UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05038
Clearwater Investment Trust
(Exact name of registrant as specified in charter)
2000 Wells Fargo Place, 30 East 7th Street, Saint Paul, Minnesota 55101-4930
(Address of principal executive offices) (Zip code)
Owen T. Meacham, Esq.
The Northern Trust Company
50 South LaSalle Street, B-7
Chicago, IL 60603
Copy to:
John O’Hanlon, Esq.
Dechert LLP
200 Clarendon Street
27th Floor
Boston, MA 02116
(Name and address of agent for service)
Registrant’s telephone number, including area code: 651-228-0935
Date of fiscal year end: 12/31/2011
Date of reporting period: 12/31/2011
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, 2011
Letter to our shareholders (unaudited)
February 29, 2012
We are pleased to present to you this annual report, which provides detailed information as to the performance of your Clearwater Funds for the year ended December 31, 2011. It was a volatile year for both U.S. and global equity markets, and this was reflected in the performance of the Clearwater Growth, Small Cap and International Funds. Despite these difficult market conditions, the Small Cap Fund significantly outperformed its benchmark, while the International Fund’s return was essentially in-line with its target. The Growth Fund, however, underperformed relative to its benchmark during its first year of employing a “multi-manager, multi-style strategy”. In a positive year for fixed income securities, the Tax-Exempt Bond Fund had a stellar year, outperforming the Barclays 5-Year Muni Index by over 70%, returning 11.81%, net of fees, versus the benchmark’s 6.95%.
We encourage you to read this annual report as it contains important information about your Clearwater Funds, including commentary from the managers who provide day-to-day management as subadvisers to the Funds. In addition, this report includes information describing the contract renewal process in December 2011, during which your Board of Trustees reviewed the performance of your investment manager, Clearwater Management Company, and that of each Clearwater subadviser.
We also encourage you to read the updated prospectus and statement of additional information which is mailed to you each year at the end of April. The annual update of the prospectus and statement of additional information includes important information that helps you better understand how the Clearwater Funds are managed and how the assets are invested.
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
Please note that the discussion of a Fund’s overall performance is net of fees (i.e., after expenses have been deducted). However, because fees are applied at the total Fund level, discussion of an individual subadviser’s performance is gross of fees (i.e., before expenses have been deducted).
Heartland Performance Commentary: The portion of the Clearwater Growth Fund managed by Heartland returned -6.00%, gross of fees, for the year ended December 31, 2011, underperforming its benchmark, the Russell 1000® Index, which returned 1.51%. The portfolio’s small cap bias contributed to its relative underperformance. Poor stock selection within the cyclical Energy and Information Technology sectors also hurt performance. Within the portfolio’s energy holdings, weakness was concentrated in refining and transportation stocks. Companies in the Information Technology sector, and particularly manufacturers of electronic components, were victim to the supply chain disruptions stemming from the Japanese tsunami earlier in the year and, more recently, from flooding in Thailand.
Osterweis Performance Commentary: For the year ended December 31, 2011, the portion of the Clearwater Growth Fund managed by Osterweis returned -4.08%, gross of fees, as compared to 1.51% for the Russell 1000® Index. Our equity holdings underperformed the benchmark with a return of -2.92% for the full year. Additionally total portfolio performance was held back by our average cash allocation of 17% during the fourth quarter rally in the U.S. stock market. Although our equities held their own relative to the market in three out of the four quarters of the year, the damage delivered by the third quarter U.S. market sell-off pulled full-year 2011 absolute and relative equity results into the red. The rapid flight to safety across all asset classes in July and August created a very difficult market environment for active managers.
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Knightsbridge Performance Commentary: Knightsbridge’s portion of the Clearwater Growth Fund returned -15.1%, gross of fees, for the year ended December 31, 2011. Three of our larger sector allocations, Industrials, Materials, and Financials, underperformed their Russell 1000® Index counterparts. All three also detracted from benchmark performance. Financial stocks, our biggest detractors from performance, were also the biggest detractors from the Russell 1000® Index return for the year. Our investments in the Materials sector, specifically gold mining companies, did not provide the downside protection historically seen in their relationship to gold prices. We believe the relationship between gold and gold mining companies hasn’t fundamentally changed and will eventually be restored. For contrarian investors like us, the past year proved to be extremely difficult as the market preferred classically defensive sectors such as Consumer Staples and Utilities, where we had insufficient representation.
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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”). |
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2011 Market Overview: |
Markets ended 2011 on an up note, after what had been a volatile year by historical standards. Domestic equity markets were helped by strong gains in the fourth quarter though many indexes still ended the year in negative territory. Throughout the quarter, investors were fixated on the European sovereign debt crisis. News of some progress toward a possible resolution of the European debt troubles helped fuel the 4th quarter rally, though sovereign debt issues in Europe will remain a central concern for investors for some time due to the complexities in achieving a workable solution among some 17 diverse member states. In addition, a divergence between the behavior of consumers and businesses became apparent in the 4th quarter. While businesses were showing signs of caution, consumers seem willing to spend. This trend suggests that pent-up demand over the past three years could become a tailwind to U.S. consumer discretionary spending going forward. On the other hand, business management teams still have a vivid memory of 2008. The fear of a second downturn could be causing them to be more vigilant in the current environment. Investment in inventories was weaker than expected in the third quarter, causing a downward revision to gross domestic product (GDP) from 2.5% to 2%. Housing remains soft, but manufacturing and the employment situation have shown signs of improvement. In fact, the most encouraging development entering the new year was a decrease in the unemployment rate, from 9.4% to 8.6%, which is the lowest level at which this measure has been since the beginning of 2009. As a result of this mixed picture, interest rates across the whole yield curve continue to sit at the lowest levels in several generations. |
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2011 Performance: |
The Clearwater Small Cap fund posted a one-year return of -1.62%, net of fees and expenses, outperforming its benchmark, the Russell 2000® Index, which returned -4.18%. |
Kennedy Performance Commentary: In 2011, our portion of the Clearwater Small Cap Fund rose 0.47%, gross of fees, outperforming the Russell 2000® Index benchmark return of -4.18%. Security selection contributed the majority of the outperformance, while sector allocation was a marginally positive factor. Financials remain our most significant sector underweight compared to the benchmark, as we continue to have a difficult time finding ideas that meet our investment criteria. Overall, the stocks we chose in the Consumer Discretionary and Information Technology sectors detracted from our 2011 relative performance. The strongest performing sector in the benchmark for 2011, which we were underweight, was Utilities. The low interest rate environment likely drove investors to gravitate towards these high-yielding securities. Despite these challenges, we managed to generate strong performance in other sectors and to outperform our benchmark. The strongest areas of outperformance were in Healthcare, Materials, and Industrials. Healthcare was a particular standout on the positive side, as we found opportunity in the continuing disarray wrought by domestic regulatory policies.
Keeley Performance Commentary: For the 12 months ended December 31, 2011, our portfolio slightly outperformed its benchmark, the Russell 2000® Index. The portfolio returned approximately -4.00%, gross of fees, versus a return of -4.18% for the benchmark. From a sector contribution perspective, the Consumer Discretionary (+1.33%), Utilities (+0.71%) and Health Care (+0.22%) sectors contributed positively to returns as those sectors had strong stock selection. However, stock selection within the Financial sector (-1.15%) and Industrial sector (-0.59%) detracted from our portfolio’s performance. With regard to portfolio construction,
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we remain comfortable with our sector emphasis: overweight the Industrial and Materials sectors and underweight Technology. While we have also been underweight Financials for some time, we are beginning to add to this sector, with a special emphasis on mutual savings and loan (S&L) conversions. This niche served us well in the 1995-2004 period and we are now becoming increasingly enthused about some of the names within this area. The long-term catalyst for our fundamental positioning in the Industrial sector is our belief that we remain in a slow growth economic environment, and more importantly, there will be an increase in infrastructure spending on a global basis. Developing economies have a substantial amount of pent-up demand for infrastructure as they address the need to accelerate urbanization and increase their standard of living.
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2012 Outlook (Kennedy): |
We see the European sovereign debt crisis as a salient issue for global economic sentiment in 2012. Due to challenges in Europe, reliance on the U.S. end market has increased for most companies. Several economic indicators point to a continued (if uneven) recovery in the U.S. For example, the Household Debt Service Ratio (defined by the U.S. Federal Reserve Board (“the Fed”) as the ratio of debt payments to disposable personal income) has steadily decreased from its 14% peak in 2008 to a much more normal level of 11%. Along with some improvement in employment, we believe this may help to drive consumer spending higher. In addition, residential building permits have begun to increase after several successive years of decline. A sustained upturn in existing home sales and new home construction, aided by the accommodative the Fed policies, would be a meaningful additional catalyst for our domestic economy. However, we see added uncertainty in 2012 due to potential policy changes that may become more evident through this fall’s elections. We also have concerns about longer term issues such as high U.S. government debt levels (the impact of which has been masked by extraordinarily low borrowing rates, which are likely unsustainable) and healthcare initiatives that could place an additional burden on the economy. |
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2012 Outlook (Keeley): |
Looking ahead, there are several factors that give us confidence that we are well positioned for events that should unfold, namely: |
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| • | An increase in M&A: A byproduct of our emphasis on corporate restructuring is that these events produce companies that are pure plays in individual industries; “pure plays”, by definition, are more takeover prone. As a result, the incidence of takeovers among companies within our portfolios is greater than the market at large. We believe that the pace of M&A will continue to rise throughout 2012. |
| • | An increase in restructuring events: Activity within our key restructuring themes has increased markedly of late. For instance, the calendar of mutual S&L conversions contains almost 15 companies—more than we have seen in over five years. In addition, the number of companies which have announced spin-offs (Fortune Brands, Marathon, ITT and Motorola to name a few) have also increased recently. In this slow growth but positive economic recovery, we believe that companies of all sizes and in all sectors will increasingly 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. |
Although a number of challenges remain, we expect a slow, but positive recovery. Despite the macroeconomic headwinds, management at a number of our companies remains optimistic due to increasing backlogs, improving order growth, and strong balance sheets. Additionally, management of these companies have taken advantage of the low interest rate environment to either retire debt altogether or extend maturities out to 2014-2015, creating a landscape that is vastly different than the 2008-2009 period when many companies were unprepared to handle the U.S. debt crisis. In this environment, we continue to identify attractive opportunities in individual companies and we remain committed to our value driven strategy which buys stocks of relatively unknown (spin-offs) and out of favor (below book value) companies. With a broader
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universe of opportunities coupled with continued economic progress, a low interest rate environment, and high levels of financial liquidity, we are encouraged about the prospects in the periods ahead.
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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. |
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2011 Market Overview (Sit): |
Tax-exempt fixed income markets enjoyed a strong year in 2011 after a rough start caused by the Fed’s continued quantitative easing, the overhang from heavy supply in the fourth quarter of 2010, and some dire predictions at the end of 2010 for a huge increase in defaults in 2011, all of which led to significant redemptions in tax-exempt bond funds in late 2010 and early 2011. The forecasted huge increase in defaults did not materialize. Furthermore, 2011 saw the fewest defaults in the last five years. The Fed’s operations, specifically Operation Twist (announced in September with implementation commencing shortly thereafter), were effective in reducing long-term interest rates, unlike previous quantitative easing. Supply of municipal bonds was down about 30% in 2011 from 2010. State and local government tax collections continued to improve from the low recession-driven levels of 2008 and 2009 (although they have still not returned to pre-recession levels), such that even though assistance from the federal government’s stimulus programs decreased significantly throughout 2011, state and local government finances were generally on the upswing. Beginning in the second quarter of 2011, modest inflows began to return to tax-exempt bond funds. The Fed’s promise in August to hold short-term rates low until mid-2013 (since extended until late 2014) fueled further investor demand for tax-exempt bonds, especially on the long end. |
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2011 Performance (Sit): |
The Clearwater Tax-Exempt Bond Fund returned 11.81%, net of fees, for the year ended December 31, 2011. The Fund’s benchmark, the Barclays 5 Year Municipal Bond Index, gained 6.95% over the same period. The Fund’s performance, due to its heavy emphasis on revenue bonds and its longer duration, significantly exceeded that of its benchmark in 2011. Given the Fed’s accommodative policies and the steep tax-exempt yield curve, we maintained the Fund’s average life duration, a measure of the Fund’s sensitivity to changes in interest rates, slightly above 6.0 years during the year, while yield fell due to the strength in market conditions in the final three quarters of the year. For comparison, the Fund’s benchmark, the Barclays 5 Year Municipal Bond Index, had an average duration of 3.9 years at December 31, 2011. Revenue bonds and general obligation bonds produced similar returns during 2011, with revenue bonds returning 11.4% for the year, while general obligation bonds returned 10.9%. Furthermore, longer duration underperformed intermediate duration, and lower quality issues outperformed those of higher credit quality, as investors sought yield. |
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2012 Market Outlook (Sit): |
We expect growth to remain positive throughout 2012, although we believe it may slow somewhat in the first half of the year, with a modest pickup in the second half. With the housing and subprime mortgage mess still unwinding and unemployment still elevated, interest rates, while likely to remain low in absolute terms, may continue to be volatile during the year. We believe the Treasury yield curve should remain relatively steep, with yields rising some on the intermediate and long-term portions of the curve. We expect that the tax-exempt curve will grow somewhat flatter, with short-term rates remaining low and long-term tax-exempt |
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yields falling somewhat as supply rebounds to a still manageable level and state and local government finances continue to improve, helping tax-exempt bonds outperform. One potential concern for the market will be the various tax reform proposals proffered by the candidates for President. While any such reform is unlikely in 2012, its potential form and likelihood of passage in 2013 could impact the market in the latter half of 2012. We expect revenue bonds to again be strong performers in 2012, as the Fed’s accommodative policies should continue to allay liquidity concerns in the market, and investor focus remains on yield. We expect general obligation bond performance to remain weaker on a relative basis, however, as despite their recent improvement, many cities, counties and states still have work to do. Furthermore, potential problems funding retirement pension and healthcare obligations still persist, and remain the subject of many of the negative media reports afflicting the municipal market. The Fund’s longer duration and its use of revenue and non-rated bonds have positioned it opportunistically for the economic and interest rate environment that we expect in 2012. Our investment of new portfolio cash flows will be focused on maturities in the 5-25 year range.
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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 manages its portion of the portfolio (approximately 60% of the Fund’s assets) to mirror the benchmark, the MSCI World ex US Index (net). The Fund also has three “active” managers (among whom the remaining 40% of the Fund’s assets are divided): AXA Rosenberg Investment Management LLC (“AXA Rosenberg”), Artisan Partners Limited Partnership (“Artisan Partners”), and Eagle Global Advisors, LLC (“Eagle”). |
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2011 Market Overview: |
2011 was a grim year for global equities. For the most part, the tale of 2011 was an increasingly positive outlook for the U.S. economy and an increasingly bleak outlook for most international economies. The ongoing currency and sovereign debt crisis continued to weigh on European equities as investors anticipated a slowdown across the region. After touching a multi-year high in the spring, global equity markets were torpedoed by a series of events and concerns, starting with the Japan earthquake and quickly followed by the Arab Spring and the European sovereign debt crisis, along with concerns over the global growth engine as China manufacturing showed signs of slowing. As a result, the tension between company fundamentals and macroeconomic worries was on full display this past year and the international markets ended the year down sharply. Despite all of the very well-known problems in the Euro zone and in the U.S., the main underlying positive that an investor can take away from 2011 is that companies continued to report attractive earnings and cash flow progress. |
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2011 Performance: |
The Clearwater International Fund performed very close to its benchmark, the MSCI World ex US Index (net), returning -12.44%, net of fees, versus the Index’s return of -12.20%. The portion of the portfolio managed by Parametric to mirror the benchmark returned -11.85%, gross of fees. Parametric’s outperformance reflected the positive impact of cash held in the portfolio. Performance and 2012 outlook commentary from each of the three “active” managers is included on the following pages. |
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Axa Rosenberg Performance Commentary: Our Clearwater portfolio underperformed its benchmark in 2011, returning -15.87% for the year. We attribute some of this underperformance to the difficult market environment and particularly headwinds to value, which were pronounced in Europe. Neither balance sheet valuation measures such as book value, nor earnings growth measures were consistently rewarded, and stock selection, though positive in Japan, was the driver for underperformance. Stock selection amongst chemical companies and software were the largest detractors. Overweight exposure to Clariant and ACI Co. Ltd, and the defense company Finmeccanica SPA, were particularly hard hit despite attractive fundamentals.
Although our Clearwater portfolio is relatively neutral by region, country weights within Europe and Asia contributed on the margin. Industry exposure was also marginally positive as a result of the significant underweight to Banks and Miscellaneous Finance, and a strategic overweight to Chemicals. Stock selection within Metals was the top contributor with overweights to Iluka Resources and First Quantum Mining. The pharmaceutical company Meda AB of Sweden was also a top contributor, and stock selection amongst banks was strong, with an overweight to Legal and General and underweights to the Greek, Italian and Spanish banks.
Artisan Partners Performance Commentary: During the twelve-month period ended December 31, 2011, our portion of the Clearwater International Fund returned -5.93%, gross of fees, outperforming both the Fund’s benchmark at -12.20% and the MSCI EAFE® Index, which returned -12.14%. 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: Arch Capital Group Ltd., a provider of reinsurance and insurance products; Credit Saison Co., Ltd., a consumer credit company; Diageo plc, a producer of alcoholic beverages; Compass Group PLC, a catering company; and Accenture plc, a provider of management and technology consulting services. Notable detractors included: financial services providers Lloyds Banking Group plc and ING Groep N.V.; temporary employment company Adecco SA; aggregates and cement producer HeidelbergCement AG; and investment holding company Guoco Group Limited.
Eagle Performance Commentary: Our portion of the Clearwater International Fund underperformed its benchmark, returning -14.48% for the year ended December 31, 2011. Early in the year our portfolio was hurt by being overweight in the Financials sector, particularly our European holdings, which hurt performance. The portfolio was also hurt throughout the year by our holdings in emerging markets, although we are confident that these holdings will provide longer-term outperformance. The largest specific drags to the portfolio were a holding in a Japanese insurance company, which disappointed as changes in accounting due to changes in tax rates significantly affected near-term reported earnings, and a Dutch telecom company, which also disappointed as increased risks of a new entrant and dividend cuts from other European telecoms dented the stock’s performance. During the fourth quarter, the portfolio was hurt by being significantly underweight to Australia. From a country standpoint, being underweight to an underperforming Japan as well as good stock selection there contributed to performance, although not enough to offset underperformance in other areas.
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2012 Outlook (Axa Rosenberg): |
The late-year pick-up in U.S. economic indicators and pro-growth initiatives in China and Asia have helped improve investor sentiment, at least for the time being, though the European crisis is far from resolved. Undoubtedly, the further earnings downgrades and likely contraction within certain industries and markets in Europe will continue to create market volatility, but we believe the overall health of corporate balance sheets with historically high profit margins and cash balances provide a strong foundation for recovery and corporate investment longer-term. We have seen relatively consistent rationalization of fundamentals in the U.S., Japan and Asia, and we believe Europe offers significant latent value. Projected earnings yields have reached historical highs, and we believe these mis-pricings offer significant opportunity for active management. |
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2012 Outlook (Artisan Partners): |
We remained focused on the intersection of balance sheet strength, business quality and valuation during the period. We added several new positions to the portfolio, including: medical systems, consumer electronics and lighting manufacturer Koninklijke Philips Electronics N.V., previously mentioned ING Groep N.V. and lighting equipment manufacturer Stanley Electric Co., Ltd., and Michael Page International plc, a provider of recruitment consultancy services. We funded these purchases in part by selling our positions in Royal Dutch Shell PLC, Gemalto NV, BAE Systems plc, Givaudan SA and Daiwa Securities Group Inc. |
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2012 Outlook (Eagle): |
The Eurozone economic activity continues to decelerate and appears headed towards a recession as the European sovereign debt crisis remains unresolved. European Union officials remain focused on resolving the problems but lasting solutions are hard to come by. The “German-bloc countries” which had been carrying the region economically stabilized somewhat during the fourth quarter as consumer and business confidence showed some relief. Concern in the Eurozone about credit rating downgrades remains high as credit spreads stay wide, refinancing auctions struggle, confidence wanes and austerity measures prove ineffective. While contracting throughout the year, the Japanese economy appears to be benefitting from reconstruction spending as many manufacturing facilities come back on line after the spring 2011 earthquake. However, as a result of the global economic slowdown, Japan’s export-led economy faces a headwind from a weakness in global trade and a stubbornly strong yen. The Bank of Japan continues to inject liquidity into the system in its effort to support the Japanese economy. Emerging economies have slowed but still contribute the bulk of global growth. China, India and Brazil are all enjoying robust domestic consumption trends. |
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The U.S. dollar strengthened versus the euro and the pound, but not the yen. Both the yen and U.S. dollar benefitted from the European sovereign debt crisis and global recession fears as investors reduced risk and sought these safe haven currencies. Currency volatility is expected to continue throughout 2012 as budget deficits, sovereign debt issues, policy risks, inflation pressures and trade imbalances create uncertainty. Inflation pressures appear to have ebbed globally as economic activity decelerates. Inflation trends in the emerging markets have also begun to ease as restrictive measures have slowed growth and commodity prices have pulled back. |
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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 Barclay’s 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
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* Clearwater International Fund inception date. | A-11 |
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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 funds” and those indirect expenses represent the Funds’ pro rata portion of the cumulative expense charged by the acquired funds.)
The example provided is based on an investment of $1,000 invested at the beginning of the period and held for the six month period ended December 31, 2011.
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 | Ending Account | Expenses Paid |
Growth Fund | $1,000.00 | $927.10 | $2.91 |
Small Cap Fund | $1,000.00 | $899.60 | $4.79 |
Tax-Exempt Bond Fund | $1,000.00 | $1,069.00 | $1.88 |
International Fund | $1,000.00 | $835.40 | $3.42 |
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Hypothetical (5% return |
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Growth Fund | $1,000.00 | $1,022.18 | $3.06 |
Small Cap Fund | $1,000.00 | $1,020.16 | $5.09 |
Tax-Exempt Bond Fund | $1,000.00 | $1,023.39 | $1.84 |
International Fund | $1,000.00 | $1,021.48 | $3.77 |
* 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 | 0.60% | |
| Small Cap Fund | 1.00% | |
| Tax-Exempt Bond Fund | 0.36% | |
| International Fund (a) | 0.74% | |
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| (a) The expense ratio for the International Fund represents the blended expense ratio during the six month period. The management fee of the Fund was reduced through voluntary waivers to 0.75%, until December 5, 2011, when the voluntary waivers were increased and the expense ratio of the Fund became 0.70%. |
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. 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.
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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 Fiduciary Counselling, Inc. toll free at 1-888-228-0935 or by sending a written request to: Fiduciary Counselling, Inc., 30 East 7th Street, Suite 2000, St. Paul, MN 55101 Attn: Clearwater Investment Trust. Form N-PX is also available from the EDGAR database on the SEC’s Internet site at http://www.sec.gov.
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EXECUTIVE TRUSTEES AND OFFICERS
Information About the Funds’ Independent Trustees
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Name, Address | Positions Held | Term of Office and Length of Time Served | Principal Occupation(s) During the Last 5 Years | Number of Portfolios in the Fund Complex Overseen by the Trustee | Other Directorships Held by the Trustee During the Last 5 Years |
James E. Johnson | Trustee | Tenure: May 2011 – Present | Retired as Executive Vice President, Securian Financial Group, Inc. in 2010, Securian Financial Group, Inc. (1968-2010) | 4 | None |
Charles W. Rasmussen | Trustee | Tenure: 10 yrs | President and Chief Executive Officer, P&G Manufacturing, Inc. (air filtration equipment, 2002- Present) | 4 | None |
Laura E. Rasmussen | Trustee | Tenure: 10 yrs | Business Owner, 3 Kittens Needle Arts (textile sales, 2006-Present) | 4 | None |
Edward R. Titcomb III | Trustee | Tenure: May 2011 – Present | Assistant Vice President, Anchor Bank-Anchor Trust (2010-Present), Key Account Manager, GWG Life (2008-2010), Relationship Manager, The Hartford (2007-2008), Trust Officer, US Trust (2004-2006) | 4 | None |
Justin H. Weyerhaeuser | Trustee | Tenure: 4 yrs(2) | Attorney, Davis Graham & Stubbs LLP (law firm, November 2011 – Present), Husch Blackwell (law firm, July 2011 – November 2011), Jacobs Chase Attorneys (2009-July 2011), Volunteer Attorney, ACLU of Colorado (2007-2009), Private Investor (2006-2007) | 4 | None |
|
|
(1) | Mr. Rasmussen and Ms. Rasmussen are spouses-in-law, and are nieces or nephews of Mr. Frederick T. Weyerhaeuser (see below). |
| |
(2) | Mr. Weyerhaeuser was elected as an Independent Trustee on March 7, 2008. |
A-15
EXECUTIVE TRUSTEES AND OFFICERS
Information about the Funds’ Executive Officers and Interested Trustees
|
|
|
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|
|
Name, Address | Positions Held | Term of Office and Length of Time Served | Principal Occupation(s) During the Last 5 Years | Number of Portfolios in the Fund Complex Overseen by the Trustee | Other Directorships Held by the Trustee During the Last 5 Years |
Frederick T. Weyerhaeuser | Trustee, Vice President and Secretary | As Trustee; Tenure: 22 yrs Term: Indefinite | Private Investor | 4 | None |
George H. Weyerhaeuser Jr. | Trustee, Chairman, Chief Executive Officer and Treasurer | As Trustee: Tenure: 3 yrs Term: Indefinite | Member, Advisory Board, Pictet Advisory Overseas Services Ltd (2009-Present), Senior Vice President, Technology, Weyerhaeuser Company (1998 – 2006), Director, Clearwater Management Company (1987 – 2006) | 4 | Foss Waterway Development Authority |
Jennifer D. Lammers | Chief Compliance Officer | Tenure: Setember 2009 – Present Term: Reappointed Annually | Chief Compliance Officer, Clearwater Management Company, Inc. (2009-Present), Chief Compliance Officer, Fiduciary Counselling, Inc. (2009-Present), Chief Compliance Officer, River Source Funds and Riversource Investments (2006-2009), President, Tamarack Funds and Director of Finance, Voyageur Asset Management (2003 – 2006) | N/A | N/A |
* Mr. F.T. Weyerhaeuser is an interested trustee due to his daughter’s position as a director of Clearwater Management Company, the Funds’ investment manager.
**Mr. G.H. Weyerhaeuser Jr. is an interested trustee due to his positions as the Funds’ CEO and Treasurer.
A-16
EXECUTIVE TRUSTEES AND OFFICERS
Information about the Funds’ Executive Officers and Interested Trustees
|
|
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|
|
|
Name, Address | Positions Held | Term of Office and Length of Time Served | Principal Occupation(s) During the Last 5 Years | Number of Portfolios in the Fund Complex Overseen by the Trustee | Other Directorships Held by the Trustee During the Last 5 Years |
Catherine A. Nguyen | Assistant Treasurer | Tenure: September 2011 – Present Term: Reappointed Annually | The Northern Trust Company, Vice President and Client Service Delivery Manager, 2011 – present; Deloitte & Touche LLP, External Audit Manager 2008-2010, External Audit Senior 2005-2008 | N/A | N/A |
Marcia Lucas | Assistant Secretary | Tenure: March 2011 – Present Term: Reappointed Annually | Second Vice President, The Northern Trust Company (2010-Present), Partner, Michael Best & Friedrich LLP (2005-2008) | 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 website.
A-17
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.
At their in-person meeting on December 2-3, 2011, the Trustees considered the renewal of the Management Agreement and those of the Subadvisory Agreements for Artisan Partners Limited Partnership, AXA Rosenberg Investment Management LLC, Eagle Global Advisors, LLC, Fiduciary Counselling, Inc., Heartland Advisors, Inc., Keeley Asset Management Corp., Kennedy Capital Management, Inc., Knightsbridge Asset Management, LLC, Osterweis Capital Management, LLC, Parametric Portfolio Associates, and Sit Fixed Income Advisors II, LLC. Prior to the meeting, the Trustees requested, received, and reviewed written responses from CMC and the 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 Trustees in making their determination as to the renewal of the Management Agreement and 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 Subadvisory Agreements, and the Trustees’ responsibilities related to their review. In addition to the information presented on December 2-3, 2011, 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 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 Subadvisers, as well as their investment expertise, resources and capabilities. The Trustees considered the quality of the 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 Trustees reviewed information regarding the financial condition of CMC and the Subadvisers as related to their ongoing ability to provide services as specified under the Management Agreement and Subadvisory Agreements. The
A-18
Trustees considered that FCI provides, in addition to investment management services, certain services related to due diligence, performance reporting, compliance, and other administrative functions, which support the investment management services and Subadviser oversight services provided by CMC. 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 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 2011. The Trustees concluded that they were satisfied with CMC and the Subadvisers’ investment performance to date.
Comparative Fees and Cost of Services Provided
The Trustees reviewed the fees paid to CMC and the 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, on a quarterly basis, 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 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 Growth Fund, International Fund, Small Cap Fund and Tax-Exempt Fund during 2011. Effective June 1, 2011, CMC put a voluntarily waiver of 0.30% of its investment advisory fee in place for the Growth Fund. Over the course of 2011, CMC twice increased its voluntary waiver for the International Fund from 0.20% to 0.25% and again to 0.30%. Effective June 1, 2011, CMC decreased its voluntary waiver for the Small Cap Fund to 0.35%. 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 structure was approved by shareholders.
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 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. 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.
A-19
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.
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 fiscal years ended December 31, 2011 and 2010, respectively, for the Growth Fund, 20.68% and 81.15% of ordinary dividends paid during the fiscal years ended December 31, 2011 and 2010, respectively, for the Small Cap Fund, and 100% and 88.34% of ordinary dividends paid during the fiscal years ended December 31, 2011 and 2010, respectively, for the International Fund are designated as “qualified dividend income”, as defined in the Act, subject to reduced tax rates in 2011.
Corporate Dividends-Received Deduction. 100% and 20.51% of the dividends distributed during the fiscal year ended December 31, 2011, for the Growth and Small Cap Funds, respectively, qualify for the dividends-received deduction for corporate shareholders.
A-21
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| |
| KPMG LLP |
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|
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, 2011, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years 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, 2011, 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, 2011, the results of their operations for the year then ended, the changes in their net assets for each of the years 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 29, 2012
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| KPMG LLP is a Delaware limited liability partnership, |
CLEARWATER INVESTMENT TRUST
Statements of Assets and Liabilities
December 31, 2011
|
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|
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|
| Growth |
| Small Cap |
| Tax-Exempt |
| International |
| ||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in securities, at fair value (identified cost: $233,914,332 Growth Fund; $212,304,257 Small Cap Fund; $503,433,825 Tax-Exempt Bond Fund; $252,423,468 International Fund) |
| $ | 332,503,398 |
|
| 239,059,023 |
|
| 510,380,170 |
|
| 300,527,508 |
|
Foreign currencies, at value (cost: $460,547) |
|
| — |
|
| — |
|
| — |
|
| 462,288 |
|
Receivable for securities sold |
|
| — |
|
| 1,096,537 |
|
| 2,662,842 |
|
| 4,029,846 |
|
Receivable for shares of beneficial interest sold |
|
| — |
|
| 50,000 |
|
| 139,000 |
|
| 804,000 |
|
Accrued dividend and interest receivable |
|
| 424,310 |
|
| 245,697 |
|
| 6,354,652 |
|
| 449,533 |
|
Foreign tax reclaim receivable |
|
| 4,653 |
|
| — |
|
| — |
|
| 493,569 |
|
Unrealized appreciation on forward foreign currency exchange contracts |
|
| — |
|
| — |
|
| — |
|
| 10,247 |
|
Total assets |
|
| 332,932,361 |
|
| 240,451,257 |
|
| 519,536,664 |
|
| 306,776,991 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables for investment securities purchased |
|
| 118,640 |
|
| 342,454 |
|
| — |
|
| 1,124,327 |
|
Accrued investment advisory fee |
|
| 493,342 |
|
| 600,972 |
|
| 468,844 |
|
| 572,873 |
|
Payable for dividend distribution |
|
| — |
|
| — |
|
| 233,947 |
|
| — |
|
Foreign currencies overdraft, at value (cost: $23) |
|
| 21 |
|
| — |
|
| — |
|
| — |
|
Unrealized depreciation on forward foreign currency exchange contracts |
|
| — |
|
| — |
|
| — |
|
| 8,432 |
|
Total liabilities |
|
| 612,003 |
|
| 943,426 |
|
| 702,791 |
|
| 1,705,632 |
|
Net assets |
| $ | 332,320,358 |
|
| 239,507,831 |
|
| 518,833,873 |
|
| 305,071,359 |
|
Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital stock and additional paid-in capital (authorized unlimited number of shares at no par value for each Fund: outstanding 13,156,048, 14,162,307, 53,930,477 and 24,945,062 shares, respectively) |
| $ | 251,405,302 |
|
| 216,230,785 |
|
| 520,202,119 |
|
| 262,357,830 |
|
Undistributed net investment income (loss) |
|
| 28,372 |
|
| — |
|
| (13,410 | ) |
| (806,303 | ) |
Accumulated net realized loss from investments and foreign currency transactions |
|
| (17,702,383 | ) |
| (3,477,720 | ) |
| (8,301,181 | ) |
| (4,599,111 | ) |
Unrealized appreciation of investments and translation of assets and liabilities in foreign currencies |
|
| 98,589,067 |
|
| 26,754,766 |
|
| 6,946,345 |
|
| 48,118,943 |
|
Net assets |
| $ | 332,320,358 |
|
| 239,507,831 |
|
| 518,833,873 |
|
| 305,071,359 |
|
Net asset value per share of outstanding capital stock |
| $ | 25.26 |
|
| 16.91 |
|
| 9.62 |
|
| 12.23 |
|
See accompanying notes to financial statements.
2
CLEARWATER INVESTMENT TRUST
Statements of Operations
Year ended December 31, 2011
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| Growth |
| Small Cap |
| Tax-Exempt |
| International |
| ||||
Investment income: |
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|
|
|
|
|
|
|
|
|
|
|
|
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends (net of foreign taxes withheld of $20,969, $630, $0 and $949,488 respectively) |
| $ | 6,096,658 |
|
| 2,580,725 |
|
| 2,616,770 |
|
| 9,902,624 |
|
Interest |
|
| — |
|
| 15,159 |
|
| 25,642,060 |
|
| 647 |
|
Total income |
|
| 6,096,658 |
|
| 2,595,884 |
|
| 28,258,830 |
|
| 9,903,271 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory fee |
|
| 2,370,421 |
|
| 3,418,437 |
|
| 3,116,105 |
|
| 3,395,194 |
|
Voluntary fee reduction |
|
| (534,334 | ) |
| (941,695 | ) |
| (1,246,445 | ) |
| (785,839 | ) |
Total net expenses |
|
| 1,836,087 |
|
| 2,476,742 |
|
| 1,869,660 |
|
| 2,609,355 |
|
Net investment income |
|
| 4,260,571 |
|
| 119,142 |
|
| 26,389,170 |
|
| 7,293,916 |
|
Realized gain (loss) on investments and foreign currencies: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Security transactions |
|
| (6,597,400 | ) |
| 30,103,847 |
|
| (887,827 | ) |
| (4,309,620 | ) |
Forward foreign currency exchange contracts |
|
| — |
|
| — |
|
| — |
|
| (247,124 | ) |
Foreign currency transactions |
|
| (4,023 | ) |
| — |
|
| — |
|
| (15,970 | ) |
Net increase (decrease) in appreciation/depreciation on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Security transactions |
|
| (8,158,082 | ) |
| (32,921,523 | ) |
| 32,296,176 |
|
| (46,549,703 | ) |
Forward foreign currency exchange contracts |
|
| — |
|
| — |
|
| — |
|
| (3,232 | ) |
Foreign currency transactions |
|
| 1,739 |
|
| — |
|
| — |
|
| 2 |
|
Translation of other assets and liabilities denominated in foreign currencies |
|
| — |
|
| — |
|
| — |
|
| (15,257 | ) |
Net gain (loss) on investments |
|
| (14,757,766 | ) |
| (2,817,676 | ) |
| 31,408,349 |
|
| (51,140,904 | ) |
Net increase (decrease) in net assets resulting from operations |
| $ | (10,497,195 | ) |
| (2,698,534 | ) |
| 57,797,519 |
|
| (43,846,988 | ) |
See accompanying notes to financial statements.
3
CLEARWATER INVESTMENT TRUST
Statements of Changes in Net Assets
Years ended December 31, 2011 and 2010
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|
| Growth Fund |
| Small Cap Fund |
| ||||||||
|
| 12/31/2011 |
| 12/31/2010 |
| 12/31/2011 |
| 12/31/2010 |
| ||||
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
| $ | 4,260,571 |
|
| 4,891,408 |
|
| 119,142 |
|
| (48,605 | ) |
Net realized gain (loss) on investments |
|
| (6,601,423 | ) |
| 6,955,378 |
|
| 30,103,847 |
|
| 32,398,334 |
|
Net change in unrealized appreciation/depreciation |
|
| (8,156,343 | ) |
| 31,768,081 |
|
| (32,921,523 | ) |
| 28,799,775 |
|
Net increase (decrease) in net assets resulting from operations |
|
| (10,497,195 | ) |
| 43,614,867 |
|
| (2,698,534 | ) |
| 61,149,504 |
|
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (4,182,151 | ) |
| (5,115,464 | ) |
| (93,237 | ) |
| (215,518 | ) |
Net realized gain on investments |
|
| — |
|
| — |
|
| (20,564,115 | ) |
| — |
|
Total distributions to shareholders |
|
| (4,182,151 | ) |
| (5,115,464 | ) |
| (20,657,352 | ) |
| (215,518 | ) |
Capital share transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold |
|
| 12,580,223 |
|
| 20,011,202 |
|
| 15,200,741 |
|
| 7,569,800 |
|
Reinvestment of distributions from net investment income and gain |
|
| 4,182,151 |
|
| 5,115,464 |
|
| 20,657,352 |
|
| 215,518 |
|
Payments for shares redeemed |
|
| (14,032,377 | ) |
| (12,544,217 | ) |
| (29,231,102 | ) |
| (26,817,519 | ) |
Increase (decrease) in net assets from capital share transactions |
|
| 2,729,997 |
|
| 12,582,449 |
|
| 6,626,991 |
|
| (19,032,201 | ) |
Total increase (decrease) in net assets |
|
| (11,949,349 | ) |
| 51,081,852 |
|
| (16,728,895 | ) |
| 41,901,785 |
|
Net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
At the beginning of the year |
|
| 344,269,707 |
|
| 293,187,855 |
|
| 256,236,726 |
|
| 214,334,941 |
|
At the end of the year |
| $ | 332,320,358 |
|
| 344,269,707 |
|
| 239,507,831 |
|
| 256,236,726 |
|
Undistributed net investment income |
| $ | 28,372 |
|
| — |
|
| — |
|
| — |
|
See accompanying notes to financials statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tax-Exempt Bond Fund |
| International Fund |
| ||||||||
|
| 12/31/2011 |
| 12/31/2010 |
| 12/31/2011 |
| 12/31/2010 |
| ||||
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
| $ | 26,389,170 |
|
| 26,998,001 |
|
| 7,293,916 |
|
| 5,327,567 |
|
Net realized gain (loss) on investments |
|
| (887,827 | ) |
| 1,110,682 |
|
| (4,572,714 | ) |
| 2,032,458 |
|
Net change in unrealized appreciation/depreciation |
|
| 32,296,176 |
|
| (11,571,237 | ) |
| (46,568,190 | ) |
| 27,617,574 |
|
Net increase (decrease) in net assets resulting from operations |
|
| 57,797,519 |
|
| 16,537,446 |
|
| (43,846,988 | ) |
| 34,977,599 |
|
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (26,365,905 | ) |
| (27,018,340 | ) |
| (7,103,317 | ) |
| (5,388,519 | ) |
Net realized gain on investments |
|
| — |
|
| — |
|
| (717,130 | ) |
| (2,441,263 | ) |
Total distributions to shareholders |
|
| (26,365,905 | ) |
| (27,018,340 | ) |
| (7,820,447 | ) |
| (7,829,782 | ) |
Capital share transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold |
|
| 14,973,923 |
|
| 27,399,592 |
|
| 21,869,448 |
|
| 31,956,533 |
|
Reinvestment of distributions from net investment income and gain |
|
| 26,372,119 |
|
| 26,778,179 |
|
| 7,820,447 |
|
| 7,829,782 |
|
Payments for shares redeemed |
|
| (70,145,905 | ) |
| (69,888,506 | ) |
| (19,365,745 | ) |
| (13,421,383 | ) |
Increase (decrease) in net assets from capital share transactions |
|
| (28,799,863 | ) |
| (15,710,735 | ) |
| 10,324,150 |
|
| 26,364,932 |
|
Total increase (decrease) in net assets |
|
| 2,631,751 |
|
| (26,191,629 | ) |
| (41,343,285 | ) |
| 53,512,749 |
|
Net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
At the beginning of the year |
|
| 516,202,122 |
|
| 542,393,751 |
|
| 346,414,644 |
|
| 292,901,895 |
|
At the end of the year |
| $ | 518,833,873 |
|
| 516,202,122 |
|
| 305,071,359 |
|
| 346,414,644 |
|
Undistributed net investment loss |
| $ | (13,410 | ) |
| (20,090 | ) |
| (806,303 | ) |
| (807,038 | ) |
See accompanying notes to financial statements.
4
CLEARWATER INVESTMENT TRUST
Financial Highlights
December 31, 2011
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 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||
Net asset value, beginning of year |
| $ | 26.38 |
|
| 23.40 |
|
| 18.60 |
|
| 30.57 |
|
| 29.47 |
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| 0.33 |
|
| 0.38 |
|
| 0.39 |
|
| 0.51 |
|
| 0.48 |
|
Net realized and unrealized gain (loss) |
|
| (1.13 | ) |
| 2.99 |
|
| 4.78 |
|
| (11.96 | ) |
| 1.10 |
|
Total from investment operations |
|
| (0.80 | ) |
| 3.37 |
|
| 5.17 |
|
| (11.45 | ) |
| 1.58 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
| (0.32 | ) |
| (0.39 | ) |
| (0.37 | ) |
| (0.52 | ) |
| (0.48 | ) |
Total distributions |
|
| (0.32 | ) |
| (0.39 | ) |
| (0.37 | ) |
| (0.52 | ) |
| (0.48 | ) |
Net asset value, end of year |
| $ | 25.26 |
|
| 26.38 |
|
| 23.40 |
|
| 18.60 |
|
| 30.57 |
|
Total return (a) |
|
| (3.04 | )% |
| 14.42 | % |
| 27.90 | % |
| (37.50 | )% |
| 5.40 | % |
Net assets, end of year (000s omitted) |
| $ | 332,320 |
|
| 344,270 |
|
| 293,188 |
|
| 197,263 |
|
| 330,991 |
|
Ratio of expenses, net of waivers, to average net assets (b)(c)(d) |
|
| 0.53 | % |
| 0.30 | % |
| 0.28 | % |
| 0.28 | % |
| 0.28 | % |
Ratio of expenses, before waivers, to average net assets (b)(c)(d) |
|
| 0.69 | % |
| 0.45 | % |
| 0.45 | % |
| 0.45 | % |
| 0.45 | % |
Ratio of net investment income, net of waivers, to average net assets (b)(d) |
|
| 1.25 | % |
| 1.60 | % |
| 1.98 | % |
| 1.92 | % |
| 1.61 | % |
Ratio of net investment income, before waivers, to average net assets (b)(d) |
|
| 1.09 | % |
| 1.45 | % |
| 1.81 | % |
| 1.75 | % |
| 1.44 | % |
Portfolio turnover rate (excluding short-term securities) |
|
| 27.01 | % |
| 43.65 | % |
| 21.83 | % |
| 14.71 | % |
| 17.99 | % |
|
|
(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 Adviser 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. |
|
|
(d) | Effective June 1, 2011, the investment advisory fee, net of voluntary waivers, increased to 0.60%. |
|
|
| Also effective June 1, 2011, the Adviser increased the voluntary waiver to 0.30%. |
5
CLEARWATER INVESTMENT TRUST
Financial Highlights
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year Ended December 31, |
| |||||||||||||
Small Cap Fund |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||
Net asset value, beginning of year |
| $ | 18.70 |
|
| 14.41 |
|
| 10.39 |
|
| 16.68 |
|
| 18.71 |
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| 0.01 |
|
| — |
|
| — |
|
| 0.05 |
|
| — |
|
Net realized and unrealized gains (losses) |
|
| (0.28 | ) |
| 4.31 |
|
| 4.02 |
|
| (6.29 | ) |
| 0.58 |
|
Total from investment operations |
|
| (0.27 | ) |
| 4.31 |
|
| 4.02 |
|
| (6.24 | ) |
| 0.58 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
| (0.01 | ) |
| (0.02 | ) |
| — |
|
| (0.05 | ) |
| — |
|
Distributions from net realized gains |
|
| (1.51 | ) |
| — |
|
| — |
|
| — |
|
| (2.61 | ) |
Total distributions |
|
| (1.52 | ) |
| (0.02 | ) |
| — |
|
| (0.05 | ) |
| (2.61 | ) |
Net asset value, end of year |
| $ | 16.91 |
|
| 18.70 |
|
| 14.41 |
|
| 10.39 |
|
| 16.68 |
|
Total return (a) |
|
| (1.62 | )% |
| 29.99 | % |
| 38.70 | % |
| (37.40 | )% |
| 3.10 | % |
Net assets, end of year (000s omitted) |
| $ | 239,508 |
|
| 256,237 |
|
| 214,335 |
|
| 120,846 |
|
| 246,987 |
|
Ratio of expenses, net of waivers, to average net assets (b)(c) |
|
| 0.98 | % |
| 0.95 | % |
| 0.95 | % |
| 0.95 | % |
| 0.98 | % |
Ratio of expenses, before waivers, to average net assets (b)(c) |
|
| 1.35 | % |
| 1.35 | % |
| 1.35 | % |
| 1.35 | % |
| 1.35 | % |
Ratio of net investment income (loss), net of waivers, to average net assets(c) |
|
| 0.05 | % |
| (0.02 | )% |
| (0.04 | )% |
| 0.32 | % |
| 0.00 | % |
Ratio of net investment loss, before waivers, to average net assets(c) |
|
| (0.32 | )% |
| (0.42 | )% |
| (0.44 | )% |
| (0.08 | )% |
| (0.37 | )% |
Portfolio turnover rate (excluding short-term securities) |
|
| 64.54 | % |
| 71.05 | % |
| 95.13 | % |
| 117.12 | % |
| 115.19 | % |
|
|
(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. |
|
|
(c) | Effective June 1, 2011, the investment advisory fee, net of voluntary waivers, increased to 1.00%. Also effective June 1, 2011, the Adviser reduced the voluntary waiver to 0.35%. |
|
|
6 | (Continued) |
CLEARWATER INVESTMENT TRUST
Financial Highlights
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, |
| |||||||||||||
Tax-Exempt Bond Fund |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||
Net asset value, beginning of year |
| $ | 9.06 |
|
| 9.25 |
|
| 8.09 |
|
| 9.64 |
|
| 10.06 |
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| 0.48 |
|
| 0.47 |
|
| 0.47 |
|
| 0.46 |
|
| 0.46 |
|
Net realized and unrealized gains (losses) |
|
| 0.56 |
|
| (0.19 | ) |
| 1.16 |
|
| (1.55 | ) |
| (0.42 | ) |
Total from investment operations |
|
| 1.04 |
|
| 0.28 |
|
| 1.63 |
|
| (1.09 | ) |
| 0.04 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
| (0.48 | ) |
| (0.47 | ) |
| (0.47 | ) |
| (0.46 | ) |
| (0.46 | ) |
Total distributions |
|
| (0.48 | ) |
| (0.47 | ) |
| (0.47 | ) |
| (0.46 | ) |
| (0.46 | ) |
Net asset value, end of year |
| $ | 9.62 |
|
| 9.06 |
|
| 9.25 |
|
| 8.09 |
|
| 9.64 |
|
Total return (a) |
|
| 11.81 | % |
| 2.99 | % |
| 20.60 | % |
| (11.80 | )% |
| 0.60 | % |
Net assets, end of year (000s omitted) |
| $ | 518,834 |
|
| 516,202 |
|
| 542,394 |
|
| 370,848 |
|
| 337,395 |
|
Ratio of expenses, net of waivers, to average net assets (b) |
|
| 0.36 | % |
| 0.36 | % |
| 0.36 | % |
| 0.37 | % |
| 0.38 | % |
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 |
|
| 5.08 | % |
| 5.00 | % |
| 5.34 | % |
| 5.03 | % |
| 4.75 | % |
Ratio of net investment income, before waivers, to average net assets |
|
| 4.84 | % |
| 4.76 | % |
| 5.10 | % |
| 4.80 | % |
| 4.53 | % |
Portfolio turnover rate (excluding short-term securities) |
|
| 24.83 | % |
| 28.95 | % |
| 22.90 | % |
| 32.20 | % |
| 27.58 | % |
|
|
(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. |
|
|
7 | (Continued) |
CLEARWATER INVESTMENT TRUST
Financial Highlights
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended |
| Year ended |
| Period Ended |
| |||
International Fund |
| 2011 |
| 2010 |
| 2009(a)(b) |
| |||
| ||||||||||
Net asset value, beginning of period |
| $ | 14.33 |
|
| 13.16 |
|
| 10.00 |
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| 0.30 |
|
| 0.23 |
|
| 0.19 |
|
Net realized and unrealized gains (losses) |
|
| (2.08 | ) |
| 1.27 |
|
| 3.35 |
|
Total from investment operations |
|
| (1.78 | ) |
| 1.50 |
|
| 3.54 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
| (0.29 | ) |
| (0.23 | ) |
| (0.18 | ) |
Distributions from net realized gains |
|
| (0.03 | ) |
| (0.10 | ) |
| (0.20 | ) |
Total distributions |
|
| (0.32 | ) |
| (0.33 | ) |
| (0.38 | ) |
Net asset value, end of period |
| $ | 12.23 |
|
| 14.33 |
|
| 13.16 |
|
Total return (c) |
|
| (12.44 | )% |
| 11.39 | % |
| 35.50 | % |
Net assets, end of period (000s omitted) |
| $ | 305,071 |
|
| 346,415 |
|
| 292,902 |
|
Ratio of expenses, net of waivers, to average net assets (d)(e)(f) |
|
| 0.77 | % |
| 0.80 | % |
| 0.92 | % |
Ratio of expenses, before waivers, to average net assets (d)(e)(f) |
|
| 1.00 | % |
| 1.00 | % |
| 1.00 | % |
Ratio of net investment income, net of waivers, to average net assets (d)(f) |
|
| 2.15 | % |
| 1.77 | % |
| 1.74 | % |
Ratio of net investment income, before waivers, to average net assets (d)(f) |
|
| 1.92 | % |
| 1.57 | % |
| 1.66 | % |
Portfolio turnover rate (excluding short-term securities) |
|
| 36.93 | % |
| 30.82 | % |
| 35.33 | % |
|
|
(a) | Commenced investment operations on February 5, 2009. |
|
|
(b) | Net investment income for the period ended was calculated using the average shares outstanding method. |
|
|
(c) | Total return figures are based on the change in net asset value of a share during the period and assume reinvestment of distributions at net asset value. Total return is not annualized for periods of less than one year. |
|
|
(d) | Annualized for periods of less than one year. |
|
|
(e) | In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. |
|
|
(f) | Effective June 1, 2011, the investment advisory fee, net of voluntary waivers, decreased to 0.75%. Also effective June 1, 2011, the Adviser increased the voluntary waiver to 0.25%. Effective December 5, 2011, the investment advisory fee, net of voluntary waivers, decreased to 0.70%. Also effective December 5, 2011, the Adviser increased the voluntary waiver to 0.30%. |
|
|
8 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
|
Notes to Financial Statements |
|
December 31, 2011 |
|
|
(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”). Clearwater Management Company (the “Adviser”) serves as the investment adviser for 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.
Fiduciary Counselling, Inc. (“FCI”) acts as subadviser to each Fund. FCI does not provide day-to-day management, but provides the Funds with various investment-related services, including investment strategy advice, manager recommendations and related duties as requested by the Adviser. FCI also provides certain services related to due diligence, performance reporting, compliance, and other administrative functions, which support the investment management services and subadviser oversight services provided to the Funds by the Adviser.
The Clearwater Growth 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 that provide day-to-day management for the Fund, Parametric Portfolio Associates (“Parametric”), Heartland Advisors, Inc. (“Heartland”), Knightsbridge Asset Management, LLC (“Knightsbridge”) and Osterweis Capital Management, LLC (“Osterweis”). The allocation among subadvisers will vary over time, but the current intent of the Fund’s Adviser is that under normal market conditions approximately 60% of the Fund’s net assets will be allocated to Parametric; the remaining net assets will be allocated to one or more of the Fund’s three other subadvisers. 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. In addition, as noted above, FCI also acts as a subadviser to the Fund.
The Clearwater Small Cap 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. The market capitalization of the companies included in the Russell 2000® Index as of May 31, 2011, was between $130 million and $3.0 billion. The equity securities the Fund invests in consist primarily of exchange traded common and preferred stocks. The Fund may also invest in a type of equity security called a convertible security to hedge sector volatility. A convertible security generally entitles the holder to receive interest paid or accrued on debt securities or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. The Fund may invest up to 20% of its assets in microcap securities, generally defined as securities with a market capitalization of at least $78 million and under $300 million. The Fund currently has two subadvisers that provide day-to-day management for the Fund, Kennedy Capital Management, Inc. (“Kennedy”) and Keeley Asset Management (“Keeley”). In addition, as noted above, FCI also acts as a subadviser to the Fund.
The Clearwater Tax-Exempt Bond Fund invests at least 80% of its assets in tax-exempt bonds, which are debt obligations issued by or for the U.S. states, territories and possessions, and the District of Columbia. The interest on these securities is generally exempt from 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
9
|
CLEARWATER INVESTMENT TRUST |
|
Notes to Financial Statements |
|
December 31, 2011 |
bonds that generate interest income subject to federal alternative minimum tax. The Fund currently has one subadviser that provides day-to-day management for the Fund, Sit Fixed Income Advisers II, LLC (“Sit”). In addition, as noted above, FCI also acts as a subadviser to the Fund.
Under normal market circumstances, the Clearwater International Fund intends to invest at least 80% of the value of its net assets in equity securities of companies organized or located outside the United States and doing a substantial amount of business outside the United States. Equity securities in which the Fund invests include common and preferred stock, sponsored and unsponsored American Depository Receipts, European Depository Receipts, and Global Depository Receipts and exchange-traded funds and other investment companies. The Fund diversifies its investments among a number of different countries throughout the world, and may invest in companies of any size. The Fund does not currently intend to invest more than 20% of its net assets in the equity securities of developing or emerging market issuers. The Fund currently has four subadvisers that provide day-to-day management for the Fund, Parametric, AXA Rosenberg Investment Management LLC (“AXA Rosenberg”), Artisan Partners Limited Partnership (“Artisan Partners”), and Eagle Global Advisors, LLC (“Eagle”). In addition, as noted above, FCI also acts as a subadviser to the Fund.
(2) Summary of Significant Accounting Policies
The significant accounting policies followed by the Funds are as follows:
|
|
(a) | Investments in Securities |
| |
| Investments in U.S. and foreign equity securities are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. Foreign security values are stated in U.S. dollars. Equity securities which have not traded on the date of valuation or securities for which sales prices are not generally reported are valued at the mean between the last bid and asked prices. Debt securities maturing more than 60 days from the valuation date are valued at the market price supplied by an independent pricing vendor; those securities of sufficient credit quality with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued at amortized cost, which approximates fair value. Securities for which no market quotations are readily available (including those for which trading has been suspended), or when the Adviser becomes aware that a significant event impacting the value of a security or group of securities has occurred after the closing of the exchange on which the security or securities principally trade, but before the calculation of the daily net asset value, are valued at fair value as determined in good faith using procedures established by the Board of Trustees. The procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security. These procedures are used by the Valuation Committee, in accordance with the procedures established by the Board of Trustees, to determine the fair value of the security or securities. Such determinations are then submitted for review and ratification by the Board of Trustees. |
| |
| 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 |
|
|
|
| 10 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
|
Notes to Financial Statements |
|
December 31, 2011 |
|
|
| available. Interest income, including accretion of original issue discount and amortization of original issue premium, is accrued daily. |
|
|
(b) | Foreign Currency Translation |
| |
| The International Fund invests in securities which are purchased and sold in foreign currencies as a principal investment strategy. The costs of purchases, proceeds from sales of investments, interest and dividend income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such transactions. The value of the International Fund’s assets, as measured in U.S. dollars, may be affected favorably or unfavorably by changes in foreign currency exchange rates and exchange control regulations. The gains or losses, if any, on investments resulting from changes in foreign exchange rates are included on the Statements of Operations in security transactions within realized gain (loss) on investments and foreign currencies and in security transactions within net increase (decrease) in appreciation/depreciation. The realized gains or losses, if any, on translation of other assets and liabilities denominated in foreign currencies are included in foreign currency transactions on the Statements of Operations within realized gain (loss) on investments and foreign currencies. The International Fund also will incur costs in converting U.S. dollars to local currencies, and vice versa. The International Fund therefore may enter into foreign currency transactions as a principal investment strategy. Risks may arise upon investing in foreign securities including, but not limited to, political, social or economic instability in the country of the issuer, the difficulty of predicting international trade patterns, the possibility of the imposition of exchange controls, expropriation, limits on removal of currency or other assets, nationalization of assets, foreign withholding and income tax and possible delays in the settlement of foreign stock exchange transactions. The principal markets on which these securities trade may have less volume and liquidity, and may be more volatile, than securities markets in the 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. Any resulting unrealized gains or losses are recorded in forward foreign currency exchange contracts on the Statements of Operations within net increase (decrease) in appreciation/depreciation. 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. Realized gains or losses, if any, are included in forward foreign currency exchange contracts on the Statements of Operations within net realized gain (loss) on investments and foreign currencies. |
| |
| Risks may arise upon entering into forward foreign currency exchange contracts from the potential of the issuer to default on its obligations under the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The measurement of risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. The International Fund bears the market risk from changes in |
|
|
|
| 11 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
|
Notes to Financial Statements |
|
December 31, 2011 |
|
|
| foreign currency exchange rates and the credit risk if the issuer fails to perform. Additional information on derivative instruments and how these positions may impact the financial statements is found in Note 8. |
|
|
(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. Spot contracts are marked-to-market daily at the applicable exchange rates. Any resulting unrealized gains or losses are recorded in foreign currency transactions on the Statements of Operations within net increase (decrease) in appreciation/depreciation. The Funds record any realized gains or losses at the time the spot contract settles. Realized gains or losses, if any, are included in foreign currency transactions on the Statements of Operations within realized gain (loss) on investments and foreign currencies. Risks may arise upon entering into spot contracts from unanticipated movements in the value of a foreign currency relative to the U.S. dollar in a short period of time. The Funds bear the market risk from changes in foreign currency exchange rates. |
|
|
(e) | 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, Inc. (“NTI”), a subsidiary of The Northern Trust Company (“Northern Trust”). Northern Trust serves as custodian, administrator and accounting services agent 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. |
|
|
|
| 12 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2011
|
|
(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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tax-Exempt |
| Ordinary Income |
| ||||||||
|
| 2011 |
| 2010 |
| 2011 |
| 2010 |
| ||||
Growth Fund |
| $ | — |
| $ | — |
| $ | 4,182,151 |
| $ | 5,115,464 |
|
Small Cap Fund |
|
| — |
|
| — |
|
| 44,627 |
|
| 215,518 |
|
Tax-Exempt Bond Fund |
|
| 26,002,514 |
|
| 26,457,141 |
|
| 369,605 |
|
| 321,038 |
|
International Fund |
|
| — |
|
| — |
|
| 7,184,471 |
|
| 6,288,664 |
|
|
|
|
|
|
|
|
|
|
| Long-Term Capital Gains |
| ||||
|
| 2011 |
| 2010 |
| ||
Growth Fund |
| $ | — |
| $ | — |
|
Small Cap Fund |
|
| 20,612,725 |
|
| — |
|
Tax-Exempt Bond Fund |
|
| — |
|
| — |
|
International Fund |
|
| 635,976 |
|
| 1,541,118 |
|
|
|
|
| 13 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2011
|
|
| As of December 31, 2011, the components of distributable earnings on a tax basis were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth Fund |
| Small Cap |
| Tax-Exempt |
| International |
| ||||
| |||||||||||||
Undistributed ordinary income |
| $ | 28,373 |
|
| — |
|
| — |
|
| 59,402 |
|
Undistributed capital gain |
|
| — |
|
| 170,009 |
|
| — |
|
| — |
|
Accumulated capital losses |
|
| (17,527,589 | ) |
| (3,617,354 | ) |
| (8,301,181 | ) |
| (4,051,717 | ) |
Unrealized appreciation |
|
| 98,414,272 |
|
| 26,724,391 |
|
| 6,946,345 |
|
| 46,705,845 |
|
Total |
| $ | 80,915,056 |
|
| 23,277,046 |
|
| (1,354,836 | ) |
| 42,713,530 |
|
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) |
| $ | (50,048 | ) | $ | (25,905 | ) | $ | (16,585 | ) | $ | (189,864 | ) |
Accumulated net realized gain (loss) |
|
| 50,048 |
|
| (30,813 | ) |
| 16,585 |
|
| 189,864 |
|
Additional paid-in capital |
|
| — |
|
| 56,718 |
|
| — |
|
| — |
|
|
|
(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 (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the period. Actual results could differ from those estimates. |
|
|
(k) | Recent Accounting Pronouncements |
|
|
| On May 12, 2011, the International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard (“IFRS”) 13, Fair Value Measurement. At the same time, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (“ASU 2011-04”), modifying Accounting |
|
|
|
| 14 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2011
|
|
| Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures. The objective of the FASB and IASB is convergence of their guidance on fair value measurements and disclosures. Specifically, ASU 2011-04 requires reporting entities to disclose 1) the amounts of and any reason for any transfers between Level 1 and Level 2, and 2) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The requirement of ASU 2011-04 will be effective for the Clearwater Investment Trust as of the Form N-Q to be filed for the period ended March 31, 2012. At this time, management is evaluating the implications of this requirement and the impact it will have to the Funds’ financial statement disclosures. |
|
|
(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 – Unadjusted quoted market prices in active markets for identical securities on the measurement date. |
|
|
• | Level 2 – Other significant observable inputs including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc. or quoted prices for identical or similar assets in markets that are not active. Inputs that are derived principally from or corroborated by observable market data are also considered a Level 2 measurement. An adjustment to any observable input that is significant to the fair value may render the measurement a Level 3 measurement. |
|
|
• | Level 3 – Valuations based on unobservable inputs, which may include the Adviser’s own assumptions in determining the fair value of an investment. |
|
|
|
| 15 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2011
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, 2011 using the fair value methodology and levels described above:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth Fund (a) | |||||||||||
|
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Common Stocks |
| $ | 320,260,449 |
| $ | — |
| $ | — |
| $ | 320,260,449 |
|
Rights |
|
| 840 |
|
| — |
|
| — |
|
| 840 |
|
Short-Term Investments |
|
| 12,242,109 |
|
| — |
|
| — |
|
| 12,242,109 |
|
Total |
| $ | 332,503,398 |
| $ | — |
| $ | — |
| $ | 332,503,398 |
|
|
|
|
| (a) | For the Growth Fund, 100% of the investment value is comprised of equity securities, rights, and short-term investments. See the Fund’s Schedule of Investments for industry classification. Investments in equity and short-term securities are generally valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. |
The Fund discloses significant transfers between levels based on valuations at the end of each reporting period. At December 31, 2011, there were no significant transfers between Level 1 and Level 2 based on levels assigned to the securities on December 31, 2010. U.S. GAAP provides additional guidance for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate when a transaction is not orderly.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Small Cap Fund (b) | |||||||||||
|
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Common Stocks |
| $ | 237,162,071 |
| $ | — |
| $ | — |
| $ | 237,162,071 |
|
Short-Term Investments |
|
| 1,896,952 |
|
| — |
|
| — |
|
| 1,896,952 |
|
Total |
| $ | 239,059,023 |
| $ | — |
| $ | — |
| $ | 239,059,023 |
|
|
|
|
| (b) | For the Small Cap Fund, 100% of the investment value is comprised of equity securities and short-term investments. See the Fund’s Schedule of Investments for industry classification. Investments in equity and short-term securities are generally valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. |
The Fund discloses significant transfers between levels based on valuations at the end of each reporting period. At December 31, 2011, there were no significant transfers between Level 1 and Level 2 based on levels assigned to the securities on December 31, 2010. U.S. GAAP provides additional guidance for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate when a transaction is not orderly.
