UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-5038
Clearwater Investment Trust |
(Exact name of registrant as specified in charter) |
2000 Wells Fargo Place, 30 East 7th Street, Saint Paul, Minnesota 55101-4930 |
(Address of principal executive offices) (Zip code) |
Owen T. Meacham, Esq. The Northern Trust Company 50 South LaSalle Street, B-9 Chicago, IL 60603 |
(Name and address of agent for service) |
Copy to:
John O’Hanlon
Dechert LLP
200 Clarendon Street
27th Floor
Boston, Massachusetts 02116
Registrant’s telephone number, including area code: 651-228-0935
Date of fiscal year end: 12/31/2010
Date of reporting period: 12/31/2010
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.
Item 1. Reports to Stockholders
CLEARWATER INVESTMENT TRUST
Clearwater Growth Fund
Clearwater Small Cap Fund
Clearwater Tax-Exempt Bond Fund
Clearwater International Fund
Annual Report
for the year ended
December 31, 2010
Letter to our shareholders (unaudited)
February 28, 2011
We are pleased to present to you this annual report, which provides detailed information as to the financial and investment performance of your Clearwater Funds. The Clearwater Growth, Small Cap, Tax-Exempt Bond, and International Funds all reported positive performance for the year ended December 31, 2010. The Clearwater Small Cap Fund and the Clearwater International Fund also both outperformed their respective indices for the same period.
We encourage you to read this annual report as it contains important information about your Clearwater Funds. In addition, this report includes information describing the contract renewal process in December 2010, during which your Board of Trustees reviewed the performance of your investment manager, Clearwater Management Company and each of the Clearwater subadvisers. This report also includes information describing the contract approval process in September 2010 for the three new subadvisers, Heartland, Osterweis, and Knightsbridge, hired to manage portions of the Clearwater Growth Fund portfolio as it changed to a multi-manager, multi-style approach.
We also encourage you to watch for the updated prospectus and statement of additional information to be mailed to you at the end of April. The updated prospectus and statement of additional information include important information for you as a Clearwater Funds shareholder.
We hope the information contained within this report is helpful to you. We thank you for your continued confidence and for choosing to invest with us.
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George Weyerhaeuser, Jr. | Philip W. Pascoe |
CEO, Clearwater Investment Trust | President, Clearwater Management Company |
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Discussion of Clearwater Funds’ Performance
Clearwater Growth Fund
The Clearwater Growth Fund seeks long-term growth of capital. Current income, to the extent income is produced by the stocks held by the Fund, is a secondary objective. During December 2010, the Clearwater Growth Fund changed from a passively managed fund designed to track the Russell 1000® Index and managed by a single subadviser, Parametric Portfolio Associates (“Parametric”) to a multi-manager, multi-style fund. The Growth Fund now has four subadvisers. Parametric, with approximately 60% of the Fund’s assets, manages its portion of the Fund’s assets to mirror the Russell 1000® Index. During December 2010, three new subadvisers, Heartland Advisers, Inc. (“Heartland”), Osterweis Capital Management, LLC (“Osterweis”), and Knightsbridge Asset Management, LLC (“Knightsbridge”) were added to the Fund. The remaining 40% of the Fund’s assets are divided between these three managers who all utilize an active management style.
2010 Market Overview:
The U.S. stock market, in which the Growth Fund primarily invests, expanded during 2010, with significant gains during the fourth quarter. For example, the S&P 500 Index was up 10.8% in the final three months of the year, accounting for the bulk of the S&P 500’s 15% gain for all of 2010. Whether the result of a second round of quantitative easing by the Federal Reserve or the extension of the Bush-era tax cuts, the Federal government appeared to have had a great deal of influence on the stock market gains in the last quarter of the year. All economic sectors were up in the fourth quarter, led by the cyclicals, those most sensitive to changes in the overall economy, including Energy (+21%), Materials (+19%), Consumer Discretionary ( +13%) and Industrials (+12%). The worst performing were the defensive sectors of Utilities (+1%), Health Care (+4%) and Consumer Staples (+6%) as investors were not as focused on sectors that can weather a slumping economy.
2010 Performance:
The Clearwater Growth Fund’s return for 2010 was a positive 14.4%, net of fees, as compared to a positive 16.10% for the Russell 1000® Index, the Fund’s benchmark. The portion of the portfolio managed by Parametric gained 16.03%, gross of fees. The variance in performance to the Fund’s benchmark resulted primarily from timing related to the investment of cash within the portfolio. During December 2010, a portion of the Fund’s assets were transferred from Parametric to Heartland, Osterweis, and Knightsbridge. These transfers were both in cash, as Parametric sold assets with built-up capital gains in order to take advantage of expiring capital loss carry forwards and, where appropriate, in securities. As Heartland, Osterweis, and Knightsbridge were in the process of fully investing their portions of the Fund’s assets during December 2010, the performance for their portions of the Fund’s portfolio is not being reported for the year ended December 31, 2010. Heartland, Osterweis, and Knightsbridge have each provided information as to their outlook for 2011 as described below:
2011 Outlook (Heartland):
The portfolio funded in early December and was nearly fully invested by year’s end. As we look into 2011, we have a positive, though balanced view on the economy. We are cognizant of several risks to the outlook including an unsettled housing picture, an increasing threat of inflation, stubbornly high unemployment and fiscal austerity facing all levels of government. However, these risks are balanced against positive news on corporate profits, increasing deal activity and return of investor flows into equities. Against this backdrop, we are confident there will be ample opportunity to apply our disciplined investment process, seeking value in companies with high quality earnings and strong balance sheets.
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2011 Outlook (Osterweis):
We believe the additional stimulus from the recent Federal tax bill modestly improves visibility on 2011 GDP growth, but many of the cyclical and structural headwinds confronting the economy that have been in place over much of the past 24 months remain. Notwithstanding these systemic challenges, we continue to think the path of least resistance for the stock market is up. Even a continued, gradual economic recovery should allow many companies to deliver meaningful earnings and cash flow growth. A modest rise in interest rates seems likely in 2011 but, historically, this has not derailed a stock market recovery as long as economic growth remains intact. Moreover, corporate balance sheets are so strong that a modest increase in borrowing costs should not materially impact earnings or cash flows. In fact, we could see a significant increase in mergers & acquisition activity in the coming year as corporate America makes strategic moves before interest rates move higher in coming years. We hasten to note that we remain fully aware of the risks posed by being heavily invested in a market that has rallied over 90% up off of its lows just 22 months ago. To balance the increased risk represented by our higher equity exposure, we remain keenly focused on out-of-favor, undervalued, larger cap equities that have lagged recently.
2011 Outlook (Knightsbridge):
A strong upward move in equities in recent months has produced conditions of improved investor sentiment and limited volatility. In the near term, we see potential for an equity correction of 5% or more, based on our observation that historically, bull markets have experienced temporary pullbacks of notable magnitude, particularly during periods of elevated optimism and positive investor sentiment. Consequently, we are more cautious in investing new capital added to client portfolios at this time, opting to hold up to 35% in cash reserves in anticipation of such correction. We would likely view any pullback as an opportunity to deploy these cash reserves, given our expectation that equity valuation will expand further into 2011. Our assumptions around valuation are based on our belief that eventual bond fund outflows will make their way into U.S. equities and U.S. companies will continue to deliver earnings growth throughout the year. We continue to maintain exposure to gold (through the equity securities of gold mining companies), given concerns regarding inflation, currency and sovereign debt issues. We currently are finding value in the equities of out-of-favor natural gas producers and are expecting a multi-year recovery in associated stocks. Finally, our portion of the Clearwater Growth Fund portfolio is generally tilted toward names more sensitive to inflation and economic recovery, along with exposure to recovering financial stocks.
Clearwater Small Cap Fund
The Fund normally invests at least 80% of its assets in equity securities of small companies. The Fund defines “small companies” as issuers with market capitalizations no greater than the range of capitalizations of the companies included in the Russell 2000® Index at the time of investment. Equity securities consist primarily of exchange traded common and preferred stocks and convertible securities. The Fund may invest up to 20% of its assets in microcap securities. The Fund uses a “multi-style, multi-manager” approach with two subadvisers who employ distinct investment styles; Kennedy Capital Management (“Kennedy”) and Keeley Asset Management (“Keeley”).
2010 Market Overview:
During 2010, several market dynamics and specific events affected the portfolio. The underlying fuel for much of this year’s performance was simply growing investor confidence in economic recovery. Consumer and corporate purse strings, which had been severely constricted during the two previous years, gradually loosened during 2010. Consumer spending grew, capital equipment orders rose, and more goods made their way across the country and across the globe. While confidence in a recovery is a somewhat vague factor, there was also a much more direct force driving stocks higher – cash and credit availability. A number of factors also set a positive tone for the markets late in the year, including the agreement in Washington to extend the Bush-era tax cuts. Investors also were heartened by a rebound in global equity markets along with encouraging reports on retail sales. Meanwhile, commodity prices were on the rise with gold, silver, copper,
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and oil all at or near multi-year high price levels. Finally, there was a noticeable uptick in durable goods orders into the end of the year, and third quarter GDP was revised upward to 2.60%. Despite this good news, we have not seen a meaningful improvement in employment. The unemployment rate continues to be stuck near the 9.80% level. In addition, housing continues to weigh heavily on the recovery, as home prices have come under further pressure. Both of these factors remain a concern in 2011.
2010 Performance:
The Clearwater Small Cap fund posted a strong one-year return of 30.0%, net of fees and expenses, outperforming its benchmark, the Russell 2000® Index, which gained 26.9%. Performance commentary by each of the Fund’s two subadvisers is included below:
Kennedy Performance Commentary: In 2010, our portion of the Clearwater Small Cap Fund generated a return of 33.2% (gross of fees), outperforming the Russell 2000® benchmark return of 26.9%. As was the case in 2009, security selection was the deciding factor in our annual outperformance. Sector allocation was a negative factor this year, although it detracted less than 1% from performance. The strongest areas of outperformance – each of which added over 100 basis points – were the Industrial, Consumer Discretionary, and Health Care sectors. We underperformed in Energy and Information Technology. Within the Energy sector, we experienced several negative impacts to the portfolio. We were invested in companies influenced by the slowdown of activity in the Gulf of Mexico due to the oil spill, which resulted from government-imposed regulatory restrictions. We also had exposure to natural gas prices, through the equity securities of natural gas producers, which we believe were driven lower by growing supply in several nascent fields, including the Marcellus and Haynesville shale plays. On the positive side, acquisitions and confidence in the global economy contributed to gains in our Consumer Discretionary and Industrial stocks.
Keeley Performance Commentary: For the 12 months ended December 31, 2010, our portion of the Clearwater Small Cap portfolio underperformed its benchmark, the Russell 2000® Index. The portfolio increased approximately 24.26%, gross of fees, versus an increase of 26.9% for the benchmark. From a sector contribution perspective, the Industrials and Materials sectors contributed positively to returns as both sectors had strong stock selection. However, stock selection in the Information Technology and Financials sectors detracted from performance, as did an over-weight allocation to the Energy sector. While domestic equities were strong across the board for the year, small cap stocks continued to outpace large cap stocks. Among small cap stocks, all sectors in the Russell 2000® Index had positive returns during the year.
2011 Outlook (Kennedy):
As we consider performance drivers for 2011, several elements influence our thinking. First, we are seeing low to negative effective interest rates in the U.S. economy. The Federal Reserve is supporting this through its extraordinary bond purchase commitments. Furthermore, investor bond allocations remain at historically high levels. As low effective interest rates incentivize investors to migrate away from lower risk assets, we expect demand for equities will grow, expanding multiples. More specifically, we expect secular and cyclical revenue growth for our portfolio companies and solid margin expansion. The economy is operating at relatively low capacity utilization rates, and companies have done an admirable job of constraining expenses. Therefore, as revenues grow, we believe gross margins will ratchet higher and operating leverage will be positive. Finally, we closely follow credit availability and see the strong increases in high yield issuance and leveraged loans as distinct positives for our small cap companies. In general, we believe that the market is underestimating earnings growth simply from refinancing debt.
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2011 Outlook (Keeley):
Although a number of challenges remain, we expect a slow, but positive recovery. Additionally, valuations continue to be attractive, as an improving credit environment and enhanced stability in the financial system has provided more clarity and visibility regarding future prospects. Merger and acquisition activity, the number of companies emerging from bankruptcy, and the projected number of spin-offs are all evidence that credit markets are improving. This is critical if our companies are to experience prolonged growth and especially important to our corporate restructuring investment philosophy. Looking ahead, in this slow growth economy we believe that companies of all sizes and in all sectors will increasing rely on corporate restructuring to help maximize shareholder value. Since restructuring is what we have focused on for over 20 years, we believe that we have an advantage in this market environment. We continue to identify attractive opportunities in today’s environment and we remain committed to our value driven strategy which buys stocks of relatively unknown (spin-offs) and out of favor (below book value) companies.
Clearwater Tax-Exempt Bond Fund
The Fund invests at least 80% of its assets in tax-exempt securities, which are debt obligations issued by or for the U.S. states, territories and possessions and the District of Columbia. The interest on these securities is generally exempt from both U.S. regular federal income tax and U.S. federal alternative minimum tax. However, the Fund may invest up to 20% of its assets in securities that generate interest income subject to federal alternative minimum tax for individuals. The Fund invests in both revenue bonds, which are backed by and payable only from the revenues derived from a specific facility or specific revenue source, and in general obligation bonds, which are secured by the full faith, credit and taxation power of the issuing municipality. The Fund’s subadviser, Sit Fixed Income Advisers II, LLC (“Sit”), provides day to day management for the Fund.
2010 Market Overview:
Tax-exempt fixed income markets returned to near normalcy for the first ten months of 2010 after the liquidity crisis of 2008, which was caused by downgrades of bond insurers, failures of auction-rate securities, unwinding of leveraged positions and the collapse of Bear Stearns and Lehman Brothers. Liquidity began improving early in 2009, and was enhanced by many government programs, including TARP, TALF, PPIP and BABs. Furthermore, the $787 billion fiscal stimulus bill enacted in February 2009 provided support for many state and local governments and helped the economy return to growth in the second half of 2009. The market continued to enjoy benefits from these programs in the first ten months of 2010. However, once the Federal Reserve announced plans to engage in another round of quantitative easing (QE2) in early November 2010, the Treasury market began to sell off rapidly, and took the tax-exempt bond market with it. The tax-exempt bond market was further negatively impacted by the apparent expiration of the Build America Bond (“BAB”) program, and a significant ratcheting up of headline risk, as some politicians and analysts began beating the drum about increased likelihood and magnitude of municipal defaults. While the concerns expressed appear to apply to only a very small number of municipal bond issuers, all have been painted with the same brush. The weakening of prices and disconcerting media reports led to significant outflows from tax-exempt bond funds beginning in early November. These outflows have put additional pressure on prices of tax-exempt bonds.
The Federal Reserve held the federal funds rate near zero throughout 2009 and 2010. In addition, the Federal Reserve continued to use many other means to pump liquidity into fixed income markets. The U.S. Treasury yield curve flattened considerably during the year. Long-term and intermediate Treasury yields finished the year about 50 basis points lower, while short-term yields remained below 1%. On the other hand, the tax-exempt yield curve steepened. Long-term tax-exempt yields actually rose about 10 basis points during 2010, while short-term yields were relatively unchanged, remaining below 1%. Heavy issuance in the government
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bond markets continued and issuance picked up considerably in the corporate and tax-exempt bond markets as the liquidity crisis abated.
2010 Performance (Sit):
The Clearwater Tax-Exempt Bond Fund returned 3.0%, net of fees, for the year ended December 31, 2010. The Fund’s benchmark, the Barclays 5-Year Muni Index gained 3.4% over the same period. Given the Federal Reserve’s accommodative policies and the steep tax-exempt yield curve, we lengthened the Fund’s average life duration, a measure of the Fund’s sensitivity to changes in interest rates, to 6.2 years from 5.6 years during the year, while yield rose due to the weakness in market conditions in November and December. For comparison, the Fund’s benchmark had duration of 4.0 years at December 31, 2010. Revenue bonds and general obligation bonds produced similar returns during 2010, with revenue bonds returning 2.6% for the year, while general obligation bonds returned 2.7%. Furthermore, longer duration underperformed intermediate duration, but lower quality issues outperformed those of higher credit quality, as investors sought yield. The Fund’s performance, with its heavy emphasis on revenue bonds, was in line on an absolute basis due to the sectors and structures in which it was invested, despite its longer duration.
2011 Market Outlook (Sit):
We expect growth to remain positive throughout 2011, although it may slow somewhat in the second half of the year, as the Federal Reserve looks to wean the economy off its accommodative policies of the past few years and the federal government’s stimulus runs out of steam. With the housing and subprime mortgage mess still unwinding and unemployment still elevated, interest rates may continue to be volatile during the year. We expect revenue bonds to again be strong performers in 2011, as the Federal Reserve’s accommodative policies should continue to allay liquidity concerns in the market, and investor focus remains on yield. General obligation bond performance should remain weak on a relative basis, however, as many cities, counties and states continue to experience revenue shortfalls despite the economy pulling out of recession. In addition, potential problems funding retirement pension and healthcare obligations still persist, and are now the subject of many of the negative media reports afflicting the municipal market. The Treasury yield curve should remain relatively steep, with yields rising across the curve, while the tax-exempt yield curve grows somewhat flatter, with short-term rates rising and long-term tax-exempt yields steadier after the recent sell off. BABs ate up over $200 billion of tax-exempt supply in 2009 and 2010, helping tax-exempt bonds outperform. If BABs are not reauthorized, the tax-exempt market may feel a little additional supply pressure. The Fund’s longer duration and its use of non-rated bonds have positioned it opportunistically for the economic and interest rate environment that we expect in 2011.
Clearwater International Fund
The Fund generally invests at least 80% of the value of its net assets in equity securities that trade in markets outside the United States. Such securities are generally issued by companies domiciled outside of the United States or companies that derive more than half of their revenues or pre-tax income from activities occurring outside of the United States. The Fund diversifies its investments among a number of different countries throughout the world, and may invest in companies of any size. The Fund generally does not invest more than 20% of its net assets in the equity securities of developing or emerging market issuers. The Fund uses a “multi-style, multi-manager” approach. The Fund’s adviser allocates portions of the Fund’s assets among subadvisers who employ distinct investment styles. The Fund currently has four subadvisers, Parametric Portfolio Associates (“Parametric”), AXA Rosenberg Investment Management LLC (“AXA Rosenberg”), Artisan Partners Limited Partnership (“Artisan Partners”), and Eagle Global Advisors, LLC (“Eagle”).
2010 Market Overview:
2010 proved to be a volatile year for equities as investors see-sawed between the fear of a double-dip recession and the hope for economic recovery. Economic influences included the European sovereign debt crisis, Chinese policy tightening concerns and new U.S. stimulus measures. However, a powerful year-end rally
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helped the global equity market post its best fourth quarter return in years as markets ended the year above their pre-Lehman crisis levels. Global equity markets reacted positively to the Federal Reserve embarking on a second round of quantitative easing as well as legislation extending tax breaks. Markets also showed resilience to the European sovereign debt crisis and improving economic and corporate news in key developing and emerging markets helped markets finish the year on a high note. International equities, as measured by the MSCI EAFE® Index, ultimately ended the year with a healthy gain of 7.8%.
2010 Performance:
The Clearwater International Fund outperformed its benchmark, the MSCI World, ex USA Index, gaining 11.4%, net of fees, versus the Index’s 9.4%. Performance commentary from each of the Fund’s four subadvisers is included below:
Parametric Performance Commentary: The performance of our portion of the Fund’s portfolio was 9.3%, gross of fees, versus the Fund’s benchmark performance of 9.4%. The MSCI World, ex USA Index does not include fees or expenses. Parametric manages its portion of the portfolio to mirror as closely as possible the MSCI World, ex USA Index, and the variance in performance to the Fund’s benchmark resulted primarily from timing related to the investment of cash within the portfolio.
Axa Rosenberg Performance Commentary: For the year ended December 31, 2010, our portion of portfolio outperformed the Fund’s benchmark, showing a 21.30%, gross of fees, return versus 9.4% for the MSCI World, ex USA Index. Our strong exposure to mid cap stocks benefited the portfolio’s return as did underweight exposures to Financials, Healthcare, and Telecomm, and overweight exposures to Consumer Discretionary and Materials. While the portfolio benefited from sector and industry exposure, stock selection was a negative factor as valuation and earnings were not consistently rewarded until the fourth quarter. Large differences in stock contribution fell across sectors. Selection within Machinery, IT Hardware, Chemicals and Instruments were positive for the year while Metals, Media, Oil and Retail stocks lagged their peers. Some industries, however, experienced strong rationalization between prices and earnings: within Machinery, Hitachi posted a 77% return for the year, and Weir Group PLC and Hyundai Mipo Dockyard both posted returns over 120%; Chemicals holdings Arkema SA, and Mitsubishi Chemical captured returns of 98% and 63% respectively.
Artisan Partners Performance Commentary: During the year ended December 31, 2010, our portion of the Fund returned 20.49%, gross of fees, outperforming the MSCI World ex USA Index, which returned 9.4%. Stock selection was a key driver of performance during the period. Performance of the following stocks had a positive impact on the portfolio during the period: Panalpina Welttransport Holding AG, a Swiss-based freight forwarder; Signet Jewelers Limited, a jewelry retailer in the U.S. and U.K.; Tyco Electronics Ltd., a maker of electronic connectors; Experian PLC, a U.K. credit information firm; and Compass Group PLC, a catering company. Notable detractors included: Home Retail Group plc, a U.K.-based general merchandise retailer; Total SA, a French oil company; Covidien plc, a maker of medical products; Societe Television Francaise 1, operator of the French television channel TF1; and Carpetright plc, a carpet and floor coverings retailer.
Eagle Performance Commentary: For the year ended December 31, 2010 our portion of the Fund returned 4.68%, gross of fees, underperforming the MSCI World ex USA Index return of 9.4%. The entirety of the underperformance occurred in the first half of the year as sovereign debt concerns dominated world headlines. During the second half of the year our sector weightings added to overall performance, but poor stock selection detracted from these gains. Portfolio exposures in Europe, particularly to Portugal, Italy, Ireland, Greece, and Spain (“PIIGS”) region, were particularly hard hit during the second half of the year. Overall, the year’s final six months proved to be more productive for the portfolio as investor emotions calmed and global markets began to react to fundamental news. While emerging markets outpaced
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developed markets for the year, the portfolio has historically maintained an underweight to emerging markets which certainly detracted from performance in 2010.
2011 Outlook (Axa Rosenberg):
Our investment process is designed to capitalize on the belief that earnings matter and that investors will eventually reconcile prices paid for earnings delivered. We would expect that our earnings and valuation profiles will outperform as investors refocus on the relationship between earnings and prices. In our earnings forecasts, we continue to see improvement in the earnings profiles of companies around the world. Our fundamental approach shows that earnings revisions, based on one year forecasts, have been positive. As the recovery takes hold, we would expect investors to take a more consistent approach in evaluating companies with superior earnings and valuation profile that are expected to outperform as they have done historically.
2011 Outlook (Artisan Partners):
As we enter 2011, we believe that the previous two years afforded value investors a truly rare opportunity to invest in high-quality companies at historically low valuations. In 2011, we see that valuations for high-quality businesses (particularly outside the U.S.) have risen, and that therefore it will be more difficult to find high-quality growth stocks at cheap prices. We expect that this will mean increased portfolio turnover as we sell equities which we believe are close to their intrinsic value and seek to purchase new or existing securities at more attractive valuations.
2011 Outlook (Eagle):
Signs point to a continuation of growth in many of the major economies of the world, but stresses are mounting in some regions. The biggest stress point continues to be Europe. Signs of faster growth appeared in Germany and Northern Europe while the economies of the PIIGS have slowed. While Europe made progress in crafting some policies to assist the financing needs of the struggling countries, the central economic and political problems remain. The main economic problem is that the Euro is too strong for the weak economies to boost their exports; absent a weak Euro, these economies have to suffer an “internal devaluation” of wages and prices which is very painful and incompatible with closing large budget deficits. At the same time a weakened Euro is boosting exports of Germany and Northern Europe, whose productivity makes their wages effectively competitive. One help would be for the prospering economies to subsidize the economies of the struggling economies, but this is politically difficult. We expect Europe will muddle through this mess with a series of highly disguised bailouts, but it will be a difficult road. The developing countries of Asia, in particular China, are struggling with rising inflation, and are starting to raise interest rates and enact policies to cool off sectors of overheating. While we expect these actions will continue during 2011, we do not expect the high growth of these developing countries to be derailed as the underlying trends are very strong.
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Comparison of the Change in Value of a $10,000 Investment in the Clearwater
Growth Fund and the Russell 1000 Index
Comparison of the Change in Value of a $10,000 Investment in the Clearwater
Small Cap Fund and the Russell 2000 Index
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Comparison of the Change in Value of a $10,000 Investment in the Clearwater
Tax Exempt Bond Fund and the Barclays 5-Year Municipal Bond Fund Index
Comparison of the Change in Value of a $10,000 Investment in the Clearwater
International Fund and the MSCI World ex-US Index
* Clearwater International Fund inception date.
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Fund Expense Example
(unaudited)
As a shareholder of the Funds, you incur costs, including management fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. In addition to the ongoing costs which the Funds pay directly, you as a shareholder indirectly bear the expenses of any outside exchange traded funds or mutual funds in which the Funds invest. (These are also referred to as “acquired fund” and those indirect expenses represent the Funds’ pro rata portion of the cumulative expenses charged by the acquired funds.)
The example provided is based on an investment of $1,000 invested at the beginning of the period and held for the six month period ended December 31, 2010.
Actual Expenses
The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period” to estimate the expenses attributable to your investment during this period.
Hypothetical Example for Comparison Purposes
The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in the Clearwater Funds and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the second section of the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you compare the relative total costs of the Clearwater Funds to funds that charge transaction costs and/or sales charges or redemption fees.
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| Beginning Account |
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| Ending Account |
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| Expenses Paid |
Growth Fund |
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| $1,000.00 |
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| $1,222.50 |
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| $1.74 |
Small Cap Fund |
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| $1,000.00 |
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| $1,294.10 |
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| $5.49 |
Tax-Exempt Bond Fund |
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| $1,000.00 |
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| $986.90 |
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| $1.80 |
International Fund |
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| $1,000.00 |
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| $1,252.00 |
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| $4.54 |
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Hypothetical (5% return |
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Growth Fund |
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| $1,000.00 |
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| $1,023.64 |
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| $1.58 |
Small Cap Fund |
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| $1,000.00 |
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| $1,020.42 |
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| $4.84 |
Tax-Exempt Bond Fund |
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| $1,000.00 |
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| $1,023.39 |
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| $1.84 |
International Fund |
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| $1,000.00 |
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| $1,021.17 |
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| $4.08 |
*Expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The annualized expense ratios are as follows:
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| Growth Fund (a) | 0.30% |
| Small Cap Fund | 0.95% |
| Tax-Exempt Bond Fund | 0.36% |
| International Fund | 0.80% |
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| (a) The expense ratio for the Growth Fund represents the blended expense ratio during the period. The management fee of the Fund was reduced through voluntary waivers to 0.28%, until December 1, 2010, when the voluntary waivers were discontinued and the expense ratio of the fund returned to 0.45%. |
Quarterly Portfolio Schedule of Investments
The Funds file a complete schedule of their portfolio holdings as of the close of the first and third quarters of their fiscal years with the SEC on Form N-Q. Shareholders may request copies of Form N-Q free of charge by calling the Transfer Agent toll free at 1-888-228-0935 or by sending a written request to: Fiduciary Counselling, Inc, 30 East 7th Street, Suite 2000, St. Paul, MN 55101 Attn: Clearwater Investment Trust Transfer Agent. These filings are also available on the SEC’s Internet site at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information about the public reference room may be obtained by calling 1-800-SEC-0330.
A-12
Voting Proxies on Fund Portfolio Securities
The funds have established Proxy Voting Policies and Procedure (“Policies”) that the funds use to determine how to vote proxies relating to portfolio securities. They also report, on Form N-PX, how the Funds voted any such proxies during the most recent 12-month period ended June 30. Shareholders may request copies of the Policies or Form N-PX free of charge by calling the Transfer Agent toll free at 1-888-228-0935 or by sending a written request to: Fiduciary Counselling, Inc, 30 East 7th Street, Suite 2000, St. Paul, MN 55101 Attn: Clearwater Investment Trust Transfer Agent. Form N-PX is also available from the EDGAR database on the SEC’s Internet site at http://www.sec.gov.
A-13
EXECUTIVE OFFICERS AND TRUSTEES
Information About the Funds’ Independent Trustees
|
|
|
|
|
|
|
|
|
|
|
Name, Address, |
| Positions Held |
| Term of Office |
| Principal |
| Number of |
| Other |
Lucy R. Jones |
| Trustee |
| Tenure: 11 yrs |
| Private Investor |
| 4 |
| None |
|
|
|
|
|
|
|
|
|
|
|
Charles W. |
| Trustee |
| Tenure: 11 yrs |
| President and Chief Executive Officer, P&G Manufacturing, Inc. (air filtration |
| 4 |
| None |
|
|
|
|
|
|
|
|
|
|
|
Laura E. |
| Trustee |
| Tenure: 11 yrs |
| Business Owner |
| 4 |
| None |
|
|
|
|
|
|
|
|
|
|
|
Justin H. Weyerhaeuser (37) |
| Trustee |
| Tenure: 3 yrs Term: |
| Attorney |
| 4 |
| None |
|
|
|
|
|
|
|
|
|
|
|
1 Mr. Rasmussen and Ms. Rasmussen are spouses-in-law, and are nieces or nephews of Mr. F. T. Weyerhaeuser (see below).
A-14
EXECUTIVE OFFICERS AND TRUSTEES
Information About the Funds’ Officers and Interested Trustee
|
|
|
|
|
|
|
|
|
|
|
Name, Address, |
| Positions Held |
| Term of Office |
| Principal |
| Number of |
| Other |
George H. |
| Trustee, Chairman, Chief Executive Officer and Treasurer |
| As Trustee; Tenure: 4 yrs Term: Indefinite |
| Senior Vice President, Technology, Weyerhaeuser Company (1998 - 2006) |
| 4 |
| Foss Waterway Development Authority, Fermi Research Alliance |
|
|
|
|
|
|
|
|
|
|
|
Frederick T. |
| Trustee, Vice President and Secretary |
| As Trustee; Tenure: 23 yrs Term: Indefinite |
| Private Investor |
| 4 |
| Potlach Corporation (1960 - 2003) |
|
|
|
|
|
|
|
|
|
|
|
1 Mr. F. T. Weyerhaeuser is an interested trustee due to his daughter’s position as a director of Clearwater Management Company, the Funds’ adviser.
A-15
EXECUTIVE OFFICERS AND TRUSTEES
Information About the Funds’ Officers and Interested Trustee
|
|
|
|
|
|
|
|
|
|
|
Name, Address, |
| Positions Held |
| Term of Office |
| Principal |
| Number of |
| Other |
Jennifer D. |
| Chief Compliance Officer |
| Tenure: September 2009- Present Term: Reappointed Annually |
| Clearwater Management Company, Inc: Chief Compliance Officer, 9/09 - Present; Fiduciary Counselling, Chief Financial Officer and Chief Compliance Officer, 9/09 - Present; RiverSource Investments and RiverSource Funds, Chief Compliance Officer, 2006 - 2009; President, Tamarack Funds, 2003 - 2006 |
| N/A |
| N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional information about the Fund Directors is available in the Funds’ Statement of Additional Information (SAI). The SAI is available, without charge, upon request, by contacting the transfer agent at (888) 228-0935 or writing the Funds at 2000 Wells Fargo Place, 30 East 7th Street, St. Paul, Minnesota 55101-4930. The Funds do not have an Internet Web site.
A-16
Approval of the Investment Management and Subadviser Service Agreements
Clearwater Management Company (“CMC”) is responsible for managing the investment programs and strategies for the Growth Fund, Small Cap Fund, Tax-Exempt Bond Fund, and International Fund (collectively, “the Funds”). CMC also provides other administrative services to the Funds, and these services, as well as its investment management services, are provided to the Funds under an agreement (the “Management Agreement”). CMC conducts due diligence when selecting each subadviser (collectively, the “Subadvisers”) for the Funds and oversees the performance of the Subadvisers. The Subadvisers provide portfolio management and related services for the Funds under individual subadvisory agreements (the “Subadvisory Agreements”).
On an annual basis, the Funds’ Board of Trustees (the “Trustees”) including the independent trustees, considers renewal of the Management Agreement and the Subadvisory Agreements. In addition, the Trustees may periodically consider the retention of new subadvisers and may also review any individual subadvisory agreement.
The Trustees met in-person on September 17-18, 2010 to consider the retention of three additional subadvisers for the Growth Fund, Heartland Advisors, Inc. (“Heartland”), Knightsbridge Asset Management, LLC (“Knightsbridge”) and Osterweis Capital Management, LLC (“Osterweis”), as well as the renewal of the subadvisory agreement with AXA Rosenberg Investment Management LLC (“AXA Rosenberg”), a subadviser to the International Fund. Prior to the meeting, the Trustees requested, received, and reviewed written responses and supporting materials from Heartland, Knightsbridge, Osterweis and AXA Rosenberg. These written responses were received in response to questions posed to them on behalf of the Trustees. In addition to these materials, the Trustees also reviewed materials presented to them by CMC as to the proposed changes to the Growth Fund from a single manager, passively-managed fund, to a multi-manager, multi-style fund. CMC further presented information as to the due diligence process in identifying and proposing these additional subadvisers to the Trustees. The Trustees also received information as to proposed subadvisory fees for each additional subadviser. During this meeting, counsel to the Funds reviewed with the Trustees the various factors relevant to their consideration of the Subadvisory Agreements, and the Trustees’ responsibilities related to their review. The Trustees also reviewed information on the investment performance of AXA Rosenberg and the recent changes in ownership, which had resulted in a change of control at the organization. The Trustees considered information presented throughout the year in addition to the materials presented at the September 2010 Board meeting. The Trustees considered a number of factors, including those discussed below, that they believed to be relevant. No single factor determined whether or not an agreement would be approved but rather the totality of factors considered was determinative. Following an analysis and discussion, the Trustees, including all independent trustees present, approved the Heartland, Knightsbridge and Osterweis subadvisory agreements for an initial two-year period, and approved the renewal of the AXA Rosenberg subadvisory agreement for a one-year period.
Nature, Extent and Quality of Services Provided
The Trustees considered information presented as to the services to be provided by Heartland, Knightsbridge and Osterweis, as well as their investment expertise, resources and capabilities. The Trustees considered the services provided by AXA Rosenberg, as well as its investment
A-17
expertise, resources and capabilities. The Trustees reviewed information regarding the financial condition of Heartland, Knightsbridge, Osterweis and AXA Rosenberg as related to their ongoing ability to provide services as specified under their respective subadvisory agreements. The Trustees considered AXA Rosenberg’s ability to continue to provide the services specified in its subadvisory agreement given the Securities and Exchange Commission’s on-going investigation of a coding error in AXA Rosenberg’s quantitative investing model. Based on their analysis of the data presented, the Trustees concluded that they were generally satisfied with the nature and quality of the proposed services for the additional subadvisers to the Growth Fund, as well as those being provided by AXA Rosenberg as described in the respective subadvisory agreements.
Investment Performance
The Trustees considered AXA Rosenberg’s performance in the period since the International Fund’s inception on February 5, 2009. The Trustees concluded that they were satisfied with AXA Rosenberg’s investment management performance to date. The Trustees did not consider the investment performance of Heartland, Knightsbridge and Osterweis as their services to the Growth Fund had not yet commenced.
Comparative Fees and Cost of Services Provided
The Trustees reviewed the proposed fees to be paid to Heartland, Knightsbridge and Osterweis and the fees paid to AXA Rosenberg. The Trustees reviewed reports describing the total expense ratios of the Growth and International Funds in comparison to those of similarly situated funds. In addition, throughout the year, the Trustees reviewed information as to the expense ratios of the Growth and International Funds compared to the median expense ratio of a peer group of funds with a comparable investment strategy. The Trustees reviewed information provided by each of the subadvisers as to fees they charge to other subadvisory clients.
Profitability
The Trustees considered that Heartland, Knightsbridge, Osterweis and AXA Rosenberg are each independent firms and their advisory fees charged are the result of arm’s length bargaining between them and CMC under the supervision of the Trustees.
Based on the factors as described above, the Trustees, including all of the independent trustees present, concluded that subadvisory fees were fair and reasonable in view of the investment performance and quality of services proposed for the additional subadvisers for the Growth Fund and for AXA Rosenberg for the International Fund. In reaching this conclusion, no single factor was considered determinative.
At their in-person meeting on December 3-4, 2010, the Trustees considered the renewal of the Management Agreement and those of the Subadvisory Agreements for Artisan Partners Limited Partnership, Eagle Global Advisors, LLC, Keeley Asset Management Corp., Kennedy Capital Management, Inc., Parametric Portfolio Associates, Sit Fixed Income Advisors II, LLC (“Existing Subadvisers”) which had not been previously considered at their in-person meeting on September 17-18, 2010 (the “Existing Subadvisory Agreements”). Prior to the meeting, the Trustees requested, received, and reviewed written responses from CMC and the Existing Subadvisers to questions posed to them on behalf of the Trustees and supporting materials relating to those questions and responses. The information presented at the meeting, including performance and expense data obtained from independent sources were designed to assist the
A-18
Trustees in making their determination as to the renewal of the Management Agreement and Existing Subadvisory Agreements. Also during this meeting, counsel to the Funds reviewed with the Trustees the various factors relevant to their consideration of the Management Agreement and Existing Subadvisory Agreements, and the Trustees’ responsibilities related to their review. In addition to the information presented on December 3-4, 2010, at each regularly scheduled meeting throughout the year, the Trustees reviewed information on the investment performance and financial results of the Funds. The Trustees considered a number of factors, including those discussed below, that they believed to be relevant. No single factor determined whether or not an agreement would be approved but rather the totality of factors considered was determinative. Following an analysis and discussion of the factors described below, the Trustees, including all independent trustees present, approved renewal of the Management Agreement and the Existing Subadvisory Agreements for an additional one-year period.
Nature, Extent and Quality of Services Provided
The Trustees considered information presented as to the services provided by CMC and the Existing Subadvisers, as well as their investment expertise, resources and capabilities. The Trustees considered the quality of the Existing Subadvisers previously recommended by CMC, as well as the ongoing work performed by CMC to recommend enhancements as to individual fund management or creation of new funds. The Board of Trustees specifically noted the work performed by CMC to enhance the Growth Fund to a multi-manager, multi-style approach through the identification and hiring of additional subadvisers during 2010. The Trustees reviewed information regarding the financial condition of CMC and the Existing Subadvisers as related to their ongoing ability to provide services as specified under the Management Agreement and Existing Subadvisory Agreements. Based on their analysis of the data presented, the Trustees concluded that they were generally satisfied with the nature and quality of the services being provided under the Management Agreement and respective Existing Subadvisory Agreements.
Investment Performance
The Trustees reviewed specific information as to the investment performance of the Funds as compared to the performance of their respective benchmark indices and peer groups over various periods of time. The Trustees also reviewed reports summarizing the net assets, redemptions and purchases of shares of the Funds during 2010. The Trustees concluded that they were satisfied with CMC and the Existing Subadvisers’ investment performance to date.
Comparative Fees and Cost of Services Provided
The Trustees reviewed the fees paid to CMC and the Existing Subadvisers. The Trustees reviewed reports describing both the management fees charged by CMC and the total expense ratios of the Funds in comparison to those of similarly situated funds. In addition, throughout the year, the Trustees reviewed information as to the expense ratios of the Funds compared to the median expense ratio of a peer group of funds with a comparable investment strategy. The Trustees also reviewed information provided by each of the Existing Subadvisers as to fees they charge to other subadvisory clients. The Trustees noted the ongoing efforts of CMC to reduce fees paid by shareholders via voluntary waivers which were in place for the International Fund, Small Cap Fund and Tax-Exempt Fund for the entirety of 2010 and for the Growth Fund until it brought on additional subadvisers. The Trustees also noted the commitment of CMC to subsidize the operating costs of the multi-manager Growth Fund until such time as a revised fee
A-19
structure to reflect the change from a single manager to multi-manager, multi-style could be presented to shareholders for approval.
Management Profitability
The Trustees also reviewed CMC’s profitability, particularly noting CMC’s payment of fees and expenses normally absorbed by mutual fund shareholders. The Trustees concluded that profitability levels for CMC were reasonable. The Trustees considered that the Existing Subadvisers are each independent firms and their advisory fees charged are the result of arm’s length bargaining between them and CMC under the supervision of the Trustees.
Economies of Scale
The Trustees considered whether economies of scale might be realized by CMC as the Funds’ assets grow, and whether there also might be benefits from such growth for the Funds’ shareholders. The Trustees noted that the Growth, Tax-Exempt and Small Cap Funds have been in operation for a number of years, and based on the distribution strategy of the Funds will probably not see significant increases in size. The Trustees noted that the International Fund’s assets had remained relatively stable throughout 2010. However, the Trustees determined that they would continue to monitor the assets of the Funds and consider whether there were additional opportunities to realize benefits from economies of scale for shareholders in the future.
Based on the factors as described above, the Trustees, including all of the independent trustees present, concluded that the investment management fees and subadvisory fees were fair and reasonable in view of the investment performance and quality of services provided. In reaching this conclusion, no single factor was considered determinative.
Additional information regarding AXA Rosenberg
On February 3, 2011, AXA Rosenberg announced that the firm had reached a settlement with the Securities and Exchange Commission regarding the investigation of the coding error in AXA Rosenberg’s quantitative investing model. The terms of this settlement require AXA Rosenberg to pay compensation to any client adversely affected by the coding error. The terms of the settlement further require AXA Rosenberg to pay an additional civil penalty and implement certain changes in their internal policies and procedures.
A-20
Federal Tax Information
(unaudited)
Qualified Dividend Income Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”), 100% and 93.52% of ordinary dividends paid during the years ended December 31, 2009 and 2010, respectively, for the Growth Fund, 81.15% of ordinary dividends paid during the year ended December 31, 2010 for the Small Cap Fund, and 47.02% and 88.34% of ordinary dividends paid during the period ended December 31, 2009 and the year ended December 31, 2010, respectively, for the International Fund are designated as “qualified dividend income”, as defined in the Act, subject to reduced tax rates in 2010.
Foreign Tax Credit The International Fund made an election that will allow shareholders to treat their proportionate share of foreign taxes paid by the Fund as having been paid by them. The amounts per share which represent income from sources within foreign countries and the foreign tax credit were $0.8606 and $0.0262, respectively. None of the Fund’s income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.
KPMG LLP
4200 Wells Fargo Center
90 South Seventh Street
Minneapolis, MN 55402
Report of Independent Registered Public Accounting Firm
The Board of Trustees and Shareholders
Clearwater Investment Trust:
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Clearwater Growth Fund, Clearwater Small Cap Fund, Clearwater Tax-Exempt Bond Fund, and Clearwater International Fund (funds within Clearwater Investment Trust) (the Funds) as of December 31, 2010, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2010, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Clearwater Growth Fund, Clearwater Small Cap Fund, Clearwater Tax-Exempt Bond Fund, and Clearwater International Fund as of December 31, 2010, the results of their operations for the year then ended, the changes in their net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Minneapolis, Minnesota
February 28, 2011
KPMG LLP is a Delaware limited liability partnership,
the U.S. member firm of KPMG International Cooperative
(“KPMG International”), a Swiss entity.
CLEARWATER INVESTMENT TRUST
Statements of Assets and Liabilities
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth |
| Small Cap |
| Tax-Exempt |
| International |
| ||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in securities, at fair value (identified cost: $235,991,349 Growth Fund; $198,513,218 Small Cap Fund; $540,111,121 Tax-Exempt Bond Fund; $251,930,522 International Fund) |
| $ | 342,738,497 |
|
| 258,189,507 |
|
| 514,761,290 |
|
| 346,584,265 |
|
Foreign currencies, at value (cost: $399,062) |
|
| — |
|
| — |
|
| — |
|
| 406,917 |
|
Receivable for securities sold |
|
| 1,907,846 |
|
| 592,896 |
|
| 1,720,240 |
|
| 25,788 |
|
Receivable for shares of beneficial interest sold |
|
| 123,000 |
|
| — |
|
| 6,002 |
|
| 377,000 |
|
Accrued dividend and interest receivable, less the allowance for uncollectible interest of $641,634 (Tax-Exempt Bond Fund) |
|
| 340,975 |
|
| 260,848 |
|
| 6,711,192 |
|
| 432,113 |
|
Foreign tax reclaim receivable |
|
| 396 |
|
| — |
|
| — |
|
| 266,736 |
|
Unrealized appreciation on forward foreign currency exchange contracts |
|
| — |
|
| — |
|
| — |
|
| 5,103 |
|
Unrealized appreciation on foreign currency transactions |
|
| — |
|
| — |
|
| — |
|
| 7 |
|
Total assets |
|
| 345,110,714 |
|
| 259,043,251 |
|
| 523,198,724 |
|
| 348,097,929 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables for investment securities purchased |
|
| 425,781 |
|
| 2,218,044 |
|
| 6,278,437 |
|
| 1,008,666 |
|
Payables for fund shares redeemed |
|
| — |
|
| 7,400 |
|
| — |
|
| — |
|
Accrued investment advisory fee |
|
| 284,341 |
|
| 581,081 |
|
| 478,004 |
|
| 674,554 |
|
Payable for dividend distribution |
|
| — |
|
| — |
|
| 240,161 |
|
| — |
|
Foreign currencies, at value (cost: $129,147) |
|
| 130,885 |
|
| — |
|
| — |
|
| — |
|
Unrealized depreciation on forward foreign currency exchange contracts |
|
| — |
|
| — |
|
| — |
|
| 56 |
|
Unrealized depreciation on foreign currency transactions |
|
| — |
|
| — |
|
| — |
|
| 9 |
|
Total liabilities |
|
| 841,007 |
|
| 2,806,525 |
|
| 6,996,602 |
|
| 1,683,285 |
|
Net assets |
| $ | 344,269,707 |
|
| 256,236,726 |
|
| 516,202,122 |
|
| 346,414,644 |
|
Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital stock and additional paid-in capital (authorized unlimited number of shares at no par value for each Fund: outstanding 13,051,993; 13,700,302; 56,990,436; and 24,170,121 shares, respectively) |
| $ | 248,675,305 |
|
| 209,547,076 |
|
| 549,001,982 |
|
| 252,033,680 |
|
Undistributed net investment loss |
|
| — |
|
| — |
|
| (20,090 | ) |
| (807,038 | ) |
Accumulated net realized gain (loss) from investments and foreign currency transactions |
|
| (11,151,008 | ) |
| (12,986,639 | ) |
| (7,429,939 | ) |
| 500,869 |
|
Unrealized appreciation (depreciation) of investments and translation of assets and liabilities in foreign currencies |
|
| 106,745,410 |
|
| 59,676,289 |
|
| (25,349,831 | ) |
| 94,687,133 |
|
Net assets |
| $ | 344,269,707 |
|
| 256,236,726 |
|
| 516,202,122 |
|
| 346,414,644 |
|
Net asset value per share of outstanding capital stock |
| $ | 26.38 |
|
| 18.70 |
|
| 9.06 |
|
| 14.33 |
|
See accompanying notes to financial statements.
2
CLEARWATER INVESTMENT TRUST
Statements of Operations
Year ended December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth |
| Small Cap |
| Tax-Exempt |
| International |
| ||||
Investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income: |
|
|
|
|
|
|
|
|
|
|
|
| |
Dividends (net of foreign taxes withheld of $2,033, $1,534, $0, and $725,737 respectively) |
| $ | 5,797,345 |
|
| 2,093,168 |
|
| 2,264,224 |
|
| 7,736,466 |
|
Interest |
|
| 136 |
|
| 1,147 |
|
| 26,676,165 |
|
| 3,032 |
|
Total income |
|
| 5,797,481 |
|
| 2,094,315 |
|
| 28,940,389 |
|
| 7,739,498 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory fee |
|
| 1,376,681 |
|
| 3,045,202 |
|
| 3,237,313 |
|
| 3,014,913 |
|
Voluntary fee reduction |
|
| (470,608 | ) |
| (902,282 | ) |
| (1,294,925 | ) |
| (602,982 | ) |
Total net expenses |
|
| 906,073 |
|
| 2,142,920 |
|
| 1,942,388 |
|
| 2,411,931 |
|
Net investment income (loss) |
|
| 4,891,408 |
|
| (48,605 | ) |
| 26,998,001 |
|
| 5,327,567 |
|
Realized and unrealized gain (loss) on investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain on security transactions |
|
| 6,916,468 |
|
| 32,392,758 |
|
| 1,110,682 |
|
| 2,107,855 |
|
Net realized gain on litigation proceeds |
|
| 40,557 |
|
| 5,576 |
|
| — |
|
| — |
|
Net realized loss on forward foreign currency exchange contracts |
|
| — |
|
| — |
|
| — |
|
| (1,897 | ) |
Net realized loss on foreign currency transactions |
|
| (1,647 | ) |
| — |
|
| — |
|
| (73,500 | ) |
Net change in unrealized appreciation (depreciation) on security transactions |
|
| 31,769,819 |
|
| 28,799,775 |
|
| (11,571,237 | ) |
| 27,583,851 |
|
Net change in unrealized appreciation on forward foreign currency exchange contracts |
|
| — |
|
| — |
|
| — |
|
| 4,115 |
|
Net change in unrealized depreciation on foreign currency transactions |
|
| (1,738 | ) |
| — |
|
| — |
|
| (2 | ) |
Net change in unrealized appreciation on translation of other assets and liabilities denominated in foreign currencies |
|
| — |
|
| — |
|
| — |
|
| 29,610 |
|
Net gain (loss) on investments |
|
| 38,723,459 |
|
| 61,198,109 |
|
| (10,460,555 | ) |
| 29,650,032 |
|
Net increase in net assets resulting from operations |
| $ | 43,614,867 |
|
| 61,149,504 |
|
| 16,537,446 |
|
| 34,977,599 |
|
See accompanying notes to financial statements.
3
CLEARWATER INVESTMENT TRUST
Statements of Changes in Net Assets
Years ended December 31, 2010 and 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| Growth Fund |
| Small Cap Fund |
| |||||||||||
|
| 12/31/2010 |
| 12/31/2009 |
| 12/31/2010 |
| 12/31/2009 |
| |||||||
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Net investment income (loss) |
| $ | 4,891,408 |
|
| 4,693,990 |
|
| (48,605 | ) |
| (66,057 | ) | |||
Net realized gain (loss) on investments |
|
| 6,955,378 |
|
| (8,594,039 | ) |
| 32,398,334 |
|
| (12,244,262 | ) | |||
Net change in unrealized appreciation/depreciation |
|
| 31,768,081 |
|
| 68,041,563 |
|
| 28,799,775 |
|
| 71,407,497 |
| |||
Net increase in net assets resulting from operations |
|
| 43,614,867 |
|
| 64,141,514 |
|
| 61,149,504 |
|
| 59,097,178 |
| |||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Net investment income |
|
| (5,115,464 | ) |
| (4,613,011 | ) |
| (215,518 | ) |
| — |
| |||
Net realized gain on investments |
|
| — |
|
| — |
|
| — |
|
| — |
| |||
Total distributions to shareholders |
|
| (5,115,464 | ) |
| (4,613,011 | ) |
| (215,518 | ) |
| — |
| |||
Capital share transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Proceeds from shares sold |
|
| 20,011,202 |
|
| 85,875,365 |
|
| 7,569,800 |
|
| 75,386,269 |
| |||
Reinvestment of distributions from net investment income and gain |
|
| 5,115,464 |
|
| 4,613,011 |
|
| 215,518 |
|
| — |
| |||
Payments for shares redeemed |
|
| (12,544,217 | ) |
| (54,091,900 | ) |
| (26,817,519 | ) |
| (40,994,631 | ) | |||
Increase (decrease) in net assets from capital share transactions |
|
| 12,582,449 |
|
| 36,396,476 |
|
| (19,032,201 | ) |
| 34,391,638 |
| |||
Total increase in net assets |
|
| 51,081,852 |
|
| 95,924,979 |
|
| 41,901,785 |
|
| 93,488,816 |
| |||
Net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
At the beginning of the year |
|
| 293,187,855 |
|
| 197,262,876 |
|
| 214,334,941 |
|
| 120,846,125 |
| |||
At the end of the year |
| $ | 344,269,707 |
|
| 293,187,855 |
|
| 256,236,726 |
|
| 214,334,941 |
| |||
Undistributed net investment income (loss) |
| $ | — |
|
| 133,061 |
|
| — |
|
| — | (1) | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tax-Exempt Bond Fund |
| International Fund |
| ||||||||
|
| 12/31/2010 |
| 12/31/2009 |
| 12/31/2010 |
| 12/31/2009 | (2) | ||||
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
| $ | 26,998,001 |
|
| 25,093,557 |
|
| 5,327,567 |
|
| 3,061,595 |
|
Net realized gain (loss) on investments |
|
| 1,110,682 |
|
| (3,545,962 | ) |
| 2,032,458 |
|
| 5,561,677 |
|
Net change in unrealized appreciation/depreciation during the period |
|
| (11,571,237 | ) |
| 62,240,551 |
|
| 27,617,574 |
|
| 67,069,559 |
|
Net increase in net assets from operations |
|
| 16,537,446 |
|
| 83,788,146 |
|
| 34,977,599 |
|
| 75,692,831 |
|
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (27,018,340 | ) |
| (25,117,859 | ) |
| (5,388,519 | ) |
| (4,013,644 | ) |
Net realized gain on investments |
|
| — |
|
| — |
|
| (2,441,263 | ) |
| (4,446,040 | ) |
Total distributions to shareholders |
|
| (27,018,340 | ) |
| (25,117,859 | ) |
| (7,829,782 | ) |
| (8,459,684 | ) |
Capital share transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold |
|
| 27,399,592 |
|
| 120,179,220 |
|
| 31,956,533 |
|
| 244,076,067 |
|
Reinvestment of distributions from net investment income and gain |
|
| 26,778,179 |
|
| 25,117,859 |
|
| 7,829,782 |
|
| 8,459,684 |
|
Payments for shares redeemed |
|
| (69,888,506 | ) |
| (32,421,588 | ) |
| (13,421,383 | ) |
| (26,867,003 | ) |
Increase (decrease) in net assets from capital share transactions |
|
| (15,710,735 | ) |
| 112,875,491 |
|
| 26,364,932 |
|
| 225,668,748 |
|
Total increase (decrease) in net assets |
|
| (26,191,629 | ) |
| 171,545,778 |
|
| 53,512,749 |
|
| 292,901,895 |
|
Net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
At the beginning of the period |
|
| 542,393,751 |
|
| 370,847,973 |
|
| 292,901,895 |
|
| — |
|
At the end of the period |
| $ | 516,202,122 |
|
| 542,393,751 |
|
| 346,414,644 |
|
| 292,901,895 |
|
Undistributed net investment income (loss) |
| $ | (20,090 | ) |
| 188 |
|
| (807,038 | ) |
| (679,781 | )(1) |
See accompanying notes to financial statements.
|
|
(1) | Certain prior year capital account balances have been reclassified to reflect permanent differences between financial reporting and federal income tax basis distributions. These reclassifications did not result in a change to the prior year net assets. |
|
|
(2) | Period from February 5, 2009 (commencement of operations) to December 31, 2009. |
4
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2010
|
|
(1) | Organization |
Clearwater Investment Trust (the “Trust”) was established on January 12, 1987 as a Massachusetts business trust and is registered under the Investment Company Act of 1940 (as amended) as a diversified open end management investment company and presently includes four series of funds: Clearwater Growth Fund, Clearwater Small Cap Fund, Clearwater Tax-Exempt Bond Fund, and Clearwater International Fund (the “Funds”). The Trust’s declaration of trust permits the Board of Trustees to create additional funds in the future. The investment objective of the Clearwater Growth, Small Cap, and International Funds is long- term capital growth. The investment objective of the Clearwater Tax-Exempt Bond Fund is high current income that is exempt from U.S. federal income tax, consistent with preservation of capital. The Clearwater International Fund commenced operations on February 5, 2009.
The Clearwater Growth Fund, using a “multi-style, multi-manager” approach, allocates portions of its assets among subadvisors who employ distinct investment styles. The Fund currently has four subadvisors, Parametric Portfolio Associates (“Parametric”), Heartland Advisors, Inc. (“Heartland”), Knightsbridge Asset Management, LLC (“Knightsbridge”) and Osterweis Capital Management, LLC (“Osterweis”). The allocation among subadvisors will vary over time, but the current intent of the Fund’s advisor is that under normal market conditions approximately 60% of the fund’s net assets will be allocated to Parametric; the remaining net assets will be allocated to one or more of the Fund’s three other subadvisors. Parametric manages its portion of the Fund’s assets in a passive management strategy so that its portion of the Fund’s holdings matches the holdings of the Russell 1000 Index as closely as possible.
The Clearwater Small Cap Fund invests primarily in equity securities of issuers with market capitalizations, at the time of investment, no greater than the range of capitalizations of the companies included in the Russell 2000® Index, an unmanaged, capitalization weighted index. The Fund may invest up to 20% of its assets in microcap securities, generally defined as securities with a market capitalization under $300 million.
The Clearwater Tax-Exempt Bond Fund invests at least 80% of its assets in municipal securities, which are debt obligations issued by or for the U.S. states, territories and possessions, and the District of Columbia. The interest on these securities is generally exempt from regular federal income tax and may also be exempt from federal alternative minimum tax. However, the Fund may invest up to 20% of its assets in securities that generate interest income subject to federal alternative minimum tax.
The Clearwater International Fund, using a “multi-style, multi-manager” approach, allocates portions of its assets among subadvisers who employ distinct investment styles. The Fund currently has four subadvisers, Parametric, AXA Rosenberg Investment Management LLC (“AXA Rosenberg”), Artisan Partners Limited Partnership (“Artisan Partners”), and Eagle Global Advisors, LLC (“Eagle”). The Fund generally invests at least 80% of the value of its net assets in equity securities that trade in markets outside the United States. Such securities are generally issued by companies domiciled outside of the United States or companies that derive more than half of their revenues or pre-tax income from activities occurring outside of the United States. The Fund diversifies its investments among a number of different countries throughout the world, and may invest in companies of any size. The Fund does not currently intend to invest more than 20% of its net assets in the equity securities of developing or emerging market issuers.
|
|
5 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2010
|
|
(2) | Summary of Significant Accounting Policies |
|
|
The significant accounting policies followed by the Funds are as follows: | |
|
|
(a) | Investments in Securities |
|
|
| Investments in U.S. and foreign equity securities are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. Foreign security values are stated in U.S. dollars. Equity securities which have not traded on the date of valuation or securities for which sales prices are not generally reported are valued at the mean between the last bid and asked prices. Debt securities maturing more than 60 days from the valuation date are valued at the market price supplied by an independent pricing vendor; those securities of sufficient credit quality with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued at amortized cost, which approximates fair value. Securities for which no market quotations are readily available (including those the trading of which has been suspended) or when the Advisor 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, securities are valued at fair value as determined in good faith using procedures established by the Board of Trustees. The procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security are valued at fair value as determined in good faith by the Pricing and Valuation Committee as designated by the Board of Trustees. Such determinations are then reviewed and approved by the Board of Trustees. |
|
|
| Security transactions are accounted for on the trade date which is the date the securities are purchased or sold. Realized gains and losses are calculated on an identified cost basis. Dividend income is recognized on the ex-dividend date or, for foreign securities, as soon as the information is available. Interest income, including amortization of original issue discount and premium, is accrued daily. |
|
|
(b) | Foreign Currency Translations |
|
|
| The International Fund invests in securities which are purchased and sold in foreign currencies as a principal investment strategy. The cost of purchases and proceeds from sales of investments, interest and dividend income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such transactions. The value of the International Fund’s assets, as measured in U.S. dollars, may be affected favorably or unfavorably by changes in foreign currency exchange rates and exchange control regulations. The gains or losses, if any, on investments resulting from changes in foreign exchange rates are included in the Statements of Operations with realized and unrealized gain (loss) on investments. The realized gains or losses, if any, on translations of other assets and liabilities denominated in foreign currencies are included in foreign currency transactions on the Statements of Operations. The International Fund also will incur costs in converting U.S. dollars to local currencies, and vice versa. The International Fund therefore may enter into foreign currency transactions as a principal investment strategy. |
|
|
6 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2010
|
|
| Risks may arise upon investing in foreign securities including, but not limited to, political, social or economic instability in the country of the issuer, the difficulty of predicting international trade patterns, the possibility of the imposition of exchange controls, expropriation, limits on removal of currency or other assets, nationalization of assets, foreign withholding and income tax and possible delays in the settlement of foreign stock exchange transactions. The principal markets on which these securities trade may have less volume and liquidity, and may be more volatile, than securities markets in the United States. |
|
|
(c) | Forward Foreign Currency Exchange Contracts |
|
|
| The International Fund enters into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date as a hedge against either specific transactions or the portfolio position. The objective of the International Fund’s foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of the International Fund’s foreign currency denominated securities will decline in value due to changes in foreign currency exchange rates. Forward foreign currency exchange contracts are marked-to-market daily at the applicable exchange rates and any resulting unrealized gains or losses are recorded in the financial statements. The International Fund records realized gains or losses at the time the forward foreign currency exchange contract is offset by entering into a closing transaction with the same counterparty or is extinguished by delivery of the currency. |
|
|
| Risks may arise upon entering into forward foreign currency exchange contracts from the potential of the issuer to default on its obligations under the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The measurement of risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. The Statements of Operations reflect realized gains or losses, if any, in net realized gain (loss) on foreign currency transactions and unrealized gains or losses in unrealized appreciation (depreciation) on forward foreign currency exchange contracts. Additional information on derivative instruments and how these positions may impact the financial statements is found in Note 8. |
|
|
(d) | Spot Contracts |
|
|
| The International Fund routinely enters into spot contracts in order to buy or sell a certain amount of foreign currency at the current market rate, with settlement occurring in two business days. The International Fund may enter into spot contracts in order to make payments, or to receive payments, based on trading activity in a foreign currency. A spot contract allows the International Fund to buy or sell foreign currency on the day it chooses to deal. From time to time, the Growth Fund may also enter into spot contracts in order to make or receive payments due to trading activity in a foreign currency on a non-U.S. exchange. |
|
|
| Risks may arise upon entering into spot contracts from unanticipated movements in the value of a foreign currency relative to the U.S. dollar in a short period of time. Additional information on derivative instruments and how these positions may impact the financial statements is found in Note 8. |
|
|
7 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2010
|
|
(e) | Delayed Delivery Transactions and When-Issued Securities |
|
|
| Certain Funds may engage in securities transactions on a when-issued or delayed-delivery basis. In these transactions, the securities’ prices and yields are fixed on the date of the commitment, with payment and delivery scheduled for a future date. During this period, the securities are subject to market fluctuations. When delayed-delivery purchases are outstanding, a Fund will segregate liquid assets on their records in amounts sufficient to meet the purchase price. A Fund may dispose of or renegotiate a delayed-delivery transaction, which may result in a capital gain or loss. |
|
|
(f) | Short-Term Investments |
|
|
| Each Fund currently invests uninvested cash in money market portfolios of Northern Institutional Funds. The Growth, Small Cap and International Funds currently invest in the Government Select Portfolio and the Tax-Exempt Bond Fund currently invests in the Tax-Exempt Portfolio. Northern Institutional Funds is an investment company advised by Northern Trust Investments, N.A. (“NTI”), a subsidiary of The Northern Trust Company (“Northern Trust”). Northern Trust serves as custodian for the Trust. |
|
|
| The Government Select Portfolio primarily invests in securities issued by the U.S. government, government agencies, and government-sponsored enterprises. The Tax-Exempt Portfolio primarily invests in high-quality short-term municipal instruments. |
|
|
(g) | Recoverable Taxes |
|
|
| The balance disclosed as foreign tax reclaim receivable represents net amounts withheld by foreign governments on dividend income earned in the respective countries subject to reclamation. All reclaims are paid directly to the Growth and International Funds, respectively. |
|
|
(h) | Federal Taxes |
|
|
| The Trust’s policy is to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies. On a calendar-year basis, the Funds intend to distribute substantially all of their net investment income and net realized gains, if any, to avoid the payment of federal income and excise taxes. Therefore, no income tax provision is required. Each fund is treated as a separate entity for federal income tax purposes. |
|
|
| Management has analyzed the Funds’ tax positions taken on federal tax returns for all open tax years and has concluded that as of December 31, 2010, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and Minnesota state income and federal excise tax returns for the 2007, 2008, 2009 and 2010 tax years for which the applicable statutes of limitations have not expired remain subject to examination by the Internal Revenue Service and state departments of revenue. |
|
|
| Net investment income and net realized gains (losses) for the Funds may differ for financial statement and tax purposes. The character of distributions made during the year from net investment income or net realized gains, if any, may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the period or fiscal year in which amounts are distributed may differ from the period or year that the income or realized gains
|
|
|
8 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2010
|
|
|
|
| (losses) were recorded by the Funds. The tax character of distributions paid by the Funds during the years ended December 31, 2010 and 2009 was as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
| Tax-Exempt |
| Ordinary Income |
| ||||||||
|
| 2010 |
| 2009 |
| 2010 |
| 2009 |
| ||||
Growth Fund |
| $ | — |
|
| — |
|
| 5,115,464 |
|
| 4,613,011 |
|
Small Cap Fund |
|
| — |
|
| — |
|
| 215,518 |
|
| — |
|
Tax-Exempt Bond Fund |
|
| 26,457,141 |
|
| 24,795,282 |
|
| 321,038 |
|
| 322,577 |
|
International Fund* |
|
| — |
|
| — |
|
| 6,288,664 |
|
| 8,459,684 |
|
|
|
| *Commenced investment operations on February 5, 2009. |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
| Long-Term Capital Gains |
| ||||
|
| 2010 |
|
| 2009 |
| |
Growth Fund |
| $ | — |
|
| — |
|
Small Cap Fund |
|
| — |
|
| — |
|
Tax-Exempt Bond Fund |
|
| — |
|
| — |
|
International Fund* |
|
| 1,541,118 |
|
| — |
|
|
|
| *Commenced investment operations on February 5, 2009. |
|
|
9 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2010
|
|
| As of December 31, 2010, the components of distributable earnings on a tax basis were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth Fund |
| Small Cap |
| Tax-Exempt |
| International |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed ordinary income |
| $ | — |
|
| — |
|
| — |
|
| 341,826 |
|
Undistributed capital gain |
|
| — |
|
| — |
|
| — |
|
| 635,976 |
|
Accumulated capital losses |
|
| (10,839,788 | ) |
| (12,956,601 | ) |
| (7,429,939 | ) |
| — |
|
Unrealized appreciation (depreciation) |
|
| 106,434,190 |
|
| 59,646,251 |
|
| (25,349,831 | ) |
| 93,403,162 |
|
Total |
| $ | 95,594,402 |
|
| 46,689,650 |
|
| (32,779,770 | ) |
| 94,380,964 |
|
|
|
| On the statements of assets and liabilities, due to permanent book-to-tax differences, the following adjustments have been made: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth Fund |
| Small Cap |
| Tax-Exempt |
| International |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed net |
|
|
|
|
|
|
|
|
|
|
|
|
|
investment income (loss) |
| $ | 90,995 |
| $ | 264,123 |
| $ | 61 |
| $ | (66,305 | ) |
Accumulated net realized gain (loss) |
|
| 1,647 |
|
| — |
|
| — |
|
| 66,305 |
|
Additional paid-in capital |
|
| (92,642 | ) |
| (264,123 | ) |
| (61 | ) |
| — |
|
|
|
(i) | Distributions to Shareholders |
|
|
| Distributions to shareholders from net investment income, if any, are declared annually for the Growth, Small Cap, and International Funds and declared daily, payable monthly, for the Tax-Exempt Bond Fund. Distributions to shareholders from net realized gains, if any, are declared annually for all Funds. Distributions are paid in cash or reinvested in additional shares at the direction of the shareholders. |
|
|
(j) | Use of Estimates |
|
|
| The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the period. Actual results could differ from those estimates. |
|
|
(k) | Recent Accounting Pronouncements |
|
|
| In January 2010, the Financial Accounting Standards Board (“FASB”) issued Auditing Standards Updated (“ASU”) No. 2010-06, Improving Disclosures about Fair Value Measurements (“ASU 2010-06”). ASU 2010-06 amends ASC 820, “Fair Value Measurements and Disclosures” (formerly |
|
|
10 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2010
|
|
|
|
| FASB Statement No. 157). Specifically, ASU 2010-06 requires entities to disclose: a) the amounts of significant transfers between Level 1 and Level 2 of the fair value hierarchy and the reasons for these transfers; b) the reasons for any transfers in or out of Level 3; and c) information in the reconciliation of recurring Level 3 measurements about purchases, sales issuances and settlements on a gross basis. In addition, ASU 2010-06 clarifies the requirement for entities to disclose information about both the valuation techniques and inputs used in estimating Level 2 and Level 3 fair value measurements. The requirement to separately disclose purchases, sales, issuances and settlements of recurring Level 3 measurements will be effective for the Clearwater Investment Trust as of the Form N-Q to be filed for the period ended March 31, 2011. At this time, management is evaluating the implications of this requirement under ASU 2010-06 and the impact it will have to the Funds’ financial statement disclosures. All other disclosures required by ASU 2010-06 were adopted on January 1, 2010, and are reflected in these financial statements. |
|
|
|
| (l) | Indemnification |
|
|
|
|
| Under each Fund’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to each Fund. In addition, certain of each Fund’s contracts with its service providers contain general indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against each Fund cannot be determined and each Fund has no historical basis for predicting the likelihood of any such claims. |
|
|
|
(3) |
| Fair Value Measurements |
|
|
|
Fair value is an estimate of the price the Funds would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. This guidance establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments, as described in Note 2(a) above. These inputs are summarized in the three broad levels listed below. | ||
|
|
|
| • | Level 1 – quoted prices in active markets for identical securities |
|
|
|
| • | Level 2 – other significant observable inputs including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc. or quoted prices for identical or similar assets in markets that are not active. Inputs that are derived principally from or corroborated by observable market data are also considered a Level 2 measurement. An adjustment to any observable input that is significant to the fair value may render the measurement a Level 3 measurement. |
|
|
|
| • | Level 3 – valuations based on unobservable inputs, which may include the advisor’s own assumptions in determining the fair value of an investment. |
|
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the investments of each Fund as of December 31, 2010 using the fair value methodology and levels described above: |
|
|
11 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth Fund (a) | |||||||||||
|
| Level 1 |
|
| Level 2 |
|
| Level 3 |
|
| Total |
| |
Common Stocks |
| $ | 318,526,306 |
| $ | — |
| $ | — |
| $ | 318,526,306 |
|
Short Term Investments |
|
| 24,212,191 |
|
| — |
|
| — |
|
| 24,212,191 |
|
Total |
| $ | 342,738,497 |
| $ | — |
| $ | — |
| $ | 342,738,497 |
|
|
|
|
| (a) | For the Growth Fund, 100% of the investment value is compromised of equity securities and short term investments. See the Fund’s Schedule of Investments for industry classification. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Small Cap Fund (b) |
| ||||||||||
|
| Level 1 |
|
| Level 2 |
|
| Level 3 |
|
| Total |
| |
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer discretionary |
| $ | 39,190,169 |
| $ | — |
| $ | — |
| $ | 39,190,169 |
|
Consumer staples |
|
| 5,768,953 |
|
| — |
|
| — |
|
| 5,768,953 |
|
Energy |
|
| 14,831,177 |
|
| — |
|
| — |
|
| 14,831,177 |
|
Financials |
|
| 40,238,842 |
|
| 197,955 |
|
| — |
|
| 40,436,797 |
|
Healthcare |
|
| 26,213,064 |
|
| — |
|
| — |
|
| 26,213,064 |
|
Industrials |
|
| 52,918,103 |
|
|
|
|
| — |
|
| 52,918,103 |
|
Information technology |
|
| 45,488,891 |
|
| — |
|
| 350 |
|
| 45,489,241 |
|
Materials |
|
| 21,120,258 |
|
| — |
|
| — |
|
| 21,120,258 |
|
Utilities |
|
| 7,088,025 |
|
| — |
|
| — |
|
| 7,088,025 |
|
Short Term Investments |
|
| 5,133,720 |
|
| — |
|
| — |
|
| 5,133,720 |
|
Total |
| $ | 257,991,202 |
| $ | 197,955 |
| $ | 350 |
| $ | 258,189,507 |
|
|
|
|
| (b) | For the Small Cap Fund, 100% of the investment value is compromised of equity and short term investments. Common stocks are generally considered Level 1 securities. One common stock has been classified as a Level 2 investment as of December 31, 2010 based on the valuations using a bid price by service providers rather than a last traded or official close price. One common stock has been classified as a Level 3 investment as of December 31, 2010 based on a fair valuation determined by procedures adopted by the Board of Trustees. |
|
|
12 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tax-Exempt Bond Fund (c) |
| ||||||||||
|
| Level 1 | Level 2 |
| Level 3 |
| Total |
| |||||
Closed-End Funds |
| $ | 35,260,109 |
| $ | — |
| $ | — |
| $ | 35,260,109 |
|
Municipal Bonds |
|
|
|
|
|
|
|
|
|
|
|
|
|
Airport |
|
| — |
|
| 5,932,665 |
|
| — |
|
| 5,932,665 |
|
Bond Bank |
|
| — |
|
| 1,529,315 |
|
| — |
|
| 1,529,315 |
|
Development |
|
| — |
|
| 23,488,442 |
|
| — |
|
| 23,488,442 |
|
Education |
|
| — |
|
| 48,788,912 |
|
| — |
|
| 48,788,912 |
|
Facilities |
|
| — |
|
| 7,610,233 |
|
| — |
|
| 7,610,233 |
|
General |
|
| — |
|
| 51,897,583 |
|
| — |
|
| 51,897,583 |
|
General Obligation |
|
| — |
|
| 11,358,264 |
|
| — |
|
| 11,358,264 |
|
Higher Education |
|
| — |
|
| 18,851,835 |
|
| 96,381 |
|
| 18,948,216 |
|
Housing |
|
| — |
|
| 16,986,791 |
|
| — |
|
| 16,986,791 |
|
Medical |
|
| — |
|
| 88,139,934 |
|
| — |
|
| 88,139,934 |
|
Mello-Roos |
|
| — |
|
| 4,261,749 |
|
| — |
|
| 4,261,749 |
|
Multifamily Housing |
|
| — |
|
| 34,301,742 |
|
| — |
|
| 34,301,742 |
|
Nursing Home |
|
| — |
|
| 48,705,156 |
|
| — |
|
| 48,705,156 |
|
Pollution |
|
| — |
|
| 5,160,361 |
|
| — |
|
| 5,160,361 |
|
Power |
|
| — |
|
| 5,601,980 |
|
| 671,000 |
|
| 6,272,980 |
|
School District |
|
| — |
|
| 12,299,921 |
|
| — |
|
| 12,299,921 |
|
Single Family Housing |
|
| — |
|
| 43,871,060 |
|
| — |
|
| 43,871,060 |
|
Student Loan |
|
| — |
|
| 8,867,996 |
|
| — |
|
| 8,867,996 |
|
Tobacco Settlement |
|
| — |
|
| 2,147,056 |
|
| — |
|
| 2,147,056 |
|
Transportation |
|
| — |
|
| 23,560,029 |
|
| — |
|
| 23,560,029 |
|
Utilities |
|
| — |
|
| 3,290,389 |
|
| — |
|
| 3,290,389 |
|
Water |
|
| — |
| 3,606,873 |
| — |
| 3,606,873 |
| |||
Total Municipal Bonds |
|
| — |
|
| 470,258,286 |
|
| 767,381 |
|
| 471,025,667 |
|
Short Term Investments |
|
| 8,475,514 |
| — |
| — |
| 8,475,514 |
| |||
Total |
| $ | 43,735,623 | $ | 470,258,286 | $ | 767,381 | $ | 514,761,290 |
|
|
|
(c) | For the Tax-Exempt Bond Fund, 100% of the investment value is compromised of closed-end funds, municipal bonds securities, and short term investments. The municipal bond securities are generally considered Level 2 securities based on valuations using adjusted evaluated prices provided by the primary pricing provider. Certain municipal bond securities are classified as Level 3 investments as of December 31, 2010 based on fair valuations determined by procedures adopted by the Board of Trustees. |
|
|
13 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| International Fund (d) |
| ||||||||||
|
| Level 1 | Level 2 | Level 3 | Total |
| |||||||
Common Stocks |
| $ | 335,562,959 |
| $ | — |
| $ | — |
| $ | 335,562,959 |
|
Preferred Stocks |
|
| 2,448,377 |
|
| — |
|
| — |
|
| 2,448,377 |
|
Rights |
|
| 5,431 |
|
| — |
|
| — |
|
| 5,431 |
|
Warrants |
|
| 48 |
|
| — |
|
| — |
|
| 48 |
|
Corporate Bonds |
|
| — |
|
| — |
|
| 819,483 |
|
| 819,483 |
|
Short Term Investments |
|
| 7,747,967 |
| — |
| — |
| 7,747,967 |
| |||
Total |
| $ | 345,764,782 | $ | — | $ | 819,483 | $ | 346,584,265 |
|
|
|
(d) | For the International Fund, 100% of the investment value is compromised of equity securities, corporate bonds, rights, warrants, and short term investments. See the Fund’s Schedule of Investments for geographical classification. The only security in the International Fund considered a Level 3 investment at December 31, 2010 is a corporate bond that currently is being valued based on unobservable inputs using an evaluated adjusted price provided by a service provider that is not deemed a primary pricing provider. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments | Level 1 |
| Level 2 |
| Level 3 |
| Total |
| |||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward foreign currency exchange contracts |
| $ | — |
| $ | 5,103 |
| $ | — |
| $ | — |
|
Foreign currency transactions |
|
| — |
|
| 7 |
|
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward foreign currency exchange contracts |
| $ | — |
| $ | (56 | ) | $ | — |
| $ | — |
|
Foreign currency transactions |
|
| — |
|
| (9 | ) |
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other Financial Instruments |
| $ | — |
| $ | 5,045 |
| $ | — |
| $ | — |
|
The forward foreign currency exchange contracts and foreign currency transactions outstanding at December 31, 2010 are considered Level 2 investments due to the contracts and transactions being marked-to-market daily at the applicable exchange rates that have been adjusted from the initial quoted rate. Forward foreign currency exchange contracts and foreign currency transactions are shown on a gross basis in the above table and on the statement of assets and liabilities.
|
|
14 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2010
The following is a reconciliation of investments for the Funds in which significant unobservable inputs (Level 3) were used in determining fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance as of |
| Net |
| Net |
| Net |
| Net |
| Balance as of |
| ||||||
Small Cap Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Information Technology |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | 350 |
| $ | 350 |
|
Total |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | 350 |
| $ | 350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-Exempt Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power |
| $ | 552,924 |
| $ | — |
| $ | 118,076 |
| $ | — |
| $ | — |
| $ | 671,000 |
|
Higher Education |
|
| — |
|
| — |
|
| 20,000 |
|
| — |
|
| 76,381 |
|
| 96,381 |
|
Total |
| $ | 552,924 |
| $ | — |
| $ | 138,076 |
| $ | — |
| $ | 76,381 |
| $ | 767,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
| $ | 995,466 |
| $ | 23,717 |
| $ | 126,855 |
| $ | (326,555 | ) | $ | — |
| $ | 819,483 |
|
Common Stock |
|
| 770,576 |
|
| (18,011 | ) |
| (31,966 | ) |
| 71,185 |
|
| (791,784 | ) |
| — |
|
Total |
| $ | 1,766,042 |
| $ | 5,706 |
| $ | 94,889 |
| $ | (255,370 | ) | $ | (791,784 | ) | $ | 819,483 |
|
* The value of Net Transfers In and/or Out of Level 3 was measured using the fair value as of the end of the year December 31, 2010. Additionally, no single security is deemed significant for separate breakout.
