UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
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| Investment Company Act file number | 811-05038 |
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| Clearwater Investment Trust |
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| (Exact name of registrant as specified in charter) |
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| 2000 Wells Fargo Place, 30 East 7th Street, Saint Paul, Minnesota 55101-4930 |
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| (Address of principal executive offices) (Zip code) |
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Lauren L. Kern
Fiduciary Counselling, Inc.
2000 Wells Fargo Place, 30 E. 7th Street
Saint Paul, Minnesota 55101-4930
Copy to:
Dechert LLP
One International Place, 40th Floor
100 Oliver Street
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| Boston, Massachusetts 02110 |
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| (Name and address of agent for service) |
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| Registrant’s telephone number, including area code: |
| 651-228-0935 |
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| Date of fiscal year end: |
| December 31 |
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| Date of reporting period: |
| December 31, 2013 |
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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, 2013
Letter to our shareholders (unaudited)
February 26, 2014
This annual report provides information regarding the performance and holdings of your Clearwater Funds for the year ended December 31, 2013. During 2013, the equity markets greatly outperformed the fixed income markets. The Clearwater International Fund has outperformed its benchmark for both the one-year and three-year periods, with notable performances from all subadvisers. The Clearwater Core Equity Fund fractionally underperformed its benchmark for 2013. The Clearwater Small Companies Fund posted the highest gains of all the Clearwater Funds; however, it did fall short of its performance benchmark for 2013. The Clearwater Tax-Exempt Bond Fund underperformed its benchmark for the one-year period, but its performance remains positive compared to its benchmark for the three-year period. We continue to work together to assess the results of the multi-manager, multi-style strategy, which was implemented in 2010 for the Clearwater Core Equity Fund; and the increased allocation to active management in the Clearwater International Fund which was implemented in late 2012.
We encourage you to read this annual report as it contains important information about your Clearwater Funds, including commentary from your investment manager, Clearwater Management Company, and the managers who act as subadvisers to the Funds provided in the section of the report that follows this letter titled: Management Discussion of Clearwater Funds’ Performance. Additionally, this report includes information describing the contract renewal process in December 2013, during which your Board of Trustees reviewed the services provided and fees charged by, as well as performance of Clearwater Management Company and that of each Clearwater subadviser.
The updated annual prospectus of the Clearwater Funds will be mailed to you by the end of April 2014. This annual update of the prospectus (and the related statement of additional information, which is available from your Financial Consultant at Fiduciary Counselling, Inc. upon request) includes a detailed discussion of the investment objective and risks of investing in each Fund. We believe this will help you better understand how your shareholder assets are invested and managed.
We hope the information disclosed within this annual report prepared for you, our shareholders, is helpful in understanding the 2013 results of each of the Clearwater Funds. We appreciate your continued confidence and your choice to invest with us.
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Justin H. Weyerhaeuser |
| James E. Johnson |
President, Clearwater Investment Trust |
| Chairman of the Board, Clearwater Investment Trust |
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Management Discussion of Clearwater Funds’ Performance
Clearwater Core Equity Fund
The Clearwater Core Equity 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 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 evenly between Heartland Advisers, Inc. (“Heartland”), Osterweis Capital Management, LLC (“Osterweis”), and Knightsbridge Asset Management, LLC (“Knightsbridge”) who all utilize an active management style.
2013 Market Overview:
A positive environment for U.S. equities prevailed in 2013. The S&P 500® Index posted its biggest annual advance since 1997, up 32.4%. Employment figures continued to improve from 2012, personal net worth remained at or near record levels, and inflation remained tame. Consumer confidence and housing prices increased, helping to create a supportive backdrop for consumer spending. The Federal Reserve (“Fed”) announced in December 2013 that it would begin tapering its asset purchases. Interest rates remained near zero while real gross domestic product (“GDP”) grew approximately 1.9% for the year.
2013 Performance and 2014 Outlook:
The Clearwater Core Equity Fund’s return for 2013 was 32.9%, net of fees, as compared to 33.1% for the Russell 1000® Index, the Fund’s benchmark.
The portion of the Clearwater Core Equity Fund managed by Parametric slightly underperformed its benchmark for the full year 2013, returning 32.9%, gross of fees, while the Russell 1000® Index returned 33.1%. Parametric’s slight underperformance can be explained by sampling disparities, primarily within the Information Technology sector. Consumer Discretionary was the best performing sector in the Parametric portfolio for the year, returning 43.7%. Telecommunication Services was the weakest economic sector in the Parametric portfolio, returning 13.8% in 2013.
Commentary on the performance of their respective portfolio in 2013 and their outlook for 2014 is provided below from each of the three “active” managers in the Clearwater Core Equity Fund. Performance is shown “gross of fees”, for comparison of the sub-adviser’s capabilities. The Fund pays a single advisory fee to Clearwater Management Company, which in turn pays the subadvisers out of its advisory fee.
Heartland
2013 Performance: For the year ended December 31, 2013, the portion of the Clearwater Core Equity Fund managed by Heartland returned 35.1%, gross of fees, outperforming its benchmark, the Russell 1000® Index, which returned 33.1%. Strong stock selection in Industrials, Financials and Information Technology contributed to this outperformance. The Materials sector was an area of weakness in the portfolio, with underperformance coming from commodity-related positions in the sector. The portfolio has a cyclical bent, emphasizing stocks positioned to benefit from increased spending by consumers as well as businesses. As the economic recovery continued on its moderate yet sustained pace of improvement, these companies performed well.
2014 Outlook: Our outlook for 2014 is for a healthy, but not overheated, economy that should be generally supportive for stocks. After a strong year like 2013, it may be natural for investors to wonder if equity valuations are becoming overextended. Although that may be the case in some areas of the market, we believe we can continue to identify value among companies in a variety of sectors and across market capitalization ranges. That said, with small- and mid-cap stocks overall trading at premiums of 20% or more over large-cap stocks, we are seeing some more attractive valuations in the large-cap space.
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Osterweis
2013 Performance: For the twelve months ending December 31, 2013, the portion of the Clearwater Core Equity Fund managed by Osterweis generated a total return of 37.3%, gross of fees, versus 33.1% for the Russell 1000® Index. The Portfolio’s strong performance was broad-based with all sectors posting double-digit gains. Leading the Portfolio’s sector returns was Industrials, which appreciated over 60%. Other sectors in the Portfolio that rose more than 35% were Consumer Discretionary, Healthcare, Information Technology and Financials. Relative to the benchmark, our outperformance was driven primarily by stock selection. The detractors from performance were Materials and REIT businesses.
2014 Outlook: Evidence has been building for the past several years that economic and financial conditions in the U.S. are on the mend and growth in 2014-2015 may finally be able to break out from the sluggish 1-2% range in which it has hovered for the better part of this recovery. At the same time, financial and economic conditions in the emerging markets appear to be deteriorating. The growing divergence in conditions and outlooks between the developed world (especially the U.S.) and the emerging markets appears to represent a stunning reversal in the investment landscape in a relatively short period of time. We believe that the stock market remains attractive and is reasonably priced. That said, there are market risks that could affect the U.S. stock market, including continued slow growth in the Eurozone, conflict in the Middle East and slowdowns in China and the emerging markets. We continue to focus on companies whose profit and cash flow growth should be strong even in a weak economy.
Knightsbridge
2013 Performance: For the year ended December 31, 2013, the portion of the Clearwater Core Equity Fund managed by Knightsbridge returned 30.8%, gross of fees, compared to 33.1% for the Russell 1000® Index. Our performance was hindered by our modest cash allocation. Phenomenal appreciation in the stock market combined with positive extremes in investor sentiment prompted us to tread cautiously towards year-end. Cash aside, our portfolio was relatively better off not being invested in the two worst performing sectors in the benchmark (Telecommunication Services and Utilities). Overall security selection contributed to performance, with investments in the Industrials and Information Technology sectors significantly outperforming their benchmark peers.
2014 Outlook: As we continue to move further along in the current bull market, we believe that it will be harder for stocks to continue their strong performance. Many indicators are showing surprising levels of optimism. Measures of bearish investors are at low extremes, and many investors remain fully invested. These are just a few signs of investor enthusiasm, which prompts us to be cautious. We expect there could be more volatility in stock returns throughout 2014. Nonetheless, we are finding what appear to be compelling opportunities in company-specific situations that can fare well in such an environment. Characteristics we are seeking include companies that can produce strong cash flow, have clear catalysts to unlock value and trade at low valuations. We also hold cash to cushion against the vulnerable nature of the market, as well as to afford the flexibility to buy new positions.
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Clearwater Small Companies Fund
The Clearwater Small Companies Fund seeks long-term growth of capital. Current income 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”). At the period ending December 31, 2013, Kennedy and Keeley respectively managed approximately 75% and 25% of the Fund balances.
2013 Market Overview:
After strong results in 2012 and a number of potentially troubling political and economic issues (e.g., Fed tapering, U.S. budget impasse, etc.), the strong performance of large-cap stocks in 2013 seemed to surprise many investors. Small-cap stocks performed even better than in 2012, setting record highs in 2013 as higher-beta (i.e., more volatile) stocks outperformed for much of the year. Ending months of speculation, the Fed announced in December 2013 that it would begin tapering its purchases of Treasuries and mortgage bonds by $10 billion each month and any federal funds rate increases would depend on improving labor markets and continued inflation below 2%. U.S. equity markets responded favorably to the tapering announcement as the announcement suggests improving U.S. economic conditions and diminished Fed intervention.
2013 Performance and 2014 Outlook:
The Clearwater Small Companies Fund posted a one-year return of 34.0%, net of fees and expenses, falling short of its benchmark, the Russell 2000® Index, which gained 38.8% for the year ended December 31, 2013.
Commentary on the performance of their specific portfolio in 2013 and their outlook for 2014 is proved below from each of the two subadvisers for the Clearwater Small Companies Fund. Performance is shown “gross of fees”, for comparison of the sub-adviser’s capabilities. The Fund pays a single advisory fee to Clearwater Management Company, which in turn pays the subadvisers out of its advisory fee.
Kennedy Capital
2013 Performance: For the year ended December 31, 2013, the portion of the Clearwater Small Companies fund managed by Kennedy returned 34.6%, gross of fees, which underperformed the 38.8% return of its benchmark, the Russell 2000® Index. Our specialty is individual stock selection; we were surprised by the persistent, across-the-board purchasing in small cap stocks in 2013. Our stock selection had an adverse impact on relative performance during the year, particularly in the Healthcare and Information Technology sectors. We held more than 3% of the portfolio in cash during the year, which also had an unfavorable impact in this strongly rising market.
2014 Outlook: In general, we look favorably upon the growth prospects for the global economy. Many countries seem to have taken steps to get their fiscal houses in order over the past several years, setting the stage for controlled, modest economic growth. With growth, we expect our companies more readily to identify profit improvement opportunities. In recent years, cost reductions and other efficiencies have been key factors in profit growth. We expect that this may begin to shift more towards revenue growth as global economies improve. Therefore, fundamentals appear fairly solid as we look forward. However, we believe that the uptick in valuations has been largely driven by Fed actions, which has drawn funds into U.S. equity markets. As such, a reversal of Fed action could negatively affect valuations. We are therefore cautious as we look forward this year, particularly as our benchmark, the Russell 2000® Index, has nearly tripled from early 2009 to year-end 2013. We do not anticipate a shock to valuations, however we remain watchful.
Keeley Capital
2013 Performance: For the 12 months ending December 31, 2013, the portion of the Clearwater Small Companies Fund managed by Keeley underperformed its benchmark, the Russell 2000® Index. The portfolio increased approximately 37.2%, gross of fees, versus an increase of 38.8% for the benchmark, the Russell 2000® Index. From a sector contribution perspective, our exposure to Industrials, Financials and Consumer Discretionary sectors contributed positive performance results. However, poor stock selection within the Consumer Staples, Information Technology and Healthcare sectors
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detracted from performance. With regard to portfolio construction, we remain comfortable with our sector emphasis: underweighting Healthcare and Technology while overweighting the Industrials and Financials sectors.
2014 Outlook: Despite concerns with rising valuations and the rapid move in equities in recent years, we perceive strong fundamental value in our positions. Multiple expansion (i.e., price/earnings ratio increase) coupled with solid corporate earnings were key factors of the rise in equities. We expect this can continue to be a source of future growth. We elected to take advantage of the sharp move in some of our positions and realize profits in order to protect capital in names we believed had higher risk than reward potential. In hindsight, this decision may have been premature with the continued rise in equities throughout 2013. However, we believe it was the prudent choice given the valuation, as well as some of the existing political and economic uncertainties (e.g., mid-term elections, Fed tapering, etc.).
Overall, with the economic backdrop gradually improving, conditions stabilizing globally, and a positive earnings outlook, we remain supportive of equities at these levels and the portfolio is essentially fully invested. One concern on the horizon is the direction of interest rates. A gradual move higher, as we expect, would likely be conducive to further growth, but a sharp rise could have a negative influence. We will be monitoring this situation closely. More importantly, the environment in the world of corporate restructuring continues to be robust. The last three years have been the best in over a decade. We already anticipate establishing positions in some attractive new spin-off opportunities early in 2014 and expect this area to be a source of alpha (i.e., higher returns relative to the index) in 2014.
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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 normally invests at least 80% of its assets in tax-exempt securities, which are debt obligations issued by or for the U.S. states, territories and possessions and the District of Columbia. The interest on these securities is generally exempt from both U.S. regular federal income tax and U.S. federal alternative minimum tax. However, the Fund may invest up to 20% of its assets in securities that generate interest income subject to federal alternative minimum tax for individuals. The Fund invests in both revenue bonds, which are backed by and payable only from the revenues derived from a specific facility or specific revenue source, and in general obligation bonds, which are secured by the full faith, credit and taxation power of the issuing municipality. The Fund’s subadviser, Sit Fixed Income Advisers II, LLC (“Sit”), provides day-to-day management for the Fund. Please note that the Fund is not a money market fund and is not intended to be a money market fund substitute. Under normal market conditions, the Fund’s investments may be more susceptible than a money market fund to interest rate risk and credit risks relevant to the Fund’s investments.
Sit has provided all of the commentary below regarding the Clearwater Tax-Exempt Bond Fund.
2013 Market Overview:
Tax-exempt fixed income markets experienced a difficult year in 2013. Beginning in May, after the Fed speculated that it would likely begin tapering its U.S. Treasury and mortgage-backed securities purchases later in the year, significant outflows from tax-exempt municipal bond funds forced fund managers to sell bonds to meet these redemptions in a challenging market. Supply, while decreasing about 11% from 2012, was still difficult to absorb, as redemptions were concentrated in long-term and high yield tax-exempt funds. Furthermore, the weak bond market performance combined with strong equity market performance resulted in tax-loss selling of bonds and bond funds in the second half of 2013. 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. State and local government finances remain generally on the upswing, with notable exceptions of Detroit, Chicago, the state of Illinois and Puerto Rico, giving the market pause. The Fed’s announcement of the beginning of tapering in December 2013 is now priced into the market, which has continued to promote a steep yield curve (i.e., long-term rates markedly higher than short-term rates.). Concerns about tax reform and a potential reduction of the value of the municipal bond tax exemption remain. However, this had little overall effect on the market.
2013 Performance:
The Clearwater Tax-Exempt Bond Fund returned -3.8%, net of fees, for the year ended December 31, 2013. The Fund’s benchmark, the Barclays 5-Year Municipal Bond Index, gained 0.8% during the same period. Given the Fed’s accommodative policies and the steep tax-exempt yield curve (i.e., the gap increases between short-term and long-term bond yields), the Fund’s average duration (i.e., time to maturity) began the year at 5.9 years. However, it lengthened to 6.7 years by year-end due to the sell-off in the tax-exempt bond market. By comparison, the Fund’s benchmark, the Barclays 5-Year Municipal Bond Index, had a duration of 4.0 years at December 31, 2012 and dropped to 3.9 years at year-end. The Fund’s longer duration was the primary reason for its underperformance during 2013. The Fund’s yield rose significantly, much more than the yield of the index. Revenue bonds somewhat underperformed general obligation bonds during 2013, with revenue bonds returning -2.9% for the year, while general obligation bonds returned -2.3%. Furthermore, lower quality issues underperformed those of higher credit quality, as investors sought safety. The Fund’s performance, due to its heavy emphasis on revenue bonds, its longer duration and its exposure to lower quality issues, significantly underperformed that of its benchmark in 2013.
2014 Outlook:
We expect U.S. growth to remain positive during 2014, and inflation to remain moderate. Housing continues to be strong, but unemployment, despite some improvement, remains elevated, and hiring for full-time jobs remains slow. Furthermore, the budget deal struck in December 2013 did not address the debt ceiling. Failure to address the debt ceiling in early 2014 could roil bond markets again. Interest rates, while likely to remain low in absolute terms, may continue to be volatile during 2014, as debt ceiling and perhaps tax reform discussions ebb and flow. The Treasury yield curve (i.e., an indicator of U.S. Treasury yields with different maturities at specific points in time) should remain relatively steep,
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with yields rising some on the intermediate and long-term portions of the curve. We believe that in 2014 the tax-exempt yield curve steepens less, with short-term rates remaining low and long-term tax-exempt yields rising somewhat as supply continues at a still manageable level. State and local government finances continue to improve, which should help tax-exempt bonds’performance.
One potential concern for the market will be the performance of the equity markets. If they remain weak, as they have been in January, it should be a positive for bonds. However, if equity markets rally strongly, more money could move out of fixed income and into equities. This would create negative pressure on the bond market. We expect revenue bonds to perform strongly in 2014, as the Fed’s accommodative policies should continue to allay liquidity concerns in the market, and investor focus should return to yield. General obligation bond performance should be weaker on a relative basis over the prior year. However, we believe that despite their recent improvement, many cities, counties and states still have work to do. Recent bankruptcy filings by Detroit and several cities in California, as well as concerns about Puerto Rico, will weigh on the market. Furthermore, potential problems with funding retirement pension and healthcare obligations still persist in various locals. These issues remain the subject of numerous 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 anticipate in 2014. Nevertheless, we do expect to shorten duration during the year. We plan to invest new cash flows will be focused on maturities in the 5-20 year range.
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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 manages its portion of the portfolio (approximately 50%) to mirror the benchmark. The Fund also has four “active” managers who each manage approximately 12.5% of the Fund: Artisan Partners Limited Partnership (“Artisan Partners”), Denver Investments (“Denver”), WCM Investment Management (“WCM”), and Templeton Investment Counsel, LLC (“Templeton”).
2013 Market Overview:
2013 was a mixed year for equities around the world. Japan’s government stimulus has lifted its economy, ending the period of deflation, and caused the Nikkei 225 Stock Index® to jump 29 percent in US dollar terms in 2013. Many of the Eurozone indices (e.g., FTSE 100, DAX, CAC, etc.) experienced double-digit increases. However, China’s Shanghai Composite Index declined 3.9 percent in U.S. dollar terms in 2013. Additionally, many other emerging markets (e.g., Brazil, India, Russia, etc.) experienced either mixed or declining results.
2013 Performance and 2014 Outlook:
The Clearwater International Fund returned 21.9%, net of fees, for the year ended December 31, 2013, as compared to 21.0% for the MSCI World ex USA Index (net), the Fund’s benchmark.
With policymakers around the world trying to find the right balance between promoting growth and improving long-term fiscal stability, 2013 was an eventful year for global financial markets. With continued concern regarding how much more China’s economy may slow, commodity-related markets such as those in Australia and emerging markets as a whole underperformed developed market counterparts.
The portion of the portfolio managed by Parametric returned 21.0% gross of fees. The Fund’s objective is for Parametric to emulate the MSCI World ex USA Index (net) using a subset of the MSCI World ex USA Index (net)’s constituents. Superior stock sampling in Canada and France was offset by sampling in the United Kingdom and Japan, resulting in neutral returns relative to the benchmark. The slight underperformance can be explained by stock sampling primarily within the Information Technology sector. Finland was the best performing country, returning 46.9% for the year. Singapore was the weakest performer, returning 3.1% in 2013.
Commentary on the respective performance of their portfolio in 2013 and their outlook for 2014 is provided below from each of the four “active” managers in the Clearwater International Fund. Performance is shown “gross of fees”, for comparison of the sub-adviser’s capabilities. The Fund pays a single advisory fee to Clearwater Management Company, which in turn pays the subadvisers out of its advisory fee.
Artisan Partners
2013 Performance: During the 12-month period ended December 31, 2013, the portion of the Clearwater International Fund managed by Artisan Partners returned 32.4%, gross of fees, outperforming the benchmark, MSCI World ex USA Index (net), which returned 21.0% for the same period. Performance of the following stocks had a positive impact on the portfolio during the period: UK catering company Compass Group plc; Swiss engineered electronic component provider TE Connectivity Ltd.; UK publisher Reed Elsevier plc; UK insurance services holding company Aon plc; and Chinese Internet search engine operator Baidu, Inc. Notable detractors included UK commercial banking services provider Royal Bank of Scotland Group plc; UK carpet retailer Carpetright plc; Norwegian branded consumer goods manufacturer Orkla ASA; Hong Kong investment holding company Guoco Group Limited; and U.S. semiconductor manufacturing equipment provider Applied Materials, Inc.
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2014 Outlook: Valuations in the marketplace have increased, driving strong absolute returns in 2013. On balance, stocks look reasonably valued, though we continue to research actively new prospects in a variety of sectors and geographic locations. We are patient and we will not compromise our valuation discipline.
Denver
2013 Performance: The portion of the Clearwater International Fund managed by Denver returned 24.4%, gross of fees for the 12-month period ending on December 31, 2013, outperforming its index, the MSCI World ex USA Index (net), which was up 21.0%. We focus on investing in fast-growing small cap companies around the world. Country and sector allocations are a by-product of our stock selection. A recent portfolio addition, Hong Kong-listed REXLot Holdings Ltd., helped propel the Fund’s performance for the year. REXLot provides services to two national lotteries in China, both of which have exhibited strong growth over the last few years. Detractors from performance included a Japanese mobile social gaming company, DeNA, which stumbled as it underestimated the speed at which customers would shift from browser-based to native application based games.
2014 Outlook: As we move into 2014, we remain encouraged by the quality and valuation of current portfolio holdings. As of year-end 2013, the portion of the Fund managed by Denver held a diversified portfolio of roughly 40 stocks of companies that we believe are fast-growing, high return, cash generative businesses with sound balance sheets.
WCM
2013 Performance: The portion of the Clearwater International Fund managed by WCM Investment Management returned 23.2%, gross of fees for the 12-month period ending December 31, 2013, compared to 21.0% for the MSCI World ex USA Index (net), the Fund’s benchmark. Stock selection was the dominant factor, providing the bulk of outperformance for the year. Selections in Financials, Industrials, Healthcare, Energy, Consumer Discretionary and Materials were all positive contributors. We believe that such breadth and consistency shows that good selection, emphasizing quality in otherwise low-quality sectors, can be a powerful source of outperformance. Furthermore, sector allocation was also a positive contributor. Even so, we expect our process to deliver outperformance primarily due to selection.
2014 Outlook: As we look ahead to 2014, we acknowledge that good opportunities in the Consumer Staples sector are difficult to find. Essentially, what we view as elevated valuations and decelerating growth rates make this sector more challenging than at any time in our recent memory. As such, we would expect our Consumer Staples sector weight to continue its gradual decline due to shrinking opportunities. On the positive side, we continue to find an abundance of ideas in the Industrials and Technology sectors. Finally, the recent decline in stock-to-stock correlations (i.e., security movement unrelated to another security movement), especially between emerging market names and developed market names, looks like a good opportunity to us, as it plays right into our stock selection ability.
Templeton
2013 Performance: The portion of the Clearwater International Fund managed by Templeton returned 23.5%, gross of fees for the 12-month period ending on December 31, 2013, as compared to the MSCI World ex USA Index (net), which was up 21.0%. The Fund outperformance was driven by overweight holdings in the Consumer Discretionary sector, an underweight to the Materials sector and individual stock selection in the Energy and Healthcare sectors. Holdings in Utilities and Consumer Staples detracted from relative performance.
Regionally, stock selection in North America and Asia contributed to relative performance, while stock selection in Europe detracted from relative performance.
2014 Outlook: Though considerable risks and imbalances appear to remain, conditions for the potential continuation of global growth and recovery appear favorable, in our view, with muted inflation creating the potential for continued monetary policy support and moderately improving economic growth providing the support needed for ongoing fiscal repair. Investor sentiment has improved markedly, and for the first time in six years, investment funds have begun to flow decisively into equities. While the U.S. market at period end traded slightly above its average historical price-to-trend
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earnings multiple (i.e., multiple year trend versus trailing four quarters used in simple Price/Earnings Ratio), global equities as a whole still traded at a discount to cyclically adjusted earnings. International equities generally traded at a greater discount to their historical average, while stocks in Europe and some emerging markets still looked cheap to us in both absolute terms and relative to the rest of the world. While many of the most extreme valuation anomalies created by the global financial crisis have disappeared, stocks overall do not appear too expensive, in our opinion. We believe this more neutral valuation environment is likely to favor discerning investors capable of uncovering individual values at the bottom-up level.
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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
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Comparison of the Change in Value of a $10,000 Investment in the Clearwater Tax-
Exempt Bond Fund and the Barclays 5-Year Municipal Bond 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.
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Fund Expense Example
(unaudited)
As a shareholder of the Funds, you incur costs, including management fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. In addition to the ongoing costs which the Funds pay directly, you as a shareholder indirectly bear the expenses of any outside exchange traded funds or mutual funds in which the Funds invest. (These are also referred to as “acquired funds” and those indirect expenses represent the Funds’ pro rata portion of the cumulative expense charged by the acquired funds.)
The example provided is based on an investment of $1,000 invested at the beginning of the period and held for the six-month period ended December 31, 2013.
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, 2013 through December 31, 2013” 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 mutual 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 other mutual funds that charge transaction costs and/or sales charges or redemption fees.
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| $2.73 |
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| Small Companies Fund |
|
| $1,000.00 |
|
| $1,158.10 |
|
|
| $5.11 |
|
| Tax-Exempt Bond Fund |
|
| $1,000.00 |
|
| $994.90 |
|
|
| $1.66 |
|
| International Fund |
|
| $1,000.00 |
|
| $1,174.50 |
|
|
| $3.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hypothetical (5% return |
|
|
|
|
|
|
|
|
|
|
| before expenses) |
|
|
|
|
|
|
|
|
|
|
| Core Equity Fund |
|
| $1,000.00 |
|
| $1,022.68 |
|
| $2.55 |
|
| Small Companies Fund |
|
| $1,000.00 |
|
| $1,020.47 |
|
| $4.79 |
|
| Tax-Exempt Bond Fund |
|
| $1,000.00 |
|
| $1,023.54 |
|
| $1.68 |
|
| International Fund |
|
| $1,000.00 |
|
| $1,021.83 |
|
| $3.41 |
|
* Expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). 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 | 0.50% |
Small Companies Fund | 0.94% |
Tax-Exempt Bond Fund | 0.33% |
International Fund | 0.67% |
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
|
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|
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|
|
|
| Name and Age |
|
| Positions |
|
| Term of Office |
|
| Principal Occupation or |
|
| Number of |
|
| Other |
|
| James E. Johnson (71) |
|
| Trustee, Chairman of the Board |
|
| As Trustee; As Chairman; |
|
| Retired as Executive Vice President, Securian Financial Group, Inc. in 2010, Securian Financial Group, Inc. (1968-2010) |
|
| 4 |
|
| None |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Charles W. Rasmussen |
|
| Trustee, Chairman of the Nominating Committee |
|
| As Trustee; As Chairman of the Term: Reappointed |
|
| President and Chief Executive Officer, P&G Manufacturing, Inc. (air filtration equipment, 2002-Present) |
|
| 4 |
|
| None |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Laura E. Rasmussen |
|
| Trustee |
|
| Tenure: 14 yrs |
|
| Business Owner, 3 Kittens Needle Arts (textile sales, 2006-Present) |
|
| 4 |
|
| None |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Edward R. Titcomb III |
|
| Trustee, Chairman of the Audit Committee |
|
| As Trustee; Tenure: As Chairman of the Audit Committee; |
|
| Vice President, 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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
|
|
|
|
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|
|
|
|
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|
|
|
|
|
| Name and Age |
|
| Positions |
|
| Term of Office |
|
| Principal Occupation or |
|
| Number of |
|
| Other |
|
| Sara G. Dent (55)1 |
|
| Trustee |
|
| Tenure: |
|
| Private Investor |
|
| 4 |
|
| None |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Frederick T. |
|
| Trustee, Secretary |
|
| As Trustee; As Officer; |
|
| Private Investor |
|
| 4 |
|
| None |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Justin H. Weyerhaeuser3 |
|
| Trustee, President and Treasurer |
|
| As Trustee; As Officer; |
|
| Private Investor (February 2013 – Present), Attorney, Davis Graham & Stubbs LLP (law firm, November 2011 – February 2013), 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lauren L. Kern (52) |
|
| Chief Compliance Officer |
|
| Tenure: |
|
| Compliance & Client Account Manager, Fiduciary Counselling, Inc. (May 2011-Present), Senior Compliance & Internal Controls Analyst, Fiduciary Counselling, Inc. (2010 – May 2011), Compliance Analyst, Thrivent Financial for Lutherans (2007 – 2010) |
|
| N/A |
|
| N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A-16
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Name and Age |
|
| Positions |
|
| Term of Office |
|
| Principal Occupation or |
|
| Number of |
|
| Other |
|
| Catherine A. Nguyen |
|
| Assistant Treasurer |
|
| Tenure: 2 yrs |
|
| The Northern Trust Company, Vice President and Client Service Delivery Manager (2011-Present), Deloitte & Touche LLP, External Audit Manager (2008-2010), External Audit Senior (2005-2008) |
|
| N/A |
|
| N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Marcia Lucas (46) |
|
| Assistant Secretary |
|
| Tenure: 2 yrs |
|
| The Northern Trust Company, Vice President (2011-Present), Second Vice President (2010-2011), Partner, Michael Best & Friedrich LLP (2005-2008) |
|
| N/A |
|
| N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 | Sara G. Dent is an interested Trustee due to her mother’s level of ownership of voting securities in two of the Funds in the Trust. | |
2 | Mr. Frederick T. Weyerhaeuser is an interested Trustee due to his daughter’s position as a director of Clearwater Management Company, the Funds’ investment manager, and due to his position as the Funds’ Secretary. | |
3 | Mr. Justin H. Weyerhaeuser is an interested Trustee due to his positions as the Funds’ President and Treasurer. |
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, Inc. (“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”).
The Funds’ Board of Trustees (the “Trustees”) met periodically throughout the year to address a broad range of agenda items. For example, at each regularly scheduled meeting, the Trustees reviewed information about the investment performance and financial results of the Funds. On an annual basis, the Trustees, including the independent trustees, consider the renewal of the Management Agreement and the Subadvisory Agreements. In addition, the Trustees may periodically consider the retention of new subadvisers.
At their in-person meeting on December 6-7, 2013, the Trustees considered the renewal of the Management Agreement and the Subadvisory Agreements for Artisan Partners Limited Partnership (“Artisan”), Denver Investments, Fiduciary Counselling, Inc. (“FCI”), Heartland Advisors, Inc., Keeley Asset Management Corp., Kennedy Capital Management, Inc., Knightsbridge Asset Management, LLC, Osterweis Capital Management, LLC, Parametric Portfolio Associates, Sit Fixed Income Advisors II, LLC, Templeton Investment Counsel, LLC, and WCM Investment Management. In addition, the Trustees considered a new Subadvisory Agreement for Artisan that would take effect following an anticipated change in control of the ownership of Artisan in March 2014 and termination of the current Subadvisory Agreement.
Prior to the December 6-7, 2013 meeting, the Trustees requested, received, and reviewed written responses from CMC and the Subadvisers to questions posed to them on behalf of the Trustees and supporting materials relating to those questions and responses. The information presented at the meeting, including performance and expense data obtained from independent sources, was designed to assist the Trustees in making their determination as to the renewal of the Management Agreement and Subadvisory Agreements. At this meeting, counsel to the Funds reviewed with the Trustees the various factors relevant to their consideration of the Management Agreement and Subadvisory Agreements, and the Trustees’ responsibilities related to their review. The Trustees considered a number of factors, including those discussed below, that they believed to be relevant. No single factor determined whether or not an agreement would be approved but rather the totality of factors considered was determinative. Following an analysis and discussion of the factors described below, the Trustees, including all independent trustees present, approved the renewal of the Management Agreement and the Subadvisory Agreements, including the current Subadvisory Agreement with Artisan, for an additional one-year period, and approved the new Subadvisory Agreement with Artisan for a one-year period from its anticipated effective date.
A-18
Nature, Extent, and Quality of Services Provided
The Trustees considered information presented as to the nature, extent, and quality of services provided by CMC and the Subadvisers, as well as their investment expertise, resources, and capabilities. The Trustees considered the quality of the Subadvisers previously recommended by CMC, as well as the ongoing work performed by CMC to recommend enhancements to individual fund management or creation of new funds. The Trustees reviewed information regarding the financial condition of CMC and the Subadvisers related to their ongoing ability to provide services specified under the Management Agreement and 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 Subadviser oversight services provided by CMC. Based on their analysis of the data presented, the Trustees concluded that they were generally satisfied with the nature and quality of the services being provided under the Management Agreement and respective Subadvisory Agreements.
Investment Performance
The Trustees reviewed specific information as to the investment performance of the Funds as compared to the performance of their respective benchmark indices and peer groups over various periods of time. The Trustees also reviewed reports summarizing the net assets, redemptions, and purchases of shares of the Funds during 2013. The Trustees concluded that they were satisfied with CMC’s and the Subadvisers’ investment performance to date.
Comparative Fees and Cost of Services Provided
The Trustees reviewed the fees paid to CMC and the Subadvisers. The Trustees reviewed reports describing both the management fees charged by CMC and the total expense ratios of the Funds in comparison to those of similarly situated funds. In addition, on a quarterly basis, the Trustees reviewed information as to the expense ratios of the Funds compared to the median expense ratio of a peer group of funds with comparable investment strategies. The Trustees also reviewed information provided by each of the Subadvisers as to fees they charge to other clients. The Trustees noted the ongoing efforts of CMC to reduce expenses charged to shareholders through oversight of service providers and by voluntarily waiving certain fees payable to CMC as specified in the prospectuses of the Core Equity Fund, International Fund, Small Companies Fund and Tax-Exempt Fund.
The Board considered that between March 15, 2012 and March 14, 2013, CMC voluntarily waived the management fee for the Core Equity Fund from the contractual fee of 0.90% to 0.52%. Effective March 15, 2013, CMC voluntarily waived the management fee for the Core Equity Fund to 0.50%. Between June 1, 2011 and March 14, 2013, CMC voluntarily waived the management fee for the Small Companies Fund from the contractual fee of 1.35% to 1.00%. Effective March 15, 2013, CMC voluntarily waived the management fee for the Small Companies Fund to 0.94%. Between July 1, 2008 and March 14, 2013, CMC voluntarily waived the management fee for the Tax-Exempt Bond Fund from the contractual fee of 0.60% to 0.36%. Effective March 15, 2013, CMC voluntarily waived the management fee for the Tax-Exempt Bond Fund to 0.33%. Between March 15, 2012 and March 14, 2013, CMC voluntarily waived the management fee for the International Fund from the contractual fee of 1.00% to 0.60%. Effective March 15, 2013, CMC reduced its voluntary waiver of the management fee for the International Fund such that its management fee would be 0.67%. The reduction in the voluntary
A-19
waiver for the International Fund was a result of the replacement of two Subadvisers to the International Fund with three new Subadvisers. CMC had undertaken to subsidize any additional cost to the International Fund, if applicable, between the initiation of the new Subadvisers’ services to the International Fund through March 2013.
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 Subadvisers are each independent firms and the subadvisory 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 Funds have been in operation for a number of years and, based on their distribution strategy, 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 described above, the Trustees, including all of the independent trustees present, concluded that the investment management fees and subadvisory fees were fair and reasonable in view of the investment performance and quality of services provided. In reaching this conclusion, no single factor was considered determinative.
A-20
Federal Tax Information
(unaudited)
Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”), 100% of ordinary dividends paid during the fiscal year ended December 31, 2013 for the Core Equity Fund, 4.80% of ordinary dividends paid during the fiscal year ended December 31, 2013 for the Small Companies Fund, and 84.46% of ordinary dividends paid during the fiscal year ended December 31, 2013 for the International Fund are designated as “qualified dividend income”, as defined in the Act, subject to reduced tax rates in 2013.
Corporate Dividends-Received Deduction. 100%, 4.49% and 1.00% of the dividends distributed during the fiscal year ended December 31, 2013, for the Core Equity, Small Companies and International Funds, respectively, qualify for the dividends-received deduction for corporate shareholders.
Capital Gain Distribution. The following Fund’s made capital gain distributions in December 2013, and hereby designated these long-term capital gain distributions as follows:
|
|
|
|
|
Fund |
| Long-Term Capital Gain |
| |
|
|
|
|
|
Small Companies |
| $ | 31,561,189 |
|
Tax-Exempt Bond |
|
| 4,029,044 |
|
International |
|
| 2,541,715 |
|
A-21
|
|
| |
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, Clearwater Small Companies Fund, Clearwater Tax-Exempt Bond Fund and the Clearwater International Fund (collectively, the “Funds”), as of December 31, 2013, 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, 2013, 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 the Clearwater Core Equity Fund, Clearwater Small Companies Fund, Clearwater Tax-Exempt Bond Fund and the Clearwater International Fund as of December 31, 2013, 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.
/s/ KPMG LLP
Minneapolis, Minnesota
February 26, 2014
|
|
| 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, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core Equity |
| Small Companies |
| Tax-Exempt |
| International |
| ||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in securities, at fair value (identified cost: $273,879,560 Core Equity Fund; $250,391,072 Small Companies Fund; $484,138,642 Tax-Exempt Bond Fund; $362,321,029 International Fund) |
| $ | 526,248,436 |
|
| 344,066,730 |
|
| 465,362,140 |
|
| 510,145,363 |
|
Foreign currencies, at value (cost: $13,962 and $537,558, respectively) |
|
| 13,749 |
|
| - |
|
| - |
|
| 540,432 |
|
Receivable for securities sold |
|
| 350,765 |
|
| 942,023 |
|
| 346,886 |
|
| 419,593 |
|
Receivable for shares of beneficial interest sold |
|
| - |
|
| - |
|
| - |
|
| 75,000 |
|
Accrued dividend and interest receivable |
|
| 739,310 |
|
| 353,873 |
|
| 5,480,647 |
|
| 478,060 |
|
Foreign tax reclaim receivable |
|
| 17,493 |
|
| - |
|
| - |
|
| 1,066,390 |
|
Unrealized appreciation on forward foreign currency exchange contracts |
|
| - |
|
| - |
|
| - |
|
| 270,742 |
|
Total assets |
|
| 527,369,753 |
|
| 345,362,626 |
|
| 471,189,673 |
|
| 512,995,580 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables for investment securities purchased |
|
| 3,687,601 |
|
| 1,467,273 |
|
| 3,279,249 |
|
| 234,544 |
|
Payables for fund shares redeemed |
|
| 1,700 |
|
| - |
|
| 2,425,000 |
|
| - |
|
Accrued investment advisory fee |
|
| 638,059 |
|
| 827,637 |
|
| 390,365 |
|
| 841,644 |
|
Payable for dividend distribution |
|
| - |
|
| - |
|
| 68,823 |
|
| - |
|
Unrealized depreciation on forward foreign currency exchange contracts |
|
| - |
|
| - |
|
| - |
|
| 15,208 |
|
Total liabilities |
|
| 4,327,360 |
|
| 2,294,910 |
|
| 6,163,437 |
|
| 1,091,396 |
|
Net assets |
| $ | 523,042,393 |
|
| 343,067,716 |
|
| 465,026,236 |
|
| 511,904,184 |
|
Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital stock and additional paid-in capital (authorized unlimited number of shares at no par value for each Fund: 13,849,613, 15,350,563, 50,403,308 and 32,476,961 shares, respectively) |
| $ | 270,733,519 |
|
| 238,874,080 |
|
| 484,085,764 |
|
| 365,157,151 |
|
Undistributed (overdistributed) net investment income |
|
| 330,514 |
|
| - |
|
| 39,244 |
|
| (1,676,102 | ) |
Accumulated net realized gain (loss) from investments and foreign currency transactions |
|
| (390,295 | ) |
| 10,517,978 |
|
| (322,270 | ) |
| 284,038 |
|
Unrealized appreciation (depreciation) of investments and translation of assets and liabilities in foreign currencies |
|
| 252,368,655 |
|
| 93,675,658 |
|
| (18,776,502 | ) |
| 148,139,097 |
|
Net assets |
| $ | 523,042,393 |
|
| 343,067,716 |
|
| 465,026,236 |
|
| 511,904,184 |
|
Net asset value per share of outstanding capital stock |
| $ | 37.77 |
|
| 22.35 |
|
| 9.23 |
|
| 15.76 |
|
See accompanying notes to financial statements.
2
CLEARWATER INVESTMENT TRUST
Statements of Operations
Year ended December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core Equity |
| Small Companies |
| Tax-Exempt |
| International |
| ||||
Investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends (net of foreign taxes withheld of $83,343, $5,102, $0 and $1,183,099, respectively) |
| $ | 9,457,612 |
|
| 3,805,618 |
|
| 2,003,922 |
|
| 12,251,931 |
|
Interest |
|
| - |
|
| - |
|
| 22,764,865 |
|
| - |
|
Total income |
|
| 9,457,612 |
|
| 3,805,618 |
|
| 24,768,787 |
|
| 12,251,931 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory fee |
|
| 4,237,694 |
|
| 4,420,248 |
|
| 2,903,958 |
|
| 4,621,260 |
|
Voluntary fee reduction |
|
| (1,866,310 | ) |
| (1,306,270 | ) |
| (1,276,275 | ) |
| (1,585,112 | ) |
Total net expenses |
|
| 2,371,384 |
|
| 3,113,978 |
|
| 1,627,683 |
|
| 3,036,148 |
|
Net investment income |
|
| 7,086,228 |
|
| 691,640 |
|
| 23,141,104 |
|
| 9,215,783 |
|
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Security transactions |
|
| 13,470,811 |
|
| 44,818,455 |
|
| 3,650,141 |
|
| 9,653,679 |
|
Forward foreign currency exchange contracts |
|
| - |
|
| - |
|
| - |
|
| 833,509 |
|
Foreign currency transactions |
|
| (5,645 | ) |
| (32,886 | ) |
| - |
|
| (167,027 | ) |
Net increase (decrease) in unrealized appreciation/depreciation on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Security transactions |
|
| 111,306,087 |
|
| 49,036,212 |
|
| (45,551,290 | ) |
| 72,487,626 |
|
Forward foreign currency exchange contracts |
|
| - |
|
| - |
|
| - |
|
| (82,957 | ) |
Translation of other assets and liabilities denominated in foreign currencies |
|
| 186 |
|
| - |
|
| - |
|
| 38,945 |
|
Net gain (loss) on investments |
|
| 124,771,439 |
|
| 93,821,781 |
|
| (41,901,149 | ) |
| 82,763,775 |
|
Net increase (decrease) in net assets resulting from operations |
| $ | 131,857,667 |
|
| 94,513,421 |
|
| (18,760,045 | ) |
| 91,979,558 |
|
See accompanying notes to financial statements.
3
CLEARWATER INVESTMENT TRUST
Statements of Changes in Net Assets
Years ended December 31, 2013 and 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core Equity Fund |
| Small Companies Fund |
| ||||||||
|
| 12/31/2013 |
| 12/31/2012 |
| 12/31/2013 |
| 12/31/2012 |
| ||||
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
| $ | 7,086,228 |
|
| 5,455,131 |
|
| 691,640 |
|
| 1,359,546 |
|
Net realized gain |
|
| 13,465,166 |
|
| 3,799,807 |
|
| 44,785,569 |
|
| 26,085,956 |
|
Net increase in unrealized appreciation/depreciation |
|
| 111,306,273 |
|
| 42,473,315 |
|
| 49,036,212 |
|
| 17,884,680 |
|
Net increase in net assets resulting from operations |
|
| 131,857,667 |
|
| 51,728,253 |
|
| 94,513,421 |
|
| 45,330,182 |
|
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (6,883,274 | ) |
| (5,308,828 | ) |
| (891,425 | ) |
| (1,372,954 | ) |
Net realized gain |
|
| - |
|
| - |
|
| (37,952,618 | ) |
| (18,710,016 | ) |
Total distributions to shareholders |
|
| (6,883,274 | ) |
| (5,308,828 | ) |
| (38,844,043 | ) |
| (20,082,970 | ) |
Capital share transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold |
|
| 15,629,091 |
|
| 30,761,200 |
|
| 4,225,025 |
|
| 17,578,121 |
|
Reinvestment of distributions from net investment income and net realized gain |
|
| 6,883,274 |
|
| 5,308,828 |
|
| 38,844,043 |
|
| 20,082,970 |
|
Payments for shares redeemed |
|
| (19,686,851 | ) |
| (19,567,325 | ) |
| (37,606,332 | ) |
| (20,480,532 | ) |
Net increase in net assets from capital share transactions |
|
| 2,825,514 |
|
| 16,502,703 |
|
| 5,462,736 |
|
| 17,180,559 |
|
Total increase in net assets |
|
| 127,799,907 |
|
| 62,922,128 |
|
| 61,132,114 |
|
| 42,427,771 |
|
Net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
At the beginning of the year |
|
| 395,242,486 |
|
| 332,320,358 |
|
| 281,935,602 |
|
| 239,507,831 |
|
At the end of the year |
| $ | 523,042,393 |
|
| 395,242,486 |
|
| 343,067,716 |
|
| 281,935,602 |
|
Undistributed net investment income |
| $ | 330,514 |
|
| 107,752 |
|
| - |
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tax-Exempt Bond Fund |
| International Fund |
| ||||||||
|
| 12/31/2013 |
| 12/31/2012 |
| 12/31/2013 |
| 12/31/2012 |
| ||||
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
| $ | 23,141,104 |
|
| 25,148,388 |
|
| 9,215,783 |
|
| 8,391,926 |
|
Net realized gain |
|
| 3,650,141 |
|
| 8,364,152 |
|
| 10,320,161 |
|
| 22,380,924 |
|
Net increase (decrease) in unrealized appreciation/depreciation |
|
| (45,551,290 | ) |
| 19,828,443 |
|
| 72,443,614 |
|
| 27,576,540 |
|
Net increase (decrease) in net assets resulting from operations |
|
| (18,760,045 | ) |
| 53,340,983 |
|
| 91,979,558 |
|
| 58,349,390 |
|
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (23,112,535 | ) |
| (25,130,641 | ) |
| (10,730,659 | ) |
| (8,901,744 | ) |
Net realized gain |
|
| (4,029,044 | ) |
| - |
|
| (4,515,432 | ) |
| (22,141,275 | ) |
Total distributions to shareholders |
|
| (27,141,579 | ) |
| (25,130,641 | ) |
| (15,246,091 | ) |
| (31,043,019 | ) |
Capital share transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold |
|
| 28,246,973 |
|
| 27,526,350 |
|
| 27,992,633 |
|
| 70,026,648 |
|
Reinvestment of distributions from net investment income and net realized gain |
|
| 27,132,457 |
|
| 25,302,734 |
|
| 15,246,091 |
|
| 31,043,019 |
|
Payments for shares redeemed |
|
| (71,569,136 | ) |
| (72,755,733 | ) |
| (16,126,924 | ) |
| (25,388,480 | ) |
Net increase (decrease) in net assets from capital share transactions |
|
| (16,189,706 | ) |
| (19,926,649 | ) |
| 27,111,800 |
|
| 75,681,187 |
|
Total increase (decrease) in net assets |
|
| (62,091,330 | ) |
| 8,283,693 |
|
| 103,845,267 |
|
| 102,987,558 |
|
Net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
At the beginning of the year |
|
| 527,117,566 |
|
| 518,833,873 |
|
| 408,058,917 |
|
| 305,071,359 |
|
At the end of the year |
| $ | 465,026,236 |
|
| 527,117,566 |
|
| 511,904,184 |
|
| 408,058,917 |
|
Undistributed (overdistributed) net investment income |
| $ | 39,244 |
|
| 13,753 |
|
| (1,676,102 | ) |
| (891,294 | ) |
See accompanying notes to financial statements.
4
CLEARWATER INVESTMENT TRUST
Financial Highlights
December 31, 2013
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 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| |||||
Net asset value, beginning of year |
| $ | 28.81 |
|
| 25.26 |
|
| 26.38 |
|
| 23.40 |
|
| 18.60 |
|
Income (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| 0.51 |
|
| 0.40 |
|
| 0.33 |
|
| 0.38 |
|
| 0.39 |
|
Net realized and unrealized gains (losses) |
|
| 8.95 |
|
| 3.54 |
|
| (1.13 | ) |
| 2.99 |
|
| 4.78 |
|
Total from investment operations |
|
| 9.46 |
|
| 3.94 |
|
| (0.80 | ) |
| 3.37 |
|
| 5.17 |
|
Less distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (0.50 | ) |
| (0.39 | ) |
| (0.32 | ) |
| (0.39 | ) |
| (0.37 | ) |
Total distributions to shareholders |
|
| (0.50 | ) |
| (0.39 | ) |
| (0.32 | ) |
| (0.39 | ) |
| (0.37 | ) |
Net asset value, end of year |
| $ | 37.77 |
|
| 28.81 |
|
| 25.26 |
|
| 26.38 |
|
| 23.40 |
|
Total return (a) |
|
| 32.85 | % |
| 15.64 | % |
| (3.04 | )% |
| 14.42 | % |
| 27.90 | % |
Net assets, end of year (000s omitted) |
| $ | 523,042 |
|
| 395,242 |
|
| 332,320 |
|
| 344,270 |
|
| 293,188 |
|
Ratio of expenses, net of waivers, to average net assets (b)(c)(d)(e)(f) |
|
| 0.50 | % |
| 0.54 | % |
| 0.53 | % |
| 0.30 | % |
| 0.28 | % |
Ratio of expenses, before waivers, to average net assets (b)(c)(d)(e)(f) |
|
| 0.90 | % |
| 0.90 | % |
| 0.69 | % |
| 0.45 | % |
| 0.45 | % |
Ratio of net investment income, net of waivers, to average net assets (c)(d)(e)(f) |
|
| 1.51 | % |
| 1.49 | % |
| 1.25 | % |
| 1.60 | % |
| 1.98 | % |
Ratio of net investment income, before waivers, to average net assets (c)(d)(e)(f) |
|
| 1.11 | % |
| 1.13 | % |
| 1.09 | % |
| 1.45 | % |
| 1.81 | % |
Portfolio turnover rate (excluding short-term securities) |
|
| 21.07 | % |
| 22.31 | % |
| 27.01 | % |
| 43.65 | % |
| 21.83 | % |
|
|
|
| (a) | Total return figures are based on the change in net asset value of a share during the year and assume reinvestment of distributions at net asset value. |
| ||
| (b) | In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. |
| ||
| (c) | Effective March 15, 2013, the investment advisory fee, net of voluntary waivers, decreased to 0.50%. Also effective March 15, 2013, the Advisor increased the voluntary waiver to 0.40%. |
| ||
| (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, 2013
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 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| |||||
Net asset value, beginning of year |
| $ | 18.70 |
|
| 16.91 |
|
| 18.70 |
|
| 14.41 |
|
| 10.39 |
|
Income (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| 0.05 |
|
| 0.09 |
|
| 0.01 |
|
| - |
|
| - |
|
Net realized and unrealized gains (losses) |
|
| 6.30 |
|
| 3.10 |
|
| (0.28 | ) |
| 4.31 |
|
| 4.02 |
|
Total from investment operations |
|
| 6.35 |
|
| 3.19 |
|
| (0.27 | ) |
| 4.31 |
|
| 4.02 |
|
Less distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (0.06 | ) |
| (0.10 | ) |
| (0.01 | ) |
| (0.02 | ) |
| - |
|
Net realized gain |
|
| (2.64 | ) |
| (1.30 | ) |
| (1.51 | ) |
| - |
|
| - |
|
Total distributions to shareholders |
|
| (2.70 | ) |
| (1.40 | ) |
| (1.52 | ) |
| (0.02 | ) |
| - |
|
Net asset value, end of year |
| $ | 22.35 |
|
| 18.70 |
|
| 16.91 |
|
| 18.70 |
|
| 14.41 |
|
Total return (a) |
|
| 34.01 | % |
| 19.02 | % |
| (1.62 | )% |
| 29.99 | % |
| 38.70 | % |
Net assets, end of year (000s omitted) |
| $ | 343,068 |
|
| 281,936 |
|
| 239,508 |
|
| 256,237 |
|
| 214,335 |
|
Ratio of expenses, net of waivers, to average net assets (b)(c)(d) |
|
| 0.95 | % |
| 1.00 | % |
| 0.98 | % |
| 0.95 | % |
| 0.95 | % |
Ratio of expenses, before waivers, to average net assets (b)(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(c)(d) |
|
| 0.21 | % |
| 0.51 | % |
| 0.05 | % |
| (0.02 | )% |
| (0.04 | )% |
Ratio of net investment income (loss), before waivers, to average net assets(c)(d) |
|
| (0.19 | )% |
| 0.16 | % |
| (0.32 | )% |
| (0.42 | )% |
| (0.44 | )% |
Portfolio turnover rate (excluding short-term securities) |
|
| 59.84 | % |
| 59.48 | % |
| 64.54 | % |
| 71.05 | % |
| 95.13 | % |
|
|
|
| (a) | Total return figures are based on the change in net asset value of a share during the year and assume reinvestment of distributions at net asset value. |
| ||
| (b) | In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. |
| ||
| (c) | Effective March 15, 2013, the investment advisory fee, net of voluntary waivers, decreased to 0.94%. Also effective March 15, 2013, the Adviser increased the voluntary waiver to 0.41%. |
| ||
| (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, 2013
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 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| |||||
Net asset value, beginning of year |
| $ | 10.15 |
|
| 9.62 |
|
| 9.06 |
|
| 9.25 |
|
| 8.09 |
|
Income (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| 0.46 |
|
| 0.48 |
|
| 0.48 |
|
| 0.47 |
|
| 0.47 |
|
Net realized and unrealized gains (losses) |
|
| (0.84 | ) |
| 0.53 |
|
| 0.56 |
|
| (0.19 | ) |
| 1.16 |
|
Total from investment operations |
|
| (0.38 | ) |
| 1.01 |
|
| 1.04 |
|
| 0.28 |
|
| 1.63 |
|
Less distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (0.46 | ) |
| (0.48 | ) |
| (0.48 | ) |
| (0.47 | ) |
| (0.47 | ) |
Net realized gain |
|
| (0.08 | ) |
| - |
|
| - |
|
| - |
|
| - |
|
Total distributions to shareholders |
|
| (0.54 | ) |
| (0.48 | ) |
| (0.48 | ) |
| (0.47 | ) |
| (0.47 | ) |
Net asset value, end of year |
| $ | 9.23 |
|
| 10.15 |
|
| 9.62 |
|
| 9.06 |
|
| 9.25 |
|
Total return (a) |
|
| (3.77 | )% |
| 10.66 | % |
| 11.81 | % |
| 2.99 | % |
| 20.60 | % |
Net assets, end of year (000s omitted) |
| $ | 465,026 |
|
| 527,118 |
|
| 518,834 |
|
| 516,202 |
|
| 542,394 |
|
Ratio of expenses, net of waivers, to average net assets (b)(c) |
|
| 0.34 | % |
| 0.36 | % |
| 0.36 | % |
| 0.36 | % |
| 0.36 | % |
Ratio of expenses, before waivers, to average net assets (b)(c) |
|
| 0.60 | % |
| 0.60 | % |
| 0.60 | % |
| 0.60 | % |
| 0.60 | % |
Ratio of net investment income, net of waivers, to average net assets(c) |
|
| 4.78 | % |
| 4.79 | % |
| 5.08 | % |
| 5.00 | % |
| 5.34 | % |
Ratio of net investment income, before waivers, to average net assets(c) |
|
| 4.52 | % |
| 4.55 | % |
| 4.84 | % |
| 4.76 | % |
| 5.10 | % |
Portfolio turnover rate (excluding short-term securities) |
|
| 31.65 | % |
| 28.06 | % |
| 24.83 | % |
| 28.95 | % |
| 22.90 | % |
|
|
|
| (a) | Total return figures are based on the change in net asset value of a share during the year and assume reinvestment of distributions at net asset value. |
| ||
| (b) | In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. |
| ||
| (c) | Effective March 15, 2013, the investment advisory fee, net of voluntary waivers, decreased to 0.33%. Also effective March 15, 2013, the Adviser increased the voluntary waiver to 0.27%. |
See accompanying notes to financial statements.
|
|
|
| 7 | (Continued) |
CLEARWATER INVESTMENT TRUST
Financial Highlights
December 31, 2013
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, |
|
|
|
| ||||||||||
International Fund |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| Period ended |
| |||||
Net asset value, beginning of period |
| $ | 13.33 |
|
| 12.23 |
|
| 14.33 |
|
| 13.16 |
|
| 10.00 |
|
Income (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| 0.29 |
|
| 0.30 |
|
| 0.30 |
|
| 0.23 |
|
| 0.19 |
|
Net realized and unrealized gains (losses) |
|
| 2.62 |
|
| 1.88 |
|
| (2.08 | ) |
| 1.27 |
|
| 3.35 |
|
Total from investment operations |
|
| 2.91 |
|
| 2.18 |
|
| (1.78 | ) |
| 1.50 |
|
| 3.54 |
|
Less distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (0.34 | ) |
| (0.31 | ) |
| (0.29 | ) |
| (0.23 | ) |
| (0.18 | ) |
Net realized gain |
|
| (0.14 | ) |
| (0.77 | ) |
| (0.03 | ) |
| (0.10 | ) |
| (0.20 | ) |
Total distributions to shareholders |
|
| (0.48 | ) |
| (1.08 | ) |
| (0.32 | ) |
| (0.33 | ) |
| (0.38 | ) |
Net asset value, end of period |
| $ | 15.76 |
|
| 13.33 |
|
| 12.23 |
|
| 14.33 |
|
| 13.16 |
|
Total return (c) |
|
| 21.85 | % |
| 17.91 | % |
| (12.44 | )% |
| 11.39 | % |
| 35.50 | % |
Net assets, end of period (000s omitted) |
| $ | 511,904 |
|
| 408,059 |
|
| 305,071 |
|
| 346,415 |
|
| 292,902 |
|
Ratio of expenses, net of waivers, to average net assets (d)(e)(f)(g)(h) |
|
| 0.66 | % |
| 0.62 | % |
| 0.77 | % |
| 0.80 | % |
| 0.92 | % |
Ratio of expenses, before waivers, to average net assets (d)(e)(f)(g)(h) |
|
| 1.00 | % |
| 1.00 | % |
| 1.00 | % |
| 1.00 | % |
| 1.00 | % |
Ratio of net investment income, net of waivers, to average net assets (d)(f)(g)(h) |
|
| 1.99 | % |
| 2.39 | % |
| 2.15 | % |
| 1.77 | % |
| 1.74 | % |
Ratio of net investment income, before waivers, to average net assets (d)(f)(g)(h) |
|
| 1.65 | % |
| 2.01 | % |
| 1.92 | % |
| 1.57 | % |
| 1.66 | % |
Portfolio turnover rate (excluding short-term securities) |
|
| 22.54 | % |
| 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, 2013, the investment advisory fee, net of voluntary waivers, increased to 0.67%. Also effective March 15, 2013, the Adviser reduced the voluntary waiver to 0.33%. |
| ||
| (g) | 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%. |
| ||
| (h) | 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, 2013
|
|
(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 United States (“U.S.”) federal income tax, consistent with preservation of capital.
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.
The Northern Trust Company serves as the custodian, administrator, accounting services agent and transfer agent for the Trust.
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 equity securities in which the Fund primarily invests are common and preferred stocks. 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 for the Fund: Parametric Portfolio Associates (“Parametric”), Heartland Advisors, Inc. (“Heartland”), Knightsbridge Asset Management, LLC (“Knightsbridge”), and Osterweis Capital Management, LLC (“Osterweis”). The allocation among subadvisers will vary over time, but the current intent of the Fund’s Adviser is that under normal market conditions approximately 60% of the Fund’s net assets will be allocated to Parametric; the remaining net assets will be allocated to one or more of the Fund’s three other subadvisers. 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 stocks. The Fund may also invest in a type of equity security called a convertible security to reduce volatility or correlation risk associated with individual securities or sectors. 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 uses a “multi-style, multi-manager” approach, whereby portions of the Fund’s net assets are allocated between subadvisers who employ
9
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2013
distinct investment styles. 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 bonds 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 net assets in bonds that generate interest income subject to federal alternative minimum tax. 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 currently has one subadviser that provides day-to-day management for the Fund, Sit Fixed Income Advisers II, LLC (“Sit”). In addition, as noted above, FCI also acts as a subadviser to the Fund.
Under normal market 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 U.S. and doing a substantial amount of business outside the U.S. 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 net assets are allocated to different subadvisers who employ distinct investment styles. The Fund currently allocates net assets among the following subadvisers who provide day-to-day management for the Fund: Parametric, Artisan Partners Limited Partnership (“Artisan Partners”), Denver Investments (“Denver”), WCM Investment Management (“WCM”) and Templeton Investment Counsel, LLC (“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.
|
|
(2) | Summary of Significant Accounting Policies |
The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies.”