|
|
|
| 16 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tax-Exempt Bond Fund (c) | |||||||||||
|
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Closed-End Funds |
| $ | 40,118,209 |
| $ | — |
| $ | — |
| $ | 40,118,209 |
|
Municipal Bonds |
|
|
|
|
|
|
|
|
|
|
|
|
|
Airport |
|
| — |
|
| 1,707,620 |
|
| — |
|
| 1,707,620 |
|
Bond Bank |
|
| — |
|
| 2,603,965 |
|
| — |
|
| 2,603,965 |
|
Development |
|
| — |
|
| 17,413,485 |
|
| 181,777 |
|
| 17,595,262 |
|
Education |
|
| — |
|
| 55,574,239 |
|
| — |
|
| 55,574,239 |
|
Facilities |
|
| — |
|
| 7,126,582 |
|
| — |
|
| 7,126,582 |
|
General |
|
| — |
|
| 50,103,228 |
|
| — |
|
| 50,103,228 |
|
General Obligation |
|
| — |
|
| 13,180,883 |
|
| — |
|
| 13,180,883 |
|
Higher Education |
|
| — |
|
| 11,975,377 |
|
| 990,330 |
|
| 12,965,707 |
|
Housing |
|
| — |
|
| 13,356,881 |
|
| — |
|
| 13,356,881 |
|
Medical |
|
| — |
|
| 84,797,953 |
|
| 1,144,754 |
|
| 85,942,707 |
|
Mello-Roos |
|
| — |
|
| 3,192,912 |
|
| — |
|
| 3,192,912 |
|
Multifamily Housing |
|
| — |
|
| 35,503,841 |
|
| — |
|
| 35,503,841 |
|
Nursing Home |
|
| — |
|
| 40,787,421 |
|
| — |
|
| 40,787,421 |
|
Pollution |
|
| — |
|
| 2,547,600 |
|
| — |
|
| 2,547,600 |
|
Power |
|
| — |
|
| 4,337,637 |
|
| 619,400 |
|
| 4,957,037 |
|
School District |
|
| — |
|
| 18,273,795 |
|
| — |
|
| 18,273,795 |
|
Single Family Housing |
|
| — |
|
| 49,428,806 |
|
| — |
|
| 49,428,806 |
|
Student Loan |
|
| — |
|
| 9,302,575 |
|
| — |
|
| 9,302,575 |
|
Tobacco Settlement |
|
| — |
|
| 4,602,392 |
|
| — |
|
| 4,602,392 |
|
Transportation |
|
| — |
|
| 20,217,407 |
|
| — |
|
| 20,217,407 |
|
Utilities |
|
| — |
|
| 1,921,870 |
|
| 964,241 |
|
| 2,886,111 |
|
Water |
|
| — |
|
| 6,635,140 |
|
| — |
|
| 6,635,140 |
|
Short-Term Investments |
|
| 11,769,850 |
|
| — |
|
| — |
|
| 11,769,850 |
|
Total |
| $ | 51,888,059 |
| $ | 454,591,609 |
| $ | 3,900,502 |
| $ | 510,380,170 |
|
|
|
(c) | For the Tax-Exempt Bond Fund, 100% of the investment value is comprised of closed-end funds, municipal bond securities, and short-term investments. The municipal bond securities are generally considered Level 2 securities based on valuations using adjusted evaluated prices provided by the primary pricing provider. The Board of Trustees has delegated to the Valuation Committee the responsibility to determine in good faith the fair value of securities for which no price quotation is available from an approved pricing service or broker-dealer at the time the Fund’s net asset value is calculated, including securities for which the prices do not represent fair value or for which a significant event occurs that materially affects the value of a security after the close of the market on which the security principally trades and before the time the Fund’s net asset value is calculated. As of December 31, 2011, the Valuation Committee determined the fair valuations of municipal bonds based on inputs such as a last traded price at the time of a significant event, observations of a similar security and |
|
|
|
| 17 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2011
|
|
| averages observed by an independent pricing service and consideration of any other events relevant to fair value. Such investments have been classified as Level 3 instruments. |
The Fund discloses significant transfers between levels based on valuations at the end of each reporting period. At December 31, 2011, there were no significant transfers between Level 1 and Level 2 based on levels assigned to the securities on December 31, 2010. U.S. GAAP provides additional guidance for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate when a transaction is not orderly.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| International Fund (d) | |||||||||||
|
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary |
| $ | 36,429,585 |
| $ | — |
| $ | — |
| $ | 36,429,585 |
|
Consumer Staples |
|
| 35,358,532 |
|
| — |
|
| — |
|
| 35,358,532 |
|
Energy |
|
| 26,454,768 |
|
| — |
|
| — |
|
| 26,454,768 |
|
Financials |
|
| 61,151,943 |
|
| — |
|
| — |
|
| 61,151,943 |
|
Health Care |
|
| 25,039,568 |
|
| — |
|
| — |
|
| 25,039,568 |
|
Industrials |
|
| 40,795,017 |
|
| — |
|
| — |
|
| 40,795,017 |
|
Information Technology |
|
| 14,873,425 |
|
| — |
|
| — |
|
| 14,873,425 |
|
Materials |
|
| 30,094,476 |
|
| — |
|
| 13,218 |
|
| 30,107,694 |
|
Telecommunication Services |
|
| 14,482,859 |
|
| — |
|
| — |
|
| 14,482,859 |
|
Utilities |
|
| 10,565,770 |
|
| — |
|
| — |
|
| 10,565,770 |
|
Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary |
|
| 1,105,949 |
|
| — |
|
| — |
|
| 1,105,949 |
|
Consumer Staples |
|
| 136,200 |
|
| — |
|
| — |
|
| 136,200 |
|
Energy |
|
| 333,558 |
|
| — |
|
| — |
|
| 333,558 |
|
Industrials |
|
| 47,630 |
|
| — |
|
| — |
|
| 47,630 |
|
Materials |
|
| 226,600 |
|
| — |
|
| — |
|
| 226,600 |
|
Utilities |
|
| 123,318 |
|
| — |
|
| — |
|
| 123,318 |
|
Corporate Bonds |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financials |
|
| — |
|
| 1,221,777 |
|
| — |
|
| 1,221,777 |
|
Short-Term Investments |
|
| 2,073,315 |
|
| — |
|
| — |
|
| 2,073,315 |
|
Total |
| $ | 299,292,513 |
| $ | 1,221,777 |
| $ | 13,218 |
| $ | 300,527,508 |
|
|
|
(d) | For the International Fund, 100% of the investment value is comprised of equity securities, corporate bonds, and short-term investments. See the Fund’s Schedule of Investments for geographical classification. As of December 31, 2011, the Valuation Committee determined the fair valuation of a common stock based on inputs such as a last traded price at the time of a significant event and considerations of any other events relevant to fair value. This investment has been classified as Level 3 instrument. |
|
|
|
| 18 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2011
The Fund discloses significant transfers between levels based on valuations at the end of each reporting period. At December 31, 2011, there were no significant transfers between Level 1 and Level 2 based on levels assigned to the securities on December 31, 2010. U.S. GAAP provides additional guidance for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate when a transaction is not orderly.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward foreign currency exchange contracts |
| $ | — |
| $ | 10,247 |
| $ | — |
| $ | 10,247 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward foreign currency exchange contracts |
| $ | — |
| $ | (8,432 | ) | $ | — |
| $ | (8,432 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other Financial Instruments |
| $ | — |
| $ | 1,815 |
| $ | — |
| $ | 1,815 |
|
The forward foreign currency exchange contracts outstanding at December 31, 2011 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 are shown on a gross basis in the above table and on the Statements of Assets and Liabilities.
|
|
|
| 19 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2011
The following is a reconciliation of investments for the Funds in which significant unobservable inputs (Level 3) were used in determining fair value:
|
|
|
|
|
Small Cap Fund |
| Common |
| |
|
| Information |
| |
Balance as of 12/31/10 |
| $ | 350 |
|
Realized Gains |
|
| 1,619 |
|
Realized Losses |
|
| — |
|
Change in Unrealized Appreciation |
|
| 373 |
|
Change in Unrealized Depreciation |
|
| — |
|
Purchases |
|
| — |
|
Sales |
|
| (2,342 | ) |
Transfers into Level 3 |
|
| — |
|
Transfers out of Level 3 |
|
| — |
|
Balance as of 12/31/11 |
| $ | — |
|
As of December 31, 2011, the change in unrealized gains (losses) on the Level 3 security still held at year end was $0.
|
|
|
| 20 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-Exempt Bond Fund |
| Municipal Bonds |
| ||||||||||||||||
|
| Development |
| Higher |
| Medical |
| Power |
| Utilities |
| Total |
| ||||||
Balance as of 12/31/10 |
| $ | — |
| $ | 96,381 |
| $ | — |
| $ | 671,000 |
| $ | — |
| $ | 767,381 |
|
Realized Gains |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Realized Losses |
|
| — |
|
| (12 | ) |
| — |
|
| — |
|
| — |
|
| (12 | ) |
Change in Unrealized Appreciation |
|
| — |
|
| 1,787 |
|
| — |
|
| — |
|
| — |
|
| 1,787 |
|
Change in Unrealized Depreciation |
|
| — |
|
| — |
|
| — |
|
| (51,600 | ) |
| — |
|
| (51,600 | ) |
Purchases |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Sales |
|
| — |
|
| (98,156 | ) |
| — |
|
| — |
|
| — |
|
| (98,156 | ) |
Transfers into Level 3(1) |
|
| 181,777 | (2) |
| 990,330 | (3) |
| 1,144,754 | (3) |
| — |
|
| 964,241 | (2) |
| 3,281,102 |
|
Transfers out of Level 3(1) |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
Balance as of 12/31/11 |
| $ | 181,777 |
| $ | 990,330 |
| $ | 1,144,754 |
| $ | 619,400 |
| $ | 964,241 |
| $ | 3,900,502 |
|
|
|
(1) | The value of Transfers into and out of Level 3 is measured using the fair value as of the period ended December 31, 2011. |
|
|
(2) | Transferred from Level 2 to Level 3 due to security being valued based on unobservable inputs in addition to utilizing the last traded price from a pricing service and because there is a lack of market activity and data observed for this security. |
|
|
(3) | Transferred from Level 2 to Level 3 due to security being valued based on fair valuations determined by procedures adopted by the Board of Trustees and because there is a lack of market activity and data observed for this security. |
As of December 31, 2011, the change in unrealized losses on Level 3 securities still held at year end and included in the Statements of Operations broken out by the sectors of Development, Higher Education, Medical, Power and Utilities was $0, $(3,052), $(56,521), $(51,600) and $0, respectively.
|
|
|
| 21 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
International Fund |
| Corporate |
| Common Stock |
| |||||
|
|
|
|
|
|
|
| |||
|
| Financials |
| Materials |
| Total |
| |||
Balance as of 12/31/10 |
| $ | 819,483 |
| $ | — |
| $ | 819,483 |
|
Realized Gains |
|
| — |
|
| — |
|
| — |
|
Realized Losses |
|
| (106,730 | ) |
| — |
|
| (106,730 | ) |
Change in Unrealized Appreciation |
|
| — |
|
| — |
|
| — |
|
Change in Unrealized Depreciation |
|
| (67,862 | ) |
| — |
|
| (67,862 | ) |
Purchases |
|
| 407,068 |
|
| — |
|
| 407,068 |
|
Sales |
|
| (1,051,959 | ) |
| — |
|
| (1,051,959 | ) |
Transfers into Level 3(1) |
|
| — |
|
| 13,218 | (2) |
| 13,218 |
|
Transfers out of Level 3(1) |
|
| — |
|
| — |
|
| — |
|
Balance as of 12/31/11 |
| $ | — |
| $ | 13,218 |
| $ | 13,218 |
|
|
|
(1) | The value of Transfers into and out of Level 3 is measured using the fair value as of the period ended December 31, 2011, due to lack of market activity and data observed for this security. |
|
|
(2) | Transferred from Level 1 to Level 3 due to security being valued based on unobservable inputs in addition to utilizing the last traded price from a pricing service and because there is a lack of market activity and data observed for this security. |
As of December 31, 2011, the change in unrealized gains (losses) on the Level 3 security still held at year end was $0.
|
|
(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, 2011, were as follows:
|
|
|
|
|
|
|
|
|
| Purchases |
| Sales |
| ||
Growth Fund |
| $ | 106,174,991 |
| $ | 89,591,950 |
|
Small Cap Fund |
|
| 161,097,960 |
|
| 174,029,912 |
|
Tax-Exempt Bond Fund |
|
| 124,840,485 |
|
| 164,660,683 |
|
International Fund |
|
| 134,283,152 |
|
| 123,817,229 |
|
|
|
|
| 22 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2011
|
|
(5) | Capital Share Transactions |
Transactions in shares of each fund for the years ended December 31, 2011 and 2010 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth Fund |
| Small Cap Fund |
| ||||||||
|
| 2011 |
| 2010 |
| 2011 |
| 2010 |
| ||||
Sold |
|
| 475,905 |
|
| 834,658 |
|
| 834,746 |
|
| 493,809 |
|
Issued for reinvested distributions |
|
| 164,587 |
|
| 193,841 |
|
| 1,204,510 |
|
| 11,507 |
|
Redeemed |
|
| (536,437 | ) |
| (503,567 | ) |
| (1,577,251 | ) |
| (1,679,055 | ) |
Increase (decrease) |
|
| 104,055 |
|
| 524,932 |
|
| 462,005 |
|
| (1,173,739 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tax-Exempt Bond Fund |
| International Fund |
| ||||||||
|
| 2011 |
| 2010 |
| 2011 |
| 2010 |
| ||||
Sold |
|
| 1,644,366 |
|
| 2,944,661 |
|
| 1,625,059 |
|
| 2,404,910 |
|
Issued for reinvested distributions |
|
| 2,847,845 |
|
| 2,846,912 |
|
| 641,546 |
|
| 550,618 |
|
Redeemed |
|
| (7,552,170 | ) |
| (7,420,481 | ) |
| (1,491,664 | ) |
| (1,042,676 | ) |
Increase (decrease) |
|
| (3,059,959 | ) |
| (1,628,908 | ) |
| 774,941 |
|
| 1,912,852 |
|
|
|
(6) | Capital Loss Carry Over |
For the period subsequent to October 31, 2011 through the fiscal year ended December 31, 2011, the following Funds incurred net capital losses, and/or Section 988 currency losses which each Fund intends to treat as having been incurred in the following fiscal year:
|
|
|
|
|
|
| Amount |
| |
Growth Fund |
| $ | 954,316 |
|
Small Cap Fund |
|
| 3,617,354 |
|
International Fund |
|
| 2,492,237 |
|
On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes were made effective for the Funds for the fiscal year ended December 31, 2011. One of the more prominent changes addresses capital loss carryforwards. Under the Act, each Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.
|
|
|
| 23 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2011
As of December 31, 2011, pre-enactment capital loss carryforwards for U.S. Federal income tax purposes for the Growth Fund, Small Cap Fund, Tax-Exempt Bond Fund and International Fund are $10,839,789, $0, $7,429,939, and $0, respectively, which will expire as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth Fund |
| Small Cap |
| Tax-Exempt |
| International |
| ||||
Year of expiration: |
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
| $ | — |
|
| — |
|
| 411,406 |
|
| — |
|
2016 |
|
| 2,269,706 |
|
| — |
|
| 3,472,571 |
|
| — |
|
2017 |
|
| 8,570,083 |
|
| — |
|
| 3,545,962 |
|
| — |
|
Total |
| $ | 10,839,789 |
|
| — |
|
| 7,429,939 |
|
| — |
|
The following Funds’ capital loss carryforwards do not expire.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth Fund |
| Small Cap |
| Tax-Exempt |
| International |
| ||||
Long-Term Capital Loss Carryforward |
| $ | — |
|
| — |
|
| 871,242 |
|
| — |
|
Short-Term Capital Loss Carryforward |
|
| 5,733,485 |
|
| — |
|
| — |
|
| 1,559,480 |
|
The Funds in the above table may offset future capital gains with these capital loss carryforwards.
The following capital loss carryforwards were utilized at December 31, 2011, for U.S. Federal income tax purposes:
|
|
|
|
|
|
| Amount |
| |
Small Cap Fund |
| $ | 12,965,349 |
|
|
|
|
| 24 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2011
|
|
(7) | Expenses and Related-Party Transactions |
The Trust has a contract for investment advisory services with the Adviser. 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 0.90%, 1.35%, 0.60% and 1.00% of average net assets, respectively. Effective June 1, 2011, Clearwater Growth Fund’s investment advisory fee increased from 0.45% to 0.90% of average net assets. The Adviser is responsible for the payment or reimbursement of all the Funds’ expenses, except brokerage, taxes, interest, and extraordinary expenses. The Adviser has periodically reduced its management fee for each of the Funds through voluntary waivers. Effective June 1, 2011, the voluntary waivers for the Growth Fund and International Fund were increased to 0.30% and 0.25%, respectively. The voluntary waiver for the Small Cap Fund was decreased to 0.35%, effective June 1, 2011. Effective December 5, 2011, the voluntary waiver for the International Fund was increased to 0.30%. As of December 31, 2011, the management fees paid by the Growth, Small Cap, Tax-Exempt Bond and International Funds net of voluntary waiver are 0.53%, 0.98%, 0.36%, and 0.77%, respectively. Effective December 31, 2011, the management fees in place, net of voluntary waivers, for the Growth, Small Cap, Tax-Exempt Bond, and International Funds are 0.60%, 1.00%, 0.36%, and 0.70%, respectively.
In addition to fees and expenses which the Funds bear directly, the Funds indirectly bear a pro rata share of the fees and expenses of any acquired funds in which they invest, such as short-term investments in mutual funds and investments in closed-end funds. Such indirect expenses are not included in any of the reported expense ratios.
The Adviser has entered into sub advisory contracts with independent investment advisory firms for each Fund to provide daily investment management services. The sub advisory fees are based on each subadviser’s proportional net assets it currently manages within each Fund and are paid directly by the Adviser.
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 the portion of net assets managed, an annual rate of 0.65% of the portion of net assets managed, an annual rate of 0.75% of the portion of net assets managed, and an annual rate of 0.75% on the first $20 million of the portion of net assets managed, decreasing to 0.50% of the portion of net assets managed in excess of $20 million, respectively.
The sub advisory fee for the Clearwater Small Cap Fund, payable to Kennedy, is equal to an annual rate of 0.85% on the first $50 million of the portion of net assets managed, decreasing to 0.80% of the portion of net assets managed in excess of $50 million. The sub advisory fee payable to Keeley is equal to an annual rate of 1.00% on the first $2 million of the portion of net assets managed, decreasing to 0.85% on the next $8 million of the portion of net assets managed, and further decreasing to 0.70% of the portion of net assets managed in excess of $10 million.
The sub advisory fee for the Clearwater Tax-Exempt Bond Fund, payable to Sit, is equal to an annual rate of 0.40% on the first $20 million in net assets, decreasing to 0.20% of net assets in excess of $75 million.
|
|
|
| 25 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2011
The sub advisory fee for the Clearwater International Fund, payable to Parametric, is equal to an annual rate of 0.15% of the portion of net assets managed. The sub advisory fee payable to AXA Rosenberg is equal to an annual rate of 0.85% on the first $50 million of the portion of net assets managed, decreasing to 0.75% on the next $50 million of the portion of net assets managed, and further decreasing to 0.65% of the portion of net assets managed 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 of the portion of net assets managed, decreasing to 0.60% on the next $50 million of the portion of net assets managed, and further decreasing to 0.50% of the portion of net assets managed in excess of $100 million. The sub advisory fee payable to Eagle is equal to an annual rate of 0.60% on the first $100 million of the portion of net assets managed, decreasing to 0.50% of the portion of net assets managed in excess of $100 million.
The Adviser has also engaged FCI as a sub-adviser for each Fund. FCI regularly provides the Funds with various investment-related services, including investment strategy advice, manager recommendations and related duties as requested by the Adviser. FCI also provides certain services related to due diligence, performance reporting, compliance, and other administrative functions, which support the investment management services and subadviser oversight services provided to the Trust by the Adviser. For its services, FCI is compensated with a subadvisory fee payable by the Adviser of 0.20% of each Fund’s net assets, paid on a quarterly basis. FCI is compensated out of the fees the Adviser receives from the respective Funds. FCI has agreed to waive the difference between the amount calculated under the subadvisory fee schedule and an amount determined by multiplying the total number of hours worked by FCI in providing services under the subadvisory agreement by an hourly rate that is approved by the Adviser. The effect of this waiver agreement is that fees paid to FCI under the subadvisory agreement would approximate the fees previously paid to FCI under a consulting agreement previously in effect between the Adviser and FCI.
|
|
(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 Statements of Assets and Liabilities as of December 31, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ASSETS |
|
|
| LIABILITIES |
|
|
|
| ||
Derivative Type |
| Statements of Assets and |
| Value |
| Statements of Assets and |
| Value |
| Counterparty | ||
Forward foreign currency exchange contracts |
| Unrealized appreciation on forward foreign |
| $ | 10,247 |
| Unrealized depreciation on forward foreign |
| $ | 8,432 |
| CSFB Global Deutsche Bank Northern Trust |
|
|
|
| 26 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2011
The following tables set forth by primary risk exposure the International Fund’s realized gain (loss) on investments and foreign currencies and net increase (decrease) in appreciation/depreciation by type of derivative contract for the year ended December 31, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Type |
| Statements of |
| Value |
| Derivative Type |
| Statements of Operations |
| Value | ||
Forward foreign currency exchange contracts |
| Net realized loss on forward foreign currency exchange contracts |
| $ | (247,124 | ) | Forward foreign currency exchange contracts |
| Net decrease in appreciation on forward foreign currency exchange contracts |
| $ | (3,232) |
Derivative transactions are measured in terms of the notional amount. The following table presents, for the International Fund, the number of transactions and average notional amounts, which is indicative of the volume of derivative activity for the year ended December 31, 2011.
|
|
|
|
|
|
Foreign Exchange Contracts |
| ||||
Number of |
| Average Notional |
| ||
| 1,573 |
| $ | 1,139,153 |
|
|
|
(9) | Subsequent Events |
Management has evaluated subsequent events relating to the Funds through the date the financial statements were available to be issued, and has concluded there are no such events or transactions requiring financial statement disclosure and/or adjustments to the financial statements.
|
|
|
| 27 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Common Stocks: |
|
|
|
|
|
|
|
|
|
| |||
Consumer Discretionary: |
|
|
|
|
|
|
|
|
|
| |||
| 2,300 |
| ABERCROMBIE & FITCH CO., CLASS A |
| $ | 50,218 |
|
| 112,332 |
|
|
|
|
| 1,500 |
| ADVANCE AUTO PARTS, INC. |
|
| 53,558 |
|
| 104,444 |
|
|
|
|
| 6,150 |
| AMAZON.COM, INC.(b) |
|
| 274,722 |
|
| 1,064,565 |
|
|
|
|
| 1,600 |
| AMC NETWORKS, INC., CLASS A(b) |
|
| 25,785 |
|
| 60,128 |
|
|
|
|
| 3,300 |
| AMERICAN EAGLE OUTFITTERS, INC. |
|
| 33,099 |
|
| 50,457 |
|
|
|
|
| 20,800 |
| AMERICAN GREETINGS CORP., CLASS A |
|
| 458,365 |
|
| 260,208 |
|
|
|
|
| 1,900 |
| APOLLO GROUP, INC., CLASS A(b) |
|
| 80,303 |
|
| 102,353 |
|
|
|
|
| 1,600 |
| AUTOLIV, INC.(c) |
|
| 44,874 |
|
| 85,584 |
|
|
|
|
| 500 |
| AUTOZONE, INC.(b) |
|
| 32,038 |
|
| 162,485 |
|
|
|
|
| 4,575 |
| BED BATH & BEYOND, INC.(b) |
|
| 120,780 |
|
| 265,213 |
|
|
|
|
| 4,800 |
| BEST BUY CO., INC. |
|
| 84,882 |
|
| 112,176 |
|
|
|
|
| 1,400 |
| BIG LOTS, INC.(b) |
|
| 15,477 |
|
| 52,864 |
|
|
|
|
| 2,200 |
| BORGWARNER, INC.(b) |
|
| 51,799 |
|
| 140,228 |
|
|
|
|
| 750 |
| BRINKER INTERNATIONAL, INC. |
|
| 10,084 |
|
| 20,070 |
|
|
|
|
| 6,400 |
| CABLEVISION SYSTEMS CORP. (NEW YORK GROUP), CLASS A |
|
| 60,070 |
|
| 91,008 |
|
|
|
|
| 4,168 |
| CARMAX, INC.(b) |
|
| 50,984 |
|
| 127,041 |
|
|
|
|
| 7,000 |
| CARNIVAL CORP. |
|
| 209,545 |
|
| 228,480 |
|
|
|
|
| 6,043 |
| CBS CORP., CLASS B (NON VOTING) |
|
| 52,350 |
|
| 164,007 |
|
|
|
|
| 600 |
| CHARTER COMMUNICATIONS, INC., CLASS A(b) |
|
| 30,036 |
|
| 34,164 |
|
|
|
|
| 600 |
| CHICO’S FAS, INC. |
|
| 5,619 |
|
| 6,684 |
|
|
|
|
| 62,535 |
| CINEMARK HOLDINGS, INC. |
|
| 1,207,504 |
|
| 1,156,272 |
|
|
|
|
| 9,400 |
| CLEAR CHANNEL OUTDOOR HOLDINGS, INC., CLASS A(b) |
|
| 75,051 |
|
| 117,970 |
|
|
|
|
| 5,000 |
| COACH, INC. |
|
| 19,161 |
|
| 305,200 |
|
|
|
|
| 38,500 |
| COMCAST CORP., CLASS A |
|
| 607,791 |
|
| 912,835 |
|
|
|
|
| 4,600 |
| D.R. HORTON, INC. |
|
| 22,057 |
|
| 58,006 |
|
|
|
|
| 2,300 |
| DARDEN RESTAURANTS, INC. |
|
| 47,909 |
|
| 104,834 |
|
|
|
|
| 1,500 |
| DICK’S SPORTING GOODS, INC. |
|
| 24,802 |
|
| 55,320 |
|
|
|
|
| 14,821 |
| DIRECTV, CLASS A(b) |
|
| 174,284 |
|
| 633,746 |
|
|
|
|
| 900 |
| DISCOVERY COMMUNICATIONS, INC., CLASS A(b) |
|
| 37,611 |
|
| 36,873 |
|
|
|
|
| 1,600 |
| DISH NETWORK CORP., CLASS A |
|
| 44,672 |
|
| 45,568 |
|
|
|
|
| 3,350 |
| DOLLAR TREE, INC.(b) |
|
| 61,517 |
|
| 278,418 |
|
|
|
|
| 1,300 |
| DREAMWORKS ANIMATION SKG, INC., CLASS A(b) |
|
| 25,298 |
|
| 21,574 |
|
|
|
|
| 2,210 |
| EXPEDIA, INC. |
|
| 38,086 |
|
| 64,134 |
|
|
|
|
| 500 |
| FAMILY DOLLAR STORES, INC. |
|
| 12,652 |
|
| 28,830 |
|
|
|
|
| 3,000 |
| FOOT LOCKER, INC. |
|
| 40,394 |
|
| 71,520 |
|
|
|
|
| 58,863 |
| FORD MOTOR CO.(b) |
|
| 323,193 |
|
| 633,366 |
|
|
|
|
| 300 |
| FOSSIL, INC.(b) |
|
| 29,187 |
|
| 23,808 |
|
|
|
|
| 4,600 |
| GAMESTOP CORP., CLASS A(b) |
|
| 34,643 |
|
| 110,998 |
|
|
|
|
| 5,700 |
| GANNETT CO., INC. |
|
| 51,200 |
|
| 76,209 |
|
|
|
|
| 4,100 |
| GAP (THE), INC. |
|
| 58,946 |
|
| 76,055 |
|
|
|
|
| 3,700 |
| GARMIN LTD.(c) |
|
| 82,077 |
|
| 147,297 |
|
|
|
|
| 1,100 |
| GENERAL MOTORS CO.(b) |
|
| 25,300 |
|
| 22,297 |
|
|
|
|
| 7,500 |
| GENTEX CORP. |
|
| 106,860 |
|
| 221,925 |
|
|
|
|
| 3,450 |
| GENUINE PARTS CO. |
|
| 102,424 |
|
| 211,140 |
|
|
|
|
| 11,500 |
| H&R BLOCK, INC. |
|
| 120,130 |
|
| 187,795 |
|
|
|
|
| 500 |
| HANESBRANDS, INC.(b) |
|
| 10,750 |
|
| 10,930 |
|
|
|
|
| 6,750 |
| HARLEY-DAVIDSON, INC. |
|
| 39,547 |
|
| 262,372 |
|
|
|
|
| 4,300 |
| HARMAN INTERNATIONAL INDUSTRIES, INC. |
|
| 74,798 |
|
| 163,572 |
|
|
|
|
| 400 |
| HASBRO, INC. |
|
| 10,206 |
|
| 12,756 |
|
|
|
|
| 33,825 |
| HOME DEPOT (THE), INC. |
|
| 22,060 |
|
| 1,422,003 |
|
|
|
|
| 4,700 |
| INTERNATIONAL GAME TECHNOLOGY |
|
| 62,322 |
|
| 80,840 |
|
|
|
|
| 15,600 |
| INTERPUBLIC GROUP OF COS., INC. |
|
| 40,950 |
|
| 151,788 |
|
|
|
|
| 1,300 |
| ITT EDUCATIONAL SERVICES, INC.(b) |
|
| 52,038 |
|
| 73,957 |
|
|
|
|
| 800 |
| J.C. PENNEY CO., INC. |
|
| 20,608 |
|
| 28,120 |
|
|
|
|
| 1,400 |
| JARDEN CORP. |
|
| 25,277 |
|
| 41,832 |
|
|
|
|
| 40,800 |
| JOHNSON CONTROLS, INC. |
|
| 1,149,341 |
|
| 1,275,408 |
|
|
|
|
| 7,750 |
| KOHL’S CORP. |
|
| 86,000 |
|
| 382,462 |
|
|
|
|
| 4,200 |
| LAMAR ADVERTISING CO., CLASS A(b) |
|
| 55,664 |
|
| 115,500 |
|
|
|
|
| 6,338 |
| LAS VEGAS SANDS CORP.(b) |
|
| 66,556 |
|
| 270,823 |
|
|
|
|
| 3,500 |
| LEAR CORP. |
|
| 148,257 |
|
| 139,300 |
|
|
|
|
| 1,300 |
| LEGGETT & PLATT, INC. |
|
| 25,422 |
|
| 29,952 |
|
|
|
|
| 2,900 |
| LENNAR CORP., CLASS A |
|
| 38,266 |
|
| 56,985 |
|
|
|
|
| 5,800 |
| LIBERTY GLOBAL, INC., CLASS A(b) |
|
| 103,484 |
|
| 237,974 |
|
|
|
|
| 9,800 |
| LIBERTY INTERACTIVE CORP., CLASS A(b) |
|
| 30,625 |
|
| 158,907 |
|
|
|
|
| 5,032 |
| LIBERTY MEDIA CORP. - LIBERTY CAPITAL, CLASS A(b) |
|
| 30,073 |
|
| 392,748 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 28 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Consumer Discretionary (Cont’d): |
|
|
|
|
|
|
|
|
| ||||
| 6,190 |
| LIMITED BRANDS, INC. |
| $ | 70,745 |
|
| 249,766 |
|
|
|
|
| 1,000 |
| LKQ CORP.(b) |
|
| 24,950 |
|
| 30,080 |
|
|
|
|
| 9,100 |
| LOWE’S COS., INC. |
|
| 212,741 |
|
| 230,958 |
|
|
|
|
| 5,000 |
| MACY’S, INC. |
|
| 81,374 |
|
| 160,900 |
|
|
|
|
| 69,000 |
| MADISON SQUARE GARDEN (THE) CO., CLASS A(b) |
|
| 1,572,579 |
|
| 1,976,160 |
|
|
|
|
| 62,715 |
| MARKS & SPENCER GROUP PLC ADR(c)(d) |
|
| 731,006 |
|
| 597,047 |
|
|
|
|
| 4,969 |
| MARRIOTT INTERNATIONAL, INC., CLASS A |
|
| 60,013 |
|
| 144,946 |
|
|
|
|
| 75,496 |
| MARRIOTT VACATIONS WORLDWIDE CORP.(b) |
|
| 1,321,371 |
|
| 1,295,511 |
|
|
|
|
| 4,200 |
| MATTEL, INC. |
|
| 75,213 |
|
| 116,592 |
|
|
|
|
| 16,400 |
| MCDONALD’S CORP. |
|
| 370,761 |
|
| 1,645,412 |
|
|
|
|
| 4,700 |
| MCGRAW-HILL (THE) COS., INC. |
|
| 121,958 |
|
| 211,359 |
|
|
|
|
| 10,000 |
| MGM RESORTS INTERNATIONAL(b) |
|
| 94,040 |
|
| 104,300 |
|
|
|
|
| 600 |
| MOHAWK INDUSTRIES, INC.(b) |
|
| 26,796 |
|
| 35,910 |
|
|
|
|
| 1,400 |
| MORNINGSTAR, INC. |
|
| 57,577 |
|
| 83,230 |
|
|
|
|
| 2,200 |
| NEWELL RUBBERMAID, INC. |
|
| 26,950 |
|
| 35,530 |
|
|
|
|
| 34,000 |
| NEWS CORP., CLASS A |
|
| 354,723 |
|
| 606,560 |
|
|
|
|
| 4,400 |
| NIKE, INC., CLASS B |
|
| 126,358 |
|
| 424,028 |
|
|
|
|
| 4,300 |
| NORDSTROM, INC. |
|
| 45,232 |
|
| 213,753 |
|
|
|
|
| 100 |
| NVR, INC.(b) |
|
| 51,542 |
|
| 68,600 |
|
|
|
|
| 3,095 |
| OMNICOM GROUP, INC. |
|
| 87,717 |
|
| 137,975 |
|
|
|
|
| 2,300 |
| O’REILLY AUTOMOTIVE, INC.(b) |
|
| 69,868 |
|
| 183,885 |
|
|
|
|
| 1,500 |
| PANERA BREAD CO., CLASS A(b) |
|
| 69,668 |
|
| 212,175 |
|
|
|
|
| 2,600 |
| PETSMART, INC. |
|
| 55,966 |
|
| 133,354 |
|
|
|
|
| 600 |
| PRICELINE.COM, INC.(b) |
|
| 55,053 |
|
| 280,626 |
|
|
|
|
| 22,900 |
| PULTE GROUP, INC.(b) |
|
| 95,493 |
|
| 144,499 |
|
|
|
|
| 700 |
| PVH CORP. |
|
| 26,254 |
|
| 49,343 |
|
|
|
|
| 1,700 |
| RADIOSHACK CORP. |
|
| 20,714 |
|
| 16,507 |
|
|
|
|
| 1,500 |
| RALPH LAUREN CORP. |
|
| 31,320 |
|
| 207,120 |
|
|
|
|
| 3,000 |
| REGAL ENTERTAINMENT GROUP, CLASS A |
|
| 30,735 |
|
| 35,820 |
|
|
|
|
| 4,600 |
| ROSS STORES, INC. |
|
| 36,395 |
|
| 218,638 |
|
|
|
|
| 1,800 |
| ROYAL CARIBBEAN CRUISES LTD. |
|
| 22,599 |
|
| 44,586 |
|
|
|
|
| 600 |
| SCRIPPS NETWORKS INTERACTIVE, INC., CLASS A |
|
| 21,337 |
|
| 25,452 |
|
|
|
|
| 12,600 |
| SERVICE CORP. INTERNATIONAL |
|
| 90,438 |
|
| 134,190 |
|
|
|
|
| 2,600 |
| SIGNET JEWELERS LTD.(c) |
|
| 52,469 |
|
| 114,296 |
|
|
|
|
| 9,450 |
| STAPLES, INC. |
|
| 119,696 |
|
| 131,260 |
|
|
|
|
| 15,750 |
| STARBUCKS CORP. |
|
| 204,658 |
|
| 724,658 |
|
|
|
|
| 1,810 |
| STARWOOD HOTELS & RESORTS WORLDWIDE, INC. |
|
| 59,620 |
|
| 86,826 |
|
|
|
|
| 12,200 |
| TARGET CORP. |
|
| 353,659 |
|
| 624,884 |
|
|
|
|
| 900 |
| TESLA MOTORS, INC.(b) |
|
| 23,418 |
|
| 25,704 |
|
|
|
|
| 3,600 |
| THOMSON REUTERS CORP. |
|
| 102,096 |
|
| 96,012 |
|
|
|
|
| 1,900 |
| THOR INDUSTRIES, INC. |
|
| 22,316 |
|
| 52,117 |
|
|
|
|
| 4,200 |
| TIFFANY & CO. |
|
| 122,192 |
|
| 278,292 |
|
|
|
|
| 6,279 |
| TIME WARNER CABLE, INC. |
|
| 208,890 |
|
| 399,156 |
|
|
|
|
| 21,033 |
| TIME WARNER, INC. |
|
| 476,695 |
|
| 760,133 |
|
|
|
|
| 5,047 |
| TJX COS., INC. |
|
| 86,033 |
|
| 325,784 |
|
|
|
|
| 2,210 |
| TRIPADVISOR, INC.(b) |
|
| 42,908 |
|
| 55,714 |
|
|
|
|
| 2,800 |
| TRW AUTOMOTIVE HOLDINGS CORP.(b) |
|
| 87,856 |
|
| 91,280 |
|
|
|
|
| 700 |
| TUPPERWARE BRANDS CORP. |
|
| 39,473 |
|
| 39,179 |
|
|
|
|
| 2,127 |
| URBAN OUTFITTERS, INC.(b) |
|
| 37,857 |
|
| 58,620 |
|
|
|
|
| 1,700 |
| VF CORP. |
|
| 87,065 |
|
| 215,883 |
|
|
|
|
| 8,457 |
| VIACOM, INC., CLASS B |
|
| 218,419 |
|
| 384,033 |
|
|
|
|
| 5,300 |
| VIRGIN MEDIA, INC. |
|
| 78,460 |
|
| 113,314 |
|
|
|
|
| 29,960 |
| WALT DISNEY (THE) CO. |
|
| 587,935 |
|
| 1,123,500 |
|
|
|
|
| 2,300 |
| WHIRLPOOL CORP. |
|
| 98,184 |
|
| 109,135 |
|
|
|
|
| 1,100 |
| WILLIAMS-SONOMA, INC. |
|
| 41,492 |
|
| 42,350 |
|
|
|
|
| 51,400 |
| WMS INDUSTRIES, INC.(b) |
|
| 985,422 |
|
| 1,054,728 |
|
|
|
|
| 5,475 |
| WYNDHAM WORLDWIDE CORP. |
|
| 24,500 |
|
| 207,119 |
|
|
|
|
| 1,600 |
| WYNN RESORTS LTD. |
|
| 42,372 |
|
| 176,784 |
|
|
|
|
| 9,016 |
| YUM! BRANDS, INC. |
|
| 78,831 |
|
| 532,034 |
|
|
|
|
|
|
|
|
|
| 17,631,583 |
|
| 32,032,317 |
|
| 9.64% |
|
Consumer Staples: |
|
|
|
|
|
|
|
|
|
| |||
| 30,100 |
| ALTRIA GROUP, INC. |
|
| 137,687 |
|
| 892,465 |
|
|
|
|
| 41,550 |
| ARCHER-DANIELS-MIDLAND CO. |
|
| 1,175,362 |
|
| 1,188,330 |
|
|
|
|
| 5,062 |
| AVON PRODUCTS, INC. |
|
| 99,766 |
|
| 88,433 |
|
|
|
|
| 4,300 |
| BEAM, INC. |
|
| 115,443 |
|
| 220,289 |
|
|
|
|
| 1,944 |
| BROWN-FORMAN CORP., CLASS B |
|
| 57,343 |
|
| 156,511 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 29 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Consumer Staples (Cont’d): |
|
|
|
|
|
|
|
|
| ||||
| 15,500 |
| BUNGE LTD. |
| $ | 953,676 |
|
| 886,600 |
|
|
|
|
| 600 |
| CAMPBELL SOUP CO. |
|
| 16,020 |
|
| 19,944 |
|
|
|
|
| 4,000 |
| CHURCH & DWIGHT CO., INC. |
|
| 100,310 |
|
| 183,040 |
|
|
|
|
| 3,000 |
| CLOROX (THE) CO. |
|
| 154,515 |
|
| 199,680 |
|
|
|
|
| 32,261 |
| COCA-COLA (THE) CO. |
|
| 992,260 |
|
| 2,257,302 |
|
|
|
|
| 2,300 |
| COCA-COLA ENTERPRISES, INC. |
|
| 39,664 |
|
| 59,294 |
|
|
|
|
| 7,390 |
| COLGATE-PALMOLIVE CO. |
|
| 422,681 |
|
| 682,762 |
|
|
|
|
| 6,000 |
| CONAGRA FOODS, INC. |
|
| 123,690 |
|
| 158,400 |
|
|
|
|
| 4,600 |
| CONSTELLATION BRANDS, INC., CLASS A(b) |
|
| 63,227 |
|
| 95,082 |
|
|
|
|
| 1,800 |
| CORN PRODUCTS INTERNATIONAL, INC. |
|
| 52,636 |
|
| 94,662 |
|
|
|
|
| 35,535 |
| COSAN LTD., CLASS A(c) |
|
| 490,821 |
|
| 389,464 |
|
|
|
|
| 7,800 |
| COSTCO WHOLESALE CORP. |
|
| 237,671 |
|
| 649,896 |
|
|
|
|
| 36,622 |
| CVS CAREMARK CORP. |
|
| 787,259 |
|
| 1,493,445 |
|
|
|
|
| 14,590 |
| DIAGEO PLC ADR(c)(d) |
|
| 1,054,739 |
|
| 1,275,458 |
|
|
|
|
| 6,000 |
| DR PEPPER SNAPPLE GROUP, INC. |
|
| 125,060 |
|
| 236,880 |
|
|
|
|
| 397 |
| ENERGIZER HOLDINGS, INC.(b) |
|
| 20,533 |
|
| 30,760 |
|
|
|
|
| 1,867 |
| ESTEE LAUDER (THE) COS., INC., CLASS A |
|
| 70,943 |
|
| 209,702 |
|
|
|
|
| 1,800 |
| FLOWERS FOODS, INC. |
|
| 25,434 |
|
| 34,164 |
|
|
|
|
| 12,400 |
| GENERAL MILLS, INC. |
|
| 277,056 |
|
| 501,084 |
|
|
|
|
| 2,400 |
| GREEN MOUNTAIN COFFEE ROASTERS, INC.(b) |
|
| 44,948 |
|
| 107,640 |
|
|
|
|
| 3,000 |
| H.J. HEINZ CO. |
|
| 93,909 |
|
| 162,120 |
|
|
|
|
| 900 |
| HANSEN NATURAL CORP.(b) |
|
| 30,956 |
|
| 82,926 |
|
|
|
|
| 3,800 |
| HERBALIFE LTD.(c) |
|
| 52,204 |
|
| 196,346 |
|
|
|
|
| 1,700 |
| HERSHEY (THE) CO. |
|
| 62,742 |
|
| 105,026 |
|
|
|
|
| 2,400 |
| HORMEL FOODS CORP. |
|
| 43,206 |
|
| 70,296 |
|
|
|
|
| 1,600 |
| J.M. SMUCKER (THE) CO. |
|
| 64,617 |
|
| 125,072 |
|
|
|
|
| 2,300 |
| KELLOGG CO. |
|
| 99,285 |
|
| 116,311 |
|
|
|
|
| 4,050 |
| KIMBERLY-CLARK CORP. |
|
| 202,324 |
|
| 297,918 |
|
|
|
|
| 50,838 |
| KRAFT FOODS, INC., CLASS A |
|
| 1,178,532 |
|
| 1,899,308 |
|
|
|
|
| 13,400 |
| KROGER (THE) CO. |
|
| 228,089 |
|
| 324,548 |
|
|
|
|
| 1,374 |
| LORILLARD, INC. |
|
| 34,727 |
|
| 156,636 |
|
|
|
|
| 800 |
| MCCORMICK & CO., INC. (NON VOTING) |
|
| 24,815 |
|
| 40,336 |
|
|
|
|
| 2,200 |
| MEAD JOHNSON NUTRITION CO. |
|
| 103,422 |
|
| 151,206 |
|
|
|
|
| 1,800 |
| MOLSON COORS BREWING CO., CLASS B |
|
| 54,437 |
|
| 78,372 |
|
|
|
|
| 27,500 |
| PEPSICO, INC. |
|
| 1,031,385 |
|
| 1,824,625 |
|
|
|
|
| 33,532 |
| PHILIP MORRIS INTERNATIONAL, INC. |
|
| 336,856 |
|
| 2,631,591 |
|
|
|
|
| 49,560 |
| PROCTER & GAMBLE (THE) CO. |
|
| 882,493 |
|
| 3,306,148 |
|
|
|
|
| 400 |
| RALCORP HOLDINGS, INC.(b) |
|
| 30,388 |
|
| 34,200 |
|
|
|
|
| 3,000 |
| REYNOLDS AMERICAN, INC. |
|
| 29,474 |
|
| 124,260 |
|
|
|
|
| 96,194 |
| SAFEWAY, INC. |
|
| 2,026,334 |
|
| 2,023,922 |
|
|
|
|
| 13,350 |
| SARA LEE CORP. |
|
| 110,338 |
|
| 252,582 |
|
|
|
|
| 5,700 |
| SMITHFIELD FOODS, INC.(b) |
|
| 106,346 |
|
| 138,396 |
|
|
|
|
| 7,900 |
| SYSCO CORP. |
|
| 121,024 |
|
| 231,707 |
|
|
|
|
| 7,427 |
| TYSON FOODS, INC., CLASS A |
|
| 78,124 |
|
| 153,293 |
|
|
|
|
| 45,420 |
| UNILEVER N.V. (REGISTERED)(c) |
|
| 1,366,228 |
|
| 1,561,085 |
|
|
|
|
| 20,150 |
| WALGREEN CO. |
|
| 231,445 |
|
| 666,159 |
|
|
|
|
| 24,596 |
| WAL-MART STORES, INC. |
|
| 1,046,575 |
|
| 1,469,857 |
|
|
|
|
| 4,400 |
| WHOLE FOODS MARKET, INC. |
|
| 116,393 |
|
| 306,152 |
|
|
|
|
|
|
|
|
|
| 17,425,412 |
|
| 30,641,685 |
|
| 9.22% |
|
Energy: |
|
|
|
|
|
|
|
|
|
| |||
| 1,142 |
| ALPHA NATURAL RESOURCES, INC.(b) |
|
| 26,874 |
|
| 23,331 |
|
|
|
|
| 9,446 |
| ANADARKO PETROLEUM CORP. |
|
| 319,802 |
|
| 721,013 |
|
|
|
|
| 11,386 |
| APACHE CORP. |
|
| 711,832 |
|
| 1,031,344 |
|
|
|
|
| 6,400 |
| ARCH COAL, INC. |
|
| 68,943 |
|
| 92,864 |
|
|
|
|
| 1,700 |
| ATWOOD OCEANICS, INC.(b) |
|
| 51,221 |
|
| 67,643 |
|
|
|
|
| 5,000 |
| BAKER HUGHES, INC. |
|
| 219,568 |
|
| 243,200 |
|
|
|
|
| 58,000 |
| BP PLC ADR(c)(d) |
|
| 2,621,492 |
|
| 2,478,920 |
|
|
|
|
| 1,504 |
| CABOT OIL & GAS CORP. |
|
| 38,739 |
|
| 114,154 |
|
|
|
|
| 4,800 |
| CAMERON INTERNATIONAL CORP.(b) |
|
| 124,988 |
|
| 236,112 |
|
|
|
|
| 10,400 |
| CHESAPEAKE ENERGY CORP. |
|
| 207,021 |
|
| 231,816 |
|
|
|
|
| 34,095 |
| CHEVRON CORP. |
|
| 1,499,394 |
|
| 3,627,708 |
|
|
|
|
| 400 |
| CIMAREX ENERGY CO. |
|
| 24,008 |
|
| 24,760 |
|
|
|
|
| 42,400 |
| CLOUD PEAK ENERGY, INC.(b) |
|
| 950,791 |
|
| 819,168 |
|
|
|
|
| 7,200 |
| COBALT INTERNATIONAL ENERGY, INC.(b) |
|
| 63,000 |
|
| 111,744 |
|
|
|
|
| 1,700 |
| CONCHO RESOURCES, INC.(b) |
|
| 49,632 |
|
| 159,375 |
|
|
|
|
| 27,744 |
| CONOCOPHILLIPS |
|
| 706,207 |
|
| 2,021,705 |
|
|
|
|
| 5,431 |
| CONSOL ENERGY, INC. |
|
| 148,332 |
|
| 199,318 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 30 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Energy (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 1,000 |
| CONTINENTAL RESOURCES, INC.(b) |
| $ | 20,765 |
|
| 66,710 |
|
|
|
|
| 9,300 |
| DENBURY RESOURCES, INC.(b) |
|
| 88,950 |
|
| 140,430 |
|
|
|
|
| 47,775 |
| DEVON ENERGY CORP. |
|
| 3,196,708 |
|
| 2,962,050 |
|
|
|
|
| 3,000 |
| DRESSER-RAND GROUP, INC.(b) |
|
| 98,595 |
|
| 149,730 |
|
|
|
|
| 17,400 |
| EL PASO CORP. |
|
| 139,789 |
|
| 462,318 |
|
|
|
|
| 21,072 |
| ENSCO PLC ADR(c)(d) |
|
| 1,021,092 |
|
| 988,698 |
|
|
|
|
| 24,005 |
| ENTERPRISE PRODUCTS PARTNERS L.P. |
|
| 998,596 |
|
| 1,113,352 |
|
|
|
|
| 4,800 |
| EOG RESOURCES, INC. |
|
| 62,765 |
|
| 472,848 |
|
|
|
|
| 4,000 |
| EQT CORP. |
|
| 132,900 |
|
| 219,160 |
|
|
|
|
| 82,251 |
| EXXON MOBIL CORP. |
|
| 3,236,727 |
|
| 6,971,595 |
|
|
|
|
| 2,400 |
| FMC TECHNOLOGIES, INC.(b) |
|
| 33,690 |
|
| 125,352 |
|
|
|
|
| 4,800 |
| FOREST OIL CORP.(b) |
|
| 54,895 |
|
| 65,040 |
|
|
|
|
| 15,158 |
| HALLIBURTON CO. |
|
| 274,762 |
|
| 523,103 |
|
|
|
|
| 3,100 |
| HELMERICH & PAYNE, INC. |
|
| 39,003 |
|
| 180,916 |
|
|
|
|
| 1,000 |
| HESS CORP. |
|
| 57,839 |
|
| 56,800 |
|
|
|
|
| 4,000 |
| HOLLYFRONTIER CORP. |
|
| 52,098 |
|
| 93,600 |
|
|
|
|
| 43,395 |
| KINDER MORGAN, INC. |
|
| 1,344,193 |
|
| 1,396,017 |
|
|
|
|
| 2,939 |
| LONE PINE RESOURCES, INC.(b)(c) |
|
| 21,418 |
|
| 20,602 |
|
|
|
|
| 21,250 |
| MAGELLAN MIDSTREAM PARTNERS L.P. |
|
| 1,186,723 |
|
| 1,463,700 |
|
|
|
|
| 36,861 |
| MARATHON OIL CORP. |
|
| 838,219 |
|
| 1,078,921 |
|
|
|
|
| 23,845 |
| MARATHON PETROLEUM CORP. |
|
| 825,453 |
|
| 793,800 |
|
|
|
|
| 164,500 |
| MCDERMOTT INTERNATIONAL, INC.(b) |
|
| 1,874,601 |
|
| 1,893,395 |
|
|
|
|
| 2,400 |
| MURPHY OIL CORP. |
|
| 32,055 |
|
| 133,776 |
|
|
|
|
| 4,600 |
| NABORS INDUSTRIES LTD.(b)(c) |
|
| 65,274 |
|
| 79,764 |
|
|
|
|
| 8,722 |
| NATIONAL OILWELL VARCO, INC. |
|
| 214,854 |
|
| 593,009 |
|
|
|
|
| 1,542 |
| NEWFIELD EXPLORATION CO.(b) |
|
| 62,333 |
|
| 58,180 |
|
|
|
|
| 4,200 |
| NOBLE ENERGY, INC. |
|
| 158,332 |
|
| 396,438 |
|
|
|
|
| 21,940 |
| OCCIDENTAL PETROLEUM CORP. |
|
| 576,239 |
|
| 2,055,778 |
|
|
|
|
| 3,400 |
| OCEANEERING INTERNATIONAL, INC. |
|
| 87,014 |
|
| 156,842 |
|
|
|
|
| 1,300 |
| PATTERSON-UTI ENERGY, INC. |
|
| 24,310 |
|
| 25,974 |
|
|
|
|
| 3,500 |
| PEABODY ENERGY CORP. |
|
| 69,937 |
|
| 115,885 |
|
|
|
|
| 3,200 |
| PIONEER NATURAL RESOURCES CO. |
|
| 48,507 |
|
| 286,336 |
|
|
|
|
| 76,100 |
| PLAINS EXPLORATION & PRODUCTION CO.(b) |
|
| 2,668,000 |
|
| 2,794,392 |
|
|
|
|
| 56,000 |
| QEP RESOURCES, INC. |
|
| 1,966,765 |
|
| 1,640,800 |
|
|
|
|
| 10,700 |
| QUICKSILVER RESOURCES, INC.(b) |
|
| 91,699 |
|
| 71,797 |
|
|
|
|
| 3,700 |
| RANGE RESOURCES CORP. |
|
| 128,866 |
|
| 229,178 |
|
|
|
|
| 700 |
| ROWAN COS., INC.(b) |
|
| 19,887 |
|
| 21,231 |
|
|
|
|
| 12,200 |
| SANDRIDGE ENERGY, INC.(b) |
|
| 69,540 |
|
| 99,552 |
|
|
|
|
| 19,100 |
| SCHLUMBERGER LTD. |
|
| 491,562 |
|
| 1,304,721 |
|
|
|
|
| 9,300 |
| SOUTHWESTERN ENERGY CO.(b) |
|
| 163,644 |
|
| 297,042 |
|
|
|
|
| 10,954 |
| SPECTRA ENERGY CORP. |
|
| 155,906 |
|
| 336,836 |
|
|
|
|
| 2,400 |
| SUNOCO, INC. |
|
| 50,440 |
|
| 98,448 |
|
|
|
|
| 900 |
| SUPERIOR ENERGY SERVICES, INC.(b) |
|
| 27,135 |
|
| 25,596 |
|
|
|
|
| 1,200 |
| TESORO CORP.(b) |
|
