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 | |
| | (Exact name of registrant as specified in charter) | |
| | 2000 Wells Fargo Place, 30 East 7th Street, Saint Paul, Minnesota 55101-4930 | |
(Address of principal executive offices) (Zip code)
Stephen G. Simon
Fiduciary Counselling, Inc.
2000 Wells Fargo Place, 30 E. 7thStreet
Saint Paul, Minnesota 55101-4930
Copy to:
| | John V. O’Hanlon, Esq. Dechert LLP One International Place, 40th Floor 100 Oliver Street Boston, Massachusetts 02110 | |
| | (Name and address of agent for service) | |
Registrant’s telephone number, including area code:651-228-0935
Date of fiscal year end:December 31
Date of reporting period:December 31, 2018
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, 2018
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. Under normal market conditions, the Clearwater Core Equity Fund pursues its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of U.S. companies.The Clearwater Core Equity Fund’s assets are managed in a “multi-manager, multi-style” approach. As of December 31, 2018, the Core Equity Fund had three subadvisers that provide day-to-day management of Fund assets. Parametric Portfolio Associates LLC (“Parametric”), with approximately 60% of the Fund’s assets, manages its portion of the Fund’s assets to track the Russell 1000® Index as closely as possible without requiring the Fund to realize taxable gains. The remaining 40% of the Fund’s assets are divided between AQR Capital Management, LLC (“AQR”) and O’Shaughnessy Asset Management, LLC (“OSAM”), who both utilize an active management style.
2018 Market Overview:
Domestic large capitalization equities, as defined by the Russell 1000® Index, declined by 4.8% in 2018, as investor sentiment became more pessimistic later in the year. Concerns such as rising interest rates, the escalating U.S. and China trade war, U.S. political turmoil and fears of a slowing economy contributed to increased market volatility.
2018 Performance and 2019 Outlook:
The Clearwater Core Equity Fund declined by 6.6%, net of fees, in 2018 compared to a decrease of 4.8% for the Russell 1000® Index, the Fund’s benchmark. Parametric, the subadviser that follows a tax-managed passive strategy, outperformed the Fund’s benchmark. Both active managers, AQR and OSAM, underperformed the Fund’s benchmark by a similar margin.
Each of the three subadvisers comment on the performance of their respective portfolios and their outlook for the next year in the paragraphs below. For comparison of the subadvisers’capabilities, performance is shown gross of fees. The Fund pays a single advisory fee to Clearwater Management Co., Inc., which in turn pays the subadvisers out of its advisory fee.
Although the overall performance of the Clearwater Core Equity Fund is measured against its benchmark, as stated above, each of the underlying subadvisers may manage their portion of the Fund against a different benchmark that aligns more closely with their strategy. In each section below, the subadvisers discuss their view of the market over the last twelve months, the performance of their portfolios with respect to the benchmark against which their portfolio is managed and their outlook for the next twelve months.
AQR Commentary
General Market Overview:
We trade a set of strategies based on the value, momentum, and quality signals of individual securities that seek a positive expected return versus the appropriate benchmark, in a variety of economic environments. Because our investment approach employs a systematic set of rules based on economic intuition and testing to seek to ensure they are robust across time, macro environments, and geographies, we typically do not offer general market overviews.
2018 Performance:
The portion of the Clearwater Core Equity Fund managed by AQR (the “Portfolio”) underperformed the Russell 1000® Index (the “benchmark”) in 2018, returning (9.0%), gross of fees, while the benchmark returned (4.8%). Both stock selection within sectors and sector allocation detracted from performance. The largest detractor was the Technology sector, where negative returns from stock selection outweighed positive returns from sector allocation.
2019 Outlook:
In terms of sector positioning, we are currently overweight Industrials while being underweight Real Estate. With respect to long-term attractiveness, we believe that valuations are currently less attractive in the U.S.
OSAM Commentary
General Market Overview:
2018 was a down year for global equity returns and a few key themes emerged over the course of the year. Growth outperformed value (the Russell 1000® Growth Index outperformed the Russell 1000® Value Index by 6.8% in 2018) and large capitalization stocks outperformed small capitalization stocks (the Russell 1000® Index outperformed the Russell 2000® Index by 6.2% in 2018). There was an increase in market volatility during 2018, which was enhanced by a sizeable market downturn in the fourth quarter of 2018.
2018 Performance:
The portion of the Clearwater Core Equity Fund managed by OSAM (the “Portfolio”) underperformed the Russell 1000® Index (the “benchmark”) in 2018, returning (8.5%) (gross of fees), while the benchmark returned (4.8%). An underweight exposure to large capitalization stocks was the largest detractor from the Portfolio’s performance. An overweight exposure to the momentum factor was the strongest contributor to the Portfolio’s performance, followed by an overweight exposure to the earnings growth factor.
2019 Outlook:
We believe the market is cheaper than it was three months ago, which we believe could present new factor opportunities, such as for the value factor. Our investment process favors companies that have higher levels of return on capital, lower reliance on external financing, and trade at what we believe are deep discounts across many valuation factors relative to the benchmark. At year-end 2018, the Portfolio’s holdings were returning capital to shareholders at a rate of 5.5% versus the benchmark at 2.9%. We believe that these combined advantages can only be delivered by a portfolio which is distinct from the benchmark. We also believe that our Portfolio continues to represent a unique take on the U.S. equity market. Entering 2019 we expect to continue to focus on our market niche: quality companies, often trading at out-of-favor prices, which are aggressively returning capital to equity shareholders through dividends and share repurchases.
Parametric Commentary
General Market Overview:
Market returns for 2018 were the worst in the decade since the financial crisis. The U.S. market reached an all-time high in late September, only to be followed by a tumultuous fourth quarter where investor sentiment turned significantly pessimistic. There are many concerns ranging from the Federal Reserve’s outlook and rate hikes, the escalating U.S. and China trade war, fears of an economic slowdown, and U.S. political upheaval. As a result, market volatility has increased dramatically.
2018 Performance:
The portion of the Clearwater Core Equity Fund managed by Parametric (the “Portfolio”) outperformed the Russell 1000® Index (the “benchmark”) in 2018, returning (4.3%) (gross of fees), while the benchmark returned (4.8%). Most of the outperformance was attributed to stock selection in the Consumer Staples and Consumer Discretionary sectors. A small underweight in General Electric contributed as the stock fell by 55.4% in 2018. A small overweight in Amazon contributed as the stock returned 28.43% for the year. Overweights to several stocks in the Healthcare sector (including Intercept Pharmaceuticals and Merck) also contributed to the Portfolio’s outperformance.
2019 Outlook:
With the ongoing threat of a trade war, as well as other major issues, we believe that the market uncertainty for the upcoming year has increased. A prolonged government shutdown could have a ripple effect through the economy. The Federal Reserve’s plans for further rate increases are uncertain at this point. Until these issues begin to abate, we expect that market volatility will likely remain elevated.
Clearwater Small Companies Fund
The Clearwater Small Companies Fund seeks long-term growth of capital. Current income is a secondary objective. Under normal market conditions, the 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 that of the largest market capitalization company included in the Russell 2000® Index 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 three subadvisers who employ distinct investment styles: Cooke & Bieler, L.P. (“Cooke & Bieler”), Kennedy Capital Management Inc. (“Kennedy”), and Pzena Investment Management, LLC (“Pzena”). At December 31, 2018, Kennedy managed 60% of the Fund while Cooke & Bieler and Pzena managed 20% each.
2018 Market Overview:
Domestic small capitalization equities performed poorly in 2018, with the Russell 2000® Index declining by 11.0%. A variety of concerns constrained returns in 2018, including rising interest rates, the ongoing trade war with China, and signs of a slowing global economy. Also, value stocks underperformed growth stocks for the second straight year, as measured by the Russell 2000® Value Index and the Russell 2000® Growth Index.
2018 Performance and 2019 Outlook:
The Clearwater Small Companies Fund declined by 12.5%, net of fees, during 2018 compared to a decline of 11.0% for the Russell 2000® Index, the Fund’s benchmark. Kennedy & Pzena underperformed the Fund’s benchmark, while Cooke & Bieler outperformed slightly.
Each of the three subadvisers comment on the performance of their specific portions of the Fund and provide an outlook for the next year in the paragraphs below. For comparison of the subadvisers’capabilities, performance is shown gross of fees. The Fund pays a single advisory fee to Clearwater Management Co., Inc., which in turn pays the subadvisers out of its advisory fee.
Although the overall performance of the Clearwater Small Companies Fund is measured against its benchmark, as stated above, each of the underlying subadvisers may manage their portion of the Fund against a different benchmark that aligns more closely with their strategy. In each section below, the subadvisers discuss their view of the market over the last twelve months, the performance of their portfolios with respect to the benchmark against which their portfolio is managed and their outlook for the next twelve months.
Kennedy Capital Management Commentary
General Market Overview:
2018 began with several sources of optimism at the forefront of investors’ minds. Interest rates remained historically low, companies highlighted the “synchronized global growth” experienced across several end markets, and meaningful corporate tax reform had just been enacted in the U.S., bolstering future cash flows for many small cap companies. Anticipated interest rate increases were viewed as manageable for borrowers and as an opportunity for banks to expand their profitability. As the year progressed, however, several sources of pessimism began to emerge. Trade policy – particularly newly enacted tariffs on Chinese goods – created a backdrop of significant uncertainty for corporate executives and investors alike. Instead of benefitting from the rising rate environment, many banks experienced increased borrowing costs that pressured their net interest margins. And the breadth of demand growth globally began to narrow. While the market largely shrugged off many of these concerns initially
- the Russell 2000® Index returned 11.5% through September – sentiment shifted dramatically in the fourth quarter.The (20.2%) decline during the final quarter of the year was the 11th worst quarterly performance for small companies since 1940.
2018 Performance:
The portion of the Clearwater Small Companies Fund managed by Kennedy (the “Portfolio”) underperformed the Russell 2000® Index (the “benchmark”) in 2018, returning (11.4%) (gross of fess), while the benchmark returned (11.0%). Positive stock selection in the Industrials and Health Care sectors was more than offset by unfavorable performance in the Consumer Discretionary sector. The underweight position in the Energy sector had a favorable effect on relative performance during the year, with a modest offset from the overweight position in Industrials.
2019 Outlook:
We enter 2019 with a more uncertain economic backdrop than we’ve had in the recent past.The Federal Reserve has progressed on its path toward normalizing monetary policy, the trade war with China continues, the prospect of a disorderly Brexit has increased, and the U.S. government remains in a protracted shut down as we write this 2019 outlook. Earnings growth is expected to slow in 2019, as companies’ anniversary the impact of the corporate tax cuts in the U.S. that benefitted comparisons in 2018. However, we believe there are signs of optimism as well. The U.S. Manufacturers Purchasing Managers Index, while at somewhat lower levels exiting 2018 in comparison to the start of the year, was still squarely in expansion mode during December at 54.1% (anything above 50% is considered expansion). Our conversations with management teams continue to indicate confidence in demand patterns in the U.S., with decision makers not reluctant to make capital investments, particularly in productivity-enhancing applications. We believe the market pull-back has created buying opportunities at increasingly compelling valuations. We continue to focus on businesses with company-specific drivers of improvement or a differentiated competitive position that results in value creation for shareholders over the long term.
Cooke & Bieler Commentary
General Market Overview:
The Russell 2000®Value Index declined 12.9% in 2018, following the worst fourth quarter for U.S. equities overall since 2008 and the worst December since World War II. The Russell 2000® Value Index lagged its mid cap value and large cap value counterparts for the second consecutive year.
2018 Performance:
The portion of the Clearwater Small Companies Fund managed by Cooke & Bieler (the “Portfolio”) outperformed the Russell 2000® Value Index (the “benchmark”) in 2018, returning (10.6%) (gross of fees), while the benchmark returned (12.9%). Sector allocation decisions were additive, but stock selection accounted for most of the excess return. The Portfolio benefitted from an underweight in Energy and an overweight in Consumer Discretionary, which more than offset the negative impact of an underweight in Utilities and an overweight in Materials. Stock selection was particularly strong in the Consumer Discretionary and Financials sectors.Top individual contributors included Helen of Troy and NOW Inc., while detractors included Schweitzer-Mauduit and Quanex.
2019 Outlook:
Looking to 2019, if fears of an economic recession prove unwarranted, we believe that the strategy’s sector positioning will be a positive factor. But even in the event of a recession, we would still prefer less expensive, better capitalized and economically sensitive businesses to an expensive collection of defensive stocks with less attractive long-term outlooks. A byproduct of the late 2018 market pullback is a Portfolio offering what we believe to be exceptional value and with what we believe is the highest appreciation potential we have observed in a long time. And among the major style indices, valuations for small capitalization value stocks have contracted by the greatest margin over the past year. So, on both an absolute and a relative basis, we are excited about the Portfolio’s 2019 prospects.
Pzena Commentary
General Market Overview:
U.S. equities were down for the 12 months ending December 31, 2018, following bouts of volatility due to trade war tensions, rising interest rates and recession concerns. For the year, small capitalization stocks underperformed large capitalization stocks, and within small capitalization stocks, growth stocks outperformed value stocks. Growth’s outperformance shifted between companies viewed as delivering reliable growth with little concern for their valuations and those that provided stability and yield. On the other hand, companies that disappointed in delivering growth were severely punished, even if the underlying businesses remained healthy. The small capitalization value universe’s largest detractors were in Financials and Energy, while Utilities was the only sector showing positive returns for 2018. This kept overall valuation spreads at a historically wide level of two standard deviations, looking back over the past 50 plus years.
2018 Performance:
The portion of the Clearwater Small Companies Fund managed by Pzena (the “Portfolio”) slightly underperformed the Russell 2000® Value Index (the “benchmark”) in 2018, returning (13.0%) (gross of fees), while the benchmark returned (12.9%).
Most of the underperformance was attributable to stock selection within our technology holdings. The top three individual detractors were JELD-WEN Holding, Inc., Diebold Nixdorf Incorporated, and Masonite International Corp. JELD-WEN, a leading door and window manufacturer, and Masonite, the other leading global wood door manufacturer, were both negatively impacted by housing market concerns and material and wage inflation. Additionally, a judge ruled that JELD-WEN must divest assets acquired in 2012 which could increase competition in the industry from its current duopoly. Diebold Nixdorf Incorporated (ATM manufacturer and services company) was down after the company lowered guidance and reported weaker-than-expected results, including a swing from positive to negative free cash flow, leaving the company at risk of tripping its debt covenants. The weakening of the balance sheet increased the range of potential outcomes and risk of permanent impairment, so we exited our position.
The top contributors were Chart Industries (liquefied natural gas solutions), Essendant (distributor of office, janitorial, and industrial supplies), and Verifone (payment terminal manufacturer). Chart Industries returned just under 60% in the period, as the company had growth and margin expansion across all segments and encouraging signs of future LNG-related orders.The stock reached our fair value target so we sold out of our remaining position. Essendant was purchased by a private equity firm. Similarly, Verifone traded up after announcing it was acquired by private equity at a large premium.
2019 Outlook:
During the end of 2018, the selloff of stocks with low price-to-book ratios widened the valuation spreads between the cheapest and most expensive stocks to near unprecedented levels. This is significant, as a wide valuation spread has generally led to strong outperformance by value stocks over the long term. While spreads continue to grow wider, the starting point is important and at today’s levels, we believe value stocks are positioned for long term outperformance.
At year end we are seeing a broadening of opportunities due to market moves in recent months, but our Portfolio remains heavily invested in what we believe to be attractively valued, economically sensitive sectors, including Producer Durables, Technology and Materials. We are still not yet finding opportunities in perceived ‘safe’ sectors including Real Estate and Utilities.
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. Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in tax-exempt bonds, which are debt obligations issued by or for the U.S. states, territories, and possessions and the District of Columbia.The interest on these securities is generally exempt from both U.S. regular federal income tax and U.S. federal alternative minimum tax. However, the Fund may invest up to 20% of its assets in securities that generate interest income subject to federal alternative minimum tax for individuals. The Fund invests in both revenue bonds, which are backed by and payable only from the revenues derived from a specific facility or specific revenue source, and in general obligation bonds, which are secured by the full faith, credit and taxation power of the issuing municipality. The Fund’s subadviser, Sit Fixed Income Advisors II, LLC (“Sit”), provides day-to-day management for the Fund. It should be noted 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 the commentary below regarding the Clearwater Tax-Exempt Bond Fund. The Fund pays a single advisory fee to Clearwater Management Co., Inc., which in turn pays the subadviser out of its advisory fee.
Sit Commentary
General Market Overview:
Tax-exempt municipal bonds delivered modestly positive returns in 2018 supported by a dramatic drop in supply (down 24.5% from 2017) and fairly stable flows into tax-exempt municipal bond funds. Despite the flattening of the U.S. Treasury yield curve, which saw short yields rise roughly 60-100 basis points and long U.S. Treasury yields rise by almost 30 basis points, tax-exempt yields bucked the trend as the yield curve steepened somewhat with short and intermediate maturities up roughly 20-30 basis points compared to the 30-year maturity up 48 basis points. Credit fundamentals remained generally sound despite credit spreads widening slightly in 2018. State government general fund revenue collections continue to be strong and state budgets remain largely healthy, despite a few notable exceptions such as Illinois, New Jersey and Connecticut. Puerto Rico bonds rallied significantly in 2018 as the Financial Oversight and Management Board for Puerto Rico reached agreements with the various creditor groups and the debt restructuring process proceeded through U.S. District Court. The Federal Reserve hiked short-term interest rates by 25 basis points in March, June, September and December. Finally, going into 2018 there was some uncertainty as to how tax legislation passed in December 2017 would impact the demand for tax-exempt bonds because of the reduction of the maximum corporate tax rate and the capping of state and local tax deductions. As the year played out it became clear that demand from banks and property and casualty insurance companies had softened somewhat, but direct and indirect retail demand remained solid in 2018.
2018 Performance:
The Clearwater Tax-Exempt Bond Fund returned 1.6%, net of fees, in 2018. The Fund’s benchmark, the Barclays Municipal Bond 5 Year (4-6) Index (the “benchmark”), returned 1.7% over the same period. In 2018 the Fund continued the strategy of hedging interest rate risk by shorting U.S. Treasury futures. The Fund reduced its interest rate hedge at various times throughout the year as rates increased, which increased the Fund’s average life duration, a measure of sensitivity to changes in interest rates, from 3.5 years at the beginning of the year to 4.6 years at the end of the year. For comparison, the benchmark had a duration of 4.0 years at December 31, 2017, and at December 31, 2018. Detractors from performance included a significant overweight in single family housing revenue bonds, which underperformed due to structure and higher credit quality, and the position in closed-end funds, which returned (6.5%) for the year. The Fund’s income advantage and superior security selection in
non-rated bonds contributed positively to performance. Lower investment grade rated bonds and non-rated bonds outperformed those of higher credit quality as investors sought yield. BBB-rated bonds in the index returned +2.0%, while AAA-rated bonds in the index returned +1.1% for the year.
2019 Outlook:
Political discord in Washington D.C. and evolving foreign trade policies add some political risk to the market in 2019. We expect U.S. real GDP growth to slow from its estimated pace of 3.0% in 2018 to between 2.0% and 2.5% in 2019, and inflation to inch higher. Residential investment contracted in the first three quarters of 2018 and the decline is expected to continue into 2019 as the housing market continues to adjust to higher mortgage rates and land and labor shortages. However, we anticipate that consumer spending will be supported by rising incomes, higher tax refunds and healthy household balance sheets. We believe a recession is unlikely in 2019. A great deal of uncertainty exists regarding the direction of interest rates and the shape of the yield curve in 2019. As we approach the end of the tightening cycle, the Federal Reserve has refined its message to signal that it will continue the process of shrinking its balance sheet, thereby removing stimulus put in place to prop up the economy a decade ago but will be cautious in raising rates further as it assesses slower global growth and tighter financial conditions. We expect gross municipal supply to be slightly greater than 2018, but not exceeding maturities and redemptions. We believe that negative net supply will provide solid technical support for the market. We also expect strong retail demand from residents of high income tax states to continue in the wake of the virtual elimination of the state and local tax deduction. With regard to credit, we expect credit spreads to modestly widen, which we believe will dampen the performance of lower investment grade and non-rated bonds. Progress has been made in Puerto Rico, but the situation is in our view unlikely to be fully resolved in 2019. We believe that concerns regarding Illinois, New Jersey and Connecticut will continue to weigh on the market as well and could produce some volatility. Furthermore, we expect the funding of retirement pension and healthcare obligations for states and large local municipalities to remain a hot topic and the subject of negative media reports about the municipal market. We believe that the Fund’s income advantage and diversification in terms of yield curve positioning and credit quality have positioned it opportunistically for the economic and interest rate environment that we expect in 2019. We expect the investment of new cash flows to be focused on maturities in the 5-30 year range.
Clearwater International Fund
The Clearwater International Fund seeks long-term growth of capital. The Fund generally invests at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies organized or located outside the United States and doing a substantial amount of business outside the United States. The Fund diversifies its investments among many different countries throughout the world and may invest in companies of any size. The Fund 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. The Fund’s adviser allocates portions of the Fund’s assets among subadvisers who employ distinct investment styles.The Fund currently has four subadvisers that provide day-to-day management of Fund assets. Parametric Portfolio Associates LLC (“Parametric”) manages its portion of the portfolio (approximately 40%) to track the MSCI World Ex U.S.A. Index – Net Dividends as closely as possible without requiring the Fund to realize taxable gains. The Fund’s other three subadvisers, Artisan Partners Limited Partnership (“Artisan”), Templeton Investment Counsel, LLC (“Templeton”) andWCM Investment Management, LLC (“WCM”), utilize an active management style and manage the remaining 60% of the Fund.
2018 Market Overview:
As defined by the Fund’s benchmark, the MSCI World Ex U.S.A. Index - Net Dividends (the “benchmark”), large and mid-capitalization, international developed market equities declined by 14.1%. Currency adjustments had a negative impact on returns for U.S.-based investors in 2018, as the U.S. dollar strengthened versus major international currencies. International small capitalization stocks underperformed large capitalization stocks in 2018, and value stocks underperformed growth stocks for the second straight year.
2018 Performance and 2019 Outlook:
The Clearwater International Fund declined by 14.0%, net of fees, in 2018, compared to a decrease of 14.1% for the benchmark. Parametric, the subadviser that follows a tax-managed passive strategy, andWCM, one of the three active managers, outperformed the Fund’s benchmark in 2018. The other two active managers, Templeton and Artisan, underperformed the benchmark.
Each of the four subadvisers comment on the performance of their specific portions of the Fund and provide a market outlook for the next year in the paragraphs below. For comparison of the subadvisers’ capabilities, performance is shown gross of fees. The Fund pays a single advisory fee to Clearwater Management Co., Inc., which in turn pays the subadvisers out of its advisory fee.
Although the overall performance of the Clearwater International Fund is measured against its benchmark, as stated above, each of the underlying subadvisers may manage their portion of the Fund against a different benchmark that aligns more closely with their strategy. In each section below, the subadvisers discuss their view of the market over the last twelve months, the performance of their portfolios with respect to the benchmark against which their particular portfolio is managed and their outlook for the next twelve months.
Artisan Partners Commentary
General Market Overview:
Measured in U.S. dollar terms, the MSCI EAFE Index (the “benchmark”) declined by 13.8% in 2018, tied to a combination of concerns including ratcheting global trade tensions, the likelihood for tighter global monetary policy in the period ahead, and signs of slowing growth, particularly in Europe and China. A strengthening U.S. dollar weighed on returns for U.S. investors as the benchmark declined by 11.0% in local currency terms. U.S.
stocks outperformed international developed market stocks. From a sector standpoint, Financials, Materials and Consumer Discretionary led the way down. Conversely, Utilities was the only positive sector in the index, with Health Care in its wake but still in the red for the year.
2018 Performance:
The portion of the Clearwater International Fund managed by Artisan (the “Portfolio”) underperformed the benchmark in 2018, returning (14.7%), gross of fees, while the benchmark returned (13.8%). Among the period’s negative contributors were ING, a mostly European banking franchise headquartered in the Netherlands; Samsung Electronics, a leader in smartphones, semiconductors and other electronic components; UBS, the world’s largest wealth manager, the leading retail bank in Switzerland, a global asset manager and a leading global investment bank; Baidu, the dominant Internet search business in China; and ABB, a leading global engineering company and the largest global supplier of industrial motors, generators and power grids. Performance of the following stocks had a positive impact on the Portfolio during the period: Medtronic, one of the world’s largest medical technology companies; Ericsson, a developer and manufacturer of network equipment and software as well as services for network and business operations; Novartis, a manufacturer of pharmaceutical and consumer health care products; Philips, a health technology company; and Aon, a professional services provider comprised of risk and insurance brokerage consulting.
2019 Outlook:
Over the last few years, we have consistently highlighted the fact that we felt both the stock market and our portfolio have offered less appreciation potential than in years past. Today, on the back of persistent selling that at times has seemed almost mechanical, circumstances—and our own opinion—have changed dramatically. In our view, the Portfolio holds strong businesses at a large margin of safety, combined with the potential for significant revaluation—a statement we are happy to make for the first time in many years.
Templeton Commentary
General Market Overview:
International small capitalization stocks fell sharply and underperformed their large capitalization counterparts in 2018. In the first half of the period, global markets were aided by price gains in oil and other commodities, encouraging corporate earnings reports and investor optimism about the world economy. This optimism gave way to concerns about U.S.-China trade tension and its effect on global economic growth, which began to show signs of deceleration.
2018 Performance:
The portion of the Clearwater International Fund managed by Templeton (the “Portfolio”) slightly outperformed the MSCI All-Country World Ex U.S.A. Small Cap Index - Net Dividends (the “benchmark”) in 2018, returning (18.1%), gross of fees, while the benchmark returned (18.2%). Stock selection in the Technology, Consumer Discretionary and Consumer Staples sectors contributed positively to performance. Amer Sports, based in Finland, holds what we believe is an attractive portfolio of well-known global sports equipment brands that have driven strong operating performance. In September 2018, a consortium made an offer forAmer Sports, and the shares rose in anticipation of the deal, which is expected to close on June 30, 2019. Regionally, holdings in Asia detracted from relative performance, while stock selection in Europe contributed. Holdings in the Real Estate, Financials, and Health Care sectors detracted from relative performance for the year. N Field, Japan’s largest provider of at-home visiting nurses for psychiatric patients and the only provider with a national footprint, was a significant detractor. We believe the market has not correctly priced N Field given its long-term growth potential. Although the market has given it a relatively high multiple on current earnings, we believe an investor must look out four-to-five years to see the true earnings power of the company, as a high degree of operating leverage is embedded into this business model. Given the short time horizon of most market participants, we believe we have an edge in analyzing the stock.
2019 Outlook:
Looking ahead, we expect continued moderate global growth as China is likely to undertake stimulus measures and as the U.S. Federal Reserve and European Central Bank navigate their respective economic cycles. While valuations look extended in some parts of the equity market (albeit less so following fourth-quarter weakness), we also see pockets of opportunity, particularly outside the U.S. We believe that volatility is likely to remain elevated given rising late-cycle risks, and the resultant dislocations should continue to present opportunities for disciplined stock-pickers. The monetary policy backdrop is also an important consideration given nascent efforts to normalize what has been extraordinarily accommodative central bank policy. In security analysis, applying a low discount rate to high future cash flows maximizes the net present value of an asset. That is effectively what central bank policies have done this cycle—keep discount (i.e., interest) rates low and profit expectations high. Unsurprisingly, the effects have been most acute where expectations have been the highest: in the U.S., due to President Trump’s pro-cyclical fiscal stimulus, and in the technology sector, due to optimistic growth assumptions and long-dated cash flows. It stands to reason then that these would be the segments most vulnerable to a withdrawal of extraordinary stimulus. Going forward, we continue to believe that the process of monetary policy normalization is likely to drive a rotation away from expensive growth stocks, to the benefit of beaten-down value stocks.
WCM Commentary
General Market Overview:
After being noticeably absent in 2017, market volatility returned with a vengeance in 2018, especially in the fourth quarter. 2018 experienced several reversals from 2017’s trends. Large capitalization stocks outperformed small capitalization stocks and high quality outperformed low quality - both moderate tailwinds for the Portfolio. In another 2017 reversal, developed equities outperformed emerging market equities for the year.
2018 Performance:
The portion of the Clearwater International Fund managed by WCM (the “Portfolio”) significantly outperformed the MSCI All-Country World Ex U.S.A. Index - Net Dividends (the “benchmark”) in 2018, returning (6.3%), gross of fees, while the benchmark returned (14.2%). The Portfolio did not exhibit large sector overweights or underweights relative to the benchmark in 2018. Stock selection, therefore, was the dominant driver of the outperformance. Bright spots for stock selection were Consumer Discretionary (Hermès, Ferrari), Technology (Shopify), Financials (HDFC), Health Care (CSL, Icon), Materials (Sika, Hansen), and Industrials (Experian). The only notable weak spot for stock selection was Energy (Core Labs). Geographically, the story was similar, as the Portfolio did not exhibit large regional/geographic overweights or underweights relative to the benchmark in 2018.
2019 Outlook:
Looking ahead, pundits generally agree that equity valuations have substantially cheapened. At the Christmas Eve low, the U.S. equity risk premium was the highest it’s been since the 2008 Financial Crisis. Since then, stock prices and oil have rallied such that investor sentiment has swung back to cautious optimism. Even so, there is still no shortage of frightening developments for the worriers. One analyst summarized it well: “There’s so much uncertainty we can’t even be certain what to be uncertain about.” This encapsulates why macro speculation is not worthy of our time. For the Portfolio, we believe that times like these are rife with opportunities to buy on sale businesses with expanding economic moats (referring to a business’ ability to maintain competitive advantages over its competitors in order to protect its long-term profits and market share from competitor firms). We’re as focused as ever on improving the Portfolio and finding great investment ideas.
Parametric Commentary
General Market Overview:
In 2018, the market has exhibited more volatility, particularly in the fourth quarter. The North Korean nuclear crisis weighed on the market leading up to the summit meeting between President Trump and North Korea’s leader Kim Jong-Un. Markets have reacted to the threat of tariffs on products from China, Mexico, Canada, and the European Union, with concerns of an all-out global trade war. These concerns have somewhat subsided as the U.S. and China re-engaged in negotiations. A hard Brexit remains a major concern. As a result, the international markets had negative returns in eight of the past twelve months.
2018 Performance:
The portion of the Clearwater International Fund managed by Parametric (the “Portfolio”) outperformed the MSCI World Ex U.S.A. Index - Net Dividends (the “benchmark”) in 2018, returning -13.0%, gross of fees, while the benchmark returned (14.1%). Most of the outperformance was due to stock selection in the Financials and Consumer Discretionary sectors. A small underweight to British American Tobacco contributed positively as the stock fell by 50.3% in 2018. Stock selection in the United Kingdom and Switzerland also contributed to the Portfolio’s outperformance. The Portfolio’s small cash allocation was a contributor given that the benchmark posted a negative return in 2018.
2019 Outlook:
With the on-going threat of a trade war and no Brexit deal, as well as other major issues, we believe that the market uncertainty for the upcoming year has increased. Progress towards, or lack of, a nuclear deal with North Korea is in our view likely to impact the markets, as negotiations have slowed significantly. The Federal Reserve’s monetary policy could have an impact on global markets as well.
Comparison of the Change in Value of a $10,000 Investment in the Core Equity Fund and the Russell 1000® Index
Comparison of the Change in Value of a $10,000 Investment in the Small Companies Fund and the Russell 2000® Index
Comparison of the Change in Value of a $10,000 Investment in the Tax-Exempt Bond Fund and the Barclays Capital U.S. Municipal Bond 5 Year (4-6) Index
Comparison of the Change in Value of a $10,000 Investment in the International Fund and the MSCI World Ex U.S.A. Index - Net Dividends
Fund Expense Example
(unaudited)
As a shareholder of the Clearwater Core Equity Fund (“Core Equity Fund”), Clearwater Small Companies Fund (“Small Companies Fund”), Clearwater Tax-Exempt Bond Fund (“Tax-Exempt Bond Fund”), and Clearwater International Fund (“International Fund” and together with the Core Equity Fund, Small Companies Fund and Tax-Exempt Bond Fund, the “Funds”), you incur costs, including management fees and other Fund expenses. This example is intended to help you 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, 2018.
Actual Expenses
The first section of the table on the following page 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, 2018 through December 31, 2018” 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.
| Actual returns | | Beginning Account
Value July 1, 2018 | | Ending Account Value
December 31, 2018 | | Expenses Paid
During the
Period July 1, 2018
through
December 31, 2018* |
| Core Equity Fund | | $1,000.00 | | | $911.30 | | | $1.83 | |
| Small Companies Fund | | $1,000.00 | | | $837.90 | | | $4.77 | |
| Tax-Exempt Bond Fund | | $1,000.00 | | | $1,004.90 | | | $1.72 | |
| International Fund | | $1,000.00 | | | $877.80 | | | $3.22 | |
Hypothetical 5% return
(before expenses) | | | | | | | | | |
| Core Equity Fund | | $1,000.00 | | | $1,023.29 | | | $1.94 | |
| Small Companies Fund | | $1,000.00 | | | $1,020.01 | | | $5.24 | |
| Tax-Exempt Bond Fund | | $1,000.00 | | | $1,023.49 | | | $1.73 | |
| International Fund | | $1,000.00 | | | $1,021.78 | | | $3.47 | |
| * | 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 (reflecting voluntary fee waivers in effect during the period) are as follows:
| Core Equity Fund(a) | | 0.38 | % |
| Small Companies Fund(b) | | 1.03 | % |
| Tax-Exempt Bond Fund(c) | | 0.34 | % |
| International Fund(d) | | 0.68 | % |
| (a) | The expense ratio for the Core Equity Fund represents the blended expense ratio during the six-month period. The management fee of the Fund was decreased through a voluntary waiver to 0.38%, until December 12, 2018, when the voluntary waiver was increased and the expense ratio of the Fund became 0.35%. |
| (b) | The expense ratio for the Small Companies Fund represents the blended expense ratio during the six-month period. The management fee of the Fund was decreased through a voluntary waiver to 1.03%, until December 12, 2018, when the voluntary waiver was increased and the expense ratio of the Fund became 0.98%. |
| (c) | The expense ratio for the Tax-Exempt Bond Fund represents the blended expense ratio during the six-month period. The management fee of the Fund was decreased through a voluntary waiver to 0.34%, until December 12, 2018, when the voluntary waiver was increased and the expense ratio of the Fund became 0.32%. |
| (d) | The management fee of the Fund was decreased through a voluntary waiver to 0.68%, which remained in effect during the reporting period. |
Approval of Investment Management and Subadvisory Agreements
Clearwater Management Co., 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 Trust’s Board of Trustees (the “Board” or “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 Trustees who are not “interested persons” of the Trust (the “Independent Trustees”), consider the renewal of the Management Agreement and the Subadvisory Agreements. In addition, the Trustees periodically consider the retention of new subadvisers.
At their in-person meetings on November 2 and December 6, 2018, the Trustees considered the renewal of the Management Agreement and the Subadvisory Agreements for AQR Capital Management, LLC (“AQR”), Artisan Partners Limited Partnership, Cooke & Bieler, L.P., Fiduciary Counselling, Inc. (“FCI”), Kennedy Capital Management (“KCM”), Inc., O’Shaughnessy Asset Management, LLC, Parametric Portfolio Associates LLC, Pzena Investment Management, LLC, Sit Fixed Income Advisors II, LLC, Templeton Investment Counsel, LLC and WCM Investment Management, LLC.
Prior to the November 2, 2018 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 comparative performance and expense data, 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 and Trustees reviewed with the Trustees the various factors relevant to their consideration of the Management Agreement and Subadvisory Agreements, and the Trustees’responsibilities related to their review. In response to requests from the Trustees for certain additional information following review of the materials provided for the November 2, 2018 meeting, CMC and certain of the Subadvisers provided supplemental information in connection with the December 6, 2018 meeting.
At the November 2 and December 6, 2018 meetings, 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 of the Independent Trustees, approved the renewal of the Management Agreement and the Subadvisory Agreements.
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. 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 that 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 over various periods of time as compared to the performance of their respective benchmark indices and peer groups selected by an independent third party. On a quarterly basis, the Trustees reviewed reports summarizing the net assets, redemptions, and purchases of shares of the Funds, as well as information regarding the performance of each Subadviser compared to the benchmark against which its particular portfolio is measured. The Trustees concluded that they were generally 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 selected by an independent third party. 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 Subadvis-ers as to fees they charge to other clients, as applicable.
The Trustees noted the ongoing efforts of CMC to reduce expenses charged to shareholders through oversight of service providers and by voluntarily waiving a portion of the management fee payable to CMC as specified in the Funds’ prospectus. In this regard, the Board considered that, effective September 22, 2017, CMC has voluntarily agreed to waive the management fee for the International Fund from the contractual fee of 1.00% to 0.68% and, effective December 12, 2018, CMC has voluntarily agreed to waive: (i) the management fee for the Core Equity Fund from the contractual fee of 0.90% to 0.35%; (ii) the management fee for the Small Companies Fund from the contractual fee of 1.35% to 0.98%; and (iii) the management fee for the Tax-Exempt Bond Fund from the contractual fee of 0.60% to 0.32%.
At its September 7, 2018 meeting, the Trustees approved an amendment to the subadvisory agreement among the Trust, CMC, and KCM with respect to the Small Companies Fund to reduce the fee rate payable by CMC thereunder. In addition, at the December 6, 2018 meeting, the Trustees approved an amendment to the subadvisory agreement among the Trust, CMC, and AQR with respect to the Core Equity Fund to reduce the fee rate payable by CMC thereunder. The Trustees noted that CMC passes through the benefit of subadvisory fee reductions to the Funds through its voluntary fee waiver arrangements.
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.
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.
Conclusion
Based on the factors described above, the Trustees, including all of the Independent Trustees, 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.
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 theTransferAgent 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 athttp://www.sec.gov.
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 athttp://www.sec.gov.
EXECUTIVE OFFICERS AND TRUSTEES
Information About the Independent Trustees
| Name and Age | Positions Held
With the Funds | Term of Office | Principal Occupation or
Employment During the
Last Five Years | Number of Portfolios in
the Fund
Complex to Be
Overseen by
the Trustee | Other Directorships
Held by the
Trustee During
the Last 5
Years |
James E. Johnson (76)
30 East 7th Street
Saint Paul,
Minnesota 55101 | Trustee, Chairman of the Board | As Trustee: Tenure: 7 years Term: Indefinite As Chairman Tenure: 2013 - Present Term: Indefinite | Retired as Executive Vice President, Securian Financial Group, Inc. in 2010, Securian Financial Group, Inc. (1968-2010) | 4 | None |
Charles W. Rasmussen1(52)
30 East 7th Street
Saint Paul,
Minnesota 55101 | Trustee, Chairman of the Nominating Committee | As Trustee: Tenure: 18 years Term: Indefinite As Chairman of the Nominating Committee: Tenure: 7 Years Term: Indefinite | President and Chief Executive Officer, P&G Manufacturing, Inc. (air filtration equipment, 2002-Present) | 4 | Nu Star Inc. (private company, 2014- Present) |
Laura E. Rasmussen1(55)
30 East 7th Street
Saint Paul,
Minnesota 55101 | Trustee, Chairman of the Audit Committee | As Trustee: Tenure: 18 years Term: Indefinite As Chairman of the Audit Committee: Tenure: 2016 – Present Term: Indefinite | Business Owner, 3 Kittens Needle Arts (textile sales, 2006- Present) | 4 | None |
Lindsay R. Schack (41)
30 East 7th Street
Saint Paul,
Minnesota 55101 | Trustee | Tenure: 2015- Present Term: Indefinite | Owner and Architect, LS Architecture (2013 – Present), Adjunct Faculty, Montana State University School of Architecture (2007 – 2013) | 4 | None |
David M. Weyerhaeuser (60)
30 East 7th Street
Saint Paul,
Minnesota 55101 | Trustee | Tenure: 2016- Present Term: Indefinite | Vice President, Sales and Marketing, Northwest Hardwoods (lumber manufacturer and distributor, 1991 – 2016) | 4 | Chicago Capital, LLC (investment advisor, 2018 - Present) R.D. Merrill Company, Inc. (private company, 1992 – Present) |
1Mr. Rasmussen and Ms. Rasmussen are siblings-in-law.
Information about the Funds’ Executive Officers and Interested Trustees
| Name and Age | Positions Held
With the Funds | Term of Office | Principal Occupation or
Employment During the
Last Five Years | Number of Portfolios in
the Fund
Complex to Be
Overseen by
the Officer/ Trustee | Other
Directorships
Held by the
Officer/
Trustee
During the
Last 5 Years |
Sara G. Dent2(60)
30 East 7th Street
Saint Paul,
Minnesota 55101 | Trustee | Tenure: 2013 – Present Term: Indefinite | Private Investor | 4 | None |
E. Rodman Titcomb, Jr.3
(70)
30 East 7th Street
Saint Paul,
Minnesota 55101 | Trustee | Tenure: 2016 – Present Term: Indefinite | Chairman and Chief Executive Officer, Rock Island Company (Communications and event planning, 1998 – 2013), Managing Director, Elizabeth Ordway Dunn Foundation (1983 - 2013) | 4 | Rock Island Company (Communications and event planning, 1998- 2013) |
Justin H. Weyerhaeuser4
(45)
30 East 7th Street
Saint Paul,
Minnesota 55101 | Trustee, President and Treasurer | Tenure: 10 years Term: Indefinite As President and Treasurer: Tenure: 2013 - Present Term: Reappointed Annually | Private Investor (February 2013 – Present), Attorney, Davis Graham & Stubbs LLP (law firm, November 2011 – February 2013) | 4 | None |
Stephen G. Simon (50)
30 East 7th Street
Saint Paul,
Minnesota 55101 | Chief Compliance Officer and Secretary | Tenure: 2014 – Present Term: Reappointed Annually As Secretary: Tenure: 2016 – Present Term: Reappointed Annually | Chief Compliance Officer, Fiduciary Counselling, Inc. (February 2014 – Present), Chief Compliance Officer, Clearwater Management Co., Inc. (March 2014 – Present), Chief Compliance Officer, Allianz Investment Management, LLC (2004 – February 2014). | N/A | N/A |
| 2 | Ms. Sara G. Dent is an interested Trustee due to her mother’s level of ownership of voting securities in one of the Funds in the Trust. From June 2015 through June 2016, Ms. Dent also served as Secretary of the Trust. |
| 3 | Mr. Titcomb is an interested Trustee due to his brother’s position as a director of CMC. |
| 4 | Mr. Justin H. Weyerhaeuser is an interested Trustee due to his position as the Funds’ President and Treasurer. |
| Name and Age | Positions Held
With the Funds | Term of Office | Principal Occupation or
Employment During the
Last Five Years | Number of
Portfolios in
the Fund
Complex to Be
Overseen by
the Officer/
Trustee | Other
Directorships
Held by the
Officer/
Trustee
During the
Last 5 Years |
Shari L. Clifford (50)
30 East 7th Street
Saint Paul,
Minnesota 55101 | Assistant Treasurer | Tenure: 2014 – Present Term: Reappointed Annually | Chief Financial Officer and Treasurer, Fiduciary Counselling, Inc. (February 2014 – Present), Controller and Finance Director, Woodbury Financial Services, Inc. (November 2007 – February 2014) | N/A | N/A |
Michael D. Jiang (34)
The Northern Trust Company
50 South LaSalle Street
Chicago, IL 60603 | Assistant Secretary | Tenure: 2016 – Present Term: Reappointed Annually | Second Vice President, The Northern Trust Company, (2015- present), Cabrini Green Legal Aid (2014-2015), Associate K&L Gates (2013-2014). | N/A | N/A |
Additional information about the Funds’ 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.
Federal Tax Information
(unaudited)
Qualified Dividend Income.Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”), 100.00% of ordinary dividends and 100.00% of qualified short term gains were paid during the fiscal year ended December 31, 2018 for the Core Equity Fund, 100.00% of ordinary dividends and 20.90% of qualified short term gains were paid during the fiscal year ended December 31, 2018 for the Small Companies Fund, and 100.00% of ordinary dividends and 100.00% of the qualified short-term gains were paid during the fiscal year ended December 31, 2018 for the International Fund are designated as “qualified dividend income”, as defined in theAct, subject to reduced tax rates in 2018.
Corporate Dividends-Received Deduction.100.00% and 3.47% of the dividends distributed during the fiscal year ended December 31, 2018, for the Core Equity and Small Companies, respectively, qualify for the dividends-received deduction for corporate shareholders.
Capital Gain Distribution.The following Funds made capital gain distributions in December 2018, and hereby designated these long-term capital gain distributions as follows:
| Fund | | Long-Term Capital Gain | |
| | | | |
| Core Equity Fund(1) | | $ | 20,355,019 | |
| Small Companies Fund(2) | | | 18,194,790 | |
| Tax-Exempt Bond Fund | | | 3,154,041 | |
| International Fund(3) | | | 16,117,601 | |
| (1) | During the fiscal year 2018, Core Equity Fund designated long-term capital gain distributions in the amount of $21,949,755. Core Equity Fund utilized equalization accounting for tax purposes, whereby a portion of redemption payments were treated as distributions of long-term capital gain. As a result the Fund paid long-term capital gain distributions in the amount of $20,355,019. |
| (2) | During the fiscal year 2018, Small Companies Fund designated long-term capital gain distributions in the amount of $19,011,416. Small Companies Fund utilized equalization accounting for tax purposes, whereby a portion of redemption payments were treated as distributions of long-term capital gain. As a result the Fund paid long-term capital gain distributions in the amount of $18,194,790. |
| (3) | During the fiscal year 2018, International Fund utilized equalization accounting for tax purposes, whereby a portion of redemption payments were treated as distributions of long-term capital gains in the amount of $16,720,634. As a result the Fund paid long-term capital gain distributions in the amount of $16,117,601. |
Clearwater Investment Trust
Financial Statements
For the Fiscal Year Ended December 31, 2018
Table of Contents
 | KPMG LLP 4200 Wells Fargo Center 90 South Seventh Street Minneapolis, MN 55402 | |
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees
Clearwater Investment Trust:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Clearwater Core Equity Fund, Clearwater Small Companies Fund, Clearwater Tax Exempt Bond Fund, and Clearwater International Fund (collectively, the Funds), including the schedules of investments, as of December 31, 2018, 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 related notes (collectively, the financial statements) and the financial highlights for each of the years in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2018, 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 in the five year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
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 are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. 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, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2018, by correspondence with custodians and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more Clearwater Investment Trust investment companies since 1992.
Minneapolis, Minnesota
February 25, 2019
KPMG LLP is a Delaware limited liability partnership and the U.S. member
firm of the KPMG network of independent member firms affiliated with
KPMG International Cooperative (“KPMG International”), a Swiss entity.
CLEARWATER INVESTMENT TRUST
Statements of Assets and Liabilities
December 31, 2018
| | | Core Equity
Fund | | | Small
Companies
Fund | | | Tax-Exempt
Bond Fund | | | International
Fund | |
| Assets | | | | | | | | | | | | | | | | |
| Investments in securities, at fair value (including securities on loan of: $0, $4,885,886, $0 and $2,110,917, respectively); (identified cost: $264,333,491, $335,623,725, $512,475,162 and $429,156,014, respectively) | | $ | 457,650,107 | | | | 312,027,636 | | | | 522,521,505 | | | | 525,652,728 | |
| Foreign currencies, at value (cost: $390, $0, $0 and $1,070,924, respectively) | | | 377 | | | | - | | | | - | | | | 1,096,525 | |
| Cash (restricted: $0, $0, $757,320 and $0, respectively) | | | - | | | | - | | | | 3,177,099 | | | | 24,902 | |
| Receivable for securities sold | | | 4,376,138 | | | | 629,434 | | | | - | | | | 234,602 | |
| Receivable for shares of beneficial interest sold | | | 77,200 | | | | 34,400 | | | | 135,800 | | | | 42,900 | |
| Accrued dividend and interest receivable | | | 549,839 | | | | 359,608 | | | | 5,576,154 | | | | 744,353 | |
| Foreign tax reclaim receivable | | | 3,428 | | | | - | | | | - | | | | 1,419,292 | |
| Unrealized appreciation on forward foreign currency exchange contracts | | | - | | | | - | | | | - | | | | 5,619 | |
| Total assets | | | 462,657,089 | | | | 313,051,078 | | | | 531,410,558 | | | | 529,220,921 | |
| Liabilities | | | | | | | | | | | | | | | | |
| Payables for investment securities purchased | | | 5,300,149 | | | | 1,258,246 | | | | - | | | | 1,288,857 | |
| Payable for fund shares redeemed | | | 13,207 | | | | - | | | | - | | | | - | |
| Accrued investment advisory fee | | | 469,827 | | | | 872,663 | | | | 446,254 | | | | 947,080 | |
| Payables for when-issued securities purchased | | | - | | | | - | | | | 1,000,000 | | | | - | |
| Payable for dividend distribution | | | - | | | | - | | | | 248,076 | | | | - | |
| Payable for variation margin on futures contracts | | | - | | | | - | | | | 231,234 | | | | - | |
| Payable upon return of securities loaned | | | - | | | | 4,999,280 | | | | - | | | | 2,226,202 | |
| Unrealized depreciation on forward foreign currency exchange contracts | | | - | | | | - | | | | - | | | | 50,324 | |
| Total liabilities | | | 5,783,183 | | | | 7,130,189 | | | | 1,925,564 | | | | 4,512,463 | |
| Net assets | | $ | 456,873,906 | | | | 305,920,889 | | | | 529,484,994 | | | | 524,708,458 | |
| Capital | | | | | | | | | | | | | | | | |
| Capital Stock and additional paid-in capital (authorized unlimited number of shares at no par value for each Fund: 12,032,294, 20,536,516, 53,918,400 and 37,261,000 shares, respectively) | | $ | 263,753,476 | | | | 330,924,788 | | | | 519,485,209 | | | | 432,851,287 | |
| Distributable earnings | | | 193,120,430 | | | | (25,003,899 | ) | | | 9,999,785 | | | | 91,857,171 | |
| Net assets | | $ | 456,873,906 | | | | 305,920,889 | | | | 529,484,994 | | | | 524,708,458 | |
| Net asset value per share of outstanding capital stock | | $ | 37.97 | | | | 14.90 | | | | 9.82 | | | | 14.08 | |
See accompanying notes to financial statements.
CLEARWATER INVESTMENT TRUST
Statements of Operations
Year ended December 31, 2018
| | | Core Equity
Fund | | | Small
Companies
Fund | | | Tax-Exempt
Bond Fund | | | International
Fund | |
| Investment income: | | | | | | | | | | | | | | | | |
| Income: | | | | | | | | | | | | | | | | |
| Dividends (net of foreign taxes withheld of $5,738, $9,552, $0 and $1,515,080, respectively) | | $ | 9,754,469 | | | | 4,977,208 | | | | 1,337,835 | | | | 14,910,933 | |
| Interest | | | - | | | | - | | | | 22,917,999 | | | | - | |
| Net income from securities loaned | | | - | | | | 36 | | | | - | | | | 375 | |
| Total income | | | 9,754,469 | | | | 4,977,244 | | | | 24,255,834 | | | | 14,911,308 | |
| Expenses: | | | | | | | | | | | | | | | | |
| Investment advisory fee | | | 4,754,656 | | | | 4,925,769 | | | | 3,189,145 | | | | 6,029,004 | |
| Voluntary fee reduction | | | (2,754,601 | ) | | | (1,175,845 | ) | | | (1,387,745 | ) | | | (1,929,273 | ) |
| Other expenses | | | - | | | | 185 | | | | 185 | | | | 3,175 | |
| Total net expenses | | | 2,000,055 | | | | 3,750,109 | | | | 1,801,585 | | | | 4,102,906 | |
| Net investment income | | | 7,754,414 | | | | 1,227,135 | | | | 22,454,249 | | | | 10,808,402 | |
| Net realized gain (loss) on: | | | | | | | | | | | | | | | | |
| Security transactions | | | 54,663,683 | | | | 24,516,139 | | | | (1,521,255 | ) | | | 12,268,490 | |
| Forward foreign currency exchange contracts | | | - | | | | - | | | | - | | | | (24,833 | ) |
| Foreign currency transactions | | | - | | | | - | | | | - | | | | (107,037 | ) |
| Futures contracts | | | - | | | | - | | | | 4,975,641 | | | | - | |
| Net increase (decrease) in unrealized appreciation/depreciation on: | | | | | | | | | | | | | | | | |
| Security transactions (net of increase (decrease) in deferred foreign taxes of $0, $0, $0 and $125,215, respectively) | | | (94,000,900 | ) | | | (69,388,527 | ) | | | (15,235,676 | ) | | | (108,814,215 | ) |
| Forward foreign currency exchange contracts | | | - | | | | - | | | | - | | | | (21,055 | ) |
| Futures contracts | | | - | | | | - | | | | (2,351,325 | ) | | | - | |
| Translation of other assets and liabilities denominated in foreign currencies | | | (32 | ) | | | - | | | | - | | | | (2,503 | ) |
| Net gain (loss) on investments | | | (39,337,249 | ) | | | (44,872,388 | ) | | | (14,132,615 | ) | | | (96,701,153 | ) |
| Net increase (decrease) in net assets resulting from operations | | $ | (31,582,835 | ) | | | (43,645,253 | ) | | | 8,321,634 | | | | (85,892,751 | ) |
See accompanying notes to financial statements.
CLEARWATER INVESTMENT TRUST
Statements of Changes in Net Assets
Years ended December 31, 2018 and 2017
| | | Core Equity Fund(a) | | | Small Companies Fund(a) | |
| | | 12/31/2018 | | | 12/31/2017 | | | 12/31/2018 | | | 12/31/2017 | |
| Operations: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 7,754,414 | | | | 7,574,470 | | | | 1,227,135 | | | | 354,268 | |
| Net realized gain | | | 54,663,683 | | | | 38,688,118 | | | | 24,516,139 | | | | 62,106,611 | |
| Net increase (decrease) in unrealized appreciation/depreciation | | | (94,000,932 | ) | | | 59,003,270 | | | | (69,388,527 | ) | | | (17,724,945 | ) |
| Net increase (decrease) in net assets resulting from operations | | | (31,582,835 | ) | | | 105,265,858 | | | | (43,645,253 | ) | | | 44,735,934 | |
| Distributions to shareholders(b) | | | (28,188,556 | ) | | | (34,186,396 | ) | | | (31,837,966 | ) | | | (57,743,183 | ) |
| Capital share transactions: | | | | | | | | | | | | | | | | |
| Proceeds from shares sold | | | 52,599,700 | | | | 17,783,135 | | | | 3,357,200 | | | | 4,295,100 | |
| Reinvestment of distributions from net investment income and net realized gain | | | 28,187,392 | | | | 34,174,713 | | | | 31,837,966 | | | | 57,743,183 | |
| Payments for shares redeemed | | | (102,533,603 | ) | | | (51,127,836 | ) | | | (23,511,008 | ) | | | (22,704,074 | ) |
| Net increase (decrease) in net assets from capital share transactions | | | (21,746,511 | ) | | | 830,012 | | | | 11,684,158 | | | | 39,334,209 | |
| Total increase (decrease) in net assets | | | (81,517,902 | ) | | | 71,909,474 | | | | (63,799,061 | ) | | | 26,326,960 | |
| Net assets: | | | | | | | | | | | | | | | | |
| At the beginning of the year | | | 538,391,808 | | | | 466,482,334 | | | | 369,719,950 | | | | 343,392,990 | |
| At the end of the year | | $ | 456,873,906 | | | | 538,391,808 | | | | 305,920,889 | | | | 369,719,950 | |
| | | Tax-Exempt Bond Fund(a) | | | International Fund(a) | |
| | | 12/31/2018 | | | 12/31/2017 | | | 12/31/2018 | | | 12/31/2017 | |
| Operations: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 22,454,249 | | | | 21,975,142 | | | | 10,808,402 | | | | 9,695,264 | |
| Net realized gain | | | 3,454,386 | | | | 3,698,187 | | | | 12,136,620 | | | | 35,979,946 | |
| Net increase (decrease) in unrealized appreciation/depreciation | | | (17,587,001 | ) | | | 15,727,491 | | | | (108,837,773 | ) | | | 88,603,816 | |
| Net increase (decrease) in net assets resulting from operations | | | 8,321,634 | | | | 41,400,820 | | | | (85,892,751 | ) | | | 134,279,026 | |
| Distributions to shareholders(b) | | | (29,103,950 | ) | | | (27,131,439 | ) | | | (26,624,900 | ) | | | (18,654,183 | ) |
| Capital share transactions: | | | | | | | | | | | | | | | | |
| Proceeds from shares sold | | | 21,685,452 | | | | 25,194,500 | | | | 7,693,600 | | | | 13,231,107 | |
| Reinvestment of distributions from net investment income and net realized gain | | | 29,094,769 | | | | 27,662,365 | | | | 26,624,900 | | | | 18,654,200 | |
| Payments for shares redeemed | | | (25,668,816 | ) | | | (26,826,167 | ) | | | (21,734,393 | ) | | | (31,866,974 | ) |
| Net increase in net assets from capital share transactions | | | 25,111,405 | | | | 26,030,698 | | | | 12,584,107 | | | | 18,333 | |
| Total increase (decrease) in net assets | | | 4,329,089 | | | | 40,300,079 | | | | (99,933,544 | ) | | | 115,643,176 | |
| Net assets: | | | | | | | | | | | | | | | | |
| At the beginning of the year | | | 525,155,905 | | | | 484,855,826 | | | | 624,642,002 | | | | 508,998,826 | |
| At the end of the year | | $ | 529,484,994 | | | | 525,155,905 | | | | 524,708,458 | | | | 624,642,002 | |
| (a) | Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 11 – New and Amended Financial Reporting Rules and Forms. |
| (b) | The Funds adopted the U.S. Securities and Exchange Commission (“SEC”) Disclosure Update and Simplification as stated on Note 11. The composition and per share amounts of the Fund’s distributions are presented in the Financial Highlights. The distribution information for the Fund as of its most recent tax year end is presented within the Notes to Financial Statements, Note 2 – Federal Taxes. |
See accompanying notes to financial statements.