At December 31, 2009, one municipal bond in the Tax-Exempt Bond Fund was priced using a fair value as determined in good faith by the Pricing and Valuation Committee as designated by the Board of Trustees. At December 31, 2010, the municipal bond was priced using an evaluated adjusted price by a primary pricing provider. As a result, at December 31, 2010, this municipal bond was considered Level 2 investment rather than Level 3.
At December 31, 2009, in the International Fund, certain foreign equity securities that were restricted were also deemed illiquid. Another foreign equity security was also valued based on unobservable inputs. All of these securities were fair valued as a result of the Fund applying its good-faith valuation procedures and classified as Level 3. At December 31, 2010, the same foreign equity securities are valued at the closing exchange price and therefore are classified as Level 1 investments. In addition, at December 31, 2009, for certain foreign equity securities, the International Fund’s fair value trigger was met as a result of the monitoring of events impacting the value of securities after the closing of the exchange on which the securities principally trade, but before the calculation of the daily net asset value, resulting in certain securities being classified as Level 2. Since the fair value trigger was not met at December 31, 2010,
|
|
15 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2010
these securities were transferred to level 1. The fair value of the securities transferred from Level 2 to Level 1, using the December 31, 2010 end of year fair value, was $272,044,107.
The forward foreign currency exchange contracts outstanding at December 31, 2010 in the International Fund are considered Level 2 investments since the contracts are marked-to-marked daily at the applicable exchange rates that have been adjusted from the initial quoted rate.
As of December 31, 2010, the total change in unrealized gains or losses on Level 3 securities still held at year end and included in the Statements of Operations was $0, $138,076, and $126,855, for the Small Cap, Tax-Exempt Bond, and International Funds, respectively.
|
|
(4) | Investment Security Transactions |
The cost of purchases and proceeds from sales of securities, other than temporary investments in short term securities, for the year ended December 31, 2010, were as follows:
|
|
|
|
|
|
|
|
|
| Purchases |
| Sales |
| ||
Growth Fund |
| $ | 127,783,887 |
| $ | 140,121,018 |
|
Small Cap Fund |
|
| 155,078,059 |
|
| 171,153,749 |
|
Tax-Exempt Bond Fund |
|
| 151,609,389 |
|
| 159,178,599 |
|
International Fund |
|
| 112,090,199 |
|
| 90,360,082 |
|
|
|
(5) | Capital Share Transactions |
Transactions in shares of each fund for the years ended December 31, 2010 and 2009 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth Fund |
| Small Cap Fund |
| ||||||||
|
| 2010 |
| 2009 |
| 2010 |
| 2009 |
| ||||
Sold |
|
| 834,658 |
|
| 4,317,991 |
|
| 493,809 |
|
| 6,858,845 |
|
Issued for reinvested distributions |
|
| 193,841 |
|
| 197,053 |
|
| 11,507 |
|
| — |
|
Redeemed |
|
| (503,567 | ) |
| (2,592,135 | ) |
| (1,679,055 | ) |
| (3,617,902 | ) |
Increase (decrease) |
|
| 524,932 |
|
| 1,922,909 |
|
| (1,173,739 | ) |
| 3,240,943 |
|
|
|
16 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tax-Exempt Bond Fund |
| International Fund* |
| ||||||||
|
| 2010 |
| 2009 |
| 2010 |
| 2009 |
| ||||
Sold |
|
| 2,944,661 |
|
| 13,601,897 |
|
| 2,404,910 |
|
| 23,904,428 |
|
Issued for reinvested distributions |
|
| 2,846,912 |
|
| 2,823,365 |
|
| 550,618 |
|
| 642,834 |
|
Redeemed |
|
| (7,420,481 | ) |
| (3,640,932 | ) |
| (1,042,676 | ) |
| (2,289,993 | ) |
Increase (decrease) |
|
| (1,628,908 | ) |
| 12,784,330 |
|
| 1,912,852 |
|
| 22,257,269 |
|
* Commenced investment operations on February 5, 2009
|
|
(6) | Capital Loss Carry Over |
For federal income tax purposes, the Growth Fund, Small Cap Fund, Tax-Exempt Bond Fund, and International Fund have capital loss carryovers of $10,839,788, $12,956,601, $7,429,939, and $0, respectively, at December 31, 2010, which, if not offset by subsequent capital gains, will expire as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth Fund |
| Small Cap |
| Tax-Exempt |
| International |
| ||||
Year of expiration: |
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
| $ | — |
|
| — |
|
| — |
|
| — |
|
2012 |
|
| — |
|
| — |
|
| — |
|
| — |
|
2013 |
|
| — |
|
| — |
|
| — |
|
| — |
|
2014 |
|
| — |
|
| — |
|
| — |
|
| — |
|
2015 |
|
| — |
|
| — |
|
| 411,406 |
|
| — |
|
2016 |
|
| 2,269,706 |
|
| 583,243 |
|
| 3,472,571 |
|
| — |
|
2017 |
|
| 8,570,082 |
|
| 12,373,358 |
|
| 3,545,962 |
|
| — |
|
Total |
| $ | 10,839,788 |
|
| 12,956,601 |
|
| 7,429,939 |
|
| — |
|
The following capital loss carryforwards were utilized at December 31, 2010, for U.S. Federal income tax purposes:
|
|
|
|
|
|
| Capital Losses |
| |
Growth Fund |
|
| 6,958,118 |
|
Small Cap Fund |
|
| 32,371,900 |
|
Tax-Exempt Bond Fund |
|
| 1,110,682 |
|
|
|
17 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2010
The Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted on December 22, 2010. The Act makes changes to several tax rules impacting the Funds. In general, the provisions of the Act will be effective for the Funds’ fiscal year ending December 31, 2011. Although the Act provides several benefits, including the unlimited carryover of future capital losses, there may be a greater likelihood that all or a portion of each fund’s pre-enactment capital loss carryovers may expire without being utilized due to the fact that post-enactment capital losses get utilized before pre-enactment capital loss carryovers. Relevant information regarding the impact of the Act on the Fund, if any, will be contained within the “Federal Taxes” section of the financial statement notes for the fiscal year ending December 31, 2011.
(7) Expenses and Related-Party Transactions
The Trust has a contract for investment advisory services with Clearwater Management Company (“CMC”). Under terms of separate agreements, Clearwater Growth Fund, Clearwater Small Cap Fund, Clearwater Tax-Exempt Bond Fund and Clearwater International Fund pay a fee equal to an annual rate of 0.45%, 1.35%, 0.60% and 1.00% of average net assets, respectively. CMC is responsible for the payment or reimbursement of all the Funds’ expenses, except brokerage, taxes, interest, and extraordinary expenses. CMC has periodically reduced its management fee for each of the Funds through voluntary waivers. As of December 31, 2010, the management fees paid by the Small Cap, Tax-Exempt and International Funds net of voluntary waiver are 0.95%, 0.36%, and 0.80%, respectively. Previously, CMC periodically reduced its management fee for the Growth Fund through a voluntary waiver to 0.28%. Effective December 1, 2010, this voluntary waiver was discontinued. For the year ended, December 31, 2010, the effective expense rate for the Clearwater Growth Fund was 0.30%
In addition to fees and expenses which the Funds bear directly, the Funds indirectly bear a pro rata share of the fees and expenses of any acquired funds in which they invest, such as short-term investments in mutual funds and investments in closed-end funds. Such indirect expenses are not included in any of the reported expense ratios.
CMC has entered into sub advisory contracts with independent investment advisory firms for each fund to provide daily investment management services. The sub advisory fee for the Clearwater Growth Fund, payable to Parametric, Heartland, Osterweis and Knightsbridge, is equal to an annual rate of 0.14% of net assets, an annual rate of 0.65% of net assets, an annual rate of 0.75% of net assets, and an annual rate of 0.75% on the first $20 million in net assets it manages and then decreasing to 0.50% of net assets in excess of $20 million, respectively.
The sub advisory fee for the Clearwater Small Cap Fund, payable to Kennedy Capital Management, Inc. is equal to an annual rate of 0.85% on the first $50 million in net assets it manages and then decreasing to 0.80% of net assets in excess of $50 million.
The sub advisory fee for the Clearwater Small Cap Fund, payable to Keeley Asset Management, is equal to an annual rate of 1.00% on the first $2 million in net assets it manages, decreasing to 0.85% on the next $8 million in net assets, and further decreasing to 0.70% of net assets in excess of $10 million.
The sub advisory fee for the Clearwater Tax-Exempt Bond Fund, payable to Sit Fixed Income Advisers II, LLC, is equal to an annual rate of 0.40% on the first $20 million in net assets it manages and then decreasing in reduced percentages to 0.20% of net assets it manages in excess of $75 million.
|
|
18 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2010
The sub advisory fee for the Clearwater International Fund, payable to Parametric, is equal to an annual rate of 0.15% of net assets. The sub advisory fee, payable to AXA Rosenberg, is equal to an annual rate of 0.85% on the first $50 million in net asses it manages, decreasing to 0.75% on the next $50 million in net assets, and further decreasing to 0.65% of net assets in excess of $100 million. The sub advisory fee, payable to Artisan Partners, is equal to an annual rate of 0.80% on the first $50 million in net assets it manages, decreasing to 0.60% on the next $50 million in net assets, and further decreasing to 0.50% of net assets in excess of $100 million. The sub advisory fee, payable to Eagle, is equal to an annual rate of 0.60% on the first $100 million in net assets it manages and then decreasing to 0.50% of net assets in excess of $100 million.
(8) Derivative Instruments
Information concerning the types of derivatives in which the International Fund invests, the objectives for using them and their related risks can be found in Note 2.
Below are the types of derivatives in the International Fund by location as presented in the Statement of Assets and Liabilities as of December 31, 2010:
|
|
|
|
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
| LIABILITIES |
|
|
|
Derivative Type |
| Statement of Assets and |
|
| Value |
| Statement of Assets and |
|
| Value |
| ||||||||||
Forward foreign |
| Unrealized appreciation on |
|
|
|
| Unrealized depreciation on |
|
|
|
exchange |
| forward foreign currency |
|
|
|
| forward foreign currency |
|
|
|
contracts |
| exchange contracts |
| $ | 5,103 |
| exchange contracts |
| $ | 56 |
The following tables set forth by primary risk exposure the International Fund’s realized gains (losses) and change in unrealized gains (losses) by type of derivative contract for the year ended December 31, 2010:
|
|
|
|
|
|
|
|
|
|
|
|
|
AMOUNT OF REALIZED GAIN (LOSS) ON |
| CHANGE IN UNREALIZED APPRECIATION | ||||||||||
Derivative Type |
| Statement of |
|
| Value |
| Derivative Type |
| Statement of |
|
| Value |
|
| Net realized loss on |
|
|
|
|
|
| Net change in unrealized |
|
|
|
Forward foreign |
| forward foreign |
|
|
|
| Forward foreign |
| appreciation on forward foreign |
|
|
|
exchange |
| currency exchange |
|
|
|
| exchange |
| currency exchange contracts |
|
|
|
contracts |
| contracts |
| $ | (1,897 | ) | contracts |
| during the year |
| $ | 4,115 |
|
|
19 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2010
The following table presents the volume of derivative activity for the year ended December 31, 2010. Derivative activity during the year is measured by number of transactions during the period and average notional amount for foreign exchange contracts.
|
|
|
|
|
|
|
|
|
| Foreign Exchange Contracts |
| ||||
|
| Number of |
| Average Notional |
| ||
Clearwater International Fund | 508 |
| $ | 51,870 |
|
|
(9) | Subsequent Events |
|
|
Management has evaluated subsequent events for the Funds through the date the financial statements were issued, and has concluded there are no recognized or non-recognized subsequent events that require financial statement disclosure and/or adjustments to the financial statements. |
|
|
20 | (Continued) |
CLEARWATER INVESTMENT TRUST
Financial Highlights
December 31, 2010
Per share data (rounded to the nearest cent) for a share of capital stock outstanding throughout the years and selected information for each year is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, |
| |||||||||||||
Growth Fund |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| 2006 |
| |||||
Net asset value, beginning of year |
| $ | 23.40 |
|
| 18.60 |
|
| 30.57 |
|
| 29.47 |
|
| 26.03 |
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| 0.38 |
|
| 0.39 |
|
| 0.51 |
|
| 0.48 |
|
| 0.40 |
|
Net realized and unrealized gain (loss) |
|
| 2.99 |
|
| 4.78 |
|
| (11.96 | ) |
| 1.10 |
|
| 3.44 |
|
Total from investment operations |
|
| 3.37 |
|
| 5.17 |
|
| (11.45 | ) |
| 1.58 |
|
| 3.84 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
| (0.39 | ) |
| (0.37 | ) |
| (0.52 | ) |
| (0.48 | ) |
| (0.40 | ) |
Distributions from net realized gains |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Total distributions |
|
| (0.39 | ) |
| (0.37 | ) |
| (0.52 | ) |
| (0.48 | ) |
| (0.40 | ) |
Net asset value, end of year |
| $ | 26.38 |
|
| 23.40 |
|
| 18.60 |
|
| 30.57 |
|
| 29.47 |
|
Total return (a) |
|
| 14.4 | % |
| 27.9 | % |
| (37.5 | )% |
| 5.4 | % |
| 14.8 | % |
Net assets, end of year (000s omitted) |
| $ | 344,270 |
|
| 293,188 |
|
| 197,263 |
|
| 330,991 |
|
| 291,513 |
|
Ratio of expenses, net of waivers, to average net assets (b) (c) |
|
| 0.30 | % |
| 0.28 | % |
| 0.28 | % |
| 0.28 | % |
| 0.31 | % |
Ratio of expenses, before waivers, to average net assets (b) (c) |
|
| 0.45 | % |
| 0.45 | % |
| 0.45 | % |
| 0.45 | % |
| 0.45 | % |
Ratio of net investment income, net of waivers, to average net assets (b) |
|
| 1.60 | % |
| 1.98 | % |
| 1.92 | % |
| 1.61 | % |
| 1.56 | % |
Ratio of net investment income, before waivers, to average net assets (b) |
|
| 1.45 | % |
| 1.81 | % |
| 1.75 | % |
| 1.44 | % |
| 1.42 | % |
Portfolio turnover rate (excluding short-term securities) |
|
| 43.65 | % |
| 21.83 | % |
| 14.71 | % |
| 17.99 | % |
| 5.24 | % |
|
|
|
| (a) | Total return figures are based on the change in net asset value of a share during the year and assume reinvestment of distributions at net asset value. |
|
|
|
| (b) | Effective December 1, 2010, the investment advisor discontinued the voluntary waiver previously in effect. |
|
|
|
| (c) | In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. |
|
|
21 | (Continued) |
CLEARWATER INVESTMENT TRUST
Financial Highlights
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, |
| |||||||||||||
Small Cap Fund |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| 2006 |
| |||||
Net asset value, beginning of year |
| $ | 14.41 |
|
| 10.39 |
|
| 16.68 |
|
| 18.71 |
|
| 18.09 |
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
| — |
|
| — |
|
| 0.05 |
|
| — |
|
| (0.04 | ) |
Net realized and unrealized gains (losses) |
|
| 4.31 |
|
| 4.02 |
|
| (6.29 | ) |
| 0.58 |
|
| 3.13 |
|
Total from investment operations |
|
| 4.31 |
|
| 4.02 |
|
| (6.24 | ) |
| 0.58 |
|
| 3.09 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
| (0.02 | ) |
| — |
|
| (0.05 | ) |
| — |
|
| — |
|
Distributions from net realized gains |
|
| — |
|
| — |
|
| — |
|
| (2.61 | ) |
| (2.47 | ) |
Total distributions |
|
| (0.02 | ) |
| — |
|
| (0.05 | ) |
| (2.61 | ) |
| (2.47 | ) |
Net asset value, end of year |
| $ | 18.70 |
|
| 14.41 |
|
| 10.39 |
|
| 16.68 |
|
| 18.71 |
|
Total return (a) |
|
| 30.0 | % |
| 38.7 | % |
| (37.4 | )% |
| 3.1 | % |
| 17.1 | % |
Net assets, end of year (000s omitted) |
| $ | 256,237 |
|
| 214,335 |
|
| 120,846 |
|
| 246,987 |
|
| 253,846 |
|
Ratio of expenses, net of waivers, to average net assets (b) |
|
| 0.95 | % |
| 0.95 | % |
| 0.95 | % |
| 0.98 | % |
| 1.03 | % |
Ratio of expenses, before waivers, to average net assets (b) |
|
| 1.35 | % |
| 1.35 | % |
| 1.35 | % |
| 1.35 | % |
| 1.35 | % |
Ratio of net investment income (loss), net of waivers, to average net assets |
|
| (0.02 | )% |
| (0.04 | )% |
| 0.32 | % |
| — | % |
| (0.23 | )% |
Ratio of net investment income (loss), before waivers, to average net assets |
|
| (0.42 | )% |
| (0.44 | )% |
| (0.08 | )% |
| (0.37 | )% |
| (0.55 | )% |
Portfolio turnover rate (excluding short-term securities) |
|
| 71.05 | % |
| 95.13 | % |
| 117.12 | % |
| 115.19 | % |
| 69.57 | % |
|
|
|
| (a) | Total return figures are based on the change in net asset value of a share during the year and assume reinvestment of distributions at net asset value. |
|
|
|
| (b) | In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. |
|
|
22 | (Continued) |
CLEARWATER INVESTMENT TRUST
Financial Highlights
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-Exempt |
| Year ended December 31, |
| |||||||||||||
Bond Fund |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| 2006 |
| |||||
Net asset value, beginning of year |
| $ | 9.25 |
|
| 8.09 |
|
| 9.64 |
|
| 10.06 |
|
| 10.00 |
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| 0.47 |
|
| 0.47 |
|
| 0.46 |
|
| 0.46 |
|
| 0.43 |
|
Net realized and unrealized gains (losses) |
|
| (0.19 | ) |
| 1.16 |
|
| (1.55 | ) |
| (0.42 | ) |
| 0.06 |
|
Total from investment operations |
|
| 0.28 |
|
| 1.63 |
|
| (1.09 | ) |
| 0.04 |
|
| 0.49 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
| (0.47 | ) |
| (0.47 | ) |
| (0.46 | ) |
| (0.46 | ) |
| (0.43 | ) |
Distributions from net realized gains |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Total distributions |
|
| (0.47 | ) |
| (0.47 | ) |
| (0.46 | ) |
| (0.46 | ) |
| (0.43 | ) |
Net asset value, end of year |
| $ | 9.06 |
|
| 9.25 |
|
| 8.09 |
|
| 9.64 |
|
| 10.06 |
|
Total return (a) |
|
| 3.0 | % |
| 20.6 | % |
| (11.8 | )% |
| 0.6 | % |
| 5.3 | % |
Net assets, end of year (000s omitted) |
| $ | 516,202 |
|
| 542,394 |
|
| 370,848 |
|
| 337,395 |
|
| 283,745 |
|
Ratio of expenses, net of waivers, to average net assets (b) |
|
| 0.36 | % |
| 0.36 | % |
| 0.37 | % |
| 0.38 | % |
| 0.42 | % |
Ratio of expenses, before waivers, to average net assets (b) |
|
| 0.60 | % |
| 0.60 | % |
| 0.60 | % |
| 0.60 | % |
| 0.60 | % |
Ratio of net investment income, net of waivers, to average net assets |
|
| 5.00 | % |
| 5.34 | % |
| 5.03 | % |
| 4.75 | % |
| 4.66 | % |
Ratio of net investment income, before waivers, to average net assets |
|
| 4.76 | % |
| 5.10 | % |
| 4.80 | % |
| 4.53 | % |
| 4.48 | % |
Portfolio turnover rate (excluding short-term securities) |
|
| 28.95 | % |
| 22.90 | % |
| 32.20 | % |
| 27.58 | % |
| 40.20 | % |
|
|
|
| (a) | Total return figures are based on the change in net asset value of a share during the year and assume reinvestment of distributions at net asset value. |
|
|
|
| (b) | In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. |
|
|
23 | (Continued) |
CLEARWATER INVESTMENT TRUST
Financial Highlights
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended |
| Period ended |
| ||
International Fund |
| 2010 |
| 2009 (c)(d) |
| ||
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
| $ | 13.16 |
|
| 10.00 |
|
Income from investment operations: |
|
|
|
|
|
|
|
Net investment income |
|
| 0.23 |
|
| 0.19 |
|
Net realized and unrealized gains |
|
| 1.27 |
|
| 3.35 |
|
Total from investment operations |
|
| 1.50 |
|
| 3.54 |
|
Less distributions: |
|
|
|
|
|
|
|
Distributions from net investment income |
|
| (0.23 | ) |
| (0.18 | ) |
Distributions from net realized gains |
|
| (0.10 | ) |
| (0.20 | ) |
Total distributions |
|
| (0.33 | ) |
| (0.38 | ) |
|
|
|
|
|
|
|
|
Net asset value, end of period |
| $ | 14.33 |
|
| 13.16 |
|
|
|
|
|
|
|
|
|
Total return (a) |
|
| 11.4 | % |
| 35.5 | % |
|
|
|
|
|
|
|
|
Net assets, end of period (000s omitted) |
| $ | 346,415 |
|
| 292,902 |
|
|
|
|
|
|
|
|
|
Ratio of expenses, net of waivers, to average net assets (b) |
|
| 0.80 | % |
| 0.92 | % |
|
|
|
|
|
|
|
|
Ratio of expenses, before waivers, to average net assets (b) |
|
| 1.00 | % |
| 1.00 | % |
|
|
|
|
|
|
|
|
Ratio of net investment income, net of waivers, to average net assets (b) |
|
| 1.77 | % |
| 1.74 | % |
|
|
|
|
|
|
|
|
Ratio of net investment income, before waivers, to average net assets (b) |
|
| 1.57 | % |
| 1.66 | % |
|
|
|
|
|
|
|
|
Portfolio turnover rate (excluding short-term securities) |
|
| 30.82 | % |
| 35.33 | % |
|
|
(a) | Total return figures are based on the change in net asset value of a share during the period and assume reinvestment of distributions at net asset value. Total return is not annualized for periods less than one year. |
|
|
(b) | Annualized for periods less than one year. |
|
|
(c) | Commenced investment operations on February 5, 2009. |
|
|
(d) | Net investment income for the period ended was calculated using the average shares outstanding method. |
|
|
24 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Common stocks: |
|
|
|
|
|
|
|
|
|
| |||
Consumer discretionary: |
|
|
|
|
|
|
|
|
|
| |||
| 1,200 |
| AARON S INC |
| $ | 24,772 |
|
| 24,468 |
|
|
|
|
| 2,300 |
| ABERCROMBIE & FITCH CO-CL A |
|
| 50,218 |
|
| 132,549 |
|
|
|
|
| 1,500 |
| ADVANCE AUTO PARTS INC |
|
| 53,558 |
|
| 99,225 |
|
|
|
|
| 6,150 |
| AMAZON.COM INC (b) |
|
| 274,722 |
|
| 1,107,000 |
|
|
|
|
| 3,300 |
| AMERICAN EAGLE OUTFITTERS |
|
| 33,099 |
|
| 48,279 |
|
|
|
|
| 1,100 |
| AUTOLIV INC (c) |
|
| 19,410 |
|
| 86,834 |
|
|
|
|
| 500 |
| AUTOZONE INC (b) |
|
| 32,038 |
|
| 136,295 |
|
|
|
|
| 4,575 |
| BED BATH & BEYOND INC (b) |
|
| 120,780 |
|
| 224,861 |
|
|
|
|
| 4,800 |
| BEST BUY CO INC |
|
| 84,882 |
|
| 164,592 |
|
|
|
|
| 1,400 |
| BIG LOTS INC (b) |
|
| 15,477 |
|
| 42,644 |
|
|
|
|
| 1,900 |
| BJ’S WHOLESALE CLUB INC (b) |
|
| 62,368 |
|
| 91,010 |
|
|
|
|
| 2,200 |
| BORGWARNER INC (b) |
|
| 51,799 |
|
| 159,192 |
|
|
|
|
| 5,450 |
| BRINKER INTERNATIONAL INC |
|
| 73,275 |
|
| 113,796 |
|
|
|
|
| 5,300 |
| BROCADE COMMUNICATIONS SYS (b) |
|
| 27,300 |
|
| 28,037 |
|
|
|
|
| 6,400 |
| CABLEVISION SYSTEMS-NY GRP-A |
|
| 85,854 |
|
| 216,576 |
|
|
|
|
| 4,168 |
| CARMAX INC (b) |
|
| 50,984 |
|
| 132,876 |
|
|
|
|
| 7,800 |
| CARNIVAL CORP |
|
| 234,585 |
|
| 359,658 |
|
|
|
|
| 6,043 |
| CBS CORP-CLASS B NON VOTING |
|
| 52,350 |
|
| 115,119 |
|
|
|
|
| 2,400 |
| CENTRAL EUROPEAN MEDIA ENT-A (b)(c) |
|
| 50,118 |
|
| 48,840 |
|
|
|
|
| 5,100 |
| CHICO’S FAS INC |
|
| 55,562 |
|
| 61,353 |
|
|
|
|
| 11,800 |
| CLEAR CHANNEL OUTDOOR-CL A (b) |
|
| 98,115 |
|
| 165,672 |
|
|
|
|
| 5,000 |
| COACH INC |
|
| 19,161 |
|
| 276,550 |
|
|
|
|
| 40,567 |
| COMCAST CORP-CLASS A |
|
| 643,281 |
|
| 891,257 |
|
|
|
|
| 7,800 |
| COSTCO WHOLESALE CORP |
|
| 237,671 |
|
| 563,238 |
|
|
|
|
| 6,900 |
| D R HORTON INC |
|
| 46,031 |
|
| 82,317 |
|
|
|
|
| 2,300 |
| DARDEN RESTAURANTS INC |
|
| 47,909 |
|
| 106,812 |
|
|
|
|
| 1,500 |
| DICK’S SPORTING GOODS INC (b) |
|
| 24,803 |
|
| 56,250 |
|
|
|
|
| 14,821 |
| DIRECTV-CLASS A (b) |
|
| 174,284 |
|
| 591,803 |
|
|
|
|
| 2,000 |
| DOLBY LABORATORIES INC-CL A (b) |
|
| 43,420 |
|
| 133,400 |
|
|
|
|
| 3,350 |
| DOLLAR TREE INC (b) |
|
| 61,517 |
|
| 187,868 |
|
|
|
|
| 3,600 |
| DREAMWORKS ANIMATION SKG-A (b) |
|
| 77,238 |
|
| 106,092 |
|
|
|
|
| 5,320 |
| EXPEDIA INC |
|
| 102,537 |
|
| 133,479 |
|
|
|
|
| 500 |
| FAMILY DOLLAR STORES |
|
| 12,653 |
|
| 24,855 |
|
|
|
|
| 3,000 |
| FOOT LOCKER INC |
|
| 40,394 |
|
| 58,860 |
|
|
|
|
| 59,163 |
| FORD MOTOR CO (b) |
|
| 305,760 |
|
| 993,347 |
|
|
|
|
| 4,300 |
| FORTUNE BRANDS INC |
|
| 149,332 |
|
| 259,075 |
|
|
|
|
| 4,600 |
| GAMESTOP CORP-CLASS A (b) |
|
| 34,643 |
|
| 105,248 |
|
|
|
|
| 3,100 |
| GANNETT INC |
|
| 25,746 |
|
| 46,779 |
|
|
|
|
| 7,700 |
| GAP INC/THE |
|
| 112,586 |
|
| 170,478 |
|
|
|
|
| 4,500 |
| GARMIN LTD (c) |
|
| 104,221 |
|
| 139,455 |
|
|
|
|
| 7,500 |
| GENTEX CORP |
|
| 106,860 |
|
| 221,700 |
|
|
|
|
| 3,450 |
| GENUINE PARTS CO |
|
| 102,425 |
|
| 177,123 |
|
|
|
|
| 800 |
| GUESS? INC |
|
| 27,580 |
|
| 37,856 |
|
|
|
|
| 1,700 |
| HANESBRANDS INC (b) |
|
| 43,166 |
|
| 43,180 |
|
|
|
|
| 6,750 |
| HARLEY-DAVIDSON INC |
|
| 39,547 |
|
| 234,023 |
|
|
|
|
| 4,300 |
| HARMAN INTERNATIONAL (b) |
|
| 74,799 |
|
| 199,090 |
|
|
|
|
| 400 |
| HASBRO INC |
|
| 10,206 |
|
| 18,872 |
|
|
|
|
| 6,600 |
| HERTZ GLOBAL HOLDINGS INC (b) |
|
| 37,676 |
|
| 95,634 |
|
|
|
|
| 33,825 |
| HOME DEPOT INC |
|
| 22,060 |
|
| 1,185,905 |
|
|
|
|
| 2,710 |
| IAC/INTERACTIVECORP (b) |
|
| 66,598 |
|
| 77,777 |
|
|
|
|
| 15,600 |
| INTERPUBLIC GROUP OF COS INC (b) |
|
| 40,950 |
|
| 165,672 |
|
|
|
|
| 2,500 |
| INTL GAME TECHNOLOGY |
|
| 29,763 |
|
| 44,225 |
|
|
|
|
| 6,800 |
| J.C. PENNEY CO INC |
|
| 259,828 |
|
| 219,708 |
|
|
|
|
| 31,050 |
| JOHNSON CONTROLS INC |
|
| 874,850 |
|
| 1,186,110 |
|
|
|
|
| 7,750 |
| KOHLS CORP (b) |
|
| 86,001 |
|
| 421,135 |
|
|
|
|
| 2,800 |
| LAMAR ADVERTISING CO-A (b) |
|
| 29,498 |
|
| 111,552 |
|
|
|
|
| 5,738 |
| LAS VEGAS SANDS CORP (b) |
|
| 39,736 |
|
| 263,661 |
|
|
|
|
| 400 |
| LEAR CORP (b) |
|
| 31,536 |
|
| 39,484 |
|
|
|
|
| 2,500 |
| LEGGETT & PLATT INC |
|
| 48,888 |
|
| 56,900 |
|
|
|
|
| 4,700 |
| LENNAR CORP-A |
|
| 64,339 |
|
| 88,125 |
|
|
|
|
| 4,440 |
| LIBERTY MEDIA CORP-CAP SER A (b) |
|
| 22,396 |
|
| 277,766 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 25 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Consumer discretionary (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 9,800 |
| LIBERTY MEDIA CORP-INTER A (b) |
| $ | 30,625 |
|
| 154,546 |
|
|
|
|
| 1,272 |
| LIBERTY MEDIA-STARZ SERIES A (b) |
|
| 18,267 |
|
| 84,563 |
|
|
|
|
| 6,190 |
| LIMITED BRANDS INC |
|
| 70,745 |
|
| 190,219 |
|
|
|
|
| 46,400 |
| LOWE’S COS INC |
|
| 884,987 |
|
| 1,163,712 |
|
|
|
|
| 3,100 |
| MACYS INC |
|
| 29,714 |
|
| 78,430 |
|
|
|
|
| 1,600 |
| MADISON SQUARE GAR INC-A (b) |
|
| 18,242 |
|
| 41,248 |
|
|
|
|
| 41,730 |
| MARKS & SPENCER PLC-ADR (c)(d) |
|
| 485,763 |
|
| 479,895 |
|
|
|
|
| 4,969 |
| MARRIOTT INTERNATIONAL-CL A |
|
| 63,668 |
|
| 206,412 |
|
|
|
|
| 4,200 |
| MATTEL INC |
|
| 75,213 |
|
| 106,806 |
|
|
|
|
| 16,400 |
| MCDONALD’S CORP |
|
| 370,761 |
|
| 1,258,864 |
|
|
|
|
| 4,700 |
| MCGRAW-HILL COMPANIES INC |
|
| 121,958 |
|
| 171,127 |
|
|
|
|
| 2,200 |
| MDC HOLDINGS INC |
|
| 73,073 |
|
| 63,294 |
|
|
|
|
| 7,000 |
| MGM RESORTS INTERNATIONAL (b) |
|
| 61,970 |
|
| 103,950 |
|
|
|
|
| 13,000 |
| MOHAWK INDUSTRIES INC (b) |
|
| 768,826 |
|
| 737,880 |
|
|
|
|
| 34,000 |
| NEWS CORP-CL A |
|
| 354,723 |
|
| 495,040 |
|
|
|
|
| 4,400 |
| NIKE INC -CL B |
|
| 126,358 |
|
| 375,848 |
|
|
|
|
| 4,300 |
| NORDSTROM INC |
|
| 45,233 |
|
| 182,234 |
|
|
|
|
| 100 |
| NVR INC (b) |
|
| 51,543 |
|
| 69,102 |
|
|
|
|
| 2,395 |
| OMNICOM GROUP |
|
| 60,312 |
|
| 109,691 |
|
|
|
|
| 2,300 |
| O’REILLY AUTOMOTIVE INC (b) |
|
| 69,869 |
|
| 138,966 |
|
|
|
|
| 1,500 |
| PANERA BREAD COMPANY-CLASS A (b) |
|
| 69,668 |
|
| 151,815 |
|
|
|
|
| 1,600 |
| PENN NATIONAL GAMING INC (b) |
|
| 59,240 |
|
| 56,240 |
|
|
|
|
| 2,600 |
| PETSMART INC |
|
| 55,966 |
|
| 103,532 |
|
|
|
|
| 700 |
| PHILLIPS-VAN HEUSEN |
|
| 26,254 |
|
| 44,107 |
|
|
|
|
| 1,500 |
| POLO RALPH LAUREN CORP |
|
| 31,320 |
|
| 166,380 |
|
|
|
|
| 600 |
| PRICELINE.COM INC (b) |
|
| 55,053 |
|
| 239,730 |
|
|
|
|
| 8,600 |
| PULTEGROUP INC (b) |
|
| 87,785 |
|
| 64,672 |
|
|
|
|
| 6,200 |
| RADIOSHACK CORP |
|
| 75,547 |
|
| 114,638 |
|
|
|
|
| 3,000 |
| REGAL ENTERTAINMENT GROUP-A |
|
| 30,735 |
|
| 35,220 |
|
|
|
|
| 2,300 |
| ROSS STORES INC |
|
| 36,395 |
|
| 145,475 |
|
|
|
|
| 2,900 |
| ROYAL CARIBBEAN CRUISES LTD (b) |
|
| 48,744 |
|
| 136,300 |
|
|
|
|
| 600 |
| SCRIPPS NETWORKS INTER-CL A |
|
| 21,337 |
|
| 31,050 |
|
|
|
|
| 1,227 |
| SEARS HOLDINGS CORP (b) |
|
| 78,518 |
|
| 90,491 |
|
|
|
|
| 1,585 |
| SHERWIN-WILLIAMS CO/THE |
|
| 72,398 |
|
| 132,744 |
|
|
|
|
| 2,600 |
| SIGNET JEWELERS LTD (b)(c) |
|
| 52,469 |
|
| 112,840 |
|
|
|
|
| 700 |
| SNAP ON INC |
|
| 17,991 |
|
| 39,606 |
|
|
|
|
| 2,557 |
| STANLEY BLACK & DECKER INC |
|
| 72,048 |
|
| 170,987 |
|
|
|
|
| 15,250 |
| STAPLES INC |
|
| 239,208 |
|
| 347,243 |
|
|
|
|
| 15,750 |
| STARBUCKS CORP |
|
| 204,658 |
|
| 506,048 |
|
|
|
|
| 810 |
| STARWOOD HOTELS & RESORTS |
|
| 17,520 |
|
| 49,232 |
|
|
|
|
| 12,200 |
| TARGET CORP |
|
| 353,659 |
|
| 733,586 |
|
|
|
|
| 6,600 |
| THOMSON REUTERS CORP |
|
| 244,751 |
|
| 245,982 |
|
|
|
|
| 1,900 |
| THOR INDUSTRIES INC |
|
| 22,316 |
|
| 64,524 |
|
|
|
|
| 4,200 |
| TIFFANY & CO |
|
| 122,192 |
|
| 261,534 |
|
|
|
|
| 6,279 |
| TIME WARNER CABLE |
|
| 208,890 |
|
| 414,602 |
|
|
|
|
| 21,833 |
| TIME WARNER INC |
|
| 498,014 |
|
| 702,368 |
|
|
|
|
| 5,047 |
| TJX COMPANIES INC |
|
| 86,032 |
|
| 224,036 |
|
|
|
|
| 2,900 |
| TOLL BROTHERS INC (b) |
|
| 61,023 |
|
| 55,100 |
|
|
|
|
| 800 |
| TRW AUTOMOTIVE HOLDINGS CORP (b) |
|
| 18,215 |
|
| 42,160 |
|
|
|
|
| 3,227 |
| URBAN OUTFITTERS INC (b) |
|
| 61,561 |
|
| 115,559 |
|
|
|
|
| 1,700 |
| VF CORP |
|
| 87,064 |
|
| 146,506 |
|
|
|
|
| 8,457 |
| VIACOM INC-CLASS B |
|
| 218,418 |
|
| 334,982 |
|
|
|
|
| 5,300 |
| VIRGIN MEDIA INC |
|
| 78,460 |
|
| 144,372 |
|
|
|
|
| 1,966 |
| WABCO HOLDINGS INC (b) |
|
| 30,196 |
|
| 119,788 |
|
|
|
|
| 700 |
| WABTEC CORP |
|
| 25,602 |
|
| 37,023 |
|
|
|
|
| 26,396 |
| WAL-MART STORES INC |
|
| 1,091,485 |
|
| 1,423,536 |
|
|
|
|
| 29,960 |
| WALT DISNEY CO/THE |
|
| 587,934 |
|
| 1,123,800 |
|
|
|
|
| 2,300 |
| WHIRLPOOL CORP |
|
| 98,183 |
|
| 204,309 |
|
|
|
|
| 5,475 |
| WYNDHAM WORLDWIDE CORP |
|
| 24,500 |
|
| 164,030 |
|
|
|
|
| 1,600 |
| WYNN RESORTS LTD |
|
| 42,371 |
|
| 166,143 |
|
|
|
|
| 9,016 |
| YUM! BRANDS INC |
|
| 78,830 |
|
| 442,234 |
|
|
|
|
|
|
|
|
| 15,047,555 |
|
| 29,767,888 |
|
| 8.65 | % |
|
|
|
See accompanying notes to financial statements. | 26 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||||
Consumer staples: |
|
|
|
|
|
|
|
|
|
|
| ||||
| 1,600 |
| ALBERTO-CULVER CO |
| $ | 38,952 |
|
| 59,264 |
|
|
|
| ||
| 31,300 |
| ALTRIA GROUP INC |
|
| 154,111 |
|
| 770,606 |
|
|
|
| ||
| 10,900 |
| ARCHER-DANIELS-MIDLAND CO |
|
| 201,692 |
|
| 327,872 |
|
|
|
| ||
| 7,162 |
| AVON PRODUCTS INC |
|
| 161,290 |
|
| 208,128 |
|
|
|
| ||
| 1,944 |
| BROWN-FORMAN CORP-CLASS B |
|
| 57,343 |
|
| 135,341 |
|
|
|
| ||
| 13,900 |
| BUNGE LTD |
|
| 938,386 |
|
| 910,728 |
|
|
|
| ||
| 2,500 |
| CAMPBELL SOUP CO |
|
| 82,729 |
|
| 86,875 |
|
|
|
| ||
| 1,500 |
| CENTRAL EURO DISTRIBUTION CP (b) |
|
| 21,353 |
|
| 34,350 |
|
|
|
| ||
| 2,000 |
| CHURCH & DWIGHT CO INC |
|
| 100,310 |
|
| 138,040 |
|
|
|
| ||
| 4,000 |
| CLOROX COMPANY |
|
| 216,975 |
|
| 253,120 |
|
|
|
| ||
| 32,261 |
| COCA-COLA CO/THE |
|
| 992,260 |
|
| 2,121,806 |
|
|
|
| ||
| 2,300 |
| COCA-COLA ENTERPRISES |
|
| 39,664 |
|
| 57,569 |
|
|
|
| ||
| 7,390 |
| COLGATE PALMOLIVE CO |
|
| 422,681 |
|
| 593,934 |
|
|
|
| ||
| 3,500 |
| CONAGRA FOODS INC |
|
| 67,841 |
|
| 79,030 |
|
|
|
| ||
| 6,000 |
| CONSTELLATION BRANDS INC-A (b) |
|
| 88,385 |
|
| 132,900 |
|
|
|
| ||
| 1,300 |
| CORN PRODUCTS INTL INC |
|
| 29,972 |
|
| 59,800 |
|
|
|
| ||
| 31,795 |
| COSAN LTD-CLASS A SHARES (c) |
|
| 441,269 |
|
| 433,048 |
|
|
|
| ||
| 44,922 |
| CVS CAREMARK CORP |
|
| 992,800 |
|
| 1,561,938 |
|
|
|
| ||
| 5,773 |
| DEL MONTE FOODS CO |
|
| 57,723 |
|
| 108,532 |
|
|
|
| ||
| 17,920 |
| DIAGEO PLC-SPONSORED ADR (c)(d) |
|
| 1,296,437 |
|
| 1,331,994 |
|
|
|
| ||
| 6,000 |
| DR PEPPER SNAPPLE GROUP INC |
|
| 125,060 |
|
| 210,960 |
|
|
|
| ||
| 1,867 |
| ESTEE LAUDER COMPANIES-CL A |
|
| 70,943 |
|
| 150,667 |
|
|
|
| ||
| 1,200 |
| FLOWERS FOODS INC |
|
| 25,434 |
|
| 32,292 |
|
|
|
| ||
| 12,400 |
| GENERAL MLS INC |
|
| 277,056 |
|
| 441,316 |
|
|
|
| ||
| 2,400 |
| GREEN MOUNTAIN COFFEE ROASTE (b) |
|
| 44,948 |
|
| 78,864 |
|
|
|
| ||
| 900 |
| HANSEN NATURAL CORP (b) |
|
| 30,956 |
|
| 47,052 |
|
|
|
| ||
| 1,900 |
| HERBALIFE LTD (c) |
|
| 52,204 |
|
| 129,903 |
|
|
|
| ||
| 1,700 |
| HERSHEY CO / THE |
|
| 62,743 |
|
| 80,155 |
|
|
|
| ||
| 3,500 |
| HJ HEINZ CO |
|
| 111,698 |
|
| 173,110 |
|
|
|
| ||
| 1,200 |
| HORMEL FOODS CORP |
|
| 43,206 |
|
| 61,512 |
|
|
|
| ||
| 1,600 |
| JM SMUCKER CO/THE |
|
| 64,617 |
|
| 105,040 |
|
|
|
| ||
| 2,300 |
| KELLOGG CO |
|
| 99,285 |
|
| 117,484 |
|
|
|
| ||
| 4,050 |
| KIMBERLY CLARK CORP |
|
| 202,323 |
|
| 255,312 |
|
|
|
| ||
| 21,538 |
| KRAFT FOODS INC-CLASS A |
|
| 246,937 |
|
| 678,662 |
|
|
|
| ||
| 14,600 |
| KROGER CO |
|
| 250,327 |
|
| 326,456 |
|
|
|
| ||
| 1,374 |
| LORILLARD INC |
|
| 34,726 |
|
| 112,750 |
|
|
|
| ||
| 800 |
| MCCORMICK & CO-NON VTG SHRS |
|
| 24,815 |
|
| 37,224 |
|
|
|
| ||
| 51,978 |
| MERCK & CO. INC. |
|
| 1,241,233 |
|
| 1,873,287 |
|
|
|
| ||
| 1,800 |
| MOLSON COORS BREWING CO -B |
|
| 54,437 |
|
| 90,342 |
|
|
|
| ||
| 11,515 |
| NESTLE SA-SPONS ADR FOR REG (c)(d) |
|
| 646,154 |
|
| 677,312 |
|
|
|
| ||
| 33,800 |
| PEPSICO INC |
|
| 1,372,242 |
|
| 2,208,154 |
|
|
|
| ||
| 34,432 |
| PHILIP MORRIS INTERNATIONAL |
|
| 359,253 |
|
| 2,015,305 |
|
|
|
| ||
| 51,160 |
| PROCTER & GAMBLE CO/THE |
|
| 926,550 |
|
| 3,291,123 |
|
|
|
| ||
| 300 |
| RALCORP HOLDINGS INC (b) |
|
| 18,248 |
|
| 19,503 |
|
|
|
| ||
| 3,000 |
| REYNOLDS AMERICAN INC |
|
| 29,474 |
|
| 97,860 |
|
|
|
| ||
| 47,419 |
| SAFEWAY INC |
|
| 1,001,322 |
|
| 1,066,453 |
|
|
|
| ||
| 13,350 |
| SARA LEE CORP |
|
| 110,338 |
|
| 233,759 |
|
|
|
| ||
| 4,400 |
| SMITHFIELD FOODS INC (b) |
|
| 81,906 |
|
| 90,772 |
|
|
|
| ||
| 7,900 |
| SYSCO CORP |
|
| 121,025 |
|
| 232,260 |
|
|
|
| ||
| 9,527 |
| TYSON FOODS INC-CL A |
|
| 111,285 |
|
| 164,055 |
|
|
|
| ||
| 42,930 |
| UNILEVER N V -NY SHARES (c) |
|
| 1,291,746 |
|
| 1,348,002 |
|
|
|
| ||
| 21,050 |
| WALGREEN CO |
|
| 255,879 |
|
| 820,108 |
|
|
|
| ||
| 4,400 |
| WHOLE FOODS MARKET INC |
|
| 116,392 |
|
| 222,597 |
|
|
|
| ||
|
|
| 15,906,935 |
|
| 26,894,526 |
|
| 7.81 | % | |||||
Energy: |
|
|
|
|
|
|
|
|
|
| |||||
| 10,646 |
| ANADARKO PETROLEUM CORP |
|
| 387,404 |
|
| 810,799 |
|
|
|
| ||
| 12,291 |
| APACHE CORP |
|
| 803,684 |
|
| 1,465,456 |
|
|
|
| ||
| 1,700 |
| ATWOOD OCEANICS INC (b) |
|
| 51,221 |
|
| 63,529 |
|
|
|
| ||
| 3,300 |
| BAKER HUGHES INC |
|
| 131,950 |
|
| 188,661 |
|
|
|
| ||
| 1,504 |
| CABOT OIL & GAS CORP |
|
| 38,739 |
|
| 56,926 |
|
|
|
| ||
| 4,800 |
| CAMERON INTERNATIONAL CORP (b) |
|
| 124,988 |
|
| 243,504 |
|
|
|
| ||
| 8,700 |
| CHESAPEAKE ENERGY CORP |
|
| 167,088 |
|
| 225,417 |
|
|
|
| ||
| 34,095 |
| CHEVRON CORP |
|
| 1,499,394 |
|
| 3,111,169 |
|
|
|
| ||
|
|
|
See accompanying notes to financial statements. | 27 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Energy (Cont’d): |
|
|
|
|
|
|
|
|
|
|
| ||
| 7,800 |
| CIMAREX ENERGY CO |
| $ | 593,462 |
|
| 690,534 |
|
|
|
|
| 15,000 |
| CLOUD PEAK ENERGY INC (b) |
|
| 343,546 |
|
| 348,450 |
|
|
|
|
| 1,700 |
| CONCHO RESOURCES INC (b) |
|
| 49,632 |
|
| 149,039 |
|
|
|
|
| 29,844 |
| CONOCOPHILLIPS |
|
| 803,147 |
|
| 2,032,376 |
|
|
|
|
| 5,431 |
| CONSOL ENERGY INC |
|
| 148,332 |
|
| 264,707 |
|
|
|
|
| 1,000 |
| CONTINENTAL RESOURCES INC/OK (b) |
|
| 20,765 |
|
| 58,850 |
|
|
|
|
| 9,300 |
| DENBURY RESOURCES INC (b) |
|
| 88,950 |
|
| 177,537 |
|
|
|
|
| 37,700 |
| DEVON ENERGY CORPORATION |
|
| 2,459,521 |
|
| 2,959,827 |
|
|
|
|
| 400 |
| DIAMOND OFFSHORE DRILLING |
|
| 24,190 |
|
| 26,748 |
|
|
|
|
| 3,000 |
| DRESSER-RAND GROUP INC (b) |
|
| 98,595 |
|
| 127,770 |
|
|
|
|
| 17,400 |
| EL PASO CORP |
|
| 139,789 |
|
| 239,424 |
|
|
|
|
| 21,955 |
| ENERGY TRANSFER EQUITY LP |
|
| 869,738 |
|
| 857,782 |
|
|
|
|
| 18,750 |
| ENSCO PLC-SPON ADR (c)(d) |
|
| 941,499 |
|
| 1,000,875 |
|
|
|
|
| 26,075 |
| ENTERPRISE PRODUCTS PARTNERS |
|
| 1,074,465 |
|
| 1,084,981 |
|
|
|
|
| 6,200 |
| EOG RESOURCES INC |
|
| 160,571 |
|
| 566,742 |
|
|
|
|
| 3,700 |
| EXCO RESOURCES INC |
|
| 56,238 |
|
| 71,854 |
|
|
|
|
| 7,000 |
| EXTERRAN HOLDINGS INC (b) |
|
| 145,915 |
|
| 167,650 |
|
|
|
|
| 85,951 |
| EXXON MOBIL CORP |
|
| 3,404,310 |
|
| 6,284,737 |
|
|
|
|
| 1,200 |
| FMC TECHNOLOGIES INC (b) |
|
| 33,690 |
|
| 106,692 |
|
|
|
|
| 4,100 |
| FRONTIER OIL CORP (b) |
|
| 57,462 |
|
| 73,841 |
|
|
|
|
| 15,158 |
| HALLIBURTON CO |
|
| 274,762 |
|
| 618,901 |
|
|
|
|
| 3,100 |
| HELMERICH & PAYNE |
|
| 39,003 |
|
| 150,288 |
|
|
|
|
| 4,900 |
| HESS CORP |
|
| 313,547 |
|
| 375,046 |
|
|
|
|
| 2,000 |
| HOLLY CORP |
|
| 52,098 |
|
| 81,540 |
|
|
|
|
| 19,395 |
| MAGELLAN MIDSTREAM PARTNERS |
|
| 1,080,995 |
|
| 1,095,818 |
|
|
|
|
| 28,586 |
| MARATHON OIL CORP |
|
| 813,274 |
|
| 1,058,540 |
|
|
|
|
| 1,700 |
| MASSEY ENERGY CO |
|
| 54,661 |
|
| 91,205 |
|
|
|
|
| 5,200 |
| MURPHY OIL CORP |
|
| 172,519 |
|
| 387,660 |
|
|
|
|
| 8,722 |
| NATIONAL OILWELL VARCO INC |
|
| 214,854 |
|
| 586,555 |
|
|
|
|
| 5,142 |
| NEWFIELD EXPLORATION CO (b) |
|
| 222,527 |
|
| 370,790 |
|
|
|
|
| 4,200 |
| NOBLE ENERGY INC |
|
| 158,333 |
|
| 361,536 |
|
|
|
|
| 21,614 |
| OCCIDENTAL PETROLEUM CORP |
|
| 513,483 |
|
| 2,120,333 |
|
|
|
|
| 1,700 |
| OCEANEERING INTL INC (b) |
|
| 87,015 |
|
| 125,171 |
|
|
|
|
| 47,900 |
| PATTERSON-UTI ENERGY INC |
|
| 1,062,044 |
|
| 1,032,245 |
|
|
|
|
| 3,500 |
| PEABODY ENERGY CORP |
|
| 69,937 |
|
| 223,930 |
|
|
|
|
| 3,200 |
| PIONEER NATURAL RESOURCES CO |
|
| 48,507 |
|
| 277,824 |
|
|
|
|
| 3,300 |
| PLAINS EXPLORATION & PRODUCT (b) |
|
| 92,785 |
|
| 106,062 |
|
|
|
|
| 4,600 |
| PRIDE INTERNATIONAL INC (b) |
|
| 141,383 |
|
| 151,800 |
|
|
|
|
| 44,000 |
| QEP RESOURCES INC |
|
| 1,513,042 |
|
| 1,597,640 |
|
|
|
|
| 3,700 |
| RANGE RESOURCES CORP |
|
| 128,867 |
|
| 166,426 |
|
|
|
|
| 700 |
| ROWAN COMPANIES INC (b) |
|
| 19,887 |
|
| 24,437 |
|
|
|
|
| 23,400 |
| SANDRIDGE ENERGY INC (b) |
|
| 153,249 |
|
| 171,288 |
|
|
|
|
| 20,600 |
| SCHLUMBERGER LTD |
|
| 579,055 |
|
| 1,720,100 |
|
|
|
|
| 9,300 |
| SOUTHWESTERN ENERGY CO (b) |
|
| 163,645 |
|
| 348,099 |
|
|
|
|
| 2,400 |
| SUNOCO INC |
|
| 50,440 |
|
| 96,744 |
|
|
|
|
| 600 |
| SUPERIOR ENERGY SERVICES INC (b) |
|
| 21,266 |
|
| 20,994 |
|
|
|
|
| 1,800 |
| TESORO CORP (b) |
|
| 28,808 |
|
| 33,372 |
|
|
|
|
| 17,700 |
| TIDEWATER INC |
|
| 895,470 |
|
| 952,968 |
|
|
|
|
| 3,939 |
| ULTRA PETROLEUM CORP (b) |
|
| 180,069 |
|
| 188,166 |
|
|
|
|
| 14,210 |
| VALERO ENERGY CORP |
|
| 172,649 |
|
| 328,535 |
|
|
|
|
| 19,400 |
| WEATHERFORD INTL LTD (b)(c) |
|
| 279,487 |
|
| 442,320 |
|
|
|
|
| 1,300 |
| WHITING PETROLEUM CORP (b) |
|
| 73,760 |
|
| 152,347 |
|
|
|
|
| 113,840 |
| WILLIAMS COS INC |
|
| 2,623,645 |
|
| 2,814,124 |
|
|
|
|
|
|
|
|
|
| 27,013,351 |
|
| 41,728,681 |
|
| 12.12 | % |
Financials: |
|
|
|
|
|
|
|
|
|
| |||
| 6,000 |
| ACE LTD (c) |
|
| 317,873 |
|
| 373,500 |
|
|
|
|
| 800 |
| AFFILIATED MANAGERS GROUP (b) |
|
| 48,196 |
|
| 79,376 |
|
|
|
|
| 9,850 |
| AFLAC INC |
|
| 262,100 |
|
| 555,836 |
|
|
|
|
| 700 |
| ALEXANDRIA REAL ESTATE EQUIT |
|
| 24,992 |
|
| 51,282 |
|
|
|
|
| 2,700 |
| ALLIED WORLD ASSURANCE CO (c) |
|
| 86,630 |
|
| 160,488 |
|
|
|
|
| 29,100 |
| ALLSTATE CORP |
|
| 985,329 |
|
| 927,708 |
|
|
|
|
| 19,433 |
| AMERICAN EXPRESS CO |
|
| 587,716 |
|
| 834,064 |
|
|
|
|
| 1,800 |
| AMERICAN FINANCIAL GROUP INC |
|
| 29,745 |
|
| 58,122 |
|
|
|
|
| 2,600 |
| AMERICAN INTERNATIONAL GROUP (b) |
|
| 40,854 |
|
| 149,812 |
|
|
|
|
| 3,591 |
| AMERIPRISE FINANCIAL INC |
|
| 94,747 |
|
| 206,662 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 28 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Financials (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 4,900 |
| ANNALY CAPITAL MANAGEMENT IN |
| $ | 78,180 |
|
| 87,808 |
|
|
|
|
| 6,348 |
| AON CORP |
|
| 173,358 |
|
| 292,071 |
|
|
|
|
| 3,628 |
| APARTMENT INVT & MGMT CO -A |
|
| 39,421 |
|
| 93,748 |
|
|
|
|
| 1,600 |
| ARCH CAPITAL GROUP LTD (b)(c) |
|
| 101,982 |
|
| 140,880 |
|
|
|
|
| 1,600 |
| ARTHUR J GALLAGHER & CO |
|
| 34,040 |
|
| 46,528 |
|
|
|
|
| 2,000 |
| ASPEN INSURANCE HOLDINGS LTD (c) |
|
| 45,330 |
|
| 57,240 |
|
|
|
|
| 2,500 |
| ASSURANT INC |
|
| 60,538 |
|
| 96,300 |
|
|
|
|
| 5,500 |
| ASSURED GUARANTY LTD (c) |
|
| 75,350 |
|
| 97,350 |
|
|
|
|
| 734 |
| AVALONBAY COMMUNITIES INC |
|
| 31,138 |
|
| 82,612 |
|
|
|
|
| 2,400 |
| AXIS CAPITAL HOLDINGS LTD (c) |
|
| 81,468 |
|
| 86,112 |
|
|
|
|
| 47,850 |
| BANCORPSOUTH INC |
|
| 699,472 |
|
| 763,208 |
|
|
|
|
| 244,018 |
| BANK OF AMERICA CORP |
|
| 5,053,712 |
|
| 3,255,200 |
|
|
|
|
| 19,601 |
| BANK OF NEW YORK MELLON CORP |
|
| 538,667 |
|
| 591,950 |
|
|
|
|
| 44,422 |
| BB&T CORP |
|
| 1,114,923 |
|
| 1,167,854 |
|
|
|
|
| 23,600 |
| BERKSHIRE HATHAWAY INC-CL B (b) |
|
| 1,929,002 |
|
| 1,890,596 |
|
|
|
|
| 1,142 |
| BLACKROCK INC |
|
| 202,635 |
|
| 217,642 |
|
|
|
|
| 3,388 |
| BOSTON PROPERTIES INC |
|
| 171,467 |
|
| 291,707 |
|
|
|
|
| 1,100 |
| BRE PROPERTIES INC |
|
| 25,471 |
|
| 47,850 |
|
|
|
|
| 2,600 |
| BROWN & BROWN INC |
|
| 50,447 |
|
| 62,244 |
|
|
|
|
| 900 |
| CAMDEN PROPERTY TRUST |
|
| 24,532 |
|
| 48,582 |
|
|
|
|
| 10,747 |
| CAPITAL ONE FINANCIAL CORP |
|
| 323,988 |
|
| 457,392 |
|
|
|
|
| 6,900 |
| CAPITALSOURCE INC |
|
| 23,267 |
|
| 48,990 |
|
|
|
|
| 2,400 |
| CB RICHARD ELLIS GROUP INC-A (b) |
|
| 45,504 |
|
| 49,152 |
|
|
|
|
| 14,200 |
| CHIMERA INVESTMENT CORP |
|
| 49,341 |
|
| 58,362 |
|
|
|
|
| 2,700 |
| CHUBB CORP |
|
| 86,607 |
|
| 161,028 |
|
|
|
|
| 4,900 |
| CIT GROUP INC (b) |
|
| 183,899 |
|
| 230,790 |
|
|
|
|
| 707,545 |
| CITIGROUP INC (b) |
|
| 3,314,179 |
|
| 3,346,688 |
|
|
|
|
| 1,300 |
| CITY NATIONAL CORP |
|
| 47,574 |
|
| 79,768 |
|
|
|
|
| 873 |
| CME GROUP INC |
|
| 181,749 |
|
| 280,888 |
|
|
|
|
| 900 |
| CORPORATE OFFICE PROPERTIES |
|
| 24,641 |
|
| 31,455 |
|
|
|
|
| 1,600 |
| CORRECTIONS CORP OF AMERICA (b) |
|
| 25,672 |
|
| 40,096 |
|
|
|
|
| 400 |
| DIGITAL REALTY TRUST INC |
|
| 15,650 |
|
| 20,616 |
|
|
|
|
| 16,287 |
| DISCOVER FINANCIAL SERVICES |
|
| 233,079 |
|
| 301,798 |
|
|
|
|
| 2,800 |
| DOUGLAS EMMETT INC |
|
| 22,554 |
|
| 46,480 |
|
|
|
|
| 3,300 |
| EAST WEST BANCORP INC |
|
| 53,889 |
|
| 64,515 |