| 24,660 |
|
| 28,032 |
|
|
|
|
| 23,075 |
| TIDEWATER, INC. |
|
| 1,150,431 |
|
| 1,137,597 |
|
|
|
|
| 2,400 |
| ULTRA PETROLEUM CORP.(b) |
|
| 74,376 |
|
| 71,112 |
|
|
|
|
| 12,110 |
| VALERO ENERGY CORP. |
|
| 130,822 |
|
| 254,915 |
|
|
|
|
| 2,600 |
| WHITING PETROLEUM CORP.(b) |
|
| 73,760 |
|
| 121,394 |
|
|
|
|
| 7,200 |
| WILLIAMS (THE) COS., INC. |
|
| 186,912 |
|
| 237,744 |
|
|
|
|
|
|
|
|
|
| 32,244,885 |
|
| 46,114,681 |
|
| 13.88% |
|
Financials: |
|
|
|
|
|
|
|
|
|
| |||
| 6,000 |
| ACE LTD.(c) |
|
| 317,873 |
|
| 420,720 |
|
|
|
|
| 1,100 |
| AFFILIATED MANAGERS GROUP, INC.(b) |
|
| 73,654 |
|
| 105,545 |
|
|
|
|
| 9,850 |
| AFLAC, INC. |
|
| 262,100 |
|
| 426,111 |
|
|
|
|
| 2,100 |
| ALEXANDRIA REAL ESTATE EQUITIES, INC. |
|
| 111,601 |
|
| 144,837 |
|
|
|
|
| 2,700 |
| ALLIED WORLD ASSURANCE CO. HOLDINGS A.G.(c) |
|
| 86,630 |
|
| 169,911 |
|
|
|
|
| 8,300 |
| ALLSTATE (THE) CORP. |
|
| 197,623 |
|
| 227,503 |
|
|
|
|
| 18,333 |
| AMERICAN EXPRESS CO. |
|
| 546,904 |
|
| 864,767 |
|
|
|
|
| 1,800 |
| AMERICAN FINANCIAL GROUP, INC. |
|
| 29,745 |
|
| 66,402 |
|
|
|
|
| 9,500 |
| AMERICAN INTERNATIONAL GROUP, INC.(b) |
|
| 233,988 |
|
| 220,400 |
|
|
|
|
| 22,580 |
| AMERICAN INTERNATIONAL GROUP, INC., (FRACTIONAL SHARES)(b) |
|
| - |
|
| - |
|
|
|
|
| 5,191 |
| AMERIPRISE FINANCIAL, INC. |
|
| 160,907 |
|
| 257,681 |
|
|
|
|
| 4,900 |
| ANNALY CAPITAL MANAGEMENT, INC. |
|
| 78,180 |
|
| 78,204 |
|
|
|
|
| 4,748 |
| AON CORP. |
|
| 110,582 |
|
| 222,206 |
|
|
|
|
| 3,628 |
| APARTMENT INVESTMENT & MANAGEMENT CO., CLASS A |
|
| 39,421 |
|
| 83,117 |
|
|
|
|
| 4,800 |
| ARCH CAPITAL GROUP LTD.(b)(c) |
|
| 101,982 |
|
| 178,704 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 31 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Financials (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 1,600 |
| ARTHUR J. GALLAGHER & CO. |
| $ | 34,040 |
|
| 53,504 |
|
|
|
|
| 2,500 |
| ASSURANT, INC. |
|
| 60,538 |
|
| 102,650 |
|
|
|
|
| 734 |
| AVALONBAY COMMUNITIES, INC. |
|
| 31,138 |
|
| 95,860 |
|
|
|
|
| 900 |
| AXIS CAPITAL HOLDINGS LTD.(c) |
|
| 23,391 |
|
| 28,764 |
|
|
|
|
| 440,300 |
| BANK OF AMERICA CORP. |
|
| 6,039,129 |
|
| 2,448,068 |
|
|
|
|
| 456 |
| BANK OF MONTREAL(c) |
|
| 23,826 |
|
| 24,993 |
|
|
|
|
| 7,300 |
| BANK OF NEW YORK MELLON (THE) CORP. |
|
| 150,088 |
|
| 145,343 |
|
|
|
|
| 53,622 |
| BB&T CORP. |
|
| 1,299,931 |
|
| 1,349,666 |
|
|
|
|
| 24,500 |
| BERKSHIRE HATHAWAY, INC., CLASS B(b) |
|
| 1,982,130 |
|
| 1,869,350 |
|
|
|
|
| 3,388 |
| BOSTON PROPERTIES, INC. |
|
| 171,468 |
|
| 337,445 |
|
|
|
|
| 1,100 |
| BRE PROPERTIES, INC. |
|
| 25,168 |
|
| 55,528 |
|
|
|
|
| 900 |
| CAMDEN PROPERTY TRUST |
|
| 24,065 |
|
| 56,016 |
|
|
|
|
| 32,547 |
| CAPITAL ONE FINANCIAL CORP. |
|
| 1,390,841 |
|
| 1,376,413 |
|
|
|
|
| 16,000 |
| CAPITALSOURCE, INC.(b) |
|
| 78,410 |
|
| 107,200 |
|
|
|
|
| 1,000 |
| CBOE HOLDINGS, INC. |
|
| 23,780 |
|
| 25,860 |
|
|
|
|
| 21,400 |
| CHARLES SCHWAB (THE) CORP. |
|
| 186,608 |
|
| 240,964 |
|
|
|
|
| 79,100 |
| CHIMERA INVESTMENT CORP. |
|
| 239,978 |
|
| 198,541 |
|
|
|
|
| 2,700 |
| CHUBB (THE) CORP. |
|
| 86,607 |
|
| 186,894 |
|
|
|
|
| 1,400 |
| CIT GROUP, INC.(b) |
|
| 49,108 |
|
| 48,818 |
|
|
|
|
| 119,381 |
| CITIGROUP, INC. |
|
| 4,642,288 |
|
| 3,140,914 |
|
|
|
|
| 2,000 |
| CITY NATIONAL CORP. |
|
| 75,538 |
|
| 88,360 |
|
|
|
|
| 1,373 |
| CME GROUP, INC. |
|
| 311,424 |
|
| 334,559 |
|
|
|
|
| 1,100 |
| CNA FINANCIAL CORP. |
|
| 25,102 |
|
| 29,425 |
|
|
|
|
| 6,700 |
| COMMONWEALTH REIT |
|
| 127,516 |
|
| 111,488 |
|
|
|
|
| 400 |
| DIGITAL REALTY TRUST, INC. |
|
| 15,650 |
|
| 26,668 |
|
|
|
|
| 16,287 |
| DISCOVER FINANCIAL SERVICES |
|
| 233,079 |
|
| 390,888 |
|
|
|
|
| 5,200 |
| DOUGLAS EMMETT, INC.(b) |
|
| 63,182 |
|
| 94,848 |
|
|
|
|
| 900 |
| ENDURANCE SPECIALTY HOLDINGS LTD.(c) |
|
| 25,106 |
|
| 34,425 |
|
|
|
|
| 5,416 |
| EQUITY RESIDENTIAL |
|
| 174,162 |
|
| 308,874 |
|
|
|
|
| 400 |
| ERIE INDEMNITY CO., CLASS A |
|
| 26,912 |
|
| 31,264 |
|
|
|
|
| 900 |
| FEDERAL REALTY INVESTMENT TRUST |
|
| 48,326 |
|
| 81,675 |
|
|
|
|
| 5,100 |
| FEDERATED INVESTORS, INC., CLASS B |
|
| 97,600 |
|
| 77,265 |
|
|
|
|
| 1,600 |
| FIDELITY NATIONAL FINANCIAL, INC., CLASS A |
|
| 24,512 |
|
| 25,488 |
|
|
|
|
| 25,300 |
| FIFTH THIRD BANCORP |
|
| 220,963 |
|
| 321,816 |
|
|
|
|
| 400 |
| FIRST CITIZENS BANCSHARES, INC., CLASS A |
|
| 57,523 |
|
| 69,996 |
|
|
|
|
| 30,500 |
| FIRST HORIZON NATIONAL CORP. |
|
| 193,065 |
|
| 244,000 |
|
|
|
|
| 95,534 |
| FIRST HORIZON NATIONAL CORP. (FRACTIONAL SHARES)(b) |
|
| - |
|
| - |
|
|
|
|
| 47,200 |
| FIRST INTERSTATE BANCSYSTEM, INC. |
|
| 680,988 |
|
| 615,016 |
|
|
|
|
| 28,205 |
| FIRST REPUBLIC BANK(b) |
|
| 790,953 |
|
| 863,355 |
|
|
|
|
| 3,359 |
| FRANKLIN RESOURCES, INC. |
|
| 189,834 |
|
| 322,666 |
|
|
|
|
| 9,000 |
| GOLDMAN SACHS GROUP (THE), INC. |
|
| 771,906 |
|
| 813,870 |
|
|
|
|
| 1,400 |
| GREEN DOT CORP., CLASS A(b) |
|
| 44,569 |
|
| 43,708 |
|
|
|
|
| 3,500 |
| GREENHILL & CO., INC. |
|
| 106,120 |
|
| 127,295 |
|
|
|
|
| 700 |
| HANOVER INSURANCE GROUP (THE), INC. |
|
| 24,899 |
|
| 24,465 |
|
|
|
|
| 2,500 |
| HARTFORD FINANCIAL SERVICES GROUP, INC. |
|
| 35,288 |
|
| 40,625 |
|
|
|
|
| 1,000 |
| HCC INSURANCE HOLDINGS, INC. |
|
| 24,155 |
|
| 27,500 |
|
|
|
|
| 7,100 |
| HCP, INC. |
|
| 108,388 |
|
| 294,153 |
|
|
|
|
| 2,000 |
| HEALTH CARE REIT, INC. |
|
| 90,641 |
|
| 109,060 |
|
|
|
|
| 1,800 |
| HOSPITALITY PROPERTIES TRUST |
|
| 23,967 |
|
| 41,364 |
|
|
|
|
| 16,122 |
| HOST HOTELS & RESORTS, INC. |
|
| 138,445 |
|
| 238,122 |
|
|
|
|
| 678 |
| HOWARD HUGHES (THE) CORP.(b) |
|
| 20,502 |
|
| 29,947 |
|
|
|
|
| 35,000 |
| HUNTINGTON BANCSHARES, INC. |
|
| 169,770 |
|
| 192,150 |
|
|
|
|
| 112,550 |
| INLAND REAL ESTATE CORP. |
|
| 951,420 |
|
| 856,506 |
|
|
|
|
| 1,300 |
| INTERCONTINENTALEXCHANGE, INC.(b) |
|
| 157,514 |
|
| 156,715 |
|
|
|
|
| 12,700 |
| INVESCO LTD. |
|
| 205,676 |
|
| 255,143 |
|
|
|
|
| 33,700 |
| JANUS CAPITAL GROUP, INC. |
|
| 222,792 |
|
| 212,647 |
|
|
|
|
| 700 |
| JONES LANG LASALLE, INC. |
|
| 39,950 |
|
| 42,882 |
|
|
|
|
| 56,346 |
| JPMORGAN CHASE & CO. |
|
| 1,370,888 |
|
| 1,873,504 |
|
|
|
|
| 5,900 |
| KEYCORP |
|
| 30,060 |
|
| 45,371 |
|
|
|
|
| 8,201 |
| KIMCO REALTY CORP. |
|
| 101,601 |
|
| 133,184 |
|
|
|
|
| 4,852 |
| LEGG MASON, INC. |
|
| 82,631 |
|
| 116,691 |
|
|
|
|
| 1,100 |
| LIBERTY PROPERTY TRUST |
|
| 24,364 |
|
| 33,968 |
|
|
|
|
| 6,000 |
| LOEWS CORP. |
|
| 131,444 |
|
| 225,900 |
|
|
|
|
| 2,600 |
| LPL INVESTMENT HOLDINGS, INC.(b) |
|
| 67,938 |
|
| 79,404 |
|
|
|
|
| 2,000 |
| M&T BANK CORP. |
|
| 145,114 |
|
| 152,680 |
|
|
|
|
| 5,123 |
| MACERICH (THE) CO. |
|
| 121,389 |
|
| 259,224 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 32 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Financials (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 300 |
| MARKEL CORP.(b) |
| $ | 101,683 |
|
| 124,401 |
|
|
|
|
| 5,678 |
| MARSH & MCLENNAN COS., INC. |
|
| 135,775 |
|
| 179,538 |
|
|
|
|
| 7,800 |
| MBIA, INC.(b) |
|
| 38,883 |
|
| 90,402 |
|
|
|
|
| 1,300 |
| MERCURY GENERAL CORP. |
|
| 38,018 |
|
| 59,306 |
|
|
|
|
| 7,900 |
| METLIFE, INC. |
|
| 230,694 |
|
| 246,322 |
|
|
|
|
| 8,200 |
| MORGAN STANLEY |
|
| 130,626 |
|
| 124,066 |
|
|
|
|
| 2,400 |
| MSCI, INC., CLASS A(b) |
|
| 68,930 |
|
| 79,032 |
|
|
|
|
| 4,500 |
| NASDAQ OMX GROUP (THE), INC.(b) |
|
| 107,280 |
|
| 110,295 |
|
|
|
|
| 11,049 |
| NEW YORK COMMUNITY BANCORP, INC. |
|
| 128,782 |
|
| 136,676 |
|
|
|
|
| 102 |
| NORTHERN TRUST CORP. |
|
| 3,787 |
|
| 4,045 |
|
|
|
|
| 2,200 |
| PARTNERRE LTD.(c) |
|
| 119,028 |
|
| 141,262 |
|
|
|
|
| 4,385 |
| PLUM CREEK TIMBER CO., INC. |
|
| 105,969 |
|
| 160,316 |
|
|
|
|
| 24,200 |
| PNC FINANCIAL SERVICES GROUP, INC. |
|
| 1,208,454 |
|
| 1,395,614 |
|
|
|
|
| 7,100 |
| PRINCIPAL FINANCIAL GROUP, INC. |
|
| 166,208 |
|
| 174,660 |
|
|
|
|
| 6,048 |
| PROGRESSIVE (THE) CORP. |
|
| 80,691 |
|
| 117,996 |
|
|
|
|
| 10,169 |
| PROLOGIS, INC. |
|
| 257,434 |
|
| 290,732 |
|
|
|
|
| 2,200 |
| PROTECTIVE LIFE CORP. |
|
| 24,849 |
|
| 49,632 |
|
|
|
|
| 8,500 |
| PRUDENTIAL FINANCIAL, INC. |
|
| 257,378 |
|
| 426,020 |
|
|
|
|
| 1,091 |
| PUBLIC STORAGE |
|
| 67,691 |
|
| 146,696 |
|
|
|
|
| 25,275 |
| RAYMOND JAMES FINANCIAL, INC. |
|
| 780,707 |
|
| 782,514 |
|
|
|
|
| 6,972 |
| RAYONIER, INC. |
|
| 104,763 |
|
| 311,161 |
|
|
|
|
| 2,700 |
| REALTY INCOME CORP. |
|
| 63,518 |
|
| 94,392 |
|
|
|
|
| 3,900 |
| REGENCY CENTERS CORP. |
|
| 93,198 |
|
| 146,718 |
|
|
|
|
| 9,099 |
| REGIONS FINANCIAL CORP. |
|
| 36,947 |
|
| 39,126 |
|
|
|
|
| 2,200 |
| REINSURANCE GROUP OF AMERICA, INC. |
|
| 105,732 |
|
| 114,950 |
|
|
|
|
| 2,900 |
| RENAISSANCERE HOLDINGS LTD.(c) |
|
| 136,230 |
|
| 215,673 |
|
|
|
|
| 7,500 |
| SEI INVESTMENTS CO. |
|
| 108,537 |
|
| 130,125 |
|
|
|
|
| 1,300 |
| SENIOR HOUSING PROPERTIES TRUST |
|
| 20,787 |
|
| 29,172 |
|
|
|
|
| 3,595 |
| SIMON PROPERTY GROUP, INC. |
|
| 157,583 |
|
| 463,540 |
|
|
|
|
| 1,900 |
| SL GREEN REALTY CORP. |
|
| 58,204 |
|
| 126,616 |
|
|
|
|
| 12,600 |
| SLM CORP. |
|
| 134,787 |
|
| 168,840 |
|
|
|
|
| 1,600 |
| ST. JOE (THE) CO.(b) |
|
| 25,024 |
|
| 23,456 |
|
|
|
|
| 1,400 |
| STATE STREET CORP. |
|
| 57,274 |
|
| 56,434 |
|
|
|
|
| 6,634 |
| SUNTRUST BANKS, INC. |
|
| 92,816 |
|
| 117,422 |
|
|
|
|
| 52,395 |
| SYMETRA FINANCIAL CORP. |
|
| 647,597 |
|
| 475,223 |
|
|
|
|
| 6,349 |
| T. ROWE PRICE GROUP, INC. |
|
| 125,884 |
|
| 361,576 |
|
|
|
|
| 2,100 |
| TAUBMAN CENTERS, INC. |
|
| 61,286 |
|
| 130,410 |
|
|
|
|
| 12,000 |
| TCF FINANCIAL CORP. |
|
| 111,496 |
|
| 123,840 |
|
|
|
|
| 3,266 |
| TD AMERITRADE HOLDING CORP. |
|
| 45,984 |
|
| 51,113 |
|
|
|
|
| 5,100 |
| TORCHMARK CORP. |
|
| 138,962 |
|
| 221,289 |
|
|
|
|
| 23,640 |
| TRANSATLANTIC HOLDINGS, INC. |
|
| 1,243,761 |
|
| 1,293,817 |
|
|
|
|
| 10,688 |
| TRAVELERS (THE) COS., INC. |
|
| 378,568 |
|
| 632,409 |
|
|
|
|
| 30,785 |
| U.S. BANCORP |
|
| 618,521 |
|
| 832,734 |
|
|
|
|
| 2,400 |
| UDR, INC. |
|
| 24,876 |
|
| 60,240 |
|
|
|
|
| 37,200 |
| UNUM GROUP |
|
| 795,048 |
|
| 783,804 |
|
|
|
|
| 1,100 |
| VALIDUS HOLDINGS LTD.(c) |
|
| 23,556 |
|
| 34,650 |
|
|
|
|
| 1,800 |
| VENTAS, INC. |
|
| 73,053 |
|
| 99,234 |
|
|
|
|
| 1,300 |
| VORNADO REALTY TRUST |
|
| 76,003 |
|
| 99,918 |
|
|
|
|
| 1,106 |
| W.R. BERKLEY CORP. |
|
| 29,276 |
|
| 38,035 |
|
|
|
|
| 2,900 |
| WADDELL & REED FINANCIAL, INC., CLASS A |
|
| 75,336 |
|
| 71,833 |
|
|
|
|
| 1,800 |
| WASHINGTON FEDERAL, INC. |
|
| 23,535 |
|
| 25,182 |
|
|
|
|
| 1,900 |
| WEINGARTEN REALTY INVESTORS |
|
| 25,128 |
|
| 41,458 |
|
|
|
|
| 77,800 |
| WELLS FARGO & CO. |
|
| 957,533 |
|
| 2,144,168 |
|
|
|
|
| 4,900 |
| XL GROUP PLC(c) |
|
| 95,648 |
|
| 96,873 |
|
|
|
|
|
|
|
|
|
| 38,325,906 |
|
| 40,352,009 |
|
| 12.14% |
|
Health Care: |
|
|
|
|
|
|
|
|
|
| |||
| 47,335 |
| ABBOTT LABORATORIES |
|
| 1,974,208 |
|
| 2,661,647 |
|
|
|
|
| 8,703 |
| AETNA, INC. |
|
| 122,419 |
|
| 367,180 |
|
|
|
|
| 3,000 |
| ALEXION PHARMACEUTICALS, INC.(b) |
|
| 58,088 |
|
| 214,500 |
|
|
|
|
| 5,507 |
| ALLERGAN, INC. |
|
| 201,259 |
|
| 483,184 |
|
|
|
|
| 7,200 |
| AMERISOURCEBERGEN CORP. |
|
| 115,968 |
|
| 267,768 |
|
|
|
|
| 21,000 |
| AMGEN, INC. |
|
| 85,551 |
|
| 1,348,410 |
|
|
|
|
| 4,100 |
| BAXTER INTERNATIONAL, INC. |
|
| 218,728 |
|
| 202,868 |
|
|
|
|
| 20,315 |
| BAYER A.G. ADR(c)(d) |
|
| 1,463,805 |
|
| 1,296,097 |
|
|
|
|
| 2,500 |
| BECTON, DICKINSON AND CO. |
|
| 123,650 |
|
| 186,800 |
|
|
|
|
| 6,550 |
| BIOGEN IDEC, INC.(b) |
|
| 82,841 |
|
| 720,828 |
|
|
|
|
| 187,900 |
| BOSTON SCIENTIFIC CORP.(b) |
|
| 1,272,645 |
|
| 1,003,386 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 33 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Health Care (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 18,700 |
| BRISTOL-MYERS SQUIBB CO. |
| $ | 432,823 |
|
| 658,988 |
|
|
|
|
| 2,000 |
| BRUKER CORP.(b) |
|
| 28,160 |
|
| 24,840 |
|
|
|
|
| 1,700 |
| C.R. BARD, INC. |
|
| 111,570 |
|
| 145,350 |
|
|
|
|
| 3,400 |
| CARDINAL HEALTH, INC. |
|
| 102,635 |
|
| 138,074 |
|
|
|
|
| 84,100 |
| CAREFUSION CORP.(b) |
|
| 2,085,997 |
|
| 2,136,981 |
|
|
|
|
| 6,436 |
| CELGENE CORP.(b) |
|
| 146,839 |
|
| 435,074 |
|
|
|
|
| 1,800 |
| CERNER CORP.(b) |
|
| 40,604 |
|
| 110,250 |
|
|
|
|
| 5,700 |
| CIGNA CORP. |
|
| 89,680 |
|
| 239,400 |
|
|
|
|
| 3,400 |
| COMMUNITY HEALTH SYSTEMS, INC.(b) |
|
| 58,650 |
|
| 59,330 |
|
|
|
|
| 23,300 |
| COVIDIEN PLC(c) |
|
| 998,647 |
|
| 1,048,733 |
|
|
|
|
| 1,425 |
| DAVITA, INC.(b) |
|
| 21,812 |
|
| 108,029 |
|
|
|
|
| 2,500 |
| DENDREON CORP.(b) |
|
| 24,700 |
|
| 19,000 |
|
|
|
|
| 3,700 |
| DENTSPLY INTERNATIONAL, INC. |
|
| 102,582 |
|
| 129,463 |
|
|
|
|
| 3,800 |
| EDWARDS LIFESCIENCES CORP.(b) |
|
| 118,152 |
|
| 268,660 |
|
|
|
|
| 17,000 |
| ELI LILLY & CO. |
|
| 582,850 |
|
| 706,520 |
|
|
|
|
| 9,100 |
| EXPRESS SCRIPTS, INC.(b) |
|
| 173,782 |
|
| 406,679 |
|
|
|
|
| 800 |
| FOREST LABORATORIES, INC.(b) |
|
| 25,000 |
|
| 24,208 |
|
|
|
|
| 20,260 |
| GEN-PROBE, INC.(b) |
|
| 1,079,249 |
|
| 1,197,771 |
|
|
|
|
| 14,260 |
| GILEAD SCIENCES, INC.(b) |
|
| 231,726 |
|
| 583,662 |
|
|
|
|
| 6,900 |
| HEALTH MANAGEMENT ASSOCIATES, INC., CLASS A(b) |
|
| 44,746 |
|
| 50,853 |
|
|
|
|
| 57,235 |
| HEALTHSOUTH CORP.(b) |
|
| 1,027,752 |
|
| 1,011,342 |
|
|
|
|
| 1,900 |
| HENRY SCHEIN, INC.(b) |
|
| 86,166 |
|
| 122,417 |
|
|
|
|
| 1,300 |
| HILL-ROM HOLDINGS, INC. |
|
| 38,228 |
|
| 43,797 |
|
|
|
|
| 7,208 |
| HOLOGIC, INC.(b) |
|
| 102,880 |
|
| 126,212 |
|
|
|
|
| 2,005 |
| HOSPIRA, INC.(b) |
|
| 50,661 |
|
| 60,892 |
|
|
|
|
| 1,800 |
| HUMAN GENOME SCIENCES, INC.(b) |
|
| 25,704 |
|
| 13,302 |
|
|
|
|
| 3,900 |
| HUMANA, INC. |
|
| 39,107 |
|
| 341,679 |
|
|
|
|
| 1,400 |
| IDEXX LABORATORIES, INC.(b) |
|
| 60,410 |
|
| 107,744 |
|
|
|
|
| 3,700 |
| ILLUMINA, INC.(b) |
|
| 158,027 |
|
| 112,776 |
|
|
|
|
| 700 |
| INTUITIVE SURGICAL, INC.(b) |
|
| 165,982 |
|
| 324,107 |
|
|
|
|
| 63,701 |
| JOHNSON & JOHNSON |
|
| 2,862,186 |
|
| 4,177,512 |
|
|
|
|
| 800 |
| LABORATORY CORP. OF AMERICA HOLDINGS(b) |
|
| 18,788 |
|
| 68,776 |
|
|
|
|
| 1,373 |
| LIFE TECHNOLOGIES CORP.(b) |
|
| 35,179 |
|
| 53,423 |
|
|
|
|
| 825 |
| LINCARE HOLDINGS, INC. |
|
| 16,059 |
|
| 21,211 |
|
|
|
|
| 5,700 |
| MCKESSON CORP. |
|
| 202,596 |
|
| 444,087 |
|
|
|
|
| 9,756 |
| MEDCO HEALTH SOLUTIONS, INC.(b) |
|
| 137,776 |
|
| 545,360 |
|
|
|
|
| 9,400 |
| MEDTRONIC, INC. |
|
| 318,841 |
|
| 359,550 |
|
|
|
|
| 48,078 |
| MERCK & CO., INC. |
|
| 1,123,592 |
|
| 1,812,540 |
|
|
|
|
| 1,300 |
| METTLER-TOLEDO INTERNATIONAL, INC.(b) |
|
| 87,484 |
|
| 192,023 |
|
|
|
|
| 119,600 |
| MYLAN, INC.(b) |
|
| 2,314,946 |
|
| 2,566,616 |
|
|
|
|
| 15,335 |
| NOVARTIS A.G. ADR(c)(d) |
|
| 923,592 |
|
| 876,702 |
|
|
|
|
| 1,600 |
| PATTERSON COS., INC. |
|
| 29,864 |
|
| 47,232 |
|
|
|
|
| 3,400 |
| PERKINELMER, INC. |
|
| 53,706 |
|
| 68,000 |
|
|
|
|
| 2,900 |
| PERRIGO CO. |
|
| 109,545 |
|
| 282,170 |
|
|
|
|
| 165,325 |
| PFIZER, INC. |
|
| 1,355,390 |
|
| 3,577,633 |
|
|
|
|
| 400 |
| PHARMASSET, INC.(b) |
|
| 32,036 |
|
| 51,280 |
|
|
|
|
| 20,965 |
| QUEST DIAGNOSTICS, INC. |
|
| 1,109,957 |
|
| 1,217,228 |
|
|
|
|
| 4,000 |
| RESMED, INC.(b) |
|
| 81,990 |
|
| 101,600 |
|
|
|
|
| 900 |
| SIRONA DENTAL SYSTEMS, INC.(b) |
|
| 38,745 |
|
| 39,636 |
|
|
|
|
| 7,839 |
| ST. JUDE MEDICAL, INC. |
|
| 226,619 |
|
| 268,878 |
|
|
|
|
| 7,200 |
| STRYKER CORP. |
|
| 119,192 |
|
| 357,912 |
|
|
|
|
| 500 |
| SXC HEALTH SOLUTIONS CORP.(b) |
|
| 27,765 |
|
| 28,240 |
|
|
|
|
| 16,775 |
| TELEFLEX, INC. |
|
| 856,456 |
|
| 1,028,140 |
|
|
|
|
| 7,100 |
| TENET HEALTHCARE CORP.(b) |
|
| 31,133 |
|
| 36,423 |
|
|
|
|
| 7,400 |
| THERMO FISHER SCIENTIFIC, INC.(b) |
|
| 156,535 |
|
| 332,778 |
|
|
|
|
| 17,202 |
| UNITEDHEALTH GROUP, INC. |
|
| 273,316 |
|
| 871,797 |
|
|
|
|
| 2,036 |
| UNIVERSAL HEALTH SERVICES, INC., CLASS B |
|
| 38,822 |
|
| 79,119 |
|
|
|
|
| 28,140 |
| VALEANT PHARMACEUTICALS INTERNATIONAL, INC.(b)(c) |
|
| 791,331 |
|
| 1,313,856 |
|
|
|
|
| 5,000 |
| VARIAN MEDICAL SYSTEMS, INC.(b) |
|
| 184,300 |
|
| 335,650 |
|
|
|
|
| 3,000 |
| VERTEX PHARMACEUTICALS, INC.(b) |
|
| 74,805 |
|
| 99,630 |
|
|
|
|
| 1,900 |
| WARNER CHILCOTT PLC, CLASS A(b)(c) |
|
| 29,963 |
|
| 28,747 |
|
|
|
|
| 2,600 |
| WATERS CORP.(b) |
|
| 60,997 |
|
| 192,530 |
|
|
|
|
| 3,175 |
| WATSON PHARMACEUTICALS, INC.(b) |
|
| 79,361 |
|
| 191,580 |
|
|
|
|
| 9,249 |
| WELLPOINT, INC. |
|
| 325,438 |
|
| 612,746 |
|
|
|
|
| 20,374 |
| ZIMMER HOLDINGS, INC.(b) |
|
| 1,153,219 |
|
| 1,088,379 |
|
|
|
|
|
|
|
|
|
| 29,255,807 |
|
| 42,877,785 |
|
| 12.90% |
|
Industrials: |
|
|
|
|
|
|
|
|
|
| |||
| 8,287 |
| 3M CO. |
|
| 505,006 |
|
| 677,297 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 34 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Industrials (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 36,100 |
| ABB LTD. ADR(b)(c)(d) |
| $ | 718,842 |
|
| 679,763 |
|
|
|
|
| 3,500 |
| AECOM TECHNOLOGY CORP.(b) |
|
| 64,365 |
|
| 71,995 |
|
|
|
|
| 21,210 |
| AGCO CORP.(b) |
|
| 815,335 |
|
| 911,394 |
|
|
|
|
| 43,820 |
| AIR LEASE CORP.(b) |
|
| 1,151,677 |
|
| 1,038,972 |
|
|
|
|
| 3,450 |
| AMETEK, INC. |
|
| 73,220 |
|
| 145,245 |
|
|
|
|
| 13,900 |
| AMR CORP.(b) |
|
| 48,593 |
|
| 4,865 |
|
|
|
|
| 2,700 |
| BABCOCK & WILCOX (THE) CO.(b) |
|
| 35,478 |
|
| 65,178 |
|
|
|
|
| 1,700 |
| BE AEROSPACE, INC.(b) |
|
| 47,626 |
|
| 65,807 |
|
|
|
|
| 17,000 |
| BOEING (THE) CO. |
|
| 402,135 |
|
| 1,246,950 |
|
|
|
|
| 3,400 |
| C.H. ROBINSON WORLDWIDE, INC. |
|
| 164,205 |
|
| 237,252 |
|
|
|
|
| 2,200 |
| CARLISLE COS., INC. |
|
| 45,116 |
|
| 97,460 |
|
|
|
|
| 11,004 |
| CATERPILLAR, INC. |
|
| 295,368 |
|
| 996,962 |
|
|
|
|
| 2,500 |
| CHICAGO BRIDGE & IRON CO. N.V. (REGISTERED)(c) |
|
| 50,995 |
|
| 94,500 |
|
|
|
|
| 2,500 |
| CINTAS CORP. |
|
| 70,284 |
|
| 87,025 |
|
|
|
|
| 2,027 |
| CON-WAY, INC. |
|
| 44,529 |
|
| 59,107 |
|
|
|
|
| 1,400 |
| COOPER INDUSTRIES PLC |
|
| 60,725 |
|
| 75,810 |
|
|
|
|
| 800 |
| COPA HOLDINGS S.A., CLASS A(c) |
|
| 32,618 |
|
| 46,936 |
|
|
|
|
| 2,600 |
| CORRECTIONS CORP. OF AMERICA(b) |
|
| 49,022 |
|
| 52,962 |
|
|
|
|
| 3,948 |
| CRANE CO. |
|
| 66,572 |
|
| 184,411 |
|
|
|
|
| 27,900 |
| CSX CORP. |
|
| 97,923 |
|
| 587,574 |
|
|
|
|
| 3,800 |
| CUMMINS, INC. |
|
| 53,831 |
|
| 334,476 |
|
|
|
|
| 11,163 |
| DANAHER CORP. |
|
| 255,642 |
|
| 525,108 |
|
|
|
|
| 7,300 |
| DEERE & CO. |
|
| 199,160 |
|
| 564,655 |
|
|
|
|
| 38,405 |
| DIGITALGLOBE, INC.(b) |
|
| 1,152,062 |
|
| 657,110 |
|
|
|
|
| 1,600 |
| DONALDSON CO., INC. |
|
| 63,714 |
|
| 108,928 |
|
|
|
|
| 3,325 |
| DOVER CORP. |
|
| 122,574 |
|
| 193,016 |
|
|
|
|
| 1,987 |
| DUN & BRADSTREET (THE) CORP. |
|
| 49,383 |
|
| 148,687 |
|
|
|
|
| 8,400 |
| EATON CORP. |
|
| 158,064 |
|
| 365,652 |
|
|
|
|
| 34,425 |
| EMCOR GROUP, INC. |
|
| 972,737 |
|
| 922,934 |
|
|
|
|
| 15,500 |
| EMERSON ELECTRIC CO. |
|
| 422,332 |
|
| 722,145 |
|
|
|
|
| 195,600 |
| EXELIS, INC. |
|
| 2,224,286 |
|
| 1,770,180 |
|
|
|
|
| 1,800 |
| EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. |
|
| 57,067 |
|
| 73,728 |
|
|
|
|
| 3,800 |
| FASTENAL CO. |
|
| 62,224 |
|
| 165,718 |
|
|
|
|
| 6,653 |
| FEDEX CORP. |
|
| 130,734 |
|
| 555,592 |
|
|
|
|
| 2,550 |
| FLUOR CORP. |
|
| 52,518 |
|
| 128,138 |
|
|
|
|
| 4,300 |
| FORTUNE BRANDS HOME & SECURITY, INC.(b) |
|
| 33,889 |
|
| 73,229 |
|
|
|
|
| 300 |
| GARDNER DENVER, INC. |
|
| 16,684 |
|
| 23,118 |
|
|
|
|
| 1,400 |
| GATX CORP. |
|
| 24,276 |
|
| 61,124 |
|
|
|
|
| 2,500 |
| GENERAL CABLE CORP.(b) |
|
| 60,825 |
|
| 62,525 |
|
|
|
|
| 1,200 |
| GENERAL DYNAMICS CORP. |
|
| 78,384 |
|
| 79,692 |
|
|
|
|
| 323,800 |
| GENERAL ELECTRIC CO. |
|
| 5,470,770 |
|
| 5,799,258 |
|
|
|
|
| 3,200 |
| GOODRICH CORP. |
|
| 95,088 |
|
| 395,840 |
|
|
|
|
| 4,800 |
| GRAFTECH INTERNATIONAL LTD.(b) |
|
| 68,496 |
|
| 65,520 |
|
|
|
|
| 1,600 |
| HARSCO CORP. |
|
| 28,236 |
|
| 32,928 |
|
|
|
|
| 6,600 |
| HERTZ GLOBAL HOLDINGS, INC.(b) |
|
| 37,676 |
|
| 77,352 |
|
|
|
|
| 9,188 |
| HONEYWELL INTERNATIONAL, INC. |
|
| 279,204 |
|
| 499,368 |
|
|
|
|
| 1,200 |
| HUBBELL, INC., CLASS B |
|
| 43,310 |
|
| 80,232 |
|
|
|
|
| 610 |
| HUNTINGTON INGALLS INDUSTRIES, INC.(b) |
|
| 14,978 |
|
| 19,081 | �� |
|
|
|
| 2,500 |
| IDEX CORP. |
|
| 58,238 |
|
| 92,775 |
|
|
|
|
| 700 |
| IHS, INC., CLASS A(b) |
|
| 30,838 |
|
| 60,312 |
|
|
|
|
| 4,824 |
| ILLINOIS TOOL WORKS, INC. |
|
| 155,812 |
|
| 225,329 |
|
|
|
|
| 5,400 |
| IRON MOUNTAIN, INC. |
|
| 121,527 |
|
| 166,320 |
|
|
|
|
| 28,800 |
| ITT CORP. |
|
| 517,715 |
|
| 556,704 |
|
|
|
|
| 2,100 |
| J.B. HUNT TRANSPORT SERVICES, INC. |
|
| 40,530 |
|
| 94,647 |
|
|
|
|
| 2,068 |
| JACOBS ENGINEERING GROUP, INC.(b) |
|
| 46,598 |
|
| 83,919 |
|
|
|
|
| 2,038 |
| JOY GLOBAL, INC. |
|
| 92,539 |
|
| 152,789 |
|
|
|
|
| 2,900 |
| KANSAS CITY SOUTHERN(b) |
|
| 46,328 |
|
| 197,229 |
|
|
|
|
| 2,800 |
| KBR, INC. |
|
| 55,655 |
|
| 78,036 |
|
|
|
|
| 1,200 |
| L-3 COMMUNICATIONS HOLDINGS, INC. |
|
| 56,882 |
|
| 80,016 |
|
|
|
|
| 1,200 |
| LANDSTAR SYSTEM, INC. |
|
| 38,351 |
|
| 57,504 |
|
|
|
|
| 900 |
| LENNOX INTERNATIONAL, INC. |
|
| 26,811 |
|
| 30,375 |
|
|
|
|
| 1,400 |
| LINCOLN ELECTRIC HOLDINGS, INC. |
|
| 28,970 |
|
| 54,768 |
|
|
|
|
| 2,600 |
| LOCKHEED MARTIN CORP. |
|
| 74,846 |
|
| 210,340 |
|
|
|
|
| 14,475 |
| MANPOWER, INC. |
|
| 505,719 |
|
| 517,481 |
|
|
|
|
| 13,200 |
| MASCO CORP. |
|
| 97,548 |
|
| 138,336 |
|
|
|
|
| 42,625 |
| MASTEC, INC.(b) |
|
| 640,618 |
|
| 740,396 |
|
|
|
|
| 700 |
| NORDSON CORP. |
|
| 29,470 |
|
| 28,826 |
|
|
|
|
| 5,360 |
| NORFOLK SOUTHERN CORP. |
|
| 121,639 |
|
| 390,530 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 35 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Industrials (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 3,660 |
| NORTHROP GRUMMAN CORP. |
| $ | 139,878 |
|
| 214,037 |
|
|
|
|
| 6,300 |
| OSHKOSH CORP.(b) |
|
| 109,053 |
|
| 134,694 |
|
|
|
|
| 1,100 |
| OWENS CORNING(b) |
|
| 22,578 |
|
| 31,592 |
|
|
|
|
| 8,389 |
| PACCAR, INC. |
|
| 91,278 |
|
| 314,336 |
|
|
|
|
| 2,200 |
| PALL CORP. |
|
| 55,214 |
|
| 125,730 |
|
|
|
|
| 2,850 |
| PARKER HANNIFIN CORP. |
|
| 123,853 |
|
| 217,312 |
|
|
|
|
| 600 |
| PENTAIR, INC. |
|
| 17,889 |
|
| 19,974 |
|
|
|
|
| 2,100 |
| PRECISION CASTPARTS CORP. |
|
| 126,967 |
|
| 346,059 |
|
|
|
|
| 44,000 |
| QUANTA SERVICES, INC.(b) |
|
| 862,333 |
|
| 947,760 |
|
|
|
|
| 3,000 |
| R.R. DONNELLEY & SONS CO. |
|
| 43,590 |
|
| 43,290 |
|
|
|
|
| 5,700 |
| RAYTHEON CO. |
|
| 160,192 |
|
| 275,766 |
|
|
|
|
| 49,718 |
| REPUBLIC SERVICES, INC. |
|
| 1,348,686 |
|
| 1,369,731 |
|
|
|
|
| 5,250 |
| ROCKWELL AUTOMATION, INC. |
|
| 73,987 |
|
| 385,192 |
|
|
|
|
| 5,214 |
| ROCKWELL COLLINS, INC. |
|
| 154,728 |
|
| 288,699 |
|
|
|
|
| 300 |
| ROPER INDUSTRIES, INC. |
|
| 19,526 |
|
| 26,061 |
|
|
|
|
| 600 |
| RYDER SYSTEM, INC. |
|
| 24,336 |
|
| 31,884 |
|
|
|
|
| 700 |
| SNAP-ON, INC. |
|
| 17,991 |
|
| 35,434 |
|
|
|
|
| 20,400 |
| SOUTHWEST AIRLINES CO. |
|
| 154,768 |
|
| 174,624 |
|
|
|
|
| 54,045 |
| SPIRIT AEROSYSTEMS HOLDINGS, INC., CLASS A(b) |
|
| 1,246,466 |
|
| 1,123,055 |
|
|
|
|
| 300 |
| SPX CORP. |
|
| 11,766 |
|
| 18,081 |
|
|
|
|
| 2,557 |
| STANLEY BLACK & DECKER, INC. |
|
| 72,048 |
|
| 172,853 |
|
|
|
|
| 2,000 |
| STERICYCLE, INC.(b) |
|
| 95,284 |
|
| 155,840 |
|
|
|
|
| 97,000 |
| TEXTRON, INC. |
|
| 2,350,672 |
|
| 1,793,530 |
|
|
|
|
| 10,500 |
| TYCO INTERNATIONAL LTD.(c) |
|
| 388,274 |
|
| 490,455 |
|
|
|
|
| 7,600 |
| UNION PACIFIC CORP. |
|
| 219,426 |
|
| 805,144 |
|
|
|
|
| 7,840 |
| UNITED PARCEL SERVICE, INC., CLASS B |
|
| 424,293 |
|
| 573,810 |
|
|
|
|
| 16,850 |
| UNITED TECHNOLOGIES CORP. |
|
| 637,288 |
|
| 1,231,567 |
|
|
|
|
| 33,025 |
| UNIVERSAL FOREST PRODUCTS, INC. |
|
| 1,164,401 |
|
| 1,019,482 |
|
|
|
|
| 21,735 |
| URS CORP.(b) |
|
| 957,699 |
|
| 763,333 |
|
|
|
|
| 2,000 |
| USG CORP.(b) |
|
| 12,350 |
|
| 20,320 |
|
|
|
|
| 4,100 |
| UTI WORLDWIDE, INC.(c) |
|
| 50,356 |
|
| 54,489 |
|
|
|
|
| 1,700 |
| W.W. GRAINGER, INC. |
|
| 74,317 |
|
| 318,223 |
|
|
|
|
| 1,966 |
| WABCO HOLDINGS, INC.(b) |
|
| 30,197 |
|
| 85,324 |
|
|
|
|
| 700 |
| WABTEC CORP. |
|
| 25,602 |
|
| 48,965 |
|
|
|
|
| 1,650 |
| WASTE CONNECTIONS, INC. |
|
| 29,914 |
|
| 54,681 |
|
|
|
|
| 8,650 |
| WASTE MANAGEMENT, INC. |
|
| 135,675 |
|
| 282,942 |
|
|
|
|
| 57,600 |
| XYLEM, INC. |
|
| 1,826,023 |
|
| 1,479,744 |
|
|
|
|
|
|
|
|
|
| 33,153,310 |
|
| 41,363,444 |
|
| 12.45% |
|
Information Technology: |
|
|
|
|
|
|
|
|
|
| |||
| 8,100 |
| ACCENTURE PLC, CLASS A(c) |
|
| 365,109 |
|
| 431,163 |
|
|
|
|
| 5,600 |
| ACTIVISION BLIZZARD, INC. |
|
| 9,966 |
|
| 68,992 |
|
|
|
|
| 6,224 |
| ADOBE SYSTEMS, INC.(b) |
|
| 79,363 |
|
| 175,953 |
|
|
|
|
| 14,300 |
| ADVANCED MICRO DEVICES, INC.(b) |
|
| 64,278 |
|
| 77,220 |
|
|
|
|
| 3,300 |
| AKAMAI TECHNOLOGIES, INC.(b) |
|
| 45,920 |
|
| 106,524 |
|
|
|
|
| 1,600 |
| ALLIANCE DATA SYSTEMS CORP.(b) |
|
| 75,650 |
|
| 166,144 |
|
|
|
|
| 5,000 |
| ALTERA CORP. |
|
| 94,155 |
|
| 185,500 |
|
|
|
|
| 200 |
| AMPHENOL CORP., CLASS A |
|
| 8,409 |
|
| 9,078 |
|
|
|
|
| 8,600 |
| ANALOG DEVICES, INC. |
|
| 120,368 |
|
| 307,708 |
|
|
|
|
| 2,400 |
| ANSYS, INC.(b) |
|
| 81,726 |
|
| 137,472 |
|
|
|
|
| 15,000 |
| APPLE, INC.(b) |
|
| 411,858 |
|
| 6,075,000 |
|
|
|
|
| 700 |
| ARROW ELECTRONICS, INC.(b) |
|
| 18,814 |
|
| 26,187 |
|
|
|
|
| 52,325 |
| ATMEL CORP.(b) |
|
| 456,466 |
|
| 423,832 |
|
|
|
|
| 58,000 |
| ATMI, INC.(b) |
|
| 1,134,063 |
|
| 1,161,740 |
|
|
|
|
| 1,686 |
| AUTODESK, INC.(b) |
|
| 32,709 |
|
| 51,136 |
|
|
|
|
| 4,066 |
| AUTOMATIC DATA PROCESSING, INC. |
|
| 132,231 |
|
| 219,605 |
|
|
|
|
| 59,130 |
| AVNET, INC.(b) |
|
| 1,932,175 |
|
| 1,838,352 |
|
|
|
|
| 70,325 |
| BENCHMARK ELECTRONICS, INC.(b) |
|
| 1,211,936 |
|
| 947,278 |
|
|
|
|
| 4,550 |
| BMC SOFTWARE, INC.(b) |
|
| 89,322 |
|
| 149,149 |
|
|
|
|
| 9,791 |
| BROADCOM CORP., CLASS A(b) |
|
| 159,344 |
|
| 287,464 |
|
|
|
|
| 2,180 |
| BROADRIDGE FINANCIAL SOLUTIONS, INC. |
|
| 33,319 |
|
| 49,159 |
|
|
|
|
| 4,200 |
| CADENCE DESIGN SYSTEMS, INC.(b) |
|
| 24,003 |
|
| 43,680 |
|
|
|
|
| 105,450 |
| CISCO SYSTEMS, INC. |
|
| 160,814 |
|
| 1,906,536 |
|
|
|
|
| 4,234 |
| CITRIX SYSTEMS, INC.(b) |
|
| 47,867 |
|
| 257,088 |
|
|
|
|
| 6,300 |
| COGNIZANT TECHNOLOGY SOLUTIONS CORP., CLASS A(b) |
|
| 95,624 |
|
| 405,153 |
|
|
|
|
| 148,365 |
| COMPUWARE CORP.(b) |
|
| 1,506,265 |
|
| 1,234,397 |
|
|
|
|
| 6,700 |
| CORELOGIC, INC.(b) |
|
| 76,313 |
|
| 86,631 |
|
|
|
|
| 21,700 |
| CORNING, INC. |
|
| 154,491 |
|
| 281,666 |
|
|
|
|
| 1,300 |
| CREE, INC.(b) |
|
| 33,512 |
|
| 28,652 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 36 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Information Technology (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 2,700 |
| CYPRESS SEMICONDUCTOR CORP.(b) |
| $ | 8,256 |
|
| 45,603 |
|
|
|
|
| 17,650 |
| DELL, INC.(b) |
|
| 255,615 |
|
| 258,220 |
|
|
|
|
| 2,000 |
| DOLBY LABORATORIES, INC., CLASS A(b) |
|
| 43,420 |
|
| 61,020 |
|
|
|
|
| 14,300 |
| EBAY, INC.(b) |
|
| 312,035 |
|
| 433,719 |
|
|
|
|
| 2,140 |
| ECHOSTAR CORP., CLASS A(b) |
|
| 36,471 |
|
| 44,812 |
|
|
|
|
| 34,310 |
| EMC CORP.(b) |
|
| 233,560 |
|
| 739,038 |
|
|
|
|
| 900 |
| EQUINIX, INC.(b) |
|
| 69,754 |
|
| 91,260 |
|
|
|
|
| 1,300 |
| F5 NETWORKS, INC.(b) |
|
| 30,062 |
|
| 137,956 |
|
|
|
|
| 7,802 |
| FIDELITY NATIONAL INFORMATION SERVICES, INC. |
|
| 135,427 |
|
| 207,455 |
|
|
|
|
| 3,950 |
| FISERV, INC.(b) |
|
| 108,064 |
|
| 232,023 |
|
|
|
|
| 1,400 |
| FLIR SYSTEMS, INC. |
|
| 30,177 |
|
| 35,098 |
|
|
|
|
| 1,400 |
| FORTINET, INC.(b) |
|
| 24,304 |
|
| 30,534 |
|
|
|
|
| 1,000 |
| GLOBAL PAYMENTS, INC. |
|
| 33,115 |
|
| 47,380 |
|
|
|
|
| 4,067 |
| GOOGLE, INC., CLASS A(b) |
|
| 1,221,503 |
|
| 2,626,875 |
|
|
|
|
| 2,800 |
| HARRIS CORP. |
|
| 37,337 |
|
| 100,912 |
|
|
|
|
| 54,557 |
| HEWLETT-PACKARD CO. |
|
| 1,224,983 |
|
| 1,405,388 |
|
|
|
|
| 5,200 |
| INGRAM MICRO, INC., CLASS A(b) |
|
| 68,614 |
|
| 94,588 |
|
|
|
|
| 138,725 |
| INTEL CORP. |
|
| 1,017,830 |
|
| 3,364,081 |
|
|
|
|
| 17,941 |
| INTERNATIONAL BUSINESS MACHINES CORP. |
|
| 1,445,165 |
|
| 3,298,991 |
|
|
|
|
| 5,000 |
| INTUIT, INC. |
|
| 103,285 |
|
| 262,950 |
|
|
|
|
| 1,900 |
| ITRON, INC.(b) |
|
| 65,968 |
|
| 67,963 |
|
|
|
|
| 900 |
| JABIL CIRCUIT, INC.(b) |
|
| 14,715 |
|
| 17,694 |
|
|
|
|
| 4,667 |
| JUNIPER NETWORKS, INC.(b) |
|
| 75,460 |
|
| 95,254 |
|
|
|
|
| 2,600 |
| KLA-TENCOR CORP. |
|
| 86,094 |
|
| 125,450 |
|
|
|
|
| 3,000 |
| LAM RESEARCH CORP.(b) |
|
| 83,706 |
|
| 111,060 |
|
|
|
|
| 3,700 |
| LENDER PROCESSING SERVICES, INC. |
|
| 55,722 |
|
| 55,759 |
|
|
|
|
| 2,000 |
| LEXMARK INTERNATIONAL, INC., CLASS A |
|
| 30,530 |
|
| 66,140 |
|
|
|
|
| 5,400 |
| LINEAR TECHNOLOGY CORP. |
|
| 119,475 |
|
| 162,162 |
|
|
|
|
| 400 |
| LINKEDIN CORP., CLASS A(b) |
|
| 25,488 |
|
| 25,204 |
|
|
|
|
| 23,700 |
| LSI CORP.(b) |
|
| 99,658 |
|
| 141,015 |
|
|
|
|
| 5,900 |
| MARVELL TECHNOLOGY GROUP LTD.(b)(c) |
|
| 29,824 |
|
| 81,715 |
|
|
|
|
| 1,700 |
| MASTERCARD, INC., CLASS A |
|
| 182,282 |
|
| 633,794 |
|
|
|
|
| 7,000 |
| MAXIM INTEGRATED PRODUCTS, INC. |
|
| 125,147 |
|
| 182,280 |
|
|
|
|
| 4,200 |
| MICROCHIP TECHNOLOGY, INC. |
|
| 66,925 |
|
| 153,846 |
|
|
|
|
| 15,300 |
| MICRON TECHNOLOGY, INC.(b) |
|
| 68,620 |
|
| 96,237 |
|
|
|
|
| 1,000 |
| MICROS SYSTEMS, INC.(b) |
|
| 26,215 |
|
| 46,580 |
|
|
|
|
| 123,950 |
| MICROSOFT CORP. |
|
| 535,441 |
|
| 3,217,742 |
|
|
|
|
| 3,700 |
| MOTOROLA MOBILITY HOLDINGS, INC.(b) |
|
| 57,454 |
|
| 143,560 |
|
|
|
|
| 56,428 |
| MOTOROLA SOLUTIONS, INC. |
|
| 2,240,348 |
|
| 2,612,052 |
|
|
|
|
| 4,200 |
| NETAPP, INC.(b) |
|
| 94,994 |
|
| 152,334 |
|
|
|
|
| 4,800 |
| NEUSTAR, INC., CLASS A(b) |
|
| 79,848 |
|
| 164,016 |
|
|
|
|
| 1,600 |
| NOVELLUS SYSTEMS, INC.(b) |
|
| 40,000 |
|
| 66,064 |
|
|
|
|
| 4,800 |
| NUANCE COMMUNICATIONS, INC.(b) |
|
| 63,624 |
|
| 120,768 |
|
|
|
|
| 8,900 |
| NVIDIA CORP.(b) |
|
| 60,716 |
|
| 123,354 |
|
|
|
|
| 4,000 |
| ON SEMICONDUCTOR CORP.(b) |
|
| 30,100 |
|
| 30,880 |
|
|
|
|
| 70,462 |
| ORACLE CORP. |
|
| 105,191 |
|
| 1,807,350 |
|
|
|
|
| 6,266 |
| PAYCHEX, INC. |
|
| 76,160 |
|
| 188,669 |
|
|
|
|
| 22,200 |
| QUALCOMM, INC. |
|
| 562,630 |
|
| 1,214,340 |
|
|
|
|
| 4,200 |
| RED HAT, INC.(b) |
|
| 61,669 |
|
| 173,418 |
|
|
|
|
| 136,275 |
| RF MICRO DEVICES, INC.(b) |
|
| 849,403 |
|
| 735,885 |
|
|
|
|
| 1,100 |
| RIVERBED TECHNOLOGY, INC.(b) |
|
| 23,815 |
|
| 25,850 |
|
|
|
|
| 2,300 |
| ROVI CORP.(b) |
|
| 55,714 |
|
| 56,534 |
|
|
|
|
| 2,000 |
| SAIC, INC.(b) |
|
| 24,560 |
|
| 24,580 |
|
|
|
|
| 1,900 |
| SALESFORCE.COM, INC.(b) |
|
| 86,710 |
|
| 192,774 |
|
|
|
|
| 5,300 |
| SANDISK CORP.(b) |
|
| 51,148 |
|
| 260,813 |
|
|
|
|
| 6,500 |
| SEAGATE TECHNOLOGY PLC(c) |
|
| 61,132 |
|
| 106,600 |
|
|
|
|
| 13,177 |
| SUNPOWER CORP.(b) |
|
| 117,625 |
|
| 82,093 |
|
|
|
|
| 15,519 |
| SYMANTEC CORP.(b) |
|
| 88,098 |
|
| 242,872 |
|
|
|
|
| 1,500 |
| SYNOPSYS, INC.(b) |
|
| 24,907 |
|
| 40,800 |
|
|
|
|
| 26,450 |
| TE CONNECTIVITY LTD.(c) |
|
| 876,308 |
|
| 814,924 |
|
|
|
|
| 14,300 |
| TELLABS, INC. |
|
| 64,350 |
|
| 57,772 |
|
|
|
|
| 4,500 |
| TERADATA CORP.(b) |
|
| 73,317 |
|
| 218,295 |
|
|
|
|
| 4,400 |
| TERADYNE, INC.(b) |
|
| 40,150 |
|
| 59,972 |
|
|
|
|
| 17,400 |
| TEXAS INSTRUMENTS, INC. |
|
| 280,527 |
|
| 506,514 |
|
|
|
|
| 2,500 |
| TRIMBLE NAVIGATION LTD.(b) |
|
| 38,162 |
|
| 108,500 |
|
|
|
|
| 7,500 |
| VISA, INC., CLASS A |
|
| 543,213 |
|
| 761,475 |
|
|
|
|
| 7,800 |
| VISHAY INTERTECHNOLOGY, INC.(b) |
|
| 48,931 |
|
| 70,122 |
|
|
|
|
| 557 |
| VISHAY PRECISION GROUP, INC.(b) |
|
| 5,692 |
|
| 8,901 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 37 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Information Technology (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 1,500 |
| VMWARE, INC., CLASS A(b) |
| $ | 47,284 |
|
| 124,785 |
|
|
|
|
| 2,666 |
| WEBMD HEALTH CORP.(b) |
|
| 58,227 |
|
| 100,108 |
|
|
|
|
| 49,525 |
| WEBSENSE, INC.(b) |
|
| 1,048,348 |
|
| 927,603 |
|
|
|
|
| 5,900 |
| WESTERN DIGITAL CORP.(b) |
|
| 91,433 |
|
| 182,605 |
|
|
|
|
| 14,207 |
| XEROX CORP. |
|
| 94,177 |
|
| 113,088 |
|
|
|
|
| 6,750 |
| XILINX, INC. |
|
| 47,180 |
|
| 216,405 |
|
|
|
|
| 15,940 |
| YAHOO!, INC.(b) |
|
| 136,630 |
|
| 257,112 |
|
|
|
|
|
|
|
|
|
| 25,136,092 |
|
| 49,030,044 |
|
| 14.75% |
|
Materials: |
|
|
|
|
|
|
|
|
|
| |||
| 9,600 |
| AGNICO-EAGLE MINES LTD.(c) |
|
| 444,382 |
|
| 348,672 |
|
|
|
|
| 3,375 |
| AIR PRODUCTS & CHEMICALS, INC. |
|
| 165,820 |
|
| 287,516 |
|
|
|
|
| 400 |
| AIRGAS, INC. |
|
| 16,882 |
|
| 31,232 |
|
|
|
|
| 1,300 |
| ALBEMARLE CORP. |
|
| 29,152 |
|
| 66,963 |
|
|
|
|
| 16,800 |
| ALCOA, INC. |
|
| 175,346 |
|
| 145,320 |
|
|
|
|
| 1,600 |
| ALLEGHENY TECHNOLOGIES, INC. |
|
| 39,592 |
|
| 76,480 |
|
|
|
|
| 3,500 |
| ALLIED NEVADA GOLD CORP.(b) |
|
| 105,490 |
|
| 105,980 |
|
|
|
|
| 55,000 |
| ANGLOGOLD ASHANTI LTD. ADR(c)(d) |
|
| 2,570,646 |
|
| 2,334,750 |
|
|
|
|
| 800 |
| APTARGROUP, INC. |
|
| 27,324 |
|
| 41,736 |
|
|
|
|
| 1,600 |
| ASHLAND, INC. |
|
| 47,358 |
|
| 91,456 |
|
|
|
|
| 124,725 |
| AURICO GOLD, INC.(b)(c) |
|
| 966,685 |
|
| 1,002,564 |
|
|
|
|
| 3,064 |
| BALL CORP. |
|
| 11,968 |
|
| 109,415 |
|
|
|
|
| 3,000 |
| BEMIS CO., INC. |
|
| 66,889 |
|
| 90,240 |
|
|
|
|
| 1,300 |
| CF INDUSTRIES HOLDINGS, INC. |
|
| 124,851 |
|
| 188,474 |
|
|
|
|
| 1,700 |
| CLIFFS NATURAL RESOURCES, INC. |
|
| 42,764 |
|
| 105,995 |
|
|
|
|
| 500 |
| COMPASS MINERALS INTERNATIONAL, INC. |
|
| 27,452 |
|
| 34,425 |
|
|
|
|
| 40,505 |
| CROWN HOLDINGS, INC.(b) |
|
| 1,226,421 |
|
| 1,360,158 |
|
|
|
|
| 700 |
| CYTEC INDUSTRIES, INC. |
|
| 25,564 |
|
| 31,255 |
|
|
|
|
| 1,000 |
| DOMTAR CORP.(c) |
|
| 52,480 |
|
| 79,960 |
|
|
|
|
| 11,000 |
| DOW CHEMICAL (THE) CO. |
|
| 238,011 |
|
| 316,360 |
|
|
|
|
| 13,025 |
| E.I. DU PONT DE NEMOURS & CO. |
|
| 385,472 |
|
| 596,285 |
|
|
|
|
| 438 |
| EAGLE MATERIALS, INC. |
|
| 1,727 |
|
| 11,239 |
|
|
|
|
| 3,000 |
| EASTMAN CHEMICAL CO. |
|
| 58,012 |
|
| 117,180 |
|
|
|
|
| 4,491 |
| ECOLAB, INC. |
|
| 162,542 |
|
| 259,625 |
|
|
|
|
| 20,496 |
| FREEPORT-MCMORAN COPPER & GOLD, INC. |
|
| 517,188 |
|
| 754,048 |
|
|
|
|
| 900 |
| GREIF, INC., CLASS A |
|
| 27,104 |
|
| 40,995 |
|
|
|
|
| 3,683 |
| INTERNATIONAL FLAVORS & FRAGRANCES, INC. |
|
| 79,230 |
|
| 193,063 |
|
|
|
|
| 9,431 |
| INTERNATIONAL PAPER CO. |
|
| 117,152 |
|
| 279,158 |
|
|
|
|
| 2,300 |
| KRONOS WORLDWIDE, INC. |
|
| 42,780 |
|
| 41,492 |
|
|
|
|
| 3,600 |
| LYONDELLBASELL INDUSTRIES N.V., CLASS A(c) |
|
| 106,560 |
|
| 116,964 |
|
|
|
|
| 700 |
| MARTIN MARIETTA MATERIALS, INC. |
|
| 27,965 |
|
| 52,787 |
|
|
|
|
| 2,875 |
| MEADWESTVACO CORP. |
|
| 30,334 |
|
| 86,106 |
|
|
|
|
| 10,115 |
| MONSANTO CO. |
|
| 47,604 |
|
| 708,758 |
|
|
|
|
| 4,400 |
| MOSAIC (THE) CO. |
|
| 150,149 |
|
| 221,892 |
|
|
|
|
| 54,100 |
| NEWMONT MINING CORP. |
|
| 2,751,951 |
|
| 3,246,541 |
|
|
|
|
| 5,844 |
| NUCOR CORP. |
|
| 99,313 |
|
| 231,247 |
|
|
|
|
| 5,950 |
| OWENS-ILLINOIS, INC.(b) |
|
| 91,875 |
|
| 115,311 |
|
|
|
|
| 2,100 |
| PACKAGING CORP. OF AMERICA |
|
| 30,901 |
|
| 53,004 |
|
|
|
|
| 3,986 |
| PPG INDUSTRIES, INC. |
|
| 180,558 |
|
| 332,791 |
|
|
|
|
| 6,450 |
| PRAXAIR, INC. |
|
| 258,706 |
|
| 689,505 |
|
|
|
|
| 2,200 |
| RELIANCE STEEL & ALUMINUM CO. |
|
| 61,215 |
|
| 107,118 |
|
|
|
|
| 1,100 |
| ROYAL GOLD, INC. |
|
| 53,182 |
|
| 74,173 |
|
|
|
|
| 6,500 |
| RPM INTERNATIONAL, INC. |
|
| 72,503 |
|
| 159,575 |
|
|
|
|
| 42,325 |
| RTI INTERNATIONAL METALS, INC.(b) |
|
| 995,824 |
|
| 982,363 |
|
|
|
|
| 200 |
| SCOTTS MIRACLE-GRO (THE) CO., CLASS A |
|
| 7,195 |
|
| 9,338 |
|
|
|
|
| 2,500 |
| SEALED AIR CORP. |
|
| 45,225 |
|
| 43,025 |
|
|
|
|
| 1,585 |
| SHERWIN-WILLIAMS (THE) CO. |
|
| 72,398 |
|
| 141,493 |
|
|
|
|
| 3,600 |
| SONOCO PRODUCTS CO. |
|
| 74,519 |
|
| 118,656 |
|
|
|
|
| 3,200 |
| SOUTHERN COPPER CORP. |
|
| 38,448 |
|
| 96,576 |
|
|
|
|
| 8,700 |
| STEEL DYNAMICS, INC. |
|
| 95,178 |
|
| 114,405 |
|
|
|
|
| 2,000 |
| TEMPLE-INLAND, INC. |
|
| 22,890 |
|
| 63,420 |
|
|
|
|
| 3,200 |
| VALSPAR CORP. |
|
| 68,240 |
|
| 124,704 |
|
|
|
|
| 2,100 |
| VULCAN MATERIALS CO. |
|
| 63,441 |
|
| 82,635 |
|
|
|
|
| 1,800 |
| WALTER ENERGY, INC. |
|
| 42,609 |
|
| 109,008 |
|
|
|
|
|
|
|
|
|
| 13,285,067 |
|
| 17,223,431 |
|
| 5.18% |
|
Telecommunication Services: |
|
|
|
|
|
|
|
|
|
| |||
| 3,550 |
| AMERICAN TOWER CORP., CLASS A(b) |
|
| 164,786 |
|
| 213,036 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 38 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Telecommunication Services (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 128,715 |
| AT&T, INC. |
| $ | 3,085,810 |
|
| 3,892,341 |
|
|
|
|
| 2,600 |
| CENTURYLINK, INC. |
|
| 97,708 |
|
| 96,720 |
|
|
|
|
| 31,600 |
| CLEARWIRE CORP., CLASS A(b) |
|
| 78,368 |
|
| 61,304 |
|
|
|
|
| 4,600 |
| CROWN CASTLE INTERNATIONAL CORP.(b) |
|
| 194,396 |
|
| 206,080 |
|
|
|
|
| 40,100 |
| FRONTIER COMMUNICATIONS CORP. |
|
| 242,421 |
|
| 206,515 |
|
|
|
|
| 4,400 |
| NII HOLDINGS, INC.(b) |
|
| 133,628 |
|
| 93,720 |
|
|
|
|
| 5,000 |
| TELEPHONE & DATA SYSTEMS, INC. |
|
| 109,150 |
|
| 129,450 |
|
|
|
|
| 51,483 |
| VERIZON COMMUNICATIONS, INC. |
|
| 1,529,395 |
|
| 2,065,498 |
|
|
|
|
|
|
|
|
|
| 5,635,662 |
|
| 6,964,664 |
|
| 2.10% |
|
Utilities: |
|
|
|
|
|
|
|
|
|
| |||
| 10,400 |
| AES (THE) CORP.(b) |
|
| 105,450 |
|
| 123,136 |
|
|
|
|
| 4,500 |
| AGL RESOURCES, INC. |
|
| 135,198 |
|
| 190,170 |
|
|
|
|
| 1,000 |
| ALLIANT ENERGY CORP. |
|
| 24,835 |
|
| 44,110 |
|
|
|
|
| 1,600 |
| AMEREN CORP. |
|
| 40,872 |
|
| 53,008 |
|
|
|
|
| 9,200 |
| AMERICAN ELECTRIC POWER CO., INC. |
|
| 289,948 |
|
| 380,052 |
|
|
|
|
| 36,935 |
| AMERICAN WATER WORKS CO., INC. |
|
| 905,525 |
|
| 1,176,749 |
|
|
|
|
| 1,888 |
| AQUA AMERICA, INC. |
|
| 32,248 |
|
| 41,630 |
|
|
|
|
| 33,100 |
| BLACK HILLS CORP. |
|
| 999,432 |
|
| 1,111,498 |
|
|
|
|
| 8,600 |
| CALPINE CORP.(b) |
|
| 57,319 |
|
| 140,438 |
|
|
|
|
| 5,800 |
| CENTERPOINT ENERGY, INC. |
|
| 66,308 |
|
| 116,522 |
|
|
|
|
| 10,200 |
| CMS ENERGY CORP. |
|
| 144,342 |
|
| 225,216 |
|
|
|
|
| 4,589 |
| CONSOLIDATED EDISON, INC. |
|
| 184,849 |
|
| 284,656 |
|
|
|
|
| 2,715 |
| CONSTELLATION ENERGY GROUP, INC. |
|
| 79,463 |
|
| 107,704 |
|
|
|
|
| 8,862 |
| DOMINION RESOURCES, INC. |
|
| 284,452 |
|
| 470,395 |
|
|
|
|
| 2,800 |
| DTE ENERGY CO. |
|
| 105,289 |
|
| 152,460 |
|
|
|
|
| 22,213 |
| DUKE ENERGY CORP. |
|
| 248,268 |
|
| 488,686 |
|
|
|
|
| 8,525 |
| EDISON INTERNATIONAL |
|
| 182,117 |
|
| 352,935 |
|
|
|
|
| 3,064 |
| ENTERGY CORP. |
|
| 60,101 |
|
| 223,825 |
|
|
|
|
| 6,500 |
| EXELON CORP. |
|
| 245,607 |
|
| 281,905 |
|
|
|
|
| 3,500 |
| FIRSTENERGY CORP. |
|
| 135,258 |
|
| 155,050 |
|
|
|
|
| 8,700 |
| GREAT PLAINS ENERGY, INC. |
|
| 157,250 |
|
| 189,486 |
|
|
|
|
| 37,200 |
| HAWAIIAN ELECTRIC INDUSTRIES, INC. |
|
| 827,997 |
|
| 985,056 |
|
|
|
|
| 800 |
| INTEGRYS ENERGY GROUP, INC. |
|
| 41,296 |
|
| 43,344 |
|
|
|
|
| 3,500 |
| ITC HOLDINGS CORP. |
|
| 154,844 |
|
| 265,580 |
|
|
|
|
| 1,500 |
| NATIONAL FUEL GAS CO. |
|
| 38,322 |
|
| 83,370 |
|
|
|
|
| 4,000 |
| NEXTERA ENERGY, INC. |
|
| 157,876 |
|
| 243,520 |
|
|
|
|
| 6,900 |
| NISOURCE, INC. |
|
| 111,901 |
|
| 164,289 |
|
|
|
|
| 2,600 |
| NORTHEAST UTILITIES |
|
| 64,649 |
|
| 93,782 |
|
|
|
|
| 5,500 |
| NRG ENERGY, INC.(b) |
|
| 108,207 |
|
| 99,660 |
|
|
|
|
| 1,800 |
| NSTAR |
|
| 60,859 |
|
| 84,528 |
|
|
|
|
| 6,200 |
| NV ENERGY, INC. |
|
| 76,954 |
|
| 101,370 |
|
|
|
|
| 2,400 |
| OGE ENERGY CORP. |
|
| 43,344 |
|
| 136,104 |
|
|
|
|
| 1,000 |
| ONEOK, INC. |
|
| 31,518 |
|
| 86,690 |
|
|
|
|
| 4,028 |
| PEPCO HOLDINGS, INC. |
|
| 71,539 |
|
| 81,768 |
|
|
|
|
| 7,700 |
| PG&E CORP. |
|
| 145,781 |
|
| 317,394 |
|
|
|
|
| 2,400 |
| PINNACLE WEST CAPITAL CORP. |
|
| 71,637 |
|
| 115,632 |
|
|
|
|
| 63,425 |
| PNM RESOURCES, INC. |
|
| 779,548 |
|
| 1,156,238 |
|
|
|
|
| 700 |
| PPL CORP. |
|
| 11,190 |
|
| 20,594 |
|
|
|
|
| 4,600 |
| PROGRESS ENERGY, INC. |
|
| 166,393 |
|
| 257,692 |
|
|
|
|
| 5,984 |