CLEARWATER INVESTMENT TRUST
Financial Highlights
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, | |
| Core Equity Fund | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | |
| Net asset value, beginning of year | | $ | 43.21 | | | | 37.43 | | | | 35.57 | | | | 39.41 | | | | 37.77 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.68 | | | | 0.64 | | | | 0.65 | | | | 0.64 | | | | 0.60 | |
| Net realized and unrealized gains (losses) | | | (3.46 | ) | | | 8.03 | | | | 3.27 | | | | (0.96 | ) | | | 2.91 | |
| Total from investment operations | | | (2.78 | ) | | | 8.67 | | | | 3.92 | | | | (0.32 | ) | | | 3.51 | |
| Less distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.67 | ) | | | (0.65 | ) | | | (0.49 | ) | | | (0.60 | ) | | | (0.63 | ) |
| Net realized gain | | | (1.79 | ) | | | (2.24 | ) | | | (1.57 | ) | | | (2.92 | ) | | | (1.24 | ) |
| Total distributions to shareholders: | | | (2.46 | ) | | | (2.89 | ) | | | (2.06 | ) | | | (3.52 | ) | | | (1.87 | ) |
| Net asset value, end of year | | $ | 37.97 | | | | 43.21 | | | | 37.43 | | | | 35.57 | | | | 39.41 | |
| Total return (a) | | | (6.61 | )% | | | 23.26 | % | | | 10.98 | % | | | (0.71 | )% | | | 9.23 | % |
| Net assets, end of year (000s omitted) | | $ | 456,874 | | | | 538,392 | | | | 466,482 | | | | 492,418 | | | | 541,017 | |
| Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g) | | | 0.38 | % | | | 0.39 | % | | | 0.43 | % | | | 0.42 | % | | | 0.50 | % |
| Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e), (f), (g) | | | 0.90 | % | | | 0.90 | % | | | 0.90 | % | | | 0.90 | % | | | 0.90 | % |
| Ratio of net investment income (loss), net of waivers, to average net assets (c), (d), (e), (f), (g) | | | 1.47 | % | | | 1.51 | % | | | 1.63 | % | | | 1.52 | % | | | 1.50 | % |
| Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g) | | | 0.95 | % | | | 1.00 | % | | | 1.16 | % | | | 1.02 | % | | | 1.10 | % |
| Portfolio turnover rate (excluding short-term securities) | | | 34.64 | % | | | 31.13 | % | | | 44.11 | % | | | 94.07 | % | | | 13.54 | % |
| (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 December 12, 2018 the investment advisory fee, net of voluntary waivers, decreased to 0.35%. Also effective December 12, 2018, the Adviser increased the voluntary waiver to 0.55%. |
| (d) | Effective September 22, 2017, the investment advisory fee, net of voluntary waivers, increased to 0.38%. Also effective September 22, 2017, the Adviser decreased the voluntary waiver to 0.52%. |
| (e) | Effective March 16, 2017, the investment advisory fee, net of voluntary waivers, decreased to 0.37%. Also effective March 16, 2017, the Adviser increased the voluntary waiver to 0.53%. |
| (f) | Effective March 16, 2016, the investment advisory fee, net of voluntary waivers, increased to 0.44%. Also effective March 16, 2016, the Adviser decreased the voluntary waiver to 0.46%. |
| (g) | Effective March 16, 2015, the investment advisory fee, net of voluntary waivers,decreased to 0.40%. Also effective March 16, 2015, the Adviser increased the voluntary waiver to 0.50%. |
See accompanying notes to financial statements.
CLEARWATER INVESTMENT TRUST
Financial Highlights
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, | |
| Small Companies Fund | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | |
| Net asset value, beginning of year | | $ | 18.92 | | | | 19.79 | | | | 17.18 | | | | 20.30 | | | | 22.35 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.07 | | | | 0.02 | | | | 0.07 | | | | 0.07 | | | | 0.05 | |
| Net realized and unrealized gains (losses) | | | (2.37 | ) | | | 2.58 | | | | 3.30 | | | | (0.90 | ) | | | 1.10 | |
| Total from investment operations | | | (2.30 | ) | | | 2.60 | | | | 3.37 | | | | (0.83 | ) | | | 1.15 | |
| Less distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.07 | ) | | | (0.03 | ) | | | (0.05 | ) | | | (0.06 | ) | | | (0.04 | ) |
| Net realized gain | | | (1.65 | ) | | | (3.44 | ) | | | (0.71 | ) | | | (2.23 | ) | | | (3.16 | ) |
| Total distributions to shareholders: | | | (1.72 | ) | | | (3.47 | ) | | | (0.76 | ) | | | (2.29 | ) | | | (3.20 | ) |
| Net asset value, end of year | | $ | 14.90 | | | | 18.92 | | | | 19.79 | | | | 17.18 | | | | 20.30 | |
| Total return (a) | | | (12.49 | )% | | | 13.46 | % | | | 19.67 | % | | | (3.96 | )% | | | 5.03 | % |
| Net assets, end of year (000s omitted) | | $ | 305,921 | | | | 369,720 | | | | 343,393 | | | | 299,380 | | | | 333,888 | |
| Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g) | | | 1.03 | % | | | 0.99 | % | | | 1.02 | % | | | 0.97 | % | | | 0.94 | % |
| Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e), (f), (g) | | | 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), (e), (f), (g) | | | 0.33 | % | | | 0.11 | % | | | 0.28 | % | | | 0.22 | % | | | 0.24 | % |
| Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g) | | | 0.01 | % | | | (0.25 | )% | | | (0.05 | )% | | | (0.16 | )% | | | (0.17 | )% |
| Portfolio turnover rate (excluding short-term securities) | | | 63.08 | % | | | 113.85 | % | | | 78.82 | % | | | 58.71 | % | | | 55.51 | % |
| (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 December 12, 2018, the investment advisory fee, net of voluntary waivers, decreased to 0.98%. Also effective December 12, 2018, the Adviser increased the voluntary waiver to 0.37%. |
| (d) | Effective September 22, 2017, the investment advisory fee, net of voluntary waivers, increased to 1.03%. Also effective March 16, 2017, the Adviser decreased the voluntary waiver to 0.32%. |
| (e) | Effective March 16, 2017, the investment advisory fee, net of voluntary waivers, decreased to 0.96%. Also effective March 16, 2017, the Adviser increased the voluntary waiver to 0.39%. |
| (f) | Effective March 16, 2016, the investment advisory fee, net of voluntary waivers, increased to 1.03%. Also effective March 16, 2016, the Adviser decreased the voluntary waiver to 0.32%. |
| (g) | Effective March 16, 2015, the investment advisory fee, net of voluntary waivers, increased to 0.98%. Also effective March 16, 2015, the Adviser decreased the voluntary waiver to 0.37%. |
See accompanying notes to financial statements.
CLEARWATER INVESTMENT TRUST
Financial Highlights
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, | |
| Tax-Exempt Bond Fund | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | |
| Net asset value, beginning of year | | $ | 10.21 | | | | 9.93 | | | | 10.16 | | | | 10.16 | | | | 9.23 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.42 | | | | 0.45 | | | | 0.46 | | | | 0.42 | | | | 0.44 | |
| Net realized and unrealized gains (losses) | | | (0.26 | ) | | | 0.38 | | | | (0.23 | ) | | | 0.04 | | | | 0.95 | |
| Total from investment operations | | | 0.16 | | | | 0.83 | | | | 0.23 | | | | 0.46 | | | | 1.39 | |
| Less distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.45 | ) | | | (0.49 | ) | | | (0.44 | ) | | | (0.42 | ) | | | (0.44 | ) |
| Net realized gain | | | (0.10 | ) | | | (0.06 | ) | | | (0.02 | ) | | | (0.04 | ) | | | (0.02 | ) |
| Total distributions to shareholders: | | | (0.55 | ) | | | (0.55 | ) | | | (0.46 | ) | | | (0.46 | ) | | | (0.46 | ) |
| Net asset value, end of year | | $ | 9.82 | | | | 10.21 | | | | 9.93 | | | | 10.16 | | | | 10.16 | |
| Total return (a) | | | 1.59 | % | | | 8.54 | % | | | 2.28 | % | | | 4.73 | % | | | 15.29 | % |
| Net assets, end of year (000s omitted) | | $ | 529,485 | | | | 525,156 | | | | 484,856 | | | | 512,773 | | | | 507,982 | |
| Ratio of expenses, net of waivers, to average net assets (b), (c), (d) | | | 0.34 | % | | | 0.34 | % | | | 0.34 | % | | | 0.34 | % | | | 0.33 | % |
| Ratio of expenses, before waivers, to average net assets (b), (c), (d) | | | 0.60 | % | | | 0.60 | % | | | 0.60 | % | | | 0.60 | % | | | 0.60 | % |
| Ratio of net investment income (loss), net of waivers, to average net assets (c), (d) | | | 4.22 | % | | | 4.35 | % | | | 4.54 | % | | | 4.23 | % | | | 4.48 | % |
| Ratio of net investment income (loss), before waivers, to average net assets (c), (d) | | | 3.96 | % | | | 4.09 | % | | | 4.28 | % | | | 3.97 | % | | | 4.21 | % |
| Portfolio turnover rate (excluding short-term securities) | | | 11.36 | % | | | 13.28 | % | | | 13.48 | % | | | 18.93 | % | | | 22.25 | % |
| (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 December 12, 2018, the investment advisory fee, net of voluntary waivers, decreased to 0.32%. Also effective December 12, 2018, the Adviser increased the voluntary waiver to 0.28%. |
| (d) | Effective March 16, 2015, the investment advisory fee, net of voluntary waivers, increased to 0.34%. Also effective March 16, 2015, the Adviser decreased the voluntary waiver to 0.26%. |
See accompanying notes to financial statements.
CLEARWATER INVESTMENT TRUST
Financial Highlights
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 | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | |
| Net asset value, beginning of year | | $ | 17.23 | | | | 14.04 | | | | 14.02 | | | | 14.41 | | | | 15.76 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.30 | | | | 0.27 | | | | 0.27 | | | | 0.28 | | | | 0.35 | |
| Net realized and unrealized gains (losses) | | | (2.70 | ) | | | 3.44 | | | | 0.02 | | | | (0.31 | ) | | | (1.08 | ) |
| Total from investment operations | | | (2.40 | ) | | | 3.71 | | | | 0.29 | | | | (0.03 | ) | | | (0.73 | ) |
| Less distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.29 | ) | | | (0.30 | ) | | | (0.27 | ) | | | (0.28 | ) | | | (0.36 | ) |
| Net realized gain | | | (0.46 | ) | | | (0.22 | ) | | | - | (a) | | | (0.08 | ) | | | (0.26 | ) |
| Total distributions to shareholders: | | | (0.75 | ) | | | (0.52 | ) | | | (0.27 | ) | | | (0.36 | ) | | | (0.62 | ) |
| Net asset value, end of year | | $ | 14.08 | | | | 17.23 | | | | 14.04 | | | | 14.02 | | | | 14.41 | |
| Total return (b) | | | (14.01 | )% | | | 26.54 | % | | | 2.09 | % | | | (0.15 | )% | | | (4.70 | )% |
| Net assets, end of year (000s omitted) | | $ | 524,708 | | | | 624,642 | | | | 508,999 | | | | 491,184 | | | | 481,943 | |
| Ratio of expenses, net of waivers, to average net assets (c), (d), (e), (f), (g) | | | 0.68 | % | | | 0.67 | % | | | 0.70 | % | | | 0.69 | % | | | 0.67 | % |
| Ratio of expenses, before waivers, to average net assets (c), (d), (e), (f), (g) | | | 1.00 | % | | | 1.00 | % | | | 1.00 | % | | | 1.00 | % | | | 1.00 | % |
| Ratio of net investment income (loss), net of waivers, to average net assets (d), (e), (f), (g) | | | 1.79 | % | | | 1.67 | % | | | 1.90 | % | | | 1.87 | % | | | 2.22 | % |
| Ratio of net investment income (loss), before waivers, to average net assets (d), (e), (f), (g) | | | 1.47 | % | | | 1.34 | % | | | 1.60 | % | | | 1.56 | % | | | 1.89 | % |
| Portfolio turnover rate (excluding short-term securities) | | | 19.57 | % | | | 36.17 | % | | | 37.21 | % | | | 18.49 | % | | | 15.33 | % |
| (a) | Per share amounts from distributions paid from net realized gain were less than $0.01 per share. |
| (b) | Total return figures are based on the change in net asset value of a share during the year and assume reinvestment of distributions at net asset value. |
| (c) | In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. |
| (d) | Effective September 22, 2017, the investment advisory fee, net of voluntary waivers, increased to 0.68%. Also effective September 22, 2017, the Advisor decreased the voluntary waiver to 0.32%. |
| (e) | Effective March 16, 2017, the investment advisory fee, net of voluntary waivers, decreased to 0.65%. Also effective March 16, 2017, the Adviser increased the voluntary waiver to 0.35%. |
| (f) | Effective March 16, 2016, the investment advisory fee, net of voluntary waivers, increased to 0.70%. Also effective March 16, 2016, the Adviser decreased the voluntary waiver to 0.30%. |
| (g) | Effective March 16, 2015, the investment advisory fee, net of voluntary waivers, increased to 0.69%. Also effective March 16, 2015, the Advisor decreased the voluntary waiver to 0.31%. |
See accompanying notes to financial statements.
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2018
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 (“Core Equity Fund”), Clearwater Small Companies Fund (“Small Companies Fund”), ClearwaterTax-Exempt Bond Fund (“Tax-Exempt Bond Fund”), and Clearwater International Fund (“International Fund” and together with the Core Equity Fund, Small Companies Fund and Tax-Exempt Bond Fund, the “Funds”). Clearwater Management Co., Inc. (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 Core Equity, Small Companies, and International Funds is long-termcapital growth. The investment objective of the 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 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 ofU.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 approachwhereby portions of the Fund are allocated to different subadvisers who employ distinct investment styles. The Fund’s Adviser allocates portions of the Fund’s assets among subadvisers. The Fund currently allocates assets among the following subadvisers who provide day-to-day management for the Fund: Parametric Portfolio Associates, LLC (“Parametric”), AQR Capital Management (“AQR”), and O’Shaughnessy Asset Management (“OSAM”). 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 total assets will be allocated to Parametric; the remaining assets will be allocated to one or more of the Fund’s two other subadvisers that provide day-to-day management. Parametric manages its portion of the Fund’s assets using a passive management strategy to seek investment results that track, before fees and expenses, the investment results of the Russell 1000® Index as closely as possible without requiring the Fund to realize taxable gains. In addition, as noted above, FCI also acts as a subadviser to the Fund but does not provide day-to-day management.
Under normal market conditions, the 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 that of the largest capitalization company included in the Russell 2000® Index 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 in the portfolio.A convertible security generally
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2018
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. It is intended that the Fund holds a portion of its portfolio for more than two years to allow for the change that prompted the relevant security’s purchase to yield results. The Fund uses a “multi-style, multi-manager” approach. The Fund’s Adviser allocates portions of the Fund’s assets between subadvisers who employ distinct investment styles. The Fund currently allocates assets between the following subadvisers who provide day-to-day management for the Fund: Kennedy Capital Management, Inc. (“KCM”), Cooke & Bieler, L.P. (“Cooke & Bieler”), and Pzena Investment Management, LLC (“Pzena”). FCI also acts as a subadviser to the Fund but does not provide day-to-day management.
Under normal market conditions, the 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 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 currently has one subadviser that provides day-to-day management for the Fund, Sit Fixed Income Advisors II, LLC (“Sit”). FCI also acts as a subadviser to the Fund but does not provide day-to-day management.
Under normal market conditions, the International Fund intends to invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies organized or located outside the United States and doing a substantial amount of business outside the United States. Equity securities in which the Fund invests include common and preferred stock, sponsored and unsponsored American Depositary Receipts, European Depositary Receipts, Global Depositary Receipts, exchange-traded funds, and other investment companies. The Fund diversifies its investments among a number of different countries throughout the world, and may invest in companies of any size. The Fund does not intend to invest more than 20% of its net assets in the equity securities of developing or emerging market issuers. In order to hedge against adverse movements in currency exchange rates, the Fund may enter into foreign currency exchange contracts. The Fund does not intend to invest in foreign currency exchange contracts, options, futures contracts or options in futures contracts for speculative purposes. The Fund uses a “multi-style, multi-manager” approach. The Fund’s assets are allocated to different subadvisers who employ distinct investment styles. The Fund currently allocates assets among the following subadvisers who provide day-to-day management for the Fund: Parametric, Artisan Partners Limited Partnership (“Artisan Partners”), 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 40% of the Fund’s assets will be allocated to Parametric, and the remaining assets will be allocated to one or more of the Fund’s three other subadvisers that provide day-to-day management of the Fund. Parametric manages its portion of the Fund’s assets using a passive management strategy to seek investment results that track, before fees and expenses, the investment results of the MSCI World Ex U.S.A. Index - Net Dividends as closely as possible without requiring the Fund to realize taxable gains. FCI also acts as a subadviser to the Fund but does not provide day-to-day management.
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2018
| (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 securities are valued on the basis of evaluated prices provided by independent pricing services when such prices are believed to reflect the fair value of such securities or broker provided prices. Such prices may be determined by taking into account other similar securities’ prices, yields, maturities, call features, ratings, prepayment speeds, credit risks, cash flows, institutional size trading in similar groups of securities and developments related to specific securities. Shares of open end investment companies are valued at their daily net asset value (“NAV”). Shares of closed-end funds and exchange traded funds are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded.
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 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, is recognized on an accrual basis and includes amortization of premiums and accretion of discounts using the effective yield method.
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2018
| (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. 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.
The Tax-Exempt Bond Fund invests in long or short financial futures contracts for hedging purposes or to gain exposure to interest rate risk. When used as a hedge, the Fund will purchase and sell various kinds of futures contracts. The Fund will also enter into closing purchase and sale transactions with respect to any such futures contracts. The futures contracts may be based on various interest rates or indices. The Fund bears the market risk arising from changes in the value of these financial instruments. At the time the Fund enters into a futures contract, it is generally required to make a margin deposit with the custodian or broker of a specified amount of liquid assets. Futures are marked to market each day with the change in value reflected in the unrealized appreciation or depreciation. Risk may arise as a result of the potential inability of the counterparties to meet the terms of their contracts. Credit risk is mitigated to the extent that the exchange on which a particular futures contract is traded assumes the risk of a counterparty defaulting on its obligations under the contract. The Statements of Operations include any realized gains or losses on closed futures contracts within Net realized gain (loss) on futures contracts, and any unrealized gains or losses on open futures contracts within Net increase (decrease) in unrealized appreciation/depreciation on futures contracts. Additional information on derivative instruments and how these positions may impact the financial statements is found in Note 8, Derivative Instruments.
| (d) | 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 on 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
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2018
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.
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 translation of other assets and liabilities denominated in foreign currencies within net increase (decrease) in unrealized appreciation/depreciation on the Statements of Operations. Unrealized gains or losses on outstanding spot contracts 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.
| (f) | Master Limited Partnerships |
The International Fund invests in Master Limited Partnerships (“MLPs”). The benefits derived from the Fund’s investments in MLPs are largely dependent on the MLPs being treated as partnerships for federal income tax purposes. If any of the MLPs held by the Fund were treated as corporations for U.S. federal income tax purposes, the after-tax return to the Fund with respect to its investments in such MLPs would be materially reduced, causing a decline in the value of the common stock. The Fund must include its allocable share of an MLP’s taxable income in its reportable taxable income, whether or not it receives a distribution in cash from the MLP. In such case, the Fund may have to liquidate securities to make required distributions to shareholders.
| (g) | 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.
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2018
| (h) | Short-Term Investments |
The Core Equity, Small Companies, Tax-Exempt Bond, and International Funds currently invest in the U.S. Government Select Portfolio, a money market portfolio of Northern Institutional Funds, an investment company advised by Northern Trust Investments, Inc. The U.S. Government Select Portfolio primarily invests in securities issued by the U.S. government, government agencies, and government-sponsored enterprises.
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 reclaims. All reclaims are paid directly to the applicable Funds.
The Trust’s policy is to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies. On a calendar-year basis, the Funds intend to distribute substantially all of their net investment income and net realized gains, if any, to avoid the payment of federal income and excise taxes. Therefore, no income tax provision is required. Each Fund is treated as a separate entity for federal income tax purposes.
Management has analyzed the Funds’ tax positions taken on federal tax returns for all open tax years and has concluded that as of December 31, 2018, no provision for income tax is required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for the 2015, 2016, 2017, and 2018 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 Trust has analyzed the Funds’tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Further, the Trust is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The tax character of distributions by the Funds during the years ended December 31, 2018 and 2017 was as follows:
| | | | Tax-Exempt | | | Ordinary Income* | |
| | | | 2018 | | | 2017 | | | 2018 | | | 2017 | |
| Core Equity Fund | | | $ | - | | | $ | - | | | $ | 7,833,537 | | | $ | 7,688,471 | |
| Small Companies Fund | | | | - | | | | - | | | | 13,643,176 | | | | 8,674,016 | |
| Tax-Exempt Bond Fund | | | | 23,513,734 | | | | 24,359,964 | | | | 2,426,996 | | | | 1,189,281 | |
| International Fund | | | | - | | | | - | | | | 10,507,300 | | | | 10,724,142 | |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2018
| | | | Long-Term Capital Gains** | | | | | | | |
| | | | 2018 | | | 2017 | | | | | | | |
| Core Equity Fund | | | $ | 20,355,019 | | | $ | 26,497,925 | | | | | | | | | |
| Small Companies Fund | | | | 18,194,790 | | | | 49,069,167 | | | | | | | | | |
| Tax-Exempt Bond Fund | | | | 3,154,039 | | | | 2,113,229 | | | | | | | | | |
| International Fund | | | | 16,117,600 | | | | 7,930,041 | | | | | | | | | |
* In addition to the ordinary income distributions, during 2018 the following Funds utilized equalization accounting for tax purposes whereby a portion of redemption payments were treated as distributions of ordinary income in the following amounts:
| Core Equity Fund | | | $ | 199,375 | | |
| International Fund | | | $ | 116,598 | | |
** In addition to the long-term capital gain distributions, during 2018 the following Funds utilized equalization accounting for tax purposes whereby a portion of redemption payments were treated as distributions of long-term capital gains in the following amounts:
| Core Equity Fund | | | $ | 1,594,736 | | |
| Small Companies Fund | | | $ | 816,626 | | |
| International Fund | | | $ | 603,033 | | |
As of December 31, 2018, the components of distributable earnings on a tax basis were as follows:
| | | Core
Equity Fund | | | Small
Companies
Fund | | | Tax-Exempt
Bond Fund | | | International
Fund | |
| Undistributed ordinary income | | $ | 32,208 | | | $ | - | | | $ | - | | | $ | 59,368 | |
| Undistributed tax-exempt income | | | - | | | | - | | | | 516,443 | | | | - | |
| Undistributed capital gain | | | 411,464 | | | | - | | | | - | | | | 307,044 | |
| Accumulated capital losses and other | | | - | | | | (208,244 | ) | | | (3,033,950 | ) | | | (2,153,168 | ) |
| Unrealized appreciation/depreciation | | | 192,676,758 | | | | (24,795,655 | ) | | | 12,517,292 | | | | 93,643,927 | |
| Total | | $ | 193,120,430 | | | $ | (25,003,899 | ) | | $ | 9,999,785 | | | $ | 91,857,171 | |
Distributions to shareholders 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
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2018
tax regulations and U.S. GAAP. These reclassifications are reported in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and U.S. GAAP. At December 31, 2018, the Funds utilized equalization accounting whereby a portion of redemption payments were treated as distributions. These reclassifications have no impact on the total net assets or the NAV per share of the Funds. At December 31, 2018, reclassifications have been recorded among the following capital accounts on the Statements of Assets and Liabilities:
| | | Core
Equity Fund | | | Small Companies Fund | | | Tax-Exempt
Bond Fund | | | International
Fund | |
| Distributable earnings | | $ | (44,466,481 | ) | | $ | (816,626 | ) | | $ | - | | | $ | (594,416 | ) |
| Additional paid-in capital | | | 44,466,481 | | | | 816,626 | | | | - | | | | 594,416 | |
| (k) | 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. During the year ended December 31, 2018, the Core Equity, Small Companies and International Funds utilized equalization accounting with respect to distributions to shareholders, in order to keep remaining shareholders’ interest in undistributed income from being affected.
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.
| (m) | Recent Accounting Pronouncements |
On March 30, 2017, the FASB issued Accounting Standards Update (ASU) 2017-08 “Premium Amortization on Purchased Callable Debt Securities”, which shortens the amortization period for the premium on certain purchased callable debt securities. The new guidance requires an entity to amortize the premium on a callable debt security within its scope to the earliest call date. If the call option is not exercised at the earliest call date, the yield is reset to the effective yield using the payment terms of the security. Discounts on purchased callable debt securities will continue to be amortized to the security’s maturity date. ASU 2017-08 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018.
On August 28, 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-13, “Disclosure Framework --Changes to the Disclosure Requirements for FairValue Measurement,” which amends the fair value measurement disclosure requirements of ASC 820. The amendments of ASU 2018-13 include new, eliminated, and modified disclosure requirements of ASC 820. In addition, the amendments clarify that materiality is an appropriate consideration of entities when evaluating disclosure requirements. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted for any eliminated or modified disclosures. The Fund has early adopted ASU 2018-13 for the year ended December 31, 2018.
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2018
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. The Funds believe that the likelihood of any such claims is remote.
| (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 for the security. This guidance establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments, as described in Note 2(a). These inputs are summarized in the three broad levels listed below.
| ● | Level 1 – Unadjusted quoted market prices in active markets for identical securities on the measurement date. |
| ● | Level 2 – Other significant observable inputs including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc. or quoted prices for identical or similar assets in markets that are not active. Inputs that are derived principally from or corroborated by observable market data are also considered Level 2 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, 2018.
| | | Core Equity Fund (a) | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks | | $ | 453,176,272 | | | $ | - | | | $ | - | | | $ | 453,176,272 | |
| Short-Term Investments | | | 4,473,835 | | | | - | | | | - | | | | 4,473,835 | |
| Total | | $ | 457,650,107 | | | $ | - | | | $ | - | | | $ | 457,650,107 | |
(a) For the Core Equity 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. Investments in rights generally are determined by taking into account the terms of the
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2018
rights as well as the value of the underlying equity securities, which are determined by the valuation methodology described above.
| | | Small Companies Fund (b) | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks | | $ | 288,890,185 | | | $ | 182,074 | | | $ | - | | | $ | 289,072,259 | |
| Convertible Bonds | | | - | | | | 141,562 | | | | - | | | | 141,562 | |
| Convertible Preferred Stocks | | | 292,308 | | | | - | | | | - | | | | 292,308 | |
| Investment Companies | | | 1,526,460 | | | | - | | | | - | | | | 1,526,460 | |
| Preferred Stocks | | | 3,650,434 | | | | - | | | | - | | | | 3,650,434 | |
| Short-Term Investments | | | 17,344,613 | | | | - | | | | - | | | | 17,344,613 | |
| Total | | $ | 311,704,000 | | | $ | 323,636 | | | $ | - | | | $ | 312,027,636 | |
(b) For the Small Companies Fund, the investment value is comprised of equity securities, convertible bonds, investment companies 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.
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2018
| | | Tax-Exempt Bond Fund (c) | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Closed-End Funds | | $ | 23,521,525 | | | $ | - | | | $ | - | | | $ | 23,521,525 | |
| Municipal Bonds | | | | | | | | | | | | | | | | |
| Airports | | | - | | | | 2,726,864 | | | | - | | | | 2,726,864 | |
| Bond Banks | | | - | | | | 501,440 | | | | - | | | | 501,440 | |
| Development | | | - | | | | 39,056,203 | | | | - | | | | 39,056,203 | |
| Education | | | - | | | | 38,934,602 | | | | - | | | | 38,934,602 | |
| Facilities | | | - | | | | 2,838,072 | | | | - | | | | 2,838,072 | |
| General | | | - | | | | 49,175,550 | | | | - | | | | 49,175,550 | |
| General Obligations | | | - | | | | 20,162,280 | | | | - | | | | 20,162,280 | |
| Higher Education | | | - | | | | 17,139,225 | | | | - | | | | 17,139,225 | |
| Housing | | | - | | | | 24,207,824 | | | | - | | | | 24,207,824 | |
| Medical | | | - | | | | 29,038,203 | | | | - | | | | 29,038,203 | |
| Mello-Roos | | | - | | | | 671,940 | | | | - | | | | 671,940 | |
| Multifamily Housing | | | - | | | | 41,003,807 | | | | - | | | | 41,003,807 | |
| Nursing Home | | | - | | | | 72,371,460 | | | | - | | | | 72,371,460 | |
| Power | | | - | | | | 3,800,656 | | | | - | | | | 3,800,656 | |
| School District | | | - | | | | 33,088,264 | | | | - | | | | 33,088,264 | |
| Single Family Housing | | | - | | | | 102,911,678 | | | | - | | | | 102,911,678 | |
| Student Loan | | | - | | | | 1,061,109 | | | | - | | | | 1,061,109 | |
| Tobacco Settlement | | | - | | | | 1,363,536 | | | | - | | | | 1,363,536 | |
| Transportation | | | - | | | | 7,210,437 | | | | - | | | | 7,210,437 | |
| Utilities | | | - | | | | 393,251 | | | | - | | | | 393,251 | |
| Water | | | - | | | | 7,069,199 | | | | - | | | | 7,069,199 | |
| Short-Term Investments | | | 4,274,380 | | | | - | | | | - | | | | 4,274,380 | |
| Total | | $ | 27,795,905 | | | $ | 494,725,600 | | | $ | - | | | $ | 522,521,505 | |
(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 theTax-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
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2018
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.
| Tax-Exempt Bond Fund | | | | | | | | | | | | |
| Other Financial Instruments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Liabilities | | | | | | | | | | | | |
| Futures Contracts | | $ | (1,955,452 | ) | | $ | - | | | $ | - | | | $ | (1,955,452 | ) |
| Net Other Financial Instruments | | $ | (1,955,452 | ) | | $ | - | | | $ | - | | | $ | (1,955,452 | ) |
The futures contracts outstanding at December 31, 2018 are considered Level 1 investments due to the contracts being marked-to-market daily at the applicable exchange rates that have been adjusted from the initial quoted rate. Futures contracts are shown on a gross basis in the above table, but the net increase/(decrease) in unrealized appreciation/(depreciation) on futures contracts is shown on the Statements of Operations.
| | | International Fund (d) | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | | Total | |
| Common Stocks | | | | | | | | | | | | | | | | |
| Jersey | | $ | - | | | $ | - | | | $ | 253,143 | | | $ | 253,143 | |
| All other countries | | | 501,302,680 | | | | - | | | | - | | | | 501,302,680 | |
| Preferred Stocks | | | 4,750,591 | | | | - | | | | - | | | | 4,750,591 | |
| Rights | | | 21,443 | | | | - | | | | - | | | | 21,443 | |
| Investment Companies | | | 1,906,976 | | | | - | | | | - | | | | 1,906,976 | |
| Short-Term Investments | | | 17,417,895 | | | | - | | | | - | | | | 17,417,895 | |
| Total | | $ | 525,399,585 | | | $ | - | | | $ | 253,143 | | | $ | 525,652,728 | |
(d) For the International Fund, the investment value is comprised of equity securities, rights, investment companies and short-term investments. See the Fund’s Schedule of Investments for additional information on industry sector and currency concentration information. 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. Shares of open end investment companies are valued at their daily net asset value.
| International Fund | | | | | | | | | | | | |
| Other Financial Instruments | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Assets | | | | | | | | | | | | |
| Forward foreign currency exchange contracts | | $ | - | | | $ | 5,619 | | | $ | - | | | $ | 5,619 | |
| Liabilities | | | | | | | | | | | | | | | | |
| Forward foreign currency exchange contracts | | | - | | | | (50,324 | ) | | | - | | | | (50,324 | ) |
| Net Other Financial Instruments | | $ | - | | | $ | (44,705 | ) | | $ | - | | | $ | (44,705 | ) |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2018
The forward foreign currency exchange contracts outstanding at December 31, 2018 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, 2018, were as follows:
| | | Purchases | | Sales |
| | Core Equity Fund | | | $ | 181,260,282 | | | $ | 224,218,911 | |
| | Small Companies Fund | | | | 220,958,782 | | | | 238,222,813 | |
| | Tax-Exempt Bond Fund | | | | 85,247,081 | | | | 58,088,599 | |
| | International Fund | | | | 122,255,342 | | | | 112,583,818 | |
`
The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales, deferral of post-October currency and capital losses for tax purposes, and the recharacterization of income recognition on investments in PFICs.
At December 31, 2018, for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation (depreciation) on investments (including the effects of foreign currency translation and derivative instruments, if any) and the cost basis of investments (including derivative instruments, if any) were as follows:
| Funds | | Unrealized
Appreciation | | Unrealized
Depreciation | | Net
Appreciation
(Depreciation) | | Cost Basis of
Investments |
| | Core Equity Fund | | | $ | 199,408,327 | | | $ | (6,731,559 | ) | | $ | 192,676,768 | | | $ | 264,973,340 | |
| | Small Companies Fund | | | | 23,234,548 | | | | (48,030,203 | ) | | | (24,795,655 | ) | | | 336,823,290 | |
| | Tax-Exempt Bond Fund | | | | 21,549,810 | | | | (9,032,518 | ) | | | 12,517,292 | | | | 510,004,213 | |
| | International Fund | | | | 128,263,183 | | | | (34,626,161 | ) | | | 93,637,022 | | | | 432,015,706 | |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2018
(5) Capital Share Transactions
Transactions in capital shares for the years ended December 31, 2018 and 2017 were as follows:
| | | Core Equity Fund | | Small Companies Fund |
| | | 2018 | | 2017 | | 2018 | | 2017 |
| Sold | | | 1,199,527 | | | | 413,847 | | | | 187,783 | | | | 203,833 | |
| Issued for reinvestment of distributions | | | 718,516 | | | | 800,157 | | | | 2,068,744 | | | | 3,111,163 | |
| Redeemed | | | (2,345,677 | ) | | | (1,216,957 | ) | | | (1,257,751 | ) | | | (1,127,622 | ) |
| Net Increase (decrease) | | | (427,634 | ) | | | (2,953 | ) | | | 998,776 | | | | 2,187,374 | |
| | | Tax-Exempt Bond Fund | | International Fund |
| | | 2018 | | 2017 | | 2018 | | 2017 |
| Sold | | | 2,150,381 | | | | 2,493,171 | | | | 487,916 | | | | 805,478 | |
| Issued for reinvestment of distributions | | | 2,915,620 | | | | 2,737,332 | | | | 1,865,795 | | | | 1,105,107 | |
| Redeemed | | | (2,565,535 | ) | | | (2,655,913 | ) | | | (1,354,485 | ) | | | (1,900,836 | ) |
| Net Increase (decrease) | | | 2,500,466 | | | | 2,574,590 | | | | 999,226 | | | | 9,749 | |
(6) Capital Loss Carryforward
For the period subsequent to October 31, 2018 through the fiscal year ended December 31, 2018, the following funds incurred capital losses and/or late year losses which the Funds intend to treat as having been incurred in the following fiscal year.
| Fund | | Short-Term | | Long-Term | | Late-year
Gain/Loss | | Total |
| Small Companies Fund | | $ | 208,244 | | | $ | — | | | $ | — | | | $ | 208,244 | |
| Tax-Exempt Bond Fund | | | 1,113,974 | | | | 1,671,900 | | | | — | | | | 2,785,874 | |
| International Fund | | | 1,799,449 | | | | — | | | | 353,719 | | | | 2,153,168 | |
At December 31, 2018, the Funds had no short-term or long-term capital loss carryforwards available to offset future net capital gains.
(7) Expenses and Related-Party Transactions
The Trust has a contract for investment advisory services with the Adviser. Under terms of separate agreements, Core Equity Fund, Small Companies Fund, Tax-Exempt Bond Fund and 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
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2018
for each of the Funds through voluntary waivers. For the year ended December 31, 2018, voluntary waivers on management fees were as follows:
| | | Management Fees Voluntary Waivers |
| | | Voluntary Waiver %
Prior to
December 12, 2018 | | Voluntary Waivers %
Effective
December 12, 2018 |
| Core Equity Fund | | (0.52) | | (0.55) |
| Small Companies Fund | | (0.32) | | (0.37) |
| Tax-Exempt Bond Fund | | (0.26) | | (0.28) |
| International Fund | | (0.32) | | (0.32) |
The Adviser has periodically modified its management fee for each of the Funds through voluntary waivers. Effective September 22, 2017, the net management fee actually paid for the International Fund due to theAdviser’s modification of the voluntary waiver for the Fund was 0.68%. Effective December 12, 2018, the net management fees actually paid for the Core Equity Fund, the Small Companies Fund and the Tax-Exempt Bond Fund due to the Adviser’s modification of the voluntary waivers for those Funds were 0.35%, 0.98% and 0.32%, 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. For each subadviser, the fee schedule is detailed according to the following schedule:
The subadvisory fee for the Core Equity Fund, payable to Parametric and OSAM is equal to an annual rate of 0.15% and 0.35% of the portions of net assets managed, respectively.
For the period January 1, to September 30, 2018, the subadvisory fee for the Core Equity Fund, payable toAQR was equal to an annual rate of 0.35% of its portion of net assets managed. Effective October 1, 2018 the subadvisory fee was amended according to the schedule below:
| | | AQR |
| First $100 million | | 0.25% |
| Next $100 million | | 0.23% |
| Next $100 million | | 0.21% |
| All assets in excess of $300 million | | 0.20% |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2018
For the period from January 1, 2018 to September 30, 2018, the subadvisory fee for the Small Companies Fund, payable to KCM for its portion of net assets managed was based on the following annual rates:
| | | KCM |
| Up to and including $50 million | | 0.85% |
| Over $50 million | | 0.80% |
Effective October 1, 2018, the subadvisory fee for the Small Companies Fund, payable to KCM for its portion of net assets managed is based on the following annual rates:
| | | KCM |
| Up to and including $50 million | | 0.75% |
| On the next $50 million | | 0.70% |
| Over $100 million | | 0.60% |
| Clearwater Micro Cap Core Assets | | |
| Percent | | Net Assets |
| 0.80% | | All Assets |
The subadvisory fee for the Small Companies Fund, payable to Cookie & Bieler for its portion of net assets managed is based on the following annual rates:
| | | Cooke &
Bieler |
| First $15 million | | 1.00% |
| Next $20 million | | 0.765% |
| Next $25 million | | 0.7225% |
| All assets in excess of $60 million | | 0.68% |
The subadvisory fee for the Tax-Exempt Bond Fund, payable to Sit for Sit’s portion of net assets managed is based on the following annual rates:
| | | Sit |
| Up to and including $20 million | | 0.40% |
| Next $30 million | | 0.30% |
| Next $25 million | | 0.25% |
| Next $175 million | | 0.20% |
| Over $250 million | | 0.18% |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2018
The subadvisory fee for the International Fund, payable to Parametric and WCM, is equal to an annual rate of 0.15% and 0.80% of the portions of net assets managed, respectively.
The subadvisory fee for the International Fund, payable to Artisan Partners and Templeton for each of their respective portions of net assets managed is based on the following annual rates:
| | | Artisan
Partners |
| First $50 million | | 0.80% |
| Next $50 million | | 0.60% |
| All assets in excess of $100 million | | 0.50% |
| | | Templeton |
| First $25 million | | 0.95% |
| Next $25 million | | 0.85% |
| Next $50 million | | 0.75% |
| Next $150 million | | 0.65% |
| Next $250 million | | 0.55% |
| Over $500 million | | 0.50% |
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.
(8) Derivative Instruments
Information concerning the types of derivatives in which theTax-Exempt Bond Fund and International Fund invest, the objectives for using them and their related risks can be found in Note 2 (c) and (d). Below are the types of derivatives held in the Tax-Exempt Bond Fund and International Fund by location as presented in the Statements of Assets and Liabilities as of December 31, 2018, with additional detail on the net amounts impacting the
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2018
Statements of Assets and Liabilities. The futures contracts and forward foreign currency exchange contracts presented below are not subject to master netting agreements or other similar agreements.
| ASSETS | | LIABILITIES |
| Name of Fund | | Derivative Type | | Statements of Assets and
Liabilities Location | | Value | | Statements of Assets and
Liabilities Location | | Value | | Counterparty |
| Tax-Exempt Bond Fund | | Futures contract | | Net unrealized appreciation on futures contracts | | $ | – | | | Net unrealized depreciation on futures contracts | | $ | 1,955,452 | * | | Northern Trust |
| International Fund | | Forward foreign currency exchange contracts | | Unrealized appreciation on forward foreign currency exchange contracts | | $ | 5,619 | | | Unrealized depreciation on forward foreign currency exchange contracts | | $ | 50,324 | | | Northern Trust |
* Represents cumulative appreciation/depreciation on futures contracts as in the Schedules of Investments. Only the variation margin receivable/payable is reported within the Statement of Assets and Liabilities for futures contracts.
The following tables set forth by primary risk exposure the Tax-Exempt Bond Fund’s and International Fund’s net realized gain (loss) and net increase (decrease) in appreciation/depreciation on futures contracts and forward foreign currency exchange contracts for the year ended December 31, 2018:
| Name of Fund | | Derivative Type | | Statements of Operations Location | | Value | | | Name of Fund | | | Derivative Type | | Statements of Operations Locations | | Value | |
| Tax-Exempt Bond Fund | | Futures contracts | | Net realized gain (loss) on futures contracts | | $ | 4,975,641 | | | Tax-Exempt Bond Fund | | | Futures contracts | | Net increase (decrease) in unrealized appreciation/depreciation on futures contracts | | $ | (2,351,325 | ) |
| International Fund | | Forward foreign currency exchange contracts | | Net realized gain (loss) on forward foreign currency exchange contracts | | $ | (24,833 | ) | | International Fund | | | Forward foreign currency exchange contracts | | Net increase (decrease) in unrealized appreciation/depreciation on forward foreign currency exchange contracts | | $ | (21,055 | ) |
Derivative transactions are measured in terms of the notional amount. The following table presents, for the Tax-Exempt Bond Fund and International Fund, the number of transactions and weighted average notional amounts of forward foreign currency exchange contracts, which is indicative of the volume of derivative activity, for the year ended December 31, 2018.
| Tax-Exempt Bond Fund |
| Future Contracts |
| | Number of
Transactions | | | | Weighted
Average Notional
Amount | |
| | 5,022 | | | $ | 141,574,380 | |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2018
| International Fund |
Forward Foreign Currency Exchange
Contracts |
| | Number of
Transactions | | | | Weighted
Average Notional
Amount | |
| | 22 | | | $ | 6,041,187 | |
(9) Short-term Financing
ReFlow Fund, LLC (“ReFlow”) provides each Fund with a potential source of cash to meet net shareholder redemptions through share purchases for a fee. The Fund then generally redeems those shares when it experiences net sales.The shares may be redeemed in-kind in accordance with the Fund’s redemption in-kind policies.The Fund is generally required to redeem the shares purchased by ReFlow within 30 days (15 days if redeemed in-kind). As such, the proceeds received from ReFlow’s purchase of fund shares is treated as a liability on the statement of assets and liabilities. The fee paid on outstanding shares owned by ReFlow is based on an auction starting at a minimum bid of 0.20% and is paid by the Adviser under the unified advisory fee agreement. As of December 31, 2018, the Fund’s ReFlow account had a zero balance.
| | | Average Amount
Outstanding for
Days in Use |
| | Core Equity Fund | | | $ | 509,547 | |
(10) Portfolio Securities Loaned
The Clearwater Small Companies Fund and the Clearwater International Fund participate in a securities lending program and have loaned portions of their investment portfolios at December 31, 2018. Under the program, the Funds loan securities to borrowers who post collateral for those loaned securities. The Securities Finance Trust Company serves as the Funds’ securities lending agent (the lending agent) who operates and maintains the securities lending program. The loans are governed by a securities lending agreement between the lending agent, acting on behalf of the Funds, and each borrowing counterparty. The fair value of securities on loan as of December 31, 2018 is recognized within investments in securities, at fair value, on the Funds’ Statements of Assets and Liabilities.
Each borrower receives a negotiated interest rate, which is generally referred to as the rebate rate, on the cash that it delivers to the Funds as collateral for the securities loaned and agrees to pay a negotiated rate with respect to the loaned securities. The amount of these rates for each securities lending transaction may differ depending on several factors, including the demand for the security, tax considerations and the credit quality of the borrower. A net payment is generally made by the borrower with respect to these rates upon termination of the loan (the Net Rate). The value of the securities loan will be marked-to-market daily, and the borrower will be required to provide additional collateral if the posted amount falls below certain negotiated levels, and the lending agent (on behalf of the Funds) will be required to return collateral to the borrower if the amount of collateral posted is greater than such negotiated levels.
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2018
During the reporting period, the cash collateral received from borrowers related to the Funds’ securities lending activities was invested in the Fidelity Investments Money Market Government Portfolio and the daily residual was swept into the Northern Institutional Fund-U.S Government Select Portfolio. The short-term investments purchased with the cash collateral in the amount of $4,999,280 and $2,201,300 are included in Investment in Securities on the Statement of Assets and Liabilities of the Clearwater Small Companies Fund and the Clearwater International Fund, respectively.
The Funds provide compensation to the lending agent in connection with operating and maintaining the securities lending program.The lending agent is compensated in an amount of 15% of gross revenues for the 12 month period commencing as of implementation date. The fee will then be increased to 20% for the first $1 million of gross revenues and 15% of any gross revenues in excess of $ 1 million. The revenues derived from the securities lending activities of the Funds depend on many factors, including the value of the securities available to be loaned, the demand for the securities available to be loaned, the actual percentage of the Fund’s securities that are on loan (the utilization rate), the amount earned from the investment of any collateral and the amount of the fees or profit retained by the lending agent. All compensation, costs and expenses associated with the securities lending program are considered transaction charges that are borne by the Funds and are not an obligation of the Manager under the securities lending agency agreement. These transaction charges are netted with the income from securities lending and included in net income from securities loaned on the accompanying Statement of Operations.
The Funds’ securities lending program involves certain risks, including counterparty or borrower risk, collateral investment risk, replacement risk, operational, legal, tax and accounting risks. In the event the borrower does not meet its contractual obligation to return the securities, the Funds may be exposed to the risk of loss of reacquiring the loaned securities at prevailing market prices using the proceeds of the sale of the collateral.
The following is information on the securities lending activities by the lending agent for the Funds as of December 31, 2018:
| | | | Gross Amounts of
Securities Loaned in
Statement of Assets,
Liabilities | | | % of Net Assets | | | Collateral
Received | |
| Small Companies Fund | | | $ | 4,885,886 | | | | 1.60% | | | $ | 4,999,280 | |
| International Fund | | | | 2,110,917 | | | | 0.40% | | | | 2,226,202 | |
At December 31, 2018, there were no offsetting of securities and they are presented on a gross basis.
(11) New and Amended Financial Reporting Rules and Forms
InAugust 2018 , the U.S. Securities and Exchange Commission (“SEC”) issued a final rule “Disclosure Update and Simplification” (the “Rule”) which includes amendments to certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded, in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The Rule became effective on November 5, 2018. The Funds have adopted the Rule for the year ended December 31, 2018.
The Funds’ Statements of Assets and Liabilities and Statements of Changes in Net Assets for the current reporting period have been modified accordingly. In addition, certain amounts within each Fund’s Statement of Changes in Net Assets for the prior fiscal period have been modified to conform to the Rule. Prior to these modifications, each
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements
December 31, 2018
Fund’s Statement of Changes reflected undistributed (overdistributed) net investment income, distributions paid to shareholders from net investment income and from accumulated net realized gains balances as of December 31, 2017 in the following table.
