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:
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: | December 31 |
|
|
|
|
|
| Date of reporting period: | December 31, 2012 |
|
Item 1. Reports to Stockholders
CLEARWATER INVESTMENT TRUST
Clearwater Core Equity Fund
Clearwater Small Companies Fund
Clearwater Tax-Exempt Bond Fund
Clearwater International Fund
Annual Report
for the year ended
December 31, 2012
Letter to our shareholders (unaudited)
February 28, 2013
We are pleased to present this annual report, which provides you information as to the performance and holdings of your Clearwater Funds for the year ended December 31, 2012. In a year of positive performance in both the equity and fixed income markets we are particularly pleased with the performance of the Clearwater Small Companies, International and Tax-Exempt Bond Funds. Each Fund outperformed its benchmark for both the one-year and three-year periods ended December 31, 2012. While the Clearwater Core Equity Fund underperformed relative to its benchmark for both periods, we were encouraged by the performance shown by certain subadvisers (which is further described in the following section: Discussion of Clearwater Funds’ Performance) and continue to work together to monitor the results of the multi-manager, multi-style strategy adopted last year.
We encourage you to read this annual report as it contains important information about your Clearwater Funds, including commentary provided from the managers who act as subadvisers to the Funds. In addition, this report includes information describing the contract renewal process in December 2012, 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 which will be mailed to you this year at the end of April. This annual update of the prospectus (and the related statement of additional information, which is available upon request of your Financial Consultant at Fiduciary Counselling, Inc.) includes detailed discussion of the objective and risks of each Fund and we hope helps you better understand how your shareholder assets are invested and managed.
We hope the information contained within this annual report prepared for you, our shareholders, is helpful in understanding the 2012 results shown by each of the Clearwater Funds. We thank you for your continued confidence and for choosing to invest with us.
|
|
|
| ||
George Weyerhaeuser, Jr. |
| Philip W. Pascoe |
CEO, Clearwater Investment Trust |
| President, Clearwater Management Company |
A-1
Discussion of Clearwater Funds’ Performance
Clearwater Core Equity Fund
The Clearwater Core Equity Fund (formerly the Clearwater Growth Fund) seeks long-term growth of capital. Current income, to the extent income is produced by the stocks held by the Fund, is a secondary objective. Under normal market conditions, the Clearwater Core Equity Fund pursues its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of U.S. companies. The Clearwater Core Equity Fund’s assets are managed in a “multi-manager, multi-style” approach. The Core Equity Fund has four subadvisers. Parametric Portfolio Associates (“Parametric”), with approximately 60% of the Fund’s assets, manages its portion of the Fund’s assets to mirror the Russell 1000® Index. The remaining 40% of the Fund’s assets are divided between Heartland Advisers, Inc. (“Heartland”), Osterweis Capital Management, LLC (“Osterweis”), and Knightsbridge Asset Management, LLC (“Knightsbridge”) who all utilize an active management style.
2012 Market Overview:
Despite a year of great uncertainty, including a U.S. presidential election, worries over unemployment and the U.S. “fiscal cliff”, as well as the impact of European sovereign debt concerns, the U.S. stock market performed strongly in 2012. Accommodative policies from the Federal Reserve and other central authorities provided assistance in supporting the U.S. economy and Real Gross Domestic Gross Product grew around 2% for the year, while housing valuations improved and the domestic equity market, as measured by the S&P 500®, returned 16%.
2012 Performance and 2013 Outlook:
The Clearwater Core Equity Fund’s return for 2012 was 15.6%, net of fees, as compared to 16.4% for the Russell 1000® Index, the Fund’s benchmark. The portion of the portfolio managed by Parametric to mirror the benchmark gained 16.6%, gross of fees. Parametric was slightly overweight as compared to the benchmark in certain Technology stocks which were strong performers in 2012, and slightly underweight weaker performers such as Dell, resulting in the portion of the fund managed by Parametric outperforming the benchmark.
Commentary on the performance of their specific portfolio in 2012 and their outlook for 2013 is provided below from each of the three “active” managers in the Clearwater Core Equity Fund.
Heartland
2012 Performance: The portion of the Clearwater Core Equity Fund managed by Heartland returned 13.3%, gross of fees, for the year ended December 31, 2012, underperforming its benchmark, the Russell 1000® Index, which returned 16.4%. Strong stock selection in Industrials, Materials, and Energy were not enough to offset the adverse results from underperformance among certain Consumer Discretionary stocks. Our positions in Information Technology and Financials also played meaningful roles in our underperformance.
2013 Outlook: We continue to have conviction in our portfolio’s positioning. Our overweight in Industrials reflects our belief that the burgeoning natural gas and oilfield activity in the U.S. is likely to drive a significant infrastructure build out. We saw the beginning of this during the fourth quarter of 2012, when our holdings with exposure to this theme propelled our outperformance versus the benchmark in the fourth quarter. Further, our view that exploration and production activity will continue to increase is reflected in many of our Energy holdings, specifically in businesses that provide services to international deep-water exploration companies. Information Technology is an area we remain enthusiastic about overall, though we are making some changes to our positioning. Specifically, we have trimmed the Fund’s exposure to tech stocks, whose catalyst for improvement depends primarily on macroeconomic factors, and are replacing them with companies whose performance is likely to be driven more by their own engineering or product design capabilities.
A-2
For 2013, we have a generally constructive outlook for both the markets and our portfolio. We anticipate a more stable global economic environment, given the improving economic signs coming out of China and segments of Europe. Closer to home, at times it has been easy to be skeptical that our elected officials in Washington will be able to make real progress on vital fiscal matters. Nevertheless, we are hopeful they will be able to achieve a meaningful compromise, and our overall positioning reflects our belief that this could be a year of economic success for the U.S.
Osterweis
2012 Performance: For the twelve months ending December 31, 2012, our portion of the Clearwater Core Equity portfolio generated a total return of 15.5%, gross of fees, versus 16.4% for the Russell 1000® Index. Our equity holdings outperformed the benchmark with a return of 17.0% for the twelve-month period. However, our full-year portfolio returns, gross of fees, trailed the Russell 1000® Index, primarily due to our equity holdings not keeping pace with the first quarter 2012 rally in the U.S. market and the portion of the portfolio invested defensively in cash, which slightly depressed overall returns.
2013 Outlook: After a strong year in 2012, we think that positive trends remain in force, suggesting that equities could deliver attractive returns again in 2013. However we would not be surprised to see market volatility in the short term. U.S. economic growth appears to have slowed in recent months in response to “fiscal cliff” uncertainty. U.S. fiscal policy remains, we believe, severely out of balance. In addition, the various pathways back to balance appear blocked by highly partisan politics in Washington. Growth worldwide has slowed over the past year. We believe that this has increased the risk of profit shortfalls and negative earnings revisions. To manage risk related to short-term volatility, but still capitalize on opportunities in the market, we continue to focus on finding underappreciated companies with strong balance sheets, great management and the ability to grow in a challenging economic environment.
Knightsbridge
2012 Performance: For the year ended December 31, 2012, the portion of the Clearwater Core Equity Fund managed by Knightsbridge returned 18.1%, gross of fees, compared to 16.4% for the Russell 1000® Index. As with the benchmark, our Consumer Discretionary and Financials sector allocations were the best performers and largest contributors for 2012. Investments in the Industrials sector, our second largest allocation, benefitted from signs of modest improvements in the U.S. economy. Individual stock selection, specifically in those sectors, was the main driver behind our outperformance for the year, as those sectors contributed more than double that of their index peers.
2013 Outlook: Going forward, we believe further gains in U.S. stocks could be sustained by a number of factors. U.S. equity mutual fund net outflows have yet to reverse, and an inflow would provide a refreshing tailwind. A release of suppressed demand for corporate expenditures and consumer durable purchases would help boost revenue for companies. An improvement in the U.S. employment picture and a continued U.S. housing recovery would also buy stocks in 2013. Economic news has been encouraging recently, and measures such as corporate bond spreads (as measured by Baa minus Aaa yields) indicate such a pattern could continue. Meanwhile, our portfolio consists of unique, anomalistic stocks selected based on our specific research, which we believe will perform well based on the strength of their businesses and compelling valuations.
A-3
Clearwater Small Companies Fund
The Clearwater Small Companies Fund (formerly the Clearwater Small Cap Fund) seeks long-term growth of capital. Current income, to the extent income is produced by the stocks held by the Fund, is a secondary objective. 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 $5 billion at the time of purchase. Equity securities consist primarily of exchange traded common and preferred stocks and convertible securities. The Fund uses a “multi-style, multi-manager” approach with two subadvisers who employ distinct investment styles: Kennedy Capital Management (“Kennedy”) and Keeley Asset Management (“Keeley”).
2012 Market Overview:
Despite the rally in the U.S. stock market, 2012 could also be considered a year of stagnation. Both from a domestic and global perspective, economic challenges abounded. There was considerable uncertainty as demonstrated by both consumer and commercial spending patterns and hiring remained weak. It appears that many investors continued to question the U.S. recovery. Moreover, trends in mutual fund cash flows indicate these investors were hesitant to commit their capital. Nevertheless, even in the face of a number of fearful macroeconomic headlines, such as concern over the Chinese economy, the European sovereign debt crisis, and the U.S. “fiscal cliff”, that seemed to cause many investors to position themselves conservatively, 2012 proved to be a strong year for U.S. equities, with most indices yielding double digit returns. Perhaps it can be attributed to investment dollars searching for a home in the “least bad” spot.
2012 Performance and 2013 Outlook:
The Clearwater Small Companies Fund posted a one-year return of 19.0%, net of fees, handily outperforming its benchmark, the Russell 2000® Index, which returned 16.4% for the year ended December 31, 2012.
Commentary on the performance of their specific portfolio in 2012 and their outlook for 2013 is provided below from each of the two subadvisers for the Clearwater Small Companies Fund.
Kennedy
2012 Performance: For the year ended December 31, 2012, the portion of the Clearwater Small Companies fund managed by Kennedy Capital Management returned 18.1%, gross of fees, outperforming the 16.4% return of its benchmark, the Russell 2000® Index. Outperformance was driven by stock selection across most sectors, led by Information Technology and Consumer Staples. We performed well in the Financials sector, although our underweight allocation did detract somewhat from overall performance. Overall, our sector allocations also negatively impacted performance in 2012.
2013 Outlook: Meaningful pockets of strength exist in our economy, which give us some reason for enthusiasm. The U.S. shale energy boom has provided a boost to our economy, as well as a strategic lynchpin for the country. Auto production seems to have recovered from the doldrums of the last few years, helping to support a large labor force and many ancillary businesses. Finally, residential construction is emerging from its long hibernation; not only can this drive a wide swath of the domestic economy, but it can also drive consumption by enriching and emboldening the millions of Americans who own homes. We must also think globally when assessing the factors at play that could impact our portfolio companies’ outlooks. China and Europe look to be through their more difficult economic times. Although 2013 may not be a year of significant improvement for either, we believe these regions are less of a threat to global economic health than they were at this time last year. When we look at the so-called BRIC economies (Brazil, Russia, India and China),
A-4
growth prospects appear to be in excess of domestic prospects. Weighing all of these factors, it does seem that the cyclical tailwinds may exceed the headwinds as we begin to face 2013. Still, we believe our bottom-up stock selection process focuses on capturing values that are likely to supersede any cyclical trends. Examples currently in our portfolio include companies focused on transporting crude oil by rail; using lasers for more industrial applications; and energy efficiency (e.g., in vehicles, in cooking, and in motors).
Keeley
2012 Performance: For the 12 months ended December 31, 2012, our portfolio strongly outperformed its benchmark, the Russell 2000® Index, returning 26.2%, gross of fees, versus a return of 16.4% for the benchmark. From a sector contribution perspective, the Industrials, Consumer Discretionary, and Financials sectors contributed positively to returns as those sectors had strong stock selection for the year. However, stock selection within the Healthcare and Staple sectors and the underweight portfolio allocation to Information Technology sector detracted from performance. With regard to portfolio construction, we remained comfortable with our sector emphasis: overweight the Industrial and Consumer Discretionary sectors and underweight Technology. While we had also been underweight Financials for some time, we started to add to this sector throughout 2012, with a special emphasis on mutual savings and loan 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. As the year progressed, this enthusiasm resulted in a slight overweight position in Financials relative to the Russell 2000® Index at the end of the year. Overall, we were pleased to see stock selection play a significant role in our returns for 2012.
2013 Outlook: We believe that the companies that we hold within the Industrial, Consumer Discretionary and Financials sectors are well positioned for a recovery. 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, that 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. Additionally, many developed economies will be forced to consider investments as a means to stimulate job growth and upgrade their languishing infrastructure. We believe that the companies that we hold within the portfolio are well positioned for a recovery.
Due to an environment of historically low interest rates which began in 2009, we have believed for quite some time that this market setting would foster event-driven restructuring. The additional number of spin-offs in 2011 and 2012 and the noticeable increase in merger and acquisition activity late in the year offers strong evidence that low cost financing is providing opportunities for our portfolio companies. Given the Federal Reserve’s well publicized communication to keep interest rates low, we see few reasons why merger and acquisition activity and other forms of restructuring to promote growth will not continue in 2013 and beyond. In a slow growth environment companies have even greater motivation to seek strategic alternatives that could improve efficiency and increase shareholder value. Consequently, we are optimistic that these catalysts will provide a strong tailwind for our portfolio as we head into 2013. In this environment, we believe we can continue to identify attractive opportunities in individual companies and we remain committed our value driven strategy which buys stocks of relatively unknown (spin-offs) and out of favor (below book value) companies.
A-5
Clearwater Tax-Exempt Bond Fund
The Clearwater Tax-Exempt Bond Fund seeks high current income that is exempt from U.S. federal income tax, consistent with preservation of capital. The Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in tax-exempt bonds, which are debt obligations issued by or for the U.S. states, territories and possessions and the District of Columbia. The interest on these securities is generally exempt from both U.S. regular federal income tax and U.S. federal alternative minimum tax. However, the Fund may invest up to 20% of its assets in securities that generate interest income subject to federal alternative minimum tax for individuals. The Fund invests in both revenue bonds, which are backed by and payable only from the revenues derived from a specific facility or specific revenue source, and in general obligation bonds, which are secured by the full faith, credit and taxation power of the issuing municipality. The Fund’s subadviser, Sit Fixed Income Advisers II, LLC (“Sit”), provides day to day management for the Fund.
Sit has provided all of the commentary below regarding the Clearwater Tax-Exempt Bond Fund.
2012 Market Overview:
Tax-exempt fixed income markets enjoyed a strong year in 2012, as modest inflows continued into tax-exempt municipal bond funds and supply, while increasing, remained manageable. Specifically, supply of municipal bonds returned about 27% in 2012 from 2011, although most of the increase consisted of refunding bonds, so net new supply was up only slightly. State and local government tax collections continued to improve from the low recession-driven levels of 2008 and 2009, and have now exceeded pre-recession levels, such that even though assistance from the federal government’s stimulus programs decreased significantly throughout 2012, state and local government finances remain generally on the upswing. The Federal Reserve’s operations, specifically its bond purchase programs, actually have been effective in reducing long-term interest rates, unlike previous quantitative easing. The Federal Reserve’s commitment in December 2012 to hold short-term rates low until unemployment reaches 6.5%, absent significant inflation pressures, has continued to promote a steep yield curve. Concerns about tax reform and a potential reduction of the value of the municipal bond tax exemption increased late in the year, but had little overall effect on the market.
2012 Performance and 2013 Outlook:
The Clearwater Tax-Exempt Bond Fund returned 10.7%, net of fees, for the year ended December 31, 2012. The Fund’s benchmark, the Barclays 5-Year Municipal Bond Index, gained 3.0% over the same period. Given the Federal Reserve’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 most of the year, dropping it to 5.9 years at year-end. For comparison, the Fund’s benchmark, the Barclays 5-Year Municipal Bond Index, had a duration of 4.0 years at December 31, 2012. The Fund’s yield fell during the year, but less than the yield of its benchmark. Revenue bonds significantly outperformed general obligation bonds during 2012, with revenue bonds returning 7.8% for the year, while general obligation bonds returned 5.6%. Furthermore, longer duration outperformed intermediate duration, and lower quality issues outperformed those of higher credit quality, as investors sought yield. The Fund’s performance, due to its heavy emphasis on revenue bonds and its longer duration, significantly exceeded that of its benchmark in 2012.
We expect U.S. domestic growth to remain positive during 2013, although it has slowed from the pace of the third quarter of 2012. Housing appears to be improving, but unemployment remains elevated, and we expect that the drag from increased payroll taxes for all working Americans and significantly increased income tax rates on top earners will be felt. Furthermore, the “fiscal cliff” deal struck by Congress and the Obama
A-6
Administration on January 1 did not address spending cuts. Sequestration cuts of $1.2 billion are scheduled to go into effect on March 1 if Congress and the Obama Administration cannot agree on another plan. Such cuts would certainly be a near-term deterrent to growth. Interest rates, while likely to remain low in absolute terms, may continue to be volatile during 2013, as debt ceiling, deficit reduction and perhaps tax reform discussions ebb and flow. 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 believe the tax-exempt curve should steepen less, with short-term rates remaining low and long-term tax-exempt yields rising somewhat as supply continues at a still manageable level and state and local government finances continue to improve, helping tax-exempt bonds outperform. One potential concern for the U.S. fixed income market will be the various tax reform proposals proffered by President Obama and Republicans in Congress. While we believe any such reform is unlikely in 2013, given the inability of the President and the House to agree on much, any public discussion of its potential form, specifically as it relates to reducing the value of the municipal bond tax exemption, could roil the market.
We expect revenue bonds again to be strong performers in 2013, as the Federal Reserve’s accommodative policies should continue to allay liquidity concerns in the market, and investor focus remains on yield. We believe general obligation bond performance should remain weaker on a relative basis, however, as, despite their recent improvement, many cities, counties and states still have work to do, and recent bankruptcy filings by several cities in California will weigh on the market. Furthermore, potential problems funding retirement pension and healthcare obligations still persist in other places, 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 2013. We anticipate investing any new cash flows into the Fund on maturities in the 5-25 year range.
Clearwater International Fund
The Clearwater International Fund seeks long-term growth of capital. The Fund generally invests at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies organized or located outside the United States and doing a substantial amount of business outside the United States. The Fund diversifies its investments among a number of different countries throughout the world, and may invest in companies of any size. The Fund 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 five subadvisers. Parametric Portfolio Associates (“Parametric”) manages its portion of the portfolio (approximately 50%) to mirror the benchmark, the MSCI World Ex USA Index (net). The Fund also has four “active” managers who each manage approximately 12.5% of the Fund’s assets: Artisan Partners Limited Partnership (“Artisan Partners”), Denver Investments (“Denver”), WCM Investment Management (“WCM”), and Templeton Investment Counsel, LLC (“Templeton”).
The Board of Trustees of the Trust voted to terminate the investment advisory agreements of AXA Rosenberg Investment Management LLC (“AXA Rosenberg”), and Eagle Global Advisors, LLC (“Eagle”) on October 16, 2012. Denver, WCM and Templeton began managing their portion of the Fund’s assets effective October 31, 2012. During the period between October 17, 2012 and October 30, 2012, certain assets of the Fund were managed for transition purposes by Northern Trust.
A-7
2012 Market Overview:
2012 was a great year for equities around the world. It was a particularly good year considering the “wall of worry” the market had to climb. The bricks in that wall were many and piled high—a financial crisis in Europe, high unemployment in the U.S., and leadership transitions in South Korea and China, among others. The impact of those worries was apparent as markets took a breather in the second quarter of the year. New fears about a hard landing in China only made matters worse. These conditions proved transitory, however, as world markets generally bounced back nicely in the second half of 2012. Central banks were certainly the wind at the back of many markets this year. They created excess liquidity and low interest rates by printing money on a large scale and purchasing mainly government bonds, but also mortgage and other types of securities in the U.S., Europe, and Japan. That liquidity, as intended, ended up somewhere and was likely the reason for the great performance of both bond and stock markets around the world during the year.
2012 Performance and 2013 Outlook:
The Clearwater International Fund returned 17.9%, net of fees, for the year ended December 31, 2012, as compared to 16.4% for the MSCI World Ex USA Index (net), the Fund’s benchmark. The portion of the portfolio managed by Parametric to mirror the benchmark returned 16.5%, gross of fees. Parametric’s objective is to closely track the Index using a subset of the Index constituents. The slight outperformance can be attributed to superior stock sampling in Japan and Denmark.
Commentary on the performance of their portfolio in 2012 and their outlook for 2013 is provided below from each of the current four “active” managers in the Clearwater International Fund. Commentary on their performance through October 16, 2012 is also provided below from AXA Rosenberg and Eagle. The Fund’s Advisor, Clearwater Management Company, recommended the termination of these two investment advisory agreements based on its review of each manager’s investment advisory services and investment processes. During the transition period between October 17, 2012 and October 30, 2012, the portion of the Fund previously managed by AXA Rosenberg and Eagle was managed by Northern Trust in a manner designed to minimize turnover and disruption to the Fund prior to turning over management of their respective share of Fund assets to Denver, WCM and Templeton. During this transition period the value of this portion of the portfolio declined by 1.52% as compared to the Fund’s benchmark which declined 1.56% during the same period.
Artisan
2012 Performance: During the twelve-month period ended December 31, 2012, our portion of the Clearwater International Fund returned 24.2%, gross of fees, outperforming the benchmark, MSCI World Ex USA Index (net), which returned 16.4% for the same period. Performance of the following stocks had a positive impact on the portfolio during the period: Compass Group PLC, a catering company; Lloyds Banking Group plc, a banking and financial services provider; Qinetiq Group PLC, a defense company; and Reed Elsevier PLC, a publisher and information provider. Notable detractors included: SANKYO CO., LTD., a pachinko maker; NIFCO INC., a supplier of plastic fasteners; Stanley Electric Co., Ltd., a lighting equipment manufacturer; and SEINO HOLDINGS CO., LTD., a provider of transportation and logistics solutions.
2013 Outlook: We remain focused on the intersection of balance sheet strength, business quality and valuation in our selection of individual portfolio securities and continue to monitor macroeconomic factors, particularly the liquidity created by policies of central banking authorities.
Denver
2012 Performance: Since inception of our portion of the Clearwater International Fund on October 31, 2012, the portfolio returned 5.1%, gross of fees, slightly lagging its index, the MSCI World Ex USA Index (net), which was up 5.2% for the same period. We focus on investing in fast-growing small cap companies around the
A-8
world. Country and sector allocations are a by-product of our stock selection. Performance during the period was aided by Canadian-based credit card issuer and mortgage lender Home Capital Group Inc., and UK-based Diploma PLC. Diploma supplies specialized technical products ranging from hydraulic seals, gaskets, and cylinders to electrical wiring, connectors and fasteners. Detractors from performance included Japanese companies, GREE Inc., a mobile social gaming company, and SMS Co. Ltd., which focuses on nursing and health care. Nevertheless, we continue to believe in the long-term prospects for both GREE and SMS.
2013 Outlook: As we move into 2013, we are optimistic about the companies held in the portfolio. We focus on investing in companies that we believe are fast-growing, high-return, cash generative businesses with sound balance sheets. This focus, coupled with our strict valuation process, has long been the cornerstone of our investment process. We believe this has helped us position the portfolio well going into 2013.
WCM
2012 Performance: The portion of the Clearwater International Fund managed by WCM Investment Management returned 4.2%, gross of fees, for the period from October 31, 2012 through December 31, 2012, compared to 5.2% for the MSCI World Ex USA Index (net), the Fund’s benchmark. The Financials sector continued its strong run, finishing the year with a 31.6% return, almost twice the index. That presented an unsurprising headwind for performance since, at 13% below benchmark, Financials is our largest relative underweight sector. Given our high threshold for transparency and quality, the Financials we do own tend to lag in this kind of environment, so even our 7% weight did not contribute strongly overall to performance. Meanwhile, stock selection was negatively impacted by one of our largest positions in the Consumer Discretionary sector, but beyond that our specific selections contributed positively to performance in the core areas of Consumer Staples, Information Technology, and Health Care.
2013 Outlook: Because the sources of outperformance in 2012 (specifically banks and other Financial sector and lower quality equities) are not, in our view, sustainable, we are especially confident about our high-quality growth approach to the non-U.S. universe. In hindsight, this Financials run-up was not out of the blue: a good number of companies went into 2012 trading at discounts to book value that implied near-death circumstances. But with much of the worst-case economic and political scenarios taken off the table, we don’t expect this environment to persist. Instead, we suspect the market will begin to turn its attention back to self-sustaining, high-quality growth businesses, which, after last year’s relative performance, look even more attractive to us than before.
Templeton
2012 Performance: Since inception of our portion of the Clearwater International Fund on October 31, 2012, the portfolio returned 4.6%, gross of fees, as compared to the MSCI World Ex USA Index (net), which was up 5.2% for the same period. Stock selection in the Consumer Discretionary sector contributed to performance as did Energy and Industrial holdings for the period. However, Information Technology, Financials and Consumer Staples holdings detracted from relative performance for the period.
Regionally, stock selection in Canada contributed to relative performance. Stock selection in Asia and Australia detracted. European holdings contributed slightly to relative performance.
2013 Outlook: We believe the balance between risk and reward in the global financial system has changed dramatically in the last several years. Through increasingly powerful and creative means of financial repression, most governments seem to be stopping at nothing to ensure ample liquidity, competitive currency regimes, and economic and asset reflation. Such “mutually-assured repression” has transferred massive liabilities to the public sector, altering the risk profile of traditional “safe-haven” assets and competitively devaluing many of the world’s reserve currencies. In this environment of negative real interest rates and
A-9
damaged government credibility, we believe equities are the best-positioned asset class to provide yield and long-term appreciation potential and are best equipped to keep pace with inflation. In contrast to the public sector, corporate fundamentals have remained very strong, and we believe investors can still acquire stakes in productive enterprises at reasonable valuations. While challenges remain, we remained positive on Europe given its fundamental stabilization and preponderance of inexpensive, high-yielding stocks with diverse revenue streams that we consider inexpensive at current valuations.
AXA Rosenberg 2012 Performance
The portion of the Clearwater International Fund managed by AXA Rosenberg returned 12.7%, gross of fees, for the period January 1, 2012 through October 16, 2012, as compared to 11.9% for the MSCI World Ex USA Index (net) during the same period. Stock selections in Asia, with the exception of Japan contributed to overall performance. Companies in the Chemicals, Machinery and Metals sectors contributed solidly to performance during the period. However, certain specific portfolio companies detracted from overall performance, specifically Belgian grocer DelHaize Group SA, transportation company First Group Plc, retailer Yamada Denki, and equipment company Seiko Epson.
Eagle 2012 Performance
Our portion of the Clearwater International Fund solidly outperformed the benchmark, returning 13.9%, gross of fees, for the year to date period ended October 16, 2012 versus 11.9% for the MSCI World Ex USA Index (net). The primary driver of our outperformance was stock selection, as the portfolio had positive selection in 7 of the 10 sectors. The top contributing sectors were Industrials, Materials and Consumer Staples. Sector allocation was negative primarily due to our underweight in Financials. The financial sector rallied as European and U.S. Central Bankers began another round of quantitative easing. Country allocation was positive, led by an overweight to Singapore and Canada and an underweight to Japan. Japan continues to lag as it is on the brink of its fifth recession in the last 15 years. Also, negatively impacting our portfolio was a higher than average level of cash.
A-10
Comparison of the Change in Value of a $10,000 Investment in the Clearwater
Core Equity Fund and the Russell 1000® Index
Comparison of the Change in Value of a $10,000 Investment in the Clearwater Small
Companies Fund and the Russell 2000® Index
A-11
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 USA Index (net)
* Clearwater International Fund inception date.
A-12
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, 2012.
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 July 1, 2012 thru December 31, 2012” to estimate the expenses attributable to your investment during this period.
Hypothetical Example for Comparison Purposes
The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in the Funds and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the second section of the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you compare the relative total costs of the Funds to funds that charge transaction costs and/or sales charges or redemption fees.
A-13
|
|
|
|
| Beginning Account | Ending Account | Expenses Paid |
Core Equity Fund | $1,000.00 | $1,072.70 | $2.71 |
Small Companies Fund | $1,000.00 | $1,100.40 | $5.28 |
Tax-Exempt Bond Fund | $1,000.00 | $1,041.40 | $1.85 |
International Fund | $1,000.00 | $1,139.10 | $3.23 |
|
|
|
|
Hypothetical (5% return |
|
|
|
Core Equity Fund | $1,000.00 | $1,022.52 | $2.64 |
Small Companies Fund | $1,000.00 | $1,020.11 | $5.08 |
Tax-Exempt Bond Fund | $1,000.00 | $1,023.33 | $1.83 |
International Fund | $1,000.00 | $1,022.12 | $3.05 |
* Expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Expense ratios for the most recent one-half year period may differ from expense ratios based on one-year data in the Financial Highlights. The annualized expense ratios are as follows:
|
|
|
|
| Core Equity Fund | 0.52% | |
| Small Companies Fund | 1.00% | |
| Tax-Exempt Bond Fund | 0.36% | |
| International Fund | 0.60% |
Quarterly Portfolio Schedule of Investments
The Funds file a complete schedule of their portfolio holdings as of the close of the first and third quarters of their fiscal years with the Securities and Exchange Commission (the “SEC”) on Form N-Q. Shareholders may request copies of Form N-Q free of charge by calling the Transfer Agent toll free at 1-855-684-9144 or by sending a written request to: The Northern Trust Company, P.O. Box 4766, Chicago, IL 60680-4766 Attn: Clearwater Investment Trust Funds. These filings are also available on the SEC’s Internet site at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information about the public reference room may be obtained by calling 1-800-SEC-0330.
Voting Proxies on Fund Portfolio Securities
The funds have established Proxy Voting Policies and Procedures (“Policies”) that the funds use to determine how to vote proxies relating to portfolio securities. They also report, on Form N-PX, how the Funds voted any such proxies during the most recent 12-month period ended June 30. Shareholders may request copies of the Policies or Form N-PX free of charge by calling Fiduciary Counselling, Inc. toll free at 1-888-228-0935 or by sending a written request to: Fiduciary Counselling, Inc., 30 East 7th Street, Suite 2000, St. Paul, MN 55101 Attn: Clearwater Investment Trust Funds. Form N-PX is also available from the EDGAR database on the SEC’s Internet site at http://www.sec.gov.
A-14
EXECUTIVE OFFICERS AND TRUSTEES
Information About the Independent Trustees
|
|
|
|
|
|
Name and Age | Positions Held With the Funds | Term of Office | Principal Occupation or Employment During the Last Five Years | Number of Portfolios in the Fund Complex to Be Overseen by the Nominee | Other Directorships Held by the Nominee During the Last 5 Years |
James E. Johnson | Trustee | Tenure: May | Retired as Executive Vice President, Securian Financial Group, Inc. in 2010, Securian Financial Group, Inc. (1968- 2010) | 4 | None |
Charles W. | Trustee | Tenure: 13 yrs | President and Chief Executive Officer, P&G Manufacturing, Inc. (air filtration equipment, 2002-Present) | 4 | None |
Laura E. Rasmussen | Trustee | Tenure: 13 yrs | Business Owner, 3 Kittens Needle Arts (textile sales, 2006- Present) | 4 | None |
Edward R. Titcomb | Trustee | Tenure: May | Private Client Advisor, Trust Point Inc. (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. | Trustee | Tenure: 5 yrs | 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 the niece or nephew of Mr. Frederick T. Weyerhaeuser (see below). |
A-15
Information about the Funds’ Executive Officers and Interested Trustees
|
|
|
|
|
|
Name and Age | Positions Held With the Funds | Term of Office | Principal Occupation or Employment During the Last Five Years | Number of Portfolios in the Fund Complex to Be Overseen by the Nominee | Other Directorships Held by the Nominee During the Last 5 Years |
Frederick T. | Trustee, Vice President and Secretary | As Trustee; Tenure: 25 yrs Term: Indefinite | Private Investor | 4 | None |
George H. | Trustee, Chairman, Chief Executive Officer, Treasurer | As Trustee: Tenure: 6 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. | Chief Compliance Officer | Tenure: September | Chief Compliance Officer, Clearwater Management Company, Inc. (2009-Present), Chief Compliance Officer and Chief Financial 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 |
Catherine A. | Assistant Treasurer | Tenure: September 2011 – Present | 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 |
A-16
|
|
|
|
|
|
Name and Age | Positions Held With the Funds | Term of Office | Principal Occupation or Employment During the Last Five Years | Number of Portfolios in the Fund Complex to Be Overseen by the Nominee | Other Directorships Held by the Nominee During the Last 5 Years |
Marcia Lucas (45) | Assistant Secretary | Tenure: March 2011 – Present Term: Reappointed Annually | The Northern Trust Company, Vice President (2011-Present), Second Vice President (2010- 2011), 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 1-855-684-9144 or writing the Funds at The Northern Trust Company, P.O. Box 4766, Chicago, IL 60680-4766. 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 Core Equity Fund, Small Companies 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.
The Trustees met in-person at a special meeting on October 16, 2012 to consider the retention of three new subadvisers for the International Fund, Denver Investments (“Denver”), Templeton Investment Counsel, LLC (“Templeton”), and WCM Investment Management (“WCM”), as well as the termination of the subadvisory agreements with AXA Rosenberg Investment Management LLC and Eagle Global Advisors, LLC, subadvisers to the International Fund. Prior to the meeting, the Trustees requested, received, and reviewed written responses and supporting materials from Denver, Templeton, and WCM. These written responses were received in response to questions posed to them on behalf of the Trustees. In addition to these materials, the Trustees also reviewed materials presented to them by CMC as to the proposed changes to the International Fund to reallocate assets among the subadvisers to the International Fund. Parametric Portfolio Associates (“Parametric”), another subadviser to the International Fund, had previously managed 60% of the International Fund’s portfolio with a passive strategy. That allocation would be reduced to 50% with the other 50% being allocated among the active managers, including the new subadvisers. CMC further presented information as to the due diligence process in identifying and proposing the three new subadvisers to the Trustees. The Trustees also received information as to proposed subadvisory fees for each new subadviser. During this meeting, counsel to the Funds reviewed with the Trustees the various factors relevant to their consideration of the subadvisory agreements, and the Trustees’ responsibilities related to their review. The Trustees considered information presented throughout the year in addition to the materials presented at the October special Board meeting. The Trustees considered a number of factors, including those discussed below, that they believed to be relevant. No single factor determined whether or not an agreement would be approved but rather the totality of factors considered was determinative. Following an analysis and discussion, the Trustees, including all independent trustees present, approved the Denver, Templeton, and WCM subadvisory agreements for an initial two-year period.
Nature, Extent and Quality of Services Provided
The Trustees considered information presented as to the services to be provided by Denver, Templeton, and WCM, as well as their investment expertise, resources and capabilities. The Trustees reviewed information regarding the financial condition of Denver, Templeton, and WCM as related to their ongoing ability to provide services as specified under their respective
A-18
subadvisory agreements. Based on their analysis of the data presented, the Trustees concluded that they were generally satisfied with the nature and quality of the proposed services for the new subadvisers to the International Fund.
Investment Performance
The Trustees considered the investment performance of Denver, Templeton, and WCM in strategies similar to those that would be utilized for the International Fund as their services to the International Fund had not yet commenced.
Comparative Fees and Cost of Services Provided
The Trustees reviewed the proposed fees to be paid to Denver, Templeton, and WCM. The Trustees reviewed reports describing the total expense ratio of the International Fund in comparison to those of similarly situated funds. The Trustees reviewed information provided by each of the subadvisers as to fees they charge to other subadvisory clients.
Profitability
The Trustees considered that Denver, Templeton, and WCM are each independent firms and their advisory fees charged are the result of arm’s length bargaining between them and CMC under the supervision of the Trustees.
Based on the factors as described above, the Trustees, including all of the independent trustees present, concluded that the subadvisory fees were fair and reasonable in view of the investment performance and quality of services proposed for the new subadvisers for the International Fund. In reaching this conclusion, no single factor was considered determinative.
At their in-person meeting on December 7-8, 2012, the Trustees considered the renewal of the Management Agreement and those of the Subadvisory Agreements for Artisan Partners Limited Partnership, Fiduciary Counselling, Inc. (“FCI”), Heartland Advisors, Inc., Keeley Asset Management Corp., Kennedy Capital Management, Inc., Knightsbridge Asset Management, LLC, Osterweis Capital Management, LLC, Parametric and Sit Fixed Income Advisors II, LLC (“Existing Subadvisers”) which had not been previously considered at their in-person meeting on October 16, 2012 (the “Existing Subadvisory Agreements”). Prior to the meeting, the Trustees requested, received, and reviewed written responses from CMC and the Existing Subadvisers to questions posed to them on behalf of the Trustees and supporting materials relating to those questions and responses. The information presented at the meeting, including performance and expense data obtained from independent sources, were designed to assist the Trustees in making their determination as to the renewal of the Management Agreement and Existing Subadvisory Agreements. Also during this meeting, counsel to the Funds reviewed with the Trustees the various factors relevant to their consideration of the Management Agreement and Existing Subadvisory Agreements, and the Trustees’ responsibilities related to their review. In addition to the information presented on December 7-8, 2012, 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
A-19
independent trustees present, approved the renewal of the Management Agreement and the Existing Subadvisory Agreements for an additional one-year period.
Nature, Extent and Quality of Services Provided
The Trustees considered information presented as to the services provided by CMC and the Existing Subadvisers, as well as their investment expertise, resources and capabilities. The Trustees considered the quality of the Existing Subadvisers previously recommended by CMC, as well as the ongoing work performed by CMC to recommend enhancements as to individual fund management or creation of new funds. The Trustees reviewed information regarding the financial condition of CMC and the Existing Subadvisers as related to their ongoing ability to provide services as specified under the Management Agreement and Existing Subadvisory Agreements. The 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 Existing 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 Existing Subadvisory Agreements.
Investment Performance
The Trustees reviewed specific information as to the investment performance of the Funds as compared to the performance of their respective benchmark indices and peer groups over various periods of time. The Trustees also reviewed reports summarizing the net assets, redemptions and purchases of shares of the Funds during 2012. The Trustees concluded that they were satisfied with CMC and the Existing Subadvisers’ investment performance to date.
Comparative Fees and Cost of Services Provided
The Trustees reviewed the fees paid to CMC and the Existing Subadvisers. The Trustees reviewed reports describing both the management fees charged by CMC and the total expense ratios of the Funds in comparison to those of similarly situated funds. In addition, 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 Existing Subadvisers as to fees they charge to other subadvisory clients. The Trustees noted the ongoing efforts of CMC to reduce fees paid by shareholders via voluntary waivers which were in place for the Core Equity Fund, International Fund, Small Companies Fund and Tax-Exempt Fund during 2012.
The Board considered that between June 1, 2011 and March 14, 2012, CMC voluntarily waived the management fee for the Core Equity Fund to 0.60%. Effective on March 15, 2012, CMC voluntarily waived the management fee for the Core Equity Fund to 0.52%. Between December 5, 2011 and March 14, 2012, CMC voluntarily waived the management fee for the International Fund to 0.70%. Effective March 15, 2012, CMC voluntarily waived the management fee for the International Fund to 0.60%. The Trustees also noted the commitment of CMC initially to subsidize the operating costs of the International Fund following the addition of new subadvisers until it could reconsider its voluntary fee waiver in March 2013.
A-20
Management Profitability
The Trustees reviewed CMC’s level of profitability with respect to the Funds, particularly noting CMC’s payment of fees and expenses typically absorbed by mutual fund shareholders. The Trustees concluded that profitability levels for CMC were reasonable. The Trustees considered that the Existing Subadvisers are each independent firms and their advisory fees charged are the result of arm’s length bargaining between them and CMC under the supervision of the Trustees.
Economies of Scale
The Trustees considered whether economies of scale might be realized by CMC as the Funds’ assets grow, and whether there also might be benefits from such growth for the Funds’ shareholders. The Trustees noted that the Core Equity, Tax-Exempt and Small Companies 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.
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-21
Federal Tax Information
(unaudited)
Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”), 100% of ordinary dividends paid during the fiscal year ended December 31, 2012 for the Core Equity Fund, 84.28% of ordinary dividends paid during the fiscal year ended December 31, 2012 for the Small Companies Fund, and 100% of ordinary dividends paid during the fiscal year ended December 31, 2012 for the International Fund are designated as “qualified dividend income”, as defined in the Act, subject to reduced tax rates in 2012.
Corporate Dividends-Received Deduction. 100%, 84.28% and 0.20% of the dividends distributed during the fiscal year ended December 31, 2012, for the Core Equity, Small Companies and International Funds, respectively, qualify for the dividends-received deduction for corporate shareholders.
Foreign Tax Credit. The Fund below intends to make an election that will allow shareholders to treat their proportionate share of foreign taxes paid by the Fund as having been paid by them. The amounts which represent income from sources within, and taxes paid to, foreign countries are as follows:
|
|
|
|
|
|
|
|
Fund |
| Taxes |
| Foreign Source |
| ||
|
|
|
|
|
|
|
|
International |
| $ | 730,180 |
| $ | 9,410,099 |
|
A-22
|
|
KPMG LLP | |
4200 Wells Fargo Center | |
90 South Seventh Street | |
Minneapolis, MN 55402 |
Report of Independent Registered Public Accounting Firm
The Board of Trustees and Shareholders
Clearwater Investment Trust:
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Clearwater Core Equity Fund (formerly Clearwater Growth Fund), Clearwater Small Companies Fund (formerly Clearwater Small Cap Fund), Clearwater Tax-Exempt Bond Fund, Clearwater International Fund (funds within Clearwater Investment Trust) (the Funds) as of December 31, 2012, 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 audit 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, 2012 by correspondence with the custodian, transfer agent (of underlying funds) and brokers, or by other appropriate auditing procedures. 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 Core Equity Fund, Clearwater Small Companies Fund, Clearwater Tax-Exempt Bond Fund, and Clearwater International Fund as of December 31, 2012, and 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 28, 2013
|
|
| KPMG LLP is a Delaware limited liability partnership, |
| the U.S. member firm of KPMG International Cooperative |
| (“KPMG International”), a Swiss entity. |
1
CLEARWATER INVESTMENT TRUST
Statements of Assets and Liabilities
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core Equity |
| Small Companies |
| Tax-Exempt |
| International |
| ||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in securities, at fair value (identified cost: $272,361,471 Core Equity Fund; $247,627,216 Small Companies Fund; $499,059,091 Tax-Exempt Bond Fund; $345,686,394 International Fund) |
| $ | 413,424,260 |
|
| 292,266,662 |
|
| 525,833,879 |
|
| 421,023,102 |
|
Foreign currencies, at value (cost: $62,300) |
|
| - |
|
| - |
|
| - |
|
| 62,381 |
|
Receivable for securities sold |
|
| 44,191 |
|
| 552,467 |
|
| 482,800 |
|
| 55,945 |
|
Receivable for shares of beneficial interest sold |
|
| 73,100 |
|
| 25,000 |
|
| 60,000 |
|
| 321,200 |
|
Accrued dividend and interest receivable |
|
| 384,983 |
|
| 279,378 |
|
| 5,817,945 |
|
| 417,191 |
|
Foreign tax reclaim receivable |
|
| 9,898 |
|
| - |
|
| - |
|
| 613,622 |
|
Unrealized appreciation on forward foreign currency exchange contracts |
|
| - |
|
| - |
|
| - |
|
| 403,237 |
|
Total assets |
|
| 413,936,432 |
|
| 293,123,507 |
|
| 532,194,624 |
|
| 422,896,678 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables for investment securities purchased |
|
| 14,982,535 |
|
| 388,724 |
|
| 3,179,696 |
|
| 822,262 |
|
Payables for fund shares redeemed |
|
| 3,215,766 |
|
| 10,109,846 |
|
| 1,358,595 |
|
| 13,368,638 |
|
Accrued investment advisory fee |
|
| 495,440 |
|
| 689,335 |
|
| 479,066 |
|
| 582,115 |
|
Payable for dividend distribution |
|
| - |
|
| - |
|
| 59,701 |
|
| - |
|
Unrealized depreciation on forward foreign currency exchange contracts |
|
| - |
|
| - |
|
| - |
|
| 64,746 |
|
Unrealized depreciation on foreign currency transactions |
|
| 205 |
|
| - |
|
| - |
|
| - |
|
Total liabilities |
|
| 18,693,946 |
|
| 11,187,905 |
|
| 5,077,058 |
|
| 14,837,761 |
|
Net assets |
| $ | 395,242,486 |
|
| 281,935,602 |
|
| 527,117,566 |
|
| 408,058,917 |
|
Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital stock and additional paid-in capital (authorized unlimited number of shares at no par value for each Fund: outstanding 13,719,065, 15,076,232, 51,917,979 and 30,612,099 shares, respectively) |
| $ | 267,908,005 |
|
| 233,411,344 |
|
| 500,275,470 |
|
| 338,039,017 |
|
Undistributed (overdistributed) net investment income |
|
| 107,752 |
|
| - |
|
| 13,753 |
|
| (891,294 | ) |
Accumulated net realized gain (loss) from investments and foreign currency transactions |
|
| (13,835,653 | ) |
| 3,884,812 |
|
| 53,555 |
|
| (4,784,289 | ) |
Unrealized appreciation of investments and translation of assets and liabilities in foreign currencies |
|
| 141,062,382 |
|
| 44,639,446 |
|
| 26,774,788 |
|
| 75,695,483 |
|
Net assets |
| $ | 395,242,486 |
|
| 281,935,602 |
|
| 527,117,566 |
|
| 408,058,917 |
|
Net asset value per share of outstanding capital stock |
| $ | 28.81 |
|
| 18.70 |
|
| 10.15 |
|
| 13.33 |
|
(a) Name change effective April 30, 2012. Formerly known as the Clearwater Growth Fund.
(b) Name change effective April 30, 2012. Formerly known as the Clearwater Small Cap Fund.
See accompanying notes to financial statements.
2
CLEARWATER INVESTMENT TRUST
Statements of Operations
Year ended December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core Equity |
| Small Companies |
| Tax-Exempt |
| International |
| ||||
Investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends (net of foreign taxes withheld of $29,558, $2,520, $0 and $1,146,749 respectively) |
| $ | 7,408,352 |
|
| 4,005,887 |
|
| 2,451,608 |
|
| 10,563,530 |
|
Interest |
|
| - |
|
| - |
|
| 24,588,777 |
|
| 1,012 |
|
Total income |
|
| 7,408,352 |
|
| 4,005,887 |
|
| 27,040,385 |
|
| 10,564,542 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory fee |
|
| 3,281,628 |
|
| 3,572,557 |
|
| 3,153,340 |
|
| 3,508,916 |
|
Voluntary fee reduction |
|
| (1,328,407 | ) |
| (926,216 | ) |
| (1,261,343 | ) |
| (1,336,300 | ) |
Total net expenses |
|
| 1,953,221 |
|
| 2,646,341 |
|
| 1,891,997 |
|
| 2,172,616 |
|
Net investment income |
|
| 5,455,131 |
|
| 1,359,546 |
|
| 25,148,388 |
|
| 8,391,926 |
|
Net realized gain (loss) on investments and foreign currency transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Security transactions |
|
| 3,806,086 |
|
| 26,053,070 |
|
| 8,364,152 |
|
| 22,374,446 |
|
Forward foreign currency exchange contracts |
|
| - |
|
| - |
|
| - |
|
| 101,063 |
|
Foreign currency transactions |
|
| (6,279 | ) |
| 32,886 |
|
| - |
|
| (94,585 | ) |
Net increase (decrease) in appreciation/depreciation on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Security transactions |
|
| 42,473,723 |
|
| 17,884,680 |
|
| 19,828,443 |
|
| 27,232,668 |
|
Forward foreign currency exchange contracts |
|
| - |
|
| - |
|
| - |
|
| 336,676 |
|
Foreign currency transactions |
|
| (205 | ) |
| - |
|
| - |
|
| - |
|
Translation of other assets and liabilities denominated in foreign currencies |
|
| (203 | ) |
| - |
|
| - |
|
| 7,196 |
|
Net gain on investments |
|
| 46,273,122 |
|
| 43,970,636 |
|
| 28,192,595 |
|
| 49,957,464 |
|
Net increase in net assets resulting from operations |
| $ | 51,728,253 |
|
| 45,330,182 |
|
| 53,340,983 |
|
| 58,349,390 |
|
(a) Name change effective April 30, 2012. Formerly known as the Clearwater Growth Fund.
(b) Name change effective April 30, 2012. Formerly known as the Clearwater Small Cap Fund.
See accompanying notes to financial statements.
3
CLEARWATER INVESTMENT TRUST
Statements of Changes in Net Assets
Years ended December 31, 2012 and 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core Equity Fund(a) |
| Small Companies Fund(b) |
| ||||||||
|
| 12/31/2012 |
| 12/31/2011 |
| 12/31/2012 |
| 12/31/2011 |
| ||||
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
| $ | 5,455,131 |
|
| 4,260,571 |
|
| 1,359,546 |
|
| 119,142 |
|
Net realized gain (loss) on investments |
|
| 3,799,807 |
|
| (6,601,423 | ) |
| 26,085,956 |
|
| 30,103,847 |
|
Net increase (decrease) in unrealized appreciation/depreciation |
|
| 42,473,315 |
|
| (8,156,343 | ) |
| 17,884,680 |
|
| (32,921,523 | ) |
Net increase (decrease) in net assets resulting from operations |
|
| 51,728,253 |
|
| (10,497,195 | ) |
| 45,330,182 |
|
| (2,698,534 | ) |
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (5,308,828 | ) |
| (4,182,151 | ) |
| (1,372,954 | ) |
| (93,237 | ) |
Net realized gain on investments |
|
| - |
|
| - |
|
| (18,710,016 | ) |
| (20,564,115 | ) |
Total distributions to shareholders |
|
| (5,308,828 | ) |
| (4,182,151 | ) |
| (20,082,970 | ) |
| (20,657,352 | ) |
Capital share transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold |
|
| 30,761,200 |
|
| 12,580,223 |
|
| 17,578,121 |
|
| 15,200,741 |
|
Reinvestment of distributions from net investment income and gain |
|
| 5,308,828 |
|
| 4,182,151 |
|
| 20,082,970 |
|
| 20,657,352 |
|
Payments for shares redeemed |
|
| (19,567,325 | ) |
| (14,032,377 | ) |
| (20,480,532 | ) |
| (29,231,102 | ) |
Net increase in net assets from capital share transactions |
|
| 16,502,703 |
|
| 2,729,997 |
|
| 17,180,559 |
|
| 6,626,991 |
|
Total increase (decrease) in net assets |
|
| 62,922,128 |
|
| (11,949,349 | ) |
| 42,427,771 |
|
| (16,728,895 | ) |
Net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
At the beginning of the year |
|
| 332,320,358 |
|
| 344,269,707 |
|
| 239,507,831 |
|
| 256,236,726 |
|
At the end of the year |
| $ | 395,242,486 |
|
| 332,320,358 |
|
| 281,935,602 |
|
| 239,507,831 |
|
Undistributed net investment income |
| $ | 107,752 |
|
| 28,372 |
|
| - |
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tax-Exempt Bond Fund |
| International Fund |
| ||||||||
|
| 12/31/2012 |
| 12/31/2011 |
| 12/31/2012 |
| 12/31/2011 |
| ||||
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
| $ | 25,148,388 |
|
| 26,389,170 |
|
| 8,391,926 |
|
| 7,293,916 |
|
Net realized gain (loss) on investments |
|
| 8,364,152 |
|
| (887,827 | ) |
| 22,380,924 |
|
| (4,572,714 | ) |
Net increase (decrease) in unrealized appreciation/depreciation |
|
| 19,828,443 |
|
| 32,296,176 |
|
| 27,576,540 |
|
| (46,568,190 | ) |
Net increase (decrease) in net assets resulting from operations |
|
| 53,340,983 |
|
| 57,797,519 |
|
| 58,349,390 |
|
| (43,846,988 | ) |
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (25,130,641 | ) |
| (26,365,905 | ) |
| (8,901,744 | ) |
| (7,103,317 | ) |
Net realized gain on investments |
|
| - |
|
| - |
|
| (22,141,275 | ) |
| (717,130 | ) |
Total distributions to shareholders |
|
| (25,130,641 | ) |
| (26,365,905 | ) |
| (31,043,019 | ) |
| (7,820,447 | ) |
Capital share transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold |
|
| 27,526,350 |
|
| 14,973,923 |
|
| 70,026,648 |
|
| 21,869,448 |
|
Reinvestment of distributions from net investment income and gain |
|
| 25,302,734 |
|
| 26,372,119 |
|
| 31,043,019 |
|
| 7,820,447 |
|
Payments for shares redeemed |
|
| (72,755,733 | ) |
| (70,145,905 | ) |
| (25,388,480 | ) |
| (19,365,745 | ) |
Net increase (decrease) in net assets from capital share transactions |
|
| (19,926,649 | ) |
| (28,799,863 | ) |
| 75,681,187 |
|
| 10,324,150 |
|
Total increase (decrease) in net assets |
|
| 8,283,693 |
|
| 2,631,751 |
|
| 102,987,558 |
|
| (41,343,285 | ) |
Net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
At the beginning of the year |
|
| 518,833,873 |
|
| 516,202,122 |
|
| 305,071,359 |
|
| 346,414,644 |
|
At the end of the year |
| $ | 527,117,566 |
|
| 518,833,873 |
|
| 408,058,917 |
|
| 305,071,359 |
|
Undistributed (overdistributed) net investment income |
| $ | 13,753 |
|
| (13,410 | ) |
| (891,294 | ) |
| (806,303 | ) |
(a) Name change effective April 30, 2012. Formerly known as the Clearwater Growth Fund.
(b) Name change effective April 30, 2012. Formerly known as the Clearwater Small Cap Fund.
See accompanying notes to financial statements.
4
CLEARWATER INVESTMENT TRUST
Financial Highlights
December 31, 2012
Per share data (rounded to the nearest cent) for a share of capital stock outstanding throughout the years ended and selected information for each year ended is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, |
| |||||||||||||
Core Equity Fund(a) |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||
Net asset value, beginning of year |
| $ | 25.26 |
|
| 26.38 |
|
| 23.40 |
|
| 18.60 |
|
| 30.57 |
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| 0.40 |
|
| 0.33 |
|
| 0.38 |
|
| 0.39 |
|
| 0.51 |
|
Net realized and unrealized gains (losses) |
|
| 3.54 |
|
| (1.13 | ) |
| 2.99 |
|
| 4.78 |
|
| (11.96 | ) |
Total from investment operations |
|
| 3.94 |
|
| (0.80 | ) |
| 3.37 |
|
| 5.17 |
|
| (11.45 | ) |
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
| (0.39 | ) |
| (0.32 | ) |
| (0.39 | ) |
| (0.37 | ) |
| (0.52 | ) |
Total distributions |
|
| (0.39 | ) |
| (0.32 | ) |
| (0.39 | ) |
| (0.37 | ) |
| (0.52 | ) |
Net asset value, end of year |
| $ | 28.81 |
|
| 25.26 |
|
| 26.38 |
|
| 23.40 |
|
| 18.60 |
|
Total return (b) |
|
| 15.64 | % |
| (3.04 | )% |
| 14.42 | % |
| 27.90 | % |
| (37.50 | )% |
Net assets, end of year (000s omitted) |
| $ | 395,242 |
|
| 332,320 |
|
| 344,270 |
|
| 293,188 |
|
| 197,263 |
|
Ratio of expenses, net of waivers, to average net assets (c)(d)(e)(f) |
|
| 0.54 | % |
| 0.53 | % |
| 0.30 | % |
| 0.28 | % |
| 0.28 | % |
Ratio of expenses, before waivers, to average net assets (c)(d)(e)(f) |
|
| 0.90 | % |
| 0.69 | % |
| 0.45 | % |
| 0.45 | % |
| 0.45 | % |
Ratio of net investment income, net of waivers, to average net assets (d)(e)(f) |
|
| 1.49 | % |
| 1.25 | % |
| 1.60 | % |
| 1.98 | % |
| 1.92 | % |
Ratio of net investment income, before waivers, to average net assets (d)(e)(f) |
|
| 1.13 | % |
| 1.09 | % |
| 1.45 | % |
| 1.81 | % |
| 1.75 | % |
Portfolio turnover rate (excluding short-term securities) |
|
| 22.31 | % |
| 27.01 | % |
| 43.65 | % |
| 21.83 | % |
| 14.71 | % |
|
|
|
| (a) | Name change effective April 30, 2012. Formerly known as the Clearwater Growth Fund. |
|
|
|
| (b) | 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. |
|
|
|
| (c) | In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. |
|
|
|
| (d) | Effective March 15, 2012, the investment advisory fee, net of voluntary waivers, decreased to 0.52%. Also effective March 15, 2012, the Adviser increased the voluntary waiver to 0.38%. |
|
|
|
| (e) | 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%. |
|
|
|
| (f) | Effective December 1, 2010, the Adviser discontinued the voluntary waiver previously in effect. |
See accompanying notes to financial statements.
5
CLEARWATER INVESTMENT TRUST
Financial Highlights
December 31, 2012
Per share data (rounded to the nearest cent) for a share of capital stock outstanding throughout the years ended and selected information for each year ended is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, |
| |||||||||||||
Small Companies Fund(a) |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||
Net asset value, beginning of year |
| $ | 16.91 |
|
| 18.70 |
|
| 14.41 |
|
| 10.39 |
|
| 16.68 |
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| 0.09 |
|
| 0.01 |
|
| - |
|
| - |
|
| 0.05 |
|
Net realized and unrealized gains (losses) |
|
| 3.10 |
|
| (0.28 | ) |
| 4.31 |
|
| 4.02 |
|
| (6.29 | ) |
Total from investment operations |
|
| 3.19 |
|
| (0.27 | ) |
| 4.31 |
|
| 4.02 |
|
| (6.24 | ) |
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
| (0.10 | ) |
| (0.01 | ) |
| (0.02 | ) |
| - |
|
| (0.05 | ) |
Distributions from net realized gains |
|
| (1.30 | ) |
| (1.51 | ) |
| - |
|
| - |
|
| - |
|
Total distributions |
|
| (1.40 | ) |
| (1.52 | ) |
| (0.02 | ) |
| - |
|
| (0.05 | ) |
Net asset value, end of year |
| $ | 18.70 |
|
| 16.91 |
|
| 18.70 |
|
| 14.41 |
|
| 10.39 |
|
Total return (b) |
|
| 19.02 | % |
| (1.62 | )% |
| 29.99 | % |
| 38.70 | % |
| (37.40 | )% |
Net assets, end of year (000s omitted) |
| $ | 281,936 |
|
| 239,508 |
|
| 256,237 |
|
| 214,335 |
|
| 120,846 |
|
Ratio of expenses, net of waivers, to average net assets (c)(d) |
|
| 1.00 | % |
| 0.98 | % |
| 0.95 | % |
| 0.95 | % |
| 0.95 | % |
Ratio of expenses, before waivers, to average net assets (c)(d) |
|
| 1.35 | % |
| 1.35 | % |
| 1.35 | % |
| 1.35 | % |
| 1.35 | % |
Ratio of net investment income (loss), net of waivers, to average net assets(d) |
|
| 0.51 | % |
| 0.05 | % |
| (0.02 | )% |
| (0.04 | )% |
| 0.32 | % |
Ratio of net investment income (loss), before waivers, to average net assets(d) |
|
| 0.16 | % |
| (0.32 | )% |
| (0.42 | )% |
| (0.44 | )% |
| (0.08 | )% |
Portfolio turnover rate (excluding short-term securities) |
|
| 59.48 | % |
| 64.54 | % |
| 71.05 | % |
| 95.13 | % |
| 117.12 | % |
|
|
|
| (a) | Name change effective April 30, 2012. Formerly known as the Clearwater Small Cap Fund. |
|
|
|
| (b) | 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. |
|
|
|
| (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 1.00%. Also effective June 1, 2011, the Adviser reduced the voluntary waiver to 0.35%. |
See accompanying notes to financial statements.
|
|
6 | (Continued) |
CLEARWATER INVESTMENT TRUST
Financial Highlights
December 31, 2012
Per share data (rounded to the nearest cent) for a share of capital stock outstanding throughout the years ended and selected information for each year ended is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, |
| |||||||||||||
Tax-Exempt Bond Fund |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| |||||
Net asset value, beginning of year |
| $ | 9.62 |
|
| 9.06 |
|
| 9.25 |
|
| 8.09 |
|
| 9.64 |
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| 0.48 |
|
| 0.48 |
|
| 0.47 |
|
| 0.47 |
|
| 0.46 |
|
Net realized and unrealized gains (losses) |
|
| 0.53 |
|
| 0.56 |
|
| (0.19 | ) |
| 1.16 |
|
| (1.55 | ) |
Total from investment operations |
|
| 1.01 |
|
| 1.04 |
|
| 0.28 |
|
| 1.63 |
|
| (1.09 | ) |
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
| (0.48 | ) |
| (0.48 | ) |
| (0.47 | ) |
| (0.47 | ) |
| (0.46 | ) |
Total distributions |
|
| (0.48 | ) |
| (0.48 | ) |
| (0.47 | ) |
| (0.47 | ) |
| (0.46 | ) |
Net asset value, end of year |
| $ | 10.15 |
|
| 9.62 |
|
| 9.06 |
|
| 9.25 |
|
| 8.09 |
|
Total return (a) |
|
| 10.66 | % |
| 11.81 | % |
| 2.99 | % |
| 20.60 | % |
| (11.80 | )% |
Net assets, end of year (000s omitted) |
| $ | 527,118 |
|
| 518,834 |
|
| 516,202 |
|
| 542,394 |
|
| 370,848 |
|
Ratio of expenses, net of waivers, to average net assets (b) |
|
| 0.36 | % |
| 0.36 | % |
| 0.36 | % |
| 0.36 | % |
| 0.37 | % |
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 |
|
| 4.79 | % |
| 5.08 | % |
| 5.00 | % |
| 5.34 | % |
| 5.03 | % |
Ratio of net investment income, before waivers, to average net assets |
|
| 4.55 | % |
| 4.84 | % |
| 4.76 | % |
| 5.10 | % |
| 4.80 | % |
Portfolio turnover rate (excluding short-term securities) |
|
| 28.06 | % |
| 24.83 | % |
| 28.95 | % |
| 22.90 | % |
| 32.20 | % |
|
|
|
| (a) | Total return figures are based on the change in net asset value of a share during the year and assume reinvestment of distributions at net asset value. |
|
|
|
| (b) | In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. |
See accompanying notes to financial statements.
|
|
7 | (Continued) |
CLEARWATER INVESTMENT TRUST
Financial Highlights
December 31, 2012
Per share data (rounded to the nearest cent) for a share of capital stock outstanding throughout the years or period ended and selected information for each year or period ended is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Period ended |
| ||||||||
|
| Year ended December 31, |
|
| |||||||||
International Fund |
| 2012 |
| 2011 |
| 2010 |
|
| |||||
Net asset value, beginning of period |
| $ | 12.23 |
|
| 14.33 |
|
| 13.16 |
|
| 10.00 |
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| 0.30 |
|
| 0.30 |
|
| 0.23 |
|
| 0.19 |
|
Net realized and unrealized gains (losses) |
|
| 1.88 |
|
| (2.08 | ) |
| 1.27 |
|
| 3.35 |
|
Total from investment operations |
|
| 2.18 |
|
| (1.78 | ) |
| 1.50 |
|
| 3.54 |
|
Less distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
| (0.31 | ) |
| (0.29 | ) |
| (0.23 | ) |
| (0.18 | ) |
Distributions from net realized gains |
|
| (0.77 | ) |
| (0.03 | ) |
| (0.10 | ) |
| (0.20 | ) |
Total distributions |
|
| (1.08 | ) |
| (0.32 | ) |
| (0.33 | ) |
| (0.38 | ) |
Net asset value, end of period |
| $ | 13.33 |
|
| 12.23 |
|
| 14.33 |
|
| 13.16 |
|
Total return (c) |
|
| 17.91 | % |
| (12.44 | )% |
| 11.39 | % |
| 35.50 | % |
Net assets, end of period (000s omitted) |
| $ | 408,059 |
|
| 305,071 |
|
| 346,415 |
|
| 292,902 |
|
Ratio of expenses, net of waivers, to average net assets (d)(e)(f)(g) |
|
| 0.62 | % |
| 0.77 | % |
| 0.80 | % |
| 0.92 | % |
Ratio of expenses, before waivers, to average net assets (d)(e)(f)(g) |
|
| 1.00 | % |
| 1.00 | % |
| 1.00 | % |
| 1.00 | % |
Ratio of net investment income, net of waivers, to average net assets (d)(f)(g) |
|
| 2.39 | % |
| 2.15 | % |
| 1.77 | % |
| 1.74 | % |
Ratio of net investment income, before waivers, to average net assets (d)(f)(g) |
|
| 2.01 | % |
| 1.92 | % |
| 1.57 | % |
| 1.66 | % |
Portfolio turnover rate (excluding short-term securities) |
|
| 72.32 | % |
| 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 March 15, 2012, the investment advisory fee, net of voluntary waivers, decreased to 0.60%. Also effective March 15, 2012, the Adviser increased the voluntary waiver to 0.40%. |
|
|
|
| (g) | Effective June 1, 2011, the investment advisory fee, net of voluntary waivers, decreased to 0.75%. Also effective June 1, 2011, the Adviser increased the voluntary waiver to 0.25%. Effective December 5, 2011, the investment advisory fee, net of voluntary waivers, decreased to 0.70%. Also effective December 5, 2011, the Adviser increased the voluntary waiver to 0.30%. |
See accompanying notes to financial statements.
|
|
8 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2012
|
|
(1) | Organization |
Clearwater Investment Trust (the “Trust”) was established on January 12, 1987 as a Massachusetts business trust and is registered under the Investment Company Act of 1940 (as amended) as a diversified open end management investment company and presently includes four series: Clearwater Core Equity Fund, Clearwater Small Companies Fund, Clearwater Tax-Exempt Bond Fund, and Clearwater International Fund (the “Funds”). Clearwater Management Company (the “Adviser”) serves as the investment adviser for each of the Funds and is responsible for the oversight of each of the Fund’s subadvisers. The Trust’s declaration of trust permits the Board of Trustees to create additional funds in the future. The investment objective of the Clearwater Core Equity, Small Companies, and International Funds is long-term capital growth. The investment objective of the Clearwater Tax-Exempt Bond Fund is high current income that is exempt from U.S. federal income tax, consistent with preservation of capital.
