CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Common Stocks: | ||||||||
Communication Services: | ||||||||
13,665 | ACTIVISION BLIZZARD, INC. | $ 309,691 | 1,057,534 | |||||
5,602 | ALPHABET, INC., CLASS A(b) | 3,782,862 | 14,977,059 | |||||
4,012 | ALPHABET, INC., CLASS C(b) | 1,665,454 | 10,693,224 | |||||
2,000 | ALTICE U.S.A., INC., CLASS A(b) | 43,775 | 41,440 | |||||
149,632 | AT&T, INC. | 3,861,232 | 4,041,560 | |||||
400 | CABLE ONE, INC. | 294,734 | 725,252 | |||||
1,629 | CHARTER COMMUNICATIONS, INC., CLASS A(b) | 1,069,390 | 1,185,195 | |||||
3,718 | CINEMARK HOLDINGS, INC.(b) | 43,220 | 71,423 | |||||
61,795 | COMCAST CORP., CLASS A | 868,395 | 3,456,194 | |||||
5,800 | DISCOVERY, INC., CLASS A(b) | 173,070 | 147,204 | |||||
2,885 | DISH NETWORK CORP., CLASS A(b) | 109,543 | 125,382 | |||||
11,266 | ELECTRONIC ARTS, INC. | 280,102 | 1,602,588 | |||||
34,556 | FACEBOOK, INC., CLASS A(b) | 3,171,006 | 11,727,961 | |||||
3,800 | FOX CORP., CLASS A | 139,553 | 152,418 | |||||
13,234 | INTERPUBLIC GROUP OF (THE) COS., INC. | 395,211 | 485,291 | |||||
1,888 | LIBERTY BROADBAND CORP., CLASS C(b) | 230,152 | 326,058 | |||||
3,857 | LIBERTY GLOBAL PLC, CLASS A(b)(c) | 29,803 | 114,939 | |||||
3,674 | LIBERTY GLOBAL PLC, CLASS C(b)(c) | 29,018 | 108,236 | |||||
2,000 | LIBERTY MEDIA CORP.-LIBERTY FORMULA ONE, CLASS C(b) | 54,522 | 102,820 | |||||
2,000 | LIBERTY MEDIA CORP.-LIBERTY SIRIUSXM, CLASS C(b) | 88,275 | 94,940 | |||||
1,100 | LIVE NATION ENTERTAINMENT, INC.(b) | 100,760 | 100,243 | |||||
140,933 | LUMEN TECHNOLOGIES, INC. | 1,467,036 | 1,746,160 | |||||
5,246 | MATCH GROUP, INC.(b) | 410,676 | 823,570 | |||||
5,111 | NETFLIX, INC.(b) | 1,896,635 | 3,119,448 | |||||
2,000 | NEW YORK TIMES (THE) CO., CLASS A | 99,635 | 98,540 | |||||
23,683 | NEWS CORP., CLASS A | 572,587 | 557,261 | |||||
700 | NEXSTAR MEDIA GROUP, INC., CLASS A | 44,492 | 106,372 | |||||
17,095 | OMNICOM GROUP, INC. | 1,246,527 | 1,238,704 | |||||
11,290 | PINTEREST, INC., CLASS A(b) | 700,792 | 575,225 | |||||
257 | ROKU, INC.(b) | 45,736 | 80,531 | |||||
1,600 | SPOTIFY TECHNOLOGY S.A.(b)(c) | 243,035 | 360,544 | |||||
10,237 | T-MOBILE U.S., INC.(b) | 444,022 | 1,307,879 | |||||
5,240 | TRIPADVISOR, INC.(b) | 148,230 | 177,374 | |||||
10,152 | TWITTER, INC.(b) | 250,933 | 613,079 | |||||
81,405 | VERIZON COMMUNICATIONS, INC. | 3,803,132 | 4,396,684 | |||||
44,537 | VIACOMCBS, INC., CLASS B | 1,830,616 | 1,759,657 | |||||
26,606 | WALT DISNEY (THE) CO.(b) | 672,652 | 4,500,937 | |||||
13,280 | ZILLOW GROUP, INC., CLASS C(b) | 1,562,096 | 1,170,499 | |||||
32,178,600 | 73,969,425 | 9.13% | ||||||
Consumer Discretionary: | ||||||||
2,200 | 2U, INC.(b) | 40,782 | 73,854 | |||||
1,500 | ADVANCE AUTO PARTS, INC. | 53,558 | 313,335 | |||||
6,246 | AMAZON.COM, INC.(b) | 8,760,355 | 20,518,360 | |||||
4,413 | APTIV PLC(b)(c) | 590,351 | 657,405 | |||||
2,400 | ARAMARK | 47,393 | 78,864 | |||||
1,100 | AUTOLIV, INC.(c) | 13,982 | 94,292 | |||||
10,655 | AUTONATION, INC.(b) | 272,445 | 1,297,353 | |||||
800 | AUTOZONE, INC.(b) | 571,776 | 1,358,392 | |||||
34,162 | BATH & BODY WORKS, INC. | 1,690,656 | 2,153,231 | |||||
33,181 | BEST BUY CO., INC. | 1,378,553 | 3,507,564 | |||||
1,400 | BIG LOTS, INC. | 15,477 | 60,704 | |||||
500 | BOOKING HOLDINGS, INC.(b) | 737,828 | 1,186,935 | |||||
17,518 | BORGWARNER, INC. | 596,524 | 756,953 | |||||
1,800 | BOYD GAMING CORP.(b) | 105,278 | 113,868 | |||||
700 | BRIGHT HORIZONS FAMILY SOLUTIONS, INC.(b) | 102,025 | 97,594 | |||||
828 | BURLINGTON STORES, INC.(b) | 133,808 | 234,796 | |||||
3,068 | CARMAX, INC.(b) | 33,093 | 392,581 | |||||
32,035 | CARNIVAL CORP.(b) | 695,524 | 801,195 | |||||
950 | CARTER'S, INC. | 76,376 | 92,378 | |||||
2,300 | CARVANA CO.(b) | 419,338 | 693,542 | |||||
1,700 | CHEGG, INC.(b) | 133,182 | 115,634 | |||||
400 | CHIPOTLE MEXICAN GRILL, INC.(b) | 665,320 | 727,008 | |||||
3,168 | COLUMBIA SPORTSWEAR CO. | 317,357 | 303,621 | |||||
3,928 | D.R. HORTON, INC. | 18,835 | 329,834 | |||||
1,200 | DARDEN RESTAURANTS, INC. | 42,285 | 181,764 |
1 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Discretionary (Cont'd): | ||||||||
2,952 | DECKERS OUTDOOR CORP.(b) | $ 1,232,506 | 1,063,310 | |||||
2,833 | DICK'S SPORTING GOODS, INC. | 100,971 | 339,308 | |||||
5,289 | DOLLAR GENERAL CORP. | 653,188 | 1,122,008 | |||||
5,224 | DOLLAR TREE, INC.(b) | 52,773 | 500,041 | |||||
3,945 | DOMINO'S PIZZA, INC. | 1,614,396 | 1,881,607 | |||||
1,700 | DOORDASH, INC., CLASS A(b) | 325,083 | 350,166 | |||||
3,900 | DRAFTKINGS, INC., CLASS A(b) | 191,723 | 187,824 | |||||
19,479 | EBAY, INC. | 513,268 | 1,357,102 | |||||
1,600 | ETSY, INC.(b) | 293,228 | 332,736 | |||||
696 | EXPEDIA GROUP, INC.(b) | 59,671 | 114,074 | |||||
500 | FIVE BELOW, INC.(b) | 93,725 | 88,405 | |||||
959 | FLOOR & DECOR HOLDINGS, INC., CLASS A(b) | 27,966 | 115,838 | |||||
13,642 | FOOT LOCKER, INC. | 312,798 | 622,894 | |||||
181,588 | FORD MOTOR CO.(b) | 2,284,934 | 2,571,286 | |||||
1,300 | FRONTDOOR, INC.(b) | 30,172 | 54,470 | |||||
600 | GAMESTOP CORP., CLASS A(b) | 114,750 | 105,282 | |||||
6,400 | GAP (THE), INC. | 123,295 | 145,280 | |||||
5,273 | GARMIN LTD.(c) | 188,068 | 819,741 | |||||
2,237 | GENERAL MOTORS CO.(b) | 55,787 | 117,912 | |||||
15,100 | GENTEX CORP. | 110,161 | 497,998 | |||||
3,450 | GENUINE PARTS CO. | 102,424 | 418,243 | |||||
3,900 | H&R BLOCK, INC. | 99,396 | 97,500 | |||||
15,839 | HANESBRANDS, INC. | 137,760 | 271,797 | |||||
2,500 | HARLEY-DAVIDSON, INC. | 98,142 | 91,525 | |||||
1,500 | HASBRO, INC. | 115,493 | 133,830 | |||||
3,200 | HILTON WORLDWIDE HOLDINGS, INC.(b) | 317,866 | 422,752 | |||||
17,500 | HOME DEPOT (THE), INC. | 3,063,568 | 5,744,550 | |||||
30,418 | INTERNATIONAL GAME TECHNOLOGY PLC(b) | 167,706 | 800,602 | |||||
6,950 | KOHL'S CORP. | 55,509 | 327,276 | |||||
971 | KONTOOR BRANDS, INC. | 5,113 | 48,501 | |||||
3,938 | LAS VEGAS SANDS CORP.(b) | 79,229 | 144,131 | |||||
700 | LEAR CORP. | 108,360 | 109,536 | |||||
16,320 | LENNAR CORP., CLASS A | 619,737 | 1,528,858 | |||||
58 | LENNAR CORP., CLASS B | 652 | 4,500 | |||||
35,097 | LKQ CORP.(b) | 1,327,453 | 1,766,081 | |||||
6,524 | LOWE'S COS., INC. | 1,218,399 | 1,323,459 | |||||
4,767 | LULULEMON ATHLETICA, INC.(b)(c) | 606,562 | 1,929,205 | |||||
3,138 | MARRIOTT INTERNATIONAL, INC., CLASS A(b) | 77,776 | 464,706 | |||||
294 | MARRIOTT VACATIONS WORLDWIDE CORP. | 4,103 | 46,255 | |||||
10,620 | MCDONALD'S CORP. | 433,348 | 2,560,588 | |||||
6,300 | MGM RESORTS INTERNATIONAL | 56,303 | 271,845 | |||||
3,152 | MOHAWK INDUSTRIES, INC.(b) | 495,274 | 559,165 | |||||
600 | MURPHY U.S.A., INC. | 4,392 | 100,356 | |||||
4,915 | NEWELL BRANDS, INC. | 52,223 | 108,818 | |||||
15,700 | NIKE, INC., CLASS B | 979,807 | 2,280,111 | |||||
4,300 | NORDSTROM, INC.(b) | 45,233 | 113,735 | |||||
103 | NVR, INC.(b) | 133,164 | 493,790 | |||||
900 | O'REILLY AUTOMOTIVE, INC.(b) | 27,059 | 549,954 | |||||
1,500 | PENN NATIONAL GAMING, INC.(b) | 113,412 | 108,690 | |||||
4,707 | PENSKE AUTOMOTIVE GROUP, INC. | 191,281 | 473,524 | |||||
4,800 | PETCO HEALTH & WELLNESS CO., INC.(b) | 94,781 | 101,280 | |||||
900 | PLANET FITNESS, INC., CLASS A(b) | 45,306 | 70,695 | |||||
800 | POLARIS, INC. | 96,312 | 95,728 | |||||
370 | POOL CORP. | 34,226 | 160,732 | |||||
14,100 | PULTEGROUP, INC. | 58,797 | 647,472 | |||||
3,142 | PVH CORP.(b) | 188,666 | 322,966 | |||||
6,500 | QUANTUMSCAPE CORP.(b) | 127,502 | 159,510 | |||||
17,636 | QURATE RETAIL, INC., CLASS A | 45,988 | 179,711 | |||||
1,500 | RALPH LAUREN CORP. | 31,320 | 166,560 | |||||
100 | RH(b) | 67,999 | 66,691 | |||||
4,543 | ROSS STORES, INC. | 175,795 | 494,506 | |||||
2,670 | ROYAL CARIBBEAN CRUISES LTD.(b) | 73,534 | 237,497 | |||||
3,200 | SIX FLAGS ENTERTAINMENT CORP.(b) | 48,149 | 136,000 | |||||
23,500 | STARBUCKS CORP. | 154,545 | 2,592,285 | |||||
58,206 | TAPESTRY, INC. | 2,397,249 | 2,154,786 | |||||
19,282 | TARGET CORP. | 1,982,041 | 4,411,143 | |||||
12,056 | TESLA, INC.(b) | 4,959,445 | 9,349,187 |
2 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Discretionary (Cont'd): | ||||||||
1,900 | THOR INDUSTRIES, INC. | $ 22,316 | 233,244 | |||||
20,188 | TJX (THE) COS., INC. | 86,033 | 1,332,004 | |||||
5,566 | TOLL BROTHERS, INC. | 321,576 | 307,744 | |||||
1,466 | TOPBUILD CORP.(b) | 11,809 | 300,251 | |||||
500 | TRACTOR SUPPLY CO. | 90,114 | 101,305 | |||||
23,166 | TRAVEL + LEISURE CO. | 477,832 | 1,263,242 | |||||
700 | ULTA BEAUTY, INC.(b) | 244,098 | 252,644 | |||||
4,300 | UNDER ARMOUR, INC., CLASS A(b) | 106,303 | 86,774 | |||||
1,100 | VEONEER, INC.(b)(c) | 5,428 | 37,466 | |||||
6,800 | VF CORP. | 81,950 | 455,532 | |||||
630 | VICTORIA'S SECRET & CO.(b) | 4,196 | 34,814 | |||||
807 | WAYFAIR, INC., CLASS A(b) | 198,674 | 206,197 | |||||
3,000 | WENDY'S (THE) CO. | 43,280 | 65,040 | |||||
6,441 | WHIRLPOOL CORP. | 632,036 | 1,313,062 | |||||
8,105 | WILLIAMS-SONOMA, INC. | 1,240,116 | 1,437,260 | |||||
1,400 | WYNDHAM HOTELS & RESORTS, INC. | 46,408 | 108,066 | |||||
1,600 | WYNN RESORTS LTD.(b) | 32,322 | 135,600 | |||||
1,900 | YUM CHINA HOLDINGS, INC.(c) | 102,591 | 110,409 | |||||
3,039 | YUM! BRANDS, INC. | 408,989 | 371,700 | |||||
51,365,034 | 101,321,325 | 12.51% | ||||||
Consumer Staples: | ||||||||
1,657 | ALBERTSONS COS., INC., CLASS A | 51,184 | 51,582 | |||||
32,718 | ALTRIA GROUP, INC. | 1,480,219 | 1,489,323 | |||||
10,300 | ARCHER-DANIELS-MIDLAND CO. | 188,618 | 618,103 | |||||
900 | BEYOND MEAT, INC.(b) | 75,026 | 94,734 | |||||
500 | BOSTON BEER (THE) CO., INC., CLASS A(b) | 267,930 | 254,875 | |||||
7,290 | BROWN-FORMAN CORP., CLASS B | 57,343 | 488,503 | |||||
2,400 | CAMPBELL SOUP CO. | 101,489 | 100,344 | |||||
10,068 | CHURCH & DWIGHT CO., INC. | 241,887 | 831,315 | |||||
1,500 | CLOROX (THE) CO. | 243,598 | 248,415 | |||||
56,139 | COCA-COLA (THE) CO. | 844,179 | 2,945,613 | |||||
1,380 | COLGATE-PALMOLIVE CO. | 44,122 | 104,300 | |||||
5,600 | CONAGRA BRANDS, INC. | 151,121 | 189,672 | |||||
1,700 | CONSTELLATION BRANDS, INC., CLASS A | 223,992 | 358,173 | |||||
4,349 | COSTCO WHOLESALE CORP. | 295,095 | 1,954,223 | |||||
11,800 | COTY, INC., CLASS A(b) | 100,364 | 92,748 | |||||
6,123 | DARLING INGREDIENTS, INC.(b) | 419,759 | 440,244 | |||||
3,951 | ESTEE LAUDER (THE) COS., INC., CLASS A | 980,643 | 1,185,023 | |||||
3,709 | FLOWERS FOODS, INC. | 79,756 | 87,644 | |||||
700 | FRESHPET, INC.(b) | 105,763 | 99,883 | |||||
12,400 | GENERAL MILLS, INC. | 277,055 | 741,768 | |||||
5,300 | HERBALIFE NUTRITION LTD.(b) | 36,401 | 224,614 | |||||
1,642 | HERSHEY (THE) CO. | 60,568 | 277,909 | |||||
4,800 | HORMEL FOODS CORP. | 43,206 | 196,800 | |||||
1,700 | INGREDION, INC. | 48,104 | 151,317 | |||||
15,819 | J M SMUCKER (THE) CO. | 1,707,093 | 1,898,755 | |||||
1,400 | KELLOGG CO. | 89,850 | 89,488 | |||||
9,843 | KEURIG DR. PEPPER, INC. | 259,653 | 336,237 | |||||
3,950 | KIMBERLY-CLARK CORP. | 394,559 | 523,138 | |||||
3,914 | KRAFT HEINZ (THE) CO. | 33,642 | 144,113 | |||||
111,852 | KROGER (THE) CO. | 2,853,231 | 4,522,176 | |||||
1,133 | LAMB WESTON HOLDINGS, INC. | 47,287 | 69,532 | |||||
2,300 | MCCORMICK & CO., INC. (NON VOTING) | 97,924 | 186,369 | |||||
1,300 | MOLSON COORS BEVERAGE CO., CLASS B | 37,841 | 60,294 | |||||
7,269 | MONDELEZ INTERNATIONAL, INC., CLASS A | 113,688 | 422,910 | |||||
5,164 | MONSTER BEVERAGE CORP.(b) | 225,908 | 458,718 | |||||
31,070 | PEPSICO, INC. | 2,902,520 | 4,673,239 | |||||
36,083 | PHILIP MORRIS INTERNATIONAL, INC. | 3,033,671 | 3,420,308 | |||||
700 | POST HOLDINGS, INC.(b) | 43,421 | 77,112 | |||||
34,996 | PROCTER & GAMBLE (THE) CO. | 1,224,695 | 4,892,441 | |||||
19,385 | REYNOLDS CONSUMER PRODUCTS, INC. | 545,370 | 529,986 | |||||
46 | SEABOARD CORP. | 185,888 | 188,600 | |||||
7,700 | SYSCO CORP. | 117,906 | 604,450 | |||||
38,031 | TYSON FOODS, INC., CLASS A | 2,388,258 | 3,002,167 | |||||
2,700 | US FOODS HOLDING CORP.(b) | 45,757 | 93,582 | |||||
16,150 | WALGREENS BOOTS ALLIANCE, INC. | 185,200 | 759,858 |
3 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Staples (Cont'd): | ||||||||
27,979 | WALMART, INC. | $ 2,976,383 | 3,899,713 | |||||
25,927,167 | 44,080,311 | 5.44% | ||||||
Energy: | ||||||||
11,201 | ANTERO MIDSTREAM CORP. | 99,743 | 116,714 | |||||
7,500 | APA CORP. | 44,218 | 160,725 | |||||
9,248 | BAKER HUGHES CO. | 143,942 | 228,703 | |||||
78,090 | CABOT OIL & GAS CORP. | 1,462,711 | 1,699,238 | |||||
2,700 | CHENIERE ENERGY, INC.(b) | 117,368 | 263,709 | |||||
29,032 | CHEVRON CORP. | 1,322,946 | 2,945,296 | |||||
2,700 | CIMAREX ENERGY CO. | 45,271 | 235,440 | |||||
69,138 | CONOCOPHILLIPS | 2,521,129 | 4,685,482 | |||||
2,000 | CONTINENTAL RESOURCES, INC. | 20,765 | 92,300 | |||||
9,485 | DEVON ENERGY CORP. | 256,785 | 336,812 | |||||
1,150 | DT MIDSTREAM, INC. | 12,534 | 53,176 | |||||
9,794 | ENBRIDGE, INC.(c) | 137,797 | 389,801 | |||||
17,234 | EOG RESOURCES, INC. | 1,067,806 | 1,383,373 | |||||
34,874 | EXXON MOBIL CORP. | 1,623,399 | 2,051,289 | |||||
6,700 | HALLIBURTON CO. | 139,466 | 144,854 | |||||
3,200 | HELMERICH & PAYNE, INC. | 42,293 | 87,712 | |||||
2,600 | HESS CORP. | 90,342 | 203,086 | |||||
3,600 | HOLLYFRONTIER CORP. | 106,008 | 119,268 | |||||
79,324 | KINDER MORGAN, INC. | 1,311,744 | 1,327,091 | |||||
69,733 | MARATHON OIL CORP. | 844,085 | 953,250 | |||||
5,688 | MARATHON PETROLEUM CORP. | 341,475 | 351,575 | |||||
1,472 | NOV, INC.(b) | 19,701 | 19,298 | |||||
6,894 | OCCIDENTAL PETROLEUM CORP. | 81,121 | 203,925 | |||||
5,200 | ONEOK, INC. | 115,345 | 301,548 | |||||
6,900 | PBF ENERGY, INC., CLASS A(b) | 45,787 | 89,493 | |||||
4,700 | PHILLIPS 66 | 311,888 | 329,141 | |||||
2,300 | PIONEER NATURAL RESOURCES CO. | 224,682 | 382,973 | |||||
15,084 | SCHLUMBERGER N.V. | 285,866 | 447,090 | |||||
2,600 | TARGA RESOURCES CORP. | 110,451 | 127,946 | |||||
468 | TEXAS PACIFIC LAND CORP. | 781,998 | 565,981 | |||||
8,779 | VALERO ENERGY CORP. | 304,690 | 619,534 | |||||
37,407 | WILLIAMS (THE) COS., INC. | 688,244 | 970,338 | |||||
14,721,600 | 21,886,161 | 2.70% | ||||||
Financials: | ||||||||
3,900 | AFLAC, INC. | 188,036 | 203,307 | |||||
500 | ALLEGHANY CORP.(b) | 140,685 | 312,205 | |||||
24,455 | ALLSTATE (THE) CORP. | 1,929,593 | 3,113,366 | |||||
10,604 | ALLY FINANCIAL, INC. | 550,083 | 541,334 | |||||
7,533 | AMERICAN EXPRESS CO. | 755,196 | 1,262,004 | |||||
2,208 | AMERICAN FINANCIAL GROUP, INC. | 135,743 | 277,833 | |||||
11,925 | AMERICAN INTERNATIONAL GROUP, INC. | 484,774 | 654,563 | |||||
11,153 | AMERIPRISE FINANCIAL, INC. | 944,040 | 2,945,730 | |||||
15,900 | ANNALY CAPITAL MANAGEMENT, INC. | 100,329 | 133,878 | |||||
2,648 | AON PLC, CLASS A | 434,656 | 756,719 | |||||
1,800 | APOLLO GLOBAL MANAGEMENT, INC. | 101,300 | 110,862 | |||||
15,811 | ARCH CAPITAL GROUP LTD.(b)(c) | 307,170 | 603,664 | |||||
2,300 | ARTHUR J. GALLAGHER & CO. | 80,002 | 341,895 | |||||
4,900 | ASSURANT, INC. | 218,575 | 772,975 | |||||
1,070 | ASSURED GUARANTY LTD.(c) | 52,445 | 50,087 | |||||
1,400 | ATHENE HOLDING LTD., CLASS A(b)(c) | 89,136 | 96,418 | |||||
1,000 | AXIS CAPITAL HOLDINGS LTD.(c) | 28,371 | 46,040 | |||||
139,472 | BANK OF AMERICA CORP. | 2,118,617 | 5,920,586 | |||||
10,000 | BANK OF NEW YORK MELLON (THE) CORP. | 206,454 | 518,400 | |||||
29,451 | BERKSHIRE HATHAWAY, INC., CLASS B(b) | 4,521,209 | 8,038,356 | |||||
1,400 | BLACKROCK, INC. | 1,229,820 | 1,174,124 | |||||
15,171 | BLACKSTONE, INC. | 1,441,521 | 1,764,994 | |||||
2,000 | BRIGHTHOUSE FINANCIAL, INC.(b) | 48,875 | 90,460 | |||||
1,700 | BROWN & BROWN, INC. | 88,516 | 94,265 | |||||
620 | CANNAE HOLDINGS, INC.(b) | 2,893 | 19,288 | |||||
8,297 | CAPITAL ONE FINANCIAL CORP. | 334,381 | 1,343,865 | |||||
800 | CBOE GLOBAL MARKETS, INC. | 94,440 | 99,088 | |||||
18,008 | CHARLES SCHWAB (THE) CORP. | 196,582 | 1,311,703 | |||||
5,185 | CHUBB LTD.(c) | 608,428 | 899,494 | |||||
10,290 | CINCINNATI FINANCIAL CORP. | 1,240,891 | 1,175,324 |
4 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Financials (Cont'd): | ||||||||
83,682 | CITIGROUP, INC. | $ 4,459,603 | 5,872,803 | |||||
7,030 | CITIZENS FINANCIAL GROUP, INC. | 131,016 | 330,269 | |||||
1,965 | CME GROUP, INC. | 203,851 | 379,992 | |||||
1,700 | COMERICA, INC. | 120,365 | 136,850 | |||||
700 | CREDIT ACCEPTANCE CORP.(b) | 195,241 | 409,710 | |||||
8,202 | DISCOVER FINANCIAL SERVICES | 125,376 | 1,007,616 | |||||
600 | ERIE INDEMNITY CO., CLASS A | 109,356 | 107,052 | |||||
3,368 | EVEREST RE GROUP LTD.(c) | 859,059 | 844,627 | |||||
469 | FAIRFAX FINANCIAL HOLDINGS LTD.(c) | 86,576 | 189,293 | |||||
2,163 | FIDELITY NATIONAL FINANCIAL, INC. | 29,212 | 98,070 | |||||
10,565 | FIFTH THIRD BANCORP | 109,297 | 448,379 | |||||
3,582 | FIRST AMERICAN FINANCIAL CORP. | 223,624 | 240,173 | |||||
400 | FIRST CITIZENS BANCSHARES, INC., CLASS A | 57,523 | 337,268 | |||||
30,500 | FIRST HORIZON CORP. | 193,065 | 496,845 | |||||
600 | FIRST REPUBLIC BANK | 114,738 | 115,728 | |||||
7,610 | GOLDMAN SACHS GROUP (THE), INC. | 814,108 | 2,876,808 | |||||
3,000 | HANOVER INSURANCE GROUP (THE), INC. | 215,948 | 388,860 | |||||
6,805 | HARTFORD FINANCIAL SERVICES GROUP (THE), INC. | 268,256 | 478,051 | |||||
43,846 | HUNTINGTON BANCSHARES, INC. | 221,602 | 677,859 | |||||
5,905 | INTERCONTINENTAL EXCHANGE, INC. | 612,683 | 678,012 | |||||
4,100 | INVESCO LTD. | 98,385 | 98,851 | |||||
15,903 | JANUS HENDERSON GROUP PLC(c) | 222,792 | 657,271 | |||||
47,592 | JPMORGAN CHASE & CO. | 1,738,755 | 7,790,335 | |||||
66,671 | KEYCORP | 1,284,231 | 1,441,427 | |||||
1,500 | KKR & CO., INC. | 84,763 | 91,320 | |||||
2,100 | LINCOLN NATIONAL CORP. | 132,039 | 144,375 | |||||
5,278 | LPL FINANCIAL HOLDINGS, INC. | 775,362 | 827,379 | |||||
1,069 | M&T BANK CORP. | 150,389 | 159,644 | |||||
200 | MARKEL CORP.(b) | 67,789 | 239,026 | |||||
400 | MARKETAXESS HOLDINGS, INC. | 181,647 | 168,276 | |||||
5,684 | MARSH & MCLENNAN COS., INC. | 240,120 | 860,728 | |||||
1,300 | MERCURY GENERAL CORP. | 38,019 | 72,371 | |||||
5,791 | METLIFE, INC. | 204,731 | 357,478 | |||||
6,600 | MGIC INVESTMENT CORP. | 91,778 | 98,736 | |||||
800 | MOODY'S CORP. | 28,632 | 284,088 | |||||
36,322 | MORGAN STANLEY | 850,640 | 3,534,494 | |||||
200 | MSCI, INC. | 124,626 | 121,668 | |||||
5,900 | NASDAQ, INC. | 240,309 | 1,138,818 | |||||
2,026 | OLD REPUBLIC INTERNATIONAL CORP. | 50,612 | 46,861 | |||||
2,326 | ONEMAIN HOLDINGS, INC. | 40,168 | 128,698 | |||||
2,485 | PACWEST BANCORP | 28,898 | 112,620 | |||||
7,114 | PNC FINANCIAL SERVICES GROUP (THE), INC. | 273,331 | 1,391,783 | |||||
18,388 | POPULAR, INC. | 653,691 | 1,428,196 | |||||
1,800 | PRINCIPAL FINANCIAL GROUP, INC. | 37,586 | 115,920 | |||||
22,310 | PROGRESSIVE (THE) CORP. | 1,643,470 | 2,016,601 | |||||
754 | PROSPERITY BANCSHARES, INC. | 52,749 | 53,632 | |||||
5,900 | PRUDENTIAL FINANCIAL, INC. | 182,565 | 620,680 | |||||
1,050 | RAYMOND JAMES FINANCIAL, INC. | 89,754 | 96,894 | |||||
15,539 | REGIONS FINANCIAL CORP. | 152,694 | 331,136 | |||||
800 | RENAISSANCERE HOLDINGS LTD.(c) | 81,779 | 111,520 | |||||
3,151 | ROYAL BANK OF CANADA(c) | 75,539 | 313,462 | |||||
2,600 | S&P GLOBAL, INC. | 999,432 | 1,104,714 | |||||
3,648 | SANTANDER CONSUMER U.S.A HOLDINGS, INC. | 142,460 | 152,122 | |||||
7,500 | SEI INVESTMENTS CO. | 108,537 | 444,750 | |||||
18,352 | SLM CORP. | 93,485 | 322,995 | |||||
3,314 | STATE STREET CORP. | 265,723 | 280,762 | |||||
4,400 | STERLING BANCORP | 98,455 | 109,824 | |||||
200 | SVB FINANCIAL GROUP(b) | 111,528 | 129,376 | |||||
63,527 | SYNCHRONY FINANCIAL | 1,773,242 | 3,105,200 | |||||
3,657 | SYNOVUS FINANCIAL CORP. | 49,372 | 160,506 | |||||
8,137 | T. ROWE PRICE GROUP, INC. | 959,037 | 1,600,548 | |||||
19,700 | TRAVELERS (THE) COS., INC. | 2,031,574 | 2,994,597 | |||||
13,994 | TRUIST FINANCIAL CORP. | 299,281 | 820,748 | |||||
16,200 | TWO HARBORS INVESTMENT CORP. | 70,556 | 102,708 | |||||
4,000 | UNUM GROUP | 102,012 | 100,240 | |||||
700 | UPSTART HOLDINGS, INC.(b) | 93,226 | 221,508 | |||||
17,585 | US BANCORP | 318,503 | 1,045,252 |
5 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Financials (Cont'd): | ||||||||
13,800 | UWM HOLDINGS CORP. | $ 100,262 | 95,910 | |||||
41,567 | VIRTU FINANCIAL, INC., CLASS A | 982,453 | 1,015,482 | |||||
7,855 | W R BERKLEY CORP. | 230,563 | 574,829 | |||||
1,800 | WASHINGTON FEDERAL, INC. | 23,535 | 61,758 | |||||
48,027 | WELLS FARGO & CO. | 621,563 | 2,228,933 | |||||
3,668 | WESTERN ALLIANCE BANCORP | 163,779 | 399,152 | |||||
417 | WHITE MOUNTAINS INSURANCE GROUP LTD. | 465,601 | 446,027 | |||||
900 | WILLIS TOWERS WATSON PLC(c) | 210,114 | 209,214 | |||||
2,600 | ZIONS BANCORP N.A. | 49,361 | 160,914 | |||||
48,104,757 | 93,529,449 | 11.54% | ||||||
Health Care: | ||||||||
600 | 10X GENOMICS, INC., CLASS A(b) | 95,124 | 87,348 | |||||
20,534 | ABBOTT LABORATORIES | 1,151,706 | 2,425,681 | |||||
24,641 | ABBVIE, INC. | 1,243,487 | 2,658,025 | |||||
600 | ABIOMED, INC.(b) | 142,305 | 195,312 | |||||
500 | ACCELERON PHARMA, INC.(b) | 48,935 | 86,050 | |||||
1,800 | ADAPTIVE BIOTECHNOLOGIES CORP.(b) | 45,536 | 61,182 | |||||
2,257 | AGILENT TECHNOLOGIES, INC. | 178,455 | 355,545 | |||||
1,200 | AGIOS PHARMACEUTICALS, INC.(b) | 44,843 | 55,380 | |||||
2,278 | ALIGN TECHNOLOGY, INC.(b) | 716,205 | 1,515,850 | |||||
1,200 | ALNYLAM PHARMACEUTICALS, INC.(b) | 181,534 | 226,572 | |||||
7,200 | AMERISOURCEBERGEN CORP. | 115,968 | 860,040 | |||||
16,073 | AMGEN, INC. | 3,412,111 | 3,417,923 | |||||
6,046 | ANTHEM, INC. | 702,079 | 2,253,949 | |||||
5,327 | ASTRAZENECA PLC ADR(c)(d) | 290,152 | 319,940 | |||||
193 | AVANOS MEDICAL, INC.(b) | 3,014 | 6,022 | |||||
3,900 | AVANTOR, INC.(b) | 48,877 | 159,510 | |||||
14,390 | BAXTER INTERNATIONAL, INC. | 873,922 | 1,157,388 | |||||
4,485 | BECTON DICKINSON AND CO. | 657,677 | 1,102,503 | |||||
11,229 | BIOGEN, INC.(b) | 3,218,405 | 3,177,695 | |||||
2,100 | BIOMARIN PHARMACEUTICAL, INC.(b) | 167,416 | 162,309 | |||||
597 | BIO-RAD LABORATORIES, INC., CLASS A(b) | 278,977 | 445,332 | |||||
2,183 | BIO-TECHNE CORP. | 881,435 | 1,057,816 | |||||
32,800 | BOSTON SCIENTIFIC CORP.(b) | 182,160 | 1,423,192 | |||||
53,326 | BRISTOL-MYERS SQUIBB CO. | 2,503,135 | 3,155,299 | |||||
2,145 | BRUKER CORP. | 43,219 | 167,525 | |||||
1,000 | CARDINAL HEALTH, INC. | 26,001 | 49,460 | |||||
1,800 | CATALENT, INC.(b) | 103,746 | 239,526 | |||||
9,672 | CENTENE CORP.(b) | 552,403 | 602,662 | |||||
3,600 | CERNER CORP. | 40,603 | 253,872 | |||||
241 | CHARLES RIVER LABORATORIES INTERNATIONAL, INC.(b) | 31,337 | 99,453 | |||||
5,178 | CIGNA CORP. | 691,288 | 1,036,428 | |||||
200 | COOPER (THE) COS., INC. | 50,902 | 82,662 | |||||
23,230 | CVS HEALTH CORP. | 1,312,838 | 1,971,298 | |||||
9,229 | DANAHER CORP. | 272,153 | 2,809,677 | |||||
5,332 | DENTSPLY SIRONA, INC. | 141,306 | 309,523 | |||||
1,500 | DEXCOM, INC.(b) | 87,311 | 820,290 | |||||
11,778 | EDWARDS LIFESCIENCES CORP.(b) | 161,745 | 1,333,387 | |||||
3,800 | ELANCO ANIMAL HEALTH, INC.(b) | 74,580 | 121,182 | |||||
12,924 | ELI LILLY & CO. | 1,231,113 | 2,986,090 | |||||
5,000 | EXELIXIS, INC.(b) | 102,530 | 105,700 | |||||
17,143 | GILEAD SCIENCES, INC. | 144,642 | 1,197,439 | |||||
900 | GUARDANT HEALTH, INC.(b) | 103,860 | 112,509 | |||||
13,273 | HCA HEALTHCARE, INC. | 2,102,045 | 3,221,623 | |||||
3,800 | HENRY SCHEIN, INC.(b) | 67,547 | 289,408 | |||||
38,559 | HOLOGIC, INC.(b) | 2,429,730 | 2,846,040 | |||||
9,325 | HORIZON THERAPEUTICS PLC(b) | 411,966 | 1,021,461 | |||||
1,948 | HUMANA, INC. | 718,193 | 758,064 | |||||
6,784 | IDEXX LABORATORIES, INC.(b) | 2,082,530 | 4,218,970 | |||||
2,300 | ILLUMINA, INC.(b) | 98,233 | 932,903 | |||||
1,857 | INCYTE CORP.(b) | 118,101 | 127,724 | |||||
700 | INSULET CORP.(b) | 196,922 | 198,961 | |||||
1,862 | INTUITIVE SURGICAL, INC.(b) | 963,499 | 1,851,107 | |||||
2,400 | IONIS PHARMACEUTICALS, INC.(b) | 88,553 | 80,496 | |||||
4,100 | IOVANCE BIOTHERAPEUTICS, INC.(b) | 98,138 | 101,106 | |||||
5,634 | IQVIA HOLDINGS, INC.(b) | 560,732 | 1,349,568 | |||||
29,583 | JOHNSON & JOHNSON | 2,418,515 | 4,777,654 |
6 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Health Care (Cont'd): | ||||||||
3,046 | LABORATORY CORP. OF AMERICA HOLDINGS(b) | $ 664,816 | 857,266 | |||||
500 | MASIMO CORP.(b) | 110,177 | 135,355 | |||||
6,061 | MCKESSON CORP. | 254,847 | 1,208,442 | |||||
11,300 | MEDTRONIC PLC(c) | 1,170,394 | 1,416,455 | |||||
39,478 | MERCK & CO., INC. | 1,057,231 | 2,965,193 | |||||
1,317 | METTLER-TOLEDO INTERNATIONAL, INC.(b) | 123,051 | 1,813,983 | |||||
500 | MIRATI THERAPEUTICS, INC.(b) | 86,115 | 88,455 | |||||
4,449 | MODERNA, INC.(b) | 780,283 | 1,712,242 | |||||
5,255 | MOLINA HEALTHCARE, INC.(b) | 1,021,212 | 1,425,734 | |||||
800 | NATERA, INC.(b) | 95,720 | 89,152 | |||||
1,000 | NEUROCRINE BIOSCIENCES, INC.(b) | 91,858 | 95,910 | |||||
900 | NOVAVAX, INC.(b) | 162,900 | 186,579 | |||||
700 | NOVOCURE LTD.(b)(c) | 91,707 | 81,319 | |||||
10,177 | ORGANON & CO. | 235,276 | 333,704 | |||||
400 | PENUMBRA, INC.(b) | 63,679 | 106,600 | |||||
2,742 | PERKINELMER, INC. | 462,432 | 475,161 | |||||
2,100 | PERRIGO CO. PLC(c) | 92,494 | 99,393 | |||||
75,767 | PFIZER, INC. | 1,827,563 | 3,258,739 | |||||
2,600 | PPD, INC.(b) | 45,518 | 121,654 | |||||
2,000 | QIAGEN N.V.(b)(c) | 83,380 | 103,360 | |||||
16,155 | QUEST DIAGNOSTICS, INC. | 2,491,565 | 2,347,483 | |||||
700 | QUIDEL CORP.(b) | 76,390 | 98,805 | |||||
1,093 | REGENERON PHARMACEUTICALS, INC.(b) | 551,163 | 661,462 | |||||
400 | REPLIGEN CORP.(b) | 46,604 | 115,596 | |||||
4,791 | RESMED, INC. | 129,046 | 1,262,668 | |||||
2,700 | ROYALTY PHARMA PLC, CLASS A | 100,269 | 97,578 | |||||
2,200 | SAGE THERAPEUTICS, INC.(b) | 101,656 | 97,482 | |||||
1,400 | SAREPTA THERAPEUTICS, INC.(b) | 109,968 | 129,472 | |||||
1,500 | SEAGEN, INC.(b) | 246,332 | 254,700 | |||||
400 | STERIS PLC | 80,548 | 81,712 | |||||
3,700 | STRYKER CORP. | 924,061 | 975,764 | |||||
1,000 | TANDEM DIABETES CARE, INC.(b) | 110,252 | 119,380 | |||||
1,800 | TELEFLEX, INC. | 195,858 | 677,790 | |||||
4,526 | THERMO FISHER SCIENTIFIC, INC. | 1,432,927 | 2,585,840 | |||||
6,118 | UNITED THERAPEUTICS CORP.(b) | 616,285 | 1,129,260 | |||||
17,491 | UNITEDHEALTH GROUP, INC. | 3,169,489 | 6,834,433 | |||||
2,036 | UNIVERSAL HEALTH SERVICES, INC., CLASS B | 38,822 | 281,721 | |||||