| | | Core Equity
Fund | | Small Companies
Fund | | Tax-Exempt
Bond Fund | | International
Fund |
| Distributions from net investment income | | $ | (7,688,471 | ) | | | (483,397 | ) | | | (24,005,546 | ) | | | (10,724,142 | ) |
| Distributions from realized gain | | | (26,497,925 | ) | | | (57,259,786 | ) | | | (3,125,893 | ) | | | (7,930,041 | ) |
| Undistributed (overdistributed) net investment income | | | 199,502 | | | | — | | | | 4,066,323 | | | | (2,481,650 | ) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| Common Stocks: | | | | | | | | | | | | |
| | Communication Services: | | | | | | | | | | | | |
| | 19,173 | | | ACTIVISION BLIZZARD, INC. | | $ | 303,089 | | | | 892,887 | | | | | |
| | 6,317 | | | ALPHABET, INC., CLASS A(b) | | | 2,636,989 | | | | 6,601,012 | | | | | |
| | 4,679 | | | ALPHABET, INC., CLASS C(b) | | | 1,801,776 | | | | 4,845,619 | | | | | |
| | 1,600 | | | AMC NETWORKS, INC., CLASS A(b) | | | 25,785 | | | | 87,808 | | | | | |
| | 73,716 | | | AT&T, INC. | | | 1,280,506 | | | | 2,103,855 | | | | | |
| | 300 | | | CABLE ONE, INC. | | | 113,966 | | | | 246,030 | | | | | |
| | 1,900 | | | CARS.COM, INC.(b) | | | 14,708 | | | | 40,850 | | | | | |
| | 1,995 | | | CBS CORP., CLASS B (NON VOTING) | | | 12,997 | | | | 87,222 | | | | | |
| | 2,214 | | | CENTURYLINK, INC. | | | 32,921 | | | | 33,542 | | | | | |
| | 3,229 | | | CHARTER COMMUNICATIONS, INC., CLASS A(b) | | | 121,025 | | | | 920,168 | | | | | |
| | 100 | | | CLEAR CHANNEL OUTDOOR HOLDINGS, INC., CLASS A | | | 101 | | | | 519 | | | | | |
| | 78,745 | | | COMCAST CORP., CLASS A | | | 1,371,607 | | | | 2,681,267 | | | | | |
| | 1,000 | | | DISCOVERY, INC., CLASS A(b) | | | 28,210 | | | | 24,740 | | | | | |
| | 11,266 | | | ELECTRONIC ARTS, INC.(b) | | | 280,102 | | | | 889,000 | | | | | |
| | 2,737 | | | ENTERCOM COMMUNICATIONS CORP., CLASS A | | | 2,839 | | | | 15,628 | | | | | |
| | 23,600 | | | FACEBOOK, INC., CLASS A(b) | | | 654,660 | | | | 3,093,724 | | | | | |
| | 1,360 | | | GCI LIBERTY, INC., CLASS A(b) | | | 51,149 | | | | 55,978 | | | | | |
| | 1,972 | | | IAC/INTERACTIVECORP(b) | | | 156,820 | | | | 360,955 | | | | | |
| | 30,359 | | | INTERPUBLIC GROUP OF (THE) COS., INC. | | | 390,610 | | | | 626,306 | | | | | |
| | 5,832 | | | LIBERTY GLOBAL PLC, CLASS A(b)(c) | | | 42,377 | | | | 124,455 | | | | | |
| | 7,374 | | | LIBERTY GLOBAL PLC, CLASS C(b)(c) | | | 51,974 | | | | 152,199 | | | | | |
| | 1,500 | | | LIONS GATE ENTERTAINMENT CORP., CLASS A | | | 27,387 | | | | 24,150 | | | | | |
| | 1,600 | | | LIVE NATION ENTERTAINMENT, INC.(b) | | | 88,717 | | | | 78,800 | | | | | |
| | 1,100 | | | MATCH GROUP, INC. | | | 31,366 | | | | 47,047 | | | | | |
| | 100 | | | NETFLIX, INC.(b) | | | 941 | | | | 26,766 | | | | | |
| | 2,375 | | | NEWS CORP., CLASS A | | | 7,170 | | | | 26,956 | | | | | |
| | 21,304 | | | OMNICOM GROUP, INC. | | | 1,487,692 | | | | 1,560,305 | | | | | |
| | 14,300 | | | SIRIUS XM HOLDINGS, INC. | | | 90,452 | | | | 81,653 | | | | | |
| | 9,840 | | | SPRINT CORP.(b) | | | 21,187 | | | | 57,269 | | | | | |
| | 5,700 | | | TEGNA, INC. | | | 26,227 | | | | 61,959 | | | | | |
| | 1,900 | | | TELEPHONE & DATA SYSTEMS, INC. | | | 50,350 | | | | 61,826 | | | | | |
| | 30,755 | | | T-MOBILE U.S., INC.(b) | | | 1,742,131 | | | | 1,956,326 | | | | | |
| | 810 | | | TRIPADVISOR, INC.(b) | | | 13,992 | | | | 43,691 | | | | | |
| | 14,107 | | | TWENTY-FIRST CENTURY FOX, INC., CLASS A | | | 220,305 | | | | 678,829 | | | | | |
| | 8,700 | | | TWITTER, INC.(b) | | | 197,336 | | | | 250,038 | | | | | |
| | 82,624 | | | VERIZON COMMUNICATIONS, INC. | | | 3,916,461 | | | | 4,645,121 | | | | | |
| | 121,393 | | | VIACOM, INC., CLASS B | | | 3,718,591 | | | | 3,119,800 | | | | | |
| | 32,775 | | | WALT DISNEY (THE) CO. | | | 1,121,465 | | | | 3,593,779 | | | | | |
| | 800 | | | YELP, INC.(b) | | | 26,800 | | | | 27,992 | | | | | |
| | 1,000 | | | ZAYO GROUP HOLDINGS, INC.(b) | | | 26,680 | | | | 22,840 | | | | | |
| | | | | | | | 22,189,461 | | | | 40,248,911 | | | | 8.81 | % |
| | Consumer Discretionary: | | | | | | | | | | | | |
| | 1,800 | | | ADIENT PLC | | | 38,861 | | | | 27,108 | | | | | |
| | 1,600 | | | ADVANCE AUTO PARTS, INC. | | | 71,347 | | | | 251,936 | | | | | |
| | 5,852 | | | AMAZON.COM, INC.(b) | | | 1,883,628 | | | | 8,789,528 | | | | | |
| | 500 | | | APTIV PLC(c) | | | 30,790 | | | | 30,785 | | | | | |
| | 1,100 | | | AUTOLIV, INC.(c) | | | 13,982 | | | | 77,253 | | | | | |
| | 1,471 | | | AUTOZONE, INC.(b) | | | 920,419 | | | | 1,233,198 | | | | | |
| | 54,303 | | | BEST BUY CO., INC. | | | 1,900,903 | | | | 2,875,887 | | | | | |
| | 1,400 | | | BIG LOTS, INC. | | | 15,477 | | | | 40,488 | | | | | |
| | 948 | | | BOOKING HOLDINGS, INC.(b) | | | 798,259 | | | | 1,632,854 | | | | | |
| | 4,400 | | | BORGWARNER, INC. | | | 51,799 | | | | 152,856 | | | | | |
| | 750 | | | BRINKER INTERNATIONAL, INC. | | | 10,084 | | | | 32,985 | | | | | |
| | 831 | | | BURLINGTON STORES, INC.(b) | | | 85,265 | | | | 135,179 | | | | | |
| | 8,300 | | | CAESARS ENTERTAINMENT CORP.(b) | | | 66,995 | | | | 56,357 | | | | | |
| | 4,168 | | | CARMAX, INC.(b) | | | 50,984 | | | | 261,459 | | | | | |
| | 1,144 | | | CARTER’S, INC. | | | 99,582 | | | | 93,373 | | | | | |
| | 4,600 | | | D.R. HORTON, INC. | | | 22,057 | | | | 159,436 | | | | | |
| | 2,872 | | | DARDEN RESTAURANTS, INC. | | | 195,584 | | | | 286,798 | | | | | |
| | 1,500 | | | DICK’S SPORTING GOODS, INC. | | | 24,803 | | | | 46,800 | | | | | |
| | 3,089 | | | DOLLAR GENERAL CORP. | | | 207,226 | | | | 333,859 | | | | | |
| | 6,724 | | | DOLLAR TREE, INC.(b) | | | 63,447 | | | | 607,312 | | | | | |
| | 900 | | | DOMINO’S PIZZA, INC. | | | 90,041 | | | | 223,191 | | | | | |
| | 27,505 | | | EBAY, INC.(b) | | | 721,638 | | | | 772,065 | | | | | |
| | 3,055 | | | EXPEDIA GROUP, INC. | | | 219,155 | | | | 344,146 | | | | | |
| | 1,800 | | | FLOOR & DECOR HOLDINGS, INC., CLASS A(b) | | | 50,359 | | | | 46,620 | | | | | |
| See accompanying notes to financial statements. | 30 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| | Consumer Discretionary (Cont’d): | | | | | | | | | | | | |
| | 32,108 | | | FOOT LOCKER, INC. | | $ | 1,431,222 | | | | 1,708,146 | | | | | |
| | 38,163 | | | FORD MOTOR CO. | | | 164,117 | | | | 291,947 | | | | | |
| | 1,300 | | | FRONTDOOR, INC.(b) | | | 30,172 | | | | 34,593 | | | | | |
| | 3,600 | | | GAMESTOP CORP., CLASS A | | | 14,505 | | | | 45,432 | | | | | |
| | 1,833 | | | GAP (THE), INC. | | | 42,086 | | | | 47,218 | | | | | |
| | 5,579 | | | GARMIN LTD.(c) | | | 202,757 | | | | 353,262 | | | | | |
| | 2,018 | | | GARRETT MOTION, INC.(b)(c) | | | 16,668 | | | | 24,902 | | | | | |
| | 6,433 | | | GENERAL MOTORS CO. | | | 211,146 | | | | 215,184 | | | | | |
| | 15,000 | | | GENTEX CORP. | | | 106,860 | | | | 303,150 | | | | | |
| | 3,450 | | | GENUINE PARTS CO. | | | 102,424 | | | | 331,269 | | | | | |
| | 2,000 | | | HANESBRANDS, INC. | | | 10,095 | | | | 25,060 | | | | | |
| | 2,550 | | | HARLEY-DAVIDSON, INC. | | | 14,940 | | | | 87,006 | | | | | |
| | 400 | | | HASBRO, INC. | | | 10,206 | | | | 32,500 | | | | | |
| | 900 | | | HILTON GRAND VACATIONS, INC.(b) | | | 23,760 | | | | 23,751 | | | | | |
| | 12,967 | | | HOME DEPOT (THE), INC. | | | 1,585,773 | | | | 2,227,990 | | | | | |
| | 24,751 | | | KOHL’S CORP. | | | 1,006,833 | | | | 1,641,981 | | | | | |
| | 2,790 | | | L BRANDS, INC. | | | 31,188 | | | | 71,619 | | | | | |
| | 5,183 | | | LAS VEGAS SANDS CORP. | | | 168,676 | | | | 269,775 | | | | | |
| | 8,264 | | | LEAR CORP. | | | 898,922 | | | | 1,015,315 | | | | | |
| | 2,900 | | | LENNAR CORP., CLASS A | | | 37,613 | | | | 113,535 | | | | | |
| | 58 | | | LENNAR CORP., CLASS B | | | 652 | | | | 1,817 | | | | | |
| | 1,389 | | | LIBERTY EXPEDIA HOLDINGS, INC., CLASS A(b) | | | 15,147 | | | | 54,324 | | | | | |
| | 1,200 | | | LKQ CORP.(b) | | | 14,970 | | | | 28,476 | | | | | |
| | 400 | | | LOWE’S COS., INC. | | | 34,236 | | | | 36,944 | | | | | |
| | 10,009 | | | LULULEMON ATHLETICA, INC.(b)(c) | | | 1,385,431 | | | | 1,217,195 | | | | | |
| | 13,830 | | | MACY’S, INC. | | | 347,574 | | | | 411,857 | | | | | |
| | 12,833 | | | MARRIOTT INTERNATIONAL, INC., CLASS A | | | 1,277,399 | | | | 1,393,151 | | | | | |
| | 294 | | | MARRIOTT VACATIONS WORLDWIDE CORP. | | | 4,103 | | | | 20,730 | | | | | |
| | 10,620 | | | MCDONALD’S CORP. | | | 433,348 | | | | 1,885,793 | | | | | |
| | 7,000 | | | MGM RESORTS INTERNATIONAL | | | 64,630 | | | | 169,820 | | | | | |
| | 600 | | | MOHAWK INDUSTRIES, INC.(b) | | | 26,796 | | | | 70,176 | | | | | |
| | 600 | | | MURPHY USA, INC.(b) | | | 4,392 | | | | 45,984 | | | | | |
| | 5,915 | | | NEWELL BRANDS, INC. | | | 73,613 | | | | 109,960 | | | | | |
| | 23,064 | | | NIKE, INC., CLASS B | | | 689,042 | | | | 1,709,965 | | | | | |
| | 4,300 | | | NORDSTROM, INC. | | | 45,233 | | | | 200,423 | | | | | |
| | 103 | | | NVR, INC.(b) | | | 133,164 | | | | 251,010 | | | | | |
| | 2,300 | | | O’REILLY AUTOMOTIVE, INC.(b) | | | 511,946 | | | | 791,959 | | | | | |
| | 1,600 | | | PENSKE AUTOMOTIVE GROUP, INC. | | | 67,480 | | | | 64,512 | | | | | |
| | 300 | | | POLARIS INDUSTRIES, INC. | | | 23,007 | | | | 23,004 | | | | | |
| | 370 | | | POOL CORP. | | | 34,226 | | | | 55,001 | | | | | |
| | 14,100 | | | PULTEGROUP, INC. | | | 58,797 | | | | 366,459 | | | | | |
| | 2,464 | | | PVH CORP. | | | 205,689 | | | | 229,029 | | | | | |
| | 9,200 | | | QURATE RETAIL, INC.(b) | | | 21,448 | | | | 179,584 | | | | | |
| | 3,568 | | | RALPH LAUREN CORP. | | | 252,964 | | | | 369,145 | | | | | |
| | 4,743 | | | ROSS STORES, INC. | | | 176,855 | | | | 394,618 | | | | | |
| | 3,870 | | | ROYAL CARIBBEAN CRUISES LTD. | | | 82,045 | | | | 378,447 | | | | | |
| | 27,700 | | | STARBUCKS CORP. | | | 178,758 | | | | 1,783,880 | | | | | |
| | 5,000 | | | TAPESTRY, INC. | | | 19,161 | | | | 168,750 | | | | | |
| | 7,472 | | | TARGET CORP. | | | 455,780 | | | | 493,824 | | | | | |
| | 1,260 | | | TESLA, INC.(b) | | | 165,777 | | | | 419,328 | | | | | |
| | 2,829 | | | THOR INDUSTRIES, INC. | | | 72,294 | | | | 147,108 | | | | | |
| | 1,400 | | | TIFFANY & CO. | | | 35,210 | | | | 112,714 | | | | | |
| | 20,188 | | | TJX (THE) COS., INC. | | | 86,033 | | | | 903,211 | | | | | |
| | 1,466 | | | TOPBUILD CORP.(b) | | | 11,809 | | | | 65,970 | | | | | |
| | 753 | | | ULTA BEAUTY, INC.(b) | | | 117,541 | | | | 184,365 | | | | | |
| | 4,100 | | | UNDER ARMOUR, INC., CLASS A(b) | | | 56,370 | | | | 72,447 | | | | | |
| | 906 | | | UNDER ARMOUR, INC., CLASS C(b) | | | 10,146 | | | | 14,650 | | | | | |
| | 300 | | | VAIL RESORTS, INC. | | | 69,960 | | | | 63,246 | | | | | |
| | 1,100 | | | VEONEER, INC.(b)(c) | | | 5,428 | | | | 25,927 | | | | | |
| | 6,800 | | | VF CORP. | | | 87,065 | | | | 485,112 | | | | | |
| | 400 | | | VISTEON CORP.(b) | | | 24,116 | | | | 24,112 | | | | | |
| | 800 | | | WAYFAIR, INC., CLASS A(b) | | | 67,343 | | | | 72,064 | | | | | |
| | 2,100 | | | WHIRLPOOL CORP. | | | 89,510 | | | | 224,427 | | | | | |
| | 1,800 | | | WYNN RESORTS LTD. | | | 52,106 | | | | 178,038 | | | | | |
| | 4,416 | | | YUM CHINA HOLDINGS, INC.(c) | | | 9,382 | | | | 148,068 | | | | | |
| | 20,435 | | | YUM! BRANDS, INC. | | | 1,518,386 | | | | 1,878,385 | | | | | |
| | | | | | | | 22,859,010 | | | | 45,300,117 | | | | 9.92 | % |
| See accompanying notes to financial statements. | 31 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| | Consumer Staples: | | | | | | | | | | | | |
| | 16,050 | | | ALTRIA GROUP, INC. | | $ | 1,001,123 | | | | 792,709 | | | | | |
| | 10,300 | | | ARCHER-DANIELS-MIDLAND CO. | | | 188,618 | | | | 421,991 | | | | | |
| | 7,290 | | | BROWN-FORMAN CORP., CLASS B | | | 57,343 | | | | 346,858 | | | | | |
| | 18,798 | | | CHURCH & DWIGHT CO., INC. | | | 810,796 | | | | 1,236,156 | | | | | |
| | 57,881 | | | COCA-COLA (THE) CO. | | | 869,464 | | | | 2,740,665 | | | | | |
| | 1,380 | | | COLGATE-PALMOLIVE CO. | | | 43,344 | | | | 82,138 | | | | | |
| | 33,964 | | | CONAGRA BRANDS, INC. | | | 1,145,327 | | | | 725,471 | | | | | |
| | 4,100 | | | CONSTELLATION BRANDS, INC., CLASS A | | | 56,355 | | | | 659,362 | | | | | |
| | 6,277 | | | COSTCO WHOLESALE CORP. | | | 226,000 | | | | 1,278,688 | | | | | |
| | 5,100 | | | COTY, INC., CLASS A | | | 33,487 | | | | 33,456 | | | | | |
| | 4,680 | | | ESTEE LAUDER (THE) COS., INC., CLASS A | | | 203,878 | | | | 608,868 | | | | | |
| | 12,400 | | | GENERAL MILLS, INC. | | | 277,056 | | | | 482,856 | | | | | |
| | 5,300 | | | HERBALIFE NUTRITION LTD.(b) | | | 36,401 | | | | 312,435 | | | | | |
| | 1,642 | | | HERSHEY (THE) CO. | | | 60,568 | | | | 175,990 | | | | | |
| | 4,800 | | | HORMEL FOODS CORP. | | | 43,206 | | | | 204,864 | | | | | |
| | 4,372 | | | INGREDION, INC. | | | 267,511 | | | | 399,601 | | | | | |
| | 1,600 | | | JM SMUCKER (THE) CO. | | | 64,617 | | | | 149,584 | | | | | |
| | 7,643 | | | KEURIG DR. PEPPER, INC. | | | - | | | | 195,967 | | | | | |
| | 1,550 | | | KIMBERLY-CLARK CORP. | | | 69,760 | | | | 176,607 | | | | | |
| | 3,714 | | | KRAFT HEINZ (THE) CO. | | | 26,692 | | | | 159,851 | | | | | |
| | 119,134 | | | KROGER (THE) CO. | | | 2,762,865 | | | | 3,276,185 | | | | | |
| | 633 | | | LAMB WESTON HOLDINGS, INC. | | | 7,452 | | | | 46,563 | | | | | |
| | 700 | | | MCCORMICK & CO., INC. (NON VOTING) | | | 21,613 | | | | 97,468 | | | | | |
| | 1,300 | | | MOLSON COORS BREWING CO., CLASS B | | | 37,841 | | | | 73,008 | | | | | |
| | 7,568 | | | MONDELEZ INTERNATIONAL, INC., CLASS A | | | 99,867 | | | | 302,947 | | | | | |
| | 8,354 | | | MONSTER BEVERAGE CORP.(b) | | | 258,761 | | | | 411,184 | | | | | |
| | 4,924 | | | NU SKIN ENTERPRISES, INC., CLASS A | | | 174,547 | | | | 301,989 | | | | | |
| | 31,246 | | | PEPSICO, INC. | | | 2,636,091 | | | | 3,452,058 | | | | | |
| | 15,932 | | | PHILIP MORRIS INTERNATIONAL, INC. | | | 157,782 | | | | 1,063,620 | | | | | |
| | 1,600 | | | PILGRIM’S PRIDE CORP.(b) | | | 24,829 | | | | 24,816 | | | | | |
| | 700 | | | POST HOLDINGS, INC.(b) | | | 43,421 | | | | 62,391 | | | | | |
| | 50,293 | | | PROCTER & GAMBLE (THE) CO. | | | 1,902,164 | | | | 4,622,933 | | | | | |
| | 500 | | | SPECTRUM BRANDS HOLDINGS, INC. | | | 24,845 | | | | 21,125 | | | | | |
| | 7,700 | | | SYSCO CORP. | | | 117,906 | | | | 482,482 | | | | | |
| | 29,131 | | | TYSON FOODS, INC., CLASS A | | | 1,471,341 | | | | 1,555,595 | | | | | |
| | 16,150 | | | WALGREENS BOOTS ALLIANCE, INC. | | | 185,200 | | | | 1,103,529 | | | | | |
| | 11,104 | | | WALMART, INC. | | | 810,924 | | | | 1,034,338 | | | | | |
| | | | | | | | 16,218,995 | | | | 29,116,348 | | | | 6.37 | % |
| | Energy: | | | | | | | | | | | | |
| | 3,546 | | | ANADARKO PETROLEUM CORP. | | | 67,687 | | | | 155,457 | | | | | |
| | 1,162 | | | APERGY CORP.(b) | | | 18,689 | | | | 31,467 | | | | | |
| | 32,795 | | | CHEVRON CORP. | | | 1,428,027 | | | | 3,567,768 | | | | | |
| | 500 | | | CIMAREX ENERGY CO. | | | 32,151 | | | | 30,825 | | | | | |
| | 3,600 | | | CNX RESOURCES CORP.(b) | | | 25,763 | | | | 41,112 | | | | | |
| | 2,200 | | | CONCHO RESOURCES, INC.(b) | | | 101,031 | | | | 226,138 | | | | | |
| | 60,891 | | | CONOCOPHILLIPS | | | 3,008,021 | | | | 3,796,554 | | | | | |
| | 450 | | | CONSOL ENERGY, INC.(b) | | | 5,125 | | | | 14,269 | | | | | |
| | 2,000 | | | CONTINENTAL RESOURCES, INC.(b) | | | 20,765 | | | | 80,380 | | | | | |
| | 1,337 | | | DIAMONDBACK ENERGY, INC. | | | 80,379 | | | | 123,983 | | | | | |
| | 9,794 | | | ENBRIDGE, INC.(c) | | | 137,797 | | | | 304,397 | | | | | |
| | 1,400 | | | EOG RESOURCES, INC. | | | 89,751 | | | | 122,094 | | | | | |
| | 4,600 | | | EQT CORP. | | | 83,683 | | | | 86,894 | | | | | |
| | 3,200 | | | EQUITRANS MIDSTREAM CORP.(b) | | | 60,557 | | | | 64,064 | | | | | |
| | 5,700 | | | EXTRACTION OIL & GAS, INC.(b) | | | 24,487 | | | | 24,453 | | | | | |
| | 42,378 | | | EXXON MOBIL CORP. | | | 1,610,980 | | | | 2,889,756 | | | | | |
| | 10,158 | | | HALLIBURTON CO. | | | 138,080 | | | | 270,000 | | | | | |
| | 3,100 | | | HELMERICH & PAYNE, INC. | | | 39,003 | | | | 148,614 | | | | | |
| | 53,509 | | | HOLLYFRONTIER CORP. | | | 3,254,485 | | | | 2,735,380 | | | | | |
| | 7,312 | | | KINDER MORGAN, INC. | | | 60,926 | | | | 112,459 | | | | | |
| | 340 | | | KLX ENERGY SERVICES HOLDINGS, INC.(b) | | | 9,670 | | | | 7,973 | | | | | |
| | 20,009 | | | MARATHON PETROLEUM CORP. | | | 1,070,857 | | | | 1,180,731 | | | | | |
| | 3,000 | | | MURPHY OIL CORP. | | | 39,255 | | | | 70,170 | | | | | |
| | 4,022 | | | NATIONAL OILWELL VARCO, INC. | | | 51,730 | | | | 103,365 | | | | | |
| | 3,800 | | | NOBLE ENERGY, INC. | | | 20,499 | | | | 71,288 | | | | | |
| | 6,000 | | | OCCIDENTAL PETROLEUM CORP. | | | 54,261 | | | | 368,280 | | | | | |
| | 2,000 | | | ONEOK, INC. | | | 21,911 | | | | 107,900 | | | | | |
| | 31,900 | | | PARSLEY ENERGY, INC., CLASS A(b) | | | 509,926 | | | | 509,762 | | | | | |
| See accompanying notes to financial statements. | 32 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| | Energy (Cont’d): | | | | | | | | | | | | |
| | 2,400 | | | PATTERSON-UTI ENERGY, INC. | | $ | 24,857 | | | | 24,840 | | | | | |
| | 38,266 | | | PBF ENERGY, INC., CLASS A | | | 1,350,031 | | | | 1,250,150 | | | | | |
| | 13,322 | | | PHILLIPS 66 | | | 525,755 | | | | 1,147,690 | | | | | |
| | 2,730 | | | PIONEER NATURAL RESOURCES CO. | | | 147,460 | | | | 359,050 | | | | | |
| | 4,500 | | | QEP RESOURCES, INC.(b) | | | 25,363 | | | | 25,335 | | | | | |
| | 2,600 | | | RANGE RESOURCES CORP. | | | 24,900 | | | | 24,882 | | | | | |
| | 2,500 | | | RPC, INC. | | | 24,681 | | | | 24,675 | | | | | |
| | 13,336 | | | SCHLUMBERGER LTD. | | | 222,256 | | | | 481,163 | | | | | |
| | 1,000 | | | TARGA RESOURCES CORP. | | | 19,778 | | | | 36,020 | | | | | |
| | 33,364 | | | VALERO ENERGY CORP. | | | 1,870,694 | | | | 2,501,299 | | | | | |
| | 6,100 | | | WPX ENERGY, INC.(b) | | | 60,768 | | | | 69,235 | | | | | |
| | | | | | | | 16,362,039 | | | | 23,189,872 | | | | 5.08 | % |
| | Financials: | | | | | | | | | | | | |
| | 51,432 | | | AFLAC, INC. | | | 1,855,928 | | | | 2,343,242 | | | | | |
| | 500 | | | ALLEGHANY CORP. | | | 140,685 | | | | 311,660 | | | | | |
| | 14,374 | | | ALLSTATE (THE) CORP. | | | 729,086 | | | | 1,187,724 | | | | | |
| | 19,826 | | | ALLY FINANCIAL, INC. | | | 404,611 | | | | 449,257 | | | | | |
| | 6,433 | | | AMERICAN EXPRESS CO. | | | 197,576 | | | | 613,194 | | | | | |
| | 5,100 | | | AMERICAN FINANCIAL GROUP, INC. | | | 238,398 | | | | 461,703 | | | | | |
| | 6,100 | | | AMERICAN INTERNATIONAL GROUP, INC. | | | 143,498 | | | | 240,401 | | | | | |
| | 1,688 | | | AMERICAN NATIONAL INSURANCE CO. | | | 205,564 | | | | 214,781 | | | | | |
| | 31,802 | | | AMERIPRISE FINANCIAL, INC. | | | 3,218,246 | | | | 3,319,175 | | | | | |
| | 2,221 | | | AON PLC(c) | | | 61,593 | | | | 322,845 | | | | | |
| | 27,300 | | | ARCH CAPITAL GROUP LTD.(b)(c) | | | 417,170 | | | | 729,456 | | | | | |
| | 2,300 | | | ARTHUR J. GALLAGHER & CO. | | | 80,002 | | | | 169,510 | | | | | |
| | 4,900 | | | ASSURANT, INC. | | | 218,575 | | | | 438,256 | | | | | |
| | 14,090 | | | ASSURED GUARANTY LTD.(c) | | | 367,190 | | | | 539,365 | | | | | |
| | 739 | | | ATHENE HOLDING LTD., CLASS A(b) | | | 33,966 | | | | 29,434 | | | | | |
| | 1,300 | | | AXIS CAPITAL HOLDINGS LTD.(c) | | | 43,361 | | | | 67,132 | | | | | |
| | 165,803 | | | BANK OF AMERICA CORP. | | | 2,093,702 | | | | 4,085,386 | | | | | |
| | 13,901 | | | BANK OF NEW YORK MELLON (THE) CORP. | | | 390,433 | | | | 654,320 | | | | | |
| | 7,900 | | | BB&T CORP. | | | 173,879 | | | | 342,228 | | | | | |
| | 27,906 | | | BERKSHIRE HATHAWAY, INC., CLASS B(b) | | | 3,620,611 | | | | 5,697,847 | | | | | |
| | 620 | | | CANNAE HOLDINGS, INC.(b) | | | 2,893 | | | | 10,614 | | | | | |
| | 27,382 | | | CAPITAL ONE FINANCIAL CORP. | | | 1,825,675 | | | | 2,069,805 | | | | | |
| | 17,900 | | | CHARLES SCHWAB (THE) CORP. | | | 156,088 | | | | 743,387 | | | | | |
| | 6,250 | | | CHUBB LTD.(c) | | | 587,621 | | | | 807,375 | | | | | |
| | 47,842 | | | CITIGROUP, INC. | | | 2,692,501 | | | | 2,490,655 | | | | | |
| | 2,058 | | | CME GROUP, INC. | | | 219,513 | | | | 387,151 | | | | | |
| | 1,281 | | | COMERICA, INC. | | | 86,479 | | | | 87,992 | | | | | |
| | 500 | | | CREDIT ACCEPTANCE CORP.(b) | | | 86,421 | | | | 190,880 | | | | | |
| | 18,084 | | | DISCOVER FINANCIAL SERVICES | | | 813,653 | | | | 1,066,594 | | | | | |
| | 10,182 | | | E*TRADE FINANCIAL CORP. | | | 276,402 | | | | 446,786 | | | | | |
| | 469 | | | FAIRFAX FINANCIAL HOLDINGS LTD.(c) | | | 86,576 | | | | 206,398 | | | | | |
| | 21,413 | | | FIDELITY NATIONAL FINANCIAL, INC. | | | 775,160 | | | | 673,225 | | | | | |
| | 125,445 | | | FIFTH THIRD BANCORP | | | 3,255,434 | | | | 2,951,721 | | | | | |
| | 400 | | | FIRST CITIZENS BANCSHARES, INC., CLASS A | | | 57,523 | | | | 150,820 | | | | | |
| | 30,500 | | | FIRST HORIZON NATIONAL CORP. | | | 193,065 | | | | 401,380 | | | | | |
| | 30,380 | | | FRANKLIN RESOURCES, INC. | | | 895,696 | | | | 901,071 | | | | | |
| | 9,063 | | | GOLDMAN SACHS GROUP (THE), INC. | | | 843,950 | | | | 1,513,974 | | | | | |
| | 3,000 | | | HANOVER INSURANCE GROUP (THE), INC. | | | 215,948 | | | | 350,310 | | | | | |
| | 6,232 | | | HARTFORD FINANCIAL SERVICES GROUP (THE), INC. | | | 168,951 | | | | 277,012 | | | | | |
| | 43,648 | | | HUNTINGTON BANCSHARES, INC. | | | 258,761 | | | | 520,284 | | | | | |
| | 505 | | | INTERCONTINENTAL EXCHANGE, INC. | | | 12,819 | | | | 38,042 | | | | | |
| | 2,700 | | | INVESCO LTD. | | | 32,171 | | | | 45,198 | | | | | |
| | 15,903 | | | JANUS HENDERSON GROUP PLC(c) | | | 222,792 | | | | 329,510 | | | | | |
| | 1,223 | | | JEFFERIES FINANCIAL GROUP, INC. | | | 30,977 | | | | 21,231 | | | | | |
| | 86,825 | | | JPMORGAN CHASE & CO. | | | 3,941,072 | | | | 8,475,856 | | | | | |
| | 8,987 | | | KEYCORP | | | 74,568 | | | | 132,828 | | | | | |
| | 3,752 | | | LEGG MASON, INC. | | | 52,584 | | | | 95,714 | | | | | |
| | 1,100 | | | LINCOLN NATIONAL CORP. | | | 22,715 | | | | 56,441 | | | | | |
| | 1,300 | | | LOEWS CORP. | | | 10,310 | | | | 59,176 | | | | | |
| | 200 | | | MARKEL CORP.(b) | | | 67,789 | | | | 207,610 | | | | | |
| | 5,684 | | | MARSH & MCLENNAN COS., INC. | | | 240,120 | | | | 453,299 | | | | | |
| | 1,300 | | | MERCURY GENERAL CORP. | | | 38,018 | | | | 67,223 | | | | | |
| | 2,200 | | | METLIFE, INC. | | | 52,967 | | | | 90,332 | | | | | |
| | 2,200 | | | MOODY’S CORP. | | | 77,502 | | | | 308,088 | | | | | |
| See accompanying notes to financial statements. | 33 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| | Financials (Cont’d): | | | | | | | | | | | | |
| | 32,796 | | | MORGAN STANLEY | | $ | 929,518 | | | | 1,300,361 | | | | | |
| | 3,900 | | | MSCI, INC. | | | 124,722 | | | | 574,977 | | | | | |
| | 5,900 | | | NASDAQ, INC. | | | 240,309 | | | | 481,263 | | | | | |
| | 153 | | | NAVIENT CORP. | | | 930 | | | | 1,348 | | | | | |
| | 1,700 | | | NEW RESIDENTIAL INVESTMENT CORP. | | | 24,171 | | | | 24,157 | | | | | |
| | 4,539 | | | PACWEST BANCORP | | | 65,912 | | | | 151,058 | | | | | |
| | 10,514 | | | PNC FINANCIAL SERVICES GROUP (THE), INC. | | | 508,110 | | | | 1,229,192 | | | | | |
| | 1,600 | | | POPULAR, INC. | | | 33,280 | | | | 75,552 | | | | | |
| | 5,628 | | | PRINCIPAL FINANCIAL GROUP, INC. | | | 175,248 | | | | 248,589 | | | | | |
| | 26,841 | | | PROGRESSIVE (THE) CORP. | | | 893,733 | | | | 1,619,318 | | | | | |
| | 8,613 | | | PRUDENTIAL FINANCIAL, INC. | | | 293,943 | | | | 702,390 | | | | | |
| | 57,111 | | | REGIONS FINANCIAL CORP. | | | 885,554 | | | | 764,145 | | | | | |
| | 8,587 | | | REINSURANCE GROUP OF AMERICA, INC. | | | 1,074,826 | | | | 1,204,155 | | | | | |
| | 800 | | | RENAISSANCERE HOLDINGS LTD.(c) | | | 81,779 | | | | 106,960 | | | | | |
| | 3,151 | | | ROYAL BANK OF CANADA(c) | | | 75,538 | | | | 215,907 | | | | | |
| | 735 | | | S&P GLOBAL, INC. | | | 24,183 | | | | 124,906 | | | | | |
| | 7,500 | | | SEI INVESTMENTS CO. | | | 108,537 | | | | 346,500 | | | | | |
| | 10,100 | | | SLM CORP.(b) | | | 36,679 | | | | 83,931 | | | | | |
| | 11,022 | | | SUNTRUST BANKS, INC. | | | 381,251 | | | | 555,950 | | | | | |
| | 4,737 | | | SYNCHRONY FINANCIAL | | | 128,601 | | | | 111,130 | | | | | |
| | 4,704 | | | SYNOVUS FINANCIAL CORP. | | | 83,310 | | | | 150,481 | | | | | |
| | 3,549 | | | T. ROWE PRICE GROUP, INC. | | | 106,978 | | | | 327,644 | | | | | |
| | 5,800 | | | TCF FINANCIAL CORP. | | | 51,852 | | | | 113,042 | | | | | |
| | 2,600 | | | TFS FINANCIAL CORP. | | | 25,038 | | | | 41,938 | | | | | |
| | 2,468 | | | TORCHMARK CORP. | | | 145,321 | | | | 183,940 | | | | | |
| | 6,468 | | | TRAVELERS (THE) COS., INC. | | | 490,381 | | | | 774,543 | | | | | |
| | 18,335 | | | US BANCORP | | | 353,553 | | | | 837,909 | | | | | |
| | 24,194 | | | VOYA FINANCIAL, INC. | | | 1,231,935 | | | | 971,147 | | | | | |
| | 6,106 | | | W.R. BERKLEY CORP. | | | 273,043 | | | | 451,294 | | | | | |
| | 1,800 | | | WASHINGTON FEDERAL, INC. | | | 23,535 | | | | 48,078 | | | | | |
| | 61,377 | | | WELLS FARGO & CO. | | | 767,023 | | | | 2,828,252 | | | | | |
| | 4,014 | | | ZIONS BANCORPORATION | | | 106,804 | | | | 163,530 | | | | | |
| | | | | | | | 42,754,385 | | | | 65,658,485 | | | | 14.37 | % |
| | Health Care: | | | | | | | | | | | | |
| | 12,487 | | | ABBOTT LABORATORIES | | | 246,035 | | | | 903,185 | | | | | |
| | 13,135 | | | ABBVIE, INC. | | | 257,279 | | | | 1,210,916 | | | | | |
| | 1,000 | | | ACADIA HEALTHCARE CO., INC.(b) | | | 25,720 | | | | 25,710 | | | | | |
| | 4,120 | | | AGILENT TECHNOLOGIES, INC. | | | 181,587 | | | | 277,935 | | | | | |
| | 3,000 | | | ALEXION PHARMACEUTICALS, INC.(b) | | | 58,088 | | | | 292,080 | | | | | |
| | 737 | | | ALIGN TECHNOLOGY, INC.(b) | | | 64,241 | | | | 154,350 | | | | | |
| | 800 | | | ALKERMES PLC(b)(c) | | | 23,616 | | | | 23,608 | | | | | |
| | 4,359 | | | ALLERGAN PLC | | | 128,625 | | | | 582,624 | | | | | |
| | 7,200 | | | AMERISOURCEBERGEN CORP. | | | 115,968 | | | | 535,680 | | | | | |
| | 21,202 | | | AMGEN, INC. | | | 3,947,354 | | | | 4,127,393 | | | | | |
| | 11,107 | | | ANTHEM, INC. | | | 1,476,114 | | | | 2,917,031 | | | | | |
| | 193 | | | AVANOS MEDICAL, INC.(b) | | | 3,014 | | | | 8,644 | | | | | |
| | 8,439 | | | BAXTER INTERNATIONAL, INC. | | | 397,601 | | | | 555,455 | | | | | |
| | 3,965 | | | BECTON DICKINSON AND CO. | | | 492,312 | | | | 893,394 | | | | | |
| | 5,388 | | | BIOGEN, INC.(b) | | | 1,520,514 | | | | 1,621,357 | | | | | |
| | 400 | | | BIOMARIN PHARMACEUTICAL, INC.(b) | | | 34,064 | | | | 34,060 | | | | | |
| | 1,000 | | | BLUEBIRD BIO, INC.(b) | | | 120,239 | | | | 99,200 | | | | | |
| | 32,800 | | | BOSTON SCIENTIFIC CORP.(b) | | | 182,160 | | | | 1,159,152 | | | | | |
| | 18,300 | | | BRISTOL-MYERS SQUIBB CO. | | | 420,955 | | | | 951,234 | | | | | |
| | 2,145 | | | BRUKER CORP. | | | 43,219 | | | | 63,857 | | | | | |
| | 500 | | | CANTEL MEDICAL CORP. | | | 37,230 | | | | 37,225 | | | | | |
| | 4,706 | | | CARDINAL HEALTH, INC. | | | 224,605 | | | | 209,888 | | | | | |
| | 5,042 | | | CELGENE CORP.(b) | | | 95,091 | | | | 323,142 | | | | | |
| | 9,139 | | | CENTENE CORP.(b) | | | 669,203 | | | | 1,053,727 | | | | | |
| | 3,600 | | | CERNER CORP.(b) | | | 40,604 | | | | 188,784 | | | | | |
| | 11,309 | | | CIGNA CORP. | | | 892,503 | | | | 2,147,746 | | | | | |
| | 200 | | | COOPER (THE) COS., INC. | | | 50,902 | | | | 50,900 | | | | | |
| | 8,764 | | | CVS HEALTH CORP. | | | 328,653 | | | | 574,217 | | | | | |
| | 12,160 | | | DANAHER CORP. | | | 263,810 | | | | 1,253,939 | | | | | |
| | 2,850 | | | DAVITA, INC.(b) | | | 21,812 | | | | 146,661 | | | | | |
| | 5,632 | | | DENTSPLY SIRONA, INC. | | | 152,472 | | | | 209,567 | | | | | |
| | 1,500 | | | DEXCOM, INC.(b) | | | 87,311 | | | | 179,700 | | | | | |
| | 9,526 | | | EDWARDS LIFESCIENCES CORP.(b) | | | 248,804 | | | | 1,459,097 | | | | | |
| See accompanying notes to financial statements. | 34 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| | Health Care (Cont’d): | | | | | | | | | | | | |
| | 22,005 | | | ELI LILLY & CO. | | $ | 1,842,472 | | | | 2,546,419 | | | | | |
| | 1,400 | | | EXACT SCIENCES CORP.(b) | | | 111,825 | | | | 88,340 | | | | | |
| | 22,361 | | | EXELIXIS, INC.(b) | | | 440,115 | | | | 439,841 | | | | | |
| | 44,767 | | | GILEAD SCIENCES, INC. | | | 1,498,258 | | | | 2,800,176 | | | | | |
| | 17,785 | | | HCA HEALTHCARE, INC. | | | 2,387,676 | | | | 2,213,343 | | | | | |
| | 3,800 | | | HENRY SCHEIN, INC.(b) | | | 86,166 | | | | 298,376 | | | | | |
| | 6,608 | | | HOLOGIC, INC.(b) | | | 92,603 | | | | 271,589 | | | | | |
| | 5,220 | | | HUMANA, INC. | | | 1,466,375 | | | | 1,495,426 | | | | | |
| | 200 | | | ICU MEDICAL, INC.(b) | | | 45,928 | | | | 45,926 | | | | | |
| | 2,299 | | | IDEXX LABORATORIES, INC.(b) | | | 98,745 | | | | 427,660 | | | | | |
| | 2,300 | | | ILLUMINA, INC.(b) | | | 98,233 | | | | 689,839 | | | | | |
| | 1,900 | | | INCYTE CORP.(b) | | | 120,835 | | | | 120,821 | | | | | |
| | 900 | | | INSULET CORP.(b) | | | 71,397 | | | | 71,388 | | | | | �� |
| | 7,700 | | | INTERCEPT PHARMACEUTICALS, INC.(b) | | | 492,019 | | | | 776,083 | | | | | |
| | 462 | | | INTUITIVE SURGICAL, INC.(b) | | | 100,629 | | | | 221,261 | | | | | |
| | 1,400 | | | IONIS PHARMACEUTICALS, INC.(b) | | | 66,288 | | | | 75,684 | | | | | |
| | 1,861 | | | IQVIA HOLDINGS, INC.(b) | | | 112,204 | | | | 216,192 | | | | | |
| | 22,594 | | | JOHNSON & JOHNSON | | | 1,313,288 | | | | 2,915,756 | | | | | |
| | 842 | | | LABORATORY CORP. OF AMERICA HOLDINGS(b) | | | 53,269 | | | | 106,395 | | | | | |
| | 23,830 | | | MALLINCKRODT PLC(b) | | | 346,224 | | | | 376,514 | | | | | |
| | 5,700 | | | MCKESSON CORP. | | | 202,596 | | | | 629,679 | | | | | |
| | 9,400 | | | MEDTRONIC PLC(c) | | | 790,465 | | | | 855,024 | | | | | |
| | 83,050 | | | MERCK & CO., INC. | | | 3,860,849 | | | | 6,345,851 | | | | | |
| | 1,317 | | | METTLER-TOLEDO INTERNATIONAL, INC.(b) | | | 123,051 | | | | 744,869 | | | | | |
| | 1,751 | | | MOLINA HEALTHCARE, INC.(b) | | | 241,090 | | | | 203,501 | | | | | |
| | 1,700 | | | NEKTAR THERAPEUTICS(b) | | | 55,893 | | | | 55,879 | | | | | |
| | 300 | | | PENUMBRA, INC.(b) | | | 36,663 | | | | 36,660 | | | | | |
| | 157,450 | | | PFIZER, INC. | | | 3,874,507 | | | | 6,872,692 | | | | | |
| | 13,588 | | | PRA HEALTH SCIENCES, INC.(b) | | | 1,313,771 | | | | 1,249,552 | | | | | |
| | 1,962 | | | QUEST DIAGNOSTICS, INC. | | | 157,891 | | | | 163,376 | | | | | |
| | 4,791 | | | RESMED, INC. | | | 129,046 | | | | 545,551 | | | | | |
| | 400 | | | SAGE THERAPEUTICS, INC.(b) | | | 42,354 | | | | 38,316 | | | | | |
| | 8,751 | | | STERIS PLC(c) | | | 993,359 | | | | 935,044 | | | | | |
| | 1,800 | | | TELEFLEX, INC. | | | 195,858 | | | | 465,264 | | | | | |
| | 3,200 | | | TESARO, INC.(b) | | | 112,565 | | | | 237,600 | | | | | |
| | 9,078 | | | THERMO FISHER SCIENTIFIC, INC. | | | 698,345 | | | | 2,031,566 | | | | | |
| | 3,117 | | | UNITED THERAPEUTICS CORP.(b) | | | 375,950 | | | | 339,441 | | | | | |
| | 17,534 | | | UNITEDHEALTH GROUP, INC. | | | 1,396,427 | | | | 4,368,070 | | | | | |
| | 11,207 | | | UNIVERSAL HEALTH SERVICES, INC., CLASS B | | | 1,185,390 | | | | 1,306,288 | | | | | |
| | 1,880 | | | VAREX IMAGING CORP.(b) | | | 19,829 | | | | 44,518 | | | | | |
| | 5,199 | | | VARIAN MEDICAL SYSTEMS, INC.(b) | | | 193,000 | | | | 589,099 | | | | | |
| | 1,445 | | | VEEVA SYSTEMS, INC., CLASS A(b) | | | 55,063 | | | | 129,067 | | | | | |
| | 900 | | | VERTEX PHARMACEUTICALS, INC.(b) | | | 22,442 | | | | 149,139 | | | | | |
| | 2,600 | | | WATERS CORP.(b) | | | 60,997 | | | | 490,490 | | | | | |
| | 3,858 | | | WELLCARE HEALTH PLANS, INC.(b) | | | 1,198,271 | | | | 910,835 | | | | | |
| | 4,304 | | | ZIMMER BIOMET HOLDINGS, INC. | | | 233,961 | | | | 446,411 | | | | | |
| | 9,520 | | | ZOETIS, INC. | | | 819,233 | | | | 814,341 | | | | | |
| | | | | | | | 42,085,120 | | | | 71,466,610 | | | | 15.64 | % |
| | Industrials: | | | | | | | | | | | | |
| | 6,987 | | | 3M CO. | | | 417,187 | | | | 1,331,303 | | | | | |
| | 1,409 | | | A.O. SMITH CORP. | | | 53,809 | | | | 60,164 | | | | | |
| | 923 | | | ACCO BRANDS CORP. | | | 3,137 | | | | 6,258 | | | | | |
| | 300 | | | ACUITY BRANDS, INC. | | | 34,488 | | | | 34,485 | | | | | |
| | 4,642 | | | AGCO CORP. | | | 225,963 | | | | 258,420 | | | | | |
| | 900 | | | AIR LEASE CORP. | | | 17,685 | | | | 27,189 | | | | | |
| | 1,533 | | | ALLEGION PLC(c) | | | 40,913 | | | | 122,195 | | | | | |
| | 400 | | | AMERCO | | | 120,202 | | | | 131,244 | | | | | |
| | 1,700 | | | AMERICAN AIRLINES GROUP, INC. | | | 67,419 | | | | 54,587 | | | | | |
| | 14,511 | | | AMETEK, INC. | | | 772,563 | | | | 982,395 | | | | | |
| | 14,358 | | | BOEING (THE) CO. | | | 1,568,629 | | | | 4,630,455 | | | | | |
| | 6,405 | | | BWX TECHNOLOGIES, INC. | | | 200,195 | | | | 244,863 | | | | | |
| | 2,996 | | | CARLISLE COS., INC. | | | 114,358 | | | | 301,158 | | | | | |
| | 10,504 | | | CATERPILLAR, INC. | | | 272,491 | | | | 1,334,743 | | | | | |
| | 3,200 | | | CINTAS CORP. | | | 258,101 | | | | 537,568 | | | | | |
| | 6,001 | | | CRANE CO. | | | 207,659 | | | | 433,152 | | | | | |
| | 3,724 | | | CSX CORP. | | | 136,592 | | | | 231,372 | | | | | |
| | 4,932 | | | CUMMINS, INC. | | | 518,505 | | | | 659,113 | | | | | |
| See accompanying notes to financial statements. | 35 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| | Industrials (Cont’d): | | | | | | | | | | | | |
| | 7,300 | | | DEERE & CO. | | $ | 199,160 | | | | 1,088,941 | | | | | |
| | 30,796 | | | DELTA AIR LINES, INC. | | | 1,195,192 | | | | 1,536,720 | | | | | |
| | 24,630 | | | DOVER CORP. | | | 1,980,175 | | | | 1,747,499 | | | | | |
| | 1,987 | | | DUN & BRADSTREET (THE) CORP. | | | 49,383 | | | | 283,624 | | | | | |
| | 16,254 | | | EATON CORP. PLC | | | 518,356 | | | | 1,116,000 | | | | | |
| | 2,280 | | | EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. | | | 112,692 | | | | 155,245 | | | | | |
| | 7,701 | | | FEDEX CORP. | | | 461,646 | | | | 1,242,402 | | | | | |
| | 782 | | | FLUOR CORP. | | | 10,432 | | | | 25,180 | | | | | |
| | 3,953 | | | FORTIVE CORP. | | | 71,279 | | | | 267,460 | | | | | |
| | 4,300 | | | FORTUNE BRANDS HOME & SECURITY, INC. | | | 33,889 | | | | 163,357 | | | | | |
| | 1,400 | | | GATX CORP. | | | 24,276 | | | | 99,134 | | | | | |
| | 3,128 | | | GENERAL DYNAMICS CORP. | | | 477,830 | | | | 491,753 | | | | | |
| | 94,400 | | | GENERAL ELECTRIC CO. | | | 715,085 | | | | 714,608 | | | | | |
| | 8,062 | | | HARRIS CORP. | | | 591,701 | | | | 1,085,548 | | | | | |
| | 875 | | | HEICO CORP. | | | 61,334 | | | | 67,795 | | | | | |
| | 2,156 | | | HEICO CORP., CLASS A | | | 109,365 | | | | 135,828 | | | | | |
| | 360 | | | HERC HOLDINGS, INC.(b) | | | 5,808 | | | | 9,356 | | | | | |
| | 9,188 | | | HONEYWELL INTERNATIONAL, INC. | | | 265,803 | | | | 1,213,919 | | | | | |
| | 1,200 | | | HUBBELL, INC. | | | 43,310 | | | | 119,208 | | | | | |
| | 885 | | | HUNTINGTON INGALLS INDUSTRIES, INC. | | | 73,903 | | | | 168,424 | | | | | |
| | 2,271 | | | IDEX CORP. | | | 140,770 | | | | 286,737 | | | | | |
| | 4,824 | | | ILLINOIS TOOL WORKS, INC. | | | 155,812 | | | | 611,153 | | | | | |
| | 10,505 | | | INGERSOLL-RAND PLC | | | 631,190 | | | | 958,371 | | | | | |
| | 1,468 | | | JACOBS ENGINEERING GROUP, INC. | | | 29,713 | | | | 85,819 | | | | | |
| | 2,100 | | | JB HUNT TRANSPORT SERVICES, INC. | | | 40,530 | | | | 195,384 | | | | | |
| | 13,203 | | | JETBLUE AIRWAYS CORP.(b) | | | 81,151 | | | | 212,040 | | | | | |
| | 859 | | | JOHNSON CONTROLS INTERNATIONAL PLC | | | 16,341 | | | | 25,469 | | | | | |
| | 2,900 | | | KANSAS CITY SOUTHERN | | | 46,328 | | | | 276,805 | | | | | |
| | 1,596 | | | L3 TECHNOLOGIES, INC. | | | 122,430 | | | | 277,161 | | | | | |
| | 600 | | | LENNOX INTERNATIONAL, INC. | | | 17,874 | | | | 131,316 | | | | | |
| | 1,400 | | | LINCOLN ELECTRIC HOLDINGS, INC. | | | 28,970 | | | | 110,390 | | | | | |
| | 1,684 | | | LOCKHEED MARTIN CORP. | | | 232,821 | | | | 440,939 | | | | | |
| | 1,200 | | | MANITOWOC (THE) CO., INC.(b) | | | 10,053 | | | | 17,724 | | | | | |
| | 2,475 | | | MANPOWERGROUP, INC. | | | 81,958 | | | | 160,380 | | | | | |
| | 15,263 | | | MASCO CORP. | | | 139,724 | | | | 446,290 | | | | | |
| | 200 | | | MIDDLEBY (THE) CORP.(b) | | | 20,548 | | | | 20,546 | | | | | |
| | 4,000 | | | NIELSEN HOLDINGS PLC | | | 108,569 | | | | 93,320 | | | | | |
| | 577 | | | NORDSON CORP. | | | 57,299 | | | | 68,865 | | | | | |
| | 5,602 | | | NORFOLK SOUTHERN CORP. | | | 198,534 | | | | 837,723 | | | | | |
| | 5,973 | | | NORTHROP GRUMMAN CORP. | | | 516,333 | | | | 1,462,788 | | | | | |
| | 2,180 | | | NOW, INC.(b) | | | 21,218 | | | | 25,375 | | | | | |
| | 2,519 | | | NVENT ELECTRIC PLC(c) | | | 24,113 | | | | 56,577 | | | | | |
| | 10,638 | | | OLD DOMINION FREIGHT LINE, INC. | | | 1,514,461 | | | | 1,313,687 | | | | | |
| | 6,091 | | | OSHKOSH CORP. | | | 198,359 | | | | 373,439 | | | | | |
| | 1,100 | | | OWENS CORNING | | | 22,578 | | | | 48,378 | | | | | |
| | 9,067 | | | PACCAR, INC. | | | 128,927 | | | | 518,088 | | | | | |
| | 4,628 | | | PARKER-HANNIFIN CORP. | | | 350,966 | | | | 690,220 | | | | | |
| | 2,519 | | | PENTAIR PLC(c) | | | 49,295 | | | | 95,168 | | | | | |
| | 4,100 | | | QUANTA SERVICES, INC. | | | 52,132 | | | | 123,410 | | | | | |
| | 3,198 | | | RAYTHEON CO. | | | 164,018 | | | | 490,413 | | | | | |
| | 12,257 | | | REPUBLIC SERVICES, INC. | | | 732,074 | | | | 883,607 | | | | | |
| | 1,531 | | | RESIDEO TECHNOLOGIES, INC.(b) | | | 8,723 | | | | 31,462 | | | | | |
| | 6,221 | | | ROCKWELL AUTOMATION, INC. | | | 179,002 | | | | 936,136 | | | | | |
| | 2,580 | | | ROLLINS, INC. | | | 67,194 | | | | 93,138 | | | | | |
| | 700 | | | ROPER TECHNOLOGIES, INC. | | | 94,318 | | | | 186,564 | | | | | |
| | 2,015 | | | SNAP-ON, INC. | | | 191,097 | | | | 292,759 | | | | | |
| | 19,364 | | | SOUTHWEST AIRLINES CO. | | | 628,876 | | | | 900,039 | | | | | |
| | 17,499 | | | SPIRIT AEROSYSTEMS HOLDINGS, INC., CLASS A | | | 1,213,853 | | | | 1,261,503 | | | | | |
| | 5,273 | | | STANLEY BLACK & DECKER, INC. | | | 334,697 | | | | 631,389 | | | | | |
| | 600 | | | STERICYCLE, INC.(b) | | | 18,858 | | | | 22,014 | | | | | |
| | 667 | | | TELEDYNE TECHNOLOGIES, INC.(b) | | | 150,580 | | | | 138,116 | | | | | |
| | 10,803 | | | TEXTRON, INC. | | | 712,642 | | | | 496,830 | | | | | |
| | 5,162 | | | TIMKEN (THE) CO. | | | 171,352 | | | | 192,646 | | | | | |
| | 1,596 | | | TORO (THE) CO. | | | 76,510 | | | | 89,185 | | | | | |
| | 500 | | | TRANSDIGM GROUP, INC.(b) | | | 176,409 | | | | 170,030 | | | | | |
| | 6,947 | | | TRINITY INDUSTRIES, INC. | | | 136,619 | | | | 143,039 | | | | | |
| | 10,854 | | | UNION PACIFIC CORP. | | | 268,717 | | | | 1,500,348 | | | | | |
| See accompanying notes to financial statements. | 36 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| | Industrials (Cont’d): | | | | | | | | | | | | |
| | 6,172 | | | UNITED CONTINENTAL HOLDINGS, INC.(b) | | $ | 441,273 | | | | 516,782 | | | | | |
| | 3,540 | | | UNITED PARCEL SERVICE, INC., CLASS B | | | 166,527 | | | | 345,256 | | | | | |
| | 3,258 | | | UNITED RENTALS, INC.(b) | | | 257,460 | | | | 334,043 | | | | | |
| | 11,340 | | | UNITED TECHNOLOGIES CORP. | | | 444,920 | | | | 1,207,483 | | | | | |
| | 4,240 | | | USG CORP. | | | 69,283 | | | | 180,878 | | | | | |
| | 2,308 | | | VERISK ANALYTICS, INC.(b) | | | 276,051 | | | | 251,664 | | | | | |
| | 180 | | | VERITIV CORP.(b) | | | 1,653 | | | | 4,495 | | | | | |
| | 700 | | | W.W. GRAINGER, INC. | | | 30,601 | | | | 197,652 | | | | | |
| | 566 | | | WABCO HOLDINGS, INC.(b) | | | 8,686 | | | | 60,755 | | | | | |
| | 1,200 | | | WABTEC CORP. | | | 21,945 | | | | 84,300 | | | | | |
| | 975 | | | WASTE CONNECTIONS, INC. | | | 42,575 | | | | 72,394 | | | | | |
| | 24,795 | | | WASTE MANAGEMENT, INC. | | | 1,546,912 | | | | 2,206,507 | | | | | |
| | 4,800 | | | WELBILT, INC.(b) | | | 37,515 | | | | 53,328 | | | | | |
| | 1,415 | | | XPO LOGISTICS, INC.(b) | | | 78,936 | | | | 80,712 | | | | | |
| | 4,296 | | | XYLEM, INC. | | | 230,822 | | | | 286,629 | | | | | |
| | | | | | | | 26,050,210 | | | | 47,418,323 | | | | 10.38 | % |
| | Information Technology: | | | | | | | | | | | | |
| | 4,949 | | | ACCENTURE PLC, CLASS A(c) | | | 304,426 | | | | 697,859 | | | | | |
| | 11,919 | | | ADOBE, INC.(b) | | | 1,095,198 | | | | 2,696,555 | | | | | |
| | 10,700 | | | ADVANCED MICRO DEVICES, INC.(b) | | | 115,242 | | | | 197,522 | | | | | |
| | 3,300 | | | AKAMAI TECHNOLOGIES, INC.(b) | | | 45,920 | | | | 201,564 | | | | | |
| | 1,600 | | | ALLIANCE DATA SYSTEMS CORP. | | | 75,650 | | | | 240,128 | | | | | |
| | 4,700 | | | AMDOCS LTD. | | | 231,646 | | | | 275,326 | | | | | |
| | 400 | | | AMPHENOL CORP., CLASS A | | | 35,916 | | | | 32,408 | | | | | |
| | 8,600 | | | ANALOG DEVICES, INC. | | | 120,368 | | | | 738,138 | | | | | |
| | 3,077 | | | ANSYS, INC.(b) | | | 258,930 | | | | 439,826 | | | | | |
| | 70,546 | | | APPLE, INC. | | | 3,227,591 | | | | 11,127,926 | | | | | |
| | 19,001 | | | APPLIED MATERIALS, INC. | | | 432,968 | | | | 622,093 | | | | | |
| | 1,109 | | | ARISTA NETWORKS, INC.(b) | | | 215,910 | | | | 233,666 | | | | | |
| | 4,877 | | | ARROW ELECTRONICS, INC.(b) | | | 267,343 | | | | 336,269 | | | | | |