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 |
|
|
|
| 10 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2013
|
|
|
|
| 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 (“NAV”), 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 NAV 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. The use of fair valuation involves the risk that the values used by the Funds to price their investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same investments. 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 net 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 recorded within net realized gain (loss) on security transactions and within net increase (decrease) in unrealized appreciation/depreciation on security transactions on the Statements of Operations. The realized gains or losses, if any, on translation of other assets and liabilities denominated in foreign currencies are recorded within net realized gain (loss) on foreign currency transactions on the Statements of Operations. The International Fund also will incur costs in converting U.S. dollars to local currencies, and vice versa. The International Fund therefore may enter into foreign currency transactions as a principal investment strategy. 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 U.S. |
|
|
|
| 11 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2013
|
|
|
| (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 within net increase (decrease) in unrealized appreciation/depreciation on the Statements of Operations. 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 recorded within net realized gain (loss) on forward foreign currency exchange contracts on the Statements of Operations. |
|
|
|
|
| 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. The International Fund may enter into spot contracts in order to make payments, or to receive payments, based on investment 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 investment 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 within net increase (decrease) in unrealized appreciation/depreciation on the Statements of Operations. Foreign currency amounts payable to or receivable from counterparties related to outstanding spot contracts, if any, are recorded in payables for investment securities purchased or receivable for securities sold, respectively, on the Statements of Assets and Liabilities. The Funds record any realized gains or losses at the time the spot contract settles. Realized gains or losses, if any, are included within net realized gain (loss) on foreign currency transactions on the Statements of Operations. 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. |
|
|
|
| 12 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2013
|
|
|
| (e) | Master Limited Partnerships |
|
|
|
|
| The Core Equity and International Funds invest in Master Limited Partnerships (“MLPs”). The benefits derived from the Funds’ investments in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes. If any of the MLPs held by the Funds were treated as corporations for U.S. federal income tax purposes, the after-tax return to the Funds with respect to their investments in such MLPs would be materially reduced, causing a decline in the value of the common stock. The Funds must include their allocable share of an MLP’s taxable income in their reportable taxable income, whether or not it receives a distribution in cash from the MLP. In such case, the Funds may have to liquidate securities to make required distributions to shareholders. |
|
|
|
| (f) | 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. |
|
|
|
| (g) | Short-Term Investments |
|
|
|
|
| Each Fund currently invests uninvested cash in money market portfolios of Northern Institutional Funds, an investment company advised by Northern Trust Investments, Inc. (“NTI”), a subsidiary of Northern Trust. 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 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. |
|
|
|
| (h) | Recoverable Taxes |
|
|
|
|
| The balances disclosed as foreign tax reclaim receivable, if any, represent 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. |
|
|
|
| (i) | 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. |
|
|
|
| 13 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2013
|
|
| 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, 2013, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for the 2010, 2011, 2012 and 2013 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 gain (loss) for the Funds may differ for financial statement and tax purposes. The character of distributions made during the year from net investment income or net realized gains, if any, may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gain (loss) were recorded by the Funds. The tax character of distributions paid by the Funds during the years ended December 31, 2013 and 2012 was as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tax-Exempt |
| Ordinary Income |
| ||||||||
|
| 2013 |
| 2012 |
| 2013 |
| 2012 |
| ||||
Core Equity Fund |
| $ | - |
| $ | - |
| $ | 6,741,356 |
| $ | 5,308,828 |
|
Small Companies Fund |
|
| - |
|
| - |
|
| 7,282,854 |
|
| 1,592,303 |
|
Tax-Exempt Bond Fund |
|
| 22,903,417 |
|
| 24,948,863 |
|
| 199,996 |
|
| 356,024 |
|
International Fund |
|
| - |
|
| - |
|
| 12,704,376 |
|
| 8,901,744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Long-Term Capital Gains |
|
|
|
|
|
|
| ||||
|
| 2013 |
| 2012 |
|
|
|
|
|
|
| ||
Core Equity Fund |
| $ | 141,918 |
| $ | - |
|
|
|
|
|
|
|
Small Companies Fund |
|
| 31,561,189 |
|
| 18,490,667 |
|
|
|
|
|
|
|
Tax-Exempt Bond Fund |
|
| 4,029,044 |
|
| - |
|
|
|
|
|
|
|
International Fund |
|
| 2,541,715 |
|
| 22,141,275 |
|
|
|
|
|
|
|
As of December 31, 2013, the components of distributable earnings on a tax basis were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core |
| Small Companies |
| Tax-Exempt |
| International |
| ||||
Undistributed ordinary income |
| $ | - |
| $ | 597,473 |
| $ | - |
| $ | 408,478 |
|
Undistributed capital gain |
|
| 182,496 |
|
| 10,053,343 |
|
| 40,156 |
|
| 1,017,864 |
|
Accumulated capital losses |
|
| (322,990 | ) |
| - |
|
| (362,426 | ) |
| (176,175 | ) |
Unrealized appreciation (depreciation) |
|
| 252,449,368 |
|
| 93,542,820 |
|
| (18,776,502 | ) |
| 145,496,866 |
|
Total |
| $ | 252,308,874 |
| $ | 104,193,636 |
| $ | (19,098,772 | ) | $ | 146,747,033 |
|
|
|
| Distributions to shareholders from net investment income and net realized gain are determined in accordance with federal income tax regulations, which may differ from such amounts recorded in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for financial reporting purposes. Accordingly, the Funds may make reclassifications among certain of their capital accounts in order to reflect the tax treatment for certain permanent differences that exist between federal income tax regulations and U.S. GAAP. These |
|
|
|
| 14 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2013
|
|
| reclassifications have no impact on the total net assets or the NAV per share of the Funds. At December 31, 2013, reclassifications have been recorded among the following capital accounts on the Statements of Assets and Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core |
| Small Companies |
| Tax-Exempt |
| International |
| ||||
Undistributed (overdistributed) net investment income |
| $ | 19,808 |
| $ | 199,785 |
| $ | (3,078 | ) | $ | 730,068 |
|
Accumulated net realized gain (loss) |
|
| (19,808 | ) |
| (199,785 | ) |
| 3,078 |
|
| (736,402 | ) |
Additional paid-in capital |
|
| - |
|
| - |
|
| - |
|
| 6,334 |
|
|
|
|
| (j) | 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. |
|
|
|
| (k) | Use of Estimates |
|
|
|
|
| The preparation of financial statements in conformity with 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. |
|
|
|
| (l) | Indemnification |
|
|
|
|
| Under each Fund’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to each Fund. In addition, certain of each Fund’s contracts with its service providers contain general indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against each Fund cannot be determined and each Fund has no historical basis for predicting the likelihood of any such claims. |
|
|
(3) | Fair Value Measurements |
Fair value is an estimate of the price the Funds would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. This guidance establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments, as described in Note 2(a) above. These inputs are summarized in the three broad levels listed below.
|
|
• | Level 1 – Unadjusted quoted market prices in active markets for identical securities on the measurement date. |
|
|
|
| 15 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2013
|
|
• | 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, 2013.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core Equity Fund (a) |
| ||||||||||
|
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Common Stocks |
| $ | 504,593,401 |
| $ | - |
| $ | - |
| $ | 504,593,401 |
|
Master Limited Partnerships |
|
| 6,021,621 |
|
| - |
|
| - |
|
| 6,021,621 |
|
Rights |
|
| 2,766 |
|
| - |
|
| - |
|
| 2,766 |
|
Short-Term Investments |
|
| 15,630,648 |
|
| - |
|
| - |
|
| 15,630,648 |
|
Total |
| $ | 526,248,436 |
| $ | - |
| $ | - |
| $ | 526,248,436 |
|
|
|
|
| (a) | For the Core Equity Fund, the investment value is comprised of equity securities, master limited partnerships, rights, and short-term investments. See the Fund’s Schedule of Investments for industry classification. Investments in equity, master limited partnerships and short-term securities generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. Investments in rights generally are determined by taking into account the terms of the rights as well as the value of the underlying equity securities, which are determined by the valuation methodology described above. |
|
|
|
| 16 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Small Companies Fund (b) |
| ||||||||||
|
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Common Stocks |
| $ | 336,944,394 |
| $ | - |
| $ | - |
| $ | 336,944,394 |
|
Short-Term Investments |
|
| 7,122,336 |
|
| - |
|
| - |
|
| 7,122,336 |
|
Total |
| $ | 344,066,730 |
| $ | - |
| $ | - |
| $ | 344,066,730 |
|
|
|
|
| (b) | For the Small Companies Fund, 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, 2013, there were no transfers between Level 1, Level 2 or Level 3 classifications based on levels assigned to the securities 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, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tax-Exempt Bond Fund (c) |
| ||||||||||
|
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Closed-End Funds |
| $ | 28,936,430 |
| $ | - |
| $ | - |
| $ | 28,936,430 |
|
Municipal Bonds |
|
|
|
|
|
|
|
|
|
|
|
|
|
Airport |
|
| - |
|
| 2,591,765 |
|
| - |
|
| 2,591,765 |
|
Bond Bank |
|
| - |
|
| 2,565,210 |
|
| - |
|
| 2,565,210 |
|
Development |
|
| - |
|
| 22,350,997 |
|
| 180,129 |
|
| 22,531,126 |
|
Education |
|
| - |
|
| 38,059,838 |
|
| - |
|
| 38,059,838 |
|
Facilities |
|
| - |
|
| 3,473,064 |
|
| - |
|
| 3,473,064 |
|
General |
|
| - |
|
| 49,604,052 |
|
| 3,515 |
|
| 49,607,567 |
|
General Obligation |
|
| - |
|
| 12,515,250 |
|
| - |
|
| 12,515,250 |
|
Higher Education |
|
| - |
|
| 17,602,735 |
|
| - |
|
| 17,602,735 |
|
Housing |
|
| - |
|
| 38,677,668 |
|
| - |
|
| 38,677,668 |
|
Medical |
|
| - |
|
| 50,026,795 |
|
| 157,500 |
|
| 50,184,295 |
|
Mello-Roos |
|
| - |
|
| 647,786 |
|
| - |
|
| 647,786 |
|
Multifamily Housing |
|
| - |
|
| 28,299,184 |
|
| - |
|
| 28,299,184 |
|
Nursing Home |
|
| - |
|
| 43,724,765 |
|
| - |
|
| 43,724,765 |
|
Pollution |
|
| - |
|
| 541,485 |
|
| - |
|
| 541,485 |
|
Power |
|
| - |
|
| 6,565,871 |
|
| - |
|
| 6,565,871 |
|
School District |
|
| - |
|
| 27,007,852 |
|
| - |
|
| 27,007,852 |
|
Single Family Housing |
|
| - |
|
| 55,612,055 |
|
| - |
|
| 55,612,055 |
|
Student Loan |
|
| - |
|
| 3,218,011 |
|
| - |
|
| 3,218,011 |
|
Tobacco Settlement |
|
| - |
|
| 877,589 |
|
| - |
|
| 877,589 |
|
Transportation |
|
| - |
|
| 12,830,020 |
|
| - |
|
| 12,830,020 |
|
Utilities |
|
| - |
|
| 1,122,912 |
|
| - |
|
| 1,122,912 |
|
Water |
|
| - |
|
| 7,392,465 |
|
| - |
|
| 7,392,465 |
|
Short-Term Investments |
|
| 10,777,197 |
|
| - |
|
| - |
|
| 10,777,197 |
|
Total |
| $ | 39,713,627 |
| $ | 425,307,369 |
| $ | 341,144 |
| $ | 465,362,140 |
|
|
|
|
| (c) | For the Tax-Exempt Bond Fund, the investment value is comprised of closed-end funds, municipal bonds, and short-term investments. Investments in closed-end funds and short-term securities generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. Investments in municipal bonds generally are based on valuations using adjusted evaluated prices provided by the primary pricing provider. The Board of Trustees has delegated to the Valuation Committee the responsibility to determine in good faith the fair value of securities for which no price quotation is available from an approved pricing service or broker-dealer at the time the Tax-Exempt Bond Fund’s NAV 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 NAV is calculated. |
|
|
|
| 18 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2013
As of December 31, 2013, 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 in addition to the consideration of observations and the nature of similar securities which are not currently openly traded 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, 2013, there were no transfers between Level 1 or Level 2 classifications based on levels assigned to the securities 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.
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
| ||||||||||||||||
|
| Development |
| General |
| Higher |
| Medical |
| Power |
| Total |
| ||||||
Balance as of 12/31/12 |
| $ | 180,130 |
| $ | 11,765 |
| $ | 909,527 |
| $ | 1,252,138 |
| $ | 619,400 |
| $ | 2,972,960 |
|
Realized Gains |
|
| - |
|
| - |
|
| - |
|
| 1,380 |
|
| - |
|
| 1,380 |
|
Realized Losses |
|
| (53,963 | ) |
| (14,478 | ) |
| (3,141 | ) |
| - |
|
| - |
|
| (71,582 | ) |
Change in Unrealized Appreciation |
|
| 69,999 |
|
| 13,452 |
|
| 114,727 |
|
| - |
|
| 51,600 |
|
| 249,778 |
|
Change in Unrealized Depreciation |
|
| - |
|
| - |
|
| - |
|
| (170,895 | ) |
| - |
|
| (170,895 | ) |
Sales |
|
| (16,037 | ) |
| (7,224 | ) |
| (94,425 | ) |
| (44,394 | ) |
| (671,000 | ) |
| (833,080 | ) |
Transfers into Level 3 (1) |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
Transfers out of Level 3 (1) |
|
| - |
|
| - |
|
| (926,688 | )(2) |
| (880,729 | )(2) |
| - |
|
| (1,807,417 | ) |
Balance as of 12/31/13 |
| $ | 180,129 |
| $ | 3,515 |
| $ | - |
| $ | 157,500 |
| $ | - |
| $ | 341,144 |
|
Net increase (decrease) in unrealized appreciation (depreciation) (3) |
| $ | - |
| $ | 13,452 |
| $ | - |
| $ | (79,880 | ) | $ | - |
| $ | (66,428 | ) |
|
|
(1) | The value of the Transfers into and out of Level 3 is measured using the fair value as of the year ended December 31, 2013. |
|
|
(2) | Transferred from Level 3 to Level 2 due to municipal bonds being valued based on adjusted evaluated prices provided by the primary pricing provider. |
|
|
(3) | The net increase (decrease) in unrealized appreciation (depreciation) on Level 3 securities still held at December 31, 2013 is included in the Statements of Operations. |
There were no significant Level 3 valuations for which significant unobservable valuations inputs were developed at December 31, 2013.
|
|
|
| 19 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| International Fund (d) |
| ||||||||||
|
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary |
| $ | 85,418,586 |
| $ | - |
| $ | - |
| $ | 85,418,586 |
|
Consumer Staples |
|
| 52,730,942 |
|
| - |
|
| - |
|
| 52,730,942 |
|
Energy |
|
| 30,160,596 |
|
| - |
|
| - |
|
| 30,160,596 |
|
Financials |
|
| 101,902,711 |
|
| 52,823 |
|
| - |
|
| 101,955,534 |
|
Health Care |
|
| 46,153,242 |
|
| - |
|
| - |
|
| 46,153,242 |
|
Industrials |
|
| 75,754,812 |
|
| - |
|
| - |
|
| 75,754,812 |
|
Information Technology |
|
| 46,127,946 |
|
| - |
|
| - |
|
| 46,127,946 |
|
Materials |
|
| 24,658,582 |
|
| - |
|
| - |
|
| 24,658,582 |
|
Telecommunication Services |
|
| 15,724,628 |
|
| - |
|
| - |
|
| 15,724,628 |
|
Utilities |
|
| 8,781,036 |
|
| - |
|
| - |
|
| 8,781,036 |
|
Master Limited Partnerships |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financials |
|
| 2,452,834 |
|
| - |
|
| - |
|
| 2,452,834 |
|
Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary |
|
| 1,110,640 |
|
| - |
|
| - |
|
| 1,110,640 |
|
Consumer Staples |
|
| 207,846 |
|
| - |
|
| - |
|
| 207,846 |
|
Health Care |
|
| 287,279 |
|
| - |
|
| - |
|
| 287,279 |
|
Information Technology |
|
| 119,024 |
|
| - |
|
| - |
|
| 119,024 |
|
Utilities |
|
| 88,598 |
|
| - |
|
| - |
|
| 88,598 |
|
Rights |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary |
|
| 7 |
|
| - |
|
| - |
|
| 7 |
|
Investment Companies |
|
| 948,228 |
|
| - |
|
| - |
|
| 948,228 |
|
Short-Term Investments |
|
| 17,465,003 |
|
| - |
|
| - |
|
| 17,465,003 |
|
Total |
| $ | 510,092,540 |
| $ | 52,823 |
| $ | - |
| $ | 510,145,363 |
|
|
|
|
| (d) | For the International Fund, the investment value is comprised of equity securities, master limited partnerships, rights, investment companies and short-term investments. See the Fund’s Schedule of Investments for geographical classification. Investments in equity, master limited partnerships, investment companies and short-term securities generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. Investments in rights generally are determined by taking into account the terms of the rights as well as the value of the underlying equity securities, which are determined by the valuation methodology described above. At December 31, 2013, an equity investment with a fair value of $52,823, within the Financials sector, was valued using the last sales price of a similar equity security subsequent to a spin off corporate action but prior to such resulting security beginning its investment trading. |
|
|
|
| 20 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2013
The International Fund records all transfers between levels based on valuations at the end of each reporting period. At December 31, 2013, certain foreign equity securities with a fair value of $366,645,722 were transferred from Level 2 to Level 1 classifications from December 31, 2012 to December 31, 2013, due to receiving last sales or regular trading session closing prices from primary pricing service providers on December 31, 2013 without applying adjustment factors as described in note 2(a) for foreign securities. U.S. GAAP provides additional guidance for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate when a transaction is not orderly.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward foreign currency exchange contracts |
| $ | - |
| $ | 270,742 |
| $ | - |
| $ | 270,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward foreign currency exchange contracts |
|
| - |
|
| (15,208 | ) |
| - |
|
| (15,208 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Other Financial Instruments |
| $ | - |
| $ | 255,534 |
| $ | - |
| $ | 255,534 |
|
The forward foreign currency exchange contracts outstanding at December 31, 2013 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.
|
|
(4) | Investment Security Transactions |
The cost of purchases and proceeds from sales of securities (excluding short-term securities) for the year ended December 31, 2013, were as follows:
|
|
|
|
|
|
|
|
|
| Purchases |
| Sales |
| ||
Core Equity Fund |
| $ | 96,157,079 |
| $ | 97,188,088 |
|
Small Companies Fund |
|
| 189,821,845 |
|
| 215,823,453 |
|
Tax-Exempt Bond Fund |
|
| 149,637,945 |
|
| 162,519,076 |
|
International Fund |
|
| 123,074,833 |
|
| 100,087,527 |
|
|
|
|
| 21 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2013
|
|
(5) | Capital Share Transactions |
Transactions in capital shares for each fund for the fiscal years ended December 31, 2013 and December 31, 2012, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core Equity Fund |
| Small Companies Fund |
| ||||||||
|
| 2013 |
| 2012 |
| 2013 |
| 2012 |
| ||||
Sold |
|
| 507,556 |
|
| 1,085,012 |
|
| 201,528 |
|
| 924,853 |
|
Issued for reinvestment of distributions |
|
| 183,114 |
|
| 187,326 |
|
| 1,743,449 |
|
| 1,095,634 |
|
Redeemed |
|
| (560,122 | ) |
| (709,321 | ) |
| (1,670,646 | ) |
| (1,106,562 | ) |
Net Increase |
|
| 130,548 |
|
| 563,017 |
|
| 274,331 |
|
| 913,925 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tax-Exempt Bond Fund |
| International Fund |
| ||||||||
|
| 2013 |
| 2012 |
| 2013 |
| 2012 |
| ||||
Sold |
|
| 2,901,091 |
|
| 2,720,895 |
|
| 1,958,551 |
|
| 5,265,669 |
|
Issued for reinvestment of distributions |
|
| 2,834,108 |
|
| 2,524,334 |
|
| 973,569 |
|
| 2,342,869 |
|
Redeemed |
|
| (7,249,870 | ) |
| (7,257,727 | ) |
| (1,067,258 | ) |
| (1,941,501 | ) |
Net Increase (decrease) |
|
| (1,514,671 | ) |
| (2,012,498 | ) |
| 1,864,862 |
|
| 5,667,037 |
|
|
|
(6) | Capital Loss Carryforward |
For the period subsequent to October 31, 2013 through the fiscal year ended December 31, 2013, 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:
|
|
|
|
|
|
|
|
|
|
|
|
| Short-Term |
| Long-Term |
| Total |
| |||
Core Equity Fund |
| $ | 322,990 |
| $ | - |
| $ | 322,990 |
|
Tax-Exempt Bond Fund |
|
| 211,282 |
|
| 151,144 |
|
| 362,426 |
|
International Fund |
|
| 176,175 |
|
| - |
|
| 176,175 |
|
|
|
|
| 22 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2013
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, 2013, there were no pre-enactment capital loss carryforwards for U.S. Federal income tax purposes for the Core Equity Fund, as they were all utilized at December 31, 2013.
The following capital loss carryforwards were utilized at December 31, 2013, for U.S. Federal income tax purposes:
|
|
|
|
|
|
| Amount |
| |
Core Equity Fund |
| $ | 10,839,789 |
|
|
|
|
| 23 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2013
|
|
(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 each pay an investment advisory 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 modified its management fee for each of the Funds through voluntary waivers. Effective March 15, 2013, the voluntary waivers for the Core Equity Fund, Small Companies Fund and the Tax-Exempt Fund were increased to 0.40%, 0.41%, and 0.27%, respectively; while the voluntary waiver for the International Fund was reduced to 0.33%. For the fiscal year ended, December 31, 2013, the management fees actually paid by the Core Equity, Small Companies, Tax-Exempt Bond and International Funds net of voluntary waivers are 0.50%, 0.95%, 0.34%, and 0.66%, respectively. As of December 31, 2013, the management fees in place, net of voluntary waivers, for the Core Equity, Small Companies, Tax-Exempt Bond, and International Funds are 0.50%, 0.94%, 0.33%, and 0.67%, respectively. The Adviser currently intends to continue these voluntary waivers indefinitely. However, the Adviser may terminate these voluntary arrangements at any time.
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 or other investment companies 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. 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 $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,
|
|
|
| 24 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2013
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.
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 average daily 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 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.
|
|
|
| 25 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2013
|
|
(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 held in the International Fund by location as presented in the Statements of Assets and Liabilities as of December 31, 2013, with additional detail on the net amounts impacting the Statements of Assets and Liabilities. The forward foreign currency exchange contracts presented below are not subject to master netting agreements or other similar agreements.
In December 2011, the International Accounting Standards Board and the 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 financial statement users better assess the effect, or potential effect, of offsetting arrangements included within the statement of assets and liabilities. ASU 2011-11 requires entities to disclose both gross and net information about instruments and transactions eligible for offset, such as master netting agreements or other similar agreements. Management has evaluated the forward foreign exchange currency contracts presented below and determined the adoption of ASU 2011-11 did not impact the Fund’s net assets or operating results.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
|
Derivative Type |
| Statements of Assets and |
| Value |
| Statements of Assets and |
| Value |
| Net Amounts of |
| Counterparty | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward foreign currency exchange contracts |
| Unrealized appreciation on forward foreign currency exchange contracts |
| $ | 270,742 |
| Unrealized depreciation on forward foreign currency exchange contracts |
| $ | 15,208 |
| $ | 255,534 |
| HSBC, Northern Trust |
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, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| $ | 833,509 |
| Forward foreign currency exchange contracts |
| Net decrease in unrealized depreciation on forward foreign currency exchange contracts |
| $ | (82,957) |
|
|
|
| 26 | (Continued) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2013
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, 2013.
|
|
|
|
|
Forward Foreign Currency |
| |||
Number of |
| Weighted |
| |
2,415 |
| $ | 914,773 |
|
|
|
(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
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Common Stocks: |
|
|
|
|
|
|
|
|
|
| |||
| Consumer Discretionary: |
|
|
|
|
|
|
|
|
|
| ||
| 2,300 |
| ABERCROMBIE & FITCH CO., CLASS A |
| $ | 50,218 |
|
| 75,693 |
|
|
|
|
| 1,500 |
| ADVANCE AUTO PARTS, INC. |
|
| 53,558 |
|
| 166,020 |
|
|
|
|
| 6,150 |
| AMAZON.COM, INC.(b) |
|
| 274,721 |
|
| 2,452,558 |
|
|
|
|
| 1,600 |
| AMC NETWORKS, INC., CLASS A(b) |
|
| 25,785 |
|
| 108,976 |
|
|
|
|
| 3,300 |
| AMERICAN EAGLE OUTFITTERS, INC. |
|
| 33,099 |
|
| 47,520 |
|
|
|
|
| 12,000 |
| AMERICAN PUBLIC EDUCATION, INC.(b) |
|
| 462,646 |
|
| 521,640 |
|
|
|
|
| 1,300 |
| AUTOLIV, INC.(c) |
|
| 29,596 |
|
| 119,340 |
|
|
|
|
| 500 |
| AUTOZONE, INC.(b) |
|
| 32,038 |
|
| 238,970 |
|
|
|
|
| 23,295 |
| BED BATH & BEYOND, INC.(b) |
|
| 1,200,112 |
|
| 1,870,588 |
|
|
|
|
| 2,800 |
| BEST BUY CO., INC. |
|
| 72,548 |
|
| 111,664 |
|
|
|
|
| 1,400 |
| BIG LOTS, INC.(b) |
|
| 15,477 |
|
| 45,206 |
|
|
|
|
| 4,400 |
| BORGWARNER, INC. |
|
| 51,799 |
|
| 246,004 |
|
|
|
|
| 750 |
| BRINKER INTERNATIONAL, INC. |
|
| 10,084 |
|
| 34,755 |
|
|
|
|
| 1,700 |
| CABLEVISION SYSTEMS CORP., CLASS A (NEW YORK GROUP) |
|
| 15,956 |
|
| 30,481 |
|
|
|
|
| 4,168 |
| CARMAX, INC.(b) |
|
| 50,984 |
|
| 195,979 |
|
|
|
|
| 2,700 |
| CARNIVAL CORP. |
|
| 80,824 |
|
| 108,459 |
|
|
|
|
| 6,043 |
| CBS CORP., CLASS B (NON VOTING) |
|
| 52,350 |
|
| 385,181 |
|
|
|
|
| 600 |
| CHARTER COMMUNICATIONS, INC., CLASS A(b) |
|
| 30,036 |
|
| 82,056 |
|
|
|
|
| 600 |
| CHICO’S FAS, INC. |
|
| 5,619 |
|
| 11,304 |
|
|
|
|
| 300 |
| CHIPOTLE MEXICAN GRILL, INC.(b) |
|
| 89,324 |
|
| 159,834 |
|
|
|
|
| 68,820 |
| CINEMARK HOLDINGS, INC. |
|
| 1,340,356 |
|
| 2,293,771 |
|
|
|
|
| 18,500 |
| CLEAR CHANNEL OUTDOOR HOLDINGS, INC., CLASS A |
|
| 62,472 |
|
| 187,590 |
|
|
|
|
| 5,000 |
| COACH, INC. |
|
| 19,161 |
|
| 280,650 |
|
|
|
|
| 37,800 |
| COMCAST CORP., CLASS A |
|
| 622,939 |
|
| 1,964,277 |
|
|
|
|
| 1,345 |
| CST BRANDS, INC. |
|
| 11,311 |
|
| 49,388 |
|
|
|
|
| 2,300 |
| DARDEN RESTAURANTS, INC. |
|
| 47,909 |
|
| 125,051 |
|
|
|
|
| 2,400 |
| DEVRY, INC. |
|
| 44,808 |
|
| 85,200 |
|
|
|
|
| 1,500 |
| DICK’S SPORTING GOODS, INC. |
|
| 24,802 |
|
| 87,150 |
|
|
|
|
| 41,491 |
| DIRECTV(b) |
|
| 1,699,401 |
|
| 2,866,613 |
|
|
|
|
| 3,400 |
| DISCOVERY COMMUNICATIONS, INC., CLASS A(b) |
|
| 207,382 |
|
| 307,428 |
|
|
|
|
| 1,800 |
| DOLLAR GENERAL CORP.(b) |
|
| 93,300 |
|
| 108,576 |
|
|
|
|
| 6,700 |
| DOLLAR TREE, INC.(b) |
|
| 61,517 |
|
| 378,014 |
|
|
|
|
| 4,600 |
| DR HORTON, INC. |
|
| 22,057 |
|
| 102,672 |
|
|
|
|
| 710 |
| EXPEDIA, INC. |
|
| 10,883 |
|
| 49,459 |
|
|
|
|
| 500 |
| FAMILY DOLLAR STORES, INC. |
|
| 12,652 |
|
| 32,485 |
|
|
|
|
| 3,000 |
| FOOT LOCKER, INC. |
|
| 40,394 |
|
| 124,320 |
|
|
|
|
| 54,163 |
| FORD MOTOR CO. |
|
| 279,997 |
|
| 835,735 |
|
|
|
|
| 4,600 |
| GAMESTOP CORP., CLASS A |
|
| 34,643 |
|
| 226,596 |
|
|
|
|
| 5,700 |
| GANNETT CO., INC. |
|
| 51,200 |
|
| 168,606 |
|
|
|
|
| 4,100 |
| GAP (THE), INC. |
|
| 58,946 |
|
| 160,228 |
|
|
|
|
| 2,200 |
| GARMIN LTD.(c) |
|
| 40,557 |
|
| 101,684 |
|
|
|
|
| 8,700 |
| GENERAL MOTORS CO.(b) |
|
| 225,210 |
|
| 355,569 |
|
|
|
|
| 7,500 |
| GENTEX CORP. |
|
| 106,860 |
|
| 247,425 |
|
|
|
|
| 3,450 |
| GENUINE PARTS CO. |
|
| 102,424 |
|
| 287,006 |
|
|
|
|
| 1,900 |
| GOODYEAR TIRE & RUBBER (THE) CO. |
|
| 26,258 |
|
| 45,315 |
|
|
|
|
| 25,800 |
| GROUPON, INC.(b) |
|
| 198,276 |
|
| 303,666 |
|
|
|
|
| 84,900 |
| H&R BLOCK, INC. |
|
| 1,193,597 |
|
| 2,465,496 |
|
|
|
|
| 500 |
| HANESBRANDS, INC. |
|
| 10,750 |
|
| 35,135 |
|
|
|
|
| 6,750 |
| HARLEY-DAVIDSON, INC. |
|
| 39,547 |
|
| 467,370 |
|
|
|
|
| 4,300 |
| HARMAN INTERNATIONAL INDUSTRIES, INC. |
|
| 74,798 |
|
| 351,955 |
|
|
|
|
| 400 |
| HASBRO, INC. |
|
| 10,206 |
|
| 22,004 |
|
|
|
|
| 29,825 |
| HOME DEPOT (THE), INC. |
|
| 19,452 |
|
| 2,455,790 |
|
|
|
|
| 2,200 |
| INTERNATIONAL GAME TECHNOLOGY |
|
| 31,196 |
|
| 39,952 |
|
|
|
|
| 15,600 |
| INTERPUBLIC GROUP OF (THE) COS., INC. |
|
| 40,950 |
|
| 276,120 |
|
|
|
|
| 2,100 |
| JARDEN CORP.(b) |
|
| 25,277 |
|
| 128,835 |
|
|
|
|
| 51,313 |
| JOHNSON CONTROLS, INC. |
|
| 1,365,175 |
|
| 2,632,357 |
|
|
|
|
| 28,240 |
| KOHL’S CORP. |
|
| 1,052,558 |
|
| 1,602,620 |
|
|
|
|
| 6,190 |
| L BRANDS, INC. |
|
| 70,745 |
|
| 382,851 |
|
|
|
|
| 4,200 |
| LAMAR ADVERTISING CO., CLASS A(b) |
|
| 55,664 |
|
| 219,450 |
|
|
|
|
| 6,238 |
| LAS VEGAS SANDS CORP. |
|
| 185,736 |
|
| 491,991 |
|
|
|
|
| 3,000 |
| LEAR CORP. |
|
| 128,814 |
|
| 242,910 |
|
|
|
|
| 2,900 |
| LENNAR CORP., CLASS A |
|
| 38,266 |
|
| 114,724 |
|
|
|
|
| 5,832 |
| LIBERTY GLOBAL PLC, SERIES A(b)(c) |
|
| 100,651 |
|
| 518,990 |
|
|
|
|
| 771 |
| LIBERTY GLOBAL PLC, SERIES C(b)(c) |
|
| 15,060 |
|
| 65,011 |
|
|
|
|
| 88,880 |
| LIBERTY INTERACTIVE CORP., CLASS A(b) |
|
| 1,551,796 |
|
| 2,608,628 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 28 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Consumer Discretionary (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 4,132 |
| LIBERTY MEDIA CORP., CLASS A(b) |
| $ | 18,438 |
|
| 605,131 |
|
|
|
|
| 790 |
| LIBERTY VENTURES, SERIES A(b) |
|
| 23,580 |
|
| 96,846 |
|
|
|
|
| 1,200 |
| LKQ CORP.(b) |
|
| 14,970 |
|
| 39,480 |
|
|
|
|
| 14,100 |
| LOWE’S COS., INC. |
|
| 383,002 |
|
| 698,655 |
|
|
|
|
| 5,000 |
| MACY’S, INC. |
|
| 81,374 |
|
| 267,000 |
|
|
|
|
| 66,130 |
| MARKS & SPENCER GROUP PLC ADR(c)(d) |
|
| 772,476 |
|
| 947,907 |
|
|
|
|
| 4,969 |
| MARRIOTT INTERNATIONAL, INC., CLASS A |
|
| 60,013 |
|
| 245,270 |
|
|
|
|
| 496 |
| MARRIOTT VACATIONS WORLDWIDE CORP.(b) |
|
| 3,643 |
|
| 26,169 |
|
|
|
|
| 4,200 |
| MATTEL, INC. |
|
| 69,165 |
|
| 199,836 |
|
|
|
|
| 16,202 |
| MCDONALD’S CORP. |
|
| 370,997 |
|
| 1,572,080 |
|
|
|
|
| 6,600 |
| MGM RESORTS INTERNATIONAL(b) |
|
| 54,922 |
|
| 155,232 |
|
|
|
|
| 2,300 |
| MICHAEL KORS HOLDINGS LTD.(b)(c) |
|
| 143,056 |
|
| 186,737 |
|
|
|
|
| 600 |
| MOHAWK INDUSTRIES, INC.(b) |
|
| 26,796 |
|
| 89,340 |
|
|
|
|
| 1,400 |
| MORNINGSTAR, INC. |
|
| 57,577 |
|
| 109,326 |
|
|
|
|
| 600 |
| MURPHY USA, INC.(b) |
|
| 4,392 |
|
| 24,936 |
|
|
|
|
| 700 |
| NETFLIX, INC.(b) |
|
| 41,142 |
|
| 257,719 |
|
|
|
|
| 2,200 |
| NEWELL RUBBERMAID, INC. |
|
| 26,950 |
|
| 71,302 |
|
|
|
|
| 7,175 |
| NEWS CORP., CLASS A(b) |
|
| 36,051 |
|
| 129,294 |
|
|
|
|
| 12,500 |
| NIKE, INC., CLASS B |
|
| 309,382 |
|
| 983,000 |
|
|
|
|
| 4,300 |
| NORDSTROM, INC. |
|
| 45,233 |
|
| 265,740 |
|
|
|
|
| 100 |
| NVR, INC.(b) |
|
| 51,542 |
|
| 102,601 |
|
|
|
|
| 2,695 |
| OMNICOM GROUP, INC. |
|
| 78,532 |
|
| 200,427 |
|
|
|
|
| 2,300 |
| O’REILLY AUTOMOTIVE, INC.(b) |
|
| 69,868 |
|
| 296,033 |
|
|
|
|
| 1,500 |
| PANERA BREAD CO., CLASS A(b) |
|
| 69,668 |
|
| 265,035 |
|
|
|
|
| 500 |
| PENN NATIONAL GAMING, INC.(b) |
|
| 5,759 |
|
| 7,165 |
|
|
|
|
| 2,600 |
| PETSMART, INC. |
|
| 55,966 |
|
| 189,150 |
|
|
|
|
| 200 |
| POLARIS INDUSTRIES, INC. |
|
| 26,950 |
|
| 29,128 |
|
|
|
|
| 800 |
| PRICELINE.COM, INC.(b) |
|
| 194,799 |
|
| 929,920 |
|
|
|
|
| 14,100 |
| PULTEGROUP, INC. |
|
| 58,797 |
|
| 287,217 |
|
|
|
|
| 600 |
| PVH CORP. |
|
| 22,503 |
|
| 81,612 |
|
|
|
|
| 1,500 |
| RALPH LAUREN CORP. |
|
| 31,320 |
|
| 264,855 |
|
|
|
|
| 3,000 |
| REGAL ENTERTAINMENT GROUP, CLASS A |
|
| 28,787 |
|
| 58,350 |
|
|
|
|
| 4,600 |
| ROSS STORES, INC. |
|
| 36,395 |
|
| 344,678 |
|
|
|
|
| 52,368 |
| ROYAL CARIBBEAN CRUISES LTD. |
|
| 1,669,400 |
|
| 2,483,291 |
|
|
|
|
| 600 |
| SCRIPPS NETWORKS INTERACTIVE, INC., CLASS A |
|
| 21,337 |
|
| 51,846 |
|
|
|
|
| 71,600 |
| SEARS HOLDINGS CORP.(b) |
|
| 3,277,715 |
|
| 3,511,264 |
|
|
|
|
| 10,400 |
| SERVICE CORP. INTERNATIONAL |
|
| 74,152 |
|
| 188,552 |
|
|
|
|
| 1,700 |
| SIGNET JEWELERS LTD.(c) |
|
| 33,060 |
|
| 133,790 |
|
|
|
|
| 19,500 |
| SIRIUS XM HOLDINGS, INC.(b) |
|
| 52,065 |
|
| 68,055 |
|
|
|
|
| 3,900 |
| STAPLES, INC. |
|
| 51,251 |
|
| 61,971 |
|
|
|
|
| 14,250 |
| STARBUCKS CORP. |
|
| 182,046 |
|
| 1,117,058 |
|
|
|
|
| 710 |
| STARWOOD HOTELS & RESORTS WORLDWIDE, INC. |
|
| 14,193 |
|
| 56,410 |
|
|
|
|
| 5,032 |
| STARZ, CLASS A(b) |
|
| 3,469 |
|
| 147,136 |
|
|
|
|
| 12,200 |
| TARGET CORP. |
|
| 353,659 |
|
| 771,894 |
|
|
|
|
| 1,000 |
| TEMPUR SEALY INTERNATIONAL, INC.(b) |
|
| 31,500 |
|
| 53,960 |
|
|
|
|
| 2,100 |
| TESLA MOTORS, INC.(b) |
|
| 147,498 |
|
| 315,798 |
|
|
|
|
| 6,200 |
| THOMSON REUTERS CORP. |
|
| 178,087 |
|
| 234,484 |
|
|
|
|
| 1,900 |
| THOR INDUSTRIES, INC. |
|
| 22,316 |
|
| 104,937 |
|
|
|
|
| 4,200 |
| TIFFANY & CO. |
|
| 122,192 |
|
| 389,676 |
|
|
|
|
| 5,979 |
| TIME WARNER CABLE, INC. |
|
| 194,384 |
|
| 810,154 |
|
|
|
|
| 21,033 |
| TIME WARNER, INC. |
|
| 476,695 |
|
| 1,466,421 |
|
|
|
|
| 10,094 |
| TJX COS., INC. |
|
| 86,033 |
|
| 643,291 |
|
|
|
|
| 400 |
| TRACTOR SUPPLY CO. |
|
| 20,180 |
|
| 31,032 |
|
|
|
|
| 2,210 |
| TRIPADVISOR, INC.(b) |
|
| 42,908 |
|
| 183,054 |
|
|
|
|
| 900 |
| TRW AUTOMOTIVE HOLDINGS CORP.(b) |
|
| 21,698 |
|
| 66,951 |
|
|
|
|
| 24,400 |
| TWENTY-FIRST CENTURY FOX, INC., CLASS A |
|
| 243,934 |
|
| 858,392 |
|
|
|
|
| 200 |
| ULTA SALON COSMETICS & FRAGRANCE, INC.(b) |
|
| 25,244 |
|
| 19,304 |
|
|
|
|
| 500 |
| UNDER ARMOUR, INC., CLASS A(b) |
|
| 23,330 |
|
| 43,650 |
|
|
|
|
| 2,127 |
| URBAN OUTFITTERS, INC.(b) |
|
| 37,857 |
|
| 78,912 |
|
|
|
|
| 34,360 |
| VERA BRADLEY, INC.(b) |
|
| 755,589 |
|
| 826,014 |
|
|
|
|
| 6,800 |
| VF CORP. |
|
| 87,065 |
|
| 423,912 |
|
|
|
|
| 32,607 |
| VIACOM, INC., CLASS B |
|
| 1,360,367 |
|
| 2,847,895 |
|
|
|
|
| 800 |
| VISTEON CORP.(b) |
|
| 33,968 |
|
| 65,512 |
|
|
|
|
| 29,560 |
| WALT DISNEY (THE) CO. |
|
| 578,637 |
|
| 2,258,384 |
|
|
|
|
| 2,100 |
| WHIRLPOOL CORP. |
|
| 89,510 |
|
| 329,406 |
|
|
|
|
| 5,475 |
| WYNDHAM WORLDWIDE CORP. |
|
| 24,501 |
|
| 403,453 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 29 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Consumer Discretionary (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 1,600 |
| WYNN RESORTS LTD. |
| $ | 32,322 |
|
| 310,736 |
|
|
|
|
| 9,016 |
| YUM! BRANDS, INC. |
|
| 78,831 |
|
| 681,700 |
|
|
|
|
|
|
|
|
|
| 27,813,765 |
|
| 65,974,357 |
|
| 12.61 | % |
| Consumer Staples: |
|
|
|
|
|
|
|
|
|
| ||
| 30,100 |
| ALTRIA GROUP, INC. |
|
| 137,687 |
|
| 1,155,539 |
|
|
|
|
| 53,536 |
| ARCHER-DANIELS-MIDLAND CO. |
|
| 1,514,128 |
|
| 2,323,462 |
|
|
|
|
| 4,300 |
| BEAM, INC. |
|
| 115,443 |
|
| 292,658 |
|
|
|
|
| 2,916 |
| BROWN-FORMAN CORP., CLASS B |
|
| 57,343 |
|
| 220,362 |
|
|
|
|
| 18,325 |
| BUNGE LTD. |
|
| 1,143,992 |
|
| 1,504,666 |
|
|
|
|
| 4,000 |
| CHURCH & DWIGHT CO., INC. |
|
| 100,310 |
|
| 265,120 |
|
|
|
|
| 3,000 |
| CLOROX (THE) CO. |
|
| 154,515 |
|
| 278,280 |
|
|
|
|
| 64,481 |
| COCA-COLA (THE) CO. |
|
| 991,395 |
|
| 2,663,710 |
|
|
|
|
| 1,900 |
| COCA-COLA ENTERPRISES, INC. |
|
| 80,180 |
|
| 83,847 |
|
|
|
|
| 16,980 |
| COLGATE-PALMOLIVE CO. |
|
| 539,355 |
|
| 1,107,266 |
|
|
|
|
| 3,700 |
| CONAGRA FOODS, INC. |
|
| 86,422 |
|
| 124,690 |
|
|
|
|
| 4,600 |
| CONSTELLATION BRANDS, INC., CLASS A(b) |
|
| 63,227 |
|
| 323,748 |
|
|
|
|
| 7,800 |
| COSTCO WHOLESALE CORP. |
|
| 237,671 |
|
| 928,278 |
|
|
|
|
| 470 |
| CRIMSON WINE GROUP LTD.(b) |
|
| 2,671 |
|
| 4,155 |
|
|
|
|
| 16,225 |
| CVS CAREMARK CORP. |
|
| 642,050 |
|
| 1,161,223 |
|
|
|
|
| 750 |
| DEAN FOODS CO.(b) |
|
| 12,421 |
|
| 12,892 |
|
|
|
|
| 16,185 |
| DIAGEO PLC ADR(c)(d) |
|
| 1,214,077 |
|
| 2,143,218 |
|
|
|
|
| 6,000 |
| DR PEPPER SNAPPLE GROUP, INC. |
|
| 125,060 |
|
| 292,320 |
|
|
|
|
| 397 |
| ENERGIZER HOLDINGS, INC. |
|
| 20,533 |
|
| 42,971 |
|
|
|
|
| 3,734 |
| ESTEE LAUDER (THE) COS., INC., CLASS A |
|
| 70,943 |
|
| 281,245 |
|
|
|
|
| 2,700 |
| FLOWERS FOODS, INC. |
|
| 25,434 |
|
| 57,969 |
|
|
|
|
| 37,325 |
| FRESH DEL MONTE PRODUCE, INC. |
|
| 1,035,074 |
|
| 1,056,297 |
|
|
|
|
| 12,400 |
| GENERAL MILLS, INC. |
|
| 277,055 |
|
| 618,884 |
|
|
|
|
| 5,800 |
| GREEN MOUNTAIN COFFEE ROASTERS, INC.(b) |
|
| 122,296 |
|
| 438,364 |
|
|
|
|
| 3,800 |
| HERBALIFE LTD.(c) |
|
| 52,204 |
|
| 299,060 |
|
|
|
|
| 2,342 |
| HERSHEY (THE) CO. |
|
| 112,137 |
|
| 227,713 |
|
|
|
|
| 800 |
| HILLSHIRE BRANDS CO. |
|
| 23,592 |
|
| 26,752 |
|
|
|
|
| 2,400 |
| HORMEL FOODS CORP. |
|
| 43,206 |
|
| 108,408 |
|
|
|
|
| 1,700 |
| INGREDION, INC. |
|
| 48,104 |
|
| 116,382 |
|
|
|
|
| 1,600 |
| JM SMUCKER (THE) CO. |
|
| 64,617 |
|
| 165,792 |
|
|
|
|
| 2,700 |
| KELLOGG CO. |
|
| 155,123 |
|
| 164,889 |
|
|
|
|
| 1,550 |
| KIMBERLY-CLARK CORP. |
|
| 72,786 |
|
| 161,913 |
|
|
|
|
| 7,679 |
| KRAFT FOODS GROUP, INC. |
|
| 111,450 |
|
| 414,052 |
|
|
|
|
| 13,400 |
| KROGER (THE) CO. |
|
| 228,089 |
|
| 529,702 |
|
|
|
|
| 5,322 |
| LORILLARD, INC. |
|
| 80,950 |
|
| 269,719 |
|
|
|
|
| 1,100 |
| MCCORMICK & CO., INC. (NON VOTING) |
|
| 45,194 |
|
| 75,812 |
|
|
|
|
| 2,200 |
| MEAD JOHNSON NUTRITION CO. |
|
| 103,422 |
|
| 184,272 |
|
|
|
|
| 1,300 |
| MOLSON COORS BREWING CO., CLASS B |
|
| 37,840 |
|
| 72,995 |
|
|
|
|
| 26,338 |
| MONDELEZ INTERNATIONAL, INC., CLASS A |
|
| 285,157 |
|
| 929,731 |
|
|
|
|
| 1,400 |
| MONSTER BEVERAGE CORP.(b) |
|
| 44,343 |
|
| 94,878 |
|
|
|
|
| 700 |
| NU SKIN ENTERPRISES, INC., CLASS A |
|
| 27,650 |
|
| 96,754 |
|
|
|
|
| 27,391 |
| PEPSICO, INC. |
|
| 1,025,750 |
|
| 2,271,810 |
|
|
|
|
| 30,132 |
| PHILIP MORRIS INTERNATIONAL, INC. |
|
| 261,758 |
|
| 2,625,401 |
|
|
|
|
| 200 |
| POST HOLDINGS, INC.(b) |
|
| 4,616 |
|
| 9,854 |
|
|
|
|
| 47,360 |
| PROCTER & GAMBLE (THE) CO. |
|
| 823,796 |
|
| 3,855,578 |
|
|
|
|
| 4,200 |
| REYNOLDS AMERICAN, INC. |
|
| 79,844 |
|
| 209,958 |
|
|
|
|
| 1,600 |
| SAFEWAY, INC. |
|
| 28,960 |
|
| 52,112 |
|
|
|
|
| 8,000 |
| SYSCO CORP. |
|
| 124,114 |
|
| 288,800 |
|
|
|
|
| 6,010 |
| TYSON FOODS, INC., CLASS A |
|
| 53,610 |
|
| 201,095 |
|
|
|
|
| 48,000 |
| UNILEVER N.V. (REGISTERED)(c) |
|
| 1,454,959 |
|
| 1,931,040 |
|
|
|
|
| 20,150 |
| WALGREEN CO. |
|
| 231,445 |
|
| 1,157,416 |
|
|
|
|
| 22,423 |
| WAL-MART STORES, INC. |
|
| 955,166 |
|
| 1,764,466 |
|
|
|
|
| 8,800 |
| WHOLE FOODS MARKET, INC. |
|
| 116,393 |
|
| 508,904 |
|
|
|
|
|
|
|
|
|
| 15,465,557 |
|
| 36,196,422 |
|
| 6.92 | % |
| Energy: |
|
|
|
|
|
|
|
|
|
| ||
| 9,446 |
| ANADARKO PETROLEUM CORP. |
|
| 319,802 |
|
| 749,257 |
|
|
|
|
| 3,600 |
| APACHE CORP. |
|
| 306,554 |
|
| 309,384 |
|
|
|
|
| 600 |
| ATWOOD OCEANICS, INC.(b) |
|
| 18,078 |
|
| 32,034 |
|
|
|
|
| 4,700 |
| BAKER HUGHES, INC. |
|
| 200,906 |
|
| 259,722 |
|
|
