |||||||
1,500,000 | MAINE ST HSG AUTH MTGE PURCHASE | 11/15/2040 | 3.85 | 1,500,000 | 1,570,812 |
36 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
March 31, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Maine (Cont'd): | ||||||||||||
500,000 | MAINE ST HSG AUTH MTGE PURCHASE | 11/15/2042 | 4.05 | $500,000 | 532,878 | |||||||
4,000,000 | 4,231,335 | 0.69% | ||||||||||
Maryland | ||||||||||||
500,000 | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | 7/1/2031 | 4.50 | 500,000 | 503,879 | |||||||
1,250,000 | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | 9/1/2041 | 1.95 | 1,250,000 | 1,196,485 | |||||||
1,250,000 | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE | 7/1/2048 | 4.00 | 1,222,354 | 1,409,153 | |||||||
1,050,000 | MONTGOMERY CNTY MD HSG OPPNTYS COMMN MFH & RECONSTR DEV REVENUE | 7/1/2052 | 2.10 | 1,050,000 | 1,033,760 | |||||||
500,000 | MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION MF REVENUE | 7/1/2037 | 5.13 | 500,000 | 503,796 | |||||||
555,000 | MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION SF MTGE REVENUE | 7/1/2038 | 4.00 | 555,000 | 559,083 | |||||||
5,077,354 | 5,206,156 | 0.84% | ||||||||||
Massachusetts | ||||||||||||
700,000 | MASSACHUSETTS ST DEV FIN AGY REVENUE(b) | 10/1/2047 | 5.00 | 741,112 | 765,182 | |||||||
1,500,000 | MASSACHUSETTS ST DEV FIN AGY REVENUE | 6/1/2049 | 4.00 | 1,515,623 | 1,667,790 | |||||||
155,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 1/1/2028 | 5.25 | 155,000 | 155,995 | |||||||
1,225,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2034 | 3.63 | 1,237,166 | 1,276,162 | |||||||
1,500,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2048 | 3.75 | 1,445,282 | 1,531,562 | |||||||
700,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2033 | 5.00 | 700,000 | 743,719 | |||||||
700,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2038 | 5.15 | 700,000 | 741,955 | |||||||
1,000,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2043 | 5.00 | 1,000,000 | 1,053,002 | |||||||
2,700,000 | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | 12/1/2043 | 4.00 | 2,700,000 | 2,753,355 | |||||||
1,860,000 | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | 6/1/2046 | 4.20 | 1,860,000 | 1,994,874 | |||||||
500,000 | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | 6/1/2063 | 2.80 | 500,000 | 505,276 | |||||||
500,000 | ROWLEY MA | 5/1/2027 | 4.00 | 500,000 | 501,383 | |||||||
13,054,183 | 13,690,255 | 2.22% | ||||||||||
Michigan | ||||||||||||
190,000 | CHANDLER PARK ACADEMY MI PUBLIC SCH ACADEMY REVENUE | 11/1/2022 | 5.00 | 180,337 | 190,374 | |||||||
500,000 | KALAMAZOO MI ECON DEV CORP | 5/15/2043 | 5.00 | 530,665 | 558,068 | |||||||
750,000 | MICHIGAN ST FIN AUTH REVENUE | 11/15/2035 | 5.25 | 746,177 | 792,322 | |||||||
500,000 | MICHIGAN ST FIN AUTH REVENUE | 11/15/2042 | 5.00 | 515,308 | 533,080 | |||||||
1,850,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2035 | 4.10 | 1,850,000 | 1,990,244 | |||||||
600,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2042 | 3.75 | 600,000 | 640,757 | |||||||
1,650,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2043 | 4.00 | 1,650,000 | 1,799,133 | |||||||
2,250,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2054 | 3.50 | 2,326,190 | 2,367,539 | |||||||
860,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 12/1/2036 | 3.70 | 860,000 | 914,330 | |||||||
635,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 12/1/2038 | 4.13 | 635,000 | 635,000 | |||||||
1,000,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 6/1/2049 | 4.00 | 1,003,058 | 1,060,446 | |||||||
1,000,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 6/1/2050 | 3.15 | 1,000,000 | 1,033,693 | |||||||
5,000,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 6/1/2051 | 2.75 | 4,874,460 | 5,048,127 | |||||||
420,000 | MICHIGAN ST PUBLIC EDUCTNL FACS AUTH | 11/1/2028 | 6.35 | 420,000 | 420,895 | |||||||
750,000 | TAYLOR MI BROWNFIELD REDEV AUTH | 5/1/2032 | 5.00 | 769,352 | 847,785 |
37 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
March 31, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Michigan (Cont'd): | ||||||||||||
330,000 | UNIVERSAL ACADEMY MI PUBLIC SCH ACADEMY REVENUE | 12/1/2023 | 6.50 | $328,012 | 344,653 | |||||||
18,288,559 | 19,176,446 | 3.11% | ||||||||||
Minnesota | ||||||||||||
1,000,000 | APPLE VLY MN SENIOR LIVING REVENUE | 1/1/2047 | 5.00 | 978,725 | 674,674 | |||||||
1,000,000 | APPLE VY MN SENIOR HSG REVENUE | 9/1/2058 | 5.00 | 980,000 | 1,042,038 | |||||||
2,500,000 | MINNESOTA ST OFFICE OF HGR EDU REVENUE | 11/1/2038 | 2.65 | 2,369,223 | 2,475,698 | |||||||
4,327,948 | 4,192,410 | 0.68% | ||||||||||
Mississippi | ||||||||||||
1,000,000 | MISSISSIPPI ST DEV BANK SPL OBLG(b) | 11/1/2039 | 4.55 | 1,000,000 | 1,055,663 | |||||||
1,000,000 | 1,055,663 | 0.17% | ||||||||||
Missouri | ||||||||||||
500,000 | JOPLIN MO INDL DEV AUTH SALES TAX REVENUE | 11/1/2040 | 3.50 | 495,015 | 484,793 | |||||||
1,300,000 | KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE(b)(c)(f) | 11/15/2036 | 5.75 | 1,300,000 | 455,650 | |||||||
1,000,000 | KIRKWOOD MO INDL DEV AUTH RETMNT CMNTY REVENUE | 5/15/2037 | 5.25 | 1,015,632 | 1,104,757 | |||||||
1,000,000 | MISSOURI ST HLTH & EDUCTNL FACS AUTH | 2/1/2042 | 5.00 | 909,527 | 1,102,053 | |||||||
2,000,000 | MISSOURI ST HLTH & EDUCTNL FACS AUTH | 2/1/2048 | 4.00 | 2,073,492 | 2,084,532 | |||||||
775,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2048 | 3.80 | 775,000 | 827,607 | |||||||
465,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2049 | 3.35 | 465,000 | 484,514 | |||||||
750,000 | SAINT LOUIS CNTY MO INDL DEV AUTH SENIOR LIVING FACS | 9/1/2042 | 5.00 | 754,575 | 770,369 | |||||||
7,788,241 | 7,314,275 | 1.18% | ||||||||||
Montana | ||||||||||||
850,000 | MONTANA ST BRD OF HSG | 12/1/2038 | 3.75 | 850,000 | 875,568 | |||||||
485,000 | MONTANA ST BRD OF HSG | 12/1/2038 | 5.20 | 485,000 | 514,049 | |||||||
985,000 | MONTANA ST BRD OF HSG | 6/1/2045 | 4.00 | 985,000 | 1,077,333 | |||||||
865,000 | MONTANA ST BRD OF HSG SF MTGE | 12/1/2037 | 3.95 | 865,000 | 940,551 | |||||||
765,000 | MONTANA ST BRD OF HSG SF MTGE | 12/1/2038 | 4.00 | 766,446 | 813,330 | |||||||
3,951,446 | 4,220,831 | 0.68% | ||||||||||
Nebraska | ||||||||||||
160,000 | MEAD NE TAX INCR REVENUE(c) | 7/1/2012 | 5.13 | 160,000 | 6,640 | |||||||
645,000 | NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE | 9/1/2042 | 3.05 | 645,000 | 668,968 | |||||||
805,000 | 675,608 | 0.11% | ||||||||||
Nevada | ||||||||||||
765,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 10/1/2039 | 3.85 | 765,000 | 794,067 | |||||||
825,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 10/1/2049 | 3.35 | 825,000 | 861,064 | |||||||
505,000 | NORTH LAS VEGAS NV LOCAL IMPT(b) | 12/1/2027 | 4.00 | 495,722 | 544,014 | |||||||
505,000 | NORTH LAS VEGAS NV LOCAL IMPT(b) | 12/1/2037 | 5.00 | 505,848 | 565,314 | |||||||
2,591,570 | 2,764,459 | 0.45% | ||||||||||
New Hampshire | ||||||||||||
1,350,000 | NATIONAL FIN AUTH NH SENIOR LIVING REVENUE | 1/1/2041 | 4.00 | 1,475,546 | 1,481,697 | |||||||
1,000,000 | NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE | 7/1/2031 | 5.20 | 1,000,000 | 1,007,547 | |||||||
1,500,000 | NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE | 7/1/2052 | 4.00 | 1,500,000 | 1,612,764 | |||||||
90,000 | NEW HAMPSHIRE ST HSG FIN AUTH SF REVENUE | 7/1/2034 | 5.38 | 90,000 | 90,282 | |||||||
4,065,546 | 4,192,290 | 0.68% | ||||||||||
New Jersey | ||||||||||||
750,000 | NEW JERSEY ST ECON DEV AUTH | 6/15/2037 | 5.00 | 775,142 | 906,811 | |||||||
500,000 | NEW JERSEY ST ECON DEV AUTH | 6/15/2042 | 5.00 | 531,567 | 586,866 | |||||||
750,000 | NEW JERSEY ST ECON DEV AUTH REVENUE | 7/15/2047 | 5.00 | 790,030 | 853,171 |
38 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
March 31, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
New Jersey (Cont'd): | ||||||||||||
2,500,000 | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE | 12/1/2039 | 3.50 | $2,493,187 | 2,579,485 | |||||||
1,000,000 | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE | 12/1/2050 | 4.25 | 988,349 | 1,035,283 | |||||||
1,000,000 | NEW JERSEY ST HSG & MTGE FIN AGY MF CONDUIT REVENUE | 1/1/2030 | 3.60 | 1,000,000 | 1,038,374 | |||||||
3,225,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 10/1/2035 | 3.75 | 3,225,000 | 3,534,655 | |||||||
955,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 4/1/2049 | 4.00 | 957,306 | 1,025,775 | |||||||
500,000 | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH | 12/15/2039 | 4.00 | 525,908 | 559,705 | |||||||
500,000 | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH | 6/15/2041 | 5.25 | 506,194 | 568,512 | |||||||
700,000 | TOBACCO SETTLEMENT FING CORP NJ | 6/1/2046 | 5.00 | 704,153 | 813,291 | |||||||
12,496,836 | 13,501,928 | 2.19% | ||||||||||
New Mexico | ||||||||||||
540,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2042 | 3.90 | 540,000 | 546,580 | |||||||
720,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2042 | 4.13 | 720,000 | 730,214 | |||||||
1,445,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2043 | 3.85 | 1,445,000 | 1,539,360 | |||||||
730,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2046 | 3.80 | 730,000 | 758,526 | |||||||
655,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2048 | 3.90 | 655,000 | 701,340 | |||||||
915,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2048 | 4.00 | 916,576 | 984,235 | |||||||
990,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2049 | 3.35 | 990,000 | 1,032,695 | |||||||
915,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2049 | 4.00 | 915,000 | 985,987 | |||||||
545,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2050 | 3.00 | 546,220 | 566,765 | |||||||
7,457,796 | 7,845,702 | 1.27% | ||||||||||
New York | ||||||||||||
1,000,000 | BUFFALO & ERIE CNTY NY INDL LAND DEV CORP REVENUE | 11/1/2040 | 4.00 | 1,040,578 | 1,094,963 | |||||||
750,000 | HEMPSTEAD TOWN NY LOCAL DEV CORP REVENUE | 9/1/2038 | 5.00 | 752,181 | 808,022 | |||||||
500,000 | MET TRANSPRTN AUTH NY REVENUE | 11/15/2027 | 5.00 | 537,658 | 531,413 | |||||||
705,000 | MONROE CNTY NY INDL DEV CORP REVENUE | 1/1/2030 | 4.00 | 633,660 | 756,879 | |||||||
650,000 | MONROE CNTY NY INDL DEV CORP REVENUE | 1/1/2050 | 5.00 | 692,373 | 703,072 | |||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2037 | 3.80 | 1,000,000 | 1,015,669 | |||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2039 | 4.30 | 1,000,000 | 1,047,205 | |||||||
600,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2042 | 3.85 | 601,295 | 640,691 | |||||||
3,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 5/1/2045 | 3.90 | 2,838,750 | 3,135,542 | |||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2047 | 3.65 | 1,000,000 | 1,053,275 | |||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2049 | 3.95 | 1,000,000 | 1,070,101 | |||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2055 | 3.00 | 1,000,000 | 1,016,927 | |||||||
2,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2060 | 2.80 | 2,000,000 | 2,004,278 | |||||||
2,000,000 | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE | 6/15/2038 | 5.00 | 2,064,409 | 2,191,546 | |||||||
1,000,000 | NEW YORK ST HSG FIN AGY | 11/1/2041 | 4.10 | 1,000,000 | 1,080,792 | |||||||
1,000,000 | NEW YORK ST HSG FIN AGY | 11/1/2042 | 4.00 | 1,000,000 | 1,074,309 | |||||||
1,000,000 | NEW YORK ST HSG FIN AGY | 11/1/2048 | 3.95 | 1,000,000 | 1,073,218 | |||||||
1,500,000 | NEW YORK ST HSG FIN AGY REVENUE | 11/1/2034 | 3.65 | 1,500,000 | 1,575,691 | |||||||
500,000 | NEW YORK ST HSG FIN AGY REVENUE | 11/1/2045 | 5.10 | 500,000 | 530,730 | |||||||
4,000,000 | NEW YORK ST HSG FIN AGY REVENUE | 5/1/2048 | 4.10 | 4,000,000 | 4,063,047 | |||||||
925,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2036 | 3.90 | 925,000 | 979,498 | |||||||
305,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2042 | 3.75 | 305,000 | 308,907 | |||||||
1,000,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2046 | 2.50 | 995,003 | 998,327 | |||||||
1,465,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2048 | 3.80 | 1,465,000 | 1,548,117 |
39 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
March 31, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
New York (Cont'd): | ||||||||||||
2,000,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2049 | 2.95 | $2,000,000 | 2,057,298 | |||||||
1,500,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 4/1/2050 | 2.55 | 1,500,000 | 1,497,381 | |||||||
1,250,000 | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE | 10/1/2030 | 4.00 | 1,245,079 | 1,448,690 | |||||||
550,000 | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE | 1/1/2034 | 5.00 | 558,554 | 573,521 | |||||||
34,154,540 | 35,879,109 | 5.81% | ||||||||||
North Carolina | ||||||||||||
1,750,000 | MECKLENBURG CNTY NC MF HSG REVENUE | 1/1/2036 | 5.38 | 1,750,000 | 1,766,659 | |||||||
500,000 | NORTH CAROLINA ST EDU ASSISTANCE AUTH | 6/1/2039 | 3.13 | 494,849 | 500,540 | |||||||
930,000 | NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE | 1/1/2041 | 3.95 | 939,529 | 1,003,442 | |||||||
900,000 | NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE | 1/1/2048 | 4.00 | 900,000 | 966,506 | |||||||
1,000,000 | NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE | 11/1/2037 | 5.00 | 1,078,087 | 1,152,825 | |||||||
600,000 | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE | 10/1/2038 | 5.00 | 596,508 | 648,820 | |||||||
5,758,973 | 6,038,792 | 0.98% | ||||||||||
North Dakota | ||||||||||||
1,110,000 | NORTH DAKOTA ST HSG FIN AGY | 1/1/2044 | 3.05 | 1,110,000 | 1,149,182 | |||||||
1,000,000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2044 | 2.50 | 1,000,000 | 1,004,787 | |||||||
2,110,000 | 2,153,969 | 0.35% | ||||||||||
Ohio | ||||||||||||
750,000 | BUTLER CNTY OH PORT AUTH PUBLIC INFRASTRUCTURE REVENUE | 12/1/2041 | 5.00 | 750,000 | 751,654 | |||||||
1,500,000 | COLUMBUS-FRANKLIN CNTY OH FIN AUTH DEV REVENUE | 5/15/2049 | 4.00 | 1,590,697 | 1,635,926 | |||||||
500,000 | COVENTRY OH LOCAL SCH DIST | 11/1/2037 | 5.25 | 500,708 | 514,609 | |||||||
2,000,000 | FRANKLIN CNTY OH HLTH CARE FACS REVENUE | 7/1/2045 | 4.00 | 2,043,494 | 2,095,995 | |||||||