| | 1,300 | | | ATLASSIAN CORP. PLC, CLASS A(b)(c) | | | 116,368 | | | | 115,674 | | | | | |
| | 2,586 | | | AUTODESK, INC.(b) | | | 163,995 | | | | 332,585 | | | | | |
| | 6,766 | | | AUTOMATIC DATA PROCESSING, INC. | | | 361,211 | | | | 887,158 | | | | | |
| | 7,371 | | | BLACK KNIGHT, INC.(b) | | | 272,636 | | | | 332,137 | | | | | |
| | 9,100 | | | BOOZ ALLEN HAMILTON HOLDING CORP. | | | 273,897 | | | | 410,137 | | | | | |
| | 5,291 | | | BROADCOM, INC. | | | 497,844 | | | | 1,345,395 | | | | | |
| | 3,413 | | | BROADRIDGE FINANCIAL SOLUTIONS, INC. | | | 106,898 | | | | 328,501 | | | | | |
| | 11,400 | | | CADENCE DESIGN SYSTEMS, INC.(b) | | | 154,632 | | | | 495,672 | | | | | |
| | 15,668 | | | CDK GLOBAL, INC. | | | 857,169 | | | | 750,184 | | | | | |
| | 7,000 | | | CDW CORP. | | | 292,424 | | | | 567,350 | | | | | |
| | 117,934 | | | CISCO SYSTEMS, INC. | | | 2,089,169 | | | | 5,110,080 | | | | | |
| | 26,563 | | | CITRIX SYSTEMS, INC. | | | 2,469,341 | | | | 2,721,645 | | | | | |
| | 10,090 | | | COGNEX CORP. | | | 458,211 | | | | 390,180 | | | | | |
| | 12,600 | | | COGNIZANT TECHNOLOGY SOLUTIONS CORP., CLASS A | | | 95,625 | | | | 799,848 | | | | | |
| | 400 | | | COHERENT, INC.(b) | | | 51,825 | | | | 42,284 | | | | | |
| | 8,308 | | | CORELOGIC, INC.(b) | | | 139,352 | | | | 277,653 | | | | | |
| | 49,134 | | | CORNING, INC. | | | 988,452 | | | | 1,484,338 | | | | | |
| | 2,700 | | | CYPRESS SEMICONDUCTOR CORP. | | | 3,261 | | | | 34,344 | | | | | |
| | 1,635 | | | DELL TECHNOLOGIES, INC., CLASS C(b) | | | 75,220 | | | | 79,913 | | | | | |
| | 700 | | | DOCUSIGN, INC.(b) | | | 29,771 | | | | 28,056 | | | | | |
| | 2,000 | | | DOLBY LABORATORIES, INC., CLASS A | | | 43,420 | | | | 123,680 | | | | | |
| | 23,791 | | | DXC TECHNOLOGY CO. | | | 1,734,450 | | | | 1,264,967 | | | | | |
| | 1,640 | | | ECHOSTAR CORP., CLASS A(b) | | | 25,986 | | | | 60,221 | | | | | |
| | 400 | | | ELASTIC N.V.(b) | | | 28,596 | | | | 28,592 | | | | | |
| | 300 | | | EURONET WORLDWIDE, INC.(b) | | | 25,458 | | | | 30,714 | | | | | |
| | 5,424 | | | F5 NETWORKS, INC.(b) | | | 745,303 | | | | 878,851 | | | | | |
| | 11,102 | | | FIDELITY NATIONAL INFORMATION SERVICES, INC. | | | 388,684 | | | | 1,138,510 | | | | | |
| | 2,900 | | | FIREEYE, INC.(b) | | | 43,622 | | | | 47,009 | | | | | |
| | 1,000 | | | FIRST SOLAR, INC.(b) | | | 46,410 | | | | 42,455 | | | | | |
| | 9,784 | | | FISERV, INC.(b) | | | 172,685 | | | | 719,026 | | | | | |
| | 200 | | | FLEETCOR TECHNOLOGIES, INC.(b) | | | 33,618 | | | | 37,144 | | | | | |
| | 24,995 | | | FORTINET, INC.(b) | | | 1,654,114 | | | | 1,760,398 | | | | | |
| | 200 | | | GARTNER, INC.(b) | | | 25,570 | | | | 25,568 | | | | | |
| | 3,800 | | | GLOBAL PAYMENTS, INC. | | | 113,707 | | | | 391,894 | | | | | |
| | 1,700 | | | GODADDY, INC., CLASS A(b) | | | 98,073 | | | | 111,554 | | | | | |
| | 18,800 | | | HEWLETT PACKARD ENTERPRISE CO. | | | 102,062 | | | | 248,348 | | | | | |
| | 29,910 | | | HP, INC. | | | 604,389 | | | | 611,959 | | | | | |
| See accompanying notes to financial statements. | 37 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2018
| | | | | | | | | | | | | |
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of net assets | |
| | Information Technology (Cont’d): | | | | | | | | | | | | |
| | 74,228 | | | INTEL CORP. | | $ | 393,450 | | | | 3,483,520 | | | | | |
| | 5,890 | | | INTERNATIONAL BUSINESS MACHINES CORP. | | | 643,590 | | | | 669,516 | | | | | |
| | 10,688 | | | INTUIT, INC. | | | 1,114,454 | | | | 2,103,933 | | | | | |
| | 2,747 | | | IPG PHOTONICS CORP.(b) | | | 257,350 | | | | 311,208 | | | | | |
| | 25,435 | | | JUNIPER NETWORKS, INC. | | | 717,733 | | | | 684,456 | | | | | |
| | 19,128 | | | KEYSIGHT TECHNOLOGIES, INC.(b) | | | 1,166,491 | | | | 1,187,466 | | | | | |
| | 6,255 | | | LAM RESEARCH CORP. | | | 264,319 | | | | 851,743 | | | | | |
| | 1,047 | | | LEIDOS HOLDINGS, INC. | | | 45,558 | | | | 55,198 | | | | | |
| | 827 | | | LOGMEIN, INC. | | | 17,893 | | | | 67,458 | | | | | |
| | 3,770 | | | MARVELL TECHNOLOGY GROUP LTD. | | | 20,234 | | | | 61,036 | | | | | |
| | 12,999 | | | MASTERCARD, INC., CLASS A | | | 1,502,935 | | | | 2,452,261 | | | | | |
| | 2,581 | | | MICRO FOCUS INTERNATIONAL PLC ADR(c)(d) | | | 76,191 | | | | 44,419 | | | | | |
| | 4,200 | | | MICROCHIP TECHNOLOGY, INC. | | | 38,962 | | | | 302,064 | | | | | |
| | 87,209 | | | MICRON TECHNOLOGY, INC.(b) | | | 2,855,628 | | | | 2,767,142 | | | | | |
| | 120,652 | | | MICROSOFT CORP. | | | 3,518,622 | | | | 12,254,624 | | | | | |
| | 500 | | | MKS INSTRUMENTS, INC. | | | 32,310 | | | | 32,305 | | | | | |
| | 11,445 | | | NETAPP, INC. | | | 876,626 | | | | 682,923 | | | | | |
| | 1,500 | | | NUTANIX, INC., CLASS A(b) | | | 63,843 | | | | 62,385 | | | | | |
| | 8,908 | | | NVIDIA CORP. | | | 173,979 | | | | 1,189,218 | | | | | |
| | 3,900 | | | NXP SEMICONDUCTORS N.V.(c) | | | 334,137 | | | | 285,792 | | | | | |
| | 1,100 | | | OKTA, INC.(b) | | | 68,912 | | | | 70,180 | | | | | |
| | 14,862 | | | ORACLE CORP. | | | 7,922 | | | | 671,019 | | | | | |
| | 2,800 | | | PALO ALTO NETWORKS, INC.(b) | | | 116,508 | | | | 527,380 | | | | | |
| | 466 | | | PAYCHEX, INC. | | | 27,642 | | | | 30,360 | | | | | |
| | 500 | | | PAYCOM SOFTWARE, INC.(b) | | | 67,370 | | | | 61,225 | | | | | |
| | 13,200 | | | PAYPAL HOLDINGS, INC.(b) | | | 622,313 | | | | 1,109,988 | | | | | |
| | 907 | | | PERSPECTA, INC. | | | 8,504 | | | | 15,619 | | | | | |
| | 600 | | | PROOFPOINT, INC.(b) | | | 56,232 | | | | 50,286 | | | | | |
| | 2,700 | | | PTC, INC.(b) | | | 107,547 | | | | 223,830 | | | | | |
| | 2,400 | | | PURE STORAGE, INC., CLASS A(b) | | | 43,850 | | | | 38,592 | | | | | |
| | 10,400 | | | QUALCOMM, INC. | | | 130,260 | | | | 591,864 | | | | | |
| | 4,950 | | | RED HAT, INC.(b) | | | 195,072 | | | | 869,418 | | | | | |
| | 800 | | | RINGCENTRAL, INC., CLASS A(b) | | | 67,416 | | | | 65,952 | | | | | |
| | 3,100 | | | SABRE CORP. | | | 62,820 | | | | 67,084 | | | | | |
| | 7,600 | | | SALESFORCE.COM, INC.(b) | | | 86,711 | | | | 1,040,972 | | | | | |
| | 69,867 | | | SEAGATE TECHNOLOGY PLC | | | 2,662,591 | | | | 2,696,168 | | | | | |
| | 2,100 | | | SERVICENOW, INC.(b) | | | 273,110 | | | | 373,905 | | | | | |
| | 300 | | | SKYWORKS SOLUTIONS, INC. | | | 22,041 | | | | 20,106 | | | | | |
| | 500 | | | SPLUNK, INC.(b) | | | 40,835 | | | | 52,425 | | | | | |
| | 3,300 | | | SQUARE, INC., CLASS A(b) | | | 131,052 | | | | 185,097 | | | | | |
| | 18,691 | | | SS&C TECHNOLOGIES HOLDINGS, INC. | | | 958,252 | | | | 843,151 | | | | | |
| | 5,100 | | | SWITCH, INC., CLASS A | | | 38,659 | | | | 35,700 | | | | | |
| | 14,419 | | | SYMANTEC CORP. | | | 71,242 | | | | 272,447 | | | | | |
| | 4,400 | | | SYNOPSYS, INC.(b) | | | 172,415 | | | | 370,656 | | | | | |
| | 700 | | | TABLEAU SOFTWARE, INC., CLASS A(b) | | | 61,023 | | | | 84,000 | | | | | |
| | 4,600 | | | TERADYNE, INC. | | | 82,730 | | | | 144,348 | | | | | |
| | 34,718 | | | TEXAS INSTRUMENTS, INC. | | | 1,581,793 | | | | 3,280,851 | | | | | |
| | 22,356 | | | TOTAL SYSTEM SERVICES, INC. | | | 1,626,089 | | | | 1,817,319 | | | | | |
| | 7,720 | | | TRIMBLE, INC.(b) | | | 113,413 | | | | 254,065 | | | | | |
| | 900 | | | TWILIO, INC., CLASS A(b) | | | 70,308 | | | | 80,370 | | | | | |
| | 300 | | | UBIQUITI NETWORKS, INC. | | | 27,354 | | | | 29,823 | | | | | |
| | 400 | | | UNIVERSAL DISPLAY CORP. | | | 38,280 | | | | 37,428 | | | | | |
| | 200 | | | VERISIGN, INC.(b) | | | 23,200 | | | | 29,658 | | | | | |
| | 1,187 | | | VERSUM MATERIALS, INC. | | | 15,814 | | | | 32,904 | | | | | |
| | 33,273 | | | VISA, INC., CLASS A | | | 1,779,226 | | | | 4,390,040 | | | | | |
| | 7,800 | | | VISHAY INTERTECHNOLOGY, INC. | | | 48,931 | | | | 140,478 | | | | | |
| | 10,814 | | | VMWARE, INC., CLASS A | | | 960,421 | | | | 1,482,924 | | | | | |
| | 6,045 | | | WESTERN DIGITAL CORP. | | | 99,733 | | | | 223,484 | | | | | |
| | 79,755 | | | WESTERN UNION (THE) CO. | | | 1,526,961 | | | | 1,360,620 | | | | | |
| | 300 | | | WEX, INC.(b) | | | 41,025 | | | | 42,018 | | | | | |
| | 1,700 | | | WORKDAY, INC., CLASS A(b) | | | 254,727 | | | | 271,456 | | | | | |
| | 2,000 | | | WORLDPAY, INC., CLASS A(b) | | | 149,775 | | | | 152,860 | | | | | |
| | 6,750 | | | XILINX, INC. | | | 47,180 | | | | 574,898 | | | | | |
| | 400 | | | ZEBRA TECHNOLOGIES CORP., CLASS A(b) | | | 43,396 | | | | 63,692 | | | | | |
| | 1,300 | | | ZENDESK, INC.(b) | | | 79,216 | | | | 75,881 | | | | | |
| | | | | | | | 50,634,732 | | | | 96,294,512 | | | | 21.08 | % |
| See accompanying notes to financial statements. | 38 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| Materials: | | | | | | | | | | | | | | | |
| | 367 | | | ADVANSIX, INC.(b) | | $ | 1,587 | | | | 8,933 | | | | | |
| | 1,575 | | | AIR PRODUCTS & CHEMICALS, INC. | | | 57,863 | | | | 252,079 | | | | | |
| | 1,300 | | | ALBEMARLE CORP. | | | 29,152 | | | | 100,191 | | | | | |
| | 700 | | | ASHLAND GLOBAL HOLDINGS, INC. | | | 12,006 | | | | 49,672 | | | | | |
| | 3,165 | | | AVERY DENNISON CORP. | | | 207,899 | | | | 284,312 | | | | | |
| | 2,700 | | | BEMIS CO., INC. | | | 60,200 | | | | 123,930 | | | | | |
| | 817 | | | BERRY GLOBAL GROUP, INC.(b) | | | 30,641 | | | | 38,832 | | | | | |
| | 2,695 | | | CELANESE CORP. | | | 166,689 | | | | 242,469 | | | | | |
| | 3,100 | | | CF INDUSTRIES HOLDINGS, INC. | | | 129,445 | | | | 134,881 | | | | | |
| | 2,400 | | | CHEMOURS (THE) CO. | | | 69,007 | | | | 67,728 | | | | | |
| | 1,800 | | | CROWN HOLDINGS, INC.(b) | | | 57,831 | | | | 74,826 | | | | | |
| | 28,793 | | | DOWDUPONT, INC. | | | 784,978 | | | | 1,539,850 | | | | | |
| | 3,000 | | | EASTMAN CHEMICAL CO. | | | 58,011 | | | | 219,330 | | | | | |
| | 3,891 | | | ECOLAB, INC. | | | 133,579 | | | | 573,339 | | | | | |
| | 59,863 | | | FREEPORT-MCMORAN, INC. | | | 597,762 | | | | 617,188 | | | | | |
| | 538 | | | INTERNATIONAL FLAVORS & FRAGRANCES, INC. | | | 11,574 | | | | 72,237 | | | | | |
| | 17,238 | | | INTERNATIONAL PAPER CO. | | | 507,483 | | | | 695,726 | | | | | |
| | 6,050 | | | LINDE PLC(c) | | | 983,500 | | | | 944,042 | | | | | |
| | 32,615 | | | LYONDELLBASELL INDUSTRIES N.V., CLASS A | | | 2,924,279 | | | | 2,712,263 | | | | | |
| | 700 | | | MARTIN MARIETTA MATERIALS, INC. | | | 27,965 | | | | 120,309 | | | | | |
| | 3,200 | | | MOSAIC (THE) CO. | | | 54,200 | | | | 93,472 | | | | | |
| | 7,400 | | | NEWMONT MINING CORP. | | | 136,530 | | | | 256,410 | | | | | |
| | 5,844 | | | NUCOR CORP. | | | 99,313 | | | | 302,778 | | | | | |
| | 3,100 | | | OLIN CORP. | | | 65,390 | | | | 62,341 | | | | | |
| | 3,368 | | | PACKAGING CORP. OF AMERICA | | | 134,861 | | | | 281,093 | | | | | |
| | 4,400 | | | PLATFORM SPECIALTY PRODUCTS CORP.(b) | | | 42,294 | | | | 45,452 | | | | | |
| | 5,972 | | | PPG INDUSTRIES, INC. | | | 140,079 | | | | 610,518 | | | | | |
| | 6,625 | | | RELIANCE STEEL & ALUMINUM CO. | | | 325,929 | | | | 471,501 | | | | | |
| | 600 | | | ROYAL GOLD, INC. | | | 22,314 | | | | 51,390 | | | | | |
| | 2,400 | | | RPM INTERNATIONAL, INC. | | | 24,657 | | | | 141,072 | | | | | |
| | 500 | | | SCOTTS MIRACLE-GRO (THE) CO. | | | 37,765 | | | | 30,730 | | | | | |
| | 1,400 | | | SEALED AIR CORP. | | | 24,528 | | | | 48,776 | | | | | |
| | 857 | | | SHERWIN-WILLIAMS (THE) CO. | | | 41,646 | | | | 337,195 | | | | | |
| | 3,600 | | | SONOCO PRODUCTS CO. | | | 74,519 | | | | 191,268 | | | | | |
| | 3,234 | | | SOUTHERN COPPER CORP.(c) | | | 38,445 | | | | 99,510 | | | | | |
| | 39,383 | | | STEEL DYNAMICS, INC. | | | 1,076,507 | | | | 1,183,065 | | | | | |
| | 4,392 | | | VALVOLINE, INC. | | | 24,184 | | | | 84,985 | | | | | |
| | 2,100 | | | VULCAN MATERIALS CO. | | | 63,441 | | | | 207,480 | | | | | |
| | 2,242 | | | WESTROCK CO. | | | 24,357 | | | | 84,658 | | | | | |
| | | | | | | | 9,302,410 | | | | 13,455,831 | | | | 2.94 | % |
| Real Estate: | | | | | | | | | | | | |
| | 2,100 | | | ALEXANDRIA REAL ESTATE EQUITIES, INC. | | | 106,268 | | | | 242,004 | | | | | |
| | 2,950 | | | AMERICAN TOWER CORP. | | | 176,898 | | | | 466,660 | | | | | |
| | 3,628 | | | APARTMENT INVESTMENT & MANAGEMENT CO., CLASS A | | | 39,421 | | | | 159,197 | | | | | |
| | 1,734 | | | AVALONBAY COMMUNITIES, INC. | | | 193,548 | | | | 301,803 | | | | | |
| | 3,388 | | | BOSTON PROPERTIES, INC. | | | 171,468 | | | | 381,319 | | | | | |
| | 2,600 | | | BRANDYWINE REALTY TRUST | | | 28,067 | | | | 33,462 | | | | | |
| | 900 | | | CAMDEN PROPERTY TRUST | | | 24,065 | | | | 79,245 | | | | | |
| | 67,900 | | | COLONY CAPITAL, INC. | | | 414,913 | | | | 317,772 | | | | | |
| | 1,545 | | | CORECIVIC, INC. | | | 22,235 | | | | 27,547 | | | | | |
| | 500 | | | CORESITE REALTY CORP. | | | 43,620 | | | | 43,615 | | | | | |
| | 4,700 | | | CROWN CASTLE INTERNATIONAL CORP. | | | 196,699 | | | | 510,561 | | | | | |
| | 500 | | | DIGITAL REALTY TRUST, INC. | | | 26,905 | | | | 53,275 | | | | | |
| | 5,200 | | | DOUGLAS EMMETT, INC. | | | 46,837 | | | | 177,476 | | | | | |
| | 1,700 | | | DUKE REALTY CORP. | | | 28,435 | | | | 44,030 | | | | | |
| | 845 | | | EQUINIX, INC. | | | 65,492 | | | | 297,913 | | | | | |
| | 800 | | | EQUITY LIFESTYLE PROPERTIES, INC. | | | 26,751 | | | | 77,704 | | | | | |
| | 5,416 | | | EQUITY RESIDENTIAL | | | 174,162 | | | | 357,510 | | | | | |
| | 875 | | | ESSEX PROPERTY TRUST, INC. | | | 116,032 | | | | 214,559 | | | | | |
| | 1,500 | | | EXTRA SPACE STORAGE, INC. | | | 130,992 | | | | 135,720 | | | | | |
| | 900 | | | FEDERAL REALTY INVESTMENT TRUST | | | 48,326 | | | | 106,236 | | | | | |
| | 1,046 | | | FOUR CORNERS PROPERTY TRUST, INC. | | | 8,956 | | | | 27,405 | | | | | |
| | 7,000 | | | HCP, INC. | | | 75,334 | | | | 195,510 | | | | | |
| | 1,800 | | | HOSPITALITY PROPERTIES TRUST | | | 23,172 | | | | 42,984 | | | | | |
| | 12,222 | | | HOST HOTELS & RESORTS, INC. | | | 93,479 | | | | 203,741 | | | | | |
| | 678 | | | HOWARD HUGHES (THE) CORP.(b) | | | 20,502 | | | | 66,186 | | | | | |
| | 700 | | | JBG SMITH PROPERTIES | | | 17,888 | | | | 24,367 | | | | | |
See accompanying notes to financial statements. | 39 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| Real Estate (Cont’d): | | | | | | | | | | | | |
| | 700 | | | JONES LANG LASALLE, INC. | | $ | 39,951 | | | | 88,620 | | | | | |
| | 6,601 | | | KIMCO REALTY CORP. | | | 67,342 | | | | 96,705 | | | | | |
| | 3,900 | | | LAMAR ADVERTISING CO., CLASS A | | | 43,876 | | | | 269,802 | | | | | |
| | 1,100 | | | LIBERTY PROPERTY TRUST | | | 23,353 | | | | 46,068 | | | | | |
| | 600 | | | LIFE STORAGE, INC. | | | 48,970 | | | | 55,794 | | | | | |
| | 5,123 | | | MACERICH (THE) CO. | | | 114,249 | | | | 221,723 | | | | | |
| | 1,800 | | | MID-AMERICA APARTMENT COMMUNITIES, INC. | | | 132,698 | | | | 172,260 | | | | | |
| | 800 | | | OMEGA HEALTHCARE INVESTORS, INC. | | | 26,318 | | | | 28,120 | | | | | |
| | 10,169 | | | PROLOGIS, INC. | | | 257,893 | | | | 597,124 | | | | | |
| | 1,424 | | | PUBLIC STORAGE | | | 135,843 | | | | 288,232 | | | | | |
| | 6,972 | | | RAYONIER, INC. | | | 74,591 | | | | 193,055 | | | | | |
| | 2,700 | | | REALTY INCOME CORP. | | | 56,325 | | | | 170,208 | | | | | |
| | 3,900 | | | REGENCY CENTERS CORP. | | | 85,344 | | | | 228,852 | | | | | |
| | 9,800 | | | RETAIL PROPERTIES OF AMERICA, INC., CLASS A | | | 81,442 | | | | 106,330 | | | | | |
| | 1,200 | | | RETAIL VALUE, INC. | | | 32,179 | | | | 30,708 | | | | | |
| | 2,100 | | | SBA COMMUNICATIONS CORP.(b) | | | 214,169 | | | | 339,969 | | | | | |
| | 2,194 | | | SIMON PROPERTY GROUP, INC. | | | 112,564 | | | | 368,570 | | | | | |
| | 1,900 | | | SL GREEN REALTY CORP. | | | 58,204 | | | | 150,252 | | | | | |
| | 2,800 | | | STORE CAPITAL CORP. | | | 73,380 | | | | 79,268 | | | | | |
| | 1,100 | | | SUN COMMUNITIES, INC. | | | 84,101 | | | | 111,881 | | | | | |
| | 2,100 | | | TAUBMAN CENTERS, INC. | | | 53,754 | | | | 95,529 | | | | | |
| | 4,100 | | | UDR, INC. | | | 64,469 | | | | 162,442 | | | | | |
| | 1,300 | | | URBAN EDGE PROPERTIES | | | 18,730 | | | | 21,606 | | | | | |
| | 3,527 | | | VENTAS, INC. | | | 150,097 | | | | 206,647 | | | | | |
| | 800 | | | VORNADO REALTY TRUST | | | 29,237 | | | | 49,624 | | | | | |
| | 1,715 | | | WASHINGTON PRIME GROUP, INC. | | | 8,005 | | | | 8,335 | | | | | |
| | 2,100 | | | WEINGARTEN REALTY INVESTORS | | | 29,916 | | | | 52,101 | | | | | |
| | 4,600 | | | WELLTOWER, INC. | | | 273,411 | | | | 319,286 | | | | | |
| | 5,416 | | | WEYERHAEUSER CO. | | | 75,648 | | | | 118,394 | | | | | |
| | | | | | | | 4,786,524 | | | | 9,265,306 | | | | 2.03 | % |
| Utilities: | | | | | | | | | | | | |
| | 3,000 | | | AES CORP. | | | 32,870 | | | | 43,380 | | | | | |
| | 2,000 | | | ALLIANT ENERGY CORP. | | | 24,835 | | | | 84,500 | | | | | |
| | 1,600 | | | AMEREN CORP. | | | 40,872 | | | | 104,368 | | | | | |
| | 8,554 | | | AMERICAN ELECTRIC POWER CO., INC. | | | 477,380 | | | | 639,326 | | | | | |
| | 1,735 | | | AQUA AMERICA, INC. | | | 22,973 | | | | 59,320 | | | | | |
| | 13,200 | | | AVANGRID, INC. | | | 502,113 | | | | 661,188 | | | | | |
| | 5,800 | | | CENTERPOINT ENERGY, INC. | | | 66,308 | | | | 163,734 | | | | | |
| | 13,300 | | | CMS ENERGY CORP. | | | 259,708 | | | | 660,345 | | | | | |
| | 7,775 | | | CONSOLIDATED EDISON, INC. | | | 539,780 | | | | 594,477 | | | | | |
| | 8,862 | | | DOMINION ENERGY, INC. | | | 284,452 | | | | 633,279 | | | | | |
| | 2,800 | | | DTE ENERGY CO. | | | 132,386 | | | | 308,840 | | | | | |
| | 14,004 | | | DUKE ENERGY CORP. | | | 721,544 | | | | 1,208,545 | | | | | |
| | 8,325 | | | EDISON INTERNATIONAL | | | 179,967 | | | | 472,610 | | | | | |
| | 3,164 | | | ENTERGY CORP. | | | 68,368 | | | | 272,325 | | | | | |
| | 2,974 | | | EVERGY, INC. | | | 67,407 | | | | 168,834 | | | | | |
| | 4,961 | | | EVERSOURCE ENERGY | | | 125,492 | | | | 322,663 | | | | | |
| | 40,816 | | | EXELON CORP. | | | 1,543,669 | | | | 1,840,802 | | | | | |
| | 5,500 | | | FIRSTENERGY CORP. | | | 176,692 | | | | 206,525 | | | | | |
| | 900 | | | NATIONAL FUEL GAS CO. | | | 20,790 | | | | 46,062 | | | | | |
| | 4,400 | | | NEXTERA ENERGY, INC. | | | 204,691 | | | | 764,808 | | | | | |
| | 6,900 | | | NISOURCE, INC. | | | 43,973 | | | | 174,915 | | | | | |
| | 1,200 | | | NRG ENERGY, INC. | | | 33,083 | | | | 47,520 | | | | | |
| | 4,800 | | | OGE ENERGY CORP. | | | 43,344 | | | | 188,112 | | | | | |
| | 50 | | | ONE GAS, INC. | | | 671 | | | | 3,980 | | | | | |
| | 5,900 | | | PG&E CORP.(b) | | | 79,340 | | | | 140,125 | | | | | |
| | 2,400 | | | PINNACLE WEST CAPITAL CORP. | | | 71,637 | | | | 204,480 | | | | | |
| | 700 | | | PPL CORP. | | | 10,384 | | | | 19,831 | | | | | |
| | 1,200 | | | PUBLIC SERVICE ENTERPRISE GROUP, INC. | | | 51,552 | | | | 62,460 | | | | | |
| | 4,800 | | | SCANA CORP. | | | 166,536 | | | | 229,344 | | | | | |
| | 3,200 | | | SEMPRA ENERGY | | | 174,757 | | | | 346,208 | | | | | |
| | 8,600 | | | SOUTHERN (THE) CO. | | | 176,010 | | | | 377,712 | | | | | |
| | 5,426 | | | UGI CORP. | | | 80,112 | | | | 289,477 | | | | | |
| | 356 | | | VECTREN CORP. | | | 22,050 | | | | 25,625 | | | | | |
| | 1,600 | | | WEC ENERGY GROUP, INC. | | | 91,440 | | | | 110,816 | | | | | |
See accompanying notes to financial statements. | 40 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| Utilities (Cont’d): | | | | | | | | | | | | |
| | 5,793 | | | XCEL ENERGY, INC. | | $ | 79,584 | | | | 285,421 | | | | | |
| | | | | | | | 6,616,770 | | | | 11,761,957 | | | | 2.57 | % |
| | | Sub-total Common Stocks: | | | 259,859,656 | | | | 453,176,272 | | | | 99.19 | % |
| Short-Term Investments: | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | 4,473,835 | | | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 2.25%(e) | | | 4,473,835 | | | | 4,473,835 | | | | | |
| | | Sub-total Short-Term Investments: | | | 4,473,835 | | | | 4,473,835 | | | | 0.98 | % |
| | | | | Grand total | | $ | 264,333,491 | | | | 457,650,107 | | | | 100.17 | % |
Notes to Schedule of Investments:
| (a) | Investments are valued in accordance with procedures described in note 2 to the financial statements. |
| (b) | Non-income producing assets. |
| (c) | Foreign security values are stated in U.S. dollars. As of December 31, 2018, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 2.20% of net assets. |
| (d) | Securities are American Depositary Receipts of companies based outside of the United States representing 0.01% of net assets as of December 31, 2018. |
| (e) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2017, the value of the Clearwater Core Equity Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $2,725,588 with net purchases of $1,748,247 during the fiscal year ended December 31, 2018. |
See accompanying notes to financial statements. | 41 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2018
Clearwater Core Equity Fund Portfolio Diversification
(as a percentage of net assets)
See accompanying notes to financial statements. | 42 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| Common Stocks: | | | | | | | | | | | | |
| Communication Services: | | | | | | | | | | | |
| | 105,918 | | | ALASKA COMMUNICATIONS SYSTEMS GROUP, INC.(b) | | $ | 195,049 | | | | 152,522 | | | | | |
| | 5,089 | | | HEMISPHERE MEDIA GROUP, INC.(b) | | | 70,598 | | | | 61,780 | | | | | |
| | 162,562 | | | MARCHEX, INC., CLASS B | | | 452,121 | | | | 430,789 | | | | | |
| | 29,438 | | | READING INTERNATIONAL, INC., CLASS A(b) | | | 446,375 | | | | 428,029 | | | | | |
| | | | | | | | 1,164,143 | | | | 1,073,120 | | | | 0.35 | % |
| Consumer Discretionary: | | | | | | | | | | | | |
| | 213,654 | | | BBX CAPITAL CORP. | | | 1,480,437 | | | | 1,224,237 | | | | | |
| | 45,612 | | | CARRIAGE SERVICES, INC. | | | 1,054,580 | | | | 706,986 | | | | | |
| | 19,631 | | | CENTURY CASINOS, INC.(b) | | | 167,422 | | | | 145,073 | | | | | |
| | 14,773 | | | CHILDREN’S PLACE (THE), INC. | | | 1,787,826 | | | | 1,330,900 | | | | | |
| | 277,878 | | | CLARUS CORP. | | | 1,661,913 | | | | 2,812,125 | | | | | |
| | 4,183 | | | COOPER-STANDARD HOLDINGS, INC.(b) | | | 332,795 | | | | 259,848 | | | | | |
| | 85,341 | | | CSS INDUSTRIES, INC. | | | 1,565,433 | | | | 765,509 | | | | | |
| | 17,601 | | | DINE BRANDS GLOBAL, INC. | | | 1,186,154 | | | | 1,185,251 | | | | | |
| | 57,800 | | | EXTENDED STAY AMERICA, INC. | | | 1,166,795 | | | | 895,900 | | | | | |
| | 11,930 | | | FIESTA RESTAURANT GROUP, INC.(b) | | | 185,858 | | | | 185,034 | | | | | |
| | 3,060 | | | FOX FACTORY HOLDING CORP.(b) | | | 108,093 | | | | 180,142 | | | | | |
| | 168,642 | | | FULL HOUSE RESORTS, INC.(b) | | | 396,029 | | | | 340,657 | | | | | |
| | 37,696 | | | G-III APPAREL GROUP LTD.(b) | | | 1,034,252 | | | | 1,051,342 | | | | | |
| | 92,700 | | | GILDAN ACTIVEWEAR, INC.(c) | | | 2,795,916 | | | | 2,814,372 | | | | | |
| | 20,073 | | | HABIT RESTAURANTS (THE), INC., CLASS A(b) | | | 281,444 | | | | 210,767 | | | | | |
| | 3,373 | | | HAMILTON BEACH BRANDS HOLDING CO., CLASS A | | | 69,973 | | | | 79,131 | | | | | |
| | 13,500 | | | HELEN OF TROY LTD.(b) | | | 1,214,811 | | | | 1,770,930 | | | | | |
| | 14,967 | | | IROBOT CORP.(b)(d) | | | 1,091,326 | | | | 1,253,337 | | | | | |
| | 16,087 | | | J. ALEXANDER’S HOLDINGS, INC.(b) | | | 172,638 | | | | 132,396 | | | | | |
| | 131,581 | | | LIFETIME BRANDS, INC. | | | 1,493,556 | | | | 1,319,757 | | | | | |
| | 12,476 | | | LITHIA MOTORS, INC., CLASS A | | | 670,310 | | | | 952,293 | | | | | |
| | 25,800 | | | MALIBU BOATS, INC., CLASS A(b) | | | 815,784 | | | | 897,840 | | | | | |
| | 5,043 | | | MARINEMAX, INC.(b) | | | 94,601 | | | | 92,337 | | | | | |
| | 22,728 | | | MARRIOTT VACATIONS WORLDWIDE CORP. | | | 2,038,494 | | | | 1,602,551 | | | | | |
| | 19,015 | | | MOTORCAR PARTS OF AMERICA, INC.(b) | | | 327,208 | | | | 316,410 | | | | | |
| | 141,600 | | | NAUTILUS, INC.(b) | | | 2,251,312 | | | | 1,543,440 | | | | | |
| | 71,131 | | | NEW HOME (THE) CO., INC.(b) | | | 743,888 | | | | 372,015 | | | | | |
| | 26,882 | | | NUTRISYSTEM, INC. | | | 1,171,569 | | | | 1,179,582 | | | | | |
| | 262,600 | | | OFFICE DEPOT, INC. | | | 678,471 | | | | 677,508 | | | | | |
| | 86,295 | | | PARTY CITY HOLDCO, INC.(b) | | | 1,241,542 | | | | 861,224 | | | | | |
| | 23,236 | | | PENN NATIONAL GAMING, INC.(b) | | | 607,697 | | | | 437,534 | | | | | |
| | 32,594 | | | PETMED EXPRESS, INC. | | | 1,374,556 | | | | 758,137 | | | | | |
| | 69,325 | | | POTBELLY CORP.(b) | | | 849,311 | | | | 558,066 | | | | | |
| | 6,950 | | | SCHOOL SPECIALTY, INC.(b) | | | 115,301 | | | | 49,345 | | | | | |
| | 26,380 | | | SHUTTERSTOCK, INC. | | | 1,235,170 | | | | 949,944 | | | | | |
| | 3,138 | | | STRATTEC SECURITY CORP. | | | 95,481 | | | | 90,374 | | | | | |
| | 13,325 | | | TAILORED BRANDS, INC. | | | 279,564 | | | | 181,753 | | | | | |
| | 21,255 | | | UNIFI, INC.(b) | | | 614,857 | | | | 485,464 | | | | | |
| | 33,500 | | | WILLIAMS-SONOMA, INC. | | | 1,628,979 | | | | 1,690,075 | | | | | |
| | 96,700 | | | WINNEBAGO INDUSTRIES, INC. | | | 3,151,697 | | | | 2,341,107 | | | | | |
| | | | | | | | 39,233,043 | | | | 34,700,693 | | | | 11.34 | % |
| Consumer Staples: | | | | | | | | | | | | |
| | 14,362 | | | CALAVO GROWERS, INC. | | | 1,090,679 | | | | 1,047,852 | | | | | |
| | 36,003 | | | CENTRAL GARDEN & PET CO., CLASS A(b) | | | 1,342,176 | | | | 1,125,094 | | | | | |
| | 19,138 | | | COFFEE HOLDING CO., INC.(b) | | | 90,049 | | | | 67,557 | | | | | |
| | 30,638 | | | CRIMSON WINE GROUP LTD.(b) | | | 276,661 | | | | 239,742 | | | | | |
| | 51,800 | | | FARMER BROTHERS CO.(b) | | | 1,499,262 | | | | 1,208,494 | | | | | |
| | 24,667 | | | LANDEC CORP.(b) | | | 308,102 | | | | 292,057 | | | | | |
| | 36,873 | | | PERFORMANCE FOOD GROUP CO.(b) | | | 1,192,324 | | | | 1,189,892 | | | | | |
| | 79,419 | | | S&W SEED CO.(b) | | | 287,197 | | | | 143,748 | | | | | |
| | 225,619 | | | SUNOPTA, INC.(b)(c) | | | 1,657,961 | | | | 873,146 | | | | | |
| | 29,046 | | | UNIVERSAL CORP. | | | 1,583,521 | | | | 1,572,841 | | | | | |
| | | | | | | | 9,327,932 | | | | 7,760,423 | | | | 2.54 | % |
| Energy: | | | | | | | | | | | | |
| | 58,547 | | | C&J ENERGY SERVICES, INC.(b) | | | 825,333 | | | | 790,385 | | | | | |
| | 53,022 | | | MURPHY OIL CORP. | | | 1,347,632 | | | | 1,240,185 | | | | | |
| | 4,701 | | | NACCO INDUSTRIES, INC., CLASS A | | | 161,060 | | | | 159,364 | | | | | |
| | 38,155 | | | OIL STATES INTERNATIONAL, INC.(b) | | | 1,029,083 | | | | 544,853 | | | | | |
| | 29,496 | | | PAR PACIFIC HOLDINGS, INC.(b) | | | 520,003 | | | | 418,253 | | | | | |
See accompanying notes to financial statements. | 43 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| Energy (Cont’d): | | | | | | | | | | | |
| | 50,776 | | | SM ENERGY CO. | | $ | 1,342,574 | | | | 786,012 | | | | | |
| | 50,269 | | | SOLARIS OILFIELD INFRASTRUCTURE, INC., CLASS A(d) | | | 942,387 | | | | 607,752 | | | | | |
| | 126,215 | | | SRC ENERGY, INC.(b) | | | 1,150,824 | | | | 593,211 | | | | | |
| | 71,608 | | | SUPERIOR ENERGY SERVICES, INC.(b) | | | 720,870 | | | | 239,887 | | | | | |
| | 33,500 | | | WORLD FUEL SERVICES CORP. | | | 1,206,188 | | | | 717,235 | | | | | |
| | | | | | | | 9,245,954 | | | | 6,097,137 | | | | 1.99 | % |
| Financials: | | | | | | | | | | |
| | 115,904 | | | AMERICAN EQUITY INVESTMENT LIFE HOLDING CO. | | | 3,029,682 | | | | 3,238,358 | | | | | |
| | 30,441 | | | AMERIS BANCORP | | | 934,966 | | | | 964,067 | | | | | |
| | 23,547 | | | ARGO GROUP INTERNATIONAL HOLDINGS LTD.(c) | | | 1,235,608 | | | | 1,583,536 | | | | | |
| | 24,493 | | | ASPEN INSURANCE HOLDINGS LTD.(c) | | | 930,455 | | | | 1,028,461 | | | | | |
| | 107,251 | | | ASSOCIATED BANC-CORP | | | 2,470,813 | | | | 2,122,497 | | | | | |
| | 40,013 | | | AXIS CAPITAL HOLDINGS LTD.(c) | | | 2,105,370 | | | | 2,066,271 | | | | | |
| | 23,769 | | | BANC OF CALIFORNIA, INC. | | | 380,955 | | | | 316,365 | | | | | |
| | 16,403 | | | BANCORP (THE), INC.(b) | | | 183,907 | | | | 130,568 | | | | | |
| | 27,528 | | | BCB BANCORP, INC. | | | 337,218 | | | | 288,218 | | | | | |
| | 119,454 | | | BLACKROCK TCP CAPITAL CORP. | | | 1,783,106 | | | | 1,557,680 | | | | | |
| | 62,333 | | | CANNAE HOLDINGS, INC.(b) | | | 1,218,188 | | | | 1,067,141 | | | | | |
| | 9,389 | | | CAPITAL SOUTHWEST CORP. | | | 155,079 | | | | 180,457 | | | | | |
| | 22,655 | | | CATHAY GENERAL BANCORP | | | 944,572 | | | | 759,622 | | | | | |
| | 8,020 | | | CB FINANCIAL SERVICES, INC. | | | 227,453 | | | | 198,736 | | | | | |
| | 13,347 | | | CENTERSTATE BANK CORP. | | | 345,861 | | | | 280,821 | | | | | |
| | 1,908 | | | CITIZENS HOLDING CO. | | | 41,875 | | | | 39,667 | | | | | |
| | 10,238 | | | CIVISTA BANCSHARES, INC. | | | 197,346 | | | | 178,346 | | | | | |
| | 5,771 | | | CNB FINANCIAL CORP. | | | 93,783 | | | | 132,444 | | | | | |
| | 44,610 | | | CNO FINANCIAL GROUP, INC. | | | 963,651 | | | | 663,797 | | | | | |
| | 27,893 | | | COMMERCE BANCSHARES, INC. | | | 1,395,407 | | | | 1,572,328 | | | | | |
| | 50,242 | | | CRAWFORD & CO., CLASS A | | | 429,477 | | | | 447,154 | | | | | |
| | 6,782 | | | CRAWFORD & CO., CLASS B | | | 52,628 | | | | 61,038 | | | | | |
| | 81,157 | | | DONEGAL GROUP, INC., CLASS A | | | 1,249,536 | | | | 1,107,387 | | | | | |
| | 13,748 | | | EAGLE BANCORP MONTANA, INC. | | | 250,738 | | | | 222,305 | | | | | |
| | 12,839 | | | EMC INSURANCE GROUP, INC. | | | 206,251 | | | | 408,922 | | | | | |
| | 27,153 | | | ENTERPRISE FINANCIAL SERVICES CORP. | | | 1,102,780 | | | | 1,021,767 | | | | | |
| | 131,667 | | | EXANTAS CAPITAL CORP. | | | 1,205,289 | | | | 1,319,303 | | | | | |
| | 19,986 | | | FARMERS NATIONAL BANC CORP. | | | 209,675 | | | | 254,622 | | | | | |
| | 95,157 | | | FIDUS INVESTMENT CORP. | | | 1,376,833 | | | | 1,112,385 | | | | | |
| | 15,741 | | | FIRST BANK | | | 194,104 | | | | 190,781 | | | | | |
| | 1,615 | | | FIRST CAPITAL, INC. | | | 57,356 | | | | 64,148 | | | | | |
| | 27,298 | | | FIRST MERCHANTS CORP. | | | 1,151,056 | | | | 935,503 | | | | | |
| | 68,884 | | | FIRST MIDWEST BANCORP, INC. | | | 1,526,117 | | | | 1,364,592 | | | | | |
| | 23,300 | | | FIRSTCASH, INC. | | | 1,390,845 | | | | 1,685,755 | | | | | |
| | 31,300 | | | GLACIER BANCORP, INC. | | | 1,369,055 | | | | 1,240,106 | | | | | |
| | 25,824 | | | HANCOCK WHITNEY CORP. | | | 1,288,398 | | | | 894,802 | | | | | |
| | 14,839 | | | HANOVER INSURANCE GROUP (THE), INC. | | | 1,422,332 | | | | 1,732,750 | | | | | |
| | 36,343 | | | HERITAGE COMMERCE CORP. | | | 409,547 | | | | 412,130 | | | | | |
| | 3,038 | | | HOME BANCORP, INC. | | | 85,109 | | | | 107,545 | | | | | |
| | 63,398 | | | HOME BANCSHARES, INC. | | | 1,498,700 | | | | 1,035,923 | | | | | |
| | 147,427 | | | HOPE BANCORP, INC. | | | 2,439,921 | | | | 1,748,484 | | | | | |
| | 7,882 | | | ISABELLA BANK CORP. | | | 216,884 | | | | 182,074 | | | | | |
| | 11,723 | | | LANDMARK BANCORP, INC. | | | 317,446 | | | | 268,521 | | | | | |
| | 23,343 | | | LCNB CORP. | | | 373,259 | | | | 353,647 | | | | | |
| | 5,127 | | | LENDINGTREE, INC.(b)(d) | | | 1,295,720 | | | | 1,125,735 | | | | | |
| | 37,629 | | | MACKINAC FINANCIAL CORP. | | | 555,731 | | | | 513,636 | | | | | |
| | 7,596 | | | METROPOLITAN BANK HOLDING CORP.(b) | | | 321,187 | | | | 234,337 | | | | | |
| | 8,415 | | | MIDWESTONE FINANCIAL GROUP, INC. | | | 252,851 | | | | 208,945 | | | | | |
| | 4,500 | | | NATIONAL WESTERN LIFE GROUP, INC., CLASS A | | | 1,497,694 | | | | 1,353,150 | | | | | |
| | 49,060 | | | NEW MOUNTAIN FINANCE CORP. | | | 674,610 | | | | 617,175 | | | | | |
| | 283,030 | | | OAKTREE SPECIALTY LENDING CORP. | | | 1,287,241 | | | | 1,197,217 | | | | | |
| | 66,711 | | | OAKTREE STRATEGIC INCOME CORP. | | | 576,084 | | | | 517,010 | | | | | |
| | 11,265 | | | OCEANFIRST FINANCIAL CORP. | | | 294,021 | | | | 253,575 | | | | | |
| | 33,631 | | | OHA INVESTMENT CORP. | | | 42,071 | | | | 33,967 | | | | | |
| | 3,425 | | | PACIFIC FINANCIAL CORP. | | | 31,413 | | | | 38,531 | | | | | |
| | 6,691 | | | PENNANTPARK FLOATING RATE CAPITAL LTD.(d) | | | 86,242 | | | | 77,415 | | | | | |
| | 57,046 | | | PENNANTPARK INVESTMENT CORP. | | | 413,204 | | | | 363,383 | | | | | |
| | 4,319 | | | PENNS WOODS BANCORP, INC. | | | 181,459 | | | | 173,797 | | | | | |
| | 21,695 | | | PEOPLES BANCORP OF NORTH CAROLINA, INC. | | | 512,564 | | | | 530,660 | | | | | |
| | 52,800 | | | PRA GROUP, INC.(b) | | | 1,491,319 | | | | 1,286,736 | | | | | |
See accompanying notes to financial statements. | 44 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| Financials (Cont’d): | | | | | | | | | | | | |
| | 10,200 | | | RENAISSANCERE HOLDINGS LTD.(c) | | $ | 1,334,232 | | | | 1,363,740 | | | | | |
| | 3,636 | | | SALISBURY BANCORP, INC. | | | 137,808 | | | | 131,551 | | | | | |
| | 2,608 | | | SHORE BANCSHARES, INC. | | | 28,539 | | | | 37,920 | | | | | |
| | 8,277 | | | SI FINANCIAL GROUP, INC. | | | 78,147 | | | | 105,366 | | | | | |
| | 2,336 | | | SIERRA BANCORP | | | 40,971 | | | | 56,134 | | | | | |
| | 51,308 | | | SIMMONS FIRST NATIONAL CORP., CLASS A | | | 1,563,162 | | | | 1,238,062 | | | | | |
| | 30,191 | | | SOUTHERN NATIONAL BANCORP OF VIRGINIA, INC. | | | 481,438 | | | | 399,125 | | | | | |
| | 2,508 | | | SOUTHWEST GEORGIA FINANCIAL CORP. | | | 51,887 | | | | 50,862 | | | | | |
| | 59,916 | | | STERLING BANCORP | | | 1,265,273 | | | | 989,213 | | | | | |
| | 24,759 | | | STIFEL FINANCIAL CORP. | | | 1,248,397 | | | | 1,025,518 | | | | | |
| | 15,736 | | | SUMMIT FINANCIAL GROUP, INC. | | | 342,800 | | | | 303,862 | | | | | |
| | 25,038 | | | SUMMIT STATE BANK | | | 321,064 | | | | 294,697 | | | | | |
| | 48,613 | | | SYNOVUS FINANCIAL CORP. | | | 1,568,049 | | | | 1,555,130 | | | | | |
| | 150,994 | | | TCF FINANCIAL CORP. | | | 2,403,585 | | | | 2,942,873 | | | | | |
| | 84,800 | | | UMPQUA HOLDINGS CORP. | | | 1,538,815 | | | | 1,348,320 | | | | | |
| | 9,024 | | | UNITED BANCORP, INC. | | | 118,401 | | | | 100,708 | | | | | |
| | 5,918 | | | UNITED BANCSHARES, INC. | | | 128,716 | | | | 114,809 | | | | | |
| | 7,712 | | | UNITED COMMUNITY FINANCIAL CORP. | | | 71,281 | | | | 68,251 | | | | | |
| | 28,798 | | | UNITED FINANCIAL BANCORP, INC. | | | 454,264 | | | | 423,331 | | | | | |
| | 19,395 | | | UNITY BANCORP, INC. | | | 280,064 | | | | 402,640 | | | | | |
| | 47,439 | | | WALKER & DUNLOP, INC. | | | 1,166,067 | | | | 2,051,737 | | | | | |
| | 42,989 | | | WEBSTER FINANCIAL CORP. | | | 2,081,315 | | | | 2,118,928 | | | | | |
| | 20,133 | | | WEST BANCORPORATION, INC. | | | 431,475 | | | | 384,339 | | | | | |
| | 23,942 | | | WSFS FINANCIAL CORP. | | | 998,826 | | | | 907,641 | | | | | |
| | | | | | | | 66,446,618 | | | | 63,481,050 | | | | 20.75 | % |
| Health Care: | | | | | | | | | | | |
| | 14,604 | | | BIOTELEMETRY, INC.(b) | | | 444,383 | | | | 872,151 | | | | | |
| | 47,470 | | | BRUKER CORP. | | | 1,406,463 | | | | 1,413,182 | | | | | |
| | 20,484 | | | CAMBREX CORP.(b) | | | 889,386 | | | | 773,476 | | | | | |
| | 62,099 | | | CIVITAS SOLUTIONS, INC.(b) | | | 1,089,980 | | | | 1,087,354 | | | | | |
| | 30,976 | | | CUTERA, INC.(b) | | | 1,133,224 | | | | 527,212 | | | | | |
| | 23,816 | | | EMERGENT BIOSOLUTIONS, INC.(b) | | | 802,976 | | | | 1,411,812 | | | | | |
| | 41,782 | | | GLOBUS MEDICAL, INC., CLASS A(b) | | | 2,107,798 | | | | 1,808,325 | | | | | |
| | 15,600 | | | HILL-ROM HOLDINGS, INC. | | | 1,188,688 | | | | 1,381,380 | | | | | |
| | 6,335 | | | ICU MEDICAL, INC.(b) | | | 974,968 | | | | 1,454,706 | | | | | |
| | 10,372 | | | INTEGRA LIFESCIENCES HOLDINGS CORP.(b) | | | 631,189 | | | | 467,777 | | | | | |
| | 33,758 | | | INVACARE CORP. | | | 217,748 | | | | 145,159 | | | | | |
| | 1,797 | | | LEMAITRE VASCULAR, INC. | | | 49,344 | | | | 42,481 | | | | | |
| | 24,034 | | | LHC GROUP, INC.(b) | | | 1,613,538 | | | | 2,256,312 | | | | | |
| | 11,026 | | | LIVANOVA PLC(b)(c) | | | 1,214,725 | | | | 1,008,548 | | | | | |
| | 13,350 | | | MAGELLAN HEALTH, INC.(b) | | | 848,271 | | | | 759,482 | | | | | |
| | 94,045 | | | MEDNAX, INC.(b) | | | 4,312,181 | | | | 3,103,485 | | | | | |
| | 34,915 | | | MYRIAD GENETICS, INC.(b) | | | 1,096,334 | | | | 1,014,979 | | | | | |
| | 26,636 | | | NANOVIBRONIX, INC.(b) | | | 130,317 | | | | 93,226 | | | | | |
| | 5,803 | | | NEXTGEN HEALTHCARE, INC.(b) | | | 90,124 | | | | 87,915 | | | | | |
| | 25,749 | | | OMNICELL, INC.(b) | | | 1,009,122 | | | | 1,576,869 | | | | | |
| | 19,731 | | | ORASURE TECHNOLOGIES, INC.(b) | | | 250,663 | | | | 230,458 | | | | | |
| | 327,187 | | | PDL BIOPHARMA, INC.(b) | | | 818,590 | | | | 948,842 | | | | | |
| | 16,611 | | | PREMIER, INC., CLASS A(b) | | | 491,886 | | | | 620,421 | | | | | |
| | 50,171 | | | PRESTIGE CONSUMER HEALTHCARE, INC.(b) | | | 2,087,969 | | | | 1,549,280 | | | | | |
| | 22,051 | | | PROVIDENCE SERVICE (THE) CORP.(b) | | | 1,434,094 | | | | 1,323,501 | | | | | |
| | 16,488 | | | PSYCHEMEDICS CORP. | | | 299,614 | | | | 261,665 | | | | | |
| | 80,723 | | | STREAMLINE HEALTH SOLUTIONS, INC.(b) | | | 95,089 | | | | 61,931 | | | | | |
| | 47,800 | | | SYNEOS HEALTH, INC.(b) | | | 2,289,572 | | | | 1,880,930 | | | | | |
| | 29,346 | | | TIVITY HEALTH, INC.(b) | | | 953,138 | | | | 728,074 | | | | | |
| | 81,720 | | | TRIPLE-S MANAGEMENT CORP., CLASS B(b) | | | 1,988,370 | | | | 1,421,111 | | | | | |
| | 142,744 | | | VAREX IMAGING CORP.(b) | | | 4,154,699 | | | | 3,380,178 | | | | | |
| | | | | | | | 36,114,443 | | | | 33,692,222 | | | | 11.01 | % |
| Industrials: | | | | | | | | | | | | |
| | 171,222 | | | ACTUANT CORP., CLASS A | | | 4,355,303 | | | | 3,593,950 | | | | | |
| | 54,200 | | | AIR LEASE CORP. | | | 2,065,616 | | | | 1,637,382 | | | | | |
| | 20,033 | | | AIR TRANSPORT SERVICES GROUP, INC.(b) | | | 400,900 | | | | 456,953 | | | | | |
| | 4,045 | | | ALAMO GROUP, INC. | | | 331,523 | | | | 312,759 | | | | | |
| | 21,399 | | | ALBANY INTERNATIONAL CORP., CLASS A | | | 901,145 | | | | 1,335,940 | | | | | |
| | 13,514 | | | APOGEE ENTERPRISES, INC. | | | 560,028 | | | | 403,393 | | | | | |
| | 92,183 | | | ARC DOCUMENT SOLUTIONS, INC.(b) | | | 363,444 | | | | 188,975 | | | | | |
| | 46,737 | | | ARMSTRONG FLOORING, INC.(b) | | | 706,767 | | | | 553,366 | | | | | |
See accompanying notes to financial statements. | 45 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| Industrials (Cont’d): | | | | | | | | | | | | |
| | 26,935 | | | ASGN, INC.(b) | | $ | 1,075,817 | | | | 1,467,957 | | | | | |
| | 9,156 | | | ASTEC INDUSTRIES, INC. | | | 435,603 | | | | 276,420 | | | | | |
| | 8,618 | | | ASTRONICS CORP.(b) | | | 187,912 | | | | 262,418 | | | | | |
| | 1,292 | | | ASTRONICS CORP., CLASS B(b) | | | 34,200 | | | | 39,290 | | | | | |
| | 18,110 | | | ATLAS AIR WORLDWIDE HOLDINGS, INC.(b) | | | 832,244 | | | | 764,061 | | | | | |
| | 74,560 | | | AVIS BUDGET GROUP, INC.(b) | | | 2,669,371 | | | | 1,676,109 | | | | | |
| | 7,946 | | | BLUE BIRD CORP.(b) | | | 140,679 | | | | 144,538 | | | | | |
| | 12,967 | | | BRIGGS & STRATTON CORP. | | | 175,188 | | | | 169,608 | | | | | |
| | 31,408 | | | BRINK’S (THE) CO. | | | 2,156,700 | | | | 2,030,527 | | | | | |
| | 101,500 | | | COLFAX CORP.(b) | | | 3,139,335 | | | | 2,121,350 | | | | | |
| | 32,440 | | | COLUMBUS MCKINNON CORP. | | | 917,690 | | | | 977,742 | | | | | |
| | 28,217 | | | CPI AEROSTRUCTURES, INC.(b) | | | 239,529 | | | | 179,742 | | | | | |
| | 9,454 | | | CURTISS-WRIGHT CORP. | | | 667,805 | | | | 965,442 | | | | | |
| | 27,600 | | | DONALDSON CO., INC. | | | 1,249,708 | | | | 1,197,564 | | | | | |
| | 20,758 | | | DUCOMMUN, INC.(b) | | | 734,290 | | | | 753,931 | | | | | |
| | 15,281 | | | ENERSYS | | | 1,100,861 | | | | 1,185,958 | | | | | |
| | 169,253 | | | ESSENDANT, INC. | | | 1,992,963 | | | | 2,129,203 | | | | | |
| | 12,598 | | | ESTERLINE TECHNOLOGIES CORP.(b) | | | 1,225,998 | | | | 1,530,027 | | | | | |
| | 94,000 | | | GATES INDUSTRIAL CORP. PLC(b) | | | 1,462,173 | | | | 1,244,560 | | | | | |
| | 70,951 | | | GIBRALTAR INDUSTRIES, INC.(b) | | | 2,046,942 | | | | 2,525,146 | | | | | |
| | 12,500 | | | GORMAN-RUPP (THE) CO. | | | 378,577 | | | | 405,125 | | | | | |
| | 19,177 | | | HARSCO CORP.(b) | | | 116,952 | | | | 380,855 | | | | | |
| | 16,200 | | | HEXCEL CORP. | | | 920,843 | | | | 928,908 | | | | | |
| | 42,228 | | | INNERWORKINGS, INC.(b) | | | 351,678 | | | | 157,933 | | | | | |
| | 80,492 | | | INTERFACE, INC. | | | 1,565,352 | | | | 1,147,011 | | | | | |
| | 125,028 | | | JELD-WEN HOLDING, INC.(b) | | | 3,484,070 | | | | 1,776,648 | | | | | |
| | 12,902 | | | KADANT, INC. | | | 929,987 | | | | 1,050,997 | | | | | |
| | 77,627 | | | KBR, INC. | | | 1,411,560 | | | | 1,178,378 | | | | | |
| | 24,276 | | | KENNAMETAL, INC. | | | 852,062 | | | | 807,905 | | | | | |
| | 98,676 | | | LSI INDUSTRIES, INC. | | | 701,468 | | | | 312,803 | | | | | |
| | 43,109 | | | MASONITE INTERNATIONAL CORP.(b) | | | 2,828,344 | | | | 1,932,576 | | | | | |
| | 9,154 | | | MCGRATH RENTCORP | | | 308,061 | | | | 471,248 | | | | | |
| | 37,478 | | | MERCURY SYSTEMS, INC.(b) | | | 1,636,456 | | | | 1,772,335 | | | | | |
| | 6,021 | | | MSA SAFETY, INC. | | | 540,843 | | | | 567,600 | | | | | |
| | 53,914 | | | NAVIGANT CONSULTING, INC. | | | 1,204,793 | | | | 1,296,632 | | | | | |
| | 69,600 | | | NOW, INC.(b) | | | 729,145 | | | | 810,144 | | | | | |
| | 8,029 | | | PARK-OHIO HOLDINGS CORP. | | | 289,460 | | | | 246,410 | | | | | |
| | 125,600 | | | PGT INNOVATIONS, INC.(b) | | | 1,986,670 | | | | 1,990,760 | | | | | |