1,880 | VAREX IMAGING CORP.(b) | 19,829 | 53,016 | |||||
1,800 | VEEVA SYSTEMS, INC., CLASS A(b) | 318,742 | 518,706 | |||||
3,000 | VERTEX PHARMACEUTICALS, INC.(b) | 427,535 | 544,170 | |||||
8,443 | VIATRIS, INC. | 66,317 | 114,403 | |||||
7,995 | WATERS CORP.(b) | 1,474,404 | 2,856,613 | |||||
2,248 | WEST PHARMACEUTICAL SERVICES, INC. | 628,825 | 954,366 | |||||
4,304 | ZIMMER BIOMET HOLDINGS, INC. | 233,961 | 629,933 | |||||
5,047 | ZOETIS, INC. | 802,332 | 979,825 | |||||
57,623,572 | 103,416,505 | 12.76% | ||||||
Industrials: | ||||||||
11,273 | 3M CO. | 1,233,111 | 1,977,510 | |||||
923 | ACCO BRANDS CORP. | 3,138 | 7,930 | |||||
3,338 | ACUITY BRANDS, INC. | 362,545 | 578,709 | |||||
11,607 | ADT, INC. | 45,143 | 93,901 | |||||
5,973 | AGCO CORP. | 421,122 | 731,872 | |||||
8,255 | AIR LEASE CORP. | 223,546 | 324,752 | |||||
1,900 | ALASKA AIR GROUP, INC.(b) | 103,279 | 111,340 | |||||
1,533 | ALLEGION PLC(c) | 40,913 | 202,632 | |||||
5,175 | AMETEK, INC. | 73,221 | 641,752 | |||||
900 | AXON ENTERPRISE, INC.(b) | 173,484 | 157,518 | |||||
6,387 | BOEING (THE) CO.(b) | 881,550 | 1,404,757 | |||||
10,293 | BOOZ ALLEN HAMILTON HOLDING CORP. | 361,885 | 816,750 | |||||
2,400 | BUILDERS FIRSTSOURCE, INC.(b) | 113,609 | 124,176 | |||||
1,200 | BWX TECHNOLOGIES, INC. | 54,215 | 64,632 | |||||
7,660 | C.H. ROBINSON WORLDWIDE, INC. | 777,004 | 666,420 | |||||
1,436 | CACI INTERNATIONAL, INC., CLASS A(b) | 305,354 | 376,376 | |||||
2,996 | CARLISLE COS., INC. | 114,358 | 595,575 | |||||
10,640 | CARRIER GLOBAL CORP. | 57,007 | 550,726 | |||||
10,504 | CATERPILLAR, INC. | 272,491 | 2,016,453 | |||||
4,200 | CINTAS CORP. | 616,293 | 1,598,772 |
7 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials (Cont'd): | ||||||||
5,100 | CLARIVATE PLC(b)(c) | $ 120,084 | 111,690 | |||||
3,100 | COPART, INC.(b) | 271,982 | 430,032 | |||||
4,020 | COSTAR GROUP, INC.(b) | 354,984 | 345,961 | |||||
3,948 | CRANE CO. | 66,572 | 374,310 | |||||
37,872 | CSX CORP. | 901,045 | 1,126,313 | |||||
11,753 | CUMMINS, INC. | 2,001,343 | 2,639,254 | |||||
5,993 | DEERE & CO. | 168,293 | 2,008,075 | |||||
11,700 | DELTA AIR LINES, INC.(b) | 192,871 | 498,537 | |||||
1,525 | DOVER CORP. | 32,899 | 237,137 | |||||
5,900 | DUN & BRADSTREET HOLDINGS, INC.(b) | 99,096 | 99,179 | |||||
24,644 | EATON CORP. PLC | 1,421,394 | 3,679,596 | |||||
1,100 | EMERSON ELECTRIC CO. | 106,666 | 103,620 | |||||
1,200 | EQUIFAX, INC. | 292,207 | 304,104 | |||||
4,573 | EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. | 453,426 | 544,781 | |||||
2,700 | FASTENAL CO. | 145,263 | 139,347 | |||||
2,921 | FEDEX CORP. | 325,276 | 640,546 | |||||
3,325 | FORTIVE CORP. | 36,012 | 234,645 | |||||
4,300 | FORTUNE BRANDS HOME & SECURITY, INC. | 33,889 | 384,506 | |||||
1,400 | GATX CORP. | 24,276 | 125,384 | |||||
3,050 | GENERAC HOLDINGS, INC.(b) | 840,897 | 1,246,443 | |||||
1,837 | GENERAL DYNAMICS CORP. | 313,833 | 360,107 | |||||
10,843 | GENERAL ELECTRIC CO. | 827,680 | 1,117,154 | |||||
20,900 | GRAFTECH INTERNATIONAL LTD. | 154,560 | 215,688 | |||||
1,200 | GXO LOGISTICS, INC.(b) | 83,487 | 94,128 | |||||
875 | HEICO CORP. | 61,334 | 115,386 | |||||
2,156 | HEICO CORP., CLASS A | 109,365 | 255,335 | |||||
360 | HERC HOLDINGS, INC.(b) | 5,808 | 58,846 | |||||
11,935 | HONEYWELL INTERNATIONAL, INC. | 896,739 | 2,533,562 | |||||
25,039 | HOWMET AEROSPACE, INC. | 299,194 | 781,217 | |||||
1,200 | HUBBELL, INC. | 43,310 | 216,804 | |||||
2,262 | HUNTINGTON INGALLS INDUSTRIES, INC. | 317,705 | 436,702 | |||||
1,500 | IAA, INC.(b) | 45,883 | 81,855 | |||||
2,271 | IDEX CORP. | 140,770 | 469,983 | |||||
5,433 | IHS MARKIT LTD.(c) | 574,846 | 633,596 | |||||
4,824 | ILLINOIS TOOL WORKS, INC. | 155,812 | 996,783 | |||||
2,382 | INGERSOLL RAND, INC.(b) | 18,866 | 120,077 | |||||
1,468 | JACOBS ENGINEERING GROUP, INC. | 29,713 | 194,554 | |||||
2,100 | JB HUNT TRANSPORT SERVICES, INC. | 40,530 | 351,162 | |||||
14,987 | JOHNSON CONTROLS INTERNATIONAL PLC | 412,675 | 1,020,315 | |||||
300 | KANSAS CITY SOUTHERN | 81,510 | 81,192 | |||||
1,800 | KIRBY CORP.(b) | 101,589 | 86,328 | |||||
3,118 | KNIGHT-SWIFT TRANSPORTATION HOLDINGS, INC. | 134,794 | 159,486 | |||||
16,405 | L3HARRIS TECHNOLOGIES, INC. | 2,719,922 | 3,613,037 | |||||
600 | LANDSTAR SYSTEM, INC. | 95,293 | 94,692 | |||||
2,047 | LEIDOS HOLDINGS, INC. | 138,598 | 196,778 | |||||
600 | LENNOX INTERNATIONAL, INC. | 17,874 | 176,502 | |||||
1,400 | LINCOLN ELECTRIC HOLDINGS, INC. | 28,970 | 180,306 | |||||
2,137 | LOCKHEED MARTIN CORP. | 616,519 | 737,479 | |||||
3,300 | LYFT, INC., CLASS A(b) | 127,947 | 176,847 | |||||
1,200 | MANITOWOC (THE) CO., INC.(b) | 10,053 | 25,704 | |||||
2,475 | MANPOWERGROUP, INC. | 81,958 | 267,993 | |||||
40,193 | MASCO CORP. | 1,633,595 | 2,232,721 | |||||
2,100 | MERCURY SYSTEMS, INC.(b) | 97,708 | 99,582 | |||||
3,039 | MSC INDUSTRIAL DIRECT CO., INC., CLASS A | 189,928 | 243,697 | |||||
577 | NORDSON CORP. | 57,299 | 137,413 | |||||
760 | NORFOLK SOUTHERN CORP. | 14,546 | 181,830 | |||||
8,418 | NORTHROP GRUMMAN CORP. | 1,879,921 | 3,031,743 | |||||
2,519 | NVENT ELECTRIC PLC(c) | 24,113 | 81,439 | |||||
3,900 | OLD DOMINION FREIGHT LINE, INC. | 666,125 | 1,115,322 | |||||
6,676 | OSHKOSH CORP. | 239,683 | 683,422 | |||||
5,320 | OTIS WORLDWIDE CORP. | 90,693 | 437,730 | |||||
3,465 | OWENS CORNING | 249,108 | 296,257 | |||||
1,056 | PACCAR, INC. | 46,858 | 83,340 | |||||
4,628 | PARKER-HANNIFIN CORP. | 350,966 | 1,294,081 | |||||
10,935 | PENTAIR PLC(c) | 662,192 | 794,209 | |||||
5,800 | PLUG POWER, INC.(b) | 149,245 | 148,132 | |||||
21,936 | QUANTA SERVICES, INC. | 1,639,893 | 2,496,756 |
8 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials (Cont'd): | ||||||||
20,241 | RAYTHEON TECHNOLOGIES CORP. | $ 856,832 | 1,739,916 | |||||
12,257 | REPUBLIC SERVICES, INC. | 732,074 | 1,471,575 | |||||
1,000 | ROBERT HALF INTERNATIONAL, INC. | 87,950 | 100,330 | |||||
300 | ROCKWELL AUTOMATION, INC. | 91,248 | 88,212 | |||||
9,420 | ROLLINS, INC. | 221,629 | 332,809 | |||||
1,615 | ROPER TECHNOLOGIES, INC. | 526,489 | 720,500 | |||||
3,802 | RYDER SYSTEM, INC. | 283,586 | 314,463 | |||||
3,300 | SHOALS TECHNOLOGIES GROUP, INC., CLASS A(b) | 102,387 | 92,004 | |||||
8,154 | SNAP-ON, INC. | 1,736,143 | 1,703,778 | |||||
7,700 | SOUTHWEST AIRLINES CO.(b) | 73,914 | 396,011 | |||||
2,300 | SPIRIT AEROSYSTEMS HOLDINGS, INC., CLASS A | 58,342 | 101,637 | |||||
2,557 | STANLEY BLACK & DECKER, INC. | 72,048 | 448,268 | |||||
600 | STERICYCLE, INC.(b) | 18,858 | 40,782 | |||||
200 | TELEDYNE TECHNOLOGIES, INC.(b) | 86,702 | 85,916 | |||||
2,400 | TEXTRON, INC. | 164,208 | 167,544 | |||||
11,246 | TIMKEN (THE) CO. | 499,847 | 735,713 | |||||
1,596 | TORO (THE) CO. | 76,510 | 155,466 | |||||
14,507 | TRANE TECHNOLOGIES PLC(c) | 1,235,170 | 2,504,634 | |||||
500 | TRANSDIGM GROUP, INC.(b) | 250,357 | 312,285 | |||||
800 | TRANSUNION | 84,920 | 89,848 | |||||
2,500 | TUSIMPLE HOLDINGS, INC., CLASS A(b) | 94,118 | 92,825 | |||||
19,000 | UBER TECHNOLOGIES, INC.(b) | 671,809 | 851,200 | |||||
5,802 | UNION PACIFIC CORP. | 351,907 | 1,137,250 | |||||
2,028 | UNITED AIRLINES HOLDINGS, INC.(b) | 43,790 | 96,472 | |||||
11,327 | UNITED PARCEL SERVICE, INC., CLASS B | 1,599,061 | 2,062,647 | |||||
6,227 | UNITED RENTALS, INC.(b) | 625,502 | 2,185,241 | |||||
1,494 | VERISK ANALYTICS, INC. | 255,892 | 299,203 | |||||
33 | VERITIV CORP.(b) | 510 | 2,955 | |||||
700 | W.W. GRAINGER, INC. | 30,601 | 275,142 | |||||
975 | WASTE CONNECTIONS, INC. | 42,575 | 122,782 | |||||
17,554 | WASTE MANAGEMENT, INC. | 879,219 | 2,621,865 | |||||
1,200 | WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP. | 21,945 | 103,452 | |||||
1,100 | XPO LOGISTICS, INC.(b) | 93,790 | 87,538 | |||||
1,600 | XYLEM, INC. | 30,618 | 197,888 | |||||
42,801,304 | 79,261,436 | 9.78% | ||||||
Information Technology: | ||||||||
7,472 | ACCENTURE PLC, CLASS A(c) | 1,020,441 | 2,390,442 | |||||
7,922 | ADOBE, INC.(b) | 1,359,939 | 4,560,854 | |||||
14,400 | ADVANCED MICRO DEVICES, INC.(b) | 371,677 | 1,481,760 | |||||
12,626 | AKAMAI TECHNOLOGIES, INC.(b) | 715,662 | 1,320,553 | |||||
1,100 | ALLIANCE DATA SYSTEMS CORP. | 47,178 | 110,979 | |||||
1,500 | ALTERYX, INC., CLASS A(b) | 108,567 | 109,650 | |||||
4,065 | AMDOCS LTD. | 200,086 | 307,761 | |||||
2,600 | AMPHENOL CORP., CLASS A | 188,159 | 190,398 | |||||
6,400 | ANALOG DEVICES, INC. | 437,173 | 1,071,872 | |||||
1,600 | ANAPLAN, INC.(b) | 59,144 | 97,424 | |||||
1,200 | ANSYS, INC.(b) | 30,630 | 408,540 | |||||
263,987 | APPLE, INC. | 7,159,781 | 37,354,160 | |||||
11,372 | APPLIED MATERIALS, INC. | 901,290 | 1,463,918 | |||||
300 | ARISTA NETWORKS, INC.(b) | 106,419 | 103,092 | |||||
7,925 | ARROW ELECTRONICS, INC.(b) | 483,101 | 889,898 | |||||
1,800 | ATLASSIAN CORP. PLC, CLASS A(b)(c) | 206,508 | 704,556 | |||||
3,086 | AUTODESK, INC.(b) | 310,680 | 880,035 | |||||
6,766 | AUTOMATIC DATA PROCESSING, INC. | 361,211 | 1,352,659 | |||||
600 | AVALARA, INC.(b) | 101,784 | 104,862 | |||||
1,400 | BIGCOMMERCE HOLDINGS, INC., CLASS 1(b) | 73,444 | 70,896 | |||||
1,000 | BILL.COM HOLDINGS, INC.(b) | 180,011 | 266,950 | |||||
20,661 | BLACK KNIGHT, INC.(b) | 1,461,752 | 1,487,592 | |||||
5,091 | BROADCOM, INC. | 1,226,524 | 2,468,779 | |||||
3,413 | BROADRIDGE FINANCIAL SOLUTIONS, INC. | 106,898 | 568,742 | |||||
2,000 | C3.AI, INC., CLASS A(b) | 98,835 | 92,680 | |||||
13,500 | CADENCE DESIGN SYSTEMS, INC.(b) | 415,110 | 2,044,440 | |||||
1,522 | CDK GLOBAL, INC. | 19,712 | 64,761 | |||||
7,000 | CDW CORP. | 292,424 | 1,274,140 | |||||
8,331 | CERENCE, INC.(b) | 197,675 | 800,692 | |||||
1,000 | CERIDIAN HCM HOLDING, INC.(b) | 98,750 | 112,620 | |||||
67,140 | CISCO SYSTEMS, INC. | 1,392,044 | 3,654,430 |
9 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Information Technology (Cont'd): | ||||||||
8,507 | CITRIX SYSTEMS, INC. | $ 885,810 | 913,397 | |||||
2,900 | CLOUDFLARE, INC., CLASS A(b) | 163,551 | 326,685 | |||||
1,200 | COGNEX CORP. | 60,629 | 96,264 | |||||
5,900 | COGNIZANT TECHNOLOGY SOLUTIONS CORP., CLASS A | 254,907 | 437,839 | |||||
5,430 | CONCENTRIX CORP.(b) | 390,758 | 961,110 | |||||
15,600 | CORNING, INC. | 85,176 | 569,244 | |||||
868 | COUPA SOFTWARE, INC.(b) | 155,879 | 190,248 | |||||
1,400 | CREE, INC.(b) | 121,434 | 113,022 | |||||
2,000 | CROWDSTRIKE HOLDINGS, INC., CLASS A(b) | 324,507 | 491,560 | |||||
2,600 | DATADOG, INC., CLASS A(b) | 245,424 | 367,510 | |||||
43,990 | DELL TECHNOLOGIES, INC., CLASS C(b) | 3,187,604 | 4,576,720 | |||||
2,800 | DOCUSIGN, INC.(b) | 393,007 | 720,804 | |||||
2,000 | DOLBY LABORATORIES, INC., CLASS A | 43,420 | 176,000 | |||||
2,300 | DROPBOX, INC., CLASS A(b) | 42,360 | 67,206 | |||||
3,100 | DXC TECHNOLOGY CO.(b) | 122,782 | 104,191 | |||||
1,500 | DYNATRACE, INC.(b) | 97,468 | 106,455 | |||||
1,640 | ECHOSTAR CORP., CLASS A(b) | 21,050 | 41,836 | |||||
700 | ELASTIC N.V.(b) | 96,075 | 104,293 | |||||
2,900 | ENPHASE ENERGY, INC.(b) | 433,158 | 434,913 | |||||
2,542 | EPAM SYSTEMS, INC.(b) | 1,031,607 | 1,450,160 | |||||
500 | EURONET WORLDWIDE, INC.(b) | 56,700 | 63,640 | |||||
700 | EVERBRIDGE, INC.(b) | 100,912 | 105,728 | |||||
1,300 | F5 NETWORKS, INC.(b) | 30,063 | 258,414 | |||||
300 | FAIR ISAAC CORP.(b) | 80,682 | 119,379 | |||||
12,959 | FIDELITY NATIONAL INFORMATION SERVICES, INC. | 538,426 | 1,576,851 | |||||
3,900 | FIREEYE, INC.(b) | 44,602 | 69,420 | |||||
1,100 | FIRST SOLAR, INC.(b) | 100,792 | 105,006 | |||||
9,884 | FISERV, INC.(b) | 183,710 | 1,072,414 | |||||
600 | FIVE9, INC.(b) | 64,638 | 95,844 | |||||
400 | FLEETCOR TECHNOLOGIES, INC.(b) | 87,906 | 104,508 | |||||
12,590 | FORTINET, INC.(b) | 1,590,284 | 3,676,784 | |||||
15,015 | GARTNER, INC.(b) | 3,969,475 | 4,562,758 | |||||
3,673 | GLOBAL PAYMENTS, INC. | 261,001 | 578,791 | |||||
1,300 | GODADDY, INC., CLASS A(b) | 76,728 | 90,610 | |||||
800 | GUIDEWIRE SOFTWARE, INC.(b) | 84,696 | 95,096 | |||||
18,800 | HEWLETT PACKARD ENTERPRISE CO. | 102,062 | 267,900 | |||||
161,651 | HP, INC. | 4,427,148 | 4,422,771 | |||||
500 | HUBSPOT, INC.(b) | 284,134 | 338,045 | |||||
84,219 | INTEL CORP. | 3,787,591 | 4,487,188 | |||||
23,445 | INTERNATIONAL BUSINESS MACHINES CORP. | 2,711,591 | 3,257,214 | |||||
3,500 | INTUIT, INC. | 75,843 | 1,888,285 | |||||
800 | IPG PHOTONICS CORP.(b) | 130,426 | 126,720 | |||||
13,175 | JABIL, INC. | 259,881 | 769,025 | |||||
1,424 | JACK HENRY & ASSOCIATES, INC. | 226,588 | 233,621 | |||||
3,300 | JUNIPER NETWORKS, INC. | 91,234 | 90,816 | |||||
600 | KEYSIGHT TECHNOLOGIES, INC.(b) | 62,572 | 98,574 | |||||
2,315 | KLA CORP. | 818,647 | 774,391 | |||||
5,925 | LAM RESEARCH CORP. | 747,412 | 3,372,214 | |||||
9,557 | MARVELL TECHNOLOGY, INC. | 334,492 | 576,383 | |||||
13,178 | MASTERCARD, INC., CLASS A | 3,561,295 | 4,581,727 | |||||
1,900 | MEDALLIA, INC.(b) | 44,418 | 64,353 | |||||
4,200 | MICROCHIP TECHNOLOGY, INC. | 38,962 | 644,658 | |||||
32,360 | MICRON TECHNOLOGY, INC. | 603,416 | 2,296,913 | |||||
127,856 | MICROSOFT CORP. | 9,539,819 | 36,045,164 | |||||
500 | MKS INSTRUMENTS, INC. | 32,310 | 75,455 | |||||
600 | MONGODB, INC.(b) | 197,848 | 282,906 | |||||
10,161 | MOTOROLA SOLUTIONS, INC. | 2,361,778 | 2,360,604 | |||||
2,300 | NATIONAL INSTRUMENTS CORP. | 95,352 | 90,229 | |||||
1,200 | NCINO, INC.(b) | 84,357 | 85,236 | |||||
1,100 | NETAPP, INC. | 87,384 | 98,736 | |||||
900 | NEW RELIC, INC.(b) | 42,264 | 64,593 | |||||
22,781 | NORTONLIFELOCK, INC. | 207,695 | 576,359 | |||||
1,600 | NUANCE COMMUNICATIONS, INC.(b) | 87,341 | 88,064 | |||||
2,500 | NUTANIX, INC., CLASS A(b) | 86,793 | 94,250 | |||||
41,664 | NVIDIA CORP. | 2,866,450 | 8,631,114 | |||||
3,900 | NXP SEMICONDUCTORS N.V.(c) | 334,137 | 763,893 | |||||
3,297 | OKTA, INC.(b) | 513,168 | 782,510 |
10 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Information Technology (Cont'd): | ||||||||
14,991 | ON SEMICONDUCTOR CORP.(b) | $ 573,324 | 686,138 | |||||
112,641 | ORACLE CORP. | 6,800,661 | 9,814,410 | |||||
25,473 | PALANTIR TECHNOLOGIES, INC., CLASS A(b) | 707,651 | 612,371 | |||||
4,328 | PALO ALTO NETWORKS, INC.(b) | 704,819 | 2,073,112 | |||||
6,791 | PAYCHEX, INC. | 728,038 | 763,648 | |||||
1,553 | PAYCOM SOFTWARE, INC.(b) | 217,948 | 769,900 | |||||
13,561 | PAYPAL HOLDINGS, INC.(b) | 1,977,310 | 3,528,708 | |||||
6,152 | PTC, INC.(b) | 621,090 | 736,948 | |||||
4,500 | PURE STORAGE, INC., CLASS A(b) | 85,978 | 113,220 | |||||
4,879 | QORVO, INC.(b) | 606,416 | 815,720 | |||||
21,513 | QUALCOMM, INC. | 2,261,378 | 2,774,747 | |||||
1,500 | RINGCENTRAL, INC., CLASS A(b) | 152,618 | 326,250 | |||||
8,800 | SABRE CORP.(b) | 101,777 | 104,192 | |||||
10,890 | SALESFORCE.COM, INC.(b) | 767,817 | 2,953,586 | |||||
37,005 | SEAGATE TECHNOLOGY HOLDINGS PLC | 1,243,545 | 3,053,653 | |||||
2,200 | SERVICENOW, INC.(b) | 332,661 | 1,368,994 | |||||
1,100 | SHIFT4 PAYMENTS, INC., CLASS A(b) | 95,887 | 85,272 | |||||
3,837 | SKYWORKS SOLUTIONS, INC. | 441,837 | 632,261 | |||||
1,300 | SMARTSHEET, INC., CLASS A(b) | 67,787 | 89,466 | |||||
2,300 | SNOWFLAKE, INC., CLASS A(b) | 634,014 | 695,589 | |||||
1,800 | SPLUNK, INC.(b) | 215,937 | 260,478 | |||||
5,100 | SQUARE, INC., CLASS A(b) | 604,730 | 1,223,184 | |||||
1,938 | SS&C TECHNOLOGIES HOLDINGS, INC. | 86,602 | 134,497 | |||||
4,757 | SYNNEX CORP. | 144,301 | 495,204 | |||||
6,082 | SYNOPSYS, INC.(b) | 540,689 | 1,821,012 | |||||
1,900 | TERADATA CORP.(b) | 96,231 | 108,965 | |||||
4,600 | TERADYNE, INC. | 82,730 | 502,182 | |||||
27,872 | TEXAS INSTRUMENTS, INC. | 942,644 | 5,357,277 | |||||
5,620 | TRADE DESK (THE), INC., CLASS A(b) | 448,723 | 395,086 | |||||
19,538 | TRIMBLE, INC.(b) | 996,229 | 1,607,000 | |||||
1,114 | TWILIO, INC., CLASS A(b) | 251,720 | 355,422 | |||||
2,100 | UBIQUITI, INC. | 357,603 | 627,207 | |||||
1,700 | UNITY SOFTWARE, INC.(b) | 185,159 | 214,625 | |||||
500 | UNIVERSAL DISPLAY CORP. | 96,230 | 85,480 | |||||
600 | VERISIGN, INC.(b) | 110,258 | 123,006 | |||||
21,748 | VISA, INC., CLASS A | 2,658,931 | 4,844,367 | |||||
7,800 | VISHAY INTERTECHNOLOGY, INC. | 48,931 | 156,702 | |||||
3,772 | VMWARE, INC., CLASS A(b) | 190,784 | 560,896 | |||||
5,845 | WESTERN DIGITAL CORP.(b) | 90,457 | 329,892 | |||||
2,000 | WORKDAY, INC., CLASS A(b) | 363,111 | 499,780 | |||||
24,464 | XEROX HOLDINGS CORP. | 374,155 | 493,439 | |||||
7,695 | XILINX, INC. | 186,834 | 1,161,868 | |||||
5,648 | ZEBRA TECHNOLOGIES CORP., CLASS A(b) | 1,532,276 | 2,911,092 | |||||
1,300 | ZENDESK, INC.(b) | 79,216 | 151,307 | |||||
2,300 | ZOOM VIDEO COMMUNICATIONS, INC., CLASS A(b) | 581,479 | 601,450 | |||||
800 | ZSCALER, INC.(b) | 161,030 | 209,776 | |||||
100,553,784 | 228,194,125 | 28.16% | ||||||
Materials: | ||||||||
1,475 | AIR PRODUCTS AND CHEMICALS, INC. | 150,489 | 377,762 | |||||
1,300 | ALBEMARLE CORP. | 29,152 | 284,661 | |||||
18,070 | AMCOR PLC(c) | 111,228 | 209,431 | |||||
900 | APTARGROUP, INC. | 108,918 | 107,415 | |||||
700 | ASHLAND GLOBAL HOLDINGS, INC. | 12,006 | 62,384 | |||||
3,165 | AVERY DENNISON CORP. | 207,899 | 655,820 | |||||
3,600 | BALL CORP. | 296,693 | 323,892 | |||||
1,532 | CABOT CORP. | 54,496 | 76,784 | |||||
16,337 | CELANESE CORP. | 1,176,262 | 2,461,006 | |||||
2,605 | CHEMOURS (THE) CO. | 28,384 | 75,701 | |||||
6,162 | CORTEVA, INC. | 77,857 | 259,297 | |||||
2,800 | CROWN HOLDINGS, INC. | 166,561 | 282,184 | |||||
7,262 | DOW, INC. | 147,036 | 418,001 | |||||
7,262 | DUPONT DE NEMOURS, INC. | 212,802 | 493,743 | |||||
18,881 | EASTMAN CHEMICAL CO. | 1,312,441 | 1,902,072 | |||||
3,291 | ECOLAB, INC. | 136,685 | 686,568 | |||||
1,600 | FMC CORP. | 151,197 | 146,496 | |||||
31,746 | FREEPORT-MCMORAN, INC. | 688,613 | 1,032,697 | |||||
4,622 | GRAPHIC PACKAGING HOLDING CO. | 91,878 | 88,003 |
11 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Materials (Cont'd): | ||||||||
15,846 | HUNTSMAN CORP. | $ 249,978 | 468,883 | |||||
738 | INTERNATIONAL FLAVORS & FRAGRANCES, INC. | 77,529 | 98,685 | |||||
43,897 | INTERNATIONAL PAPER CO. | 1,611,914 | 2,454,720 | |||||
5,779 | LINDE PLC(c) | 1,098,677 | 1,695,443 | |||||
9,574 | LYONDELLBASELL INDUSTRIES N.V., CLASS A | 429,495 | 898,520 | |||||
700 | MARTIN MARIETTA MATERIALS, INC. | 27,965 | 239,176 | |||||
846 | NEWMARKET CORP. | 281,045 | 286,599 | |||||
7,400 | NEWMONT CORP. | 136,530 | 401,820 | |||||
8,848 | NUCOR CORP. | 412,822 | 871,439 | |||||
1,488 | PACKAGING CORP. OF AMERICA | 137,473 | 204,511 | |||||
5,172 | PPG INDUSTRIES, INC. | 123,888 | 739,648 | |||||
8,237 | RELIANCE STEEL & ALUMINUM CO. | 663,588 | 1,173,114 | |||||
600 | ROYAL GOLD, INC. | 22,314 | 57,294 | |||||
2,400 | RPM INTERNATIONAL, INC. | 24,657 | 186,360 | |||||
500 | SCOTTS MIRACLE-GRO (THE) CO. | 37,765 | 73,180 | |||||
1,400 | SEALED AIR CORP. | 24,528 | 76,706 | |||||
400 | SHERWIN-WILLIAMS (THE) CO. | 111,978 | 111,892 | |||||
2,509 | SILGAN HOLDINGS, INC. | 89,461 | 96,245 | |||||
5,689 | SONOCO PRODUCTS CO. | 205,676 | 338,951 | |||||
3,034 | SOUTHERN COPPER CORP.(c) | 36,068 | 170,329 | |||||
12,541 | STEEL DYNAMICS, INC. | 222,294 | 733,398 | |||||
1,910 | UNITED STATES STEEL CORP. | 49,437 | 41,963 | |||||
4,392 | VALVOLINE, INC. | 24,184 | 136,943 | |||||
2,100 | VULCAN MATERIALS CO. | 63,441 | 355,236 | |||||
2,242 | WESTROCK CO. | 24,357 | 111,719 | |||||
11,347,661 | 21,966,691 | 2.71% | ||||||
Real Estate: | ||||||||
2,129 | ALEXANDRIA REAL ESTATE EQUITIES, INC. | 110,363 | 406,788 | |||||
3,152 | AMERICAN HOMES 4 RENT, CLASS A | 102,424 | 120,154 | |||||
4,980 | AMERICAN TOWER CORP. | 684,176 | 1,321,742 | |||||
3,708 | APARTMENT INCOME REIT CORP. | 76,458 | 180,988 | |||||
1,134 | AVALONBAY COMMUNITIES, INC. | 112,326 | 251,340 | |||||
10,278 | BOSTON PROPERTIES, INC. | 828,610 | 1,113,621 | |||||
46,503 | BRIXMOR PROPERTY GROUP, INC. | 409,622 | 1,028,181 | |||||
2,153 | CAMDEN PROPERTY TRUST | 123,455 | 317,503 | |||||
3,900 | CBRE GROUP, INC., CLASS A(b) | 358,235 | 379,704 | |||||
500 | CORESITE REALTY CORP. | 43,021 | 69,270 | |||||
5,100 | CROWN CASTLE INTERNATIONAL CORP. | 256,755 | 883,932 | |||||
2,027 | CUBESMART | 52,679 | 98,208 | |||||
1,242 | CYRUSONE, INC. | 71,196 | 96,143 | |||||
3,357 | DIGITAL REALTY TRUST, INC. | 386,206 | 484,919 | |||||
24,200 | DIGITALBRIDGE GROUP, INC.(b) | 47,800 | 145,926 | |||||
5,200 | DOUGLAS EMMETT, INC. | 42,689 | 164,372 | |||||
3,200 | DUKE REALTY CORP. | 101,873 | 153,184 | |||||
315 | EPR PROPERTIES | 6,839 | 15,555 | |||||
1,152 | EQUINIX, INC. | 296,857 | 910,230 | |||||
1,600 | EQUITY LIFESTYLE PROPERTIES, INC. | 26,661 | 124,960 | |||||
5,416 | EQUITY RESIDENTIAL | 174,162 | 438,263 | |||||
4,777 | ESSEX PROPERTY TRUST, INC. | 1,054,951 | 1,527,398 | |||||
600 | EXTRA SPACE STORAGE, INC. | 98,202 | 100,794 | |||||
900 | FEDERAL REALTY INVESTMENT TRUST | 47,642 | 106,191 | |||||
1,046 | FOUR CORNERS PROPERTY TRUST, INC. | 8,347 | 28,096 | |||||
2,070 | GAMING AND LEISURE PROPERTIES, INC. | 56,601 | 95,882 | |||||
7,000 | HEALTHPEAK PROPERTIES, INC. | 70,562 | 234,360 | |||||
10,022 | HOST HOTELS & RESORTS, INC.(b) | 68,301 | 163,659 | |||||
678 | HOWARD HUGHES (THE) CORP.(b) | 20,502 | 59,535 | |||||
6,000 | INVITATION HOMES, INC. | 224,375 | 229,980 | |||||
2,000 | IRON MOUNTAIN, INC. | 90,735 | 86,900 | |||||
700 | JBG SMITH PROPERTIES | 17,888 | 20,727 | |||||
700 | JONES LANG LASALLE, INC.(b) | 39,951 | 173,663 | |||||
9,321 | KIMCO REALTY CORP. | 109,980 | 193,405 | |||||
4,678 | LAMAR ADVERTISING CO., CLASS A | 75,755 | 530,719 | |||||
1,800 | MID-AMERICA APARTMENT COMMUNITIES, INC. | 132,698 | 336,150 | |||||
7,400 | OPENDOOR TECHNOLOGIES, INC.(b) | 150,094 | 151,922 | |||||
3,700 | OUTFRONT MEDIA, INC. | 47,754 | 93,240 | |||||
5,400 | PARK HOTELS & RESORTS, INC.(b) | 100,634 | 103,356 | |||||
10,911 | PROLOGIS, INC. | 280,831 | 1,368,567 |
12 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Real Estate (Cont'd): | ||||||||
5,493 | PUBLIC STORAGE | $ 1,443,286 | 1,631,970 | |||||
6,972 | RAYONIER, INC. | 74,591 | 248,761 | |||||
4,000 | REALTY INCOME CORP. | 146,533 | 259,440 | |||||
20,965 | REGENCY CENTERS CORP. | 1,229,351 | 1,411,573 | |||||
1,780 | REXFORD INDUSTRIAL REALTY, INC. | 87,624 | 101,015 | |||||
2,100 | SBA COMMUNICATIONS CORP. | 214,169 | 694,197 | |||||
9,677 | SIMON PROPERTY GROUP, INC. | 1,146,566 | 1,257,720 | |||||
1,400 | SL GREEN REALTY CORP. | 101,372 | 99,176 | |||||
1,133 | SUN COMMUNITIES, INC. | 87,255 | 209,718 | |||||
4,100 | UDR, INC. | 63,318 | 217,218 | |||||
13,505 | VENTAS, INC. | 737,808 | 745,611 | |||||
2,020 | VEREIT, INC. | 48,318 | 91,365 | |||||
49,752 | VICI PROPERTIES, INC. | 1,491,053 | 1,413,454 | |||||
4,500 | WELLTOWER, INC. | 351,703 | 370,800 | |||||
61,104 | WEYERHAEUSER CO. | 1,979,698 | 2,173,469 | |||||
1,800 | WP CAREY, INC. | 137,642 | 131,472 | |||||
16,348,497 | 25,366,486 | 3.13% | ||||||
Utilities: | ||||||||
6,300 | AES (THE) CORP. | 113,148 | 143,829 | |||||
2,000 | ALLIANT ENERGY CORP. | 24,835 | 111,960 | |||||
1,700 | AMEREN CORP. | 48,382 | 137,700 | |||||
4,800 | AMERICAN ELECTRIC POWER CO., INC. | 280,084 | 389,664 | |||||
700 | AMERICAN WATER WORKS CO., INC. | 112,353 | 118,328 | |||||
13,200 | AVANGRID, INC. | 502,113 | 641,520 | |||||
5,800 | CENTERPOINT ENERGY, INC. | 66,308 | 142,680 | |||||
13,300 | CMS ENERGY CORP. | 259,708 | 794,409 | |||||
4,975 | CONSOLIDATED EDISON, INC. | 318,863 | 361,135 | |||||
12,073 | DOMINION ENERGY, INC. | 450,978 | 881,570 | |||||
2,300 | DTE ENERGY CO. | 71,502 | 256,933 | |||||
9,959 | DUKE ENERGY CORP. | 487,571 | 971,899 | |||||
4,425 | EDISON INTERNATIONAL | 136,263 | 245,455 | |||||
764 | ENTERGY CORP. | 46,655 | 75,873 | |||||
2,035 | ESSENTIAL UTILITIES, INC. | 37,362 | 93,773 | |||||
2,974 | EVERGY, INC. | 67,407 | 184,983 | |||||
4,961 | EVERSOURCE ENERGY | 125,492 | 405,611 | |||||
10,500 | EXELON CORP. | 480,432 | 507,570 | |||||
5,500 | FIRSTENERGY CORP. | 168,113 | 195,910 | |||||
900 | NATIONAL FUEL GAS CO. | 20,790 | 47,268 | |||||
22,754 | NEXTERA ENERGY, INC. | 635,247 | 1,786,644 | |||||
6,900 | NISOURCE, INC. | 43,973 | 167,187 | |||||
38,532 | NRG ENERGY, INC. | 1,272,916 | 1,573,262 | |||||
4,800 | OGE ENERGY CORP. | 43,344 | 158,208 | |||||
17,700 | PG&E CORP.(b) | 176,562 | 169,920 | |||||
2,400 | PINNACLE WEST CAPITAL CORP. | 71,637 | 173,664 | |||||
8,500 | PPL CORP. | 236,326 | 236,980 | |||||
17,961 | PUBLIC SERVICE ENTERPRISE GROUP, INC. | 886,484 | 1,093,825 | |||||
3,700 | SEMPRA ENERGY | 239,277 | 468,050 | |||||
10,000 | SOUTHERN (THE) CO. | 264,782 | 619,700 | |||||
4,650 | UGI CORP. | 51,203 | 198,183 | |||||
5,600 | VISTRA CORP. | 91,053 | 95,760 | |||||
3,555 | WEC ENERGY GROUP, INC. | 268,790 | 313,551 | |||||
968 | XCEL ENERGY, INC. | 36,241 | 60,500 | |||||
8,136,194 | 13,823,504 | 1.71% | ||||||
Sub-total Common Stocks: | 409,108,170 | 806,815,418 | 99.57% | |||||
Preferred Stocks: | ||||||||
Consumer Discretionary: | ||||||||
355 | QURATE RETAIL, INC., 8.00% | 14,247 | 38,393 | |||||
14,247 | 38,393 | 0.00% | ||||||
Sub-total Preferred Stocks: | 14,247 | 38,393 | 0.00% | |||||
Short-Term Investments: | ||||||||
3,546,473 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 0.03%(e) | 3,546,473 | 3,546,473 | |||||
Sub-total Short-Term Investments: | 3,546,473 | 3,546,473 | 0.44% | |||||
Grand total | $ 412,668,890 | 810,400,284 | 100.01% |
13 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 2021 (unaudited)
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 September 30, 2021, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 2.58% of net assets. |
(d) | Securities are American Depositary Receipts of companies based outside of the United States representing 0.04% of net assets as of September 30, 2021. |
(e) | 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 $3,845,954 during the nine months ended September 30, 2021. |
14 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 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 September 30, 2021.
Level 1 | Level 2 | Level 3 | Total | ||||
Common Stocks | $ 806,815,418 | $ — | $ — | $ 806,815,418 | |||
Preferred Stocks | 38,393 | — | — | 38,393 | |||
Short-Term Investments | 3,546,473 | — | — | 3,546,473 | |||
Total | $ 810,400,284 | $ — | $ — | $ 810,400,284 |
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.