750,000 | LAKE CNTY OH PORT & ECON DEV AUTH LEASE REVENUE(b)(c)(f) | 12/1/2037 | 6.50 | 750,000 | 262,500 | |||||||
500,000 | LUCAS CNTY OH HLTH CARE FACS REVENUE | 8/15/2030 | 5.50 | 494,566 | 506,358 | |||||||
1,500,000 | LUCAS MET HSG AUTH OH COPS | 11/1/2036 | 5.00 | 1,543,219 | 1,655,710 | |||||||
2,000,000 | OHIO ST HGR EDUCTNL FAC COMMISSION | 11/1/2049 | 4.00 | 2,037,843 | 2,056,651 | |||||||
675,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2039 | 3.35 | 609,970 | 705,429 | |||||||
985,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2048 | 4.00 | 985,000 | 1,050,037 | |||||||
1,125,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 3/1/2049 | 4.00 | 1,125,000 | 1,200,206 | |||||||
820,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2049 | 3.35 | 820,000 | 856,662 | |||||||
1,000,000 | REVERE OH LOCAL SCH DIST | 12/1/2043 | 4.00 | 1,028,841 | 1,033,497 | |||||||
14,279,338 | 14,325,234 | 2.32% | ||||||||||
Oklahoma | ||||||||||||
970,000 | FORT SILL APACHE TRIBE OK ECON DEV AUTH GAMING ENTERPRISE REVENUE(b) | 8/25/2026 | 8.50 | 970,000 | 1,000,846 | |||||||
2,000,000 | OKLAHOMA ST DEV FIN AUTH | 8/1/2049 | 5.00 | 2,209,092 | 2,269,108 | |||||||
3,179,092 | 3,269,954 | 0.53% | ||||||||||
Oregon | ||||||||||||
1,000,000 | CLACKAMAS CNTY OR HOSP FAC AUTH REVENUE | 11/15/2047 | 5.00 | 970,850 | 1,087,081 | |||||||
500,000 | CLACKAMAS CNTY OR HOSP FAC AUTH REVENUE | 11/15/2055 | 5.38 | 502,041 | 535,901 | |||||||
1,000,000 | MEDFORD OR HOSP FACS AUTH REVENUE | 10/1/2042 | 5.00 | 1,015,235 | 1,057,207 | |||||||
500,000 | MULTNOMAH CNTY OR HOSP FACS AUTH REVENUE | 12/1/2029 | 5.00 | 507,984 | 522,541 |
40 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
March 31, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Oregon (Cont'd): | ||||||||||||
2,000,000 | OREGON ST | 12/1/2039 | 3.90 | $2,000,000 | 2,083,190 | |||||||
280,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 7/1/2035 | 3.75 | 280,000 | 304,329 | |||||||
715,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 7/1/2038 | 4.00 | 715,000 | 741,564 | |||||||
1,110,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 7/1/2048 | 3.75 | 1,110,000 | 1,170,867 | |||||||
2,000,000 | POLK CNTY OR HOSP FAC AUTH REVENUE | 7/1/2024 | 4.00 | 2,000,000 | 2,003,121 | |||||||
1,240,000 | POLK CNTY OR HOSP FAC AUTH REVENUE | 7/1/2035 | 5.13 | 1,255,530 | 1,277,236 | |||||||
1,000,000 | POLK CNTY OR HOSP FAC AUTH REVENUE | 7/1/2055 | 5.13 | 964,820 | 1,021,593 | |||||||
11,321,460 | 11,804,630 | 1.91% | ||||||||||
Pennsylvania | ||||||||||||
480,000 | ALLEGHENY CNTY PA INDL DEV AUTH CHRT SCH REVENUE | 8/15/2026 | 5.90 | 480,000 | 481,436 | |||||||
375,000 | BUTLER CNTY PA GEN AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.70%)(e) | 10/1/2034 | 0.84 | 375,000 | 369,467 | |||||||
650,000 | CMWLTH FING AUTH PA TOBACCO MASTER SETTLEMENT PAYMENT REVENUE | 6/1/2039 | 4.00 | 647,071 | 736,665 | |||||||
400,000 | DAUPHIN CNTY PA GEN AUTH UNIV REVENUE(b) | 10/15/2022 | 4.00 | 399,684 | 405,328 | |||||||
500,000 | MONTGOMERY CNTY PA INDL DEV AUTH | 11/15/2033 | 5.00 | 521,105 | 584,148 | |||||||
1,250,000 | MONTGOMERY CNTY PA INDL DEV AUTH | 11/15/2036 | 5.00 | 1,262,182 | 1,445,922 | |||||||
1,700,000 | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE | 6/1/2047 | 3.00 | 1,700,000 | 1,597,355 | |||||||
1,000,000 | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE | 4/15/2045 | 4.00 | 1,036,086 | 1,151,452 | |||||||
500,000 | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.65%)(e) | 7/1/2039 | 0.79 | 500,000 | 456,290 | |||||||
1,835,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2042 | 3.65 | 1,835,000 | 1,903,608 | |||||||
535,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2042 | 3.70 | 535,000 | 539,530 | |||||||
280,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2047 | 4.00 | 280,000 | 300,297 | |||||||
1,000,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2049 | 3.40 | 1,000,000 | 1,041,565 | |||||||
1,500,000 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE (Step to 4.60% on 12/1/2021)(d) | 12/1/2037 | 0.00 | 1,451,738 | 1,665,087 | |||||||
1,000,000 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE | 12/1/2042 | 3.00 | 1,049,794 | 1,041,229 | |||||||
200,000 | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES | 6/15/2023 | 6.13 | 200,000 | 211,892 | |||||||
750,000 | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES | 8/1/2036 | 5.63 | 740,483 | 834,438 | |||||||
750,000 | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES | 6/15/2049 | 5.00 | 775,985 | 799,669 | |||||||
14,789,128 | 15,565,378 | 2.52% | ||||||||||
Puerto Rico | ||||||||||||
1,500,000 | PUERTO RICO CMWLTH | 7/1/2035 | 5.00 | 1,500,000 | 1,550,554 | |||||||
1,500,000 | 1,550,554 | 0.25% | ||||||||||
Rhode Island | ||||||||||||
665,000 | RHODE ISLAND ST HSG & MTGE FIN CORP | 10/1/2028 | 4.00 | 662,849 | 666,376 | |||||||
750,000 | RHODE ISLAND ST HSG & MTGE FIN CORP | 10/1/2037 | 3.90 | 750,000 | 769,713 | |||||||
1,250,000 | RHODE ISLAND ST STUDENT LOAN AUTH STUDENT LOAN REVENUE | 12/1/2037 | 3.63 | 1,238,408 | 1,287,076 | |||||||
2,651,257 | 2,723,165 | 0.44% | ||||||||||
South Carolina | ||||||||||||
650,000 | BERKELEY CNTY SC ASSMNT REVENUE | 11/1/2040 | 4.25 | 647,414 | 716,665 |
41 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
March 31, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
South Carolina (Cont'd): | ||||||||||||
115,000 | SOUTH CAROLINA ST EDU ASSISTANCE AUTH | 10/1/2029 | 5.10 | $114,215 | 115,036 | |||||||
1,250,000 | SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE | 7/1/2045 | 3.05 | 1,250,000 | 1,294,353 | |||||||
665,000 | SOUTH CAROLINA ST JOBS-ECON DEV AUTH ECON DEV REVENUE | 4/1/2054 | 4.00 | 688,238 | 680,074 | |||||||
1,250,000 | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HOSP FACS REVENUE | 12/1/2044 | 4.00 | 1,296,622 | 1,433,033 | |||||||
1,000,000 | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE | 12/1/2038 | 5.00 | 1,027,957 | 1,118,855 | |||||||
1,400,000 | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE | 12/1/2043 | 5.75 | 1,429,379 | 1,604,071 | |||||||
6,453,825 | 6,962,087 | 1.13% | ||||||||||
South Dakota | ||||||||||||
500,000 | SOUTH DAKOTA ST HLTH & EDUCTNL FACS AUTH | 9/1/2032 | 5.00 | 499,500 | 501,013 | |||||||
499,500 | 501,013 | 0.08% | ||||||||||
Tennessee | ||||||||||||
1,000,000 | FRANKLIN TN HLTH & EDUCTNL FACS BRD REVENUE(b)(c)(f) | 6/1/2027 | 6.50 | 1,000,000 | 300,000 | |||||||
600,000 | NASHVILLE MET DEV & HSG AGY TN TAX INCR REVENUE(b) | 6/1/2036 | 5.13 | 600,000 | 678,234 | |||||||
1,350,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD RETMNT FACS REVENUE | 10/1/2039 | 5.50 | 1,342,150 | 1,355,438 | |||||||
150,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(c) | 1/1/2019 | 5.35 | 134,966 | 375 | |||||||
625,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(c) | 1/1/2029 | 5.55 | 556,862 | 1,563 | |||||||
130,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(c) | 1/1/2029 | 6.00 | - | 1 | |||||||
580,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 1/1/2031 | 3.60 | 582,538 | 596,609 | |||||||
910,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2042 | 3.85 | 910,000 | 979,277 | |||||||
835,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2042 | 3.90 | 835,000 | 906,491 | |||||||
1,955,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2044 | 4.00 | 1,967,158 | 2,122,562 | |||||||
920,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 1/1/2049 | 3.95 | 920,000 | 980,704 | |||||||
1,785,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 1/1/2049 | 4.05 | 1,785,000 | 1,935,972 | |||||||
435,000 | TENNESSEE ST HSG DEV AGY | 1/1/2035 | 3.85 | 435,000 | 465,023 | |||||||
11,068,674 | 10,322,249 | 1.67% | ||||||||||
Texas | ||||||||||||
500,000 | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE | 6/15/2036 | 5.00 | 500,633 | 502,945 | |||||||
650,000 | ARLINGTON TX SPL TAX REVENUE | 2/15/2041 | 5.00 | 685,010 | 729,854 | |||||||
795,000 | BEXAR CNTY TX HSG FIN CORP(h) | 2/1/2035 | 3.75 | 795,000 | 822,065 | |||||||
2,000,000 | BEXAR CNTY TX REVENUE | 8/15/2039 | 5.00 | 2,028,375 | 2,111,668 | |||||||
675,000 | BRAZORIA CNTY TX MUNI UTILITYDIST #28 | 9/1/2032 | 4.00 | 682,601 | 684,259 | |||||||
1,000,000 | BRAZOS TX HGR EDU AUTH STUDENT LOAN PROGRAM REVENUE | 4/1/2040 | 3.00 | 1,003,910 | 935,570 | |||||||
1,000,000 | CENTRL TX REGL MOBILITY AUTH REVENUE | 1/1/2045 | 4.00 | 1,093,751 | 1,122,393 | |||||||
625,000 | CLIFTON TX HGR EDU FIN CORP EDU REVENUE | 12/1/2035 | 5.00 | 645,795 | 679,480 | |||||||
1,000,000 | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE | 11/1/2037 | 5.25 | 1,003,825 | 1,115,034 | |||||||
1,350,000 | DANBURY TX HGR EDU AUTH INC EDU REVENUE | 8/15/2049 | 5.13 | 1,387,797 | 1,392,144 | |||||||
1,500,000 | EL PASO CNTY TX HOSP DIST | 8/15/2043 | 5.00 | 1,568,289 | 1,580,150 | |||||||
1,000,000 | EL PASO TX DOWNTOWN DEV CORP SPL REVENUE | 8/15/2038 | 7.25 | 1,028,396 | 1,146,692 | |||||||
1,000,000 | FORT BEND CNTY TX MUNI UTILITY DIST #23 | 9/1/2033 | 4.00 | 1,011,178 | 1,013,471 | |||||||
610,000 | FORT BEND CNTY TX MUNI UTILITY DIST #50 | 9/1/2029 | 4.00 | 616,818 | 618,946 |
42 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
March 31, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Texas (Cont'd): | ||||||||||||
800,000 | GILMER TX ECON DEV CORP SALES TAX REVENUE | 7/15/2030 | 5.00 | $808,720 | 809,277 | |||||||
1,500,000 | GRAND PARKWAY TRANSPRTN CORP TX SYS TOLL REVENUE (Step to 5.50% on 10/1/2023)(d) | 10/1/2035 | 0.00 | 1,308,242 | 1,717,180 | |||||||
2,000,000 | GRAND PARKWAY TRANSPRTN CORP TX SYS TOLL REVENUE | 10/1/2050 | 3.00 | 2,160,859 | 2,100,832 | |||||||
560,000 | HARRIS CNTY TX MUNI UTILITY DIST #400 | 9/1/2033 | 4.00 | 566,261 | 567,544 | |||||||
1,000,000 | HIDALGO CNTY TX REGL MOBILITY AUTH VEHICLE REGISTRATION FEE | 12/1/2038 | 5.25 | 1,011,385 | 1,131,111 | |||||||
1,500,000 | HOUSTON TX HGR EDU FIN CORP | 9/1/2038 | 5.50 | 1,510,106 | 1,611,305 | |||||||
750,000 | LEWISVILLE TX COMB CONTRACT REVENUE | 9/1/2024 | 3.00 | 746,380 | 771,292 | |||||||
1,000,000 | MEADOWHILL TX REGL MUNI UTILITY DIST | 10/1/2034 | 4.00 | 1,038,496 | 1,048,793 | |||||||
273,000 | N CENTRL TEXAS ST HLTH FAC DEV CORP | 2/15/2025 | 5.38 | 273,000 | 218,308 | |||||||
1,000,000 | N TX TOLLWAY AUTH REVENUE | 1/1/2042 | 6.20 | 998,794 | 1,182,256 | |||||||
1,000,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 10/1/2034 | 5.00 | 1,005,567 | 1,049,634 | |||||||
750,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 1/1/2035 | 5.50 | 758,072 | 785,210 | |||||||
500,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 10/1/2049 | 5.25 | 507,318 | 518,147 | |||||||
1,100,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 1/1/2055 | 5.00 | 1,145,802 | 1,121,839 | |||||||
750,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX EDU REVENUE(b) | 8/15/2036 | 5.00 | 750,740 | 754,706 | |||||||
1,000,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX EDU REVENUE | 8/15/2036 | 5.50 | 1,000,615 | 1,009,503 | |||||||
670,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX EDU REVENUE(b) | 8/15/2049 | 5.00 | 690,956 | 697,009 | |||||||
1,000,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX RETMNT CMNTY REVENUE(b) | 12/1/2025 | 10.00 | 1,000,000 | 1,028,178 | |||||||
645,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX SENIOR LIVING REVENUE | 7/1/2025 | 4.00 | 632,639 | 596,612 | |||||||
1,100,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX STUDENT HSG REVENUE | 4/1/2046 | 5.00 | 1,123,915 | 1,188,575 | |||||||
750,000 | RED RIVER TX HLTH FACS DEV CORP RETIREMENT FAC REVENUE | 11/15/2034 | 7.50 | 746,756 | 813,252 | |||||||
1,000,000 | SUGAR LAND TX DEV CORP SALES TAX REVENUE | 2/15/2033 | 5.00 | 1,029,740 | 1,083,494 | |||||||
1,000,000 | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE | 11/15/2038 | 5.00 | 1,027,313 | 1,100,620 | |||||||
1,000,000 | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENUE(c) | 11/15/2022 | 5.50 | 1,000,000 | 452,500 | |||||||
460,000 | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENUE | 11/15/2024 | 5.63 | 460,000 | 460,727 | |||||||
885,000 | TEXAS ST AFFORDABLE HSG CORP SF MTGE REVENUE | 3/1/2050 | 4.00 | 904,261 | 963,934 | |||||||
2,000,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 9/1/2044 | 3.63 | 2,041,100 | 2,143,596 | |||||||
1,000,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 9/1/2048 | 4.25 | 1,015,709 | 1,083,609 | |||||||
41,314,124 | 42,463,714 | 6.88% | ||||||||||
Utah | ||||||||||||
60,000 | UTAH ST HSG CORP SF MTGE REVENUE | 1/1/2033 | 5.75 | 60,000 | 60,121 | |||||||
1,500,000 | WEST VLY CITY UT MUNI BLDG AUTH LEASE REVENUE | 2/1/2039 | 5.00 | 1,617,758 | 1,766,904 | |||||||
1,677,758 | 1,827,025 | 0.30% | ||||||||||
Vermont | ||||||||||||
600,000 | VERMONT ST HSG FIN AGY | 5/1/2032 | 4.88 | 597,912 | 635,646 | |||||||
915,000 | VERMONT ST STUDENT ASSISTANCE CORP EDU LOAN REVENUE | 6/15/2036 | 3.38 | 906,926 | 921,586 | |||||||
1,504,838 | 1,557,232 | 0.25% |
43 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
March 31, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Virginia | ||||||||||||
500,000 | FAIRFAX CNTY VA REDEV & HSG AUTH MF REVENUE | 8/1/2039 | 5.60 | $500,000 | 501,279 | |||||||
462,000 | MARQUIS VA CMNTY DEV AUTH REVENUE(g) | 9/1/2041 | 0.00 | 163,218 | 25,171 | |||||||
349,000 | MARQUIS VA CMNTY DEV AUTH REVENUE | 9/1/2041 | 5.63 | 373,459 | 168,334 | |||||||
1,000,000 | VIRGINIA ST HSG DEV AUTH | 7/1/2033 | 4.13 | 1,000,000 | 1,041,519 | |||||||
1,000,000 | VIRGINIA ST HSG DEV AUTH | 9/1/2050 | 2.50 | 1,000,000 | 1,010,381 | |||||||
2,005,000 | VIRGINIA ST HSG DEV AUTH CMWLTH MTGE | 1/1/2038 | 3.88 | 1,995,250 | 2,005,000 | |||||||
5,031,927 | 4,751,684 | 0.77% | ||||||||||
Washington | ||||||||||||
700,000 | KALISPEL TRIBE OF INDIANS PRIORITY DIST WA REVENUE(b) | 1/1/2038 | 5.25 | 686,971 | 794,961 | |||||||
445,000 | KING CNTY WA HSG AUTH | 5/1/2028 | 5.20 | 445,000 | 450,858 | |||||||
1,500,000 | KING CNTY WA HSG AUTH | 11/1/2039 | 3.00 | 1,468,521 | 1,588,021 | |||||||
1,000,000 | KING CNTY WA HSG AUTH | 8/1/2040 | 3.00 | 1,038,853 | 1,056,779 | |||||||
1,000,000 | PIKE PLACE MARKET WA PRESERVATION & DEV AUTH SPL OBLG | 12/1/2040 | 5.00 | 1,040,461 | 1,084,422 | |||||||