Effective April 30, 2012, the Clearwater Growth Fund and the Clearwater Small Cap Fund changed their names to the Clearwater Core Equity Fund and the Clearwater Small Companies Fund, respectively.
Fiduciary Counselling, Inc. (“FCI”) acts as subadviser to each of the Funds. FCI does not provide day-to-day management, but provides the Funds with various investment-related services, including investment strategy advice, manager recommendations and related duties as requested by the Adviser. FCI also provides certain services related to due diligence, performance reporting, compliance, and other administrative functions, which support the investment management services and subadviser oversight services provided to the Funds by the Adviser.
On January 1, 2012, The Northern Trust Company (“Northern Trust”) replaced FCI as acting transfer agent for each of the Funds. Northern Trust also serves as custodian, administrator and accounting services agent for each of the Funds. The related fees for these services are paid out of the investment advisory fees the Adviser receives from the respective Funds.
Under normal market conditions, the Clearwater Core Equity Fund pursues its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of U.S. companies. The Fund employs a multi-style (growth and value) and multi-manager approach whereby portions of the Fund are allocated to different subadvisers who employ distinct investment styles. The Fund’s Adviser allocates portions of the Fund’s net assets among subadvisers. The Fund currently allocates net assets among the following subadvisers who provide day-to-day management to 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. To the extent feasible, Parametric manages its portion of the Fund’s net assets in a passive management strategy so that its portion of the Fund’s holdings generally matches the holdings of the Russell 1000® Index as closely as possible without requiring the Fund to realize gains. In addition, as noted above, FCI also acts as a subadviser to the Fund.
Under normal market conditions, the Clearwater Small Companies Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of small companies. The Fund defines “small companies” as issuers with market capitalizations no greater than $5 billion at the time of purchase. The equity securities the Fund invests in consist primarily of exchange traded common and preferred
9
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2012
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 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.
Under normal market conditions, the Clearwater Tax-Exempt Bond Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in tax-exempt bonds, which are debt obligations issued by or for the U.S. states, territories and possessions, and the District of Columbia. The interest on these 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 net assets in 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.
On October 16, 2012, the Board of Trustees approved the termination of investment advisory agreements with each of AXA Rosenberg Investment Management LLC (“AXA Rosenberg”) and Eagle Global Advisors, LLC (“Eagle”), two of the subadvisers to the Clearwater International Fund. At the same time, the Board of Trustees also approved investment advisory agreements with three new subadvisers to the Clearwater International Fund: Denver Investments (“Denver”), WCM Investment Management (“WCM”) and Templeton Investment Counsel, LLC (“Templeton”).
Under normal market conditions, the Clearwater International Fund intends to invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies organized or located outside the 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 Depositary Receipts, European Depositary Receipts, and Global Depositary Receipts as well as 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 currently does not intend to invest more than 20% of its net assets in the equity securities of developing or emerging market issuers. The Fund uses a “multi-style, multi-manager” approach, whereby portions of the Fund’s assets are allocated to different subadvisers who employ distinct investment styles. The Fund currently allocates assets among the following subadvisers who provide day-to-day management to the Fund: Parametric, Artisan Partners Limited Partnership (“Artisan Partners”), Denver, WCM and Templeton. The allocation among subadvisers will vary over time, but the current intent of the Fund’s Adviser is that under normal market conditions approximately 50% of the Fund’s net assets will be allocated to Parametric; the remaining net assets will be allocated to one or more of the Fund’s four other subadvisers. To the extent feasible, Parametric manages its portion of the Fund’s net assets in a passive management strategy so that its portion of the Fund’s holdings generally matches the holdings of the MSCI World Ex USA Index (net) on a net basis as closely as possible. In addition, as noted above, FCI also acts as a subadviser to the Fund.
|
|
10 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2012
|
|
(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. This may occur particularly with respect to certain foreign securities held by the International Fund, whereby the Board of Trustees may use adjustment factors obtained from an independent evaluation service that are intended to reflect more accurately the fair value of these foreign securities as of the time the Fund’s net asset value is calculated. The procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security. These procedures are used by the Valuation Committee, in accordance with the procedures established by the Board of Trustees, to determine the fair value of the security or securities. Such determinations are then submitted for review and ratification by the Board of Trustees. Security transactions are accounted for on the trade date, which is the date the securities are purchased or sold. Realized gains and losses are calculated on an identified cost basis. Dividend income is recognized on the ex-dividend date or, for foreign securities, as soon as the information is available. Interest income, including accretion of original issue discount and amortization of original issue premium, is accrued daily. |
|
|
(b) | Foreign Currency Translation |
|
|
| The International Fund invests in securities which are purchased and sold in foreign currencies as a principal investment strategy. The costs of purchases, proceeds from sales of investments, interest and dividend income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such transactions. The value of the International Fund’s 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 within net realized gain (loss) on security transactions and within net increase (decrease) in appreciation/depreciation on security transactions. The realized gains or losses, if any, on translation of other assets and liabilities denominated in foreign currencies are included on the Statements of Operations within net realized gain (loss) on foreign currency transactions. The |
|
|
11 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2012
|
|
| 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 adverse movements in foreign currency exchange rates, specific transactions or the portfolio position. The objective of the International Fund’s foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of the International Fund’s foreign currency denominated securities will decline in value due to changes in foreign currency exchange rates. Forward foreign currency exchange contracts are marked-to-market daily at the applicable exchange rates. Any resulting unrealized gains or losses are recorded in forward foreign currency exchange contracts on the Statements of Operations within net increase (decrease) in appreciation/depreciation. The International Fund records any realized gains or losses at the time the forward foreign currency exchange contract is offset by entering into a closing transaction with the same counterparty or is extinguished by delivery of the currency. Realized gains or losses, if any, are included in forward foreign currency exchange contracts on the Statements of Operations within net realized gain (loss) on investments and foreign currency transactions. |
|
|
| Risks may arise upon entering into forward foreign currency exchange contracts from the potential of the issuer to default on its obligations under the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The measurement of risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. The International Fund bears the market risk from changes in foreign currency exchange rates and the credit risk if the issuer fails to perform. Additional information on derivative instruments and how these positions may impact the financial statements is found in Note 8, Derivative Instruments. |
|
|
(d) | Spot Contracts |
|
|
| The International Fund routinely enters into spot contracts in order to buy or sell a certain amount of foreign currency at the current market rate, 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 Core Equity 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 |
|
|
12 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2012
|
|
| settles. Realized gains or losses, if any, are included in foreign currency transactions on the Statements of Operations within net realized gain (loss) on investments and foreign currency transactions. 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 its records in amounts sufficient to meet the purchase price. A Fund may dispose of or renegotiate a delayed-delivery transaction, which may result in a capital gain or loss. |
|
|
(f) | Short-Term Investments |
|
|
| Each Fund currently invests uninvested cash in money market portfolios of Northern Institutional Funds. The Core Equity, Small Companies and International Funds currently invest in the U.S. Government Select Portfolio and the Tax-Exempt Bond Fund currently invests in the Tax-Exempt Portfolio. The U.S. Government Select Portfolio was formerly known as the Government Select Portfolio prior to its name change effective on April 1, 2012. Northern Institutional Funds is an investment company advised by Northern Trust Investments, Inc. (“NTI”), a subsidiary of Northern Trust. |
|
|
| The U.S. Government Select Portfolio primarily invests in securities issued by the U.S. government, government agencies, and government-sponsored enterprises. The Tax-Exempt Portfolio primarily invests in high-quality short-term municipal instruments. |
|
|
(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 Core Equity and International Funds, respectively. |
|
|
(h) | Federal Taxes |
|
|
| The Trust’s policy is to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies. On a calendar-year basis, the Funds intend to distribute substantially all of their net investment income and net realized gains, if any, to avoid the payment of federal income and excise taxes. Therefore, no income tax provision is required. Each Fund is treated as a separate entity for federal income tax purposes. |
|
|
| Management has analyzed the Funds’ tax positions taken on federal tax returns for all open tax years and has concluded that as of December 31, 2012, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and Minnesota state income and federal excise tax returns for the 2009, 2010, 2011 and 2012 tax years for which the applicable statutes of limitations have not expired remain subject to examination by the Internal Revenue Service and state departments of revenue. Net investment income and net realized gains (losses) for the Funds may differ for financial statement and tax purposes. The character of distributions made during the year from net investment income or net realized gains, if any, |
|
|
13 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2012
|
|
| may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Funds. The tax character of distributions paid by the Funds during the years ended December 31, 2012 and 2011 was as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tax-Exempt |
| Ordinary Income |
| ||||||||
|
| 2012 |
| 2011 |
| 2012 |
| 2011 |
| ||||
Core Equity Fund |
| $ | - |
| $ | - |
| $ | 5,308,828 |
| $ | 4,182,151 |
|
Small Companies Fund |
|
| - |
|
| - |
|
| 1,592,303 |
|
| 44,627 |
|
Tax-Exempt Bond Fund |
|
| 24,948,863 |
|
| 26,002,514 |
|
| 356,024 |
|
| 369,605 |
|
International Fund |
|
| - |
|
| - |
|
| 8,901,744 |
|
| 7,184,471 |
|
|
|
|
|
|
|
|
|
|
| Long-Term Capital Gains |
| ||||
|
| 2012 |
| 2011 |
| ||
Core Equity Fund |
| $ | - |
| $ | - |
|
Small Companies Fund |
|
| 18,490,667 |
|
| 20,612,725 |
|
Tax-Exempt Bond Fund |
|
| - |
|
| - |
|
International Fund |
|
| 22,141,275 |
|
| 635,976 |
|
|
|
| As of December 31, 2012, the components of distributable earnings on a tax basis were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core |
| Small Companies |
| Tax-Exempt |
| International |
| ||||
Undistributed ordinary income |
| $ | 42,849 |
| $ | - |
| $ | - |
| $ | 255,479 |
|
Undistributed capital gain |
|
| - |
|
| 4,143,651 |
|
| 53,555 |
|
| 75,798 |
|
Accumulated capital losses |
|
| (13,520,220 | ) |
| (250,809 | ) |
| - |
|
| (4,253,585 | ) |
Unrealized appreciation |
|
| 140,811,852 |
|
| 44,631,416 |
|
| 26,774,788 |
|
| 73,942,208 |
|
Total |
| $ | 127,334,481 |
| $ | 48,524,258 |
| $ | 26,828,343 |
| $ | 70,019,900 |
|
|
|
| On the Statements of Assets and Liabilities, due to permanent book-to-tax differences, the following adjustments have been made: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core |
| Small Companies |
| Tax-Exempt |
| International |
| ||||
Undistributed net investment income (loss) |
| $ | (66,923 | ) | $ | 13,408 |
| $ | 9,416 |
| $ | 424,827 |
|
Accumulated net realized gain (loss) |
|
| 66,923 |
|
| (13,408 | ) |
| (9,416 | ) |
| (424,827 | ) |
Additional paid-in capital |
|
| - |
|
| - |
|
| - |
|
| - |
|
|
|
|
| 14 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2012
|
|
(i) | Distributions to Shareholders |
|
|
| Distributions to shareholders from net investment income, if any, are declared annually for the Core Equity, Small Companies, and International Funds and declared daily, payable monthly, for the Tax-Exempt Bond Fund. Distributions to shareholders from net realized gains, if any, are declared annually for all Funds. Distributions are paid in cash or reinvested in additional shares at the direction of the shareholders. |
|
|
(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 |
|
|
| In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). These disclosure requirements are intended to help investors and other financial statement users to better assess the effect or potential effect of offsetting arrangements on a company’s financial position. They also improve transparency in the reporting of how companies mitigate credit risk, including disclosure of related collateral pledged or received. In addition, ASU 2011-11 facilitates comparison between those reporting entities that prepare their financial statements on the basis of U.S. GAAP and those reporting entities that prepare their financial statements on the basis of the International Financial Reporting Standards (“IFRS”). Specifically, ASU 2011-11 requires reporting entities to disclose 1) both gross and net information about both instruments and transactions eligible for offset in the financial statements and 2) instruments and transactions subject to an agreement similar to a master netting agreement. The effective date of ASU 2011-11 is for interim and annual reporting periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this requirement and the impact it will have on 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 |
|
|
|
| 15 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2012
unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments, as described in Note 2(a) above. These inputs are summarized in the three broad levels listed below.
|
|
• | Level 1 – Unadjusted quoted market prices in active markets for identical securities on the measurement date. |
|
|
• | Level 2 – Other significant observable inputs including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc. or quoted prices for identical or similar assets in markets that are not active. Inputs that are derived principally from or corroborated by observable market data are also considered a Level 2 measurement. An adjustment to any observable input that is significant to the fair value may render the measurement a Level 3 measurement. |
|
|
• | Level 3 – Valuations based on unobservable inputs, which may include the Adviser’s own assumptions in determining the fair value of an investment. |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following is a summary of the inputs used in valuing each Fund’s investments and other financial instruments, if any, which are carried at fair value, as of December 31, 2012.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core Equity Fund (a) |
| ||||||||||
|
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Common Stocks |
| $ | 387,058,780 |
| $ | - |
| $ | - |
| $ | 387,058,780 |
|
Rights |
|
| 1,193 |
|
| - |
|
| - |
|
| 1,193 |
|
Short-Term Investments |
|
| 26,364,287 |
|
| - |
|
| - |
|
| 26,364,287 |
|
Total |
| $ | 413,424,260 |
| $ | - |
| $ | - |
| $ | 413,424,260 |
|
|
|
|
| (a) | For the Core Equity 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 generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. |
The Core Equity Fund records all transfers between levels based on valuations at the end of each reporting period. At December 31, 2012, there were no transfers between Level 1, Level 2 or Level 3 classifications based on levels assigned to the securities on December 31, 2011. 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, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency transactions |
| $ | - |
| $ | (205 | ) | $ | - |
| $ | (205 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other Financial Instruments |
| $ | - |
| $ | (205 | ) | $ | - |
| $ | (205 | ) |
The foreign currency transactions outstanding at December 31, 2012 are considered Level 2 investments due to the transactions being marked-to-market daily at the applicable exchange rates that have been adjusted from the initial quoted rate. Foreign currency transactions are shown on a gross basis in the above table and on the Statements of Assets and Liabilities.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Small Companies Fund (b) |
| ||||||||||
|
| Level 1 |
| Level 2 * |
| Level 3 |
| Total |
| ||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary |
| $ | 42,312,327 |
| $ | - |
| $ | - |
| $ | 42,312,327 |
|
Consumer Staples |
|
| 11,896,867 |
|
| - |
|
| - |
|
| 11,896,867 |
|
Energy |
|
| 14,532,516 |
|
| - |
|
| - |
|
| 14,532,516 |
|
Financials |
|
| 63,708,448 |
|
| - |
|
| - |
|
| 63,708,448 |
|
Health Care |
|
| 24,983,285 |
|
| - |
|
| - |
|
| 24,983,285 |
|
Industrials |
|
| 52,100,635 |
|
| 56,925 |
|
| - |
|
| 52,157,560 |
|
Information Technology |
|
| 36,144,249 |
|
| - |
|
| - |
|
| 36,144,249 |
|
Materials |
|
| 15,628,278 |
|
| - |
|
| - |
|
| 15,628,278 |
|
Utilities |
|
| 8,532,140 |
|
| - |
|
| - |
|
| 8,532,140 |
|
Short-Term Investments |
|
| 22,370,992 |
|
| - |
|
| - |
|
| 22,370,992 |
|
Total |
| $ | 292,209,737 |
| $ | 56,925 |
| $ | - |
| $ | 292,266,662 |
|
|
|
|
| (b) | For the Small Companies 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 generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. |
|
|
|
* | The Small Companies Fund records all transfers between levels based on valuations at the end of each reporting period. At December 31, 2012, there were no transfers between Level 1 or Level 3 classifications based on levels assigned to the securities on December 31, 2011. At December 31, 2012, an equity investment with a fair value of $56,925, within the sector of Industrials, was transferred from Level 1 to Level 2 due to the security being valued based on a bid price, rather than a last sales or regular trading session closing price, from a primary pricing service provider on December 31, 2012. 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. |
|
|
|
| 17 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tax-Exempt Bond Fund (c) |
| ||||||||||
|
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Closed-End Funds |
| $ | 33,319,234 |
| $ | - |
| $ | - |
| $ | 33,319,234 |
|
Municipal Bonds |
|
|
|
|
|
|
|
|
|
|
|
|
|
Airport |
|
| - |
|
| 618,005 |
|
| - |
|
| 618,005 |
|
Bond Bank |
|
| - |
|
| 2,657,415 |
|
| - |
|
| 2,657,415 |
|
Development |
|
| - |
|
| 16,104,378 |
|
| 180,130 |
|
| 16,284,508 |
|
Education |
|
| - |
|
| 51,322,578 |
|
| - |
|
| 51,322,578 |
|
Facilities |
|
| - |
|
| 5,655,431 |
|
| - |
|
| 5,655,431 |
|
General |
|
| - |
|
| 49,648,414 |
|
| 11,765 |
|
| 49,660,179 |
|
General Obligation |
|
| - |
|
| 17,505,677 |
|
| - |
|
| 17,505,677 |
|
Higher Education |
|
| - |
|
| 14,667,619 |
|
| 909,527 |
|
| 15,577,146 |
|
Housing |
|
| - |
|
| 24,946,898 |
|
| - |
|
| 24,946,898 |
|
Medical |
|
| - |
|
| 70,289,123 |
|
| 1,252,138 |
|
| 71,541,261 |
|
Mello-Roos |
|
| - |
|
| 848,456 |
|
| - |
|
| 848,456 |
|
Multifamily Housing |
|
| - |
|
| 39,414,359 |
|
| - |
|
| 39,414,359 |
|
Nursing Home |
|
| - |
|
| 50,296,271 |
|
| - |
|
| 50,296,271 |
|
Pollution |
|
| - |
|
| 2,121,774 |
|
| - |
|
| 2,121,774 |
|
Power |
|
| - |
|
| 3,244,798 |
|
| 619,400 |
|
| 3,864,198 |
|
School District |
|
| - |
|
| 25,513,366 |
|
| - |
|
| 25,513,366 |
|
Single Family Housing |
|
| - |
|
| 57,410,585 |
|
| - |
|
| 57,410,585 |
|
Student Loan |
|
| - |
|
| 6,070,969 |
|
| - |
|
| 6,070,969 |
|
Tobacco Settlement |
|
| - |
|
| 3,769,113 |
|
| - |
|
| 3,769,113 |
|
Transportation |
|
| - |
|
| 17,230,444 |
|
| - |
|
| 17,230,444 |
|
Utilities |
|
| - |
|
| 1,953,353 |
|
| - |
|
| 1,953,353 |
|
Water |
|
| - |
|
| 10,130,871 |
|
| - |
|
| 10,130,871 |
|
Short-Term Investments |
|
| 18,121,788 |
|
| - |
|
| - |
|
| 18,121,788 |
|
Total |
| $ | 51,441,022 |
| $ | 471,419,897 |
| $ | 2,972,960 |
| $ | 525,833,879 |
|
|
|
|
| (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 Tax-Exempt Bond Fund’s net asset value is calculated, including securities for which the prices do not represent fair value or for which a significant event occurs that materially affects the value of the security after the close of the market on which the security principally trades and before the time the Tax-Exempt Bond Fund’s net asset value is calculated. |
|
|
|
| 18 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2012
As of December 31, 2012, the Valuation Committee determined the fair valuation of municipal bonds based on inputs such as the last traded price at the time of significant events or the default of a municipal bond. The Valuation Committee also looked at observations of similar securities which are not currently openly traded in the active market. Finally, the Valuation Committee considered other events in determining fair valuation including the nature of the security and whether it is traded openly in the active market. Such investments have been classified as Level 3 instruments.
The Tax-Exempt Bond Fund records all transfers between levels based on valuations at the end of each reporting period. At December 31, 2012, there were no transfers between Level 1 or Level 2 classifications based on levels assigned to the securities on December 31, 2011. 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.
|
|
|
| 19 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| International Fund (d) |
| ||||||||||
|
| Level 1 |
| Level 2 * |
| Level 3 |
| Total |
| ||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary |
| $ | 6,806,097 |
| $ | 53,798,672 |
| $ | - |
| $ | 60,604,769 |
|
Consumer Staples |
|
| 7,217,037 |
|
| 39,996,978 |
|
| - |
|
| 47,214,015 |
|
Energy |
|
| 8,270,061 |
|
| 16,415,591 |
|
| - |
|
| 24,685,652 |
|
Financials |
|
| 18,203,473 |
|
| 62,851,566 |
|
| - |
|
| 81,055,039 |
|
Health Care |
|
| 5,919,254 |
|
| 24,736,716 |
|
| - |
|
| 30,655,970 |
|
Industrials |
|
| 4,016,028 |
|
| 60,494,534 |
|
| - |
|
| 64,510,562 |
|
Information Technology |
|
| 10,320,301 |
|
| 20,922,201 |
|
| - |
|
| 31,242,502 |
|
Materials |
|
| 6,486,309 |
|
| 23,416,634 |
|
| - |
|
| 29,902,943 |
|
Telecommunication Services |
|
| 944,978 |
|
| 8,317,874 |
|
| - |
|
| 9,262,852 |
|
Utilities |
|
| 522,802 |
|
| 6,794,700 |
|
| - |
|
| 7,317,502 |
|
Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary |
|
| - |
|
| 878,668 |
|
| - |
|
| 878,668 |
|
Consumer Staples |
|
| - |
|
| 49,602 |
|
| - |
|
| 49,602 |
|
Utilities |
|
| - |
|
| 104,474 |
|
| - |
|
| 104,474 |
|
Rights |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples |
|
| - |
|
| - |
|
| - |
|
| - |
|
Energy |
|
| - |
|
| 13,692 |
|
| - |
|
| 13,692 |
|
Short-Term Investments |
|
| 33,524,860 |
|
| - |
|
| - |
|
| 33,524,860 |
|
Total |
| $ | 102,231,200 |
| $ | 318,791,902 |
| $ | - |
| $ | 421,023,102 |
|
|
|
|
| (d) | For the International Fund, 100% of the investment value is comprised of equity securities, rights and short-term investments. See the Fund’s Schedule of Investments for geographical classification. Investments in equity and short-term securities generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded, which are generally considered Level 1 securities. Level 2 securities are those which have received a fair value trigger as of December 31, 2012. |
|
|
|
* | The International Fund records all transfers between levels based on valuations at the end of each reporting period. At December 31, 2012, there were no transfers between Level 1 or Level 3 classifications based on levels assigned to securities on December 31, 2011. At December 31, 2012, certain foreign equity securities with a fair value of $226,488,190 were transferred from Level 1 to Level 2 classifications from December 31, 2011 to December 31, 2012, due to receiving a fair valuation. The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Fund’s investments are categorized as Level 2 investments. 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 no orderly. |
|
|
|
| 20 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward foreign currency exchange contracts |
| $ | - |
| $ | 403,237 |
| $ | - |
| $ | 403,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward foreign currency exchange contracts |
|
| - |
|
| (64,746 | ) |
| - |
|
| (64,746 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other Financial Instruments |
| $ | - |
| $ | 338,491 |
| $ | - |
| $ | 338,491 |
|
The forward foreign currency exchange contracts outstanding at December 31, 2012 are considered Level 2 investments due to the contracts being marked-to-market daily at the applicable exchange rates that have been adjusted from the initial quoted rate. Forward foreign currency exchange contracts are shown on a gross basis in the above table and on the Statements of Assets and Liabilities.
|
|
|
| 21 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2012
The following is a reconciliation of investments for the Tax-Exempt Bond Fund in which significant unobservable inputs (Level 3) were used in determining fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-Exempt Bond Fund |
| Municipal Bonds |
| |||||||||||||||||||
|
| Development |
| General |
| Higher |
| Medical |
| Power |
| Utilities |
| Total |
| |||||||
Balance as of 12/31/11 |
| $ | 181,777 |
| $ | - |
| $ | 990,330 |
| $ | 1,144,754 |
| $ | 619,400 |
| $ | 964,241 |
| $ | 3,900,502 |
|
Realized Gains |
|
| 473 |
|
| - |
|
| - |
|
| 1,772 |
|
| - |
|
| - |
|
| 2,245 |
|
Realized Losses |
|
| - |
|
| - |
|
| (2,966 | ) |
| (463 | ) |
| - |
|
| - |
|
| (3,429 | ) |
Change in Unrealized Appreciation |
|
| 41,571 |
|
| - |
|
| 11,348 |
|
| 148,204 |
|
| - |
|
| 242,267 |
|
| 443,390 |
|
Change in Unrealized Depreciation |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
Purchases |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
Sales |
|
| (43,692 | ) |
| - |
|
| (89,185 | ) |
| (42,129 | ) |
| - |
|
| (1,206,508 | ) |
| (1,381,514 | ) |
Transfers into Level 3 (1) |
|
| 1 | (2) |
| 11,765 | (2) |
| - |
|
| - |
|
| - |
|
| - |
|
| 11,766 |
|
Transfers out of Level 3 (1) |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
Balance as of 12/31/12 |
| $ | 180,130 |
| $ | 11,765 |
| $ | 909,527 |
| $ | 1,252,138 |
| $ | 619,400 |
| $ | - |
| $ | 2,972,960 |
|
Change in net unrealized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
appreciation (depreciation) (3) |
| $ | 41,571 |
| $ | (169,357 | ) | $ | 11,348 |
| $ | 148,204 |
| $ | - |
| $ | - |
| $ | 31,766 |
|
|
|
(1) | The value of the Transfers into and out of Level 3 is measured using the fair value as of the period ended December 31, 2012. |
|
|
(2) | Transferred from Level 2 to Level 3 due to securities being valued based on evaluated price at the time of default on November 1, 2012. This fair valuation was determined using procedures adopted by the Board of Trustees. |
|
|
(3) | The amount of change in net unrealized appreciation (depreciation) on Level 3 securities still held at December 31, 2012 is included in the Statements of Operations. |
|
|
|
| 22 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2012
The following is a reconciliation of investments for the International Fund in which significant unobservable inputs (Level 3) were used in determining fair value:
|
|
|
|
|
International Fund |
| Common Stock |
| |
|
| Materials |
| |
Balance as of 12/31/11 |
| $ | 13,218 |
|
Realized Gains |
|
| - |
|
Realized Losses |
|
| - |
|
Change in Unrealized Appreciation |
|
| - |
|
Change in Unrealized Depreciation |
|
| (13,218 | ) |
Purchases |
|
| - |
|
Sales |
|
| - |
|
Transfers into Level 3 |
|
| - |
|
Transfers out of Level 3 |
|
| - |
|
Balance as of 12/31/12 |
| $ | - |
|
The amount of change in net unrealized depreciation on the Level 3 security still held at December 31, 2012 and included in the Statements of Operations, within the sector of Materials, was $13,218.
|
|
(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, 2012, were as follows:
|
|
|
|
|
|
|
|
|
| Purchases |
| Sales |
| ||
Core Equity Fund |
| $ | 99,126,669 |
| $ | 78,577,328 |
|
Small Companies Fund |
|
| 152,753,348 |
|
| 163,879,893 |
|
Tax-Exempt Bond Fund |
|
| 142,463,916 |
|
| 163,339,539 |
|
International Fund |
|
| 285,183,494 |
|
| 245,971,018 |
|
|
|
(5) | Capital Share Transactions |
Transactions in capital shares for each fund for the fiscal years ended December 31, 2012 and 2011, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core Equity Fund |
| Small Companies Fund |
| ||||||||
|
| 2012 |
| 2011 |
| 2012 |
| 2011 |
| ||||
Sold |
|
| 1,085,012 |
|
| 475,905 |
|
| 924,853 |
|
| 834,746 |
|
Issued for reinvestment of distributions |
|
| 187,326 |
|
| 164,587 |
|
| 1,095,634 |
|
| 1,204,510 |
|
Redeemed |
|
| (709,321 | ) |
| (536,437 | ) |
| (1,106,562 | ) |
| (1,577,251 | ) |
Increase |
|
| 563,017 |
|
| 104,055 |
|
| 913,925 |
|
| 462,005 |
|
|
|
|
| 23 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tax-Exempt Bond Fund |
| International Fund |
| ||||||||
|
| 2012 |
| 2011 |
| 2012 |
| 2011 |
| ||||
Sold |
|
| 2,720,895 |
|
| 1,644,366 |
|
| 5,265,669 |
|
| 1,625,059 |
|
Issued for reinvestment of distributions |
|
| 2,524,334 |
|
| 2,847,845 |
|
| 2,342,869 |
|
| 641,546 |
|
Redeemed |
|
| (7,257,727 | ) |
| (7,552,170 | ) |
| (1,941,501 | ) |
| (1,491,664 | ) |
Increase (decrease) |
|
| (2,012,498 | ) |
| (3,059,959 | ) |
| 5,667,037 |
|
| 774,941 |
|
|
|
(6) | Capital Loss Carryforward |
For the period subsequent to October 31, 2012 through the fiscal year ended December 31, 2012, 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 |
| |
Core Equity Fund |
| $ | 57,250 |
|
Small Companies Fund |
|
| 250,809 |
|
International Fund |
|
| 4,253,583 |
|
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. As of December 31, 2012, pre-enactment capital loss carryforwards for U.S. Federal income tax purposes for the Core Equity Fund are $10,839,789, which will expire as follows:
|
|
|
|
|
|
| Core |
| |
Year of expiration: |
|
|
|
|
2016 |
| $ | 2,269,706 |
|
2017 |
|
| 8,570,083 |
|
Total |
| $ | 10,839,789 |
|
|
|
|
| 24 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2012
The following Fund’s capital loss carryforwards do not expire.
|
|
|
|
|
|
| Core |
| |
Short-Term Capital Loss Carryforward |
| $ | 2,623,181 |
|
The Fund in the above table may offset future capital gains with these capital loss carryforwards.
The following capital loss carryforwards were utilized at December 31, 2012, for U.S. Federal income tax purposes:
|
|
|
|
|
|
| Amount |
| |
Core Equity Fund |
| $ | 3,110,304 |
|
Tax-Exempt Bond Fund |
|
| 8,301,181 |
|
International Fund |
|
| 1,559,480 |
|
|
|
(7) | Expenses and Related-Party Transactions |
The Trust has a contract for investment advisory services with the Adviser. Under terms of separate agreements, Clearwater Core Equity Fund, Clearwater Small Companies Fund, Clearwater Tax-Exempt Bond Fund and Clearwater International Fund pay a fee equal to an annual rate of 0.90%, 1.35%, 0.60% and 1.00%, respectively, of each Fund’s average daily net assets. The Adviser is responsible for the payment or reimbursement of all the Funds’ expenses, except brokerage, taxes, interest, and extraordinary expenses. The Adviser has periodically reduced its management fee for each of the Funds through voluntary waivers. Effective March 15, 2012, the voluntary waivers for the Core Equity Fund and the International Fund were increased to 0.38% and 0.40%, respectively. As of December 31, 2012, the management fees paid by the Core Equity, Small Companies, Tax-Exempt Bond and International Funds net of voluntary waivers are 0.54%, 1.00%, 0.36%, and 0.62%, respectively. As of December 31, 2012, the management fees in place, net of voluntary waivers, for the Core Equity, Small Companies, Tax-Exempt Bond, and International Funds are 0.52%, 1.00%, 0.36%, and 0.60%, 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 subadvisory contracts with independent investment advisory firms for each Fund to provide daily investment management services. Effective October 16, 2012, the Adviser has engaged and entered into subadvisory contracts with Denver, WCM and Templeton as three new subadvisers to provide daily investment management services and investment selection decisions for allocated portions of the International Fund. The subadvisory fees are based on each subadviser’s proportional net assets it currently manages within each Fund and are paid directly by the Adviser.
The subadvisory fee for the Clearwater Core Equity Fund, payable to Parametric, Heartland and Osterweis, is equal to an annual rate of 0.15% of the portion of net assets managed, an annual rate of 0.65% of the portion of net assets managed and an annual rate of 0.75% of the portion of net assets managed, respectively. The subadvisory fee payable to Knightsbridge is equal to a fee schedule based on an annual rate of 0.75% on the first
|
|
|
| 25 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2012
$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. The subadvisory fee for the Clearwater Small Companies Fund, payable to Kennedy, is equal to a fee schedule based on 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 subadvisory fee payable to Keeley is equal to a fee schedule based on 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 subadvisory fee for the Clearwater Tax-Exempt Bond Fund, payable to Sit, is equal to a fee schedule based on an annual rate of 0.40% on the first $20 million in net assets managed, decreasing to 0.30% on the next $30 million of the portion of net assets managed, decreasing to 0.25% on the next $25 million of the portion of net assets managed, and further decreasing to 0.20% of net assets managed in excess of $75 million.
The subadvisory 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 subadvisory fee payable to Artisan Partners is equal to a fee schedule based on 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 subadvisory fee payable to Denver is equal to a fee schedule based on an annual rate of 1.25% on the first $10 million of the portion of net assets managed, decreasing to 0.85% of the portion of net assets managed in excess of $10 million. The subadvisory fee payable to WCM is equal to an annual rate of 0.80% of the portion of net assets managed. The subadvisory fee payable to Templeton is equal to a fee schedule based on an annual rate of 0.95% on the first $25 million of the portion of net assets managed, decreasing to 0.85% on the next $25 million of the portion of net assets managed, decreasing to 0.75% on the next $50 million of the portion of net assets managed, decreasing to 0.65% on the next $150 million of the portion of net assets managed, decreasing to 0.55% on the next $250 million of the net assets managed and further decreasing to 0.50% of the portion of net assets managed in excess of $500 million.
In addition to the above, under the investment advisory agreements with AXA Rosenberg and Eagle, which the Board of Trustees of the Trust voted to terminate on October 16, 2012, the Adviser paid AXA Rosenberg and Eagle based on the proportional net assets that each subadviser managed for the Clearwater International Fund. The subadvisory fee payable to AXA Rosenberg was equal to a fee schedule based on 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 subadvisory fee payable to Eagle was equal to a fee schedule based on 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 subadviser for each Fund. FCI regularly provides the Funds with various investment-related services, including investment strategy advice, manager recommendations and related duties as requested by the Adviser. FCI also provides certain services related to due diligence, performance reporting, compliance, and other administrative functions, which support the investment management services and subadviser oversight services provided to the Trust by the Adviser. For its services, FCI is compensated with a subadvisory fee payable by the Adviser of 0.20% of each Fund’s net assets, paid on a quarterly basis. FCI is compensated out of the investment advisory fees the Adviser receives from the respective Funds. FCI has agreed to waive the difference between the amount calculated under the subadvisory fee schedule and an amount determined by multiplying the total number of hours worked by FCI in providing services under the subadvisory agreement by an hourly rate that is approved by the Adviser. The effect of this waiver agreement is that fees paid
|
|
|
| 26 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2012
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 (c).
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, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
| ASSETS |
|
|
| LIABILITIES |
|
| ||
Derivative Type |
| Statements of Assets and |
| Value |
| Statements of Assets and |
| Value | ||
| ||||||||||
Forward foreign currency exchange contracts |
| Unrealized appreciation on forward foreign |
| $ | 403,237 |
| Unrealized depreciation on forward foreign |
| $ | 64,746 |
The following tables set forth by primary risk exposure the International Fund’s net realized gain (loss) and net increase (decrease) in appreciation/depreciation on forward foreign currency exchange contracts for the year ended December 31, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Type |
| Statements of |
| Value |
| Derivative Type |
| Statements of Operations |
| Value | ||
Forward foreign currency exchange contracts |
| Net realized gain on forward foreign currency exchange contracts |
| $ | 101,063 |
| Forward foreign currency exchange contracts |
| Net increase in appreciation on forward foreign currency exchange contracts |
| $ | 336,676 |
Derivative transactions are measured in terms of the notional amount. The following table presents, for the International Fund, the number of transactions and weighted average notional amounts, which is indicative of the volume of derivative activity, for the year ended December 31, 2012.
|
|
|
|
|
|
Foreign Exchange Contracts |
| ||||
Number of |
| Weighted |
| ||
| 1,804 |
| $ | 1,366,319 |
|
|
|
(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 Core Equity Fund(A)
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Common Stocks: |
|
|
|
|
|
|
|
|
|
| |||
| Consumer Discretionary: |
|
|
|
|
|
|
|
|
|
| ||
| 2,300 |
| ABERCROMBIE & FITCH CO., CLASS A |
| $ | 50,218 |
|
| 110,331 |
|
|
|
|
| 1,500 |
| ADVANCE AUTO PARTS, INC. |
|
| 53,558 |
|
| 108,525 |
|
|
|
|
| 6,150 |
| AMAZON.COM, INC.(b) |
|
| 274,722 |
|
| 1,544,511 |
|
|
|
|
| 1,600 |
| AMC NETWORKS, INC., CLASS A(b) |
|
| 25,785 |
|
| 79,200 |
|
|
|
|
| 3,300 |
| AMERICAN EAGLE OUTFITTERS, INC. |
|
| 33,099 |
|
| 67,683 |
|
|
|
|
| 1,600 |
| AUTOLIV, INC.(c) |
|
| 44,874 |
|
| 107,824 |
|
|
|
|
| 500 |
| AUTOZONE, INC.(b) |
|
| 32,038 |
|
| 177,215 |
|
|
|
|
| 23,295 |
| BED BATH & BEYOND, INC.(b) |
|
| 1,200,112 |
|
| 1,302,424 |
|
|
|
|
| 1,400 |
| BIG LOTS, INC.(b) |
|
| 15,477 |
|
| 39,844 |
|
|
|
|
| 2,200 |
| BORGWARNER, INC.(b) |
|
| 51,799 |
|
| 157,564 |
|
|
|
|
| 750 |
| BRINKER INTERNATIONAL, INC. |
|
| 10,084 |
|
| 23,243 |
|
|
|
|
| 1,700 |
| CABLEVISION SYSTEMS CORP. (NEW |
|
|
|
|
|
|
|
|
|
|
|
|
| YORK GROUP), CLASS A |
|
| 15,956 |
|
| 25,398 |
|
|
|
|
| 4,168 |
| CARMAX, INC.(b) |
|
| 50,984 |
|
| 156,467 |
|
|
|
|
| 5,100 |
| CARNIVAL CORP. |
|
| 173,794 |
|
| 187,527 |
|
|
|
|
| 6,743 |
| CBS CORP., CLASS B (NON VOTING) |
|
| 77,837 |
|
| 256,571 |
|
|
|
|
| 600 |
| CHARTER COMMUNICATIONS, INC., CLASS A(b) |
|
| 30,036 |
|
| 45,744 |
|
|
|
|
| 600 |
| CHICO’S FAS, INC. |
|
| 5,619 |
|
| 11,076 |
|
|
|
|
| 68,820 |
| CINEMARK HOLDINGS, INC. |
|
| 1,340,356 |
|
| 1,787,944 |
|
|
|
|
| 18,500 |
| CLEAR CHANNEL OUTDOOR HOLDINGS, INC., CLASS A |
|
| 72,792 |
|
| 129,870 |
|
|
|
|
| 5,000 |
| COACH, INC. |
|
| 19,161 |
|
| 277,550 |
|
|
|
|
| 41,100 |
| COMCAST CORP., CLASS A |
|
| 748,537 |
|
| 1,536,318 |
|
|
|
|
| 4,600 |
| D.R. HORTON, INC. |
|
| 22,057 |
|
| 90,988 |
|
|
|
|
| 2,300 |
| DARDEN RESTAURANTS, INC. |
|
| 47,909 |
|
| 103,661 |
|
|
|
|
| 2,400 |
| DEVRY, INC. |
|
| 44,808 |
|
| 56,952 |
|
|
|
|
| 1,500 |
| DICK’S SPORTING GOODS, INC. |
|
| 24,802 |
|
| 68,235 |
|
|
|
|
| 14,821 |
| DIRECTV(b) |
|
| 174,284 |
|
| 743,421 |
|
|
|
|
| 3,200 |
| DISCOVERY COMMUNICATIONS, INC., CLASS A(b) |
|
| 193,638 |
|
| 203,136 |
|
|
|
|
| 500 |
| DOLLAR GENERAL CORP.(b) |
|
| 25,005 |
|
| 22,045 |
|
|
|
|
| 6,700 |
| DOLLAR TREE, INC.(b) |
|
| 61,517 |
|
| 271,752 |
|
|
|
|
| 710 |
| EXPEDIA, INC. |
|
| 10,883 |
|
| 43,630 |
|
|
|
|
| 500 |
| FAMILY DOLLAR STORES, INC. |
|
| 12,652 |
|
| 31,705 |
|
|
|
|
| 3,000 |
| FOOT LOCKER, INC. |
|
| 40,394 |
|
| 96,360 |
|
|
|
|
| 53,863 |
| FORD MOTOR CO. |
|
| 275,953 |
|
| 697,526 |
|
|
|
|
| 4,600 |
| GAMESTOP CORP., CLASS A |
|
| 34,643 |
|
| 115,414 |
|
|
|
|
| 5,700 |
| GANNETT CO., INC. |
|
| 51,200 |
|
| 102,657 |
|
|
|
|
| 4,100 |
| GAP (THE), INC. |
|
| 58,946 |
|
| 127,264 |
|
|
|
|
| 2,200 |
| GARMIN LTD.(c) |
|
| 40,557 |
|
| 89,804 |
|
|
|
|
| 4,000 |
| GENERAL MOTORS CO.(b) |
|
| 85,048 |
|
| 115,320 |
|
|
|
|
| 7,500 |
| GENTEX CORP. |
|
| 106,860 |
|
| 141,150 |
|
|
|
|
| 3,450 |
| GENUINE PARTS CO. |
|
| 102,424 |
|
| 219,351 |
|
|
|
|
| 1,900 |
| GOODYEAR TIRE & RUBBER (THE) CO.(b) |
|
| 26,258 |
|
| 26,239 |
|
|
|
|
| 166,500 |
| H&R BLOCK, INC. |
|
| 2,380,408 |
|
| 3,091,905 |
|
|
|
|
| 500 |
| HANESBRANDS, INC.(b) |
|
| 10,750 |
|
| 17,910 |
|
|
|
|
| 6,750 |
| HARLEY-DAVIDSON, INC. |
|
| 39,547 |
|
| 329,670 |
|
|
|
|
| 4,300 |
| HARMAN INTERNATIONAL INDUSTRIES, INC. |
|
| 74,798 |
|
| 191,952 |
|
|
|
|
| 400 |
| HASBRO, INC. |
|
| 10,206 |
|
| 14,360 |
|
|
|
|
| 29,825 |
| HOME DEPOT (THE), INC. |
|
| 19,452 |
|
| 1,844,676 |
|
|
|
|
| 2,200 |
| INTERNATIONAL GAME TECHNOLOGY |
|
| 31,196 |
|
| 31,174 |
|
|
|
|
| 15,600 |
| INTERPUBLIC GROUP OF (THE) COS., INC. |
|
| 40,950 |
|
| 171,912 |
|
|
|
|
| 2,700 |
| J.C. PENNEY CO., INC. |
|
| 53,244 |
|
| 53,217 |
|
|
|
|
| 1,400 |
| JARDEN CORP. |
|
| 25,277 |
|
| 72,380 |
|
|
|
|
| 56,458 |
| JOHNSON CONTROLS, INC. |
|
| 1,545,253 |
|
| 1,733,261 |
|
|
|
|
| 16,469 |
| KOHL’S CORP. |
|
| 479,722 |
|
| 707,838 |
|
|
|
|
| 4,200 |
| LAMAR ADVERTISING CO., CLASS A(b) |
|
| 55,664 |
|
| 162,750 |
|
|
|
|
| 5,738 |
| LAS VEGAS SANDS CORP. |
|
| 163,627 |
|
| 264,866 |
|
|
|
|
| 3,000 |
| LEAR CORP. |
|
| 128,814 |
|
| 140,520 |
|
|
|
|
| 2,900 |
| LENNAR CORP., CLASS A |
|
| 38,266 |
|
| 112,143 |
|
|
|
|
| 5,800 |
| LIBERTY GLOBAL, INC., CLASS A(b) |
|
| 103,484 |
|
| 365,342 |
|
|
|
|
| 88,880 |
| LIBERTY INTERACTIVE CORP., CLASS A(b) |
|
| 1,551,796 |
|
| 1,749,158 |
|
|
|
|
| 5,032 |
| LIBERTY MEDIA CORP. - LIBERTY CAPITAL, CLASS A(b) |
|
| 30,073 |
|
| 583,762 |
|
|
|
|
| 790 |
| LIBERTY VENTURES, CLASS A(b) |
|
| 23,580 |
|
| 53,530 |
|
|
|
|
| 6,190 |
| LIMITED BRANDS, INC. |
|
| 70,745 |
|
| 291,301 |
|
|
|
|
| 2,000 |
| LKQ CORP.(b) |
|
| 24,950 |
|
| 42,200 |
|
|
|
|
| 17,400 |
| LOWE’S COS., INC. |
|
| 483,438 |
|
| 618,048 |
|
|
|
|
| 5,000 |
| MACY’S, INC. |
|
| 81,374 |
|
| 195,100 |
|
|
|
|
|
|
|
(A)Name change effective April 30, 2012. Formerly known as the Clearwater Growth Fund. | ||
| ||
See accompanying notes to the financial statements. | 28 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Consumer Discretionary (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 66,130 |
| MARKS & SPENCER GROUP PLC ADR(c)(d) |
| $ | 772,476 |
|
| 823,980 |
|
|
|
|
| 4,969 |
| MARRIOTT INTERNATIONAL, INC., CLASS A |
|
| 60,013 |
|
| 185,195 |
|
|
|
|
| 75,496 |
| MARRIOTT VACATIONS WORLDWIDE CORP.(b) |
|
| 1,321,371 |
|
| 3,145,918 |
|
|
|
|
| 4,200 |
| MATTEL, INC. |
|
| 75,213 |
|
| 153,804 |
|
|
|
|
| 17,302 |
| MCDONALD’S CORP. |
|
| 470,052 |
|
| 1,526,209 |
|
|
|
|
| 3,600 |
| MCGRAW-HILL (THE) COS., INC. |
|
| 84,305 |
|
| 196,812 |
|
|
|
|
| 6,600 |
| MGM RESORTS INTERNATIONAL(b) |
|
| 54,921 |
|
| 76,824 |
|
|
|
|
| 600 |
| MOHAWK INDUSTRIES, INC.(b) |
|
| 26,796 |
|
| 54,282 |
|
|
|
|
| 1,400 |
| MORNINGSTAR, INC. |
|
| 57,577 |
|
| 87,962 |
|
|
|
|
| 800 |
| NETFLIX, INC.(b) |
|
| 47,728 |
|
| 74,224 |
|
|
|
|
| 2,200 |
| NEWELL RUBBERMAID, INC. |
|
| 26,950 |
|
| 48,994 |
|
|
|
|
| 28,700 |
| NEWS CORP., CLASS A |
|
| 308,077 |
|
| 732,998 |
|
|
|
|
| 12,000 |
| NIKE, INC., CLASS B |
|
| 283,152 |
|
| 619,200 |
|
|
|
|
| 4,300 |
| NORDSTROM, INC. |
|
| 45,232 |
|
| 230,050 |
|
|
|
|
| 100 |
| NVR, INC.(b) |
|
| 51,542 |
|
| 92,000 |
|
|
|
|
| 2,195 |
| OMNICOM GROUP, INC. |
|
| 52,802 |
|
| 109,662 |
|
|
|
|
| 2,300 |
| O’REILLY AUTOMOTIVE, INC.(b) |
|
| 69,868 |
|
| 205,666 |
|
|
|
|
| 1,500 |
| PANERA BREAD CO., CLASS A(b) |
|
| 69,668 |
|
| 238,245 |
|
|
|
|
| 2,600 |
| PETSMART, INC. |
|
| 55,966 |
|
| 177,684 |
|
|
|
|
| 600 |
| PRICELINE.COM, INC.(b) |
|
| 55,053 |
|
| 372,720 |
|
|
|
|
| 14,100 |
| PULTEGROUP, INC.(b) |
|
| 58,797 |
|
| 256,056 |
|
|
|
|
| 700 |
| PVH CORP. |
|
| 26,253 |
|
| 77,707 |
|
|
|
|
| 1,500 |
| RALPH LAUREN CORP. |
|
| 31,320 |
|
| 224,880 |
|
|
|
|
| 3,000 |
| REGAL ENTERTAINMENT GROUP, CLASS A |
|
| 29,065 |
|
| 41,850 |
|
|
|
|
| 4,600 |
| ROSS STORES, INC. |
|
| 36,395 |
|
| 249,090 |
|
|
|
|
| 21,031 |
| ROYAL CARIBBEAN CRUISES LTD. |
|
| 610,836 |
|
| 715,054 |
|
|
|
|
| 600 |
| SCRIPPS NETWORKS INTERACTIVE, INC., CLASS A |
|
| 21,337 |
|
| 34,752 |
|
|
|
|
| 600 |
| SEARS HOLDINGS CORP.(b) |
|
| 24,822 |
|
| 24,816 |
|
|
|
|
| 10,400 |
| SERVICE CORP. INTERNATIONAL |
|
| 74,152 |
|
| 143,624 |
|
|
|
|
| 2,600 |
| SIGNET JEWELERS LTD.(c) |
|
| 52,469 |
|
| 138,840 |
|
|
|
|
| 38,500 |
| SIRIUS XM RADIO, INC. |
|
| 106,710 |
|
| 111,265 |
|
|
|
|
| 14,250 |
| STARBUCKS CORP. |
|
| 182,045 |
|
| 764,085 |
|
|
|
|
| 710 |
| STARWOOD HOTELS & RESORTS |
|
|
|
|
|
|
|
|
|
|
|
|
| WORLDWIDE, INC. |
|
| 14,193 |
|
| 40,726 |
|
|
|
|
| 12,200 |
| TARGET CORP. |
|
| 353,659 |
|
| 721,874 |
|
|
|
|
| 1,000 |
| TEMPUR-PEDIC INTERNATIONAL, INC.(b) |
|
| 31,500 |
|
| 31,490 |
|
|
|
|
| 900 |
| TESLA MOTORS, INC.(b) |
|
| 23,418 |
|
| 30,483 |
|
|
|
|
| 4,500 |
| THOMSON REUTERS CORP. |
|
| 128,277 |
|
| 130,770 |
|
|
|
|
| 1,900 |
| THOR INDUSTRIES, INC. |
|
| 22,316 |
|
| 71,117 |
|
|
|
|
| 4,200 |
| TIFFANY & CO. |
|
| 122,192 |
|
| 240,828 |
|
|
|
|
| 5,979 |
| TIME WARNER CABLE, INC. |
|
| 194,383 |
|
| 581,099 |
|
|
|
|
| 21,033 |
| TIME WARNER, INC. |
|
| 476,695 |
|
| 1,006,008 |
|
|
|
|
| 10,094 |
| TJX COS., INC. |
|
| 86,033 |
|
| 428,490 |
|
|
|
|
| 2,210 |
| TRIPADVISOR, INC.(b) |
|
| 42,908 |
|
| 92,732 |
|
|
|
|
| 2,800 |
| TRW AUTOMOTIVE HOLDINGS CORP.(b) |
|
| 87,856 |
|
| 150,108 |
|
|
|
|
| 300 |
| ULTA SALON COSMETICS & FRAGRANCE, INC. |
|
| 29,379 |
|
| 29,478 |
|
|
|
|
| 2,127 |
| URBAN OUTFITTERS, INC.(b) |
|
| 37,857 |
|
| 83,719 |
|
|
|
|
| 1,700 |
| VF CORP. |
|
| 87,065 |
|
| 256,649 |
|
|
|
|
| 43,792 |
| VIACOM, INC., CLASS B |
|
| 1,892,513 |
|
| 2,309,590 |
|
|
|
|
| 4,000 |
| VIRGIN MEDIA, INC. |
|
| 55,548 |
|
| 147,000 |
|
|
|
|
| 800 |
| VISTEON CORP.(b) |
|
| 33,968 |
|
| 43,056 |
|
|
|
|
| 29,960 |
| WALT DISNEY (THE) CO. |
|
| 587,935 |
|
| 1,491,708 |
|
|
|
|
| 2,300 |
| WHIRLPOOL CORP. |
|
| 98,184 |
|
| 234,025 |
|
|
|
|
| 66,031 |
| WMS INDUSTRIES, INC.(b) |
|
| 1,237,799 |
|
| 1,155,543 |
|
|
|
|
| 5,475 |
| WYNDHAM WORLDWIDE CORP. |
|
| 24,500 |
|
| 291,325 |
|
|
|
|
| 1,600 |
| WYNN RESORTS LTD. |
|
| 32,322 |
|
| 179,984 |
|
|
|
|
| 9,016 |
| YUM! BRANDS, INC. |
|
| 78,831 |
|
| 598,662 |
|
|
|
|
|
|
|
|
|
| 24,255,584 |
|
| 46,619,326 |
|
| 11.80% |
|
Consumer Staples: |
|
|
|
|
|
|
|
|
|
| |||
| 30,800 |
| ALTRIA GROUP, INC. |
|
| 160,507 |
|
| 967,736 |
|
|
|
|
| 52,016 |
| ARCHER-DANIELS-MIDLAND CO. |
|
| 1,434,097 |
|
| 1,424,718 |
|
|
|
|
| 4,300 |
| BEAM, INC. |
|
| 115,443 |
|
| 262,687 |
|
|
|
|
| 2,916 |
| BROWN-FORMAN CORP., CLASS B |
|
| 57,343 |
|
| 184,437 |
|
|
|
|
| 23,505 |
| BUNGE LTD. |
|
| 1,518,601 |
|
| 1,708,578 |
|
|
|
|
| 4,000 |
| CHURCH & DWIGHT CO., INC. |
|
| 100,310 |
|
| 214,280 |
|
|
|
|
| 3,000 |
| CLOROX (THE) CO. |
|
| 154,515 |
|
| 219,660 |
|
|
|
|
| 67,781 |
| COCA-COLA (THE) CO. |
|
| 1,113,200 |
|
| 2,457,061 |
|
|
|
|
| 2,300 |
| COCA-COLA ENTERPRISES, INC. |
|
| 39,664 |
|
| 72,979 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 29 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Consumer Staples (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 8,490 |
| COLGATE-PALMOLIVE CO. |
| $ | 539,355 |
|
| 887,545 |
|
|
|
|
| 3,700 |
| CONAGRA FOODS, INC. |
|
| 85,654 |
|
| 109,150 |
|
|
|
|
| 4,600 |
| CONSTELLATION BRANDS, INC., CLASS A(b) |
|
| 63,227 |
|
| 162,794 |
|
|
|
|
| 7,800 |
| COSTCO WHOLESALE CORP. |
|
| 237,671 |
|
| 770,406 |
|
|
|
|
| 29,656 |
| CVS CAREMARK CORP. |
|
| 840,220 |
|
| 1,433,868 |
|
|
|
|
| 16,185 |
| DIAGEO PLC ADR(c)(d) |
|
| 1,214,077 |
|
| 1,886,847 |
|
|
|
|
| 6,000 |
| DR PEPPER SNAPPLE GROUP, INC. |
|
| 125,060 |
|
| 265,080 |
|
|
|
|
| 397 |
| ENERGIZER HOLDINGS, INC. |
|
| 20,533 |
|
| 31,752 |
|
|
|
|
| 3,734 |
| ESTEE LAUDER (THE) COS., INC., CLASS A |
|
| 70,943 |
|
| 223,517 |
|
|
|
|
| 1,800 |
| FLOWERS FOODS, INC. |
|
| 25,434 |
|
| 41,886 |
|
|
|
|
| 12,400 |
| GENERAL MILLS, INC. |
|
| 277,056 |
|
| 501,084 |
|
|
|
|
| 5,800 |
| GREEN MOUNTAIN COFFEE ROASTERS, INC.(b) |
|
| 122,296 |
|
| 239,888 |
|
|
|
|
| 3,900 |
| H.J. HEINZ CO. |
|
| 146,623 |
|
| 224,952 |
|
|
|
|
| 3,800 |
| HERBALIFE LTD.(c) |
|
| 52,204 |
|
| 125,172 |
|