15 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 2021 (unaudited)
Clearwater Core Equity Fund Portfolio Diversification
(as a percentage of net assets)
16 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Common Stocks: | ||||||||
Communication Services: | ||||||||
17,500 | CINEMARK HOLDINGS, INC.(b) | $ 301,968 | 336,175 | |||||
3,031 | COGENT COMMUNICATIONS HOLDINGS, INC. | 211,153 | 214,716 | |||||
3,841 | CONSOLIDATED COMMUNICATIONS HOLDINGS, INC.(b) | 20,535 | 35,299 | |||||
15,600 | EW SCRIPPS (THE) CO., CLASS A | 271,055 | 281,736 | |||||
21,118 | LIBERTY BROADBAND CORP., CLASS C(b) | 3,046,103 | 3,647,079 | |||||
5,952 | MEREDITH CORP.(b) | 207,576 | 331,526 | |||||
176,206 | NEW YORK TIMES (THE) CO., CLASS A | 7,693,930 | 8,681,670 | |||||
54,251 | OOMA, INC.(b) | 1,053,576 | 1,009,611 | |||||
2,477 | QUINSTREET, INC.(b) | 41,581 | 43,496 | |||||
3,881 | TECHTARGET, INC.(b) | 285,279 | 319,872 | |||||
191,700 | THUNDERBIRD ENTERTAINMENT GROUP, INC.(b)(c) | 725,465 | 726,480 | |||||
23,847 | VERTICALSCOPE HOLDINGS, INC.(b)(c) | 597,882 | 624,887 | |||||
117,192 | VIMEO, INC.(b) | 4,238,890 | 3,441,929 | |||||
51,564 | YOUGOV PLC(c) | 904,725 | 875,414 | |||||
19,599,718 | 20,569,890 | 3.83% | ||||||
Consumer Discretionary: | ||||||||
10,721 | ADTALEM GLOBAL EDUCATION, INC.(b) | 393,683 | 405,361 | |||||
98,970 | AMERICAN EAGLE OUTFITTERS, INC. | 1,954,615 | 2,553,426 | |||||
53,635 | AMERICAN OUTDOOR BRANDS, INC.(b) | 1,344,872 | 1,317,276 | |||||
909 | AMERICAN PUBLIC EDUCATION, INC.(b) | 26,610 | 23,279 | |||||
1,459 | ASBURY AUTOMOTIVE GROUP, INC.(b) | 172,834 | 287,044 | |||||
165,394 | ASPEN GROUP, INC.(b) | 920,924 | 921,245 | |||||
9,237 | BED BATH & BEYOND, INC.(b) | 178,984 | 159,569 | |||||
375 | BJ'S RESTAURANTS, INC.(b) | 6,832 | 15,660 | |||||
17,076 | BLOOMIN' BRANDS, INC.(b) | 377,969 | 426,900 | |||||
3,899 | BOOT BARN HOLDINGS, INC.(b) | 290,626 | 346,504 | |||||
4,352 | BRINKER INTERNATIONAL, INC.(b) | 234,478 | 213,466 | |||||
9,630 | CALERES, INC. | 207,054 | 213,979 | |||||
5,798 | CALLAWAY GOLF CO.(b) | 162,684 | 160,199 | |||||
2,074 | CATO (THE) CORP., CLASS A | 16,670 | 34,304 | |||||
1,343 | CAVCO INDUSTRIES, INC.(b) | 277,442 | 317,942 | |||||
2,592 | CHILDREN'S PLACE (THE), INC.(b) | 174,062 | 195,074 | |||||
31,702 | CLARUS CORP. | 839,196 | 812,522 | |||||
1,666 | CONN'S, INC.(b) | 19,489 | 38,035 | |||||
900 | CROCS, INC.(b) | 91,683 | 129,132 | |||||
46,127 | CULP, INC. | 594,280 | 594,116 | |||||
166,512 | DALATA HOTEL GROUP PLC(b)(c) | 730,935 | 776,280 | |||||
147,482 | DANA, INC. | 1,658,062 | 3,280,000 | |||||
5,940 | DAVE & BUSTER'S ENTERTAINMENT, INC.(b) | 195,858 | 227,680 | |||||
4,369 | DINE BRANDS GLOBAL, INC.(b) | 338,840 | 354,807 | |||||
2,368 | DORMAN PRODUCTS, INC.(b) | 196,627 | 224,179 | |||||
77,890 | DREAM FINDERS HOMES, INC., CLASS A(b) | 1,627,037 | 1,349,834 | |||||
1,141 | EL POLLO LOCO HOLDINGS, INC.(b) | 17,103 | 19,283 | |||||
101,439 | FARFETCH LTD., CLASS A(b)(c) | 3,490,771 | 3,801,934 | |||||
14,318 | FIVERR INTERNATIONAL LTD.(b)(c) | 2,329,421 | 2,615,612 | |||||
131,120 | FULL HOUSE RESORTS, INC.(b) | 1,143,772 | 1,391,183 | |||||
3,610 | GENESCO, INC.(b) | 212,764 | 208,405 | |||||
4,058 | GENTHERM, INC.(b) | 289,017 | 328,414 | |||||
10,701 | G-III APPAREL GROUP LTD.(b) | 281,837 | 302,838 | |||||
106,588 | GILDAN ACTIVEWEAR, INC.(c) | 2,402,952 | 3,891,528 | |||||
3,347 | GROUP 1 AUTOMOTIVE, INC. | 499,649 | 628,834 | |||||
245,000 | GYM GROUP (THE) PLC(b)(c) | 985,708 | 982,086 | |||||
101,000 | HANESBRANDS, INC. | 1,489,101 | 1,733,160 | |||||
21,500 | HELEN OF TROY LTD.(b) | 3,500,941 | 4,830,620 | |||||
58,638 | HOOKER FURNISHINGS CORP. | 1,347,057 | 1,582,640 | |||||
3,087 | INSTALLED BUILDING PRODUCTS, INC. | 329,747 | 330,772 | |||||
95,808 | IPOWER, INC.(b) | 434,900 | 379,400 | |||||
3,977 | KONTOOR BRANDS, INC. | 206,817 | 198,651 | |||||
2,548 | LCI INDUSTRIES | 328,971 | 343,037 | |||||
1,710 | LGI HOMES, INC.(b) | 264,677 | 242,666 | |||||
12,302 | LOVESAC (THE) CO.(b) | 865,225 | 813,039 | |||||
1,546 | LUMBER LIQUIDATORS HOLDINGS, INC.(b) | 23,685 | 28,879 | |||||
3,494 | M/I HOMES, INC.(b) | 222,010 | 201,953 | |||||
43,663 | MACY'S, INC. | 828,823 | 986,784 | |||||
31,240 | MALIBU BOATS, INC., CLASS A(b) | 1,560,435 | 2,186,175 | |||||
575 | MARINEMAX, INC.(b) | 13,006 | 27,899 |
17 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Discretionary (Cont'd): | ||||||||
9,009 | MDC HOLDINGS, INC. | $ 448,046 | 420,900 | |||||
4,639 | MERITAGE HOMES CORP.(b) | 464,165 | 449,983 | |||||
7,094 | MONRO, INC. | 409,978 | 407,976 | |||||
79,706 | MOTORCAR PARTS OF AMERICA, INC.(b) | 1,466,568 | 1,554,267 | |||||
91,829 | NOODLES & CO.(b) | 1,114,540 | 1,083,582 | |||||
5,161 | ODP (THE) CORP.(b) | 192,469 | 207,266 | |||||
33,116 | PAPA JOHN'S INTERNATIONAL, INC. | 2,863,220 | 4,205,401 | |||||
17,258 | PATRICK INDUSTRIES, INC. | 1,316,000 | 1,437,591 | |||||
10,657 | PETMED EXPRESS, INC. | 312,771 | 286,354 | |||||
27,548 | PVH CORP.(b) | 1,964,170 | 2,831,659 | |||||
3,947 | RENT-A-CENTER, INC. | 175,085 | 221,861 | |||||
2,351 | RUTH'S HOSPITALITY GROUP, INC.(b) | 20,747 | 48,689 | |||||
12,806 | SALLY BEAUTY HOLDINGS, INC.(b) | 220,904 | 215,781 | |||||
8,746 | SHAKE SHACK, INC., CLASS A(b) | 734,653 | 686,211 | |||||
3,234 | SHUTTERSTOCK, INC. | 301,010 | 366,477 | |||||
5,913 | SIGNET JEWELERS LTD. | 386,156 | 466,890 | |||||
26,721 | SKYLINE CHAMPION CORP.(b) | 1,653,277 | 1,604,863 | |||||
2,305 | SLEEP NUMBER CORP.(b) | 206,088 | 215,471 | |||||
5,955 | SONIC AUTOMOTIVE, INC., CLASS A | 265,474 | 312,876 | |||||
2,490 | STAMPS.COM, INC.(b) | 496,785 | 821,177 | |||||
5,609 | STEVEN MADDEN LTD. | 177,129 | 225,257 | |||||
109,135 | STITCH FIX, INC., CLASS A(b) | 4,400,332 | 4,359,943 | |||||
93,070 | STONERIDGE, INC.(b) | 2,082,030 | 1,897,697 | |||||
6,490 | STRATEGIC EDUCATION, INC. | 499,171 | 457,545 | |||||
2,966 | STURM RUGER & CO., INC. | 212,355 | 218,831 | |||||
13,100 | TUPPERWARE BRANDS CORP.(b) | 285,388 | 276,672 | |||||
1,272 | UNIFI, INC.(b) | 18,074 | 27,895 | |||||
5,700 | UNIVERSAL ELECTRONICS, INC.(b) | 225,710 | 280,725 | |||||
5,257 | VISTA OUTDOOR, INC.(b) | 154,300 | 211,910 | |||||
82,104 | VROOM, INC.(b) | 3,475,105 | 1,812,035 | |||||
70,524 | WINNEBAGO INDUSTRIES, INC. | 2,908,328 | 5,109,464 | |||||
9,039 | WOLVERINE WORLD WIDE, INC. | 262,331 | 269,724 | |||||
50,339 | WYNDHAM HOTELS & RESORTS, INC. | 2,585,984 | 3,885,667 | |||||
68,399,078 | 80,312,245 | 14.97% | ||||||
Consumer Staples: | ||||||||
8,090 | ANDERSONS (THE), INC. | 232,670 | 249,415 | |||||
13,695 | B&G FOODS, INC. | 410,545 | 409,344 | |||||
7,337 | CAL-MAINE FOODS, INC. | 259,402 | 265,306 | |||||
6,616 | CELSIUS HOLDINGS, INC.(b) | 431,278 | 596,035 | |||||
22,897 | CHEFS' WAREHOUSE (THE), INC.(b) | 700,527 | 745,755 | |||||
566 | COCA-COLA CONSOLIDATED, INC. | 196,692 | 223,106 | |||||
9,900 | ELF BEAUTY, INC.(b) | 286,759 | 287,595 | |||||
3,902 | FRESHPET, INC.(b) | 593,143 | 556,776 | |||||
181,111 | GROCERY OUTLET HOLDING CORP.(b) | 6,791,006 | 3,906,564 | |||||
11,260 | INGREDION, INC. | 1,012,523 | 1,002,253 | |||||
3,848 | INTER PARFUMS, INC. | 278,382 | 287,715 | |||||
1,405 | J & J SNACK FOODS CORP. | 220,314 | 214,712 | |||||
2,978 | JOHN B. SANFILIPPO & SON, INC. | 227,582 | 243,362 | |||||
1,300 | MEDIFAST, INC. | 271,361 | 250,432 | |||||
6,353 | NATIONAL BEVERAGE CORP. | 286,470 | 333,469 | |||||
4,091 | PERFORMANCE FOOD GROUP CO.(b) | 202,627 | 190,068 | |||||
2,660 | PRICESMART, INC. | 230,835 | 206,283 | |||||
6,194 | SIMPLY GOOD FOODS (THE) CO.(b) | 205,288 | 213,631 | |||||
1,856 | SPARTANNASH CO. | 34,032 | 40,646 | |||||
23,115 | SPECTRUM BRANDS HOLDINGS, INC. | 1,368,430 | 2,211,412 | |||||
11,855 | UNITED NATURAL FOODS, INC.(b) | 416,214 | 574,019 | |||||
46,330 | UNIVERSAL CORP. | 2,345,691 | 2,239,129 | |||||
4,051 | USANA HEALTH SCIENCES, INC.(b) | 370,750 | 373,502 | |||||
1,226 | WD-40 CO. | 276,305 | 283,795 | |||||
2,240 | WINFARM SAS(b)(c) | 94,735 | 91,204 | |||||
17,743,561 | 15,995,528 | 2.98% | ||||||
Energy: | ||||||||
123,390 | ADVANTAGE ENERGY LTD.(b)(c) | 548,006 | 623,477 | |||||
41,497 | ARCHROCK, INC. | 330,674 | 342,350 | |||||
1,386 | BRISTOW GROUP, INC.(b) | 33,470 | 44,116 | |||||
8,800 | CORE LABORATORIES N.V.(c) | 237,297 | 244,200 | |||||
64,661 | DMC GLOBAL, INC.(b) | 2,709,523 | 2,386,638 |
18 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Energy (Cont'd): | ||||||||
156,561 | EVOLUTION PETROLEUM CORP. | $ 785,516 | 889,266 | |||||
4,431 | GREEN PLAINS, INC.(b) | 142,608 | 144,672 | |||||
74,613 | HELIX ENERGY SOLUTIONS GROUP, INC.(b) | 282,696 | 289,498 | |||||
76,812 | MURPHY OIL CORP. | 595,815 | 1,917,996 | |||||
383,206 | NEXTIER OILFIELD SOLUTIONS, INC.(b) | 1,031,968 | 1,762,748 | |||||
115,661 | NOV, INC.(b) | 1,184,635 | 1,516,316 | |||||
54,000 | OIL STATES INTERNATIONAL, INC.(b) | 328,120 | 345,060 | |||||
21,064 | PAR PACIFIC HOLDINGS, INC.(b) | 283,923 | 331,126 | |||||
46,437 | PATTERSON-UTI ENERGY, INC. | 380,100 | 417,933 | |||||
18,880 | PDC ENERGY, INC. | 663,093 | 894,723 | |||||
46,368 | RANGE RESOURCES CORP.(b) | 559,283 | 1,049,308 | |||||
258 | REX AMERICAN RESOURCES CORP.(b) | 16,958 | 20,606 | |||||
18,012 | SM ENERGY CO. | 321,430 | 475,157 | |||||
123,597 | SOUTHWESTERN ENERGY CO.(b) | 551,414 | 684,727 | |||||
183,349 | TECHNIPFMC PLC(c) | 1,287,155 | 1,380,618 | |||||
13,143 | WORLD FUEL SERVICES CORP. | 444,284 | 441,868 | |||||
12,717,968 | 16,202,403 | 3.02% | ||||||
Financials: | ||||||||
45,972 | AFC GAMMA, INC. | 1,011,810 | 992,076 | |||||
6,135 | ALLEGIANCE BANCSHARES, INC. | 217,492 | 234,050 | |||||
13,770 | A-MARK PRECIOUS METALS, INC. | 787,451 | 826,475 | |||||
99,025 | AMERICAN EQUITY INVESTMENT LIFE HOLDING CO. | 2,586,067 | 2,928,169 | |||||
42,333 | ARGO GROUP INTERNATIONAL HOLDINGS LTD.(c) | 1,830,452 | 2,210,629 | |||||
3,448 | ARMOUR RESIDENTIAL REIT, INC. | 29,192 | 37,169 | |||||
160,064 | ASSOCIATED BANC-CORP | 2,574,089 | 3,428,571 | |||||
5,306 | ASSURED GUARANTY LTD.(c) | 212,771 | 248,374 | |||||
82,346 | AXIS CAPITAL HOLDINGS LTD.(c) | 4,084,913 | 3,791,210 | |||||
15,127 | AXOS FINANCIAL, INC.(b) | 694,405 | 779,646 | |||||
2,140 | BANC OF CALIFORNIA, INC. | 21,614 | 39,569 | |||||
5,142 | BANCFIRST CORP. | 272,327 | 309,137 | |||||
5,417 | BANKUNITED, INC. | 171,629 | 226,539 | |||||
4,219 | BANNER CORP. | 197,232 | 232,931 | |||||
10,100 | BERKSHIRE HILLS BANCORP, INC. | 163,915 | 272,498 | |||||
12,352 | BRIGHTSPHERE INVESTMENT GROUP, INC. | 251,030 | 322,758 | |||||
15,121 | BROOKLINE BANCORP, INC. | 188,718 | 230,746 | |||||
15,919 | CADENCE BANCORP | 324,936 | 349,581 | |||||
30,259 | CAPITOL FEDERAL FINANCIAL, INC. | 359,708 | 347,676 | |||||
43,903 | CAPSTEAD MORTGAGE CORP. | 290,597 | 293,711 | |||||
162,258 | CNO FINANCIAL GROUP, INC. | 2,799,201 | 3,819,553 | |||||
6,523 | COLUMBIA BANKING SYSTEM, INC. | 207,700 | 247,809 | |||||
23,672 | COMMERCE BANCSHARES, INC. | 1,162,429 | 1,649,465 | |||||
3,280 | COMMUNITY BANK SYSTEM, INC. | 192,260 | 224,418 | |||||
5,546 | CUSTOMERS BANCORP, INC.(b) | 214,107 | 238,589 | |||||
11,393 | CVB FINANCIAL CORP. | 232,287 | 232,075 | |||||
6,855 | DIME COMMUNITY BANCSHARES, INC. | 208,658 | 223,884 | |||||
4,024 | EAGLE BANCORP, INC. | 182,126 | 231,380 | |||||
3,500 | EHEALTH, INC.(b) | 138,448 | 141,750 | |||||
7,027 | ENCORE CAPITAL GROUP, INC.(b) | 307,680 | 346,220 | |||||
9,600 | ENOVA INTERNATIONAL, INC.(b) | 320,752 | 331,680 | |||||
55,880 | ESSENT GROUP LTD. | 1,802,274 | 2,459,279 | |||||
41,653 | EUROPEAN SUSTAINABLE GROWTH ACQUISITION CORP., CLASS A(b) | 413,889 | 413,198 | |||||
122,044 | EZCORP, INC., CLASS A(b) | 890,871 | 923,873 | |||||
8,220 | FB FINANCIAL CORP. | 308,965 | 352,474 | |||||
70,529 | FIDUCIAN GROUP LTD.(c) | 384,149 | 387,516 | |||||
17,997 | FIRST BANCORP | 218,712 | 236,661 | |||||
17,143 | FIRST COMMONWEALTH FINANCIAL CORP. | 229,102 | 233,659 | |||||
10,026 | FIRST HAWAIIAN, INC. | 269,720 | 294,263 | |||||
204,470 | FIRST MIDWEST BANCORP, INC. | 3,369,335 | 3,886,975 | |||||
42,010 | FIRSTCASH, INC. | 2,688,941 | 3,675,875 | |||||
6,899 | FLAGSTAR BANCORP, INC. | 275,637 | 350,331 | |||||
114,493 | GENWORTH FINANCIAL, INC., CLASS A(b) | 443,325 | 429,349 | |||||
56,400 | GLACIER BANCORP, INC. | 2,341,032 | 3,121,740 | |||||
8,289 | GREEN DOT CORP., CLASS A(b) | 403,691 | 417,185 | |||||
4,221 | HANMI FINANCIAL CORP. | 60,409 | 84,673 | |||||
375 | HCI GROUP, INC. | 16,590 | 41,539 | |||||
12,100 | HERITAGE FINANCIAL CORP. | 310,293 | 308,550 |
19 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Financials (Cont'd): | ||||||||
2,300 | HILLTOP HOLDINGS, INC. | $ 75,825 | 75,141 | |||||
198,894 | HOPE BANCORP, INC. | 2,123,764 | 2,872,029 | |||||
9,296 | HORACE MANN EDUCATORS CORP. | 363,233 | 369,888 | |||||
144,753 | HUNTINGTON BANCSHARES, INC. | 1,248,845 | 2,237,881 | |||||
3,313 | INDEPENDENT BANK GROUP, INC. | 187,574 | 235,356 | |||||
15,302 | INVESTORS BANCORP, INC. | 224,737 | 231,213 | |||||
7,421 | JAMES RIVER GROUP HOLDINGS LTD.(c) | 269,815 | 279,994 | |||||
83,128 | JDC GROUP A.G.(b)(c) | 1,913,415 | 2,359,137 | |||||
1,468 | KKR REAL ESTATE FINANCE TRUST, INC. | 22,900 | 30,975 | |||||
148,360 | LENDINGCLUB CORP.(b) | 2,333,016 | 4,189,686 | |||||
4,800 | META FINANCIAL GROUP, INC. | 239,212 | 251,904 | |||||
77,479 | MORTGAGE ADVICE BUREAU HOLDINGS LTD.(c) | 1,420,206 | 1,190,105 | |||||
3,329 | MR COOPER GROUP, INC.(b) | 72,942 | 137,055 | |||||
8,000 | NATIONAL BANK HOLDINGS CORP., CLASS A | 289,485 | 323,840 | |||||
5,879 | NATIONAL WESTERN LIFE GROUP, INC., CLASS A | 1,629,614 | 1,238,059 | |||||
6,000 | NBT BANCORP, INC. | 207,755 | 216,720 | |||||
17,356 | NMI HOLDINGS, INC., CLASS A(b) | 378,474 | 392,419 | |||||
9,561 | NORTHFIELD BANCORP, INC. | 159,339 | 164,067 | |||||
26,860 | NORTHWEST BANCSHARES, INC. | 326,379 | 356,701 | |||||
9,524 | OFG BANCORP | 198,971 | 240,195 | |||||
29,437 | OLD NATIONAL BANCORP | 471,952 | 498,957 | |||||
23,166 | OPEN LENDING CORP., CLASS A(b) | 899,948 | 835,598 | |||||
6,500 | PACIFIC PREMIER BANCORP, INC. | 270,308 | 269,360 | |||||
3,313 | PALOMAR HOLDINGS, INC.(b) | 261,391 | 267,790 | |||||
1,930 | PARK NATIONAL CORP. | 206,805 | 235,364 | |||||
16,153 | PENNYMAC MORTGAGE INVESTMENT TRUST | 320,774 | 318,053 | |||||
1,888 | PIPER SANDLER COS. | 211,874 | 261,412 | |||||
8,035 | PRA GROUP, INC.(b) | 318,863 | 338,595 | |||||
413 | PREFERRED BANK | 20,848 | 27,539 | |||||
10,458 | PROASSURANCE CORP. | 216,913 | 248,691 | |||||
28,200 | REDWOOD TRUST, INC. | 330,644 | 363,498 | |||||
15,570 | RENAISSANCERE HOLDINGS LTD.(c) | 2,263,739 | 2,170,458 | |||||
9,055 | RENASANT CORP. | 314,378 | 326,433 | |||||
7,859 | S&T BANCORP, INC. | 229,143 | 231,605 | |||||
11,992 | SEACOAST BANKING CORP. OF FLORIDA | 353,788 | 405,450 | |||||
25,800 | SELECTIVE INSURANCE GROUP, INC. | 1,545,260 | 1,948,674 | |||||
4,151 | SERVISFIRST BANCSHARES, INC. | 257,814 | 322,948 | |||||
7,672 | SIMMONS FIRST NATIONAL CORP., CLASS A | 226,914 | 226,784 | |||||
12,567 | SOUND FINANCIAL BANCORP, INC. | 582,526 | 565,515 | |||||
5,100 | SOUTHSIDE BANCSHARES, INC. | 188,731 | 195,279 | |||||
4,702 | STEWART INFORMATION SERVICES CORP. | 271,978 | 297,449 | |||||
4,349 | STONEX GROUP, INC.(b) | 270,964 | 286,599 | |||||
356 | SVB FINANCIAL GROUP(b) | 204,584 | 230,289 | |||||
3,800 | TOMPKINS FINANCIAL CORP. | 305,979 | 307,458 | |||||
11,800 | TRUSTMARK CORP. | 379,906 | 380,196 | |||||
68,700 | TWO HARBORS INVESTMENT CORP. | 431,097 | 435,558 | |||||
309,972 | UMPQUA HOLDINGS CORP. | 4,534,823 | 6,276,933 | |||||
14,563 | UNITED COMMUNITY BANKS, INC. | 390,229 | 477,958 | |||||
81,632 | UNIVEST FINANCIAL CORP. | 1,745,102 | 2,235,900 | |||||
74,334 | VELOCITY FINANCIAL, INC.(b) | 950,635 | 978,235 | |||||
957 | VIRTUS INVESTMENT PARTNERS, INC. | 206,594 | 296,976 | |||||
2,819 | WALKER & DUNLOP, INC. | 281,327 | 319,957 | |||||
66,669 | WEBSTER FINANCIAL CORP. | 2,501,602 | 3,630,794 | |||||
6,182 | WESTAMERICA BANCORP | 360,012 | 347,799 | |||||
852 | WORLD ACCEPTANCE CORP.(b) | 133,091 | 161,522 | |||||
104,706 | WSFS FINANCIAL CORP. | 4,622,649 | 5,372,465 | |||||
77,431,617 | 92,891,934 | 17.31% | ||||||
Health Care: | ||||||||
8,562 | ABIOMED, INC.(b) | 2,343,148 | 2,787,102 | |||||
13,298 | ADDUS HOMECARE CORP.(b) | 1,126,003 | 1,060,516 | |||||
7,571 | AMN HEALTHCARE SERVICES, INC.(b) | 701,815 | 868,772 | |||||
758 | ANIKA THERAPEUTICS, INC.(b) | 27,364 | 32,260 | |||||
2,500 | APOLLO MEDICAL HOLDINGS, INC.(b) | 240,942 | 227,625 | |||||
175,149 | BIODELIVERY SCIENCES INTERNATIONAL, INC.(b) | 707,392 | 632,288 | |||||
13,118 | BIO-TECHNE CORP. | 3,178,440 | 6,356,589 | |||||
40,071 | BRAINSWAY LTD. ADR(b)(c)(d) | 329,371 | 320,969 | |||||
4,800 | CARA THERAPEUTICS, INC.(b) | 75,581 | 74,160 |
20 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Health Care (Cont'd): | ||||||||
9,454 | CARDIOVASCULAR SYSTEMS, INC.(b) | $ 363,964 | 310,375 | |||||
20,000 | COHERUS BIOSCIENCES, INC.(b) | 300,105 | 321,400 | |||||
760 | COMPUTER PROGRAMS AND SYSTEMS, INC.(b) | 17,092 | 26,950 | |||||
320,048 | CONFORMIS, INC.(b) | 488,969 | 425,664 | |||||
1,982 | CONMED CORP. | 245,050 | 259,305 | |||||
21,390 | CORCEPT THERAPEUTICS, INC.(b) | 438,377 | 420,955 | |||||
1,906 | CORVEL CORP.(b) | 243,566 | 354,935 | |||||
12,100 | CRYOLIFE, INC.(b) | 313,915 | 269,709 | |||||
1,298 | CUTERA, INC.(b) | 19,385 | 60,487 | |||||
23,281 | CYTOKINETICS, INC.(b) | 599,474 | 832,063 | |||||
620 | EAGLE PHARMACEUTICALS, INC.(b) | 28,743 | 34,584 | |||||
5,972 | ENANTA PHARMACEUTICALS, INC.(b) | 273,936 | 339,269 | |||||
2,746 | ENSIGN GROUP (THE), INC. | 174,823 | 205,648 | |||||
3,460 | FULGENT GENETICS, INC.(b) | 273,440 | 311,227 | |||||
9,946 | HANGER, INC.(b) | 233,212 | 218,414 | |||||
49,024 | HARROW HEALTH, INC.(b) | 479,549 | 445,628 | |||||
6,003 | HEALTHSTREAM, INC.(b) | 155,957 | 171,566 | |||||
877 | HESKA CORP.(b) | 147,791 | 226,740 | |||||
26,984 | INFUSYSTEM HOLDINGS, INC.(b) | 342,926 | 351,602 | |||||
5,794 | INMODE LTD.(b)(c) | 867,033 | 923,853 | |||||
73,402 | INSTEM PLC(b)(c) | 901,501 | 885,172 | |||||
4,394 | INTEGER HOLDINGS CORP.(b) | 384,345 | 392,560 | |||||
42,390 | INTEGRA LIFESCIENCES HOLDINGS CORP.(b) | 2,378,171 | 2,902,867 | |||||
22,704 | INVACARE CORP.(b) | 125,039 | 108,071 | |||||
9,536 | JOINT (THE) CORP.(b) | 868,941 | 934,719 | |||||
8,450 | LANTHEUS HOLDINGS, INC.(b) | 205,869 | 216,996 | |||||
3,306 | MAGELLAN HEALTH, INC.(b) | 269,576 | 312,582 | |||||
7,430 | MEDNAX, INC.(b) | 203,392 | 211,235 | |||||
2,475 | MERIDIAN BIOSCIENCE, INC.(b) | 38,238 | 47,619 | |||||
8,808 | MERIT MEDICAL SYSTEMS, INC.(b) | 537,416 | 632,414 | |||||
1,056 | MESA LABORATORIES, INC. | 281,006 | 319,292 | |||||
1,681 | MODIVCARE, INC.(b) | 247,914 | 305,303 | |||||
10,091 | MYRIAD GENETICS, INC.(b) | 238,624 | 325,838 | |||||
11,200 | NATUS MEDICAL, INC.(b) | 292,345 | 280,896 | |||||
11,949 | NEOGENOMICS, INC.(b) | 488,789 | 576,420 | |||||
46,302 | NEVRO CORP.(b) | 6,370,064 | 5,388,627 | |||||
12,589 | NEXUS A.G.(c) | 1,103,474 | 1,042,647 | |||||
6,257 | OMNICELL, INC.(b) | 911,254 | 928,727 | |||||
15,185 | OPTIMIZERX CORP.(b) | 1,109,252 | 1,299,077 | |||||
6,625 | ORTHOFIX MEDICAL, INC.(b) | 262,931 | 252,545 | |||||
14,038 | ORTHOPEDIATRICS CORP.(b) | 943,177 | 919,629 | |||||
694 | OWENS & MINOR, INC. | 10,346 | 21,715 | |||||
275,319 | PACIFIC BIOSCIENCES OF CALIFORNIA, INC.(b) | 4,843,760 | 7,034,400 | |||||
7,719 | PACIRA BIOSCIENCES, INC.(b) | 436,135 | 432,264 | |||||
2,500 | PENNANT GROUP (THE), INC.(b) | 80,343 | 70,225 | |||||
28,720 | PERRIGO CO. PLC(c) | 1,170,875 | 1,359,318 | |||||
23,727 | PETIQ, INC.(b) | 590,556 | 592,463 | |||||
71,713 | PHIBRO ANIMAL HEALTH CORP., CLASS A | 1,765,216 | 1,544,698 | |||||
4,068 | PRESTIGE CONSUMER HEALTHCARE, INC.(b) | 191,977 | 228,255 | |||||
5,378 | R1 RCM, INC.(b) | 100,768 | 118,370 | |||||
9,210 | REGENXBIO, INC.(b) | 334,467 | 386,083 | |||||
33,536 | SANGAMO THERAPEUTICS, INC.(b) | 320,116 | 302,159 | |||||
6,500 | SELECT MEDICAL HOLDINGS CORP. | 230,138 | 235,105 | |||||
13,038 | SUPERNUS PHARMACEUTICALS, INC.(b) | 360,520 | 347,723 | |||||
104,525 | SURGALIGN HOLDINGS, INC.(b) | 142,206 | 113,932 | |||||
623 | SURMODICS, INC.(b) | 26,247 | 34,639 | |||||
37,300 | SYNEOS HEALTH, INC.(b) | 1,798,691 | 3,263,004 | |||||
18,204 | TACTILE SYSTEMS TECHNOLOGY, INC.(b) | 813,034 | 809,168 | |||||
69,025 | TANDEM DIABETES CARE, INC.(b) | 6,937,257 | 8,240,205 | |||||
2,165 | TIVITY HEALTH, INC.(b) | 27,633 | 49,925 | |||||
77,112 | TRIPLE-S MANAGEMENT CORP.(b) | 1,753,916 | 2,727,451 | |||||
29,168 | TWIST BIOSCIENCE CORP.(b) | 3,472,128 | 3,120,101 | |||||
3,151 | US PHYSICAL THERAPY, INC. | 337,083 | 348,501 | |||||
123,958 | VAREX IMAGING CORP.(b) | 3,128,847 | 3,495,616 | |||||
12,384 | XENCOR, INC.(b) | 424,727 | 404,461 | |||||
62,195,667 | 72,433,672 | 13.50% |
21 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials: | ||||||||
6,087 | AAON, INC. | $ 370,354 | 397,725 | |||||
8,900 | AAR CORP.(b) | 252,814 | 288,627 | |||||
4,857 | ABM INDUSTRIES, INC. | 220,151 | 218,614 | |||||
8,500 | ACUITY BRANDS, INC. | 1,022,673 | 1,473,645 | |||||
5,257 | AEROJET ROCKETDYNE HOLDINGS, INC. | 223,656 | 228,942 | |||||
59,820 | AIR LEASE CORP. | 1,976,792 | 2,353,319 | |||||
2,366 | ALAMO GROUP, INC. | 316,819 | 330,128 | |||||
3,100 | ALBANY INTERNATIONAL CORP., CLASS A | 243,556 | 238,297 | |||||
1,994 | ALLEGIANT TRAVEL CO.(b) | 349,934 | 389,787 | |||||
53,230 | AMERICAN WOODMARK CORP.(b) | 4,483,312 | 3,479,645 | |||||
7,038 | APOGEE ENTERPRISES, INC. | 281,618 | 265,755 | |||||
5,229 | APPLIED INDUSTRIAL TECHNOLOGIES, INC. | 399,532 | 471,290 | |||||
5,595 | ARCBEST CORP. | 338,999 | 457,503 | |||||
17,730 | ARMSTRONG WORLD INDUSTRIES, INC. | 1,585,806 | 1,692,683 | |||||
3,873 | ASTEC INDUSTRIES, INC. | 211,898 | 208,406 | |||||
5,175 | ATLAS AIR WORLDWIDE HOLDINGS, INC.(b) | 330,129 | 422,694 | |||||
4,402 | AZZ, INC. | 134,010 | 234,186 | |||||
6,435 | BOISE CASCADE CO. | 321,767 | 347,361 | |||||
57,065 | BOWMAN CONSULTING GROUP LTD.(b) | 788,452 | 784,644 | |||||
100,160 | BRIGHTVIEW HOLDINGS, INC.(b) | 1,514,099 | 1,478,362 | |||||
46,856 | BWX TECHNOLOGIES, INC. | 2,612,184 | 2,523,664 | |||||
4,739 | CHART INDUSTRIES, INC.(b) | 590,442 | 905,670 | |||||
8,567 | CIRCOR INTERNATIONAL, INC.(b) | 271,769 | 282,797 | |||||
76,110 | COLFAX CORP.(b) | 1,871,929 | 3,493,449 | |||||
28,746 | CONSTRUCTION PARTNERS, INC., CLASS A(b) | 941,386 | 959,254 | |||||
24,595 | CORECIVIC, INC.(b) | 226,533 | 218,896 | |||||
28,900 | CREEK & RIVER CO. LTD.(c) | 499,182 | 478,053 | |||||
1,443 | DXP ENTERPRISES, INC.(b) | 28,742 | 42,670 | |||||
3,551 | ENCORE WIRE CORP. | 279,018 | 336,741 | |||||
203,364 | ENERPAC TOOL GROUP CORP. | 4,587,649 | 4,215,736 | |||||
6,943 | EXPONENT, INC. | 608,950 | 785,600 | |||||
5,584 | FEDERAL SIGNAL CORP. | 212,058 | 215,654 | |||||
560 | FORRESTER RESEARCH, INC.(b) | 17,882 | 27,586 | |||||
5,907 | FRANKLIN ELECTRIC CO., INC. | 406,160 | 471,674 | |||||
85,640 | GATES INDUSTRIAL CORP. PLC(b) | 1,235,338 | 1,393,363 | |||||
3,166 | GIBRALTAR INDUSTRIES, INC.(b) | 212,700 | 220,512 | |||||
21,873 | GLOBAL INDUSTRIAL CO. | 806,399 | 828,768 | |||||
4,769 | GMS, INC.(b) | 175,339 | 208,882 | |||||
21,940 | GORMAN-RUPP (THE) CO. | 660,955 | 785,671 | |||||
43,020 | GRACO, INC. | 2,648,901 | 3,010,109 | |||||
5,467 | GRANITE CONSTRUCTION, INC. | 183,174 | 216,220 | |||||
12,400 | GRIFFON CORP. | 279,310 | 305,040 | |||||
27,527 | HARDWOODS DISTRIBUTION, INC.(c) | 815,996 | 797,383 | |||||
20,600 | HEXCEL CORP.(b) | 1,205,331 | 1,223,434 | |||||
6,625 | HILLENBRAND, INC. | 274,047 | 282,556 | |||||
6,200 | HNI CORP. | 229,994 | 227,664 | |||||
4,659 | HUB GROUP, INC., CLASS A(b) | 280,386 | 320,306 | |||||
74,610 | IAA, INC.(b) | 3,715,652 | 4,071,468 | |||||
11,655 | ICF INTERNATIONAL, INC. | 1,014,865 | 1,040,675 | |||||
21,877 | INTERFACE, INC. | 295,984 | 331,437 | |||||
166,594 | JELD-WEN HOLDING, INC.(b) | 3,537,737 | 4,169,848 | |||||
11,342 | JOHN BEAN TECHNOLOGIES CORP. | 1,660,986 | 1,594,118 | |||||
478,466 | JOHNSON SERVICE GROUP PLC(b)(c) | 1,000,440 | 969,606 | |||||
4,384 | KADANT, INC. | 942,948 | 894,774 | |||||
9,600 | KAMAN CORP. | 381,519 | 342,432 | |||||
34,451 | KARAT PACKAGING, INC.(b) | 785,935 | 724,505 | |||||
3,277 | KELLY SERVICES, INC., CLASS A | 62,333 | 61,870 | |||||
7,787 | KORN FERRY | 522,225 | 563,467 | |||||
6,338 | KORNIT DIGITAL LTD.(b)(c) | 937,597 | 917,362 | |||||
1,430 | LINDSAY CORP. | 188,323 | 217,060 | |||||
151,390 | LYFT, INC., CLASS A(b) | 5,516,573 | 8,112,990 | |||||
18,112 | MASTEC, INC.(b) | 980,012 | 1,562,703 | |||||
6,286 | MATSON, INC. | 397,243 | 507,343 | |||||
9,769 | MERITOR, INC.(b) | 215,536 | 208,177 | |||||
28,348 | MOOG, INC., CLASS A | 1,735,699 | 2,160,968 | |||||
121,799 | MRC GLOBAL, INC.(b) | 1,102,011 | 894,005 | |||||
3,877 | MYR GROUP, INC.(b) | 346,415 | 385,762 |
22 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials (Cont'd): | ||||||||
351 | NATIONAL PRESTO INDUSTRIES, INC. | $ 30,447 | 28,810 | |||||
169,795 | PGT INNOVATIONS, INC.(b) | 2,715,550 | 3,243,085 | |||||
6,784 | PITNEY BOWES, INC. | 16,863 | 48,913 | |||||
615 | POWELL INDUSTRIES, INC. | 16,562 | 15,111 | |||||
145,464 | RADIANT LOGISTICS, INC.(b) | 941,163 | 929,515 | |||||
6,489 | RAVEN INDUSTRIES, INC.(b) | 271,714 | 373,831 | |||||
35,956 | RED VIOLET, INC.(b) | 1,065,247 | 928,024 | |||||
7,856 | RESIDEO TECHNOLOGIES, INC.(b) | 139,043 | 194,750 | |||||
1,915 | RESOURCES CONNECTION, INC. | 22,152 | 30,219 | |||||
139,290 | REV GROUP, INC. | 1,480,838 | 2,390,216 | |||||
51,750 | RUSH ENTERPRISES, INC., CLASS A | 1,526,884 | 2,337,030 | |||||
34,433 | RYDER SYSTEM, INC. | 1,707,289 | 2,847,953 | |||||
1,753 | SAIA, INC.(b) | 273,567 | 417,267 | |||||
10,409 | SKYWEST, INC.(b) | 443,121 | 513,580 | |||||
4,433 | SPX FLOW, INC. | 205,219 | 324,052 | |||||
3,163 | STANDEX INTERNATIONAL CORP. | 267,845 | 312,852 | |||||
373,388 | STEELCASE, INC., CLASS A | 4,788,670 | 4,734,560 | |||||
54,027 | STERLING CONSTRUCTION CO., INC.(b) | 1,172,095 | 1,224,792 | |||||
60,274 | TEREX CORP. | 1,929,563 | 2,537,535 | |||||
72,352 | TRIMAS CORP.(b) | 1,934,694 | 2,341,311 | |||||
2,422 | TRIUMPH GROUP, INC.(b) | 18,424 | 45,122 | |||||
81,251 | TRUEBLUE, INC.(b) | 1,419,294 | 2,200,277 | |||||
3,091 | UFP INDUSTRIES, INC. | 217,315 | 210,126 | |||||
3,174 | UNIFIRST CORP. | 670,104 | 674,856 | |||||
23,077 | VA-Q-TEC A.G.(b)(c) | 835,762 | 777,879 | |||||
2,988 | VICOR CORP.(b) | 261,017 | 400,870 | |||||
4,044 | WATTS WATER TECHNOLOGIES, INC., CLASS A | 553,658 | 679,756 | |||||
25,460 | WOODWARD, INC. | 2,325,824 | 2,882,072 | |||||
90,118,082 | 103,913,899 | 19.37% | ||||||
Information Technology: | ||||||||
7,074 | 3D SYSTEMS CORP.(b) | 190,910 | 195,030 | |||||
2,507 | ADVANCED ENERGY INDUSTRIES, INC. | 210,373 | 219,989 | |||||
2,618 | ALARM.COM HOLDINGS, INC.(b) | 174,467 | 204,701 | |||||
52,564 | ANAPLAN, INC.(b) | 3,082,401 | 3,200,622 | |||||
52,400 | AVANT CORP.(c) | 729,577 | 726,947 | |||||
73,031 | AVNET, INC. | 2,486,530 | 2,699,956 | |||||
7,900 | AXCELIS TECHNOLOGIES, INC.(b) | 320,799 | 371,537 | |||||
3,868 | BADGER METER, INC. | 337,701 | 391,210 | |||||
1,679 | BEL FUSE, INC., CLASS B | 17,796 | 20,870 | |||||
70,019 | BELDEN, INC. | 2,536,251 | 4,079,307 | |||||
11,904 | BENCHMARK ELECTRONICS, INC. | 292,834 | 317,956 | |||||
4,661 | BILL.COM HOLDINGS, INC.(b) | 423,661 | 1,244,254 | |||||
5,940 | BOTTOMLINE TECHNOLOGIES DE, INC.(b) | 225,208 | 233,323 | |||||
403,360 | CELESTICA, INC.(b)(c) | 3,218,036 | 3,581,837 | |||||
4,684 | CEVA, INC.(b) | 205,073 | 199,866 | |||||
7,566 | CSG SYSTEMS INTERNATIONAL, INC. | 341,629 | 364,681 | |||||
9,778 | CTS CORP. | 310,054 | 302,238 | |||||
8,231 | DAKTRONICS, INC.(b) | 33,876 | 44,694 | |||||
242 | DIEBOLD NIXDORF, INC.(b) | 1,357 | 2,447 | |||||
38,751 | DIGI INTERNATIONAL, INC.(b) | 810,169 | 814,546 | |||||
5,111 | DIODES, INC.(b) | 396,109 | 463,006 | |||||
52,782 | DOLBY LABORATORIES, INC., CLASS A | 4,616,174 | 4,644,816 | |||||
17,300 | DSP GROUP, INC.(b) | 220,122 | 379,043 | |||||
10,600 | EBIX, INC. | 294,970 | 285,458 | |||||
47,302 | ELASTIC N.V.(b) | 5,350,843 | 7,047,525 | |||||
3,120 | EPLUS, INC.(b) | 259,523 | 320,143 | |||||
6,431 | EVERTEC, INC. | 251,372 | 294,025 | |||||
4,854 | EXLSERVICE HOLDINGS, INC.(b) | 474,841 | 597,625 | |||||
11,942 | FABRINET(b)(c) | 1,151,527 | 1,224,174 | |||||
15,488 | FARO TECHNOLOGIES, INC.(b) | 1,023,011 | 1,019,265 | |||||
15,152 | FORMFACTOR, INC.(b) | 465,242 | 565,624 | |||||
46,181 | GRID DYNAMICS HOLDINGS, INC.(b) | 1,395,142 | 1,349,409 | |||||
135,118 | GTY TECHNOLOGY HOLDINGS, INC.(b) | 1,050,475 | 1,016,087 | |||||
58,704 | HARMONIC, INC.(b) | 415,260 | 513,660 | |||||
30,486 | I3 VERTICALS, INC., CLASS A(b) | 726,157 | 738,066 | |||||
11,973 | IMPINJ, INC.(b) | 666,854 | 684,018 | |||||
87,047 | INTELLICHECK, INC.(b) | 773,853 | 712,915 |
23 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Information Technology (Cont'd): | ||||||||
107,084 | KALEYRA, INC.(b)(c) | $ 1,173,471 | 1,178,995 | |||||
11,434 | KNOWLES CORP.(b) | 197,221 | 214,273 | |||||
8,312 | KULICKE & SOFFA INDUSTRIES, INC.(c) | 463,177 | 484,423 | |||||
10,170 | LIVEPERSON, INC.(b) | 568,712 | 599,522 | |||||
63,840 | LUNA INNOVATIONS, INC.(b) | 610,891 | 606,480 | |||||
9,433 | MAXLINEAR, INC.(b) | 331,388 | 464,575 | |||||
5,685 | MGI DIGITAL GRAPHIC TECHNOLOGY(b)(c) | 273,988 | 262,092 | |||||
431 | MICROSTRATEGY, INC., CLASS A(b) | 193,458 | 249,290 | |||||
9,280 | MKS INSTRUMENTS, INC. | 1,173,947 | 1,400,445 | |||||
30,336 | NAPCO SECURITY TECHNOLOGIES, INC.(b) | 1,304,757 | 1,306,875 | |||||
8,439 | NOVA LTD.(b)(c) | 879,294 | 863,225 | |||||
23,383 | ONTO INNOVATION, INC.(b) | 815,837 | 1,689,422 | |||||
2,718 | OSI SYSTEMS, INC.(b) | 196,905 | 257,666 | |||||
71,326 | PAYA HOLDINGS, INC.(b) | 721,520 | 775,314 | |||||
23,527 | PAYSIGN, INC.(b) | 65,836 | 63,523 | |||||
903 | PDF SOLUTIONS, INC.(b) | 17,553 | 20,805 | |||||
3,595 | PERFICIENT, INC.(b) | 277,403 | 415,942 | |||||
22,500 | PHOTRONICS, INC.(b) | 298,526 | 306,675 | |||||
27,450 | PIVOTREE, INC.(b)(c) | 74,715 | 71,952 | |||||
10,100 | PLANTRONICS, INC.(b) | 283,562 | 259,671 | |||||
29,368 | PLEXUS CORP.(b) | 2,139,256 | 2,625,793 | |||||
8,544 | POWER INTEGRATIONS, INC. | 629,993 | 845,771 | |||||
6,721 | PROGRESS SOFTWARE CORP. | 294,611 | 330,606 | |||||
9,196 | RAMBUS, INC.(b) | 156,164 | 204,151 | |||||
1,139 | ROGERS CORP.(b) | 192,283 | 212,401 | |||||
71,965 | SAILPOINT TECHNOLOGIES HOLDINGS, INC.(b) | 2,817,340 | 3,085,859 | |||||
11,213 | SANMINA CORP.(b) | 439,212 | 432,149 | |||||
73,337 | SCANSOURCE, INC.(b) | 2,733,068 | 2,551,394 | |||||
5,223 | SITIME CORP.(b) | 1,131,920 | 1,066,380 | |||||
5,166 | SPS COMMERCE, INC.(b) | 504,351 | 833,327 | |||||
58,096 | SUPER MICRO COMPUTER, INC.(b) | 1,500,024 | 2,124,571 | |||||
48,218 | TRANSACT TECHNOLOGIES, INC.(b) | 696,945 | 670,230 | |||||
16,134 | TTM TECHNOLOGIES, INC.(b) | 208,577 | 202,804 | |||||
9,109 | TUCOWS, INC., CLASS A(b)(c) | 699,121 | 719,156 | |||||
9,414 | ULTRA CLEAN HOLDINGS, INC.(b) | 429,345 | 401,036 | |||||
9,200 | UNISYS CORP.(b) | 121,350 | 231,288 | |||||
79,886 | VARONIS SYSTEMS, INC.(b) | 3,332,200 | 4,861,063 | |||||
46,798 | VEECO INSTRUMENTS, INC.(b) | 1,009,278 | 1,039,384 | |||||
50,997 | VIA OPTRONICS A.G. ADR(b)(c)(d) | 356,034 | 390,637 | |||||
14,900 | VIAVI SOLUTIONS, INC.(b) | 233,860 | 234,526 | |||||
43,321 | VONAGE HOLDINGS CORP.(b) | 586,492 | 698,335 | |||||
21,988 | WIX.COM LTD.(b)(c) | 5,245,008 | 4,308,988 | |||||
10,770 | XPERI HOLDING CORP. | 178,841 | 202,907 | |||||
71,037,611 | 80,834,791 | 15.06% | ||||||
Materials: | ||||||||
5,372 | ADVANSIX, INC.(b) | 157,700 | 213,537 | |||||
6,573 | ARCONIC CORP.(b) | 187,069 | 207,312 | |||||
5,520 | BALCHEM CORP. | 714,273 | 800,786 | |||||
7,200 | CARPENTER TECHNOLOGY CORP. | 237,641 | 235,728 | |||||
4,046 | CENTURY ALUMINUM CO.(b) | 37,288 | 54,419 | |||||
4,715 | CLEVELAND-CLIFFS, INC.(b) | 68,679 | 93,404 | |||||
4,283 | DOMTAR CORP.(b) | 190,614 | 233,595 | |||||
14,846 | FERRO CORP.(b) | 317,295 | 301,968 | |||||
12,666 | GCP APPLIED TECHNOLOGIES, INC.(b) | 306,649 | 277,639 | |||||
19,700 | GLATFELTER CORP. | 273,992 | 277,770 | |||||
41,260 | H.B. FULLER CO. | 2,224,148 | 2,663,746 | |||||
1,166 | HAWKINS, INC. | 25,673 | 40,670 | |||||
4,220 | KAISER ALUMINUM CORP. | 518,130 | 459,811 | |||||
6,620 | KOPPERS HOLDINGS, INC.(b) | 190,126 | 206,941 | |||||
8,206 | KRATON CORP.(b) | 272,264 | 374,522 | |||||
27,894 | LIVENT CORP.(b) | 571,078 | 644,630 | |||||
20,238 | MYERS INDUSTRIES, INC. | 426,062 | 396,058 | |||||
40,575 | NEO PERFORMANCE MATERIALS, INC.(c) | 554,937 | 563,168 | |||||
16,600 | O-I GLASS, INC.(b) | 236,306 | 236,882 | |||||
66,943 | OLIN CORP. | 1,101,953 | 3,230,000 | |||||
149,039 | ORION ENGINEERED CARBONS S.A.(b)(c) | 2,025,655 | 2,716,981 | |||||
1,649 | QUAKER CHEMICAL CORP. | 353,948 | 392,000 |
24 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Materials (Cont'd): | ||||||||
15,350 | RELIANCE STEEL & ALUMINUM CO. | $ 1,432,641 | 2,186,147 | |||||
83,985 | SCHWEITZER-MAUDUIT INTERNATIONAL, INC. | 3,007,984 | 2,910,920 | |||||
1,900 | STEPAN CO. | 203,640 | 214,586 | |||||
604,500 | TALON METALS CORP.(b)(c) | 286,790 | 281,585 | |||||
4,631 | WARRIOR MET COAL, INC. | 87,832 | 107,763 | |||||
16,010,367 | 20,322,568 | 3.79% | ||||||
Real Estate: | ||||||||
10,408 | ACADIA REALTY TRUST | 174,481 | 212,427 | |||||
5,829 | AGREE REALTY CORP. | 407,494 | 386,055 | |||||
14,298 | ALEXANDER & BALDWIN, INC. | 278,338 | 335,145 | |||||
7,378 | AMERICAN ASSETS TRUST, INC. | 270,992 | 276,085 | |||||
16,219 | BRANDYWINE REALTY TRUST | 194,143 | 217,659 | |||||
9,972 | CARETRUST REIT, INC. | 207,728 | 202,631 | |||||
3,700 | CENTERSPACE | 289,281 | 349,650 | |||||
226,584 | DIAMONDROCK HOSPITALITY CO.(b) | 1,676,600 | 2,141,219 | |||||
10,275 | EASTERLY GOVERNMENT PROPERTIES, INC. | 220,634 | 212,282 | |||||
15,329 | ESSENTIAL PROPERTIES REALTY TRUST, INC. | 400,870 | 427,986 | |||||
13,060 | FOUR CORNERS PROPERTY TRUST, INC. | 369,457 | 350,792 | |||||
23,837 | INDEPENDENCE REALTY TRUST, INC. | 421,608 | 485,083 | |||||
8,366 | INDUSTRIAL LOGISTICS PROPERTIES TRUST | 200,221 | 212,580 | |||||
3,274 | INNOVATIVE INDUSTRIAL PROPERTIES, INC. | 615,928 | 756,851 | |||||
8,750 | ISTAR, INC. | 117,320 | 219,450 | |||||
10,367 | KITE REALTY GROUP TRUST | 172,507 | 211,072 | |||||
39,003 | LEXINGTON REALTY TRUST | 485,595 | 497,288 | |||||
8,800 | LTC PROPERTIES, INC. | 300,569 | 278,872 | |||||
12,912 | MACK-CALI REALTY CORP.(b) | 199,594 | 221,053 | |||||
891 | MARCUS & MILLICHAP, INC.(b) | 25,083 | 36,192 | |||||
2,400 | NATIONAL STORAGE AFFILIATES TRUST | 107,266 | 126,696 | |||||
7,500 | OFFICE PROPERTIES INCOME TRUST | 194,068 | 189,975 | |||||
968 | RE/MAX HOLDINGS, INC., CLASS A | 30,056 | 30,163 | |||||
13,006 | REALOGY HOLDINGS CORP.(b) | 183,735 | 228,125 | |||||
12,304 | RETAIL OPPORTUNITY INVESTMENTS CORP. | 177,050 | 214,336 | |||||
26,114 | RETAIL PROPERTIES OF AMERICA, INC., CLASS A | 266,298 | 336,348 | |||||
16,796 | RPT REALTY | 209,882 | 214,317 | |||||
690 | SAUL CENTERS, INC. | 20,472 | 30,401 | |||||
12,900 | SERVICE PROPERTIES TRUST | 147,259 | 144,609 | |||||
24,341 | SITE CENTERS CORP. | 305,195 | 375,825 | |||||
35,928 | UNITI GROUP, INC. | 375,606 | 444,429 | |||||
10,429 | WASHINGTON REAL ESTATE INVESTMENT TRUST | 237,668 | 258,118 | |||||
31,619 | WHITESTONE REIT | 256,615 | 309,234 | |||||
9,539,613 | 10,932,948 | 2.04% | ||||||
Utilities: | ||||||||
3,607 | AMERICAN STATES WATER CO. | 286,265 | 308,471 | |||||
5,432 | AVISTA CORP. | 240,485 | 212,500 | |||||
6,711 | CALIFORNIA WATER SERVICE GROUP | 367,840 | 395,479 | |||||
2,438 | CHESAPEAKE UTILITIES CORP. | 265,239 | 292,682 | |||||
2,937 | MIDDLESEX WATER CO. | 276,861 | 301,865 | |||||
5,084 | NORTHWEST NATURAL HOLDING CO. | 251,893 | 233,813 | |||||
1,688,583 | 1,744,810 | 0.32% | ||||||
Sub-total Common Stocks: | 446,481,865 | 516,154,688 | 96.19% | |||||
Investment Companies: | ||||||||
Financials: | ||||||||
21,782 | ISHARES RUSSELL 2000 ETF | 4,923,124 | 4,764,812 | |||||
4,923,124 | 4,764,812 | 0.89% | ||||||
Sub-total Investment Companies: | 4,923,124 | 4,764,812 | 0.89% | |||||
Rights: | ||||||||
Communication Services: | ||||||||
55,700 | MEDIA GENERAL, INC. (CONTINGENT VALUE RIGHTS)(b)(e) | - | - | |||||
- | - | 0.00% | ||||||
Sub-total Rights: | - | - | 0.00% | |||||
Warrants: |
25 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Financials: | ||||||||
37,659 | EUROPEAN SUSTAINABLE GROWTH ACQUISITION CORP., CLASS A(b) | $ 43,624 | 50,840 | |||||
43,624 | 50,840 | 0.01% | ||||||
Health Care: | ||||||||
19,977 | NANOVIBRONIX, INC.(b)(e) | 199 | - | |||||
199 | - | 0.00% | ||||||
Sub-total Warrants: | 43,823 | 50,840 | 0.01% | |||||
Short-Term Investments: | ||||||||
18,368,317 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 0.03%(f) | 18,368,317 | 18,368,317 | |||||
Sub-total Short-Term Investments: | 18,368,317 | 18,368,317 | 3.42% | |||||
Grand total | $ 469,817,129 | 539,338,657 | 100.51% |
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 September 30, 2021, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 10.27% of net assets. |
(d) | Securities are American Depositary Receipts of companies based outside of the United States representing 0.13% of net assets as of September 30, 2021. |
(e) | Security has been deemed worthless and is a Level 3 investment. |
(f) | 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 purchases of $2,145,328 during the nine months ended September 30, 2021. |
26 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
September 30, 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 September 30, 2021.