| | 90,511 | | | PIONEER POWER SOLUTIONS, INC.(b) | | | 544,692 | | | | 475,183 | | | | | |
| | 165,680 | | | QUANEX BUILDING PRODUCTS CORP. | | | 3,414,052 | | | | 2,251,591 | | | | | |
| | 141,504 | | | REV GROUP, INC. | | | 2,007,866 | | | | 1,062,695 | | | | | |
| | 28,800 | | | RUSH ENTERPRISES, INC., CLASS A | | | 1,226,156 | | | | 993,024 | | | | | |
| | 13,522 | | | RYDER SYSTEM, INC. | | | 975,004 | | | | 651,084 | | | | | |
| | 13,532 | | | SITEONE LANDSCAPE SUPPLY, INC.(b) | | | 1,088,393 | | | | 747,914 | | | | | |
| | 15,620 | | | SKYWEST, INC. | | | 501,772 | | | | 694,621 | | | | | |
| | 21,047 | | | SPX CORP.(b) | | | 475,771 | | | | 589,526 | | | | | |
| | 6,858 | | | STANDEX INTERNATIONAL CORP. | | | 718,242 | | | | 460,720 | | | | | |
| | 251,748 | | | STEELCASE, INC., CLASS A | | | 3,633,938 | | | | 3,733,423 | | | | | |
| | 3,917 | | | TELEDYNE TECHNOLOGIES, INC.(b) | | | 154,879 | | | | 811,093 | | | | | |
| | 38,308 | | | TEREX CORP. | | | 1,617,687 | | | | 1,056,152 | | | | | |
| | 25,814 | | | THERMON GROUP HOLDINGS, INC.(b) | | | 573,273 | | | | 523,508 | | | | | |
| | 55,695 | | | TITAN MACHINERY, INC.(b) | | | 870,369 | | | | 732,389 | | | | | |
| | 11,291 | | | TPI COMPOSITES, INC.(b) | | | 304,335 | | | | 277,533 | | | | | |
| | 93,243 | | | TRIMAS CORP.(b) | | | 2,402,743 | | | | 2,544,601 | | | | | |
| | 8,849 | | | VALMONT INDUSTRIES, INC. | | | 1,324,866 | | | | 981,797 | | | | | |
| | 29,648 | | | VIAD CORP. | | | 1,399,370 | | | | 1,485,068 | | | | | |
| | 59,791 | | | WESCO AIRCRAFT HOLDINGS, INC.(b) | | | 569,019 | | | | 472,349 | | | | | |
| | 46,863 | | | WOODWARD, INC. | | | 2,718,485 | | | | 3,481,452 | | | | | |
| | | | | | | | 78,926,967 | | | | 71,384,302 | | | | 23.33 | % |
| Information Technology: | | | | | | | | | | | | |
| | 56,387 | | | ADESTO TECHNOLOGIES CORP.(b)(d) | | | 299,926 | | | | 248,103 | | | | | |
| | 41,834 | | | ANIXTER INTERNATIONAL, INC.(b) | | | 2,898,060 | | | | 2,272,004 | | | | | |
| | 63,500 | | | ASTRONOVA, INC. | | | 1,100,140 | | | | 1,190,625 | | | | | |
| | 58,511 | | | AUDIOCODES LTD.(c) | | | 565,038 | | | | 578,089 | | | | | |
| | 69,627 | | | AVIAT NETWORKS, INC.(b) | | | 1,229,827 | | | | 922,558 | | | | | |
| | 29,885 | | | BELDEN, INC. | | | 1,821,630 | | | | 1,248,296 | | | | | |
| | 66,539 | | | BRIGHTCOVE, INC.(b) | | | 537,780 | | | | 468,435 | | | | | |
See accompanying notes to financial statements. | 46 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| Information Technology (Cont’d): | | | | | | | | | | | | |
| | 140,990 | | | CELESTICA, INC.(b)(c) | | $ | 1,698,650 | | | | 1,236,482 | | | | | |
| | 60,000 | | | COHU, INC. | | | 1,155,050 | | | | 964,200 | | | | | |
| | 13,756 | | | COMMVAULT SYSTEMS, INC.(b) | | | 708,232 | | | | 812,842 | | | | | |
| | 8,486 | | | COMTECH TELECOMMUNICATIONS CORP. | | | 215,664 | | | | 206,549 | | | | | |
| | 78,341 | | | CYPRESS SEMICONDUCTOR CORP. | | | 1,051,876 | | | | 996,497 | | | | | |
| | 74,975 | | | DSP GROUP, INC.(b) | | | 923,386 | | | | 839,720 | | | | | |
| | 47,100 | | | ENTEGRIS, INC. | | | 1,389,671 | | | | 1,313,854 | | | | | |
| | 15,450 | | | EURONET WORLDWIDE, INC.(b) | | | 842,275 | | | | 1,581,771 | | | | | |
| | 26,744 | | | EVERTEC, INC. | | | 377,316 | | | | 767,553 | | | | | |
| | 38,517 | | | EVO PAYMENTS, INC., CLASS A(b) | | | 921,177 | | | | 950,214 | | | | | |
| | 5,846 | | | FARO TECHNOLOGIES, INC.(b) | | | 296,255 | | | | 237,581 | | | | | |
| | 63,179 | | | FIREEYE, INC.(b) | | | 1,060,739 | | | | 1,024,132 | | | | | |
| | 133,620 | | | FRANKLIN WIRELESS CORP.(b) | | | 287,454 | | | | 303,317 | | | | | |
| | 110,495 | | | FREQUENCY ELECTRONICS, INC.(b) | | | 1,010,454 | | | | 1,171,247 | | | | | |
| | 38,999 | | | INSIGHT ENTERPRISES, INC.(b) | | | 1,578,552 | | | | 1,589,209 | | | | | |
| | 79,948 | | | JABIL, INC. | | | 1,694,360 | | | | 1,981,911 | | | | | |
| | 9,401 | | | LOGMEIN, INC. | | | 796,259 | | | | 766,840 | | | | | |
| | 27,612 | | | LUMENTUM HOLDINGS, INC.(b) | | | 1,527,266 | | | | 1,159,980 | | | | | |
| | 43,290 | | | MONOTYPE IMAGING HOLDINGS, INC. | | | 892,911 | | | | 671,861 | | | | | |
| | 19,700 | | | MTS SYSTEMS CORP. | | | 1,040,074 | | | | 790,561 | | | | | |
| | 25,170 | | | NOVANTA, INC.(b) | | | 747,642 | | | | 1,585,710 | | | | | |
| | 11,680 | | | OSI SYSTEMS, INC.(b) | | | 786,379 | | | | 856,144 | | | | | |
| | 14,736 | | | PERCEPTRON, INC.(b) | | | 104,107 | | | | 118,772 | | | | | |
| | 49,761 | | | PERFICIENT, INC.(b) | | | 787,960 | | | | 1,107,680 | | | | | |
| | 31,400 | | | PLEXUS CORP.(b) | | | 1,796,600 | | | | 1,603,912 | | | | | |
| | 43,852 | | | PROS HOLDINGS, INC.(b) | | | 1,212,528 | | | | 1,376,953 | | | | | |
| | 7,423 | | | ROGERS CORP.(b) | | | 866,570 | | | | 735,322 | | | | | |
| | 55,418 | | | SCANSOURCE, INC.(b) | | | 2,220,979 | | | | 1,905,271 | | | | | |
| | 227,989 | | | STEEL CONNECT, INC.(b) | | | 371,811 | | | | 394,421 | | | | | |
| | 85,157 | | | SUPPORT.COM, INC.(b) | | | 233,289 | | | | 209,486 | | | | | |
| | 17,215 | | | SYNNEX CORP. | | | 499,625 | | | | 1,391,661 | | | | | |
| | 143,943 | | | TIVO CORP. | | | 1,789,735 | | | | 1,354,504 | | | | | |
| | 133,712 | | | UNISYS CORP.(b)(d) | | | 1,621,947 | | | | 1,555,071 | | | | | |
| | 33,520 | | | XPERI CORP. | | | 534,983 | | | | 616,433 | | | | | |
| | | | | | | | 41,494,177 | | | | 41,105,771 | | | | 13.44 | % |
| Materials: | | | | | | | | | | | | |
| | 10,050 | | | AMERICAN VANGUARD CORP. | | | 187,231 | | | | 152,660 | | | | | |
| | 19,174 | | | BERRY GLOBAL GROUP, INC.(b) | | | 455,697 | | | | 911,340 | | | | | |
| | 35,800 | | | H.B. FULLER CO. | | | 1,986,849 | | | | 1,527,586 | | | | | |
| | 26,622 | | | INGEVITY CORP.(b) | | | 1,478,178 | | | | 2,227,995 | | | | | |
| | 28,427 | | | INNOPHOS HOLDINGS, INC. | | | 1,138,870 | | | | 697,314 | | | | | |
| | 32,375 | | | KOPPERS HOLDINGS, INC.(b) | | | 686,143 | | | | 551,670 | | | | | |
| | 6,778 | | | MATERION CORP. | | | 344,347 | | | | 304,942 | | | | | |
| | 87,238 | | | PQ GROUP HOLDINGS, INC.(b) | | | 1,425,878 | | | | 1,291,995 | | | | | |
| | 26,300 | | | RELIANCE STEEL & ALUMINUM CO. | | | 2,026,938 | | | | 1,871,771 | | | | | |
| | 76,000 | | | SCHWEITZER-MAUDUIT INTERNATIONAL, INC. | | | 3,021,050 | | | | 1,903,800 | | | | | |
| | | | | | | | 12,751,181 | | | | 11,441,073 | | | | 3.74 | % |
| Real Estate: | | | | | | | | | | | | |
| | 115,101 | | | ASHFORD HOSPITALITY TRUST, INC. | | | 728,982 | | | | 460,404 | | | | | |
| | 66,598 | | | BLUEROCK RESIDENTIAL GROWTH REIT, INC. | | | 594,914 | | | | 600,714 | | | | | |
| | 49,833 | | | BRANDYWINE REALTY TRUST | | | 851,096 | | | | 641,351 | | | | | |
| | 55,418 | | | CATCHMARK TIMBER TRUST, INC., CLASS A | | | 600,604 | | | | 393,468 | | | | | |
| | 108,138 | | | CEDAR REALTY TRUST, INC. | | | 485,158 | | | | 339,553 | | | | | |
| | 30,260 | | | CITY OFFICE REIT, INC.(c) | | | 311,198 | | | | 310,165 | | | | | |
| | 67,067 | | | DIAMONDROCK HOSPITALITY CO. | | | 728,909 | | | | 608,968 | | | | | |
| | 38,531 | | | EASTERLY GOVERNMENT PROPERTIES, INC. | | | 627,926 | | | | 604,166 | | | | | |
| | 11,207 | | | GLOBAL MEDICAL REIT, INC. | | | 96,649 | | | | 99,630 | | | | | |
| | 35,100 | | | HFF, INC., CLASS A | | | 1,276,433 | | | | 1,163,916 | | | | | |
| | 16,176 | | | INVESTORS REAL ESTATE TRUST | | | 859,866 | | | | 793,737 | | | | | |
| | 27,733 | | | MARCUS & MILLICHAP, INC.(b) | | | 691,167 | | | | 952,074 | | | | | |
| | 57,498 | | | MEDICAL PROPERTIES TRUST, INC. | | | 517,840 | | | | 924,568 | | | | | |
| | 57,547 | | | PHYSICIANS REALTY TRUST | | | 974,274 | | | | 922,479 | | | | | |
| | 69,283 | | | REALOGY HOLDINGS CORP.(d) | | | 1,827,617 | | | | 1,017,075 | | | | | |
| | 27,443 | | | RETAIL OPPORTUNITY INVESTMENTS CORP. | | | 540,699 | | | | 435,795 | | | | | |
| | 44,255 | | | RPT REALTY | | | 569,250 | | | | 528,847 | | | | | |
| | 48,890 | | | STAG INDUSTRIAL, INC. | | | 800,291 | | | | 1,216,383 | | | | | |
| | 46,193 | | | STRATUS PROPERTIES, INC.(b) | | | 1,280,285 | | | | 1,107,708 | | | | | |
See accompanying notes to financial statements. | 47 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund
December 31, 2018
| | | | | | | | | | | | | |
| Shares | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| | Real Estate (Cont’d): | | | | | | | | | | | | |
| | 40,767 | | XENIA HOTELS & RESORTS, INC. | | $ | 977,256 | | | | 701,192 | | | | | |
| | | | | | | 15,340,414 | | | | 13,822,193 | | | | 4.52 | % |
| | Utilities: | | | | | | | | | | | | |
| | 7,979 | | ALLETE, INC. | | | 256,888 | | | | 608,159 | | | | | |
| | 30,006 | | NEW JERSEY RESOURCES CORP. | | | 1,175,091 | | | | 1,370,374 | | | | | |
| | 131,440 | | PURE CYCLE CORP.(b) | | | 830,167 | | | | 1,305,199 | | | | | |
| | 16,611 | | SPIRE, INC. | | | 833,011 | | | | 1,230,543 | | | | | |
| | | | | | | 3,095,157 | | | | 4,514,275 | | | | 1.48 | % |
| | | Sub-total Common Stocks: | | | 313,140,029 | | | | 289,072,259 | | | | 94.49 | % |
| Convertible Bonds: | | | | | | | | | | | | |
| | Health Care: | | | | | | | | | | | | |
| | 139,789 | | PDL BIOPHARMA, INC., 2.75%, 12/1/21 | | | 138,958 | | | | 141,562 | | | | | |
| | | | | | | 138,958 | | | | 141,562 | | | | 0.05 | % |
| | | Sub-total Convertible Bonds: | | | 138,958 | | | | 141,562 | | | | 0.05 | % |
| Convertible Preferred Stocks: | | | | | | | | | | | | |
| | Real Estate: | | | | | | | | | | | | |
| | | | WHEELER REAL ESTATE INVESTMENT TRUST, INC. (STEP | | | | | | | | | | | | |
| | 30,291 | | TO 10.75% ON 9/21/2023), 8.75%(e) | | | 453,459 | | | | 292,308 | | | | | |
| | | | | | | 453,459 | | | | 292,308 | | | | 0.10 | % |
| | | Sub-total Convertible Preferred Stocks: | | | 453,459 | | | | 292,308 | | | | 0.10 | % |
| Investment Companies: | | | | | | | | | | | | |
| | Financials: | | | | | | | | | | | | |
| | 11,400 | | ISHARES RUSSELL 2000 ETF | | | 1,608,190 | | | | 1,526,460 | | | | | |
| | | | | | | 1,608,190 | | | | 1,526,460 | | | | 0.50 | % |
| | | Sub-total Investment Companies: | | | 1,608,190 | | | | 1,526,460 | | | | 0.50 | % |
| Preferred Stocks: | | | | | | | | | | | | | |
| | Industrials: | | | | | | | | | | | | |
| | 172,028 | | STEEL PARTNERS HOLDINGS L.P., 6.00% | | | 2,938,276 | | | | 3,650,434 | | | | | |
| | | | | | | 2,938,276 | | | | 3,650,434 | | | | 1.19 | % |
| | | Sub-total Preferred Stocks: | | | 2,938,276 | | | | 3,650,434 | | | | 1.19 | % |
| Rights: | | | | | | | | | | | | | |
| | Consumer Discretionary: | | | | | | | | | | | | |
| | 55,700 | | MEDIA GENERAL, INC. (CONTINGENT VALUE RIGHTS)(b) | | | - | | | | - | | | | | |
| | | | | | | - | | | | - | | | | 0.00 | % |
| | | Sub-total Rights: | | | - | | | | - | | | | 0.00 | % |
| Warrants: | | | | | | | | | | | | | | |
| | Health Care: | | | | | | | | | | | | |
| | 19,977 | | NANOVIBRONIX, INC.(b)(f) | | | 200 | | | | - | | | | | |
| | | | | | | 200 | | | | - | | | | 0.00 | % |
| | | Sub-total Warrants: | | | 200 | | | | - | | | | 0.00 | % |
| Short-Term Investments: | | | | | | | | | | | | |
| | | | FIDELITY INVESTMENTS MONEY MARKET | | | | | | | | | | | | |
| | 4,999,280 | | GOVERNMENT PORTFOLIO(g) | | | 4,999,280 | | | | 4,999,280 | | | | | |
| | | | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT | | | | | | | | | | | | |
| | 12,345,333 | | SELECT PORTFOLIO, 2.25%(h) | | | 12,345,333 | | | | 12,345,333 | | | | | |
| | | Sub-total Short-Term Investments: | | | 17,344,613 | | | | 17,344,613 | | | | 5.67 | % |
| | | | Grand total | | $ | 335,623,725 | | | | 312,027,636 | | | | 102.00 | % |
Notes to Schedule of Investments:
| (a) | Investments are valued in accordance with procedures described in note 2 to the financial statements. |
| (b) | Non-income producing assets. |
| (c) | Foreign security values are stated in U.S. dollars. As of December 31, 2018, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 4.20% of net assets. |
| (d) | Security is either wholly or partially on loan. |
| (e) | For step bonds, the coupon rate disclosed is the current rate in effect. |
| (f) | Security has been deemed worthless and is a Level 3 investment. |
| (g) | Investment relates to cash collateral received from portfolio securities loaned. |
| See accompanying notes to financial statements. | 48 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund
December 31, 2018
| (h) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2017, the value of the Clearwater Small Companies Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $16,001,365 with net sales of $3,656,032 during the fiscal year ended December 31, 2018. |
| See accompanying notes to financial statements. | 49 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund
December 31, 2018
Clearwater Small Companies Fund Portfolio Diversification
(as a percentage of net assets)
| See accompanying notes to financial statements. | 50 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2018
| Par/Shares | | | Security | | Maturity
date | | Coupon
rate | | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| Closed-End Funds: | | | | | | | | | | | | | | | | | | |
| | 227,600 | | | BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST | | | | | | | | $ | 2,360,733 | | | | 2,428,492 | | | | | |
| | 40,000 | | | BLACKROCK MUNICIPAL INCOME QUALITY TRUST | | | | | | | | | 548,760 | | | | 499,200 | | | | | |
| | 19,200 | | | BLACKROCK MUNIENHANCED FUND INC | | | | | | | | | 201,815 | | | | 190,080 | | | | | |
| | 58,171 | | | BLACKROCK MUNIHOLDINGS FUND II INC | | | | | | | | | 822,153 | | | | 753,896 | | | | | |
| | 69,429 | | | BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND | | | | | | | | | 724,569 | | | | 884,525 | | | | | |
| | 57,300 | | | BLACKROCK MUNIHOLDINGS QUALITY FUND II INC | | | | | | | | | 729,193 | | | | 657,231 | | | | | |
| | 35,700 | | | BLACKROCK MUNIHOLDINGS QUALITY FUND INC | | | | | | | | | 474,032 | | | | 404,124 | | | | | |
| | 8,302 | | | BLACKROCK MUNIYIELD FUND INC | | | | | | | | | 122,288 | | | | 103,941 | | | | | |
| | 55,111 | | | BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND | | | | | | | | | 701,111 | | | | 675,110 | | | | | |
| | 142,461 | | | BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND INC | | | | | | | | | 1,846,525 | | | | 1,769,366 | | | | | |
| | 51,700 | | | BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND | | | | | | | | | 729,423 | | | | 648,835 | | | | | |
| | 101,896 | | | BLACKROCK MUNIYIELD QUALITY FUND II INC | | | | | | | | | 1,307,244 | | | | 1,164,671 | | | | | |
| | 118,472 | | | BLACKROCK MUNIYIELD QUALITY FUND III INC | | | | | | | | | 1,572,465 | | | | 1,427,588 | | | | | |
| | 36,970 | | | DREYFUS STRATEGIC MUNICIPAL BOND FUND INC | | | | | | | | | 301,534 | | | | 258,051 | | | | | |
| | 83,165 | | | DWS MUNICIPAL INCOME TRUST | | | | | | | | | 940,535 | | | | 856,599 | | | | | |
| | 178,050 | | | INVESCO ADVANTAGE MUNICIPAL INCOME TRUST II | | | | | | | | | 1,985,371 | | | | 1,757,353 | | | | | |
| | 113,205 | | | INVESCO MUNICIPAL OPPORTUNITY TRUST | | | | | | | | | 1,410,253 | | | | 1,265,632 | | | | | |
| | 60,000 | | | INVESCO MUNICIPAL TRUST | | | | | | | | | 773,718 | | | | 668,400 | | | | | |
| | 76,122 | | | INVESCO QUALITY MUNICIPAL INCOME TRUST | | | | | | | | | 868,956 | | | | 854,089 | | | | | |
| | 60,000 | | | INVESCO TRUST FOR INVESTMENT GRADE MUNICIPALS | | | | | | | | | 774,122 | | | | 688,800 | | | | | |
| | 53,000 | | | NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND | | | | | | | | | 748,312 | | | | 740,940 | | | | | |
| | 245,475 | | | NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND | | | | | | | | | 3,273,528 | | | | 3,021,792 | | | | | |
| | 15,963 | | | NUVEEN MICHIGAN QUALITY MUNICIPAL INCOME FUND | | | | | | | | | 214,604 | | | | 198,899 | | | | | |
| | 52,779 | | | NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND | | | | | | | | | 723,142 | | | | 643,904 | | | | | |
| | 29,740 | | | NUVEEN QUALITY MUNICIPAL INCOME FUND | | | | | | | | | 409,650 | | | | 372,946 | | | | | |
| | 28,000 | | | PUTNAM MUNICIPAL OPPORTUNITIES TRUST | | | | | | | | | 371,050 | | | | 314,440 | | | | | |
| | 19,613 | | | WESTERN ASSET MUNICIPAL PARTNERS FUND INC | | | | | | | | | 246,036 | | | | 272,621 | | | | | |
| | | | Sub-total Closed-End Funds: | | | | | | | | | 25,181,122 | | | | 23,521,525 | | | | 4.44 | % |
| | Municipal Bonds: | | | | | | | | | | | | | | | | | | | | | |
| | 500,000 | | | 9TH AVENUE MET DIST #2 CO | | 12/1/2048 | | | 5.00 | | | | 500,000 | | | | 501,275 | | | | | |
| | 2,350,000 | | | ACALANES CA UNION HIGH SCH DIST (STEP TO 6.55% ON 8/1/2024)(b) | | 8/1/2039 | | | 0.00 | | | | 1,642,317 | | | | 2,227,001 | | | | | |
| | 1,000,000 | | | ALACHUA CNTY FL HLTH FACS AUTH CCRC | | 10/1/2032 | | | 8.00 | | | | 1,095,468 | | | | 1,132,490 | | | | | |
| | 640,000 | | | ALASKA ST HSG FIN CORP MTGE REVENUE | | 12/1/2037 | | | 4.13 | | | | 629,651 | | | | 650,342 | | | | | |
| | 500,000 | | | ALASKA ST HSG FIN CORP MTGE REVENUE | | 12/1/2040 | | | 4.63 | | | | 495,000 | | | | 510,590 | | | | | |
| | 350,000 | | | ALASKA ST INDL DEV & EXPORT AUTH CMNTY PROVIDER REVENUE(c) | | 12/1/2010 | | | 5.40 | | | | 350,000 | | | | 17,500 | | | | | |
| | 610,000 | | | ALLEGHENY CNTY PA INDL DEV AUTH CHRT SCH REVENUE | | 8/15/2026 | | | 5.90 | | | | 610,000 | | | | 630,807 | | | | | |
| | 1,000,000 | | | ALVORD CA UNIF SCH DIST | | 8/1/2036 | | | 5.25 | | | | 1,016,225 | | | | 1,120,070 | | | | | |
| | 1,000,000 | | | ALVORD CA UNIF SCH DIST (STEP TO 7.35% ON 8/1/2026)(b) | | 8/1/2046 | | | 0.00 | | | | 581,238 | | | | 972,150 | | | | | |
| | 1,000,000 | | | APPLE VLY MN SENIOR LIVING REVENUE | | 1/1/2047 | | | 5.00 | | | | 977,875 | | | | 1,008,010 | | | | | |
| | 500,000 | | | ARIZONA ST INDL DEV AUTH EDU REVENUE(d) | | 7/15/2038 | | | 5.75 | | | | 524,884 | | | | 527,460 | | | | | |
| | 1,000,000 | | | ARIZONA ST INDL DEV AUTH MF HSG REVENUE | | 1/1/2038 | | | 5.38 | | | | 1,000,000 | | | | 976,170 | | | | | |
| | 1,835,000 | | | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE | | 8/15/2028 | | | 7.00 | | | | 1,801,044 | | | | 1,939,448 | | | | | |
| | 500,000 | | | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE | | 6/15/2036 | | | 5.00 | | | | 507,178 | | | | 502,385 | | | | | |
| | 750,000 | | | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE | | 8/15/2043 | | | 4.00 | | | | 741,843 | | | | 764,393 | | | | | |
| | 650,000 | | | ARLINGTON TX SPL TAX REVENUE | | 2/15/2041 | | | 5.00 | | | | 703,249 | | | | 710,353 | | | | | |
| | 500,000 | | | ASTURIA FL CMNTY DEV DIST SPL ASSMNT | | 5/1/2034 | | | 5.75 | | | | 500,000 | | | | 502,585 | | | | | |
| | 500,000 | | | ATHENS-CLARKE CNTY GA UNIF GOVT DEV AUTH REVENUE | | 6/15/2039 | | | 5.00 | | | | 512,821 | | | | 548,790 | | | | | |
| | 500,000 | | | ATLANTA GA ARPT REVENUE | | 1/1/2030 | | | 6.00 | | | | 505,141 | | | | 538,605 | | | | | |
| | 500,000 | | | ATLANTA GA DEV AUTH | | 7/1/2035 | | | 4.00 | | | | 492,554 | | | | 510,910 | | | | | |
| | 1,000,000 | | | ATLANTA GA DEV AUTH SENIOR HLTH CARE FACS REVENUE | | 1/1/2023 | | | 6.00 | | | | 991,251 | | | | 1,001,240 | | | | | |
| | 750,000 | | | ATLANTA GA DEV AUTH SENIOR HLTH CARE FACS REVENUE | | 1/1/2029 | | | 6.50 | | | | 729,882 | | | | 729,638 | | | | | |
| | 1,350,000 | | | BAY CNTY FL EDUCTNL FACS REVENUE | | 9/1/2030 | | | 5.25 | | | | 1,258,153 | | | | 1,388,623 | | | | | |
| See accompanying notes to financial statements. | 51 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2018
| | | | | | | | | | | | | | | | | | |
| Par/Shares | | | Security | | Maturity
date | | Coupon
rate | | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| Municipal Bonds (Cont’d): | | | | | | | | | | | | | | | | | |
| | 1,000,000 | | | BELLALAGO FL EDUCTNL FACS BENEFIT | | | | | | | | | | | | | | | | | | |
| | | | | DIST CAPITAL IMPT REVENUE | | 5/1/2030 | | | 4.38 | | | $ | 986,350 | | | | 1,050,590 | | | | | |
| | 1,195,000 | | | BELLWOOD IL | | 12/1/2027 | | | 5.88 | | | | 1,187,230 | | | | 1,336,309 | | | | | |
| | 885,000 | | | BEXAR CNTY TX HSG FIN CORP | | 2/1/2035 | | | 3.75 | | | | 885,000 | | | | 891,912 | | | | | |
| | 2,000,000 | | | BEXAR CNTY TX REVENUE | | 8/15/2039 | | | 5.00 | | | | 2,071,568 | | | | 2,158,140 | | | | | |
| | 500,000 | | | BLACKBURN CREEK CMNTY DEV DISTFL CAP IMPT REVENUE | | 5/1/2035 | | | 6.25 | | | | 500,000 | | | | 522,365 | | | | | |
| | 305,000 | | | BLACKBURN CREEK CMNTY DEV DISTFL CAP IMPT REVENUE | | 5/1/2045 | | | 6.25 | | | | 305,000 | | | | 315,153 | | | | | |
| | 1,500,000 | | | BOLINGBROOK IL SPL SVC AREA SPL TAX | | 3/1/2030 | | | 4.00 | | | | 1,558,194 | | | | 1,567,980 | | | | | |
| | 650,000 | | | BUFFALO HIGHLANDS MET DIST | | 12/1/2038 | | | 5.25 | | | | 652,045 | | | | 642,220 | | | | | |
| | 1,150,000 | | | BURBANK IL EDUCTNL FACS REVENUE(d) | | 9/1/2035 | | | 6.00 | | | | 1,150,000 | | | | 1,189,376 | | | | | |
| | 1,000,000 | | | BUREAU CNTY TWP IL HIGH SCH DIST #502 | | 10/1/2043 | | | 6.63 | | | | 1,041,281 | | | | 1,213,210 | | | | | |
| | 380,000 | | | BUTLER CNTY PA GEN AUTH REVENUE (FLOATING, ICE LIBOR USD 3M + 0.70%)(e) | | 10/1/2034 | | | 2.57 | | | | 380,000 | | | | 359,153 | | | | | |
| | 500,000 | | | CALIFORNIA ST HLTH FACS FING AUTH REVENUE | | 8/15/2033 | | | 5.50 | | | | 503,253 | | | | 544,920 | | | | | |
| | 1,500,000 | | | CALIFORNIA ST SCH FACS FING AUTH REVENUE | | 8/1/2029 | | | 6.00 | | | | 1,493,275 | | | | 1,867,380 | | | �� | | |
| | 1,370,000 | | | CAPITAL TRUST AGY FL CHRT SCHREVENUE | | 2/1/2035 | | | 5.38 | | | | 1,370,000 | | | | 1,364,835 | | | | | |
| | 750,000 | | | CAPITAL TRUST AGY FL REVENUE | | 4/1/2035 | | | 7.00 | | | | 750,000 | | | | 731,460 | | | | | |
| | 1,750,000 | | | CAPITAL TRUST AGY FL REVENUE(d) | | 12/1/2035 | | | 6.75 | | | | 1,746,825 | | | | 1,783,652 | | | | | |
| | 750,000 | | | CAPITAL TRUST AGY FL REVENUE(d) | | 7/1/2037 | | | 6.75 | | | | 750,000 | | | | 764,535 | | | | | |
| | 750,000 | | | CAPITAL TRUST AGY FL SENIOR LIVING REVENUE(d) | | 8/1/2027 | | | 5.00 | | | | 750,000 | | | | 736,643 | | | | | |
| | 750,000 | | | CAPITAL TRUST AGY FL SENIOR LIVING REVENUE(d) | | 8/1/2032 | | | 5.38 | | | | 750,000 | | | | 732,675 | | | | | |
| | 500,000 | | | CAPITAL TRUST AGY FL STUDENT HSG REVENUE(d) | | 12/1/2043 | | | 5.25 | | | | 516,351 | | | | 502,270 | | | | | |
| | 1,000,000 | | | CARLSBAD CA UNIF SCH DIST (STEP TO 6.13% ON 8/1/2021)(b) | | 8/1/2031 | | | 0.00 | | | | 854,445 | | | | 1,130,500 | | | | | |
| | 705,000 | | | CARMEL IN REVENUE | | 11/15/2022 | | | 6.00 | | | | 698,985 | | | | 667,064 | | | | | |
| | 1,000,000 | | | CARMEL IN REVENUE | | 11/15/2027 | | | 7.00 | | | | 1,012,553 | | | | 959,810 | | | | | |
| | 750,000 | | | CELEBRATION POINTE CMNTY DEV DIST #1 FL SPL ASSMNT REVENUE(d) | | 5/1/2032 | | | 5.00 | | | | 755,057 | | | | 776,580 | | | | | |
| | 1,000,000 | | | CENTRL BRADFORD PROGRESS AUTH PA | | 12/1/2031 | | | 5.50 | | | | 1,013,377 | | | | 1,085,460 | | | | | |
| | 365,000 | | | CHANDLER PARK ACADEMY MI PUBLIC SCH ACADEMY REVENUE | | 11/1/2022 | | | 5.00 | | | | 323,939 | | | | 365,376 | | | | | |
| | 1,000,000 | | | CHICAGO HEIGHTS IL | | 12/1/2029 | | | 4.50 | | | | 1,057,739 | | | | 1,060,640 | | | | | |
| | 1,000,000 | | | CHICAGO IL MIDWAY ARPT REVENUE | | 1/1/2035 | | | 5.25 | | | | 1,001,406 | | | | 1,088,820 | | | | | |
| | 1,000,000 | | | CHICAGO IL PARK DIST | | 1/1/2028 | | | 5.00 | | | | 1,102,943 | | | | 1,079,600 | | | | | |
| | 1,000,000 | | | CLACKAMAS CNTY OR HOSP FAC AUTH REVENUE | | 11/15/2052 | | | 5.00 | | | | 1,043,799 | | | | 1,053,370 | | | | | |
| | 1,500,000 | | | CLOVIS CA UNIF SCH DIST(f) | | 8/1/2030 | | | 0.00 | | | | 746,121 | | | | 899,205 | | | | | |
| | 650,000 | | | CMWLTH FING AUTH PA TOBACCO MASTER SETTLEMENT PAYMENT REV | | 6/1/2039 | | | 4.00 | | | | 646,835 | | | | 658,132 | | | | | |
| | 750,000 | | | COLLIER CNTY FL INDL DEV AUTH | | 10/1/2039 | | | 6.25 | | | | 737,157 | | | | 814,410 | | | | | |
| | 750,000 | | | COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REV(d) | | 5/15/2026 | | | 7.25 | | | | 750,000 | | | | 738,743 | | | | | |
| | 1,750,000 | | | COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REV(d) | | 5/15/2044 | | | 8.13 | | | | 1,930,056 | | | | 1,694,070 | | | | | |
| | 500,000 | | | COLORADO SCIENCE AND TECH PARK MET DIST #1 | | 12/1/2033 | | | 5.00 | | | | 506,178 | | | | 506,825 | | | | | |
| | 1,000,000 | | | COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE | | 7/1/2034 | | | 5.60 | | | | 994,812 | | | | 1,028,260 | | | | | |
| | 1,000,000 | | | COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE(d) | | 9/1/2046 | | | 5.00 | | | | 1,007,415 | | | | 953,850 | | | | | |
| | 1,250,000 | | | COLORADO ST HLTH FACS AUTH HOSP REVENUE | | 12/1/2048 | | | 5.00 | | | | 1,314,984 | | | | 1,355,675 | | | | | |
| | 1,000,000 | | | COLORADO ST HLTH FACS AUTH REVENUE | | 8/1/2033 | | | 7.63 | | | | 989,099 | | | | 1,105,070 | | | | | |
| | 1,000,000 | | | COLTON CA JT UNIF SCH DIST (STEP TO 5.80% ON 8/1/2021)(b) | | 8/1/2035 | | | 0.00 | | | | 862,680 | | | | 1,011,550 | | | | | |
| | 1,000,000 | | | CONNECTICUT ST HSG FIN AUTH HSG FIN PROGRAM | | 11/15/2035 | | | 3.88 | | | | 1,000,000 | | | | 1,020,040 | | | | | |
| See accompanying notes to financial statements. | 52 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2018
| Par/Shares | | | Security | | Maturity
date | | Coupon
rate | | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| Municipal Bonds (Cont’d): | | | | | | | | | | | | | | | | | |
| | 1,500,000 | | | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | | 11/15/2035 | | | 3.75 | | | $ | 1,500,000 | | | | 1,505,355 | | | | | |
| | 515,000 | | | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | | 5/15/2038 | | | 3.95 | | | | 515,000 | | | | 522,725 | | | | | |
| | 5,000,000 | | | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | | 11/15/2047 | | | 3.65 | | | | 5,000,000 | | | | 4,784,400 | | | | | |
| | 500,000 | | | COPPERLEAF CO MET DIST #2 | | 12/1/2030 | | | 5.25 | | | | 500,000 | | | | 520,585 | | | | | |
| | 500,000 | | | COPPERLEAF CO MET DIST #2 | | 12/1/2045 | | | 5.75 | | | | 500,000 | | | | 519,875 | | | | | |
| | 1,105,000 | | | CORONA-NORCO CA UNIF SCH DIST | | 8/1/2039 | | | 6.80 | | | | 1,104,492 | | | | 1,443,870 | | | | | |
| | 637,000 | | | CORTLAND IL SPL TAX REVENUE(c) | | 3/1/2017 | | | 5.50 | | | | 633,881 | | | | 127,400 | | | | | |
| | 500,000 | | | COVENTRY OH LOCAL SCH DIST | | 11/1/2037 | | | 5.25 | | | | 503,256 | | | | 527,620 | | | | | |
| | 750,000 | | | CRYSTAL CO CROSSING MET DIST | | 12/1/2040 | | | 5.25 | | | | 750,000 | | | | 741,308 | | | | | |
| | 1,000,000 | | | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE | | 11/1/2037 | | | 5.25 | | | | 1,006,773 | | | | 1,099,440 | | | | | |
| | 2,000,000 | | | DAMON RUN IN CONSERVANCY DIST | | 7/1/2025 | | | 6.10 | | | | 2,003,395 | | | | 2,043,040 | | | | | |
| | 1,000,000 | | | DAMON RUN IN CONSERVANCY DIST | | 1/1/2027 | | | 6.38 | | | | 1,001,331 | | | | 1,022,470 | | | | | |
| | 800,000 | | | DAUPHIN CNTY PA GEN AUTH UNIV REVENUE(d) | | 10/15/2022 | | | 4.00 | | | | 798,513 | | | | 794,136 | | | | | |
| | 1,000,000 | | | DAVIE FL EDUCTNL FACS REVENUE | | 4/1/2042 | | | 6.00 | | | | 1,016,395 | | | | 1,119,940 | | | | | |
| | 500,000 | | | DAVIESS CNTY IN HOSP ASSN LEASE RENTAL REVENUE | | 1/15/2029 | | | 5.25 | | | | 492,317 | | | | 522,730 | | | | | |
| | 1,000,000 | | | DAYTON-MONTGOMERY CNTY OH PORT AUTH PROJ REVENUE | | 1/15/2040 | | | 7.00 | | | | 1,000,000 | | | | 1,026,100 | | | | | |
| | 500,000 | | | DECATUR IL | | 3/1/2034 | | | 5.00 | | | | 511,390 | | | | 539,520 | | | | | |
| | 1,000,000 | | | DEKALB/KANE/LA SALLE CNTYS IL CMNTY CLG DIST #523(f) | | 2/1/2029 | | | 0.00 | | | | 605,266 | | | | 573,500 | | | | | |
| | 1,000,000 | | | DEL MAR CA RACE TRACK AUTH | | 10/1/2035 | | | 5.00 | | | | 1,041,843 | | | | 1,066,670 | | | | | |
| | 220,000 | | | DELAWARE ST HSG AUTH REVENUE | | 7/1/2031 | | | 5.20 | | | | 220,000 | | | | 222,033 | | | | | |
| | 1,000,000 | | | DENVER CO URBAN RENEWAL AUTH TAX INCR REVENUE(d) | | 12/1/2039 | | | 5.25 | | | | 984,960 | | | | 988,690 | | | | | |
| | 500,000 | | | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | | 7/1/2033 | | | 5.45 | | | | 500,000 | | | | 526,395 | | | | | |
| | 1,000,000 | | | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | | 6/1/2040 | | | 4.90 | | | | 1,000,000 | | | | 1,057,140 | | | | | |
| | 1,000,000 | | | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | | 6/1/2041 | | | 5.00 | | | | 1,000,000 | | | | 1,071,210 | | | | | |
| | 1,200,000 | | | DIST OF COLUMBIA REVENUE | | 7/1/2037 | | | 5.00 | | | | 1,200,000 | | | | 1,203,288 | | | | | |
| | 1,000,000 | | | DISTRICT OF COLUMBIA HSG FIN AGY | | 9/1/2043 | | | 4.05 | | | | 1,000,000 | | | | 1,012,450 | | | | | |
| | 1,000,000 | | | DOUGLAS CNTY CO MF REVENUE | | 10/1/2029 | | | 4.50 | | | | 1,000,000 | | | | 1,033,050 | | | | | |
| | 500,000 | | | DOWDEN WEST CMNTY DEV DIST FL SPL ASSMNT REVENUE(d) | | 5/1/2039 | | | 5.40 | | | | 500,000 | | | | 502,320 | | | | | |
| | 3,000,000 | | | DUBLIN CA UNIF SCH DIST(f) | | 8/1/2034 | | | 0.00 | | | | 1,127,337 | | | | 1,155,000 | | | | | |
| | 1,000,000 | | | EAST CHICAGO IN SAN DIST REVENUE | | 7/15/2035 | | | 4.00 | | | | 993,270 | | | | 1,039,740 | | | | | |
| | 1,500,000 | | | EAST MORGAN CNTY CO HOSP DIST COPS | | 12/1/2038 | | | 5.88 | | | | 1,500,000 | | | | 1,511,610 | | | | | |
| | 2,045,000 | | | EDEN TWP CA HOSP DIST COPS | | 6/1/2030 | | | 6.00 | | | | 2,028,255 | | | | 2,168,252 | | | | | |
| | 750,000 | | | EL PASO DE ROBLES CA REDEV AGY TAX ALLOCATION REVENUE | | 7/1/2033 | | | 6.38 | | | | 743,315 | | | | 766,777 | | | | | |
| | 1,000,000 | | | EL PASO TX DOWNTOWN DEV CORP SPL REVENUE | | 8/15/2038 | | | 7.25 | | | | 1,051,844 | | | | 1,207,800 | | | | | |
| | 1,000,000 | | | ENCINITAS CA UNION SCH DIST (STEP TO 6.75% ON 8/1/2022)(b) | | 8/1/2035 | | | 0.00 | | | | 788,524 | | | | 1,151,640 | | | | | |
| | 1,155,000 | | | ENTERPRISE CA ELEM SCH DIST (STEP TO 6.20% ON 8/1/2021)(b) | | 8/1/2035 | | | 0.00 | | | | 986,448 | | | | 1,292,399 | | | | | |
| | 1,000,000 | | | ERIE CNTY PA HOSP AUTH | | 7/1/2027 | | | 7.00 | | | | 1,000,000 | | | | 1,074,020 | | | | | |
| | 600,000 | | | ESCONDIDO CA SPL TAX | | 9/1/2036 | | | 5.00 | | | | 639,096 | | | | 671,940 | | | | | |
| | 750,000 | | | EVANSVILLE IN MF HSG REVENUE | | 1/1/2038 | | | 5.45 | | | | 750,000 | | | | 720,848 | | | | | |
| | 500,000 | | | FAIRFAX CNTY VA REDEV & HSG AUTH MF REVENUE | | 8/1/2039 | | | 5.60 | | | | 500,000 | | | | 500,770 | | | | | |
| | 1,000,000 | | | FAYETTE CNTY KY SCH DIST FIN CORP | | 8/1/2033 | | | 4.00 | | | | 990,895 | | | | 1,049,520 | | | | | |
| | 1,000,000 | | | FESTIVAL RANCH AZ CMNTY FACS DIST | | 7/15/2024 | | | 6.25 | | | | 1,001,301 | | | | 1,016,680 | | | | | |
| | 315,000 | | | FIDDLERS CREEK FL CDD #2 SPL ASSMNT REVENUE(c) | | 5/1/2013 | | | 5.75 | | | | 314,118 | | | | 198,450 | | | | | |
| | 750,000 | | | FISHHAWK CCD IV FL SPL ASSMNT REVENUE | | 5/1/2033 | | | 7.00 | | | | 750,000 | | | | 774,390 | | | | | |
| | 1,000,000 | | | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE(d) | | 6/15/2035 | | | 6.00 | | | | 1,001,013 | | | | 1,036,710 | | | | | |
| | 160,000 | | | FLORIDA ST HSG FIN CORP REVENUE | | 7/1/2026 | | | 5.00 | | | | 160,116 | | | | 164,155 | | | | | |
| | 850,000 | | | FLORIDA ST HSG FIN CORP REVENUE | | 7/1/2035 | | | 3.75 | | | | 850,000 | | | | 857,735 | | | | | |
| | 665,000 | | | FLORIDA ST HSG FIN CORP REVENUE | | 7/1/2039 | | | 4.20 | | | | 665,000 | | | | 680,834 | | | | | |
| See accompanying notes to financial statements. | 53 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2018
| | | | | | | | | | | | | | | | | | |
| Par/Shares | | | Security | | Maturity
date | | Coupon
rate | | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| Municipal Bonds (Cont’d): | | | | | | | | | | | | | | | | | |
| | 2,000,000 | | | FLORIDA ST HSG FIN CORP REVENUE | | 1/1/2045 | | | 4.20 | | | $ | 2,000,000 | | | | 2,049,720 | | | | | |
| | 1,200,000 | | | FORT SILL APACHE TRIBE OK ECONDEV AUTH GAMING ENTERPRISE REV(d) | | 8/25/2026 | | | 8.50 | | | | 1,200,000 | | | | 1,359,960 | | | | | |
| | 1,000,000 | | | FRANKLIN CNTY KS UNIF SCH DIST #290 | | 9/1/2039 | | | 4.75 | | | | 1,039,884 | | | | 1,089,780 | | | | | |
| | 1,000,000 | | | FRANKLIN TN HLTH & EDUCTNL FACS BRD REVENUE(d) | | 6/1/2027 | | | 6.50 | | | | 1,000,000 | | | | 1,019,870 | | | | | |
| | 845,000 | | | FULTON CNTY GA DEV AUTH | | 11/1/2028 | | | 5.25 | | | | 730,962 | | | | 819,084 | | | | | |
| | 1,000,000 | | | FYI PROPERTIES WA LEASE REVENUE | | 6/1/2034 | | | 5.50 | | | | 984,622 | | | | 1,013,480 | | | | | |
| | 3,500,000 | | | GEORGIA ST HSG & FIN AUTH REVENUE | | 12/1/2037 | | | 3.80 | | | | 3,500,000 | | | | 3,516,345 | | | | | |
| | 2,000,000 | | | GEORGIA ST HSG & FIN AUTH REVENUE | | 12/1/2037 | | | 4.00 | | | | 2,000,000 | | | | 2,018,020 | | | | | |
| | 1,000,000 | | | GEORGIA ST HSG & FIN AUTH REVENUE | | 12/1/2038 | | | 3.85 | | | | 1,000,000 | | | | 1,009,290 | | | | | |
| | 1,000,000 | | | GEORGIA ST HSG & FIN AUTH REVENUE | | 12/1/2039 | | | 4.00 | | | | 1,000,000 | | | | 1,016,020 | | | | | |
| | 4,500,000 | | | GEORGIA ST HSG & FIN AUTH REVENUE | | 12/1/2040 | | | 3.80 | | | | 4,500,000 | | | | 4,502,350 | | | | | |
| | 1,000,000 | | | GEORGIA ST HSG & FIN AUTH REVENUE | | 12/1/2041 | | | 3.85 | | | | 1,003,903 | | | | 1,001,050 | | | | | |
| | 1,740,000 | | | GEORGIA ST HSG & FIN AUTH REVENUE | | 12/1/2042 | | | 3.55 | | | | 1,740,000 | | | | 1,666,729 | | | | | |
| | 1,950,000 | | | GEORGIA ST HSG & FIN AUTH REVENUE | | 12/1/2043 | | | 3.90 | | | | 1,943,408 | | | | 1,954,153 | | | | | |
| | 1,100,000 | | | GEORGIA ST HSG & FIN AUTH REVENUE | | 12/1/2048 | | | 4.00 | | | | 1,100,000 | | | | 1,108,580 | | | | | |
| | 2,000,000 | | | GEORGIA ST HSG & FIN AUTH REVENUE | | 12/1/2048 | | | 4.20 | | | | 2,014,854 | | | | 2,046,260 | | | | | |
| | 600,000 | | | GLENDALE AZ INDL DEV AUTH | | 11/15/2036 | | | 5.00 | | | | 616,415 | | | | 601,668 | | | | | |
| | 550,000 | | | GLENDALE AZ INDL DEV AUTH | | 11/15/2046 | | | 5.25 | | | | 558,819 | | | | 545,985 | | | | | |
| | 1,500,000 | | | GRAND PARKWAY TRANSPRTN CORP TX SYS TOLL REVENUE (STEP TO 5.50% ON 10/1/2023)(b) | | 10/1/2035 | | | 0.00 | | | | 1,158,568 | | | | 1,451,190 | | | | | |
| | 1,010,000 | | | HAMILTON CNTY OH HLTH CARE REVENUE | | 1/1/2031 | | | 6.13 | | | | 989,014 | | | | 1,080,124 | | | | | |
| | 1,250,000 | | | HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE | | 8/15/2021 | | | 6.75 | | | | 1,250,000 | | | | 1,288,687 | | | | | |
| | 1,500,000 | | | HARTNELL CA CMNTY CLG DIST (STEP TO 7.00% ON 8/1/2022)(b) | | 8/1/2034 | | | 0.00 | | | | 1,172,232 | | | | 1,592,130 | | | | | |
| | 3,500,000 | | | HEALDSBURG CA UNIF SCH DIST (STEP TO 4.60% ON 8/1/2022)(b) | | 8/1/2037 | | | 0.00 | | | | 2,971,703 | | | | 3,179,575 | | | | | |
| | 1,000,000 | | | HELENDALE CA SCH DIST (STEP TO 6.25% ON 8/1/2019)(b) | | 8/1/2034 | | | 0.00 | | | | 964,179 | | | | 1,248,800 | | | | | |
| | 750,000 | | | HEMPSTEAD TOWN NY LOCAL DEV CORP REVENUE | | 9/1/2038 | | | 5.00 | | | | 753,995 | | | | 818,857 | | | | | |
| | 800,000 | | | HERITAGE HARBOUR FL N CDD SPL ASSMNT | | 5/1/2034 | | | 5.00 | | | | 800,000 | | | | 836,120 | | | | | |
| | 1,000,000 | | | HIDALGO CNTY TX REGL MOBILITY AUTH VEHICLE REGISTRATION FEE | | 12/1/2038 | | | 5.25 | | | | 1,019,921 | | | | 1,125,340 | | | | | |
| | 1,500,000 | | | HOUSTON TX HGR EDU FIN CORP | | 9/1/2038 | | | 5.50 | | | | 1,524,763 | | | | 1,657,005 | | | | | |
| | 750,000 | | | IDAHO ST HLTH FACS AUTH REVENUE | | 10/1/2024 | | | 7.00 | | | | 750,000 | | | | 815,827 | | | | | |
| | 750,000 | | | IDAHO ST HLTH FACS AUTH REVENUE | | 10/1/2029 | | | 7.38 | | | | 743,070 | | | | 811,095 | | | | | |
| | 1,000,000 | | | IDAHO ST HLTH FACS AUTH REVENUE | | 10/1/2044 | | | 8.00 | | | | 1,051,348 | | | | 1,106,050 | | | | | |
| | 1,500,000 | | | ILLINOIS ST | | 2/1/2030 | | | 4.00 | | | | 1,493,287 | | | | 1,559,850 | | | | | |
| | 500,000 | | | ILLINOIS ST | | 7/1/2033 | | | 5.50 | | | | 498,790 | | | | 528,465 | | | | | |
| | 1,000,000 | | | ILLINOIS ST EDUCTNL FACS AUTH | | 11/1/2036 | | | 4.50 | | | | 1,000,000 | | | | 1,033,600 | | | | | |
| | 500,000 | | | ILLINOIS ST FIN AUTH EDU REVENUE | | 9/1/2032 | | | 6.00 | | | | 500,000 | | | | 549,915 | | | | | |
| | 675,000 | | | ILLINOIS ST FIN AUTH EDUCTNL FAC REVENUE | | 2/1/2034 | | | 6.00 | | | | 680,832 | | | | 698,794 | | | | | |
| | 515,000 | | | ILLINOIS ST FIN AUTH REVENUE | | 8/15/2026 | | | 6.00 | | | | 515,000 | | | | 515,314 | | | | | |
| | 500,000 | | | ILLINOIS ST FIN AUTH REVENUE | | 5/15/2036 | | | 5.00 | | | | 501,505 | | | | 515,820 | | | | | |
| | 750,000 | | | ILLINOIS ST FIN AUTH REVENUE | | 12/1/2037 | | | 5.00 | | | | 768,455 | | | | 774,277 | | | | | |
| | 500,000 | | | ILLINOIS ST FIN AUTH REVENUE | | 3/1/2038 | | | 6.00 | | | | 487,213 | | | | 503,360 | | | | | |
| | 500,000 | | | ILLINOIS ST FIN AUTH REVENUE | | 5/1/2038 | | | 5.25 | | | | 509,207 | | | | 509,190 | | | | | |
| | 1,450,000 | | | ILLINOIS ST FIN AUTH REVENUE | | 5/15/2038 | | | 5.13 | | | | 1,409,094 | | | | 1,412,561 | | | | | |
| | 1,000,000 | | | ILLINOIS ST FIN AUTH REVENUE | | 5/15/2045 | | | 5.00 | | | | 1,067,207 | | | | 1,033,510 | | | | | |
| | 715,000 | | | ILLINOIS ST HSG DEV AUTH | | 7/1/2034 | | | 4.95 | | | | 715,000 | | | | 758,072 | | | | | |
| | 1,000,000 | | | ILLINOIS ST HSG DEV AUTH REVENUE | | 4/1/2041 | | | 3.88 | | | | 1,000,000 | | | | 1,001,710 | | | | | |
| | 1,000,000 | | | ILLINOIS ST SALES TAX REVENUE | | 6/15/2033 | | | 5.00 | | | | 1,078,038 | | | | 1,071,520 | | | | | |
| | 1,500,000 | | | ILLINOIS ST SPORTS FACS AUTH | | 6/15/2031 | | | 5.25 | | | | 1,582,721 | | | | 1,649,490 | | | | | |
| | 1,000,000 | | | IMPERIAL CA CMNTY CLG DIST | | 8/1/2040 | | | 6.75 | | | | 1,008,087 | | | | 1,293,520 | | | | | |
| | 500,000 | | | INDIANA ST BOND BANK REVENUE | | 2/1/2029 | | | 5.50 | | | | 493,518 | | | | 501,440 | | | | | |
| | 3,000,000 | | | INDIANA ST FIN AUTH REVENUE | | 9/15/2030 | | | 6.50 | | | | 3,029,399 | | | | 3,228,960 | | | | | |
| | 500,000 | | | INDIANA ST FIN AUTH REVENUE | | 11/15/2031 | | | 5.50 | | | | 494,080 | | | | 525,215 | | | | | |
| | 1,000,000 | | | INDIANA ST FIN AUTH REVENUE | | 11/15/2033 | | | 6.50 | | | | 988,209 | | | | 1,086,470 | | | | | |
| | 1,000,000 | | | INDIANA ST FIN AUTH REVENUE | | 3/1/2041 | | | 5.00 | | | | 1,029,416 | | | | 1,062,020 | | | | | |
| | 500,000 | | | INDIANA ST FIN AUTH REVENUE | | 11/15/2041 | | | 5.88 | | | | 529,762 | | | | 548,935 | | | | | |
| | 1,000,000 | | | INDIANA ST FIN AUTH REVENUE | | 11/15/2041 | | | 6.00 | | | | 987,646 | | | | 1,105,750 | | | | | |
| | 1,000,000 | | | INDIANA ST FIN AUTH REVENUE | | 11/15/2046 | | | 5.25 | | | | 1,034,465 | | | | 1,041,770 | | | | | |
| See accompanying notes to financial statements. | 54 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2018
| Par/Shares | | | Security | | Maturity
date | | Coupon
rate | | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| Municipal Bonds (Cont’d): | | | | | | | | | | | | | | | | | |
| | 1,500,000 | | | INDIANA ST HSG & CMNTY DEV AUTH MF HSG REVENUE | | 1/1/2036 | | | 5.75 | | | $ | 1,500,000 | | | | 1,395,465 | | | | | |
| | 1,500,000 | | | IOWA ST FIN AUTH REVENUE | | 5/15/2036 | | | 5.00 | | | | 1,640,959 | | | | 1,562,730 | | | | | |
| | 700,000 | | | KALISPEL TRIBE OF INDIANS PRIORITY DIST WA REVENUE(d) | | 1/1/2038 | | | 5.25 | | | | 685,953 | | | | 735,308 | | | | | |
| | 630,000 | | | KANSAS CITY MO INDL DEV AUTH | | 9/1/2023 | | | 5.45 | | | | 630,000 | | | | 644,402 | | | | | |
| | 1,000,000 | | | KANSAS CITY MO INDL DEV AUTH | | 11/20/2039 | | | 5.10 | | | | 1,000,000 | | | | 1,026,190 | | | | | |
| | 1,300,000 | | | KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE(d) | | 11/15/2036 | | | 5.75 | | | | 1,300,000 | | | | 1,106,261 | | | | | |
| | 885,000 | | | KENTUCKY ST HSG CORP HSG REVENUE | | 7/1/2028 | | | 3.75 | | | | 874,535 | | | | 909,134 | | | | | |
| | 750,000 | | | KING CNTY WA HSG AUTH | | 5/1/2028 | | | 5.20 | | | | 750,000 | | | | 751,665 | | | | | |
| | 1,000,000 | | | KIRKWOOD MO INDL DEV AUTH RETMNT CMNTY REVENUE | | 5/15/2037 | | | 5.25 | | | | 1,020,296 | | | | 1,043,250 | | | | | |
| | 500,000 | | | LAKE CNTY IL SCH DIST #33 | | 12/1/2040 | | | 5.00 | | | | 520,723 | | | | 522,435 | | | | | |
| | 750,000 | | | LAKE CNTY OH PORT & ECON DEV AUTH LEASE REVENUE(d) | | 12/1/2037 | | | 6.50 | | | | 750,000 | | | | 770,340 | | | | | |
| | 240,000 | | | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | | 5/1/2025 | | | 4.25 | | | | 239,598 | | | | 241,162 | | | | | |
| | 1,600,000 | | | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | | 5/1/2030 | | | 7.40 | | | | 1,587,870 | | | | 1,752,512 | | | | | |
| | 735,000 | | | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | | 5/1/2033 | | | 6.70 | | | | 735,000 | | | | 785,965 | | | | | |
| | 1,000,000 | | | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | | 5/1/2034 | | | 5.35 | | | | 1,000,000 | | | | 1,039,620 | | | | | |
| | 1,400,000 | | | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | | 5/1/2036 | | | 5.00 | | | | 1,400,000 | | | | 1,393,392 | | | | | |