|
|
| 62,000 |
| BP PLC ADR(c)(d) |
|
| 2,753,380 |
|
| 3,013,820 |
|
|
|
|
| 3,400 |
| CABOT OIL & GAS CORP. |
|
| 76,023 |
|
| 131,784 |
|
|
|
|
| 4,800 |
| CAMERON INTERNATIONAL CORP.(b) |
|
| 124,988 |
|
| 285,744 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 30 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Energy (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 146,100 |
| CHESAPEAKE ENERGY CORP. |
| $ | 2,686,183 |
|
| 3,965,154 |
|
|
|
|
| 33,595 |
| CHEVRON CORP. |
|
| 1,471,891 |
|
| 4,196,351 |
|
|
|
|
| 400 |
| CIMAREX ENERGY CO. |
|
| 24,076 |
|
| 41,964 |
|
|
|
|
| 7,200 |
| COBALT INTERNATIONAL ENERGY, INC.(b) |
|
| 63,000 |
|
| 118,440 |
|
|
|
|
| 1,700 |
| CONCHO RESOURCES, INC.(b) |
|
| 49,632 |
|
| 183,600 |
|
|
|
|
| 25,444 |
| CONOCOPHILLIPS |
|
| 460,670 |
|
| 1,797,619 |
|
|
|
|
| 4,531 |
| CONSOL ENERGY, INC. |
|
| 118,221 |
|
| 172,359 |
|
|
|
|
| 1,000 |
| CONTINENTAL RESOURCES, INC.(b) |
|
| 20,765 |
|
| 112,520 |
|
|
|
|
| 37,455 |
| COSAN LTD., CLASS A(c) |
|
| 519,427 |
|
| 513,883 |
|
|
|
|
| 9,300 |
| DENBURY RESOURCES, INC.(b) |
|
| 88,950 |
|
| 152,799 |
|
|
|
|
| 34,743 |
| DEVON ENERGY CORP. |
|
| 2,174,196 |
|
| 2,149,549 |
|
|
|
|
| 3,000 |
| DRESSER-RAND GROUP, INC.(b) |
|
| 98,595 |
|
| 178,890 |
|
|
|
|
| 1,597 |
| ENSCO PLC, CLASS A(c) |
|
| 62,508 |
|
| 91,316 |
|
|
|
|
| 4,800 |
| EOG RESOURCES, INC. |
|
| 62,765 |
|
| 805,632 |
|
|
|
|
| 4,000 |
| EQT CORP. |
|
| 132,900 |
|
| 359,120 |
|
|
|
|
| 15,800 |
| EXCO RESOURCES, INC. |
|
| 111,876 |
|
| 83,898 |
|
|
|
|
| 76,251 |
| EXXON MOBIL CORP. |
|
| 2,977,614 |
|
| 7,716,601 |
|
|
|
|
| 3,900 |
| FMC TECHNOLOGIES, INC.(b) |
|
| 97,950 |
|
| 203,619 |
|
|
|
|
| 14,958 |
| HALLIBURTON CO. |
|
| 295,103 |
|
| 759,119 |
|
|
|
|
| 3,100 |
| HELMERICH & PAYNE, INC. |
|
| 39,003 |
|
| 260,648 |
|
|
|
|
| 10,195 |
| HESS CORP. |
|
| 491,296 |
|
| 846,185 |
|
|
|
|
| 4,000 |
| HOLLYFRONTIER CORP. |
|
| 52,098 |
|
| 198,760 |
|
|
|
|
| 7,412 |
| KINDER MORGAN, INC. |
|
| 67,014 |
|
| 266,832 |
|
|
|
|
| 6,400 |
| KOSMOS ENERGY LTD.(b)(c) |
|
| 61,257 |
|
| 71,552 |
|
|
|
|
| 8,600 |
| MARATHON OIL CORP. |
|
| 266,012 |
|
| 303,580 |
|
|
|
|
| 3,600 |
| MARATHON PETROLEUM CORP. |
|
| 199,978 |
|
| 330,228 |
|
|
|
|
| 5,500 |
| MCDERMOTT INTERNATIONAL, INC.(b) |
|
| 36,783 |
|
| 50,380 |
|
|
|
|
| 2,400 |
| MURPHY OIL CORP. |
|
| 27,663 |
|
| 155,712 |
|
|
|
|
| 4,700 |
| NABORS INDUSTRIES LTD.(c) |
|
| 70,547 |
|
| 79,853 |
|
|
|
|
| 8,722 |
| NATIONAL OILWELL VARCO, INC. |
|
| 214,854 |
|
| 693,661 |
|
|
|
|
| 1,200 |
| NEWFIELD EXPLORATION CO.(b) |
|
| 27,012 |
|
| 29,556 |
|
|
|
|
| 8,400 |
| NOBLE ENERGY, INC. |
|
| 158,333 |
|
| 572,124 |
|
|
|
|
| 30,940 |
| OCCIDENTAL PETROLEUM CORP. |
|
| 1,300,948 |
|
| 2,942,394 |
|
|
|
|
| 2,500 |
| OCEANEERING INTERNATIONAL, INC. |
|
| 66,222 |
|
| 197,200 |
|
|
|
|
| 400 |
| OIL STATES INTERNATIONAL, INC.(b) |
|
| 30,712 |
|
| 40,688 |
|
|
|
|
| 2,500 |
| PATTERSON-UTI ENERGY, INC. |
|
| 46,600 |
|
| 63,300 |
|
|
|
|
| 1,600 |
| PEABODY ENERGY CORP. |
|
| 30,292 |
|
| 31,248 |
|
|
|
|
| 503,000 |
| PENGROWTH ENERGY CORP.(c) |
|
| 2,317,791 |
|
| 3,118,600 |
|
|
|
|
| 13,372 |
| PHILLIPS 66 |
|
| 156,993 |
|
| 1,031,382 |
|
|
|
|
| 3,200 |
| PIONEER NATURAL RESOURCES CO. |
|
| 48,507 |
|
| 589,024 |
|
|
|
|
| 1,200 |
| RANGE RESOURCES CORP. |
|
| 39,654 |
|
| 101,172 |
|
|
|
|
| 700 |
| ROWAN COS. PLC, CLASS A(b) |
|
| 23,660 |
|
| 24,752 |
|
|
|
|
| 36,800 |
| SANDRIDGE ENERGY, INC.(b) |
|
| 192,048 |
|
| 223,376 |
|
|
|
|
| 24,100 |
| SCHLUMBERGER LTD. |
|
| 848,876 |
|
| 2,171,651 |
|
|
|
|
| 99,100 |
| SCORPIO TANKERS, INC.(c) |
|
| 990,135 |
|
| 1,168,389 |
|
|
|
|
| 2,500 |
| SEADRILL LTD.(c) |
|
| 113,632 |
|
| 102,700 |
|
|
|
|
| 1,100 |
| SM ENERGY CO. |
|
| 57,442 |
|
| 91,421 |
|
|
|
|
| 7,200 |
| SOUTHWESTERN ENERGY CO.(b) |
|
| 107,060 |
|
| 283,176 |
|
|
|
|
| 10,954 |
| SPECTRA ENERGY CORP. |
|
| 155,906 |
|
| 390,182 |
|
|
|
|
| 1,200 |
| TESORO CORP. |
|
| 24,660 |
|
| 70,200 |
|
|
|
|
| 29,526 |
| TIDEWATER, INC. |
|
| 1,450,478 |
|
| 1,750,006 |
|
|
|
|
| 12,110 |
| VALERO ENERGY CORP. |
|
| 119,502 |
|
| 610,344 |
|
|
|
|
| 2,600 |
| WHITING PETROLEUM CORP.(b) |
|
| 73,760 |
|
| 160,862 |
|
|
|
|
| 7,200 |
| WILLIAMS (THE) COS., INC. |
|
| 152,628 |
|
| 277,704 |
|
|
|
|
| 2,400 |
| WPX ENERGY, INC.(b) |
|
| 34,284 |
|
| 48,912 |
|
|
|
|
|
|
|
|
|
| 25,409,693 |
|
| 47,731,932 |
|
| 9.13 | % |
| Financials: |
|
|
|
|
|
|
|
|
|
| ||
| 5,300 |
| ACE LTD.(c) |
|
| 280,788 |
| 548,709 |
|
|
|
| |
| 1,100 |
| AFFILIATED MANAGERS GROUP, INC.(b) |
|
| 73,654 |
|
| 238,568 |
|
|
|
|
| 9,850 |
| AFLAC, INC. |
|
| 262,100 |
|
| 657,980 |
|
|
|
|
| 2,100 |
| ALEXANDRIA REAL ESTATE EQUITIES, INC. |
|
| 110,943 |
|
| 133,602 |
|
|
|
|
| 4,346 |
| ALLEGHANY CORP.(b) |
|
| 1,209,887 |
|
| 1,738,226 |
|
|
|
|
| 2,700 |
| ALLIED WORLD ASSURANCE CO. HOLDINGS A.G.(c) |
|
| 86,630 |
|
| 304,587 |
|
|
|
|
| 8,300 |
| ALLSTATE (THE) CORP. |
|
| 197,623 |
|
| 452,682 |
|
|
|
|
| 800 |
| AMERICAN CAMPUS COMMUNITIES, INC. |
|
| 29,381 |
|
| 25,768 |
|
|
|
|
| 6,400 |
| AMERICAN CAPITAL AGENCY CORP. |
|
| 149,488 |
|
| 123,456 |
|
|
|
|
| 18,333 |
| AMERICAN EXPRESS CO. |
|
| 546,904 |
|
| 1,663,353 |
|
|
|
|
| 1,800 |
| AMERICAN FINANCIAL GROUP, INC. |
|
| 29,745 |
|
| 103,896 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 31 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Financials (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 103,200 |
| AMERICAN INTERNATIONAL GROUP, INC. |
| $ | 2,988,552 |
|
| 5,268,360 |
|
|
|
|
| 22,580 |
| AMERICAN INTERNATIONAL GROUP, INC. - (FRACTIONAL SHARES) |
|
| - |
|
| - |
|
|
|
|
| 3,450 |
| AMERICAN TOWER CORP. |
|
| 159,151 |
|
| 275,379 |
|
|
|
|
| 5,191 |
| AMERIPRISE FINANCIAL, INC. |
|
| 160,907 |
|
| 597,225 |
|
|
|
|
| 13,800 |
| ANNALY CAPITAL MANAGEMENT, INC. |
|
| 163,944 |
|
| 137,586 |
|
|
|
|
| 4,748 |
| AON PLC(c) |
|
| 110,582 |
|
| 398,310 |
|
|
|
|
| 3,628 |
| APARTMENT INVESTMENT & MANAGEMENT CO., CLASS A |
|
| 39,421 |
|
| 94,001 |
|
|
|
|
| 4,800 |
| ARCH CAPITAL GROUP LTD.(b)(c) |
|
| 101,982 |
|
| 286,512 |
|
|
|
|
| 1,600 |
| ARTHUR J GALLAGHER & CO. |
|
| 34,040 |
|
| 75,088 |
|
|
|
|
| 2,500 |
| ASSURANT, INC. |
|
| 60,538 |
|
| 165,925 |
|
|
|
|
| 2,000 |
| ASSURED GUARANTY LTD.(c) |
|
| 24,580 |
|
| 47,180 |
|
|
|
|
| 734 |
| AVALONBAY COMMUNITIES, INC. |
|
| 31,138 |
|
| 86,781 |
|
|
|
|
| 900 |
| AXIS CAPITAL HOLDINGS LTD.(c) |
|
| 23,391 |
|
| 42,813 |
|
|
|
|
| 432,000 |
| BANK OF AMERICA CORP. |
|
| 4,490,969 |
|
| 6,726,240 |
|
|
|
|
| 61,954 |
| BANK OF NEW YORK MELLON (THE) CORP. |
|
| 1,443,268 |
|
| 2,164,673 |
|
|
|
|
| 43,078 |
| BB&T CORP. |
|
| 1,067,364 |
|
| 1,607,671 |
|
|
|
|
| 28,000 |
| BERKSHIRE HATHAWAY, INC., CLASS B(b) |
|
| 2,296,518 |
|
| 3,319,680 |
|
|
|
|
| 2,500 |
| BIOMED REALTY TRUST, INC. |
|
| 44,395 |
|
| 45,300 |
|
|
|
|
| 1,600 |
| BLACKROCK, INC. |
|
| 300,619 |
|
| 506,352 |
|
|
|
|
| 95,261 |
| BOSTON PRIVATE FINANCIAL HOLDINGS, INC. |
|
| 1,001,243 |
|
| 1,202,194 |
|
|
|
|
| 3,388 |
| BOSTON PROPERTIES, INC. |
|
| 171,468 |
|
| 340,054 |
|
|
|
|
| 2,800 |
| BRANDYWINE REALTY TRUST |
|
| 31,584 |
|
| 39,452 |
|
|
|
|
| 1,600 |
| BRE PROPERTIES, INC. |
|
| 50,588 |
|
| 87,536 |
|
|
|
|
| 900 |
| CAMDEN PROPERTY TRUST |
|
| 24,065 |
|
| 51,192 |
|
|
|
|
| 59,800 |
| CAMPUS CREST COMMUNITIES, INC. |
|
| 618,781 |
|
| 562,718 |
|
|
|
|
| 29,984 |
| CAPITAL ONE FINANCIAL CORP. |
|
| 1,286,775 |
|
| 2,297,074 |
|
|
|
|
| 16,000 |
| CAPITALSOURCE, INC. |
|
| 78,410 |
|
| 229,920 |
|
|
|
|
| 5,300 |
| CBL & ASSOCIATES PROPERTIES, INC. |
|
| 96,937 |
|
| 95,188 |
|
|
|
|
| 2,500 |
| CBRE GROUP, INC., CLASS A(b) |
|
| 50,579 |
|
| 65,750 |
|
|
|
|
| 21,400 |
| CHARLES SCHWAB (THE) CORP. |
|
| 186,608 |
|
| 556,400 |
|
|
|
|
| 36,400 |
| CHIMERA INVESTMENT CORP. |
|
| 93,008 |
|
| 112,840 |
|
|
|
|
| 2,700 |
| CHUBB (THE) CORP. |
|
| 86,607 |
|
| 260,901 |
|
|
|
|
| 2,800 |
| CIT GROUP, INC. |
|
| 100,145 |
|
| 145,964 |
|
|
|
|
| 44,281 |
| CITIGROUP, INC. |
|
| 1,542,166 |
|
| 2,307,483 |
|
|
|
|
| 2,000 |
| CITY NATIONAL CORP. |
|
| 75,539 |
|
| 158,440 |
|
|
|
|
| 3,065 |
| CME GROUP, INC. |
|
| 124,760 |
|
| 240,480 |
|
|
|
|
| 1,100 |
| CNA FINANCIAL CORP. |
|
| 25,102 |
|
| 47,179 |
|
|
|
|
| 800 |
| COMERICA, INC. |
|
| 25,288 |
|
| 38,032 |
|
|
|
|
| 735 |
| COMMERCE BANCSHARES, INC. |
|
| 25,578 |
|
| 33,009 |
|
|
|
|
| 4,800 |
| CORPORATE OFFICE PROPERTIES TRUST |
|
| 107,278 |
|
| 113,712 |
|
|
|
|
| 3,045 |
| CORRECTIONS CORP. OF AMERICA |
|
| 64,833 |
|
| 97,653 |
|
|
|
|
| 2,216 |
| CULLEN/FROST BANKERS, INC. |
|
| 122,545 |
|
| 164,937 |
|
|
|
|
| 8,500 |
| DDR CORP. |
|
| 114,409 |
|
| 130,645 |
|
|
|
|
| 46,985 |
| DIGITAL REALTY TRUST, INC. |
|
| 2,424,615 |
|
| 2,307,903 |
|
|
|
|
| 16,287 |
| DISCOVER FINANCIAL SERVICES |
|
| 233,079 |
|
| 911,258 |
|
|
|
|
| 5,200 |
| DOUGLAS EMMETT, INC. |
|
| 59,297 |
|
| 121,108 |
|
|
|
|
| 1,700 |
| DUKE REALTY CORP. |
|
| 28,496 |
|
| 25,568 |
|
|
|
|
| 6,000 |
| E*TRADE FINANCIAL CORP.(b) |
|
| 48,576 |
|
| 117,840 |
|
|
|
|
| 1,100 |
| EAST WEST BANCORP, INC. |
|
| 25,190 |
|
| 38,467 |
|
|
|
|
| 25,213 |
| ENDURANCE SPECIALTY HOLDINGS LTD.(c) |
|
| 969,684 |
|
| 1,479,247 |
|
|
|
|
| 800 |
| EQUITY LIFESTYLE PROPERTIES, INC. |
|
| 26,920 |
|
| 28,984 |
|
|
|
|
| 8,216 |
| EQUITY RESIDENTIAL |
|
| 331,618 |
|
| 426,164 |
|
|
|
|
| 400 |
| ESSEX PROPERTY TRUST, INC. |
|
| 61,703 |
|
| 57,404 |
|
|
|
|
| 900 |
| FEDERAL REALTY INVESTMENT TRUST |
|
| 48,326 |
|
| 91,269 |
|
|
|
|
| 1,600 |
| FIDELITY NATIONAL FINANCIAL, INC., CLASS A |
|
| 24,512 |
|
| 51,920 |
|
|
|
|
| 25,300 |
| FIFTH THIRD BANCORP |
|
| 220,963 |
|
| 532,059 |
|
|
|
|
| 400 |
| FIRST CITIZENS BANCSHARES, INC., CLASS A |
|
| 57,523 |
|
| 89,052 |
|
|
|
|
| 30,500 |
| FIRST HORIZON NATIONAL CORP. |
|
| 193,065 |
|
| 355,325 |
|
|
|
|
| 28,087 |
| FIRST INTERSTATE BANCSYSTEM, INC. |
|
| 405,231 |
|
| 796,828 |
|
|
|
|
| 15,200 |
| FIRST NIAGARA FINANCIAL GROUP, INC. |
|
| 120,688 |
|
| 161,424 |
|
|
|
|
| 10,077 |
| FRANKLIN RESOURCES, INC. |
|
| 189,834 |
|
| 581,745 |
|
|
|
|
| 500 |
| GAMING AND LEISURE PROPERTIES, INC.(b) |
|
| 19,716 |
|
| 25,405 |
|
|
|
|
| 6,400 |
| GENERAL GROWTH PROPERTIES, INC. |
|
| 122,757 |
|
| 128,448 |
|
|
|
|
| 10,800 |
| GENWORTH FINANCIAL, INC., CLASS A(b) |
|
| 57,035 |
|
| 167,724 |
|
|
|
|
| 108,000 |
| GETTY REALTY CORP. |
|
| 1,769,035 |
|
| 1,983,960 |
|
|
|
|
| 8,500 |
| GOLDMAN SACHS GROUP (THE), INC. |
|
| 723,238 |
|
| 1,506,710 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 32 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Financials (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 3,500 |
| GREENHILL & CO., INC. |
| $ | 106,120 |
|
| 202,790 |
|
|
|
|
| 3,700 |
| HARTFORD FINANCIAL SERVICES GROUP, INC. |
|
| 62,228 |
|
| 134,051 |
|
|
|
|
| 1,000 |
| HCC INSURANCE HOLDINGS, INC. |
|
| 24,155 |
|
| 46,140 |
|
|
|
|
| 7,600 |
| HCP, INC. |
|
| 126,683 |
|
| 276,032 |
|
|
|
|
| 4,300 |
| HEALTH CARE REIT, INC. |
|
| 224,972 |
|
| 230,351 |
|
|
|
|
| 8,500 |
| HEALTHCARE TRUST OF AMERICA, INC., CLASS A |
|
| 98,569 |
|
| 83,640 |
|
|
|
|
| 500 |
| HOME PROPERTIES, INC. |
|
| 30,360 |
|
| 26,810 |
|
|
|
|
| 2,900 |
| HOSPITALITY PROPERTIES TRUST |
|
| 49,578 |
|
| 78,387 |
|
|
|
|
| 16,122 |
| HOST HOTELS & RESORTS, INC. |
|
| 138,445 |
|
| 313,412 |
|
|
|
|
| 678 |
| HOWARD HUGHES (THE) CORP.(b) |
|
| 20,502 |
|
| 81,428 |
|
|
|
|
| 10,500 |
| HUDSON CITY BANCORP, INC. |
|
| 65,625 |
|
| 99,015 |
|
|
|
|
| 35,000 |
| HUNTINGTON BANCSHARES, INC. |
|
| 169,771 |
|
| 337,750 |
|
|
|
|
| 2,400 |
| ING US, INC. |
|
| 64,032 |
|
| 84,360 |
|
|
|
|
| 1,401 |
| INTERCONTINENTALEXCHANGE GROUP, INC. |
|
| 186,357 |
|
| 315,113 |
|
|
|
|
| 11,400 |
| INVESCO LTD. |
|
| 176,069 |
|
| 414,960 |
|
|
|
|
| 33,700 |
| JANUS CAPITAL GROUP, INC. |
|
| 222,792 |
|
| 416,869 |
|
|
|
|
| 700 |
| JONES LANG LASALLE, INC. |
|
| 39,950 |
|
| 71,673 |
|
|
|
|
| 60,546 |
| JPMORGAN CHASE & CO. |
|
| 1,549,200 |
|
| 3,540,730 |
|
|
|
|
| 11,700 |
| KEYCORP |
|
| 80,298 |
|
| 157,014 |
|
|
|
|
| 600 |
| KILROY REALTY CORP. |
|
| 31,708 |
|
| 30,108 |
|
|
|
|
| 8,201 |
| KIMCO REALTY CORP. |
|
| 97,606 |
|
| 161,970 |
|
|
|
|
| 3,752 |
| LEGG MASON, INC. |
|
| 52,584 |
|
| 163,137 |
|
|
|
|
| 4,700 |
| LEUCADIA NATIONAL CORP. |
|
| 95,768 |
|
| 133,198 |
|
|
|
|
| 1,100 |
| LIBERTY PROPERTY TRUST |
|
| 23,946 |
|
| 37,257 |
|
|
|
|
| 1,100 |
| LINCOLN NATIONAL CORP. |
|
| 22,715 |
|
| 56,782 |
|
|
|
|
| 6,000 |
| LOEWS CORP. |
|
| 131,444 |
|
| 289,440 |
|
|
|
|
| 2,000 |
| M&T BANK CORP. |
|
| 145,114 |
|
| 232,840 |
|
|
|
|
| 5,123 |
| MACERICH (THE) CO. |
|
| 121,389 |
|
| 301,693 |
|
|
|
|
| 200 |
| MARKEL CORP.(b) |
|
| 67,789 |
|
| 116,070 |
|
|
|
|
| 5,478 |
| MARSH & MCLENNAN COS., INC. |
|
| 153,199 |
|
| 264,916 |
|
|
|
|
| 3,100 |
| MBIA, INC.(b) |
|
| 25,265 |
|
| 37,014 |
|
|
|
|
| 3,600 |
| MCGRAW HILL FINANCIAL, INC. |
|
| 84,305 |
|
| 281,520 |
|
|
|
|
| 1,300 |
| MERCURY GENERAL CORP. |
|
| 38,018 |
|
| 64,623 |
|
|
|
|
| 12,400 |
| METLIFE, INC. |
|
| 380,550 |
|
| 668,608 |
|
|
|
|
| 1,200 |
| MID-AMERICA APARTMENT COMMUNITIES, INC. |
|
| 78,360 |
|
| 72,888 |
|
|
|
|
| 2,200 |
| MOODY’S CORP. |
|
| 77,502 |
|
| 172,634 |
|
|
|
|
| 21,600 |
| MORGAN STANLEY |
|
| 332,129 |
|
| 677,376 |
|
|
|
|
| 3,900 |
| MSCI, INC.(b) |
|
| 124,722 |
|
| 170,508 |
|
|
|
|
| 1,800 |
| NASDAQ OMX GROUP (THE), INC. |
|
| 45,036 |
|
| 71,640 |
|
|
|
|
| 199,375 |
| NEW RESIDENTIAL INVESTMENT CORP. |
|
| 1,155,570 |
|
| 1,331,825 |
|
|
|
|
| 7,649 |
| NEW YORK COMMUNITY BANCORP, INC. |
|
| 86,776 |
|
| 128,886 |
|
|
|
|
| 266,320 |
| NEWCASTLE INVESTMENT CORP. |
|
| 1,252,598 |
|
| 1,528,677 |
|
|
|
|
| 2,502 |
| NORTHERN TRUST CORP. |
|
| 120,110 |
|
| 154,849 |
|
|
|
|
| 247,100 |
| OLD REPUBLIC INTERNATIONAL CORP. |
|
| 2,450,161 |
|
| 4,267,417 |
|
|
|
|
| 2,200 |
| PARTNERRE LTD.(c) |
|
| 119,028 |
|
| 231,946 |
|
|
|
|
| 5,200 |
| PEOPLE’S UNITED FINANCIAL, INC. |
|
| 68,068 |
|
| 78,624 |
|
|
|
|
| 56,770 |
| PHH CORP.(b) |
|
| 1,265,412 |
|
| 1,382,349 |
|
|
|
|
| 4,385 |
| PLUM CREEK TIMBER CO., INC. |
|
| 105,969 |
|
| 203,946 |
|
|
|
|
| 26,027 |
| PNC FINANCIAL SERVICES GROUP (THE), INC. |
|
| 1,363,412 |
|
| 2,019,175 |
|
|
|
|
| 1,600 |
| POPULAR, INC.(b)(c) |
|
| 33,280 |
|
| 45,968 |
|
|
|
|
| 32,300 |
| PRINCIPAL FINANCIAL GROUP, INC. |
|
| 1,223,487 |
|
| 1,592,713 |
|
|
|
|
| 6,048 |
| PROGRESSIVE (THE) CORP. |
|
| 80,691 |
|
| 164,929 |
|
|
|
|
| 10,169 |
| PROLOGIS, INC. |
|
| 257,893 |
|
| 375,744 |
|
|
|
|
| 2,200 |
| PROTECTIVE LIFE CORP. |
|
| 24,849 |
|
| 111,452 |
|
|
|
|
| 8,500 |
| PRUDENTIAL FINANCIAL, INC. |
|
| 257,378 |
|
| 783,870 |
|
|
|
|
| 2,561 |
| PUBLIC STORAGE |
|
| 280,282 |
|
| 385,482 |
|
|
|
|
| 6,972 |
| RAYONIER, INC. |
|
| 104,763 |
|
| 293,521 |
|
|
|
|
| 700 |
| REALOGY HOLDINGS CORP.(b) |
|
| 30,338 |
|
| 34,629 |
|
|
|
|
| 2,700 |
| REALTY INCOME CORP. |
|
| 60,062 |
|
| 100,791 |
|
|
|
|
| 3,900 |
| REGENCY CENTERS CORP. |
|
| 91,178 |
|
| 180,570 |
|
|
|
|
| 15,799 |
| REGIONS FINANCIAL CORP. |
|
| 86,452 |
|
| 156,252 |
|
|
|
|
| 2,900 |
| RENAISSANCERE HOLDINGS LTD.(c) |
|
| 136,230 |
|
| 282,286 |
|
|
|
|
| 9,800 |
| RETAIL PROPERTIES OF AMERICA, INC., CLASS A |
|
| 87,395 |
|
| 124,656 |
|
|
|
|
| 7,500 |
| SEI INVESTMENTS CO. |
|
| 108,537 |
|
| 260,475 |
|
|
|
|
| 3,900 |
| SENIOR HOUSING PROPERTIES TRUST |
|
| 81,098 |
|
| 86,697 |
|
|
|
|
| 400 |
| SIGNATURE BANK(b) |
|
| 29,712 |
|
| 42,968 |
|
|
|
|
| 132,000 |
| SILVER BAY REALTY TRUST CORP. |
|
| 2,412,967 |
|
| 2,110,680 |
|
|
|
|
| 3,595 |
| SIMON PROPERTY GROUP, INC. |
|
| 157,583 |
|
| 547,015 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 33 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Financials (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 1,900 |
| SL GREEN REALTY CORP. |
| $ | 58,204 |
|
| 175,522 |
|
|
|
|
| 12,600 |
| SLM CORP. |
|
| 134,787 |
|
| 331,128 |
|
|
|
|
| 3,000 |
| SPIRIT REALTY CAPITAL, INC. |
|
| 28,555 |
|
| 29,490 |
|
|
|
|
| 4,400 |
| ST. JOE (THE) CO.(b) |
|
| 69,320 |
|
| 84,436 |
|
|
|
|
| 1,200 |
| STARWOOD PROPERTY TRUST, INC. |
|
| 29,671 |
|
| 33,240 |
|
|
|
|
| 6,000 |
| STATE STREET CORP. |
|
| 262,103 |
|
| 440,340 |
|
|
|
|
| 36,220 |
| STONEGATE MORTGAGE CORP.(b) |
|
| 615,094 |
|
| 598,717 |
|
|
|
|
| 6,634 |
| SUNTRUST BANKS, INC. |
|
| 92,816 |
|
| 244,197 |
|
|
|
|
| 60,320 |
| SYMETRA FINANCIAL CORP. |
|
| 695,827 |
|
| 1,143,667 |
|
|
|
|
| 25,600 |
| SYNOVUS FINANCIAL CORP. |
|
| 48,740 |
|
| 92,160 |
|
|
|
|
| 6,349 |
| T ROWE PRICE GROUP, INC. |
|
| 125,884 |
|
| 531,856 |
|
|
|
|
| 2,100 |
| TAUBMAN CENTERS, INC. |
|
| 59,593 |
|
| 134,232 |
|
|
|
|
| 12,000 |
| TCF FINANCIAL CORP. |
|
| 111,496 |
|
| 195,000 |
|
|
|
|
| 2,600 |
| TFS FINANCIAL CORP.(b) |
|
| 25,038 |
|
| 31,499 |
|
|
|
|
| 3,600 |
| TORCHMARK CORP. |
|
| 95,047 |
|
| 281,340 |
|
|
|
|
| 10,688 |
| TRAVELERS (THE) COS., INC. |
|
| 378,568 |
|
| 967,691 |
|
|
|
|
| 4,100 |
| UDR, INC. |
|
| 65,319 |
|
| 95,735 |
|
|
|
|
| 1,600 |
| UNUM GROUP |
|
| 33,328 |
|
| 56,128 |
|
|
|
|
| 17,885 |
| US BANCORP |
|
| 325,796 |
|
| 722,554 |
|
|
|
|
| 1,100 |
| VALIDUS HOLDINGS LTD.(c) |
|
| 23,556 |
|
| 44,319 |
|
|
|
|
| 3,200 |
| VALLEY NATIONAL BANCORP |
|
| 29,792 |
|
| 32,384 |
|
|
|
|
| 3,800 |
| VENTAS, INC. |
|
| 201,381 |
|
| 217,664 |
|
|
|
|
| 2,600 |
| VORNADO REALTY TRUST |
|
| 198,652 |
|
| 230,854 |
|
|
|
|
| 2,900 |
| WADDELL & REED FINANCIAL, INC., CLASS A |
|
| 75,336 |
|
| 188,848 |
|
|
|
|
| 41,660 |
| WASHINGTON FEDERAL, INC. |
|
| 721,829 |
|
| 970,261 |
|
|
|
|
| 2,100 |
| WEINGARTEN REALTY INVESTORS |
|
| 30,002 |
|
| 57,582 |
|
|
|
|
| 86,145 |
| WELLS FARGO & CO. |
|
| 1,255,316 |
|
| 3,910,983 |
|
|
|
|
| 5,300 |
| WEYERHAEUSER CO. |
|
| 159,708 |
|
| 167,321 |
|
|
|
|
| 262 |
| WHITE MOUNTAINS INSURANCE GROUP LTD. |
|
| 136,992 |
|
| 158,007 |
|
|
|
|
| 1,106 |
| WR BERKLEY CORP. |
|
| 29,276 |
|
| 47,989 |
|
|
|
|
| 4,900 |
| XL GROUP PLC(c) |
|
| 95,648 |
|
| 156,016 |
|
|
|
|
| 3,000 |
| ZIONS BANCORPORATION |
|
| 56,955 |
|
| 89,880 |
|
|
|
|
|
|
|
|
|
| 56,149,662 |
|
| 91,584,647 |
|
| 17.51 | % |
| Health Care: |
|
|
|
|
|
|
|
|
|
| ||
| 17,435 |
| ABBOTT LABORATORIES |
|
| 380,902 |
|
| 668,284 |
|
|
|
|
| 23,735 |
| ABBVIE, INC. |
|
| 606,253 |
|
| 1,253,445 |
|
|
|
|
| 3,175 |
| ACTAVIS PLC(b) |
|
| 79,361 |
|
| 533,400 |
|
|
|
|
| 4,503 |
| AETNA, INC. |
|
| 34,521 |
|
| 308,861 |
|
|
|
|
| 5,600 |
| AGILENT TECHNOLOGIES, INC. |
|
| 221,244 |
|
| 320,264 |
|
|
|
|
| 4,200 |
| ALERE, INC.(b) |
|
| 77,812 |
|
| 152,040 |
|
|
|
|
| 3,000 |
| ALEXION PHARMACEUTICALS, INC.(b) |
|
| 58,087 |
|
| 399,180 |
|
|
|
|
| 5,507 |
| ALLERGAN, INC. |
|
| 201,259 |
|
| 611,718 |
|
|
|
|
| 7,200 |
| AMERISOURCEBERGEN CORP. |
|
| 115,968 |
|
| 506,232 |
|
|
|
|
| 16,000 |
| AMGEN, INC. |
|
| 64,848 |
|
| 1,826,560 |
|
|
|
|
| 4,200 |
| BAXTER INTERNATIONAL, INC. |
|
| 220,382 |
|
| 292,110 |
|
|
|
|
| 17,970 |
| BAYER A.G. ADR(c)(d) |
|
| 1,257,826 |
|
| 2,551,740 |
|
|
|
|
| 2,500 |
| BECTON DICKINSON AND CO. |
|
| 143,665 |
|
| 276,225 |
|
|
|
|
| 5,750 |
| BIOGEN IDEC, INC.(b) |
|
| 72,723 |
|
| 1,608,562 |
|
|
|
|
| 900 |
| BIOMARIN PHARMACEUTICAL, INC.(b) |
|
| 45,432 |
|
| 63,243 |
|
|
|
|
| 32,800 |
| BOSTON SCIENTIFIC CORP.(b) |
|
| 182,160 |
|
| 394,256 |
|
|
|
|
| 27,500 |
| BRISTOL-MYERS SQUIBB CO. |
|
| 730,394 |
|
| 1,461,625 |
|
|
|
|
| 19,435 |
| CARDINAL HEALTH, INC. |
|
| 818,428 |
|
| 1,298,452 |
|
|
|
|
| 78,000 |
| CAREFUSION CORP.(b) |
|
| 1,937,401 |
|
| 3,105,960 |
|
|
|
|
| 1,100 |
| CATAMARAN CORP.(b) |
|
| 32,791 |
|
| 52,228 |
|
|
|
|
| 7,036 |
| CELGENE CORP.(b) |
|
| 198,565 |
|
| 1,188,803 |
|
|
|
|
| 3,600 |
| CERNER CORP.(b) |
|
| 40,603 |
|
| 200,664 |
|
|
|
|
| 5,700 |
| CIGNA CORP. |
|
| 89,680 |
|
| 498,636 |
|
|
|
|
| 3,400 |
| COMMUNITY HEALTH SYSTEMS, INC.(b) |
|
| 58,650 |
|
| 133,518 |
|
|
|
|
| 4,100 |
| COVIDIEN PLC(c) |
|
| 186,882 |
|
| 279,210 |
|
|
|
|
| 1,200 |
| CR BARD, INC. |
|
| 72,420 |
|
| 160,728 |
|
|
|
|
| 2,850 |
| DAVITA HEALTHCARE PARTNERS, INC.(b) |
|
| 21,812 |
|
| 180,604 |
|
|
|
|
| 3,700 |
| DENTSPLY INTERNATIONAL, INC. |
|
| 102,582 |
|
| 179,376 |
|
|
|
|
| 3,800 |
| EDWARDS LIFESCIENCES CORP.(b) |
|
| 118,152 |
|
| 249,888 |
|
|
|
|
| 8,700 |
| ELI LILLY & CO. |
|
| 294,176 |
|
| 443,700 |
|
|
|
|
| 4,200 |
| ENDO HEALTH SOLUTIONS, INC.(b) |
|
| 110,376 |
|
| 283,332 |
|
|
|
|
| 16,502 |
| EXPRESS SCRIPTS HOLDING CO.(b) |
|
| 241,921 |
|
| 1,159,100 |
|
|
|
|
| 4,300 |
| FOREST LABORATORIES, INC.(b) |
|
| 149,131 |
|
| 258,129 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 34 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Health Care (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 27,920 |
| GILEAD SCIENCES, INC.(b) |
| $ | 226,342 |
|
| 2,098,188 |
|
|
|
|
| 600 |
| HCA HOLDINGS, INC.(b) |
|
| 29,130 |
|
| 28,626 |
|
|
|
|
| 6,900 |
| HEALTH MANAGEMENT ASSOCIATES, INC., CLASS A(b) |
|
| 44,746 |
|
| 90,390 |
|
|
|
|
| 1,300 |
| HEALTH NET, INC.(b) |
|
| 31,603 |
|
| 38,571 |
|
|
|
|
| 58,140 |
| HEALTHSOUTH CORP. |
|
| 1,044,126 |
|
| 1,937,225 |
|
|
|
|
| 1,900 |
| HENRY SCHEIN, INC.(b) |
|
| 86,166 |
|
| 217,094 |
|
|
|
|
| 56,208 |
| HOLOGIC, INC.(b) |
|
| 966,922 |
|
| 1,256,249 |
|
|
|
|
| 54,292 |
| HOSPIRA, INC.(b) |
|
| 1,860,066 |
|
| 2,241,174 |
|
|
|
|
| 16,486 |
| HUMANA, INC. |
|
| 984,907 |
|
| 1,701,685 |
|
|
|
|
| 1,400 |
| IDEXX LABORATORIES, INC.(b) |
|
| 60,410 |
|
| 148,918 |
|
|
|
|
| 2,300 |
| ILLUMINA, INC.(b) |
|
| 98,233 |
|
| 254,426 |
|
|
|
|
| 300 |
| INTUITIVE SURGICAL, INC.(b) |
|
| 112,800 |
|
| 115,224 |
|
|
|
|
| 70,493 |
| JOHNSON & JOHNSON |
|
| 3,345,265 |
|
| 6,456,454 |
|
|
|
|
| 800 |
| LABORATORY CORP. OF AMERICA HOLDINGS(b) |
|
| 18,788 |
|
| 73,096 |
|
|
|
|
| 1,873 |
| LIFE TECHNOLOGIES CORP.(b) |
|
| 59,724 |
|
| 141,973 |
|
|
|
|
| 5,700 |
| MCKESSON CORP. |
|
| 202,596 |
|
| 919,980 |
|
|
|
|
| 16,900 |
| MEDTRONIC, INC. |
|
| 617,995 |
|
| 969,891 |
|
|
|
|
| 49,878 |
| MERCK & CO., INC. |
|
| 1,199,047 |
|
| 2,496,394 |
|
|
|
|
| 1,321 |
| METTLER-TOLEDO INTERNATIONAL, INC.(b) |
|
| 91,350 |
|
| 320,461 |
|
|
|
|
| 4,600 |
| MYLAN, INC.(b) |
|
| 85,192 |
|
| 199,640 |
|
|
|
|
| 21,945 |
| NOVARTIS A.G. ADR(c)(d) |
|
| 1,287,171 |
|
| 1,763,939 |
|
|
|
|
| 1,600 |
| PATTERSON COS., INC. |
|
| 29,864 |
|
| 65,920 |
|
|
|
|
| 3,400 |
| PERKINELMER, INC. |
|
| 53,706 |
|
| 140,182 |
|
|
|
|
| 2,900 |
| PERRIGO CO. PLC |
|
| 109,538 |
|
| 445,034 |
|
|
|
|
| 153,888 |
| PFIZER, INC. |
|
| 1,333,340 |
|
| 4,713,589 |
|
|
|
|
| 200 |
| PHARMACYCLICS, INC.(b) |
|
| 22,290 |
|
| 21,156 |
|
|
|
|
| 3,900 |
| QIAGEN N.V.(b)(c) |
|
| 70,824 |
|
| 92,859 |
|
|
|
|
| 35,454 |
| QUEST DIAGNOSTICS, INC. |
|
| 1,931,110 |
|
| 1,898,207 |
|
|
|
|
| 1,200 |
| REGENERON PHARMACEUTICALS, INC.(b) |
|
| 187,859 |
|
| 330,288 |
|
|
|
|
| 4,000 |
| RESMED, INC. |
|
| 81,990 |
|
| 188,320 |
|
|
|
|
| 600 |
| SALIX PHARMACEUTICALS LTD.(b) |
|
| 24,294 |
|
| 53,964 |
|
|
|
|
| 5,360 |
| SANOFI ADR(c)(d) |
|
| 283,839 |
|
| 287,457 |
|
|
|
|
| 900 |
| SIRONA DENTAL SYSTEMS, INC.(b) |
|
| 38,745 |
|
| 63,180 |
|
|
|
|
| 4,539 |
| ST. JUDE MEDICAL, INC. |
|
| 114,088 |
|
| 281,191 |
|
|
|
|
| 4,700 |
| STRYKER CORP. |
|
| 18,139 |
|
| 353,158 |
|
|
|
|
| 22,645 |
| TELEFLEX, INC. |
|
| 1,222,836 |
|
| 2,125,460 |
|
|
|
|
| 35,670 |
| TEVA PHARMACEUTICAL INDUSTRIES LTD. ADR(c)(d) |
|
| 1,376,046 |
|
| 1,429,654 |
|
|
|
|
| 6,700 |
| THERMO FISHER SCIENTIFIC, INC. |
|
| 138,728 |
|
| 746,045 |
|
|
|
|
| 35,600 |
| TRIPLE-S MANAGEMENT CORP., CLASS B(b)(c) |
|
| 693,488 |
|
| 692,064 |
|
|
|
|
| 400 |
| UNITED THERAPEUTICS CORP.(b) |
|
| 21,372 |
|
| 45,232 |
|
|
|
|
| 16,802 |
| UNITEDHEALTH GROUP, INC. |
|
| 263,626 |
|
| 1,265,191 |
|
|
|
|
| 2,036 |
| UNIVERSAL HEALTH SERVICES, INC., CLASS B |
|
| 38,822 |
|
| 165,445 |
|
|
|
|
| 29,760 |
| VALEANT PHARMACEUTICALS INTERNATIONAL, INC.(b) |
|
| 878,700 |
|
| 3,493,824 |
|
|
|
|
| 4,700 |
| VARIAN MEDICAL SYSTEMS, INC.(b) |
|
| 173,242 |
|
| 365,143 |
|
|
|
|
| 3,000 |
| VERTEX PHARMACEUTICALS, INC.(b) |
|
| 74,805 |
|
| 222,900 |
|
|
|
|
| 2,600 |
| WATERS CORP.(b) |
|
| 60,997 |
|
| 260,000 |
|
|
|
|
| 9,249 |
| WELLPOINT, INC. |
|
| 325,438 |
|
| 854,515 |
|
|
|
|
| 3,374 |
| ZIMMER HOLDINGS, INC. |
|
| 140,047 |
|
| 314,423 |
|
|
|
|
| 3,500 |
| ZOETIS, INC. |
|
| 116,305 |
|
| 114,415 |
|
|
|
|
|
|
|
|
|
| 31,243,064 |
|
| 67,398,487 |
|
| 12.89 | % |
| Industrials: |
|
|
|
|
|
|
|
|
|
| ||
| 10,287 |
| 3M CO. |
|
| 693,042 |
|
| 1,442,752 |
|
|
|
|
| 948 |
| ACCO BRANDS CORP.(b) |
|
| 3,315 |
|
| 6,371 |
|
|
|
|
| 5,250 |
| ADT (THE) CORP.(b) |
|
| 121,803 |
|
| 212,467 |
|
|
|
|
| 1,410 |
| AGCO CORP. |
|
| 54,377 |
|
| 83,458 |
|
|
|
|
| 75,330 |
| AIR LEASE CORP. |
|
| 1,868,329 |
|
| 2,341,256 |
|
|
|
|
| 1,533 |
| ALLEGION PLC(b)(c) |
|
| 40,913 |
|
| 67,743 |
|
|
|
|
| 5,175 |
| AMETEK, INC. |
|
| 73,220 |
|
| 272,567 |
|
|
|
|
| 1,700 |
| B/E AEROSPACE, INC.(b) |
|
| 47,625 |
|
| 147,951 |
|
|
|
|
| 29,760 |
| BOEING (THE) CO. |
|
| 1,404,260 |
|
| 4,061,942 |
|
|
|
|
| 2,200 |
| CARLISLE COS., INC. |
|
| 45,116 |
|
| 174,680 |
|
|
|
|
| 11,004 |
| CATERPILLAR, INC. |
|
| 295,368 |
|
| 999,273 |
|
|
|
|
| 2,500 |
| CHICAGO BRIDGE & IRON CO. N.V.(c) |
|
| 50,995 |
|
| 207,850 |
|
|
|
|
| 2,027 |
| CON-WAY, INC. |
|
| 44,529 |
|
| 80,492 |
|
|
|
|
| 800 |
| COPA HOLDINGS S.A., CLASS A(c) |
|
| 32,618 |
|
| 128,088 |
|
|
|
|
| 3,948 |
| CRANE CO. |
|
| 66,572 |
|
| 265,503 |
|
|
|
|
| 27,900 |
| CSX CORP. |
|
| 97,923 |
|
| 802,683 |
|
|
|
|
| 3,700 |
| CUMMINS, INC. |
|
| 50,756 |
|
| 521,589 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 35 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Industrials (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 11,163 |
| DANAHER CORP. |
| $ | 255,642 |
|
| 861,784 |
|
|
|
|
| 7,300 |
| DEERE & CO. |
|
| 199,160 |
|
| 666,709 |
|
|
|
|
| 10,100 |
| DELTA AIR LINES, INC. |
|
| 100,965 |
|
| 277,447 |
|
|
|
|
| 1,460 |
| DONALDSON CO., INC. |
|
| 38,557 |
|
| 63,452 |
|
|
|
|
| 2,125 |
| DOVER CORP. |
|
| 73,614 |
|
| 205,147 |
|
|
|
|
| 19,006 |
| DUN & BRADSTREET (THE) CORP. |
|
| 1,389,386 |
|
| 2,332,986 |
|
|
|
|
| 8,384 |
| EATON CORP. PLC(c) |
|
| 152,450 |
|
| 638,190 |
|
|
|
|
| 15,500 |
| EMERSON ELECTRIC CO. |
|
| 422,332 |
|
| 1,087,790 |
|
|
|
|
| 195,600 |
| EXELIS, INC. |
|
| 2,224,286 |
|
| 3,728,136 |
|
|
|
|
| 900 |
| EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. |
|
| 26,150 |
|
| 39,825 |
|
|
|
|
| 2,800 |
| FASTENAL CO. |
|
| 93,915 |
|
| 133,028 |
|
|
|
|
| 6,653 |
| FEDEX CORP. |
|
| 130,734 |
|
| 956,502 |
|
|
|
|
| 300 |
| FLOWSERVE CORP. |
|
| 14,470 |
|
| 23,649 |
|
|
|
|
| 1,950 |
| FLUOR CORP. |
|
| 26,013 |
|
| 156,565 |
|
|
|
|
| 4,300 |
| FORTUNE BRANDS HOME & SECURITY, INC. |
|
| 33,889 |
|
| 196,510 |
|
|
|
|
| 1,400 |
| GATX CORP. |
|
| 24,276 |
|
| 73,038 |
|
|
|
|
| 2,500 |
| GENERAL CABLE CORP. |
|
| 60,825 |
|
| 73,525 |
|
|
|
|
| 3,900 |
| GENERAL DYNAMICS CORP. |
|
| 260,595 |
|
| 372,645 |
|
|
|
|
| 311,600 |
| GENERAL ELECTRIC CO. |
|
| 4,860,340 |
|
| 8,734,148 |
|
|
|
|
| 1,600 |
| HARSCO CORP. |
|
| 28,236 |
|
| 44,848 |
|
|
|
|
| 6,600 |
| HERTZ GLOBAL HOLDINGS, INC.(b) |
|
| 37,676 |
|
| 188,892 |
|
|
|
|
| 10,988 |
| HONEYWELL INTERNATIONAL, INC. |
|
| 392,766 |
|
| 1,003,974 |
|
|
|
|
| 1,200 |
| HUBBELL, INC., CLASS B |
|
| 43,310 |
|
| 130,680 |
|
|
|
|
| 610 |
| HUNTINGTON INGALLS INDUSTRIES, INC. |
|
| 14,978 |
|
| 54,906 |
|
|
|
|
| 2,500 |
| IDEX CORP. |
|
| 58,238 |
|
| 184,625 |
|
|
|
|
| 700 |
| IHS, INC., CLASS A(b) |
|
| 30,838 |
|
| 83,790 |
|
|
|
|
| 5,624 |
| ILLINOIS TOOL WORKS, INC. |
|
| 205,252 |
|
| 472,866 |
|
|
|
|
| 4,600 |
| INGERSOLL-RAND PLC(c) |
|
| 160,916 |
|
| 283,360 |
|
|
|
|
| 1,524 |
| IRON MOUNTAIN, INC. |
|
| 35,583 |
|
| 46,253 |
|
|
|
|
| 28,800 |
| ITT CORP. |
|
| 517,715 |
|
| 1,250,496 |
|
|
|
|
| 1,468 |
| JACOBS ENGINEERING GROUP, INC.(b) |
|
| 29,713 |
|
| 92,469 |
|
|
|
|
| 2,100 |
| JB HUNT TRANSPORT SERVICES, INC. |
|
| 40,530 |
|
| 162,330 |
|
|
|
|
| 176,290 |
| JETBLUE AIRWAYS CORP.(b) |
|
| 1,122,110 |
|
| 1,507,279 |
|
|
|
|
| 26,038 |
| JOY GLOBAL, INC. |
|
| 1,400,097 |
|
| 1,522,963 |
|
|
|
|
| 2,900 |
| KANSAS CITY SOUTHERN |
|
| 46,328 |
|
| 359,107 |
|
|
|
|
| 60,746 |
| KBR, INC. |
|
| 1,887,233 |
|
| 1,937,190 |
|
|
|
|
| 400 |
| KIRBY CORP.(b) |
|
| 24,760 |
|
| 39,700 |
|
|
|
|
| 1,100 |
| L-3 COMMUNICATIONS HOLDINGS, INC. |
|
| 49,763 |
|
| 117,546 |
|
|
|
|
| 1,200 |
| LANDSTAR SYSTEM, INC. |
|
| 38,351 |
|
| 68,940 |
|
|
|
|
| 88,050 |
| LATAM AIRLINES GROUP S.A. ADR(c)(d) |
|
| 1,428,085 |
|
| 1,436,096 |
|
|
|
|
| 900 |
| LENNOX INTERNATIONAL, INC. |
|
| 26,811 |
|
| 76,554 |
|
|
|
|
| 1,400 |
| LINCOLN ELECTRIC HOLDINGS, INC. |
|
| 28,970 |
|
| 99,876 |
|
|
|
|
| 3,900 |
| LOCKHEED MARTIN CORP. |
|
| 194,786 |
|
| 579,774 |
|
|
|
|
| 4,800 |
| MANITOWOC (THE) CO., INC. |
|
| 47,568 |
|
| 111,936 |
|
|
|
|
| 2,475 |
| MANPOWERGROUP, INC. |
|
| 81,958 |
|
| 212,504 |
|
|
|
|
| 13,200 |
| MASCO CORP. |
|
| 97,548 |
|
| 300,564 |
|
|
|
|
| 2,200 |
| NAVISTAR INTERNATIONAL CORP.(b) |
|
| 47,586 |
|
| 84,018 |
|
|
|
|
| 2,000 |
| NIELSEN HOLDINGS N.V. |
|
| 61,200 |
|
| 91,780 |
|
|
|
|
| 700 |
| NORDSON CORP. |
|
| 29,470 |
|
| 52,010 |
|
|
|
|
| 4,760 |
| NORFOLK SOUTHERN CORP. |
|
| 99,373 |
|
| 441,871 |
|
|
|
|
| 3,660 |
| NORTHROP GRUMMAN CORP. |
|
| 139,878 |
|
| 419,473 |
|
|
|
|
| 6,300 |
| OSHKOSH CORP. |
|
| 109,053 |
|
| 317,394 |
|
|
|
|
| 1,100 |
| OWENS CORNING(b) |
|
| 22,578 |
|
| 44,792 |
|
|
|
|
| 8,389 |
| PACCAR, INC. |
|
| 91,278 |
|
| 496,377 |
|
|
|
|
| 2,200 |
| PALL CORP. |
|
| 55,214 |
|
| 187,770 |
|
|
|
|
| 2,850 |
| PARKER HANNIFIN CORP. |
|
| 123,853 |
|
| 366,624 |
|
|
|
|
| 2,519 |
| PENTAIR LTD. (REGISTERED)(c) |
|
| 73,408 |
|
| 195,651 |
|
|
|
|
| 2,000 |
| PRECISION CASTPARTS CORP. |
|
| 118,921 |
|
| 538,600 |
|
|
|
|
| 4,100 |
| QUANTA SERVICES, INC.(b) |
|
| 52,132 |
|
| 129,396 |
|
|
|
|
| 5,700 |
| RAYTHEON CO. |
|
| 160,192 |
|
| 516,990 |
|
|
|
|
| 3,100 |
| REPUBLIC SERVICES, INC. |
|
| 92,639 |
|
| 102,920 |
|
|
|
|
| 5,250 |
| ROCKWELL AUTOMATION, INC. |
|
| 73,987 |
|
| 620,340 |
|
|
|
|
| 5,214 |
| ROCKWELL COLLINS, INC. |
|
| 154,727 |
|
| 385,419 |
|
|
|
|
| 300 |
| ROPER INDUSTRIES, INC. |
|
| 19,526 |
|
| 41,604 |
|
|
|
|
| 2,800 |
| RR DONNELLEY & SONS CO. |
|
| 25,228 |
|
| 56,784 |
|
|
|
|
| 21,031 |
| RYDER SYSTEM, INC. |
|
| 799,624 |
|
| 1,551,667 |
|
|
|
|
| 700 |
| SNAP-ON, INC. |
|
| 17,991 |
|
| 76,664 |
|
|
|
|
| 2,700 |
| SOLARCITY CORP.(b) |
|
| 98,496 |
|
| 153,414 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 36 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Industrials (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 54,720 |
| SOUTHWEST AIRLINES CO. |
| $ | 437,205 |
|
| 1,030,925 |
|
|
|
|
| 1,500 |
| SPIRIT AEROSYSTEMS HOLDINGS, INC., CLASS A(b) |
|
| 25,470 |
|
| 51,120 |
|
|
|
|
| 300 |
| SPX CORP. |
|
| 11,766 |
|
| 29,883 |
|
|
|
|
| 2,557 |
| STANLEY BLACK & DECKER, INC. |
|
| 72,048 |
|
| 206,324 |
|
|
|
|
| 2,000 |
| STERICYCLE, INC.(b) |
|
| 95,284 |
|
| 232,340 |
|
|
|
|
| 1,700 |
| TEREX CORP. |
|
| 31,637 |
|
| 71,383 |
|
|
|
|
| 1,100 |
| TEXTRON, INC. |
|
| 27,165 |
|
| 40,436 |
|
|
|
|
| 1,000 |
| TOWERS WATSON & CO., CLASS A |
|
| 56,220 |
|
| 127,610 |
|
|
|
|
| 18,925 |
| TRIUMPH GROUP, INC. |
|
| 1,350,506 |
|
| 1,439,625 |
|
|
|
|
| 10,500 |
| TYCO INTERNATIONAL LTD.(c) |
|
| 190,755 |
|
| 430,920 |
|
|
|
|
| 7,600 |
| UNION PACIFIC CORP. |
|
| 219,426 |
|
| 1,276,800 |
|
|
|
|
| 4,828 |
| UNITED CONTINENTAL HOLDINGS, INC.(b) |
|
| 104,937 |
|
| 182,643 |
|
|
|
|
| 10,640 |
| UNITED PARCEL SERVICE, INC., CLASS B |
|
| 635,863 |
|
| 1,118,051 |
|
|
|
|
| 25,130 |
| UNITED STATIONERS, INC. |
|
| 992,284 |
|
| 1,153,216 |
|
|
|
|
| 16,850 |
| UNITED TECHNOLOGIES CORP. |
|
| 637,288 |
|
| 1,917,530 |
|
|
|
|
| 24,387 |
| UNIVERSAL FOREST PRODUCTS, INC. |
|
| 889,549 |
|
| 1,271,538 |
|
|
|
|
| 25,543 |
| URS CORP. |
|
| 1,032,957 |
|
| 1,353,524 |
|
|
|
|
| 2,000 |
| USG CORP.(b) |
|
| 12,350 |
|
| 56,760 |
|
|
|
|
| 2,200 |
| UTI WORLDWIDE, INC. |
|
| 25,509 |
|
| 38,632 |
|
|
|
|
| 500 |
| VERISK ANALYTICS, INC., CLASS A(b) |
|
| 25,120 |
|
| 32,860 |
|
|
|
|
| 1,966 |
| WABCO HOLDINGS, INC.(b) |
|
| 30,197 |
|
| 183,644 |
|
|
|
|
| 1,400 |
| WABTEC CORP. |
|
| 25,602 |
|
| 103,978 |
|
|
|
|
| 1,650 |
| WASTE CONNECTIONS, INC. |
|
| 29,914 |
|
| 71,990 |
|
|
|
|
| 8,650 |
| WASTE MANAGEMENT, INC. |
|
| 135,675 |
|
| 388,126 |
|
|
|
|
| 1,700 |
| WW GRAINGER, INC. |
|
| 74,317 |
|
| 434,214 |
|
|
|
|
| 1,600 |
| XYLEM, INC. |
|
| 30,618 |
|
| 55,360 |
|
|
|
|
|
|
|
|
|
| 33,114,495 |
|
| 64,978,249 |
|
| 12.42 | % |
| Information Technology: |
|
|
|
|
|
|
|
|
|
| ||
| 7,900 |
| ACCENTURE PLC, CLASS A(c) |
|
| 398,606 |
|
| 649,538 |
|
|
|
|
| 7,800 |
| ACTIVISION BLIZZARD, INC. |
|
| 34,584 |
|
| 139,074 |
|
|
|
|
| 7,524 |
| ADOBE SYSTEMS, INC.(b) |
|
| 128,931 |
|
| 450,537 |
|
|
|
|
| 3,300 |
| AKAMAI TECHNOLOGIES, INC.(b) |
|
| 45,920 |
|
| 155,694 |
|
|
|
|
| 1,600 |
| ALLIANCE DATA SYSTEMS CORP.(b) |
|
| 75,650 |
|
| 420,688 |
|
|
|
|
| 5,000 |
| ALTERA CORP. |
|
| 94,155 |
|
| 162,650 |
|
|
|
|
| 8,600 |
| ANALOG DEVICES, INC. |
|
| 120,368 |
|
| 437,998 |
|
|
|
|
| 1,300 |
| ANSYS, INC.(b) |
|
| 34,888 |
|
| 113,360 |
|
|
|
|
| 7,800 |
| AOL, INC.(b) |
|
| 103,038 |
|
| 363,636 |
|
|
|
|
| 14,900 |
| APPLE, INC. |
|
| 447,676 |
|
| 8,360,539 |
|
|
|
|
| 12,100 |
| APPLIED MATERIALS, INC. |
|
| 130,014 |
|
| 214,049 |
|
|
|
|
| 700 |
| ARROW ELECTRONICS, INC.(b) |
|
| 18,814 |
|
| 37,975 |
|
|
|
|
| 132,050 |
| ATMEL CORP.(b) |
|
| 1,188,991 |
|
| 1,033,952 |
|
|
|
|
| 76,141 |
| ATMI, INC.(b) |
|
| 1,635,120 |
|
| 2,300,220 |
|
|
|
|
| 2,386 |
| AUTODESK, INC.(b) |
|
| 55,907 |
|
| 120,087 |
|
|
|
|
| 6,866 |
| AUTOMATIC DATA PROCESSING, INC. |
|
| 295,983 |
|
| 554,841 |
|
|
|
|
| 800 |
| AVAGO TECHNOLOGIES LTD.(c) |
|
| 26,256 |
|
| 42,312 |
|
|
|
|
| 2,300 |
| AVX CORP. |
|
| 24,817 |
|
| 32,039 |
|
|
|
|
| 9,791 |
| BROADCOM CORP., CLASS A |
|
| 151,120 |
|
| 290,303 |
|
|
|
|
| 2,180 |
| BROADRIDGE FINANCIAL SOLUTIONS, INC. |
|
| 33,318 |
|
| 86,154 |
|
|
|
|
| 4,200 |
| CA, INC. |
|
| 94,102 |
|
| 141,330 |
|
|
|
|
| 4,200 |
| CADENCE DESIGN SYSTEMS, INC.(b) |
|
| 24,003 |
|
| 58,884 |
|
|
|
|
| 167,628 |
| CISCO SYSTEMS, INC. |
|
| 1,393,890 |
|
| 3,763,249 |
|
|
|
|
| 4,234 |
| CITRIX SYSTEMS, INC.(b) |
|
| 47,866 |
|
| 267,801 |
|
|
|
|
| 6,300 |
| COGNIZANT TECHNOLOGY SOLUTIONS CORP., CLASS A(b) |
|
| 95,625 |
|
| 636,174 |
|
|
|
|
| 1,500 |
| COMPUTER SCIENCES CORP. |
|
| 62,082 |
|
| 83,820 |
|
|
|
|
| 400 |
| CONCUR TECHNOLOGIES, INC.(b) |
|
| 27,272 |
|
| 41,272 |
|
|
|
|
| 6,700 |
| CORELOGIC, INC.(b) |
|
| 76,313 |
|
| 238,051 |
|
|
|
|
| 23,200 |
| CORNING, INC. |
|
| 181,284 |
|
| 413,424 |
|
|
|
|
| 2,700 |
| CYPRESS SEMICONDUCTOR CORP.(b) |
|
| 5,637 |
|
| 28,350 |
|
|
|
|
| 2,000 |
| DOLBY LABORATORIES, INC., CLASS A(b) |
|
| 43,420 |
|
| 77,120 |
|
|
|
|
| 15,500 |
| EBAY, INC.(b) |
|
| 438,007 |
|
| 850,795 |
|
|
|
|
| 286,000 |
| EBIX, INC. |
|
| 3,185,369 |
|
| 4,209,920 |
|
|
|
|
| 2,140 |
| ECHOSTAR CORP., CLASS A(b) |
|
| 36,471 |
|
| 106,401 |
|
|
|
|
| 8,900 |
| ELECTRONIC ARTS, INC.(b) |
|
| 125,795 |
|
| 204,166 |
|
|
|
|
| 34,310 |
| EMC CORP. |
|
| 233,560 |
|
| 862,896 |
|
|
|
|
| 900 |
| EQUINIX, INC.(b) |
|
| 69,755 |
|
| 159,705 |
|
|
|
|
| 1,300 |
| F5 NETWORKS, INC.(b) |
|
| 30,062 |
|
| 118,118 |
|
|
|
|
| 25,900 |
| FABRINET(b)(c) |
|
| 393,836 |
|
| 532,504 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 37 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Information Technology (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 26,400 |
| FACEBOOK, INC., CLASS A(b) |
| $ | 806,504 |
|
| 1,443,024 |
|
|
|
|
| 7,802 |
| FIDELITY NATIONAL INFORMATION SERVICES, INC. |
|
| 135,427 |
|
| 418,811 |
|
|
|
|
| 7,900 |
| FISERV, INC.(b) |
|
| 108,063 |
|
| 466,495 |
|
|
|
|
| 2,100 |
| FLIR SYSTEMS, INC. |
|
| 49,313 |
|
| 63,210 |
|
|
|
|
| 1,300 |
| FORTINET, INC.(b) |
|
| 24,791 |
|
| 24,869 |
|
|
|
|
| 3,100 |
| FREESCALE SEMICONDUCTOR LTD.(b) |
|
| 34,162 |
|
| 49,755 |
|
|
|
|
| 2,100 |
| GENPACT LTD.(b)(c) |
|
| 33,894 |
|
| 38,577 |
|
|
|
|
| 1,000 |
| GLOBAL PAYMENTS, INC. |
|
| 33,115 |
|
| 64,990 |
|
|
|
|
| 6,276 |
| GOOGLE, INC., CLASS A(b) |
|
| 2,675,127 |
|
| 7,033,576 |
|
|
|
|
| 2,800 |
| HARRIS CORP. |
|
| 37,337 |
|
| 195,468 |
|
|
|
|
| 31,300 |
| HEWLETT-PACKARD CO. |
|
| 555,703 |
|
| 875,774 |
|
|
|
|
| 1,000 |
| IAC/INTERACTIVECORP |
|
| 46,100 |
|
| 68,690 |
|
|
|
|
| 1,800 |
| INFORMATICA CORP.(b) |
|
| 54,045 |
|
| 74,700 |
|
|
|
|
| 5,200 |
| INGRAM MICRO, INC., CLASS A(b) |
|
| 68,614 |
|
| 121,992 |
|
|
|
|
| 154,771 |
| INTEL CORP. |
|
| 1,551,434 |
|
| 4,017,855 |
|
|
|
|
| 16,346 |
| INTERNATIONAL BUSINESS MACHINES CORP. |
|
| 1,296,016 |
|
| 3,066,019 |
|
|
|
|
| 5,000 |
| INTUIT, INC. |
|
| 103,285 |
|
| 381,600 |
|
|
|
|
| 1,900 |
| ITRON, INC.(b) |
|
| 65,968 |
|
| 78,717 |
|
|
|
|
| 900 |
| JABIL CIRCUIT, INC. |
|
| 14,140 |
|
| 15,696 |
|
|
|
|
| 2,567 |
| JUNIPER NETWORKS, INC.(b) |
|
| 35,912 |
|
| 57,937 |
|
|
|
|
| 2,600 |
| KLA-TENCOR CORP. |
|
| 86,094 |
|
| 167,596 |
|
|
|
|
| 4,800 |
| LAM RESEARCH CORP.(b) |
|
| 123,706 |
|
| 261,360 |
|
|
|
|
| 63,875 |
| LEIDOS HOLDINGS, INC. |
|
| 2,080,299 |
|
| 2,969,549 |
|
|
|
|
| 3,700 |
| LENDER PROCESSING SERVICES, INC. |
|
| 55,722 |
|
| 138,306 |
|
|
|
|
| 2,000 |
| LEXMARK INTERNATIONAL, INC., CLASS A |
|
| 30,530 |
|
| 71,040 |
|
|
|
|
| 5,400 |
| LINEAR TECHNOLOGY CORP. |
|
| 119,475 |
|
| 245,970 |
|
|
|
|
| 2,300 |
| LINKEDIN CORP., CLASS A(b) |
|
| 352,129 |
|
| 498,709 |
|
|
|
|
| 23,700 |
| LSI CORP. |
|
| 99,658 |
|
| 261,174 |
|
|
|
|
| 14,800 |
| MARVELL TECHNOLOGY GROUP LTD.(c) |
|
| 94,528 |
|
| 212,824 |
|
|
|
|
| 1,700 |
| MASTERCARD, INC., CLASS A |
|
| 182,282 |
|
| 1,420,282 |
|
|
|
|
| 4,400 |
| MAXIM INTEGRATED PRODUCTS, INC. |
|
| 76,114 |
|
| 122,804 |
|
|
|
|
| 4,200 |
| MICROCHIP TECHNOLOGY, INC. |
|
| 55,093 |
|
| 187,950 |
|
|
|
|
| 11,900 |
| MICRON TECHNOLOGY, INC.(b) |
|
| 53,372 |
|
| 258,944 |
|
|
|
|
| 1,000 |
| MICROS SYSTEMS, INC.(b) |
|
| 26,215 |
|
| 57,370 |
|
|
|
|
| 132,150 |
| MICROSOFT CORP. |
|
| 786,794 |
|
| 4,946,374 |
|
|
|
|
| 85,363 |
| MOTOROLA SOLUTIONS, INC. |
|
| 3,912,609 |
|
| 5,762,002 |
|
|
|
|
| 5,700 |
| NETAPP, INC. |
|
| 144,148 |
|
| 234,498 |
|
|
|
|
| 4,800 |
| NEUSTAR, INC., CLASS A(b) |
|
| 79,848 |
|
| 239,328 |
|
|
|
|
| 4,800 |
| NUANCE COMMUNICATIONS, INC.(b) |
|
| 63,624 |
|
| 72,960 |
|
|
|
|
| 8,900 |
| NVIDIA CORP. |
|
| 60,302 |
|
| 142,578 |
|
|
|
|
| 120,042 |
| ORACLE CORP. |
|
| 1,695,520 |
|
| 4,592,807 |
|
|
|
|
| 2,800 |
| PALO ALTO NETWORKS, INC.(b) |
|
| 116,508 |
|
| 160,916 |
|
|
|
|
| 3,666 |
| PAYCHEX, INC. |
|
| 10,315 |
|
| 166,913 |
|
|
|
|
| 22,200 |
| QUALCOMM, INC. |
|
| 562,630 |
|
| 1,648,350 |
|
|
|
|
| 4,200 |
| RED HAT, INC.(b) |
|
| 61,669 |
|
| 235,368 |
|
|
|
|
| 320,854 |
| RF MICRO DEVICES, INC.(b) |
|
| 1,685,134 |
|
| 1,655,607 |
|
|
|
|
| 8,100 |
| SALESFORCE.COM, INC.(b) |
|
| 113,766 |
|
| 447,039 |
|
|
|
|
| 5,300 |
| SANDISK CORP. |
|
| 51,148 |
|
| 373,862 |
|
|
|
|
| 36,499 |
| SCIENCE APPLICATIONS INTERNATIONAL CORP. |
|
| 940,934 |
|
| 1,207,022 |
|
|
|
|
| 5,500 |
| SEAGATE TECHNOLOGY PLC(c) |
|
| 51,728 |
|
| 308,880 |
|
|
|
|
| 3,700 |
| SERVICENOW, INC.(b) |
|
| 139,416 |
|
| 207,237 |
|
|
|
|
| 500 |
| SPLUNK, INC.(b) |
|
| 25,870 |
|
| 34,335 |
|
|
|
|
| 15,519 |
| SYMANTEC CORP. |
|
| 88,098 |
|
| 365,938 |
|
|
|
|
| 800 |
| SYNOPSYS, INC.(b) |
|
| 13,284 |
|
| 32,456 |
|
|
|
|
| 27,395 |
| TE CONNECTIVITY LTD.(c) |
|
| 952,398 |
|
| 1,509,738 |
|
|
|
|
| 4,500 |
| TERADATA CORP.(b) |
|
| 73,317 |
|
| 204,705 |
|
|
|
|
| 4,400 |
| TERADYNE, INC.(b) |
|
| 40,150 |
|
| 77,528 |
|
|
|
|
| 17,400 |
| TEXAS INSTRUMENTS, INC. |
|
| 280,527 |
|
| 764,034 |
|
|
|
|
| 2,700 |
| TOTAL SYSTEM SERVICES, INC. |
|
| 60,453 |
|
| 89,856 |
|
|
|
|
| 5,000 |
| TRIMBLE NAVIGATION LTD.(b) |
|
| 38,162 |
|
| 173,500 |
|
|
|
|
| 900 |
| VERISIGN, INC.(b) |
|
| 40,779 |
|
| 53,802 |
|
|
|
|
| 7,700 |
| VISA, INC., CLASS A |
|
| 573,157 |
|
| 1,714,636 |
|
|
|
|
| 7,800 |
| VISHAY INTERTECHNOLOGY, INC.(b) |
|
| 48,931 |
|
| 103,428 |
|
|
|
|
| 557 |
| VISHAY PRECISION GROUP, INC.(b) |
|
| 5,692 |
|
| 8,294 |
|
|
|