1,000,000 | SEATTLE WA HSG AUTH | 6/1/2052 | 3.00 | 1,024,339 | 1,027,383 | |||||||
770,000 | SEATTLE WA HSG AUTH POOLED HSG REVENUE | 9/15/2033 | 5.75 | 775,234 | 874,562 | |||||||
500,000 | SNOHOMISH CNTY WA HSG AUTH | 4/1/2044 | 4.00 | 507,528 | 547,564 | |||||||
1,000,000 | VANCOUVER WA HSG AUTH | 8/1/2034 | 3.75 | 984,508 | 1,087,014 | |||||||
1,500,000 | VANCOUVER WA HSG AUTH | 6/1/2038 | 3.00 | 1,495,988 | 1,553,107 | |||||||
1,500,000 | VANCOUVER WA HSG AUTH | 12/1/2051 | 3.30 | 1,500,000 | 1,571,883 | |||||||
530,000 | WASHINGTON ST HSG FIN COMMISSION(b) | 7/1/2025 | 6.00 | 531,949 | 574,354 | |||||||
1,000,000 | WASHINGTON ST HSG FIN COMMISSION(b) | 1/1/2031 | 5.00 | 1,001,203 | 1,089,950 | |||||||
750,000 | WASHINGTON ST HSG FIN COMMISSION(b) | 7/1/2031 | 5.00 | 785,597 | 803,517 | |||||||
675,000 | WASHINGTON ST HSG FIN COMMISSION(b) | 1/1/2035 | 5.75 | 675,000 | 706,760 | |||||||
600,000 | WASHINGTON ST HSG FIN COMMISSION(b) | 7/1/2036 | 5.00 | 625,835 | 622,324 | |||||||
500,000 | WASHINGTON ST HSG FIN COMMISSION(b) | 1/1/2038 | 5.00 | 534,889 | 567,542 | |||||||
1,000,000 | WASHINGTON ST HSG FIN COMMISSION(b) | 1/1/2044 | 5.00 | 1,079,208 | 1,092,647 | |||||||
1,000,000 | WASHINGTON ST HSG FIN COMMISSION(b) | 7/1/2048 | 5.00 | 1,085,093 | 1,022,467 | |||||||
17,286,177 | 18,116,115 | 2.94% | ||||||||||
West Virginia | ||||||||||||
1,500,000 | WEST VIRGINIA ST HSG DEV FUND | 11/1/2032 | 3.75 | 1,500,000 | 1,594,115 | |||||||
1,500,000 | 1,594,115 | 0.26% | ||||||||||
Wisconsin | ||||||||||||
1,500,000 | PUBLIC FIN AUTH WI CCRC REVENUE(b) | 6/1/2046 | 8.25 | 1,530,927 | 1,540,581 | |||||||
16,520 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2046 | 0.00 | 1,342 | 483 | |||||||
18,299 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2047 | 0.00 | 1,438 | 515 | |||||||
17,930 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2048 | 0.00 | 1,373 | 496 | |||||||
17,786 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2049 | 0.00 | 1,327 | 482 | |||||||
17,496 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2050 | 0.00 | 1,273 | 456 | |||||||
18,980 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2051 | 0.00 | 1,346 | 485 | |||||||
446,246 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(e)(f)(i) | 7/1/2051 | 3.75 | 443,916 | 299,517 | |||||||
19,357 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2052 | 0.00 | 1,338 | 475 | |||||||
19,095 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2053 | 0.00 | 1,288 | 460 | |||||||
18,909 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2054 | 0.00 | 1,246 | 443 |
44 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
March 31, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Wisconsin (Cont'd): | ||||||||||||
18,634 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2055 | 0.00 | $1,201 | 427 | |||||||
18,360 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2056 | 0.00 | 1,156 | 414 | |||||||
100,837 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(c)(f) | 7/1/2056 | 5.50 | 100,665 | 76,688 | |||||||
18,454 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2057 | 0.00 | 1,923 | 404 | |||||||
18,165 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2058 | 0.00 | 1,087 | 389 | |||||||
17,992 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2059 | 0.00 | 1,055 | 378 | |||||||
17,834 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2060 | 0.00 | 1,024 | 363 | |||||||
17,573 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2061 | 0.00 | 990 | 347 | |||||||
17,400 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2062 | 0.00 | 961 | 336 | |||||||
17,125 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2063 | 0.00 | 929 | 324 | |||||||
16,967 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2064 | 0.00 | 903 | 315 | |||||||
16,823 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2065 | 0.00 | 880 | 302 | |||||||
16,731 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2066 | 0.00 | 858 | 285 | |||||||
215,987 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2067 | 0.00 | 10,316 | 3,429 | |||||||
520,000 | PUBLIC FIN AUTH WI EDU REVENUE(b) | 6/15/2049 | 5.00 | 525,912 | 556,473 | |||||||
500,000 | PUBLIC FIN AUTH WI HLTHCARE FACS REVENUE | 7/1/2046 | 4.00 | 548,614 | 558,264 | |||||||
445,000 | PUBLIC FIN AUTH WI REVENUE | 4/1/2025 | 5.00 | 446,595 | 474,493 | |||||||
1,250,000 | PUBLIC FIN AUTH WI REVENUE(b) | 11/1/2028 | 6.25 | 1,250,000 | 1,302,924 | |||||||
600,000 | PUBLIC FIN AUTH WI REVENUE | 4/1/2032 | 5.50 | 600,000 | 622,323 | |||||||
1,000,000 | PUBLIC FIN AUTH WI REVENUE(b) | 1/1/2033 | 6.13 | 989,610 | 857,866 | |||||||
221,000 | PUBLIC FIN AUTH WI REVENUE(g) | 10/1/2042 | 0.00 | 242,361 | 99,726 | |||||||
515,000 | PUBLIC FIN AUTH WI REVENUE | 10/1/2042 | 7.00 | 522,762 | 521,424 | |||||||
13,694 | PUBLIC FIN AUTH WI REVENUE(b)(c)(f) | 12/1/2048 | 5.50 | 13,694 | 6,847 | |||||||
905,000 | PUBLIC FIN AUTH WI SENIOR LIVING REVENUE(b) | 11/15/2024 | 5.00 | 903,496 | 950,945 | |||||||
500,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 8/1/2032 | 5.00 | 536,847 | 531,609 | |||||||
1,300,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 8/15/2032 | 5.00 | 1,365,522 | 1,480,612 | |||||||
700,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 6/1/2037 | 5.00 | 730,375 | 749,653 | |||||||
500,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 9/15/2040 | 5.00 | 509,929 | 523,031 | |||||||
1,840,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 8/15/2043 | 5.00 | 1,875,039 | 2,037,316 | |||||||
1,400,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 9/15/2045 | 5.00 | 1,426,161 | 1,458,774 | |||||||
650,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 11/1/2046 | 5.00 | 672,954 | 679,942 | |||||||
1,500,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 10/1/2048 | 5.13 | 1,472,863 | 1,556,221 | |||||||
500,000 | WISCONSIN ST HSG & ECON DEV AUTH | 11/1/2035 | 3.88 | 500,000 | 534,454 | |||||||
1,000,000 | WISCONSIN ST HSG & ECON DEV AUTH | 11/1/2040 | 4.00 | 1,000,000 | 1,065,760 | |||||||
1,000,000 | WISCONSIN ST HSG & ECON DEV AUTH | 11/1/2042 | 3.90 | 1,003,391 | 1,073,274 | |||||||
1,500,000 | WISCONSIN ST HSG & ECON DEV AUTH | 5/1/2055 | 4.15 | 1,500,000 | 1,604,583 | |||||||
20,746,887 | 21,175,308 | 3.43% | ||||||||||
Wyoming | ||||||||||||
335,000 | WYOMING ST CMNTY DEV AUTH HSG REVENUE | 12/1/2038 | 3.90 | 335,000 | 353,496 | |||||||
1,615,000 | WYOMING ST CMNTY DEV AUTH HSG REVENUE | 12/1/2038 | 4.05 | 1,615,000 | 1,659,964 | |||||||
1,950,000 | 2,013,460 | 0.33% | ||||||||||
Sub-total Municipal Bonds: | 544,165,498 | 567,597,781 | 91.97% |
45 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
March 31, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Short-Term Investments: | ||||||||||||
6,367,073 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 0.03%(j) | $6,367,073 | 6,367,073 | |||||||||
Sub-total Short-Term Investments: | 6,367,073 | 6,367,073 | 1.03% | |||||||||
Grand total | $584,874,790 | 611,584,989 | 99.10% |
Notes to Schedule of Investments: | |
(a) | Investments in U.S. and foreign securities generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market in which such securities are traded. Foreign security values are stated in U.S. dollars. 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. |
(b) | 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. |
(c) | Non-income producing assets. For long-term debt securities, item identified is in default as to payment of interest and/or principal. |
(d) | For step bonds, the coupon rate disclosed is the current rate in effect. |
(e) | Variable rate security. Rate as of March 31, 2021 is disclosed. |
(f) | Restricted security that has been deemed illiquid. At March 31, 2021, the value of these restricted illiquid securities amounted to $4,310,086 or 0.70% of net assets. Additional information on these restricted illiquid securities is as follows: |
SECURITY | AQUISITION DATE | ACQUISITION COST |
CAPITAL TRUST AGY FL REVENUE, 6.75%, 12/1/35 | 12/2/15-1/21/16 | $1,748,875 |
CAPITAL TRUST AGY FL REVENUE, 6.75%, 7/1/37 | 6/28/17 | 750,000 |
COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REVENUE, 7.25%, 5/15/26 | 12/16/13 | 750,000 |
COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REVENUE, 8.13%, 5/15/44 | 6/27/17-4/12/18 | 1,961,290 |
FRANKLIN TN HLTH & EDUCTNL FACS BRD REVENUE, 6.50%, 6/1/27 | 5/24/17 | 1,000,000 |
KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE, 5.75%, 11/15/36 | 12/18/15 | 1,300,000 |
LAKE CNTY OH PORT & ECON DEV AUTH LEASE REVENUE, 6.50%, 12/1/37 | 10/27/17 | 750,000 |
PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE, 5.50%, 1/1/46-1/1/67 | 3/26/18-8/26/20 | 49-443,916 |
PUBLIC FIN AUTH WI REVENUE, 5.50%, 12/1/48 | 3/26/19 | 13,694 |
(g) | Zero coupon bond. |
(h) | Security has converted to a fixed rate as of February 1, 2015, and will be going forward. |
(i) | These securities are remarketed by an agent and the rate at which these securities is set are determined by general market conditions and supply and demand. |
(j) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2020, the value of the Clearwater Tax-Exempt Bond Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $14,385,751 with net sales of $7,928,577 for the three months ended March 31, 2021. |
Diversification of investments representing geographic diversification, as a percentage of total investments at fair value (excluding closed-end funds), is as follows:
Geographical Diversification | Percent | |
Florida | 13.97% | |
California | 7.77 |
46 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
March 31, 2021 (unaudited)
Geographical Diversification | Percent | |
Texas | 7.40% | |
Illinois | 6.75 | |
New York | 6.25 | |
Colorado | 6.18 | |
Wisconsin | 3.69 | |
Michigan | 3.34 | |
Georgia | 3.23 | |
Washington | 3.16 | |
Other | 38.26 | |
100.00% | ||
Fair value is an estimate of the price the Clearwater Tax-Exempt Bond Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market for 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 Clearwater Tax-Exempt Bond Fund's investments and other financial instruments, as described below. 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 Level 2 measurements. 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. |
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. Investments in closed-end funds are valued at the last sales price or the regular trading session closing price on the principal exchange or market in which the funds are traded. 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. Security transactions are accounted for as of trade date. Wherever possible, the Clearwater Tax-Exempt Bond Fund uses independent pricing services approved by the Board of Trustees of Clearwater Investment Trust to value its investments. When prices are not readily available (including those for which trading has been suspended), are determined not to reflect fair value, or when the Adviser becomes aware that a significant event impacting the value of a security or group of securities has occurred after the closing of the exchange on which the security or securities principally trade, but before the calculation of the daily net asset value, the Clearwater Tax-Exempt Bond Fund may value these securities at fair value as determined in good faith using procedures established by the Board of Trustees.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following is a summary of the inputs used in valuing the Clearwater Tax-Exempt Bond Fund’s investments and other financial instruments, if any, which are carried at fair value, as of March 31, 2021.
Level 1 | Level 2 | Level 3 | Total | |
Closed-End Funds | $37,620,135 | $— | $— | $37,620,135 |
Municipal Bonds | ||||
Alabama | — | 1,525,445 | — | 1,525,445 |
Alaska | — | 14,438 | — | 14,438 |
Arizona | — | 17,666,029 | — | 17,666,029 |
Arkansas | — | 1,575,907 | — | 1,575,907 |
California | — | 44,620,506 | — | 44,620,506 |
Colorado | — | 35,462,309 | — | 35,462,309 |
Connecticut | — | 9,312,994 | — | 9,312,994 |
District of Columbia | — | 5,674,683 | — | 5,674,683 |
Florida | — | 80,166,654 | — | 80,166,654 |
Georgia | — | 18,526,353 | — | 18,526,353 |
Idaho | — | 1,968,398 | — | 1,968,398 |
Illinois | — | 32,386,225 | — | 32,386,225 |
47 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
March 31, 2021 (unaudited)
Level 1 | Level 2 | Level 3 | Total | ||||
Indiana | $— | $10,350,781 | $— | $10,350,781 | |||
Iowa | — | 2,245,144 | — | 2,245,144 | |||
Kansas | — | 2,830,354 | — | 2,830,354 | |||
Kentucky | — | 464,535 | — | 464,535 | |||
Louisiana | — | 10,144,881 | — | 10,144,881 | |||
Maine | — | 4,231,335 | — | 4,231,335 | |||
Maryland | — | 5,206,156 | — | 5,206,156 | |||
Massachusetts | — | 13,690,255 | — | 13,690,255 | |||
Michigan | — | 19,176,446 | — | 19,176,446 | |||
Minnesota | — | 4,192,410 | — | 4,192,410 | |||
Mississippi | — | 1,055,663 | — | 1,055,663 | |||
Missouri | — | 7,314,275 | — | 7,314,275 | |||
Montana | — | 4,220,831 | — | 4,220,831 | |||
Nebraska | — | 675,608 | — | 675,608 | |||
Nevada | — | 2,764,459 | — | 2,764,459 | |||
New Hampshire | — | 4,192,290 | — | 4,192,290 | |||
New Jersey | — | 13,501,928 | — | 13,501,928 | |||
New Mexico | — | 7,845,702 | — | 7,845,702 | |||
New York | — | 35,879,109 | — | 35,879,109 | |||
North Carolina | — | 6,038,792 | — | 6,038,792 | |||
North Dakota | — | 2,153,969 | — | 2,153,969 | |||
Ohio | — | 14,325,234 | — | 14,325,234 | |||
Oklahoma | — | 3,269,954 | — | 3,269,954 | |||
Oregon | — | 11,804,630 | — | 11,804,630 | |||
Pennsylvania | — | 15,565,378 | — | 15,565,378 | |||
Puerto Rico | — | 1,550,554 | — | 1,550,554 | |||
Rhode Island | — | 2,723,165 | — | 2,723,165 | |||
South Carolina | — | 6,962,087 | — | 6,962,087 | |||
South Dakota | — | 501,013 | — | 501,013 | |||
Tennessee | — | 10,322,249 | — | 10,322,249 | |||
Texas | — | 42,463,714 | — | 42,463,714 | |||
Utah | — | 1,827,025 | — | 1,827,025 | |||
Vermont | — | 1,557,232 | — | 1,557,232 | |||
Virginia | — | 4,751,684 | — | 4,751,684 | |||
Washington | — | 18,116,115 | — | 18,116,115 | |||
West Virginia | — | 1,594,115 | — | 1,594,115 | |||
Wisconsin | — | 21,175,308 | — | 21,175,308 | |||