| PUBLIC SERVICE ENTERPRISE GROUP, INC. |
|
| 171,531 |
|
| 197,532 |
|
|
|
|
| 67,975 |
| QUESTAR CORP. |
|
| 1,151,883 |
|
| 1,349,984 |
|
|
|
|
| 4,800 |
| SCANA CORP. |
|
| 166,536 |
|
| 216,288 |
|
|
|
|
| 2,700 |
| SEMPRA ENERGY |
|
| 124,368 |
|
| 148,500 |
|
|
|
|
| 11,300 |
| SOUTHERN (THE) CO. |
|
| 258,573 |
|
| 523,077 |
|
|
|
|
| 7,600 |
| TECO ENERGY, INC. |
|
| 90,842 |
|
| 145,464 |
|
|
|
|
| 3,100 |
| UGI CORP. |
|
| 51,202 |
|
| 91,140 |
|
|
|
|
| 1,400 |
| WESTAR ENERGY, INC. |
|
| 25,767 |
|
| 40,292 |
|
|
|
|
| 4,820 |
| WISCONSIN ENERGY CORP. |
|
| 46,469 |
|
| 168,507 |
|
|
|
|
| 4,825 |
| XCEL ENERGY, INC. |
|
| 43,342 |
|
| 133,363 |
|
|
|
|
|
|
|
|
|
| 9,578,499 |
|
| 13,660,389 |
|
| 4.11% |
|
|
| Sub-total Common Stocks: |
|
| 221,672,223 |
|
| 320,260,449 |
|
| 96.37% |
| |
Rights: |
|
|
|
|
|
|
|
|
|
| |||
Health Care: |
|
|
|
|
|
|
|
|
|
| |||
| 700 |
| SANOFI(b)(c) |
|
| - |
|
| 840 |
|
|
|
|
|
| Sub-total Rights: |
|
| - |
|
| 840 |
|
| 0.00% |
|
|
|
|
See accompanying notes to the financial statements. | 39 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Short-Term Investments: | |||||||||||||
| 12,242,109 |
| NORTHERN INSTITUTIONAL GOVERNMENT SELECT PORTFOLIO, 0.01%(e) |
| $ | 12,242,109 |
|
| 12,242,109 |
|
|
|
|
|
| Sub-total Short-Term Investments: |
|
| 12,242,109 |
|
| 12,242,109 |
|
| 3.69 | % | |
|
|
| Grand total(f) |
| $ | 233,914,332 |
|
| 332,503,398 |
|
| 100.06 | % |
|
|
|
| (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, 2011, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 6.17% of net assets. |
| (d) | Securities are American Depositary Receipts of companies based outside of the United States representing 3.17% of net assets. |
| (e) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2010, the value of the Fund’s investment in the Government Select Portfolio of the Northern Institutional Funds was approximately $24,212,191 with net sales of approximately $11,970,082 during the fiscal year ended December 31, 2011. |
| (f) | At December 31, 2011, the cost for Federal income tax purposes was $234,089,127. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost were as follows: |
|
|
|
|
|
Gross unrealized appreciation |
| $ | 111,286,409 |
|
Gross unrealized depreciation |
|
| (12,872,138 | ) |
Net unrealized appreciation |
| $ | 98,414,271 |
|
|
|
|
See accompanying notes to the financial statements. | 40 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater Growth Fund
December 31, 2011
|
|
|
See accompanying notes to the financial statements. | 41 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Cap Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Common Stocks: | |||||||||||||
Consumer Discretionary: | |||||||||||||
| 19,000 |
| ARBITRON, INC. |
| $ | 777,999 |
|
| 653,790 |
|
|
|
|
| 19,287 |
| BELO CORP., CLASS A |
|
| 103,761 |
|
| 121,508 |
|
|
|
|
| 71,222 |
| BLACK DIAMOND, INC.(b) |
|
| 479,975 |
|
| 532,028 |
|
|
|
|
| 5,072 |
| BRAVO BRIO RESTAURANT GROUP, INC.(b) |
|
| 79,887 |
|
| 86,985 |
|
|
|
|
| 2,733 |
| CARIBOU COFFEE CO., INC.(b) |
|
| 36,997 |
|
| 38,125 |
|
|
|
|
| 4,023 |
| CEC ENTERTAINMENT, INC. |
|
| 126,143 |
|
| 138,592 |
|
|
|
|
| 37,472 |
| CENTURY CASINOS, INC.(b) |
|
| 73,098 |
|
| 97,052 |
|
|
|
|
| 23,435 |
| CHILDREN’S PLACE RETAIL STORES (THE), INC.(b) |
|
| 963,477 |
|
| 1,244,867 |
|
|
|
|
| 47,955 |
| COLLECTIVE BRANDS, INC.(b) |
|
| 594,648 |
|
| 689,113 |
|
|
|
|
| 115,235 |
| COOPER TIRE & RUBBER CO. |
|
| 2,053,723 |
|
| 1,614,442 |
|
|
|
|
| 14,517 |
| COST PLUS, INC.(b) |
|
| 137,114 |
|
| 141,541 |
|
|
|
|
| 157,000 |
| DENNY’S CORP.(b) |
|
| 608,569 |
|
| 590,320 |
|
|
|
|
| 25,535 |
| DGSE COS., INC.(b) |
|
| 65,426 |
|
| 185,384 |
|
|
|
|
| 4,016 |
| DIGITAL GENERATION, INC.(b) |
|
| 47,951 |
|
| 47,871 |
|
|
|
|
| 167,415 |
| ENTERCOM COMMUNICATIONS CORP., CLASS A(b) |
|
| 1,264,024 |
|
| 1,029,602 |
|
|
|
|
| 307,810 |
| EXIDE TECHNOLOGIES(b) |
|
| 1,920,755 |
|
| 809,540 |
|
|
|
|
| 28,500 |
| GAYLORD ENTERTAINMENT CO.(b) |
|
| 666,790 |
|
| 687,990 |
|
|
|
|
| 12,474 |
| GENESCO, INC.(b) |
|
| 321,290 |
|
| 770,145 |
|
|
|
|
| 264,575 |
| HANCOCK FABRICS, INC.(b) |
|
| 357,610 |
|
| 236,795 |
|
|
|
|
| 28,500 |
| HANESBRANDS, INC.(b) |
|
| 652,515 |
|
| 623,010 |
|
|
|
|
| 192,181 |
| ICONIX BRAND GROUP, INC.(b) |
|
| 2,498,961 |
|
| 3,130,629 |
|
|
|
|
| 3,778 |
| JOHNSON OUTDOORS, INC., CLASS A(b) |
|
| 55,154 |
|
| 57,992 |
|
|
|
|
| 6,990 |
| KRISPY KREME DOUGHNUTS, INC.(b) |
|
| 46,120 |
|
| 45,715 |
|
|
|
|
| 31,000 |
| MADISON SQUARE GARDEN (THE) CO., CLASS A(b) |
|
| 599,247 |
|
| 887,840 |
|
|
|
|
| 152,405 |
| MAIDENFORM BRANDS, INC.(b) |
|
| 3,847,892 |
|
| 2,789,012 |
|
|
|
|
| 37,000 |
| MARCUS CORP. |
|
| 421,681 |
|
| 466,570 |
|
|
|
|
| 80,143 |
| MCCORMICK & SCHMICK’S SEAFOOD RESTAURANTS, INC.(b) |
|
| 696,050 |
|
| 700,450 |
|
|
|
|
| 20,500 |
| O’CHARLEYS, INC.(b) |
|
| 130,841 |
|
| 112,545 |
|
|
|
|
| 98,944 |
| OUTDOOR CHANNEL HOLDINGS, INC. |
|
| 617,641 |
|
| 738,122 |
|
|
|
|
| 37,000 |
| PENSKE AUTOMOTIVE GROUP, INC. |
|
| 723,337 |
|
| 712,250 |
|
|
|
|
| 6,885 |
| PEP BOYS-MANNY, MOE & JACK |
|
| 99,187 |
|
| 75,735 |
|
|
|
|
| 20,000 |
| PETSMART, INC. |
|
| 428,805 |
|
| 1,025,800 |
|
|
|
|
| 111,349 |
| PIER 1 IMPORTS, INC.(b) |
|
| 1,214,965 |
|
| 1,551,092 |
|
|
|
|
| 26,550 |
| RED ROBIN GOURMET BURGERS, INC.(b) |
|
| 930,372 |
|
| 735,435 |
|
|
|
|
| 38,659 |
| ROCKY BRANDS, INC.(b) |
|
| 324,736 |
|
| 348,704 |
|
|
|
|
| 8,835 |
| RUBY TUESDAY, INC.(b) |
|
| 58,393 |
|
| 60,962 |
|
|
|
|
| 52,000 |
| SALLY BEAUTY HOLDINGS, INC.(b) |
|
| 443,733 |
|
| 1,098,760 |
|
|
|
|
| 7,690 |
| SHILOH INDUSTRIES, INC.(b) |
|
| 88,974 |
|
| 64,442 |
|
|
|
|
| 12,047 |
| SMITH & WESSON HOLDING CORP.(b) |
|
| 34,577 |
|
| 52,525 |
|
|
|
|
| 28,404 |
| STEINWAY MUSICAL INSTRUMENTS, INC.(b) |
|
| 666,405 |
|
| 711,236 |
|
|
|
|
| 178,965 |
| STONERIDGE, INC.(b) |
|
| 1,693,295 |
|
| 1,508,675 |
|
|
|
|
| 10,888 |
| SUMMER INFANT, INC.(b) |
|
| 73,936 |
|
| 76,652 |
|
|
|
|
| 17,793 |
| TANDY LEATHER FACTORY, INC.(b) |
|
| 81,842 |
|
| 86,830 |
|
|
|
|
| 16,034 |
| TUESDAY MORNING CORP.(b) |
|
| 63,498 |
|
| 55,317 |
|
|
|
|
| 62,694 |
| UNIVERSAL ELECTRONICS, INC.(b) |
|
| 1,618,250 |
|
| 1,057,648 |
|
|
|
|
| 14,000 |
| VAIL RESORTS, INC. |
|
| 517,107 |
|
| 593,040 |
|
|
|
|
| 96,674 |
| WMS INDUSTRIES, INC.(b) |
|
| 1,856,085 |
|
| 1,983,750 |
|
|
|
|
| 89,057 |
| WOLVERINE WORLD WIDE, INC. |
|
| 2,652,213 |
|
| 3,173,992 |
|
|
|
|
| 28,000 |
| WYNDHAM WORLDWIDE CORP. |
|
| 695,522 |
|
| 1,059,240 |
|
|
|
|
|
|
|
|
|
| 34,510,571 |
|
| 35,299,660 |
|
| 14.74 | % |
Consumer Staples: | |||||||||||||
| 7,090 |
| CENTRAL GARDEN AND PET CO.(b) |
|
| 69,113 |
|
| 57,854 |
|
|
|
|
| 243,992 |
| COTT CORP.(b)(c) |
|
| 2,016,705 |
|
| 1,527,390 |
|
|
|
|
| 40,500 |
| FLOWERS FOODS, INC. |
|
| 511,723 |
|
| 768,690 |
|
|
|
|
| 6,521 |
| INVENTURE FOODS, INC.(b) |
|
| 25,546 |
|
| 24,389 |
|
|
|
|
| 21,958 |
| OMEGA PROTEIN CORP.(b) |
|
| 137,497 |
|
| 156,561 |
|
|
|
|
| 12,057 |
| PANTRY (THE), INC.(b) |
|
| 174,975 |
|
| 144,322 |
|
|
|
|
| 11,563 |
| SENECA FOODS CORP., CLASS A(b) |
|
| 264,128 |
|
| 298,557 |
|
|
|
|
| 30,000 |
| SNYDERS-LANCE, INC. |
|
| 663,181 |
|
| 675,000 |
|
|
|
|
| 96,212 |
| SPECTRUM BRANDS HOLDINGS, INC.(b) |
|
| 2,637,112 |
|
| 2,636,209 |
|
|
|
|
| 4,399 |
| SUSSER HOLDINGS CORP.(b) |
|
| 101,048 |
|
| 99,505 |
|
|
|
|
| 25,138 |
| TREEHOUSE FOODS, INC.(b) |
|
| 1,179,215 |
|
| 1,643,522 |
|
|
|
|
| 38,559 |
| WINN-DIXIE STORES, INC.(b) |
|
| 359,297 |
|
| 361,683 |
|
|
|
|
|
|
|
|
|
| 8,139,540 |
|
| 8,393,682 |
|
| 3.50 | % |
|
|
|
See accompanying notes to the financial statements. | 42 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Cap Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Energy: |
|
|
|
|
|
|
|
|
|
| |||
| 30,850 |
| BILL BARRETT CORP.(b) |
| $ | 1,163,267 |
|
| 1,051,059 |
|
|
|
|
| 85,577 |
| CARRIZO OIL & GAS, INC.(b) |
|
| 2,595,319 |
|
| 2,254,954 |
|
|
|
|
| 48,975 |
| COMPLETE PRODUCTION SERVICES, INC.(b) |
|
| 1,437,051 |
|
| 1,643,601 |
|
|
|
|
| 11,000 |
| CONTANGO OIL & GAS CO.(b) |
|
| 487,508 |
|
| 639,980 |
|
|
|
|
| 43,442 |
| CVR ENERGY, INC.(b) |
|
| 992,930 |
|
| 813,669 |
|
|
|
|
| 11,000 |
| DRIL-QUIP, INC.(b) |
|
| 534,766 |
|
| 724,020 |
|
|
|
|
| 28,000 |
| GULFPORT ENERGY CORP.(b) |
|
| 896,991 |
|
| 824,600 |
|
|
|
|
| 37,038 |
| MAGELLAN PETROLEUM CORP.(b) |
|
| 58,406 |
|
| 35,853 |
|
|
|
|
| 46,000 |
| MCDERMOTT INTERNATIONAL, INC.(b) |
|
| 559,629 |
|
| 529,460 |
|
|
|
|
| 32,000 |
| OASIS PETROLEUM, INC.(b) |
|
| 564,228 |
|
| 930,880 |
|
|
|
|
| 187,435 |
| PIONEER DRILLING CO.(b) |
|
| 1,600,441 |
|
| 1,814,371 |
|
|
|
|
| 20,000 |
| QEP RESOURCES, INC. |
|
| 740,019 |
|
| 586,000 |
|
|
|
|
| 31,972 |
| SUPERIOR ENERGY SERVICES, INC.(b) |
|
| 621,168 |
|
| 909,284 |
|
|
|
|
| 65,689 |
| TESCO CORP.(b) |
|
| 636,398 |
|
| 830,309 |
|
|
|
|
| 20,063 |
| VENOCO, INC.(b) |
|
| 164,101 |
|
| 135,826 |
|
|
|
|
|
|
|
|
|
| 13,052,222 |
|
| 13,723,866 |
|
| 5.73 | % |
Financials: |
|
|
|
|
|
|
|
|
|
| |||
| 4,398 |
| AMERICAN SAFETY INSURANCE HOLDINGS LTD.(b) |
|
| 89,930 |
|
| 95,656 |
|
|
|
|
| 45,410 |
| AMTRUST FINANCIAL SERVICES, INC. |
|
| 746,371 |
|
| 1,078,488 |
|
|
|
|
| 27,000 |
| ARTHUR J. GALLAGHER & CO. |
|
| 562,570 |
|
| 902,880 |
|
|
|
|
| 32,434 |
| ASPEN INSURANCE HOLDINGS LTD.(c) |
|
| 785,167 |
|
| 859,501 |
|
|
|
|
| 29,519 |
| ASSOCIATED ESTATES REALTY CORP. |
|
| 434,540 |
|
| 470,828 |
|
|
|
|
| 136,199 |
| BANCORP (THE), INC.(b) |
|
| 1,285,289 |
|
| 984,719 |
|
|
|
|
| 7,419 |
| BERKSHIRE HILLS BANCORP, INC. |
|
| 163,389 |
|
| 164,628 |
|
|
|
|
| 127,968 |
| BRANDYWINE REALTY TRUST |
|
| 1,471,142 |
|
| 1,215,696 |
|
|
|
|
| 33,818 |
| BROOKLINE BANCORP, INC. |
|
| 285,383 |
|
| 285,424 |
|
|
|
|
| 65,000 |
| CAPITOL FEDERAL FINANCIAL, INC. |
|
| 768,473 |
|
| 750,100 |
|
|
|
|
| 61,522 |
| CAPLEASE, INC.(b) |
|
| 112,062 |
|
| 248,549 |
|
|
|
|
| 35,000 |
| CBOE HOLDINGS, INC. |
|
| 848,346 |
|
| 905,100 |
|
|
|
|
| 73,325 |
| CHESAPEAKE LODGING TRUST |
|
| 1,170,375 |
|
| 1,133,604 |
|
|
|
|
| 32,680 |
| COMMUNITY TRUST BANCORP, INC. |
|
| 907,688 |
|
| 961,446 |
|
|
|
|
| 8,037 |
| CREXUS INVESTMENT CORP. |
|
| 83,357 |
|
| 83,424 |
|
|
|
|
| 50,540 |
| DELPHI FINANCIAL GROUP, INC., CLASS A |
|
| 1,147,339 |
|
| 2,238,922 |
|
|
|
|
| 43,905 |
| EDUCATION REALTY TRUST, INC.(b) |
|
| 325,730 |
|
| 449,148 |
|
|
|
|
| 3,940 |
| EMC INSURANCE GROUP, INC. |
|
| 88,020 |
|
| 81,046 |
|
|
|
|
| 48,000 |
| EPOCH HOLDING CORP. |
|
| 635,774 |
|
| 1,067,040 |
|
|
|
|
| 49,000 |
| FIRST AMERICAN FINANCIAL CORP. |
|
| 686,144 |
|
| 620,830 |
|
|
|
|
| 99,971 |
| FIRST MERCHANTS CORP. |
|
| 651,779 |
|
| 846,754 |
|
|
|
|
| 10,657 |
| FIRST PACTRUST BANCORP, INC. |
|
| 135,371 |
|
| 109,234 |
|
|
|
|
| 14,155 |
| FIRST POTOMAC REALTY TRUST |
|
| 135,590 |
|
| 184,723 |
|
|
|
|
| 54,718 |
| FIRSTMERIT CORP. |
|
| 732,885 |
|
| 827,883 |
|
|
|
|
| 50,000 |
| FORESTAR GROUP, INC.(b) |
|
| 940,728 |
|
| 756,500 |
|
|
|
|
| 2,899 |
| GAIN CAPITAL HOLDINGS, INC. |
|
| 19,202 |
|
| 19,423 |
|
|
|
|
| 34,617 |
| GLADSTONE CAPITAL CORP. |
|
| 267,566 |
|
| 264,128 |
|
|
|
|
| 19,289 |
| HALLMARK FINANCIAL SERVICES, INC.(b) |
|
| 134,431 |
|
| 134,830 |
|
|
|
|
| 13,499 |
| HERITAGE FINANCIAL CORP. |
|
| 167,280 |
|
| 169,547 |
|
|
|
|
| 48,080 |
| HOME FEDERAL BANCORP, INC. |
|
| 611,641 |
|
| 500,032 |
|
|
|
|
| 18,322 |
| HOME PROPERTIES, INC. |
|
| 1,011,860 |
|
| 1,054,798 |
|
|
|
|
| 40,566 |
| HORACE MANN EDUCATORS CORP. |
|
| 535,876 |
|
| 556,160 |
|
|
|
|
| 11,205 |
| HORIZON BANCORP |
|
| 100,149 |
|
| 195,191 |
|
|
|
|
| 14,934 |
| HUDSON PACIFIC PROPERTIES, INC. |
|
| 201,322 |
|
| 211,465 |
|
|
|
|
| 39,397 |
| IBERIABANK CORP. |
|
| 1,971,208 |
|
| 1,942,272 |
|
|
|
|
| 87,954 |
| INVESTORS BANCORP, INC.(b) |
|
| 1,204,493 |
|
| 1,185,620 |
|
|
|
|
| 35,719 |
| INVESTORS CAPITAL HOLDINGS LTD.(b) |
|
| 151,806 |
|
| 146,448 |
|
|
|
|
| 8,999 |
| KAISER FEDERAL FINANCIAL GROUP, INC. |
|
| 89,990 |
|
| 115,367 |
|
|
|
|
| 25,350 |
| KITE REALTY GROUP TRUST |
|
| 93,223 |
|
| 114,328 |
|
|
|
|
| 27,000 |
| LEGG MASON, INC. |
|
| 672,286 |
|
| 649,350 |
|
|
|
|
| 47,000 |
| MANNING & NAPIER, INC.(b) |
|
| 581,252 |
|
| 587,030 |
|
|
|
|
| 69,723 |
| MEDICAL PROPERTIES TRUST, INC. |
|
| 669,526 |
|
| 688,166 |
|
|
|
|
| 6,600 |
| MIDSOUTH BANCORP, INC. |
|
| 97,614 |
|
| 85,866 |
|
|
|
|
| 82,104 |
| MISSION WEST PROPERTIES, INC. |
|
| 596,609 |
|
| 740,578 |
|
|
|
|
| 20,897 |
| NATIONAL FINANCIAL PARTNERS CORP.(b) |
|
| 245,242 |
|
| 282,528 |
|
|
|
|
| 53,301 |
| NATIONAL RETAIL PROPERTIES, INC. |
|
| 889,297 |
|
| 1,406,080 |
|
|
|
|
| 154,793 |
| NGP CAPITAL RESOURCES CO. |
|
| 1,547,378 |
|
| 1,112,962 |
|
|
|
|
| 132,855 |
| NORTHWEST BANCSHARES, INC. |
|
| 1,365,649 |
|
| 1,652,716 |
|
|
|
|
| 55,000 |
| ORITANI FINANCIAL CORP. |
|
| 694,042 |
|
| 702,350 |
|
|
|
|
| 10,928 |
| PACIFIC CONTINENTAL CORP. |
|
| 101,008 |
|
| 96,713 |
|
|
|
|
| 41,657 |
| PACWEST BANCORP |
|
| 857,628 |
|
| 789,400 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 43 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Cap Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Financials (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 13,111 |
| PARK STERLING CORP.(b) |
| $ | 80,326 |
|
| 53,493 |
|
|
|
|
| 90,553 |
| PHOENIX (THE) COS., INC.(b) |
|
| 231,406 |
|
| 152,129 |
|
|
|
|
| 44,982 |
| PLATINUM UNDERWRITERS HOLDINGS LTD.(c) |
|
| 1,423,961 |
|
| 1,534,336 |
|
|
|
|
| 42,757 |
| PRESIDENTIAL LIFE CORP. |
|
| 424,376 |
|
| 427,143 |
|
|
|
|
| 9,471 |
| RENASANT CORP. |
|
| 151,594 |
|
| 142,065 |
|
|
|
|
| 89,555 |
| ROCKVILLE FINANCIAL, INC. |
|
| 918,303 |
|
| 927,790 |
|
|
|
|
| 5,634 |
| SCBT FINANCIAL CORP. |
|
| 171,266 |
|
| 163,442 |
|
|
|
|
| 16,131 |
| SI FINANCIAL GROUP, INC. |
|
| 153,421 |
|
| 158,890 |
|
|
|
|
| 7,026 |
| SOUTHSIDE BANCSHARES, INC. |
|
| 140,417 |
|
| 152,183 |
|
|
|
|
| 3,860 |
| STATE BANK FINANCIAL CORP.(b) |
|
| 58,804 |
|
| 58,325 |
|
|
|
|
| 12,198 |
| STELLARONE CORP. |
|
| 175,812 |
|
| 138,813 |
|
|
|
|
| 19,037 |
| SUNSTONE HOTEL INVESTORS, INC.(b) |
|
| 117,092 |
|
| 155,152 |
|
|
|
|
| 35,000 |
| TERRITORIAL BANCORP, INC. |
|
| 553,273 |
|
| 691,250 |
|
|
|
|
| 49,590 |
| TOWER BANCORP, INC. |
|
| 1,152,178 |
|
| 1,415,299 |
|
|
|
|
| 91,990 |
| UMPQUA HOLDINGS CORP. |
|
| 1,001,674 |
|
| 1,139,756 |
|
|
|
|
| 13,331 |
| UNITED FINANCIAL BANCORP, INC. |
|
| 172,645 |
|
| 214,496 |
|
|
|
|
| 15,362 |
| UNIVEST CORP. OF PENNSYLVANIA |
|
| 256,796 |
|
| 224,900 |
|
|
|
|
| 20,364 |
| URSTADT BIDDLE PROPERTIES, INC., CLASS A |
|
| 349,126 |
|
| 368,181 |
|
|
|
|
| 52,500 |
| VIEWPOINT FINANCIAL GROUP |
|
| 669,191 |
|
| 683,025 |
|
|
|
|
| 108,637 |
| WALKER & DUNLOP, INC.(b) |
|
| 1,283,279 |
|
| 1,364,481 |
|
|
|
|
| 35,240 |
| WALTER INVESTMENT MANAGEMENT CORP. |
|
| 472,218 |
|
| 722,772 |
|
|
|
|
| 10,087 |
| WASHINGTON BANKING CO. |
|
| 140,436 |
|
| 120,136 |
|
|
|
|
| 114,520 |
| WESTFIELD FINANCIAL, INC. |
|
| 1,094,187 |
|
| 842,867 |
|
|
|
|
| 21,000 |
| WINTRUST FINANCIAL CORP. |
|
| 721,450 |
|
| 589,050 |
|
|
|
|
|
|
|
|
|
| 41,984,251 |
|
| 45,165,445 |
|
| 18.86 | % |
Health Care: |
|
|
|
|
|
|
|
|
|
| |||
| 16,600 |
| ACCESS PLANS, INC.(b) |
|
| 43,346 |
|
| 44,156 |
|
|
|
|
| 16,391 |
| ALPHATEC HOLDINGS, INC.(b) |
|
| 43,036 |
|
| 28,193 |
|
|
|
|
| 42,515 |
| AMERICAN DENTAL PARTNERS, INC.(b) |
|
| 662,190 |
|
| 800,557 |
|
|
|
|
| 21,000 |
| AMERISOURCEBERGEN CORP. |
|
| 346,010 |
|
| 780,990 |
|
|
|
|
| 9,203 |
| BIOCLINICA, INC.(b) |
|
| 45,794 |
|
| 39,113 |
|
|
|
|
| 14,390 |
| BIOCRYST PHARMACEUTICALS, INC.(b) |
|
| 49,843 |
|
| 35,543 |
|
|
|
|
| 21,285 |
| BIOSCRIP, INC.(b) |
|
| 94,580 |
|
| 116,216 |
|
|
|
|
| 35,231 |
| CATALYST HEALTH SOLUTIONS, INC.(b) |
|
| 1,079,278 |
|
| 1,832,012 |
|
|
|
|
| 3,930 |
| CRYOLIFE, INC.(b) |
|
| 18,517 |
|
| 18,864 |
|
|
|
|
| 22,475 |
| DGT HOLDINGS CORP.(b) |
|
| 203,045 |
|
| 246,776 |
|
|
|
|
| 37,000 |
| HANGER ORTHOPEDIC GROUP, INC.(b) |
|
| 718,063 |
|
| 691,530 |
|
|
|
|
| 184,625 |
| HEALTHSOUTH CORP.(b) |
|
| 3,022,435 |
|
| 3,262,324 |
|
|
|
|
| 70,543 |
| HEALTHSPRING, INC.(b) |
|
| 1,160,830 |
|
| 3,847,415 |
|
|
|
|
| 20,886 |
| HESKA CORP.(b) |
|
| 180,903 |
|
| 152,468 |
|
|
|
|
| 75,915 |
| HILL-ROM HOLDINGS, INC. |
|
| 2,211,588 |
|
| 2,557,576 |
|
|
|
|
| 11,346 |
| INTEGRAMED AMERICA, INC.(b) |
|
| 87,872 |
|
| 89,066 |
|
|
|
|
| 7,890 |
| MEDIWARE INFORMATION SYSTEMS(b) |
|
| 95,279 |
|
| 101,150 |
|
|
|
|
| 20,377 |
| MEDTOX SCIENTIFIC, INC.(b) |
|
| 245,261 |
|
| 286,297 |
|
|
|
|
| 58,803 |
| MOLINA HEALTHCARE, INC.(b) |
|
| 1,103,973 |
|
| 1,313,071 |
|
|
|
|
| 14,476 |
| OMNICELL, INC.(b) |
|
| 208,148 |
|
| 239,144 |
|
|
|
|
| 52,023 |
| ORTHOFIX INTERNATIONAL N.V.(b)(c) |
|
| 1,375,561 |
|
| 1,832,770 |
|
|
|
|
| 41,276 |
| PAR PHARMACEUTICAL COS., INC.(b) |
|
| 1,148,885 |
|
| 1,350,963 |
|
|
|
|
| 22,000 |
| PATTERSON COS., INC. |
|
| 514,141 |
|
| 649,440 |
|
|
|
|
| 20,797 |
| PDI, INC.(b) |
|
| 139,001 |
|
| 134,141 |
|
|
|
|
| 10,000 |
| PERRIGO CO. |
|
| 198,386 |
|
| 973,000 |
|
|
|
|
| 15,203 |
| REPLIGEN CORP.(b) |
|
| 54,664 |
|
| 52,754 |
|
|
|
|
| 8,570 |
| SPECTRANETICS CORP.(b) |
|
| 42,102 |
|
| 61,875 |
|
|
|
|
| 19,530 |
| SYNOVIS LIFE TECHNOLOGIES, INC.(b) |
|
| 544,161 |
|
| 543,520 |
|
|
|
|
| 23,440 |
| WEST PHARMACEUTICAL SERVICES, INC. |
|
| 874,755 |
|
| 889,548 |
|
|
|
|
| 39,701 |
| ZOLL MEDICAL CORP.(b) |
|
| 1,058,664 |
|
| 2,508,309 |
|
|
|
|
|
|
|
|
|
| 17,570,311 |
|
| 25,478,781 |
|
| 10.64 | % |
Industrials: | |||||||||||||
| 19,000 |
| A.O. SMITH CORP. |
|
| 767,665 |
|
| 762,280 |
|
|
|
|
| 50,600 |
| ACTUANT CORP., CLASS A |
|
| 949,396 |
|
| 1,148,114 |
|
|
|
|
| 15,000 |
| ACUITY BRANDS, INC. |
|
| 533,328 |
|
| 795,000 |
|
|
|
|
| 326,822 |
| AIR TRANSPORT SERVICES GROUP, INC.(b) |
|
| 1,748,300 |
|
| 1,542,600 |
|
|
|
|
| 5,392 |
| ASTRONICS CORP.(b) |
|
| 100,603 |
|
| 193,087 |
|
|
|
|
| 645 |
| ASTRONICS CORP., CLASS B(b) |
|
| 13,290 |
|
| 23,381 |
|
|
|
|
| 55,000 |
| AVIS BUDGET GROUP, INC.(b) |
|
| 738,891 |
|
| 589,600 |
|
|
|
|
| 23,528 |
| AZZ, INC. |
|
| 711,539 |
|
| 1,069,112 |
|
|
|
|
| 32,000 |
| BABCOCK & WILCOX (THE) CO.(b) |
|
| 726,566 |
|
| 772,480 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 44 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Cap Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Industrials (Cont’d): | |||||||||||||
| 40,390 |
| BELDEN, INC. |
| $ | 1,367,193 |
|
| 1,344,179 |
|
|
|
|
| 11,565 |
| BREEZE-EASTERN CORP.(b) |
|
| 82,719 |
|
| 92,520 |
|
|
|
|
| 3,695 |
| CASCADE CORP. |
|
| 91,752 |
|
| 174,293 |
|
|
|
|
| 23,542 |
| CASELLA WASTE SYSTEMS, INC., CLASS A(b) |
|
| 136,225 |
|
| 150,669 |
|
|
|
|
| 17,079 |
| CECO ENVIRONMENTAL CORP. |
|
| 94,807 |
|
| 96,496 |
|
|
|
|
| 27,000 |
| CHICAGO BRIDGE & IRON CO. N.V. (REGISTERED)(c) |
|
| 486,367 |
|
| 1,020,600 |
|
|
|
|
| 1,894 |
| CIRCOR INTERNATIONAL, INC. |
|
| 57,607 |
|
| 66,877 |
|
|
|
|
| 37,000 |
| COLFAX CORP.(b) |
|
| 307,010 |
|
| 1,053,760 |
|
|
|
|
| 138,530 |
| COMMERCIAL VEHICLE GROUP, INC.(b) |
|
| 1,118,060 |
|
| 1,252,311 |
|
|
|
|
| 5,977 |
| DUCOMMUN, INC. |
|
| 96,481 |
|
| 76,207 |
|
|
|
|
| 2,388 |
| DXP ENTERPRISES, INC.(b) |
|
| 36,554 |
|
| 76,894 |
|
|
|
|
| 10,400 |
| ENNIS, INC. |
|
| 135,022 |
|
| 138,632 |
|
|
|
|
| 20,000 |
| ENPRO INDUSTRIES, INC.(b) |
|
| 569,233 |
|
| 659,600 |
|
|
|
|
| 46,750 |
| ESCO TECHNOLOGIES, INC. |
|
| 1,621,769 |
|
| 1,345,465 |
|
|
|
|
| 29,000 |
| FOSTER WHEELER A.G.(b)(c) |
|
| 640,562 |
|
| 555,060 |
|
|
|
|
| 4,709 |
| FREIGHTCAR AMERICA, INC.(b) |
|
| 73,440 |
|
| 98,654 |
|
|
|
|
| 11,929 |
| GARDNER DENVER, INC. |
|
| 280,338 |
|
| 919,249 |
|
|
|
|
| 149,529 |
| GENCORP, INC.(b) |
|
| 693,010 |
|
| 795,494 |
|
|
|
|
| 17,000 |
| GENESEE & WYOMING, INC., CLASS A(b) |
|
| 425,830 |
|
| 1,029,860 |
|
|
|
|
| 9,177 |
| GP STRATEGIES CORP.(b) |
|
| 62,336 |
|
| 123,706 |
|
|
|
|
| 3,779 |
| GRAHAM CORP. |
|
| 79,742 |
|
| 84,801 |
|
|
|
|
| 40,000 |
| GREENBRIER COS., INC.(b) |
|
| 575,947 |
|
| 971,200 |
|
|
|
|
| 17,417 |
| HAWAIIAN HOLDINGS, INC.(b) |
|
| 93,239 |
|
| 101,019 |
|
|
|
|
| 106,820 |
| ICF INTERNATIONAL, INC.(b) |
|
| 2,465,249 |
|
| 2,647,000 |
|
|
|
|
| 949 |
| ITEX CORP. |
|
| 2,866 |
|
| 3,749 |
|
|
|
|
| 35,000 |
| ITT CORP. |
|
| 698,010 |
|
| 676,550 |
|
|
|
|
| 42,000 |
| JOHN BEAN TECHNOLOGIES CORP. |
|
| 552,164 |
|
| 645,540 |
|
|
|
|
| 11,000 |
| JOY GLOBAL, INC. |
|
| 420,752 |
|
| 824,670 |
|
|
|
|
| 16,000 |
| KANSAS CITY SOUTHERN(b) |
|
| 341,149 |
|
| 1,088,160 |
|
|
|
|
| 24,500 |
| L.B. FOSTER CO., CLASS A |
|
| 563,464 |
|
| 693,105 |
|
|
|
|
| 15,259 |
| LYDALL, INC.(b) |
|
| 115,269 |
|
| 144,808 |
|
|
|
|
| 24,000 |
| MACQUARIE INFRASTRUCTURE CO. LLC |
|
| 652,272 |
|
| 670,800 |
|
|
|
|
| 61,000 |
| MANITOWOC (THE) CO., INC. |
|
| 590,803 |
|
| 560,590 |
|
|
|
|
| 73,247 |
| METALICO, INC.(b) |
|
| 434,718 |
|
| 240,983 |
|
|
|
|
| 19,536 |
| MIDDLEBY CORP.(b) |
|
| 901,946 |
|
| 1,837,165 |
|
|
|
|
| 7,000 |
| NATIONAL PRESTO INDUSTRIES, INC. |
|
| 771,050 |
|
| 655,200 |
|
|
|
|
| 29,388 |
| REGAL-BELOIT CORP. |
|
| 1,474,802 |
|
| 1,497,906 |
|
|
|
|
| 7,083 |
| SAIA, INC.(b) |
|
| 96,623 |
|
| 88,396 |
|
|
|
|
| 8,109 |
| SL INDUSTRIES, INC.(b) |
|
| 92,589 |
|
| 131,366 |
|
|
|
|
| 14,000 |
| SNAP-ON, INC. |
|
| 638,880 |
|
| 708,680 |
|
|
|
|
| 32,478 |
| SPARTON CORP.(b) |
|
| 189,051 |
|
| 282,559 |
|
|
|
|
| 10,254 |
| STANDEX INTERNATIONAL CORP. |
|
| 244,335 |
|
| 350,379 |
|
|
|
|
| 33,552 |
| TELEDYNE TECHNOLOGIES, INC.(b) |
|
| 1,390,730 |
|
| 1,840,327 |
|
|
|
|
| 35,569 |
| TENNANT CO. |
|
| 1,320,740 |
|
| 1,382,567 |
|
|
|
|
| 13,500 |
| THOMAS & BETTS CORP.(b) |
|
| 602,790 |
|
| 737,100 |
|
|
|
|
| 70,640 |
| TRIUMPH GROUP, INC. |
|
| 3,063,462 |
|
| 4,128,908 |
|
|
|
|
| 7,658 |
| TWIN DISC, INC. |
|
| 248,307 |
|
| 278,138 |
|
|
|
|
| 13,071 |
| US ECOLOGY, INC. |
|
| 221,482 |
|
| 245,473 |
|
|
|
|
| 7,283 |
| VSE CORP. |
|
| 199,049 |
|
| 176,831 |
|
|
|
|
| 22,662 |
| WABTEC CORP. |
|
| 708,688 |
|
| 1,585,207 |
|
|
|
|
| 56,650 |
| WCA WASTE CORP.(b) |
|
| 363,693 |
|
| 368,791 |
|
|
|
|
| 36,949 |
| WOODWARD, INC. |
|
| 1,047,233 |
|
| 1,512,323 |
|
|
|
|
|
|
|
|
|
| 35,826,987 |
|
| 45,126,471 |
|
| 18.84 | % |
Information Technology: | |||||||||||||
| 30,560 |
| ACTUATE CORP.(b) |
|
| 156,154 |
|
| 179,082 |
|
|
|
|
| 35,243 |
| ADTRAN, INC. |
|
| 1,241,668 |
|
| 1,062,929 |
|
|
|
|
| 99,523 |
| ANAREN, INC.(b) |
|
| 1,194,828 |
|
| 1,654,072 |
|
|
|
|
| 69,077 |
| ANCESTRY.COM, INC.(b) |
|
| 1,560,973 |
|
| 1,586,008 |
|
|
|
|
| 47,856 |
| ATS CORP.(b) |
|
| 204,101 |
|
| 149,311 |
|
|
|
|
| 126,517 |
| BRIDGELINE DIGITAL, INC.(b) |
|
| 177,249 |
|
| 75,910 |
|
|
|
|
| 32,000 |
| BROADRIDGE FINANCIAL SOLUTIONS, INC. |
|
| 543,517 |
|
| 721,600 |
|
|
|
|
| 31,284 |
| CALAMP CORP.(b) |
|
| 99,494 |
|
| 132,957 |
|
|
|
|
| 5,018 |
| CALIX, INC.(b) |
|
| 42,580 |
|
| 32,466 |
|
|
|
|
| 38,436 |
| CAMTEK LTD.(b)(c) |
|
| 97,346 |
|
| 67,263 |
|
|
|
|
| 1,946 |
| CHECKPOINT SYSTEMS, INC.(b) |
|
| 23,078 |
|
| 21,289 |
|
|
|
|
| 66,440 |
| COGNEX CORP. |
|
| 2,009,628 |
|
| 2,377,888 |
|
|
|
|
| 13,879 |
| COMMTOUCH SOFTWARE LTD.(b)(c) |
|
| 50,171 |
|
| 45,107 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 45 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Cap Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Information Technology (Cont’d): | |||||||||||||
| 56,734 |
| COMTECH TELECOMMUNICATIONS CORP. |
| $ | 1,370,017 |
|
| 1,623,727 |
|
|
|
|
| 6,336 |
| CRAY, INC.(b) |
|
| 35,888 |
|
| 40,994 |
|
|
|
|
| 8,128 |
| CRYPTOLOGIC LTD.(b)(c) |
|
| 19,152 |
|
| 19,263 |
|
|
|
|
| 125,961 |
| DDI CORP. |
|
| 1,140,044 |
|
| 1,175,216 |
|
|
|
|
| 50,572 |
| DYNAMICS RESEARCH CORP.(b) |
|
| 374,862 |
|
| 573,486 |
|
|
|
|
| 6,807 |
| DYNASIL CORP. OF AMERICA(b) |
|
| 11,077 |
|
| 11,844 |
|
|
|
|
| 9,557 |
| EASYLINK SERVICES INTERNATIONAL CORP., CLASS A(b) |
|
| 31,498 |
|
| 38,037 |
|
|
|
|
| 353,778 |
| ENTROPIC COMMUNICATIONS, INC.(b) |
|
| 3,066,734 |
|
| 1,807,806 |
|
|
|
|
| 33,058 |
| EVOLVING SYSTEMS, INC. |
|
| 239,600 |
|
| 247,604 |
|
|
|
|
| 17,411 |
| EXAR CORP.(b) |
|
| 109,732 |
|
| 113,172 |
|
|
|
|
| 37,417 |
| FRANKLIN WIRELESS CORP.(b) |
|
| 96,203 |
|
| 56,126 |
|
|
|
|
| 8,280 |
| FREQUENCY ELECTRONICS, INC.(b) |
|
| 46,669 |
|
| 63,425 |
|
|
|
|
| 35,629 |
| GILAT SATELLITE NETWORKS LTD.(b)(c) |
|
| 137,783 |
|
| 140,735 |
|
|
|
|
| 71,869 |
| GLOBAL CASH ACCESS HOLDINGS, INC.(b) |
|
| 206,558 |
|
| 319,817 |
|
|
|
|
| 20,987 |
| GLOBECOMM SYSTEMS, INC.(b) |
|
| 271,810 |
|
| 287,102 |
|
|
|
|
| 197,287 |
| GSI GROUP, INC.(b) |
|
| 2,325,099 |
|
| 2,018,246 |
|
|
|
|
| 32,277 |
| HACKETT GROUP (THE), INC.(b) |
|
| 124,944 |
|
| 120,716 |
|
|
|
|
| 50,728 |
| INX, INC.(b) |
|
| 441,842 |
|
| 443,870 |
|
|
|
|
| 168,559 |
| LOOKSMART LTD.(b) |
|
| 195,677 |
|
| 217,441 |
|
|
|
|
| 7,306 |
| LTX-CREDENCE CORP.(b) |
|
| 51,713 |
|
| 39,087 |
|
|
|
|
| 50,295 |
| MAGMA DESIGN AUTOMATION, INC.(b) |
|
| 362,627 |
|
| 361,118 |
|
|
|
|
| 33,341 |
| MERCURY COMPUTER SYSTEMS, INC.(b) |
|
| 337,086 |
|
| 443,102 |
|
|
|
|
| 8,502 |
| METHODE ELECTRONICS, INC. |
|
| 91,863 |
|
| 70,482 |
|
|
|
|
| 28,145 |
| MICRONETICS, INC.(b) |
|
| 144,631 |
|
| 221,783 |
|
|
|
|
| 30,665 |
| MKS INSTRUMENTS, INC. |
|
| 784,846 |
|
| 853,100 |
|
|
|
|
| 30,433 |
| MODUSLINK GLOBAL SOLUTIONS, INC. |
|
| 124,478 |
|
| 164,338 |
|
|
|
|
| 41,800 |
| NAPCO SECURITY TECHNOLOGIES, INC.(b) |
|
| 68,377 |
|
| 104,082 |
|
|
|
|
| 47,791 |
| NETGEAR, INC.(b) |
|
| 1,507,745 |
|
| 1,604,344 |
|
|
|
|
| 116,854 |
| NEWPORT CORP.(b) |
|
| 2,042,626 |
|
| 1,590,383 |
|
|
|
|
| 7,871 |
| NOVA MEASURING INSTRUMENTS LTD.(b)(c) |
|
| 45,313 |
|
| 58,009 |
|
|
|
|
| 64,836 |
| ONLINE RESOURCES CORP.(b) |
|
| 404,222 |
|
| 156,903 |
|
|
|
|
| 5,112 |
| OPLINK COMMUNICATIONS, INC.(b) |
|
| 94,868 |
|
| 84,195 |
|
|
|
|
| 13,869 |
| OSI SYSTEMS, INC.(b) |
|
| 423,506 |
|
| 676,530 |
|
|
|
|
| 96,576 |
| QUEST SOFTWARE, INC.(b) |
|
| 1,896,793 |
|
| 1,796,314 |
|
|
|
|
| 6,310 |
| REIS, INC.(b) |
|
| 56,260 |
|
| 57,547 |
|
|
|
|
| 184,563 |
| RF MICRO DEVICES, INC.(b) |
|
| 989,679 |
|
| 996,640 |
|
|
|
|
| 166,156 |
| SANMINA-SCI CORP.(b) |
|
| 1,766,562 |
|
| 1,546,912 |
|
|
|
|
| 33,870 |
| SELECTICA, INC.(b) |
|
| 195,859 |
|
| 103,981 |
|
|
|
|
| 31,879 |
| STEEL EXCEL, INC.(b) |
|
| 954,155 |
|
| 765,096 |
|
|
|
|
| 3,551 |
| SUPER MICRO COMPUTER, INC.(b) |
|
| 56,321 |
|
| 55,680 |
|
|
|
|
| 27,294 |
| SUPPORT.COM, INC.(b) |
|
| 57,411 |
|
| 61,411 |
|
|
|
|
| 48,814 |
| SWK HOLDINGS CORP.(b) |
|
| 35,146 |
|
| 40,027 |
|
|
|
|
| 94,271 |
| SYNNEX CORP.(b) |
|
| 2,664,833 |
|
| 2,871,495 |
|
|
|
|
| 20,569 |
| THESTREET, INC. |
|
| 43,058 |
|
| 34,556 |
|
|
|
|
| 107,274 |
| TIER TECHNOLOGIES, INC.(b) |
|
| 702,933 |
|
| 467,715 |
|
|
|
|
| 48,154 |
| TNS, INC.(b) |
|
| 1,042,760 |
|
| 853,289 |
|
|
|
|
| 75,145 |
| VALUECLICK, INC.(b) |
|
| 1,136,300 |
|
| 1,224,112 |
|
|
|
|
| 6,208 |
| VISHAY PRECISION GROUP, INC.(b) |
|
| 104,800 |
|
| 99,204 |
|
|
|
|
| 8,681 |
| WEB.COM GROUP, INC.(b) |
|
| 60,802 |
|
| 99,397 |
|
|
|
|
| 16,064 |
| WESTELL TECHNOLOGIES, INC., CLASS A(b) |
|
| 36,465 |
|
| 35,662 |
|
|
|
|
| 17,000 |
| WRIGHT EXPRESS CORP.(b) |
|
| 463,372 |
|
| 922,760 |
|
|
|
|
| 9,414 |
| ZIX CORP.(b) |
|
| 23,225 |
|
| 26,547 |
|
|
|
|
| 3,740 |
| ZYGO CORP.(b) |
|
| 44,630 |
|
| 66,011 |
|
|
|
|
|
|
|
|
|
| 36,461,241 |
|
| 35,976,321 |
|
| 15.02 | % |
| Materials: |
|
|
|
|
|
|
|
|
|
|
|
|
| 1,360 |
| A. SCHULMAN, INC. |
|
| 28,428 |
|
| 28,805 |
|
|
|
|
| 17,000 |
| APTARGROUP, INC. |
|
| 711,338 |
|
| 886,890 |
|
|
|
|
| 15,000 |
| ASHLAND, INC. |
|
| 551,175 |
|
| 857,400 |
|
|
|
|
| 11,584 |
| CORE MOLDING TECHNOLOGIES, INC.(b) |
|
| 104,158 |
|
| 93,367 |
|
|
|
|
| 11,500 |
| DELTIC TIMBER CORP. |
|
| 546,288 |
|
| 694,485 |
|
|
|
|
| 30,831 |
| HANDY & HARMAN LTD.(b) |
|
| 154,151 |
|
| 305,227 |
|
|
|
|
| 35,138 |
| INNOPHOS HOLDINGS, INC. |
|
| 1,433,464 |
|
| 1,706,301 |
|
|
|
|
| 77,588 |
| INNOSPEC, INC.(b) |
|
| 2,039,897 |
|
| 2,177,895 |
|
|
|
|
| 20,000 |
| KAPSTONE PAPER AND PACKAGING CORP.(b) |
|
| 145,550 |
|
| 314,800 |
|
|
|
|
| 35,468 |
| KOPPERS HOLDINGS, INC. |
|
| 948,784 |
|
| 1,218,680 |
|
|
|
|
| 25,504 |
| LANDEC CORP.(b) |
|
| 159,001 |
|
| 140,782 |
|
|
|
|
| 33,291 |
| LSB INDUSTRIES, INC.(b) |
|
| 1,154,470 |
|
| 933,147 |
|
|
|
|
| 41,458 |
| QUAKER CHEMICAL CORP. |
|
| 1,257,063 |
|
| 1,612,302 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 46 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Cap Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Materials (Cont’d): | |||||||||||||
| 38,947 |
| ROCK-TENN CO., CLASS A |
| $ | 1,257,230 |
|
| 2,247,242 |
|
|
|
|
| 22,138 |
| STEPAN CO. |
|
| 1,614,755 |
|
| 1,774,582 |
|
|
|
|
| 9,466 |
| SYNALLOY CORP. |
|
| 114,118 |
|
| 97,216 |
|
|
|
|
| 38,819 |
| US ANTIMONY CORP.(b) |
|
| 37,871 |
|
| 93,166 |
|
|
|
|
| 19,000 |
| W.R. GRACE & CO.(b) |
|
| 465,151 |
|
| 872,480 |
|
|
|
|
| 7,000 |
| WALTER ENERGY, INC. |
|
| 622,023 |
|
| 423,920 |
|
|
|
|
| 42,000 |
| ZEP, INC. |
|
| 601,828 |
|
| 587,160 |
|
|
|
|
|
|
|
|
|
| 13,946,743 |
|
| 17,065,847 |
|
| 7.13 | % |
Utilities: |
|
|
|
|
|
|
|
|
|
| |||
| 39,680 |
| ALLETE, INC. |
|
| 1,376,905 |
|
| 1,665,766 |
|
|
|
|
| 20,138 |
| CENTRAL VERMONT PUBLIC SERVICE CORP. |
|
| 705,711 |
|
| 706,844 |
|
|
|
|
| 4,161 |
| CHESAPEAKE UTILITIES CORP. |
|
| 167,910 |
|
| 180,379 |
|
|
|
|
| 19,000 |
| CLECO CORP. |
|
| 470,134 |
|
| 723,900 |
|
|
|
|
| 15,569 |
| CONSOLIDATED WATER CO. LTD.(c) |
|
| 127,024 |
|
| 133,582 |
|
|
|
|
| 13,500 |
| ITC HOLDINGS CORP. |
|
| 616,005 |
|
| 1,024,380 |
|
|
|
|
| 7,844 |
| MIDDLESEX WATER CO. |
|
| 140,859 |
|
| 146,369 |
|
|
|
|
| 28,746 |
| PENNICHUCK CORP. |
|
| 823,310 |
|
| 828,747 |
|
|
|
|
| 68,062 |
| PORTLAND GENERAL ELECTRIC CO. |
|
| 1,471,447 |
|
| 1,721,288 |
|
|
|
|
| 39,000 |
| QUESTAR CORP. |
|
| 663,326 |
|
| 774,540 |
|
|
|
|
| 21,675 |
| SOUTHWEST GAS CORP. |
|
| 539,056 |
|
| 920,971 |
|
|
|
|
| 32,492 |
| UIL HOLDINGS CORP. |
|
| 973,417 |
|
| 1,149,242 |
|
|
|
|
| 12,795 |
| UNITIL CORP. |
|
| 278,132 |
|
| 363,122 |
|
|
|
|
| 20,600 |
| WESTAR ENERGY, INC. |
|
| 562,203 |
|
| 592,868 |
|
|
|
|
|
|
|
|
|
| 8,915,439 |
|
| 10,931,998 |
|
| 4.56 | % |
|
| Sub-total Common Stocks: |
|
| 210,407,305 |
|
| 237,162,071 |
|
| 99.02 | % | |
Short-Term Investments: | |||||||||||||
| 1,896,952 |
| NORTHERN INSTITUTIONAL GOVERNMENT |
|
| 1,896,952 |
|
| 1,896,952 |
|
|
|
|
|
| Sub-total Short-Term Investments: |
|
| 1,896,952 |
|
| 1,896,952 |
|
| 0.79 | % | |
|
|
| Grand total(e) |
| $ | 212,304,257 |
|
| 239,059,023 |
|
| 99.81 | % |
|
|
|
| (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, 2011, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 3.25% of net assets. |
| (d) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2010, the value of the Fund’s investment in the Government Select Portfolio of the Northern Institutional Funds was approximately $5,133,720 with net sales of approximately $3,236,768 during the fiscal year ended December 31, 2011. |
| (e) | At December 31, 2011, the cost for Federal income tax purposes was $212,334,630. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost were as follows: |
|
|
|
|
|
Gross unrealized appreciation |
| $ | 40,164,908 |
|
Gross unrealized depreciation |
|
| (13,440,515 | ) |
Net unrealized appreciation |
| $ | 26,724,393 |
|
|
|
|
See accompanying notes to the financial statements. | 47 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater Small Cap Fund
December 31, 2011
|
|
|
See accompanying notes to the financial statements. | 48 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Closed-End Funds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 47,200 |
| AMERICAN MUNI INCOME PT |
|
|
|
|
| $ | 554,976 |
|
| 686,760 |
|
|
|
|
| 208,600 |
| BLACKROCK LNG-TM MUN ADV |
|
|
|
|
|
| 2,133,992 |
|
| 2,434,362 |
|
|
|
|
| 35,600 |
| BLACKROCK MUN INC TRUST |
|
|
|
|
|
| 373,567 |
|
| 541,476 |
|
|
|
|
| 18,200 |
| BLACKROCK MUNI BOND TRUST |
|
|
|
|
|
| 169,379 |
|
| 286,104 |
|
|
|
|
| 186,000 |
| BLACKROCK MUNIHOLDINGS QU |
|
|
|
|
|
| 2,175,942 |
|
| 2,717,460 |
|
|
|
|
| 59,500 |
| BLACKROCK MUNIHOLDINGS QU |
|
|
|
|
|
| 749,861 |
|
| 850,850 |
|
|
|
|
| 71,200 |
| BLACKROCK MUNIYIELD INVES |
|
|
|
|
|
| 905,807 |
|
| 1,045,928 |
|
|
|
|
| 81,800 |
| BLACKROCK MUNIYIELD MI QU |
|
|
|
|
|
| 981,525 |
|
| 1,213,094 |
|
|
|
|
| 76,179 |
| BLACKROCK MUNIYIELD MI QU |
|
|
|
|
|
| 1,014,103 |
|
| 1,179,251 |
|
|
|
|
| 54,700 |
| BLACKROCK MUNIYIELD PENNS |
|
|
|
|
|
| 774,527 |
|
| 863,713 |
|
|
|
|
| 28,100 |
| BLACKROCK MUNIYIELD QUAL |
|
|
|
|
|
| 333,747 |
|
| 384,970 |
|
|
|
|
| 78,300 |
| BLACKROCK MUNIYIELD QUALI |
|
|
|
|
|
| 1,032,557 |
|
| 1,107,162 |
|
|
|
|
| 21,837 |
| BLACKROCK MUNIYIELD QUALI |
|
|
|
|
|
| 275,930 |
|
| 314,671 |
|
|
|
|
| 12,500 |
| DREYFUS STRATEGIC MUNI BD |
|
|
|
|
|
| 68,613 |
|
| 108,500 |
|
|
|
|
| 209,000 |
| DWS MUNICIPAL INCOME TRUS |
|
|
|
|
|
| 2,278,136 |
|
| 2,884,200 |
|
|
|
|
| 1,000 |
| EATON VANCE CAL MUNI BOND |
|
|
|
|
|
| 8,280 |
|
| 12,820 |
|
|
|
|
| 66,800 |
| EATON VANCE CALI MUN BOND |
|
|
|
|
|
| 744,489 |
|
| 865,060 |
|
|
|
|
| 1,100 |
| EATON VANCE MICHI MUNI BN |
|
|
|
|
|
| 15,510 |
|
| 16,005 |
|
|
|
|
| 26,905 |
| EATON VANCE MUNICIPAL INC |
|
|
|
|
|
| 286,929 |
|
| 343,039 |
|
|
|
|
| 68,200 |
| INVESCO MUNICIPAL PREMIUM |
|
|
|
|
|
| 515,130 |
|
| 607,662 |
|
|
|
|
| 101,881 |
| INVESCO QUALITY MUNI INC |
|
|
|
|
|
| 1,164,128 |
|
| 1,369,281 |
|
|
|
|
| 95,900 |
| INVESCO QUALITY MUNI INV |
|
|
|
|
|
| 1,173,337 |
|
| 1,361,780 |
|
|
|
|
| 124,300 |
| INVESCO VAN KAMPEN AD MIT |
|
|
|
|
|
| 1,443,464 |
|
| 1,548,778 |
|
|
|
|
| 94,239 |
| INVESCO VAN KAMPEN PENN V |
|
|
|
|
|
| 1,240,054 |
|
| 1,338,194 |
|
|
|
|
| 37,800 |
| INVESCO VAN KAMPEN S S MN |
|
|
|
|
|
| 398,849 |
|
| 480,438 |
|
|
|
|
| 74,277 |
| INVESCO VAN KAMPEN TRUST |
|
|
|
|
|
| 1,042,890 |
|
| 1,112,670 |
|
|
|
|
| 83,800 |
| INVESCO VAN KAMPEN TRUST |
|
|
|
|
|
| 954,508 |
|
| 1,277,950 |
|
|
|
|
| 56,248 |
| MANAGED DURATION INVESTME |
|
|
|
|
|
| 714,557 |
|
| 838,095 |
|
|
|
|
| 6,500 |
| MFS HIGH INCOME MUNICIPAL |
|
|
|
|
|
| 23,108 |
|
| 34,710 |
|
|
|
|
| 10,299 |
| NEUBERGER BERMAN INTMD MU |
|
|
|
|
|
| 126,917 |
|
| 163,651 |
|
|
|
|
| 31,103 |
| NUVEEN CAL INV QUAL MUNI |
|
|
|
|
|
| 373,215 |
|
| 457,214 |
|
|
|
|
| 13,700 |
| NUVEEN CAL MUNI MKT OPPOR |
|
|
|
|
|
| 157,825 |
|
| 200,568 |
|
|
|
|
| 42,560 |
| NUVEEN DIVIDEND ADV MUNI |
|
|
|
|
|
| 523,323 |
|
| 626,058 |
|
|
|
|
| 13,500 |
| NUVEEN DIVIDEND ADVANTAGE |
|
|
|
|
|
| 181,771 |
|
| 203,175 |
|
|
|
|
| 41,700 |
| NUVEEN DVD ADVANTAGE MUNI |
|
|
|
|
|
| 475,800 |
|
| 607,152 |
|
|
|
|
| 4,800 |
| NUVEEN MA PREMIUM INC MUN |
|
|
|
|
|
| 65,734 |
|
| 70,128 |
|
|
|
|
| 30,600 |
| NUVEEN MI PREMIUM INC MUN |
|
|
|
|
|
| 404,605 |
|
| 431,766 |
|
|
|
|
| 44,600 |
| NUVEEN MUNI ADVANTAGE FUN |
|
|
|
|
|
| 522,316 |
|
| 654,728 |
|
|
|
|
| 15,500 |
| NUVEEN NJ INV QUAL MUNI F |
|
|
|
|
|
| 211,528 |
|
| 221,185 |
|
|
|
|
| 10,100 |
| NUVEEN PA DVD ADV MUNI FD |
|
|
|
|
|
| 127,549 |
|
| 141,703 |
|
|
|
|
| 48,500 |
| NUVEEN PENN INV QUAL MUNI |
|
|
|
|
|
| 673,352 |
|
| 734,290 |
|
|
|
|
| 27,100 |
| NUVEEN PREMIER MUNI INC F |
|
|
|
|
|
| 367,653 |
|
| 401,351 |
|
|
|
|
| 238,709 |
| NUVEEN PREMIUM INC MUNI F |
|
|
|
|
|
| 3,273,534 |
|
| 3,561,538 |
|
|
|
|
| 216,190 |
| PUTNAM MUNI OPPORTUNITIES |
|
|
|
|
|
| 2,450,699 |
|
| 2,652,651 |
|
|
|
|
| 12,700 |
| WESTERN ASSET INTERMEDIAT |
|
|
|
|
|
| 111,045 |
|
| 124,460 |
|
|
|
|
| 22,000 |
| WESTERN ASSET MANAGED MUN |
|
|
|
|
|
| 240,488 |
|
| 295,020 |
|
|
|
|
| 48,606 |
| WESTERN ASSET MUNICIPAL P |
|
|
|
|
|
| 620,291 |
|
| 746,588 |
|
|
|
|
|
| Sub-total Closed-End Funds: |
|
|
|
|
|
| 34,455,540 |
|
| 40,118,209 |
|
| 7.73 | % | |
Municipal Bonds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 1,500,000 |
| ABAG CA FIN AUTH FOR NONPROFIT CORPS |
| 7/1/2037 |
| 5.75 |
|
| 1,441,935 |
|
| 1,541,925 |
|
|
|
|
| 750,000 |
| ABAG CA FIN AUTH FOR NONPROFIT CORPS |
| 9/1/2037 |
| 6.00 |
|
| 745,092 |
|
| 787,110 |
|
|
|
|
| 650,000 |
| ABAG CA FIN AUTH FOR NONPROFIT CORPS COPS |
| 11/1/2029 |
| 6.20 |
|
| 633,848 |
|
| 645,775 |
|
|
|
|
| 2,500,000 |
| ACALANES CA UNION HIGH SCH DIST(b) |
| 8/1/2039 |
| 4.68 |
|
| 1,102,342 |
|
| 1,305,125 |
|
|
|
|
| 1,500,000 |
| AGUA CALIENTE CA BAND OF CAHUILLA INDIANS REVENUE (c) |
| 7/1/2018 |
| 6.00 |
|
| 1,472,275 |
|
| 1,430,355 |
|
|
|
|
| 1,240,000 |
| ALABAMA ST HSG FIN AUTH SF MTGE REVENUE |
| 10/1/2028 |
| 5.25 |
|
| 1,240,000 |
|
| 1,305,150 |
|
|
|
|
| 580,000 |
| ALABAMA ST HSG FIN AUTH SF MTGE REVENUE |
| 4/1/2038 |
| 4.50 |
|
| 434,794 |
|
| 575,546 |
|
|
|
|
| 1,250,000 |
| ALACHUA CNTY FL HLTH FACS AUTH |
| 11/15/2016 |
| 7.12 |
|
| 1,250,000 |
|
| 1,254,300 |
|
|
|
|
| 500,000 |
| ALAMEDA CA CORRIDOR TRANSPRTN AUTH |
| 10/1/2021 |
| 5.25 |
|
| 495,878 |
|
| 500,455 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 49 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 500,000 |
| ALAMEDA CA CORRIDOR TRANSPRTN AUTH(b) |
| 10/1/2024 |
| 1.60 |
| $ | 415,941 |
|
| 472,685 |
|
|
|
|
| 1,500,000 |
| ALASKA ST HSG FIN CORP |
| 6/1/2032 |
| 5.25 |
|
| 1,289,534 |
|
| 1,511,175 |
|
|
|
|
| 2,000,000 |
| ALASKA ST HSG FIN CORP |
| 12/1/2034 |
| 5.25 |
|
| 2,005,035 |
|
| 2,063,220 |
|
|
|
|
| 370,000 |
| ALASKA ST HSG FIN CORP HOME MTGE REVENUE |
| 12/1/2033 |
| 5.45 |
|
| 370,000 |
|
| 387,290 |
|
|
|
|
| 895,000 |
| ALASKA ST HSG FIN CORP HOME MTGE REVENUE |
| 12/1/2034 |
| 5.25 |
|
| 892,554 |
|
| 931,256 |
|
|
|
|
| 500,000 |
| ALASKA ST HSG FIN CORP MTGE REVENUE |
| 12/1/2040 |
| 4.63 |
|
| 495,098 |
|
| 500,310 |
|
|
|
|
| 350,000 |
| ALASKA ST INDL DEV & EXPORT AUTH CMNTY PROVIDER REVENUE (d)(e) |
| 12/1/2010 |
| 5.40 |
|
| 350,000 |
|
| 237,380 |
|
|
|
|
| 240,000 |
| ALBANY NY INDL DEV AGY (d) |
| 5/1/2016 |
| 6.50 |
|
| 240,000 |
|
| 55,205 |
|
|
|
|
| 1,025,000 |
| ALISAL CA UNION SCH DIST(b) |
| 8/1/2025 |
| 10.55 |
|
| 472,721 |
|
| 526,788 |
|
|
|
|
| 965,000 |
| ALLEGHENY CNTY PA INDL DEV AUTH CHRT SCH REVENUE |
| 8/15/2026 |
| 5.90 |
|
| 965,000 |
|
| 939,148 |
|
|
|
|
| 480,000 |
| ALLEGHENY CNTY PA INDL DEV AUTH CHRT SCH REVENUE |
| 8/15/2026 |
| 5.90 |
|
| 404,145 |
|
| 476,251 |
|
|
|
|
| 1,000,000 |
| ALPHARETTA GA DEV AUTH EDLFACS REV |
| 7/1/2031 |
| 6.25 |
|
| 972,473 |
|
| 949,330 |
|
|
|
|
| 1,000,000 |
| ALVORD CA UNIF SCH DIST(b) |
| 8/1/2046 |
| 5.63 |
|
| 341,631 |
|
| 451,880 |
|
|
|
|
| 988,705 |
| ARIZONA ST HLTH FACS AUTH (e) |
| 7/1/2027 |
| 5.25 |
|
| 959,699 |
|
| 907,374 |
|
|
|
|
| 2,000,000 |
| ARLINGTON TX HGR EDU FIN CORP EDU REVENUE |
| 8/15/2028 |
| 7.00 |
|
| 1,949,530 |
|
| 1,984,280 |
|
|
|
|
| 995,000 |
| ARLINGTON TX SPL OBLIG |
| 8/15/2034 |
| 5.00 |
|
| 1,048,974 |
|
| 1,035,646 |
|
|
|
|
| 500,000 |
| ATLANTA GA ARPT REVENUE |
| 1/1/2030 |
| 6.00 |
|
| 519,745 |
|
| 589,890 |
|
|
|
|
| 1,000,000 |
| ATLANTA GA TAX ALLOCATION |
| 1/1/2030 |
| 5.60 |
|
| 926,289 |
|
| 1,006,940 |
|
|
|
|
| 1,500,000 |
| ATLANTA GA WTR & WSTWTR REVENUE |
| 11/1/2039 |
| 5.00 |
|
| 1,498,510 |
|
| 1,502,295 |
|
|
|
|
| 630,000 |
| AUSTIN CONVENTION ENTERPRISES INC TX CONVENTION CENTER (c) |
| 1/1/2012 |
| 6.00 |
|
| 630,000 |
|
| 630,006 |
|
|
|
|
| 1,500,000 |
| AUSTIN CONVENTION ENTERPRISES INC TX CONVENTION CENTER |
| 1/1/2016 |
| 5.25 |
|
| 1,481,334 |
|
| 1,484,895 |
|
|
|
|
| 1,500,000 |
| BAY CNTY FL EDUCTNL FACS REVENUE |
| 9/1/2030 |
| 5.25 |
|
| 1,376,764 |
|
| 1,355,835 |
|
|
|
|
| 750,000 |
| BERKS CNTY PA MUNI AUTH |
| 3/1/2028 |
| 5.00 |
|
| 751,903 |
|
| 750,480 |
|
|
|
|
| 1,000,000 |
| BEXAR CNTY TX HLTH FACS DEV CORP |
| 7/1/2030 |
| 5.88 |
|
| 984,569 |
|
| 1,025,200 |
|
|
|
|
| 500,000 |
| BEXAR CNTY TX HSG FIN CORP |
| 1/1/2021 |
| 5.70 |
|
| 449,291 |
|
| 490,020 |
|
|
|
|
| 445,000 |
| BEXAR CNTY TX HSG FIN CORP (d) |
| 9/15/2021 |
| 8.75 |
|
| 445,000 |
|
| 313,240 |
|
|
|
|
| 250,000 |
| BEXAR CNTY TX HSG FIN CORP |
| 12/1/2021 |
| 6.50 |
|
| 254,793 |
|
| 225,265 |
|
|
|
|
| 805,000 |
| BEXAR CNTY TX HSG FIN CORP (d) |