|
|
|
| 2,042 |
| HERSHEY (THE) CO. |
|
| 88,044 |
|
| 147,473 |
|
|
|
|
| 2,400 |
| HORMEL FOODS CORP. |
|
| 43,206 |
|
| 74,904 |
|
|
|
|
| 1,700 |
| INGREDION, INC. |
|
| 48,104 |
|
| 109,531 |
|
|
|
|
| 1,600 |
| J.M. SMUCKER (THE) CO. |
|
| 64,617 |
|
| 137,984 |
|
|
|
|
| 5,250 |
| KIMBERLY-CLARK CORP. |
|
| 385,435 |
|
| 443,258 |
|
|
|
|
| 19,209 |
| KRAFT FOODS GROUP, INC. |
|
| 499,883 |
|
| 873,433 |
|
|
|
|
| 13,400 |
| KROGER (THE) CO. |
|
| 228,089 |
|
| 348,668 |
|
|
|
|
| 1,574 |
| LORILLARD, INC. |
|
| 57,946 |
|
| 183,639 |
|
|
|
|
| 1,200 |
| MCCORMICK & CO., INC. (NON VOTING) |
|
| 50,951 |
|
| 76,236 |
|
|
|
|
| 2,200 |
| MEAD JOHNSON NUTRITION CO. |
|
| 103,422 |
|
| 144,958 |
|
|
|
|
| 1,800 |
| MOLSON COORS BREWING CO., CLASS B |
|
| 54,437 |
|
| 77,022 |
|
|
|
|
| 29,538 |
| MONDELEZ INTERNATIONAL, INC., CLASS A |
|
| 371,129 |
|
| 752,333 |
|
|
|
|
| 900 |
| MONSTER BEVERAGE CORP.(b) |
|
| 15,478 |
|
| 47,592 |
|
|
|
|
| 27,891 |
| PEPSICO, INC. |
|
| 1,058,802 |
|
| 1,908,581 |
|
|
|
|
| 30,132 |
| PHILIP MORRIS INTERNATIONAL, INC. |
|
| 261,758 |
|
| 2,520,241 |
|
|
|
|
| 200 |
| POST HOLDINGS, INC.(b) |
|
| 4,616 |
|
| 6,850 |
|
|
|
|
| 47,360 |
| PROCTER & GAMBLE (THE) CO. |
|
| 823,796 |
|
| 3,215,270 |
|
|
|
|
| 400 |
| RALCORP HOLDINGS, INC.(b) |
|
| 25,772 |
|
| 35,860 |
|
|
|
|
| 4,200 |
| REYNOLDS AMERICAN, INC. |
|
| 79,844 |
|
| 174,006 |
|
|
|
|
| 1,600 |
| SAFEWAY, INC. |
|
| 28,960 |
|
| 28,944 |
|
|
|
|
| 5,700 |
| SMITHFIELD FOODS, INC.(b) |
|
| 106,346 |
|
| 122,949 |
|
|
|
|
| 7,900 |
| SYSCO CORP. |
|
| 121,024 |
|
| 250,114 |
|
|
|
|
| 6,010 |
| TYSON FOODS, INC., CLASS A |
|
| 53,610 |
|
| 116,594 |
|
|
|
|
| 48,000 |
| UNILEVER N.V. (REGISTERED)(c) |
|
| 1,454,959 |
|
| 1,838,400 |
|
|
|
|
| 20,150 |
| WALGREEN CO. |
|
| 231,445 |
|
| 745,752 |
|
|
|
|
| 28,723 |
| WAL-MART STORES, INC. |
|
| 1,387,001 |
|
| 1,959,770 |
|
|
|
|
| 4,400 |
| WHOLE FOODS MARKET, INC. |
|
| 116,393 |
|
| 401,852 |
|
|
|
|
|
|
|
|
|
| 16,279,100 |
|
| 31,158,291 |
|
| 7.88% |
|
Energy: |
|
|
|
|
|
|
|
|
|
| |||
| 7,542 |
| ALPHA NATURAL RESOURCES, INC.(b) |
|
| 58,865 |
|
| 73,459 |
|
|
|
|
| 9,446 |
| ANADARKO PETROLEUM CORP. |
|
| 319,802 |
|
| 701,932 |
|
|
|
|
| 5,300 |
| APACHE CORP. |
|
| 487,670 |
|
| 416,050 |
|
|
|
|
| 1,700 |
| ATWOOD OCEANICS, INC.(b) |
|
| 51,221 |
|
| 77,843 |
|
|
|
|
| 800 |
| BAKER HUGHES, INC. |
|
| 24,230 |
|
| 32,672 |
|
|
|
|
| 69,000 |
| BP PLC ADR(c)(d) |
|
| 3,074,860 |
|
| 2,873,160 |
|
|
|
|
| 1,600 |
| CABOT OIL & GAS CORP. |
|
| 69,825 |
|
| 79,584 |
|
|
|
|
| 4,800 |
| CAMERON INTERNATIONAL CORP.(b) |
|
| 124,988 |
|
| 271,008 |
|
|
|
|
| 128,100 |
| CHESAPEAKE ENERGY CORP. |
|
| 2,300,610 |
|
| 2,129,022 |
|
|
|
|
| 33,595 |
| CHEVRON CORP. |
|
| 1,471,891 |
|
| 3,632,963 |
|
|
|
|
| 7,200 |
| COBALT INTERNATIONAL ENERGY, INC.(b) |
|
| 63,000 |
|
| 176,832 |
|
|
|
|
| 1,700 |
| CONCHO RESOURCES, INC.(b) |
|
| 49,632 |
|
| 136,952 |
|
|
|
|
| 25,444 |
| CONOCOPHILLIPS |
|
| 460,670 |
|
| 1,475,498 |
|
|
|
|
| 4,531 |
| CONSOL ENERGY, INC. |
|
| 118,221 |
|
| 145,445 |
|
|
|
|
| 1,000 |
| CONTINENTAL RESOURCES, INC.(b) |
|
| 20,765 |
|
| 73,490 |
|
|
|
|
| 37,455 |
| COSAN LTD., CLASS A(c) |
|
| 519,427 |
|
| 648,346 |
|
|
|
|
| 9,300 |
| DENBURY RESOURCES, INC.(b) |
|
| 88,950 |
|
| 150,660 |
|
|
|
|
| 59,403 |
| DEVON ENERGY CORP. |
|
| 3,803,353 |
|
| 3,091,332 |
|
|
|
|
| 3,000 |
| DRESSER-RAND GROUP, INC.(b) |
|
| 98,595 |
|
| 168,420 |
|
|
|
|
| 23,548 |
| ENSCO PLC, CLASS A(c) |
|
| 1,163,852 |
|
| 1,395,925 |
|
|
|
|
| 27,570 |
| ENTERPRISE PRODUCTS PARTNERS L.P. |
|
| 1,184,195 |
|
| 1,380,706 |
|
|
|
|
| 4,800 |
| EOG RESOURCES, INC. |
|
| 62,765 |
|
| 579,792 |
|
|
|
|
| 4,000 |
| EQT CORP. |
|
| 132,900 |
|
| 235,920 |
|
|
|
|
| 15,800 |
| EXCO RESOURCES, INC.(b) |
|
| 115,036 |
|
| 106,966 |
|
|
|
|
| 77,051 |
| EXXON MOBIL CORP. |
|
| 3,049,270 |
|
| 6,668,764 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 30 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Energy (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 3,900 |
| FMC TECHNOLOGIES, INC.(b) |
| $ | 97,950 |
|
| 167,037 |
|
|
|
|
| 11,458 |
| HALLIBURTON CO. |
|
| 167,048 |
|
| 397,478 |
|
|
|
|
| 3,100 |
| HELMERICH & PAYNE, INC. |
|
| 39,003 |
|
| 173,631 |
|
|
|
|
| 23,395 |
| HESS CORP. |
|
| 1,249,072 |
|
| 1,238,999 |
|
|
|
|
| 4,000 |
| HOLLYFRONTIER CORP. |
|
| 52,098 |
|
| 186,200 |
|
|
|
|
| 53,282 |
| KINDER MORGAN, INC. |
|
| 1,503,289 |
|
| 1,882,453 |
|
|
|
|
| 9,000 |
| KOSMOS ENERGY LTD.(b)(c) |
|
| 89,726 |
|
| 111,150 |
|
|
|
|
| 51,390 |
| MAGELLAN MIDSTREAM PARTNERS L.P. |
|
| 1,489,018 |
|
| 2,219,534 |
|
|
|
|
| 44,232 |
| MARATHON OIL CORP. |
|
| 1,056,702 |
|
| 1,356,153 |
|
|
|
|
| 3,800 |
| MARATHON PETROLEUM CORP. |
|
| 209,484 |
|
| 239,400 |
|
|
|
|
| 265,363 |
| MCDERMOTT INTERNATIONAL, INC.(b) |
|
| 3,084,257 |
|
| 2,924,300 |
|
|
|
|
| 2,400 |
| MURPHY OIL CORP. |
|
| 32,055 |
|
| 142,920 |
|
|
|
|
| 8,722 |
| NATIONAL OILWELL VARCO, INC. |
|
| 214,854 |
|
| 596,149 |
|
|
|
|
| 4,200 |
| NOBLE ENERGY, INC. |
|
| 158,332 |
|
| 427,308 |
|
|
|
|
| 32,840 |
| OCCIDENTAL PETROLEUM CORP. |
|
| 1,471,855 |
|
| 2,515,873 |
|
|
|
|
| 2,500 |
| OCEANEERING INTERNATIONAL, INC. |
|
| 66,222 |
|
| 134,475 |
|
|
|
|
| 2,500 |
| PATTERSON-UTI ENERGY, INC. |
|
| 46,600 |
|
| 46,575 |
|
|
|
|
| 4,500 |
| PEABODY ENERGY CORP. |
|
| 96,557 |
|
| 119,745 |
|
|
|
|
| 13,372 |
| PHILLIPS 66 |
|
| 156,993 |
|
| 710,053 |
|
|
|
|
| 3,200 |
| PIONEER NATURAL RESOURCES CO. |
|
| 48,507 |
|
| 341,088 |
|
|
|
|
| 5,100 |
| PLAINS EXPLORATION & PRODUCTION CO.(b) |
|
| 137,712 |
|
| 239,394 |
|
|
|
|
| 58,900 |
| QEP RESOURCES, INC. |
|
| 2,054,577 |
|
| 1,782,903 |
|
|
|
|
| 1,200 |
| RANGE RESOURCES CORP. |
|
| 39,654 |
|
| 75,396 |
|
|
|
|
| 12,200 |
| SANDRIDGE ENERGY, INC.(b) |
|
| 69,540 |
|
| 77,470 |
|
|
|
|
| 21,000 |
| SCHLUMBERGER LTD. |
|
| 625,961 |
|
| 1,455,090 |
|
|
|
|
| 1,100 |
| SM ENERGY CO. |
|
| 57,442 |
|
| 57,431 |
|
|
|
|
| 7,200 |
| SOUTHWESTERN ENERGY CO.(b) |
|
| 107,060 |
|
| 240,552 |
|
|
|
|
| 10,954 |
| SPECTRA ENERGY CORP. |
|
| 155,906 |
|
| 299,921 |
|
|
|
|
| 1,200 |
| TESORO CORP. |
|
| 24,660 |
|
| 52,860 |
|
|
|
|
| 29,517 |
| TIDEWATER, INC. |
|
| 1,446,858 |
|
| 1,318,820 |
|
|
|
|
| 12,110 |
| VALERO ENERGY CORP. |
|
| 130,822 |
|
| 413,193 |
|
|
|
|
| 2,600 |
| WHITING PETROLEUM CORP.(b) |
|
| 73,761 |
|
| 112,762 |
|
|
|
|
| 7,200 |
| WILLIAMS (THE) COS., INC. |
|
| 152,628 |
|
| 235,728 |
|
|
|
|
| 2,400 |
| WPX ENERGY, INC.(b) |
|
| 34,284 |
|
| 35,712 |
|
|
|
|
|
|
|
|
|
| 35,355,080 |
|
| 49,050,494 |
|
| 12.41% |
|
Financials: |
|
|
|
|
|
|
|
|
|
| |||
| 6,000 |
| ACE LTD.(c) |
|
| 317,873 |
|
| 478,800 |
|
|
|
|
| 1,100 |
| AFFILIATED MANAGERS GROUP, INC.(b) |
|
| 73,654 |
|
| 143,165 |
|
|
|
|
| 9,850 |
| AFLAC, INC. |
|
| 262,100 |
|
| 523,232 |
|
|
|
|
| 2,100 |
| ALEXANDRIA REAL ESTATE EQUITIES, INC. |
|
| 111,442 |
|
| 145,572 |
|
|
|
|
| 4,916 |
| ALLEGHANY CORP.(b) |
|
| 1,400,737 |
|
| 1,648,925 |
|
|
|
|
| 2,700 |
| ALLIED WORLD ASSURANCE CO. HOLDINGS A.G.(c) |
|
| 86,630 |
|
| 212,760 |
|
|
|
|
| 8,300 |
| ALLSTATE (THE) CORP. |
|
| 197,623 |
|
| 333,411 |
|
|
|
|
| 500 |
| AMERICAN CAMPUS COMMUNITIES, INC. |
|
| 23,070 |
|
| 23,065 |
|
|
|
|
| 18,333 |
| AMERICAN EXPRESS CO. |
|
| 546,904 |
|
| 1,053,781 |
|
|
|
|
| 1,800 |
| AMERICAN FINANCIAL GROUP, INC. |
|
| 29,745 |
|
| 71,136 |
|
|
|
|
| 94,500 |
| AMERICAN INTERNATIONAL GROUP, INC.(b) |
|
| 2,587,871 |
|
| 3,335,850 |
|
|
|
|
| 22,580 |
| AMERICAN INTERNATIONAL GROUP, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
| - (FRACTIONAL SHARES)(b) |
|
| - |
|
| - |
|
|
|
|
| 4,850 |
| AMERICAN TOWER CORP. |
|
| 264,465 |
|
| 374,760 |
|
|
|
|
| 5,191 |
| AMERIPRISE FINANCIAL, INC. |
|
| 160,907 |
|
| 325,112 |
|
|
|
|
| 17,300 |
| ANNALY CAPITAL MANAGEMENT, INC. |
|
| 254,587 |
|
| 242,892 |
|
|
|
|
| 4,748 |
| AON PLC(c) |
|
| 110,582 |
|
| 263,989 |
|
|
|
|
| 3,628 |
| APARTMENT INVESTMENT & MANAGEMENT CO., CLASS A |
|
| 39,421 |
|
| 98,174 |
|
|
|
|
| 4,800 |
| ARCH CAPITAL GROUP LTD.(b)(c) |
|
| 101,982 |
|
| 211,296 |
|
|
|
|
| 1,600 |
| ARTHUR J. GALLAGHER & CO. |
|
| 34,040 |
|
| 55,440 |
|
|
|
|
| 2,500 |
| ASSURANT, INC. |
|
| 60,538 |
|
| 86,750 |
|
|
|
|
| 2,000 |
| ASSURED GUARANTY LTD.(c) |
|
| 24,580 |
|
| 28,460 |
|
|
|
|
| 1,834 |
| AVALONBAY COMMUNITIES, INC. |
|
| 180,298 |
|
| 248,672 |
|
|
|
|
| 900 |
| AXIS CAPITAL HOLDINGS LTD.(c) |
|
| 23,391 |
|
| 31,176 |
|
|
|
|
| 396,800 |
| BANK OF AMERICA CORP. |
|
| 4,020,451 |
|
| 4,602,880 |
|
|
|
|
| 67,129 |
| BANK OF NEW YORK MELLON (THE) CORP. |
|
| 1,543,076 |
|
| 1,725,215 |
|
|
|
|
| 40,258 |
| BB&T CORP. |
|
| 965,162 |
|
| 1,171,910 |
|
|
|
|
| 28,300 |
| BERKSHIRE HATHAWAY, INC., CLASS B(b) |
|
| 2,323,632 |
|
| 2,538,510 |
|
|
|
|
| 2,500 |
| BIOMED REALTY TRUST, INC. |
|
| 44,395 |
|
| 48,325 |
|
|
|
|
| 1,400 |
| BLACKROCK, INC. |
|
| 257,653 |
|
| 289,394 |
|
|
|
|
| 3,388 |
| BOSTON PROPERTIES, INC. |
|
| 171,468 |
|
| 358,484 |
|
|
|
|
| 2,800 |
| BRANDYWINE REALTY TRUST |
|
| 31,804 |
|
| 34,132 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 31 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Financials (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 1,600 |
| BRE PROPERTIES, INC. |
| $ | 50,588 |
|
| 81,328 |
|
|
|
|
| 900 |
| CAMDEN PROPERTY TRUST |
|
| 24,065 |
|
| 61,389 |
|
|
|
|
| 39,881 |
| CAPITAL ONE FINANCIAL CORP. |
|
| 1,810,019 |
|
| 2,310,306 |
|
|
|
|
| 16,000 |
| CAPITALSOURCE, INC. |
|
| 78,410 |
|
| 121,280 |
|
|
|
|
| 5,300 |
| CBL & ASSOCIATES PROPERTIES, INC. |
|
| 96,937 |
|
| 112,413 |
|
|
|
|
| 1,300 |
| CBRE GROUP, INC., CLASS A(b) |
|
| 25,883 |
|
| 25,870 |
|
|
|
|
| 21,400 |
| CHARLES SCHWAB (THE) CORP. |
|
| 186,608 |
|
| 307,304 |
|
|
|
|
| 17,700 |
| CHIMERA INVESTMENT CORP. |
|
| 37,226 |
|
| 46,197 |
|
|
|
|
| 2,700 |
| CHUBB (THE) CORP. |
|
| 86,607 |
|
| 203,364 |
|
|
|
|
| 2,800 |
| CIT GROUP, INC.(b) |
|
| 100,145 |
|
| 108,192 |
|
|
|
|
| 47,081 |
| CITIGROUP, INC. |
|
| 1,682,425 |
|
| 1,862,524 |
|
|
|
|
| 2,000 |
| CITY NATIONAL CORP. |
|
| 75,538 |
|
| 99,040 |
|
|
|
|
| 2,565 |
| CME GROUP, INC. |
|
| 94,814 |
|
| 130,071 |
|
|
|
|
| 1,100 |
| CNA FINANCIAL CORP. |
|
| 25,102 |
|
| 30,811 |
|
|
|
|
| 4,800 |
| CORPORATE OFFICE PROPERTIES TRUST |
|
| 107,522 |
|
| 119,904 |
|
|
|
|
| 2,216 |
| CULLEN/FROST BANKERS, INC. |
|
| 122,545 |
|
| 120,262 |
|
|
|
|
| 8,500 |
| DDR CORP. |
|
| 117,951 |
|
| 133,110 |
|
|
|
|
| 1,900 |
| DIGITAL REALTY TRUST, INC. |
|
| 117,405 |
|
| 128,991 |
|
|
|
|
| 16,287 |
| DISCOVER FINANCIAL SERVICES |
|
| 233,079 |
|
| 627,864 |
|
|
|
|
| 5,200 |
| DOUGLAS EMMETT, INC. |
|
| 61,495 |
|
| 121,160 |
|
|
|
|
| 6,000 |
| E*TRADE FINANCIAL CORP.(b) |
|
| 48,576 |
|
| 53,700 |
|
|
|
|
| 31,128 |
| ENDURANCE SPECIALTY HOLDINGS LTD.(c) |
|
| 1,204,451 |
|
| 1,235,470 |
|
|
|
|
| 400 |
| EQUITY LIFESTYLE PROPERTIES, INC. |
|
| 26,920 |
|
| 26,916 |
|
|
|
|
| 5,416 |
| EQUITY RESIDENTIAL |
|
| 174,162 |
|
| 306,925 |
|
|
|
|
| 100 |
| ESSEX PROPERTY TRUST, INC. |
|
| 14,666 |
|
| 14,665 |
|
|
|
|
| 900 |
| FEDERAL REALTY INVESTMENT TRUST |
|
| 48,326 |
|
| 93,618 |
|
|
|
|
| 1,600 |
| FIDELITY NATIONAL FINANCIAL, INC., CLASS A |
|
| 24,512 |
|
| 37,680 |
|
|
|
|
| 25,300 |
| FIFTH THIRD BANCORP |
|
| 220,963 |
|
| 384,307 |
|
|
|
|
| 400 |
| FIRST CITIZENS BANCSHARES, INC., CLASS A |
|
| 57,523 |
|
| 65,400 |
|
|
|
|
| 30,500 |
| FIRST HORIZON NATIONAL CORP. |
|
| 193,065 |
|
| 302,255 |
|
|
|
|
| 95,534 |
| FIRST HORIZON NATIONAL CORP. |
|
|
|
|
|
|
|
|
|
|
|
|
| - (FRACTIONAL SHARES)(b) |
|
| - |
|
| - |
|
|
|
|
| 67,197 |
| FIRST INTERSTATE BANCSYSTEM, INC. |
|
| 977,732 |
|
| 1,036,850 |
|
|
|
|
| 15,200 |
| FIRST NIAGARA FINANCIAL GROUP, INC. |
|
| 120,688 |
|
| 120,536 |
|
|
|
|
| 35,690 |
| FIRST REPUBLIC BANK |
|
| 1,032,094 |
|
| 1,169,918 |
|
|
|
|
| 3,359 |
| FRANKLIN RESOURCES, INC. |
|
| 189,834 |
|
| 422,226 |
|
|
|
|
| 1,800 |
| GENERAL GROWTH PROPERTIES, INC. |
|
| 30,582 |
|
| 35,730 |
|
|
|
|
| 7,700 |
| GENWORTH FINANCIAL, INC., CLASS A(b) |
|
| 31,801 |
|
| 57,827 |
|
|
|
|
| 83,600 |
| GETTY REALTY CORP. |
|
| 1,283,016 |
|
| 1,509,816 |
|
|
|
|
| 8,700 |
| GOLDMAN SACHS GROUP (THE), INC. |
|
| 742,546 |
|
| 1,109,772 |
|
|
|
|
| 3,500 |
| GREENHILL & CO., INC. |
|
| 106,120 |
|
| 181,965 |
|
|
|
|
| 3,700 |
| HARTFORD FINANCIAL SERVICES GROUP, INC. |
|
| 62,228 |
|
| 83,028 |
|
|
|
|
| 1,600 |
| HATTERAS FINANCIAL CORP. |
|
| 39,712 |
|
| 39,696 |
|
|
|
|
| 1,000 |
| HCC INSURANCE HOLDINGS, INC. |
|
| 24,155 |
|
| 37,210 |
|
|
|
|
| 7,100 |
| HCP, INC. |
|
| 104,919 |
|
| 320,778 |
|
|
|
|
| 1,900 |
| HEALTH CARE REIT, INC. |
|
| 83,301 |
|
| 116,451 |
|
|
|
|
| 2,900 |
| HOSPITALITY PROPERTIES TRUST |
|
| 49,740 |
|
| 67,918 |
|
|
|
|
| 16,122 |
| HOST HOTELS & RESORTS, INC. |
|
| 138,445 |
|
| 252,632 |
|
|
|
|
| 678 |
| HOWARD HUGHES (THE) CORP.(b) |
|
| 20,502 |
|
| 49,508 |
|
|
|
|
| 10,500 |
| HUDSON CITY BANCORP, INC. |
|
| 65,625 |
|
| 85,365 |
|
|
|
|
| 35,000 |
| HUNTINGTON BANCSHARES, INC. |
|
| 169,770 |
|
| 223,650 |
|
|
|
|
| 11,400 |
| INVESCO LTD. |
|
| 176,068 |
|
| 297,426 |
|
|
|
|
| 33,700 |
| JANUS CAPITAL GROUP, INC. |
|
| 222,792 |
|
| 287,124 |
|
|
|
|
| 700 |
| JONES LANG LASALLE, INC. |
|
| 39,950 |
|
| 58,758 |
|
|
|
|
| 60,946 |
| JPMORGAN CHASE & CO. |
|
| 1,566,752 |
|
| 2,679,796 |
|
|
|
|
| 8,900 |
| KEYCORP |
|
| 55,350 |
|
| 74,938 |
|
|
|
|
| 8,201 |
| KIMCO REALTY CORP. |
|
| 100,158 |
|
| 158,443 |
|
|
|
|
| 3,752 |
| LEGG MASON, INC. |
|
| 52,584 |
|
| 96,501 |
|
|
|
|
| 4,700 |
| LEUCADIA NATIONAL CORP. |
|
| 98,439 |
|
| 111,813 |
|
|
|
|
| 1,100 |
| LIBERTY PROPERTY TRUST |
|
| 23,946 |
|
| 39,347 |
|
|
|
|
| 1,100 |
| LINCOLN NATIONAL CORP. |
|
| 22,715 |
|
| 28,490 |
|
|
|
|
| 6,000 |
| LOEWS CORP. |
|
| 131,444 |
|
| 244,500 |
|
|
|
|
| 2,000 |
| M&T BANK CORP. |
|
| 145,114 |
|
| 196,940 |
|
|
|
|
| 5,123 |
| MACERICH (THE) CO. |
|
| 121,389 |
|
| 298,671 |
|
|
|
|
| 200 |
| MARKEL CORP.(b) |
|
| 67,789 |
|
| 86,684 |
|
|
|
|
| 2,978 |
| MARSH & MCLENNAN COS., INC. |
|
| 66,024 |
|
| 102,652 |
|
|
|
|
| 1,300 |
| MERCURY GENERAL CORP. |
|
| 38,018 |
|
| 51,597 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 32 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Financials (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 10,900 |
| METLIFE, INC. |
| $ | 327,220 |
|
| 359,046 |
|
|
|
|
| 3,200 |
| MFA FINANCIAL, INC. |
|
| 24,800 |
|
| 25,952 |
|
|
|
|
| 2,200 |
| MOODY’S CORP. |
|
| 77,502 |
|
| 110,704 |
|
|
|
|
| 21,600 |
| MORGAN STANLEY |
|
| 332,129 |
|
| 412,992 |
|
|
|
|
| 1,800 |
| NASDAQ OMX GROUP (THE), INC. |
|
| 45,036 |
|
| 45,018 |
|
|
|
|
| 30,810 |
| NATIONSTAR MORTGAGE HOLDINGS, INC.(b) |
|
| 429,098 |
|
| 954,494 |
|
|
|
|
| 7,649 |
| NEW YORK COMMUNITY BANCORP, INC. |
|
| 86,776 |
|
| 100,202 |
|
|
|
|
| 2,502 |
| NORTHERN TRUST CORP. |
|
| 120,110 |
|
| 125,500 |
|
|
|
|
| 4,100 |
| NYSE EURONEXT |
|
| 129,355 |
|
| 129,314 |
|
|
|
|
| 245,000 |
| OLD REPUBLIC INTERNATIONAL CORP. |
|
| 2,422,210 |
|
| 2,609,250 |
|
|
|
|
| 2,200 |
| PARTNERRE LTD.(c) |
|
| 119,028 |
|
| 177,078 |
|
|
|
|
| 4,385 |
| PLUM CREEK TIMBER CO., INC. |
|
| 105,969 |
|
| 194,562 |
|
|
|
|
| 23,002 |
| PNC FINANCIAL SERVICES GROUP, INC. |
|
| 1,129,077 |
|
| 1,341,247 |
|
|
|
|
| 1,600 |
| POPULAR, INC.(b)(c) |
|
| 33,280 |
|
| 33,264 |
|
|
|
|
| 6,100 |
| PRINCIPAL FINANCIAL GROUP, INC. |
|
| 140,614 |
|
| 173,972 |
|
|
|
|
| 6,048 |
| PROGRESSIVE (THE) CORP. |
|
| 80,691 |
|
| 127,613 |
|
|
|
|
| 10,169 |
| PROLOGIS, INC. |
|
| 257,893 |
|
| 371,067 |
|
|
|
|
| 2,200 |
| PROTECTIVE LIFE CORP. |
|
| 24,849 |
|
| 62,876 |
|
|
|
|
| 8,500 |
| PRUDENTIAL FINANCIAL, INC. |
|
| 257,378 |
|
| 453,305 |
|
|
|
|
| 2,261 |
| PUBLIC STORAGE |
|
| 235,329 |
|
| 327,755 |
|
|
|
|
| 20,062 |
| RAYMOND JAMES FINANCIAL, INC. |
|
| 621,448 |
|
| 772,989 |
|
|
|
|
| 6,972 |
| RAYONIER, INC. |
|
| 104,763 |
|
| 361,359 |
|
|
|
|
| 2,700 |
| REALTY INCOME CORP. |
|
| 62,340 |
|
| 108,567 |
|
|
|
|
| 3,900 |
| REGENCY CENTERS CORP. |
|
| 91,178 |
|
| 183,768 |
|
|
|
|
| 9,099 |
| REGIONS FINANCIAL CORP. |
|
| 36,947 |
|
| 64,785 |
|
|
|
|
| 2,900 |
| RENAISSANCERE HOLDINGS LTD.(c) |
|
| 136,230 |
|
| 235,654 |
|
|
|
|
| 9,800 |
| RETAIL PROPERTIES OF AMERICA, INC., CLASS A |
|
| 90,439 |
|
| 117,306 |
|
|
|
|
| 7,500 |
| SEI INVESTMENTS CO. |
|
| 108,537 |
|
| 175,050 |
|
|
|
|
| 2,900 |
| SENIOR HOUSING PROPERTIES TRUST |
|
| 57,884 |
|
| 68,556 |
|
|
|
|
| 4,195 |
| SIMON PROPERTY GROUP, INC. |
|
| 250,319 |
|
| 663,187 |
|
|
|
|
| 1,900 |
| SL GREEN REALTY CORP. |
|
| 58,204 |
|
| 145,635 |
|
|
|
|
| 12,600 |
| SLM CORP. |
|
| 134,787 |
|
| 215,838 |
|
|
|
|
| 4,400 |
| ST. JOE (THE) CO.(b) |
|
| 69,320 |
|
| 101,552 |
|
|
|
|
| 6,000 |
| STATE STREET CORP. |
|
| 262,103 |
|
| 282,060 |
|
|
|
|
| 6,634 |
| SUNTRUST BANKS, INC. |
|
| 92,816 |
|
| 188,074 |
|
|
|
|
| 79,260 |
| SYMETRA FINANCIAL CORP. |
|
| 929,924 |
|
| 1,028,795 |
|
|
|
|
| 25,600 |
| SYNOVUS FINANCIAL CORP.(b) |
|
| 48,740 |
|
| 62,720 |
|
|
|
|
| 6,349 |
| T. ROWE PRICE GROUP, INC. |
|
| 125,884 |
|
| 413,510 |
|
|
|
|
| 2,100 |
| TAUBMAN CENTERS, INC. |
|
| 60,146 |
|
| 165,312 |
|
|
|
|
| 12,000 |
| TCF FINANCIAL CORP. |
|
| 111,496 |
|
| 145,800 |
|
|
|
|
| 2,600 |
| TFS FINANCIAL CORP.(b) |
|
| 25,038 |
|
| 25,012 |
|
|
|
|
| 5,100 |
| TORCHMARK CORP. |
|
| 138,962 |
|
| 263,517 |
|
|
|
|
| 10,688 |
| TRAVELERS (THE) COS., INC. |
|
| 378,568 |
|
| 767,612 |
|
|
|
|
| 17,785 |
| U.S. BANCORP |
|
| 322,544 |
|
| 568,053 |
|
|
|
|
| 4,100 |
| UDR, INC. |
|
| 65,319 |
|
| 97,498 |
|
|
|
|
| 1,600 |
| UNUM GROUP |
|
| 33,328 |
|
| 33,312 |
|
|
|
|
| 1,100 |
| VALIDUS HOLDINGS LTD.(c) |
|
| 23,557 |
|
| 38,038 |
|
|
|
|
| 3,200 |
| VALLEY NATIONAL BANCORP |
|
| 29,792 |
|
| 29,760 |
|
|
|
|
| 3,200 |
| VENTAS, INC. |
|
| 162,519 |
|
| 207,104 |
|
|
|
|
| 800 |
| VORNADO REALTY TRUST |
|
| 39,944 |
|
| 64,064 |
|
|
|
|
| 1,106 |
| W.R. BERKLEY CORP. |
|
| 29,276 |
|
| 41,740 |
|
|
|
|
| 2,900 |
| WADDELL & REED FINANCIAL, INC., CLASS A |
|
| 75,337 |
|
| 100,978 |
|
|
|
|
| 1,800 |
| WASHINGTON FEDERAL, INC. |
|
| 23,535 |
|
| 30,366 |
|
|
|
|
| 2,100 |
| WEINGARTEN REALTY INVESTORS |
|
| 30,002 |
|
| 56,217 |
|
|
|
|
| 81,645 |
| WELLS FARGO & CO. |
|
| 1,092,068 |
|
| 2,790,626 |
|
|
|
|
| 262 |
| WHITE MOUNTAINS INSURANCE GROUP LTD. |
|
| 136,992 |
|
| 134,930 |
|
|
|
|
| 15,441 |
| WILLIS GROUP HOLDINGS PLC(c) |
|
| 563,070 |
|
| 517,737 |
|
|
|
|
| 4,900 |
| XL GROUP PLC(c) |
|
| 95,648 |
|
| 122,794 |
|
|
|
|
| 3,000 |
| ZIONS BANCORPORATION |
|
| 56,955 |
|
| 64,200 |
|
|
|
|
|
|
|
|
|
| 44,753,254 |
|
| 61,301,426 |
|
| 15.51% |
|
| Health Care: |
|
|
|
|
|
|
|
|
|
| ||
| 12,835 |
| ABBOTT LABORATORIES |
|
| 439,131 |
|
| 840,692 |
|
|
|
|
| 8,103 |
| AETNA, INC. |
|
| 108,542 |
|
| 375,169 |
|
|
|
|
| 5,600 |
| AGILENT TECHNOLOGIES, INC. |
|
| 221,244 |
|
| 229,264 |
|
|
|
|
| 4,200 |
| ALERE, INC.(b) |
|
| 77,812 |
|
| 77,700 |
|
|
|
|
| 3,000 |
| ALEXION PHARMACEUTICALS, INC.(b) |
|
| 58,088 |
|
| 281,430 |
|
|
|
|
| 5,507 |
| ALLERGAN, INC. |
|
| 201,259 |
|
| 505,157 |
|
|
|
|
| 7,200 |
| AMERISOURCEBERGEN CORP. |
|
| 115,968 |
|
| 310,896 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 33 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Health Care (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 16,000 |
| AMGEN, INC. |
| $ | 64,848 |
|
| 1,381,120 |
|
|
|
|
| 7,500 |
| BAXTER INTERNATIONAL, INC. |
|
| 433,958 |
|
| 499,950 |
|
|
|
|
| 18,945 |
| BAYER A.G. ADR(c)(d) |
|
| 1,332,790 |
|
| 1,817,204 |
|
|
|
|
| 1,700 |
| BECTON, DICKINSON AND CO. |
|
| 76,290 |
|
| 132,923 |
|
|
|
|
| 5,750 |
| BIOGEN IDEC, INC.(b) |
|
| 72,723 |
|
| 843,353 |
|
|
|
|
| 500 |
| BIOMARIN PHARMACEUTICAL, INC.(b) |
|
| 24,660 |
|
| 24,625 |
|
|
|
|
| 264,291 |
| BOSTON SCIENTIFIC CORP.(b) |
|
| 1,661,326 |
|
| 1,514,387 |
|
|
|
|
| 26,100 |
| BRISTOL-MYERS SQUIBB CO. |
|
| 680,925 |
|
| 850,599 |
|
|
|
|
| 1,200 |
| C.R. BARD, INC. |
|
| 72,420 |
|
| 117,288 |
|
|
|
|
| 1,000 |
| CARDINAL HEALTH, INC. |
|
| 26,001 |
|
| 41,180 |
|
|
|
|
| 78,000 |
| CAREFUSION CORP.(b) |
|
| 1,937,401 |
|
| 2,229,240 |
|
|
|
|
| 1,900 |
| CATAMARAN CORP.(b) |
|
| 73,474 |
|
| 89,509 |
|
|
|
|
| 6,736 |
| CELGENE CORP.(b) |
|
| 170,860 |
|
| 530,258 |
|
|
|
|
| 1,800 |
| CERNER CORP.(b) |
|
| 40,604 |
|
| 139,752 |
|
|
|
|
| 5,700 |
| CIGNA CORP. |
|
| 89,680 |
|
| 304,722 |
|
|
|
|
| 3,400 |
| COMMUNITY HEALTH SYSTEMS, INC. |
|
| 58,650 |
|
| 104,516 |
|
|
|
|
| 19,151 |
| COVIDIEN PLC(c) |
|
| 877,071 |
|
| 1,105,779 |
|
|
|
|
| 1,425 |
| DAVITA HEALTHCARE PARTNERS, INC.(b) |
|
| 21,812 |
|
| 157,505 |
|
|
|
|
| 3,700 |
| DENTSPLY INTERNATIONAL, INC. |
|
| 102,582 |
|
| 146,557 |
|
|
|
|
| 3,800 |
| EDWARDS LIFESCIENCES CORP.(b) |
|
| 118,152 |
|
| 342,646 |
|
|
|
|
| 14,900 |
| ELI LILLY & CO. |
|
| 587,030 |
|
| 734,868 |
|
|
|
|
| 4,200 |
| ENDO HEALTH SOLUTIONS, INC.(b) |
|
| 110,376 |
|
| 110,334 |
|
|
|
|
| 17,002 |
| EXPRESS SCRIPTS HOLDING CO.(b) |
|
| 255,105 |
|
| 918,108 |
|
|
|
|
| 4,300 |
| FOREST LABORATORIES, INC.(b) |
|
| 149,131 |
|
| 151,876 |
|
|
|
|
| 14,260 |
| GILEAD SCIENCES, INC.(b) |
|
| 231,726 |
|
| 1,047,397 |
|
|
|
|
| 6,900 |
| HEALTH MANAGEMENT ASSOCIATES, INC., CLASS A(b) |
|
| 44,746 |
|
| 64,308 |
|
|
|
|
| 1,300 |
| HEALTH NET, INC.(b) |
|
| 31,603 |
|
| 31,590 |
|
|
|
|
| 68,310 |
| HEALTHSOUTH CORP.(b) |
|
| 1,240,167 |
|
| 1,442,024 |
|
|
|
|
| 1,900 |
| HENRY SCHEIN, INC.(b) |
|
| 86,166 |
|
| 152,874 |
|
|
|
|
| 85,193 |
| HOLOGIC, INC.(b) |
|
| 1,517,449 |
|
| 1,706,416 |
|
|
|
|
| 33,321 |
| HOSPIRA, INC.(b) |
|
| 1,134,557 |
|
| 1,040,948 |
|
|
|
|
| 3,900 |
| HUMANA, INC. |
|
| 39,107 |
|
| 267,657 |
|
|
|
|
| 1,400 |
| IDEXX LABORATORIES, INC.(b) |
|
| 60,410 |
|
| 129,920 |
|
|
|
|
| 2,300 |
| ILLUMINA, INC.(b) |
|
| 98,233 |
|
| 127,857 |
|
|
|
|
| 600 |
| INTUITIVE SURGICAL, INC.(b) |
|
| 312,638 |
|
| 294,222 |
|
|
|
|
| 70,808 |
| JOHNSON & JOHNSON |
|
| 3,357,911 |
|
| 4,963,641 |
|
|
|
|
| 800 |
| LABORATORY CORP. OF AMERICA HOLDINGS(b) |
|
| 18,788 |
|
| 69,296 |
|
|
|
|
| 1,873 |
| LIFE TECHNOLOGIES CORP.(b) |
|
| 59,724 |
|
| 91,927 |
|
|
|
|
| 5,700 |
| MCKESSON CORP. |
|
| 202,596 |
|
| 552,672 |
|
|
|
|
| 16,900 |
| MEDTRONIC, INC. |
|
| 617,995 |
|
| 693,238 |
|
|
|
|
| 49,378 |
| MERCK & CO., INC. |
|
| 1,179,137 |
|
| 2,021,535 |
|
|
|
|
| 1,321 |
| METTLER-TOLEDO INTERNATIONAL, INC.(b) |
|
| 91,350 |
|
| 255,349 |
|
|
|
|
| 4,600 |
| MYLAN, INC.(b) |
|
| 85,192 |
|
| 126,408 |
|
|
|
|
| 21,945 |
| NOVARTIS A.G. ADR(c)(d) |
|
| 1,287,171 |
|
| 1,389,118 |
|
|
|
|
| 300 |
| ONYX PHARMACEUTICALS, INC.(b) |
|
| 22,644 |
|
| 22,659 |
|
|
|
|
| 1,600 |
| PATTERSON COS., INC. |
|
| 29,864 |
|
| 54,768 |
|
|
|
|
| 3,400 |
| PERKINELMER, INC. |
|
| 53,706 |
|
| 107,916 |
|
|
|
|
| 2,900 |
| PERRIGO CO. |
|
| 109,545 |
|
| 301,687 |
|
|
|
|
| 166,918 |
| PFIZER, INC. |
|
| 1,535,470 |
|
| 4,186,303 |
|
|
|
|
| 3,900 |
| QIAGEN N.V.(b)(c) |
|
| 70,824 |
|
| 70,785 |
|
|
|
|
| 22,139 |
| QUEST DIAGNOSTICS, INC. |
|
| 1,178,739 |
|
| 1,290,040 |
|
|
|
|
| 1,000 |
| REGENERON PHARMACEUTICALS, INC.(b) |
|
| 155,108 |
|
| 171,070 |
|
|
|
|
| 4,000 |
| RESMED, INC. |
|
| 81,990 |
|
| 166,280 |
|
|
|
|
| 600 |
| SALIX PHARMACEUTICALS LTD.(b) |
|
| 24,294 |
|
| 24,288 |
|
|
|
|
| 900 |
| SIRONA DENTAL SYSTEMS, INC.(b) |
|
| 38,745 |
|
| 58,014 |
|
|
|
|
| 4,539 |
| ST. JUDE MEDICAL, INC. |
|
| 114,088 |
|
| 164,040 |
|
|
|
|
| 4,700 |
| STRYKER CORP. |
|
| 18,139 |
|
| 257,654 |
|
|
|
|
| 22,645 |
| TELEFLEX, INC. |
|
| 1,222,836 |
|
| 1,614,815 |
|
|
|
|
| 7,500 |
| THERMO FISHER SCIENTIFIC, INC. |
|
| 162,174 |
|
| 478,350 |
|
|
|
|
| 400 |
| UNITED THERAPEUTICS CORP.(b) |
|
| 21,372 |
|
| 21,368 |
|
|
|
|
| 17,202 |
| UNITEDHEALTH GROUP, INC. |
|
| 273,316 |
|
| 933,037 |
|
|
|
|
| 2,036 |
| UNIVERSAL HEALTH SERVICES, INC., CLASS B |
|
| 38,822 |
|
| 98,441 |
|
|
|
|
| 29,760 |
| VALEANT PHARMACEUTICALS INTERNATIONAL, INC.(b)(c) |
|
| 878,700 |
|
| 1,778,755 |
|
|
|
|
| 5,000 |
| VARIAN MEDICAL SYSTEMS, INC.(b) |
|
| 184,300 |
|
| 351,200 |
|
|
|
|
| 3,000 |
| VERTEX PHARMACEUTICALS, INC.(b) |
|
| 74,805 |
|
| 125,820 |
|
|
|
|
| 2,600 |
| WATERS CORP.(b) |
|
| 60,997 |
|
| 226,512 |
|
|
|
|
| 3,175 |
| WATSON PHARMACEUTICALS, INC.(b) |
|
| 79,361 |
|
| 273,050 |
|
|
|
|
| 9,249 |
| WELLPOINT, INC. |
|
| 325,438 |
|
| 563,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 34 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Health Care (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 22,238 |
| ZIMMER HOLDINGS, INC. |
| $ | 1,270,712 |
|
| 1,482,385 |
|
|
|
|
|
|
|
|
|
| 29,982,568 |
|
| 48,199,690 |
|
| 12.19% |
|
| Industrials: |
|
|
|
|
|
|
|
|
|
|
|
|
| 10,187 |
| 3M CO. |
|
| 683,400 |
|
| 945,863 |
|
|
|
|
| 948 |
| ACCO BRANDS CORP.(b) |
|
| 3,315 |
|
| 6,958 |
|
|
|
|
| 5,250 |
| ADT (THE) CORP. |
|
| 124,100 |
|
| 244,072 |
|
|
|
|
| 17,672 |
| AGCO CORP.(b) |
|
| 679,766 |
|
| 868,049 |
|
|
|
|
| 75,330 |
| AIR LEASE CORP.(b) |
|
| 1,868,329 |
|
| 1,619,595 |
|
|
|
|
| 500 |
| ALLIANT TECHSYSTEMS, INC. |
|
| 24,985 |
|
| 30,980 |
|
|
|
|
| 5,175 |
| AMETEK, INC. |
|
| 73,220 |
|
| 194,425 |
|
|
|
|
| 1,700 |
| B/E AEROSPACE, INC.(b) |
|
| 47,626 |
|
| 83,980 |
|
|
|
|
| 2,700 |
| BABCOCK & WILCOX (THE) CO. |
|
| 35,478 |
|
| 70,740 |
|
|
|
|
| 29,760 |
| BOEING (THE) CO. |
|
| 1,404,260 |
|
| 2,242,714 |
|
|
|
|
| 2,200 |
| CARLISLE COS., INC. |
|
| 45,116 |
|
| 129,272 |
|
|
|
|
| 11,004 |
| CATERPILLAR, INC. |
|
| 295,368 |
|
| 985,738 |
|
|
|
|
| 2,500 |
| CHICAGO BRIDGE & IRON CO. N.V.(c) |
|
| 50,995 |
|
| 115,875 |
|
|
|
|
| 400 |
| CLEAN HARBORS, INC.(b) |
|
| 22,008 |
|
| 22,004 |
|
|
|
|
| 2,027 |
| CON-WAY, INC. |
|
| 44,529 |
|
| 56,391 |
|
|
|
|
| 800 |
| COPA HOLDINGS S.A., CLASS A(c) |
|
| 32,618 |
|
| 79,560 |
|
|
|
|
| 2,600 |
| CORRECTIONS CORP. OF AMERICA |
|
| 49,022 |
|
| 92,222 |
|
|
|
|
| 3,948 |
| CRANE CO. |
|
| 66,572 |
|
| 182,713 |
|
|
|
|
| 27,900 |
| CSX CORP. |
|
| 97,923 |
|
| 550,467 |
|
|
|
|
| 3,700 |
| CUMMINS, INC. |
|
| 50,756 |
|
| 400,895 |
|
|
|
|
| 11,163 |
| DANAHER CORP. |
|
| 255,642 |
|
| 624,012 |
|
|
|
|
| 7,300 |
| DEERE & CO. |
|
| 199,160 |
|
| 630,866 |
|
|
|
|
| 8,200 |
| DELTA AIR LINES, INC.(b) |
|
| 75,182 |
|
| 97,334 |
|
|
|
|
| 2,160 |
| DONALDSON CO., INC. |
|
| 61,867 |
|
| 70,934 |
|
|
|
|
| 3,325 |
| DOVER CORP. |
|
| 122,574 |
|
| 218,486 |
|
|
|
|
| 5,469 |
| DUN & BRADSTREET (THE) CORP. |
|
| 301,952 |
|
| 430,137 |
|
|
|
|
| 8,384 |
| EATON CORP. PLC(c) |
|
| 157,701 |
|
| 454,413 |
|
|
|
|
| 31,183 |
| EMCOR GROUP, INC. |
|
| 892,612 |
|
| 1,079,244 |
|
|
|
|
| 15,500 |
| EMERSON ELECTRIC CO. |
|
| 422,332 |
|
| 820,880 |
|
|
|
|
| 200 |
| ENGILITY HOLDINGS, INC.(b) |
|
| 2,327 |
|
| 3,852 |
|
|
|
|
| 195,600 |
| EXELIS, INC. |
|
| 2,224,286 |
|
| 2,204,412 |
|
|
|
|
| 1,700 |
| EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. |
|
| 56,747 |
|
| 67,235 |
|
|
|
|
| 3,200 |
| FASTENAL CO. |
|
| 105,341 |
|
| 149,408 |
|
|
|
|
| 6,653 |
| FEDEX CORP. |
|
| 130,734 |
|
| 610,213 |
|
|
|
|
| 100 |
| FLOWSERVE CORP. |
|
| 14,470 |
|
| 14,680 |
|
|
|
|
| 1,950 |
| FLUOR CORP. |
|
| 26,013 |
|
| 114,543 |
|
|
|
|
| 4,300 |
| FORTUNE BRANDS HOME & SECURITY, INC.(b) |
|
| 33,889 |
|
| 125,646 |
|
|
|
|
| 1,400 |
| GATX CORP. |
|
| 24,276 |
|
| 60,620 |
|
|
|
|
| 2,500 |
| GENERAL CABLE CORP.(b) |
|
| 60,825 |
|
| 76,025 |
|
|
|
|
| 3,600 |
| GENERAL DYNAMICS CORP. |
|
| 239,388 |
|
| 249,372 |
|
|
|
|
| 322,900 |
| GENERAL ELECTRIC CO. |
|
| 5,108,160 |
|
| 6,777,671 |
|
|
|
|
| 2,800 |
| GRAFTECH INTERNATIONAL LTD.(b) |
|
| 26,320 |
|
| 26,292 |
|
|
|
|
| 1,600 |
| HARSCO CORP. |
|
| 28,236 |
|
| 37,600 |
|
|
|
|
| 6,600 |
| HERTZ GLOBAL HOLDINGS, INC.(b) |
|
| 37,676 |
|
| 107,382 |
|
|
|
|
| 11,088 |
| HONEYWELL INTERNATIONAL, INC. |
|
| 399,163 |
|
| 703,755 |
|
|
|
|
| 1,200 |
| HUBBELL, INC., CLASS B |
|
| 43,310 |
|
| 101,556 |
|
|
|
|
| 610 |
| HUNTINGTON INGALLS INDUSTRIES, INC. |
|
| 14,978 |
|
| 26,437 |
|
|
|
|
| 2,500 |
| IDEX CORP. |
|
| 58,238 |
|
| 116,325 |
|
|
|
|
| 700 |
| IHS, INC., CLASS A(b) |
|
| 30,838 |
|
| 67,200 |
|
|
|
|
| 5,624 |
| ILLINOIS TOOL WORKS, INC. |
|
| 205,252 |
|
| 341,995 |
|
|
|
|
| 3,700 |
| INGERSOLL-RAND PLC(b)(c) |
|
| 153,006 |
|
| 177,452 |
|
|
|
|
| 1,524 |
| IRON MOUNTAIN, INC. |
|
| 35,583 |
|
| 47,320 |
|
|
|
|
| 28,800 |
| ITT CORP. |
|
| 517,715 |
|
| 675,648 |
|
|
|
|
| 2,100 |
| J.B. HUNT TRANSPORT SERVICES, INC. |
|
| 40,530 |
|
| 125,391 |
|
|
|
|
| 2,068 |
| JACOBS ENGINEERING GROUP, INC.(b) |
|
| 46,598 |
|
| 88,035 |
|
|
|
|
| 2,438 |
| JOY GLOBAL, INC. |
|
| 118,055 |
|
| 155,496 |
|
|
|
|
| 2,900 |
| KANSAS CITY SOUTHERN |
|
| 46,328 |
|
| 242,092 |
|
|
|
|
| 2,800 |
| KBR, INC. |
|
| 55,655 |
|
| 83,776 |
|
|
|
|
| 400 |
| KIRBY CORP.(b) |
|
| 24,760 |
|
| 24,756 |
|
|
|
|
| 1,100 |
| L-3 COMMUNICATIONS HOLDINGS, INC. |
|
| 49,763 |
|
| 84,282 |
|
|
|
|
| 1,200 |
| LANDSTAR SYSTEM, INC. |
|
| 38,351 |
|
| 62,952 |
|
|
|
|
| 900 |
| LENNOX INTERNATIONAL, INC. |
|
| 26,811 |
|
| 47,268 |
|
|
|
|
| 1,400 |
| LINCOLN ELECTRIC HOLDINGS, INC. |
|
| 28,970 |
|
| 68,152 |
|
|
|
|
| 3,900 |
| LOCKHEED MARTIN CORP. |
|
| 194,786 |
|
| 359,931 |
|
|
|
|
| 4,800 |
| MANITOWOC (THE) CO., INC. |
|
| 47,568 |
|
| 75,264 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 35 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Industrials (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 32,238 |
| MANPOWER, INC. |
| $ | 1,224,672 |
|
| 1,368,181 |
|
|
|
|
| 13,200 |
| MASCO CORP. |
|
| 97,548 |
|
| 219,912 |
|
|
|
|
| 50,407 |
| MASTEC, INC.(b) |
|
| 815,426 |
|
| 1,256,647 |
|
|
|
|
| 2,200 |
| NAVISTAR INTERNATIONAL CORP.(b) |
|
| 47,586 |
|
| 47,894 |
|
|
|
|
| 2,000 |
| NIELSEN HOLDINGS N.V.(b) |
|
| 61,200 |
|
| 61,180 |
|
|
|
|
| 700 |
| NORDSON CORP. |
|
| 29,470 |
|
| 44,184 |
|
|
|
|
| 4,760 |
| NORFOLK SOUTHERN CORP. |
|
| 99,373 |
|
| 294,358 |
|
|
|
|
| 3,660 |
| NORTHROP GRUMMAN CORP. |
|
| 139,878 |
|
| 247,343 |
|
|
|
|
| 6,300 |
| OSHKOSH CORP.(b) |
|
| 109,053 |
|
| 186,795 |
|
|
|
|
| 1,100 |
| OWENS CORNING(b) |
|
| 22,578 |
|
| 40,689 |
|
|
|
|
| 8,389 |
| PACCAR, INC. |
|
| 91,278 |
|
| 379,267 |
|
|
|
|
| 2,200 |
| PALL CORP. |
|
| 55,214 |
|
| 132,572 |
|
|
|
|
| 2,850 |
| PARKER HANNIFIN CORP. |
|
| 123,853 |
|
| 242,421 |
|
|
|
|
| 2,519 |
| PENTAIR LTD. (REGISTERED)(c) |
|
| 73,408 |
|
| 123,809 |
|
|
|
|
| 2,200 |
| PRECISION CASTPARTS CORP. |
|
| 145,807 |
|
| 416,724 |
|
|
|
|
| 4,100 |
| QUANTA SERVICES, INC.(b) |
|
| 52,131 |
|
| 111,889 |
|
|
|
|
| 2,800 |
| R.R. DONNELLEY & SONS CO. |
|
| 25,228 |
|
| 25,200 |
|
|
|
|
| 5,700 |
| RAYTHEON CO. |
|
| 160,192 |
|
| 328,092 |
|
|
|
|
| 5,250 |
| ROCKWELL AUTOMATION, INC. |
|
| 73,987 |
|
| 440,948 |
|
|
|
|
| 5,214 |
| ROCKWELL COLLINS, INC. |
|
| 154,727 |
|
| 303,298 |
|
|
|
|
| 600 |
| ROPER INDUSTRIES, INC. |
|
| 52,897 |
|
| 66,888 |
|
|
|
|
| 23,795 |
| RYDER SYSTEM, INC. |
|
| 903,248 |
|
| 1,188,084 |
|
|
|
|
| 700 |
| SNAP-ON, INC. |
|
| 17,991 |
|
| 55,293 |
|
|
|
|
| 161,420 |
| SOUTHWEST AIRLINES CO. |
|
| 1,371,355 |
|
| 1,652,941 |
|
|
|
|
| 66,640 |
| SPIRIT AEROSYSTEMS HOLDINGS, INC., CLASS A(b) |
|
| 1,527,185 |
|
| 1,130,881 |
|
|
|
|
| 300 |
| SPX CORP. |
|
| 11,766 |
|
| 21,045 |
|
|
|
|
| 2,557 |
| STANLEY BLACK & DECKER, INC. |
|
| 72,047 |
|
| 189,141 |
|
|
|
|
| 2,000 |
| STERICYCLE, INC.(b) |
|
| 95,284 |
|
| 186,540 |
|
|
|
|
| 1,700 |
| TEREX CORP.(b) |
|
| 31,637 |
|
| 47,787 |
|
|
|
|
| 2,000 |
| TEXTRON, INC. |
|
| 49,440 |
|
| 49,580 |
|
|
|
|
| 1,000 |
| TOWERS WATSON & CO., CLASS A |
|
| 56,220 |
|
| 56,210 |
|
|
|
|
| 200 |
| TRANSDIGM GROUP, INC. |
|
| 26,368 |
|
| 27,272 |
|
|
|
|
| 10,500 |
| TYCO INTERNATIONAL LTD.(c) |
|
| 190,755 |
|
| 307,125 |
|
|
|
|
| 7,600 |
| UNION PACIFIC CORP. |
|
| 219,426 |
|
| 955,472 |
|
|
|
|
| 4,828 |
| UNITED CONTINENTAL HOLDINGS, INC.(b) |
|
| 104,937 |
|
| 112,879 |
|
|
|
|
| 10,340 |
| UNITED PARCEL SERVICE, INC., CLASS B |
|
| 612,760 |
|
| 762,368 |
|
|
|
|
| 16,850 |
| UNITED TECHNOLOGIES CORP. |
|
| 637,288 |
|
| 1,381,868 |
|
|
|
|
| 31,907 |
| UNIVERSAL FOREST PRODUCTS, INC. |
|
| 1,135,287 |
|
| 1,213,742 |
|
|
|
|
| 36,163 |
| URS CORP. |
|
| 1,491,181 |
|
| 1,419,759 |
|
|
|
|
| 2,000 |
| USG CORP.(b) |
|
| 12,350 |
|
| 56,140 |
|
|
|
|
| 2,200 |
| UTI WORLDWIDE, INC. |
|
| 25,509 |
|
| 29,480 |
|
|
|
|
| 500 |
| VERISK ANALYTICS, INC., CLASS A(b) |
|
| 25,120 |
|
| 25,500 |
|
|
|
|
| 1,700 |
| W.W. GRAINGER, INC. |
|
| 74,317 |
|
| 344,029 |
|
|
|
|
| 1,966 |
| WABCO HOLDINGS, INC.(b) |
|
| 30,197 |
|
| 128,164 |
|
|
|
|
| 700 |
| WABTEC CORP. |
|
| 25,602 |
|
| 61,278 |
|
|
|
|
| 1,650 |
| WASTE CONNECTIONS, INC. |
|
| 29,914 |
|
| 55,754 |
|
|
|
|
| 8,650 |
| WASTE MANAGEMENT, INC. |
|
| 135,675 |
|
| 291,851 |
|
|
|
|
| 57,600 |
| XYLEM, INC. |
|
| 1,826,023 |
|
| 1,560,960 |
|
|
|
|
|
|
|
|
|
| 32,877,742 |
|
| 47,298,287 |
|
| 11.97% |
|
| Information Technology: |
|
|
|
|
|
|
|
|
|
| ||
| 9,300 |
| ACCENTURE PLC, CLASS A(c) |
|
| 455,515 |
|
| 618,450 |
|
|
|
|
| 5,600 |
| ACTIVISION BLIZZARD, INC. |
|
| 9,966 |
|
| 59,472 |
|
|
|
|
| 6,824 |
| ADOBE SYSTEMS, INC.(b) |
|
| 101,869 |
|
| 257,128 |
|
|
|
|
| 3,300 |
| AKAMAI TECHNOLOGIES, INC.(b) |
|
| 45,920 |
|
| 135,003 |
|
|
|
|
| 1,600 |
| ALLIANCE DATA SYSTEMS CORP.(b) |
|
| 75,650 |
|
| 231,616 |
|
|
|
|
| 5,000 |
| ALTERA CORP. |
|
| 94,155 |
|
| 172,200 |
|
|
|
|
| 800 |
| AMDOCS LTD. |
|
| 27,960 |
|
| 27,192 |
|
|
|
|
| 1,200 |
| AMPHENOL CORP., CLASS A |
|
| 76,532 |
|
| 77,640 |
|
|
|
|
| 8,600 |
| ANALOG DEVICES, INC. |
|
| 120,368 |
|
| 361,716 |
|
|
|
|
| 1,300 |
| ANSYS, INC.(b) |
|
| 34,888 |
|
| 87,542 |
|
|
|
|
| 7,800 |
| AOL, INC. |
|
| 103,038 |
|
| 230,958 |
|
|
|
|
| 15,400 |
| APPLE, INC. |
|
| 725,558 |
|
| 8,208,662 |
|
|
|
|
| 12,100 |
| APPLIED MATERIALS, INC. |
|
| 130,014 |
|
| 138,424 |
|
|
|
|
| 700 |
| ARROW ELECTRONICS, INC.(b) |
|
| 18,814 |
|
| 26,656 |
|
|
|
|
| 139,250 |
| ATMEL CORP.(b) |
|
| 1,236,223 |
|
| 912,088 |
|
|
|
|
| 62,211 |
| ATMI, INC.(b) |
|
| 1,210,179 |
|
| 1,298,966 |
|
|
|
|
| 3,186 |
| AUTODESK, INC.(b) |
|
| 84,239 |
|
| 112,625 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 36 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Information Technology (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 6,366 |
| AUTOMATIC DATA PROCESSING, INC. |
| $ | 266,423 |
|
| 362,926 |
|
|
|
|
| 700 |
| AVAGO TECHNOLOGIES LTD.(c) |
|
| 24,577 |
|
| 22,162 |
|
|
|
|
| 53,807 |
| AVNET, INC.(b) |
|
| 1,738,897 |
|
| 1,647,032 |
|
|
|
|
| 2,300 |
| AVX CORP. |
|
| 24,817 |
|
| 24,794 |
|
|
|
|
| 66,726 |
| BENCHMARK ELECTRONICS, INC.(b) |
|
| 1,111,756 |
|
| 1,108,986 |
|
|
|
|
| 4,550 |
| BMC SOFTWARE, INC.(b) |
|
| 89,322 |
|
| 180,453 |
|
|
|
|
| 9,791 |
| BROADCOM CORP., CLASS A |
|
| 155,428 |
|
| 325,159 |
|
|
|
|
| 2,180 |
| BROADRIDGE FINANCIAL SOLUTIONS, INC. |
|
| 33,318 |
|
| 49,878 |
|
|
|
|
| 5,300 |
| CA, INC. |
|
| 122,856 |
|
| 116,494 |
|
|
|
|
| 4,200 |
| CADENCE DESIGN SYSTEMS, INC.(b) |
|
| 24,003 |
|
| 56,742 |
|
|
|
|
| 168,828 |
| CISCO SYSTEMS, INC. |
|
| 1,400,676 |
|
| 3,317,470 |
|
|
|
|
| 4,234 |
| CITRIX SYSTEMS, INC.(b) |
|
| 47,866 |
|
| 278,386 |
|
|
|
|
| 6,300 |
| COGNIZANT TECHNOLOGY SOLUTIONS CORP., CLASS A(b) |
|
| 95,624 |
|
| 466,515 |
|
|
|
|
| 132,230 |
| COMPUWARE CORP.(b) |
|
| 1,249,466 |
|
| 1,437,340 |
|
|
|
|
| 400 |
| CONCUR TECHNOLOGIES, INC.(b) |
|
| 27,272 |
|
| 27,008 |
|
|
|
|
| 6,700 |
| CORELOGIC, INC.(b) |
|
| 76,313 |
|
| 180,364 |
|
|
|
|
| 15,600 |
| CORNING, INC. |
|
| 85,176 |
|
| 196,872 |
|
|
|
|
| 2,700 |
| CYPRESS SEMICONDUCTOR CORP. |
|
| 6,825 |
|
| 29,268 |
|
|
|
|
| 2,000 |
| DOLBY LABORATORIES, INC., CLASS A |
|
| 43,420 |
|
| 58,660 |
|
|
|
|
| 17,900 |
| EBAY, INC.(b) |
|
| 490,391 |
|
| 913,258 |
|
|
|
|
| 2,140 |
| ECHOSTAR CORP., CLASS A(b) |
|
| 36,471 |
|
| 73,231 |
|
|
|
|
| 2,000 |
| ELECTRONIC ARTS, INC.(b) |
|
| 24,020 |
|
| 29,060 |
|
|
|
|
| 34,310 |
| EMC CORP.(b) |
|
| 233,560 |
|
| 868,043 |
|
|
|
|
| 900 |
| EQUINIX, INC.(b) |
|
| 69,754 |
|
| 185,580 |
|
|
|
|
| 1,300 |
| F5 NETWORKS, INC.(b) |
|
| 30,062 |
|
| 126,295 |
|
|
|
|
| 6,600 |
| FACEBOOK, INC., CLASS A(b) |
|
| 149,724 |
|
| 175,758 |
|
|
|
|
| 7,802 |
| FIDELITY NATIONAL INFORMATION SERVICES, INC. |
|
| 135,427 |
|
| 271,588 |
|
|
|
|
| 3,950 |
| FISERV, INC.(b) |
|
| 108,063 |
|
| 312,168 |
|
|
|
|
| 3,100 |
| FREESCALE SEMICONDUCTOR LTD.(b) |
|
| 34,162 |
|
| 34,131 |
|
|
|
|
| 2,800 |
| FUSION-IO, INC.(b) |
|
| 64,232 |
|
| 64,204 |
|
|
|
|
| 1,000 |
| GLOBAL PAYMENTS, INC. |
|
| 33,115 |
|
| 45,300 |
|
|
|
|
| 6,676 |
| GOOGLE, INC., CLASS A(b) |
|
| 2,845,214 |
|
| 4,735,754 |
|
|
|
|
| 2,800 |
| HARRIS CORP. |
|
| 37,337 |
|
| 137,088 |
|
|
|
|
| 5,200 |
| INGRAM MICRO, INC., CLASS A(b) |
|
| 68,614 |
|
| 87,984 |
|
|
|
|
| 143,381 |
| INTEL CORP. |
|
| 1,271,976 |
|
| 2,957,950 |
|
|
|
|
| 500 |
| INTERACTIVECORP |
|
| 23,355 |
|
| 23,650 |
|
|
|
|
| 18,146 |
| INTERNATIONAL BUSINESS MACHINES CORP. |
|
| 1,486,075 |
|
| 3,475,866 |
|
|
|
|
| 5,000 |
| INTUIT, INC. |
|
| 103,285 |
|
| 297,500 |
|
|
|
|
| 1,900 |
| ITRON, INC.(b) |
|
| 65,968 |
|
| 84,645 |
|
|
|
|
| 900 |
| JABIL CIRCUIT, INC.(b) |
|
| 14,428 |
|
| 17,361 |
|
|
|
|
| 8,567 |
| JUNIPER NETWORKS, INC.(b) |
|
| 147,336 |
|
| 168,513 |
|
|
|
|
| 2,600 |
| KLA-TENCOR CORP. |
|
| 86,094 |
|
| 124,176 |
|
|
|
|
| 4,800 |
| LAM RESEARCH CORP.(b) |
|
| 123,706 |
|
| 173,424 |
|
|
|
|
| 3,700 |
| LENDER PROCESSING SERVICES, INC. |
|
| 55,722 |
|
| 91,094 |
|
|
|
|
| 2,000 |
| LEXMARK INTERNATIONAL, INC., CLASS A |
|
| 30,530 |
|
| 46,380 |
|
|
|
|
| 5,400 |
| LINEAR TECHNOLOGY CORP. |
|
| 119,475 |
|
| 185,220 |
|
|
|
|
| 400 |
| LINKEDIN CORP., CLASS A(b) |
|
| 25,488 |
|
| 45,928 |
|
|
|
|
| 23,700 |
| LSI CORP.(b) |
|
| 99,658 |
|
| 167,796 |
|
|
|
|
| 14,800 |
| MARVELL TECHNOLOGY GROUP LTD.(c) |
|
| 94,528 |
|
| 107,448 |
|
|
|
|
| 1,700 |
| MASTERCARD, INC., CLASS A |
|
| 182,282 |
|
| 835,176 |
|
|
|
|
| 4,400 |
| MAXIM INTEGRATED PRODUCTS, INC. |
|
| 76,114 |
|
| 129,360 |
|
|
|
|
| 4,200 |
| MICROCHIP TECHNOLOGY, INC.(b) |
|
| 61,036 |
|
| 136,878 |
|
|
|
|
| 15,300 |
| MICRON TECHNOLOGY, INC.(b) |
|
| 68,620 |
|
| 97,155 |
|
|
|
|
| 1,000 |
| MICROS SYSTEMS, INC.(b) |
|
| 26,215 |
|
| 42,440 |
|
|
|
|
| 125,550 |
| MICROSOFT CORP. |
|
| 579,569 |
|
| 3,355,952 |
|
|
|
|
| 56,428 |
| MOTOROLA SOLUTIONS, INC. |
|
| 2,240,348 |
|
| 3,141,911 |
|
|
|
|
| 4,200 |
| NETAPP, INC.(b) |
|
| 94,994 |
|
| 140,910 |
|
|
|
|
| 4,800 |
| NEUSTAR, INC., CLASS A(b) |
|
| 79,848 |
|
| 201,264 |
|
|
|
|
| 4,800 |
| NUANCE COMMUNICATIONS, INC.(b) |
|
| 63,624 |
|
| 107,136 |
|
|
|
|
| 8,900 |
| NVIDIA CORP. |
|
| 60,716 |
|
| 109,381 |
|
|
|
|
| 116,392 |
| ORACLE CORP. |
|
| 1,579,274 |
|
| 3,878,181 |
|
|
|
|
| 3,666 |
| PAYCHEX, INC. |
|
| 10,315 |
|
| 114,159 |
|
|
|
|
| 27,000 |
| QUALCOMM, INC. |
|
| 863,196 |
|
| 1,674,540 |
|
|
|
|
| 1,200 |
| RACKSPACE HOSTING, INC.(b) |
|
| 70,120 |
|
| 89,124 |
|
|
|
|
| 4,200 |
| RED HAT, INC.(b) |
|
| 61,669 |
|
| 222,432 |
|
|
|
|
| 194,283 |
| RF MICRO DEVICES, INC.(b) |
|
| 1,057,216 |
|
| 870,388 |
|
|
|
|
| 2,700 |
| RIVERBED TECHNOLOGY, INC.(b) |
|
| 53,271 |
|
| 53,244 |
|
|
|
|
| 214,000 |
| SAIC, INC. |
|
| 2,373,546 |
|
| 2,422,480 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 37 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Information Technology (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 2,100 |
| SALESFORCE.COM, INC.(b) |
| $ | 120,892 |
|
| 353,010 |
|
|
|
|
| 5,300 |
| SANDISK CORP.(b) |
|
| 51,149 |
|
| 230,868 |
|
|
|
|
| 5,500 |
| SEAGATE TECHNOLOGY PLC(c) |
|
| 51,728 |
|
| 167,640 |
|
|
|
|
| 400 |
| SOLERA HOLDINGS, INC. |
|
| 21,484 |
|
| 21,388 |
|
|
|
|
| 15,519 |
| SYMANTEC CORP.(b) |
|
| 88,098 |
|
| 291,912 |
|
|
|
|
| 1,500 |
| SYNOPSYS, INC.(b) |
|
| 24,907 |
|
| 47,760 |
|
|
|
|
| 37,645 |
| TE CONNECTIVITY LTD.(c) |
|
| 1,278,486 |
|
| 1,397,382 |
|
|
|
|
| 4,500 |
| TERADATA CORP.(b) |
|
| 73,317 |
|
| 278,505 |
|
|
|
|
| 4,400 |
| TERADYNE, INC.(b) |
|
| 40,150 |
|
| 74,316 |
|
|
|
|
| 17,400 |
| TEXAS INSTRUMENTS, INC. |
|
| 280,527 |
|
| 538,356 |
|
|
|
|
| 2,500 |
| TRIMBLE NAVIGATION LTD.(b) |
|
| 38,163 |
|
| 149,450 |
|
|
|
|
| 1,700 |
| VERIFONE SYSTEMS, INC.(b) |
|
| 49,888 |
|
| 50,456 |
|
|
|
|
| 7,900 |
| VISA, INC., CLASS A |
|
| 603,303 |
|
| 1,197,482 |
|
|
|
|
| 7,800 |
| VISHAY INTERTECHNOLOGY, INC.(b) |
|
| 48,931 |
|
| 82,914 |
|
|
|
|
| 557 |
| VISHAY PRECISION GROUP, INC.(b) |
|
| 5,692 |
|
| 7,364 |
|
|
|
|
| 1,500 |
| VMWARE, INC., CLASS A(b) |
|
| 47,285 |
|
| 141,210 |
|
|
|
|
| 5,900 |
| WESTERN DIGITAL CORP. |
|
| 91,433 |
|
| 250,691 |
|
|
|
|
| 10,000 |
| WESTERN UNION (THE) CO. |
|
| 130,105 |
|
| 136,100 |
|
|
|
|
| 500 |
| WORKDAY, INC., CLASS A(b) |
|
| 27,255 |
|
| 27,250 |
|
|
|
|
| 92,802 |
| XEROX CORP. |
|
| 630,591 |
|
| 632,910 |
|
|
|
|
| 6,750 |
| XILINX, INC. |
|
| 47,180 |
|
| 242,325 |
|
|
|
|
| 15,840 |
| YAHOO!, INC.(b) |
|
| 135,325 |
|
| 315,216 |
|
|
|
|
| 26,400 |
| ZYNGA, INC., CLASS A(b) |
|
| 62,832 |
|
| 62,568 |
|
|
|
|
|
|
|
|
|
| 32,833,387 |
|
| 63,188,424 |
|
| 15.99% |
|
| Materials: |
|
|
|
|
|
|
|
|
|
| ||
| 2,875 |
| AIR PRODUCTS & CHEMICALS, INC. |
|
| 132,510 |
|
| 241,558 |
|
|
|
|
| 400 |
| AIRGAS, INC. |
|
| 16,882 |
|
| 36,516 |
|
|
|
|
| 1,300 |
| ALBEMARLE CORP. |
|
| 29,152 |
|
| 80,756 |
|
|
|
|
| 3,600 |
| ALLEGHENY TECHNOLOGIES, INC. |
|
| 100,332 |
|
| 109,296 |
|
|
|
|
| 800 |
| APTARGROUP, INC. |
|
| 27,324 |
|
| 38,176 |
|
|
|
|
| 1,600 |
| ASHLAND, INC. |
|
| 47,358 |
|
| 128,656 |
|
|
|
|
| 197,049 |
| AURICO GOLD, INC.(b)(c) |
|
| 1,388,397 |
|
| 1,622,430 |
|
|
|
|
| 3,064 |
| BALL CORP. |
|
| 11,968 |
|
| 137,114 |
|
|
|
|
| 3,000 |
| BEMIS CO., INC. |
|
| 66,889 |
|
| 100,380 |
|
|
|
|
| 1,100 |
| CELANESE CORP., CLASS A |
|
| 46,900 |
|
| 48,983 |
|
|
|
|
| 1,100 |
| CF INDUSTRIES HOLDINGS, INC. |
|
| 97,135 |
|
| 223,476 |
|
|
|
|
| 3,400 |
| CLIFFS NATURAL RESOURCES, INC. |
|
| 108,332 |
|
| 131,104 |
|
|
|
|
| 500 |
| COMPASS MINERALS INTERNATIONAL, INC. |
|
| 27,452 |
|
| 37,355 |
|
|
|
|
| 42,780 |
| CROWN HOLDINGS, INC.(b) |
|
| 1,312,976 |
|
| 1,574,732 |
|
|
|
|
| 700 |
| CYTEC INDUSTRIES, INC. |
|
| 25,564 |
|
| 48,181 |
|
|
|
|
| 1,000 |
| DOMTAR CORP.(c) |
|
| 52,480 |
|
| 83,520 |
|
|
|
|
| 17,500 |
| DOW CHEMICAL (THE) CO. |
|
| 435,169 |
|
| 565,600 |
|
|
|
|
| 14,225 |
| E.I. DU PONT DE NEMOURS & CO. |
|
| 439,400 |
|
| 639,698 |
|
|
|
|
| 438 |
| EAGLE MATERIALS, INC. |
|
| 1,727 |
|
| 25,623 |
|
|
|
|
| 3,000 |
| EASTMAN CHEMICAL CO. |
|
| 58,012 |
|
| 204,150 |
|
|
|
|
| 3,991 |
| ECOLAB, INC. |
|
| 137,417 |
|
| 286,953 |
|
|
|
|
| 82,496 |
| FREEPORT-MCMORAN COPPER & GOLD, INC. |
|
| 2,415,523 |
|
| 2,821,363 |
|
|
|
|
| 900 |
| GREIF, INC., CLASS A |
|
| 27,104 |
|
| 40,050 |
|
|
|
|
| 3,683 |
| INTERNATIONAL FLAVORS & FRAGRANCES, INC. |
|
| 79,231 |
|
| 245,067 |
|
|
|
|
| 9,431 |
| INTERNATIONAL PAPER CO. |
|
| 117,152 |
|
| 375,731 |
|
|
|
|
| 1,200 |
| INTREPID POTASH, INC. |
|
| 25,560 |
|
| 25,548 |
|
|
|
|
| 3,600 |
| LYONDELLBASELL INDUSTRIES N.V., CLASS A(c) |
|
| 102,587 |
|
| 205,524 |
|
|
|
|
| 700 |
| MARTIN MARIETTA MATERIALS, INC. |
|
| 27,965 |
|
| 65,996 |
|
|
|
|
| 2,875 |
| MEADWESTVACO CORP. |
|
| 27,016 |
|
| 91,626 |
|
|
|
|
| 10,115 |
| MONSANTO CO. |
|
| 47,604 |
|
| 957,385 |
|
|
|
|
| 18,911 |
| MOSAIC (THE) CO. |
|
| 921,308 |
|
| 1,070,930 |
|
|
|
|
| 82,000 |
| NEWMONT MINING CORP. |
|
| 3,953,727 |
|
| 3,808,080 |
|
|
|
|
| 5,844 |
| NUCOR CORP. |
|
| 99,313 |
|
| 252,344 |
|
|
|
|
| 4,750 |
| OWENS-ILLINOIS, INC.(b) |
|
| 68,062 |
|
| 101,032 |
|
|
|
|
| 2,100 |
| PACKAGING CORP. OF AMERICA |
|
| 30,902 |
|
| 80,787 |
|
|
|
|
| 3,986 |
| PPG INDUSTRIES, INC. |
|
| 180,558 |
|
| 539,505 |
|
|
|
|
| 6,450 |
| PRAXAIR, INC. |
|
| 258,706 |
|
| 705,952 |
|
|
|
|
| 2,200 |
| RELIANCE STEEL & ALUMINUM CO. |
|
| 61,215 |
|
| 136,620 |
|
|
|
|
| 1,100 |
| ROYAL GOLD, INC. |
|
| 53,182 |
|
| 89,441 |
|
|
|
|
| 6,500 |
| RPM INTERNATIONAL, INC. |
|
| 72,503 |
|
| 190,840 |
|
|
|
|
| 53,094 |
| RTI INTERNATIONAL METALS, INC.(b) |
|
| 1,267,436 |
|
| 1,463,271 |
|
|
|
|
| 118,400 |
| SEALED AIR CORP. |
|
| 2,332,433 |
|
| 2,073,184 |
|
|
|
|
| 1,585 |
| SHERWIN-WILLIAMS (THE) CO. |
|
| 72,398 |
|
| 243,805 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 38 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Materials (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 3,600 |
| SONOCO PRODUCTS CO. |
| $ | 74,519 |
|
| 107,028 |
|
|
|
|
| 3,234 |
| SOUTHERN COPPER CORP. |
|
| 38,445 |
|
| 122,439 |
|
|
|
|
| 8,700 |
| STEEL DYNAMICS, INC. |
|
| 95,178 |
|
| 119,451 |
|
|
|
|
| 1,273 |
| SUNCOKE ENERGY, INC.(b) |
|
| 8,474 |
|
| 19,846 |
|
|
|
|
| 1,600 |
| UNITED STATES STEEL CORP. |
|
| 30,208 |
|
| 38,192 |
|
|
|
|
| 3,200 |
| VALSPAR CORP. |
|
| 68,240 |
|
| 199,680 |
|
|
|
|
| 2,100 |
| VULCAN MATERIALS CO. |
|
| 63,441 |
|
| 109,305 |
|
|
|
|
| 1,800 |
| WALTER ENERGY, INC. |
|
| 42,609 |
|
| 64,584 |
|
|
|
|
|
|
|
|
|
| 17,225,975 |
|
| 22,728,863 |
|
| 5.75% |
|
| Telecommunication Services: |
|
|
|
|
|
|
|
|
|
| ||
| 96,590 |
| AT&T, INC. |
|
| 2,385,728 |
|
| 3,256,049 |
|
|
|
|
| 13,013 |
| CENTURYLINK, INC. |
|
| 507,915 |
|
| 509,069 |
|
|
|
|
| 8,600 |
| CLEARWIRE CORP., CLASS A(b) |
|
| 24,940 |
|
| 24,854 |
|
|
|
|
| 4,600 |
| CROWN CASTLE INTERNATIONAL CORP.(b) |
|
| 194,396 |
|
| 331,936 |
|
|
|
|
| 5,100 |
| LEVEL 3 COMMUNICATIONS, INC.(b) |
|
| 115,002 |
|
| 117,861 |
|
|
|
|
| 5,400 |
| METROPCS COMMUNICATIONS, INC.(b) |
|
| 49,902 |
|
| 53,676 |
|
|
|
|
| 11,400 |
| NII HOLDINGS, INC.(b) |
|
| 83,027 |
|
| 81,282 |
|
|
|
|
| 500 |
| SBA COMMUNICATIONS CORP., CLASS A(b) |
|
| 34,910 |
|
| 35,510 |
|
|
|
|
| 41,800 |
| SPRINT NEXTEL CORP.(b) |
|
| 123,442 |
|
| 237,006 |
|
|
|
|
| 5,435 |
| TELEPHONE & DATA SYSTEMS, INC. |
|
| 109,150 |
|
| 120,331 |
|
|
|
|
| 2,300 |
| TW TELECOM, INC.(b) |
|
| 58,604 |
|
| 58,581 |
|
|
|
|
| 3,600 |
| UNITED STATES CELLULAR CORP.(b) |
|
| 126,895 |
|
| 126,864 |
|
|
|
|
| 27,083 |
| VERIZON COMMUNICATIONS, INC. |
|
| 772,249 |
|
| 1,171,881 |
|
|
|
|
| 23,618 |
| WINDSTREAM CORP. |
|
| 200,624 |
|
| 195,557 |
|
|
|
|
|
|
|
|
|
| 4,786,784 |
|
| 6,320,457 |
|
| 1.60% |
|
| Utilities: |
|
|
|
|
|
|
|
|
|
| ||
| 4,500 |
| AGL RESOURCES, INC. |
|
| 135,198 |
|
| 179,865 |
|
|
|
|
| 1,000 |
| ALLIANT ENERGY CORP. |
|
| 24,835 |
|
| 43,910 |
|
|
|
|
| 4,000 |
| AMEREN CORP. |
|
| 114,624 |
|
| 122,880 |
|
|
|
|
| 9,200 |
| AMERICAN ELECTRIC POWER CO., INC. |
|
| 289,948 |
|
| 392,656 |
|
|
|
|
| 44,610 |
| AMERICAN WATER WORKS CO., INC. |
|
| 1,158,848 |
|
| 1,656,369 |
|
|
|
|
| 1,388 |
| AQUA AMERICA, INC. |
|
| 22,973 |
|
| 35,283 |
|
|
|
|
| 8,600 |
| CALPINE CORP.(b) |
|
| 57,319 |
|
| 155,918 |
|
|
|
|
| 5,800 |
| CENTERPOINT ENERGY, INC. |
|
| 66,308 |
|
| 111,650 |
|
|
|
|
| 10,200 |
| CMS ENERGY CORP. |
|
| 144,342 |
|
| 248,676 |
|
|
|
|
| 4,589 |
| CONSOLIDATED EDISON, INC. |
|
| 184,849 |
|
| 254,873 |
|
|
|
|
| 8,862 |
| DOMINION RESOURCES, INC. |
|
| 284,452 |
|
| 459,051 |
|
|
|
|
| 2,300 |
| DTE ENERGY CO. |
|
| 84,036 |
|
| 138,115 |
|
|
|
|
| 10,851 |
| DUKE ENERGY CORP. |
|
| 395,594 |
|
| 692,294 |
|
|
|
|
| 8,525 |
| EDISON INTERNATIONAL |
|
| 182,117 |
|
| 385,245 |
|
|
|
|
| 3,064 |
| ENTERGY CORP. |
|
| 60,101 |
|
| 195,330 |
|
|
|
|
| 17,924 |
| EXELON CORP. |
|
| 587,983 |
|
| 533,060 |
|
|
|
|
| 4,700 |
| FIRSTENERGY CORP. |
|
| 189,521 |
|
| 196,272 |
|
|
|
|
| 2,800 |
| GREAT PLAINS ENERGY, INC. |
|
| 43,498 |
|
| 56,868 |
|
|
|
|
| 3,500 |
| ITC HOLDINGS CORP. |
|
| 154,844 |
|
| 269,185 |
|
|
|
|
| 1,500 |
| NATIONAL FUEL GAS CO. |
|
| 38,322 |
|
| 76,035 |
|
|
|
|
| 6,700 |
| NEXTERA ENERGY, INC. |
|
| 347,944 |
|
| 463,573 |
|
|
|
|
| 6,900 |
| NISOURCE, INC. |
|
| 111,901 |
|
| 171,741 |
|
|
|
|
| 4,961 |
| NORTHEAST UTILITIES |
|
| 125,492 |
|
| 193,876 |
|
|
|
|
| 9,384 |
| NRG ENERGY, INC. |
|
| 149,229 |
|
| 215,731 |
|
|
|
|
| 6,200 |
| NV ENERGY, INC. |
|
| 76,954 |
|
| 112,468 |
|
|
|
|
| 2,400 |
| OGE ENERGY CORP. |
|
| 43,344 |
|
| 135,144 |
|
|
|
|
| 2,000 |
| ONEOK, INC. |
|
| 31,518 |
|
| 85,500 |
|
|
|
|
| 5,900 |
| PG&E CORP. |
|
| 79,340 |
|
| 237,062 |
|
|
|
|
| 2,400 |
| PINNACLE WEST CAPITAL CORP. |
|
| 71,637 |
|
| 122,352 |
|
|
|
|
| 9,000 |
| PPL CORP. |
|
| 245,589 |
|
| 257,670 |
|
|
|
|
| 73,285 |
| QUESTAR CORP. |
|
| 1,256,836 |
|
| 1,448,111 |
|
|
|
|
| 4,800 |
| SCANA CORP. |
|
| 166,536 |
|
| 219,072 |
|
|
|
|
| 2,700 |
| SEMPRA ENERGY |
|
| 124,368 |
|
| 191,538 |
|
|
|
|
| 13,100 |
| SOUTHERN (THE) CO. |
|
| 339,687 |
|
| 560,811 |
|
|
|
|
| 7,600 |
| TECO ENERGY, INC. |
|
| 90,842 |
|
| 127,376 |
|
|
|
|
| 3,100 |
| UGI CORP. |
|
| 51,202 |
|
| 101,401 |
|
|
|
|
| 1,400 |
| WESTAR ENERGY, INC. |
|
| 25,767 |
|
| 40,068 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 39 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Utilities (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 4,820 |
| WISCONSIN ENERGY CORP. |
| $ | 46,469 |
|
| 177,617 |
|
|
|
|
| 4,825 |
| XCEL ENERGY, INC. |
|
| 43,343 |
|
| 128,876 |
|
|
|
|
|
|
|
|
|
| 7,647,710 |
|
| 11,193,522 |
|
| 2.83% |
|
|
| Sub-total Common Stocks: |
|
| 245,997,184 |
|
| 387,058,780 |
|
| 97.93% |
| |
Rights: |
|
|
|
|
|
|
|
|
|
|
|
| |
| Health Care: |
|
|
|
|
|
|
|
|
|
| ||
| 700 |
| SANOFI - CVR(b)(c) |
|
| - |
|
| 1,193 |
|
|
|
|
|
| Sub-total Rights: |
|
| - |
|
| 1,193 |
|
| 0.00% |
| |
Short-Term Investments: |
|
|
|
|
|
|
|
|
|
| |||
| 26,364,287 |
| NORTHERN INSTITUTIONAL FUNDS - |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. GOVERNMENT SELECT PORTFOLIO, 0.01%(e) |
|
| 26,364,287 |
|
| 26,364,287 |
|
|
|
|
|
| Sub-total Short-Term Investments: |
|
| 26,364,287 |
|
| 26,364,287 |
|
| 6.67% |
| |
|
|
| Grand total(f) |
| $ | 272,361,471 |
|
| 413,424,260 |
|
| 104.60% |
|
Notes to Schedule of Investments:
|
|
|
| (a) | Securities are valued in accordance with procedures described in note 2 to the financial statements. |
| (b) | Currently non-income producing assets. |
| (c) | Foreign security values are stated in U.S. dollars. As of December 31, 2012, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 6.39% of net assets. |
| (d) | Securities are American Depositary Receipts of companies based outside of the United States representing 2.22% of net assets. |
| (e) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2011, the value of the Clearwater Core Equity Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was approximately $12,242,109 with net purchases of approximately $14,122,178 during the fiscal year ended December 31, 2012. |
| (f) | At December 31, 2012, the cost for Federal income tax purposes was $272,612,003. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost were as follows: |
|
|
|
|
|
Gross unrealized appreciation |
| $ | 145,619,425 |
|
Gross unrealized depreciation |
|
| (4,807,168 | ) |
Net unrealized appreciation |
| $ | 140,812,257 |
|
At December 31, 2012, the Clearwater Core Equity Fund had one outstanding spot foreign currency transaction as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts To |
| Amount |
| In |
| Amount |
| Settlement |
| Unrealized |
| Counterparty |
| ||||||
United States Dollar |
|
| 115,390 |
|
| Canadian Dollar |
|
| 114,582 |
|
| 1/3/13 |
| $ | (205 | ) |
| Northern Trust |
|
|
|
|
See accompanying notes to the financial statements. | 40 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater Core Equity Fund (A)
December 31, 2012
(A)Name change effective April 30, 2012. Formerly known as the Clearwater Growth Fund.