|
|
|
|
| 900 |
| ENDURANCE SPECIALTY HOLDINGS (c) |
|
| 25,106 |
|
| 41,463 |
|
|
|
|
| 5,416 |
| EQUITY RESIDENTIAL |
|
| 174,162 |
|
| 281,361 |
|
|
|
|
| 2,400 |
| EVEREST RE GROUP LTD (c) |
|
| 184,908 |
|
| 203,568 |
|
|
|
|
| 900 |
| FEDERAL REALTY INVS TRUST |
|
| 48,473 |
|
| 70,137 |
|
|
|
|
| 800 |
| FEDERATED INVESTORS INC-CL B |
|
| 17,620 |
|
| 20,936 |
|
|
|
|
| 17,400 |
| FIFTH THIRD BANCORP |
|
| 138,329 |
|
| 255,432 |
|
|
|
|
| 600 |
| FIRST CITIZENS BCSHS -CL A |
|
| 86,506 |
|
| 113,430 |
|
|
|
|
| 16,851 |
| FIRST HORIZON NATIONAL CORP (b) |
|
| 213,278 |
|
| 198,505 |
|
|
|
|
| 3,200 |
| FIRST NIAGARA FINANCIAL GRP |
|
| 37,456 |
|
| 44,736 |
|
|
|
|
| 20,095 |
| FIRST REPUBLIC BANK/SAN FRAN (b) |
|
| 543,972 |
|
| 585,166 |
|
|
|
|
| 3,359 |
| FRANKLIN RESOURCES INC |
|
| 189,834 |
|
| 373,554 |
|
|
|
|
| 3,500 |
| FULTON FINANCIAL CORP |
|
| 37,748 |
|
| 36,190 |
|
|
|
|
| 98,000 |
| GENWORTH FINANCIAL INC-CL A (b) |
|
| 1,239,704 |
|
| 1,287,720 |
|
|
|
|
| 13,000 |
| GOLDMAN SACHS GROUP INC |
|
| 1,342,905 |
|
| 2,186,080 |
|
|
|
|
| 400 |
| GREENHILL & CO INC |
|
| 27,762 |
|
| 32,672 |
|
|
|
|
| 1,200 |
| HANOVER INSURANCE GROUP INC |
|
| 51,342 |
|
| 56,064 |
|
|
|
|
| 6,000 |
| HARTFORD FINANCIAL SVCS GRP |
|
| 123,208 |
|
| 158,940 |
|
|
|
|
| 1,000 |
| HCC INSURANCE HOLDINGS INC |
|
| 24,155 |
|
| 28,940 |
|
|
|
|
| 7,100 |
| HCP INC |
|
| 113,708 |
|
| 261,209 |
|
|
|
|
| 400 |
| HEALTH CARE REIT INC |
|
| 14,103 |
|
| 19,056 |
|
|
|
|
| 1,800 |
| HOSPITALITY PROPERTIES TRUST |
|
| 23,967 |
|
| 41,472 |
|
|
|
|
| 10,122 |
| HOST HOTELS & RESORTS INC |
|
| 69,685 |
|
| 180,880 |
|
|
|
|
| 678 |
| HOWARD HUGHES CORP/THE (b) |
|
| 20,502 |
|
| 36,897 |
|
|
|
|
| 7,500 |
| HUDSON CITY BANCORP INC |
|
| 118,763 |
|
| 95,550 |
|
|
|
|
| 11,100 |
| HUNTINGTON BANCSHARES INC |
|
| 51,227 |
|
| 76,257 |
|
|
|
|
| 82,675 |
| INLAND REAL ESTATE CORP |
|
| 707,855 |
|
| 727,540 |
|
|
|
|
| 4,000 |
| INVESCO LTD |
|
| 61,778 |
|
| 96,240 |
|
|
|
|
| 3,500 |
| JANUS CAPITAL GROUP INC |
|
| 39,533 |
|
| 45,395 |
|
|
|
|
| 2,700 |
| JEFFERIES GROUP INC |
|
| 64,508 |
|
| 71,901 |
|
|
|
|
| 300 |
| JONES LANG LASALLE INC |
|
| 17,291 |
|
| 25,176 |
|
|
|
|
| 71,046 |
| JPMORGAN CHASE & CO |
|
| 1,879,857 |
|
| 3,013,771 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 29 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Financials (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 5,900 |
| KEYCORP |
| $ | 30,061 |
|
| 52,215 |
|
|
|
|
| 6,601 |
| KIMCO REALTY CORP |
|
| 77,824 |
|
| 119,082 |
|
|
|
|
| 3,852 |
| LEGG MASON INC |
|
| 55,351 |
|
| 139,712 |
|
|
|
|
| 1,100 |
| LIBERTY PROPERTY TRUST |
|
| 24,364 |
|
| 35,112 |
|
|
|
|
| 4,948 |
| LINCOLN NATIONAL CORP |
|
| 141,984 |
|
| 137,604 |
|
|
|
|
| 6,000 |
| LOEWS CORP |
|
| 131,444 |
|
| 233,460 |
|
|
|
|
| 700 |
| M & T BANK CORP |
|
| 50,526 |
|
| 60,935 |
|
|
|
|
| 5,123 |
| MACERICH CO/THE |
|
| 127,300 |
|
| 242,677 |
|
|
|
|
| 5,200 |
| MACK-CALI REALTY CORP |
|
| 154,599 |
|
| 171,912 |
|
|
|
|
| 600 |
| MARKEL CORP (b) |
|
| 203,366 |
|
| 226,878 |
|
|
|
|
| 7,178 |
| MARSH & MCLENNAN COS |
|
| 174,543 |
|
| 196,247 |
|
|
|
|
| 12,899 |
| MARSHALL & ILSLEY CORP |
|
| 96,056 |
|
| 89,261 |
|
|
|
|
| 7,800 |
| MBIA INC (b) |
|
| 38,883 |
|
| 93,522 |
|
|
|
|
| 1,300 |
| MERCURY GENERAL CORP |
|
| 38,019 |
|
| 55,913 |
|
|
|
|
| 10,800 |
| METLIFE INC |
|
| 327,156 |
|
| 479,952 |
|
|
|
|
| 47,197 |
| MORGAN STANLEY |
|
| 1,354,110 |
|
| 1,284,230 |
|
|
|
|
| 1,400 |
| MORNINGSTAR INC |
|
| 57,577 |
|
| 74,312 |
|
|
|
|
| 2,400 |
| MSCI INC-A (b) |
|
| 68,930 |
|
| 93,504 |
|
|
|
|
| 8,949 |
| NEW YORK COMMUNITY BANCORP |
|
| 102,889 |
|
| 168,689 |
|
|
|
|
| 6,502 |
| NORTHERN TRUST CORP |
|
| 301,334 |
|
| 360,276 |
|
|
|
|
| 3,800 |
| NYSE EURONEXT |
|
| 120,213 |
|
| 113,924 |
|
|
|
|
| 5,125 |
| OLD REP INTL CORP |
|
| 59,894 |
|
| 69,854 |
|
|
|
|
| 1,000 |
| PARTNERRE LTD (c) |
|
| 66,204 |
|
| 80,350 |
|
|
|
|
| 10,031 |
| PEOPLE’S UNITED FINANCIAL |
|
| 144,869 |
|
| 140,534 |
|
|
|
|
| 5,085 |
| PLUM CREEK TIMBER CO |
|
| 128,128 |
|
| 190,433 |
|
|
|
|
| 26,200 |
| PNC FINANCIAL SERVICES GROUP |
|
| 1,312,789 |
|
| 1,590,864 |
|
|
|
|
| 32,200 |
| POPULAR INC (b)(c) |
|
| 71,645 |
|
| 101,108 |
|
|
|
|
| 5,050 |
| PRINCIPAL FINANCIAL GROUP |
|
| 125,030 |
|
| 164,428 |
|
|
|
|
| 6,048 |
| PROGRESSIVE CORP |
|
| 80,691 |
|
| 120,174 |
|
|
|
|
| 7,100 |
| PROLOGIS |
|
| 73,876 |
|
| 102,524 |
|
|
|
|
| 2,200 |
| PROTECTIVE LIFE CORP |
|
| 24,849 |
|
| 58,608 |
|
|
|
|
| 8,500 |
| PRUDENTIAL FINANCIAL INC |
|
| 257,378 |
|
| 499,035 |
|
|
|
|
| 1,091 |
| PUBLIC STORAGE |
|
| 67,691 |
|
| 110,649 |
|
|
|
|
| 32,425 |
| RAYMOND JAMES FINANCIAL INC |
|
| 1,021,413 |
|
| 1,060,298 |
|
|
|
|
| 2,700 |
| REALTY INCOME CORP |
|
| 64,486 |
|
| 92,340 |
|
|
|
|
| 3,900 |
| REGENCY CENTERS CORP |
|
| 97,960 |
|
| 164,736 |
|
|
|
|
| 28,699 |
| REGIONS FINANCIAL CORP |
|
| 133,361 |
|
| 200,893 |
|
|
|
|
| 2,900 |
| RENAISSANCERE HOLDINGS LTD (c) |
|
| 136,231 |
|
| 184,701 |
|
|
|
|
| 21,400 |
| SCHWAB (CHARLES) CORP |
|
| 186,608 |
|
| 366,154 |
|
|
|
|
| 5,400 |
| SEI INVESTMENTS COMPANY |
|
| 74,937 |
|
| 128,466 |
|
|
|
|
| 49,325 |
| SELECTIVE INSURANCE GROUP |
|
| 867,714 |
|
| 895,249 |
|
|
|
|
| 1,500 |
| SENIOR HOUSING PROP TRUST |
|
| 24,126 |
|
| 32,910 |
|
|
|
|
| 3,595 |
| SIMON PROPERTY GROUP INC |
|
| 157,583 |
|
| 357,667 |
|
|
|
|
| 1,500 |
| SL GREEN REALTY CORP |
|
| 32,888 |
|
| 101,265 |
|
|
|
|
| 6,500 |
| SLM CORP (b) |
|
| 56,402 |
|
| 81,835 |
|
|
|
|
| 6,835 |
| STATE STREET CORP |
|
| 273,996 |
|
| 316,734 |
|
|
|
|
| 14,334 |
| SUNTRUST BANKS INC |
|
| 249,943 |
|
| 422,996 |
|
|
|
|
| 52,395 |
| SYMETRA FINANCIAL CORP |
|
| 647,597 |
|
| 717,812 |
|
|
|
|
| 48,100 |
| SYNOVUS FINANCIAL CORP |
|
| 126,481 |
|
| 126,984 |
|
|
|
|
| 6,349 |
| T ROWE PRICE GROUP INC |
|
| 125,884 |
|
| 409,764 |
|
|
|
|
| 2,100 |
| TAUBMAN CENTERS INC |
|
| 62,222 |
|
| 106,008 |
|
|
|
|
| 3,900 |
| TCF FINANCIAL CORP |
|
| 33,574 |
|
| 57,759 |
|
|
|
|
| 5,566 |
| TD AMERITRADE HOLDING CORP |
|
| 85,425 |
|
| 105,698 |
|
|
|
|
| 19,125 |
| TORCHMARK CORP |
|
| 1,098,064 |
|
| 1,142,528 |
|
|
|
|
| 20,650 |
| TRANSATLANTIC HOLDINGS INC |
|
| 1,090,193 |
|
| 1,065,953 |
|
|
|
|
| 10,688 |
| TRAVELERS COS INC/THE |
|
| 378,568 |
|
| 595,428 |
|
|
|
|
| 2,400 |
| UDR INC |
|
| 24,876 |
|
| 56,448 |
|
|
|
|
| 4,000 |
| UNITRIN INC |
|
| 101,606 |
|
| 98,160 |
|
|
|
|
| 37,500 |
| UNUM GROUP |
|
| 815,810 |
|
| 908,250 |
|
|
|
|
| 36,185 |
| US BANCORP |
|
| 742,051 |
|
| 975,909 |
|
|
|
|
| 1,100 |
| VALIDUS HOLDINGS LTD (c) |
|
| 23,556 |
|
| 33,671 |
|
|
|
|
| 1,593 |
| VALLEY NATL BANCORP |
|
| 25,082 |
|
| 22,780 |
|
|
|
|
| 1,800 |
| VENTAS INC |
|
| 73,052 |
|
| 94,464 |
|
|
|
|
| 4,500 |
| VISA INC-CLASS A SHARES |
|
| 314,289 |
|
| 316,710 |
|
|
|
|
| 2,900 |
| VORNADO REALTY TRUST |
|
| 206,690 |
|
| 241,657 |
|
|
|
|
| 2,900 |
| WADDELL & REED FINANCIAL-A |
|
| 75,336 |
|
| 102,341 |
|
|
|
|
| 5,200 |
| WASHINGTON FEDERAL INC |
|
| 71,015 |
|
| 87,984 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 30 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Financials (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 1,900 |
| WEINGARTEN REALTY INVESTORS |
| $ | 25,127 |
|
| 45,144 |
|
|
|
|
| 86,945 |
| WELLS FARGO & CO |
|
| 1,186,941 |
|
| 2,694,426 |
|
|
|
|
| 1,106 |
| WR BERKLEY CORP |
|
| 29,275 |
|
| 30,282 |
|
|
|
|
| 60,000 |
| XL GROUP PLC (c) |
|
| 1,178,206 |
|
| 1,309,200 |
|
|
|
|
|
|
|
|
|
| 43,338,294 |
|
| 52,108,170 |
|
| 15.14 | % |
Healthcare: |
|
|
|
|
|
|
|
|
|
| |||
| 42,435 |
| ABBOTT LABORATORIES |
|
| 1,728,762 |
|
| 2,033,061 |
|
|
|
|
| 8,703 |
| AETNA INC |
|
| 122,419 |
|
| 265,529 |
|
|
|
|
| 200 |
| ALCON INC (c) |
|
| 30,135 |
|
| 32,680 |
|
|
|
|
| 1,800 |
| ALERE INC (b) |
|
| 57,627 |
|
| 65,880 |
|
|
|
|
| 1,500 |
| ALEXION PHARMACEUTICALS INC (b) |
|
| 58,088 |
|
| 120,825 |
|
|
|
|
| 5,507 |
| ALLERGAN INC |
|
| 201,259 |
|
| 378,166 |
|
|
|
|
| 7,200 |
| AMERISOURCEBERGEN CORP |
|
| 115,968 |
|
| 245,664 |
|
|
|
|
| 26,700 |
| AMGEN INC (b) |
|
| 365,908 |
|
| 1,465,830 |
|
|
|
|
| 22,100 |
| BAXTER INTERNATIONAL INC |
|
| 830,917 |
|
| 1,118,702 |
|
|
|
|
| 1,900 |
| BECKMAN COULTER INC |
|
| 99,749 |
|
| 142,937 |
|
|
|
|
| 3,900 |
| BECTON DICKINSON AND CO |
|
| 226,543 |
|
| 329,628 |
|
|
|
|
| 6,550 |
| BIOGEN IDEC INC (b) |
|
| 82,841 |
|
| 439,178 |
|
|
|
|
| 113,800 |
| BOSTON SCIENTIFIC CORP (b) |
|
| 812,353 |
|
| 861,466 |
|
|
|
|
| 20,100 |
| BRISTOL-MYERS SQUIBB CO |
|
| 454,721 |
|
| 532,248 |
|
|
|
|
| 3,400 |
| CARDINAL HEALTH INC |
|
| 102,635 |
|
| 130,254 |
|
|
|
|
| 53,000 |
| CAREFUSION CORP (b) |
|
| 1,261,278 |
|
| 1,362,100 |
|
|
|
|
| 6,436 |
| CELGENE CORP (b) |
|
| 146,839 |
|
| 380,625 |
|
|
|
|
| 300 |
| CEPHALON INC (b) |
|
| 14,717 |
|
| 18,516 |
|
|
|
|
| 800 |
| CHARLES RIVER LABORATORIES (b) |
|
| 24,460 |
|
| 28,432 |
|
|
|
|
| 5,700 |
| CIGNA CORP |
|
| 89,680 |
|
| 208,962 |
|
|
|
|
| 3,000 |
| COMMUNITY HEALTH SYSTEMS INC (b) |
|
| 97,596 |
|
| 112,110 |
|
|
|
|
| 700 |
| COVANCE INC (b) |
|
| 31,465 |
|
| 35,987 |
|
|
|
|
| 20,400 |
| COVIDIEN PLC (c) |
|
| 861,243 |
|
| 931,464 |
|
|
|
|
| 1,700 |
| CR BARD INC |
|
| 111,570 |
|
| 156,009 |
|
|
|
|
| 1,425 |
| DAVITA INC (b) |
|
| 21,812 |
|
| 99,023 |
|
|
|
|
| 3,700 |
| DENTSPLY INTERNATIONAL INC |
|
| 102,583 |
|
| 126,429 |
|
|
|
|
| 3,800 |
| EDWARDS LIFESCIENCES CORP (b) |
|
| 118,152 |
|
| 307,192 |
|
|
|
|
| 10,700 |
| ELI LILLY & CO |
|
| 372,409 |
|
| 374,928 |
|
|
|
|
| 10,300 |
| ENDO PHARMACEUT HLDGS INC (b) |
|
| 292,835 |
|
| 367,813 |
|
|
|
|
| 9,100 |
| EXPRESS SCRIPTS INC (b) |
|
| 173,782 |
|
| 491,855 |
|
|
|
|
| 26,150 |
| FOREST LABORATORIES INC (b) |
|
| 801,233 |
|
| 836,277 |
|
|
|
|
| 19,760 |
| GEN-PROBE INC (b) |
|
| 1,048,654 |
|
| 1,152,996 |
|
|
|
|
| 700 |
| GENZYME CORP (b) |
|
| 36,911 |
|
| 49,840 |
|
|
|
|
| 14,260 |
| GILEAD SCIENCES INC (b) |
|
| 231,726 |
|
| 516,782 |
|
|
|
|
| 9,200 |
| HEALTH MGMT ASSOCIATES INC-A (b) |
|
| 59,662 |
|
| 87,768 |
|
|
|
|
| 60,090 |
| HEALTHSOUTH CORP (b) |
|
| 1,079,018 |
|
| 1,244,464 |
|
|
|
|
| 1,900 |
| HENRY SCHEIN INC (b) |
|
| 86,167 |
|
| 116,641 |
|
|
|
|
| 1,300 |
| HILL-ROM HOLDINGS INC |
|
| 38,228 |
|
| 51,181 |
|
|
|
|
| 1,708 |
| HOLOGIC INC (b) |
|
| 12,625 |
|
| 32,145 |
|
|
|
|
| 6,405 |
| HOSPIRA INC (b) |
|
| 231,083 |
|
| 356,694 |
|
|
|
|
| 3,900 |
| HUMANA INC (b) |
|
| 39,107 |
|
| 213,486 |
|
|
|
|
| 1,400 |
| IDEXX LABORATORIES INC (b) |
|
| 60,410 |
|
| 96,908 |
|
|
|
|
| 700 |
| INTUITIVE SURGICAL INC (b) |
|
| 165,982 |
|
| 180,425 |
|
|
|
|
| 61,184 |
| JOHNSON & JOHNSON |
|
| 2,714,406 |
|
| 3,784,230 |
|
|
|
|
| 1,931 |
| KINETIC CONCEPTS INC (b) |
|
| 71,019 |
|
| 80,870 |
|
|
|
|
| 8,800 |
| KING PHARMACEUTICALS INC (b) |
|
| 93,510 |
|
| 123,640 |
|
|
|
|
| 800 |
| LABORATORY CRP OF AMER HLDGS (b) |
|
| 18,788 |
|
| 70,336 |
|
|
|
|
| 4,373 |
| LIFE TECHNOLOGIES CORP (b) |
|
| 134,809 |
|
| 242,702 |
|
|
|
|
| 2,325 |
| LINCARE HOLDINGS INC |
|
| 46,233 |
|
| 62,380 |
|
|
|
|
| 5,700 |
| MCKESSON CORP |
|
| 202,597 |
|
| 401,166 |
|
|
|
|
| 2,200 |
| MEAD JOHNSON NUTRITION CO |
|
| 103,422 |
|
| 136,950 |
|
|
|
|
| 9,756 |
| MEDCO HEALTH SOLUTIONS INC (b) |
|
| 137,776 |
|
| 597,750 |
|
|
|
|
| 13,800 |
| MEDTRONIC INC |
|
| 482,727 |
|
| 511,842 |
|
|
|
|
| 62,000 |
| MYLAN INC (b) |
|
| 1,189,888 |
|
| 1,310,060 |
|
|
|
|
| 1,200 |
| OMNICARE INC |
|
| 29,082 |
|
| 30,468 |
|
|
|
|
| 3,500 |
| PATTERSON COS INC |
|
| 93,515 |
|
| 107,205 |
|
|
|
|
| 2,900 |
| PERRIGO CO |
|
| 109,545 |
|
| 183,657 |
|
|
|
|
| 170,725 |
| PFIZER INC |
|
| 1,402,986 |
|
| 2,989,395 |
|
|
|
|
| 1,300 |
| PHARMACEUTICAL PRODUCT DEVEL |
|
| 24,770 |
|
| 35,282 |
|
|
|
|
| 8,065 |
| QUEST DIAGNOSTICS INC |
|
| 391,363 |
|
| 435,268 |
|
|
|
|
| 4,000 |
| RESMED INC (b) |
|
| 81,990 |
|
| 138,560 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 31 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Healthcare (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 12,600 |
| SERVICE CORP INTERNATIONAL |
| $ | 90,438 |
|
| 103,950 |
|
|
|
|
| 8,639 |
| ST JUDE MEDICAL INC (b) |
|
| 254,799 |
|
| 369,317 |
|
|
|
|
| 7,200 |
| STRYKER CORP |
|
| 119,192 |
|
| 386,640 |
|
|
|
|
| 12,900 |
| TENET HEALTHCARE CORP (b) |
|
| 56,567 |
|
| 86,301 |
|
|
|
|
| 7,400 |
| THERMO FISHER SCIENTIFIC INC (b) |
|
| 156,536 |
|
| 409,664 |
|
|
|
|
| 17,202 |
| UNITEDHEALTH GROUP INC |
|
| 273,316 |
|
| 621,164 |
|
|
|
|
| 2,036 |
| UNIVERSAL HEALTH SERVICES-B |
|
| 38,822 |
|
| 88,403 |
|
|
|
|
| 46,095 |
| VALEANT PHARMACEUTICALS INTE (c) |
|
| 1,296,247 |
|
| 1,304,028 |
|
|
|
|
| 5,000 |
| VARIAN MEDICAL SYSTEMS INC (b) |
|
| 184,300 |
|
| 346,400 |
|
|
|
|
| 1,200 |
| VCA ANTECH INC (b) |
|
| 28,592 |
|
| 27,948 |
|
|
|
|
| 3,000 |
| VERTEX PHARMACEUTICALS INC (b) |
|
| 74,804 |
|
| 105,090 |
|
|
|
|
| 2,600 |
| WATERS CORP (b) |
|
| 60,996 |
|
| 202,046 |
|
|
|
|
| 3,175 |
| WATSON PHARMACEUTICALS INC (b) |
|
| 79,360 |
|
| 163,989 |
|
|
|
|
| 2,666 |
| WEBMD HEALTH CORP (b) |
|
| 58,226 |
|
| 136,126 |
|
|
|
|
| 9,249 |
| WELLPOINT INC (b) |
|
| 325,437 |
|
| 525,898 |
|
|
|
|
| 3,374 |
| ZIMMER HOLDINGS INC (b) |
|
| 140,046 |
| 181,115 |
|
|
|
| |
|
|
|
|
|
| 23,467,256 |
|
| 34,398,940 |
|
| 9.99 | % |
Industrials: |
|
|
|
|
|
|
|
|
|
| |||
| 9,087 |
| 3M CO |
|
| 561,634 |
|
| 784,208 |
|
|
|
|
| 35,000 |
| ABB LTD-SPON ADR (b)(c)(d) |
|
| 715,485 |
|
| 785,750 |
|
|
|
|
| 610 |
| AGCO CORP (b) |
|
| 23,281 |
|
| 30,903 |
|
|
|
|
| 3,450 |
| AMETEK INC |
|
| 73,221 |
|
| 135,413 |
|
|
|
|
| 19,800 |
| AMR CORP (b) |
|
| 151,331 |
|
| 154,242 |
|
|
|
|
| 32,970 |
| AVERY DENNISON CORP |
|
| 1,344,184 |
|
| 1,395,950 |
|
|
|
|
| 2,700 |
| BABCOCK & WILCOX COMPANY (b) |
|
| 35,478 |
|
| 69,093 |
|
|
|
|
| 1,700 |
| BE AEROSPACE INC (b) |
|
| 47,626 |
|
| 62,951 |
|
|
|
|
| 17,400 |
| BOEING CO/THE |
|
| 411,597 |
|
| 1,135,524 |
|
|
|
|
| 1,700 |
| BUCYRUS INTERNATIONAL INC |
|
| 47,502 |
|
| 151,980 |
|
|
|
|
| 3,400 |
| C.H. ROBINSON WORLDWIDE INC |
|
| 164,205 |
|
| 272,646 |
|
|
|
|
| 1,600 |
| CAREER EDUCATION CORP (b) |
|
| 26,824 |
|
| 33,168 |
|
|
|
|
| 2,200 |
| CARLISLE COS INC |
|
| 45,116 |
|
| 87,428 |
|
|
|
|
| 11,604 |
| CATERPILLAR INC |
|
| 322,821 |
|
| 1,086,831 |
|
|
|
|
| 2,500 |
| CHICAGO BRIDGE & IRON-NY SHR (b)(c) |
|
| 50,995 |
|
| 82,250 |
|
|
|
|
| 5,700 |
| CINTAS CORP |
|
| 175,434 |
|
| 159,372 |
|
|
|
|
| 2,027 |
| CON-WAY INC |
|
| 44,529 |
|
| 74,127 |
|
|
|
|
| 1,400 |
| COOPER INDUSTRIES PLC |
|
| 60,725 |
|
| 81,606 |
|
|
|
|
| 1,300 |
| COPA HOLDINGS SA-CLASS A (c) |
|
| 61,294 |
|
| 76,492 |
|
|
|
|
| 3,948 |
| CRANE CO |
|
| 66,572 |
|
| 162,144 |
|
|
|
|
| 9,300 |
| CSX CORP |
|
| 97,923 |
|
| 600,873 |
|
|
|
|
| 3,800 |
| CUMMINS INC |
|
| 53,831 |
|
| 418,038 |
|
|
|
|
| 11,163 |
| DANAHER CORP |
|
| 255,642 |
|
| 526,559 |
|
|
|
|
| 7,300 |
| DEERE & CO |
|
| 199,160 |
|
| 606,265 |
|
|
|
|
| 150,000 |
| DELTA AIR LINES INC (b) |
|
| 1,891,832 |
|
| 1,890,000 |
|
|
|
|
| 678 |
| DEVRY INC |
|
| 31,924 |
|
| 32,530 |
|
|
|
|
| 1,600 |
| DONALDSON CO INC |
|
| 63,715 |
|
| 93,248 |
|
|
|
|
| 3,325 |
| DOVER CORP |
|
| 122,574 |
|
| 194,346 |
|
|
|
|
| 1,987 |
| DUN & BRADSTREET CORP |
|
| 49,383 |
|
| 163,113 |
|
|
|
|
| 4,200 |
| EATON CORP |
|
| 158,064 |
|
| 426,342 |
|
|
|
|
| 32,875 |
| EMCOR GROUP INC (b) |
|
| 934,677 |
|
| 952,718 |
|
|
|
|
| 15,500 |
| EMERSON ELECTRIC CO |
|
| 422,332 |
|
| 886,135 |
|
|
|
|
| 1,197 |
| ENERGIZER HOLDINGS INC (b) |
|
| 74,281 |
|
| 87,261 |
|
|
|
|
| 3,200 |
| EXPEDITORS INTL WASH INC |
|
| 115,188 |
|
| 174,720 |
|
|
|
|
| 1,900 |
| FASTENAL CO |
|
| 62,225 |
|
| 113,829 |
|
|
|
|
| 6,653 |
| FEDEX CORP |
|
| 130,734 |
|
| 618,796 |
|
|
|
|
| 300 |
| FIRST SOLAR INC (b) |
|
| 23,489 |
|
| 39,042 |
|
|
|
|
| 1,300 |
| FLOWSERVE CORP |
|
| 119,620 |
|
| 154,986 |
|
|
|
|
| 2,550 |
| FLUOR CORP |
|
| 52,518 |
|
| 168,963 |
|
|
|
|
| 300 |
| GARDNER DENVER INC |
|
| 16,685 |
|
| 20,646 |
|
|
|
|
| 1,400 |
| GATX CORP |
|
| 24,276 |
|
| 49,392 |
|
|
|
|
| 258,400 |
| GENERAL ELECTRIC CO |
|
| 4,753,642 |
|
| 4,726,136 |
|
|
|
|
| 1,000 |
| GLOBAL PAYMENTS INC |
|
| 33,115 |
|
| 46,210 |
|
|
|
|
| 3,200 |
| GOODRICH CORP |
|
| 95,088 |
|
| 281,824 |
|
|
|
|
| 6,200 |
| H&R BLOCK INC |
|
| 58,017 |
|
| 73,842 |
|
|
|
|
| 1,600 |
| HARSCO CORP |
|
| 28,236 |
|
| 45,312 |
|
|
|
|
| 17,600 |
| HONEYWELL INTERNATIONAL INC |
|
| 471,639 |
|
| 935,616 |
|
|
|
|
| 2,200 |
| HUBBELL INC -CL B |
|
| 91,526 |
|
| 132,286 |
|
|
|
|
| 2,100 |
| HUNT (JB) TRANSPRT SVCS INC |
|
| 40,530 |
|
| 85,701 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 32 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Industrials (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 2,500 |
| IDEX CORP |
| $ | 58,238 |
|
| 97,800 |
|
|
|
|
| 6,424 |
| ILLINOIS TOOL WORKS |
|
| 223,340 |
|
| 343,042 |
|
|
|
|
| 3,700 |
| INGERSOLL-RAND PLC (c) |
|
| 140,926 |
|
| 174,233 |
|
|
|
|
| 5,400 |
| IRON MOUNTAIN INC |
|
| 121,527 |
|
| 135,054 |
|
|
|
|
| 1,600 |
| ITT CORP |
|
| 52,360 |
|
| 83,376 |
|
|
|
|
| 1,300 |
| ITT EDUCATIONAL SERVICES INC (b) |
|
| 52,038 |
|
| 82,797 |
|
|
|
|
| 3,000 |
| JABIL CIRCUIT INC |
|
| 49,755 |
|
| 60,270 |
|
|
|
|
| 2,068 |
| JACOBS ENGINEERING GROUP INC (b) |
|
| 46,598 |
|
| 94,818 |
|
|
|
|
| 2,038 |
| JOY GLOBAL INC |
|
| 92,539 |
|
| 176,797 |
|
|
|
|
| 2,900 |
| KANSAS CITY SOUTHERN (b) |
|
| 46,328 |
|
| 138,794 |
|
|
|
|
| 2,800 |
| KBR INC |
|
| 55,655 |
|
| 85,316 |
|
|
|
|
| 17,000 |
| KIRBY CORP (b) |
|
| 764,537 |
|
| 748,850 |
|
|
|
|
| 2,400 |
| L-3 COMMUNICATIONS HOLDINGS |
|
| 143,754 |
|
| 169,176 |
|
|
|
|
| 1,200 |
| LANDSTAR SYSTEM INC |
|
| 38,351 |
|
| 49,128 |
|
|
|
|
| 700 |
| LINCOLN ELECTRIC HOLDINGS |
|
| 28,970 |
|
| 45,689 |
|
|
|
|
| 2,600 |
| LOCKHEED MARTIN CORP |
|
| 74,846 |
|
| 181,766 |
|
|
|
|
| 12,500 |
| MANITOWOC COMPANY INC |
|
| 120,438 |
|
| 163,875 |
|
|
|
|
| 1,475 |
| MANPOWER INC |
|
| 46,518 |
|
| 92,571 |
|
|
|
|
| 48,000 |
| MASTEC INC (b) |
|
| 709,778 |
|
| 700,320 |
|
|
|
|
| 5,500 |
| MCDERMOTT INTL INC (b) |
|
| 36,783 |
|
| 113,795 |
|
|
|
|
| 3,900 |
| MONSTER WORLDWIDE INC (b) |
|
| 48,446 |
|
| 92,157 |
|
|
|
|
| 1,300 |
| NAVISTAR INTERNATIONAL CORP (b) |
|
| 51,064 |
|
| 75,283 |
|
|
|
|
| 5,360 |
| NORFOLK SOUTHERN CORP |
|
| 121,639 |
|
| 336,715 |
|
|
|
|
| 3,660 |
| NORTHROP GRUMMAN CORP |
|
| 154,856 |
|
| 237,095 |
|
|
|
|
| 2,300 |
| OSHKOSH CORP (b) |
|
| 74,375 |
|
| 81,052 |
|
|
|
|
| 28,475 |
| OVERSEAS SHIPHOLDING GROUP |
|
| 1,035,187 |
|
| 1,008,585 |
|
|
|
|
| 2,600 |
| OWENS CORNING (b) |
|
| 59,847 |
|
| 80,990 |
|
|
|
|
| 8,389 |
| PACCAR INC |
|
| 91,278 |
|
| 481,696 |
|
|
|
|
| 2,200 |
| PALL CORP |
|
| 55,214 |
|
| 109,076 |
|
|
|
|
| 2,850 |
| PARKER HANNIFIN CORP |
|
| 123,853 |
|
| 245,955 |
|
|
|
|
| 2,200 |
| PENTAIR INC |
|
| 72,761 |
|
| 80,322 |
|
|
|
|
| 2,100 |
| PRECISION CASTPARTS CORP |
|
| 126,967 |
|
| 292,341 |
|
|
|
|
| 4,100 |
| QUANTA SERVICES INC (b) |
|
| 52,132 |
|
| 81,672 |
|
|
|
|
| 6,500 |
| RAYTHEON COMPANY |
|
| 191,236 |
|
| 301,210 |
|
|
|
|
| 2,200 |
| RELIANCE STEEL & ALUMINUM |
|
| 61,215 |
|
| 112,420 |
|
|
|
|
| 44,843 |
| REPUBLIC SERVICES INC |
|
| 1,203,205 |
|
| 1,339,012 |
|
|
|
|
| 1,900 |
| ROBERT HALF INTL INC |
|
| 47,352 |
|
| 58,140 |
|
|
|
|
| 5,250 |
| ROCKWELL AUTOMATION INC |
|
| 73,987 |
|
| 376,478 |
|
|
|
|
| 5,214 |
| ROCKWELL COLLINS INC |
|
| 154,727 |
|
| 303,768 |
|
|
|
|
| 300 |
| ROPER INDUSTRIES INC |
|
| 19,526 |
|
| 22,929 |
|
|
|
|
| 14,100 |
| SOUTHWEST AIRLINES CO |
|
| 100,966 |
|
| 183,018 |
|
|
|
|
| 1,800 |
| SPIRIT AEROSYSTEMS HOLD-CL A (b) |
|
| 35,134 |
|
| 37,458 |
|
|
|
|
| 1,000 |
| SPX CORP |
|
| 51,053 |
|
| 71,490 |
|
|
|
|
| 2,080 |
| STERICYCLE INC (b) |
|
| 99,902 |
|
| 168,314 |
|
|
|
|
| 1,100 |
| TEEKAY CORP (c) |
|
| 31,416 |
|
| 36,388 |
|
|
|
|
| 16,775 |
| TELEFLEX INC |
|
| 856,456 |
|
| 902,663 |
|
|
|
|
| 1,400 |
| TEREX CORP (b) |
|
| 29,239 |
|
| 43,456 |
|
|
|
|
| 52,000 |
| TEXTRON INC |
|
| 1,211,937 |
|
| 1,229,280 |
|
|
|
|
| 10,500 |
| TYCO INTERNATIONAL LTD (c) |
|
| 388,274 |
|
| 435,120 |
|
|
|
|
| 7,600 |
| UNION PACIFIC CORP |
|
| 219,426 |
|
| 704,216 |
|
|
|
|
| 15 |
| UNITED CONTINENTAL HOLDINGS (b) |
|
| 314 |
|
| 357 |
|
|
|
|
| 7,240 |
| UNITED PARCEL SERVICE-CL B |
|
| 374,766 |
|
| 525,479 |
|
|
|
|
| 16,850 |
| UNITED TECHNOLOGIES CORP |
|
| 637,287 |
|
| 1,326,432 |
|
|
|
|
| 2,500 |
| URS CORP (b) |
|
| 94,337 |
|
| 104,025 |
|
|
|
|
| 2,000 |
| USG CORP (b) |
|
| 12,349 |
|
| 33,660 |
|
|
|
|
| 4,100 |
| UTI WORLDWIDE INC (c) |
|
| 50,356 |
|
| 86,920 |
|
|
|
|
| 1,800 |
| WALTER ENERGY INC |
|
| 42,608 |
|
| 230,112 |
|
|
|
|
| 1,650 |
| WASTE CONNECTIONS INC |
|
| 29,914 |
|
| 45,424 |
|
|
|
|
| 9,450 |
| WASTE MANAGEMENT INC |
|
| 159,686 |
|
| 348,421 |
|
|
|
|
| 23,100 |
| WERNER ENTERPRISES INC |
|
| 524,871 |
|
| 522,059 |
|
|
|
|
| 1,700 |
| WW GRAINGER INC |
|
| 74,316 |
|
| 234,786 |
|
|
|
|
|
|
|
|
|
| 26,648,473 |
|
| 38,090,248 |
|
| 11.07 | % |
Information technology: |
|
|
|
|
|
|
|
|
|
| |||
| 4,700 |
| ACCENTURE PLC-CL A (c) |
|
| 182,665 |
|
| 227,903 |
|
|
|
|
| 10,800 |
| ACTIVISION BLIZZARD INC |
|
| 63,094 |
|
| 134,352 |
|
|
|
|
| 8,924 |
| ADOBE SYSTEMS INC (b) |
|
| 163,063 |
|
| 274,681 |
|
|
|
|
| 14,300 |
| ADVANCED MICRO DEVICES (b) |
|
| 64,279 |
|
| 116,974 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 33 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Information technology (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 34,810 |
| AGILENT TECHNOLOGIES INC (b) |
| $ | 1,161,050 |
|
| 1,442,178 |
|
|
|
|
| 3,300 |
| AKAMAI TECHNOLOGIES INC (b) |
|
| 45,920 |
|
| 155,265 |
|
|
|
|
| 1,600 |
| ALLIANCE DATA SYSTEMS CORP (b) |
|
| 75,650 |
|
| 113,648 |
|
|
|
|
| 5,000 |
| ALTERA CORP |
|
| 94,155 |
|
| 177,900 |
|
|
|
|
| 3,100 |
| AMPHENOL CORP-CL A |
|
| 130,340 |
|
| 163,618 |
|
|
|
|
| 8,600 |
| ANALOG DEVICES INC |
|
| 120,368 |
|
| 323,962 |
|
|
|
|
| 2,400 |
| ANSYS INC (b) |
|
| 81,726 |
|
| 124,968 |
|
|
|
|
| 2,393 |
| AOL INC (b) |
|
| 44,922 |
|
| 56,738 |
|
|
|
|
| 15,000 |
| APPLE INC (b) |
|
| 411,858 |
|
| 4,838,400 |
|
|
|
|
| 16,400 |
| APPLIED MATERIALS INC |
|
| 190,748 |
|
| 230,420 |
|
|
|
|
| 700 |
| ARROW ELECTRONICS INC (b) |
|
| 18,814 |
|
| 23,975 |
|
|
|
|
| 44,200 |
| ATMI INC (b) |
|
| 876,365 |
|
| 881,348 |
|
|
|
|
| 2,486 |
| AUTODESK INC (b) |
|
| 54,831 |
|
| 94,965 |
|
|
|
|
| 4,066 |
| AUTOMATIC DATA PROCESSING |
|
| 132,231 |
|
| 188,174 |
|
|
|
|
| 56,200 |
| AVNET INC (b) |
|
| 1,856,540 |
|
| 1,856,286 |
|
|
|
|
| 62,475 |
| BENCHMARK ELECTRONICS INC (b) |
|
| 1,082,348 |
|
| 1,134,546 |
|
|
|
|
| 4,550 |
| BMC SOFTWARE INC (b) |
|
| 89,322 |
|
| 214,487 |
|
|
|
|
| 9,791 |
| BROADCOM CORP-CL A |
|
| 161,988 |
|
| 426,398 |
|
|
|
|
| 2,180 |
| BROADRIDGE FINANCIAL SOLUTIO |
|
| 33,318 |
|
| 47,807 |
|
|
|
|
| 35,655 |
| CA INC |
|
| 807,587 |
|
| 871,408 |
|
|
|
|
| 4,200 |
| CADENCE DESIGN SYS INC (b) |
|
| 24,003 |
|
| 34,692 |
|
|
|
|
| 900 |
| CERNER CORP (b) |
|
| 40,604 |
|
| 85,266 |
|
|
|
|
| 105,450 |
| CISCO SYSTEMS INC (b) |
|
| 160,814 |
|
| 2,133,254 |
|
|
|
|
| 4,234 |
| CITRIX SYSTEMS INC (b) |
|
| 47,866 |
|
| 289,648 |
|
|
|
|
| 6,300 |
| COGNIZANT TECH SOLUTIONS-A (b) |
|
| 95,625 |
|
| 461,727 |
|
|
|
|
| 9,557 |
| COMPUTER SCIENCES CORP |
|
| 447,904 |
|
| 474,027 |
|
|
|
|
| 117,595 |
| COMPUWARE CORP (b) |
|
| 1,273,339 |
|
| 1,372,334 |
|
|
|
|
| 900 |
| CORELOGIC INC |
|
| 16,993 |
|
| 16,668 |
|
|
|
|
| 25,400 |
| CORNING INC |
|
| 205,191 |
|
| 490,728 |
|
|
|
|
| 1,800 |
| CREE INC (b) |
|
| 56,445 |
|
| 118,602 |
|
|
|
|
| 2,700 |
| CYPRESS SEMICONDUCTOR CORP (b) |
|
| 8,499 |
|
| 50,166 |
|
|
|
|
| 6,750 |
| DELL INC (b) |
|
| 80,373 |
|
| 91,463 |
|
|
|
|
| 5,600 |
| EBAY INC (b) |
|
| 46,264 |
|
| 155,848 |
|
|
|
|
| 3,900 |
| ELECTRONIC ARTS INC (b) |
|
| 73,745 |
|
| 63,882 |
|
|
|
|
| 34,310 |
| EMC CORP/MASS (b) |
|
| 233,560 |
|
| 785,699 |
|
|
|
|
| 1,000 |
| EQUINIX INC (b) |
|
| 77,505 |
|
| 81,260 |
|
|
|
|
| 1,300 |
| F5 NETWORKS INC (b) |
|
| 30,063 |
|
| 169,208 |
|
|
|
|
| 1,600 |
| FAIRCHILD SEMICONDUCTOR INTE (b) |
|
| 21,840 |
|
| 24,976 |
|
|
|
|
| 7,802 |
| FIDELITY NATIONAL INFORMATIO |
|
| 135,427 |
|
| 213,697 |
|
|
|
|
| 3,950 |
| FISERV INC (b) |
|
| 108,063 |
|
| 231,312 |
|
|
|
|
| 2,400 |
| FLIR SYSTEMS INC (b) |
|
| 58,222 |
|
| 71,400 |
|
|
|
|
| 4,167 |
| GOOGLE INC-CL A (b) |
|
| 1,257,780 |
|
| 2,475,073 |
|
|
|
|
| 2,800 |
| HARRIS CORP |
|
| 37,337 |
|
| 126,840 |
|
|
|
|
| 64,697 |
| HEWLETT-PACKARD CO |
|
| 1,661,289 |
|
| 2,723,744 |
|
|
|
|
| 700 |
| IHS INC-CLASS A (b) |
|
| 30,839 |
|
| 56,273 |
|
|
|
|
| 7,200 |
| INGRAM MICRO INC-CL A (b) |
|
| 99,833 |
|
| 137,448 |
|
|
|
|
| 100,300 |
| INTEL CORP |
|
| 208,477 |
|
| 2,109,309 |
|
|
|
|
| 3,600 |
| INTERSIL CORP-A |
|
| 50,850 |
|
| 54,972 |
|
|
|
|
| 19,041 |
| INTL BUSINESS MACHINES CORP |
|
| 1,535,376 |
|
| 2,794,457 |
|
|
|
|
| 5,000 |
| INTUIT INC (b) |
|
| 103,285 |
|
| 246,500 |
|
|
|
|
| 1,300 |
| ITRON INC (b) |
|
| 73,205 |
|
| 72,085 |
|
|
|
|
| 10,967 |
| JUNIPER NETWORKS INC (b) |
|
| 215,572 |
|
| 404,902 |
|
|
|
|
| 2,600 |
| KLA-TENCOR CORPORATION |
|
| 86,094 |
|
| 100,464 |
|
|
|
|
| 3,000 |
| LAM RESEARCH CORP (b) |
|
| 83,706 |
|
| 155,340 |
|
|
|
|
| 2,371 |
| LENDER PROCESSING SERVICES |
|
| 76,903 |
|
| 69,992 |
|
|
|
|
| 2,000 |
| LEXMARK INTERNATIONAL INC-A (b) |
|
| 30,530 |
|
| 69,640 |
|
|
|
|
| 5,400 |
| LINEAR TECHNOLOGY CORP |
|
| 119,475 |
|
| 186,786 |
|
|
|
|
| 28,600 |
| LSI CORP (b) |
|
| 120,263 |
|
| 171,314 |
|
|
|
|
| 7,800 |
| MARVELL TECHNOLOGY GROUP LTD (b)(c) |
|
| 55,397 |
|
| 144,690 |
|
|
|
|
| 1,700 |
| MASTERCARD INC-CLASS A |
|
| 182,283 |
|
| 380,987 |
|
|
|
|
| 7,000 |
| MAXIM INTEGRATED PRODUCTS |
|
| 125,147 |
|
| 165,340 |
|
|
|
|
| 3,900 |
| MCAFEE INC (b) |
|
| 96,027 |
|
| 180,609 |
|
|
|
|
| 1,300 |
| METTLER-TOLEDO INTERNATIONAL (b)(c) |
|
| 87,484 |
|
| 196,573 |
|
|
|
|
| 59,800 |
| MICREL INC |
|
| 817,532 |
|
| 776,802 |
|
|
|
|
| 4,200 |
| MICROCHIP TECHNOLOGY INC |
|
| 66,924 |
|
| 143,682 |
|
|
|
|
| 19,100 |
| MICRON TECHNOLOGY INC (b) |
|
| 94,334 |
|
| 153,182 |
|
|
|
|
| 1,000 |
| MICROS SYSTEMS INC (b) |
|
| 26,215 |
|
| 43,860 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 34 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Growth Fund |
December 31, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Information technology (Cont’d): | |||||||||||||
| 199,125 |
| MICROSOFT CORP |
| $ | 2,534,698 |
|
| 5,559,570 |
|
|
|
|
| 63,900 |
| MOTOROLA INC (b) |
|
| 392,845 |
|
| 579,573 |
|
|
|
|
| 1,600 |
| NATIONAL SEMICONDUCTOR CORP |
|
| 12,291 |
|
| 22,016 |
|
|
|
|
| 4,200 |
| NETAPP INC (b) |
|
| 94,994 |
|
| 230,832 |
|
|
|
|
| 1,600 |
| NOVELLUS SYSTEMS INC (b) |
|
| 40,000 |
|
| 51,712 |
|
|
|
|
| 4,800 |
| NUANCE COMMUNICATIONS INC (b) |
|
| 63,624 |
|
| 87,264 |
|
|
|
|
| 8,900 |
| NVIDIA CORP (b) |
|
| 60,716 |
|
| 137,060 |
|
|
|
|
| 4,000 |
| ON SEMICONDUCTOR CORPORATION (b) |
|
| 30,100 |
|
| 39,520 |
|
|
|
|
| 70,462 |
| ORACLE CORP |
|
| 105,191 |
|
| 2,205,461 |
|
|
|
|
| 7,266 |
| PAYCHEX INC |
|
| 101,485 |
|
| 224,592 |
|
|
|
|
| 3,400 |
| PERKINELMER INC |
|
| 53,706 |
|
| 87,788 |
|
|
|
|
| 3,200 |
| PMC - SIERRA INC (b) |
|
| 26,160 |
|
| 27,488 |
|
|
|
|
| 5,100 |
| QLOGIC CORP (b) |
|
| 72,882 |
|
| 86,802 |
|
|
|
|
| 31,483 |
| QUALCOMM INC |
|
| 704,505 |
|
| 1,558,094 |
|
|
|
|
| 4,000 |
| RAMBUS INC (b) |
|
| 70,262 |
|
| 81,920 |
|
|
|
|
| 4,200 |
| RED HAT INC (b) |
|
| 61,669 |
|
| 191,730 |
|
|
|
|
| 2,300 |
| ROVI CORP (b) |
|
| 55,715 |
|
| 142,623 |
|
|
|
|
| 2,800 |
| SAIC INC (b) |
|
| 52,654 |
|
| 44,408 |
|
|
|
|
| 1,900 |
| SALESFORCE.COM INC (b) |
|
| 86,711 |
|
| 250,800 |
|
|
|
|
| 5,300 |
| SANDISK CORP (b) |
|
| 51,149 |
|
| 264,258 |
|
|
|
|
| 12,100 |
| SEAGATE TECHNOLOGY (b)(c) |
|
| 118,421 |
|
| 181,863 |
|
|
|
|
| 20,519 |
| SYMANTEC CORP (b) |
|
| 166,785 |
|
| 343,488 |
|
|
|
|
| 3,800 |
| SYNOPSYS INC (b) |
|
| 79,130 |
|
| 102,258 |
|
|
|
|
| 104,750 |
| TELLABS INC |
|
| 690,340 |
|
| 710,205 |
|
|
|
|
| 4,500 |
| TERADATA CORP (b) |
|
| 73,317 |
|
| 185,220 |
|
|
|
|
| 4,400 |
| TERADYNE INC (b) |
|
| 40,149 |
|
| 61,776 |
|
|
|
|
| 17,400 |
| TEXAS INSTRUMENTS INC |
|
| 280,526 |
|
| 565,500 |
|
|
|
|
| 2,500 |
| TRIMBLE NAVIGATION LTD (b) |
|
| 38,162 |
|
| 99,825 |
|
|
|
|
| 27,550 |
| TYCO ELECTRONICS LTD (c) |
|
| 911,112 |
|
| 975,270 |
|
|
|
|
| 7,800 |
| VISHAY INTERTECHNOLOGY INC (b) |
|
| 48,930 |
|
| 114,504 |
|
|
|
|
| 557 |
| VISHAY PRECISION GROUP (b) |
|
| 5,691 |
|
| 10,494 |
|
|
|
|
| 1,500 |
| VMWARE INC-CLASS A (b) |
|
| 47,284 |
|
| 133,365 |
|
|
|
|
| 50,280 |
| WEBSENSE INC (b) |
|
| 1,071,507 |
|
| 1,018,170 |
|
|
|
|
| 5,900 |
| WESTERN DIGITAL CORP (b) |
|
| 91,432 |
|
| 200,010 |
|
|
|
|
| 67,000 |
| WESTERN UNION CO |
|
| 1,063,848 |
|
| 1,244,190 |
|
|
|
|
| 24,707 |
| XEROX CORP |
|
| 183,105 |
|
| 284,625 |
|
|
|
|
| 6,750 |
| XILINX INC |
|
| 47,179 |
|
| 195,614 |
|
|
|
|
| 25,340 |
| YAHOO! INC (b) |
|
| 276,920 |
|
| 421,403 |
|
|
|
|
|
|
|
|
|
| 28,432,879 |
|
| 54,398,413 |
|
| 15.80% |
|
Materials: |
|
|
|
|
|
|
|
|
|
| |||
| 3,375 |
| AIR PRODUCTS & CHEMICALS INC |
|
| 165,820 |
|
| 306,956 |
|
|
|
|
| 400 |
| AIRGAS INC |
|
| 16,882 |
|
| 24,984 |
|
|
|
|
| 1,300 |
| ALBEMARLE CORP |
|
| 29,153 |
|
| 72,514 |
|
|
|
|
| 9,700 |
| ALCOA INC |
|
| 109,718 |
|
| 149,283 |
|
|
|
|
| 1,600 |
| ALLEGHENY TECHNOLOGIES INC |
|
| 39,592 |
|
| 88,288 |
|
|
|
|
| 1,400 |
| ALPHA NATURAL RESOURCES INC (b) |
|
| 35,679 |
|
| 84,042 |
|
|
|
|
| 25,000 |
| ANGLOGOLD ASHANTI-SPON ADR (c)(d) |
|
| 1,237,738 |
|
| 1,230,750 |
|
|
|
|
| 800 |
| APTARGROUP INC |
|
| 27,324 |
|
| 38,056 |
|
|
|
|
| 4,900 |
| ARCH COAL INC |
|
| 44,088 |
|
| 171,794 |
|
|
|
|
| 1,600 |
| ASHLAND INC |
|
| 47,358 |
|
| 81,376 |
|
|
|
|
| 1,532 |
| BALL CORP |
|
| 11,968 |
|
| 104,253 |
|
|
|
|
| 16,790 |
| BAYER AG-SPONSORED ADR (c)(d) |
|
| 1,301,173 |
|
| 1,231,714 |
|
|
|
|
| 3,000 |
| BEMIS COMPANY |
|
| 66,889 |
|
| 97,980 |
|
|
|
|
| 126,000 |
| CEMEX SAB-SPONS ADR PART CER (b)(c)(d) |
|
| 1,255,864 |
|
| 1,349,460 |
|
|
|
|
| 1,100 |
| CF INDUSTRIES HOLDINGS INC |
|
| 97,135 |
|
| 148,665 |
|
|
|
|
| 1,700 |
| CLIFFS NATURAL RESOURCES INC |
|
| 42,764 |
|
| 132,617 |
|
|
|
|
| 500 |
| COMPASS MINERALS INTERNATION |
|
| 27,453 |
|
| 44,635 |
|
|
|
|
| 40,325 |
| CROWN HOLDINGS INC (b) |
|
| 1,219,867 |
|
| 1,346,049 |
|
|
|
|
| 537 |
| CYTEC INDUSTRIES INC |
|
| 28,176 |
|
| 28,493 |
|
|
|
|
| 1,000 |
| DOMTAR CORP (c) |
|
| 52,480 |
|
| 75,920 |
|
|
|
|
| 17,500 |
| DOW CHEMICAL CO/THE |
|
| 416,708 |
|
| 597,450 |
|
|
|
|
| 13,425 |
| DU PONT (E.I.) DE NEMOURS |
|
| 398,402 |
|
| 669,639 |
|
|
|
|
| 1,938 |
| EAGLE MATERIALS INC |
|
| 37,630 |
|
| 54,749 |
|
|
|
|
| 1,500 |
| EASTMAN CHEMICAL CO |
|
| 58,012 |
|
| 126,120 |
|
|
|
|
| 3,371 |
| ECOLAB INC |
|
| 113,674 |
|
| 169,966 |
|
|
|
|
| 1,900 |
| FMC CORP |
|
| 113,204 |
|
| 151,791 |
|
|
|
|
| 11,848 |
| FREEPORT-MCMORAN COPPER |
|
| 650,032 |
|
| 1,422,826 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 35 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Growth Fund |
December 31, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Materials (Cont’d): | |||||||||||||
| 116,925 |
| GAMMON GOLD INC (b)(c) |
| $ | 901,896 |
|
| 954,834 |
|
|
|
|
| 900 |
| GREIF INC-CL A |
|
| 27,104 |
|
| 55,710 |
|
|
|
|
| 9,431 |
| INTERNATIONAL PAPER CO |
|
| 117,152 |
|
| 256,900 |
|
|
|
|
| 3,683 |
| INTL FLAVORS & FRAGRANCES |
|
| 79,231 |
|
| 204,738 |
|
|
|
|
| 1,000 |
| INTREPID POTASH INC (b) |
|
| 30,875 |
|
| 37,290 |
|
|
|
|
| 3,100 |
| JARDEN CORP |
|
| 77,025 |
|
| 95,697 |
|
|
|
|
| 1,500 |
| LUBRIZOL CORP |
|
| 72,108 |
|
| 160,320 |
|
|
|
|
| 700 |
| MARTIN MARIETTA MATERIALS |
|
| 27,965 |
|
| 64,568 |
|
|
|
|
| 2,875 |
| MEADWESTVACO CORP |
|
| 30,334 |
|
| 75,210 |
|
|
|
|
| 10,115 |
| MONSANTO CO |
|
| 47,604 |
|
| 704,409 |
|
|
|
|
| 2,600 |
| MOSAIC CO/THE |
|
| 41,501 |
|
| 198,536 |
|
|
|
|
| 26,900 |
| NEWMONT MINING CORP |
|
| 1,240,322 |
|
| 1,652,467 |
|
|
|
|
| 10,344 |
| NUCOR CORP |
|
| 287,672 |
|
| 453,274 |
|
|
|
|
| 3,950 |
| OWENS-ILLINOIS INC (b) |
|
| 57,616 |
|
| 121,265 |
|
|
|
|
| 2,100 |
| PACKAGING CORP OF AMERICA |
|
| 30,902 |
|
| 54,264 |
|
|
|
|
| 3,986 |
| PPG INDUSTRIES INC |
|
| 180,558 |
|
| 335,103 |
|
|
|
|
| 6,450 |
| PRAXAIR INC |
|
| 258,706 |
|
| 615,782 |
|
|
|
|
| 4,648 |
| RAYONIER INC |
|
| 104,763 |
|
| 244,113 |
|
|
|
|
| 2,600 |
| ROYAL GOLD INC |
|
| 115,996 |
|
| 142,038 |
|
|
|
|
| 6,500 |
| RPM INTERNATIONAL INC |
|
| 72,503 |
|
| 143,650 |
|
|
|
|
| 700 |
| SCOTTS MIRACLE-GRO CO-CL A |
|
| 25,183 |
|
| 35,539 |
|
|
|
|
| 6,500 |
| SEALED AIR CORP |
|
| 160,306 |
|
| 165,425 |
|
|
|
|
| 300 |
| SIGMA-ALDRICH |
|
| 17,362 |
|
| 19,968 |
|
|
|
|
| 3,600 |
| SONOCO PRODUCTS CO |
|
| 74,518 |
|
| 121,212 |
|
|
|
|
| 3,200 |
| SOUTHERN COPPER CORP |
|
| 38,447 |
|
| 155,968 |
|
|
|
|
| 2,000 |
| TEMPLE-INLAND INC |
|
| 22,889 |
|
| 42,480 |
|
|
|
|
| 1,000 |
| UNITED STATES STEEL CORP |
|
| 27,344 |
|
| 58,420 |
|
|
|
|
| 26,025 |
| UNIVERSAL FOREST PRODUCTS |
|
| 946,196 |
|
| 1,012,373 |
|
|
|
|
| 3,200 |
| VALSPAR CORP |
|
| 68,239 |
|
| 110,335 |
|
|
|
|
| 2,057 |
| VULCAN MATERIALS CO |
|
| 94,088 |
|
| 91,248 |
|
|
|
|
|
|
|
|
|
| 12,921,188 |
|
| 18,383,506 |
|
| 5.34% |
|
Telecommunication services: |
|
|
|
|
|
|
|
|
|
| |||
| 650 |
| AMERICAN TOWER CORP-CL A (b) |
|
| 6,123 |
|
| 33,566 |
|
|
|
|
| 157,915 |
| AT&T INC |
|
| 3,917,094 |
|
| 4,639,543 |
|
|
|
|
| 27,875 |
| DIGITALGLOBE INC (b) |
|
| 861,797 |
|
| 883,916 |
|
|
|
|
| 2,140 |
| ECHOSTAR CORP-A (b) |
|
| 36,471 |
|
| 53,436 |
|
|
|
|
| 5,800 |
| LIBERTY GLOBAL INC-A (b) |
|
| 103,484 |
|
| 205,204 |
|
|
|
|
| 4,800 |
| NEUSTAR INC-CLASS A (b) |
|
| 79,848 |
|
| 125,040 |
|
|
|
|
| 77,283 |
| VERIZON COMMUNICATIONS INC |
|
| 2,375,855 |
|
| 2,765,185 |
|
|
|
|
|
|
|
|
|
| 7,380,672 |
|
| 8,705,890 |
|
| 2.53% |
|
Utilities: |
|
|
|
|
|
|
|
|
|
| |||
| 10,700 |
| AES CORP (b) |
|
| 132,801 |
|
| 130,326 |
|
|
|
|
| 4,500 |
| AGL RESOURCES INC |
|
| 135,198 |
|
| 161,325 |
|
|
|
|
| 2,800 |
| ALLEGHENY ENERGY INC |
|
| 74,298 |
|
| 67,872 |
|
|
|
|
| 1,000 |
| ALLIANT ENERGY CORP |
|
| 24,835 |
|
| 36,770 |
|
|
|
|
| 1,600 |
| AMEREN CORPORATION |
|
| 40,872 |
|
| 45,104 |
|
|
|
|
| 9,200 |
| AMERICAN ELECTRIC POWER |
|
| 289,948 |
|
| 331,016 |
|
|
|
|
| 34,455 |
| AMERICAN WATER WORKS CO INC |
|
| 840,292 |
|
| 871,367 |
|
|
|
|
| 1,888 |
| AQUA AMERICA INC |
|
| 32,248 |
|
| 42,442 |
|
|
|
|
| 8,600 |
| CALPINE CORP (b) |
|
| 57,319 |
|
| 114,724 |
|
|
|
|
| 5,800 |
| CENTERPOINT ENERGY INC |
|
| 66,308 |
|
| 91,176 |
|
|
|
|
| 10,200 |
| CMS ENERGY CORP |
|
| 144,342 |
|
| 189,720 |
|
|
|
|
| 4,589 |
| CONSOLIDATED EDISON INC |
|
| 184,849 |
|
| 227,477 |
|
|
|
|
| 2,715 |
| CONSTELLATION ENERGY GROUP (b) |
|
| 79,463 |
|
| 83,160 |
|
|
|
|
| 8,862 |
| DOMINION RESOURCES INC/VA |
|
| 284,452 |
|
| 378,585 |
|
|
|
|
| 1,100 |
| DPL INC |
|
| 24,481 |
|
| 28,281 |
|
|
|
|
| 2,800 |
| DTE ENERGY COMPANY |
|
| 105,289 |
|
| 126,896 |
|
|
|
|
| 22,213 |
| DUKE ENERGY CORP |
|
| 247,310 |
|
| 395,614 |
|
|
|
|
| 8,525 |
| EDISON INTERNATIONAL |
|
| 182,117 |
|
| 329,065 |
|
|
|
|
| 3,664 |
| ENTERGY CORP |
|
| 102,452 |
|
| 259,521 |
|
|
|
|
| 4,000 |
| EQT CORP |
|
| 132,900 |
|
| 179,360 |
|
|
|
|
| 6,500 |
| EXELON CORP |
|
| 245,607 |
|
| 270,660 |
|
|
|
|
| 2,100 |
| FIRSTENERGY CORP |
|
| 79,683 |
|
| 77,742 |
|
|
|
|
| 8,700 |
| GREAT PLAINS ENERGY INC |
|
| 157,250 |
|
| 168,693 |
|
|
|
|
| 35,400 |
| HAWAIIAN ELECTRIC INDS |
|
| 782,060 |
|
| 806,766 |
|
|
|
|
| 3,500 |
| ITC HOLDINGS CORP |
|
| 154,844 |
|
| 216,930 |
|
|
|
|
| 97,000 |
| KOREA ELEC POWER CORP-SP ADR (b)(c)(d) |
|
| 1,222,268 |
|
| 1,310,470 |
|
|
|
|
�� |
|
|
See accompanying notes to financial statements. | 36 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Growth Fund |
December 31, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Utilities (Cont’d): |
|
|
|
|
|
|
| ||||||
| 20,715 |
| NALCO HOLDING CO |
| $ | 614,105 |
|
| 661,637 |
|
|
|
|
| 1,500 |
| NATIONAL FUEL GAS CO |
|
| 38,322 |
|
| 98,430 |
|
|
|
|
| 4,000 |
| NEXTERA ENERGY INC |
|
| 157,876 |
|
| 207,960 |
|
|
|
|
| 6,900 |
| NISOURCE INC |
|
| 111,901 |
|
| 121,578 |
|
|
|
|
| 2,600 |
| NORTHEAST UTILITIES |
|
| 64,649 |
|
| 82,888 |
|
|
|
|
| 5,600 |
| NRG ENERGY INC (b) |
|
| 111,284 |
|
| 109,424 |
|
|
|
|
| 1,800 |
| NSTAR |
|
| 60,859 |
|
| 75,942 |
|
|
|
|
| 6,200 |
| NV ENERGY INC |
|
| 76,954 |
|
| 87,110 |
|
|
|
|
| 2,400 |
| OGE ENERGY CORP |
|
| 43,344 |
|
| 109,296 |
|
|
|
|
| 1,700 |
| ONEOK INC |
|
| 69,220 |
|
| 94,299 |
|
|
|
|
| 7,700 |
| P G & E CORP |
|
| 145,781 |
|
| 368,368 |
|
|
|
|
| 4,028 |
| PEPCO HOLDINGS INC |
|
| 71,539 |
|
| 73,511 |
|
|
|
|
| 4,200 |
| PETROHAWK ENERGY CORP (b) |
|
| 94,073 |
|
| 76,650 |
|
|
|
|
| 2,400 |
| PINNACLE WEST CAPITAL |
|
| 71,637 |
|
| 99,480 |
|
|
|
|
| 69,925 |
| PNM RESOURCES INC |
|
| 855,647 |
|
| 910,424 |
|
|
|
|
| 1,600 |
| PPL CORPORATION |
|
| 35,717 |
|
| 42,112 |
|
|
|
|
| 4,600 |
| PROGRESS ENERGY INC |
|
| 166,393 |
|
| 200,008 |
|
|
|
|
| 8,384 |
| PUBLIC SERVICE ENTERPRISE GP |
|
| 245,903 |
|
| 266,695 |
|
|
|
|
| 59,945 |
| QUESTAR CORP |
|
| 1,009,492 |
|
| 1,043,642 |
|
|
|
|
| 4,800 |
| SCANA CORP |
|
| 166,536 |
|
| 194,880 |
|
|
|
|
| 3,200 |
| SEMPRA ENERGY |
|
| 149,225 |
|
| 167,936 |
|
|
|
|
| 11,300 |
| SOUTHERN CO |
|
| 258,573 |
|
| 431,999 |
|
|
|
|
| 32,700 |
| SOUTHERN UNION CO |
|
| 766,513 |
|
| 787,089 |
|
|
|
|
| 10,954 |
| SPECTRA ENERGY CORP |
|
| 155,906 |
|
| 273,740 |
|
|
|
|
| 7,600 |
| TECO ENERGY INC |
|
| 90,842 |
|
| 135,280 |
|
|
|
|
| 3,100 |
| UGI CORP |
|
| 51,203 |
|
| 97,898 |
|
|
|
|
| 1,400 |
| WESTAR ENERGY INC |
|
| 25,766 |
|
| 35,224 |
|
|
|
|
| 2,410 |
| WISCONSIN ENERGY CORP |
|
| 46,468 |
|
| 141,853 |
|
|
|
|
| 4,825 |
| XCEL ENERGY INC |
|
| 43,341 |
|
| 113,629 |
|
|
|
|
|
|
|
|
|
| 11,622,555 |
|
| 14,050,044 |
|
| 4.08% |
|
|
| Sub-total Common Stock: |
|
| 211,779,158 |
|
| 318,526,306 |
|
|
|
| |
| Short-term investments |
|
|
|
|
|
|
|
|
|
| ||
| 24,212,191 |
| NORTHERN INSTL GOVERNMENT SELECT PORTFOLIO, 0.01% (e) |
|
| 24,212,191 |
|
| 24,212,191 |
|
|
|
|
|
| Sub-total Short-term investments: |
|
| 24,212,191 |
|
| 24,212,191 |
|
| 7.03 | % | |
| Grand total (f) |
| $ | 235,991,349 |
|
| 342,738,497 |
|
| 99.56 | % |
|
|
|
Notes to Schedule of Investments: | ||
(a) |
| Securities are valued in accordance with procedures described in Note 2 to the financial statements. |
(b) |
| Currently non-income producing assets. |
(c) |
| Foreign security values are stated in U.S. dollars. As of December 31, 2010 the value of foreign stocks or depository receipts of companies based outside of the United States represented 6.08% of net assets. |
(d) |
| Securities are American Depository Receipts of companies based outside of the United States representing 2.73% of net assets. |
(e) |
| The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. |
(f) |
| At December 31, 2010, the cost for Federal income tax purposes was $236,302,569. The aggregate gross |
|
| unrealized appreciation and depreciation of investments in securities based of this cost were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross unrealized appreciation |
| $ | 110,416,258 |
|
|
|
|
|
|
|
|
|
| Gross unrealized depreciation |
|
| (3,980,330 | ) |
|
|
|
|
|
|
|
|
| Net unrealized appreciation |
| $ | 106,435,928 |
|
|
|
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 37 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
|
Schedule of Investments – Clearwater Growth Fund |
|
December 31, 2010 |
|
|
|
See accompanying notes to financial statements. | 38 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Small Cap Fund |
December 31, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares/Par |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Common stocks: |
|
|
|
|
|
|
|
|
|
| |||
Consumer discretionary: |
|
|
|
|
|
|
|
|
|
| |||
| 7,419 |
| BERKSHIRE HILLS |
| $ | 163,389 |
|
| 163,960 |
|
|
|
|
| 20,039 |
| CACHE INC (b) |
|
| 102,394 |
|
| 88,973 |
|
|
|
|
| 31,800 |
| CENTURY CASINOS INC (b) |
|
| 56,023 |
|
| 76,956 |
|
|
|
|
| 11,952 |
| CHEROKEE INC |
|
| 221,806 |
|
| 224,817 |
|
|
|
|
| 15,660 |
| CHRISTOPHER & BANKS CORP |
|
| 101,380 |
|
| 96,309 |
|
|
|
|
| 11,909 |
| CLARUS CORPORATION (b) |
|
| 71,811 |
|
| 94,200 |
|
|
|
|
| 53,715 |
| COOPER TIRE & RUBBER |
|
| 1,144,202 |
|
| 1,266,600 |
|
|
|
|
| 13,939 |
| COST PLUS INC/CALIFORNIA (b) |
|
| 30,610 |
|
| 135,208 |
|
|
|
|
| 140,000 |
| DENNY’S CORP (b) |
|
| 540,636 |
|
| 501,200 |
|
|
|
|
| 25,245 |
| DGSE COMPANIES INC (b) |
|
| 53,897 |
|
| 108,049 |
|
|
|
|
| 209,340 |
| ENTERCOM COMMUNICATIONS-CL A (b) |
|
| 1,309,720 |
|
| 2,424,157 |
|
|
|
|
| 150,425 |
| EXIDE TECHNOLOGIES (b) |
|
| 874,135 |
|
| 1,415,499 |
|
|
|
|
| 32,000 |
| GAYLORD ENTERTAINMENT CO (b) |
|
| 812,882 |
|
| 1,150,080 |
|
|
|
|
| 37,257 |
| GENESCO INC (b) |
|
| 972,076 |
|
| 1,396,765 |
|
|
|
|
| 284,200 |
| HANCOCK FABRICS INC /DE (b) |
|
| 405,103 |
|
| 289,884 |
|
|
|
|
| 26,500 |
| HANESBRANDS INC (b) |
|
| 605,173 |
|
| 673,100 |
|
|
|
|
| 38,205 |
| HILLENBRAND INC |
|
| 786,755 |
|
| 795,046 |
|
|
|
|
| 162,556 |
| ICONIX BRAND GROUP INC (b) |
|
| 1,888,537 |
|
| 3,138,956 |
|
|
|
|
| 29,023 |
| INTERCLICK INC (b) |
|
| 166,264 |
|
| 155,854 |
|
|
|
|
| 46,827 |
| JO-ANN STORES INC (b) |
|
| 1,165,078 |
|
| 2,819,922 |
|
|
|
|
| 96,989 |
| KNOLOGY INC (b) |
|
| 760,265 |
|
| 1,515,938 |
|
|
|
|
| 31,000 |
| MADISON SQUARE GAR INC-A (b) |
|
| 599,247 |
|
| 799,180 |
|
|
|
|
| 104,166 |
| MAIDENFORM BRANDS INC (b) |
|
| 2,599,170 |
|