Level 1 | Level 2 | Level 3 | Total | ||||
Common Stocks | $ 516,154,688 | $ — | $ — | $ 516,154,688 | |||
Investment Companies | 4,764,812 | — | — | 4,764,812 | |||
Rights | — | — | —* | —* | |||
Warrants | 50,840 | — | — | 50,840 | |||
Short-Term Investments | 18,368,317 | — | — | 18,368,317 | |||
Total | $ 539,338,657 | $ — | $ — | $ 539,338,657 |
* 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, investment companies, 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 September 30, 2021.
27 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
September 30, 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
September 30, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Closed-End Funds: | ||||||||||||
171,624 | BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST | $ 1,699,110 | 2,320,357 | |||||||||
44,180 | BLACKROCK MUNICIPAL INCOME QUALITY TRUST | 601,735 | 674,187 | |||||||||
3,102 | BLACKROCK MUNICIPAL INCOME TRUST II | 38,309 | 46,964 | |||||||||
114,491 | BLACKROCK MUNIHOLDINGS FUND INC | 1,778,275 | 1,874,218 | |||||||||
97,827 | BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND | 1,105,342 | 1,420,448 | |||||||||
46,838 | BLACKROCK MUNIHOLDINGS NEW JERSEY QUALITY FUND INC | 651,076 | 732,546 | |||||||||
83,977 | BLACKROCK MUNIHOLDINGS QUALITY FUND II INC | 1,060,121 | 1,158,883 | |||||||||
157,958 | BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND INC | 2,064,776 | 2,443,610 | |||||||||
51,700 | BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND | 729,423 | 830,302 | |||||||||
102,096 | BLACKROCK MUNIYIELD QUALITY FUND II INC | 1,309,732 | 1,469,161 | |||||||||
118,472 | BLACKROCK MUNIYIELD QUALITY FUND III INC | 1,572,465 | 1,739,169 | |||||||||
12,559 | BLACKROCK MUNIYIELD QUALITY FUND INC | 176,260 | 203,456 | |||||||||
55,628 | BNY MELLON STRATEGIC MUNICIPAL BOND FUND INC | 407,210 | 443,911 | |||||||||
183,432 | DWS MUNICIPAL INCOME TRUST | 2,072,953 | 2,182,841 | |||||||||
176,750 | INVESCO ADVANTAGE MUNICIPAL INCOME TRUST II | 1,953,225 | 2,200,538 | |||||||||
149,405 | INVESCO MUNICIPAL OPPORTUNITY TRUST | 1,829,532 | 2,045,354 | |||||||||
101,614 | INVESCO MUNICIPAL TRUST | 1,260,658 | 1,361,628 | |||||||||
55,087 | INVESCO PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST | 739,279 | 730,454 | |||||||||
178,132 | INVESCO QUALITY MUNICIPAL INCOME TRUST | 2,171,767 | 2,347,780 | |||||||||
60,173 | INVESCO TRUST FOR INVESTMENT GRADE MUNICIPALS | 767,136 | 823,768 | |||||||||
86,437 | INVESCO VALUE MUNICIPAL INCOME TRUST | 1,315,319 | 1,409,787 | |||||||||
83,434 | NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND | 1,220,326 | 1,430,893 | |||||||||
345,957 | NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND | 4,713,175 | 5,255,087 | |||||||||
71,998 | NUVEEN NEW JERSEY QUALITY MUNICIPAL INCOME FUND | 1,115,111 | 1,110,929 | |||||||||
84,266 | NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND | 1,197,701 | 1,246,294 | |||||||||
320,957 | NUVEEN QUALITY MUNICIPAL INCOME FUND | 4,690,875 | 5,013,348 | |||||||||
Sub-total Closed-End Funds: | 38,240,891 | 42,515,913 | 5.98% | |||||||||
Municipal Bonds: | ||||||||||||
Alabama | ||||||||||||
500,000 | MOBILE CNTY AL LTD OBLG(b) | 11/1/2045 | 4.00 | 500,000 | 540,456 | |||||||
1,000,000 | PELL CITY AL SPL CARE FACS FING AUTH REVENUE | 12/1/2031 | 5.00 | 1,001,924 | 1,007,657 | |||||||
1,501,924 | 1,548,113 | 0.22% | ||||||||||
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 | 1,238,531 | 1,433,616 | |||||||
1,250,000 | ARIZONA ST INDL DEV AUTH ECON DEV REVENUE(b) | 7/1/2050 | 7.75 | 1,237,625 | 1,485,282 | |||||||
400,000 | ARIZONA ST INDL DEV AUTH ECON DEV REVENUE(b) | 7/1/2051 | 6.00 | 400,000 | 438,040 | |||||||
500,000 | ARIZONA ST INDL DEV AUTH EDU REVENUE(b) | 7/15/2038 | 5.75 | 516,848 | 580,602 | |||||||
700,000 | GLENDALE AZ INDL DEV AUTH | 11/15/2036 | 5.00 | 721,013 | 752,578 | |||||||
550,000 | GLENDALE AZ INDL DEV AUTH | 11/15/2046 | 5.25 | 556,121 | 559,828 | |||||||
800,000 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE | 7/1/2035 | 5.00 | 831,853 | 876,492 | |||||||
870,000 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE(b) | 7/1/2052 | 6.00 | 911,635 | 1,030,521 | |||||||
500,000 | NAVAJO NATION AZ(b) | 12/1/2030 | 5.50 | 517,455 | 559,328 | |||||||
1,000,000 | PHOENIX AZ INDL DEV AUTH EDU REVENUE(b) | 7/1/2036 | 5.13 | 987,210 | 1,115,227 | |||||||
1,000,000 | PHOENIX AZ INDL DEV AUTH EDU REVENUE(b) | 9/1/2045 | 5.00 | 1,041,572 | 1,117,978 | |||||||
2,500,000 | PHOENIX AZ INDL DEV AUTH LEASE REVENUE | 6/1/2034 | 5.25 | 2,504,043 | 2,576,715 | |||||||
700,000 | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE(b) | 12/1/2026 | 5.25 | 700,000 | 731,825 | |||||||
10,000 | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE | 7/1/2031 | 6.75 | 8,101 | 10,068 | |||||||
1,370,000 | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE(b) | 6/15/2035 | 5.38 | 1,431,754 | 1,484,000 | |||||||
750,000 | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE(b) | 6/15/2037 | 4.75 | 737,764 | 758,230 |
29 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Arizona (Cont'd): | ||||||||||||
690,000 | QUECHAN INDIAN TRIBE AZ FORT YUMA INDIAN RESERVATION | 5/1/2025 | 9.75 | $ 690,000 | 706,043 | |||||||
500,000 | TEMPE AZ INDL DEV AUTH REVENUE(b) | 10/1/2024 | 4.70 | 499,291 | 500,325 | |||||||
500,000 | TEMPE AZ INDL DEV AUTH REVENUE(b) | 10/1/2037 | 6.00 | 502,208 | 553,651 | |||||||
16,033,024 | 17,270,349 | 2.43% | ||||||||||
Arkansas | ||||||||||||
1,000,000 | MOUNTAIN HOME AR SALES & USE TAX REVENUE | 9/1/2038 | 2.00 | 1,000,000 | 982,835 | |||||||
525,000 | SHERIDAN AR SCH DIST #37 | 2/1/2047 | 4.00 | 526,193 | 531,529 | |||||||
1,000,000 | SPRINGDALE AR SALES & USE REVENUE | 4/1/2041 | 3.60 | 973,942 | 1,038,929 | |||||||
2,500,135 | 2,553,293 | 0.36% | ||||||||||
California | ||||||||||||
2,350,000 | ACALANES CA UNION HIGH SCH DIST (Step to 6.55% on 8/1/2024)(d) | 8/1/2039 | 0.00 | 1,959,589 | 2,726,346 | |||||||
1,000,000 | ALVORD CA UNIF SCH DIST | 8/1/2036 | 5.25 | 1,006,922 | 1,092,525 | |||||||
1,000,000 | ALVORD CA UNIF SCH DIST (Step to 7.35% on 8/1/2026)(d) | 8/1/2046 | 0.00 | 708,644 | 1,273,868 | |||||||
650,000 | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE(b) | 5/15/2029 | 3.13 | 650,000 | 658,437 | |||||||
500,000 | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE(b) | 11/15/2051 | 5.00 | 526,485 | 571,193 | |||||||
500,000 | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE(b) | 11/15/2056 | 5.00 | 523,171 | 569,649 | |||||||
1,500,000 | CALIFORNIA ST SCH FACS FING AUTH REVENUE | 8/1/2029 | 6.00 | 1,489,326 | 1,871,095 | |||||||
750,000 | CALIFORNIA ST STWD CMNTYS DEV AUTH REVENUE | 10/1/2042 | 6.00 | 761,599 | 792,763 | |||||||
1,000,000 | CARLSBAD CA UNIF SCH DIST | 8/1/2031 | 6.13 | 997,078 | 1,386,275 | |||||||
1,000,000 | COLTON CA JT UNIF SCH DIST | 8/1/2035 | 5.80 | 999,437 | 1,251,375 | |||||||
1,105,000 | CORONA-NORCO CA UNIF SCH DIST | 8/1/2039 | 6.80 | 1,103,342 | 1,483,077 | |||||||
750,000 | EL PASO DE ROBLES CA REDEV AGY TAX ALLOCATION REVENUE | 7/1/2033 | 6.38 | 744,158 | 753,540 | |||||||
1,000,000 | ENCINITAS CA UNION SCH DIST (Step to 6.75% on 8/1/2022)(d) | 8/1/2035 | 0.00 | 945,784 | 1,426,570 | |||||||
1,155,000 | ENTERPRISE CA ELEM SCH DIST | 8/1/2035 | 6.20 | 1,153,834 | 1,620,041 | |||||||
600,000 | ESCONDIDO CA SPL TAX | 9/1/2036 | 5.00 | 624,186 | 693,806 | |||||||
1,500,000 | HARTNELL CA CMNTY CLG DIST (Step to 7.00% on 8/1/2022)(d) | 8/1/2034 | 0.00 | 1,416,329 | 1,859,254 | |||||||
3,500,000 | HEALDSBURG CA UNIF SCH DIST (Step to 4.60% on 8/1/2022)(d) | 8/1/2037 | 0.00 | 3,365,808 | 3,865,190 | |||||||
1,000,000 | HELENDALE CA SCH DIST | 8/1/2034 | 6.25 | 998,403 | 1,355,629 | |||||||
1,000,000 | IMPERIAL CA CMNTY CLG DIST | 8/1/2040 | 6.75 | 1,005,973 | 1,233,059 | |||||||
750,000 | MARTINEZ CA UNIF SCH DIST | 8/1/2035 | 6.13 | 747,053 | 873,263 | |||||||
2,000,000 | OAK PARK CA UNIF SCH DIST | 8/1/2038 | 7.10 | 1,999,782 | 2,889,852 | |||||||
1,000,000 | REDONDO BEACH CA UNIF SCH DIST | 8/1/2034 | 6.38 | 996,669 | 1,262,415 | |||||||
750,000 | REEF-SUNSET CA UNIF SCH DIST | 8/1/2038 | 4.85 | 749,720 | 861,182 | |||||||
1,000,000 | RIVERSIDE CA CMNTY PPTYS DEV INC LEASE REVENUE | 10/15/2038 | 6.00 | 1,006,834 | 1,117,257 | |||||||
1,500,000 | S TAHOE CA JT PWRS FING AUTH LEASE REVENUE | 10/1/2030 | 5.00 | 1,556,593 | 1,669,233 | |||||||
350,000 | SACRAMENTO CNTY CA WTR FING AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.57%)(e) | 6/1/2039 | 0.65 | 350,000 | 347,807 | |||||||
500,000 | SAN DIEGO CA HSG AUTH MF HSG REVENUE | 5/1/2029 | 5.00 | 500,000 | 501,342 | |||||||
1,500,000 | SAN GABRIEL CA UNIF SCH DIST | 8/1/2039 | 5.35 | 1,495,071 | 1,560,706 | |||||||
1,000,000 | SAN JOSE CA FING AUTH LEASE REVENUE | 6/1/2039 | 5.00 | 1,014,028 | 1,066,884 | |||||||
500,000 | SANTA MONICA CA REDEV AGY | 7/1/2036 | 5.88 | 500,000 | 504,561 | |||||||
2,185,000 | SULPHUR SPRINGS CA UNION SCH DIST COPS | 12/1/2037 | 6.50 | 2,183,457 | 2,654,510 | |||||||
1,500,000 | SUTTER BUTTE CA FLOOD AGY ASSMNT REVENUE | 10/1/2038 | 4.00 | 1,485,329 | 1,584,507 | |||||||
1,000,000 | TRACY CA JT UNIF SCH DIST (Step to 7.30% on 8/1/2027)(d) | 8/1/2041 | 0.00 | 752,564 | 1,102,799 | |||||||
36,317,168 | 44,480,010 | 6.26% | ||||||||||
Colorado | ||||||||||||
500,000 | 9TH AVENUE MET DIST #2 CO | 12/1/2048 | 5.00 | 500,000 | 533,430 |
30 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Colorado (Cont'd): | ||||||||||||
500,000 | BASELINE MET DIST #1 CO SPL REVENUE | 12/1/2051 | 5.00 | $ 533,383 | 532,543 | |||||||
1,000,000 | BRIGHTON CROSSING MET DIST #6 CO | 12/1/2050 | 5.00 | 1,015,734 | 1,094,986 | |||||||
750,000 | BROADWAY STATION MET DIST #2 CO | 12/1/2048 | 5.13 | 750,000 | 812,401 | |||||||
1,000,000 | BROADWAY STATION MET DIST #3 CO | 12/1/2049 | 5.00 | 1,022,444 | 1,090,058 | |||||||
650,000 | BUFFALO HIGHLANDS MET DIST | 12/1/2038 | 5.25 | 651,427 | 694,812 | |||||||
830,000 | CHAMBERS HIGHPOINT MET DIST #2 CO | 12/1/2051 | 5.00 | 878,749 | 864,333 | |||||||
500,000 | CLEAR CREEK TRANSIT MET DIST #2 CO | 12/1/2050 | 5.00 | 521,165 | 542,908 | |||||||
1,000,000 | COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE | 7/1/2034 | 5.60 | 995,438 | 1,003,615 | |||||||
1,000,000 | COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE | 9/1/2046 | 5.00 | 1,000,000 | 1,000,402 | |||||||
1,250,000 | COLORADO ST HLTH FACS AUTH HOSP REVENUE | 12/1/2048 | 5.00 | 1,302,640 | 1,450,060 | |||||||
1,000,000 | COLORADO ST HLTH FACS AUTH HOSP REVENUE | 12/1/2050 | 4.00 | 1,049,964 | 1,132,858 | |||||||
1,000,000 | COLORADO ST HLTH FACS AUTH REVENUE | 8/1/2033 | 7.63 | 990,347 | 1,058,643 | |||||||
750,000 | COPPERLEAF CO MET DIST #4 | 12/1/2049 | 5.00 | 778,868 | 810,121 | |||||||
1,000,000 | CREEKWALK MARKETPLACE BUSINESS IMPT DIST CO(b) | 12/1/2039 | 5.50 | 1,000,000 | 1,110,264 | |||||||
750,000 | CRYSTAL CO CROSSING MET DIST | 12/1/2040 | 5.25 | 750,000 | 810,813 | |||||||
1,500,000 | DENVER CO CITY & CNTY MF HSG REVENUE | 2/1/2039 | 2.05 | 1,500,000 | 1,462,270 | |||||||
1,000,000 | DIATC MET DIST CO(b) | 12/1/2049 | 5.00 | 1,053,006 | 1,074,022 | |||||||
1,000,000 | DOUGLAS CNTY CO MF REVENUE | 10/1/2029 | 4.50 | 1,000,000 | 1,002,053 | |||||||
1,000,000 | GREEN VALLEY RANCH EAST MET DIST #6 CO | 12/1/2050 | 5.88 | 1,000,000 | 1,101,708 | |||||||
500,000 | HASKINS STATION CO MET DIST | 12/1/2039 | 5.00 | 516,133 | 540,626 | |||||||
500,000 | HUNTERS OVERLOOK METRO DIST #5 CO | 12/1/2049 | 5.00 | 523,859 | 545,429 | |||||||
500,000 | JOHNSTOWN VLG MET DIST #2 CO | 12/1/2050 | 5.00 | 503,614 | 540,544 | |||||||
655,000 | LAMBERTSON FARMS CO MET DIST #1 REVENUE | 12/15/2025 | 5.00 | 646,140 | 620,496 | |||||||
500,000 | LAMBERTSON FARMS CO MET DIST #1 REVENUE | 12/15/2035 | 5.50 | 500,000 | 445,528 | |||||||
2,000,000 | LEGATO CMNTY AUTH CO LTD TAX SUPPORTED REVENUE (Step to 5.00% on 12/1/2026)(d) | 12/1/2051 | 0.00 | 1,594,047 | 1,663,977 | |||||||
500,000 | LEGATO CMNTY AUTH CO LTD TAX SUPPORTED REVENUE | 12/1/2051 | 5.00 | 528,643 | 538,406 | |||||||
750,000 | LEYDEN ROCK MET DIST #10 | 12/1/2045 | 5.00 | 765,620 | 778,175 | |||||||
1,000,000 | LITTLETON VLG MET DIST #2 COLO SPL REVENUE | 12/1/2045 | 5.38 | 996,613 | 1,031,401 | |||||||
750,000 | MIRABELLE MET DIST #2 CO | 12/1/2049 | 5.00 | 787,928 | 807,334 | |||||||
583,045 | MOUNT CARBON CO MET DIST REVENUE (Step to 0.00% on 6/1/2033)(d) | 6/1/2043 | 7.00 | 583,045 | 583,107 | |||||||
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 | 1,032,000 | 1,091,896 | |||||||
500,000 | PALISADE CO MET DIST #2 LIMITED TAX | 12/1/2046 | 5.00 | 510,386 | 516,250 | |||||||
650,000 | PEAK MET DIST #1 CO(b) | 12/1/2051 | 5.00 | 676,263 | 709,031 | |||||||
650,000 | PRONGHORN VLY MET DIST CO | 12/1/2051 | 4.00 | 650,000 | 644,342 | |||||||
1,400,000 | REUNION MET DIST CO SPL REVENUE | 12/1/2044 | 3.63 | 1,346,768 | 1,359,303 | |||||||
500,000 | RIVERVIEW MET DIST CO | 12/1/2051 | 5.00 | 536,331 | 532,168 | |||||||
500,000 | ST VRAIN LAKES MET DIST #2 | 12/1/2037 | 5.00 | 500,000 | 529,578 | |||||||
1,000,000 | STC MET DIST #2 CO | 12/1/2049 | 5.00 | 1,049,081 | 1,085,198 | |||||||
1,000,000 | THOMPSON CROSSING MET DIST #4 CO | 12/1/2049 | 5.00 | 1,046,653 | 1,073,731 | |||||||
1,000,000 | TRANSPORT MET DIST #3 CO | 12/1/2041 | 5.00 | 1,022,967 | 1,118,937 | |||||||
750,000 | TRANSPORT MET DIST #3 CO | 12/1/2051 | 5.00 | 754,595 | 830,357 | |||||||
700,000 | VAUXMONT MET DIST CO | 12/15/2050 | 3.25 | 700,000 | 753,964 | |||||||
1,000,000 | WINDLER PUB IMPT AUTH CO LTD TAX SUPPORTED REVENUE | 12/1/2041 | 4.00 | 1,000,000 | 991,751 | |||||||
1,000,000 | WINDSHIRE PARK CO MET DIST #2 | 12/1/2047 | 6.50 | 1,072,160 | 1,131,590 | |||||||
38,136,011 | 39,689,419 | 5.58% |
31 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Connecticut | ||||||||||||
500,000 | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE(b) | 1/1/2027 | 3.25 | $ 500,000 | 509,226 | |||||||
500,000 | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE(b) | 1/1/2055 | 5.00 | 513,232 | 552,360 | |||||||
180,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 11/15/2035 | 3.88 | 180,000 | 182,104 | |||||||
500,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 5/15/2038 | 3.95 | 500,000 | 520,030 | |||||||
2,000,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 5/15/2045 | 3.85 | 2,041,009 | 2,049,956 | |||||||
5,000,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 11/15/2047 | 3.65 | 5,000,000 | 5,008,402 | |||||||
583,408 | MASHANTUCKET WSTRN PEQUOT TRIBE CT | 7/1/2031 | 6.05 | 593,305 | 87,511 | |||||||
650,000 | STEEL POINT INFRASTRUCTURE IMPT DIST CT SPL OBLIG REVENUE | 4/1/2051 | 4.00 | 661,687 | 661,687 | |||||||
9,989,233 | 9,571,276 | 1.35% | ||||||||||
District of Columbia | ||||||||||||
500,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | 7/1/2033 | 5.45 | 500,000 | 501,317 | |||||||
1,000,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | 6/1/2040 | 4.90 | 1,000,000 | 1,005,468 | |||||||
1,000,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | 6/1/2041 | 5.00 | 1,000,000 | 1,005,406 | |||||||
665,000 | DIST OF COLUMBIA REVENUE | 7/1/2027 | 4.13 | 623,579 | 705,353 | |||||||
1,250,000 | DIST OF COLUMBIA REVENUE | 7/1/2042 | 5.00 | 1,098,718 | 1,339,486 | |||||||
3,500,000 | DISTRICT OF COLUMBIA HSG FIN AGY | 3/1/2042 | 2.50 | 3,500,000 | 3,484,285 | |||||||
1,000,000 | DISTRICT OF COLUMBIA HSG FIN AGY | 9/1/2043 | 4.05 | 1,000,000 | 1,120,583 | |||||||
8,722,297 | 9,161,898 | 1.29% | ||||||||||
Florida | ||||||||||||
1,000,000 | ALACHUA CNTY FL HLTH FACS AUTH CCRC | 10/1/2032 | 8.00 | 1,041,698 | 1,071,916 | |||||||
550,000 | ARTISAN LAKES EAST CDD FL CAPITAL IMPT REVENUE(b) | 5/1/2052 | 4.00 | 580,925 | 574,934 | |||||||
390,000 | ASTURIA FL CMNTY DEV DIST SPL ASSMNT | 5/1/2034 | 5.75 | 390,000 | 416,800 | |||||||
1,000,000 | BELLALAGO FL EDUCTNL FACS BENEFIT DIST CAPITAL IMPT REVENUE | 5/1/2030 | 4.38 | 989,053 | 1,093,394 | |||||||
500,000 | BLACKBURN CREEK CMNTY DEV DISTFL CAP IMPT REVENUE | 5/1/2035 | 6.25 | 500,000 | 564,219 | |||||||
180,000 | BLACKBURN CREEK CMNTY DEV DISTFL CAP IMPT REVENUE | 5/1/2045 | 6.25 | 180,000 | 201,579 | |||||||
1,370,000 | CAPITAL TRUST AGY FL CHRT SCH REVENUE | 2/1/2035 | 5.38 | 1,370,000 | 1,444,884 | |||||||
1,025,000 | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE(b) | 7/1/2051 | 4.00 | 1,106,599 | 1,101,123 | |||||||
485,000 | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE | 6/1/2056 | 4.00 | 518,739 | 533,706 | |||||||
900,000 | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE(b) | 6/1/2056 | 5.00 | 977,748 | 1,003,538 | |||||||
945,000 | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE(b) | 7/1/2056 | 4.00 | 1,012,358 | 1,006,992 | |||||||
750,000 | CAPITAL TRUST AGY FL REVENUE | 4/1/2035 | 7.00 | 750,000 | 414,712 | |||||||
1,750,000 | CAPITAL TRUST AGY FL REVENUE(b)(c)(f) | 12/1/2035 | 6.75 | 1,745,953 | 560,000 | |||||||
750,000 | CAPITAL TRUST AGY FL REVENUE(b)(c)(f) | 7/1/2037 | 6.75 | 750,000 | 228,750 | |||||||
500,000 | CAPITAL TRUST AGY FL STUDENT HSG REVENUE(b) | 12/1/2043 | 5.25 | 512,564 | 583,176 | |||||||
710,000 | CELEBRATION POINTE CMNTY DEV DIST #1 FL SPL ASSMNT REVENUE(b) | 5/1/2032 | 5.00 | 713,417 | 781,619 | |||||||
500,000 | CFM FL CDD REVENUE | 5/1/2051 | 4.00 | 518,542 | 518,118 | |||||||
750,000 | COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REVENUE(b)(c)(f) | 5/15/2026 | 7.25 | 750,000 | 510,000 | |||||||
1,750,000 | COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REVENUE(b)(c)(f) | 5/15/2044 | 8.13 | 1,913,765 | 1,190,000 | |||||||
1,000,000 | DAVIE FL EDUCTNL FACS REVENUE | 4/1/2042 | 6.00 | 1,006,231 | 1,085,086 |
32 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Florida (Cont'd): | ||||||||||||
1,000,000 | EAST NASSAU STEWARDSHIP DIST FL SPL ASSMNT REVENUE | 5/1/2051 | 4.00 | $ 1,024,021 | 1,031,313 | |||||||
800,000 | ENTRADA CMNTY DEV DIST FL CAPITAL IMPT REVENUE(b) | 5/1/2052 | 4.00 | 842,974 | 836,267 | |||||||
580,000 | ESCAMBIA CNTY FL HSG FIN AUTH SF MTGE REVENUE | 10/1/2049 | 3.75 | 580,000 | 614,641 | |||||||
615,000 | FISHHAWK CCD IV FL SPL ASSMNT REVENUE | 5/1/2033 | 7.00 | 615,000 | 661,931 | |||||||
1,350,000 | FLORIDA DEV FIN CORP SURFACE TRANPRTN FAC REVENUE(b) | 1/1/2049 | 7.38 | 1,292,853 | 1,469,075 | |||||||
1,000,000 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE(b) | 6/15/2035 | 6.00 | 1,000,628 | 1,128,110 | |||||||
920,000 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE(b) | 6/1/2040 | 5.00 | 946,848 | 1,017,822 | |||||||
500,000 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE(b) | 6/1/2027 | 2.38 | 500,000 | 495,409 | |||||||
2,000,000 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE(b) | 6/1/2050 | 5.25 | 2,037,453 | 2,334,770 | |||||||
1,350,000 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE | 6/1/2051 | 5.00 | 1,500,281 | 1,537,070 | |||||||
395,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2035 | 3.75 | 395,000 | 408,802 | |||||||
205,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2039 | 4.20 | 205,000 | 206,511 | |||||||
1,145,000 | FLORIDA ST HSG FIN CORP REVENUE | 1/1/2045 | 4.20 | 1,145,000 | 1,235,895 | |||||||
730,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2049 | 3.30 | 730,000 | 752,926 | |||||||
2,500,000 | FLORIDA ST HSG FIN CORP REVENUE | 1/1/2052 | 2.30 | 2,500,000 | 2,382,623 | |||||||
1,000,000 | FRERC CDD FL | 11/1/2040 | 5.38 | 1,000,000 | 1,070,207 | |||||||
700,000 | GRANDE PINES CDD FL SPL ASSMNT REVENUE | 5/1/2041 | 3.75 | 699,010 | 711,266 | |||||||
650,000 | HARBOR BAY FL CDD CAPITAL IMPT REVENUE | 5/1/2048 | 4.10 | 645,800 | 695,748 | |||||||
700,000 | HERITAGE HARBOUR FL N CDD SPL ASSMNT | 5/1/2034 | 5.00 | 700,000 | 808,970 | |||||||
1,500,000 | HILLSBOROUGH CNTY FL UTILITY REFUNDING REVENUE | 8/1/2051 | 2.50 | 1,496,250 | 1,449,935 | |||||||
1,000,000 | HOLLYWOOD BEACH FL CMNTY DEV DIST REVENUE | 10/1/2045 | 4.00 | 1,098,358 | 1,140,810 | |||||||
710,000 | LAKE CNTY FLA RETMNT FAC REVENUE | 8/15/2050 | 5.75 | 724,366 | 804,048 | |||||||
600,000 | LAKES OF SARASOTA CDD FL IMPT REVENUE | 5/1/2031 | 3.88 | 595,952 | 602,612 | |||||||
500,000 | LAKES OF SARASOTA CDD FL IMPT REVENUE | 5/1/2031 | 4.13 | 498,618 | 505,713 | |||||||
385,000 | LAKES OF SARASOTA CDD FL IMPT REVENUE | 5/1/2041 | 4.13 | 383,710 | 390,318 | |||||||
235,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2025 | 4.25 | 234,765 | 245,368 | |||||||
700,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2033 | 6.70 | 700,000 | 737,649 | |||||||
1,000,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2034 | 5.35 | 1,000,000 | 1,144,848 | |||||||
1,200,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2036 | 5.00 | 1,200,000 | 1,307,351 | |||||||
750,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(b) | 5/1/2037 | 5.00 | 745,175 | 830,522 | |||||||
750,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2037 | 5.25 | 746,000 | 838,062 | |||||||
700,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2038 | 5.00 | 700,000 | 779,552 | |||||||
1,000,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2039 | 5.30 | 1,000,000 | 1,148,219 | |||||||
580,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(b) | 5/1/2040 | 3.63 | 575,716 | 601,878 | |||||||
1,000,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(b) | 5/1/2040 | 3.75 | 1,000,000 | 1,045,528 | |||||||
630,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2049 | 4.00 | 626,749 | 661,064 | |||||||
425,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2049 | 4.50 | 419,038 | 462,012 | |||||||
1,440,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2050 | 4.00 | 1,435,967 | 1,505,861 | |||||||
795,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2052 | 4.00 | 838,335 | 828,394 |
33 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Florida (Cont'd): | ||||||||||||
265,000 | LONG LAKE RANCH CMNTY DEV DIST FLA CAP IMPT REVENUE | 5/1/2024 | 5.63 | $ 265,000 | 275,279 | |||||||
500,000 | LT RANCH CDD FL CAPITAL IMPT REVENUE | 5/1/2040 | 4.00 | 505,421 | 529,922 | |||||||
250,000 | MAGNOLIA CREEK FL CDD CAPITAL IMPT REVENUE(c) | 5/1/2014 | 5.60 | 250,000 | 58,125 | |||||||
735,000 | MARSHALL CREEK FL CDD SPL ASSMNT | 5/1/2032 | 5.00 | 743,387 | 778,141 | |||||||
500,000 | MIAMI BEACH FL HLTH FACS AUTH | 11/15/2044 | 5.00 | 520,793 | 549,243 | |||||||
135,000 | MIAMI-DADE CNTY FL HLTH FACS AUTH HOSP REVENUE | 8/1/2030 | 6.00 | 131,055 | 135,595 | |||||||
245,000 | N SPRINGS FL IMPT DIST | 5/1/2027 | 6.00 | 245,000 | 267,707 | |||||||
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 | 1,155,809 | |||||||
500,000 | NORTH SPRINGS FL IMPT DIST | 5/1/2044 | 6.50 | 500,000 | 551,718 | |||||||
1,400,000 | NTHRN PALM BEACH CNTY FL IMPT DIST | 8/1/2029 | 5.00 | 1,404,101 | 1,509,264 | |||||||
500,000 | NTHRN PALM BEACH CNTY FL IMPT DIST | 8/1/2037 | 5.00 | 507,558 | 568,804 | |||||||
1,000,000 | ORANGE CNTY FL HLTH FACS AUTH REVENUE | 8/1/2034 | 5.00 | 1,021,955 | 1,105,527 | |||||||
750,000 | ORANGE CNTY FL HLTH FACS AUTH REVENUE | 8/1/2035 | 5.00 | 768,888 | 855,421 | |||||||
1,000,000 | ORANGE CNTY FL HLTH FACS AUTH REVENUE | 8/1/2047 | 5.00 | 1,049,411 | 1,093,472 | |||||||
55,000 | ORANGE CNTY FL HSG FIN AUTH | 9/1/2035 | 3.80 | 55,000 | 55,644 | |||||||
500,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 6/1/2034 | 7.25 | 500,000 | 526,660 | |||||||
1,200,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 5/15/2036 | 5.00 | 1,274,091 | 1,366,979 | |||||||
1,000,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 6/1/2049 | 7.50 | 1,017,520 | 1,053,233 | |||||||
2,935,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 5/15/2053 | 4.00 | 2,870,439 | 3,216,610 | |||||||
500,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 6/1/2055 | 5.00 | 512,364 | 539,094 | |||||||
500,000 | PARKER ROAD FL CDD CAPITAL IMPT REVENUE | 5/1/2050 | 4.10 | 498,303 | 524,687 | |||||||
500,000 | PARKVIEW AT LONG LAKE RANCH CDD FL SPL ASSMNET | 5/1/2051 | 4.00 | 503,611 | 521,007 | |||||||
1,000,000 | PINELLAS CNTY FL HSG FIN AUTH SF HSG REVENUE | 3/1/2052 | 3.00 | 1,089,898 | 1,083,716 | |||||||
500,000 | PINELLAS CNTY FL INDL DEV AUTH INDL DEV REVENUE | 7/1/2039 | 5.00 | 546,071 | 568,235 | |||||||
700,000 | POINCIANA FL W CDD SPL ASSMNT | 5/1/2030 | 5.38 | 694,025 | 766,315 | |||||||
560,000 | RIVER LANDING CDD FL CAP IMPT REVENUE | 11/1/2035 | 4.25 | 558,216 | 562,937 | |||||||
1,900,000 | SAINT JOHNS CNTY FL INDL DEV AUTH REVENUE | 8/1/2055 | 4.00 | 2,005,350 | 2,134,099 | |||||||
880,000 | SANDRIDGE CMNTY DEV DIST FL SPL ASSMNT REVENUE | 5/1/2031 | 3.88 | 880,000 | 886,644 | |||||||
730,000 | SANDRIDGE CMNTY DEV DIST FL SPL ASSMNT REVENUE | 5/1/2051 | 4.00 | 719,982 | 735,187 | |||||||
1,000,000 | SAWYERS LANDING CDD FL SPL ASSMNT REVENUE | 5/1/2041 | 4.13 | 991,319 | 1,044,654 | |||||||
2,250,000 | SAWYERS LANDING CDD FL SPL ASSMNT REVENUE | 5/1/2053 | 4.25 | 2,196,310 | 2,336,074 | |||||||
830,000 | SEMINOLE CNTY FL INDL DEV AUTH EDUCTNL FACS REVENUE(b) | 6/15/2051 | 4.00 | 923,231 | 913,303 | |||||||
150,000 | SILVERLEAF FL CDD CAPITAL IMPT REVENUE | 5/1/2044 | 6.75 | 147,423 | 164,707 | |||||||
600,000 | SOUTHERN GROVE CMNTY DEV DIST #5 SPL ASSMNT | 5/1/2048 | 4.00 | 633,312 | 627,195 | |||||||
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 | 1,132,243 | 1,230,074 | |||||||
500,000 | TOLOMATO FL CDD | 5/1/2037 | 4.25 | 500,000 | 549,137 | |||||||
50,000 | TOLOMATO FL CDD (Step to 6.61% on 5/1/2022)(d) | 5/1/2040 | 0.00 | 52,791 | 44,408 |
34 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Florida (Cont'd): | ||||||||||||
185,000 | TOLOMATO FL CDD (Step to 6.61% on 11/1/2021)(d) | 5/1/2040 | 0.00 | $ 185,020 | 184,573 | |||||||
115,000 | TOLOMATO FL CDD (Step to 6.61% on 11/1/2024)(d) | 5/1/2040 | 0.00 | 92,439 | 88,903 | |||||||
1,490,000 | TOLOMATO FL CDD | 5/1/2040 | 3.75 | 1,435,756 | 1,640,725 | |||||||
125,000 | TOLOMATO FL CDD | 5/1/2040 | 6.61 | - | 1 | |||||||
1,000,000 | TRADITION CDD #9 FL SPL ASSMNT | 5/1/2052 | 4.00 | 1,062,976 | 1,043,673 | |||||||
700,000 | TROUT CREEK CDD FL CAPITAL IMPT REVENUE | 5/1/2038 | 5.38 | 700,000 | 782,400 | |||||||
385,000 | TROUT CREEK CDD FL CAPITAL IMPT REVENUE | 5/1/2040 | 4.00 | 389,223 | 402,341 | |||||||
500,000 | TSR CDD FL SPL ASSMNT REVENUE | 11/1/2035 | 5.38 | 498,773 | 575,180 | |||||||
1,500,000 | UNIVERSITY PARK RECREATION DIST FL ON-AD VALOREM ASSMNT | 5/1/2050 | 3.50 | 1,500,000 | 1,632,792 | |||||||
1,105,000 | VLG FL CDD #7 SPL ASSMNT REVENUE | 5/1/2036 | 4.00 | 1,098,957 | 1,188,460 | |||||||
4,000 | WATERS EDGE FL CDD CAPITAL IMPT REVENUE | 5/1/2039 | 5.35 | 4,000 | 4,004 | |||||||
80,000 | WATERS EDGE FL CDD CAPITAL IMPT REVENUE | 5/1/2039 | 6.60 | 79,418 | 80,568 | |||||||
655,000 | WIREGRASS FL CDD CAPITAL IMPT REVENUE | 5/1/2035 | 5.38 | 651,829 | 710,153 | |||||||
1,000,000 | WIREGRASS II CDD FL CAPITAL IMPROVEMENT REVENUE | 5/1/2050 | 3.88 | 985,518 | 1,033,548 | |||||||
750,000 | WYNNFIELD LAKES FL CDD | 5/1/2036 | 4.50 | 745,652 | 796,463 | |||||||
350,934 | ZEPHYR RIDGE FL CDD CAPITAL IMPT REVENUE(c) | 5/1/2013 | 5.25 | 351,276 | 154,411 | |||||||
91,078,723 | 92,601,991 | 13.03% | ||||||||||
Georgia | ||||||||||||
500,000 | ATHENS-CLARKE CNTY GA UNIF GOVT DEV AUTH REVENUE | 6/15/2039 | 5.00 | 505,201 | 538,065 | |||||||
1,350,000 | COBB CNTY GA DEV AUTH(b) | 12/1/2039 | 5.00 | 1,413,632 | 1,401,190 | |||||||
3,500,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2037 | 3.80 | 3,500,000 | 3,566,109 | |||||||
1,175,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2037 | 4.00 | 1,175,000 | 1,178,963 | |||||||
905,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2038 | 3.85 | 905,000 | 962,119 | |||||||
2,500,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2040 | 3.80 | 2,500,000 | 2,618,702 | |||||||
1,000,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2041 | 3.85 | 1,001,223 | 1,017,239 | |||||||
1,950,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2043 | 3.90 | 1,938,320 | 1,982,581 | |||||||
895,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2048 | 4.00 | 895,000 | 932,205 | |||||||
1,750,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2049 | 3.25 | 1,750,000 | 1,832,770 | |||||||
15,583,376 | 16,029,943 | 2.25% | ||||||||||
Idaho | ||||||||||||
570,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2024 | 7.00 | 570,000 | 495,348 | |||||||
750,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2029 | 7.38 | 744,358 | 643,408 | |||||||
1,000,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2044 | 8.00 | 1,029,287 | 854,148 | |||||||
2,343,645 | 1,992,904 | 0.28% | ||||||||||
Illinois | ||||||||||||
1,195,000 | BELLWOOD IL | 12/1/2027 | 5.88 | 1,189,207 | 1,273,420 | |||||||
1,495,000 | BOLINGBROOK IL SPL SVC AREA SPL TAX | 3/1/2030 | 4.00 | 1,535,268 | 1,710,983 | |||||||
1,250,000 | BURBANK IL EDUCTNL FACS REVENUE(b) | 9/1/2035 | 6.00 | 1,257,933 | 1,365,568 | |||||||
1,000,000 | BUREAU CNTY TWP IL HIGH SCH DIST #502 | 10/1/2043 | 6.63 | 1,019,597 | 1,133,405 | |||||||
1,000,000 | CHICAGO HEIGHTS IL | 12/1/2029 | 4.50 | 1,036,458 | 1,120,747 | |||||||
1,000,000 | CHICAGO IL MIDWAY ARPT REVENUE | 1/1/2035 | 5.25 | 1,000,471 | 1,058,473 | |||||||
1,000,000 | CHICAGO IL PARK DIST | 1/1/2028 | 5.00 | 1,048,087 | 1,087,217 | |||||||
750,000 | CHICAGO IL PARK DIST | 1/1/2042 | 4.00 | 769,616 | 863,543 | |||||||
637,000 | CORTLAND IL SPL TAX REVENUE(c) | 3/1/2017 | 5.50 | 633,881 | 12,740 | |||||||
500,000 | DECATUR IL | 3/1/2034 | 5.00 | 505,658 | 552,021 | |||||||
830,000 | EVANSTON ILL EDL FAC REV(b) | 4/1/2041 | 4.38 | 828,355 | 836,064 | |||||||
1,500,000 | ILLINOIS ST | 2/1/2030 | 4.00 | 1,494,685 | 1,704,728 |
35 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Illinois (Cont'd): | ||||||||||||
500,000 | ILLINOIS ST | 7/1/2033 | 5.50 | $ 498,790 | 534,852 | |||||||
1,000,000 | ILLINOIS ST EDUCTNL FACS AUTH | 11/1/2036 | 4.50 | 1,000,000 | 1,108,342 | |||||||
675,000 | ILLINOIS ST FIN AUTH EDUCTNL FAC REVENUE | 2/1/2034 | 6.00 | 677,888 | 721,530 | |||||||
500,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2036 | 5.00 | 501,006 | 565,551 | |||||||
750,000 | ILLINOIS ST FIN AUTH REVENUE | 12/1/2037 | 5.00 | 761,804 | 840,334 | |||||||
500,000 | ILLINOIS ST FIN AUTH REVENUE | 5/1/2038 | 5.25 | 508,008 | 530,463 | |||||||
1,450,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2038 | 5.13 | 1,411,789 | 1,529,264 | |||||||
1,500,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2045 | 5.00 | 1,559,448 | 1,650,593 | |||||||
1,000,000 | ILLINOIS ST HSG DEV AUTH MF REVENUE | 7/1/2044 | 3.15 | 1,000,000 | 1,050,472 | |||||||
2,500,000 | ILLINOIS ST HSG DEV AUTH MF REVENUE | 7/1/2061 | 3.00 | 2,500,000 | 2,516,654 | |||||||
340,000 | ILLINOIS ST HSG DEV AUTH REVENUE | 4/1/2041 | 3.88 | 340,000 | 362,424 | |||||||
1,500,000 | ILLINOIS ST HSG DEV AUTH REVENUE | 10/1/2042 | 2.38 | 1,500,000 | 1,457,957 | |||||||
1,000,000 | ILLINOIS ST SALES TAX REVENUE | 6/15/2033 | 5.00 | 1,058,277 | 1,215,381 | |||||||
1,500,000 | ILLINOIS ST SPORTS FACS AUTH | 6/15/2031 | 5.25 | 1,543,324 | 1,650,432 | |||||||
500,000 | LAKE CNTY IL SCH DIST #33 | 12/1/2040 | 5.00 | 513,209 | 579,155 | |||||||
1,000,000 | MACON & MOULTRIE CNTYS IL CMNTY SCH DIST #3 MOUNT ZION | 12/1/2041 | 5.50 | 1,009,315 | 1,113,394 | |||||||
1,080,000 | MACOUPIN SANGAMON & MONTGOMERY CNTYS IL CMNTY SCH DIST #34 | 12/1/2037 | 4.25 | 1,094,032 | 1,159,373 | |||||||
1,000,000 | MALTA IL TAX INCR REVENUE(c) | 12/30/2025 | 5.75 | 1,000,000 | 350,000 | |||||||
500,000 | MET PIER & EXPOSITION AUTH IL REVENUE | 6/15/2057 | 5.00 | 515,584 | 585,529 | |||||||
500,000 | RICHTON PARK IL PUBLIC LIBRARY DIST | 12/15/2032 | 4.50 | 511,798 | 523,058 | |||||||
750,000 | ROCKFORD IL | 12/15/2030 | 4.00 | 750,000 | 752,003 | |||||||
360,000 | S WSTRN IL DEV AUTH(c) | 10/1/2022 | 7.00 | 360,000 | 208,800 | |||||||
385,000 | UPPER IL RIVER VLY DEV AUTH(b) | 12/1/2022 | 4.00 | 384,130 | 388,918 | |||||||
750,000 | UPPER IL RIVER VLY DEV AUTH(b) | 12/1/2037 | 5.25 | 766,439 | 808,344 | |||||||
465,000 | UPPER IL RIVER VLY DEV AUTH(b) | 1/1/2045 | 5.00 | 490,418 | 490,137 | |||||||
685,000 | WESTMONT IL PARK DIST(g) | 12/1/2031 | 0.00 | 377,789 | 425,272 | |||||||
685,000 | WESTMONT IL PARK DIST(g) | 12/1/2033 | 0.00 | 330,151 | 372,821 | |||||||
35,282,415 | 36,209,962 | 5.09% | ||||||||||
Indiana | ||||||||||||
1,000,000 | EAST CHICAGO IN SAN DIST REVENUE | 7/15/2035 | 4.00 | 993,270 | 1,066,396 | |||||||
500,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2031 | 5.50 | 495,015 | 503,009 | |||||||
1,000,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2033 | 6.50 | 989,623 | 1,083,336 | |||||||
1,000,000 | INDIANA ST FIN AUTH REVENUE | 3/1/2041 | 5.00 | 1,004,094 | 1,019,873 | |||||||
1,500,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2041 | 4.00 | 1,737,438 | 1,729,428 | |||||||
500,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2041 | 5.88 | 513,765 | 559,597 | |||||||
1,000,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2041 | 6.00 | 988,397 | 1,121,149 | |||||||
1,000,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2046 | 5.25 | 1,023,839 | 1,149,706 | |||||||
1,500,000 | INDIANA ST HSG & CMNTY DEV AUTH MF HSG REVENUE | 1/1/2036 | 5.75 | 1,500,000 | 1,544,452 | |||||||
600,000 | MERRILLVILLE IN ECON DEV REVENUE | 4/1/2036 | 5.75 | 600,000 | 624,749 | |||||||
615,000 | MUNSTER IN ECON DEV TAX INCR REVENUE | 7/15/2026 | 4.75 | 613,686 | 647,577 | |||||||
1,000,000 | SCHERERVILLE IN ECON DEV REVENUE | 1/15/2030 | 6.00 | 1,003,659 | 1,072,657 | |||||||
11,462,786 | 12,121,929 | 1.71% | ||||||||||
Iowa | ||||||||||||
1,500,000 | IOWA ST FIN AUTH REVENUE | 5/15/2036 | 5.00 | 1,592,614 | 1,708,723 | |||||||
1,000,000 | IOWA ST FIN AUTH REVENUE | 5/15/2053 | 4.00 | 1,115,158 | 1,100,783 | |||||||
500,000 | IOWA ST HGR EDU LOAN AUTH | 11/1/2030 | 5.00 | 517,147 | 561,095 | |||||||
3,224,919 | 3,370,601 | 0.47% | ||||||||||
Kansas | ||||||||||||
1,000,000 | FRANKLIN CNTY KS UNIF SCH DIST #290 | 9/1/2039 | 4.75 | 1,024,730 | 1,165,130 | |||||||
935,000 | WYANDOTTE CNTY KS KANSAS CITY UNIF GOVT SPL OBLG REVENUE | 9/1/2032 | 5.75 | 929,739 | 946,077 | |||||||
1,954,469 | 2,111,207 | 0.30% | ||||||||||
Kentucky | ||||||||||||
310,000 | KENTUCKY ST HSG CORP HSG REVENUE | 7/1/2028 | 3.75 | 307,261 | 315,852 | |||||||
307,261 | 315,852 | 0.04% |
36 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Louisiana | ||||||||||||
1,000,000 | LOUISIANA PUB FACS AUTH REVENUE(b) | 6/1/2051 | 5.00 | $ 1,067,241 | 1,053,986 | |||||||
1,000,000 | LOUISIANA ST ENERGY & PWR AUTH PWR PROJ REVENUE | 6/1/2038 | 5.25 | 1,004,729 | 1,081,818 | |||||||
650,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH | 11/15/2025 | 5.25 | 676,186 | 691,690 | |||||||
1,000,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH | 11/15/2030 | 6.00 | 1,009,018 | 1,109,122 | |||||||
700,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(b) | 11/1/2037 | 5.65 | 700,000 | 835,648 | |||||||
1,000,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(b) | 7/1/2039 | 5.00 | 1,056,479 | 1,059,804 | |||||||
600,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(b) | 11/1/2039 | 5.50 | 600,000 | 682,987 | |||||||
900,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(b) | 11/1/2044 | 4.00 | 900,000 | 971,474 | |||||||
750,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(b) | 11/1/2044 | 4.40 | 750,000 | 824,500 | |||||||
1,250,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(b) | 11/1/2046 | 4.00 | 1,250,000 | 1,361,051 | |||||||
500,000 | LOUISIANA ST PUBLIC FACS AUTH HOSP REVENUE | 7/1/2035 | 5.00 | 521,124 | 570,175 | |||||||
370,000 | LOUISIANA ST PUBLIC FACS AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.70%)(e) | 2/15/2036 | 0.78 | 370,000 | 368,154 | |||||||
750,000 | SAINT TAMMANY LA PUBLIC TRUST FING AUTH | 11/15/2037 | 5.25 | 755,337 | 810,228 | |||||||
10,660,114 | 11,420,637 | 1.61% | ||||||||||
Maine | ||||||||||||
925,000 | MAINE ST HSG AUTH MTGE PURCHASE | 11/15/2040 | 3.85 | 925,000 | 964,966 | |||||||
500,000 | MAINE ST HSG AUTH MTGE PURCHASE | 11/15/2042 | 4.05 | 500,000 | 531,583 | |||||||
1,425,000 | 1,496,549 | 0.21% | ||||||||||
Maryland | ||||||||||||
500,000 | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | 7/1/2031 | 4.50 | 500,000 | 501,221 | |||||||
1,250,000 | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE | 7/1/2048 | 4.00 | 1,222,633 | 1,420,506 | |||||||
500,000 | MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION MF REVENUE | 7/1/2037 | 5.13 | 500,000 | 503,961 | |||||||
555,000 | MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION SF MTGE REVENUE | 7/1/2038 | 4.00 | 555,000 | 558,664 | |||||||
2,777,633 | 2,984,352 | 0.42% | ||||||||||
Massachusetts | ||||||||||||
4,000,000 | MASSACHUSETTS ST DEV FIN AGY MF REVENUE | 1/1/2042 | 2.30 | 4,000,000 | 3,874,018 | |||||||
700,000 | MASSACHUSETTS ST DEV FIN AGY REVENUE(b) | 10/1/2047 | 5.00 | 739,117 | 759,841 | |||||||
1,500,000 | MASSACHUSETTS ST DEV FIN AGY REVENUE | 6/1/2049 | 4.00 | 1,514,799 | 1,672,136 | |||||||
725,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2034 | 3.63 | 731,758 | 759,071 | |||||||
1,000,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2037 | 2.00 | 1,000,000 | 990,942 | |||||||
1,500,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2048 | 3.75 | 1,445,849 | 1,564,052 | |||||||
1,700,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2051 | 3.00 | 1,710,142 | 1,685,786 | |||||||
700,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2033 | 5.00 | 700,000 | 734,191 | |||||||
700,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2038 | 5.15 | 700,000 | 733,294 | |||||||
1,000,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2043 | 5.00 | 1,000,000 | 1,042,386 |
37 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Massachusetts (Cont'd): | ||||||||||||
2,545,000 | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | 12/1/2043 | 4.00 | $ 2,545,000 | 2,583,989 | |||||||
1,505,000 | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | 6/1/2046 | 4.20 | 1,505,000 | 1,608,760 | |||||||
500,000 | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | 6/1/2063 | 2.80 | 500,000 | 488,800 | |||||||
500,000 | ROWLEY MA | 5/1/2027 | 4.00 | 500,000 | 501,466 | |||||||
18,591,665 | 18,998,732 | 2.67% | ||||||||||
Michigan | ||||||||||||
190,000 | CHANDLER PARK ACADEMY MI PUBLIC SCH ACADEMY REVENUE | 11/1/2022 | 5.00 | 183,245 | 190,397 | |||||||
500,000 | KALAMAZOO MI ECON DEV CORP | 5/15/2043 | 5.00 | 529,534 | 565,384 | |||||||
750,000 | MICHIGAN ST FIN AUTH REVENUE | 11/15/2035 | 5.25 | 746,265 | 811,505 | |||||||
500,000 | MICHIGAN ST FIN AUTH REVENUE | 11/15/2042 | 5.00 | 510,674 | 523,162 | |||||||
1,850,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2035 | 4.10 | 1,850,000 | 1,973,358 | |||||||