Wyoming | — | 2,013,460 | — | 2,013,460 | |||
Short-Term Investments | 6,367,073 | — | — | 6,367,073 | |||
Total | $43,987,208 | $567,597,781 | $— | $611,584,989 |
For the Clearwater 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 Clearwater Tax-Exempt Bond Fund’s net asset value is calculated, including securities for which the prices do not represent fair value or for which a significant event occurs that materially affects the value of the security after the close of the market on which the security principally trades and before the time the Clearwater Tax-Exempt Bond Fund’s net asset value is calculated.
48 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
March 31, 2021 (unaudited)
Clearwater Tax-Exempt Bond Fund Portfolio Diversification
(as a percentage of net assets)
49 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Common Stocks: | ||||||||
Argentina: | ||||||||
3,844 | MERCADOLIBRE, INC.(b) | $2,166,754 | 5,658,906 | |||||
2,166,754 | 5,658,906 | 0.63% | ||||||
Australia: | ||||||||
275,180 | ADAIRS LTD. | 331,893 | 794,249 | |||||
9,139 | AGL ENERGY LTD. | 80,869 | 66,986 | |||||
102,780 | ALLIANCE AVIATION SERVICES LTD.(b) | 167,434 | 306,802 | |||||
89,441 | APA GROUP | 554,557 | 680,708 | |||||
5,412 | ARISTOCRAT LEISURE LTD. | 111,219 | 141,202 | |||||
2,554 | ASX LTD. | 51,631 | 137,829 | |||||
19,807 | AUSTRALIA & NEW ZEALAND BANKING GROUP LTD. | 188,757 | 423,951 | |||||
195,700 | AVENTUS GROUP | 351,688 | 428,095 | |||||
250,708 | BEACH ENERGY LTD. | 466,720 | 326,579 | |||||
179,910 | BGP HOLDINGS PLC(b)(c) | - | - | |||||
15,977 | BHP GROUP LTD. | 368,579 | 549,730 | |||||
37,600 | BLUESCOPE STEEL LTD. | 301,071 | 552,618 | |||||
17,400 | BRAMBLES LTD. | 64,294 | 139,827 | |||||
49,542 | CEDAR WOODS PROPERTIES LTD. | 234,956 | 254,000 | |||||
971 | COCHLEAR LTD. | 35,893 | 155,595 | |||||
19,339 | COLES GROUP LTD. | 154,507 | 235,170 | |||||
12,718 | COMMONWEALTH BANK OF AUSTRALIA | 336,870 | 831,722 | |||||
40,757 | CSL LTD. | 2,555,215 | 8,192,765 | |||||
14,184 | DEXUS | 62,970 | 105,041 | |||||
97,180 | FORTESCUE METALS GROUP LTD. | 212,026 | 1,475,523 | |||||
22,072 | GOODMAN GROUP | 76,819 | 303,778 | |||||
35,107 | GPT GROUP (THE) | 96,585 | 122,661 | |||||
26,295 | INSURANCE AUSTRALIA GROUP LTD. | 61,991 | 93,471 | |||||
5,256 | LENDLEASE CORP. LTD. | 26,287 | 51,579 | |||||
7,819 | MACQUARIE GROUP LTD. | 175,414 | 907,645 | |||||
25,670 | MINERAL RESOURCES LTD. | 246,214 | 741,301 | |||||
573,700 | MOUNT GIBSON IRON LTD. | 260,031 | 331,173 | |||||
234,496 | NANOSONICS LTD.(b) | 1,013,772 | 1,015,235 | |||||
44,772 | NATIONAL AUSTRALIA BANK LTD. | 551,214 | 884,171 | |||||
6,630 | NEWCREST MINING LTD. | 50,227 | 122,975 | |||||
202,700 | NRW HOLDINGS LTD. | 416,699 | 302,533 | |||||
221,069 | NUIX LTD.(b) | 867,025 | 866,431 | |||||
142,696 | ORIGIN ENERGY LTD. | 505,190 | 508,324 | |||||
128,100 | PACT GROUP HOLDINGS LTD. | 339,625 | 342,490 | |||||
256,036 | QANTAS AIRWAYS LTD.(b) | 746,678 | 989,863 | |||||
2,805 | RAMSAY HEALTH CARE LTD. | 60,296 | 142,746 | |||||
169,500 | REGIS RESOURCES LTD. | 501,445 | 373,357 | |||||
18,171 | RIO TINTO LTD. | 570,958 | 1,528,547 | |||||
321,800 | RURAL FUNDS GROUP | 463,060 | 567,062 | |||||
173,937 | SANTOS LTD. | 509,938 | 938,008 | |||||
186,510 | SCENTRE GROUP | 296,462 | 399,492 | |||||
22,739 | SEEK LTD.(b) | 233,310 | 492,408 | |||||
102,600 | SMARTGROUP CORP. LTD. | 452,529 | 493,296 | |||||
39,820 | SONIC HEALTHCARE LTD. | 470,951 | 1,061,307 | |||||
57,859 | SOUTH32 LTD. | 37,235 | 123,491 | |||||
224,900 | ST. BARBARA LTD. | 384,573 | 335,667 | |||||
33,184 | STOCKLAND | 95,300 | 110,902 | |||||
75,800 | SUPER RETAIL GROUP LTD. | 517,213 | 677,645 | |||||
30,856 | TABCORP HOLDINGS LTD. | 79,836 | 109,684 | |||||
13,099 | TRANSURBAN GROUP | 36,728 | 132,525 | |||||
12,261 | TREASURY WINE ESTATES LTD. | 49,081 | 96,388 | |||||
1,555 | WESFARMERS LTD. | 41,944 | 62,209 | |||||
38,203 | WESTPAC BANKING CORP. | 452,674 | 708,307 | |||||
1,725 | WOOLWORTHS GROUP LTD. | 52,828 | 53,549 | |||||
219,917 | ZIP CO. LTD.(b) | 677,126 | 1,232,740 | |||||
18,048,407 | 33,021,352 | 3.65% | ||||||
Austria: | ||||||||
15,700 | BAWAG GROUP A.G.(d) | 600,064 | 810,838 | |||||
1,821 | ERSTE GROUP BANK A.G.(b) | 28,050 | 61,758 | |||||
93 | IMMOFINANZ A.G.(b) | - | 1,899 | |||||
32,264 | RAIFFEISEN BANK INTERNATIONAL A.G.(b) | 563,262 | 708,668 | |||||
313 | STRABAG S.E. (BEARER) | 5,505 | 11,067 | |||||
57,900 | TELEKOM AUSTRIA A.G. | 422,512 | 456,283 |
50 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Austria (Cont'd): | ||||||||
631 | UBM DEVELOPMENT A.G. | $28,973 | 28,045 | |||||
21,794 | VIENNA INSURANCE GROUP A.G. WIENER VERSICHERUNG GRUPPE | 595,919 | 564,828 | |||||
23,500 | WIENERBERGER A.G. | 561,499 | 859,824 | |||||
2,805,784 | 3,503,210 | 0.39% | ||||||
Belgium: | ||||||||
7,478 | AGEAS S.A./N.V. | 117,910 | 452,153 | |||||
10,113 | ANHEUSER-BUSCH INBEV S.A./N.V. | 285,546 | 637,449 | |||||
19,000 | BPOST S.A.(b) | 195,697 | 181,593 | |||||
102,700 | ECONOCOM GROUP S.A./N.V. | 381,201 | 402,859 | |||||
50,763 | GROUPE BRUXELLES LAMBERT S.A. | 4,540,852 | 5,254,097 | |||||
4,347 | KBC GROUP N.V.(b) | 101,356 | 316,059 | |||||
21,394 | ONTEX GROUP N.V.(b) | 501,601 | 225,297 | |||||
2,468 | PROXIMUS S.A.DP | 53,525 | 53,717 | |||||
14,669 | TELENET GROUP HOLDING N.V. | 602,719 | 594,857 | |||||
10,700 | TESSENDERLO GROUP S.A.(b) | 470,608 | 469,918 | |||||
1,080 | UCB S.A. | 30,239 | 102,740 | |||||
1,502 | UMICORE S.A. | 44,422 | 79,668 | |||||
61,444 | UNIFIEDPOST GROUP S.A.(b) | 1,439,264 | 1,334,466 | |||||
8,764,940 | 10,104,873 | 1.12% | ||||||
Brazil: | ||||||||
129,000 | CAMIL ALIMENTOS S.A.(b) | 274,164 | 234,456 | |||||
998,256 | EMPREENDIMENTOS PAGUE MENOS S/A(b) | 1,635,459 | 1,603,268 | |||||
354,700 | GRUPO SBF S.A.(b) | 1,821,709 | 1,664,276 | |||||
810,200 | MAGAZINE LUIZA S.A. | 3,488,047 | 2,913,389 | |||||
292,780 | TELEFONICA BRASIL S.A. ADR(e) | 3,543,112 | 2,304,179 | |||||
10,762,491 | 8,719,568 | 0.96% | ||||||
Canada: | ||||||||
2,027 | AGNICO EAGLE MINES LTD. | 57,973 | 117,181 | |||||
203,176 | ALIMENTATION COUCHE-TARD, INC., CLASS B | 6,054,397 | 6,551,040 | |||||
128,600 | B2GOLD CORP. | 666,600 | 553,613 | |||||
785 | BANK OF MONTREAL | 34,168 | 69,973 | |||||
2,936 | BANK OF NOVA SCOTIA (THE) | 67,574 | 183,678 | |||||
40,918 | BARRICK GOLD CORP. | 384,639 | 811,718 | |||||
27,148 | BROOKFIELD ASSET MANAGEMENT, INC., CLASS A | 174,133 | 1,207,586 | |||||
11,000 | BRP, INC. (SUB VOTING) | 430,510 | 953,823 | |||||
79,268 | CAE, INC.(b) | 1,593,602 | 2,258,763 | |||||
14,528 | CANADIAN IMPERIAL BANK OF COMMERCE | 674,491 | 1,422,512 | |||||
15,994 | CANADIAN NATIONAL RAILWAY CO. | 292,557 | 1,856,103 | |||||
2,126 | CANADIAN NATURAL RESOURCES LTD. | 48,710 | 65,724 | |||||
3,606 | CANADIAN PACIFIC RAILWAY LTD. | 112,878 | 1,377,322 | |||||
20,054 | CANADIAN PACIFIC RAILWAY LTD. (NEW YORK EXCHANGE) | 2,515,004 | 7,606,282 | |||||
5,809 | CANADIAN TIRE CORP. LTD., CLASS A | 625,049 | 824,317 | |||||
12,000 | CARGOJET, INC. | 1,044,252 | 1,549,200 | |||||
35,300 | CASCADES, INC. | 347,472 | 441,847 | |||||
163,498 | CENOVUS ENERGY, INC. | 1,116,135 | 1,228,154 | |||||
45,100 | CENTERRA GOLD, INC. | 366,388 | 399,071 | |||||
6,978 | CGI, INC.(b) | 55,128 | 581,250 | |||||
42,900 | CI FINANCIAL CORP. | 616,005 | 619,587 | |||||
52,600 | COMINAR REAL ESTATE INVESTMENT TRUST | 431,053 | 390,513 | |||||
184 | CONSTELLATION SOFTWARE, INC. | 70,808 | 256,965 | |||||
112,500 | CORUS ENTERTAINMENT, INC., CLASS B | 343,872 | 512,055 | |||||
35,200 | DESCARTES SYSTEMS GROUP (THE), INC.(b) | 1,499,323 | 2,147,516 | |||||
27,309 | DOCEBO, INC.(b) | 1,632,650 | 1,173,459 | |||||
6,582 | DOLLARAMA, INC. | 86,132 | 290,787 | |||||
25,600 | DOREL INDUSTRIES, INC., CLASS B(b) | 175,448 | 258,506 | |||||
55,355 | ECN CAPITAL CORP. | 167,414 | 344,895 | |||||
8,813 | ENBRIDGE, INC. | 284,963 | 321,046 | |||||
72,100 | ENERPLUS CORP. | 414,689 | 362,020 | |||||
211 | FAIRFAX FINANCIAL HOLDINGS LTD. | 52,589 | 92,102 | |||||
13,918 | FIRSTSERVICE CORP. | 1,407,748 | 2,065,938 | |||||
1,025 | FORTIS, INC. | 32,011 | 44,476 | |||||
2,389 | FRANCO-NEVADA CORP. | 109,265 | 299,390 | |||||
703 | GEORGE WESTON LTD. | 53,025 | 62,250 | |||||
6,104 | GILDAN ACTIVEWEAR, INC.(b) | 33,435 | 186,807 |
51 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Canada (Cont'd): | ||||||||
19,500 | IA FINANCIAL CORP., INC. | $882,358 | 1,060,265 | |||||
142,187 | IMPERIAL OIL LTD. | 3,721,085 | 3,444,078 | |||||
415 | INTACT FINANCIAL CORP. | 33,776 | 50,855 | |||||
1,100 | INTERNATIONAL PETROLEUM CORP.(b) | 2,833 | 3,569 | |||||
35,289 | KINROSS GOLD CORP. | 70,483 | 235,035 | |||||
2,635 | LOBLAW COS. LTD. | 98,724 | 147,193 | |||||
15,024 | LULULEMON ATHLETICA, INC.(b) | 2,731,614 | 4,608,011 | |||||
9,753 | MAGNA INTERNATIONAL, INC. | 71,192 | 858,966 | |||||
3,590 | MANULIFE FINANCIAL CORP. | 39,610 | 77,216 | |||||
3,233 | METRO, INC. | 64,330 | 147,488 | |||||
19,328 | NATIONAL BANK OF CANADA | 618,005 | 1,312,987 | |||||
6,762 | NUTRIEN LTD. | 114,296 | 364,277 | |||||
6,564 | OPEN TEXT CORP. | 72,477 | 312,974 | |||||
9,017 | PARKLAND CORP. | 278,895 | 270,933 | |||||
4,522 | PEMBINA PIPELINE CORP. | 33,296 | 130,619 | |||||
49,000 | PIZZA PIZZA ROYALTY CORP. | 343,236 | 405,117 | |||||
27,894 | RIOCAN REAL ESTATE INVESTMENT TRUST | 313,497 | 431,939 | |||||
2,701 | RITCHIE BROS. AUCTIONEERS, INC. | 50,064 | 158,144 | |||||
9,320 | ROGERS COMMUNICATIONS, INC., CLASS B | 220,803 | 429,772 | |||||
27,055 | ROYAL BANK OF CANADA | 908,895 | 2,494,520 | |||||
2,970 | SHAW COMMUNICATIONS, INC., CLASS B | 51,544 | 77,234 | |||||
1,375 | SHOPIFY, INC., CLASS A(b) | 371,506 | 1,518,036 | |||||
4,781 | SHOPIFY, INC., CLASS A (NEW YORK EXCHANGE)(b) | 830,336 | 5,290,176 | |||||
12,101 | SUN LIFE FINANCIAL, INC. | 245,097 | 611,550 | |||||
160,724 | SUNCOR ENERGY, INC. | 3,324,601 | 3,359,767 | |||||
3,667 | TC ENERGY CORP. | 103,969 | 168,104 | |||||
31,989 | TECK RESOURCES LTD., CLASS B | 174,290 | 612,696 | |||||
9,096 | TELUS CORP. | 59,716 | 181,167 | |||||
10,700 | TFI INTERNATIONAL, INC. | 328,109 | 802,053 | |||||
8,040 | THOMSON REUTERS CORP. | 206,603 | 704,324 | |||||
30,009 | TORONTO-DOMINION BANK (THE) | 557,653 | 1,957,140 | |||||
31,200 | TOURMALINE OIL CORP. | 584,707 | 593,860 | |||||
104 | TRISURA GROUP LTD.(b) | 490 | 9,849 | |||||
16,800 | WAJAX CORP. | 206,860 | 265,362 | |||||
26,600 | WESTSHORE TERMINALS INVESTMENT CORP. | 397,133 | 410,631 | |||||
6,930 | WHEATON PRECIOUS METALS CORP. | 114,647 | 264,693 | |||||
25,967 | YAMANA GOLD, INC. | 47,753 | 112,819 | |||||
42,346,573 | 73,370,888 | 8.12% | ||||||
Chile: | ||||||||
1,115,900 | AGUAS ANDINAS S.A., CLASS A | 339,399 | 345,240 | |||||
5,893,187 | ENEL CHILE S.A. | 532,931 | 458,737 | |||||
198,200 | VINA CONCHA Y TORO S.A. | 327,546 | 340,313 | |||||
1,199,876 | 1,144,290 | 0.13% | ||||||
China: | ||||||||
290,000 | AGILE GROUP HOLDINGS LTD. | 352,847 | 475,245 | |||||
34,000 | AIRTAC INTERNATIONAL GROUP | 500,090 | 1,197,561 | |||||
291,500 | ASIA CEMENT CHINA HOLDINGS CORP. | 362,392 | 298,846 | |||||
656,000 | CHINA BLUECHEMICAL LTD., CLASS H | 177,444 | 158,640 | |||||
408,000 | CHINA MEDICAL SYSTEM HOLDINGS LTD. | 472,941 | 807,172 | |||||
1,191,000 | CHINA SUNTIEN GREEN ENERGY CORP. LTD., CLASS H | 329,834 | 455,007 | |||||
1,474,000 | FRIENDTIMES, INC.(f) | 541,834 | 527,099 | |||||
333,000 | HENGAN INTERNATIONAL GROUP CO. LTD. | 2,349,436 | 2,188,845 | |||||
187,500 | NETDRAGON WEBSOFT HOLDINGS LTD. | 425,716 | 477,547 | |||||
182,800 | SHENZHOU INTERNATIONAL GROUP HOLDINGS LTD. | 3,828,238 | 3,788,101 | |||||
161,953 | SINOSEAL HOLDING CO. LTD., CLASS A | 1,035,478 | 1,154,023 | |||||
65,555 | TENCENT HOLDINGS LTD. | 439,983 | 5,143,817 | |||||
325,318 | WUXI BIOLOGICS CAYMAN, INC.(b)(d) | 3,273,702 | 4,073,746 | |||||
412,000 | ZHEJIANG EXPRESSWAY CO. LTD., CLASS H | 352,185 | 365,146 | |||||
14,442,120 | 21,110,795 | 2.34% | ||||||
Czech Republic: | ||||||||
701 | PHILIP MORRIS CR A.S. | 402,293 | 494,497 | |||||
402,293 | 494,497 | 0.05% | ||||||
Denmark: | ||||||||
6,206 | ALK-ABELLO A/S(b) | 1,787,530 | 2,357,854 | |||||
2,366 | AMBU A/S, CLASS B | 103,268 | 111,115 | |||||
44 | AP MOLLER - MAERSK A/S, CLASS A | 35,561 | 95,793 |
52 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Denmark (Cont'd): | ||||||||
65 | AP MOLLER - MAERSK A/S, CLASS B | $52,319 | 150,991 | |||||
1,537 | CARLSBERG A.S., CLASS B | 70,497 | 236,150 | |||||
1,178 | CHR HANSEN HOLDING A/S(b) | 71,480 | 107,043 | |||||
1,500 | COLOPLAST A/S, CLASS B | 27,666 | 225,547 | |||||
22,200 | D/S NORDEN A/S | 318,702 | 514,468 | |||||
6,700 | DANSKE BANK A/S | 54,825 | 125,376 | |||||
4,348 | DEMANT A/S(b) | 81,241 | 184,181 | |||||
45,396 | DSV PANALPINA A/S | 4,423,524 | 8,906,369 | |||||
804 | GENMAB A/S(b) | 100,710 | 264,525 | |||||
6,944 | ISS A/S(b) | 96,080 | 129,449 | |||||
22,377 | NOVO NORDISK A/S, CLASS B | 321,958 | 1,516,024 | |||||
2,460 | NOVOZYMES A/S, CLASS B | 38,505 | 157,569 | |||||
864 | ORSTED A/S(d) | 68,168 | 139,545 | |||||
6,500 | PANDORA A/S | 182,141 | 696,394 | |||||
32,200 | ROYAL UNIBREW A/S | 2,338,974 | 3,367,592 | |||||
2,699 | SOLAR A/S, CLASS B | 116,641 | 204,023 | |||||
3,250 | TOPDANMARK A/S | 33,362 | 148,686 | |||||
3,362 | VESTAS WIND SYSTEMS A/S | 160,514 | 690,076 | |||||
10,483,666 | 20,328,770 | 2.25% | ||||||
Egypt: | ||||||||
323,300 | EASTERN CO. S.A.E. | 244,707 | 234,903 | |||||
244,707 | 234,903 | 0.03% | ||||||
Finland: | ||||||||
2,770 | ELISA OYJ | 86,574 | 166,122 | |||||
5,584 | KESKO OYJ, CLASS B | 30,705 | 170,781 | |||||
5,273 | KONE OYJ, CLASS B | 105,699 | 430,753 | |||||
21,225 | NESTE OYJ | 67,704 | 1,126,547 | |||||
2,767 | NOKIAN RENKAAT OYJ | 44,372 | 100,201 | |||||
1,960 | ORION OYJ, CLASS B | 49,561 | 78,539 | |||||
19,375 | QT GROUP OYJ(b) | 1,351,269 | 2,031,263 | |||||
36,100 | SANOMA OYJ | 389,480 | 606,230 | |||||
18,590 | STORA ENSO OYJ (REGISTERED) | 105,291 | 346,737 | |||||
11,934 | UPM-KYMMENE OYJ | 99,929 | 428,667 | |||||
1,849 | VALMET OYJ | 14,443 | 67,240 | |||||
2,345,027 | 5,553,080 | 0.61% | ||||||
France: | ||||||||
1,142 | AIR LIQUIDE S.A. | 187,780 | 186,554 | |||||