| 2,476,026 |
|
|
|
|
| 8,530 |
| MDC PARTNERS INC-A (c) |
|
| 100,501 |
|
| 147,313 |
|
|
|
|
| 35,760 |
| MOTORCAR PARTS OF AMERICA IN (b) |
|
| 193,256 |
|
| 466,310 |
|
|
|
|
| 14,795 |
| O’CHARLEYS INC (b) |
|
| 100,199 |
|
| 106,524 |
|
|
|
|
| 53,000 |
| ORIENT EXPRESS HOTELS LTD -A (b)(c) |
|
| 788,949 |
|
| 688,470 |
|
|
|
|
| 54,483 |
| OUTDOOR CHANNEL HOLDINGS INC (b) |
|
| 310,890 |
|
| 390,643 |
|
|
|
|
| 6,663 |
| OXFORD INDUSTRIES INC |
|
| 176,883 |
|
| 170,639 |
|
|
|
|
| 13,143 |
| PACIFIC SUNWEAR OF CALIF (b) |
|
| 75,200 |
|
| 71,235 |
|
|
|
|
| 7,953 |
| PEP BOYS-MANNY MOE & JACK |
|
| 69,260 |
|
| 106,809 |
|
|
|
|
| 27,000 |
| PETSMART INC |
|
| 584,596 |
|
| 1,075,140 |
|
|
|
|
| 127,143 |
| RC2 CORP (b) |
|
| 2,110,646 |
|
| 2,767,903 |
|
|
|
|
| 7,012 |
| RED ROBIN GOURMET BURGERS (b) |
|
| 147,025 |
|
| 150,548 |
|
|
|
|
| 38,659 |
| ROCKY BRANDS INC (b) |
|
| 324,736 |
|
| 388,136 |
|
|
|
|
| 65,000 |
| SALLY BEAUTY HOLDINGS INC (b) |
|
| 562,956 |
|
| 944,450 |
|
|
|
|
| 16,387 |
| SINCLAIR BROADCAST GROUP-A |
|
| 82,427 |
|
| 134,046 |
|
|
|
|
| 21,626 |
| STANDARD MOTOR PRODS |
|
| 194,451 |
|
| 296,276 |
|
|
|
|
| 110,993 |
| STONERIDGE INC (b) |
|
| 1,193,175 |
|
| 1,752,579 |
|
|
|
|
| 20,998 |
| SUMMER INFANT INC (b) |
|
| 159,590 |
|
| 159,165 |
|
|
|
|
| 17,793 |
| TANDY LEATHER FACTORY INC |
|
| 81,842 |
|
| 82,915 |
|
|
|
|
| 32,000 |
| TOLL BROTHERS INC (b) |
|
| 621,879 |
|
| 608,000 |
|
|
|
|
| 21,291 |
| TUESDAY MORNING CORP (b) |
|
| 91,110 |
|
| 112,416 |
|
|
|
|
| 13,000 |
| VAIL RESORTS INC (b) |
|
| 472,042 |
|
| 676,520 |
|
|
|
|
| 55,242 |
| VALASSIS COMMUNICATIONS INC (b) |
|
| 1,013,704 |
|
| 1,787,079 |
|
|
|
|
| 18,973 |
| WET SEAL INC/THE-CLASS A (b) |
|
| 71,805 |
|
| 70,200 |
|
|
|
|
| 20,391 |
| WMS INDUSTRIES INC (b) |
|
| 805,678 |
|
| 922,489 |
|
|
|
|
| 75,561 |
| WOLVERINE WORLD WIDE INC |
|
| 2,111,986 |
|
| 2,408,885 |
|
|
|
|
| 30,000 |
| WYNDHAM WORLDWIDE CORP |
|
| 766,350 |
|
| 898,800 |
|
|
|
|
|
|
|
|
|
| 28,641,689 |
|
| 39,190,169 |
|
| 15.29% |
|
Consumer staples: |
|
|
|
|
|
|
|
|
|
| |||
| 9,459 |
| CENTRAL GARDEN & PET CO (b) |
|
| 93,683 |
|
| 93,077 |
|
|
|
|
| 8,712 |
| CHIQUITA BRANDS INTL (b) |
|
| 120,865 |
|
| 122,142 |
|
|
|
|
| 21,000 |
| DR PEPPER SNAPPLE GROUP INC |
|
| 329,293 |
|
| 738,360 |
|
|
|
|
| 27,000 |
| FLOWERS FOODS INC |
|
| 511,723 |
|
| 726,570 |
|
|
|
|
| 6,012 |
| MEDIFAST INC (b) |
|
| 168,274 |
|
| 173,627 |
|
|
|
|
| 26,977 |
| OMEGA PROTEIN CORP (b) |
|
| 136,109 |
|
| 218,514 |
|
|
|
|
| 5,407 |
| SENECA FOODS CORP - CL A (b) |
|
| 131,132 |
|
| 145,881 |
|
|
|
|
| 51,650 |
| SPARTAN STORES INC |
|
| 696,730 |
|
| 875,468 |
|
|
|
|
| 28,667 |
| SPECTRUM BRANDS HOLDINGS INC (b) |
|
| 776,934 |
|
| 893,550 |
|
|
|
|
| 34,875 |
| TREEHOUSE FOODS INC (b) |
|
| 1,368,586 |
|
| 1,781,764 |
|
|
|
|
|
|
|
|
|
| 4,333,329 |
|
| 5,768,953 |
|
| 2.25% |
|
Energy: |
|
|
|
|
|
|
|
|
|
| |||
| 34,550 |
| CARRIZO OIL & GAS INC (b) |
|
| 1,087,272 |
|
| 1,191,630 |
|
|
|
|
| 11,000 |
| CONTANGO OIL & GAS (b) |
|
| 487,508 |
|
| 637,230 |
|
|
|
|
| 37,368 |
| DHT HOLDINGS INC (c) |
|
| 145,321 |
|
| 173,761 |
|
|
|
|
| 10,000 |
| DRIL-QUIP INC (b) |
|
| 474,728 |
|
| 777,200 |
|
|
|
|
| 11,429 |
| GASTAR EXPLORATION LTD (b) |
|
| 51,174 |
|
| 49,145 |
|
|
|
|
| 5,453 |
| GEORESOURCES INC (b) |
|
| 112,004 |
|
| 121,111 |
|
|
|
|
| 178,489 |
| GMX RESOURCES INC (b) |
|
| 1,163,827 |
|
| 985,259 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 39 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Small Cap Fund |
December 31, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares/Par |
| Security |
| Cost |
| Fair value (a) |
| Percent of net assets |
| ||||
Energy (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 340,670 |
| HERCULES OFFSHORE INC (b) |
| $ | 1,661,536 |
|
| 1,178,718 |
|
|
|
|
| 42,500 |
| MCDERMOTT INTL INC (b) |
|
| 509,483 |
|
| 879,325 |
|
|
|
|
| 30,000 |
| OASIS PETROLEUM INC (b) |
|
| 507,417 |
|
| 813,600 |
|
|
|
|
| 40,000 |
| PETROHAWK ENERGY CORP (b) |
|
| 448,994 |
|
| 730,000 |
|
|
|
|
| 185,277 |
| PIONEER DRILLING COMPANY (b) |
|
| 1,424,875 |
|
| 1,632,290 |
|
|
|
|
| 16,000 |
| QEP RESOURCES INC |
|
| 587,366 |
|
| 580,960 |
|
|
|
|
| 48,522 |
| SUPERIOR ENERGY SERVICES INC (b) |
|
| 933,194 |
|
| 1,697,785 |
|
|
|
|
| 129,586 |
| TESCO CORP (b)(c) |
|
| 1,306,204 |
|
| 2,057,826 |
|
|
|
|
| 185,103 |
| VAALCO ENERGY INC (b) |
|
| 1,033,402 |
|
| 1,325,337 |
|
|
|
|
|
|
|
|
|
| 11,934,305 |
|
| 14,831,177 |
|
| 5.79% |
|
Financials: |
|
|
|
|
|
|
|
|
|
| |||
| 25,470 |
| ABINGTON BANCORP INC |
|
| 219,131 |
|
| 303,857 |
|
|
|
|
| 4,398 |
| AMERICAN SAFETY INS HOLDINGS (b) |
|
| 89,930 |
|
| 94,029 |
|
|
|
|
| 103,762 |
| AMTRUST FINANCIAL SERVICES |
|
| 1,099,658 |
|
| 1,815,835 |
|
|
|
|
| 25,000 |
| ARTHUR J GALLAGHER & CO |
|
| 505,110 |
|
| 727,000 |
|
|
|
|
| 35,184 |
| ASPEN INSURANCE HOLDINGS LTD (c) |
|
| 844,609 |
|
| 1,006,966 |
|
|
|
|
| 16,474 |
| ASSOCIATED ESTATES REALTY CP |
|
| 215,954 |
|
| 251,887 |
|
|
|
|
| 336,650 |
| BANNER CORPORATION |
|
| 673,300 |
|
| 781,028 |
|
|
|
|
| 119,964 |
| BRANDYWINE REALTY TRUST |
|
| 1,417,666 |
|
| 1,397,581 |
|
|
|
|
| 23,469 |
| BROOKLINE BANCORP INC |
|
| 226,566 |
|
| 254,639 |
|
|
|
|
| 25,000 |
| CAPITOL FEDERAL FINANCIAL IN |
|
| 297,626 |
|
| 297,750 |
|
|
|
|
| 52,900 |
| CAPLEASE INC |
|
| 86,376 |
|
| 307,878 |
|
|
|
|
| 61,945 |
| CHESAPEAKE LODGING TRUST |
|
| 1,016,155 |
|
| 1,165,185 |
|
|
|
|
| 25,976 |
| COGDELL SPENCER INC |
|
| 162,846 |
|
| 150,661 |
|
|
|
|
| 33,580 |
| COMMUNITY TRUST BANCORP INC |
|
| 935,205 |
|
| 972,477 |
|
|
|
|
| 42,244 |
| CORPORATE OFFICE PROPERTIES |
|
| 1,326,546 |
|
| 1,476,428 |
|
|
|
|
| 42,307 |
| DELPHI FINANCIAL GROUP-CL A |
|
| 947,862 |
|
| 1,220,134 |
|
|
|
|
| 13,279 |
| EDUCATION REALTY TRUST INC |
|
| 78,080 |
|
| 103,178 |
|
|
|
|
| 8,752 |
| EMC INS GROUP INC |
|
| 196,630 |
|
| 198,145 |
|
|
|
|
| 50,000 |
| EPOCH HOLDING CORP |
|
| 662,894 |
|
| 776,500 |
|
|
|
|
| 49,000 |
| FIRST AMERICAN FINANCIAL |
|
| 686,145 |
|
| 732,060 |
|
|
|
|
| 76,053 |
| FIRST MERCHANTS CORP |
|
| 437,305 |
|
| 673,830 |
|
|
|
|
| 77,000 |
| FIRST NIAGARA FINANCIAL GRP |
|
| 1,110,190 |
|
| 1,076,460 |
|
|
|
|
| 17,650 |
| FIRST POTOMAC REALTY TRUST |
|
| 186,947 |
|
| 296,873 |
|
|
|
|
| 38,000 |
| FORESTAR GROUP INC (b) |
|
| 775,560 |
|
| 733,400 |
|
|
|
|
| 14,629 |
| GLIMCHER REALTY TRUST |
|
| 89,720 |
|
| 122,884 |
|
|
|
|
| 32,895 |
| HALLMARK FINL SERVICES INC (b) |
|
| 228,631 |
|
| 299,345 |
|
|
|
|
| 10,617 |
| HERITAGE FINANCIAL CORP (b) |
|
| 132,888 |
|
| 147,789 |
|
|
|
|
| 18,272 |
| HFF INC-CLASS A (b) |
|
| 139,290 |
|
| 176,508 |
|
|
|
|
| 40,080 |
| HOME FEDERAL BANCORP INC/MD |
|
| 519,241 |
|
| 491,782 |
|
|
|
|
| 26,373 |
| HORACE MANN EDUCATORS |
|
| 333,290 |
|
| 475,769 |
|
|
|
|
| 7,470 |
| HORIZON BANCORP INDIANA |
|
| 100,149 |
|
| 197,955 |
|
|
|
|
| 34,116 |
| IBERIABANK CORP |
|
| 1,751,722 |
|
| 2,017,279 |
|
|
|
|
| 16,950 |
| KAISER FEDERAL FINANCIAL GRO |
|
| 169,500 |
|
| 196,281 |
|
|
|
|
| 24,000 |
| LEGG MASON INC |
|
| 598,797 |
|
| 870,480 |
|
|
|
|
| 60,453 |
| MB FINANCIAL INC |
|
| 840,868 |
|
| 1,047,046 |
|
|
|
|
| 136,190 |
| MEDICAL PROPERTIES TRUST INC |
|
| 1,301,712 |
|
| 1,474,938 |
|
|
|
|
| 6,600 |
| MIDSOUTH BANCORP INC |
|
| 97,614 |
|
| 101,376 |
|
|
|
|
| 98,706 |
| MISSION WEST PROPERTIES |
|
| 685,178 |
|
| 660,343 |
|
|
|
|
| 15,375 |
| NATIONAL FINANCIAL PARTNERS (b) |
|
| 176,331 |
|
| 206,025 |
|
|
|
|
| 51,795 |
| NATIONAL RETAIL PROPERTIES |
|
| 843,115 |
|
| 1,372,568 |
|
|
|
|
| 169,893 |
| NGP CAPITAL RESOURCES CO |
|
| 1,727,068 |
|
| 1,563,016 |
|
|
|
|
| 173,681 |
| NORTHWEST BANCSHARES INC |
|
| 1,751,562 |
|
| 2,042,489 |
|
|
|
|
| 7,178 |
| PACIFIC CONTINENTAL CORP |
|
| 64,948 |
|
| 72,211 |
|
|
|
|
| 33,525 |
| PACWEST BANCORP |
|
| 720,094 |
|
| 716,765 |
|
|
|
|
| 13,111 |
| PARK STERLING CORP |
|
| 80,326 |
|
| 80,764 |
|
|
|
|
| 77,048 |
| PHOENIX COMPANIES INC (b) |
|
| 213,226 |
|
| 195,702 |
|
|
|
|
| 5,892 |
| PINNACLE FINANCIAL PARTNERS (b) |
|
| 72,214 |
|
| 80,013 |
|
|
|
|
| 25,206 |
| PLATINUM UNDERWRITERS HLDGS (c) |
|
| 794,564 |
|
| 1,133,514 |
|
|
|
|
| 39,936 |
| PRESIDENTIAL LIFE CORP |
|
| 397,782 |
|
| 396,564 |
|
|
|
|
| 56,310 |
| PRIVATEBANCORP INC |
|
| 820,228 |
|
| 809,738 |
|
|
|
|
| 7,040 |
| PROVIDENT NEW YORK BANCORP |
|
| 74,958 |
|
| 73,850 |
|
|
|
|
| 43,187 |
| REDWOOD TRUST INC |
|
| 554,008 |
|
| 644,782 |
|
|
|
|
| 4,290 |
| RENASANT CORP |
|
| 74,344 |
|
| 72,544 |
|
|
|
|
| 17,983 |
| RETAIL OPPORTUNITY INVESTMEN |
|
| 177,842 |
|
| 178,212 |
|
|
|
|
| 2,337 |
| SCBT FINANCIAL CORP |
|
| 73,981 |
|
| 76,537 |
|
|
|
|
| 3,436 |
| SOUTHSIDE BANCSHARES INC |
|
| 74,343 |
|
| 72,397 |
|
|
|
|
| 25,000 |
| SPDR KBW REGIONAL BANKING ET |
|
| 610,828 |
|
| 661,250 |
|
|
|
|
| 4,697 |
| STELLARONE CORP |
|
| 74,170 |
|
| 68,294 |
|
|
|
|
| 111,825 |
| SWS GROUP INC |
|
| 1,285,988 |
|
| 564,716 |
|
|
|
|
| 33,000 |
| TERRITORIAL BANCORP INC |
|
| 510,807 |
|
| 657,030 |
|
|
|
|
| 8,490 |
| TOWER BANCORP INC |
|
| 193,076 |
|
| 187,120 |
|
|
|
|
| 10,070 |
| UNITED FINANCIAL BANCORP INC |
|
| 126,155 |
|
| 153,769 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 40 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Cap Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares/Par |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Financials (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 8,805 |
| UNIVEST CORP OF PENNSYLVANIA |
| $ | 145,377 |
|
| 168,792 |
|
|
|
|
| 9,969 |
| URSTADT BIDDLE - CLASS A |
|
| 162,823 |
|
| 193,897 |
|
|
|
|
| 138,587 |
| U-STORE-IT TRUST |
|
| 783,847 |
|
| 1,320,734 |
|
|
|
|
| 35,000 |
| WALTER INVESTMENT MANAGEMENT |
|
| 465,880 |
|
| 627,900 |
|
|
|
|
| 7,423 |
| WASHINGTON BANKING CO |
|
| 66,807 |
|
| 101,769 |
|
|
|
|
| 91,922 |
| WESTFIELD FINANCIAL INC |
|
| 928,902 |
|
| 850,279 |
|
|
|
|
|
|
|
|
|
| 35,232,485 |
|
| 40,436,797 |
|
| 15.78% |
|
Healthcare: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 36,496 |
| ALPHATEC HOLDINGS INC (b) |
|
| 146,970 |
|
| 98,539 |
|
|
|
|
| 10,305 |
| AMERICAN DENTAL PARTNERS INC (b) |
|
| 129,621 |
|
| 139,221 |
|
|
|
|
| 83,602 |
| AMERICAN MEDICAL SYS HLDGS (b) |
|
| 1,274,906 |
|
| 1,576,734 |
|
|
|
|
| 21,000 |
| AMERISOURCEBERGEN CORP |
|
| 346,011 |
|
| 716,520 |
|
|
|
|
| 21,285 |
| BIOSCRIP INC (b) |
|
| 94,580 |
|
| 111,321 |
|
|
|
|
| 32,039 |
| CATALYST HEALTH SOLUTIONS INC (b) |
|
| 823,343 |
|
| 1,489,493 |
|
|
|
|
| 17,000 |
| COVIDIEN PLC (c) |
|
| 712,946 |
|
| 776,220 |
|
|
|
|
| 116,191 |
| DEL GLOBAL TECHNOLOGIES CORP (b) |
|
| 73,162 |
|
| 85,981 |
|
|
|
|
| 119,491 |
| EMDEON INC-CLASS A (b) |
|
| 1,496,358 |
|
| 1,617,908 |
|
|
|
|
| 8,478 |
| ENZON PHARMACEUTICALS INC (b) |
|
| 84,744 |
|
| 103,177 |
|
|
|
|
| 9,005 |
| ERESEARCH TECHNOLOGY INC (b) |
|
| 68,983 |
|
| 66,187 |
|
|
|
|
| 44,749 |
| GENOPTIX INC (b) |
|
| 930,031 |
|
| 851,126 |
|
|
|
|
| 39,000 |
| HANGER ORTHOPEDIC GROUP INC (b) |
|
| 758,300 |
|
| 826,410 |
|
|
|
|
| 111,989 |
| HEALTHSOUTH CORP (b) |
|
| 1,835,652 |
|
| 2,319,292 |
|
|
|
|
| 122,203 |
| HEALTHSPRING INC (b) |
|
| 1,701,576 |
|
| 3,242,046 |
|
|
|
|
| 59,654 |
| HEALTHSTREAM INC (b) |
|
| 304,984 |
|
| 479,618 |
|
|
|
|
| 27,000 |
| HILL-ROM HOLDINGS INC |
|
| 525,200 |
|
| 1,062,990 |
|
|
|
|
| 11,346 |
| INTEGRAMED AMERICA INC (b) |
|
| 87,872 |
|
| 98,029 |
|
|
|
|
| 15,310 |
| MEDTOX SCIENTIFIC INC |
|
| 178,719 |
|
| 200,561 |
|
|
|
|
| 111,633 |
| ORTHOFIX INTERNATIONAL NV (b)(c) |
|
| 2,645,345 |
|
| 3,237,357 |
|
|
|
|
| 20,000 |
| PATTERSON COS INC |
|
| 448,311 |
|
| 612,600 |
|
|
|
|
| 18,000 |
| PERRIGO CO |
|
| 357,095 |
|
| 1,139,940 |
|
|
|
|
| 65,411 |
| PHC INC-CL A (MASS) (b) |
|
| 89,016 |
|
| 106,620 |
|
|
|
|
| 98,812 |
| REHABCARE GROUP INC (b) |
|
| 2,655,785 |
|
| 2,341,844 |
|
|
|
|
| 9,400 |
| RURAL/METRO CORP (b) |
|
| 80,597 |
|
| 137,052 |
|
|
|
|
| 74,571 |
| ZOLL MEDICAL CORP (b) |
|
| 1,393,051 |
|
| 2,776,278 |
|
|
|
|
|
|
|
|
|
| 19,243,158 |
|
| 26,213,064 |
|
| 10.23 | % |
Industrials: |
|
|
|
|
|
|
|
|
|
| |||
| 52,550 |
| ACTUANT CORP-A |
|
| 978,276 |
|
| 1,398,881 |
|
|
|
|
| 15,000 |
| ACUITY BRANDS INC |
|
| 533,328 |
|
| 865,050 |
|
|
|
|
| 27,000 |
| AECOM TECHNOLOGY CORP (b) |
|
| 628,313 |
|
| 755,190 |
|
|
|
|
| 369,922 |
| AIR TRANSPORT SERVICES GROUP (b) |
|
| 1,986,229 |
|
| 2,922,384 |
|
|
|
|
| 12,950 |
| APPLIED SIGNAL TECHNOLOGY |
|
| 234,997 |
|
| 490,676 |
|
|
|
|
| 49,000 |
| AVIS BUDGET GROUP INC (b) |
|
| 667,732 |
|
| 762,440 |
|
|
|
|
| 36,464 |
| AZZ INC |
|
| 1,197,313 |
|
| 1,458,925 |
|
|
|
|
| 30,000 |
| BABCOCK & WILCOX COMPANY (b) |
|
| 683,537 |
|
| 767,700 |
|
|
|
|
| 16,296 |
| BREEZE-EASTERN CORP (b) |
|
| 116,687 |
|
| 115,539 |
|
|
|
|
| 6,455 |
| CASCADE CORP |
|
| 167,661 |
|
| 305,192 |
|
|
|
|
| 18,400 |
| CECO ENVIRONMENTAL CORP (b) |
|
| 102,166 |
|
| 109,664 |
|
|
|
|
| 32,500 |
| CHICAGO BRIDGE & IRON-NY SHR (b)(c) |
|
| 631,117 |
|
| 1,069,250 |
|
|
|
|
| 50,000 |
| COLFAX CORP (b) |
|
| 570,484 |
|
| 920,500 |
|
|
|
|
| 157,447 |
| COMMERCIAL VEHICLE GROUP INC (b) |
|
| 994,004 |
|
| 2,558,514 |
|
|
|
|
| 28,000 |
| COVANTA HOLDING CORP |
|
| 524,966 |
|
| 481,320 |
|
|
|
|
| 38,950 |
| CURTISS-WRIGHT CORP |
|
| 1,362,005 |
|
| 1,293,140 |
|
|
|
|
| 108,564 |
| DOLAN CO/THE (b) |
|
| 1,093,238 |
|
| 1,511,211 |
|
|
|
|
| 42,921 |
| DUCOMMUN INC |
|
| 861,733 |
|
| 934,819 |
|
|
|
|
| 6,698 |
| DXP ENTERPRISES INC (b) |
|
| 103,879 |
|
| 160,752 |
|
|
|
|
| 5,400 |
| ENNIS INC |
|
| 69,365 |
|
| 92,340 |
|
|
|
|
| 20,000 |
| ENPRO INDUSTRIES INC (b) |
|
| 569,233 |
|
| 831,200 |
|
|
|
|
| 31,748 |
| ESCO TECHNOLOGIES INC |
|
| 1,122,637 |
|
| 1,201,344 |
|
|
|
|
| 25,921 |
| FEDERAL SIGNAL CORP |
|
| 146,630 |
|
| 177,818 |
|
|
|
|
| 8,500 |
| FLOWSERVE CORP |
|
| 433,671 |
|
| 1,013,370 |
|
|
|
|
| 23,500 |
| FOSTER (LB) CO-A (b) |
|
| 542,920 |
|
| 962,090 |
|
|
|
|
| 24,000 |
| FOSTER WHEELER AG (b)(c) |
|
| 513,529 |
|
| 828,480 |
|
|
|
|
| 13,079 |
| GARDNER DENVER INC |
|
| 290,540 |
|
| 900,097 |
|
|
|
|
| 103,562 |
| GENCORP INC (b) |
|
| 531,683 |
|
| 535,416 |
|
|
|
|
| 19,950 |
| GENESEE & WYOMING INC-CL A (b) |
|
| 502,922 |
|
| 1,056,353 |
|
|
|
|
| 9,177 |
| GP STRATEGIES CORP (b) |
|
| 62,336 |
|
| 93,972 |
|
|
|
|
| 77,300 |
| GRAFTECH INTERNATIONAL LTD (b) |
|
| 1,066,786 |
|
| 1,533,632 |
|
|
|
|
| 37,000 |
| GREENBRIER COMPANIES INC (b) |
|
| 533,907 |
|
| 776,630 |
|
|
|
|
| 32,541 |
| HAWAIIAN HOLDINGS INC (b) |
|
| 190,221 |
|
| 255,121 |
|
|
|
|
| 28,964 |
| II-VI INC (b) |
|
| 662,148 |
|
| 1,342,771 |
|
|
|
|
| 16,247 |
| ITEX CORP |
|
| 61,311 |
|
| 76,361 |
|
|
|
|
| 40,000 |
| JOHN BEAN TECHNOLOGIES CORP |
|
| 516,680 |
|
| 805,200 |
|
|
|
|
| 13,500 |
| JOY GLOBAL INC |
|
| 521,593 |
|
| 1,171,125 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 41 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Cap Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares/Par |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Industrials (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 25,000 |
| KANSAS CITY SOUTHERN (b) |
| $ | 582,716 |
|
| 1,196,500 |
|
|
|
|
| 14,125 |
| LABARGE INC (b) |
|
| 168,481 |
|
| 221,904 |
|
|
|
|
| 16,133 |
| LADISH CO INC (b) |
|
| 407,445 |
|
| 784,225 |
|
|
|
|
| 21,548 |
| LYDALL INC (b) |
|
| 147,110 |
|
| 173,461 |
|
|
|
|
| 68,369 |
| MAGNETEK INC (b) |
|
| 98,223 |
|
| 92,298 |
|
|
|
|
| 57,000 |
| MANITOWOC COMPANY INC |
|
| 550,335 |
|
| 747,270 |
|
|
|
|
| 356,032 |
| METALICO INC (b) |
|
| 2,167,487 |
|
| 2,093,468 |
|
|
|
|
| 20,886 |
| MIDDLEBY CORP (b) |
|
| 942,301 |
|
| 1,763,196 |
|
|
|
|
| 5,500 |
| NATIONAL PRESTO INDS INC |
|
| 611,385 |
|
| 715,055 |
|
|
|
|
| 1,917 |
| PREFORMED LINE PRODUCTS CO |
|
| 65,250 |
|
| 112,192 |
|
|
|
|
| 35,000 |
| RR DONNELLEY & SONS CO |
|
| 602,981 |
|
| 611,450 |
|
|
|
|
| 20,000 |
| SHAW GROUP INC (b) |
|
| 806,578 |
|
| 684,600 |
|
|
|
|
| 53,172 |
| SL INDS INC (b) |
|
| 636,887 |
|
| 929,978 |
|
|
|
|
| 5,000 |
| SMITH (A.O.) CORP |
|
| 212,859 |
|
| 190,400 |
|
|
|
|
| 13,000 |
| SNAP-ON INC |
|
| 589,135 |
|
| 735,540 |
|
|
|
|
| 77,973 |
| SPARTON CORP (b) |
|
| 466,655 |
|
| 642,498 |
|
|
|
|
| 16,987 |
| STANDEX INTERNATIONAL CORP |
|
| 406,921 |
|
| 508,081 |
|
|
|
|
| 35,902 |
| TELEDYNE TECHNOLOGIES INC (b) |
|
| 1,513,741 |
|
| 1,578,611 |
|
|
|
|
| 19,000 |
| TENNANT CO |
|
| 696,347 |
|
| 729,790 |
|
|
|
|
| 27,000 |
| TEREX CORP (b) |
|
| 757,805 |
|
| 838,080 |
|
|
|
|
| 12,500 |
| THOMAS & BETTS CORP (b) |
|
| 547,678 |
|
| 603,750 |
|
|
|
|
| 8,998 |
| TRIUMPH GROUP INC |
|
| 735,215 |
|
| 804,511 |
|
|
|
|
| 6,558 |
| TWIN DISC INC |
|
| 117,142 |
|
| 195,822 |
|
|
|
|
| 15,500 |
| TYCO INTERNATIONAL LTD (c) |
|
| 700,631 |
|
| 642,320 |
|
|
|
|
| 11,850 |
| UNITEK GLOBAL SERVICES INC (b) |
|
| 112,575 |
|
| 116,367 |
|
|
|
|
| 11,627 |
| UQM TECHNOLOGIES INC (b) |
|
| 22,754 |
|
| 26,626 |
|
|
|
|
| 76,458 |
| VALENCE TECHNOLOGY INC (b) |
|
| 69,670 |
|
| 128,449 |
|
|
|
|
| 47,593 |
| WABTEC CORP |
|
| 1,511,442 |
|
| 2,517,194 |
|
|
|
|
|
|
|
|
|
| 38,023,526 |
|
| 52,918,103 |
|
| 20.66 | % |
Information technology: |
|
|
|
|
|
|
|
|
|
| |||
| 32,339 |
| ACTUATE CORP (b) |
|
| 170,165 |
|
| 184,332 |
|
|
|
|
| 321,617 |
| ADPT CORP (b) |
|
| 1,025,541 |
|
| 942,338 |
|
|
|
|
| 14,371 |
| ALLIANCE FIBER (b) |
|
| 113,238 |
|
| 225,337 |
|
|
|
|
| 130,204 |
| ANAREN INC (b) |
|
| 1,392,560 |
|
| 2,714,753 |
|
|
|
|
| 30,347 |
| BLUE COAT SYSTEMS INC (b) |
|
| 706,666 |
|
| 906,465 |
|
|
|
|
| 126,517 |
| BRIDGELINE DIGITAL INC (b) |
|
| 177,249 |
|
| 180,919 |
|
|
|
|
| 32,000 |
| BROADRIDGE FINANCIAL SOLUTION |
|
| 543,517 |
|
| 701,760 |
|
|
|
|
| 40,681 |
| COMTECH TELECOMMUNICATIONS |
|
| 1,040,993 |
|
| 1,128,084 |
|
|
|
|
| 40,000 |
| CORELOGIC INC |
|
| 809,814 |
|
| 740,800 |
|
|
|
|
| 123,500 |
| DDI CORP |
|
| 1,029,259 |
|
| 1,452,360 |
|
|
|
|
| 52,372 |
| DYNAMICS RESEARCH CORP (b) |
|
| 393,179 |
|
| 701,785 |
|
|
|
|
| 54,328 |
| EASYLINK SERVICES INTL-CL A (b) |
|
| 179,179 |
|
| 228,178 |
|
|
|
|
| 15,073 |
| EMAGIN CORPORATION (b) |
|
| 73,966 |
|
| 90,438 |
|
|
|
|
| 24,770 |
| EMS TECHNOLOGIES INC (b) |
|
| 450,363 |
|
| 489,951 |
|
|
|
|
| 22,716 |
| EPICOR SOFTWARE CORP (b) |
|
| 203,082 |
|
| 229,432 |
|
|
|
|
| 106,019 |
| EVOLVING SYSTEMS INC |
|
| 731,107 |
|
| 882,078 |
|
|
|
|
| 27,547 |
| FREQUENCY ELECTRONICS INC (b) |
|
| 109,078 |
|
| 184,840 |
|
|
|
|
| 60,713 |
| GILAT SATELLITE NETWORKS LTD (b)(c) |
|
| 283,657 |
|
| 301,744 |
|
|
|
|
| 36,920 |
| GLOBAL CASH ACCESS HOLDINGS (b) |
|
| 104,567 |
|
| 117,775 |
|
|
|
|
| 18,976 |
| IEC ELECTRONICS CORP (b) |
|
| 101,678 |
|
| 144,218 |
|
|
|
|
| 20,880 |
| INTEGRAL SYSTEMS INC/MD (b) |
|
| 163,064 |
|
| 206,921 |
|
|
|
|
| 14,889 |
| INTERNET MEDIA SERVICES INC (b)(d) |
|
| 723 |
|
| 350 |
|
|
|
|
| 9,815 |
| KULICKE & SOFFA INDUSTRIES (b) |
|
| 73,875 |
|
| 70,668 |
|
|
|
|
| 106,765 |
| KVH INDUSTRIES INC (b) |
|
| 1,409,275 |
|
| 1,275,842 |
|
|
|
|
| 44,487 |
| LANTRONIX INC (b) |
|
| 148,858 |
|
| 164,602 |
|
|
|
|
| 345,992 |
| LOOKSMART LTD (b) |
|
| 468,636 |
|
| 730,043 |
|
|
|
|
| 90,283 |
| MAGMA DESIGN AUTOMATION INC (b) |
|
| 237,809 |
|
| 452,318 |
|
|
|
|
| 24,422 |
| MERCURY COMPUTER SYSTEMS INC (b) |
|
| 184,968 |
|
| 448,876 |
|
|
|
|
| 27,855 |
| MICRONETICS INC (b) |
|
| 143,538 |
|
| 122,562 |
|
|
|
|
| 84,945 |
| MKS INSTRUMENTS INC (b) |
|
| 1,809,026 |
|
| 2,080,303 |
|
|
|
|
| 41,800 |
| NAPCO SECURITY TECHNOLOGIES (b) |
|
| 68,377 |
|
| 74,822 |
|
|
|
|
| 5,138 |
| NCI INC-A (b) |
|
| 116,324 |
|
| 118,123 |
|
|
|
|
| 47,282 |
| NETSCOUT SYSTEMS INC (b) |
|
| 694,420 |
|
| 1,087,959 |
|
|
|
|
| 20,525 |
| NOVA MEASURING INSTRUMENTS (b)(c) |
|
| 101,038 |
|
| 170,563 |
|
|
|
|
| 32,889 |
| OCCAM NETWORKS INC (b) |
|
| 243,506 |
|
| 285,148 |
|
|
|
|
| 100,560 |
| OCLARO INC (b) |
|
| 1,426,484 |
|
| 1,322,364 |
|
|
|
|
| 42,609 |
| ONLINE RESOURCES CORP (b) |
|
| 195,869 |
|
| 198,132 |
|
|
|
|
| 12,915 |
| OSI SYSTEMS INC (b) |
|
| 333,292 |
|
| 469,589 |
|
|
|
|
| 556,312 |
| QUANTUM CORP (b) |
|
| 1,582,236 |
|
| 2,069,481 |
|
|
|
|
| 28,598 |
| QUEPASA CORP (b) |
|
| 233,174 |
|
| 334,597 |
|
|
|
|
| 76,875 |
| QUEST SOFTWARE INC (b) |
|
| 1,336,414 |
|
| 2,132,513 |
|
|
|
|
| 19,783 |
| REALNETWORKS INC (b) |
|
| 64,831 |
|
| 83,089 |
|
|
|
|
| 177,594 |
| RF MICRO DEVICES INC (b) |
|
| 761,991 |
|
| 1,305,316 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 42 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Cap Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares/Par |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Information technology (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 28,874 |
| ROVI CORP (b) |
| $ | 576,815 |
|
| 1,790,477 |
|
|
|
|
| 230,455 |
| SANMINA-SCI CORP (b) |
|
| 2,222,382 |
|
| 2,645,623 |
|
|
|
|
| 33,870 |
| SELECTICA INC (b) |
|
| 195,859 |
|
| 165,963 |
|
|
|
|
| 9,958 |
| SIGMATRON INTERNATIONAL INC (b) |
|
| 63,863 |
|
| 63,731 |
|
|
|
|
| 16,050 |
| SILICON GRAPHICS INTERNATION (b) |
|
| 114,693 |
|
| 144,932 |
|
|
|
|
| 20,076 |
| SMART MODULAR TECHNOLOGIES (b) |
|
| 110,502 |
|
| 115,638 |
|
|
|
|
| 12,793 |
| SMITH MICRO SOFTWARE INC (b) |
|
| 108,421 |
|
| 201,362 |
|
|
|
|
| 22,450 |
| SPECTRUM CONTROL INC (b) |
|
| 176,736 |
|
| 336,526 |
|
|
|
|
| 82,365 |
| SYNIVERSE HOLDINGS INC (b) |
|
| 1,076,698 |
|
| 2,540,960 |
|
|
|
|
| 85,284 |
| SYNNEX CORP (b) |
|
| 2,378,233 |
|
| 2,660,861 |
|
|
|
|
| 23,523 |
| TAKE-TWO INTERACTIVE SOFTWRE (b) |
|
| 233,071 |
|
| 287,922 |
|
|
|
|
| 107,274 |
| TIER TECHNOLOGIES INC (b) |
|
| 702,933 |
|
| 642,571 |
|
|
|
|
| 76,461 |
| TNS INC (b) |
|
| 1,730,020 |
|
| 1,590,389 |
|
|
|
|
| 29,927 |
| TOLLGRADE COMMUNICATIONS INC (b) |
|
| 209,138 |
|
| 277,723 |
|
|
|
|
| 98,767 |
| UNISYS CORP (b) |
|
| 2,851,575 |
|
| 2,557,078 |
|
|
|
|
| 48,882 |
| WEB.COM GROUP INC (b) |
|
| 237,886 |
|
| 413,053 |
|
|
|
|
| 45,378 |
| WESTELL TECHNOLOGIES INC-A (b) |
|
| 65,588 |
|
| 148,386 |
|
|
|
|
| 18,000 |
| WRIGHT EXPRESS CORP (b) |
|
| 495,073 |
|
| 828,000 |
|
|
|
|
| 37,077 |
| ZORAN CORP (b) |
|
| 296,853 |
|
| 326,278 |
|
|
|
|
|
|
|
|
|
| 35,282,925 |
|
| 45,489,241 |
|
| 17.75 | % |
Materials: |
|
|
|
|
|
|
|
|
|
| |||
| 17,000 |
| APTARGROUP INC |
|
| 711,338 |
|
| 808,690 |
|
|
|
|
| 15,000 |
| ASHLAND INC |
|
| 551,175 |
|
| 762,900 |
|
|
|
|
| 20,500 |
| BEMIS COMPANY |
|
| 601,990 |
|
| 669,530 |
|
|
|
|
| 9,463 |
| BUCKEYE TECHNOLOGIES INC |
|
| 93,096 |
|
| 198,818 |
|
|
|
|
| 12,000 |
| CLEARWATER PAPER CORP (b) |
|
| 271,297 |
|
| 939,600 |
|
|
|
|
| 1,100 |
| CONTANGO ORE INC (b) |
|
| 3,714 |
|
| 11,550 |
|
|
|
|
| 11,500 |
| DELTIC TIMBER CORP |
|
| 546,288 |
|
| 647,910 |
|
|
|
|
| 268,798 |
| ENTROPIC COMMUNI (b) |
|
| 2,232,807 |
|
| 3,247,080 |
|
|
|
|
| 10,684 |
| GREIF INC-CL A |
|
| 455,256 |
|
| 661,340 |
|
|
|
|
| 11,184 |
| HORSEHEAD HOLDING CORP (b) |
|
| 114,883 |
|
| 145,839 |
|
|
|
|
| 5,435 |
| INNOPHOS HOLDINGS INC |
|
| 123,237 |
|
| 196,095 |
|
|
|
|
| 18,143 |
| INNOSPEC INC (b) |
|
| 155,995 |
|
| 370,117 |
|
|
|
|
| 20,000 |
| KAPSTONE PAPER AND PACKAGING (b) |
|
| 145,550 |
|
| 306,000 |
|
|
|
|
| 38,668 |
| KOPPERS HOLDINGS INC |
|
| 1,067,633 |
|
| 1,383,541 |
|
|
|
|
| 147,325 |
| NEO MATERIAL TECHNOLOGIES IN (b)(c) |
|
| 592,826 |
|
| 1,163,868 |
|
|
|
|
| 4,119 |
| OLYMPIC STEEL INC |
|
| 90,167 |
|
| 118,133 |
|
|
|
|
| 253,509 |
| OMNOVA SOLUTIONS INC (b) |
|
| 1,742,920 |
|
| 2,119,335 |
|
|
|
|
| 63,347 |
| ROCK-TENN COMPANY -CL A |
|
| 2,395,021 |
|
| 3,417,571 |
|
|
|
|
| 8,981 |
| STEPAN CO |
|
| 638,960 |
|
| 684,981 |
|
|
|
|
| 5,004 |
| SYNALLOY CORP |
|
| 60,595 |
|
| 60,648 |
|
|
|
|
| 14,000 |
| TEXAS INDUSTRIES INC |
|
| 775,328 |
|
| 640,920 |
|
|
|
|
| 46,492 |
| UNITED STATES ANTIMONY CORP (b) |
|
| 20,564 |
|
| 27,895 |
|
|
|
|
| 84,369 |
| WHX CORP (b) |
|
| 184,683 |
|
| 1,095,109 |
|
|
|
|
| 19,000 |
| WR GRACE & CO (b) |
|
| 465,151 |
|
| 667,469 |
|
|
|
|
| 39,000 |
| ZEP INC |
|
| 555,900 |
|
| 775,319 |
|
|
|
|
|
|
|
|
|
| 14,596,374 |
|
| 21,120,258 |
|
| 8.24 | % |
Utilities: |
|
|
|
|
|
|
|
|
|
| |||
| 21,030 |
| ALLETE INC |
|
| 671,405 |
|
| 783,577 |
|
|
|
|
| 27,000 |
| AMERICAN WATER WORKS CO INC |
|
| 583,883 |
|
| 682,829 |
|
|
|
|
| 19,000 |
| CLECO CORPORATION |
|
| 470,134 |
|
| 584,439 |
|
|
|
|
| 14,000 |
| ITC HOLDINGS CORP |
|
| 638,988 |
|
| 867,719 |
|
|
|
|
| 53,371 |
| PORTLAND GENERAL ELECTRIC CO |
|
| 1,104,732 |
|
| 1,158,150 |
|
|
|
|
| 31,000 |
| QUESTAR CORP |
|
| 521,602 |
|
| 539,709 |
|
|
|
|
| 7,540 |
| SJW CORP |
|
| 172,466 |
|
| 199,583 |
|
|
|
|
| 22,525 |
| SOUTHWEST GAS CORP |
|
| 552,857 |
|
| 825,991 |
|
|
|
|
| 32,317 |
| UIL HOLDINGS CORP |
|
| 917,736 |
|
| 968,216 |
|
|
|
|
| 21,012 |
| UNITIL CORP |
|
| 457,904 |
|
| 477,812 |
|
|
|
|
|
|
|
|
|
| 6,091,707 |
|
| 7,088,025 |
|
| 2.77 | % |
|
|
| Sub-total Common Stock: |
|
| 193,379,498 |
|
| 253,055,787 |
|
|
|
|
Short-term investments: |
|
|
|
|
|
|
|
|
|
| |||
| 5,133,720 |
| NORTHERN INSTL GOVERNMENT SELECT PORTFOLIO, 0.01% (e) |
|
| 5,133,720 |
|
| 5,133,720 |
|
|
|
|
|
|
| Sub-total Short-term investments: |
|
| 5,133,720 |
|
| 5,133,720 |
|
| 2.00 | % |
|
|
| Grand Total (f) |
| $ | 198,513,218 |
|
| 258,189,507 |
|
| 100.76 | % |
|
|
|
See accompanying notes to financial statements. | 43 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Cap Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes to Schedule of Investments: |
|
|
|
|
|
|
|
|
|
| |||
| (a) |
| Securities are valued in accordance with procedures described in note 2 to the financial statements. |
| |||||||||
| (b) |
| Currently non-income producing assets. |
|
|
|
|
|
|
|
|
|
|
| (c) |
| Foreign security values are stated in U.S. dollars. As of December 31, 2010, the value of stocks or depository receipts represented 5.23% of net assets. |
| |||||||||
| (d) |
| This security is being fair valued according to procedures adopted by the Board of Trustees. |
|
|
|
| ||||||
| (e) |
| The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. |
| |||||||||
| (f) |
| At December 31, 2010, the cost for Federal income tax purposes was $198,543,256. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost were as follows: |
| |||||||||
|
|
| Gross unrealized appreciation |
| $ | 63,891,094 |
|
|
|
|
|
|
|
|
|
| Gross unrealized depreciation |
|
| (4,244,843 | ) |
|
|
|
|
|
|
|
|
| Net unrealized appreciation |
| $ | 59,646,251 |
|
|
|
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 44 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater Small Cap Fund
December 31, 2010
|
|
|
See accompanying notes to financial statements. | 45 | (continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Closed-End funds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 47,200 |
| AMERICAN MUNI INCOME PT |
|
|
|
|
| $ | 554,976 |
|
| 606,992 |
|
|
|
|
| 208,600 |
| BLACKROCK LNG-TM MUN ADV |
|
|
|
|
|
| 2,133,992 |
|
| 2,102,688 |
|
|
|
|
| 35,600 |
| BLACKROCK MUN INC TRUST |
|
|
|
|
|
| 373,567 |
|
| 466,360 |
|
|
|
|
| 18,200 |
| BLACKROCK MUNI BOND TRUST |
|
|
|
|
|
| 169,379 |
|
| 249,886 |
|
|
|
|
| 54,700 |
| BLACKROCK MUNIYIELD PENNS |
|
|
|
|
|
| 774,527 |
|
| 735,715 |
|
|
|
|
| 21,837 |
| BLACKROCK MUNIYIELD QUALI |
|
|
|
|
|
| 275,930 |
|
| 268,813 |
|
|
|
|
| 71,200 |
| BLACKROCK MUNIYIELD INVES |
|
|
|
|
|
| 905,807 |
|
| 924,176 |
|
|
|
|
| 81,800 |
| BLACKROCK MUNIYIELD MI QU |
|
|
|
|
|
| 981,525 |
|
| 990,598 |
|
|
|
|
| 59,500 |
| BLACKROCK MUNIHOLDINGS QU |
|
|
|
|
|
| 749,861 |
|
| 711,620 |
|
|
|
|
| 78,300 |
| BLACKROCK MUNIYIELD QUALI |
|
|
|
|
|
| 1,032,557 |
|
| 976,401 |
|
|
|
|
| 28,100 |
| BLACKROCK MUNIYIELD QUAL |
|
|
|
|
|
| 333,747 |
|
| 318,935 |
|
|
|
|
| 186,000 |
| BLACKROCK MUNIHOLDINGS QU |
|
|
|
|
|
| 2,175,942 |
|
| 2,390,100 |
|
|
|
|
| 76,179 |
| BLACKROCK MUNIYIELD MI QU |
|
|
|
|
|
| 1,014,103 |
|
| 1,016,990 |
|
|
|
|
| 12,500 |
| DREYFUS STRATEGIC MUNI BD |
|
|
|
|
|
| 68,613 |
|
| 94,750 |
|
|
|
|
| 209,000 |
| DWS MUNICIPAL INCOME TRUS |
|
|
|
|
|
| 2,278,136 |
|
| 2,386,780 |
|
|
|
|
| 26,905 |
| EATON VANCE MUNICIPAL INC |
|
|
|
|
|
| 286,929 |
|
| 299,453 |
|
|
|
|
| 1,000 |
| EATON VANCE CAL MUNI BOND |
|
|
|
|
|
| 8,280 |
|
| 11,250 |
|
|
|
|
| 66,800 |
| EATON VANCE CALI MUN BOND |
|
|
|
|
|
| 744,489 |
|
| 734,800 |
|
|
|
|
| 1,100 |
| EATON VANCE MICHI MUNI BN |
|
|
|
|
|
| 15,510 |
|
| 13,563 |
|
|
|
|
| 10,800 |
| FEDERATED PREMIER MUNI IN |
|
|
|
|
|
| 128,672 |
|
| 143,316 |
|
|
|
|
| 68,200 |
| INVESCO MUNICIPAL PREMIUM |
|
|
|
|
|
| 515,130 |
|
| 516,956 |
|
|
|
|
| 101,881 |
| INVESCO QUALITY MUNI INC |
|
|
|
|
|
| 1,164,128 |
|
| 1,253,136 |
|
|
|
|
| 95,900 |
| INVESCO QUALITY MUNI INV |
|
|
|
|
|
| 1,173,337 |
|
| 1,198,750 |
|
|
|
|
| 37,800 |
| INVESCO VAN KAMPEN S S MN |
|
|
|
|
|
| 398,849 |
|
| 424,116 |
|
|
|
|
| 83,800 |
| INVESCO VAN KAMPEN TRUST |
|
|
|
|
|
| 954,508 |
|
| 1,142,194 |
|
|
|
|
| 94,239 |
| INVESCO VAN KAMPEN PENN V |
|
|
|
|
|
| 1,240,054 |
|
| 1,192,123 |
|
|
|
|
| 74,277 |
| INVESCO VAN KAMPEN TRUST |
|
|
|
|
|
| 1,042,890 |
|
| 991,598 |
|
|
|
|
| 124,300 |
| INVESCO VAN KAMPEN AD MIT |
|
|
|
|
|
| 1,443,464 |
|
| 1,409,562 |
|
|
|
|
| 56,248 |
| MANAGED DURATION INVESTME |
|
|
|
|
|
| 714,557 |
|
| 737,411 |
|
|
|
|
| 6,500 |
| MFS HIGH INCOME MUNICIPAL |
|
|
|
|
|
| 23,108 |
|
| 30,615 |
|
|
|
|
| 10,299 |
| NEUBERGER BERMAN INTMD MU |
|
|
|
|
|
| 126,917 |
|
| 143,259 |
|
|
|
|
| 31,103 |
| NUVEEN CAL INV QUAL MUNI |
|
|
|
|
|
| 373,215 |
|
| 392,831 |
|
|
|
|
| 13,700 |
| NUVEEN CAL MUNI MKT OPPOR |
|
|
|
|
|
| 157,825 |
|
| 174,401 |
|
|
|
|
| 42,560 |
| NUVEEN DIVIDEND ADV MUNI |
|
|
|
|
|
| 523,323 |
|
| 565,197 |
|
|
|
|
| 41,700 |
| NUVEEN DVD ADVANTAGE MUNI |
|
|
|
|
|
| 475,800 |
|
| 537,930 |
|
|
|
|
| 13,500 |
| NUVEEN INSD DVD ADV MUNI |
|
|
|
|
|
| 181,771 |
|
| 183,600 |
|
|
|
|
| 4,800 |
| NUVEEN MA PREMIUM INC MUN |
|
|
|
|
|
| 65,734 |
|
| 64,080 |
|
|
|
|
| 30,600 |
| NUVEEN MI PREMIUM INC MUN |
|
|
|
|
|
| 404,605 |
|
| 400,248 |
|
|
|
|
| 44,600 |
| NUVEEN MUNI ADVANTAGE FUN |
|
|
|
|
|
| 522,316 |
|
| 583,368 |
|
|
|
|
| 15,500 |
| NUVEEN NJ INV QUAL MUNI F |
|
|
|
|
|
| 211,528 |
|
| 203,360 |
|
|
|
|
| 10,100 |
| NUVEEN PA DVD ADV MUNI FD |
|
|
|
|
|
| 127,549 |
|
| 133,118 |
|
|
|
|
| 48,500 |
| NUVEEN PENN INV QUAL MUNI |
|
|
|
|
|
| 673,352 |
|
| 646,505 |
|
|
|
|
| 238,709 |
| NUVEEN PREMIUM INC MUNI F |
|
|
|
|
|
| 3,273,534 |
|
| 3,160,507 |
|
|
|
|
| 27,100 |
| NUVEEN PREMIER MUNI INC F |
|
|
|
|
|
| 367,653 |
|
| 353,655 |
|
|
|
|
| 216,190 |
| PUTNAM MUNI OPPORTUNITIES |
|
|
|
|
|
| 2,450,699 |
|
| 2,347,823 |
|
|
|
|
| 12,700 |
| WESTERN ASSET INTERMEDIAT |
|
|
|
|
|
| 111,045 |
|
| 120,523 |
|
|
|
|
| 22,000 |
| WESTERN ASSET MANAGED MUN |
|
|
|
|
|
| 240,488 |
|
| 265,540 |
|
|
|
|
| 48,606 |
| WESTERN ASSET MUNICIPAL P |
|
|
|
|
|
| 620,291 |
|
| 644,517 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 34,584,212 |
|
| 35,260,109 |
|
| 6.83 | % |
Municipal bonds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 750,000 |
| ABAG FIN AUTH FOR NONPROFIT CORPS CALIF REV |
| 9/1/2037 |
| 6.00 |
|
| 745,014 |
|
| 728,573 |
|
|
|
|
| 1,000,000 |
| ABAG FIN AUTH FOR NONPROFIT CORPS CALIF REV |
| 7/1/2037 |
| 5.75 |
|
| 954,256 |
|
| 940,580 |
|
|
|
|
| 1,000,000 |
| ABERDEEN S D ECONOMIC DEV REV |
| 5/1/2029 |
| 5.63 |
|
| 964,007 |
|
| 936,400 |
|
|
|
|
| 1,500,000 |
| AGUA CALIENTE BAND CAHUILLA INDIANS CALIF REV |
| 7/1/2018 |
| 6.00 |
|
| 1,468,924 |
|
| 1,425,420 |
|
|
|
|
| 1,500,000 |
| ALASKA ST HSG FIN CORP |
| 6/1/2032 |
| 5.25 |
|
| 1,284,690 |
|
| 1,501,545 |
|
|
|
|
| 960,000 |
| ALASKA HSG FIN CORP HOME MTG REV |
| 12/1/2034 |
| 5.25 |
|
| 957,318 |
|
| 948,365 |
|
|
|
|
| 500,000 |
| ALASKA HSG FIN CORP MTG REV |
| 12/1/2040 |
| 4.63 |
|
| 495,019 |
|
| 443,130 |
|
|
|
|
| 445,000 |
| ALASKA HSG FIN CORP HOME MTG REV |
| 12/1/2033 |
| 5.45 |
|
| 445,000 |
|
| 448,800 |
|
|
|
|
| 2,000,000 |
| ALASKA ST HSG FIN CORP |
| 12/1/2034 |
| 5.25 |
|
| 2,006,599 |
|
| 2,000,600 |
|
|
|
|
| 200,000 |
| ALABAMA SPL CARE FACS FING AUTH MOBILE HOSP REV |
| 11/1/2019 |
| 5.00 |
|
| 206,512 |
|
| 200,594 |
|
|
|
|
| 650,000 |
| ALABAMA HSG FIN AUTH SINGLE FAMILY MTG REV |
| 4/1/2038 |
| 4.50 |
|
| 484,960 |
|
| 573,723 |
|
|
|
|
| 1,320,000 |
| ALABAMA HSG FIN AUTH SINGLE FAMILY MTG REV |
| 10/1/2028 |
| 5.25 |
|
| 1,320,000 |
|
| 1,327,788 |
|
|
|
|
| 500,000 |
| ALAMEDA CORRIDOR TRANSN AUTH CALIF REV (b)(c) |
| 10/1/2024 |
| 1.60 |
|
| 409,986 |
|
| 393,854 |
|
|
|
|
| 600,000 |
| ALASKA INDL DEV & EXPT AUTH CMNTY PROVIDER REV |
| 12/1/2011 |
| 5.45 |
|
| 600,000 |
|
| 394,290 |
|
|
|
|
| 240,000 |
| ALBANY N Y INDL DEV AGY CIVIC FAC REV (b) |
| 5/1/2016 |
| 6.50 |
|
| 240,000 |
|
| 95,645 |
|
|
|
|
| 350,000 |
| ALEUTIANS EAST BOROUGH ALASKA PROJ REV |
| 6/1/2025 |
| 5.50 |
|
| 316,018 |
|
| 300,969 |
|
|
|
|
| 485,000 |
| ALEXANDRIA VA REDEV & HSG AUTH MULTI-FAMILY HSG REV |
| 10/1/2029 |
| 6.13 |
|
| 508,298 |
|
| 487,100 |
|
|
|
|
| 1,025,000 |
| ALISAL CALIF UN SCH DIST (b)(c) |
| 8/1/2025 |
| 10.55 |
|
| 446,541 |
|
| 417,770 |
|
|
|
|
| 1,000,000 |
| ALLEGHENY CNTY PA INDL DEV AUTH CHRTR SCH REV |
| 8/15/2026 |
| 5.90 |
|
| 1,000,000 |
|
| 904,320 |
|
|
|
|
| 1,500,000 |
| CLIFTON TEX HIGHER ED FIN CORPED REV |
| 8/15/2028 |
| 7.00 |
|
| 1,462,817 |
|
| 1,448,415 |
|
|
|
|
| 1,750,000 |
| ARLINGTON TEX SPL OBLIG |
| 8/15/2034 |
| 5.00 |
|
| 1,872,269 |
|
| 1,750,508 |
|
|
|
|
| 965,000 |
| ASMS PUB EDL BLDG AUTH MOBILE ALA REV |
| 9/1/2026 |
| 4.38 |
|
| 939,313 |
|
| 914,434 |
|
|
|
|
| 500,000 |
| ATLANTA GA ARPT REV |
| 1/1/2020 |
| 5.75 |
|
| 502,500 |
|
| 504,080 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 46 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| 500,000 |
| ATLANTA GA ARPT REV |
| 1/1/2030 |
| 6.00 |
| $ | 520,981 |
|
| 529,285 |
|
|
|
|
| 1,000,000 |
| ATLANTA GA ARPT REV (b) |
| 1/1/2030 |
| 5.60 |
|
| 924,130 |
|
| 919,970 |
|
|
|
|
| 630,000 |
| AUSTIN TEX CONVENTION ENTERPRISES INC CONVENTION CTR |
| 1/1/2012 |
| 6.00 |
|
| 606,558 |
|
| 629,761 |
|
|
|
|
| 400,000 |
| AVE MARIA STEWARDSHIP CMNTY DEV DIST FLA |
| 11/1/2012 |
| 4.80 |
|
| 399,828 |
|
| 370,120 |
|
|
|
|
| 1,028,683 |
| ARIZONA HEALTH FACS AUTH REV |
| 7/1/2027 |
| 5.25 |
|
| 997,486 |
|
| 854,588 |
|
|
|
|
| 1,000,000 |
| BAY CNTY FLA EDL FACS REV |
| 9/1/2030 |
| 5.25 |
|
| 981,935 |
|
| 831,260 |
|
|
|
|
| 500,000 |
| BERKELEY CNTY S C SCH DIST INSTALLMENT LEASE |
| 12/1/2024 |
| 5.25 |
|
| 510,131 |
|
| 505,895 |
|
|
|
|
| 1,000,000 |
| BEXAR CNTY TEX HEALTH FACS DEV CORP REV |
| 7/1/2030 |
| 5.88 |
|
| 984,123 |
|
| 952,670 |
|
|
|
|
| 250,000 |
| BEXAR CNTY TEX HSG FIN CORP MULTI FAMILY HSG REV |
| 12/1/2021 |
| 6.50 |
|
| 265,871 |
|
| 232,798 |
|
|
|
|
| 500,000 |
| BEXAR CNTY TEX HSG FIN CORP MULTI FAMILY HSG REV |
| 1/1/2021 |
| 5.70 |
|
| 445,412 |
|
| 462,265 |
|
|
|
|
| 600,000 |
| BEXAR CNTY TEX HSG FIN CORP MULTI FAMILY HSG REV |
| 8/1/2030 |
| 6.10 |
|
| 518,489 |
|
| 532,374 |
|
|
|
|
| 890,000 |
| BEXAR CNTY TEX HSG FIN CORP MULTI FAMILY HSG REV |
| 12/1/2036 |
| 9.25 |
|
| 868,580 |
|
| 617,785 |
|
|
|
|
| 445,000 |
| BEXAR CNTY TEX HSG FIN CORP MULTI FAMILY HSG REV |
| 9/15/2021 |
| 8.75 |
|
| 445,000 |
|
| 438,548 |
|
|
|
|
| 365,000 |
| BEXAR CNTY TEX HSG FIN CORP MULTI FAMILY HSG REV |
| 8/1/2030 |
| 8.13 |
|
| 352,455 |
|
| 313,265 |
|
|
|
|
| 805,000 |
| BEXAR CNTY TEX HSG FIN CORP MULTI FAMILY HSG REV (b) |
| 4/1/2030 |
| 9.00 |
|
| 802,520 |
|
| 158,988 |
|
|
|
|
| 1,005,000 |
| BEXAR CNTY TEX HSG FIN CORP MULTI FAMILY HSG REV (b) |
| 6/1/2031 |
| 10.50 |
|
| 1,005,000 |
|
| 298,344 |
|
|
|
|
| 1,000,000 |
| BIRMINGHAM ALA ARPT AUTH ARPT REV |
| 7/1/2030 |
| 5.25 |
|
| 970,303 |
|
| 988,580 |
|
|
|
|
| 500,000 |
| BIRMINGHAM-SOUTHERN COLLEGE AL PVT EDL BLDG AUTH TUITION |
| 12/1/2019 |
| 5.35 |
|
| 504,110 |
|
| 436,285 |
|
|
|
|
| 96,381 |
| BISMARCK STATE COLLEGE (d) |
| 4/1/2032 |
| 5.01 |
|
| 98,017 |
|
| 96,381 |
|
|
|
|
| 650,000 |
| BI-STATE DEV AGY MO ILL MET DIST MASS TRAN SALES TAX |
| 10/1/2033 |
| 5.25 |
|
| 650,000 |
|
| 649,090 |
|
|
|
|
| 1,000,000 |
| BLOOMINGTON MINN HSG REV |
| 12/1/2030 |
| 6.00 |
|
| 971,716 |
|
| 938,170 |
|
|
|
|
| 500,000 |
| BOONE CNTY MO HOSP REV |
| 8/1/2028 |
| 5.75 |
|
| 515,445 |
|
| 502,105 |
|
|
|
|
| 700,000 |
| BOSTON MASS REV |
| 10/1/2031 |
| 6.13 |
|
| 701,236 |
|
| 714,350 |
|
|
|
|
| 500,000 |
| BOWLING GREEN OHIO STUDENT HSGREV |
| 6/1/2031 |
| 5.75 |
|
| 491,733 |
|
| 457,380 |
|
|
|
|
| 965,000 |
| BRAZOS CNTY TEX HEALTH FAC DEV CORP FRANCISCAN SVCS CORP REV |
| 1/1/2032 |
| 5.38 |
|
| 954,386 |
|
| 888,128 |
|
|
|
|
| 500,000 |
| BRAZOS CNTY TEX HEALTH FAC DEV CORP FRANCISCAN SVCS CORP REV |
| 1/1/2033 |
| 5.50 |
|
| 504,881 |
|
| 462,795 |
|
|
|
|
| 204,000 |
| BRIDGEVILLE DEL SPL OBLIG |
| 7/1/2035 |
| 5.13 |
|
| 204,000 |
|
| 134,218 |
|
|
|
|
| 890,000 |
| BUCKEYE OHIO TOB SETTLEMENT FING AUTH |
| 6/1/2024 |
| 5.13 |
|
| 856,213 |
|
| 685,407 |
|
|
|
|
| 750,000 |
| BUNCOME CNTY N C PROJ DEV FING REV |
| 8/1/2024 |
| 6.75 |
|
| 737,558 |
|
| 649,148 |
|
|
|
|
| 395,000 |
| BUTLER CNTY PA GEN AUTH REV |
| 10/1/2034 |
| 0.90 |
|
| 395,000 |
|
| 236,834 |
|
|
|
|
| 350,000 |
| CALIFORNIA STATEWIDE CMNTYS DEV AUTH SPL TAX |
| 9/1/2029 |
| 6.00 |
|
| 350,000 |
|
| 289,741 |
|
|
|
|
| 385,000 |
| CALIFORNIA CMNTYS HSG FIN AGY LEASE REV |
| 11/1/2012 |
| 4.85 |
|
| 382,409 |
|
| 209,521 |
|
|
|
|
| 750,000 |
| CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV |
| 6/1/2017 |
| 5.40 |
|
| 747,961 |
|
| 738,008 |
|
|
|
|
| 500,000 |
| CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV |
| 10/1/2025 |
| 5.75 |
|
| 487,839 |
|
| 471,715 |
|
|
|
|
| 1,500,000 |
| CALIFORNIA SCH FACS FING AUTH REV (b) |
| 1/1/2021 |
| 6.00 |
|
| 1,500,000 |
|
| 1,492,545 |
|
|
|
|
| 1,500,000 |
| CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV |
| 1/1/2016 |
| 5.25 |
|
| 1,491,771 |
|
| 1,484,445 |
|
|
|
|
| 750,000 |
| CALIFORNIA MUN FIN AUTH SR LIVING REV |
| 5/15/2029 |
| 5.88 |
|
| 750,000 |
|
| 751,170 |
|
|
|
|
| 570,000 |
| CALIFORNIA MUN FIN AUTH CHARTER SCH LEASE REV |
| 9/1/2022 |
| 5.50 |
|
| 575,294 |
|
| 526,463 |
|
|
|
|
| 750,000 |
| CALIFORNIA MUN FIN AUTH ED REV |
| 6/1/2026 |
| 5.25 |
|
| 744,594 |
|
| 634,890 |
|
|
|
|
| 500,000 |
| CALIFORNIA HSG FIN AGY REV |
| 8/1/2033 |
| 5.45 |
|
| 481,119 |
|
| 470,905 |
|
|
|
|
| 750,000 |
| CALIFORNIA HSG FIN AGY REV |
| 8/1/2038 |
| 5.50 |
|
| 754,412 |
|
| 682,830 |
|
|
|
|
| 500,000 |
| CALIFORNIA HEALTH FACS FING AUTH REV |
| 3/1/2033 |
| 5.00 |
|
| 503,040 |
|
| 443,015 |
|
|
|
|
| 145,000 |
| CALIFORNIA CMNTYS HSG FIN AGY LEASE REV |
| 8/1/2012 |
| 4.65 |
|
| 144,892 |
|
| 79,015 |
|
|
|
|
| 500,000 |
| CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK ST SCH FD |
| 8/15/2029 |
| 5.75 |
|
| 505,253 |
|
| 484,965 |
|
|
|
|
| 1,000,000 |
| CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK REV |
| 2/1/2030 |
| 6.00 |
|
| 1,011,859 |
|
| 1,029,780 |
|
|
|
|
| 600,000 |
| CALIFORNIA STATEWIDE CMNTYS DEV AUTH MULTIFAMILY REV |
| 11/20/2036 |
| 6.15 |
|
| 628,663 |
|
| 672,858 |
|
|
|
|
| 500,000 |
| CALIFORNIA MUN FIN AUTH REV |
| 5/1/2025 |
| 6.88 |
|
| 498,853 |
|
| 517,150 |
|
|
|
|
| 1,500,000 |
| CALIFORNIA SCH FACS FING AUTH REV (b)(c) |
| 8/1/2029 |
| 2.42 |
|
| 1,037,415 |
|
| 1,013,985 |
|
|
|
|
| 500,000 |
| CALIFORNIA ST PUB WKS BRD LEASE REV |
| 10/1/2030 |
| 5.75 |
|
| 503,384 |
|
| 483,910 |
|
|
|
|
| 500,000 |
| CALIFORNIA STATEWIDE CMNTYS DEV AUTH |
| 5/15/2032 |
| 5.75 |
|
| 493,295 |
|
| 471,255 |
|
|
|
|
| 400,000 |
| CALIFORNIA STATEWIDE CMNTYS DEV AUTH CTFS PARTN |
| 8/15/2031 |
| 5.50 |
|
| 372,061 |
|
| 384,900 |
|
|
|
|
| 200,000 |
| CALIFORNIA STATEWIDE CMNTYS DEV AUTHR EV |
| 4/20/2036 |
| 7.00 |
|
| 200,000 |
|
| 210,640 |
|
|
|
|
| 500,000 |
| CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY TOB |
| 6/1/2036 |
| 5.00 |
|
| 495,020 |
|
| 350,760 |
|
|
|
|
| 135,000 |
| CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY TOB |
| 6/1/2021 |
| 4.50 |
|
| 133,560 |
|
| 114,881 |
|
|
|
|
| 130,000 |
| CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY TOB |
| 6/1/2023 |
| 5.63 |
|
| 125,119 |
|
| 129,419 |
|
|
|
|
| 260,000 |
| CAMERON TEX ED CORP REV |
| 8/15/2021 |
| 5.00 |
|
| 205,126 |
|
| 229,117 |
|
|
|
|
| 1,000,000 |
| CAPITAL AREA CULTURAL ED FACS FIN CORP TEX REV |
| 4/1/2024 |
| 5.50 |
|
| 978,692 |
|
| 954,460 |
|
|
|
|
| 750,000 |
| CAPITAL TR AGY FLA MULTIFAMILYREV |
| 6/1/2038 |
| 5.88 |
|
| 762,991 |
|
| 239,903 |
|
|
|
|
| 255,000 |
| CAPITAL TR AGY FLA MULTIFAMILYREV |
| 6/1/2013 |
| 4.75 |
|
| 255,000 |
|
| 81,567 |
|
|
|
|
| 1,177,292 |
| CARLSBAD N M INDL DEV REV |
| 4/15/2021 |
| 5.75 |
|
| 1,207,298 |
|
| 1,072,913 |
|
|
|
|
| 125,000 |
| CARSON CITY NEV HOSP REV |
| 9/1/2031 |
| 5.75 |
|
| 129,903 |
|
| 118,763 |
|
|
|
|
| 900,000 |
| CENTINELA VALLEY CALIF UN HIGH SCH DIST |
| 8/1/2033 |
| 5.50 |
|
| 911,786 |
|
| 845,739 |
|
|
|
|
| 595,000 |
| CHANDLER PARK ACADEMY MICH PUB SCH ACADEMY REV |
| 11/1/2022 |
| 5.00 |
|
| 441,448 |
|
| 529,276 |
|
|
|
|
| 400,000 |
| CHARTIERS VALLEY PA INDL & COML DEV AUTH REV |
| 8/15/2012 |
| 5.00 |
|
| 399,070 |
|
| 400,580 |
|
|
|
|
| 500,000 |
| CHATHAM CNTY GA HOSP AUTH REV |
| 1/1/2034 |
| 5.50 |
|
| 519,648 |
|
| 410,940 |
|
|
|
|
| 275,000 |
| CHESTERFIELD CNTY VA INDL DEV AUTH MULTI-FAMILY REV |
| 7/1/2019 |
| 5.20 |
|
| 256,688 |
|
| 275,195 |
|
|
|
|
| 250,000 |
| CHESTERFIELD CNTY VA INDL DEV AUTH POLLUTN CTL REV |
| 6/1/2017 |
| 5.88 |
|
| 254,823 |
|
| 255,525 |
|
|
|
|
| 15,000 |
| CHICAGO ILL MET HSG DEV CORP MTG REV |
| 7/1/2022 |
| 6.85 |
|
| 15,357 |
|
| 15,022 |
|
|
|
|
| 1,000,000 |
| CHICAGO-REF-A-AGM |
| 1/1/2027 |
| 5.00 |
|
| 962,659 |
|
| 960,610 |
|
|
|
|
| 500,000 |
| CITIZEN POTAWATOMI NATION OKLASR OBLIG TAX REV |