| 4/1/2030 |
| 9.00 |
|
| 802,520 |
|
| 159,036 |
|
|
|
|
| 600,000 |
| BEXAR CNTY TX HSG FIN CORP |
| 8/1/2030 |
| 6.10 |
|
| 520,479 |
|
| 569,142 |
|
|
|
|
| 365,000 |
| BEXAR CNTY TX HSG FIN CORP |
| 8/1/2030 |
| 8.13 |
|
| 352,720 |
|
| 331,095 |
|
|
|
|
| 1,005,000 |
| BEXAR CNTY TX HSG FIN CORP (d) |
| 6/1/2031 |
| 10.50 |
|
| 1,005,000 |
|
| 200,930 |
|
|
|
|
| 885,000 |
| BEXAR CNTY TX HSG FIN CORP |
| 12/1/2036 |
| 9.25 |
|
| 863,905 |
|
| 585,295 |
|
|
|
|
| 500,000 |
| BOONE CNTY MO HOSP REVENUE |
| 8/1/2028 |
| 5.75 |
|
| 513,739 |
|
| 529,420 |
|
|
|
|
| 700,000 |
| BOSTON MA REVENUE |
| 10/1/2031 |
| 6.13 |
|
| 700,810 |
|
| 714,896 |
|
|
|
|
| 750,000 |
| BOWLING GREEN OH STUDENT HSG REVENUE |
| 6/1/2031 |
| 5.75 |
|
| 718,861 |
|
| 751,942 |
|
|
|
|
| 500,000 |
| BRAZOS CNTY TX HLTH FACS DEV CORP |
| 1/1/2033 |
| 5.50 |
|
| 504,337 |
|
| 507,085 |
|
|
|
|
| 1,000,000 |
| BREA CA REDEV AGY(b) |
| 8/1/2029 |
| 13.50 |
|
| 298,102 |
|
| 298,820 |
|
|
|
|
| 135,000 |
| BRIDGEVILLE DE SPL OBLIG |
| 7/1/2035 |
| 5.13 |
|
| 135,000 |
|
| 97,671 |
|
|
|
|
| 890,000 |
| BUCKEYE OH TOBACCO SETTLEMENT FING AUTH |
| 6/1/2024 |
| 5.13 |
|
| 857,967 |
|
| 677,486 |
|
|
|
|
| 1,000,000 |
| BUTLER CNTY OH HOSP FACS |
| 4/1/2036 |
| 6.38 |
|
| 1,040,596 |
|
| 1,098,440 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 50 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 395,000 |
| BUTLER CNTY PA GEN AUTH REVENUE |
| 10/1/2034 |
| 1.09 |
| $ | 395,000 |
|
| 240,172 |
|
|
|
|
| 125,000 |
| CALIFORNIA CNTY CA TOBACCO SECURITIZATION AGY TOBACCO SETTLE |
| 6/1/2021 |
| 4.50 |
|
| 123,769 |
|
| 110,495 |
|
|
|
|
| 500,000 |
| CALIFORNIA CNTY CA TOBACCO SECURITIZATION AGY TOBACCO SETTLE |
| 6/1/2036 |
| 5.00 |
|
| 495,120 |
|
| 334,965 |
|
|
|
|
| 145,000 |
| CALIFORNIA ST CMNTY HSG FIN AGY LEASE REVENUE (d) |
| 8/1/2012 |
| 4.65 |
|
| 144,935 |
|
| 72,499 |
|
|
|
|
| 385,000 |
| CALIFORNIA ST CMNTY HSG FIN AGY LEASE REVENUE (d) |
| 11/1/2012 |
| 4.85 |
|
| 383,286 |
|
| 192,496 |
|
|
|
|
| 750,000 |
| CALIFORNIA ST HLTH FACS FING AUTH REVENUE |
| 8/15/2033 |
| 5.50 |
|
| 765,086 |
|
| 785,918 |
|
|
|
|
| 1,000,000 |
| CALIFORNIA ST HSG FIN AGY REVENUE |
| 8/1/2033 |
| 5.45 |
|
| 926,651 |
|
| 977,620 |
|
|
|
|
| 750,000 |
| CALIFORNIA ST HSG FIN AGY REVENUE |
| 8/1/2038 |
| 5.50 |
|
| 753,886 |
|
| 708,030 |
|
|
|
|
| 1,000,000 |
| CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE |
| 2/1/2030 |
| 6.00 |
|
| 1,009,201 |
|
| 1,074,010 |
|
|
|
|
| 500,000 |
| CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK ST SCH FUND APP |
| 8/15/2029 |
| 5.75 |
|
| 504,798 |
|
| 534,045 |
|
|
|
|
| 570,000 |
| CALIFORNIA ST MUNI FIN AUTH CHRT SCH LEASE REVENUE |
| 9/1/2022 |
| 5.50 |
|
| 574,864 |
|
| 556,485 |
|
|
|
|
| 750,000 |
| CALIFORNIA ST MUNI FIN AUTH EDUCTNL REVENUE |
| 6/1/2026 |
| 5.25 |
|
| 743,891 |
|
| 669,525 |
|
|
|
|
| 500,000 |
| CALIFORNIA ST MUNI FIN AUTH REVENUE |
| 5/1/2025 |
| 6.88 |
|
| 498,902 |
|
| 549,120 |
|
|
|
|
| 500,000 |
| CALIFORNIA ST MUNI FIN AUTH REVENUE |
| 1/1/2033 |
| 5.75 |
|
| 514,140 |
|
| 523,620 |
|
|
|
|
| 1,500,000 |
| CALIFORNIA ST SCH FACS FING AUTH REVENUE (b) |
| 8/1/2029 |
| 2.42 |
|
| 1,058,204 |
|
| 1,275,330 |
|
|
|
|
| 1,000,000 |
| CALIFORNIA ST STWD CMNTYS DEV AUTH |
| 8/15/2028 |
| 5.50 |
|
| 1,002,094 |
|
| 1,008,560 |
|
|
|
|
| 1,000,000 |
| CALIFORNIA ST STWD CMNTYS DEV AUTH |
| 11/1/2032 |
| 5.50 |
|
| 1,002,398 |
|
| 1,006,410 |
|
|
|
|
| 200,000 |
| CALIFORNIA ST STWD CMNTYS DEV AUTH |
| 4/20/2036 |
| 7.00 |
|
| 200,000 |
|
| 210,326 |
|
|
|
|
| 400,000 |
| CALIFORNIA ST STWD CMNTYS DEV AUTH COPS |
| 8/15/2031 |
| 5.50 |
|
| 372,766 |
|
| 400,272 |
|
|
|
|
| 590,000 |
| CALIFORNIA ST STWD CMNTYS DEV AUTH MF |
| 11/20/2036 |
| 6.15 |
|
| 615,903 |
|
| 613,063 |
|
|
|
|
| 1,335,000 |
| CALIFORNIA ST STWD CMNTYS DEV AUTH REVENUE |
| 1/1/2016 |
| 5.25 |
|
| 1,328,990 |
|
| 1,345,533 |
|
|
|
|
| 700,000 |
| CALIFORNIA ST STWD CMNTYS DEV AUTH REVENUE |
| 6/1/2017 |
| 5.40 |
|
| 698,352 |
|
| 708,155 |
|
|
|
|
| 1,500,000 |
| CALIFORNIA ST STWD CMNTYS DEV AUTH REVENUE |
| 1/1/2021 |
| 6.00 |
|
| 1,500,000 |
|
| 1,540,155 |
|
|
|
|
| 1,000,000 |
| CALIFORNIA ST STWD CMNTYS DEV AUTH REVENUE |
| 11/1/2021 |
| 6.50 |
|
| 1,000,000 |
|
| 1,083,790 |
|
|
|
|
| 750,000 |
| CALIFORNIA ST STWD CMNTYS DEV AUTH SCH FAC REVENUE |
| 7/1/2020 |
| 5.00 |
|
| 709,864 |
|
| 751,312 |
|
|
|
|
| 850,000 |
| CALIFORNIA ST STWD CMNTYS DEV AUTH SCH FAC REVENUE |
| 7/1/2031 |
| 6.75 |
|
| 850,000 |
|
| 863,982 |
|
|
|
|
| 750,000 |
| CALIFORNIA ST STWD CMNTYS DEVAUTH MFH REVENUE |
| 7/15/2032 |
| 4.70 |
|
| 750,000 |
|
| 764,790 |
|
|
|
|
| 210,000 |
| CAMERON TX EDU CORP REVENUE |
| 8/15/2021 |
| 5.00 |
|
| 168,462 |
|
| 191,354 |
|
|
|
|
| 255,000 |
| CAPITAL TRUST AGY FL MF REVENUE (d) |
| 6/1/2013 |
| 4.75 |
|
| 255,000 |
|
| 145,360 |
|
|
|
|
| 750,000 |
| CAPITAL TRUST AGY FL MF REVENUE (d) |
| 6/1/2038 |
| 5.88 |
|
| 762,053 |
|
| 427,530 |
|
|
|
|
| 1,000,000 |
| CARLSBAD CA UNIF SCH DIST(b) |
| 8/1/2031 |
| 4.17 |
|
| 552,128 |
|
| 651,700 |
|
|
|
|
| 1,093,055 |
| CARLSBAD NM INDL DEV REVENUE (e) |
| 4/15/2021 |
| 5.75 |
|
| 1,118,851 |
|
| 990,330 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 51 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 500,000 |
| CEDAR FALLS IA CMNTY SCH DIST SCH INFRASTRUCTURE SALES SVCS |
| 6/1/2027 |
| 5.38 |
| $ | 498,685 |
|
| 541,740 |
|
|
|
|
| 1,000,000 |
| CENTER CA UNIF SCH DIST (b) |
| 8/1/2031 |
| 12.90 |
|
| 318,457 |
|
| 295,170 |
|
|
|
|
| 1,000,000 |
| CENTRL BRADFORD PROGRESS AUTH PA |
| 12/1/2031 |
| 5.50 |
|
| 1,038,629 |
|
| 1,073,470 |
|
|
|
|
| 500,000 |
| CENTRL TX REGL MOBILITY AUTH REVENUE |
| 1/1/2031 |
| 5.75 |
|
| 495,436 |
|
| 507,790 |
|
|
|
|
| 595,000 |
| CHANDLER PARK ACADEMY MI PUBLIC SCH ACADEMY REVENUE |
| 11/1/2022 |
| 5.00 |
|
| 449,385 |
|
| 562,085 |
|
|
|
|
| 1,000,000 |
| CHAUTAUQUA CNTY NY CAPITAL RESOURCE CORP REVENUE |
| 11/15/2016 |
| 6.75 |
|
| 979,641 |
|
| 1,044,060 |
|
|
|
|
| 275,000 |
| CHESTERFIELD CNTY VA INDL DEV AUTH MF REVENUE |
| 7/1/2019 |
| 5.20 |
|
| 258,381 |
|
| 275,468 |
|
|
|
|
| 500,000 |
| CHICAGO IL |
| 1/1/2035 |
| 5.25 |
|
| 513,761 |
|
| 523,735 |
|
|
|
|
| 10,000 |
| CHICAGO IL MET HSG DEV CORP |
| 7/1/2022 |
| 6.85 |
|
| 10,000 |
|
| 10,023 |
|
|
|
|
| 500,000 |
| CITIZEN POTAWATOMI NATION OK SENIOR OBLG TAX REVENUE |
| 9/1/2016 |
| 6.50 |
|
| 500,000 |
|
| 481,220 |
|
|
|
|
| 250,000 |
| CLARK CNTY NV ECON DEV REVENUE |
| 5/15/2033 |
| 5.38 |
|
| 252,406 |
|
| 252,638 |
|
|
|
|
| 455,000 |
| CLARK CNTY NV IMPT DIST |
| 2/1/2019 |
| 5.00 |
|
| 456,254 |
|
| 427,272 |
|
|
|
|
| 355,000 |
| CLEARWATER FL HSG AUTH |
| 5/1/2024 |
| 5.35 |
|
| 264,442 |
|
| 322,652 |
|
|
|
|
| 720,000 |
| CLIFTON TX HGR EDU FIN CORP EDU REVENUE |
| 2/15/2018 |
| 7.75 |
|
| 711,351 |
|
| 782,374 |
|
|
|
|
| 500,000 |
| CLIFTON TX HGR EDU FIN CORP EDU REVENUE |
| 8/15/2031 |
| 5.50 |
|
| 482,512 |
|
| 505,175 |
|
|
|
|
| 1,000,000 |
| CMNTY MEMORIAL HOSP DIST MO HOSP REVENUE |
| 12/1/2034 |
| 6.68 |
|
| 885,979 |
|
| 1,074,070 |
|
|
|
|
| 295,000 |
| COLLIER CNTY FL HSG FIN AUTH MF HSG REVENUE |
| 8/15/2015 |
| 5.25 |
|
| 294,374 |
|
| 296,012 |
|
|
|
|
| 750,000 |
| COLLIER CNTY FL INDL DEV AUTH |
| 10/1/2039 |
| 6.25 |
|
| 735,458 |
|
| 790,845 |
|
|
|
|
| 1,500,000 |
| COLORADO ST EDUCTNL & CULTURAL FACS AUTH INDEP SCH REVENUE |
| 5/1/2030 |
| 6.00 |
|
| 1,459,260 |
|
| 1,512,570 |
|
|
|
|
| 835,000 |
| COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE |
| 11/15/2028 |
| 6.75 |
|
| 835,000 |
|
| 936,594 |
|
|
|
|
| 2,810,670 |
| COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE |
| 11/15/2028 |
| 6.75 |
|
| 2,810,670 |
|
| 2,973,633 |
|
|
|
|
| 1,000,000 |
| COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE |
| 6/1/2033 |
| 5.50 |
|
| 975,366 |
|
| 1,028,280 |
|
|
|
|
| 1,000,000 |
| COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE |
| 7/1/2034 |
| 5.60 |
|
| 993,591 |
|
| 1,000,000 |
|
|
|
|
| 350,000 |
| COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE |
| 12/1/2039 |
| 5.13 |
|
| 330,884 |
|
| 349,727 |
|
|
|
|
| 865,000 |
| COLORADO ST HSG & FIN AUTH |
| 10/1/2029 |
| 5.40 |
|
| 865,000 |
|
| 912,333 |
|
|
|
|
| 790,000 |
| COLORADO ST HSG & FIN AUTH |
| 11/1/2029 |
| 5.50 |
|
| 790,000 |
|
| 808,257 |
|
|
|
|
| 625,000 |
| COLORADO ST HSG FIN AUTH SF MTGE REVENUE |
| 11/1/2034 |
| 5.00 |
|
| 625,043 |
|
| 640,988 |
|
|
|
|
| 1,000,000 |
| COLTON CA JT UNIF SCH DIST (b) |
| 8/1/2035 |
| 3.46 |
|
| 554,467 |
|
| 597,250 |
|
|
|
|
| 1,250,000 |
| CONNECTICUT ST DEV AUTH POLL CONTROL REVENUE |
| 9/1/2028 |
| 5.85 |
|
| 1,254,702 |
|
| 1,254,900 |
|
|
|
|
| 1,000,000 |
| CONNECTICUT ST HSG FIN AUTH |
| 11/15/2035 |
| 4.75 |
|
| 1,000,000 |
|
| 1,021,700 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 52 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 1,000,000 |
| CONNECTICUT ST HSG FIN AUTH |
| 11/15/2041 |
| 4.63 |
| $ | 995,002 |
|
| 1,004,710 |
|
|
|
|
| 500,000 |
| CONNECTICUT ST HSG FIN AUTH |
| 11/15/2041 |
| 5.00 |
|
| 500,000 |
|
| 515,950 |
|
|
|
|
| 375,000 |
| CONNERTON W FL CDD CAPITAL IMPT REVENUE (d) |
| 5/1/2016 |
| 5.13 |
|
| 374,540 |
|
| 150,506 |
|
|
|
|
| 500,000 |
| COOK CNTY IL SCH DIST #83 |
| 6/1/2031 |
| 5.38 |
|
| 489,666 |
|
| 543,435 |
|
|
|
|
| 1,105,000 |
| CORONA-NORCO CA UNIF SCH DIST (b) |
| 8/1/2039 |
| 2.24 |
|
| 687,438 |
|
| 932,344 |
|
|
|
|
| 637,000 |
| CORTLAND IL SPL TAX REVENUE |
| 3/1/2017 |
| 5.50 |
|
| 633,485 |
|
| 392,456 |
|
|
|
|
| 790,000 |
| CROW FIN AUTH MT TRIBAL PURPOSE REVENUE |
| 10/1/2017 |
| 5.65 |
|
| 764,478 |
|
| 792,425 |
|
|
|
|
| 1,000,000 |
| CULLMAN CNTY AL HLTH CARE AUTH |
| 2/1/2023 |
| 6.25 |
|
| 980,369 |
|
| 986,200 |
|
|
|
|
| 500,000 |
| CUYAHOGA CNTY OH HSG MTGE REVENUE |
| 3/20/2042 |
| 5.70 |
|
| 513,301 |
|
| 532,640 |
|
|
|
|
| 3,287,000 |
| DALLAS TX HSG FIN CORP |
| 10/20/2032 |
| 6.75 |
|
| 3,262,541 |
|
| 3,357,769 |
|
|
|
|
| 2,000,000 |
| DAMON RUN IN CONSERVANCY DIST |
| 7/1/2025 |
| 6.10 |
|
| 2,042,076 |
|
| 2,160,880 |
|
|
|
|
| 1,000,000 |
| DAMON RUN IN CONSERVANCY DIST |
| 1/1/2027 |
| 6.38 |
|
| 1,016,310 |
|
| 1,084,500 |
|
|
|
|
| 500,000 |
| DAVIESS CNTY IN HOSP ASSN LEASE RENTAL REVENUE |
| 1/15/2029 |
| 5.25 |
|
| 488,949 |
|
| 530,645 |
|
|
|
|
| 1,000,000 |
| DE KALB CNTY GA HOSP AUTH |
| 9/1/2030 |
| 6.00 |
|
| 970,993 |
|
| 1,053,040 |
|
|
|
|
| 1,000,000 |
| DEKALB/KANE/LA SALLE CNTYS IL CMNTY CLG DIST #523(b) |
| 2/1/2029 |
| 11.72 |
|
| 343,079 |
|
| 384,040 |
|
|
|
|
| 500,000 |
| DELAWARE RIVER NJ PORT AUTH |
| 1/1/2022 |
| 5.70 |
|
| 500,000 |
|
| 501,180 |
|
|
|
|
| 440,000 |
| DELAWARE ST HSG AUTH REVENUE |
| 7/1/2031 |
| 5.20 |
|
| 440,000 |
|
| 460,112 |
|
|
|
|
| 147,417 |
| DENHAM SPRINGS-LIVINGSTON LA HSG & MTGE FIN AUTH |
| 11/1/2040 |
| 5.00 |
|
| 152,576 |
|
| 152,585 |
|
|
|
|
| 500,000 |
| DETROIT LAKES MN HSG & HLTH FACS REVENUE |
| 8/1/2034 |
| 2.39 |
|
| 500,000 |
|
| 482,385 |
|
|
|
|
| 500,000 |
| DINUBA CA FING AUTH LEASE REVENUE |
| 9/1/2038 |
| 5.38 |
|
| 494,738 |
|
| 454,325 |
|
|
|
|
| 1,105,000 |
| DIRECTOR OF THE ST OF NEVADA DEPT OF BUSINESS & INDUSTRY (d) |
| 11/15/2014 |
| 6.00 |
|
| 1,097,305 |
|
| 595,264 |
|
|
|
|
| 500,000 |
| DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE |
| 7/1/2033 |
| 5.45 |
|
| 500,000 |
|
| 523,015 |
|
|
|
|
| 1,000,000 |
| DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE |
| 6/1/2040 |
| 4.90 |
|
| 1,000,000 |
|
| 1,004,800 |
|
|
|
|
| 1,000,000 |
| DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE |
| 6/1/2041 |
| 5.00 |
|
| 1,000,000 |
|
| 1,010,880 |
|
|
|
|
| 500,000 |
| DISTRICT OF COLUMBIA REVENUE |
| 6/1/2026 |
| 5.00 |
|
| 506,843 |
|
| 443,760 |
|
|
|
|
| 3,000,000 |
| DUBLIN CA UNIF SCH DIST (b) |
| 8/1/2034 |
| 15.06 |
|
| 726,437 |
|
| 732,660 |
|
|
|
|
| 225,000 |
| E BATON ROUGE LA MTGE FIN AUTH SF REVENUE |
| 10/1/2034 |
| 5.00 |
|
| 225,000 |
|
| 232,162 |
|
|
|
|
| 550,000 |
| E CHICAGO IN REDEV COMMISSION LAKE FRONT REDEV AREA TAX |
| 7/15/2014 |
| 5.00 |
|
| 550,000 |
|
| 548,559 |
|
|
|
|
| 565,000 |
| E CHICAGO IN REDEV COMMISSION LAKE FRONT REDEV AREA TAX |
| 1/15/2015 |
| 5.25 |
|
| 565,000 |
|
| 562,011 |
|
|
|
|
| 500,000 |
| E-470 CO PUBLIC HIGHWAY AUTH |
| 9/1/2024 |
| 5.50 |
|
| 504,267 |
|
| 512,795 |
|
|
|
|
| 945,000 |
| EAST POINT GA |
| 2/1/2026 |
| 8.00 |
|
| 987,073 |
|
| 951,483 |
|
|
|
|
| 800,000 |
| EDEN PRAIRIE MN MF HSG REVENUE |
| 2/20/2043 |
| 6.20 |
|
| 837,132 |
|
| 840,792 |
|
|
|
|
| 2,045,000 |
| EDEN TWP CA HOSP DIST COPS |
| 6/1/2030 |
| 6.00 |
|
| 2,022,422 |
|
| 2,084,100 |
|
|
|
|
| 750,000 |
| EL PASO DE ROBLES CA REDEV AGY TAX ALLOCATION REVENUE |
| 7/1/2033 |
| 6.38 |
|
| 741,731 |
|
| 825,675 |
|
|
|
|
| 705,268 |
| EL PASO TX HSG FIN CORP |
| 4/1/2033 |
| 6.18 |
|
| 730,093 |
|
| 736,131 |
|
|
|
|
| 500,000 |
| ELKHART CNTY IN HOSP AUTH |
| 8/15/2020 |
| 5.25 |
|
| 500,000 |
|
| 500,670 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 53 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 2,000,000 |
| EMERY CNTY UT POLL CONTROL REVENUE |
| 11/1/2023 |
| 5.65 |
| $ | 2,000,000 |
|
| 2,001,580 |
|
|
|
|
| 1,000,000 |
| ENCINITAS CA UNION SCH DIST(b) |
| 8/1/2035 |
| 4.54 |
|
| 488,850 |
|
| 621,020 |
|
|
|
|
| 1,155,000 |
| ENTERPRISE CA ELEM SCH DIST (b) |
| 8/1/2035 |
| 3.73 |
|
| 618,412 |
|
| 695,206 |
|
|
|
|
| 1,000,000 |
| ERIE CNTY PA HOSP AUTH |
| 7/1/2027 |
| 7.00 |
|
| 1,000,000 |
|
| 1,023,580 |
|
|
|
|
| 500,000 |
| ESTHERVILLE IA HOSP REVENUE |
| 7/1/2020 |
| 6.30 |
|
| 501,268 |
|
| 503,370 |
|
|
|
|
| 500,000 |
| FAIRFAX CNTY VA REDEV & HSG AUTH MF REVENUE |
| 8/1/2039 |
| 5.60 |
|
| 500,000 |
|
| 529,390 |
|
|
|
|
| 239,000 |
| FARMS NEW KENT VA CMNTY DEV AUTH SPL ASSMNT |
| 3/1/2036 |
| 5.13 |
|
| 239,000 |
|
| 144,585 |
|
|
|
|
| 1,000,000 |
| FESTIVAL RANCH AZ CMNTY FACS DIST |
| 7/15/2024 |
| 6.25 |
|
| 1,014,946 |
|
| 1,075,040 |
|
|
|
|
| 315,000 |
| FIDDLERS CREEK FL CDD #2 SPL ASSMNT REVENUE (d) |
| 5/1/2013 |
| 5.75 |
|
| 314,118 |
|
| 165,186 |
|
|
|
|
| 850,000 |
| FLAGSTAFF AZ INDL DEV AUTH |
| 7/1/2022 |
| 5.50 |
|
| 786,001 |
|
| 791,528 |
|
|
|
|
| 250,000 |
| FLORIDA ST HGR EDUCTNL FACS FINANCIAL AUTH REVENUE |
| 7/1/2032 |
| 5.38 |
|
| 252,960 |
|
| 265,132 |
|
|
|
|
| 500,000 |
| FLORIDA ST HSG FIN CORP REVENUE |
| 7/1/2026 |
| 5.00 |
|
| 501,743 |
|
| 531,295 |
|
|
|
|
| 390,000 |
| FLORIDA ST HSG FIN CORP REVENUE |
| 1/1/2027 |
| 5.05 |
|
| 390,000 |
|
| 414,184 |
|
|
|
|
| 375,000 |
| FLORIDA ST HSG FIN CORP REVENUE |
| 7/1/2033 |
| 5.45 |
|
| 375,000 |
|
| 391,455 |
|
|
|
|
| 1,710,000 |
| FLORIDA ST HSG FIN CORP REVENUE |
| 7/1/2034 |
| 5.30 |
|
| 1,726,618 |
|
| 1,770,790 |
|
|
|
|
| 500,000 |
| FLORIDA ST MID-BAY BRIDGE AUTH(b) |
| 10/1/2021 |
| 9.78 |
|
| 258,672 |
|
| 251,535 |
|
|
|
|
| 490,000 |
| FOREST CREEK FL CDD CAPITAL IMPT REVENUE |
| 11/1/2013 |
| 7.00 |
|
| 579,929 |
|
| 478,157 |
|
|
|
|
| 1,250,000 |
| FORT SILL APACHE TRIBE OK ECONDEV AUTH GAMING ENTERPRISE REV |
| 8/25/2026 |
| 8.50 |
|
| 1,250,000 |
|
| 1,250,988 |
|
|
|
|
| 1,145,000 |
| FULTON CNTY GA DEV AUTH |
| 11/1/2028 |
| 5.25 |
|
| 982,618 |
|
| 925,297 |
|
|
|
|
| 1,000,000 |
| FYI PROPERTIES WA LEASE REVENUE |
| 6/1/2034 |
| 5.50 |
|
| 980,972 |
|
| 1,084,750 |
|
|
|
|
| 500,000 |
| GAINESVILLE & HALL CNTY GA DEV AUTH RETMNT CMNTY REVENUE |
| 11/15/2029 |
| 6.38 |
|
| 514,738 |
|
| 538,535 |
|
|
|
|
| 1,206,508 |
| GALVESTON TX MUNI UTILITY DIST #52(e) |
| 3/1/2011 |
| 6.16 |
|
| 1,206,508 |
|
| 964,241 |
|
|
|
|
| 400,000 |
| GEISINGER PA AUTH |
| 5/1/2037 |
| 1.06 |
|
| 400,000 |
|
| 259,656 |
|
|
|
|
| 500,000 |
| GEORGIA ST ENVRNMNTL LOAN ACQUISITION CORP LOC GOVT LOAN SEC |
| 2/15/2031 |
| 5.13 |
|
| 495,488 |
|
| 541,040 |
|
|
|
|
| 3,000,000 |
| GEORGIA ST ENVRNMNTL LOAN ACQUISITION CORP LOC GOVT LOAN SEC |
| 3/15/2031 |
| 5.13 |
|
| 3,000,000 |
|
| 3,283,920 |
|
|
|
|
| 500,000 |
| GEORGIA ST ENVRNMNTL LOAN ACQUISITION CORP LOC GOVT LOAN SEC |
| 2/15/2036 |
| 5.25 |
|
| 491,601 |
|
| 543,380 |
|
|
|
|
| 500,000 |
| GILA CNTY AZ UNIF SCH DIST #10 PAYSON |
| 7/1/2028 |
| 5.75 |
|
| 477,532 |
|
| 557,235 |
|
|
|
|
| 2,000,000 |
| GLENDALE CA UNIF SCH DIST(b) |
| 9/1/2028 |
| 11.02 |
|
| 710,240 |
|
| 742,040 |
|
|
|
|
| 1,000,000 |
| GREENWOOD CNTY SC HOSP REVENUE |
| 10/1/2031 |
| 5.50 |
|
| 1,003,500 |
|
| 1,001,130 |
|
|
|
|
| 1,000,000 |
| HAMDEN CT FAC REVENUE |
| 1/1/2014 |
| 6.13 |
|
| 991,209 |
|
| 1,000,750 |
|
|
|
|
| 1,250,000 |
| HAMILTON CNTY OH HLTH CARE REVENUE |
| 1/1/2031 |
| 6.13 |
|
| 1,215,818 |
|
| 1,274,275 |
|
|
|
|
| 1,000,000 |
| HAMMOND IN LOCAL PUBLIC IMPT BOND BANK SPL REVENUE |
| 8/15/2025 |
| 6.50 |
|
| 1,019,219 |
|
| 1,039,360 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 54 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 1,000,000 |
| HAMMOND IN LOCAL PUBLIC IMPT BOND BANK SPL REVENUE |
| 8/15/2030 |
| 6.50 |
| $ | 1,009,579 |
|
| 1,025,460 |
|
|
|
|
| 500,000 |
| HAMMOND IN REDEV DIST REVENUE |
| 1/15/2017 |
| 6.00 |
|
| 500,000 |
|
| 505,650 |
|
|
|
|
| 1,250,000 |
| HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE (c) |
| 8/15/2021 |
| 6.75 |
|
| 1,250,000 |
|
| 1,332,525 |
|
|
|
|
| 1,500,000 |
| HARTNELL CA CMNTY CLG DIST (b) |
| 8/1/2034 |
| 5.71 |
|
| 671,093 |
|
| 943,485 |
|
|
|
|
| 500,000 |
| HARVEY IL |
| 12/1/2027 |
| 5.50 |
|
| 450,845 |
|
| 435,590 |
|
|
|
|
| 1,000,000 |
| HAWAII ST DEPT OF BUDGET & FIN SPL PURPOSE REVENUE |
| 11/15/2023 |
| 7.88 |
|
| 969,749 |
|
| 1,040,990 |
|
|
|
|
| 1,500,000 |
| HAWAII ST DEPT OF BUDGET & FIN SPL PURPOSE REVENUE |
| 11/15/2033 |
| 8.00 |
|
| 1,566,624 |
|
| 1,555,320 |
|
|
|
|
| 200,000 |
| HAWAII ST DEPT OF BUDGET & FIN SPL PURPOSE SENIOR LIVING REV |
| 11/15/2014 |
| 6.40 |
|
| 200,000 |
|
| 200,994 |
|
|
|
|
| 590,000 |
| HAWAII ST DEPT OF BUDGET & FIN SPL PURPOSE SENIOR LIVING REV |
| 11/15/2029 |
| 8.75 |
|
| 582,036 |
|
| 674,028 |
|
|
|
|
| 1,000,000 |
| HAWTHORNE CA SCH DIST (b) |
| 11/1/2026 |
| 11.90 |
|
| 378,584 |
|
| 422,640 |
|
|
|
|
| 2,000,000 |
| HAWTHORNE CA SCH DIST COPS (b) |
| 12/1/2029 |
| 1.69 |
|
| 1,539,644 |
|
| 1,829,880 |
|
|
|
|
| 1,000,000 |
| HEALDSBURG CA REDEV AGY TAX ALLOCATION |
| 8/1/2034 |
| 5.38 |
|
| 990,255 |
|
| 1,083,930 |
|
|
|
|
| 1,000,000 |
| HELENDALE CA SCH DIST (b) |
| 8/1/2034 |
| 3.31 |
|
| 578,573 |
|
| 714,080 |
|
|
|
|
| 255,000 |
| HIGHLANDS CNTY FL HLTH FACS AUTH |
| 11/15/2027 |
| 5.00 |
|
| 257,095 |
|
| 265,266 |
|
|
|
|
| 500,000 |
| HIGHLANDS CNTY FL HLTH FACS AUTH |
| 11/15/2032 |
| 5.13 |
|
| 501,393 |
|
| 509,790 |
|
|
|
|
| 219,000 |
| HOUMA-TERREBONNE LA PUBLIC TRUST FING AUTH SF MTGE |
| 12/1/2040 |
| 5.15 |
|
| 227,652 |
|
| 227,239 |
|
|
|
|
| 1,000,000 |
| IDAHO ST HSG & FIN ASSN ECON DEV REVENUE |
| 2/1/2026 |
| 6.50 |
|
| 1,000,000 |
|
| 1,054,610 |
|
|
|
|
| 245,000 |
| IDAHO ST HSG & FIN ASSN NONPROFIT FACS REVENUE |
| 8/1/2017 |
| 6.25 |
|
| 245,000 |
|
| 241,141 |
|
|
|
|
| 750,000 |
| IDAHO ST HSG & FIN ASSN NONPROFIT FACS REVENUE |
| 7/1/2030 |
| 5.50 |
|
| 750,000 |
|
| 668,468 |
|
|
|
|
| 655,000 |
| IDAHO ST HSG & FIN ASSN SF MTGE REVENUE |
| 7/1/2026 |
| 5.65 |
|
| 669,689 |
|
| 688,890 |
|
|
|
|
| 295,000 |
| IDAHO ST HSG & FIN ASSN SF MTGE REVENUE |
| 7/1/2038 |
| 5.50 |
|
| 295,000 |
|
| 311,302 |
|
|
|
|
| 195,000 |
| IDAHO ST HSG & FIN ASSN SF MTGE REVENUE |
| 1/1/2040 |
| 5.50 |
|
| 195,000 |
|
| 203,118 |
|
|
|
|
| 900,000 |
| ILLINOIS ST COPS |
| 7/1/2017 |
| 5.80 |
|
| 900,000 |
|
| 900,567 |
|
|
|
|
| 250,000 |
| ILLINOIS ST DEV FIN AUTH |
| 5/15/2021 |
| 5.50 |
|
| 250,000 |
|
| 250,192 |
|
|
|
|
| 1,000,000 |
| ILLINOIS ST FIN AUTH CHRT SCH REVENUE |
| 10/1/2031 |
| 6.88 |
|
| 1,000,000 |
|
| 1,017,040 |
|
|
|
|
| 600,000 |
| ILLINOIS ST FIN AUTH EDU REVENUE |
| 9/1/2027 |
| 5.00 |
|
| 567,890 |
|
| 494,802 |
|
|
|
|
| 500,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 5/15/2012 |
| 5.10 |
|
| 499,817 |
|
| 499,350 |
|
|
|
|
| 1,000,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 5/15/2017 |
| 6.00 |
|
| 1,000,000 |
|
| 999,950 |
|
|
|
|
| 350,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 8/15/2023 |
| 6.00 |
|
| 361,539 |
|
| 366,296 |
|
|
|
|
| 610,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 8/15/2026 |
| 6.00 |
|
| 621,838 |
|
| 530,968 |
|
|
|
|
| 1,000,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 11/15/2026 |
| 5.25 |
|
| 970,233 |
|
| 909,390 |
|
|
|
|
| 250,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 11/15/2026 |
| 5.75 |
|
| 251,846 |
|
| 261,888 |
|
|
|
|
| 500,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 3/15/2027 |
| 5.00 |
|
| 518,174 |
|
| 510,760 |
|
|
|
|
| 500,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 5/15/2029 |
| 5.25 |
|
| 505,397 |
|
| 509,730 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 55 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 1,500,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 8/15/2036 |
| 5.25 |
| $ | 1,474,439 |
|
| 1,465,455 |
|
|
|
|
| 150,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 12/1/2036 |
| 5.00 |
|
| 151,229 |
|
| 132,132 |
|
|
|
|
| 805,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 2/1/2037 |
| 5.25 |
|
| 800,597 |
|
| 736,897 |
|
|
|
|
| 500,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 3/1/2038 |
| 6.00 |
|
| 485,220 |
|
| 547,090 |
|
|
|
|
| 750,000 |
| ILLINOIS ST FIN AUTH SPORTS FAC REVENUE (c)(d) |
| 10/1/2027 |
| 6.13 |
|
| 730,795 |
|
| 75,000 |
|
|
|
|
| 500,000 |
| ILLINOIS ST FIN AUTH SPORTS FAC REVENUE (c)(d) |
| 10/1/2037 |
| 6.25 |
|
| 484,210 |
|
| 50,000 |
|
|
|
|
| 1,500,000 |
| ILLINOIS ST FIN AUTH STUDENT HSG REVENUE |
| 10/1/2024 |
| 6.00 |
|
| 1,483,506 |
|
| 1,580,190 |
|
|
|
|
| 490,000 |
| ILLINOIS ST HLTH FACS AUTH |
| 5/15/2014 |
| 6.25 |
|
| 490,000 |
|
| 491,475 |
|
|
|
|
| 750,000 |
| ILLINOIS ST HLTH FACS AUTH |
| 8/15/2028 |
| 5.38 |
|
| 737,871 |
|
| 750,188 |
|
|
|
|
| 500,000 |
| ILLINOIS ST HLTH FACS AUTH REVENUE |
| 7/1/2033 |
| 6.00 |
|
| 508,050 |
|
| 510,270 |
|
|
|
|
| 2,100,000 |
| ILLINOIS ST HLTH FACS AUTH REVENUE |
| 8/15/2033 |
| 5.10 |
|
| 2,120,669 |
|
| 2,114,847 |
|
|
|
|
| 1,000,000 |
| IMPERIAL CA CMNTY CLG DIST (b) |
| 8/1/2040 |
| 1.12 |
|
| 803,038 |
|
| 914,340 |
|
|
|
|
| 250,000 |
| INDEPENDENCE MO THIRTY-NINTH STREET TRANSPRTN DIST REVENUE |
| 9/1/2032 |
| 6.88 |
|
| 250,000 |
|
| 244,445 |
|
|
|
|
| 500,000 |
| INDIANA ST BOND BANK REVENUE |
| 2/1/2029 |
| 5.50 |
|
| 490,746 |
|
| 539,145 |
|
|
|
|
| 1,750,000 |
| INDIANA ST FIN AUTH HOSP REVENUE |
| 5/1/2031 |
| 5.75 |
|
| 1,807,890 |
|
| 1,867,250 |
|
|
|
|
| 1,000,000 |
| INDIANA ST FIN AUTH REVENUE |
| 10/1/2021 |
| 6.00 |
|
| 1,000,000 |
|
| 1,026,040 |
|
|
|
|
| 3,000,000 |
| INDIANA ST FIN AUTH REVENUE |
| 9/15/2030 |
| 6.50 |
|
| 3,086,480 |
|
| 3,090,930 |
|
|
|
|
| 500,000 |
| INDIANA ST FIN AUTH REVENUE |
| 11/15/2031 |
| 5.50 |
|
| 492,253 |
|
| 506,425 |
|
|
|
|
| 1,000,000 |
| INDIANA ST HLTH & EDUCTNL FAC FING AUTH HOSP REVENUE |
| 2/15/2030 |
| 5.25 |
|
| 746,831 |
|
| 1,013,240 |
|
|
|
|
| 1,315,000 |
| INDIANA ST HLTH FAC FING AUTH |
| 8/15/2018 |
| 5.00 |
|
| 1,203,686 |
|
| 1,316,315 |
|
|
|
|
| 6,686,652 |
| INTERMEDIATE SCH DIST #287 MN LEASE REVENUE |
| 11/1/2032 |
| 5.30 |
|
| 6,454,766 |
|
| 6,798,720 |
|
|
|
|
| 400,000 |
| IOWA ST FIN AUTH SENIOR HSG REVENUE |
| 12/1/2014 |
| 5.00 |
|
| 398,592 |
|
| 347,440 |
|
|
|
|
| 1,000,000 |
| IOWA ST STUDENT LOAN LIQUIDITY CORP |
| 12/1/2027 |
| 5.50 |
|
| 978,216 |
|
| 1,044,280 |
|
|
|
|
| 395,000 |
| JACKSONVILLE FL ECON DEV COMMISSION HLTH CARE FACS REVENUE |
| 9/1/2017 |
| 6.00 |
|
| 395,000 |
|
| 422,437 |
|
|
|
|
| 2,000,000 |
| JEFFERSON CA UNION HIGH SCH DIST SAN MATEO CNTY (b) |
| 8/1/2031 |
| 26.18 |
|
| 388,784 |
|
| 419,100 |
|
|
|
|
| 859,000 |
| JEFFERSON CNTY KY MTGE REVENUE |
| 11/15/2013 |
| 6.13 |
|
| 859,000 |
|
| 861,242 |
|
|
|
|
| 120,000 |
| JEFFERSON PARISH LA FIN AUTH |
| 6/1/2033 |
| 5.00 |
|
| 125,754 |
|
| 123,768 |
|
|
|
|
| 990,000 |
| JEFFERSON PARISH LA FIN AUTH |
| 6/1/2038 |
| 5.00 |
|
| 1,032,591 |
|
| 1,032,649 |
|
|
|
|
| 215,000 |
| JEFFERSON PARISH LA FIN AUTH |
| 12/1/2048 |
| 5.70 |
|
| 225,230 |
|
| 230,751 |
|
|
|
|
| 1,690,000 |
| KALISPEL TRIBE OF INDIANS PRIORITY DIST WA REVENUE |
| 1/1/2016 |
| 6.20 |
|
| 1,646,669 |
|
| 1,607,274 |
|
|
|
|
| 1,250,000 |
| KANSAS CITY MO INDL DEV AUTH |
| 9/1/2023 |
| 5.45 |
|
| 1,250,000 |
|
| 1,308,150 |
|
|
|
|
| 1,000,000 |
| KANSAS CITY MO INDL DEV AUTH |
| 11/20/2039 |
| 5.10 |
|
| 1,000,000 |
|
| 1,031,520 |
|
|
|
|
| 1,000,000 |
| KANSAS ST DEV FIN AUTH HOSP REVENUE |
| 11/15/2029 |
| 5.50 |
|
| 977,688 |
|
| 1,107,550 |
|
|
|
|
| 500,000 |
| KENTUCKY ST ECON DEV FIN AUTH MF HSG REVENUE |
| 11/20/2035 |
| 5.38 |
|
| 500,000 |
|
| 529,285 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 56 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 470,000 |
| KENTUCKY ST HSG CORP HSG REVENUE |
| 7/1/2039 |
| 5.15 |
| $ | 470,000 |
|
| 488,979 |
|
|
|
|
| 1,980,000 |
| KERRVILLE TX HLTH FACS DEV CORP HOSP REVENUE |
| 8/15/2035 |
| 5.45 |
|
| 1,953,813 |
|
| 1,918,521 |
|
|
|
|
| 750,000 |
| KING CNTY WA HSG AUTH |
| 5/1/2028 |
| 5.20 |
|
| 750,000 |
|
| 797,558 |
|
|
|
|
| 500,000 |
| KIRKWOOD MO INDL DEV AUTH RETMNT CMNTY REVENUE |
| 11/15/2015 |
| 7.00 |
|
| 500,000 |
|
| 501,050 |
|
|
|
|
| 500,000 |
| KIRKWOOD MO INDL DEV AUTH RETMNT CMNTY REVENUE |
| 5/15/2021 |
| 8.00 |
|
| 500,000 |
|
| 533,830 |
|
|
|
|
| 900,000 |
| KLICKITAT CNTY WA PUBLIC HOSP DIST #2 HOSP REVENUE |
| 12/1/2020 |
| 6.00 |
|
| 838,369 |
|
| 856,413 |
|
|
|
|
| 2,500,000 |
| KOYUKUK AK REVENUE |
| 10/1/2023 |
| 7.00 |
|
| 2,426,784 |
|
| 2,542,925 |
|
|
|
|
| 1,390,000 |
| KREMMLING CO MEMORIAL HOSP DIST COPS |
| 12/1/2022 |
| 6.00 |
|
| 1,376,306 |
|
| 1,393,225 |
|
|
|
|
| 1,500,000 |
| LA MIRADA CA REDEV AGY(b) |
| 8/15/2027 |
| 14.17 |
|
| 493,469 |
|
| 526,830 |
|
|
|
|
| 410,000 |
| LA VERNIA TX HGR EDU FIN CORP EDU REVENUE |
| 2/15/2018 |
| 6.00 |
|
| 410,000 |
|
| 411,747 |
|
|
|
|
| 1,007,000 |
| LAFAYETTE LA PUBLIC TRUST FING AUTH SF MTGE |
| 1/1/2041 |
| 5.35 |
|
| 1,028,292 |
|
| 1,031,339 |
|
|
|
|
| 750,000 |
| LAKESIDE 370 MO LEVEE DIST |
| 4/1/2028 |
| 7.00 |
|
| 750,000 |
|
| 729,368 |
|
|
|
|
| 2,000,000 |
| LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE |
| 5/1/2030 |
| 7.40 |
|
| 1,980,157 |
|
| 2,048,380 |
|
|
|
|
| 2,000,000 |
| LAS VEGAS NV REDEV AGY TAX INCR REVENUE |
| 6/15/2023 |
| 7.50 |
|
| 1,980,833 |
|
| 2,344,720 |
|
|
|
|
| 750,000 |
| LEE CNTY FL INDL DEV AUTH |
| 6/15/2027 |
| 5.25 |
|
| 753,134 |
|
| 683,978 |
|
|
|
|
| 1,000,000 |
| LEE CNTY FL INDL DEV AUTH |
| 11/15/2029 |
| 5.00 |
|
| 830,787 |
|
| 846,460 |
|
|
|
|
| 1,000,000 |
| LEHIGH CNTY PA GEN PURPOSE AUTH |
| 12/15/2023 |
| 6.00 |
|
| 911,221 |
|
| 939,080 |
|
|
|
|
| 250,000 |
| LEHIGH CNTY PA GEN PURPOSE AUTH |
| 8/15/2042 |
| 1.32 |
|
| 250,000 |
|
| 141,415 |
|
|
|
|
| 500,000 |
| LEXINGTON OAKS FL CDD SPL ASSMNT REVENUE |
| 5/1/2033 |
| 5.65 |
|
| 500,000 |
|
| 508,175 |
|
|
|
|
| 500,000 |
| LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU |
| 1/1/2015 |
| 6.38 |
|
| 500,000 |
|
| 362,010 |
|
|
|
|
| 550,000 |
| LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU |
| 1/1/2030 |
| 5.50 |
|
| 572,760 |
|
| 327,486 |
|
|
|
|
| 1,750,000 |
| LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU |
| 1/1/2036 |
| 5.25 |
|
| 1,771,784 |
|
| 1,239,402 |
|
|
|
|
| 250,000 |
| LOMPOC CA HLTHCARE DIST |
| 8/1/2034 |
| 5.00 |
|
| 251,804 |
|
| 251,072 |
|
|
|
|
| 1,000,000 |
| LOS ANGELES CA COPS |
| 2/1/2027 |
| 5.00 |
|
| 1,000,039 |
|
| 1,000,900 |
|
|
|
|
| 2,000,000 |
| LOS ANGELES CA HSG AUTH |
| 6/1/2029 |
| 5.00 |
|
| 1,704,769 |
|
| 1,771,760 |
|
|
|
|
| 500,000 |
| LOUDOUN CNTY VA INDL DEV AUTH RSDL CARE FAC REVENUE |
| 8/1/2028 |
| 7.00 |
|
| 500,000 |
|
| 499,935 |
|
|
|
|
| 500,000 |
| LOUISIANA ST HSG FIN AGY SF MTGE REVENUE |
| 12/1/2034 |
| 5.10 |
|
| 500,000 |
|
| 521,870 |
|
|
|
|
| 240,000 |
| LOUISIANA ST HSG FIN AGY SF MTGE REVENUE |
| 6/1/2038 |
| 5.85 |
|
| 253,214 |
|
| 250,195 |
|
|
|
|
| 1,105,000 |
| LOUISIANA ST HSG FIN AGY SF MTGE REVENUE |
| 12/1/2038 |
| 5.70 |
|
| 1,148,644 |
|
| 1,161,024 |
|
|
|
|
| 235,000 |
| LOUISIANA ST HSG FIN AGY SF MTGE REVENUE |
| 6/1/2039 |
| 5.60 |
|
| 242,475 |
|
| 256,171 |
|
|
|
|
| 420,000 |
| LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH |
| 6/20/2028 |
| 8.00 |
|
| 420,000 |
|
| 360,612 |
|
|
|
|
| 500,000 |
| LOUISIANA ST PUBLIC FACS AUTH HOSP REVENUE |
| 7/1/2024 |
| 6.75 |
|
| 511,475 |
|
| 530,295 |
|
|
|
|
| 750,000 |
| LOUISIANA ST PUBLIC FACS AUTH REVENUE |
| 5/1/2031 |
| 6.50 |
|
| 746,655 |
|
| 796,808 |
|
|
|
|
| 500,000 |
| LOUISIANA ST PUBLIC FACS AUTH REVENUE |
| 2/15/2036 |
| 1.00 |
|
| 500,000 |
|
| 358,585 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 57 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 1,000,000 |
| LOUISIANA ST TRANSPRTN AUTH TOLL REVENUE(b) |
| 12/1/2027 |
| 9.18 |
| $ | 414,198 |
|
| 425,520 |
|
|
|
|
| 500,000 |
| LUCAS CNTY OH HLTH CARE FACS REVENUE |
| 8/15/2030 |
| 5.50 |
|
| 491,378 |
|
| 508,185 |
|
|
|
|
| 1,495,000 |
| LUZERNE CNTY PA |
| 11/1/2026 |
| 7.00 |
|
| 1,588,290 |
|
| 1,752,319 |
|
|
|
|
| 418,312 |
| LYONS CO |
| 11/30/2016 |
| 4.75 |
|
| 421,120 |
|
| 408,277 |
|
|
|
|
| 1,000,000 |
| MACON CNTY IL SCH DIST #61 |
| 1/1/2037 |
| 5.25 |
|
| 1,033,969 |
|
| 1,063,390 |
|
|
|
|
| 1,000,000 |
| MADERA CA IRR FING AUTH REVENUE |
| 1/1/2031 |
| 6.25 |
|
| 978,156 |
|
| 1,066,000 |
|
|
|
|
| 440,000 |
| MADISON CNTY FL |
| 7/1/2025 |
| 6.00 |
|
| 433,992 |
|
| 404,197 |
|
|
|
|
| 250,000 |
| MAGNOLIA CREEK FL CDD CAPITAL IMPT REVENUE (d) |
| 5/1/2014 |
| 5.60 |
|
| 250,000 |
|
| 100,012 |
|
|
|
|
| 725,000 |
| MAINE ST EDUCTNL AUTH STUDENT LOAN REVENUE |
| 12/1/2027 |
| 5.63 |
|
| 725,000 |
|
| 793,150 |
|
|
|
|
| 1,000,000 |
| MAINE ST HLTH & HGR EDUCTNL FACS AUTH REVENUE |
| 7/1/2026 |
| 6.00 |
|
| 999,508 |
|
| 1,024,720 |
|
|
|
|
| 1,000,000 |
| MAINE ST HLTH & HGR EDUCTNL FACS AUTH REVENUE |
| 7/1/2032 |
| 7.50 |
|
| 1,057,614 |
|
| 1,104,280 |
|
|
|
|
| 1,000,000 |
| MAINE ST TECH CLG SYS COPS |
| 1/1/2017 |
| 5.80 |
|
| 1,000,000 |
|
| 1,003,910 |
|
|
|
|
| 1,000,000 |
| MALTA IL TAX INCR REVENUE |
| 12/30/2025 |
| 5.75 |
|
| 1,000,000 |
|
| 667,630 |
|
|
|
|
| 500,000 |
| MANATEE CNTY FL SCH BRD |
| 7/1/2031 |
| 5.63 |
|
| 495,579 |
|
| 546,340 |
|
|
|
|
| 500,000 |
| MANCHESTER NH HSG & REDEV AUTH REVENUE |
| 1/1/2015 |
| 6.75 |
|
| 495,510 |
|
| 480,915 |
|
|
|
|
| 500,000 |
| MANCHESTER NH HSG & REDEV AUTH REVENUE (b) |
| 1/1/2020 |
| 7.87 |
|
| 322,940 |
|
| 235,010 |
|
|
|
|
| 452,000 |
| MANHATTAN IL SPL SVC AREA SPL TAX(d) |
| 3/1/2022 |
| 5.75 |
|
| 452,000 |
|
| 135,758 |
|
|
|
|
| 500,000 |
| MANSFIELD OH |
| 12/1/2024 |
| 6.00 |
|
| 523,996 |
|
| 581,100 |
|
|
|
|
| 750,000 |
| MANTECA CA FING AUTH SWR REVENUE |
| 12/1/2033 |
| 5.00 |
|
| 694,783 |
|
| 755,640 |
|
|
|
|
| 300,000 |
| MARICOPA CNTY AZ ELEM SCH DIST #21 MURPHY |
| 7/1/2024 |
| 8.00 |
|
| 307,537 |
|
| 341,256 |
|
|
|
|
| 439,000 |
| MARQUIS VA CMNTY DEV AUTH REVENUE |
| 9/1/2013 |
| 5.10 |
|
| 439,000 |
|
| 361,345 |
|
|
|
|
| 750,000 |
| MARTINEZ CA UNIF SCH DIST(b) |
| 8/1/2035 |
| 0.87 |
|
| 622,136 |
|
| 713,640 |
|
|
|
|
| 500,000 |
| MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV |
| 9/1/2030 |
| 5.13 |
|
| 500,000 |
|
| 527,465 |
|
|
|
|
| 500,000 |
| MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV |
| 7/1/2031 |
| 4.50 |
|
| 500,000 |
|
| 504,815 |
|
|
|
|
| 1,000,000 |
| MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE |
| 1/1/2026 |
| 6.00 |
|
| 1,026,373 |
|
| 1,049,850 |
|
|
|
|
| 1,000,000 |
| MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE |
| 1/1/2031 |
| 6.25 |
|
| 1,018,490 |
|
| 1,043,760 |
|
|
|
|
| 500,000 |
| MASHANTUCKET WSTRN PEQUOT TRIBE CT (c)(d) |
| 9/1/2036 |
| 5.50 |
|
| 509,035 |
|
| 182,935 |
|
|
|
|
| 1,000,000 |
| MASSACHUSETTS ST DEV FIN AGY REVENUE |
| 7/1/2030 |
| 6.38 |
|
| 986,585 |
|
| 1,060,530 |
|
|
|
|
| 290,000 |
| MASSACHUSETTS ST DEV FIN AGY SENIOR LIVING FAC REVENUE |
| 6/1/2014 |
| 6.25 |
|
| 290,000 |
|
| 289,986 |
|
|
|
|
| 455,000 |
| MASSACHUSETTS ST EDUCTNL FING AUTH |
| 1/1/2027 |
| 5.20 |
|
| 455,000 |
|
| 494,348 |
|
|
|
|
| 2,280,000 |
| MASSACHUSETTS ST EDUCTNL FING AUTH |
| 1/1/2028 |
| 5.25 |
|
| 2,285,517 |
|
| 2,441,287 |
|
|
|
|
| 1,330,000 |
| MASSACHUSETTS ST HLTH & EDUCTNL FACS AUTH |
| 7/1/2013 |
| 7.30 |
|
| 1,330,000 |
|
| 1,335,586 |
|
|
|
|
| 500,000 |
| MASSACHUSETTS ST HLTH & EDUCTNL FACS AUTH REVENUE |
| 7/1/2022 |
| 6.00 |
|
| 505,000 |
|
| 505,690 |
|
|
|
|
| 1,000,000 |
| MASSACHUSETTS ST HSG FIN AGY |
| 12/1/2033 |
| 5.35 |
|
| 1,000,000 |
|
| 1,044,630 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 58 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 750,000 |
| MASSACHUSETTS ST HSG FIN AGY |
| 12/1/2037 |
| 5.40 |
| $ | 763,276 |
|
| 782,572 |
|
|
|
|
| 960,000 |
| MASSACHUSETTS ST HSG FIN AGY |
| 6/1/2040 |
| 5.05 |
|
| 960,000 |
|
| 990,998 |
|
|
|
|
| 1,750,000 |
| MCALESTER OK PUBLIC WKS AUTH UTILITY SYS REVENUE (b) |
| 2/1/2030 |
| 11.04 |
|
| 633,260 |
|
| 633,745 |
|
|
|
|
| 160,000 |
| MEAD NE TAX INCR REVENUE(d) |
| 7/1/2012 |
| 5.13 |
|
| 160,000 |
|
| 138,709 |
|
|
|
|
| 1,000,000 |
| MESQUITE TX HLTH FAC DEV CORP |
| 2/15/2025 |
| 5.50 |
|
| 998,063 |
|
| 1,000,290 |
|
|
|
|
| 1,070,000 |
| MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD (d) |
| 12/20/2020 |
| 8.00 |
|
| 1,070,000 |
|
| 534,968 |
|
|
|
|
| 855,000 |
| MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD (d) |
| 6/20/2036 |
| 10.00 |
|
| 855,000 |
|
| 420,720 |
|
|
|
|
| 1,830,000 |
| MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD (d) |
| 12/20/2040 |
| 7.50 |
|
| 1,830,000 |
|
| 1,063,285 |
|
|
|
|
| 2,000,000 |
| MET WASHINGTON DC ARPTS AUTH DULES TOLL ROAD REVENUE (b) |
| 10/1/2041 |
| 1.80 |
|
| 1,310,697 |
|
| 1,728,460 |
|
|
|
|
| 500,000 |
| MIAMI-DADE CNTY FL HLTH FACS AUTH HOSP REVENUE |
| 8/1/2030 |
| 6.00 |
|
| 485,796 |
|
| 542,525 |
|
|
|
|
| 1,500,000 |
| MIAMI-DADE CNTY FL SPL OBLG (b) |
| 10/1/2026 |
| 10.87 |
|
| 608,848 |
|
| 619,935 |
|
|
|
|
| 500,000 |
| MICHIGAN ST FIN AUTH LTD OBLGREVENUE |
| 10/1/2021 |
| 6.00 |
|
| 496,309 |
|
| 502,875 |
|
|
|
|
| 1,000,000 |
| MICHIGAN ST HOSP FIN AUTH |
| 12/1/2023 |
| 6.13 |
|
| 989,561 |
|
| 1,172,110 |
|
|
|
|
| 1,000,000 |
| MICHIGAN ST HOSP FIN AUTH |
| 4/1/2032 |
| 5.75 |
|
| 1,008,891 |
|
| 1,014,130 |
|
|
|
|
| 1,500,000 |
| MICHIGAN ST HOSP FIN AUTH |
| 6/1/2034 |
| 6.13 |
|
| 1,565,705 |
|
| 1,607,295 |
|
|
|
|
| 625,000 |
| MICHIGAN ST HSG DEV AUTH |
| 10/1/2020 |
| 5.38 |
|
| 600,638 |
|
| 681,050 |
|
|
|
|
| 1,000,000 |
| MICHIGAN ST HSG DEV AUTH |
| 10/1/2034 |
| 5.63 |
|
| 1,000,000 |
|
| 1,049,370 |
|
|
|
|
| 1,000,000 |
| MICHIGAN ST MUNI BOND AUTH |
| 5/1/2023 |
| 5.75 |
|
| 1,026,987 |
|
| 1,188,310 |
|
|
|
|
| 850,000 |
| MICHIGAN ST PUBLIC EDUCTNL FACS AUTH (c) |
| 9/1/2016 |
| 6.00 |
|
| 846,955 |
|
| 771,494 |
|
|
|
|
| 750,000 |
| MICHIGAN ST PUBLIC EDUCTNL FACS AUTH |
| 6/1/2020 |
| 6.00 |
|
| 743,844 |
|
| 747,022 |
|
|
|
|
| 475,000 |
| MICHIGAN ST PUBLIC EDUCTNL FACS AUTH |
| 9/1/2021 |
| 8.00 |
|
| 475,000 |
|
| 433,262 |
|
|
|
|
| 300,000 |
| MICHIGAN ST PUBLIC EDUCTNL FACS AUTH |
| 9/1/2022 |
| 5.00 |
|
| 300,000 |
|
| 272,178 |
|
|
|
|
| 450,000 |
| MICHIGAN ST PUBLIC EDUCTNL FACS AUTH |
| 10/1/2023 |
| 6.25 |
|
| 450,000 |
|
| 409,774 |
|
|
|
|
| 500,000 |
| MICHIGAN ST PUBLIC EDUCTNL FACS AUTH |
| 11/1/2028 |
| 6.35 |
|
| 500,000 |
|
| 494,955 |
|
|
|
|
| 310,000 |
| MICHIGAN ST TOBACCO SETTLEMENT FIN AUTH |
| 6/1/2022 |
| 5.13 |
|
| 291,132 |
|
| 263,596 |
|
|
|
|
| 496,000 |
| MILLSBORO DE SPL OBLG |
| 7/1/2036 |
| 5.45 |
|
| 496,000 |
|
| 370,343 |
|
|
|
|
| 2,500,000 |
| MINNEAPOLIS MN MF REVENUE |
| 11/1/2013 |
| 6.00 |
|
| 2,489,148 |
|
| 2,479,350 |
|
|
|
|
| 389,838 |
| MINNESOTA ST HGR EDU FACS AUTH REVENUE |
| 10/1/2016 |
| 4.49 |
|
| 391,878 |
|
| 396,777 |
|
|
|
|
| 190,000 |
| MINNESOTA ST HSG FIN AGY |
| 1/1/2020 |
| 5.00 |
|
| 183,311 |
|
| 190,262 |
|
|
|
|
| 475,000 |
| MINNESOTA ST HSG FIN AGY |
| 7/1/2034 |
| 5.05 |
|
| 475,000 |
|
| 491,905 |
|
|
|
|
| 945,000 |
| MINNESOTA ST HSG FIN AGY |
| 1/1/2040 |
| 5.10 |
|
| 945,000 |
|
| 975,665 |
|
|
|
|
| 1,000,000 |
| MINNESOTA ST OFFICE OF HGR EDU REVENUE |
| 11/1/2029 |
| 5.00 |
|
| 1,000,000 |
|
| 1,071,460 |
|
|
|
|
| 1,000,000 |
| MISSISSIPPI ST DEV BANK SPL OBLG |
| 10/1/2031 |
| 6.50 |
|
| 972,846 |
|
| 1,077,730 |
|
|
|
|
| 245,000 |
| MISSISSIPPI ST HOME CORP SF MTGE REVENUE |
| 6/1/2039 |
| 6.75 |
|
| 258,321 |
|
| 263,936 |
|
|
|
|
| 500,000 |
| MISSOURI ST DEV FIN BRD |
| 11/1/2025 |
| 5.50 |
|
| 492,362 |
|
| 521,935 |
|
|
|
|
| 500,000 |
| MISSOURI ST DEV FIN BRD |
| 4/1/2027 |
| 6.00 |
|
| 502,663 |
|
| 513,855 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 59 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 500,000 |
| MISSOURI ST DEV FIN BRD |
| 10/1/2027 |
| 6.13 |
| $ | 484,990 |
|
| 520,335 |
|
|
|
|
| 500,000 |
| MISSOURI ST DEV FIN BRD INFRASTRUCTURE FACS LEASEHOLD |
| 6/1/2029 |
| 5.63 |
|
| 487,236 |
|
| 515,630 |
|
|
|
|
| 980,000 |
| MISSOURI ST HLTH & EDUCTNL FACS AUTH |
| 2/1/2022 |
| 5.13 |
|
| 1,003,252 |
|
| 1,017,877 |
|
|
|
|
| 500,000 |
| MISSOURI ST HLTH & EDUCTNL FACS AUTH |
| 2/1/2035 |
| 5.38 |
|
| 498,318 |
|
| 481,115 |
|
|
|
|
| 265,000 |
| MISSOURI ST HSG DEV COMMISSION SF HSG REVENUE |
| 9/1/2034 |
| 5.25 |
|
| 263,262 |
|
| 277,330 |
|
|
|
|
| 360,000 |
| MISSOURI ST HSG DEV COMMISSION SF HSG REVENUE |
| 9/1/2034 |
| 5.35 |
|
| 360,000 |
|
| 379,454 |
|
|
|
|
| 1,000,000 |
| MOBERLY MO INDL DEV AUTH |
| 9/1/2024 |
| 6.00 |
|
| 1,016,984 |
|
| 400,170 |
|
|
|
|
| 1,000,000 |
| MOHAVE CNTY AZ INDL DEV AUTH CORRNL FACS |
| 5/1/2015 |
| 7.25 |
|
| 994,741 |
|
| 1,049,630 |
|
|
|
|
| 1,320,000 |
| MONTANA ST BRD OF HSG |
| 12/1/2039 |
| 5.50 |
|
| 1,320,189 |
|
| 1,383,096 |
|
|
|
|
| 500,000 |
| MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION MF REVENUE |
| 7/1/2037 |
| 5.13 |
|
| 500,000 |
|
| 513,940 |
|
|
|
|
| 2,000,000 |
| MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION SF MTGE REVE(b) |
| 7/1/2028 |
| 9.13 |
|
| 809,157 |
|
| 798,000 |
|
|
|
|
| 1,500,000 |
| MONTGOMERY CNTY OH HLTH CARE FACS REVENUE |
| 9/20/2032 |
| 6.55 |
|
| 1,458,532 |
|
| 1,517,130 |
|
|
|
|
| 650,000 |
| MONTGOMERY CNTY PA INDL DEV AUTH |
| 2/1/2014 |
| 5.38 |
|
| 648,418 |
|
| 635,290 |
|
|
|
|
| 375,000 |
| MONTGOMERY CNTY PA INDL DEV AUTH |
| 2/1/2028 |
| 6.13 |
|
| 370,280 |
|
| 332,040 |
|
|
|
|
| 800,000 |
| MOUNT CARBON CO MET DIST REVENUE |
| 6/1/2043 |
| 7.00 |
|
| 800,000 |
|
| 230,360 |
|
|
|
|
| 200,000 |
| MOUNT CARBON CO MET DIST REVENUE |
| 6/1/2043 |
| 8.00 |
|
| - |
|
| 20,000 |
|
|
|
|
| 1,000,000 |
| MOUNT LEBANON PA HOSP AUTH |
| 7/1/2032 |
| 5.63 |
|
| 1,002,022 |
|
| 1,003,560 |
|
|
|
|
| 350,000 |
| N RANGE CO MET DIST #1 |
| 12/15/2024 |
| 5.00 |
|
| 358,152 |
|
| 284,456 |
|
|
|
|
| 500,000 |
| N TX TOLLWAY AUTH DALLAS N TOLLWAY SYS REVENUE |
| 1/1/2025 |
| 6.00 |
|
| 500,000 |
|
| 577,375 |
|
|
|
|
| 1,000,000 |
| N TX TOLLWAY AUTH REVENUE (b) |
| 1/1/2028 |
| 10.85 |
|
| 394,413 |
|
| 446,680 |
|
|
|
|
| 1,000,000 |
| N TX TOLLWAY AUTH REVENUE |
| 1/1/2034 |
| 6.00 |
|
| 1,000,000 |
|
| 1,119,460 |
|
|
|
|
| 1,000,000 |
| N TX TOLLWAY AUTH REVENUE (b) |
| 1/1/2042 |
| 1.40 |
|
| 708,062 |
|
| 954,740 |
|
|
|
|
| 1,000,000 |
| NATRONA CNTY WY HOSP REVENUE |
| 9/15/2031 |
| 6.35 |
|
| 1,000,000 |
|
| 1,084,730 |
|
|
|
|
| 500,000 |
| NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE |
| 9/1/2036 |
| 5.90 |
|
| 500,000 |
|
| 544,885 |
|
|
|
|
| 300,000 |
| NEVADA ST HSG DIV SF MTGE REVENUE |
| 10/1/2039 |
| 5.38 |
|
| 300,000 |
|
| 310,545 |
|
|
|
|
| 1,150,000 |
| NEVADA ST HSG DIV SF MTGE REVENUE |
| 10/1/2040 |
| 5.10 |
|
| 1,150,000 |
|
| 1,185,466 |
|
|
|
|
| 1,000,000 |
| NEW HAMPSHIRE ST HLTH & EDU FACS AUTH HOSP REVENUE |
| 10/1/2024 |
| 5.00 |
|
| 986,395 |
|
| 1,016,680 |
|
|
|
|
| 1,250,000 |
| NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE |
| 1/1/2034 |
| 6.00 |
|
| 1,211,309 |
|
| 1,325,775 |
|
|
|
|
| 500,000 |
| NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE |
| 8/1/2038 |
| 6.00 |
|
| 490,221 |
|
| 548,065 |