| | 750,000 | | | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(d) | | 5/1/2037 | | | 5.00 | | | | 744,650 | | | | 751,973 | | | | | |
| | 750,000 | | | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | | 5/1/2037 | | | 5.25 | | | | 745,575 | | | | 767,205 | | | | | |
| | 700,000 | | | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | | 5/1/2038 | | | 5.00 | | | | 700,000 | | | | 675,563 | | | | | |
| | 1,000,000 | | | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(d) | | 5/1/2039 | | | 5.30 | | | | 1,000,000 | | | | 1,003,870 | | | | | |
| | 1,000,000 | | | LAMBERTSON FARMS CO MET DIST #1REVENUE | | 12/15/2025 | | | 5.00 | | | | 991,140 | | | | 987,280 | | | | | |
| | 500,000 | | | LAMBERTSON FARMS CO MET DIST #1REVENUE | | 12/15/2035 | | | 5.50 | | | | 500,000 | | | | 492,945 | | | | | |
| | 2,000,000 | | | LAS VEGAS NV REDEV AGY TAX INCR REVENUE | | 6/15/2023 | | | 7.50 | | | | 1,990,563 | | | | 2,050,560 | | | | | |
| | 650,000 | | | LEE CNTY FL INDL DEV AUTH(d) | | 12/1/2032 | | | 5.38 | | | | 650,000 | | | | 645,879 | | | | | |
| | 700,000 | | | LEE CNTY FL INDL DEV AUTH(d) | | 12/1/2052 | | | 5.75 | | | | 684,646 | | | | 700,441 | | | | | |
| | 750,000 | | | LEWISVILLE TX COMB CONTRACT REVENUE | | 9/1/2024 | | | 3.00 | | | | 744,201 | | | | 759,608 | | | | | |
| | 465,000 | | | LEXINGTON OAKS FL CDD SPL ASSMNT REVENUE | | 5/1/2033 | | | 5.65 | | | | 465,000 | | | | 480,852 | | | | | |
| | 750,000 | | | LEYDEN ROCK MET DIST #10 | | 12/1/2045 | | | 5.00 | | | | 766,952 | | | | 750,345 | | | | | |
| | 1,000,000 | | | LITTLETON VLG MET DIST #2 COLO SPL REV | | 12/1/2045 | | | 5.38 | | | | 996,437 | | | | 1,009,600 | | | | | |
| | 385,000 | | | LONG LAKE RANCH CMNTY DEV DIST FLA CAP IMPT REV | | 5/1/2024 | | | 5.63 | | | | 385,000 | | | | 393,251 | | | | | |
| | 250,000 | | | LONG LAKE RANCH CMNTY DEV DISTFLA CAP IMPT REV | | 5/1/2026 | | | 4.00 | | | | 249,684 | | | | 247,485 | | | | | |
| | 500,000 | | | LONG LAKE RESERVE CMNTY DEV DIST SPL ASSMNT | | 5/1/2038 | | | 5.00 | | | | 498,745 | | | | 486,675 | | | | | |
| | 1,000,000 | | | LOUISIANA ST ENERGY & PWR AUTH PWR PROJ REVENUE | | 6/1/2038 | | | 5.25 | | | | 1,011,733 | | | | 1,100,540 | | | | | |
| | 220,000 | | | LOUISIANA ST HSG FIN AGY SF MTGE REVENUE | | 12/1/2034 | | | 5.10 | | | | 220,000 | | | | 221,386 | | | | | |
| | 500,000 | | | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH | | 11/15/2025 | | | 5.25 | | | | 527,970 | | | | 525,760 | | | | | |
| | 1,000,000 | | | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH | | 11/15/2030 | | | 6.00 | | | | 1,013,959 | | | | 1,086,470 | | | | | |
| | 700,000 | | | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(d) | | 11/1/2037 | | | 5.65 | | | | 700,000 | | | | 717,444 | | | | | |
| | 700,000 | | | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(d) | | 11/1/2039 | | | 5.50 | | | | 700,000 | | | | 708,820 | | | | | |
| | 500,000 | | | LOUISIANA ST PUBLIC FACS AUTH HOSP REVENUE | | 7/1/2035 | | | 5.00 | | | | 534,834 | | | | 549,977 | | | | | |
| See accompanying notes to financial statements. | 55 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2018
| Par/Shares | | | Security | | Maturity
date | | Coupon
rate | | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| Municipal Bonds (Cont’d): | | | | | | | | | | | | | | | | | | |
| | 1,000,000 | | | LOUISIANA ST PUBLIC FACS AUTH HOSP REVENUE | | 7/1/2047 | | | 5.00 | | | $ | 1,101,733 | | | | 1,088,690 | | | | | |
| | 750,000 | | | LOUISIANA ST PUBLIC FACS AUTH REVENUE | | 5/1/2031 | | | 6.50 | | | | 747,426 | | | | 787,650 | | | | | |
| | 415,000 | | | LOUISIANA ST PUBLIC FACS AUTH REVENUE (FLOATING, ICE LIBOR USD 3M + 0.70%)(e) | | 2/15/2036 | | | 2.45 | | | | 415,000 | | | | 397,840 | | | | | |
| | 500,000 | | | LUCAS CNTY OH HLTH CARE FACS REVENUE | | 8/15/2030 | | | 5.50 | | | | 493,634 | | | | 527,340 | | | | | |
| | 1,500,000 | | | LUCAS MET HSG AUTH OH COPS | | 11/1/2036 | | | 5.00 | | | | 1,561,534 | | | | 1,578,690 | | | | | |
| | 1,480,000 | | | LUZERNE CNTY PA | | 11/1/2026 | | | 7.00 | | | | 1,491,949 | | | | 1,537,764 | | | | | |
| | 1,000,000 | | | MACON & MOULTRIE CNTYS IL CMNTY SCH DIST #3 MOUNT ZION | | 12/1/2041 | | | 5.50 | | | | 1,019,772 | | | | 1,104,800 | | | | | |
| | 1,000,000 | | | MACON CNTY IL SCH DIST #61 | | 1/1/2037 | | | 5.25 | | | | 1,008,843 | | | | 1,054,180 | | | | | |
| | 1,080,000 | | | MACOUPIN SANGAMON & MONTGOMERY CNTYS IL CMNTY SCH DIST #34 | | 12/1/2037 | | | 4.25 | | | | 1,110,330 | | | | 1,107,853 | | | | | |
| | 250,000 | | | MAGNOLIA CREEK FL CDD CAPITAL IMPT REVENUE(c) | | 5/1/2014 | | | 5.60 | | | | 250,000 | | | | 56,250 | | | | | |
| | 1,000,000 | | | MAINE ST HSG AUTH MTGE PURCHASE | | 11/15/2035 | | | 4.00 | | | | 1,000,000 | | | | 1,019,890 | | | | | |
| | 1,000,000 | | | MAINE ST HSG AUTH MTGE PURCHASE | | 11/15/2036 | | | 3.90 | | | | 1,000,000 | | | | 1,016,630 | | | | | |
| | 1,000,000 | | | MAINE ST HSG AUTH MTGE PURCHASE | | 11/15/2040 | | | 3.55 | | | | 1,000,000 | | | | 960,190 | | | | | |
| | 1,500,000 | | | MAINE ST HSG AUTH MTGE PURCHASE | | 11/15/2040 | | | 3.85 | | | | 1,500,000 | | | | 1,488,975 | | | | | |
| | 500,000 | | | MAINE ST HSG AUTH MTGE PURCHASE | | 11/15/2042 | | | 4.05 | | | | 500,000 | | | | 505,065 | | | | | |
| | 430,000 | | | MAINE ST HSG AUTH MTGE REVENUE | | 11/15/2037 | | | 4.50 | | | | 430,000 | | | | 441,644 | | | | | |
| | 1,000,000 | | | MALTA IL TAX INCR REVENUE(c) | | 12/30/2025 | | | 5.75 | | | | 1,000,000 | | | | 320,000 | | | | | |
| | 500,000 | | | MANATEE CNTY FL SCH BRD COPS | | 7/1/2031 | | | 5.63 | | | | 496,648 | | | | 545,420 | | | | | |
| | 800,000 | | | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE | | 7/1/2035 | | | 5.00 | | | | 847,706 | | | | 816,528 | | | | | |
| | 750,000 | | | MARICOPA CNTY AZ INDL DEV AUTH SENIOR LIVING FACS REVENUE(d) | | 1/1/2036 | | | 5.75 | | | | 741,928 | | | | 747,585 | | | | | |
| | 462,000 | | | MARQUIS VA CMNTY DEV AUTH REVENUE(f) | | 9/1/2041 | | | 0.00 | | | | 145,556 | | | | 23,174 | | | | | |
| | 349,000 | | | MARQUIS VA CMNTY DEV AUTH REVENUE | | 9/1/2041 | | | 5.63 | | | | 374,890 | | | | 233,861 | | | | | |
| | 745,000 | | | MARSHALL CREEK FL CDD SPL ASSMNT | | 5/1/2032 | | | 5.00 | | | | 759,133 | | | | 741,364 | | | | | |
| | 750,000 | | | MARTINEZ CA UNIF SCH DIST | | 8/1/2035 | | | 6.13 | | | | 748,115 | | | | 920,055 | | | | | |
| | 500,000 | | | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | | 7/1/2031 | | | 4.50 | | | | 500,000 | | | | 523,050 | | | | | |
| | 562,947 | | | MASHANTUCKET WSTRN PEQUOT TRIBE CT | | 7/1/2031 | | | 6.05 | | | | 582,196 | | | | 19,281 | | | | | |
| | 775,000 | | | MASSACHUSETTS ST DEV FIN AGY REVENUE | | 7/1/2030 | | | 6.38 | | | | 767,195 | | | | 820,795 | | | | | |
| | 700,000 | | | MASSACHUSETTS ST DEV FIN AGY REVENUE(d) | | 10/1/2047 | | | 5.00 | | | | 749,587 | | | | 713,860 | | | | | |
| | 685,000 | | | MASSACHUSETTS ST EDUCTNL FING AUTH | | 1/1/2028 | | | 5.25 | | | | 685,000 | | | | 700,803 | | | | | |
| | 700,000 | | | MASSACHUSETTS ST HSG FIN AGY | | 12/1/2033 | | | 5.00 | | | | 700,000 | | | | 732,928 | | | | | |
| | 700,000 | | | MASSACHUSETTS ST HSG FIN AGY | | 12/1/2038 | | | 5.15 | | | | 700,000 | | | | 731,080 | | | | | |
| | 1,000,000 | | | MASSACHUSETTS ST HSG FIN AGY | | 12/1/2043 | | | 5.00 | | | | 1,000,000 | | | | 1,050,350 | | | | | |
| | 625,000 | | | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | | 6/1/2040 | | | 5.05 | | | | 625,000 | | | | 628,731 | | | | | |
| | 2,770,000 | | | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | | 12/1/2043 | | | 4.00 | | | | 2,770,000 | | | | 2,770,914 | | | | | |
| | 2,000,000 | | | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | | 6/1/2046 | | | 4.20 | | | | 2,000,000 | | | | 2,024,100 | | | | | |
| | 160,000 | | | MEAD NE TAX INCR REVENUE(c) | | 7/1/2012 | | | 5.13 | | | | 160,000 | | | | 14,880 | | | | | |
| | 1,000,000 | | | MEDFORD OR HOSP FACS AUTH REVENUE | | 10/1/2042 | | | 5.00 | | | | 1,027,599 | | | | 1,055,590 | | | | | |
| | 600,000 | | | MERRILLVILLE IN ECON DEV REVENUE | | 4/1/2036 | | | 5.75 | | | | 600,000 | | | | 552,510 | | | | | |
| | 500,000 | | | MET PIER & EXPOSITION AUTH IL REVENUE | | 6/15/2057 | | | 5.00 | | | | 521,246 | | | | 511,580 | | | | | |
| | 1,000,000 | | | MIAMI FL HLTH FACS AUTH | | 7/1/2038 | | | 5.13 | | | | 1,039,414 | | | | 1,078,850 | | | | | |
| | 135,000 | | | MIAMI-DADE CNTY FL HLTH FACS AUTH HOSP REVENUE | | 8/1/2030 | | | 6.00 | | | | 131,055 | | | | 142,694 | | | | | |
| | 750,000 | | | MICHIGAN ST FIN AUTH REVENUE | | 11/15/2035 | | | 5.25 | | | | 745,808 | | | | 758,565 | | | | | |
| | 1,500,000 | | | MICHIGAN ST HOSP FIN AUTH | | 6/1/2034 | | | 6.13 | | | | 1,504,401 | | | | 1,526,850 | | | | | |
| | 1,850,000 | | | MICHIGAN ST HSG DEV AUTH | | 10/1/2035 | | | 4.10 | | | | 1,850,000 | | | | 1,895,602 | | | | | |
| | 855,000 | | | MICHIGAN ST HSG DEV AUTH | | 12/1/2035 | | | 3.95 | | | | 855,000 | | | | 869,868 | | | | | |
| | 1,000,000 | | | MICHIGAN ST HSG DEV AUTH | | 12/1/2036 | | | 3.70 | | | | 1,000,000 | | | | 1,001,190 | | | | | |
| | 940,000 | | | MICHIGAN ST HSG DEV AUTH | | 12/1/2040 | | | 3.95 | | | | 940,000 | | | | 944,070 | | | | | |
| See accompanying notes to financial statements. | 56 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2018
| Par/Shares | | | Security | | Maturity
date | | Coupon
rate | | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| Municipal Bonds (Cont’d): | | | | | | | | | | | | | | | | | | |
| | 600,000 | | | MICHIGAN ST HSG DEV AUTH | | 10/1/2042 | | | 3.75 | | | $ | 600,000 | | | | 587,028 | | | | | |
| | 1,650,000 | | | MICHIGAN ST HSG DEV AUTH | | 10/1/2043 | | | 4.00 | | | | 1,650,000 | | | | 1,639,654 | | | | | |
| | 315,000 | | | MICHIGAN ST HSG DEV AUTH | | 12/1/2045 | | | 3.70 | | | | 315,000 | | | | 310,609 | | | | | |
| | 2,500,000 | | | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | | 12/1/2038 | | | 4.13 | | | | 2,500,000 | | | | 2,562,775 | | | | | |
| | 1,000,000 | | | MICHIGAN ST MUNI BOND AUTH | | 5/1/2023 | | | 5.75 | | | | 1,001,456 | | | | 1,013,280 | | | | | |
| | 500,000 | | | MICHIGAN ST PUBLIC EDUCTNL FACS AUTH | | 11/1/2028 | | | 6.35 | | | | 500,000 | | | | 500,635 | | | | | |
| | 200,000 | | | MINNESOTA ST HSG FIN AGY | | 7/1/2034 | | | 5.05 | | | | 200,000 | | | | 201,486 | | | | | |
| | 395,000 | | | MINNESOTA ST HSG FIN AGY | | 1/1/2040 | | | 5.10 | | | | 395,000 | | | | 397,741 | | | | | |
| | 1,000,000 | | | MISHAWAKA IN MF HSG REVENUE(d) | | 1/1/2038 | | | 5.38 | | | | 1,000,000 | | | | 976,170 | | | | | |
| | 1,000,000 | | | MISSISSIPPI ST DEV BANK SPL OBLG | | 10/1/2031 | | | 6.50 | | | | 978,774 | | | | 1,046,800 | | | | | |
| | 35,000 | | | MISSOURI ST HSG DEV COMMISSION SF HSG REVENUE | | 9/1/2034 | | | 5.35 | | | | 35,000 | | | | 35,124 | | | | | |
| | 1,000,000 | | | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | | 11/1/2048 | | | 3.80 | | | | 1,000,000 | | | | 977,240 | | | | | |
| | 920,000 | | | MONTANA ST BRD OF HSG | | 12/1/2038 | | | 3.75 | | | | 920,000 | | | | 930,442 | | | | | |
| | 600,000 | | | MONTANA ST BRD OF HSG | | 12/1/2038 | | | 5.20 | | | | 600,000 | | | | 636,552 | | | | | |
| | 1,000,000 | | | MONTANA ST BRD OF HSG(g) | | 6/1/2045 | | | 0.00 | | | | 1,000,000 | | | | 1,003,070 | | | | | |
| | 935,000 | | | MONTANA ST BRD OF HSG SF MTGE | | 12/1/2037 | | | 3.95 | | | | 935,000 | | | | 948,314 | | | | | |
| | 840,000 | | | MONTANA ST BRD OF HSG SF MTGE | | 12/1/2038 | | | 4.00 | | | | 842,342 | | | | 862,957 | | | | | |
| | 500,000 | | | MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION MF REVENUE | | 7/1/2037 | | | 5.13 | | | | 500,000 | | | | 514,820 | | | | | |
| | 890,000 | | | MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION SF MTGE REVENUE | | 7/1/2038 | | | 4.00 | | | | 890,000 | | | | 895,011 | | | | | |
| | 700,000 | | | MORONGO BAND OF MISSION INDIANS CA REVENUE(d) | | 10/1/2042 | | | 5.00 | | | | 700,000 | | | | 714,021 | | | | | |
| | 631,973 | | | MOUNT CARBON CO MET DIST REVENUE | | 6/1/2043 | | | 7.00 | | | | 631,972 | | | | 568,775 | | | | | |
| | 200,000 | | | MOUNT CARBON CO MET DIST REVENUE(c) | | 6/1/2043 | | | 8.00 | | | | - | | | | 44,000 | | | | | |
| | 500,000 | | | MULTNOMAH CNTY OR HOSP FACS AUTH REVENUE | | 12/1/2029 | | | 5.00 | | | | 517,943 | | | | 526,805 | | | | | |
| | 615,000 | | | MUNSTER IN ECON DEV TAX INCR REVENUE | | 7/15/2026 | | | 4.75 | | | | 613,055 | | | | 664,581 | | | | | |
| | 371,000 | | | N CENTRL TEXAS ST HLTH FAC DEV CORP | | 2/15/2025 | | | 5.38 | | | | 371,000 | | | | 371,200 | | | | | |
| | 380,000 | | | N SPRINGS FL IMPT DIST | | 5/1/2027 | | | 6.00 | | | | 380,000 | | | | 394,980 | | | | | |
| | 1,000,000 | | | N TX TOLLWAY AUTH REVENUE | | 1/1/2034 | | | 6.00 | | | | 1,000,000 | | | | 1,079,870 | | | | | |
| | 1,000,000 | | | N TX TOLLWAY AUTH REVENUE | | 1/1/2042 | | | 6.20 | | | | 999,341 | | | | 1,190,680 | | | | | |
| | 600,000 | | | NASHVILLE MET DEV & HSG AGY TN TAX INCR REVENUE(d) | | 6/1/2036 | | | 5.13 | | | | 600,000 | | | | 620,112 | | | | | |
| | 1,000,000 | | | NATRONA CNTY WY HOSP REVENUE | | 9/15/2031 | | | 6.35 | | | | 1,000,000 | | | | 1,095,400 | | | | | |
| | 500,000 | | | NAVAJO NATION AZ(d) | | 12/1/2030 | | | 5.50 | | | | 527,295 | | | | 550,580 | | | | | |
| | 570,000 | | | NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE | | 9/1/2035 | | | 3.75 | | | | 570,000 | | | | 575,979 | | | | | |
| | 970,000 | | | NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE | | 9/1/2035 | | | 3.90 | | | | 970,000 | | | | 985,743 | | | | | |
| | 1,080,000 | | | NEVADA ST HSG DIV SF MTGE REVENUE | | 10/1/2039 | | | 3.85 | | | | 1,080,000 | | | | 1,082,743 | | | | | |
| | 110,000 | | | NEVADA ST HSG DIV SF MTGE REVENUE | | 10/1/2040 | | | 5.10 | | | | 110,000 | | | | 110,542 | | | | | |
| | 1,000,000 | | | NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE | | 1/1/2034 | | | 6.00 | | | | 974,844 | | | | 1,078,850 | | | | | |
| | 1,000,000 | | | NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE | | 7/1/2031 | | | 5.20 | | | | 1,000,000 | | | | 1,043,920 | | | | | |
| | 300,000 | | | NEW HAMPSHIRE ST HSG FIN AUTH SF REVENUE | | 7/1/2034 | | | 5.38 | | | | 300,000 | | | | 300,378 | | | | | |
| | 1,500,000 | | | NEW HAMPSHIRE ST HSG FIN AUTHMF REVENUE | | 7/1/2052 | | | 4.00 | | | | 1,500,000 | | | | 1,499,940 | | | | | |
| | 1,000,000 | | | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | | 10/1/2034 | | | 5.00 | | | | 1,006,877 | | | | 1,001,450 | | | | | |
| | 750,000 | | | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | | 1/1/2035 | | | 5.50 | | | | 762,218 | | | | 787,417 | | | | | |
| | 750,000 | | | NEW HOPE CULTURAL EDU FACS FIN CORP TX EDU REVENUE(d) | | 8/15/2036 | | | 5.00 | | | | 754,906 | | | | 750,690 | | | | | |
| | 1,000,000 | | | NEW HOPE CULTURAL EDU FACS FIN CORP TX EDU REVENUE | | 8/15/2036 | | | 5.50 | | | | 1,004,052 | | | | 1,012,310 | | | | | |
| | 1,000,000 | | | NEW HOPE CULTURAL EDU FACS FIN CORP TX EDU REVENUE(d) | | 8/15/2037 | | | 6.00 | | | | 1,016,706 | | | | 1,023,880 | | | | | |
| | 1,100,000 | | | NEW HOPE CULTURAL EDU FACS FIN CORP TX STUDENT HSG REV | | 4/1/2046 | | | 5.00 | | | | 1,139,965 | | | | 1,174,569 | | | | | |
| See accompanying notes to financial statements. | 57 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2018
| Par/Shares | | | Security | | Maturity
date | | Coupon
rate | | | Cost | | | Fair value (a) | | | Percent of net assets | |
| Municipal Bonds (Cont’d): | | | | | | | | | | | | | | | | | | |
| | 750,000 | | | NEW JERSEY ST ECON DEV AUTH | | 6/15/2037 | | | 5.00 | | | $ | 780,997 | | | | 802,785 | | | | | |
| | 500,000 | | | NEW JERSEY ST ECON DEV AUTH | | 6/15/2042 | | | 5.00 | | | | 540,436 | | | | 525,385 | | | | | |
| | 750,000 | | | NEW JERSEY ST ECON DEV AUTH REVENUE | | 7/15/2047 | | | 5.00 | | | | 802,067 | | | | 786,607 | | | | | |
| | 125,000 | | | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE | | 6/1/2024 | | | 5.38 | | | | 124,679 | | | | 126,359 | | | | | |
| | 1,000,000 | | | NEW JERSEY ST HSG & MTGE FIN AGY MF CONDUIT REVENUE | | 1/1/2030 | | | 3.60 | | | | 1,000,000 | | | | 1,014,940 | | | | | |
| | 1,000,000 | | | NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE | | 5/1/2041 | | | 4.95 | | | | 968,990 | | | | 1,012,340 | | | | | |
| | 845,000 | | | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | | 10/1/2030 | | | 4.50 | | | | 845,000 | | | | 875,631 | | | | | |
| | 355,000 | | | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | | 10/1/2034 | | | 5.00 | | | | 355,000 | | | | 357,045 | | | | | |
| | 3,500,000 | | | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | | 10/1/2035 | | | 3.75 | | | | 3,500,000 | | | | 3,531,080 | | | | | |
| | 515,000 | | | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | | 10/1/2035 | | | 5.00 | | | | 515,000 | | | | 516,942 | | | | | |
| | 890,000 | | | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | | 10/1/2037 | | | 5.00 | | | | 884,600 | | | | 892,243 | | | | | |
| | 500,000 | | | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH | | 6/15/2041 | | | 5.25 | | | | 509,019 | | | | 533,165 | | | | | |
| | 200,000 | | | NEW MEXICO ST MTGE FIN AUTH | | 9/1/2029 | | | 4.80 | | | | 200,000 | | | | 201,308 | | | | | |
| | 405,000 | | | NEW MEXICO ST MTGE FIN AUTH | | 9/1/2034 | | | 5.00 | | | | 405,000 | | | | 408,993 | | | | | |
| | 395,000 | | | NEW MEXICO ST MTGE FIN AUTH | | 3/1/2036 | | | 5.45 | | | | 395,000 | | | | 396,023 | | | | | |
| | 660,000 | | | NEW MEXICO ST MTGE FIN AUTH | | 9/1/2042 | | | 3.90 | | | | 660,000 | | | | 660,752 | | | | | |
| | 990,000 | | | NEW MEXICO ST MTGE FIN AUTH | | 9/1/2042 | | | 4.13 | | | | 990,000 | | | | 1,005,355 | | | | | |
| | 1,550,000 | | | NEW MEXICO ST MTGE FIN AUTH | | 7/1/2043 | | | 3.85 | | | | 1,550,000 | | | | 1,545,117 | | | | | |
| | 905,000 | | | NEW MEXICO ST MTGE FIN AUTH | | 9/1/2046 | | | 3.80 | | | | 905,000 | | | | 891,235 | | | | | |
| | 775,000 | | | NEW MEXICO ST MTGE FIN AUTH | | 7/1/2048 | | | 3.90 | | | | 775,000 | | | | 775,558 | | | | | |
| | 1,000,000 | | | NEW MEXICO ST MTGE FIN AUTH | | 7/1/2048 | | | 4.00 | | | | 1,002,202 | | | | 1,004,510 | | | | | |
| | 115,000 | | | NEW RIVER FL CDD CAPITAL IMPT REVENUE(c) | | 5/1/2013 | | | 5.00 | | | | 114,821 | | | | 1 | | | | | |
| | 1,000,000 | | | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | | 11/1/2037 | | | 3.80 | | | | 1,000,000 | | | | 1,002,440 | | | | | |
| | 1,000,000 | | | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | | 11/1/2039 | | | 4.30 | | | | 1,000,000 | | | | 1,028,990 | | | | | |
| | 600,000 | | | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | | 11/1/2042 | | | 3.85 | | | | 601,821 | | | | 599,976 | | | | | |
| | 1,000,000 | | | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | | 11/1/2047 | | | 3.65 | | | | 1,000,000 | | | | 948,600 | | | | | |
| | 2,000,000 | | | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE | | 6/15/2038 | | | 5.00 | | | | 2,125,181 | | | | 2,189,880 | | | | | |
| | 1,000,000 | | | NEW YORK ST HSG FIN AGY | | 11/1/2041 | | | 4.10 | | | | 1,000,000 | | | | 1,018,350 | | | | | |
| | 1,000,000 | | | NEW YORK ST HSG FIN AGY | | 11/1/2042 | | | 4.00 | | | | 1,000,000 | | | | 1,009,460 | | | | | |
| | 1,000,000 | | | NEW YORK ST HSG FIN AGY | | 11/1/2048 | | | 3.95 | | | | 1,000,000 | | | | 1,002,070 | | | | | |
| | 1,500,000 | | | NEW YORK ST HSG FIN AGY REVENUE | | 11/1/2034 | | | 3.65 | | | | 1,500,000 | | | | 1,507,890 | | | | | |
| | 500,000 | | | NEW YORK ST HSG FIN AGY REVENUE | | 11/1/2045 | | | 5.10 | | | | 500,000 | | | | 532,465 | | | | | |
| | 4,000,000 | | | NEW YORK ST HSG FIN AGY REVENUE | | 5/1/2048 | | | 4.10 | | | | 4,000,000 | | | | 4,022,080 | | | | | |
| | 955,000 | | | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | | 10/1/2036 | | | 3.90 | | | | 955,000 | | | | 979,362 | | | | | |
| | 470,000 | | | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | | 10/1/2042 | | | 3.75 | | | | 470,000 | | | | 462,706 | | | | | |
| | 1,000,000 | | | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | | 10/1/2043 | | | 4.20 | | | | 1,000,000 | | | | 1,027,970 | | | | | |
| | 1,500,000 | | | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | | 10/1/2048 | | | 3.80 | | | | 1,500,000 | | | | 1,471,065 | | | | | |
| | 500,000 | | | NORTH CAROLINA ST CAPITAL FACS FIN AGY EDUCTNL FACS REVENUE | | 6/1/2023 | | | 5.00 | | | | 500,000 | | | | 500,815 | | | | | |
| | 1,000,000 | | | NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE | | 7/1/2037 | | | 3.85 | | | | 1,000,000 | | | | 1,010,300 | | | | | |
| | 995,000 | | | NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE | | 1/1/2041 | | | 3.95 | | | | 1,008,625 | | | | 999,070 | | | | | |
| | 1,000,000 | | | NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE | | 1/1/2048 | | | 4.00 | | | | 1,000,000 | | | | 1,004,290 | | | | | |
| | 600,000 | | | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE | | 10/1/2038 | | | 5.00 | | | | 596,243 | | | | 603,636 | | | | | |
| | 480,000 | | | NORTH DAKOTA ST HSG FIN AGY | | 7/1/2048 | | | 4.00 | | | | 511,582 | | | | 504,605 | | | | | |
| | 565,000 | | | NORTH LAS VEGAS NV LOCAL IMPT(d) | | 12/1/2027 | | | 4.00 | | | | 551,737 | | | | 543,626 | | | | | |
| | 565,000 | | | NORTH LAS VEGAS NV LOCAL IMPT(d) | | 12/1/2037 | | | 5.00 | | | | 566,204 | | | | 551,768 | | | | | |
| See accompanying notes to financial statements. | 58 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2018
| | | | | | | | | | | | | | | | | | |
| Par/Shares | | | Security | | Maturity
date | | Coupon
rate | | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| Municipal Bonds (Cont’d): | | | | | | | | | | | | | | | | | | |
| | 500,000 | | | NORTH SPRINGS FL IMPT DIST | | 5/1/2044 | | | 6.50 | | | $ | 500,000 | | | | 504,735 | | | | | |
| | 1,000,000 | | | NTHRN IL UNIV | | 4/1/2026 | | | 5.50 | | | | 1,002,847 | | | | 1,036,120 | | | | | |
| | 1,400,000 | | | NTHRN PALM BEACH CNTY FL IMPT DIST | | 8/1/2029 | | | 5.00 | | | | 1,407,605 | | | | 1,463,630 | | | | | |
| | 500,000 | | | NTHRN PALM BEACH CNTY FL IMPT DIST | | 8/1/2037 | | | 5.00 | | | | 510,470 | | | | 512,955 | | | | | |
| | 2,000,000 | | | OAK PARK CA UNIF SCH DIST (STEP TO 7.10% ON 8/1/2021)(b) | | 8/1/2038 | | | 0.00 | | | | 1,671,672 | | | | 2,356,480 | | | | | |
| | 580,000 | | | OAKLAND CNTY MI ECON DEV CORP LTD OBLG REVENUE | | 12/1/2020 | | | 6.50 | | | | 579,066 | | | | 591,177 | | | | | |
| | 940,000 | | | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | | 9/1/2039 | | | 3.35 | | | | 842,338 | | | | 888,826 | | | | | |
| | 1,500,000 | | | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | | 9/1/2048 | | | 4.00 | | | | 1,500,000 | | | | 1,506,480 | | | | | |
| | 70,000 | | | OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE | | 3/1/2032 | | | 5.15 | | | | 70,000 | | | | 70,166 | | | | | |
| | 1,000,000 | | | ORANGE CNTY FL HLTH FACS AUTH REVENUE | | 8/1/2034 | | | 5.00 | | | | 1,040,938 | | | | 1,064,950 | | | | | |
| | 750,000 | | | ORANGE CNTY FL HLTH FACS AUTH REVENUE | | 8/1/2035 | | | 5.00 | | | | 780,665 | | | | 805,087 | | | | | |
| | 1,000,000 | | | ORANGE CNTY FL HLTH FACS AUTH REVENUE | | 8/1/2047 | | | 5.00 | | | | 1,076,124 | | | | 1,062,100 | | | | | |
| | 725,000 | | | ORANGE CNTY FL HSG FIN AUTH | | 9/1/2035 | | | 3.80 | | | | 725,000 | | | | 733,084 | | | | | |
| | 2,000,000 | | | OREGON ST | | 12/1/2039 | | | 3.90 | | | | 2,000,000 | | | | 2,009,720 | | | | | |
| | 665,000 | | | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | | 7/1/2035 | | | 3.75 | | | | 665,000 | | | | 672,375 | | | | | |
| | 800,000 | | | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | | 7/1/2038 | | | 4.00 | | | | 800,000 | | | | 803,224 | | | | | |
| | 1,310,000 | | | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | | 7/1/2048 | | | 3.75 | | | | 1,310,000 | | | | 1,273,503 | | | | | |
| | 500,000 | | | PALISADE CO MET DIST #2 LIMITED TAX | | 12/1/2046 | | | 5.00 | | | | 506,914 | | | | 492,575 | | | | | |
| | 500,000 | | | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | | 6/1/2034 | | | 7.25 | | | | 500,000 | | | | 559,365 | | | | | |
| | 1,200,000 | | | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | | 5/15/2036 | | | 5.00 | | | | 1,312,767 | | | | 1,254,036 | | | | | |
| | 500,000 | | | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | | 6/1/2049 | | | 7.50 | | | | 492,626 | | | | 562,455 | | | | | |
| | 1,000,000 | | | PELL CITY AL SPL CARE FACS FING AUTH REVENUE | | 12/1/2031 | | | 5.00 | | | | 1,031,960 | | | | 1,070,040 | | | | | |
| | 500,000 | | | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE (FLOATING, ICE LIBOR USD 3M + 0.65%)(e) | | 7/1/2039 | | | 2.52 | | | | 500,000 | | | | 429,955 | | | | | |
| | 1,000,000 | | | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | | 10/1/2037 | | | 3.65 | | | | 1,002,595 | | | | 994,580 | | | | | |
| | 1,000,000 | | | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | | 10/1/2038 | | | 3.95 | | | | 1,000,000 | | | | 1,014,030 | | | | | |
| | 500,000 | | | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | | 10/1/2038 | | | 4.00 | | | | 500,000 | | | | 504,305 | | | | | |
| | 3,200,000 | | | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | | 10/1/2040 | | | 4.05 | | | | 3,200,000 | | | | 3,238,854 | | | | | |
| | 1,835,000 | | | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | | 10/1/2042 | | | 3.65 | | | | 1,835,000 | | | | 1,778,133 | | | | | |
| | 575,000 | | | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | | 10/1/2042 | | | 3.70 | | | | 575,000 | | | | 561,631 | | | | | |
| | 745,000 | | | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | | 10/1/2042 | | | 4.00 | | | | 745,000 | | | | 749,902 | | | | | |
| | 1,000,000 | | | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | | 10/1/2045 | | | 4.10 | | | | 992,500 | | | | 1,012,050 | | | | | |
| | 1,935,000 | | | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE | | 12/1/2035 | | | 5.13 | | | | 1,929,788 | | | | 2,053,422 | | | | | |
| | 1,500,000 | | | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE (STEP TO 4.60% ON 12/1/2021)(b) | | 12/1/2037 | | | 0.00 | | | | 1,309,954 | | | | 1,435,275 | | | | | |
| | 1,000,000 | | | PEORIA AZ INDL DEV AUTH | | 11/15/2029 | | | 5.25 | | | | 1,000,000 | | | | 999,110 | | | | | |
| | 400,000 | | | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES | | 6/15/2023 | | | 6.13 | | | | 400,000 | | | | 423,624 | | | | | |
| | 750,000 | | | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES | | 8/1/2036 | | | 5.63 | | | | 739,661 | | | | 756,630 | | | | | |
| | 1,000,000 | | | PHOENIX AZ INDL DEV AUTH EDU REVENUE(d) | | 7/1/2036 | | | 5.13 | | | | 985,729 | | | | 1,004,010 | | | | | |
| | 750,000 | | | PHOENIX AZ INDL DEV AUTH EDU REVENUE | | 7/1/2042 | | | 6.30 | | | | 785,156 | | | | 829,447 | | | | | |
| See accompanying notes to financial statements. | 59 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2018
| Par/Shares | | | Security | | Maturity
date | | Coupon
rate | | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| Municipal Bonds (Cont’d): | | | | | | | | | | | | | | | | | | |
| | 2,500,000 | | | PHOENIX AZ INDL DEV AUTH LEASE REVENUE | | 6/1/2034 | | | 5.25 | | | $ | 2,519,374 | | | | 2,708,050 | | | | | |
| | 1,000,000 | | | PIKE PLACE MARKET WA PRESERVATION & DEV AUTH SPL OBLG | | 12/1/2040 | | | 5.00 | | | | 1,057,406 | | | | 1,114,070 | | | | | |
| | 900,000 | | | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE(d) | | 12/1/2026 | | | 5.25 | | | | 900,000 | | | | 918,639 | | | | | |
| | 10,000 | | | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE | | 7/1/2031 | | | 6.75 | | | | 7,812 | | | | 10,051 | | | | | |
| | 750,000 | | | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE(d) | | 6/15/2037 | | | 4.75 | | | | 736,425 | | | | 740,003 | | | | | |
| | 2,625,000 | | | PITTSBURG CALIF UNI SCH DIST FING AUTH REV(f) | | 9/1/2031 | | | 0.00 | | | | 1,342,727 | | | | 1,218,656 | | | | | |
| | 820,000 | | | POINCIANA FL W CDD SPL ASSMNT | | 5/1/2030 | | | 5.38 | | | | 811,368 | | | | 815,474 | | | | | |
| | 750,000 | | | POLK CNTY OR HOSP FAC AUTH REVENUE | | 7/1/2035 | | | 5.13 | | | | 750,000 | | | | 764,715 | | | | | |
| | 2,000,000 | | | PORT SAINT LUCIE FL RESEARCH FACS REVENUE | | 5/1/2033 | | | 5.00 | | | | 2,021,541 | | | | 2,078,440 | | | | | |
| | 1,000,000 | | | PROMENADE CASTLE ROCK CO MET DIST #1 | | 12/1/2025 | | | 5.13 | | | | 1,000,000 | | | | 1,051,130 | | | | | |
| | 380,000 | | | PUBLIC FIN AUTH WI CCRC REVENUE(d) | | 6/1/2020 | | | 7.00 | | | | 378,743 | | | | 393,304 | | | | | |
| | 1,500,000 | | | PUBLIC FIN AUTH WI CCRC REVENUE(d) | | 6/1/2046 | | | 8.25 | | | | 1,542,285 | | | | 1,679,730 | | | | | |
| | 16,520 | | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(f) | | 1/1/2046 | | | 0.00 | | | | 699 | | | | 483 | | | | | |
| | 18,299 | | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(f) | | 1/1/2047 | | | 0.00 | | | | 763 | | | | 531 | | | | | |
| | 17,930 | | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(f) | | 1/1/2048 | | | 0.00 | | | | 739 | | | | 516 | | | | | |
| | 17,786 | | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(f) | | 1/1/2049 | | | 0.00 | | | | 725 | | | | 508 | | | | | |
| | 17,496 | | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(f) | | 1/1/2050 | | | 0.00 | | | | 705 | | | | 496 | | | | | |
| | 18,980 | | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(f) | | 1/1/2051 | | | 0.00 | | | | 757 | | | | 534 | | | | | |
| | 451,406 | | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(e)(h) | | 7/1/2051 | | | 3.75 | | | | 449,050 | | | | 404,731 | | | | | |
| | 19,357 | | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(f) | | 1/1/2052 | | | 0.00 | | | | 763 | | | | 540 | | | | | |
| | 19,095 | | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(f) | | 1/1/2053 | | | 0.00 | | | | 745 | | | | 529 | | | | | |
| | 18,909 | | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(f) | | 1/1/2054 | | | 0.00 | | | | 731 | | | | 520 | | | | | |
| | 18,634 | | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(f) | | 1/1/2055 | | | 0.00 | | | | 714 | | | | 509 | | | | | |
| | 18,360 | | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(f) | | 1/1/2056 | | | 0.00 | | | | 697 | | | | 498 | | | | | |
| | 94,915 | | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d) | | 7/1/2056 | | | 5.50 | | | | 94,899 | | | | 88,132 | | | | | |
| | 18,454 | | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(f) | | 1/1/2057 | | | 0.00 | | | | 1,476 | | | | 497 | | | | | |
| | 18,165 | | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(f) | | 1/1/2058 | | | 0.00 | | | | 676 | | | | 486 | | | | | |
| | 17,992 | | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(f) | | 1/1/2059 | | | 0.00 | | | | 664 | | | | 479 | | | | | |
| | 17,834 | | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(f) | | 1/1/2060 | | | 0.00 | | | | 653 | | | | 471 | | | | | |
| | 17,573 | | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(f) | | 1/1/2061 | | | 0.00 | | | | 639 | | | | 461 | | | | | |
| | 17,400 | | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(f) | | 1/1/2062 | | | 0.00 | | | | 628 | | | | 454 | | | | | |
| | 17,125 | | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(f) | | 1/1/2063 | | | 0.00 | | | | 613 | | | | 444 | | | | | |
| | 16,967 | | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(f) | | 1/1/2064 | | | 0.00 | | | | 604 | | | | 437 | | | | | |
| | 16,823 | | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(f) | | 1/1/2065 | | | 0.00 | | | | 595 | | | | 431 | | | | | |
| | 16,731 | | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(f) | | 1/1/2066 | | | 0.00 | | | | 587 | | | | 426 | | | | | |
| | 215,987 | | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(f) | | 1/1/2067 | | | 0.00 | | | | 7,396 | | | | 5,464 | | | | | |
| | 655,000 | | | PUBLIC FIN AUTH WI REVENUE | | 4/1/2025 | | | 5.00 | | | | 658,480 | | | | 688,556 | | | | | |
| See accompanying notes to financial statements. | 60 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2018
| Par/Shares | | | Security | | Maturity
date | | Coupon
rate | | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| Municipal Bonds (Cont’d): | | | | | | | | | | | | | | | | | | |
| | 1,250,000 | | | PUBLIC FIN AUTH WI REVENUE(d) | | 11/1/2028 | | | 6.25 | | | $ | 1,250,000 | | | | 1,322,712 | | | | | |
| | 600,000 | | | PUBLIC FIN AUTH WI REVENUE | | 4/1/2032 | | | 5.50 | | | | 600,000 | | | | 634,080 | | | | | |
| | 1,000,000 | | | PUBLIC FIN AUTH WI REVENUE(d) | | 1/1/2033 | | | 6.13 | | | | 988,345 | | | | 1,044,600 | | | | | |
| | 341,645 | | | PUBLIC FIN AUTH WI REVENUE(f) | | 10/1/2042 | | | 0.00 | | | | 378,299 | | | | 61,908 | | | | | |
| | 515,000 | | | PUBLIC FIN AUTH WI REVENUE | | 10/1/2042 | | | 7.00 | | | | 540,608 | | | | 495,930 | | | | | |
| | 1,130,000 | | | PUBLIC FIN AUTH WI SENIOR LIVING REVENUE(d) | | 11/15/2024 | | | 5.00 | | | | 1,127,116 | | | | 1,193,958 | | | | | |
| | 700,000 | | | PUBLIC FIN AUTH WIS ED REV | | 7/1/2038 | | | 5.00 | | | | 729,512 | | | | 733,971 | | | | | |
| | 1,500,000 | | | PUERTO RICO CMWLTH | | 7/1/2035 | | | 5.00 | | | | 1,500,000 | | | | 1,579,965 | | | | | |
| | 1,045,000 | | | QUECHAN INDIAN TRIBE AZ FORT YUMA INDIAN RESERVATION | | 5/1/2025 | | | 9.75 | | | | 1,045,000 | | | | 1,151,883 | | | | | |
| | 750,000 | | | RED RIVER TX HLTH FACS DEV CORP RETIREMENT FAC REVENUE | | 11/15/2034 | | | 7.50 | | | | 746,471 | | | | 837,000 | | | | | |
| | 1,000,000 | | | REDONDO BEACH CA UNIF SCH DIST | | 8/1/2034 | | | 6.38 | | | | 998,088 | | | | 1,267,550 | | | | | |
| | 750,000 | | | REEF-SUNSET CA UNIF SCH DIST (STEP TO 4.85% ON 8/1/2021)(b) | | 8/1/2038 | | | 0.00 | | | | 662,669 | | | | 718,890 | | | | | |
| | 665,000 | | | RHODE ISLAND ST HSG & MTGE FIN CORP | | 10/1/2028 | | | 4.00 | | | | 662,321 | | | | 678,726 | | | | | |
| | 750,000 | | | RHODE ISLAND ST HSG & MTGE FIN CORP | | 10/1/2037 | | | 3.90 | | | | 750,000 | | | | 754,388 | | | | | |
| | 1,000,000 | | | RIVERSIDE CA CMNTY PPTYS DEV INC LEASE REVENUE | | 10/15/2038 | | | 6.00 | | | | 1,014,902 | | | | 1,193,660 | | | | | |
| | 1,000,000 | | | ROCHESTER MN | | 9/1/2038 | | | 5.13 | | | | 1,000,000 | | | | 968,630 | | | | | |
| | 500,000 | | | ROWLEY MA | | 5/1/2027 | | | 4.00 | | | | 500,181 | | | | 500,655 | | | | | |
| | 1,500,000 | | | S TAHOE CA JT PWRS FING AUTH LEASE REVENUE | | 10/1/2030 | | | 5.00 | | | | 1,603,285 | | | | 1,683,225 | | | | | |
| | 425,000 | | | S WSTRN IL DEV AUTH(c) | | 10/1/2022 | | | 7.00 | | | | 425,000 | | | | 246,500 | | | | | |
| | 350,000 | | | SACRAMENTO CNTY CA WTR FING AUTH REVENUE (FLOATING, ICE LIBOR USD 3M + 0.57%)(e) | | 6/1/2039 | | | 2.41 | | | | 350,000 | | | | 327,894 | | | | | |
| | 750,000 | | | SAINT LOUIS CNTY MO INDL DEV AUTH SENIOR LIVING FACS | | 9/1/2042 | | | 5.00 | | | | 761,264 | | | | 752,438 | | | | | |
| | 750,000 | | | SAINT TAMMANY LA PUBLIC TRUST FING AUTH | | 11/15/2037 | | | 5.25 | | | | 759,400 | | | | 783,787 | | | | | |
| | 500,000 | | | SAN DIEGO CA HSG AUTH MF HSG REVENUE | | 5/1/2029 | | | 5.00 | | | | 500,000 | | | | 524,140 | | | | | |
| | 1,500,000 | | | SAN GABRIEL CA UNIF SCH DIST | | 8/1/2039 | | | 5.35 | | | | 1,497,101 | | | | 1,650,810 | | | | | |
| | 1,000,000 | | | SAN JOSE CA FING AUTH | | 6/1/2039 | | | 5.00 | | | | 1,035,175 | | | | 1,105,540 | | | | | |
| | 500,000 | | | SANTA MONICA CA REDEV AGY | | 7/1/2036 | | | 5.88 | | | | 506,526 | | | | 548,840 | | | | | |
| | 1,000,000 | | | SCHERERVILLE IN ECON DEV REVENUE | | 1/15/2030 | | | 6.00 | | | | 1,010,640 | | | | 1,133,480 | | | | | |
| | 1,000,000 | | | SCOTTS BLUFF CNTY NE HOSP AUTH | | 2/1/2037 | | | 5.25 | | | | 1,047,534 | | | | 1,053,060 | | | | | |
| | 500,000 | | | SEATTLE WA HSG AUTH | | 12/1/2047 | | | 3.85 | | | | 500,000 | | | | 493,965 | | | | | |
| | 770,000 | | | SEATTLE WA HSG AUTH POOLED HSG REVENUE | | 9/15/2033 | | | 5.75 | | | | 779,459 | | | | 857,857 | | | | | |
| | 500,000 | | | SEVEN OAKS FL CMNTY DEV DIST SPL ASSMNT REVENUE | | 5/1/2033 | | | 5.50 | | | | 490,285 | | | | 522,520 | | | | | |
| | 150,000 | | | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(c) | | 1/1/2019 | | | 5.35 | | | | 134,966 | | | | 375 | | | | | |
| | 625,000 | | | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(c) | | 1/1/2029 | | | 5.55 | | | | 556,862 | | | | 1,563 | | | | | |
| | 130,000 | | | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(c) | | 1/1/2029 | | | 6.00 | | | | - | | | | 1 | | | | | |
| | 525,000 | | | SHERIDAN AR SCH DIST #37 | | 2/1/2047 | | | 4.00 | | | | 535,522 | | | | 529,531 | | | | | |
| | 10,000 | | | SILVERLEAF FL CDD CAPITAL IMPT REVENUE | | 5/1/2023 | | | 6.50 | | | | 10,000 | | | | 10,409 | | | | | |
| | 215,000 | | | SILVERLEAF FL CDD CAPITAL IMPT REVENUE | | 5/1/2044 | | | 6.75 | | | | 211,134 | | | | 226,126 | | | | | |
| | 230,000 | | | SOUTH CAROLINA ST EDU ASSISTANCE AUTH | | 10/1/2029 | | | 5.10 | | | | 228,117 | | | | 233,947 | | | | | |
| | 1,000,000 | | | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE | | 12/1/2038 | | | 5.00 | | | | 1,045,745 | | | | 1,057,160 | | | | | |
| | 1,400,000 | | | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE | | 12/1/2043 | | | 5.75 | | | | 1,451,347 | | | | 1,642,956 | | | | | |
| | 500,000 | | | SOUTH DAKOTA ST HLTH & EDUCTNL FACS AUTH | | 9/1/2032 | | | 5.00 | | | | 499,500 | | | | 515,655 | | | | | |
| | 1,000,000 | | | SPRINGDALE AR SALES & USE REVENUE | | 4/1/2041 | | | 3.60 | | | | 971,577 | | | | 975,990 | | | | | |
| | 500,000 | | | ST VRAIN LAKES MET DIST #2 | | 12/1/2037 | | | 5.00 | | | | 500,000 | | | | 482,780 | | | | | |
| | 1,000,000 | | | STC MET DIST #2 CO | | 12/1/2038 | | | 6.00 | | | | 971,658 | | | | 1,016,620 | | | | | |
| | 142,538 | | | STERLING HILL FL CDD CAPITAL IMPT REVENUE(c) | | 11/1/2010 | | | 5.50 | | | | 142,538 | | | | 91,224 | | | | | |
| See accompanying notes to financial statements. | 61 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2018
| Par/Shares | | | Security | | Maturity
date | | Coupon
rate | | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| Municipal Bonds (Cont’d): | | | | | | | | | | | | | | | | | | |
| | 1,000,000 | | | SUGAR LAND TX DEV CORP SALES TAX REVENUE | | 2/15/2033 | | | 5.00 | | | $ | 1,063,005 | | | | 1,092,690 | | | | | |
| | 2,320,000 | | | SULPHUR SPRINGS CA UNION SCH DIST COPS | | 12/1/2037 | | | 6.50 | | | | 2,318,188 | | | | 2,802,747 | | | | | |
| | 1,500,000 | | | SUTTER BUTTE CA FLOOD AGY ASSMNT REVENUE | | 10/1/2038 | | | 4.00 | | | | 1,483,768 | | | | 1,535,100 | | | | | |
| | 1,100,000 | | | TALLAHASSEE FL HLTH FACS REVENUE | | 12/1/2040 | | | 5.00 | | | | 1,153,430 | | | | 1,180,916 | | | | | |
| | 500,000 | | | TALLMAN GULCH MET DIST CO | | 12/1/2047 | | | 5.25 | | | | 500,000 | | | | 477,805 | | | | | |
| | 1,000,000 | | | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE | | 11/15/2038 | | | 5.00 | | | | 1,054,063 | | | | 1,081,680 | | | | | |
| | 1,000,000 | | | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENUE(c) | | 11/15/2022 | | | 5.50 | | | | 1,000,000 | | | | 790,000 | | | | | |
| | 750,000 | | | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENUE | | 11/15/2024 | | | 5.63 | | | | 750,000 | | | | 757,433 | | | | | |
| | 750,000 | | | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENUE | | 11/15/2035 | | | 5.00 | | | | 774,177 | | | | 756,023 | | | | | |
| | 1,485,000 | | | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENUE | | 11/15/2037 | | | 6.63 | | | | 1,508,362 | | | | 1,624,857 | | | | | |
| | 750,000 | | | TAYLOR MI BROWNFIELD REDEV AUTH | | 5/1/2032 | | | 5.00 | | | | 782,016 | | | | 813,322 | | | | | |
| | 500,000 | | | TEMPE AZ INDL DEV AUTH REVENUE(d) | | 10/1/2024 | | | 4.70 | | | | 498,724 | | | | 504,420 | | | | | |
| | 500,000 | | | TEMPE AZ INDL DEV AUTH REVENUE(d) | | 10/1/2037 | | | 6.00 | | | | 502,989 | | | | 539,060 | | | | | |
| | 875,000 | | | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | | 1/1/2031 | | | 3.60 | | | | 883,429 | | | | 885,999 | | | | | |
| | 930,000 | | | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | | 7/1/2036 | | | 3.70 | | | | 930,000 | | | | 933,627 | | | | | |
| | 1,000,000 | | | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | | 7/1/2042 | | | 3.85 | | | | 1,000,000 | | | | 996,930 | | | | | |
| | 985,000 | | | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | | 7/1/2042 | | | 3.90 | | | | 985,000 | | | | 986,409 | | | | | |
| | 780,000 | | | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | | 7/1/2047 | | | 3.65 | | | | 780,000 | | | | 746,632 | | | | | |
| | 1,000,000 | | | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | | 1/1/2049 | | | 3.95 | | | | 1,000,000 | | | | 1,000,000 | | | | | |
| | 2,000,000 | | | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | | 1/1/2049 | | | 4.05 | | | | 2,000,000 | | | | 2,015,020 | | | | | |
| | 540,000 | | | TENNESSEE ST HSG DEV AGY | | 1/1/2035 | | | 3.85 | | | | 540,000 | | | | 545,686 | | | | | |
| | 310,000 | | | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | | 7/1/2039 | | | 5.45 | | | | 310,000 | | | | 310,428 | | | | | |