| 9/1/2016 |
| 6.50 |
|
| 500,000 |
|
| 478,055 |
|
|
|
|
| 250,000 |
| CLARK CNTY NEV ECONOMIC DEV REV |
| 5/15/2033 |
| 5.38 |
|
| 254,067 |
|
| 237,240 |
|
|
|
|
| 455,000 |
| CLARK CNTY NEV IMPT DIST |
| 2/1/2019 |
| 5.00 |
|
| 456,399 |
|
| 386,700 |
|
|
|
|
| 1,000,000 |
| CLARK CNTY NEV PASSENGER FAC CHARGE REV |
| 7/1/2030 |
| 5.00 |
|
| 984,651 |
|
| 954,450 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 47 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 500,000 |
| CLAYTON GA SO REGL MED |
| 8/1/2030 |
| 5.00 |
|
| 489,615 |
|
| 484,205 |
|
|
|
|
| 355,000 |
| CLEARWATER FLA HSG AUTH REV |
| 5/1/2024 |
| 5.35 |
|
| 260,490 |
|
| 300,348 |
|
|
|
|
| 500,000 |
| CLEVELAND CNTY OKLA JUSTICE AUTH SALES TAX REV |
| 3/1/2029 |
| 5.75 |
|
| 488,437 |
|
| 509,410 |
|
|
|
|
| 1,000,000 |
| CLIFTON TEX HIGHER ED FIN CORPED REV |
| 12/1/2030 |
| 6.00 |
|
| 982,809 |
|
| 902,270 |
|
|
|
|
| 1,000,000 |
| CLIFTON TEX HIGHER ED FIN CORPED REV |
| 12/1/2025 |
| 5.70 |
|
| 991,985 |
|
| 909,160 |
|
|
|
|
| 750,000 |
| CLIFTON TEX HIGHER ED FIN CORPED REV |
| 2/15/2018 |
| 7.75 |
|
| 739,888 |
|
| 839,138 |
|
|
|
|
| 1,000,000 |
| COMMUNITY MEM HOSP DIST MO HOSP REV |
| 12/1/2034 |
| 6.68 |
|
| 884,208 |
|
| 810,120 |
|
|
|
|
| 350,000 |
| COLORADO EDL & CULTURAL FACS AUTH REV |
| 12/1/2039 |
| 5.13 |
|
| 330,600 |
|
| 309,922 |
|
|
|
|
| 835,000 |
| COLORADO EDL & CULTURAL FACS AUTH REV |
| 11/15/2028 |
| 6.75 |
|
| 835,000 |
|
| 887,204 |
|
|
|
|
| 1,000,000 |
| COLORADO EDL & CULTURAL FACS AUTH REV |
| 7/1/2034 |
| 5.60 |
|
| 993,452 |
|
| 905,690 |
|
|
|
|
| 1,000,000 |
| COLORADO EDL & CULTURAL FACS AUTH REV |
| 6/1/2033 |
| 5.50 |
|
| 974,789 |
|
| 949,370 |
|
|
|
|
| 1,500,000 |
| COLORADO EDL & CULTURAL FACS AUTH INDPT SCH REV |
| 5/1/2030 |
| 6.00 |
|
| 1,458,098 |
|
| 1,430,640 |
|
|
|
|
| 940,000 |
| COLORADO HSG & FIN AUTH |
| 10/1/2029 |
| 5.40 |
|
| 940,000 |
|
| 939,915 |
|
|
|
|
| 845,000 |
| COLORADO HSG & FIN AUTH |
| 11/1/2029 |
| 5.50 |
|
| 845,000 |
|
| 844,932 |
|
|
|
|
| 625,000 |
| COLO HSG FIN AUTH SINGLE FAMILY MTG REV |
| 11/1/2034 |
| 5.00 |
|
| 625,049 |
|
| 626,550 |
|
|
|
|
| 365,000 |
| COLLIER CNTY FLA HSG FIN AUTH MULTIFAMILY REV |
| 8/15/2015 |
| 5.25 |
|
| 364,037 |
|
| 372,588 |
|
|
|
|
| 1,000,000 |
| COLTON CALIF JT UNI SCH DIST (b)(c) |
| 8/1/2035 |
| 3.46 |
|
| 540,774 |
|
| 466,570 |
|
|
|
|
| 1,750,000 |
| COMPARK BUSINESS CAMPUS MET DIST COLO |
| 12/1/2027 |
| 5.75 |
|
| 1,571,970 |
|
| 1,414,578 |
|
|
|
|
| 375,000 |
| CONNERTON WEST CMNTY DEV DIST FLA CAP IMPT REV (b) |
| 5/1/2016 |
| 5.13 |
|
| 374,540 |
|
| 142,350 |
|
|
|
|
| 1,105,000 |
| CORONA-NORCO CALIF UNI SCH DIST (b)(c) |
| 8/1/2039 |
| 2.24 |
|
| 675,711 |
|
| 728,096 |
|
|
|
|
| 637,000 |
| CORTLAND ILL SPL TAX REV |
| 3/1/2017 |
| 5.50 |
|
| 632,914 |
|
| 394,985 |
|
|
|
|
| 500,000 |
| CRAWFORD CNTY PA INDL DEV AUTH |
| 11/1/2031 |
| 6.00 |
|
| 492,401 |
|
| 509,795 |
|
|
|
|
| 880,000 |
| CROW FIN AUTH MONT TRIBAL PURP REV |
| 10/1/2017 |
| 5.65 |
|
| 847,589 |
|
| 881,822 |
|
|
|
|
| 1,250,000 |
| CROWN POINT IND ECONOMIC DEV REV |
| 11/15/2013 |
| 6.50 |
|
| 1,250,000 |
|
| 1,240,875 |
|
|
|
|
| 1,000,000 |
| CONNECTICUT ST HSG FIN AUTH |
| 11/15/2035 |
| 4.75 |
|
| 1,000,000 |
|
| 946,880 |
|
|
|
|
| 1,250,000 |
| CONNECTICUT ST DEV AUTH POLLUTN CTL REV |
| 9/1/2028 |
| 5.85 |
|
| 1,311,738 |
|
| 1,257,563 |
|
|
|
|
| 1,000,000 |
| CENTER UNI SCH DIST CALIF (b)(c) |
| 8/1/2031 |
| 12.90 |
|
| 300,383 |
|
| 226,510 |
|
|
|
|
| 1,000,000 |
| CULLMAN CNTY ALA HEALTH CARE AUTH |
| 2/1/2023 |
| 6.25 |
|
| 979,190 |
|
| 966,260 |
|
|
|
|
| 500,000 |
| CUYAHOGA CNTY OHIO HSG MTG REV |
| 3/20/2042 |
| 5.70 |
|
| 513,834 |
|
| 509,470 |
|
|
|
|
| 3,354,000 |
| DALLAS TEX HSG FIN CORP MULTI |
| 10/20/2032 |
| 6.75 |
|
| 3,333,363 |
|
| 3,444,625 |
|
|
|
|
| 1,000,000 |
| DAMON RUN CONSERVANCY DIST IND |
| 1/1/2027 |
| 6.38 |
|
| 1,017,981 |
|
| 1,004,230 |
|
|
|
|
| 2,000,000 |
| DAMON RUN CONSERVANCY DIST IND |
| 7/1/2025 |
| 6.10 |
|
| 2,046,452 |
|
| 1,998,100 |
|
|
|
|
| 500,000 |
| DISTRICT COLUMBIA REV |
| 6/1/2026 |
| 5.00 |
|
| 508,209 |
|
| 416,085 |
|
|
|
|
| 500,000 |
| METROPOLITAN WASHINGTON D C ARPTS AUTH DULLES TOLL ROAD REV |
| 7/1/2033 |
| 5.45 |
|
| 500,000 |
|
| 488,600 |
|
|
|
|
| 750,000 |
| DE KALB CNTY GA HOSP AUTH REV ANTIC CTFS |
| 9/1/2030 |
| 6.00 |
|
| 742,245 |
|
| 740,558 |
|
|
|
|
| 475,000 |
| DELAWARE ST HSG AUTH REV |
| 7/1/2031 |
| 5.20 |
|
| 475,000 |
|
| 468,288 |
|
|
|
|
| 500,000 |
| DELANO CALIF FING AUTH REV |
| 12/1/2025 |
| 5.00 |
|
| 493,779 |
|
| 468,945 |
|
|
|
|
| 500,000 |
| DELAWARE RIV PORT AUTH PA & N J |
| 1/1/2022 |
| 5.70 |
|
| 500,000 |
|
| 500,570 |
|
|
|
|
| 500,000 |
| DELTA CNTY COLO MEM HOSP DIST |
| 9/1/2030 |
| 5.50 |
|
| 488,793 |
|
| 463,165 |
|
|
|
|
| 178,630 |
| DENHAM SPRINGS-LIVINGSTON HSG & MTG FIN AUTH LA SGLE F M REV |
| 11/1/2040 |
| 5.00 |
|
| 185,175 |
|
| 181,145 |
|
|
|
|
| 500,000 |
| DENVER COLO CITY & CNTY ARPT REV |
| 11/15/2031 |
| 5.00 |
|
| 493,608 |
|
| 481,165 |
|
|
|
|
| 500,000 |
| DENVER COLO CONVENTION CTR HOTEL AUTH REV |
| 12/1/2030 |
| 5.00 |
|
| 511,940 |
|
| 408,670 |
|
|
|
|
| 500,000 |
| DETROIT LAKES MINN HSG & HEALTH FACS REV |
| 8/1/2034 |
| 2.39 |
|
| 500,000 |
|
| 491,845 |
|
|
|
|
| 750,000 |
| DETROIT SER A |
| 4/1/2020 |
| 5.25 |
|
| 752,771 |
|
| 638,775 |
|
|
|
|
| 500,000 |
| DINUBA CALIF FING AUTH LEASE REV |
| 9/1/2038 |
| 5.38 |
|
| 494,652 |
|
| 368,530 |
|
|
|
|
| 1,105,000 |
| DIRECTOR ST NEV DEPT BUSINESS & INDUSTRY (b) |
| 11/15/2014 |
| 6.00 |
|
| 1,097,305 |
|
| 666,735 |
|
|
|
|
| 3,000,000 |
| DUBLIN CALIF UNI SCH DIST (b)(c) |
| 8/1/2034 |
| 15.06 |
|
| 682,232 |
|
| 580,140 |
|
|
|
|
| 500,000 |
| EAST BATON ROUGE LA MTG FIN AUTH SINGLE FAMILY REV |
| 10/1/2034 |
| 5.00 |
|
| 500,000 |
|
| 481,790 |
|
|
|
|
| 500,000 |
| E-470 PUB HWY AUTH COLO REV |
| 9/1/2024 |
| 5.50 |
|
| 505,296 |
|
| 501,385 |
|
|
|
|
| 565,000 |
| EAST CHICAGO IND REDEV COMMN LAKE FRONT REDEV AREA TAX |
| 1/15/2015 |
| 5.25 |
|
| 565,000 |
|
| 573,419 |
|
|
|
|
| 550,000 |
| EAST CHICAGO IND REDEV COMMN LAKE FRONT REDEV AREA TAX |
| 7/15/2014 |
| 5.00 |
|
| 550,000 |
|
| 556,534 |
|
|
|
|
| 950,000 |
| EAST POINT GA |
| 2/1/2026 |
| 8.00 |
|
| 1,064,482 |
|
| 952,955 |
|
|
|
|
| 800,000 |
| EDEN PRAIRIE MINN MULTIFAMILY HSG REV |
| 2/20/2043 |
| 6.20 |
|
| 868,908 |
|
| 842,240 |
|
|
|
|
| 2,045,000 |
| EDEN TWP CALIF HEALTHCARE DIST CTFS PARTN |
| 6/1/2030 |
| 6.00 |
|
| 2,021,772 |
|
| 1,928,701 |
|
|
|
|
| 140,000 |
| EL PASO CNTY TEX HSG FIN CORP MULTIFAMILY HSG REV |
| 12/1/2015 |
| 7.00 |
|
| 140,000 |
|
| 140,010 |
|
|
|
|
| 750,000 |
| EL PASO DE ROBLES CALIF REDEV AGY TAX ALLOCATION REV |
| 7/1/2033 |
| 6.38 |
|
| 741,557 |
|
| 760,050 |
|
|
|
|
| 794,940 |
| EL PASO TEX HSG FIN CORP MTG REV |
| 4/1/2033 |
| 6.18 |
|
| 822,186 |
|
| 832,072 |
|
|
|
|
| 500,000 |
| ELKHART CNTY IND HOSP AUTH REV |
| 8/15/2020 |
| 5.25 |
|
| 504,009 |
|
| 500,180 |
|
|
|
|
| 2,000,000 |
| EMERY CNTY UTAH POLLUTN CTL REV |
| 11/1/2023 |
| 5.65 |
|
| 2,019,469 |
|
| 2,004,500 |
|
|
|
|
| 1,155,000 |
| ENTERPRISE CALIF ELEM SCH DIST (b)(c) |
| 8/1/2035 |
| 3.73 |
|
| 602,247 |
|
| 515,939 |
|
|
|
|
| 1,000,000 |
| ERIE CNTY PA HOSP AUTH REV |
| 7/1/2027 |
| 7.00 |
|
| 1,000,000 |
|
| 975,230 |
|
|
|
|
| 1,000,000 |
| ERIE CNTY OHIO HOSP FACS REV |
| 8/15/2032 |
| 5.63 |
|
| 1,009,752 |
|
| 949,040 |
|
|
|
|
| 500,000 |
| ESTHERVILLE IOWA HOSP REV |
| 7/1/2020 |
| 6.30 |
|
| 503,757 |
|
| 505,295 |
|
|
|
|
| 500,000 |
| FAIRFAX CNTY VA REDEV & HSG AUTH MULTIFAMILY REV |
| 8/1/2039 |
| 5.60 |
|
| 500,000 |
|
| 508,865 |
|
|
|
|
| 250,000 |
| FARGO N D HEALTH SYS REV |
| 6/1/2027 |
| 5.38 |
|
| 246,761 |
|
| 239,088 |
|
|
|
|
| 2,861,643 |
| FARGO N D UNIV FACS REV |
| 11/29/2027 |
| 5.11 |
|
| 2,861,643 |
|
| 2,767,466 |
|
|
|
|
| 239,000 |
| FARMS NEW KENT VA CMNTY DEV AUTH SPL ASSMT |
| 3/1/2036 |
| 5.13 |
|
| 239,000 |
|
| 160,371 |
|
|
|
|
| 1,000,000 |
| FESTIVAL RANCH CMNTY FACS DISTARIZ |
| 7/15/2024 |
| 6.25 |
|
| 1,016,474 |
|
| 992,310 |
|
|
|
|
| 315,000 |
| FIDDLERS CREEK CMNTY DEV DIST NO 2 FLA SPL ASSMT REV (b) |
| 5/1/2013 |
| 5.75 |
|
| 314,118 |
|
| 100,611 |
|
|
|
|
| 750,000 |
| FLORIDA HIGHER EDL FACS FING AUTH REV |
| 7/1/2032 |
| 5.38 |
|
| 759,691 |
|
| 718,223 |
|
|
|
|
| 420,000 |
| FLORIDA HSG FIN CORP REV |
| 7/1/2033 |
| 5.45 |
|
| 420,000 |
|
| 421,331 |
|
|
|
|
| 1,960,000 |
| FLORIDA HSG FIN CORP REV |
| 7/1/2034 |
| 5.30 |
|
| 1,982,307 |
|
| 1,921,310 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 48 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Tax-Exempt Bond Fund |
December 31, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 900,000 |
| FLAGSTAFF ARIZ INDL DEV AUTH REV |
| 7/1/2022 |
| 5.50 |
| $ | 827,851 |
|
| 827,892 |
|
|
|
|
| 1,400,000 |
| FLINT MICH HOSP BLDG AUTH REV |
| 7/1/2020 |
| 6.00 |
|
| 1,360,298 |
|
| 1,354,822 |
|
|
|
|
| 675,000 |
| FOREST CREEK CMNTY DEV DIST FLA CAP IMPT REV |
| 11/1/2013 |
| 7.00 |
|
| 851,395 |
|
| 648,986 |
|
|
|
|
| 250,000 |
| FOREST GROVE ORE REV |
| 5/1/2030 |
| 6.00 |
|
| 245,764 |
|
| 255,185 |
|
|
|
|
| 1,000,000 |
| FRANKLIN CNTY OHIO HEALTH CARE FACS REV |
| 7/1/2035 |
| 5.13 |
|
| 585,977 |
|
| 831,530 |
|
|
|
|
| 1,245,000 |
| FULTON CNTY GA DEV AUTH REV |
| 11/1/2028 |
| 5.25 |
|
| 1,076,434 |
|
| 945,851 |
|
|
|
|
| 1,000,000 |
| FYI PROPERTIES WASH LEASE REV |
| 6/1/2034 |
| 5.50 |
|
| 980,557 |
|
| 1,026,360 |
|
|
|
|
| 1,000,000 |
| GAINESVILLE & HALL CNTY GA HOSP AUTH REV ANTIC CTFS |
| 2/15/2030 |
| 5.00 |
|
| 971,218 |
|
| 926,740 |
|
|
|
|
| 500,000 |
| GAINESVILLE & HALL CNTY GA DEVAUTH RETIREMENT CMNTY REV |
| 11/15/2029 |
| 6.38 |
|
| 516,172 |
|
| 505,180 |
|
|
|
|
| 1,206,508 |
| GALVESTON CNTY TEX MUN UTIL DIST NO 52 |
| 3/1/2011 |
| 6.16 |
|
| 1,206,508 |
|
| 964,483 |
|
|
|
|
| 400,000 |
| GEISINGER AUTH PA HEALTH SYS |
| 5/1/2037 |
| 0.96 |
|
| 400,000 |
|
| 256,352 |
|
|
|
|
| 500,000 |
| GILA CNTY ARIZ UNI SCH DIST NO 10 PAYSON |
| 7/1/2028 |
| 5.75 |
|
| 476,766 |
|
| 520,360 |
|
|
|
|
| 750,000 |
| GLENDALE CALIF REDEV AGY TAX ALLOCATION REV |
| 12/1/2024 |
| 5.50 |
|
| 739,184 |
|
| 726,585 |
|
|
|
|
| 1,000,000 |
| GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV |
| 6/1/2047 |
| 5.13 |
|
| 849,251 |
|
| 603,960 |
|
|
|
|
| 2,000,000 |
| GRAND FORKS N D HEALTH CARE SYS REV |
| 8/15/2027 |
| 5.63 |
|
| 2,000,000 |
|
| 1,921,640 |
|
|
|
|
| 500,000 |
| GRAND VALLEY MICH ST UNIV REV |
| 12/1/2024 |
| 5.30 |
|
| 495,108 |
|
| 514,280 |
|
|
|
|
| 500,000 |
| GUAM GOVT DEPT ED CTFS PARTN |
| 12/1/2015 |
| 5.50 |
|
| 497,831 |
|
| 504,685 |
|
|
|
|
| 500,000 |
| GUNNISON CNTY COLO |
| 7/15/2019 |
| 6.10 |
|
| 508,861 |
|
| 494,820 |
|
|
|
|
| 1,000,000 |
| HAMDEN CONN FAC REV |
| 1/1/2014 |
| 6.13 |
|
| 987,223 |
|
| 1,005,340 |
|
|
|
|
| 1,000,000 |
| HAMMOND IND LOC PUB IMPT BD BKSPL REV |
| 8/15/2025 |
| 6.50 |
|
| 1,023,849 |
|
| 1,012,210 |
|
|
|
|
| 500,000 |
| HAMMOND IND REDEV DIST REV |
| 1/15/2017 |
| 6.00 |
|
| 500,000 |
|
| 495,555 |
|
|
|
|
| 1,500,000 |
| HARBOR POINT INFRASTRUCTURE IMPT DIST CONN SPL OBLIG REV |
| 4/1/2022 |
| 7.00 |
|
| 1,500,000 |
|
| 1,516,035 |
|
|
|
|
| 1,250,000 |
| HARRIS CNTY TEX CULTURAL ED FACS FIN CORP REV |
| 8/15/2021 |
| 6.75 |
|
| 1,250,000 |
|
| 1,238,688 |
|
|
|
|
| 1,000,000 |
| HARRISON CNTY TEX HEALTH FACS DEV CORP REV |
| 7/1/2028 |
| 5.25 |
|
| 985,843 |
|
| 899,410 |
|
|
|
|
| 1,500,000 |
| HARTNELL CALIF CMNTY COLLEGE DIST(b)(c) |
| 8/1/2034 |
| 5.71 |
|
| 647,613 |
|
| 709,020 |
|
|
|
|
| 350,000 |
| HARVEY-REF-SER A |
| 12/1/2027 |
| 5.50 |
|
| 357,234 |
|
| 312,074 |
|
|
|
|
| 2,000,000 |
| HAWTHORNE CALIF SCH DIST CTFS PARTN (b)(c) |
| 12/1/2029 |
| 1.69 |
|
| 1,517,336 |
|
| 1,486,880 |
|
|
|
|
| 1,000,000 |
| HAWTHORNE SD-CABS-C (b)(c) |
| 11/1/2026 |
| 11.90 |
|
| 354,608 |
|
| 326,290 |
|
|
|
|
| 1,000,000 |
| HEALDSBURG REDEV-SOTO |
| 8/1/2034 |
| 5.38 |
|
| 990,039 |
|
| 970,690 |
|
|
|
|
| 1,000,000 |
| HELENDALE CONV CABS (b)(c) |
| 8/1/2034 |
| 3.31 |
|
| 564,723 |
|
| 545,000 |
|
|
|
|
| 590,000 |
| HAWAII ST DEPT BUDGET & FIN SPL PURP REV |
| 11/15/2029 |
| 8.75 |
|
| 581,859 |
|
| 667,898 |
|
|
|
|
| 500,000 |
| HAWAII ST DEPT BUDGET & FIN SPL PURP REV |
| 11/15/2014 |
| 6.40 |
|
| 500,000 |
|
| 501,755 |
|
|
|
|
| 1,000,000 |
| HAWAII ST DEPT BUDGET & FIN SPL PURP REV |
| 11/15/2023 |
| 7.88 |
|
| 968,295 |
|
| 1,059,850 |
|
|
|
|
| 1,500,000 |
| HAWAII ST DEPT BUDGET & FIN SPL PURP REV |
| 11/15/2033 |
| 8.00 |
|
| 1,584,501 |
|
| 1,578,045 |
|
|
|
|
| 500,000 |
| HIGHLANDS CNTY FLA HEALTH FACS AUTH REV |
| 11/15/2032 |
| 5.13 |
|
| 501,639 |
|
| 469,630 |
|
|
|
|
| 255,000 |
| HIGHLANDS CNTY FLA HEALTH FACS AUTH REV |
| 11/15/2027 |
| 5.00 |
|
| 257,577 |
|
| 246,797 |
|
|
|
|
| 500,000 |
| HIMALAYA WTR & SANTN DIST COLO |
| 12/1/2035 |
| 5.00 |
|
| 512,655 |
|
| 422,665 |
|
|
|
|
| 500,000 |
| HOPKINS CNTY TEX HOSP DIST HOSP REV |
| 2/15/2023 |
| 5.50 |
|
| 488,729 |
|
| 454,555 |
|
|
|
|
| 250,000 |
| HOUMA-TERREBONNE PUB TR FING AUTH LA SINGLE FAMILY MTG REV |
| 12/1/2040 |
| 5.15 |
|
| 260,258 |
|
| 255,475 |
|
|
|
|
| 250,000 |
| HOWARD CNTY MD RETIREMENT CMNTY REV |
| 4/1/2027 |
| 5.25 |
|
| 254,792 |
|
| 199,235 |
|
|
|
|
| 400,000 |
| HUNTSVILLE-REDSTONE VLG ALA SPL CARE FACS FING AUTH |
| 1/1/2015 |
| 5.25 |
|
| 400,000 |
|
| 391,548 |
|
|
|
|
| 400,000 |
| IOWA FIN AUTH SR HSG REV |
| 12/1/2014 |
| 5.00 |
|
| 398,155 |
|
| 367,208 |
|
|
|
|
| 500,000 |
| IOWA FIN AUTH SR LIVING FAC REV |
| 11/15/2027 |
| 5.50 |
|
| 508,863 |
|
| 358,705 |
|
|
|
|
| 1,000,000 |
| IOWA STUDENT LN LIQUIDITY CORP STUDENT LN REV |
| 12/1/2027 |
| 5.50 |
|
| 977,394 |
|
| 956,470 |
|
|
|
|
| 750,000 |
| IDAHO HSG & FIN ASSN NONPROFIT FACS REV |
| 7/1/2021 |
| 9.00 |
|
| 750,000 |
|
| 848,475 |
|
|
|
|
| 250,000 |
| IDAHO HSG & FIN ASSN NONPROFIT FACS REV |
| 12/1/2018 |
| 5.50 |
|
| 247,614 |
|
| 236,773 |
|
|
|
|
| 270,000 |
| IDAHO HSG & FIN ASSN SINGLE FAMILY MTG REV |
| 1/1/2040 |
| 5.50 |
|
| 270,000 |
|
| 271,642 |
|
|
|
|
| 250,000 |
| IDAHO HSG & FIN ASSN NONPROFIT FACS REV |
| 7/1/2021 |
| 5.63 |
|
| 249,304 |
|
| 234,263 |
|
|
|
|
| 750,000 |
| IDAHO HSG & FIN ASSN NONPROFIT FACS REV |
| 7/1/2030 |
| 5.50 |
|
| 750,000 |
|
| 633,405 |
|
|
|
|
| 245,000 |
| IDAHO HSG & FIN ASSN NONPROFIT FACS REV |
| 8/1/2017 |
| 6.25 |
|
| 245,000 |
|
| 233,069 |
|
|
|
|
| 1,000,000 |
| IDAHO HSG & FIN ASSN NONPROFIT FACS REV |
| 2/1/2026 |
| 6.50 |
|
| 1,000,000 |
|
| 995,180 |
|
|
|
|
| 445,000 |
| IDAHO HSG & FIN ASSN SINGLE FAMILY MTG REV |
| 7/1/2038 |
| 5.50 |
|
| 445,000 |
|
| 448,605 |
|
|
|
|
| 720,000 |
| IDAHO HSG & FIN ASSN SINGLE FAMILY MTG REV |
| 7/1/2026 |
| 5.65 |
|
| 737,861 |
|
| 720,000 |
|
|
|
|
| 250,000 |
| IDAHO HSG & FIN ASSN NONPROFIT FACS REV |
| 6/1/2021 |
| 5.50 |
|
| 250,000 |
|
| 237,438 |
|
|
|
|
| 250,000 |
| ILLINOIS DEV FIN AUTH REV |
| 5/15/2021 |
| 5.50 |
|
| 256,822 |
|
| 250,010 |
|
|
|
|
| 195,000 |
| ILLINOIS DEV FIN AUTH POLLUTN CTL REV |
| 2/1/2024 |
| 5.70 |
|
| 196,814 |
|
| 194,279 |
|
|
|
|
| 500,000 |
| ILLINOIS FIN AUTH REV |
| 3/15/2027 |
| 5.00 |
|
| 521,233 |
|
| 483,255 |
|
|
|
|
| 610,000 |
| ILLINOIS FIN AUTH REV |
| 8/15/2026 |
| 6.00 |
|
| 624,030 |
|
| 507,435 |
|
|
|
|
| 250,000 |
| ILLINOIS FIN AUTH REV |
| 11/15/2026 |
| 5.75 |
|
| 252,105 |
|
| 238,258 |
|
|
|
|
| 1,250,000 |
| ILLINOIS FIN AUTH REV |
| 11/15/2022 |
| 5.25 |
|
| 1,247,725 |
|
| 1,211,600 |
|
|
|
|
| 1,000,000 |
| ILLINOIS FIN AUTH REV |
| 11/15/2026 |
| 5.25 |
|
| 970,611 |
|
| 849,110 |
|
|
|
|
| 500,000 |
| ILLINOIS FIN AUTH REV |
| 11/15/2016 |
| 5.00 |
|
| 510,185 |
|
| 462,910 |
|
|
|
|
| 500,000 |
| ILLINOIS FIN AUTH REV |
| 3/1/2038 |
| 6.00 |
|
| 484,999 |
|
| 518,220 |
|
|
|
|
| 440,000 |
| ILLINOIS FIN AUTH SPORTS FAC REV (b) |
| 12/1/2035 |
| 7.00 |
|
| 436,698 |
|
| 39,455 |
|
|
|
|
| 500,000 |
| ILLINOIS FIN AUTH REV |
| 5/15/2012 |
| 5.10 |
|
| 499,341 |
|
| 493,605 |
|
|
|
|
| 250,000 |
| ILLINOIS FIN AUTH REV |
| 5/15/2038 |
| 5.75 |
|
| 257,038 |
|
| 197,738 |
|
|
|
|
| 600,000 |
| ILLINOIS FIN AUTH ED REV |
| 9/1/2027 |
| 5.00 |
|
| 567,776 |
|
| 453,420 |
|
|
|
|
| 750,000 |
| ILLINOIS FIN AUTH SPORTS FAC REV (b) |
| 10/1/2027 |
| 6.13 |
|
| 730,795 |
|
| 149,783 |
|
|
|
|
| 500,000 |
| ILLINOIS FIN AUTH SPORTS FAC REV (b) |
| 10/1/2037 |
| 6.25 |
|
| 484,210 |
|
| 99,830 |
|
|
|
|
| 500,000 |
| ILLINOIS FIN AUTH REV |
| 5/15/2029 |
| 5.25 |
|
| 506,098 |
|
| 475,095 |
|
|
|
|
| 1,500,000 |
| ILLINOIS FIN AUTH REV |
| 8/15/2036 |
| 5.25 |
|
| 1,473,949 |
|
| 1,342,830 |
|
|
|
|
| 750,000 |
| ILLINOIS FIN AUTH REV |
| 5/15/2026 |
| 5.75 |
|
| 729,066 |
|
| 669,645 |
|
|
|
|
| 600,000 |
| ILLINOIS FIN AUTH REV |
| 5/15/2012 |
| 5.25 |
|
| 601,165 |
|
| 596,520 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 49 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Tax-Exempt Bond Fund |
December 31, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity date |
| Coupon rate |
| Cost |
| Fair |
| Percent |
| ||||
Municipal bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 150,000 |
| ILLINOIS FIN AUTH REV |
| 12/1/2036 |
| 5.00 |
| $ | 151,445 |
|
| 119,298 |
|
|
|
|
| 805,000 |
| ILLINOIS FIN AUTH REV |
| 2/1/2037 |
| 5.25 |
|
| 801,349 |
|
| 681,111 |
|
|
|
|
| 350,000 |
| ILLINOIS FIN AUTH REV |
| 8/15/2023 |
| 6.00 |
|
| 362,954 |
|
| 358,565 |
|
|
|
|
| 1,000,000 |
| ILLINOIS FIN AUTH REV |
| 5/15/2017 |
| 6.00 |
|
| 1,000,000 |
|
| 980,270 |
|
|
|
|
| 630,000 |
| ILLINOIS HEALTH FACS AUTH REV |
| 5/15/2014 |
| 6.25 |
|
| 630,878 |
|
| 635,185 |
|
|
|
|
| 500,000 |
| ILLINOIS HEALTH FACS AUTH REV |
| 7/1/2033 |
| 6.00 |
|
| 513,103 |
|
| 505,245 |
|
|
|
|
| 750,000 |
| ILLINOIS HEALTH FACS AUTH REV |
| 8/15/2028 |
| 5.38 |
|
| 737,435 |
|
| 707,948 |
|
|
|
|
| 2,100,000 |
| ILLINOIS HEALTH FACS AUTH REV |
| 8/15/2033 |
| 5.10 |
|
| 2,132,811 |
|
| 1,981,518 |
|
|
|
|
| 500,000 |
| ILLINOIS HEALTH FACS AUTH REV |
| 2/15/2037 |
| 5.15 |
|
| 501,109 |
|
| 472,555 |
|
|
|
|
| 750,000 |
| ILLINOIS FIN AUTH REV |
| 11/1/2029 |
| 6.38 |
|
| 741,412 |
|
| 780,615 |
|
|
|
|
| 500,000 |
| INDIANA BD BK REV |
| 2/1/2029 |
| 5.50 |
|
| 490,432 |
|
| 517,105 |
|
|
|
|
| 1,250,000 |
| INDIANA ST FIN AUTH REV |
| 7/1/2039 |
| 5.75 |
|
| 1,270,925 |
|
| 1,243,063 |
|
|
|
|
| 1,000,000 |
| INDIANA HEALTH & EDL FAC FING AUTH HOSP REV |
| 2/15/2030 |
| 5.25 |
|
| 740,688 |
|
| 903,700 |
|
|
|
|
| 500,000 |
| INDIANA HEALTH & EDL FAC FING AUTH HOSP REV |
| 2/15/2036 |
| 5.25 |
|
| 502,255 |
|
| 435,870 |
|
|
|
|
| 1,315,000 |
| INDIANA HEALTH FAC FING AUTH REV |
| 8/15/2018 |
| 5.00 |
|
| 1,191,097 |
|
| 1,309,161 |
|
|
|
|
| 500,000 |
| INDIANA HEALTH FAC FING AUTH HOSP REV |
| 2/15/2017 |
| 5.13 |
|
| 492,781 |
|
| 500,320 |
|
|
|
|
| 1,000,000 |
| INDIANA FIN AUTH HOSP REV |
| 3/1/2030 |
| 5.13 |
|
| 950,966 |
|
| 924,620 |
|
|
|
|
| 1,750,000 |
| INDIANA HEALTH & EDL FAC FING AUTH HOSP REV |
| 3/1/2022 |
| 5.50 |
|
| 1,618,806 |
|
| 1,736,473 |
|
|
|
|
| 250,000 |
| INDEPENDENCE MO THIRTY-NINTH STR TRANSN DIST REV |
| 9/1/2032 |
| 6.88 |
|
| 250,000 |
|
| 231,103 |
|
|
|
|
| 1,000,000 |
| INDIANA ST FIN AUTH REV |
| 10/1/2021 |
| 6.00 |
|
| 1,000,000 |
|
| 983,590 |
|
|
|
|
| 6,857,179 |
| INTERMEDIATE SCH DIST 287 MINNLEASE REV |
| 11/1/2032 |
| 5.30 |
|
| 6,621,105 |
|
| 6,390,754 |
|
|
|
|
| 450,000 |
| JACKSONVILLE FLA ECONOMIC DEV COMMN HEALTH CARE FACS REV |
| 9/1/2017 |
| 6.00 |
|
| 450,000 |
|
| 450,936 |
|
|
|
|
| 1,000,000 |
| JACKSONVILLE FLA HEALTH FACS AUTH |
| 11/1/2027 |
| 5.00 |
|
| 959,372 |
|
| 916,690 |
|
|
|
|
| 250,000 |
| JEFFERSON PARISH LA FIN AUTH REV |
| 12/1/2048 |
| 5.70 |
|
| 261,802 |
|
| 263,575 |
|
|
|
|
| 145,000 |
| JEFFERSON PARISH LA FIN AUTH REV |
| 6/1/2033 |
| 5.00 |
|
| 152,476 |
|
| 147,572 |
|
|
|
|
| 1,210,000 |
| JEFFERSON PARISH LA FIN AUTH REV |
| 6/1/2038 |
| 5.00 |
|
| 1,264,233 |
|
| 1,173,083 |
|
|
|
|
| 1,209,000 |
| JEFFERSON CNTY KY MTG REV |
| 11/15/2013 |
| 6.13 |
|
| 1,209,000 |
|
| 1,211,212 |
|
|
|
|
| 700,000 |
| JOPLIN MO INDL DEV AUTH INDL REV |
| 5/15/2017 |
| 5.50 |
|
| 707,451 |
|
| 668,801 |
|
|
|
|
| 1,930,000 |
| KALISPEL TRIBE INDIANS PRIORITY DISTR WASH REV |
| 1/1/2016 |
| 6.20 |
|
| 1,877,682 |
|
| 1,792,140 |
|
|
|
|
| 200,000 |
| KATY TEX DEV AUTH REV |
| 6/1/2011 |
| 5.80 |
|
| 199,483 |
|
| 200,144 |
|
|
|
|
| 250,000 |
| KENTWOOD MICH ECONOMIC DEV |
| 11/15/2014 |
| 5.25 |
|
| 248,858 |
|
| 243,673 |
|
|
|
|
| 2,655,000 |
| KERRVILLE TEX HEALTH FACS DEV CORP HOSP REV |
| 8/15/2035 |
| 5.45 |
|
| 2,638,072 |
|
| 2,311,762 |
|
|
|
|
| 750,000 |
| KING CNTY WASH HSG AUTH REV |
| 5/1/2028 |
| 5.20 |
|
| 750,000 |
|
| 756,668 |
|
|
|
|
| 500,000 |
| KIRKWOOD MO INDL DEV AUTH RETIREMENT CMNTY REV |
| 5/15/2021 |
| 8.00 |
|
| 500,000 |
|
| 521,325 |
|
|
|
|
| 500,000 |
| KIRKWOOD MO INDL DEV AUTH RETIREMENT CMNTY REV |
| 5/15/2015 |
| 6.50 |
|
| 500,000 |
|
| 496,585 |
|
|
|
|
| 500,000 |
| KIRKWOOD MO INDL DEV AUTH RETIREMENT CMNTY REV |
| 11/15/2015 |
| 7.00 |
|
| 500,000 |
|
| 500,845 |
|
|
|
|
| 900,000 |
| KLICKITAT CNTY WASH PUB HOSP DIST NO 2 HOSP REV |
| 12/1/2020 |
| 6.00 |
|
| 833,721 |
|
| 833,922 |
|
|
|
|
| 1,390,000 |
| KREMMLING COLO MEM HOSP DIST CTFS PARTN |
| 12/1/2022 |
| 6.00 |
|
| 1,375,446 |
|
| 1,346,285 |
|
|
|
|
| 1,250,000 |
| KANSAS CITY MO INDL DEV AUTH REV |
| 9/1/2023 |
| 5.45 |
|
| 1,250,000 |
|
| 1,170,538 |
|
|
|
|
| 1,000,000 |
| KANSAS CITY MO INDL DEV AUTH MULTIFAMILY HSG REV |
| 11/20/2039 |
| 5.10 |
|
| 1,000,000 |
|
| 961,960 |
|
|
|
|
| 4,500,000 |
| KANSAS CITY MO INDL DEV AUTH MULTIFAMILY HSG REV |
| 1/1/2012 |
| 5.00 |
|
| 4,474,984 |
|
| 4,496,985 |
|
|
|
|
| 1,000,000 |
| KANSAS ST DEV FIN AUTH HOSP REV |
| 11/15/2029 |
| 5.50 |
|
| 976,984 |
|
| 1,036,860 |
|
|
|
|
| 500,000 |
| KENTUCKY ECONOMIC DEV FIN AUTHMULTIFAMILY HSG REV |
| 11/20/2035 |
| 5.38 |
|
| 500,000 |
|
| 509,785 |
|
|
|
|
| 250,000 |
| KENTUCKY ECONOMIC DEV FIN AUTHHEALTH SYS REV |
| 10/1/2012 |
| 6.25 |
|
| 251,882 |
|
| 253,290 |
|
|
|
|
| 200,000 |
| KENTUCKY ECONOMIC DEV FIN AUTHLOUISVILLE ARENA PROJ REV |
| 12/1/2033 |
| 6.00 |
|
| 198,502 |
|
| 205,522 |
|
|
|
|
| 500,000 |
| KENTUCKY HSG CORP HSG REV |
| 7/1/2039 |
| 5.15 |
|
| 500,000 |
|
| 494,840 |
|
|
|
|
| 1,000,000 |
| LOS ANGELES CALIF CTFS PARTN |
| 2/1/2027 |
| 5.00 |
|
| 1,000,494 |
|
| 977,270 |
|
|
|
|
| 1,250,000 |
| LOS ANGELES CALIF HSG AUTH |
| 6/1/2029 |
| 5.00 |
|
| 1,091,686 |
|
| 1,056,213 |
|
|
|
|
| 500,000 |
| LOS ANGELES CALIF UNI SCH DIST CTFS PARTN |
| 10/1/2031 |
| 5.00 |
|
| 443,229 |
|
| 443,935 |
|
|
|
|
| 440,000 |
| LOUISIANA LOC GOVT ENVIR FACS CMNTY DEV AUTH REV |
| 6/20/2028 |
| 8.00 |
|
| 440,000 |
|
| 350,979 |
|
|
|
|
| 500,000 |
| LOUISIANA PUB FACS AUTH REV |
| 2/15/2036 |
| 0.89 |
|
| 500,000 |
|
| 351,580 |
|
|
|
|
| 500,000 |
| LOUISIANA PUB FACS AUTH HOSP REV |
| 7/1/2024 |
| 6.75 |
|
| 515,629 |
|
| 521,750 |
|
|
|
|
| 235,000 |
| LOUISIANA HSG FIN AGY SINGLE FAMILY MTG REV |
| 6/1/2039 |
| 5.60 |
|
| 242,514 |
|
| 241,126 |
|
|
|
|
| 1,345,000 |
| LOUISIANA HSG FIN AGY SINGLE FAMILY MTG REV |
| 12/1/2038 |
| 5.70 |
|
| 1,406,505 |
|
| 1,421,773 |
|
|
|
|
| 500,000 |
| LOUISIANA HSG FIN AGY SINGLE FAMILY MTG REV |
| 12/1/2034 |
| 5.10 |
|
| 500,000 |
|
| 491,165 |
|
|
|
|
| 285,000 |
| LOUISIANA HSG FIN AGY SINGLE FAMILY MTG REV |
| 6/1/2038 |
| 5.85 |
|
| 302,959 |
|
| 298,748 |
|
|
|
|
| 455,000 |
| LA VERNIA TEX HIGHER ED FIN CORP ED REV |
| 2/15/2018 |
| 6.00 |
|
| 455,000 |
|
| 443,416 |
|
|
|
|
| 1,251,000 |
| LAFAYETTE LA PUB TR FING AUTH SINGLE FAMILY MTG REV |
| 1/1/2041 |
| 5.35 |
|
| 1,280,524 |
|
| 1,291,445 |
|
|
|
|
| 250,000 |
| LAKELAND FLA RETIREMENT CMNTY |
| 1/1/2019 |
| 5.88 |
|
| 250,000 |
|
| 248,193 |
|
|
|
|
| 750,000 |
| LAKESIDE 370 LEVEE DIST MO |
| 4/1/2028 |
| 7.00 |
|
| 750,000 |
|
| 670,718 |
|
|
|
|
| 500,000 |
| LANCASTER CNTY NEB HOSP AUTH NO 1 HEALTH FACS REV |
| 1/1/2023 |
| 5.13 |
|
| 496,644 |
|
| 498,005 |
|
|
|
|
| 750,000 |
| LANCASTER CALIF REDEV AGY TAX ALLOCATION |
| 8/1/2024 |
| 6.00 |
|
| 737,657 |
|
| 778,980 |
|
|
|
|
| 2,000,000 |
| LAS VEGAS NEV REDEV AGY TAX INCREMENT REV |
| 6/15/2023 |
| 7.50 |
|
| 1,979,814 |
|
| 2,211,960 |
|
|
|
|
| 250,000 |
| LEE CNTY FLA INDL DEV AUTH HEALTH CARE FACS REV |
| 11/15/2029 |
| 5.00 |
|
| 254,493 |
|
| 208,115 |
|
|
|
|
| 400,000 |
| LEE CNTY S C SCH FACS INC INSTALLMENT PUR REV |
| 12/1/2031 |
| 6.00 |
|
| 366,997 |
|
| 379,904 |
|
|
|
|
| 750,000 |
| LEE CNTY FLA INDL DEV AUTH INDL DEV REV |
| 6/15/2027 |
| 5.25 |
|
| 753,620 |
|
| 624,878 |
|
|
|
|
| 250,000 |
| LEHIGH CNTY PA GEN PURP AUTH REVS |
| 8/15/2042 |
| 1.21 |
|
| 250,000 |
|
| 157,375 |
|
|
|
|
| 750,000 |
| LEMON GROVE CALIF CMNTY DEV AGY TAX ALLOCATION |
| 8/1/2025 |
| 5.15 |
|
| 750,000 |
|
| 685,170 |
|
|
|
|
| 200,000 |
| LEWISVILLE TEX COMBINATION CONTRACT REV |
| 9/1/2028 |
| 5.70 |
|
| 132,452 |
|
| 184,102 |
|
|
|
|
| 1,750,000 |
| LOMBARD ILL PUB FACS CORP CONFERENCE CTR & HOTEL REV |
| 1/1/2036 |
| 5.25 |
|
| 1,776,603 |
|
| 1,009,820 |
|
|
|
|
| 500,000 |
| LOMBARD ILL PUB FACS CORP CONFERENCE CTR & HOTEL REV |
| 1/1/2015 |
| 6.38 |
|
| 500,000 |
|
| 410,380 |
|
|
|
|
| 550,000 |
| LOMBARD ILL PUB FACS CORP CONFERENCE CTR & HOTEL REV |
| 1/1/2030 |
| 5.50 |
|
| 577,862 |
|
| 324,418 |
|
|
|
|
| 250,000 |
| LOMPOC CALIF HEALTHCARE DIST |
| 8/1/2034 |
| 5.00 |
|
| 252,446 |
|
| 225,050 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 50 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Tax-Exempt Bond Fund |
December 31, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal bonds (Cont’d): | |||||||||||||||||
| 500,000 |
| LOUDOUN CNTY VA INDL DEV AUTH RESIDENTIAL CARE FAC REV |
| 8/1/2028 |
| 7.00 |
| $ | 500,000 |
|
| 502,800 |
|
|
|
|
| 350,000 |
| LUCAS CNTY OHIO HEALTH CARE FAC REV |
| 8/15/2015 |
| 6.38 |
|
| 343,961 |
|
| 354,046 |
|
|
|
|
| 1,495,000 |
| LUZERNE CNTY PA |
| 11/1/2026 |
| 7.00 |
|
| 1,597,380 |
|
| 1,622,867 |
|
|
|
|
| 490,945 |
| LYONS COLO REV |
| 11/30/2016 |
| 4.75 |
|
| 494,827 |
|
| 446,544 |
|
|
|
|
| 645,000 |
| MASSACHUSETTS DEV FIN AGY SR LIVING FAC REV |
| 6/1/2014 |
| 6.25 |
|
| 645,000 |
|
| 636,892 |
|
|
|
|
| 1,000,000 |
| MASSACHUSETTS ST DEV FIN AGY REV |
| 7/1/2030 |
| 6.38 |
|
| 986,218 |
|
| 996,690 |
|
|
|
|
| 775,000 |
| MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV |
| 1/15/2012 |
| 5.13 |
|
| 773,630 |
|
| 770,350 |
|
|
|
|
| 750,000 |
| MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV |
| 7/1/2024 |
| 5.38 |
|
| 750,782 |
|
| 725,205 |
|
|
|
|
| 1,000,000 |
| MASSACHUSETTS ST HSG FIN AGY HSG REV |
| 6/1/2040 |
| 5.05 |
|
| 1,000,000 |
|
| 957,170 |
|
|
|
|
| 1,925,000 |
| MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV |
| 7/1/2013 |
| 7.30 |
|
| 1,925,000 |
|
| 1,931,526 |
|
|
|
|
| 1,000,000 |
| MASSACHUSETTS ST DEV FIN AGY REV |
| 1/1/2030 |
| 5.50 |
|
| 1,035,873 |
|
| 1,002,810 |
|
|
|
|
| 500,000 |
| MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV |
| 10/15/2026 |
| 5.50 |
|
| 504,288 |
|
| 513,985 |
|
|
|
|
| 1,000,000 |
| MASSACHUSETTS ST HSG FIN AGY HSG REV |
| 12/1/2033 |
| 5.35 |
|
| 1,000,000 |
|
| 1,001,160 |
|
|
|
|
| 875,000 |
| MASSACHUSETTS ST TPK AUTH WESTERN TPK REV |
| 1/1/2017 |
| 5.55 |
|
| 875,000 |
|
| 878,640 |
|
|
|
|
| 450,000 |
| MADISON CNTY FLA REV |
| 7/1/2025 |
| 6.00 |
|
| 443,570 |
|
| 391,590 |
|
|
|
|
| 250,000 |
| MAGNOLIA CREEK FLA CMNTY DEV DIST (b) |
| 5/1/2014 |
| 5.60 |
|
| 250,000 |
|
| 119,975 |
|
|
|
|
| 1,000,000 |
| MALTA ILL TAX INCREMENT REV |
| 12/30/2025 |
| 5.75 |
|
| 1,000,000 |
|
| 624,200 |
|
|
|
|
| 500,000 |
| MANCHESTER N H HSG & REDEV AUTH REV |
| 1/1/2015 |
| 6.75 |
|
| 494,218 |
|
| 476,020 |
|
|
|
|
| 500,000 |
| MANCHESTER N H HSG & REDEV AUTH REV (b)(c) |
| 1/1/2020 |
| 7.87 |
|
| 305,767 |
|
| 221,200 |
|
|
|
|
| 452,000 |
| MANHATTAN ILL SPL SVC AREA SPL TAX |
| 3/1/2022 |
| 5.75 |
|
| 452,000 |
|
| 248,329 |
|
|
|
|
| 500,000 |
| MANSFIELD-VAR PURP IM |
| 12/1/2024 |
| 6.00 |
|
| 526,384 |
|
| 538,240 |
|
|
|
|
| 825,000 |
| MANTECA CALIF FING AUTH SWR REV |
| 12/1/2033 |
| 5.00 |
|
| 762,873 |
|
| 803,228 |
|
|
|
|
| 300,000 |
| MARICOPA CNTY ARIZ ELEM SCH DIST NO 21 MURPHY |
| 7/1/2024 |
| 8.00 |
|
| 308,262 |
|
| 318,681 |
|
|
|
|
| 1,000,000 |
| MARICOPA CNTY ARIZ UNI SCH DIST NO 89 DYSART |
| 7/1/2026 |
| 6.25 |
|
| 1,017,849 |
|
| 1,091,220 |
|
|
|
|
| 439,000 |
| MARQUIS CMNTY DEV AUTH VA REV |
| 9/1/2013 |
| 5.10 |
|
| 439,000 |
|
| 399,143 |
|
|
|
|
| 450,000 |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV |
| 7/1/2029 |
| 6.75 |
|
| 440,673 |
|
| 494,514 |
|
|
|
|
| 500,000 |
| MASHANTUCKET WESTERN PEQUOT TRIBE CONN (b) |
| 9/1/2036 |
| 5.50 |
|
| 509,035 |
|
| 222,600 |
|
|
|
|
| 500,000 |
| MASSACHUSETTS EDL FING AUTH ED LN REV |
| 1/1/2027 |
| 5.20 |
|
| 500,000 |
|
| 480,065 |
|
|
|
|
| 2,500,000 |
| MASSACHUSETTS EDL FING AUTH ED LN REV |
| 1/1/2028 |
| 5.25 |
|
| 2,507,772 |
|
| 2,375,950 |
|
|
|
|
| 1,750,000 |
| MC ALESTER OKLA PUB WKS AUTH UTIL SYS REV (b)(c) |
| 2/1/2030 |
| 11.04 |
|
| 610,058 |
|
| 598,745 |
|
|
|
|
| 750,000 |
| MAINE EDL LN AUTH STUDENT LN REV |
| 12/1/2027 |
| 5.63 |
|
| 750,000 |
|
| 754,703 |
|
|
|
|
| 200,000 |
| MEAD VLG NEB TAX INCREMENT REV (b) |
| 7/1/2012 |
| 5.13 |
|
| 200,000 |
|
| 132,936 |
|
|
|
|
| 2,000,000 |
| METROPOLITAN WASHINGTON D C ARPTS AUTH DULLES TOLL ROAD REV (b)(c) |
| 10/1/2041 |
| 1.80 |
|
| 1,292,235 |
|
| 1,404,200 |
|
|
|
|
| 1,070,000 |
| MET GOVT NASHVILLE & DAVIDSON CNTY TENN H & E FACS BRD REV (b) |
| 12/20/2020 |
| 8.00 |
|
| 1,070,000 |
|
| 545,989 |
|
|
|
|
| 500,000 |
| MET GOVT NASHVILLE & DAVIDSON CNTY TENN INDL DEV BRD REV |
| 2/15/2015 |
| 9.75 |
|
| 516,190 |
|
| 555,720 |
|
|
|
|
| 1,830,000 |
| MET GOVT NASHVILLE & DAVIDSON CNTY TENN H & E FACS BRD REV (b) |
| 12/20/2040 |
| 7.50 |
|
| 1,830,000 |
|
| 1,073,405 |
|
|
|
|
| 855,000 |
| MET GOVT NASHVILLE & DAVIDSON CNTY TENN H & E FACS BRD REV (b) |
| 6/20/2036 |
| 10.00 |
|
| 855,000 |
|
| 421,524 |
|
|
|
|
| 500,000 |
| MICHIGAN PUB EDL FACS AUTH REV |
| 9/1/2021 |
| 8.00 |
|
| 500,000 |
|
| 542,215 |
|
|
|
|
| 500,000 |
| MICHIGAN PUB EDL FACS AUTH REV |
| 11/1/2028 |
| 6.35 |
|
| 500,000 |
|
| 481,485 |
|
|
|
|
| 300,000 |
| MICHIGAN PUB EDL FACS AUTH REV |
| 9/1/2022 |
| 5.00 |
|
| 300,000 |
|
| 258,045 |
|
|
|
|
| 750,000 |
| MICHIGAN PUB EDL FACS AUTH REV |
| 9/1/2016 |
| 6.00 |
|
| 750,000 |
|
| 757,088 |
|
|
|
|
| 450,000 |
| MICHIGAN PUB EDL FACS AUTH REV |
| 10/1/2023 |
| 6.25 |
|
| 450,000 |
|
| 382,590 |
|
|
|
|
| 1,500,000 |
| MICHIGAN ST HOSP FIN AUTH REV |
| 6/1/2034 |
| 6.13 |
|
| 1,572,738 |
|
| 1,524,030 |
|
|
|
|
| 1,000,000 |
| MICHIGAN ST HSG DEV AUTH RENTAL HSG REV |
| 10/1/2034 |
| 5.63 |
|
| 1,000,000 |
|
| 1,004,580 |
|
|
|
|
| 1,000,000 |
| MICHIGAN MUN BD AUTH REV |
| 5/1/2023 |
| 5.75 |
|
| 1,029,926 |
|
| 1,064,330 |
|
|
|
|
| 750,000 |
| MICHIGAN PUB EDL FACS AUTH REV |
| 6/1/2020 |
| 6.00 |
|
| 743,300 |
|
| 734,153 |
|
|
|
|
| 625,000 |
| MICHIGAN ST HSG DEV AUTH RENTAL HSG REV |
| 10/1/2020 |
| 5.38 |
|
| 598,571 |
|
| 637,844 |
|
|
|
|
| 545,000 |
| MICHIGAN ST HSG DEV AUTH RENTAL HSG REV |
| 10/1/2038 |
| 5.70 |
|
| 545,000 |
|
| 553,126 |
|
|
|
|
| 1,000,000 |
| MICHIGAN ST STRATEGIC FD LTD OBLIG REV |
| 9/1/2029 |
| 5.45 |
|
| 1,049,608 |
|
| 961,430 |
|
|
|
|
| 310,000 |
| MICHIGAN TOB SETTLEMENT FIN AUTH TOB SETTLEMENT ASSET |
| 6/1/2022 |
| 5.13 |
|
| 289,943 |
|
| 262,629 |
|
|
|
|
| 1,500,000 |
| MIAMI-DADE CNTY FLA SPL OBLIG (b)(c) |
| 10/1/2026 |
| 10.87 |
|
| 572,789 |
|
| 519,270 |
|
|
|
|
| 500,000 |
| PALM BEACH CNTY FL HEALTH FACS AUTH RETIREMENT CMNTY REV |
| 8/1/2030 |
| 6.00 |
|
| 485,400 |
|
| 495,425 |
|
|
|
|
| 1,000,000 |
| MICHIGAN ST HOSP FIN AUTH REV |
| 12/1/2023 |
| 6.13 |
|
| 988,985 |
|
| 1,087,050 |
|
|
|
|
| 496,000 |
| MILLSBORO DEL SPL OBLG |
| 7/1/2036 |
| 5.45 |
|
| 496,000 |
|
| 337,052 |
|
|
|
|
| 2,500,000 |
| MINNESOTA ST HSG FIN AGY (b) |
| 11/1/2013 |
| 6.00 |
|
| 2,483,800 |
|
| 2,481,875 |
|
|
|
|
| 1,000,000 |
| MINNESOTA ST OFFICE OF HIGHER ED REV |
| 11/1/2029 |
| 5.00 |
|
| 1,000,000 |
|
| 959,860 |
|
|
|
|
| 495,000 |
| MINNESOTA ST HSG FIN AGY |
| 7/1/2034 |
| 5.05 |
|
| 495,000 |
|
| 481,071 |
|
|
|
|
| 985,000 |
| MINNESOTA ST HSG FIN AGY |
| 1/1/2040 |
| 5.10 |
|
| 985,000 |
|
| 944,733 |
|
|
|
|
| 457,941 |
| MINNESOTA ST HIGHER ED FACS AUTH REV |
| 10/1/2016 |
| 4.49 |
|
| 460,781 |
|
| 460,244 |
|
|
|
|
| 220,000 |
| MINNESOTA ST HSG FIN AGY |
| 1/1/2020 |
| 5.00 |
|
| 211,504 |
|
| 220,667 |
|
|
|
|
| 500,000 |
| MISSOURI ST DEV FIN BRD INFRASTRUCTURE FACS REV |
| 10/1/2027 |
| 6.13 |
|
| 484,452 |
|
| 510,475 |
|
|
|
|
| 500,000 |
| MISSOURI ST DEV FIN BRD INFRASTRUCTURE FACS REV |
| 11/1/2025 |
| 5.50 |
|
| 492,006 |
|
| 505,980 |
|
|
|
|
| 500,000 |
| MISSOURI DEV FIN BRD INFRASTRUCTURE FACS LEASEHOLD |
| 6/1/2029 |
| 5.63 |
|
| 486,823 |
|
| 502,515 |
|
|
|
|
| 500,000 |
| MISSOURI ST DEV FIN BRD INFRASTRUCTURE FACS REV |
| 4/1/2027 |
| 6.00 |
|
| 504,666 |
|
| 506,120 |
|
|
|
|
| 500,000 |
| MISSOURI ST HEALTH & EDL FACS AUTH REV |
| 2/1/2035 |
| 5.38 |
|
| 498,282 |
|
| 452,775 |
|
|
|
|
| 435,000 |
| MISSOURI ST HSG DEV COMMN SINGLE FAMILY MTG REV |
| 9/1/2034 |
| 5.35 |
|
| 435,000 |
|
| 437,253 |
|
|
|
|
| 650,000 |
| MISSOURI ST HSG DEV COMMN MULTIFAMILY HSG REV |
| 7/1/2042 |
| 5.25 |
|
| 641,122 |
|
| 626,743 |
|
|
|
|
| 345,000 |
| MISSOURI ST HSG DEV COMMN SINGLE FAMILY MTG REV |
| 9/1/2034 |
| 5.25 |
|
| 342,687 |
|
| 345,383 |
|
|
|
|
| 980,000 |
| MISSOURI ST HEALTH & EDL FACS AUTH REV |
| 2/1/2022 |
| 5.13 |
|
| 1,008,331 |
|
| 973,659 |
|
|
|
|
| 1,000,000 |
| MOBERLY MO INDL DEV AUTH |
| 9/1/2024 |
| 6.00 |
|
| 1,020,261 |
|
| 985,260 |
|
|
|
|
| 450,000 |
| MODESTO CALIF IRR DIST CTFS PARTN |
| 7/1/2022 |
| 5.30 |
|
| 426,805 |
|
| 451,170 |
|
|
|
|
| 1,000,000 |
| MOHAVE CNTY ARIZ INDL DEV AUTHCORRECTIONAL FACS CONTRACT REV |
| 5/1/2015 |
| 7.25 |
|
| 993,398 |
|
| 1,054,360 |
|
|
|
|
| 1,500,000 |
| MONTGOMERY CNTY OHIO HEALTH CARE FACS REV |
| 9/20/2032 |
| 6.55 |
|
| 1,457,638 |
|
| 1,517,505 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 51 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Tax-Exempt Bond Fund |
December 31, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon rate |
| Cost |
| Fair |
| Percent |
| ||||
Municipal bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 650,000 |
| MONTGOMERY CNTY PA INDL DEV AUTH REV |
| 2/1/2014 |
| 5.38 |
| $ | 647,720 |
|
| 625,976 |
|
|
|
|
| 375,000 |
| MONTGOMERY CNTY PA INDL DEV AUTH REV |
| 2/1/2028 |
| 6.13 |
|
| 370,114 |
|
| 328,046 |
|
|
|
|
| 500,000 |
| MONTGOMERY CNTY MD HSG OPPTYS COMMN MULTIFAMILY REV |
| 7/1/2037 |
| 5.13 |
|
| 500,000 |
|
| 475,340 |
|
|
|
|
| 500,000 |
| MOORHEAD MINN REV |
| 6/1/2027 |
| 5.65 |
|
| 494,714 |
|
| 485,410 |
|
|
|
|
| 310,000 |
| MISSISSIPPI HOME CORP SINGLE FAM MTG REV |
| 6/1/2039 |
| 6.75 |
|
| 327,405 |
|
| 338,114 |
|
|
|
|
| 1,480,000 |
| MONTANA ST BRD HSG |
| 12/1/2039 |
| 5.50 |
|
| 1,480,239 |
|
| 1,489,768 |
|
|
|
|
| 800,000 |
| MOUNT CARBON MET DIST COLO REV |
| 6/1/2043 |
| 7.00 |
|
| 800,000 |
|
| 229,520 |
|
|
|
|
| 200,000 |
| MOUNT CARBON MET DIST COLO REV |
| 6/1/2043 |
| 8.00 |
|
| - |
|
| 20,000 |
|
|
|
|
| 500,000 |
| NORTHERN CALIF GAS AUTH NO 1 |
| 7/1/2027 |
| 0.92 |
|
| 500,000 |
|
| 332,635 |
|
|
|
|
| 1,000,000 |
| NORTH CENT TEX HEALTH FAC DEV CORP REV |
| 5/15/2017 |
| 5.00 |
|
| 1,000,000 |
|
| 1,001,060 |
|
|
|
|
| 750,000 |
| NORTH OAKS MINN SR HSG REV |
| 10/1/2022 |
| 5.75 |
|
| 740,543 |
|
| 744,240 |
|
|
|
|
| 1,250,000 |
| NORTH TEX TWY AUTH REV |
| 1/1/2031 |
| 6.13 |
|
| 1,302,569 |
|
| 1,259,338 |
|
|
|
|
| 1,000,000 |
| NORTH TEX TWY AUTH REV (b)(c) |
| 1/1/2028 |
| 10.85 |
|
| 372,133 |
|
| 354,750 |
|
|
|
|
| 1,000,000 |
| NORTH TEX TWY AUTH REV (b)(c) |
| 1/1/2042 |
| 1.40 |
|
| 699,960 |
|
| 774,110 |
|
|
|
|
| 500,000 |
| NORTH TEX TWY AUTH DALLAS NORTH TWY SYS REV |
| 1/1/2025 |
| 6.00 |
|
| 500,000 |
|
| 521,260 |
|
|
|
|
| 750,000 |
| NAPLES FLA HOSP REV |
| 10/1/2026 |
| 5.50 |
|
| 754,384 |
|
| 715,455 |
|
|
|
|
| 920,000 |
| NORTH DAKOTA ST HSG FIN AGY |
| 7/1/2034 |
| 5.35 |
|
| 920,000 |
|
| 920,000 |
|
|
|
|
| 1,820,000 |
| NORTH DAKOTA ST HSG FIN AGY |
| 7/1/2039 |
| 5.45 |
|
| 1,820,000 |
|
| 1,827,025 |
|
|
|
|
| 500,000 |
| MEAD VLG NEB TAX INCREMENT REV (b) |
| 9/1/2036 |
| 5.90 |
|
| 500,000 |
|
| 503,245 |
|
|
|
|
| 500,000 |
| NEW JERSEY ST HSG & MTG FIN AGY REV |
| 10/1/2030 |
| 6.45 |
|
| 537,815 |
|
| 516,225 |
|
|
|
|
| 500,000 |
| NEW ORLEANS LA AVIATION BRD GULF OPPORTUNITY ZONE CFC REV |
| 1/1/2025 |
| 6.00 |
|
| 489,793 |
|
| 507,925 |
|
|
|
|
| 750,000 |
| NEW ORLEANS LA SEW SVC REV |
| 6/1/2024 |
| 6.00 |
|
| 739,767 |
|
| 775,973 |
|
|
|
|
| 115,000 |
| NEW RIVER CMNTY DEV DIST FLA CAP IMPT REV |
| 5/1/2013 |
| 5.00 |
|
| 114,821 |
|
| 1 |
|
|
|
|
| 70,000 |
| NEW RIVER CMNTY DEV DIST FLA CAP IMPT REV (b)(c) |
| 5/1/2038 |
| 0.37 |
|
| 62,675 |
|
| 40,653 |
|
|
|
|
| 175,000 |
| NEW RIVER CMNTY DEV DIST FLA CAP IMPT REV (b)(c) |
| 5/1/2038 |
| 0.80 |
|
| 139,961 |
|
| 63,235 |
|
|
|
|
| 70,000 |
| NEW RIVER CMNTY DEV DIST FLA CAP IMPT REV (b)(c) |
| 5/1/2015 |
| 1.20 |
|
| 63,711 |
|
| 55,824 |
|
|
|
|
| 135,000 |
| NEW RIVER CMNTY DEV DIST FLA CAP IMPT REV (b)(c) |
| 5/1/2018 |
| 1.37 |
|
| 116,922 |
|
| 51,566 |
|
|
|
|
| 1,000,000 |
| NEW HAMPSHIRE HEALTH & ED FACS AUTH HOSP REV |
| 10/1/2024 |
| 5.00 |
|
| 985,656 |
|
| 967,100 |
|
|
|
|
| 500,000 |
| NEW HAMPSHIRE HEALTH & ED FACS AUTH REV |
| 8/1/2038 |
| 6.00 |
|
| 490,078 |
|
| 523,510 |
|
|
|
|
| 745,000 |
| NEW HAMPSHIRE ST HSG FIN AUTH SINGLE FAMILY MTG REV |
| 7/1/2034 |
| 5.38 |
|
| 745,000 |
|
| 746,199 |
|
|
|
|
| 825,000 |
| NEW HAMPSHIRE ST HSG FIN AUTH SINGLE FAMILY MTG REV |
| 7/1/2038 |
| 6.63 |
|
| 866,795 |
|
| 909,101 |
|
|
|
|
| 45,000 |
| NEW JERSEY ECONOMIC DEV AUTH REV |
| 1/1/2015 |
| 5.00 |
|
| 44,678 |
|
| 44,123 |
|
|
|
|
| 500,000 |
| NEW JERSEY ST HIGHER ED ASSISTANCE AUTH STUDENT LN REV |
| 6/1/2024 |
| 5.38 |
|
| 497,385 |
|
| 503,170 |
|
|
|
|
| 2,500,000 |
| NEW JERSEY ST HIGHER ED ASSISTANCE AUTH STUDENT LN REV |
| 6/1/2027 |
| 5.00 |
|
| 2,496,455 |
|
| 2,559,200 |
|
|
|
|
| 360,000 |
| NEW JERSEY HEALTH CARE FACS FING AUTH REV |
| 7/1/2015 |
| 5.75 |
|
| 355,084 |
|
| 384,948 |
|
|
|
|
| 2,500,000 |
| NEW JERSEY HEALTH CARE FACS FING AUTH REV |
| 7/1/2016 |
| 6.25 |
|
| 2,500,000 |
|
| 2,504,250 |
|
|
|
|
| 2,335,000 |
| NEW JERSEY ST HSG & MTG FIN AGY REV |
| 10/1/2037 |
| 5.00 |
|
| 2,317,821 |
|
| 2,238,471 |
|
|
|
|
| 925,000 |
| NEW JERSEY ST HSG & MTG FIN AGY REV |
| 10/1/2034 |
| 5.00 |
|
| 925,000 |
|
| 888,888 |
|
|
|
|
| 800,000 |
| NEW JERSEY ST HSG & MTG FIN AGY REV |
| 10/1/2035 |
| 5.00 |
|
| 800,000 |
|
| 773,480 |
|
|
|
|
| 4,250,000 |
| NEW JERSEY ST TRANSN TR FD AUTH (b)(c) |
| 12/15/2025 |
| 9.43 |
|
| 1,794,096 |
|
| 1,742,840 |
|
|
|
|
| 1,000,000 |
| NEW JERSEY ST HSG & MTG FIN AGY MULT-FAMILY REV |
| 5/1/2041 |
| 4.95 |
|
| 969,395 |
|
| 925,860 |
|
|
|
|
| 25,000 |
| NEW MEXICO MTG FIN AUTH |
| 1/1/2026 |
| 6.95 |
|
| 26,192 |
|
| 25,333 |
|
|
|
|
| 995,000 |
| NEW MEXICO MTG FIN AUTH |
| 9/1/2029 |
| 5.00 |
|
| 995,000 |
|
| 971,339 |
|
|
|
|
| 995,000 |
| NEW MEXICO MTG FIN AUTH |
| 9/1/2034 |
| 5.00 |
|
| 995,000 |
|
| 954,941 |
|
|
|
|
| 500,000 |
| NEW MEXICO MTG FIN AUTH |
| 9/1/2029 |
| 4.80 |
|
| 500,000 |
|
| 472,715 |
|
|
|
|
| 1,030,000 |
| NEW MEXICO MTG FIN AUTH |
| 3/1/2036 |
| 5.45 |
|
| 1,030,000 |
|
| 1,034,635 |
|
|
|
|
| 500,000 |
| NOBLESVILLE IND REDEV AUTH ECONOMIC DEV REV |
| 2/1/2031 |
| 5.13 |
|
| 495,333 |
|
| 494,725 |
|
|
|
|
| 325,000 |
| NORCO CALIF REDEV AGY TAX ALLOCATION |
| 3/1/2021 |
| 6.25 |
|
| 323,761 |
|
| 349,921 |
|
|
|
|
| 500,000 |
| NORCO CALIF REDEV AGY TAX ALLOCATION |
| 3/1/2032 |
| 5.88 |
|
| 492,512 |
|
| 474,065 |
|
|
|
|
| 1,300,000 |
| NORTH CAROLINA MED CARE COMMN HEALTH CARE FACS REV |
| 10/1/2035 |
| 6.63 |
|
| 1,300,000 |
|
| 1,156,805 |
|
|
|
|
| 2,000,000 |
| NORTH DAKOTA ST HSG FIN AGY |
| 7/1/2040 |
| 5.05 |
|
| 2,000,000 |
|
| 1,863,880 |
|
|
|
|
| 1,000,000 |
| NORTH DAKOTA ST HSG FIN AGY |
| 7/1/2030 |
| 4.75 |
|
| 1,000,000 |
|
| 937,110 |
|
|
|
|
| 350,000 |
| NORTH RANGE MET DIST NO 1 COLO |
| 12/15/2024 |
| 5.00 |
|
| 359,592 |
|
| 283,427 |
|
|
|
|
| 1,000,000 |
| NORTH TEX TWY AUTH REV |
| 1/1/2034 |
| 6.00 |
|
| 1,000,000 |
|
| 1,002,230 |
|
|
|
|
| 2,000,000 |
| NORWALK-LA MIRADA CALIF UNI SCH DIST (b)(c) |
| 8/1/2029 |
| 4.51 |
|
| 1,097,139 |
|
| 980,940 |
|
|
|
|
| 220,000 |
| NORTHERN CALIF PWR AGY PUB PWR REV |
| 7/1/2032 |
| 5.20 |
|
| 223,640 |
|
| 205,304 |
|
|
|
|
| 1,000,000 |
| NORTHERN IL UNIV-RF-AUX (b) |
| 4/1/2026 |
| 5.50 |
|
| 1,017,290 |
|
| 1,008,560 |
|
|
|
|
| 400,000 |
| NORTHERN MARIANA ISLANDS COMWLTH |
| 10/1/2022 |
| 5.00 |
|
| 403,006 |
|
| 342,480 |
|
|
|
|
| 405,000 |
| NEVADA HSG DIV SINGLE FAMILY MTG REV |
| 10/1/2039 |
| 5.38 |
|
| 405,000 |
|
| 413,517 |
|
|
|
|
| 1,350,000 |
| NEVADA HSG DIV SINGLE FAMILY MTG REV |
| 10/1/2040 |
| 5.10 |
|
| 1,350,000 |
|
| 1,288,332 |
|
|
|
|
| 750,000 |
| NEW YORK ST DORM AUTH REVS NONST SUPPORTED DEBT |
| 7/1/2029 |
| 6.25 |
|
| 761,136 |
|
| 807,795 |
|
|
|
|
| 350,000 |
| NEW YORK ST DORM AUTH REVS |
| 7/1/2019 |
| 6.88 |
|
| 355,280 |
|
| 356,888 |
|
|
|
|
| 1,820,000 |
| NEW YORK ST MED CARE FACS FIN AGY REV |
| 2/15/2035 |
| 6.38 |
|
| 1,802,433 |
|
| 1,825,296 |
|
|
|
|
| 865,000 |
| NEW YORK ST MED CARE FACS FIN AGY REV |
| 8/15/2023 |
| 6.30 |
|
| 865,000 |
|
| 867,863 |
|
|
|
|
| 210,000 |
| NEW YORK ST URBAN DEV CORP |
| 7/1/2016 |
| 5.50 |
|
| 210,000 |
|
| 210,752 |
|
|
|
|
| 250,000 |
| NEW YORK N Y CITY INDL DEV AGY REV |
| 1/1/2029 |
| 6.13 |
|
| 246,633 |
|
| 265,483 |
|
|
|
|
| 1,000,000 |
| NEW YORK ST DORM AUTH REV |
| 8/15/2024 |
| 6.45 |
|
| 998,402 |
|
| 1,025,480 |
|
|
|
|
| 300,000 |
| OAK ISLAND N C ENTERPRISE SYS REV |
| 6/1/2028 |
| 5.75 |
|