|
| 1,500 |
| VMWARE, INC., CLASS A(b) |
|
| 47,284 |
|
| 134,565 |
|
|
|
|
| 5,900 |
| WESTERN DIGITAL CORP. |
|
| 91,433 |
|
| 495,010 |
|
|
|
|
| 10,100 |
| WESTERN UNION (THE) CO. |
|
| 131,323 |
|
| 174,225 |
|
|
|
|
| 3,000 |
| WORKDAY, INC., CLASS A(b) |
|
| 180,280 |
|
| 249,480 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 38 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Information Technology (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 92,802 |
| XEROX CORP. |
| $ | 630,591 |
|
| 1,129,400 |
|
|
|
|
| 6,750 |
| XILINX, INC. |
|
| 47,180 |
|
| 309,960 |
|
|
|
|
| 20,640 |
| YAHOO!, INC.(b) |
|
| 228,331 |
|
| 834,682 |
|
|
|
|
| 60,000 |
| ZYNGA, INC., CLASS A(b) |
|
| 160,272 |
|
| 228,000 |
|
|
|
|
|
|
|
|
|
| 37,006,277 |
|
| 85,280,572 |
|
| 16.30 | % |
| Materials: |
|
|
|
|
|
|
|
|
|
| ||
| 2,775 |
| AIR PRODUCTS & CHEMICALS, INC. |
|
| 126,374 |
|
| 310,189 |
|
|
|
|
| 400 |
| AIRGAS, INC. |
|
| 16,882 |
|
| 44,740 |
|
|
|
|
| 1,300 |
| ALBEMARLE CORP. |
|
| 29,152 |
|
| 82,407 |
|
|
|
|
| 1,600 |
| ALLEGHENY TECHNOLOGIES, INC. |
|
| 39,592 |
|
| 57,008 |
|
|
|
|
| 800 |
| APTARGROUP, INC. |
|
| 27,324 |
|
| 54,248 |
|
|
|
|
| 1,600 |
| ASHLAND, INC. |
|
| 47,358 |
|
| 155,264 |
|
|
|
|
| 700 |
| AVERY DENNISON CORP. |
|
| 25,347 |
|
| 35,133 |
|
|
|
|
| 2,564 |
| BALL CORP. |
|
| 10,015 |
|
| 132,456 |
|
|
|
|
| 3,000 |
| BEMIS CO., INC. |
|
| 66,889 |
|
| 122,880 |
|
|
|
|
| 13,034 |
| BOISE CASCADE CO.(b) |
|
| 364,346 |
|
| 384,242 |
|
|
|
|
| 600 |
| CELANESE CORP., SERIES A |
|
| 24,630 |
|
| 33,186 |
|
|
|
|
| 1,100 |
| CF INDUSTRIES HOLDINGS, INC. |
|
| 97,135 |
|
| 256,344 |
|
|
|
|
| 9,000 |
| CLIFFS NATURAL RESOURCES, INC. |
|
| 171,988 |
|
| 235,890 |
|
|
|
|
| 500 |
| COMPASS MINERALS INTERNATIONAL, INC. |
|
| 27,452 |
|
| 40,025 |
|
|
|
|
| 42,780 |
| CROWN HOLDINGS, INC.(b) |
|
| 1,312,976 |
|
| 1,906,705 |
|
|
|
|
| 700 |
| CYTEC INDUSTRIES, INC. |
|
| 25,564 |
|
| 65,212 |
|
|
|
|
| 1,000 |
| DOMTAR CORP.(c) |
|
| 52,480 |
|
| 94,340 |
|
|
|
|
| 17,700 |
| DOW CHEMICAL (THE) CO. |
|
| 441,871 |
|
| 785,880 |
|
|
|
|
| 15,225 |
| E.I. DU PONT DE NEMOURS & CO. |
|
| 485,530 |
|
| 989,168 |
|
|
|
|
| 438 |
| EAGLE MATERIALS, INC. |
|
| 1,727 |
|
| 33,914 |
|
|
|
|
| 3,000 |
| EASTMAN CHEMICAL CO. |
|
| 58,012 |
|
| 242,100 |
|
|
|
|
| 3,991 |
| ECOLAB, INC. |
|
| 137,417 |
|
| 416,142 |
|
|
|
|
| 20,496 |
| FREEPORT-MCMORAN COPPER & GOLD, INC. |
|
| 517,188 |
|
| 773,519 |
|
|
|
|
| 900 |
| GREIF, INC., CLASS A |
|
| 27,104 |
|
| 47,160 |
|
|
|
|
| 3,683 |
| INTERNATIONAL FLAVORS & FRAGRANCES, INC. |
|
| 79,231 |
|
| 316,664 |
|
|
|
|
| 9,431 |
| INTERNATIONAL PAPER CO. |
|
| 117,152 |
|
| 462,402 |
|
|
|
|
| 22,726 |
| LSB INDUSTRIES, INC.(b) |
|
| 739,156 |
|
| 932,221 |
|
|
|
|
| 4,300 |
| LYONDELLBASELL INDUSTRIES N.V., CLASS A |
|
| 196,669 |
|
| 345,204 |
|
|
|
|
| 700 |
| MARTIN MARIETTA MATERIALS, INC. |
|
| 27,965 |
|
| 69,958 |
|
|
|
|
| 2,875 |
| MEADWESTVACO CORP. |
|
| 27,016 |
|
| 106,174 |
|
|
|
|
| 23,800 |
| MOLYCORP, INC.(b) |
|
| 135,660 |
|
| 133,756 |
|
|
|
|
| 10,115 |
| MONSANTO CO. |
|
| 47,604 |
|
| 1,178,903 |
|
|
|
|
| 39,649 |
| MOSAIC (THE) CO. |
|
| 1,911,619 |
|
| 1,874,208 |
|
|
|
|
| 96,000 |
| NEWMONT MINING CORP. |
|
| 2,343,871 |
|
| 2,210,880 |
|
|
|
|
| 21,179 |
| NUCOR CORP. |
|
| 822,174 |
|
| 1,130,535 |
|
|
|
|
| 58,840 |
| OWENS-ILLINOIS, INC.(b) |
|
| 1,480,462 |
|
| 2,105,295 |
|
|
|
|
| 2,100 |
| PACKAGING CORP. OF AMERICA |
|
| 30,902 |
|
| 132,888 |
|
|
|
|
| 3,986 |
| PPG INDUSTRIES, INC. |
|
| 180,558 |
|
| 755,985 |
|
|
|
|
| 6,450 |
| PRAXAIR, INC. |
|
| 258,706 |
|
| 838,694 |
|
|
|
|
| 2,200 |
| RELIANCE STEEL & ALUMINUM CO. |
|
| 61,215 |
|
| 166,848 |
|
|
|
|
| 400 |
| ROCK TENN CO., CLASS A |
|
| 29,220 |
|
| 42,004 |
|
|
|
|
| 2,300 |
| ROYAL GOLD, INC. |
|
| 111,970 |
|
| 105,961 |
|
|
|
|
| 6,500 |
| RPM INTERNATIONAL, INC. |
|
| 72,503 |
|
| 269,815 |
|
|
|
|
| 26,549 |
| RTI INTERNATIONAL METALS, INC.(b) |
|
| 631,794 |
|
| 908,241 |
|
|
|
|
| 118,400 |
| SEALED AIR CORP. |
|
| 2,332,433 |
|
| 4,031,520 |
|
|
|
|
| 1,585 |
| SHERWIN-WILLIAMS (THE) CO. |
|
| 72,398 |
|
| 290,848 |
|
|
|
|
| 3,600 |
| SONOCO PRODUCTS CO. |
|
| 74,519 |
|
| 150,192 |
|
|
|
|
| 3,234 |
| SOUTHERN COPPER CORP. |
|
| 38,445 |
|
| 92,848 |
|
|
|
|
| 8,700 |
| STEEL DYNAMICS, INC. |
|
| 95,178 |
|
| 169,998 |
|
|
|
|
| 1,273 |
| SUNCOKE ENERGY, INC.(b) |
|
| 8,474 |
|
| 29,037 |
|
|
|
|
| 1,600 |
| UNITED STATES STEEL CORP. |
|
| 30,208 |
|
| 47,200 |
|
|
|
|
| 3,200 |
| VALSPAR (THE) CORP. |
|
| 68,240 |
|
| 228,128 |
|
|
|
|
| 2,100 |
| VULCAN MATERIALS CO. |
|
| 63,441 |
|
| 124,782 |
|
|
|
|
|
|
|
|
|
| 16,223,136 |
|
| 26,549,341 |
|
| 5.08 | % |
| Telecommunication Services: |
|
|
|
|
|
|
|
|
|
| ||
| 95,890 |
| AT&T, INC. |
|
| 2,361,682 |
|
| 3,371,492 |
|
|
|
|
| 4,600 |
| CROWN CASTLE INTERNATIONAL CORP.(b) |
|
| 194,396 |
|
| 337,778 |
|
|
|
|
| 16,300 |
| FRONTIER COMMUNICATIONS CORP. |
|
| 71,611 |
|
| 75,795 |
|
|
|
|
| 5,100 |
| LEVEL 3 COMMUNICATIONS, INC.(b) |
|
| 115,002 |
|
| 169,167 |
|
|
|
|
| 5,400 |
| NII HOLDINGS, INC.(b) |
|
| 33,102 |
|
| 14,850 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 39 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Telecommunication Services (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 700 |
| SBA COMMUNICATIONS CORP., CLASS A(b) |
| $ | 53,338 |
|
| 62,888 |
|
|
|
|
| 10,940 |
| SPRINT CORP.(b) |
|
| 26,341 |
|
| 117,605 |
|
|
|
|
| 5,435 |
| TELEPHONE & DATA SYSTEMS, INC. |
|
| 109,150 |
|
| 140,114 |
|
|
|
|
| 1,500 |
| T-MOBILE US, INC.(b) |
|
| 13,875 |
|
| 50,460 |
|
|
|
|
| 2,300 |
| TW TELECOM, INC.(b) |
|
| 58,604 |
|
| 70,081 |
|
|
|
|
| 43,383 |
| VERIZON COMMUNICATIONS, INC. |
|
| 1,490,371 |
|
| 2,131,841 |
|
|
|
|
| 18,218 |
| WINDSTREAM HOLDINGS, INC. |
|
| 142,808 |
|
| 145,380 |
|
|
|
|
|
|
|
|
|
| 4,670,280 |
|
| 6,687,451 |
|
| 1.28 | % |
| Utilities: |
|
|
|
|
|
|
|
|
|
| ||
| 9,100 |
| AES CORP. |
|
| 99,645 |
|
| 132,041 |
|
|
|
|
| 4,500 |
| AGL RESOURCES, INC. |
|
| 135,198 |
|
| 212,535 |
|
|
|
|
| 1,000 |
| ALLIANT ENERGY CORP. |
|
| 24,835 |
|
| 51,600 |
|
|
|
|
| 4,000 |
| AMEREN CORP. |
|
| 114,624 |
|
| 144,640 |
|
|
|
|
| 9,200 |
| AMERICAN ELECTRIC POWER CO., INC. |
|
| 289,948 |
|
| 430,008 |
|
|
|
|
| 45,310 |
| AMERICAN WATER WORKS CO., INC. |
|
| 1,186,470 |
|
| 1,914,801 |
|
|
|
|
| 1,735 |
| AQUA AMERICA, INC. |
|
| 22,973 |
|
| 40,929 |
|
|
|
|
| 8,500 |
| CALPINE CORP.(b) |
|
| 56,653 |
|
| 165,835 |
|
|
|
|
| 5,800 |
| CENTERPOINT ENERGY, INC. |
|
| 66,308 |
|
| 134,444 |
|
|
|
|
| 10,200 |
| CMS ENERGY CORP. |
|
| 144,342 |
|
| 273,054 |
|
|
|
|
| 4,589 |
| CONSOLIDATED EDISON, INC. |
|
| 184,849 |
|
| 253,680 |
|
|
|
|
| 9,762 |
| DOMINION RESOURCES, INC. |
|
| 334,591 |
|
| 631,504 |
|
|
|
|
| 2,300 |
| DTE ENERGY CO. |
|
| 84,036 |
|
| 152,697 |
|
|
|
|
| 10,851 |
| DUKE ENERGY CORP. |
|
| 395,594 |
|
| 748,827 |
|
|
|
|
| 8,525 |
| EDISON INTERNATIONAL |
|
| 182,117 |
|
| 394,707 |
|
|
|
|
| 3,064 |
| ENTERGY CORP. |
|
| 60,101 |
|
| 193,859 |
|
|
|
|
| 8,124 |
| EXELON CORP. |
|
| 239,927 |
|
| 222,516 |
|
|
|
|
| 1,100 |
| FIRSTENERGY CORP. |
|
| 39,643 |
|
| 36,278 |
|
|
|
|
| 2,800 |
| GREAT PLAINS ENERGY, INC. |
|
| 43,498 |
|
| 67,872 |
|
|
|
|
| 3,500 |
| ITC HOLDINGS CORP. |
|
| 154,844 |
|
| 335,370 |
|
|
|
|
| 1,500 |
| NATIONAL FUEL GAS CO. |
|
| 38,322 |
|
| 107,100 |
|
|
|
|
| 5,400 |
| NEXTERA ENERGY, INC. |
|
| 259,569 |
|
| 462,348 |
|
|
|
|
| 6,900 |
| NISOURCE, INC. |
|
| 111,901 |
|
| 226,872 |
|
|
|
|
| 4,961 |
| NORTHEAST UTILITIES |
|
| 125,492 |
|
| 210,297 |
|
|
|
|
| 10,883 |
| NRG ENERGY, INC. |
|
| 189,415 |
|
| 312,560 |
|
|
|
|
| 4,800 |
| OGE ENERGY CORP. |
|
| 43,344 |
|
| 162,720 |
|
|
|
|
| 2,000 |
| ONEOK, INC. |
|
| 31,518 |
|
| 124,360 |
|
|
|
|
| 1,500 |
| PEPCO HOLDINGS, INC. |
|
| 28,485 |
|
| 28,695 |
|
|
|
|
| 5,900 |
| PG&E CORP. |
|
| 79,340 |
|
| 237,652 |
|
|
|
|
| 2,400 |
| PINNACLE WEST CAPITAL CORP. |
|
| 71,637 |
|
| 127,008 |
|
|
|
|
| 9,000 |
| PPL CORP. |
|
| 245,589 |
|
| 270,810 |
|
|
|
|
| 7,800 |
| PUBLIC SERVICE ENTERPRISE GROUP, INC. |
|
| 236,574 |
|
| 249,912 |
|
|
|
|
| 64,930 |
| QUESTAR CORP. |
|
| 1,096,889 |
|
| 1,492,741 |
|
|
|
|
| 4,800 |
| SCANA CORP. |
|
| 166,536 |
|
| 225,264 |
|
|
|
|
| 3,300 |
| SEMPRA ENERGY |
|
| 170,450 |
|
| 296,208 |
|
|
|
|
| 12,200 |
| SOUTHERN (THE) CO. |
|
| 296,910 |
|
| 501,542 |
|
|
|
|
| 7,600 |
| TECO ENERGY, INC. |
|
| 90,842 |
|
| 131,024 |
|
|
|
|
| 3,100 |
| UGI CORP. |
|
| 51,202 |
|
| 128,526 |
|
|
|
|
| 1,400 |
| WESTAR ENERGY, INC. |
|
| 25,767 |
|
| 45,038 |
|
|
|
|
| 4,820 |
| WISCONSIN ENERGY CORP. |
|
| 46,469 |
|
| 199,259 |
|
|
|
|
| 4,825 |
| XCEL ENERGY, INC. |
|
| 43,342 |
|
| 134,810 |
|
|
|
|
|
|
|
|
|
| 7,309,789 |
|
| 12,211,943 |
|
| 2.33 | % |
|
| Sub-total Common Stocks: |
|
| 254,405,718 |
|
| 504,593,401 |
|
| 96.47 | % | |
| Master Limited Partnerships: |
|
|
|
|
|
|
|
|
|
| ||
| Energy: |
|
|
|
|
|
|
|
|
|
|
|
|
| 42,345 |
| ATLAS PIPELINE PARTNERS L.P. |
|
| 1,461,527 |
|
| 1,484,192 |
|
|
|
|
| 27,570 |
| ENTERPRISE PRODUCTS PARTNERS L.P. |
|
| 1,184,195 |
|
| 1,827,891 |
|
|
|
|
| 42,825 |
| MAGELLAN MIDSTREAM PARTNERS L.P. |
|
| 1,197,472 |
|
| 2,709,538 |
|
|
|
|
|
|
|
|
|
| 3,843,194 |
|
| 6,021,621 |
|
| 1.15 | % |
|
| Sub-total Master Limited Partnerships: |
|
| 3,843,194 |
|
| 6,021,621 |
|
| 1.15 | % | |
Rights: |
|
|
|
|
|
|
|
|
|
| |||
| Energy: |
|
|
|
|
|
|
|
|
|
| ||
| 15,800 |
| EXCO RESOURCES, INC.(b) |
|
| - |
|
| 2,528 |
|
|
|
|
| Health Care: |
|
|
|
|
|
|
|
|
|
| ||
| 700 |
| SANOFI - CVR(b)(c) |
|
| - |
|
| 238 |
|
|
|
|
|
| Sub-total Rights: |
|
| - |
|
| 2,766 |
|
| 0.00 | % |
|
|
|
See accompanying notes to the financial statements. | 40 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Short-Term Investments: |
|
|
|
|
|
|
|
|
|
| |||
| 15,630,648 |
| NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 0.01%(e) |
| $ | 15,630,648 |
|
| 15,630,648 |
|
|
|
|
|
| Sub-total Short-Term Investments: |
|
| 15,630,648 |
|
| 15,630,648 |
|
| 2.99% |
| |
|
|
| Grand total(f) |
| $ | 273,879,560 |
|
| 526,248,436 |
|
| 100.61% |
|
Notes to Schedule of Investments:
|
|
|
| (a) | Investments 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, 2013, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 6.18% of net assets. |
|
|
|
| (d) | Securities are American Depositary Receipts of companies based outside of the United States representing 2.60% of net assets as of December 31, 2013. |
|
|
|
| (e) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2012, the value of the Clearwater Core Equity Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was approximately $26,364,287 with net sales of approximately $10,733,639 during the fiscal year ended December 31, 2013. |
|
|
|
| (f) | At December 31, 2013, the cost for Federal income tax purposes was $273,798,849. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost was as follows: |
|
|
|
|
|
Gross unrealized appreciation |
| $ | 253,804,887 |
|
Gross unrealized depreciation |
|
| (1,355,300 | ) |
Net unrealized appreciation |
| $ | 252,449,587 |
|
|
|
|
See accompanying notes to the financial statements. | 41 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2013
|
|
|
See accompanying notes to the financial statements. | 42 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
| Security |
| Cost |
| Fair |
| Percent |
| |||
Common Stocks: |
|
|
|
|
|
|
|
|
|
| |||
Consumer Discretionary: |
|
|
|
|
|
|
|
|
|
| |||
22,495 |
|
| 1-800-FLOWERS.COM, INC., CLASS A(b) |
| $ | 113,013 |
|
| 121,698 |
|
|
|
|
5,193 |
|
| AMERICA’S CAR-MART, INC.(b) |
|
| 232,046 |
|
| 219,300 |
|
|
|
|
44,155 |
|
| ARCTIC CAT, INC. |
|
| 1,802,343 |
|
| 2,515,952 |
|
|
|
|
55,726 |
|
| BEBE STORES, INC. |
|
| 315,898 |
|
| 296,462 |
|
|
|
|
179 |
|
| BIGLARI HOLDINGS, INC.(b) |
|
| 85,850 |
|
| 90,689 |
|
|
|
|
11,137 |
|
| BJ’S RESTAURANTS, INC.(b) |
|
| 288,158 |
|
| 345,915 |
|
|
|
|
106,202 |
|
| BLACK DIAMOND, INC.(b) |
|
| 867,854 |
|
| 1,415,673 |
|
|
|
|
18,402 |
|
| BRAVO BRIO RESTAURANT GROUP, INC.(b) |
|
| 296,883 |
|
| 299,400 |
|
|
|
|
41,242 |
|
| BUILD-A-BEAR WORKSHOP, INC.(b) |
|
| 297,220 |
|
| 311,377 |
|
|
|
|
11,921 |
|
| CALLAWAY GOLF CO. |
|
| 79,284 |
|
| 100,494 |
|
|
|
|
6,934 |
|
| CATO (THE) CORP., CLASS A |
|
| 191,843 |
|
| 220,501 |
|
|
|
|
8,136 |
|
| CITI TRENDS, INC.(b) |
|
| 133,514 |
|
| 138,312 |
|
|
|
|
69,496 |
|
| COOPER TIRE & RUBBER CO. |
|
| 1,291,493 |
|
| 1,670,684 |
|
|
|
|
3,032 |
|
| CORE-MARK HOLDING CO., INC. |
|
| 118,341 |
|
| 230,220 |
|
|
|
|
38,500 |
|
| CST BRANDS, INC. |
|
| 1,164,103 |
|
| 1,413,720 |
|
|
|
|
191,152 |
|
| DANA HOLDING CORP. |
|
| 3,852,890 |
|
| 3,750,402 |
|
|
|
|
162,000 |
|
| DENNY’S CORP.(b) |
|
| 628,669 |
|
| 1,164,780 |
|
|
|
|
4,883 |
|
| DESTINATION MATERNITY CORP. |
|
| 129,011 |
|
| 145,904 |
|
|
|
|
8,632 |
|
| DESTINATION XL GROUP, INC.(b) |
|
| 53,084 |
|
| 56,712 |
|
|
|
|
36,323 |
|
| DGSE COS., INC.(b) |
|
| 93,710 |
|
| 81,000 |
|
|
|
|
134,928 |
|
| EXPRESS, INC.(b) |
|
| 2,395,484 |
|
| 2,519,106 |
|
|
|
|
52,500 |
|
| FEDERAL-MOGUL CORP.(b) |
|
| 885,124 |
|
| 1,033,200 |
|
|
|
|
49,282 |
|
| FRANCESCA’S HOLDINGS CORP.(b) |
|
| 1,431,852 |
|
| 907,282 |
|
|
|
|
22,625 |
|
| GAIAM, INC., CLASS A(b) |
|
| 82,050 |
|
| 149,777 |
|
|
|
|
247,260 |
|
| HANCOCK FABRICS, INC.(b) |
|
| 315,708 |
|
| 267,041 |
|
|
|
|
32,000 |
|
| HILLENBRAND, INC. |
|
| 909,468 |
|
| 941,440 |
|
|
|
|
83,736 |
|
| JOE’S JEANS, INC.(b) |
|
| 94,863 |
|
| 92,110 |
|
|
|
|
10,692 |
|
| JTH HOLDING, INC., CLASS A(b) |
|
| 175,699 |
|
| 259,816 |
|
|
|
|
14,570 |
|
| K12, INC.(b) |
|
| 274,883 |
|
| 316,897 |
|
|
|
|
108,005 |
|
| LIFELOCK, INC.(b) |
|
| 1,147,378 |
|
| 1,772,362 |
|
|
|
|
33,268 |
|
| LITHIA MOTORS, INC., CLASS A |
|
| 1,891,411 |
|
| 2,309,465 |
|
|
|
|
20,000 |
|
| MARRIOTT VACATIONS WORLDWIDE CORP.(b) |
|
| 457,787 |
|
| 1,055,200 |
|
|
|
|
3,841 |
|
| MULTIMEDIA GAMES HOLDING CO., INC.(b) |
|
| 112,078 |
|
| 120,454 |
|
|
|
|
2,432 |
|
| NATHAN’S FAMOUS, INC.(b) |
|
| 120,926 |
|
| 122,597 |
|
|
|
|
156,633 |
|
| OFFICE DEPOT, INC.(b) |
|
| 845,693 |
|
| 828,589 |
|
|
|
|
37,000 |
|
| PENSKE AUTOMOTIVE GROUP, INC. |
|
| 723,337 |
|
| 1,744,920 |
|
|
|
|
156,197 |
|
| PIER 1 IMPORTS, INC. |
|
| 2,444,398 |
|
| 3,605,027 |
|
|
|
|
102,933 |
|
| PINNACLE ENTERTAINMENT, INC.(b) |
|
| 2,347,886 |
|
| 2,675,229 |
|
|
|
|
37,113 |
|
| PREMIER EXHIBITIONS, INC.(b) |
|
| 63,485 |
|
| 43,051 |
|
|
|
|
19,644 |
|
| REMY INTERNATIONAL, INC. |
|
| 382,381 |
|
| 458,098 |
|
|
|
|
25,083 |
|
| RENT-A-CENTER, INC. |
|
| 858,037 |
|
| 836,267 |
|
|
|
|
25,807 |
|
| ROCKY BRANDS, INC. |
|
| 228,153 |
|
| 376,008 |
|
|
|
|
43,000 |
|
| SALLY BEAUTY HOLDINGS, INC.(b) |
|
| 366,257 |
|
| 1,299,890 |
|
|
|
|
20,696 |
|
| SHOE CARNIVAL, INC. |
|
| 455,227 |
|
| 600,391 |
|
|
|
|
18,226 |
|
| SHUTTERFLY, INC.(b) |
|
| 922,364 |
|
| 928,250 |
|
|
|
|
45,000 |
|
| STARZ, CLASS A(b) |
|
| 840,237 |
|
| 1,315,800 |
|
|
|
|
15,225 |
|
| SUPERIOR INDUSTRIES INTERNATIONAL, INC. |
|
| 300,849 |
|
| 314,092 |
|
|
|
|
17,218 |
|
| TOWER INTERNATIONAL, INC.(b) |
|
| 377,117 |
|
| 368,465 |
|
|
|
|
15,500 |
|
| VAIL RESORTS, INC. |
|
| 580,317 |
|
| 1,166,065 |
|
|
|
|
10,594 |
|
| WINNEBAGO INDUSTRIES, INC.(b) |
|
| 285,033 |
|
| 290,805 |
|
|
|
|
73,984 |
|
| WOLVERINE WORLD WIDE, INC. |
|
| 1,045,198 |
|
| 2,512,497 |
|
|
|
|
|
|
|
|
|
| 35,395,887 |
|
| 45,819,386 |
|
| 13.36 | % |
Consumer Staples: |
|
|
|
|
|
|
|
|
|
| |||
123,127 |
|
| COTT CORP.(c) |
|
| 1,002,056 |
|
| 992,404 |
|
|
|
|
11,462 |
|
| DIAMOND FOODS, INC.(b) |
|
| 214,170 |
|
| 296,178 |
|
|
|
|
41,289 |
|
| FEMALE HEALTH (THE) CO. |
|
| 363,996 |
|
| 350,957 |
|
|
|
|
60,750 |
|
| FLOWERS FOODS, INC. |
|
| 511,723 |
|
| 1,304,302 |
|
|
|
|
35,208 |
|
| FRESH MARKET (THE), INC.(b) |
|
| 1,452,020 |
|
| 1,425,924 |
|
|
|
|
54,306 |
|
| INTER PARFUMS, INC. |
|
| 1,010,755 |
|
| 1,944,698 |
|
|
|
|
99,227 |
|
| JAMMIN JAVA CORP.(b) |
|
| 44,641 |
|
| 35,722 |
|
|
|
|
18,213 |
|
| MEDIFAST, INC.(b) |
|
| 286,379 |
|
| 475,906 |
|
|
|
|
26,222 |
|
| OMEGA PROTEIN CORP.(b) |
|
| 216,459 |
|
| 322,268 |
|
|
|
|
44,826 |
|
| PANTRY (THE), INC.(b) |
|
| 601,531 |
|
| 752,180 |
|
|
|
|
15,540 |
|
| PRIMO WATER CORP.(b) |
|
| 41,645 |
|
| 40,870 |
|
|
|
|
21,416 |
|
| S&W SEED CO.(b) |
|
| 107,269 |
|
| 148,841 |
|
|
|
|
7,087 |
|
| SENECA FOODS CORP., CLASS A(b) |
|
| 154,404 |
|
| 226,004 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 43 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
| Security |
| Cost |
| Fair |
| Percent |
| |||
Consumer Staples (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
40,000 |
|
| SNYDERS-LANCE, INC. |
| $ | 898,946 |
|
| 1,148,800 |
|
|
|
|
11,305 |
|
| SPARTAN STORES, INC. |
|
| 264,168 |
|
| 274,485 |
|
|
|
|
47,452 |
|
| SPECTRUM BRANDS HOLDINGS, INC. |
|
| 1,301,023 |
|
| 3,347,739 |
|
|
|
|
13,631 |
|
| TREEHOUSE FOODS, INC.(b) |
|
| 953,311 |
|
| 939,449 |
|
|
|
|
|
|
|
|
|
| 9,424,496 |
|
| 14,026,727 |
|
| 4.09 | % |
Energy: |
|
|
|
|
|
|
|
|
|
|
|
|
|
20,297 |
|
| ALON USA ENERGY, INC. |
|
| 249,366 |
|
| 335,712 |
|
|
|
|
37,000 |
|
| BONANZA CREEK ENERGY, INC.(b) |
|
| 1,137,821 |
|
| 1,608,390 |
|
|
|
|
46,315 |
|
| CARRIZO OIL & GAS, INC.(b) |
|
| 1,213,389 |
|
| 2,073,523 |
|
|
|
|
79,128 |
|
| CLOUD PEAK ENERGY, INC.(b) |
|
| 1,424,592 |
|
| 1,424,304 |
|
|
|
|
8,969 |
|
| COMSTOCK RESOURCES, INC. |
|
| 128,606 |
|
| 164,043 |
|
|
|
|
122,844 |
|
| DAKOTA PLAINS HOLDINGS, INC.(b) |
|
| 418,302 |
|
| 282,541 |
|
|
|
|
9,000 |
|
| DRIL-QUIP, INC.(b) |
|
| 416,938 |
|
| 989,370 |
|
|
|
|
9,923 |
|
| EVOLUTION PETROLEUM CORP. |
|
| 110,846 |
|
| 122,450 |
|
|
|
|
75,184 |
|
| FORBES ENERGY SERVICES LTD.(b) |
|
| 293,310 |
|
| 245,852 |
|
|
|
|
23,000 |
|
| GULFPORT ENERGY CORP.(b) |
|
| 633,941 |
|
| 1,452,450 |
|
|
|
|
49,500 |
|
| HELIX ENERGY SOLUTIONS GROUP, INC.(b) |
|
| 1,043,100 |
|
| 1,147,410 |
|
|
|
|
397,816 |
|
| HERCULES OFFSHORE, INC.(b) |
|
| 2,297,587 |
|
| 2,597,738 |
|
|
|
|
48,309 |
|
| HORNBECK OFFSHORE SERVICES, INC.(b) |
|
| 1,922,128 |
|
| 2,378,252 |
|
|
|
|
32,000 |
|
| OASIS PETROLEUM, INC.(b) |
|
| 564,228 |
|
| 1,503,040 |
|
|
|
|
44,113 |
|
| PETROQUEST ENERGY, INC.(b) |
|
| 191,648 |
|
| 190,568 |
|
|
|
|
14,035 |
|
| RESOLUTE ENERGY CORP.(b) |
|
| 116,377 |
|
| 126,736 |
|
|
|
|
26,442 |
|
| ROSETTA RESOURCES, INC.(b) |
|
| 1,250,701 |
|
| 1,270,274 |
|
|
|
|
38,500 |
|
| SANCHEZ ENERGY CORP.(b) |
|
| 878,506 |
|
| 943,635 |
|
|
|
|
28,757 |
|
| STEEL EXCEL, INC.(b) |
|
| 774,968 |
|
| 848,619 |
|
|
|
|
85,900 |
|
| TRIANGLE PETROLEUM CORP.(b) |
|
| 916,003 |
|
| 714,688 |
|
|
|
|
|
|
|
|
|
| 15,982,357 |
|
| 20,419,595 |
|
| 5.95 | % |
Financials: |
|
|
|
|
|
|
|
|
|
|
|
|
|
61,689 |
|
| AMERICAN EQUITY INVESTMENT LIFE HOLDING CO. |
|
| 1,092,231 |
|
| 1,627,356 |
|
|
|
|
12,595 |
|
| AMERICAN NATIONAL BANKSHARES, INC. |
|
| 255,148 |
|
| 330,619 |
|
|
|
|
22,714 |
|
| AMREIT, INC. |
|
| 401,243 |
|
| 381,595 |
|
|
|
|
73,245 |
|
| AMTRUST FINANCIAL SERVICES, INC. |
|
| 1,534,468 |
|
| 2,394,379 |
|
|
|
|
3,763 |
|
| ASHFORD HOSPITALITY PRIME, INC. |
|
| 80,340 |
|
| 68,487 |
|
|
|
|
26,859 |
|
| ASHFORD HOSPITALITY TRUST, INC. |
|
| 200,889 |
|
| 222,393 |
|
|
|
|
24,883 |
|
| ASSOCIATED ESTATES REALTY CORP. |
|
| 370,463 |
|
| 399,372 |
|
|
|
|
42,000 |
|
| BANCORPSOUTH, INC. |
|
| 816,306 |
|
| 1,067,640 |
|
|
|
|
17,357 |
|
| BERKSHIRE HILLS BANCORP, INC. |
|
| 396,310 |
|
| 473,325 |
|
|
|
|
9,190 |
|
| BNC BANCORP |
|
| 77,218 |
|
| 157,517 |
|
|
|
|
96,429 |
|
| BROOKLINE BANCORP, INC. |
|
| 831,390 |
|
| 922,826 |
|
|
|
|
7,531 |
|
| BSB BANCORP, INC.(b) |
|
| 104,924 |
|
| 113,643 |
|
|
|
|
234,745 |
|
| CAMPUS CREST COMMUNITIES, INC. |
|
| 2,492,857 |
|
| 2,208,950 |
|
|
|
|
33,338 |
|
| CAPE BANCORP, INC. |
|
| 311,944 |
|
| 338,714 |
|
|
|
|
67,500 |
|
| CAPITOL FEDERAL FINANCIAL, INC. |
|
| 846,025 |
|
| 817,425 |
|
|
|
|
26,000 |
|
| CBOE HOLDINGS, INC. |
|
| 613,951 |
|
| 1,350,960 |
|
|
|
|
66,525 |
|
| CHARTER FINANCIAL CORP. |
|
| 677,808 |
|
| 716,474 |
|
|
|
|
80,128 |
|
| CHESAPEAKE LODGING TRUST |
|
| 1,363,783 |
|
| 2,026,437 |
|
|
|
|
33,294 |
|
| CHEVIOT FINANCIAL CORP. |
|
| 369,046 |
|
| 345,925 |
|
|
|
|
5,414 |
|
| CHICOPEE BANCORP, INC. |
|
| 92,705 |
|
| 94,258 |
|
|
|
|
5,839 |
|
| COMMUNITY TRUST BANCORP, INC. |
|
| 188,614 |
|
| 263,689 |
|
|
|
|
25,768 |
|
| CORRECTIONS CORP. OF AMERICA |
|
| 799,974 |
|
| 826,380 |
|
|
|
|
138,651 |
|
| COUSINS PROPERTIES, INC. |
|
| 1,408,958 |
|
| 1,428,105 |
|
|
|
|
19,547 |
|
| DONEGAL GROUP, INC., CLASS A |
|
| 310,920 |
|
| 310,797 |
|
|
|
|
14,093 |
|
| EMC INSURANCE GROUP, INC. |
|
| 313,950 |
|
| 431,528 |
|
|
|
|
5,599 |
|
| EVANS BANCORP, INC. |
|
| 115,674 |
|
| 118,867 |
|
|
|
|
28,869 |
|
| FARMERS NATIONAL BANC CORP. |
|
| 184,999 |
|
| 189,092 |
|
|
|
|
23,166 |
|
| FINANCIAL INSTITUTIONS, INC. |
|
| 400,645 |
|
| 572,432 |
|
|
|
|
49,000 |
|
| FIRST AMERICAN FINANCIAL CORP. |
|
| 686,144 |
|
| 1,381,800 |
|
|
|
|
22,494 |
|
| FIRST COMMUNITY BANCSHARES, INC. |
|
| 352,810 |
|
| 375,650 |
|
|
|
|
5,284 |
|
| FIRST CONNECTICUT BANCORP, INC. |
|
| 74,716 |
|
| 85,178 |
|
|
|
|
14,277 |
|
| FIRST FINANCIAL CORP. |
|
| 422,877 |
|
| 521,967 |
|
|
|
|
116,437 |
|
| FIRSTMERIT CORP. |
|
| 1,743,488 |
|
| 2,588,395 |
|
|
|
|
20,535 |
|
| FLUSHING FINANCIAL CORP. |
|
| 326,021 |
|
| 425,074 |
|
|
|
|
50,000 |
|
| FORESTAR GROUP, INC.(b) |
|
| 940,728 |
|
| 1,063,500 |
|
|
|
|
15,573 |
|
| FRANKLIN FINANCIAL CORP.(b) |
|
| 217,750 |
|
| 308,034 |
|
|
|
|
2,979 |
|
| GERMAN AMERICAN BANCORP, INC. |
|
| 85,389 |
|
| 84,902 |
|
|
|
|
11,424 |
|
| GETTY REALTY CORP. |
|
| 179,405 |
|
| 209,859 |
|
|
|
|
13,058 |
|
| HAMPDEN BANCORP, INC. |
|
| 210,199 |
|
| 214,282 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 44 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
| Security |
| Cost |
| Fair |
| Percent |
| |||
Financials (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
32,909 |
|
| HANMI FINANCIAL CORP. |
| $ | 708,808 |
|
| 720,378 |
|
|
|
|
20,000 |
|
| HANOVER INSURANCE GROUP (THE), INC. |
|
| 1,071,683 |
|
| 1,194,200 |
|
|
|
|
11,171 |
|
| HENNESSY ADVISORS, INC. |
|
| 39,089 |
|
| 125,115 |
|
|
|
|
27,321 |
|
| HERITAGE FINANCIAL CORP. |
|
| 386,985 |
|
| 467,462 |
|
|
|
|
31,966 |
|
| HERITAGE FINANCIAL GROUP, INC. |
|
| 479,950 |
|
| 615,345 |
|
|
|
|
14,178 |
|
| HORACE MANN EDUCATORS CORP. |
|
| 178,549 |
|
| 447,174 |
|
|
|
|
19,500 |
|
| IBERIABANK CORP. |
|
| 928,547 |
|
| 1,225,575 |
|
|
|
|
65,253 |
|
| INVESTORS BANCORP, INC. |
|
| 931,502 |
|
| 1,669,172 |
|
|
|
|
64,502 |
|
| INVESTORS CAPITAL HOLDINGS LTD.(b) |
|
| 349,424 |
|
| 463,769 |
|
|
|
|
8,337 |
|
| KANSAS CITY LIFE INSURANCE CO. |
|
| 329,373 |
|
| 398,008 |
|
|
|
|
12,046 |
|
| KEARNY FINANCIAL CORP.(b) |
|
| 129,203 |
|
| 140,095 |
|
|
|
|
278,034 |
|
| KITE REALTY GROUP TRUST |
|
| 1,779,200 |
|
| 1,826,683 |
|
|
|
|
30,104 |
|
| LAPORTE BANCORP, INC. |
|
| 284,568 |
|
| 334,756 |
|
|
|
|
75,072 |
|
| MANNING & NAPIER, INC. |
|
| 1,021,097 |
|
| 1,325,021 |
|
|
|
|
7,993 |
|
| MBT FINANCIAL CORP.(b) |
|
| 30,153 |
|
| 34,050 |
|
|
|
|
67,395 |
|
| MEADOWBROOK INSURANCE GROUP, INC. |
|
| 454,929 |
|
| 469,069 |
|
|
|
|
143,852 |
|
| MEDICAL PROPERTIES TRUST, INC. |
|
| 1,546,358 |
|
| 1,757,871 |
|
|
|
|
52,004 |
|
| MEDLEY CAPITAL CORP. |
|
| 729,191 |
|
| 720,255 |
|
|
|
|
34,963 |
|
| MERIDIAN INTERSTATE BANCORP, INC.(b) |
|
| 626,956 |
|
| 789,465 |
|
|
|
|
19,538 |
|
| MIDSOUTH BANCORP, INC. |
|
| 298,254 |
|
| 348,949 |
|
|
|
|
71,996 |
|
| NATIONAL BANK HOLDINGS CORP., CLASS A |
|
| 1,332,808 |
|
| 1,540,714 |
|
|
|
|
117,751 |
|
| NORTHFIELD BANCORP, INC. |
|
| 1,346,239 |
|
| 1,554,313 |
|
|
|
|
65,000 |
|
| NORTHWEST BANCSHARES, INC. |
|
| 736,533 |
|
| 960,700 |
|
|
|
|
9,803 |
|
| OLD LINE BANCSHARES, INC. |
|
| 124,722 |
|
| 142,144 |
|
|
|
|
24,762 |
|
| OMNIAMERICAN BANCORP, INC.(b) |
|
| 556,714 |
|
| 529,412 |
|
|
|
|
99,321 |
|
| ORITANI FINANCIAL CORP. |
|
| 1,336,891 |
|
| 1,594,102 |
|
|
|
|
24,520 |
|
| PACIFIC CONTINENTAL CORP. |
|
| 236,385 |
|
| 390,849 |
|
|
|
|
17,238 |
|
| PACIFIC MERCANTILE BANCORP(b) |
|
| 100,420 |
|
| 107,220 |
|
|
|
|
69,956 |
|
| PACWEST BANCORP |
|
| 2,016,328 |
|
| 2,953,542 |
|
|
|
|
13,111 |
|
| PARK STERLING CORP. |
|
| 80,326 |
|
| 93,613 |
|
|
|
|
8,961 |
|
| PEOPLES BANCORP, INC. |
|
| 184,760 |
|
| 201,712 |
|
|
|
|
3,293 |
|
| PHOENIX (THE) COS., INC.(b) |
|
| 178,400 |
|
| 202,190 |
|
|
|
|
27,508 |
|
| PLATINUM UNDERWRITERS HOLDINGS LTD.(c) |
|
| 833,973 |
|
| 1,685,690 |
|
|
|
|
108,487 |
|
| PREFERRED APARTMENT COMMUNITIES, INC., CLASS A |
|
| 780,140 |
|
| 872,235 |
|
|
|
|
40,954 |
|
| PROTECTIVE LIFE CORP. |
|
| 1,602,253 |
|
| 2,074,730 |
|
|
|
|
4,637 |
|
| RENASANT CORP. |
|
| 74,444 |
|
| 145,880 |
|
|
|
|
104,026 |
|
| ROCKVILLE FINANCIAL, INC. |
|
| 1,102,507 |
|
| 1,478,209 |
|
|
|
|
31,990 |
|
| RYMAN HOSPITALITY PROPERTIES, INC. |
|
| 788,622 |
|
| 1,336,542 |
|
|
|
|
38,000 |
|
| SABRA HEALTH CARE REIT, INC. |
|
| 641,027 |
|
| 993,320 |
|
|
|
|
17,304 |
|
| SANDY SPRING BANCORP, INC. |
|
| 335,518 |
|
| 487,800 |
|
|
|
|
26,664 |
|
| SI FINANCIAL GROUP, INC. |
|
| 261,875 |
|
| 321,301 |
|
|
|
|
26,523 |
|
| SIMPLICITY BANCORP, INC. |
|
| 345,325 |
|
| 428,612 |
|
|
|
|
95,240 |
|
| SPIRIT REALTY CAPITAL, INC. |
|
| 768,852 |
|
| 936,209 |
|
|
|
|
23,641 |
|
| STATE BANK FINANCIAL CORP. |
|
| 379,459 |
|
| 430,030 |
|
|
|
|
49,303 |
|
| STERLING BANCORP |
|
| 530,252 |
|
| 659,181 |
|
|
|
|
420,385 |
|
| SYNOVUS FINANCIAL CORP. |
|
| 898,573 |
|
| 1,513,386 |
|
|
|
|
37,353 |
|
| TCP CAPITAL CORP. |
|
| 590,911 |
|
| 626,783 |
|
|
|
|
19,500 |
|
| TERRITORIAL BANCORP, INC. |
|
| 290,344 |
|
| 452,400 |
|
|
|
|
16,700 |
|
| UMB FINANCIAL CORP. |
|
| 798,033 |
|
| 1,073,476 |
|
|
|
|
156,255 |
|
| UMPQUA HOLDINGS CORP. |
|
| 2,028,488 |
|
| 2,990,721 |
|
|
|
|
16,195 |
|
| UNIVEST CORP. OF PENNSYLVANIA |
|
| 265,351 |
|
| 334,913 |
|
|
|
|
9,113 |
|
| URSTADT BIDDLE PROPERTIES, INC., CLASS A |
|
| 152,726 |
|
| 168,135 |
|
|
|
|
52,500 |
|
| VIEWPOINT FINANCIAL GROUP, INC. |
|
| 669,191 |
|
| 1,441,125 |
|
|
|
|
108,710 |
|
| WALKER & DUNLOP, INC.(b) |
|
| 1,569,109 |
|
| 1,757,841 |
|
|
|
|
23,000 |
|
| WALTER INVESTMENT MANAGEMENT CORP.(b) |
|
| 305,985 |
|
| 813,280 |
|
|
|
|
32,477 |
|
| WASHINGTON BANKING CO. |
|
| 449,171 |
|
| 575,817 |
|
|
|
|
24,141 |
|
| WESTFIELD FINANCIAL, INC. |
|
| 176,920 |
|
| 180,092 |
|
|
|
|
25,000 |
|
| WINTRUST FINANCIAL CORP. |
|
| 855,525 |
|
| 1,153,000 |
|
|
|
|
|
|
|
|
|
| 59,921,229 |
|
| 77,731,457 |
|
| 22.66 | % |
Health Care: |
|
|
|
|
|
|
|
|
|
| |||
38,562 |
|
| AIR METHODS CORP.(b) |
|
| 1,483,208 |
|
| 2,249,321 |
|
|
|
|
87,032 |
|
| ALERE, INC.(b) |
|
| 2,699,930 |
|
| 3,150,558 |
|
|
|
|
82,782 |
|
| ALEXZA PHARMACEUTICALS, INC.(b) |
|
| 381,621 |
|
| 391,559 |
|
|
|
|
8,152 |
|
| AMN HEALTHCARE SERVICES, INC.(b) |
|
| 111,982 |
|
| 119,834 |
|
|
|
|
38,470 |
|
| ANALOGIC CORP. |
|
| 2,868,918 |
|
| 3,406,903 |
|
|
|
|
11,905 |
|
| ANGIODYNAMICS, INC.(b) |
|
| 139,346 |
|
| 204,647 |
|
|
|
|
3,103 |
|
| ANIKA THERAPEUTICS, INC.(b) |
|
| 75,185 |
|
| 118,411 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 45 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
| Security |
| Cost |
| Fair |
| Percent |
| |||
Health Care (Cont’d): |
|
|
|
|
|
|
|
|
|
| |||
18,028 |
|
| ATRICURE, INC.(b) |
| $ | 209,728 |
|
| 336,763 |
|
|
|
|
47,869 |
|
| BIODELIVERY SCIENCES INTERNATIONAL, INC.(b) |
|
| 220,044 |
|
| 281,948 |
|
|
|
|
8,765 |
|
| BIO-REFERENCE LABS, INC.(b) |
|
| 258,245 |
|
| 223,858 |
|
|
|
|
40,230 |
|
| CENTENE CORP.(b) |
|
| 1,771,503 |
|
| 2,371,559 |
|
|
|
|
25,885 |
|
| CRYOLIFE, INC. |
|
| 150,021 |
|
| 287,065 |
|
|
|
|
14,819 |
|
| CYNOSURE, INC., CLASS A(b) |
|
| 372,861 |
|
| 395,371 |
|
|
|
|
12,424 |
|
| DEPOMED, INC.(b) |
|
| 93,757 |
|
| 131,446 |
|
|
|
|
12,431 |
|
| GENTIVA HEALTH SERVICES, INC.(b) |
|
| 153,234 |
|
| 154,269 |
|
|
|
|
114,105 |
|
| GLOBUS MEDICAL, INC., CLASS A(b) |
|
| 1,757,722 |
|
| 2,302,639 |
|
|
|
|
37,000 |
|
| HANGER, INC.(b) |
|
| 718,063 |
|
| 1,455,580 |
|
|
|
|
107,064 |
|
| HEALTHSOUTH CORP. |
|
| 1,718,321 |
|
| 3,567,372 |
|
|
|
|
100,618 |
|
| HEALTHWAYS, INC.(b) |
|
| 984,989 |
|
| 1,544,486 |
|
|
|
|
63,261 |
|
| HILL-ROM HOLDINGS, INC. |
|
| 1,713,630 |
|
| 2,615,210 |
|
|
|
|
37,102 |
|
| ICON PLC(b)(c) |
|
| 872,650 |
|
| 1,499,292 |
|
|
|
|
32,283 |
|
| LEMAITRE VASCULAR, INC. |
|
| 240,467 |
|
| 258,587 |
|
|
|
|
106,494 |
|
| MEDASSETS, INC.(b) |
|
| 2,561,437 |
|
| 2,111,776 |
|
|
|
|
35,988 |
|
| MERGE HEALTHCARE, INC.(b) |
|
| 101,831 |
|
| 83,492 |
|
|
|
|
15,421 |
|
| NATUS MEDICAL, INC.(b) |
|
| 180,219 |
|
| 346,973 |
|
|
|
|
24,511 |
|
| OMNICELL, INC.(b) |
|
| 411,063 |
|
| 625,766 |
|
|
|
|
22,000 |
|
| PATTERSON COS., INC. |
|
| 514,141 |
|
| 906,400 |
|
|
|
|
50,537 |
|
| PDI, INC.(b) |
|
| 274,755 |
|
| 243,083 |
|
|
|
|
27,677 |
|
| PHARMERICA CORP.(b) |
|
| 346,624 |
|
| 595,056 |
|
|
|
|
46,073 |
|
| PSYCHEMEDICS CORP. |
|
| 566,936 |
|
| 676,812 |
|
|
|
|
16,486 |
|
| QUESTCOR PHARMACEUTICALS, INC. |
|
| 972,821 |
|
| 897,663 |
|
|
|
|
27,497 |
|
| SALIX PHARMACEUTICALS LTD.(b) |
|
| 1,164,064 |
|
| 2,473,080 |
|
|
|
|
29,993 |
|
| SPECTRUM PHARMACEUTICALS, INC.(b) |
|
| 289,238 |
|
| 265,438 |
|
|
|
|
149,877 |
|
| UNIVERSAL AMERICAN CORP. |
|
| 1,074,537 |
|
| 1,094,102 |
|
|
|
|
41,054 |
|
| WEST PHARMACEUTICAL SERVICES, INC. |
|
| 773,147 |
|
| 2,014,109 |
|
|
|
|
|
|
|
|
|
| 28,226,238 |
|
| 39,400,428 |
|
| 11.48 | % |
Industrials: |
|
|
|
|
|
|
|
|
|
|
|
|
|
85,174 |
|
| A.O. SMITH CORP. |
|
| 1,967,054 |
|
| 4,594,286 |
|
|
|
|
92,325 |
|
| ACTUANT CORP., CLASS A |
|
| 2,450,818 |
|
| 3,382,788 |
|
|
|
|
38,000 |
|
| AIR LEASE CORP. |
|
| 840,658 |
|
| 1,181,040 |
|
|
|
|
5,000 |
|
| AMERCO(b) |
|
| 538,938 |
|
| 1,189,200 |
|
|
|
|
30,079 |
|
| API TECHNOLOGIES CORP.(b) |
|
| 99,841 |
|
| 102,569 |
|
|
|
|
11,811 |
|
| ASTRONICS CORP.(b) |
|
| 224,644 |
|
| 602,361 |
|
|
|
|
2,620 |
|
| ASTRONICS CORP., CLASS B(b) |
|
| 61,395 |
|
| 132,965 |
|
|
|
|
43,381 |
|
| AZZ, INC. |
|
| 1,618,979 |
|
| 2,119,596 |
|
|
|
|
32,000 |
|
| BABCOCK & WILCOX (THE) CO. |
|
| 726,567 |
|
| 1,094,080 |
|
|
|
|
55,583 |
|
| CASELLA WASTE SYSTEMS, INC., CLASS A(b) |
|
| 297,331 |
|
| 322,381 |
|
|
|
|
7,626 |
|
| CELADON GROUP, INC. |
|
| 144,105 |
|
| 148,555 |
|
|
|
|
14,885 |
|
| CHART INDUSTRIES, INC.(b) |
|
| 1,456,138 |
|
| 1,423,601 |
|
|
|
|
20,000 |
|
| CHICAGO BRIDGE & IRON CO. N.V.(c) |
|
| 304,937 |
|
| 1,662,800 |
|
|
|
|
4,386 |
|
| CIRCOR INTERNATIONAL, INC. |
|
| 141,041 |
|
| 354,301 |
|
|
|
|
27,413 |
|
| COMFORT SYSTEMS USA, INC. |
|
| 336,271 |
|
| 531,538 |
|
|
|
|
81,884 |
|
| ECHO GLOBAL LOGISTICS, INC.(b) |
|
| 1,680,301 |
|
| 1,758,868 |
|
|
|
|
11,858 |
|
| ENNIS, INC. |
|
| 156,390 |
|
| 209,887 |
|
|
|
|
20,000 |
|
| ENPRO INDUSTRIES, INC.(b) |
|
| 569,233 |
|
| 1,153,000 |
|
|
|
|
32,000 |
|
| FORTUNE BRANDS HOME & SECURITY, INC. |
|
| 637,834 |
|
| 1,462,400 |
|
|
|
|
52,931 |
|
| FOSTER WHEELER A.G.(b)(c) |
|
| 1,428,470 |
|
| 1,747,782 |
|
|
|
|
16,315 |
|
| GENCORP, INC.(b) |
|
| 175,790 |
|
| 293,996 |
|
|
|
|
103,459 |
|
| GENERAC HOLDINGS, INC. |
|
| 3,548,731 |
|
| 5,859,918 |
|
|
|
|
13,000 |
|
| GENESEE & WYOMING, INC., CLASS A(b) |
|
| 321,298 |
|
| 1,248,650 |
|
|
|
|
17,703 |
|
| GIBRALTAR INDUSTRIES, INC.(b) |
|
| 304,380 |
|
| 329,099 |
|
|
|
|
34,179 |
|
| GRAHAM CORP. |
|
| 944,804 |
|
| 1,240,356 |
|
|
|
|
14,653 |
|
| GREENBRIER (THE) COS., INC.(b) |
|
| 251,189 |
|
| 481,205 |
|
|
|
|
34,000 |
|
| HARSCO CORP. |
|
| 910,852 |
|
| 953,020 |
|
|
|
|
16,168 |
|
| HOUSTON WIRE & CABLE CO. |
|
| 224,967 |
|
| 216,328 |
|
|
|
|
52,321 |
|
| ICF INTERNATIONAL, INC.(b) |
|
| 1,112,399 |
|
| 1,816,062 |
|
|
|
|
35,000 |
|
| ITT CORP. |
|
| 698,010 |
|
| 1,519,700 |
|
|
|
|
45,000 |
|
| JOHN BEAN TECHNOLOGIES CORP. |
|
| 604,564 |
|
| 1,319,850 |
|
|
|
|
20,500 |
|
| LB FOSTER CO., CLASS A |
|
| 462,717 |
|
| 969,445 |
|
|
|
|
5,729 |
|
| LSI INDUSTRIES, INC. |
|
| 51,031 |
|
| 49,670 |
|
|
|
|
25,500 |
|
| MACQUARIE INFRASTRUCTURE CO. LLC |
|
| 630,706 |
|
| 1,387,965 |
|
|
|
|
8,609 |
|
| MIDDLEBY (THE) CORP.(b) |
|
| 439,240 |
|
| 2,065,902 |
|
|
|
|
7,885 |
|
| MILLER INDUSTRIES, INC. |
|
| 139,718 |
|
| 146,898 |
|
|
|
|
18,485 |
|
| QUANEX BUILDING PRODUCTS CORP. |
|
| 322,502 |
|
| 368,221 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 46 | (Continued) |
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
| Security |
| Cost |
| Fair |
| Percent |
| |||
| Industrials (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 32,027 |
| REGAL-BELOIT CORP. |
| $ | 1,791,780 |
|
| 2,361,030 |
|
|
|
|
| 5,771 |
| REPUBLIC AIRWAYS HOLDINGS, INC.(b) |
|
| 58,172 |
|
| 61,692 |
|
|
|
|
| 36,000 |
| REXNORD CORP.(b) |
|
| 759,725 |
|
| 972,360 |
|
|
|
|
| 39,500 |
| RITCHIE BROS. AUCTIONEERS, INC.(c) |
|
| 870,557 |
|
| 905,735 |
|
|
|
|
| 8,454 |
| RUSH ENTERPRISES, INC., CLASS A(b) |
|
| 158,821 |
|
| 250,661 |
|
|
|
|
| 30,136 |
| TELEDYNE TECHNOLOGIES, INC.(b) |
|
| 1,221,076 |
|
| 2,768,293 |
|
|
|
|
| 19,000 |
| TENNANT CO. |
|
| 696,347 |
|
| 1,288,390 |
|
|
|
|
| 107,780 |
| TETRA TECH, INC.(b) |
|
| 2,797,321 |
|
| 3,015,684 |
|
|
|
|
| 12,779 |
| THERMON GROUP HOLDINGS, INC.(b) |
|
| 297,389 |
|
| 349,250 |
|
|
|
|
| 59,570 |
| TRIMAS CORP.(b) |
|
| 1,859,235 |
|
| 2,376,247 |
|
|
|
|
| 42,714 |
| TRINITY INDUSTRIES, INC. |
|
| 1,416,745 |
|
| 2,328,767 |
|
|
|
|
| 10,000 |
| WABTEC CORP. |
|
| 399,080 |
|
| 742,700 |
|
|
|
|
| 36,155 |
| WOODWARD, INC. |
|
| 1,237,151 |
|
| 1,649,030 |
|
|
|
|
|
|
|
|
|
| 40,387,242 |
|
| 64,510,122 |
|
| 18.80 | % |
| Information Technology: |
|
|
|
|
|
|
|
|
|
| ||
| 38,771 |
| ACCELRYS, INC.(b) |
|
| 361,201 |
|
| 369,875 |
|
|
|
|
| 38,355 |
| ACTUATE CORP.(b) |
|
| 251,857 |
|
| 295,717 |
|
|
|
|
| 62,080 |
| ARUBA NETWORKS, INC.(b) |
|
| 1,375,506 |
|
| 1,111,232 |
|
|
|
|
| 80,128 |
| AVIAT NETWORKS, INC.(b) |
|
| 172,191 |
|
| 181,089 |
|
|
|
|
| 30,141 |
| BRIDGELINE DIGITAL, INC.(b) |
|
| 36,603 |
|
| 32,251 |
|
|
|
|
| 32,000 |
| BROADRIDGE FINANCIAL SOLUTIONS, INC. |
|
| 543,517 |
|
| 1,264,640 |
|
|
|
|
| 50,955 |
| BROADSOFT, INC.(b) |
|
| 1,877,239 |
|
| 1,393,110 |
|
|
|
|
| 9,785 |
| CALAMP CORP.(b) |
|
| 90,511 |
|
| 273,686 |
|
|
|
|
| 36,999 |
| CALLIDUS SOFTWARE, INC.(b) |
|
| 206,010 |
|
| 507,996 |
|
|
|
|
| 47,114 |
| COGNEX CORP. |
|
| 665,273 |
|
| 1,798,813 |
|
|
|
|
| 13,439 |
| CUI GLOBAL, INC.(b) |
|
| 84,159 |
|
| 84,935 |
|
|
|
|
| 31,774 |
| EMCORE CORP.(b) |
|
| 111,342 |
|
| 162,683 |
|
|
|
|
| 36,460 |
| EMULEX CORP.(b) |
|
| 278,766 |
|
| 261,054 |
|
|
|
|
| 17,787 |
| EPIQ SYSTEMS, INC. |
|
| 230,481 |
|
| 288,327 |
|
|
|
|
| 14,354 |
| EVOLVING SYSTEMS, INC. |
|
| 86,635 |
|
| 139,808 |
|
|
|
|
| 30,980 |
| EXAR CORP.(b) |
|
| 203,637 |
|
| 365,254 |
|
|
|
|
| 87,000 |
| FAIRCHILD SEMICONDUCTOR INTERNATIONAL, INC.(b) |
|
| 1,109,264 |
|
| 1,161,450 |
|
|
|
|
| 51,998 |
| FRANKLIN WIRELESS CORP.(b) |
|
| 98,152 |
|
| 85,797 |
|
|
|
|
| 17,233 |
| FREQUENCY ELECTRONICS, INC.(b) |
|
| 139,415 |
|
| 201,109 |
|
|
|
|
| 38,481 |
| GLOBAL CASH ACCESS HOLDINGS, INC.(b) |
|
| 304,280 |
|
| 384,425 |
|
|
|
|
| 16,126 |
| GLOBALSCAPE, INC. |
|
| 28,729 |
|
| 37,574 |
|
|
|
|
| 32,040 |
| HACKETT GROUP (THE), INC. |
|
| 120,880 |
|
| 198,968 |
|
|
|
|
| 53,432 |
| HARMONIC, INC.(b) |
|
| 303,561 |
|
| 394,328 |
|
|
|
|
| 28,078 |
| IGATE CORP.(b) |
|
| 596,138 |
|
| 1,127,613 |
|
|
|
|
| 7,326 |
| INPHI CORP.(b) |
|
| 66,695 |
|
| 94,505 |
|
|
|
|
| 31,763 |
| INTERNAP NETWORK SERVICES CORP.(b) |
|
| 239,793 |
|
| 238,858 |
|
|
|
|
| 12,596 |
| INTEST CORP.(b) |
|
| 40,621 |
|
| 47,865 |
|
|
|
|
| 175,479 |
| INVENSENSE, INC.(b) |
|
| 2,773,486 |
|
| 3,646,454 |
|
|
|
|
| 49,898 |
| IPG PHOTONICS CORP.(b) |
|
| 2,796,396 |
|
| 3,872,584 |
|
|
|
|
| 68,049 |
| ITERIS, INC.(b) |
|
| 127,528 |
|
| 142,903 |
|
|
|
|
| 30,766 |
| KVH INDUSTRIES, INC.(b) |
|
| 338,916 |
|
| 400,881 |
|
|
|
|
| 47,121 |
| LIONBRIDGE TECHNOLOGIES, INC.(b) |
|
| 162,682 |
|
| 280,841 |
|
|
|
|
| 19,635 |
| LTX-CREDENCE CORP.(b) |
|
| 126,595 |
|
| 156,884 |
|
|
|
|
| 80,034 |
| MAGNACHIP SEMICONDUCTOR CORP.(b)(c) |
|
| 1,176,552 |
|
| 1,560,663 |
|
|
|
|
| 28,250 |
| MARCHEX, INC., CLASS B |
|
| 258,831 |
|
| 244,362 |
|
|
|
|
| 8,005 |
| METHODE ELECTRONICS, INC. |
|
| 131,719 |
|
| 273,691 |
|
|
|
|
| 26,969 |
| MKS INSTRUMENTS, INC. |
|
| 704,092 |
|
| 807,452 |
|
|
|
|
| 37,000 |
| NCR CORP.(b) |
|
| 878,564 |
|
| 1,260,220 |
|
|
|
|
| 28,643 |
| NETGEAR, INC.(b) |
|
| 989,645 |
|
| 943,500 |
|
|
|
|
| 30,222 |
| NOVA MEASURING INSTRUMENTS LTD.(b)(c) |
|
| 245,714 |
|
| 297,384 |
|
|
|
|
| 22,705 |
| OPLINK COMMUNICATIONS, INC.(b) |
|
| 386,457 |
|
| 422,313 |
|
|
|
|
| 20,614 |
| PERCEPTRON, INC. |
|
| 154,879 |
|
| 285,916 |
|
|
|
|
| 61,542 |
| PLANET PAYMENT, INC.(b) |
|
| 155,743 |
|
| 171,087 |
|
|
|
|
| 36,306 |
| PLEXUS CORP.(b) |
|
| 881,320 |
|
| 1,571,687 |
|
|
|
|
| 10,887 |
| PROCERA NETWORKS, INC.(b) |
|
| 155,270 |
|
| 163,523 |
|
|
|
|
| 64,677 |
| RIVERBED TECHNOLOGY, INC.(b) |
|
| 1,008,696 |
|
| 1,169,360 |
|
|
|
|
| 18,059 |
| SELECTICA, INC.(b) |
|
| 82,422 |
|
| 115,216 |
|
|
|
|
| 9,642 |
| SERVICESOURCE INTERNATIONAL, INC.(b) |
|
| 92,498 |
|
| 80,800 |
|
|
|
|
| 13,517 |
| SHORETEL, INC.(b) |
|
| 69,296 |
|
| 125,438 |
|
|
|
|
| 44,424 |
| SILICON IMAGE, INC.(b) |
|
| 217,190 |
|
| 273,208 |
|
|
|
|
| 87,297 |
| SUPPORT.COM, INC.(b) |
|
| 443,980 |
|
| 330,856 |
|
|
|
|
| 26,540 |
| SYKES ENTERPRISES, INC.(b) |
|
| 405,308 |
|
| 578,837 |
|
|
|
|
| 46,840 |
| SYNCHRONOSS TECHNOLOGIES, INC.(b) |
|
| 1,519,158 |
|
| 1,455,319 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 47 | (Continued) |
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
| Security |
| Cost |
| Fair |
| Percent |
| |||
| Information Technology (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 31,163 |
| SYNNEX CORP.(b) |
| $ | 913,902 |
|
| 2,100,386 |
|
|
|
|
| 29,550 |
| ULTRA CLEAN HOLDINGS, INC.(b) |
|
| 177,168 |
|
| 296,386 |
|
|
|
|
| 51,683 |
| UNISYS CORP.(b) |
|
| 927,921 |
|
| 1,734,998 |
|
|
|
|
| 71,121 |
| VALUECLICK, INC.(b) |
|
| 1,435,373 |
|
| 1,662,098 |
|
|
|
|
| 22,000 |
| VERINT SYSTEMS, INC.(b) |
|
| 777,362 |
|
| 944,680 |
|
|
|
|
| 182,363 |
| WESTELL TECHNOLOGIES, INC., CLASS A(b) |
|
| 436,698 |
|
| 738,570 |
|
|
|
|
| 14,000 |
| WEX, INC.(b) |
|
| 375,768 |
|
| 1,386,420 |
|
|
|
|
| 22,524 |
| WHERE FOOD COMES FROM, INC.(b) |
|
| 20,722 |
|
| 45,048 |
|
|
|
|
| 140,270 |
| ZIX CORP.(b) |
|
| 397,473 |
|
| 639,631 |
|
|
|
|
|
|
|
|
|
| 31,367,780 |
|
| 42,682,558 |
|
| 12.44 | % |
| Materials: |
|
|
|
|
|
|
|
|
|
|
|
|
| 15,000 |
| ASHLAND, INC. |
|
| 551,175 |
|
| 1,455,600 |
|
|
|
|
| 1,458 |
| BERRY PLASTICS GROUP, INC.(b) |
|
| 32,375 |
|
| 34,686 |
|
|
|
|
| 128,591 |
| CHEMTURA CORP.(b) |
|
| 2,148,677 |
|
| 3,590,261 |
|
|
|
|
| 22,937 |
| CORE MOLDING TECHNOLOGIES, INC.(b) |
|
| 203,503 |
|
| 314,237 |
|
|
|
|
| 11,500 |
| DELTIC TIMBER CORP. |
|
| 546,288 |
|
| 781,310 |
|
|
|
|
| 113,520 |
| FERRO CORP.(b) |
|
| 718,909 |
|
| 1,456,462 |
|
|
|
|
| 6,577 |
| FLOTEK INDUSTRIES, INC.(b) |
|
| 106,548 |
|
| 132,000 |
|
|
|
|
| 32,572 |
| HANDY & HARMAN LTD.(b) |
|
| 276,120 |
|
| 788,568 |
|
|
|
|
| 45,183 |
| INNOSPEC, INC. |
|
| 1,291,566 |
|
| 2,088,358 |
|
|
|
|
| 49,921 |
| KOPPERS HOLDINGS, INC. |
|
| 1,435,584 |
|
| 2,283,886 |
|
|
|
|
| 13,887 |
| LANDEC CORP.(b) |
|
| 122,364 |
|
| 168,310 |
|
|
|
|
| 70,549 |
| MYERS INDUSTRIES, INC. |
|
| 1,034,429 |
|
| 1,489,995 |
|
|
|
|
| 19,600 |
| NEENAH PAPER, INC. |
|
| 577,070 |
|
| 838,292 |
|
|
|
|
| 39,965 |
| OMNOVA SOLUTIONS, INC.(b) |
|
| 346,987 |
|
| 364,081 |
|
|
|
|
| 87,778 |
| PH GLATFELTER CO. |
|
| 2,342,567 |
|
| 2,426,184 |
|
|
|
|
| 81,649 |
| TRONOX LTD., CLASS A |
|
| 1,954,312 |
|
| 1,883,642 |
|
|
|
|
| 65,881 |
| US ANTIMONY CORP.(b) |
|
| 106,065 |
|
| 129,786 |
|
|
|
|
| 39,069 |
| WAUSAU PAPER CORP. |
|
| 384,704 |
|
| 495,395 |
|
|
|
|
| 10,000 |
| WR GRACE & CO.(b) |
|
| 240,177 |
|
| 988,700 |
|
|
|
|
|
|
|
|
|
| 14,419,420 |
|
| 21,709,753 |
|
| 6.33 | % |
| Utilities: |
|
|
|
|
|
|
|
|
|
| ||
| 37,162 |
| ALLETE, INC. |
|
| 1,330,072 |
|
| 1,853,640 |
|
|
|
|
| 22,192 |
| MIDDLESEX WATER CO. |
|
| 421,640 |
|
| 464,700 |
|
|
|
|
| 35,000 |
| PNM RESOURCES, INC. |
|
| 733,499 |
|
| 844,200 |