600,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2042 | 3.75 | 600,000 | 639,397 | |||||||
1,650,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2043 | 4.00 | 1,650,000 | 1,795,916 | |||||||
1,000,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2049 | 3.35 | 1,059,798 | 1,047,447 | |||||||
2,250,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2054 | 3.50 | 2,321,557 | 2,375,333 | |||||||
1,750,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2056 | 2.70 | 1,750,000 | 1,702,423 | |||||||
325,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 12/1/2036 | 3.70 | 325,000 | 334,044 | |||||||
535,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 6/1/2049 | 4.00 | 536,536 | 561,839 | |||||||
1,000,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 6/1/2050 | 3.15 | 1,000,000 | 1,036,787 | |||||||
5,000,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 6/1/2051 | 2.75 | 4,875,784 | 5,060,519 | |||||||
6,500,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 6/1/2052 | 2.50 | 6,500,000 | 6,084,061 | |||||||
420,000 | MICHIGAN ST PUBLIC EDUCTNL FACS AUTH | 11/1/2028 | 6.35 | 420,000 | 420,913 | |||||||
750,000 | TAYLOR MI BROWNFIELD REDEV AUTH | 5/1/2032 | 5.00 | 766,384 | 834,319 | |||||||
330,000 | UNIVERSAL ACADEMY MI PUBLIC SCH ACADEMY REVENUE | 12/1/2023 | 6.50 | 328,359 | 339,864 | |||||||
750,000 | UNIVERSAL ACADEMY MI PUBLIC SCH ACADEMY REVENUE | 12/1/2040 | 4.00 | 837,846 | 821,271 | |||||||
26,790,982 | 27,117,939 | 3.81% | ||||||||||
Minnesota | ||||||||||||
950,000 | APPLE VLY MN SENIOR LIVING REVENUE | 1/1/2047 | 5.00 | 929,981 | 720,807 | |||||||
1,000,000 | APPLE VY MN SENIOR HSG REVENUE | 9/1/2058 | 5.00 | 980,000 | 1,044,816 | |||||||
5,000,000 | MINNESOTA ST HSG FIN AGY(e)(h) | 1/1/2041 | 0.05 | 5,000,000 | 5,000,000 | |||||||
2,500,000 | MINNESOTA ST OFFICE OF HGR EDU REVENUE | 11/1/2038 | 2.65 | 2,372,057 | 2,553,338 | |||||||
9,282,038 | 9,318,961 | 1.31% | ||||||||||
Mississippi | ||||||||||||
500,000 | MISSISSIPPI DEV BK SPL OBLIG(b) | 11/1/2036 | 3.63 | 500,000 | 493,977 | |||||||
1,000,000 | MISSISSIPPI ST DEV BANK SPL OBLG(b) | 11/1/2039 | 4.55 | 1,000,000 | 1,118,402 | |||||||
1,500,000 | 1,612,379 | 0.23% | ||||||||||
Missouri | ||||||||||||
500,000 | JOPLIN MO INDL DEV AUTH SALES TAX REVENUE | 11/1/2040 | 3.50 | 495,104 | 501,548 | |||||||
1,300,000 | KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE(b)(c)(f) | 11/15/2036 | 5.75 | 1,300,000 | 676,000 | |||||||
1,000,000 | KIRKWOOD MO INDL DEV AUTH RETMNT CMNTY REVENUE | 5/15/2037 | 5.25 | 1,014,525 | 1,138,682 | |||||||
1,000,000 | MISSOURI ST HLTH & EDUCTNL FACS AUTH | 2/1/2042 | 5.00 | 910,685 | 1,108,678 | |||||||
2,000,000 | MISSOURI ST HLTH & EDUCTNL FACS AUTH | 2/1/2048 | 4.00 | 2,069,346 | 2,232,234 |
38 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Missouri (Cont'd): | ||||||||||||
1,380,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2046 | 2.20 | $ 1,380,000 | 1,291,504 | |||||||
665,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2048 | 3.80 | 665,000 | 709,934 | |||||||
420,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2049 | 3.35 | 420,000 | 441,528 | |||||||
750,000 | SAINT LOUIS CNTY MO INDL DEV AUTH SENIOR LIVING FACS | 9/1/2042 | 5.00 | 752,997 | 767,674 | |||||||
9,007,657 | 8,867,782 | 1.25% | ||||||||||
Montana | ||||||||||||
765,000 | MONTANA ST BRD OF HSG | 12/1/2038 | 3.75 | 765,000 | 775,337 | |||||||
430,000 | MONTANA ST BRD OF HSG | 12/1/2038 | 5.20 | 430,000 | 450,441 | |||||||
825,000 | MONTANA ST BRD OF HSG | 6/1/2045 | 4.00 | 825,000 | 893,117 | |||||||
735,000 | MONTANA ST BRD OF HSG SF MTGE | 12/1/2037 | 3.95 | 735,000 | 796,319 | |||||||
650,000 | MONTANA ST BRD OF HSG SF MTGE | 12/1/2038 | 4.00 | 651,091 | 688,043 | |||||||
3,406,091 | 3,603,257 | 0.51% | ||||||||||
Nebraska | ||||||||||||
160,000 | MEAD NE TAX INCR REVENUE(c) | 7/1/2012 | 5.13 | 160,000 | 6,640 | |||||||
175,000 | NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE | 9/1/2042 | 3.05 | 175,000 | 179,887 | |||||||
335,000 | 186,527 | 0.03% | ||||||||||
Nevada | ||||||||||||
600,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 10/1/2039 | 3.85 | 600,000 | 613,067 | |||||||
560,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 10/1/2049 | 3.35 | 560,000 | 585,840 | |||||||
1,500,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 10/1/2051 | 2.45 | 1,500,000 | 1,455,542 | |||||||
505,000 | NORTH LAS VEGAS NV LOCAL IMPT(b) | 12/1/2027 | 4.00 | 496,331 | 549,189 | |||||||
505,000 | NORTH LAS VEGAS NV LOCAL IMPT(b) | 12/1/2037 | 5.00 | 505,793 | 573,745 | |||||||
3,662,124 | 3,777,383 | 0.53% | ||||||||||
New Hampshire | ||||||||||||
1,350,000 | NATIONAL FIN AUTH NH SENIOR LIVING REVENUE | 1/1/2041 | 4.00 | 1,467,040 | 1,470,875 | |||||||
1,000,000 | NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE | 7/1/2051 | 2.60 | 1,000,000 | 987,137 | |||||||
1,500,000 | NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE | 7/1/2052 | 4.00 | 1,500,000 | 1,609,637 | |||||||
1,000,000 | NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE | 7/1/2061 | 2.85 | 1,000,000 | 985,251 | |||||||
50,000 | NEW HAMPSHIRE ST HSG FIN AUTH SF REVENUE | 7/1/2034 | 5.38 | 50,000 | 50,072 | |||||||
5,017,040 | 5,102,972 | 0.72% | ||||||||||
New Jersey | ||||||||||||
750,000 | NEW JERSEY ST ECON DEV AUTH | 6/15/2037 | 5.00 | 773,755 | 925,661 | |||||||
500,000 | NEW JERSEY ST ECON DEV AUTH | 6/15/2042 | 5.00 | 529,482 | 601,445 | |||||||
750,000 | NEW JERSEY ST ECON DEV AUTH REVENUE | 7/15/2047 | 5.00 | 787,191 | 855,042 | |||||||
2,500,000 | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE | 12/1/2039 | 3.50 | 2,493,317 | 2,659,005 | |||||||
1,000,000 | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE | 12/1/2050 | 4.25 | 988,448 | 1,050,155 | |||||||
1,000,000 | NEW JERSEY ST HSG & MTGE FIN AGY MF CONDUIT REVENUE | 1/1/2030 | 3.60 | 1,000,000 | 1,030,312 | |||||||
3,070,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 10/1/2035 | 3.75 | 3,070,000 | 3,323,407 | |||||||
1,250,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 10/1/2046 | 2.30 | 1,250,000 | 1,170,936 | |||||||
925,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 4/1/2049 | 4.00 | 927,094 | 991,985 | |||||||
500,000 | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH | 12/15/2039 | 4.00 | 524,609 | 574,473 | |||||||
500,000 | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH | 6/15/2041 | 5.25 | 505,520 | 575,129 | |||||||
700,000 | TOBACCO SETTLEMENT FING CORP NJ | 6/1/2046 | 5.00 | 703,907 | 820,272 | |||||||
13,553,323 | 14,577,822 | 2.05% | ||||||||||
New Mexico | ||||||||||||
500,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2042 | 3.90 | 500,000 | 502,897 |
39 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
New Mexico (Cont'd): | ||||||||||||
630,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2042 | 4.13 | $ 630,000 | 634,222 | |||||||
1,305,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2043 | 3.85 | 1,305,000 | 1,380,279 | |||||||
675,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2046 | 3.80 | 675,000 | 699,733 | |||||||
590,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2048 | 3.90 | 590,000 | 630,956 | |||||||
790,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2048 | 4.00 | 791,272 | 849,051 | |||||||
935,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2049 | 3.35 | 935,000 | 976,380 | |||||||
825,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2049 | 4.00 | 825,000 | 888,916 | |||||||
1,545,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2050 | 3.00 | 1,587,220 | 1,587,665 | |||||||
1,000,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2051 | 2.35 | 1,000,000 | 947,869 | |||||||
8,838,492 | 9,097,968 | 1.28% | ||||||||||
New York | ||||||||||||
1,000,000 | BUFFALO & ERIE CNTY NY INDL LAND DEV CORP REVENUE | 11/1/2040 | 4.00 | 1,038,986 | 1,139,840 | |||||||
750,000 | HEMPSTEAD TOWN NY LOCAL DEV CORP REVENUE | 9/1/2038 | 5.00 | 751,752 | 803,436 | |||||||
500,000 | MET TRANSPRTN AUTH NY REVENUE | 11/15/2027 | 5.00 | 524,506 | 524,893 | |||||||
705,000 | MONROE CNTY NY INDL DEV CORP REVENUE | 1/1/2030 | 4.00 | 636,901 | 774,469 | |||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2037 | 3.80 | 1,000,000 | 1,008,801 | |||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2039 | 4.30 | 1,000,000 | 1,037,122 | |||||||
600,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2042 | 3.85 | 601,172 | 643,741 | |||||||
3,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 5/1/2045 | 3.90 | 2,838,750 | 3,113,972 | |||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2047 | 3.65 | 1,000,000 | 1,051,313 | |||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2049 | 3.95 | 1,000,000 | 1,080,489 | |||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2055 | 3.00 | 1,000,000 | 1,018,992 | |||||||
2,500,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2056 | 2.60 | 2,500,000 | 2,458,723 | |||||||
2,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2060 | 2.80 | 2,000,000 | 2,003,543 | |||||||
2,000,000 | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE | 6/15/2038 | 5.00 | 2,050,204 | 2,154,388 | |||||||
1,000,000 | NEW YORK ST HSG FIN AGY | 11/1/2041 | 4.10 | 1,000,000 | 1,076,792 | |||||||
1,000,000 | NEW YORK ST HSG FIN AGY | 11/1/2042 | 4.00 | 1,000,000 | 1,070,792 | |||||||
1,000,000 | NEW YORK ST HSG FIN AGY | 11/1/2048 | 3.95 | 1,000,000 | 1,079,848 | |||||||
2,000,000 | NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE | 11/1/2046 | 2.60 | 2,000,000 | 1,936,133 | |||||||
5,000,000 | NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE | 11/1/2056 | 2.75 | 5,000,000 | 4,779,381 | |||||||
1,500,000 | NEW YORK ST HSG FIN AGY REVENUE | 11/1/2034 | 3.65 | 1,500,000 | 1,566,065 | |||||||
500,000 | NEW YORK ST HSG FIN AGY REVENUE | 11/1/2045 | 5.10 | 500,000 | 524,061 | |||||||
4,000,000 | NEW YORK ST HSG FIN AGY REVENUE | 5/1/2048 | 4.10 | 4,000,000 | 4,039,446 | |||||||
1,250,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 4/1/2036 | 2.20 | 1,250,000 | 1,236,435 | |||||||
905,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2036 | 3.90 | 905,000 | 952,713 | |||||||
230,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2042 | 3.75 | 230,000 | 231,555 | |||||||
1,500,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2045 | 2.45 | 1,500,000 | 1,467,751 | |||||||
1,000,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2046 | 2.50 | 995,073 | 985,768 | |||||||
1,395,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2048 | 3.80 | 1,395,000 | 1,473,527 | |||||||
1,990,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2049 | 2.95 | 1,990,000 | 2,040,777 | |||||||
1,500,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 4/1/2050 | 2.55 | 1,500,000 | 1,463,226 | |||||||
1,250,000 | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE | 10/1/2030 | 4.00 | 1,245,294 | 1,459,281 | |||||||
550,000 | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE | 1/1/2034 | 5.00 | 556,167 | 574,137 |
40 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
New York (Cont'd): | ||||||||||||
500,000 | WESTERN REGL OFF-TRACK BETTING CORP REVENUE(b) | 12/1/2041 | 4.13 | $ 494,235 | 493,564 | |||||||
46,003,040 | 47,264,974 | 6.65% | ||||||||||
North Carolina | ||||||||||||
1,750,000 | MECKLENBURG CNTY NC MF HSG REVENUE | 1/1/2036 | 5.38 | 1,750,000 | 1,766,938 | |||||||
410,000 | NORTH CAROLINA ST EDU ASSISTANCE AUTH | 6/1/2039 | 3.13 | 405,863 | 414,418 | |||||||
805,000 | NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE | 1/1/2041 | 3.95 | 812,597 | 865,237 | |||||||
775,000 | NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE | 1/1/2048 | 4.00 | 775,000 | 830,768 | |||||||
2,000,000 | NORTH CAROLINA ST HSG FIN AGY HOMEOWNERSHIP REVENUE | 7/1/2044 | 2.40 | 2,000,000 | 1,949,589 | |||||||
1,000,000 | NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE | 11/1/2037 | 5.00 | 1,071,703 | 1,156,183 | |||||||
600,000 | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE | 10/1/2038 | 5.00 | 596,571 | 666,360 | |||||||
7,411,734 | 7,649,493 | 1.08% | ||||||||||
North Dakota | ||||||||||||
1,080,000 | NORTH DAKOTA ST HSG FIN AGY | 1/1/2044 | 3.05 | 1,080,000 | 1,111,055 | |||||||
2,000,000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2044 | 2.35 | 2,000,000 | 1,962,992 | |||||||
1,000,000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2044 | 2.50 | 1,000,000 | 1,009,918 | |||||||
4,080,000 | 4,083,965 | 0.57% | ||||||||||
Ohio | ||||||||||||
750,000 | BUTLER CNTY OH PORT AUTH PUBLIC INFRASTRUCTURE REVENUE | 12/1/2041 | 5.00 | 750,000 | 751,793 | |||||||
500,000 | CLEVELAND-CUYAHOGA CNTY OH PORT AUTH TAX INCREMENT FING REVENUE(b) | 12/1/2055 | 4.00 | 508,730 | 523,379 | |||||||
500,000 | CLEVELAND-CUYAHOGA CNTY OH PORT AUTH TAX INCREMENT FING REVENUE(b) | 12/1/2055 | 4.50 | 500,000 | 529,370 | |||||||
1,000,000 | COLUMBUS-FRANKLIN CNTY OH FIN AUTH DEV REVENUE | 5/15/2045 | 3.00 | 1,021,940 | 1,029,007 | |||||||
1,500,000 | COLUMBUS-FRANKLIN CNTY OH FIN AUTH DEV REVENUE | 5/15/2049 | 4.00 | 1,585,761 | 1,658,008 | |||||||
2,000,000 | FRANKLIN CNTY OH HLTH CARE FACS REVENUE | 7/1/2045 | 4.00 | 2,043,282 | 2,241,402 | |||||||
750,000 | LAKE CNTY OH PORT & ECON DEV AUTH LEASE REVENUE(b)(c)(f) | 12/1/2037 | 6.50 | 750,000 | 266,250 | |||||||
1,500,000 | LUCAS MET HSG AUTH OH COPS | 11/1/2036 | 5.00 | 1,538,915 | 1,643,279 | |||||||
2,000,000 | OHIO ST HGR EDUCTNL FAC COMMISSION | 11/1/2049 | 4.00 | 2,035,958 | 2,056,527 | |||||||
605,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2039 | 3.35 | 547,786 | 630,780 | |||||||
785,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2048 | 4.00 | 785,000 | 836,373 | |||||||
930,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 3/1/2049 | 4.00 | 930,000 | 1,003,494 | |||||||
705,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2049 | 3.35 | 705,000 | 738,076 | |||||||
4,000,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2051 | 2.45 | 4,030,327 | 3,873,499 | |||||||
1,000,000 | REVERE OH LOCAL SCH DIST | 12/1/2043 | 4.00 | 1,016,529 | 1,019,012 | |||||||
18,749,228 | 18,800,249 | 2.64% | ||||||||||
Oklahoma | ||||||||||||
2,000,000 | OKLAHOMA ST DEV FIN AUTH | 8/1/2049 | 5.00 | 2,198,141 | 2,348,120 | |||||||
2,198,141 | 2,348,120 | 0.33% | ||||||||||
Oregon | ||||||||||||
1,000,000 | CLACKAMAS CNTY OR HOSP FAC AUTH REVENUE | 11/15/2047 | 5.00 | 970,850 | 1,095,751 | |||||||
500,000 | CLACKAMAS CNTY OR HOSP FAC AUTH REVENUE | 11/15/2055 | 5.38 | 501,911 | 552,001 | |||||||
1,000,000 | MEDFORD OR HOSP FACS AUTH REVENUE | 10/1/2042 | 5.00 | 1,012,318 | 1,059,534 |
41 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Oregon (Cont'd): | ||||||||||||
500,000 | MULTNOMAH CNTY OR HOSP FACS AUTH REVENUE | 12/1/2029 | 5.00 | $ 505,641 | 518,190 | |||||||
2,000,000 | OREGON ST | 12/1/2039 | 3.90 | 2,000,000 | 2,070,997 | |||||||
255,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 7/1/2035 | 3.75 | 255,000 | 255,000 | |||||||
680,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 7/1/2038 | 4.00 | 680,000 | 691,672 | |||||||
1,000,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 1/1/2045 | 2.38 | 1,000,000 | 967,620 | |||||||
1,010,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 7/1/2048 | 3.75 | 1,010,000 | 1,064,490 | |||||||
2,000,000 | POLK CNTY OR HOSP FAC AUTH REVENUE | 7/1/2024 | 4.00 | 2,000,000 | 2,001,139 | |||||||
1,240,000 | POLK CNTY OR HOSP FAC AUTH REVENUE | 7/1/2035 | 5.13 | 1,253,841 | 1,287,956 | |||||||
1,000,000 | POLK CNTY OR HOSP FAC AUTH REVENUE | 7/1/2055 | 5.13 | 965,005 | 1,037,392 | |||||||
650,000 | YAMHILL CNTY OR HOSP AUTH | 11/15/2056 | 5.00 | 742,667 | 750,757 | |||||||
12,897,233 | 13,352,499 | 1.88% | ||||||||||
Pennsylvania | ||||||||||||
410,000 | ALLEGHENY CNTY PA INDL DEV AUTH CHRT SCH REVENUE | 8/15/2026 | 5.90 | 410,000 | 411,260 | |||||||
375,000 | BUTLER CNTY PA GEN AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.70%)(e) | 10/1/2034 | 0.79 | 375,000 | 364,574 | |||||||
650,000 | CMWLTH FING AUTH PA TOBACCO MASTER SETTLEMENT PAYMENT REVENUE | 6/1/2039 | 4.00 | 647,126 | 737,345 | |||||||
400,000 | DAUPHIN CNTY PA GEN AUTH UNIV REVENUE(b) | 10/15/2022 | 4.00 | 399,785 | 403,852 | |||||||
500,000 | MONTGOMERY CNTY PA INDL DEV AUTH | 11/15/2033 | 5.00 | 519,421 | 590,694 | |||||||
1,250,000 | MONTGOMERY CNTY PA INDL DEV AUTH | 11/15/2036 | 5.00 | 1,261,227 | 1,469,964 | |||||||
1,000,000 | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE | 6/1/2042 | 2.63 | 1,001,919 | 996,304 | |||||||
1,700,000 | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE | 6/1/2047 | 3.00 | 1,700,000 | 1,663,902 | |||||||
1,000,000 | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE | 4/15/2045 | 4.00 | 1,034,373 | 1,150,155 | |||||||
500,000 | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.65%)(e) | 7/1/2039 | 0.74 | 500,000 | 459,963 | |||||||
1,760,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2042 | 3.65 | 1,760,000 | 1,826,261 | |||||||
535,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2042 | 3.70 | 535,000 | 535,609 | |||||||
1,000,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2046 | 3.00 | 1,042,290 | 1,023,000 | |||||||
125,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2047 | 4.00 | 125,000 | 125,000 | |||||||
1,000,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2049 | 3.40 | 1,000,000 | 1,044,111 | |||||||
2,000,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2051 | 2.55 | 2,000,000 | 1,941,495 | |||||||
1,500,000 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE (Step to 4.60% on 12/1/2021)(d) | 12/1/2037 | 0.00 | 1,485,273 | 1,707,996 | |||||||
1,000,000 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE | 12/1/2042 | 3.00 | 1,047,735 | 1,052,566 | |||||||
200,000 | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES | 6/15/2023 | 6.13 | 200,000 | 211,755 | |||||||
750,000 | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES | 8/1/2036 | 5.63 | 740,682 | 838,148 | |||||||
750,000 | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES | 6/15/2049 | 5.00 | 773,724 | 805,361 | |||||||
18,558,555 | 19,359,315 | 2.72% | ||||||||||
Puerto Rico | ||||||||||||
1,500,000 | PUERTO RICO CMWLTH | 7/1/2035 | 5.00 | 1,500,000 | 1,514,396 | |||||||
1,500,000 | 1,514,396 | 0.21% |
42 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Rhode Island | ||||||||||||
750,000 | RHODE ISLAND ST HSG & MTGE FIN CORP | 10/1/2037 | 3.90 | $ 750,000 | 763,636 | |||||||
1,000,000 | RHODE ISLAND ST HSG & MTGE FIN CORP REVENUE | 4/1/2045 | 2.80 | 1,021,624 | 996,474 | |||||||
1,250,000 | RHODE ISLAND ST STUDENT LOAN AUTH STUDENT LOAN REVENUE | 12/1/2037 | 3.63 | 1,238,663 | 1,296,605 | |||||||
3,010,287 | 3,056,715 | 0.43% | ||||||||||
South Carolina | ||||||||||||
650,000 | BERKELEY CNTY SC ASSMNT REVENUE | 11/1/2040 | 4.25 | 647,456 | 726,629 | |||||||
750,000 | SOUTH CAROLINA JOBS-ECON DEV AUTH(b) | 7/1/2025 | 8.75 | 750,000 | 757,651 | |||||||
90,000 | SOUTH CAROLINA ST EDU ASSISTANCE AUTH | 10/1/2029 | 5.10 | 89,415 | 90,041 | |||||||
1,215,000 | SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE | 7/1/2045 | 3.05 | 1,215,000 | 1,258,218 | |||||||
665,000 | SOUTH CAROLINA ST JOBS-ECON DEV AUTH ECON DEV REVENUE | 4/1/2054 | 4.00 | 687,936 | 719,615 | |||||||
1,250,000 | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HOSP FACS REVENUE | 12/1/2044 | 4.00 | 1,294,442 | 1,447,113 | |||||||
1,000,000 | SOUTH CAROLINA ST JOBS-ECON DEV AUTH SOL WST DISP REVENUE(b) | 6/1/2031 | 6.00 | 1,000,000 | 1,024,837 | |||||||
1,000,000 | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE | 12/1/2038 | 5.00 | 1,023,769 | 1,107,970 | |||||||
1,400,000 | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE | 12/1/2043 | 5.75 | 1,424,148 | 1,564,666 | |||||||
8,132,166 | 8,696,740 | 1.22% | ||||||||||
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 | 683,790 | |||||||
1,350,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD RETMNT FACS REVENUE | 10/1/2039 | 5.50 | 1,342,274 | 1,444,450 | |||||||
150,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE | 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 | 1/1/2029 | 6.00 | - | 1 | |||||||
550,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 1/1/2031 | 3.60 | 551,732 | 561,491 | |||||||
770,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2042 | 3.85 | 770,000 | 824,053 | |||||||
740,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2042 | 3.90 | 740,000 | 801,324 | |||||||
1,765,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2044 | 4.00 | 1,775,312 | 1,852,725 | |||||||
1,500,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2046 | 2.38 | 1,500,000 | 1,444,636 | |||||||
840,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 1/1/2049 | 3.95 | 840,000 | 880,850 | |||||||
1,560,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 1/1/2049 | 4.05 | 1,560,000 | 1,689,190 | |||||||
2,000,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2051 | 2.50 | 2,000,000 | 1,941,396 | |||||||
390,000 | TENNESSEE ST HSG DEV AGY | 1/1/2035 | 3.85 | 390,000 | 414,309 | |||||||
13,761,146 | 12,840,153 | 1.81% | ||||||||||
Texas | ||||||||||||
500,000 | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE | 6/15/2036 | 5.00 | 500,000 | 501,253 | |||||||
1,900,000 | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE | 8/15/2051 | 2.38 | 1,834,866 | 1,743,524 | |||||||
650,000 | ARLINGTON TX SPL TAX REVENUE | 2/15/2041 | 5.00 | 680,724 | 723,056 | |||||||
775,000 | BEXAR CNTY TX HSG FIN CORP(i) | 2/1/2035 | 3.75 | 775,000 | 794,889 | |||||||
2,000,000 | BEXAR CNTY TX REVENUE | 8/15/2039 | 5.00 | 2,018,168 | 2,083,172 | |||||||
1,000,000 | BRAZOS TX HGR EDU AUTH STUDENT LOAN PROGRAM REVENUE | 4/1/2040 | 3.00 | 1,003,719 | 943,465 | |||||||
1,000,000 | CENTRL TX REGL MOBILITY AUTH REVENUE | 1/1/2045 | 4.00 | 1,089,543 | 1,126,090 |
43 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Texas (Cont'd): | ||||||||||||
625,000 | CLIFTON TX HGR EDU FIN CORP EDU REVENUE | 12/1/2035 | 5.00 | $ 643,479 | 697,679 | |||||||
1,000,000 | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE | 11/1/2037 | 5.25 | 1,003,125 | 1,097,695 | |||||||
1,350,000 | DANBURY TX HGR EDU AUTH INC EDU REVENUE | 8/15/2049 | 5.13 | 1,374,147 | 1,377,102 | |||||||
420,000 | EDINBURG TX ECON DEV CORP SALES TAX REVENUE | 8/15/2031 | 3.00 | 420,000 | 413,282 | |||||||
700,000 | EDINBURG TX ECON DEV CORP SALES TAX REVENUE | 8/15/2046 | 3.38 | 690,114 | 668,695 | |||||||
1,500,000 | EL PASO CNTY TX HOSP DIST | 8/15/2043 | 5.00 | 1,554,219 | 1,606,857 | |||||||
1,000,000 | EL PASO TX DOWNTOWN DEV CORP SPL REVENUE | 8/15/2038 | 7.25 | 1,022,705 | 1,126,867 | |||||||
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 | 1,344,013 | 1,735,498 | |||||||
2,000,000 | GRAND PARKWAY TRANSPRTN CORP TX SYS TOLL REVENUE | 10/1/2050 | 3.00 | 2,153,590 | 2,106,883 | |||||||
800,000 | HALE CENTER TX EDU FACS CORP REVENUE | 3/1/2035 | 5.00 | 805,438 | 807,889 | |||||||
1,000,000 | HIDALGO CNTY TX REGL MOBILITY AUTH VEHICLE REGISTRATION FEE | 12/1/2038 | 5.25 | 1,009,355 | 1,105,721 | |||||||
1,500,000 | HOUSTON TX HGR EDU FIN CORP | 9/1/2038 | 5.50 | 1,506,627 | 1,570,978 | |||||||
750,000 | LEWISVILLE TX COMB CONTRACT REVENUE | 9/1/2024 | 3.00 | 746,885 | 766,399 | |||||||
1,000,000 | MEADOWHILL TX REGL MUNI UTILITY DIST | 10/1/2034 | 4.00 | 1,025,753 | 1,032,279 | |||||||
273,000 | N CENTRL TEXAS ST HLTH FAC DEV CORP | 2/15/2025 | 5.38 | 273,000 | 191,100 | |||||||
1,000,000 | N TX TOLLWAY AUTH REVENUE | 1/1/2042 | 6.20 | 998,690 | 1,186,610 | |||||||
1,000,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 10/1/2034 | 5.00 | 1,005,255 | 1,094,567 | |||||||
750,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 1/1/2035 | 5.50 | 757,080 | 789,666 | |||||||
500,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 10/1/2049 | 5.25 | 507,165 | 545,195 | |||||||
1,000,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 11/1/2049 | 4.00 | 1,130,566 | 1,123,798 | |||||||
1,100,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 1/1/2055 | 5.00 | 1,144,577 | 1,143,243 | |||||||
750,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX EDU REVENUE(b) | 8/15/2036 | 5.00 | 750,000 | 751,627 | |||||||
1,000,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX EDU REVENUE | 8/15/2036 | 5.50 | 1,000,000 | 1,002,655 | |||||||
670,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX EDU REVENUE(b) | 8/15/2049 | 5.00 | 688,006 | 698,774 | |||||||
650,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX LEASE REVENUE | 6/1/2032 | 4.00 | 664,510 | 664,311 | |||||||
1,000,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX RETMNT CMNTY REVENUE(b) | 12/1/2025 | 10.00 | 1,000,000 | 1,075,638 | |||||||
645,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX SENIOR LIVING REVENUE | 7/1/2025 | 4.00 | 633,978 | 611,801 | |||||||
1,100,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX STUDENT HSG REVENUE | 4/1/2046 | 5.00 | 1,120,134 | 1,203,229 | |||||||
750,000 | RED RIVER TX HLTH FACS DEV CORP RETIREMENT FAC REVENUE | 11/15/2034 | 7.50 | 746,826 | 826,554 | |||||||
1,000,000 | SUGAR LAND TX DEV CORP SALES TAX REVENUE | 2/15/2033 | 5.00 | 1,021,940 | 1,060,876 | |||||||
1,000,000 | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE | 11/15/2038 | 5.00 | 1,021,073 | 1,076,455 | |||||||
1,000,000 | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENUE(c) | 11/15/2022 | 5.50 | 1,000,000 | 570,000 | |||||||
325,000 | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENUE | 11/15/2024 | 5.63 | 325,000 | 325,616 | |||||||
625,000 | TEXAS ST AFFORDABLE HSG CORP SF MTGE REVENUE | 3/1/2050 | 4.00 | 637,857 | 650,586 | |||||||
2,000,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 9/1/2044 | 3.63 | 2,038,640 | 2,143,672 |
44 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Texas (Cont'd): | ||||||||||||
915,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 9/1/2048 | 4.25 | $ 928,382 | 990,362 | |||||||
1,500,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 9/1/2051 | 2.35 | 1,503,423 | 1,470,573 | |||||||
500,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE | 7/1/2051 | 2.50 | 504,922 | 497,617 | |||||||
1,000,000 | TEXAS ST MUNI PWR AGY REVENUE | 9/1/2046 | 3.00 | 1,037,525 | 1,047,112 | |||||||
45,640,019 | 46,770,910 | 6.58% | ||||||||||
Utah | ||||||||||||
1,000,000 | BLACK DESERT PUB INFRASTRUCTURE DIST(b) | 3/1/2051 | 4.00 | 1,010,120 | 1,001,129 | |||||||
850,000 | MILITARY INSTALLATION DEV AUTH UT TAX ALLOCATION REVENUE | 6/1/2041 | 4.00 | 875,753 | 866,148 | |||||||
2,000,000 | MILITARY INSTALLATION DEV AUTH UT TAX ALLOCATION REVENUE | 6/1/2052 | 4.00 | 2,034,214 | 2,018,870 | |||||||
500,000 | RED BRIDGE PUBLIC INFRASTRUCTURE DIST #1 UT(b) | 2/1/2041 | 4.13 | 500,000 | 517,075 | |||||||
500,000 | ROAM PUBLIC INFRASTRUCTURE DIST #1(b) | 3/1/2051 | 4.25 | 500,000 | 486,625 | |||||||
50,000 | UTAH ST HSG CORP SF MTGE REVENUE | 1/1/2033 | 5.75 | 50,000 | 50,108 | |||||||
1,500,000 | WEST VLY CITY UT MUNI BLDG AUTH LEASE REVENUE | 2/1/2039 | 5.00 | 1,608,528 | 1,756,318 | |||||||
6,578,615 | 6,696,273 | 0.94% | ||||||||||
Vermont | ||||||||||||
1,000,000 | VERMONT ST ECON DEV AUTH MTGE REVENUE | 5/1/2045 | 4.00 | 1,072,040 | 1,072,041 | |||||||
85,000 | VERMONT ST HSG FIN AGY | 5/1/2032 | 4.88 | 84,714 | 88,285 | |||||||
765,000 | VERMONT ST STUDENT ASSISTANCE CORP EDU LOAN REVENUE | 6/15/2036 | 3.38 | 758,421 | 775,620 | |||||||
1,915,175 | 1,935,946 | 0.27% | ||||||||||
Virginia | ||||||||||||
500,000 | FAIRFAX CNTY VA REDEV & HSG AUTH MF REVENUE | 8/1/2039 | 5.60 | 500,000 | 501,351 | |||||||
650,000 | JAMES CITY CNTY VA ECON DEV AUTH RSDL CARE FAC REVENUE | 6/1/2047 | 4.00 | 697,727 | 699,734 | |||||||
462,000 | MARQUIS VA CMNTY DEV AUTH REVENUE(g) | 9/1/2041 | 0.00 | 167,419 | 26,958 | |||||||
349,000 | MARQUIS VA CMNTY DEV AUTH REVENUE | 9/1/2041 | 5.63 | 373,459 | 164,676 | |||||||
1,000,000 | VIRGINIA ST HSG DEV AUTH | 7/1/2033 | 4.13 | 1,000,000 | 1,030,141 | |||||||
1,000,000 | VIRGINIA ST HSG DEV AUTH | 9/1/2050 | 2.50 | 1,000,000 | 983,061 | |||||||
3,738,605 | 3,405,921 | 0.48% | ||||||||||
Washington | ||||||||||||
700,000 | KALISPEL TRIBE OF INDIANS PRIORITY DIST WA REVENUE(b) | 1/1/2038 | 5.25 | 687,216 | 829,534 | |||||||
400,000 | KING CNTY WA HSG AUTH | 5/1/2028 | 5.20 | 400,000 | 404,742 | |||||||
1,500,000 | KING CNTY WA HSG AUTH | 11/1/2039 | 3.00 | 1,469,148 | 1,591,099 | |||||||
1,000,000 | KING CNTY WA HSG AUTH | 8/1/2040 | 3.00 | 1,036,985 | 1,053,567 | |||||||
1,000,000 | KING CNTY WA HSG AUTH WORKFORCE HSG PRESERVATION POOLED REVENUE | 10/1/2041 | 2.38 | 989,753 | 975,683 | |||||||
1,000,000 | PIKE PLACE MARKET WA PRESERVATION & DEV AUTH SPL OBLG | 12/1/2040 | 5.00 | 1,036,472 | 1,077,037 | |||||||
1,000,000 | SEATTLE WA HSG AUTH | 6/1/2052 | 3.00 | 1,023,009 | 1,026,682 | |||||||
500,000 | SEATTLE WA HSG AUTH | 6/1/2054 | 2.50 | 485,799 | 473,914 | |||||||
770,000 | SEATTLE WA HSG AUTH POOLED HSG REVENUE | 9/15/2033 | 5.75 | 774,227 | 853,010 | |||||||
500,000 | SNOHOMISH CNTY WA HSG AUTH | 4/1/2044 | 4.00 | 507,121 | 547,136 | |||||||
1,000,000 | VANCOUVER WA HSG AUTH | 8/1/2034 | 3.75 | 984,959 | 1,081,662 | |||||||
1,500,000 | VANCOUVER WA HSG AUTH | 6/1/2038 | 3.00 | 1,496,078 | 1,577,002 | |||||||
1,500,000 | VANCOUVER WA HSG AUTH | 12/1/2051 | 3.30 | 1,500,000 | 1,577,520 | |||||||
430,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(b) | 7/1/2025 | 6.00 | 431,415 | 473,391 | |||||||
1,000,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(b) | 1/1/2031 | 5.00 | 1,001,111 | 1,107,409 |
45 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Washington (Cont'd): | ||||||||||||
750,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(b) | 7/1/2031 | 5.00 | $ 782,592 | 789,327 | |||||||
675,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(b) | 1/1/2035 | 5.75 | 675,000 | 727,348 | |||||||
600,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(b) | 7/1/2036 | 5.00 | 623,598 | 654,584 | |||||||
500,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(b) | 1/1/2038 | 5.00 | 532,466 | 573,647 | |||||||
1,000,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(b) | 1/1/2044 | 5.00 | 1,074,923 | 1,124,741 | |||||||
17,511,872 | 18,519,035 | 2.61% | ||||||||||
West Virginia | ||||||||||||
1,500,000 | WEST VIRGINIA ST HSG DEV FUND | 11/1/2032 | 3.75 | 1,500,000 | 1,582,474 | |||||||
2,000,000 | WEST VIRGINIA ST HSG DEV FUND | 11/1/2051 | 2.50 | 2,000,000 | 1,961,391 | |||||||
3,500,000 | 3,543,865 | 0.50% | ||||||||||
Wisconsin | ||||||||||||
16,520 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2046 | 0.00 | 1,494 | 527 | |||||||
18,299 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2047 | 0.00 | 1,599 | 561 | |||||||
17,930 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2048 | 0.00 | 1,524 | 540 | |||||||
17,786 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2049 | 0.00 | 1,470 | 523 | |||||||
17,496 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2050 | 0.00 | 1,407 | 494 | |||||||
18,980 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2051 | 0.00 | 1,486 | 526 | |||||||
446,246 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(c)(e)(f)(j) | 7/1/2051 | 3.75 | 443,916 | 298,146 | |||||||
19,357 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2052 | 0.00 | 1,474 | 515 | |||||||
19,095 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2053 | 0.00 | 1,417 | 498 | |||||||
18,909 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2054 | 0.00 | 1,368 | 480 | |||||||
18,634 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2055 | 0.00 | 1,315 | 462 | |||||||
18,360 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2056 | 0.00 | 1,265 | 447 | |||||||
100,837 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(c)(f) | 7/1/2056 | 5.50 | 100,665 | 76,349 | |||||||
18,454 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2057 | 0.00 | 2,029 | 437 | |||||||
18,165 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2058 | 0.00 | 1,184 | 420 | |||||||
17,992 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2059 | 0.00 | 1,147 | 408 | |||||||
17,834 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2060 | 0.00 | 1,112 | 391 | |||||||
17,573 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2061 | 0.00 | 1,073 | 375 | |||||||
17,400 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2062 | 0.00 | 1,041 | 362 | |||||||
17,125 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2063 | 0.00 | 1,002 | 348 | |||||||
16,967 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2064 | 0.00 | 974 | 339 | |||||||
16,823 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2065 | 0.00 | 946 | 325 | |||||||
16,731 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2066 | 0.00 | 922 | 308 | |||||||
215,987 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(f)(g) | 1/1/2067 | 0.00 | 11,004 | 3,697 | |||||||
520,000 | PUBLIC FIN AUTH WI EDU REVENUE(b) | 6/15/2049 | 5.00 | 525,403 | 560,262 |
46 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2021 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Wisconsin (Cont'd): | ||||||||||||
500,000 | PUBLIC FIN AUTH WI HLTHCARE FACS REVENUE | 7/1/2046 | 4.00 | $ 546,428 | 569,604 | |||||||
305,000 | PUBLIC FIN AUTH WI REVENUE | 4/1/2025 | 5.00 | 305,968 | 328,365 | |||||||
1,250,000 | PUBLIC FIN AUTH WI REVENUE(b) | 11/1/2028 | 6.25 | 1,250,000 | 1,290,056 | |||||||
600,000 | PUBLIC FIN AUTH WI REVENUE | 4/1/2032 | 5.50 | 600,000 | 612,879 | |||||||
1,000,000 | PUBLIC FIN AUTH WI REVENUE(b) | 1/1/2033 | 6.13 | 989,917 | 821,101 | |||||||
221,000 | PUBLIC FIN AUTH WI REVENUE(g) | 10/1/2042 | 0.00 | 241,843 | 99,726 | |||||||
515,000 | PUBLIC FIN AUTH WI REVENUE | 10/1/2042 | 7.00 | 520,150 | 519,686 | |||||||
13,694 | PUBLIC FIN AUTH WI REVENUE(b)(c)(f) | 12/1/2048 | 5.50 | 13,694 | 6,847 | |||||||
1,500,000 | PUBLIC FIN AUTH WI REVENUE(b) | 11/15/2053 | 4.75 | 1,550,126 | 1,587,082 | |||||||
905,000 | PUBLIC FIN AUTH WI SENIOR LIVING REVENUE(b) | 11/15/2024 | 5.00 | 903,688 | 946,878 | |||||||
500,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 8/1/2032 | 5.00 | 533,715 | 533,863 | |||||||
1,300,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 8/15/2032 | 5.00 | 1,357,514 | 1,466,644 | |||||||
700,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 6/1/2037 | 5.00 | 729,338 | 769,807 | |||||||
500,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 9/15/2040 | 5.00 | 507,994 | 532,062 | |||||||
1,840,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 8/15/2043 | 5.00 | 1,867,894 | 2,002,418 | |||||||
1,400,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 9/15/2045 | 5.00 | 1,421,065 | 1,485,056 | |||||||
650,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 11/1/2046 | 5.00 | 672,681 | 724,576 | |||||||
1,500,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 10/1/2048 | 5.13 | 1,473,089 | 1,553,844 | |||||||
500,000 | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE | 11/1/2035 | 3.88 | 500,000 | 531,229 | |||||||
1,000,000 | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE | 11/1/2040 | 4.00 | 1,000,000 | 1,060,665 | |||||||
1,000,000 | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE | 11/1/2042 | 3.90 | 1,003,116 | 1,074,315 | |||||||
1,500,000 | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE | 5/1/2055 | 4.15 | 1,500,000 | 1,607,429 | |||||||
2,500,000 | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE | 11/1/2056 | 2.70 | 2,500,000 | 2,448,313 | |||||||
23,096,457 | 23,520,185 | 3.31% | ||||||||||
Wyoming | ||||||||||||
1,615,000 | WYOMING ST CMNTY DEV AUTH HSG REVENUE | 12/1/2038 | 4.05 | 1,615,000 | 1,641,134 | |||||||
1,615,000 | 1,641,134 | 0.23% | ||||||||||
Sub-total Municipal Bonds: | 629,531,818 | 652,206,333 | 91.75% | |||||||||
Short-Term Investments: | ||||||||||||
11,656,048 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 0.03%(k) | 11,656,048 | 11,656,048 | |||||||||
Sub-total Short-Term Investments: | 11,656,048 | 11,656,048 | 1.64% | |||||||||
Grand total | $ 679,428,757 | 706,378,294 | 99.37% |
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 September 30, 2021 is disclosed. |
47 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2021 (unaudited)
(f) | Restricted security that has been deemed illiquid. At September 30, 2021, the value of these restricted illiquid securities amounted to $4,125,322 or 0.58% 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%, 12/1/2035 | 12/2/15-1/21/16 | $1,745,953 |
CAPITAL TRUST AGY FL REVENUE, 6.75%, 7/1/2037 | 6/28/17 | 750,000 |
COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REVENUE, 7.25%, 5/15/2026 | 12/16/13 | 750,000 |
COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REVENUE, 8.13%, 5/15/2044 | 6/27/17-4/12/18 | 1,913,765 |
FRANKLIN TN HLTH & EDUCTNL FACS BRD REVENUE, 6.50%, 6/1/2027 | 5/24/17 | 1,000,000 |
KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE, 5.75%, 11/15/2036 | 12/18/15 | 1,300,000 |
LAKE CNTY OH PORT & ECON DEV AUTH LEASE REVENUE, 6.50%, 12/1/2037 | 10/27/17 | 750,000 |
PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE, 0.00% - 5.50%, 1/1/46-1/1/67 | 3/26/18-8/26/20 | 86-443,916 |
PUBLIC FIN AUTH WI REVENUE, 5.50%, 12/1/2048 | 3/26/19 | 13,694 |
(g) | Zero coupon bond. |
(h) | Rate is determined by a remarketing agent which, in its judgment, on the basis of prevailing financial markets, will be the lowest interest rate necessary to enable the remarketing agent to sell the bonds at a price equal to 100% of the principal amount. |
(i) | Security has converted to a fixed rate as of February 1, 2015, and will be going forward. |
(j) | These securities are remarketed by an agent, and the rate at which these securities are set are determined by general market conditions and supply and demand. |
(k) | 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 $2,729,703 for the nine months ended September 30, 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 | 13.95% | |
Illinois | 7.21 | |
New York | 7.12 | |
Texas | 7.05 | |
California | 6.70 | |
Colorado | 5.98 | |
Michigan | 4.09 | |
Wisconsin | 3.54 | |
Pennsylvania | 2.92 | |
Massachusetts | 2.86 | |
Other | 38.58 | |
100.00% |
48 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2021 (unaudited)
At September 30, 2021, the Fund had open futures contracts as follows:
Type | Number of Contracts | Notional Amount | Contract Position | Contract Exp. | Value and Unrealized Appreciation (Depreciation) | |||||
10-Year U.S. Treasury Note | 208 | $(27,374,750) | Short | 12/21 | $407,354 | |||||
U.S. Treasury Long Bond | 69 | (10,986,094) | Short | 12/21 | 287,245 | |||||
5-Year U.S. Treasury Note | 160 | (19,638,750) | Short | 12/21 | 164,205 | |||||
2-Year U.S. Treasury Note | 100 | (22,005,469) | Short | 12/21 | 28,593 | |||||
$ 887,397 |
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 September 30, 2021.