|
|
|
See accompanying notes to the financial statements. | 41 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund(A)
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
| ||
| Consumer Discretionary: |
|
|
|
|
|
|
|
|
|
| ||
| 4,301 |
| 1-800-FLOWERS.COM, INC., CLASS A(b) |
| $ | 13,484 |
|
| 15,785 |
|
|
|
|
| 17,000 |
| AMC NETWORKS, INC., CLASS A(b) |
|
| 755,419 |
|
| 841,500 |
|
|
|
|
| 1,285 |
| AMERICA’S CAR-MART, INC.(b) |
|
| 53,253 |
|
| 52,068 |
|
|
|
|
| 44,695 |
| ARCTIC CAT, INC.(b) |
|
| 1,834,916 |
|
| 1,492,366 |
|
|
|
|
| 43,176 |
| BELO CORP., CLASS A |
|
| 275,334 |
|
| 331,160 |
|
|
|
|
| 46,473 |
| BLACK DIAMOND, INC.(b) |
|
| 326,223 |
|
| 381,079 |
|
|
|
|
| 15,791 |
| BRAVO BRIO RESTAURANT GROUP, INC.(b) |
|
| 252,542 |
|
| 212,073 |
|
|
|
|
| 3,871 |
| CARRIAGE SERVICES, INC. |
|
| 39,758 |
|
| 45,949 |
|
|
|
|
| 5,578 |
| CEC ENTERTAINMENT, INC. |
|
| 193,171 |
|
| 185,134 |
|
|
|
|
| 35,144 |
| CENTURY CASINOS, INC.(b) |
|
| 67,511 |
|
| 99,809 |
|
|
|
|
| 36,465 |
| COOPER TIRE & RUBBER CO. |
|
| 427,168 |
|
| 924,752 |
|
|
|
|
| 5,355 |
| CORE-MARK HOLDING CO., INC. |
|
| 214,078 |
|
| 253,559 |
|
|
|
|
| 162,000 |
| DENNY’S CORP.(b) |
|
| 628,669 |
|
| 790,560 |
|
|
|
|
| 25,039 |
| DGSE COS., INC.(b) |
|
| 64,315 |
|
| 134,710 |
|
|
|
|
| 8,571 |
| E.W. SCRIPPS (THE) CO., CLASS A(b) |
|
| 81,564 |
|
| 92,653 |
|
|
|
|
| 105,725 |
| EXPRESS, INC.(b) |
|
| 1,785,666 |
|
| 1,595,390 |
|
|
|
|
| 17,955 |
| GAIAM, INC., CLASS A(b) |
|
| 63,279 |
|
| 56,738 |
|
|
|
|
| 38,246 |
| GENESCO, INC.(b) |
|
| 1,882,208 |
|
| 2,103,530 |
|
|
|
|
| 73,458 |
| GENTHERM, INC.(b) |
|
| 1,057,002 |
|
| 976,991 |
|
|
|
|
| 264,575 |
| HANCOCK FABRICS, INC.(b) |
|
| 357,610 |
|
| 126,996 |
|
|
|
|
| 28,500 |
| HANESBRANDS, INC.(b) |
|
| 652,515 |
|
| 1,020,870 |
|
|
|
|
| 96,605 |
| ICONIX BRAND GROUP, INC.(b) |
|
| 1,153,286 |
|
| 2,156,224 |
|
|
|
|
| 28,354 |
| JAMBA, INC.(b) |
|
| 66,399 |
|
| 63,513 |
|
|
|
|
| 21,979 |
| JOE’S JEANS, INC.(b) |
|
| 25,241 |
|
| 21,979 |
|
|
|
|
| 24,381 |
| KRISPY KREME DOUGHNUTS, INC.(b) |
|
| 172,692 |
|
| 228,694 |
|
|
|
|
| 21,500 |
| LAMAR ADVERTISING CO., CLASS A(b) |
|
| 818,073 |
|
| 833,125 |
|
|
|
|
| 22,171 |
| LEAPFROG ENTERPRISES, INC.(b) |
|
| 178,294 |
|
| 191,336 |
|
|
|
|
| 22,000 |
| MADISON SQUARE GARDEN (THE) CO., CLASS A(b) |
|
| 408,574 |
|
| 975,700 |
|
|
|
|
| 113,757 |
| MAIDENFORM BRANDS, INC.(b) |
|
| 2,670,631 |
|
| 2,217,124 |
|
|
|
|
| 30,000 |
| MARRIOTT VACATIONS WORLDWIDE CORP.(b) |
|
| 688,452 |
|
| 1,250,100 |
|
|
|
|
| 105,550 |
| OUTDOOR CHANNEL HOLDINGS, INC. |
|
| 669,564 |
|
| 802,180 |
|
|
|
|
| 37,000 |
| PENSKE AUTOMOTIVE GROUP, INC. |
|
| 723,337 |
|
| 1,113,330 |
|
|
|
|
| 90,667 |
| PIER 1 IMPORTS, INC. |
|
| 1,071,949 |
|
| 1,813,340 |
|
|
|
|
| 34,674 |
| PINNACLE ENTERTAINMENT, INC.(b) |
|
| 354,005 |
|
| 548,889 |
|
|
|
|
| 26,375 |
| PREMIER EXHIBITIONS, INC.(b) |
|
| 74,277 |
|
| 71,476 |
|
|
|
|
| 49,766 |
| QUIKSILVER, INC.(b) |
|
| 173,647 |
|
| 211,506 |
|
|
|
|
| 9,869 |
| RED ROBIN GOURMET BURGERS, INC.(b) |
|
| 298,412 |
|
| 348,277 |
|
|
|
|
| 44,394 |
| RENT-A-CENTER, INC. |
|
| 1,478,133 |
|
| 1,525,378 |
|
|
|
|
| 31,364 |
| ROCKY BRANDS, INC.(b) |
|
| 263,458 |
|
| 408,359 |
|
|
|
|
| 22,562 |
| RUBY TUESDAY, INC.(b) |
|
| 155,803 |
|
| 177,337 |
|
|
|
|
| 51,255 |
| RUE21, INC.(b) |
|
| 1,448,915 |
|
| 1,455,129 |
|
|
|
|
| 25,000 |
| RYLAND GROUP (THE), INC. |
|
| 712,145 |
|
| 912,500 |
|
|
|
|
| 43,000 |
| SALLY BEAUTY HOLDINGS, INC.(b) |
|
| 366,257 |
|
| 1,013,510 |
|
|
|
|
| 89,890 |
| SELECT COMFORT CORP.(b) |
|
| 2,594,577 |
|
| 2,352,421 |
|
|
|
|
| 9,212 |
| SHILOH INDUSTRIES, INC. |
|
| 97,434 |
|
| 94,884 |
|
|
|
|
| 8,773 |
| STANDARD MOTOR PRODUCTS, INC. |
|
| 112,643 |
|
| 194,936 |
|
|
|
|
| 41,859 |
| STEINWAY MUSICAL INSTRUMENTS, INC.(b) |
|
| 998,395 |
|
| 885,318 |
|
|
|
|
| 6,557 |
| SUMMER INFANT, INC.(b) |
|
| 12,084 |
|
| 11,409 |
|
|
|
|
| 24,162 |
| TANDY LEATHER FACTORY, INC. |
|
| 115,506 |
|
| 133,374 |
|
|
|
|
| 38,514 |
| TEMPUR-PEDIC INTERNATIONAL, INC.(b) |
|
| 1,130,686 |
|
| 1,212,806 |
|
|
|
|
| 24,330 |
| TRUE RELIGION APPAREL, INC. |
|
| 584,002 |
|
| 618,469 |
|
|
|
|
| 15,500 |
| VAIL RESORTS, INC. |
|
| 580,317 |
|
| 838,395 |
|
|
|
|
| 117,442 |
| WMS INDUSTRIES, INC.(b) |
|
| 2,267,433 |
|
| 2,055,235 |
|
|
|
|
| 66,326 |
| WOLVERINE WORLD WIDE, INC. |
|
| 1,994,876 |
|
| 2,718,039 |
|
|
|
|
| 19,000 |
| WYNDHAM WORLDWIDE CORP. |
|
| 425,309 |
|
| 1,010,990 |
|
|
|
|
| 15,404 |
| ZAGG, INC.(b) |
|
| 118,439 |
|
| 113,373 |
|
|
|
|
|
|
|
|
| 36,028,930 |
|
| 42,312,327 |
|
| 15.01% |
| |
| Consumer Staples: |
|
|
|
|
|
|
|
|
|
| ||
| 10,926 |
| CENTRAL GARDEN AND PET CO.(b) |
|
| 108,391 |
|
| 109,478 |
|
|
|
|
| 168,210 |
| COTT CORP.(c) |
|
| 1,371,963 |
|
| 1,350,726 |
|
|
|
|
| 44,819 |
| DARLING INTERNATIONAL, INC.(b) |
|
| 631,087 |
|
| 718,897 |
|
|
|
|
| 5,325 |
| DIAMOND FOODS, INC. |
|
| 76,603 |
|
| 72,793 |
|
|
|
|
| 40,500 |
| FLOWERS FOODS, INC. |
|
| 511,723 |
|
| 942,435 |
|
|
|
|
| 28,000 |
| HILLSHIRE BRANDS CO. |
|
| 758,043 |
|
| 787,920 |
|
|
|
|
| 67,847 |
| INTER PARFUMS, INC. |
|
| 1,101,078 |
|
| 1,320,303 |
|
|
|
|
| 55,117 |
| MEDIFAST, INC.(b) |
|
| 865,881 |
|
| 1,454,538 |
|
|
|
|
| 41,531 |
| OMEGA PROTEIN CORP.(b) |
|
| 305,229 |
|
| 254,170 |
|
|
|
|
(A)Name change effective April 30, 2012. Formerly known as the Clearwater Small Cap Fund.
|
|
|
See accompanying notes to the financial statements. | 42 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Consumer Staples (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 24,304 |
| PANTRY (THE), INC.(b) |
| $ | 337,131 |
|
| 294,807 |
|
|
|
|
| 54,863 |
| S&W SEED CO.(b) |
|
| 326,739 |
|
| 423,542 |
|
|
|
|
| 9,830 |
| SENECA FOODS CORP., CLASS A(b) |
|
| 220,734 |
|
| 298,832 |
|
|
|
|
| 40,000 |
| SNYDERS-LANCE, INC. |
|
| 898,946 |
|
| 964,400 |
|
|
|
|
| 62,841 |
| SPECTRUM BRANDS HOLDINGS, INC. |
|
| 1,720,974 |
|
| 2,823,446 |
|
|
|
|
| 2,447 |
| USANA HEALTH SCIENCES, INC.(b) |
|
| 76,311 |
|
| 80,580 |
|
|
|
|
|
|
|
|
|
| 9,310,833 |
|
| 11,896,867 |
|
| 4.22% |
|
| Energy: |
|
|
|
|
|
|
|
|
|
|
|
|
| 60,959 |
| BILL BARRETT CORP.(b) |
|
| 1,613,862 |
|
| 1,084,461 |
|
|
|
|
| 100,683 |
| CARRIZO OIL & GAS, INC.(b) |
|
| 2,985,799 |
|
| 2,106,288 |
|
|
|
|
| 11,000 |
| DRIL-QUIP, INC.(b) |
|
| 534,766 |
|
| 803,550 |
|
|
|
|
| 95,916 |
| ENDEAVOUR INTERNATIONAL CORP.(b) |
|
| 914,963 |
|
| 496,845 |
|
|
|
|
| 46,582 |
| FORBES ENERGY SERVICES LTD.(b) |
|
| 201,644 |
|
| 117,853 |
|
|
|
|
| 28,000 |
| GULFPORT ENERGY CORP.(b) |
|
| 816,373 |
|
| 1,070,160 |
|
|
|
|
| 37,500 |
| HELIX ENERGY SOLUTIONS GROUP, INC.(b) |
|
| 749,112 |
|
| 774,000 |
|
|
|
|
| 290,530 |
| HERCULES OFFSHORE, INC.(b) |
|
| 1,505,140 |
|
| 1,795,475 |
|
|
|
|
| 31,466 |
| HORNBECK OFFSHORE SERVICES, INC.(b) |
|
| 1,135,141 |
|
| 1,080,542 |
|
|
|
|
| 129,577 |
| KEY ENERGY SERVICES, INC.(b) |
|
| 1,771,634 |
|
| 900,560 |
|
|
|
|
| 32,000 |
| OASIS PETROLEUM, INC.(b) |
|
| 564,228 |
|
| 1,017,600 |
|
|
|
|
| 38,500 |
| SANCHEZ ENERGY CORP.(b) |
|
| 878,506 |
|
| 693,000 |
|
|
|
|
| 52,404 |
| STEEL EXCEL, INC.(b) |
|
| 1,515,227 |
|
| 1,307,480 |
|
|
|
|
| 62,003 |
| SUPERIOR ENERGY SERVICES, INC.(b) |
|
| 1,467,374 |
|
| 1,284,702 |
|
|
|
|
|
|
|
|
|
| 16,653,769 |
|
| 14,532,516 |
|
| 5.15% |
|
| Financials: |
|
|
|
|
|
|
|
|
|
|
|
|
| 27,806 |
| AGREE REALTY CORP. |
|
| 646,070 |
|
| 744,923 |
|
|
|
|
| 8,622 |
| AMERICAN NATIONAL BANKSHARES, INC. |
|
| 173,025 |
|
| 174,078 |
|
|
|
|
| 3,151 |
| AMERICAN SAFETY INSURANCE HOLDINGS LTD.(b)(c) |
|
| 67,701 |
|
| 59,617 |
|
|
|
|
| 43,313 |
| AMTRUST FINANCIAL SERVICES, INC. |
|
| 653,859 |
|
| 1,242,650 |
|
|
|
|
| 27,000 |
| ARTHUR J. GALLAGHER & CO. |
|
| 562,570 |
|
| 935,550 |
|
|
|
|
| 46,289 |
| ASHFORD HOSPITALITY TRUST, INC. |
|
| 367,993 |
|
| 486,497 |
|
|
|
|
| 28,085 |
| ASPEN INSURANCE HOLDINGS LTD.(c) |
|
| 660,670 |
|
| 900,967 |
|
|
|
|
| 50,000 |
| ASSOCIATED BANC-CORP |
|
| 666,059 |
|
| 656,000 |
|
|
|
|
| 44,186 |
| ASSOCIATED ESTATES REALTY CORP. |
|
| 666,251 |
|
| 712,278 |
|
|
|
|
| 26,916 |
| BERKSHIRE HILLS BANCORP, INC. |
|
| 604,733 |
|
| 642,216 |
|
|
|
|
| 10,316 |
| BNC BANCORP |
|
| 85,554 |
|
| 82,631 |
|
|
|
|
| 34,559 |
| BROOKLINE BANCORP, INC. |
|
| 291,739 |
|
| 293,752 |
|
|
|
|
| 178,686 |
| CAMPUS CREST COMMUNITIES, INC. |
|
| 1,928,455 |
|
| 2,190,690 |
|
|
|
|
| 14,964 |
| CAPE BANCORP, INC. |
|
| 138,595 |
|
| 130,037 |
|
|
|
|
| 65,000 |
| CAPITOL FEDERAL FINANCIAL, INC. |
|
| 768,473 |
|
| 759,850 |
|
|
|
|
| 70,476 |
| CAPLEASE, INC.(b) |
|
| 131,850 |
|
| 392,551 |
|
|
|
|
| 35,000 |
| CBOE HOLDINGS, INC. |
|
| 848,346 |
|
| 1,031,100 |
|
|
|
|
| 937 |
| CENTURY BANCORP, INC., CLASS A |
|
| 29,070 |
|
| 30,874 |
|
|
|
|
| 63,371 |
| CHESAPEAKE LODGING TRUST |
|
| 1,001,316 |
|
| 1,323,187 |
|
|
|
|
| 12,836 |
| CLIFTON SAVINGS BANCORP, INC. |
|
| 142,143 |
|
| 144,662 |
|
|
|
|
| 27,024 |
| COLONY FINANCIAL, INC. |
|
| 499,505 |
|
| 526,968 |
|
|
|
|
| 11,889 |
| COMMUNITY TRUST BANCORP, INC. |
|
| 391,600 |
|
| 389,721 |
|
|
|
|
| 47,525 |
| CORPORATE OFFICE PROPERTIES TRUST |
|
| 1,041,239 |
|
| 1,187,174 |
|
|
|
|
| 11,465 |
| EMC INSURANCE GROUP, INC. |
|
| 246,331 |
|
| 273,784 |
|
|
|
|
| 16,668 |
| EXCEL TRUST, INC. |
|
| 195,480 |
|
| 211,184 |
|
|
|
|
| 22,669 |
| FINANCIAL INSTITUTIONS, INC. |
|
| 389,399 |
|
| 422,324 |
|
|
|
|
| 49,000 |
| FIRST AMERICAN FINANCIAL CORP. |
|
| 686,144 |
|
| 1,180,410 |
|
|
|
|
| 17,488 |
| FIRST FINANCIAL CORP. |
|
| 522,556 |
|
| 528,837 |
|
|
|
|
| 31,681 |
| FIRST MERCHANTS CORP. |
|
| 187,769 |
|
| 470,146 |
|
|
|
|
| 23,979 |
| FIRST PACTRUST BANCORP, INC. |
|
| 297,524 |
|
| 294,222 |
|
|
|
|
| 133,876 |
| FIRSTMERIT CORP. |
|
| 1,970,595 |
|
| 1,899,701 |
|
|
|
|
| 50,000 |
| FORESTAR GROUP, INC.(b) |
|
| 940,728 |
|
| 866,500 |
|
|
|
|
| 15,573 |
| FRANKLIN FINANCIAL CORP. |
|
| 217,750 |
|
| 258,200 |
|
|
|
|
| 34,264 |
| GETTY REALTY CORP. |
|
| 556,254 |
|
| 618,808 |
|
|
|
|
| 34,617 |
| GLADSTONE CAPITAL CORP. |
|
| 265,157 |
|
| 282,475 |
|
|
|
|
| 15,147 |
| GOLUB CAPITAL BDC, INC. |
|
| 228,484 |
|
| 242,049 |
|
|
|
|
| 9,929 |
| HENNESSY ADVISORS, INC. |
|
| 29,849 |
|
| 43,588 |
|
|
|
|
| 16,070 |
| HERITAGE FINANCIAL CORP. |
|
| 201,226 |
|
| 236,068 |
|
|
|
|
| 48,080 |
| HOME FEDERAL BANCORP, INC. |
|
| 611,641 |
|
| 597,634 |
|
|
|
|
| 16,385 |
| HOME PROPERTIES, INC. |
|
| 895,936 |
|
| 1,004,564 |
|
|
|
|
| 34,358 |
| HORACE MANN EDUCATORS CORP. |
|
| 444,663 |
|
| 685,786 |
|
|
|
|
| 5,707 |
| HORIZON BANCORP |
|
| 68,965 |
|
| 112,143 |
|
|
|
|
| 19,500 |
| IBERIABANK CORP. |
|
| 928,547 |
|
| 957,840 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 43 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Financials (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 120,837 |
| INVESTORS BANCORP, INC. |
| $ | 1,722,929 |
|
| 2,148,482 |
|
|
|
|
| 35,719 |
| INVESTORS CAPITAL HOLDINGS LTD.(b) |
|
| 151,806 |
|
| 128,588 |
|
|
|
|
| 48,699 |
| KITE REALTY GROUP TRUST |
|
| 208,256 |
|
| 272,227 |
|
|
|
|
| 17,620 |
| LAPORTE BANCORP, INC. |
|
| 154,704 |
|
| 152,061 |
|
|
|
|
| 60,000 |
| MANNING & NAPIER, INC. |
|
| 754,331 |
|
| 756,000 |
|
|
|
|
| 119,458 |
| MEDICAL PROPERTIES TRUST, INC. |
|
| 1,177,342 |
|
| 1,428,718 |
|
|
|
|
| 20,536 |
| MEDLEY CAPITAL CORP. |
|
| 280,561 |
|
| 299,004 |
|
|
|
|
| 10,688 |
| MERIDIAN INTERSTATE BANCORP, INC.(b) |
|
| 157,730 |
|
| 179,345 |
|
|
|
|
| 6,600 |
| MIDSOUTH BANCORP, INC. |
|
| 97,614 |
|
| 107,910 |
|
|
|
|
| 37,880 |
| NATIONAL FINANCIAL PARTNERS CORP.(b) |
|
| 506,854 |
|
| 649,263 |
|
|
|
|
| 46,937 |
| NATIONAL RETAIL PROPERTIES, INC. |
|
| 761,193 |
|
| 1,464,434 |
|
|
|
|
| 106,755 |
| NGP CAPITAL RESOURCES CO. |
|
| 829,912 |
|
| 770,771 |
|
|
|
|
| 187,615 |
| NORTHWEST BANCSHARES, INC. |
|
| 2,023,320 |
|
| 2,277,646 |
|
|
|
|
| 80,162 |
| ORITANI FINANCIAL CORP. |
|
| 1,019,287 |
|
| 1,228,082 |
|
|
|
|
| 18,917 |
| PACIFIC CONTINENTAL CORP. |
|
| 173,771 |
|
| 184,062 |
|
|
|
|
| 47,803 |
| PACWEST BANCORP |
|
| 1,107,968 |
|
| 1,184,558 |
|
|
|
|
| 13,111 |
| PARK STERLING CORP.(b) |
|
| 80,326 |
|
| 68,571 |
|
|
|
|
| 33,319 |
| PENNANTPARK INVESTMENT CORP. |
|
| 352,463 |
|
| 366,342 |
|
|
|
|
| 1,075 |
| PEOPLES BANCORP, INC. |
|
| 21,372 |
|
| 21,962 |
|
|
|
|
| 35,000 |
| PHH CORP.(b) |
|
| 719,485 |
|
| 796,250 |
|
|
|
|
| 27,246 |
| PLATINUM UNDERWRITERS HOLDINGS LTD.(c) |
|
| 808,813 |
|
| 1,253,316 |
|
|
|
|
| 30,143 |
| PREFERRED APARTMENT COMMUNITIES, INC., CLASS A |
|
| 189,537 |
|
| 234,814 |
|
|
|
|
| 74,318 |
| PRIVATEBANCORP, INC. |
|
| 980,425 |
|
| 1,138,552 |
|
|
|
|
| 24,899 |
| RENASANT CORP. |
|
| 403,755 |
|
| 476,567 |
|
|
|
|
| 36,717 |
| RETAIL OPPORTUNITY INVESTMENTS CORP. |
|
| 457,079 |
|
| 472,181 |
|
|
|
|
| 111,663 |
| ROCKVILLE FINANCIAL, INC. |
|
| 1,176,110 |
|
| 1,440,453 |
|
|
|
|
| 31,990 |
| RYMAN HOSPITALITY PROPERTIES |
|
| 791,509 |
|
| 1,230,351 |
|
|
|
|
| 38,000 |
| SABRA HEALTH CARE REIT, INC. |
|
| 674,953 |
|
| 825,360 |
|
|
|
|
| 14,195 |
| SANDY SPRING BANCORP, INC. |
|
| 254,929 |
|
| 275,667 |
|
|
|
|
| 7,053 |
| SCBT FINANCIAL CORP. |
|
| 227,109 |
|
| 283,390 |
|
|
|
|
| 26,664 |
| SI FINANCIAL GROUP, INC. |
|
| 261,875 |
|
| 306,636 |
|
|
|
|
| 26,907 |
| SIMMONS FIRST NATIONAL CORP., CLASS A |
|
| 673,089 |
|
| 682,362 |
|
|
|
|
| 12,142 |
| SIMPLICITY BANCORP, INC. |
|
| 133,682 |
|
| 181,523 |
|
|
|
|
| 26,053 |
| SOUTHSIDE BANCSHARES, INC. |
|
| 528,223 |
|
| 548,676 |
|
|
|
|
| 50,000 |
| SPIRIT REALTY CAPITAL, INC. |
|
| 803,435 |
|
| 889,000 |
|
|
|
|
| 32,408 |
| STANCORP FINANCIAL GROUP, INC. |
|
| 1,000,017 |
|
| 1,188,401 |
|
|
|
|
| 21,942 |
| STATE BANK FINANCIAL CORP. |
|
| 342,312 |
|
| 348,439 |
|
|
|
|
| 25,800 |
| STELLARONE CORP. |
|
| 341,581 |
|
| 364,812 |
|
|
|
|
| 153,898 |
| SUSQUEHANNA BANCSHARES, INC. |
|
| 1,126,613 |
|
| 1,612,851 |
|
|
|
|
| 524,797 |
| SYNOVUS FINANCIAL CORP.(b) |
|
| 1,121,754 |
|
| 1,285,753 |
|
|
|
|
| 2,792 |
| TCP CAPITAL CORP. |
|
| 40,882 |
|
| 41,154 |
|
|
|
|
| 36,500 |
| TERRITORIAL BANCORP, INC. |
|
| 585,519 |
|
| 834,025 |
|
|
|
|
| 16,845 |
| THL CREDIT, INC. |
|
| 230,068 |
|
| 249,138 |
|
|
|
|
| 97,996 |
| UMPQUA HOLDINGS CORP. |
|
| 1,076,352 |
|
| 1,155,373 |
|
|
|
|
| 17,544 |
| UNIVEST CORP. OF PENNSYLVANIA |
|
| 290,698 |
|
| 300,002 |
|
|
|
|
| 28,877 |
| URSTADT BIDDLE PROPERTIES, INC., CLASS A |
|
| 498,068 |
|
| 568,299 |
|
|
|
|
| 52,500 |
| VIEWPOINT FINANCIAL GROUP, INC. |
|
| 669,191 |
|
| 1,099,350 |
|
|
|
|
| 65,309 |
| WALKER & DUNLOP, INC.(b) |
|
| 770,605 |
|
| 1,088,048 |
|
|
|
|
| 23,000 |
| WALTER INVESTMENT MANAGEMENT CORP.(b) |
|
| 305,985 |
|
| 989,460 |
|
|
|
|
| 23,143 |
| WASHINGTON BANKING CO. |
|
| 319,825 |
|
| 315,208 |
|
|
|
|
| 55,778 |
| WESTFIELD FINANCIAL, INC. |
|
| 444,906 |
|
| 403,275 |
|
|
|
|
| 25,000 |
| WINTRUST FINANCIAL CORP. |
|
| 855,525 |
|
| 917,500 |
|
|
|
|
|
|
|
|
|
| 52,937,462 |
|
| 63,708,448 |
|
| 22.60% |
|
| Health Care: |
|
|
|
|
|
|
|
|
|
| ||
| 95,875 |
| ACCRETIVE HEALTH, INC.(b) |
|
| 1,146,680 |
|
| 1,108,315 |
|
|
|
|
| 18,346 |
| ADDUS HOMECARE CORP.(b) |
|
| 111,149 |
|
| 130,624 |
|
|
|
|
| 29,569 |
| ANALOGIC CORP. |
|
| 2,151,786 |
|
| 2,196,977 |
|
|
|
|
| 14,179 |
| ANGIODYNAMICS, INC.(b) |
|
| 171,444 |
|
| 155,827 |
|
|
|
|
| 7,856 |
| ARTHROCARE CORP.(b) |
|
| 210,964 |
|
| 271,739 |
|
|
|
|
| 14,933 |
| BIOCLINICA, INC.(b) |
|
| 70,834 |
|
| 85,417 |
|
|
|
|
| 71,031 |
| BIODELIVERY SCIENCES INTERNATIONAL, INC.(b) |
|
| 351,577 |
|
| 306,144 |
|
|
|
|
| 1,783 |
| BIO-REFERENCE LABS, INC.(b) |
|
| 46,008 |
|
| 51,154 |
|
|
|
|
| 73,542 |
| CAMBREX CORP.(b) |
|
| 724,389 |
|
| 836,908 |
|
|
|
|
| 31,997 |
| CENTENE CORP.(b) |
|
| 1,290,016 |
|
| 1,311,877 |
|
|
|
|
| 20,102 |
| CONCEPTUS, INC.(b) |
|
| 350,233 |
|
| 422,343 |
|
|
|
|
| 26,383 |
| CRYOLIFE, INC. |
|
| 148,060 |
|
| 164,366 |
|
|
|
|
| 37,000 |
| HANGER, INC.(b) |
|
| 718,063 |
|
| 1,012,320 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 44 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Health Care (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 9,444 |
| HARVARD BIOSCIENCE, INC.(b) |
| $ | 38,371 |
|
| 41,365 |
|
|
|
|
| 144,009 |
| HEALTHSOUTH CORP.(b) |
|
| 2,300,403 |
|
| 3,040,030 |
|
|
|
|
| 152,301 |
| HEALTHWAYS, INC.(b) |
|
| 1,506,802 |
|
| 1,629,621 |
|
|
|
|
| 18,622 |
| HESKA CORP. |
|
| 150,935 |
|
| 150,838 |
|
|
|
|
| 61,173 |
| HILL-ROM HOLDINGS, INC. |
|
| 1,636,405 |
|
| 1,743,430 |
|
|
|
|
| 79,154 |
| ICON PLC ADR(b)(c)(d) |
|
| 1,886,709 |
|
| 2,197,315 |
|
|
|
|
| 58,566 |
| MERGE HEALTHCARE, INC.(b) |
|
| 207,020 |
|
| 144,658 |
|
|
|
|
| 89,443 |
| MERIT MEDICAL SYSTEMS, INC.(b) |
|
| 1,246,842 |
|
| 1,243,258 |
|
|
|
|
| 1,314 |
| NATIONAL RESEARCH CORP. |
|
| 66,735 |
|
| 71,219 |
|
|
|
|
| 12,379 |
| NATUS MEDICAL, INC.(b) |
|
| 144,641 |
|
| 138,397 |
|
|
|
|
| 13,346 |
| NUVASIVE, INC.(b) |
|
| 190,116 |
|
| 206,329 |
|
|
|
|
| 12,531 |
| OMNICELL, INC.(b) |
|
| 193,370 |
|
| 186,336 |
|
|
|
|
| 54,399 |
| ORTHOFIX INTERNATIONAL N.V.(b)(c) |
|
| 1,551,563 |
|
| 2,139,513 |
|
|
|
|
| 22,000 |
| PATTERSON COS., INC. |
|
| 514,141 |
|
| 753,060 |
|
|
|
|
| 22,810 |
| PDI, INC.(b) |
|
| 152,202 |
|
| 173,356 |
|
|
|
|
| 23,125 |
| PHARMERICA CORP.(b) |
|
| 291,212 |
|
| 329,300 |
|
|
|
|
| 17,453 |
| PSYCHEMEDICS CORP. |
|
| 201,042 |
|
| 187,620 |
|
|
|
|
| 27,690 |
| SALIX PHARMACEUTICALS LTD.(b) |
|
| 1,172,234 |
|
| 1,120,891 |
|
|
|
|
| 4,009 |
| SURMODICS, INC.(b) |
|
| 74,205 |
|
| 89,641 |
|
|
|
|
| 12,951 |
| VASCULAR SOLUTIONS, INC.(b) |
|
| 141,527 |
|
| 204,626 |
|
|
|
|
| 20,794 |
| WEST PHARMACEUTICAL SERVICES, INC. |
|
| 775,312 |
|
| 1,138,471 |
|
|
|
|
|
|
|
|
|
| 21,932,990 |
|
| 24,983,285 |
|
| 8.86% |
|
| Industrials: |
|
|
|
|
|
|
|
|
|
|
|
|
| 44,203 |
| A.O. SMITH CORP. |
|
| 1,988,253 |
|
| 2,787,883 |
|
|
|
|
| 39,756 |
| ACCO BRANDS CORP.(b) |
|
| 269,984 |
|
| 291,809 |
|
|
|
|
| 17,170 |
| ACETO CORP. |
|
| 161,988 |
|
| 172,387 |
|
|
|
|
| 58,573 |
| ACTUANT CORP., CLASS A |
|
| 1,188,610 |
|
| 1,634,772 |
|
|
|
|
| 15,000 |
| ACUITY BRANDS, INC. |
|
| 533,328 |
|
| 1,015,950 |
|
|
|
|
| 38,000 |
| AIR LEASE CORP.(b) |
|
| 840,658 |
|
| 817,000 |
|
|
|
|
| 5,000 |
| AMERCO, INC. |
|
| 538,938 |
|
| 634,050 |
|
|
|
|
| 9,562 |
| AMERICAN RAILCAR INDUSTRIES, INC. |
|
| 280,660 |
|
| 303,402 |
|
|
|
|
| 12,135 |
| ASTRONICS CORP.(b) |
|
| 235,485 |
|
| 277,649 |
|
|
|
|
| 942 |
| ASTRONICS CORP., CLASS B(b) |
|
| 19,609 |
|
| 20,441 |
|
|
|
|
| 55,000 |
| AVIS BUDGET GROUP, INC.(b) |
|
| 738,891 |
|
| 1,090,100 |
|
|
|
|
| 86,651 |
| AZZ, INC. |
|
| 2,061,609 |
|
| 3,329,998 |
|
|
|
|
| 32,000 |
| BABCOCK & WILCOX (THE) CO. |
|
| 726,567 |
|
| 838,400 |
|
|
|
|
| 7,590 |
| BREEZE-EASTERN CORP.(b) |
|
| 54,253 |
|
| 56,925 |
|
|
|
|
| 31,860 |
| CASELLA WASTE SYSTEMS, INC., CLASS A(b) |
|
| 191,279 |
|
| 139,547 |
|
|
|
|
| 17,079 |
| CECO ENVIRONMENTAL CORP. |
|
| 94,807 |
|
| 169,936 |
|
|
|
|
| 13,926 |
| CELADON GROUP, INC. |
|
| 208,703 |
|
| 251,643 |
|
|
|
|
| 24,000 |
| CHICAGO BRIDGE & IRON CO. N.V.(c) |
|
| 408,333 |
|
| 1,112,400 |
|
|
|
|
| 4,386 |
| CIRCOR INTERNATIONAL, INC. |
|
| 141,041 |
|
| 173,642 |
|
|
|
|
| 25,000 |
| COLFAX CORP.(b) |
|
| 197,420 |
|
| 1,008,750 |
|
|
|
|
| 15,561 |
| COMFORT SYSTEMS USA, INC. |
|
| 166,096 |
|
| 189,222 |
|
|
|
|
| 22,000 |
| CORRECTIONS CORP. OF AMERICA |
|
| 666,092 |
|
| 780,340 |
|
|
|
|
| 17,032 |
| DUCOMMUN, INC.(b) |
|
| 245,764 |
|
| 275,407 |
|
|
|
|
| 2,388 |
| DXP ENTERPRISES, INC.(b) |
|
| 36,554 |
|
| 117,179 |
|
|
|
|
| 11,858 |
| ENNIS, INC. |
|
| 156,390 |
|
| 183,443 |
|
|
|
|
| 20,000 |
| ENPRO INDUSTRIES, INC.(b) |
|
| 569,233 |
|
| 818,000 |
|
|
|
|
| 40,631 |
| ESCO TECHNOLOGIES, INC. |
|
| 1,403,171 |
|
| 1,520,006 |
|
|
|
|
| 35,108 |
| FEDERAL SIGNAL CORP.(b) |
|
| 138,188 |
|
| 267,172 |
|
|
|
|
| 32,000 |
| FORTUNE BRANDS HOME & SECURITY, INC.(b) |
|
| 637,834 |
|
| 935,040 |
|
|
|
|
| 56,231 |
| GENCORP, INC.(b) |
|
| 291,058 |
|
| 514,514 |
|
|
|
|
| 13,000 |
| GENESEE & WYOMING, INC., CLASS A(b) |
|
| 321,298 |
|
| 989,040 |
|
|
|
|
| 9,177 |
| GP STRATEGIES CORP.(b) |
|
| 62,336 |
|
| 189,505 |
|
|
|
|
| 20,576 |
| GRAHAM CORP. |
|
| 451,669 |
|
| 401,232 |
|
|
|
|
| 5,286 |
| GREENBRIER COS., INC.(b) |
|
| 84,003 |
|
| 85,475 |
|
|
|
|
| 17,417 |
| HAWAIIAN HOLDINGS, INC.(b) |
|
| 93,239 |
|
| 114,430 |
|
|
|
|
| 82,482 |
| ICF INTERNATIONAL, INC.(b) |
|
| 1,852,733 |
|
| 1,933,378 |
|
|
|
|
| 35,000 |
| ITT CORP. |
|
| 698,010 |
|
| 821,100 |
|
|
|
|
| 45,000 |
| JOHN BEAN TECHNOLOGIES CORP. |
|
| 604,564 |
|
| 799,650 |
|
|
|
|
| 11,000 |
| KANSAS CITY SOUTHERN |
|
| 210,643 |
|
| 918,280 |
|
|
|
|
| 20,500 |
| L.B. FOSTER CO., CLASS A |
|
| 462,717 |
|
| 890,520 |
|
|
|
|
| 7,858 |
| LYDALL, INC.(b) |
|
| 62,301 |
|
| 112,684 |
|
|
|
|
| 25,500 |
| MACQUARIE INFRASTRUCTURE CO. LLC |
|
| 695,627 |
|
| 1,161,780 |
|
|
|
|
| 12,999 |
| MIDDLEBY CORP.(b) |
|
| 604,541 |
|
| 1,666,602 |
|
|
|
|
| 53,606 |
| POLYPORE INTERNATIONAL, INC.(b) |
|
| 2,153,002 |
|
| 2,492,679 |
|
|
|
|
| 34,283 |
| REGAL-BELOIT CORP. |
|
| 1,884,244 |
|
| 2,415,923 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 45 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Industrials (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 36,000 |
| REXNORD CORP.(b) |
| $ | 759,725 |
|
| 766,800 |
|
|
|
|
| 10,800 |
| RUSH ENTERPRISES, INC., CLASS A(b) |
|
| 180,522 |
|
| 223,236 |
|
|
|
|
| 5,025 |
| SAIA, INC.(b) |
|
| 67,935 |
|
| 116,178 |
|
|
|
|
| 12,607 |
| SL INDUSTRIES, INC. |
|
| 166,647 |
|
| 226,926 |
|
|
|
|
| 13,547 |
| SPARTON CORP.(b) |
|
| 112,820 |
|
| 187,897 |
|
|
|
|
| 8,629 |
| STANDEX INTERNATIONAL CORP. |
|
| 205,540 |
|
| 442,581 |
|
|
|
|
| 30,239 |
| TELEDYNE TECHNOLOGIES, INC.(b) |
|
| 1,215,646 |
|
| 1,967,652 |
|
|
|
|
| 55,352 |
| TENNANT CO. |
|
| 2,062,274 |
|
| 2,432,720 |
|
|
|
|
| 36,500 |
| TEREX CORP.(b) |
|
| 831,385 |
|
| 1,026,015 |
|
|
|
|
| 5,263 |
| TREX CO., INC.(b) |
|
| 141,715 |
|
| 195,941 |
|
|
|
|
| 72,679 |
| TRINITY INDUSTRIES, INC. |
|
| 2,196,577 |
|
| 2,603,362 |
|
|
|
|
| 35,032 |
| TRIUMPH GROUP, INC. |
|
| 1,463,202 |
|
| 2,287,590 |
|
|
|
|
| 12,407 |
| US ECOLOGY, INC. |
|
| 213,326 |
|
| 292,061 |
|
|
|
|
| 17,742 |
| WABASH NATIONAL CORP.(b) |
|
| 123,875 |
|
| 159,146 |
|
|
|
|
| 19,112 |
| WABTEC CORP. |
|
| 974,230 |
|
| 1,673,064 |
|
|
|
|
| 21,954 |
| WOODWARD, INC. |
|
| 605,792 |
|
| 837,106 |
|
|
|
|
|
|
|
|
|
| 36,752,934 |
|
| 52,157,560 |
|
| 18.50% |
|
| Information Technology: |
|
|
|
|
|
|
|
|
|
| ||
| 17,723 |
| ACTUATE CORP.(b) |
|
| 90,532 |
|
| 99,249 |
|
|
|
|
| 56,015 |
| ADTRAN, INC. |
|
| 1,903,896 |
|
| 1,094,533 |
|
|
|
|
| 16,554 |
| ALLIANCE FIBER OPTIC PRODUCTS, INC. |
|
| 150,663 |
|
| 198,979 |
|
|
|
|
| 87,801 |
| ANAREN, INC.(b) |
|
| 1,077,593 |
|
| 1,707,729 |
|
|
|
|
| 11,857 |
| BADGER METER, INC. |
|
| 388,152 |
|
| 562,140 |
|
|
|
|
| 96,367 |
| BRIDGELINE DIGITAL, INC.(b) |
|
| 130,323 |
|
| 139,732 |
|
|
|
|
| 32,000 |
| BROADRIDGE FINANCIAL SOLUTIONS, INC. |
|
| 543,517 |
|
| 732,160 |
|
|
|
|
| 24,619 |
| CALAMP CORP.(b) |
|
| 169,800 |
|
| 204,830 |
|
|
|
|
| 29,438 |
| CALLIDUS SOFTWARE, INC.(b) |
|
| 124,556 |
|
| 133,649 |
|
|
|
|
| 37,875 |
| CAMTEK LTD.(b)(c) |
|
| 82,558 |
|
| 52,268 |
|
|
|
|
| 59,138 |
| COGNEX CORP. |
|
| 1,756,558 |
|
| 2,177,461 |
|
|
|
|
| 256,063 |
| ENTROPIC COMMUNICATIONS, INC.(b) |
|
| 1,957,776 |
|
| 1,354,573 |
|
|
|
|
| 19,091 |
| EVOLVING SYSTEMS, INC. |
|
| 65,338 |
|
| 113,782 |
|
|
|
|
| 40,189 |
| EXAR CORP.(b) |
|
| 273,828 |
|
| 357,682 |
|
|
|
|
| 36,111 |
| FRANKLIN WIRELESS CORP.(b) |
|
| 92,351 |
|
| 72,222 |
|
|
|
|
| 27,200 |
| FREQUENCY ELECTRONICS, INC. |
|
| 199,884 |
|
| 223,312 |
|
|
|
|
| 31,036 |
| GLOBAL CASH ACCESS HOLDINGS, INC.(b) |
|
| 242,175 |
|
| 243,322 |
|
|
|
|
| 142,630 |
| GSI GROUP, INC.(b) |
|
| 1,669,761 |
|
| 1,235,176 |
|
|
|
|
| 47,972 |
| HACKETT GROUP (THE), INC. |
|
| 192,541 |
|
| 205,320 |
|
|
|
|
| 18,893 |
| HARMONIC, INC.(b) |
|
| 84,186 |
|
| 95,788 |
|
|
|
|
| 5,786 |
| IEC ELECTRONICS CORP.(b) |
|
| 39,467 |
|
| 39,113 |
|
|
|
|
| 3,567 |
| INPHI CORP.(b) |
|
| 33,130 |
|
| 34,172 |
|
|
|
|
| 12,596 |
| INTEST CORP. |
|
| 40,621 |
|
| 35,269 |
|
|
|
|
| 35,767 |
| IPG PHOTONICS CORP. |
|
| 1,549,951 |
|
| 2,383,871 |
|
|
|
|
| 28,592 |
| KVH INDUSTRIES, INC.(b) |
|
| 307,121 |
|
| 399,716 |
|
|
|
|
| 22,913 |
| LIONBRIDGE TECHNOLOGIES, INC.(b) |
|
| 76,092 |
|
| 92,110 |
|
|
|
|
| 28,663 |
| LIQUIDITY SERVICES, INC.(b) |
|
| 1,132,336 |
|
| 1,171,170 |
|
|
|
|
| 51,923 |
| LOGMEIN, INC.(b) |
|
| 1,132,812 |
|
| 1,163,594 |
|
|
|
|
| 19,635 |
| LTX-CREDENCE CORP.(b) |
|
| 126,595 |
|
| 128,806 |
|
|
|
|
| 8,502 |
| METHODE ELECTRONICS, INC. |
|
| 91,863 |
|
| 85,275 |
|
|
|
|
| 28,068 |
| MIPS TECHNOLOGIES, INC.(b) |
|
| 160,360 |
|
| 219,492 |
|
|
|
|
| 27,950 |
| MKS INSTRUMENTS, INC. |
|
| 730,125 |
|
| 720,551 |
|
|
|
|
| 41,800 |
| NAPCO SECURITY TECHNOLOGIES, INC.(b) |
|
| 68,377 |
|
| 152,152 |
|
|
|
|
| 37,000 |
| NCR CORP.(b) |
|
| 878,564 |
|
| 942,760 |
|
|
|
|
| 82,094 |
| NETGEAR, INC.(b) |
|
| 2,781,561 |
|
| 3,236,146 |
|
|
|
|
| 64,371 |
| NEWPORT CORP.(b) |
|
| 1,056,833 |
|
| 865,790 |
|
|
|
|
| 18,621 |
| NOVA MEASURING INSTRUMENTS LTD.(b)(c) |
|
| 134,096 |
|
| 148,596 |
|
|
|
|
| 89,822 |
| OFFICIAL PAYMENTS HOLDINGS, INC.(b) |
|
| 563,404 |
|
| 506,596 |
|
|
|
|
| 5,747 |
| OPLINK COMMUNICATIONS, INC.(b) |
|
| 108,720 |
|
| 89,538 |
|
|
|
|
| 54,646 |
| PARAMETRIC TECHNOLOGY CORP.(b) |
|
| 1,150,178 |
|
| 1,230,081 |
|
|
|
|
| 37,206 |
| PERCEPTRON, INC. |
|
| 216,757 |
|
| 219,515 |
|
|
|
|
| 163,621 |
| SANMINA CORP.(b) |
|
| 1,654,340 |
|
| 1,811,284 |
|
|
|
|
| 25,697 |
| SELECTICA, INC.(b) |
|
| 127,961 |
|
| 162,148 |
|
|
|
|
| 19,001 |
| SILICON IMAGE, INC.(b) |
|
| 100,933 |
|
| 94,245 |
|
|
|
|
| 55,937 |
| SUPPORT.COM, INC.(b) |
|
| 147,589 |
|
| 233,817 |
|
|
|
|
| 95,412 |
| SYNNEX CORP.(b) |
|
| 2,824,707 |
|
| 3,280,265 |
|
|
|
|
| 43,194 |
| UNISYS CORP.(b) |
|
| 688,124 |
|
| 747,256 |
|
|
|
|
| 174,919 |
| VALUECLICK, INC.(b) |
|
| 2,761,951 |
|
| 3,395,178 |
|
|
|
|
| 56,162 |
| WESTELL TECHNOLOGIES, INC., CLASS A(b) |
|
| 118,745 |
|
| 103,900 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 46 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Information Technology (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 14,000 |
| WEX, INC.(b) |
| $ | 375,767 |
|
| 1,055,180 |
|
|
|
|
| 140,270 |
| ZIX CORP.(b) |
|
| 397,473 |
|
| 392,756 |
|
|
|
|
|
|
|
|
|
| 32,772,541 |
|
| 36,144,249 |
|
| 12.82% |
|
| Materials: |
|
|
|
|
|
|
|
|
|
| ||
| 15,000 |
| ASHLAND, INC. |
|
| 551,175 |
|
| 1,206,150 |
|
|
|
|
| 4,400 |
| CHASE CORP. |
|
| 67,610 |
|
| 81,840 |
|
|
|
|
| 133,368 |
| CHEMTURA CORP.(b) |
|
| 2,232,937 |
|
| 2,835,404 |
|
|
|
|
| 19,933 |
| CORE MOLDING TECHNOLOGIES, INC.(b) |
|
| 182,873 |
|
| 131,558 |
|
|
|
|
| 11,500 |
| DELTIC TIMBER CORP. |
|
| 546,288 |
|
| 812,130 |
|
|
|
|
| 8,703 |
| FLOTEK INDUSTRIES, INC.(b) |
|
| 85,453 |
|
| 106,177 |
|
|
|
|
| 45,930 |
| HANDY & HARMAN LTD.(b) |
|
| 346,633 |
|
| 692,165 |
|
|
|
|
| 15,172 |
| INNOPHOS HOLDINGS, INC. |
|
| 650,573 |
|
| 705,498 |
|
|
|
|
| 94,561 |
| INNOSPEC, INC. |
|
| 2,712,877 |
|
| 3,261,409 |
|
|
|
|
| 13,195 |
| KAPSTONE PAPER AND PACKAGING CORP. |
|
| 249,869 |
|
| 292,797 |
|
|
|
|
| 63,504 |
| KOPPERS HOLDINGS, INC. |
|
| 1,894,971 |
|
| 2,422,677 |
|
|
|
|
| 13,584 |
| LANDEC CORP.(b) |
|
| 92,156 |
|
| 128,912 |
|
|
|
|
| 12,747 |
| NEENAH PAPER, INC. |
|
| 363,626 |
|
| 362,907 |
|
|
|
|
| 22,302 |
| STEPAN CO. |
|
| 854,666 |
|
| 1,238,653 |
|
|
|
|
| 9,466 |
| SYNALLOY CORP. |
|
| 114,118 |
|
| 124,194 |
|
|
|
|
| 15,000 |
| W.R. GRACE & CO.(b) |
|
| 362,905 |
|
| 1,008,450 |
|
|
|
|
| 25,099 |
| WAUSAU PAPER CORP. |
|
| 223,229 |
|
| 217,357 |
|
|
|
|
|
|
|
|
|
| 11,531,959 |
|
| 15,628,278 |
|
| 5.54% |
|
| Utilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| 37,421 |
| ALLETE, INC. |
|
| 1,338,109 |
|
| 1,533,513 |
|
|
|
|
| 20,796 |
| MIDDLESEX WATER CO. |
|
| 385,266 |
|
| 406,770 |
|
|
|
|
| 35,000 |
| PNM RESOURCES, INC. |
|
| 733,499 |
|
| 717,850 |
|
|
|
|
| 74,153 |
| PORTLAND GENERAL ELECTRIC CO. |
|
| 1,674,829 |
|
| 2,028,826 |
|
|
|
|
| 55,499 |
| PURE CYCLE CORP.(b) |
|
| 122,638 |
|
| 157,062 |
|
|
|
|
| 39,000 |
| QUESTAR CORP. |
|
| 663,326 |
|
| 770,640 |
|
|
|
|
| 26,652 |
| SOUTHWEST GAS CORP. |
|
| 802,844 |
|
| 1,130,311 |
|
|
|
|
| 36,766 |
| UIL HOLDINGS CORP. |
|
| 1,179,357 |
|
| 1,316,590 |
|
|
|
|
| 18,155 |
| UNITIL CORP. |
|
| 434,938 |
|
| 470,578 |
|
|
|
|
|
|
|
|
| 7,334,806 |
|
| 8,532,140 |
|
| 3.03% |
| |
|
| Sub-total Common Stocks: |
|
| 225,256,224 |
|
| 269,895,670 |
|
| 95.73% |
| |
Escrow: |
|
|
|
|
|
|
|
|
|
|
|
| |
| Energy: |
|
|
|
|
|
|
|
|
|
|
|
|
| 38,070 |
| CVR ENERGY, INC.(b) |
|
| - |
| - |
|
|
|
| |
|
| Sub-total Escrow: |
|
| - |
|
| - |
|
| 0.00% |
| |
Short-Term Investments: |
|
|
|
|
|
|
|
|
|
| |||
| 22,370,992 |
| NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 0.01%(e) |
|
| 22,370,992 |
|
| 22,370,992 |
|
|
|
|
|
| Sub-total Short-Term Investments: |
|
| 22,370,992 |
|
| 22,370,992 |
|
| 7.93% |
| |
|
|
| Grand total(f) |
| $ | 247,627,216 |
|
| 292,266,662 |
|
| 103.66% |
|
|
|
|
|
Notes to Schedule of Investments: | |||
|
|
|
|
| (a) | Securities are valued in accordance with procedures described in note 2 to the financial statements. | |
| (b) | Currently non-income producing assets. | |
| (c) | Foreign security values are stated in U.S. dollars. As of December 31, 2012, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 3.27% of net assets. | |
| (d) | Securities are American Depositary Receipts of companies based outside of the United States representing 0.78% of net assets. | |
| (e) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2011, the value of the Clearwater Small Companies Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was approximately $1,896,952 with net purchases of approximately $20,474,040 during the fiscal year ended December 31, 2012. |
|
|
|
See accompanying notes to the financial statements. | 47 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund
December 31, 2012
|
|
|
|
| (f) | At December 31, 2012, the cost for Federal income tax purposes was $247,635,244. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost were as follows: |
|
|
|
|
|
Gross unrealized appreciation |
| $ | 53,273,928 |
|
Gross unrealized depreciation |
|
| (8,642,510) |
|
Net unrealized appreciation |
| $ | 44,631,418 |
|
|
|
|
See accompanying notes to the financial statements. | 48 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater Small Companies Fund(A)
December 31, 2012
(A)Name change effective April 30, 2012. Formerly known as the Clearwater Small Cap Fund.