11,027 | AIRBUS S.E.(b) | 366,293 | 1,248,394 | |||||
4,707 | ARKEMA S.A. | 419,345 | 570,482 | |||||
27,762 | AXA S.A. | 358,341 | 745,055 | |||||
1,041 | BNP PARIBAS S.A.(b) | 51,252 | 63,334 | |||||
3,062 | CAPGEMINI S.E. | 111,713 | 521,026 | |||||
4,138 | CARREFOUR S.A. | 71,969 | 74,949 | |||||
19,252 | CIE DE SAINT-GOBAIN(b) | 430,348 | 1,136,066 | |||||
5,399 | CIE DES ALPES(b) | 143,643 | 138,658 | |||||
3,235 | CIE GENERALE DES ETABLISSEMENTS MICHELIN S.C.A. | 167,080 | 484,264 | |||||
37,390 | COFACE S.A.(b) | 449,179 | 413,918 | |||||
7,706 | COVIVIO | 482,654 | 659,688 | |||||
35,568 | CREDIT AGRICOLE S.A.(b) | 349,163 | 514,917 | |||||
102,040 | DANONE S.A. | 6,548,092 | 7,000,245 | |||||
209 | DASSAULT AVIATION S.A.(b) | 231,949 | 232,594 | |||||
1,736 | EDENRED | 25,484 | 90,675 | |||||
417 | EIFFAGE S.A.(b) | 34,325 | 41,742 | |||||
4,785 | ENGIE S.A.(b) | 49,329 | 67,926 | |||||
970 | ESSILORLUXOTTICA S.A. | 88,277 | 158,058 | |||||
591 | ESSILORLUXOTTICA S.A. (EURONEXT PARIS EXCHANGE) | 60,581 | 96,232 | |||||
2,901 | EURAZEO S.E.(b) | 76,265 | 220,790 | |||||
3,561 | EUROFINS SCIENTIFIC S.E.(b) | 313,124 | 340,384 | |||||
297 | FAURECIA S.E.(b) | 15,885 | 15,805 | |||||
553 | FAURECIA S.E. (EURONEST PARIS EXCHANGE)(b) | 30,658 | 29,439 | |||||
564 | GECINA S.A. | 51,331 | 77,649 | |||||
9,197 | GETLINK S.E.(b) | 70,409 | 141,072 | |||||
46 | HERMES INTERNATIONAL | 50,242 | 50,923 | |||||
3,791 | ILIAD S.A. | 536,903 | 720,649 | |||||
3,399 | INFOTEL S.A. | 145,404 | 190,133 | |||||
6,762 | IPSEN S.A. | 538,954 | 580,065 |
53 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
France (Cont'd): | ||||||||
9,500 | KAUFMAN & BROAD S.A. | $362,957 | 410,533 | |||||
1,026 | KERING S.A. | 174,510 | 708,198 | |||||
4,545 | KLEPIERRE S.A. | 71,744 | 105,985 | |||||
4,848 | LEGRAND S.A. | 109,851 | 450,954 | |||||
6,266 | L'OREAL S.A. | 661,338 | 2,401,372 | |||||
15,050 | LVMH MOET HENNESSY LOUIS VUITTON S.E. | 2,160,423 | 10,026,474 | |||||
14,296 | MERSEN S.A.(b) | 465,081 | 497,918 | |||||
8,798 | NEXITY S.A. | 431,993 | 434,157 | |||||
4,443 | ORANGE S.A. | 52,948 | 54,734 | |||||
20,808 | PERNOD RICARD S.A. | 3,181,451 | 3,905,467 | |||||
23,074 | RENAULT S.A.(b) | 423,958 | 999,284 | |||||
15,000 | RUBIS S.C.A. | 702,061 | 710,656 | |||||
19,356 | SAFRAN S.A.(b) | 1,893,290 | 2,634,194 | |||||
18,127 | SANOFI | 1,018,143 | 1,790,947 | |||||
278 | SCHNEIDER ELECTRIC S.E. | 8,838 | 42,455 | |||||
7,138 | SCHNEIDER ELECTRIC S.E. (EURONEXT PARIS EXCHANGE) | 267,356 | 1,090,288 | |||||
1,821 | SCOR S.E.(b) | 36,624 | 62,143 | |||||
2,146 | SEB S.A. | 361,091 | 378,516 | |||||
13,970 | SOCIETE GENERALE S.A.(b) | 192,352 | 365,578 | |||||
3,699 | SOCIETE POUR L'INFORMATIQUE INDUSTRIELLE | 108,264 | 110,181 | |||||
7,150 | SODEXO S.A.(b) | 647,363 | 685,709 | |||||
32,364 | SODEXO S.A. (EURONEXT PARIS EXCHANGE)(b) | 2,820,501 | 3,103,818 | |||||
8,904 | SOITEC(b) | 732,774 | 1,819,992 | |||||
51,800 | TELEVISION FRANCAISE 1(b) | 458,222 | 471,995 | |||||
1,413 | THALES S.A. | 81,763 | 140,383 | |||||
21,031 | TOTAL S.E. | 752,228 | 980,973 | |||||
1,075 | UNIBAIL-RODAMCO-WESTFIELD(b) | 90,893 | 86,153 | |||||
3,269 | VALEO S.A. | 58,895 | 111,058 | |||||
13,514 | VEOLIA ENVIRONNEMENT S.A. | 143,775 | 346,434 | |||||
10,500 | VICAT S.A. | 406,419 | 509,773 | |||||
8,179 | VINCI S.A. | 345,228 | 837,915 | |||||
105,169 | VIVENDI S.A. | 2,332,360 | 3,453,287 | |||||
6,004 | WENDEL S.E. | 462,932 | 745,630 | |||||
34,473,598 | 57,284,840 | 6.34% | ||||||
Georgia: | ||||||||
21,875 | BANK OF GEORGIA GROUP PLC(b) | 355,261 | 331,726 | |||||
355,261 | 331,726 | 0.04% | ||||||
Germany: | ||||||||
3,994 | ADIDAS A.G.(b) | 192,837 | 1,246,818 | |||||
9,283 | ALLIANZ S.E. (REGISTERED) | 904,298 | 2,362,844 | |||||
38,556 | AROUNDTOWN S.A. | 192,935 | 274,453 | |||||
6,098 | AURUBIS A.G. | 286,000 | 505,155 | |||||
13,539 | BASF S.E. | 453,717 | 1,124,740 | |||||
9,628 | BAYER A.G. (REGISTERED) | 460,954 | 609,249 | |||||
8,787 | BAYERISCHE MOTOREN WERKE A.G. | 501,991 | 911,640 | |||||
2,206 | BEIERSDORF A.G. | 146,950 | 233,087 | |||||
1,188 | BRENNTAG S.E. | 43,546 | 101,423 | |||||
1,042 | CONTINENTAL A.G. | 57,443 | 137,714 | |||||
23,800 | CROPENERGIES A.G. | 337,485 | 333,249 | |||||
1,858 | DELIVERY HERO S.E.(b)(d) | 87,405 | 240,766 | |||||
4,525 | DEUTSCHE BOERSE A.G. | 273,151 | 751,927 | |||||
15,996 | DEUTSCHE EUROSHOP A.G.(b) | 435,440 | 333,151 | |||||
37,890 | DEUTSCHE PFANDBRIEFBANK A.G.(b)(d) | 469,871 | 440,781 | |||||
18,572 | DEUTSCHE POST A.G. (REGISTERED) | 230,768 | 1,017,533 | |||||
33,147 | DEUTSCHE TELEKOM A.G. (REGISTERED) | 373,793 | 667,423 | |||||
9,111 | DEUTSCHE WOHNEN S.E. | 295,363 | 425,028 | |||||
82,454 | E.ON S.E. | 724,674 | 959,589 | |||||
36,970 | ECKERT & ZIEGLER STRAHLEN- UND MEDIZINTECHNIK A.G. | 1,381,209 | 2,950,289 | |||||
23,600 | FREENET A.G. | 557,311 | 564,862 | |||||
69,697 | FRESENIUS MEDICAL CARE A.G. & CO. KGAA | 5,265,037 | 5,126,336 | |||||
5,544 | FRESENIUS S.E. & CO. KGAA | 99,810 | 246,925 | |||||
17,795 | HAMBURGER HAFEN UND LOGISTIK A.G. | 443,620 | 393,992 | |||||
2,246 | HANNOVER RUECK S.E. | 94,321 | 410,359 | |||||
3,671 | HEIDELBERGCEMENT A.G. | 131,196 | 333,464 | |||||
26,638 | HELLA GMBH & CO. KGAA(b) | 1,225,907 | 1,493,820 |
54 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Germany (Cont'd): | ||||||||
653 | HELLOFRESH S.E.(b) | $50,654 | 48,703 | |||||
2,730 | HOCHTIEF A.G. | 118,140 | 244,272 | |||||
2,384 | HYPOPORT S.E.(b) | 871,607 | 1,263,664 | |||||
21,681 | INFINEON TECHNOLOGIES A.G. | 131,828 | 919,252 | |||||
6,898 | JOST WERKE A.G.(b)(d) | 220,852 | 436,821 | |||||
2,159 | MERCK KGAA | 96,589 | 369,145 | |||||
3,139 | MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT A.G. IN MUENCHEN (REGISTERED) | 392,853 | 966,658 | |||||
19,095 | PROSIEBENSAT.1 MEDIA S.E.(b) | 286,490 | 390,417 | |||||
7,700 | PUBLITY A.G.(b)(f) | 286,657 | 283,084 | |||||
5,500 | RHEINMETALL A.G. | 673,357 | 557,267 | |||||
4,035 | RWE A.G. | 88,431 | 158,138 | |||||
17,103 | SAP S.E. | 683,559 | 2,094,319 | |||||
13,327 | SIEMENS A.G. (REGISTERED) | 815,103 | 2,188,000 | |||||
6,383 | SIEMENS ENERGY A.G.(b) | 163,952 | 229,126 | |||||
3,600 | SILTRONIC A.G.(b)(f) | 264,192 | 580,487 | |||||
14,908 | TEAMVIEWER A.G.(b)(d) | 723,646 | 636,892 | |||||
188,717 | TELEFONICA DEUTSCHLAND HOLDING A.G. | 459,389 | 553,271 | |||||
141,527 | TUI A.G. - CDI(b)(f) | 344,740 | 716,441 | |||||
4,171 | UNIPER S.E. | 46,925 | 151,044 | |||||
404 | VOLKSWAGEN A.G. | 40,235 | 146,490 | |||||
7,564 | VONOVIA S.E. | 341,426 | 494,076 | |||||
1,860 | ZALANDO S.E.(b)(d) | 124,846 | 182,437 | |||||
22,892,503 | 37,806,621 | 4.18% | ||||||
Greece: | ||||||||
6,746 | HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A. | 54,075 | 108,223 | |||||
54,075 | 108,223 | 0.01% | ||||||
Hong Kong: | ||||||||
762,200 | AIA GROUP LTD. | 4,834,330 | 9,245,502 | |||||
46,000 | BOC HONG KONG HOLDINGS LTD. | 63,016 | 160,649 | |||||
1,462,000 | CITIC TELECOM INTERNATIONAL HOLDINGS LTD. | 547,331 | 517,166 | |||||
52,544 | CK ASSET HOLDINGS LTD. | 147,486 | 319,018 | |||||
24,544 | CK HUTCHISON HOLDINGS LTD. | 120,441 | 195,585 | |||||
36,500 | CLP HOLDINGS LTD. | 254,639 | 354,478 | |||||
998,000 | FIRST PACIFIC CO. LTD. | 376,906 | 328,640 | |||||
18,000 | GALAXY ENTERTAINMENT GROUP LTD.(b) | 39,054 | 162,077 | |||||
2,228,000 | GEMDALE PROPERTIES & INVESTMENT CORP. LTD. | 413,300 | 338,179 | |||||
15,300 | HANG SENG BANK LTD. | 175,457 | 296,195 | |||||
27,331 | HENDERSON LAND DEVELOPMENT CO. LTD. | 52,934 | 122,696 | |||||
179,000 | HONG KONG & CHINA GAS CO. LTD. | 270,832 | 283,210 | |||||
11,800 | HONG KONG EXCHANGES & CLEARING LTD. | 203,281 | 694,269 | |||||
17,200 | HONGKONG LAND HOLDINGS LTD. | 80,140 | 84,452 | |||||
40,500 | LINK REIT | 84,196 | 368,840 | |||||
30,500 | MTR CORP. LTD. | 88,703 | 172,821 | |||||
28,000 | NEW WORLD DEVELOPMENT CO. LTD. | 132,032 | 144,788 | |||||
388,000 | PAX GLOBAL TECHNOLOGY LTD. | 368,074 | 416,743 | |||||
172,123 | PCCW LTD. | 70,484 | 96,976 | |||||
392,000 | PERFECT SHAPE MEDICAL LTD. | 140,251 | 223,378 | |||||
40,000 | POWER ASSETS HOLDINGS LTD. | 213,592 | 236,169 | |||||
185,000 | SHENZHEN INTERNATIONAL HOLDINGS LTD. | 343,057 | 309,837 | |||||
138,000 | SITC INTERNATIONAL HOLDINGS CO. LTD. | 141,657 | 467,746 | |||||
8,000 | SUN HUNG KAI PROPERTIES LTD. | 65,036 | 121,223 | |||||
40,000 | SWIRE PACIFIC LTD., CLASS A | 207,758 | 299,970 | |||||
25,000 | TECHTRONIC INDUSTRIES CO. LTD. | 338,140 | 427,702 | |||||
600,000 | UNITED LABORATORIES INTERNATIONAL HOLDINGS (THE) LTD. | 352,686 | 443,010 | |||||
469,800 | VALUETRONICS HOLDINGS LTD. | 216,550 | 211,291 | |||||
83,500 | WH GROUP LTD.(d) | 45,547 | 67,667 | |||||
21,000 | WHARF HOLDINGS (THE) LTD. | 43,463 | 55,646 | |||||
418,000 | XINYI GLASS HOLDINGS LTD. | 481,711 | 1,365,714 | |||||
358,000 | YUEXIU TRANSPORT INFRASTRUCTURE LTD. | 311,883 | 226,107 | |||||
11,223,967 | 18,757,744 | 2.08% | ||||||
India: | ||||||||
71,194 | COMPUTER AGE MANAGEMENT SERVICES LTD. | 1,462,061 | 1,797,919 | |||||
106,011 | CREDITACCESS GRAMEEN LTD.(b) | 1,155,022 | 972,551 | |||||
59,400 | CYIENT LTD. | 429,128 | 526,010 |
55 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
India (Cont'd): | ||||||||
687,800 | FIRSTSOURCE SOLUTIONS LTD. | $375,974 | 1,071,487 | |||||
429,309 | HCL TECHNOLOGIES LTD. | 3,241,127 | 5,769,920 | |||||
96,600 | HDFC BANK LTD. ADR(b)(e) | 3,766,079 | 7,504,854 | |||||
114,700 | HINDUSTAN PETROLEUM CORP. LTD. | 431,628 | 367,881 | |||||
507,953 | INDIAN ENERGY EXCHANGE LTD.(d) | 1,242,436 | 2,312,106 | |||||
593,770 | INDUS TOWERS LTD. | 2,438,222 | 1,989,689 | |||||
40,400 | JUBILANT INGREVIA LTD.(b) | 36,087 | 143,501 | |||||
40,400 | JUBILANT PHARMOVA LTD. | 278,630 | 376,351 | |||||
42,000 | MPHASIS LTD. | 670,244 | 1,020,506 | |||||
322,000 | NMDC LTD. | 521,633 | 596,095 | |||||
1,107,100 | SJVN LTD. | 377,345 | 394,453 | |||||
229,500 | SYNGENE INTERNATIONAL LTD.(b)(d) | 1,009,973 | 1,705,859 | |||||
31,880 | WNS HOLDINGS LTD. ADR(b)(e) | 2,004,488 | 2,309,387 | |||||
19,440,077 | 28,858,569 | 3.19% | ||||||
Indonesia: | ||||||||
4,097,000 | ADARO ENERGY TBK PT | 470,816 | 331,427 | |||||
7,310,800 | BANK BTPN SYARIAH TBK PT | 1,866,679 | 1,751,572 | |||||
2,022,800 | MATAHARI DEPARTMENT STORE TBK PT(b) | 317,587 | 186,613 | |||||
2,655,082 | 2,269,612 | 0.25% | ||||||
Ireland: | ||||||||
25,114 | ACCENTURE PLC, CLASS A | 2,922,514 | 6,937,743 | |||||
1,530 | AERCAP HOLDINGS N.V.(b) | 38,135 | 89,872 | |||||
98,175 | CRH PLC | 2,985,105 | 4,601,739 | |||||
65,382 | DALATA HOTEL GROUP PLC(b) | 368,686 | 323,945 | |||||
2,146 | DCC PLC | 158,386 | 186,088 | |||||
152,311 | EXPERIAN PLC | 2,608,932 | 5,243,100 | |||||
1,008 | FLUTTER ENTERTAINMENT PLC(b) | 96,699 | 216,676 | |||||
12,468 | ICON PLC(b) | 825,262 | 2,448,341 | |||||
11,485 | JAMES HARDIE INDUSTRIES PLC - CDI | 103,360 | 347,542 | |||||
3,255 | KERRY GROUP PLC, CLASS A | 214,084 | 407,289 | |||||
724 | KINGSPAN GROUP PLC | 50,166 | 61,385 | |||||
17,539 | RYANAIR HOLDINGS PLC(b) | 235,787 | 340,297 | |||||
1,812 | SMURFIT KAPPA GROUP PLC | 50,442 | 85,337 | |||||
10,657,558 | 21,289,354 | 2.36% | ||||||
Isle of Man: | ||||||||
8,963 | ENTAIN PLC(b) | 96,395 | 187,570 | |||||
96,395 | 187,570 | 0.02% | ||||||
Israel: | ||||||||
59,916 | BANK HAPOALIM B.M.(b) | 291,187 | 465,621 | |||||
1,532 | CHECK POINT SOFTWARE TECHNOLOGIES LTD.(b) | 119,497 | 171,538 | |||||
115,300 | ICL GROUP LTD. | 461,518 | 674,949 | |||||
29,044 | MIZRAHI TEFAHOT BANK LTD. | 475,042 | 757,050 | |||||
3,072 | NICE LTD.(b) | 169,095 | 663,451 | |||||
1,516,339 | 2,732,609 | 0.30% | ||||||
Italy: | ||||||||
285,200 | A2A S.P.A. | 555,842 | 519,073 | |||||
18,874 | ASSICURAZIONI GENERALI S.P.A. | 228,503 | 377,598 | |||||
34,463 | ATLANTIA S.P.A.(b) | 455,057 | 644,615 | |||||
25,272 | BANCA MEDIOLANUM S.P.A.(b) | 87,322 | 238,574 | |||||
84,847 | ENEL S.P.A. | 298,823 | 845,054 | |||||
4,500 | ENI S.P.A. | 39,200 | 55,378 | |||||
25,555 | FERRARI N.V. | 3,910,674 | 5,344,855 | |||||
1,022 | FERRARI N.V. (NEW YORK EXCHANGE) | 7,571 | 213,884 | |||||
40,466 | INTERPUMP GROUP S.P.A. | 728,244 | 2,039,593 | |||||
26,311 | INTESA SANPAOLO S.P.A.(b) | 41,384 | 71,290 | |||||
375,900 | IREN S.P.A. | 999,472 | 1,038,567 | |||||
28,600 | LA DORIA S.P.A. | 361,264 | 603,706 | |||||
61,176 | LEONARDO S.P.A. | 477,219 | 495,301 | |||||
33,456 | MEDIOBANCA BANCA DI CREDITO FINANZIARIO S.P.A.(b) | 336,447 | 370,995 | |||||
3,544 | NEXI S.P.A.(b)(d) | 62,933 | 61,842 | |||||
969 | RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A. | 53,055 | 52,124 | |||||
70,149 | SNAM S.P.A. | 252,658 | 388,943 | |||||
49,687 | SOCIETA CATTOLICA DI ASSICURAZIONI S.C.(b)(f) | 431,869 | 291,631 | |||||
231,262 | TENARIS S.A. | 2,055,795 | 2,606,784 | |||||
22,527 | TENARIS S.A. ADR(e) | 482,262 | 511,138 |
56 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Italy (Cont'd): | ||||||||
39,609 | TERNA RETE ELETTRICA NAZIONALE S.P.A. | $160,166 | 299,042 | |||||
17,988 | UNICREDIT S.P.A.(b) | 153,134 | 190,125 | |||||
71,681 | UNIPOL GRUPPO S.P.A.(b) | 376,844 | 399,791 | |||||
95,230 | UNIPOLSAI ASSICURAZIONI S.P.A. | 153,826 | 286,338 | |||||
12,709,564 | 17,946,241 | 1.99% | ||||||
Japan: | ||||||||
1,500 | ABC-MART, INC. | 56,540 | 84,534 | |||||
30,600 | ADEKA CORP. | 390,224 | 600,255 | |||||
4,700 | AEON CO. LTD. | 52,433 | 140,034 | |||||
600 | AEON REIT INVESTMENT CORP. | 728,822 | 807,406 | |||||
4,900 | AI INSIDE, INC.(b)(f) | 3,117,524 | 1,573,222 | |||||
2,300 | AISIN SEIKI CO. LTD. | 37,584 | 87,243 | |||||
15,000 | AJINOMOTO CO., INC. | 116,767 | 306,909 | |||||
2,500 | ALFRESA HOLDINGS CORP. | 24,420 | 48,160 | |||||
2,400 | ANA HOLDINGS, INC.(b) | 50,566 | 55,749 | |||||
15,600 | ARCS CO. LTD. | 325,913 | 336,867 | |||||
5,500 | ASAHI GROUP HOLDINGS LTD. | 83,346 | 231,723 | |||||
32,500 | ASAHI KASEI CORP. | 157,083 | 374,091 | |||||
22,100 | ASAHI YUKIZAI CORP. | 276,792 | 299,390 | |||||
9,300 | ASANUMA CORP. | 324,412 | 376,284 | |||||
37,000 | ASTELLAS PHARMA, INC. | 236,149 | 568,742 | |||||
1,500 | BANDAI NAMCO HOLDINGS, INC. | 14,652 | 106,927 | |||||
14,800 | BAYCURRENT CONSULTING, INC. | 1,320,407 | 3,375,028 | |||||