|
|
|
|
| 73,047 |
| PORTLAND GENERAL ELECTRIC CO. |
|
| 1,651,457 |
|
| 2,206,019 |
|
|
|
|
| 39,000 |
| QUESTAR CORP. |
|
| 663,326 |
|
| 896,610 |
|
|
|
|
| 9,958 |
| SJW CORP. |
|
| 252,190 |
|
| 296,649 |
|
|
|
|
| 27,024 |
| SOUTHWEST GAS CORP. |
|
| 829,073 |
|
| 1,510,912 |
|
|
|
|
| 35,864 |
| UIL HOLDINGS CORP. |
|
| 1,148,915 |
|
| 1,389,730 |
|
|
|
|
| 10,020 |
| UNITIL CORP. |
|
| 221,310 |
|
| 305,510 |
|
|
|
|
| 21,500 |
| VECTREN CORP. |
|
| 792,713 |
|
| 763,250 |
|
|
|
|
| 5,406 |
| YORK WATER CO. |
|
| 99,892 |
|
| 113,148 |
|
|
|
|
|
|
|
|
|
| 8,144,087 |
|
| 10,644,368 |
|
| 3.10 | % |
|
| Sub-total Common Stocks: |
|
| 243,268,736 |
|
| 336,944,394 |
|
| 98.21 | % | |
| Short-Term Investments: |
|
|
|
|
|
|
|
|
| |||
| 7,122,336 |
| NORTHERN INSTITUTIONAL FUNDS - |
|
| 7,122,336 |
|
| 7,122,336 |
|
|
|
|
|
| Sub-total Short-Term Investments: |
|
| 7,122,336 |
|
| 7,122,336 |
|
| 2.08 | % | |
|
|
| Grand total(e) |
| $ | 250,391,072 |
|
| 344,066,730 |
|
| 100.29 | % |
|
|
|
See accompanying notes to the financial statements. | 48 | (Continued) |
December 31, 2013
Notes to Schedule of Investments:
|
|
|
| (a) | Investments 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, 2013, the value of foreign stocks or |
|
| depositary receipts of companies based outside of the United States represented 3.02% of net assets. |
| (d) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. |
|
| At December 31, 2012, the value of the Clearwater Small Companies Fund’s investment in the U.S. Government |
|
| Select Portfolio of the Northern Institutional Funds was approximately $22,370,992 with net sales of |
|
| approximately $15,248,656 during the fiscal year ended December 31, 2013. |
| (e) | At December 31, 2013, the cost for Federal income tax purposes was $250,523,910. The aggregate gross |
|
| unrealized appreciation and depreciation of investments in securities based on this cost was as follows: |
|
|
|
|
|
Gross unrealized appreciation |
| $ | 97,107,173 |
|
Gross unrealized depreciation |
|
| (3,564,353 | ) |
Net unrealized appreciation |
| $ | 93,542,820 |
|
|
|
|
See accompanying notes to the financial statements. | 49 | (Continued) |
December 31, 2013
|
|
|
See accompanying notes to the financial statements. | 50 | (Continued) |
|
CLEAR WATER INVESTMENT TRUST |
Schedule of Investments - Clear water Tax-Exempt Bond Fund |
December 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||||
Closed-End funds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 10,100 |
| AMERICAN MUNI INCOME PT |
| $ | 153,166 |
|
| 131,098 |
|
|
|
| ||||||
| 225,100 |
| BLACKROCK LNG-TM MUN ADV |
|
| 2,332,461 |
|
| 2,296,020 |
|
|
|
| ||||||
| 52,100 |
| BLACKROCK MUN INC TRUST |
|
| 791,528 |
|
| 689,283 |
|
|
|
| ||||||
| 7,471 |
| BLACKROCK MUNI BOND TRUST |
|
| 62,993 |
|
| 102,427 |
|
|
|
| ||||||
| 148,800 |
| BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND |
|
| 1,705,296 |
|
| 1,862,976 |
|
|
|
| ||||||
| 7,300 |
| BLACKROCK MUNIHOLDINGS QUALITY FUND II INC |
|
| 90,412 |
|
| 88,257 |
|
|
|
| ||||||
| 60,700 |
| BLACKROCK MUNIYIELD INVES |
|
| 759,694 |
|
| 832,804 |
|
|
|
| ||||||
| 43,111 |
| BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND |
|
| 537,141 |
|
| 526,816 |
|
|
|
| ||||||
| 81,800 |
| BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND II INC |
|
| 981,525 |
|
| 939,882 |
|
|
|
| ||||||
| 76,179 |
| BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND INC |
|
| 1,014,103 |
|
| 949,190 |
|
|
|
| ||||||
| 54,700 |
| BLACKROCK MUNIYIELD PENNS |
|
| 774,527 |
|
| 700,707 |
|
|
|
| ||||||
| 101,896 |
| BLACKROCK MUNIYIELD QUAL |
|
| 1,307,244 |
|
| 1,190,145 |
|
|
|
| ||||||
| 73,500 |
| BLACKROCK MUNIYIELD QUALITY FUND III INC |
|
| 963,910 |
|
| 930,510 |
|
|
|
| ||||||
| 29,127 |
| BLACKROCK MUNIYIELD QUALITY FUND INC |
|
| 397,069 |
|
| 409,526 |
|
|
|
| ||||||
| 33,000 |
| DREYFUS STRAT MUN COM USD |
|
| 301,450 |
|
| 250,800 |
|
|
|
| ||||||
| 28,668 |
| DREYFUS STRATEGIC MUNI BD |
|
| 239,110 |
|
| 212,717 |
|
|
|
| ||||||
| 209,000 |
| DWS MUNICIPAL INCOME TRUS |
|
| 2,278,136 |
|
| 2,505,910 |
|
|
|
| ||||||
| 66,800 |
| EATON VANCE CALI MUN BOND |
|
| 744,489 |
|
| 715,428 |
|
|
|
| ||||||
| 160,650 |
| INVESCO ADV MUN INC TR II |
|
| 1,785,089 |
|
| 1,690,038 |
|
|
|
| ||||||
| 108,205 |
| INVESCO MUNICIPAL OPP TR |
|
| 1,345,903 |
|
| 1,267,081 |
|
|
|
| ||||||
| 94,239 |
| INVESCO PENN VAL MUNI |
|
| 1,240,054 |
|
| 1,144,061 |
|
|
|
| ||||||
| 66,122 |
| INVESCO QUALITY MUNI INC |
|
| 750,670 |
|
| 735,277 |
|
|
|
| ||||||
| 120,577 |
| INVESCO TRUST INV GRD MUN |
|
| 1,659,745 |
|
| 1,468,628 |
|
|
|
| ||||||
| 60,248 |
| MANAGED DURATION INVESTME |
|
| 779,111 |
|
| 747,075 |
|
|
|
| ||||||
| 39,100 |
| MFC NUVEEN INSD MUN |
|
| 588,519 |
|
| 516,902 |
|
|
|
| ||||||
| 31,103 |
| NUVEEN CAL INV QUAL MUNI |
|
| 373,215 |
|
| 409,938 |
|
|
|
| ||||||
| 32,560 |
| NUVEEN DIVIDEND ADV MUNI |
|
| 389,881 |
|
| 402,116 |
|
|
|
| ||||||
| 15,963 |
| NUVEEN MI QUALITY INCOME |
|
| 214,604 |
|
| 199,857 |
|
|
|
| ||||||
| 14,400 |
| NUVEEN MUNI ADVANTAGE FUN |
|
| 142,979 |
|
| 175,104 |
|
|
|
| ||||||
| 10,100 |
| NUVEEN PA DVD ADV MUNI FD |
|
| 127,549 |
|
| 120,190 |
|
|
|
| ||||||
| 48,500 |
| NUVEEN PENN INV QUAL MUNI |
|
| 673,352 |
|
| 598,490 |
|
|
|
| ||||||
| 27,100 |
| NUVEEN PREMIER MUNI INC F |
|
| 367,653 |
|
| 335,227 |
|
|
|
| ||||||
| 238,709 |
| NUVEEN PREMIUM INC MUNI F |
|
| 3,273,534 |
|
| 2,995,798 |
|
|
|
| ||||||
| 22,000 |
| WESTERN ASSET MANAGED MUN |
|
| 240,488 |
|
| 268,620 |
|
|
|
| ||||||
| 38,366 |
| WESTERN ASSET MUNICIPAL P |
|
| 486,666 |
|
| 527,532 |
|
|
|
| ||||||
|
| Sub-total Closed-End Funds |
|
|
|
|
|
|
|
| 29,873,266 |
|
| 28,936,430 |
|
| 6.22 | % | |
Municipal Bonds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 2,350,000 |
| ACALANES CA UNION HIGH SCH DIST(b) |
|
| 8/1/2039 |
|
| 2.02 |
|
| 1,131,535 |
|
| 1,359,475 |
|
|
|
|
| 1,500,000 |
| AGUA CALIENTE CA BAND OF CAHUILLA INDIANS REVENUE(c) |
|
| 7/1/2018 |
|
| 6.00 |
|
| 1,479,641 |
|
| 1,451,610 |
|
|
|
|
| 900,000 |
| ALABAMA ST HSG FIN AUTH SF MTGE REVENUE |
|
| 10/1/2028 |
|
| 5.25 |
|
| 900,000 |
|
| 931,500 |
|
|
|
|
| 465,000 |
| ALABAMA ST HSG FIN AUTH SF MTGE REVENUE |
|
| 4/1/2038 |
|
| 4.50 |
|
| 352,231 |
|
| 447,688 |
|
|
|
|
| 1,250,000 |
| ALACHUA CNTY FL HLTH FACS AUTH |
|
| 11/15/2016 |
|
| 7.12 |
|
| 1,250,000 |
|
| 1,254,275 |
|
|
|
|
| 1,000,000 |
| ALACHUA CNTY FL HLTH FACS AUTH CCRC |
|
| 10/1/2032 |
|
| 8.00 |
|
| 1,174,581 |
|
| 1,102,410 |
|
|
|
|
| 2,000,000 |
| ALASKA ST HSG FIN CORP |
|
| 12/1/2034 |
|
| 5.25 |
|
| 2,001,660 |
|
| 2,056,680 |
|
|
|
|
| 750,000 |
| ALASKA ST HSG FIN CORP MTGE REVENUE |
|
| 12/1/2037 |
|
| 4.13 |
|
| 735,982 |
|
| 689,438 |
|
|
|
|
| 500,000 |
| ALASKA ST HSG FIN CORP MTGE REVENUE |
|
| 12/1/2040 |
|
| 4.63 |
|
| 495,267 |
|
| 475,240 |
|
|
|
|
| 350,000 |
| ALASKA ST INDL DEV & EXPORT AUTH CMNTY PROVIDER REVENUE(d)(e) |
|
| 12/1/2010 |
|
| 5.40 |
|
| 350,000 |
|
| 157,500 |
|
|
|
|
| 240,000 |
| ALBANY NY INDL DEV AGY(e) |
|
| 5/1/2016 |
|
| 6.50 |
|
| 240,000 |
|
| 35,998 |
|
|
|
|
| 880,000 |
| ALLEGHENY CNTY PA INDL DEV AUTH CHRT SCH REVENUE |
|
| 8/15/2026 |
|
| 5.90 |
|
| 880,000 |
|
| 885,676 |
|
|
|
|
| 725,000 |
| ALLEN ACADEMY MI |
|
| 6/1/2017 |
|
| 5.25 |
|
| 725,000 |
|
| 732,859 |
|
|
|
|
| 1,000,000 |
| ALVORD CA UNIF SCH DIST |
|
| 8/1/2036 |
|
| 5.25 |
|
| 1,030,295 |
|
| 1,034,980 |
|
|
|
|
| 1,000,000 |
| ALVORD CA UNIF SCH DIST(b) |
|
| 8/1/2046 |
|
| 1.89 |
|
| 363,522 |
|
| 567,480 |
|
|
|
|
| 902,183 |
| ARIZONA ST HLTH FACS AUTH |
|
| 7/1/2027 |
|
| 5.25 |
|
| 877,727 |
|
| 880,729 |
|
|
|
|
| 2,000,000 |
| ARLINGTON TX HGR EDU FIN CORP EDU REVENUE |
|
| 8/15/2028 |
|
| 7.00 |
|
| 1,952,938 |
|
| 2,037,860 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 51 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Tax-Exempt Bond Fund |
December 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 500,000 |
| ATHENS-CLARKE CNTY GA UNIF GOVT DEV AUTH REVENUE |
|
| 6/15/2039 |
|
| 5.00 |
| $ | 524,565 |
|
| 499,275 |
|
|
|
|
| 500,000 |
| ATLANTA GA ARPT REVENUE |
|
| 1/1/2030 |
|
| 6.00 |
|
| 517,063 |
|
| 565,415 |
|
|
|
|
| 1,325,000 |
| ATLANTA GA WTR & WSTWTR REVENUE |
|
| 11/1/2039 |
|
| 5.00 |
|
| 1,323,730 |
|
| 1,322,999 |
|
|
|
|
| 1,500,000 |
| BAY CNTY FL EDUCTNL FACS REVENUE |
|
| 9/1/2030 |
|
| 5.25 |
|
| 1,383,821 |
|
| 1,380,885 |
|
|
|
|
| 1,000,000 |
| BELLFLOWER CA UNIF SCH DIST |
|
| 8/1/2042 |
|
| 4.25 |
|
| 1,000,000 |
|
| 867,400 |
|
|
|
|
| 1,195,000 |
| BELLWOOD IL |
|
| 12/1/2027 |
|
| 5.88 |
|
| 1,184,361 |
|
| 1,060,061 |
|
|
|
|
| 600,000 |
| BEXAR CNTY TX HSG FIN CORP |
|
| 8/1/2030 |
|
| 6.10 |
|
| 522,924 |
|
| 605,790 |
|
|
|
|
| 365,000 |
| BEXAR CNTY TX HSG FIN CORP |
|
| 8/1/2030 |
|
| 8.13 |
|
| 353,323 |
|
| 299,227 |
|
|
|
|
| 2,000,000 |
| BEXAR CNTY TX REVENUE |
|
| 8/15/2039 |
|
| 5.00 |
|
| 2,160,218 |
|
| 2,032,100 |
|
|
|
|
| 500,000 |
| BOONE CNTY MO HOSP REVENUE |
|
| 8/1/2028 |
|
| 5.75 |
|
| 510,049 |
|
| 534,780 |
|
|
|
|
| 750,000 |
| BOWLING GREEN OH STUDENT HSG REVENUE |
|
| 6/1/2031 |
|
| 5.75 |
|
| 720,624 |
|
| 749,138 |
|
|
|
|
| 500,000 |
| BOYNTON BEACH FLA REV |
|
| 6/1/2022 |
|
| 5.75 |
|
| 500,000 |
|
| 464,920 |
|
|
|
|
| 500,000 |
| BOYNTON BEACH FLA REV |
|
| 6/1/2027 |
|
| 6.25 |
|
| 500,000 |
|
| 449,610 |
|
|
|
|
| 500,000 |
| BRAZOS CNTY TX HLTH FACS DEV CORP |
|
| 1/1/2033 |
|
| 5.50 |
|
| 503,157 |
|
| 510,165 |
|
|
|
|
| 81,000 |
| BRIDGEVILLE DE SPL OBLIG |
|
| 7/1/2035 |
|
| 5.13 |
|
| 81,000 |
|
| 65,087 |
|
|
|
|
| 1,000,000 |
| BUREAU CNTY TWP IL HIGH SCH DIST #502 |
|
| 10/1/2043 |
|
| 6.63 |
|
| 1,073,142 |
|
| 1,093,850 |
|
|
|
|
| 390,000 |
| BUTLER CNTY PA GEN AUTH REVENUE |
|
| 10/1/2034 |
|
| 0.87 |
|
| 390,000 |
|
| 297,519 |
|
|
|
|
| 124,028 |
| CALIFORNIA ST CMNTY HSG FIN AGY LEASE REVENUE(e) |
|
| 8/1/2012 |
|
| 4.65 |
|
| 124,028 |
|
| 61 |
|
|
|
|
| 351,528 |
| CALIFORNIA ST CMNTY HSG FIN AGY LEASE REVENUE(d)(e) |
|
| 11/1/2012 |
|
| 4.85 |
|
| 347,374 |
|
| 3,515 |
|
|
|
|
| 500,000 |
| CALIFORNIA ST HLTH FACS FING AUTH REVENUE |
|
| 8/15/2033 |
|
| 5.50 |
|
| 508,357 |
|
| 524,045 |
|
|
|
|
| 1,000,000 |
| CALIFORNIA ST HSG FIN AGY REVENUE |
|
| 8/1/2033 |
|
| 5.45 |
|
| 930,121 |
|
| 976,440 |
|
|
|
|
| 500,000 |
| CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK ST SCH FUND APP |
|
| 8/15/2029 |
|
| 5.75 |
|
| 503,808 |
|
| 522,215 |
|
|
|
|
| 500,000 |
| CALIFORNIA ST MUNI FIN AUTH REVENUE |
|
| 5/1/2025 |
|
| 6.88 |
|
| 499,011 |
|
| 555,045 |
|
|
|
|
| 1,500,000 |
| CALIFORNIA ST SCH FACS FING AUTH REVENUE(b) |
|
| 8/1/2029 |
|
| 1.64 |
|
| 1,101,040 |
|
| 1,376,745 |
|
|
|
|
| 1,000,000 |
| CALIFORNIA ST STWD CMNTYS DEV AUTH EDUCTNL FACS REVENUE |
|
| 7/1/2030 |
|
| 5.15 |
|
| 829,078 |
|
| 827,470 |
|
|
|
|
| 1,200,000 |
| CALIFORNIA ST STWD CMNTYS DEV AUTH REVENUE |
|
| 1/1/2021 |
|
| 6.00 |
|
| 1,200,000 |
|
| 1,202,580 |
|
|
|
|
| 800,000 |
| CALIFORNIA ST STWD CMNTYS DEV AUTH REVENUE |
|
| 11/1/2021 |
|
| 6.50 |
|
| 800,000 |
|
| 860,288 |
|
|
|
|
| 1,400,000 |
| CALIFORNIA ST STWD CMNTYS DEVAUTH STUDENT HSG REVENUE |
|
| 1/15/2036 |
|
| 5.60 |
|
| 1,400,000 |
|
| 1,199,548 |
|
|
|
|
| 500,000 |
| CALIFORNIA STWD CMNTYS DEV AUTH REVENUE |
|
| 11/1/2023 |
|
| 5.13 |
|
| 500,000 |
|
| 467,815 |
|
|
|
|
| 255,000 |
| CAPITAL TRUST AGY FL MF REVENUE(e) |
|
| 6/1/2013 |
|
| 4.75 |
|
| 255,000 |
|
| 112,200 |
|
|
|
|
| 750,000 |
| CAPITAL TRUST AGY FL MF REVENUE(e) |
|
| 6/1/2038 |
|
| 5.88 |
|
| 762,053 |
|
| 427,222 |
|
|
|
|
| 1,000,000 |
| CARLSBAD CA UNIF SCH DIST(b) |
|
| 8/1/2031 |
|
| 2.26 |
|
| 586,656 |
|
| 717,980 |
|
|
|
|
| 909,445 |
| CARLSBAD NM INDL DEV REVENUE |
|
| 4/15/2021 |
|
| 5.75 |
|
| 927,148 |
|
| 926,688 |
|
|
|
|
| 1,000,000 |
| CARMEL IN REVENUE |
|
| 11/15/2022 |
|
| 6.00 |
|
| 983,065 |
|
| 971,830 |
|
|
|
|
| 1,000,000 |
| CARMEL IN REVENUE |
|
| 11/15/2027 |
|
| 7.00 |
|
| 1,024,721 |
|
| 1,005,780 |
|
|
|
|
| 500,000 |
| CEDAR FALLS IA CMNTY SCH DIST SCH INFRASTRUCTURE SALES SVCS |
|
| 6/1/2027 |
|
| 5.38 |
|
| 498,801 |
|
| 525,750 |
|
|
|
|
| 1,000,000 |
| CENTER CA UNIF SCH DIST(b) |
|
| 8/1/2031 |
|
| 3.24 |
|
| 357,932 |
|
| 375,430 |
|
|
|
|
| 1,000,000 |
| CENTRL BRADFORD PROGRESS AUTH PA |
|
| 12/1/2031 |
|
| 5.50 |
|
| 1,032,280 |
|
| 1,052,340 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 52 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Tax-Exempt Bond Fund |
December 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 595,000 |
| CHANDLER PARK ACADEMY MI PUBLIC SCH ACADEMY REVENUE |
|
| 11/1/2022 |
|
| 5.00 |
| $ | 467,412 |
|
| 581,267 |
|
|
|
|
| 275,000 |
| CHESTERFIELD CNTY VA INDL DEV AUTH MF REVENUE |
|
| 7/1/2019 |
|
| 5.20 |
|
| 262,095 |
|
| 275,578 |
|
|
|
|
| 1,000,000 |
| CHICAGO IL MIDWAY ARPT REVENUE |
|
| 1/1/2035 |
|
| 5.25 |
|
| 1,002,802 |
|
| 1,006,410 |
|
|
|
|
| 300,000 |
| CITIZEN POTAWATOMI NATION OK SENIOR OBLG TAX REVENUE |
|
| 9/1/2016 |
|
| 6.50 |
|
| 300,000 |
|
| 289,944 |
|
|
|
|
| 160,000 |
| CLARK CNTY NV ECON DEV REVENUE |
|
| 5/15/2033 |
|
| 5.38 |
|
| 160,000 |
|
| 160,421 |
|
|
|
|
| 355,000 |
| CLEARWATER FL HSG AUTH |
|
| 5/1/2024 |
|
| 5.35 |
|
| 273,454 |
|
| 355,863 |
|
|
|
|
| 645,000 |
| CLIFTON TX HGR EDU FIN CORP EDU REVENUE |
|
| 2/15/2018 |
|
| 7.75 |
|
| 639,386 |
|
| 657,836 |
|
|
|
|
| 1,500,000 |
| CLOVIS CA UNIF SCH DIST(b) |
|
| 8/1/2030 |
|
| 3.76 |
|
| 551,964 |
|
| 580,995 |
|
|
|
|
| 155,000 |
| COLLIER CNTY FL HSG FIN AUTH MF HSG REVENUE |
|
| 8/15/2015 |
|
| 5.25 |
|
| 154,845 |
|
| 155,490 |
|
|
|
|
| 750,000 |
| COLLIER CNTY FL INDL DEV AUTH |
|
| 10/1/2039 |
|
| 6.25 |
|
| 735,870 |
|
| 796,988 |
|
|
|
|
| 1,000,000 |
| COLLIER CNTY FLA INDL DEV AUTHCONTINUING CARE CMNTY REV(c) |
|
| 5/15/2020 |
|
| 6.50 |
|
| 1,000,000 |
|
| 999,910 |
|
|
|
|
| 750,000 |
| COLLIER CNTY FLA INDL DEV AUTHCONTINUING CARE CMNTY REV(c) |
|
| 5/15/2026 |
|
| 7.25 |
|
| 750,000 |
|
| 749,910 |
|
|
|
|
| 1,000,000 |
| COLONIAL COUNTRY CLUB FL CDD CAPITAL IMPT REVENUE |
|
| 5/1/2033 |
|
| 4.10 |
|
| 995,993 |
|
| 871,500 |
|
|
|
|
| 1,500,000 |
| COLORADO ST EDUCTNL & CULTURAL FACS AUTH INDEP SCH REVENUE |
|
| 5/1/2030 |
|
| 6.00 |
|
| 1,461,814 |
|
| 1,517,160 |
|
|
|
|
| 835,000 |
| COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE |
|
| 11/15/2028 |
|
| 6.75 |
|
| 835,000 |
|
| 897,433 |
|
|
|
|
| 1,000,000 |
| COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE |
|
| 6/1/2033 |
|
| 5.50 |
|
| 976,623 |
|
| 1,031,350 |
|
|
|
|
| 1,000,000 |
| COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE |
|
| 7/1/2034 |
|
| 5.60 |
|
| 993,893 |
|
| 966,330 |
|
|
|
|
| 1,000,000 |
| COLORADO ST HLTH FACS AUTH REVENUE |
|
| 12/1/2028 |
|
| 5.50 |
|
| 1,015,183 |
|
| 1,006,790 |
|
|
|
|
| 1,000,000 |
| COLORADO ST HLTH FACS AUTH REVENUE |
|
| 8/1/2033 |
|
| 7.63 |
|
| 987,401 |
|
| 984,050 |
|
|
|
|
| 430,000 |
| COLORADO ST HSG & FIN AUTH |
|
| 10/1/2029 |
|
| 5.40 |
|
| 430,000 |
|
| 462,074 |
|
|
|
|
| 635,000 |
| COLORADO ST HSG & FIN AUTH |
|
| 11/1/2029 |
|
| 5.50 |
|
| 635,000 |
|
| 658,057 |
|
|
|
|
| 625,000 |
| COLORADO ST HSG FIN AUTH SF MTGE REVENUE |
|
| 11/1/2034 |
|
| 5.00 |
|
| 625,031 |
|
| 628,825 |
|
|
|
|
| 1,000,000 |
| COLTON CA JT UNIF SCH DIST(b) |
|
| 8/1/2035 |
|
| 1.86 |
|
| 582,902 |
|
| 650,460 |
|
|
|
|
| 1,000,000 |
| CONNECTICUT ST HSG FIN AUTH |
|
| 11/15/2035 |
|
| 4.75 |
|
| 1,000,000 |
|
| 1,007,080 |
|
|
|
|
| 890,000 |
| CONNECTICUT ST HSG FIN AUTH |
|
| 11/15/2041 |
|
| 4.63 |
|
| 885,697 |
|
| 861,342 |
|
|
|
|
| 140,000 |
| CONNECTICUT ST HSG FIN AUTH |
|
| 11/15/2041 |
|
| 5.00 |
|
| 140,000 |
|
| 141,054 |
|
|
|
|
| 1,500,000 |
| CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM |
|
| 11/15/2035 |
|
| 3.75 |
|
| 1,500,000 |
|
| 1,336,695 |
|
|
|
|
| 2,785,000 |
| CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM |
|
| 5/15/2042 |
|
| 4.15 |
|
| 2,785,000 |
|
| 2,521,929 |
|
|
|
|
| 1,000,000 |
| CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM |
|
| 11/15/2042 |
|
| 3.40 |
|
| 996,083 |
|
| 758,360 |
|
|
|
|
| 5,000,000 |
| CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM |
|
| 11/15/2047 |
|
| 3.65 |
|
| 5,000,000 |
|
| 3,934,950 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 53 | (Continued) |
|
CLEARWATER INVESTMENT TRUST |
Schedule of Investments - Clearwater Tax-Exempt Bond Fund |
December 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 1,105,000 |
| CORONA-NORCO CA UNIF SCH DIST(b) |
|
| 8/1/2039 |
|
| 1.35 |
| $ | 711,507 |
|
| 987,782 |
|
|
|
|
| 637,000 |
| CORTLAND IL SPL TAX REVENUE(e) |
|
| 3/1/2017 |
|
| 5.50 |
|
| 633,881 |
|
| 191,164 |
|
|
|
|
| 500,000 |
| COVENTRY OH LOCAL SCH DIST |
|
| 11/1/2037 |
|
| 5.25 |
|
| 508,003 |
|
| 510,585 |
|
|
|
|
| 580,000 |
| CROW FIN AUTH MT TRIBAL PURPOSE REVENUE |
|
| 10/1/2017 |
|
| 5.65 |
|
| 567,040 |
|
| 581,949 |
|
|
|
|
| 500,000 |
| CUYAHOGA CNTY OH HSG MTGE REVENUE |
|
| 3/20/2042 |
|
| 5.70 |
|
| 512,142 |
|
| 521,690 |
|
|
|
|
| 1,000,000 |
| DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE |
|
| 11/1/2037 |
|
| 5.25 |
|
| 1,012,249 |
|
| 1,019,940 |
|
|
|
|
| 2,000,000 |
| DAMON RUN IN CONSERVANCY DIST |
|
| 7/1/2025 |
|
| 6.10 |
|
| 2,032,542 |
|
| 2,097,820 |
|
|
|
|
| 1,000,000 |
| DAMON RUN IN CONSERVANCY DIST |
|
| 1/1/2027 |
|
| 6.38 |
|
| 1,012,652 |
|
| 1,053,140 |
|
|
|
|
| 1,000,000 |
| DAVIE FL EDUCTNL FACS REVENUE |
|
| 4/1/2042 |
|
| 6.00 |
|
| 1,031,384 |
|
| 1,033,390 |
|
|
|
|
| 500,000 |
| DAVIESS CNTY IN HOSP ASSN LEASE RENTAL REVENUE |
|
| 1/15/2029 |
|
| 5.25 |
|
| 489,785 |
|
| 517,215 |
|
|
|
|
| 1,000,000 |
| DEKALB/KANE/LA SALLE CNTYS IL CMNTY CLG DIST #523(b) |
|
| 2/1/2029 |
|
| 3.83 |
|
| 420,024 |
|
| 442,600 |
|
|
|
|
| 355,000 |
| DELAWARE ST HSG AUTH REVENUE |
|
| 7/1/2031 |
|
| 5.20 |
|
| 355,000 |
|
| 363,414 |
|
|
|
|
| 66,631 |
| DENHAM SPRINGS-LIVINGSTON LA HSG & MTGE FIN AUTH |
|
| 11/1/2040 |
|
| 5.00 |
|
| 68,728 |
|
| 67,045 |
|
|
|
|
| 1,000,000 |
| D’IBERVILLE MS TAX INCR LTD OBLG |
|
| 4/1/2033 |
|
| 4.75 |
|
| 1,037,956 |
|
| 895,940 |
|
|
|
|
| 500,000 |
| DINUBA CA FING AUTH LEASE REVENUE |
|
| 9/1/2038 |
|
| 5.38 |
|
| 494,925 |
|
| 460,590 |
|
|
|
|
| 500,000 |
| DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE |
|
| 7/1/2033 |
|
| 5.45 |
|
| 500,000 |
|
| 528,000 |
|
|
|
|
| 1,000,000 |
| DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE |
|
| 6/1/2040 |
|
| 4.90 |
|
| 1,000,000 |
|
| 962,690 |
|
|
|
|
| 1,000,000 |
| DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE |
|
| 6/1/2041 |
|
| 5.00 |
|
| 1,000,000 |
|
| 989,650 |
|
|
|
|
| 1,000,000 |
| DOUBLE BRANCH FL CDD SPL ASSMNT |
|
| 5/1/2031 |
|
| 4.13 |
|
| 987,149 |
|
| 851,230 |
|
|
|
|
| 1,000,000 |
| DOUGLAS CNTY CO MF REVENUE |
|
| 10/1/2029 |
|
| 4.50 |
|
| 1,000,000 |
|
| 996,590 |
|
|
|
|
| 3,000,000 |
| DUBLIN CA UNIF SCH DIST(b) |
|
| 8/1/2034 |
|
| 3.18 |
|
| 823,623 |
|
| 892,980 |
|
|
|
|
| 855,000 |
| EAST POINT GA |
|
| 2/1/2026 |
|
| 8.00 |
|
| 855,000 |
|
| 855,932 |
|
|
|
|
| 2,045,000 |
| EDEN TWP CA HOSP DIST COPS |
|
| 6/1/2030 |
|
| 6.00 |
|
| 2,023,847 |
|
| 2,086,268 |
|
|
|
|
| 750,000 |
| EL PASO DE ROBLES CA REDEV AGY TAX ALLOCATION REVENUE |
|
| 7/1/2033 |
|
| 6.38 |
|
| 742,114 |
|
| 793,890 |
|
|
|
|
| 1,000,000 |
| EL PASO TX DOWNTOWN DEV CORP SPL REVENUE |
|
| 8/15/2038 |
|
| 7.25 |
|
| 1,094,161 |
|
| 1,164,300 |
|
|
|
|
| 1,000,000 |
| ENCINITAS CA UNION SCH DIST(b) |
|
| 8/1/2035 |
|
| 2.16 |
|
| 532,232 |
|
| 703,830 |
|
|
|
|
| 1,155,000 |
| ENTERPRISE CA ELEM SCH DIST(b) |
|
| 8/1/2035 |
|
| 1.94 |
|
| 652,056 |
|
| 777,673 |
|
|
|
|
| 1,000,000 |
| ERIE CNTY PA HOSP AUTH |
|
| 7/1/2027 |
|
| 7.00 |
|
| 1,000,000 |
|
| 1,025,100 |
|
|
|
|
| 500,000 |
| FAIRFAX CNTY VA REDEV & HSG AUTH MF REVENUE |
|
| 8/1/2039 |
|
| 5.60 |
|
| 500,000 |
|
| 515,060 |
|
|
|
|
| 238,000 |
| FARMS NEW KENT VA CMNTY DEV AUTH SPL ASSMNT(e) |
|
| 3/1/2036 |
|
| 5.13 |
|
| 238,000 |
|
| 122,261 |
|
|
|
|
| 1,000,000 |
| FESTIVAL RANCH AZ CMNTY FACS DIST |
|
| 7/15/2024 |
|
| 6.25 |
|
| 1,011,605 |
|
| 1,037,820 |
|
|
|
|
| 315,000 |
| FIDDLERS CREEK FL CDD #2 SPL ASSMNT REVENUE(e) |
|
| 5/1/2013 |
|
| 5.75 |
|
| 314,118 |
|
| 165,573 |
|
|
|
|
| 1,000,000 |
| FISHHAWK CCD IV FL SPL ASSMNT REVENUE |
|
| 5/1/2033 |
|
| 7.00 |
|
| 1,000,000 |
|
| 1,008,790 |
|
|
|
|
| 1,000,000 |
| FISHHAWK FL CDD II SPL ASSMNT REVENUE |
|
| 5/1/2029 |
|
| 4.13 |
|
| 982,665 |
|
| 917,070 |
|
|
|
|
| 750,000 |
| FLAGSTAFF AZ INDL DEV AUTH |
|
| 7/1/2022 |
|
| 5.50 |
|
| 701,579 |
|
| 711,450 |
|
|
|
|
| 1,000,000 |
| FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE |
|
| 12/15/2025 |
|
| 6.38 |
|
| 1,000,000 |
|
| 993,360 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 54 | (Continued) |
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||||
Municipal Bonds (Cont’d): |
| ||||||||||||||||||
| 405,000 |
| FLORIDA ST HSG FIN CORP REVENUE |
|
| 7/1/2026 |
|
| 5.00 |
| $ | 406,130 |
|
| 408,232 |
|
|
|
|
| 240,000 |
| FLORIDA ST HSG FIN CORP REVENUE |
|
| 7/1/2033 |
|
| 5.45 |
|
| 240,000 |
|
| 245,834 |
|
|
|
|
| 1,330,000 |
| FLORIDA ST HSG FIN CORP REVENUE |
|
| 7/1/2034 |
|
| 5.30 |
|
| 1,336,601 |
|
| 1,366,043 |
|
|
|
|
| 2,000,000 |
| FOOTHILL ESTRN TRANSPRTN CORRIDOR AGY CA TOLL ROAD REVENUE(b) |
|
| 1/15/2032 |
|
| 2.36 |
|
| 1,146,140 |
|
| 1,126,720 |
|
|
|
|
| 1,250,000 |
| FORT SILL APACHE TRIBE OK ECONDEV AUTH GAMING ENTERPRISE REV(c) |
|
| 8/25/2026 |
|
| 8.50 |
|
| 1,250,000 |
|
| 1,332,412 |
|
|
|
|
| 1,145,000 |
| FULTON CNTY GA DEV AUTH |
|
| 11/1/2028 |
|
| 5.25 |
|
| 993,238 |
|
| 996,848 |
|
|
|
|
| 1,000,000 |
| FYI PROPERTIES WA LEASE REVENUE |
|
| 6/1/2034 |
|
| 5.50 |
|
| 981,874 |
|
| 1,059,380 |
|
|
|
|
| 500,000 |
| GAINESVILLE & HALL CNTY GA DEV AUTH RETMNT CMNTY REVENUE |
|
| 11/15/2029 |
|
| 6.38 |
|
| 511,605 |
|
| 531,180 |
|
|
|
|
| 1,412,290 |
| GALVESTON TX MUNI UTILITY DIST #52(b) |
|
| 2/27/2014 |
|
| 0.00 |
|
| 1,412,290 |
|
| 1,122,912 |
|
|
|
|
| 400,000 |
| GEISINGER PA AUTH |
|
| 5/1/2037 |
|
| 0.93 |
|
| 400,000 |
|
| 283,264 |
|
|
|
|
| 500,000 |
| GEORGIA ST ENVRNMNTL LOAN ACQUISITION CORP LOC GOVT LOAN SEC |
|
| 2/15/2031 |
|
| 5.13 |
|
| 495,781 |
|
| 526,305 |
|
|
|
|
| 3,000,000 |
| GEORGIA ST ENVRNMNTL LOAN ACQUISITION CORP LOC GOVT LOAN SEC |
|
| 3/15/2031 |
|
| 5.13 |
|
| 3,000,000 |
|
| 3,166,500 |
|
|
|
|
| 500,000 |
| GEORGIA ST ENVRNMNTL LOAN ACQUISITION CORP LOC GOVT LOAN SEC |
|
| 2/15/2036 |
|
| 5.25 |
|
| 491,964 |
|
| 522,920 |
|
|
|
|
| 3,500,000 |
| GEORGIA ST HSG & FIN AUTH REVENUE |
|
| 12/1/2037 |
|
| 3.80 |
|
| 3,500,000 |
|
| 3,045,770 |
|
|
|
|
| 2,000,000 |
| GEORGIA ST HSG & FIN AUTH REVENUE |
|
| 12/1/2037 |
|
| 4.00 |
|
| 2,000,000 |
|
| 1,781,640 |
|
|
|
|
| 2,000,000 |
| GLENDALE CA UNIF SCH DIST(b) |
|
| 9/1/2028 |
|
| 3.82 |
|
| 804,233 |
|
| 902,220 |
|
|
|
|
| 1,500,000 |
| GRAND PARKWAY TRANSPRTN CORP TX SYS TOLL REVENUE(b) |
|
| 10/1/2035 |
|
| 1.91 |
|
| 873,001 |
|
| 907,290 |
|
|
|
|
| 1,250,000 |
| HAMILTON CNTY OH HLTH CARE REVENUE |
|
| 1/1/2031 |
|
| 6.13 |
|
| 1,217,810 |
|
| 1,244,212 |
|
|
|
|
| 1,000,000 |
| HAMMOND IN LOCAL PUBLIC IMPT BOND BANK SPL REVENUE |
|
| 8/15/2025 |
|
| 6.50 |
|
| 1,009,109 |
|
| 1,014,470 |
|
|
|
|
| 1,000,000 |
| HAMMOND IN LOCAL PUBLIC IMPT BOND BANK SPL REVENUE |
|
| 8/15/2030 |
|
| 6.50 |
|
| 1,004,553 |
|
| 1,008,760 |
|
|
|
|
| 445,000 |
| HAMMOND IN REDEV DIST REVENUE |
|
| 1/15/2017 |
|
| 6.00 |
|
| 445,000 |
|
| 444,217 |
|
|
|
|
| 1,250,000 |
| HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE(c) |
|
| 8/15/2021 |
|
| 6.75 |
|
| 1,250,000 |
|
| 1,331,975 |
|
|
|
|
| 1,500,000 |
| HARTNELL CA CMNTY CLG DIST(b) |
|
| 8/1/2034 |
|
| 2.36 |
|
| 720,636 |
|
| 1,013,955 |
|
|
|
|
| 590,000 |
| HAWAII ST DEPT OF BUDGET & FIN SPL PURPOSE SENIOR LIVING REV |
|
| 11/15/2029 |
|
| 8.75 |
|
| 582,441 |
|
| 650,965 |
|
|
|
|
| 3,500,000 |
| HEALDSBURG CA UNIF SCH DIST(b) |
|
| 8/1/2037 |
|
| 4.60 |
|
| 2,268,416 |
|
| 1,884,505 |
|
|
|
|
| 1,000,000 |
| HELENDALE CA SCH DIST(b) |
|
| 8/1/2034 |
|
| 1.82 |
|
| 607,300 |
|
| 759,020 |
|
|
|
|
| 750,000 |
| HEMPSTEAD TOWN NY LOCAL DEV CORP REVENUE |
|
| 9/1/2038 |
|
| 5.00 |
|
| 757,391 |
|
| 751,658 |
|
|
|
|
| 2,000,000 |
| HENDERSON NV HLTHCARE FAC REVENUE |
|
| 7/1/2031 |
|
| 5.25 |
|
| 2,000,000 |
|
| 2,013,320 |
|
|
|
|
| 500,000 |
| HERITAGE ISLE AT VIERA FL CDD |
|
| 5/1/2030 |
|
| 4.13 |
|
| 490,945 |
|
| 432,830 |
|
|
|
|
| 1,000,000 |
| HIDALGO CNTY TX REGL MOBILITY AUTH VEHICLE REGISTRATION FEE |
|
| 12/1/2038 |
|
| 5.25 |
|
| 1,035,948 |
|
| 1,030,360 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 55 | (Continued) |
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| |||||
Municipal Bonds (Cont’d): |
| ||||||||||||||||||
| 500,000 |
| HIGHLANDS CNTY FL HLTH FACS AUTH |
|
| 11/15/2032 |
|
| 5.13 |
| $ | 500,862 |
|
| 508,160 |
|
|
|
|
| 100,000 |
| HOUMA-TERREBONNE LA PUBLIC TRUST FING AUTH SF MTGE |
|
| 12/1/2040 |
|
| 5.15 |
|
| 103,622 |
|
| 100,376 |
|
|
|
|
| 1,500,000 |
| HOUSTON TX HGR EDU FIN CORP |
|
| 9/1/2038 |
|
| 5.50 |
|
| 1,552,087 |
|
| 1,555,320 |
|
|
|
|
| 1,000,000 |
| HOUSTON TX HOTEL OCCUPANCY TAX & SPL REVENUE |
|
| 9/1/2030 |
|
| 5.00 |
|
| 1,000,000 |
|
| 1,002,160 |
|
|
|
|
| 1,500,000 |
| HOWARD CO MD HSG COMMN |
|
| 10/1/2028 |
|
| 5.00 |
|
| 1,514,359 |
|
| 1,497,165 |
|
|
|
|
| 245,000 |
| IDAHO ST HSG & FIN ASSN NONPROFIT FACS REVENUE |
|
| 8/1/2017 |
|
| 6.25 |
|
| 245,000 |
|
| 244,995 |
|
|
|
|
| 750,000 |
| IDAHO ST HSG & FIN ASSN NONPROFIT FACS REVENUE |
|
| 7/1/2030 |
|
| 5.50 |
|
| 750,000 |
|
| 702,862 |
|
|
|
|
| 310,000 |
| IDAHO ST HSG & FIN ASSN SF MTGE REVENUE |
|
| 7/1/2026 |
|
| 5.65 |
|
| 315,355 |
|
| 326,365 |
|
|
|
|
| 145,000 |
| IDAHO ST HSG & FIN ASSN SF MTGE REVENUE |
|
| 1/1/2040 |
|
| 5.50 |
|
| 145,000 |
|
| 151,297 |
|
|
|
|
| 500,000 |
| ILLINOIS ST |
|
| 7/1/2033 |
|
| 5.50 |
|
| 498,807 |
|
| 514,155 |
|
|
|
|
| 900,000 |
| ILLINOIS ST COPS |
|
| 7/1/2017 |
|
| 5.80 |
|
| 900,000 |
|
| 901,233 |
|
|
|
|
| 995,000 |
| ILLINOIS ST FIN AUTH CHRT SCH REVENUE |
|
| 10/1/2031 |
|
| 6.88 |
|
| 995,000 |
|
| 1,082,729 |
|
|
|
|
| 1,500,000 |
| ILLINOIS ST FIN AUTH EDU REVENUE |
|
| 9/1/2027 |
|
| 5.00 |
|
| 1,454,861 |
|
| 1,373,115 |
|
|
|
|
| 500,000 |
| ILLINOIS ST FIN AUTH EDU REVENUE |
|
| 9/1/2032 |
|
| 6.00 |
|
| 500,000 |
|
| 498,840 |
|
|
|
|
| 1,000,000 |
| ILLINOIS ST FIN AUTH REVENUE |
|
| 8/15/2023 |
|
| 5.25 |
|
| 972,336 |
|
| 965,520 |
|
|
|
|
| 610,000 |
| ILLINOIS ST FIN AUTH REVENUE |
|
| 8/15/2026 |
|
| 6.00 |
|
| 617,079 |
|
| 596,769 |
|
|
|
|
| 500,000 |
| ILLINOIS ST FIN AUTH REVENUE |
|
| 3/15/2027 |
|
| 5.00 |
|
| 511,645 |
|
| 513,110 |
|
|
|
|
| 1,000,000 |
| ILLINOIS ST FIN AUTH REVENUE |
|
| 5/15/2027 |
|
| 5.50 |
|
| 1,030,377 |
|
| 953,510 |
|
|
|
|
| 500,000 |
| ILLINOIS ST FIN AUTH REVENUE |
|
| 5/15/2029 |
|
| 5.25 |
|
| 503,883 |
|
| 512,515 |
|
|
|
|
| 1,045,000 |
| ILLINOIS ST FIN AUTH REVENUE |
|
| 5/15/2030 |
|
| 5.50 |
|
| 1,069,581 |
|
| 960,282 |
|
|
|
|
| 1,000,000 |
| ILLINOIS ST FIN AUTH REVENUE |
|
| 10/1/2033 |
|
| 6.25 |
|
| 1,029,559 |
|
| 1,028,240 |
|
|
|
|
| 1,500,000 |
| ILLINOIS ST FIN AUTH REVENUE |
|
| 8/15/2036 |
|
| 5.25 |
|
| 1,475,502 |
|
| 1,526,745 |
|
|
|
|
| 500,000 |
| ILLINOIS ST FIN AUTH REVENUE |
|
| 3/1/2038 |
|
| 6.00 |
|
| 485,705 |
|
| 525,730 |
|
|
|
|
| 750,000 |
| ILLINOIS ST FIN AUTH SPORTS FAC REVENUE(c)(e)(f) |
|
| 10/1/2027 |
|
| 6.13 |
|
| 730,795 |
|
| 29,992 |
|
|
|
|
| 500,000 |
| ILLINOIS ST FIN AUTH SPORTS FAC REVENUE(c)(e)(f) |
|
| 10/1/2037 |
|
| 6.25 |
|
| 484,210 |
|
| 19,995 |
|
|
|
|
| 1,000,000 |
| ILLINOIS ST FIN AUTH STUDENT HSG REVENUE |
|
| 10/1/2024 |
|
| 6.00 |
|
| 990,223 |
|
| 1,031,110 |
|
|
|
|
| 750,000 |
| ILLINOIS ST HLTH FACS AUTH |
|
| 8/15/2028 |
|
| 5.38 |
|
| 738,819 |
|
| 750,518 |
|
|
|
|
| 1,000,000 |
| ILLINOIS ST HSG DEV AUTH |
|
| 7/1/2034 |
|
| 4.95 |
|
| 1,000,000 |
|
| 998,720 |
|
|
|
|
| 500,000 |
| ILLINOIS ST HSG DEV AUTH |
|
| 7/1/2047 |
|
| 4.50 |
|
| 466,445 |
|
| 456,635 |
|
|
|
|
| 1,000,000 |
| ILLINOIS ST SPORTS FACS AUTH |
|
| 6/15/2032 |
|
| 5.00 |
|
| 1,000,000 |
|
| 984,580 |
|
|
|
|
| 1,000,000 |
| IMPERIAL CA CMNTY CLG DIST(b) |
|
| 8/1/2040 |
|
| 0.84 |
|
| 904,797 |
|
| 964,850 |
|
|
|
|
| 250,000 |
| INDEPENDENCE MO THIRTY-NINTH STREET TRANSPRTN DIST REVENUE |
|
| 9/1/2032 |
|
| 6.88 |
|
| 250,000 |
|
| 248,280 |
|
|
|
|
| 500,000 |
| INDIANA ST BOND BANK REVENUE |
|
| 2/1/2029 |
|
| 5.50 |
|
| 491,431 |
|
| 541,980 |
|
|
|
|
| 3,000,000 |
| INDIANA ST FIN AUTH REVENUE |
|
| 9/15/2030 |
|
| 6.50 |
|
| 3,072,683 |
|
| 3,109,680 |
|
|
|
|
| 500,000 |
| INDIANA ST FIN AUTH REVENUE |
|
| 2/1/2031 |
|
| 4.00 |
|
| 492,599 |
|
| 453,665 |
|
|
|
|
| 500,000 |
| INDIANA ST FIN AUTH REVENUE |
|
| 11/15/2031 |
|
| 5.50 |
|
| 492,705 |
|
| 503,775 |
|
|
|
|
| 1,000,000 |
| INDIANA ST FIN AUTH REVENUE |
|
| 11/15/2033 |
|
| 6.50 |
|
| 986,205 |
|
| 988,920 |
|
|
|
|
| 1,000,000 |
| INDIANA ST FIN AUTH REVENUE |
|
| 2/1/2037 |
|
| 4.00 |
|
| 960,557 |
|
| 831,090 |
|
|
|
|
| 1,000,000 |
| INDIANA ST FIN AUTH REVENUE |
|
| 3/1/2041 |
|
| 5.00 |
|
| 1,069,014 |
|
| 924,540 |
|
|
|
|
| 1,000,000 |
| INDIANA ST FIN AUTH REVENUE |
|
| 11/15/2041 |
|
| 6.00 |
|
| 986,560 |
|
| 955,700 |
|
|
|
|
| 575,000 |
| INDIANA ST HLTH & EDUCTNL FACFING AUTH HOSP REVENUE |
|
| 2/15/2030 |
|
| 5.25 |
|
| 437,370 |
|
| 575,995 |
|
|
|
|
| 6,317,660 |
| INTERMEDIATE SCH DIST #287 MN LEASE REVENUE |
|
| 11/1/2032 |
|
| 5.30 |
|
| 6,095,350 |
|
| 6,370,855 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 56 | (Continued) |
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| |||||
Municipal Bonds (Cont’d): |
| ||||||||||||||||||
| 1,000,000 |
| IOWA ST FIN AUTH HLTH CARE FACS REVENUE |
|
| 7/1/2033 |
|
| 5.50 |
| $ | 1,042,765 |
|
| 1,038,210 |
|
|
|
|
| 750,000 |
| IOWA ST FIN AUTH MIDWSTRN DISASTER AREA REVENUE |
|
| 12/1/2019 |
|
| 5.00 |
|
| 700,652 |
|
| 719,910 |
|
|
|
|
| 1,150,000 |
| IOWA ST FIN AUTH MIDWSTRN DISASTER AREA REVENUE |
|
| 12/1/2022 |
|
| 5.50 |
|
| 1,170,790 |
|
| 1,075,238 |
|
|
|
|
| 132,511 |
| IOWA ST FIN AUTH SENIOR HSG REVENUE(e) |
|
| 12/1/2014 |
|
| 5.00 |
|
| 132,301 |
|
| 1,165 |
|
|
|
|
| 325,000 |
| IOWA ST STUDENT LOAN LIQUIDITY CORP |
|
| 12/1/2027 |
|
| 5.50 |
|
| 318,502 |
|
| 328,741 |
|
|
|
|
| 2,000,000 |
| JEFFERSON CA UNION HIGH SCH DIST SAN MATEO CNTY(b) |
|
| 8/1/2031 |
|
| 4.10 |
|
| 553,465 |
|
| 498,380 |
|
|
|
|
| 505,000 |
| JEFFERSON PARISH LA FIN AUTH |
|
| 6/1/2038 |
|
| 5.00 |
|
| 526,147 |
|
| 526,457 |
|
|
|
|
| 135,000 |
| JEFFERSON PARISH LA FIN AUTH |
|
| 12/1/2048 |
|
| 5.70 |
|
| 141,533 |
|
| 140,759 |
|
|
|
|
| 750,000 |
| JOHNSON CITY TN HLTH & EDUCTNL FACS BRD REVENUE |
|
| 2/15/2034 |
|
| 5.00 |
|
| 774,967 |
|
| 654,285 |
|
|
|
|
| 1,140,000 |
| KALISPEL TRIBE OF INDIANS PRIORITY DIST WA REVENUE |
|
| 1/1/2016 |
|
| 6.20 |
|
| 1,116,748 |
|
| 1,108,411 |
|
|
|
|
| 1,215,000 |
| KANSAS CITY MO INDL DEV AUTH |
|
| 9/1/2023 |
|
| 5.45 |
|
| 1,215,000 |
|
| 1,232,739 |
|
|
|
|
| 1,000,000 |
| KANSAS CITY MO INDL DEV AUTH |
|
| 11/20/2039 |
|
| 5.10 |
|
| 1,000,000 |
|
| 1,008,030 |
|
|
|
|
| 1,000,000 |
| KENTUCKY PUB TRANSPRTN INFRASTRUCTURE AUTH TOLL REVENUE(b) |
|
| 7/1/2033 |
|
| 2.31 |
|
| 549,140 |
|
| 546,930 |
|
|
|
|
| 500,000 |
| KENTUCKY ST ECON DEV FIN AUTH MF HSG REVENUE |
|
| 11/20/2035 |
|
| 5.38 |
|
| 500,000 |
|
| 517,090 |
|
|
|
|
| 1,000,000 |
| KENTUCKY ST HSG CORP HSG REVENUE |
|
| 7/1/2028 |
|
| 3.75 |
|
| 983,490 |
|
| 960,440 |
|
|
|
|
| 395,000 |
| KENTUCKY ST HSG CORP HSG REVENUE |
|
| 7/1/2039 |
|
| 5.15 |
|
| 395,000 |
|
| 401,257 |
|
|
|
|
| 1,895,000 |
| KERRVILLE TX HLTH FACS DEV CORP HOSP REVENUE |
|
| 8/15/2035 |
|
| 5.45 |
|
| 1,869,934 |
|
| 1,896,857 |
|
|
|
|
| 750,000 |
| KING CNTY WA HSG AUTH |
|
| 5/1/2028 |
|
| 5.20 |
|
| 750,000 |
|
| 783,142 |
|
|
|
|
| 500,000 |
| KIRKWOOD MO INDL DEV AUTH RETMNT CMNTY REVENUE |
|
| 5/15/2021 |
|
| 8.00 |
|
| 500,000 |
|
| 526,205 |
|
|
|
|
| 900,000 |
| KLICKITAT CNTY WA PUBLIC HOSP DIST #2 HOSP REVENUE |
|
| 12/1/2020 |
|
| 6.00 |
|
| 848,804 |
|
| 909,306 |
|
|
|
|
| 2,500,000 |
| KOYUKUK AK REVENUE |
|
| 10/1/2023 |
|
| 7.00 |
|
| 2,435,295 |
|
| 2,634,625 |
|
|
|
|
| 1,300,000 |
| KREMMLING CO MEMORIAL HOSP DIST COPS |
|
| 12/1/2022 |
|
| 6.00 |
|
| 1,288,955 |
|
| 1,322,347 |
|
|
|
|
| 495,000 |
| LAFAYETTE LA PUBLIC TRUST FING AUTH SF MTGE |
|
| 1/1/2041 |
|
| 5.35 |
|
| 505,661 |
|
| 506,840 |
|
|
|
|
| 2,000,000 |
| LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE |
|
| 5/1/2030 |
|
| 7.40 |
|
| 1,981,260 |
|
| 2,252,260 |
|
|
|
|
| 750,000 |
| LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE |
|
| 5/1/2033 |
|
| 6.70 |
|
| 750,000 |
|
| 744,292 |
|
|
|
|
| 2,000,000 |
| LAS VEGAS NV REDEV AGY TAX INCR REVENUE |
|
| 6/15/2023 |
|
| 7.50 |
|
| 1,983,114 |
|
| 2,199,080 |
|
|
|
|
| 1,000,000 |
| LEE CNTY FL INDL DEV AUTH |
|
| 11/15/2029 |
|
| 5.00 |
|
| 839,681 |
|
| 938,380 |
|
|
|
|
| 750,000 |
| LEE CNTY FL TOUR DEV TAX REVENUE |
|
| 10/1/2038 |
|
| 4.00 |
|
| 750,000 |
|
| 641,288 |
|
|
|
|
| 245,000 |
| LEHIGH CNTY PA GEN PURPOSE AUTH |
|
| 8/15/2042 |
|
| 1.18 |
|
| 245,000 |
|
| 176,993 |
|
|
|
|
| 750,000 |
| LEWISVILLE TX COMB CONTRACT REVENUE |
|
| 9/1/2024 |
|
| 3.00 |
|
| 739,868 |
|
| 686,790 |
|
|
|
|
| 480,000 |
| LEXINGTON OAKS FL CDD SPL ASSMNT REVENUE |
|
| 5/1/2033 |
|
| 5.65 |
|
| 480,000 |
|
| 472,200 |
|
|
|
|
| 350,000 |
| LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU |
|
| 1/1/2015 |
|
| 6.38 |
|
| 350,000 |
|
| 228,826 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 57 | (Continued) |
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| |||||
Municipal Bonds (Cont’d): |
| ||||||||||||||||||
| 550,000 |
| LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU |
|
| 1/1/2030 |
|
| 5.50 |
| $ | 561,871 |
|
| 381,046 |
|
|
|
|
| 1,000,000 |
| LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU |
|
| 1/1/2036 |
|
| 5.25 |
|
| 1,005,773 |
|
| 387,170 |
|
|
|
|
| 1,500,000 |
| LOS ALAMITOS CA UNIF SCH DIST(b) |
|
| 8/1/2040 |
|
| 1.98 |
|
| 703,731 |
|
| 760,590 |
|
|
|
|
| 1,250,000 |
| LOUDOUN CNTY VA INDL DEV AUTH RSDL CARE FAC REVENUE |
|
| 8/1/2028 |
|
| 6.00 |
|
| 1,264,917 |
|
| 1,271,800 |
|
|
|
|
| 1,000,000 |
| LOUISIANA ST ENERGY & PWR AUTH PWR PROJ REVENUE |
|
| 6/1/2038 |
|
| 5.25 |
|
| 1,022,294 |
|
| 1,025,350 |
|
|
|
|
| 460,000 |
| LOUISIANA ST HSG FIN AGY SF MTGE REVENUE |
|
| 12/1/2034 |
|
| 5.10 |
|
| 460,000 |
|
| 471,344 |
|
|
|
|
| 135,000 |
| LOUISIANA ST HSG FIN AGY SF MTGE REVENUE |
|
| 6/1/2038 |
|
| 5.85 |
|
| 140,126 |
|
| 143,961 |
|
|
|
|
| 690,000 |
| LOUISIANA ST HSG FIN AGY SF MTGE REVENUE |
|
| 12/1/2038 |
|
| 5.70 |
|
| 708,001 |
|
| 733,932 |
|
|
|
|
| 230,000 |
| LOUISIANA ST HSG FIN AGY SF MTGE REVENUE |
|
| 6/1/2039 |
|
| 5.60 |
|
| 237,233 |
|
| 239,412 |
|
|
|
|
| 385,000 |
| LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH |
|
| 6/20/2028 |
|
| 8.00 |
|
| 385,000 |
|
| 250,138 |
|
|
|
|
| 750,000 |
| LOUISIANA ST PUBLIC FACS AUTH REVENUE |
|
| 5/1/2031 |
|
| 6.50 |
|
| 746,841 |
|
| 796,545 |
|
|
|
|
| 490,000 |
| LOUISIANA ST PUBLIC FACS AUTH REVENUE |
|
| 2/15/2036 |
|
| 0.86 |
|
| 490,000 |
|
| 418,568 |
|
|
|
|
| 500,000 |
| LUCAS CNTY OH HLTH CARE FACS REVENUE |
|
| 8/15/2030 |
|
| 5.50 |
|
| 491,949 |
|
| 508,680 |
|
|
|
|
| 1,490,000 |
| LUZERNE CNTY PA |
|
| 11/1/2026 |
|
| 7.00 |
|
| 1,563,146 |
|
| 1,672,763 |
|
|
|
|
| 262,532 |
| LYONS CO |
|
| 11/30/2016 |
|
| 4.75 |
|
| 263,624 |
|
| 252,490 |
|
|
|
|
| 1,000,000 |
| MACON CNTY IL SCH DIST #61 |
|
| 1/1/2037 |
|
| 5.25 |
|
| 1,027,616 |
|
| 1,027,680 |
|
|
|
|
| 250,000 |
| MAGNOLIA CREEK FL CDD CAPITAL IMPT REVENUE(e) |
|
| 5/1/2014 |
|
| 5.60 |
|
| 250,000 |
|
| 86,082 |
|
|
|
|
| 1,000,000 |
| MAINE ST HLTH & HGR EDUCTNL FACS AUTH REVENUE |
|
| 7/1/2032 |
|
| 7.50 |
|
| 1,048,276 |
|
| 1,099,500 |
|
|
|
|
| 1,000,000 |
| MAINE ST HSG AUTH MTGE REVENUE |
|
| 11/15/2036 |
|
| 3.60 |
|
| 1,000,000 |
|
| 805,760 |
|
|
|
|
| 1,000,000 |
| MAINE ST HSG AUTH MTGE REVENUE |
|
| 11/15/2037 |
|
| 4.50 |
|
| 1,000,000 |
|
| 952,130 |
|
|
|
|
| 1,000,000 |
| MAINE ST TECH CLG SYS COPS |
|
| 1/1/2017 |
|
| 5.80 |
|
| 1,000,000 |
|
| 1,004,400 |
|
|
|
|
| 1,000,000 |
| MALTA IL TAX INCR REVENUE(e) |
|
| 12/30/2025 |
|
| 5.75 |
|
| 1,000,000 |
|
| 478,470 |
|
|
|
|
| 500,000 |
| MANATEE CNTY FL SCH BRD COPS |
|
| 7/1/2031 |
|
| 5.63 |
|
| 495,843 |
|
| 529,925 |
|
|
|
|
| 500,000 |
| MANCHESTER NH HSG & REDEV AUTH REVENUE |
|
| 1/1/2015 |
|
| 6.75 |
|
| 498,393 |
|
| 498,765 |
|
|
|
|
| 500,000 |
| MANCHESTER NH HSG & REDEV AUTH REVENUE(b) |
|
| 1/1/2020 |
|
| 3.58 |
|
| 360,234 |
|
| 315,015 |
|
|
|
|
| 452,000 |
| MANHATTAN IL SPL SVC AREA SPL TAX(e) |
|
| 3/1/2022 |
|
| 5.75 |
|
| 452,000 |
|
| 90,047 |
|
|
|
|
| 500,000 |
| MANSFIELD OH |
|
| 12/1/2024 |
|
| 6.00 |
|
| 518,827 |
|
| 549,140 |
|
|
|
|
| 462,000 |
| MARQUIS VA CMNTY DEV AUTH REVENUE(b) |
|
| 9/1/2041 |
|
| 2.95 |
|
| 85,191 |
|
| 44,232 |
|
|
|
|
| 349,000 |
| MARQUIS VA CMNTY DEV AUTH REVENUE |
|
| 9/1/2041 |
|
| 5.63 |
|
| 377,607 |
|
| 276,118 |
|
|
|
|
| 750,000 |
| MARTINEZ CA UNIF SCH DIST(b) |
|
| 8/1/2035 |
|
| 0.72 |
|
| 632,988 |
|
| 783,022 |
|
|
|
|
| 500,000 |
| MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV |
|
| 9/1/2030 |
|
| 5.13 |
|
| 500,000 |
|
| 516,765 |
|
|
|
|
| 500,000 |
| MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV |
|
| 7/1/2031 |
|
| 4.50 |
|
| 500,000 |
|
| 502,690 |
|
|
|
|
| 434,584 |
| MASHANTUCKET WSTRN PEQUOT TRIBE CT |
|
| 7/1/2031 |
|
| 4.00 |
|
| 509,499 |
|
| 296,651 |
|
|
|
|
| 965,000 |
| MASSACHUSETTS ST DEV FIN AGY REVENUE |
|
| 7/1/2030 |
|
| 6.38 |
|
| 952,834 |
|
| 1,016,000 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 58 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent | ||||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 1,810,000 |
| MASSACHUSETTS ST EDUCTNL FING AUTH |
|
| 1/1/2028 |
|
| 5.25 |
| $ | 1,811,725 |
|
| 1,882,617 |
|
|
|
| 750,000 |
| MASSACHUSETTS ST HSG FIN AGY |
|
| 12/1/2031 |
|
| 3.50 |
|
| 750,000 |
|
| 657,562 |
|
|
|
| 1,000,000 |
| MASSACHUSETTS ST HSG FIN AGY |
|
| 12/1/2033 |
|
| 5.00 |
|
| 1,000,000 |
|
| 998,710 |
|
|
|
| 1,000,000 |
| MASSACHUSETTS ST HSG FIN AGY |
|
| 12/1/2038 |
|
| 5.15 |
|
| 1,000,000 |
|
| 971,260 |
|
|
|
| 1,000,000 |
| MASSACHUSETTS ST HSG FIN AGY |
|
| 12/1/2043 |
|
| 5.00 |
|
| 1,000,000 |
|
| 1,000,700 |
|
|
|
| 2,000,000 |
| MASSACHUSETTS ST HSG FIN AGY HSG REVENUE |
|
| 12/1/2037 |
|
| 3.45 |
|
| 2,000,000 |
|
| 1,572,600 |
|
|
|
| 885,000 |
| MASSACHUSETTS ST HSG FIN AGY HSG REVENUE |
|
| 6/1/2040 |
|
| 5.05 |
|
| 885,000 |
|
| 892,885 |
|
|
|
| 500,000 |
| MASSACHUSETTS ST HSG FIN AGY HSG REVENUE |
|
| 12/1/2042 |
|
| 3.50 |
|
| 499,388 |
|
| 377,835 |
|
|
|
| 3,500,000 |
| MASSACHUSETTS ST HSG FIN AGY HSG REVENUE |
|
| 12/1/2043 |
|
| 4.00 |
|
| 3,500,000 |
|
| 2,907,625 |
|
|
|
| 160,000 |
| MEAD NE TAX INCR REVENUE(e) |
|
| 7/1/2012 |
|
| 5.13 |
|
| 160,000 |
|
| 2 |
|
|
|
| 1,000,000 |
| MEDFORD OR HOSP FACS AUTH REVENUE |
|
| 10/1/2042 |
|
| 5.00 |
|
| 1,051,172 |
|
| 961,600 |
|
|
|
| 1,070,000 |
| MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD(e) |
|
| 12/20/2020 |
|
| 8.00 |
|
| 1,070,000 |
|
| 427,904 |
|
|
|
| 855,000 |
| MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD(e) |
|
| 6/20/2036 |
|
| 10.00 |
|
| 855,000 |
|
| 299,173 |
|
|
|
| 1,830,000 |
| MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD(e) |
|
| 12/20/2040 |
|
| 7.50 |
|
| 1,830,000 |
|
| 914,835 |
|
|
|
| 2,000,000 |
| MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE(b) |
|
| 10/1/2041 |
|
| 1.14 |
|
| 1,348,495 |
|
| 1,893,680 |
|
|
|
| 500,000 |
| MIAMI-DADE CNTY FL HLTH FACS AUTH HOSP REVENUE |
|
| 8/1/2030 |
|
| 6.00 |
|
| 486,665 |
|
| 537,880 |
|
|
|
| 2,500,000 |
| MICHIGAN ST HOSP FIN AUTH |
|
| 11/15/2025 |
|
| 5.25 |
|
| 2,302,526 |
|
| 2,278,750 |
|
|
|
| 1,500,000 |
| MICHIGAN ST HOSP FIN AUTH |
|
| 6/1/2034 |
|
| 6.13 |
|
| 1,550,453 |
|
| 1,573,335 |
|
|
|
| 1,000,000 |
| MICHIGAN ST HSG DEV AUTH |
|
| 10/1/2034 |
|
| 5.63 |
|
| 1,000,000 |
|
| 1,026,740 |
|
|
|
| 1,000,000 |
| MICHIGAN ST MUNI BOND AUTH |
|
| 5/1/2023 |
|
| 5.75 |
|
| 1,020,617 |
|
| 1,107,890 |
|
|
|
| 610,000 |
| MICHIGAN ST PUBLIC EDUCTNL FACS AUTH(c)(f) |
|
| 9/1/2016 |
|
| 6.00 |
|
| 608,155 |
|
| 396,463 |
|
|
|
| 750,000 |
| MICHIGAN ST PUBLIC EDUCTNL FACS AUTH |
|
| 6/1/2020 |
|
| 6.00 |
|