|
|
|
|
| 1,000,000 |
| NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE |
| 7/1/2031 |
| 5.20 |
|
| 1,000,000 |
|
| 1,051,590 |
|
|
|
|
| 745,000 |
| NEW HAMPSHIRE ST HSG FIN AUTH SF REVENUE |
| 7/1/2034 |
| 5.38 |
|
| 745,000 |
|
| 781,051 |
|
|
|
|
| 690,000 |
| NEW HAMPSHIRE ST HSG FIN AUTH SF REVENUE |
| 7/1/2038 |
| 6.63 |
|
| 721,815 |
|
| 760,276 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 60 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 500,000 |
| NEW JERSEY ST HGR EDU ASSISTANCE AUTH |
| 6/1/2024 |
| 5.38 |
| $ | 497,522 |
|
| 547,200 |
|
|
|
|
| 2,500,000 |
| NEW JERSEY ST HGR EDU ASSISTANCE AUTH |
| 6/1/2027 |
| 5.00 |
|
| 2,496,598 |
|
| 2,572,425 |
|
|
|
|
| 2,500,000 |
| NEW JERSEY ST HLTH CARE FACS FING AUTH |
| 7/1/2016 |
| 6.25 |
|
| 2,500,000 |
|
| 2,506,575 |
|
|
|
|
| 1,000,000 |
| NEW JERSEY ST HSG & MTGE FIN AGY |
| 10/1/2030 |
| 4.50 |
|
| 1,000,000 |
|
| 1,006,220 |
|
|
|
|
| 500,000 |
| NEW JERSEY ST HSG & MTGE FIN AGY |
| 10/1/2030 |
| 6.45 |
|
| 533,750 |
|
| 538,990 |
|
|
|
|
| 925,000 |
| NEW JERSEY ST HSG & MTGE FIN AGY |
| 10/1/2034 |
| 5.00 |
|
| 925,000 |
|
| 951,557 |
|
|
|
|
| 800,000 |
| NEW JERSEY ST HSG & MTGE FIN AGY |
| 10/1/2035 |
| 5.00 |
|
| 800,000 |
|
| 821,576 |
|
|
|
|
| 2,335,000 |
| NEW JERSEY ST HSG & MTGE FIN AGY |
| 10/1/2037 |
| 5.00 |
|
| 2,318,134 |
|
| 2,400,146 |
|
|
|
|
| 1,000,000 |
| NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE |
| 5/1/2041 |
| 4.95 |
|
| 969,829 |
|
| 1,017,480 |
|
|
|
|
| 2,250,000 |
| NEW JERSEY ST TRANSPRTN TRUST FUND AUTH (b) |
| 12/15/2025 |
| 9.43 |
|
| 1,006,191 |
|
| 1,132,538 |
|
|
|
|
| 500,000 |
| NEW JERSEY ST TRANSPRTN TRUST FUND AUTH |
| 6/15/2036 |
| 5.25 |
|
| 511,201 |
|
| 538,600 |
|
|
|
|
| 465,000 |
| NEW MEXICO ST MTGE FIN AUTH |
| 9/1/2029 |
| 4.80 |
|
| 465,000 |
|
| 478,894 |
|
|
|
|
| 940,000 |
| NEW MEXICO ST MTGE FIN AUTH |
| 9/1/2029 |
| 5.00 |
|
| 940,000 |
|
| 978,408 |
|
|
|
|
| 925,000 |
| NEW MEXICO ST MTGE FIN AUTH |
| 9/1/2034 |
| 5.00 |
|
| 925,000 |
|
| 965,025 |
|
|
|
|
| 945,000 |
| NEW MEXICO ST MTGE FIN AUTH |
| 3/1/2036 |
| 5.45 |
|
| 945,000 |
|
| 993,516 |
|
|
|
|
| 750,000 |
| NEW ORLEANS LA SEWAGE SVC REVENUE |
| 6/1/2024 |
| 6.00 |
|
| 740,277 |
|
| 847,860 |
|
|
|
|
| 115,000 |
| NEW RIVER FL CDD CAPITAL IMPT REVENUE (d) |
| 5/1/2013 |
| 5.00 |
|
| 114,821 |
|
| 1 |
|
|
|
|
| 70,000 |
| NEW RIVER FL CDD CAPITAL IMPT REVENUE (b) |
| 5/1/2015 |
| 1.20 |
|
| 65,110 |
|
| 59,024 |
|
|
|
|
| 135,000 |
| NEW RIVER FL CDD CAPITAL IMPT REVENUE (b) |
| 5/1/2018 |
| 1.37 |
|
| 119,235 |
|
| 59,175 |
|
|
|
|
| 70,000 |
| NEW RIVER FL CDD CAPITAL IMPT REVENUE (b) |
| 5/1/2038 |
| 0.37 |
|
| 62,928 |
|
| 42,685 |
|
|
|
|
| 175,000 |
| NEW RIVER FL CDD CAPITAL IMPT REVENUE (b) |
| 5/1/2038 |
| 0.80 |
|
| 141,109 |
|
| 67,540 |
|
|
|
|
| 250,000 |
| NEW YORK CITY NY INDL DEV AGY REVENUE |
| 1/1/2029 |
| 6.13 |
|
| 246,739 |
|
| 274,015 |
|
|
|
|
| 320,000 |
| NEW YORK ST DORM AUTH REVENUES |
| 7/1/2019 |
| 6.88 |
|
| 321,623 |
|
| 324,128 |
|
|
|
|
| 1,000,000 |
| NEW YORK ST DORM AUTH REVENUES |
| 8/15/2024 |
| 6.45 |
|
| 998,478 |
|
| 1,018,630 |
|
|
|
|
| 1,820,000 |
| NEW YORK ST MED CARE FACS FIN AGY |
| 2/15/2035 |
| 6.38 |
|
| 1,802,751 |
|
| 1,826,607 |
|
|
|
|
| 450,000 |
| NOBLESVILLE IN REDEV AUTH ECON DEV REVENUE |
| 2/1/2031 |
| 5.13 |
|
| 445,923 |
|
| 479,043 |
|
|
|
|
| 500,000 |
| NORCO CA REDEV AGY |
| 3/1/2032 |
| 5.88 |
|
| 492,695 |
|
| 520,505 |
|
|
|
|
| 1,000,000 |
| NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE |
| 10/1/2029 |
| 6.38 |
|
| 1,000,000 |
|
| 1,027,170 |
|
|
|
|
| 1,300,000 |
| NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE |
| 10/1/2035 |
| 6.63 |
|
| 1,300,000 |
|
| 1,011,660 |
|
|
|
|
| 865,000 |
| NORTH DAKOTA ST HSG FIN AGY |
| 7/1/2034 |
| 5.35 |
|
| 865,000 |
|
| 905,568 |
|
|
|
|
| 965,000 |
| NORTH DAKOTA ST HSG FIN AGY |
| 7/1/2039 |
| 5.45 |
|
| 965,000 |
|
| 1,011,870 |
|
|
|
|
| 1,885,000 |
| NORTH DAKOTA ST HSG FIN AGY |
| 7/1/2040 |
| 5.05 |
|
| 1,885,000 |
|
| 1,926,564 |
|
|
|
|
| 500,000 |
| NTHRN CA GAS AUTH #1 GAS PROJ REVENUE |
| 7/1/2027 |
| 1.11 |
|
| 500,000 |
|
| 355,440 |
|
|
|
|
| 1,000,000 |
| NTHRN IL UNIV |
| 4/1/2026 |
| 5.50 |
|
| 1,015,815 |
|
| 1,093,460 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 61 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 395,000 |
| NTHRN MARIANA ISLANDS CMWLTH |
| 10/1/2022 |
| 5.00 |
| $ | 397,551 |
|
| 330,046 |
|
|
|
|
| 2,000,000 |
| OAK PARK CA UNIF SCH DIST(b) |
| 8/1/2038 |
| 3.77 |
|
| 1,001,547 |
|
| 1,268,960 |
|
|
|
|
| 1,250,000 |
| OAKLAND CNTY MI ECON DEV CORP LTD OBLG REVENUE |
| 12/1/2020 |
| 6.50 |
|
| 1,242,431 |
|
| 1,243,250 |
|
|
|
|
| 615,000 |
| OHIO ST HSG FIN AGY RSDL MTGE REVENUE |
| 9/1/2033 |
| 5.40 |
|
| 615,000 |
|
| 645,098 |
|
|
|
|
| 275,000 |
| OHIO ST HSG FIN AGY RSDL MTGE REVENUE |
| 9/1/2033 |
| 5.45 |
|
| 275,000 |
|
| 288,538 |
|
|
|
|
| 440,000 |
| OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE |
| 3/1/2032 |
| 5.15 |
|
| 440,000 |
|
| 458,097 |
|
|
|
|
| 745,000 |
| OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE |
| 9/1/2038 |
| 6.50 |
|
| 781,275 |
|
| 796,688 |
|
|
|
|
| 500,000 |
| ONEIDA TRIBE OF INDIANS WI RETAIL SALES REVENUE (c) |
| 2/1/2021 |
| 5.50 |
|
| 500,000 |
|
| 562,910 |
|
|
|
|
| 500,000 |
| ONONDAGA NY CIVIC DEV CORP |
| 12/1/2041 |
| 5.25 |
|
| 509,636 |
|
| 519,575 |
|
|
|
|
| 1,000,000 |
| ONTARIO CA REDEV FING AUTH LEASE REVENUE |
| 8/1/2032 |
| 5.00 |
|
| 939,360 |
|
| 1,014,060 |
|
|
|
|
| 1,000,000 |
| OVERLAND PARK KS TRANSPRTN DEV DIST SALES TAX REVENUE |
| 4/1/2032 |
| 5.90 |
|
| 1,000,000 |
|
| 1,079,800 |
|
|
|
|
| 2,280,000 |
| PACHECO CA UNION SCH DIST COPS (b) |
| 2/1/2037 |
| 15.27 |
|
| 485,024 |
|
| 482,174 |
|
|
|
|
| 1,000,000 |
| PALM BAY FL UTILITY REVENUE (b) |
| 10/1/2031 |
| 11.87 |
|
| 316,785 |
|
| 345,450 |
|
|
|
|
| 250,000 |
| PALM BEACH CNTY FL HLTH FACS AUTH |
| 11/15/2029 |
| 5.13 |
|
| 249,946 |
|
| 244,125 |
|
|
|
|
| 1,000,000 |
| PALM BEACH CNTY FL HLTH FACS AUTH REVENUE |
| 11/15/2022 |
| 5.38 |
|
| 920,134 |
|
| 1,011,720 |
|
|
|
|
| 1,665,000 |
| PATTERSON CA JT UNIF SCH DIST(b) |
| 8/1/2027 |
| 12.31 |
|
| 610,043 |
|
| 730,086 |
|
|
|
|
| 750,000 |
| PELL CITY AL SPL CARE FACS FING AUTH REVENUE |
| 12/1/2027 |
| 5.25 |
|
| 625,786 |
|
| 762,158 |
|
|
|
|
| 1,500,000 |
| PENNSYLVANIA ST ECON DEV FING AUTH HLTH SYS REVENUE |
| 10/15/2023 |
| 6.25 |
|
| 1,469,290 |
|
| 1,615,935 |
|
|
|
|
| 500,000 |
| PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE |
| 7/1/2039 |
| 1.04 |
|
| 500,000 |
|
| 266,730 |
|
|
|
|
| 500,000 |
| PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE |
| 10/1/2025 |
| 5.00 |
|
| 501,748 |
|
| 530,895 |
|
|
|
|
| 1,000,000 |
| PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE |
| 10/1/2029 |
| 4.63 |
|
| 917,380 |
|
| 1,018,010 |
|
|
|
|
| 1,000,000 |
| PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE |
| 10/1/2034 |
| 4.88 |
|
| 1,003,369 |
|
| 1,015,490 |
|
|
|
|
| 1,000,000 |
| PENNSYLVANIA ST TURNPIKE COMMISSION(b) |
| 6/1/2033 |
| 2.19 |
|
| 685,088 |
|
| 886,440 |
|
|
|
|
| 1,935,000 |
| PENNSYLVANIA ST TURNPIKE COMMISSION(b) |
| 12/1/2035 |
| 1.17 |
|
| 1,513,621 |
|
| 1,621,685 |
|
|
|
|
| 750,000 |
| PENNSYLVANIA ST TURNPIKE COMMISSION(b) |
| 12/1/2035 |
| 2.01 |
|
| 550,847 |
|
| 622,005 |
|
|
|
|
| 1,500,000 |
| PENNSYLVANIA ST TURNPIKE COMMISSION(b) |
| 12/1/2038 |
| 1.44 |
|
| 1,083,561 |
|
| 1,248,045 |
|
|
|
|
| 2,000,000 |
| PEORIA IL PUBLIC BLDG COMMISSION SCH DIST FACS REVENUE(b) |
| 12/1/2021 |
| 8.01 |
|
| 1,156,393 |
|
| 1,306,900 |
|
|
|
|
| 500,000 |
| PEORIA IL PUBLIC BLDG COMMISSION SCH DIST FACS REVENUE(b) |
| 12/1/2022 |
| 9.39 |
|
| 258,113 |
|
| 305,785 |
|
|
|
|
| 5,000,000 |
| PEORIA IL PUBLIC BLDG COMMISSION SCH DIST FACS REVENUE(b) |
| 12/1/2026 |
| 11.11 |
|
| 1,993,889 |
|
| 2,167,450 |
|
|
|
|
| 950,000 |
| PHILADELPHIA PA HOSPS & HGR EDU FACS AUTH |
| 11/15/2023 |
| 6.63 |
|
| 950,000 |
|
| 950,190 |
|
|
|
|
| 1,000,000 |
| PIMA CNTY AZ INDL DEV AUTH CHRT SCH REVENUE |
| 4/1/2022 |
| 5.88 |
|
| 1,000,000 |
|
| 974,760 |
|
|
|
|
| 25,000 |
| PIMA CNTY AZ INDL DEV AUTH EDU REVENUE |
| 8/1/2012 |
| 6.25 |
|
| 25,000 |
|
| 25,180 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 62 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 280,000 |
| PIMA CNTY AZ INDL DEV AUTH EDU REVENUE |
| 6/1/2016 |
| 6.00 |
| $ | 280,000 |
|
| 278,272 |
|
|
|
|
| 980,000 |
| PIMA CNTY AZ INDL DEV AUTH EDU REVENUE |
| 12/1/2017 |
| 5.35 |
|
| 881,894 |
|
| 944,357 |
|
|
|
|
| 440,000 |
| PIMA CNTY AZ INDL DEV AUTH EDU REVENUE |
| 12/1/2018 |
| 6.38 |
|
| 440,000 |
|
| 439,850 |
|
|
| �� |
| 865,000 |
| PIMA CNTY AZ INDL DEV AUTH EDU REVENUE |
| 6/1/2022 |
| 5.00 |
|
| 799,966 |
|
| 797,392 |
|
|
|
|
| 995,000 |
| PIMA CNTY AZ INDL DEV AUTH EDU REVENUE |
| 7/1/2026 |
| 5.00 |
|
| 864,574 |
|
| 839,611 |
|
|
|
|
| 490,000 |
| PIMA CNTY AZ INDL DEV AUTH EDU REVENUE |
| 7/1/2031 |
| 6.75 |
|
| 359,470 |
|
| 481,410 |
|
|
|
|
| 1,000,000 |
| PITTSBURG CA REDEV AGY TAX ALLOCATION |
| 9/1/2028 |
| 6.50 |
|
| 978,018 |
|
| 1,010,100 |
|
|
|
|
| 2,625,000 |
| PITTSBURG CALIF UNI SCH DIST FING AUTH REV(b) |
| 9/1/2031 |
| 16.03 |
|
| 666,467 |
|
| 695,625 |
|
|
|
|
| 250,000 |
| PROVIDENCE RI HSG AUTH HSG REVENUE |
| 9/1/2026 |
| 5.00 |
|
| 255,174 |
|
| 270,498 |
|
|
|
|
| 500,000 |
| PROVIDENCE RI HSG AUTH HSG REVENUE |
| 9/1/2027 |
| 5.00 |
|
| 507,988 |
|
| 536,835 |
|
|
|
|
| 745,000 |
| PROVO UT CHRT SCH REVENUE |
| 6/15/2037 |
| 5.50 |
|
| 605,746 |
|
| 583,767 |
|
|
|
|
| 1,000,000 |
| PUBLIC FIN AUTH WI CCRC REVENUE |
| 6/1/2020 |
| 7.00 |
|
| 984,438 |
|
| 1,010,030 |
|
|
|
|
| 1,000,000 |
| PUERTO RICO CMWLTH |
| 7/1/2028 |
| 6.00 |
|
| 989,602 |
|
| 1,103,560 |
|
|
|
|
| 1,500,000 |
| PUERTO RICO CMWLTH |
| 7/1/2040 |
| 6.50 |
|
| 1,526,379 |
|
| 1,687,890 |
|
|
|
|
| 500,000 |
| PUERTO RICO ELEC PWR AUTH PWR REVENUE |
| 7/1/2025 |
| 1.07 |
|
| 500,000 |
|
| 355,045 |
|
|
|
|
| 750,000 |
| PUERTO RICO PUBLIC FIN CORP |
| 8/1/2031 |
| 5.50 |
|
| 750,000 |
|
| 767,918 |
|
|
|
|
| 1,000,000 |
| PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE(b) |
| 8/1/2033 |
| 3.37 |
|
| 584,905 |
|
| 759,040 |
|
|
|
|
| 500,000 |
| PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE |
| 8/1/2057 |
| 1.22 |
|
| 500,000 |
|
| 249,585 |
|
|
|
|
| 750,000 |
| QUAIL CREEK AZ CMNTY FACS DIST |
| 7/15/2016 |
| 5.15 |
|
| 750,000 |
|
| 750,165 |
|
|
|
|
| 2,000,000 |
| RAILSPLITTER IL TOBACCO SETTLEMENT AUTH |
| 6/1/2024 |
| 6.25 |
|
| 2,038,472 |
|
| 2,187,340 |
|
|
|
|
| 975,000 |
| RAMONA CA UNIF SCH DIST COPS(b) |
| 5/1/2032 |
| 1.11 |
|
| 797,285 |
|
| 959,371 |
|
|
|
|
| 1,000,000 |
| REDONDO BEACH CA UNIF SCH DIST(b) |
| 8/1/2034 |
| 2.10 |
|
| 681,939 |
|
| 875,420 |
|
|
|
|
| 1,500,000 |
| REGL CO TRANSPRTN DIST PRIV ACTIVITY REVENUE |
| 1/15/2034 |
| 6.00 |
|
| 1,485,438 |
|
| 1,555,695 |
|
|
|
|
| 400,000 |
| RENO NV HOSP REVENUE |
| 6/1/2032 |
| 5.25 |
|
| 409,630 |
|
| 402,040 |
|
|
|
|
| 750,000 |
| RENO NV SPARKS INDIAN COLONY |
| 6/1/2021 |
| 5.00 |
|
| 765,011 |
|
| 780,945 |
|
|
|
|
| 500,000 |
| RHODE ISLAND ST HLTH & EDUCTNL BLDG CORP |
| 5/15/2030 |
| 6.25 |
|
| 493,511 |
|
| 556,360 |
|
|
|
|
| 500,000 |
| RHODE ISLAND ST STUDENT LOAN AUTH STUDENT LOAN REVENUE |
| 12/1/2027 |
| 5.75 |
|
| 500,000 |
|
| 537,785 |
|
|
|
|
| 1,000,000 |
| RICHMOND CA CMNTY REDEV AGY TAX ALLOCATION |
| 9/1/2030 |
| 6.00 |
|
| 972,590 |
|
| 1,063,070 |
|
|
|
|
| 500,000 |
| RICHMOND CA JT PWRS FING AUTH |
| 7/1/2024 |
| 6.25 |
|
| 500,000 |
|
| 553,550 |
|
|
|
|
| 325,000 |
| RICHMOND IN HOSP AUTH REVENUE |
| 1/1/2029 |
| 6.50 |
|
| 315,220 |
|
| 363,054 |
|
|
|
|
| 1,000,000 |
| RIVERSIDE CNTY CA REDEV AGY |
| 10/1/2030 |
| 6.00 |
|
| 1,013,471 |
|
| 1,034,270 |
|
|
|
|
| 3,000,000 |
| ROBLA CA SCH DIST(b) |
| 8/1/2036 |
| 15.56 |
|
| 621,645 |
|
| 631,440 |
|
|
|
|
| 500,000 |
| S BAYSIDE CA WST MGMT AUTH SOL WST ENTERPRISE REVENUE |
| 9/1/2029 |
| 6.25 |
|
| 515,632 |
|
| 546,020 |
|
|
|
|
| 1,000,000 |
| S COAST IN CONSERVANCY DIST |
| 1/1/2028 |
| 5.25 |
|
| 994,583 |
|
| 1,010,940 |
|
|
|
|
| 173,000 |
| S WSTRN IL DEV AUTH |
| 8/15/2015 |
| 5.38 |
|
| 173,000 |
|
| 173,279 |
|
|
|
|
| 635,000 |
| S WSTRN IL DEV AUTH |
| 10/1/2022 |
| 7.00 |
|
| 635,000 |
|
| 635,857 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 63 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 210,000 |
| S WSTRN IL DEV AUTH |
| 11/1/2026 |
| 5.63 |
| $ | 208,679 |
|
| 155,994 |
|
|
|
|
| 1,500,000 |
| S WSTRN IL DEV AUTH |
| 8/15/2029 |
| 5.63 |
|
| 1,500,000 |
|
| 1,500,090 |
|
|
|
|
| 1,000,000 |
| SACRAMENTO CA CITY FING AUTH(b) |
| 12/1/2021 |
| 7.46 |
|
| 602,765 |
|
| 604,460 |
|
|
|
|
| 250,000 |
| SACRAMENTO CNTY CA SANTN DISTS FING AUTH REVENUE |
| 12/1/2035 |
| 0.88 |
|
| 250,000 |
|
| 157,160 |
|
|
|
|
| 350,000 |
| SACRAMENTO CNTY CA WTR FING AUTH REVENUE |
| 6/1/2039 |
| 0.92 |
|
| 350,000 |
|
| 191,300 |
|
|
|
|
| 1,030,000 |
| SADDLEBACK VLY CA UNIF SCH DIST PUBLIC FING AUTH |
| 9/1/2017 |
| 5.65 |
|
| 1,030,000 |
|
| 1,033,677 |
|
|
|
|
| 1,000,000 |
| SAGINAW MI HOSP FIN AUTH |
| 7/1/2030 |
| 5.00 |
|
| 920,574 |
|
| 984,580 |
|
|
|
|
| 191,000 |
| SAINT BERNARD PARISH LA HOME MTGE AUTH SF MTGE |
| 3/1/2039 |
| 5.80 |
|
| 187,339 |
|
| 202,852 |
|
|
|
|
| 500,000 |
| SAINT JOHNS CNTY FL INDL DEV AUTH REVENUE |
| 8/1/2040 |
| 5.88 |
|
| 492,845 |
|
| 508,900 |
|
|
|
|
| 460,000 |
| SAINT JOSEPH CNTY IN ECON DEV REVENUE |
| 5/15/2026 |
| 6.00 |
|
| 339,426 |
|
| 442,833 |
|
|
|
|
| 500,000 |
| SAINT JOSEPH CNTY IN ECON DEV REVENUE |
| 5/15/2038 |
| 6.00 |
|
| 369,285 |
|
| 452,910 |
|
|
|
|
| 460,443 |
| SAINT JOSEPH CNTY IN HOSP AUTH HLTH FACS REVENUE(d) |
| 2/15/2028 |
| 5.25 |
|
| 466,925 |
|
| 78,874 |
|
|
|
|
| 500,000 |
| SAINT JOSEPH MO INDL DEV AUTH |
| 11/1/2023 |
| 5.38 |
|
| 496,724 |
|
| 476,595 |
|
|
|
|
| 1,000,000 |
| SAINT PAUL MN PORT AUTH |
| 12/1/2036 |
| 5.00 |
|
| 974,965 |
|
| 1,049,860 |
|
|
|
|
| 143,791 |
| SAINT TAMMANY PARISH LA FIN AUTH SF MTGE REVENUE |
| 12/1/2039 |
| 5.25 |
|
| 146,927 |
|
| 149,596 |
|
|
|
|
| 2,000,000 |
| SALINE CNTY MO INDL DEV AUTH HLTH FACS REVENUE |
| 12/1/2020 |
| 5.00 |
|
| 1,982,266 |
|
| 2,027,820 |
|
|
|
|
| 500,000 |
| SALINE CNTY MO INDL DEV AUTH HLTH FACS REVENUE |
| 12/1/2028 |
| 5.60 |
|
| 489,305 |
|
| 496,200 |
|
|
|
|
| 500,000 |
| SAN DIEGO CA HSG AUTH MF HSG REVENUE |
| 5/1/2029 |
| 5.00 |
|
| 500,000 |
|
| 514,745 |
|
|
|
|
| 500,000 |
| SAN DIEGO CA REDEV AGY |
| 9/1/2023 |
| 5.00 |
|
| 453,563 |
|
| 508,925 |
|
|
|
|
| 1,000,000 |
| SAN FRANCISCO CITY & CNTY CA ARPTS COMMISSION |
| 5/1/2039 |
| 6.00 |
|
| 1,029,813 |
|
| 1,117,730 |
|
|
|
|
| 250,000 |
| SAN JOAQUIN HILLS CA TRANSPRTN CORRIDOR AGY |
| 1/15/2030 |
| 5.25 |
|
| 250,000 |
|
| 208,355 |
|
|
|
|
| 1,000,000 |
| SAN JOSE CA FING AUTH |
| 5/1/2031 |
| 5.50 |
|
| 987,084 |
|
| 1,091,410 |
|
|
|
|
| 500,000 |
| SANTA ANA CA CMNTY REDEV AGY |
| 9/1/2022 |
| 6.00 |
|
| 495,127 |
|
| 558,475 |
|
|
|
|
| 500,000 |
| SANTA MONICA CA REDEV AGY |
| 7/1/2036 |
| 5.88 |
|
| 520,841 |
|
| 558,010 |
|
|
|
|
| 1,450,000 |
| SARASOTA CNTY FL HLTH FACS AUTH RETMNT FAC REVENUE |
| 1/1/2027 |
| 5.50 |
|
| 1,203,611 |
|
| 1,461,774 |
|
|
|
|
| 500,000 |
| SEMINOLE TRIBE FL SPL OBLG REVENUE(c) |
| 10/1/2024 |
| 5.50 |
|
| 504,405 |
|
| 476,815 |
|
|
|
|
| 500,000 |
| SEVEN OAKS FL CMNTY DEV DIST SPL ASSMNT REVENUE |
| 5/1/2033 |
| 5.50 |
|
| 487,732 |
|
| 497,475 |
|
|
|
|
| 150,000 |
| SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(d) |
| 1/1/2019 |
| 5.35 |
|
| 134,966 |
|
| 17,804 |
|
|
|
|
| 625,000 |
| SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(d) |
| 1/1/2029 |
| 5.55 |
|
| 556,862 |
|
| 62,756 |
|
|
|
|
| 550,000 |
| SNOHOMISH CNTY WA HSG AUTH |
| 4/1/2026 |
| 6.40 |
|
| 550,000 |
|
| 552,766 |
|
|
|
|
| 555,000 |
| SOUTH CAROLINA ST EDU ASSISTANCE AUTH |
| 10/1/2029 |
| 5.10 |
|
| 548,591 |
|
| 593,789 |
|
|
|
|
| 230,000 |
| SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE |
| 7/1/2032 |
| 5.50 |
|
| 230,000 |
|
| 241,735 |
|
|
|
|
| 1,500,000 |
| SOUTH CAROLINA ST JOBS-ECON DEV AUTH ECON DEV REVENUE |
| 11/15/2030 |
| 5.63 |
|
| 1,432,766 |
|
| 1,503,765 |
|
|
|
|
| 500,000 |
| SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE |
| 11/15/2027 |
| 6.00 |
|
| 503,376 |
|
| 197,435 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 64 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 750,000 |
| SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE |
| 11/15/2042 |
| 5.15 |
| $ | 750,000 |
|
| 296,152 |
|
|
|
|
| 453,000 |
| SOUTHSIDE AZ CMNTY FACS DIST #1 SPL ASSMNT REVENUE PRESCOTT |
| 7/1/2018 |
| 6.13 |
|
| 325,909 |
|
| 327,673 |
|
|
|
|
| 1,000,000 |
| SPARKS NV REDEV AGY TAX INCR REVENUE |
| 6/1/2020 |
| 7.25 |
|
| 990,710 |
|
| 1,043,210 |
|
|
|
|
| 1,000,000 |
| SPARKS NV REDEV AGY TAX INCR REVENUE |
| 1/15/2022 |
| 5.00 |
|
| 979,095 |
|
| 1,027,760 |
|
|
|
|
| 435,000 |
| SPARKS NV TOURISM IMPT DIST #1 REVENUE (c) |
| 6/15/2020 |
| 6.50 |
|
| 422,623 |
|
| 401,496 |
|
|
|
|
| 300,000 |
| STHRN MINNESOTA ST MUNI PWR AGY PWR SPLY SYS REVENUE |
| 1/1/2013 |
| 2.79 |
|
| 300,000 |
|
| 300,579 |
|
|
|
|
| 2,500,000 |
| SULPHUR SPRINGS CA UNION SCH DIST(b) |
| 12/1/2037 |
| 1.37 |
|
| 1,849,995 |
|
| 2,262,600 |
|
|
|
|
| 500,000 |
| TALLAHASSEE FL HLTH FACS REVENUE |
| 12/1/2030 |
| 6.38 |
|
| 491,227 |
|
| 500,345 |
|
|
|
|
| 170,000 |
| TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU |
| 2/15/2013 |
| 5.00 |
|
| 169,944 |
|
| 168,310 |
|
|
|
|
| 500,000 |
| TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU |
| 2/15/2014 |
| 6.50 |
|
| 500,000 |
|
| 500,090 |
|
|
|
|
| 210,000 |
| TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU |
| 11/15/2014 |
| 6.25 |
|
| 210,000 |
|
| 207,304 |
|
|
|
|
| 1,000,000 |
| TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU |
| 11/15/2014 |
| 6.50 |
|
| 1,000,000 |
|
| 999,970 |
|
|
|
|
| 1,000,000 |
| TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU |
| 2/15/2016 |
| 7.25 |
|
| 1,000,000 |
|
| 1,002,380 |
|
|
|
|
| 750,000 |
| TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU |
| 11/15/2019 |
| 7.75 |
|
| 750,000 |
|
| 760,455 |
|
|
|
|
| 1,000,000 |
| TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU |
| 11/15/2026 |
| 6.00 |
|
| 1,028,776 |
|
| 1,008,310 |
|
|
|
|
| 1,000,000 |
| TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU |
| 5/15/2027 |
| 5.13 |
|
| 723,483 |
|
| 961,360 |
|
|
|
|
| 750,000 |
| TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU |
| 11/15/2036 |
| 6.00 |
|
| 768,624 |
|
| 734,760 |
|
|
|
|
| 810,000 |
| TENNESSEE ST HSG DEV AGY |
| 7/1/2038 |
| 5.45 |
|
| 810,000 |
|
| 847,390 |
|
|
|
|
| 175,000 |
| TENNESSEE ST HSG DEV AGY MTGE FIN |
| 7/1/2023 |
| 5.20 |
|
| 175,652 |
|
| 178,328 |
|
|
|
|
| 700,000 |
| TEXAS ST DEPT OF HSG & CMNTY AFFAIRS |
| 7/1/2039 |
| 5.45 |
|
| 700,000 |
|
| 733,999 |
|
|
|
|
| 250,000 |
| TEXAS ST MUNI GAS ACQUISITION & SPLY CORP I GAS SPLY REVENUE |
| 12/15/2026 |
| 1.82 |
|
| 250,000 |
|
| 172,528 |
|
|
|
|
| 2,000,000 |
| TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE |
| 6/30/2033 |
| 7.50 |
|
| 2,056,749 |
|
| 2,262,900 |
|
|
|
|
| 500,000 |
| TEXAS ST PUBLIC FIN AUTH CHRT SCH FIN CORP REVENUE |
| 2/15/2030 |
| 6.00 |
|
| 500,000 |
|
| 520,485 |
|
|
|
|
| 1,000,000 |
| TEXAS ST PUBLIC FIN AUTH CHRT SCH FIN CORP REVENUE |
| 8/15/2030 |
| 5.00 |
|
| 880,508 |
|
| 978,600 |
|
|
|
|
| 800,000 |
| TEXAS ST STUDENT HSG AUTH REVENUE(d) |
| 1/1/2033 |
| 11.00 |
|
| 800,000 |
|
| 8 |
|
|
|
|
| 1,000,000 |
| TOBACCO SECURITIZATION AUTH MNTOBACCO SETTLEMENT REVENUE |
| 3/1/2031 |
| 5.25 |
|
| 995,014 |
|
| 1,028,510 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 65 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 403,949 |
| TODD CREEK FARMS CO MET DIST #1 WTR & WSTWTR REVENUE(d)(e) |
| 12/1/2009 |
| 4.75 |
| $ | 399,574 |
|
| 181,777 |
|
|
|
|
| 655,000 |
| TOLOMATO FL CDD |
| 5/1/2017 |
| 6.38 |
|
| 655,000 |
|
| 280,471 |
|
|
|
|
| 2,000,000 |
| TORRANCE CA UNIF SCH DIST(b) |
| 8/1/2023 |
| 9.54 |
|
| 986,084 |
|
| 1,143,880 |
|
|
|
|
| 1,000,000 |
| TRACY CA JT UNIF SCH DIST(b) |
| 8/1/2041 |
| 4.95 |
|
| 407,346 |
|
| 421,650 |
|
|
|
|
| 1,000,000 |
| TRAVIS CNTY TX HLTH FACS DEV CORP |
| 11/1/2016 |
| 6.25 |
|
| 1,000,000 |
|
| 1,019,650 |
|
|
|
|
| 840,000 |
| TRAVIS CNTY TX HSG FIN CORP(d) |
| 6/1/2035 |
| 9.25 |
|
| 840,000 |
|
| 83,916 |
|
|
|
|
| 1,250,000 |
| TUSTIN CA UNIF SCH DIST(b) |
| 8/1/2028 |
| 4.10 |
|
| 752,314 |
|
| 876,400 |
|
|
|
|
| 85,000 |
| ULSTER CNTY NY INDL DEV AGY |
| 9/15/2013 |
| 5.10 |
|
| 84,793 |
|
| 75,153 |
|
|
|
|
| 500,000 |
| ULSTER CNTY NY INDL DEV AGY |
| 9/15/2016 |
| 5.25 |
|
| 495,880 |
|
| 351,710 |
|
|
|
|
| 1,250,000 |
| UPLAND CA COPS |
| 1/1/2032 |
| 6.38 |
|
| 1,215,554 |
|
| 1,366,738 |
|
|
|
|
| 671,000 |
| UTAH ASSOC MUNI POWER(e) |
| 5/1/2022 |
| 4.75 |
|
| 671,000 |
|
| 619,400 |
|
|
|
|
| 600,000 |
| UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE |
| 7/15/2018 |
| 6.38 |
|
| 600,000 |
|
| 614,280 |
|
|
|
|
| 500,000 |
| UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE |
| 7/15/2020 |
| 5.75 |
|
| 466,544 |
|
| 497,325 |
|
|
|
|
| 500,000 |
| UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE |
| 7/15/2025 |
| 6.50 |
|
| 500,000 |
|
| 511,810 |
|
|
|
|
| 495,000 |
| UTAH ST HSG CORP SF MTGE REVENUE |
| 1/1/2032 |
| 4.95 |
|
| 495,000 |
|
| 507,890 |
|
|
|
|
| 750,000 |
| UTAH ST HSG CORP SF MTGE REVENUE |
| 1/1/2033 |
| 5.75 |
|
| 750,000 |
|
| 799,328 |
|
|
|
|
| 360,000 |
| UTAH ST HSG CORP SF MTGE REVENUE |
| 1/1/2040 |
| 5.55 |
|
| 360,000 |
|
| 374,152 |
|
|
|
|
| 500,000 |
| VANCOUVER WA HSG AUTH |
| 3/1/2025 |
| 5.00 |
|
| 492,866 |
|
| 534,525 |
|
|
|
|
| 260,000 |
| VERANO CENTER FL CDD |
| 11/1/2012 |
| 5.00 |
|
| 260,000 |
|
| 238,885 |
|
|
|
|
| 1,240,000 |
| VERMONT ST EDUCTNL & HLTH BLDGS FING AGY |
| 12/1/2027 |
| 6.13 |
|
| 1,223,087 |
|
| 1,240,000 |
|
|
|
|
| 750,000 |
| VIRGINIA ST HSG DEV AUTH |
| 12/1/2038 |
| 4.60 |
|
| 746,254 |
|
| 754,448 |
|
|
|
|
| 1,000,000 |
| VIRGINIA ST HSG DEV AUTH |
| 12/1/2039 |
| 5.00 |
|
| 1,000,000 |
|
| 1,030,000 |
|
|
|
|
| 735,000 |
| VIRGINIA ST HSG DEV AUTH CMWLTH MTGE |
| 7/1/2025 |
| 6.00 |
|
| 735,000 |
|
| 810,484 |
|
|
|
|
| 1,000,000 |
| VIRGINIA ST HSG DEV AUTH CMWLTH MTGE |
| 7/1/2031 |
| 6.25 |
|
| 1,021,257 |
|
| 1,098,900 |
|
|
|
|
| 1,000,000 |
| W CAMPUS HSG LLC AZ STUDENT HSG REVENUE |
| 7/1/2025 |
| 5.00 |
|
| 882,941 |
|
| 928,460 |
|
|
|
|
| 230,000 |
| W VLGS FL IMPT DIST |
| 5/1/2037 |
| 5.50 |
|
| 230,000 |
|
| 102,752 |
|
|
|
|
| 500,000 |
| WASHINGTON ST HLTH CARE FACS AUTH |
| 3/1/2024 |
| 6.50 |
|
| 479,714 |
|
| 559,425 |
|
|
|
|
| 1,000,000 |
| WASHINGTON ST HLTH CARE FACS AUTH |
| 3/1/2029 |
| 7.12 |
|
| 975,793 |
|
| 1,129,840 |
|
|
|
|
| 750,000 |
| WASHINGTON ST HLTH CARE FACS AUTH |
| 11/15/2031 |
| 6.13 |
|
| 743,536 |
|
| 825,458 |
|
|
|
|
| 1,000,000 |
| WASHINGTON ST HSG FIN COMMISSION |
| 7/15/2029 |
| 4.75 |
|
| 1,000,000 |
|
| 1,023,960 |
|
|
|
|
| 250,000 |
| WASHINGTON ST HSG FIN COMMISSION NONPROFIT REVENUE |
| 1/1/2013 |
| 5.10 |
|
| 250,000 |
|
| 237,700 |
|
|
|
|
| 1,150,000 |
| WASHINGTON ST HSG FIN COMMISSION NONPROFIT REVENUE |
| 1/1/2017 |
| 5.25 |
|
| 1,147,447 |
|
| 988,782 |
|
|
|
|
| 500,000 |
| WATERLOO IA CMNTY SCH DIST SCH INFRASTRUCTURE SALES & SVCS T |
| 7/1/2029 |
| 5.00 |
|
| 500,000 |
|
| 519,965 |
|
|
|
|
| 420,000 |
| WATERS EDGE FL CDD CAPITAL IMPT REVENUE(d) |
| 11/1/2012 |
| 5.00 |
|
| 420,018 |
|
| 185,199 |
|
|
|
|
| 1,000,000 |
| WISCONSIN ST GEN FUND ANNUAL APPROP REVENUE |
| 5/1/2027 |
| 6.00 |
|
| 1,020,741 |
|
| 1,183,180 |
|
|
|
|
| 525,000 |
| WISCONSIN ST HLTH & EDUCTNL FACS AUTH |
| 2/15/2018 |
| 6.25 |
|
| 510,215 |
|
| 526,087 |
|
|
|
|
| 605,000 |
| WISCONSIN ST HLTH & EDUCTNL FACS AUTH |
| 11/15/2025 |
| 5.75 |
|
| 599,546 |
|
| 606,053 |
|
|
|
|
| 960,000 |
| WISCONSIN ST HLTH & EDUCTNL FACS AUTH |
| 2/15/2029 |
| 5.60 |
|
| 952,934 |
|
| 960,470 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 66 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 400,000 |
| WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE |
| 8/15/2023 |
| 5.60 |
| $ | 400,830 |
|
| 408,012 |
|
|
|
|
| 185,000 |
| WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE |
| 11/15/2023 |
| 6.00 |
|
| 191,725 |
|
| 192,039 |
|
|
|
|
| 500,000 |
| WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE |
| 8/15/2024 |
| 6.50 |
|
| 357,677 |
|
| 500,140 |
|
|
|
|
| 500,000 |
| WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE |
| 1/15/2025 |
| 5.65 |
|
| 501,698 |
|
| 510,280 |
|
|
|
|
| 500,000 |
| WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE |
| 7/1/2026 |
| 5.00 |
|
| 503,628 |
|
| 502,600 |
|
|
|
|
| 1,000,000 |
| WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE |
| 7/1/2030 |
| 5.75 |
|
| 1,025,607 |
|
| 1,057,820 |
|
|
|
|
| 500,000 |
| WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE |
| 2/15/2032 |
| 5.25 |
|
| 489,030 |
|
| 501,375 |
|
|
|
|
| 250,000 |
| WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE |
| 11/15/2032 |
| 6.00 |
|
| 260,780 |
|
| 255,360 |
|
|
|
|
| 750,000 |
| WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE |
| 4/15/2033 |
| 6.40 |
|
| 758,162 |
|
| 765,922 |
|
|
|
|
| 500,000 |
| WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE |
| 8/15/2034 |
| 6.75 |
|
| 505,274 |
|
| 503,700 |
|
|
|
|
| 1,000,000 |
| WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE |
| 12/1/2034 |
| 7.07 |
|
| 1,000,000 |
|
| 299,880 |
|
|
|
|
| 570,000 |
| WOODHILL TX PUBLIC FAC CORP MF REVENUE |
| 12/1/2015 |
| 7.25 |
|
| 566,156 |
|
| 570,274 |
|
|
|
|
| 405,000 |
| WSTRN GENERATION AGY OR COGENERATION PROJ REVENUE |
| 1/1/2021 |
| 5.00 |
|
| 406,984 |
|
| 371,328 |
|
|
|
|
| 500,000 |
| WYOMING CMNTY DEV AUTH STUDENTHSG REV |
| 7/1/2031 |
| 6.25 |
|
| 500,000 |
|
| 520,705 |
|
|
|
|
| 750,000 |
| WYOMING ST CMNTY DEV AUTH HSG REVENUE |
| 12/1/2023 |
| 5.25 |
|
| 758,090 |
|
| 806,498 |
|
|
|
|
| 355,000 |
| ZEPHYR RIDGE FL CDD CAPITAL IMPT REVENUE(d) |
| 5/1/2013 |
| 5.25 |
|
| 355,352 |
|
| 141,272 |
|
|
|
|
|
| Sub-total Municipal Bonds: |
|
|
|
|
|
| 457,208,435 |
|
| 458,492,111 |
|
| 88.37 | % | |
Short-Term Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 11,769,850 |
| NORTHERN INSTITUTIONAL TAX-EXEMPT PORTFOLIO, 0.03% (f) |
|
|
|
|
|
| 11,769,850 |
|
| 11,769,850 |
|
|
|
|
|
| Sub-total Short-Term Investments: |
|
|
|
|
|
| 11,769,850 |
|
| 11,769,850 |
|
| 2.27 | % | |
|
|
| Grand total(g) |
|
|
|
|
| $ | 503,433,825 |
|
| 510,380,170 |
|
| 98.37 | % |
|
|
|
See accompanying notes to the financial statements. | 67 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2011
Notes to Schedule of Investments:
|
|
|
| (a) | Securities are valued in accordance with procedures described in note 2 to the financial statements. |
| (b) | For zero coupon bonds, the interest rate disclosed represents the annualized effective yield on the date of acquisition. |
| (c) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly sold without registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of the Funds. |
| (d) | Currently non-income producing assets. For long-term debt securities, item identified is in default as to payment of interest and/or principal. |
| (e) | This security is being fair valued according to procedures adopted by the Board of Trustees. |
| (f) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2010, the value of the Fund’s investment in the Tax-Exempt Portfolio of the Northern Institutional Funds was approximately $8,475,514 with net purchases of approximately $3,294,336 during the fiscal year ended December 31, 2011. |
| (g) | At December 31, 2011, the cost for Federal income tax purposes was $503,433,825. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost were as follows: |
|
|
|
|
|
Gross unrealized appreciation |
| $ | 28,314,173 |
|
Gross unrealized depreciation |
|
| (21,367,828 | ) |
Net unrealized appreciation |
| $ | 6,946,345 |
|
Diversification of investments representing geographic diversification, as a percentage of total invesments at fair value, is as follows:
|
|
|
|
|
Geographical Diversification |
| Percent |
| |
California |
|
| 14.11 | % |
Illinois |
|
| 10.62 |
|
Texas |
|
| 7.26 |
|
Florida |
|
| 4.45 |
|
New Jersey |
|
| 3.99 |
|
Indiana |
|
| 3.95 |
|
Pennsylvania |
|
| 3.89 |
|
Minnesota |
|
| 3.29 |
|
Colorado |
|
| 2.89 |
|
Massachusetts |
|
| 2.66 |
|
Other |
|
| 42.89 |
|
|
|
| 100.00 | % |
|
|
|
See accompanying notes to the financial statements. | 68 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments – Clearwater Tax-Exempt Bond Fund |
December 31, 2011 |
|
|
|
See accompanying notes to the financial statements. | 69 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund |
December 31, 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Common Stocks: |
| ||||||||||||
Australia: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 26,184 |
| AGL ENERGY LTD. |
| $ | 342,599 |
|
| 383,601 |
|
|
|
|
| 51,722 |
| ALUMINA LTD. |
|
| 50,177 |
|
| 58,959 |
|
|
|
|
| 28,415 |
| AMCOR LTD. |
|
| 114,487 |
|
| 209,450 |
|
|
|
|
| 46,294 |
| AMP LTD. |
|
| 141,805 |
|
| 192,627 |
|
|
|
|
| 29,665 |
| ASCIANO LTD. |
|
| 129,579 |
|
| 136,475 |
|
|
|
|
| 4,112 |
| ASX LTD. |
|
| 84,309 |
|
| 128,555 |
|
|
|
|
| 46,617 |
| AUSTRALIA & NEW ZEALAND BANKING GROUP LTD. |
|
| 638,253 |
|
| 978,431 |
|
|
|
|
| 6,281 |
| BENDIGO AND ADELAIDE BANK LTD. |
|
| 52,780 |
|
| 51,563 |
|
|
|
|
| 179,910 |
| BGP HOLDINGS PLC - (FRACTIONAL SHARES)(b) |
|
| - |
|
| - |
|
|
|
|
| 58,575 |
| BHP BILLITON LTD. |
|
| 1,409,751 |
|
| 2,061,200 |
|
|
|
|
| 13,040 |
| BORAL LTD. |
|
| 38,661 |
|
| 47,993 |
|
|
|
|
| 17,400 |
| BRAMBLES LTD. |
|
| 64,294 |
|
| 127,368 |
|
|
|
|
| 8,400 |
| CALTEX AUSTRALIA LTD. |
|
| 105,590 |
|
| 101,077 |
|
|
|
|
| 2,393 |
| CAMPBELL BROTHERS LTD. |
|
| 117,246 |
|
| 119,853 |
|
|
|
|
| 121,633 |
| CFS RETAIL PROPERTY TRUST |
|
| 194,250 |
|
| 209,531 |
|
|
|
|
| 27,898 |
| COCA-COLA AMATIL LTD. |
|
| 299,576 |
|
| 328,281 |
|
|
|
|
| 971 |
| COCHLEAR LTD. |
|
| 35,893 |
|
| 61,547 |
|
|
|
|
| 28,762 |
| COMMONWEALTH BANK OF AUSTRALIA |
|
| 837,550 |
|
| 1,447,297 |
|
|
|
|
| 79,200 |
| COMMONWEALTH PROPERTY OFFICE FUND |
|
| 76,992 |
|
| 77,326 |
|
|
|
|
| 8,520 |
| COMPUTERSHARE LTD. |
|
| 47,795 |
|
| 69,770 |
|
|
|
|
| 18,353 |
| CROWN LTD. |
|
| 99,514 |
|
| 151,793 |
|
|
|
|
| 9,576 |
| CSL LTD. |
|
| 226,091 |
|
| 313,279 |
|
|
|
|
| 13,946 |
| CSR LTD. |
|
| 34,433 |
|
| 27,945 |
|
|
|
|
| 85,105 |
| DEXUS PROPERTY GROUP |
|
| 62,970 |
|
| 72,215 |
|
|
|
|
| 5,726 |
| DULUXGROUP LTD. |
|
| 5,840 |
|
| 16,918 |
|
|
|
|
| 12,777 |
| ECHO ENTERTAINMENT GROUP LTD.(b) |
|
| 35,384 |
|
| 46,894 |
|
|
|
|
| 24,200 |
| EMECO HOLDINGS LTD. |
|
| 30,149 |
|
| 23,875 |
|
|
|
|
| 38,735 |
| FAIRFAX MEDIA LTD. |
|
| 31,235 |
|
| 28,512 |
|
|
|
|
| 5,300 |
| FLIGHT CENTRE LTD. |
|
| 104,602 |
|
| 87,345 |
|
|
|
|
| 21,110 |
| FORTESCUE METALS GROUP LTD. |
|
| 37,574 |
|
| 92,154 |
|
|
|
|
| 93,686 |
| GOODMAN GROUP |
|
| 48,414 |
|
| 54,594 |
|
|
|
|
| 104,982 |
| GPT GROUP |
|
| 265,936 |
|
| 329,496 |
|
|
|
|
| 34,615 |
| HARVEY NORMAN HOLDINGS LTD. |
|
| 79,261 |
|
| 64,938 |
|
|
|
|
| 44,965 |
| INCITEC PIVOT LTD. |
|
| 117,225 |
|
| 142,966 |
|
|
|
|
| 47,825 |
| INSURANCE AUSTRALIA GROUP LTD. |
|
| 120,292 |
|
| 145,703 |
|
|
|
|
| 2,244 |
| LEIGHTON HOLDINGS LTD. |
|
| 29,819 |
|
| 43,680 |
|
|
|
|
| 10,015 |
| LEND LEASE GROUP |
|
| 61,130 |
|
| 73,310 |
|
|
|
|
| 9,837 |
| MACQUARIE GROUP LTD. |
|
| 195,127 |
|
| 239,251 |
|
|
|
|
| 55,748 |
| METCASH LTD. |
|
| 200,733 |
|
| 230,254 |
|
|
|
|
| 3,900 |
| MINERAL RESOURCES LTD. |
|
| 37,407 |
|
| 43,859 |
|
|
|
|
| 37,974 |
| MIRVAC GROUP |
|
| 50,570 |
|
| 45,810 |
|
|
|
|
| 41,258 |
| NATIONAL AUSTRALIA BANK LTD. |
|
| 706,058 |
|
| 985,322 |
|
|
|
|
| 10,628 |
| NEWCREST MINING LTD. |
|
| 289,672 |
|
| 321,618 |
|
|
|
|
| 165,887 |
| ONESTEEL LTD. |
|
| 355,418 |
|
| 118,716 |
|
|
|
|
| 10,126 |
| ORICA LTD. |
|
| 164,369 |
|
| 250,939 |
|
|
|
|
| 15,652 |
| ORIGIN ENERGY LTD. |
|
| 164,158 |
|
| 213,463 |
|
|
|
|
| 6,819 |
| OZ MINERALS LTD. |
|
| 25,768 |
|
| 69,783 |
|
|
|
|
| 60,703 |
| PALADIN ENERGY LTD.(b) |
|
| 104,577 |
|
| 85,021 |
|
|
|
|
| 416 |
| PERPETUAL LTD. |
|
| 7,027 |
|
| 8,689 |
|
|
|
|
| 130,032 |
| QANTAS AIRWAYS LTD.(b) |
|
| 239,257 |
|
| 194,089 |
|
|
|
|
| 15,800 |
| QBE INSURANCE GROUP LTD. |
|
| 218,199 |
|
| 209,182 |
|
|
|
|
| 20,800 |
| RAMELIUS RESOURCES LTD.(b) |
|
| 31,764 |
|
| 22,647 |
|
|
|
|
| 8,245 |
| RIO TINTO LTD. |
|
| 321,508 |
|
| 508,282 |
|
|
|
|
| 23,269 |
| SANTOS LTD. |
|
| 255,999 |
|
| 291,176 |
|
|
|
|
| 9,824 |
| SONIC HEALTHCARE LTD. |
|
| 79,849 |
|
| 113,291 |
|
|
|
|
| 10,500 |
| SP AUSNET |
|
| 9,788 |
|
| 10,091 |
|
|
|
|
| 10,100 |
| SPOTLESS GROUP LTD. |
|
| 18,131 |
|
| 24,575 |
|
|
|
|
| 132,929 |
| STOCKLAND |
|
| 390,281 |
|
| 433,518 |
|
|
|
|
| 49,573 |
| SUNCORP GROUP LTD. |
|
| 273,388 |
|
| 424,704 |
|
|
|
|
| 72,377 |
| TABCORP HOLDINGS LTD. |
|
| 177,152 |
|
| 202,004 |
|
|
|
|
| 100,846 |
| TATTS GROUP LTD. |
|
| 225,972 |
|
| 251,562 |
|
|
|
|
| 69,046 |
| TELSTRA CORP. LTD. |
|
| 158,437 |
|
| 235,061 |
|
|
|
|
| 55,889 |
| TOLL HOLDINGS LTD. |
|
| 302,168 |
|
| 241,121 |
|
|
|
|
| 13,099 |
| TRANSURBAN GROUP |
|
| 36,728 |
|
| 75,261 |
|
|
|
|
| 53,700 |
| TREASURY WINE ESTATES LTD. |
|
| 205,527 |
|
| 202,032 |
|
|
|
|
| 16,997 |
| WESFARMERS LTD. |
|
| 225,362 |
|
| 512,615 |
|
|
|
|
| 2,560 |
| WESFARMERS LTD. - PPS |
|
| 32,507 |
|
| 77,862 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 70 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund |
December 31, 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Australia (Cont’d): |
| ||||||||||||
| 42,659 |
| WESTFIELD GROUP |
| $ | 253,085 |
|
| 340,611 |
|
|
|
|
| 35,413 |
| WESTFIELD RETAIL TRUST |
|
| 53,180 |
|
| 90,149 |
|
|
|
|
| 56,332 |
| WESTPAC BANKING CORP. |
|
| 771,371 |
|
| 1,151,814 |
|
|
|
|
| 7,677 |
| WOODSIDE PETROLEUM LTD. |
|
| 245,484 |
|
| 240,322 |
|
|
|
|
| 19,482 |
| WOOLWORTHS LTD. |
|
| 346,571 |
|
| 499,924 |
|
|
|
|
| 6,807 |
| WORLEYPARSONS LTD. |
|
| 151,071 |
|
| 178,640 |
|
|
|
|
|
|
|
|
|
| 13,495,119 |
|
| 17,649,779 |
|
| 5.79% |
|
Austria: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 3,566 |
| ERSTE GROUP BANK A.G. |
|
| 63,769 |
|
| 62,700 |
|
|
|
|
| 33,719 |
| IMMOFINANZ A.G.(b) |
|
| 101,096 |
|
| 101,249 |
|
|
|
|
| 900 |
| OESTERREICHISCHE POST A.G. |
|
| 27,958 |
|
| 27,141 |
|
|
|
|
| 4,858 |
| OMV A.G. |
|
| 162,153 |
|
| 147,382 |
|
|
|
|
| 3,309 |
| RAIFFEISEN BANK INTERNATIONAL A.G. |
|
| 106,621 |
|
| 85,934 |
|
|
|
|
| 3,016 |
| STRABAG S.E. (BEARER) |
|
| 88,668 |
|
| 86,307 |
|
|
|
|
| 915 |
| VERBUND A.G. |
|
| 30,953 |
|
| 24,556 |
|
|
|
|
| 1,003 |
| VIENNA INSURANCE GROUP A.G. WIENER VERSICHERUNG GRUPPE |
|
| 49,973 |
|
| 39,750 |
|
|
|
|
| 11,446 |
| VOESTALPINE A.G. |
|
| 448,554 |
|
| 321,026 |
|
|
|
|
|
|
|
|
|
| 1,079,745 |
|
| 896,045 |
|
| 0.29% |
|
Belgium: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 92,075 |
| AGEAS |
|
| 155,612 |
|
| 143,005 |
|
|
|
|
| 13,088 |
| ANHEUSER-BUSCH INBEV N.V. |
|
| 445,645 |
|
| 801,324 |
|
|
|
|
| 5,100 |
| ANHEUSER-BUSCH INBEV N.V. ADR(c) |
|
| 318,185 |
|
| 311,049 |
|
|
|
|
| 15,383 |
| BELGACOM S.A. |
|
| 496,582 |
|
| 482,616 |
|
|
|
|
| 1,645 |
| COLRUYT S.A. |
|
| 74,892 |
|
| 62,276 |
|
|
|
|
| 8,404 |
| DELHAIZE GROUP S.A. | �� |
| 582,741 |
|
| 472,121 |
|
|
|
|
| 14,562 |
| GROUPE BRUXELLES LAMBERT S.A. |
|
| 1,232,472 |
|
| 970,824 |
|
|
|
|
| 2,869 |
| KBC GROEP N.V. |
|
| 50,323 |
|
| 36,134 |
|
|
|
|
| 400 |
| MOBISTAR S.A. |
|
| 25,537 |
|
| 20,962 |
|
|
|
|
| 625 |
| SOLVAY S.A., CLASS A |
|
| 36,847 |
|
| 51,496 |
|
|
|
|
| 7,091 |
| UCB S.A. |
|
| 261,400 |
|
| 298,368 |
|
|
|
|
| 2,966 |
| UMICORE S.A. |
|
| 53,114 |
|
| 122,344 |
|
|
|
|
|
|
|
|
|
| 3,733,350 |
|
| 3,772,519 |
|
| 1.24% |
|
Canada: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 4,700 |
| ADVANTAGE OIL & GAS LTD.(b) |
|
| 36,288 |
|
| 19,559 |
|
|
|
|
| 4,044 |
| AGNICO-EAGLE MINES LTD. |
|
| 244,292 |
|
| 146,878 |
|
|
|
|
| 1,900 |
| AGRIUM, INC. |
|
| 106,809 |
|
| 127,514 |
|
|
|
|
| 12,134 |
| AGRIUM, INC. (NEW YORK EXCHANGE) |
|
| 599,550 |
|
| 814,313 |
|
|
|
|
| 7,100 |
| ALIMENTATION COUCHE TARD, INC., CLASS B |
|
| 176,962 |
|
| 220,898 |
|
|
|
|
| 400 |
| ARC RESOURCES LTD. |
|
| 8,963 |
|
| 9,854 |
|
|
|
|
| 3,000 |
| ATCO LTD., CLASS I |
|
| 102,722 |
|
| 177,370 |
|
|
|
|
| 9,300 |
| AURICO GOLD, INC.(b) |
|
| 84,169 |
|
| 74,755 |
|
|
|
|
| 12,593 |
| BANK OF MONTREAL |
|
| 453,760 |
|
| 690,222 |
|
|
|
|
| 20,946 |
| BANK OF NOVA SCOTIA |
|
| 628,249 |
|
| 1,043,320 |
|
|
|
|
| 18,364 |
| BARRICK GOLD CORP. |
|
| 620,486 |
|
| 830,971 |
|
|
|
|
| 3,479 |
| BAYTEX ENERGY CORP. |
|
| 151,408 |
|
| 194,441 |
|
|
|
|
| 7,800 |
| BCE, INC. |
|
| 164,418 |
|
| 325,026 |
|
|
|
|
| 11,627 |
| BROOKFIELD ASSET MANAGEMENT, INC., CLASS A |
|
| 172,468 |
|
| 319,510 |
|
|
|
|
| 11,740 |
| CAE, INC. |
|
| 85,345 |
|
| 113,878 |
|
|
|
|
| 2,700 |
| CALFRAC WELL SERVICES LTD. |
|
| 69,284 |
|
| 75,524 |
|
|
|
|
| 500 |
| CAMECO CORP. |
|
| 10,257 |
|
| 9,034 |
|
|
|
|
| 11,081 |
| CAMECO CORP. (NEW YORK EXCHANGE) |
|
| 198,977 |
|
| 200,012 |
|
|
|
|
| 8,340 |
| CANADIAN IMPERIAL BANK OF COMMERCE |
|
| 394,681 |
|
| 603,566 |
|
|
|
|
| 9,614 |
| CANADIAN NATIONAL RAILWAY CO. |
|
| 389,611 |
|
| 755,276 |
|
|
|
|
| 22,671 |
| CANADIAN NATURAL RESOURCES LTD. |
|
| 540,039 |
|
| 847,215 |
|
|
|
|
| 1,100 |
| CANADIAN PACIFIC RAILWAY LTD. |
|
| 50,079 |
|
| 74,504 |
|
|
|
|
| 3,842 |
| CANADIAN PACIFIC RAILWAY LTD. (NEW YORK EXCHANGE) |
|
| 120,622 |
|
| 259,988 |
|
|
|
|
| 2,200 |
| CANADIAN TIRE CORP. LTD., CLASS A |
|
| 131,124 |
|
| 142,293 |
|
|
|
|
| 3,400 |
| CANADIAN UTILITIES LTD., CLASS A |
|
| 173,027 |
|
| 205,358 |
|
|
|
|
| 15,213 |
| CENOVUS ENERGY, INC. |
|
| 314,780 |
|
| 505,072 |
|
|
|
|
| 2,300 |
| CENTERRA GOLD, INC. |
|
| 45,093 |
|
| 40,633 |
|
|
|
|
| 12,200 |
| CGI GROUP, INC., CLASS A(b) |
|
| 225,117 |
|
| 229,898 |
|
|
|
|
| 10,919 |
| CGI GROUP, INC., CLASS A (NEW YORK EXCHANGE)(b) |
|
| 90,696 |
|
| 205,823 |
|
|
|
|
| 3,100 |
| COGECO CABLE, INC. |
|
| 140,724 |
|
| 156,235 |
|
|
|
|
| 1,861 |
| CRESCENT POINT ENERGY CORP. |
|
| 38,774 |
|
| 82,107 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 71 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund |
December 31, 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Canada (Cont’d): |
| ||||||||||||
| 4,200 |
| DUNDEE CORP., CLASS A(b) |
| $ | 97,479 |
|
| 97,242 |
|
|
|
|
| 12,278 |
| ELDORADO GOLD CORP. |
|
| 151,008 |
|
| 168,331 |
|
|
|
|
| 1,200 |
| EMPIRE CO. LTD., CLASS A |
|
| 71,754 |
|
| 69,617 |
|
|
|
|
| 15,872 |
| ENBRIDGE, INC. |
|
| 263,158 |
|
| 593,772 |
|
|
|
|
| 16,387 |
| ENCANA CORP. |
|
| 375,934 |
|
| 303,651 |
|
|
|
|
| 6,047 |
| ENERPLUS CORP. |
|
| 113,667 |
|
| 153,110 |
|
|
|
|
| 10,700 |
| ENSIGN ENERGY SERVICES, INC. |
|
| 171,153 |
|
| 170,652 |
|
|
|
|
| 660 |
| FAIRFAX FINANCIAL HOLDINGS LTD. |
|
| 270,775 |
|
| 283,081 |
|
|
|
|
| 349 |
| FAIRFAX FINANCIAL HOLDINGS LTD. (OTC EXCHANGE) |
|
| 107,219 |
|
| 150,489 |
|
|
|
|
| 2,800 |
| GEORGE WESTON LTD. |
|
| 200,720 |
|
| 187,118 |
|
|
|
|
| 3,052 |
| GILDAN ACTIVEWEAR, INC. |
|
| 33,435 |
|
| 57,347 |
|
|
|
|
| 14,604 |
| GOLDCORP, INC. |
|
| 479,947 |
|
| 646,227 |
|
|
|
|
| 11,200 |
| HUDBAY MINERALS, INC. |
|
| 110,573 |
|
| 111,463 |
|
|
|
|
| 8,203 |
| IAMGOLD CORP. |
|
| 91,103 |
|
| 130,018 |
|
|
|
|
| 7,165 |
| IMPERIAL OIL LTD. |
|
| 255,881 |
|
| 318,699 |
|
|
|
|
| 2,400 |
| INMET MINING CORP. |
|
| 149,124 |
|
| 154,286 |
|
|
|
|
| 200 |
| INTACT FINANCIAL CORP. |
|
| 11,023 |
|
| 11,489 |
|
|
|
|
| 6,600 |
| IVANHOE MINES LTD.(b) |
|
| 74,692 |
|
| 116,952 |
|
|
|
|
| 24,936 |
| KINROSS GOLD CORP. |
|
| 416,761 |
|
| 284,270 |
|
|
|
|
| 1,500 |
| LAURENTIAN BANK OF CANADA |
|
| 65,319 |
|
| 70,415 |
|
|
|
|
| 2,900 |
| MACDONALD DETTWILER & ASSOCIATES LTD. |
|
| 125,974 |
|
| 134,030 |
|
|
|
|
| 600 |
| MAGNA INTERNATIONAL, INC. |
|
| 15,163 |
|
| 20,022 |
|
|
|
|
| 6,538 |