Level 1 | Level 2 | Level 3 | Total | |
Closed-End Funds | $ 42,515,913 | $ — | $ — | $ 42,515,913 |
Municipal Bonds | ||||
Alabama | — | 1,548,113 | — | 1,548,113 |
Alaska | — | 14,438 | — | 14,438 |
Arizona | — | 17,270,349 | — | 17,270,349 |
Arkansas | — | 2,553,293 | — | 2,553,293 |
California | — | 44,480,010 | — | 44,480,010 |
Colorado | — | 39,689,419 | — | 39,689,419 |
Connecticut | — | 9,571,276 | — | 9,571,276 |
District of Columbia | — | 9,161,898 | — | 9,161,898 |
Florida | — | 92,601,991 | — | 92,601,991 |
Georgia | — | 16,029,943 | — | 16,029,943 |
Idaho | — | 1,992,904 | — | 1,992,904 |
49 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2021 (unaudited)
Level 1 | Level 2 | Level 3 | Total | ||||
Illinois | $ — | $ 36,209,962 | $ — | $ 36,209,962 | |||
Indiana | — | 12,121,929 | — | 12,121,929 | |||
Iowa | — | 3,370,601 | — | 3,370,601 | |||
Kansas | — | 2,111,207 | — | 2,111,207 | |||
Kentucky | — | 315,852 | — | 315,852 | |||
Louisiana | — | 11,420,637 | — | 11,420,637 | |||
Maine | — | 1,496,549 | — | 1,496,549 | |||
Maryland | — | 2,984,352 | — | 2,984,352 | |||
Massachusetts | — | 18,998,732 | — | 18,998,732 | |||
Michigan | — | 27,117,939 | — | 27,117,939 | |||
Minnesota | — | 9,318,961 | — | 9,318,961 | |||
Mississippi | — | 1,612,379 | — | 1,612,379 | |||
Missouri | — | 8,867,782 | — | 8,867,782 | |||
Montana | — | 3,603,257 | — | 3,603,257 | |||
Nebraska | — | 186,527 | — | 186,527 | |||
Nevada | — | 3,777,383 | — | 3,777,383 | |||
New Hampshire | — | 5,102,972 | — | 5,102,972 | |||
New Jersey | — | 14,577,822 | — | 14,577,822 | |||
New Mexico | — | 9,097,968 | — | 9,097,968 | |||
New York | — | 47,264,974 | — | 47,264,974 | |||
North Carolina | — | 7,649,493 | — | 7,649,493 | |||
North Dakota | — | 4,083,965 | — | 4,083,965 | |||
Ohio | — | 18,800,249 | — | 18,800,249 | |||
Oklahoma | — | 2,348,120 | — | 2,348,120 | |||
Oregon | — | 13,352,499 | — | 13,352,499 | |||
Pennsylvania | — | 19,359,315 | — | 19,359,315 | |||
Puerto Rico | — | 1,514,396 | — | 1,514,396 | |||
Rhode Island | — | 3,056,715 | — | 3,056,715 | |||
South Carolina | — | 8,696,740 | — | 8,696,740 | |||
Tennessee | — | 12,840,153 | — | 12,840,153 | |||
Texas | — | 46,770,910 | — | 46,770,910 | |||
Utah | — | 6,696,273 | — | 6,696,273 | |||
Vermont | — | 1,935,946 | — | 1,935,946 | |||
Virginia | — | 3,405,921 | — | 3,405,921 | |||
Washington | — | 18,519,035 | — | 18,519,035 | |||
West Virginia | — | 3,543,865 | — | 3,543,865 | |||
Wisconsin | — | 23,520,185 | — | 23,520,185 | |||
Wyoming | — | 1,641,134 | — | 1,641,134 | |||
Short-Term Investments | 11,656,048 | — | — | 11,656,048 | |||
Total | $ 54,171,961 | $ 652,206,333 | $ — | $ 706,378,294 |
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.
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Futures Contracts | $887,397 | $ — | $ — | $ 887,397 |
50 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2021 (unaudited)
Clearwater Tax-Exempt Bond Fund Portfolio Diversification
(as a percentage of net assets)
51 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Common Stocks: | ||||||||
Argentina: | ||||||||
3,774 | MERCADOLIBRE, INC.(b) | $ 2,116,271 | 6,338,056 | |||||
2,116,271 | 6,338,056 | 0.59% | ||||||
Australia: | ||||||||
275,180 | ADAIRS LTD. | 331,893 | 804,330 | |||||
4,395 | AFTERPAY LTD.(b) | 346,519 | 380,217 | |||||
102,780 | ALLIANCE AVIATION SERVICES LTD.(b) | 167,434 | 316,887 | |||||
89,441 | APA GROUP | 554,557 | 561,538 | |||||
8,338 | ARISTOCRAT LEISURE LTD. | 204,929 | 279,110 | |||||
2,554 | ASX LTD. | 51,631 | 149,196 | |||||
11,589 | ATLASSIAN CORP. PLC, CLASS A(b) | 4,386,341 | 4,536,166 | |||||
36,519 | AURIZON HOLDINGS LTD. | 97,820 | 99,463 | |||||
40,155 | AUSTRALIA & NEW ZEALAND BANKING GROUP LTD. | 628,298 | 810,127 | |||||
195,700 | AVENTUS GROUP | 351,688 | 453,905 | |||||
250,708 | BEACH ENERGY LTD. | 466,720 | 268,869 | |||||
179,910 | BGP HOLDINGS PLC(b)(c) | - | - | |||||
36,857 | BHP GROUP LTD. | 1,128,749 | 990,618 | |||||
14,950 | BHP GROUP PLC | 442,757 | 372,603 | |||||
37,600 | BLUESCOPE STEEL LTD. | 301,071 | 545,485 | |||||
21,618 | BRAMBLES LTD. | 97,760 | 168,143 | |||||
49,542 | CEDAR WOODS PROPERTIES LTD. | 234,956 | 217,588 | |||||
971 | COCHLEAR LTD. | 35,893 | 153,362 | |||||
23,914 | COLES GROUP LTD. | 211,394 | 291,845 | |||||
32,494 | COMMONWEALTH BANK OF AUSTRALIA | 1,855,074 | 2,421,437 | |||||
10,780 | COMPUTERSHARE LTD. | 137,330 | 141,077 | |||||
23,449 | CROWN RESORTS LTD.(b) | 150,432 | 162,188 | |||||
40,195 | CSL LTD. | 2,499,687 | 8,476,214 | |||||
14,184 | DEXUS | 62,970 | 109,748 | |||||
21,495 | ENDEAVOUR GROUP LTD. | 106,011 | 107,937 | |||||
29,035 | EVOLUTION MINING LTD. | 81,522 | 73,578 | |||||
97,180 | FORTESCUE METALS GROUP LTD. | 212,026 | 1,024,816 | |||||
23,287 | GOODMAN GROUP | 96,513 | 361,493 | |||||
35,107 | GPT GROUP (THE) | 96,585 | 127,895 | |||||
193,100 | INGHAMS GROUP LTD. | 550,899 | 572,806 | |||||
47,604 | INSURANCE AUSTRALIA GROUP LTD. | 143,832 | 167,760 | |||||
12,545 | LENDLEASE CORP. LTD. | 89,464 | 97,377 | |||||
7,819 | MACQUARIE GROUP LTD. | 175,414 | 1,025,874 | |||||
32,317 | MEDIBANK PVT LTD. | 77,788 | 83,557 | |||||
25,670 | MINERAL RESOURCES LTD. | 246,214 | 818,629 | |||||
33,745 | MIRVAC GROUP | 75,937 | 72,394 | |||||
573,700 | MOUNT GIBSON IRON LTD. | 260,031 | 197,243 | |||||
45,793 | NATIONAL AUSTRALIA BANK LTD. | 571,435 | 912,669 | |||||
16,215 | NEWCREST MINING LTD. | 210,884 | 265,835 | |||||
21,876 | NORTHERN STAR RESOURCES LTD. | 139,109 | 134,750 | |||||
202,700 | NRW HOLDINGS LTD. | 416,699 | 228,824 | |||||
8,895 | ORICA LTD. | 77,484 | 87,671 | |||||
35,888 | ORIGIN ENERGY LTD. | 117,430 | 120,949 | |||||
128,100 | PACT GROUP HOLDINGS LTD. | 339,625 | 350,749 | |||||
139,418 | PEXA GROUP LTD.(b) | 1,814,458 | 1,660,379 | |||||
256,036 | QANTAS AIRWAYS LTD.(b) | 746,678 | 1,046,507 | |||||
28,488 | QBE INSURANCE GROUP LTD. | 246,677 | 237,662 | |||||
3,308 | RAMSAY HEALTH CARE LTD. | 85,585 | 166,402 | |||||
513 | REA GROUP LTD. | 65,463 | 58,331 | |||||
169,500 | REGIS RESOURCES LTD. | 501,445 | 246,579 | |||||
18,171 | RIO TINTO LTD. | 570,958 | 1,291,232 | |||||
360,109 | RURAL FUNDS GROUP | 532,830 | 688,261 | |||||
166,442 | SANTOS LTD. | 487,263 | 858,138 | |||||
186,510 | SCENTRE GROUP | 296,462 | 401,306 | |||||
22,739 | SEEK LTD. | 233,310 | 506,199 | |||||
102,600 | SMARTGROUP CORP. LTD. | 452,529 | 703,324 | |||||
39,820 | SONIC HEALTHCARE LTD. | 470,951 | 1,169,107 | |||||
57,859 | SOUTH32 LTD. | 37,235 | 146,862 | |||||
224,900 | ST. BARBARA LTD. | 384,573 | 217,862 | |||||
33,184 | STOCKLAND | 95,300 | 106,113 | |||||
25,454 | SUNCORP GROUP LTD. | 227,548 | 228,626 | |||||
75,800 | SUPER RETAIL GROUP LTD. | 517,213 | 667,208 | |||||
26,236 | SYDNEY AIRPORT(b) | 157,503 | 155,848 |
52 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Australia (Cont'd): | ||||||||
30,856 | TABCORP HOLDINGS LTD. | $ 79,836 | 109,213 | |||||
32,066 | TELSTRA CORP. LTD. | 90,347 | 90,378 | |||||
60,497 | TPG TELECOM LTD. | 232,968 | 306,771 | |||||
13,099 | TRANSURBAN GROUP | 36,728 | 132,811 | |||||
12,261 | TREASURY WINE ESTATES LTD. | 49,081 | 108,999 | |||||
21,896 | WESFARMERS LTD. | 910,995 | 881,148 | |||||
38,756 | WESTPAC BANKING CORP. | 462,810 | 720,682 | |||||
3,375 | WISETECH GLOBAL LTD. | 82,500 | 130,032 | |||||
24,480 | WOOLWORTHS GROUP LTD. | 794,830 | 695,108 | |||||
29,494,881 | 43,274,010 | 4.05% | ||||||
Austria: | ||||||||
15,700 | BAWAG GROUP A.G.(b)(d) | 600,064 | 984,620 | |||||
1,821 | ERSTE GROUP BANK A.G. | 28,050 | 79,526 | |||||
93 | IMMOFINANZ A.G.(b) | - | 2,218 | |||||
2,586 | OMV A.G. | 142,269 | 155,391 | |||||
32,264 | RAIFFEISEN BANK INTERNATIONAL A.G. | 563,262 | 839,348 | |||||
313 | STRABAG S.E. (BEARER) | 5,505 | 14,299 | |||||
57,900 | TELEKOM AUSTRIA A.G.(b) | 422,512 | 498,545 | |||||
631 | UBM DEVELOPMENT A.G. | 28,973 | 31,320 | |||||
21,794 | VIENNA INSURANCE GROUP A.G. WIENER VERSICHERUNG GRUPPE | 595,919 | 626,732 | |||||
23,500 | WIENERBERGER A.G. | 561,499 | 790,041 | |||||
2,948,053 | 4,022,040 | 0.38% | ||||||
Belgium: | ||||||||
7,478 | AGEAS S.A./N.V. | 117,910 | 370,087 | |||||
13,207 | ANHEUSER-BUSCH INBEV S.A./N.V. | 465,277 | 745,906 | |||||
19,000 | BPOST S.A.(b) | 195,697 | 167,449 | |||||
102,700 | ECONOCOM GROUP S.A./N.V. | 381,201 | 394,634 | |||||
623 | ELIA GROUP S.A./N.V. | 70,644 | 74,411 | |||||
52,135 | GROUPE BRUXELLES LAMBERT S.A. | 4,697,970 | 5,731,681 | |||||
5,546 | KBC GROUP N.V. | 200,945 | 497,894 | |||||
21,394 | ONTEX GROUP N.V.(b) | 501,601 | 226,744 | |||||
3,599 | PROXIMUS S.A.DP | 73,973 | 71,154 | |||||
1,431 | SOLVAY S.A. | 194,822 | 178,066 | |||||
14,669 | TELENET GROUP HOLDING N.V. | 602,718 | 560,882 | |||||
14,300 | TESSENDERLO GROUP S.A.(b) | 622,327 | 532,013 | |||||
2,441 | UCB S.A. | 170,278 | 271,598 | |||||
3,928 | UMICORE S.A. | 191,221 | 232,766 | |||||
8,486,584 | 10,055,285 | 0.94% | ||||||
Brazil: | ||||||||
129,000 | CAMIL ALIMENTOS S.A.(b) | 274,164 | 233,803 | |||||
695,627 | EMPREENDIMENTOS PAGUE MENOS S/A(b) | 1,110,195 | 1,587,778 | |||||
328,900 | GRUPO SBF S.A.(b) | 1,653,479 | 1,688,061 | |||||
795,800 | MAGAZINE LUIZA S.A.(b) | 3,423,587 | 2,095,537 | |||||
106,600 | PETROBRAS DISTRIBUIDORA S.A. | 500,792 | 459,814 | |||||
292,780 | TELEFONICA BRASIL S.A. ADR(e) | 3,543,112 | 2,271,973 | |||||
10,505,329 | 8,336,966 | 0.78% | ||||||
Canada: | ||||||||
4,822 | AGNICO EAGLE MINES LTD. | 199,594 | 250,161 | |||||
12,139 | ALGONQUIN POWER & UTILITIES CORP. | 183,975 | 177,973 | |||||
203,947 | ALIMENTATION COUCHE-TARD, INC., CLASS B | 6,084,428 | 7,802,994 | |||||
18,860 | ARTIS REAL ESTATE INVESTMENT TRUST | 171,929 | 169,302 | |||||
157,500 | B2GOLD CORP. | 794,699 | 538,430 | |||||
5,223 | BALLARD POWER SYSTEMS, INC.(b) | 79,551 | 73,318 | |||||
9,938 | BANK OF MONTREAL | 995,398 | 992,152 | |||||
17,571 | BANK OF NOVA SCOTIA (THE) | 1,042,604 | 1,081,506 | |||||
41,441 | BARRICK GOLD CORP. | 394,921 | 748,268 | |||||
12,596 | BLACKBERRY LTD.(b) | 129,879 | 122,619 | |||||
187 | BROOKFIELD ASSET MANAGEMENT REINSURANCE PARTNERS LTD., CLASS A(b) | 12,887 | 10,390 | |||||
27,148 | BROOKFIELD ASSET MANAGEMENT, INC., CLASS A | 172,371 | 1,452,689 | |||||
11,000 | BRP, INC. (SUB VOTING) | 430,510 | 1,018,190 | |||||
60,944 | CAE, INC.(b) | 1,130,918 | 1,820,718 | |||||
3,609 | CAMECO CORP. | 72,530 | 78,414 | |||||
14,528 | CANADIAN IMPERIAL BANK OF COMMERCE | 674,491 | 1,617,281 | |||||
15,994 | CANADIAN NATIONAL RAILWAY CO. | 292,557 | 1,849,706 |
53 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Canada (Cont'd): | ||||||||
8,591 | CANADIAN NATURAL RESOURCES LTD. | $ 262,892 | 314,108 | |||||
116,492 | CANADIAN PACIFIC RAILWAY LTD. | 2,570,874 | 7,580,134 | |||||
5,809 | CANADIAN TIRE CORP. LTD., CLASS A | 625,049 | 812,875 | |||||
5,349 | CANOPY GROWTH CORP.(b) | 74,471 | 74,116 | |||||
14,500 | CARGOJET, INC. | 1,441,786 | 2,317,184 | |||||
39,000 | CASCADES, INC. | 392,804 | 482,496 | |||||
122,850 | CENOVUS ENERGY, INC. | 838,647 | 1,238,587 | |||||
45,100 | CENTERRA GOLD, INC. | 366,388 | 308,002 | |||||
6,978 | CGI, INC.(b) | 55,128 | 591,455 | |||||
53,100 | CI FINANCIAL CORP. | 799,381 | 1,077,847 | |||||
52,600 | COMINAR REAL ESTATE INVESTMENT TRUST | 431,053 | 414,870 | |||||
395 | CONSTELLATION SOFTWARE, INC. | 393,628 | 647,113 | |||||
112,500 | CORUS ENTERTAINMENT, INC., CLASS B | 343,872 | 504,500 | |||||
35,300 | DESCARTES SYSTEMS GROUP (THE), INC.(b) | 1,505,666 | 2,873,385 | |||||
27,054 | DOCEBO, INC.(b) | 1,545,638 | 1,975,544 | |||||
6,582 | DOLLARAMA, INC. | 86,132 | 285,501 | |||||
25,600 | DOREL INDUSTRIES, INC., CLASS B(b) | 175,448 | 220,711 | |||||
7,455 | ECN CAPITAL CORP. | 17,223 | 61,448 | |||||
3,030 | EMERA, INC. | 140,733 | 137,218 | |||||
36,709 | ENBRIDGE, INC. | 1,392,673 | 1,462,448 | |||||
72,100 | ENERPLUS CORP. | 414,689 | 577,210 | |||||
254 | FAIRFAX FINANCIAL HOLDINGS LTD. | 72,318 | 102,537 | |||||
4,042 | FIRST QUANTUM MINERALS LTD. | 77,355 | 74,834 | |||||
13,960 | FIRSTSERVICE CORP. | 1,415,071 | 2,523,954 | |||||
7,213 | FORTIS, INC. | 318,069 | 319,989 | |||||
2,389 | FRANCO-NEVADA CORP. | 109,265 | 310,366 | |||||
703 | GEORGE WESTON LTD. | 53,025 | 75,828 | |||||
6,104 | GILDAN ACTIVEWEAR, INC. | 33,435 | 222,857 | |||||
2,516 | GREAT-WEST LIFECO, INC. | 76,522 | 76,557 | |||||
19,500 | IA FINANCIAL CORP., INC. | 882,358 | 1,106,324 | |||||
116,409 | IMPERIAL OIL LTD. | 2,630,902 | 3,679,024 | |||||
2,767 | INTACT FINANCIAL CORP. | 359,049 | 365,875 | |||||
1,100 | INTERNATIONAL PETROLEUM CORP.(b) | 2,833 | 5,593 | |||||
3,700 | INTERTAPE POLYMER GROUP, INC. | 85,179 | 80,479 | |||||
37,054 | KINROSS GOLD CORP. | 80,890 | 198,639 | |||||
5,116 | KIRKLAND LAKE GOLD LTD. | 208,623 | 213,106 | |||||
1,782 | LIGHTSPEED COMMERCE, INC.(b) | 138,786 | 171,953 | |||||
2,779 | LOBLAW COS. LTD. | 108,870 | 190,708 | |||||
14,753 | LULULEMON ATHLETICA, INC.(b) | 2,673,652 | 5,970,539 | |||||
9,753 | MAGNA INTERNATIONAL, INC. | 71,192 | 733,816 | |||||
37,502 | MANULIFE FINANCIAL CORP. | 715,583 | 721,853 | |||||
7,672 | METRO, INC. | 277,337 | 374,878 | |||||
19,328 | NATIONAL BANK OF CANADA | 618,005 | 1,484,469 | |||||
11,012 | NUTRIEN LTD. | 371,502 | 714,745 | |||||
1,093 | NUVEI CORP.(b)(d) | 95,972 | 125,213 | |||||
6,564 | OPEN TEXT CORP. | 72,477 | 320,375 | |||||
3,216 | PAN AMERICAN SILVER CORP. | 75,412 | 74,877 | |||||
2,768 | PARKLAND CORP. | 77,280 | 77,778 | |||||
10,165 | PEMBINA PIPELINE CORP. | 217,079 | 322,221 | |||||
49,000 | PIZZA PIZZA ROYALTY CORP. | 343,236 | 434,833 | |||||
2,607 | POWER CORP. OF CANADA | 85,454 | 85,933 | |||||
3,369 | RESTAURANT BRANDS INTERNATIONAL, INC. | 218,820 | 206,406 | |||||
27,894 | RIOCAN REAL ESTATE INVESTMENT TRUST | 313,497 | 476,572 | |||||
2,701 | RITCHIE BROS. AUCTIONEERS, INC. | 50,064 | 166,675 | |||||
9,320 | ROGERS COMMUNICATIONS, INC., CLASS B | 220,803 | 435,242 | |||||
27,732 | ROYAL BANK OF CANADA | 978,756 | 2,759,406 | |||||
8,977 | SHAW COMMUNICATIONS, INC., CLASS B | 226,074 | 260,961 | |||||
2,198 | SHOPIFY, INC., CLASS A(b) | 1,460,788 | 2,983,456 | |||||
4,695 | SHOPIFY, INC., CLASS A (NEW YORK EXCHANGE)(b) | 796,479 | 6,365,387 | |||||
12,301 | SUN LIFE FINANCIAL, INC. | 255,238 | 633,211 | |||||
183,292 | SUNCOR ENERGY, INC. | 3,827,623 | 3,800,133 | |||||
11,428 | TC ENERGY CORP. | 502,891 | 550,016 | |||||
31,989 | TECK RESOURCES LTD., CLASS B | 174,290 | 796,315 | |||||
9,096 | TELUS CORP. | 59,716 | 199,931 | |||||
739 | TFI INTERNATIONAL, INC. | 22,661 | 75,604 | |||||
8,040 | THOMSON REUTERS CORP. | 206,603 | 888,996 | |||||
35,024 | TORONTO-DOMINION BANK (THE) | 900,644 | 2,318,619 |
54 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Canada (Cont'd): | ||||||||
31,200 | TOURMALINE OIL CORP. | $ 584,707 | 1,090,005 | |||||
416 | TRISURA GROUP LTD.(b) | 490 | 14,202 | |||||
16,800 | WAJAX CORP. | 206,860 | 304,405 | |||||
1,844 | WEST FRASER TIMBER CO. LTD. | 128,613 | 155,312 | |||||
26,600 | WESTSHORE TERMINALS INVESTMENT CORP.(f) | 397,133 | 513,477 | |||||
6,915 | WHEATON PRECIOUS METALS CORP. | 114,155 | 260,309 | |||||
2,517 | WSP GLOBAL, INC. | 284,375 | 301,380 | |||||
30,558 | YAMANA GOLD, INC. | 68,110 | 120,630 | |||||
51,083,538 | 90,597,666 | 8.48% | ||||||
Chile: | ||||||||
1,115,900 | AGUAS ANDINAS S.A., CLASS A | 339,399 | 224,336 | |||||
5,893,187 | ENEL CHILE S.A. | 532,931 | 279,105 | |||||
198,200 | VINA CONCHA Y TORO S.A. | 327,546 | 314,803 | |||||
1,199,876 | 818,244 | 0.08% | ||||||
China: | ||||||||
290,000 | AGILE GROUP HOLDINGS LTD. | 352,847 | 270,020 | |||||
34,000 | AIRTAC INTERNATIONAL GROUP | 500,090 | 1,064,132 | |||||
228,476 | ALIBABA GROUP HOLDING LTD.(b) | 5,382,749 | 4,249,656 | |||||
299,999 | ANGEL YEAST CO. LTD., CLASS A | 2,068,359 | 2,320,143 | |||||
397,000 | ANHUI CONCH CEMENT CO. LTD., CLASS H | 2,125,966 | 2,135,426 | |||||
291,500 | ASIA CEMENT CHINA HOLDINGS CORP. | 362,392 | 228,248 | |||||
656,000 | CHINA BLUECHEMICAL LTD., CLASS H | 177,444 | 240,252 | |||||
408,000 | CHINA MEDICAL SYSTEM HOLDINGS LTD. | 472,941 | 737,414 | |||||
1,191,000 | CHINA SUNTIEN GREEN ENERGY CORP. LTD., CLASS H | 329,834 | 1,191,407 | |||||
1,474,000 | FRIENDTIMES, INC. | 541,834 | 249,007 | |||||
447,500 | HENGAN INTERNATIONAL GROUP CO. LTD. | 3,101,047 | 2,396,788 | |||||
350,000 | LI NING CO. LTD. | 4,494,260 | 4,037,572 | |||||
1,036,000 | LONKING HOLDINGS LTD. | 439,861 | 311,854 | |||||
187,500 | NETDRAGON WEBSOFT HOLDINGS LTD. | 425,716 | 422,637 | |||||
179,500 | SHENZHOU INTERNATIONAL GROUP HOLDINGS LTD. | 3,751,153 | 3,751,956 | |||||
2,700 | TRIP.COM GROUP LTD.(b) | 66,939 | 82,722 | |||||
319,318 | WUXI BIOLOGICS CAYMAN, INC.(b)(d) | 3,210,617 | 5,161,222 | |||||
412,000 | ZHEJIANG EXPRESSWAY CO. LTD., CLASS H | 352,186 | 339,873 | |||||
28,156,235 | 29,190,329 | 2.73% | ||||||
Czech Republic: | ||||||||
701 | PHILIP MORRIS CR A.S. | 402,293 | 508,581 | |||||
402,293 | 508,581 | 0.05% | ||||||
Denmark: | ||||||||
6,224 | ALK-ABELLO A/S(b) | 1,795,441 | 2,615,364 | |||||
2,247 | AMBU A/S, CLASS B | 77,928 | 66,372 | |||||
44 | AP MOLLER - MAERSK A/S, CLASS A | 35,560 | 112,584 | |||||
82 | AP MOLLER - MAERSK A/S, CLASS B | 101,604 | 221,807 | |||||
1,537 | CARLSBERG A.S., CLASS B | 70,497 | 250,032 | |||||
1,288 | CHR HANSEN HOLDING A/S | 81,573 | 105,182 | |||||
2,166 | COLOPLAST A/S, CLASS B | 136,778 | 339,497 | |||||
22,200 | D/S NORDEN A/S | 318,702 | 562,170 | |||||
6,700 | DANSKE BANK A/S | 54,825 | 112,943 | |||||
4,348 | DEMANT A/S(b) | 81,241 | 218,968 | |||||
35,776 | DSV A/S | 3,604,230 | 8,541,388 | |||||
804 | GENMAB A/S(b) | 100,710 | 351,255 | |||||
6,944 | ISS A/S(b) | 96,080 | 146,550 | |||||
32,620 | NOVO NORDISK A/S, CLASS B | 1,207,185 | 3,137,557 | |||||
3,923 | NOVOZYMES A/S, CLASS B | 147,978 | 268,579 | |||||
3,653 | ORSTED A/S(d) | 466,824 | 481,979 | |||||
2,600 | PANDORA A/S | 18,150 | 315,302 | |||||
8,700 | PER AARSLEFF HOLDING A/S | 387,339 | 355,208 | |||||
146 | ROCKWOOL INTERNATIONAL A/S, CLASS B | 73,144 | 62,427 | |||||
24,658 | ROYAL UNIBREW A/S | 2,002,911 | 2,969,154 | |||||
4,300 | SOLAR A/S, CLASS B | 269,282 | 424,110 | |||||
3,250 | TOPDANMARK A/S | 33,362 | 167,793 | |||||
7,144 | TRYG A/S | 170,335 | 162,296 |
55 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Denmark (Cont'd): | ||||||||
24,172 | VESTAS WIND SYSTEMS A/S | $ 421,255 | 967,764 | |||||
11,752,934 | 22,956,281 | 2.15% | ||||||
Egypt: | ||||||||
323,300 | EASTERN CO. S.A.E. | 244,707 | 251,703 | |||||
244,707 | 251,703 | 0.02% | ||||||
Finland: | ||||||||
67,200 | CITYCON OYJ | 608,486 | 537,447 | |||||
2,770 | ELISA OYJ | 86,574 | 171,981 | |||||
27,200 | KEMIRA OYJ | 447,150 | 417,366 | |||||
5,584 | KESKO OYJ, CLASS B | 30,705 | 192,748 | |||||
5,273 | KONE OYJ, CLASS B | 105,699 | 369,751 | |||||
21,225 | NESTE OYJ | 67,704 | 1,197,916 | |||||
181,487 | NOKIA OYJ(b) | 869,964 | 998,435 | |||||
426,086 | NOKIA OYJ ADR(b)(e) | 1,771,048 | 2,322,169 | |||||
2,767 | NOKIAN RENKAAT OYJ | 44,372 | 98,177 | |||||
58,231 | NORDEA BANK ABP | 688,880 | 747,327 | |||||
1,960 | ORION OYJ, CLASS B | 49,561 | 77,579 | |||||
12,411 | QT GROUP OYJ(b) | 865,350 | 2,069,255 | |||||
18,590 | STORA ENSO OYJ (REGISTERED) | 105,291 | 308,672 | |||||
11,934 | UPM-KYMMENE OYJ | 99,928 | 421,655 | |||||
1,849 | VALMET OYJ | 14,443 | 66,843 | |||||
5,855,155 | 9,997,321 | 0.94% | ||||||
France: | ||||||||
5,202 | ACCOR S.A.(b) | 180,262 | 184,152 | |||||
625 | AEROPORTS DE PARIS(b) | 73,379 | 79,332 | |||||
8,877 | AIR LIQUIDE S.A. | 1,532,997 | 1,420,383 | |||||
11,385 | AIRBUS S.E.(b) | 413,891 | 1,494,795 | |||||
2,342 | ALSTOM S.A. | 88,363 | 88,859 | |||||
4,707 | ARKEMA S.A. | 419,345 | 622,656 | |||||
2,031 | ATOS S.E. | 95,060 | 108,142 | |||||
37,372 | AXA S.A. | 613,797 | 1,039,689 | |||||
800 | BIOMERIEUX | 99,840 | 90,857 | |||||
6,368 | BNP PARIBAS S.A. | 395,750 | 407,905 | |||||
1,593 | BOUYGUES S.A. | 66,087 | 65,740 | |||||
3,062 | CAPGEMINI S.E. | 111,712 | 636,805 | |||||
11,842 | CARREFOUR S.A. | 228,992 | 213,161 | |||||
19,252 | CIE DE SAINT-GOBAIN | 430,348 | 1,296,662 | |||||
3,235 | CIE GENERALE DES ETABLISSEMENTS MICHELIN S.C.A. | 167,080 | 496,478 | |||||
37,390 | COFACE S.A. | 449,179 | 470,837 | |||||
7,706 | COVIVIO | 482,654 | 644,368 | |||||
29,989 | CREDIT AGRICOLE S.A. | 267,369 | 413,756 | |||||
110,896 | DANONE S.A. | 7,182,601 | 7,569,200 | |||||
11,399 | DASSAULT SYSTEMES S.E. | 528,727 | 597,612 | |||||
4,901 | EDENRED | 206,382 | 263,971 | |||||
417 | EIFFAGE S.A. | 34,325 | 42,068 | |||||
36,237 | ENGIE S.A. | 482,536 | 475,593 | |||||
591 | ESSILORLUXOTTICA S.A. | 53,785 | 112,482 | |||||
4,646 | ESSILORLUXOTTICA S.A. (EURONEXT PARIS EXCHANGE) | 851,731 | 888,392 | |||||
2,901 | EURAZEO S.E. | 76,265 | 272,641 | |||||
3,561 | EUROFINS SCIENTIFIC S.E. | 313,124 | 456,652 | |||||
564 | GECINA S.A. | 51,331 | 75,609 | |||||
9,197 | GETLINK S.E. | 70,409 | 143,992 | |||||
644 | HERMES INTERNATIONAL | 926,644 | 890,058 | |||||
3,791 | ILIAD S.A. | 536,902 | 798,298 | |||||
3,399 | INFOTEL S.A. | 145,404 | 195,126 | |||||
6,762 | IPSEN S.A. | 538,954 | 645,548 | |||||
9,500 | KAUFMAN & BROAD S.A. | 362,957 | 395,280 | |||||
1,026 | KERING S.A. | 174,510 | 729,718 | |||||
5,378 | KLEPIERRE S.A.(b) | 92,208 | 119,742 | |||||
4,848 | LEGRAND S.A. | 109,851 | 519,965 | |||||
6,266 | L'OREAL S.A. | 661,338 | 2,586,118 | |||||
13,821 | LVMH MOET HENNESSY LOUIS VUITTON S.E. | 3,012,906 | 9,882,901 | |||||
14,296 | MERSEN S.A. | 465,081 | 528,050 | |||||
14,900 | NEXITY S.A. | 742,412 | 710,005 | |||||
32,831 | ORANGE S.A. | 379,015 | 355,669 | |||||
21,906 | PERNOD RICARD S.A. | 3,440,884 | 4,790,559 |
56 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
France (Cont'd): | ||||||||
1,331 | PUBLICIS GROUPE S.A. | $ 89,951 | 89,634 | |||||
23,074 | RENAULT S.A.(b) | 423,958 | 823,068 | |||||
15,000 | RUBIS S.C.A. | 702,061 | 519,543 | |||||
32,997 | SAFRAN S.A. | 3,699,917 | 4,137,166 | |||||
22,060 | SANOFI | 1,418,834 | 2,123,597 | |||||
648 | SARTORIUS STEDIM BIOTECH | 296,947 | 361,702 | |||||
278 | SCHNEIDER ELECTRIC S.E. | 8,838 | 45,664 | |||||
10,126 | SCHNEIDER ELECTRIC S.E. (EURONEXT PARIS EXCHANGE) | 766,706 | 1,683,551 | |||||
2,931 | SCOR S.E. | 67,803 | 84,006 | |||||
7,067 | SES S.A. | 53,499 | 63,203 | |||||
15,656 | SOCIETE GENERALE S.A. | 245,695 | 491,552 | |||||
3,699 | SOCIETE POUR L'INFORMATIQUE INDUSTRIELLE | 108,264 | 159,937 | |||||
7,150 | SODEXO S.A.(b)(g) | 647,363 | 627,625 | |||||
4,719 | SODEXO S.A.(b) | 415,153 | 414,233 | |||||
36,993 | SODEXO S.A. (EURONEXT PARIS EXCHANGE)(b) | 3,198,896 | 3,239,258 | |||||
10,168 | SOITEC(b) | 1,022,877 | 2,206,951 | |||||
2,685 | SUEZ S.A. | 65,882 | 61,229 | |||||
801 | TELEPERFORMANCE | 315,346 | 315,159 | |||||
51,800 | TELEVISION FRANCAISE 1 | 458,222 | 507,243 | |||||
1,413 | THALES S.A. | 81,763 | 136,457 | |||||
26,065 | TOTALENERGIES S.E. | 992,660 | 1,249,011 | |||||
1,877 | UBISOFT ENTERTAINMENT S.A.(b) | 112,959 | 112,585 | |||||
2,421 | UNIBAIL-RODAMCO-WESTFIELD(b) | 216,992 | 177,070 | |||||
3,269 | VALEO S.A. | 58,895 | 91,224 | |||||
13,514 | VEOLIA ENVIRONNEMENT S.A. | 143,775 | 413,565 | |||||
10,500 | VICAT S.A. | 406,419 | 465,371 | |||||
10,281 | VINCI S.A. | 570,309 | 1,064,946 | |||||
61,749 | VIVENDI S.A. | 1,162,974 | 778,863 | |||||
6,004 | WENDEL S.E. | 462,932 | 832,531 | |||||
45,772,277 | 67,095,770 | 6.28% | ||||||
Georgia: | ||||||||
21,875 | BANK OF GEORGIA GROUP PLC(b) | 355,261 | 455,043 | |||||
355,261 | 455,043 | 0.04% | ||||||
Germany: | ||||||||
4,024 | ADIDAS A.G. | 202,754 | 1,267,990 | |||||
9,328 | ALLIANZ S.E. (REGISTERED) | 914,444 | 2,103,872 | |||||
38,556 | AROUNDTOWN S.A. | 192,935 | 266,368 | |||||
6,098 | AURUBIS A.G. | 286,000 | 461,959 | |||||
18,223 | BASF S.E. | 826,332 | 1,388,461 | |||||
9,247 | BAYER A.G. (REGISTERED) | 437,916 | 504,349 | |||||
8,787 | BAYERISCHE MOTOREN WERKE A.G. | 501,991 | 843,411 | |||||
1,582 | BECHTLE A.G. | 104,116 | 108,535 | |||||
2,206 | BEIERSDORF A.G. | 146,950 | 238,500 | |||||
3,087 | BRENNTAG S.E. | 221,455 | 287,963 | |||||
359 | CARL ZEISS MEDITEC A.G. (BEARER) | 66,721 | 69,010 | |||||
2,124 | CONTINENTAL A.G.(b) | 180,654 | 232,857 | |||||
3,731 | COVESTRO A.G.(d) | 241,969 | 256,251 | |||||
23,800 | CROPENERGIES A.G. | 337,485 | 331,251 | |||||
16,981 | DAIMLER A.G. (REGISTERED) | 1,563,164 | 1,509,532 | |||||
3,850 | DELIVERY HERO S.E.(b)(d) | 362,066 | 493,012 | |||||
41,005 | DEUTSCHE BANK A.G. (REGISTERED)(b) | 520,475 | 525,900 | |||||
4,525 | DEUTSCHE BOERSE A.G. | 273,152 | 736,609 | |||||
15,996 | DEUTSCHE EUROSHOP A.G. | 435,440 | 326,704 | |||||
37,890 | DEUTSCHE PFANDBRIEFBANK A.G.(d) | 469,871 | 430,866 | |||||
18,919 | DEUTSCHE POST A.G. (REGISTERED) | 254,039 | 1,192,399 | |||||
60,229 | DEUTSCHE TELEKOM A.G. (REGISTERED) | 941,191 | 1,214,347 | |||||
9,111 | DEUTSCHE WOHNEN S.E.(b) | 295,363 | 558,292 | |||||
82,454 | E.ON S.E. | 724,674 | 1,008,781 | |||||
26,629 | ECKERT & ZIEGLER STRAHLEN- UND MEDIZINTECHNIK A.G. | 998,524 | 3,437,689 | |||||
2,362 | EVONIK INDUSTRIES A.G. | 75,838 | 74,812 | |||||
23,600 | FREENET A.G. | 557,311 | 619,090 | |||||
71,158 | FRESENIUS MEDICAL CARE A.G. & CO. KGAA | 5,375,239 | 5,014,623 | |||||
5,544 | FRESENIUS S.E. & CO. KGAA | 99,810 | 266,552 | |||||
1,537 | GEA GROUP A.G. | 63,629 | 70,438 | |||||
17,795 | HAMBURGER HAFEN UND LOGISTIK A.G. | 443,620 | 399,690 |
57 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Germany (Cont'd): | ||||||||
2,246 | HANNOVER RUECK S.E. | $ 94,321 | 393,374 | |||||
3,671 | HEIDELBERGCEMENT A.G. | 131,196 | 275,320 | |||||
16,571 | HELLA GMBH & CO. KGAA | 746,243 | 1,160,034 | |||||
2,220 | HELLOFRESH S.E.(b) | 192,318 | 205,528 | |||||
2,623 | HOCHTIEF A.G. | 110,564 | 210,526 | |||||
2,391 | HYPOPORT S.E.(b) | 875,924 | 1,613,513 | |||||
24,369 | INFINEON TECHNOLOGIES A.G. | 244,913 | 1,001,789 | |||||
6,898 | JOST WERKE A.G.(d) | 220,852 | 390,570 | |||||
1,439 | KNORR-BREMSE A.G. | 169,705 | 154,418 | |||||
464 | LEG IMMOBILIEN S.E. | 67,948 | 65,648 | |||||
19,771 | MENSCH UND MASCHINE SOFTWARE S.E. | 1,401,583 | 1,335,526 | |||||
2,496 | MERCK KGAA | 173,918 | 542,777 | |||||
1,031 | MTU AERO ENGINES A.G. | 262,092 | 233,122 | |||||
3,211 | MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT A.G. IN MUENCHEN (REGISTERED) | 413,629 | 880,119 | |||||
776 | NEMETSCHEK S.E. | 74,899 | 81,561 | |||||
19,095 | PROSIEBENSAT.1 MEDIA S.E. | 286,490 | 351,379 | |||||
7,700 | PUBLITY A.G.(b)(f) | 286,657 | 163,183 | |||||
2,094 | PUMA S.E. | 245,937 | 234,025 | |||||
103 | RATIONAL A.G. | 124,371 | 97,123 | |||||
6,900 | RHEINMETALL A.G. | 824,004 | 677,400 | |||||
12,940 | RWE A.G. | 421,215 | 457,447 | |||||
21,087 | SAP S.E. | 1,272,219 | 2,856,733 | |||||
17,181 | SIEMENS A.G. (REGISTERED) | 1,461,450 | 2,824,160 | |||||
20,090 | SIEMENS ENERGY A.G.(b) | 540,025 | 539,865 | |||||
4,963 | SIEMENS HEALTHINEERS A.G.(d) | 287,514 | 322,943 | |||||
3,600 | SILTRONIC A.G. | 264,192 | 566,015 | |||||
12,571 | STEICO S.E. | 1,634,831 | 1,592,295 | |||||
2,275 | SYMRISE A.G. | 309,441 | 300,123 | |||||
188,717 | TELEFONICA DEUTSCHLAND HOLDING A.G. | 459,389 | 537,182 | |||||
141,527 | TUI A.G. - CDI(b)(f) | 344,740 | 612,038 | |||||
4,171 | UNIPER S.E. | 46,925 | 174,101 | |||||
425 | VITESCO TECHNOLOGIES GROUP A.G.(b) | 21,563 | 25,095 | |||||
404 | VOLKSWAGEN A.G. | 40,235 | 125,434 | |||||
10,553 | VONOVIA S.E. | 553,538 | 634,374 | |||||
4,283 | ZALANDO S.E.(b)(d) | 392,842 | 393,580 | |||||
33,112,811 | 48,268,433 | 4.52% | ||||||
Greece: | ||||||||
6,746 | HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A. | 54,075 | 126,081 | |||||
54,075 | 126,081 | 0.01% | ||||||
Hong Kong: | ||||||||
776,000 | AIA GROUP LTD. | 5,030,285 | 8,934,973 | |||||
73,500 | BOC HONG KONG HOLDINGS LTD. | 143,171 | 220,194 | |||||
34,100 | BUDWEISER BREWING CO. APAC LTD.(d) | 84,428 | 85,832 | |||||
40,000 | CHOW TAI FOOK JEWELLERY GROUP LTD. | 74,430 | 76,153 | |||||
1,462,000 | CITIC TELECOM INTERNATIONAL HOLDINGS LTD. | 547,331 | 497,704 | |||||
52,544 | CK ASSET HOLDINGS LTD. | 147,485 | 301,980 | |||||
24,544 | CK HUTCHISON HOLDINGS LTD. | 120,441 | 162,759 | |||||
57,500 | CLP HOLDINGS LTD. | 465,626 | 553,054 | |||||
39,600 | ESR CAYMAN LTD.(b)(d) | 124,599 | 119,544 | |||||
998,000 | FIRST PACIFIC CO. LTD. | 376,906 | 357,960 | |||||
1,010 | FUTU HOLDINGS LTD. ADR(b)(e) | 94,157 | 91,930 | |||||