| 745,038 |
|
| 759,900 |
|
|
|
| 360,000 |
| MICHIGAN ST PUBLIC EDUCTNL FACS AUTH |
|
| 10/1/2023 |
|
| 6.25 |
|
| 360,000 |
|
| 337,000 |
|
|
|
| 500,000 |
| MICHIGAN ST PUBLIC EDUCTNL FACS AUTH |
|
| 11/1/2028 |
|
| 6.35 |
|
| 500,000 |
|
| 502,530 |
|
|
|
| 265,000 |
| MICHIGAN ST TOBACCO SETTLEMENT FIN AUTH |
|
| 6/1/2022 |
|
| 5.13 |
|
| 249,901 |
|
| 219,457 |
|
|
|
| 1,000,000 |
| MIDDLEBURG HEIGHTS OH HOSP REVENUE |
|
| 8/1/2047 |
|
| 5.00 |
|
| 1,071,991 |
|
| 937,090 |
|
|
|
| 494,000 |
| MILLSBORO DE SPL OBLG |
|
| 7/1/2036 |
|
| 5.45 |
|
| 494,000 |
|
| 349,663 |
|
|
|
| 244,208 |
| MINNESOTA ST HGR EDU FACS AUTH REVENUE |
|
| 10/1/2016 |
|
| 4.49 |
|
| 244,980 |
|
| 248,472 |
|
|
|
| 390,000 |
| MINNESOTA ST HSG FIN AGY |
|
| 7/1/2034 |
|
| 5.05 |
|
| 390,000 |
|
| 410,877 |
|
|
|
| 775,000 |
| MINNESOTA ST HSG FIN AGY |
|
| 1/1/2040 |
|
| 5.10 |
|
| 775,000 |
|
| 778,317 |
|
|
|
| 1,000,000 |
| MISSISSIPPI ST DEV BANK SPL OBLG |
|
| 10/1/2031 |
|
| 6.50 |
|
| 974,270 |
|
| 1,076,010 |
|
|
|
| 125,000 |
| MISSISSIPPI ST HOME CORP SF MTGE REVENUE |
|
| 6/1/2039 |
|
| 6.75 |
|
| 131,310 |
|
| 125,422 |
|
|
|
| 1,000,000 |
| MISSOURI ST HLTH & EDUCTNL FACS AUTH EDUCTNL FACS REVENUE |
|
| 3/1/2033 |
|
| 5.75 |
|
| 1,000,000 |
|
| 937,080 |
|
|
|
| 110,000 |
| MISSOURI ST HSG DEV COMMISSION SF HSG REVENUE |
|
| 9/1/2034 |
|
| 5.25 |
|
| 109,314 |
|
| 114,436 |
|
|
|
|
|
|
See accompanying notes to the financial statements. | 59 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent | |||||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 215,000 |
| MISSOURI ST HSG DEV COMMISSION SF HSG REVENUE |
|
| 9/1/2034 |
|
| 5.35 |
| $ | 215,000 |
|
| 222,007 |
|
|
|
|
| 947,585 |
| MOBERLY MO INDL DEV AUTH(e) |
|
| 9/1/2024 |
|
| 6.00 |
|
| 963,425 |
|
| 66,179 |
|
|
| |
| 1,415,000 |
| MONTANA ST BRD OF HSG |
|
| 12/1/2038 |
|
| 3.75 |
|
| 1,415,000 |
|
| 1,215,103 |
|
|
| |
| 1,000,000 |
| MONTANA ST BRD OF HSG |
|
| 12/1/2038 |
|
| 5.20 |
|
| 1,000,000 |
|
| 1,014,080 |
|
|
| |
| 760,000 |
| MONTANA ST BRD OF HSG |
|
| 12/1/2039 |
|
| 5.50 |
|
| 760,079 |
|
| 776,667 |
|
|
| |
| 500,000 |
| MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION MF REVENUE |
|
| 7/1/2037 |
|
| 5.13 |
|
| 500,000 |
|
| 503,430 |
|
|
| |
| 2,000,000 |
| MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION SF MTGE REVE |
|
| 7/1/2038 |
|
| 4.00 |
|
| 2,000,000 |
|
| 1,724,360 |
|
|
| |
| 1,500,000 |
| MONTGOMERY CNTY OH HLTH CARE FACS REVENUE |
|
| 9/20/2032 |
|
| 6.55 |
|
| 1,460,514 |
|
| 1,505,415 |
|
|
| |
| 800,000 |
| MOUNT CARBON CO MET DIST REVENUE |
|
| 6/1/2043 |
|
| 7.00 |
|
| 800,000 |
|
| 463,456 |
|
|
| |
| 200,000 |
| MOUNT CARBON CO MET DIST REVENUE(e) |
|
| 6/1/2043 |
|
| 8.00 |
|
| - |
|
| 20,000 |
|
|
| |
| 500,000 |
| MULTNOMAH CNTY OR HOSP FACS AUTH REVENUE |
|
| 12/1/2029 |
|
| 5.00 |
|
| 537,162 |
|
| 495,110 |
|
|
| |
| 615,000 |
| MUNSTER IN ECON DEV TAX INCR REVENUE |
|
| 7/15/2026 |
|
| 4.75 |
|
| 612,100 |
|
| 606,519 |
|
|
| |
| 1,000,000 |
| N TX TOLLWAY AUTH REVENUE(b) |
|
| 1/1/2028 |
|
| 3.44 |
|
| 443,054 |
|
| 497,470 |
|
|
| |
| 1,000,000 |
| N TX TOLLWAY AUTH REVENUE |
|
| 1/1/2034 |
|
| 6.00 |
|
| 1,000,000 |
|
| 1,089,220 |
|
|
| |
| 1,000,000 |
| N TX TOLLWAY AUTH REVENUE(b) |
|
| 1/1/2042 |
|
| 0.95 |
|
| 724,547 |
|
| 1,059,640 |
|
|
| |
| 500,000 |
| NARCOOSSEE FL CDD SPL ASSMNT |
|
| 5/1/2033 |
|
| 4.15 |
|
| 498,003 |
|
| 416,565 |
|
|
| |
| 1,000,000 |
| NATRONA CNTY WY HOSP REVENUE |
|
| 9/15/2031 |
|
| 6.35 |
|
| 1,000,000 |
|
| 1,057,820 |
|
|
| |
| 170,000 |
| NEVADA ST HSG DIV SF MTGE REVENUE |
|
| 10/1/2039 |
|
| 5.38 |
|
| 170,000 |
|
| 176,229 |
|
|
| |
| 585,000 |
| NEVADA ST HSG DIV SF MTGE REVENUE |
|
| 10/1/2040 |
|
| 5.10 |
|
| 585,000 |
|
| 589,774 |
|
|
| |
| 1,000,000 |
| NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE |
|
| 1/1/2034 |
|
| 6.00 |
|
| 970,457 |
|
| 1,041,090 |
|
|
| |
| 500,000 |
| NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE |
|
| 8/1/2038 |
|
| 6.00 |
|
| 490,536 |
|
| 534,355 |
|
|
| |
| 1,000,000 |
| NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE |
|
| 7/1/2031 |
|
| 5.20 |
|
| 1,000,000 |
|
| 1,027,730 |
|
|
| |
| 620,000 |
| NEW HAMPSHIRE ST HSG FIN AUTH SF REVENUE |
|
| 7/1/2034 |
|
| 5.38 |
|
| 620,000 |
|
| 637,484 |
|
|
| |
| 455,000 |
| NEW HAMPSHIRE ST HSG FIN AUTH SF REVENUE |
|
| 7/1/2038 |
|
| 6.63 |
|
| 471,460 |
|
| 494,176 |
|
|
| |
| 475,000 |
| NEW JERSEY ST ECON DEV AUTH |
|
| 12/1/2016 |
|
| 5.75 |
|
| 475,000 |
|
| 475,081 |
|
|
| |
| 500,000 |
| NEW JERSEY ST HGR EDU ASSISTANCE AUTH |
|
| 6/1/2024 |
|
| 5.38 |
|
| 497,818 |
|
| 532,605 |
|
|
| |
| 965,000 |
| NEW JERSEY ST HSG & MTGE FIN AGY |
|
| 10/1/2030 |
|
| 4.50 |
|
| 965,000 |
|
| 969,960 |
|
|
| |
| 285,000 |
| NEW JERSEY ST HSG & MTGE FIN AGY |
|
| 10/1/2030 |
|
| 6.45 |
|
| 299,216 |
|
| 300,285 |
|
|
| |
| 550,000 |
| NEW JERSEY ST HSG & MTGE FIN AGY |
|
| 10/1/2034 |
|
| 5.00 |
|
| 550,000 |
|
| 557,046 |
|
|
| |
| 715,000 |
| NEW JERSEY ST HSG & MTGE FIN AGY |
|
| 10/1/2035 |
|
| 5.00 |
|
| 715,000 |
|
| 722,508 |
|
|
| |
| 1,390,000 |
| NEW JERSEY ST HSG & MTGE FIN AGY |
|
| 10/1/2037 |
|
| 5.00 |
|
| 1,380,364 |
|
| 1,391,793 |
|
|
| |
| 1,000,000 |
| NEW JERSEY ST HSG & MTGE FIN AGY MF CONDUIT REVENUE |
|
| 1/1/2030 |
|
| 3.60 |
|
| 1,000,000 |
|
| 863,810 |
|
|
| |
| 1,000,000 |
| NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE |
|
| 5/1/2041 |
|
| 4.95 |
|
| 970,767 |
|
| 913,410 |
|
|
| |
| 330,000 |
| NEW MEXICO ST MTGE FIN AUTH |
|
| 9/1/2029 |
|
| 4.80 |
|
| 330,000 |
|
| 337,003 |
|
|
|
|
|
|
See accompanying notes to the financial statements. | 60 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent | ||||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 610,000 |
| NEW MEXICO ST MTGE FIN AUTH |
|
| 9/1/2029 |
|
| 5.00 |
| $ | 610,000 |
|
| 625,579 |
|
|
|
| 660,000 |
| NEW MEXICO ST MTGE FIN AUTH |
|
| 9/1/2034 |
|
| 5.00 |
|
| 660,000 |
|
| 675,642 |
|
|
|
| 580,000 |
| NEW MEXICO ST MTGE FIN AUTH |
|
| 3/1/2036 |
|
| 5.45 |
|
| 580,000 |
|
| 595,869 |
|
|
|
| 930,000 |
| NEW MEXICO ST MTGE FIN AUTH |
|
| 9/1/2042 |
|
| 3.90 |
|
| 930,000 |
|
| 777,006 |
|
|
|
| 1,395,000 |
| NEW MEXICO ST MTGE FIN AUTH |
|
| 9/1/2042 |
|
| 4.13 |
|
| 1,395,000 |
|
| 1,213,887 |
|
|
|
| 115,000 |
| NEW RIVER FL CDD CAPITAL IMPT REVENUE(e) |
|
| 5/1/2013 |
|
| 5.00 |
|
| 114,821 |
|
| 1 |
|
|
|
| 70,000 |
| NEW RIVER FL CDD CAPITAL IMPT REVENUE |
|
| 5/1/2015 |
|
| 5.00 |
|
| 67,846 |
|
| 67,922 |
|
|
|
| 135,000 |
| NEW RIVER FL CDD CAPITAL IMPT REVENUE |
|
| 5/1/2018 |
|
| 5.00 |
|
| 124,007 |
|
| 68,890 |
|
|
|
| 175,000 |
| NEW RIVER FL CDD CAPITAL IMPT REVENUE(b) |
|
| 5/1/2038 |
|
| 0.64 |
|
| 143,436 |
|
| 75,075 |
|
|
|
| 70,000 |
| NEW RIVER FL CDD CAPITAL IMPT REVENUE |
|
| 5/1/2038 |
|
| 5.75 |
|
| 62,986 |
|
| 55,532 |
|
|
|
| 1,000,000 |
| NEW YORK CITY NY HSG DEV CORPMF HSG REVENUE |
|
| 11/1/2037 |
|
| 3.80 |
|
| 1,000,000 |
|
| 845,030 |
|
|
|
| 2,000,000 |
| NEW YORK CITY NY MUNI WTR FINAUTH WTR & SWR SYS REVENUE |
|
| 6/15/2038 |
|
| 5.00 |
|
| 2,244,663 |
|
| 2,079,400 |
|
|
|
| 2,500,000 |
| NEW YORK ST HSG FIN AGY REVENUE |
|
| 11/1/2042 |
|
| 3.80 |
|
| 2,500,000 |
|
| 2,054,900 |
|
|
|
| 500,000 |
| NEW YORK ST HSG FIN AGY REVENUE |
|
| 11/1/2045 |
|
| 5.10 |
|
| 500,000 |
|
| 501,805 |
|
|
|
| 5,000,000 |
| NEW YORK ST HSG FIN AGY REVENUE |
|
| 5/1/2048 |
|
| 4.10 |
|
| 5,000,000 |
|
| 4,229,450 |
|
|
|
| 2,000,000 |
| NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE |
|
| 10/1/2038 |
|
| 4.85 |
|
| 2,000,000 |
|
| 1,988,440 |
|
|
|
| 1,595,000 |
| NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE |
|
| 10/1/2040 |
|
| 4.13 |
|
| 1,595,000 |
|
| 1,427,031 |
|
|
|
| 500,000 |
| NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE |
|
| 10/1/2042 |
|
| 3.75 |
|
| 500,000 |
|
| 407,160 |
|
|
|
| 1,000,000 |
| NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE |
|
| 10/1/2029 |
|
| 6.38 |
|
| 1,000,000 |
|
| 1,003,550 |
|
|
|
| 1,000,000 |
| NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE |
|
| 1/1/2032 |
|
| 5.25 |
|
| 954,245 |
|
| 1,030,000 |
|
|
|
| 1,000,000 |
| NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE |
|
| 7/1/2035 |
|
| 6.25 |
|
| 976,794 |
|
| 961,760 |
|
|
|
| 1,395,000 |
| NORTH DAKOTA ST HSG FIN AGY |
|
| 7/1/2032 |
|
| 3.60 |
|
| 1,395,000 |
|
| 1,194,343 |
|
|
|
| 1,000,000 |
| NORTH DAKOTA ST HSG FIN AGY |
|
| 7/1/2033 |
|
| 5.00 |
|
| 1,000,000 |
|
| 1,021,070 |
|
|
|
| 2,000,000 |
| NORTH DAKOTA ST HSG FIN AGY |
|
| 1/1/2038 |
|
| 5.15 |
|
| 2,000,000 |
|
| 2,034,580 |
|
|
|
| 890,000 |
| NORTH DAKOTA ST HSG FIN AGY |
|
| 7/1/2040 |
|
| 5.05 |
|
| 890,000 |
|
| 894,406 |
|
|
|
| 1,000,000 |
| NTHRN IL UNIV |
|
| 4/1/2026 |
|
| 5.50 |
|
| 1,012,576 |
|
| 1,067,360 |
|
|
|
| 650,000 |
| NTHRN INYO CNTY CA LOCAL HOSP DIST |
|
| 12/1/2029 |
|
| 5.00 |
|
| 677,314 |
|
| 611,852 |
|
|
|
| 2,000,000 |
| OAK PARK CA UNIF SCH DIST(b) |
|
| 8/1/2038 |
|
| 1.86 |
|
| 1,055,040 |
|
| 1,367,900 |
|
|
|
| 1,250,000 |
| OAKLAND CNTY MI ECON DEV CORP LTD OBLG REVENUE |
|
| 12/1/2020 |
|
| 6.50 |
|
| 1,243,771 |
|
| 1,290,588 |
|
|
|
| 450,000 |
| OHIO ST HSG FIN AGY RSDL MTGE REVENUE |
|
| 9/1/2033 |
|
| 5.40 |
|
| 450,000 |
|
| 462,843 |
|
|
|
| 65,000 |
| OHIO ST HSG FIN AGY RSDL MTGE REVENUE |
|
| 9/1/2033 |
|
| 5.45 |
|
| 65,000 |
|
| 67,220 |
|
|
|
| 315,000 |
| OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE |
|
| 3/1/2032 |
|
| 5.15 |
|
| 315,000 |
|
| 320,664 |
|
|
|
|
|
|
See accompanying notes to the financial statements. | 61 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent | ||||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 470,000 |
| OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE |
|
| 9/1/2038 |
|
| 6.50 |
| $ | 486,875 |
|
| 474,315 |
|
|
|
| 970,000 |
| OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE |
|
| 7/1/2038 |
|
| 4.00 |
|
| 970,000 |
|
| 845,006 |
|
|
|
| 2,280,000 |
| PACHECO CA UNION SCH DIST COPS(b) |
|
| 2/1/2037 |
|
| 2.96 |
|
| 569,538 |
|
| 593,028 |
|
|
|
| 1,000,000 |
| PALM BEACH CNTY FL HLTH FACS AUTH REVENUE |
|
| 11/15/2022 |
|
| 5.38 |
|
| 930,683 |
|
| 1,014,750 |
|
|
|
| 500,000 |
| PALMA SOLA TRACE FL CDD CAPITAL IMPT REVENUE |
|
| 5/1/2029 |
|
| 4.00 |
|
| 500,000 |
|
| 438,070 |
|
|
|
| 1,665,000 |
| PATTERSON CA JT UNIF SCH DIST(b) |
|
| 8/1/2027 |
|
| 3.77 |
|
| 693,939 |
|
| 831,518 |
|
|
|
| 1,000,000 |
| PELL CITY AL SPL CARE FACS FING AUTH REVENUE |
|
| 12/1/2039 |
|
| 5.00 |
|
| 1,060,266 |
|
| 936,560 |
|
|
|
| 500,000 |
| PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE |
|
| 7/1/2039 |
|
| 0.82 |
|
| 500,000 |
|
| 343,150 |
|
|
|
| 50,000 |
| PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE |
|
| 10/1/2025 |
|
| 5.00 |
|
| 50,141 |
|
| 50,754 |
|
|
|
| 1,000,000 |
| PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE |
|
| 10/1/2029 |
|
| 4.63 |
|
| 923,310 |
|
| 1,005,960 |
|
|
|
| 1,000,000 |
| PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE |
|
| 10/1/2037 |
|
| 3.65 |
|
| 1,006,721 |
|
| 815,910 |
|
|
|
| 500,000 |
| PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE |
|
| 10/1/2038 |
|
| 4.00 |
|
| 500,000 |
|
| 422,510 |
|
|
|
| 885,000 |
| PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE |
|
| 10/1/2042 |
|
| 3.70 |
|
| 885,000 |
|
| 713,009 |
|
|
|
| 1,935,000 |
| PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE(b) |
|
| 12/1/2035 |
|
| 0.90 |
|
| 1,545,038 |
|
| 1,728,903 |
|
|
|
| 1,500,000 |
| PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE(b) |
|
| 12/1/2038 |
|
| 1.02 |
|
| 1,110,071 |
|
| 1,308,270 |
|
|
|
| 5,000,000 |
| PEORIA IL PUBLIC BLDG COMMISSION SCH DIST FACS REVENUE(b) |
|
| 12/1/2026 |
|
| 3.73 |
|
| 2,246,940 |
|
| 2,509,600 |
|
|
|
| 500,000 |
| PHOENIX AZ INDL DEV AUTH EDU REVENUE |
|
| 7/1/2022 |
|
| 5.00 |
|
| 500,000 |
|
| 476,680 |
|
|
|
| 2,500,000 |
| PHOENIX AZ INDL DEV AUTH LEASE REVENUE |
|
| 6/1/2034 |
|
| 5.25 |
|
| 2,545,829 |
|
| 2,490,575 |
|
|
|
| 480,000 |
| PIMA CNTY AZ INDL DEV AUTH EDU REVENUE |
|
| 6/1/2016 |
|
| 6.00 |
|
| 482,003 |
|
| 488,155 |
|
|
|
| 660,000 |
| PIMA CNTY AZ INDL DEV AUTH EDU REVENUE |
|
| 12/1/2017 |
|
| 5.35 |
|
| 608,897 |
|
| 663,148 |
|
|
|
| 310,000 |
| PIMA CNTY AZ INDL DEV AUTH EDU REVENUE |
|
| 12/1/2018 |
|
| 6.38 |
|
| 310,000 |
|
| 323,426 |
|
|
|
| 45,000 |
| PIMA CNTY AZ INDL DEV AUTH EDU REVENUE |
|
| 7/1/2021 |
|
| 6.70 |
|
| 45,000 |
|
| 45,141 |
|
|
|
| 865,000 |
| PIMA CNTY AZ INDL DEV AUTH EDU REVENUE |
|
| 6/1/2022 |
|
| 5.00 |
|
| 808,776 |
|
| 810,617 |
|
|
|
| 10,000 |
| PIMA CNTY AZ INDL DEV AUTH EDU REVENUE |
|
| 7/1/2031 |
|
| 6.75 |
|
| 7,438 |
|
| 9,814 |
|
|
|
| 2,625,000 |
| PITTSBURG CALIF UNI SCH DIST FING AUTH REV(b) |
|
| 9/1/2031 |
|
| 3.78 |
|
| 865,783 |
|
| 877,616 |
|
|
|
| 1,000,000 |
| PUBLIC FIN AUTH WI CCRC REVENUE |
|
| 6/1/2020 |
|
| 7.00 |
|
| 987,341 |
|
| 1,079,560 |
|
|
|
| 1,500,000 |
| PUBLIC FIN AUTH WI CCRC REVENUE |
|
| 6/1/2046 |
|
| 8.25 |
|
| 1,561,583 |
|
| 1,637,595 |
|
|
|
| 500,000 |
| PUBLIC FIN AUTH WI EDUCTNL FAC REVENUE |
|
| 9/1/2022 |
|
| 5.25 |
|
| 500,000 |
|
| 476,195 |
|
|
|
| 900,000 |
| PUBLIC FIN AUTH WI REVENUE |
|
| 4/1/2022 |
|
| 5.00 |
|
| 900,000 |
|
| 885,015 |
|
|
|
| 600,000 |
| PUBLIC FIN AUTH WI REVENUE |
|
| 4/1/2032 |
|
| 5.50 |
|
| 600,000 |
|
| 557,514 |
|
|
|
| 221,000 |
| PUBLIC FIN AUTH WI REVENUE(b) |
|
| 10/1/2042 |
|
| (0.46) |
|
| 250,020 |
|
| 69,374 |
|
|
|
| 221,000 |
| PUBLIC FIN AUTH WI REVENUE(b) |
|
| 10/1/2042 |
|
| (0.46) |
|
| 250,018 |
|
| 2 |
|
|
|
| 515,000 |
| PUBLIC FIN AUTH WI REVENUE |
|
| 10/1/2042 |
|
| 7.00 |
|
| 577,658 |
|
| 439,568 |
|
|
|
| 1,000,000 |
| PUERTO RICO CMWLTH |
|
| 7/1/2028 |
|
| 6.00 |
|
| 990,386 |
|
| 682,680 |
|
|
|
|
|
|
See accompanying notes to the financial statements. | 62 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
|
| Cost |
|
| Fair |
|
| Percent | |||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 1,500,000 |
| PUERTO RICO CMWLTH |
|
| 7/1/2035 |
|
| 5.00 |
| $ | 1,500,000 |
|
| 1,219,005 |
|
|
|
| 1,000,000 |
| PUERTO RICO CMWLTH |
|
| 7/1/2040 |
|
| 6.50 |
|
| 1,014,691 |
|
| 700,440 |
|
|
|
| 500,000 |
| PUERTO RICO ELEC PWR AUTH PWR REVENUE |
|
| 7/1/2025 |
|
| 0.85 |
|
| 500,000 |
|
| 339,525 |
|
|
|
| 1,000,000 |
| PUERTO RICO ELEC PWR AUTH PWRREVENUE |
|
| 7/1/2030 |
|
| 7.25 |
|
| 1,035,940 |
|
| 828,760 |
|
|
|
| 1,000,000 |
| PUERTO RICO INDL TOURIST EDUCTNL MED & ENVRNMNTL CONTROL FAC |
|
| 11/15/2025 |
|
| 6.13 |
|
| 1,000,000 |
|
| 1,009,580 |
|
|
|
| 1,000,000 |
| PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE(b) |
|
| 8/1/2033 |
|
| 1.88 |
|
| 614,706 |
|
| 506,690 |
|
|
|
| 500,000 |
| PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE |
|
| 8/1/2037 |
|
| 5.75 |
|
| 370,970 |
|
| 369,320 |
|
|
|
| 500,000 |
| PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE |
|
| 8/1/2057 |
|
| 1.09 |
|
| 500,000 |
|
| 281,225 |
|
|
|
| 1,260,000 |
| QUECHAN INDIAN TRIBE AZ FORT YUMA INDIAN RESERVATION |
|
| 5/1/2025 |
|
| 9.75 |
|
| 1,260,000 |
|
| 1,402,531 |
|
|
|
| 500,000 |
| RED RIVER TX HLTH FACS DEV CORP FIRST MTGE REVENUE |
|
| 1/1/2032 |
|
| 5.50 |
|
| 513,955 |
|
| 455,795 |
|
|
|
| 1,000,000 |
| REDONDO BEACH CA UNIF SCH DIST(b) |
|
| 8/1/2034 |
|
| 1.38 |
|
| 705,454 |
|
| 930,820 |
|
|
|
| 750,000 |
| REEF-SUNSET CA UNIF SCH DIST(b) |
|
| 8/1/2038 |
|
| 1.30 |
|
| 507,555 |
|
| 423,735 |
|
|
|
| 500,000 |
| RHODE ISLAND ST HLTH & EDUCTNL BLDG CORP |
|
| 5/15/2030 |
|
| 6.25 |
|
| 493,911 |
|
| 544,295 |
|
|
|
| 1,000,000 |
| RHODE ISLAND ST HSG & MTGE FIN CORP |
|
| 10/1/2028 |
|
| 4.00 |
|
| 994,442 |
|
| 987,050 |
|
|
|
| 750,000 |
| RHODE ISLAND ST HSG & MTGE FIN CORP |
|
| 10/1/2037 |
|
| 3.90 |
|
| 750,000 |
|
| 640,672 |
|
|
|
| 325,000 |
| RICHMOND IN HOSP AUTH REVENUE |
|
| 1/1/2029 |
|
| 6.50 |
|
| 315,881 |
|
| 350,649 |
|
|
|
| 1,000,000 |
| RIVERSIDE CA CMNTY PPTYS DEV INC LEASE REVENUE |
|
| 10/15/2038 |
|
| 6.00 |
|
| 1,026,765 |
|
| 1,053,610 |
|
|
|
| 3,000,000 |
| ROBLA CA SCH DIST(b) |
|
| 8/1/2036 |
|
| 3.22 |
|
| 815,272 |
|
| 828,450 |
|
|
|
| 500,000 |
| S BAYSIDE CA WST MGMT AUTH SOL WST ENTERPRISE REVENUE |
|
| 9/1/2029 |
|
| 6.25 |
|
| 512,179 |
|
| 541,485 |
|
|
|
| 1,000,000 |
| S COAST IN CONSERVANCY DIST |
|
| 1/1/2028 |
|
| 5.25 |
|
| 995,039 |
|
| 924,280 |
|
|
|
| 580,000 |
| S WSTRN IL DEV AUTH |
|
| 10/1/2022 |
|
| 7.00 |
|
| 580,000 |
|
| 464,592 |
|
|
|
| 175,000 |
| S WSTRN IL DEV AUTH |
|
| 11/1/2026 |
|
| 5.63 |
|
| 174,000 |
|
| 136,146 |
|
|
|
| 350,000 |
| SACRAMENTO CNTY CA WTR FING AUTH REVENUE |
|
| 6/1/2039 |
|
| 0.73 |
|
| 350,000 |
|
| 239,970 |
|
|
|
| 645,000 |
| SADDLEBACK VLY CA UNIF SCH DIST PUBLIC FING AUTH |
|
| 9/1/2017 |
|
| 5.65 |
|
| 645,000 |
|
| 647,786 |
|
|
|
| 107,000 |
| SAINT BERNARD PARISH LA HOME MTGE AUTH SF MTGE |
|
| 3/1/2039 |
|
| 5.80 |
|
| 105,014 |
|
| 111,334 |
|
|
|
| 500,000 |
| SAINT JOHNS CNTY FL INDL DEV AUTH REVENUE |
|
| 8/1/2040 |
|
| 5.88 |
|
| 493,049 |
|
| 509,110 |
|
|
|
| 460,000 |
| SAINT JOSEPH CNTY IN ECON DEV REVENUE |
|
| 5/15/2026 |
|
| 6.00 |
|
| 348,323 |
|
| 462,075 |
|
|
|
| 500,000 |
| SAINT JOSEPH CNTY IN ECON DEV REVENUE |
|
| 5/15/2038 |
|
| 6.00 |
|
| 372,252 |
|
| 477,805 |
|
|
|
| 1,000,000 |
| SAINT JOSEPH CNTY IN ECON DEV REVENUE |
|
| 5/15/2039 |
|
| 6.25 |
|
| 1,013,482 |
|
| 983,050 |
|
|
|
| 425,694 |
| SAINT JOSEPH CNTY IN HOSP AUTH HLTH FACS REVENUE(e) |
|
| 2/15/2028 |
|
| 5.25 |
|
| 431,280 |
|
| 45,664 |
|
|
|
| 500,000 |
| SAINT LOUIS CNTY MO INDL DEV AUTH |
|
| 8/15/2032 |
|
| 5.88 |
|
| 500,000 |
|
| 453,230 |
|
|
|
| 750,000 |
| SAINT LOUIS CNTY MO INDL DEV AUTH SENIOR LIVING FACS |
|
| 9/1/2042 |
|
| 5.00 |
|
| 773,930 |
|
| 689,085 |
|
|
|
| 79,190 |
| SAINT TAMMANY PARISH LA FIN AUTH SF MTGE REVENUE |
|
| 12/1/2039 |
|
| 5.25 |
|
| 80,981 |
|
| 79,744 |
|
|
|
| 1,000,000 |
| SALEM OR HOSP FAC AUTH REVENUE |
|
| 5/15/2027 |
|
| 5.75 |
|
| 1,024,963 |
|
| 1,006,190 |
|
|
|
|
|
|
See accompanying notes to the financial statements. | 63 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 500,000 |
| SALINE MI ECON DEV CORP |
|
| 6/1/2032 |
|
| 5.25 |
| $ | 503,341 |
|
| 449,765 |
|
|
|
|
| 500,000 |
| SAN DIEGO CA HSG AUTH MF HSG REVENUE |
|
| 5/1/2029 |
|
| 5.00 |
|
| 500,000 |
|
| 501,895 |
|
|
|
|
| 1,500,000 |
| SAN GABRIEL CA UNIF SCH DIST(b) |
|
| 8/1/2039 |
|
| 0.32 |
|
| 1,377,432 |
|
| 1,381,215 |
|
|
|
|
| 1,000,000 |
| SAN JOSE CA FING AUTH |
|
| 6/1/2039 |
|
| 5.00 |
|
| 1,068,066 |
|
| 1,014,970 |
|
|
|
|
| 500,000 |
| SANTA MONICA CA REDEV AGY |
|
| 7/1/2036 |
|
| 5.88 |
|
| 517,271 |
|
| 546,680 |
|
|
|
|
| 1,450,000 |
| SARASOTA CNTY FL HLTH FACS AUTH RETMNT FAC REVENUE |
|
| 1/1/2027 |
|
| 5.50 |
|
| 1,219,567 |
|
| 1,477,564 |
|
|
|
|
| 1,000,000 |
| SARASOTA CNTY FL HLTH FACS AUTH RETMNT FAC REVENUE |
|
| 1/1/2032 |
|
| 5.50 |
|
| 1,012,462 |
|
| 1,005,690 |
|
|
|
|
| 1,000,000 |
| SCHERERVILLE IN ECON DEV REVENUE |
|
| 1/15/2030 |
|
| 6.00 |
|
| 1,020,870 |
|
| 1,045,350 |
|
|
|
|
| 770,000 |
| SEATTLE WA HSG AUTH POOLED HSG REVENUE |
|
| 9/15/2033 |
|
| 5.75 |
|
| 787,212 |
|
| 798,321 |
|
|
|
|
| 500,000 |
| SEMINOLE TRIBE FL SPL OBLG REVENUE(c) |
|
| 10/1/2024 |
|
| 5.50 |
|
| 503,020 |
|
| 517,650 |
|
|
|
|
| 500,000 |
| SEVEN OAKS FL CMNTY DEV DIST SPL ASSMNT REVENUE |
|
| 5/1/2033 |
|
| 5.50 |
|
| 488,363 |
|
| 476,520 |
|
|
|
|
| 150,000 |
| SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(e) |
|
| 1/1/2019 |
|
| 5.35 |
|
| 134,966 |
|
| 8,998 |
|
|
|
|
| 625,000 |
| SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(e) |
|
| 1/1/2029 |
|
| 5.55 |
|
| 556,862 |
|
| 37,494 |
|
|
|
|
| 130,000 |
| SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(e) |
|
| 1/1/2029 |
|
| 6.00 |
|
| - |
|
| 1 |
|
|
|
|
| 460,000 |
| SOUTH CAROLINA ST EDU ASSISTANCE AUTH |
|
| 10/1/2029 |
|
| 5.10 |
|
| 455,075 |
|
| 474,048 |
|
|
|
|
| 190,000 |
| SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE |
|
| 7/1/2032 |
|
| 5.50 |
|
| 190,000 |
|
| 193,751 |
|
|
|
|
| 356,475 |
| SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE |
|
| 11/15/2032 |
|
| 6.00 |
|
| 356,758 |
|
| 222,601 |
|
|
|
|
| 228,572 |
| SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE(b) |
|
| 11/15/2047 |
|
| 0.04 |
|
| 225,000 |
|
| 229 |
|
|
|
|
| 152,775 |
| SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE(b) |
|
| 11/15/2047 |
|
| 0.14 |
|
| 145,160 |
|
| 153 |
|
|
|
|
| 315,197 |
| SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE |
|
| 11/15/2047 |
|
| 6.00 |
|
| 310,346 |
|
| 189,487 |
|
|
|
|
| 1,400,000 |
| SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE |
|
| 12/1/2043 |
|
| 5.75 |
|
| 1,492,440 |
|
| 1,518,860 |
|
|
|
|
| 500,000 |
| SOUTH DAKOTA ST HLTH & EDUCTNL FACS AUTH |
|
| 9/1/2032 |
|
| 5.00 |
|
| 499,508 |
|
| 482,895 |
|
|
|
|
| 290,000 |
| SOUTHSIDE AZ CMNTY FACS DIST #1 SPL ASSMNT REVENUE PRESCOTT |
|
| 7/1/2018 |
|
| 6.13 |
|
| 227,334 |
|
| 225,324 |
|
|
|
|
| 1,000,000 |
| SPARKS NV REDEV AGY TAX INCR REVENUE |
|
| 6/1/2020 |
|
| 7.25 |
|
| 992,434 |
|
| 1,044,720 |
|
|
|
|
| 1,000,000 |
| SPARKS NV REDEV AGY TAX INCR REVENUE |
|
| 1/15/2022 |
|
| 5.00 |
|
| 982,437 |
|
| 1,016,280 |
|
|
|
|
| 1,000,000 |
| SPRINGFIELD IL ELEC REVENUE |
|
| 3/1/2035 |
|
| 5.00 |
|
| 1,027,175 |
|
| 958,350 |
|
|
|
|
| 155,000 |
| STERLING HILL FL CDD CAPITAL IMPT REVENUE(e) |
|
| 11/1/2010 |
|
| 5.50 |
|
| 155,000 |
|
| 93,000 |
|
|
|
|
| 2,500,000 |
| SULPHUR SPRINGS CA UNION SCH DIST COPS(b) |
|
| 12/1/2037 |
|
| 1.00 |
|
| 1,900,190 |
|
| 2,408,950 |
|
|
|
|
| 1,500,000 |
| SUTTER BUTTE CA FLOOD AGY ASSMNT REVENUE |
|
| 10/1/2038 |
|
| 4.00 |
|
| 1,481,336 |
|
| 1,270,965 |
|
|
|
|
| 500,000 |
| TALLAHASSEE FL HLTH FACS REVENUE |
|
| 12/1/2030 |
|
| 6.38 |
|
| 491,736 |
|
| 500,000 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 64 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 1,000,000 |
| TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE |
|
| 11/15/2038 |
|
| 5.00 |
| $ | 1,106,292 |
|
| 988,710 |
|
|
|
|
| 150,000 |
| TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU |
|
| 2/15/2016 |
|
| 7.25 |
|
| 150,000 |
|
| 150,306 |
|
|
|
|
| 750,000 |
| TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU |
|
| 11/15/2019 |
|
| 7.75 |
|
| 750,000 |
|
| 806,602 |
|
|
|
|
| 1,000,000 |
| TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU |
|
| 11/15/2026 |
|
| 6.00 |
|
| 1,017,839 |
|
| 1,015,690 |
|
|
|
|
| 750,000 |
| TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU |
|
| 11/15/2036 |
|
| 6.00 |
|
| 761,555 |
|
| 751,305 |
|
|
|
|
| 225,000 |
| TENNESSEE ST HSG DEV AGY |
|
| 7/1/2038 |
|
| 5.45 |
|
| 225,000 |
|
| 229,626 |
|
|
|
|
| 1,485,000 |
| TENNESSEE ST HSG DEV AGY |
|
| 7/1/2043 |
|
| 3.80 |
|
| 1,485,000 |
|
| 1,223,937 |
|
|
|
|
| 530,000 |
| TEXAS ST DEPT OF HSG & CMNTY AFFAIRS |
|
| 7/1/2039 |
|
| 5.45 |
|
| 530,000 |
|
| 541,846 |
|
|
|
|
| 250,000 |
| TEXAS ST MUNI GAS ACQUISITION & SPLY CORP I GAS SPLY REVENUE |
|
| 12/15/2026 |
|
| 1.61 |
|
| 250,000 |
|
| 206,868 |
|
|
|
|
| 2,000,000 |
| TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE |
|
| 6/30/2033 |
|
| 7.50 |
|
| 2,046,228 |
|
| 2,227,680 |
|
|
|
|
| 800,000 |
| TEXAS ST STUDENT HSG AUTH REVENUE(e) |
|
| 1/1/2033 |
|
| 11.00 |
|
| 800,000 |
|
| 8 |
|
|
|
|
| 1,000,000 |
| TOBACCO SETTLEMENT AUTH WA TOBACCO SETTLEMENT REVENUE |
|
| 6/1/2029 |
|
| 5.25 |
|
| 1,042,674 |
|
| 1,040,260 |
|
|
|
|
| 650,000 |
| TOBACCO SETTLEMENT FING CORP LA REVENUE |
|
| 5/15/2030 |
|
| 5.50 |
|
| 683,775 |
|
| 658,132 |
|
|
|
|
| 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(e) |
|
| 5/1/2017 |
|
| 6.38 |
|
| 300,000 |
|
| 171,840 |
|
|
|
|
| 100,000 |
| TOLOMATO FL CDD(e) |
|
| 5/1/2017 |
|
| 6.38 |
|
| 100,000 |
|
| 1 |
|
|
|
|
| 95,000 |
| TOLOMATO FL CDD |
|
| 5/1/2017 |
|
| 6.38 |
|
| 95,000 |
|
| 91,029 |
|
|
|
|
| 10,000 |
| TOLOMATO FL CDD(e) |
|
| 5/1/2017 |
|
| 6.38 |
|
| 10,000 |
|
| 9,808 |
|
|
|
|
| 35,000 |
| TOLOMATO FL CDD(b) |
|
| 5/1/2039 |
|
| 1.39 |
|
| 22,521 |
|
| 25,691 |
|
|
|
|
| 90,000 |
| TOLOMATO FL CDD(b) |
|
| 5/1/2040 |
|
| 1.34 |
|
| 57,863 |
|
| 53,836 |
|
|
|
|
| 50,000 |
| TOLOMATO FL CDD(b) |
|
| 5/1/2040 |
|
| 1.34 |
|
| 32,146 |
|
| 22,142 |
|
|
|
|
| 2,000,000 |
| TORRANCE CA UNIF SCH DIST(b) |
|
| 8/1/2023 |
|
| 4.12 |
|
| 1,114,133 |
|
| 1,351,420 |
|
|
|
|
| 1,000,000 |
| TRACY CA JT UNIF SCH DIST(b) |
|
| 8/1/2041 |
|
| 2.00 |
|
| 447,441 |
|
| 482,770 |
|
|
|
|
| 1,000,000 |
| TRAVIS CNTY TX HLTH FACS DEV CORP |
|
| 11/1/2016 |
|
| 6.25 |
|
| 1,000,000 |
|
| 1,001,080 |
|
|
|
|
| 330,000 |
| TRAVIS CNTY TX HLTH FACS DEV CORP |
|
| 1/1/2017 |
|
| 5.50 |
|
| 326,943 |
|
| 329,729 |
|
|
|
|
| 1,000,000 |
| TRAVIS CNTY TX HLTH FACS DEV CORP |
|
| 1/1/2022 |
|
| 6.00 |
|
| 991,395 |
|
| 969,190 |
|
|
|
|
| 500,000 |
| TURLOCK CA PUBLIC FING AUTH WTR REVENUE |
|
| 5/1/2032 |
|
| 4.75 |
|
| 519,794 |
|
| 505,625 |
|
|
|
|
| 1,250,000 |
| TUSTIN CA UNIF SCH DIST(b) |
|
| 8/1/2028 |
|
| 2.33 |
|
| 799,820 |
|
| 937,688 |
|
|
|
|
| 750,000 |
| UNIVERSAL ACADEMY MI PUBLIC SCH ACADEMY REVENUE |
|
| 12/1/2023 |
|
| 6.50 |
|
| 736,575 |
|
| 736,020 |
|
|
|
|
| 600,000 |
| UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE |
|
| 7/15/2018 |
|
| 6.38 |
|
| 600,000 |
|
| 626,940 |
|
|
|
|
| 500,000 |
| UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE |
|
| 7/15/2025 |
|
| 6.50 |
|
| 500,000 |
|
| 519,080 |
|
|
|
|
| 1,500,000 |
| UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE |
|
| 10/15/2033 |
|
| 6.50 |
|
| 1,538,475 |
|
| 1,528,155 |
|
|
|
|
| 445,000 |
| UTAH ST HSG CORP SF MTGE REVENUE |
|
| 1/1/2032 |
|
| 4.95 |
|
| 445,000 |
|
| 440,919 |
|
|
|
|
| 715,000 |
| UTAH ST HSG CORP SF MTGE REVENUE |
|
| 1/1/2033 |
|
| 5.75 |
|
| 715,000 |
|
| 745,917 |
|
|
|
|
| 490,000 |
| VANCOUVER WA HSG AUTH |
|
| 3/1/2025 |
|
| 5.00 |
|
| 482,935 |
|
| 501,324 |
|
|
|
|
| 1,000,000 |
| VERMONT ST HSG FIN AGY |
|
| 5/1/2032 |
|
| 4.88 |
|
| 995,073 |
|
| 973,340 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 65 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||||
Municipal Bonds (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 985,000 |
| VERMONT ST HSG FIN AGY MULTI FAMILY |
|
| 8/15/2041 |
|
| 3.80 |
| $ | 968,389 |
|
| 793,851 |
|
|
|
|
| 500,000 |
| VERONA WALK FL CDD |
|
| 5/1/2030 |
|
| 4.25 |
|
| 496,485 |
|
| 445,585 |
|
|
|
|
| 1,000,000 |
| VIRGINIA ST HSG DEV AUTH |
|
| 7/1/2033 |
|
| 4.13 |
|
| 1,000,000 |
|
| 913,950 |
|
|
|
|
| 1,500,000 |
| VIRGINIA ST HSG DEV AUTH |
|
| 10/1/2038 |
|
| 5.10 |
|
| 1,500,000 |
|
| 1,518,900 |
|
|
|
|
| 1,000,000 |
| VIRGINIA ST HSG DEV AUTH |
|
| 12/1/2039 |
|
| 5.00 |
|
| 1,000,000 |
|
| 1,007,980 |
|
|
|
|
| 2,500,000 |
| VIRGINIA ST HSG DEV AUTH CMWLTH MTGE |
|
| 1/1/2038 |
|
| 3.88 |
|
| 2,496,316 |
|
| 2,182,250 |
|
|
|
|
| 3,000,000 |
| VIRGINIA ST HSG DEV AUTH CMWLTH MTGE |
|
| 7/1/2038 |
|
| 4.80 |
|
| 3,000,000 |
|
| 3,012,570 |
|
|
|
|
| 2,000,000 |
| VIRGINIA ST HSG DEV AUTH CMWLTH MTGE |
|
| 10/1/2038 |
|
| 4.75 |
|
| 2,000,000 |
|
| 2,001,280 |
|
|
|
|
| 1,000,000 |
| W CAMPUS HSG LLC AZ STUDENT HSG REVENUE |
|
| 7/1/2025 |
|
| 5.00 |
|
| 894,741 |
|
| 956,160 |
|
|
|
|
| 1,000,000 |
| WASHINGTON ST HLTH CARE FACS AUTH |
|
| 3/1/2029 |
|
| 7.12 |
|
| 977,324 |
|
| 1,177,940 |
|
|
|
|
| 1,500,000 |
| WASHINGTON ST HSG FIN COMMISSION |
|
| 10/1/2022 |
|
| 6.00 |
|
| 1,500,000 |
|
| 1,450,365 |
|
|
|
|
| 1,500,000 |
| WASHINGTON ST HSG FIN COMMISSION |
|
| 7/1/2030 |
|
| 3.50 |
|
| 1,500,000 |
|
| 1,258,200 |
|
|
|
|
| 500,000 |
| WASHINGTON ST HSG FIN COMMISSION |
|
| 7/1/2033 |
|
| 5.00 |
|
| 545,370 |
|
| 485,450 |
|
|
|
|
| 500,000 |
| WASHINGTON ST HSG FIN COMMISSION |
|
| 12/1/2033 |
|
| 3.50 |
|
| 500,000 |
|
| 425,250 |
|
|
|
|
| 1,935,000 |
| WASHINGTON ST HSG FIN COMMISSION NONPROFIT REVENUE |
|
| 1/1/2017 |
|
| 5.25 |
|
| 1,917,596 |
|
| 1,904,001 |
|
|
|
|
| 1,000,000 |
| WASHINGTON ST HSG FIN COMMISSION NONPROFIT REVENUE |
|
| 1/1/2027 |
|
| 5.63 |
|
| 919,756 |
|
| 909,290 |
|
|
|
|
| 400,000 |
| WATERS EDGE FL CDD CAPITAL IMPT REVENUE(b) |
|
| 5/1/2039 |
|
| 0.87 |
|
| 337,752 |
|
| 247,332 |
|
|
|
|
| 6,000 |
| WATERS EDGE FL CDD CAPITAL IMPT REVENUE |
|
| 5/1/2039 |
|
| 5.35 |
|
| 7,958 |
|
| 5,373 |
|
|
|
|
| 550,000 |
| WESTCHESTER CO NY LOCAL DEV CORP REVENUE |
|
| 1/1/2034 |
|
| 5.00 |
|
| 588,184 |
|
| 531,118 |
|
|
|
|
| 685,000 |
| WESTMONT IL PARK DIST(b) |
|
| 12/1/2031 |
|
| 3.61 |
|
| 240,034 |
|
| 239,175 |
|
|
|
|
| 685,000 |
| WESTMONT IL PARK DIST(b) |
|
| 12/1/2033 |
|
| 3.48 |
|
| 207,412 |
|
| 206,986 |
|
|
|
|
| 1,000,000 |
| WHIDBEY ISLAND WA PUBLIC HOSPDIST |
|
| 12/1/2033 |
|
| 5.50 |
|
| 1,021,148 |
|
| 1,024,730 |
|
|
|
|
| 1,350,000 |
| WICHITA KS HLTH CARE FACS REVENUE |
|
| 5/15/2034 |
|
| 6.25 |
|
| 1,350,000 |
|
| 1,323,243 |
|
|
|
|
| 1,000,000 |
| WICHITA KS HLTH CARE FACS REVENUE |
|
| 12/15/2036 |
|
| 7.12 |
|
| 986,104 |
|
| 983,050 |
|
|
|
|
| 1,000,000 |
| WISCONSIN ST GEN FUND ANNUAL APPROP REVENUE |
|
| 5/1/2027 |
|
| 6.00 |
|
| 1,015,894 |
|
| 1,159,220 |
|
|
|
|
| 1,000,000 |
| WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE |
|
| 7/1/2030 |
|
| 5.75 |
|
| 1,020,575 |
|
| 1,059,950 |
|
|
|
|
| 1,000,000 |
| WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE |
|
| 12/1/2034 |
|
| 6.31 |
|
| 1,000,000 |
|
| 647,890 |
|
|
|
|
| 1,000,000 |
| WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE |
|
| 5/15/2036 |
|
| 5.00 |
|
| 1,016,682 |
|
| 963,430 |
|
|
|
|
| 1,000,000 |
| WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE |
|
| 8/15/2043 |
|
| 5.00 |
|
| 1,050,588 |
|
| 928,630 |
|
|
|
|
| 720,000 |
| WSTRN GENERATION AGY OR COGENERATION PROJ REVENUE |
|
| 1/1/2021 |
|
| 5.00 |
|
| 720,118 |
|
| 692,446 |
|
|
|
|
| 500,000 |
| WYOMING CMNTY DEV AUTH STUDENT HSG REV |
|
| 7/1/2031 |
|
| 6.25 |
|
| 500,000 |
|
| 512,005 |
|
|
|
|
| 2,760,000 |
| WYOMING ST CMNTY DEV AUTH HSG REVENUE |
|
| 12/1/2038 |
|
| 4.05 |
|
| 2,760,000 |
|
| 2,385,164 |
|
|
|
|
| 355,000 |
| ZEPHYR RIDGE FL CDD CAPITAL IMPT REVENUE(e) |
|
| 5/1/2013 |
|
| 5.25 |
|
| 355,352 |
|
| 139,377 |
|
|
|
|
|
| Sub-total Municipal Bonds: |
|
|
|
|
|
|
|
| 443,488,179 |
|
| 425,648,513 |
|
| 91.53% |
|
|
|
|
See accompanying notes to the financial statements. | 66 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par/Shares |
| Security |
| Maturity |
| Coupon |
| Cost |
| Fair |
| Percent |
| ||||||
Short-Term Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 10,777,197 |
| NORTHERN INSTITUTIONAL FUNDS - TAX-EXEMPT PORTFOLIO, 0.01%(g) |
|
|
|
|
|
|
| $ | 10,777,197 |
|
| 10,777,197 |
|
|
|
|
|
| Sub-total Short-Term Investments: |
|
|
|
|
|
| 10,777,197 |
|
| 10,777,197 |
|
| 2.32 | % | |||
|
|
| Grand total(h) |
|
|
|
|
|
|
| $ | 484,138,642 |
|
| 465,362,140 |
|
| 100.07 | % |
|
|
|
Notes to Schedule of Investments: | ||
|
|
|
| (a) | Investments 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. |
|
|
|
| (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, 2013, the value of these restricted illiquid securities amounted to approximately $446,450 or 0.10% 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 |
|
| MICHIGAN ST PUBLIC EDUCTNL FACS AUTH, |
| 9/24/07 - 4/12/11 |
|
| 606,563 |
|
|
|
|
| (g) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2012, the value of the Clearwater Tax-Exempt Bond Fund’s investment in the Tax-Exempt Portfolio of the Northern Institutional Funds was approximately $18,121,788 with net sales of approximately $7,344,591 during the fiscal year ended December 31, 2013. |
|
|
|
| (h) | At December 31, 2013, the cost for Federal income tax purposes was $484,138,642. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost was as follows: |
|
|
|
|
|
Gross unrealized appreciation |
| $ | 14,584,107 |
|
Gross unrealized depreciation |
|
| (33,360,609 | ) |
Net unrealized depreciation |
| $ | (18,776,502 | ) |
|
|
|
See accompanying notes to the financial statements. | 67 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2013
Diversification of investments representing geographic diversification, as a percentage of total invesments at fair value, is as follows:
|
|
|
|
|
Geographical Diversification |
| Percent |
| |
California |
|
| 11.91 | % |
Illinois |
|
| 7.85 |
|
Florida |
|
| 6.61 |
|
Texas |
|
| 6.44 |
|
Ohio |
|
| 5.43 |
|
Indiana |
|
| 4.70 |
|
New York |
|
| 4.49 |
|
New Jersey |
|
| 3.05 |
|
Washington |
|
| 2.99 |
|
Massachusetts |
|
| 2.65 |
|
Other |
|
| 43.88 |
|
|
|
| 100.00 | % |
|
|
|
See accompanying notes to the financial statements. | 68 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater Tax-Exempt Bond Fund
December 31, 2013
|
|
|
See accompanying notes to the financial statements. | 69 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
| |
| Argentina: |
|
|
|
|
|
|
|
|
|
|
|
|
| 11,295 |
| MERCADOLIBRE, INC. |
| $ | 1,153,510 |
|
| 1,217,488 |
|
|
|
|
|
|
|
|
|
| 1,153,510 |
|
| 1,217,488 |
|
| 0.24 | % |
| Australia: |
|
|
|
|
|
|
|
|
|
|
|
|
| 9,284 |
| AGL ENERGY LTD. |
|
| 105,943 |
|
| 124,594 |
|
|
|
|
| 5,090 |
| ALS LTD. |
|
| 50,677 |
|
| 40,040 |
|
|
|
|
| 51,722 |
| ALUMINA LTD.(b) |
|
| 50,177 |
|
| 51,494 |
|
|
|
|
| 16,330 |
| AMCOR LTD. |
|
| 148,761 |
|
| 153,830 |
|
|
|
|
| 47,662 |
| AMP LTD. |
|
| 146,497 |
|
| 186,827 |
|
|
|
|
| 10,115 |
| APA GROUP |
|
| 50,066 |
|
| 54,190 |
|
|
|
|
| 21,346 |
| ASCIANO LTD. |
|
| 100,771 |
|
| 109,785 |
|
|
|
|
| 4,593 |
| ASX LTD. |
|
| 114,203 |
|
| 150,756 |
|
|
|
|
| 25,843 |
| AURIZON HOLDINGS LTD. |
|
| 91,220 |
|
| 112,607 |
|
|
|
|
| 50,341 |
| AUSTRALIA & NEW ZEALAND BANKING GROUP LTD. |
|
| 712,399 |
|
| 1,448,722 |
|
|
|
|
| 6,281 |
| BENDIGO AND ADELAIDE BANK LTD. |
|
| 52,780 |
|
| 65,898 |
|
|
|
|
| 179,910 |
| BGP HOLDINGS PLC - (FRACTIONAL SHARES)(b)(c) |
|
| - |
|
| - |
|
|
|
|
| 58,607 |
| BHP BILLITON LTD. |
|
| 1,389,859 |
|
| 1,988,024 |
|
|
|
|
| 10,199 |
| BORAL LTD. |
|
| 28,970 |
|
| 43,439 |
|
|
|
|
| 32,841 |
| BRAMBLES LTD. |
|
| 174,637 |
|
| 268,312 |
|
|
|
|
| 514,270 |
| CARDNO LTD. |
|
| 3,605,569 |
|
| 3,168,423 |
|
|
|
|
| 40,505 |
| CFS RETAIL PROPERTY TRUST GROUP |
|
| 46,791 |
|
| 70,345 |
|
|
|
|
| 10,469 |
| COCA-COLA AMATIL LTD. |
|
| 85,707 |
|
| 112,454 |
|
|
|
|
| 971 |
| COCHLEAR LTD. |
|
| 35,893 |
|
| 51,084 |
|
|
|
|
| 25,497 |
| COMMONWEALTH BANK OF AUSTRALIA |
|
| 1,118,793 |
|
| 1,771,216 |
|
|
|
|
| 6,418 |
| COMPUTERSHARE LTD. |
|
| 56,556 |
|
| 65,215 |
|
|
|
|
| 417,094 |
| CREDIT CORP. GROUP LTD. |
|
| 3,445,438 |
|
| 3,593,884 |
|
|
|
|
| 4,684 |
| CROWN RESORTS LTD. |
|
| 75,332 |
|
| 70,472 |
|
|
|
|
| 9,576 |
| CSL LTD. |
|
| 226,091 |
|
| 589,636 |
|
|
|
|
| 814,228 |
| DECMIL GROUP LTD. |
|
| 2,005,359 |
|
| 1,803,020 |
|
|
|
|
| 85,105 |
| DEXUS PROPERTY GROUP |
|
| 62,970 |
|
| 76,370 |
|
|
|
|
| 22,356 |
| ECHO ENTERTAINMENT GROUP LTD. |
|
| 70,002 |
|
| 49,106 |
|
|
|
|
| 25,256 |
| FEDERATION CENTRES LTD. |
|
| 52,870 |
|
| 52,769 |
|
|
|
|
| 21,110 |
| FORTESCUE METALS GROUP LTD. |
|
| 37,574 |
|
| 109,702 |
|
|
|
|
| 18,737 |
| GOODMAN GROUP |
|
| 48,414 |
|
| 79,134 |
|
|
|
|
| 36,747 |
| ILUKA RESOURCES LTD. |
|
| 390,455 |
|
| 283,162 |
|
|
|
|
| 36,603 |
| INCITEC PIVOT LTD. |
|
| 83,901 |
|
| 87,590 |
|
|
|
|
| 47,825 |
| INSURANCE AUSTRALIA GROUP LTD. |
|
| 120,292 |
|
| 248,531 |
|
|
|
|
| 10,015 |
| LEND LEASE GROUP |
|
| 61,130 |
|
| 99,618 |
|
|
|
|
| 9,284 |
| MACQUARIE GROUP LTD.(b) |
|
| 195,127 |
|
| 455,692 |
|
|
|
|
| 13,956 |
| METCASH LTD. |
|
| 38,758 |
|
| 39,378 |
|
|
|
|
| 37,974 |
| MIRVAC GROUP |
|
| 50,570 |
|
| 56,964 |
|
|
|
|
| 41,977 |
| NATIONAL AUSTRALIA BANK LTD. |
|
| 750,112 |
|
| 1,305,472 |
|
|
|
|
| 17,346 |
| NEWCREST MINING LTD. |
|
| 173,211 |
|
| 120,808 |
|
|
|
|
| 20,046 |
| ORIGIN ENERGY LTD. |
|
| 226,734 |
|
| 251,840 |
|
|
|
|
| 16,330 |
| ORORA LTD.(b) |
|
| 16,763 |
|
| 16,914 |
|
|
|
|
| 416 |
| PERPETUAL LTD. |
|
| 7,027 |
|
| 17,926 |
|
|
|
|
| 36,732 |
| QANTAS AIRWAYS LTD.(b) |
|
| 46,697 |
|
| 35,914 |
|
|
|
|
| 17,145 |
| QBE INSURANCE GROUP LTD. |
|
| 233,677 |
|
| 176,204 |
|
|
|
|
| 2,468 |
| RAMSAY HEALTH CARE LTD. |
|
| 49,765 |
|
| 95,331 |
|
|
|
|
| 6,568 |
| RECALL HOLDINGS LTD.(b) |
|
| 24,961 |
|
| 23,810 |
|
|
|
|
| 7,202 |
| RIO TINTO LTD. |
|
| 402,208 |
|
| 438,443 |
|
|
|
|
| 22,469 |
| SANTOS LTD. |
|
| 244,511 |
|
| 293,515 |
|
|
|
|
| 5,884 |
| SEEK LTD. |
|
| 49,598 |
|
| 70,454 |
|
|
|
|
| 4,898 |
| SHOPPING CENTRES AUSTRALASIA PROPERTY GROUP |
|
| 7,202 |
|
| 6,757 |
|
|
|
|
| 403,238 |
| SLATER & GORDON LTD. |
|
| 824,090 |
|
| 1,742,648 |
|
|
|
|
| 9,824 |
| SONIC HEALTHCARE LTD. |
|
| 79,849 |
|
| 145,437 |
|
|
|
|
| 34,990 |
| STOCKLAND |
|
| 132,304 |
|
| 112,786 |
|
|
|
|
| 20,662 |
| SUNCORP GROUP LTD. |
|
| 228,479 |
|
| 241,683 |
|
|
|
|
| 9,837 |
| SYDNEY AIRPORT |
|
| 33,263 |
|
| 33,377 |
|
|
|
|
| 8,477 |
| TABCORP HOLDINGS LTD. |
|
| 15,377 |
|
| 27,476 |
|
|
|
|
| 25,827 |
| TATTS GROUP LTD. |
|
| 65,548 |
|
| 71,489 |
|
|
|
|
| 50,353 |
| TELSTRA CORP. LTD. |
|
| 207,723 |
|
| 236,041 |
|
|
|
|
| 22,161 |
| TOLL HOLDINGS LTD. |
|
| 98,848 |
|
| 112,393 |
|
|
|
|
| 21,881 |
| TRANSURBAN GROUP |
|
| 88,365 |
|
| 133,637 |
|
|
|
|
| 11,236 |
| TREASURY WINE ESTATES LTD. |
|
| 50,994 |
|
| 48,357 |
|
|
|
|
| 461,002 |
| WEBJET LTD. |
|
| 1,961,192 |
|
| 1,304,863 |
|
|
|
|
| 14,552 |
| WESFARMERS LTD.(b) |
|
| 539,105 |
|
| 572,233 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 70 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| |||||
| Australia (Cont’d): |
|
|
|
|
|
|
|
|
|
|
| ||
| 42,659 |
| WESTFIELD GROUP |
| $ | 253,085 |
|
| 384,330 |
|
|
|
| |
| 50,298 |
| WESTFIELD RETAIL TRUST |
|
| 103,414 |
|
| 133,386 |
|
|
|
| |
| 59,259 |
| WESTPAC BANKING CORP. |
|
| 833,676 |
|
| 1,713,302 |
|
|
|
| |
| 26,663 |
| WHITEHAVEN COAL LTD.(b) |
|
| 49,665 |
|
| 45,472 |
|
|
|
| |
| 10,898 |
| WOODSIDE PETROLEUM LTD. |
|
| 352,177 |
|
| 378,529 |
|
|
|
| |
| 22,832 |
| WOOLWORTHS LTD. |
|
| 435,292 |
|
| 690,090 |
|
|
|
| |
| 3,542 |
| WORLEYPARSONS LTD. |
|
| 57,010 |
|
| 52,500 |
|
|
| ||
|
|
|
|
| 23,772,474 |
|
| 28,765,700 |
|
| 5.62 | % | ||
| Austria: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 35,426 |
| ANDRITZ A.G. |
|
| 2,077,031 |
|
| 2,221,854 |
|
|
|
| |
| 5,146 |
| ERSTE GROUP BANK A.G. |
|
| 114,055 |
|
| 179,320 |
|
|
|
| |
| 33,719 |
| IMMOFINANZ A.G.(b) |
|
| 87,282 |
|
| 156,232 |
|
|
|
| |
| 1,383 |
| OMV A.G. |
|
| 50,806 |
|
| 66,191 |
|
|
|
| |
| 3,309 |
| RAIFFEISEN BANK INTERNATIONAL A.G. |
|
| 106,621 |
|
| 116,627 |
|
|
|
| |
| 313 |
| STRABAG S.E. (BEARER) |
|
| 5,505 |
|
| 9,180 |
|
|
|
| |
| 19,070 |
| TELEKOM AUSTRIA A.G. |
|
| 124,529 |
|
| 144,395 |
|
|
|
| |
| 1,368 |
| VOESTALPINE A.G. |
|
| 51,510 |
|
| 65,737 |
|
|
|
| |
| 29,160 |
| WIENERBERGER A.G. |
|
| 232,089 |
|
| 462,330 |
|
|
|
| |
|
|
|
|
|
| 2,849,428 |
|
| 3,421,866 |
|
| 0.67 | % | |
| Belgium: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 9,207 |
| AGEAS |
|
| 143,296 |
|
| 392,015 |
|
|
|
| |
| 13,822 |
| ANHEUSER-BUSCH INBEV N.V. |
|
| 502,521 |
|
| 1,469,093 |
|
|
|
| |
| 10,910 |
| BARCO N.V. |
|
| 740,520 |
|
| 851,004 |
|
|
|
| |
| 2,190 |
| BELGACOM S.A. |
|
| 49,577 |
|
| 64,790 |
|
|
|
| |
| 1,645 |
| COLRUYT S.A. |
|
| 74,892 |
|
| 91,834 |
|
|
|
| |
| 1,238 |
| DELHAIZE GROUP S.A. |
|
| 51,243 |
|
| 73,575 |
|
|
|
| |
| 13,574 |
| GROUPE BRUXELLES LAMBERT S.A. |
|
| 1,125,089 |
|
| 1,246,099 |
|
|
|
| |
| 4,347 |
| KBC GROEP N.V. |
|
| 101,356 |
|
| 246,682 |
|
|
|
| |
| 415 |
| SOLVAY S.A., CLASS A |
|
| 57,004 |
|
| 65,655 |
|
|
|
| |
| 1,896 |
| UCB S.A. |
|
| 81,069 |
|
| 141,215 |
|
|
|
| |
| 1,457 |
| UMICORE S.A. |
|
| 72,577 |
|
| 68,059 |
|
|
|
| |
|
|
|
|
|
| 2,999,144 |
|
| 4,710,021 |
|
| 0.92 | % | |
| Brazil: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 81,476 |
| BRF S.A. ADR(b)(d) |
|
| 1,527,515 |
|
| 1,700,404 |
|
|
|
| |
| 13,600 |
| CIA DE SANEAMENTO DE MINAS GERAIS-COPASA(b) |
|
| 328,620 |
|
| 214,441 |
|
|
|
| |
| 52,700 |
| DIAGNOSTICOS DA AMERICA S.A. |
|
| 304,541 |
|
| 325,235 |
|
|
|
| |
| 6,300 |
| LOJAS RENNER S.A.(b) |
|
| 231,972 |
|
| 162,891 |
|
|
|
| |
| 66,003 |
| TOTVS S.A.(b) |
|
| 1,023,197 |
|
| 1,034,003 |
|
|
|
| |
|
|
|
|
|
| 3,415,845 |
|
| 3,436,974 |
|
| 0.67 | % | |
| Canada: |
|
|
|
|
|
|
|
|
|
|
|
| |
| 31,400 |
| AGF MANAGEMENT LTD., CLASS B |
|
| 334,748 |
|
| 392,260 |
|
|
|
| |
| 2,346 |
| AGNICO EAGLE MINES LTD. |
|
| 80,562 |
|
| 61,905 |
|
|
|
| |
| 3,934 |
| AGRIUM, INC. |
|
| 176,472 |
|
| 359,865 |
|
|
|