| | 1,000,000 | | | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | | 9/1/2048 | | | 4.25 | | | | 1,020,339 | | | | 1,021,040 | | | | | |
| | 700,000 | | | TOBACCO SETTLEMENT FING CORP NJ | | 6/1/2046 | | | 5.00 | | | | 705,185 | | | | 705,404 | | | | | |
| | 1,500,000 | | | TOLOMATO FL CDD | | 5/1/2040 | | | 3.75 | | | | 1,440,234 | | | | 1,463,310 | | | | | |
| | 125,000 | | | TOLOMATO FL CDD(c) | | 5/1/2040 | | | 6.61 | | | | - | | | | 1 | | | | | |
| | 185,000 | | | TOLOMATO FL CDD (STEP TO 6.61% ON 11/1/2021)(b) | | 5/1/2040 | | | 0.00 | | | | 154,935 | | | | 147,118 | | | | | |
| | 115,000 | | | TOLOMATO FL CDD (STEP TO 6.61% ON 11/1/2024)(b) | | 5/1/2040 | | | 0.00 | | | | 77,009 | | | | 74,944 | | | | | |
| | 85,000 | | | TOLOMATO FL CDD (STEP TO 6.61% ON 5/1/2019)(b) | | 5/1/2040 | | | 0.00 | | | | 81,531 | | | | 83,348 | | | | | |
| | 50,000 | | | TOLOMATO FL CDD (STEP TO 6.61% ON 5/1/2022)(b) | | 5/1/2040 | | | 0.00 | | | | 45,129 | | | | 40,675 | | | | | |
| | 1,000,000 | | | TRACY CA JT UNIF SCH DIST (STEP TO 7.30% ON 8/1/2027)(b) | | 8/1/2041 | | | 0.00 | | | | 633,322 | | | | 854,560 | | | | | |
| | 600,000 | | | TRAVIS CNTY TX HLTH FACS DEV CORP | | 1/1/2046 | | | 7.13 | | | | 640,452 | | | | 659,826 | | | | | |
| | 750,000 | | | TRAVIS CNTY TX HLTH FACS DEV CORP(e)(h) | | 1/1/2047 | | | 5.25 | | | | 750,000 | | | | 782,437 | | | | | |
| | 700,000 | | | TROUT CREEK CDD FL CAPITAL IMPT REVENUE | | 5/1/2038 | | | 5.38 | | | | 700,000 | | | | 688,380 | | | | | |
| | 500,000 | | | TSR CDD FL SPL ASSMNT REVENUE | | 11/1/2035 | | | 5.38 | | | | 498,623 | | | | 516,735 | | | | | |
| | 1,250,000 | | | TUSTIN CA UNIF SCH DIST (STEP TO 6.00% ON 8/1/2019)(b) | | 8/1/2028 | | | 0.00 | | | | 1,203,135 | | | | 1,338,750 | | | | | |
| | 485,000 | | | UNIVERSAL ACADEMY MI PUBLIC SCH ACADEMY REVENUE | | 12/1/2023 | | | 6.50 | | | | 479,988 | | | | 492,886 | | | | | |
| | 750,000 | | | UPPER IL RIVER VLY DEV AUTH(d) | | 12/1/2022 | | | 4.00 | | | | 744,624 | | | | 736,928 | | | | | |
| | 750,000 | | | UPPER IL RIVER VLY DEV AUTH(d) | | 12/1/2037 | | | 5.25 | | | | 765,233 | | | | 743,753 | | | | | |
| | 1,000,000 | | | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE(d) | | 7/15/2033 | | | 4.65 | | | | 989,540 | | | | 968,150 | | | | | |
| | 1,500,000 | | | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE | | 10/15/2033 | | | 6.50 | | | | 1,500,000 | | | | 1,502,205 | | | | | |
| | 1,000,000 | | | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE(d) | | 4/15/2045 | | | 6.00 | | | | 1,011,367 | | | | 1,017,300 | | | | | |
| See accompanying notes to financial statements. | 62 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2018
| | | | | | | | | | | | | | | | | | |
| Par/Shares | | | Security | | Maturity
date | | Coupon
rate | | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| Municipal Bonds (Cont’d): | | | | | | | | | | | | | | | | | | |
| | 140,000 | | | UTAH ST HSG CORP SF MTGE REVENUE | | 1/1/2033 | | | 5.75 | | | $ | 140,000 | | | | 141,847 | | | | | |
| | 490,000 | | | VANCOUVER WA HSG AUTH | | 3/1/2025 | | | 5.00 | | | | 481,862 | | | | 508,101 | | | | | |
| | 1,000,000 | | | VANCOUVER WA HSG AUTH | | 8/1/2034 | | | 3.75 | | | | 982,597 | | | | 1,011,810 | | | | | |
| | 680,000 | | | VERMONT ST HSG FIN AGY | | 5/1/2032 | | | 4.88 | | | | 677,291 | | | | 711,647 | | | | | |
| | 1,000,000 | | | VIRGINIA ST HSG DEV AUTH | | 7/1/2033 | | | 4.13 | | | | 1,000,000 | | | | 1,036,710 | | | | | |
| | 1,000,000 | | | VIRGINIA ST HSG DEV AUTH | | 12/1/2039 | | | 5.00 | | | | 1,000,000 | | | | 1,010,750 | | | | | |
| | 3,500,000 | | | VIRGINIA ST HSG DEV AUTH CMWLTH MTGE | | 1/1/2038 | | | 3.88 | | | | 3,490,250 | | | | 3,514,980 | | | | | |
| | 1,180,000 | | | VLG FL CDD #7 SPL ASSMNT REVENUE | | 5/1/2036 | | | 4.00 | | | | 1,172,700 | | | | 1,201,759 | | | | | |
| | 530,000 | | | WASHINGTON ST HSG FIN COMMISSION(d) | | 7/1/2025 | | | 6.00 | | | | 532,801 | | | | 564,519 | | | | | |
| | 1,000,000 | | | WASHINGTON ST HSG FIN COMMISSION(d) | | 1/1/2031 | | | 5.00 | | | | 1,001,588 | | | | 1,065,030 | | | | | |
| | 750,000 | | | WASHINGTON ST HSG FIN COMMISSION(d) | | 7/1/2031 | | | 5.00 | | | | 798,364 | | | | 777,975 | | | | | |
| | 675,000 | | | WASHINGTON ST HSG FIN COMMISSION(d) | | 1/1/2035 | | | 5.75 | | | | 675,000 | | | | 667,359 | | | | | |
| | 600,000 | | | WASHINGTON ST HSG FIN COMMISSION(d) | | 7/1/2036 | | | 5.00 | | | | 635,328 | | | | 609,366 | | | | | |
| | 500,000 | | | WASHINGTON ST HSG FIN COMMISSION(d) | | 1/1/2038 | | | 5.00 | | | | 544,070 | | | | 523,220 | | | | | |
| | 985,000 | | | WASHINGTON ST HSG FIN COMMISSION | | 12/1/2047 | | | 4.00 | | | | 1,044,870 | | | | 1,024,814 | | | | | |
| | 4,000 | | | WATERS EDGE FL CDD CAPITAL IMPT REVENUE | | 5/1/2039 | | | 5.35 | | | | 4,000 | | | | 3,814 | | | | | |
| | 125,000 | | | WATERS EDGE FL CDD CAPITAL IMPT REVENUE | | 5/1/2039 | | | 6.60 | | | | 124,091 | | | | 119,605 | | | | | |
| | 1,500,000 | | | WEST VIRGINIA ST HSG DEV FUND | | 11/1/2032 | | | 3.75 | | | | 1,500,000 | | | | 1,525,110 | | | | | |
| | 10,000 | | | WEST VIRGINIA ST HSG DEV FUND | | 11/1/2039 | | | 4.10 | | | | 10,000 | | | | 10,019 | | | | | |
| | 520,000 | | | WEST VIRGINIA ST HSG DEV FUND | | 11/1/2047 | | | 4.13 | | | | 520,000 | | | | 531,700 | | | | | |
| | 1,500,000 | | | WEST VLY CITY UT MUNI BLDG AUTH LEASE REVENUE | | 2/1/2039 | | | 5.00 | | | | 1,657,103 | | | | 1,680,615 | | | | | |
| | 550,000 | | | WESTCHESTER CO NY LOCAL DEV CORP REVENUE | | 1/1/2034 | | | 5.00 | | | | 568,687 | | | | 575,284 | | | | | |
| | 685,000 | | | WESTMONT IL PARK DIST(f) | | 12/1/2031 | | | 0.00 | | | | 321,648 | | | | 367,126 | | | | | |
| | 685,000 | | | WESTMONT IL PARK DIST(f) | | 12/1/2033 | | | 0.00 | | | | 279,966 | | | | 319,833 | | | | | |
| | 1,350,000 | | | WICHITA KS HLTH CARE FACS REVENUE | | 5/15/2034 | | | 6.25 | | | | 1,350,000 | | | | 1,351,350 | | | | | |
| | 600,000 | | | WICHITA KS HLTH CARE FACS REVENUE | | 12/1/2036 | | | 5.25 | | | | 604,800 | | | | 616,776 | | | | | |
| | 1,000,000 | | | WINDSHIRE PARK CO MET DIST #2 | | 12/1/2047 | | | 6.50 | | | | 1,086,846 | | | | 1,059,540 | | | | | |
| | 750,000 | | | WIREGRASS FL CDD CAPITAL IMPT REVENUE | | 5/1/2035 | | | 5.38 | | | | 745,907 | | | | 775,305 | | | | | |
| | 905,000 | | | WISCONSIN ST GEN FUND ANNUAL APPROP REVENUE | | 5/1/2027 | | | 6.00 | | | | 906,035 | | | | 917,453 | | | | | |
| | 630,000 | | | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | | 7/1/2030 | | | 5.75 | | | | 633,399 | | | | 665,570 | | | | | |
| | 1,300,000 | | | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | | 8/15/2032 | | | 5.00 | | | | 1,399,560 | | | | 1,450,423 | | | | | |
| | 700,000 | | | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | | 6/1/2037 | | | 5.00 | | | | 732,236 | | | | 713,125 | | | | | |
| | 500,000 | | | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | | 9/15/2040 | | | 5.00 | | | | 518,189 | | | | 509,815 | | | | | |
| | 2,000,000 | | | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | | 8/15/2043 | | | 5.00 | | | | 2,070,874 | | | | 2,115,420 | | | | | |
| | 1,400,000 | | | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | | 9/15/2045 | | | 5.00 | | | | 1,447,899 | | | | 1,423,338 | | | | | |
| | 2,000,000 | | | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | | 10/1/2048 | | | 5.13 | | | | 1,962,558 | | | | 1,974,280 | | | | | |
| | 500,000 | | | WISCONSIN ST HSG & ECON DEV AUTH | | 11/1/2035 | | | 3.88 | | | | 500,000 | | | | 508,265 | | | | | |
| | 1,000,000 | | | WISCONSIN ST HSG & ECON DEV AUTH | | 11/1/2040 | | | 4.00 | | | | 1,000,000 | | | | 1,009,990 | | | | | |
| | 1,000,000 | | | WISCONSIN ST HSG & ECON DEV AUTH | | 11/1/2042 | | | 3.90 | | | | 1,004,566 | | | | 1,003,310 | | | | | |
| | 1,500,000 | | | WISCONSIN ST HSG & ECON DEV AUTH | | 5/1/2055 | | | 4.15 | | | | 1,500,000 | | | | 1,506,900 | | | | | |
| | 935,000 | | | WYANDOTTE CNTY KS KANSAS CITY UNIF GOVT SPL OBLG REVENUE | | 9/1/2032 | | | 5.75 | | | | 928,858 | | | | 985,060 | | | | | |
| | 750,000 | | | WYNNFIELD LAKES FL CDD | | 5/1/2036 | | | 4.50 | | | | 745,111 | | | | 771,420 | | | | | |
| | 1,000,000 | | | WYOMING ST CMNTY DEV AUTH HSG REVENUE | | 12/1/2038 | | | 3.90 | | | | 1,000,000 | | | | 1,010,710 | | | | | |
| | 1,645,000 | | | WYOMING ST CMNTY DEV AUTH HSG REVENUE | | 12/1/2038 | | | 4.05 | | | | 1,645,000 | | | | 1,659,789 | | | | | |
| | 350,934 | | | ZEPHYR RIDGE FL CDD CAPITAL IMPT REVENUE(c) | | 5/1/2013 | | | 5.25 | | | | 351,276 | | | | 294,784 | | | | | |
| | | | Sub-total Municipal Bonds: | | | | | | | | | 483,019,660 | | | | 494,725,600 | | | | 93.44 | % |
| See accompanying notes to financial statements. | 63 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2018
| Par/Shares | | Security | | Maturity
date | | | Coupon
rate | | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| Short-Term Investments: | | | | | | | | | | | | | | | | | | | | | | |
| 4,274,380 | | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 2.25%(i) | | | | $ | 4,274,380 | | | | 4,274,380 | | | | | |
| Sub-total Short-Term Investments: | | | | | | | | 4,274,380 | | | | 4,274,380 | | | | 0.80 | % |
| | | Grand total | | | | | | | $ | 512,475,162 | | | | 522,521,505 | | | | 98.68 | % |
Notes to Schedule of Investments:
| (a) | Investments are valued in accordance with procedures described in note 2 to the financial statements. (b) For step bonds, the coupon rate disclosed is the current rate in effect. |
| (c) | Non-income producing assets. For long-term debt securities, item identified is in default as to payment of interest and/or principal. |
| (d) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees. |
| (e) | Variable rate security. Rate as of December 31, 2018 is disclosed. |
| (g) | When-Issued Security. Coupon rate is not in effect at December 31, 2018 |
| (h) | These securities are remarketed by an agent, and the rate at which these securities are set are determined by general market conditions and supply and demand. |
| (i) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2017, the value of the Clearwater Tax-Exempt Bond Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $6,336,567 with net sales of $2,062,187 during the fiscal year ended December 31, 2018. |
Diversification of investments representing geographic diversification, as a percentage of total investments at fair value, is as follows:
| Geographical Diversification | | Percent | |
| Florida | | | 11.05 | % |
| California | | | 9.10 | |
| Illinois | | | 8.12 | |
| Texas | | | 6.44 | |
| Georgia | | | 4.89 | |
| New York | | | 4.81 | |
| Wisconsin | | | 4.32 | |
| Pennsylvania | | | 4.04 | |
| Indiana | | | 3.98 | |
| Colorado | | | 3.80 | |
| Other | | | 39.45 | |
| | | | 100.00 | % |
See accompanying notes to financial statements. | 64 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2018
At December 31, 2018, the Fund had open futures contracts as follows:
| Type | | Number of
Contracts | | | Notional
Amount
(000s) | | | Contract
Position | | Contract
Exp. | | | Value and
Unrealized
Appreciation
(Depreciation)
(000s) | |
| 10-Year U.S. Treasury Note | | | 292 | | | $ | (35,628,563 | ) | | Short | | | 3/19 | | | $ | (785,705 | ) |
| U.S. Treasury Long Bond | | | 93 | | | | (13,578,000 | ) | | Short | | | 3/19 | | | | (610,631 | ) |
| 2-Year U.S. Treasury Note | | | 125 | | | | (26,539,063 | ) | | Short | | | 3/19 | | | | (166,406 | ) |
| 5-Year U.S. Treasury Note | | | 224 | | | | (25,690,000 | ) | | Short | | | 3/19 | | | | (392,710 | ) |
| | | | | | | | | | | | | | | | | $ | (1,955,452 | ) |
See accompanying notes to financial statements. | 65 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2018
Clearwater Tax-Exempt Bond Fund Portfolio Diversification
(as a percentage of net assets)
See accompanying notes to financial statements. | 66 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| Common Stocks: | | | | | | | | | | | |
| Australia: | | | | | | | | | | | | |
| | 9,751 | | | AGL ENERGY LTD. | | $ | 126,684 | | | | 141,483 | | | | | |
| | 23,329 | | | ALUMINA LTD. | | | 18,928 | | | | 37,793 | | | | | |
| | 41,047 | | | APA GROUP | | | 230,317 | | | | 245,747 | | | | | |
| | 2,554 | | | ASX LTD. | | | 51,631 | | | | 107,827 | | | | | |
| | 75,312 | | | AUSTRALIA & NEW ZEALAND BANKING GROUP LTD. | | | 1,094,139 | | | | 1,297,505 | | | | | |
| | 70,369 | | | BENDIGO & ADELAIDE BANK LTD. | | | 468,821 | | | | 534,800 | | | | | |
| | 179,910 | | | BGP HOLDINGS PLC(b)(c) | | | - | | | | - | | | | | |
| | 11,117 | | | BHP BILLITON LTD. | | | 128,168 | | | | 268,030 | | | | | |
| | 10,199 | | | BORAL LTD. | | | 28,970 | | | | 35,487 | | | | | |
| | 17,400 | | | BRAMBLES LTD. | | | 64,294 | | | | 124,395 | | | | | |
| | 3,878 | | | CALTEX AUSTRALIA LTD. | | | 79,021 | | | | 69,598 | | | | | |
| | 8,174 | | | CHALLENGER LTD. | | | 60,028 | | | | 54,637 | | | | | |
| | 971 | | | COCHLEAR LTD. | | | 35,893 | | | | 118,709 | | | | | |
| | 6,356 | | | COLES GROUP LTD.(b) | | | 57,654 | | | | 52,558 | | | | | |
| | 22,702 | | | COMMONWEALTH BANK OF AUSTRALIA | | | 832,770 | | | | 1,157,527 | | | | | |
| | 42,331 | | | CSL LTD. | | | 2,710,732 | | | | 5,520,701 | | | | | |
| | 14,184 | | | DEXUS | | | 62,970 | | | | 106,099 | | | | | |
| | 97,180 | | | FORTESCUE METALS GROUP LTD. | | | 212,026 | | | | 286,800 | | | | | |
| | 18,737 | | | GOODMAN GROUP | | | 48,414 | | | | 140,289 | | | | | |
| | 12,754 | | | GPT GROUP (THE) | | | 47,798 | | | | 47,971 | | | | | |
| | 18,658 | | | HARVEY NORMAN HOLDINGS LTD. (ATHENS EXCHANGE) | | | 44,300 | | | | 41,528 | | | | | |
| | 26,089 | | | HEALTHSCOPE LTD. | | | 43,927 | | | | 40,978 | | | | | |
| | 18,683 | | | INCITEC PIVOT LTD. | | | 30,152 | | | | 43,163 | | | | | |
| | 46,677 | | | INSURANCE AUSTRALIA GROUP LTD. | | | 120,292 | | | | 230,139 | | | | | |
| | 12,403 | | | LENDLEASE GROUP | | | 80,469 | | | | 101,600 | | | | | |
| | 7,617 | | | MACQUARIE GROUP LTD. | | | 165,840 | | | | 582,911 | | | | | |
| | 41,869 | | | NATIONAL AUSTRALIA BANK LTD. | | | 654,513 | | | | 709,835 | | | | | |
| | 6,653 | | | NEWCREST MINING LTD. | | | 50,401 | | | | 102,156 | | | | | |
| | 24,361 | | | OIL SEARCH LTD. | | | 133,952 | | | | 122,856 | | | | | |
| | 65,479 | | | ORIGIN ENERGY LTD.(b) | | | 315,103 | | | | 298,397 | | | | | |
| | 16,330 | | | ORORA LTD. | | | 16,762 | | | | 35,311 | | | | | |
| | 416 | | | PERPETUAL LTD. | | | 7,027 | | | | 9,517 | | | | | |
| | 2,468 | | | RAMSAY HEALTH CARE LTD. | | | 49,765 | | | | 100,354 | | | | | |
| | 20,500 | | | SANTOS LTD. | | | 45,732 | | | | 79,127 | | | | | |
| | 79,771 | | | SCENTRE GROUP | | | 177,924 | | | | 219,128 | | | | | |
| | 5,884 | | | SEEK LTD. | | | 49,598 | | | | 70,123 | | | | | |
| | 9,824 | | | SONIC HEALTHCARE LTD. | | | 79,849 | | | | 152,991 | | | | | |
| | 101,955 | | | SOUTH32 LTD. | | | 70,421 | | | | 240,570 | | | | | |
| | 11,647 | | | STAR ENTERTAINMENT GROUP (THE) LTD. | | | 31,304 | | | | 37,408 | | | | | |
| | 9,837 | | | SYDNEY AIRPORT | | | 33,263 | | | | 46,630 | | | | | |
| | 16,365 | | | TABCORP HOLDINGS LTD. | | | 33,181 | | | | 49,450 | | | | | |
| | 30,431 | | | TELSTRA CORP. LTD. | | | 64,367 | | | | 61,087 | | | | | |
| | 13,099 | | | TRANSURBAN GROUP | | | 36,728 | | | | 107,486 | | | | | |
| | 12,264 | | | TREASURY WINE ESTATES LTD. | | | 49,093 | | | | 127,845 | | | | | |
| | 33,315 | | | VICINITY CENTRES | | | 46,791 | | | | 61,010 | | | | | |
| | 52,115 | | | WESTPAC BANKING CORP. | | | 691,073 | | | | 919,148 | | | | | |
| | 3,970 | | | WOODSIDE PETROLEUM LTD. | | | 74,324 | | | | 87,579 | | | | | |
| | 16,846 | | | WOOLWORTHS GROUP LTD. | | | 309,168 | | | | 349,083 | | | | | |
| | 7,869 | | | WORLEYPARSONS LTD. | | | 62,034 | | | | 63,296 | | | | | |
| | | | | | | | 9,926,611 | | | | 15,438,662 | | | | 2.94 | % |
| Austria: | | | | | | | | | | | | | | | |
| | 3,566 | | | ERSTE GROUP BANK A.G.(b) | | | 63,770 | | | | 118,691 | | | | | |
| | 93 | | | IMMOFINANZ A.G.(b) | | | - | | | | 2,227 | | | | | |
| | 313 | | | STRABAG S.E. (BEARER) | | | 5,505 | | | | 9,198 | | | | | |
| | | | | | | | 69,275 | | | | 130,116 | | | | 0.02 | % |
| Belgium: | | | | | | | | | | | | | | | |
| | 7,120 | | | AGEAS | | | 106,907 | | | | 320,599 | | | | | |
| | 13,335 | | | ANHEUSER-BUSCH INBEV S.A./N.V. | | | 463,202 | | | | 881,574 | | | | | |
| | 16,493 | | | BARCO N.V. | | | 1,404,118 | | | | 1,868,899 | | | | | |
| | 23,586 | | | GROUPE BRUXELLES LAMBERT S.A. | | | 2,063,872 | | | | 2,055,960 | | | | | |
| | 4,347 | | | KBC GROUP N.V. | | | 101,356 | | | | 282,299 | | | | | |
| | 74,246 | | | ONTEX GROUP N.V. | | | 2,249,833 | | | | 1,522,706 | | | | | |
| | 2,190 | | | PROXIMUS SADP | | | 49,577 | | | | 59,267 | | | | | |
| | 1,462 | | | TELENET GROUP HOLDING N.V. | | | 71,483 | | | | 68,009 | | | | | |
See accompanying notes to financial statements. | 67 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| Belgium (Cont’d): | | | | | | | | | | | | |
| | 1,091 | | | UCB S.A. | | $ | 30,547 | | | | 89,126 | | | | | |
| | | | | | | | 6,540,895 | | | | 7,148,439 | | | | 1.36 | % |
| Brazil: | | | | | | | | | | | | | | | |
| | 14,900 | | | AMBEV S.A. | | | 57,379 | | | | 59,127 | | | | | |
| | 33,616 | | | AMBEV S.A. ADR(d) | | | 129,460 | | | | 131,775 | | | | | |
| | 891,700 | | | CAMIL ALIMENTOS S.A.(b) | | | 2,235,422 | | | | 1,622,005 | | | | | |
| | 443,400 | | | GRENDENE S.A. | | | 1,138,996 | | | | 938,110 | | | | | |
| | 108,700 | | | M DIAS BRANCO S.A.(b) | | | 1,228,616 | | | | 1,200,376 | | | | | |
| | 15,405 | | | RAIA DROGASIL S.A.(b) | | | 313,299 | | | | 227,155 | | | | | |
| | | | | | | | 5,103,172 | | | | 4,178,548 | | | | 0.80 | % |
| Canada: | | | | | | | | | | | | |
| | 3,525 | | | AGNICO EAGLE MINES LTD. | | | 117,901 | | | | 142,270 | | | | | |
| | 4,817 | | | ALIMENTATION COUCHE-TARD, INC., CLASS B | | | 138,408 | | | | 239,615 | | | | | |
| | 31,523 | | | ALTAGAS LTD. | | | 346,931 | | | | 320,956 | | | | | |
| | 2,039 | | | ATCO LTD., CLASS I | | | 61,318 | | | | 57,666 | | | | | |
| | 75,800 | | | BADGER DAYLIGHTING LTD. | | | 1,322,312 | | | | 1,790,617 | | | | | |
| | 1,832 | | | BANK OF MONTREAL | | | 92,850 | | | | 119,687 | | | | | |
| | 4,788 | | | BANK OF NOVA SCOTIA (THE) | | | 166,799 | | | | 238,664 | | | | | |
| | 22,326 | | | BARRICK GOLD CORP. | | | 176,666 | | | | 301,398 | | | | | |
| | 5,398 | | | BLACKBERRY LTD.(b) | | | 37,914 | | | | 38,393 | | | | | |
| | 61,627 | | | BOMBARDIER, INC., CLASS B(b) | | | 68,769 | | | | 91,637 | | | | | |
| | 17,842 | | | BROOKFIELD ASSET MANAGEMENT, INC., CLASS A | | | 164,184 | | | | 683,778 | | | | | |
| | 11,740 | | | CAE, INC. | | | 85,345 | | | | 215,761 | | | | | |
| | 290,300 | | | CANACCORD GENUITY GROUP, INC. | | | 1,083,675 | | | | 1,226,949 | | | | | |
| | 15,100 | | | CANADA GOOSE HOLDINGS, INC.(b) | | | 252,671 | | | | 660,100 | | | | | |
| | 6,639 | | | CANADIAN IMPERIAL BANK OF COMMERCE | | | 268,953 | | | | 494,472 | | | | | |
| | 15,994 | | | CANADIAN NATIONAL RAILWAY CO. | | | 292,557 | | | | 1,184,554 | | | | | |
| | 20,842 | | | CANADIAN NATURAL RESOURCES LTD. | | | 431,693 | | | | 502,883 | | | | | |
| | 3,606 | | | CANADIAN PACIFIC RAILWAY LTD. | | | 112,878 | | | | 639,846 | | | | | |
| | 21,065 | | | CANADIAN PACIFIC RAILWAY LTD. (NEW YORK EXCHANGE) | | | 2,674,392 | | | | 3,741,565 | | | | | |
| | 744 | | | CANADIAN TIRE CORP. LTD., CLASS A | | | 50,047 | | | | 77,790 | | | | | |
| | 4,317 | | | CANADIAN UTILITIES LTD., CLASS A | | | 103,924 | | | | 99,039 | | | | | |
| | 79,706 | | | CANADIAN WESTERN BANK | | | 1,659,968 | | | | 1,520,322 | | | | | |
| | 1,538 | | | CANOPY GROWTH CORP.(b) | | | 41,295 | | | | 41,244 | | | | | |
| | 1,570 | | | CCL INDUSTRIES, INC., CLASS B | | | 45,979 | | | | 57,570 | | | | | |
| | 15,529 | | | CENOVUS ENERGY, INC. | | | 128,728 | | | | 109,199 | | | | | |
| | 6,978 | | | CGI GROUP, INC., CLASS A(b) | | | 55,128 | | | | 426,797 | | | | | |
| | 167 | | | CONSTELLATION SOFTWARE, INC. | | | 49,226 | | | | 106,896 | | | | | |
| | 124,624 | | | CRESCENT POINT ENERGY CORP. | | | 404,640 | | | | 377,925 | | | | | |
| | 56,007 | | | DOLLARAMA, INC. | | | 2,134,686 | | | | 1,332,074 | | | | | |
| | 7,455 | | | ECN CAPITAL CORP. | | | 17,223 | | | | 18,840 | | | | | |
| | 1,310 | | | ENBRIDGE, INC. | | | 44,215 | | | | 40,695 | | | | | |
| | 40,173 | | | ENCANA CORP. | | | 253,707 | | | | 231,881 | | | | | |
| | 211 | | | FAIRFAX FINANCIAL HOLDINGS LTD. | | | 52,589 | | | | 92,885 | | | | | |
| | 2,444 | | | FINNING INTERNATIONAL, INC. | | | 42,835 | | | | 42,607 | | | | | |
| | 5,843 | | | FIRST QUANTUM MINERALS LTD. | | | 37,831 | | | | 47,251 | | | | | |
| | 6,289 | | | FORTIS, INC. | | | 195,157 | | | | 209,649 | | | | | |
| | 2,389 | | | FRANCO-NEVADA CORP. | | | 109,265 | | | | 167,521 | | | | | |
| | 280 | | | GEORGE WESTON LTD. | | | 20,256 | | | | 18,469 | | | | | |
| | 6,104 | | | GILDAN ACTIVEWEAR, INC. | | | 33,435 | | | | 185,284 | | | | | |
| | 343,500 | | | GRAN TIERRA ENERGY, INC.(b) | | | 836,165 | | | | 749,802 | | | | | |
| | 78,287 | | | IMPERIAL OIL LTD. | | | 2,762,795 | | | | 1,983,554 | | | | | |
| | 2,867 | | | INTER PIPELINE LTD. | | | 40,976 | | | | 40,615 | | | | | |
| | 1,100 | | | INTERNATIONAL PETROLEUM CORP.(b) | | | 2,833 | | | | 3,624 | | | | | |
| | 3,109 | | | KEYERA CORP. | | | 64,690 | | | | 58,778 | | | | | |
| | 33,281 | | | KINROSS GOLD CORP.(b) | | | 62,810 | | | | 107,264 | | | | | |
| | 2,077 | | | LOBLAW COS. LTD. | | | 71,240 | | | | 92,972 | | | | | |
| | 9,476 | | | MAGNA INTERNATIONAL, INC. | | | 61,549 | | | | 430,140 | | | | | |
| | 31,473 | | | MANULIFE FINANCIAL CORP. | | | 380,571 | | | | 446,551 | | | | | |
| | 2,136 | | | METHANEX CORP. | | | 47,654 | | | | 102,732 | | | | | |
| | 3,000 | | | METRO, INC. | | | 54,328 | | | | 104,029 | | | | | |
| | 111,100 | | | MULLEN GROUP LTD. | | | 1,569,568 | | | | 993,650 | | | | | |
| | 55,200 | | | NORTH WEST (THE) CO., INC. | | | 1,200,140 | | | | 1,270,425 | | | | | |
| | 13,432 | | | NUTRIEN LTD. | | | 376,707 | | | | 630,867 | | | | | |
| | 2,600 | | | ONEX CORP. | | | 105,376 | | | | 141,598 | | | | | |
| | 6,564 | | | OPEN TEXT CORP. | | | 72,477 | | | | 213,960 | | | | | |
See accompanying notes to financial statements. | 68 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| Canada (Cont’d): | | | | | | | | | | | | |
| | 23,139 | | | PEMBINA PIPELINE CORP.(e) | | $ | 537,455 | | | | 686,611 | | | | | |
| | 7,859 | | | PRAIRIESKY ROYALTY LTD. | | | 102,723 | | | | 101,720 | | | | | |
| | 3,681 | | | RESTAURANT BRANDS INTERNATIONAL, INC. | | | 137,022 | | | | 192,301 | | | | | |
| | 2,701 | | | RITCHIE BROS. AUCTIONEERS, INC. | | | 50,064 | | | | 88,358 | | | | | |
| | 9,354 | | | ROGERS COMMUNICATIONS, INC., CLASS B | | | 221,766 | | | | 479,348 | | | | | |
| | 27,066 | | | ROYAL BANK OF CANADA | | | 909,444 | | | | 1,852,510 | | | | | |
| | 33,900 | | | RUSSEL METALS, INC. | | | 637,018 | | | | 529,656 | | | | | |
| | 4,800 | | | SAPUTO, INC. | | | 103,951 | | | | 137,791 | | | | | |
| | 6,379 | | | SHAW COMMUNICATIONS, INC., CLASS B | | | 97,657 | | | | 115,459 | | | | | |
| | 62,400 | | | SHAWCOR LTD. | | | 1,504,741 | | | | 757,832 | | | | | |
| | 24,030 | | | SHOPIFY, INC., CLASS A(b) | | | 2,888,658 | | | | 3,326,954 | | | | | |
| | 2,748 | | | SMARTCENTRES REAL ESTATE INVESTMENT TRUST | | | 63,598 | | | | 62,057 | | | | | |
| | 2,648 | | | STARS GROUP (THE), INC.(b) | | | 43,347 | | | | 43,720 | | | | | |
| | 11,810 | | | SUN LIFE FINANCIAL, INC. | | | 235,812 | | | | 391,792 | | | | | |
| | 31,468 | | | SUNCOR ENERGY, INC. | | | 732,287 | | | | 878,900 | | | | | |
| | 19,201 | | | TECK RESOURCES LTD., CLASS B | | | 97,101 | | | | 413,359 | | | | | |
| | 4,548 | | | TELUS CORP. | | | 59,716 | | | | 150,745 | | | | | |
| | 8,041 | | | THOMSON REUTERS CORP. | | | 206,631 | | | | 388,326 | | | | | |
| | 30,016 | | | TORONTO-DOMINION BANK (THE) | | | 557,894 | | | | 1,492,005 | | | | | |
| | 3,843 | | | TOURMALINE OIL CORP. | | | 55,100 | | | | 47,798 | | | | | |
| | 6,906 | | | TRANSCANADA CORP. | | | 237,386 | | | | 246,607 | | | | | |
| | 104 | | | TRISURA GROUP LTD.(b) | | | 490 | | | | 1,988 | | | | | |
| | 24,044 | | | TURQUOISE HILL RESOURCES LTD.(b) | | | 45,911 | | | | 39,627 | | | | | |
| | 5,627 | | | VERMILION ENERGY, INC. | | | 134,303 | | | | 118,541 | | | | | |
| | 5,757 | | | WHEATON PRECIOUS METALS CORP. | | | 78,969 | | | | 112,382 | | | | | |
| | 25,967 | | | YAMANA GOLD, INC. | | | 47,753 | | | | 61,056 | | | | | |
| | | | | | | | 30,873,026 | | | | 37,982,753 | | | | 7.24 | % |
| China: | | | | | | | | | | | |
| | 19,006 | | | BAIDU, INC. ADR(b)(d) | | | 2,737,019 | | | | 3,014,352 | | | | | |
| | 1,632,000 | | | CHINA ZHENGTONG AUTO SERVICES HOLDINGS LTD. | | | 941,242 | | | | 973,302 | | | | | |
| | 3,511,000 | | | GOODBABY INTERNATIONAL HOLDINGS LTD. | | | 1,722,762 | | | | 1,103,002 | | | | | |
| | 1,821,000 | | | GREATVIEW ASEPTIC PACKAGING CO. LTD. | | | 947,230 | | | | 988,347 | | | | | |
| | 81,300 | | | HOLLYSYS AUTOMATION TECHNOLOGIES LTD. | | | 1,724,345 | | | | 1,423,563 | | | | | |
| | 132,000 | | | SHANGHAI HAOHAI BIOLOGICAL TECHNOLOGY CO. LTD., CLASS H(f) | | | 763,143 | | | | 659,115 | | | | | |
| | 91,055 | | | TENCENT HOLDINGS LTD. | | | 1,282,739 | | | | 3,651,270 | | | | | |
| | 3,198,500 | | | XTEP INTERNATIONAL HOLDINGS LTD. | | | 1,375,201 | | | | 1,735,984 | | | | | |
| | | | | | | | 11,493,681 | | | | 13,548,935 | | | | 2.58 | % |
| Denmark: | | | | | | | | | | | | |
| | 89 | | | AP MOLLER - MAERSK A/S, CLASS A | | | 93,960 | | | | 105,164 | | | | | |
| | 87 | | | AP MOLLER - MAERSK A/S, CLASS B | | | 85,723 | | | | 109,262 | | | | | |
| | 4,708 | | | CARLSBERG A/S, CLASS B | | | 282,020 | | | | 500,385 | | | | | |
| | 32,870 | | | CHR HANSEN HOLDING A/S | | | 1,451,916 | | | | 2,908,439 | | | | | |
| | 1,500 | | | COLOPLAST A/S, CLASS B | | | 27,666 | | | | 139,262 | | | | | |
| | 12,200 | | | DANSKE BANK A/S | | | 119,186 | | | | 241,323 | | | | | |
| | 1,592 | | | DSV A/S | | | 48,904 | | | | 104,855 | | | | | |
| | 200 | | | FLSMIDTH & CO. A/S | | | 6,012 | | | | 8,996 | | | | | |
| | 808 | | | GENMAB A/S(b) | | | 101,229 | | | | 132,362 | | | | | |
| | 919 | | | H LUNDBECK A/S | | | 40,931 | | | | 40,249 | | | | | |
| | 29,596 | | | ISS A/S | | | 838,138 | | | | 826,817 | | | | | |
| | 19,998 | | | MATAS A/S | | | 186,345 | | | | 177,992 | | | | | |
| | 44,542 | | | NILFISK HOLDING A/S(b) | | | 2,368,316 | | | | 1,575,528 | | | | | |
| | 22,318 | | | NOVO NORDISK A/S, CLASS B | | | 284,367 | | | | 1,020,261 | | | | | |
| | 2,500 | | | NOVOZYMES A/S, CLASS B | | | 39,158 | | | | 111,601 | | | | | |
| | 1,032 | | | ORSTED A/S(f) | | | 67,805 | | | | 69,001 | | | | | |
| | 3,096 | | | PANDORA A/S | | | 37,894 | | | | 126,045 | | | | | |
| | 3,250 | | | TOPDANMARK A/S | | | 33,362 | | | | 151,116 | | | | | |
| | 3,244 | | | VESTAS WIND SYSTEMS A/S | | | 150,564 | | | | 244,974 | | | | | |
| | 3,896 | | | WILLIAM DEMANT HOLDING A/S(b) | | | 70,444 | | | | 110,546 | | | | | |
| | | | | | | | 6,333,940 | | | | 8,704,178 | | | | 1.66 | % |
| Finland: | | | | | | | | | | | | |
| | 79,749 | | | AMER SPORTS OYJ(b) | | | 1,439,760 | | | | 3,505,960 | | | | | |
| | 2,770 | | | ELISA OYJ | | | 86,574 | | | | 114,508 | | | | | |
| | 65,843 | | | HUHTAMAKI OYJ | | | 1,968,293 | | | | 2,042,151 | | | | | |
| | 1,396 | | | KESKO OYJ, CLASS B | | | 30,705 | | | | 75,335 | | | | | |
| | 4,902 | | | KONE OYJ, CLASS B | | | 86,493 | | | | 233,870 | | | | | |
See accompanying notes to financial statements. | 69 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| Finland (Cont’d): | | | | | | | | | | | | |
| | 7,075 | | | NESTE OYJ | | $ | 67,704 | | | | 546,032 | | | | | |
| | 61,900 | | | NOKIA OYJ | | | 203,584 | | | | 356,737 | | | | | |
| | 2,240 | | | NOKIAN RENKAAT OYJ | | | 31,307 | | | | 68,833 | | | | | |
| | 41,200 | | | NORDEA BANK ABP | | | 445,789 | | | | 346,690 | | | | | |
| | 1,960 | | | ORION OYJ, CLASS B | | | 49,561 | | | | 67,999 | | | | | |
| | 103,442 | | | OUTOTEC OYJ(b) | | | 822,621 | | | | 364,327 | | | | | |
| | 3,014 | | | SAMPO OYJ, CLASS A | | | 114,453 | | | | 132,641 | | | | | |
| | 15,829 | | | STORA ENSO OYJ (REGISTERED) | | | 75,698 | | | | 182,902 | | | | | |
| | 11,934 | | | UPM-KYMMENE OYJ | | | 99,928 | | | | 302,865 | | | | | |
| | 1,849 | | | VALMET OYJ | | | 14,443 | | | | 38,027 | | | | | |
| | 7,056 | | | WARTSILA OYJ ABP | | | 56,960 | | | | 112,333 | | | | | |
| | | | | | | | 5,593,873 | | | | 8,491,210 | | | | 1.62 | % |
| France: | | | | | | | | | | | | |
| | 1,275 | | | ACCOR S.A. | | | 29,826 | | | | 54,211 | | | | | |
| | 3,443 | | | AEROPORTS DE PARIS | | | 334,974 | | | | 652,867 | | | | | |
| | 10,877 | | | AIRBUS S.E. | | | 357,319 | | | | 1,046,337 | | | | | |
| | 1,093 | | | ARKEMA S.A. | | | 77,841 | | | | 93,873 | | | | | |
| | 435 | | | ATOS S.E. | | | 30,494 | | | | 35,626 | | | | | |
| | 30,343 | | | AXA S.A. | | | 403,058 | | | | 655,608 | | | | | |
| | 19,113 | | | BNP PARIBAS S.A. | | | 807,283 | | | | 864,452 | | | | | |
| | 16,698 | | | BOLLORE S.A. | | | 52,911 | | | | 66,961 | | | | | |
| | 2,871 | | | BOUYGUES S.A. | | | 90,917 | | | | 103,091 | | | | | |
| | 3,068 | | | CAPGEMINI S.E. | | | 111,959 | | | | 305,116 | | | | | |
| | 3,573 | | | CARREFOUR S.A. | | | 61,377 | | | | 61,038 | | | | | |
| | 1,132 | | | CASINO GUICHARD PERRACHON S.A. | | | 48,506 | | | | 47,133 | | | | | |
| | 5,031 | | | CIE DE SAINT-GOBAIN | | | 154,127 | | | | 168,115 | | | | | |
| | 3,404 | | | CIE GENERALE DES ETABLISSEMENTS MICHELIN S.C.A. | | | 180,725 | | | | 338,142 | | | | | |
| | 1,133 | | | COVIVIO | | | 96,781 | | | | 109,303 | | | | | |
| | 26,672 | | | CREDIT AGRICOLE S.A. | | | 211,038 | | | | 288,176 | | | | | |
| | 9,359 | | | DANONE S.A. | | | 473,663 | | | | 659,576 | | | | | |
| | 1,781 | | | EDENRED | | | 26,435 | | | | 65,523 | | | | | |
| | 67,951 | | | ENGIE S.A. | | | 864,155 | | | | 975,132 | | | | | |
| | 17,825 | | | ESSILORLUXOTTICA S.A. | | | 2,031,140 | | | | 2,218,958 | | | | | |
| | 17,693 | | | ESSILORLUXOTTICA S.A. (NEW YORK EXCHANGE) | | | 2,205,498 | | | | 2,239,015 | | | | | |
| | 2,806 | | | EURAZEO S.E. | | | 77,893 | | | | 198,685 | | | | | |
| | 1,129 | | | FAURECIA S.A. | | | 46,529 | | | | 42,778 | | | | | |
| | 711 | | | GECINA S.A. | | | 70,962 | | | | 92,053 | | | | | |
| | 9,468 | | | GETLINK | | | 72,457 | | | | 127,247 | | | | | |
| | 553 | | | ICADE | | | 41,166 | | | | 42,134 | | | | | |
| | 452 | | | ILIAD S.A. | | | 49,749 | | | | 63,518 | | | | | |
| | 1,026 | | | KERING S.A. | | | 174,510 | | | | 483,852 | | | | | |
| | 2,335 | | | KLEPIERRE S.A. | | | 57,367 | | | | 72,127 | | | | | |
| | 2,119 | | | LAGARDERE S.C.A. | | | 50,227 | | | | 53,461 | | | | | |
| | 4,882 | | | LEGRAND S.A. | | | 111,114 | | | | 275,762 | | | | | |
| | 6,266 | | | L’OREAL S.A. | | | 661,338 | | | | 1,444,469 | | | | | |
| | 15,538 | | | LVMH MOET HENNESSY LOUIS VUITTON S.E. | | | 2,208,683 | | | | 4,596,648 | | | | | |
| | 34,063 | | | MAISONS DU MONDE S.A.(f) | | | 916,708 | | | | 652,153 | | | | | |
| | 20,736 | | | NATIXIS S.A. | | | 68,871 | | | | 97,860 | | | | | |
| | 39,439 | | | ORANGE S.A. | | | 438,130 | | | | 639,625 | | | | | |
| | 21,847 | | | PERNOD RICARD S.A. | | | 3,359,825 | | | | 3,586,971 | | | | | |
| | 12,969 | | | PEUGEOT S.A. | | | 78,174 | | | | 277,050 | | | | | |
| | 4,895 | | | RENAULT S.A. | | | 134,511 | | | | 305,941 | | | | | |
| | 5,492 | | | REXEL S.A. | | | 64,050 | | | | 58,520 | | | | | |
| | 2,684 | | | SAFRAN S.A. | | | 123,278 | | | | 324,125 | | | | | |
| | 23,341 | | | SANOFI | | | 1,427,291 | | | | 2,023,372 | | | | | |
| | 278 | | | SCHNEIDER ELECTRIC S.E. | | | 8,838 | | | | 19,047 | | | | | |
| | 7,138 | | | SCHNEIDER ELECTRIC S.E. (EURONEXT PARIS EXCHANGE) | | | 267,356 | | | | 488,412 | | | | | |
| | 1,813 | | | SCOR S.E. | | | 36,441 | | | | 81,844 | | | | | |
| | 336 | | | SEB S.A. | | | 48,745 | | | | 43,425 | | | | | |
| | 5,438 | | | SES S.A. | | | 87,032 | | | | 104,113 | | | | | |
| | 14,520 | | | SOCIETE GENERALE S.A. | | | 503,103 | | | | 462,822 | | | | | |
| | 24,728 | | | SODEXO S.A. | | | 2,228,896 | | | | 2,535,724 | | | | | |
| | 9,578 | | | TELEVISION FRANCAISE 1 | | | 79,414 | | | | 77,696 | | | | | |
| | 1,413 | | | THALES S.A. | | | 81,763 | | | | 165,132 | | | | | |
| | 21,913 | | | TOTAL S.A. | | | 1,029,479 | | | | 1,159,433 | | | | | |
| 2,116 | | | UNIBAIL-RODAMCO-WESTFIELD | | | 299,241 | | | | 328,265 | | | | | |
See accompanying notes to financial statements. | 70 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| | France (Cont’d): | | | | | | | | | | | | |
| | 13,671 | | | VEOLIA ENVIRONNEMENT S.A. | | $ | 145,445 | | | | 281,239 | | | | | |
| | 7,810 | | | VINCI S.A. | | | 316,569 | | | | 644,457 | | | | | |
| | 93,643 | | | VIVENDI S.A. | | | 1,834,950 | | | | 2,283,163 | | | | | |
| | 1,345 | | | WENDEL S.A. | | | 91,561 | | | | 161,346 | | | | | |
| | | | | | | | 25,941,693 | | | | 35,342,722 | | | | 6.74 | % |
| | Germany: | | | | | | | | | | | | |
| | 18,704 | | | ADIDAS A.G. | | | 2,905,559 | | | | 3,908,852 | | | | | |
| | 8,277 | | | ALLIANZ S.E. (REGISTERED) | | | 727,077 | | | | 1,660,918 | | | | | |
| | 4,823 | | | AROUNDTOWN S.A. | | | 40,848 | | | | 39,897 | | | | | |
| | 15,026 | | | BASF S.E. | | | 542,099 | | | | 1,039,849 | | | | | |
| | 14,908 | | | BAYER A.G. (REGISTERED) | | | 793,310 | | | | 1,034,416 | | | | | |
| | 4,753 | | | BAYERISCHE MOTOREN WERKE A.G. (OTC EXCHANGE) | | | 388,601 | | | | 385,015 | | | | | |
| | 2,206 | | | BEIERSDORF A.G. | | | 146,950 | | | | 230,409 | | | | | |
| | 1,188 | | | BRENNTAG A.G. | | | 43,546 | | | | 51,315 | | | | | |
| | 29,496 | | | COMMERZBANK A.G.(b) | | | 190,394 | | | | 195,437 | | | | | |
| | 916 | | | CONTINENTAL A.G. | | | 47,943 | | | | 126,728 | | | | | |
| | 946 | | | COVESTRO A.G.(f) | | | 54,302 | | | | 46,802 | | | | | |
| | 17,639 | | | DAIMLER A.G. (REGISTERED) | | | 589,913 | | | | 927,836 | | | | | |
| | 4,525 | | | DEUTSCHE BOERSE A.G. | | | 273,151 | | | | 544,115 | | | | | |
| | 2,487 | | | DEUTSCHE LUFTHANSA A.G. (REGISTERED) | | | 29,539 | | | | 56,135 | | | | | |
| | 17,828 | | | DEUTSCHE POST A.G. (REGISTERED) | | | 210,542 | | | | 488,396 | | | | | |
| | 72,227 | | | DEUTSCHE TELEKOM A.G. (REGISTERED) | | | 948,582 | | | | 1,226,416 | | | | | |
| | 3,463 | | | DEUTSCHE WOHNEN S.E. | | | 80,362 | | | | 158,709 | | | | | |
| | 11,958 | | | E.ON S.E. | | | 90,058 | | | | 118,197 | | | | | |
| | 594 | | | FRESENIUS MEDICAL CARE A.G. & CO. KGAA | | | 21,418 | | | | 38,548 | | | | | |
| | 6,867 | | | FRESENIUS S.E. & CO. KGAA | | | 150,261 | | | | 333,440 | | | | | |
| | 30,101 | | | GERRESHEIMER A.G. | | | 2,083,037 | | | | 1,974,451 | | | | | |
| | 73,528 | | | GRAND CITY PROPERTIES S.A. | | | 1,167,640 | | | | 1,596,437 | | | | | |
| | 2,246 | | | HANNOVER RUECK S.E. | | | 94,321 | | | | 302,884 | | | | | |
| | 3,952 | | | HEIDELBERGCEMENT A.G. | | | 143,515 | | | | 241,705 | | | | | |
| | 876 | | | HENKEL A.G. & CO. KGAA (OTC EXCHANGE) | | | 69,312 | | | | 86,065 | | | | | |
| | 2,600 | | | HOCHTIEF A.G. | | | 108,936 | | | | 350,622 | | | | | |
| | 1,280 | | | HUGO BOSS A.G. | | | 70,065 | | | | 79,077 | | | | | |
| | 21,437 | | | INFINEON TECHNOLOGIES A.G. | | | 117,250 | | | | 426,509 | | | | | |
| | 55,499 | | | JENOPTIK A.G. | | | 1,092,855 | | | | 1,448,534 | | | | | |
| | 1,054 | | | KION GROUP A.G. | | | 60,202 | | | | 53,534 | | | | | |
| | 1,373 | | | LINDE A.G. | | | 199,368 | | | | 304,791 | | | | | |
| | 2,050 | | | MERCK KGAA | | | 86,079 | | | | 211,344 | | | | | |
| | 3,091 | | | MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT A.G. IN MUENCHEN (REGISTERED) | | | 382,823 | | | | 674,835 | | | | | |
| | 1,517 | | | OSRAM LICHT A.G. | | | 42,957 | | | | 65,909 | | | | | |
| | 3,464 | | | PROSIEBENSAT.1 MEDIA S.E. | | | 65,427 | | | | 61,716 | | | | | |
| | 3,441 | | | RATIONAL A.G. | | | 1,179,937 | | | | 1,955,493 | | | | | |
| | 2,803 | | | RWE A.G. | | | 57,958 | | | | 60,907 | | | | | |
| | 17,103 | | | SAP S.E. | | | 683,559 | | | | 1,703,460 | | | | | |
| | 13,106 | | | SIEMENS A.G. (REGISTERED) | | | 795,701 | | | | 1,462,278 | | | | | |
| | 19,905 | | | STABILUS S.A. | | | 1,150,403 | | | | 1,250,918 | | | | | |
| | 18,468 | | | TELEFONICA DEUTSCHLAND HOLDING A.G. | | | 71,143 | | | | 72,324 | | | | | |
| | 2,356 | | | THYSSENKRUPP A.G. | | | 44,466 | | | | 40,437 | | | | | |
| | 7,071 | | | TUI A.G. - CDI | | | 57,698 | | | | 99,650 | | | | | |
| | 9,713 | | | TUI A.G. - CDI (LONDON INTERNATIONAL EXCHANGE) | | | 124,901 | | | | 139,339 | | | | | |
| | 4,249 | | | UNIPER S.E. | | | 47,803 | | | | 110,023 | | | | | |
| | 1,829 | | | UNITED INTERNET A.G. (REGISTERED) | | | 82,005 | | | | 80,051 | | | | | |
| | 404 | | | VOLKSWAGEN A.G. (OTC EXCHANGE) | | | 40,235 | | | | 64,387 | | | | | |
| | 2,682 | | | VONOVIA S.E. | | | 98,410 | | | | 121,656 | | | | | |
| | 12,994 | | | ZOOPLUS A.G.(b) | | | 2,663,103 | | | | 1,770,168 | | | | | |
| | | | | | | | 21,155,564 | | | | 29,420,934 | | | | 5.61 | % |
| | Greece: | | | | | | | | | | | | |
| | 6,746 | | | HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A. | | | 54,075 | | | | 73,582 | | | | | |
| | | | | | | | 54,075 | | | | 73,582 | | | | 0.01 | % |
| | Hong Kong: | | | | | | | | | | | | |
| | 637,600 | | | AIA GROUP LTD. | | | 3,490,728 | | | | 5,292,638 | | | | | |
| | 181,500 | | | BOC HONG KONG HOLDINGS LTD. | | | 447,601 | | | | 674,497 | | | | | |
| | 56,044 | | | CK ASSET HOLDINGS LTD. | | | 165,366 | | | | 410,104 | | | | | |
| | 52,044 | | | CK HUTCHISON HOLDINGS LTD. | | | 307,834 | | | | 499,803 | | | | | |
| | 10,000 | | | CK INFRASTRUCTURE HOLDINGS LTD. | | | 46,496 | | | | 75,730 | | | | | |
| See accompanying notes to financial statements. | 71 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| | Hong Kong (Cont’d): | | | | | | | | | | | | |
| | 34,500 | | | CLP HOLDINGS LTD. | | $ | 236,618 | | | | 389,918 | | | | | |
| | 18,000 | | | GALAXY ENTERTAINMENT GROUP LTD. | | | 39,054 | | | | 114,475 | | | | | |
| | 15,300 | | | HANG SENG BANK LTD. | | | 175,457 | | | | 343,495 | | | | | |
| | 23,029 | | | HENDERSON LAND DEVELOPMENT CO. LTD. | | | 45,544 | | | | 114,697 | | | | | |
| | 103,059 | | | HONG KONG & CHINA GAS CO. LTD. | | | 169,115 | | | | 213,212 | | | | | |
| | 11,800 | | | HONG KONG EXCHANGES & CLEARING LTD. | | | 203,281 | | | | 341,470 | | | | | |
| | 40,500 | | | LINK REIT | | | 84,196 | | | | 410,146 | | | | | |
| | 25,200 | | | MGM CHINA HOLDINGS LTD. | | | 48,010 | | | | 42,287 | | | | | |
| | 30,500 | | | MTR CORP. LTD. | | | 88,703 | | | | 160,475 | | | | | |
| | 43,500 | | | NWS HOLDINGS LTD. | | | 52,824 | | | | 89,217 | | | | | |
| | 2,220,000 | | | PAX GLOBAL TECHNOLOGY LTD. | | | 1,117,405 | | | | 802,324 | | | | | |
| | 190,000 | | | PCCW LTD. | | | 77,805 | | | | 109,431 | | | | | |
| | 24,000 | | | POWER ASSETS HOLDINGS LTD. | | | 139,092 | | | | 167,039 | | | | | |
| | 172,800 | | | SANDS CHINA LTD. | | | 551,191 | | | | 756,917 | | | | | |
| | 27,400 | | | SINO LAND CO. LTD. | | | 29,978 | | | | 46,958 | | | | | |
| | 8,000 | | | SUN HUNG KAI PROPERTIES LTD. | | | 65,036 | | | | 114,016 | | | | | |
| | 19,000 | | | SWIRE PACIFIC LTD., CLASS A | | | 127,857 | | | | 200,664 | | | | | |
| | 465,400 | | | TECHTRONIC INDUSTRIES CO. LTD. | | | 1,745,721 | | | | 2,472,465 | | | | | |
| | 1,944,000 | | | VALUE PARTNERS GROUP LTD. | | | 1,566,460 | | | | 1,348,052 | | | | | |
| | 157,700 | | | VTECH HOLDINGS LTD. | | | 2,078,758 | | | | 1,305,020 | | | | | |
| | 83,500 | | | WH GROUP LTD.(f) | | | 45,547 | | | | 64,301 | | | | | |
| | 18,000 | | | WHARF HOLDINGS (THE) LTD. | | | 46,295 | | | | 46,894 | | | | | |
| | 6,000 | | | WHARF REAL ESTATE INVESTMENT CO. LTD. | | | 34,958 | | | | 35,898 | | | | | |
| | 19,000 | | | WHEELOCK & CO. LTD. | | | 30,489 | | | | 108,582 | | | | | |
| | 15,000 | | | YUE YUEN INDUSTRIAL HOLDINGS LTD. | | | 30,233 | | | | 47,985 | | | | | |
| | | | | | | | 13,287,652 | | | | 16,798,710 | | | | 3.20 | % |
| | India: | | | | | | | | | | | | |
| | 310,692 | | | BHARTI INFRATEL LTD. | | | 1,497,210 | | | | 1,152,607 | | | | | |
| | 316,495 | | | DCB BANK LTD. | | | 710,491 | | | | 767,267 | | | | | |
| | 178,546 | | | DEWAN HOUSING FINANCE CORP. LTD. | | | 628,839 | | | | 637,820 | | | | | |
| | 148,065 | | | HCL TECHNOLOGIES LTD. | | | 1,804,523 | | | | 2,045,212 | | | | | |
| | 35,315 | | | HDFC BANK LTD. ADR(d) | | | 2,166,870 | | | | 3,658,281 | | | | | |
| | 267,106 | | | WELSPUN INDIA LTD. | | | 216,408 | | | | 228,789 | | | | | |
| | | | | | | | 7,024,341 | | | | 8,489,976 | | | | 1.62 | % |
| | Ireland: | | | | | | | | | | | | |
| | 26,382 | | | ACCENTURE PLC, CLASS A | | | 3,076,778 | | | | 3,720,126 | | | | | |
| | 1,332 | | | AERCAP HOLDINGS N.V.(b) | | | 50,212 | | | | 52,747 | | | | | |
| | 21,682 | | | AIB GROUP PLC | | | 93,065 | | | | 91,419 | | | | | |
| | 16,075 | | | CRH PLC | | | 247,661 | | | | 425,454 | | | | | |
| | 21,271 | | | ICON PLC(b) | | | 1,525,148 | | | | 2,748,426 | | | | | |
| | 11,673 | | | JAMES HARDIE INDUSTRIES PLC - CDI | | | 105,224 | | | | 124,315 | | | | | |
| | 3,255 | | | KERRY GROUP PLC, CLASS A | | | 214,084 | | | | 322,594 | | | | | |