| 293,520 |
|
| 313,821 |
|
|
|
|
| 300,000 |
| OAK ISLAND N C ENTERPRISE SYS REV |
| 6/1/2029 |
| 5.88 |
|
| 295,824 |
|
| 315,108 |
|
|
|
|
| 500,000 |
| OHIO ST AIR QUALITY DEV AUTH REV |
| 5/1/2026 |
| 5.15 |
|
| 496,971 |
|
| 477,010 |
|
|
|
|
| 725,000 |
| OHIO ST HSG FIN AGY RESIDENTIAL MTG REV |
| 9/1/2033 |
| 5.40 |
|
| 725,000 |
|
| 728,103 |
|
|
|
|
| 375,000 |
| OHIO ST HSG FIN AGY RESIDENTIAL MTG REV |
| 9/1/2033 |
| 5.45 |
|
| 375,000 |
|
| 377,621 |
|
|
|
|
| 660,000 |
| OHIO ST HSG FIN AGY RESIDENTIAL MTG REV |
| 9/1/2028 |
| 6.13 |
|
| 660,000 |
|
| 699,316 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 52 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 500,000 |
| OHIO ST HIGHER EDL FAC REV |
| 12/1/2024 |
| 5.50 |
| $ | 507,972 |
|
| 528,875 |
|
|
|
|
| 880,000 |
| OKLAHOMA HSG FIN AGY SINGLE FAMILY MTG REV |
| 9/1/2038 |
| 6.50 |
|
| 928,010 |
|
| 954,624 |
|
|
|
|
| 480,000 |
| OKLAHOMA HSG FIN AGY SINGLE FAMILY MTG REV |
| 3/1/2032 |
| 5.15 |
|
| 480,000 |
|
| 476,664 |
|
|
|
|
| 500,000 |
| OREGON HEALTH SCIENCES UNIV REV |
| 7/1/2039 |
| 5.75 |
|
| 485,671 |
|
| 514,185 |
|
|
|
|
| 480,000 |
| OREGON ST VETERANS WELFARE |
| 10/1/2031 |
| 5.13 |
|
| 476,548 |
|
| 480,120 |
|
|
|
|
| 1,000,000 |
| ORANGE CNTY FLA HEALTH FACS AUTH REV |
| 10/1/2021 |
| 6.25 |
|
| 984,520 |
|
| 1,112,570 |
|
|
|
|
| 1,000,000 |
| OVERLAND PK KANS TRANSN DEV DIST SALES TAX REV |
| 4/1/2032 |
| 5.90 |
|
| 1,000,000 |
|
| 963,580 |
|
|
|
|
| 1,500,000 |
| PENNSYLVANIA ECONOMIC DEV FINGAUTH HEALTH SYS REV |
| 10/15/2023 |
| 6.25 |
|
| 1,467,601 |
|
| 1,557,300 |
|
|
|
|
| 500,000 |
| PENNSYLVANIA ST HIGHER EDL FACS AUTH REV |
| 7/1/2039 |
| 0.85 |
|
| 500,000 |
|
| 260,155 |
|
|
|
|
| 1,025,000 |
| PENNSYLVANIA ST TPK COMMN TPK REV (b)(c) |
| 12/1/2030 |
| 2.91 |
|
| 652,431 |
|
| 682,927 |
|
|
|
|
| 1,500,000 |
| PENNSYLVANIA ST TPK COMMN TPK REV (b)(c) |
| 12/1/2038 |
| 1.44 |
|
| 1,070,553 |
|
| 1,022,940 |
|
|
|
|
| 1,000,000 |
| PENNSYLVANIA ST TPK COMMN TPK REV (b)(c) |
| 6/1/2033 |
| 2.19 |
|
| 673,101 |
|
| 752,710 |
|
|
|
|
| 2,935,000 |
| PENNSYLVANIA ST TPK COMMN TPK REV (b)(c) |
| 12/1/2035 |
| 1.17 |
|
| 2,272,407 |
|
| 1,989,343 |
|
|
|
|
| 750,000 |
| PENNSYLVANIA ST TPK COMMN TPK REV (b)(c) |
| 12/1/2035 |
| 2.01 |
|
| 500,014 |
|
| 516,563 |
|
|
|
|
| 1,405,000 |
| PACHECO CALIF UN SCH DIST CTFSPARTNB (b)(c) |
| 2/1/2037 |
| 15.26 |
|
| 274,466 |
|
| 351,798 |
|
|
|
|
| 2,280,000 |
| PACHECO CALIF UN SCH DIST CTFSPARTN (b)(c) |
| 2/1/2037 |
| 15.27 |
|
| 445,275 |
|
| 396,515 |
|
|
|
|
| 1,000,000 |
| PALM BAY UTIL IMPT (b)(c) |
| 10/1/2031 |
| 11.87 |
|
| 298,896 |
|
| 272,980 |
|
|
|
|
| 1,000,000 |
| PALM BEACH CNTY FLA HEALTH FACS AUTH REV |
| 11/15/2022 |
| 5.38 |
|
| 915,390 |
|
| 905,520 |
|
|
|
|
| 675,000 |
| PALM BEACH CNTY FL HEALTH FACS AUTH RETIREMENT CMNTY REV |
| 11/15/2029 |
| 5.13 |
|
| 682,621 |
|
| 611,604 |
|
|
|
|
| 600,000 |
| PARKLANDS LEE CMNTY DEV DIST FLA SPL ASSMT (b) |
| 5/1/2011 |
| 5.13 |
|
| 599,935 |
|
| 296,940 |
|
|
|
|
| 1,665,000 |
| PATTERSON CALIF JT UNI SCH DIST (b)(c) |
| 8/1/2027 |
| 12.31 |
|
| 571,979 |
|
| 581,984 |
|
|
|
|
| 750,000 |
| PELL CITY ALA SPL CARE FACS FING AUTH REV |
| 12/1/2027 |
| 5.25 |
|
| 621,702 |
|
| 695,205 |
|
|
|
|
| 500,000 |
| PEORIA ILL PUB BLDG COMMN SCH DIST FACS REV (b)(c) |
| 12/1/2022 |
| 9.39 |
|
| 242,949 |
|
| 258,930 |
|
|
|
|
| 2,000,000 |
| PEORIA ILL PUB BLDG COMMN SCH DIST FACS REV (b)(c) |
| 12/1/2021 |
| 8.01 |
|
| 1,094,261 |
|
| 1,127,620 |
|
|
|
|
| 5,000,000 |
| PEORIA ILL PUB BLDG COMMN SCH DIST FACS REV (b)(c) |
| 12/1/2026 |
| 11.11 |
|
| 1,878,339 |
|
| 1,858,450 |
|
|
|
|
| 1,000,000 |
| PHILADELPHIA PA HOSPS & HIGHER ED FACS AUTH HOSP REV |
| 11/15/2023 |
| 6.63 |
|
| 1,000,860 |
|
| 1,000,500 |
|
|
|
|
| 70,000 |
| PHOENIX ARIZ STR & HWY USER REV |
| 7/1/2011 |
| 6.25 |
|
| 70,236 |
|
| 70,300 |
|
|
|
|
| 330,000 |
| PIMA CNTY ARIZ INDL DEV AUTH ED REV |
| 6/1/2016 |
| 6.00 |
|
| 330,000 |
|
| 322,252 |
|
|
|
|
| 1,000,000 |
| PIMA CNTY ARIZ INDL DEV AUTH ED REV |
| 7/1/2026 |
| 5.00 |
|
| 863,559 |
|
| 798,120 |
|
|
|
|
| 500,000 |
| PIMA CNTY ARIZ INDL DEV AUTH ED REV |
| 7/1/2031 |
| 6.75 |
|
| 364,594 |
|
| 467,725 |
|
|
|
|
| 460,000 |
| PIMA CNTY ARIZ INDL DEV AUTH ED REV |
| 12/1/2018 |
| 6.38 |
|
| 460,000 |
|
| 452,277 |
|
|
|
|
| 250,000 |
| PIMA CNTY ARIZ INDL DEV AUTH ED REV |
| 6/1/2022 |
| 5.00 |
|
| 253,408 |
|
| 215,188 |
|
|
|
|
| 1,000,000 |
| PIMA CNTY ARIZ INDL DEV AUTH REV |
| 9/1/2029 |
| 5.75 |
|
| 1,000,000 |
|
| 1,006,750 |
|
|
|
|
| 170,000 |
| PIMA CNTY ARIZ INDL DEV AUTH ED REV |
| 7/1/2015 |
| 5.13 |
|
| 169,486 |
|
| 168,589 |
|
|
|
|
| 200,000 |
| PIMA CNTY ARIZ INDL DEV AUTH ED REV |
| 12/15/2016 |
| 5.25 |
|
| 198,479 |
|
| 198,084 |
|
|
|
|
| 1,045,000 |
| PIMA CNTY ARIZ INDL DEV AUTH ED REV |
| 12/1/2017 |
| 5.35 |
|
| 934,221 |
|
| 996,157 |
|
|
|
|
| 1,000,000 |
| PIMA CNTY ARIZ INDL DEV AUTH CHARTER SCH REV |
| 4/1/2022 |
| 5.88 |
|
| 1,000,000 |
|
| 938,410 |
|
|
|
|
| 455,000 |
| PIMA CNTY ARIZ INDL DEV AUTH ED REV |
| 7/1/2022 |
| 5.38 |
|
| 459,133 |
|
| 405,178 |
|
|
|
|
| 70,000 |
| PIMA CNTY ARIZ INDL DEV AUTH ED REV |
| 8/1/2012 |
| 6.25 |
|
| 70,000 |
|
| 71,462 |
|
|
|
|
| 185,000 |
| PIMA CNTY ARIZ INDL DEV AUTH ED REV |
| 7/1/2024 |
| 6.10 |
|
| 182,080 |
|
| 169,704 |
|
|
|
|
| 500,000 |
| PINAL CNTY ARIZ CTFS PARTN |
| 12/1/2023 |
| 5.25 |
|
| 475,640 |
|
| 504,905 |
|
|
|
|
| 300,000 |
| PINAL CNTY ARIZ INDL DEV AUTH CORRECTIONAL FACS CONTRACT REV |
| 10/1/2018 |
| 5.25 |
|
| 253,030 |
|
| 293,076 |
|
|
|
|
| 1,000,000 |
| PITTSBURG CALIF REDEV AGY TAX ALLOC |
| 9/1/2028 |
| 6.50 |
|
| 977,319 |
|
| 1,061,130 |
|
|
|
|
| 500,000 |
| PLEASANT VALLEY CALIF SCH DIST VENTURA CNTY |
| 2/1/2022 |
| 5.85 |
|
| 498,232 |
|
| 539,295 |
|
|
|
|
| 750,000 |
| PLEASANTS CNTY W VA POLLUTN CTL REV |
| 5/1/2015 |
| 6.15 |
|
| 771,425 |
|
| 751,133 |
|
|
|
|
| 750,000 |
| PORT CORPUS CHRISTI AUTH TEX NUECES CNTY GEN REV |
| 12/1/2022 |
| 5.65 |
|
| 750,000 |
|
| 723,878 |
|
|
|
|
| 1,750,000 |
| PORT EVERGLADES AUTH FLA PORT |
| 9/1/2016 |
| 5.00 |
|
| 1,750,110 |
|
| 1,780,730 |
|
|
|
|
| 1,000,000 |
| FOREST GROVE ORE REV |
| 12/1/2025 |
| 6.00 |
|
| 985,437 |
|
| 992,160 |
|
|
|
|
| 250,000 |
| PORTLAND ME HSG DEV CORP |
| 8/1/2021 |
| 5.70 |
|
| 250,000 |
|
| 246,865 |
|
|
|
|
| 450,000 |
| PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV |
| 7/1/2045 |
| 0.73 |
|
| 450,000 |
|
| 235,584 |
|
|
|
|
| 500,000 |
| PUERTO RICO ELEC PWR AUTH PWR REV |
| 7/1/2025 |
| 0.88 |
|
| 500,000 |
|
| 370,465 |
|
|
|
|
| 1,000,000 |
| PUERTO RICO SALES TAX FING CORP SALES TAX REV (b)(c) |
| 8/1/2033 |
| 3.37 |
|
| 570,551 |
|
| 604,330 |
|
|
|
|
| 500,000 |
| PUERTO RICO SALES TAX FING CORP SALES TAX REV |
| 8/1/2057 |
| 1.12 |
|
| 500,000 |
|
| 283,870 |
|
|
|
|
| 500,000 |
| PROVIDENCE R I HSG AUTH HSG REV |
| 9/1/2027 |
| 5.00 |
|
| 508,259 |
|
| 476,580 |
|
|
|
|
| 250,000 |
| PROVIDENCE R I HSG AUTH HSG REV |
| 9/1/2026 |
| 5.00 |
|
| 255,192 |
|
| 241,550 |
|
|
|
|
| 245,000 |
| PROVO UTAH CHARTER SCH REV |
| 6/15/2037 |
| 5.50 |
|
| 245,000 |
|
| 176,586 |
|
|
|
|
| 750,000 |
| QUAIL CREEK CMNTY FACS DIST ARIZ |
| 7/15/2016 |
| 5.15 |
|
| 750,000 |
|
| 722,565 |
|
|
|
|
| 750,000 |
| QUINAULT INDIAN NATION WASH |
| 12/1/2015 |
| 5.80 |
|
| 745,616 |
|
| 648,518 |
|
|
|
|
| 2,000,000 |
| ILLINOIS FIN AUTH SPORTS FAC REV |
| 6/1/2024 |
| 6.25 |
|
| 2,045,923 |
|
| 2,028,240 |
|
|
|
|
| 975,000 |
| RAMONA CALIF UNI SCH DIST CTFS PARTN (b)(c) |
| 5/1/2032 |
| 1.10 |
|
| 789,440 |
|
| 769,022 |
|
|
|
|
| 1,000,000 |
| REDONDO BEACH CALIF UNI SCH DIST (b)(c) |
| 8/1/2034 |
| 2.10 |
|
| 670,477 |
|
| 697,120 |
|
|
|
|
| 1,500,000 |
| REGIONAL TRANSN DIST COLO PRIVATE ACTIVITY REV |
| 1/15/2034 |
| 6.00 |
|
| 1,485,129 |
|
| 1,488,855 |
|
|
|
|
| 750,000 |
| RENO-SPARKS INDIAN COLONY NEV |
| 6/1/2021 |
| 5.00 |
|
| 765,015 |
|
| 727,463 |
|
|
|
|
| 400,000 |
| RENO NEV HOSP REV |
| 6/1/2032 |
| 5.25 |
|
| 411,156 |
|
| 364,524 |
|
|
|
|
| 500,000 |
| RENO NEV HOSP REV |
| 6/1/2020 |
| 5.50 |
|
| 507,582 |
|
| 526,320 |
|
|
|
|
| 500,000 |
| RHODE ISLAND ST HEALTH & EDL BLDG CORP REV |
| 5/15/2030 |
| 6.25 |
|
| 493,329 |
|
| 530,705 |
|
|
|
|
| 285,000 |
| RHODE ISLAND ST HEALTH & EDL BLDG CORP REV |
| 5/15/2026 |
| 5.25 |
|
| 289,238 |
|
| 272,526 |
|
|
|
|
| 495,000 |
| RHODE ISLAND HSG & MTG FIN CORP |
| 10/1/2038 |
| 5.63 |
|
| 495,000 |
|
| 502,158 |
|
|
|
|
| 500,000 |
| RHODE ISLAND ST STUDENT LN AUTH STUDENT LN REV |
| 12/1/2027 |
| 5.75 |
|
| 500,000 |
|
| 487,835 |
|
|
|
|
| 500,000 |
| RICHARDSON TEX HOSP AUTH HOSP |
| 12/1/2028 |
| 5.63 |
|
| 513,594 |
|
| 446,290 |
|
|
|
|
| 325,000 |
| RICHMOND IND HOSP AUTH REV |
| 1/1/2029 |
| 6.50 |
|
| 314,921 |
|
| 343,655 |
|
|
|
|
| 500,000 |
| RICHMOND CALIF JT PWRS FING AUTH REV |
| 7/1/2024 |
| 6.25 |
|
| 500,000 |
|
| 527,550 |
|
|
|
|
| 1,000,000 |
| RICHMOND CALIF CMNTY REDEV AGYTAX ALLOC |
| 9/1/2030 |
| 6.00 |
|
| 971,832 |
|
| 975,460 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 53 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 925,000 |
| RIO GRANDE VY HEALTH FACS DEV CORP TEX HOSP REV |
| 8/1/2012 |
| 6.40 |
| $ | 925,000 |
|
| 927,692 |
|
|
|
|
| 550,000 |
| RIVERSIDE MO INDL DEV AUTH INDL DEV REV |
| 5/1/2027 |
| 4.50 |
|
| 521,889 |
|
| 492,938 |
|
|
|
|
| 1,000,000 |
| RIVERSIDE CNTY CALIF REDEV AGY TAX ALLOC |
| 10/1/2030 |
| 6.00 |
|
| 1,014,623 |
|
| 962,980 |
|
|
|
|
| 1,000,000 |
| RIVERSIDE CNTY CALIF REDEV AGY TAX ALLOC |
| 10/1/2025 |
| 6.00 |
|
| 995,050 |
|
| 980,730 |
|
|
|
|
| 250,000 |
| RIVERWOOD ESTATES CMNTY DEV DIST FLA SPL ASSMT (b) |
| 5/1/2013 |
| 5.00 |
|
| 250,000 |
|
| 43,025 |
|
|
|
|
| 500,000 |
| ROSS COUNTY OHIO HOSP REV |
| 12/1/2028 |
| 5.75 |
|
| 502,480 |
|
| 503,130 |
|
|
|
|
| 2,200,000 |
| ROWLAND CALIF UNI SCH DIST (b)(c) |
| 8/1/2027 |
| 11.00 |
|
| 799,327 |
|
| 738,738 |
|
|
|
|
| 500,000 |
| SOUTH BAYSIDE WASTE MGMT AUTH CALIF SOLID WASTE ENTERPRISE |
| 9/1/2029 |
| 6.25 |
|
| 517,213 |
|
| 516,485 |
|
|
|
|
| 1,000,000 |
| SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH STUDENT HSG REV |
| 4/1/2030 |
| 6.00 |
|
| 969,943 |
|
| 972,990 |
|
|
|
|
| 1,000,000 |
| SOUTH COAST CONSERVANCY DIST IND |
| 1/1/2028 |
| 5.25 |
|
| 994,372 |
|
| 1,026,360 |
|
|
|
|
| 500,000 |
| SACRAMENTO CNTY CALIF CTFS PARTN |
| 10/1/2027 |
| 4.75 |
|
| 500,258 |
|
| 436,885 |
|
|
|
|
| 1,000,000 |
| SACRAMENTO CALIF CITY FING AUTH REV (b)(c) |
| 12/1/2021 |
| 7.46 |
|
| 572,777 |
|
| 493,660 |
|
|
|
|
| 500,000 |
| SACRAMENTO CALIF PWR AUTH COGENERATION PROJ REV |
| 7/1/2022 |
| 4.50 |
|
| 432,788 |
|
| 465,695 |
|
|
|
|
| 250,000 |
| SACRAMENTO CNTY CALIF SANTN DIST FING AUTH REV |
| 12/1/2035 |
| 0.73 |
|
| 250,000 |
|
| 168,153 |
|
|
|
|
| 350,000 |
| SACRAMENTO CNTY CALIF WTR FINGAUTH REV |
| 6/1/2039 |
| 0.77 |
|
| 350,000 |
|
| 201,243 |
|
|
|
|
| 1,200,000 |
| SADDLEBACK VY UNI SCH DIST CALIF PUB FING AUTH SPL TAX REV |
| 9/1/2017 |
| 5.65 |
|
| 1,200,000 |
|
| 1,204,452 |
|
|
|
|
| 2,000,000 |
| SALINE CNTY MO INDL DEV AUTH HEALTH FACS REV |
| 12/1/2020 |
| 5.00 |
|
| 1,980,732 |
|
| 1,900,780 |
|
|
|
|
| 500,000 |
| SALINE CNTY MO INDL DEV AUTH HEALTH FACS REV |
| 12/1/2028 |
| 5.60 |
|
| 488,941 |
|
| 453,235 |
|
|
|
|
| 1,750,000 |
| SAN BERNARDINO CNTY CALIF CTFS PARTN |
| 8/1/2028 |
| 5.00 |
|
| 1,789,266 |
|
| 1,587,898 |
|
|
|
|
| 500,000 |
| SAN DIEGO CALIF REDEV AGY |
| 9/1/2023 |
| 5.00 |
|
| 450,906 |
|
| 489,545 |
|
|
|
|
| 1,000,000 |
| SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV |
| 5/1/2039 |
| 6.00 |
|
| 1,033,032 |
|
| 1,047,210 |
|
|
|
|
| 750,000 |
| SAN GORGONIO CALIF MEM HEALTHCARE |
| 8/1/2027 |
| 7.00 |
|
| 764,784 |
|
| 802,425 |
|
|
|
|
| 250,000 |
| SAN JOAQUIN HILLS CALIF TRANSN CORRIDOR AGY TOLL RD REV |
| 1/15/2030 |
| 5.25 |
|
| 251,234 |
|
| 220,035 |
|
|
|
|
| 1,000,000 |
| SANTA PAULA CALIF UTIL AUTH WASTEWTR ENTERPRISE REV |
| 2/1/2030 |
| 5.00 |
|
| 987,857 |
|
| 940,200 |
|
|
|
|
| 250,000 |
| SARASOTA NATL CMNTY DEV DIST FLA SPL ASSMT (b) |
| 5/1/2039 |
| 5.30 |
|
| 248,217 |
|
| 44,850 |
|
|
|
|
| 1,250,000 |
| SARASOTA CNTY FLA HEALTH FACS AUTH RETIREMENT FAC REV |
| 1/1/2027 |
| 5.50 |
|
| 1,026,750 |
|
| 1,083,138 |
|
|
|
|
| 750,000 |
| SARTELL MINN HEALTH CARE & HSG FACS REV |
| 9/1/2029 |
| 6.63 |
|
| 753,318 |
|
| 721,455 |
|
|
|
|
| 560,000 |
| SOUTH CAROLINA ST ED ASSISTANCE AUTH REV |
| 10/1/2029 |
| 5.10 |
|
| 553,316 |
|
| 545,446 |
|
|
|
|
| 245,000 |
| SOUTH CAROLINA HSG FIN & DEV AUTH MTG REV |
| 7/1/2032 |
| 5.50 |
|
| 245,000 |
|
| 247,693 |
|
|
|
|
| 500,000 |
| SOUTH CAROLINA JOBS ECONOMIC DEV AUTH REV |
| 11/15/2027 |
| 6.00 |
|
| 503,467 |
|
| 401,530 |
|
|
|
|
| 200,000 |
| SEMINOLE TRIBE FLA SPL OBLIG REV |
| 10/1/2022 |
| 5.75 |
|
| 205,620 |
|
| 196,138 |
|
|
|
|
| 500,000 |
| SEMINOLE TRIBE FLA SPL OBLIG REV |
| 10/1/2024 |
| 5.50 |
|
| 505,044 |
|
| 469,240 |
|
|
|
|
| 500,000 |
| SEMINOLE TRIBE FLA |
| 10/1/2017 |
| 5.13 |
|
| 500,000 |
|
| 482,970 |
|
|
|
|
| 250,000 |
| SENECA NATION INDIANS CAP IMPTS AUTH N Y SPL OBLIG |
| 12/1/2023 |
| 5.00 |
|
| 248,813 |
|
| 197,948 |
|
|
|
|
| 150,000 |
| SHELBY CNTY TENN HEALTH EDL & HSG FACS BRD REV (b) |
| 1/1/2019 |
| 5.35 |
|
| 134,966 |
|
| 16,235 |
|
|
|
|
| 625,000 |
| SHELBY CNTY TENN HEALTH EDL & HSG FACS BRD REV (b) |
| 1/1/2029 |
| 5.55 |
|
| 556,863 |
|
| 62,763 |
|
|
|
|
| 500,000 |
| SKAGIT CNTY WASH PUB HOSP DIST NO 001 REV |
| 12/1/2030 |
| 6.00 |
|
| 513,133 |
|
| 488,620 |
|
|
|
|
| 1,250,000 |
| SMYRNA TENN HSG ASSN INC MULTIFAMILY HSG REV |
| 10/20/2035 |
| 6.45 |
|
| 1,253,728 |
|
| 1,286,600 |
|
|
|
|
| 550,000 |
| SNOHOMISH CNTY WASH HSG AUTH HSG REV |
| 4/1/2026 |
| 6.40 |
|
| 550,000 |
|
| 551,584 |
|
|
|
|
| 750,000 |
| SOUTH CAROLINA JOBS ECONOMIC DEV AUTH REV |
| 11/15/2042 |
| 5.15 |
|
| 750,000 |
|
| 720,428 |
|
|
|
|
| 660,000 |
| SOUTHWESTERN ILL DEV AUTH REV |
| 10/1/2022 |
| 7.00 |
|
| 660,000 |
|
| 609,734 |
|
|
|
|
| 750,000 |
| SPARKS NEV REDEV AGY TAX INCREMENT REV |
| 6/1/2020 |
| 6.40 |
|
| 721,278 |
|
| 696,840 |
|
|
|
|
| 1,000,000 |
| SPARKS NEV REDEV AGY TAX INCREMENT REV |
| 6/1/2020 |
| 7.25 |
|
| 989,938 |
|
| 984,890 |
|
|
|
|
| 1,000,000 |
| SPARKS NEV REDEV AGY TAX INCREMENT REV |
| 1/15/2022 |
| 5.00 |
|
| 977,549 |
|
| 963,740 |
|
|
|
|
| 490,000 |
| SPARKS NEV TOURISM IMPT DIST NO 1 REV |
| 6/15/2020 |
| 6.50 |
|
| 474,880 |
|
| 466,421 |
|
|
|
|
| 229,000 |
| ST BERNARD PARISH LA HOME MTG AUTH SINGLE FAMILY MTG REV |
| 3/1/2039 |
| 5.80 |
|
| 224,547 |
|
| 228,979 |
|
|
|
|
| 1,025,000 |
| ST JOHN BAPTIST PARISH LA REV |
| 6/1/2037 |
| 5.13 |
|
| 1,025,000 |
|
| 921,824 |
|
|
|
|
| 500,000 |
| ST JOHNS CNTY FLA INDL DEV AUTH HEALTH CARE |
| 1/1/2016 |
| 5.00 |
|
| 471,428 |
|
| 459,010 |
|
|
|
|
| 500,000 |
| ST JOHNS CNTY FLA INDL DEV AUTH REV |
| 8/1/2040 |
| 5.88 |
|
| 492,751 |
|
| 485,975 |
|
|
|
|
| 400,000 |
| ST JOSEPH CNTY IND ECONOMIC DEV REV |
| 5/15/2014 |
| 5.75 |
|
| 405,476 |
|
| 394,148 |
|
|
|
|
| 500,000 |
| ST JOSEPH CNTY IND ECONOMIC DEV REV |
| 5/15/2038 |
| 6.00 |
|
| 367,978 |
|
| 456,315 |
|
|
|
|
| 460,000 |
| ST JOSEPH CNTY IND ECONOMIC DEV REV |
| 5/15/2026 |
| 6.00 |
|
| 335,556 |
|
| 434,396 |
|
|
|
|
| 500,000 |
| ST JOSEPH CNTY IND HOSP AUTH HEALTH FACS REV (b) |
| 2/15/2028 |
| 5.25 |
|
| 507,503 |
|
| 190,650 |
|
|
|
|
| 1,000,000 |
| ST JOSEPH MO INDL DEV AUTH TAXINCREMENT REV |
| 11/1/2019 |
| 5.10 |
|
| 989,454 |
|
| 925,570 |
|
|
|
|
| 500,000 |
| ST JOSEPH MO INDL DEV AUTH TAXINCREMENT REV |
| 11/1/2023 |
| 5.38 |
|
| 496,531 |
|
| 429,980 |
|
|
|
|
| 1,000,000 |
| ST PAUL MINN PORT AUTH REV |
| 12/1/2036 |
| 5.00 |
|
| 974,480 |
|
| 957,940 |
|
|
|
|
| 175,341 |
| ST TAMMANY PARISH LA FIN AUTH SINGLE FAMILY MTG REV |
| 12/1/2039 |
| 5.25 |
|
| 179,099 |
|
| 180,175 |
|
|
|
|
| 300,000 |
| SOUTHERN MINN MUN PWR AGY PWR SUPPLY SYS REV |
| 1/1/2013 |
| 0.00 |
|
| 300,000 |
|
| 290,841 |
|
|
|
|
| 500,000 |
| STONEYBROOK SOUTH CMNTY DEV DIST FLA SPL ASSMT REV (b) |
| 11/1/2015 |
| 5.45 |
|
| 498,792 |
|
| 212,500 |
|
|
|
|
| 500,000 |
| SULLIVAN CNTY TENN HEALTH EDL & HSG FACS BRD HOSP REV |
| 9/1/2036 |
| 5.25 |
|
| 515,725 |
|
| 425,170 |
|
|
|
|
| 2,500,000 |
| HAWTHORNE CALIF SCH DIST CTFS PARTN |
| 12/1/2037 |
| 1.37 |
|
| 1,824,776 |
|
| 1,810,500 |
|
|
|
|
| 175,000 |
| SUMMIT ACADEMY NORTH MICH PUB SCH ACADEMY REV |
| 11/1/2011 |
| 4.75 |
|
| 175,013 |
|
| 175,387 |
|
|
|
|
| 213,000 |
| SOUTHWESTERN ILL DEV AUTH REV |
| 8/15/2015 |
| 5.38 |
|
| 217,219 |
|
| 214,265 |
|
|
|
|
| 1,500,000 |
| SOUTHWESTERN ILL DEV AUTH REV |
| 8/15/2029 |
| 5.63 |
|
| 1,533,689 |
|
| 1,383,615 |
|
|
|
|
| 225,000 |
| SOUTHWESTERN ILL DEV AUTH REV |
| 11/1/2026 |
| 5.63 |
|
| 223,526 |
|
| 154,807 |
|
|
|
|
| 1,000,000 |
| TARRANT CNTY TEX CULTURAL ED FACS FIN CORP RETIREMENT FAC |
| 2/15/2016 |
| 7.25 |
|
| 1,000,000 |
|
| 1,006,720 |
|
|
|
|
| 250,000 |
| TARRANT CNTY TEX CULTURAL ED FACS FIN CORP RETIREMENT FAC |
| 2/15/2013 |
| 5.00 |
|
| 249,849 |
|
| 242,898 |
|
|
|
|
| 500,000 |
| TARRANT CNTY TEX CULTURAL ED FACS FIN CORP RETIREMENT FAC |
| 2/15/2014 |
| 6.50 |
|
| 500,000 |
|
| 497,865 |
|
|
|
|
| 1,000,000 |
| TARRANT CNTY TEX CULTURAL ED FACS FIN CORP RETIREMENT FAC |
| 5/15/2027 |
| 5.13 |
|
| 714,849 |
|
| 868,980 |
|
|
|
|
| 750,000 |
| TARRANT CNTY TEX CULTURAL ED FACS FIN CORP RETIREMENT FAC |
| 11/15/2019 |
| 7.75 |
|
| 750,000 |
|
| 775,613 |
|
|
|
|
| 250,000 |
| TARRANT CNTY TEX CULTURAL ED FACS FIN CORP RETIREMENT FAC |
| 11/15/2014 |
| 6.25 |
|
| 250,000 |
|
| 248,203 |
|
|
|
|
| 1,000,000 |
| TARRANT CNTY TEX CULTURAL ED FACS FIN CORP RETIREMENT FAC |
| 11/15/2026 |
| 6.00 |
|
| 1,033,823 |
|
| 986,840 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 54 | (Continued) |
|
|
|
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal bonds (Cont’d): | |||||||||||||||||
| 750,000 |
| TARRANT CNTY TEX CULTURAL ED FACS FIN CORP RETIREMENT FAC |
| 11/15/2036 |
| 6.00 |
| $ | 771,881 |
|
| 685,815 |
|
|
|
|
| 1,000,000 |
| TARRANT CNTY TEX CULTURAL ED FACS FIN CORP RETIREMENT FAC |
| 11/15/2014 |
| 6.50 |
|
| 1,000,000 |
|
| 982,860 |
|
|
|
|
| 795,000 |
| TERREBONNE PARISH LA |
| 3/1/2024 |
| 5.88 |
|
| 801,333 |
|
| 873,808 |
|
|
|
|
| 800,000 |
| TEXAS ST STUDENT HSG AUTH (b) |
| 1/1/2033 |
| 11.00 |
|
| 800,000 |
|
| 8 |
|
|
|
|
| 965,000 |
| TENNESSEE HSG DEV AGY |
| 7/1/2038 |
| 5.45 |
|
| 965,000 |
|
| 969,121 |
|
|
|
|
| 200,000 |
| TENNESSEE HSG DEV AGY MTG FIN |
| 7/1/2023 |
| 5.20 |
|
| 201,212 |
|
| 202,052 |
|
|
|
|
| 425,000 |
| TODD CREEK FARMS MET DIST NO 1 COLO WTR REV (b) |
| 12/1/2009 |
| 4.75 |
|
| 425,000 |
|
| 211,438 |
|
|
|
|
| 750,000 |
| TOLOMATO CMNTY DEV DIST FLA |
| 5/1/2017 |
| 6.38 |
|
| 750,000 |
|
| 621,158 |
|
|
|
|
| 2,000,000 |
| TORRANCE CALIF UNI SCH DIST (b)(c) |
| 8/1/2023 |
| 9.54 |
|
| 927,689 |
|
| 956,920 |
|
|
|
|
| 840,000 |
| TRAVIS CNTY TEX HSG FIN CORP MULTI FAMILY HSG REV (b) |
| 6/1/2035 |
| 9.25 |
|
| 840,000 |
|
| 158,374 |
|
|
|
|
| 1,000,000 |
| TRAVIS CNTY TEX HEALTH FACS DEV CORP REV |
| 11/1/2016 |
| 6.25 |
|
| 1,000,000 |
|
| 990,290 |
|
|
|
|
| 1,000,000 |
| TULSA OKLA TULSA INDL AUTH REV |
| 10/1/2027 |
| 6.00 |
|
| 1,027,313 |
|
| 1,057,010 |
|
|
|
|
| 1,250,000 |
| TUSTIN CALIF UNI SCH DIST (b)(c) |
| 8/1/2028 |
| 4.10 |
|
| 729,630 |
|
| 705,013 |
|
|
|
|
| 400,000 |
| TEXAS ST PUB FIN AUTH CHARTER SCH FIN CORP REV |
| 9/1/2018 |
| 5.50 |
|
| 400,000 |
|
| 381,908 |
|
|
|
|
| 250,000 |
| TEXAS MUN GAS ACQUISITION & SUPPLY CORP I GAS SUPPLY REV |
| 12/15/2026 |
| 1.65 |
|
| 250,000 |
|
| 167,635 |
|
|
|
|
| 185,000 |
| TEXAS MUN GAS ACQUISITION & SUPPLY CORP I GAS SUPPLY REV |
| 12/15/2026 |
| 6.25 |
|
| 177,778 |
|
| 195,763 |
|
|
|
|
| 2,000,000 |
| TEXAS PRIVATE ACTIVITY SURFACE TRANSPORTATION CORP |
| 6/30/2033 |
| 7.50 |
|
| 2,061,487 |
|
| 2,103,940 |
|
|
|
|
| 500,000 |
| TEXAS ST PUB FIN AUTH CHARTER SCH FIN CORP REV |
| 2/15/2030 |
| 6.00 |
|
| 500,000 |
|
| 477,545 |
|
|
|
|
| 1,000,000 |
| TEXAS ST PUB FIN AUTH CHARTER SCH FIN CORP REV |
| 8/15/2030 |
| 5.00 |
|
| 877,121 |
|
| 833,960 |
|
|
|
|
| 745,000 |
| TEXAS ST DEPT HSG & CMNTY AFFAIRS RESIDENTIAL MTG REV |
| 7/1/2039 |
| 5.45 |
|
| 745,000 |
|
| 747,876 |
|
|
|
|
| 375,000 |
| ULSTER CNTY N Y INDL DEV AGY CIVIC FAC REV |
| 9/15/2013 |
| 5.10 |
|
| 373,588 |
|
| 366,195 |
|
|
|
|
| 500,000 |
| ULSTER CNTY N Y INDL DEV AGY CIVIC FAC REV |
| 9/15/2016 |
| 5.25 |
|
| 495,132 |
|
| 460,025 |
|
|
|
|
| 495,000 |
| UTAH HSG CORP SINGLE FAMILY MTG REV |
| 1/1/2040 |
| 5.55 |
|
| 495,000 |
|
| 497,252 |
|
|
|
|
| 500,000 |
| UTAH ST CHARTER SCH FIN AUTH CHARTER SCH REV |
| 1/1/2032 |
| 4.95 |
|
| 500,000 |
|
| 476,405 |
|
|
|
|
| 1,000,000 |
| UTAH HSG CORP SINGLE FAMILY MTG REV |
| 7/1/2034 |
| 4.60 |
|
| 1,000,000 |
|
| 981,720 |
|
|
|
|
| 600,000 |
| UTAH ST CHARTER SCH FIN AUTH CHARTER SCH REV |
| 7/15/2018 |
| 6.38 |
|
| 600,000 |
|
| 586,854 |
|
|
|
|
| 500,000 |
| UTAH HSG CORP SINGLE FAMILY MTG REV |
| 7/15/2025 |
| 6.50 |
|
| 500,000 |
|
| 495,355 |
|
|
|
|
| 671,000 |
| UTAH ASSOC MUNI POWER (d) |
| 5/1/2022 |
| 4.75 |
|
| 671,000 |
|
| 671,000 |
|
|
|
|
| 750,000 |
| VIRGINIA ST HSG DEV AUTH COMWLTH MTG |
| 7/1/2025 |
| 6.00 |
|
| 750,000 |
|
| 787,823 |
|
|
|
|
| 1,500,000 |
| VIRGINIA ST HSG AUTH DEV AUTH |
| 12/1/2039 |
| 5.00 |
|
| 1,500,000 |
|
| 1,442,745 |
|
|
|
|
| 425,000 |
| VIRGINIA ST HSG DEV AUTH COMWLTH MTG |
| 7/1/2031 |
| 5.35 |
|
| 425,826 |
|
| 425,527 |
|
|
|
|
| 2,000,000 |
| VIRGINIA ST HSG DEV AUTH COMWLTH MTG |
| 7/1/2036 |
| 5.38 |
|
| 2,078,037 |
|
| 2,014,000 |
|
|
|
|
| 750,000 |
| VALLEJO CITY CALIF UNI SCH DIST SPL TAX |
| 9/1/2031 |
| 4.15 |
|
| 544,951 |
|
| 486,930 |
|
|
|
|
| 985,000 |
| VERANO CTR CMNTY DEV DIST FLA |
| 11/1/2012 |
| 5.00 |
|
| 985,000 |
|
| 738,217 |
|
|
|
|
| 165,000 |
| VERRADO CMNTY FACS DIST NO 1 ARIZ |
| 7/15/2013 |
| 6.00 |
|
| 165,000 |
|
| 170,152 |
|
|
|
|
| 300,000 |
| VIGO CNTY IND HOSP AUTH REV |
| 9/1/2027 |
| 5.50 |
|
| 297,075 |
|
| 272,261 |
|
|
|
|
| 1,500,000 |
| VERMONT EDL & HEALTH BLDGS FING AGY REV |
| 12/1/2027 |
| 6.13 |
|
| 1,501,020 |
|
| 1,468,634 |
|
|
|
|
| 1,000,000 |
| WEST CAMPUS HSG LLC ARIZ STUDENT HSG REV |
| 7/1/2025 |
| 5.00 |
|
| 877,568 |
|
| 901,369 |
|
|
|
|
| 500,000 |
| WEST ORANGE HEALTHCARE DIST FLA REV |
| 2/1/2031 |
| 5.80 |
|
| 502,535 |
|
| 494,129 |
|
|
|
|
| 235,000 |
| WEST VLGS IMPT DIST FLA REV (b) |
| 5/1/2037 |
| 5.50 |
|
| 235,000 |
|
| 104,943 |
|
|
|
|
| 500,000 |
| WASHINGTON ST HEALTH CARE FACS AUTH REV |
| 8/1/2028 |
| 6.25 |
|
| 515,171 |
|
| 531,564 |
|
|
|
|
| 1,150,000 |
| WASHINGTON ST HSG FIN COMMN NONPROFIT REV |
| 1/1/2017 |
| 5.25 |
|
| 1,147,012 |
|
| 999,326 |
|
|
|
|
| 650,000 |
| WASHINGTON ST HSG FIN COMMN NONPROFIT REV |
| 1/1/2013 |
| 5.10 |
|
| 650,000 |
|
| 620,632 |
|
|
|
|
| 500,000 |
| WASHINGTON ST HEALTH CARE FACS AUTH REV |
| 3/1/2024 |
| 6.50 |
|
| 478,685 |
|
| 527,779 |
|
|
|
|
| 1,000,000 |
| WASHINGTON ST HEALTH CARE FACS AUTH REV |
| 3/1/2029 |
| 7.13 |
|
| 975,109 |
|
| 1,071,679 |
|
|
|
|
| 420,000 |
| WATERS EDGE CMNTY DEV DIST FLACAP IMPT REV (b) |
| 11/1/2012 |
| 5.00 |
|
| 420,018 |
|
| 184,757 |
|
|
|
|
| 500,000 |
| WATERSET NORTH CMNTY DEV DIST FLA SPL ASSMT REV (b) |
| 11/1/2015 |
| 6.55 |
|
| 498,942 |
|
| 300,624 |
|
|
|
|
| 130,000 |
| WESTPARK CMNTY FACS DIST AZ |
| 7/15/2016 |
| 4.90 |
|
| 130,000 |
|
| 124,070 |
|
|
|
|
| 1,000,000 |
| WISCONSIN ST GEN REV |
| 5/1/2027 |
| 6.00 |
|
| 1,022,966 |
|
| 1,103,209 |
|
|
|
|
| 1,000,000 |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV |
| 12/1/2034 |
| 9.00 |
|
| 1,000,000 |
|
| 996,430 |
|
|
|
|
| 350,000 |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV |
| 7/1/2021 |
| 6.00 |
|
| 357,247 |
|
| 359,617 |
|
|
|
|
| 750,000 |
| WISCONSIN ST HEALTH & EDL FACSAUTH REV |
| 4/15/2033 |
| 6.40 |
|
| 764,115 |
|
| 758,152 |
|
|
|
|
| 960,000 |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV |
| 2/15/2029 |
| 5.60 |
|
| 952,696 |
|
| 950,236 |
|
|
|
|
| 500,000 |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV |
| 6/1/2028 |
| 5.70 |
|
| 515,575 |
|
| 467,014 |
|
|
|
|
| 1,000,000 |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV |
| 9/15/2014 |
| 5.40 |
|
| 1,000,000 |
|
| 990,669 |
|
|
|
|
| 525,000 |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV |
| 2/15/2018 |
| 6.25 |
|
| 508,451 |
|
| 525,703 |
|
|
|
|
| 500,000 |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV |
| 7/1/2026 |
| 5.00 |
|
| 504,835 |
|
| 454,934 |
|
|
|
|
| 1,000,000 |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV |
| 8/15/2022 |
| 5.75 |
|
| 905,597 |
|
| 1,002,719 |
|
|
|
|
| 500,000 |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV |
| 8/15/2024 |
| 6.50 |
|
| 352,493 |
|
| 487,624 |
|
|
|
|
| 500,000 |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV |
| 8/15/2034 |
| 6.75 |
|
| 507,070 |
|
| 482,259 |
|
|
|
|
| 750,000 |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV |
| 5/15/2029 |
| 5.13 |
|
| 600,857 |
|
| 657,779 |
|
|
|
|
| 195,000 |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV |
| 11/15/2023 |
| 6.00 |
|
| 206,362 |
|
| 199,566 |
|
|
|
|
| 250,000 |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV |
| 11/15/2032 |
| 6.00 |
|
| 267,313 |
|
| 252,837 |
|
|
|
|
| 750,000 |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV |
| 6/1/2030 |
| 6.00 |
|
| 750,000 |
|
| 704,992 |
|
|
|
|
| 610,000 |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV |
| 11/15/2025 |
| 5.75 |
|
| 604,252 |
|
| 610,402 |
|
|
|
|
| 1,000,000 |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV |
| 10/1/2027 |
| 5.38 |
|
| 977,785 |
|
| 956,809 |
|
|
|
|
| 500,000 |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV |
| 12/1/2030 |
| 5.25 |
|
| 493,903 |
|
| 474,014 |
|
|
|
|
| 1,000,000 |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV |
| 7/1/2030 |
| 5.75 |
|
| 1,027,930 |
|
| 982,759 |
|
|
|
|
| 500,000 |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV |
| 2/15/2032 |
| 5.25 |
|
| 488,735 |
|
| 457,629 |
|
|
|
|
| 500,000 |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV |
| 1/15/2025 |
| 5.65 |
|
| 504,738 |
|
| 505,789 |
|
|
|
|
| 400,000 |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV |
| 8/15/2023 |
| 5.60 |
|
| 401,307 |
|
| 396,759 |
|
|
|
|
| 255,000 |
| WILL CNTY ILL SPL ED JT AGREEMENT DIST 843 LINCOLN-WAY |
| 1/1/2021 |
| 5.50 |
|
| 263,726 |
|
| 262,394 |
|
|
|
|
| 750,000 |
| WINNEBAGO & STEPHENSON CNTYS ILL CMNTY UNIT SCH DIST NO 321 (b)(c) |
| 1/1/2019 |
| 6.88 |
|
| 494,746 |
|
| 517,598 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 55 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal bonds (Cont’d): | |||||||||||||||||
| 335,000 |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV |
| 8/15/2026 |
| 5.88 |
| $ | 319,618 |
|
| 326,266 |
|
|
|
|
| 700,000 |
| WOODHILL PUB FAC CORP TEX MULTIFAMILY REV |
| 12/1/2015 |
| 7.25 |
|
| 694,275 |
|
| 706,180 |
|
|
|
|
| 530,000 |
| WESTERN GENERATION AGY ORE COGENERATION PROJ REV |
| 1/1/2021 |
| 5.00 |
|
| 533,502 |
|
| 473,066 |
|
|
|
|
| 750,000 |
| WYOMING CMNTY DEV AUTH HSG REV |
| 12/1/2023 |
| 5.25 |
|
| 759,132 |
|
| 770,819 |
|
|
|
|
| 1,500,000 |
| WYANDOTTE CNTY/KANS CITY KANS UNI GOVT SPL OBLIG REV (b)(c) |
| 6/1/2021 |
| 8.45 |
|
| 804,678 |
|
| 798,030 |
|
|
|
|
| 500,000 |
| YORBA LINDA CALIF REDEV AGY TAX ALLOCATION REV (b)(c) |
| 9/1/2027 |
| 12.29 |
|
| 166,035 |
|
| 147,984 |
|
|
|
|
| 355,000 |
| ZEPHYR RIDGE CMNTY DEV DIST FLA CAP IMPT REV (b) |
| 5/1/2013 |
| 5.25 |
|
| 355,351 |
|
| 140,898 |
|
|
|
|
|
|
| Sub-total Municipal Bonds |
|
|
|
|
|
| 497,051,395 |
|
| 471,025,667 |
|
| 91.25 | % |
Short-term investments: | |||||||||||||||||
| 8,475,514 |
| NORTHERN INSTL TAX-EXEMPT PORTFOLIO, 0.03% (e) |
|
|
|
|
|
| 8,475,514 |
|
| 8,475,514 |
|
|
|
|
|
|
| Sub-total Short-term investments: |
|
|
|
|
|
| 8,475,514 |
|
| 8,475,514 |
|
| 1.64 | % |
|
|
| Grand total (f) |
|
|
|
|
| $ | 540,111,121 |
|
| 514,761,290 |
|
| 99.72 | % |
Notes to Schedule of Investments: | |||||||||||||||||
| �� |
|
| ||||||||||||||
|
| (a) | Securities are valued in accordance with procedures described in Note 2 to the financial statements. | ||||||||||||||
|
| (b) | Currently non-income producing assets. For long-term debt securities, item identified is in default as to payment of interest | ||||||||||||||
|
|
| and/or principal. | ||||||||||||||
|
| (c) | For zero coupon bonds, the interest rate disclosed represents the annualized effective yield on the date of acquisition. | ||||||||||||||
|
| (d) | This security is being fair-valued according to procedures adopted by the Board of Trustees. | ||||||||||||||
|
| (e) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. | ||||||||||||||
|
| (f) | At December 31, 2010, the cost for Federal income tax purposes was $540,111,121. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost were as follows: | ||||||||||||||
|
|
| Gross unrealized appreciation |
|
|
|
|
| $ | 8,460,777 |
|
|
|
|
|
|
|
|
|
| Gross unrealized depreciation |
|
|
|
|
|
| (33,810,608 | ) |
|
|
|
|
|
|
|
|
| Net unrealized depreciation |
|
|
|
|
| $ | (25,349,831 | ) |
|
|
|
|
|
|
Distribution of investments representing geographic diversification, as a percentage of total investments at fair value, is as follows:
|
|
|
|
|
Geographical Diversification |
|
| Percent |
|
| ||||
California |
|
| 12.28 | % |
Illinois |
|
| 8.59 |
|
Texas |
|
| 8.05 |
|
Florida |
|
| 6.96 |
|
Arizona |
|
| 3.68 |
|
Missouri |
|
| 3.68 |
|
Indiana |
|
| 3.41 |
|
Wisconsin |
|
| 3.14 |
|
Colorado |
|
| 3.00 |
|
Louisiana |
|
| 2.73 |
|
Other |
|
| 44.48 |
|
|
|
| 100.00 | % |
|
|
|
See accompanying notes to financial statements. | 56 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater Tax-Exempt Bond Fund
December 31, 2010
|
|
|
See accompanying notes to financial statements. | 57 | (continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Common stocks: |
|
|
|
|
|
|
|
|
|
| |||
Australia: |
|
|
|
|
|
|
|
|
|
| |||
| 17,844 |
| AGL ENERGY LTD |
| $ | 215,924 |
|
| 277,824 |
|
|
|
|
| 51,722 |
| ALUMINA LTD |
|
| 50,177 |
|
| 131,131 |
|
|
|
|
| 22,815 |
| AMCOR LIMITED |
|
| 74,580 |
|
| 157,435 |
|
|
|
|
| 37,706 |
| AMP LTD |
|
| 144,346 |
|
| 203,912 |
|
|
|
|
| 16,005 |
| ARISTOCRAT LEISURE LTD |
|
| 56,089 |
|
| 48,922 |
|
|
|
|
| 33,298 |
| ASCIANO LTD (b) |
|
| 49,426 |
|
| 54,295 |
|
|
|
|
| 4,112 |
| ASX LTD |
|
| 84,309 |
|
| 158,395 |
|
|
|
|
| 42,961 |
| AUST AND NZ BANKING GROUP |
|
| 561,645 |
|
| 1,025,507 |
|
|
|
|
| 19,517 |
| AXA ASIA PACIFIC HOLDINGS |
|
| 47,802 |
|
| 125,898 |
|
|
|
|
| 1,214 |
| BANK OF QUEENSLAND LTD |
|
| 10,871 |
|
| 12,895 |
|
|
|
|
| 6,281 |
| BENDIGO AND ADELAIDE BANK |
|
| 52,780 |
|
| 63,889 |
|
|
|
|
| 179,910 |
| BGP HOLDINGS PLC (b) |
|
| - |
|
| - |
|
|
|
|
| 58,575 |
| BHP BILLITON LTD |
|
| 1,409,751 |
|
| 2,709,620 |
|
|
|
|
| 1,182 |
| BILLABONG INTERNATIONAL LTD |
|
| 7,263 |
|
| 9,848 |
|
|
|
|
| 55,100 |
| BLUESCOPE STEEL LTD |
|
| 106,835 |
|
| 126,739 |
|
|
|
|
| 13,040 |
| BORAL LTD |
|
| 38,661 |
|
| 64,388 |
|
|
|
|
| 24,400 |
| BRAMBLES LTD |
|
| 108,335 |
|
| 177,602 |
|
|
|
|
| 2,900 |
| CALTEX AUSTRALIA LTD |
|
| 37,894 |
|
| 42,602 |
|
|
|
|
| 43,633 |
| CFS RETAIL PROPERTY TRUST |
|
| 50,404 |
|
| 78,506 |
|
|
|
|
| 38,300 |
| CFS RETAIL PROPERTY TRUST |
|
| 64,189 |
|
| 68,911 |
|
|
|
|
| 28,298 |
| COCA-COLA AMATIL LTD |
|
| 178,894 |
|
| 314,169 |
|
|
|
|
| 971 |
| COCHLEAR LTD |
|
| 35,893 |
|
| 79,819 |
|
|
|
|
| 26,215 |
| COMMONWEALTH BANK OF AUSTRAL |
|
| 711,623 |
|
| 1,360,613 |
|
|
|
|
| 8,520 |
| COMPUTERSHARE LTD |
|
| 47,796 |
|
| 93,894 |
|
|
|
|
| 38,753 |
| CROWN LTD |
|
| 246,016 |
|
| 326,841 |
|
|
|
|
| 9,576 |
| CSL LTD |
|
| 226,091 |
|
| 355,262 |
|
|
|
|
| 41,838 |
| CSR LTD |
|
| 48,720 |
|
| 71,855 |
|
|
|
|
| 8,070 |
| DART ENERGY LTD (b) |
|
| 5,627 |
|
| 9,487 |
|
|
|
|
| 85,105 |
| DEXUS PROPERTY GROUP |
|
| 62,970 |
|
| 69,167 |
|
|
|
|
| 5,726 |
| DULUXGROUP LTD |
|
| 5,840 |
|
| 16,098 |
|
|
|
|
| 180,435 |
| FAIRFAX MEDIA LTD |
|
| 251,231 |
|
| 258,242 |
|
|
|
|
| 1,900 |
| FLEETWOOD CORPORATION LTD (b) |
|
| 23,315 |
|
| 25,231 |
|
|
|
|
| 2,200 |
| FLIGHT CENTRE LTD |
|
| 50,557 |
|
| 55,732 |
|
|
|
|
| 21,110 |
| FORTESCUE METALS GROUP LTD (b) |
|
| 37,574 |
|
| 141,138 |
|
|
|
|
| 50,738 |
| FOSTER’S GROUP LTD |
|
| 203,854 |
|
| 294,618 |
|
|
|
|
| 93,686 |
| GOODMAN GROUP |
|
| 48,414 |
|
| 62,254 |
|
|
|
|
| 35,982 |
| GPT GROUP |
|
| 55,818 |
|
| 108,146 |
|
|
|
|
| 34,615 |
| HARVEY NORMAN HOLDINGS LTD |
|
| 79,261 |
|
| 104,037 |
|
|
|
|
| 21,900 |
| ILUKA RESOURCES LTD (b) |
|
| 152,553 |
|
| 204,629 |
|
|
|
|
| 19,665 |
| INCITEC PIVOT LTD |
|
| 31,737 |
|
| 79,610 |
|
|
|
|
| 53,125 |
| INSURANCE AUSTRALIA GROUP LT (b) |
|
| 138,476 |
|
| 210,721 |
|
|
|
|
| 2,244 |
| LEIGHTON HOLDINGS LTD |
|
| 29,819 |
|
| 70,610 |
|
|
|
|
| 10,015 |
| LEND LEASE CORP LIMITED |
|
| 61,130 |
|
| 88,357 |
|
|
|
|
| 4,498 |
| MACARTHUR COAL LTD |
|
| 51,823 |
|
| 58,858 |
|
|
|
|
| 6,268 |
| MACQUARIE ATLAS ROADS GROUP (b) |
|
| 2,373 |
|
| 9,740 |
|
|
|
|
| 7,065 |
| MACQUARIE GROUP LTD |
|
| 164,941 |
|
| 267,306 |
|
|
|
|
| 65,948 |
| METCASH LTD |
|
| 212,747 |
|
| 277,090 |
|
|
|
|
| 4,000 |
| MINERAL RESOURCES LTD |
|
| 37,806 |
|
| 50,420 |
|
|
|
|
| 37,974 |
| MIRVAC GROUP |
|
| 50,570 |
|
| 47,555 |
|
|
|
|
| 34,500 |
| MOUNT GIBSON IRON LTD (b) |
|
| 52,969 |
|
| 74,771 |
|
|
|
|
| 35,937 |
| NATIONAL AUSTRALIA BANK LTD |
|
| 582,953 |
|
| 870,698 |
|
|
|
|
| 13,000 |
| NEW HOPE CORP LTD |
|
| 65,879 |
|
| 64,456 |
|
|
|
|
| 12,972 |
| NEWCREST MINING LTD |
|
| 371,329 |
|
| 536,285 |
|
|
|
|
| 116,487 |
| ONESTEEL LTD |
|
| 277,273 |
|
| 308,429 |
|
|
|
|
| 7,126 |
| ORICA LIMITED |
|
| 66,068 |
|
| 181,394 |
|
|
|
|
| 15,652 |
| ORIGIN ENERGY LTD |
|
| 168,941 |
|
| 266,577 |
|
|
|
|
| 74,197 |
| OZ MINERALS LTD |
|
| 41,896 |
|
| 130,464 |
|
|
|
|
| 14,231 |
| PALADIN ENERGY LTD (b) |
|
| 54,196 |
|
| 71,723 |
|
|
|
|
| 38,400 |
| PANAUST LTD (b) |
|
| 28,583 |
|
| 34,938 |
|
|
|
|
| 416 |
| PERPETUAL LTD |
|
| 7,027 |
|
| 13,273 |
|
|
|
|
| 116,632 |
| QANTAS AIRWAYS LTD (b) |
|
| 222,335 |
|
| 302,851 |
|
|
|
|
| 19,365 |
| QBE INSURANCE GROUP LTD |
|
| 267,517 |
|
| 359,312 |
|
|
|
|
| 8,245 |
| RIO TINTO LTD |
|
| 321,508 |
|
| 720,414 |
|
|
|
|
| 16,799 |
| SANTOS LTD |
|
| 180,505 |
|
| 225,833 |
|
|
|
|
| 1,300 |
| SIMS METAL MANAGEMENT LTD |
|
| 14,504 |
|
| 28,666 |
|
|
|
|
| 9,824 |
| SONIC HEALTHCARE LTD |
|
| 79,849 |
|
| 116,499 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 58 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Australia (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 121,829 |
| STOCKLAND (b) |
| $ | 354,514 |
|
| 448,364 |
|
|
|
|
| 67,773 |
| SUNCORP GROUP LTD |
|
| 426,885 |
|
| 596,537 |
|
|
|
|
| 42,177 |
| TABCORP HOLDINGS LTD |
|
| 208,429 |
|
| 306,565 |
|
|
|
|
| 96,846 |
| TATTS GROUP LTD |
|
| 186,970 |
|
| 255,434 |
|
|
|
|
| 69,046 |
| TELSTRA CORP LTD |
|
| 158,437 |
|
| 196,934 |
|
|
|
|
| 11,689 |
| TOLL HOLDINGS LTD |
|
| 48,972 |
|
| 68,471 |
|
|
|
|
| 13,099 |
| TRANSURBAN GROUP |
|
| 36,728 |
|
| 68,562 |
|
|
|
|
| 18,625 |
| WESFARMERS LTD |
|
| 275,011 |
|
| 609,290 |
|
|
|
|
| 2,560 |
| WESFARMERS LTD-PPS |
|
| 32,507 |
|
| 84,532 |
|
|
|
|
| 35,413 |
| WESTFIELD GROUP |
|
| 200,586 |
|
| 346,821 |
|
|
|
|
| 35,413 |
| WESTFIELD RETAIL TRUST (b) |
|
| 53,180 |
|
| 93,041 |
|
|
|
|
| 52,832 |
| WESTPAC BANKING CORP |
|
| 701,839 |
|
| 1,199,563 |
|
|
|
|
| 11,991 |
| WOODSIDE PETROLEUM LTD |
|
| 392,813 |
|
| 521,716 |
|
|
|
|
| 19,482 |
| WOOLWORTHS LTD |
|
| 346,571 |
|
| 537,146 |
|
|
|
|
| 2,623 |
| WORLEYPARSONS LTD |
|
| 30,535 |
|
| 71,703 |
|
|
|
|
|
|
|
|
|
| 12,682,059 |
|
| 20,361,080 |
|
| 5.88 | % |
Austria: |
|
|
|
|
|
|
|
|
|
| |||
| 3,566 |
| ERSTE GROUP BANK AG |
|
| 63,769 |
|
| 167,448 |
|
|
|
|
| 10,586 |
| IMMOEAST A.G. (b) |
|
| - |
|
| - |
|
|
|
|
| 15,879 |
| IMMOFINANZ AG (b) |
|
| 51,791 |
|
| 67,666 |
|
|
|
|
| 14,958 |
| OMV AG |
|
| 573,376 |
|
| 621,627 |
|
|
|
|
| 1,965 |
| RAIFFEISEN BANK INTERNATIONA |
|
| 63,526 |
|
| 107,657 |
|
|
|
|
| 313 |
| STRABAG SE-BR |
|
| 5,505 |
|
| 8,574 |
|
|
|
|
| 6,287 |
| TELEKOM AUSTRIA AG |
|
| 88,325 |
|
| 88,380 |
|
|
|
|
| 915 |
| VERBUND AG |
|
| 30,953 |
|
| 34,089 |
|
|
|
|
| 2,303 |
| VOESTALPINE AG |
|
| 32,585 |
|
| 109,711 |
|
|
|
|
|
|
|
|
|
| 909,830 |
|
| 1,205,152 |
|
| 0.35 | % |
Belgium: |
|
|
|
|
|
|
|
|
|
| |||
| 48,619 |
| AGEAS |
|
| 87,769 |
|
| 111,096 |
|
|
|
|
| 12,078 |
| ANHEUSER-BUSCH INBEV NV |
|
| 385,199 |
|
| 690,772 |
|
|
|
|
| 5,100 |
| ANHEUSER-BUSCH INBEV SPN ADR (c) |
|
| 318,185 |
|
| 291,159 |
|
|
|
|
| 1,320 |
| CNP -CIE NATL A PORTEFEUILLE |
|
| 65,973 |
|
| 64,558 |
|
|
|
|
| 1,645 |
| COLRUYT SA (b) |
|
| 74,892 |
|
| 83,640 |
|
|
|
|
| 8,404 |
| DELHAIZE GROUP |
|
| 582,741 |
|
| 620,685 |
|
|
|
|
| 5,979 |
| GROUPE BRUXELLES LAMBERT SA |
|
| 483,152 |
|
| 502,785 |
|
|
|
|
| 7,945 |
| KBC GROEP NV (b) |
|
| 246,574 |
|
| 270,726 |
|
|
|
|
| 400 |
| MOBISTAR SA |
|
| 25,537 |
|
| 25,929 |
|
|
|
|
| 625 |
| SOLVAY SA |
|
| 36,847 |
|
| 66,605 |
|
|
|
|
| 9,491 |
| UCB SA |
|
| 281,368 |
|
| 325,562 |
|
|
|
|
| 2,966 |
| UMICORE |
|
| 53,114 |
|
| 154,255 |
|
|
|
|
|
|
|
|
|
| 2,641,351 |
|
| 3,207,772 |
|
| 0.93 | % |
Bermuda: |
|
|
|
|
|
|
|
|
|
| |||
| 60,474 |
| LANCASHIRE HOLDINGS LTD |
|
| 461,199 |
|
| 521,385 |
|
|
|
|
| 6,600 |
| SEADRILL LTD |
|
| 70,381 |
|
| 223,050 |
|
|
|
|
|
|
|
|
|
| 531,580 |
|
| 744,435 |
|
| 0.21 | % |
Brazil: |
|
|
|
|
|
|
|
|
|
| |||
| 14,900 |
| BANCO BRADESCO-ADR (c) |
|
| 290,011 |
|
| 302,321 |
|
|
|
|
| 36,600 |
| BRASIL BROKERS PARTICIPACOES |
|
| 201,667 |
|
| 210,560 |
|
|
|
|
| 600 |
| HRT PARTICIPACOES EM PETROLE (b) |
|
| 577,239 |
|
| 574,699 |
|
|
|
|
|
|
|
|
|
| 1,068,917 |
|
| 1,087,580 |
|
| 0.31 | % |
Britain: |
|
|
|
|
|
|
|
|
|
| |||
| 52,662 |
| 3I GROUP PLC |
|
| 232,331 |
|
| 269,710 |
|
|
|
|
| 2,834 |
| ADMIRAL GROUP PLC |
|
| 35,119 |
|
| 66,939 |
|
|
|
|
| 4,578 |
| AMEC PLC |
|
| 34,931 |
|
| 82,080 |
|
|
|
|
| 46,000 |
| AMLIN PLC |
|
| 302,852 |
|
| 293,251 |
|
|
|
|
| 22,551 |
| ANGLO AMERICAN PLC |
|
| 483,866 |
|
| 1,172,713 |
|
|
|
|
| 19,600 |
| ANGLO AMERICAN PLC-UNSP ADR (c) |
|
| 333,272 |
|
| 511,756 |
|
|
|
|
| 4,811 |
| ANTOFAGASTA PLC |
|
| 33,978 |
|
| 120,911 |
|
|
|
|
| 19,184 |
| ARM HOLDINGS PLC |
|
| 71,627 |
|
| 126,605 |
|
|
|
|
| 16,299 |
| ASSOCIATED BRITISH FOODS PLC |
|
| 218,984 |
|
| 300,107 |
|
|
|
|
| 22,292 |
| ASTRAZENECA PLC |
|
| 778,768 |
|
| 1,015,533 |
|
|
|
|
| 10,000 |
| ASTRAZENECA PLC-SPONS ADR (c) |
|
| 461,598 |
|
| 461,900 |
|
|
|
|
| 2,131 |
| AUTONOMY CORP PLC (b) |
|
| 36,969 |
|
| 50,002 |
|
|
|
|
| 45,179 |
| AVIVA PLC |
|
| 147,874 |
|
| 276,818 |
|
|
|
|
| 5,239 |
| BABCOCK INTL GROUP PLC |
|
| 47,416 |
|
| 46,639 |
|
|
|
|
| 120,026 |
| BAE SYSTEMS PLC |
|
| 650,696 |
|
| 617,525 |
|
|
|
|
| 80,626 |
| BALFOUR BEATTY PLC |
|
| 341,838 |
|
| 393,320 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 59 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Britain (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 277,676 |
| BARCLAYS PLC |
| $ | 1,051,273 |
|
| 1,132,724 |
|
|
|
|
| 58,418 |
| BG PLC (b) |
|
| 917,965 |
|
| 1,180,366 |
|
|
|
|
| 37,298 |
| BHP BILLITON PLC |
|
| 795,489 |
|
| 1,483,409 |
|
|
|
|
| 4,500 |
| BHP BILLITON PLC-ADR (c) |
|
| 354,720 |
|
| 362,250 |
|
|
|
|
| 307,544 |
| BP PLC |
|
| 2,039,977 |
|
| 2,232,228 |
|
|
|
|
| 11,825 |
| BRITISH AIRWAYS PLC (b) |
|
| 49,663 |
|
| 50,238 |
|
|
|
|
| 60,994 |
| BRITISH AMERICAN TOBACCO PLC |
|
| 1,607,805 |
|
| 2,342,635 |
|
|
|
|
| 11,630 |
| BRITISH LAND CO PLC |
|
| 61,579 |
|
| 95,102 |
|
|
|
|
| 17,468 |
| BRITISH SKY BROADCASTING GRO |
|
| 116,486 |
|
| 200,441 |
|
|
|
|
| 368,009 |
| BT GROUP PLC |
|
| 791,671 |
|
| 1,037,342 |
|
|
|
|
| 5,069 |
| BUNZL PLC |
|
| 39,524 |
|
| 56,822 |
|
|
|
|
| 8,202 |
| BURBERRY GROUP PLC |
|
| 40,549 |
|
| 143,731 |
|
|
|
|
| 20,702 |
| CABLE & WIRELESS WORLDWIDE |
|
| 27,090 |
|
| 21,205 |
|
|
|
|
| 40,577 |
| CAIRN ENERGY PLC (b) |
|
| 155,293 |
|
| 265,702 |
|
|
|
|
| 16,980 |
| CAPITA GROUP PLC |
|
| 162,367 |
|
| 184,384 |
|
|
|
|
| 6,025 |
| CAPITAL & COUNTIES PROPERTIE |
|
| 6,933 |
|
| 14,156 |
|
|
|
|
| 6,025 |
| CAPITAL SHOPPING CENTRES GRO |
|
| 23,472 |
|
| 39,227 |
|
|
|
|
| 34,000 |
| CARILLION PLC |
|
| 178,605 |
|
| 203,764 |
|
|
|
|
| 8,602 |
| CARNIVAL PLC |
|
| 279,378 |
|
| 399,919 |
|
|
|
|
| 29,130 |
| CARPETRIGHT PLC |
|
| 323,811 |
|
| 362,871 |
|
|
|
|
| 82,257 |
| CENTRICA PLC |
|
| 290,637 |
|
| 425,258 |
|
|
|
|
| 11,669 |
| COBHAM PLC |
|
| 30,337 |
|
| 37,022 |
|
|
|
|
| 28,000 |
| COLT GROUP SA (b) |
|
| 53,210 |
|
| 60,111 |
|
|
|
|
| 268,758 |
| COMPASS GROUP PLC |
|
| 1,681,663 |
|
| 2,434,459 |
|
|
|
|
| 65,000 |
| COOKSON GROUP PLC (b) |
|
| 439,737 |
|
| 667,320 |
|
|
|
|
| 115,087 |
| DIAGEO PLC |
|
| 1,568,947 |
|
| 2,126,227 |
|
|
|
|
| 8,724 |
| DRAX GROUP PLC |
|
| 50,000 |
|
| 50,094 |
|
|
|
|
| 2,968 |
| ENQUEST PLC (b) |
|
| 3,713 |
|
| 6,455 |
|
|
|
|
| 2,760 |
| EURASIAN NATURAL RESOURCES |
|
| 15,790 |
|
| 45,096 |
|
|
|
|
| 54,094 |
| FIRSTGROUP PLC |
|
| 286,166 |
|
| 335,911 |
|
|
|
|
| 9,699 |
| G4S PLC |
|
| 26,165 |
|
| 38,499 |
|
|
|
|
| 91,912 |
| GLAXOSMITHKLINE PLC |
|
| 1,410,189 |
|
| 1,776,883 |
|
|
|
|
| 12,300 |
| GLAXOSMITHKLINE PLC-SPON ADR (c) |
|
| 464,571 |
|
| 482,406 |
|
|
|
|
| 17,505 |
| HAMMERSON PLC |
|
| 69,535 |
|
| 113,860 |
|
|
|
|
| 36,031 |
| HAYS PLC |
|
| 49,874 |
|
| 72,409 |
|
|
|
|
| 126,209 |
| HOME RETAIL GROUP |
|
| 499,329 |
|
| 370,908 |
|
|
|
|
| 336,940 |
| HSBC HOLDINGS PLC (b) |
|
| 2,439,627 |
|
| 3,420,308 |
|
|
|
|
| 12,114 |
| ICAP PLC |
|
| 51,874 |
|
| 101,043 |
|
|
|
|
| 30,665 |
| IMI PLC |
|
| 253,515 |
|
| 451,793 |
|
|
|
|
| 18,809 |
| IMPERIAL TOBACCO GROUP PLC |
|
| 441,612 |
|
| 577,106 |
|
|
|
|