| |
| 1,281 |
| ALIMENTATION COUCHE TARD, INC., CLASS B |
|
| 86,432 |
|
| 96,330 |
|
|
|
| |
| 4,900 |
| ARC RESOURCES LTD. |
|
| 108,943 |
|
| 136,402 |
|
|
|
| |
| 24,600 |
| ATS AUTOMATION TOOLING SYSTEMS, INC.(b) |
|
| 221,017 |
|
| 314,954 |
|
|
|
| |
| 10,306 |
| BANK OF MONTREAL |
|
| 623,553 |
|
| 687,002 |
|
|
|
| |
| 17,922 |
| BANK OF NOVA SCOTIA |
|
| 896,716 |
|
| 1,120,789 |
|
|
|
| |
| 13,765 |
| BARRICK GOLD CORP. |
|
| 308,811 |
|
| 242,451 |
|
|
|
| |
| 3,479 |
| BAYTEX ENERGY CORP. |
|
| 151,408 |
|
| 136,376 |
|
|
|
| |
| 1,071 |
| BCE, INC. |
|
| 45,345 |
|
| 46,379 |
|
|
|
| |
| 12,732 |
| BOMBARDIER, INC., CLASS B |
|
| 50,302 |
|
| 55,255 |
|
|
|
| |
| 13,183 |
| BROOKFIELD ASSET MANAGEMENT, INC., CLASS A |
|
| 202,867 |
|
| 511,559 |
|
|
|
| |
| 11,740 |
| CAE, INC. |
|
| 85,345 |
|
| 149,313 |
|
|
|
| |
| 11,081 |
| CAMECO CORP. |
|
| 198,977 |
|
| 229,913 |
|
|
|
| |
| 49,900 |
| CANACCORD GENUITY GROUP, INC. |
|
| 261,393 |
|
| 326,481 |
|
|
|
| |
| 6,440 |
| CANADIAN IMPERIAL BANK OF COMMERCE |
|
| 260,643 |
|
| 549,999 |
|
|
|
| |
| 19,228 |
| CANADIAN NATIONAL RAILWAY CO. |
|
| 389,611 |
|
| 1,096,209 |
|
|
|
| |
| 45,264 |
| CANADIAN NATIONAL RAILWAY CO. (NEW YORK EXCHANGE) |
|
| 2,001,787 |
|
| 2,580,953 |
|
|
|
| |
| 19,866 |
| CANADIAN NATURAL RESOURCES LTD. |
|
| 433,114 |
|
| 672,143 |
|
|
|
| |
| 4,722 |
| CANADIAN OIL SANDS LTD. |
|
| 97,388 |
|
| 88,817 |
|
|
|
| |
| 4,295 |
| CANADIAN PACIFIC RAILWAY LTD. |
|
| 154,434 |
|
| 649,557 |
|
|
|
| |
| 18,000 |
| CANADIAN PACIFIC RAILWAY LTD. (NEW YORK EXCHANGE) |
|
| 2,140,738 |
|
| 2,723,760 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 71 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Canada (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
| 744 |
| CANADIAN TIRE CORP. LTD., CLASS A |
| $ | 50,047 |
|
| 69,683 |
|
|
|
|
| 5,935 |
| CENOVUS ENERGY, INC. |
|
| 162,171 |
|
| 169,851 |
|
|
|
|
| 10,919 |
| CGI GROUP, INC., CLASS A(b) |
|
| 90,696 |
|
| 365,320 |
|
|
|
|
| 1,964 |
| CI FINANCIAL CORP. |
|
| 49,854 |
|
| 65,359 |
|
|
|
|
| 5,882 |
| CRESCENT POINT ENERGY CORP. |
|
| 190,849 |
|
| 228,414 |
|
|
|
|
| 675 |
| DOLLARAMA, INC. |
|
| 46,003 |
|
| 56,052 |
|
|
|
|
| 18,500 |
| DOREL INDUSTRIES, INC., CLASS B |
|
| 668,249 |
|
| 704,646 |
|
|
|
|
| 5,431 |
| ELDORADO GOLD CORP. |
|
| 48,575 |
|
| 30,830 |
|
|
|
|
| 8,493 |
| ENBRIDGE, INC. |
|
| 355,371 |
|
| 371,061 |
|
|
|
|
| 11,992 |
| ENCANA CORP. |
|
| 240,407 |
|
| 216,528 |
|
|
|
|
| 32,200 |
| ENERFLEX LTD. |
|
| 376,607 |
|
| 454,695 |
|
|
|
|
| 3,995 |
| ENERPLUS CORP. |
|
| 57,117 |
|
| 72,585 |
|
|
|
|
| 32,600 |
| ENSIGN ENERGY SERVICES, INC. |
|
| 509,675 |
|
| 513,437 |
|
|
|
|
| 211 |
| FAIRFAX FINANCIAL HOLDINGS LTD. |
|
| 52,589 |
|
| 84,243 |
|
|
|
|
| 2,200 |
| FINNING INTERNATIONAL, INC. |
|
| 51,485 |
|
| 56,230 |
|
|
|
|
| 6,854 |
| FIRST QUANTUM MINERALS LTD. |
|
| 123,021 |
|
| 123,498 |
|
|
|
|
| 3,100 |
| FORTIS, INC. |
|
| 105,357 |
|
| 88,863 |
|
|
|
|
| 1,695 |
| FRANCO-NEVADA CORP. |
|
| 78,995 |
|
| 69,076 |
|
|
|
|
| 24,500 |
| GENWORTH MI CANADA, INC. |
|
| 510,922 |
|
| 844,843 |
|
|
|
|
| 3,052 |
| GILDAN ACTIVEWEAR, INC. |
|
| 33,435 |
|
| 162,649 |
|
|
|
|
| 12,365 |
| GOLDCORP, INC. |
|
| 373,349 |
|
| 268,194 |
|
|
|
|
| 2,200 |
| GREAT-WEST LIFECO, INC. |
|
| 49,273 |
|
| 67,828 |
|
|
|
|
| 26,246 |
| HOME CAPITAL GROUP, INC. |
|
| 1,322,746 |
|
| 1,999,613 |
|
|
|
|
| 104,500 |
| HUDBAY MINERALS, INC. |
|
| 949,853 |
|
| 859,807 |
|
|
|
|
| 5,697 |
| HUSKY ENERGY, INC. |
|
| 144,766 |
|
| 180,738 |
|
|
|
|
| 14,262 |
| IAMGOLD CORP. |
|
| 78,431 |
|
| 47,394 |
|
|
|
|
| 2,500 |
| IGM FINANCIAL, INC. |
|
| 100,363 |
|
| 132,007 |
|
|
|
|
| 37,861 |
| IMPERIAL OIL LTD. |
|
| 1,598,410 |
|
| 1,676,612 |
|
|
|
|
| 1,593 |
| INDUSTRIAL ALLIANCE INSURANCE & FINANCIAL SERVICES, INC. |
|
| 51,268 |
|
| 70,408 |
|
|
|
|
| 1,899 |
| INTACT FINANCIAL CORP. |
|
| 119,497 |
|
| 124,014 |
|
|
|
|
| 10,890 |
| KINROSS GOLD CORP. |
|
| 53,283 |
|
| 47,671 |
|
|
|
|
| 1,500 |
| LOBLAW COS. LTD. |
|
| 53,150 |
|
| 59,845 |
|
|
|
|
| 4,738 |
| MAGNA INTERNATIONAL, INC. |
|
| 61,549 |
|
| 388,496 |
|
|
|
|
| 28,359 |
| MANULIFE FINANCIAL CORP. |
|
| 338,337 |
|
| 559,571 |
|
|
|
|
| 3,469 |
| METHANEX CORP. |
|
| 31,828 |
|
| 205,152 |
|
|
|
|
| 1,000 |
| METRO, INC. |
|
| 54,328 |
|
| 61,097 |
|
|
|
|
| 41,556 |
| MTY FOOD GROUP, INC. |
|
| 1,273,298 |
|
| 1,341,059 |
|
|
|
|
| 28,100 |
| MULLEN GROUP LTD. |
|
| 636,395 |
|
| 751,009 |
|
|
|
|
| 2,501 |
| NATIONAL BANK OF CANADA |
|
| 186,303 |
|
| 208,109 |
|
|
|
|
| 11,280 |
| NEW GOLD, INC.(b) |
|
| 90,970 |
|
| 59,041 |
|
|
|
|
| 2,600 |
| ONEX CORP. |
|
| 105,376 |
|
| 140,372 |
|
|
|
|
| 1,641 |
| OPEN TEXT CORP. |
|
| 72,477 |
|
| 150,946 |
|
|
|
|
| 4,328 |
| PAN AMERICAN SILVER CORP. |
|
| 53,923 |
|
| 50,563 |
|
|
|
|
| 4,772 |
| PEMBINA PIPELINE CORP. |
|
| 40,530 |
|
| 168,104 |
|
|
|
|
| 19,434 |
| PENGROWTH ENERGY CORP. |
|
| 99,676 |
|
| 120,199 |
|
|
|
|
| 7,900 |
| PENN WEST PETROLEUM LTD. |
|
| 85,291 |
|
| 65,967 |
|
|
|
|
| 14,521 |
| POTASH CORP. OF SASKATCHEWAN, INC. |
|
| 406,729 |
|
| 478,725 |
|
|
|
|
| 4,200 |
| POWER CORP. OF CANADA |
|
| 105,623 |
|
| 126,326 |
|
|
|
|
| 2,701 |
| RITCHIE BROS. AUCTIONEERS, INC. |
|
| 50,064 |
|
| 61,940 |
|
|
|
|
| 10,807 |
| ROGERS COMMUNICATIONS, INC., CLASS B |
|
| 262,922 |
|
| 489,049 |
|
|
|
|
| 27,108 |
| ROYAL BANK OF CANADA |
|
| 922,860 |
|
| 1,822,341 |
|
|
|
|
| 2,400 |
| SAPUTO, INC. |
|
| 103,951 |
|
| 109,330 |
|
|
|
|
| 9,661 |
| SHAW COMMUNICATIONS, INC., CLASS B |
|
| 153,543 |
|
| 235,102 |
|
|
|
|
| 2,227 |
| SHOPPERS DRUG MART CORP. |
|
| 94,125 |
|
| 121,995 |
|
|
|
|
| 2,700 |
| SNC-LAVALIN GROUP, INC. |
|
| 100,004 |
|
| 121,471 |
|
|
|
|
| 11,810 |
| SUN LIFE FINANCIAL, INC. |
|
| 235,812 |
|
| 417,144 |
|
|
|
|
| 27,174 |
| SUNCOR ENERGY, INC. |
|
| 655,919 |
|
| 952,657 |
|
|
|
|
| 24,791 |
| TALISMAN ENERGY, INC. |
|
| 289,882 |
|
| 288,227 |
|
|
|
|
| 4,772 |
| TECK RESOURCES LTD., CLASS B |
|
| 134,516 |
|
| 124,213 |
|
|
|
|
| 7,587 |
| TELUS CORP.(b) |
|
| 157,622 |
|
| 261,126 |
|
|
|
|
| 4,489 |
| TIM HORTONS, INC. |
|
| 137,057 |
|
| 261,966 |
|
|
|
|
| 16,563 |
| TORONTO-DOMINION BANK (THE) |
|
| 671,143 |
|
| 1,560,953 |
|
|
|
|
| 1,800 |
| TOURMALINE OIL CORP.(b) |
|
| 51,783 |
|
| 75,745 |
|
|
|
|
| 3,818 |
| TRANSALTA CORP. |
|
| 60,803 |
|
| 48,451 |
|
|
|
|
| 8,206 |
| TRANSCANADA CORP. |
|
| 334,057 |
|
| 374,977 |
|
|
|
|
| 32,500 |
| TRICAN WELL SERVICE LTD. |
|
| 422,140 |
|
| 397,129 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 72 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Canada (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
| 4,073 |
| VALEANT PHARMACEUTICALS INTERNATIONAL, INC.(b) |
| $ | 237,692 |
|
| 477,832 |
|
|
|
|
| 2,256 |
| VERMILION ENERGY, INC. |
|
| 83,841 |
|
| 132,418 |
|
|
|
|
| 19,653 |
| YAMANA GOLD, INC. |
|
| 186,540 |
|
| 169,472 |
|
|
|
|
|
|
|
|
|
| 26,995,329 |
|
| 36,888,940 |
|
| 7.21 | % |
| China: |
|
|
|
|
|
|
|
|
|
|
|
|
| 118,000 |
| AAC TECHNOLOGIES HOLDINGS, INC. |
|
| 407,781 |
|
| 572,934 |
|
|
|
|
| 9,630 |
| BAIDU, INC. ADR(b)(d) |
|
| 897,814 |
|
| 1,712,984 |
|
|
|
|
| 1,266,383 |
| CHINA MEDICAL SYSTEM HOLDINGS LTD. |
|
| 879,422 |
|
| 1,353,870 |
|
|
|
|
| 51,200 |
| CHINA ZHENGTONG AUTO SERVICES HOLDINGS LTD.(b) |
|
| 30,390 |
|
| 32,816 |
|
|
|
|
| 324,000 |
| DAPHNE INTERNATIONAL HOLDINGS LTD. |
|
| 235,667 |
|
| 145,824 |
|
|
|
|
| 2,382,000 |
| KINGDEE INTERNATIONAL SOFTWARE GROUP |
|
|
|
|
|
|
|
|
|
|
|
|
| CO. LTD.(b) |
|
| 469,114 |
|
| 724,955 |
|
|
|
|
| 884,000 |
| SPRINGLAND INTERNATIONAL HOLDINGS LTD. |
|
| 484,941 |
|
| 454,865 |
|
|
|
|
| 1,354,000 |
| SUN ART RETAIL GROUP LTD. |
|
| 2,188,966 |
|
| 1,910,264 |
|
|
|
|
| 40,500 |
| TENCENT HOLDINGS LTD. |
|
| 1,406,759 |
|
| 2,583,251 |
|
|
|
|
|
|
|
|
|
| 7,000,854 |
|
| 9,491,763 |
|
| 1.85 | % |
| Denmark: |
|
|
|
|
|
|
|
|
|
|
|
|
| 10 |
| AP MOELLER - MAERSK A/S, CLASS A |
|
| 46,408 |
|
| 103,084 |
|
|
|
|
| 24 |
| AP MOELLER - MAERSK A/S, CLASS B |
|
| 125,436 |
|
| 260,458 |
|
|
|
|
| 13,791 |
| CARLSBERG A/S, CLASS B |
|
| 1,138,743 |
|
| 1,525,905 |
|
|
|
|
| 1,500 |
| COLOPLAST A/S, CLASS B |
|
| 27,666 |
|
| 99,304 |
|
|
|
|
| 13,100 |
| DANSKE BANK A/S(b) |
|
| 138,182 |
|
| 300,519 |
|
|
|
|
| 200 |
| FLSMIDTH & CO. A/S |
|
| 6,013 |
|
| 10,921 |
|
|
|
|
| 13,835 |
| NOVO NORDISK A/S ADR(d) |
|
| 2,379,813 |
|
| 2,556,154 |
|
|
|
|
| 7,165 |
| NOVO NORDISK A/S, CLASS B(b) |
|
| 714,442 |
|
| 1,313,358 |
|
|
|
|
| 51,077 |
| NOVOZYMES A/S, CLASS B |
|
| 1,423,828 |
|
| 2,156,014 |
|
|
|
|
| 2,600 |
| PANDORA A/S |
|
| 18,150 |
|
| 140,962 |
|
|
|
|
| 15,973 |
| TDC A/S |
|
| 107,272 |
|
| 154,936 |
|
|
|
|
| 3,250 |
| TOPDANMARK A/S(b) |
|
| 33,362 |
|
| 85,584 |
|
|
|
|
| 538 |
| WILLIAM DEMANT HOLDING A/S(b) |
|
| 50,896 |
|
| 52,284 |
|
|
|
|
|
|
|
|
|
| 6,210,211 |
|
| 8,759,483 |
|
| 1.71 | % |
| Finland: |
|
|
|
|
|
|
|
|
|
|
|
|
| 59,010 |
| AMER SPORTS OYJ |
|
| 756,234 |
|
| 1,227,442 |
|
|
|
|
| 4,509 |
| FORTUM OYJ |
|
| 87,100 |
|
| 103,156 |
|
|
|
|
| 50,500 |
| HUHTAMAKI OYJ |
|
| 832,796 |
|
| 1,295,669 |
|
|
|
|
| 1,396 |
| KESKO OYJ, CLASS B |
|
| 30,705 |
|
| 51,469 |
|
|
|
|
| 4,902 |
| KONE OYJ, CLASS B |
|
| 86,493 |
|
| 221,193 |
|
|
|
|
| 1,849 |
| METSO OYJ |
|
| 62,227 |
|
| 78,905 |
|
|
|
|
| 11,359 |
| NESTE OIL OYJ |
|
| 110,935 |
|
| 224,554 |
|
|
|
|
| 61,900 |
| NOKIA OYJ(b) |
|
| 203,584 |
|
| 495,607 |
|
|
|
|
| 2,240 |
| NOKIAN RENKAAT OYJ |
|
| 31,307 |
|
| 107,454 |
|
|
|
|
| 1,960 |
| ORION OYJ, CLASS B |
|
| 49,561 |
|
| 55,060 |
|
|
|
|
| 10,565 |
| POHJOLA BANK PLC, CLASS A |
|
| 85,425 |
|
| 212,491 |
|
|
|
|
| 1,697 |
| SAMPO OYJ, CLASS A |
|
| 56,535 |
|
| 83,390 |
|
|
|
|
| 15,829 |
| STORA ENSO OYJ (REGISTERED) |
|
| 75,698 |
|
| 158,856 |
|
|
|
|
| 11,934 |
| UPM-KYMMENE OYJ |
|
| 99,928 |
|
| 201,608 |
|
|
|
|
| 3,486 |
| WARTSILA OYJ ABP |
|
| 107,429 |
|
| 171,542 |
|
|
|
|
|
|
|
|
|
| 2,675,957 |
|
| 4,688,396 |
|
| 0.92 | % |
| France: |
|
|
|
|
|
|
|
|
|
|
|
|
| 2,714 |
| ACCOR S.A. |
|
| 79,810 |
|
| 128,064 |
|
|
|
|
| 3,200 |
| AIR FRANCE-KLM(b) |
|
| 22,485 |
|
| 33,395 |
|
|
|
|
| 5,429 |
| AIR LIQUIDE S.A. |
|
| 664,882 |
|
| 767,780 |
|
|
|
|
| 6,259 |
| AIRBUS GROUP N.V. |
|
| 83,767 |
|
| 480,552 |
|
|
|
|
| 29,511 |
| ALCATEL-LUCENT(b) |
|
| 116,300 |
|
| 132,269 |
|
|
|
|
| 4,036 |
| ALSTOM S.A. |
|
| 142,736 |
|
| 146,998 |
|
|
|
|
| 15,974 |
| ARCELORMITTAL |
|
| 233,322 |
|
| 285,021 |
|
|
|
|
| 1,165 |
| ARKEMA S.A. |
|
| 98,308 |
|
| 135,892 |
|
|
|
|
| 32,465 |
| AXA S.A. |
|
| 458,226 |
|
| 902,621 |
|
|
|
|
| 26,840 |
| BENETEAU S.A.(b) |
|
| 272,439 |
|
| 501,056 |
|
|
|
|
| 16,306 |
| BNP PARIBAS S.A. |
|
| 672,088 |
|
| 1,270,782 |
|
|
|
|
| 1,253 |
| BOUYGUES S.A. |
|
| 50,411 |
|
| 47,265 |
|
|
|
|
| 3,068 |
| CAP GEMINI S.A. |
|
| 111,960 |
|
| 207,360 |
|
|
|
|
| 10,544 |
| CARREFOUR S.A. |
|
| 248,258 |
|
| 417,900 |
|
|
|
|
| 2,177 |
| CASINO GUICHARD PERRACHON S.A. |
|
| 172,738 |
|
| 250,883 |
|
|
|
|
| 994 |
| CHRISTIAN DIOR S.A. |
|
| 84,311 |
|
| 187,819 |
|
|
|
|
| 7,447 |
| CIE DE ST-GOBAIN |
|
| 248,952 |
|
| 409,537 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 73 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| France (Cont’d): |
|
|
|
|
|
|
|
|
|
|
|
|
| 3,404 |
| CIE GENERALE DES ETABLISSEMENTS MICHELIN |
| $ | 180,725 |
|
| 361,753 |
|
|
|
|
| 16,517 |
| CREDIT AGRICOLE S.A.(b) |
|
| 122,492 |
|
| 211,432 |
|
|
|
|
| 9,584 |
| DANONE |
|
| 479,394 |
|
| 689,824 |
|
|
|
|
| 3,633 |
| EDENRED |
|
| 65,572 |
|
| 121,599 |
|
|
|
|
| 14,107 |
| ELECTRICITE DE FRANCE |
|
| 261,183 |
|
| 498,469 |
|
|
|
|
| 3,084 |
| ESSILOR INTERNATIONAL S.A. |
|
| 309,422 |
|
| 327,873 |
|
|
|
|
| 2,747 |
| EURAZEO S.A. |
|
| 104,305 |
|
| 215,330 |
|
|
|
|
| 3,160 |
| EUTELSAT COMMUNICATIONS S.A. |
|
| 100,179 |
|
| 98,530 |
|
|
|
|
| 16,706 |
| GDF SUEZ |
|
| 336,971 |
|
| 392,885 |
|
|
|
|
| 564 |
| GECINA S.A. |
|
| 51,331 |
|
| 74,509 |
|
|
|
|
| 13,307 |
| GROUPE EUROTUNNEL S.A. (REGISTERED) |
|
| 102,800 |
|
| 139,861 |
|
|
|
|
| 304 |
| ILIAD S.A. |
|
| 29,549 |
|
| 62,272 |
|
|
|
|
| 19,090 |
| IPSOS |
|
| 630,769 |
|
| 817,277 |
|
|
|
|
| 2,121 |
| JCDECAUX S.A. |
|
| 50,974 |
|
| 87,448 |
|
|
|
|
| 1,442 |
| KERING |
|
| 274,344 |
|
| 304,805 |
|
|
|
|
| 2,335 |
| KLEPIERRE |
|
| 57,367 |
|
| 108,205 |
|
|
|
|
| 4,713 |
| LAFARGE S.A. |
|
| 166,939 |
|
| 353,166 |
|
|
|
|
| 4,882 |
| LEGRAND S.A. |
|
| 111,114 |
|
| 269,050 |
|
|
|
|
| 4,633 |
| L’OREAL S.A. |
|
| 385,425 |
|
| 813,911 |
|
|
|
|
| 11,635 |
| LVMH MOET HENNESSY LOUIS VUITTON S.A. |
|
| 1,564,357 |
|
| 2,122,431 |
|
|
|
|
| 15,891 |
| NATIXIS |
|
| 49,085 |
|
| 93,435 |
|
|
|
|
| 34,547 |
| ORANGE S.A. |
|
| 364,835 |
|
| 427,737 |
|
|
|
|
| 3,500 |
| PERNOD RICARD S.A. |
|
| 239,500 |
|
| 398,726 |
|
|
|
|
| 12,969 |
| PEUGEOT S.A.(b) |
|
| 94,513 |
|
| 168,388 |
|
|
|
|
| 3,471 |
| PUBLICIS GROUPE S.A. |
|
| 251,099 |
|
| 317,589 |
|
|
|
|
| 5,954 |
| RENAULT S.A. |
|
| 173,471 |
|
| 478,759 |
|
|
|
|
| 2,444 |
| REXEL S.A. |
|
| 51,580 |
|
| 64,134 |
|
|
|
|
| 3,167 |
| SAFRAN S.A. |
|
| 153,480 |
|
| 220,064 |
|
|
|
|
| 18,127 |
| SANOFI |
|
| 1,018,143 |
|
| 1,923,166 |
|
|
|
|
| 11,344 |
| SCHNEIDER ELECTRIC S.A. |
|
| 504,223 |
|
| 989,417 |
|
|
|
|
| 1,813 |
| SCOR S.E. |
|
| 36,441 |
|
| 66,257 |
|
|
|
|
| 5,515 |
| SES S.A. |
|
| 114,220 |
|
| 178,522 |
|
|
|
|
| 457 |
| SOCIETE BIC S.A. |
|
| 49,235 |
|
| 55,992 |
|
|
|
|
| 11,367 |
| SOCIETE GENERALE S.A. |
|
| 395,442 |
|
| 660,219 |
|
|
|
|
| 33,063 |
| SOCIETE TELEVISION FRANCAISE 1 |
|
| 295,915 |
|
| 637,242 |
|
|
|
|
| 4,172 |
| SODEXO |
|
| 221,116 |
|
| 422,651 |
|
|
|
|
| 13,444 |
| SODEXO PRIME FIDELITE(b) |
|
| 721,006 |
|
| 1,361,965 |
|
|
|
|
| 1,115 |
| TECHNIP S.A. |
|
| 111,452 |
|
| 107,159 |
|
|
|
|
| 44,761 |
| TOTAL S.A. |
|
| 2,262,580 |
|
| 2,742,055 |
|
|
|
|
| 1,808 |
| UNIBAIL-RODAMCO S.E. |
|
| 228,178 |
|
| 463,253 |
|
|
|
|
| 2,466 |
| VALLOUREC S.A. |
|
| 112,671 |
|
| 134,342 |
|
|
|
|
| 17,297 |
| VEOLIA ENVIRONNEMENT S.A. |
|
| 184,022 |
|
| 282,095 |
|
|
|
|
| 7,810 |
| VINCI S.A. |
|
| 316,569 |
|
| 512,714 |
|
|
|
|
| 49,049 |
| VIVENDI S.A. |
|
| 942,101 |
|
| 1,292,516 |
|
|
|
|
| 1,345 |
| WENDEL S.A. |
|
| 91,561 |
|
| 196,041 |
|
|
|
|
|
|
|
|
|
| 18,128,643 |
|
| 28,570,262 |
|
| 5.58 | % |
| Germany: |
|
|
|
|
|
|
|
|
|
|
|
|
| 3,492 |
| ADIDAS A.G. |
|
| 145,098 |
|
| 445,037 |
|
|
|
|
| 8,718 |
| ALLIANZ S.E. (REGISTERED) |
|
| 780,413 |
|
| 1,563,333 |
|
|
|
|
| 16,707 |
| BASF S.E. |
|
| 672,193 |
|
| 1,781,016 |
|
|
|
|
| 15,120 |
| BAYER A.G. (REGISTERED) |
|
| 808,915 |
|
| 2,120,620 |
|
|
|
|
| 5,125 |
| BAYERISCHE MOTOREN WERKE A.G. |
|
| 483,372 |
|
| 600,840 |
|
|
|
|
| 1,591 |
| BEIERSDORF A.G. |
|
| 86,858 |
|
| 161,179 |
|
|
|
|
| 435 |
| BRENNTAG A.G. |
|
| 47,835 |
|
| 80,638 |
|
|
|
|
| 7,652 |
| CELESIO A.G. |
|
| 109,250 |
|
| 242,118 |
|
|
|
|
| 16,269 |
| COMMERZBANK A.G.(b) |
|
| 189,114 |
|
| 262,085 |
|
|
|
|
| 916 |
| CONTINENTAL A.G. |
|
| 47,943 |
|
| 200,866 |
|
|
|
|
| 22,535 |
| CTS EVENTIM A.G. |
|
| 667,380 |
|
| 1,141,161 |
|
|
|
|
| 17,639 |
| DAIMLER A.G. (REGISTERED) |
|
| 589,913 |
|
| 1,526,330 |
|
|
|
|
| 12,588 |
| DEUTSCHE BANK A.G. (REGISTERED) |
|
| 457,847 |
|
| 600,478 |
|
|
|
|
| 13,828 |
| DEUTSCHE BOERSE A.G. |
|
| 735,468 |
|
| 1,145,195 |
|
|
|
|
| 3,261 |
| DEUTSCHE LUFTHANSA A.G. (REGISTERED)(b) |
|
| 35,709 |
|
| 69,177 |
|
|
|
|
| 19,219 |
| DEUTSCHE POST A.G. (REGISTERED) |
|
| 228,974 |
|
| 700,649 |
|
|
|
|
| 48,143 |
| DEUTSCHE TELEKOM A.G. (REGISTERED) |
|
| 576,920 |
|
| 823,243 |
|
|
|
|
| 17,275 |
| DMG MORI SEIKI A.G. |
|
| 362,982 |
|
| 550,165 |
|
|
|
|
| 27,124 |
| E.ON S.E. |
|
| 500,011 |
|
| 500,574 |
|
|
|
|
| 1,914 |
| FRESENIUS MEDICAL CARE A.G. & CO. KGAA |
|
| 112,352 |
|
| 136,210 |
|
|
|
|
| 2,289 |
| FRESENIUS S.E. & CO. KGAA |
|
| 150,261 |
|
| 351,426 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 74 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Germany (Cont’d): |
|
|
|
|
|
|
| |||||
| 1,527 |
| GEA GROUP A.G. |
| $ | 49,652 |
|
| 72,684 |
|
|
|
|
| 11,960 |
| GERRESHEIMER A.G. |
|
| 619,616 |
|
| 836,325 |
|
|
|
|
| 2,580 |
| HANNOVER RUECK S.E. |
|
| 110,106 |
|
| 221,406 |
|
|
|
|
| 3,952 |
| HEIDELBERGCEMENT A.G. |
|
| 143,515 |
|
| 299,838 |
|
|
|
|
| 671 |
| HENKEL A.G. & CO. KGAA |
|
| 49,267 |
|
| 69,823 |
|
|
|
|
| 2,600 |
| HOCHTIEF A.G. |
|
| 108,936 |
|
| 221,977 |
|
|
|
|
| 387 |
| HUGO BOSS A.G. |
|
| 50,390 |
|
| 55,103 |
|
|
|
|
| 21,437 |
| INFINEON TECHNOLOGIES A.G. |
|
| 120,692 |
|
| 228,849 |
|
|
|
|
| 25,640 |
| JENOPTIK A.G. |
|
| 227,966 |
|
| 435,621 |
|
|
|
|
| 1,800 |
| K+S A.G. (REGISTERED) |
|
| 50,566 |
|
| 55,406 |
|
|
|
|
| 41,130 |
| KLOECKNER & CO. S.E.(b) |
|
| 452,627 |
|
| 563,109 |
|
|
|
|
| 1,013 |
| LANXESS A.G. |
|
| 69,793 |
|
| 67,554 |
|
|
|
|
| 3,200 |
| LEONI A.G. |
|
| 153,070 |
|
| 239,174 |
|
|
|
|
| 2,743 |
| LINDE A.G. |
|
| 475,408 |
|
| 573,768 |
|
|
|
|
| 465 |
| MAN S.E. |
|
| 50,636 |
|
| 57,093 |
|
|
|
|
| 1,025 |
| MERCK KGAA |
|
| 86,079 |
|
| 183,665 |
|
|
|
|
| 1,559 |
| METRO A.G. |
|
| 48,976 |
|
| 75,494 |
|
|
|
|
| 4,041 |
| MUENCHENER RUECKVERSICHERUNGS A.G. (REGISTERED) |
|
| 512,591 |
|
| 890,306 |
|
|
|
|
| 1,517 |
| OSRAM LICHT A.G.(b) |
|
| 42,957 |
|
| 85,564 |
|
|
|
|
| 1,489 |
| PROSIEBENSAT.1 MEDIA A.G. (REGISTERED) |
|
| 25,180 |
|
| 73,743 |
|
|
|
|
| 2,770 |
| RATIONAL A.G. |
|
| 702,746 |
|
| 918,757 |
|
|
|
|
| 6,701 |
| RWE A.G. |
|
| 216,363 |
|
| 245,260 |
|
|
|
|
| 1,130 |
| SALZGITTER A.G. |
|
| 50,070 |
|
| 48,191 |
|
|
|
|
| 17,263 |
| SAP A.G. |
|
| 695,154 |
|
| 1,479,782 |
|
|
|
|
| 15,179 |
| SIEMENS A.G. (REGISTERED) |
|
| 992,308 |
|
| 2,073,349 |
|
|
|
|
| 7,661 |
| THYSSENKRUPP A.G.(b) |
|
| 152,398 |
|
| 186,439 |
|
|
|
|
| 7,071 |
| TUI A.G.(b) |
|
| 57,698 |
|
| 116,488 |
|
|
|
|
| 483 |
| VOLKSWAGEN A.G. |
|
| 48,103 |
|
| 130,833 |
|
|
|
|
| 23,312 |
| WIRECARD A.G. |
|
| 532,960 |
|
| 920,899 |
|
|
|
|
|
|
|
|
|
| 14,684,631 |
|
| 26,428,840 |
|
| 5.16 | % |
| Greece: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6,746 |
| HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A.(b) |
|
| 54,075 |
|
| 89,742 |
|
|
|
|
| 25,090 |
| JUMBO S.A.(b) |
|
| 160,349 |
|
| 400,389 |
|
|
|
|
| 3,968 |
| OPAP S.A. |
|
| 51,161 |
|
| 52,787 |
|
|
|
|
|
|
|
|
|
| 265,585 |
|
| 542,918 |
|
| 0.11 | % |
| Hong Kong: |
|
|
|
|
|
|
|
|
|
|
|
|
| 220,400 |
| AIA GROUP LTD. |
|
| 733,244 |
|
| 1,105,652 |
|
|
|
|
| 16,600 |
| BANK OF EAST ASIA LTD. |
|
| 71,196 |
|
| 70,324 |
|
|
|
|
| 82,500 |
| BOC HONG KONG HOLDINGS LTD. |
|
| 169,112 |
|
| 264,386 |
|
|
|
|
| 9,045,647 |
| BONJOUR HOLDINGS LTD. |
|
| 1,209,285 |
|
| 1,971,441 |
|
|
|
|
| 28,000 |
| CHEUNG KONG HOLDINGS LTD. |
|
| 277,057 |
|
| 441,974 |
|
|
|
|
| 10,000 |
| CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD. |
|
| 46,496 |
|
| 63,126 |
|
|
|
|
| 36,500 |
| CLP HOLDINGS LTD. |
|
| 253,113 |
|
| 288,543 |
|
|
|
|
| 27,800 |
| ESPRIT HOLDINGS LTD.(b) |
|
| 35,637 |
|
| 53,562 |
|
|
|
|
| 26,000 |
| GALAXY ENTERTAINMENT GROUP LTD.(b) |
|
| 67,404 |
|
| 233,200 |
|
|
|
|
| 647,722 |
| HAIER ELECTRONICS GROUP CO. LTD. |
|
| 1,236,810 |
|
| 1,879,440 |
|
|
|
|
| 44,000 |
| HANG LUNG PROPERTIES LTD. |
|
| 116,126 |
|
| 139,020 |
|
|
|
|
| 18,600 |
| HANG SENG BANK LTD. |
|
| 228,767 |
|
| 301,513 |
|
|
|
|
| 14,300 |
| HENDERSON LAND DEVELOPMENT CO. LTD. |
|
| 45,544 |
|
| 81,603 |
|
|
|
|
| 16,500 |
| HONG KONG EXCHANGES AND CLEARING LTD. |
|
| 276,535 |
|
| 275,131 |
|
|
|
|
| 400 |
| HOPEWELL HIGHWAY INFRASTRUCTURE LTD. |
|
| 229 |
|
| 190 |
|
|
|
|
| 41,000 |
| HUTCHISON WHAMPOA LTD. |
|
| 238,015 |
|
| 557,291 |
|
|
|
|
| 12,000 |
| HYSAN DEVELOPMENT CO. LTD. |
|
| 49,052 |
|
| 51,687 |
|
|
|
|
| 13,500 |
| KERRY LOGISTICS NETWORK LTD.(b) |
|
| 28,209 |
|
| 19,186 |
|
|
|
|
| 27,000 |
| KERRY PROPERTIES LTD. |
|
| 90,767 |
|
| 93,664 |
|
|
|
|
| 84,000 |
| LI & FUNG LTD. |
|
| 101,052 |
|
| 108,327 |
|
|
|
|
| 40,500 |
| LINK REIT (THE) |
|
| 84,196 |
|
| 196,381 |
|
|
|
|
| 26,800 |
| MGM CHINA HOLDINGS LTD. |
|
| 51,645 |
|
| 114,398 |
|
|
|
|
| 1,250,000 |
| MIE HOLDINGS CORP. |
|
| 305,659 |
|
| 264,369 |
|
|
|
|
| 30,500 |
| MTR CORP. LTD. |
|
| 88,703 |
|
| 115,442 |
|
|
|
|
| 54,000 |
| NEW WORLD DEVELOPMENT CO. LTD. |
|
| 62,818 |
|
| 68,176 |
|
|
|
|
| 43,500 |
| NWS HOLDINGS LTD. |
|
| 52,824 |
|
| 66,308 |
|
|
|
|
| 1,578,300 |
| PAX GLOBAL TECHNOLOGY LTD.(b) |
|
| 531,041 |
|
| 635,041 |
|
|
|
|
| 190,000 |
| PCCW LTD. |
|
| 77,805 |
|
| 85,024 |
|
|
|
|
| 11,310,213 |
| PICO FAR EAST HOLDINGS LTD. |
|
| 3,184,156 |
|
| 3,952,733 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 75 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
|
| Cost |
|
| Fair |
|
| Percent |
| |
| Hong Kong (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 3,786,906 |
| PORTS DESIGN LTD. |
| $ | 2,917,769 |
|
| 2,930,172 |
|
|
|
|
| 24,000 |
| POWER ASSETS HOLDINGS LTD. |
|
| 139,092 |
|
| 190,810 |
|
|
|
|
| 24,430,712 |
| REXLOT HOLDINGS LTD. |
|
| 1,565,092 |
|
| 3,308,132 |
|
|
|
|
| 48,000 |
| SANDS CHINA LTD. |
|
| 128,061 |
|
| 392,144 |
|
|
|
|
| 22,000 |
| SHANGRI-LA ASIA LTD. |
|
| 29,501 |
|
| 42,898 |
|
|
|
|
| 59,400 |
| SINO LAND CO. LTD. |
|
| 80,601 |
|
| 81,199 |
|
|
|
|
| 25,000 |
| SJM HOLDINGS LTD. |
|
| 52,349 |
|
| 83,824 |
|
|
|
|
| 256,000 |
| STELLA INTERNATIONAL HOLDINGS LTD. |
|
| 679,964 |
|
| 652,355 |
|
|
|
|
| 14,000 |
| SUN HUNG KAI PROPERTIES LTD. |
|
| 150,589 |
|
| 177,566 |
|
|
|
|
| 19,000 |
| SWIRE PACIFIC LTD., CLASS A |
|
| 127,857 |
|
| 222,728 |
|
|
|
|
| 17,800 |
| SWIRE PROPERTIES LTD. |
|
| 50,632 |
|
| 44,992 |
|
|
|
|
| 451,000 |
| TECHTRONIC INDUSTRIES CO. |
|
| 820,994 |
|
| 1,279,548 |
|
|
|
|
| 3,000 |
| TELEVISION BROADCASTS LTD. |
|
| 9,222 |
|
| 20,060 |
|
|
|
|
| 470,200 |
| VALUE PARTNERS GROUP LTD. |
|
| 287,739 |
|
| 363,824 |
|
|
|
|
| 84,300 |
| VTECH HOLDINGS LTD. |
|
| 996,749 |
|
| 1,094,749 |
|
|
|
|
| 20,000 |
| WHARF HOLDINGS LTD. |
|
| 164,819 |
|
| 152,947 |
|
|
|
|
| 19,000 |
| WHEELOCK & CO. LTD. |
|
| 30,489 |
|
| 87,352 |
|
|
|
|
| 30,000 |
| WYNN MACAU LTD. |
|
| 50,423 |
|
| 135,989 |
|
|
|
|
| 3,709,428 |
| XTEP INTERNATIONAL HOLDINGS |
|
| 1,587,606 |
|
| 1,913,482 |
|
|
|
|
| 582,000 |
| YINGDE GASES GROUP CO. LTD. |
|
| 583,171 |
|
| 609,448 |
|
|
|
|
| 15,000 |
| YUE YUEN INDUSTRIAL HOLDINGS LTD. |
|
| 30,233 |
|
| 50,101 |
|
|
|
|
|
|
|
|
|
| 20,195,449 |
|
| 27,331,452 |
|
| 5.34 | % |
| Ireland: |
|
|
|
|
|
|
|
|
|
|
|
|
| 10,803 |
| ACCENTURE PLC, CLASS A |
|
| 368,730 |
|
| 888,223 |
|
|
|
|
| 60,447 |
| COVIDIEN PLC |
|
| 2,727,803 |
|
| 4,116,441 |
|
|
|
|
| 14,894 |
| CRH PLC |
|
| 217,633 |
|
| 374,961 |
|
|
|
|
| 11,888 |
| EXPERIAN PLC |
|
| 196,535 |
|
| 219,301 |
|
|
|
|
| 11,673 |
| JAMES HARDIE INDUSTRIES PLC - CDI |
|
| 105,224 |
|
| 134,871 |
|
|
|
|
| 920 |
| KERRY GROUP PLC, CLASS A |
|
| 50,283 |
|
| 63,915 |
|
|
|
|
| 16,074 |
| MALLINCKRODT PLC(b) |
|
| 626,921 |
|
| 840,027 |
|
|
|
|
| 9,299 |
| SHIRE PLC |
|
| 267,371 |
|
| 439,170 |
|
|
|
|
| 38,703 |
| UBM PLC |
|
| 411,567 |
|
| 420,432 |
|
|
|
|
|
|
|
|
|
| 4,972,067 |
|
| 7,497,341 |
|
| 1.46 | % |
| Israel: |
|
|
|
|
|
|
|
|
|
|
|
|
| 21,030 |
| BANK HAPOALIM B.M. |
|
| 80,002 |
|
| 117,809 |
|
|
|
|
| 21,775 |
| BANK LEUMI LE-ISRAEL B.M.(b) |
|
| 77,241 |
|
| 88,931 |
|
|
|
|
| 19,005 |
| CAESARSTONE SDOT-YAM LTD. |
|
| 557,055 |
|
| 943,978 |
|
|
|
|
| 217 |
| DELEK GROUP LTD. |
|
| 52,364 |
|
| 82,875 |
|
|
|
|
| 93,514 |
| MAGIC SOFTWARE ENTERPRISES LTD. |
|
| 576,241 |
|
| 670,495 |
|
|
|
|
| 5,900 |
| MIZRAHI TEFAHOT BANK LTD. |
|
| 51,135 |
|
| 77,217 |
|
|
|
|
| 1,494 |
| NICE SYSTEMS LTD. |
|
| 50,675 |
|
| 61,189 |
|
|
|
|
| 12,836 |
| TEVA PHARMACEUTICAL INDUSTRIES LTD. ADR(d) |
|
| 495,591 |
|
| 514,467 |
|
|
|
|
|
|
|
|
|
| 1,940,304 |
|
| 2,556,961 |
|
| 0.50 | % |
| Italy: |
|
|
|
|
|
|
|
|
|
|
|
|
| 56,711 |
| AMPLIFON S.P.A. |
|
| 248,331 |
|
| 315,034 |
|
|
|
|
| 18,467 |
| ASSICURAZIONI GENERALI S.P.A. |
|
| 269,600 |
|
| 434,426 |
|
|
|
|
| 2,238 |
| ATLANTIA S.P.A. |
|
| 25,873 |
|
| 50,216 |
|
|
|
|
| 109,082 |
| AZIMUT HOLDING S.P.A. |
|
| 1,399,058 |
|
| 2,975,771 |
|
|
|
|
| 57,599 |
| ENEL GREEN POWER S.P.A. |
|
| 98,098 |
|
| 145,087 |
|
|
|
|
| 95,489 |
| ENEL S.P.A. |
|
| 357,926 |
|
| 416,950 |
|
|
|
|
| 49,857 |
| ENI S.P.A. |
|
| 958,264 |
|
| 1,199,609 |
|
|
|
|
| 3,610 |
| EXOR S.P.A. |
|
| 90,616 |
|
| 143,575 |
|
|
|
|
| 10,222 |
| FIAT S.P.A.(b) |
|
| 27,207 |
|
| 83,601 |
|
|
|
|
| 10,070 |
| FINMECCANICA S.P.A.(b) |
|
| 50,331 |
|
| 76,262 |
|
|
|
|
| 177,988 |
| INTESA SANPAOLO S.P.A. |
|
| 307,053 |
|
| 439,275 |
|
|
|
|
| 2,826 |
| LUXOTTICA GROUP S.P.A. |
|
| 118,626 |
|
| 151,427 |
|
|
|
|
| 16,000 |
| MARR S.P.A. |
|
| 253,354 |
|
| 265,895 |
|
|
|
|
| 25,272 |
| MEDIOLANUM S.P.A. |
|
| 87,322 |
|
| 219,030 |
|
|
|
|
| 2,801 |
| PRYSMIAN S.P.A. |
|
| 56,504 |
|
| 72,096 |
|
|
|
|
| 57,530 |
| SNAM S.P.A. |
|
| 249,716 |
|
| 321,800 |
|
|
|
|
| 54,000 |
| SORIN S.P.A.(b) |
|
| 153,514 |
|
| 154,073 |
|
|
|
|
| 7,497 |
| TENARIS S.A. |
|
| 100,710 |
|
| 163,780 |
|
|
|
|
| 34,652 |
| TERNA RETE ELETTRICA NAZIONALE S.P.A. |
|
| 130,368 |
|
| 173,140 |
|
|
|
|
| 67,174 |
| UNICREDIT S.P.A. |
|
| 347,501 |
|
| 497,173 |
|
|
|
|
| 25,343 |
| UNIONE DI BANCHE ITALIANE S.C.P.A. |
|
| 103,374 |
|
| 172,091 |
|
|
|
|
|
|
|
|
|
| 5,433,346 |
|
| 8,470,311 |
|
| 1.65 | % |
|
|
|
See accompanying notes to the financial statements. | 76 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares | �� | Security |
| Cost |
|
| Fair |
|
| Percent |
| ||
| Japan: |
|
|
|
|
|
|
|
|
|
|
|
|
| 1,400 |
| ABC-MART, INC. |
| $ | 51,583 |
|
| 61,086 |
|
|
|
|
| 10,000 |
| AEON CO. LTD. |
|
| 112,237 |
|
| 135,315 |
|
|
|
|
| 6,300 |
| AEON FINANCIAL SERVICE CO. LTD. |
|
| 81,451 |
|
| 168,702 |
|
|
|
|
| 1,210 |
| AEON MALL CO. LTD. |
|
| 23,091 |
|
| 33,907 |
|
|
|
|
| 2,300 |
| AISIN SEIKI CO. LTD. |
|
| 37,584 |
|
| 93,258 |
|
|
|
|
| 17,000 |
| AJINOMOTO CO., INC. |
|
| 136,093 |
|
| 245,694 |
|
|
|
|
| 1,300 |
| ALFRESA HOLDINGS CORP. |
|
| 50,794 |
|
| 64,438 |
|
|
|
|
| 2,000 |
| AMADA CO. LTD. |
|
| 10,582 |
|
| 17,605 |
|
|
|
|
| 18,000 |
| AOZORA BANK LTD. |
|
| 51,121 |
|
| 50,935 |
|
|
|
|
| 36,100 |
| ASAHI CO. LTD. |
|
| 561,894 |
|
| 503,227 |
|
|
|
|
| 16,000 |
| ASAHI GLASS CO. LTD. |
|
| 97,913 |
|
| 99,364 |
|
|
|
|
| 5,600 |
| ASAHI GROUP HOLDINGS LTD. |
|
| 85,235 |
|
| 157,615 |
|
|
|
|
| 31,000 |
| ASAHI KASEI CORP. |
|
| 147,138 |
|
| 242,560 |
|
|
|
|
| 64,000 |
| ASICS CORP. |
|
| 894,704 |
|
| 1,090,875 |
|
|
|
|
| 7,400 |
| ASTELLAS PHARMA, INC. |
|
| 236,149 |
|
| 437,774 |
|
|
|
|
| 37,000 |
| BANK OF YOKOHAMA (THE) LTD. |
|
| 164,514 |
|
| 205,887 |
|
|
|
|
| 3,000 |
| BENESSE HOLDINGS, INC. |
|
| 114,910 |
|
| 120,359 |
|
|
|
|
| 13,800 |
| BRIDGESTONE CORP. |
|
| 205,726 |
|
| 521,546 |
|
|
|
|
| 5,200 |
| BROTHER INDUSTRIES LTD. |
|
| 38,445 |
|
| 70,956 |
|
|
|
|
| 20,100 |
| CANON, INC. |
|
| 672,639 |
|
| 635,581 |
|
|
|
|
| 16,600 |
| CAPCOM CO. LTD. |
|
| 276,543 |
|
| 297,448 |
|
|
|
|
| 1,000 |
| CASIO COMPUTER CO. LTD. |
|
| 7,474 |
|
| 12,221 |
|
|
|
|
| 2,700 |
| CENTRAL JAPAN RAILWAY CO. |
|
| 229,516 |
|
| 317,406 |
|
|
|
|
| 15,000 |
| CHIBA BANK (THE) LTD. |
|
| 81,968 |
|
| 100,988 |
|
|
|
|
| 7,800 |
| CHUBU ELECTRIC POWER CO., INC. |
|
| 102,883 |
|
| 100,657 |
|
|
|
|
| 4,500 |
| CHUGAI PHARMACEUTICAL CO. LTD. |
|
| 82,278 |
|
| 99,350 |
|
|
|
|
| 4,000 |
| CHUGOKU BANK (THE) LTD. |
|
| 53,626 |
|
| 50,745 |
|
|
|
|
| 5,200 |
| CHUGOKU ELECTRIC POWER (THE) CO., INC. |
|
| 81,720 |
|
| 80,782 |
|
|
|
|
| 7,900 |
| CITIZEN HOLDINGS CO. LTD. |
|
| 31,581 |
|
| 66,465 |
|
|
|
|
| 37,136 |
| CREDIT SAISON CO. LTD. |
|
| 448,874 |
|
| 975,389 |
|
|
|
|
| 6,000 |
| DAI NIPPON PRINTING CO. LTD. |
|
| 55,038 |
|
| 63,584 |
|
|
|
|
| 11,000 |
| DAIDO STEEL CO. LTD. |
|
| 45,649 |
|
| 54,525 |
|
|
|
|
| 3,000 |
| DAIHATSU MOTOR CO. LTD. |
|
| 56,626 |
|
| 50,764 |
|
|
|
|
| 17,500 |
| DAI-ICHI LIFE INSURANCE (THE) CO. LTD. |
|
| 222,759 |
|
| 291,971 |
|
|
|
|
| 9,700 |
| DAIICHI SANKYO CO. LTD. |
|
| 164,977 |
|
| 177,126 |
|
|
|
|
| 4,500 |
| DAIKIN INDUSTRIES LTD. |
|
| 124,473 |
|
| 279,888 |
|
|
|
|
| 1,200 |
| DAITO TRUST CONSTRUCTION CO. LTD. |
|
| 117,985 |
|
| 112,012 |
|
|
|
|
| 10,000 |
| DAIWA HOUSE INDUSTRY CO. LTD. |
|
| 103,706 |
|
| 193,239 |
|
|
|
|
| 25,000 |
| DAIWA SECURITIES GROUP, INC. |
|
| 96,011 |
|
| 249,264 |
|
|
|
|
| 92,793 |
| DENA CO. LTD. |
|
| 2,669,518 |
|
| 1,949,085 |
|
|
|
|
| 8,200 |
| DENSO CORP. |
|
| 185,234 |
|
| 432,153 |
|
|
|
|
| 2,800 |
| DENTSU, INC. |
|
| 46,871 |
|
| 114,329 |
|
|
|
|
| 48,000 |
| DESCENTE LTD. |
|
| 278,723 |
|
| 324,983 |
|
|
|
|
| 13,000 |
| DOWA HOLDINGS CO. LTD. |
|
| 55,385 |
|
| 126,902 |
|
|
|
|
| 7,000 |
| EAST JAPAN RAILWAY CO. |
|
| 392,789 |
|
| 557,022 |
|
|
|
|
| 2,000 |
| EISAI CO. LTD. |
|
| 60,510 |
|
| 77,391 |
|
|
|
|
| 730 |
| EPS CORP. |
|
| 981,473 |
|
| 956,604 |
|
|
|
|
| 1,800 |
| FAMILYMART CO. LTD. |
|
| 52,590 |
|
| 82,129 |
|
|
|
|
| 14,200 |
| FANUC CORP. |
|
| 2,044,899 |
|
| 2,595,670 |
|
|
|
|
| 1,100 |
| FAST RETAILING CO. LTD. |
|
| 136,395 |
|
| 453,328 |
|
|
|
|
| 21,000 |
| FUJI ELECTRIC CO. LTD. |
|
| 51,969 |
|
| 98,110 |
|
|
|
|
| 6,000 |
| FUJI HEAVY INDUSTRIES LTD. |
|
| 27,516 |
|
| 171,779 |
|
|
|
|
| 8,800 |
| FUJIFILM HOLDINGS CORP. |
|
| 165,274 |
|
| 249,101 |
|
|
|
|
| 44,000 |
| FUJITSU LTD.(b) |
|
| 171,664 |
|
| 227,291 |
|
|
|
|
| 11,000 |
| FUKUOKA FINANCIAL GROUP, INC. |
|
| 36,036 |
|
| 48,153 |
|
|
|
|
| 32,000 |
| FURUKAWA ELECTRIC CO. LTD. |
|
| 65,376 |
|
| 80,220 |
|
|
|
|
| 12,000 |
| GS YUASA CORP. |
|
| 47,814 |
|
| 68,939 |
|
|
|
|
| 6,000 |
| GUNMA BANK (THE) LTD. |
|
| 31,571 |
|
| 33,444 |
|
|
|
|
| 1,500 |
| HAMAMATSU PHOTONICS K.K. |
|
| 52,686 |
|
| 59,895 |
|
|
|
|
| 11,000 |
| HANKYU HANSHIN HOLDINGS, INC. |
|
| 51,221 |
|
| 59,330 |
|
|
|
|
| 500 |
| HIROSE ELECTRIC CO. LTD. |
|
| 48,402 |
|
| 71,123 |
|
|
|
|
| 7,000 |
| HIROSHIMA BANK (THE) LTD. |
|
| 26,154 |
|
| 28,915 |
|
|
|
|
| 95,000 |
| HITACHI LTD. |
|
| 295,895 |
|
| 718,070 |
|
|
|
|
| 6,000 |
| HITACHI METALS LTD. |
|
| 45,405 |
|
| 84,664 |
|
|
|
|
| 9,500 |
| HOKKAIDO ELECTRIC POWER CO., INC.(b) |
|
| 84,575 |
|
| 109,064 |
|
|
|
|
| 7,300 |
| HOKURIKU ELECTRIC POWER CO. |
|
| 76,486 |
|
| 98,918 |
|
|
|
|
| 28,800 |
| HONDA MOTOR CO. LTD. |
|
| 780,069 |
|
| 1,184,161 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 77 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
|
| Fair |
|
| Percent |
| ||
| Japan (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 5,300 |
| HOYA CORP. |
| $ | 112,594 |
|
| 147,057 |
|
|
|
|
| 1,200 |
| IDEMITSU KOSAN CO. LTD. |
|
| 23,804 |
|
| 27,268 |
|
|
|
|
| 20,000 |
| IHI CORP. |
|
| 52,673 |
|
| 86,222 |
|
|
|
|
| 15,600 |
| INPEX CORP. |
|
| 192,488 |
|
| 199,685 |
|
|
|
|
| 9,800 |
| ISETAN MITSUKOSHI HOLDINGS LTD. |
|
| 85,535 |
|
| 139,123 |
|
|
|
|
| 17,000 |
| ISUZU MOTORS LTD. |
|
| 108,047 |
|
| 105,574 |
|
|
|
|
| 27,200 |
| ITOCHU CORP. |
|
| 291,860 |
|
| 335,512 |
|
|
|
|
| 5,000 |
| IYO BANK (THE) LTD. |
|
| 43,448 |
|
| 48,951 |
|
|
|
|
| 8,000 |
| J FRONT RETAILING CO. LTD. |
|
| 31,099 |
|
| 60,469 |
|
|
|
|
| 3,500 |
| JAPAN EXCHANGE GROUP, INC. |
|
| 56,090 |
|
| 99,340 |
|
|
|
|
| 33 |
| JAPAN RETAIL FUND INVESTMENT CORP. |
|
| 60,174 |
|
| 67,122 |
|
|
|
|
| 8,000 |
| JAPAN STEEL WORKS (THE) LTD. |
|
| 45,974 |
|
| 44,668 |
|
|
|
|
| 16,400 |
| JAPAN TOBACCO, INC. |
|
| 479,151 |
|
| 532,599 |
|
|
|
|
| 6,000 |
| JFE HOLDINGS, INC. |
|
| 94,802 |
|
| 142,551 |
|
|
|
|
| 4,000 |
| JGC CORP. |
|
| 53,048 |
|
| 156,680 |
|
|
|
|
| 12,000 |
| JOYO BANK (THE) LTD. |
|
| 54,056 |
|
| 61,191 |
|
|
|
|
| 3,100 |
| JSR CORP. |
|
| 39,530 |
|
| 59,934 |
|
|
|
|
| 5,000 |
| JTEKT CORP. |
|
| 36,670 |
|
| 84,987 |
|
|
|
|
| 39,100 |
| JX HOLDINGS, INC. |
|
| 200,471 |
|
| 200,865 |
|
|
|
|
| 7,000 |
| KAJIMA CORP. |
|
| 15,004 |
|
| 26,256 |
|
|
|
|
| 18,000 |
| KANSAI ELECTRIC POWER (THE) CO., INC.(b) |
|
| 164,557 |
|
| 206,647 |
|
|
|
|
| 2,000 |
| KANSAI PAINT CO. LTD. |
|
| 10,449 |
|
| 29,532 |
|
|
|
|
| 58,413 |
| KAO CORP. |
|
| 1,468,702 |
|
| 1,835,980 |
|
|
|
|
| 35,000 |
| KAWASAKI HEAVY INDUSTRIES LTD. |
|
| 71,135 |
|
| 146,567 |
|
|
|
|
| 9,954 |
| KDDI CORP. |
|
| 239,416 |
|
| 611,550 |
|
|
|
|
| 24,800 |
| KEIHIN CORP. |
|
| 308,810 |
|
| 383,857 |
|
|
|
|
| 13,000 |
| KEIKYU CORP. |
|
| 95,310 |
|
| 107,027 |
|
|
|
|
| 5,000 |
| KEIO CORP. |
|
| 28,322 |
|
| 33,283 |
|
|
|
|
| 5,000 |
| KEISEI ELECTRIC RAILWAY CO. LTD. |
|
| 23,110 |
|
| 45,912 |
|
|
|
|
| 981 |
| KEYENCE CORP. |
|
| 180,512 |
|
| 419,191 |
|
|
|
|
| 6,000 |
| KIKKOMAN CORP. |
|
| 52,867 |
|
| 113,152 |
|
|
|
|
| 35,000 |
| KINTETSU CORP. |
|
| 106,062 |
|
| 122,638 |
|
|
|
|
| 10,000 |
| KIRIN HOLDINGS CO. LTD. |
|
| 103,112 |
|
| 143,671 |
|
|
|
|
| 19,600 |
| KOBAYASHI PHARMACEUTICAL CO. LTD. |
|
| 1,056,246 |
|
| 1,092,508 |
|
|
|
|
| 15,400 |
| KOMATSU LTD. |
|
| 339,281 |
|
| 312,504 |
|
|
|
|
| 2,300 |
| KONAMI CORP. |
|
| 50,313 |
|
| 53,050 |
|
|
|
|
| 7,000 |
| KONICA MINOLTA, INC. |
|
| 53,139 |
|
| 69,727 |
|
|
|
|
| 21,000 |
| KUBOTA CORP. |
|
| 129,773 |
|
| 346,776 |
|
|
|
|
| 4,300 |
| KURITA WATER INDUSTRIES LTD. |
|
| 96,931 |
|
| 89,095 |
|
|
|
|
| 5,400 |
| KYOCERA CORP. |
|
| 198,000 |
|
| 269,205 |
|
|
|
|
| 5,000 |
| KYOWA HAKKO KIRIN CO. LTD. |
|
| 54,616 |
|
| 55,028 |
|
|
|
|
| 6,500 |
| KYUSHU ELECTRIC POWER CO., INC.(b) |
|
| 59,661 |
|
| 82,832 |
|
|
|
|
| 2,800 |
| LAWSON, INC. |
|
| 120,035 |
|
| 209,249 |
|
|
|
|
| 4,200 |
| LIXIL GROUP CORP. |
|
| 71,097 |
|
| 114,981 |
|
|
|
|
| 1,000 |
| MAKITA CORP. |
|
| 48,587 |
|
| 52,417 |
|
|
|
|
| 24,000 |
| MARUBENI CORP. |
|
| 173,505 |
|
| 172,291 |
|
|
|
|
| 6,500 |
| MARUI GROUP CO. LTD. |
|
| 32,287 |
|
| 65,920 |
|
|
|
|
| 57,000 |
| MAZDA MOTOR CORP.(b) |
|
| 95,886 |
|
| 294,445 |
|
|
|
|
| 1,600 |
| MCDONALD’S HOLDINGS CO. JAPAN LTD. |
|
| 43,060 |
|
| 40,824 |
|
|
|
|
| 1,700 |
| MEIJI HOLDINGS CO. LTD. |
|
| 54,895 |
|
| 109,125 |
|
|
|
|
| 33,800 |
| MEITEC CORP. |
|
| 760,894 |
|
| 914,086 |
|
|
|
|
| 1,800 |
| MIRACA HOLDINGS, INC. |
|
| 71,311 |
|
| 84,778 |
|
|
|
|
| 40,000 |
| MITSUBISHI CHEMICAL HOLDINGS CORP. |
|
| 161,621 |
|
| 184,598 |
|
|
|
|
| 25,200 |
| MITSUBISHI CORP. |
|
| 378,464 |
|
| 482,655 |
|
|
|
|
| 32,000 |
| MITSUBISHI ELECTRIC CORP. |
|
| 244,114 |
|
| 401,102 |
|
|
|
|
| 27,000 |
| MITSUBISHI ESTATE CO. LTD. |
|
| 353,310 |
|
| 806,334 |
|
|
|
|
| 17,000 |
| MITSUBISHI GAS CHEMICAL CO., INC. |
|
| 75,149 |
|
| 124,945 |
|
|
|
|
| 57,000 |
| MITSUBISHI HEAVY INDUSTRIES LTD. |
|
| 185,317 |
|
| 352,360 |
|
|
|
|
| 4,000 |
| MITSUBISHI LOGISTICS CORP. |
|
| 45,017 |
|
| 63,090 |
|
|
|
|
| 18,000 |
| MITSUBISHI MATERIALS CORP. |
|
| 47,129 |
|
| 66,318 |
|
|
|
|
| 5,400 |
| MITSUBISHI MOTORS CORP.(b) |
|
| 51,556 |
|
| 57,892 |
|
|
|
|
| 3,800 |
| MITSUBISHI TANABE PHARMA CORP. |
|
| 49,996 |
|
| 52,899 |
|
|
|
|
| 240,600 |
| MITSUBISHI UFJ FINANCIAL GROUP, INC. |
|
| 1,162,680 |
|
| 1,585,570 |
|
|
|
|
| 27,000 |
| MITSUBISHI UFJ LEASE & FINANCE CO. LTD. |
|
| 83,878 |
|
| 165,369 |
|
|
|
|
| 29,600 |
| MITSUI & CO. LTD. |
|
| 306,203 |
|
| 411,775 |
|
|
|
|
| 37,000 |
| MITSUI CHEMICALS, INC. |
|
| 87,469 |
|
| 89,241 |
|
|
|
|
| 14,000 |
| MITSUI FUDOSAN CO. LTD. |
|
| 364,288 |
|
| 503,181 |
|
|
|
|
| 3,000 |
| MITSUI MINING & SMELTING CO. LTD. |
|
| 5,391 |
|
| 9,201 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 78 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
|
| Fair |
|
| Percent |
| ||
| Japan (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 12,000 |
| MITSUI OSK LINES LTD. |
| $ | 47,398 |
|
| 54,012 |
|
|
|
|
| 383,820 |
| MIZUHO FINANCIAL GROUP, INC. |
|
| 671,564 |
|
| 830,984 |
|
|
|
|
| 6,080 |
| MS&AD INSURANCE GROUP HOLDINGS |
|
| 125,874 |
|
| 162,926 |
|
|
|
|
| 3,600 |
| MURATA MANUFACTURING CO. LTD. |
|
| 162,615 |
|
| 319,286 |
|
|
|
|
| 1,500 |
| NAMCO BANDAI HOLDINGS, INC. |
|
| 14,652 |
|
| 33,245 |
|
|
|
|
| 27,000 |
| NEC CORP. |
|
| 70,167 |
|
| 60,763 |
|
|
|
|
| 5,000 |
| NGK INSULATORS LTD. |
|
| 63,090 |
|
| 94,863 |
|
|
|
|
| 3,000 |
| NGK SPARK PLUG CO. LTD. |
|
| 28,359 |
|
| 70,933 |
|
|
|
|
| 1,500 |
| NIDEC CORP. |
|
| 70,097 |
|
| 146,710 |
|
|
|
|
| 12,069 |
| NIFCO, INC. |
|
| 270,359 |
|
| 319,288 |
|
|
|
|
| 6,000 |
| NIKON CORP. |
|
| 75,728 |
|
| 114,462 |
|
|
|
|
| 1,800 |
| NINTENDO CO. LTD. |
|
| 172,120 |
|
| 239,464 |
|
|
|
|
| 22 |
| NIPPON BUILDING FUND, INC. |
|
| 90,970 |
|
| 127,851 |
|
|
|
|
| 11,000 |
| NIPPON ELECTRIC GLASS CO. LTD. |
|
| 57,054 |
|
| 57,658 |
|
|
|
|
| 17,000 |
| NIPPON EXPRESS CO. LTD. |
|
| 60,747 |
|
| 82,167 |
|
|
|
|
| 6,000 |
| NIPPON MEAT PACKERS, INC. |
|
| 72,315 |
|
| 102,896 |
|
|
|
|
| 123,535 |
| NIPPON STEEL & SUMITOMO METAL CORP. |
|
| 307,243 |
|
| 412,917 |
|
|
|
|
| 7,600 |
| NIPPON TELEGRAPH & TELEPHONE CORP. |
|
| 342,697 |
|
| 408,470 |
|
|
|
|
| 17,000 |
| NISHI-NIPPON CITY BANK (THE) LTD. |
|
| 40,901 |
|
| 45,684 |
|
|
|
|
| 5,000 |
| NISSAN CHEMICAL INDUSTRIES LTD. |
|
| 50,851 |
|
| 79,242 |
|
|
|
|
| 36,300 |
| NISSAN MOTOR CO. LTD. |
|
| 335,335 |
|
| 304,712 |
|
|
|
|
| 7,700 |
| NISSHIN SEIFUN GROUP, INC. |
|
| 78,577 |
|
| 79,479 |
|
|
|
|
| 1,200 |
| NISSIN FOODS HOLDINGS CO. LTD. |
|
| 43,959 |
|
| 50,593 |
|
|
|
|
| 13,900 |
| NISSIN KOGYO CO. LTD. |
|
| 186,052 |
|
| 294,077 |
|
|
|
|
| 1,350 |
| NITORI HOLDINGS CO. LTD. |
|
| 87,310 |
|
| 127,808 |
|
|
|
|
| 3,200 |
| NITTO DENKO CORP. |
|
| 77,639 |
|
| 134,764 |
|
|
|
|
| 5,700 |
| NKSJ HOLDINGS, INC. |
|
| 114,918 |
|
| 158,264 |
|
|
|
|
| 72,300 |
| NOMURA HOLDINGS, INC. |
|
| 256,136 |
|
| 555,415 |
|
|
|
|
| 2,700 |
| NOMURA RESEARCH INSTITUTE LTD. |
|
| 43,930 |
|
| 84,992 |
|
|
|
|
| 17,800 |
| NORTH PACIFIC BANK LTD. |
|
| 49,457 |
|
| 72,343 |
|
|
|
|
| 7,000 |
| NSK LTD. |
|
| 50,459 |
|
| 86,943 |
|
|
|
|
| 1,400 |
| NTT DATA CORP. |
|
| 36,520 |
|
| 51,581 |
|
|
|
|
| 23,400 |
| NTT DOCOMO, INC. |
|
| 344,362 |
|
| 383,297 |
|
|
|
|
| 6,500 |
| NTT URBAN DEVELOPMENT CORP. |
|
| 52,710 |
|
| 74,623 |
|
|
|
|
| 12,000 |
| OBAYASHI CORP. |
|
| 48,665 |
|
| 68,256 |
|
|
|
|
| 4,000 |
| ODAKYU ELECTRIC RAILWAY CO. LTD. |
|
| 30,548 |
|
| 36,122 |
|
|
|
|
| 5,100 |
| OLYMPUS CORP.(b) |
|
| 71,174 |
|
| 161,267 |
|
|
|
|
| 2,000 |
| OMRON CORP. |
|
| 50,016 |
|
| 88,216 |
|
|
|
|
| 1,300 |
| ONO PHARMACEUTICAL CO. LTD. |
|
| 55,952 |
|
| 113,693 |
|
|
|
|
| 8,000 |
| ONWARD HOLDINGS CO. LTD. |
|
| 54,094 |
|
| 60,545 |
|
|
|
|
| 1,200 |
| ORIENTAL LAND CO. LTD. |
|
| 113,097 |
|
| 172,861 |
|
|
|
|
| 16,600 |
| ORIX CORP. |
|
| 215,894 |
|
| 291,142 |
|
|
|
|
| 37,000 |
| OSAKA GAS CO. LTD. |
|
| 121,878 |
|
| 145,105 |
|
|
|
|
| 4,400 |
| OTSUKA HOLDINGS CO. LTD. |
|
| 121,499 |
|
| 127,015 |
|
|
|
|
| 33,300 |
| PANASONIC CORP. |
|
| 217,151 |
|
| 387,040 |
|
|
|
|
| 2,600 |
| PARK24 CO. LTD. |
|
| 51,627 |
|
| 48,958 |
|
|
|
|
| 239,100 |
| PRESTIGE INTERNATIONAL, INC. |
|
| 1,746,687 |
|
| 2,247,735 |
|
|
|
|
| 15,200 |
| RAKUTEN, INC. |
|
| 97,714 |
|
| 225,741 |
|
|
|
|
| 23,400 |
| RESONA HOLDINGS, INC. |
|
| 97,985 |
|
| 119,100 |
|
|
|
|
| 10,000 |
| RICOH CO. LTD. |
|
| 94,506 |
|
| 106,163 |
|
|
|
|
| 1,200 |
| RINNAI CORP. |
|
| 52,047 |
|
| 93,324 |
|
|
|
|
| 1,500 |
| ROHM CO. LTD. |
|
| 51,836 |
|
| 72,928 |
|
|
|
|
| 9,360 |
| SANKYO CO. LTD. |
|
| 481,142 |
|
| 431,070 |
|
|
|
|
| 2,600 |
| SANTEN PHARMACEUTICAL CO. LTD. |
|
| 85,886 |
|
| 121,100 |
|
|
|
|
| 13,720 |
| SBI HOLDINGS, INC. |
|
| 111,165 |
|
| 207,148 |
|
|
|
|
| 3,400 |
| SECOM CO. LTD. |
|
| 133,812 |
|
| 204,691 |
|
|
|
|
| 4,100 |
| SEGA SAMMY HOLDINGS, INC. |
|
| 38,822 |
|
| 104,223 |
|
|
|
|
| 13,000 |
| SEKISUI CHEMICAL CO. LTD. |
|
| 66,177 |
|
| 159,244 |
|
|
|
|
| 6,000 |
| SEKISUI HOUSE LTD. |
|
| 44,394 |
|
| 83,753 |
|
|
|
|
| 11,600 |
| SERIA CO. LTD. |
|
| 206,350 |
|
| 465,939 |
|
|
|
|
| 12,800 |
| SEVEN & I HOLDINGS CO. LTD. |
|
| 281,200 |
|
| 508,062 |
|
|
|
|
| 25,000 |
| SHARP CORP.(b) |
|
| 50,043 |
|
| 79,290 |
|
|
|
|
| 4,900 |
| SHIKOKU ELECTRIC POWER CO., INC.(b) |
|
| 52,495 |
|
| 73,284 |
|
|
|
|
| 4,000 |
| SHIMADZU CORP. |
|
| 25,419 |
|
| 34,755 |
|
|
|
|
| 1,000 |
| SHIMAMURA CO. LTD. |
|
| 61,206 |
|
| 93,628 |
|
|
|
|
| 1,500 |
| SHIMANO, INC. |
|
| 58,204 |
|
| 128,620 |
|
|
|
|
| 8,300 |