| MAGNA INTERNATIONAL, INC. (NEW YORK EXCHANGE) |
|
| 86,809 |
|
| 217,781 |
|
|
|
|
| 900 |
| MANITOBA TELECOM SERVICES, INC. |
|
| 27,675 |
|
| 26,208 |
|
|
|
|
| 26,435 |
| MANULIFE FINANCIAL CORP. |
|
| 325,227 |
|
| 280,740 |
|
|
|
|
| 8,200 |
| MAPLE LEAF FOODS, INC. |
|
| 99,478 |
|
| 87,160 |
|
|
|
|
| 3,469 |
| METHANEX CORP. |
|
| 31,828 |
|
| 79,163 |
|
|
|
|
| 1,900 |
| METHANEX CORP. (TORONTO EXCHANGE) |
|
| 43,920 |
|
| 43,487 |
|
|
|
|
| 4,700 |
| METRO, INC., CLASS A |
|
| 227,622 |
|
| 249,096 |
|
|
|
|
| 100 |
| NATIONAL BANK OF CANADA |
|
| 6,671 |
|
| 7,080 |
|
|
|
|
| 7,600 |
| NEO MATERIAL TECHNOLOGIES, INC.(b) |
|
| 69,912 |
|
| 54,676 |
|
|
|
|
| 12,300 |
| NEVSUN RESOURCES LTD. |
|
| 74,157 |
|
| 68,328 |
|
|
|
|
| 8,650 |
| NEW GOLD, INC.(b) |
|
| 86,240 |
|
| 87,192 |
|
|
|
|
| 7,300 |
| NEW GOLD, INC. (TORONTO EXCHANGE)(b) |
|
| 82,539 |
|
| 73,653 |
|
|
|
|
| 10,200 |
| NEXEN, INC. |
|
| 204,786 |
|
| 162,277 |
|
|
|
|
| 11,881 |
| NEXEN, INC. (NEW YORK EXCHANGE) |
|
| 199,398 |
|
| 189,027 |
|
|
|
|
| 4,500 |
| NUVISTA ENERGY LTD.(b) |
|
| 47,576 |
|
| 23,143 |
|
|
|
|
| 1,641 |
| OPEN TEXT CORP.(b) |
|
| 72,477 |
|
| 83,921 |
|
|
|
|
| 1,300 |
| PACE OIL AND GAS LTD.(b) |
|
| 5,385 |
|
| 5,460 |
|
|
|
|
| 2,253 |
| PAN AMERICAN SILVER CORP. |
|
| 41,183 |
|
| 49,138 |
|
|
|
|
| 12,861 |
| PENGROWTH ENERGY CORP. |
|
| 127,732 |
|
| 132,916 |
|
|
|
|
| 15,200 |
| PENN WEST PETROLEUM LTD. |
|
| 378,105 |
|
| 301,200 |
|
|
|
|
| 12,367 |
| PENN WEST PETROLEUM LTD. (NEW YORK EXCHANGE) |
|
| 146,337 |
|
| 244,867 |
|
|
|
|
| 6,700 |
| PETROBANK ENERGY & RESOURCES LTD.(b) |
|
| 106,114 |
|
| 69,572 |
|
|
|
|
| 1,400 |
| PETROMINERALES LTD. |
|
| 35,257 |
|
| 22,754 |
|
|
|
|
| 16,494 |
| POTASH CORP. OF SASKATCHEWAN, INC. |
|
| 487,584 |
|
| 680,872 |
|
|
|
|
| 25,500 |
| PRECISION DRILLING CORP.(b) |
|
| 265,192 |
|
| 261,630 |
|
|
|
|
| 10,641 |
| PROVIDENT ENERGY LTD. |
|
| 33,300 |
|
| 103,111 |
|
|
|
|
| 4,500 |
| QUEBECOR, INC., CLASS B |
|
| 150,339 |
|
| 154,095 |
|
|
|
|
| 6,365 |
| RESEARCH IN MOTION LTD.(b) |
|
| 171,604 |
|
| 92,292 |
|
|
|
|
| 2,101 |
| RITCHIE BROS. AUCTIONEERS, INC. |
|
| 37,504 |
|
| 46,390 |
|
|
|
|
| 11,804 |
| ROGERS COMMUNICATIONS, INC., CLASS B |
|
| 297,724 |
|
| 454,572 |
|
|
|
|
| 27,302 |
| ROYAL BANK OF CANADA |
|
| 933,280 |
|
| 1,391,310 |
|
|
|
|
| 3,700 |
| SAPUTO, INC. |
|
| 151,722 |
|
| 141,734 |
|
|
|
|
| 600 |
| SHAW COMMUNICATIONS, INC., CLASS B |
|
| 12,390 |
|
| 11,925 |
|
|
|
|
| 9,661 |
| SHAW COMMUNICATIONS, INC., CLASS B (NEW YORK EXCHANGE) |
|
| 153,543 |
|
| 191,964 |
|
|
|
|
| 17,300 |
| SHERRITT INTERNATIONAL CORP. |
|
| 124,690 |
|
| 92,707 |
|
|
|
|
| 1,000 |
| SHOPPERS DRUG MART CORP. |
|
| 39,932 |
|
| 40,377 |
|
|
|
|
| 6,863 |
| SILVER WHEATON CORP. |
|
| 71,004 |
|
| 198,752 |
|
|
|
|
| 200 |
| SNC-LAVALIN GROUP, INC. |
|
| 5,085 |
|
| 10,027 |
|
|
|
|
| 13,665 |
| SUN LIFE FINANCIAL, INC. |
|
| 280,304 |
|
| 253,076 |
|
|
|
|
| 28,437 |
| SUNCOR ENERGY, INC. |
|
| 680,912 |
|
| 819,839 |
|
|
|
|
| 21,947 |
| TALISMAN ENERGY, INC. |
|
| 254,929 |
|
| 279,824 |
|
|
|
|
| 12,276 |
| TECK RESOURCES LTD., CLASS B |
|
| 103,421 |
|
| 431,992 |
|
|
|
|
| 4,274 |
| TELUS CORP. (NON VOTING) |
|
| 113,886 |
|
| 228,873 |
|
|
|
|
| 400 |
| TIM HORTONS, INC. |
|
| 18,783 |
|
| 19,378 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 72 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Canada (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 4,489 |
| TIM HORTONS, INC. (NEW YORK EXCHANGE) |
| $ | 137,057 |
|
| 217,357 |
|
|
|
|
| 16,563 |
| TORONTO-DOMINION BANK (THE) |
|
| 671,143 |
|
| 1,239,078 |
|
|
|
|
| 13,170 |
| TRANSALTA CORP. |
|
| 255,566 |
|
| 271,565 |
|
|
|
|
| 14,285 |
| TRANSCANADA CORP. |
|
| 389,230 |
|
| 623,826 |
|
|
|
|
| 5,900 |
| TRANSFORCE, INC. |
|
| 72,666 |
|
| 74,989 |
|
|
|
|
| 6,000 |
| TRICAN WELL SERVICE LTD. |
|
| 109,274 |
|
| 103,348 |
|
|
|
|
| 5,968 |
| VALEANT PHARMACEUTICALS INTERNATIONAL, INC.(b) |
|
| 117,465 |
|
| 278,646 |
|
|
|
|
| 2,256 |
| VERMILION ENERGY, INC. |
|
| 83,841 |
|
| 100,458 |
|
|
|
|
| 1,700 |
| WEST FRASER TIMBER CO. LTD. |
|
| 67,344 |
|
| 69,076 |
|
|
|
|
| 9,900 |
| YAMANA GOLD, INC. |
|
| 97,087 |
|
| 145,942 |
|
|
|
|
| 19,653 |
| YAMANA GOLD, INC. (NEW YORK EXCHANGE) |
|
| 186,540 |
|
| 288,703 |
|
|
|
|
|
|
|
|
|
| 19,321,405 |
|
| 25,609,895 |
|
| 8.39 | % |
China: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 210,000 |
| ANHUI EXPRESSWAY CO. LTD., CLASS H |
|
| 172,455 |
|
| 123,287 |
|
|
|
|
| 10,000 |
| CHINA MINZHONG FOOD CORP. LTD.(b) |
|
| 10,321 |
|
| 6,284 |
|
|
|
|
| 39,000 |
| HAIER ELECTRONICS GROUP CO. LTD.(b) |
|
| 33,373 |
|
| 34,897 |
|
|
|
|
| 269,930 |
| INDUSTRIAL & COMMERCIAL BANK OF CHINA, CLASS H |
|
| 213,123 |
|
| 160,208 |
|
|
|
|
|
|
|
|
|
| 429,272 |
|
| 324,676 |
|
| 0.11 | % |
Denmark: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 10 |
| A.P. MOLLER - MAERSK A/S, CLASS A |
|
| 46,408 |
|
| 62,403 |
|
|
|
|
| 30 |
| A.P. MOLLER - MAERSK A/S, CLASS B |
|
| 161,539 |
|
| 198,075 |
|
|
|
|
| 18,066 |
| CARLSBERG A/S, CLASS B |
|
| 1,367,629 |
|
| 1,273,964 |
|
|
|
|
| 300 |
| COLOPLAST A/S, CLASS B |
|
| 27,666 |
|
| 43,146 |
|
|
|
|
| 13,100 |
| DANSKE BANK A/S(b) |
|
| 138,182 |
|
| 166,394 |
|
|
|
|
| 4,000 |
| DSV A/S |
|
| 31,768 |
|
| 71,736 |
|
|
|
|
| 200 |
| FLSMIDTH & CO. A/S |
|
| 6,013 |
|
| 11,753 |
|
|
|
|
| 11,700 |
| H. LUNDBECK A/S |
|
| 226,537 |
|
| 220,014 |
|
|
|
|
| 9,900 |
| NOVO-NORDISK A/S, CLASS B |
|
| 554,060 |
|
| 1,137,678 |
|
|
|
|
| 2,500 |
| NOVOZYMES A/S, CLASS B |
|
| 39,158 |
|
| 77,177 |
|
|
|
|
| 12,746 |
| PANDORA A/S |
|
| 88,977 |
|
| 119,842 |
|
|
|
|
| 325 |
| TOPDANMARK A/S(b) |
|
| 33,362 |
|
| 50,645 |
|
|
|
|
|
|
|
|
|
| 2,721,299 |
|
| 3,432,827 |
|
| 1.12 | % |
Finland: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 1,907 |
| CARGOTEC OYJ, CLASS B |
|
| 84,966 |
|
| 56,719 |
|
|
|
|
| 1,805 |
| ELISA OYJ |
|
| 21,851 |
|
| 37,682 |
|
|
|
|
| 7,306 |
| FORTUM OYJ |
|
| 150,746 |
|
| 155,929 |
|
|
|
|
| 18,000 |
| KEMIRA OYJ |
|
| 247,726 |
|
| 213,867 |
|
|
|
|
| 1,396 |
| KESKO OYJ, CLASS B |
|
| 30,705 |
|
| 46,905 |
|
|
|
|
| 1,628 |
| KONE OYJ, CLASS B |
|
| 35,674 |
|
| 84,494 |
|
|
|
|
| 5,078 |
| METSO OYJ |
|
| 59,357 |
|
| 188,298 |
|
|
|
|
| 13,359 |
| NESTE OIL OYJ |
|
| 131,411 |
|
| 134,951 |
|
|
|
|
| 59,752 |
| NOKIA OYJ |
|
| 345,692 |
|
| 291,710 |
|
|
|
|
| 2,240 |
| NOKIAN RENKAAT OYJ |
|
| 31,307 |
|
| 72,132 |
|
|
|
|
| 12,778 |
| OUTOKUMPU OYJ |
|
| 101,492 |
|
| 84,015 |
|
|
|
|
| 10,565 |
| POHJOLA BANK PLC, CLASS A |
|
| 85,425 |
|
| 102,692 |
|
|
|
|
| 5,573 |
| SAMPO OYJ, CLASS A |
|
| 77,600 |
|
| 138,274 |
|
|
|
|
| 559 |
| SANOMA OYJ |
|
| 6,931 |
|
| 6,414 |
|
|
|
|
| 15,829 |
| STORA ENSO OYJ, CLASS R |
|
| 75,698 |
|
| 94,814 |
|
|
|
|
| 9,000 |
| TIETO OYJ |
|
| 122,401 |
|
| 128,134 |
|
|
|
|
| 11,934 |
| UPM-KYMMENE OYJ |
|
| 99,928 |
|
| 131,445 |
|
|
|
|
| 634 |
| WARTSILA OYJ |
|
| 7,249 |
|
| 18,315 |
|
|
|
|
|
|
|
|
|
| 1,716,159 |
|
| 1,986,790 |
|
| 0.65 | % |
France: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 15,275 |
| ACCOR S.A. |
|
| 595,716 |
|
| 387,198 |
|
|
|
|
| 551 |
| AEROPORTS DE PARIS |
|
| 28,858 |
|
| 37,797 |
|
|
|
|
| 5,432 |
| AIR FRANCE-KLM(b) |
|
| 38,168 |
|
| 27,932 |
|
|
|
|
| 5,518 |
| AIR LIQUIDE S.A. |
|
| 508,863 |
|
| 682,688 |
|
|
|
|
| 89,279 |
| ALCATEL-LUCENT(b) |
|
| 261,835 |
|
| 139,471 |
|
|
|
|
| 2,297 |
| ALSTOM S.A. |
|
| 87,870 |
|
| 69,656 |
|
|
|
|
| 10,833 |
| ARCELORMITTAL |
|
| 204,661 |
|
| 198,116 |
|
|
|
|
| 2,808 |
| ARKEMA S.A. |
|
| 73,140 |
|
| 198,798 |
|
|
|
|
| 608 |
| ATOS |
|
| 15,429 |
|
| 26,685 |
|
|
|
|
| 27,416 |
| AXA S.A. |
|
| 373,813 |
|
| 356,436 |
|
|
|
|
| 819 |
| BIOMERIEUX |
|
| 79,843 |
|
| 58,555 |
|
|
|
|
| 18,641 |
| BNP PARIBAS S.A. |
|
| 813,238 |
|
| 732,244 |
|
|
|
|
| 7,036 |
| BOUYGUES S.A. |
|
| 250,920 |
|
| 221,699 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 73 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
France (Cont’d): |
|
|
|
|
|
|
|
|
|
|
| ||
| 735 |
| BUREAU VERITAS S.A. |
| $ | 29,322 |
|
| 53,558 |
|
|
|
|
| 1,862 |
| CAP GEMINI S.A. |
|
| 62,328 |
|
| 58,188 |
|
|
|
|
| 5,422 |
| CARREFOUR S.A. |
|
| 147,570 |
|
| 123,615 |
|
|
|
|
| 2,177 |
| CASINO GUICHARD PERRACHON S.A. |
|
| 172,738 |
|
| 183,372 |
|
|
|
|
| 648 |
| CHRISTIAN DIOR S.A. |
|
| 36,000 |
|
| 76,833 |
|
|
|
|
| 8,977 |
| CIE DE SAINT-GOBAIN |
|
| 309,749 |
|
| 344,670 |
|
|
|
|
| 7,231 |
| CIE GENERALE DES ESTABLISSEMENTS MICHELIN, CLASS B |
|
| 443,942 |
|
| 427,469 |
|
|
|
|
| 3,462 |
| CIE GENERALE D’OPTIQUE ESSILOR INTERNATIONAL S.A. |
|
| 134,447 |
|
| 244,427 |
|
|
|
|
| 20,236 |
| CNP ASSURANCES |
|
| 315,458 |
|
| 250,858 |
|
|
|
|
| 9,764 |
| DANONE |
|
| 490,226 |
|
| 613,796 |
|
|
|
|
| 812 |
| DASSAULT SYSTEMES S.A. |
|
| 31,122 |
|
| 65,086 |
|
|
|
|
| 3,633 |
| EDENRED |
|
| 65,572 |
|
| 89,434 |
|
|
|
|
| 1,536 |
| EURAZEO |
|
| 53,525 |
|
| 54,660 |
|
|
|
|
| 3,941 |
| EUTELSAT COMMUNICATIONS S.A. |
|
| 92,604 |
|
| 153,788 |
|
|
|
|
| 32,283 |
| FRANCE TELECOM S.A. |
|
| 572,425 |
|
| 507,039 |
|
|
|
|
| 24,659 |
| GDF SUEZ |
|
| 721,519 |
|
| 674,058 |
|
|
|
|
| 564 |
| GECINA S.A. |
|
| 51,331 |
|
| 47,448 |
|
|
|
|
| 648 |
| HERMES INTERNATIONAL |
|
| 64,252 |
|
| 193,193 |
|
|
|
|
| 304 |
| ILIAD S.A. |
|
| 29,549 |
|
| 37,516 |
|
|
|
|
| 2,335 |
| KLEPIERRE |
|
| 57,367 |
|
| 66,608 |
|
|
|
|
| 4,713 |
| LAFARGE S.A. |
|
| 166,939 |
|
| 165,674 |
|
|
|
|
| 5,451 |
| LAGARDERE S.C.A. |
|
| 132,733 |
|
| 143,924 |
|
|
|
|
| 3,554 |
| LEGRAND S.A. |
|
| 61,802 |
|
| 114,307 |
|
|
|
|
| 3,491 |
| L’OREAL S.A. |
|
| 255,535 |
|
| 364,629 |
|
|
|
|
| 3,812 |
| LVMH MOET HENNESSY LOUIS VUITTON S.A. |
|
| 284,586 |
|
| 539,757 |
|
|
|
|
| 41,178 |
| NATIXIS |
|
| 92,351 |
|
| 103,607 |
|
|
|
|
| 991 |
| NEOPOST S.A. |
|
| 83,847 |
|
| 66,774 |
|
|
|
|
| 2,898 |
| PERNOD-RICARD S.A. |
|
| 177,566 |
|
| 268,784 |
|
|
|
|
| 10,344 |
| PEUGEOT S.A. |
|
| 168,977 |
|
| 162,129 |
|
|
|
|
| 1,531 |
| PPR |
|
| 112,344 |
|
| 219,258 |
|
|
|
|
| 40,596 |
| PUBLICIS GROUPE S.A. |
|
| 1,432,100 |
|
| 1,867,625 |
|
|
|
|
| 5,954 |
| RENAULT S.A. |
|
| 173,471 |
|
| 206,524 |
|
|
|
|
| 4,202 |
| SAFRAN S.A. |
|
| 40,399 |
|
| 126,202 |
|
|
|
|
| 30,836 |
| SANOFI |
|
| 1,902,383 |
|
| 2,264,915 |
|
|
|
|
| 9,202 |
| SCHNEIDER ELECTRIC S.A. |
|
| 387,172 |
|
| 484,497 |
|
|
|
|
| 1,813 |
| SCOR S.E. |
|
| 36,441 |
|
| 42,378 |
|
|
|
|
| 3,311 |
| SES S.A. |
|
| 62,443 |
|
| 79,472 |
|
|
|
|
| 5,823 |
| SOCIETE GENERALE S.A. |
|
| 158,425 |
|
| 129,667 |
|
|
|
|
| 36,045 |
| SOCIETE TELEVISION FRANCAISE 1 |
|
| 365,148 |
|
| 351,852 |
|
|
|
|
| 7,071 |
| SODEXO |
|
| 363,938 |
|
| 507,653 |
|
|
|
|
| 13,444 |
| SODEXO PRIME FIDELITE(b) |
|
| 721,006 |
|
| 965,194 |
|
|
|
|
| 30,250 |
| SUEZ ENVIRONNEMENT CO. |
|
| 464,566 |
|
| 348,491 |
|
|
|
|
| 2,589 |
| TECHNIP S.A. |
|
| 116,011 |
|
| 243,342 |
|
|
|
|
| 2,172 |
| THALES S.A. |
|
| 86,735 |
|
| 68,593 |
|
|
|
|
| 77,940 |
| TOTAL S.A. |
|
| 4,118,434 |
|
| 3,984,606 |
|
|
|
|
| 1,568 |
| UNIBAIL-RODAMCO S.E. |
|
| 177,708 |
|
| 281,888 |
|
|
|
|
| 3,072 |
| VALLOUREC S.A. |
|
| 191,446 |
|
| 199,437 |
|
|
|
|
| 5,000 |
| VEOLIA ENVIRONNEMENT S.A. |
|
| 70,640 |
|
| 54,806 |
|
|
|
|
| 8,329 |
| VINCI S.A. |
|
| 346,780 |
|
| 363,934 |
|
|
|
|
| 25,193 |
| VIVENDI S.A. |
|
| 569,279 |
|
| 551,707 |
|
|
|
|
|
|
|
|
|
| 20,534,605 |
|
| 22,674,517 |
|
| 7.43 | % |
Germany: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 2,785 |
| ADIDAS A.G. |
|
| 94,549 |
|
| 181,166 |
|
|
|
|
| 9,809 |
| ALLIANZ S.E. (REGISTERED) |
|
| 984,216 |
|
| 938,331 |
|
|
|
|
| 2,459 |
| AURUBIS A.G. |
|
| 142,179 |
|
| 131,124 |
|
|
|
|
| 24,026 |
| BASF S.E. |
|
| 1,152,067 |
|
| 1,675,782 |
|
|
|
|
| 12,500 |
| BAYER A.G. (REGISTERED) |
|
| 629,487 |
|
| 799,217 |
|
|
|
|
| 14,464 |
| BAYERISCHE MOTOREN WERKE A.G. |
|
| 786,641 |
|
| 968,971 |
|
|
|
|
| 828 |
| BEIERSDORF A.G. |
|
| 35,556 |
|
| 46,960 |
|
|
|
|
| 4,000 |
| BILFINGER BERGER S.E. |
|
| 273,213 |
|
| 341,068 |
|
|
|
|
| 7,652 |
| CELESIO A.G. |
|
| 109,250 |
|
| 121,223 |
|
|
|
|
| 916 |
| CONTINENTAL A.G.(b) |
|
| 47,943 |
|
| 57,019 |
|
|
|
|
| 17,639 |
| DAIMLER A.G. (REGISTERED) |
|
| 589,913 |
|
| 774,386 |
|
|
|
|
| 10,725 |
| DEUTSCHE BANK A.G. (REGISTERED) |
|
| 416,479 |
|
| 408,591 |
|
|
|
|
| 2,057 |
| DEUTSCHE BOERSE A.G.(b) |
|
| 105,574 |
|
| 107,851 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 74 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Germany (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 3,261 |
| DEUTSCHE LUFTHANSA A.G. (REGISTERED) |
| $ | 35,709 |
|
| 38,767 |
|
|
|
|
| 19,219 |
| DEUTSCHE POST A.G. (REGISTERED) |
|
| 228,974 |
|
| 295,512 |
|
|
|
|
| 41,318 |
| DEUTSCHE TELEKOM A.G. (REGISTERED) |
|
| 511,289 |
|
| 474,074 |
|
|
|
|
| 23,204 |
| E.ON A.G. |
|
| 589,190 |
|
| 500,641 |
|
|
|
|
| 4,168 |
| FRESENIUS MEDICAL CARE A.G. & CO. KGAA |
|
| 184,299 |
|
| 283,214 |
|
|
|
|
| 1,848 |
| FRESENIUS S.E. & CO. KGAA |
|
| 99,809 |
|
| 170,968 |
|
|
|
|
| 2,738 |
| GEA GROUP A.G. |
|
| 27,680 |
|
| 77,431 |
|
|
|
|
| 13,631 |
| HANNOVER RUECKVERSICHERUNG A.G. (REGISTERED) |
|
| 689,309 |
|
| 676,142 |
|
|
|
|
| 34,628 |
| HEIDELBERGCEMENT A.G. |
|
| 1,710,609 |
|
| 1,469,592 |
|
|
|
|
| 10,464 |
| HENKEL A.G. & CO. KGAA |
|
| 419,473 |
|
| 506,521 |
|
|
|
|
| 1,550 |
| HOCHTIEF A.G. |
|
| 59,506 |
|
| 89,664 |
|
|
|
|
| 21,437 |
| INFINEON TECHNOLOGIES A.G. |
|
| 120,692 |
|
| 161,368 |
|
|
|
|
| 2,921 |
| K+S A.G. (REGISTERED) |
|
| 149,718 |
|
| 132,018 |
|
|
|
|
| 5,523 |
| LANXESS A.G. |
|
| 299,998 |
|
| 285,932 |
|
|
|
|
| 2,642 |
| LINDE A.G. |
|
| 210,857 |
|
| 393,070 |
|
|
|
|
| 2,275 |
| MAN S.E. |
|
| 122,285 |
|
| 202,286 |
|
|
|
|
| 1,310 |
| MERCK KGAA |
|
| 110,683 |
|
| 130,605 |
|
|
|
|
| 4,523 |
| METRO A.G. |
|
| 157,225 |
|
| 165,083 |
|
|
|
|
| 4,041 |
| MUENCHENER RUECKVERSICHERUNGS A.G. (REGISTERED) |
|
| 512,591 |
|
| 495,717 |
|
|
|
|
| 10,061 |
| RWE A.G. |
|
| 298,363 |
|
| 353,540 |
|
|
|
|
| 1,458 |
| SALZGITTER A.G. |
|
| 79,130 |
|
| 72,897 |
|
|
|
|
| 17,103 |
| SAP A.G. |
|
| 683,559 |
|
| 904,258 |
|
|
|
|
| 13,593 |
| SIEMENS A.G. (REGISTERED) |
|
| 846,647 |
|
| 1,300,837 |
|
|
|
|
| 4,300 |
| SIEMENS A.G. ADR(c) |
|
| 450,971 |
|
| 411,123 |
|
|
|
|
| 4,500 |
| SUEDZUCKER A.G. |
|
| 150,087 |
|
| 143,568 |
|
|
|
|
| 6,245 |
| THYSSENKRUPP A.G. |
|
| 125,145 |
|
| 143,267 |
|
|
|
|
| 7,071 |
| TUI A.G.(b) |
|
| 57,698 |
|
| 43,901 |
|
|
|
|
| 493 |
| VOLKSWAGEN A.G. |
|
| 49,099 |
|
| 66,137 |
|
|
|
|
| 517 |
| WACKER CHEMIE A.G. |
|
| 55,413 |
|
| 41,587 |
|
|
|
|
|
|
|
|
|
| 14,403,075 |
|
| 16,581,409 |
|
| 5.44 | % |
Greece: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 6,991 |
| COCA COLA HELLENIC BOTTLING CO. S.A.(b) |
|
| 108,814 |
|
| 119,890 |
|
|
|
|
| 38,799 |
| NATIONAL BANK OF GREECE S.A.(b) |
|
| 320,607 |
|
| 81,351 |
|
|
|
|
|
|
|
|
|
| 429,421 |
|
| 201,241 |
|
| 0.07 | % |
Hong Kong: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 94,800 |
| AIA GROUP LTD. |
|
| 287,504 |
|
| 295,974 |
|
|
|
|
| 23,100 |
| BANK OF EAST ASIA LTD. |
|
| 41,005 |
|
| 87,436 |
|
|
|
|
| 46,000 |
| BOC HONG KONG HOLDINGS LTD. |
|
| 63,016 |
|
| 108,970 |
|
|
|
|
| 26,000 |
| CATHAY PACIFIC AIRWAYS LTD. |
|
| 31,809 |
|
| 44,587 |
|
|
|
|
| 252,000 |
| CHAMPION REIT |
|
| 99,702 |
|
| 94,736 |
|
|
|
|
| 20,000 |
| CHEUNG KONG HOLDINGS LTD. |
|
| 172,258 |
|
| 237,922 |
|
|
|
|
| 11,000 |
| CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD. |
|
| 51,146 |
|
| 64,437 |
|
|
|
|
| 33,000 |
| CHOW SANG SANG HOLDINGS INTERNATIONAL LTD. |
|
| 90,252 |
|
| 74,351 |
|
|
|
|
| 36,500 |
| CLP HOLDINGS LTD. |
|
| 253,113 |
|
| 310,384 |
|
|
|
|
| 27,800 |
| ESPRIT HOLDINGS LTD. |
|
| 38,689 |
|
| 35,863 |
|
|
|
|
| 18,000 |
| GALAXY ENTERTAINMENT GROUP LTD.(b) |
|
| 39,054 |
|
| 33,000 |
|
|
|
|
| 83,123 |
| GUOCO GROUP LTD. |
|
| 703,310 |
|
| 773,200 |
|
|
|
|
| 17,000 |
| HANG LUNG GROUP LTD. |
|
| 50,690 |
|
| 93,128 |
|
|
|
|
| 30,000 |
| HANG LUNG PROPERTIES LTD. |
|
| 64,007 |
|
| 85,358 |
|
|
|
|
| 11,500 |
| HANG SENG BANK LTD. |
|
| 124,740 |
|
| 136,435 |
|
|
|
|
| 13,000 |
| HENDERSON LAND DEVELOPMENT CO. LTD. |
|
| 45,544 |
|
| 64,605 |
|
|
|
|
| 110,110 |
| HONG KONG & CHINA GAS CO. LTD. |
|
| 149,918 |
|
| 255,172 |
|
|
|
|
| 18,900 |
| HONG KONG EXCHANGES AND CLEARING LTD. |
|
| 202,799 |
|
| 301,972 |
|
|
|
|
| 400 |
| HOPEWELL HIGHWAY INFRASTRUCTURE LTD. |
|
| 229 |
|
| 200 |
|
|
|
|
| 4,000 |
| HOPEWELL HOLDINGS LTD. |
|
| 10,853 |
|
| 10,228 |
|
|
|
|
| 48,000 |
| HOPSON DEVELOPMENT HOLDINGS LTD. |
|
| 75,765 |
|
| 24,905 |
|
|
|
|
| 36,000 |
| HUTCHISON WHAMPOA LTD. |
|
| 189,637 |
|
| 301,497 |
|
|
|
|
| 116,000 |
| JOHNSON ELECTRIC HOLDINGS LTD. |
|
| 64,368 |
|
| 64,069 |
|
|
|
|
| 27,000 |
| KERRY PROPERTIES LTD. |
|
| 90,767 |
|
| 89,337 |
|
|
|
|
| 50,000 |
| KINGBOARD CHEMICAL HOLDINGS LTD. |
|
| 180,015 |
|
| 148,058 |
|
|
|
|
| 150,000 |
| LI & FUNG LTD. |
|
| 208,513 |
|
| 277,705 |
|
|
|
|
| 104,500 |
| LINK REIT (THE) |
|
| 296,460 |
|
| 384,782 |
|
|
|
|
| 16,500 |
| MTR CORP. |
|
| 38,268 |
|
| 53,426 |
|
|
|
|
| 190,000 |
| NEW WORLD DEVELOPMENT LTD. |
|
| 230,135 |
|
| 153,130 |
|
|
|
|
| 216,000 |
| NOBLE GROUP LTD. |
|
| 331,689 |
|
| 188,179 |
|
|
|
|
| 154,500 |
| NWS HOLDINGS LTD. |
|
| 215,741 |
|
| 227,556 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 75 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Hong Kong (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 37,000 |
| PACIFIC ANDES RESOURCES DEVELOPMENT LTD. |
| $ | 5,907 |
|
| 5,534 |
|
|
|
|
| 284,000 |
| PCCW LTD. |
|
| 110,273 |
|
| 97,625 |
|
|
|
|
| 81,000 |
| POWER ASSETS HOLDINGS LTD. |
|
| 509,060 |
|
| 599,112 |
|
|
|
|
| 31,200 |
| SANDS CHINA LTD.(b) |
|
| 71,562 |
|
| 88,170 |
|
|
|
|
| 22,000 |
| SHANGRI-LA ASIA LTD. |
|
| 29,501 |
|
| 37,954 |
|
|
|
|
| 59,400 |
| SINO LAND CO. LTD. |
|
| 80,601 |
|
| 84,581 |
|
|
|
|
| 2,800 |
| SINO-FOREST CORP.(b) |
|
| 50,555 |
|
| 13,218 |
|
|
|
|
| 105,000 |
| SJM HOLDINGS LTD. |
|
| 192,849 |
|
| 171,412 |
|
|
|
|
| 23,000 |
| SUN HUNG KAI PROPERTIES LTD. |
|
| 222,078 |
|
| 288,268 |
|
|
|
|
| 19,000 |
| SWIRE PACIFIC LTD., CLASS A |
|
| 143,178 |
|
| 229,328 |
|
|
|
|
| 13,000 |
| TELEVISION BROADCASTS LTD. |
|
| 71,193 |
|
| 78,831 |
|
|
|
|
| 37,000 |
| WHARF HOLDINGS LTD. |
|
| 91,952 |
|
| 167,202 |
|
|
|
|
| 22,000 |
| WHEELOCK & CO. LTD. |
|
| 39,213 |
|
| 54,496 |
|
|
|
|
| 30,000 |
| WYNN MACAU LTD. |
|
| 50,423 |
|
| 75,316 |
|
|
|
|
| 53,500 |
| YUE YUEN INDUSTRIAL HOLDINGS LTD. |
|
| 123,576 |
|
| 169,098 |
|
|
|
|
|
|
|
|
|
| 6,232,917 |
|
| 7,180,747 |
|
| 2.35 | % |
Ireland: |
|
|
|
|
|
|
|
|
|
|
| ||
| 16,590 |
| ACCENTURE PLC, CLASS A |
|
| 573,657 |
|
| 883,086 |
|
|
|
|
| 31,362 |
| COVIDIEN PLC |
|
| 1,134,423 |
|
| 1,411,604 |
|
|
|
|
| 14,588 |
| CRH PLC |
|
| 212,444 |
|
| 289,978 |
|
|
|
|
| 3,489 |
| CRH PLC (DUBLIN EXCHANGE) |
|
| 62,091 |
|
| 69,362 |
|
|
|
|
| 9,600 |
| DCC PLC |
|
| 234,006 |
|
| 227,130 |
|
|
|
|
| 6,124 |
| ELAN CORP. PLC(b) |
|
| 36,901 |
|
| 84,968 |
|
|
|
|
| 93,651 |
| EXPERIAN PLC |
|
| 710,182 |
|
| 1,273,290 |
|
|
|
|
| 33,826 |
| ICON PLC ADR(b)(c) |
|
| 672,709 |
|
| 578,763 |
|
|
|
|
| 1,776 |
| KERRY GROUP PLC, CLASS A |
|
| 35,054 |
|
| 65,017 |
|
|
|
|
| 11,192 |
| SHIRE PLC |
|
| 130,296 |
|
| 389,848 |
|
|
|
|
| 1,700 |
| SHIRE PLC ADR(c) |
|
| 160,981 |
|
| 176,630 |
|
|
|
|
| 17,323 |
| SMURFIT KAPPA GROUP PLC(b) |
|
| 101,972 |
|
| 104,705 |
|
|
|
|
| 58,632 |
| WPP PLC |
|
| 556,646 |
|
| 615,062 |
|
|
|
|
|
|
|
|
|
| 4,621,362 |
|
| 6,169,443 |
|
| 2.02 | % |
Israel: |
|
|
|
|
|
|
|
|
|
|
| ||
| 85,992 |
| BANK HAPOALIM BM |
|
| 356,731 |
|
| 280,247 |
|
|
|
|
| 18,000 |
| BANK LEUMI LE-ISRAEL BM |
|
| 61,393 |
|
| 51,530 |
|
|
|
|
| 25,562 |
| BEZEQ THE ISRAELI TELECOMMUNICATION CORP. LTD. |
|
| 53,201 |
|
| 46,831 |
|
|
|
|
| 2,000 |
| ELBIT SYSTEMS LTD. |
|
| 89,922 |
|
| 82,131 |
|
|
|
|
| 53 |
| ISRAEL (THE) CORP. LTD. |
|
| 37,899 |
|
| 33,099 |
|
|
|
|
| 8,857 |
| ISRAEL CHEMICALS LTD. |
|
| 105,188 |
|
| 91,801 |
|
|
|
|
| 96,000 |
| ISRAEL DISCOUNT BANK LTD., CLASS A(b) |
|
| 159,546 |
|
| 128,470 |
|
|
|
|
| 33,339 |
| MIZRAHI TEFAHOT BANK LTD. |
|
| 308,269 |
|
| 263,580 |
|
|
|
|
| 6,816 |
| PARTNER COMMUNICATIONS CO. LTD. |
|
| 65,918 |
|
| 60,201 |
|
|
|
|
| 11,598 |
| TEVA PHARMACEUTICAL INDUSTRIES LTD. ADR(c) |
|
| 504,674 |
|
| 468,095 |
|
|
|
|
|
|
|
|
|
| 1,742,741 |
|
| 1,505,985 |
|
| 0.49 | % |
Italy: |
|
|
|
|
|
|
|
|
|
|
| ||
| 12,000 |
| ACEA S.P.A. |
|
| 120,512 |
|
| 75,917 |
|
|
|
|
| 26,031 |
| ASSICURAZIONI GENERALI S.P.A. |
|
| 405,603 |
|
| 391,831 |
|
|
|
|
| 4,848 |
| ATLANTIA S.P.A. |
|
| 76,988 |
|
| 77,618 |
|
|
|
|
| 12,162 |
| AUTOGRILL S.P.A. |
|
| 72,812 |
|
| 118,687 |
|
|
|
|
| 91,413 |
| BANCO POPOLARE SCARL |
|
| 152,031 |
|
| 118,314 |
|
|
|
|
| 6,300 |
| DANIELI & C OFFICINE MECCANICHE S.P.A. |
|
| 146,810 |
|
| 132,991 |
|
|
|
|
| 171,832 |
| ENEL S.P.A. |
|
| 891,273 |
|
| 699,221 |
|
|
|
|
| 40,243 |
| ENI S.P.A. |
|
| 752,356 |
|
| 833,892 |
|
|
|
|
| 5,619 |
| EXOR S.P.A. |
|
| 100,186 |
|
| 113,088 |
|
|
|
|
| 24,375 |
| FIAT INDUSTRIAL S.P.A.(b) |
|
| 141,398 |
|
| 209,006 |
|
|
|
|
| 10,667 |
| FIAT S.P.A. |
|
| 28,452 |
|
| 49,012 |
|
|
|
|
| 36,000 |
| FINMECCANICA S.P.A. |
|
| 441,396 |
|
| 133,166 |
|
|
|
|
| 90,049 |
| INTESA SANPAOLO S.P.A. |
|
| 161,397 |
|
| 150,814 |
|
|
|
|
| 1,095 |
| LUXOTTICA GROUP S.P.A. |
|
| 14,342 |
|
| 30,754 |
|
|
|
|
| 72,000 |
| MEDIASET S.P.A. |
|
| 191,613 |
|
| 199,236 |
|
|
|
|
| 19,771 |
| MEDIOBANCA S.P.A. |
|
| 152,640 |
|
| 113,769 |
|
|
|
|
| 34,777 |
| MEDIOLANUM S.P.A. |
|
| 120,164 |
|
| 135,393 |
|
|
|
|
| 2,966 |
| PRYSMIAN S.P.A. |
|
| 29,515 |
|
| 36,834 |
|
|
|
|
| 3,842 |
| SAIPEM S.P.A. |
|
| 66,811 |
|
| 163,350 |
|
|
|
|
| 40,318 |
| SNAM RETE GAS S.P.A. |
|
| 174,297 |
|
| 177,734 |
|
|
|
|
| 15,445 |
| SOCIETA INIZIATIVE AUTOSTRADALI E SERVIZI S.P.A. |
|
| 128,115 |
|
| 116,343 |
|
|
|
|
| 5,059 |
| TENARIS S.A. |
|
| 50,651 |
|
| 93,502 |
|
|
|
|
| 22,370 |
| TERNA RETE ELETTRICA NAZIONALE S.P.A. |
|
| 71,955 |
|
| 75,394 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 76 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Italy (Cont’d): | |||||||||||||
| 9,971 |
| UNICREDIT S.P.A. |
| $ | 116,338 |
|
| 82,848 |
|
|
|
|
| 49,543 |
| UNIONE DI BANCHE ITALIANE S.C.P.A. |
|
| 270,288 |
|
| 203,012 |
|
|
|
|
|
|
|
|
|
| 4,877,943 |
|
| 4,531,726 |
|
| 1.49 | % |
Japan: | |||||||||||||
| 24,300 |
| ADERANS CO. LTD.(b) |
|
| 283,683 |
|
| 312,555 |
|
|
|
|
| 44,000 |
| AEON CO. LTD. |
|
| 321,555 |
|
| 604,245 |
|
|
|
|
| 4,800 |
| AEON CREDIT SERVICE CO. LTD. |
|
| 49,903 |
|
| 75,833 |
|
|
|
|
| 1,100 |
| AEON MALL CO. LTD. |
|
| 23,091 |
|
| 23,352 |
|
|
|
|
| 2,300 |
| AISIN SEIKI CO. LTD. |
|
| 37,584 |
|
| 65,562 |
|
|
|
|
| 17,000 |
| AJINOMOTO CO., INC. |
|
| 136,093 |
|
| 204,083 |
|
|
|
|
| 88,000 |
| ALL NIPPON AIRWAYS CO. LTD. |
|
| 271,021 |
|
| 245,814 |
|
|
|
|
| 2,000 |
| AMADA CO. LTD. |
|
| 10,582 |
|
| 12,681 |
|
|
|
|
| 15,000 |
| ASAHI GLASS CO. LTD. |
|
| 80,697 |
|
| 125,895 |
|
|
|
|
| 11,100 |
| ASAHI GROUP HOLDINGS LTD. |
|
| 182,090 |
|
| 243,722 |
|
|
|
|
| 74,000 |
| ASAHI KASEI CORP. |
|
| 409,280 |
|
| 446,103 |
|
|
|
|
| 7,600 |
| ASTELLAS PHARMA, INC. |
|
| 243,758 |
|
| 309,060 |
|
|
|
|
| 11,000 |
| BANK OF KYOTO (THE) LTD. |
|
| 98,298 |
|
| 94,753 |
|
|
|
|
| 37,000 |
| BANK OF YOKOHAMA (THE) LTD. |
|
| 164,514 |
|
| 174,980 |
|
|
|
|
| 1,300 |
| BENESSE HOLDINGS, INC. |
|
| 48,395 |
|
| 62,915 |
|
|
|
|
| 13,800 |
| BRIDGESTONE CORP. |
|
| 205,726 |
|
| 312,867 |
|
|
|
|
| 22,500 |
| BROTHER INDUSTRIES LTD. |
|
| 255,948 |
|
| 276,249 |
|
|
|
|
| 29,100 |
| CANON, INC. |
|
| 925,802 |
|
| 1,289,238 |
|
|
|
|
| 29 |
| CENTRAL JAPAN RAILWAY CO. |
|
| 162,730 |
|
| 244,905 |
|
|
|
|
| 5,200 |
| CENTURY TOKYO LEASING CORP. |
|
| 101,825 |
|
| 98,300 |
|
|
|
|
| 15,000 |
| CHIBA BANK (THE) LTD. |
|
| 81,968 |
|
| 96,663 |
|
|
|
|
| 18,000 |
| CHUBU ELECTRIC POWER CO., INC. |
|
| 308,559 |
|
| 336,059 |
|
|
|
|
| 1,900 |
| CHUGAI PHARMACEUTICAL CO. LTD. |
|
| 30,706 |
|
| 31,326 |
|
|
|
|
| 11,800 |
| CHUGOKU ELECTRIC POWER (THE) CO., INC. |
|
| 185,442 |
|
| 206,814 |
|
|
|
|
| 7,900 |
| CITIZEN HOLDINGS CO. LTD. |
|
| 31,581 |
|
| 45,880 |
|
|
|
|
| 4,500 |
| COCA-COLA WEST CO. LTD. |
|
| 76,049 |
|
| 78,051 |
|
|
|
|
| 73,219 |
| CREDIT SAISON CO. LTD. |
|
| 908,590 |
|
| 1,467,828 |
|
|
|
|
| 42,000 |
| DAI NIPPON PRINTING CO. LTD. |
|
| 418,468 |
|
| 403,800 |
|
|
|
|
| 5,000 |
| DAIHATSU MOTOR CO. LTD. |
|
| 40,684 |
|
| 89,257 |
|
|
|
|
| 38 |
| DAI-ICHI LIFE INSURANCE CO. (THE) LTD. |
|
| 42,668 |
|
| 37,374 |
|
|
|
|
| 13,100 |
| DAIICHI SANKYO CO. LTD. |
|
| 225,226 |
|
| 259,724 |
|
|
|
|
| 4,200 |
| DAIKIN INDUSTRIES LTD. |
|
| 122,580 |
|
| 115,029 |
|
|
|
|
| 14,500 |
| DAINIPPON SUMITOMO PHARMA CO. LTD. |
|
| 131,146 |
|
| 165,216 |
|
|
|
|
| 1,200 |
| DAITO TRUST CONSTRUCTION CO. LTD. |
|
| 42,344 |
|
| 102,899 |
|
|
|
|
| 10,000 |
| DAIWA HOUSE INDUSTRY CO. LTD. |
|
| 93,050 |
|
| 119,269 |
|
|
|
|
| 16,000 |
| DAIWA SECURITIES GROUP, INC. |
|
| 68,411 |
|
| 49,890 |
|
|
|
|
| 1,300 |
| DENA CO. LTD. |
|
| 40,158 |
|
| 38,999 |
|
|
|
|
| 4,000 |
| DENKI KAGAKU KOGYO K.K. |
|
| 7,188 |
|
| 14,811 |
|
|
|
|
| 8,200 |
| DENSO CORP. |
|
| 185,234 |
|
| 226,497 |
|
|
|
|
| 2,900 |
| DENTSU, INC. |
|
| 48,680 |
|
| 88,505 |
|
|
|
|
| 13,000 |
| DOWA HOLDINGS CO. LTD. |
|
| 55,385 |
|
| 82,254 |
|
|
|
|
| 7,000 |
| EAST JAPAN RAILWAY CO. |
|
| 392,789 |
|
| 445,635 |
|
|
|
|
| 6,000 |
| EBARA CORP. |
|
| 23,162 |
|
| 20,658 |
|
|
|
|
| 7,000 |
| EDION CORP. |
|
| 63,084 |
|
| 57,114 |
|
|
|
|
| 3,800 |
| EISAI CO. LTD. |
|
| 120,732 |
|
| 157,246 |
|
|
|
|
| 9,500 |
| ELECTRIC POWER DEVELOPMENT CO. LTD. |
|
| 237,649 |
|
| 252,655 |
|
|
|
|
| 1,800 |
| FAMILYMART CO. LTD. |
|
| 52,590 |
|
| 72,731 |
|
|
|
|
| 3,300 |
| FANUC CORP. |
|
| 276,592 |
|
| 505,062 |
|
|
|
|
| 1,100 |
| FAST RETAILING CO. LTD. |
|
| 136,395 |
|
| 200,081 |
|
|
|
|
| 47,000 |
| FUJI ELECTRIC CO. LTD. |
|
| 121,832 |
|
| 128,844 |
|
|
|
|
| 41,000 |
| FUJI HEAVY INDUSTRIES LTD. |
|
| 229,647 |
|
| 247,698 |
|
|
|
|
| 20,300 |
| FUJIFILM HOLDINGS CORP. |
|
| 551,524 |
|
| 480,804 |
|
|
|
|
| 31,000 |
| FUJITSU LTD. |
|
| 124,538 |
|
| 161,104 |
|
|
|
|
| 72,000 |
| FUKUOKA FINANCIAL GROUP, INC. |
|
| 279,237 |
|
| 302,149 |
|
|
|
|
| 15,000 |
| FURUKAWA ELECTRIC CO. LTD. |
|
| 48,082 |
|
| 34,495 |
|
|
|
|
| 1 |
| GEO CORP. |
|
| 1,033 |
|
| 1,038 |
|
|
|
|
| 1,600 |
| GREE, INC. |
|
| 53,031 |
|
| 55,129 |
|
|
|
|
| 6,000 |
| GUNMA BANK (THE) LTD. |
|
| 31,571 |
|
| 32,975 |
|
|
|
|
| 12,000 |
| HACHIJUNI BANK (THE) LTD. |
|
| 67,350 |
|
| 68,442 |
|
|
|
|
| 400 |
| HAJIME CONSTRUCTION CO. LTD. |
|
| 7,780 |
|
| 8,222 |
|
|
|
|
| 2,720 |
| HAKUHODO DY HOLDINGS, INC. |
|
| 146,468 |
|
| 156,199 |
|
|
|
|
| 73,000 |
| HANKYU HANSHIN HOLDINGS, INC. |
|
| 308,754 |
|
| 307,294 |
|
|
|
|
| 500 |
| HIROSE ELECTRIC CO. LTD. |
|
| 48,402 |
|
| 43,849 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 77 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Japan (Cont’d): |
|
|
|
|
|
|
|
|
|
|
| ||
| 7,000 |
| HIROSHIMA BANK (THE) LTD. |
| $ | 26,154 |
|
| 32,559 |
|
|
|
|
| 600 |
| HISAMITSU PHARMACEUTICAL CO., INC. |
|
| 17,668 |
|
| 25,413 |
|
|
|
|
| 3,400 |
| HITACHI CAPITAL CORP. |
|
| 42,103 |
|
| 47,133 |
|
|
|
|
| 3,000 |
| HITACHI CHEMICAL CO. LTD. |
|
| 54,135 |
|
| 52,853 |
|
|
|
|
| 102,000 |
| HITACHI LTD. |
|
| 318,968 |
|
| 535,386 |
|
|
|
|
| 13,500 |
| HITACHI LTD. ADR(c) |
|
| 717,502 |
|
| 703,890 |
|
|
|
|
| 25,000 |
| HOKUHOKU FINANCIAL GROUP, INC. |
|
| 45,996 |
|
| 48,721 |
|
|
|
|
| 38,400 |
| HONDA MOTOR CO. LTD. |
|
| 1,057,440 |
|
| 1,171,426 |
|
|
|
|
| 1,100 |
| HOSHIZAKI ELECTRIC CO. LTD. |
|
| 24,052 |
|
| 25,839 |
|
|
|
|
| 4,800 |
| HOYA CORP. |
|
| 101,897 |
|
| 103,398 |
|
|
|
|
| 1,600 |
| IBIDEN CO. LTD. |
|
| 37,951 |
|
| 31,639 |
|
|
|
|
| 2,700 |
| IDEMITSU KOSAN CO. LTD. |
|
| 271,144 |
|
| 278,529 |
|
|
|
|
| 24,000 |
| IHI CORP. |
|
| 31,334 |
|
| 58,309 |
|
|
|
|
| 52 |
| INPEX CORP. |
|
| 293,098 |
|
| 327,665 |
|
|
|
|
| 9,800 |
| ISETAN MITSUKOSHI HOLDINGS LTD. |
|
| 85,535 |
|
| 102,751 |
|
|
|
|
| 31,000 |
| ISUZU MOTORS LTD. |
|
| 66,138 |
|
| 143,383 |
|
|
|
|
| 28,000 |
| ITOCHU CORP. |
|
| 163,531 |
|
| 284,479 |
|
|
|
|
| 7,700 |
| ITOCHU ENEX CO. LTD. |
|
| 42,905 |
|
| 43,218 |
|
|
|
|
| 8,000 |
| J. FRONT RETAILING CO. LTD. |
|
| 31,099 |
|
| 38,665 |
|
|
|
|
| 2,000 |
| JACCS CO. LTD. |
|
| 5,850 |
|
| 5,977 |
|
|
|
|
| 2,200 |
| JAPAN PETROLEUM EXPLORATION CO. |
|
| 89,226 |
|
| 86,035 |
|
|
|
|
| 6 |
| JAPAN REAL ESTATE INVESTMENT CORP. |
|
| 46,693 |
|
| 46,772 |
|
|
|
|
| 51 |
| JAPAN RETAIL FUND INVESTMENT CORP. |
|
| 70,217 |
|
| 75,537 |
|
|
|
|
| 6,000 |
| JAPAN SECURITIES FINANCE CO. LTD. |
|
| 34,653 |
|
| 27,128 |
|
|
|
|
| 22,000 |
| JAPAN STEEL WORKS (THE) LTD. |
|
| 126,429 |
|
| 152,919 |
|
|
|
|
| 77 |
| JAPAN TOBACCO, INC. |
|
| 200,326 |
|
| 362,147 |
|
|
|
|
| 3,400 |
| JFE HOLDINGS, INC. |
|
| 76,281 |
|
| 61,578 |
|
|
|
|
| 4,000 |
| JGC CORP. |
|
| 53,048 |
|
| 96,039 |
|
|
|
|
| 5,100 |
| JS GROUP CORP. |
|
| 59,682 |
|
| 97,735 |
|
|
|
|
| 3,100 |
| JSR CORP. |
|
| 39,530 |
|
| 57,192 |
|
|
|
|
| 5,000 |
| JTEKT CORP. |
|
| 36,670 |
|
| 49,176 |
|
|
|
|
| 45 |
| JUPITER TELECOMMUNICATIONS CO. LTD. |
|
| 27,159 |
|
| 45,603 |
|
|
|
|
| 45,180 |
| JX HOLDINGS, INC. |
|
| 203,020 |
|
| 272,951 |
|
|
|
|
| 7,000 |
| KAJIMA CORP. |
|
| 15,004 |
|
| 21,463 |
|
|
|
|
| 11,000 |
| KAMIGUMI CO. LTD. |
|
| 72,240 |
|
| 94,896 |
|
|
|
|
| 30,000 |
| KANEKA CORP. |
|
| 168,655 |
|
| 159,805 |
|
|
|
|
| 7,600 |
| KANSAI ELECTRIC POWER (THE) CO., INC. |
|
| 113,716 |
|
| 116,614 |
|
|
|
|
| 2,000 |
| KANSAI PAINT CO. LTD. |
|
| 10,449 |
|
| 17,851 |
|
|
|
|
| 61,700 |
| KAO CORP. |
|
| 1,548,698 |
|
| 1,685,815 |
|
|
|
|
| 35,000 |
| KAWASAKI HEAVY INDUSTRIES LTD. |
|
| 71,135 |
|
| 87,308 |
|
|
|
|
| 50 |
| KDDI CORP. |
|
| 240,697 |
|
| 321,559 |
|
|
|
|
| 13,000 |
| KEIKYU CORP. |
|
| 95,310 |
|
| 116,710 |
|
|
|
|
| 5,000 |
| KEIO CORP. |
|
| 28,322 |
|
| 35,274 |
|
|
|
|
| 30,000 |
| KEISEI ELECTRIC RAILWAY CO. LTD. |
|
| 170,073 |
|
| 220,609 |
|
|
|
|
| 10,200 |
| KEWPIE CORP. |
|
| 129,359 |
|
| 145,111 |
|
|
|
|
| 710 |
| KEYENCE CORP. |
|
| 131,805 |
|
| 171,207 |
|
|
|
|
| 6,000 |
| KIKKOMAN CORP. |
|
| 52,867 |
|
| 68,911 |
|
|
|
|
| 7,000 |
| KINDEN CORP. |
|
| 60,585 |
|
| 59,115 |
|
|
|
|
| 49,000 |
| KINTETSU CORP. |
|
| 153,011 |
|
| 191,623 |
|
|
|
|
| 15,000 |
| KIRIN HOLDINGS CO. LTD. |
|
| 169,540 |
|
| 182,412 |
|
|
|
|
| 57,000 |
| KOBE STEEL LTD. |
|
| 90,912 |
|
| 88,127 |
|
|
|
|
| 1,500 |
| KOHNAN SHOJI CO. LTD. |
|
| 23,819 |
|
| 24,653 |
|
|
|
|
| 15,100 |
| KOMATSU LTD. |
|
| 187,238 |
|
| 352,934 |
|
|
|
|
| 2,300 |
| KONAMI CORP. |
|
| 36,513 |
|
| 68,879 |
|
|
|
|
| 3,800 |
| KOSE CORP. |
|
| 96,604 |
|
| 95,236 |
|
|
|
|
| 3,100 |
| K’S HOLDINGS CORP. |
|
| 132,959 |
|
| 122,842 |
|
|
|
|
| 21,000 |
| KUBOTA CORP. |
|
| 129,773 |
|
| 175,981 |
|
|
|
|
| 5,500 |
| KURARAY CO. LTD. |
|
| 46,234 |
|
| 78,246 |
|
|
|
|
| 4,300 |
| KURITA WATER INDUSTRIES LTD. |
|
| 96,931 |
|
| 111,734 |
|
|
|
|
| 2,700 |
| KYOCERA CORP. |
|
| 198,000 |
|
| 217,140 |
|
|
|
|
| 3,000 |
| KYOWA HAKKO KIRIN CO. LTD. |
|
| 23,089 |
|
| 36,716 |
|
|
|
|
| 13,300 |
| KYUSHU ELECTRIC POWER CO., INC. |
|
| 205,903 |
|
| 190,423 |
|
|
|
|
| 2,800 |
| LAWSON, INC. |
|
| 120,035 |
|
| 174,798 |
|
|
|
|
| 17,000 |
| LION CORP. |
|
| 100,035 |
|
| 100,495 |
|
|
|
|
| 2,000 |
| MAKITA CORP. |
|
| 45,574 |
|
| 64,728 |
|
|
|
|
| 27,000 |
| MARUBENI CORP. |
|
| 91,249 |
|
| 164,521 |
|
|
|
|
| 6,500 |
| MARUI GROUP CO. LTD. |
|
| 32,287 |
|
| 50,670 |
|
|
|
|
| 53,000 |
| MAZDA MOTOR CORP.(b) |
|
| 117,012 |
|
| 93,648 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 78 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Japan (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 5,200 |
| MEIJI HOLDINGS CO. LTD. |
| $ | 201,937 |
|
| 215,854 |
|
|
|
|
| 49,500 |
| MITSUBISHI CHEMICAL HOLDINGS CORP. |
|
| 206,621 |
|
| 272,682 |
|
|
|
|
| 28,300 |
| MITSUBISHI CORP. |
|
| 464,235 |
|
| 571,745 |
|
|
|
|
| 32,000 |
| MITSUBISHI ELECTRIC CORP. |
|
| 148,393 |
|
| 306,826 |
|
|
|
|
| 27,000 |
| MITSUBISHI ESTATE CO. LTD. |
|
| 353,310 |
|
| 403,410 |
|
|
|
|
| 17,000 |
| MITSUBISHI GAS CHEMICAL CO., INC. |
|
| 75,149 |
|
| 94,311 |
|
|
|
|
| 57,000 |
| MITSUBISHI HEAVY INDUSTRIES LTD. |
|
| 185,317 |
|
| 242,904 |
|
|
|
|
| 4,000 |
| MITSUBISHI LOGISTICS CORP. |
|
| 45,017 |
|
| 44,434 |
|
|
|
|
| 122,000 |
| MITSUBISHI MATERIALS CORP. |
|
| 329,608 |
|
| 331,277 |
|
|
|
|
| 5,000 |
| MITSUBISHI TANABE PHARMA CORP. |
|
| 54,031 |
|
| 79,123 |
|
|
|
|
| 353,269 |
| MITSUBISHI UFJ FINANCIAL GROUP, INC. |
|
| 1,706,666 |
|
| 1,500,855 |
|
|
|
|
| 2,700 |
| MITSUBISHI UFJ LEASE & FINANCE CO. LTD. |
|
| 83,878 |
|
| 106,991 |
|
|
|
|
| 71,000 |
| MITSUI & CO. LTD. |
|
| 824,847 |
|
| 1,104,175 |
|
|
|
|
| 16,000 |
| MITSUI CHEMICALS, INC. |
|
| 40,819 |
|
| 48,851 |
|
|
|
|
| 20,000 |
| MITSUI FUDOSAN CO. LTD. |
|
| 254,116 |
|
| 291,547 |
|
|
|
|
| 3,000 |
| MITSUI MINING & SMELTING CO. LTD. |
|
| 5,391 |
|
| 7,756 |
|
|
|
|
| 34,000 |
| MITSUI O.S.K. LINES LTD. |
|
| 137,301 |
|
| 131,638 |
|
|
|
|
| 437,020 |
| MIZUHO FINANCIAL GROUP, INC. |
|
| 723,730 |
|
| 590,500 |
|
|
|
|
| 17,000 |
| MORINAGA MILK INDUSTRY CO. LTD. |
|
| 68,235 |
|
| 65,819 |
|
|
|
|
| 14,180 |
| MS&AD INSURANCE GROUP HOLDINGS |
|
| 303,657 |
|
| 262,713 |
|
|
|
|
| 3,600 |
| MURATA MANUFACTURING CO. LTD. |
|
| 162,615 |
|
| 184,984 |
|
|
|
|
| 900 |
| NAGASE & CO. LTD. |
|
| 9,638 |
|
| 9,810 |
|
|
|
|
| 65,000 |
| NAGOYA RAILROAD CO. LTD. |
|
| 171,000 |
|
| 174,811 |
|
|
|
|
| 1,500 |
| NAMCO BANDAI HOLDINGS, INC. |
|
| 14,652 |
|
| 21,359 |
|
|
|
|
| 41,000 |
| NEC CORP.(b) |
|
| 114,733 |
|
| 83,099 |
|
|
|
|
| 3,000 |
| NGK INSULATORS LTD. |
|
| 44,485 |
|
| 35,625 |
|
|
|
|
| 3,000 |
| NGK SPARK PLUG CO. LTD. |
|
| 28,359 |
|
| 37,223 |
|
|
|
|
| 1,600 |
| NIDEC CORP. |
|
| 75,128 |
|
| 139,069 |
|
|
|
|
| 11,100 |
| NIFCO, INC. |
|
| 255,342 |
|
| 310,205 |
|
|
|
|
| 7,800 |
| NIKON CORP. |
|
| 115,961 |
|
| 173,696 |
|
|
|
|
| 2,200 |
| NINTENDO CO. LTD. |
|
| 369,606 |
|
| 302,980 |
|
|
|
|
| 11 |
| NIPPON BUILDING FUND, INC. |
|
| 90,970 |
|
| 90,037 |
|
|
|
|
| 21,000 |
| NIPPON ELECTRIC GLASS CO. LTD. |
|
| 218,680 |
|
| 207,903 |
|
|
|
|
| 72,000 |
| NIPPON EXPRESS CO. LTD. |
|
| 269,535 |
|
| 280,633 |
|
|
|
|
| 6,000 |
| NIPPON MEAT PACKERS, INC. |
|
| 72,315 |
|
| 74,524 |
|
|
|
|
| 11,000 |
| NIPPON SHEET GLASS CO. LTD. |
|
| 30,764 |
|
| 20,580 |
|
|
|
|
| 48,000 |
| NIPPON STEEL CORP. |
|
| 129,984 |
|
| 119,737 |
|
|
|
|
| 21,300 |
| NIPPON TELEGRAPH & TELEPHONE CORP. |
|
| 944,460 |
|
| 1,088,955 |
|
|
|
|
| 90,000 |
| NIPPON YUSEN K.K. |
|
| 331,990 |
|
| 230,353 |
|
|
|
|
| 91,000 |
| NISHI-NIPPON CITY BANK (THE) LTD. |
|
| 250,065 |
|
| 261,288 |
|
|
|
|
| 5,000 |
| NISSAN CHEMICAL INDUSTRIES LTD. |
|
| 50,851 |
|
| 48,396 |
|
|
|
|
| 97,600 |
| NISSAN MOTOR CO. LTD. |
|
| 667,688 |
|
| 877,489 |
|
|
|
|
| 2,500 |
| NISSHIN SEIFUN GROUP, INC. |
|
| 25,731 |
|
| 30,305 |
|
|
|
|
| 3,000 |
| NISSHINBO HOLDINGS, INC. |
|
| 23,700 |
|
| 27,050 |
|
|
|
|
| 1,300 |
| NISSIN FOODS HOLDINGS CO. LTD. |
|
| 47,622 |
|
| 50,923 |
|
|
|
|
| 600 |
| NITORI HOLDINGS CO. LTD. |
|
| 33,819 |
|
| 56,283 |
|
|
|
|
| 12,100 |
| NITTO DENKO CORP. |
|
| 399,272 |
|
| 432,947 |
|
|
|
|
| 3,800 |
| NKSJ HOLDINGS, INC. |
|
| 92,673 |
|
| 74,550 |
|
|
|
|
| 43,100 |
| NOMURA HOLDINGS, INC. |
|
| 145,794 |
|
| 130,472 |
|
|
|
|
| 12 |
| NOMURA REAL ESTATE OFFICE FUND, INC. |
|
| 60,411 |
|
| 61,661 |
|
|
|
|
| 2,700 |
| NOMURA RESEARCH INSTITUTE LTD. |
|
| 43,930 |
|
| 61,038 |
|
|
|
|
| 6,000 |
| NSK LTD. |
|
| 24,006 |
|
| 38,977 |
|
|
|
|
| 2,000 |
| NTN CORP. |
|
| 5,258 |
|
| 8,055 |
|
|
|
|
| 81 |
| NTT DATA CORP. |
|
| 248,643 |
|
| 258,674 |
|
|
|
|
| 284 |
| NTT DOCOMO, INC. |
|
| 404,857 |
|
| 522,108 |
|
|
|
|
| 12,000 |
| OBAYASHI CORP. |
|
| 48,665 |
|
| 53,320 |
|
|
|
|
| 8,000 |
| ODAKYU ELECTRIC RAILWAY CO. LTD. |
|
| 62,234 |
|
| 77,330 |
|
|
|
|
| 13,000 |
| OJI PAPER CO. LTD. |
|
| 49,994 |
|
| 66,715 |
|
|
|
|
| 4,000 |
| OLYMPUS CORP. |
|
| 61,766 |
|
| 52,593 |
|
|
|
|
| 7,300 |
| OMRON CORP. |
|
| 99,962 |
|
| 146,723 |
|
|
|
|
| 1,400 |
| ONO PHARMACEUTICAL CO. LTD. |
|
| 60,256 |
|
| 78,577 |
|
|
|
|
| 8,000 |
| ONWARD HOLDINGS CO. LTD. |
|
| 54,094 |
|
| 58,725 |
|
|
|
|
| 800 |
| ORIENTAL LAND CO. LTD. |
|
| 50,479 |
|
| 84,502 |
|
|
|
|
| 5,630 |
| ORIX CORP. |
|
| 333,643 |
|
| 465,212 |
|
|
|
|
| 120,000 |
| OSAKA GAS CO. LTD. |
|
| 446,292 |
|
| 473,959 |
|
|
|
|
| 1,700 |
| OTSUKA HOLDINGS CO. LTD. |
|
| 46,385 |
|
| 47,796 |
|
|
|
|
| 20,100 |
| PANASONIC CORP. |
|
| 218,199 |
|
| 170,789 |
|
|
|
|
| 108 |
| RAKUTEN, INC.(b) |
|
| 55,805 |
|
| 116,182 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 79 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Japan (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 17,000 |
| RENGO CO. LTD. |
| $ | 111,253 |
|
| 118,607 |
|
|
|
|
| 39,000 |
| RICOH CO. LTD. |
|
| 454,497 |
|
| 339,995 |
|
|
|
|
| 2,100 |
| RICOH LEASING CO. LTD. |
|
| 46,154 |
|
| 46,955 |
|
|
|
|
| 1,200 |
| RINNAI CORP. |
|
| 52,047 |
|
| 85,905 |
|
|
|
|
| 1,800 |
| ROHM CO. LTD. |
|
| 99,465 |
|
| 83,956 |
|
|
|
|
| 15,481 |
| SANKYO CO. LTD. |
|
| 810,847 |
|
| 783,415 |
|
|
|
|
| 800 |
| SANRIO CO. LTD. |
|
| 41,411 |
|
| 41,108 |
|
|
|
|
| 2,600 |
| SANTEN PHARMACEUTICAL CO. LTD. |
|
| 85,886 |
|
| 107,082 |
|
|
|
|
| 35,000 |
| SAPPORO HOKUYO HOLDINGS, INC. |
|
| 109,166 |
|
| 125,505 |
|
|
|
|
| 1,532 |
| SBI HOLDINGS, INC. |
|
| 124,129 |
|
| 112,260 |
|
|
|
|
| 3,400 |
| SECOM CO. LTD. |
|
| 133,812 |
|
| 156,817 |
|
|
|
|
| 4,100 |
| SEGA SAMMY HOLDINGS, INC. |
|
| 38,822 |
|
| 88,585 |
|
|
|
|
| 7,700 |
| SEIKO EPSON CORP. |
|
| 110,865 |
|
| 102,342 |
|
|
|
|
| 31,930 |
| SEINO HOLDINGS CORP. |
|
| 241,043 |
|
| 247,662 |
|
|
|
|
| 13,000 |
| SEKISUI CHEMICAL CO. LTD. |
|
| 66,177 |
|
| 107,251 |
|
|
|
|
| 41,000 |
| SEKISUI HOUSE LTD. |
|
| 389,976 |
|
| 363,823 |
|
|
|
|
| 13,000 |
| SEVEN & I HOLDINGS CO. LTD. |
|
| 286,258 |
|
| 362,290 |
|
|
|
|
| 20,000 |
| SHARP CORP. |
|
| 174,731 |
|
| 174,876 |
|
|
|
|
| 4,000 |
| SHIMADZU CORP. |
|
| 25,419 |
|
| 33,884 |
|
|
|
|
| 1,000 |
| SHIMAMURA CO. LTD. |
|
| 61,206 |
|
| 102,249 |
|
|
|
|
| 1,500 |
| SHIMANO, INC. |
|
| 58,204 |
|
| 72,887 |
|
|
|
|
| 2,000 |
| SHIMIZU CORP. |
|
| 7,530 |
|
| 8,393 |
|
|
|
|
| 7,500 |
| SHIN-ETSU CHEMICAL CO. LTD. |
|
| 365,373 |
|
| 369,306 |
|
|
|
|
| 26,000 |
| SHIONOGI & CO. LTD. |
|
| 324,230 |
|
| 334,084 |
|
|
|
|
| 7,400 |
| SHISEIDO CO. LTD. |
|
| 115,809 |
|
| 136,042 |
|
|
|
|
| 8,000 |
| SHIZUOKA BANK (THE) LTD. |
|
| 74,794 |
|
| 84,294 |
|
|
|
|
| 21,000 |
| SHOWA DENKO K.K. |
|
| 33,824 |
|
| 42,563 |
|
|
|
|
| 173 |
| SKY PERFECT JSAT HOLDINGS, INC. |
|
| 82,814 |
|
| 86,648 |
|
|
|
|
| 600 |
| SMC CORP. |
|
| 57,789 |
|
| 96,819 |
|
|
|
|
| 13,700 |
| SOFTBANK CORP. |
|
| 217,333 |
|
| 403,513 |
|
|
|
|
| 21,900 |
| SOJITZ CORP. |
|
| 34,134 |
|
| 33,859 |
|
|
|
|
| 11,700 |
| SONY CORP. |
|
| 242,357 |
|
| 210,077 |
|
|
|
|
| 6,600 |
| SONY FINANCIAL HOLDINGS, INC. |
|
| 85,415 |
|
| 97,239 |
|
|
|
|
| 6,400 |
| SQUARE ENIX HOLDINGS CO. LTD. |
|
| 120,160 |
|
| 125,641 |
|
|
|
|
| 61,200 |
| STANLEY ELECTRIC CO. LTD. |
|
| 912,616 |
|
| 899,290 |
|
|
|
|
| 115,000 |
| SUMITOMO CHEMICAL CO. LTD. |
|
| 510,738 |
|
| 419,846 |
|
|
|
|
| 21,300 |
| SUMITOMO CORP. |
|
| 207,214 |
|
| 288,359 |
|
|
|
|
| 13,100 |
| SUMITOMO ELECTRIC INDUSTRIES LTD. |
|
| 127,803 |
|
| 142,627 |
|
|
|
|
| 12,000 |
| SUMITOMO HEAVY INDUSTRIES LTD. |
|
| 39,379 |
|
| 70,002 |
|
|
|
|
| 38,000 |
| SUMITOMO METAL INDUSTRIES LTD. |
|
| 78,322 |
|
| 69,119 |
|
|
|
|
| 18,000 |
| SUMITOMO METAL MINING CO. LTD. |
|
| 242,021 |
|
| 231,289 |
|
|
|
|
| 23,200 |
| SUMITOMO MITSUI FINANCIAL GROUP, INC. |
|
| 724,753 |
|
| 646,247 |
|
|
|
|
| 85,310 |
| SUMITOMO MITSUI TRUST HOLDINGS, INC. |
|
| 265,182 |