| 30,000 |
| INCHCAPE PLC (b) |
|
| 123,756 |
|
| 166,789 |
|
|
|
|
| 17,590 |
| INTERCONTINENTAL HOTELS GROU |
|
| 253,023 |
|
| 340,880 |
|
|
|
|
| 23,055 |
| INTERMEDIATE CAPITAL GROUP |
|
| 117,259 |
|
| 119,659 |
|
|
|
|
| 20,434 |
| INTERNATIONAL POWER PLC |
|
| 61,912 |
|
| 139,411 |
|
|
|
|
| 1,741 |
| INTERTEK GROUP PLC |
|
| 50,306 |
|
| 48,179 |
|
|
|
|
| 12,127 |
| INVENSYS PLC |
|
| 29,802 |
|
| 66,968 |
|
|
|
|
| 27,249 |
| INVESTEC PLC |
|
| 193,266 |
|
| 223,886 |
|
|
|
|
| 98,470 |
| ITV PLC (b) |
|
| 52,339 |
|
| 107,542 |
|
|
|
|
| 13,894 |
| JOHNSON MATTHEY PLC |
|
| 337,176 |
|
| 441,465 |
|
|
|
|
| 4,109 |
| KAZAKHMYS PLC |
|
| 31,447 |
|
| 103,396 |
|
|
|
|
| 30,414 |
| KINGFISHER PLC |
|
| 60,107 |
|
| 124,898 |
|
|
|
|
| 15,511 |
| LAND SECURITIES GROUP PLC |
|
| 113,585 |
|
| 162,991 |
|
|
|
|
| 424,802 |
| LEGAL & GENERAL GROUP PLC |
|
| 491,661 |
|
| 640,770 |
|
|
|
|
| 1,600,060 |
| LLOYDS BANKING GROUP PLC (b) |
|
| 1,352,294 |
|
| 1,638,953 |
|
|
|
|
| 136,000 |
| LOGICACMG PLC (b) |
|
| 271,521 |
|
| 277,763 |
|
|
|
|
| 3,727 |
| LONDON STOCK EXCHANGE GROUP |
|
| 38,197 |
|
| 48,693 |
|
|
|
|
| 3,321 |
| LONMIN PLC (b) |
|
| 69,014 |
|
| 101,793 |
|
|
|
|
| 33,399 |
| MAN GROUP PLC |
|
| 106,502 |
|
| 154,131 |
|
|
|
|
| 25,083 |
| MARKS & SPENCER GROUP PLC |
|
| 101,882 |
|
| 144,301 |
|
|
|
|
| 19,659 |
| MEGGITT PLC |
|
| 45,921 |
|
| 113,404 |
|
|
|
|
| 15,000 |
| MILLENNIUM & COPTHORNE HOTEL |
|
| 101,388 |
|
| 138,094 |
|
|
|
|
| 30,000 |
| MONDI PLC |
|
| 68,373 |
|
| 240,174 |
|
|
|
|
| 63,965 |
| NATIONAL GRID PLC |
|
| 475,389 |
|
| 551,483 |
|
|
|
|
| 2,148 |
| NEXT PLC |
|
| 36,823 |
|
| 66,140 |
|
|
|
|
| 6,000 |
| NORTHUMBRIAN WATER GROUP PLC |
|
| 33,655 |
|
| 30,963 |
|
|
|
|
| 211,185 |
| OLD MUTUAL PLC |
|
| 251,201 |
|
| 405,309 |
|
|
|
|
| 38,984 |
| PEARSON PLC |
|
| 553,963 |
|
| 612,649 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 60 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Britain (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 20,700 |
| PENNON GROUP PLC |
| $ | 182,327 |
|
| 206,545 |
|
|
|
|
| 5,085 |
| PETROFAC LTD |
|
| 95,413 |
|
| 125,815 |
|
|
|
|
| 46,210 |
| PRUDENTIAL PLC |
|
| 267,423 |
|
| 481,257 |
|
|
|
|
| 602,560 |
| QINETIQ GROUP PLC |
|
| 1,166,904 |
|
| 1,221,261 |
|
|
|
|
| 10,671 |
| RECKITT BENCKISER GROUP PLC |
|
| 434,025 |
|
| 586,448 |
|
|
|
|
| 184,575 |
| REED ELSEVIER PLC |
|
| 1,441,371 |
|
| 1,558,247 |
|
|
|
|
| 68,541 |
| REXAM PLC |
|
| 319,882 |
|
| 355,523 |
|
|
|
|
| 25,868 |
| RIO TINTO PLC |
|
| 842,466 |
|
| 1,809,404 |
|
|
|
|
| 27,303 |
| ROLLS-ROYCE GROUP PLC (b) |
|
| 108,772 |
|
| 265,194 |
|
|
|
|
| 248,250 |
| ROYAL BANK OF SCOTLAND GROUP (b) |
|
| 114,766 |
|
| 151,216 |
|
|
|
|
| 40,053 |
| RSA INSURANCE GROUP PLC |
|
| 76,424 |
|
| 78,182 |
|
|
|
|
| 21,731 |
| SAGE GROUP PLC/THE |
|
| 74,327 |
|
| 92,628 |
|
|
|
|
| 29,306 |
| SAINSBURY (J) PLC |
|
| 141,007 |
|
| 171,932 |
|
|
|
|
| 122,249 |
| SAVILLS PLC |
|
| 591,275 |
|
| 736,076 |
|
|
|
|
| 3,966 |
| SCHRODERS PLC |
|
| 45,826 |
|
| 114,700 |
|
|
|
|
| 17,487 |
| SCOTTISH & SOUTHERN ENERGY |
|
| 292,525 |
|
| 333,977 |
|
|
|
|
| 10,277 |
| SEGRO PLC |
|
| 36,889 |
|
| 45,889 |
|
|
|
|
| 7,999 |
| SERCO GROUP PLC |
|
| 42,799 |
|
| 69,276 |
|
|
|
|
| 4,954 |
| SEVERN TRENT PLC |
|
| 76,220 |
|
| 114,155 |
|
|
|
|
| 52,148 |
| SIGNET JEWELERS LTD (b) |
|
| 1,023,171 |
|
| 2,263,223 |
|
|
|
|
| 14,044 |
| SMITH & NEPHEW PLC |
|
| 98,628 |
|
| 148,123 |
|
|
|
|
| 5,313 |
| SMITHS GROUP PLC |
|
| 80,666 |
|
| 103,127 |
|
|
|
|
| 16,562 |
| SOUTH AFRICAN BREWERIES (b) |
|
| 295,625 |
|
| 582,657 |
|
|
|
|
| 35,540 |
| STANDARD CHARTERED PLC |
|
| 550,423 |
|
| 956,087 |
|
|
|
|
| 145,857 |
| STANDARD LIFE PLC |
|
| 399,382 |
|
| 491,186 |
|
|
|
|
| 1,041 |
| TATE & LYLE PLC |
|
| 5,037 |
|
| 8,407 |
|
|
|
|
| 137,122 |
| TESCO PLC |
|
| 702,562 |
|
| 908,576 |
|
|
|
|
| 58,647 |
| THOMAS COOK GROUP PLC |
|
| 199,514 |
|
| 173,452 |
|
|
|
|
| 13,300 |
| TRAVIS PERKINS PLC |
|
| 127,864 |
|
| 219,383 |
|
|
|
|
| 9,072 |
| TUI TRAVEL PLC |
|
| 30,186 |
|
| 34,822 |
|
|
|
|
| 16,151 |
| TULLOW OIL PLC |
|
| 238,242 |
|
| 317,526 |
|
|
|
|
| 38,065 |
| UNILEVER PLC |
|
| 875,570 |
|
| 1,164,960 |
|
|
|
|
| 37,297 |
| UNILEVER PLC-SPONSORED ADR (c) |
|
| 905,720 |
|
| 1,151,731 |
|
|
|
|
| 8,787 |
| UNITED UTILITIES GROUP PLC |
|
| 62,187 |
|
| 81,101 |
|
|
|
|
| 2,343 |
| VEDANTA RESOURCES PLC |
|
| 35,450 |
|
| 91,943 |
|
|
|
|
| 928,295 |
| VODAFONE GROUP PLC |
|
| 1,671,709 |
|
| 2,399,581 |
|
|
|
|
| 18,500 |
| VODAFONE GROUP PLC-SP ADR (c) |
|
| 460,348 |
|
| 488,955 |
|
|
|
|
| 13,800 |
| WEIR GROUP PLC/THE |
|
| 191,219 |
|
| 382,969 |
|
|
|
|
| 15,094 |
| WHITBREAD PLC |
|
| 333,324 |
|
| 421,233 |
|
|
|
|
| 39,500 |
| WILLIAM HILL PLC |
|
| 105,002 |
|
| 105,122 |
|
|
|
|
| 42,339 |
| WM MORRISON SUPERMARKETS |
|
| 156,009 |
|
| 176,641 |
|
|
|
|
|
|
|
|
|
| 43,682,501 |
|
| 59,606,707 |
|
| 17.20 | % |
Canada: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 6,300 |
| ADVANTAGE OIL & GAS LTD (b) |
|
| 43,266 |
|
| 42,830 |
|
|
|
|
| 3,442 |
| AGNICO-EAGLE MINES LTD |
|
| 198,299 |
|
| 264,001 |
|
|
|
|
| 11,232 |
| AGRIUM INC |
|
| 479,092 |
|
| 1,030,996 |
|
|
|
|
| 6,700 |
| ALIMENTATION COUCHE-TARD -B |
|
| 165,741 |
|
| 182,334 |
|
|
|
|
| 2,700 |
| ATCO LTD -CLASS I |
|
| 84,929 |
|
| 160,614 |
|
|
|
|
| 11,468 |
| BANK OF MONTREAL |
|
| 388,026 |
|
| 660,213 |
|
|
|
|
| 19,897 |
| BANK OF NOVA SCOTIA |
|
| 575,222 |
|
| 1,138,108 |
|
|
|
|
| 18,008 |
| BARRICK GOLD CORP |
|
| 602,311 |
|
| 957,665 |
|
|
|
|
| 7,800 |
| BCE INC |
|
| 164,418 |
|
| 276,588 |
|
|
|
|
| 8,660 |
| BOMBARDIER INC-B |
|
| 44,066 |
|
| 43,634 |
|
|
|
|
| 11,627 |
| BROOKFIELD ASSET MANAGE-CL A |
|
| 172,468 |
|
| 387,063 |
|
|
|
|
| 25,840 |
| CAE INC |
|
| 218,066 |
|
| 298,577 |
|
|
|
|
| 1,700 |
| CALFRAC WELL SERVICES LTD |
|
| 41,139 |
|
| 58,539 |
|
|
|
|
| 11,679 |
| CAMECO CORP |
|
| 234,805 |
|
| 472,046 |
|
|
|
|
| 7,499 |
| CAN IMPERIAL BK OF COMMERCE |
|
| 334,499 |
|
| 587,922 |
|
|
|
|
| 9,614 |
| CANADIAN NATL RAILWAY CO |
|
| 389,611 |
|
| 639,043 |
|
|
|
|
| 22,671 |
| CANADIAN NATURAL RESOURCES |
|
| 540,039 |
|
| 1,007,046 |
|
|
|
|
| 4,842 |
| CANADIAN PACIFIC RAILWAY LTD |
|
| 155,812 |
|
| 313,988 |
|
|
|
|
| 3,260 |
| CANADIAN TIRE CORP-CLASS A |
|
| 163,013 |
|
| 223,564 |
|
|
|
|
| 2,500 |
| CANADIAN UTILITIES LTD-A |
|
| 126,015 |
|
| 136,774 |
|
|
|
|
| 15,213 |
| CENOVUS ENERGY INC |
|
| 314,780 |
|
| 505,680 |
|
|
|
|
| 4,200 |
| CGI GROUP INC - CLASS A (b) |
|
| 66,100 |
|
| 72,651 |
|
|
|
|
| 10,919 |
| CGI GROUP INC - CLASS A (NEW YORK EXCHANGE) (b) |
|
| 90,696 |
|
| 188,462 |
|
|
|
|
| 3,261 |
| CRESCENT POINT ENERGY CORP |
|
| 91,062 |
|
| 145,066 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 61 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Canada (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 4,600 |
| DAYLIGHT ENERGY LTD |
| $ | 45,685 |
|
| 47,788 |
|
|
|
|
| 1,300 |
| DOREL INDUSTRIES-CL B |
|
| 42,946 |
|
| 45,105 |
|
|
|
|
| 1,700 |
| DUNDEE CORP -CL A (b) |
|
| 29,862 |
|
| 34,963 |
|
|
|
|
| 11,658 |
| ELDORADO GOLD CORP |
|
| 147,527 |
|
| 216,489 |
|
|
|
|
| 7,936 |
| ENBRIDGE INC |
|
| 263,158 |
|
| 447,590 |
|
|
|
|
| 16,793 |
| ENCANA CORP |
|
| 404,507 |
|
| 489,012 |
|
|
|
|
| 6,047 |
| ENERPLUS RESOURCES FUND (b) |
|
| 113,667 |
|
| 186,489 |
|
|
|
|
| 949 |
| FAIRFAX FINANCIAL HLDGS LTD |
|
| 324,299 |
|
| 389,727 |
|
|
|
|
| 7,400 |
| FINNING INTERNATIONAL INC |
|
| 183,675 |
|
| 201,607 |
|
|
|
|
| 1,400 |
| FIRST QUANTUM MINERALS LTD |
|
| 126,385 |
|
| 152,060 |
|
|
|
|
| 3,052 |
| GILDAN ACTIVEWEAR INC (b) |
|
| 33,435 |
|
| 86,951 |
|
|
|
|
| 14,001 |
| GOLDCORP INC |
|
| 447,524 |
|
| 643,766 |
|
|
|
|
| 1,200 |
| HOME CAPITAL GROUP INC |
|
| 50,741 |
|
| 62,502 |
|
|
|
|
| 8,203 |
| IAMGOLD CORP |
|
| 91,103 |
|
| 146,013 |
|
|
|
|
| 7,165 |
| IMPERIAL OIL LTD |
|
| 255,881 |
|
| 290,326 |
|
|
|
|
| 600 |
| INMET MINING CORPORATION |
|
| 27,545 |
|
| 46,620 |
|
|
|
|
| 3,879 |
| IVANHOE MINES LTD (b) |
|
| 22,068 |
|
| 88,907 |
|
|
|
|
| 20,211 |
| KINROSS GOLD CORP |
|
| 341,556 |
|
| 383,201 |
|
|
|
|
| 2,100 |
| LINAMAR CORP |
|
| 38,757 |
|
| 42,978 |
|
|
|
|
| 13,500 |
| LUNDIN MINING CORP (b) |
|
| 78,502 |
|
| 98,568 |
|
|
|
|
| 100 |
| MACDONALD DETTWILER & ASSOC (b) |
|
| 4,346 |
|
| 5,086 |
|
|
|
|
| 11,938 |
| MAGNA INTERNATIONAL INC |
|
| 223,849 |
|
| 621,885 |
|
|
|
|
| 34,136 |
| MANULIFE FINANCIAL CORP |
|
| 456,763 |
|
| 586,456 |
|
|
|
|
| 3,469 |
| METHANEX CORP |
|
| 31,828 |
|
| 105,458 |
|
|
|
|
| 2,610 |
| NATIONAL BANK OF CANADA |
|
| 88,730 |
|
| 179,855 |
|
|
|
|
| 23,914 |
| NEXEN INC |
|
| 479,052 |
|
| 548,014 |
|
|
|
|
| 11,800 |
| NORTHGATE MINERALS CORP (b) |
|
| 39,374 |
|
| 37,738 |
|
|
|
|
| 2,700 |
| NUVISTA ENERGY LTD |
|
| 32,415 |
|
| 25,117 |
|
|
|
|
| 1,560 |
| OPEN TEXT CORP (b) |
|
| 48,602 |
|
| 71,854 |
|
|
|
|
| 1,300 |
| PACE OIL AND GAS LTD (b) |
|
| 5,385 |
|
| 10,686 |
|
|
|
|
| 2,253 |
| PAN AMERICAN SILVER CORP |
|
| 41,183 |
|
| 92,846 |
|
|
|
|
| 10,621 |
| PENN WEST ENERGY TRUST |
|
| 114,717 |
|
| 254,054 |
|
|
|
|
| 1,300 |
| PETROBANK ENERGY & RESOURCES (b) |
|
| 27,920 |
|
| 33,012 |
|
|
|
|
| 5,262 |
| POTASH CORP OF SASKATCHEWAN |
|
| 456,856 |
|
| 814,715 |
|
|
|
|
| 10,641 |
| PROVIDENT ENERGY TRUST-UTS (b) |
|
| 33,300 |
|
| 84,596 |
|
|
|
|
| 3,200 |
| QUADRA FNX MINING LTD (b) |
|
| 46,304 |
|
| 53,905 |
|
|
|
|
| 700 |
| QUEBECOR INC -CL B |
|
| 9,236 |
|
| 26,484 |
|
|
|
|
| 8,496 |
| RESEARCH IN MOTION (b) |
|
| 390,098 |
|
| 493,872 |
|
|
|
|
| 2,101 |
| RITCHIE BROS AUCTIONEERS |
|
| 37,504 |
|
| 48,428 |
|
|
|
|
| 10,965 |
| ROGERS COMMUNICATIONS INC-B |
|
| 267,397 |
|
| 379,718 |
|
|
|
|
| 26,310 |
| ROYAL BANK OF CANADA |
|
| 887,281 |
|
| 1,377,592 |
|
|
|
|
| 1,600 |
| SAPUTO INC |
|
| 43,054 |
|
| 63,688 |
|
|
|
|
| 10,061 |
| SHAW COMMUNICATIONS INC-B |
|
| 160,660 |
|
| 215,141 |
|
|
|
|
| 4,700 |
| SHERRITT INTERNATIONAL CORP |
|
| 35,088 |
|
| 40,036 |
|
|
|
|
| 600 |
| SHOPPERS DRUG MART CORP |
|
| 22,437 |
|
| 23,853 |
|
|
|
|
| 2,500 |
| SILVER WHEATON CORP (b) |
|
| 57,728 |
|
| 98,005 |
|
|
|
|
| 6,863 |
| SILVER WHEATON CORP (NEW YORK EXCHANGE) (b) |
|
| 71,004 |
|
| 267,931 |
|
|
|
|
| 500 |
| SNC-LAVALIN GROUP INC |
|
| 19,219 |
|
| 30,055 |
|
|
|
|
| 11,589 |
| SUN LIFE FINANCIAL INC |
|
| 229,193 |
|
| 348,829 |
|
|
|
|
| 27,764 |
| SUNCOR ENERGY INC |
|
| 661,747 |
|
| 1,063,084 |
|
|
|
|
| 22,619 |
| TALISMAN ENERGY INC |
|
| 278,651 |
|
| 501,916 |
|
|
|
|
| 12,027 |
| TECK RESOURCES LTD-CLS B |
|
| 104,689 |
|
| 743,629 |
|
|
|
|
| 4,274 |
| TELUS CORPORATION -NON VOTE |
|
| 113,886 |
|
| 186,175 |
|
|
|
|
| 33,400 |
| THOMPSON CREEK METALS CO INC (b) |
|
| 404,611 |
|
| 491,648 |
|
|
|
|
| 5,889 |
| TIM HORTONS INC |
|
| 188,354 |
|
| 242,949 |
|
|
|
|
| 2,900 |
| TOROMONT INDUSTRIES LTD |
|
| 77,974 |
|
| 89,712 |
|
|
|
|
| 16,563 |
| TORONTO-DOMINION BANK |
|
| 671,143 |
|
| 1,230,797 |
|
|
|
|
| 5,081 |
| TRANSALTA CORP |
|
| 79,391 |
|
| 107,768 |
|
|
|
|
| 14,285 |
| TRANSCANADA CORP |
|
| 389,230 |
|
| 543,401 |
|
|
|
|
| 7,800 |
| TRICAN WELL SERVICE LTD |
|
| 123,904 |
|
| 157,986 |
|
|
|
|
| 10,769 |
| VALEANT PHARMACEUTICALS INTE |
|
| 252,275 |
|
| 305,138 |
|
|
|
|
| 2,256 |
| VERMILION ENERGY INC |
|
| 83,841 |
|
| 104,866 |
|
|
|
|
| 1,100 |
| WEST FRASER TIMBER CO LTD |
|
| 25,324 |
|
| 51,817 |
|
|
|
|
| 1,600 |
| WESTON (GEORGE) LTD |
|
| 121,006 |
|
| 135,487 |
|
|
|
|
| 36,331 |
| YAMANA GOLD INC |
|
| 353,699 |
|
| 465,929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
| 17,042,546 |
|
| 27,255,277 |
|
| 7.87 | % |
|
|
|
See accompanying notes to financial statements. | 62 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
China: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 77,000 |
| AAC ACOUSTIC TECHNOLOGIES |
| $ | 203,584 |
|
| 205,569 |
|
|
|
|
| 20,400 |
| FOCUS MEDIA HOLDING-ADR (b)(c) |
|
| 359,449 |
|
| 447,372 |
|
|
|
|
| 118,000 |
| FOSUN INTERNATIONAL |
|
| 87,459 |
|
| 86,690 |
|
|
|
|
| 369,930 |
| IND & COMM BK OF CHINA - H |
|
| 292,088 |
|
| 275,579 |
|
|
|
|
| 20,000 |
| XINGDA INT’L HOLDINGS |
|
| 10,194 |
|
| 21,615 |
|
|
|
|
|
|
|
|
|
| 952,774 |
|
| 1,036,825 |
|
| 0.30 | % |
Columbia: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 799 |
| PETROMINERALES LTD (b) |
|
| 22,707 |
|
| 26,646 |
|
|
|
|
|
|
|
|
|
| 22,707 |
|
| 26,646 |
|
| 0.01 | % |
Cyprus: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 9,794 |
| BANK OF CYPRUS PUBLIC CO LTD |
|
| 42,468 |
|
| 33,766 |
|
|
|
|
|
|
|
|
|
| 42,468 |
|
| 33,766 |
|
| 0.01 | % |
Denmark: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 10 |
| A P MOLLER - MAERSK A/S - A |
|
| 46,408 |
|
| 88,095 |
|
|
|
|
| 20 |
| A P MOLLER - MAERSK A/S - B |
|
| 112,871 |
|
| 181,102 |
|
|
|
|
| 10,539 |
| CARLSBERG AS-B |
|
| 745,020 |
|
| 1,055,208 |
|
|
|
|
| 500 |
| COLOPLAST-B |
|
| 46,110 |
|
| 67,945 |
|
|
|
|
| 9,800 |
| DANSKE BANK A/S (b) |
|
| 125,891 |
|
| 251,234 |
|
|
|
|
| 4,000 |
| DSV A/S |
|
| 31,768 |
|
| 88,418 |
|
|
|
|
| 200 |
| FLSMIDTH & CO-B SHS |
|
| 6,013 |
|
| 19,075 |
|
|
|
|
| 7,951 |
| H LUNDBECK A/S |
|
| 147,209 |
|
| 151,093 |
|
|
|
|
| 200 |
| JYSKE BANK-REG (b) |
|
| 4,423 |
|
| 9,286 |
|
|
|
|
| 9,900 |
| NOVO NORDISK A/S-B |
|
| 554,060 |
|
| 1,116,353 |
|
|
|
|
| 500 |
| NOVOZYMES A/S-B SHARES |
|
| 39,158 |
|
| 69,648 |
|
|
|
|
| 325 |
| TOPDANMARK A/S (b) |
|
| 33,362 |
|
| 42,970 |
|
|
|
|
| 900 |
| TRYG A/S |
|
| 49,560 |
|
| 41,547 |
|
|
|
|
|
|
|
|
|
| 1,941,853 |
|
| 3,181,974 |
|
| 0.92 | % |
Finland: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 1,805 |
| ELISA OYJ |
|
| 21,851 |
|
| 39,243 |
|
|
|
|
| 7,306 |
| FORTUM OYJ (b) |
|
| 150,746 |
|
| 219,956 |
|
|
|
|
| 7,285 |
| KEMIRA OYJ |
|
| 103,325 |
|
| 113,897 |
|
|
|
|
| 1,396 |
| KESKO OYJ-B SHS |
|
| 30,705 |
|
| 65,160 |
|
|
|
|
| 8,664 |
| KONE OYJ-B |
|
| 358,012 |
|
| 481,623 |
|
|
|
|
| 11,779 |
| METSO OYJ |
|
| 264,384 |
|
| 657,931 |
|
|
|
|
| 1,251 |
| NESTE OIL OYJ |
|
| 14,206 |
|
| 19,977 |
|
|
|
|
| 45,358 |
| NOKIA OYJ (b) |
|
| 466,406 |
|
| 469,127 |
|
|
|
|
| 2,240 |
| NOKIAN RENKAAT OYJ |
|
| 31,307 |
|
| 82,165 |
|
|
|
|
| 2,272 |
| OUTOKUMPU OYJ |
|
| 32,298 |
|
| 42,140 |
|
|
|
|
| 10,565 |
| POHJOLA BANK PLC |
|
| 85,425 |
|
| 126,636 |
|
|
|
|
| 1,988 |
| RAUTARUUKKI OYJ |
|
| 39,419 |
|
| 46,516 |
|
|
|
|
| 5,573 |
| SAMPO OYJ-A SHS |
|
| 77,600 |
|
| 149,314 |
|
|
|
|
| 559 |
| SANOMA OYJ |
|
| 6,931 |
|
| 12,116 |
|
|
|
|
| 19,829 |
| STORA ENSO OYJ-R SHS |
|
| 105,318 |
|
| 203,629 |
|
|
|
|
| 38,934 |
| UPM-KYMMENE OYJ |
|
| 401,499 |
|
| 687,791 |
|
|
|
|
| 3,876 |
| WARTSILA OYJ |
|
| 196,080 |
|
| 295,744 |
|
|
|
|
|
|
|
|
|
| 2,385,512 |
|
| 3,712,965 |
|
| 1.07 | % |
France: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 1,275 |
| ACCOR SA |
|
| 29,826 |
|
| 56,735 |
|
|
|
|
| 551 |
| ADP |
|
| 28,858 |
|
| 43,493 |
|
|
|
|
| 4,557 |
| AIR FRANCE-KLM (b) |
|
| 56,714 |
|
| 82,999 |
|
|
|
|
| 4,624 |
| AIR LIQUIDE SA |
|
| 383,798 |
|
| 584,774 |
|
|
|
|
| 38,015 |
| ALCATEL-LUCENT (b) |
|
| 63,037 |
|
| 110,741 |
|
|
|
|
| 2,325 |
| ALSTOM |
|
| 125,921 |
|
| 111,256 |
|
|
|
|
| 4,400 |
| ARKEMA |
|
| 124,681 |
|
| 316,735 |
|
|
|
|
| 608 |
| ATOS ORIGIN SA (b) |
|
| 15,429 |
|
| 32,368 |
|
|
|
|
| 30,926 |
| AXA SA |
|
| 438,278 |
|
| 514,504 |
|
|
|
|
| 819 |
| BIOMERIEUX |
|
| 79,843 |
|
| 80,789 |
|
|
|
|
| 22,110 |
| BNP PARIBAS |
|
| 1,172,670 |
|
| 1,406,639 |
|
|
|
|
| 3,837 |
| BOUYGUES SA |
|
| 142,415 |
|
| 165,381 |
|
|
|
|
| 735 |
| BUREAU VERITAS SA |
|
| 29,322 |
|
| 55,708 |
|
|
|
|
| 1,862 |
| CAP GEMINI |
|
| 62,328 |
|
| 86,911 |
|
|
|
|
| 9,700 |
| CARREFOUR SA |
|
| 357,241 |
|
| 399,874 |
|
|
|
|
| 4,738 |
| CASINO GUICHARD PERRACHON |
|
| 405,237 |
|
| 461,866 |
|
|
|
|
| 648 |
| CHRISTIAN DIOR |
|
| 36,000 |
|
| 92,565 |
|
|
|
|
| 9,789 |
| CNP ASSURANCES |
|
| 166,866 |
|
| 176,656 |
|
|
|
|
| 6,264 |
| COMPAGNIE DE SAINT-GOBAIN |
|
| 203,267 |
|
| 322,261 |
|
|
|
|
| 19,360 |
| CREDIT AGRICOLE SA |
|
| 241,398 |
|
| 245,871 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 63 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
France (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
| |
| 9,764 |
| DANONE |
| $ | 490,226 |
|
| 613,488 |
|
|
|
|
| 812 |
| DASSAULT SYSTEMES SA |
|
| 31,122 |
|
| 61,219 |
|
|
|
|
| 3,633 |
| EDENRED (b) |
|
| 65,572 |
|
| 86,001 |
|
|
|
|
| 4,099 |
| EDF |
|
| 160,627 |
|
| 168,129 |
|
|
|
|
| 614 |
| EIFFAGE (b) |
|
| 30,643 |
|
| 27,080 |
|
|
|
|
| 193 |
| ERAMET |
|
| 51,818 |
|
| 66,152 |
|
|
|
|
| 3,462 |
| ESSILOR INTERNATIONAL |
|
| 134,447 |
|
| 222,866 |
|
|
|
|
| 510 |
| EURAZEO |
|
| 9,917 |
|
| 37,816 |
|
|
|
|
| 3,941 |
| EUTELSAT COMMUNICATIONS |
|
| 92,604 |
|
| 144,243 |
|
|
|
|
| 29,665 |
| FRANCE TELECOM SA |
|
| 681,844 |
|
| 618,195 |
|
|
|
|
| 20,995 |
| GDF SUEZ |
|
| 732,731 |
|
| 753,279 |
|
|
|
|
| 1,364 |
| GECINA SA (b) |
|
| 142,556 |
|
| 150,025 |
|
|
|
|
| 6,331 |
| GROUPE EUROTUNNEL SA - REGR |
|
| 49,553 |
|
| 55,667 |
|
|
|
|
| 648 |
| HERMES INTERNATIONAL |
|
| 64,252 |
|
| 135,731 |
|
|
|
|
| 304 |
| ILIAD SA |
|
| 29,549 |
|
| 33,067 |
|
|
|
|
| 2,335 |
| KLEPIERRE |
|
| 57,367 |
|
| 84,230 |
|
|
|
|
| 3,031 |
| LAFARGE SA |
|
| 151,025 |
|
| 190,038 |
|
|
|
|
| 1,212 |
| LAGARDERE S.C.A. |
|
| 30,640 |
|
| 49,931 |
|
|
|
|
| 3,772 |
| LEGRAND SA |
|
| 68,920 |
|
| 153,607 |
|
|
|
|
| 3,974 |
| L’OREAL |
|
| 310,044 |
|
| 441,184 |
|
|
|
|
| 5,619 |
| LVMH MOET HENNESSY LOUIS VUI |
|
| 573,423 |
|
| 924,300 |
|
|
|
|
| 2,472 |
| M6-METROPOLE TELEVISION |
|
| 58,547 |
|
| 59,789 |
|
|
|
|
| 2,031 |
| MICHELIN (CGDE)-B |
|
| 78,557 |
|
| 145,740 |
|
|
|
|
| 24,670 |
| NATIXIS (b) |
|
| 41,439 |
|
| 115,381 |
|
|
|
|
| 991 |
| NEOPOST SA |
|
| 83,847 |
|
| 86,341 |
|
|
|
|
| 2,898 |
| PERNOD-RICARD SA |
|
| 177,566 |
|
| 272,471 |
|
|
|
|
| 13,344 |
| PEUGEOT SA (b) |
|
| 387,525 |
|
| 506,586 |
|
|
|
|
| 1,531 |
| PPR |
|
| 112,344 |
|
| 243,455 |
|
|
|
|
| 33,053 |
| PUBLICIS GROUPE |
|
| 1,032,702 |
|
| 1,722,548 |
|
|
|
|
| 3,682 |
| RENAULT SA (b) |
|
| 98,990 |
|
| 214,027 |
|
|
|
|
| 4,202 |
| SAFRAN SA |
|
| 40,399 |
|
| 148,798 |
|
|
|
|
| 22,527 |
| SANOFI-AVENTIS |
|
| 1,307,314 |
|
| 1,440,393 |
|
|
|
|
| 4,171 |
| SCHNEIDER ELECTRIC SA |
|
| 355,993 |
|
| 624,244 |
|
|
|
|
| 1,813 |
| SCOR SE |
|
| 36,441 |
|
| 46,031 |
|
|
|
|
| 18,085 |
| SOCIETE GENERALE |
|
| 998,189 |
|
| 971,978 |
|
|
|
|
| 21,253 |
| SODEXO |
|
| 1,125,358 |
|
| 1,464,580 |
|
|
|
|
| 3,762 |
| SUEZ ENVIRONNEMENT CO |
|
| 55,709 |
|
| 77,668 |
|
|
|
|
| 2,589 |
| TECHNIP SA |
|
| 116,011 |
|
| 239,059 |
|
|
|
|
| 39,846 |
| TELEVISION FRANCAISE (T.F.1) |
|
| 417,486 |
|
| 692,188 |
|
|
|
|
| 2,172 |
| THALES SA |
|
| 86,735 |
|
| 75,999 |
|
|
|
|
| 75,214 |
| TOTAL SA |
|
| 4,011,520 |
|
| 3,985,086 |
|
|
|
|
| 1,568 |
| UNIBAIL-RODAMCO SE |
|
| 183,033 |
|
| 310,101 |
|
|
|
|
| 6,400 |
| VALEO SA (b) |
|
| 172,988 |
|
| 363,167 |
|
|
|
|
| 2,024 |
| VALLOUREC |
|
| 112,949 |
|
| 212,583 |
|
|
|
|
| 5,373 |
| VEOLIA ENVIRONNEMENT |
|
| 121,010 |
|
| 157,022 |
|
|
|
|
| 8,329 |
| VINCI SA |
|
| 346,780 |
|
| 452,762 |
|
|
|
|
| 19,603 |
| VIVENDI |
|
| 505,588 |
|
| 529,139 |
|
|
|
|
| 3,595 |
| ZODIAC AEROSPACE |
|
| 196,748 |
|
| 269,980 |
|
|
|
|
|
|
|
|
|
| 20,383,777 |
|
| 25,791,490 |
|
| 7.45 | % |
Germany: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 462 |
| AAREAL BANK AG (b) |
|
| 11,027 |
|
| 14,076 |
|
|
|
|
| 2,785 |
| ADIDAS AG (b) |
|
| 94,549 |
|
| 181,945 |
|
|
|
|
| 8,135 |
| ALLIANZ SE-REG |
|
| 732,172 |
|
| 966,722 |
|
|
|
|
| 24,933 |
| BASF SE (b) |
|
| 1,215,619 |
|
| 1,989,045 |
|
|
|
|
| 14,206 |
| BAYER AG-REG |
|
| 752,479 |
|
| 1,049,767 |
|
|
|
|
| 14,464 |
| BAYERISCHE MOTOREN WERKE AG |
|
| 786,641 |
|
| 1,137,446 |
|
|
|
|
| 1,012 |
| BEIERSDORF AG |
|
| 47,436 |
|
| 56,155 |
|
|
|
|
| 4,000 |
| BILFINGER BERGER SE |
|
| 273,213 |
|
| 337,810 |
|
|
|
|
| 6,246 |
| CELESIO AG |
|
| 195,305 |
|
| 155,243 |
|
|
|
|
| 6,290 |
| COMMERZBANK AG (b) |
|
| 22,833 |
|
| 46,682 |
|
|
|
|
| 916 |
| CONTINENTAL AG (b) |
|
| 47,943 |
|
| 72,389 |
|
|
|
|
| 15,532 |
| DAIMLER AG-REGISTERED SHARES (b) |
|
| 498,387 |
|
| 1,052,902 |
|
|
|
|
| 15,255 |
| DEUTSCHE BANK AG-REGISTERED |
|
| 692,276 |
|
| 797,049 |
|
|
|
|
| 4,009 |
| DEUTSCHE BOERSE AG |
|
| 243,499 |
|
| 277,499 |
|
|
|
|
| 22,261 |
| DEUTSCHE LUFTHANSA-REG (b) |
|
| 350,690 |
|
| 486,509 |
|
|
|
|
| 13,453 |
| DEUTSCHE POST AG-REG |
|
| 152,569 |
|
| 228,307 |
|
|
|
|
| 41,318 |
| DEUTSCHE TELEKOM AG-REG |
|
| 511,289 |
|
| 533,074 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 64 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund |
December 31, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Germany (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 28,508 |
| E.ON AG |
| $ | 799,004 |
|
| 873,698 |
|
|
|
|
| 3,418 |
| FRESENIUS MEDICAL CARE AG & |
|
| 133,793 |
|
| 197,448 |
|
|
|
|
| 734 |
| FRESENIUS SE |
|
| 48,634 |
|
| 61,547 |
|
|
|
|
| 2,738 |
| GEA GROUP AG (b) |
|
| 27,680 |
|
| 79,138 |
|
|
|
|
| 1,851 |
| HANNOVER RUECKVERSICHERU-REG |
|
| 87,646 |
|
| 99,272 |
|
|
|
|
| 20,211 |
| HEIDELBERGCEMENT AG |
|
| 1,025,256 |
|
| 1,266,650 |
|
|
|
|
| 10,464 |
| HENKEL AG & CO KGAA |
|
| 419,473 |
|
| 539,945 |
|
|
|
|
| 1,550 |
| HOCHTIEF AG |
|
| 59,506 |
|
| 131,606 |
|
|
|
|
| 41,437 |
| INFINEON TECHNOLOGIES AG (b) |
|
| 306,215 |
|
| 385,550 |
|
|
|
|
| 2,921 |
| K+S AG |
|
| 149,718 |
|
| 219,988 |
|
|
|
|
| 3,044 |
| LINDE AG |
|
| 269,615 |
|
| 461,878 |
|
|
|
|
| 1,901 |
| MAN SE |
|
| 119,821 |
|
| 226,058 |
|
|
|
|
| 1,310 |
| MERCK KGAA |
|
| 110,683 |
|
| 104,769 |
|
|
|
|
| 2,503 |
| METRO AG |
|
| 81,367 |
|
| 180,212 |
|
|
|
|
| 4,000 |
| MTU AERO ENGINES HOLDING AG |
|
| 220,475 |
|
| 270,515 |
|
|
|
|
| 3,476 |
| MUENCHENER RUECKVER AG-REG |
|
| 451,147 |
|
| 526,963 |
|
|
|
|
| 8,093 |
| RWE AG |
|
| 564,143 |
|
| 539,534 |
|
|
|
|
| 582 |
| SALZGITTER AG |
|
| 34,934 |
|
| 44,928 |
|
|
|
|
| 17,103 |
| SAP AG |
|
| 683,559 |
|
| 870,749 |
|
|
|
|
| 14,083 |
| SIEMENS AG-REG |
|
| 898,057 |
|
| 1,744,499 |
|
|
|
|
| 4,100 |
| SIEMENS AG-SPONS ADR |
|
| 427,864 |
|
| 509,425 |
|
|
|
|
| 2,068 |
| SUEDZUCKER AG |
|
| 43,410 |
|
| 55,061 |
|
|
|
|
| 6,245 |
| THYSSENKRUPP AG |
|
| 125,145 |
|
| 258,571 |
|
|
|
|
| 22,071 |
| TUI AG (b) |
|
| 245,701 |
|
| 309,676 |
|
|
|
|
| 493 |
| VOLKSWAGEN AG |
|
| 49,099 |
|
| 69,765 |
|
|
|
|
| 517 |
| WACKER CHEMIE AG |
|
| 55,413 |
|
| 90,226 |
|
|
|
|
|
|
|
|
|
| 14,065,285 |
|
| 19,500,291 |
|
| 5.63 | % |
Greece: |
|
|
|
|
|
|
|
|
|
| |||
| 11,140 |
| ALPHA BANK A.E. (b) |
|
| 55,130 |
|
| 56,567 |
|
|
|
|
| 3,147 |
| COCA-COLA HELLENIC BOTTLING |
|
| 40,208 |
|
| 81,414 |
|
|
|
|
| 12,167 |
| EFG EUROBANK ERGASIAS (b) |
|
| 60,017 |
|
| 60,969 |
|
|
|
|
| 16,096 |
| NATIONAL BANK OF GREECE (b) |
|
| 208,323 |
|
| 130,128 |
|
|
|
|
| 4,045 |
| OPAP SA |
|
| 65,259 |
|
| 69,944 |
|
|
|
|
| 8,795 |
| PIRAEUS BANK S.A. (b) |
|
| 44,788 |
|
| 42,897 |
|
|
|
|
| 11,492 |
| PUBLIC POWER CORP |
|
| 189,989 |
|
| 164,929 |
|
|
|
|
|
|
|
|
|
| 663,714 |
|
| 606,848 |
|
| 0.18 | % |
Guernsey: |
|
|
|
|
|
|
|
|
|
| |||
| 329,768 |
| RAVEN RUSSIA LTD |
|
| 274,940 |
|
| 321,332 |
|
|
|
|
| 36,637 |
| RESOLUTION LTD (b) |
|
| 143,696 |
|
| 133,717 |
|
|
|
|
|
|
|
|
|
| 418,636 |
|
| 455,049 |
|
| 0.13 | % |
Hong Kong: |
|
|
|
|
|
|
|
|
|
| |||
| 71,400 |
| AIA GROUP LTD (b) |
|
| 206,993 |
|
| 200,724 |
|
|
|
|
| 59,100 |
| BANK OF EAST ASIA |
|
| 184,595 |
|
| 247,507 |
|
|
|
|
| 20,000 |
| BELLE INTERNATIONAL HOLDINGS |
|
| 9,604 |
|
| 33,812 |
|
|
|
|
| 207,600 |
| BOC HONG KONG HOLDINGS LTD |
|
| 377,750 |
|
| 706,483 |
|
|
|
|
| 92,000 |
| BRIGHTOIL PETROLEUM HOLDINGS |
|
| 43,584 |
|
| 47,939 |
|
|
|
|
| 97,000 |
| CATHAY PACIFIC AIRWAYS |
|
| 135,947 |
|
| 267,700 |
|
|
|
|
| 24,000 |
| CHEUNG KONG HOLDINGS LTD |
|
| 234,661 |
|
| 370,236 |
|
|
|
|
| 34,500 |
| CLP HOLDINGS LTD |
|
| 236,618 |
|
| 280,090 |
|
|
|
|
| 174,000 |
| CNOOC LTD |
|
| 349,790 |
|
| 412,818 |
|
|
|
|
| 42,000 |
| DAH CHONG HONG |
|
| 29,216 |
|
| 44,581 |
|
|
|
|
| 12,800 |
| DAH SING BANKING GROUP LTD |
|
| 23,096 |
|
| 21,739 |
|
|
|
|
| 11,600 |
| DAH SING FINANCIAL |
|
| 82,246 |
|
| 75,892 |
|
|
|
|
| 23,862 |
| ESPRIT HOLDINGS LTD |
|
| 151,145 |
|
| 113,594 |
|
|
|
|
| 33,000 |
| FOXCONN INTERNATIONAL HLDGS (b) |
|
| 22,488 |
|
| 23,055 |
|
|
|
|
| 17,000 |
| GREAT EAGLE HOLDINGS LTD |
|
| 44,170 |
|
| 52,822 |
|
|
|
|
| 106,500 |
| GUOCO GROUP LTD |
|
| 906,505 |
|
| 1,414,093 |
|
|
|
|
| 17,000 |
| HANG LUNG GROUP LTD |
|
| 50,690 |
|
| 111,768 |
|
|
|
|
| 40,000 |
| HANG LUNG PROPERTIES LTD |
|
| 110,431 |
|
| 187,074 |
|
|
|
|
| 11,500 |
| HANG SENG BANK LTD |
|
| 124,740 |
|
| 189,094 |
|
|
|
|
| 20,000 |
| HENDERSON LAND DEVELOPMENT |
|
| 96,864 |
|
| 136,381 |
|
|
|
|
| 100,100 |
| HONG KONG & CHINA GAS |
|
| 149,918 |
|
| 235,944 |
|
|
|
|
| 19,900 |
| HONG KONG EXCHANGES & CLEAR |
|
| 250,145 |
|
| 451,392 |
|
|
|
|
| 10,500 |
| HONGKONG & SHANGHAI HOTELS |
|
| 9,511 |
|
| 17,995 |
|
|
|
|
| 56,500 |
| HONGKONG ELECTRIC HOLDINGS |
|
| 333,731 |
|
| 356,199 |
|
|
|
|
| 400 |
| HOPEWELL HIGHWAY INFRASTRUCT |
|
| 229 |
|
| 307 |
|
|
|
|
| 4,000 |
| HOPEWELL HOLDINGS LTD |
|
| 10,853 |
|
| 12,557 |
|
|
|
|
| 48,000 |
| HOPSON DEVELOPMENT HOLDINGS (b) |
|
| 75,765 |
|
| 51,629 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 65 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund |
December 31, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Hong Kong (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 42,000 |
| HUTCHISON WHAMPOA LTD |
| $ | 253,519 |
|
| 432,303 |
|
|
|
|
| 74,000 |
| JOHNSON ELECTRIC HOLDINGS |
|
| 40,277 |
|
| 52,936 |
|
|
|
|
| 27,000 |
| KERRY PROPERTIES LTD |
|
| 90,767 |
|
| 140,691 |
|
|
|
|
| 6,000 |
| KINGBOARD CHEMICALS HOLDINGS |
|
| 14,300 |
|
| 35,935 |
|
|
|
|
| 54,000 |
| LI & FUNG LTD |
|
| 132,174 |
|
| 313,342 |
|
|
|
|
| 127,500 |
| LINK REIT |
|
| 285,741 |
|
| 396,165 |
|
|
|
|
| 16,500 |
| MTR CORP |
|
| 38,268 |
|
| 60,078 |
|
|
|
|
| 143,000 |
| NEW WORLD DEVELOPMENT |
|
| 234,526 |
|
| 268,620 |
|
|
|
|
| 4,000 |
| NOBLE GROUP LTD |
|
| 5,575 |
|
| 6,763 |
|
|
|
|
| 43,500 |
| NWS HOLDINGS LTD |
|
| 52,824 |
|
| 66,042 |
|
|
|
|
| 16,000 |
| ORIENT OVERSEAS INTL LTD |
|
| 118,890 |
|
| 155,217 |
|
|
|
|
| 30,000 |
| SANDS CHINA LTD (b) |
|
| 50,128 |
|
| 65,926 |
|
|
|
|
| 22,000 |
| SHANGRI-LA ASIA LTD |
|
| 29,709 |
|
| 59,725 |
|
|
|
|
| 24,000 |
| SINO LAND CO |
|
| 28,396 |
|
| 44,898 |
|
|
|
|
| 2,900 |
| SINO-FOREST CORP (b) |
|
| 50,418 |
|
| 67,925 |
|
|
|
|
| 23,000 |
| SUN HUNG KAI PROPERTIES |
|
| 222,078 |
|
| 382,035 |
|
|
|
|
| 19,000 |
| SWIRE PACIFIC LTD-A |
|
| 143,178 |
|
| 312,416 |
|
|
|
|
| 3,000 |
| TELEVISION BROADCASTS LTD |
|
| 9,222 |
|
| 16,211 |
|
|
|
|
| 37,000 |
| WHARF HOLDINGS LTD |
|
| 94,826 |
|
| 284,676 |
|
|
|
|
| 78,000 |
| WHEELOCK & CO LTD |
|
| 215,231 |
|
| 315,620 |
|
|
|
|
| 59,000 |
| YUE YUEN INDUSTRIAL HLDG |
|
| 143,841 |
|
| 212,169 |
|
|
|
|
|
|
|
|
|
| 6,505,173 |
|
| 9,753,118 |
|
| 2.82 | % |
Ireland: |
|
|
|
|
|
|
|
|
|
| |||
| 29,561 |
| ACCENTURE PLC-CL A |
|
| 1,108,546 |
|
| 1,433,413 |
|
|
|
|
| 42,294 |
| COVIDIEN PLC |
|
| 1,574,285 |
|
| 1,931,144 |
|
|
|
|
| 10,635 |
| CRH PLC |
|
| 228,294 |
|
| 221,953 |
|
|
|
|
| 8,000 |
| DCC PLC |
|
| 190,798 |
|
| 252,289 |
|
|
|
|
| 5,458 |
| ELAN CORP PLC (b) |
|
| 31,760 |
|
| 28,809 |
|
|
|
|
| 666 |
| ELAN CORP PLC (LONDON EXCHANGE) (b) |
|
| 5,141 |
|
| 3,693 |
|
|
|
|
| 248,114 |
| EXPERIAN PLC |
|
| 1,913,477 |
|
| 3,086,875 |
|
|
|
|
| 3,196 |
| ICON PLC - SPONSORED ADR (b)(c) |
|
| 69,787 |
|
| 69,992 |
|
|
|
|
| 1,776 |
| KERRY GROUP PLC-A |
|
| 35,054 |
|
| 59,141 |
|
|
|
|
| 11,192 |
| SHIRE PLC |
|
| 130,296 |
|
| 269,239 |
|
|
|
|
| 2,000 |
| SMURFIT KAPPA GROUP PLC (b) |
|
| 17,837 |
|
| 19,510 |
|
|
|
|
| 2,333 |
| UNITED BUSINESS MEDIA LTD |
|
| 13,794 |
|
| 25,097 |
|
|
|
|
| 23,432 |
| WPP PLC |
|
| 141,019 |
|
| 288,421 |
|
|
|
|
|
|
|
|
|
| 5,460,088 |
|
| 7,689,576 |
|
| 2.22 | % |
Israel: |
|
|
|
|
|
|
|
|
|
| |||
| 13,486 |
| BANK HAPOALIM BM (b) |
|
| 51,982 |
|
| 70,195 |
|
|
|
|
| 11,685 |
| BANK LEUMI LE-ISRAEL |
|
| 51,733 |
|
| 59,833 |
|
|
|
|
| 36,809 |
| BEZEQ ISRAELI TELECOM CORP |
|
| 89,512 |
|
| 112,237 |
|
|
|
|
| 384 |
| DELEK GROUP LTD |
|
| 108,528 |
|
| 98,908 |
|
|
|
|
| 8,857 |
| ISRAEL CHEMICALS LTD |
|
| 105,188 |
|
| 151,831 |
|
|
|
|
| 64 |
| ISRAEL CORP LIMITED/THE (b) |
|
| 50,868 |
|
| 77,644 |
|
|
|
|
| 66,665 |
| ISRAEL DISCOUNT BANK-A (b) |
|
| 133,568 |
|
| 152,079 |
|
|
|
|
| 1,600 |
| KOOR INDUSTRIES LTD |
|
| 40,363 |
|
| 39,002 |
|
|
|
|
| 14,564 |
| MAKHTESHIM-AGAN INDUSTRIES (b) |
|
| 52,915 |
|
| 74,657 |
|
|
|
|
| 15,796 |
| MIZRAHI TEFAHOT BANK LTD |
|
| 153,857 |
|
| 173,607 |
|
|
|
|
| 11,803 |
| TEVA PHARMACEUTICAL-SP ADR (c) |
|
| 674,494 |
|
| 615,290 |
|
|
|
|
|
|
|
|
|
| 1,513,008 |
|
| 1,625,283 |
|
| 0.47 | % |
Italy: |
|
|
|
|
|
|
|
|
|
| |||
| 41,159 |
| A2A SPA |
|
| 67,304 |
|
| 56,595 |
|
|
|
|
| 2,890 |
| ACEA SPA (b) |
|
| 31,698 |
|
| 33,212 |
|
|
|
|
| 19,503 |
| ASSICURAZIONI GENERALI |
|
| 310,560 |
|
| 370,332 |
|
|
|
|
| 4,618 |
| ATLANTIA SPA |
|
| 77,005 |
|
| 94,230 |
|
|
|
|
| 12,162 |
| AUTOGRILL SPA (b) |
|
| 72,812 |
|
| 171,781 |
|
|
|
|
| 2,752 |
| BANCA CARIGE SPA |
|
| 7,205 |
|
| 5,766 |
|
|
|
|
| 10,061 |
| BANCA POPOLARE DI MILANO |
|
| 43,243 |
|
| 35,224 |
|
|
|
|
| 16,537 |
| BANCO POPOLARE SCARL |
|
| 73,635 |
|
| 74,912 |
|
|
|
|
| 2,003 |
| BENETTON GROUP SPA |
|
| 14,818 |
|
| 13,175 |
|
|
|
|
| 2,148 |
| BULGARI SPA |
|
| 9,445 |
|
| 23,207 |
|
|
|
|
| 707 |
| DANIELI & CO (b) |
|
| 18,567 |
|
| 22,627 |
|
|
|
|
| 118,832 |
| ENEL SPA (b) |
|
| 533,144 |
|
| 593,883 |
|
|
|
|
| 34,744 |
| ENI SPA |
|
| 661,873 |
|
| 758,626 |
|
|
|
|
| 2,842 |
| EXOR SPA |
|
| 48,366 |
|
| 93,727 |
|
|
|
|
| 23,667 |
| FIAT SPA |
|
| 293,240 |
|
| 487,983 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 66 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund |
December 31, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Italy (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 3,656 |
| FINMECCANICA SPA |
| $ | 44,203 |
|
| 41,551 |
|
|
|
|
| 642 |
| FONDIARIA-SAI SPA (b) |
|
| 7,308 |
|
| 5,375 |
|
|
|
|
| 101,826 |
| INTESA SANPAOLO (b) |
|
| 265,964 |
|
| 276,217 |
|
|
|
|
| 18,247 |
| INTESA SANPAOLO-RNC |
|
| 48,163 |
|
| 43,475 |
|
|
|
|
| 6,000 |
| ITALCEMENTI SPA |
|
| 79,057 |
|
| 50,712 |
|
|
|
|
| 1,095 |
| LUXOTTICA GROUP SPA |
|
| 14,342 |
|
| 33,361 |
|
|
|
|
| 58,238 |
| MEDIASET SPA |
|
| 394,018 |
|
| 352,339 |
|
|
|
|
| 7,202 |
| MEDIOBANCA SPA |
|
| 50,231 |
|
| 64,095 |
|
|
|
|
| 34,777 |
| MEDIOLANUM SPA |
|
| 120,164 |
|
| 143,714 |
|
|
|
|
| 20,039 |
| PARMALAT SPA |
|
| 36,886 |
|
| 54,894 |
|
|
|
|
| 2,966 |
| PRYSMIAN SPA |
|
| 29,515 |
|
| 50,533 |
|
|
|
|
| 3,842 |
| SAIPEM SPA |
|
| 66,811 |
|
| 189,135 |
|
|
|
|
| 48,516 |
| SNAM RETE GAS |
|
| 216,794 |
|
| 241,170 |
|
|
|
|
| 158,727 |
| TELECOM ITALIA SPA |
|
| 212,786 |
|
| 205,104 |
|
|
|
|
| 22,370 |
| TERNA SPA |
|
| 71,955 |
|
| 94,460 |
|
|
|
|
| 5,082 |
| UBI BANCA SCPA |
|
| 44,449 |
|
| 44,481 |
|
|
|
|
| 251,615 |
| UNICREDIT SPA |
|
| 406,327 |
|
| 520,479 |
|
|
|
|
|
|
|
|
|
| 4,371,888 |
|
| 5,246,375 |
|
| 1.51 | % |
Japan: |
|
|
|
|
|
|
|
|
|
| |||
| 2,000 |
| 77 BANK LTD/THE |
|
| 10,160 |
|
| 10,617 |
|
|
|
|
| 5,200 |
| ADVANTEST CORP |
|
| 86,387 |
|
| 117,649 |
|
|
|
|
| 46,100 |
| AEON CO LTD |
|
| 344,949 |
|
| 576,862 |
|
|
|
|
| 4,800 |
| AEON CREDIT SERVICE CO LTD |
|
| 49,903 |
|
| 67,867 |
|
|
|
|
| 1,100 |
| AEON MALL CO LTD |
|
| 23,091 |
|
| 29,534 |
|
|
|
|
| 2,300 |
| AISIN SEIKI CO LTD |
|
| 37,584 |
|
| 81,384 |
|
|
|
|
| 50,000 |
| AJINOMOTO CO INC |
|
| 387,741 |
|
| 520,976 |
|
|
|
|
| 2,900 |
| ALFRESA HOLDINGS CORP |
|
| 138,845 |
|
| 128,760 |
|
|
|
|
| 95,000 |
| ALL NIPPON AIRWAYS CO LTD (b) |
|
| 304,805 |
|
| 354,522 |
|
|
|
|
| 2,000 |
| AMADA CO LTD |
|
| 10,582 |
|
| 16,282 |
|
|
|
|
| 20,300 |
| ASAHI BREWERIES LTD |
|
| 342,455 |
|
| 393,280 |
|
|
|
|
| 15,000 |
| ASAHI GLASS CO LTD |
|
| 80,697 |
|
| 175,321 |
|
|
|
|
| 22,000 |
| ASAHI KASEI CORP |
|
| 99,438 |
|
| 143,607 |
|
|
|
|
| 7,600 |
| ASTELLAS PHARMA INC |
|
| 243,758 |
|
| 289,702 |
|
|
|
|
| 11,000 |
| BANK OF KYOTO LTD/THE |
|
| 98,298 |
|
| 104,318 |
|
|
|
|
| 23,000 |
| BANK OF YOKOHAMA LTD/THE |
|
| 96,740 |
|
| 119,258 |
|
|
|
|
| 1,300 |
| BENESSE HOLDINGS INC |
|
| 48,395 |
|
| 59,881 |
|
|
|
|
| 13,800 |
| BRIDGESTONE CORP |
|
| 205,726 |
|
| 266,673 |
|
|
|
|
| 5,700 |
| BROTHER INDUSTRIES LTD |
|
| 42,142 |
|
| 84,524 |
|
|
|
|
| 35,000 |
| CANON INC |
|
| 1,202,051 |
|
| 1,814,795 |
|
|
|
|
| 1,100 |
| CANON MARKETING JAPAN INC |
|
| 15,818 |
|
| 15,661 |
|
|
|
|
| 3,800 |
| CASIO COMPUTER CO LTD |
|
| 28,796 |
|
| 30,655 |
|
|
|
|
| 29 |
| CENTRAL JAPAN RAILWAY CO |
|
| 162,730 |
|
| 242,876 |
|
|
|
|
| 15,000 |
| CHIBA BANK LTD/THE (b) |
|
| 81,968 |
|
| 97,544 |
|
|
|
|
| 13,800 |
| CHUBU ELECTRIC POWER CO INC |
|
| 306,766 |
|
| 339,248 |
|
|
|
|
| 1,900 |
| CHUGAI PHARMACEUTICAL CO LTD |
|
| 30,706 |
|
| 34,867 |
|
|
|
|
| 3,200 |
| CHUGOKU ELECTRIC POWER CO |
|
| 69,825 |
|
| 65,030 |
|
|
|
|
| 36,000 |
| CHUO MITSUI TRUST HOLDINGS |
|
| 125,658 |
|
| 149,420 |
|
|
|
|
| 7,900 |
| CITIZEN HOLDINGS CO LTD |
|
| 31,581 |
|
| 54,487 |
|
|
|
|
| 2,000 |
| COCA-COLA WEST CO LTD |
|
| 30,433 |
|
| 36,234 |
|
|
|
|
| 73,000 |
| COSMO OIL COMPANY LTD |
|
| 182,679 |
|
| 239,156 |
|
|
|
|
| 66,119 |
| CREDIT SAISON CO LTD |
|
| 787,612 |
|
| 1,087,139 |
|
|
|
|
| 25,000 |
| DAI NIPPON PRINTING CO LTD |
|
| 234,314 |
|
| 340,543 |
|
|
|
|
| 23,000 |
| DAIHATSU MOTOR CO LTD |
|
| 270,880 |
|
| 352,958 |
|
|
|
|
| 125 |
| DAI-ICHI LIFE INSURANCE (b) |
|
| 157,718 |
|
| 203,064 |
|
|
|
|
| 13,100 |
| DAIICHI SANKYO CO LTD |
|
| 225,226 |
|
| 286,706 |
|
|
|
|
| 4,300 |
| DAIKIN INDUSTRIES LTD |
|
| 117,015 |
|
| 152,524 |
|
|
|
|
| 1,200 |
| DAITO TRUST CONSTRUCT CO LTD |
|
| 42,344 |
|
| 82,174 |
|
|
|
|
| 6,000 |
| DAIWA HOUSE INDUSTRY CO LTD |
|
| 45,826 |
|
| 73,750 |
|
|
|
|
| 186,300 |
| DAIWA SECURITIES GROUP INC |
|
| 1,120,308 |
|
| 959,106 |
|
|
|
|
| 1,600 |
| DENA CO LTD |
|
| 49,492 |
|
| 57,384 |
|
|
|
|
| 4,000 |
| DENKI KAGAKU KOGYO K K |
|
| 7,188 |
|
| 19,016 |
|
|
|
|
| 8,200 |
| DENSO CORP |
|
| 185,234 |
|
| 282,982 |
|
|
|
|
| 2,900 |
| DENTSU INC |
|
| 48,680 |
|
| 90,043 |
|
|
|
|
| 13,000 |
| DOWA HOLDINGS CO LTD |
|
| 55,385 |
|
| 85,339 |
|
|
|
|
| 6,200 |
| EAST JAPAN RAILWAY CO |
|
| 344,432 |
|
| 403,184 |
|
|
|
|
| 3,800 |
| EISAI CO LTD |
|
| 120,732 |
|
| 137,597 |
|
|
|
|
| 2,100 |
| ELECTRIC POWER DEVELOPMENT C |
|
| 62,041 |
|
| 65,876 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 67 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund |
December 31, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Japan (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 1,800 |
| FAMILYMART CO LTD |
| $ | 52,590 |
|
| 67,838 |
|
|
|
|
| 3,100 |
| FANUC CORP |
|
| 243,447 |
|
| 476,108 |
|
|
|
|
| 700 |
| FAST RETAILING CO LTD |
|
| 76,899 |
|
| 111,474 |
|
|
|
|
| 50,000 |
| FUJI HEAVY INDUSTRIES LTD |
|
| 206,605 |
|
| 387,961 |
|
|
|
|
| 37,300 |
| FUJIFILM HOLDINGS CORP |
|
| 1,035,482 |
|
| 1,348,784 |
|
|
|
|
| 22,000 |
| FUJIKURA LTD |
|
| 122,650 |
|
| 111,092 |
|
|
|
|
| 31,000 |
| FUJITSU LTD |
|
| 124,538 |
|
| 215,719 |
|
|
|
|
| 79,000 |
| FUKUOKA FINANCIAL GROUP INC |
|
| 308,478 |
|
| 343,462 |
|
|
|
|
| 15,000 |
| FURUKAWA ELECTRIC CO LTD |
|
| 48,082 |
|
| 67,431 |
|
|
|
|
| 5,000 |
| GS YUASA CORP |
|
| 36,696 |
|
| 34,609 |
|
|
|
|
| 6,000 |
| GUNMA BANK LTD/THE |
|
| 31,571 |
|
| 32,958 |
|
|
|
|
| 12,000 |
| HACHIJUNI BANK LTD/THE |
|
| 67,350 |
|
| 67,099 |
|
|
|
|
| 3,220 |
| HAKUHODO DY HOLDINGS INC |
|
| 174,361 |
|
| 184,609 |
|
|
|
|
| 15,000 |
| HANKYU HOLDINGS CORP (b) |
|
| 71,596 |
|
| 69,648 |
|
|
|
|
| 500 |
| HIROSE ELECTRIC CO LTD |
|
| 48,402 |
|
| 56,347 |
|
|
|
|
| 7,000 |
| HIROSHIMA BANK LTD/THE |
|
| 26,154 |
|
| 29,485 |
|
|
|
|
| 600 |
| HISAMITSU PHARMACEUTICAL CO |
|
| 17,668 |
|
| 25,273 |
|
|
|
|
| 3,000 |
| HITACHI CHEMICAL CO LTD |
|
| 54,135 |
|
| 62,111 |
|
|
|
|
| 2,200 |
| HITACHI CONSTRUCTION MACHINE (b) |
|
| 48,655 |
|
| 52,728 |
|
|
|
|
| 153,000 |
| HITACHI LTD |
|
| 463,298 |
|
| 815,937 |
|
|
|
|
| 15,900 |
| HOKKAIDO ELECTRIC POWER CO |
|
| 332,832 |
|
| 325,074 |
|
|
|
|
| 25,000 |
| HOKUHOKU FINANCIAL GROUP INC |
|
| 45,996 |
|
| 50,804 |
|
|
|
|
| 5,000 |
| HOKURIKU ELECTRIC POWER CO |
|
| 118,737 |
|
| 122,854 |
|
|
|
|
| 40,000 |
| HONDA MOTOR CO LTD |
|
| 1,114,704 |
|
| 1,583,866 |
|
|
|
|
| 7,100 |
| HOYA CORP |
|
| 150,194 |
|
| 172,442 |
|
|
|
|
| 1,600 |
| IBIDEN CO LTD |
|
| 37,951 |
|
| 50,487 |
|
|
|
|
| 300 |
| IDEMITSU KOSAN CO LTD |
|
| 23,804 |
|
| 31,850 |
|
|
|
|
| 24,000 |
| IHI CORP |
|
| 31,334 |
|
| 53,502 |
|
|
|
|
| 26 |
| INPEX CORP |
|
| 126,100 |
|
| 152,265 |
|
|
|
|
| 11,100 |
| ISETAN MITSUKOSHI HOLDINGS L |
|
| 111,994 |
|
| 129,054 |
|
|
|
|
| 47,000 |
| ISUZU MOTORS LTD |
|
| 100,274 |
|
| 213,600 |
|
|
|
|
| 28,000 |
| ITOCHU CORP |
|
| 163,531 |
|
| 283,470 |
|
|
|
|
| 8,000 |
| J FRONT RETAILING CO LTD |
|
| 31,099 |
|
| 43,747 |
|
|
|
|
| 6 |
| JAPAN REAL ESTATE INVESTMENT |
|
| 46,693 |
|
| 62,222 |
|
|
|
|
| 8 |
| JAPAN RETAIL FUND INVESTMENT |
|
| 8,807 |
|
| 15,341 |
|
|
|
|
| 5,000 |
| JAPAN STEEL WORKS LTD |
|
| 47,736 |
|
| 52,221 |
|
|
|
|
| 77 |
| JAPAN TOBACCO INC |
|
| 200,326 |
|
| 284,979 |
|
|
|
|
| 7,400 |
| JFE HOLDINGS INC |
|
| 181,345 |
|
| 257,744 |
|
|
|
|
| 4,000 |
| JGC CORP |
|
| 53,048 |
|
| 87,051 |
|
|
|
|
| 7,000 |
| JOYO BANK LTD/THE |
|
| 32,424 |
|
| 30,778 |
|
|
|
|
| 5,100 |
| JS GROUP CORP |
|
| 59,682 |
|
| 112,246 |
|
|
|
|
| 3,100 |
| JSR CORP |
|
| 39,530 |
|
| 57,843 |
|
|
|
|
| 29,900 |
| JTEKT CORP |
|
| 274,921 |
|
| 352,788 |
|
|
|
|
| 45 |
| JUPITER TELECOMMUNICATIONS |
|
| 27,159 |
|
| 47,331 |
|
|
|
|
| 79,180 |
| JX HOLDINGS INC |
|
| 390,898 |
|
| 537,334 |
|
|
|
|
| 7,000 |
| KAJIMA CORP |
|
| 15,004 |
|
| 18,622 |
|
|
|
|
| 16,000 |
| KAMIGUMI CO LTD |
|
| 112,464 |
|
| 134,395 |
|
|
|
|
| 38,000 |
| KANEKA CORP |
|
| 253,846 |
|
| 263,493 |
|
|
|
|
| 11,900 |
| KANSAI ELECTRIC POWER CO INC |
|
| 258,103 |
|
| 293,712 |
|
|
|
|
| 2,000 |
| KANSAI PAINT CO LTD |
|
| 10,449 |
|
| 19,361 |
|
|
|
|
| 18,600 |
| KAO CORP |
|
| 435,196 |
|
| 501,231 |
|
|
|
|
| 92,000 |
| KAWASAKI HEAVY INDUSTRIES |
|
| 220,820 |
|
| 309,334 |
|
|
|
|
| 20,000 |
| KAWASAKI KISEN KAISHA LTD |
|
| 71,674 |
|
| 87,938 |
|
|
|
|
| 50 |
| KDDI CORP |
|
| 240,697 |
|
| 288,815 |
|
|
|
|
| 6,000 |
| KEIKYU CORP |
|
| 45,614 |
|
| 52,984 |
|
|
|
|
| 3,000 |
| KEIO CORP |
|
| 15,740 |
|
| 20,470 |
|
|
|
|
| 5,000 |
| KEISEI ELECTRIC RAILWAY CO |
|
| 23,110 |
|
| 33,377 |
|
|
|
|
| 710 |
| KEYENCE CORP |
|
| 131,805 |
|
| 205,671 |
|
|
|
|
| 6,000 |
| KIKKOMAN CORP |
|
| 52,867 |
|
| 67,247 |
|
|
|
|
| 20,000 |
| KINTETSU CORP |
|
| 66,744 |
|
| 62,566 |
|
|
|
|
| 15,000 |
| KIRIN HOLDINGS CO LTD |
|
| 169,540 |
|
| 210,423 |
|
|
|
|
| 51,000 |
| KOBE STEEL LTD |
|
| 74,632 |
|
| 129,394 |
|
|
|
|
| 15,100 |
| KOMATSU LTD |
|
| 187,238 |
|
| 456,940 |
|
|
|
|
| 3,900 |
| KONAMI CORP |
|
| 61,913 |
|
| 82,905 |
|
|
|
|
| 18,500 |
| KONICA MINOLTA HOLDINGS INC |
|
| 174,028 |
|
| 192,305 |
|
|
|
|
| 21,000 |
| KUBOTA CORP |
|
| 129,773 |
|
| 198,895 |
|
|
|
|
| 5,500 |
| KURARAY CO LTD |
|
| 46,234 |
|
| 78,848 |
|
|
|
|
| 4,300 |
| KURITA WATER INDUSTRIES LTD |
|
| 96,931 |
|
| 135,471 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 68 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund |
December 31, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Japan (Cont’d): | |||||||||||||
| 2,700 |
| KYOCERA CORP |
| $ | 198,000 |
|
| 275,674 |
|
|
|
|
| 3,000 |
| KYOWA HAKKO KIRIN CO LTD |
|
| 23,089 |
|
| 30,889 |
|
|
|
|
| 4,300 |
| KYUSHU ELECTRIC POWER CO INC |
|
| 96,737 |
|
| 96,387 |
|
|
|
|
| 4,300 |
| LAWSON INC |
|
| 186,552 |
|
| 212,633 |
|
|
|
|
| 700 |
| MABUCHI MOTOR CO LTD |
|
| 36,674 |
|
| 36,080 |
|
|
|
|
| 10,400 |
| MAKITA CORP |
|
| 298,565 |
|
| 425,254 |
|
|
|
|
| 44,000 |
| MARUBENI CORP |
|
| 181,070 |
|
| 309,433 |
|
|
|
|
| 6,500 |
| MARUI GROUP CO LTD |
|
| 32,287 |
|
| 52,997 |
|
|
|
|
| 32,000 |
| MAZDA MOTOR CORP |
|
| 59,801 |
|
| 91,830 |
|
|
|
|
| 22,700 |
| MEDIPAL HOLDINGS CORP |
|
| 268,711 |
|
| 250,222 |
|
|
|
|
| 6,900 |
| MEIJI HOLDINGS CO LTD |
|
| 260,803 |
|
| 311,884 |
|
|
|
|
| 7,540 |
| MEITEC CORP (b) |
|
| 124,966 |
|
| 161,305 |
|
|
|
|
| 76,500 |
| MITSUBISHI CHEMICAL HOLDINGS |
|
| 336,902 |
|
| 519,147 |
|
|
|
|
| 34,600 |
| MITSUBISHI CORP |
|
| 648,370 |
|
| 936,658 |
|
|
|
|
| 32,000 |
| MITSUBISHI ELECTRIC CORP |
|
| 148,393 |
|
| 335,789 |
|
|
|
|
| 18,000 |
| MITSUBISHI ESTATE CO LTD |
|
| 212,941 |
|
| 333,868 |
|
|
|
|
| 17,000 |
| MITSUBISHI GAS CHEMICAL CO |
|
| 75,149 |
|
| 120,810 |
|
|
|
|
| 57,000 |
| MITSUBISHI HEAVY INDUSTRIES |
|
| 185,317 |
|
| 214,117 |
|
|
|
|
| 4,000 |
| MITSUBISHI LOGISTICS CORP |
|
| 45,017 |
|
| 53,305 |
|
|
|
|
| 108,000 |
| MITSUBISHI MATERIALS CORP (b) |
|
| 293,296 |
|
| 344,509 |
|
|
|
|
| 48,000 |
| MITSUBISHI MOTORS CORP (b) |
|
| 72,153 |
|
| 69,759 |
|
|
|
|
| 5,000 |
| MITSUBISHI TANABE PHARMA |
|
| 54,031 |
|
| 84,428 |
|
|
|
|
| 419,200 |
| MITSUBISHI UFJ FINANCIAL GRO |
|
| 2,059,726 |
|
| 2,266,539 |
|
|
|
|
| 3,960 |
| MITSUBISHI UFJ LEASE & FINAN |
|
| 130,425 |
|
| 157,047 |
|
|
|
|
| 71,000 |
| MITSUI & CO LTD |
|
| 824,847 |
|
| 1,172,640 |
|
|
|
|
| 102,000 |
| MITSUI CHEMICALS INC |
|
| 317,085 |
|
| 365,570 |
|
|
|
|
| 35,000 |
| MITSUI ENGINEER & SHIPBUILD |
|
| 83,842 |
|
| 92,680 |
|
|
|
|
| 14,000 |