|
|
|
See accompanying notes to the financial statements. | 49 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Closed-End funds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 208,600 |
| BLACKROCK LNG-TM MUN ADV |
|
|
|
|
| $ | 2,133,992 |
|
| 2,626,274 |
|
|
|
|
| 11,100 |
| BLACKROCK MUN INC TRUST |
|
|
|
|
|
| 94,733 |
|
| 179,931 |
|
|
|
|
| 7,471 |
| BLACKROCK MUNI BOND TRUST |
|
|
|
|
|
| 62,993 |
|
| 127,007 |
|
|
|
|
| 137,900 |
| BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND |
|
|
|
|
|
| 1,547,557 |
|
| 2,220,190 |
|
|
|
|
| 59,600 |
| BLACKROCK MUNIHOLDINGS QUALITY FUND II INC |
|
|
|
|
|
| 787,170 |
|
| 898,768 |
|
|
|
|
| 60,700 |
| BLACKROCK MUNIYIELD INVES |
|
|
|
|
|
| 759,694 |
|
| 1,024,009 |
|
|
|
|
| 21,837 |
| BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND |
|
|
|
|
|
| 275,931 |
|
| 342,841 |
|
|
|
|
| 81,800 |
| BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND II INC |
|
|
|
|
|
| 981,525 |
|
| 1,173,830 |
|
|
|
|
| 76,179 |
| BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND INC |
|
|
|
|
|
| 1,014,103 |
|
| 1,192,201 |
|
|
|
|
| 54,700 |
| BLACKROCK MUNIYIELD PENNS |
|
|
|
|
|
| 774,527 |
|
| 894,345 |
|
|
|
|
| 51,500 |
| BLACKROCK MUNIYIELD QUAL |
|
|
|
|
|
| 677,589 |
|
| 743,660 |
|
|
|
|
| 73,500 |
| BLACKROCK MUNIYIELD QUALITY FUND III INC |
|
|
|
|
|
| 963,910 |
|
| 1,124,550 |
|
|
|
|
| 209,000 |
| DWS MUNICIPAL INCOME TRUS |
|
|
|
|
|
| 2,278,136 |
|
| 3,007,510 |
|
|
|
|
| 66,800 |
| EATON VANCE CALI MUN BOND |
|
|
|
|
|
| 744,489 |
|
| 953,236 |
|
|
|
|
| 110,150 |
| INVESCO ADV MUN INC TR II |
|
|
|
|
|
| 1,261,284 |
|
| 1,448,473 |
|
|
|
|
| 76,505 |
| INVESCO MUNICIPAL OPP TR |
|
|
|
|
|
| 913,964 |
|
| 1,116,208 |
|
|
|
|
| 94,239 |
| INVESCO PENN VAL MUNI |
|
|
|
|
|
| 1,240,054 |
|
| 1,441,857 |
|
|
|
|
| 100,142 |
| INVESCO QUALITY MUNI INC |
|
|
|
|
|
| 1,173,329 |
|
| 1,371,945 |
|
|
|
|
| 94,277 |
| INVESCO TRUST INV GRD MUN |
|
|
|
|
|
| 1,342,033 |
|
| 1,434,896 |
|
|
|
|
| 56,248 |
| MANAGED DURATION INVESTME |
|
|
|
|
|
| 714,557 |
|
| 860,594 |
|
|
|
|
| 31,103 |
| NUVEEN CAL INV QUAL MUNI |
|
|
|
|
|
| 373,215 |
|
| 487,695 |
|
|
|
|
| 42,560 |
| NUVEEN DIVIDEND ADV MUNI |
|
|
|
|
|
| 523,323 |
|
| 642,230 |
|
|
|
|
| 13,500 |
| NUVEEN DIVIDEND ADVANTAGE |
|
|
|
|
|
| 181,771 |
|
| 207,225 |
|
|
|
|
| 41,700 |
| NUVEEN DVD ADVANTAGE MUNI |
|
|
|
|
|
| 475,800 |
|
| 645,516 |
|
|
|
|
| 30,600 |
| NUVEEN MI PREMIUM INC MUN |
|
|
|
|
|
| 404,605 |
|
| 457,776 |
|
|
|
|
| 44,600 |
| NUVEEN MUNI ADVANTAGE FUN |
|
|
|
|
|
| 522,316 |
|
| 678,366 |
|
|
|
|
| 6,453 |
| NUVEEN NJ INV QUAL MUNI F |
|
|
|
|
|
| 87,518 |
|
| 98,731 |
|
|
|
|
| 10,100 |
| NUVEEN PA DVD ADV MUNI FD |
|
|
|
|
|
| 127,550 |
|
| 151,702 |
|
|
|
|
| 48,500 |
| NUVEEN PENN INV QUAL MUNI |
|
|
|
|
|
| 673,352 |
|
| 758,540 |
|
|
|
|
| 27,100 |
| NUVEEN PREMIER MUNI INC F |
|
|
|
|
|
| 367,653 |
|
| 404,332 |
|
|
|
|
| 238,709 |
| NUVEEN PREMIUM INC MUNI F |
|
|
|
|
|
| 3,273,534 |
|
| 3,628,377 |
|
|
|
|
| 22,000 |
| WESTERN ASSET MANAGED MUN |
|
|
|
|
|
| 240,488 |
|
| 316,140 |
|
|
|
|
| 38,366 |
| WESTERN ASSET MUNICIPAL P |
|
|
|
|
|
| 486,666 |
|
| 660,279 |
|
|
|
|
|
| Sub-total Closed-End Funds |
|
|
|
|
|
| 27,479,361 |
|
| 33,319,234 |
|
| 6.32% |
| |
Municipal Bonds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 750,000 |
| ABAG CA FIN AUTH FOR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NONPROFIT CORPS |
| 9/1/2037 |
| 6.00 |
|
| 745,175 |
|
| 866,895 |
|
|
|
|
| 650,000 |
| ABAG CA FIN AUTH FOR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NONPROFIT CORPS COPS |
| 11/1/2029 |
| 6.20 |
|
| 634,355 |
|
| 650,559 |
|
|
|
|
| 2,500,000 |
| ACALANES CA UNION HIGH SCH |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DIST(b) |
| 8/1/2039 |
| 4.68 |
|
| 1,153,120 |
|
| 1,709,550 |
|
|
|
|
| 1,500,000 |
| AGUA CALIENTE CA BAND OF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CAHUILLA INDIANS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REVENUE(c) |
| 7/1/2018 |
| 6.00 |
|
| 1,475,843 |
|
| 1,469,970 |
|
|
|
|
| 1,095,000 |
| ALABAMA ST HSG FIN AUTH SF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MTGE REVENUE |
| 10/1/2028 |
| 5.25 |
|
| 1,095,000 |
|
| 1,205,420 |
|
|
|
|
| 530,000 |
| ALABAMA ST HSG FIN AUTH SF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MTGE REVENUE |
| 4/1/2038 |
| 4.50 |
|
| 399,325 |
|
| 542,778 |
|
|
|
|
| 1,250,000 |
| ALACHUA CNTY FL HLTH FACS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AUTH |
| 11/15/2016 |
| 7.13 |
|
| 1,250,000 |
|
| 1,265,350 |
|
|
|
|
| 1,000,000 |
| ALACHUA CNTY FL HLTH FACS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AUTH CCRC |
| 10/1/2032 |
| 8.00 |
|
| 1,181,583 |
|
| 1,223,170 |
|
|
|
|
| 500,000 |
| ALAMEDA CA CORRIDOR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TRANSPRTN AUTH |
| 10/1/2021 |
| 5.25 |
|
| 496,211 |
|
| 506,480 |
|
|
|
|
| 500,000 |
| ALAMEDA CA CORRIDOR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TRANSPRTN AUTH |
| 10/1/2024 |
| 5.40 |
|
| 421,998 |
|
| 560,495 |
|
|
|
|
| 2,000,000 |
| ALASKA ST HSG FIN CORP |
| 12/1/2034 |
| 5.25 |
|
| 2,003,390 |
|
| 2,130,340 |
|
|
|
|
| 750,000 |
| ALASKA ST HSG FIN CORP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MTGE REVENUE |
| 12/1/2037 |
| 4.13 |
|
| 735,649 |
|
| 772,305 |
|
|
|
|
| 500,000 |
| ALASKA ST HSG FIN CORP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MTGE REVENUE |
| 12/1/2040 |
| 4.63 |
|
| 495,181 |
|
| 530,020 |
|
|
|
|
| 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(e) |
| 5/1/2016 |
| 6.50 |
|
| 240,000 |
|
| 35,993 |
|
|
|
|
| 1,025,000 |
| ALISAL CA UNION SCH DIST(b) |
| 8/1/2025 |
| 10.55 |
|
| 500,435 |
|
| 617,675 |
|
|
|
|
| 925,000 |
| ALLEGHENY CNTY PA INDL DEV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AUTH CHRT SCH REVENUE |
| 8/15/2026 |
| 5.90 |
|
| 925,000 |
|
| 986,216 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 50 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 528,050 |
| ALPHARETTA GA DEV AUTH |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EDLFACS REV |
| 7/1/2031 |
| 6.25 |
| $ | 513,901 |
|
| 300,988 |
|
|
|
|
| 1,000,000 |
| ALVORD CA UNIF SCH DIST(b) |
| 8/1/2046 |
| 5.63 |
|
| 352,407 |
|
| 631,300 |
|
|
|
|
| 946,576 |
| ARIZONA ST HLTH FACS AUTH(d) |
| 7/1/2027 |
| 5.25 |
|
| 919,824 |
|
| 1,014,758 |
|
|
|
|
| 1,000,000 |
| ARIZONA ST HLTH FACS AUTH |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| HLTH CARE FACS REVENUE |
| 10/1/2022 |
| 5.10 |
|
| 864,089 |
|
| 1,016,900 |
|
|
|
|
| 2,000,000 |
| ARLINGTON TX HGR EDU FIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CORP EDU REVENUE |
| 8/15/2028 |
| 7.00 |
|
| 1,951,173 |
|
| 2,170,320 |
|
|
|
|
| 785,000 |
| ARLINGTON TX SPL OBLIG |
| 8/15/2034 |
| 5.00 |
|
| 815,840 |
|
| 821,079 |
|
|
|
|
| 500,000 |
| ATLANTA GA ARPT REVENUE |
| 1/1/2030 |
| 6.00 |
|
| 518,441 |
|
| 618,005 |
|
|
|
|
| 1,500,000 |
| ATLANTA GA WTR & WSTWTR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REVENUE |
| 11/1/2039 |
| 5.00 |
|
| 1,498,535 |
|
| 1,504,110 |
|
|
|
|
| 1,500,000 |
| BAY CNTY FL EDUCTNL FACS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REVENUE |
| 9/1/2030 |
| 5.25 |
|
| 1,380,177 |
|
| 1,579,125 |
|
|
|
|
| 1,195,000 |
| BELLWOOD IL |
| 12/1/2027 |
| 5.88 |
|
| 1,183,881 |
|
| 1,167,694 |
|
|
|
|
| 1,000,000 |
| BEXAR CNTY TX HLTH FACS DEV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CORP |
| 7/1/2030 |
| 5.88 |
|
| 985,041 |
|
| 1,122,530 |
|
|
|
|
| 500,000 |
| BEXAR CNTY TX HSG FIN CORP |
| 1/1/2021 |
| 5.70 |
|
| 453,457 |
|
| 500,045 |
|
|
|
|
| 445,000 |
| BEXAR CNTY TX HSG FIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CORP(e) |
| 9/15/2021 |
| 8.75 |
|
| 445,000 |
|
| 314,277 |
|
|
|
|
| 235,000 |
| BEXAR CNTY TX HSG FIN CORP |
| 12/1/2021 |
| 6.50 |
|
| 237,155 |
|
| 234,984 |
|
|
|
|
| 805,000 |
| BEXAR CNTY TX HSG FIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CORP(e) |
| 4/1/2030 |
| 9.00 |
|
| 802,520 |
|
| 158,963 |
|
|
|
|
| 600,000 |
| BEXAR CNTY TX HSG FIN CORP |
| 8/1/2030 |
| 6.10 |
|
| 520,881 |
|
| 605,982 |
|
|
|
|
| 365,000 |
| BEXAR CNTY TX HSG FIN CORP |
| 8/1/2030 |
| 8.13 |
|
| 353,009 |
|
| 319,098 |
|
|
|
|
| 1,005,000 |
| BEXAR CNTY TX HSG FIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CORP(e) |
| 6/1/2031 |
| 10.50 |
|
| 1,005,000 |
|
| 200,839 |
|
|
|
|
| 885,000 |
| BEXAR CNTY TX HSG FIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CORP(e) |
| 12/1/2036 |
| 9.25 |
|
| 864,131 |
|
| 441,473 |
|
|
|
|
| 2,000,000 |
| BEXAR CNTY TX REVENUE |
| 8/15/2039 |
| 5.00 |
|
| 2,169,140 |
|
| 2,181,720 |
|
|
|
|
| 500,000 |
| BOONE CNTY MO HOSP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REVENUE |
| 8/1/2028 |
| 5.75 |
|
| 511,942 |
|
| 580,785 |
|
|
|
|
| 700,000 |
| BOSTON MA REVENUE |
| 10/1/2031 |
| 6.13 |
|
| 700,357 |
|
| 708,589 |
|
|
|
|
| 750,000 |
| BOWLING GREEN OH STUDENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| HSG REVENUE |
| 6/1/2031 |
| 5.75 |
|
| 719,715 |
|
| 840,638 |
|
|
|
|
| 500,000 |
| BOYNTON BEACH FLA REV |
| 6/1/2022 |
| 5.75 |
|
| 500,000 |
|
| 513,875 |
|
|
|
|
| 500,000 |
| BOYNTON BEACH FLA REV |
| 6/1/2027 |
| 6.25 |
|
| 500,000 |
|
| 516,850 |
|
|
|
|
| 500,000 |
| BRAZOS CNTY TX HLTH FACS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DEV CORP |
| 1/1/2033 |
| 5.50 |
|
| 503,762 |
|
| 548,590 |
|
|
|
|
| 81,000 |
| BRIDGEVILLE DE SPL OBLIG |
| 7/1/2035 |
| 5.13 |
|
| 81,000 |
|
| 66,241 |
|
|
|
|
| 890,000 |
| BUCKEYE OH TOBACCO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SETTLEMENT FING AUTH |
| 6/1/2024 |
| 5.13 |
|
| 859,820 |
|
| 809,775 |
|
|
|
|
| 395,000 |
| BUTLER CNTY PA GEN AUTH |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REVENUE |
| 10/1/2034 |
| 0.94 |
|
| 395,000 |
|
| 317,118 |
|
|
|
|
| 500,000 |
| CALIFORNIA CNTY CA TOBACCO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITIZATION AGY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOBACCO SETTLE |
| 6/1/2036 |
| 5.00 |
|
| 495,224 |
|
| 443,250 |
|
|
|
|
| 139,263 |
| CALIFORNIA ST CMNTY HSG FIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AGY LEASE REVENUE(e) |
| 8/1/2012 |
| 4.65 |
|
| 139,216 |
|
| 6,037 |
|
|
|
|
| 373,490 |
| CALIFORNIA ST CMNTY HSG FIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AGY LEASE REVENUE(d)(e) |
| 11/1/2012 |
| 4.85 |
|
| 369,075 |
|
| 11,765 |
|
|
|
|
| 750,000 |
| CALIFORNIA ST HLTH FACS FING |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AUTH REVENUE |
| 8/15/2033 |
| 5.50 |
|
| 763,844 |
|
| 853,598 |
|
|
|
|
| 1,000,000 |
| CALIFORNIA ST HSG FIN AGY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REVENUE |
| 8/1/2033 |
| 5.45 |
|
| 928,333 |
|
| 1,030,330 |
|
|
|
|
| 605,000 |
| CALIFORNIA ST HSG FIN AGY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REVENUE |
| 8/1/2038 |
| 5.50 |
|
| 607,686 |
|
| 619,708 |
|
|
|
|
| 1,000,000 |
| CALIFORNIA ST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INFRASTRUCTURE & ECON |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DEV BANK REVENUE |
| 2/1/2030 |
| 6.00 |
|
| 1,006,389 |
|
| 1,079,279 |
|
|
|
|
| 500,000 |
| CALIFORNIA ST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INFRASTRUCTURE & ECON |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DEV BANK ST SCH FUND APP |
| 8/15/2029 |
| 5.75 |
|
| 504,317 |
|
| 561,640 |
|
|
|
|
| 570,000 |
| CALIFORNIA ST MUNI FIN AUTH |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CHRT SCH LEASE REVENUE |
| 9/1/2022 |
| 5.50 |
|
| 574,409 |
|
| 600,905 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 51 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Par/Shares |
| Security |
| Maturity date |
| Coupon rate |
| Cost |
| Fair |
| Percent |
| ||||||||||||||||||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
| 500,000 |
| CALIFORNIA ST MUNI FIN AUTH |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| REVENUE |
| 5/1/2025 |
| 6.88 |
| $ | 498,954 |
|
| 598,645 |
|
|
|
| ||||||||||||||||
| 1,500,000 |
| CALIFORNIA ST SCH FACS FING |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| AUTH REVENUE(b) |
| 8/1/2029 |
| 2.42 |
|
| 1,079,410 |
|
| 1,512,660 |
|
|
|
| ||||||||||||||||
| 970,000 |
| CALIFORNIA ST STWD CMNTYS |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| DEV AUTH REVENUE |
| 1/1/2016 |
| 5.25 |
|
| 966,640 |
|
| 982,600 |
|
|
|
| ||||||||||||||||
| 1,400,000 |
| CALIFORNIA ST STWD CMNTYS |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| DEV AUTH REVENUE |
| 1/1/2021 |
| 6.00 |
|
| 1,400,000 |
|
| 1,513,218 |
|
|
|
| ||||||||||||||||
| 900,000 |
| CALIFORNIA ST STWD CMNTYS |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| DEV AUTH REVENUE |
| 11/1/2021 |
| 6.50 |
|
| 900,000 |
|
| 1,029,240 |
|
|
|
| ||||||||||||||||
| 750,000 |
| CALIFORNIA ST STWD CMNTYS |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| DEV AUTH SCH FAC REVENUE |
| 7/1/2020 |
| 5.00 |
|
| 713,637 |
|
| 754,635 |
|
|
|
| ||||||||||||||||
| 750,000 |
| CALIFORNIA ST STWD CMNTYS |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| DEVAUTH MFH REVENUE |
| 7/15/2032 |
| 4.70 |
|
| 750,000 |
|
| 830,790 |
|
|
|
| ||||||||||||||||
| 255,000 |
| CAPITAL TRUST AGY FL MF |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| REVENUE(e) |
| 6/1/2013 |
| 4.75 |
|
| 255,000 |
|
| 145,337 |
|
|
|
| ||||||||||||||||
| 750,000 |
| CAPITAL TRUST AGY FL MF |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| REVENUE(e) |
| 6/1/2038 |
| 5.88 |
|
| 762,053 |
|
| 427,462 |
|
|
|
| ||||||||||||||||
| 1,000,000 |
| CARLSBAD CA UNIF SCH DIST(b) |
| 8/1/2031 |
| 4.17 |
|
| 569,130 |
|
| 803,530 |
|
|
|
| ||||||||||||||||
| 1,003,870 |
| CARLSBAD NM INDL DEV |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| REVENUE(d) |
| 4/15/2021 |
| 5.75 |
|
| 1,025,542 |
|
| 909,527 |
|
|
|
| ||||||||||||||||
| 1,000,000 |
| CARMEL IN REVENUE |
| 11/15/2022 |
| 6.00 |
|
| 981,667 |
|
| 1,063,480 |
|
|
|
| ||||||||||||||||
| 1,000,000 |
| CARMEL IN REVENUE |
| 11/15/2027 |
| 7.00 |
|
| 1,027,002 |
|
| 1,109,390 |
|
|
|
| ||||||||||||||||
| 500,000 |
| CEDAR FALLS IA CMNTY SCH |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| DIST SCH INFRASTRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| SALES SVCS |
| 6/1/2027 |
| 5.38 |
|
| 498,741 |
|
| 560,460 |
|
|
|
| ||||||||||||||||
| 1,000,000 |
| CENTER CA UNIF SCH DIST(b) |
| 8/1/2031 |
| 12.90 |
|
| 337,618 |
|
| 376,470 |
|
|
|
| ||||||||||||||||
| 1,000,000 |
| CENTRL BRADFORD PROGRESS |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| AUTH PA |
| 12/1/2031 |
| 5.50 |
|
| 1,035,532 |
|
| 1,175,470 |
|
|
|
| ||||||||||||||||
| 500,000 |
| CENTRL TX REGL MOBILITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| AUTH REVENUE |
| 1/1/2031 |
| 5.75 |
|
| 495,572 |
|
| 591,300 |
|
|
|
| ||||||||||||||||
| 595,000 |
| CHANDLER PARK ACADEMY MI |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| PUBLIC SCH ACADEMY |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| REVENUE |
| 11/1/2022 |
| 5.00 |
|
| 458,028 |
|
| 597,451 |
|
|
|
| ||||||||||||||||
| 910,000 |
| CHAUTAUQUA CNTY NY CAPITAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| RESOURCE CORP REVENUE |
| 11/15/2016 |
| 6.75 |
|
| 894,774 |
|
| 989,871 |
|
|
|
| ||||||||||||||||
| 275,000 |
| CHESTERFIELD CNTY VA INDL |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| DEV AUTH MF REVENUE |
| 7/1/2019 |
| 5.20 |
|
| 260,182 |
|
| 275,693 |
|
|
|
| ||||||||||||||||
| 500,000 |
| CHICAGO IL |
| 1/1/2035 |
| 5.25 |
|
| 513,422 |
|
| 557,275 |
|
|
|
| ||||||||||||||||
| 10,000 |
| CHICAGO IL MET HSG DEV |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| CORP |
| 7/1/2022 |
| 6.85 |
|
| 10,000 |
|
| 10,032 |
|
|
|
| ||||||||||||||||
| 400,000 |
| CITIZEN POTAWATOMI NATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| OK SENIOR OBLG TAX |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| REVENUE |
| 9/1/2016 |
| 6.50 |
|
| 400,000 |
|
| 395,884 |
|
|
|
| ||||||||||||||||
| 250,000 |
| CLARK CNTY NV ECON DEV |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| REVENUE |
| 5/15/2033 |
| 5.38 |
|
| 250,665 |
|
| 253,372 |
|
|
|
| ||||||||||||||||
| 355,000 |
| CLEARWATER FL HSG AUTH |
| 5/1/2024 |
| 5.35 |
|
| 268,756 |
|
| 354,968 |
|
|
|
| ||||||||||||||||
| 685,000 |
| CLIFTON TX HGR EDU FIN CORP |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| EDU REVENUE |
| 2/15/2018 |
| 7.75 |
|
| 677,860 |
|
| 756,946 |
|
|
|
| ||||||||||||||||
| 500,000 |
| CLIFTON TX HGR EDU FIN CORP |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| EDU REVENUE |
| 8/15/2031 |
| 5.50 |
|
| 483,010 |
|
| 548,480 |
|
|
|
| ||||||||||||||||
| 1,000,000 |
| CMNTY MEMORIAL HOSP DIST |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| MO HOSP REVENUE |
| 12/1/2034 |
| 6.68 |
|
| 887,892 |
|
| 950,400 |
|
|
|
| ||||||||||||||||
| 225,000 |
| COLLIER CNTY FL HSG FIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| AUTH MF HSG REVENUE |
| 8/15/2015 |
| 5.25 |
|
| 224,646 |
|
| 225,668 |
|
|
|
| ||||||||||||||||
| 750,000 |
| COLLIER CNTY FL INDL DEV |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| AUTH |
| 10/1/2039 |
| 6.25 |
|
| 735,657 |
|
| 877,875 |
|
|
|
| ||||||||||||||||
| 1,500,000 |
| COLORADO ST EDUCTNL & |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| CULTURAL FACS AUTH INDEP |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| SCH REVENUE |
| 5/1/2030 |
| 6.00 |
|
| 1,460,499 |
|
| 1,626,435 |
|
|
|
| ||||||||||||||||
| 835,000 |
| COLORADO ST EDUCTNL & |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| CULTURAL FACS AUTH |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| REVENUE |
| 11/15/2028 |
| 6.75 |
|
| 835,000 |
|
| 967,314 |
|
|
|
| ||||||||||||||||
|
|
|
See accompanying notes to the financial statements. | 52 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 1,000,000 |
| COLORADO ST EDUCTNL & |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CULTURAL FACS AUTH |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REVENUE |
| 6/1/2033 |
| 5.50 |
| $ | 975,977 |
|
| 1,105,410 |
|
|
|
|
| 1,000,000 |
| COLORADO ST EDUCTNL & |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CULTURAL FACS AUTH |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REVENUE |
| 7/1/2034 |
| 5.60 |
|
| 993,738 |
|
| 1,062,510 |
|
|
|
|
| 350,000 |
| COLORADO ST EDUCTNL & |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CULTURAL FACS AUTH |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REVENUE |
| 12/1/2039 |
| 5.13 |
|
| 331,184 |
|
| 370,755 |
|
|
|
|
| 800,000 |
| COLORADO ST HLTH FACS AUTH |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REVENUE |
| 12/1/2042 |
| 5.00 |
|
| 821,137 |
|
| 855,752 |
|
|
|
|
| 635,000 |
| COLORADO ST HSG & FIN AUTH |
| 10/1/2029 |
| 5.40 |
|
| 635,000 |
|
| 683,355 |
|
|
|
|
| 720,000 |
| COLORADO ST HSG & FIN AUTH |
| 11/1/2029 |
| 5.50 |
|
| 720,000 |
|
| 746,244 |
|
|
|
|
| 625,000 |
| COLORADO ST HSG FIN AUTH |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SF MTGE REVENUE |
| 11/1/2034 |
| 5.00 |
|
| 625,037 |
|
| 652,888 |
|
|
|
|
| 1,000,000 |
| COLTON CA JT UNIF SCH DIST(b) |
| 8/1/2035 |
| 3.46 |
|
| 568,507 |
|
| 718,180 |
|
|
|
|
| 500,000 |
| COMANCHE CNTY OK HOSP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AUTH REVENUE |
| 7/1/2032 |
| 5.00 |
|
| 536,331 |
|
| 534,710 |
|
|
|
|
| 1,000,000 |
| CONNECTICUT ST HSG FIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AUTH |
| 11/15/2035 |
| 4.75 |
|
| 1,000,000 |
|
| 1,078,900 |
|
|
|
|
| 980,000 |
| CONNECTICUT ST HSG FIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AUTH |
| 11/15/2041 |
| 4.63 |
|
| 975,180 |
|
| 1,054,500 |
|
|
|
|
| 385,000 |
| CONNECTICUT ST HSG FIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AUTH |
| 11/15/2041 |
| 5.00 |
|
| 385,000 |
|
| 423,758 |
|
|
|
|
| 1,500,000 |
| CONNECTICUT ST HSG FIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AUTH HSG MTGE FIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PROGRAM |
| 11/15/2035 |
| 3.75 |
|
| 1,500,000 |
|
| 1,524,780 |
|
|
|
|
| 5,000,000 |
| CONNECTICUT ST HSG FIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AUTH HSG MTGE FIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PROGRAM |
| 5/15/2042 |
| 4.15 |
|
| 5,000,000 |
|
| 5,226,550 |
|
|
|
|
| 1,000,000 |
| CONNECTICUT ST HSG FIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AUTH HSG MTGE FIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PROGRAM |
| 11/15/2042 |
| 3.40 |
|
| 996,004 |
|
| 956,040 |
|
|
|
|
| 5,000,000 |
| CONNECTICUT ST HSG FIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AUTH HSG MTGE FIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PROGRAM |
| 11/15/2047 |
| 3.65 |
|
| 5,000,000 |
|
| 4,885,200 |
|
|
|
|
| 500,000 |
| COOK CNTY IL SCH DIST #83 |
| 6/1/2031 |
| 5.38 |
|
| 489,973 |
|
| 577,685 |
|
|
|
|
| 1,105,000 |
| CORONA-NORCO CA UNIF SCH |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DIST(b) |
| 8/1/2039 |
| 2.24 |
|
| 699,369 |
|
| 1,100,812 |
|
|
|
|
| 637,000 |
| CORTLAND IL SPL TAX |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REVENUE(e) |
| 3/1/2017 |
| 5.50 |
|
| 633,881 |
|
| 429,809 |
|
|
|
|
| 680,000 |
| CROW FIN AUTH MT TRIBAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PURPOSE REVENUE |
| 10/1/2017 |
| 5.65 |
|
| 661,315 |
|
| 682,217 |
|
|
|
|
| 750,000 |
| CULLMAN CNTY AL HLTH CARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AUTH |
| 2/1/2023 |
| 6.25 |
|
| 736,219 |
|
| 820,808 |
|
|
|
|
| 500,000 |
| CUYAHOGA CNTY OH HSG MTGE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REVENUE |
| 3/20/2042 |
| 5.70 |
|
| 512,737 |
|
| 549,130 |
|
|
|
|
| 3,214,000 |
| DALLAS TX HSG FIN CORP |
| 10/20/2032 |
| 6.75 |
|
| 3,187,090 |
|
| 3,245,240 |
|
|
|
|
| 2,000,000 |
| DAMON RUN IN CONSERVANCY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DIST |
| 7/1/2025 |
| 6.10 |
|
| 2,037,444 |
|
| 2,226,820 |
|
|
|
|
| 1,000,000 |
| DAMON RUN IN CONSERVANCY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DIST |
| 1/1/2027 |
| 6.38 |
|
| 1,014,536 |
|
| 1,123,810 |
|
|
|
|
| 500,000 |
| DAVIESS CNTY IN HOSP ASSN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LEASE RENTAL REVENUE |
| 1/15/2029 |
| 5.25 |
|
| 489,356 |
|
| 561,215 |
|
|
|
|
| 1,000,000 |
| DEKALB/KANE/LA SALLE CNTYS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| IL CMNTY CLG DIST #523(b) |
| 2/1/2029 |
| 11.72 |
|
| 381,604 |
|
| 450,680 |
|
|
|
|
| 440,000 |
| DELAWARE ST HSG AUTH |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REVENUE |
| 7/1/2031 |
| 5.20 |
|
| 440,000 |
|
| 485,839 |
|
|
|
|
| 108,717 |
| DENHAM SPRINGS-LIVINGSTON |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LA HSG & MTGE FIN AUTH |
| 11/1/2040 |
| 5.00 |
|
| 112,335 |
|
| 109,680 |
|
|
|
|
| 500,000 |
| DINUBA CA FING AUTH LEASE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REVENUE |
| 9/1/2038 |
| 5.38 |
|
| 494,829 |
|
| 507,680 |
|
|
|
|
| 500,000 |
| DIST OF COLUMBIA HSG FIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AGY MF HSG REVENUE |
| 7/1/2033 |
| 5.45 |
|
| 500,000 |
|
| 582,740 |
|
|
|
|
| 1,000,000 |
| DIST OF COLUMBIA HSG FIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AGY MF HSG REVENUE |
| 6/1/2040 |
| 4.90 |
|
| 1,000,000 |
|
| 1,075,450 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 53 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 1,000,000 |
| DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE |
| 6/1/2041 |
| 5.00 |
| $ | 1,000,000 |
|
| 1,090,800 |
|
|
|
|
| 3,000,000 |
| DUBLIN CA UNIF SCH DIST(b) |
| 8/1/2034 |
| 15.06 |
|
| 773,505 |
|
| 839,460 |
|
|
|
|
| 550,000 |
| E CHICAGO IN REDEV COMMISSION LAKE FRONT REDEV AREA TAX |
| 7/15/2014 |
| 5.00 |
|
| 550,000 |
|
| 554,196 |
|
|
|
|
| 565,000 |
| E CHICAGO IN REDEV COMMISSION LAKE FRONT REDEV AREA TAX |
| 1/15/2015 |
| 5.25 |
|
| 565,000 |
|
| 568,842 |
|
|
|
|
| 1,000,000 |
| EARLIMART CA ELEM SCH DIST |
| 8/1/2037 |
| 5.00 |
|
| 1,121,068 |
|
| 1,108,320 |
|
|
|
|
| 910,000 |
| EAST POINT GA |
| 2/1/2026 |
| 8.00 |
|
| 910,000 |
|
| 911,492 |
|
|
|
|
| 2,045,000 |
| EDEN TWP CA HOSP DIST COPS |
| 6/1/2030 |
| 6.00 |
|
| 2,023,113 |
|
| 2,263,692 |
|
|
|
|
| 750,000 |
| EL PASO DE ROBLES CA REDEV AGY TAX ALLOCATION REVENUE |
| 7/1/2033 |
| 6.38 |
|
| 741,916 |
|
| 860,310 |
|
|
|
|
| 500,000 |
| ELKHART CNTY IN HOSP AUTH |
| 8/15/2020 |
| 5.25 |
|
| 500,000 |
|
| 500,960 |
|
|
|
|
| 1,000,000 |
| ENCINITAS CA UNION SCH DIST(b) |
| 8/1/2035 |
| 4.54 |
|
| 510,571 |
|
| 777,880 |
|
|
|
|
| 1,155,000 |
| ENTERPRISE CA ELEM SCH DIST(b) |
| 8/1/2035 |
| 3.73 |
|
| 635,011 |
|
| 893,011 |
|
|
|
|
| 1,000,000 |
| ERIE CNTY PA HOSP AUTH |
| 7/1/2027 |
| 7.00 |
|
| 1,000,000 |
|
| 1,103,440 |
|
|
|
|
| 500,000 |
| FAIRFAX CNTY VA REDEV & HSG AUTH MF REVENUE |
| 8/1/2039 |
| 5.60 |
|
| 500,000 |
|
| 550,685 |
|
|
|
|
| 239,000 |
| FARMS NEW KENT VA CMNTY DEV AUTH SPL ASSMNT |
| 3/1/2036 |
| 5.13 |
|
| 239,000 |
|
| 141,130 |
|
|
|
|
| 1,000,000 |
| FESTIVAL RANCH AZ CMNTY FACS DIST |
| 7/15/2024 |
| 6.25 |
|
| 1,013,325 |
|
| 1,097,120 |
|
|
|
|
| 315,000 |
| FIDDLERS CREEK FL CDD #2 SPL ASSMNT REVENUE(e) |
| 5/1/2013 |
| 5.75 |
|
| 314,118 |
|
| 165,482 |
|
|
|
|
| 800,000 |
| FLAGSTAFF AZ INDL DEV AUTH |
| 7/1/2022 |
| 5.50 |
|
| 743,921 |
|
| 809,480 |
|
|
|
|
| 1,000,000 |
| FLORIDA ST GOVTL UTILITY AUTH UTILITY REVENUE |
| 10/1/2037 |
| 5.00 |
|
| 1,052,400 |
|
| 1,094,390 |
|
|
|
|
| 470,000 |
| FLORIDA ST HSG FIN CORP REVENUE |
| 7/1/2026 |
| 5.00 |
|
| 471,479 |
|
| 504,512 |
|
|
|
|
| 375,000 |
| FLORIDA ST HSG FIN CORP REVENUE |
| 7/1/2033 |
| 5.45 |
|
| 375,000 |
|
| 408,724 |
|
|
|
|
| 1,565,000 |
| FLORIDA ST HSG FIN CORP REVENUE |
| 7/1/2034 |
| 5.30 |
|
| 1,576,907 |
|
| 1,693,440 |
|
|
|
|
| 500,000 |
| FLORIDA ST MID-BAY BRIDGE AUTH(b) |
| 10/1/2021 |
| 9.78 |
|
| 283,475 |
|
| 288,535 |
|
|
|
|
| 330,000 |
| FOREST CREEK FL CDD CAPITAL IMPT REVENUE |
| 11/1/2013 |
| 7.00 |
|
| 354,834 |
|
| 327,004 |
|
|
|
|
| 1,250,000 |
| FORT SILL APACHE TRIBE OK ECONDEV AUTH GAMING ENTERPRISE REV(c) |
| 8/25/2026 |
| 8.50 |
|
| 1,250,000 |
|
| 1,379,325 |
|
|
|
|
| 750,000 |
| FRANKLIN PARK IL |
| 7/1/2030 |
| 4.00 |
|
| 727,003 |
|
| 699,308 |
|
|
|
|
| 1,145,000 |
| FULTON CNTY GA DEV AUTH |
| 11/1/2028 |
| 5.25 |
|
| 987,738 |
|
| 1,115,734 |
|
|
|
|
| 1,000,000 |
| FYI PROPERTIES WA LEASE REVENUE |
| 6/1/2034 |
| 5.50 |
|
| 981,410 |
|
| 1,135,540 |
|
|
|
|
| 500,000 |
| GAINESVILLE & HALL CNTY GA DEV AUTH RETMNT CMNTY REVENUE |
| 11/15/2029 |
| 6.38 |
|
| 513,217 |
|
| 578,100 |
|
|
|
|
| 1,332,225 |
| GALVESTON TX MUNI UTILITY DIST #52 |
| 2/27/2013 |
| 6.01 |
|
| 1,297,572 |
|
| 1,066,046 |
|
|
|
|
| 400,000 |
| GEISINGER PA AUTH |
| 5/1/2037 |
| 1.07 |
|
| 400,000 |
|
| 312,272 |
|
|
|
|
| 500,000 |
| GEORGIA ST ENVRNMNTL LOAN ACQUISITION CORP LOC GOVT LOAN SEC |
| 2/15/2031 |
| 5.13 |
|
| 495,631 |
|
| 580,760 |
|
|
|
|
| 3,000,000 |
| GEORGIA ST ENVRNMNTL LOAN ACQUISITION CORP LOC GOVT LOAN SEC |
| 3/15/2031 |
| 5.13 |
|
| 3,000,000 |
|
| 3,479,760 |
|
|
|
|
| 500,000 |
| GEORGIA ST ENVRNMNTL LOAN ACQUISITION CORP LOC GOVT LOAN SEC |
| 2/15/2036 |
| 5.25 |
|
| 491,778 |
|
| 575,875 |
|
|
|
|
| 2,000,000 |
| GEORGIA ST HSG & FIN AUTH REVENUE |
| 12/1/2037 |
| 4.00 |
|
| 2,000,000 |
|
| 2,074,420 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 54 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 500,000 |
| GILA CNTY AZ UNIF SCH DIST #10 PAYSON |
| 7/1/2028 |
| 5.75 |
| $ | 478,347 |
|
| 587,230 |
|
|
|
|
| 2,000,000 |
| GLENDALE CA UNIF SCH DIST(b) |
| 9/1/2028 |
| 11.02 |
|
| 755,801 |
|
| 886,360 |
|
|
|
|
| 750,000 |
| GTR WENATCHEE WA REGL EVENTS CENTER PUBLIC FACS DIST REVENUE |
| 9/1/2032 |
| 5.25 |
|
| 738,670 |
|
| 749,940 |
|
|
|
|
| 330,000 |
| HAMDEN CT FAC REVENUE |
| 1/1/2014 |
| 6.13 |
|
| 328,502 |
|
| 330,512 |
|
|
|
|
| 1,250,000 |
| HAMILTON CNTY OH HLTH CARE REVENUE |
| 1/1/2031 |
| 6.13 |
|
| 1,216,783 |
|
| 1,332,825 |
|
|
|
|
| 1,000,000 |
| HAMMOND IN LOCAL PUBLIC IMPT BOND BANK SPL REVENUE |
| 8/15/2025 |
| 6.50 |
|
| 1,014,311 |
|
| 1,047,220 |
|
|
|
|
| 1,000,000 |
| HAMMOND IN LOCAL PUBLIC IMPT BOND BANK SPL REVENUE |
| 8/15/2030 |
| 6.50 |
|
| 1,007,143 |
|
| 1,043,850 |
|
|
|
|
| 500,000 |
| HAMMOND IN REDEV DIST REVENUE |
| 1/15/2017 |
| 6.00 |
|
| 500,000 |
|
| 519,495 |
|
|
|
|
| 1,250,000 |
| HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE(c) |
| 8/15/2021 |
| 6.75 |
|
| 1,250,000 |
|
| 1,395,050 |
|
|
|
|
| 1,500,000 |
| HARTNELL CA CMNTY CLG DIST(b) |
| 8/1/2034 |
| 5.71 |
|
| 695,423 |
|
| 1,130,070 |
|
|
|
|
| 250,000 |
| HARVEY IL |
| 12/1/2027 |
| 5.50 |
|
| 197,539 |
|
| 245,748 |
|
|
|
|
| 590,000 |
| HAWAII ST DEPT OF BUDGET & FIN SPL PURPOSE SENIOR LIVING REV |
| 11/15/2029 |
| 8.75 |
|
| 582,230 |
|
| 710,950 |
|
|
|
|
| 500,000 |
| HAWAII ST DEPT OF BUDGET & FIN SPL PURPOSE SENIOR LIVING REV |
| 11/15/2037 |
| 5.25 |
|
| 507,654 |
|
| 523,910 |
|
|
|
|
| 1,000,000 |
| HAWTHORNE CA SCH DIST(b) |
| 11/1/2026 |
| 11.90 |
|
| 404,230 |
|
| 532,340 |
|
|
|
|
| 3,500,000 |
| HEALDSBURG CA UNIF SCH DIST(b) |
| 8/1/2037 |
| 2.25 |
|
| 2,250,863 |
|
| 2,202,935 |
|
|
|
|
| 1,000,000 |
| HELENDALE CA SCH DIST(b) |
| 8/1/2034 |
| 3.31 |
|
| 592,763 |
|
| 841,950 |
|
|
|
|
| 255,000 |
| HIGHLANDS CNTY FL HLTH FACS AUTH |
| 11/15/2027 |
| 5.00 |
|
| 256,590 |
|
| 278,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 500,000 |
| HIGHLANDS CNTY FL HLTH FACS AUTH |
| 11/15/2032 |
| 5.13 |
|
| 501,134 |
|
| 549,620 |
|
|
|
|
| 167,000 |
| HOUMA-TERREBONNE LA PUBLIC TRUST FING AUTH SF MTGE |
| 12/1/2040 |
| 5.15 |
|
| 173,330 |
|
| 169,847 |
|
|
|
|
| 1,000,000 |
| HOUSTON TX HOTEL OCCUPANCY TAX & SPL REVENUE |
| 9/1/2030 |
| 5.00 |
|
| 1,029,177 |
|
| 1,022,160 |
|
|
|
|
| 245,000 |
| IDAHO ST HSG & FIN ASSN NONPROFIT FACS REVENUE |
| 8/1/2017 |
| 6.25 |
|
| 245,000 |
|
| 244,973 |
|
|
|
|
| 750,000 |
| IDAHO ST HSG & FIN ASSN NONPROFIT FACS REVENUE |
| 7/1/2030 |
| 5.50 |
|
| 750,000 |
|
| 770,858 |
|
|
|
|
| 600,000 |
| IDAHO ST HSG & FIN ASSN SF MTGE REVENUE |
| 7/1/2026 |
| 5.65 |
|
| 611,950 |
|
| 665,952 |
|
|
|
|
| 5,000 |
| IDAHO ST HSG & FIN ASSN SF MTGE REVENUE |
| 7/1/2038 |
| 5.50 |
|
| 5,000 |
|
| 5,000 |
|
|
|
|
| 175,000 |
| IDAHO ST HSG & FIN ASSN SF MTGE REVENUE |
| 1/1/2040 |
| 5.50 |
|
| 175,000 |
|
| 182,693 |
|
|
|
|
| 900,000 |
| ILLINOIS ST COPS |
| 7/1/2017 |
| 5.80 |
|
| 900,000 |
|
| 901,341 |
|
|
|
|
| 250,000 |
| ILLINOIS ST DEV FIN AUTH |
| 5/15/2021 |
| 5.50 |
|
| 250,000 |
|
| 251,078 |
|
|
|
|
| 1,000,000 |
| ILLINOIS ST FIN AUTH CHRT SCH REVENUE |
| 10/1/2031 |
| 6.88 |
|
| 1,000,000 |
|
| 1,149,630 |
|
|
|
|
| 1,500,000 |
| ILLINOIS ST FIN AUTH EDU REVENUE |
| 9/1/2027 |
| 5.00 |
|
| 1,453,959 |
|
| 1,503,615 |
|
|
|
|
| 900,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 5/15/2017 |
| 6.00 |
|
| 900,000 |
|
| 900,972 |
|
|
|
|
| 610,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 8/15/2026 |
| 6.00 |
|
| 619,523 |
|
| 628,922 |
|
|
|
|
| 1,000,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 11/15/2026 |
| 5.25 |
|
| 969,860 |
|
| 1,037,110 |
|
|
|
|
| 500,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 3/15/2027 |
| 5.00 |
|
| 514,975 |
|
| 554,650 |
|
|
|
|
| 1,000,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 5/15/2027 |
| 5.50 |
|
| 1,033,438 |
|
| 1,040,780 |
|
|
|
|
| 500,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 5/15/2029 |
| 5.25 |
|
| 504,658 |
|
| 533,340 |
|
|
|
|
| 1,045,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 5/15/2030 |
| 5.50 |
|
| 1,072,098 |
|
| 1,072,630 |
|
|
|
|
| 1,500,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 8/15/2036 |
| 5.25 |
|
| 1,474,956 |
|
| 1,626,450 |
|
|
|
|
| 805,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 2/1/2037 |
| 5.25 |
|
| 799,808 |
|
| 817,655 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 55 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 500,000 |
| ILLINOIS ST FIN AUTH REVENUE |
| 3/1/2038 |
| 6.00 |
| $ | 485,455 |
|
| 570,550 |
|
|
|
|
| 750,000 |
| ILLINOIS ST FIN AUTH SPORTS FAC REVENUE(c)(e)(f) |
| 10/1/2027 |
| 6.13 |
|
| 730,795 |
|
| 44,655 |
|
|
|
|
| 500,000 |
| ILLINOIS ST FIN AUTH SPORTS FAC REVENUE(c)(e)(f) |
| 10/1/2037 |
| 6.25 |
|
| 484,210 |
|
| 29,770 |
|
|
|
|
| 1,000,000 |
| ILLINOIS ST FIN AUTH STUDENT HSG REVENUE |
| 10/1/2024 |
| 6.00 |
|
| 989,595 |
|
| 1,150,350 |
|
|
|
|
| 335,000 |
| ILLINOIS ST HLTH FACS AUTH |
| 5/15/2014 |
| 6.25 |
|
| 335,000 |
|
| 336,256 |
|
|
|
|
| 750,000 |
| ILLINOIS ST HLTH FACS AUTH |
| 8/15/2028 |
| 5.38 |
|
| 738,332 |
|
| 750,870 |
|
|
|
|
| 500,000 |
| ILLINOIS ST HLTH FACS AUTH REVENUE |
| 7/1/2033 |
| 6.00 |
|
| 502,748 |
|
| 510,850 |
|
|
|
|
| 2,100,000 |
| ILLINOIS ST HLTH FACS AUTH REVENUE |
| 8/15/2033 |
| 5.10 |
|
| 2,107,992 |
|
| 2,119,131 |
|
|
|
|
| 500,000 |
| ILLINOIS ST HSG DEV AUTH |
| 7/1/2047 |
| 4.50 |
|
| 466,055 |
|
| 504,635 |
|
|
|
|
| 1,000,000 |
| ILLINOIS ST SPORTS FACS AUTH |
| 6/15/2032 |
| 5.00 |
|
| 1,014,343 |
|
| 1,006,510 |
|
|
|
|
| 1,000,000 |
| IMPERIAL CA CMNTY CLG DIST(b) |
| 8/1/2040 |
| 1.12 |
|
| 858,151 |
|
| 1,027,570 |
|
|
|
|
| 250,000 |
| INDEPENDENCE MO THIRTY-NINTH STREET TRANSPRTN DIST REVENUE |
| 9/1/2032 |
| 6.88 |
|
| 250,000 |
|
| 259,742 |
|
|
|
|
| 500,000 |
| INDIANA ST BOND BANK REVENUE |
| 2/1/2029 |
| 5.50 |
|
| 491,079 |
|
| 566,345 |
|
|
|
|
| 750,000 |
| INDIANA ST FIN AUTH HOSP REVENUE |
| 5/1/2031 |
| 5.75 |
|
| 771,951 |
|
| 867,188 |
|
|
|
|
| 3,000,000 |
| INDIANA ST FIN AUTH REVENUE |
| 9/15/2030 |
| 6.50 |
|
| 3,078,661 |
|
| 3,386,190 |
|
|
|
|
| 500,000 |
| INDIANA ST FIN AUTH REVENUE |
| 11/15/2031 |
| 5.50 |
|
| 492,472 |
|
| 549,650 |
|
|
|
|
| 500,000 |
| INDIANA ST FIN AUTH REVENUE |
| 3/1/2034 |
| 4.00 |
|
| 503,812 |
|
| 488,105 |
|
|
|
|
| 1,000,000 |
| INDIANA ST FIN AUTH REVENUE |
| 3/1/2041 |
| 5.00 |
|
| 1,076,853 |
|
| 1,080,840 |
|
|
|
|
| 1,000,000 |
| INDIANA ST HLTH & EDUCTNL FAC FING AUTH HOSP REVENUE |
| 2/15/2030 |
| 5.25 |
|
| 753,469 |
|
| 1,039,580 |
|
|
|
|
| 6,506,976 |
| INTERMEDIATE SCH DIST #287 MN LEASE REVENUE |
| 11/1/2032 |
| 5.30 |
|
| 6,279,667 |
|
| 6,830,438 |
|
|
|
|
| 144,631 |
| IOWA ST FIN AUTH SENIOR HSG REVENUE(e) |
| 12/1/2014 |
| 5.00 |
|
| 144,288 |
|
| 5,340 |
|
|
|
|
| 410,000 |
| IOWA ST STUDENT LOAN LIQUIDITY CORP |
| 12/1/2027 |
| 5.50 |
|
| 401,426 |
|
| 442,456 |
|
|
|
|
| 2,000,000 |
| JEFFERSON CA UNION HIGH SCH DIST SAN MATEO CNTY(b) |
| 8/1/2031 |
| 26.18 |
|
| 471,237 |
|
| 500,540 |
|
|
|
|
| 439,000 |
| JEFFERSON CNTY KY MTGE REVENUE |
| 11/15/2013 |
| 6.13 |
|
| 439,000 |
|
| 440,291 |
|
|
|
|
| 745,000 |
| JEFFERSON PARISH LA FIN AUTH |
| 6/1/2038 |
| 5.00 |
|
| 776,634 |
|
| 789,164 |
|
|
|
|
| 175,000 |
| JEFFERSON PARISH LA FIN AUTH |
| 12/1/2048 |
| 5.70 |
|
| 183,396 |
|
| 185,612 |
|
|
|
|
| 1,410,000 |
| KALISPEL TRIBE OF INDIANS PRIORITY DIST WA REVENUE |
| 1/1/2016 |
| 6.20 |
|
| 1,376,340 |
|
| 1,403,895 |
|
|
|
|
| 1,250,000 |
| KANSAS CITY MO INDL DEV AUTH |
| 9/1/2023 |
| 5.45 |
|
| 1,250,000 |
|
| 1,344,650 |
|
|
|
|
| 1,000,000 |
| KANSAS CITY MO INDL DEV AUTH |
| 11/20/2039 |
| 5.10 |
|
| 1,000,000 |
|
| 1,086,410 |
|
|
|
|
| 500,000 |
| KENTUCKY ST ECON DEV FIN AUTH MF HSG REVENUE |
| 11/20/2035 |
| 5.38 |
|
| 500,000 |
|
| 540,230 |
|
|
|
|
| 450,000 |
| KENTUCKY ST HSG CORP HSG REVENUE |
| 7/1/2039 |
| 5.15 |
|
| 450,000 |
|
| 489,312 |
|
|
|
|
| 1,940,000 |
| KERRVILLE TX HLTH FACS DEV CORP HOSP REVENUE |
| 8/15/2035 |
| 5.45 |
|
| 1,914,358 |
|
| 1,942,735 |
|
|
|
|
| 750,000 |
| KING CNTY WA HSG AUTH |
| 5/1/2028 |
| 5.20 |
|
| 750,000 |
|
| 838,095 |
|
|
|
|
| 500,000 |
| KIRKWOOD MO INDL DEV AUTH RETMNT CMNTY REVENUE |
| 5/15/2021 |
| 8.00 |
|
| 500,000 |
|
| 567,420 |
|
|
|
|
| 900,000 |
| KLICKITAT CNTY WA PUBLIC HOSP DIST #2 HOSP REVENUE |
| 12/1/2020 |
| 6.00 |
|
| 843,389 |
|
| 933,597 |
|
|
|
|
| 2,500,000 |
| KOYUKUK AK REVENUE |
| 10/1/2023 |
| 7.00 |
|
| 2,430,888 |
|
| 2,762,125 |
|
|
|
|
| 1,390,000 |
| KREMMLING CO MEMORIAL HOSP DIST COPS |
| 12/1/2022 |
| 6.00 |
|
| 1,377,220 |
|
| 1,528,458 |
|
|
|
|
| 1,500,000 |
| LA MIRADA CA REDEV AGY(b) |
| 8/15/2027 |
| 14.17 |
|
| 558,042 |
|
| 660,390 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 56 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 744,000 |
| LAFAYETTE LA PUBLIC TRUST FING AUTH SF MTGE |
| 1/1/2041 |
| 5.35 |
| $ | 759,842 |
|
| 777,361 |
|
|
|
|
| 2,000,000 |
| LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE |
| 5/1/2030 |
| 7.40 |
|
| 1,980,688 |
|
| 2,201,240 |
|
|
|
|
| 2,000,000 |
| LAS VEGAS NV REDEV AGY TAX INCR REVENUE |
| 6/15/2023 |
| 7.50 |
|
| 1,981,931 |
|
| 2,272,920 |
|
|
|
|
| 1,000,000 |
| LEE CNTY FL INDL DEV AUTH |
| 11/15/2029 |
| 5.00 |
|
| 835,067 |
|
| 1,010,100 |
|
|
|
|
| 940,000 |
| LEHIGH CNTY PA GEN PURPOSE AUTH |
| 12/15/2023 |
| 6.00 |
|
| 861,233 |
|
| 941,260 |
|
|
|
|
| 250,000 |
| LEHIGH CNTY PA GEN PURPOSE AUTH |
| 8/15/2042 |
| 1.31 |
|
| 250,000 |
|
| 186,180 |
|
|
|
|
| 495,000 |
| LEXINGTON OAKS FL CDD SPL ASSMNT REVENUE |
| 5/1/2033 |
| 5.65 |
|
| 495,000 |
|
| 540,827 |
|
|
|
|
| 500,000 |
| LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU |
| 1/1/2015 |
| 6.38 |
|
| 500,000 |
|
| 404,635 |
|
|
|
|
| 550,000 |
| LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU |
| 1/1/2030 |
| 5.50 |
|
| 567,433 |
|
| 349,679 |
|
|
|
|
| 1,000,000 |
| LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU |
| 1/1/2036 |
| 5.25 |
|
| 1,008,455 |
|
| 465,870 |
|
|
|
|
| 2,000,000 |
| LOS ANGELES CA HSG AUTH |
| 6/1/2029 |
| 5.00 |
|
| 1,712,162 |
|
| 2,008,560 |
|
|
|
|
| 1,250,000 |
| LOUDOUN CNTY VA INDL DEV AUTH RSDL CARE FAC REVENUE |
| 8/1/2028 |
| 6.00 |
|
| 1,251,639 |
|
| 1,340,775 |
|
|
|
|
| 500,000 |
| LOUISIANA ST HSG FIN AGY SF MTGE REVENUE |
| 12/1/2034 |
| 5.10 |
|
| 500,000 |
|
| 549,160 |
|
|
|
|
| 185,000 |
| LOUISIANA ST HSG FIN AGY SF MTGE REVENUE |
| 6/1/2038 |
| 5.85 |
|
| 193,642 |
|
| 197,475 |
|
|
|
|
| 895,000 |
| LOUISIANA ST HSG FIN AGY SF MTGE REVENUE |
| 12/1/2038 |
| 5.70 |
|
| 924,492 |
|
| 953,094 |
|
|
|
|
| 235,000 |
| LOUISIANA ST HSG FIN AGY SF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MTGE REVENUE |
| 6/1/2039 |
| 5.60 |
|
| 242,434 |
|
| 262,199 |
|
|
|
|
| 400,000 |
| LOUISIANA ST LOCAL GOVT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ENVRNMNTL FACS & CMNTY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DEV AUTH |
| 6/20/2028 |
| 8.00 |
|
| 400,000 |
|
| 392,696 |
|
|
|
|
| 750,000 |
| LOUISIANA ST PUBLIC FACS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AUTH REVENUE |
| 5/1/2031 |
| 6.50 |
|
| 746,745 |
|
| 874,200 |
|
|
|
|
| 500,000 |
| LOUISIANA ST PUBLIC FACS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AUTH REVENUE |
| 2/15/2036 |
| 0.99 |
|
| 500,000 |
|
| 446,930 |
|
|
|
|
| 1,000,000 |
| LOUISIANA ST TRANSPRTN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AUTH TOLL REVENUE(b) |
| 12/1/2027 |
| 9.18 |
|
| 451,081 |
|
| 457,900 |
|
|
|
|
| 500,000 |
| LUCAS CNTY OH HLTH CARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| FACS REVENUE |
| 8/15/2030 |
| 5.50 |
|
| 491,656 |
|
| 551,150 |
|
|
|
|
| 1,490,000 |
| LUZERNE CNTY PA |
| 11/1/2026 |
| 7.00 |
|
| 1,573,350 |
|
| 1,797,208 |
|
|
|
|
| 342,229 |
| LYONS CO |
| 11/30/2016 |
| 4.75 |
|
| 344,099 |
|
| 345,576 |
|
|
|
|
| 1,000,000 |
| MACON CNTY IL SCH DIST #61 |
| 1/1/2037 |
| 5.25 |
|
| 1,030,868 |
|
| 1,130,870 |
|
|
|
|
| 430,000 |
| MADISON CNTY FL |
| 7/1/2025 |
| 6.00 |
|
| 424,418 |
|
| 418,485 |
|
|
|
|
| 250,000 |
| MAGNOLIA CREEK FL CDD |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CAPITAL IMPT REVENUE(e) |
| 5/1/2014 |
| 5.60 |
|
| 250,000 |
|
| 87,508 |
|
|
|
|
| 1,000,000 |
| MAINE ST HLTH & HGR EDUCTNL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| FACS AUTH REVENUE |
| 7/1/2026 |
| 6.00 |
|
| 999,530 |
|
| 1,183,650 |
|
|
|
|
| 1,000,000 |
| MAINE ST HLTH & HGR EDUCTNL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| FACS AUTH REVENUE |
| 7/1/2032 |
| 7.50 |
|
| 1,053,098 |
|
| 1,279,790 |
|
|
|
|
| 1,000,000 |
| MAINE ST TECH CLG SYS COPS |
| 1/1/2017 |
| 5.80 |
|
| 1,000,000 |
|
| 1,004,170 |
|
|
|
|
| 1,000,000 |
| MALTA IL TAX INCR REVENUE |
| 12/30/2025 |
| 5.75 |
|
| 1,000,000 |
|
| 644,950 |
|
|
|
|
| 500,000 |
| MANATEE CNTY FL SCH BRD |
| 7/1/2031 |
| 5.63 |
|
| 495,707 |
|
| 581,130 |
|
|
|
|
| 500,000 |
| MANCHESTER NH HSG & REDEV AUTH REVENUE |
| 1/1/2015 |
| 6.75 |
|
| 496,899 |
|
| 487,855 |
|
|
|
|
| 500,000 |
| MANCHESTER NH HSG & REDEV AUTH REVENUE(b) |
| 1/1/2020 |
| 7.87 |
|
| 341,078 |
|
| 245,355 |
|
|
|
|
| 452,000 |
| MANHATTAN IL SPL SVC AREA SPL TAX(e) |
| 3/1/2022 |
| 5.75 |
|
| 452,000 |
|
| 113,023 |
|
|
|
|
| 500,000 |
| MANSFIELD OH |
| 12/1/2024 |
| 6.00 |
|
| 521,478 |
|
| 587,445 |
|
|
|
|
| 600,000 |
| MANTECA CA FING AUTH SWR REVENUE |
| 12/1/2033 |
| 5.00 |
|
| 556,893 |
|
| 625,488 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 57 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 349,000 |