|
| 250,492 |
|
|
|
|
| 7,000 |
| SUMITOMO REALTY & DEVELOPMENT CO. LTD. |
|
| 81,291 |
|
| 122,595 |
|
|
|
|
| 5,700 |
| SUZUKI MOTOR CORP. |
|
| 102,733 |
|
| 117,897 |
|
|
|
|
| 17,400 |
| T&D HOLDINGS, INC. |
|
| 186,307 |
|
| 162,089 |
|
|
|
|
| 11,000 |
| TAISEI CORP. |
|
| 19,821 |
|
| 27,868 |
|
|
|
|
| 600 |
| TAISHO PHARMACEUTICAL HOLDINGS CO. LTD.(b) |
|
| 40,190 |
|
| 46,305 |
|
|
|
|
| 34,000 |
| TAKASHIMAYA CO. LTD. |
|
| 222,236 |
|
| 246,048 |
|
|
|
|
| 15,500 |
| TAKEDA PHARMACEUTICAL CO. LTD. |
|
| 596,985 |
|
| 680,666 |
|
|
|
|
| 4,500 |
| TDK CORP. |
|
| 186,697 |
|
| 199,367 |
|
|
|
|
| 7,000 |
| TEIJIN LTD. |
|
| 14,861 |
|
| 21,554 |
|
|
|
|
| 2,600 |
| TERUMO CORP. |
|
| 95,419 |
|
| 122,452 |
|
|
|
|
| 2,000 |
| THK CO. LTD. |
|
| 29,290 |
|
| 39,419 |
|
|
|
|
| 13,000 |
| TOBU RAILWAY CO. LTD. |
|
| 49,764 |
|
| 66,378 |
|
|
|
|
| 1,000 |
| TOHO CO. LTD. |
|
| 13,412 |
|
| 17,825 |
|
|
|
|
| 17,000 |
| TOHO GAS CO. LTD. |
|
| 81,221 |
|
| 108,226 |
|
|
|
|
| 5,100 |
| TOHOKU ELECTRIC POWER CO., INC. |
|
| 64,437 |
|
| 48,967 |
|
|
|
|
| 16,300 |
| TOKIO MARINE HOLDINGS, INC. |
|
| 411,422 |
|
| 361,075 |
|
|
|
|
| 19,000 |
| TOKUYAMA CORP. |
|
| 93,604 |
|
| 60,479 |
|
|
|
|
| 10,000 |
| TOKYO BROADCASTING SYSTEM HOLDINGS, INC. |
|
| 133,941 |
|
| 128,624 |
|
|
|
|
| 18,200 |
| TOKYO ELECTRIC POWER (THE) CO., INC.(b) |
|
| 81,026 |
|
| 43,272 |
|
|
|
|
| 3,200 |
| TOKYO ELECTRON LTD. |
|
| 128,746 |
|
| 162,767 |
|
|
|
|
| 64,000 |
| TOKYO GAS CO. LTD. |
|
| 238,072 |
|
| 294,353 |
|
|
|
|
| 75,000 |
| TOKYU CORP. |
|
| 303,931 |
|
| 369,306 |
|
|
|
|
| 62,000 |
| TOKYU LAND CORP. |
|
| 256,270 |
|
| 234,407 |
|
|
|
|
| 4,000 |
| TONENGENERAL SEKIYU K.K. |
|
| 37,796 |
|
| 43,706 |
|
|
|
|
| 53,000 |
| TOPPAN PRINTING CO. LTD. |
|
| 422,474 |
|
| 389,742 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 80 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Japan (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 17,000 |
| TORAY INDUSTRIES, INC. |
| $ | 70,413 |
|
| 121,699 |
|
|
|
|
| 66,000 |
| TOSHIBA CORP. |
|
| 197,553 |
|
| 270,109 |
|
|
|
|
| 18,000 |
| TOSOH CORP. |
|
| 48,357 |
|
| 48,175 |
|
|
|
|
| 6,000 |
| TOTO LTD. |
|
| 30,029 |
|
| 46,305 |
|
|
|
|
| 11,200 |
| TOYO SEIKAN KAISHA LTD. |
|
| 169,286 |
|
| 152,789 |
|
|
|
|
| 1,000 |
| TOYO SUISAN KAISHA LTD. |
|
| 23,261 |
|
| 24,230 |
|
|
|
|
| 2,300 |
| TOYOTA INDUSTRIES CORP. |
|
| 51,959 |
|
| 62,603 |
|
|
|
|
| 48,800 |
| TOYOTA MOTOR CORP. |
|
| 1,664,486 |
|
| 1,626,270 |
|
|
|
|
| 1,800 |
| TOYOTA TSUSHO CORP. |
|
| 14,973 |
|
| 31,828 |
|
|
|
|
| 2,500 |
| TREND MICRO, INC.(b) |
|
| 74,501 |
|
| 74,738 |
|
|
|
|
| 1,700 |
| TSUMURA & CO. |
|
| 50,505 |
|
| 50,137 |
|
|
|
|
| 8,000 |
| UBE INDUSTRIES LTD. |
|
| 13,963 |
|
| 21,931 |
|
|
|
|
| 2,100 |
| UNICHARM CORP. |
|
| 42,705 |
|
| 103,542 |
|
|
|
|
| 133 |
| UNITED URBAN INVESTMENT CORP. |
|
| 145,147 |
|
| 150,852 |
|
|
|
|
| 12,600 |
| UNY CO. LTD. |
|
| 121,599 |
|
| 113,446 |
|
|
|
|
| 1,000 |
| USHIO, INC. |
|
| 14,106 |
|
| 14,447 |
|
|
|
|
| 130 |
| USS CO. LTD. |
|
| 5,696 |
|
| 11,755 |
|
|
|
|
| 11,400 |
| WEST JAPAN RAILWAY CO. |
|
| 382,763 |
|
| 495,435 |
|
|
|
|
| 236 |
| YAHOO JAPAN CORP. |
|
| 62,283 |
|
| 76,010 |
|
|
|
|
| 2,500 |
| YAKULT HONSHA CO. LTD. |
|
| 42,793 |
|
| 78,766 |
|
|
|
|
| 5,930 |
| YAMADA DENKI CO. LTD. |
|
| 403,169 |
|
| 403,712 |
|
|
|
|
| 25,000 |
| YAMAGUCHI FINANCIAL GROUP, INC. |
|
| 220,002 |
|
| 238,733 |
|
|
|
|
| 7,400 |
| YAMAHA MOTOR CO. LTD. |
|
| 82,524 |
|
| 93,643 |
|
|
|
|
| 9,000 |
| YAMATO HOLDINGS CO. LTD. |
|
| 96,669 |
|
| 151,659 |
|
|
|
|
| 21,000 |
| YOKOHAMA RUBBER (THE) CO. LTD. |
|
| 123,081 |
|
| 117,866 |
|
|
|
|
|
|
|
|
|
| 50,191,297 |
|
| 56,909,683 |
|
| 18.65 | % |
Mexico: |
|
|
|
|
|
|
|
|
|
| |||
| 6,700 |
| FOMENTO ECONOMICO MEXICANO S.A.B. DE C.V. ADR(c) |
|
| 204,664 |
|
| 467,057 |
|
|
|
|
| 2,225 |
| FRESNILLO PLC |
|
| 49,821 |
|
| 52,763 |
|
|
|
|
|
|
|
|
|
| 254,485 |
|
| 519,820 |
|
| 0.17 | % |
Netherlands: |
|
|
|
|
|
|
|
|
|
| |||
| 49,297 |
| AEGON N.V.(b) |
|
| 185,505 |
|
| 197,856 |
|
|
|
|
| 3,274 |
| AKZO NOBEL N.V. |
|
| 134,323 |
|
| 158,312 |
|
|
|
|
| 10,461 |
| ASML HOLDING N.V. |
|
| 263,592 |
|
| 439,694 |
|
|
|
|
| 1,079 |
| CORIO N.V. |
|
| 43,024 |
|
| 46,930 |
|
|
|
|
| 6,423 |
| EUROPEAN AERONAUTIC DEFENCE AND SPACE CO. N.V. |
|
| 81,439 |
|
| 200,763 |
|
|
|
|
| 520 |
| FUGRO N.V. - CVA |
|
| 19,413 |
|
| 30,215 |
|
|
|
|
| 1,747 |
| HEINEKEN HOLDING N.V. |
|
| 53,733 |
|
| 71,496 |
|
|
|
|
| 2,822 |
| HEINEKEN N.V. |
|
| 79,167 |
|
| 130,648 |
|
|
|
|
| 3,500 |
| IMTECH N.V. |
|
| 93,726 |
|
| 90,667 |
|
|
|
|
| 221,383 |
| ING GROEP N.V. - CVA(b) |
|
| 2,247,191 |
|
| 1,593,114 |
|
|
|
|
| 88,033 |
| KONINKLIJKE AHOLD N.V. |
|
| 1,112,569 |
|
| 1,185,538 |
|
|
|
|
| 7,039 |
| KONINKLIJKE DSM N.V. |
|
| 355,849 |
|
| 326,609 |
|
|
|
|
| 74,162 |
| KONINKLIJKE KPN N.V. |
|
| 985,657 |
|
| 887,394 |
|
|
|
|
| 72,908 |
| KONINKLIJKE PHILIPS ELECTRONICS N.V. |
|
| 1,662,361 |
|
| 1,536,234 |
|
|
|
|
| 3,698 |
| MEDIQ N.V.(b) |
|
| 58,977 |
|
| 56,310 |
|
|
|
|
| 2,500 |
| NUTRECO N.V. |
|
| 194,892 |
|
| 164,503 |
|
|
|
|
| 42,000 |
| POSTNL N.V.(b) |
|
| 134,127 |
|
| 133,725 |
|
|
|
|
| 9,716 |
| QIAGEN N.V.(b) |
|
| 139,904 |
|
| 133,926 |
|
|
|
|
| 3,773 |
| RANDSTAD HOLDING N.V. |
|
| 73,225 |
|
| 111,633 |
|
|
|
|
| 7,918 |
| REED ELSEVIER N.V. |
|
| 85,578 |
|
| 92,305 |
|
|
|
|
| 8,800 |
| ROYAL DUTCH SHELL PLC ADR(c) |
|
| 605,153 |
|
| 643,192 |
|
|
|
|
| 63,335 |
| ROYAL DUTCH SHELL PLC, CLASS A |
|
| 1,523,734 |
|
| 2,332,030 |
|
|
|
|
| 44,225 |
| ROYAL DUTCH SHELL PLC, CLASS B |
|
| 1,039,766 |
|
| 1,685,393 |
|
|
|
|
| 6,056 |
| SBM OFFSHORE N.V. |
|
| 85,999 |
|
| 124,783 |
|
|
|
|
| 2,181 |
| SNS REAAL N.V.(b) |
|
| 6,124 |
|
| 4,771 |
|
|
|
|
| 17,078 |
| TNT EXPRESS N.V. |
|
| 152,515 |
|
| 127,627 |
|
|
|
|
| 28,402 |
| UNILEVER N.V. - CVA |
|
| 579,364 |
|
| 976,716 |
|
|
|
|
| 6,193 |
| WOLTERS KLUWER N.V. |
|
| 101,075 |
|
| 107,047 |
|
|
|
|
|
|
|
|
|
| 12,097,982 |
|
| 13,589,431 |
|
| 4.45 | % |
New Zealand: |
|
|
|
|
|
|
|
|
|
| |||
| 5,083 |
| CHORUS LTD.(b) |
|
| 8,483 |
|
| 12,342 |
|
|
|
|
| 7,267 |
| CONTACT ENERGY LTD.(b) |
|
| 20,979 |
|
| 29,803 |
|
|
|
|
| 14,246 |
| FLETCHER BUILDING LTD. |
|
| 48,135 |
|
| 68,070 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 81 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
New Zealand (Cont’d): | |||||||||||||
| 25,416 |
| TELECOM CORP. OF NEW ZEALAND LTD. |
| $ | 27,958 |
|
| 40,942 |
|
|
|
|
| 9,200 |
| VECTOR LTD. |
|
| 17,307 |
|
| 17,684 |
|
|
|
|
|
|
|
|
|
| 122,862 |
|
| 168,841 |
|
| 0.06 | % |
Norway: | |||||||||||||
| 3,900 |
| AKER SOLUTIONS ASA |
|
| 45,406 |
|
| 41,054 |
|
|
|
|
| 13,800 |
| DNB ASA |
|
| 88,172 |
|
| 135,114 |
|
|
|
|
| 6,000 |
| FRED OLSEN ENERGY ASA |
|
| 181,296 |
|
| 201,670 |
|
|
|
|
| 3,900 |
| KVAERNER ASA(b) |
|
| 6,506 |
|
| 6,359 |
|
|
|
|
| 31,521 |
| NORSK HYDRO ASA |
|
| 131,018 |
|
| 146,218 |
|
|
|
|
| 12,000 |
| ORKLA ASA |
|
| 80,407 |
|
| 89,598 |
|
|
|
|
| 6,600 |
| SEADRILL LTD. |
|
| 70,381 |
|
| 220,734 |
|
|
|
|
| 17,748 |
| STATOIL ASA |
|
| 328,001 |
|
| 455,567 |
|
|
|
|
| 10,900 |
| TELENOR ASA |
|
| 62,904 |
|
| 178,809 |
|
|
|
|
| 4,500 |
| TGS NOPEC GEOPHYSICAL CO. ASA |
|
| 115,129 |
|
| 99,707 |
|
|
|
|
| 4,000 |
| YARA INTERNATIONAL ASA |
|
| 109,527 |
|
| 160,534 |
|
|
|
|
|
|
|
|
|
| 1,218,747 |
|
| 1,735,364 |
|
| 0.57 | % |
Philippines: | |||||||||||||
| 8,500 |
| GLOBE TELECOM, INC. |
|
| 172,736 |
|
| 219,599 |
|
|
|
|
|
|
|
|
|
| 172,736 |
|
| 219,599 |
|
| 0.07 | % |
| Portugal: | ||||||||||||
| 8,464 |
| CIMPOR CIMENTOS DE PORTUGAL SGPS S.A. |
|
| 39,214 |
|
| 58,247 |
|
|
|
|
| 13,166 |
| ENERGIAS DE PORTUGAL S.A. |
|
| 44,835 |
|
| 40,744 |
|
|
|
|
| 2,881 |
| GALP ENERGIA SGPS S.A., CLASS B |
|
| 35,487 |
|
| 42,434 |
|
|
|
|
| 6,408 |
| JERONIMO MARTINS SGPS S.A.(b) |
|
| 30,015 |
|
| 106,077 |
|
|
|
|
| 14,258 |
| PORTUGAL TELECOM SGPS S.A. (REGISTERED) |
|
| 114,811 |
|
| 82,119 |
|
|
|
|
|
|
|
|
|
| 264,362 |
|
| 329,621 |
|
| 0.11 | % |
Russia: | |||||||||||||
| 9,100 |
| LUKOIL OAO ADR(c) |
|
| 645,112 |
|
| 481,845 |
|
|
|
|
| 12,600 |
| SBERBANK OF RUSSIA ADR(b)(c) |
|
| 185,664 |
|
| 124,992 |
|
|
|
|
| 12,100 |
| SBERBANK OF RUSSIA ADR (OTC EXCHANGE)(b)(c) |
|
| 171,650 |
|
| 120,165 |
|
|
|
|
|
|
|
|
|
| 1,002,426 |
|
| 727,002 |
|
| 0.24 | % |
Singapore: | |||||||||||||
| 19,500 |
| CAPITALAND LTD. |
|
| 25,646 |
|
| 33,225 |
|
|
|
|
| 36,000 |
| CAPITAMALL TRUST |
|
| 34,148 |
|
| 47,183 |
|
|
|
|
| 5,000 |
| CITY DEVELOPMENTS LTD. |
|
| 14,259 |
|
| 34,308 |
|
|
|
|
| 51,000 |
| COSCO CORP. SINGAPORE LTD. |
|
| 48,134 |
|
| 34,405 |
|
|
|
|
| 106,500 |
| DBS GROUP HOLDINGS LTD. |
|
| 846,917 |
|
| 945,889 |
|
|
|
|
| 51,000 |
| FRASER AND NEAVE LTD. |
|
| 118,135 |
|
| 243,781 |
|
|
|
|
| 96,800 |
| GENTING SINGAPORE PLC(b) |
|
| 48,634 |
|
| 112,691 |
|
|
|
|
| 130,000 |
| GLOBAL LOGISTIC PROPERTIES LTD.(b) |
|
| 203,681 |
|
| 175,897 |
|
|
|
|
| 8,000 |
| JARDINE CYCLE & CARRIAGE LTD. |
|
| 63,087 |
|
| 296,793 |
|
|
|
|
| 177,120 |
| KEPPEL CORP. LTD. |
|
| 877,967 |
|
| 1,269,956 |
|
|
|
|
| 4,000 |
| K-GREEN TRUST |
|
| 1,432 |
|
| 2,806 |
|
|
|
|
| 53,000 |
| OLAM INTERNATIONAL LTD. |
|
| 79,953 |
|
| 87,035 |
|
|
|
|
| 44,000 |
| OVERSEA-CHINESE BANKING CORP. LTD. |
|
| 141,236 |
|
| 265,615 |
|
|
|
|
| 84,000 |
| SEMBCORP INDUSTRIES LTD. |
|
| 203,163 |
|
| 262,284 |
|
|
|
|
| 22,000 |
| SEMBCORP MARINE LTD. |
|
| 32,803 |
|
| 64,792 |
|
|
|
|
| 12,000 |
| SINGAPORE AIRLINES LTD. |
|
| 70,334 |
|
| 93,997 |
|
|
|
|
| 22,000 |
| SINGAPORE EXCHANGE LTD. |
|
| 89,462 |
|
| 103,973 |
|
|
|
|
| 25,000 |
| SINGAPORE PRESS HOLDINGS LTD. |
|
| 41,026 |
|
| 71,122 |
|
|
|
|
| 137,000 |
| SINGAPORE TELECOMMUNICATIONS LTD. |
|
| 242,937 |
|
| 326,375 |
|
|
|
|
| 305,000 |
| STARHILL GLOBAL REIT |
|
| 153,931 |
|
| 132,858 |
|
|
|
|
| 25,000 |
| UNITED OVERSEAS BANK LTD. |
|
| 160,579 |
|
| 294,318 |
|
|
|
|
| 59,000 |
| UOL GROUP LTD. |
|
| 192,887 |
|
| 181,949 |
|
|
|
|
| 35,000 |
| WILMAR INTERNATIONAL LTD. |
|
| 146,616 |
|
| 134,920 |
|
|
|
|
|
|
|
|
|
| 3,836,967 |
|
| 5,216,172 |
|
| 1.71% |
|
South Korea: | |||||||||||||
| 265 |
| AMOREPACIFIC GROUP(b) |
|
| 53,245 |
|
| 58,659 |
|
|
|
|
| 1,578 |
| CJ CORP.(b) |
|
| 123,301 |
|
| 105,474 |
|
|
|
|
| 4,340 |
| DONGBU INSURANCE CO. LTD. |
|
| 153,355 |
|
| 201,177 |
|
|
|
|
| 1,270 |
| DOOSAN CORP. |
|
| 149,957 |
|
| 157,648 |
|
|
|
|
| 3,640 |
| DOOSAN HEAVY INDUSTRIES AND CONSTRUCTION CO. LTD.(b) |
|
| 190,670 |
|
| 205,698 |
|
|
|
|
| 970 |
| GREEN CROSS HOLDINGS CORP.(b) |
|
| 15,638 |
|
| 12,462 |
|
|
|
|
| 3,180 |
| GS HOLDINGS(b) |
|
| 249,031 |
|
| 139,953 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 82 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
South Korea (Cont’d): | |||||||||||||
| 180 |
| GS HOME SHOPPING, INC.(b) |
| $ | 11,109 |
|
| 18,125 |
|
|
|
|
| 3,030 |
| HALLA CLIMATE CONTROL CORP.(b) |
|
| 65,581 |
|
| 57,339 |
|
|
|
|
| 230 |
| HYUNDAI DEPARTMENT STORE CO. LTD.(b) |
|
| 29,872 |
|
| 32,543 |
|
|
|
|
| 2,320 |
| HYUNDAI MARINE & FIRE INSURANCE CO. LTD. |
|
| 61,833 |
|
| 69,479 |
|
|
|
|
| 9,920 |
| INDUSTRIAL BANK OF KOREA(b) |
|
| 114,156 |
|
| 107,639 |
|
|
|
|
| 560 |
| KCC CORP. |
|
| 128,235 |
|
| 138,785 |
|
|
|
|
| 173 |
| KISWIRE LTD.(b) |
|
| 5,374 |
|
| 6,355 |
|
|
|
|
| 22,870 |
| KOREA EXCHANGE BANK |
|
| 178,115 |
|
| 145,915 |
|
|
|
|
| 460 |
| KOREA ZINC CO. LTD.(b) |
|
| 50,116 |
|
| 121,389 |
|
|
|
|
| 3,640 |
| KT CORP.(b) |
|
| 145,775 |
|
| 112,644 |
|
|
|
|
| 3,170 |
| KT&G CORP.(b) |
|
| 193,276 |
|
| 223,991 |
|
|
|
|
| 2,060 |
| LS CORP.(b) |
|
| 141,821 |
|
| 135,903 |
|
|
|
|
| 710 |
| OCI CO. LTD.(b) |
|
| 303,342 |
|
| 135,282 |
|
|
|
|
| 90 |
| SAMSUNG FIRE & MARINE INSURANCE CO. LTD. |
|
| 13,128 |
|
| 16,484 |
|
|
|
|
| 1,770 |
| SAMSUNG HEAVY INDUSTRIES CO. LTD.(b) |
|
| 43,569 |
|
| 42,867 |
|
|
|
|
| 1,750 |
| SK C&C CO. LTD.(b) |
|
| 212,914 |
|
| 177,734 |
|
|
|
|
| 1,920 |
| SK HOLDINGS CO. LTD.(b) |
|
| 170,549 |
|
| 201,667 |
|
|
|
|
| 1,160 |
| SK INNOVATION CO. LTD.(b) |
|
| 208,609 |
|
| 142,986 |
|
|
|
|
| 8,180 |
| SK NETWORKS CO. LTD.(b) |
|
| 80,647 |
|
| 71,717 |
|
|
|
|
| 20 |
| TAEKWANG INDUSTRIAL CO. LTD.(b) |
|
| 22,217 |
|
| 21,528 |
|
|
|
|
| 24,870 |
| WOORI FINANCE HOLDINGS CO. LTD.(b) |
|
| 233,155 |
|
| 203,580 |
|
|
|
|
|
|
|
|
|
| 3,348,590 |
|
| 3,065,023 |
|
| 1.00 | % |
Spain: | |||||||||||||
| 9,600 |
| ABENGOA S.A. |
|
| 247,008 |
|
| 203,771 |
|
|
|
|
| 4,082 |
| ABERTIS INFRAESTRUCTURAS S.A. |
|
| 59,419 |
|
| 65,195 |
|
|
|
|
| 7,760 |
| ACERINOX S.A. |
|
| 96,174 |
|
| 99,532 |
|
|
|
|
| 1,133 |
| ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A. |
|
| 43,928 |
|
| 33,581 |
|
|
|
|
| 86,231 |
| BANCO BILBAO VIZCAYA ARGENTARIA S.A. |
|
| 665,808 |
|
| 745,535 |
|
|
|
|
| 15,600 |
| BANCO BILBAO VIZCAYA ARGENTARIA S.A. ADR(c) |
|
| 133,319 |
|
| 133,692 |
|
|
|
|
| 44,766 |
| BANCO DE SABADELL S.A. |
|
| 151,160 |
|
| 169,995 |
|
|
|
|
| 11,881 |
| BANCO POPULAR ESPANOL S.A. |
|
| 65,227 |
|
| 54,128 |
|
|
|
|
| 122,411 |
| BANCO SANTANDER S.A. |
|
| 902,277 |
|
| 930,007 |
|
|
|
|
| 17,452 |
| BANKINTER S.A. |
|
| 82,955 |
|
| 107,292 |
|
|
|
|
| 13,443 |
| CAIXABANK |
|
| 41,927 |
|
| 66,029 |
|
|
|
|
| 390 |
| CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A. |
|
| 187,283 |
|
| 194,336 |
|
|
|
|
| 9,700 |
| DISTRIBUIDORA INTERNACIONAL DE ALIMENTACION S.A.(b) |
|
| 46,997 |
|
| 43,878 |
|
|
|
|
| 2,531 |
| ENAGAS S.A. |
|
| 38,143 |
|
| 46,811 |
|
|
|
|
| 16,085 |
| FERROVIAL S.A. |
|
| 79,147 |
|
| 194,132 |
|
|
|
|
| 3,797 |
| FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A. |
|
| 150,651 |
|
| 98,484 |
|
|
|
|
| 4,262 |
| GAS NATURAL SDG S.A. |
|
| 52,029 |
|
| 73,173 |
|
|
|
|
| 2,222 |
| GRIFOLS S.A.(b) |
|
| 31,676 |
|
| 37,387 |
|
|
|
|
| 56,060 |
| IBERDROLA S.A. |
|
| 391,650 |
|
| 351,105 |
|
|
|
|
| 4,941 |
| INDITEX S.A. |
|
| 202,632 |
|
| 404,678 |
|
|
|
|
| 13,809 |
| INDRA SISTEMAS S.A. |
|
| 253,493 |
|
| 175,814 |
|
|
|
|
| 32,296 |
| MAPFRE S.A. |
|
| 99,474 |
|
| 102,619 |
|
|
|
|
| 2,111 |
| RED ELECTRICA CORP. S.A. |
|
| 88,270 |
|
| 90,341 |
|
|
|
|
| 13,070 |
| REPSOL YPF S.A. |
|
| 249,017 |
|
| 401,507 |
|
|
|
|
| 69,508 |
| TELEFONICA S.A. |
|
| 1,388,562 |
|
| 1,204,151 |
|
|
|
|
|
|
|
|
|
| 5,748,226 |
|
| 6,027,173 |
|
| 1.98 | % |
Sweden: | |||||||||||||
| 4,550 |
| ALFA LAVAL AB |
|
| 35,782 |
|
| 86,208 |
|
|
|
|
| 7,400 |
| ASSA ABLOY AB, CLASS B |
|
| 89,466 |
|
| 185,580 |
|
|
|
|
| 9,200 |
| ATLAS COPCO AB, CLASS A |
|
| 70,694 |
|
| 197,838 |
|
|
|
|
| 19,000 |
| ATLAS COPCO AB, CLASS B |
|
| 320,555 |
|
| 361,095 |
|
|
|
|
| 3,544 |
| AXFOOD AB |
|
| 128,166 |
|
| 130,588 |
|
|
|
|
| 12,000 |
| BOLIDEN AB |
|
| 159,060 |
|
| 175,229 |
|
|
|
|
| 10,200 |
| ELECTROLUX AB, CLASS B |
|
| 151,888 |
|
| 162,580 |
|
|
|
|
| 18,671 |
| GETINGE AB, CLASS B |
|
| 390,810 |
|
| 473,123 |
|
|
|
|
| 13,600 |
| HENNES & MAURITZ AB, CLASS B |
|
| 274,862 |
|
| 437,301 |
|
|
|
|
| 3,700 |
| HEXAGON AB, CLASS B |
|
| 56,830 |
|
| 55,319 |
|
|
|
|
| 400 |
| HOLMEN AB, CLASS B |
|
| 8,156 |
|
| 11,490 |
|
|
|
|
| 17,500 |
| HUSQVARNA AB, CLASS B |
|
| 64,201 |
|
| 80,630 |
|
|
|
|
| 10,000 |
| INDUSTRIVARDEN AB, CLASS C(b) |
|
| 103,927 |
|
| 119,290 |
|
|
|
|
| 11,800 |
| INVESTOR AB, CLASS B |
|
| 161,782 |
|
| 220,144 |
|
|
|
|
| 3,000 |
| KINNEVIK INVESTMENT AB, CLASS B |
|
| 51,225 |
|
| 58,453 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 83 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Sweden (Cont’d): | |||||||||||||
| 26,000 |
| MEDA AB, CLASS A |
| $ | 211,471 |
|
| 270,487 |
|
|
|
|
| 1,600 |
| MILLICOM INTERNATIONAL CELLULAR S.A. SDR |
|
| 87,461 |
|
| 160,293 |
|
|
|
|
| 1,100 |
| MODERN TIMES GROUP AB, CLASS B |
|
| 50,174 |
|
| 52,551 |
|
|
|
|
| 43,400 |
| NORDEA BANK AB |
|
| 253,480 |
|
| 335,791 |
|
|
|
|
| 3,200 |
| RATOS AB, CLASS B |
|
| 51,338 |
|
| 37,545 |
|
|
|
|
| 12,563 |
| SAAB AB, CLASS B |
|
| 253,264 |
|
| 259,934 |
|
|
|
|
| 23,773 |
| SANDVIK AB |
|
| 201,678 |
|
| 291,705 |
|
|
|
|
| 7,800 |
| SCANIA AB, CLASS B |
|
| 65,585 |
|
| 115,599 |
|
|
|
|
| 34,200 |
| SECURITAS AB, CLASS B |
|
| 381,213 |
|
| 295,170 |
|
|
|
|
| 41,800 |
| SKANDINAVISKA ENSKILDA BANKEN AB, CLASS A |
|
| 171,318 |
|
| 243,485 |
|
|
|
|
| 2,800 |
| SKANSKA AB, CLASS B |
|
| 23,703 |
|
| 46,379 |
|
|
|
|
| 13,800 |
| SKF AB, CLASS B |
|
| 141,836 |
|
| 291,944 |
|
|
|
|
| 5,400 |
| SSAB AB, CLASS A |
|
| 48,129 |
|
| 47,587 |
|
|
|
|
| 8,600 |
| SVENSKA CELLULOSA AB, CLASS B |
|
| 78,052 |
|
| 127,455 |
|
|
|
|
| 8,900 |
| SVENSKA HANDELSBANKEN AB, CLASS A |
|
| 161,721 |
|
| 234,061 |
|
|
|
|
| 18,300 |
| SWEDBANK AB, CLASS A |
|
| 58,744 |
|
| 237,046 |
|
|
|
|
| 6,600 |
| SWEDISH MATCH AB |
|
| 95,099 |
|
| 234,276 |
|
|
|
|
| 8,685 |
| TELE2 AB, CLASS B |
|
| 128,531 |
|
| 168,970 |
|
|
|
|
| 45,000 |
| TELEFONAKTIEBOLAGET LM ERICSSON, CLASS B |
|
| 406,347 |
|
| 460,304 |
|
|
|
|
| 29,500 |
| TELIASONERA AB |
|
| 145,684 |
|
| 200,470 |
|
|
|
|
| 27,000 |
| TRELLEBORG AB, CLASS B |
|
| 206,592 |
|
| 234,402 |
|
|
|
|
| 46,800 |
| VOLVO AB, CLASS B |
|
| 453,534 |
|
| 512,036 |
|
|
|
|
|
|
|
|
|
| 5,742,358 |
|
| 7,612,358 |
|
| 2.50 | % |
| Switzerland: | ||||||||||||
| 41,343 |
| ABB LTD. (REGISTERED)(b) |
|
| 560,773 |
|
| 778,155 |
|
|
|
|
| 25,497 |
| ADECCO S.A. (REGISTERED)(b) |
|
| 1,207,204 |
|
| 1,068,109 |
|
|
|
|
| 2,727 |
| ARYZTA A.G. |
|
| 68,593 |
|
| 131,802 |
|
|
|
|
| 5,889 |
| BALOISE HOLDING A.G. (REGISTERED) |
|
| 537,708 |
|
| 403,747 |
|
|
|
|
| 1,970 |
| BKW S.A.(b) |
|
| 94,121 |
|
| 76,444 |
|
|
|
|
| 8,185 |
| CIE FINANCIERE RICHEMONT S.A., CLASS A (BEARER) |
|
| 130,638 |
|
| 413,986 |
|
|
|
|
| 22,000 |
| CLARIANT A.G. (REGISTERED)(b) |
|
| 351,715 |
|
| 217,112 |
|
|
|
|
| 11,893 |
| CREDIT SUISSE GROUP A.G. (REGISTERED)(b) |
|
| 331,251 |
|
| 279,432 |
|
|
|
|
| 28,000 |
| FERREXPO PLC |
|
| 170,879 |
|
| 116,882 |
|
|
|
|
| 680 |
| FLUGHAFEN ZUERICH A.G. (REGISTERED) |
|
| 252,783 |
|
| 235,998 |
|
|
|
|
| 3,339 |
| GAM HOLDING A.G.(b) |
|
| 20,061 |
|
| 36,258 |
|
|
|
|
| 1,115 |
| GEBERIT A.G. (REGISTERED)(b) |
|
| 117,053 |
|
| 214,850 |
|
|
|
|
| 174 |
| GIVAUDAN S.A. (REGISTERED)(b) |
|
| 109,479 |
|
| 165,788 |
|
|
|
|
| 6,556 |
| GLENCORE INTERNATIONAL PLC(b) |
|
| 40,864 |
|
| 39,910 |
|
|
|
|
| 650 |
| HELVETIA HOLDING A.G. (REGISTERED) |
|
| 204,462 |
|
| 204,135 |
|
|
|
|
| 3,916 |
| HOLCIM LTD. (REGISTERED)(b) |
|
| 168,212 |
|
| 209,489 |
|
|
|
|
| 6,304 |
| JULIUS BAER GROUP LTD.(b) |
|
| 160,169 |
|
| 246,568 |
|
|
|
|
| 967 |
| KUEHNE & NAGEL INTERNATIONAL A.G. (REGISTERED) |
|
| 57,750 |
|
| 108,608 |
|
|
|
|
| 55 |
| LINDT & SPRUENGLI A.G. (PARTICIPATION CERTIFICATE) |
|
| 90,640 |
|
| 163,595 |
|
|
|
|
| 3 |
| LINDT & SPRUENGLI A.G. (REGISTERED) |
|
| 75,352 |
|
| 100,252 |
|
|
|
|
| 6,301 |
| LOGITECH INTERNATIONAL S.A. (REGISTERED)(b) |
|
| 70,452 |
|
| 49,203 |
|
|
|
|
| 1,693 |
| LONZA GROUP A.G. (REGISTERED)(b) |
|
| 105,411 |
|
| 100,030 |
|
|
|
|
| 89,048 |
| NESTLE S.A. (REGISTERED) |
|
| 3,181,057 |
|
| 5,119,172 |
|
|
|
|
| 87,829 |
| NOVARTIS A.G. (REGISTERED) |
|
| 3,692,210 |
|
| 5,021,044 |
|
|
|
|
| 36,000 |
| OC OERLIKON CORP. A.G. (REGISTERED)(b) |
|
| 253,647 |
|
| 192,776 |
|
|
|
|
| 11,411 |
| PANALPINA WELTTRANSPORT HOLDING A.G. (REGISTERED)(b) |
|
| 877,772 |
|
| 1,168,640 |
|
|
|
|
| 14,410 |
| PARGESA HOLDING S.A. (BEARER) |
|
| 931,106 |
|
| 943,454 |
|
|
|
|
| 12,394 |
| ROCHE HOLDING A.G. (GENUSSCHEIN) |
|
| 1,602,744 |
|
| 2,100,566 |
|
|
|
|
| 7,550 |
| ROCHE HOLDING A.G. ADR(c) |
|
| 303,461 |
|
| 321,252 |
|
|
|
|
| 755 |
| SCHINDLER HOLDING A.G. (PARTICIPATION CERTIFICATE) |
|
| 34,888 |
|
| 87,932 |
|
|
|
|
| 329 |
| SCHINDLER HOLDING A.G. (REGISTERED) |
|
| 38,313 |
|
| 38,212 |
|
|
|
|
| 121 |
| SGS S.A. (REGISTERED) |
|
| 130,564 |
|
| 200,308 |
|
|
|
|
| 27 |
| SIKA A.G. (BEARER) |
|
| 52,140 |
|
| 50,877 |
|
|
|
|
| 1,300 |
| SONOVA HOLDING A.G. (REGISTERED)(b) |
|
| 84,464 |
|
| 135,975 |
|
|
|
|
| 17,678 |
| STMICROELECTRONICS N.V. |
|
| 104,709 |
|
| 105,043 |
|
|
|
|
| 635 |
| SULZER A.G. (REGISTERED) |
|
| 30,609 |
|
| 67,872 |
|
|
|
|
| 475 |
| SWATCH GROUP (THE) A.G. (BEARER) |
|
| 59,791 |
|
| 177,746 |
|
|
|
|
| 2,391 |
| SWATCH GROUP (THE) A.G. (REGISTERED) |
|
| 61,462 |
|
| 159,344 |
|
|
|
|
| 4,325 |
| SWISS LIFE HOLDING A.G. (REGISTERED)(b) |
|
| 360,148 |
|
| 397,816 |
|
|
|
|
| 11,031 |
| SWISS RE A.G.(b) |
|
| 326,129 |
|
| 562,160 |
|
|
|
|
| 451 |
| SWISSCOM A.G. (REGISTERED) |
|
| 148,509 |
|
| 170,878 |
|
|
|
|
| 1,734 |
| SYNGENTA A.G. (REGISTERED)(b) |
|
| 377,174 |
|
| 507,649 |
|
|
|
|
| 65,057 |
| TE CONNECTIVITY LTD. |
|
| 1,346,324 |
|
| 2,004,406 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 84 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Switzerland (Cont’d): | |||||||||||||
| 3,564 |
| TRANSOCEAN LTD. |
| $ | 195,878 |
|
| 136,822 |
|
|
|
|
| 4,513 |
| WOLSELEY PLC |
|
| 70,476 |
|
| 149,421 |
|
|
|
|
| 35,679 |
| XSTRATA PLC |
|
| 288,752 |
|
| 541,889 |
|
|
|
|
| 3,315 |
| ZURICH FINANCIAL SERVICES A.G.(b) |
|
| 573,168 |
|
| 749,936 |
|
|
|
|
|
|
|
|
|
| 20,051,065 |
|
| 26,471,543 |
|
| 8.68 | % |
Thailand: | |||||||||||||
| 1,196,566 |
| THAI BEVERAGE PCL |
|
| 268,860 |
|
| 226,017 |
|
|
|
|
|
|
|
|
|
| 268,860 |
|
| 226,017 |
|
| 0.07 | % |
| United Kingdom: | ||||||||||||
| 11,608 |
| 3I GROUP PLC |
|
| 38,159 |
|
| 32,628 |
|
|
|
|
| 2,834 |
| ADMIRAL GROUP PLC |
|
| 35,119 |
|
| 37,497 |
|
|
|
|
| 125,000 |
| AFREN PLC(b) |
|
| 290,716 |
|
| 166,360 |
|
|
|
|
| 2,907 |
| AGGREKO PLC |
|
| 87,133 |
|
| 91,056 |
|
|
|
|
| 4,578 |
| AMEC PLC |
|
| 34,931 |
|
| 64,518 |
|
|
|
|
| 21,888 |
| ANGLO AMERICAN PLC |
|
| 453,848 |
|
| 808,647 |
|
|
|
|
| 21,100 |
| ANGLO AMERICAN PLC ADR(c) |
|
| 372,692 |
|
| 382,965 |
|
|
|
|
| 4,811 |
| ANTOFAGASTA PLC |
|
| 33,978 |
|
| 90,776 |
|
|
|
|
| 22,199 |
| ARM HOLDINGS PLC |
|
| 101,371 |
|
| 204,086 |
|
|
|
|
| 3,799 |
| ASSOCIATED BRITISH FOODS PLC |
|
| 35,240 |
|
| 65,309 |
|
|
|
|
| 25,536 |
| ASTRAZENECA PLC |
|
| 927,228 |
|
| 1,179,773 |
|
|
|
|
| 10,000 |
| ASTRAZENECA PLC ADR(c) |
|
| 461,598 |
|
| 462,900 |
|
|
|
|
| 67,839 |
| AVIVA PLC |
|
| 252,388 |
|
| 316,895 |
|
|
|
|
| 5,239 |
| BABCOCK INTERNATIONAL GROUP PLC |
|
| 47,416 |
|
| 59,840 |
|
|
|
|
| 103,246 |
| BAE SYSTEMS PLC |
|
| 475,321 |
|
| 457,119 |
|
|
|
|
| 68,000 |
| BALFOUR BEATTY PLC |
|
| 287,866 |
|
| 279,631 |
|
|
|
|
| 251,625 |
| BARCLAYS PLC |
|
| 873,845 |
|
| 687,937 |
|
|
|
|
| 58,418 |
| BG GROUP PLC |
|
| 917,965 |
|
| 1,248,768 |
|
|
|
|
| 36,463 |
| BHP BILLITON PLC |
|
| 769,878 |
|
| 1,063,141 |
|
|
|
|
| 5,400 |
| BHP BILLITON PLC ADR(c) |
|
| 424,475 |
|
| 315,306 |
|
|
|
|
| 317,112 |
| BP PLC |
|
| 2,120,649 |
|
| 2,267,781 |
|
|
|
|
| 63,994 |
| BRITISH AMERICAN TOBACCO PLC |
|
| 1,725,235 |
|
| 3,036,549 |
|
|
|
|
| 11,630 |
| BRITISH LAND CO. PLC |
|
| 61,579 |
|
| 83,531 |
|
|
|
|
| 17,468 |
| BRITISH SKY BROADCASTING GROUP PLC |
|
| 116,486 |
|
| 198,705 |
|
|
|
|
| 486,009 |
| BT GROUP PLC |
|
| 1,158,344 |
|
| 1,440,817 |
|
|
|
|
| 5,069 |
| BUNZL PLC |
|
| 39,524 |
|
| 69,588 |
|
|
|
|
| 8,202 |
| BURBERRY GROUP PLC |
|
| 40,549 |
|
| 150,937 |
|
|
|
|
| 40,577 |
| CAIRN ENERGY PLC(b) |
|
| 155,293 |
|
| 167,177 |
|
|
|
|
| 16,980 |
| CAPITA GROUP PLC |
|
| 162,367 |
|
| 165,730 |
|
|
|
|
| 6,025 |
| CAPITAL & COUNTIES PROPERTIES PLC |
|
| 6,933 |
|
| 17,272 |
|
|
|
|
| 6,025 |
| CAPITAL SHOPPING CENTRES GROUP PLC |
|
| 23,472 |
|
| 29,221 |
|
|
|
|
| 10,534 |
| CARNIVAL PLC |
|
| 366,702 |
|
| 347,789 |
|
|
|
|
| 31,729 |
| CARPETRIGHT PLC |
|
| 338,549 |
|
| 236,514 |
|
|
|
|
| 82,257 |
| CENTRICA PLC |
|
| 290,637 |
|
| 369,556 |
|
|
|
|
| 11,669 |
| COBHAM PLC |
|
| 30,337 |
|
| 33,235 |
|
|
|
|
| 315,090 |
| COMPASS GROUP PLC |
|
| 2,095,337 |
|
| 2,989,748 |
|
|
|
|
| 8,154 |
| COMPUTACENTER PLC |
|
| 60,118 |
|
| 42,370 |
|
|
|
|
| 33,598 |
| COOKSON GROUP PLC |
|
| 275,788 |
|
| 265,577 |
|
|
|
|
| 108,000 |
| DEBENHAMS PLC |
|
| 95,208 |
|
| 98,200 |
|
|
|
|
| 106,313 |
| DIAGEO PLC |
|
| 1,431,414 |
|
| 2,322,121 |
|
|
|
|
| 46,724 |
| DRAX GROUP PLC |
|
| 346,422 |
|
| 395,453 |
|
|
|
|
| 2,968 |
| ENQUEST PLC(b) |
|
| 3,713 |
|
| 4,261 |
|
|
|
|
| 24,458 |
| ESSAR ENERGY PLC.(b) |
|
| 94,201 |
|
| 65,101 |
|
|
|
|
| 11,872 |
| EURASIAN NATURAL RESOURCES CORP. PLC |
|
| 106,253 |
|
| 117,165 |
|
|
|
|
| 64,094 |
| FIRSTGROUP PLC |
|
| 328,053 |
|
| 336,429 |
|
|
|
|
| 37,699 |
| G4S PLC |
|
| 134,529 |
|
| 159,125 |
|
|
|
|
| 91,912 |
| GLAXOSMITHKLINE PLC |
|
| 1,410,189 |
|
| 2,100,348 |
|
|
|
|
| 3,000 |
| GREENE KING PLC |
|
| 24,323 |
|
| 22,698 |
|
|
|
|
| 17,505 |
| HAMMERSON PLC |
|
| 69,535 |
|
| 97,864 |
|
|
|
|
| 36,031 |
| HAYS PLC |
|
| 49,874 |
|
| 35,867 |
|
|
|
|
| 354,483 |
| HSBC HOLDINGS PLC |
|
| 2,564,079 |
|
| 2,703,210 |
|
|
|
|
| 21,813 |
| ICAP PLC |
|
| 124,343 |
|
| 117,511 |
|
|
|
|
| 11,465 |
| IMI PLC |
|
| 43,254 |
|
| 135,315 |
|
|
|
|
| 18,809 |
| IMPERIAL TOBACCO GROUP PLC |
|
| 441,612 |
|
| 711,252 |
|
|
|
|
| 50,000 |
| INCHCAPE PLC |
|
| 227,275 |
|
| 227,818 |
|
|
|
|
| 11,958 |
| INMARSAT PLC |
|
| 92,794 |
|
| 75,154 |
|
|
|
|
| 17,590 |
| INTERCONTINENTAL HOTELS GROUP PLC |
|
| 253,023 |
|
| 316,052 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 85 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
United Kingdom (Cont’d): | |||||||||||||
| 15,937 |
| INTERNATIONAL CONSOLIDATED AIRLINES GROUP S.A.(b) |
| $ | 37,969 |
|
| 35,891 |
|
|
|
|
| 29,641 |
| INTERNATIONAL POWER PLC |
|
| 84,802 |
|
| 155,217 |
|
|
|
|
| 12,127 |
| INVENSYS PLC |
|
| 29,802 |
|
| 39,737 |
|
|
|
|
| 24,275 |
| INVESTEC PLC |
|
| 158,102 |
|
| 127,796 |
|
|
|
|
| 98,470 |
| ITV PLC |
|
| 52,339 |
|
| 104,215 |
|
|
|
|
| 111,306 |
| J. SAINSBURY PLC |
|
| 593,334 |
|
| 523,572 |
|
|
|
|
| 2,494 |
| JOHNSON MATTHEY PLC |
|
| 35,938 |
|
| 71,110 |
|
|
|
|
| 8,909 |
| KAZAKHMYS PLC |
|
| 96,358 |
|
| 128,253 |
|
|
|
|
| 152,914 |
| KINGFISHER PLC |
|
| 547,309 |
|
| 595,333 |
|
|
|
|
| 41,068 |
| LANCASHIRE HOLDINGS LTD. |
|
| 319,566 |
|
| 462,062 |
|
|
|
|
| 15,511 |
| LAND SECURITIES GROUP PLC |
|
| 113,585 |
|
| 153,078 |
|
|
|
|
| 174,802 |
| LEGAL & GENERAL GROUP PLC |
|
| 205,778 |
|
| 279,060 |
|
|
|
|
| 1,943,018 |
| LLOYDS BANKING GROUP PLC(b) |
|
| 1,575,947 |
|
| 781,662 |
|
|
|
|
| 182,000 |
| LOGICA PLC |
|
| 343,639 |
|
| 174,387 |
|
|
|
|
| 7,230 |
| LONDON STOCK EXCHANGE GROUP PLC |
|
| 86,287 |
|
| 89,262 |
|
|
|
|
| 2,131 |
| LONMIN PLC |
|
| 42,554 |
|
| 32,432 |
|
|
|
|
| 37,725 |
| MAN GROUP PLC |
|
| 120,515 |
|
| 73,642 |
|
|
|
|
| 51,083 |
| MARKS & SPENCER GROUP PLC |
|
| 233,606 |
|
| 246,715 |
|
|
|
|
| 5,840 |
| MEGGITT PLC |
|
| 9,420 |
|
| 31,996 |
|
|
|
|
| 101,812 |
| MICHAEL PAGE INTERNATIONAL PLC |
|
| 577,156 |
|
| 551,486 |
|
|
|
|
| 21,029 |
| N BROWN GROUP PLC |
|
| 87,311 |
|
| 76,058 |
|
|
|
|
| 83,737 |
| NATIONAL GRID PLC |
|
| 682,819 |
|
| 812,748 |
|
|
|
|
| 2,148 |
| NEXT PLC |
|
| 36,823 |
|
| 91,299 |
|
|
|
|
| 110,421 |
| OLD MUTUAL PLC |
|
| 133,905 |
|
| 232,354 |
|
|
|
|
| 12,536 |
| PEARSON PLC |
|
| 148,820 |
|
| 235,561 |
|
|
|
|
| 3,761 |
| PETROFAC LTD. |
|
| 71,320 |
|
| 84,164 |
|
|
|
|
| 1,900 |
| PROVIDENT FINANCIAL PLC |
|
| 32,564 |
|
| 27,765 |
|
|
|
|
| 53,918 |
| PRUDENTIAL PLC |
|
| 337,248 |
|
| 534,630 |
|
|
|
|
| 720,674 |
| QINETIQ GROUP PLC |
|
| 1,388,956 |
|
| 1,484,025 |
|
|
|
|
| 2,185 |
| RANDGOLD RESOURCES LTD. |
|
| 159,057 |
|
| 223,443 |
|
|
|
|
| 213,034 |
| RAVEN RUSSIA LTD. |
|
| 169,113 |
|
| 172,033 |
|
|
|
|
| 9,834 |
| RECKITT BENCKISER GROUP PLC |
|
| 388,763 |
|
| 485,642 |
|
|
|
|
| 208,801 |
| REED ELSEVIER PLC |
|
| 1,643,561 |
|
| 1,682,901 |
|
|
|
|
| 36,637 |
| RESOLUTION LTD. |
|
| 143,696 |
|
| 143,036 |
|
|
|
|
| 98,541 |
| REXAM PLC |
|
| 500,825 |
|
| 539,889 |
|
|
|
|
| 24,886 |
| RIO TINTO PLC |
|
| 777,698 |
|
| 1,207,713 |
|
|
|
|
| 30,518 |
| ROLLS-ROYCE HOLDINGS PLC(b) |
|
| 139,944 |
|
| 353,789 |
|
|
|
|
| 106,898 |
| ROYAL BANK OF SCOTLAND GROUP PLC(b) |
|
| 39,096 |
|
| 33,500 |
|
|
|
|
| 136,259 |
| RSA INSURANCE GROUP PLC |
|
| 244,217 |
|
| 222,607 |
|
|
|
|
| 15,817 |
| SABMILLER PLC |
|
| 272,321 |
|
| 556,722 |
|
|
|
|
| 21,731 |
| SAGE GROUP (THE) PLC |
|
| 74,327 |
|
| 99,284 |
|
|
|
|
| 101,441 |
| SAVILLS PLC |
|
| 477,242 |
|
| 516,079 |
|
|
|
|
| 5,566 |
| SCHRODERS PLC |
|
| 79,235 |
|
| 113,579 |
|
|
|
|
| 10,277 |
| SEGRO PLC |
|
| 36,889 |
|
| 33,276 |
|
|
|
|
| 7,999 |
| SERCO GROUP PLC |
|
| 42,799 |
|
| 58,881 |
|
|
|
|
| 4,954 |
| SEVERN TRENT PLC |
|
| 76,220 |
|
| 115,092 |
|
|
|
|
| 21,324 |
| SMITH & NEPHEW PLC |
|
| 162,110 |
|
| 207,136 |
|
|
|
|
| 5,313 |
| SMITHS GROUP PLC |
|
| 80,666 |
|
| 75,495 |
|
|
|
|
| 13,000 |
| SPECTRIS PLC |
|
| 268,445 |
|
| 260,229 |
|
|
|
|
| 18,671 |
| SSE PLC |
|
| 331,442 |
|
| 374,328 |
|
|
|
|
| 34,993 |
| STANDARD CHARTERED PLC |
|
| 515,595 |
|
| 765,686 |
|
|
|
|
| 141,103 |
| STANDARD LIFE PLC |
|
| 386,496 |
|
| 452,058 |
|
|
|
|
| 3,900 |
| SUBSEA 7 S.A.(b) |
|
| 96,867 |
|
| 72,391 |
|
|
|
|
| 3,419 |
| TATE & LYLE PLC |
|
| 36,262 |
|
| 37,406 |
|
|
|
|
| 126,000 |
| TAYLOR WOODROW PLC(b) |
|
| 73,622 |
|
| 73,377 |
|
|
|
|
| 133,626 |
| TESCO PLC |
|
| 668,051 |
|
| 837,220 |
|
|
|
|
| 20,173 |
| TULLOW OIL PLC |
|
| 327,851 |
|
| 439,215 |
|
|
|
|
| 2,333 |
| UBM PLC |
|
| 13,794 |
|
| 17,296 |
|
|
|
|
| 21,707 |
| UNILEVER PLC |
|
| 463,177 |
|
| 729,147 |
|
|
|
|
| 57,958 |
| UNILEVER PLC ADR(c) |
|
| 1,546,068 |
|
| 1,942,752 |
|
|
|
|
| 13,660 |
| UNITED UTILITIES GROUP PLC |
|
| 111,980 |
|
| 128,553 |
|
|
|
|
| 6,150 |
| VEDANTA RESOURCES PLC |
|
| 116,202 |
|
| 96,939 |
|
|
|
|
| 928,295 |
| VODAFONE GROUP PLC |
|
| 1,671,709 |
|
| 2,579,022 |
|
|
|
|
| 25,000 |
| VODAFONE GROUP PLC ADR(c) |
|
| 642,332 |
|
| 700,750 |
|
|
|
|
| 3,202 |
| WEIR GROUP (THE) PLC |
|
| 100,740 |
|
| 101,043 |
|
|
|
|
| 3,994 |
| WHITBREAD PLC |
|
| 87,292 |
|
| 97,007 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 86 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
United Kingdom (Cont’d): | |||||||||||||
| 76,000 |
| WILLIAM HILL PLC |
| $ | 274,578 |
|
| 239,354 |
|
|
|
|
| 42,339 |
| WM MORRISON SUPERMARKETS PLC |
|
| 156,009 |
|
| 214,478 |
|
|
|
|
|
|
|
|
|
| 45,409,223 |
|
| 55,202,051 |
|
| 18.09 | % |
United States: | |||||||||||||
| 56,600 |
| ARCH CAPITAL GROUP LTD.(b) |
|
| 1,103,898 |
|
| 2,107,218 |
|
|
|
|
| 6,600 |
| BROOKFIELD OFFICE PROPERTIES, INC. |
|
| 94,023 |
|
| 103,449 |
|
|
|
|
| 9,091 |
| BROOKFIELD OFFICE PROPERTIES, INC. (NEW YORK |
|
| 84,537 |
|
| 142,183 |
|
|
|
|
| 3,384 |
| KRAFT FOODS, INC., CLASS A |
|
| 10,684 |
|
| 126,426 |
|
|
|
|
| 38,751 |
| SIGNET JEWELERS LTD. |
|
| 752,909 |
|
| 1,703,494 |
|
|
|
|
| 6,500 |
| SIMS METAL MANAGEMENT LTD. |
|
| 91,939 |
|
| 84,062 |
|
|
|
|
| 1,159 |
| SYNTHES, INC. (REGISTERED)(d)(e) |
|
| 141,367 |
|
| 194,333 |
|
|
|
|
| 9,775 |
| THOMSON REUTERS CORP. |
|
| 254,637 |
|
| 260,699 |
|
|
|
|
|
|
|
|
|
| 2,533,994 |
|
| 4,721,864 |
|
| 1.55 | % |
|
|
| Sub-total Common Stocks: |
|
| 247,602,593 |
|
| 295,259,161 |
|
| 96.78 | % |
Preferred Stocks: | |||||||||||||
Brazil: | |||||||||||||
| 14,200 |
| PETROLEO BRASILEIRO S.A. ADR(c) |
|
| 448,224 |
|
| 333,558 |
|
|
|
|
| 11,000 |
| VALE S.A. ADR(c) |
|
| 172,836 |
|
| 226,600 |
|
|
|
|
|
|
|
|
|
| 621,060 |
|
| 560,158 |
|
| 0.19 | % |
Germany: | |||||||||||||
| 1,521 |
| BAYERISCHE MOTOREN WERKE A.G. |
|
| 49,612 |
|
| 71,952 |
|
|
|
|
| 2,360 |
| HENKEL A.G. & CO. KGAA |
|
| 60,940 |
|
| 136,200 |
|
|
|
|
| 1,943 |
| JUNGHEINRICH A.G.(b) |
|
| 63,561 |
|
| 47,630 |
|
|
|
|
| 4,187 |
| PORSCHE AUTOMOBIL HOLDING S.E. |
|
| 207,723 |
|
| 224,082 |
|
|
|
|
| 22,479 |
| PROSIEBENSAT.1 MEDIA A.G. |
|
| 408,889 |
| �� | 410,663 |
|
|
|
|
| 3,746 |
| RWE A.G. (NON VOTING) |
|
| 104,122 |
|
| 123,319 |
|
|
|
|
| 2,665 |
| VOLKSWAGEN A.G. |
|
| 183,670 |
|
| 399,251 |
|
|
|
|
|
|
|
|
|
| 1,078,517 |
|
| 1,413,097 |
|
| 0.46 | % |
|
|
| Sub-total Preferred Stocks: |
|
| 1,699,577 |
|
| 1,973,255 |
|
| 0.65 | % |
Corporate Bonds: | |||||||||||||
United Kingdom: | |||||||||||||
| 253,289 |
| HSBC BANK PLC, EXP. 9/12/14(b) |
|
| 1,047,983 |
|
| 1,221,777 |
|
|
|
|
|
|
| Sub-total Corporate Bonds: |
|
| 1,047,983 |
|
| 1,221,777 |
|
| 0.40 | % |
Rights: | |||||||||||||
Austria: | |||||||||||||
| 10,586 |
| IMMOEAST A.G.(b) |
|
| — |
|
| — |
|
|
|
|
|
|
| Sub-total Rights: |
|
| — |
|
| — |
|
| 0.00 | % |
Short-Term Investments: | |||||||||||||
| 2,073,315 |
| NORTHERN INSTITUTIONAL GOVERNMENT SELECT PORTFOLIO, 0.01%(f) |
|
| 2,073,315 |
|
| 2,073,315 |
|
|
|
|
|
|
| Sub-total Short-Term Investments: |
|
| 2,073,315 |
|
| 2,073,315 |
|
| 0.68 | % |
|
|
| Grand total(g) |
| $ | 252,423,468 |
|
| 300,527,508 |
|
| 98.51 | % |
|
|
|
See accompanying notes to the financial statements. | 87 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund |
December 31, 2011 |
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 Depositary Receipts of companies based outside of the United States representing 3.05% of net assets. |
|
|
|
| (d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may not be publicly sold without registration under the Securities Act of 1933. The value of this security is determined by valuations supplied by a pricing service or brokers, or if not available in accordance with procedures established by the Board of Trustees of the Fund. |
|
|
|
| (e) | Restricted security that has been deemed illiquid. At December 31, 2011 the value of this restricted illiquid security amounted to approximately $194,333 or 0.06% of net assets. Additional information on this restricted illiquid security is as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
| ACQUISITION AND |
| ACQUISITION |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| SYNTHES,INC.(REGISTERED) |
|
| 3/8/10 - 11/10/10 |
| $ | 141,367 |
|
|
|
|
| (f) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2010, the value of the Fund’s investment in the Government Select Portfolio of the Northern Institutional Funds was approximately $7,747,967 with net sales of approximately $5,674,652 during the fiscal year ended December 31, 2011. |
|
| |
| (g) | At December 31, 2011, the cost for Federal income tax purposes was $253,834,655. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost were as follows: |
|
|
|
|
|
Gross unrealized appreciation |
| $ | 61,330,358 |
|
Gross unrealized depreciation |
|
| (14,637,505 | ) |
Net unrealized appreciation |
| $ | 46,692,853 |
|
At December 31, 2011, the industry sectors for the Clearwater International Fund were:
|
|
|
|
|
Industry Sector |
| Percent of |
| |
Consumer Discretionary |
|
| 12.58 | % |
Consumer Staples |
|
| 11.89 |
|
Energy |
|
| 8.98 |
|
Financials |
|
| 20.90 |
|
Health Care |
|
| 8.39 |
|
Industrials |
|
| 13.69 |
|
Information Technology |
|
| 4.98 |
|
Materials |
|
| 10.16 |
|
Telecommunication Services |
|
| 4.85 |
|
Utilities |
|
| 3.58 |
|
|
|
| 100.00 | % |
At December 31, 2011, the Clearwater International Fund’s investments were denominated in the following currencies:
|
|
|
|
|
Concentration by Currency |
| Percent of |
| |
Euro |
|
| 22.41 | % |
British Pound |
|
| 19.58 |
|
Japanese Yen |
|
| 18.82 |
|
United States Dollar |
|
| 13.78 |
|
Swiss Franc |
|
| 7.77 |
|
Australian Dollar |
|
| 5.93 |
|
All other currencies less than 5% |
|
| 11.71 |
|
|
|
| 100.00 | % |
|
|
|
See accompanying notes to the financial statements. | 88 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2011
At December 31, 2011, the Clearwater International Fund had outstanding forward foreign currency exchange contracts as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts To |
| Amount |
| In |
| Amount |
| Settlement |
| Unrealized |
| Counterparty |
| ||||||
Danish Krone |
|
| 862,763 |
|
| United States Dollar |
|
| 150,229 |
|
| 1/3/12 |
| $ | 5 |
|
| Northern Trust |
|
Euro |
|
| 13,216 |
|
| United States Dollar |
|
| 17,108 |
|
| 1/3/12 |
|
| 3 |
|
| Northern Trust |
|
Euro |
|
| 22,823 |
|
| United States Dollar |
|
| 29,544 |
|
| 1/3/12 |
|
| 4 |
|
| Northern Trust |
|
Euro |
|
| 430,386 |
|
| United States Dollar |
|
| 557,135 |
|
| 1/3/12 |
|
| 85 |
|
| Northern Trust |
|
Euro |
|
| 44,739 |
|
| United States Dollar |
|
| 58,004 |
|
| 1/3/12 |
|
| 98 |
|
| Northern Trust |
|
Hong Kong Dollar |
|
| 460,346 |
|
| United States Dollar |
|
| 59,232 |
|
| 1/3/12 |
|
| (36 | ) |
| Deutsche Bank |
|
Swiss Franc |
|
| 79,755 |
|
| United States Dollar |
|
| 84,702 |
|
| 1/3/12 |
|
| (209 | ) |
| Deutsche Bank |
|
United States Dollar |
|
| 134,141 |
|
| Euro |
|
| 103,464 |
|
| 1/3/12 |
|
| (227 | ) |
| CSFB Global |
|
British Pound |
|
| 18,753 |
|
| United States Dollar |
|
| 28,857 |
|
| 1/4/12 |
|
| (264 | ) |
| Northern Trust |
|
Danish Krone |
|
| 236,285 |
|
| United States Dollar |
|
| 41,211 |
|
| 1/4/12 |
|
| 69 |
|
| Northern Trust |
|
Euro |
|
| 57,680 |
|
| United States Dollar |
|
| 74,666 |
|
| 1/4/12 |
|
| 11 |
|
| Northern Trust |
|
Euro |
|
| 303,402 |
|
| United States Dollar |
|
| 393,361 |
|
| 1/4/12 |
|
| 664 |
|
| Northern Trust |
|
Hong Kong Dollar |
|
| 14,355 |
|
| United States Dollar |
|
| 1,848 |
|
| 1/4/12 |
|
| -* |
|
| Northern Trust |
|
Singapore Dollar |
|
| 39,964 |
|
| United States Dollar |
|
| 30,678 |
|
| 1/4/12 |
|
| (133 | ) |
| Northern Trust |
|
United States Dollar |
|
| 267,253 |
|
| Euro |
|
| 206,133 |
|
| 1/4/12 |
|
| (453 | ) |
| CSFB Global |
|
British Pound |
|
| 310,245 |
|
| United States Dollar |
|
| 481,500 |
|
| 1/5/12 |
|
| (275 | ) |
| Northern Trust |
|
Japanese Yen |
|
| 15,160,217 |
|
| United States Dollar |
|
| 194,912 |
|
| 1/5/12 |
|
| (2,070 | ) |
| Northern Trust |
|
Japanese Yen |
|
| 16,948,634 |
|
| United States Dollar |
|
| 218,158 |
|
| 1/5/12 |
|
| (2,061 | ) |
| Deutsche Bank |
|
Japanese Yen |
|
| 391,868 |
|
| United States Dollar |
|
| 5,037 |
|
| 1/5/12 |
|
| (55 | ) |
| Northern Trust |
|
Swiss Franc |
|
| 254,336 |
|
| United States Dollar |
|
| 271,002 |
|
| 1/5/12 |
|
| 214 |
|
| Northern Trust |
|
Japanese Yen |
|
| 15,784,600 |
|
| United States Dollar |
|
| 203,909 |
|
| 1/6/12 |
|
| (1,188 | ) |
| Northern Trust |
|
Japanese Yen |
|
| 397,185,878 |
|
| United States Dollar |
|
| 5,173,510 |
|
| 2/16/12 |
|
| 9,094 |
|
| Northern Trust |
|
United States Dollar |
|
| 733,281 |
|
| Japanese Yen |
|
| 56,283,016 |
|
| 2/16/12 |
|
| (1,461 | ) |
| Northern Trust |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 1,815 |
|
|
|
|
|
|
|
| * | Amount rounds to less than $1. |
The Clearwater International Fund did not have any spot foreign currency transactions outstanding as of December 31, 2011.
|
|
|
See accompanying notes to the financial statements. | 89 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater International Fund
December 31, 2011
|
|
|
See accompanying notes to the financial statements. | 90 |
|
Item 2. Code of Ethics
As of December 31, 2011, the Board of Trustees of Clearwater Investment Trust (the “Trust”) has adopted a code of ethics that applies to the Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer. For the fiscal year ended December 31, 2011, there were no amendments to a provision of its code of ethics, nor were there any waivers granted from a provision of the code of ethics. A copy of its code of ethics is filed with this Form N-CSR under Item 12(a)(1).
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 Board of Trustees have determined that no current member of the Board of Trustees of the Trust qualifies as an “audit committee financial expert”. Furthermore, the Board of 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 | 2011 = $83,600 | 2010 = $80,350 | ||
(b) | Audit-Related Fees | 2011 = $0 | 2010 = $0 | ||
(c) | Tax Fees | 2011 = $21,500 | 2010 = $20,000 | ||
(d) | All Other Fees | 2011 = $0 | 2010 = $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. | ||||
2011 = $0 | 2010 = $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 9, 2012 |
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 9, 2012 |
Clearwater Investment Trust | ||
By | /s/ George H. Weyerhaeuser, Jr. | |
George H. Weyerhaeuser, Jr., Treasurer | ||
Date: March 9, 2012 |