27,700 | BENGO4.COM, INC.(b)(f) | 2,952,468 | 2,178,975 | |||||
13,800 | BRIDGESTONE CORP. | 205,726 | 557,733 | |||||
32,100 | BROTHER INDUSTRIES LTD. | 541,898 | 709,983 | |||||
48,400 | BUNKA SHUTTER CO. LTD. | 363,296 | 460,723 | |||||
2,700 | CENTRAL JAPAN RAILWAY CO. | 229,516 | 403,567 | |||||
53,000 | CHUBU ELECTRIC POWER CO., INC. | 655,961 | 682,095 | |||||
13,500 | CHUGAI PHARMACEUTICAL CO. LTD. | 82,278 | 547,315 | |||||
4,300 | CHUGOKU ELECTRIC POWER (THE) CO., INC. | 50,812 | 52,777 | |||||
28,400 | CREDIT SAISON CO. LTD. | 361,395 | 340,620 | |||||
27,500 | CRESCO LTD. | 342,183 | 400,610 | |||||
4,000 | DAI NIPPON PRINTING CO. LTD. | 70,827 | 83,775 | |||||
29,100 | DAIICHI SANKYO CO. LTD. | 150,922 | 847,573 | |||||
4,600 | DAIKIN INDUSTRIES LTD. | 136,302 | 927,270 | |||||
19,000 | DAITRON CO. LTD. | 328,045 | 309,045 | |||||
10,000 | DAIWA HOUSE INDUSTRY CO. LTD. | 103,706 | 292,707 | |||||
17,500 | DAIWA SECURITIES GROUP, INC. | 60,410 | 90,420 | |||||
28,000 | DAIWABO HOLDINGS CO. LTD.(f) | 223,879 | 425,342 | |||||
8,200 | DENSO CORP. | 185,234 | 544,099 | |||||
3,300 | DENTSU GROUP, INC. | 56,753 | 105,803 | |||||
3,600 | EAST JAPAN RAILWAY CO. | 188,040 | 254,869 | |||||
19,700 | EBARA CORP. | 478,039 | 803,301 | |||||
17,800 | ECO'S CO. LTD.(f) | 285,796 | 313,962 | |||||
3,400 | EISAI CO. LTD. | 112,861 | 227,813 | |||||
28,300 | ELEMATEC CORP. | 262,160 | 260,189 | |||||
20,500 | ENEOS HOLDINGS, INC. | 76,331 | 92,868 | |||||
20,400 | EXEDY CORP. | 319,517 | 308,234 | |||||
2,600 | FANUC CORP. | 182,941 | 614,866 | |||||
1,300 | FAST RETAILING CO. LTD. | 188,734 | 1,034,717 | |||||
50,120 | FEED ONE CO. LTD. | 432,664 | 414,177 | |||||
19,800 | FERROTEC HOLDINGS CORP.(f) | 139,635 | 395,016 | |||||
34,200 | FJ NEXT CO. LTD. | 337,056 | 346,556 | |||||
13,600 | FREEE K.K.(b)(f) | 250,426 | 1,154,572 | |||||
31,700 | FUJI CORP. | 564,353 | 811,646 | |||||
4,700 | FUJI ELECTRIC CO. LTD. | 61,631 | 195,683 | |||||
8,300 | FUJIBO HOLDINGS, INC. | 227,728 | 299,842 | |||||
8,700 | FUJIFILM HOLDINGS CORP. | 163,215 | 516,303 | |||||
2,300 | FUJITSU LTD. | 106,202 | 332,355 | |||||
41,400 | FUKUOKA FINANCIAL GROUP, INC. | 523,630 | 784,815 | |||||
35,800 | FURUNO ELECTRIC CO. LTD. | 322,070 | 353,393 | |||||
8,600 | GMO FINANCIAL GATE, INC.(f) | 1,759,208 | 1,777,864 | |||||
400 | GMO PAYMENT GATEWAY, INC. | 36,072 | 53,032 | |||||
119,800 | HACHIJUNI BANK (THE) LTD. | 476,117 | 436,030 | |||||
3,000 | HAMAMATSU PHOTONICS K.K. | 52,686 | 177,196 | |||||
2,200 | HANKYU HANSHIN HOLDINGS, INC. | 51,221 | 70,436 |
57 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
55,300 | HASEKO CORP. | $721,604 | 773,626 | |||||
11,200 | HENNGE K.K.(b)(f) | 279,723 | 747,510 | |||||
341 | HIROSE ELECTRIC CO. LTD. | 29,327 | 52,417 | |||||
19,000 | HITACHI LTD. | 295,895 | 858,668 | |||||
7,000 | HITACHI METALS LTD.(b) | 55,542 | 115,186 | |||||
5,300 | HOYA CORP. | 112,594 | 622,502 | |||||
5,700 | HULIC CO. LTD. | 48,487 | 67,180 | |||||
26,100 | INNOTECH CORP. | 231,054 | 313,035 | |||||
1,300 | INVINCIBLE INVESTMENT CORP. | 761,926 | 490,178 | |||||
37,700 | ITOCHU CORP. | 748,855 | 1,221,313 | |||||
63,100 | IWAKI & CO. LTD. | 295,237 | 368,143 | |||||
21,900 | JACCS CO. LTD. | 467,646 | 448,779 | |||||
30,400 | JAPAN AVIATION ELECTRONICS INDUSTRY LTD. | 458,316 | 491,452 | |||||
53,400 | JAPAN ELEVATOR SERVICE HOLDINGS CO. LTD. | 570,143 | 1,147,817 | |||||
7,000 | JAPAN EXCHANGE GROUP, INC. | 56,090 | 164,055 | |||||
2,800 | JAPAN TOBACCO, INC. | 53,251 | 53,737 | |||||
4,500 | KAJIMA CORP. | 25,084 | 63,847 | |||||
26,000 | KANAMOTO CO. LTD. | 597,667 | 676,505 | |||||
57,300 | KANDENKO CO. LTD. | 547,713 | 502,491 | |||||
12,300 | KANEKA CORP. | 387,968 | 505,441 | |||||
4,800 | KANSAI ELECTRIC POWER (THE) CO., INC. | 46,503 | 51,934 | |||||
2,000 | KANSAI PAINT CO. LTD. | 10,449 | 53,375 | |||||
10,000 | KAO CORP. | 208,279 | 660,465 | |||||
29,762 | KDDI CORP. | 238,488 | 912,549 | |||||
1,200 | KEIO CORP. | 36,571 | 80,632 | |||||
2,400 | KEISEI ELECTRIC RAILWAY CO. LTD. | 22,185 | 78,465 | |||||
14,424 | KEYENCE CORP. | 1,441,502 | 6,548,607 | |||||
6,000 | KIKKOMAN CORP. | 52,867 | 357,101 | |||||
9,900 | KIRIN HOLDINGS CO. LTD. | 101,976 | 189,595 | |||||
67,600 | KITZ CORP. | 466,295 | 391,344 | |||||
62,900 | KOBE BUSSAN CO. LTD. | 1,253,774 | 1,684,340 | |||||
2,300 | KONAMI HOLDINGS CORP. | 50,313 | 136,889 | |||||
21,800 | KUBOTA CORP. | 139,630 | 496,050 | |||||
6,900 | KUREHA CORP. | 316,117 | 476,098 | |||||
4,000 | KYOCERA CORP. | 133,049 | 253,782 | |||||
49,000 | KYOSAN ELECTRIC MANUFACTURING CO. LTD. | 177,172 | 182,326 | |||||
5,000 | KYOWA KIRIN CO. LTD. | 54,616 | 149,469 | |||||
14,900 | KYUSHU RAILWAY CO. | 317,651 | 346,377 | |||||
1,300 | LAWSON, INC. | 60,731 | 63,753 | |||||
13,100 | LINTEC CORP. | 259,789 | 296,251 | |||||
5,100 | M3, INC. | 59,204 | 348,721 | |||||
1,900 | MAKITA CORP. | 46,157 | 81,422 | |||||
7,100 | MARUI GROUP CO. LTD. | 41,710 | 133,311 | |||||
14,600 | MATSUMOTOKIYOSHI HOLDINGS CO. LTD. | 542,531 | 650,061 | |||||
12,100 | MAZDA MOTOR CORP.(b) | 75,832 | 98,570 | |||||
27,300 | MEDIA DO CO. LTD. | 1,639,936 | 1,619,878 | |||||
2,400 | MEIJI HOLDINGS CO. LTD. | 38,749 | 154,328 | |||||
12,800 | MELCO HOLDINGS, INC. | 351,215 | 446,223 | |||||
6,200 | MERCARI, INC.(b) | 176,315 | 281,093 | |||||
8,700 | MINEBEA MITSUMI, INC. | 84,406 | 222,283 | |||||
597 | MIRAI CORP. | 328,940 | 259,073 | |||||
24,900 | MITSUBISHI CHEMICAL HOLDINGS CORP. | 102,543 | 186,629 | |||||
29,000 | MITSUBISHI CORP. | 544,828 | 819,779 | |||||
40,000 | MITSUBISHI ELECTRIC CORP. | 322,860 | 609,257 | |||||
15,000 | MITSUBISHI ESTATE CO. LTD. | 173,227 | 261,797 | |||||
9,200 | MITSUBISHI GAS CHEMICAL CO., INC. | 84,078 | 225,503 | |||||
11,300 | MITSUBISHI UFJ FINANCIAL GROUP, INC. | 51,838 | 60,386 | |||||
26,600 | MITSUBISHI UFJ LEASE & FINANCE CO. LTD. | 82,462 | 160,477 | |||||
20,800 | MITSUBOSHI BELTING LTD. | 335,754 | 334,566 | |||||
14,000 | MITSUI & CO. LTD. | 128,045 | 291,063 | |||||
7,400 | MITSUI CHEMICALS, INC. | 87,469 | 233,579 | |||||
24,000 | MITSUI-SOKO HOLDINGS CO. LTD. | 510,010 | 469,921 | |||||
4,600 | MIZUHO FINANCIAL GROUP, INC. | 61,350 | 66,429 | |||||
7,600 | MONOTARO CO. LTD. | 113,793 | 205,504 | |||||
6,080 | MS&AD INSURANCE GROUP HOLDINGS, INC. | 125,874 | 178,405 | |||||
37,400 | MUGEN ESTATE CO. LTD. | 216,786 | 174,629 | |||||
11,000 | MURATA MANUFACTURING CO. LTD. | 171,994 | 878,410 |
58 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
20,200 | NANTO BANK (THE) LTD. | $470,557 | 359,760 | |||||
3,800 | NGK SPARK PLUG CO. LTD. | 38,830 | 65,584 | |||||
2,900 | NH FOODS LTD. | 69,814 | 124,276 | |||||
16,700 | NICHIAS CORP. | 297,341 | 423,816 | |||||
7,800 | NIDEC CORP. | 129,234 | 946,426 | |||||
16,600 | NIKKON HOLDINGS CO. LTD. | 337,754 | 333,274 | |||||
2,600 | NINTENDO CO. LTD. | 285,625 | 1,451,398 | |||||
22 | NIPPON BUILDING FUND, INC. | 90,970 | 129,347 | |||||
1,700 | NIPPON EXPRESS CO. LTD. | 60,747 | 126,512 | |||||
26 | NIPPON PROLOGIS REIT, INC. | 54,492 | 83,477 | |||||
14,300 | NIPPON SYSTEMWARE CO. LTD. | 276,656 | 269,534 | |||||
30,400 | NIPPON TELEGRAPH & TELEPHONE CORP. | 342,697 | 780,283 | |||||
3,100 | NIPPON YUSEN K.K. | 39,009 | 105,690 | |||||
60,900 | NISHI-NIPPON FINANCIAL HOLDINGS, INC. | 426,037 | 437,259 | |||||
5,300 | NISSAN CHEMICAL CORP. | 61,593 | 282,890 | |||||
3,670 | NISSHIN SEIFUN GROUP, INC. | 31,991 | 61,319 | |||||
1,200 | NISSIN FOODS HOLDINGS CO. LTD. | 43,959 | 88,977 | |||||
2,800 | NITORI HOLDINGS CO. LTD. | 102,246 | 541,793 | |||||
3,200 | NITTO DENKO CORP. | 77,639 | 273,398 | |||||
3,500 | NITTO FUJI FLOUR MILLING CO. LTD. | 211,323 | 240,867 | |||||
144,800 | NOMURA HOLDINGS, INC. | 534,256 | 760,323 | |||||
32,900 | NOMURA REAL ESTATE HOLDINGS, INC. | 674,503 | 791,858 | |||||
10,301 | NOMURA RESEARCH INSTITUTE LTD. | 53,983 | 318,636 | |||||
8,300 | NTT DATA CORP. | 48,334 | 128,407 | |||||
13,300 | OBAYASHI CORP. | 58,485 | 121,919 | |||||
58,900 | OISIX RA DAICHI, INC.(b) | 1,925,947 | 1,550,630 | |||||
35,800 | OKI ELECTRIC INDUSTRY CO. LTD.(f) | 358,218 | 371,822 | |||||
33,200 | OLYMPUS CORP. | 211,415 | 686,938 | |||||
1,100 | OMRON CORP. | 31,828 | 85,834 | |||||
5,000 | ONO PHARMACEUTICAL CO. LTD. | 43,040 | 130,504 | |||||
4,800 | ORIENTAL LAND CO. LTD. | 113,097 | 720,704 | |||||
5,500 | OTSUKA HOLDINGS CO. LTD. | 158,190 | 232,816 | |||||
6,000 | PAN PACIFIC INTERNATIONAL HOLDINGS CORP. | 134,819 | 141,486 | |||||
21,600 | PANASONIC CORP. | 133,086 | 277,693 | |||||
4,100 | PERSOL HOLDINGS CO. LTD. | 37,131 | 80,130 | |||||
61,600 | PLAID, INC.(b) | 947,191 | 2,025,053 | |||||
8,400 | RAKUTEN, INC. | 40,327 | 100,064 | |||||
7,900 | RECRUIT HOLDINGS CO. LTD. | 269,012 | 385,350 | |||||
184,100 | RESONA HOLDINGS, INC. | 558,258 | 772,813 | |||||
1,200 | RINNAI CORP. | 52,047 | 134,279 | |||||
16,700 | RION CO. LTD. | 361,264 | 452,472 | |||||
600 | ROHM CO. LTD. | 24,642 | 58,578 | |||||
34,600 | SANKI ENGINEERING CO. LTD. | 423,298 | 454,042 | |||||
13,000 | SANTEN PHARMACEUTICAL CO. LTD. | 85,886 | 178,812 | |||||
13,620 | SBI HOLDINGS, INC. | 110,355 | 369,022 | |||||
3,400 | SECOM CO. LTD. | 133,812 | 285,972 | |||||
7,100 | SEGA SAMMY HOLDINGS, INC. | 66,480 | 110,740 | |||||
49,400 | SEIKITOKYU KOGYO CO. LTD. | 333,527 | 415,366 | |||||
12,800 | SEKISUI CHEMICAL CO. LTD. | 65,116 | 245,654 | |||||
6,600 | SEKISUI HOUSE LTD. | 53,502 | 141,507 | |||||
58,000 | SEVEN & I HOLDINGS CO. LTD. | 1,908,815 | 2,337,810 | |||||
8,500 | SHARP CORP.(f) | 147,068 | 146,625 | |||||
4,000 | SHIMADZU CORP. | 25,419 | 144,683 | |||||
1,500 | SHIMANO, INC. | 58,204 | 357,304 | |||||
9,200 | SHIN-ETSU CHEMICAL CO. LTD. | 461,684 | 1,546,281 | |||||
36,500 | SHINOKEN GROUP CO. LTD. | 314,113 | 417,661 | |||||
4,000 | SHIONOGI & CO. LTD. | 67,679 | 215,019 | |||||
5,800 | SHISEIDO CO. LTD. | 87,058 | 388,779 | |||||
20,200 | SK-ELECTRONICS CO. LTD. | 355,639 | 232,056 | |||||
1,100 | SMC CORP. | 183,450 | 638,889 | |||||
5,200 | SOFTBANK CORP. | 65,780 | 67,557 | |||||
37,200 | SOFTBANK GROUP CORP. | 425,837 | 3,134,577 | |||||
5,700 | SOMPO HOLDINGS, INC. | 114,918 | 218,373 | |||||
23,400 | SONY CORP. | 534,651 | 2,450,422 | |||||
3,300 | STANLEY ELECTRIC CO. LTD. | 41,403 | 98,203 | |||||
5,700 | SUBARU CORP. | 26,572 | 113,459 | |||||
7,800 | SUMITOMO CORP. | 67,035 | 111,091 |
59 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
5,600 | SUMITOMO ELECTRIC INDUSTRIES LTD. | $44,717 | 83,855 | |||||
17,100 | SUMITOMO HEAVY INDUSTRIES LTD. | 494,606 | 474,893 | |||||
5,800 | SUZUKI MOTOR CORP. | 104,611 | 263,220 | |||||
2,600 | SYSMEX CORP. | 51,707 | 280,018 | |||||
13,700 | T RAD CO. LTD.(b) | 264,171 | 252,533 | |||||
72,200 | T&D HOLDINGS, INC. | 714,836 | 929,846 | |||||
2,200 | TAISEI CORP. | 19,821 | 84,841 | |||||
109,800 | TAKARA LEBEN CO. LTD. | 430,207 | 369,884 | |||||
8,000 | TAKEDA PHARMACEUTICAL CO. LTD. | 287,864 | 287,921 | |||||
67,900 | TATSUTA ELECTRIC WIRE AND CABLE CO. LTD. | 299,490 | 385,722 | |||||
1,200 | TDK CORP. | 61,120 | 166,141 | |||||
11,600 | TERUMO CORP. | 117,165 | 418,951 | |||||
2,000 | THK CO. LTD. | 29,290 | 69,180 | |||||
1,500 | TOHO CO. LTD. | 25,533 | 60,826 | |||||
3,600 | TOHO GAS CO. LTD. | 88,559 | 222,064 | |||||
4,100 | TOHOKU ELECTRIC POWER CO., INC. | 31,947 | 38,695 | |||||
14,400 | TOKIO MARINE HOLDINGS, INC. | 359,676 | 684,723 | |||||
35,100 | TOKYO ELECTRIC POWER CO. HOLDINGS, INC.(b) | 99,741 | 116,974 | |||||
3,300 | TOKYO ELECTRON LTD. | 135,391 | 1,394,509 | |||||
6,000 | TOKYO GAS CO. LTD. | 103,615 | 133,439 | |||||
6,900 | TOKYO SEIMITSU CO. LTD. | 218,301 | 314,075 | |||||
51,200 | TOKYO STEEL MANUFACTURING CO. LTD. | 317,332 | 391,659 | |||||
12,500 | TOKYU CORP. | 103,448 | 166,403 | |||||
20,000 | TOKYU FUDOSAN HOLDINGS CORP. | 69,576 | 118,311 | |||||
3,800 | TOPPAN PRINTING CO. LTD. | 54,628 | 64,177 | |||||
3,000 | TOTO LTD. | 30,029 | 184,240 | |||||
75,200 | TOYO CONSTRUCTION CO. LTD. | 312,593 | 390,517 | |||||
3,000 | TOYO SUISAN KAISHA LTD. | 74,690 | 125,988 | |||||
4,000 | TOYOTA INDUSTRIES CORP. | 101,266 | 356,198 | |||||
46,662 | TOYOTA MOTOR CORP. | 1,594,403 | 3,630,976 | |||||
1,700 | TOYOTA TSUSHO CORP. | 14,142 | 71,316 | |||||
900 | TREND MICRO, INC. | 26,539 | 45,030 | |||||
19,200 | UBE INDUSTRIES LTD. | 387,205 | 408,883 | |||||
7,700 | UNICHARM CORP. | 67,055 | 323,021 | |||||
5,500 | USS CO. LTD. | 64,763 | 107,492 | |||||
7,200 | V TECHNOLOGY CO. LTD. | 262,608 | 354,392 | |||||
19,000 | VALOR HOLDINGS CO. LTD. | 422,334 | 426,760 | |||||
3,000 | WELCIA HOLDINGS CO. LTD. | 54,205 | 102,958 | |||||
4,100 | WEST JAPAN RAILWAY CO. | 134,756 | 227,171 | |||||
1,300 | YAKULT HONSHA CO. LTD. | 22,252 | 65,748 | |||||
16,300 | YAMADA HOLDINGS CO. LTD. | 56,674 | 87,885 | |||||
46,400 | YAMAGUCHI FINANCIAL GROUP, INC. | 326,523 | 308,425 | |||||
4,600 | YAMAHA MOTOR CO. LTD. | 46,377 | 112,627 | |||||
4,000 | YAMAZAKI BAKING CO. LTD. | 44,679 | 64,629 | |||||
5,000 | YASKAWA ELECTRIC CORP. | 48,019 | 248,815 | |||||
3,100 | YOKOGAWA ELECTRIC CORP. | 39,797 | 57,058 | |||||
10,100 | YUASA TRADING CO. LTD. | 293,394 | 284,597 | |||||
25,500 | Z HOLDINGS CORP. | 64,236 | 126,803 | |||||
66,034,342 | 112,065,794 | 12.40% | ||||||
Jersey: | ||||||||
217,400 | XLMEDIA PLC(b) | 170,743 | 148,355 | |||||
170,743 | 148,355 | 0.02% | ||||||
Macau: | ||||||||
18,400 | SANDS CHINA LTD.(b) | 30,745 | 91,951 | |||||
30,745 | 91,951 | 0.01% | ||||||
Malaysia: | ||||||||
503,500 | FRENCKEN GROUP LTD. | 337,380 | 572,670 | |||||
274,300 | RHB BANK BHD. | 377,864 | 355,237 | |||||
715,244 | 927,907 | 0.10% | ||||||
Mexico: | ||||||||
201,200 | BANCO DEL BAJIO S.A.(b)(d) | 360,811 | 271,391 | |||||
77,896 | GRUMA S.A.B. DE C.V., CLASS B | 882,072 | 919,950 |
60 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Mexico (Cont'd): | ||||||||
76,900 | QUALITAS CONTROLADORA S.A.B. DE C.V. | $281,556 | 422,960 | |||||
1,524,439 | 1,614,301 | 0.18% | ||||||
Netherlands: | ||||||||
1,828 | ADYEN N.V.(b)(d) | 3,265,262 | 4,080,525 | |||||
266,723 | AEGON N.V. | 664,548 | 1,266,784 | |||||
2,925 | AKZO NOBEL N.V. | 135,104 | 326,825 | |||||
7,173 | ASML HOLDING N.V. | 106,863 | 4,348,889 | |||||
13,097 | ASML HOLDING N.V. (REGISTERED) | 2,474,969 | 8,085,564 | |||||