43,000 | GALAXY ENTERTAINMENT GROUP LTD.(b) | 168,543 | 216,958 | |||||
2,228,000 | GEMDALE PROPERTIES & INVESTMENT CORP. LTD. | 413,300 | 239,782 | |||||
15,900 | HANG SENG BANK LTD. | 185,656 | 271,360 | |||||
27,331 | HENDERSON LAND DEVELOPMENT CO. LTD. | 52,934 | 103,751 | |||||
221,950 | HONG KONG & CHINA GAS CO. LTD. | 323,427 | 336,193 | |||||
23,900 | HONG KONG EXCHANGES & CLEARING LTD. | 942,926 | 1,450,688 | |||||
17,200 | HONGKONG LAND HOLDINGS LTD. | 81,506 | 82,318 | |||||
4,300 | JARDINE MATHESON HOLDINGS LTD. | 265,574 | 226,140 | |||||
41,700 | LINK REIT | 94,272 | 356,376 | |||||
49,500 | MTR CORP. LTD. | 192,127 | 265,751 | |||||
388,000 | PAX GLOBAL TECHNOLOGY LTD. | 368,074 | 486,417 | |||||
172,123 | PCCW LTD. | 70,484 | 88,289 | |||||
56,000 | POWER ASSETS HOLDINGS LTD. | 312,450 | 328,194 | |||||
185,000 | SHENZHEN INTERNATIONAL HOLDINGS LTD. | 343,057 | 237,827 | |||||
17,000 | SITC INTERNATIONAL HOLDINGS CO. LTD. | 68,786 | 60,608 |
58 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Hong Kong (Cont'd): | ||||||||
27,500 | SUN HUNG KAI PROPERTIES LTD. | $ 305,182 | 341,752 | |||||
40,000 | SWIRE PACIFIC LTD., CLASS A | 207,758 | 237,087 | |||||
30,800 | SWIRE PROPERTIES LTD. | 86,133 | 77,065 | |||||
30,000 | TECHTRONIC INDUSTRIES CO. LTD. | 425,702 | 588,104 | |||||
600,000 | UNITED LABORATORIES INTERNATIONAL HOLDINGS (THE) LTD. | 352,686 | 398,052 | |||||
469,800 | VALUETRONICS HOLDINGS LTD. | 216,550 | 195,737 | |||||
64,189 | WH GROUP LTD.(d) | 35,014 | 45,664 | |||||
21,000 | WHARF HOLDINGS (THE) LTD. | 43,463 | 69,542 | |||||
33,000 | WHARF REAL ESTATE INVESTMENT CO. LTD. | 157,337 | 170,488 | |||||
449,000 | XINYI GLASS HOLDINGS LTD. | 602,212 | 1,333,747 | |||||
358,000 | YUEXIU TRANSPORT INFRASTRUCTURE LTD. | 311,883 | 237,960 | |||||
13,835,895 | 19,847,933 | 1.86% | ||||||
India: | ||||||||
511,000 | CESC LTD. | 527,922 | 629,742 | |||||
47,218 | COMPUTER AGE MANAGEMENT SERVICES LTD. | 969,683 | 1,915,722 | |||||
122,621 | CREDITACCESS GRAMEEN LTD.(b) | 1,127,401 | 1,046,900 | |||||
59,400 | CYIENT LTD. | 429,128 | 848,343 | |||||
344,400 | FIRSTSOURCE SOLUTIONS LTD. | 185,643 | 900,766 | |||||
434,105 | HCL TECHNOLOGIES LTD. | 3,352,599 | 7,455,562 | |||||
37,541 | HDFC BANK LTD. ADR(e) | 1,374,036 | 2,743,872 | |||||
114,700 | HINDUSTAN PETROLEUM CORP. LTD. | 431,628 | 463,577 | |||||
299,579 | INDIAN ENERGY EXCHANGE LTD.(d) | 711,371 | 2,580,221 | |||||
593,770 | INDUS TOWERS LTD. | 2,438,222 | 2,443,091 | |||||
40,400 | JUBILANT INGREVIA LTD. | 36,087 | 404,390 | |||||
40,400 | JUBILANT PHARMOVA LTD. | 278,630 | 336,871 | |||||
322,000 | NMDC LTD. | 521,633 | 615,409 | |||||
1,107,100 | SJVN LTD. | 377,345 | 416,195 | |||||
247,028 | SYNGENE INTERNATIONAL LTD.(b)(d) | 1,154,306 | 1,993,545 | |||||
32,195 | WNS HOLDINGS LTD. ADR(b)(e) | 2,027,505 | 2,633,551 | |||||
15,943,139 | 27,427,757 | 2.57% | ||||||
Indonesia: | ||||||||
4,097,000 | ADARO ENERGY TBK PT | 470,816 | 501,368 | |||||
7,793,600 | BANK BTPN SYARIAH TBK PT | 1,912,212 | 1,883,074 | |||||
8,194,900 | ERAJAYA SWASEMBADA TBK PT | 345,258 | 342,313 | |||||
1,094,700 | INDOFOOD SUKSES MAKMUR TBK PT | 488,225 | 483,634 | |||||
2,022,800 | MATAHARI DEPARTMENT STORE TBK PT(b) | 317,587 | 392,312 | |||||
3,534,098 | 3,602,701 | 0.34% | ||||||
Ireland: | ||||||||
18,823 | ACCENTURE PLC, CLASS A | 2,162,199 | 6,021,854 | |||||
1,530 | AERCAP HOLDINGS N.V.(b) | 38,135 | 88,449 | |||||
104,209 | CRH PLC | 3,308,315 | 4,860,933 | |||||
53,200 | DALATA HOTEL GROUP PLC(b) | 299,929 | 250,213 | |||||
2,146 | DCC PLC | 158,386 | 177,622 | |||||
165,474 | EXPERIAN PLC | 3,162,921 | 6,873,929 | |||||
1,843 | FLUTTER ENTERTAINMENT PLC - CDI(b) | 276,969 | 364,346 | |||||
21,905 | ICON PLC(b) | 3,054,924 | 5,739,548 | |||||
11,485 | JAMES HARDIE INDUSTRIES PLC - CDI | 103,360 | 411,955 | |||||
3,324 | KERRY GROUP PLC, CLASS A | 224,446 | 445,030 | |||||
724 | KINGSPAN GROUP PLC | 50,166 | 71,616 | |||||
2,256 | KINGSPAN GROUP PLC (EURONEXT DUBLIN EXCHANGE) | 224,549 | 223,538 | |||||
17,539 | RYANAIR HOLDINGS PLC(b) | 235,787 | 330,807 | |||||
5,306 | SMURFIT KAPPA GROUP PLC | 238,771 | 278,151 | |||||
13,538,857 | 26,137,991 | 2.45% | ||||||
Israel: | ||||||||
48,641 | BANK HAPOALIM B.M. | 229,967 | 427,035 | |||||
1,423 | CHECK POINT SOFTWARE TECHNOLOGIES LTD.(b) | 109,605 | 160,856 | |||||
115,300 | ICL GROUP LTD. | 461,518 | 838,668 | |||||
29,044 | MIZRAHI TEFAHOT BANK LTD. | 475,042 | 977,851 | |||||
54,386 | NEOGAMES S.A.(b) | 2,401,307 | 1,997,054 | |||||
3,072 | NICE LTD.(b) | 169,095 | 869,009 | |||||
5,800 | RAMI LEVY CHAIN STORES HASHIKMA MARKETING 2006 LTD. | 397,897 | 416,060 |
59 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Israel (Cont'd): | ||||||||
338 | WIX.COM LTD.(b) | $ 72,312 | 66,238 | |||||
4,316,743 | 5,752,771 | 0.54% | ||||||
Italy: | ||||||||
285,200 | A2A S.P.A. | 555,842 | 584,822 | |||||
21,958 | ASSICURAZIONI GENERALI S.P.A. | 291,689 | 467,153 | |||||
33,941 | ATLANTIA S.P.A.(b) | 448,114 | 641,648 | |||||
25,272 | BANCA MEDIOLANUM S.P.A. | 87,322 | 273,420 | |||||
8,879 | DAVIDE CAMPARI-MILANO N.V. | 120,451 | 124,990 | |||||
161,367 | ENEL S.P.A. | 1,038,644 | 1,238,901 | |||||
48,741 | ENI S.P.A. | 574,969 | 648,950 | |||||
27,022 | FERRARI N.V. | 4,227,797 | 5,656,830 | |||||
3,831 | FINECOBANK BANCA FINECO S.P.A.(b) | 65,128 | 69,428 | |||||
40,589 | INTERPUMP GROUP S.P.A. | 734,996 | 2,629,075 | |||||
302,644 | INTESA SANPAOLO S.P.A. | 838,152 | 858,606 | |||||
375,900 | IREN S.P.A. | 999,472 | 1,115,368 | |||||
28,600 | LA DORIA S.P.A. | 361,264 | 556,780 | |||||
77,659 | LEONARDO S.P.A.(b) | 617,417 | 634,275 | |||||
14,266 | MEDIOBANCA BANCA DI CREDITO FINANZIARIO S.P.A.(b) | 130,639 | 172,331 | |||||
7,951 | NEXI S.P.A.(b)(d) | 156,205 | 148,340 | |||||
9,582 | POSTE ITALIANE S.P.A.(d) | 134,136 | 131,876 | |||||
3,687 | PRYSMIAN S.P.A. | 133,903 | 129,343 | |||||
1,776 | RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A. | 103,529 | 103,306 | |||||
70,149 | SNAM S.P.A. | 252,658 | 388,840 | |||||
166,366 | STEVANATO GROUP S.P.A.(b) | 3,493,686 | 4,210,724 | |||||
231,262 | TENARIS S.A. | 2,055,795 | 2,438,757 | |||||
39,609 | TERNA - RETE ELETTRICA NAZIONALE | 160,166 | 280,940 | |||||
17,988 | UNICREDIT S.P.A. | 153,134 | 237,937 | |||||
71,681 | UNIPOL GRUPPO S.P.A. | 376,844 | 419,094 | |||||
95,230 | UNIPOLSAI ASSICURAZIONI S.P.A. | 153,826 | 267,534 | |||||
18,265,778 | 24,429,268 | 2.29% | ||||||
Japan: | ||||||||
1,500 | ABC-MART, INC. | 56,540 | 84,923 | |||||
30,600 | ADEKA CORP. | 390,224 | 690,870 | |||||
2,700 | ADVANTEST CORP. | 243,776 | 241,898 | |||||
12,600 | AEON CO. LTD. | 265,920 | 331,589 | |||||
600 | AEON REIT INVESTMENT CORP. | 728,822 | 806,135 | |||||
1,400 | AGC, INC. | 61,586 | 71,655 | |||||
2,300 | AISIN CORP. | 37,584 | 83,591 | |||||
15,000 | AJINOMOTO CO., INC. | 116,767 | 443,847 | |||||
2,500 | ALFRESA HOLDINGS CORP. | 24,420 | 37,447 | |||||
5,300 | ANA HOLDINGS, INC.(b) | 119,320 | 137,603 | |||||
23,000 | ARCS CO. LTD. | 480,595 | 466,820 | |||||
8,800 | ASAHI GROUP HOLDINGS LTD. | 235,495 | 426,289 | |||||
32,500 | ASAHI KASEI CORP. | 157,083 | 346,896 | |||||
22,100 | ASAHI YUKIZAI CORP. | 276,792 | 292,728 | |||||
9,300 | ASANUMA CORP. | 324,412 | 383,471 | |||||
37,600 | ASTELLAS PHARMA, INC. | 246,327 | 619,973 | |||||
63,100 | ASTENA HOLDINGS CO. LTD. | 295,237 | 362,606 | |||||
1,700 | AZBIL CORP. | 70,197 | 73,071 | |||||
4,000 | BANDAI NAMCO HOLDINGS, INC. | 192,289 | 300,380 | |||||
6,600 | BAYCURRENT CONSULTING, INC. | 577,617 | 3,314,752 | |||||
27,800 | BENGO4.COM, INC.(b)(f) | 2,961,598 | 1,600,022 | |||||
13,800 | BRIDGESTONE CORP. | 205,726 | 654,483 | |||||
32,100 | BROTHER INDUSTRIES LTD. | 541,898 | 706,288 | |||||
48,400 | BUNKA SHUTTER CO. LTD. | 363,296 | 490,455 | |||||
22,600 | CANON, INC. | 537,997 | 555,895 | |||||
3,400 | CAPCOM CO. LTD. | 99,651 | 94,437 | |||||
4,600 | CASIO COMPUTER CO. LTD. | 78,201 | 76,275 | |||||
2,800 | CENTRAL JAPAN RAILWAY CO. | 243,930 | 447,527 | |||||
18,600 | CHUBU ELECTRIC POWER CO., INC.(f) | 230,205 | 220,634 | |||||
22,100 | CHUGAI PHARMACEUTICAL CO. LTD. | 396,551 | 809,576 | |||||
500 | COSMOS PHARMACEUTICAL CORP. | 91,639 | 85,272 | |||||
28,400 | CREDIT SAISON CO. LTD. | 361,395 | 374,121 | |||||
27,500 | CRESCO LTD. | 342,183 | 499,096 | |||||
3,800 | CYBERAGENT, INC. | 77,301 | 73,595 | |||||
4,000 | DAI NIPPON PRINTING CO. LTD. | 70,827 | 96,871 | |||||
1,800 | DAIFUKU CO. LTD. | 155,471 | 169,259 |
60 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
17,600 | DAI-ICHI LIFE HOLDINGS, INC. | $ 356,355 | 383,223 | |||||
34,800 | DAIICHI SANKYO CO. LTD. | 309,300 | 928,388 | |||||
4,800 | DAIKIN INDUSTRIES LTD. | 183,102 | 1,032,426 | |||||
600 | DAITO TRUST CONSTRUCTION CO. LTD. | 72,842 | 70,052 | |||||
19,000 | DAITRON CO. LTD. | 328,045 | 389,005 | |||||
10,000 | DAIWA HOUSE INDUSTRY CO. LTD. | 103,706 | 333,966 | |||||
17,500 | DAIWA SECURITIES GROUP, INC. | 60,410 | 102,222 | |||||
28,000 | DAIWABO HOLDINGS CO. LTD.(f) | 223,879 | 450,918 | |||||
8,200 | DENSO CORP. | 185,234 | 537,556 | |||||
3,300 | DENTSU GROUP, INC. | 56,753 | 126,956 | |||||
500 | DISCO CORP. | 147,972 | 139,959 | |||||
5,900 | EAST JAPAN RAILWAY CO. | 338,233 | 413,858 | |||||
17,800 | ECO'S CO. LTD. | 285,796 | 310,470 | |||||
4,700 | EISAI CO. LTD. | 214,379 | 353,935 | |||||
28,300 | ELEMATEC CORP. | 262,160 | 288,598 | |||||
68,800 | ENEOS HOLDINGS, INC. | 278,957 | 280,941 | |||||
20,400 | EXEDY CORP. | 319,517 | 312,731 | |||||
3,700 | FANUC CORP. | 440,000 | 809,980 | |||||
1,800 | FAST RETAILING CO. LTD. | 521,850 | 1,326,645 | |||||
50,120 | FEED ONE CO. LTD. | 432,664 | 338,621 | |||||
34,200 | FJ NEXT CO. LTD. | 337,056 | 319,744 | |||||
23,700 | FREEE K.K.(b) | 1,058,936 | 1,728,707 | |||||
31,700 | FUJI CORP. | 564,353 | 811,283 | |||||
4,700 | FUJI ELECTRIC CO. LTD. | 61,631 | 214,164 | |||||
27,000 | FUJI PHARMA CO. LTD. | 285,909 | 283,086 | |||||
9,000 | FUJIFILM HOLDINGS CORP. | 188,998 | 776,070 | |||||
3,800 | FUJITSU LTD. | 363,816 | 690,120 | |||||
41,400 | FUKUOKA FINANCIAL GROUP, INC. | 523,630 | 743,654 | |||||
35,800 | FURUNO ELECTRIC CO. LTD. | 322,070 | 396,384 | |||||
40 | GLP J-REIT | 68,979 | 65,751 | |||||
8,600 | GMO FINANCIAL GATE, INC.(f) | 1,759,208 | 2,565,169 | |||||
900 | GMO PAYMENT GATEWAY, INC. | 98,340 | 114,026 | |||||
119,800 | HACHIJUNI BANK (THE) LTD. | 476,117 | 427,101 | |||||
3,000 | HAMAMATSU PHOTONICS K.K. | 52,686 | 186,102 | |||||
2,200 | HANKYU HANSHIN HOLDINGS, INC. | 51,221 | 69,413 | |||||
1,400 | HARMONIC DRIVE SYSTEMS, INC. | 79,659 | 67,518 | |||||
55,300 | HASEKO CORP. | 721,604 | 741,332 | |||||
500 | HIKARI TSUSHIN, INC. | 84,368 | 84,549 | |||||
8,900 | HINO MOTORS LTD. | 70,088 | 83,485 | |||||
341 | HIROSE ELECTRIC CO. LTD. | 29,327 | 56,785 | |||||
1,900 | HISAMITSU PHARMACEUTICAL CO., INC. | 79,651 | 72,072 | |||||
19,100 | HITACHI LTD. | 301,365 | 1,132,512 | |||||
7,000 | HITACHI METALS LTD.(b) | 55,542 | 135,632 | |||||
29,400 | HONDA MOTOR CO. LTD. | 928,625 | 906,705 | |||||
7,100 | HOYA CORP. | 362,248 | 1,110,425 | |||||
5,700 | HULIC CO. LTD. | 48,487 | 63,547 | |||||
13,900 | IDEMITSU KOSAN CO. LTD.(f) | 334,248 | 366,953 | |||||
3,000 | IIDA GROUP HOLDINGS CO. LTD. | 82,381 | 77,215 | |||||
26,100 | INNOTECH CORP. | 231,054 | 322,718 | |||||
5,700 | ISUZU MOTORS LTD. | 77,438 | 74,886 | |||||
1,100 | ITO EN LTD. | 67,597 | 73,046 | |||||
24,300 | ITOCHU CORP.(f) | 362,362 | 711,784 | |||||
2,100 | ITOCHU TECHNO-SOLUTIONS CORP. | 64,301 | 68,558 | |||||
78,400 | ITOHAM YONEKYU HOLDINGS, INC. | 531,480 | 513,851 | |||||
21,900 | JACCS CO. LTD. | 467,646 | 598,369 | |||||
30,400 | JAPAN AVIATION ELECTRONICS INDUSTRY LTD. | 458,316 | 444,390 | |||||
53,600 | JAPAN ELEVATOR SERVICE HOLDINGS CO. LTD. | 574,239 | 1,233,500 | |||||
9,100 | JAPAN EXCHANGE GROUP, INC. | 105,836 | 225,843 | |||||
28,800 | JAPAN POST BANK CO. LTD. | 252,942 | 246,481 | |||||
30,300 | JAPAN POST HOLDINGS CO. LTD.(b) | 264,868 | 255,022 | |||||
11 | JAPAN REAL ESTATE INVESTMENT CORP. | 68,697 | 65,891 | |||||
23,800 | JAPAN TOBACCO, INC. | 476,596 | 467,299 | |||||
47,100 | JEOL LTD. | 2,784,464 | 3,452,653 | |||||
2,300 | JSR CORP. | 66,413 | 83,373 | |||||
4,500 | KAJIMA CORP. | 25,084 | 57,989 | |||||
26,900 | KANAMOTO CO. LTD. | 620,666 | 631,268 | |||||
57,300 | KANDENKO CO. LTD. | 547,713 | 473,348 |
61 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
12,300 | KANEKA CORP. | $ 387,968 | 515,725 | |||||
4,800 | KANSAI ELECTRIC POWER (THE) CO., INC. | 46,503 | 46,581 | |||||
2,000 | KANSAI PAINT CO. LTD. | 10,449 | 49,730 | |||||
10,000 | KAO CORP. | 208,279 | 595,820 | |||||
31,162 | KDDI CORP. | 281,794 | 1,029,826 | |||||
1,200 | KEIO CORP. | 36,571 | 64,244 | |||||
2,400 | KEISEI ELECTRIC RAILWAY CO. LTD. | 22,185 | 79,610 | |||||
14,424 | KEYENCE CORP. | 1,526,494 | 8,642,646 | |||||
6,000 | KIKKOMAN CORP. | 52,867 | 487,592 | |||||
16,300 | KIRIN HOLDINGS CO. LTD. | 221,906 | 302,756 | |||||
67,600 | KITZ CORP. | 466,295 | 477,239 | |||||
80,600 | KOBE BUSSAN CO. LTD. | 1,709,644 | 2,631,450 | |||||
1,800 | KOEI TECMO HOLDINGS CO. LTD. | 75,186 | 85,619 | |||||
17,300 | KOMATSU LTD. | 427,012 | 415,988 | |||||
2,500 | KONAMI HOLDINGS CORP. | 62,191 | 156,885 | |||||
22,300 | KUBOTA CORP. | 149,526 | 475,730 | |||||
6,900 | KUREHA CORP. | 316,117 | 468,525 | |||||
1,400 | KURITA WATER INDUSTRIES LTD. | 66,953 | 67,639 | |||||
7,100 | KYOCERA CORP. | 325,905 | 443,855 | |||||
7,500 | KYOWA KIRIN CO. LTD. | 141,932 | 270,455 | |||||
14,900 | KYUSHU RAILWAY CO. | 317,651 | 359,208 | |||||
26,900 | LASERTEC CORP. | 4,459,164 | 6,110,294 | |||||
13,100 | LINTEC CORP. | 259,789 | 299,448 | |||||
2,500 | LIXIL CORP. | 65,962 | 72,647 | |||||
8,500 | M3, INC. | 283,125 | 606,811 | |||||
2,900 | MAKITA CORP. | 92,361 | 158,258 | |||||
7,100 | MARUI GROUP CO. LTD. | 41,710 | 137,271 | |||||
7,700 | MAZDA MOTOR CORP.(b) | 38,348 | 67,053 | |||||
2,500 | MEIJI HOLDINGS CO. LTD. | 44,976 | 161,574 | |||||
12,800 | MELCO HOLDINGS, INC. | 351,215 | 536,561 | |||||
6,200 | MERCARI, INC.(b) | 176,315 | 341,320 | |||||
8,700 | MINEBEA MITSUMI, INC. | 84,406 | 222,148 | |||||
597 | MIRAI CORP. | 328,940 | 288,491 | |||||
7,600 | MISUMI GROUP, INC. | 252,212 | 322,956 | |||||
24,900 | MITSUBISHI CHEMICAL HOLDINGS CORP. | 102,543 | 227,526 | |||||
29,000 | MITSUBISHI CORP. | 544,828 | 907,198 | |||||
40,700 | MITSUBISHI ELECTRIC CORP. | 332,168 | 566,072 | |||||
15,000 | MITSUBISHI ESTATE CO. LTD. | 173,227 | 238,877 | |||||
9,200 | MITSUBISHI GAS CHEMICAL CO., INC. | 84,078 | 181,688 | |||||
26,600 | MITSUBISHI HC CAPITAL, INC. | 82,462 | 139,785 | |||||
2,800 | MITSUBISHI HEAVY INDUSTRIES LTD. | 76,358 | 75,596 | |||||
236,000 | MITSUBISHI UFJ FINANCIAL GROUP, INC. | 1,322,697 | 1,377,872 | |||||
20,800 | MITSUBOSHI BELTING LTD. | 335,754 | 388,579 | |||||
14,400 | MITSUI & CO. LTD. | 137,321 | 312,383 | |||||
7,400 | MITSUI CHEMICALS, INC. | 87,469 | 248,454 | |||||
13,600 | MITSUI FUDOSAN CO. LTD. | 328,589 | 323,951 | |||||
24,000 | MITSUI-SOKO HOLDINGS CO. LTD. | 510,010 | 542,784 | |||||
1,500 | MIURA CO. LTD. | 67,565 | 60,181 | |||||
26,800 | MIZUHO FINANCIAL GROUP, INC. | 385,552 | 377,290 | |||||
29,700 | MONEY FORWARD, INC.(b) | 1,795,367 | 2,111,217 | |||||
7,600 | MONOTARO CO. LTD. | 113,793 | 171,496 | |||||
6,380 | MS&AD INSURANCE GROUP HOLDINGS, INC. | 134,923 | 212,876 | |||||
37,400 | MUGEN ESTATE CO. LTD. | 216,786 | 163,789 | |||||
13,200 | MURATA MANUFACTURING CO. LTD. | 355,497 | 1,174,995 | |||||
1,900 | NABTESCO CORP. | 76,267 | 71,974 | |||||
20,200 | NANTO BANK (THE) LTD. | 470,557 | 362,854 | |||||
5,400 | NEC CORP. | 261,001 | 293,141 | |||||
11,100 | NEXON CO. LTD. | 180,449 | 179,086 | |||||
3,800 | NGK SPARK PLUG CO. LTD. | 38,830 | 59,441 | |||||
2,900 | NH FOODS LTD. | 69,814 | 109,699 | |||||
16,700 | NICHIAS CORP. | 297,341 | 407,069 | |||||
9,200 | NIDEC CORP. | 290,544 | 1,020,604 | |||||
2,600 | NIHON M&A CENTER, INC. | 63,143 | 76,616 | |||||
16,600 | NIKKON HOLDINGS CO. LTD. | 337,754 | 343,491 | |||||
2,600 | NINTENDO CO. LTD. | 285,625 | 1,264,793 | |||||
32 | NIPPON BUILDING FUND, INC. | 154,544 | 207,863 | |||||
1,700 | NIPPON EXPRESS CO. LTD. | 60,747 | 117,126 |
62 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
6,500 | NIPPON PAINT HOLDINGS CO. LTD. | $ 74,157 | 70,709 | |||||
26 | NIPPON PROLOGIS REIT, INC. | 54,492 | 86,945 | |||||
10,300 | NIPPON STEEL CORP. | 193,126 | 184,337 | |||||
16,000 | NIPPON SYSTEMWARE CO. LTD. | 308,869 | 349,820 | |||||
30,400 | NIPPON TELEGRAPH & TELEPHONE CORP.(f) | 342,697 | 840,410 | |||||
3,100 | NIPPON YUSEN K.K. | 39,009 | 233,177 | |||||
60,900 | NISHI-NIPPON FINANCIAL HOLDINGS, INC. | 426,037 | 390,350 | |||||
5,300 | NISSAN CHEMICAL CORP. | 61,593 | 309,354 | |||||
3,670 | NISSHIN SEIFUN GROUP, INC. | 31,991 | 61,185 | |||||
1,200 | NISSIN FOODS HOLDINGS CO. LTD. | 43,959 | 96,458 | |||||
2,800 | NITORI HOLDINGS CO. LTD. | 102,246 | 550,850 | |||||
3,200 | NITTO DENKO CORP. | 77,639 | 228,036 | |||||
7,000 | NITTO FUJI FLOUR MILLING CO. LTD. | 211,323 | 207,155 | |||||
115,600 | NOMURA HOLDINGS, INC. | 418,073 | 568,194 | |||||
32,900 | NOMURA REAL ESTATE HOLDINGS, INC. | 674,503 | 857,383 | |||||
10,301 | NOMURA RESEARCH INSTITUTE LTD. | 53,983 | 379,639 | |||||
16,700 | NTT DATA CORP. | 180,781 | 323,552 | |||||
13,300 | OBAYASHI CORP. | 58,485 | 110,434 | |||||
1,600 | OBIC CO. LTD. | 293,197 | 306,156 | |||||
3,300 | ODAKYU ELECTRIC RAILWAY CO. LTD. | 77,474 | 76,445 | |||||
29,700 | OKAMURA CORP. | 461,450 | 434,694 | |||||
35,800 | OKI ELECTRIC INDUSTRY CO. LTD. | 358,218 | 313,507 | |||||
33,200 | OLYMPUS CORP. | 211,415 | 729,114 | |||||
4,300 | OMRON CORP. | 279,424 | 426,205 | |||||
7,800 | ONO PHARMACEUTICAL CO. LTD. | 106,928 | 177,898 | |||||
5,100 | ORIENTAL LAND CO. LTD. | 156,495 | 825,944 | |||||
4,600 | ORIX CORP. | 84,020 | 85,965 | |||||
3,600 | OSAKA GAS CO. LTD. | 68,964 | 66,170 | |||||
2,000 | OTSUKA CORP. | 108,606 | 102,820 | |||||
7,600 | OTSUKA HOLDINGS CO. LTD. | 247,865 | 323,978 | |||||
7,900 | PAN PACIFIC INTERNATIONAL HOLDINGS CORP. | 171,842 | 163,730 | |||||
43,800 | PANASONIC CORP. | 392,730 | 543,652 | |||||
4,100 | PERSOL HOLDINGS CO. LTD. | 37,131 | 102,734 | |||||
2,800 | PIGEON CORP. | 80,462 | 65,207 | |||||
67,200 | PLAID, INC.(b)(f) | 1,132,820 | 1,772,124 | |||||
9,300 | RAKUTEN GROUP, INC. | 49,423 | 89,994 | |||||
26,200 | RECRUIT HOLDINGS CO. LTD. | 1,230,138 | 1,597,553 | |||||
22,900 | RENESAS ELECTRONICS CORP.(b) | 246,018 | 282,558 | |||||
184,100 | RESONA HOLDINGS, INC.(f) | 558,258 | 732,727 | |||||
7,600 | RICOH CO. LTD. | 76,340 | 77,988 | |||||
1,200 | RINNAI CORP. | 52,047 | 131,507 | |||||
16,700 | RION CO. LTD. | 361,264 | 395,609 | |||||
700 | ROHM CO. LTD. | 33,806 | 65,944 | |||||
4,900 | RYOHIN KEIKAKU CO. LTD. | 97,247 | 109,016 | |||||
34,600 | SANKI ENGINEERING CO. LTD. | 423,298 | 459,629 | |||||
13,000 | SANTEN PHARMACEUTICAL CO. LTD. | 85,886 | 183,449 | |||||
13,620 | SBI HOLDINGS, INC. | 110,355 | 336,036 | |||||
3,600 | SCSK CORP. | 68,449 | 76,128 | |||||
3,600 | SECOM CO. LTD. | 148,944 | 261,231 | |||||
7,100 | SEGA SAMMY HOLDINGS, INC. | 66,480 | 101,107 | |||||
49,400 | SEIKITOKYU KOGYO CO. LTD. | 333,527 | 373,813 | |||||
3,700 | SEIKO EPSON CORP. | 72,524 | 74,649 | |||||
12,800 | SEKISUI CHEMICAL CO. LTD. | 65,116 | 220,379 | |||||
12,200 | SEKISUI HOUSE LTD. | 174,729 | 256,372 | |||||
68,700 | SEVEN & I HOLDINGS CO. LTD. | 2,390,694 | 3,117,573 | |||||
3,200 | SG HOLDINGS CO. LTD. | 80,451 | 90,992 | |||||
6,100 | SHARP CORP. | 77,142 | 77,227 | |||||
10,100 | SHIFT, INC.(b) | 2,224,252 | 2,138,102 | |||||
4,000 | SHIMADZU CORP. | 25,419 | 175,705 | |||||
1,500 | SHIMANO, INC. | 58,204 | 436,980 | |||||
9,200 | SHIN-ETSU CHEMICAL CO. LTD. | 461,684 | 1,551,715 | |||||
36,500 | SHINOKEN GROUP CO. LTD. | 314,113 | 380,469 | |||||
5,700 | SHIONOGI & CO. LTD. | 157,216 | 390,481 | |||||
7,900 | SHISEIDO CO. LTD. | 235,930 | 532,433 | |||||
20,200 | SK-ELECTRONICS CO. LTD. | 355,639 | 173,889 | |||||
1,300 | SMC CORP. | 300,071 | 813,316 | |||||
49,500 | SOFTBANK CORP. | 637,332 | 672,075 |
63 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
37,200 | SOFTBANK GROUP CORP. | $ 425,837 | 2,149,690 | |||||
7,300 | SOMPO HOLDINGS, INC. | 175,746 | 316,157 | |||||
25,000 | SONY GROUP CORP. | 697,063 | 2,784,036 | |||||
1,800 | SQUARE ENIX HOLDINGS CO. LTD. | 94,750 | 94,848 | |||||
3,300 | STANLEY ELECTRIC CO. LTD. | 41,403 | 83,183 | |||||
5,700 | SUBARU CORP. | 26,572 | 105,852 | |||||
19,200 | SUMITOMO CORP. | 230,694 | 268,441 | |||||
5,600 | SUMITOMO ELECTRIC INDUSTRIES LTD. | 44,717 | 74,705 | |||||
17,100 | SUMITOMO HEAVY INDUSTRIES LTD. | 494,606 | 442,993 | |||||
18,000 | SUMITOMO MITSUI FINANCIAL GROUP, INC. | 630,396 | 629,737 | |||||
2,400 | SUMITOMO REALTY & DEVELOPMENT CO. LTD. | 74,367 | 87,577 | |||||
6,300 | SUZUKI MOTOR CORP. | 126,945 | 280,812 | |||||
22,900 | SWCC SHOWA HOLDINGS CO. LTD. | 440,910 | 460,904 | |||||
2,600 | SYSMEX CORP. | 51,707 | 321,181 | |||||
13,700 | T RAD CO. LTD. | 264,171 | 379,086 | |||||
78,100 | T&D HOLDINGS, INC. | 786,738 | 1,066,663 | |||||
3,200 | TAISEI CORP. | 53,806 | 103,034 | |||||
1,200 | TAISHO PHARMACEUTICAL HOLDINGS CO. LTD. | 68,449 | 70,162 | |||||
109,800 | TAKARA LEBEN CO. LTD. | 430,207 | 317,068 | |||||
31,400 | TAKEDA PHARMACEUTICAL CO. LTD. | 1,063,156 | 1,040,840 | |||||
67,900 | TATSUTA ELECTRIC WIRE AND CABLE CO. LTD. | 299,490 | 326,212 | |||||
3,600 | TDK CORP. | 61,120 | 130,058 | |||||
13,200 | TERUMO CORP. | 181,972 | 620,591 | |||||
2,000 | THK CO. LTD. | 29,290 | 44,095 | |||||
3,800 | TIS, INC. | 95,685 | 103,863 | |||||
1,500 | TOHO CO. LTD. | 25,533 | 70,764 | |||||
3,600 | TOHO GAS CO. LTD. | 88,559 | 157,270 | |||||
4,100 | TOHOKU ELECTRIC POWER CO., INC. | 31,947 | 30,209 | |||||
14,700 | TOKIO MARINE HOLDINGS, INC. | 373,678 | 788,325 | |||||
29,500 | TOKYO ELECTRIC POWER CO. HOLDINGS, INC.(b) | 78,305 | 84,607 | |||||
3,300 | TOKYO ELECTRON LTD. | 135,391 | 1,454,648 | |||||
6,000 | TOKYO GAS CO. LTD. | 103,615 | 111,738 | |||||
16,500 | TOKYO SEIMITSU CO. LTD. | 683,411 | 679,755 | |||||
51,200 | TOKYO STEEL MANUFACTURING CO. LTD. | 317,332 | 525,807 | |||||
12,500 | TOKYU CORP. | 103,448 | 186,143 | |||||
20,000 | TOKYU FUDOSAN HOLDINGS CORP. | 69,576 | 123,164 | |||||
3,800 | TOPPAN, INC. | 54,628 | 64,629 | |||||
14,500 | TORAY INDUSTRIES, INC. | 98,691 | 92,605 | |||||
7,500 | TOSHIBA CORP. | 326,680 | 314,504 | |||||
3,000 | TOTO LTD. | 30,029 | 142,536 | |||||
75,200 | TOYO CONSTRUCTION CO. LTD. | 312,593 | 395,451 | |||||
3,000 | TOYO SUISAN KAISHA LTD. | 74,690 | 133,242 | |||||
4,000 | TOYOTA INDUSTRIES CORP. | 101,266 | 328,626 | |||||
233,310 | TOYOTA MOTOR CORP. | 1,594,403 | 4,173,498 | |||||
1,700 | TOYOTA TSUSHO CORP. | 14,142 | 71,244 | |||||
12,800 | TRANSCOSMOS, INC. | 405,534 | 419,268 | |||||
1,500 | TREND MICRO, INC. | 57,273 | 83,679 | |||||
800 | TSURUHA HOLDINGS, INC. | 100,707 | 98,833 | |||||
19,200 | UBE INDUSTRIES LTD.(f) | 387,205 | 376,884 | |||||
7,900 | UNICHARM CORP. | 75,948 | 350,380 | |||||
5,500 | USS CO. LTD. | 64,763 | 94,095 | |||||
7,200 | V TECHNOLOGY CO. LTD. | 262,608 | 284,931 | |||||
19,000 | VALOR HOLDINGS CO. LTD. | 422,334 | 411,035 | |||||
3,500 | WELCIA HOLDINGS CO. LTD. | 71,845 | 125,836 | |||||
4,100 | WEST JAPAN RAILWAY CO. | 134,756 | 204,169 | |||||
1,400 | YAKULT HONSHA CO. LTD. | 27,938 | 70,981 | |||||
16,300 | YAMADA HOLDINGS CO. LTD. | 56,674 | 68,606 | |||||
46,400 | YAMAGUCHI FINANCIAL GROUP, INC. | 326,523 | 274,263 | |||||
2,600 | YAMAHA CORP. | 156,911 | 163,457 | |||||
4,600 | YAMAHA MOTOR CO. LTD. | 46,377 | 128,086 | |||||
2,400 | YAMATO HOLDINGS CO. LTD. | 65,142 | 60,844 | |||||
4,000 | YAMAZAKI BAKING CO. LTD. | 44,679 | 69,662 | |||||
5,000 | YASKAWA ELECTRIC CORP. | 48,019 | 240,524 | |||||
4,500 | YOKOGAWA ELECTRIC CORP. | 61,249 | 78,683 | |||||
10,100 | YUASA TRADING CO. LTD. | 293,394 | 273,703 | |||||
51,800 | Z HOLDINGS CORP. | 191,668 | 332,427 |
64 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
2,400 | ZOZO, INC. | $ 90,362 | 89,867 | |||||
91,417,458 | 146,270,637 | 13.69% | ||||||
Jersey: | ||||||||
176,761 | XLMEDIA PLC(b) | 131,646 | 101,660 | |||||
131,646 | 101,660 | 0.01% | ||||||
Malaysia: | ||||||||
503,500 | FRENCKEN GROUP LTD. | 337,379 | 848,460 | |||||
274,300 | RHB BANK BHD. | 377,864 | 357,350 | |||||
715,243 | 1,205,810 | 0.11% | ||||||
Mexico: | ||||||||
201,200 | BANCO DEL BAJIO S.A.(d) | 360,811 | 380,147 | |||||
107,658 | CONTROLADORA VUELA CIA DE AVIACION S.A.B. DE C.V. ADR(b)(e) | 2,001,969 | 2,348,021 | |||||
98,826 | GRUMA S.A.B. DE C.V., CLASS B | 1,117,451 | 1,131,341 | |||||
76,900 | QUALITAS CONTROLADORA S.A.B. DE C.V. | 281,556 | 352,396 | |||||
3,761,787 | 4,211,905 | 0.39% | ||||||
Netherlands: | ||||||||
8,559 | ABN AMRO BANK N.V. C.V.A(b)(d) | 104,623 | 123,153 | |||||
2,134 | ADYEN N.V.(b)(d) | 4,025,662 | 5,933,717 | |||||
266,723 | AEGON N.V. | 664,548 | 1,369,349 | |||||
3,341 | AKZO NOBEL N.V. | 185,695 | 363,804 | |||||
2,681 | ARCELORMITTAL S.A. | 90,963 | 80,896 | |||||
885 | ARGENX S.E.(b) | 280,402 | 267,090 | |||||
208 | ASM INTERNATIONAL N.V. | 68,462 | 81,211 | |||||
1,378 | ASML HOLDING N.V. | 1,074,928 | 1,016,513 | |||||
16,394 | ASML HOLDING N.V. (REGISTERED) | 1,822,284 | 12,215,333 | |||||
14,000 | ASR NEDERLAND N.V. | 434,452 | 636,934 | |||||
34,688 | BE SEMICONDUCTOR INDUSTRIES N.V. | 2,900,715 | 2,738,493 | |||||
20,000 | EUROCOMMERCIAL PROPERTIES N.V. | 519,032 | 427,122 | |||||
3,610 | EXOR N.V. | 90,616 | 304,203 | |||||
51,500 | FORFARMERS N.V. | 322,452 | 257,093 | |||||
2,225 | HEINEKEN HOLDING N.V. | 139,965 | 193,418 | |||||
5,006 | HEINEKEN N.V. | 279,620 | 520,387 | |||||
650,100 | ING GROEP N.V. | 6,145,638 | 9,435,667 | |||||
19,595 | INTERTRUST N.V.(b)(d) | 321,331 | 293,272 | |||||
2,401 | JDE PEET'S N.V. | 83,159 | 71,318 | |||||
22,081 | KONINKLIJKE AHOLD DELHAIZE N.V. | 353,290 | 732,058 | |||||
3,368 | KONINKLIJKE DSM N.V. | 132,647 | 673,192 | |||||
54,610 | KONINKLIJKE KPN N.V. | 115,548 | 171,261 | |||||
20,729 | KONINKLIJKE PHILIPS N.V. | 353,795 | 918,769 | |||||
92,830 | MELTWATER HOLDING B.V.(b) | 576,295 | 428,119 | |||||
1,427 | NN GROUP N.V. | 73,978 | 74,472 | |||||
117,200 | ORDINA N.V. | 366,521 | 445,843 | |||||
18,513 | PROSUS N.V.(b) | 1,523,669 | 1,458,051 | |||||
8,117 | QIAGEN N.V.(b) | 119,394 | 422,039 | |||||
3,238 | RANDSTAD N.V. | 99,928 | 216,397 | |||||
109,878 | ROYAL DUTCH SHELL PLC, CLASS A | 1,592,066 | 2,427,415 | |||||
87,469 | ROYAL DUTCH SHELL PLC, CLASS B | 1,560,095 | 1,937,816 | |||||
23,800 | SIGNIFY N.V.(d) | 640,632 | 1,182,441 | |||||
49,916 | STELLANTIS N.V. | 203,470 | 953,144 | |||||
310 | TOPICUS.COM, INC. (SUB VOTING)(b) | 15,379 | 32,549 | |||||
105,169 | UNIVERSAL MUSIC GROUP N.V.(b) | 3,114,789 | 2,815,928 | |||||
6,193 | WOLTERS KLUWER N.V. | 101,075 | 654,618 | |||||
30,497,118 | 51,873,085 | 4.86% | ||||||
New Zealand: | ||||||||
24,201 | AUCKLAND INTERNATIONAL AIRPORT LTD.(b) | 91,639 | 130,106 | |||||
10,965 | FISHER & PAYKEL HEALTHCARE CORP. LTD. | 233,453 | 241,100 | |||||
31,147 | HALLENSTEIN GLASSON HOLDINGS LTD. | 115,879 | 149,434 | |||||
13,314 | MERCURY NZ LTD. | 62,294 | 59,557 | |||||
31,137 | MERIDIAN ENERGY LTD. | 117,439 | 105,582 | |||||
37,044 | SPARK NEW ZEALAND LTD. | 125,669 | 122,133 | |||||
2,571 | XERO LTD.(b) | 268,721 | 256,216 | |||||
1,015,094 | 1,064,128 | 0.10% | ||||||
Norway: | ||||||||
6,203 | ADEVINTA ASA(b) | 121,627 | 106,141 |
65 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Norway (Cont'd): | ||||||||
2,949 | AKER BP ASA | $ 36,352 | 94,879 | |||||
29,710 | BAKKAFROST P/F | 2,229,439 | 2,446,041 | |||||
18,456 | DNB BANK ASA | 244,499 | 419,010 | |||||
9,616 | EQUINOR ASA | 174,189 | 245,048 | |||||
65,300 | EUROPRIS ASA(d) | 420,002 | 430,834 | |||||
4,722 | GJENSIDIGE FORSIKRING ASA | 107,421 | 104,571 | |||||
229,300 | KITRON ASA | 329,744 | 473,498 | |||||
1,133,775 | MERCELL HOLDING ASA(b)(f) | 1,406,304 | 935,619 | |||||
8,996 | MOWI ASA | 248,186 | 227,039 | |||||
23,955 | NORSK HYDRO ASA | 48,328 | 178,760 | |||||
11,189 | ORKLA ASA | 78,108 | 102,540 | |||||
1,548 | SCHIBSTED ASA, CLASS A | 85,362 | 73,565 | |||||
2,019 | SCHIBSTED ASA, CLASS B | 87,839 | 85,417 | |||||