| MARQUIS VA CMNTY DEV AUTH REVENUE |
| 9/1/2041 |
| 5.63 |
| $ | 378,073 |
|
| 311,144 |
|
|
|
|
| 462,000 |
| MARQUIS VA CMNTY DEV AUTH REVENUE(b) |
| 9/1/2041 |
| 22.45 |
|
| 71,580 |
|
| 49,951 |
|
|
|
|
| 1,175,000 |
| MARTIN CNTY FL HLTH FACS AUTH |
| 11/15/2032 |
| 5.50 |
|
| 1,206,423 |
|
| 1,309,208 |
|
|
|
|
| 750,000 |
| MARTINEZ CA UNIF SCH DIST(b) |
| 8/1/2035 |
| 0.87 |
|
| 627,569 |
|
| 827,558 |
|
|
|
|
| 500,000 |
| MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV |
| 9/1/2030 |
| 5.13 |
|
| 500,000 |
|
| 564,455 |
|
|
|
|
| 500,000 |
| MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV |
| 7/1/2031 |
| 4.50 |
|
| 500,000 |
|
| 545,900 |
|
|
|
|
| 1,000,000 |
| MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE |
| 1/1/2026 |
| 6.00 |
|
| 1,024,347 |
|
| 1,196,710 |
|
|
|
|
| 1,000,000 |
| MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE |
| 1/1/2031 |
| 6.25 |
|
| 1,017,098 |
|
| 1,189,320 |
|
|
|
|
| 500,000 |
| MASHANTUCKET WSTRN PEQUOT TRIBE CT(c)(e)(f) |
| 9/1/2036 |
| 5.50 |
|
| 509,035 |
|
| 215,045 |
|
|
|
|
| 1,000,000 |
| MASSACHUSETTS ST DEV FIN AGY REVENUE |
| 7/1/2030 |
| 6.38 |
|
| 986,976 |
|
| 1,142,150 |
|
|
|
|
| 290,000 |
| MASSACHUSETTS ST DEV FIN AGY SENIOR LIVING FAC REVENUE |
| 6/1/2014 |
| 6.25 |
|
| 290,000 |
|
| 145,012 |
|
|
|
|
| 410,000 |
| MASSACHUSETTS ST EDUCTNL FING AUTH |
| 1/1/2027 |
| 5.20 |
|
| 410,000 |
|
| 465,461 |
|
|
|
|
| 2,065,000 |
| MASSACHUSETTS ST EDUCTNL FING AUTH |
| 1/1/2028 |
| 5.25 |
|
| 2,068,581 |
|
| 2,316,228 |
|
|
|
|
| 685,000 |
| MASSACHUSETTS ST HLTH & EDUCTNL FACS AUTH |
| 7/1/2013 |
| 7.30 |
|
| 685,000 |
|
| 688,254 |
|
|
|
|
| 750,000 |
| MASSACHUSETTS ST HSG FIN AGY |
| 12/1/2031 |
| 3.50 |
|
| 750,000 |
|
| 769,620 |
|
|
|
|
| 1,000,000 |
| MASSACHUSETTS ST HSG FIN AGY |
| 12/1/2032 |
| 4.05 |
|
| 1,000,000 |
|
| 1,044,910 |
|
|
|
|
| 830,000 |
| MASSACHUSETTS ST HSG FIN AGY |
| 12/1/2033 |
| 5.35 |
|
| 830,000 |
|
| 876,331 |
|
|
|
|
| 2,000,000 |
| MASSACHUSETTS ST HSG FIN AGY |
| 12/1/2037 |
| 3.45 |
|
| 2,000,000 |
|
| 1,960,560 |
|
|
|
|
| 885,000 |
| MASSACHUSETTS ST HSG FIN AGY |
| 6/1/2040 |
| 5.05 |
|
| 885,000 |
|
| 958,234 |
|
|
|
|
| 500,000 |
| MASSACHUSETTS ST HSG FIN AGY |
| 12/1/2042 |
| 3.50 |
|
| 499,376 |
|
| 491,630 |
|
|
|
|
| 1,750,000 |
| MCALESTER OK PUBLIC WKS AUTH UTILITY SYS REVENUE(b) |
| 2/1/2030 |
| 11.04 |
|
| 669,805 |
|
| 671,422 |
|
|
|
|
| 160,000 |
| MEAD NE TAX INCR REVENUE(e) |
| 7/1/2012 |
| 5.13 |
|
| 160,000 |
|
| 72,000 |
|
|
|
|
| 400,000 |
| MEDITERRA FL S CDD CAPITAL IMPT REVENUE |
| 5/1/2031 |
| 5.10 |
|
| 400,000 |
|
| 410,884 |
|
|
|
|
| 1,000,000 |
| MESQUITE TX HLTH FAC DEV CORP |
| 2/15/2025 |
| 5.50 |
|
| 998,167 |
|
| 1,032,000 |
|
|
|
|
| 1,070,000 |
| MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD(e) |
| 12/20/2020 |
| 8.00 |
|
| 1,070,000 |
|
| 502,836 |
|
|
|
|
| 855,000 |
| MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD(e) |
| 6/20/2036 |
| 10.00 |
|
| 855,000 |
|
| 401,799 |
|
|
|
|
| 1,830,000 |
| MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD(e) |
| 12/20/2040 |
| 7.50 |
|
| 1,830,000 |
|
| 1,006,390 |
|
|
|
|
| 2,000,000 |
| MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE(b) |
| 10/1/2041 |
| 1.80 |
|
| 1,329,475 |
|
| 1,984,940 |
|
|
|
|
| 500,000 |
| MIAMI-DADE CNTY FL HLTH FACS AUTH HOSP REVENUE |
| 8/1/2030 |
| 6.00 |
|
| 486,218 |
|
| 598,055 |
|
|
|
|
| 1,000,000 |
| MIAMI-DADE CNTY FL SPL OBLG |
| 10/1/2035 |
| 5.00 |
|
| 1,114,334 |
|
| 1,121,200 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 58 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 465,000 |
| MICHIGAN ST FIN AUTH LTD OBLGREVENUE |
| 10/1/2021 |
| 6.00 |
| $ | 461,835 |
|
| 506,873 |
|
|
|
|
| 1,000,000 |
| MICHIGAN ST HOSP FIN AUTH |
| 12/1/2023 |
| 6.13 |
|
| 990,174 |
|
| 1,226,570 |
|
|
|
|
| 2,500,000 |
| MICHIGAN ST HOSP FIN AUTH |
| 11/15/2025 |
| 5.25 |
|
| 2,291,321 |
|
| 2,530,950 |
|
|
|
|
| 1,500,000 |
| MICHIGAN ST HOSP FIN AUTH |
| 6/1/2034 |
| 6.13 |
|
| 1,558,280 |
|
| 1,752,645 |
|
|
|
|
| 625,000 |
| MICHIGAN ST HSG DEV AUTH |
| 10/1/2020 |
| 5.38 |
|
| 602,835 |
|
| 702,038 |
|
|
|
|
| 1,000,000 |
| MICHIGAN ST HSG DEV AUTH |
| 10/1/2034 |
| 5.63 |
|
| 1,000,000 |
|
| 1,096,450 |
|
|
|
|
| 1,000,000 |
| MICHIGAN ST MUNI BOND AUTH |
| 5/1/2023 |
| 5.75 |
|
| 1,023,884 |
|
| 1,191,190 |
|
|
|
|
| 695,000 |
| MICHIGAN ST PUBLIC EDUCTNL FACS AUTH(c) |
| 9/1/2016 |
| 6.00 |
|
| 692,537 |
|
| 638,886 |
|
|
|
|
| 750,000 |
| MICHIGAN ST PUBLIC EDUCTNL FACS AUTH |
| 6/1/2020 |
| 6.00 |
|
| 744,423 |
|
| 795,488 |
|
|
|
|
| 440,000 |
| MICHIGAN ST PUBLIC EDUCTNL FACS AUTH |
| 9/1/2021 |
| 8.00 |
|
| 440,000 |
|
| 402,723 |
|
|
|
|
| 450,000 |
| MICHIGAN ST PUBLIC EDUCTNL FACS AUTH |
| 10/1/2023 |
| 6.25 |
|
| 450,000 |
|
| 453,614 |
|
|
|
|
| 500,000 |
| MICHIGAN ST PUBLIC EDUCTNL FACS AUTH |
| 11/1/2028 |
| 6.35 |
|
| 500,000 |
|
| 515,350 |
|
|
|
|
| 305,000 |
| MICHIGAN ST TOBACCO SETTLEMENT FIN AUTH |
| 6/1/2022 |
| 5.13 |
|
| 287,544 |
|
| 282,888 |
|
|
|
|
| 1,000,000 |
| MIDDLEBURG HEIGHTS OH HOSP REVENUE |
| 8/1/2047 |
| 5.00 |
|
| 1,079,414 |
|
| 1,076,450 |
|
|
|
|
| 496,000 |
| MILLSBORO DE SPL OBLG |
| 7/1/2036 |
| 5.45 |
|
| 496,000 |
|
| 386,716 |
|
|
|
|
| 318,641 |
| MINNESOTA ST HGR EDU FACS AUTH REVENUE |
| 10/1/2016 |
| 4.49 |
|
| 319,984 |
|
| 325,670 |
|
|
|
|
| 425,000 |
| MINNESOTA ST HSG FIN AGY |
| 7/1/2034 |
| 5.05 |
|
| 425,000 |
|
| 458,108 |
|
|
|
|
| 840,000 |
| MINNESOTA ST HSG FIN AGY |
| 1/1/2040 |
| 5.10 |
|
| 840,000 |
|
| 904,982 |
|
|
|
|
| 1,000,000 |
| MINNESOTA ST OFFICE OF HGR EDU REVENUE |
| 11/1/2029 |
| 5.00 |
|
| 1,000,000 |
|
| 1,126,760 |
|
|
|
|
| 1,000,000 |
| MISSISSIPPI ST DEV BANK SPL OBLG |
| 10/1/2031 |
| 6.50 |
|
| 973,535 |
|
| 1,220,150 |
|
|
|
|
| 185,000 |
| MISSISSIPPI ST HOME CORP SF MTGE REVENUE |
| 6/1/2039 |
| 6.75 |
|
| 194,710 |
|
| 192,866 |
|
|
|
|
| 500,000 |
| MISSOURI ST DEV FIN BRD |
| 11/1/2025 |
| 5.50 |
|
| 492,739 |
|
| 533,310 |
|
|
|
|
| 980,000 |
| MISSOURI ST HLTH & EDUCTNL FACS AUTH |
| 2/1/2022 |
| 5.13 |
|
| 997,942 |
|
| 1,046,905 |
|
|
|
|
| 500,000 |
| MISSOURI ST HLTH & EDUCTNL FACS AUTH |
| 2/1/2035 |
| 5.38 |
|
| 498,356 |
|
| 532,505 |
|
|
|
|
| 185,000 |
| MISSOURI ST HSG DEV COMMISSION SF HSG REVENUE |
| 9/1/2034 |
| 5.25 |
|
| 183,816 |
|
| 192,574 |
|
|
|
|
| 305,000 |
| MISSOURI ST HSG DEV COMMISSION SF HSG REVENUE |
| 9/1/2034 |
| 5.35 |
|
| 305,000 |
|
| 337,107 |
|
|
|
|
| 1,000,000 |
| MOBERLY MO INDL DEV AUTH(e) |
| 9/1/2024 |
| 6.00 |
|
| 1,016,984 |
|
| 60,010 |
|
|
|
|
| 1,105,000 |
| MONTANA ST BRD OF HSG |
| 12/1/2039 |
| 5.50 |
|
| 1,105,137 |
|
| 1,202,914 |
|
|
|
|
| 500,000 |
| MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION MF REVENUE |
| 7/1/2037 |
| 5.13 |
|
| 500,000 |
|
| 544,160 |
|
|
|
|
| 2,000,000 |
| MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION SF MTGE REVE(b) |
| 7/1/2028 |
| 9.14 |
|
| 881,485 |
|
| 844,600 |
|
|
|
|
| 1,500,000 |
| MONTGOMERY CNTY OH HLTH CARE FACS REVENUE |
| 9/20/2032 |
| 6.55 |
|
| 1,459,491 |
|
| 1,506,180 |
|
|
|
|
| 650,000 |
| MONTGOMERY CNTY PA INDL DEV AUTH |
| 2/1/2014 |
| 5.38 |
|
| 649,155 |
|
| 657,774 |
|
|
|
|
| 800,000 |
| MOUNT CARBON CO MET DIST REVENUE |
| 6/1/2043 |
| 7.00 |
|
| 800,000 |
|
| 488,552 |
|
|
|
|
| 200,000 |
| MOUNT CARBON CO MET DIST REVENUE(e) |
| 6/1/2043 |
| 8.00 |
|
| - |
|
| 20,000 |
|
|
|
|
| 1,500,000 |
| MOUNT VERNON IN SCH BLDG CORP |
| 1/15/2037 |
| 5.00 |
|
| 1,532,785 |
|
| 1,589,460 |
|
|
|
|
| 500,000 |
| MULTNOMAH CNTY OR HOSP FACS AUTH REVENUE |
| 12/1/2029 |
| 5.00 |
|
| 540,856 |
|
| 545,645 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 59 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 1,500,000 |
| N SUMTER CNTY UTILITY DEPENDENT DIST FL SOLID WASTE REVENUE |
| 10/1/2032 |
| 5.00 |
| $ | 1,528,893 |
|
| 1,542,930 |
|
|
|
|
| 500,000 |
| N TX TOLLWAY AUTH DALLAS N TOLLWAY SYS REVENUE |
| 1/1/2025 |
| 6.00 |
|
| 500,000 |
|
| 590,225 |
|
|
|
|
| 1,000,000 |
| N TX TOLLWAY AUTH REVENUE(b) |
| 1/1/2028 |
| 10.85 |
|
| 418,027 |
|
| 540,030 |
|
|
|
|
| 1,000,000 |
| N TX TOLLWAY AUTH REVENUE |
| 1/1/2034 |
| 6.00 |
|
| 1,000,000 |
|
| 1,182,310 |
|
|
|
|
| 1,000,000 |
| N TX TOLLWAY AUTH REVENUE(b) |
| 1/1/2042 |
| 1.40 |
|
| 716,257 |
|
| 1,092,110 |
|
|
|
|
| 1,000,000 |
| NATRONA CNTY WY HOSP REVENUE |
| 9/15/2031 |
| 6.35 |
|
| 1,000,000 |
|
| 1,179,020 |
|
|
|
|
| 235,000 |
| NEVADA ST HSG DIV SF MTGE REVENUE |
| 10/1/2039 |
| 5.38 |
|
| 235,000 |
|
| 243,733 |
|
|
|
|
| 1,025,000 |
| NEVADA ST HSG DIV SF MTGE REVENUE |
| 10/1/2040 |
| 5.10 |
|
| 1,025,000 |
|
| 1,106,856 |
|
|
|
|
| 1,000,000 |
| NEW HAMPSHIRE ST HLTH & ED FACS AUTH HLTHCARE SYS REVENUE |
| 7/1/2042 |
| 5.00 |
|
| 1,022,767 |
|
| 1,070,230 |
|
|
|
|
| 1,000,000 |
| NEW HAMPSHIRE ST HLTH & EDU FACS AUTH HOSP REVENUE |
| 10/1/2024 |
| 5.00 |
|
| 987,174 |
|
| 1,023,180 |
|
|
|
|
| 1,000,000 |
| NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE |
| 1/1/2034 |
| 6.00 |
|
| 969,730 |
|
| 1,148,310 |
|
|
|
|
| 500,000 |
| NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE |
| 8/1/2038 |
| 6.00 |
|
| 490,374 |
|
| 585,410 |
|
|
|
|
| 1,000,000 |
| NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE |
| 7/1/2031 |
| 5.20 |
|
| 1,000,000 |
|
| 1,127,980 |
|
|
|
|
| 745,000 |
| NEW HAMPSHIRE ST HSG FIN AUTH SF REVENUE |
| 7/1/2034 |
| 5.38 |
|
| 745,000 |
|
| 818,315 |
|
|
|
|
| 570,000 |
| NEW HAMPSHIRE ST HSG FIN AUTH SF REVENUE |
| 7/1/2038 |
| 6.63 |
|
| 593,533 |
|
| 632,261 |
|
|
|
|
| 615,000 |
| NEW JERSEY ST ECON DEV AUTH |
| 12/1/2016 |
| 5.75 |
|
| 615,000 |
|
| 615,775 |
|
|
|
|
| 500,000 |
| NEW JERSEY ST HGR EDU ASSISTANCE AUTH |
| 6/1/2024 |
| 5.38 |
|
| 497,666 |
|
| 563,445 |
|
|
|
|
| 555,000 |
| NEW JERSEY ST HGR EDU ASSISTANCE AUTH |
| 6/1/2027 |
| 5.00 |
|
| 553,196 |
|
| 585,963 |
|
|
|
|
| 995,000 |
| NEW JERSEY ST HSG & MTGE FIN AGY |
| 10/1/2030 |
| 4.50 |
|
| 995,000 |
|
| 1,085,057 |
|
|
|
|
| 390,000 |
| NEW JERSEY ST HSG & MTGE FIN AGY |
| 10/1/2030 |
| 6.45 |
|
| 412,976 |
|
| 440,969 |
|
|
|
|
| 755,000 |
| NEW JERSEY ST HSG & MTGE FIN AGY |
| 10/1/2034 |
| 5.00 |
|
| 755,000 |
|
| 817,597 |
|
|
|
|
| 775,000 |
| NEW JERSEY ST HSG & MTGE FIN AGY |
| 10/1/2035 |
| 5.00 |
|
| 775,000 |
|
| 835,652 |
|
|
|
|
| 1,905,000 |
| NEW JERSEY ST HSG & MTGE FIN AGY |
| 10/1/2037 |
| 5.00 |
|
| 1,891,510 |
|
| 2,039,493 |
|
|
|
|
| 1,000,000 |
| NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE |
| 5/1/2041 |
| 4.95 |
|
| 970,286 |
|
| 1,075,440 |
|
|
|
|
| 395,000 |
| NEW MEXICO ST MTGE FIN AUTH |
| 9/1/2029 |
| 4.80 |
|
| 395,000 |
|
| 433,153 |
|
|
|
|
| 775,000 |
| NEW MEXICO ST MTGE FIN AUTH |
| 9/1/2029 |
| 5.00 |
|
| 775,000 |
|
| 852,477 |
|
|
|
|
| 790,000 |
| NEW MEXICO ST MTGE FIN AUTH |
| 9/1/2034 |
| 5.00 |
|
| 790,000 |
|
| 869,253 |
|
|
|
|
| 755,000 |
| NEW MEXICO ST MTGE FIN AUTH |
| 3/1/2036 |
| 5.45 |
|
| 755,000 |
|
| 829,398 |
|
|
|
|
| 1,000,000 |
| NEW MEXICO ST MTGE FIN AUTH |
| 9/1/2042 |
| 3.90 |
|
| 1,000,000 |
|
| 1,023,990 |
|
|
|
|
| 1,500,000 |
| NEW MEXICO ST MTGE FIN AUTH |
| 9/1/2042 |
| 4.13 |
|
| 1,500,000 |
|
| 1,568,115 |
|
|
|
|
| 750,000 |
| NEW ORLEANS LA SEWAGE SVC REVENUE |
| 6/1/2024 |
| 6.00 |
|
| 740,818 |
|
| 874,072 |
|
|
|
|
| 115,000 |
| NEW RIVER FL CDD CAPITAL IMPT REVENUE(e) |
| 5/1/2013 |
| 5.00 |
|
| 114,821 |
|
| 1 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 60 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| 70,000 |
| NEW RIVER FL CDD CAPITAL IMPT REVENUE |
| 5/1/2015 |
| 5.00 |
| $ | 66,542 |
|
| 62,569 |
|
|
|
|
| 135,000 |
| NEW RIVER FL CDD CAPITAL IMPT REVENUE(b) |
| 5/1/2018 |
| 1.37 |
|
| 121,599 |
|
| 62,784 |
|
|
|
|
| 175,000 |
| NEW RIVER FL CDD CAPITAL IMPT REVENUE(b) |
| 5/1/2038 |
| 0.80 |
|
| 142,268 |
|
| 75,651 |
|
|
|
|
| 70,000 |
| NEW RIVER FL CDD CAPITAL IMPT REVENUE |
| 5/1/2038 |
| 5.75 |
|
| 63,184 |
|
| 55,131 |
|
|
|
|
| 1,000,000 |
| NEW YORK CITY NY HSG DEV CORPMF HSG REVENUE |
| 11/1/2037 |
| 3.80 |
|
| 1,000,000 |
|
| 1,000,270 |
|
|
|
|
| 2,500,000 |
| NEW YORK ST HSG FIN AGY REVENUE |
| 11/1/2042 |
| 3.80 |
|
| 2,500,000 |
|
| 2,523,425 |
|
|
|
|
| 5,000,000 |
| NEW YORK ST HSG FIN AGY REVENUE |
| 5/1/2048 |
| 4.10 |
|
| 5,000,000 |
|
| 4,972,950 |
|
|
|
|
| 1,750,000 |
| NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE |
| 10/1/2040 |
| 4.13 |
|
| 1,750,000 |
|
| 1,832,758 |
|
|
|
|
| 500,000 |
| NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE |
| 10/1/2042 |
| 3.75 |
|
| 500,000 |
|
| 506,230 |
|
|
|
|
| 450,000 |
| NOBLESVILLE IN REDEV AUTH ECON DEV REVENUE |
| 2/1/2031 |
| 5.13 |
|
| 446,052 |
|
| 506,696 |
|
|
|
|
| 1,000,000 |
| NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE |
| 10/1/2029 |
| 6.38 |
|
| 1,000,000 |
|
| 1,003,970 |
|
|
|
|
| 1,300,000 |
| NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE |
| 10/1/2035 |
| 6.63 |
|
| 1,300,000 |
|
| 1,170,117 |
|
|
|
|
| 2,000,000 |
| NORTH DAKOTA ST HSG FIN AGY |
| 7/1/2032 |
| 3.60 |
|
| 2,000,000 |
|
| 2,032,240 |
|
|
|
|
| 380,000 |
| NORTH DAKOTA ST HSG FIN AGY |
| 7/1/2034 |
| 5.35 |
|
| 380,000 |
|
| 398,954 |
|
|
|
|
| 145,000 |
| NORTH DAKOTA ST HSG FIN AGY |
| 7/1/2039 |
| 5.45 |
|
| 145,000 |
|
| 155,478 |
|
|
|
|
| 1,510,000 |
| NORTH DAKOTA ST HSG FIN AGY |
| 7/1/2040 |
| 5.05 |
|
| 1,510,000 |
|
| 1,632,793 |
|
|
|
|
| 500,000 |
| NTHRN CA GAS AUTH #1 GAS PROJ REVENUE |
| 7/1/2027 |
| 0.96 |
|
| 500,000 |
|
| 406,320 |
|
|
|
|
| 1,000,000 |
| NTHRN IL UNIV |
| 4/1/2026 |
| 5.50 |
|
| 1,014,237 |
|
| 1,139,230 |
|
|
|
|
| 2,000,000 |
| OAK PARK CA UNIF SCH DIST(b) |
| 8/1/2038 |
| 3.77 |
|
| 1,027,945 |
|
| 1,520,860 |
|
|
|
|
| 1,250,000 |
| OAKLAND CNTY MI ECON DEV CORP LTD OBLG REVENUE |
| 12/1/2020 |
| 6.50 |
|
| 1,243,079 |
|
| 1,270,750 |
|
|
|
|
| 520,000 |
| OHIO ST HSG FIN AGY RSDL MTGE REVENUE |
| 9/1/2033 |
| 5.40 |
|
| 520,000 |
|
| 572,889 |
|
|
|
|
| 160,000 |
| OHIO ST HSG FIN AGY RSDL MTGE REVENUE |
| 9/1/2033 |
| 5.45 |
|
| 160,000 |
|
| 165,536 |
|
|
|
|
| 500,000 |
| OKLAHOMA CNTY OK FIN AUTH REVENUE |
| 4/1/2033 |
| 5.00 |
|
| 505,509 |
|
| 493,695 |
|
|
|
|
| 500,000 |
| OKLAHOMA CNTY OK FIN AUTH REVENUE |
| 4/1/2042 |
| 5.13 |
|
| 500,000 |
|
| 482,525 |
|
|
|
|
| 390,000 |
| OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE |
| 3/1/2032 |
| 5.15 |
|
| 390,000 |
|
| 428,119 |
|
|
|
|
| 605,000 |
| OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE |
| 9/1/2038 |
| 6.50 |
|
| 630,694 |
|
| 625,903 |
|
|
|
|
| 435,000 |
| ONEIDA TRIBE OF INDIANS WI RETAIL SALES REVENUE(c) |
| 2/1/2021 |
| 5.50 |
|
| 435,000 |
|
| 496,474 |
|
|
|
|
| 1,000,000 |
| OVERLAND PARK KS TRANSPRTN DEV DIST SALES TAX REVENUE |
| 4/1/2032 |
| 5.90 |
|
| 1,000,000 |
|
| 1,121,160 |
|
|
|
|
| 2,280,000 |
| PACHECO CA UNION SCH DIST COPS(b) |
| 2/1/2037 |
| 15.27 |
|
| 526,420 |
|
| 670,046 |
|
|
|
|
| 1,000,000 |
| PALM BAY FL UTILITY REVENUE(b) |
| 10/1/2031 |
| 11.87 |
|
| 335,799 |
|
| 407,860 |
|
|
|
|
| 1,000,000 |
| PALM BEACH CNTY FL HLTH FACS AUTH REVENUE |
| 11/15/2022 |
| 5.38 |
|
| 925,227 |
|
| 1,050,340 |
|
|
|
|
| 1,665,000 |
| PATTERSON CA JT UNIF SCH DIST(b) |
| 8/1/2027 |
| 12.31 |
|
| 650,640 |
|
| 883,865 |
|
|
|
|
| 750,000 |
| PELL CITY AL SPL CARE FACS FING AUTH REVENUE |
| 12/1/2027 |
| 5.25 |
|
| 651,813 |
|
| 907,290 |
|
|
|
|
| 1,000,000 |
| PELL CITY AL SPL CARE FACS FING AUTH REVENUE |
| 12/1/2039 |
| 5.00 |
|
| 1,067,439 |
|
| 1,064,310 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 61 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 500,000 |
| PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE |
| 7/1/2039 |
| 0.89 |
| $ | 500,000 |
|
| 336,730 |
|
|
|
|
| 1,000,000 |
| PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE |
| 5/1/2042 |
| 5.38 |
|
| 1,007,635 |
|
| 1,051,230 |
|
|
|
|
| 500,000 |
| PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE |
| 10/1/2025 |
| 5.00 |
|
| 501,584 |
|
| 547,655 |
|
|
|
|
| 1,000,000 |
| PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE |
| 10/1/2029 |
| 4.63 |
|
| 920,269 |
|
| 1,063,770 |
|
|
|
|
| 1,000,000 |
| PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE |
| 10/1/2034 |
| 4.88 |
|
| 1,002,970 |
|
| 1,068,430 |
|
|
|
|
| 1,000,000 |
| PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE |
| 10/1/2037 |
| 3.65 |
|
| 1,007,465 |
|
| 988,700 |
|
|
|
|
| 1,000,000 |
| PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE |
| 10/1/2042 |
| 3.70 |
|
| 1,000,000 |
|
| 991,570 |
|
|
|
|
| 1,000,000 |
| PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE(b) |
| 6/1/2033 |
| 2.19 |
|
| 697,300 |
|
| 1,057,150 |
|
|
|
|
| 1,935,000 |
| PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE(b) |
| 12/1/2035 |
| 1.17 |
|
| 1,529,252 |
|
| 1,818,919 |
|
|
|
|
| 750,000 |
| PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE(b) |
| 12/1/2035 |
| 2.01 |
|
| 601,819 |
|
| 711,698 |
|
|
|
|
| 1,500,000 |
| PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE(b) |
| 12/1/2038 |
| 1.44 |
|
| 1,096,739 |
|
| 1,439,880 |
|
|
|
|
| 2,000,000 |
| PEORIA IL PUBLIC BLDG COMMISSION SCH DIST FACS REVENUE(b) |
| 12/1/2021 |
| 8.01 |
|
| 1,222,116 |
|
| 1,431,660 |
|
|
|
|
| 5,000,000 |
| PEORIA IL PUBLIC BLDG COMMISSION SCH DIST FACS REVENUE(b) |
| 12/1/2026 |
| 11.11 |
|
| 2,116,666 |
|
| 2,393,700 |
|
|
|
|
| 500,000 |
| PHOENIX AZ INDL DEV AUTH EDU REVENUE |
| 7/1/2022 |
| 5.00 |
|
| 500,000 |
|
| 497,385 |
|
|
|
|
| 3,000,000 |
| PHOENIX AZ INDL DEV AUTH LEASE REVENUE |
| 6/1/2034 |
| 5.25 |
|
| 3,057,019 |
|
| 3,376,980 |
|
|
|
|
| 975,000 |
| PIMA CNTY AZ INDL DEV AUTH CHRT SCH REVENUE |
| 4/1/2022 |
| 5.88 |
|
| 975,000 |
|
| 1,022,034 |
|
|
|
|
| 650,000 |
| PIMA CNTY AZ INDL DEV AUTH EDU REVENUE |
| 6/1/2016 |
| 6.00 |
|
| 652,755 |
|
| 657,748 |
|
|
|
|
| 825,000 |
| PIMA CNTY AZ INDL DEV AUTH EDU REVENUE |
| 12/1/2017 |
| 5.35 |
|
| 747,608 |
|
| 827,269 |
|
|
|
|
| 330,000 |
| PIMA CNTY AZ INDL DEV AUTH EDU REVENUE |
| 12/1/2018 |
| 6.38 |
|
| 330,000 |
|
| 343,216 |
|
|
|
|
| 1,985,000 |
| PIMA CNTY AZ INDL DEV AUTH EDU REVENUE |
| 7/1/2021 |
| 6.70 |
|
| 1,985,000 |
|
| 1,996,831 |
|
|
|
|
| 865,000 |
| PIMA CNTY AZ INDL DEV AUTH EDU REVENUE |
| 6/1/2022 |
| 5.00 |
|
| 804,228 |
|
| 873,148 |
|
|
|
|
| 995,000 |
| PIMA CNTY AZ INDL DEV AUTH EDU REVENUE |
| 7/1/2026 |
| 5.00 |
|
| 870,255 |
|
| 911,579 |
|
|
|
|
| 490,000 |
| PIMA CNTY AZ INDL DEV AUTH EDU REVENUE |
| 7/1/2031 |
| 6.75 |
|
| 361,857 |
|
| 492,132 |
|
|
|
|
| 2,625,000 |
| PITTSBURG CALIF UNI SCH DIST FING AUTH REV(b) |
| 9/1/2031 |
| 16.03 |
|
| 766,261 |
|
| 809,812 |
|
|
|
|
| 1,000,000 |
| PUBLIC FIN AUTH WI CCRC REVENUE |
| 6/1/2020 |
| 7.00 |
|
| 985,838 |
|
| 1,150,000 |
|
|
|
|
| 1,500,000 |
| PUBLIC FIN AUTH WI CCRC REVENUE |
| 6/1/2046 |
| 8.25 |
|
| 1,564,641 |
|
| 1,805,145 |
|
|
|
|
| 500,000 |
| PUBLIC FIN AUTH WI EDUCTNL FAC REVENUE |
| 9/1/2022 |
| 5.25 |
|
| 500,000 |
|
| 502,975 |
|
|
|
|
| 1,000,000 |
| PUBLIC FIN AUTH WI REVENUE |
| 4/1/2022 |
| 5.00 |
|
| 1,000,000 |
|
| 1,006,550 |
|
|
|
|
| 600,000 |
| PUBLIC FIN AUTH WI REVENUE |
| 4/1/2032 |
| 5.50 |
|
| 600,000 |
|
| 606,012 |
|
|
|
|
| 221,000 |
| PUBLIC FIN AUTH WI REVENUE(b) |
| 10/1/2042 |
| (0.40) |
|
| 251,095 |
|
| 109,399 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 62 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 221,000 |
| PUBLIC FIN AUTH WI REVENUE(b) |
| 10/1/2042 |
| (0.40 | ) | $ | 251,093 |
|
| 2 |
|
|
|
|
| 515,000 |
| PUBLIC FIN AUTH WI REVENUE |
| 10/1/2042 |
| 7.00 |
|
| 585,639 |
|
| 493,859 |
|
|
|
|
| 1,000,000 |
| PUERTO RICO CMWLTH |
| 7/1/2028 |
| 6.00 |
|
| 989,982 |
|
| 1,057,920 |
|
|
|
|
| 1,500,000 |
| PUERTO RICO CMWLTH |
| 7/1/2035 |
| 5.00 |
|
| 1,500,000 |
|
| 1,497,990 |
|
|
|
|
| 1,500,000 |
| PUERTO RICO CMWLTH |
| 7/1/2039 |
| 5.50 |
|
| 1,527,636 |
|
| 1,487,595 |
|
|
|
|
| 1,500,000 |
| PUERTO RICO CMWLTH |
| 7/1/2040 |
| 6.50 |
|
| 1,524,271 |
|
| 1,597,620 |
|
|
|
|
| 1,000,000 |
| PUERTO RICO CMWLTH AQUEDUCT & SWR AUTH REVENUE |
| 7/1/2038 |
| 6.00 |
|
| 1,047,552 |
|
| 1,002,320 |
|
|
|
|
| 500,000 |
| PUERTO RICO ELEC PWR AUTH PWR REVENUE |
| 7/1/2025 |
| 0.92 |
|
| 500,000 |
|
| 396,130 |
|
|
|
|
| 1,000,000 |
| PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE(b) |
| 8/1/2033 |
| 3.37 |
|
| 599,620 |
|
| 837,690 |
|
|
|
|
| 500,000 |
| PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE |
| 8/1/2057 |
| 1.14 |
|
| 500,000 |
|
| 298,600 |
|
|
|
|
| 750,000 |
| QUAIL CREEK AZ CMNTY FACS DIST |
| 7/15/2016 |
| 5.15 |
|
| 750,000 |
|
| 773,340 |
|
|
|
|
| 1,260,000 |
| QUECHAN INDIAN TRIBE AZ FORT YUMA INDIAN RESERVATION |
| 5/1/2025 |
| 9.75 |
|
| 1,260,000 |
|
| 1,358,293 |
|
|
|
|
| 2,000,000 |
| RAILSPLITTER IL TOBACCO SETTLEMENT AUTH |
| 6/1/2024 |
| 6.25 |
|
| 2,030,578 |
|
| 2,233,200 |
|
|
|
|
| 500,000 |
| RED RIVER TX HLTH FACS DEV CORP FIRST MTGE REVENUE |
| 1/1/2032 |
| 5.50 |
|
| 515,199 |
|
| 522,365 |
|
|
|
|
| 1,000,000 |
| REDONDO BEACH CA UNIF SCH DIST(b) |
| 8/1/2034 |
| 2.10 |
|
| 693,597 |
|
| 1,005,520 |
|
|
|
|
| 750,000 |
| RENO NV SPARKS INDIAN COLONY |
| 6/1/2021 |
| 5.00 |
|
| 765,006 |
|
| 785,482 |
|
|
|
|
| 500,000 |
| RHODE ISLAND ST HLTH & EDUCTNL BLDG CORP |
| 5/15/2030 |
| 6.25 |
|
| 493,705 |
|
| 589,465 |
|
|
|
|
| 1,000,000 |
| RHODE ISLAND ST HSG & MTGE FIN CORP |
| 10/1/2028 |
| 4.00 |
|
| 994,160 |
|
| 1,031,900 |
|
|
|
|
| 500,000 |
| RICHMOND CA JT PWRS FING AUTH |
| 7/1/2024 |
| 6.25 |
|
| 500,000 |
|
| 588,700 |
|
|
|
|
| 325,000 |
| RICHMOND IN HOSP AUTH REVENUE |
| 1/1/2029 |
| 6.50 |
|
| 315,539 |
|
| 380,422 |
|
|
|
|
| 3,000,000 |
| ROBLA CA SCH DIST(b) |
| 8/1/2036 |
| 15.56 |
|
| 718,591 |
|
| 933,930 |
|
|
|
|
| 500,000 |
| S BAYSIDE CA WST MGMT AUTH SOL WST ENTERPRISE REVENUE |
| 9/1/2029 |
| 6.25 |
|
| 513,953 |
|
| 578,845 |
|
|
|
|
| 1,000,000 |
| S COAST IN CONSERVANCY DIST |
| 1/1/2028 |
| 5.25 |
|
| 994,805 |
|
| 1,000,000 |
|
|
|
|
| 610,000 |
| S WSTRN IL DEV AUTH |
| 10/1/2022 |
| 7.00 |
|
| 610,000 |
|
| 634,821 |
|
|
|
|
| 195,000 |
| S WSTRN IL DEV AUTH |
| 11/1/2026 |
| 5.63 |
|
| 193,828 |
|
| 165,502 |
|
|
|
|
| 1,000,000 |
| SACRAMENTO CA CITY FING AUTH(b) |
| 12/1/2021 |
| 7.46 |
|
| 634,354 |
|
| 697,570 |
|
|
|
|
| 350,000 |
| SACRAMENTO CNTY CA WTR FING AUTH REVENUE |
| 6/1/2039 |
| 0.78 |
|
| 350,000 |
|
| 272,506 |
|
|
|
|
| 845,000 |
| SADDLEBACK VLY CA UNIF SCH DIST PUBLIC FING AUTH |
| 9/1/2017 |
| 5.65 |
|
| 845,000 |
|
| 848,456 |
|
|
|
|
| 1,000,000 |
| SAGINAW MI HOSP FIN AUTH |
| 7/1/2030 |
| 5.00 |
|
| 923,109 |
|
| 1,063,580 |
|
|
|
|
| 172,000 |
| SAINT BERNARD PARISH LA HOME MTGE AUTH SF MTGE |
| 3/1/2039 |
| 5.80 |
|
| 168,754 |
|
| 186,830 |
|
|
|
|
| 500,000 |
| SAINT JOHNS CNTY FL INDL DEV AUTH REVENUE |
| 8/1/2040 |
| 5.88 |
|
| 492,944 |
|
| 558,015 |
|
|
|
|
| 460,000 |
| SAINT JOSEPH CNTY IN ECON DEV REVENUE |
| 5/15/2026 |
| 6.00 |
|
| 343,673 |
|
| 477,112 |
|
|
|
|
| 500,000 |
| SAINT JOSEPH CNTY IN ECON DEV REVENUE |
| 5/15/2038 |
| 6.00 |
|
| 370,707 |
|
| 512,190 |
|
|
|
|
| 1,000,000 |
| SAINT JOSEPH CNTY IN ECON DEV REVENUE |
| 5/15/2039 |
| 6.25 |
|
| 1,017,007 |
|
| 1,039,930 |
|
|
|
|
| 425,694 |
| SAINT JOSEPH CNTY IN HOSP AUTH HLTH FACS REVENUE(e) |
| 2/15/2028 |
| 5.25 |
|
| 431,280 |
|
| 51,139 |
|
|
|
|
| 500,000 |
| SAINT LOUIS CNTY MO INDL DEV AUTH |
| 8/15/2032 |
| 5.88 |
|
| 500,000 |
|
| 511,390 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 63 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 750,000 |
| SAINT LOUIS CNTY MO INDL DEV AUTH SENIOR LIVING FACS |
| 9/1/2042 |
| 5.00 |
| $ | 772,764 |
|
| 787,492 |
|
|
|
|
| 1,000,000 |
| SAINT PETERSBURG FL PUBLIC UTILITIES REVENUE |
| 10/1/2042 |
| 4.00 |
|
| 1,000,000 |
|
| 1,001,550 |
|
|
|
|
| 117,309 |
| SAINT TAMMANY PARISH LA FIN AUTH SF MTGE REVENUE |
| 12/1/2039 |
| 5.25 |
|
| 119,913 |
|
| 120,341 |
|
|
|
|
| 1,000,000 |
| SALEM OR HOSP FAC AUTH REVENUE |
| 5/15/2027 |
| 5.75 |
|
| 1,027,270 |
|
| 1,095,870 |
|
|
|
|
| 2,000,000 |
| SALINE CNTY MO INDL DEV AUTH HLTH FACS REVENUE |
| 12/1/2020 |
| 5.00 |
|
| 1,983,881 |
|
| 2,090,220 |
|
|
|
|
| 500,000 |
| SALINE CNTY MO INDL DEV AUTH HLTH FACS REVENUE |
| 12/1/2028 |
| 5.60 |
|
| 489,692 |
|
| 535,580 |
|
|
|
|
| 500,000 |
| SAN DIEGO CA HSG AUTH MF HSG REVENUE |
| 5/1/2029 |
| 5.00 |
|
| 500,000 |
|
| 546,345 |
|
|
|
|
| 500,000 |
| SAN DIEGO CA REDEV AGY |
| 9/1/2023 |
| 5.00 |
|
| 456,396 |
|
| 525,155 |
|
|
|
|
| 250,000 |
| SAN JOAQUIN HILLS CA TRANSPRTN CORRIDOR AGY |
| 1/15/2030 |
| 5.25 |
|
| 250,000 |
|
| 243,678 |
|
|
|
|
| 500,000 |
| SANTA ANA CA CMNTY REDEV AGY |
| 9/1/2022 |
| 6.00 |
|
| 495,463 |
|
| 584,865 |
|
|
|
|
| 1,000,000 |
| SANTA BARBARA CA UNIF SCH DISTT(b) |
| 8/1/2037 |
| 2.57 |
|
| 615,161 |
|
| 656,350 |
|
|
|
|
| 500,000 |
| SANTA MONICA CA REDEV AGY |
| 7/1/2036 |
| 5.88 |
|
| 519,103 |
|
| 593,530 |
|
|
|
|
| 1,450,000 |
| SARASOTA CNTY FL HLTH FACS AUTH RETMNT FAC REVENUE |
| 1/1/2027 |
| 5.50 |
|
| 1,211,225 |
|
| 1,553,791 |
|
|
|
|
| 500,000 |
| SEMINOLE TRIBE FL SPL OBLG REVENUE(c) |
| 10/1/2024 |
| 5.50 |
|
| 503,730 |
|
| 543,610 |
|
|
|
|
| 500,000 |
| SEVEN OAKS FL CMNTY DEV DIST SPL ASSMNT REVENUE |
| 5/1/2033 |
| 5.50 |
|
| 488,039 |
|
| 536,550 |
|
|
|
|
| 150,000 |
| SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(e) |
| 1/1/2019 |
| 5.35 |
|
| 134,966 |
|
| 15,000 |
|
|
|
|
| 625,000 |
| SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(e) |
| 1/1/2029 |
| 5.55 |
|
| 556,862 |
|
| 62,500 |
|
|
|
|
| 515,000 |
| SOUTH CAROLINA ST EDU ASSISTANCE AUTH |
| 10/1/2029 |
| 5.10 |
|
| 509,264 |
|
| 570,656 |
|
|
|
|
| 220,000 |
| SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE |
| 7/1/2032 |
| 5.50 |
|
| 220,000 |
|
| 241,078 |
|
|
|
|
| 1,500,000 |
| SOUTH CAROLINA ST JOBS-ECON DEV AUTH ECON DEV REVENUE |
| 11/15/2030 |
| 5.63 |
|
| 1,434,764 |
|
| 1,505,250 |
|
|
|
|
| 356,475 |
| SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE |
| 11/15/2032 |
| 6.00 |
|
| 359,390 |
|
| 268,607 |
|
|
|
|
| 228,572 |
| SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE(b) |
| 11/15/2047 |
| 0.04 |
|
| 225,000 |
|
| 8,608 |
|
|
|
|
| 152,775 |
| SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE(b) |
| 11/15/2047 |
| 0.15 |
|
| 145,042 |
|
| 773 |
|
|
|
|
| 533,336 |
| SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE |
| 11/15/2047 |
| 6.00 |
|
| 525,169 |
|
| 373,687 |
|
|
|
|
| 338,000 |
| SOUTHSIDE AZ CMNTY FACS DIST #1 SPL ASSMNT REVENUE PRESCOTT |
| 7/1/2018 |
| 6.13 |
|
| 253,417 |
|
| 258,036 |
|
|
|
|
| 1,000,000 |
| SPARKS NV REDEV AGY TAX INCR REVENUE |
| 6/1/2020 |
| 7.25 |
|
| 991,541 |
|
| 1,060,430 |
|
|
|
|
| 1,000,000 |
| SPARKS NV REDEV AGY TAX INCR REVENUE |
| 1/15/2022 |
| 5.00 |
|
| 980,723 |
|
| 1,056,770 |
|
|
|
|
| 1,000,000 |
| SPRINGFIELD IL ELEC REVENUE |
| 3/1/2035 |
| 5.00 |
|
| 1,041,446 |
|
| 1,039,370 |
|
|
|
|
| 2,500,000 |
| SULPHUR SPRINGS CA UNION SCH DIST COPS(b) |
| 12/1/2037 |
| 1.37 |
|
| 1,875,127 |
|
| 2,607,900 |
|
|
|
|
| 500,000 |
| TALLAHASSEE FL HLTH FACS REVENUE |
| 12/1/2030 |
| 6.38 |
|
| 491,474 |
|
| 508,455 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 64 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Tax-Exempt Bond Fund |
December 31, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 915,000 |
| TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU |
| 2/15/2016 |
| 7.25 |
| $ | 915,000 |
|
| 917,443 |
|
|
|
|
| 750,000 |
| TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU |
| 11/15/2019 |
| 7.75 |
|
| 750,000 |
|
| 865,582 |
|
|
|
|
| 1,000,000 |
| TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU |
| 11/15/2026 |
| 6.00 |
|
| 1,023,449 |
|
| 1,068,810 |
|
|
|
|
| 1,000,000 |
| TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU |
| 5/15/2027 |
| 5.13 |
|
| 732,856 |
|
| 1,023,310 |
|
|
|
|
| 750,000 |
| TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU |
| 11/15/2036 |
| 6.00 |
|
| 765,183 |
|
| 797,468 |
|
|
|
|
| 1,150,000 |
| TENNESSEE ST HSG DEV AGY |
| 1/1/2031 |
| 3.30 |
|
| 1,150,000 |
|
| 1,167,940 |
|
|
|
|
| 710,000 |
| TENNESSEE ST HSG DEV AGY |
| 7/1/2038 |
| 5.45 |
|
| 710,000 |
|
| 749,277 |
|
|
|
|
| 2,000,000 |
| TENNESSEE ST HSG DEV AGY |
| 7/1/2043 |
| 3.80 |
|
| 2,000,000 |
|
| 2,013,660 |
|
|
|
|
| 155,000 |
| TENNESSEE ST HSG DEV AGY MTGE FIN |
| 7/1/2023 |
| 5.20 |
|
| 155,197 |
|
| 156,757 |
|
|
|
|
| 580,000 |
| TEXAS ST DEPT OF HSG & CMNTY AFFAIRS |
| 7/1/2039 |
| 5.45 |
|
| 580,000 |
|
| 634,821 |
|
|
|
|
| 250,000 |
| TEXAS ST MUNI GAS ACQUISITION & SPLY CORP I GAS SPLY REVENUE |
| 12/15/2026 |
| 1.71 |
|
| 250,000 |
|
| 203,505 |
|
|
|
|
| 2,000,000 |
| TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE |
| 6/30/2033 |
| 7.50 |
|
| 2,051,671 |
|
| 2,526,740 |
|
|
|
|
| 800,000 |
| TEXAS ST STUDENT HSG AUTH REVENUE(e) |
| 1/1/2033 |
| 11.00 |
|
| 800,000 |
|
| 8 |
|
|
|
|
| 360,257 |
| TODD CREEK FARMS CO MET DIST #1 WTR & WSTWTR REVENUE(d)(e) |
| 12/1/2009 |
| 4.75 |
|
| 356,355 |
|
| 180,129 |
|
|
|
|
| 300,000 |
| TOLOMATO FL CDD |
| 5/1/2017 |
| 6.38 |
|
| 300,000 |
|
| 141,381 |
|
|
|
|
| 115,000 |
| TOLOMATO FL CDD |
| 5/1/2017 |
| 6.38 |
|
| 115,000 |
|
| 111,918 |
|
|
|
|
| 100,000 |
| TOLOMATO FL CDD |
| 5/1/2017 |
| 6.38 |
|
| 100,000 |
|
| 1 |
|
|
|
|
| 10,000 |
| TOLOMATO FL CDD |
| 5/1/2017 |
| 6.38 |
|
| 10,000 |
|
| 5,507 |
|
|
|
|
| 35,000 |
| TOLOMATO FL CDD(b) |
| 5/1/2039 |
| 2.21 |
|
| 22,030 |
|
| 25,118 |
|
|
|
|
| 90,000 |
| TOLOMATO FL CDD(b) |
| 5/1/2040 |
| 2.13 |
|
| 56,642 |
|
| 51,854 |
|
|
|
|
| 50,000 |
| TOLOMATO FL CDD(b) |
| 5/1/2040 |
| 2.13 |
|
| 31,468 |
|
| 21,192 |
|
|
|
|
| 2,000,000 |
| TORRANCE CA UNIF SCH DIST(b) |
| 8/1/2023 |
| 9.54 |
|
| 1,048,155 |
|
| 1,369,220 |
|
|
|
|
| 1,000,000 |
| TRACY CA JT UNIF SCH DIST(b) |
| 8/1/2041 |
| 4.95 |
|
| 427,421 |
|
| 504,040 |
|
|
|
|
| 1,000,000 |
| TRAVIS CNTY TX HLTH FACS DEV CORP |
| 11/1/2016 |
| 6.25 |
|
| 1,000,000 |
|
| 1,026,920 |
|
|
|
|
| 1,000,000 |
| TRAVIS CNTY TX HLTH FACS DEV CORP |
| 1/1/2017 |
| 5.50 |
|
| 982,393 |
|
| 1,000,590 |
|
|
|
|
| 1,000,000 |
| TRAVIS CNTY TX HLTH FACS DEV CORP |
| 1/1/2022 |
| 6.00 |
|
| 990,584 |
|
| 1,042,520 |
|
|
|
|
| 840,000 |
| TRAVIS CNTY TX HSG FIN CORP(e) |
| 6/1/2035 |
| 9.25 |
|
| 840,000 |
|
| 41,966 |
|
|
|
|
| 500,000 |
| TURLOCK CA PUBLIC FING AUTH WTR REVENUE |
| 5/1/2032 |
| 4.75 |
|
| 523,974 |
|
| 537,955 |
|
|
|
|
| 1,250,000 |
| TUSTIN CA UNIF SCH DIST(b) |
| 8/1/2028 |
| 4.10 |
|
| 775,704 |
|
| 975,925 |
|
|
|
|
| 1,250,000 |
| UPLAND CA COPS |
| 1/1/2032 |
| 6.38 |
|
| 1,216,419 |
|
| 1,477,825 |
|
|
|
|
| 671,000 |
| UTAH ASSOC MUNI POWER(d) |
| 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 |
|
| 634,110 |
|
|
|
|
| 500,000 |
| UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE |
| 7/15/2020 |
| 5.75 |
|
| 469,587 |
|
| 537,260 |
|
|
|
|
| 500,000 |
| UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE |
| 7/15/2025 |
| 6.50 |
|
| 500,000 |
|
| 554,895 |
|
|
|
|
| 1,000,000 |
| UTAH ST HSG CORP MTGE REVENUE |
| 7/1/2030 |
| 4.10 |
|
| 1,000,000 |
|
| 1,069,000 |
|
|
|
|
| 480,000 |
| UTAH ST HSG CORP SF MTGE REVENUE |
| 1/1/2032 |
| 4.95 |
|
| 480,000 |
|
| 523,502 |
|
|
|
|
| 730,000 |
| UTAH ST HSG CORP SF MTGE REVENUE |
| 1/1/2033 |
| 5.75 |
|
| 730,000 |
|
| 832,273 |
|
|
|
|
| 500,000 |
| VANCOUVER WA HSG AUTH |
| 3/1/2025 |
| 5.00 |
|
| 493,258 |
|
| 541,060 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 65 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Tax-Exempt Bond Fund |
December 31, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| 1,240,000 |
| VERMONT ST EDUCTNL & HLTH BLDGS FING AGY |
| 12/1/2027 |
| 6.13 |
|
| $1,223,721 |
|
| 1,244,451 |
|
|
|
|
| 1,000,000 |
| VERMONT ST HSG FIN AGY MULTI FAMILY |
| 8/15/2041 |
| 3.80 |
|
| 982,801 |
|
| 977,750 |
|
|
|
|
| 1,000,000 |
| VIRGIN ISLANDS PUBLIC FIN AUTH REVENUE |
| 10/1/2042 |
| 5.00 |
|
| 1,042,962 |
|
| 1,046,280 |
|
|
|
|
| 750,000 |
| VIRGINIA ST HSG DEV AUTH |
| 12/1/2038 |
| 4.60 |
|
| 746,327 |
|
| 804,233 |
|
|
|
|
| 1,000,000 |
| VIRGINIA ST HSG DEV AUTH |
| 12/1/2039 |
| 5.00 |
|
| 1,000,000 |
|
| 1,083,120 |
|
|
|
|
| 695,000 |
| VIRGINIA ST HSG DEV AUTH CMWLTH MTGE |
| 7/1/2025 |
| 6.00 |
|
| 695,000 |
|
| 793,933 |
|
|
|
|
| 945,000 |
| VIRGINIA ST HSG DEV AUTH CMWLTH MTGE |
| 7/1/2031 |
| 6.25 |
|
| 962,465 |
|
| 1,086,731 |
|
|
|
|
| 1,000,000 |
| W CAMPUS HSG LLC AZ STUDENT HSG REVENUE |
| 7/1/2025 |
| 5.00 |
|
| 888,658 |
|
| 1,013,350 |
|
|
|
|
| 230,000 |
| W VLGS FL IMPT DIST(e) |
| 5/1/2037 |
| 5.50 |
|
| 230,000 |
|
| 102,916 |
|
|
|
|
| 1,000,000 |
| WASHINGTON ST HLTH CARE FACS AUTH |
| 3/1/2029 |
| 7.13 |
|
| 976,532 |
|
| 1,224,500 |
|
|
|
|
| 500,000 |
| WASHINGTON ST HSG FIN COMMISSION |
| 10/1/2017 |
| 5.00 |
|
| 500,000 |
|
| 500,800 |
|
|
|
|
| 1,500,000 |
| WASHINGTON ST HSG FIN COMMISSION |
| 10/1/2022 |
| 6.00 |
|
| 1,500,000 |
|
| 1,506,420 |
|
|
|
|
| 1,000,000 |
| WASHINGTON ST HSG FIN COMMISSION |
| 7/15/2029 |
| 4.75 |
|
| 1,000,000 |
|
| 1,108,690 |
|
|
|
|
| 1,500,000 |
| WASHINGTON ST HSG FIN COMMISSION |
| 7/1/2030 |
| 3.50 |
|
| 1,500,000 |
|
| 1,530,435 |
|
|
|
|
| 1,150,000 |
| WASHINGTON ST HSG FIN COMMISSION NONPROFIT REVENUE |
| 1/1/2017 |
| 5.25 |
|
| 1,147,906 |
|
| 1,177,450 |
|
|
|
|
| 500,000 |
| WATERLOO IA CMNTY SCH DIST SCH INFRASTRUCTURE SALES & SVCS T |
| 7/1/2029 |
| 5.00 |
|
| 500,000 |
|
| 545,390 |
|
|
|
|
| 70,000 |
| WATERS EDGE FL CDD CAPITAL IMPT REVENUE(d)(e) |
| 11/1/2012 |
| 5.00 |
|
| 70,000 |
|
| 1 |
|
|
|
|
| 445,000 |
| WATERS EDGE FL CDD CAPITAL IMPT REVENUE(b) |
| 5/1/2039 |
| 1.14 |
|
| 353,805 |
|
| 209,270 |
|
|
|
|
| 6,000 |
| WATERS EDGE FL CDD CAPITAL IMPT REVENUE |
| 5/1/2039 |
| 5.35 |
|
| 9,500 |
|
| 6,041 |
|
|
|
|
| 750,000 |
| WAYZATA MN SENIOR HSG REVENUE |
| 11/1/2025 |
| 5.20 |
|
| 738,269 |
|
| 783,135 |
|
|
|
|
| 1,000,000 |
| WEST TRAVIS CNTY TX PUBLIC UTILITY AGY REVENUE |
| 8/15/2024 |
| 5.00 |
|
| 1,020,934 |
|
| 1,023,090 |
|
|
|
|
| 1,000,000 |
| WISCONSIN ST GEN FUND ANNUAL APPROP REVENUE |
| 5/1/2027 |
| 6.00 |
|
| 1,018,384 |
|
| 1,229,450 |
|
|
|
|
| 400,000 |
| WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE |
| 8/15/2023 |
| 5.60 |
|
| 400,327 |
|
| 405,056 |
|
|
|
|
| 1,000,000 |
| WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE |
| 7/1/2030 |
| 5.75 |
|
| 1,023,158 |
|
| 1,136,700 |
|
|
|
|
| 750,000 |
| WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE |
| 4/15/2033 |
| 6.40 |
|
| 751,862 |
|
| 756,382 |
|
|
|
|
| 500,000 |
| WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE |
| 8/15/2034 |
| 6.75 |
|
| 503,364 |
|
| 513,670 |
|
|
|
|
| 1,000,000 |
| WISCONSIN ST HLTH & |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EDUCTNL FACS AUTH |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REVENUE |
| 12/1/2034 |
| 6.31 |
|
| 1,000,000 |
|
| 550,110 |
|
|
|
|
| 500,000 |
| WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE |
| 2/15/2040 |
| 5.00 |
|
| 513,792 |
|
| 539,465 |
|
|
|
|
| 295,000 |
| WSTRN GENERATION AGY OR COGENERATION PROJ REVENUE |
| 1/1/2021 |
| 5.00 |
|
| 295,836 |
|
| 296,080 |
|
|
|
|
| 500,000 |
| WYOMING CMNTY DEV AUTH STUDENTHSG REV |
| 7/1/2031 |
| 6.25 |
|
| 500,000 |
|
| 564,250 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 66 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Tax-Exempt Bond Fund |
December 31, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
| |||||
| 355,000 |
| ZEPHYR RIDGE FL CDD CAPITAL IMPT REVENUE(e) |
| 5/1/2013 |
| 5.25 |
| $ | 355,352 |
|
| 141,400 |
|
|
|
|
|
| Sub-total Municipal Bonds: |
|
|
|
|
|
| 453,457,942 |
|
| 474,392,857 |
|
| 90.00 | % | |
Short-Term Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 18,121,788 |
| NORTHERN INSTITUTIONAL FUNDS - TAX-EXEMPT PORTFOLIO, 0.01%(g) |
|
|
|
|
|
| 18,121,788 |
|
| 18,121,788 |
|
|
|
|
|
| Sub-total Short-Term Investments: |
|
|
|
|
|
| 18,121,788 |
|
| 18,121,788 |
|
| 3.44 | % | |
|
|
| Grand total(h) |
|
|
|
|
| $ | 499,059,091 |
|
| 525,833,879 |
|
| 99.76 | % |
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 traded 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) | This security is being fair valued according to procedures adopted by the Board of Trustees. |
|
|
|
| (e) | Currently non-income producing assets. For long-term debt securities, item identified is in default as to payment of interest and/or principal. |
|
|
|
| (f) | Restricted security that has been deemed illiquid. At December 31, 2012, the value of these restricted illiquid securities amounted to approximately $289,470 or 0.05% of net assets. Additional information on each restricted illiquid security is as follows: |
|
|
|
|
|
|
|
|
|
| SECURITY |
| ACQUISITION AND |
| ACQUISITION |
| ||
| ILLINOIS ST FIN AUTH SPORTS FAC REVENUE, |
|
| 9/28/07 |
| $ | 728,963 |
|
| ILLINOIS ST FIN AUTH SPORTS FAC REVENUE, |
|
| 9/28/07 |
|
| 483,580 |
|
| MASHANTUCKET WSTRN PEQUOT TRIBE CT, |
|
| 7/19/06 |
|
| 509,675 |
|
|
|
|
| (g) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. |
|
|
|
| (h) | At December 31, 2012, the cost for Federal income tax purposes was $499,059,091. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost were as follows: |
|
|
|
|
|
Gross unrealized appreciation |
| $ | 45,430,055 |
|
Gross unrealized depreciation |
|
| (18,655,267 | ) |
Net unrealized appreciation |
| $ | 26,774,788 |
|
|
|
|
See accompanying notes to the financial statements. | 67 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2012
Diversification of investments representing geographic diversification, as a percentage of total invesments at fair value, is as follows:
|
|
|
|
|
Geographical Diversification |
| Percent |
| |
California |
|
| 11.44 | % |
Illinois |
|
| 8.65 |
|
Texas |
|
| 7.10 |
|
Ohio |
|
| 6.59 |
|
Florida |
|
| 5.61 |
|
Indiana |
|
| 4.53 |
|
Arizona |
|
| 3.60 |
|
Pennsylvania |
|
| 3.53 |
|
New Jersey |
|
| 3.30 |
|
New York |
|
| 3.12 |
|
Other |
|
| 42.53 |
|
|
|
| 100.00 | % |
|
|
|
See accompanying notes to the financial statements. | 68 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater Tax-Exempt Bond Fund
December 31, 2012
|
|
|
See accompanying notes to the financial statements. | 69 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Common Stocks: |
|
|
|
|
|
|
|
|
|
| |||
Argentina: |
|
|
|
|
|
|
|
|
|
|
| ||
| 144,099 |
| ARCOS DORADOS HOLDINGS, INC., CLASS A |
| $ | 2,073,729 |
|
| 1,723,424 |
|
|
|
|
|
|
|
|
|
| 2,073,729 |
|
| 1,723,424 |
|
| 0.42 | % |
Australia: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 9,284 |
| AGL ENERGY LTD. |
|
| 105,943 |
|
| 149,089 |
|
|
|
|
| 51,722 |
| ALUMINA LTD. |
|
| 50,177 |
|
| 50,014 |
|
|
|
|
| 36,255 |
| AMP LTD. |
|
| 95,058 |
|
| 184,281 |
|
|
|
|
| 10,115 |
| APA GROUP |
|
| 50,066 |
|
| 58,387 |
|
|
|
|
| 11,099 |
| ASCIANO LTD. |
|
| 49,426 |
|
| 54,242 |
|
|
|
|
| 4,593 |
| ASX LTD. |
|
| 114,203 |
|
| 149,845 |
|
|
|
|
| 25,843 |
| AURIZON HOLDINGS LTD. |
|
| 91,220 |
|
| 101,496 |
|
|
|
|
| 50,341 |
| AUSTRALIA & NEW ZEALAND BANKING GROUP LTD. |
|
| 712,399 |
|
| 1,317,973 |
|
|
|
|
| 6,281 |
| BENDIGO AND ADELAIDE BANK LTD. |
|
| 52,780 |
|
| 56,005 |
|
|
|
|
| 179,910 |
| BGP HOLDINGS PLC - (FRACTIONAL SHARES)(b) |
|
| - |
|
| - |
|
|
|
|
| 60,332 |
| BHP BILLITON LTD. |
|
| 1,453,162 |
|
| 2,356,152 |
|
|
|
|
| 10,199 |
| BORAL LTD. |
|
| 28,970 |
|
| 46,913 |
|
|
|
|
| 38,613 |
| BRAMBLES LTD. |
|
| 218,269 |
|
| 307,287 |
|
|
|
|
| 373,378 |
| CARDNO LTD. |
|
| 2,900,058 |
|
| 2,732,485 |
|
|
|
|
| 25,256 |
| CENTRO RETAIL AUSTRALIA |
|
| 52,870 |
|
| 59,796 |
|
|
|
|
| 40,505 |
| CFS RETAIL PROPERTY TRUST GROUP |
|
| 46,791 |
|
| 81,160 |
|
|
|
|
| 10,606 |
| COCA-COLA AMATIL LTD. |
|
| 91,642 |
|
| 149,114 |
|
|
|
|
| 971 |
| COCHLEAR LTD. |
|
| 35,893 |
|
| 80,330 |
|
|
|
|
| 23,113 |
| COMMONWEALTH BANK OF AUSTRALIA |
|
| 959,865 |
|
| 1,501,361 |
|
|
|
|
| 1,113 |
| COMPUTERSHARE LTD. |
|
| 5,565 |
|
| 10,481 |
|
|
|
|
| 263,286 |
| CREDIT CORP. GROUP LTD. |
|
| 2,069,632 |
|
| 2,222,980 |
|
|
|
|
| 9,576 |
| CSL LTD. |
|
| 226,091 |
|
| 540,968 |
|
|
|
|
| 389,188 |
| DECMIL GROUP LTD. |
|
| 1,106,503 |
|
| 1,043,577 |
|
|
|
|
| 85,105 |
| DEXUS PROPERTY GROUP |
|
| 62,970 |
|
| 90,237 |
|
|
|
|
| 8,477 |
| ECHO ENTERTAINMENT GROUP LTD. |
|
| 19,848 |
|
| 30,566 |
|
|
|
|
| 373,064 |
| EMECO HOLDINGS LTD. |
|
| 283,607 |
|
| 236,974 |
|
|
|
|
| 21,110 |
| FORTESCUE METALS GROUP LTD. |
|
| 37,574 |
|
| 104,734 |
|
|
|
|
| 18,737 |
| GOODMAN GROUP |
|
| 48,414 |
|
| 85,242 |
|
|
|
|
| 29,308 |
| ILUKA RESOURCES LTD. |
|
| 316,664 |
|
| 284,017 |
|
|
|
|
| 36,603 |
| INCITEC PIVOT LTD. |
|
| 83,901 |
|
| 124,385 |
|
|
|
|
| 47,825 |
| INSURANCE AUSTRALIA GROUP LTD. |
|
| 120,292 |
|
| 235,200 |
|
|
|
|
| 2,773 |
| LEIGHTON HOLDINGS LTD. |
|
| 49,627 |
|
| 52,172 |
|
|
|
|
| 10,015 |
| LEND LEASE GROUP |
|
| 61,130 |
|
| 97,571 |
|
|
|
|
| 9,837 |
| MACQUARIE GROUP LTD. |
|
| 195,127 |
|
| 365,843 |
|
|
|
|