| SHIN-ETSU CHEMICAL CO. LTD. |
|
| 411,842 |
|
| 483,924 |
|
|
|
|
| 41,600 |
| SHINKO PLANTECH CO. LTD. |
|
| 342,251 |
|
| 322,735 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 79 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Japan (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 4,000 |
| SHIONOGI & CO. LTD. |
| $ | 67,679 |
|
| 86,601 |
|
|
|
|
| 5,900 |
| SHISEIDO CO. LTD. |
|
| 88,706 |
|
| 94,738 |
|
|
|
|
| 13,000 |
| SHIZUOKA BANK (THE) LTD. |
|
| 130,502 |
|
| 138,505 |
|
|
|
|
| 21,000 |
| SHOWA DENKO K.K. |
|
| 33,824 |
|
| 29,712 |
|
|
|
|
| 900 |
| SMC CORP. |
|
| 106,941 |
|
| 226,474 |
|
|
|
|
| 15,600 |
| SOFTBANK CORP. |
|
| 276,169 |
|
| 1,362,834 |
|
|
|
|
| 14,400 |
| SONY CORP. |
|
| 173,384 |
|
| 249,686 |
|
|
|
|
| 4,400 |
| SONY FINANCIAL HOLDINGS, INC. |
|
| 56,074 |
|
| 79,970 |
|
|
|
|
| 37,800 |
| SQUARE ENIX HOLDINGS CO. LTD. |
|
| 491,461 |
|
| 660,450 |
|
|
|
|
| 58,202 |
| STANLEY ELECTRIC CO. LTD. |
|
| 856,188 |
|
| 1,330,837 |
|
|
|
|
| 7,000 |
| SUMCO CORP. |
|
| 47,761 |
|
| 61,685 |
|
|
|
|
| 25,000 |
| SUMITOMO CHEMICAL CO. LTD. |
|
| 74,256 |
|
| 97,806 |
|
|
|
|
| 21,300 |
| SUMITOMO CORP. |
|
| 207,214 |
|
| 267,185 |
|
|
|
|
| 13,100 |
| SUMITOMO ELECTRIC INDUSTRIES LTD. |
|
| 127,803 |
|
| 218,188 |
|
|
|
|
| 12,000 |
| SUMITOMO HEAVY INDUSTRIES LTD. |
|
| 39,379 |
|
| 55,151 |
|
|
|
|
| 9,000 |
| SUMITOMO METAL MINING CO. LTD. |
|
| 88,484 |
|
| 117,681 |
|
|
|
|
| 26,400 |
| SUMITOMO MITSUI FINANCIAL GROUP, INC. |
|
| 824,716 |
|
| 1,358,731 |
|
|
|
|
| 71,310 |
| SUMITOMO MITSUI TRUST HOLDINGS, INC. |
|
| 214,202 |
|
| 375,138 |
|
|
|
|
| 6,000 |
| SUMITOMO REALTY & DEVELOPMENT CO. LTD. |
|
| 163,837 |
|
| 297,977 |
|
|
|
|
| 67,200 |
| SUMITOMO RUBBER INDUSTRIES LTD. |
|
| 817,767 |
|
| 953,345 |
|
|
|
|
| 5,800 |
| SUZUKI MOTOR CORP. |
|
| 104,611 |
|
| 155,754 |
|
|
|
|
| 32,000 |
| SYSMEX CORP. |
|
| 1,475,582 |
|
| 1,887,000 |
|
|
|
|
| 4,100 |
| T&D HOLDINGS, INC. |
|
| 46,311 |
|
| 57,192 |
|
|
|
|
| 31,000 |
| TAIHEIYO CEMENT CORP. |
|
| 68,814 |
|
| 118,925 |
|
|
|
|
| 11,000 |
| TAISEI CORP. |
|
| 19,822 |
|
| 49,929 |
|
|
|
|
| 600 |
| TAISHO PHARMACEUTICAL HOLDINGS CO. LTD. |
|
| 40,190 |
|
| 41,193 |
|
|
|
|
| 10,000 |
| TAKASHIMAYA CO. LTD. |
|
| 63,872 |
|
| 99,421 |
|
|
|
|
| 14,700 |
| TAKEDA PHARMACEUTICAL CO. LTD. |
|
| 588,055 |
|
| 673,512 |
|
|
|
|
| 29,000 |
| TEIJIN LTD. |
|
| 67,529 |
|
| 64,438 |
|
|
|
|
| 2,600 |
| TERUMO CORP. |
|
| 95,419 |
|
| 125,173 |
|
|
|
|
| 2,000 |
| THK CO. LTD. |
|
| 29,290 |
|
| 49,834 |
|
|
|
|
| 14,000 |
| TOBU RAILWAY CO. LTD. |
|
| 67,422 |
|
| 67,800 |
|
|
|
|
| 1,000 |
| TOHO CO. LTD. |
|
| 13,412 |
|
| 21,964 |
|
|
|
|
| 17,000 |
| TOHO GAS CO. LTD. |
|
| 81,221 |
|
| 82,651 |
|
|
|
|
| 7,200 |
| TOHOKU ELECTRIC POWER CO., INC.(b) |
|
| 56,650 |
|
| 80,881 |
|
|
|
|
| 14,100 |
| TOKAI RIKA CO. LTD. |
|
| 186,874 |
|
| 280,099 |
|
|
|
|
| 14,400 |
| TOKIO MARINE HOLDINGS, INC. |
|
| 359,676 |
|
| 480,638 |
|
|
|
|
| 21,600 |
| TOKYO ELECTRIC POWER CO., INC.(b) |
|
| 102,702 |
|
| 106,041 |
|
|
|
|
| 3,200 |
| TOKYO ELECTRON LTD. |
|
| 128,746 |
|
| 175,026 |
|
|
|
|
| 40,000 |
| TOKYO GAS CO. LTD. |
|
| 151,969 |
|
| 196,752 |
|
|
|
|
| 6,000 |
| TOKYO TATEMONO CO. LTD. |
|
| 56,308 |
|
| 66,546 |
|
|
|
|
| 25,000 |
| TOKYU CORP. |
|
| 103,448 |
|
| 161,666 |
|
|
|
|
| 23,000 |
| TOKYU FUDOSAN HOLDINGS CORP.(b) |
|
| 86,617 |
|
| 216,219 |
|
|
|
|
| 4,000 |
| TONENGENERAL SEKIYU K.K. |
|
| 37,796 |
|
| 36,654 |
|
|
|
|
| 17,000 |
| TORAY INDUSTRIES, INC. |
|
| 70,413 |
|
| 117,520 |
|
|
|
|
| 80,000 |
| TOSHIBA CORP. |
|
| 245,424 |
|
| 335,771 |
|
|
|
|
| 6,000 |
| TOTO LTD. |
|
| 30,029 |
|
| 94,977 |
|
|
|
|
| 3,000 |
| TOYO SUISAN KAISHA LTD. |
|
| 74,690 |
|
| 90,020 |
|
|
|
|
| 4,000 |
| TOYOTA INDUSTRIES CORP. |
|
| 101,266 |
|
| 180,230 |
|
|
|
|
| 46,700 |
| TOYOTA MOTOR CORP. |
|
| 1,595,727 |
|
| 2,846,966 |
|
|
|
|
| 1,900 |
| TOYOTA TSUSHO CORP. |
|
| 17,167 |
|
| 46,963 |
|
|
|
|
| 2,500 |
| TREND MICRO, INC. |
|
| 74,501 |
|
| 87,361 |
|
|
|
|
| 1,700 |
| TSUMURA & CO. |
|
| 50,505 |
|
| 45,006 |
|
|
|
|
| 16,548 |
| TSURUHA HOLDINGS, INC. |
|
| 1,245,281 |
|
| 1,519,506 |
|
|
|
|
| 8,000 |
| UBE INDUSTRIES LTD. |
|
| 13,963 |
|
| 17,092 |
|
|
|
|
| 2,600 |
| UNICHARM CORP. |
|
| 68,794 |
|
| 148,134 |
|
|
|
|
| 17,500 |
| UNIPRES CORP. |
|
| 363,607 |
|
| 327,699 |
|
|
|
|
| 34 |
| UNITED URBAN INVESTMENT CORP. |
|
| 52,061 |
|
| 48,848 |
|
|
|
|
| 6,500 |
| USHIO, INC. |
|
| 68,874 |
|
| 86,165 |
|
|
|
|
| 4,900 |
| USS CO. LTD. |
|
| 56,003 |
|
| 67,188 |
|
|
|
|
| 4,100 |
| WEST JAPAN RAILWAY CO. |
|
| 134,756 |
|
| 177,533 |
|
|
|
|
| 23,600 |
| YAHOO JAPAN CORP. |
|
| 62,283 |
|
| 131,099 |
|
|
|
|
| 1,300 |
| YAKULT HONSHA CO. LTD. |
|
| 22,252 |
|
| 65,549 |
|
|
|
|
| 27,200 |
| YAMADA DENKI CO. LTD. |
|
| 102,434 |
|
| 88,850 |
|
|
|
|
| 4,800 |
| YAMAHA MOTOR CO. LTD. |
|
| 48,849 |
|
| 71,879 |
|
|
|
|
| 3,100 |
| YAMATO HOLDINGS CO. LTD. |
|
| 48,197 |
|
| 62,583 |
|
|
|
|
| 1,600 |
| YAMATO KOGYO CO. LTD. |
|
| 50,862 |
|
| 51,049 |
|
|
|
|
| 4,000 |
| YAMAZAKI BAKING CO. LTD. |
|
| 44,679 |
|
| 40,984 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 80 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Japan (Cont’d): |
|
|
|
|
|
|
|
|
| |||
| 5,000 |
| YASKAWA ELECTRIC CORP. |
| $ | 48,019 |
|
| 78,957 |
|
|
|
|
|
|
|
|
|
| 51,064,233 |
|
| 70,677,033 |
|
| 13.81 | % |
| Mexico: |
|
|
|
|
|
|
|
|
|
|
|
|
| 520,519 |
| WAL-MART DE MEXICO S.A.B. DE C.V., SERIES V |
|
| 1,588,759 |
|
| 1,365,832 |
|
|
|
|
|
|
|
|
|
| 1,588,759 |
|
| 1,365,832 |
|
| 0.27 | % |
| Netherlands: |
|
|
|
|
|
|
|
|
|
|
|
|
| 39,620 |
| AALBERTS INDUSTRIES N.V. |
|
| 750,987 |
|
| 1,263,159 |
|
|
|
|
| 25,740 |
| ACCELL GROUP |
|
| 426,901 |
|
| 474,501 |
|
|
|
|
| 34,297 |
| AEGON N.V. |
|
| 128,398 |
|
| 323,765 |
|
|
|
|
| 4,340 |
| AKZO NOBEL N.V. |
|
| 184,408 |
|
| 336,380 |
|
|
|
|
| 23,430 |
| ARCADIS N.V. |
|
| 506,394 |
|
| 825,801 |
|
|
|
|
| 8,054 |
| ASML HOLDING N.V. |
|
| 131,659 |
|
| 753,876 |
|
|
|
|
| 27,184 |
| ASML HOLDING N.V. (REGISTERED) |
|
| 1,663,147 |
|
| 2,547,141 |
|
|
|
|
| 10,564 |
| CORE LABORATORIES N.V. |
|
| 1,114,056 |
|
| 2,017,196 |
|
|
|
|
| 1,094 |
| CORIO N.V. |
|
| 43,642 |
|
| 49,026 |
|
|
|
|
| 3,045 |
| DELTA LLOYD N.V. |
|
| 50,618 |
|
| 75,570 |
|
|
|
|
| 1,259 |
| FUGRO N.V. - CVA |
|
| 70,525 |
|
| 75,022 |
|
|
|
|
| 768 |
| GEMALTO N.V. |
|
| 50,382 |
|
| 84,534 |
|
|
|
|
| 965 |
| HEINEKEN HOLDING N.V. |
|
| 23,862 |
|
| 61,047 |
|
|
|
|
| 3,662 |
| HEINEKEN N.V. |
|
| 128,663 |
|
| 247,256 |
|
|
|
|
| 221,842 |
| ING GROEP N.V. - CVA(b) |
|
| 1,880,939 |
|
| 3,082,399 |
|
|
|
|
| 13,554 |
| KONINKLIJKE AHOLD N.V. |
|
| 152,134 |
|
| 243,333 |
|
|
|
|
| 2,539 |
| KONINKLIJKE DSM N.V. |
|
| 86,313 |
|
| 199,654 |
|
|
|
|
| 64,990 |
| KONINKLIJKE KPN N.V.(b) |
|
| 148,217 |
|
| 209,480 |
|
|
|
|
| 26,572 |
| KONINKLIJKE PHILIPS N.V. |
|
| 499,787 |
|
| 974,011 |
|
|
|
|
| 883 |
| KONINKLIJKE VOPAK N.V. |
|
| 51,486 |
|
| 51,651 |
|
|
|
|
| 1,395 |
| OCI N.V.(b) |
|
| 50,711 |
|
| 62,822 |
|
|
|
|
| 9,716 |
| QIAGEN N.V.(b) |
|
| 139,904 |
|
| 226,358 |
|
|
|
|
| 3,238 |
| RANDSTAD HOLDING N.V. |
|
| 99,928 |
|
| 210,030 |
|
|
|
|
| 17,673 |
| REED ELSEVIER N.V. |
|
| 197,590 |
|
| 374,416 |
|
|
|
|
| 60,146 |
| ROYAL DUTCH SHELL PLC, CLASS A |
|
| 1,632,636 |
|
| 2,154,321 |
|
|
|
|
| 47,797 |
| ROYAL DUTCH SHELL PLC, CLASS B |
|
| 1,167,518 |
|
| 1,804,607 |
|
|
|
|
| 113,350 |
| ROYAL IMTECH N.V.(b) |
|
| 758,043 |
|
| 332,767 |
|
|
|
|
| 48,305 |
| SENSATA TECHNOLOGIES HOLDING N.V.(b) |
|
| 1,678,661 |
|
| 1,872,785 |
|
|
|
|
| 64,540 |
| TNT EXPRESS N.V. |
|
| 484,863 |
|
| 599,139 |
|
|
|
|
| 27,623 |
| UNILEVER N.V. - CVA |
|
| 917,402 |
|
| 1,112,478 |
|
|
|
|
| 32,690 |
| USG PEOPLE N.V. |
|
| 259,392 |
|
| 435,685 |
|
|
|
|
| 6,193 |
| WOLTERS KLUWER N.V. |
|
| 101,075 |
|
| 176,741 |
|
|
|
|
| 1,188 |
| ZIGGO N.V. |
|
| 50,621 |
|
| 54,260 |
|
|
|
|
|
|
|
|
|
| 15,630,862 |
|
| 23,311,211 |
|
| 4.55 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| New Zealand: |
|
|
|
|
|
|
|
|
|
|
|
|
| 17,680 |
| AUCKLAND INTERNATIONAL AIRPORT LTD. |
|
| 49,844 |
|
| 51,326 |
|
|
|
|
| 11,811 |
| CONTACT ENERGY LTD. |
|
| 51,689 |
|
| 49,830 |
|
|
|
|
| 7,321 |
| FLETCHER BUILDING LTD. |
|
| 51,323 |
|
| 51,237 |
|
|
|
|
| 18,050 |
| SKYCITY ENTERTAINMENT GROUP LTD. |
|
| 49,428 |
|
| 55,369 |
|
|
|
|
| 37,843 |
| TELECOM CORP. OF NEW ZEALAND LTD. |
|
| 73,138 |
|
| 71,737 |
|
|
|
|
|
|
|
|
|
| 275,422 |
|
| 279,499 |
|
| 0.05 | % |
| Norway: |
|
|
|
|
|
|
|
|
|
|
|
|
| 24,203 |
| AKER SOLUTIONS ASA |
|
| 361,676 |
|
| 432,560 |
|
|
|
|
| 13,773 |
| DNB ASA |
|
| 87,874 |
|
| 246,380 |
|
|
|
|
| 3,900 |
| KVAERNER ASA |
|
| 6,507 |
|
| 7,394 |
|
|
|
|
| 21,490 |
| NORSK HYDRO ASA |
|
| 82,180 |
|
| 95,912 |
|
|
|
|
| 111,648 |
| ORKLA ASA |
|
| 774,163 |
|
| 871,051 |
|
|
|
|
| 12,350 |
| SCHIBSTED ASA |
|
| 474,812 |
|
| 816,913 |
|
|
|
|
| 5,278 |
| SEADRILL LTD. |
|
| 104,057 |
|
| 215,461 |
|
|
|
|
| 21,587 |
| STATOIL ASA |
|
| 418,607 |
|
| 523,187 |
|
|
|
|
| 11,360 |
| TELENOR ASA |
|
| 229,860 |
|
| 270,828 |
|
|
|
|
| 85,000 |
| TOMRA SYSTEMS ASA |
|
| 703,315 |
|
| 791,799 |
|
|
|
|
| 4,000 |
| YARA INTERNATIONAL ASA |
|
| 109,527 |
|
| 172,127 |
|
|
|
|
|
|
|
|
|
| 3,352,578 |
|
| 4,443,612 |
|
| 0.87 | % |
| Philippines: |
|
|
|
|
|
|
|
|
|
|
|
|
| 345,644 |
| METROPOLITAN BANK & TRUST CO. |
|
| 591,567 |
|
| 588,372 |
|
|
|
|
|
|
|
|
|
| 591,567 |
|
| 588,372 |
|
| 0.12 | % |
|
|
|
See accompanying notes to the financial statements. | 81 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Poland: |
|
|
|
|
|
|
|
|
|
|
|
|
| 18,994 |
| EUROCASH S.A. |
| $ | 282,013 |
|
| 299,837 |
|
|
|
|
|
|
|
|
|
| 282,013 |
|
| 299,837 |
|
| 0.06 | % |
| Portugal: |
|
|
|
|
|
|
|
|
|
|
|
|
| 20,567 |
| EDP - ENERGIAS DE PORTUGAL S.A. |
|
| 48,529 |
|
| 75,545 |
|
|
|
|
| 10,080 |
| GALP ENERGIA SGPS S.A. |
|
| 157,855 |
|
| 165,226 |
|
|
|
|
| 60,717 |
| JERONIMO MARTINS SGPS S.A. |
|
| 1,026,051 |
|
| 1,187,356 |
|
|
|
|
| 25,788 |
| PORTUGAL TELECOM SGPS S.A. (REGISTERED) |
|
| 118,941 |
|
| 112,106 |
|
|
|
|
|
|
|
|
|
| 1,351,376 |
|
| 1,540,233 |
|
| 0.30 | % |
| Russia: |
|
|
|
|
|
|
|
|
|
|
|
|
| 510 |
| X5 RETAIL GROUP N.V. GDR (REGISTERED)(b) |
|
| 8,769 |
|
| 8,553 |
|
|
|
|
| 14,020 |
| X5 RETAIL GROUP N.V. GDR (REGISTERED) (LONDON EXCHANGE)(b) |
|
| 251,496 |
|
| 235,115 |
|
|
|
|
|
|
|
|
|
| 260,265 |
|
| 243,668 |
|
| 0.05 | % |
| Singapore: |
|
|
|
|
|
|
|
|
|
|
|
|
| 31,000 |
| ASCENDAS REAL ESTATE INVESTMENT TRUST |
|
| 51,637 |
|
| 54,043 |
|
|
|
|
| 39,500 |
| CAPITALAND LTD. |
|
| 75,674 |
|
| 94,841 |
|
|
|
|
| 36,000 |
| CAPITAMALL TRUST |
|
| 34,133 |
|
| 54,344 |
|
|
|
|
| 11,000 |
| CITY DEVELOPMENTS LTD. |
|
| 71,096 |
|
| 83,680 |
|
|
|
|
| 32,000 |
| COMFORTDELGRO CORP. LTD. |
|
| 49,631 |
|
| 50,969 |
|
|
|
|
| 34,000 |
| DBS GROUP HOLDINGS LTD. |
|
| 221,626 |
|
| 460,716 |
|
|
|
|
| 144,289 |
| FLEXTRONICS INTERNATIONAL LTD.(b) |
|
| 917,737 |
|
| 1,121,126 |
|
|
|
|
| 22,000 |
| FRASER AND NEAVE LTD. |
|
| 7,411 |
|
| 61,017 |
|
|
|
|
| 44,000 |
| FRASERS CENTREPOINT LTD.(b) |
|
| 52,608 |
|
| 52,823 |
|
|
|
|
| 52,000 |
| GENTING SINGAPORE PLC |
|
| 65,403 |
|
| 61,603 |
|
|
|
|
| 130,000 |
| GLOBAL LOGISTIC PROPERTIES LTD. |
|
| 203,681 |
|
| 297,714 |
|
|
|
|
| 2,000 |
| JARDINE CYCLE & CARRIAGE LTD. |
|
| 60,253 |
|
| 56,975 |
|
|
|
|
| 28,000 |
| KEPPEL CORP. LTD. |
|
| 105,334 |
|
| 248,282 |
|
|
|
|
| 7,840 |
| KEPPEL REIT |
|
| 3,257 |
|
| 7,362 |
|
|
|
|
| 32,000 |
| OVERSEA-CHINESE BANKING CORP. LTD. |
|
| 256,224 |
|
| 258,647 |
|
|
|
|
| 17,000 |
| SEMBCORP INDUSTRIES LTD. |
|
| 31,827 |
|
| 73,957 |
|
|
|
|
| 22,000 |
| SEMBCORP MARINE LTD. |
|
| 32,803 |
|
| 77,578 |
|
|
|
|
| 12,000 |
| SINGAPORE AIRLINES LTD. |
|
| 70,334 |
|
| 98,990 |
|
|
|
|
| 31,000 |
| SINGAPORE EXCHANGE LTD. |
|
| 139,131 |
|
| 178,343 |
|
|
|
|
| 26,000 |
| SINGAPORE PRESS HOLDINGS LTD. |
|
| 44,166 |
|
| 84,884 |
|
|
|
|
| 21,000 |
| SINGAPORE TECHNOLOGIES ENGINEERING LTD. |
|
| 48,624 |
|
| 65,898 |
|
|
|
|
| 170,000 |
| SINGAPORE TELECOMMUNICATIONS LTD. |
|
| 324,551 |
|
| 493,047 |
|
|
|
|
| 24,000 |
| UNITED OVERSEAS BANK LTD. |
|
| 333,181 |
|
| 403,946 |
|
|
|
|
| 15,000 |
| UOL GROUP LTD. |
|
| 49,917 |
|
| 73,577 |
|
|
|
|
|
|
|
|
|
| 3,250,239 |
|
| 4,514,362 |
|
| 0.88 | % |
| South Africa: |
|
|
|
|
|
|
|
|
|
|
|
|
| 77,786 |
| SHOPRITE HOLDINGS LTD. |
|
| 1,596,359 |
|
| 1,216,101 |
|
|
|
|
|
|
|
|
|
| 1,596,359 |
|
| 1,216,101 |
|
| 0.24 | % |
| South Korea: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5,245 |
| BINGGRAE CO. LTD. |
|
| 488,445 |
|
| 482,579 |
|
|
|
|
| 56,830 |
| BS FINANCIAL GROUP, INC. |
|
| 640,583 |
|
| 861,591 |
|
|
|
|
| 5,842 |
| DAUM COMMUNICATIONS CORP. |
|
| 446,130 |
|
| 464,991 |
|
|
|
|
| 50,050 |
| DGB FINANCIAL GROUP, INC. |
|
| 625,621 |
|
| 782,513 |
|
|
|
|
| 24,840 |
| HALLA VISTEON CLIMATE CONTROL CORP. |
|
| 529,036 |
|
| 912,067 |
|
|
|
|
| 5,874 |
| HYUNDAI MIPO DOCKYARD |
|
| 655,673 |
|
| 990,735 |
|
|
|
|
| 98,521 |
| KGINICIS CO. LTD. |
|
| 1,810,911 |
|
| 1,549,674 |
|
|
|
|
| 16,909 |
| KIA MOTORS CORP. |
|
| 794,562 |
|
| 898,844 |
|
|
|
|
| 6,353 |
| KIWOOM SECURITIES CO. LTD. |
|
| 349,706 |
|
| 304,000 |
|
|
|
|
| 6,820 |
| KOREA INVESTMENT HOLDINGS CO. LTD. |
|
| 241,658 |
|
| 263,662 |
|
|
|
|
| 903 |
| SAMSUNG ELECTRONICS CO. LTD. |
|
| 1,175,418 |
|
| 1,173,938 |
|
|
|
|
| 9,049 |
| YOUNGONE HOLDINGS CO. LTD. |
|
| 515,320 |
|
| 676,521 |
|
|
|
|
|
|
|
|
|
| 8,273,063 |
|
| 9,361,115 |
|
| 1.83 | % |
| Spain: |
|
|
|
|
|
|
|
|
|
|
|
|
| 7,845 |
| ABERTIS INFRAESTRUCTURAS S.A. |
|
| 108,145 |
|
| 174,297 |
|
|
|
|
| 1,260 |
| ACCIONA S.A. |
|
| 78,312 |
|
| 72,395 |
|
|
|
|
| 7,760 |
| ACERINOX S.A. |
|
| 95,129 |
|
| 98,716 |
|
|
|
|
| 5,299 |
| AMADEUS IT HOLDING S.A., CLASS A |
|
| 128,321 |
|
| 226,750 |
|
|
|
|
| 103,161 |
| BANCO BILBAO VIZCAYA ARGENTARIA S.A. |
|
| 787,415 |
|
| 1,269,887 |
|
|
|
|
| 40,974 |
| BANCO DE SABADELL S.A. |
|
| 106,298 |
|
| 106,874 |
|
|
|
|
| 19,444 |
| BANCO POPULAR ESPANOL S.A.(b) |
|
| 75,512 |
|
| 117,295 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 82 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Spain (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 177,316 |
| BANCO SANTANDER S.A. |
| $ | 1,217,456 |
|
| 1,587,032 |
|
|
|
|
| 52,365 |
| BANKIA S.A.(b) |
|
| 84,436 |
|
| 88,896 |
|
|
|
|
| 27,341 |
| CAIXABANK S.A. |
|
| 92,783 |
|
| 142,478 |
|
|
|
|
| 1,388 |
| CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A. |
|
| 645,501 |
|
| 733,810 |
|
|
|
|
| 9,700 |
| DISTRIBUIDORA INTERNACIONAL DE ALIMENTACION S.A. |
|
| 47,567 |
|
| 86,738 |
|
|
|
|
| 7,427 |
| ENAGAS S.A. |
|
| 138,558 |
|
| 194,078 |
|
|
|
|
| 3,362 |
| FERROVIAL S.A. |
|
| 50,676 |
|
| 65,052 |
|
|
|
|
| 13,148 |
| GAS NATURAL SDG S.A. |
|
| 203,530 |
|
| 338,150 |
|
|
|
|
| 1,818 |
| GRIFOLS S.A. |
|
| 52,706 |
|
| 86,948 |
|
|
|
|
| 60,806 |
| IBERDROLA S.A. |
|
| 298,760 |
|
| 387,721 |
|
|
|
|
| 17,809 |
| INDITEX S.A. |
|
| 2,432,608 |
|
| 2,935,081 |
|
|
|
|
| 49,976 |
| MAPFRE S.A. |
|
| 136,153 |
|
| 214,025 |
|
|
|
|
| 21,941 |
| MELIA HOTELS INTERNATIONAL S.A. |
|
| 146,843 |
|
| 281,770 |
|
|
|
|
| 3,172 |
| RED ELECTRICA CORP. S.A. |
|
| 137,295 |
|
| 211,640 |
|
|
|
|
| 19,639 |
| REPSOL S.A. |
|
| 379,635 |
|
| 494,958 |
|
|
|
|
| 8,036 |
| TECNICAS REUNIDAS S.A. |
|
| 388,496 |
|
| 436,512 |
|
|
|
|
| 62,423 |
| TELEFONICA S.A. |
|
| 867,689 |
|
| 1,016,334 |
|
|
|
|
| 4,021 |
| ZARDOYA OTIS S.A. |
|
| 46,860 |
|
| 72,742 |
|
|
|
|
|
|
|
|
|
| 8,746,684 |
|
| 11,440,179 |
|
| 2.24 | % |
| Sweden: |
|
|
|
|
|
|
|
|
|
|
|
|
| 7,400 |
| ASSA ABLOY AB, CLASS B |
|
| 89,466 |
|
| 390,948 |
|
|
|
|
| 11,337 |
| ATLAS COPCO AB, CLASS A |
|
| 121,649 |
|
| 314,278 |
|
|
|
|
| 6,368 |
| ATLAS COPCO AB, CLASS B |
|
| 78,834 |
|
| 161,580 |
|
|
|
|
| 39,960 |
| DUNI AB |
|
| 351,554 |
|
| 517,218 |
|
|
|
|
| 8,524 |
| ELECTROLUX AB, CLASS B |
|
| 113,200 |
|
| 223,310 |
|
|
|
|
| 8,575 |
| ELEKTA AB, CLASS B |
|
| 104,728 |
|
| 131,121 |
|
|
|
|
| 1,682 |
| GETINGE AB, CLASS B |
|
| 51,718 |
|
| 57,532 |
|
|
|
|
| 15,793 |
| HENNES & MAURITZ AB, CLASS B |
|
| 349,564 |
|
| 727,300 |
|
|
|
|
| 3,700 |
| HEXAGON AB, CLASS B |
|
| 56,830 |
|
| 116,951 |
|
|
|
|
| 17,500 |
| HUSQVARNA AB, CLASS B |
|
| 64,201 |
|
| 105,351 |
|
|
|
|
| 10,000 |
| INDUSTRIVARDEN AB, CLASS C |
|
| 103,927 |
|
| 190,147 |
|
|
|
|
| 3,000 |
| INVESTMENT AB KINNEVIK, CLASS B |
|
| 51,225 |
|
| 138,949 |
|
|
|
|
| 11,800 |
| INVESTOR AB, CLASS B |
|
| 161,782 |
|
| 406,001 |
|
|
|
|
| 2,344 |
| LUNDIN PETROLEUM AB(b) |
|
| 54,274 |
|
| 45,700 |
|
|
|
|
| 1,045 |
| MILLICOM INTERNATIONAL CELLULAR S.A. SDR |
|
| 88,132 |
|
| 104,064 |
|
|
|
|
| 41,436 |
| NORDEA BANK AB |
|
| 232,747 |
|
| 558,227 |
|
|
|
|
| 13,730 |
| ORIFLAME COSMETICS S.A. SDR |
|
| 453,020 |
|
| 421,601 |
|
|
|
|
| 23,773 |
| SANDVIK AB |
|
| 201,678 |
|
| 335,240 |
|
|
|
|
| 15,868 |
| SECURITAS AB, CLASS B |
|
| 125,722 |
|
| 168,626 |
|
|
|
|
| 41,800 |
| SKANDINAVISKA ENSKILDA BANKEN AB, CLASS A |
|
| 171,318 |
|
| 551,107 |
|
|
|
|
| 2,800 |
| SKANSKA AB, CLASS B |
|
| 23,703 |
|
| 57,203 |
|
|
|
|
| 5,793 |
| SKF AB, CLASS B |
|
| 143,420 |
|
| 151,944 |
|
|
|
|
| 5,400 |
| SSAB AB, CLASS A |
|
| 48,129 |
|
| 41,391 |
|
|
|
|
| 82,070 |
| SVENSKA CELLULOSA AB S.C.A., CLASS B |
|
| 1,673,266 |
|
| 2,526,468 |
|
|
|
|
| 11,896 |
| SVENSKA HANDELSBANKEN AB, CLASS A |
|
| 264,805 |
|
| 584,456 |
|
|
|
|
| 4,396 |
| SWEDBANK AB, CLASS A |
|
| 84,639 |
|
| 123,709 |
|
|
|
|
| 3,023 |
| SWEDISH MATCH AB |
|
| 101,559 |
|
| 97,150 |
|
|
|
|
| 5,078 |
| TELE2 AB, CLASS B(b) |
|
| 64,621 |
|
| 57,516 |
|
|
|
|
| 58,718 |
| TELEFONAKTIEBOLAGET LM ERICSSON, CLASS B |
|
| 533,417 |
|
| 716,647 |
|
|
|
|
| 36,666 |
| TELIASONERA AB |
|
| 193,138 |
|
| 305,272 |
|
|
|
|
| 21,000 |
| VOLVO AB, CLASS B |
|
| 127,847 |
|
| 275,729 |
|
|
|
|
|
|
|
|
|
| 6,284,113 |
|
| 10,602,736 |
|
| 2.07% |
|
| Switzerland: |
|
|
|
|
|
|
|
|
|
|
|
|
| 44,424 |
| ABB LTD. (REGISTERED)(b) |
|
| 619,065 |
|
| 1,169,302 |
|
|
|
|
| 25,927 |
| ACE LTD. |
|
| 2,097,627 |
|
| 2,684,222 |
|
|
|
|
| 1,367 |
| ACTELION LTD. (REGISTERED)(b) |
|
| 52,159 |
|
| 115,468 |
|
|
|
|
| 18,606 |
| ADECCO S.A. (REGISTERED)(b) |
|
| 778,411 |
|
| 1,472,545 |
|
|
|
|
| 2,059 |
| ARYZTA A.G.(b) |
|
| 50,704 |
|
| 157,879 |
|
|
|
|
| 484 |
| BALOISE HOLDING A.G. (REGISTERED) |
|
| 26,452 |
|
| 61,636 |
|
|
|
|
| 93 |
| BANQUE CANTONALE VAUDOISE (REGISTERED) |
|
| 50,737 |
|
| 50,720 |
|
|
|
|
| 88 |
| BARRY CALLEBAUT A.G. (REGISTERED)(b) |
|
| 88,741 |
|
| 110,290 |
|
|
|
|
| 8,167 |
| CIE FINANCIERE RICHEMONT S.A. (REGISTERED) |
|
| 550,611 |
|
| 812,992 |
|
|
|
|
| 5,217 |
| COCA-COLA HBC A.G. - CDI(b) |
|
| 129,225 |
|
| 152,221 |
|
|
|
|
| 16,679 |
| CREDIT SUISSE GROUP A.G. (REGISTERED)(b) |
|
| 402,210 |
|
| 509,878 |
|
|
|
|
| 470 |
| FORBO HOLDING A.G. (REGISTERED)(b) |
|
| 307,691 |
|
| 401,480 |
|
|
|
|
| 1,115 |
| GEBERIT A.G. (REGISTERED)(b) |
|
| 110,661 |
|
| 338,106 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 83 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Switzerland (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 140 |
| GIVAUDAN S.A. (REGISTERED)(b) |
| $ | 76,496 |
|
| 199,944 |
|
|
|
|
| 189,200 |
| GLENCORE XSTRATA PLC(b) |
|
| 736,586 |
|
| 979,707 |
|
|
|
|
| 4,025 |
| HOLCIM LTD. (REGISTERED)(b) |
|
| 183,971 |
|
| 301,181 |
|
|
|
|
| 4,134 |
| JULIUS BAER GROUP LTD.(b) |
|
| 87,890 |
|
| 198,532 |
|
|
|
|
| 41 |
| LINDT & SPRUENGLI A.G. (PARTICIPATION CERTIFICATE) |
|
| 59,774 |
|
| 184,811 |
|
|
|
|
| 3 |
| LINDT & SPRUENGLI A.G. (REGISTERED) |
|
| 75,352 |
|
| 161,762 |
|
|
|
|
| 45,240 |
| LOGITECH INTERNATIONAL S.A. (REGISTERED) |
|
| 392,534 |
|
| 619,336 |
|
|
|
|
| 897 |
| LONZA GROUP A.G. (REGISTERED)(b) |
|
| 50,452 |
|
| 85,069 |
|
|
|
|
| 90,501 |
| NESTLE S.A. (REGISTERED) |
|
| 3,533,844 |
|
| 6,624,870 |
|
|
|
|
| 40,470 |
| NOBEL BIOCARE HOLDING A.G. (REGISTERED)(b) |
|
| 378,692 |
|
| 630,607 |
|
|
|
|
| 64,244 |
| NOVARTIS A.G. (REGISTERED) |
|
| 2,911,190 |
|
| 5,127,709 |
|
|
|
|
| 13,324 |
| PANALPINA WELTTRANSPORT HOLDING |
|
| 1,054,468 |
|
| 2,232,989 |
|
|
|
|
| 8,383 |
| PARGESA HOLDING S.A. (BEARER) |
|
| 532,821 |
|
| 675,677 |
|
|
|
|
| 13,103 |
| ROCHE HOLDING A.G. (GENUSSCHEIN) |
|
| 1,721,829 |
|
| 3,660,409 |
|
|
|
|
| 1,381 |
| SCHINDLER HOLDING A.G. (PARTICIPATION CERTIFICATE) |
|
| 108,493 |
|
| 203,268 |
|
|
|
|
| 589 |
| SCHINDLER HOLDING A.G. (REGISTERED) |
|
| 68,597 |
|
| 86,892 |
|
|
|
|
| 1,129 |
| SGS S.A. (REGISTERED) |
|
| 2,343,604 |
|
| 2,597,061 |
|
|
|
|
| 77 |
| SIKA A.G. (BEARER) |
|
| 152,753 |
|
| 273,714 |
|
|
|
|
| 1,300 |
| SONOVA HOLDING A.G. (REGISTERED)(b) |
|
| 84,464 |
|
| 174,878 |
|
|
|
|
| 10,640 |
| STMICROELECTRONICS N.V.(b) |
|
| 55,625 |
|
| 85,483 |
|
|
|
|
| 635 |
| SULZER A.G. (REGISTERED) |
|
| 30,609 |
|
| 102,434 |
|
|
|
|
| 510 |
| SWATCH GROUP (THE) A.G. (BEARER) |
|
| 241,014 |
|
| 337,027 |
|
|
|
|
| 743 |
| SWISS LIFE HOLDING A.G. (REGISTERED)(b) |
|
| 101,194 |
|
| 154,255 |
|
|
|
|
| 884 |
| SWISS PRIME SITE A.G. (REGISTERED)(b) |
|
| 67,167 |
|
| 68,427 |
|
|
|
|
| 3,036 |
| SWISS RE A.G.(b) |
|
| 221,059 |
|
| 279,249 |
|
|
|
|
| 459 |
| SWISSCOM A.G. (REGISTERED) |
|
| 157,641 |
|
| 242,299 |
|
|
|
|
| 1,427 |
| SYNGENTA A.G. (REGISTERED) |
|
| 339,691 |
|
| 568,208 |
|
|
|
|
| 42,716 |
| TE CONNECTIVITY LTD. |
|
| 789,648 |
|
| 2,354,079 |
|
|
|
|
| 6,004 |
| TRANSOCEAN LTD. |
|
| 321,336 |
|
| 296,718 |
|
|
|
|
| 52,597 |
| UBS A.G. (REGISTERED)(b) |
|
| 836,383 |
|
| 997,636 |
|
|
|
|
| 4,176 |
| WOLSELEY PLC |
|
| 70,461 |
|
| 236,847 |
|
|
|
|
| 2,235 |
| ZURICH INSURANCE GROUP A.G.(b) |
|
| 358,327 |
|
| 647,663 |
|
|
|
|
|
|
|
|
|
| 23,408,259 |
|
| 39,425,480 |
|
| 7.70 | % |
| Taiwan: |
|
|
|
|
|
|
|
|
|
|
|
|
| 866,000 |
| D-LINK CORP. |
|
| 489,773 |
|
| 524,478 |
|
|
|
|
| 121,000 |
| GIANT MANUFACTURING CO. LTD. |
|
| 642,690 |
|
| 832,285 |
|
|
|
|
| 203,000 |
| SIMPLO TECHNOLOGY CO. LTD. |
|
| 1,102,093 |
|
| 899,089 |
|
|
|
|
| 163,991 |
| TAIWAN SEMICONDUCTOR MANUFACTURING CO. |
|
| 2,525,827 |
|
| 2,860,003 |
|
|
|
|
| 129,000 |
| TRIPOD TECHNOLOGY CORP. |
|
| 311,363 |
|
| 231,134 |
|
|
|
|
|
|
|
|
|
| 5,071,746 |
|
| 5,346,989 |
|
| 1.04 | % |
| Thailand: |
|
|
|
|
|
|
|
|
|
|
|
|
| 891,900 |
| LPN DEVELOPMENT PCL (REGISTERED) |
|
| 532,733 |
|
| 420,708 |
|
|
|
|
|
|
|
|
|
| 532,733 |
|
| 420,708 |
|
| 0.08 | % |
| Turkey: |
|
|
|
|
|
|
|
|
|
|
|
|
| 48,142 |
| AYGAZ A.S. |
|
| 214,023 |
|
| 183,697 |
|
|
|
|
| 150,620 |
| TEKNOSA IC VE DIS TICARET A.S.(b) |
|
| 941,550 |
|
| 893,627 |
|
|
|
|
|
|
|
|
|
| 1,155,573 |
|
| 1,077,324 |
|
| 0.21 | % |
| United Kingdom: |
|
|
|
|
|
|
|
|
|
| ||
| 25,248 |
| 3I GROUP PLC |
|
| 88,645 |
|
| 161,008 |
|
|
|
|
| 13,185 |
| ABERDEEN ASSET MANAGEMENT PLC |
|
| 49,918 |
|
| 109,168 |
|
|
|
|
| 94,043 |
| ADMIRAL GROUP PLC |
|
| 1,753,796 |
|
| 2,040,070 |
|
|
|
|
| 176,500 |
| ADVANCED COMPUTER SOFTWARE GROUP PLC |
|
| 271,168 |
|
| 304,697 |
|
|
|
|
| 111,580 |
| AFRICAN MINERALS LTD.(b) |
|
| 433,054 |
|
| 366,308 |
|
|
|
|
| 2,576 |
| AGGREKO PLC |
|
| 68,249 |
|
| 72,901 |
|
|
|
|
| 98,958 |
| ALENT PLC |
|
| 462,866 |
|
| 581,737 |
|
|
|
|
| 41,319 |
| AMEC PLC |
|
| 631,459 |
|
| 744,434 |
|
|
|
|
| 22,669 |
| ANGLO AMERICAN PLC |
|
| 440,589 |
|
| 495,511 |
|
|
|
|
| 4,811 |
| ANTOFAGASTA PLC |
|
| 33,978 |
|
| 65,646 |
|
|
|
|
| 20,183 |
| AON PLC |
|
| 965,373 |
|
| 1,693,152 |
|
|
|
|
| 20,590 |
| ARM HOLDINGS PLC |
|
| 287,778 |
|
| 374,715 |
|
|
|
|
| 32,055 |
| ARM HOLDINGS PLC ADR(d) |
|
| 914,776 |
|
| 1,754,691 |
|
|
|
|
| 371,786 |
| ASHMORE GROUP PLC |
|
| 2,265,059 |
|
| 2,470,640 |
|
|
|
|
| 18,990 |
| ASOS PLC(b) |
|
| 1,152,223 |
|
| 1,925,783 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 84 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| United Kingdom (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 6,198 |
| ASSOCIATED BRITISH FOODS PLC |
| $ | 187,447 |
|
| 250,944 |
|
|
|
|
| 39,235 |
| ASTRAZENECA PLC |
|
| 1,625,993 |
|
| 2,322,395 |
|
|
|
|
| 59,299 |
| AVIVA PLC |
|
| 212,664 |
|
| 441,588 |
|
|
|
|
| 5,239 |
| BABCOCK INTERNATIONAL GROUP PLC |
|
| 47,416 |
|
| 117,553 |
|
|
|
|
| 46,467 |
| BAE SYSTEMS PLC |
|
| 230,164 |
|
| 334,720 |
|
|
|
|
| 13,290 |
| BALFOUR BEATTY PLC |
|
| 50,926 |
|
| 63,140 |
|
|
|
|
| 261,595 |
| BARCLAYS PLC |
|
| 989,502 |
|
| 1,178,055 |
|
|
|
|
| 17,870 |
| BELLWAY PLC |
|
| 290,216 |
|
| 464,592 |
|
|
|
|
| 32,640 |
| BERENDSEN PLC |
|
| 296,386 |
|
| 506,180 |
|
|
|
|
| 61,258 |
| BG GROUP PLC |
|
| 967,887 |
|
| 1,316,186 |
|
|
|
|
| 39,133 |
| BHP BILLITON PLC |
|
| 853,977 |
|
| 1,211,155 |
|
|
|
|
| 33,540 |
| BODYCOTE PLC |
|
| 199,708 |
|
| 372,122 |
|
|
|
|
| 33,210 |
| BOVIS HOMES GROUP PLC |
|
| 277,387 |
|
| 436,103 |
|
|
|
|
| 347,971 |
| BP PLC |
|
| 2,336,179 |
|
| 2,812,254 |
|
|
|
|
| 30,844 |
| BRITISH AMERICAN TOBACCO PLC |
|
| 1,151,360 |
|
| 1,653,845 |
|
|
|
|
| 11,630 |
| BRITISH LAND CO. PLC |
|
| 61,579 |
|
| 121,137 |
|
|
|
|
| 17,175 |
| BRITISH SKY BROADCASTING GROUP PLC |
|
| 114,547 |
|
| 240,042 |
|
|
|
|
| 143,369 |
| BT GROUP PLC |
|
| 523,985 |
|
| 900,741 |
|
|
|
|
| 5,069 |
| BUNZL PLC |
|
| 39,524 |
|
| 121,713 |
|
|
|
|
| 8,202 |
| BURBERRY GROUP PLC |
|
| 40,549 |
|
| 205,905 |
|
|
|
|
| 16,980 |
| CAPITA PLC |
|
| 162,367 |
|
| 291,865 |
|
|
|
|
| 4,351 |
| CARNIVAL PLC |
|
| 131,345 |
|
| 180,198 |
|
|
|
|
| 28,688 |
| CARPETRIGHT PLC(b) |
|
| 266,601 |
|
| 238,955 |
|
|
|
|
| 92,189 |
| CENTRICA PLC |
|
| 340,421 |
|
| 530,800 |
|
|
|
|
| 24,375 |
| CNH INDUSTRIAL N.V.(b) |
|
| 141,398 |
|
| 277,818 |
|
|
|
|
| 28,496 |
| COBHAM PLC |
|
| 93,701 |
|
| 129,531 |
|
|
|
|
| 246,630 |
| COMPASS GROUP PLC |
|
| 1,493,434 |
|
| 3,953,379 |
|
|
|
|
| 2,950 |
| CRODA INTERNATIONAL PLC |
|
| 101,220 |
|
| 120,026 |
|
|
|
|
| 268,760 |
| DEBENHAMS PLC |
|
| 325,200 |
|
| 324,889 |
|
|
|
|
| 73,551 |
| DIAGEO PLC |
|
| 1,002,365 |
|
| 2,435,936 |
|
|
|
|
| 16,194 |
| DIGNITY PLC |
|
| 263,160 |
|
| 386,157 |
|
|
|
|
| 214,445 |
| DIPLOMA PLC |
|
| 1,683,663 |
|
| 2,396,994 |
|
|
|
|
| 120,605 |
| DIRECT LINE INSURANCE GROUP PLC |
|
| 380,018 |
|
| 498,491 |
|
|
|
|
| 95 |
| DRAX GROUP PLC |
|
| 545 |
|
| 1,259 |
|
|
|
|
| 21,685 |
| G4S PLC |
|
| 77,070 |
|
| 94,262 |
|
|
|
|
| 32,712 |
| GKN PLC |
|
| 101,683 |
|
| 202,215 |
|
|
|
|
| 91,912 |
| GLAXOSMITHKLINE PLC |
|
| 1,410,189 |
|
| 2,452,730 |
|
|
|
|
| 101,170 |
| GREGGS PLC |
|
| 781,008 |
|
| 721,227 |
|
|
|
|
| 17,505 |
| HAMMERSON PLC |
|
| 69,535 |
|
| 145,517 |
|
|
|
|
| 104,290 |
| HOMESERVE PLC |
|
| 364,770 |
|
| 475,440 |
|
|
|
|
| 335,233 |
| HSBC HOLDINGS PLC |
|
| 2,323,658 |
|
| 3,677,175 |
|
|
|
|
| 215,729 |
| IG GROUP HOLDINGS PLC |
|
| 1,570,032 |
|
| 2,200,576 |
|
|
|
|
| 2,830 |
| IMI PLC |
|
| 52,352 |
|
| 71,467 |
|
|
|
|
| 18,792 |
| IMPERIAL TOBACCO GROUP PLC |
|
| 441,174 |
|
| 727,553 |
|
|
|
|
| 11,958 |
| INMARSAT PLC |
|
| 92,794 |
|
| 149,702 |
|
|
|
|
| 1,818 |
| INTERCONTINENTAL HOTELS GROUP PLC |
|
| 52,081 |
|
| 60,602 |
|
|
|
|
| 32,745 |
| INTERNATIONAL CONSOLIDATED AIRLINES GROUP S.A.(b) |
|
| 90,834 |
|
| 217,984 |
|
|
|
|
| 2,722 |
| INTERTEK GROUP PLC |
|
| 108,909 |
|
| 141,896 |
|
|
|
|
| 6,025 |
| INTU PROPERTIES PLC |
|
| 23,472 |
|
| 30,919 |
|
|
|
|
| 9,701 |
| INVENSYS PLC |
|
| 29,800 |
|
| 81,687 |
|
|
|
|
| 11,111 |
| INVESTEC PLC |
|
| 66,959 |
|
| 80,515 |
|
|
|
|
| 371,759 |
| ITE GROUP PLC |
|
| 1,261,959 |
|
| 1,890,552 |
|
|
|
|
| 33,656 |
| ITV PLC |
|
| 61,907 |
|
| 108,121 |
|
|
|
|
| 29,306 |
| J SAINSBURY PLC |
|
| 141,007 |
|
| 177,132 |
|
|
|
|
| 3,841 |
| JOHNSON MATTHEY PLC |
|
| 85,088 |
|
| 208,625 |
|
|
|
|
| 78,050 |
| JUST RETIREMENT GROUP PLC(b) |
|
| 251,905 |
|
| 271,418 |
|
|
|
|
| 4,109 |
| KAZAKHMYS PLC |
|
| 17,504 |
|
| 14,874 |
|
|
|
|
| 42,914 |
| KINGFISHER PLC |
|
| 109,517 |
|
| 273,381 |
|
|
|
|
| 195,230 |
| LAIRD PLC |
|
| 683,216 |
|
| 896,163 |
|
|
|
|
| 15,511 |
| LAND SECURITIES GROUP PLC |
|
| 113,585 |
|
| 247,479 |
|
|
|
|
| 69,234 |
| LEGAL & GENERAL GROUP PLC |
|
| 173,141 |
|
| 255,321 |
|
|
|
|
| 1,838,938 |
| LLOYDS BANKING GROUP PLC(b) |
|
| 1,437,499 |
|
| 2,402,045 |
|
|
|
|
| 6,030 |
| LONDON STOCK EXCHANGE GROUP PLC |
|
| 69,795 |
|
| 173,047 |
|
|
|
|
| 449,800 |
| MAN GROUP PLC |
|
| 638,904 |
|
| 633,119 |
|
|
|
|
| 25,083 |
| MARKS & SPENCER GROUP PLC |
|
| 101,882 |
|
| 179,686 |
|
|
|
|
| 292,551 |
| MEARS GROUP PLC |
|
| 1,501,174 |
|
| 2,301,137 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 85 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| United Kingdom (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 13,587 |
| MEGGITT PLC |
| $ | 60,745 |
|
| 118,684 |
|
|
|
|
| 15,880 |
| MELROSE INDUSTRIES PLC |
|
| 52,258 |
|
| 80,388 |
|
|
|
|
| 12,869 |
| MICHAEL PAGE INTERNATIONAL PLC |
|
| 68,202 |
|
| 103,995 |
|
|
|
|
| 44,316 |
| NATIONAL GRID PLC |
|
| 363,900 |
|
| 578,274 |
|
|
|
|
| 3,200 |
| NEXT PLC |
|
| 86,367 |
|
| 288,798 |
|
|
|
|
| 96,618 |
| OLD MUTUAL PLC |
|
| 133,905 |
|
| 302,550 |
|
|
|
|
| 17,030 |
| PEARSON PLC |
|
| 231,527 |
|
| 378,173 |
|
|
|
|
| 6,290 |
| PETROFAC LTD. |
|
| 120,064 |
|
| 127,491 |
|
|
|
|
| 37,178 |
| PRUDENTIAL PLC |
|
| 537,409 |
|
| 824,970 |
|
|
|
|
| 144,275 |
| QINETIQ GROUP PLC |
|
| 254,479 |
|
| 518,439 |
|
|
|
|
| 815 |
| RANDGOLD RESOURCES LTD. |
|
| 51,657 |
|
| 51,150 |
|
|
|
|
| 12,630 |
| RECKITT BENCKISER GROUP PLC |
|
| 545,806 |
|
| 1,002,439 |
|
|
|
|
| 177,300 |
| REED ELSEVIER PLC |
|
| 1,380,652 |
|
| 2,639,463 |
|
|
|
|
| 24,403 |
| RESOLUTION LTD. |
|
| 95,067 |
|
| 143,052 |
|
|
|
|
| 12,090 |
| REXAM PLC |
|
| 57,565 |
|
| 106,208 |
|
|
|
|
| 20,518 |
| RIO TINTO PLC |
|
| 904,786 |
|
| 1,158,438 |
|
|
|
|
| 33,377 |
| ROLLS-ROYCE HOLDINGS PLC(b) |
|
| 486,190 |
|
| 704,701 |
|
|
|
|
| 340,670 |
| ROYAL BANK OF SCOTLAND GROUP PLC(b) |
|
| 1,953,131 |
|
| 1,907,332 |
|
|
|
|
| 15,612 |
| SABMILLER PLC |
|
| 708,109 |
|
| 801,692 |
|
|
|
|
| 20,657 |
| SAGE GROUP (THE) PLC |
|
| 74,323 |
|
| 138,093 |
|
|
|
|
| 19,754 |
| SAVILLS PLC |
|
| 90,564 |
|
| 211,317 |
|
|
|
|
| 10,277 |
| SEGRO PLC |
|
| 36,889 |
|
| 56,841 |
|
|
|
|
| 4,954 |
| SEVERN TRENT PLC |
|
| 76,220 |
|
| 139,871 |
|
|
|
|
| 18,823 |
| SMITH & NEPHEW PLC |
|
| 151,602 |
|
| 268,373 |
|
|
|
|
| 5,478 |
| SMITHS GROUP PLC |
|
| 80,025 |
|
| 134,255 |
|
|
|
|
| 16,949 |
| SSE PLC |
|
| 293,983 |
|
| 384,514 |
|
|
|
|
| 44,425 |
| STANDARD CHARTERED PLC |
|
| 726,163 |
|
| 1,000,492 |
|
|
|
|
| 48,103 |
| STANDARD LIFE PLC |
|
| 131,737 |
|
| 286,444 |
|
|
|
|
| 3,117 |
| SUBSEA 7 S.A. |
|
| 70,429 |
|
| 59,665 |
|
|
|
|
| 8,607 |
| TATE & LYLE PLC |
|
| 92,385 |
|
| 115,305 |
|
|
|
|
| 543,601 |
| TESCO PLC |
|
| 2,878,036 |
|
| 3,009,739 |
|
|
|
|
| 18,836 |
| TULLOW OIL PLC |
|
| 298,063 |
|
| 266,687 |
|
|
|
|
| 24,244 |
| UNILEVER PLC |
|
| 545,190 |
|
| 996,445 |
|
|
|
|
| 29,006 |
| UNILEVER PLC ADR(d) |
|
| 695,397 |
|
| 1,195,047 |
|
|
|
|
| 10,541 |
| UNITED UTILITIES GROUP PLC |
|
| 80,109 |
|
| 117,213 |
|
|
|
|
| 307,500 |
| VECTURA GROUP PLC(b) |
|
| 435,905 |
|
| 712,886 |
|
|
|
|
| 2,343 |
| VEDANTA RESOURCES PLC |
|
| 35,450 |
|
| 36,219 |
|
|
|
|
| 107,154 |
| VESUVIUS PLC |
|
| 510,453 |
|
| 904,952 |
|
|
|
|
| 1,221,485 |
| VODAFONE GROUP PLC(b) |
|
| 2,458,101 |
|
| 4,793,842 |
|
|
|
|
| 1,806 |
| WEIR GROUP (THE) PLC |
|
| 44,508 |
|
| 63,761 |
|
|
|
|
| 2,849 |
| WHITBREAD PLC |
|
| 65,613 |
|
| 176,965 |
|
|
|
|
| 8,111 |
| WILLIAM HILL PLC |
|
| 50,148 |
|
| 53,981 |
|
|
|
|
| 51,312 |
| WM MORRISON SUPERMARKETS PLC |
|
| 206,637 |
|
| 221,772 |
|
|
|
|
| 23,432 |
| WPP PLC |
|
| 141,019 |
|
| 535,471 |
|
|
|
|
|
|
|
|
|
| 59,366,936 |
|
| 89,277,083 |
|
| 17.44% |
|
| United States: |
|
|
|
|
|
|
|
|
|
| ||
| 4,095 |
| APPLIED MATERIALS, INC. |
|
| 70,904 |
|
| 72,440 |
|
|
|
|
| 32,627 |
| ARCH CAPITAL GROUP LTD.(b) |
|
| 623,608 |
|
| 1,947,506 |
|
|
|
|
| 24,880 |
| AXIS CAPITAL HOLDINGS LTD. |
|
| 938,631 |
|
| 1,183,542 |
|
|
|
|
| 9,091 |
| BROOKFIELD OFFICE PROPERTIES, INC. |
|
| 79,818 |
|
| 175,016 |
|
|
|
|
| 51,424 |
| COCA-COLA ENTERPRISES, INC. |
|
| 1,613,228 |
|
| 2,269,341 |
|
|
|
|
| 16,269 |
| PERRIGO CO. PLC |
|
| 2,039,864 |
|
| 2,496,683 |
|
|
|
|
| 16,410 |
| STEINER LEISURE LTD.(b) |
|
| 777,562 |
|
| 807,208 |
|
|
|
|
| 8,041 |
| THOMSON REUTERS CORP. |
|
| 206,631 |
|
| 304,078 |
|
|
|
|
|
|
|
|
|
| 6,350,246 |
|
| 9,255,814 |
|
| 1.81% |
|
|
| Sub-total Common Stocks: |
|
| 341,125,803 |
|
| 487,465,904 |
|
| 95.23% |
| |
Master Limited Partnerships: |
|
|
|
|
|
|
|
|
|
| |||
| United States: |
|
|
|
|
|
|
|
|
|
| ||
| 756 |
| BROOKFIELD PROPERTY PARTNERS L.P. |
|
| 15,940 |
|
| 15,116 |
|
|
|
|
| 53,789 |
| LAZARD LTD., CLASS A |
|
| 1,557,119 |
|
| 2,437,718 |
|
|
|
|
|
|
|
|
|
| 1,573,059 |
|
| 2,452,834 |
|
| 0.48% |
|
|
| Sub-total Master Limited Partnerships: |
|
| 1,573,059 |
|
| 2,452,834 |
|
| 0.48% |
| |
Preferred Stocks: |
|
|
|
|
|
|
|
|
|
| |||
| Germany: |
|
|
|
|
|
|
|
|
|
|
|
|
| 1,521 |
| BAYERISCHE MOTOREN WERKE A.G. |
|
| 49,612 |
|
| 129,920 |
|
|
|
|
|
|
|
See accompanying notes to the financial statements. | 86 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
| Security |
| Cost |
| Fair |
| Percent |
| ||||
| Germany (Cont’d): |
|
|
|
|
|
|
|
|
|
| ||
| 2,200 |
| DRAEGERWERK A.G. & CO. KGAA |
| $ | 284,294 |
|
| 287,279 |
|
|
|
|
| 1,792 |
| HENKEL A.G. & CO. KGAA |
|
| 151,997 |
|
| 207,846 |
|
|
|
|
| 3,478 |
| PORSCHE AUTOMOBIL HOLDING S.E. |
|
| 159,145 |
|
| 362,009 |
|
|
|
|
| 2,770 |
| RWE A.G. (NON VOTING) |
|
| 76,994 |
|
| 88,598 |
|
|
|
|
| 2,203 |
| VOLKSWAGEN A.G. |
|
| 491,404 |
|
| 618,711 |
|
|
|
|
|
|
|
|
|
| 1,213,446 |
|
| 1,694,363 |
|
| 0.33% |
|
| South Korea: |
|
|
|
|
|
|
|
|
|
| ||
| 124 |
| SAMSUNG ELECTRONICS CO. LTD. |
|
| 103,370 |
|
| 119,024 |
|
|
|
|
|
|
|
|
|
| 103,370 |
|
| 119,024 |
|
| 0.02% |
|
|
| Sub-total Preferred Stocks |
|
| 1,316,816 |
|
| 1,813,387 |
|
| 0.35% |
| |
Rights: |
|
|
|
|
|
|
|
|
|
|
|
| |
| Austria: |
|
|
|
|
|
|
|
|
|
|
|
|
| 10,586 |
| IMMOEAST A.G.(b)(c) |
|
| - |
|
| - |
|
|
|
|
|
|
|
|
|
| - |
|
| - |
|
| 0.00% |
|
| France: |
|
|
|
|
|
|
|
|
|
|
|
|
| 2 |
| GROUPE FNAC(b) |
|
| - |
|
| 7 |
|
|
|
|
|
|
|
|
|
| - |
|
| 7 |
|
| 0.00% |
|
|
| Sub-total Rights |
|
| - |
|
| 7 |
|
| 0.00% |
| |
Investment Companies: |
|
|
|
|
|
|
|
|
|
| |||
| United States: |
|
|
|
|
|
|
|
|
|
| ||
| 18,600 |
| ISHARES MSCI EAFE SMALL-CAP ETF |
|
| 840,348 |
|
| 948,228 |
|
|
|
|
|
|
|
|
|
| 840,348 |
|
| 948,228 |
|
| 0.19% |
|
|
| Sub-total Investment Companies |
|
| 840,348 |
|
| 948,228 |
|
| 0.19% |
| |
Short-Term Investments: |
|
|
|
|
|
|
|
|
|
| |||
| 17,465,003 |
| NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 0.01%(e) |
|
| 17,465,003 |
|
| 17,465,003 |
|
|
|
|
|
| Sub-total Short-Term Investments: |
|
| 17,465,003 |
|
| 17,465,003 |
|
| 3.41% |
| |
|
|
| Grand total(f) |
| $ | 362,321,029 |
|
| 510,145,363 |
|
| 99.66% |
|
Notes to Schedule of Investments:
|
|
|
| (a) | Investments are valued in accordance with procedures described in note 2 to the financial statements. |
| (b) | Currently non-income producing assets. |
| (c) | Security has been deemed worthless and is a Level 3 investment. |
| (d) | Securities are American Depositary Receipts of companies based outside of the United States representing 2.40% of net assets as of December 31, 2013. |
| (e) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2012, the value of the Clearwater International Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was approximately $33,524,860 with net sales of approximately $16,059,857 during the fiscal year ended December 31, 2013. |
| (f) | At December 31, 2013, the cost for Federal income tax purposes was $364,707,729. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost was as follows: |
|
|
|
|
|
Gross unrealized appreciation |
| $ | 151,595,178 |
|
Gross unrealized depreciation |
|
| (6,157,544 | ) |
Net unrealized appreciation |
| $ | 145,437,634 |
|
|
|
|
See accompanying notes to the financial statements. | 87 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2013
At December 31, 2013, the industry sectors for the Clearwater International Fund were:
|
|
|
|
|
Industry Sector |
| Percent of |
| |
Consumer Discretionary |
|
| 17.56 | % |
Consumer Staples |
|
| 10.75 |
|
Energy |
|
| 6.12 |
|
Financials |
|
| 21.38 |
|
Health Care |
|
| 9.43 |
|
Industrials |
|
| 15.38 |
|
Information Technology |
|
| 9.39 |
|
Materials |
|
| 5.00 |
|
Telecommunication Services |
|
| 3.19 |
|
Utilities |
|
| 1.80 |
|
|
|
| 100.00 | % |
At December 31, 2013, the Clearwater International Fund’s investments were denominated in the following currencies:
|
|
|
|
|
Concentration by Currency |
| Percent of |
| |
Euro |
|
| 21.40 | % |
British Pound |
|
| 18.36 |
|
Japanese Yen |
|
| 14.34 |
|
United States Dollar |
|
| 10.94 |
|
Hong Kong Dollar |
|
| 7.13 |
|
Canadian Dollar |
|
| 6.51 |
|
Swiss Franc |
|
| 6.50 |
|
Australian Dollar |
|
| 5.87 |
|
All other currencies less than 5% |
|
| 8.95 |
|
|
|
| 100.00 | % |
At December 31, 2013, the Clearwater International Fund had outstanding forward foreign currency exchange contracts as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts To |
| Amount |
| In |
| Amount |
| Settlement |
| Unrealized |
| Counterparty |
| |||
United States Dollar |
|
| 5,618 |
| Japanese Yen |
|
| 590,196 |
| 1/8/14 |
| $ | (13 | ) | HSBC Bank |
|
Japanese Yen |
|
| 349,352,205 |
| United States Dollar |
|
| 3,560,078 |
| 2/14/14 |
|
| 241,982 |
| Northern Trust |
|
Japanese Yen |
|
| 17,973,947 |
| United States Dollar |
|
| 183,007 |
| 2/14/14 |
|
| 12,293 |
| Northern Trust |
|
Japanese Yen |
|
| 13,059,935 |
| United States Dollar |
|
| 132,587 |
| 2/14/14 |
|
| 8,546 |
| Northern Trust |
|
Japanese Yen |
|
| 16,562,814 |
| United States Dollar |
|
| 165,232 |
| 2/14/14 |
|
| 7,921 |
| Northern Trust |
|
United States Dollar |
|
| 235,795 |
| Japanese Yen |
|
| 23,226,236 |
| 2/14/14 |
|
| (15,195 | ) | Northern Trust |
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 255,534 |
|
|
|
|
|
|
See accompanying notes to the financial statements. | 88 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater International Fund
December 31, 2013
|
|
|
See accompanying notes to the financial statements. | 89 |
|
Item 2. Code of Ethics
As of December 31, 2013, 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, 2013, 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 seven 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 has 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 |
| 2013 = $81,900 |
| 2012 = $80,300 |
|
| ||||||
(b) | Audit-Related Fees |
| 2013 = $0 |
| 2012 = $0 |
|
| ||||||
(c) | Tax Fees |
| 2013 = $21,100 |
| 2012 = $20,700 |
|
| ||||||
(d) | All Other Fees |
| 2013 = $65,100* |
| 2012 = $79,500* |
|
|
|
|
|
|
|
|
| *Amount relates 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. | ||
| |||
| 2013 = $0 | 2012 = $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
|
|
(a) | Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this report on Form N-CSR. |
|
|
(b) | Not applicable. |
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)(1) | Code of Ethics pursuant to Item 2 of Form N-CSR. |
|
|
(a)(2) | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940. |
|
|
(a)(3) | No written solicitations to purchase securities were sent or delivered during the period covered by this report by or on behalf of the Trust. |
|
|
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940. |
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.
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| Clearwater Investment Trust |
| |
|
|
|
|
| By | /s/ Justin H. Weyerhaeuser |
|
|
| Justin H. Weyerhaeuser |
|
|
| President (Principal Executive Officer) and |
|
|
| Treasurer (Principal Financial Officer) |
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|
|
|
|
| Date: March 6, 2014 |
|
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/ Justin H. Weyerhaeuser |
|
|
| Justin H. Weyerhaeuser |
|
|
| President (Principal Executive Officer) |
|
|
|
|
|
| Date: March 6, 2014 |
| |
|
|
|
|
| Clearwater Investment Trust |
| |
|
|
|
|
| By | /s/ Justin H. Weyerhaeuser |
|
|
| Justin H. Weyerhaeuser |
|
|
| Treasurer (Principal Financial Officer) |
|
|
|
|
|
| Date: March 6, 2014 |
|