| MITSUI FUDOSAN CO LTD |
|
| 160,770 |
|
| 279,159 |
|
|
|
|
| 3,000 |
| MITSUI MINING & SMELTING CO |
|
| 5,391 |
|
| 9,902 |
|
|
|
|
| 17,000 |
| MITSUI OSK LINES LTD |
|
| 90,171 |
|
| 115,994 |
|
|
|
|
| 314,000 |
| MIZUHO FINANCIAL GROUP INC |
|
| 567,650 |
|
| 591,696 |
|
|
|
|
| 29,000 |
| MIZUHO SECURITIES CO LTD |
|
| 61,853 |
|
| 83,221 |
|
|
|
|
| 10,280 |
| MS&AD INSURANCE GROUP HOLDIN |
|
| 242,067 |
|
| 257,653 |
|
|
|
|
| 3,600 |
| MURATA MANUFACTURING CO LTD |
|
| 162,615 |
|
| 252,285 |
|
|
|
|
| 23,500 |
| NAMCO BANDAI HOLDINGS INC |
|
| 240,157 |
|
| 252,384 |
|
|
|
|
| 41,000 |
| NEC CORP |
|
| 114,733 |
|
| 123,211 |
|
|
|
|
| 123,000 |
| NEC CORP |
|
| 342,135 |
|
| 369,634 |
|
|
|
|
| 3,000 |
| NGK INSULATORS LTD |
|
| 44,485 |
|
| 48,957 |
|
|
|
|
| 3,000 |
| NGK SPARK PLUG CO LTD |
|
| 28,359 |
|
| 46,038 |
|
|
|
|
| 1,600 |
| NIDEC CORP |
|
| 75,128 |
|
| 161,786 |
|
|
|
|
| 6,000 |
| NIKON CORP |
|
| 75,728 |
|
| 121,709 |
|
|
|
|
| 11,500 |
| NIKON CORP |
|
| 209,644 |
|
| 233,275 |
|
|
|
|
| 1,600 |
| NINTENDO CO LTD |
|
| 401,254 |
|
| 469,593 |
|
|
|
|
| 11 |
| NIPPON BUILDING FUND INC |
|
| 90,970 |
|
| 112,854 |
|
|
|
|
| 9,000 |
| NIPPON ELECTRIC GLASS CO LTD |
|
| 66,934 |
|
| 129,911 |
|
|
|
|
| 17,000 |
| NIPPON EXPRESS CO LTD |
|
| 60,747 |
|
| 76,632 |
|
|
|
|
| 72,000 |
| NIPPON EXPRESS CO LTD |
|
| 277,746 |
|
| 324,557 |
|
|
|
|
| 6,000 |
| NIPPON MEAT PACKERS INC |
|
| 72,315 |
|
| 78,405 |
|
|
|
|
| 3,100 |
| NIPPON PAPER GROUP INC |
|
| 78,898 |
|
| 81,324 |
| �� |
|
|
| 11,000 |
| NIPPON SHEET GLASS CO LTD |
|
| 30,764 |
|
| 29,670 |
|
|
|
|
| 83,000 |
| NIPPON STEEL CORP |
|
| 239,272 |
|
| 298,496 |
|
|
|
|
| 9,300 |
| NIPPON TELEGRAPH & TELEPHONE |
|
| 356,996 |
|
| 420,938 |
|
|
|
|
| 29,000 |
| NIPPON YUSEN |
|
| 99,727 |
|
| 128,581 |
|
|
|
|
| 45,000 |
| NIPPON YUSEN |
|
| 175,208 |
|
| 199,523 |
|
|
|
|
| 17,000 |
| NISHI-NIPPON CITY BANK LTD |
|
| 40,901 |
|
| 51,716 |
|
|
|
|
| 74,000 |
| NISHI-NIPPON CITY BANK LTD |
|
| 209,165 |
|
| 225,116 |
|
|
|
|
| 55,000 |
| NISSAN MOTOR CO LTD |
|
| 480,250 |
|
| 523,624 |
|
|
|
|
| 42,600 |
| NISSAN MOTOR CO LTD |
|
| 187,438 |
|
| 405,571 |
|
|
|
|
| 2,500 |
| NISSHIN SEIFUN GROUP INC |
|
| 25,731 |
|
| 31,745 |
|
|
|
|
| 3,000 |
| NISSHINBO HOLDINGS INC |
|
| 23,700 |
|
| 32,884 |
|
|
|
|
| 1,300 |
| NISSIN FOODS HOLDINGS CO LTD |
|
| 47,622 |
|
| 46,592 |
|
|
|
|
| 600 |
| NITORI HOLDINGS CO LTD |
|
| 33,819 |
|
| 52,467 |
|
|
|
|
| 3,200 |
| NITTO DENKO CORP |
|
| 77,639 |
|
| 150,751 |
|
|
|
|
| 35,200 |
| NKSJ HOLDINGS INC (b) |
|
| 219,922 |
|
| 259,251 |
|
|
|
|
| 48,500 |
| NOMURA HOLDINGS INC |
|
| 262,863 |
|
| 307,628 |
|
|
|
|
| 2,700 |
| NOMURA RESEARCH INSTITUTE LT |
|
| 43,930 |
|
| 60,123 |
|
|
|
|
| 6,000 |
| NSK LTD |
|
| 24,006 |
|
| 54,241 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 69 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund |
December 31, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Japan (Cont’d): | |||||||||||||
| 29,000 |
| NTN CORP |
| $ | 116,432 |
|
| 153,940 |
|
|
|
|
| 15 |
| NTT DATA CORP |
|
| 39,108 |
|
| 51,931 |
|
|
|
|
| 284 |
| NTT DOCOMO INC |
|
| 404,857 |
|
| 495,989 |
|
|
|
|
| 58 |
| NTT URBAN DEVELOPMENT CORP |
|
| 54,407 |
|
| 57,147 |
|
|
|
|
| 12,000 |
| OBAYASHI CORP |
|
| 48,665 |
|
| 55,275 |
|
|
|
|
| 8,000 |
| ODAKYU ELECTRIC RAILWAY CO |
|
| 62,234 |
|
| 74,488 |
|
|
|
|
| 13,000 |
| OJI PAPER CO LTD |
|
| 49,994 |
|
| 62,924 |
|
|
|
|
| 4,000 |
| OLYMPUS CORP |
|
| 61,766 |
|
| 121,093 |
|
|
|
|
| 7,300 |
| OMRON CORP |
|
| 99,962 |
|
| 193,393 |
|
|
|
|
| 1,400 |
| ONO PHARMACEUTICAL CO LTD |
|
| 60,256 |
|
| 65,350 |
|
|
|
|
| 8,000 |
| ONWARD HOLDINGS CO LTD |
|
| 54,094 |
|
| 69,266 |
|
|
|
|
| 800 |
| ORIENTAL LAND CO LTD |
|
| 50,479 |
|
| 74,094 |
|
|
|
|
| 7,210 |
| ORIX CORP |
|
| 484,775 |
|
| 709,512 |
|
|
|
|
| 86,000 |
| OSAKA GAS CO LTD |
|
| 307,684 |
|
| 333,646 |
|
|
|
|
| 30,500 |
| PANASONIC CORP |
|
| 376,359 |
|
| 433,118 |
|
|
|
|
| 153 |
| RAKUTEN INC (b) |
|
| 84,827 |
|
| 128,138 |
|
|
|
|
| 30,000 |
| RICOH CO LTD |
|
| 378,821 |
|
| 439,689 |
|
|
|
|
| 1,200 |
| RINNAI CORP |
|
| 52,047 |
|
| 73,306 |
|
|
|
|
| 1,800 |
| ROHM CO LTD |
|
| 99,465 |
|
| 117,497 |
|
|
|
|
| 15,900 |
| SANKYO CO LTD |
|
| 848,356 |
|
| 897,871 |
|
|
|
|
| 2,600 |
| SANTEN PHARMACEUTICAL CO LTD |
|
| 85,886 |
|
| 90,303 |
|
|
|
|
| 35,000 |
| SAPPORO HOKUYO HOLDINGS INC |
|
| 109,166 |
|
| 163,806 |
|
|
|
|
| 10,000 |
| SAPPORO HOLDINGS LTD |
|
| 50,459 |
|
| 45,324 |
|
|
|
|
| 433 |
| SBI HOLDINGS INC |
|
| 45,378 |
|
| 65,702 |
|
|
|
|
| 3,400 |
| SECOM CO LTD |
|
| 133,812 |
|
| 161,010 |
|
|
|
|
| 4,100 |
| SEGA SAMMY HOLDINGS INC |
|
| 38,822 |
|
| 78,017 |
|
|
|
|
| 12,900 |
| SEIKO EPSON CORP |
|
| 193,547 |
|
| 235,141 |
|
|
|
|
| 25,000 |
| SEINO HOLDINGS CO LTD |
|
| 196,920 |
|
| 171,811 |
|
|
|
|
| 13,000 |
| SEKISUI CHEMICAL CO LTD |
|
| 66,177 |
|
| 93,345 |
|
|
|
|
| 6,000 |
| SEKISUI HOUSE LTD |
|
| 44,394 |
|
| 60,670 |
|
|
|
|
| 13,000 |
| SEVEN & I HOLDINGS CO LTD |
|
| 286,258 |
|
| 347,441 |
|
|
|
|
| 4 |
| SEVEN BANK LTD |
|
| 9,649 |
|
| 8,469 |
|
|
|
|
| 20,000 |
| SHARP CORP |
|
| 174,731 |
|
| 206,174 |
|
|
|
|
| 4,200 |
| SHIKOKU ELECTRIC POWER CO |
|
| 116,898 |
|
| 123,527 |
|
|
|
|
| 4,000 |
| SHIMADZU CORP |
|
| 25,419 |
|
| 31,086 |
|
|
|
|
| 1,000 |
| SHIMAMURA CO LTD |
|
| 61,206 |
|
| 92,741 |
|
|
|
|
| 1,500 |
| SHIMANO INC |
|
| 58,204 |
|
| 76,299 |
|
|
|
|
| 2,000 |
| SHIMIZU CORP |
|
| 7,530 |
|
| 8,547 |
|
|
|
|
| 6,600 |
| SHIN-ETSU CHEMICAL CO LTD |
|
| 318,188 |
|
| 357,663 |
|
|
|
|
| 4,000 |
| SHIONOGI & CO LTD |
|
| 67,679 |
|
| 78,972 |
|
|
|
|
| 3,000 |
| SHISEIDO CO LTD |
|
| 43,317 |
|
| 65,547 |
|
|
|
|
| 8,000 |
| SHIZUOKA BANK LTD/THE (b) |
|
| 74,794 |
|
| 73,799 |
|
|
|
|
| 21,000 |
| SHOWA DENKO K K |
|
| 33,824 |
|
| 47,331 |
|
|
|
|
| 7,400 |
| SHOWA SHELL SEKIYU KK |
|
| 69,579 |
|
| 67,808 |
|
|
|
|
| 600 |
| SMC CORP |
|
| 57,789 |
|
| 102,791 |
|
|
|
|
| 14,200 |
| SOFTBANK CORP |
|
| 235,288 |
|
| 491,617 |
|
|
|
|
| 21,900 |
| SOJITZ CORP |
|
| 34,134 |
|
| 48,011 |
|
|
|
|
| 17,300 |
| SONY CORP |
|
| 411,992 |
|
| 623,658 |
|
|
|
|
| 33 |
| SONY FINANCIAL HOLDINGS INC |
|
| 85,415 |
|
| 133,514 |
|
|
|
|
| 2,700 |
| STANLEY ELECTRIC CO LTD |
|
| 30,745 |
|
| 50,446 |
|
|
|
|
| 97,000 |
| SUMITOMO CHEMICAL CO LTD |
|
| 443,397 |
|
| 477,869 |
|
|
|
|
| 21,300 |
| SUMITOMO CORP |
|
| 207,214 |
|
| 301,423 |
|
|
|
|
| 13,100 |
| SUMITOMO ELECTRIC INDUSTRIES |
|
| 127,803 |
|
| 181,994 |
|
|
|
|
| 12,000 |
| SUMITOMO HEAVY INDUSTRIES |
|
| 39,379 |
|
| 77,149 |
|
|
|
|
| 62,000 |
| SUMITOMO METAL INDUSTRIES |
|
| 136,710 |
|
| 152,721 |
|
|
|
|
| 18,000 |
| SUMITOMO METAL MINING CO LTD |
|
| 242,021 |
|
| 314,581 |
|
|
|
|
| 23,000 |
| SUMITOMO MITSUI FINANCIAL GR |
|
| 728,366 |
|
| 819,226 |
|
|
|
|
| 7,000 |
| SUMITOMO REALTY & DEVELOPMNT |
|
| 81,291 |
|
| 167,168 |
|
|
|
|
| 23,000 |
| SUMITOMO TRUST & BANKING CO |
|
| 99,242 |
|
| 145,036 |
|
|
|
|
| 1,000 |
| SURUGA BANK LTD |
|
| 8,247 |
|
| 9,311 |
|
|
|
|
| 500 |
| SUZUKEN CO LTD |
|
| 12,835 |
|
| 15,272 |
|
|
|
|
| 5,700 |
| SUZUKI MOTOR CORP |
|
| 102,733 |
|
| 140,405 |
|
|
|
|
| 19,400 |
| T&D HOLDINGS INC |
|
| 440,678 |
|
| 492,205 |
|
|
|
|
| 11,000 |
| TAISEI CORP |
|
| 19,821 |
|
| 25,741 |
|
|
|
|
| 2,000 |
| TAISHO PHARMACEUTICAL CO LTD |
|
| 40,190 |
|
| 43,772 |
|
|
|
|
| 2,000 |
| TAIYO NIPPON SANSO CORP |
|
| 11,493 |
|
| 17,661 |
|
|
|
|
| 27,000 |
| TAKASHIMAYA CO LTD |
|
| 194,251 |
|
| 231,446 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 70 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Japan (Cont’d): |
|
|
|
|
|
|
|
|
|
|
| ||
| 3,400 |
| TAKATA CORP |
| $ | 83,835 |
|
| 100,584 |
|
|
|
|
| 13,400 |
| TAKEDA PHARMACEUTICAL CO LTD |
|
| 499,404 |
|
| 659,324 |
|
|
|
|
| 1,500 |
| TDK CORP |
|
| 58,582 |
|
| 104,380 |
|
|
|
|
| 83,000 |
| TEIJIN LTD |
|
| 212,360 |
|
| 354,719 |
|
|
|
|
| 2,600 |
| TERUMO CORP |
|
| 95,419 |
|
| 146,341 |
|
|
|
|
| 2,000 |
| THK CO LTD |
|
| 29,290 |
|
| 45,989 |
|
|
|
|
| 19,000 |
| TOBU RAILWAY CO LTD |
|
| 97,844 |
|
| 106,708 |
|
|
|
|
| 1,000 |
| TOHO CO LTD |
|
| 13,412 |
|
| 16,060 |
|
|
|
|
| 6,800 |
| TOHOKU ELECTRIC POWER CO INC |
|
| 143,233 |
|
| 151,588 |
|
|
|
|
| 11,600 |
| TOKIO MARINE HOLDINGS INC |
|
| 296,326 |
|
| 346,741 |
|
|
|
|
| 14,400 |
| TOKYO BROADCASTING SYSTEM |
|
| 196,223 |
|
| 204,489 |
|
|
|
|
| 24,700 |
| TOKYO ELECTRIC POWER CO INC |
|
| 607,774 |
|
| 603,250 |
|
|
|
|
| 3,200 |
| TOKYO ELECTRON LTD |
|
| 128,746 |
|
| 202,577 |
|
|
|
|
| 46,000 |
| TOKYO GAS CO LTD |
|
| 160,535 |
|
| 203,957 |
|
|
|
|
| 14,000 |
| TOKYO TATEMONO CO LTD |
|
| 52,674 |
|
| 64,833 |
|
|
|
|
| 14,000 |
| TOKYU CORP |
|
| 57,421 |
|
| 64,143 |
|
|
|
|
| 20,000 |
| TOKYU LAND CORP |
|
| 69,576 |
|
| 100,500 |
|
|
|
|
| 4,000 |
| TONENGENERAL SEKIYU KK |
|
| 37,796 |
|
| 43,747 |
|
|
|
|
| 48,000 |
| TOPPAN PRINTING CO LTD |
|
| 383,614 |
|
| 438,654 |
|
|
|
|
| 17,000 |
| TORAY INDUSTRIES INC |
|
| 70,413 |
|
| 101,547 |
|
|
|
|
| 66,000 |
| TOSHIBA CORP |
|
| 197,553 |
|
| 359,289 |
|
|
|
|
| 6,000 |
| TOTO LTD |
|
| 30,029 |
|
| 43,526 |
|
|
|
|
| 15,900 |
| TOYO SEIKAN KAISHA LTD |
|
| 265,689 |
|
| 302,554 |
|
|
|
|
| 1,000 |
| TOYO SUISAN KAISHA LTD |
|
| 23,262 |
|
| 22,255 |
|
|
|
|
| 9,200 |
| TOYOTA AUTO BODY CO LTD |
|
| 172,671 |
|
| 171,777 |
|
|
|
|
| 2,300 |
| TOYOTA INDUSTRIES CORP |
|
| 51,959 |
|
| 71,413 |
|
|
|
|
| 46,900 |
| TOYOTA MOTOR CORP |
|
| 1,599,107 |
|
| 1,859,971 |
|
|
|
|
| 19,700 |
| TOYOTA TSUSHO CORP |
|
| 264,953 |
|
| 346,960 |
|
|
|
|
| 2,500 |
| TREND MICRO INC (b) |
|
| 74,501 |
|
| 82,549 |
|
|
|
|
| 1,700 |
| TSUMURA & CO |
|
| 50,505 |
|
| 55,045 |
|
|
|
|
| 8,000 |
| UBE INDUSTRIES LTD |
|
| 13,963 |
|
| 24,041 |
|
|
|
|
| 2,100 |
| UNICHARM CORP |
|
| 42,706 |
|
| 83,541 |
|
|
|
|
| 23,800 |
| UNIHAIR CO LTD (b) |
|
| 281,701 |
|
| 319,507 |
|
|
|
|
| 1,000 |
| USHIO INC |
|
| 14,106 |
|
| 19,066 |
|
|
|
|
| 130 |
| USS CO LTD |
|
| 5,696 |
|
| 10,631 |
|
|
|
|
| 126 |
| WEST JAPAN RAILWAY CO |
|
| 427,214 |
|
| 470,985 |
|
|
|
|
| 236 |
| YAHOO JAPAN CORP |
|
| 62,283 |
|
| 91,559 |
|
|
|
|
| 2,500 |
| YAKULT HONSHA CO LTD |
|
| 42,793 |
|
| 72,019 |
|
|
|
|
| 1,270 |
| YAMADA DENKI CO LTD |
|
| 52,100 |
|
| 86,654 |
|
|
|
|
| 2,000 |
| YAMAGUCHI FINANCIAL GROUP IN |
|
| 18,216 |
|
| 20,248 |
|
|
|
|
| 15,100 |
| YAMAHA CORP |
|
| 164,370 |
|
| 187,463 |
|
|
|
|
| 11,300 |
| YAMAHA MOTOR CO LTD (b) |
|
| 134,328 |
|
| 184,126 |
|
|
|
|
| 9,000 |
| YAMATO HOLDINGS CO LTD |
|
| 96,669 |
|
| 128,138 |
|
|
|
|
| 12,000 |
| YOKOGAWA ELECTRIC CORP |
|
| 94,287 |
|
| 95,475 |
|
|
|
|
|
|
|
|
|
| 49,315,381 |
|
| 63,267,029 |
|
| 18.25 | % |
Jersey: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 868 |
| RANDGOLD RESOURCES LTD |
|
| 57,706 |
|
| 71,385 |
|
|
|
|
|
|
|
|
|
| 57,706 |
|
| 71,385 |
|
| 0.02 | % |
Luxembourg: |
|
|
|
|
|
|
|
|
|
|
| ||
| 15,315 |
| ARCELORMITTAL |
|
| 336,733 |
|
| 580,798 |
|
|
|
|
| 1,600 |
| MILLICOM INTL CELLULAR-SDR |
|
| 87,461 |
|
| 153,676 |
|
|
|
|
| 3,311 |
| SES |
|
| 62,443 |
|
| 78,821 |
|
|
|
|
| 6,028 |
| TENARIS SA |
|
| 60,927 |
|
| 147,810 |
|
|
|
|
|
|
|
|
|
| 547,564 |
|
| 961,105 |
|
| 0.28 | % |
Macau: |
|
|
|
|
|
|
|
|
|
| |||
| 30,000 |
| WYNN MACAU LTD |
|
| 50,423 |
|
| 67,161 |
|
|
|
|
|
|
|
|
|
| 50,423 |
|
| 67,161 |
|
| 0.02 | % |
Mexico: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 13,800 |
| DESARROLLADORA HOMEX-ADR (b)(c) |
|
| 414,776 |
|
| 466,578 |
|
|
|
|
| 7,700 |
| FOMENTO ECONOMICO MEX-SP ADR (c) |
|
| 236,240 |
|
| 430,584 |
|
|
|
|
| 2,393 |
| FRESNILLO PLC |
|
| 48,607 |
|
| 62,231 |
|
|
|
|
| 86,000 |
| GENOMMA LAB INTERNACIONAL-B (b) |
|
| 157,664 |
|
| 205,853 |
|
|
|
|
|
|
|
|
|
| 857,287 |
|
| 1,165,246 |
|
| 0.34 | % |
Netherlands: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 27,148 |
| AEGON NV (b) |
|
| 127,577 |
|
| 166,004 |
|
|
|
|
| 9,407 |
| AKZO NOBEL |
|
| 457,135 |
|
| 584,332 |
|
|
|
|
| 5,963 |
| ASML HOLDING NV |
|
| 107,018 |
|
| 230,281 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 71 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Netherlands (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 28,133 |
| BRIT INSURANCE HOLDINGS NV (b) |
| $ | 328,384 |
|
| 457,034 |
|
|
|
|
| 1,079 |
| CORIO NV |
|
| 43,024 |
|
| 69,230 |
|
|
|
|
| 5,200 |
| CSM |
|
| 148,650 |
|
| 181,985 |
|
|
|
|
| 2,751 |
| DELTA LLOYD NV |
|
| 50,800 |
|
| 55,454 |
|
|
|
|
| 6,423 |
| EADS NV (b) |
|
| 81,439 |
|
| 149,686 |
|
|
|
|
| 1,198 |
| FUGRO NV-CVA |
|
| 57,119 |
|
| 98,453 |
|
|
|
|
| 12,624 |
| GEMALTO |
|
| 426,701 |
|
| 537,198 |
|
|
|
|
| 1,747 |
| HEINEKEN HOLDING NV |
|
| 53,733 |
|
| 75,929 |
|
|
|
|
| 3,004 |
| HEINEKEN NV |
|
| 84,487 |
|
| 147,280 |
|
|
|
|
| 70,094 |
| ING GROEP NV-CVA (b) |
|
| 469,277 |
|
| 681,880 |
|
|
|
|
| 27,137 |
| KONINKLIJKE AHOLD NV |
|
| 326,725 |
|
| 358,128 |
|
|
|
|
| 2,539 |
| KONINKLIJKE DSM NV |
|
| 86,313 |
|
| 144,550 |
|
|
|
|
| 72,374 |
| KONINKLIJKE KPN NV |
|
| 1,004,855 |
|
| 1,056,090 |
|
|
|
|
| 18,384 |
| KONINKLIJKE PHILIPS ELECTRON |
|
| 321,594 |
|
| 563,055 |
|
|
|
|
| 3,200 |
| NUTRECO NV |
|
| 177,318 |
|
| 242,839 |
|
|
|
|
| 2,977 |
| QIAGEN N.V. (b) |
|
| 47,317 |
|
| 58,199 |
|
|
|
|
| 3,773 |
| RANDSTAD HOLDING NV (b) |
|
| 73,225 |
|
| 199,150 |
|
|
|
|
| 11,940 |
| REED ELSEVIER NV |
|
| 133,131 |
|
| 147,697 |
|
|
|
|
| 94,127 |
| ROYAL DUTCH SHELL PLC-A SHS |
|
| 2,363,341 |
|
| 3,128,860 |
|
|
|
|
| 46,554 |
| ROYAL DUTCH SHELL PLC-B SHS |
|
| 1,089,498 |
|
| 1,535,085 |
|
|
|
|
| 6,056 |
| SBM OFFSHORE NV |
|
| 85,999 |
|
| 135,670 |
|
|
|
|
| 2,181 |
| SNS REAAL (b) |
|
| 6,124 |
|
| 9,297 |
|
|
|
|
| 8,454 |
| TNT NV |
|
| 150,536 |
|
| 223,113 |
|
|
|
|
| 28,402 |
| UNILEVER NV-CVA |
|
| 579,364 |
|
| 884,302 |
|
|
|
|
| 6,193 |
| WOLTERS KLUWER (b) |
|
| 101,075 |
|
| 135,719 |
|
|
|
|
|
|
|
|
|
| 8,981,759 |
|
| 12,256,500 |
|
| 3.54 | % |
New Zealand: |
|
|
|
|
|
|
|
|
|
|
| ||
| 7,267 |
| CONTACT ENERGY LTD (b) |
|
| 21,310 |
|
| 35,265 |
|
|
|
|
| 14,246 |
| FLETCHER BUILDING LTD |
|
| 48,135 |
|
| 85,000 |
|
|
|
|
| 25,416 |
| TELECOM CORP OF NEW ZEALAND |
|
| 36,442 |
|
| 42,960 |
|
|
|
|
|
|
|
|
|
| 105,887 |
|
| 163,225 |
|
| 0.05 | % |
Norway: |
|
|
|
|
|
|
|
|
|
| |||
| 3,900 |
| AKER SOLUTIONS ASA |
|
| 51,913 |
|
| 66,336 |
|
|
|
|
| 17,600 |
| DNB NOR ASA |
|
| 139,946 |
|
| 247,029 |
|
|
|
|
| 3,600 |
| FRED OLSEN ENERGY ASA (b) |
|
| 100,130 |
|
| 159,051 |
|
|
|
|
| 31,521 |
| NORSK HYDRO ASA |
|
| 131,018 |
|
| 230,178 |
|
|
|
|
| 12,000 |
| ORKLA ASA |
|
| 80,407 |
|
| 116,605 |
|
|
|
|
| 20,900 |
| RENEWABLE ENERGY CORP ASA (b) |
|
| 51,708 |
|
| 63,720 |
|
|
|
|
| 29,448 |
| STATOIL ASA |
|
| 576,188 |
|
| 699,473 |
|
|
|
|
| 10,900 |
| TELENOR ASA |
|
| 62,904 |
|
| 177,087 |
|
|
|
|
| 4,000 |
| YARA INTERNATIONAL ASA |
|
| 109,527 |
|
| 231,359 |
|
|
|
|
|
|
|
|
|
| 1,303,741 |
|
| 1,990,838 |
|
| 0.57 | % |
Papua New Guinea: |
|
|
|
|
|
|
|
|
|
| |||
| 1,700 |
| OIL SEARCH LTD |
|
| 11,427 |
|
| 12,235 |
|
|
|
|
|
|
|
|
|
| 11,427 |
|
| 12,235 |
|
| 0.00 | % |
Portugal: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 14,486 |
| BANCO ESPIRITO SANTO-REG |
|
| 65,645 |
|
| 55,749 |
|
|
|
|
| 3,480 |
| BRISA-AUTO-ESTRADAS PORTUGAL |
|
| 21,107 |
|
| 24,270 |
|
|
|
|
| 8,464 |
| CIMPOR-CIMENTOS DE PORTUGAL |
|
| 39,214 |
|
| 57,343 |
|
|
|
|
| 12,192 |
| EDP-ENERGIAS DE PORTUGAL SA |
|
| 41,221 |
|
| 40,583 |
|
|
|
|
| 2,881 |
| GALP ENERGIA SGPS SA-B SHRS |
|
| 35,487 |
|
| 55,206 |
|
|
|
|
| 6,408 |
| JERONIMO MARTINS |
|
| 30,015 |
|
| 97,616 |
|
|
|
|
| 37,175 |
| PORTUGAL TELECOM SGPS SA-REG |
|
| 459,082 |
|
| 416,285 |
|
|
|
|
|
|
|
|
|
| 691,771 |
|
| 747,052 |
|
| 0.22 | % |
Russia: |
|
|
|
|
|
|
|
|
|
|
| ||
| 62,800 |
| ROSNEFT OJSC-REG S GDR (b) |
|
| 424,989 |
|
| 449,648 |
|
|
|
|
| 25,200 |
| TMK-GDR REG S (b) |
|
| 417,226 |
|
| 520,632 |
|
|
|
|
|
|
|
|
|
| 842,215 |
|
| 970,280 |
|
| 0.28 | % |
Singapore: |
|
|
|
|
|
|
|
|
|
|
| ||
| 30,000 |
| ASCENDAS REAL ESTATE INV TRT |
|
| 49,252 |
|
| 48,388 |
|
|
|
|
| 109,000 |
| CAPITACOMMERCIAL TRUST |
|
| 120,707 |
|
| 127,398 |
|
|
|
|
| 49,500 |
| CAPITALAND LTD |
|
| 85,171 |
|
| 143,095 |
|
|
|
|
| 36,000 |
| CAPITAMALL TRUST (b) |
|
| 34,178 |
|
| 54,699 |
|
|
|
|
| 11,000 |
| CITY DEVELOPMENTS LTD |
|
| 70,839 |
|
| 107,654 |
|
|
|
|
| 51,000 |
| COSCO CORP SINGAPORE LTD |
|
| 48,134 |
|
| 85,041 |
|
|
|
|
| 106,500 |
| DBS GROUP HOLDINGS LTD |
|
| 846,917 |
|
| 1,188,335 |
|
|
|
|
| 13,000 |
| FORTUNE REIT |
|
| 5,158 |
|
| 6,690 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 72 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Singapore (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 75,000 |
| FRASER AND NEAVE LTD |
| $ | 214,133 |
|
| 374,598 |
|
|
|
|
| 118,800 |
| GENTING SINGAPORE PLC (b) |
|
| 60,943 |
|
| 202,725 |
|
|
|
|
| 9,000 |
| HI-P INTERNATIONAL LTD (b) |
|
| 6,828 |
|
| 7,153 |
|
|
|
|
| 11,000 |
| JARDINE CYCLE & CARRIAGE LTD |
|
| 97,679 |
|
| 313,704 |
|
|
|
|
| 196,200 |
| KEPPEL CORP LTD |
|
| 1,125,391 |
|
| 1,730,579 |
|
|
|
|
| 4,000 |
| K-GREEN TRUST (b) |
|
| 1,432 |
|
| 3,319 |
|
|
|
|
| 28,000 |
| OLAM INTERNATIONAL LTD |
|
| 32,014 |
|
| 68,507 |
|
|
|
|
| 44,000 |
| OVERSEA-CHINESE BANKING CORP |
|
| 141,236 |
|
| 338,732 |
|
|
|
|
| 93,000 |
| SEMBCORP INDUSTRIES LTD |
|
| 228,763 |
|
| 372,471 |
|
|
|
|
| 22,000 |
| SEMBCORP MARINE LTD |
|
| 32,803 |
|
| 92,054 |
|
|
|
|
| 14,000 |
| SIA ENGINEERING CO LTD |
|
| 20,258 |
|
| 46,144 |
|
|
|
|
| 12,000 |
| SINGAPORE AIRLINES LTD |
|
| 70,334 |
|
| 143,060 |
|
|
|
|
| 13,000 |
| SINGAPORE EXCHANGE LTD |
|
| 40,226 |
|
| 85,291 |
|
|
|
|
| 25,000 |
| SINGAPORE PRESS HOLDINGS LTD (b) |
|
| 41,026 |
|
| 77,530 |
|
|
|
|
| 23,000 |
| SINGAPORE TECH ENGINEERING |
|
| 52,809 |
|
| 61,291 |
|
|
|
|
| 137,000 |
| SINGAPORE TELECOM LTD |
|
| 242,938 |
|
| 325,587 |
|
|
|
|
| 50,000 |
| STARHILL GLOBAL REIT |
|
| 20,684 |
|
| 24,350 |
|
|
|
|
| 99,000 |
| SUNTEC REIT |
|
| 98,210 |
|
| 115,710 |
|
|
|
|
| 8,000 |
| UNITED ENGINEERS LTD (b) |
|
| 15,529 |
|
| 16,955 |
|
|
|
|
| 25,000 |
| UNITED OVERSEAS BANK LTD |
|
| 160,579 |
|
| 354,534 |
|
|
|
|
| 47,000 |
| UOL GROUP LIMITED (b) |
|
| 121,410 |
|
| 173,955 |
|
|
|
|
|
|
|
|
|
| 4,085,581 |
|
| 6,689,549 |
|
| 1.93 | % |
South Korea: |
|
|
|
|
|
|
|
|
|
| |||
| 430 |
| CJ CHEILJEDANG CORP (b) |
|
| 91,936 |
|
| 82,219 |
|
|
|
|
| 890 |
| CJ CORP (b) |
|
| 51,821 |
|
| 61,874 |
|
|
|
|
| 1,360 |
| DAELIM INDUSTRIAL CO LTD (b) |
|
| 82,546 |
|
| 140,805 |
|
|
|
|
| 2,360 |
| DAISHIN SECURITIES CO. (b) |
|
| 29,927 |
|
| 34,415 |
|
|
|
|
| 2,690 |
| DONGBU INSURANCE CO LTD (b) |
|
| 83,391 |
|
| 106,661 |
|
|
|
|
| 890 |
| DOOSAN CORP (b) |
|
| 99,096 |
|
| 120,768 |
|
|
|
|
| 3,090 |
| GS HOLDINGS (b) |
|
| 112,129 |
|
| 177,520 |
|
|
|
|
| 180 |
| GS HOME SHOPPING INC (b) |
|
| 11,109 |
|
| 17,335 |
|
|
|
|
| 1,260 |
| HALLA CLIMATE CONTROL (b) |
|
| 24,557 |
|
| 22,205 |
|
|
|
|
| 6,843 |
| HANA FINANCIAL GROUP |
|
| 170,292 |
|
| 261,082 |
|
|
|
|
| 4,850 |
| HANWHA CHEMICAL CORP (b) |
|
| 61,676 |
|
| 132,479 |
|
|
|
|
| 1,220 |
| HYOSUNG CORPORATION (b) |
|
| 119,364 |
|
| 113,948 |
|
|
|
|
| 790 |
| HYUNDAI MIPO DOCKYARD (b) |
|
| 67,775 |
|
| 155,926 |
|
|
|
|
| 150 |
| HYUNDAI STEEL CO (b) |
|
| 13,008 |
|
| 16,455 |
|
|
|
|
| 9,730 |
| INDUSTRIAL BANK OF KOREA (b) |
|
| 119,744 |
|
| 160,752 |
|
|
|
|
| 6,050 |
| KANGWON LAND INC (b) |
|
| 107,865 |
|
| 148,998 |
|
|
|
|
| 2,190 |
| KIA MOTORS CORPORATION (b) |
|
| 57,502 |
|
| 97,642 |
|
|
|
|
| 828 |
| KOREA ZINC CO LTD (b) |
|
| 90,286 |
|
| 201,729 |
|
|
|
|
| 3,430 |
| KT&G CORP (b) |
|
| 189,118 |
|
| 195,542 |
|
|
|
|
| 279 |
| LOTTE CHILSUNG BEVERAGE CO (b) |
|
| 180,038 |
|
| 236,003 |
|
|
|
|
| 510 |
| LOTTE SHOPPING CO (b) |
|
| 104,433 |
|
| 212,556 |
|
|
|
|
| 1,610 |
| MIRAE ASSET SECURITIES CO LT |
|
| 78,699 |
|
| 84,976 |
|
|
|
|
| 1,020 |
| NH INVESTMENT & SECURITIES |
|
| 9,590 |
|
| 9,347 |
|
|
|
|
| 100 |
| NHN CORP (b) |
|
| 13,537 |
|
| 20,002 |
|
|
|
|
| 510 |
| SAMSUNG C&T CORP (b) |
|
| 31,067 |
|
| 35,456 |
|
|
|
|
| 120 |
| SAMSUNG FIRE & MARINE INS (b) |
|
| 18,522 |
|
| 23,791 |
|
|
|
|
| 7,850 |
| SAMSUNG HEAVY INDUSTRIES (b) |
|
| 181,434 |
|
| 284,977 |
|
|
|
|
| 250 |
| SAMYANG CORPORATION (b) |
|
| 14,802 |
|
| 15,376 |
|
|
|
|
| 20 |
| SHINSEGAE CO LTD (b) |
|
| 8,483 |
|
| 10,820 |
|
|
|
|
| 310 |
| SK ENERGY CO LTD (b) |
|
| 38,846 |
|
| 52,991 |
|
|
|
|
| 1,820 |
| SK HOLDINGS CO LTD (b) |
|
| 155,087 |
|
| 223,711 |
|
|
|
|
| 5,810 |
| SK NETWORKS CO LTD (b) |
|
| 55,710 |
|
| 68,344 |
|
|
|
|
| 500 |
| WOONGJIN COWAY CO LTD (b) |
|
| 16,420 |
|
| 17,755 |
|
|
|
|
|
|
|
|
|
| 2,489,810 |
|
| 3,544,460 |
|
| 1.02 | % |
Spain: |
|
|
|
|
|
|
|
|
|
| |||
| 4,500 |
| ABENGOA (b) |
|
| 129,412 |
|
| 110,493 |
|
|
|
|
| 4,082 |
| ABERTIS INFRAESTRUCTURAS SA |
|
| 61,599 |
|
| 73,393 |
|
|
|
|
| 5,493 |
| ACERINOX SA |
|
| 66,922 |
|
| 96,340 |
|
|
|
|
| 2,447 |
| ACS ACTIVIDADES CONS Y SERV |
|
| 105,135 |
|
| 114,691 |
|
|
|
|
| 66,802 |
| BANCO BILBAO VIZCAYA ARGENTA |
|
| 585,775 |
|
| 674,850 |
|
|
|
|
| 13,498 |
| BANCO DE SABADELL SA |
|
| 64,346 |
|
| 53,209 |
|
|
|
|
| 51,061 |
| BANCO POPULAR ESPANOL |
|
| 343,582 |
|
| 262,009 |
|
|
|
|
| 125,228 |
| BANCO SANTANDER SA (b) |
|
| 953,246 |
|
| 1,326,664 |
|
|
|
|
| 173 |
| CONSTRUCC Y AUX DE FERROCARR |
|
| 78,797 |
|
| 90,158 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 73 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Spain (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 24,405 |
| CRITERIA CAIXACORP SA |
|
| $98,086 |
|
| 129,860 |
|
|
|
|
| 2,531 |
| ENAGAS |
|
| 38,143 |
|
| 50,444 |
|
|
|
|
| 16,085 |
| FERROVIAL SA |
|
| 79,147 |
|
| 159,808 |
|
|
|
|
| 3,797 |
| FOMENTO DE CONSTRUC Y CONTRA |
|
| 150,651 |
|
| 99,752 |
|
|
|
|
| 2,805 |
| GAMESA CORP TECNOLOGICA SA (b) |
|
| 23,996 |
|
| 21,410 |
|
|
|
|
| 21,362 |
| GAS NATURAL SDG SA |
|
| 318,614 |
|
| 327,988 |
|
|
|
|
| 2,222 |
| GRIFOLS SA |
|
| 33,845 |
|
| 30,286 |
|
|
|
|
| 13,908 |
| IBERDROLA RENOVABLES SA |
|
| 53,405 |
|
| 49,362 |
|
|
|
|
| 65,599 |
| IBERDROLA SA |
|
| 462,139 |
|
| 505,613 |
|
|
|
|
| 4,941 |
| INDITEX |
|
| 202,632 |
|
| 369,940 |
|
|
|
|
| 16,420 |
| MAPFRE SA |
|
| 54,049 |
|
| 45,595 |
|
|
|
|
| 2,111 |
| RED ELECTRICA CORPORACION SA |
|
| 88,270 |
|
| 99,295 |
|
|
|
|
| 13,070 |
| REPSOL YPF SA |
|
| 249,017 |
|
| 364,148 |
|
|
|
|
| 68,940 |
| TELEFONICA SA |
|
| 1,394,523 |
|
| 1,562,863 |
|
|
|
|
| 1,030 |
| ZARDOYA OTIS SA |
|
| 15,577 |
|
| 14,507 |
|
|
|
|
|
|
|
|
|
| 5,650,908 |
|
| 6,632,678 |
|
| 1.91 | % |
Sweden: |
|
|
|
|
|
|
|
|
|
| |||
| 4,550 |
| ALFA LAVAL AB |
|
| 35,782 |
|
| 95,860 |
|
|
|
|
| 7,400 |
| ASSA ABLOY AB-B |
|
| 89,466 |
|
| 208,495 |
|
|
|
|
| 9,200 |
| ATLAS COPCO AB-A SHS |
|
| 72,813 |
|
| 232,126 |
|
|
|
|
| 19,000 |
| ATLAS COPCO AB-B SHS |
|
| 331,283 |
|
| 429,672 |
|
|
|
|
| 1,910 |
| AXFOOD AB (b) |
|
| 64,408 |
|
| 71,421 |
|
|
|
|
| 1,100 |
| CDON GROUP (b) |
|
| 2,942 |
|
| 5,086 |
|
|
|
|
| 17,000 |
| ELECTROLUX AB-SER B |
|
| 320,805 |
|
| 482,766 |
|
|
|
|
| 49,000 |
| ERICSSON LM-B SHS |
|
| 453,735 |
|
| 569,350 |
|
|
|
|
| 3,200 |
| GETINGE AB-B SHS |
|
| 37,616 |
|
| 67,037 |
|
|
|
|
| 15,150 |
| HENNES & MAURITZ AB-B SHS |
|
| 327,861 |
|
| 504,563 |
|
|
|
|
| 3,700 |
| HEXAGON AB-B SHS |
|
| 56,830 |
|
| 79,327 |
|
|
|
|
| 400 |
| HOLMEN AB-B SHARES |
|
| 8,156 |
|
| 13,167 |
|
|
|
|
| 17,500 |
| HUSQVARNA AB-B SHS |
|
| 64,201 |
|
| 146,097 |
|
|
|
|
| 11,800 |
| INVESTOR AB-B SHS |
|
| 161,782 |
|
| 252,463 |
|
|
|
|
| 3,000 |
| KINNEVIK INVESTMENT AB-B (b) |
|
| 51,225 |
|
| 61,108 |
|
|
|
|
| 22,800 |
| MEDA AB-A SHS (b) |
|
| 179,779 |
|
| 173,564 |
|
|
|
|
| 1,100 |
| MODERN TIMES GROUP-B SHS |
|
| 50,174 |
|
| 72,779 |
|
|
|
|
| 8,000 |
| NCC AB-B SHS (b) |
|
| 132,699 |
|
| 175,800 |
|
|
|
|
| 50,800 |
| NORDEA BANK AB (b) |
|
| 331,033 |
|
| 552,500 |
|
|
|
|
| 1,600 |
| RATOS AB-B SHS |
|
| 51,337 |
|
| 59,234 |
|
|
|
|
| 13,973 |
| SANDVIK AB |
|
| 86,678 |
|
| 272,362 |
|
|
|
|
| 7,800 |
| SCANIA AB-B SHS |
|
| 65,585 |
|
| 179,407 |
|
|
|
|
| 30,200 |
| SECURITAS AB-B SHS |
|
| 334,777 |
|
| 353,151 |
|
|
|
|
| 20,400 |
| SKANDINAVISKA ENSKILDA BAN-A |
|
| 71,603 |
|
| 170,156 |
|
|
|
|
| 5,600 |
| SKANSKA AB-B SHS |
|
| 76,386 |
|
| 110,987 |
|
|
|
|
| 13,800 |
| SKF AB-B SHARES |
|
| 141,836 |
|
| 393,124 |
|
|
|
|
| 5,400 |
| SSAB AB-A SHARES |
|
| 48,129 |
|
| 90,725 |
|
|
|
|
| 41,976 |
| SVENSKA CELLULOSA AB-B SHS |
|
| 412,152 |
|
| 662,796 |
|
|
|
|
| 6,900 |
| SVENSKA HANDELSBANKEN-A SHS |
|
| 116,989 |
|
| 220,465 |
|
|
|
|
| 18,300 |
| SWEDBANK AB - A SHARES (b) |
|
| 58,744 |
|
| 255,216 |
|
|
|
|
| 6,600 |
| SWEDISH MATCH AB |
|
| 95,099 |
|
| 191,058 |
|
|
|
|
| 3,900 |
| TELE2 AB-B SHS |
|
| 34,548 |
|
| 80,948 |
|
|
|
|
| 36,500 |
| TELIASONERA AB |
|
| 199,153 |
|
| 289,251 |
|
|
|
|
| 15,032 |
| TRELLEBORG AB-B SHS |
|
| 103,955 |
|
| 158,906 |
|
|
|
|
| 5,800 |
| VOLVO AB-A SHS (b) |
|
| 29,472 |
|
| 99,170 |
|
|
|
|
| 58,100 |
| VOLVO AB-B SHS (b) |
|
| 689,395 |
|
| 1,023,644 |
|
|
|
|
|
|
|
|
|
| 5,388,428 |
|
| 8,803,781 |
|
| 2.54 | % |
Switzerland: |
|
|
|
|
|
|
|
| �� |
| |||
| 41,343 |
| ABB LTD-REG (b) |
|
| 560,773 |
|
| 921,116 |
|
|
|
|
| 17,000 |
| ABB LTD-SPON ADR (b)(c) |
|
| 269,654 |
|
| 381,650 |
|
|
|
|
| 1,591 |
| ACTELION LTD-REG (b) |
|
| 73,405 |
|
| 87,129 |
|
|
|
|
| 36,970 |
| ADECCO SA-REG |
|
| 1,734,763 |
|
| 2,422,026 |
|
|
|
|
| 300 |
| ALLREAL HOLDING AG-REG |
|
| 41,087 |
|
| 43,704 |
|
|
|
|
| 2,727 |
| ARYZTA AG (b) |
|
| 68,593 |
|
| 125,860 |
|
|
|
|
| 2,289 |
| BALOISE HOLDING AG - REG |
|
| 185,242 |
|
| 222,798 |
|
|
|
|
| 148 |
| BKW FMB ENERGIE AG |
|
| 11,039 |
|
| 11,192 |
|
|
|
|
| 8,185 |
| CIE FINANCIERE RICHEMON-BR A |
|
| 130,638 |
|
| 481,509 |
|
|
|
|
| 12,459 |
| CLARIANT AG-REG (b) |
|
| 179,875 |
|
| 252,398 |
|
|
|
|
| 18,108 |
| CREDIT SUISSE GROUP AG-REG |
|
| 547,506 |
|
| 729,608 |
|
|
|
|
| 3,082 |
| EFG INTERNATIONAL AG |
|
| 32,625 |
|
| 42,195 |
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 74 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund |
December 31, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Switzerland (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 120 |
| FORBO HOLDING AG-REG |
| $ | 63,400 |
|
| 75,728 |
|
|
|
|
| 7,257 |
| GAM HOLDING AG (b) |
|
| 78,489 |
|
| 119,925 |
|
|
|
|
| 953 |
| GEBERIT AG-REG |
|
| 83,492 |
|
| 220,380 |
|
|
|
|
| 476 |
| GIVAUDAN-REG |
|
| 276,626 |
|
| 513,714 |
|
|
|
|
| 560 |
| HELVETIA HOLDING AG-REG |
|
| 180,864 |
|
| 215,333 |
|
|
|
|
| 3,916 |
| HOLCIM LTD-REG |
|
| 168,212 |
|
| 295,923 |
|
|
|
|
| 3,728 |
| JULIUS BAER GROUP LTD |
|
| 78,764 |
|
| 174,652 |
|
|
|
|
| 967 |
| KUEHNE & NAGEL INTL AG-REG |
|
| 57,750 |
|
| 134,460 |
|
|
|
|
| 55 |
| LINDT & SPRUENGLI AG-PC |
|
| 90,640 |
|
| 166,249 |
|
|
|
|
| 3 |
| LINDT & SPRUENGLI AG-REG |
|
| 75,352 |
|
| 96,585 |
|
|
|
|
| 6,301 |
| LOGITECH INTERNATIONAL-REG (b) |
|
| 70,452 |
|
| 119,964 |
|
|
|
|
| 863 |
| LONZA GROUP AG-REG |
|
| 59,400 |
|
| 69,184 |
|
|
|
|
| 91,645 |
| NESTLE SA-REG |
|
| 3,275,296 |
|
| 5,366,809 |
|
|
|
|
| 2,629 |
| NOBEL BIOCARE HOLDING AG-REG |
|
| 45,806 |
|
| 49,575 |
|
|
|
|
| 84,967 |
| NOVARTIS AG-REG |
|
| 3,516,081 |
|
| 4,993,916 |
|
|
|
|
| 9,216 |
| PANALPINA WELTTRANSPORT -REG (b) |
|
| 638,290 |
|
| 1,187,826 |
|
|
|
|
| 19,480 |
| PARGESA HOLDING SA-BR |
|
| 1,361,824 |
|
| 1,654,370 |
|
|
|
|
| 1,450 |
| PARGESA HOLDING SA-BR |
|
| 94,567 |
|
| 123,144 |
|
|
|
|
| 12,394 |
| ROCHE HOLDING AG-GENUSSCHEIN |
|
| 1,602,744 |
|
| 1,816,165 |
|
|
|
|
| 4,279 |
| SCHINDLER HOLDING AG-REG |
|
| 355,774 |
|
| 512,148 |
|
|
|
|
| 755 |
| SCHINDLER HOLDING-PART CERT |
|
| 34,888 |
|
| 89,315 |
|
|
|
|
| 121 |
| SGS SA-REG |
|
| 130,564 |
|
| 203,063 |
|
|
|
|
| 27 |
| SIKA AG-BR |
|
| 52,359 |
|
| 59,231 |
|
|
|
|
| 648 |
| SONOVA HOLDING AG-REG |
|
| 35,616 |
|
| 83,658 |
|
|
|
|
| 65,678 |
| STMICROELECTRONICS NV |
|
| 438,245 |
|
| 679,205 |
|
|
|
|
| 257 |
| STRAUMANN HOLDING AG-REG |
|
| 41,380 |
|
| 58,826 |
|
|
|
|
| 1,872 |
| SULZER AG-REG |
|
| 96,613 |
|
| 285,328 |
|
|
|
|
| 475 |
| SWATCH GROUP AG/THE-BR |
|
| 59,791 |
|
| 211,760 |
|
|
|
|
| 2,391 |
| SWATCH GROUP AG/THE-REG |
|
| 61,462 |
|
| 192,830 |
|
|
|
|
| 3,454 |
| SWISS LIFE HOLDING AG-REG (b) |
|
| 283,601 |
|
| 499,485 |
|
|
|
|
| 9,001 |
| SWISS REINSURANCE CO LTD-REG |
|
| 262,435 |
|
| 484,264 |
|
|
|
|
| 451 |
| SWISSCOM AG-REG |
|
| 152,347 |
|
| 198,311 |
|
|
|
|
| 1,734 |
| SYNGENTA AG-REG |
|
| 377,174 |
|
| 507,259 |
|
|
|
|
| 1,901 |
| TAMEDIA AG-REG (b) |
|
| 113,489 |
|
| 252,335 |
|
|
|
|
| 4,746 |
| TRANSOCEAN LTD (b) |
|
| 325,038 |
|
| 325,140 |
|
|
|
|
| 59,520 |
| TYCO ELECTRONICS LTD |
|
| 1,190,727 |
|
| 2,107,008 |
|
|
|
|
| 19,300 |
| UBS AG-REG (b) |
|
| 318,432 |
|
| 316,876 |
|
|
|
|
| 400 |
| UNIQUE ZURICH AIRPORT-REG (b) |
|
| 144,877 |
|
| 163,436 |
|
|
|
|
| 36,346 |
| XSTRATA PLC |
|
| 298,411 |
|
| 853,105 |
|
|
|
|
| 3,853 |
| ZURICH FINANCIAL SERVICES AG |
|
| 705,997 |
|
| 998,151 |
|
|
|
|
| 4,513 |
| WOLSELEY PLC (b) |
|
| 70,476 |
|
| 143,958 |
|
|
|
|
|
|
|
|
|
| 21,202,945 |
|
| 32,339,779 |
|
| 9.34 | % |
Taiwan: |
|
|
|
|
|
|
|
|
|
| |||
| 33,600 |
| HON HAI PRECISION-GDR REG S (c) |
|
| 258,773 |
|
| 271,152 |
|
|
|
|
|
|
|
|
|
| 258,773 |
|
| 271,152 |
|
| 0.08 | % |
Turkey: |
|
|
|
|
|
|
|
|
|
| |||
| 36,900 |
| TURKCELL ILETISIM HIZMET-ADR (c) |
|
| 556,561 |
|
| 632,097 |
|
|
|
|
| 46,757 |
| TURKIYE IS BANKASI-C |
|
| 139,566 |
|
| 166,552 |
|
|
|
|
|
|
|
|
|
| 696,127 |
|
| 798,649 |
|
| 0.23 | % |
United States: |
|
|
|
|
|
|
|
|
|
| |||
| 19,703 |
| ARCH CAPITAL GROUP LTD (b) |
|
| 1,157,280 |
|
| 1,734,849 |
|
|
|
|
| 5,526 |
| BROOKFIELD PROPERTIES CORP |
|
| 32,353 |
|
| 96,871 |
|
|
|
|
| 13,600 |
| CENTRAL EURO DISTRIBUTION CP (b) |
|
| 387,094 |
|
| 311,439 |
|
|
|
|
| 3,384 |
| KRAFT FOODS INC-CLASS A |
|
| 10,684 |
|
| 106,630 |
|
|
|
|
| 1,159 |
| SYNTHES INC (b) |
|
| 141,367 |
|
| 156,570 |
|
|
|
|
| 7,405 |
| THOMSON REUTERS CORP |
|
| 187,233 |
|
| 276,287 |
|
|
|
|
|
|
|
|
|
| 1,916,011 |
|
| 2,682,646 |
|
| 0.77 | % |
|
| Sub-total Common Stock: |
|
| 241,739,411 |
|
| 335,562,959 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stocks: |
|
|
|
|
|
|
|
|
|
| |||
| Austria: |
|
|
|
|
|
|
|
|
|
| ||
| 1,003 |
| VIENNA INSURANCE GROUP AG |
|
| 49,974 |
|
| 52,130 |
|
|
|
|
|
|
|
|
|
| 49,974 |
|
| 52,130 |
|
| 0.02 | % |
| Brazil: |
|
|
|
|
|
|
|
|
|
| ||
| 15,200 |
| PETROLEO BRASILEIRO-SPON ADR (c) |
|
| 481,349 |
|
| 519,384 |
|
|
|
|
| 29,300 |
| VALE SA-SP PREF ADR (c) |
|
| 636,136 |
|
| 885,446 |
|
|
|
|
|
|
|
|
|
| 1,117,485 |
|
| 1,404,830 |
|
| 0.40 | % |
|
|
|
See accompanying notes to financial statements. | 75 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund |
December 31, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Germany: |
|
|
|
|
|
|
|
|
|
| |||
| 1,521 |
| BAYERISCHE MOTOREN WERKE-PFD |
| $ | 49,611 |
|
| 78,250 |
|
|
|
|
| 1,114 |
| FRESENIUS SE-PREF |
|
| 51,175 |
|
| 95,375 |
|
|
|
|
| 2,360 |
| HENKEL AG & CO KGAA VORZUG |
|
| 60,940 |
|
| 146,754 |
|
|
|
|
| 1,443 |
| PORSCHE AUTOMOBIL HLDG-PFD |
|
| 70,934 |
|
| 115,039 |
|
|
|
|
| 861 |
| RWE AG-NON VTG PFD |
|
| 54,598 |
|
| 55,214 |
|
|
|
|
| 3,087 |
| VOLKSWAGEN AG-PFD |
|
| 235,465 |
|
| 500,785 |
|
|
|
|
|
|
|
|
|
| 522,723 |
|
| 991,417 |
|
| 0.29 | % |
|
|
| Sub-total Preferred Stock: |
|
| 1,690,182 |
|
| 2,448,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate Bonds: |
|
|
|
|
|
|
|
|
|
| ||
| United Kingdom: |
|
|
|
|
|
|
|
|
|
| ||
| 163,772 |
| HSBC BANK PLC |
|
|
|
|
|
|
|
|
|
|
|
|
| 0.00%, 9/25/11 |
|
| 751,620 |
|
| 819,483 |
|
|
|
|
|
|
| Sub-total Corporate Bonds: |
|
| 751,620 |
|
| 819,483 |
|
| 0.24 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rights: |
|
|
|
|
|
|
|
| �� |
| ||
| 3,879 |
| IVANHOE MINES LTD-RT-W/I |
|
| 1,342 |
|
| 5,431 |
|
|
|
|
|
|
| Sub-total Rights: |
|
| 1,342 |
|
| 5,431 |
|
| 0.00 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrants: |
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11,384 |
| UBI BANCA SCPA-CW11 (b) |
|
| - |
|
| 48 |
|
|
|
|
|
|
| Sub-total Warrants: |
|
| - |
|
| 48 |
|
| 0.00 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Short-term investments: |
|
|
|
|
|
|
|
|
|
| ||
| 7,747,967 |
| NORTHERN INSTL GOVERNMENT SELECT PORTFOLIO, 0.01% (d) |
|
| 7,747,967 |
|
| 7,747,967 |
|
|
|
|
|
|
| Sub-total Short-term investments: |
|
| 7,747,967 |
|
| 7,747,967 |
|
| 2.24 | % |
| Grand total (e) |
| $ | 251,930,522 |
|
| 346,584,265 |
|
| 100.05 | % |
|
|
|
Notes to Schedule of Investments: | ||
(a) |
| Securities are valued in accordance with procedures described in Note 2 to the financial statements. |
(b) |
| Currently non-income producing assets. |
(c) |
| Securities are American Depository Receipts of companies based outside of the United States representing 2.82% of net assets. |
(d) |
| The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. |
(e) |
| At December 31, 2010, the cost for Federal income tax purposes was $253,209,535. The aggregate gross unrealized appreciation |
|
| and depreciation of investments in securities based of this cost were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross unrealized appreciation |
| $ | 95,384,386 |
|
|
|
|
|
|
|
|
|
| Gross unrealized depreciation |
|
| (2,009,656) |
|
|
|
|
|
|
|
| Net unrealized appreciation |
| $ | 93,374,730 |
|
|
|
|
|
|
|
|
|
|
See accompanying notes to financial statements. | 76 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund |
December 31, 2010 |
At December 31, 2010, the Clearwater International Fund’s investments were denominated in the following currencies:
|
|
|
|
|
Concentration by Currency |
|
| Percent of |
|
Euro |
|
| 22.78 | % |
British Pound |
|
| 18.81 |
|
Japanese Yen |
|
| 18.67 |
|
United States Dollar |
|
| 12.80 |
|
Swiss Franc |
|
| 8.36 |
|
Australian Dollar |
|
| 6.01 |
|
All other currencies less than 5% |
|
| 12.57 |
|
|
|
| 100.00 | % |
At December 31, 2010, the Clearwater International Fund had outstanding forward foreign currency exchange contracts as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts to |
| Amount |
| In Exchange |
| Amount |
| Settlement |
| Unrealized |
| ||||
United States Dollar |
|
| 60,667 |
| Euro |
|
| 45,849 |
|
| 1/3/2011 |
|
| 599 |
|
United States Dollar |
|
| 14,883 |
| Euro |
|
| 11,251 |
|
| 1/3/2011 |
|
| 150 |
|
United States Dollar |
|
| 70,973 |
| Hong Kong Dollar |
|
| 552,312 |
|
| 1/3/2011 |
|
| 90 |
|
United States Dollar |
|
| 70,812 |
| Norwegian Krone |
|
| 418,527 |
|
| 1/3/2011 |
|
| 903 |
|
United States Dollar |
|
| 103,169 |
| Swedish Kronor |
|
| 701,851 |
|
| 1/3/2011 |
|
| 1,172 |
|
United States Dollar |
|
| 1,013 |
| British Pound |
|
| 653 |
|
| 1/4/2011 |
|
| 6 |
|
United States Dollar |
|
| 69,981 |
| British Pound |
|
| 45,278 |
|
| 1/4/2011 |
|
| 608 |
|
United States Dollar |
|
| 47,792 |
| British Pound |
|
| 30,921 |
|
| 1/4/2011 |
|
| 415 |
|
United States Dollar |
|
| 47,495 |
| Euro |
|
| 35,810 |
|
| 1/4/2011 |
|
| 357 |
|
United States Dollar |
|
| 29,410 |
| Japanese Yen |
|
| 2,412,517 |
|
| 1/4/2011 |
|
| 304 |
|
United States Dollar |
|
| 28,744 |
| Euro |
|
| 21,468 |
|
| 1/5/2011 |
|
| (56 | ) |
United States Dollar |
|
| 13,390 |
| Japanese Yen |
|
| 1,099,476 |
|
| 1/5/2011 |
|
| 152 |
|
United States Dollar |
|
| 65,909 |
| Japanese Yen |
|
| 5,369,618 |
|
| 1/5/2011 |
|
| 229 |
|
United States Dollar |
|
| 29,622 |
| Japanese Yen |
|
| 2,414,471 |
|
| 1/6/2011 |
|
| 118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 5,047 |
|
At December 31, 2010, the Clearwater International Fund had outstanding spot foreign currency transactions as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts to |
| Amount (Local |
| In Exchange |
| Amount |
| Settlement |
| Unrealized |
| ||||
Hong Kong Dollar |
|
| 12,828 |
| United States Dollar |
|
| 1,648 |
|
| 1/3/2011 |
| $ | (2 | ) |
Hong Kong Dollar |
|
| 9,570 |
| United States Dollar |
|
| 1,230 |
|
| 1/3/2011 |
|
| (2 | ) |
United States Dollar |
|
| 8,458 |
| Korean Won |
|
| 9,606,380 |
|
| 1/3/2011 |
|
| 7 |
|
Norwegian Krone |
|
| 25,581 |
| United States Dollar |
|
| 4,378 |
|
| 1/4/2011 |
|
| (5 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
| $ | (2 | ) |
|
|
|
See accompanying notes to financial statements. | 77 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments – Clearwater International Fund |
December 31, 2010 |
|
|
See accompanying notes to financial statements. | 78 |
Item 2. Code of Ethics
(a) | As of the end of the period covered by this Report, the Board of Trustees (the “Trustees”) of Clearwater Investment Trust (the “Trust”), adopted a code of ethics that applies to the Trust’s President/Principal Executive Officer and Chief Financial Officer/Treasurer or persons performing similar function whether or not those individuals are employed by the Trust or third parties. |
(c) | During the period covered by this Report the Trustees adopted an amendment to the Trust’s code of ethics referred to in (a) above to augment the provisions of the Trust’s code of ethics that address honest and ethical conduct, including ethical handling of actual or apparent conflicts of interest between personal and professional relationships; full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission and in other public communications made by the Trust; and the prompt internal reporting of violations of the Trust’s code of ethics to an appropriate person or persons identified in the Trust’s code of ethics. |
(d) | During the period covered by this report, the Trustees have granted no waivers, including implicit waivers, from any provisions of the Trust’s code of ethics referred to in (a) above. |
(e) | Not applicable. |
(f) | See Item 12(a). |
Item 3. Audit Committee Financial Expert
The Board of Trustees of the Trust consists of six members, four of whom are Independent Trustees as defined by the Investment Company Act of 1940. The Board of Trustees does not include an “audit committee financial expert” as defined by Section 407 of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder. Given the restrictive nature of the definition of an “audit committee financial expert”, the Trustees have determined that no current member of the Board of Trustees of the Trust qualifies as an “audit committee financial expert”. Furthermore, the Trustees have determined that given the nature of investment company financial statements in general and the investment policies of the Trust’s fund offerings in particular that the independent trustees possess the necessary skills and experience to perform the functions of the audit committee.
Item 4. Principal Accountant Fees and Services
(a) | Audit Fees | 2010 = $78,000 | 2009 = $62,675 | |||
(b) | Audit-Related Fees | 2010 = $0 | 2009 = $0 | |||
(c) | Tax Fees | 2010 = $20,000 | 2009 = $0 | |||
(d) | All Other Fees | 2010 = $0 | 2009 = $0 | |||
(e) | ||||||
1. | The Independent Trustees have not adopted pre-approval policies and procedures regarding the provision of audit or non-audit services to the trust, as described in paragraph (c)(7) of Rule 2-01 of Regulation S-X, as they require that all such proposed services be approved by them in advance. | |||||
2. | No services were pre-approved by the Independent Trustees pursuant to paragraph (c)(7) of Rule 2-01 of Regulation S-X. | |||||
(f) | Not applicable. | |||||
(g) | Non-Audit Related Fees Provided to the Trust or to the Trust’s Investment Adviser. | |||||
2010 = $0 | 2009 = $0 | |||||
(h) | Not applicable. |
Item 5. Audit Committee of Listed Registrants
The Audit Committee includes the four members of the Board of Trustees who have been deemed independent. The Audit Committee has adopted a charter.
Item 6. Investments
See Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable (the Trust is an open-end management investment company)
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable (the Trust is an open-end management investment company)
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable (the Trust is an open-end management investment company)
Item 10. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Board of Trustees.
Item 11. Controls and Procedures
(a) | The Trust’s principal executive officer and principal financial officer have concluded that the Trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment company Act of 1940, as amended) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document. |
(b) | There have been no significant changes in the Trust’s internal controls over financial reporting since the filing of the last report that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting. |
Item 12. Exhibits
(a) | The Clearwater Investment Trust Code of Ethics for the President, Chief Financial Officer and Treasurer is attached. |
(b) | The certifications for each principal executive and principal financial officer of the Trust as required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached. |
(c) | No written solicitations to purchase securities were sent or delivered during the period covered by this report by or on behalf of the Trust. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Clearwater Investment Trust | ||
By | /s/ George H. Weyerhaeuser, Jr. | |
George H. Weyerhaeuser, Jr., Chairman | ||
Date: March 10, 2011 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Clearwater Investment Trust | ||
By | /s/ George H. Weyerhaeuser, Jr. | |
George H. Weyerhaeuser, Jr., Chairman | ||
Date: March 10, 2011 |
Clearwater Investment Trust | ||
By | /s/ George H. Weyerhaeuser, Jr. | |
George H. Weyerhaeuser, Jr., Treasurer | ||
Date: March 10, 2011 |