14,000 | ASR NEDERLAND N.V. | 434,452 | 627,324 | |||||
21,523 | BE SEMICONDUCTOR INDUSTRIES N.V. | 1,758,345 | 1,803,147 | |||||
3,610 | EXOR N.V. | 90,616 | 304,554 | |||||
51,500 | FORFARMERS N.V. | 322,452 | 355,117 | |||||
980 | HEINEKEN HOLDING N.V. | 24,979 | 87,228 | |||||
3,662 | HEINEKEN N.V. | 128,663 | 376,278 | |||||
12,470 | IMCD N.V. | 948,800 | 1,732,893 | |||||
681,554 | ING GROEP N.V. | 6,680,672 | 8,337,864 | |||||
19,595 | INTERTRUST N.V.(b)(d) | 321,331 | 324,464 | |||||
17,656 | KONINKLIJKE AHOLD DELHAIZE N.V. | 203,381 | 491,748 | |||||
3,368 | KONINKLIJKE DSM N.V. | 132,647 | 569,935 | |||||
54,610 | KONINKLIJKE KPN N.V. | 115,548 | 185,335 | |||||
20,502 | KONINKLIJKE PHILIPS N.V.(b) | 343,630 | 1,170,278 | |||||
292,833 | MELTWATER HOLDING B.V.(b) | 1,986,788 | 1,677,606 | |||||
117,200 | ORDINA N.V. | 366,521 | 455,615 | |||||
3,577 | PROSUS N.V.(b) | 400,531 | 397,662 | |||||
8,117 | QIAGEN N.V.(b) | 119,394 | 392,841 | |||||
3,238 | RANDSTAD N.V. | 99,928 | 227,756 | |||||
97,281 | ROYAL DUTCH SHELL PLC, CLASS A | 1,347,119 | 1,896,070 | |||||
41,601 | ROYAL DUTCH SHELL PLC, CLASS B | 624,228 | 765,638 | |||||
23,800 | SIGNIFY N.V.(b)(d) | 640,632 | 1,226,935 | |||||
17,467 | STELLANTIS N.V. | 108,686 | 308,974 | |||||
22,227 | STELLANTIS N.V. (EQUIDUCT EXCHANGE) | 76,911 | 393,069 | |||||
10,222 | STELLANTIS N.V. (NEW YORK EXCHANGE)(f) | 17,872 | 181,849 | |||||
30,020 | TOPICUS.COM, INC.(b) | 1,687,510 | 1,971,712 | |||||
6,193 | WOLTERS KLUWER N.V. | 101,075 | 538,299 | |||||
25,729,457 | 44,908,778 | 4.97% | ||||||
New Zealand: | ||||||||
15,712 | AUCKLAND INTERNATIONAL AIRPORT LTD.(b) | 47,473 | 86,030 | |||||
31,147 | HALLENSTEIN GLASSON HOLDINGS LTD. | 115,879 | 162,713 | |||||
17,797 | SPARK NEW ZEALAND LTD. | 61,965 | 55,684 | |||||
225,317 | 304,427 | 0.03% | ||||||
Norway: | ||||||||
2,949 | AKER BP ASA | 36,352 | 83,714 | |||||
31,655 | BAKKAFROST P/F(b) | 2,262,307 | 2,507,411 | |||||
9,200 | DNB ASA | 37,422 | 195,764 | |||||
8,200 | EQUINOR ASA | 140,170 | 160,392 | |||||
229,300 | KITRON ASA | 329,744 | 589,795 | |||||
1,130,356 | MERCELL HOLDING AS(b) | 1,401,913 | 1,439,186 | |||||
23,955 | NORSK HYDRO ASA | 48,328 | 153,368 | |||||
12,297 | ORKLA ASA | 89,020 | 120,538 | |||||
57,040 | STOREBRAND ASA(b) | 364,067 | 574,458 | |||||
3,669 | TELENOR ASA | 61,514 | 64,559 | |||||
2,793 | YARA INTERNATIONAL ASA | 67,400 | 145,248 | |||||
4,838,237 | 6,034,433 | 0.67% | ||||||
Philippines: | ||||||||
9,000 | GLOBE TELECOM, INC. | 319,161 | 348,596 | |||||
319,161 | 348,596 | 0.04% | ||||||
Poland: | ||||||||
37,500 | CYFROWY POLSAT S.A. | 259,610 | 280,498 | |||||
59,824 | INPOST S.A.(b) | 1,218,596 | 979,793 | |||||
1,478,206 | 1,260,291 | 0.14% | ||||||
Portugal: | ||||||||
85,477 | ALTRI SGPS S.A. | 583,770 | 654,059 | |||||
20,567 | EDP - ENERGIAS DE PORTUGAL S.A. | 48,529 | 117,459 | |||||
9,417 | JERONIMO MARTINS SGPS S.A. | 105,676 | 158,471 |
61 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Portugal (Cont'd): | ||||||||
123,300 | NAVIGATOR (THE) CO. S.A.(b) | $307,999 | 403,417 | |||||
1,045,974 | 1,333,406 | 0.15% | ||||||
Russia: | ||||||||
51,278 | HEADHUNTER GROUP PLC ADR(e) | 1,082,320 | 1,739,350 | |||||
257,400 | RUSHYDRO PJSC ADR(e) | 218,665 | 263,577 | |||||
1,300,985 | 2,002,927 | 0.22% | ||||||
Singapore: | ||||||||
302,700 | AEM HOLDINGS LTD. | 265,969 | 931,592 | |||||
23,800 | ASCENDAS REAL ESTATE INVESTMENT TRUST | 53,904 | 53,962 | |||||
33,500 | CAPITALAND INTEGRATED COMMERCIAL TRUST | 31,763 | 54,040 | |||||
19,500 | CAPITALAND LTD. | 25,645 | 54,505 | |||||
7,200 | CITY DEVELOPMENTS LTD. | 27,082 | 42,712 | |||||
28,200 | DBS GROUP HOLDINGS LTD. | 158,529 | 603,537 | |||||
3,000 | JARDINE CYCLE & CARRIAGE LTD. | 41,532 | 50,201 | |||||
21,000 | KEPPEL CORP. LTD. | 53,869 | 83,051 | |||||
7,840 | KEPPEL REIT | 3,183 | 7,110 | |||||
6,000 | OVERSEA-CHINESE BANKING CORP. LTD. | 32,488 | 52,409 | |||||
13,000 | SINGAPORE EXCHANGE LTD. | 40,226 | 96,350 | |||||
30,800 | UNITED OVERSEAS BANK LTD. | 488,565 | 591,409 | |||||
15,000 | UOL GROUP LTD. | 49,917 | 88,091 | |||||
48,200 | VENTURE CORP. LTD. | 558,851 | 718,772 | |||||
43,600 | WILMAR INTERNATIONAL LTD. | 88,595 | 175,671 | |||||
1,920,118 | 3,603,412 | 0.40% | ||||||
South Africa: | ||||||||
92,000 | ADCOCK INGRAM HOLDINGS LTD. | 249,383 | 274,940 | |||||
33,591 | AFRICAN RAINBOW MINERALS LTD. | 339,096 | 632,926 | |||||
42,500 | BARLOWORLD LTD.(b) | 289,872 | 259,924 | |||||
79,610 | INVESTEC PLC | 490,976 | 240,573 | |||||
117,469 | METAIR INVESTMENTS LTD.(b) | 184,301 | 179,626 | |||||
68,600 | OCEANA GROUP LTD. | 268,470 | 306,748 | |||||
83,378 | TELKOM S.A. SOC LTD. | 425,342 | 239,288 | |||||
2,247,440 | 2,134,025 | 0.24% | ||||||
South Korea: | ||||||||
15,700 | DAESANG CORP. | 366,086 | 348,889 | |||||
22,575 | DAEWON PHARMACEUTICAL CO. LTD. | 277,342 | 320,149 | |||||
20,489 | DB HITEK CO. LTD. | 270,468 | 1,019,245 | |||||
2,392 | DL E&C CO. LTD.(b) | 210,584 | 254,682 | |||||
1,907 | DL HOLDINGS CO. LTD. | 140,872 | 147,438 | |||||
9,900 | GS HOLDINGS CORP. | 371,567 | 342,028 | |||||
8,250 | HUONS CO. LTD. | 416,763 | 408,946 | |||||
3,500 | HYUNDAI GLOVIS CO. LTD. | 391,747 | 579,854 | |||||
46,124 | HYUNDAI GREENFOOD CO. LTD. | 465,431 | 429,961 | |||||
23,300 | JW LIFE SCIENCE CORP. | 391,190 | 391,164 | |||||
18,600 | KC TECH CO. LTD. | 295,116 | 432,233 | |||||
18,400 | KT CORP. | 365,565 | 459,289 | |||||
30,770 | LG UPLUS CORP. | 348,896 | 333,053 | |||||
10,183 | LOTTE FINE CHEMICAL CO. LTD. | 404,389 | 528,157 | |||||
4,775 | MAEIL DAIRIES CO. LTD. | 380,764 | 305,043 | |||||
19,385 | NAVER CORP. | 2,766,450 | 6,457,385 | |||||
122,689 | SAMSUNG ELECTRONICS CO. LTD. | 3,475,003 | 8,824,285 | |||||
14,251 | SAMSUNG SECURITIES CO. LTD. | 434,059 | 496,754 | |||||
18,900 | UNITEST, INC.(b) | 206,195 | 369,066 | |||||
10,200 | VIEWORKS CO. LTD. | 234,573 | 324,904 | |||||
12,213,060 | 22,772,525 | 2.52% | ||||||
Spain: | ||||||||
1,260 | ACCIONA S.A. | 78,312 | 211,149 | |||||
2,458 | ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A. | 54,736 | 81,459 | |||||
68,238 | AMADEUS IT GROUP S.A.(b) | 4,902,343 | 4,831,771 | |||||
256,570 | BANCO BILBAO VIZCAYA ARGENTARIA S.A. | 764,978 | 1,331,693 | |||||
385,386 | BANCO SANTANDER S.A.(b) | 691,255 | 1,309,277 | |||||
698,679 | CAIXABANK S.A. | 2,686,706 | 2,162,241 | |||||
24,100 | CIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A. | 458,757 | 477,629 | |||||
2,531 | ENAGAS S.A. | 38,143 | 54,969 | |||||
61,100 | FAES FARMA S.A. | 274,848 | 261,888 | |||||
3,651 | FERROVIAL S.A. | 56,811 | 95,178 |
62 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Spain (Cont'd): | ||||||||
15,282 | GRIFOLS S.A. | $273,863 | 400,181 | |||||
62,004 | IBERDROLA S.A. | 341,951 | 798,742 | |||||
2,120 | INDUSTRIA DE DISENO TEXTIL S.A. | 14,078 | 69,860 | |||||
87,000 | MEDIASET ESPANA COMUNICACION S.A.(b) | 475,447 | 516,756 | |||||
13,196 | MIQUEL Y COSTAS & MIQUEL S.A. | 241,236 | 238,314 | |||||
16,093 | NATURGY ENERGY GROUP S.A.(f) | 256,441 | 394,430 | |||||
165,300 | PROSEGUR CIA DE SEGURIDAD S.A. | 415,152 | 525,326 | |||||
27,366 | RED ELECTRICA CORP. S.A. | 378,017 | 484,591 | |||||
26,092 | REPSOL S.A. | 199,651 | 323,116 | |||||
2,773 | SIEMENS GAMESA RENEWABLE ENERGY S.A. | 40,458 | 107,313 | |||||
23,391 | TELEFONICA S.A. | 105,295 | 104,703 | |||||
12,748,478 | 14,780,586 | 1.63% | ||||||
Sweden: | ||||||||
22,200 | ASSA ABLOY AB, CLASS B | 89,466 | 638,030 | |||||
92,742 | ATLAS COPCO AB, CLASS A | 2,457,060 | 5,645,151 | |||||
3,980 | ATLAS COPCO AB, CLASS B | 22,691 | 207,124 | |||||
46,459 | AVANZA BANK HOLDING AB | 389,451 | 1,443,756 | |||||
37,085 | BEIJER REF AB | 853,825 | 1,629,737 | |||||
32,900 | BOLIDEN AB | 800,179 | 1,220,549 | |||||
195,400 | CLOETTA AB, CLASS B | 556,844 | 571,873 | |||||
7,501 | ELECTROLUX AB, CLASS B | 79,015 | 208,021 | |||||
7,501 | ELECTROLUX PROFESSIONAL AB, CLASS B(b) | 16,773 | 38,907 | |||||
10,554 | EPIROC AB, CLASS A | 27,811 | 239,033 | |||||
4,533 | EPIROC AB, CLASS B | 12,252 | 94,439 | |||||
8,600 | ESSITY AB, CLASS B | 62,137 | 271,684 | |||||
12,870 | EVOLUTION GAMING GROUP AB(d) | 1,838,695 | 1,895,107 | |||||
3,651 | HEXAGON AB, CLASS B | 56,077 | 336,779 | |||||
80,300 | HUMANA AB(b) | 413,356 | 674,879 | |||||
38,321 | HUSQVARNA AB, CLASS B | 174,072 | 551,991 | |||||
8,270 | INDUSTRIVARDEN AB, CLASS C(b) | 85,948 | 290,141 | |||||
11,210 | INVESTOR AB, CLASS B | 160,645 | 893,879 | |||||
56,909 | INWIDO AB(b) | 320,042 | 938,334 | |||||
33,091 | KAMBI GROUP PLC(b) | 746,356 | 1,759,609 | |||||
179,843 | KINDRED GROUP PLC(b) | 2,409,558 | 3,165,057 | |||||
3,000 | KINNEVIK AB, CLASS A(b) | 51,225 | 145,853 | |||||
7,801 | KNOW IT AB(b) | 144,666 | 242,959 | |||||
14,800 | LOOMIS AB | 372,004 | 450,095 | |||||
29,428 | LUNDIN ENERGY AB | 485,724 | 924,611 | |||||
44,500 | MEKONOMEN AB(b) | 323,086 | 657,810 | |||||
77,913 | NOBIA AB(b) | 452,973 | 593,261 | |||||
62,300 | NOBINA AB(b)(d) | 428,072 | 522,885 | |||||
116,229 | NORDNET AB PUBL(b) | 1,314,390 | 1,876,497 | |||||
77,000 | RESURS HOLDING AB(b)(d) | 449,843 | 421,084 | |||||
14,651 | SANDVIK AB(b) | 121,756 | 400,269 | |||||
77,597 | SDIPTECH AB(b) | 2,224,199 | 2,958,716 | |||||
26,265 | SECTRA AB, CLASS B(b) | 1,062,551 | 1,651,064 | |||||
14,236 | SECURITAS AB, CLASS B | 116,133 | 242,063 | |||||
63,171 | SKANDINAVISKA ENSKILDA BANKEN AB, CLASS A(f) | 322,937 | 769,977 | |||||
2,634 | SKANSKA AB, CLASS B | 22,223 | 66,050 | |||||
8,600 | SVENSKA CELLULOSA AB S.C.A., CLASS B(b) | 15,915 | 152,188 | |||||
11,864 | SVENSKA HANDELSBANKEN AB, CLASS A | 54,195 | 128,863 | |||||
40,373 | SWEDBANK AB, CLASS A | 450,231 | 711,449 | |||||
59,340 | TELEFONAKTIEBOLAGET LM ERICSSON, CLASS B | 307,816 | 785,112 | |||||
35,506 | TETHYS OIL AB | 259,465 | 263,649 | |||||
29,300 | TRELLEBORG AB, CLASS B(b) | 420,080 | 744,792 | |||||
61,205 | VITEC SOFTWARE GROUP AB, CLASS B | 1,049,031 | 2,631,546 | |||||
26,685 | VOLVO AB, CLASS B | 185,306 | 674,958 | |||||
22,206,074 | 40,729,831 | 4.51% | ||||||
Switzerland: | ||||||||
320,363 | ABB LTD. (REGISTERED) | 6,344,099 | 9,680,545 | |||||
2,686 | ADECCO GROUP A.G. (REGISTERED) | 82,183 | 180,857 | |||||
74,246 | ALCON, INC.(b) | 3,987,966 | 5,198,752 | |||||
5,479 | BACHEM HOLDING A.G., CLASS B (REGISTERED) | 2,259,195 | 2,347,770 | |||||
484 | BALOISE HOLDING A.G. (REGISTERED) | 26,452 | 82,344 | |||||
34 | CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. (PARTICIPATION CERTIFICATE) | 48,855 | 296,778 |
63 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Switzerland (Cont'd): | ||||||||
3 | CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. (REGISTERED) | $75,352 | 274,560 | |||||
49,156 | CIE FINANCIERE RICHEMONT S.A., CLASS A (REGISTERED) | 3,201,604 | 4,719,267 | |||||
166,107 | CREDIT SUISSE GROUP A.G. (REGISTERED) | 1,867,764 | 1,740,244 | |||||
4,900 | DKSH HOLDING A.G. | 291,993 | 376,125 | |||||
1,842 | DUFRY A.G. (REGISTERED)(b) | 46,550 | 125,431 | |||||
990 | GEBERIT A.G. (REGISTERED) | 85,632 | 630,148 | |||||
140 | GIVAUDAN S.A. (REGISTERED) | 76,496 | 539,470 | |||||
175,505 | GLOBAL BLUE GROUP HOLDING A.G.(b)(f) | 1,898,699 | 2,137,651 | |||||
6,000 | HELVETIA HOLDING A.G. (REGISTERED) | 567,039 | 704,650 | |||||
1,807 | IDORSIA LTD.(b) | 18,603 | 48,447 | |||||
18,059 | JULIUS BAER GROUP LTD. | 558,057 | 1,154,828 | |||||
74,427 | LAFARGEHOLCIM LTD. (REGISTERED)(b) | 3,776,274 | 4,373,566 | |||||
2,600 | LANDIS+GYR GROUP A.G.(b) | 175,154 | 174,956 | |||||
8,379 | LONZA GROUP A.G. (REGISTERED) | 4,423,991 | 4,684,403 | |||||
92,443 | NESTLE S.A. (REGISTERED) | 4,001,589 | 10,303,069 | |||||
111,886 | NOVARTIS A.G. (REGISTERED) | 7,432,809 | 9,561,479 | |||||
11,952 | ROCHE HOLDING A.G. | 1,552,784 | 3,862,602 | |||||
1,381 | SCHINDLER HOLDING A.G. (PARTICIPATION CERTIFICATE) | 108,493 | 405,613 | |||||
589 | SCHINDLER HOLDING A.G. (REGISTERED) | 68,597 | 168,758 | |||||
120 | SGS S.A. (REGISTERED) | 129,434 | 340,390 | |||||
22,224 | SIKA A.G. (REGISTERED) | 2,668,402 | 6,348,707 | |||||
1,308 | SONOVA HOLDING A.G. (REGISTERED)(b) | 84,414 | 346,530 | |||||
32,211 | STMICROELECTRONICS N.V. | 517,002 | 1,227,272 | |||||
635 | SULZER A.G. (REGISTERED) | 30,609 | 71,418 | |||||
743 | SWISS LIFE HOLDING A.G. (REGISTERED) | 101,194 | 365,231 | |||||
4,409 | SWISS RE A.G. | 419,221 | 433,646 | |||||
194 | SWISSCOM A.G. (REGISTERED) | 49,414 | 104,066 | |||||
3,438 | TECAN GROUP A.G. (REGISTERED) | 652,919 | 1,525,575 | |||||
349,481 | UBS GROUP A.G. (REGISTERED) | 4,671,736 | 5,411,474 | |||||
7,700 | VALIANT HOLDING A.G. (REGISTERED) | 734,240 | 801,651 | |||||
5,280 | VAT GROUP A.G.(d) | 712,326 | 1,479,283 | |||||
5,000 | VETROPACK HOLDING A.G. (REGISTERED)(b) | 256,087 | 313,707 | |||||
1,055 | VIFOR PHARMA A.G. | 143,924 | 143,602 | |||||
8,800 | VONTOBEL HOLDING A.G. (REGISTERED) | 640,427 | 670,370 | |||||
37,365 | WIZZ AIR HOLDINGS PLC(b)(d) | 1,427,709 | 2,483,879 | |||||
7,800 | ZEHNDER GROUP A.G. (REGISTERED) | 303,280 | 621,425 | |||||
8,421 | ZUR ROSE GROUP A.G.(b) | 1,854,752 | 3,162,942 | |||||
4,209 | ZURICH INSURANCE GROUP A.G. | 808,512 | 1,796,446 | |||||
59,181,832 | 91,419,927 | 10.12% | ||||||
Taiwan: | ||||||||
305,000 | ASIA CEMENT CORP. | 434,632 | 510,952 | |||||
1,000 | ASPEED TECHNOLOGY, INC. | 60,103 | 60,456 | |||||
50,000 | BIOTEQUE CORP. | 216,137 | 226,054 | |||||
125,000 | CHC HEALTHCARE GROUP | 178,135 | 171,074 | |||||
146,000 | CHIPBOND TECHNOLOGY CORP. | 286,157 | 397,582 | |||||
419,000 | CHIPMOS TECHNOLOGIES, INC. | 449,604 | 649,800 | |||||
179,000 | ESON PRECISION IND CO. LTD. | 236,267 | 483,055 | |||||
145,000 | JARLLYTEC CO. LTD. | 327,630 | 440,087 | |||||
241,000 | MIRLE AUTOMATION CORP. | 311,936 | 413,027 | |||||
334,000 | POU CHEN CORP. | 370,948 | 386,289 | |||||
90,000 | RADIANT OPTO-ELECTRONICS CORP. | 361,908 | 400,589 | |||||
4,000 | SCI PHARMTECH, INC. | 16,270 | 13,108 | |||||
220,000 | SIGURD MICROELECTRONICS CORP. | 403,537 | 403,252 | |||||
1,260,000 | SINOPAC FINANCIAL HOLDINGS CO. LTD. | 492,562 | 567,448 | |||||
225,000 | TAIWAN HON CHUAN ENTERPRISE CO. LTD. | 422,583 | 545,684 | |||||
84,974 | TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. ADR(e) | 1,514,939 | 10,050,725 | |||||