| 13,956 |
| METCASH LTD. |
|
| 38,758 |
|
| 48,601 |
|
|
|
|
| 37,974 |
| MIRVAC GROUP |
|
| 50,570 |
|
| 59,176 |
|
|
|
|
| 54,636 |
| MONADELPHOUS GROUP LTD. |
|
| 1,186,679 |
|
| 1,401,345 |
|
|
|
|
| 39,852 |
| NATIONAL AUSTRALIA BANK LTD. |
|
| 675,928 |
|
| 1,042,241 |
|
|
|
|
| 9,984 |
| NEWCREST MINING LTD. |
|
| 240,151 |
|
| 233,096 |
|
|
|
|
| 3,475 |
| ORICA LTD. |
|
| 85,253 |
|
| 91,380 |
|
|
|
|
| 12,164 |
| ORIGIN ENERGY LTD. |
|
| 125,371 |
|
| 148,859 |
|
|
|
|
| 6,634 |
| OZ MINERALS LTD. |
|
| 49,799 |
|
| 47,237 |
|
|
|
|
| 453,290 |
| PACIFIC BRANDS LTD. |
|
| 263,126 |
|
| 295,741 |
|
|
|
|
| 416 |
| PERPETUAL LTD. |
|
| 7,027 |
|
| 15,149 |
|
|
|
|
| 36,732 |
| QANTAS AIRWAYS LTD.(b) |
|
| 46,697 |
|
| 57,754 |
|
|
|
|
| 3,611 |
| QBE INSURANCE GROUP LTD. |
|
| 49,104 |
|
| 41,330 |
|
|
|
|
| 2,468 |
| RAMSAY HEALTH CARE LTD. |
|
| 49,765 |
|
| 70,117 |
|
|
|
|
| 7,202 |
| RIO TINTO LTD. |
|
| 402,208 |
|
| 501,288 |
|
|
|
|
| 118,297 |
| SAI GLOBAL LTD. |
|
| 492,324 |
|
| 527,002 |
|
|
|
|
| 22,469 |
| SANTOS LTD. |
|
| 244,511 |
|
| 263,146 |
|
|
|
|
| 4,898 |
| SHOPPING CENTRES AUSTRALASIA |
|
| 7,202 |
|
| 7,629 |
|
|
|
|
| 1,033,482 |
| SLATER & GORDON LTD. |
|
| 2,130,929 |
|
| 2,274,782 |
|
|
|
|
| 9,824 |
| SONIC HEALTHCARE LTD. |
|
| 79,849 |
|
| 137,182 |
|
|
|
|
| 11,895 |
| SUNCORP GROUP LTD. |
|
| 126,410 |
|
| 126,467 |
|
|
|
|
| 8,477 |
| TABCORP HOLDINGS LTD. |
|
| 15,377 |
|
| 27,091 |
| �� |
|
|
| 8,846 |
| TATTS GROUP LTD. |
|
| 14,773 |
|
| 27,852 |
|
|
|
|
| 54,293 |
| TELSTRA CORP. LTD. |
|
| 225,744 |
|
| 247,332 |
|
|
|
|
| 22,161 |
| TOLL HOLDINGS LTD. |
|
| 98,848 |
|
| 106,090 |
|
|
|
|
| 21,881 |
| TRANSURBAN GROUP |
|
| 88,365 |
|
| 138,969 |
|
|
|
|
| 219,954 |
| WEBJET LTD. |
|
| 932,875 |
|
| 996,603 |
|
|
|
|
| 11,197 |
| WESFARMERS LTD. |
|
| 408,869 |
|
| 432,074 |
|
|
|
|
| 42,659 |
| WESTFIELD GROUP |
|
| 253,085 |
|
| 470,716 |
|
|
|
|
| 35,413 |
| WESTFIELD RETAIL TRUST |
|
| 53,180 |
|
| 111,455 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 70 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Australia (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 60,789 |
| WESTPAC BANKING CORP. |
| $ | 872,864 |
|
| 1,661,875 |
|
|
|
|
| 32,555 |
| WHITEHAVEN COAL LTD. |
|
| 99,446 |
|
| 120,381 |
|
|
|
|
| 13,603 |
| WOODSIDE PETROLEUM LTD. |
|
| 455,825 |
|
| 484,803 |
|
|
|
|
| 22,832 |
| WOOLWORTHS LTD. |
|
| 435,292 |
|
| 697,840 |
|
|
|
|
| 3,542 |
| WORLEYPARSONS LTD. |
|
| 57,010 |
|
| 87,378 |
|
|
|
|
|
|
|
|
|
| 22,158,951 |
|
| 27,960,858 |
|
| 6.85 | % |
Austria: |
|
|
|
|
|
|
|
|
|
| |||
| 26,945 |
| ANDRITZ A.G. |
|
| 1,622,111 |
|
| 1,731,167 |
|
|
|
|
| 3,566 |
| ERSTE GROUP BANK A.G.(b) |
|
| 63,770 |
|
| 114,025 |
|
|
|
|
| 33,719 |
| IMMOFINANZ A.G. |
|
| 94,190 |
|
| 142,154 |
|
|
|
|
| 3,309 |
| RAIFFEISEN BANK INTERNATIONAL A.G. |
|
| 106,621 |
|
| 138,319 |
|
|
|
|
| 313 |
| STRABAG S.E. (BEARER) |
|
| 5,505 |
|
| 8,442 |
|
|
|
|
| 19,070 |
| TELEKOM AUSTRIA A.G. |
|
| 124,529 |
|
| 144,308 |
|
|
|
|
| 27,600 |
| WIENERBERGER A.G. |
|
| 213,061 |
|
| 254,263 |
|
|
|
|
|
|
|
|
|
| 2,229,787 |
|
| 2,532,678 |
|
| 0.62 | % |
Bahamas: |
|
|
|
|
|
|
|
|
|
|
| ||
| 16,410 |
| STEINER LEISURE LTD.(b) |
|
| 777,562 |
|
| 790,798 |
|
|
|
|
|
|
|
|
|
| 777,562 |
|
| 790,798 |
|
| 0.19 | % |
Belgium: |
|
|
|
|
|
|
|
|
|
| |||
| 9,207 |
| AGEAS |
|
| 155,603 |
|
| 274,697 |
|
|
|
|
| 13,822 |
| ANHEUSER-BUSCH INBEV N.V. |
|
| 502,521 |
|
| 1,207,885 |
|
|
|
|
| 10,910 |
| BARCO N.V. |
|
| 740,520 |
|
| 785,581 |
|
|
|
|
| 1,645 |
| COLRUYT S.A. |
|
| 74,892 |
|
| 81,676 |
|
|
|
|
| 13,233 |
| GROUPE BRUXELLES LAMBERT S.A. |
|
| 1,093,923 |
|
| 1,043,213 |
|
|
|
|
| 4,347 |
| KBC GROEP N.V. |
|
| 101,356 |
|
| 151,309 |
|
|
|
|
| 415 |
| SOLVAY S.A. |
|
| 57,004 |
|
| 59,740 |
|
|
|
|
| 1,066 |
| TELENET GROUP HOLDING N.V. |
|
| 50,357 |
|
| 49,531 |
|
|
|
|
| 1,091 |
| UCB S.A. |
|
| 30,548 |
|
| 62,764 |
|
|
|
|
| 1,457 |
| UMICORE S.A. |
|
| 72,577 |
|
| 80,340 |
|
|
|
|
|
|
|
|
|
| 2,879,301 |
|
| 3,796,736 |
|
| 0.93 | % |
Bermuda: |
|
|
|
|
|
|
|
|
|
| |||
| 52,194 |
| LAZARD LTD., CLASS A |
|
| 1,503,652 |
|
| 1,557,469 |
|
|
|
|
|
|
|
|
|
| 1,503,652 |
|
| 1,557,469 |
|
| 0.38 | % |
Brazil: |
|
|
|
|
|
|
|
|
|
| |||
| 77,661 |
| BRASIL FOODS S.A. ADR(c) |
|
| 1,438,817 |
|
| 1,639,424 |
|
|
|
|
| 13,600 |
| CIA DE SANEAMENTO DE MINAS GERAIS-COPASA |
|
| 328,620 |
|
| 290,598 |
|
|
|
|
| 5,900 |
| LOJAS RENNER S.A. |
|
| 217,003 |
|
| 229,805 |
|
|
|
|
|
|
|
|
|
| 1,984,440 |
|
| 2,159,827 |
|
| 0.53 | % |
Canada: |
|
|
|
|
|
|
|
|
|
| |||
| 29,100 |
| AGF MANAGEMENT LTD., CLASS B |
|
| 309,797 |
|
| 290,210 |
|
|
|
|
| 1,935 |
| AGNICO-EAGLE MINES LTD. |
|
| 87,643 |
|
| 101,409 |
|
|
|
|
| 3,934 |
| AGRIUM, INC. |
|
| 176,472 |
|
| 392,095 |
|
|
|
|
| 4,900 |
| ARC RESOURCES LTD. |
|
| 108,943 |
|
| 120,394 |
|
|
|
|
| 44,600 |
| ATS AUTOMATION TOOLING SYSTEMS, INC.(b) |
|
| 401,190 |
|
| 394,123 |
|
|
|
|
| 4,909 |
| BANK OF MONTREAL |
|
| 286,742 |
|
| 300,354 |
|
|
|
|
| 12,806 |
| BANK OF NOVA SCOTIA |
|
| 606,324 |
|
| 739,753 |
|
|
|
|
| 14,377 |
| BARRICK GOLD CORP. |
|
| 469,761 |
|
| 503,274 |
|
|
|
|
| 3,479 |
| BAYTEX ENERGY CORP. |
|
| 151,408 |
|
| 149,939 |
|
|
|
|
| 3,700 |
| BCE, INC. |
|
| 156,653 |
|
| 158,571 |
|
|
|
|
| 1,900 |
| BELL ALIANT, INC. |
|
| 51,733 |
|
| 50,274 |
|
|
|
|
| 3,100 |
| BONAVISTA ENERGY CORP. |
|
| 50,156 |
|
| 46,187 |
|
|
|
|
| 13,183 |
| BROOKFIELD ASSET MANAGEMENT, INC., |
|
| 220,688 |
|
| 482,948 |
|
|
|
|
| 11,740 |
| CAE, INC. |
|
| 85,345 |
|
| 118,852 |
|
|
|
|
| 11,081 |
| CAMECO CORP. |
|
| 198,977 |
|
| 218,233 |
|
|
|
|
| 46,300 |
| CANACCORD FINANCIAL, INC. |
|
| 237,982 |
|
| 311,863 |
|
|
|
|
| 6,440 |
| CANADIAN IMPERIAL BANK OF COMMERCE |
|
| 260,643 |
|
| 517,751 |
|
|
|
|
| 21,692 |
| CANADIAN NATIONAL RAILWAY CO. |
|
| 1,910,278 |
|
| 1,974,189 |
|
|
|
|
| 9,614 |
| CANADIAN NATIONAL RAILWAY CO. |
|
| 389,611 |
|
| 873,060 |
|
|
|
|
| 19,866 |
| CANADIAN NATURAL RESOURCES LTD. |
|
| 433,114 |
|
| 571,994 |
|
|
|
|
| 4,722 |
| CANADIAN OIL SANDS LTD. |
|
| 97,388 |
|
| 95,750 |
|
|
|
|
| 4,295 |
| CANADIAN PACIFIC RAILWAY LTD. |
|
| 154,434 |
|
| 435,675 |
|
|
|
|
| 9,003 |
| CENOVUS ENERGY, INC. |
|
| 271,843 |
|
| 301,307 |
|
|
|
|
| 5,200 |
| CENTERRA GOLD, INC. |
|
| 48,907 |
|
| 48,670 |
|
|
|
|
| 10,919 |
| CGI GROUP, INC., CLASS A(b) |
|
| 90,696 |
|
| 251,816 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 71 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund |
December 31, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Canada (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 3,131 |
| CRESCENT POINT ENERGY CORP. |
| $ | 89,474 |
|
| 118,416 |
|
|
|
|
| 21,200 |
| DOREL INDUSTRIES, INC., CLASS B |
|
| 765,777 |
|
| 766,201 |
|
|
|
|
| 15,478 |
| ELDORADO GOLD CORP. |
|
| 198,459 |
|
| 199,174 |
|
|
|
|
| 3,700 |
| ENBRIDGE, INC. |
|
| 145,943 |
|
| 160,022 |
|
|
|
|
| 9,252 |
| ENCANA CORP. |
|
| 190,539 |
|
| 182,864 |
|
|
|
|
| 29,700 |
| ENERFLEX LTD. |
|
| 343,284 |
|
| 357,702 |
|
|
|
|
| 32,600 |
| ENSIGN ENERGY SERVICES, INC. |
|
| 509,675 |
|
| 503,732 |
|
|
|
|
| 211 |
| FAIRFAX FINANCIAL HOLDINGS LTD. |
|
| 52,589 |
|
| 76,057 |
|
|
|
|
| 2,200 |
| FINNING INTERNATIONAL, INC. |
|
| 51,485 |
|
| 54,342 |
|
|
|
|
| 5,096 |
| FIRST QUANTUM MINERALS LTD. |
|
| 98,955 |
|
| 112,248 |
|
|
|
|
| 3,100 |
| FORTIS, INC. |
|
| 105,357 |
|
| 106,647 |
|
|
|
|
| 1,983 |
| FRANCO-NEVADA CORP. |
|
| 94,697 |
|
| 113,195 |
|
|
|
|
| 22,700 |
| GENWORTH MI CANADA, INC. |
|
| 467,217 |
|
| 515,525 |
|
|
|
|
| 3,052 |
| GILDAN ACTIVEWEAR, INC. |
|
| 33,435 |
|
| 111,470 |
|
|
|
|
| 12,908 |
| GOLDCORP, INC. |
|
| 410,214 |
|
| 474,561 |
|
|
|
|
| 2,200 |
| GREAT-WEST LIFECO, INC. |
|
| 49,273 |
|
| 53,855 |
|
|
|
|
| 32,751 |
| HOME CAPITAL GROUP, INC. |
|
| 1,650,550 |
|
| 1,944,910 |
|
|
|
|
| 62,500 |
| HUDBAY MINERALS, INC. |
|
| 596,862 |
|
| 629,587 |
|
|
|
|
| 8,953 |
| HUSKY ENERGY, INC. |
|
| 227,518 |
|
| 264,621 |
|
|
|
|
| 4,003 |
| IAMGOLD CORP. |
|
| 28,201 |
|
| 45,837 |
|
|
|
|
| 2,500 |
| IGM FINANCIAL, INC. |
|
| 100,363 |
|
| 104,554 |
|
|
|
|
| 304 |
| IMPERIAL OIL LTD. |
|
| 9,319 |
|
| 13,059 |
|
|
|
|
| 1,100 |
| INMET MINING CORP. |
|
| 53,339 |
|
| 81,845 |
|
|
|
|
| 800 |
| INTACT FINANCIAL CORP. |
|
| 49,979 |
|
| 52,092 |
|
|
|
|
| 11,900 |
| KINROSS GOLD CORP. |
|
| 98,714 |
|
| 115,566 |
|
|
|
|
| 1,500 |
| LOBLAW COS. LTD. |
|
| 53,150 |
|
| 63,230 |
|
|
|
|
| 4,738 |
| MAGNA INTERNATIONAL, INC. |
|
| 61,549 |
|
| 236,638 |
|
|
|
|
| 34,374 |
| MANULIFE FINANCIAL CORP. |
|
| 420,235 |
|
| 466,867 |
|
|
|
|
| 3,469 |
| METHANEX CORP. |
|
| 31,828 |
|
| 110,483 |
|
|
|
|
| 1,000 |
| METRO, INC. |
|
| 54,328 |
|
| 63,667 |
|
|
|
|
| 26,100 |
| MULLEN GROUP LTD. |
|
| 594,865 |
|
| 548,396 |
|
|
|
|
| 2,810 |
| NATIONAL BANK OF CANADA |
|
| 214,109 |
|
| 218,201 |
|
|
|
|
| 4,300 |
| NEW GOLD, INC.(b) |
|
| 41,682 |
|
| 47,595 |
|
|
|
|
| 10,281 |
| NEXEN, INC. |
|
| 165,994 |
|
| 274,622 |
|
|
|
|
| 2,600 |
| ONEX CORP. |
|
| 105,376 |
|
| 109,442 |
|
|
|
|
| 1,641 |
| OPEN TEXT CORP.(b) |
|
| 72,477 |
|
| 91,775 |
|
|
|
|
| 10,000 |
| OSISKO MINING CORP.(b) |
|
| 81,325 |
|
| 80,426 |
|
|
|
|
| 4,753 |
| PAN AMERICAN SILVER CORP. |
|
| 88,411 |
|
| 89,068 |
|
|
|
|
| 6,322 |
| PEMBINA PIPELINE CORP. |
|
| 85,382 |
|
| 180,883 |
|
|
|
|
| 19,434 |
| PENGROWTH ENERGY CORP. |
|
| 99,676 |
|
| 96,711 |
|
|
|
|
| 7,900 |
| PENN WEST PETROLEUM LTD. |
|
| 85,291 |
|
| 85,775 |
|
|
|
|
| 50,391 |
| POTASH CORP. OF SASKATCHEWAN, INC. |
|
| 2,044,957 |
|
| 2,050,410 |
|
|
|
|
| 14,521 |
| POTASH CORP. OF SASKATCHEWAN, INC. |
|
| 406,729 |
|
| 590,942 |
|
|
|
|
| 4,200 |
| POWER CORP. OF CANADA |
|
| 105,623 |
|
| 107,164 |
|
|
|
|
| 1,900 |
| POWER FINANCIAL CORP. |
|
| 52,279 |
|
| 52,032 |
|
|
|
|
| 7,700 |
| RESEARCH IN MOTION LTD.(b) |
|
| 85,461 |
|
| 91,344 |
|
|
|
|
| 2,701 |
| RITCHIE BROS AUCTIONEERS, INC. |
|
| 50,064 |
|
| 56,344 |
|
|
|
|
| 11,804 |
| ROGERS COMMUNICATIONS, INC., CLASS B |
|
| 297,723 |
|
| 535,909 |
|
|
|
|
| 28,202 |
| ROYAL BANK OF CANADA |
|
| 984,939 |
|
| 1,697,734 |
|
|
|
|
| 2,400 |
| SAPUTO, INC. |
|
| 103,951 |
|
| 121,387 |
|
|
|
|
| 9,661 |
| SHAW COMMUNICATIONS, INC., CLASS B |
|
| 153,543 |
|
| 221,833 |
|
|
|
|
| 3,394 |
| SHOPPERS DRUG MART CORP. |
|
| 145,104 |
|
| 146,037 |
|
|
|
|
| 2,600 |
| SILVER WHEATON CORP. |
|
| 100,384 |
|
| 93,733 |
|
|
|
|
| 2,700 |
| SNC-LAVALIN GROUP, INC. |
|
| 100,003 |
|
| 109,444 |
|
|
|
|
| 13,665 |
| SUN LIFE FINANCIAL, INC. |
|
| 280,304 |
|
| 362,266 |
|
|
|
|
| 30,795 |
| SUNCOR ENERGY, INC. |
|
| 760,915 |
|
| 1,012,672 |
|
|
|
|
| 24,791 |
| TALISMAN ENERGY, INC. |
|
| 289,882 |
|
| 280,385 |
|
|
|
|
| 7,378 |
| TECK RESOURCES LTD., CLASS B |
|
| 246,013 |
|
| 268,136 |
|
|
|
|
| 800 |
| TELUS CORP. |
|
| 49,597 |
|
| 52,357 |
|
|
|
|
| 2,274 |
| TELUS CORP. (NON VOTING) |
|
| 59,716 |
|
| 147,866 |
|
|
|
|
| 4,489 |
| TIM HORTONS, INC. |
|
| 137,057 |
|
| 220,366 |
|
|
|
|
| 18,042 |
| TORONTO-DOMINION BANK (THE) |
|
| 792,660 |
|
| 1,519,069 |
|
|
|
|
| 1,800 |
| TOURMALINE OIL CORP.(b) |
|
| 51,783 |
|
| 56,514 |
|
|
|
|
| 8,260 |
| TRANSALTA CORP. |
|
| 129,937 |
|
| 125,557 |
|
|
|
|
| 3,885 |
| TRANSCANADA CORP. |
|
| 129,654 |
|
| 183,646 |
|
|
|
|
| 32,500 |
| TRICAN WELL SERVICE LTD. |
|
| 422,140 |
|
| 428,672 |
|
|
|
|
| 3,842 |
| VALEANT PHARMACEUTICALS INTERNATIONAL, INC.(b) |
|
| 223,633 |
|
| 229,199 |
|
|
|
|
| 2,256 |
| VERMILION ENERGY, INC. |
|
| 83,841 |
|
| 117,869 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 72 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund |
December 31, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Canada (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 19,653 |
| YAMANA GOLD, INC. |
| $ | 186,540 |
|
| 338,055 |
|
|
|
|
|
|
|
|
|
| 24,408,056 |
|
| 30,587,494 |
|
| 7.50 | % |
| China: |
|
|
|
|
|
|
|
|
|
|
|
|
| 178,500 |
| AAC TECHNOLOGIES HOLDINGS, INC. |
|
| 619,927 |
|
| 631,161 |
|
|
|
|
| 636,000 |
| ANHUI EXPRESSWAY CO. LTD., CLASS H |
|
| 320,679 |
|
| 362,221 |
|
|
|
|
| 4,064 |
| BAIDU, INC. ADR(b)(c) |
|
| 384,505 |
|
| 407,579 |
|
|
|
|
| 1,038,000 |
| CHINA MEDICAL SYSTEM HOLDINGS LTD. |
|
| 593,937 |
|
| 805,464 |
|
|
|
|
| 1,532,000 |
| KINGDEE INTERNATIONAL SOFTWARE GROUP CO. LTD.(b) |
|
| 310,518 |
|
| 290,912 |
|
|
|
|
| 884,000 |
| SHANDONG WEIGAO GROUP MEDICAL POLYMER CO. LTD., CLASS H |
|
| 1,220,778 |
|
| 883,237 |
|
|
|
|
| 33,000 |
| TENCENT HOLDINGS LTD. |
|
| 1,177,595 |
|
| 1,073,982 |
|
|
|
|
| 728,000 |
| WANT WANT CHINA HOLDINGS LTD. |
|
| 1,075,498 |
|
| 1,014,232 |
|
|
|
|
|
|
|
|
|
| 5,703,437 |
|
| 5,468,788 |
|
| 1.34 | % |
| Denmark: |
|
|
|
|
|
|
|
|
|
|
|
|
| 10 |
| A.P. MOELLER - MAERSK A/S, CLASS A |
|
| 46,408 |
|
| 71,213 |
|
|
|
|
| 24 |
| A.P. MOELLER - MAERSK A/S, CLASS B |
|
| 125,436 |
|
| 183,707 |
|
|
|
|
| 11,397 |
| CARLSBERG A/S, CLASS B |
|
| 896,574 |
|
| 1,120,491 |
|
|
|
|
| 1,500 |
| COLOPLAST A/S, CLASS B |
|
| 27,666 |
|
| 73,516 |
|
|
|
|
| 13,100 |
| DANSKE BANK A/S(b) |
|
| 138,182 |
|
| 222,706 |
|
|
|
|
| 200 |
| FLSMIDTH & CO. A/S |
|
| 6,013 |
|
| 11,684 |
|
|
|
|
| 13,065 |
| NOVO NORDISK A/S ADR(c) |
|
| 2,212,191 |
|
| 2,132,339 |
|
|
|
|
| 5,916 |
| NOVO NORDISK A/S, CLASS B |
|
| 502,317 |
|
| 966,200 |
|
|
|
|
| 81,797 |
| NOVOZYMES A/S, CLASS B |
|
| 2,278,298 |
|
| 2,314,900 |
|
|
|
|
| 10,488 |
| PANDORA A/S |
|
| 73,214 |
|
| 231,101 |
|
|
|
|
| 15,973 |
| TDC A/S |
|
| 107,272 |
|
| 113,196 |
|
|
|
|
| 325 |
| TOPDANMARK A/S(b) |
|
| 33,362 |
|
| 69,727 |
|
|
|
|
|
|
|
|
|
| 6,446,933 |
|
| 7,510,780 |
|
| 1.84 | % |
| Finland: |
|
|
|
|
|
|
|
|
|
|
|
|
| 64,170 |
| AMER SPORTS OYJ |
|
| 823,361 |
|
| 958,581 |
|
|
|
|
| 2,638 |
| ELISA OYJ |
|
| 55,816 |
|
| 58,949 |
|
|
|
|
| 4,509 |
| FORTUM OYJ |
|
| 87,100 |
|
| 84,794 |
|
|
|
|
| 57,270 |
| HUHTAMAKI OYJ |
|
| 944,354 |
|
| 929,249 |
|
|
|
|
| 1,396 |
| KESKO OYJ, CLASS B |
|
| 30,705 |
|
| 45,758 |
|
|
|
|
| 2,451 |
| KONE OYJ, CLASS B |
|
| 86,493 |
|
| 181,490 |
|
|
|
|
| 1,849 |
| METSO OYJ |
|
| 62,227 |
|
| 80,548 |
|
|
|
|
| 11,359 |
| NESTE OIL OYJ |
|
| 110,935 |
|
| 148,102 |
|
|
|
|
| 61,900 |
| NOKIA OYJ |
|
| 203,584 |
|
| 243,428 |
|
|
|
|
| 2,240 |
| NOKIAN RENKAAT OYJ |
|
| 31,307 |
|
| 90,135 |
|
|
|
|
| 10,565 |
| POHJOLA BANK PLC, CLASS A |
|
| 85,425 |
|
| 157,767 |
|
|
|
|
| 15,829 |
| STORA ENSO OYJ, CLASS R |
|
| 75,698 |
|
| 111,956 |
|
|
|
|
| 11,934 |
| UPM-KYMMENE OYJ |
|
| 99,928 |
|
| 141,818 |
|
|
|
|
| 2,352 |
| WARTSILA OYJ ABP |
|
| 56,960 |
|
| 104,028 |
|
|
|
|
|
|
|
|
|
| 2,753,893 |
|
| 3,336,603 |
|
| 0.82 | % |
| France: |
|
|
|
|
|
|
|
|
|
|
|
|
| 2,714 |
| ACCOR S.A. |
|
| 79,810 |
|
| 97,353 |
|
|
|
|
| 3,200 |
| AIR FRANCE-KLM(b) |
|
| 22,485 |
|
| 30,446 |
|
|
|
|
| 3,721 |
| AIR LIQUIDE S.A. |
|
| 453,907 |
|
| 466,303 |
|
|
|
|
| 4,036 |
| ALSTOM S.A. |
|
| 142,736 |
|
| 165,383 |
|
|
|
|
| 1,165 |
| ARKEMA S.A. |
|
| 98,308 |
|
| 122,493 |
|
|
|
|
| 30,343 |
| AXA S.A. |
|
| 403,058 |
|
| 548,843 |
|
|
|
|
| 16,306 |
| BNP PARIBAS S.A. |
|
| 672,088 |
|
| 919,122 |
|
|
|
|
| 3,068 |
| CAP GEMINI S.A. |
|
| 111,960 |
|
| 133,703 |
|
|
|
|
| 12,351 |
| CARREFOUR S.A. |
|
| 296,772 |
|
| 319,835 |
|
|
|
|
| 2,177 |
| CASINO GUICHARD PERRACHON S.A. |
|
| 172,738 |
|
| 209,415 |
|
|
|
|
| 994 |
| CHRISTIAN DIOR S.A. |
|
| 84,311 |
|
| 171,848 |
|
|
|
|
| 8,977 |
| CIE DE ST-GOBAIN |
|
| 309,749 |
|
| 384,113 |
|
|
|
|
| 2,998 |
| CIE GENERALE DE GEOPHYSIQUE - VERITAS(b) |
|
| 87,186 |
|
| 90,356 |
|
|
|
|
| 3,404 |
| CIE GENERALE DES ETABLISSEMENTS MICHELIN |
|
| 180,725 |
|
| 322,709 |
|
|
|
|
| 1,900 |
| CIE GENERALE D’OPTIQUE ESSILOR INTERNATIONAL S.A. |
|
| 189,479 |
|
| 192,642 |
|
|
|
|
| 16,517 |
| CREDIT AGRICOLE S.A.(b) |
|
| 122,492 |
|
| 134,103 |
|
|
|
|
| 11,712 |
| DANONE S.A. |
|
| 612,831 |
|
| 773,807 |
|
|
|
|
| 3,633 |
| EDENRED |
|
| 65,572 |
|
| 112,976 |
|
|
|
|
| 14,107 |
| ELECTRICITE DE FRANCE S.A. |
|
| 261,183 |
|
| 264,397 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 73 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund |
December 31, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| France (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 1,612 |
| EURAZEO |
| $ | 53,525 |
|
| 78,203 |
|
|
|
|
| 6,181 |
| EUROPEAN AERONAUTIC DEFENCE AND SPACE |
|
|
|
|
|
|
|
|
|
|
|
|
| CO. N.V. |
|
| 78,384 |
|
| 242,254 |
|
|
|
|
| 1,636 |
| EUTELSAT COMMUNICATIONS S.A. |
|
| 49,913 |
|
| 54,321 |
|
|
|
|
| 564 |
| GECINA S.A. |
|
| 51,331 |
|
| 62,948 |
|
|
|
|
| 6,795 |
| GROUPE EUROTUNNEL S.A. (REGISTERED) |
|
| 51,329 |
|
| 52,466 |
|
|
|
|
| 304 |
| ILIAD S.A. |
|
| 29,549 |
|
| 52,329 |
|
|
|
|
| 14,770 |
| IPSOS |
|
| 469,780 |
|
| 550,543 |
|
|
|
|
| 2,335 |
| KLEPIERRE |
|
| 57,367 |
|
| 94,114 |
|
|
|
|
| 4,713 |
| LAFARGE S.A. |
|
| 166,939 |
|
| 302,000 |
|
|
|
|
| 1,212 |
| LAGARDERE S.C.A. |
|
| 30,640 |
|
| 41,153 |
|
|
|
|
| 4,882 |
| LEGRAND S.A. |
|
| 111,114 |
|
| 206,054 |
|
|
|
|
| 23,981 |
| L’OREAL S.A. |
|
| 2,935,661 |
|
| 3,349,908 |
|
|
|
|
| 11,662 |
| LVMH MOET HENNESSY LOUIS VUITTON S.A. |
|
| 1,567,288 |
|
| 2,173,179 |
|
|
|
|
| 15,891 |
| NATIXIS |
|
| 55,209 |
|
| 54,977 |
|
|
|
|
| 3,500 |
| PERNOD-RICARD S.A. |
|
| 239,500 |
|
| 411,554 |
|
|
|
|
| 948 |
| PPR |
|
| 172,811 |
|
| 176,691 |
|
|
|
|
| 14,352 |
| PUBLICIS GROUPE S.A. |
|
| 450,675 |
|
| 859,910 |
|
|
|
|
| 5,954 |
| RENAULT S.A. |
|
| 173,471 |
|
| 328,493 |
|
|
|
|
| 2,397 |
| SAFRAN S.A. |
|
| 103,557 |
|
| 104,594 |
|
|
|
|
| 18,127 |
| SANOFI |
|
| 1,018,143 |
|
| 1,719,077 |
|
|
|
|
| 11,344 |
| SCHNEIDER ELECTRIC S.A. |
|
| 504,223 |
|
| 846,075 |
|
|
|
|
| 1,813 |
| SCOR S.E. |
|
| 36,441 |
|
| 48,886 |
|
|
|
|
| 5,515 |
| SES S.A. |
|
| 114,220 |
|
| 159,542 |
|
|
|
|
| 468 |
| SOCIETE BIC S.A. |
|
| 50,420 |
|
| 55,868 |
|
|
|
|
| 12,879 |
| SOCIETE GENERALE S.A.(b) |
|
| 453,713 |
|
| 484,433 |
|
|
|
|
| 41,523 |
| SOCIETE TELEVISION FRANCAISE 1 |
|
| 390,640 |
|
| 492,896 |
|
|
|
|
| 4,172 |
| SODEXO |
|
| 221,116 |
|
| 349,595 |
|
|
|
|
| 13,444 |
| SODEXO PRIME FIDELITE |
|
| 721,006 |
|
| 1,130,737 |
|
|
|
|
| 673 |
| TECHNIP S.A. |
|
| 59,257 |
|
| 77,482 |
|
|
|
|
| 6,700 |
| TELEPERFORMANCE S.A. |
|
| 205,373 |
|
| 242,819 |
|
|
|
|
| 59,569 |
| TOTAL S.A. |
|
| 3,085,810 |
|
| 3,083,143 |
|
|
|
|
| 1,808 |
| UNIBAIL-RODAMCO S.E. |
|
| 228,178 |
|
| 442,610 |
|
|
|
|
| 2,466 |
| VALLOUREC S.A. |
|
| 112,671 |
|
| 128,692 |
|
|
|
|
| 24,299 |
| VEOLIA ENVIRONNEMENT S.A. |
|
| 258,576 |
|
| 296,201 |
|
|
|
|
| 7,810 |
| VINCI S.A. |
|
| 316,569 |
|
| 371,696 |
|
|
|
|
| 20,807 |
| VIVENDI S.A. |
|
| 406,810 |
|
| 468,566 |
|
|
|
|
| 1,345 |
| WENDEL S.A. |
|
| 91,561 |
|
| 139,244 |
|
|
|
|
| 480 |
| ZODIAC AEROSPACE |
|
| 50,096 |
|
| 53,608 |
|
|
|
|
|
|
|
|
|
| 19,540,256 |
|
| 25,246,708 |
|
| 6.19 | % |
| Germany: |
|
|
|
|
|
|
|
|
|
|
|
|
| 3,492 |
| ADIDAS A.G. |
|
| 145,098 |
|
| 311,201 |
|
|
|
|
| 8,718 |
| ALLIANZ S.E. (REGISTERED) |
|
| 780,413 |
|
| 1,207,762 |
|
|
|
|
| 17,269 |
| BASF S.E. |
|
| 720,825 |
|
| 1,623,135 |
|
|
|
|
| 15,596 |
| BAYER A.G. (REGISTERED) |
|
| 850,530 |
|
| 1,481,035 |
|
|
|
|
| 3,195 |
| BAYERISCHE MOTOREN WERKE A.G. |
|
| 287,107 |
|
| 308,132 |
|
|
|
|
| 1,591 |
| BEIERSDORF A.G. |
|
| 86,858 |
|
| 130,000 |
|
|
|
|
| 435 |
| BRENNTAG A.G. |
|
| 47,835 |
|
| 57,149 |
|
|
|
|
| 7,652 |
| CELESIO A.G. |
|
| 109,250 |
|
| 131,780 |
|
|
|
|
| 102,069 |
| COMMERZBANK A.G.(b) |
|
| 178,818 |
|
| 194,243 |
|
|
|
|
| 916 |
| CONTINENTAL A.G. |
|
| 47,943 |
|
| 105,986 |
|
|
|
|
| 31,948 |
| CTS EVENTIM A.G. |
|
| 947,860 |
|
| 1,124,253 |
|
|
|
|
| 17,639 |
| DAIMLER A.G. (REGISTERED) |
|
| 589,913 |
|
| 963,878 |
|
|
|
|
| 13,070 |
| DEUTSCHE BANK A.G. (REGISTERED) |
|
| 478,830 |
|
| 569,427 |
|
|
|
|
| 13,908 |
| DEUTSCHE BOERSE A.G. |
|
| 739,792 |
|
| 848,888 |
|
|
|
|
| 3,261 |
| DEUTSCHE LUFTHANSA A.G. (REGISTERED) |
|
| 35,709 |
|
| 61,295 |
|
|
|
|
| 19,219 |
| DEUTSCHE POST A.G. (REGISTERED) |
|
| 228,974 |
|
| 421,421 |
|
|
|
|
| 23,764 |
| DEUTSCHE TELEKOM A.G. (REGISTERED) |
|
| 271,365 |
|
| 269,988 |
|
|
|
|
| 1,565 |
| FRESENIUS MEDICAL CARE A.G. & CO. KGAA |
|
| 88,330 |
|
| 108,129 |
|
|
|
|
| 2,289 |
| FRESENIUS S.E. & CO. KGAA |
|
| 150,261 |
|
| 263,448 |
|
|
|
|
| 1,527 |
| GEA GROUP A.G. |
|
| 49,653 |
|
| 49,320 |
|
|
|
|
| 9,320 |
| GERRESHEIMER A.G. |
|
| 469,617 |
|
| 493,419 |
|
|
|
|
| 2,580 |
| HANNOVER RUECKVERSICHERUNG A.G. (REGISTERED) |
|
| 110,106 |
|
| 200,813 |
|
|
|
|
| 23,070 |
| HEIDELBERGCEMENT A.G. |
|
| 1,037,374 |
|
| 1,397,643 |
|
|
|
|
| 2,600 |
| HOCHTIEF A.G.(b) |
|
| 108,936 |
|
| 151,074 |
|
|
|
|
| 21,437 |
| INFINEON TECHNOLOGIES A.G. |
|
| 120,692 |
|
| 173,956 |
|
|
|
|
| 37,820 |
| JENOPTIK A.G. |
|
| 336,539 |
|
| 368,616 |
|
|
|
|
| 1,045 |
| K+S A.G. (REGISTERED) |
|
| 44,974 |
|
| 48,314 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 74 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Germany (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 1,680 |
| KABEL DEUTSCHLAND HOLDING A.G. |
| $ | 100,991 |
|
| 125,628 |
|
|
|
|
| 29,520 |
| KLOECKNER & CO. S.E.(b) |
|
| 297,635 |
|
| 349,492 |
|
|
|
|
| 1,013 |
| LANXESS A.G. |
|
| 69,793 |
|
| 88,594 |
|
|
|
|
| 1,803 |
| LINDE A.G. |
|
| 307,869 |
|
| 314,424 |
|
|
|
|
| 465 |
| MAN S.E. |
|
| 50,636 |
|
| 49,722 |
|
|
|
|
| 1,025 |
| MERCK KGAA |
|
| 86,079 |
|
| 135,236 |
|
|
|
|
| 4,041 |
| MUENCHENER RUECKVERSICHERUNGS |
|
| 512,591 |
|
| 725,535 |
|
|
|
|
| 2,570 |
| RATIONAL A.G. |
|
| 642,664 |
|
| 740,156 |
|
|
|
|
| 8,089 |
| RWE A.G. |
|
| 329,670 |
|
| 333,936 |
|
|
|
|
| 2,588 |
| SALZGITTER A.G. |
|
| 129,200 |
|
| 134,862 |
|
|
|
|
| 18,062 |
| SAP A.G. |
|
| 753,061 |
|
| 1,446,883 |
|
|
|
|
| 15,642 |
| SIEMENS A.G. (REGISTERED) |
|
| 1,039,593 |
|
| 1,700,122 |
|
|
|
|
| 7,661 |
| THYSSENKRUPP A.G. |
|
| 152,398 |
|
| 180,005 |
|
|
|
|
| 7,071 |
| TUI A.G.(b) |
|
| 57,698 |
|
| 73,346 |
|
|
|
|
| 483 |
| VOLKSWAGEN A.G. |
|
| 48,103 |
|
| 103,764 |
|
|
|
|
| 8,488 |
| WINCOR NIXDORF A.G. |
|
| 317,452 |
|
| 397,563 |
|
|
|
|
| 61,274 |
| WIRECARD A.G. |
|
| 1,405,672 |
|
| 1,502,672 |
|
|
|
|
|
|
|
|
|
| 15,364,707 |
|
| 21,466,245 |
|
| 5.26 | % |
Greece: |
|
|
|
|
|
|
|
|
|
|
| ||
| 3,332 |
| COCA COLA HELLENIC BOTTLING CO. S.A. |
|
| 76,471 |
|
| 78,827 |
|
|
|
|
| 63,630 |
| JUMBO S.A. |
|
| 409,127 |
|
| 503,281 |
|
|
|
|
| 27,055 |
| METKA S.A. |
|
| 248,841 |
|
| 352,753 |
|
|
|
|
|
|
|
|
|
| 734,439 |
|
| 934,861 |
|
| 0.23 | % |
Hong Kong: |
|
|
|
|
|
|
|
|
|
| |||
| 208,600 |
| AIA GROUP LTD. |
|
| 682,342 |
|
| 831,363 |
|
|
|
|
| 82,500 |
| BOC HONG KONG HOLDINGS LTD. |
|
| 169,112 |
|
| 258,826 |
|
|
|
|
| 6,588,600 |
| BONJOUR HOLDINGS LTD. |
|
| 848,940 |
|
| 832,670 |
|
|
|
|
| 28,000 |
| CHEUNG KONG HOLDINGS LTD. |
|
| 277,057 |
|
| 433,408 |
|
|
|
|
| 10,000 |
| CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD. |
|
| 46,496 |
|
| 61,430 |
|
|
|
|
| 36,500 |
| CLP HOLDINGS LTD. |
|
| 253,113 |
|
| 306,501 |
|
|
|
|
| 27,800 |
| ESPRIT HOLDINGS LTD. |
|
| 35,637 |
|
| 38,870 |
|
|
|
|
| 26,000 |
| GALAXY ENTERTAINMENT GROUP LTD.(b) |
|
| 67,404 |
|
| 103,710 |
|
|
|
|
| 50,014 |
| GUOCO GROUP LTD. |
|
| 417,780 |
|
| 603,261 |
|
|
|
|
| 44,000 |
| HANG LUNG PROPERTIES LTD. |
|
| 116,126 |
|
| 176,418 |
|
|
|
|
| 15,400 |
| HANG SENG BANK LTD. |
|
| 176,972 |
|
| 237,905 |
|
|
|
|
| 13,000 |
| HENDERSON LAND DEVELOPMENT CO. LTD. |
|
| 45,544 |
|
| 92,605 |
|
|
|
|
| 19,000 |
| HONG KONG & CHINA GAS CO. LTD. |
|
| 51,319 |
|
| 52,357 |
|
|
|
|
| 10,300 |
| HONG KONG EXCHANGES AND CLEARING LTD. |
|
| 175,585 |
|
| 177,443 |
|
|
|
|
| 400 |
| HOPEWELL HIGHWAY INFRASTRUCTURE LTD. |
|
| 229 |
|
| 223 |
|
|
|
|
| 88,500 |
| HOPEWELL HOLDINGS LTD. |
|
| 337,564 |
|
| 382,666 |
|
|
|
|
| 41,000 |
| HUTCHISON WHAMPOA LTD. |
|
| 238,015 |
|
| 434,941 |
|
|
|
|
| 12,000 |
| HYSAN DEVELOPMENT CO. LTD. |
|
| 49,052 |
|
| 58,033 |
|
|
|
|
| 27,000 |
| KERRY PROPERTIES LTD. |
|
| 90,767 |
|
| 141,024 |
|
|
|
|
| 120,000 |
| LI & FUNG LTD. |
|
| 153,985 |
|
| 215,580 |
|
|
|
|
| 40,500 |
| LINK REIT (THE) |
|
| 84,196 |
|
| 202,558 |
|
|
|
|
| 30,500 |
| MTR CORP. LTD. |
|
| 88,703 |
|
| 120,734 |
|
|
|
|
| 54,000 |
| NEW WORLD DEVELOPMENT CO. LTD. |
|
| 62,818 |
|
| 84,747 |
|
|
|
|
| 43,500 |
| NWS HOLDINGS LTD. |
|
| 52,824 |
|
| 74,247 |
|
|
|
|
| 190,000 |
| PCCW LTD. |
|
| 77,805 |
|
| 83,688 |
|
|
|
|
| 6,668,300 |
| PICO FAR EAST HOLDINGS LTD. |
|
| 1,761,686 |
|
| 1,992,665 |
|
|
|
|
| 1,942,500 |
| PORTS DESIGN LTD. |
|
| 1,477,795 |
|
| 1,553,885 |
|
|
|
|
| 24,000 |
| POWER ASSETS HOLDINGS LTD. |
|
| 139,092 |
|
| 205,682 |
|
|
|
|
| 48,000 |
| SANDS CHINA LTD. |
|
| 128,061 |
|
| 215,009 |
|
|
|
|
| 22,000 |
| SHANGRI-LA ASIA LTD. |
|
| 29,501 |
|
| 44,330 |
|
|
|
|
| 59,400 |
| SINO LAND CO. LTD. |
|
| 80,601 |
|
| 107,577 |
|
|
|
|
| 2,800 |
| SINO-FOREST CORP.(b)(d) |
|
| 50,555 |
|
| - |
|
|
|
|
| 25,000 |
| SJM HOLDINGS LTD. |
|
| 52,349 |
|
| 58,831 |
|
|
|
|
| 241,500 |
| STELLA INTERNATIONAL HOLDINGS LTD. |
|
| 635,651 |
|
| 654,660 |
|
|
|
|
| 11,000 |
| SUN HUNG KAI PROPERTIES LTD. |
|
| 109,933 |
|
| 166,025 |
|
|
|
|
| 19,000 |
| SWIRE PACIFIC LTD., CLASS A |
|
| 127,857 |
|
| 236,111 |
|
|
|
|
| 633,000 |
| TECHTRONIC INDUSTRIES CO. |
|
| 1,152,933 |
|
| 1,199,911 |
|
|
|
|
| 3,000 |
| TELEVISION BROADCASTS LTD. |
|
| 9,222 |
|
| 22,499 |
|
|
|
|
| 298,000 |
| TEXWINCA HOLDINGS LTD. |
|
| 236,882 |
|
| 284,614 |
|
|
|
|
| 65,500 |
| VTECH HOLDINGS LTD. |
|
| 774,123 |
|
| 735,946 |
|
|
|
|
| 19,000 |
| WHEELOCK & CO. LTD. |
|
| 30,489 |
|
| 96,691 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 75 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Hong Kong (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 30,000 |
| WYNN MACAU LTD.(b) |
| $ | 50,423 |
|
| 82,678 |
|
|
|
|
| 4,785,400 |
| XTEP INTERNATIONAL HOLDINGS |
|
| 2,053,919 |
|
| 2,070,850 |
|
|
|
|
| 360,500 |
| YINGDE GASES GROUP CO. |
|
| 355,161 |
|
| 370,930 |
|
|
|
|
| 80,000 |
| YUE YUEN INDUSTRIAL HOLDINGS LTD. |
|
| 214,234 |
|
| 270,072 |
|
|
|
|
|
|
|
|
|
| 14,069,852 |
|
| 16,374,174 |
|
| 4.01 | % |
Ireland: |
|
|
|
|
|
|
|
|
|
| |||
| 10,242 |
| ACCENTURE PLC, CLASS A |
|
| 329,345 |
|
| 681,093 |
|
|
|
|
| 43,898 |
| COVIDIEN PLC |
|
| 1,933,418 |
|
| 2,534,671 |
|
|
|
|
| 14,588 |
| CRH PLC |
|
| 212,444 |
|
| 304,942 |
|
|
|
|
| 306 |
| CRH PLC (DUBLIN EXCHANGE) |
|
| 5,188 |
|
| 6,350 |
|
|
|
|
| 5,080 |
| ELAN CORP. PLC(b) |
|
| 29,005 |
|
| 52,463 |
|
|
|
|
| 6,217 |
| EXPERIAN PLC |
|
| 73,481 |
|
| 100,450 |
|
|
|
|
| 124,830 |
| HENDERSON GROUP PLC |
|
| 245,162 |
|
| 276,969 |
|
|
|
|
| 26,828 |
| ICON PLC ADR(b)(c) |
|
| 508,477 |
|
| 744,745 |
|
|
|
|
| 6,478 |
| JAMES HARDIE INDUSTRIES PLC |
|
| 53,712 |
|
| 62,670 |
|
|
|
|
| 929 |
| KERRY GROUP PLC, CLASS A |
|
| 50,775 |
|
| 49,312 |
|
|
|
|
| 124 |
| PROTHENA CORP. PLC(b) |
|
| 556 |
|
| 908 |
|
|
|
|
| 9,299 |
| SHIRE PLC |
|
| 267,371 |
|
| 285,600 |
|
|
|
|
| 48,323 |
| UBM PLC |
|
| 516,779 |
|
| 558,234 |
|
|
|
|
|
|
|
|
|
| 4,225,713 |
|
| 5,658,407 |
|
| 1.39 | % |
Israel: |
|
|
|
|
|
|
|
|
|
| |||
| 13,950 |
| BANK HAPOALIM B.M.(b) |
|
| 48,718 |
|
| 60,014 |
|
|
|
|
| 53 |
| ISRAEL (THE) CORP. LTD. |
|
| 37,899 |
|
| 34,805 |
|
|
|
|
| 1,820 |
| ISRAEL CHEMICALS LTD. |
|
| 21,615 |
|
| 21,941 |
|
|
|
|
| 659 |
| MELLANOX TECHNOLOGIES LTD.(b) |
|
| 55,022 |
|
| 39,668 |
|
|
|
|
| 5,900 |
| MIZRAHI TEFAHOT BANK LTD.(b) |
|
| 51,135 |
|
| 60,955 |
|
|
|
|
| 1,494 |
| NICE SYSTEMS LTD.(b) |
|
| 50,675 |
|
| 50,054 |
|
|
|
|
| 5,692 |
| TEVA PHARMACEUTICAL INDUSTRIES LTD. ADR(c) |
|
| 229,651 |
|
| 212,539 |
|
|
|
|
|
|
|
|
|
| 494,715 |
|
| 479,976 |
|
| 0.12 | % |
Italy: |
|
|
|
|
|
|
|
|
|
| |||
| 45,194 |
| AMPLIFON S.P.A. |
|
| 191,093 |
|
| 224,519 |
|
|
|
|
| 18,467 |
| ASSICURAZIONI GENERALI S.P.A. |
|
| 269,601 |
|
| 336,851 |
|
|
|
|
| 2,238 |
| ATLANTIA S.P.A. |
|
| 25,873 |
|
| 40,591 |
|
|
|
|
| 166,331 |
| AZIMUT HOLDING S.P.A. |
|
| 2,087,018 |
|
| 2,399,971 |
|
|
|
|
| 37,200 |
| BANCO POPOLARE SCARL(b) |
|
| 61,868 |
|
| 62,267 |
|
|
|
|
| 57,599 |
| ENEL GREEN POWER S.P.A. |
|
| 98,098 |
|
| 107,724 |
|
|
|
|
| 84,176 |
| ENEL S.P.A. |
|
| 307,528 |
|
| 350,204 |
|
|
|
|
| 49,857 |
| ENI S.P.A. |
|
| 958,264 |
|
| 1,229,949 |
|
|
|
|
| 3,610 |
| EXOR S.P.A. |
|
| 90,616 |
|
| 90,959 |
|
|
|
|
| 24,375 |
| FIAT INDUSTRIAL S.P.A. |
|
| 141,398 |
|
| 267,259 |
|
|
|
|
| 10,222 |
| FIAT S.P.A.(b) |
|
| 27,207 |
|
| 51,633 |
|
|
|
|
| 10,070 |
| FINMECCANICA S.P.A.(b) |
|
| 50,331 |
|
| 58,360 |
|
|
|
|
| 65,001 |
| INTESA SANPAOLO S.P.A. |
|
| 105,892 |
|
| 112,452 |
|
|
|
|
| 2,826 |
| LUXOTTICA GROUP S.P.A. |
|
| 118,626 |
|
| 117,423 |
|
|
|
|
| 34,777 |
| MEDIOLANUM S.P.A. |
|
| 120,164 |
|
| 177,048 |
|
|
|
|
| 32 |
| PRYSMIAN S.P.A. |
|
| 318 |
|
| 647 |
|
|
|
|
| 4,376 |
| SAIPEM S.P.A. |
|
| 190,726 |
|
| 169,777 |
|
|
|
|
| 57,530 |
| SNAM S.P.A. |
|
| 249,716 |
|
| 267,518 |
|
|
|
|
| 7,497 |
| TENARIS S.A. |
|
| 100,711 |
|
| 156,282 |
|
|
|
|
| 34,652 |
| TERNA RETE ELETTRICA NAZIONALE S.P.A. |
|
| 130,368 |
|
| 138,774 |
|
|
|
|
| 10,464 |
| UNICREDIT S.P.A.(b) |
|
| 52,057 |
|
| 51,672 |
|
|
|
|
| 25,343 |
| UNIONE DI BANCHE ITALIANE S.C.P.A. |
|
| 103,374 |
|
| 118,209 |
|
|
|
|
|
|
|
|
|
| 5,480,847 |
|
| 6,530,089 |
|
| 1.60 | % |
Japan: |
|
|
|
|
|
|
|
|
|
| |||
| 19,794 |
| ADERANS CO. LTD.(b) |
|
| 230,091 |
|
| 261,527 |
|
|
|
|
| 4,700 |
| AEON CO. LTD. |
|
| 52,433 |
|
| 53,724 |
|
|
|
|
| 10,400 |
| AEON CREDIT SERVICE CO. LTD. |
|
| 165,828 |
|
| 209,978 |
|
|
|
|
| 76,200 |
| AEON DELIGHT CO. LTD. |
|
| 1,553,600 |
|
| 1,489,854 |
|
|
|
|
| 1,100 |
| AEON MALL CO. LTD. |
|
| 23,091 |
|
| 26,887 |
|
|
|
|
| 2,300 |
| AISIN SEIKI CO. LTD. |
|
| 37,584 |
|
| 71,731 |
|
|
|
|
| 17,000 |
| AJINOMOTO CO., INC. |
|
| 136,093 |
|
| 224,929 |
|
|
|
|
| 2,000 |
| AMADA CO. LTD. |
|
| 10,582 |
|
| 13,014 |
|
|
|
|
| 17,000 |
| AOZORA BANK LTD. |
|
| 53,794 |
|
| 52,235 |
|
|
|
|
| 36,100 |
| ASAHI CO. LTD. |
|
| 561,894 |
|
| 516,732 |
|
|
|
|
| 16,000 |
| ASAHI GLASS CO. LTD. |
|
| 120,885 |
|
| 116,246 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 76 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Japan (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 5,600 |
| ASAHI GROUP HOLDINGS LTD. |
| $ | 85,235 |
|
| 118,704 |
|
|
|
|
| 31,000 |
| ASAHI KASEI CORP. |
|
| 147,138 |
|
| 183,065 |
|
|
|
|
| 77,800 |
| ASICS CORP. |
|
| 1,063,884 |
|
| 1,185,271 |
|
|
|
|
| 7,400 |
| ASTELLAS PHARMA, INC. |
|
| 236,149 |
|
| 332,418 |
|
|
|
|
| 5,000 |
| BANK OF KYOTO (THE) LTD. |
|
| 43,972 |
|
| 42,068 |
|
|
|
|
| 37,000 |
| BANK OF YOKOHAMA (THE) LTD. |
|
| 164,514 |
|
| 171,748 |
|
|
|
|
| 1,300 |
| BENESSE HOLDINGS, INC. |
|
| 48,395 |
|
| 53,883 |
|
|
|
|
| 13,800 |
| BRIDGESTONE CORP. |
|
| 205,726 |
|
| 357,711 |
|
|
|
|
| 5,200 |
| BROTHER INDUSTRIES LTD. |
|
| 38,445 |
|
| 56,104 |
|
|
|
|
| 20,100 |
| CANON, INC. |
|
| 672,638 |
|
| 788,366 |
|
|
|
|
| 1,000 |
| CASIO COMPUTER CO. LTD. |
|
| 7,474 |
|
| 8,769 |
|
|
|
|
| 15,000 |
| CHIBA BANK (THE) LTD. |
|
| 81,968 |
|
| 87,760 |
|
|
|
|
| 4,500 |
| CHUGAI PHARMACEUTICAL CO. LTD. |
|
| 82,278 |
|
| 86,243 |
|
|
|
|
| 11,800 |
| CHUGOKU ELECTRIC POWER (THE) CO., INC. |
|
| 185,442 |
|
| 185,046 |
|
|
|
|
| 7,900 |
| CITIZEN HOLDINGS CO. LTD. |
|
| 31,581 |
|
| 41,761 |
|
|
|
|
| 49,436 |
| CREDIT SAISON CO. LTD. |
|
| 605,262 |
|
| 1,236,230 |
|
|
|
|
| 11,000 |
| DAIDO STEEL CO. LTD. |
|
| 45,649 |
|
| 55,214 |
|
|
|
|
| 103 |
| DAI-ICHI LIFE INSURANCE (THE) CO. LTD. |
|
| 120,497 |
|
| 144,926 |
|
|
|
|
| 9,800 |
| DAIICHI SANKYO CO. LTD. |
|
| 166,638 |
|
| 150,327 |
|
|
|
|
| 4,500 |
| DAIKIN INDUSTRIES LTD. |
|
| 124,473 |
|
| 154,622 |
|
|
|
|
| 10,000 |
| DAIWA HOUSE INDUSTRY CO. LTD. |
|
| 103,706 |
|
| 172,067 |
|
|
|
|
| 31,000 |
| DAIWA SECURITIES GROUP, INC. |
|
| 119,396 |
|
| 172,660 |
|
|
|
|
| 64,800 |
| DENA CO. LTD. |
|
| 2,028,069 |
|
| 2,130,680 |
|
|
|
|
| 8,200 |
| DENSO CORP. |
|
| 185,234 |
|
| 285,318 |
|
|
|
|
| 2,800 |
| DENTSU, INC. |
|
| 46,871 |
|
| 75,213 |
|
|
|
|
| 48,000 |
| DESCENTE LTD. |
|
| 278,723 |
|
| 294,565 |
|
|
|
|
| 13,000 |
| DOWA HOLDINGS CO. LTD. |
|
| 55,385 |
|
| 84,218 |
|
|
|
|
| 7,000 |
| EAST JAPAN RAILWAY CO. |
|
| 392,789 |
|
| 452,594 |
|
|
|
|
| 2,200 |
| EISAI CO. LTD. |
|
| 67,604 |
|
| 91,859 |
|
|
|
|
| 179 |
| EPS CORP. |
|
| 514,491 |
|
| 458,630 |
|
|
|
|
| 1,800 |
| FAMILYMART CO. LTD. |
|
| 52,590 |
|
| 74,096 |
|
|
|
|
| 14,100 |
| FANUC CORP. |
|
| 2,036,196 |
|
| 2,622,090 |
|
|
|
|
| 1,100 |
| FAST RETAILING CO. LTD. |
|
| 136,395 |
|
| 279,371 |
|
|
|
|
| 11,000 |
| FUJI HEAVY INDUSTRIES LTD. |
|
| 57,631 |
|
| 138,504 |
|
|
|
|
| 6,300 |
| FUJIFILM HOLDINGS CORP. |
|
| 113,804 |
|
| 126,892 |
|
|
|
|
| 44,000 |
| FUJITSU LTD. |
|
| 171,664 |
|
| 184,742 |
|
|
|
|
| 11,000 |
| FUKUOKA FINANCIAL GROUP, INC. |
|
| 36,036 |
|
| 44,027 |
|
|
|
|
| 32,000 |
| FURUKAWA ELECTRIC CO. LTD.(b) |
|
| 65,376 |
|
| 71,900 |
|
|
|
|
| 64,300 |
| GREE, INC. |
|
| 1,118,923 |
|
| 996,942 |
|
|
|
|
| 6,000 |
| GUNMA BANK (THE) LTD. |
|
| 31,571 |
|
| 29,192 |
|
|
|
|
| 1,500 |
| HAMAMATSU PHOTONICS K.K. |
|
| 52,686 |
|
| 54,116 |
|
|
|
|
| 11,000 |
| HANKYU HANSHIN HOLDINGS, INC. |
|
| 51,221 |
|
| 56,788 |
|
|
|
|
| 500 |
| HIROSE ELECTRIC CO. LTD. |
|
| 48,402 |
|
| 59,862 |
|
|
|
|
| 7,000 |
| HIROSHIMA BANK (THE) LTD. |
|
| 26,154 |
|
| 29,330 |
|
|
|
|
| 95,000 |
| HITACHI LTD. |
|
| 295,895 |
|
| 559,087 |
|
|
|
|
| 6,000 |
| HITACHI METALS LTD. |
|
| 45,405 |
|
| 50,739 |
|
|
|
|
| 9,500 |
| HOKKAIDO ELECTRIC POWER CO., INC. |
|
| 84,575 |
|
| 115,360 |
|
|
|
|
| 11,400 |
| HOKURIKU ELECTRIC POWER CO. |
|
| 124,923 |
|
| 134,781 |
|
|
|
|
| 28,800 |
| HONDA MOTOR CO. LTD. |
|
| 780,069 |
|
| 1,061,522 |
|
|
|
|
| 2,800 |
| HOYA CORP. |
|
| 62,075 |
|
| 55,129 |
|
|
|
|
| 300 |
| IDEMITSU KOSAN CO. LTD. |
|
| 23,804 |
|
| 26,129 |
|
|
|
|
| 28 |
| INPEX CORP. |
|
| 153,822 |
|
| 149,432 |
|
|
|
|
| 9,800 |
| ISETAN MITSUKOSHI HOLDINGS LTD. |
|
| 85,535 |
|
| 95,384 |
|
|
|
|
| 18,200 |
| ITOCHU CORP. |
|
| 192,005 |
|
| 192,117 |
|
|
|
|
| 8,000 |
| J. FRONT RETAILING CO. LTD. |
|
| 31,099 |
|
| 44,107 |
|
|
|
|
| 5 |
| JAPAN REAL ESTATE INVESTMENT CORP. |
|
| 38,770 |
|
| 49,044 |
|
|
|
|
| 8 |
| JAPAN RETAIL FUND INVESTMENT CORP. |
|
| 8,807 |
|
| 14,674 |
|
|
|
|
| 22,000 |
| JAPAN STEEL WORKS (THE) LTD. |
|
| 126,429 |
|
| 142,520 |
|
|
|
|
| 11,600 |
| JAPAN TOBACCO, INC. |
|
| 332,600 |
|
| 327,024 |
|
|
|
|
| 3,300 |
| JFE HOLDINGS, INC. |
|
| 45,376 |
|
| 62,214 |
|
|
|
|
| 4,000 |
| JGC CORP. |
|
| 53,048 |
|
| 124,609 |
|
|
|
|
| 12,000 |
| JOYO BANK (THE) LTD. |
|
| 54,056 |
|
| 56,708 |
|
|
|
|
| 3,100 |
| JSR CORP. |
|
| 39,530 |
|
| 58,565 |
|
|
|
|
| 5,000 |
| JTEKT CORP. |
|
| 36,670 |
|
| 47,683 |
|
|
|
|
| 29,100 |
| JX HOLDINGS, INC. |
|
| 159,013 |
|
| 163,898 |
|
|
|
|
| 7,000 |
| KAJIMA CORP. |
|
| 15,004 |
|
| 23,120 |
|
|
|
|
| 33,400 |
| KANSAI ELECTRIC POWER (THE) CO., INC. |
|
| 305,345 |
|
| 350,926 |
|
|
|
|
| 2,000 |
| KANSAI PAINT CO. LTD. |
|
| 10,449 |
|
| 21,541 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 77 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
|
| Cost |
| Fair |
| Percent |
| |||
Japan (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 63,013 |
| KAO CORP. |
| $ | 1,591,030 |
|
| 1,641,767 |
|
|
|
|
| 35,000 |
| KAWASAKI HEAVY INDUSTRIES LTD. |
|
| 71,135 |
|
| 95,115 |
|
|
|
|
| 4,977 |
| KDDI CORP. |
|
| 239,416 |
|
| 351,550 |
|
|
|
|
| 21,500 |
| KEIHIN CORP. |
|
| 261,255 |
|
| 307,502 |
|
|
|
|
| 13,000 |
| KEIKYU CORP. |
|
| 95,310 |
|
| 115,055 |
|
|
|
|
| 5,000 |
| KEIO CORP. |
|
| 28,322 |
|
| 37,281 |
|
|
|
|
| 5,000 |
| KEISEI ELECTRIC RAILWAY CO. LTD. |
|
| 23,110 |
|
| 42,206 |
|
|
|
|
| 981 |
| KEYENCE CORP. |
|
| 180,512 |
|
| 270,747 |
|
|
|
|
| 6,000 |
| KIKKOMAN CORP. |
|
| 52,867 |
|
| 85,710 |
|
|
|
|
| 49,000 |
| KINTETSU CORP. |
|
| 153,011 |
|
| 200,454 |
|
|
|
|
| 10,000 |
| KIRIN HOLDINGS CO. LTD. |
|
| 103,112 |
|
| 117,504 |
|
|
|
|
| 18,300 |
| KOBAYASHI PHARMACEUTICAL CO. LTD. |
|
| 982,900 |
|
| 869,006 |
|
|
|
|
| 15,400 |
| KOMATSU LTD. |
|
| 339,281 |
|
| 394,078 |
|
|
|
|
| 21,000 |
| KUBOTA CORP. |
|
| 129,773 |
|
| 241,194 |
|
|
|
|
| 4,300 |
| KURITA WATER INDUSTRIES LTD. |
|
| 96,931 |
|
| 94,475 |
|
|
|
|
| 2,700 |
| KYOCERA CORP. |
|
| 198,000 |
|
| 244,839 |
|
|
|
|
| 7,000 |
| KYUSHU ELECTRIC POWER CO., INC. |
|
| 64,251 |
|
| 79,908 |
|
|
|
|
| 2,800 |
| LAWSON, INC. |
|
| 120,035 |
|
| 190,325 |
|
|
|
|
| 1,900 |
| LIXIL GROUP CORP. |
|
| 21,742 |
|
| 42,311 |
|
|
|
|
| 24,000 |
| MARUBENI CORP. |
|
| 173,505 |
|
| 171,986 |
|
|
|
|
| 6,500 |
| MARUI GROUP CO. LTD. |
|
| 32,287 |
|
| 52,011 |
|
|
|
|
| 57,000 |
| MAZDA MOTOR CORP.(b) |
|
| 95,886 |
|
| 116,395 |
|
|
|
|
| 1,600 |
| MCDONALD’S HOLDINGS CO. JAPAN LTD. |
|
| 43,060 |
|
| 42,205 |
|
|
|
|
| 47,500 |
| MEGANE TOP CO. LTD. |
|
| 538,247 |
|
| 558,507 |
|
|
|
|
| 1,700 |
| MEIJI HOLDINGS CO. LTD. |
|
| 54,895 |
|
| 73,683 |
|
|
|
|
| 32,700 |
| MEITEC CORP. |
|
| 728,137 |
|
| 719,303 |
|
|
|
|
| 1,800 |
| MIRACA HOLDINGS, INC. |
|
| 71,311 |
|
| 72,476 |
|
|
|
|
| 40,000 |
| MITSUBISHI CHEMICAL HOLDINGS CORP. |
|
| 161,621 |
|
| 199,528 |
|
|
|
|
| 25,200 |
| MITSUBISHI CORP. |
|
| 378,464 |
|
| 484,387 |
|
|
|
|
| 32,000 |
| MITSUBISHI ELECTRIC CORP. |
|
| 244,114 |
|
| 272,366 |
|
|
|
|
| 27,000 |
| MITSUBISHI ESTATE CO. LTD. |
|
| 353,310 |
|
| 645,470 |
|
|
|
|
| 17,000 |
| MITSUBISHI GAS CHEMICAL CO., INC. |
|
| 75,149 |
|
| 104,161 |
|
|
|
|
| 57,000 |
| MITSUBISHI HEAVY INDUSTRIES LTD. |
|
| 185,317 |
|
| 275,641 |
|
|
|
|
| 4,000 |
| MITSUBISHI LOGISTICS CORP. |
|
| 45,017 |
|
| 57,377 |
|
|
|
|
| 18,000 |
| MITSUBISHI MATERIALS CORP. |
|
| 47,129 |
|
| 61,354 |
|
|
|
|
| 54,000 |
| MITSUBISHI MOTORS CORP.(b) |
|
| 51,556 |
|
| 55,819 |
|
|
|
|
| 240,600 |
| MITSUBISHI UFJ FINANCIAL GROUP, INC. |
|
| 1,162,680 |
|
| 1,294,702 |
|
|
|
|
| 2,700 |
| MITSUBISHI UFJ LEASE & FINANCE CO. LTD. |
|
| 83,878 |
|
| 116,124 |
|
|
|
|
| 33,400 |
| MITSUI & CO. LTD. |
|
| 357,690 |
|
| 499,673 |
|
|
|
|
| 37,000 |
| MITSUI CHEMICALS, INC. |
|
| 87,469 |
|
| 96,644 |
|
|
|
|
| 8,000 |
| MITSUI FUDOSAN CO. LTD. |
|
| 184,883 |
|
| 195,449 |
|
|
|
|
| 3,000 |
| MITSUI MINING & SMELTING CO. LTD. |
|
| 5,391 |
|
| 7,404 |
|
|
|
|
| 266,120 |
| MIZUHO FINANCIAL GROUP, INC. |
|
| 440,505 |
|
| 486,905 |
|
|
|
|
| 3,580 |
| MS&AD INSURANCE GROUP HOLDINGS |
|
| 75,251 |
|
| 71,523 |
|
|
|
|
| 3,600 |
| MURATA MANUFACTURING CO. LTD. |
|
| 162,615 |
|
| 212,324 |
|
|
|
|
| 1,500 |
| NAMCO BANDAI HOLDINGS, INC. |
|
| 14,652 |
|
| 19,454 |
|
|
|
|
| 27,000 |
| NEC CORP.(b) |
|
| 70,167 |
|
| 56,853 |
|
|
|
|
| 3,000 |
| NGK SPARK PLUG CO. LTD. |
|
| 28,359 |
|
| 39,868 |
|
|
|
|
| 1,500 |
| NIDEC CORP. |
|
| 70,097 |
|
| 87,712 |
|
|
|
|
| 10,069 |
| NIFCO, INC. |
|
| 227,783 |
|
| 223,184 |
|
|
|
|
| 6,000 |
| NIKON CORP. |
|
| 75,728 |
|
| 177,141 |
|
|
|
|
| 11 |
| NIPPON BUILDING FUND, INC. |
|
| 90,970 |
|
| 113,414 |
|
|
|
|
| 17,000 |
| NIPPON EXPRESS CO. LTD. |
|
| 60,747 |
|
| 70,217 |
|
|
|
|
| 6,000 |
| NIPPON MEAT PACKERS, INC. |
|
| 72,315 |
|
| 82,603 |
|
|
|
|
| 4,200 |
| NIPPON PAPER GROUP, INC. |
|
| 49,572 |
|
| 58,385 |
|
|
|
|
| 78,535 |
| NIPPON STEEL CORP. |
|
| 186,705 |
|
| 193,179 |
|
|
|
|
| 7,300 |
| NIPPON TELEGRAPH & TELEPHONE CORP. |
|
| 335,022 |
|
| 306,645 |
|
|
|
|
| 17,000 |
| NISHI-NIPPON CITY BANK (THE) LTD. |
|
| 40,901 |
|
| 41,879 |
|
|
|
|
| 5,000 |
| NISSAN CHEMICAL INDUSTRIES LTD. |
|
| 50,851 |
|
| 59,208 |
|
|
|
|
| 23,500 |
| NISSAN MOTOR CO. LTD. |
|
| 211,413 |
|
| 223,049 |
|
|
|
|
| 2,500 |
| NISSHIN SEIFUN GROUP, INC. |
|
| 25,731 |
|
| 31,282 |
|
|
|
|
| 3,000 |
| NISSHINBO HOLDINGS, INC. |
|
| 23,700 |
|
| 25,386 |
|
|
|
|
| 1,200 |
| NISSIN FOODS HOLDINGS CO. LTD. |
|
| 43,959 |
|
| 45,502 |
|
|
|
|
| 17,400 |
| NISSIN KOGYO CO. LTD. |
|
| 232,900 |
|
| 269,333 |
|
|
|
|
| 600 |
| NITORI HOLDINGS CO. LTD. |
|
| 33,819 |
|
| 43,925 |
|
|
|
|
| 3,200 |
| NITTO DENKO CORP. |
|
| 77,639 |
|
| 157,442 |
|
|
|
|
| 5,700 |
| NKSJ HOLDINGS, INC. |
|
| 114,918 |
|
| 121,392 |
|
|
|
|
| 72,300 |
| NOMURA HOLDINGS, INC. |
|
| 256,136 |
|
| 426,879 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 78 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Japan (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 2,700 |
| NOMURA RESEARCH INSTITUTE LTD. |
| $ | 43,930 |
|
| 55,891 |
|
|
|
|
| 17,800 |
| NORTH PACIFIC BANK LTD.(b) |
|
| 49,457 |
|
| 49,911 |
|
|
|
|
| 14 |
| NTT DATA CORP. |
|
| 36,520 |
|
| 43,772 |
|
|
|
|
| 260 |
| NTT DOCOMO, INC. |
|
| 381,437 |
|
| 373,399 |
|
|
|
|
| 65 |
| NTT URBAN DEVELOPMENT CORP. |
|
| 52,710 |
|
| 62,778 |
|
|
|
|
| 12,000 |
| OBAYASHI CORP. |
|
| 48,665 |
|
| 67,546 |
|
|
|
|
| 4,000 |