57,040 | STOREBRAND ASA | 364,067 | 544,878 | |||||
18,170 | TELENOR ASA | 319,119 | 305,191 | |||||
3,577 | YARA INTERNATIONAL ASA | 107,897 | 177,039 | |||||
6,408,483 | 6,950,070 | 0.65% | ||||||
Philippines: | ||||||||
9,000 | GLOBE TELECOM, INC. | 319,161 | 526,276 | |||||
319,161 | 526,276 | 0.05% | ||||||
Poland: | ||||||||
37,500 | CYFROWY POLSAT S.A. | 259,610 | 335,913 | |||||
104,418 | INPOST S.A.(b) | 2,034,746 | 1,722,394 | |||||
2,294,356 | 2,058,307 | 0.19% | ||||||
Portugal: | ||||||||
53,609 | EDP - ENERGIAS DE PORTUGAL S.A. | 231,782 | 281,217 | |||||
10,091 | GALP ENERGIA SGPS S.A. | 100,386 | 114,280 | |||||
531 | GREENVOLT-ENERGIAS RENOVAVEIS S.A.(b) | 2,912 | 3,660 | |||||
9,417 | JERONIMO MARTINS SGPS S.A. | 105,676 | 187,519 | |||||
123,300 | NAVIGATOR (THE) CO. S.A. | 307,999 | 430,360 | |||||
748,755 | 1,017,036 | 0.09% | ||||||
Russia: | ||||||||
44,976 | HEADHUNTER GROUP PLC ADR(e) | 1,025,732 | 2,194,829 | |||||
257,400 | RUSHYDRO PJSC ADR(e) | 218,665 | 272,397 | |||||
1,244,397 | 2,467,226 | 0.23% | ||||||
Singapore: | ||||||||
302,700 | AEM HOLDINGS LTD. | 265,969 | 896,252 | |||||
66,000 | ASCENDAS REAL ESTATE INVESTMENT TRUST | 150,030 | 145,263 | |||||
44,916 | CAPITALAND INTEGRATED COMMERCIAL TRUST | 49,995 | 66,767 | |||||
19,500 | CAPITALAND INVESTMENT LTD.(b) | 42,854 | 48,829 | |||||
14,400 | CITY DEVELOPMENTS LTD. | 64,669 | 72,672 | |||||
35,800 | DBS GROUP HOLDINGS LTD. | 328,169 | 794,971 | |||||
3,000 | JARDINE CYCLE & CARRIAGE LTD. | 41,532 | 42,643 | |||||
57,300 | KEPPEL CORP. LTD. | 196,954 | 217,751 | |||||
7,840 | KEPPEL REIT | 3,183 | 6,113 | |||||
48,200 | MAPLETREE COMMERCIAL TRUST | 77,337 | 73,211 | |||||
59,400 | MAPLETREE LOGISTICS TRUST | 90,841 | 88,605 | |||||
9,000 | OVERSEA-CHINESE BANKING CORP. LTD. | 60,171 | 75,343 | |||||
1,367 | SEA LTD. ADR(b)(e) | 425,464 | 435,704 | |||||
14,900 | SINGAPORE EXCHANGE LTD. | 54,332 | 109,030 | |||||
108,000 | SINGAPORE TECHNOLOGIES ENGINEERING LTD. | 310,572 | 301,747 | |||||
185,200 | SINGAPORE TELECOMMUNICATIONS LTD. | 321,671 | 334,154 | |||||
29,600 | UNITED OVERSEAS BANK LTD. | 465,994 | 559,845 | |||||
16,900 | UOL GROUP LTD. | 59,751 | 84,955 | |||||
48,200 | VENTURE CORP. LTD. | 558,851 | 635,197 | |||||
52,800 | WILMAR INTERNATIONAL LTD. | 118,363 | 162,211 | |||||
3,686,702 | 5,151,263 | 0.48% | ||||||
South Africa: | ||||||||
92,000 | ADCOCK INGRAM HOLDINGS LTD. | 249,383 | 284,073 | |||||
33,591 | AFRICAN RAINBOW MINERALS LTD.(f) | 339,096 | 422,828 | |||||
42,500 | BARLOWORLD LTD. | 289,872 | 346,703 | |||||
79,610 | INVESTEC PLC | 490,976 | 338,927 | |||||
117,469 | METAIR INVESTMENTS LTD. | 184,301 | 238,729 | |||||
68,600 | OCEANA GROUP LTD. | 268,470 | 302,712 | |||||
83,378 | TELKOM S.A. SOC LTD.(b) | 425,342 | 244,012 |
66 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
South Africa (Cont'd): | ||||||||
5,284 | THUNGELA RESOURCES LTD.(b) | $ 1,910 | 32,277 | |||||
2,249,350 | 2,210,261 | 0.21% | ||||||
South Korea: | ||||||||
17,700 | APTC CO. LTD. | 390,846 | 261,059 | |||||
15,700 | DAESANG CORP. | 366,086 | 319,978 | |||||
20,489 | DB HITEK CO. LTD. | 270,468 | 930,487 | |||||
2,392 | DL E&C CO. LTD.(b) | 210,584 | 266,727 | |||||
1,907 | DL HOLDINGS CO. LTD. | 140,872 | 121,082 | |||||
9,900 | GS HOLDINGS CORP. | 371,567 | 371,231 | |||||
8,250 | HUONS CO. LTD. | 416,763 | 376,452 | |||||
3,500 | HYUNDAI GLOVIS CO. LTD. | 391,747 | 483,240 | |||||
46,124 | HYUNDAI GREENFOOD CO. LTD. | 465,431 | 359,951 | |||||
23,300 | JW LIFE SCIENCE CORP. | 391,190 | 317,105 | |||||
18,600 | KC TECH CO. LTD. | 295,116 | 377,856 | |||||
18,400 | KT CORP. | 365,564 | 502,084 | |||||
30,770 | LG UPLUS CORP. | 348,896 | 386,311 | |||||
10,183 | LOTTE FINE CHEMICAL CO. LTD. | 404,389 | 778,887 | |||||
4,775 | MAEIL DAIRIES CO. LTD. | 380,764 | 289,843 | |||||
17,068 | NAVER CORP. | 2,044,994 | 5,561,511 | |||||
127,981 | SAMSUNG ELECTRONICS CO. LTD. | 3,860,780 | 7,965,385 | |||||
14,251 | SAMSUNG SECURITIES CO. LTD. | 434,059 | 569,303 | |||||
10,200 | VIEWORKS CO. LTD. | 234,573 | 341,727 | |||||
11,784,689 | 20,580,219 | 1.93% | ||||||
Spain: | ||||||||
1,260 | ACCIONA S.A. | 78,312 | 208,983 | |||||
2,458 | ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A. | 54,736 | 65,903 | |||||
69,540 | AMADEUS IT GROUP S.A.(b) | 4,982,968 | 4,568,258 | |||||
256,570 | BANCO BILBAO VIZCAYA ARGENTARIA S.A.(b) | 764,978 | 1,692,467 | |||||
385,386 | BANCO SANTANDER S.A.(b) | 691,255 | 1,395,909 | |||||
701,971 | CAIXABANK S.A. | 2,696,756 | 2,176,720 | |||||
8,655 | CELLNEX TELECOM S.A.(b)(d) | 535,462 | 533,511 | |||||
24,100 | CIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A. | 458,757 | 506,639 | |||||
5,565 | EDP RENOVAVEIS S.A. | 137,443 | 137,052 | |||||
2,531 | ENAGAS S.A. | 38,143 | 56,251 | |||||
67,700 | FAES FARMA S.A. | 300,715 | 266,334 | |||||
3,681 | FERROVIAL S.A. | 57,668 | 106,758 | |||||
53,725 | FLUIDRA S.A. | 1,916,462 | 2,122,798 | |||||
15,282 | GRIFOLS S.A. | 273,863 | 372,621 | |||||
89,223 | IBERDROLA S.A. | 695,313 | 891,120 | |||||
10,549 | INDUSTRIA DE DISENO TEXTIL S.A. | 324,932 | 383,799 | |||||
87,000 | MEDIASET ESPANA COMUNICACION S.A.(b) | 475,447 | 493,170 | |||||
13,196 | MIQUEL Y COSTAS & MIQUEL S.A. | 241,236 | 258,363 | |||||
16,093 | NATURGY ENERGY GROUP S.A. | 256,441 | 405,163 | |||||
165,300 | PROSEGUR CIA DE SEGURIDAD S.A. | 415,152 | 489,226 | |||||
26,230 | RED ELECTRICA CORP. S.A. | 359,845 | 524,295 | |||||
50,694 | REPSOL S.A. | 476,727 | 658,438 | |||||
4,745 | SIEMENS GAMESA RENEWABLE ENERGY S.A.(b) | 97,337 | 119,939 | |||||
22,047 | TELEFONICA S.A. | 107,338 | 102,760 | |||||
16,437,286 | 18,536,477 | 1.73% | ||||||
Sweden: | ||||||||
4,434 | ALFA LAVAL AB | 172,610 | 165,221 | |||||
22,200 | ASSA ABLOY AB, CLASS B | 89,466 | 643,694 | |||||
94,386 | ATLAS COPCO AB, CLASS A | 2,612,398 | 5,725,484 | |||||
7,901 | ATLAS COPCO AB, CLASS B | 232,218 | 403,896 | |||||
30,677 | AVANZA BANK HOLDING AB | 255,348 | 1,075,106 | |||||
34,700 | BILIA AB, CLASS A | 639,435 | 625,719 | |||||
32,900 | BOLIDEN AB | 800,179 | 1,058,399 | |||||
252,393 | CARY GROUP AB(b) | 2,217,441 | 2,565,907 | |||||
195,400 | CLOETTA AB, CLASS B | 556,844 | 604,337 | |||||
162,638 | DOMETIC GROUP AB(d) | 2,736,626 | 2,444,913 | |||||
7,501 | ELECTROLUX AB, CLASS B(b) | 79,015 | 173,216 | |||||
7,501 | ELECTROLUX PROFESSIONAL AB, CLASS B(b) | 16,773 | 53,408 | |||||
14,982 | EPIROC AB, CLASS A | 125,453 | 308,814 | |||||
7,531 | EPIROC AB, CLASS B | 69,049 | 133,063 | |||||
4,793 | EQT AB | 180,375 | 197,423 | |||||
9,339 | ESSITY AB, CLASS B | 85,995 | 289,868 |
67 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Sweden (Cont'd): | ||||||||
27,963 | EVOLUTION AB(d) | $ 4,342,812 | 4,250,613 | |||||
3,657 | H & M HENNES & MAURITZ AB, CLASS B(b) | 75,071 | 74,146 | |||||
58,593 | HEMNET GROUP AB(b) | 804,897 | 1,131,649 | |||||
27,214 | HEXAGON AB, CLASS B | 83,098 | 419,318 | |||||
80,300 | HUMANA AB(b) | 413,356 | 670,967 | |||||
38,321 | HUSQVARNA AB, CLASS B | 174,072 | 457,167 | |||||
1,942 | ICA GRUPPEN AB | 95,979 | 89,043 | |||||
8,270 | INDUSTRIVARDEN AB, CLASS C | 85,948 | 254,788 | |||||
44,840 | INVESTOR AB, CLASS B | 160,645 | 960,102 | |||||
56,909 | INWIDO AB | 320,042 | 951,067 | |||||
203,990 | KINDRED GROUP PLC SDR | 2,850,458 | 3,063,133 | |||||
3,256 | KINNEVIK AB, CLASS B(b) | 61,607 | 114,803 | |||||
7,801 | KNOW IT AB | 144,666 | 314,583 | |||||
14,800 | LOOMIS AB | 372,004 | 400,484 | |||||
29,428 | LUNDIN ENERGY AB | 485,725 | 1,092,416 | |||||
44,500 | MEKONOMEN AB(b) | 323,086 | 787,530 | |||||
18,009 | NIBE INDUSTRIER AB, CLASS B | 195,958 | 226,208 | |||||
77,913 | NOBIA AB | 452,973 | 513,269 | |||||
62,300 | NOBINA AB(d) | 428,072 | 557,781 | |||||
111,174 | NORDNET AB PUBL | 1,376,391 | 1,997,239 | |||||
77,000 | RESURS HOLDING AB(d) | 449,843 | 356,716 | |||||
21,923 | SANDVIK AB | 307,812 | 500,329 | |||||
42,624 | SDIPTECH AB, CLASS B(b) | 1,189,784 | 2,067,841 | |||||
122,390 | SECTRA AB, CLASS B(b) | 1,017,759 | 2,459,374 | |||||
14,236 | SECURITAS AB, CLASS B | 116,133 | 225,772 | |||||
9,947 | SINCH AB(b)(d) | 185,984 | 191,683 | |||||
63,171 | SKANDINAVISKA ENSKILDA BANKEN AB, CLASS A | 322,937 | 890,088 | |||||
2,634 | SKANSKA AB, CLASS B | 22,224 | 66,018 | |||||
7,370 | SKF AB, CLASS B | 187,531 | 173,451 | |||||
11,701 | SVENSKA CELLULOSA AB S.C.A., CLASS B | 74,245 | 180,812 | |||||
11,864 | SVENSKA HANDELSBANKEN AB, CLASS A | 54,196 | 133,087 | |||||
40,373 | SWEDBANK AB, CLASS A | 450,232 | 816,639 | |||||
141,945 | SWEDENCARE AB | 1,689,949 | 2,340,185 | |||||
14,724 | SWEDISH MATCH AB | 138,059 | 129,131 | |||||
61,126 | TELEFONAKTIEBOLAGET LM ERICSSON, CLASS B | 328,503 | 690,868 | |||||
35,506 | TETHYS OIL AB | 259,465 | 245,348 | |||||
29,300 | TRELLEBORG AB, CLASS B | 420,080 | 622,208 | |||||
48,413 | VITEC SOFTWARE GROUP AB, CLASS B | 820,216 | 2,643,798 | |||||
3,867 | VOLVO AB, CLASS A | 87,834 | 87,667 | |||||
27,608 | VOLVO AB, CLASS B | 205,919 | 620,278 | |||||
32,444,790 | 50,236,067 | 4.70% | ||||||
Switzerland: | ||||||||
263,114 | ABB LTD. (REGISTERED) | 5,091,733 | 8,770,153 | |||||
3,075 | ADECCO GROUP A.G. (REGISTERED) | 102,544 | 153,999 | |||||
76,911 | ALCON, INC. | 4,184,756 | 6,230,531 | |||||
2,000 | AUTONEUM HOLDING A.G.(b) | 387,554 | 322,410 | |||||
4,090 | BACHEM HOLDING A.G., CLASS B (REGISTERED) | 1,674,664 | 3,112,570 | |||||
673 | BALOISE HOLDING A.G. (REGISTERED) | 55,292 | 102,615 | |||||
69 | BARRY CALLEBAUT A.G. (REGISTERED) | 161,758 | 156,108 | |||||
34 | CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. (PARTICIPATION CERTIFICATE) | 48,855 | 380,883 | |||||
3 | CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. (REGISTERED) | 75,352 | 352,276 | |||||
43,141 | CIE FINANCIERE RICHEMONT S.A., CLASS A (REGISTERED) | 2,755,250 | 4,448,416 | |||||
283,671 | CREDIT SUISSE GROUP A.G. (REGISTERED) | 3,052,779 | 2,812,537 | |||||
1,842 | DUFRY A.G. (REGISTERED)(b) | 46,550 | 102,616 | |||||
54,800 | EFG INTERNATIONAL A.G.(b) | 442,650 | 397,141 | |||||
73 | EMS-CHEMIE HOLDING A.G. (REGISTERED) | 70,272 | 68,710 | |||||
990 | GEBERIT A.G. (REGISTERED) | 85,632 | 727,415 | |||||
180 | GIVAUDAN S.A. (REGISTERED) | 265,250 | 822,118 | |||||
74,162 | GLENCORE PLC(b) | 328,154 | 350,235 | |||||
215,619 | GLOBAL BLUE GROUP HOLDING A.G.(b)(f) | 2,301,675 | 1,392,899 | |||||
6,000 | HELVETIA HOLDING A.G. (REGISTERED) | 567,039 | 654,787 | |||||
81,386 | HOLCIM LTD.(b) | 4,157,248 | 3,915,524 | |||||
1,807 | IDORSIA LTD.(b) | 18,603 | 43,694 | |||||
18,059 | JULIUS BAER GROUP LTD. | 558,057 | 1,194,447 |
68 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Switzerland (Cont'd): | ||||||||
1,056 | KUEHNE + NAGEL INTERNATIONAL A.G. (REGISTERED) | $ 369,591 | 358,826 | |||||
3,434 | LOGITECH INTERNATIONAL S.A. (REGISTERED) | 340,322 | 304,128 | |||||
8,689 | LONZA GROUP A.G. (REGISTERED) | 4,673,606 | 6,509,720 | |||||
58,210 | MEDMIX A.G.(b)(d)(h) | 2,791,227 | 2,748,259 | |||||
102,692 | NESTLE S.A. (REGISTERED) | 5,300,073 | 12,355,789 | |||||
134,421 | NOVARTIS A.G. (REGISTERED) | 9,483,197 | 11,027,927 | |||||
214 | PARTNERS GROUP HOLDING A.G. | 332,005 | 333,136 | |||||
22,519 | POLYPEPTIDE GROUP A.G.(b)(d) | 1,586,631 | 2,869,083 | |||||
13,939 | ROCHE HOLDING A.G. | 2,334,309 | 5,086,393 | |||||
642 | ROCHE HOLDING A.G. (BEARER) | 263,489 | 263,589 | |||||
1,381 | SCHINDLER HOLDING A.G. (PARTICIPATION CERTIFICATE) | 108,493 | 369,540 | |||||
589 | SCHINDLER HOLDING A.G. (REGISTERED) | 68,597 | 151,431 | |||||
123 | SGS S.A. (REGISTERED) | 138,733 | 357,655 | |||||
2,576 | SIEGFRIED HOLDING A.G. (REGISTERED)(b) | 2,497,864 | 2,278,836 | |||||
21,887 | SIKA A.G. (REGISTERED) | 2,606,723 | 6,922,748 | |||||
1,308 | SONOVA HOLDING A.G. (REGISTERED) | 84,414 | 493,311 | |||||
32,211 | STMICROELECTRONICS N.V. | 517,002 | 1,404,319 | |||||
153 | STRAUMANN HOLDING A.G. (REGISTERED) | 239,388 | 273,795 | |||||
635 | SULZER A.G. (REGISTERED) | 20,376 | 60,131 | |||||
574 | SWATCH GROUP (THE) A.G. (BEARER) | 159,284 | 150,466 | |||||
1,413 | SWATCH GROUP (THE) A.G. (REGISTERED) | 76,786 | 72,768 | |||||
763 | SWISS LIFE HOLDING A.G. (REGISTERED) | 111,390 | 386,908 | |||||
212 | SWISSCOM A.G. (REGISTERED) | 59,786 | 121,728 | |||||
4,281 | TECAN GROUP A.G. (REGISTERED) | 1,062,892 | 2,415,820 | |||||
379,822 | UBS GROUP A.G. (REGISTERED) | 5,166,923 | 6,069,547 | |||||
7,700 | VALIANT HOLDING A.G. (REGISTERED) | 734,240 | 732,976 | |||||
5,000 | VETROPACK HOLDING A.G. (REGISTERED) | 256,087 | 308,836 | |||||
938 | VIFOR PHARMA A.G. | 126,146 | 121,452 | |||||
8,800 | VONTOBEL HOLDING A.G. (REGISTERED) | 640,427 | 743,264 | |||||
37,478 | WIZZ AIR HOLDINGS PLC(b)(d) | 1,435,315 | 2,495,758 | |||||
7,800 | ZEHNDER GROUP A.G. (REGISTERED) | 303,280 | 825,108 | |||||
4,209 | ZURICH INSURANCE GROUP A.G. | 808,512 | 1,716,213 | |||||
71,128,775 | 106,841,544 | 10.00% | ||||||
Taiwan: | ||||||||
305,000 | ASIA CEMENT CORP. | 434,632 | 495,932 | |||||
26,000 | ASPEED TECHNOLOGY, INC. | 1,734,314 | 2,139,755 | |||||
50,000 | BIOTEQUE CORP. | 216,137 | 198,023 | |||||
125,000 | CHC HEALTHCARE GROUP | 178,135 | 169,806 | |||||
146,000 | CHIPBOND TECHNOLOGY CORP. | 286,157 | 352,356 | |||||
419,000 | CHIPMOS TECHNOLOGIES, INC. | 449,603 | 701,615 | |||||
145,000 | JARLLYTEC CO. LTD. | 327,630 | 320,145 | |||||
334,000 | POU CHEN CORP. | 370,948 | 400,534 | |||||
216,000 | POWERTECH TECHNOLOGY, INC. | 861,835 | 798,819 | |||||
90,000 | RADIANT OPTO-ELECTRONICS CORP. | 361,908 | 301,521 | |||||
220,000 | SIGURD MICROELECTRONICS CORP. | 403,537 | 460,282 | |||||
312,000 | SINBON ELECTRONICS CO. LTD. | 2,916,890 | 2,628,262 | |||||
1,260,000 | SINOPAC FINANCIAL HOLDINGS CO. LTD. | 492,562 | 624,651 | |||||
111,000 | SOFT-WORLD INTERNATIONAL CORP. | 433,933 | 348,534 | |||||
225,000 | TAIWAN HON CHUAN ENTERPRISE CO. LTD. | 422,583 | 567,832 | |||||
66,854 | TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. ADR(e) | 1,026,155 | 7,464,249 | |||||
82,000 | TOPCO SCIENTIFIC CO. LTD. | 252,353 | 402,615 | |||||
214,000 | UNIVERSAL VISION BIOTECHNOLOGY CO. LTD. | 1,905,750 | 2,348,098 | |||||
644,000 | WISTRON CORP. | 522,109 | 634,366 | |||||
90,000 | ZHEN DING TECHNOLOGY HOLDING LTD. | 335,681 | 317,225 | |||||
13,932,852 | 21,674,620 | 2.03% | ||||||
Thailand: | ||||||||
500,300 | POLYPLEX THAILAND PCL (REGISTERED) | 376,789 | 417,718 | |||||
432,100 | PRUKSA HOLDING PCL (REGISTERED) | 233,658 | 166,020 | |||||
301,200 | THAI VEGETABLE OIL PCL (REGISTERED) | 265,122 | 278,188 | |||||
875,569 | 861,926 | 0.08% | ||||||
Turkey: | ||||||||
53,800 | COCA-COLA ICECEK A.S. | 315,265 | 512,693 | |||||
264,300 | HACI OMER SABANCI HOLDING A.S. | 413,563 | 290,839 |
69 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Turkey (Cont'd): | ||||||||
270,800 | TURKCELL ILETISIM HIZMETLERI A.S. | $ 605,645 | 466,750 | |||||
1,334,473 | 1,270,282 | 0.12% | ||||||
United Kingdom: | ||||||||
26,524 | 3I GROUP PLC | 99,606 | 456,874 | |||||
5,798 | ADMIRAL GROUP PLC | 162,162 | 241,972 | |||||
420,000 | AIRTEL AFRICA PLC(d) | 543,393 | 567,220 | |||||
52,849 | ANGLO AMERICAN PLC | 409,100 | 1,823,019 | |||||
8,350 | ASHTEAD GROUP PLC | 608,070 | 633,403 | |||||
31,573 | ASTRAZENECA PLC | 1,599,644 | 3,800,902 | |||||
14,791 | AUTO TRADER GROUP PLC(d) | 75,659 | 117,040 | |||||
2,326 | AVEVA GROUP PLC | 122,462 | 112,337 | |||||
65,195 | AVIVA PLC | 246,534 | 346,996 | |||||
73,500 | BABCOCK INTERNATIONAL GROUP PLC(b) | 428,761 | 364,771 | |||||
51,473 | BAE SYSTEMS PLC | 335,181 | 389,056 | |||||
113,471 | BAKKAVOR GROUP PLC(d)(h) | 166,389 | 205,144 | |||||
328,163 | BARCLAYS PLC | 814,665 | 836,942 | |||||
19,665 | BARRATT DEVELOPMENTS PLC | 195,429 | 173,533 | |||||
9,400 | BELLWAY PLC | 411,711 | 412,047 | |||||
26,257 | BERKELEY GROUP HOLDINGS PLC | 1,678,141 | 1,538,056 | |||||
213,239 | BP PLC | 802,890 | 965,983 | |||||
42,758 | BRITISH AMERICAN TOBACCO PLC | 1,360,975 | 1,491,801 | |||||
93,984 | BRITISH LAND (THE) CO. PLC | 402,942 | 620,720 | |||||
5,069 | BUNZL PLC | 39,524 | 167,452 | |||||
8,594 | BURBERRY GROUP PLC | 50,555 | 209,249 | |||||
53,800 | CARETECH HOLDINGS PLC | 347,241 | 463,212 | |||||
153,906 | CNH INDUSTRIAL N.V. | 1,437,619 | 2,605,973 | |||||
1,562 | COCA-COLA EUROPACIFIC PARTNERS PLC | 95,544 | 86,363 | |||||
460,478 | COMPASS GROUP PLC(b) | 5,698,132 | 9,421,522 | |||||
2,457 | CRODA INTERNATIONAL PLC | 92,898 | 280,578 | |||||
45,763 | DIAGEO PLC | 713,146 | 2,205,001 | |||||
53,838 | DIPLOMA PLC | 1,892,349 | 2,024,340 | |||||
177,500 | DIRECT LINE INSURANCE GROUP PLC | 614,920 | 692,532 | |||||
108,100 | DRAX GROUP PLC | 316,682 | 699,181 | |||||
40,654 | EASYJET PLC(b) | 440,794 | 362,147 | |||||
1,518 | ENDAVA PLC ADR(b)(e) | 194,031 | 206,220 | |||||
11,305 | ENTAIN PLC(b) | 156,644 | 323,616 | |||||
4,107 | FERGUSON PLC | 80,053 | 569,324 | |||||
97,165 | GLAXOSMITHKLINE PLC | 1,656,228 | 1,834,039 | |||||
7,339 | HALMA PLC | 284,447 | 279,952 | |||||
401,537 | HSBC HOLDINGS PLC | 2,076,927 | 2,100,651 | |||||
9,611 | IMPERIAL BRANDS PLC | 219,149 | 200,575 | |||||
51,372 | INCHCAPE PLC | 314,977 | 557,877 | |||||
30,805 | INFORMA PLC(b) | 170,749 | 225,724 | |||||
246,597 | INTEGRAFIN HOLDINGS PLC | 1,600,413 | 1,704,763 | |||||
3,540 | INTERCONTINENTAL HOTELS GROUP PLC(b) | 212,906 | 226,996 | |||||
32,745 | INTERNATIONAL CONSOLIDATED AIRLINES GROUP S.A. - CDI(b) | 60,221 | 78,613 | |||||
1,025 | INTERTEK GROUP PLC | 77,022 | 68,429 | |||||
423,658 | J SAINSBURY PLC | 1,107,817 | 1,622,313 | |||||
9,961 | JD SPORTS FASHION PLC | 105,904 | 140,240 | |||||
2,128 | JOHNSON MATTHEY PLC | 33,879 | 76,753 | |||||
201,300 | JUPITER FUND MANAGEMENT PLC | 774,594 | 668,614 | |||||
323,974 | KINGFISHER PLC | 863,159 | 1,465,740 | |||||
58,758 | LAND SECURITIES GROUP PLC | 385,246 | 546,900 | |||||
88,577 | LEGAL & GENERAL GROUP PLC | 343,861 | 334,491 | |||||
37,065 | LIBERTY GLOBAL PLC, CLASS A(b) | 1,072,106 | 1,104,537 | |||||
61,858 | LIBERTY GLOBAL PLC, CLASS C(b) | 1,809,413 | 1,822,337 | |||||
6,374,389 | LLOYDS BANKING GROUP PLC | 4,290,780 | 3,965,190 | |||||
6,352 | LONDON STOCK EXCHANGE GROUP PLC | 105,766 | 634,612 | |||||
370,300 | MAN GROUP PLC | 651,704 | 1,018,372 | |||||
300,659 | MARSTON'S PLC(b) | 477,602 | 325,444 | |||||
7,217 | MEGGITT PLC(b) | 16,687 | 71,659 | |||||
84,799 | MELROSE INDUSTRIES PLC | 156,301 | 196,225 | |||||
83,900 | MICRO FOCUS INTERNATIONAL PLC | 515,126 | 461,556 | |||||
145,235 | MORGAN ADVANCED MATERIALS PLC | 467,561 | 698,611 | |||||
53,011 | NATIONAL GRID PLC | 515,481 | 630,582 | |||||
320,113 | NATWEST GROUP PLC | 420,567 | 971,362 |
70 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
United Kingdom (Cont'd): | ||||||||
6,959 | NEXT PLC | $ 416,496 | 763,167 | |||||
9,776 | OCADO GROUP PLC(b) | 261,988 | 217,431 | |||||
103,083 | OSB GROUP PLC | 483,067 | 693,135 | |||||
12,553 | PEARSON PLC | 142,304 | 120,023 | |||||
6,330 | PERSIMMON PLC | 239,028 | 225,563 | |||||
50,512 | PRUDENTIAL PLC | 1,035,797 | 980,572 | |||||
13,776 | RECKITT BENCKISER GROUP PLC | 632,416 | 1,078,239 | |||||
109,800 | REDDE NORTHGATE PLC | 378,816 | 589,874 | |||||
57,235 | REDROW PLC | 447,916 | 510,175 | |||||
39,413 | RELX PLC | 425,153 | 1,138,078 | |||||
250,548 | RELX PLC (LONDON EXCHANGE) | 3,965,505 | 7,220,154 | |||||
23,058 | RENTOKIL INITIAL PLC | 117,249 | 180,648 | |||||
34,005 | RIO TINTO PLC | 893,598 | 2,245,219 | |||||
166,015 | ROLLS-ROYCE HOLDINGS PLC(b) | 256,407 | 312,330 | |||||
77,712 | ROYAL MAIL PLC | 220,280 | 439,755 | |||||
21,729 | SAGE GROUP (THE) PLC | 84,580 | 207,390 | |||||
23,121 | SEGRO PLC | 182,226 | 371,009 | |||||
60,070 | SENIOR PLC(b) | 150,955 | 136,261 | |||||
13,084 | SEVERN TRENT PLC | 276,407 | 457,530 | |||||
26,103 | SMITH & NEPHEW PLC | 251,030 | 448,282 | |||||
3,522 | SMITHS GROUP PLC | 47,264 | 67,513 | |||||
75,362 | SOFTCAT PLC | 965,956 | 2,050,484 | |||||
414,000 | SPEEDY HIRE PLC | 294,411 | 353,572 | |||||
1,528 | SPIRAX-SARCO ENGINEERING PLC | 283,272 | 307,080 | |||||
12,530 | SSE PLC | 270,421 | 263,112 | |||||
82,413 | STHREE PLC | 315,585 | 643,080 | |||||
101,900 | STOCK SPIRITS GROUP PLC | 321,342 | 514,654 | |||||
77,600 | TATE & LYLE PLC | 713,986 | 722,689 | |||||
71,562 | TAYLOR WIMPEY PLC | 172,365 | 147,796 | |||||
166,687 | TEAM17 GROUP PLC(b) | 1,381,492 | 1,708,621 | |||||
498,489 | TESCO PLC | 1,538,009 | 1,690,722 | |||||
148,000 | TP ICAP GROUP PLC | 641,118 | 318,929 | |||||
126,800 | TYMAN PLC | 343,290 | 713,995 | |||||
57,974 | UNILEVER PLC | 2,521,691 | 3,133,960 | |||||
8,137 | UNITED UTILITIES GROUP PLC | 56,989 | 105,802 | |||||
567,515 | VODAFONE GROUP PLC | 927,182 | 858,446 | |||||
57,574 | VTEX, CLASS A(b) | 1,093,906 | 1,184,297 | |||||
3,975 | WHITBREAD PLC(b) | 122,050 | 176,790 | |||||
371,035 | WM MORRISON SUPERMARKETS PLC | 939,833 | 1,470,661 | |||||
64,102 | WPP PLC | 434,931 | 861,349 | |||||
67,666,750 | 95,076,070 | 8.90% | ||||||
United States: | ||||||||
14,102 | AON PLC, CLASS A | 2,775,252 | 4,029,929 | |||||
204,870 | ARCH CAPITAL GROUP LTD.(b) | 4,328,234 | 7,821,937 | |||||
4,346 | BAUSCH HEALTH COS., INC.(b) | 133,211 | 121,191 | |||||
2,628 | BROOKFIELD RENEWABLE CORP., CLASS A | 113,678 | 102,082 | |||||
248,400 | DIVERSIFIED ENERGY CO. PLC | 347,000 | 396,365 | |||||
8,762 | EPAM SYSTEMS, INC.(b) | 3,880,850 | 4,998,546 | |||||
1,211 | FIDELITY NATIONAL INFORMATION SERVICES, INC. | 102,522 | 147,354 | |||||
1,263 | JACKSON FINANCIAL, INC., CLASS A(b) | 31,570 | 32,833 | |||||
3,732 | METTLER-TOLEDO INTERNATIONAL, INC.(b) | 2,152,475 | 5,140,307 | |||||
3,157 | NEWMONT CORP. | 101,845 | 171,459 | |||||
28,069 | RESMED, INC. | 2,973,010 | 7,397,585 | |||||
20,684 | STERIS PLC | 3,295,572 | 4,225,328 | |||||
22,527 | TENARIS S.A. ADR(e) | 482,262 | 475,545 | |||||
562 | WHITE MOUNTAINS INSURANCE GROUP LTD. | 593,798 | 601,121 | |||||
21,311,279 | 35,661,582 | 3.34% | ||||||
Sub-total Common Stocks: | 682,380,803 | 1,025,336,681 | 95.98% | |||||
Preferred Stocks: | ||||||||
Brazil: | ||||||||
61,706 | AZUL S.A. ADR(b)(e) | 513,930 | 1,237,822 | |||||
263,400 | CIA DE SANEAMENTO DO PARANA(b) | 350,150 | 186,217 | |||||
864,080 | 1,424,039 | 0.13% | ||||||
Germany: | ||||||||
1,739 | BAYERISCHE MOTOREN WERKE A.G., 2.83%(i) | 59,403 | 132,782 | |||||
3,800 | DRAEGERWERK A.G. & CO. KGAA, 0.28%(i) | 311,648 | 311,116 |
71 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2021 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Germany (Cont'd): | ||||||||
1,563 | FUCHS PETROLUB S.E., 2.58%(i) | $ 76,073 | 73,125 | |||||
8,797 | JUNGHEINRICH A.G., 1.06%(i) | 218,510 | 408,966 | |||||
2,957 | PORSCHE AUTOMOBIL HOLDING S.E., 2.61%(i) | 314,386 | 294,677 | |||||
441 | SARTORIUS A.G., 0.14%(i) | 118,147 | 280,850 | |||||
2,800 | STO S.E. & CO. KGAA, 0.15%(i) | 304,841 | 656,473 | |||||
118 | VOLKSWAGEN A.G., 2.54%(i) | 33,209 | 26,434 | |||||
1,436,217 | 2,184,423 | 0.20% | ||||||
South Korea: | ||||||||
72,295 | SAMSUNG ELECTRONICS CO. LTD., 2.16%(i) | 3,016,399 | 4,231,610 | |||||
3,016,399 | 4,231,610 | 0.40% | ||||||
Sub-total Preferred Stocks: | 5,316,696 | 7,840,072 | 0.73% | |||||
Warrants: | ||||||||
United Kingdom: | ||||||||
117,848 | HSBC BANK PLC(b) | 1,818,191 | 2,223,911 | |||||
1,818,191 | 2,223,911 | 0.21% | ||||||
United States: | ||||||||
1 | CENOVUS ENERGY, INC.(b) | 4 | 6 | |||||
4 | 6 | 0.00% | ||||||
Sub-total Warrants: | 1,818,195 | 2,223,917 | 0.21% | |||||
Convertible Bonds: | ||||||||
Switzerland: | ||||||||
71,000 | CREDIT SUISSE GROUP GUERNSEY VII LTD., 3.00%, 11/12/2021(d)(f) | 78,814 | 82,089 | |||||
78,814 | 82,089 | 0.01% | ||||||
Sub-total Convertible Bonds: | 78,814 | 82,089 | 0.01% | |||||
Short-Term Investments: | ||||||||
12,388,053 | FIDELITY INVESTMENTS MONEY MARKET GOVERNMENT PORTFOLIO, INSTITUTIONAL SHARES(j) | 12,388,053 | 12,388,053 | |||||
29,563,568 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 0.03%(k) | 29,563,568 | 29,563,568 | |||||
Sub-total Short-Term Investments: | 41,951,621 | 41,951,621 | 3.93% | |||||
Grand total | $ 731,546,129 | 1,077,434,380 | 100.86% |
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 2.31% of net assets as of September 30, 2021. |
(f) | Security is either wholly or partially on loan. |
(g) | This is a Level 3 security. |
(h) | Restricted security that has been deemed illiquid. At September 30, 2021, the value of these restricted illiquid securities amounted to $2,953,403 or 0.28% of net assets. Additional information on these restricted illiquid securities is as follows: |
SECURITY | AQUISITION DATE | ACQUISITION COST |
Bakkavor Group PLC, 0.00%, | 9/18/19 | $166 |
Medmix A.G., 0.00%, | 3/17/09-9/30/21 | 10 |
(i) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
(j) | Investment relates to cash collateral received from portfolio securities loaned. |
(k) | 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 $3,739,175 during the nine months ended September 30, 2021. |
72 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2021 (unaudited)
At September 30, 2021, the industry sectors for the Clearwater International Fund were:
Industry Sector | Percent of Long-Term Investments | |
Communication Services | 4.62% | |
Consumer Discretionary | 12.59 | |
Consumer Staples | 8.69 | |
Energy | 3.11 | |
Financials | 14.92 | |
Health Care | 13.78 | |
Industrials | 15.63 | |
Information Technology | 16.99 | |
Materials | 5.88 | |
Real Estate | 2.10 | |
Utilities | 1.69 | |
100.00% |
At September 30, 2021, the Clearwater International Fund’s investments were denominated in the following currencies:
Concentration by Currency | Percent of Long-Term Investments | |
Euro | 21.87% | |
Japanese Yen | 14.13 | |
United States Dollar | 12.88 | |
British Pound | 9.99 | |
Swiss Franc | 9.78 | |
Canadian Dollar | 6.40 | |
Other currencies | 24.95 | |
100.00% |
At September 30, 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 | 10/21/2021 | JPY | 235,364,679 | USD | 2,171,355 | $56,266 |
73 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 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 September 30, 2021.
Level 1 | Level 2 | Level 3 | Total | ||||
Common Stocks | |||||||
Argentina | $ 6,338,056 | $ — | $ — | $ 6,338,056 | |||
Australia | 4,536,166 | 38,737,844 | —* | 43,274,010 | |||
Brazil | 8,336,966 | — | — | 8,336,966 | |||
Canada | 90,592,073 | 5,593 | — | 90,597,666 | |||
Chile | 818,244 | — | — | 818,244 | |||
Finland | 2,322,169 | 7,675,152 | — | 9,997,321 | |||
France | 414,233 | 66,053,912 | 627,625 | 67,095,770 | |||
Germany | 737,805 | 47,530,628 | — | 48,268,433 | |||
Hong Kong | 91,930 | 19,756,003 | — | 19,847,933 | |||
India | 5,377,423 | 22,050,334 | — | 27,427,757 | |||
Ireland | 11,849,851 | 14,288,140 | — | 26,137,991 | |||
Israel | 2,224,148 | 3,528,623 | — | 5,752,771 | |||
Italy | 4,210,724 | 20,218,544 | — | 24,429,268 | |||
Mexico | 4,211,905 | — | — | 4,211,905 | |||
Netherlands | 15,063,810 | 36,809,275 | — | 51,873,085 | |||
Russia | 2,194,829 | 272,397 | — | 2,467,226 | |||
Singapore | 484,533 | 4,666,730 | — | 5,151,263 | |||
Sweden | 2,565,907 | 47,670,160 | — | 50,236,067 | |||
Switzerland | 4,141,158 | 102,700,386 | — | 106,841,544 | |||
Taiwan | 7,464,249 | 14,210,371 | — | 21,674,620 | |||
United Kingdom | 4,403,754 | 90,672,316 | — | 95,076,070 | |||
United States | 35,265,217 | 396,365 | — | 35,661,582 | |||
All other countries | — | 273,821,133 | — | 273,821,133 | |||
Convertible Bonds | — | 82,089 | — | 82,089 | |||
Preferred Stocks | 1,424,039 | 6,416,033 | — | 7,840,072 | |||
Warrants | 6 | 2,223,911 | — | 2,223,917 | |||
Short-Term Investments | 41,951,621 | — | — | 41,951,621 |
74 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2021 (unaudited)
Level 1 | Level 2 | Level 3 | Total | |
Total | $ 257,020,816 | $ 819,785,939 | $ 627,625 | $1,077,434,380 |
* 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, convertible bonds 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 September 30, 2021.
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Forward foreign currency exchange contracts | $ — | $ 56,266 | $ — | $ 56,266 |
The forward foreign currency exchange contracts outstanding at September 30, 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.
75 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2021 (unaudited)
Clearwater International Fund Portfolio Diversification
(as a percentage of net assets)
76 | (Continued) |