82,000 | TOPCO SCIENTIFIC CO. LTD. | 252,353 | 392,283 | |||||
245,000 | UNIVERSAL VISION BIOTECHNOLOGY CO. LTD. | 2,153,821 | 2,773,455 | |||||
644,000 | WISTRON CORP. | 522,109 | 756,107 | |||||
90,000 | ZHEN DING TECHNOLOGY HOLDING LTD. | 335,681 | 380,086 | |||||
9,347,312 | 20,021,113 | 2.21% | ||||||
Thailand: | ||||||||
432,100 | PRUKSA HOLDING PCL (REGISTERED) | 233,658 | 176,988 |
64 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Thailand (Cont'd): | ||||||||
301,200 | THAI VEGETABLE OIL PCL (REGISTERED) | $265,122 | 306,019 | |||||
498,780 | 483,007 | 0.05% | ||||||
Turkey: | ||||||||
53,800 | COCA-COLA ICECEK A.S. | 315,265 | 448,266 | |||||
264,300 | HACI OMER SABANCI HOLDING A.S. | 413,563 | 275,271 | |||||
186,400 | TURKCELL ILETISIM HIZMETLERI A.S. | 453,929 | 337,934 | |||||
1,182,757 | 1,061,471 | 0.12% | ||||||
United Kingdom: | ||||||||
26,524 | 3I GROUP PLC | 99,606 | 421,789 | |||||
163,000 | 888 HOLDINGS PLC | 318,087 | 887,612 | |||||
3,206 | ADMIRAL GROUP PLC | 44,520 | 137,058 | |||||
38,656 | AGGREKO PLC | 408,897 | 467,364 | |||||
52,849 | ANGLO AMERICAN PLC | 411,011 | 2,070,978 | |||||
26,375 | ASTRAZENECA PLC | 983,695 | 2,635,051 | |||||
13,643 | AUTO TRADER GROUP PLC(b)(d) | 65,400 | 104,273 | |||||
55,018 | AVIVA PLC | 187,586 | 309,611 | |||||
47,561 | AVON RUBBER PLC | 2,070,587 | 2,071,936 | |||||
73,500 | BABCOCK INTERNATIONAL GROUP PLC(b) | 428,761 | 231,634 | |||||
19,513 | BAE SYSTEMS PLC | 93,862 | 135,848 | |||||
113,471 | BAKKAVOR GROUP PLC(b)(d) | 166,389 | 184,589 | |||||
9,400 | BELLWAY PLC | 411,711 | 440,989 | |||||
11,887 | BERKELEY GROUP HOLDINGS PLC | 653,869 | 727,438 | |||||
186,163 | BP PLC | 678,607 | 756,203 | |||||
27,414 | BRITISH AMERICAN TOBACCO PLC | 763,837 | 1,048,376 | |||||
93,984 | BRITISH LAND (THE) CO. PLC | 402,942 | 654,051 | |||||
5,069 | BUNZL PLC | 39,524 | 162,334 | |||||
8,193 | BURBERRY GROUP PLC(b) | 40,501 | 214,433 | |||||
53,800 | CARETECH HOLDINGS PLC | 347,241 | 399,028 | |||||
150,170 | CNH INDUSTRIAL N.V.(b) | 1,374,699 | 2,323,697 | |||||
513,300 | COMPASS GROUP PLC(b) | 6,968,102 | 10,342,092 | |||||
2,457 | CRODA INTERNATIONAL PLC | 92,898 | 215,021 | |||||
41,565 | DIAGEO PLC | 506,960 | 1,713,029 | |||||
68,067 | DIPLOMA PLC | 2,399,117 | 2,390,971 | |||||
177,500 | DIRECT LINE INSURANCE GROUP PLC | 614,920 | 766,650 | |||||
108,100 | DRAX GROUP PLC | 316,682 | 625,912 | |||||
40,654 | EASYJET PLC(b) | 523,562 | 548,238 | |||||
4,107 | FERGUSON PLC | 80,053 | 490,774 | |||||
52,825 | GLAXOSMITHKLINE PLC | 778,422 | 937,980 | |||||
229,051 | HSBC HOLDINGS PLC | 1,186,722 | 1,336,338 | |||||
2,889 | IMPERIAL BRANDS PLC | 51,779 | 59,423 | |||||
51,372 | INCHCAPE PLC(b) | 314,977 | 533,285 | |||||
21,041 | INFORMA PLC(b) | 99,674 | 162,382 | |||||
245,854 | INTEGRAFIN HOLDINGS PLC | 1,594,768 | 1,718,397 | |||||
2,594 | INTERCONTINENTAL HOTELS GROUP PLC(b) | 150,347 | 177,910 | |||||
32,745 | INTERNATIONAL CONSOLIDATED AIRLINES GROUP S.A.(b) | 60,221 | 89,741 | |||||
423,658 | J SAINSBURY PLC | 1,107,817 | 1,416,333 | |||||
8,056 | JD SPORTS FASHION PLC(b) | 79,356 | 91,580 | |||||
2,128 | JOHNSON MATTHEY PLC | 33,879 | 88,391 | |||||
105,200 | JUPITER FUND MANAGEMENT PLC | 408,685 | 404,050 | |||||
323,974 | KINGFISHER PLC(b) | 863,159 | 1,421,625 | |||||
58,758 | LAND SECURITIES GROUP PLC | 385,246 | 559,007 | |||||
6,374,389 | LLOYDS BANKING GROUP PLC(b) | 4,290,780 | 3,737,862 | |||||
6,030 | LONDON STOCK EXCHANGE GROUP PLC | 69,795 | 576,919 | |||||
342,484 | MAN GROUP PLC | 588,316 | 760,395 | |||||
300,659 | MARSTON'S PLC(b) | 477,602 | 407,442 | |||||
7,217 | MEGGITT PLC(b) | 16,687 | 47,498 | |||||
68,053 | MELROSE INDUSTRIES PLC | 95,941 | 156,582 | |||||
68,600 | MICRO FOCUS INTERNATIONAL PLC | 415,228 | 523,172 | |||||
145,235 | MORGAN ADVANCED MATERIALS PLC | 467,561 | 623,688 | |||||
47,031 | NATIONAL GRID PLC | 435,356 | 560,191 | |||||
883,965 | NATWEST GROUP PLC | 2,035,613 | 2,391,570 | |||||
6,959 | NEXT PLC(b) | 416,496 | 754,639 | |||||
103,083 | OSB GROUP PLC(b) | 483,067 | 605,674 | |||||
2,467 | PRUDENTIAL PLC | 44,765 | 52,393 | |||||
12,212 | RECKITT BENCKISER GROUP PLC | 510,135 | 1,093,968 | |||||
109,800 | REDDE NORTHGATE PLC | 378,816 | 466,221 | |||||
57,235 | REDROW PLC | 447,916 | 495,518 |
65 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
United Kingdom (Cont'd): | ||||||||
51,587 | RELX PLC | $687,193 | 1,295,826 | |||||
233,478 | RELX PLC (LONDON EXCHANGE) | 3,502,561 | 5,854,866 | |||||
23,058 | RENTOKIL INITIAL PLC(b) | 117,249 | 153,980 | |||||
34,005 | RIO TINTO PLC | 893,598 | 2,601,801 | |||||
27,049 | ROLLS-ROYCE HOLDINGS PLC(b) | 19,223 | 39,266 | |||||
77,712 | ROYAL MAIL PLC(b) | 220,280 | 540,597 | |||||
20,657 | SAGE GROUP (THE) PLC | 74,323 | 174,512 | |||||
16,135 | SEGRO PLC | 67,053 | 208,557 | |||||
114,270 | SENIOR PLC(b) | 287,158 | 174,389 | |||||
13,084 | SEVERN TRENT PLC | 276,407 | 415,947 | |||||
84,346 | SMITH & NEPHEW PLC | 1,456,438 | 1,602,330 | |||||
3,071 | SMITHS GROUP PLC | 37,103 | 65,093 | |||||
119,478 | SOFTCAT PLC | 1,549,622 | 2,986,236 | |||||
414,000 | SPEEDY HIRE PLC(b) | 294,411 | 380,113 | |||||
43,837 | STANDARD CHARTERED PLC | 302,908 | 301,866 | |||||
82,413 | STHREE PLC(b) | 315,585 | 437,416 | |||||
101,900 | STOCK SPIRITS GROUP PLC | 321,342 | 393,342 | |||||
77,600 | TATE & LYLE PLC | 713,986 | 820,746 | |||||
166,184 | TEAM17 GROUP PLC(b) | 1,375,801 | 1,729,715 | |||||
731,546 | TESCO PLC | 2,332,221 | 2,307,974 | |||||
148,000 | TP ICAP GROUP PLC | 641,118 | 496,718 | |||||
292,028 | TRAINLINE PLC(b)(d) | 1,095,723 | 1,847,887 | |||||
126,800 | TYMAN PLC(b) | 343,290 | 651,154 | |||||
10,104 | UNILEVER PLC | 262,590 | 563,774 | |||||
26,130 | UNILEVER PLC (LONDON EXCHANGE) | 657,907 | 1,461,086 | |||||
8,137 | UNITED UTILITIES GROUP PLC | 56,989 | 103,853 | |||||
555,361 | VODAFONE GROUP PLC | 906,849 | 1,009,701 | |||||
2,809 | WHITBREAD PLC(b) | 69,922 | 132,671 | |||||
324,500 | WM MORRISON SUPERMARKETS PLC | 792,191 | 816,201 | |||||
64,102 | WPP PLC | 434,931 | 813,544 | |||||
59,888,724 | 86,108,314 | 9.53% | ||||||
United States: | ||||||||
14,361 | AON PLC, CLASS A | 2,828,524 | 3,304,610 | |||||
212,475 | ARCH CAPITAL GROUP LTD.(b) | 4,645,672 | 8,152,666 | |||||
248,400 | DIVERSIFIED GAS & OIL PLC | 347,000 | 380,113 | |||||
3,424 | FIDELITY NATIONAL INFORMATION SERVICES, INC. | 289,873 | 481,448 | |||||
3,801 | METTLER-TOLEDO INTERNATIONAL, INC.(b) | 2,193,058 | 4,392,778 | |||||
3,157 | NEWMONT CORP. | 101,845 | 190,118 | |||||
28,584 | RESMED, INC. | 3,032,387 | 5,545,868 | |||||
21,063 | STERIS PLC | 3,359,220 | 4,012,080 | |||||
370 | WHITE MOUNTAINS INSURANCE GROUP LTD. | 379,799 | 412,513 | |||||
17,177,378 | 26,872,194 | 2.97% | ||||||
Uruguay: | ||||||||
4,444 | GLOBANT S.A.(b) | 421,003 | 922,619 | |||||
421,003 | 922,619 | 0.10% | ||||||
Sub-total Common Stocks: | 532,532,863 | 852,768,431 | 94.37% | |||||
Preferred Stocks: | ||||||||
Brazil: | ||||||||
82,669 | AZUL S.A. ADR(b)(e) | 741,475 | 1,669,087 | |||||
263,400 | CIA DE SANEAMENTO DO PARANA(b) | 350,151 | 206,840 | |||||
1,091,626 | 1,875,927 | 0.21% | ||||||
Germany: | ||||||||
1,739 | BAYERISCHE MOTOREN WERKE A.G., 2.79%(g) | 59,403 | 138,368 | |||||
3,800 | DRAEGERWERK A.G. & CO. KGAA, 0.28%(g) | 311,648 | 305,699 | |||||
10,197 | JUNGHEINRICH A.G., 1.03%(g) | 253,285 | 490,279 | |||||
312 | SARTORIUS A.G., 0.17%(g) | 56,342 | 155,573 | |||||
2,800 | STO S.E. & CO. KGAA, 0.20%(g) | 304,841 | 518,803 | |||||
985,519 | 1,608,722 | 0.18% | ||||||
South Korea: | ||||||||
72,295 | SAMSUNG ELECTRONICS CO. LTD., 1.86%(g) | 3,016,399 | 4,663,163 | |||||
3,016,399 | 4,663,163 | 0.51% | ||||||
Sub-total Preferred Stocks: | 5,093,544 | 8,147,812 | 0.90% |
66 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
March 31, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Rights: | ||||||||
Jersey: | ||||||||
8,361 | XLMEDIA PLC(b) | $- | 1,095 | |||||
- | 1,095 | 0.00% | ||||||
Sub-total Rights: | - | 1,095 | 0.00% | |||||
Warrants: | ||||||||
Switzerland: | ||||||||
128,698 | CIE FINANCIERE RICHEMONT S.A.(b) | - | 49,020 | |||||
- | 49,020 | 0.01% | ||||||
United Kingdom: | ||||||||
117,372 | HSBC BANK PLC(b) | 1,809,950 | 2,282,338 | |||||
1,809,950 | 2,282,338 | 0.25% | ||||||
United States: | ||||||||
1 | CENOVUS ENERGY, INC.(b) | 4 | 4 | |||||
4 | 4 | 0.00% | ||||||
Sub-total Warrants: | 1,809,954 | 2,331,362 | 0.26% | |||||
Short-Term Investments: | ||||||||
14,147,903 | FIDELITY INVESTMENTS MONEY MARKET GOVERNMENT PORTFOLIO(h) | 14,147,903 | 14,147,903 | |||||
37,993,012 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 0.03%(i) | 37,993,012 | 37,993,012 | |||||
Sub-total Short-Term Investments: | 52,140,915 | 52,140,915 | 5.77% | |||||
Grand total | $591,577,276 | 915,389,615 | 101.30% |
Notes to Schedule of Investments: | |
(a) | 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 the securities are traded. Foreign security values are stated in U.S. dollars. |
(b) | Non-income producing assets. |
(c) | Security has been deemed worthless and is a Level 3 investment. |
(d) | 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. |
(e) | Securities are American Depositary Receipts of companies based outside of the United States representing 2.92% of net assets as of March 31, 2021. |
(f) | Security is either wholly or partially on loan. |
(g) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
(h) | Investment relates to cash collateral received from portfolio securities loaned. |
(i) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2020, the value of the Clearwater International Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $25,824,393 with net purchases of $12,168,619 during the three months ended March 31, 2021. |
67 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
March 31, 2021 (unaudited)
At March 31, 2021, the industry sectors for the Clearwater International Fund were:
Industry Sector | Percent of Long-Term Investments | |
Communication Services | 5.10% | |
Consumer Discretionary | 12.43 | |
Consumer Staples | 8.77 | |
Energy | 2.84 | |
Financials | 15.90 | |
Health Care | 11.73 | |
Industrials | 17.25 | |
Information Technology | 16.29 | |
Materials | 6.11 | |
Real Estate | 1.96 | |
Utilities | 1.62 | |
100.00% |
At March 31, 2021, the Clearwater International Fund’s investments were denominated in the following currencies:
Concentration by Currency | Percent of Long-Term Investments | |
Euro | 22.18% | |
Japanese Yen | 12.98 | |
United States Dollar | 11.51 | |
British Pound | 10.94 | |
Swiss Franc | 9.92 | |
Canadian Dollar | 6.72 | |
Other currencies | 25.75 | |
100.00% |
At March 31, 2021, the Clearwater International Fund had outstanding forward foreign currency exchange contracts as follows:
Contract Amount | ||||||||||
Counterparty | Contract Settlement Date | Deliver | Receive | Unrealized Appreciation (Depreciation) | ||||||
Northern Trust | 04/22/2021 | JPY | 143,685,123 | USD | 1,366,827 | $68,842 |
68 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
March 31, 2021 (unaudited)
Fair value is an estimate of the price the Clearwater International Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market for 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 Clearwater International Fund's investments and other financial instruments, as described below. 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 Level 2 measurements. 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. |
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 in which such securities are traded, with foreign security values 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. Security transactions are accounted for as of trade date. Wherever possible, the Clearwater International Fund uses independent pricing services approved by the Board of Trustees of Clearwater Investment Trust to value its investments. When prices are not readily available (including those for which trading has been suspended), are determined not to reflect fair value, or when the Adviser becomes aware that a significant event impacting the value of a security or group of securities has occurred after the closing of the exchange on which the security or securities principally trade, but before the calculation of the daily net asset value, the Clearwater International Fund may value these securities at fair value as determined in good faith using procedures established by the Board of Trustees.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following is a summary of the inputs used in valuing the Clearwater International Fund’s investments and other financial instruments, if any, which are carried at fair value, as of March 31, 2021.
Level 1 | Level 2 | Level 3 | Total | ||||
Common Stocks | |||||||
Australia | $33,021,352 | $— | $—* | $33,021,352 | |||
Thailand | — | 483,007 | — | 483,007 | |||
All other countries | 819,264,072 | — | — | 819,264,072 | |||
Preferred Stocks | 8,147,812 | — | — | 8,147,812 | |||
Rights | — | 1,095 | — | 1,095 | |||
Warrants | 2,331,362 | — | — | 2,331,362 | |||
Short-Term Investments | 52,140,915 | — | — | 52,140,915 | |||
Total | $914,905,513 | $484,102 | $— | $915,389,615 |
* Security has been deemed worthless and is a Level 3 investment. |
For the Clearwater International Fund, the investment value is comprised of equity securities, warrants and short-term investments. See the Clearwater International Fund’s Schedule of Investments for additional information on industry sector and currency concentration information. Investments in equity securities 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 the securities are traded.
There were no significant Level 3 valuations for which significant unobservable inputs were used at March 31, 2021.
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Forward foreign currency exchange contracts | $— | $68,842 | $— | $68,842 |
The forward foreign currency exchange contracts outstanding at March 31, 2021 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.
69 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
March 31, 2021 (unaudited)
Clearwater International Fund Portfolio Diversification
(as a percentage of net assets)
70 | (Continued) |