| ODAKYU ELECTRIC RAILWAY CO. LTD. |
|
| 30,548 |
|
| 41,613 |
|
|
|
|
| 8,100 |
| OLYMPUS CORP.(b) |
|
| 119,871 |
|
| 157,214 |
|
|
|
|
| 1,300 |
| ONO PHARMACEUTICAL CO. LTD. |
|
| 55,952 |
|
| 66,340 |
|
|
|
|
| 8,000 |
| ONWARD HOLDINGS CO. LTD. |
|
| 54,094 |
|
| 60,366 |
|
|
|
|
| 800 |
| ORIENTAL LAND CO. LTD. |
|
| 50,479 |
|
| 96,671 |
|
|
|
|
| 1,090 |
| ORIX CORP. |
|
| 120,397 |
|
| 122,994 |
|
|
|
|
| 37,000 |
| OSAKA GAS CO. LTD. |
|
| 121,878 |
|
| 134,393 |
|
|
|
|
| 3,500 |
| OTSUKA HOLDINGS CO. LTD. |
|
| 97,073 |
|
| 98,262 |
|
|
|
|
| 1,900 |
| PRESTIGE INTERNATIONAL, INC. |
|
| 20,966 |
|
| 16,591 |
|
|
|
|
| 9,500 |
| RAKUTEN, INC. |
|
| 47,421 |
|
| 74,088 |
|
|
|
|
| 23,400 |
| RESONA HOLDINGS, INC. |
|
| 97,985 |
|
| 106,091 |
|
|
|
|
| 15,000 |
| RICOH CO. LTD. |
|
| 148,229 |
|
| 159,359 |
|
|
|
|
| 1,200 |
| RINNAI CORP. |
|
| 52,047 |
|
| 81,528 |
|
|
|
|
| 11,946 |
| SANKYO CO. LTD. |
|
| 626,465 |
|
| 472,704 |
|
|
|
|
| 2,600 |
| SANTEN PHARMACEUTICAL CO. LTD. |
|
| 85,886 |
|
| 99,545 |
|
|
|
|
| 21,520 |
| SBI HOLDINGS, INC. |
|
| 173,535 |
|
| 192,086 |
|
|
|
|
| 3,400 |
| SECOM CO. LTD. |
|
| 133,812 |
|
| 171,358 |
|
|
|
|
| 4,100 |
| SEGA SAMMY HOLDINGS, INC. |
|
| 38,822 |
|
| 69,248 |
|
|
|
|
| 13,000 |
| SEKISUI CHEMICAL CO. LTD. |
|
| 66,177 |
|
| 112,582 |
|
|
|
|
| 6,000 |
| SEKISUI HOUSE LTD. |
|
| 44,394 |
|
| 65,676 |
|
|
|
|
| 12,800 |
| SEVEN & I HOLDINGS CO. LTD. |
|
| 281,200 |
|
| 360,255 |
|
|
|
|
| 25,000 |
| SHARP CORP. |
|
| 50,043 |
|
| 87,672 |
|
|
|
|
| 11,100 |
| SHIKOKU ELECTRIC POWER CO., INC. |
|
| 118,917 |
|
| 177,025 |
|
|
|
|
| 4,000 |
| SHIMADZU CORP. |
|
| 25,419 |
|
| 26,984 |
|
|
|
|
| 1,000 |
| SHIMAMURA CO. LTD. |
|
| 61,206 |
|
| 96,843 |
|
|
|
|
| 1,500 |
| SHIMANO, INC. |
|
| 58,204 |
|
| 95,644 |
|
|
|
|
| 8,300 |
| SHIN-ETSU CHEMICAL CO. LTD. |
|
| 411,842 |
|
| 506,960 |
|
|
|
|
| 41,600 |
| SHINKO PLANTECH CO. LTD. |
|
| 342,251 |
|
| 328,387 |
|
|
|
|
| 4,000 |
| SHIONOGI & CO. LTD. |
|
| 67,679 |
|
| 66,631 |
|
|
|
|
| 6,000 |
| SHISEIDO CO. LTD. |
|
| 92,764 |
|
| 84,375 |
|
|
|
|
| 8,000 |
| SHIZUOKA BANK (THE) LTD. |
|
| 74,794 |
|
| 78,132 |
|
|
|
|
| 21,000 |
| SHOWA DENKO K.K. |
|
| 33,824 |
|
| 32,110 |
|
|
|
|
| 900 |
| SMC CORP. |
|
| 106,941 |
|
| 163,272 |
|
|
|
|
| 652 |
| SMS CO. LTD. |
|
| 1,377,794 |
|
| 1,292,342 |
|
|
|
|
| 17,900 |
| SOFTBANK CORP. |
|
| 355,350 |
|
| 654,992 |
|
|
|
|
| 4,400 |
| SONY FINANCIAL HOLDINGS, INC. |
|
| 56,074 |
|
| 79,148 |
|
|
|
|
| 62,802 |
| STANLEY ELECTRIC CO. LTD. |
|
| 927,218 |
|
| 893,972 |
|
|
|
|
| 7,000 |
| SUMCO CORP.(b) |
|
| 47,761 |
|
| 68,103 |
|
|
|
|
| 43,000 |
| SUMITOMO CHEMICAL CO. LTD. |
|
| 145,530 |
|
| 135,667 |
|
|
|
|
| 21,300 |
| SUMITOMO CORP. |
|
| 207,214 |
|
| 273,019 |
|
|
|
|
| 13,100 |
| SUMITOMO ELECTRIC INDUSTRIES LTD. |
|
| 127,803 |
|
| 151,596 |
|
|
|
|
| 12,000 |
| SUMITOMO HEAVY INDUSTRIES LTD. |
|
| 39,379 |
|
| 57,314 |
|
|
|
|
| 9,000 |
| SUMITOMO METAL MINING CO. LTD. |
|
| 88,484 |
|
| 127,003 |
|
|
|
|
| 26,400 |
| SUMITOMO MITSUI FINANCIAL GROUP, INC. |
|
| 824,716 |
|
| 959,086 |
|
|
|
|
| 71,310 |
| SUMITOMO MITSUI TRUST HOLDINGS, INC. |
|
| 214,202 |
|
| 250,544 |
|
|
|
|
| 6,000 |
| SUMITOMO REALTY & DEVELOPMENT CO. LTD. |
|
| 163,837 |
|
| 199,364 |
|
|
|
|
| 54,400 |
| SUMITOMO RUBBER INDUSTRIES LTD. |
|
| 632,819 |
|
| 657,275 |
|
|
|
|
| 5,800 |
| SUZUKI MOTOR CORP. |
|
| 104,611 |
|
| 151,622 |
|
|
|
|
| 39,500 |
| SYSMEX CORP. |
|
| 1,825,892 |
|
| 1,809,740 |
|
|
|
|
| 4,200 |
| T&D HOLDINGS, INC. |
|
| 47,440 |
|
| 51,190 |
|
|
|
|
| 31,000 |
| TAIHEIYO CEMENT CORP. |
|
| 68,814 |
|
| 85,304 |
|
|
|
|
| 11,000 |
| TAISEI CORP. |
|
| 19,822 |
|
| 36,364 |
|
|
|
|
| 600 |
| TAISHO PHARMACEUTICAL HOLDINGS CO. LTD. |
|
| 40,190 |
|
| 40,979 |
|
|
|
|
| 10,000 |
| TAKASHIMAYA CO. LTD. |
|
| 63,872 |
|
| 71,273 |
|
|
|
|
| 7,100 |
| TAKEDA PHARMACEUTICAL CO. LTD. |
|
| 246,901 |
|
| 317,296 |
|
|
|
|
| 1,500 |
| TDK CORP. |
|
| 58,582 |
|
| 54,546 |
|
|
|
|
| 29,000 |
| TEIJIN LTD. |
|
| 67,529 |
|
| 71,525 |
|
|
|
|
| 2,600 |
| TERUMO CORP. |
|
| 95,419 |
|
| 103,306 |
|
|
|
|
| 2,000 |
| THK CO. LTD. |
|
| 29,290 |
|
| 35,939 |
|
|
|
|
| 5,000 |
| TOBU RAILWAY CO. LTD. |
|
| 19,140 |
|
| 26,460 |
|
|
|
|
| 1,000 |
| TOHO CO. LTD. |
|
| 13,412 |
|
| 17,612 |
|
|
|
|
| 17,000 |
| TOHO GAS CO. LTD. |
|
| 81,221 |
|
| 91,255 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 79 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Japan (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 7,200 |
| TOHOKU ELECTRIC POWER CO., INC.(b) |
| $ | 56,650 |
|
| 67,003 |
|
|
|
|
| 13,100 |
| TOKAI RIKA CO. LTD. |
|
| 168,635 |
|
| 182,342 |
|
|
|
|
| 14,400 |
| TOKIO MARINE HOLDINGS, INC. |
|
| 359,676 |
|
| 401,501 |
|
|
|
|
| 3,200 |
| TOKYO ELECTRON LTD. |
|
| 128,746 |
|
| 147,242 |
|
|
|
|
| 40,000 |
| TOKYO GAS CO. LTD. |
|
| 151,969 |
|
| 182,878 |
|
|
|
|
| 25,000 |
| TOKYU CORP. |
|
| 103,448 |
|
| 140,395 |
|
|
|
|
| 23,000 |
| TOKYU LAND CORP. |
|
| 86,617 |
|
| 168,134 |
|
|
|
|
| 4,000 |
| TONENGENERAL SEKIYU K.K. |
|
| 37,796 |
|
| 34,468 |
|
|
|
|
| 17,000 |
| TORAY INDUSTRIES, INC. |
|
| 70,413 |
|
| 103,662 |
|
|
|
|
| 80,000 |
| TOSHIBA CORP. |
|
| 245,424 |
|
| 316,336 |
|
|
|
|
| 6,000 |
| TOTO LTD. |
|
| 30,029 |
|
| 45,070 |
|
|
|
|
| 1,800 |
| TOYO SEIKAN KAISHA LTD. |
|
| 24,940 |
|
| 24,248 |
|
|
|
|
| 3,000 |
| TOYO SUISAN KAISHA LTD. |
|
| 74,690 |
|
| 79,951 |
|
|
|
|
| 4,000 |
| TOYOTA INDUSTRIES CORP. |
|
| 101,266 |
|
| 127,682 |
|
|
|
|
| 55,000 |
| TOYOTA MOTOR CORP. |
|
| 1,917,045 |
|
| 2,567,211 |
|
|
|
|
| 4,000 |
| TOYOTA TSUSHO CORP. |
|
| 63,233 |
|
| 98,760 |
|
|
|
|
| 2,500 |
| TREND MICRO, INC. |
|
| 74,501 |
|
| 75,447 |
|
|
|
|
| 1,700 |
| TSUMURA & CO. |
|
| 50,505 |
|
| 51,234 |
|
|
|
|
| 13,400 |
| TSURUHA HOLDINGS, INC. |
|
| 986,250 |
|
| 1,051,103 |
|
|
|
|
| 8,000 |
| UBE INDUSTRIES LTD. |
|
| 13,963 |
|
| 19,239 |
|
|
|
|
| 4,000 |
| UNICHARM CORP. |
|
| 141,844 |
|
| 208,226 |
|
|
|
|
| 80 |
| USS CO. LTD. |
|
| 3,505 |
|
| 8,292 |
|
|
|
|
| 4,100 |
| WEST JAPAN RAILWAY CO. |
|
| 134,756 |
|
| 161,468 |
|
|
|
|
| 236 |
| YAHOO JAPAN CORP. |
|
| 62,283 |
|
| 76,386 |
|
|
|
|
| 1,300 |
| YAKULT HONSHA CO. LTD. |
|
| 22,252 |
|
| 56,964 |
|
|
|
|
| 2,720 |
| YAMADA DENKI CO. LTD. |
|
| 102,434 |
|
| 104,891 |
|
|
|
|
| 1,000 |
| YAMAGUCHI FINANCIAL GROUP, INC. |
|
| 8,604 |
|
| 8,835 |
|
|
|
|
| 4,700 |
| YAMAHA MOTOR CO. LTD. |
|
| 47,385 |
|
| 52,098 |
|
|
|
|
|
|
|
|
|
| 48,766,907 |
|
| 57,108,636 |
|
| 14.00 | % |
Mexico: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 4,183 |
| FRESNILLO PLC |
|
| 101,968 |
|
| 129,793 |
|
|
|
|
| 500,419 |
| WAL-MART DE MEXICO S.A.B. DE C.V., SERIES V |
|
| 1,523,435 |
|
| 1,638,732 |
|
|
|
|
|
|
|
|
|
| 1,625,403 |
|
| 1,768,525 |
|
| 0.43 | % |
Netherlands: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 36,750 |
| AALBERTS INDUSTRIES N.V. |
|
| 686,893 |
|
| 776,899 |
|
|
|
|
| 25,740 |
| ACCELL GROUP |
|
| 426,901 |
|
| 452,872 |
|
|
|
|
| 34,297 |
| AEGON N.V. |
|
| 128,398 |
|
| 218,568 |
|
|
|
|
| 4,340 |
| AKZO NOBEL N.V. |
|
| 184,408 |
|
| 286,383 |
|
|
|
|
| 21,730 |
| ARCADIS N.V. |
|
| 459,143 |
|
| 509,176 |
|
|
|
|
| 10,521 |
| ARCELORMITTAL |
|
| 163,439 |
|
| 182,130 |
|
|
|
|
| 8,054 |
| ASML HOLDING N.V. |
|
| 131,659 |
|
| 521,413 |
|
|
|
|
| 17,454 |
| ASML HOLDING N.V. (REGISTERED) |
|
| 952,704 |
|
| 1,124,212 |
|
|
|
|
| 17,379 |
| CORE LABORATORIES N.V. |
|
| 1,832,751 |
|
| 1,899,698 |
|
|
|
|
| 1,094 |
| CORIO N.V. |
|
| 43,642 |
|
| 49,770 |
|
|
|
|
| 25,239 |
| DE MASTER BLENDERS 1753 N.V.(b) |
|
| 272,152 |
|
| 293,581 |
|
|
|
|
| 1,259 |
| FUGRO N.V. - CVA |
|
| 70,525 |
|
| 73,753 |
|
|
|
|
| 768 |
| GEMALTO N.V. |
|
| 50,382 |
|
| 69,532 |
|
|
|
|
| 965 |
| HEINEKEN HOLDING N.V. |
|
| 23,862 |
|
| 52,860 |
|
|
|
|
| 3,662 |
| HEINEKEN N.V. |
|
| 128,663 |
|
| 244,266 |
|
|
|
|
| 221,418 |
| ING GROEP N.V. - CVA(b) |
|
| 2,055,673 |
|
| 2,117,351 |
|
|
|
|
| 71,860 |
| KONINKLIJKE AHOLD N.V. |
|
| 905,670 |
|
| 954,495 |
|
|
|
|
| 2,539 |
| KONINKLIJKE DSM N.V. |
|
| 86,313 |
|
| 152,935 |
|
|
|
|
| 59,484 |
| KONINKLIJKE PHILIPS ELECTRONICS N.V. |
|
| 1,231,488 |
|
| 1,595,854 |
|
|
|
|
| 9,990 |
| ORIFLAME COSMETICS S.A. SDR |
|
| 328,762 |
|
| 318,999 |
|
|
|
|
| 9,716 |
| QIAGEN N.V.(b) |
|
| 139,904 |
|
| 176,215 |
|
|
|
|
| 3,238 |
| RANDSTAD HOLDING N.V. |
|
| 99,928 |
|
| 119,528 |
|
|
|
|
| 22,774 |
| REED ELSEVIER N.V. |
|
| 264,057 |
|
| 337,419 |
|
|
|
|
| 54,559 |
| ROYAL DUTCH SHELL PLC, CLASS A |
|
| 1,445,241 |
|
| 1,927,817 |
|
|
|
|
| 50,447 |
| ROYAL DUTCH SHELL PLC, CLASS B |
|
| 1,266,061 |
|
| 1,785,438 |
|
|
|
|
| 21,030 |
| ROYAL IMTECH N.V. |
|
| 572,376 |
|
| 491,765 |
|
|
|
|
| 17,078 |
| TNT EXPRESS N.V. |
|
| 152,515 |
|
| 193,186 |
|
|
|
|
| 21,023 |
| UNILEVER N.V. - CVA |
|
| 662,501 |
|
| 793,276 |
|
|
|
|
| 25,180 |
| USG PEOPLE N.V. |
|
| 195,853 |
|
| 201,833 |
|
|
|
|
| 6,193 |
| WOLTERS KLUWER N.V. |
|
| 101,075 |
|
| 128,058 |
|
|
|
|
|
|
|
|
|
| 15,062,939 |
|
| 18,049,282 |
|
| 4.42 | % |
New Zealand: |
|
|
|
|
|
|
|
|
|
|
| ||
| 11,811 |
| CONTACT ENERGY LTD. |
|
| 51,688 |
|
| 50,979 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 80 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
New Zealand (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 7,321 |
| FLETCHER BUILDING LTD. |
| $ | 51,323 |
|
| 51,228 |
|
|
|
|
| 18,050 |
| SKYCITY ENTERTAINMENT GROUP LTD. |
|
| 49,428 |
|
| 56,676 |
|
|
|
|
| 37,843 |
| TELECOM CORP. OF NEW ZEALAND LTD. |
|
| 73,138 |
|
| 71,566 |
|
|
|
|
|
|
|
|
|
| 225,577 |
|
| 230,449 |
|
| 0.06 | % |
Norway: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 8,104 |
| AKER SOLUTIONS ASA |
|
| 124,751 |
|
| 166,765 |
|
|
|
|
| 13,773 |
| DNB ASA |
|
| 87,874 |
|
| 175,563 |
|
|
|
|
| 3,900 |
| KVAERNER ASA |
|
| 6,506 |
|
| 11,423 |
|
|
|
|
| 21,490 |
| NORSK HYDRO ASA |
|
| 82,180 |
|
| 109,477 |
|
|
|
|
| 97,189 |
| ORKLA ASA |
|
| 661,656 |
|
| 850,870 |
|
|
|
|
| 11,450 |
| SCHIBSTED ASA |
|
| 434,923 |
|
| 488,283 |
|
|
|
|
| 3,754 |
| SEADRILL LTD. |
|
| 39,723 |
|
| 138,351 |
|
|
|
|
| 16,318 |
| STATOIL ASA |
|
| 293,362 |
|
| 409,485 |
|
|
|
|
| 11,360 |
| TELENOR ASA |
|
| 229,860 |
|
| 230,798 |
|
|
|
|
| 85,000 |
| TOMRA SYSTEMS ASA |
|
| 703,315 |
|
| 768,394 |
|
|
|
|
| 4,000 |
| YARA INTERNATIONAL ASA |
|
| 109,527 |
|
| 198,545 |
|
|
|
|
|
|
|
|
|
| 2,773,677 |
|
| 3,547,954 |
|
| 0.87 | % |
Philippines: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 328,710 |
| METROPOLITAN BANK & TRUST |
|
| 731,360 |
|
| 819,261 |
|
|
|
|
|
|
|
|
|
| 731,360 |
|
| 819,261 |
|
| 0.20 | % |
Poland: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 29,290 |
| EUROCASH S.A. |
|
| 353,713 |
|
| 412,430 |
|
|
|
|
|
|
|
|
|
| 353,713 |
|
| 412,430 |
|
| 0.10 | % |
Portugal: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 35,520 |
| ENERGIAS DE PORTUGAL S.A. |
|
| 97,580 |
|
| 106,769 |
|
|
|
|
| 3,330 |
| GALP ENERGIA SGPS S.A. |
|
| 51,795 |
|
| 51,732 |
|
|
|
|
| 58,647 |
| JERONIMO MARTINS SGPS S.A. |
|
| 982,426 |
|
| 1,131,689 |
|
|
|
|
| 42,710 |
| PORTUGAL TELECOM SGPS S.A. (REGISTERED) |
|
| 200,104 |
|
| 213,647 |
|
|
|
|
|
|
|
|
|
| 1,331,905 |
|
| 1,503,837 |
|
| 0.37 | % |
Russia: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 6,460 |
| X5 RETAIL GROUP N.V. GDR (REGISTERED)(b) |
|
| 122,935 |
|
| 115,915 |
|
|
|
|
|
|
|
|
|
| 122,935 |
|
| 115,915 |
|
| 0.03 | % |
Singapore: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 31,000 |
| ASCENDAS REAL ESTATE INVESTMENT TRUST |
|
| 51,644 |
|
| 60,732 |
|
|
|
|
| 39,500 |
| CAPITALAND LTD. |
|
| 75,674 |
|
| 121,178 |
|
|
|
|
| 36,000 |
| CAPITAMALL TRUST |
|
| 34,133 |
|
| 63,080 |
|
|
|
|
| 11,000 |
| CITY DEVELOPMENTS LTD. |
|
| 71,096 |
|
| 117,331 |
|
|
|
|
| 34,000 |
| DBS GROUP HOLDINGS LTD. |
|
| 221,626 |
|
| 416,205 |
|
|
|
|
| 68,650 |
| FLEXTRONICS INTERNATIONAL LTD.(b) |
|
| 411,378 |
|
| 426,316 |
|
|
|
|
| 22,000 |
| FRASER AND NEAVE LTD. |
|
| 58,463 |
|
| 175,103 |
|
|
|
|
| 130,000 |
| GLOBAL LOGISTIC PROPERTIES LTD. |
|
| 203,681 |
|
| 298,917 |
|
|
|
|
| 2,000 |
| JARDINE CYCLE & CARRIAGE LTD. |
|
| 79,849 |
|
| 79,573 |
|
|
|
|
| 28,000 |
| KEPPEL CORP. LTD. |
|
| 105,334 |
|
| 254,422 |
|
|
|
|
| 18,000 |
| OVERSEA-CHINESE BANKING CORP. LTD. |
|
| 141,450 |
|
| 144,822 |
|
|
|
|
| 17,000 |
| SEMBCORP INDUSTRIES LTD. |
|
| 31,827 |
|
| 74,073 |
|
|
|
|
| 22,000 |
| SEMBCORP MARINE LTD. |
|
| 32,803 |
|
| 83,755 |
|
|
|
|
| 18,000 |
| SINGAPORE AIRLINES LTD. |
|
| 121,795 |
|
| 159,191 |
|
|
|
|
| 31,000 |
| SINGAPORE EXCHANGE LTD. |
|
| 139,131 |
|
| 179,719 |
|
|
|
|
| 41,000 |
| SINGAPORE PRESS HOLDINGS LTD. |
|
| 91,268 |
|
| 135,649 |
|
|
|
|
| 38,000 |
| SINGAPORE TECHNOLOGIES ENGINEERING LTD. |
|
| 91,421 |
|
| 119,950 |
|
|
|
|
| 188,000 |
| SINGAPORE TELECOMMUNICATIONS LTD. |
|
| 370,916 |
|
| 511,277 |
|
|
|
|
| 9,000 |
| UNITED OVERSEAS BANK LTD. |
|
| 92,783 |
|
| 147,406 |
|
|
|
|
| 15,000 |
| UOL GROUP LTD. |
|
| 49,917 |
|
| 74,043 |
|
|
|
|
|
|
|
|
|
| 2,476,189 |
|
| 3,642,742 |
|
| 0.89 | % |
SouthAfrica: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 49,316 |
| SHOPRITE HOLDINGS LTD. |
|
| 1,033,343 |
|
| 1,198,598 |
|
|
|
|
|
|
|
|
|
| 1,033,343 |
|
| 1,198,598 |
|
| 0.29 | % |
South Korea: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 7,439 |
| BINGGRAE CO. LTD. |
|
| 692,763 |
|
| 781,305 |
|
|
|
|
| 52,710 |
| BS FINANCIAL GROUP, INC. |
|
| 588,471 |
|
| 654,914 |
|
|
|
|
| 46,420 |
| DGB FINANCIAL GROUP, INC. |
|
| 573,075 |
|
| 633,371 |
|
|
|
|
| 21,400 |
| HALLA CLIMATE CONTROL CORP. |
|
| 447,476 |
|
| 475,463 |
|
|
|
|
| 4,234 |
| HYUNDAI MIPO DOCKYARD |
|
| 495,687 |
|
| 508,353 |
|
|
|
|
| 4,425 |
| KIWOOM SECURITIES CO. LTD. |
|
| 239,844 |
|
| 245,040 |
|
|
|
|
| 6,820 |
| KOREA INVESTMENT HOLDINGS CO. LTD. |
|
| 241,658 |
|
| 273,489 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 81 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
South Korea (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 7,454 |
| MEGASTUDY CO. LTD. |
| $ | 484,709 |
|
| 549,411 |
|
|
|
|
| 9,049 |
| YOUNGONE HOLDINGS CO. LTD. |
|
| 515,320 |
|
| 505,312 |
|
|
|
|
|
|
|
|
|
| 4,279,003 |
|
| 4,626,658 |
|
| 1.13 | % |
Spain: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 10,866 |
| ABERTIS INFRAESTRUCTURAS S.A. |
|
| 160,296 |
|
| 181,089 |
|
|
|
|
| 1,260 |
| ACCIONA S.A. |
|
| 78,312 |
|
| 95,548 |
|
|
|
|
| 7,760 |
| ACERINOX S.A. |
|
| 95,129 |
|
| 85,610 |
|
|
|
|
| 2,148 |
| AMADEUS IT HOLDING S.A., CLASS A |
|
| 49,855 |
|
| 53,902 |
|
|
|
|
| 26,395 |
| ANTENA 3 DE TELEVISION S.A. |
|
| 104,337 |
|
| 136,333 |
|
|
|
|
| 97,279 |
| BANCO BILBAO VIZCAYA ARGENTARIA S.A. |
|
| 737,382 |
|
| 893,054 |
|
|
|
|
| 65,630 |
| BANCO DE SABADELL S.A.(b) |
|
| 181,306 |
|
| 173,902 |
|
|
|
|
| 153,939 |
| BANCO SANTANDER S.A. |
|
| 1,041,028 |
|
| 1,241,222 |
|
|
|
|
| 27,341 |
| CAIXABANK |
|
| 92,783 |
|
| 95,583 |
|
|
|
|
| 1,388 |
| CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A. |
|
| 645,501 |
|
| 639,599 |
|
|
|
|
| 9,700 |
| DISTRIBUIDORA INTERNACIONAL DE ALIMENTACION S.A. |
|
| 47,567 |
|
| 62,329 |
|
|
|
|
| 73,594 |
| DURO FELGUERA S.A. |
|
| 466,774 |
|
| 471,198 |
|
|
|
|
| 5,084 |
| ENAGAS S.A. |
|
| 87,894 |
|
| 108,793 |
|
|
|
|
| 18,004 |
| GAS NATURAL SDG S.A. |
|
| 278,700 |
|
| 329,219 |
|
|
|
|
| 1,818 |
| GRIFOLS S.A.(b) |
|
| 52,706 |
|
| 63,963 |
|
|
|
|
| 17,125 |
| IBERDROLA S.A. |
|
| 71,908 |
|
| 95,496 |
|
|
|
|
| 3,101 |
| INDITEX S.A. |
|
| 374,413 |
|
| 434,443 |
|
|
|
|
| 80,017 |
| MAPFRE S.A. |
|
| 217,995 |
|
| 246,970 |
|
|
|
|
| 20,350 |
| MELIA HOTELS INTERNATIONAL S.A. |
|
| 135,424 |
|
| 156,384 |
|
|
|
|
| 3,172 |
| RED ELECTRICA CORP. S.A. |
|
| 137,295 |
|
| 156,721 |
|
|
|
|
| 22,452 |
| REPSOL S.A. |
|
| 446,870 |
|
| 461,089 |
|
|
|
|
| 10,996 |
| TECNICAS REUNIDAS S.A. |
|
| 547,514 |
|
| 511,339 |
|
|
|
|
| 23,962 |
| TELEFONICA S.A. |
|
| 368,956 |
|
| 325,374 |
|
|
|
|
| 4,021 |
| ZARDOYA OTIS S.A. |
|
| 49,157 |
|
| 57,956 |
|
|
|
|
|
|
|
|
|
| 6,469,102 |
|
| 7,077,116 |
|
| 1.74 | % |
Sweden: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 7,400 |
| ASSA ABLOY AB, CLASS B |
|
| 89,466 |
|
| 278,650 |
|
|
|
|
| 11,337 |
| ATLAS COPCO AB, CLASS A |
|
| 121,649 |
|
| 313,843 |
|
|
|
|
| 6,368 |
| ATLAS COPCO AB, CLASS B |
|
| 78,834 |
|
| 156,233 |
|
|
|
|
| 39,960 |
| DUNI AB |
|
| 351,554 |
|
| 364,717 |
|
|
|
|
| 8,524 |
| ELECTROLUX AB, CLASS B |
|
| 113,200 |
|
| 223,871 |
|
|
|
|
| 8,575 |
| ELEKTA AB, CLASS B |
|
| 104,728 |
|
| 135,225 |
|
|
|
|
| 77 |
| GETINGE AB, CLASS B |
|
| 905 |
|
| 2,608 |
|
|
|
|
| 13,660 |
| HENNES & MAURITZ AB, CLASS B |
|
| 276,813 |
|
| 474,676 |
|
|
|
|
| 3,700 |
| HEXAGON AB, CLASS B |
|
| 56,830 |
|
| 93,009 |
|
|
|
|
| 17,500 |
| HUSQVARNA AB, CLASS B |
|
| 64,201 |
|
| 106,080 |
|
|
|
|
| 10,000 |
| INDUSTRIVARDEN AB, CLASS C |
|
| 103,927 |
|
| 166,307 |
|
|
|
|
| 46,254 |
| INDUTRADE AB |
|
| 1,300,495 |
|
| 1,400,003 |
|
|
|
|
| 3,000 |
| INVESTMENT AB KINNEVIK, CLASS B |
|
| 51,225 |
|
| 62,686 |
|
|
|
|
| 11,800 |
| INVESTOR AB, CLASS B |
|
| 161,782 |
|
| 309,493 |
|
|
|
|
| 2,344 |
| LUNDIN PETROLEUM AB(b) |
|
| 54,274 |
|
| 54,086 |
|
|
|
|
| 1,045 |
| MILLICOM INTERNATIONAL CELLULAR S.A. SDR |
|
| 88,132 |
|
| 90,827 |
|
|
|
|
| 41,436 |
| NORDEA BANK AB |
|
| 232,747 |
|
| 396,841 |
|
|
|
|
| 23,773 |
| SANDVIK AB |
|
| 201,678 |
|
| 382,092 |
|
|
|
|
| 2,429 |
| SCANIA AB, CLASS B |
|
| 50,725 |
|
| 50,519 |
|
|
|
|
| 15,868 |
| SECURITAS AB, CLASS B |
|
| 125,722 |
|
| 139,388 |
|
|
|
|
| 41,800 |
| SKANDINAVISKA ENSKILDA BANKEN AB, CLASS A |
|
| 171,318 |
|
| 356,453 |
|
|
|
|
| 2,800 |
| SKANSKA AB, CLASS B |
|
| 23,703 |
|
| 46,068 |
|
|
|
|
| 5,400 |
| SSAB AB, CLASS A |
|
| 48,129 |
|
| 47,618 |
|
|
|
|
| 56,755 |
| SVENSKA CELLULOSA AB, CLASS B |
|
| 1,036,621 |
|
| 1,242,405 |
|
|
|
|
| 11,896 |
| SVENSKA HANDELSBANKEN AB, CLASS A |
|
| 264,805 |
|
| 426,233 |
|
|
|
|
| 4,856 |
| SWEDBANK AB, CLASS A |
|
| 93,496 |
|
| 95,558 |
|
|
|
|
| 5,254 |
| TELE2 AB, CLASS B |
|
| 90,044 |
|
| 95,288 |
|
|
|
|
| 58,718 |
| TELEFONAKTIEBOLAGET LM ERICSSON, CLASS B |
|
| 533,417 |
|
| 590,601 |
|
|
|
|
| 43,674 |
| TELIASONERA AB |
|
| 244,086 |
|
| 297,486 |
|
|
|
|
| 21,000 |
| VOLVO AB, CLASS B |
|
| 127,847 |
|
| 289,584 |
|
|
|
|
|
|
|
|
|
| 6,262,353 |
|
| 8,688,448 |
|
| 2.13 | % |
Switzerland: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 44,424 |
| ABB LTD. (REGISTERED) |
|
| 619,065 |
|
| 922,416 |
|
|
|
|
| 25,102 |
| ACE LTD. |
|
| 2,022,995 |
|
| 2,003,140 |
|
|
|
|
| 2,362 |
| ACTELION LTD. (REGISTERED) |
|
| 90,246 |
|
| 113,456 |
|
|
|
|
| 18,895 |
| ADECCO S.A. (REGISTERED) |
|
| 790,950 |
|
| 1,001,543 |
|
|
|
|
| 2,059 |
| ARYZTA A.G. |
|
| 50,704 |
|
| 105,643 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 82 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund |
December 31, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Switzerland (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 484 |
| BALOISE HOLDING A.G. (REGISTERED) |
| $ | 26,452 |
|
| 42,238 |
|
|
|
|
| 8,167 |
| CIE FINANCIERE RICHEMONT S.A., CLASS A (BEARER) |
|
| 550,612 |
|
| 653,062 |
|
|
|
|
| 8,634 |
| CREDIT SUISSE GROUP A.G. (REGISTERED) |
|
| 188,288 |
|
| 216,639 |
|
|
|
|
| 440 |
| FORBO HOLDING A.G. (REGISTERED) |
|
| 288,223 |
|
| 281,918 |
|
|
|
|
| 1,115 |
| GEBERIT A.G. (REGISTERED) |
|
| 110,661 |
|
| 246,837 |
|
|
|
|
| 174 |
| GIVAUDAN S.A. (REGISTERED) |
|
| 105,989 |
|
| 184,471 |
|
|
|
|
| 52,102 |
| GLENCORE INTERNATIONAL PLC |
|
| 293,569 |
|
| 303,635 |
|
|
|
|
| 4,025 |
| HOLCIM LTD. (REGISTERED) |
|
| 183,971 |
|
| 296,453 |
|
|
|
|
| 6,304 |
| JULIUS BAER GROUP LTD. |
|
| 156,474 |
|
| 226,809 |
|
|
|
|
| 8,784 |
| KUEHNE + NAGEL INTERNATIONAL A.G. (REGISTERED) |
|
| 975,525 |
|
| 1,069,020 |
|
|
|
|
| 41 |
| LINDT & SPRUENGLI A.G. (PARTICIPATION CERTIFICATE) |
|
| 59,775 |
|
| 133,720 |
|
|
|
|
| 3 |
| LINDT & SPRUENGLI A.G. (REGISTERED) |
|
| 75,352 |
|
| 113,213 |
|
|
|
|
| 41,960 |
| LOGITECH INTERNATIONAL S.A. (REGISTERED) |
|
| 369,319 |
|
| 316,378 |
|
|
|
|
| 91,854 |
| NESTLE S.A. (REGISTERED) |
|
| 3,591,121 |
|
| 5,986,503 |
|
|
|
|
| 31,669 |
| NOBEL BIOCARE HOLDING A.G. (REGISTERED) |
|
| 289,021 |
|
| 269,543 |
|
|
|
|
| 58,378 |
| NOVARTIS A.G. (REGISTERED) |
|
| 2,520,675 |
|
| 3,696,000 |
|
|
|
|
| 15,256 |
| PANALPINA WELTTRANSPORT HOLDING A.G. (REGISTERED) |
|
| 1,198,279 |
|
| 1,551,001 |
|
|
|
|
| 10,711 |
| PARGESA HOLDING S.A. (BEARER) |
|
| 685,433 |
|
| 741,217 |
|
|
|
|
| 14,218 |
| ROCHE HOLDING A.G. (GENUSSCHEIN) |
|
| 1,931,605 |
|
| 2,896,561 |
|
|
|
|
| 1,381 |
| SCHINDLER HOLDING A.G. (PARTICIPATION CERTIFICATE) |
|
| 108,493 |
|
| 199,473 |
|
|
|
|
| 589 |
| SCHINDLER HOLDING A.G. (REGISTERED) |
|
| 68,597 |
|
| 83,480 |
|
|
|
|
| 1,089 |
| SGS S.A. (REGISTERED) |
|
| 2,245,506 |
|
| 2,419,154 |
|
|
|
|
| 77 |
| SIKA A.G. (BEARER) |
|
| 152,753 |
|
| 178,457 |
|
|
|
|
| 1,300 |
| SONOVA HOLDING A.G. (REGISTERED) |
|
| 84,464 |
|
| 144,023 |
|
|
|
|
| 10,640 |
| STMICROELECTRONICS N.V. |
|
| 55,625 |
|
| 77,576 |
|
|
|
|
| 635 |
| SULZER A.G. (REGISTERED) |
|
| 30,609 |
|
| 100,634 |
|
|
|
|
| 510 |
| SWATCH GROUP (THE) A.G. (BEARER) |
|
| 241,014 |
|
| 262,464 |
|
|
|
|
| 620 |
| SWISS PRIME SITE A.G. (REGISTERED) |
|
| 50,243 |
|
| 51,877 |
|
|
|
|
| 3,258 |
| SWISS RE A.G. |
|
| 237,318 |
|
| 237,783 |
|
|
|
|
| 850 |
| SWISSCOM A.G. (REGISTERED) |
|
| 312,654 |
|
| 366,598 |
|
|
|
|
| 1,170 |
| SYNGENTA A.G. (REGISTERED) |
|
| 237,102 |
|
| 471,958 |
|
|
|
|
| 56,261 |
| TE CONNECTIVITY LTD. |
|
| 1,102,960 |
|
| 2,088,408 |
|
|
|
|
| 4,316 |
| WOLSELEY PLC |
|
| 70,476 |
|
| 205,144 |
|
|
|
|
| 42,081 |
| XSTRATA PLC |
|
| 389,442 |
|
| 748,456 |
|
|
|
|
| 2,962 |
| ZURICH FINANCIAL SERVICES A.G. |
|
| 537,249 |
|
| 792,014 |
|
|
|
|
|
|
|
|
|
| 23,098,809 |
|
| 31,798,915 |
|
| 7.79 | % |
Taiwan: |
|
|
|
|
|
|
|
|
|
| |||
| 803,000 |
| D-LINK CORP. |
|
| 454,041 |
|
| 508,550 |
|
|
|
|
| 112,000 |
| GIANT MANUFACTURING CO. LTD. |
|
| 593,113 |
|
| 644,256 |
|
|
|
|
| 142,000 |
| SIMPLO TECHNOLOGY CO. LTD. |
|
| 830,775 |
|
| 717,246 |
|
|
|
|
| 159,151 |
| TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. ADR(c) |
|
| 2,442,840 |
|
| 2,731,031 |
|
|
|
|
|
|
|
|
|
| 4,320,769 |
|
| 4,601,083 |
|
| 1.13 | % |
Thailand: |
|
|
|
|
|
|
|
|
|
| |||
| 1,024,700 |
| LPN DEVELOPMENT PCL (REGISTERED) |
|
| 612,245 |
|
| 616,361 |
|
|
|
|
|
|
|
|
|
| 612,245 |
|
| 616,361 |
|
| 0.15 | % |
Turkey: |
|
|
|
|
|
|
|
|
|
| |||
| 35,552 |
| AYGAZ A/S |
|
| 160,534 |
|
| 188,258 |
|
|
|
|
|
|
|
|
|
| 160,534 |
|
| 188,258 |
|
| 0.05 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United Kingdom: |
|
|
|
|
|
|
|
|
|
| |||
| 11,608 |
| 3I GROUP PLC |
|
| 38,159 |
|
| 40,579 |
|
|
|
|
| 13,185 |
| ABERDEEN ASSET MANAGEMENT PLC |
|
| 49,918 |
|
| 78,185 |
|
|
|
|
| 56,727 |
| ADMIRAL GROUP PLC |
|
| 1,011,863 |
|
| 1,086,259 |
|
|
|
|
| 2,169 |
| AGGREKO PLC |
|
| 65,013 |
|
| 62,203 |
|
|
|
|
| 91,638 |
| ALENT PLC(b) |
|
| 424,694 |
|
| 459,684 |
|
|
|
|
| 6,487 |
| AMEC PLC |
|
| 66,053 |
|
| 106,133 |
|
|
|
|
| 21,098 |
| ANGLO AMERICAN PLC |
|
| 402,109 |
|
| 673,480 |
|
|
|
|
| 4,811 |
| ANTOFAGASTA PLC |
|
| 33,978 |
|
| 106,904 |
|
|
|
|
| 33,451 |
| AON PLC |
|
| 1,617,255 |
|
| 1,859,876 |
|
|
|
|
| 12,569 |
| ARM HOLDINGS PLC |
|
| 157,039 |
|
| 160,719 |
|
|
|
|
| 55,785 |
| ARM HOLDINGS PLC ADR(c) |
|
| 1,591,976 |
|
| 2,110,347 |
|
|
|
|
| 119,301 |
| ASHMORE GROUP PLC |
|
| 722,417 |
|
| 689,836 |
|
|
|
|
| 23,825 |
| ASTRAZENECA PLC |
|
| 844,023 |
|
| 1,126,336 |
|
|
|
|
| 59,299 |
| AVIVA PLC |
|
| 212,664 |
|
| 357,976 |
|
|
|
|
| 5,239 |
| BABCOCK INTERNATIONAL GROUP PLC |
|
| 47,416 |
|
| 81,303 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 83 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund |
December 31, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
United Kingdom (Cont’d): |
|
|
|
|
|
|
|
|
| ||||
| 45,083 |
| BAE SYSTEMS PLC |
| $ | 222,741 |
|
| 247,685 |
|
|
|
|
| 192,166 |
| BARCLAYS PLC |
|
| 735,199 |
|
| 829,847 |
|
|
|
|
| 28,750 |
| BELLWAY PLC |
|
| 466,911 |
|
| 488,699 |
|
|
|
|
| 78,740 |
| BERENDSEN PLC |
|
| 717,414 |
|
| 750,034 |
|
|
|
|
| 58,418 |
| BG GROUP PLC |
|
| 917,965 |
|
| 979,569 |
|
|
|
|
| 40,871 |
| BHP BILLITON PLC |
|
| 904,905 |
|
| 1,436,187 |
|
|
|
|
| 84,450 |
| BODYCOTE PLC |
|
| 502,843 |
|
| 626,333 |
|
|
|
|
| 40,090 |
| BOVIS HOMES GROUP PLC |
|
| 334,837 |
|
| 375,320 |
|
|
|
|
| 335,818 |
| BP PLC |
|
| 2,248,089 |
|
| 2,326,803 |
|
|
|
|
| 26,734 |
| BRITISH AMERICAN TOBACCO PLC |
|
| 942,646 |
|
| 1,354,613 |
|
|
|
|
| 11,630 |
| BRITISH LAND CO. PLC |
|
| 61,579 |
|
| 108,122 |
|
|
|
|
| 17,468 |
| BRITISH SKY BROADCASTING GROUP PLC |
|
| 116,486 |
|
| 218,209 |
|
|
|
|
| 130,142 |
| BT GROUP PLC |
|
| 472,713 |
|
| 490,570 |
|
|
|
|
| 5,069 |
| BUNZL PLC |
|
| 39,524 |
|
| 82,766 |
|
|
|
|
| 8,202 |
| BURBERRY GROUP PLC |
|
| 40,549 |
|
| 167,932 |
|
|
|
|
| 16,980 |
| CAPITA PLC |
|
| 162,367 |
|
| 210,257 |
|
|
|
|
| 6,025 |
| CAPITAL SHOPPING CENTRES GROUP PLC |
|
| 23,472 |
|
| 33,900 |
|
|
|
|
| 3,001 |
| CARNIVAL PLC |
|
| 81,398 |
|
| 116,008 |
|
|
|
|
| 21,278 |
| CARPETRIGHT PLC(b) |
|
| 208,442 |
|
| 236,350 |
|
|
|
|
| 92,189 |
| CENTRICA PLC |
|
| 340,421 |
|
| 500,807 |
|
|
|
|
| 11,669 |
| COBHAM PLC |
|
| 30,337 |
|
| 42,437 |
|
|
|
|
| 278,351 |
| COMPASS GROUP PLC |
|
| 1,770,331 |
|
| 3,291,991 |
|
|
|
|
| 2,950 |
| CRODA INTERNATIONAL PLC |
|
| 101,220 |
|
| 114,290 |
|
|
|
|
| 178,700 |
| DEBENHAMS PLC |
|
| 183,635 |
|
| 331,743 |
|
|
|
|
| 86,957 |
| DIAGEO PLC |
|
| 1,189,739 |
|
| 2,531,538 |
|
|
|
|
| 17,440 |
| DIGNITY PLC |
|
| 263,164 |
|
| 301,543 |
|
|
|
|
| 148,835 |
| DIPLOMA PLC |
|
| 1,084,198 |
|
| 1,338,370 |
|
|
|
|
| 78,731 |
| DIRECT LINE INSURANCE GROUP PLC(b) |
|
| 243,123 |
|
| 275,326 |
|
|
|
|
| 24,646 |
| DOMINO’S PIZZA GROUP PLC |
|
| 198,335 |
|
| 201,760 |
|
|
|
|
| 95 |
| DRAX GROUP PLC |
|
| 544 |
|
| 840 |
|
|
|
|
| 15,800 |
| EVRAZ PLC |
|
| 58,891 |
|
| 69,739 |
|
|
|
|
| 92,109 |
| FIBERWEB PLC |
|
| 101,889 |
|
| 104,626 |
|
|
|
|
| 9,888 |
| G4S PLC |
|
| 27,001 |
|
| 41,289 |
|
|
|
|
| 32,712 |
| GKN PLC |
|
| 101,683 |
|
| 122,057 |
|
|
|
|
| 91,912 |
| GLAXOSMITHKLINE PLC |
|
| 1,410,189 |
|
| 1,995,555 |
|
|
|
|
| 101,170 |
| GREGGS PLC |
|
| 781,008 |
|
| 751,604 |
|
|
|
|
| 17,505 |
| HAMMERSON PLC |
|
| 69,535 |
|
| 141,040 |
|
|
|
|
| 62,510 |
| HOMESERVE PLC |
|
| 239,482 |
|
| 235,995 |
|
|
|
|
| 356,152 |
| HSBC HOLDINGS PLC |
|
| 2,511,669 |
|
| 3,766,960 |
|
|
|
|
| 109,069 |
| ICAP PLC |
|
| 566,994 |
|
| 557,998 |
|
|
|
|
| 323,672 |
| IG GROUP HOLDINGS PLC |
|
| 2,355,619 |
|
| 2,369,815 |
|
|
|
|
| 18,792 |
| IMPERIAL TOBACCO GROUP PLC |
|
| 441,174 |
|
| 725,650 |
|
|
|
|
| 11,958 |
| INMARSAT PLC |
|
| 92,794 |
|
| 115,432 |
|
|
|
|
| 15,937 |
| INTERNATIONAL CONSOLIDATED AIRLINES GROUP S.A.(b) |
|
| 37,969 |
|
| 47,100 |
|
|
|
|
| 2,722 |
| INTERTEK GROUP PLC |
|
| 108,909 |
|
| 137,368 |
|
|
|
|
| 12,127 |
| INVENSYS PLC |
|
| 29,802 |
|
| 65,887 |
|
|
|
|
| 11,111 |
| INVESTEC PLC |
|
| 66,959 |
|
| 75,677 |
|
|
|
|
| 303,659 |
| ITE GROUP PLC |
|
| 975,638 |
|
| 1,218,648 |
|
|
|
|
| 17,144 |
| ITV PLC |
|
| 9,112 |
|
| 29,411 |
|
|
|
|
| 29,306 |
| J. SAINSBURY PLC |
|
| 141,007 |
|
| 164,888 |
|
|
|
|
| 3,841 |
| JOHNSON MATTHEY PLC |
|
| 85,088 |
|
| 147,515 |
|
|
|
|
| 4,109 |
| KAZAKHMYS PLC |
|
| 31,447 |
|
| 54,032 |
|
|
|
|
| 42,914 |
| KINGFISHER PLC |
|
| 109,517 |
|
| 198,215 |
|
|
|
|
| 195,230 |
| LAIRD PLC |
|
| 683,216 |
|
| 647,720 |
|
|
|
|
| 15,511 |
| LAND SECURITIES GROUP PLC |
|
| 113,585 |
|
| 209,706 |
|
|
|
|
| 24,932 |
| LEGAL & GENERAL GROUP PLC |
|
| 59,462 |
|
| 60,191 |
|
|
|
|
| 1,573,050 |
| LLOYDS BANKING GROUP PLC(b) |
|
| 1,240,403 |
|
| 1,260,453 |
|
|
|
|
| 6,030 |
| LONDON STOCK EXCHANGE GROUP PLC |
|
| 69,795 |
|
| 105,328 |
|
|
|
|
| 198,580 |
| MAN GROUP PLC |
|
| 259,918 |
|
| 266,274 |
|
|
|
|
| 25,083 |
| MARKS & SPENCER GROUP PLC |
|
| 101,882 |
|
| 156,385 |
|
|
|
|
| 223,728 |
| MEARS GROUP PLC |
|
| 1,067,408 |
|
| 1,195,825 |
|
|
|
|
| 13,587 |
| MEGGITT PLC |
|
| 60,745 |
|
| 84,699 |
|
|
|
|
| 15,880 |
| MELROSE INDUSTRIES PLC |
|
| 52,258 |
|
| 59,161 |
|
|
|
|
| 92,482 |
| MICHAEL PAGE INTERNATIONAL PLC |
|
| 519,290 |
|
| 597,311 |
|
|
|
|
| 348,938 |
| MITIE GROUP PLC |
|
| 1,649,110 |
|
| 1,493,172 |
|
|
|
|
| 28,932 |
| NATIONAL GRID PLC |
|
| 186,288 |
|
| 331,400 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 84 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund |
December 31, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
United Kingdom (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 3,200 |
| NEXT PLC |
| $ | 86,367 |
|
| 197,506 |
|
|
|
|
| 96,618 |
| OLD MUTUAL PLC |
|
| 133,905 |
|
| 286,984 |
|
|
|
|
| 12,536 |
| PEARSON PLC |
|
| 148,820 |
|
| 245,071 |
|
|
|
|
| 3,761 |
| PETROFAC LTD. |
|
| 71,320 |
|
| 101,896 |
|
|
|
|
| 26,634 |
| PRUDENTIAL PLC |
|
| 375,820 |
|
| 371,632 |
|
|
|
|
| 442,700 |
| QINETIQ GROUP PLC |
|
| 825,790 |
|
| 1,300,163 |
|
|
|
|
| 950 |
| RANDGOLD RESOURCES LTD. |
|
| 104,460 |
|
| 93,628 |
|
|
|
|
| 13,321 |
| RECKITT BENCKISER GROUP PLC |
|
| 585,115 |
|
| 834,477 |
|
|
|
|
| 185,888 |
| REED ELSEVIER PLC |
|
| 1,450,716 |
|
| 1,951,805 |
|
|
|
|
| 24,403 |
| RESOLUTION LTD. |
|
| 95,067 |
|
| 97,414 |
|
|
|
|
| 20,541 |
| REXAM PLC |
|
| 87,985 |
|
| 144,344 |
|
|
|
|
| 9,588 |
| RIGHTMOVE PLC |
|
| 246,958 |
|
| 220,857 |
|
|
|
|
| 19,369 |
| RIO TINTO PLC |
|
| 853,296 |
|
| 1,128,679 |
|
|
|
|
| 17,193 |
| ROLLS-ROYCE HOLDINGS PLC |
|
| 248,249 |
|
| 247,721 |
|
|
|
|
| 21,561 |
| ROYAL BANK OF SCOTLAND GROUP PLC(b) |
|
| 103,058 |
|
| 116,125 |
|
|
|
|
| 65,996 |
| RSA INSURANCE GROUP PLC |
|
| 124,109 |
|
| 133,200 |
|
|
|
|
| 11,375 |
| SABMILLER PLC |
|
| 504,213 |
|
| 535,399 |
|
|
|
|
| 21,731 |
| SAGE GROUP (THE) PLC |
|
| 74,327 |
|
| 104,105 |
|
|
|
|
| 76,707 |
| SAVILLS PLC |
|
| 358,714 |
|
| 595,706 |
|
|
|
|
| 10,277 |
| SEGRO PLC |
|
| 36,889 |
|
| 42,139 |
|
|
|
|
| 77,648 |
| SERCO GROUP PLC |
|
| 686,588 |
|
| 668,480 |
|
|
|
|
| 4,954 |
| SEVERN TRENT PLC |
|
| 76,220 |
|
| 126,923 |
|
|
|
|
| 14,030 |
| SMITH & NEPHEW PLC |
|
| 98,533 |
|
| 155,265 |
|
|
|
|
| 5,478 |
| SMITHS GROUP PLC |
|
| 80,025 |
|
| 107,824 |
|
|
|
|
| 16,949 |
| SSE PLC |
|
| 293,983 |
|
| 391,710 |
|
|
|
|
| 46,350 |
| STANDARD CHARTERED PLC |
|
| 772,953 |
|
| 1,174,911 |
|
|
|
|
| 48,103 |
| STANDARD LIFE PLC |
|
| 131,737 |
|
| 256,934 |
|
|
|
|
| 6,872 |
| SUBSEA 7 S.A. |
|
| 162,265 |
|
| 164,358 |
|
|
|
|
| 46,509 |
| SYNERGY HEALTH PLC |
|
| 706,531 |
|
| 824,695 |
|
|
|
|
| 8,607 |
| TATE & LYLE PLC |
|
| 92,385 |
|
| 106,729 |
|
|
|
|
| 347,453 |
| TESCO PLC |
|
| 1,758,861 |
|
| 1,908,670 |
|
|
|
|
| 18,836 |
| TULLOW OIL PLC |
|
| 298,063 |
|
| 383,583 |
|
|
|
|
| 24,244 |
| UNILEVER PLC |
|
| 545,190 |
|
| 920,249 |
|
|
|
|
| 38,512 |
| UNILEVER PLC ADR(c) |
|
| 941,533 |
|
| 1,491,185 |
|
|
|
|
| 10,541 |
| UNITED UTILITIES GROUP PLC |
|
| 80,109 |
|
| 115,669 |
|
|
|
|
| 307,500 |
| VECTURA GROUP PLC(b) |
|
| 435,905 |
|
| 427,643 |
|
|
|
|
| 2,343 |
| VEDANTA RESOURCES PLC |
|
| 35,450 |
|
| 45,793 |
|
|
|
|
| 78,964 |
| VESUVIUS PLC |
|
| 355,588 |
|
| 446,603 |
|
|
|
|
| 928,295 |
| VODAFONE GROUP PLC |
|
| 1,671,709 |
|
| 2,334,538 |
|
|
|
|
| 1,806 |
| WEIR GROUP (THE) PLC |
|
| 44,508 |
|
| 56,057 |
|
|
|
|
| 2,849 |
| WHITBREAD PLC |
|
| 65,613 |
|
| 113,580 |
|
|
|
|
| 14,810 |
| WM MORRISON SUPERMARKETS PLC |
|
| 54,378 |
|
| 63,345 |
|
|
|
|
| 23,432 |
| WPP PLC |
|
| 141,019 |
|
| 340,637 |
|
|
|
|
|
|
|
|
|
| 54,350,764 |
|
| 69,988,027 |
|
| 17.15 | % |
United States: |
|
|
|
|
|
|
|
|
|
| |||
| 43,295 |
| ARCH CAPITAL GROUP LTD.(b) |
|
| 830,535 |
|
| 1,905,846 |
|
|
|
|
| 23,080 |
| AXIS CAPITAL HOLDINGS LTD. |
|
| 861,791 |
|
| 799,491 |
|
|
|
|
| 9,091 |
| BROOKFIELD OFFICE PROPERTIES, INC.(b) |
|
| 79,818 |
|
| 155,005 |
|
|
|
|
| 1,379 |
| CATAMARAN CORP.(b) |
|
| 63,335 |
|
| 64,853 |
|
|
|
|
| 64,714 |
| COCA-COLA ENTERPRISES, INC. |
|
| 2,030,149 |
|
| 2,053,375 |
|
|
|
|
| 21,389 |
| SIGNET JEWELERS LTD. |
|
| 414,556 |
|
| 1,142,173 |
|
|
|
|
| 8,041 |
| THOMSON REUTERS CORP. |
|
| 206,631 |
|
| 232,653 |
|
|
|
|
|
|
|
|
|
| 4,486,815 |
|
| 6,353,396 |
|
| 1.56 | % |
|
| Sub-total Common Stocks: |
|
| 311,374,612 |
|
| 386,451,806 |
|
| 94.71 | % | |
Preferred Stocks: |
|
|
|
|
|
|
|
|
|
| |||
Germany: |
|
|
|
|
|
|
|
|
|
| |||
| 1,521 |
| BAYERISCHE MOTOREN WERKE A.G. |
|
| 49,612 |
|
| 98,290 |
|
|
|
|
| 604 |
| HENKEL A.G. & CO. KGAA |
|
| 50,309 |
|
| 49,602 |
|
|
|
|
| 3,478 |
| PORSCHE AUTOMOBIL HOLDING S.E. |
|
| 159,145 |
|
| 283,410 |
|
|
|
|
| 3,577 |
| PROSIEBENSAT.1 MEDIA A.G. |
|
| 60,489 |
|
| 100,653 |
|
|
|
|
| 2,770 |
| RWE A.G. (NON VOTING) |
|
| 76,994 |
|
| 104,474 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 85 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund |
December 31, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Germany (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
| 1,742 |
| VOLKSWAGEN A.G. |
| $ | 376,312 |
|
| 396,315 |
|
|
|
|
|
|
|
|
|
| 772,861 |
|
| 1,032,744 |
|
| 0.25 | % |
|
| Sub-total Preferred Stocks |
|
| 772,861 |
|
| 1,032,744 |
|
| 0.25 | % | |
Rights: |
|
|
|
|
|
|
|
|
|
| |||
Austria: |
|
|
|
|
|
|
|
|
|
| |||
| 10,586 |
| IMMOEAST A.G.(b) |
|
| - |
|
| - |
|
|
|
|
|
|
|
|
|
| - |
|
| - |
|
| 0.00 | % |
Spain: |
|
|
|
|
|
|
|
|
|
|
| ||
| 22,452 |
| REPSOL S.A.(b) |
|
| 14,061 |
|
| 13,692 |
|
|
|
|
|
|
|
|
|
| 14,061 |
|
| 13,692 |
|
| 0.00 | % |
|
| Sub-total Rights |
|
| 14,061 |
|
| 13,692 |
|
| 0.00 | % | |
Short-Term Investments: |
|
|
|
|
|
|
|
|
|
| |||
| 33,524,860 |
| NORTHERN INSTITUTIONAL FUNDS - |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. GOVERNMENT SELECT PORTFOLIO, 0.01%(e) |
|
| 33,524,860 |
|
| 33,524,860 |
|
|
|
|
|
| Sub-total Short-Term Investments: |
|
| 33,524,860 |
|
| 33,524,860 |
|
| 8.22 | % | |
|
|
| Grand total(f) |
| $ | 345,686,394 |
|
| 421,023,102 |
|
| 103.18 | % |
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 2.81% of net assets. |
|
|
|
| (d) | This security is being fair valued according to procedures adopted by the Board of Trustees. |
|
|
|
| (e) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. |
At December 31, 2011, the value of the Clearwater International Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was approximately $2,073,315 with net purchases of approximately $31,451,545 during the fiscal year ended December 31, 2012.
|
|
|
| (f) | At December 31, 2012, the cost for Federal income tax purposes was $347,101,180. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost were as follows: |
|
|
|
|
|
Gross unrealized appreciation |
| $ | 77,688,816 |
|
Gross unrealized depreciation |
|
| (3,766,894 | ) |
Net unrealized appreciation |
| $ | 73,921,922 |
|
|
|
|
See accompanying notes to the financial statements. | 86 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund |
December 31, 2012 |
|
At December 31, 2012, the industry sectors for the Clearwater International Fund were: |
|
|
|
|
|
Industry Sector |
| Percent of |
| |
Consumer Discretionary |
|
| 15.87 | % |
Consumer Staples |
|
| 12.20 |
|
Energy |
|
| 6.37 |
|
Financials |
|
| 20.92 |
|
Health Care |
|
| 7.91 |
|
Industrials |
|
| 16.65 |
|
Information Technology |
|
| 8.06 |
|
Materials |
|
| 7.72 |
|
Telecommunication Services |
|
| 2.39 |
|
Utilities |
|
| 1.91 |
|
|
|
| 100.00 | % |
At December 31, 2012, the Clearwater International Fund’s investments were denominated in the following currencies:
|
|
|
|
|
Concentration by Currency |
| Percent of |
| |
Euro |
|
| 21.86 | % |
British Pound |
|
| 18.31 |
|
Japanese Yen |
|
| 14.74 |
|
United States Dollar |
|
| 9.94 |
|
Australian Dollar |
|
| 7.23 |
|
Canadian Dollar |
|
| 6.97 |
|
Swiss Franc |
|
| 6.72 |
|
Hong Kong Dollar |
|
| 5.53 |
|
All other currencies less than 5% |
|
| 8.70 |
|
|
|
| 100.00 | % |
At December 31, 2012, the Clearwater International Fund had outstanding forward foreign currency exchange contracts as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts To |
| Amount |
| In |
| Amount |
| Settlement |
| Unrealized |
| Counterparty |
| ||||||
Euro |
|
| 4,698 |
|
| United States Dollar |
|
| 6,204 |
|
| 1/2/13 |
| $ | 3 |
|
| Northern Trust |
|
Hong Kong Dollar |
|
| 105,115 |
|
| United States Dollar |
|
| 13,560 |
|
| 1/2/13 |
|
| (2 | ) |
| Northern Trust |
|
United States Dollar |
|
| 5,019 |
|
| British Pound |
|
| 3,123 |
|
| 1/2/13 |
|
| 54 |
|
| Morgan Stanley |
|
United States Dollar |
|
| 15,630 |
|
| British Pound |
|
| 9,701 |
|
| 1/2/13 |
|
| 128 |
|
| Northern Trust |
|
United States Dollar |
|
| 21,574 |
|
| Hong Kong Dollar |
|
| 167,238 |
|
| 1/2/13 |
|
| 3 |
|
| Northern Trust |
|
British Pound |
|
| 889 |
|
| United States Dollar |
|
| 1,437 |
|
| 1/3/13 |
|
| (7 | ) |
| Northern Trust |
|
British Pound |
|
| 935 |
|
| United States Dollar |
|
| 1,512 |
|
| 1/3/13 |
|
| (7 | ) |
| Northern Trust |
|
Canadian Dollar |
|
| 664 |
|
| United States Dollar |
|
| 666 |
|
| 1/3/13 |
|
| (1 | ) |
| Northern Trust |
|
Hong Kong Dollar |
|
| 161,750 |
|
| United States Dollar |
|
| 20,869 |
|
| 1/3/13 |
|
| - | * |
| Northern Trust |
|
Hong Kong Dollar |
|
| 10,875 |
|
| United States Dollar |
|
| 1,403 |
|
| 1/3/13 |
|
| - | * |
| Northern Trust |
|
Hong Kong Dollar |
|
| 89,937 |
|
| United States Dollar |
|
| 11,602 |
|
| 1/3/13 |
|
| (2 | ) |
| Northern Trust |
|
United States Dollar |
|
| 27,639 |
|
| Australian Dollar |
|
| 26,656 |
|
| 1/3/13 |
|
| 35 |
|
| Northern Trust |
|
United States Dollar |
|
| 12,138 |
|
| British Pound |
|
| 7,513 |
|
| 1/3/13 |
|
| 66 |
|
| Northern Trust |
|
United States Dollar |
|
| 5,049 |
|
| British Pound |
|
| 3,123 |
|
| 1/3/13 |
|
| 25 |
|
| State Street |
|
United States Dollar |
|
| 12,725 |
|
| Hong Kong Dollar |
|
| 98,646 |
|
| 1/3/13 |
|
| 2 |
|
| Northern Trust |
|
United States Dollar |
|
| 566 |
|
| Hong Kong Dollar |
|
| 4,384 |
|
| 1/3/13 |
|
| - | * |
| Northern Trust |
|
United States Dollar |
|
| 61,039 |
|
| Australian Dollar |
|
| 58,776 |
|
| 1/4/13 |
|
| (22 | ) |
| Northern Trust |
|
United States Dollar |
|
| 5,527 |
|
| Japanese Yen |
|
| 471,674 |
|
| 1/4/13 |
|
| (83 | ) |
| Morgan Stanley |
|
United States Dollar |
|
| 5,114 |
|
| Swiss Franc |
|
| 4,671 |
|
| 1/4/13 |
|
| (7 | ) |
| Bank of America |
|
United States Dollar |
|
| 5,583 |
|
| Japanese Yen |
|
| 478,763 |
|
| 1/7/13 |
|
| (56 | ) |
| Bank of America |
|
|
|
|
See accompanying notes to the financial statements. | 87 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater International Fund |
December 31, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts To |
| Amount |
| In |
| Amount |
| Settlement |
| Unrealized |
| Counterparty |
| ||||||
Japanese Yen |
|
| 858,678 |
|
| United States Dollar |
|
| 9,985 |
|
| 1/8/13 |
| $ | 73 |
|
| Morgan Stanley |
|
Japanese Yen |
|
| 342,039,600 |
|
| United States Dollar |
|
| 4,350,542 |
|
| 2/15/13 |
|
| 401,014 |
|
| Northern Trust |
|
Japanese Yen |
|
| 16,623,952 |
|
| United States Dollar |
|
| 193,791 |
|
| 2/15/13 |
|
| 1,834 |
|
| Northern Trust |
|
United States Dollar |
|
| 746,999 |
|
| Japanese Yen |
|
| 59,101,067 |
|
| 2/15/13 |
|
| (64,559 | ) |
| Northern Trust |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 338,491 |
|
|
|
|
|
|
|
| * | Amount rounds to less than $1. |
The Clearwater International Fund did not have any spot foreign currency transactions outstanding as of December 31, 2012.
|
|
|
See accompanying notes to the financial statements. | 88 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments – Clearwater International Fund |
December 31, 2012 |
|
|
|
See accompanying notes to the financial statements. | 89 | (Continued) |
Item 2. Code of Ethics
As of December 31, 2012, 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, 2012, 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 | 2012 = $80,300 | 2011 = $83,600 |
| ||||
| (b) | Audit-Related Fees | 2012= $0 | 2011= $0 |
| ||||
| (c) | Tax Fees | 2012= $20,700 | 2011= $21,500 |
| ||||
| (d) | All Other Fees | 2012 = $79,500* | 2011 = $73,700* |
| * Amounts relate to audit services for Clearwater Management Company and its affiliates. | |||
| (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. |
|
|
|
|
|
|
| 2012 = $0 |
| 2011 = $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., Chief Executive Officer | |
|
|
| |
| Date: March 11, 2013 |
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., Chief Executive Officer | |
|
|
| |
| Date: March 11, 2013 | ||
|
|
| |
| Clearwater Investment Trust | ||
|
| ||
| By | /s/ George H. Weyerhaeuser, Jr. |
|
|
| George H. Weyerhaeuser, Jr., Treasurer | |
|
|
| |
| Date: March 11, 2013 |