| | 30,076 | | | MEDTRONIC PLC | | | 2,292,702 | | | | 2,735,713 | | | | | |
| | 17,955 | | | RYANAIR HOLDINGS PLC ADR(b)(d) | | | 1,941,800 | | | | 1,280,910 | | | | | |
| | | | | | | | 9,546,674 | | | | 11,501,704 | | | | 2.19 | % |
| | Israel: | | | | | | | | | | | | |
| | 21,007 | | | BANK HAPOALIM B.M. | | | 79,922 | | | | 132,867 | | | | | |
| | 42,000 | | | BEZEQ THE ISRAELI TELECOMMUNICATION CORP. LTD. | | | 46,017 | | | | 40,998 | | | | | |
| | 2,094 | | | CHECK POINT SOFTWARE TECHNOLOGIES LTD.(b) | | | 161,340 | | | | 214,949 | | | | | |
| | 5,900 | | | MIZRAHI TEFAHOT BANK LTD. | | | 51,135 | | | | 99,627 | | | | | |
| | 2,937 | | | NICE LTD.(b) | | | 148,741 | | | | 315,913 | | | | | |
| | 7,940 | | | TEVA PHARMACEUTICAL INDUSTRIES LTD. ADR(b)(d) | | | 117,434 | | | | 122,435 | | | | | |
| | | | | | | | 604,589 | | | | 926,789 | | | | 0.18 | % |
| | Italy: | | | | | | | | | | | | |
| | 25,746 | | | ASSICURAZIONI GENERALI S.P.A. | | | 314,340 | | | | 430,678 | | | | | |
| | 16,128 | | | ATLANTIA S.P.A. | | | 316,847 | | | | 333,909 | | | | | |
| | 30,567 | | | AZIMUT HOLDING S.P.A. | | | 361,700 | | | | 333,901 | | | | | |
| | 25,272 | | | BANCA MEDIOLANUM S.P.A. | | | 87,322 | | | | 147,383 | | | | | |
| | 81,915 | | | ENEL S.P.A. | | | 280,368 | | | | 473,400 | | | | | |
| | 3,138 | | | ENI S.P.A. | | | 49,716 | | | | 49,429 | | | | | |
| | 1,211 | | | FERRARI N.V. | | | 46,128 | | | | 120,408 | | | | | |
| | 1,022 | | | FERRARI N.V. (NEW YORK EXCHANGE) | | | 8,579 | | | | 101,628 | | | | | |
| | 83,252 | | | INTERPUMP GROUP S.P.A. | | | 1,681,766 | | | | 2,480,036 | | | | | |
| | 368,367 | | | INTESA SANPAOLO S.P.A. | | | 759,832 | | | | 818,705 | | | | | |
| | 10,070 | | | LEONARDO S.P.A. | | | 50,331 | | | | 88,586 | | | | | |
| | 10,830 | | | MEDIOBANCA BANCA DI CREDITO FINANZIARIO S.P.A. | | | 70,955 | | | | 91,525 | | | | | |
| See accompanying notes to financial statements. | 72 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| | Italy (Cont’d): | | | | | | | | | | | | |
| | 5,661 | | | PRYSMIAN S.P.A. | | $ | 107,497 | | | | 109,420 | | | | | |
| | 695 | | | RIZZOLI CORRIERE DELLA SERA MEDIAGROUP S.P.A.(b) | | | 460 | | | | 917 | | | | | |
| | 76,191 | | | SNAM S.P.A. | | | 276,534 | | | | 333,383 | | | | | |
| | 237,134 | | | TECHNOGYM S.P.A.(f) | | | 1,529,345 | | | | 2,543,077 | | | | | |
| | 10,814 | | | TENARIS S.A. | | | 115,612 | | | | 116,963 | | | | | |
| | 34,652 | | | TERNA RETE ELETTRICA NAZIONALE S.P.A. | | | 130,368 | | | | 196,647 | | | | | |
| | 18,447 | | | TOD’S S.P.A.(e) | | | 1,228,297 | | | | 872,480 | | | | | |
| | 95,230 | | | UNIPOLSAI ASSICURAZIONI S.P.A. | | | 153,826 | | | | 215,655 | | | | | |
| | | | | | | | 7,569,823 | | | | 9,858,130 | | | | 1.88 | % |
| | Japan: | | | | | | | | | | | | |
| | 1,400 | | | ABC-MART, INC. | | | 51,583 | | | | 77,661 | | | | | |
| | 4,700 | | | AEON CO. LTD. | | | 52,433 | | | | 92,173 | | | | | |
| | 4,800 | | | AEON FINANCIAL SERVICE CO. LTD. | | | 49,903 | | | | 85,573 | | | | | |
| | 3,600 | | | AEON MALL CO. LTD. | | | 50,736 | | | | 57,446 | | | | | |
| | 2,300 | | | AISIN SEIKI CO. LTD. | | | 37,584 | | | | 80,161 | | | | | |
| | 15,000 | | | AJINOMOTO CO., INC. | | | 116,767 | | | | 267,825 | | | | | |
| | 2,500 | | | ALFRESA HOLDINGS CORP. | | | 24,420 | | | | 63,934 | | | | | |
| | 2,000 | | | AMADA HOLDINGS CO. LTD. | | | 10,582 | | | | 18,028 | | | | | |
| | 1,400 | | | ANA HOLDINGS, INC. | | | 35,110 | | | | 50,339 | | | | | |
| | 55,900 | | | ANICOM HOLDINGS, INC. | | | 1,216,626 | | | | 1,858,998 | | | | | |
| | 1,800 | | | AOZORA BANK LTD. | | | 51,121 | | | | 53,784 | | | | | |
| | 60,300 | | | ASAHI CO. LTD. | | | 845,174 | | | | 757,017 | | | | | |
| | 5,600 | | | ASAHI GROUP HOLDINGS LTD. | | | 85,235 | | | | 218,114 | | | | | |
| | 31,000 | | | ASAHI KASEI CORP. | | | 147,138 | | | | 319,602 | | | | | |
| | 134,100 | | | ASICS CORP. | | | 2,185,913 | | | | 1,718,995 | | | | | |
| | 37,000 | | | ASTELLAS PHARMA, INC. | | | 236,149 | | | | 473,113 | | | | | |
| | 1,500 | | | BANDAI NAMCO HOLDINGS, INC. | | | 14,652 | | | | 67,401 | | | | | |
| | 6,600 | | | BANK OF KYOTO (THE) LTD. | | | 216,700 | | | | 273,683 | | | | | |
| | 13,800 | | | BRIDGESTONE CORP. | | | 205,726 | | | | 533,341 | | | | | |
| | 5,200 | | | BROTHER INDUSTRIES LTD. | | | 38,445 | | | | 77,380 | | | | | |
| | 156,800 | | | BUNKA SHUTTER CO. LTD. | | | 1,279,360 | | | | 1,021,442 | | | | | |
| | 15,500 | | | CANON, INC. | | | 438,724 | | | | 424,392 | | | | | |
| | 2,700 | | | CENTRAL JAPAN RAILWAY CO. | | | 229,516 | | | | 570,645 | | | | | |
| | 4,500 | | | CHUGAI PHARMACEUTICAL CO. LTD. | | | 82,278 | | | | 261,941 | | | | | |
| | 7,900 | | | CITIZEN WATCH CO. LTD. | | | 31,581 | | | | 39,066 | | | | | |
| | 2,500 | | | DAI NIPPON PRINTING CO. LTD. | | | 46,806 | | | | 52,393 | | | | | |
| | 126,800 | | | DAIBIRU CORP. | | | 1,258,794 | | | | 1,256,373 | | | | | |
| | 16,500 | | | DAI-ICHI LIFE HOLDINGS, INC. | | | 198,959 | | | | 258,629 | | | | | |
| | 9,700 | | | DAIICHI SANKYO CO. LTD. | | | 150,922 | | | | 310,722 | | | | | |
| | 4,500 | | | DAIKIN INDUSTRIES LTD. | | | 124,473 | | | | 480,156 | | | | | |
| | 1,200 | | | DAITO TRUST CONSTRUCTION CO. LTD. | | | 117,985 | | | | 164,390 | | | | | |
| | 13,600 | | | DAIWA HOUSE INDUSTRY CO. LTD. | | | 194,625 | | | | 434,039 | | | | | |
| | 25,000 | | | DAIWA SECURITIES GROUP, INC. | | | 96,011 | | | | 126,956 | | | | | |
| | 8,200 | | | DENSO CORP. | | | 185,234 | | | | 366,065 | | | | | |
| | 2,800 | | | DENTSU, INC. | | | 46,871 | | | | 125,305 | | | | | |
| | 45,700 | | | DESCENTE LTD. | | | 290,917 | | | | 753,015 | | | | | |
| | 600 | | | DON QUIJOTE HOLDINGS CO. LTD. | | | 35,457 | | | | 37,334 | | | | | |
| | 42,600 | | | DOWA HOLDINGS CO. LTD. | | | 1,419,067 | | | | 1,282,606 | | | | | |
| | 7,000 | | | EAST JAPAN RAILWAY CO. | | | 392,789 | | | | 620,200 | | | | | |
| | 3,400 | | | EISAI CO. LTD. | | | 112,861 | | | | 263,736 | | | | | |
| | 7,500 | | | ELECTRIC POWER DEVELOPMENT CO. LTD. | | | 169,053 | | | | 178,322 | | | | | |
| | 1,800 | | | FAMILYMART UNY HOLDINGS CO. LTD. | | | 52,590 | | | | 228,438 | | | | | |
| | 3,100 | | | FANUC CORP. | | | 243,447 | | | | 471,484 | | | | | |
| | 1,300 | | | FAST RETAILING CO. LTD. | | | 188,734 | | | | 668,592 | | | | | |
| | 4,200 | | | FUJI ELECTRIC CO. LTD. | | | 51,969 | | | | 124,347 | | | | | |
| | 76,300 | | | FUJI OIL HOLDINGS, INC. | | | 1,617,227 | | | | 2,443,438 | | | | | |
| | 8,800 | | | FUJIFILM HOLDINGS CORP. | | | 165,274 | | | | 342,831 | | | | | |
| | 1,800 | | | FUJITSU LTD. | | | 64,886 | | | | 112,446 | | | | | |
| | 14,000 | | | FUKUOKA FINANCIAL GROUP, INC. | | | 230,551 | | | | 285,735 | | | | | |
| | 3,200 | | | FURUKAWA ELECTRIC CO. LTD. | | | 65,376 | | | | 80,639 | | | | | |
| | 40,800 | | | HACHIJUNI BANK (THE) LTD. | | | 176,428 | | | | 167,883 | | | | | |
| | 3,000 | | | HAMAMATSU PHOTONICS K.K. | | | 52,686 | | | | 101,136 | | | | | |
| | 2,400 | | | HANKYU HANSHIN HOLDINGS, INC. | | | 57,098 | | | | 79,923 | | | | | |
| | 341 | | | HIROSE ELECTRIC CO. LTD. | | | 28,677 | | | | 33,507 | | | | | |
| | 19,000 | | | HITACHI LTD. | | | 295,895 | | | | 508,868 | | | | | |
| | 6,200 | | | HITACHI METALS LTD. | | | 47,471 | | | | 65,052 | | | | | |
| | 9,600 | | | HONDA MOTOR CO. LTD. | | | 228,508 | | | | 253,521 | | | | | |
| See accompanying notes to financial statements. | 73 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| | Japan (Cont’d): | | | | | | | | | | | | |
| | 700 | | | HOSHIZAKI CORP. | | $ | 43,080 | | | | 42,662 | | | | | |
| | 5,300 | | | HOYA CORP. | | | 112,594 | | | | 319,871 | | | | | |
| | 70,900 | | | IDEC CORP. | | | 1,634,578 | | | | 1,219,347 | | | | | |
| | 1,300 | | | IDEMITSU KOSAN CO. LTD. | | | 38,883 | | | | 42,817 | | | | | |
| | 254,800 | | | IDOM, INC. | | | 1,560,383 | | | | 848,520 | | | | | |
| | 18,200 | | | ITOCHU CORP. | | | 192,005 | | | | 310,017 | | | | | |
| | 4,000 | | | J FRONT RETAILING CO. LTD. | | | 31,099 | | | | 45,983 | | | | | |
| | 7,000 | | | JAPAN EXCHANGE GROUP, INC. | | | 56,090 | | | | 113,617 | | | | | |
| | 10 | | | JAPAN REAL ESTATE INVESTMENT CORP. | | | 49,036 | | | | 56,202 | | | | | |
| | 27 | | | JAPAN RETAIL FUND INVESTMENT CORP. | | | 47,846 | | | | 54,071 | | | | | |
| | 1,700 | | | JAPAN TOBACCO, INC. | | | 39,985 | | | | 40,583 | | | | | |
| | 5,000 | | | JTEKT CORP. | | | 36,670 | | | | 55,928 | | | | | |
| | 84,700 | | | JXTG HOLDINGS, INC. | | | 326,972 | | | | 445,659 | | | | | |
| | 6,500 | | | KAJIMA CORP. | | | 44,950 | | | | 87,651 | | | | | |
| | 2,100 | | | KANSAI PAINT CO. LTD. | | | 12,205 | | | | 40,504 | | | | | |
| | 10,000 | | | KAO CORP. | | | 208,279 | | | | 743,944 | | | | | |
| | 3,500 | | | KAWASAKI HEAVY INDUSTRIES LTD. | | | 71,135 | | | | 75,106 | | | | | |
| | 29,862 | | | KDDI CORP. | | | 239,416 | | | | 714,912 | | | | | |
| | 1,200 | | | KEIO CORP. | | | 36,571 | | | | 69,960 | | | | | |
| | 2,500 | | | KEISEI ELECTRIC RAILWAY CO. LTD. | | | 23,110 | | | | 78,464 | | | | | |
| | 9,462 | | | KEYENCE CORP. | | | 2,303,685 | | | | 4,806,753 | | | | | |
| | 6,000 | | | KIKKOMAN CORP. | | | 52,867 | | | | 323,525 | | | | | |
| | 1,200 | | | KINTETSU GROUP HOLDINGS CO. LTD. | | | 35,697 | | | | 52,224 | | | | | |
| | 10,000 | | | KIRIN HOLDINGS CO. LTD. | | | 103,112 | | | | 209,708 | | | | | |
| | 19,700 | | | KOBAYASHI PHARMACEUTICAL CO. LTD. | | | 526,595 | | | | 1,342,630 | | | | | |
| | 3,800 | | | KOMATSU LTD. | | | 95,067 | | | | 82,012 | | | | | |
| | 2,300 | | | KONAMI HOLDINGS CORP. | | | 50,313 | | | | 100,830 | | | | | |
| | 21,000 | | | KUBOTA CORP. | | | 129,773 | | | | 299,179 | | | | | |
| | 4,100 | | | KYOCERA CORP. | | | 137,688 | | | | 206,038 | | | | | |
| | 5,000 | | | KYOWA HAKKO KIRIN CO. LTD. | | | 54,616 | | | | 94,749 | | | | | |
| | 8,000 | | | KYUSHU ELECTRIC POWER CO., INC. | | | 70,471 | | | | 95,543 | | | | | |
| | 1,400 | | | LAWSON, INC. | | | 63,601 | | | | 88,773 | | | | | |
| | 1,800 | | | LINE CORP.(b) | | | 61,849 | | | | 61,995 | | | | | |
| | 5,600 | | | LIXIL GROUP CORP. | | | 64,433 | | | | 69,588 | | | | | |
| | 4,800 | | | M3, INC. | | | 51,468 | | | | 64,552 | | | | | |
| | 3,200 | | | MAKITA CORP. | | | 82,169 | | | | 114,009 | | | | | |
| | 32,000 | | | MARUBENI CORP. | | | 162,807 | | | | 225,508 | | | | | |
| | 6,500 | | | MARUI GROUP CO. LTD. | | | 32,287 | | | | 126,495 | | | | | |
| | 11,400 | | | MAZDA MOTOR CORP. | | | 95,886 | | | | 118,051 | | | | | |
| | 2,400 | | | MEIJI HOLDINGS CO. LTD. | | | 38,749 | | | | 196,195 | | | | | |
| | 48,100 | | | MEITEC CORP. | | | 1,564,728 | | | | 1,959,459 | | | | | |
| | 8,700 | | | MINEBEA MITSUMI, INC. | | | 84,406 | | | | 126,208 | | | | | |
| | 36,800 | | | MITSUBISHI CHEMICAL HOLDINGS CORP. | | | 149,792 | | | | 279,546 | | | | | |
| | 18,300 | | | MITSUBISHI CORP. | | | 250,540 | | | | 504,229 | | | | | |
| | 40,000 | | | MITSUBISHI ELECTRIC CORP. | | | 322,861 | | | | 443,958 | | | | | |
| | 19,000 | | | MITSUBISHI ESTATE CO. LTD. | | | 228,537 | | | | 299,808 | | | | | |
| | 8,500 | | | MITSUBISHI GAS CHEMICAL CO., INC. | | | 75,149 | | | | 128,347 | | | | | |
| | 5,700 | | | MITSUBISHI HEAVY INDUSTRIES LTD. | | | 185,317 | | | | 205,731 | | | | | |
| | 13,300 | | | MITSUBISHI MOTORS CORP. | | | 60,808 | | | | 73,050 | | | | | |
| | 3,800 | | | MITSUBISHI TANABE PHARMA CORP. | | | 49,996 | | | | 54,813 | | | | | |
| | 195,000 | | | MITSUBISHI UFJ FINANCIAL GROUP, INC. | | | 915,016 | | | | 956,986 | | | | | |
| | 27,000 | | | MITSUBISHI UFJ LEASE & FINANCE CO. LTD. | | | 83,878 | | | | 130,067 | | | | | |
| | 14,000 | | | MITSUI & CO. LTD. | | | 128,045 | | | | 215,930 | | | | | |
| | 7,400 | | | MITSUI CHEMICALS, INC. | | | 87,469 | | | | 167,708 | | | | | |
| | 1,800 | | | MITSUI FUDOSAN CO. LTD. | | | 40,395 | | | | 40,153 | | | | | |
| | 300 | | | MITSUI MINING & SMELTING CO. LTD. | | | 5,391 | | | | 6,232 | | | | | |
| | 370,200 | | | MIZUHO FINANCIAL GROUP, INC. | | | 565,773 | | | | 575,202 | | | | | |
| | 63,800 | | | MORITA HOLDINGS CORP. | | | 1,126,115 | | | | 1,045,434 | | | | | |
| | 8,280 | | | MS&AD INSURANCE GROUP HOLDINGS, INC. | | | 177,615 | | | | 236,604 | | | | | |
| | 3,600 | | | MURATA MANUFACTURING CO. LTD. | | | 162,615 | | | | 491,200 | | | | | |
| | 75,900 | | | N FIELD CO. LTD. | | | 1,350,940 | | | | 653,015 | | | | | |
| | 5,000 | | | NGK INSULATORS LTD. | | | 63,091 | | | | 68,017 | | | | | |
| | 4,100 | | | NGK SPARK PLUG CO. LTD. | | | 48,644 | | | | 81,996 | | | | | |
| | 3,000 | | | NH FOODS LTD. | | | 72,315 | | | | 113,179 | | | | | |
| | 3,900 | | | NIDEC CORP. | | | 129,234 | | | | 443,889 | | | | | |
| | 82,400 | | | NIHON PARKERIZING CO. LTD. | | | 1,121,238 | | | | 956,278 | | | | | |
| | 2,600 | | | NINTENDO CO. LTD. | | | 285,625 | | | | 694,685 | | | | | |
| See accompanying notes to financial statements. | 74 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| | Japan (Cont’d): | | | | | | | | | | | | |
| | 22 | | | NIPPON BUILDING FUND, INC. | | $ | 90,970 | | | | 138,698 | | | | | |
| | 1,700 | | | NIPPON EXPRESS CO. LTD. | | | 60,747 | | | | 94,923 | | | | | |
| | 15,200 | | | NIPPON TELEGRAPH & TELEPHONE CORP. | | | 342,697 | | | | 621,563 | | | | | |
| | 5,000 | | | NISSAN CHEMICAL CORP. | | | 50,851 | | | | 262,762 | | | | | |
| | 4,800 | | | NISSAN MOTOR CO. LTD. | | | 35,069 | | | | 38,552 | | | | | |
| | 3,670 | | | NISSHIN SEIFUN GROUP, INC. | | | 31,991 | | | | 76,042 | | | | | |
| | 1,200 | | | NISSIN FOODS HOLDINGS CO. LTD. | | | 43,959 | | | | 75,544 | | | | | |
| | 2,700 | | | NITORI HOLDINGS CO. LTD. | | | 87,310 | | | | 338,224 | | | | | |
| | 3,200 | | | NITTO DENKO CORP. | | | 77,639 | | | | 161,832 | | | | | |
| | 86,200 | | | NOMURA HOLDINGS, INC. | | | 313,777 | | | | 330,943 | | | | | |
| | 8,400 | | | NOMURA REAL ESTATE HOLDINGS, INC. | | | 130,390 | | | | 154,427 | | | | | |
| | 3,267 | | | NOMURA RESEARCH INSTITUTE LTD. | | | 43,930 | | | | 121,464 | | | | | |
| | 7,000 | | | NSK LTD. | | | 50,459 | | | | 60,609 | | | | | |
| | 7,000 | | | NTT DATA CORP. | | | 36,520 | | | | 76,958 | | | | | |
| | 27,600 | | | NTT DOCOMO, INC. | | | 449,493 | | | | 622,608 | | | | | |
| | 12,000 | | | OBAYASHI CORP. | | | 48,665 | | | | 108,827 | | | | | |
| | 5,100 | | | OLYMPUS CORP. | | | 71,174 | | | | 157,041 | | | | | |
| | 1,100 | | | OMRON CORP. | | | 31,828 | | | | 40,144 | | | | | |
| | 5,000 | | | ONO PHARMACEUTICAL CO. LTD. | | | 43,040 | | | | 102,413 | | | | | |
| | 4,800 | | | ORIENTAL LAND CO. LTD. | | | 113,097 | | | | 484,139 | | | | | |
| | 12,200 | | | ORIX CORP. | | | 138,498 | | | | 178,706 | | | | | |
| | 2,400 | | | OSAKA GAS CO. LTD. | | | 36,678 | | | | 43,991 | | | | | |
| | 6,100 | | | OTSUKA HOLDINGS CO. LTD. | | | 176,203 | | | | 250,055 | | | | | |
| | 36,000 | | | PANASONIC CORP. | | | 242,138 | | | | 325,365 | | | | | |
| | 2,600 | | | PARK24 CO. LTD. | | | 51,627 | | | | 57,240 | | | | | |
| | 8,400 | | | RAKUTEN, INC. | | | 40,327 | | | | 56,406 | | | | | |
| | 3,800 | | | RECRUIT HOLDINGS CO. LTD. | | | 70,011 | | | | 92,309 | | | | | |
| | 19,300 | | | RESONA HOLDINGS, INC. | | | 74,265 | | | | 93,097 | | | | | |
| | 1,200 | | | RINNAI CORP. | | | 52,047 | | | | 79,266 | | | | | |
| | 4,200 | | | ROHM CO. LTD. | | | 166,807 | | | | 269,769 | | | | | |
| | 200 | | | RYOHIN KEIKAKU CO. LTD. | | | 45,535 | | | | 48,447 | | | | | |
| | 13,000 | | | SANTEN PHARMACEUTICAL CO. LTD. | | | 85,886 | | | | 188,112 | | | | | |
| | 13,720 | | | SBI HOLDINGS, INC. | | | 111,165 | | | | 270,257 | | | | | |
| | 3,400 | | | SECOM CO. LTD. | | | 133,812 | | | | 282,721 | | | | | |
| | 7,300 | | | SEGA SAMMY HOLDINGS, INC. | | | 68,324 | | | | 102,302 | | | | | |
| | 8,400 | | | SEIBU HOLDINGS, INC. | | | 139,989 | | | | 146,687 | | | | | |
| | 13,000 | | | SEKISUI CHEMICAL CO. LTD. | | | 66,177 | | | | 193,449 | | | | | |
| | 6,000 | | | SEKISUI HOUSE LTD. | | | 44,394 | | | | 88,627 | | | | | |
| | 13,300 | | | SEVEN & I HOLDINGS CO. LTD. | | | 300,882 | | | | 580,392 | | | | | |
| | 7,500 | | | SHARP CORP. | | | 88,555 | | | | 75,407 | | | | | |
| | 4,000 | | | SHIMADZU CORP. | | | 25,419 | | | | 79,339 | | | | | |
| | 1,000 | | | SHIMAMURA CO. LTD. | | | 61,206 | | | | 76,639 | | | | | |
| | 1,500 | | | SHIMANO, INC. | | | 58,204 | | | | 212,399 | | | | | |
| | 9,200 | | | SHIN-ETSU CHEMICAL CO. LTD. | | | 461,684 | | | | 716,493 | | | | | |
| | 4,000 | | | SHIONOGI & CO. LTD. | | | 67,679 | | | | 228,858 | | | | | |
| | 5,900 | | | SHISEIDO CO. LTD. | | | 88,706 | | | | 370,994 | | | | | |
| | 900 | | | SMC CORP. | | | 106,941 | | | | 272,944 | | | | | |
| | 18,400 | | | SOFTBANK GROUP CORP. | | | 412,233 | | | | 1,226,331 | | | | | |
| | 9,000 | | | SOMPO HOLDINGS, INC. | | | 202,248 | | | | 306,446 | | | | | |
| | 18,800 | | | SONY CORP. | | | 260,756 | | | | 913,542 | | | | | |
| | 28,100 | | | SQUARE ENIX HOLDINGS CO. LTD. | | | 946,224 | | | | 765,793 | | | | | |
| | 2,700 | | | STANLEY ELECTRIC CO. LTD. | | | 30,745 | | | | 76,119 | | | | | |
| | 5,700 | | | SUBARU CORP. | | | 26,572 | | | | 122,732 | | | | | |
| | 25,000 | | | SUMITOMO CHEMICAL CO. LTD. | | | 74,256 | | | | 121,573 | | | | | |
| | 7,800 | | | SUMITOMO CORP. | | | 67,035 | | | | 111,124 | | | | | |
| | 4,000 | | | SUMITOMO DAINIPPON PHARMA CO. LTD. | | | 45,511 | | | | 127,549 | | | | | |
| | 8,800 | | | SUMITOMO ELECTRIC INDUSTRIES LTD. | | | 75,679 | | | | 117,382 | | | | | |
| | 2,400 | | | SUMITOMO HEAVY INDUSTRIES LTD. | | | 39,379 | | | | 71,712 | | | | | |
| | 3,300 | | | SUMITOMO MITSUI FINANCIAL GROUP, INC. | | | 100,127 | | | | 109,744 | | | | | |
| | 1,331 | | | SUMITOMO MITSUI TRUST HOLDINGS, INC. | | | 33,400 | | | | 48,842 | | | | | |
| | 4,000 | | | SUMITOMO REALTY & DEVELOPMENT CO. LTD. | | | 110,500 | | | | 146,928 | | | | | |
| | 9,300 | | | SUZUKI MOTOR CORP. | | | 199,522 | | | | 472,361 | | | | | |
| | 2,600 | | | SYSMEX CORP. | | | 51,707 | | | | 125,155 | | | | | |
| | 5,400 | | | T&D HOLDINGS, INC. | | | 50,713 | | | | 63,014 | | | | | |
| | 99,300 | | | TADANO LTD. | | | 1,122,021 | | | | 905,075 | | | | | |
| | 1,400 | | | TAIHEIYO CEMENT CORP. | | | 29,931 | | | | 43,365 | | | | | |
| | 3,400 | | | TAISEI CORP. | | | 55,809 | | | | 145,951 | | | | | |
| See accompanying notes to financial statements. | 75 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| | Japan (Cont’d): | | | | | | | | | | | | |
| | 2,500 | | | TAKASHIMAYA CO. LTD. | | $ | 31,428 | | | | 32,024 | | | | | |
| | 6,100 | | | TAKEDA PHARMACEUTICAL CO. LTD.(e) | | | 214,697 | | | | 206,200 | | | | | |
| | 1,100 | | | TDK CORP. | | | 52,815 | | | | 77,478 | | | | | |
| | 28,600 | | | TECHNOPRO HOLDINGS, INC. | | | 1,083,911 | | | | 1,180,740 | | | | | |
| | 5,800 | | | TEIJIN LTD. | | | 67,529 | | | | 92,976 | | | | | |
| | 5,800 | | | TERUMO CORP. | | | 117,165 | | | | 329,357 | | | | | |
| | 2,000 | | | THK CO. LTD. | | | 29,290 | | | | 37,626 | | | | | |
| | 1,500 | | | TOHO CO. LTD. | | | 25,533 | | | | 54,468 | | | | | |
| | 3,400 | | | TOHO GAS CO. LTD. | | | 81,221 | | | | 143,780 | | | | | |
| | 10,600 | | | TOHOKU ELECTRIC POWER CO., INC. | | | 96,604 | | | | 140,231 | | | | | |
| | 14,400 | | | TOKIO MARINE HOLDINGS, INC. | | | 359,676 | | | | 687,910 | | | | | |
| | 28,100 | | | TOKYO ELECTRIC POWER CO. HOLDINGS, INC.(b) | | | 104,659 | | | | 167,413 | | | | | |
| | 3,300 | | | TOKYO ELECTRON LTD. | | | 135,391 | | | | 376,803 | | | | | |
| | 6,000 | | | TOKYO GAS CO. LTD. | | | 103,615 | | | | 152,484 | | | | | |
| | 9,800 | | | TOKYO TATEMONO CO. LTD. | | | 110,919 | | | | 101,930 | | | | | |
| | 12,500 | | | TOKYU CORP. | | | 103,448 | | | | 204,712 | | | | | |
| | 20,000 | | | TOKYU FUDOSAN HOLDINGS CORP. | | | 69,576 | | | | 98,901 | | | | | |
| | 17,000 | | | TORAY INDUSTRIES, INC. | | | 70,413 | | | | 119,739 | | | | | |
| | 6,200 | | | TOSHIBA CORP. | | | 170,295 | | | | 175,357 | | | | | |
| | 3,000 | | | TOTO LTD. | | | 30,029 | | | | 104,284 | | | | | |
| | 3,000 | | | TOYO SUISAN KAISHA LTD. | | | 74,690 | | | | 104,968 | | | | | |
| | 4,000 | | | TOYOTA INDUSTRIES CORP. | | | 101,266 | | | | 185,758 | | | | | |
| | 46,662 | | | TOYOTA MOTOR CORP. | | | 1,594,403 | | | | 2,727,218 | | | | | |
| | 1,800 | | | TOYOTA TSUSHO CORP. | | | 14,973 | | | | 53,291 | | | | | |
| | 900 | | | TREND MICRO, INC. | | | 26,540 | | | | 49,021 | | | | | |
| | 84,300 | | | TSUMURA & CO. | | | 2,457,268 | | | | 2,349,678 | | | | | |
| | 7,800 | | | UNICHARM CORP. | | | 68,794 | | | | 253,275 | | | | | |
| | 47 | | | UNITED URBAN INVESTMENT CORP. | | | 64,693 | | | | 72,984 | | | | | |
| | 4,900 | | | USS CO. LTD. | | | 56,003 | | | | 82,661 | | | | | |
| | 4,100 | | | WEST JAPAN RAILWAY CO. | | | 134,756 | | | | 290,316 | | | | | |
| | 495,900 | | | YAHOO JAPAN CORP. | | | 2,083,172 | | | | 1,239,693 | | | | | |
| | 2,500 | | | YAKULT HONSHA CO. LTD. | | | 74,984 | | | | 176,087 | | | | | |
| | 16,300 | | | YAMADA DENKI CO. LTD. | | | 56,674 | | | | 78,373 | | | | | |
| | 8,300 | | | YAMAHA MOTOR CO. LTD. | | | 106,577 | | | | 163,493 | | | | | |
| | 3,000 | | | YAMATO HOLDINGS CO. LTD. | | | 46,642 | | | | 82,770 | | | | | |
| | 4,000 | | | YAMAZAKI BAKING CO. LTD. | | | 44,679 | | | | 84,157 | | | | | |
| | 5,000 | | | YASKAWA ELECTRIC CORP. | | | 48,019 | | | | 123,078 | | | | | |
| | 86,800 | | | ZOJIRUSHI CORP. | | | 1,226,884 | | | | 764,217 | | | | | |
| | 4,000 | | | ZOZO, INC. | | | 85,440 | | | | 73,354 | | | | | |
| | | | | | | | 55,010,454 | | | | 76,083,561 | | | | 14.50 | % |
| | Jersey: | | | | | | | | | | | | |
| | 3,034 | | | RANDGOLD RESOURCES LTD.(g) | | | 207,977 | | | | 253,143 | | | | | |
| | | | | | | | 207,977 | | | | 253,143 | | | | 0.05 | % |
| | Mexico: | | | | | | | | | | | | |
| | 983,234 | | | WAL-MART DE MEXICO S.A.B. DE C.V. | | | 2,461,475 | | | | 2,500,144 | | | | | |
| | | | | | | | 2,461,475 | | | | 2,500,144 | | | | 0.48 | % |
| | Netherlands: | | | | | | | | | | | | |
| | 18,342 | | | AALBERTS INDUSTRIES N.V. | | | 556,152 | | | | 610,496 | | | | | |
| | 1,843 | | | ABN AMRO GROUP N.V. - CVA(f) | | | 46,894 | | | | 43,056 | | | | | |
| | 39,919 | | | ACCELL GROUP N.V. | | | 739,842 | | | | 861,689 | | | | | |
| | 35,981 | | | AEGON N.V. | | | 133,041 | | | | 168,158 | | | | | |
| | 12,814 | | | AKZO NOBEL N.V. | | | 895,264 | | | | 1,033,587 | | | | | |
| | 99,308 | | | ARCADIS N.V. | | | 1,918,938 | | | | 1,212,918 | | | | | |
| | 27,560 | | | ARCELORMITTAL | | | 380,361 | | | | 572,804 | | | | | |
| | 7,173 | | | ASML HOLDING N.V. | | | 106,863 | | | | 1,127,245 | | | | | |
| | 11,395 | | | ASML HOLDING N.V. (REGISTERED) | | | 1,948,368 | | | | 1,773,290 | | | | | |
| | 21,469 | | | CORE LABORATORIES N.V. | | | 2,321,536 | | | | 1,280,840 | | | | | |
| | 3,610 | | | EXOR N.V. | | | 90,616 | | | | 195,475 | | | | | |
| | 2,765 | | | HEINEKEN HOLDING N.V. | | | 148,540 | | | | 233,640 | | | | | |
| | 3,662 | | | HEINEKEN N.V. | | | 128,663 | | | | 323,911 | | | | | |
| | 378,182 | | | ING GROEP N.V. | | | 4,038,470 | | | | 4,077,372 | | | | | |
| | 119,040 | | | INTERTRUST N.V.(f) | | | 2,190,877 | | | | 2,003,570 | | | | | |
| | 17,656 | | | KONINKLIJKE AHOLD DELHAIZE N.V. | | | 203,381 | | | | 446,563 | | | | | |
| | 3,281 | | | KONINKLIJKE DSM N.V. | | | 122,903 | | | | 268,558 | | | | | |
| | 51,375 | | | KONINKLIJKE KPN N.V. | | | 108,346 | | | | 150,689 | | | | | |
| | 20,095 | | | KONINKLIJKE PHILIPS N.V. | | | 343,642 | | | | 712,128 | | | | | |
| See accompanying notes to financial statements. | 76 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| | Netherlands (Cont’d): | | | | | | | | | | | | |
| | 1,264 | | | NN GROUP N.V. | | $ | 37,113 | | | | 50,398 | | | | | |
| | 29,054 | | | NXP SEMICONDUCTORS N.V. | | | 2,511,546 | | | | 2,129,077 | | | | | |
| | 612,306 | | | POSTNL N.V. | | | 2,219,368 | | | | 1,400,995 | | | | | |
| | 8,117 | | | QIAGEN N.V.(b) | | | 119,394 | | | | 276,026 | | | | | |
| | 3,238 | | | RANDSTAD N.V. | | | 99,928 | | | | 148,731 | | | | | |
| | 59,771 | | | ROYAL DUTCH SHELL PLC, CLASS A | | | 1,465,231 | | | | 1,757,949 | | | | | |
| | 81,662 | | | ROYAL DUTCH SHELL PLC, CLASS B | | | 1,800,118 | | | | 2,435,622 | | | | | |
| | 6,193 | | | WOLTERS KLUWER N.V. | | | 101,075 | | | | 366,560 | | | | | |
| | | | | | | | 24,776,470 | | | | 25,661,347 | | | | 4.89 | % |
| | New Zealand: | | | | | | | | | | | | |
| | 16,545 | | | AUCKLAND INTERNATIONAL AIRPORT LTD. | | | 50,086 | | | | 79,734 | | | | | |
| | 169,758 | | | SPARK NEW ZEALAND LTD. | | | 404,493 | | | | 472,858 | | | | | |
| | | | | | | | 454,579 | | | | 552,592 | | | | 0.10 | % |
| | Norway: | | | | | | | | | | | | |
| | 13,773 | | | DNB ASA | | | 87,874 | | | | 220,059 | | | �� | | |
| | 11,584 | | | EQUINOR ASA | | | 201,736 | | | | 246,176 | | | | | |
| | 5,275 | | | MARINE HARVEST ASA | | | 105,431 | | | | 111,460 | | | | | |
| | 59,839 | | | ORKLA ASA | | | 407,388 | | | | 470,878 | | | | | |
| | 1,589 | | | SCHIBSTED ASA, CLASS B | | | 47,016 | | | | 48,241 | | | | | |
| | 14,536 | | | TELENOR ASA | | | 210,513 | | | | 281,591 | | | | | |
| | 120,979 | | | XXL ASA(e)(f) | | | 1,349,217 | | | | 365,183 | | | | | |
| | 2,500 | | | YARA INTERNATIONAL ASA | | | 58,115 | | | | 96,426 | | | | | |
| | | | | | | | 2,467,290 | | | | 1,840,014 | | | | 0.35 | % |
| | Philippines: | | | | | | | | | | | | |
| | 511,400 | | | VISTA LAND & LIFESCAPES, INC. | | | 50,146 | | | | 52,613 | | | | | |
| | | | | | | | 50,146 | | | | 52,613 | | | | 0.01 | % |
| | Poland: | | | | | | | | | | | | |
| | 23,200 | | | CCC S.A. | | | 1,222,714 | | | | 1,198,327 | | | | | |
| | | | | | | | 1,222,714 | | | | 1,198,327 | | | | 0.23 | % |
| | Portugal: | | | | | | | | | | | | |
| | 20,567 | | | EDP - ENERGIAS DE PORTUGAL S.A. | | | 48,529 | | | | 71,849 | | | | | |
| | 8,119 | | | GALP ENERGIA SGPS S.A. | | | 108,273 | | | | 128,326 | | | | | |
| | 11,093 | | | JERONIMO MARTINS SGPS S.A. | | | 125,662 | | | | 131,419 | | | | | |
| | | | | | | | 282,464 | | | | 331,594 | | | | 0.06 | % |
| | Singapore: | | | | | | | | | | | | |
| | 36,200 | | | ASCENDAS REAL ESTATE INVESTMENT TRUST | | | 68,189 | | | | 68,259 | | | | | |
| | 124,600 | | | CAPITALAND LTD. | | | 247,485 | | | | 284,314 | | | | | |
| | 36,000 | | | CAPITALAND MALL TRUST | | | 34,133 | | | | 59,694 | | | | | |
| | 8,400 | | | CITY DEVELOPMENTS LTD. | | | 34,076 | | | | 50,044 | | | | | |
| | 28,300 | | | DBS GROUP HOLDINGS LTD. | | | 159,243 | | | | 491,894 | | | | | |
| | 21,000 | | | KEPPEL CORP. LTD. | | | 53,869 | | | | 91,060 | | | | | |
| | 7,840 | | | KEPPEL REIT | | | 3,183 | | | | 6,558 | | | | | |
| | 11,400 | | | OVERSEA-CHINESE BANKING CORP. LTD. | | | 77,760 | | | | 94,181 | | | | | |
| | 12,000 | | | SINGAPORE AIRLINES LTD. | | | 70,334 | | | | 82,938 | | | | | |
| | 13,000 | | | SINGAPORE EXCHANGE LTD. | | | 40,226 | | | | 68,198 | | | | | |
| | 24,600 | | | SINGAPORE PRESS HOLDINGS LTD. | | | 41,284 | | | | 42,415 | | | | | |
| | 49,000 | | | SINGAPORE TECHNOLOGIES ENGINEERING LTD. | | | 119,584 | | | | 125,470 | | | | | |
| | 112,000 | | | SINGAPORE TELECOMMUNICATIONS LTD. | | | 184,276 | | | | 240,772 | | | | | |
| | 5,700 | | | UNITED OVERSEAS BANK LTD. | | | 45,282 | | | | 102,754 | | | | | |
| | 19,500 | | | UOL GROUP LTD. | | | 69,630 | | | | 88,562 | | | | | |
| | 35,400 | | | WILMAR INTERNATIONAL LTD. | | | 68,955 | | | | 81,036 | | | | | |
| | | | | | | | 1,317,509 | | | | 1,978,149 | | | | 0.38 | % |
| | South Africa: | | | | | | | | | | | | |
| | 10,118 | | | INVESTEC PLC | | | 62,419 | | | | 56,886 | | | | | |
| | 10,961 | | | MEDICLINIC INTERNATIONAL PLC | | | 50,224 | | | | 45,056 | | | | | |
| | 2,357 | | | NEDBANK GROUP LTD. | | | 39,047 | | | | 45,006 | | | | | |
| | 73,408 | | | OLD MUTUAL LTD. | | | 87,199 | | | | 109,584 | | | | | |
| | | | | | | | 238,889 | | | | 256,532 | | | | 0.05 | % |
| | South Korea: | | | | | | | | | | | | |
| | 173,742 | | | BNK FINANCIAL GROUP, INC. | | | 1,666,526 | | | | 1,141,360 | | | | | |
| | 238,308 | | | DGB FINANCIAL GROUP, INC. | | | 2,459,771 | | | | 1,774,816 | | | | | |
| | 9,547 | | | HYUNDAI MOTOR CO. | | | 1,214,492 | | | | 1,013,909 | | | | | |
| | 3,152 | | | KT&G CORP. | | | 314,672 | | | | 286,725 | | | | | |
| | 19,381 | | | NAVER CORP.(b) | | | 2,363,685 | | | | 2,119,091 | | | | | |
| See accompanying notes to financial statements. | 77 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| | South Korea (Cont’d): | | | | | | | | | | | | |
| | 143,742 | | | SAMSUNG ELECTRONICS CO. LTD. (KOREAN EXCHANGE) | | $ | 4,429,941 | | | | 4,985,495 | | | | | |
| | | | | | | | 12,449,087 | | | | 11,321,396 | | | | 2.16 | % |
| | Spain: | | | | | | | | | | | | |
| | 1,260 | | | ACCIONA S.A. | | | 78,312 | | | | 106,685 | | | | | |
| | 1,775 | | | ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A. | | | 52,232 | | | | 68,800 | | | | | |
| | 583 | | | AENA S.M.E. S.A.(f) | | | 50,199 | | | | 90,677 | | | | | |
| | 31,894 | | | AMADEUS IT GROUP S.A. | | | 2,297,694 | | | | 2,223,249 | | | | | |
| | 127,837 | | | BANCO BILBAO VIZCAYA ARGENTARIA S.A. | | | 731,627 | | | | 678,958 | | | | | |
| | 152,257 | | | BANCO SANTANDER S.A. | | | 670,694 | | | | 693,084 | | | | | |
| | 435,147 | | | BANKIA S.A. | | | 1,669,105 | | | | 1,276,339 | | | | | |
| | 7,551 | | | BANKINTER S.A. | | | 51,111 | | | | 60,717 | | | | | |
| | 96,203 | | | CAIXABANK S.A. | | | 236,376 | | | | 348,751 | | | | | |
| | 44,552 | | | CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A. | | | 1,909,208 | | | | 1,847,846 | | | | | |
| | 10,362 | | | ENAGAS S.A. | | | 213,104 | | | | 280,304 | | | | | |
| | 13,433 | | | FERROVIAL S.A. | | | 246,565 | | | | 272,341 | | | | | |
| | 15,282 | | | GRIFOLS S.A. | | | 273,864 | | | | 400,964 | | | | | |
| | 53,268 | | | IBERDROLA S.A. | | | 257,035 | | | | 428,321 | | | | | |
| | 42,771 | | | INDUSTRIA DE DISENO TEXTIL S.A. | | | 1,120,689 | | | | 1,095,259 | | | | | |
| | 21,686 | | | MAPFRE S.A. | | | 49,735 | | | | 57,645 | | | | | |
| | 16,489 | | | NATURGY ENERGY GROUP S.A. | | | 264,629 | | | | 420,542 | | | | | |
| | 26,579 | | | RED ELECTRICA CORP. S.A. | | | 390,097 | | | | 593,679 | | | | | |
| | 46,787 | | | REPSOL S.A. | | | 567,752 | | | | 754,775 | | | | | |
| | 7,136 | | | TELEFONICA S.A. | | | 62,810 | | | | 60,004 | | | | | |
| | | | | | | | 11,192,838 | | | | 11,758,940 | | | | 2.24 | % |
| | Sweden: | | | | | | | | | | | | |
| | 22,200 | | | ASSA ABLOY AB, CLASS B | | | 89,466 | | | | 396,136 | | | | | |
| | 80,419 | | | ATLAS COPCO AB, CLASS A | | | 1,951,065 | | | | 1,909,996 | | | | | |
| | 4,000 | | | ATLAS COPCO AB, CLASS B | | | 22,805 | | | | 87,249 | | | | | |
| | 315,176 | | | CLOETTA AB, CLASS B | | | 1,231,417 | | | | 864,134 | | | | | |
| | 95,849 | | | DOMETIC GROUP AB(f) | | | 684,515 | | | | 594,801 | | | | | |
| | 49,173 | | | DUNI AB | | | 561,852 | | | | 544,274 | | | | | |
| | 7,501 | | | ELECTROLUX AB, CLASS B | | | 95,788 | | | | 158,349 | | | | | |
| | 12,046 | | | EPIROC AB, CLASS A(b) | | | 39,263 | | | | 113,950 | | | | | |
| | 4,000 | | | EPIROC AB, CLASS B(b) | | | 7,248 | | | | 35,600 | | | | | |
| | 8,600 | | | ESSITY AB, CLASS B | | | 62,137 | | | | 211,144 | | | | | |
| | 88,478 | | | GRANGES AB | | | 998,575 | | | | 803,624 | | | | | |
| | 11,256 | | | HENNES & MAURITZ AB, CLASS B | | | 173,470 | | | | 160,046 | | | | | |
| | 58,425 | | | HEXAGON AB, CLASS B | | | 3,275,916 | | | | 2,689,556 | | | | | |
| | 17,500 | | | HUSQVARNA AB, CLASS B | | | 64,201 | | | | 129,725 | | | | | |
| | 8,270 | | | INDUSTRIVARDEN AB, CLASS C | | | 85,948 | | | | 167,211 | | | | | |
| | 10,953 | | | INVESTOR AB, CLASS B | | | 150,033 | | | | 464,174 | | | | | |
| | 3,000 | | | KINNEVIK AB, CLASS B | | | 51,225 | | | | 72,335 | | | | | |
| | 3,301 | | | LUNDIN PETROLEUM AB | | | 46,596 | | | | 82,460 | | | | | |
| | 142 | | | MODERN TIMES GROUP MTG AB, CLASS B | | | 4,937 | | | | 4,694 | | | | | |
| | 13,973 | | | SANDVIK AB | | | 86,678 | | | | 199,199 | | | | | |
| | 13,348 | | | SECURITAS AB, CLASS B | | | 106,689 | | | | 214,235 | | | | | |
| | 35,236 | | | SKANDINAVISKA ENSKILDA BANKEN AB, CLASS A | | | 139,725 | | | | 342,304 | | | | | |
| | 2,800 | | | SKANSKA AB, CLASS B | | | 23,703 | | | | 44,545 | | | | | |
| | 2,727 | | | SKF AB, CLASS B | | | 42,993 | | | | 41,368 | | | | | |
| | 8,600 | | | SVENSKA CELLULOSA AB S.C.A., CLASS B | | | 15,915 | | | | 66,681 | | | | | |
| | 28,496 | | | SVENSKA HANDELSBANKEN AB, CLASS A | | | 181,081 | | | | 316,052 | | | | | |
| | 8,185 | | | SWEDBANK AB, CLASS A | | | 173,636 | | | | 182,624 | | | | | |
| | 1,561 | | | SWEDISH MATCH AB | | | 60,521 | | | | 61,486 | | | | | |
| | 102,890 | | | TELEFONAKTIEBOLAGET LM ERICSSON, CLASS B | | | 548,061 | | | | 904,573 | | | | | |
| | 69,746 | | | TETHYS OIL AB | | | 519,559 | | | | 509,700 | | | | | |
| | 122,850 | | | THULE GROUP AB (THE)(f) | | | 1,880,494 | | | | 2,246,880 | | | | | |
| | 25,108 | | | VOLVO AB, CLASS B | | | 162,740 | | | | 328,477 | | | | | |
| | | | | | | | 13,538,252 | | | | 14,947,582 | | | | 2.85 | % |
| | Switzerland: | | | | | | | | | | | | |
| | 232,640 | | | ABB LTD. (REGISTERED) | | | 4,585,965 | | | | 4,424,870 | | | | | |
| | 3,728 | | | ADECCO GROUP A.G. (REGISTERED) | | | 131,290 | | | | 174,206 | | | | | |
| | 484 | | | BALOISE HOLDING A.G. (REGISTERED) | | | 26,452 | | | | 66,674 | | | | | |
| | 6,726 | | | BUCHER INDUSTRIES A.G. (REGISTERED) | | | 1,903,406 | | | | 1,809,293 | | | | | |
| | | | | CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. | | | | | | | | | | | | |
| | 35 | | | (PARTICIPATION CERTIFICATE) | | | 50,308 | | | | 217,214 | | | | | |
| See accompanying notes to financial statements. | 78 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of net assets | |
| | Switzerland (Cont’d): | | | | | | | | | | | | |
| | 3 | | | CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. (REGISTERED) | | $ | 75,352 | | | | 223,726 | | | | | |
| | 26,827 | | | CHUBB LTD. | | | 2,429,130 | | | | 3,465,512 | | | | | |
| | 38,980 | | | CIE FINANCIERE RICHEMONT S.A. (REGISTERED) | | | 2,642,148 | | | | 2,498,464 | | | | | |
| | 1,446 | | | COCA-COLA HBC A.G. - CDI(b) | | | 44,936 | | | | 45,192 | | | | | |
| | 22,609 | | | CREDIT SUISSE GROUP A.G. (REGISTERED)(b) | | | 257,935 | | | | 248,425 | | | | | |
| | 3,956 | | | FERGUSON PLC | | | 70,457 | | | | 252,973 | | | | | |
| | 6,239 | | | GEBERIT A.G. (REGISTERED) | | | 2,107,466 | | | | 2,426,666 | | | | | |
| | 140 | | | GIVAUDAN S.A. (REGISTERED) | | | 76,496 | | | | 324,184 | | | | | |
| | 121,887 | | | GLENCORE PLC(b) | | | 266,010 | | | | 452,633 | | | | | |
| | 1,807 | | | IDORSIA LTD.(b) | | | 18,603 | | | | 29,819 | | | | | |
| | 4,134 | | | JULIUS BAER GROUP LTD.(b) | | | 87,890 | | | | 147,249 | | | | | |
| | 60,798 | | | LAFARGEHOLCIM LTD. (REGISTERED)(b) | | | 3,015,219 | | | | 2,505,157 | | | | | |
| | 30,610 | | | LOGITECH INTERNATIONAL S.A. (REGISTERED) | | | 492,714 | | | | 957,481 | | | | | |
| | 897 | | | LONZA GROUP A.G. (REGISTERED)(b) | | | 50,452 | | | | 232,441 | | | | | |
| | 24,600 | | | LUXOFT HOLDING, INC.(b) | | | 997,689 | | | | 748,332 | | | | | |
| | 125,775 | | | NESTLE S.A. (REGISTERED) | | | 6,459,726 | | | | 10,211,461 | | | | | |
| | 58,437 | | | NOVARTIS A.G. (REGISTERED) | | | 2,929,925 | | | | 4,996,485 | | | | | |
| | | | | PANALPINA WELTTRANSPORT HOLDING | | | | | | | | | | | | |
| | 15,881 | | | A.G. (REGISTERED) | | | 1,531,459 | | | | 2,116,605 | | | | | |
| | 10,819 | | | PARGESA HOLDING S.A. (BEARER) | | | 714,324 | | | | 779,862 | | | | | |
| | 12,406 | | | ROCHE HOLDING A.G. (GENUSSCHEIN) | | | 1,614,189 | | | | 3,072,154 | | | | | |
| | 1,381 | | | SCHINDLER HOLDING A.G. (PARTICIPATION CERTIFICATE) | | | 108,493 | | | | 273,559 | | | | | |
| | 589 | | | SCHINDLER HOLDING A.G. (REGISTERED) | | | 68,597 | | | | 114,216 | | | | | |
| | 121 | | | SGS S.A. (REGISTERED) | | | 130,564 | | | | 272,062 | | | | | |
| | 20,575 | | | SIKA A.G. (REGISTERED) | | | 2,176,825 | | | | 2,608,246 | | | | | |
| | 1,300 | | | SONOVA HOLDING A.G. (REGISTERED) | | | 84,464 | | | | 212,412 | | | | | |
| | 7,867 | | | STMICROELECTRONICS N.V. | | | 36,286 | | | | 112,535 | | | | | |
| | 635 | | | SULZER A.G. (REGISTERED) | | | 30,609 | | | | 50,424 | | | | | |
| | 984 | | | SWATCH GROUP (THE) A.G. (BEARER) | | | 257,037 | | | | 287,021 | | | | | |
| | 743 | | | SWISS LIFE HOLDING A.G. (REGISTERED)(b) | | | 101,194 | | | | 286,194 | | | | | |
| | 504 | | | SWISS RE A.G. | | | 37,466 | | | | 46,211 | | | | | |
| | 529 | | | SWISSCOM A.G. (REGISTERED) | | | 191,612 | | | | 252,794 | | | | | |
| | 18,807 | | | TE CONNECTIVITY LTD. | | | 367,716 | | | | 1,422,373 | | | | | |
| | 2,971 | | | TECAN GROUP A.G. (REGISTERED) | | | 535,561 | | | | 576,729 | | | | | |
| | 317,897 | | | UBS GROUP A.G. (REGISTERED)(b) | | | 5,000,225 | | | | 3,957,137 | | | | | |
| | 4,668 | | | ZURICH INSURANCE GROUP A.G. | | | 912,788 | | | | 1,391,994 | | | | | |
| | | | | | | | 42,618,978 | | | | 54,290,985 | | | | 10.35 | % |
| | Taiwan: | | | | | | | | | | | | |
| | 628,975 | | | CHICONY ELECTRONICS CO. LTD. | | | 1,612,040 | | | | 1,280,991 | | | | | |
| | 361,000 | | | GIANT MANUFACTURING CO. LTD. | | | 1,983,969 | | | | 1,697,124 | | | | | |
| | 2,565,000 | | | KING YUAN ELECTRONICS CO. LTD. | | | 2,568,766 | | | | 1,940,210 | | | | | |
| | 323,000 | | | MERIDA INDUSTRY CO. LTD. | | | 1,692,528 | | | | 1,450,174 | | | | | |
| | 89,261 | | | TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. ADR(d) | | | 1,666,904 | | | | 3,294,624 | | | | | |
| | 663,000 | | | TRIPOD TECHNOLOGY CORP. | | | 1,817,057 | | | | 1,721,294 | | | | | |
| | | | | | | | 11,341,264 | | | | 11,384,417 | | | | 2.17 | % |
| | United Kingdom: | | | | | | | | | | | | |
| | 25,248 | | | 3I GROUP PLC | | | 88,645 | | | | 248,889 | | | | | |
| | 2,834 | | | ADMIRAL GROUP PLC | | | 35,119 | | | | 73,942 | | | | | |
| | 58,454 | | | ANGLO AMERICAN PLC | | | 463,815 | | | | 1,302,207 | | | | | |
| | 12,447 | | | AON PLC | | | 1,254,285 | | | | 1,809,296 | | | | | |
| | 4,115 | | | ASSOCIATED BRITISH FOODS PLC | | | 113,194 | | | | 107,155 | | | | | |
| | 26,375 | | | ASTRAZENECA PLC | | | 983,695 | | | | 1,974,360 | | | | | |
| | 14,221 | | | AUTO TRADER GROUP PLC(f) | | | 68,171 | | | | 82,437 | | | | | |
| | 59,299 | | | AVIVA PLC | | | 212,664 | | | | 283,812 | | | | | |
| | 49,657 | | | BAE SYSTEMS PLC | | | 250,275 | | | | 290,641 | | | | | |
| | 338,934 | | | BARCLAYS PLC | | | 687,493 | | | | 650,254 | | | | | |
| | 16,437 | | | BELLWAY PLC | | | 442,531 | | | | 526,908 | | | | | |
| | 2,391 | | | BERKELEY GROUP HOLDINGS (THE) PLC | | | 71,739 | | | | 106,025 | | | | | |
| | 40,530 | | | BOVIS HOMES GROUP PLC | | | 415,638 | | | | 445,202 | | | | | |
| | 275,135 | | | BP PLC | | | 1,616,622 | | | | 1,739,233 | | | | | |
| | 15,241 | | | BRITISH AMERICAN TOBACCO PLC | | | 352,059 | | | | 485,654 | | | | | |
| | 37,587 | | | BRITISH LAND (THE) CO. PLC | | | 252,585 | | | | 255,447 | | | | | |
| | 125,949 | | | BT GROUP PLC | | | 346,733 | | | | 382,233 | | | | | |
| | 5,757 | | | BUNZL PLC | | | 59,557 | | | | 173,834 | | | | | |
| | 9,129 | | | BURBERRY GROUP PLC | | | 60,686 | | | | 201,940 | | | | | |
| See accompanying notes to financial statements. | 79 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| | United Kingdom (Cont’d): | | | | | | | | | | | | |
| | 286,268 | | | CARD FACTORY PLC | | $ | 743,263 | | | | 632,697 | | | | | |
| | 13,580 | | | CNH INDUSTRIAL N.V. | | | 56,886 | | | | 122,109 | | | | | |
| | 1,447 | | | COCA-COLA EUROPEAN PARTNERS PLC | | | 55,218 | | | | 66,345 | | | | | |
| | 398,686 | | | COMPASS GROUP PLC | | | 5,401,248 | | | | 8,384,726 | | | | | |
| | 2,332 | | | CRODA INTERNATIONAL PLC | | | 82,807 | | | | 139,255 | | | | | |
| | 115,497 | | | DE LA RUE PLC | | | 733,105 | | | | 622,709 | | | | | |
| | 70,928 | | | DIAGEO PLC | | | 970,345 | | | | 2,526,815 | | | | | |
| | 50,421 | | | DIXONS CARPHONE PLC | | | 103,690 | | | | 77,184 | | | | | |
| | 5,201 | | | EASYJET PLC | | | 69,741 | | | | 73,253 | | | | | |
| | 159,995 | | | EXPERIAN PLC | | | 2,773,672 | | | | 3,884,860 | | | | | |
| | 24,413 | | | FIAT CHRYSLER AUTOMOBILES N.V.(b) | | | 161,492 | | | | 354,731 | | | | | |
| | 10,222 | | | FIAT CHRYSLER AUTOMOBILES N.V. (NEW YORK EXCHANGE)(b) | | | 17,872 | | | | 147,810 | | | | | |
| | 138,680 | | | GLAXOSMITHKLINE PLC | | | 2,399,198 | | | | 2,635,868 | | | | | |
| | 120,432 | | | GREGGS PLC | | | 1,294,258 | | | | 1,943,343 | | | | | |
| | 8,169 | | | GVC HOLDINGS PLC | | | 80,126 | | | | 70,178 | | | | | |
| | 99,100 | | | HAMMERSON PLC | | | 464,760 | | | | 416,075 | | | | | |
| | 267,068 | | | HSBC HOLDINGS PLC | | | 1,772,008 | | | | 2,202,079 | | | | | |
| | 68,257 | | | IMI PLC | | | 914,688 | | | | 821,284 | | | | | |
| | 18,792 | | | IMPERIAL BRANDS PLC | | | 441,174 | | | | 569,346 | | | | | |
| | 12,262 | | | INDIVIOR PLC(b) | | | 11,861 | | | | 17,559 | | | | | |
| | 1,338 | | | INTERCONTINENTAL HOTELS GROUP PLC | | | 52,044 | | | | 72,258 | | | | | |
| | 32,745 | | | INTERNATIONAL CONSOLIDATED AIRLINES GROUP S.A. - CDI | | | 90,834 | | | | 259,622 | | | | | |
| | 718 | | | INTERTEK GROUP PLC | | | 44,729 | | | | 43,928 | | | | | |
| | 35,120 | | | ITV PLC | | | 43,870 | | | | 55,888 | | | | | |
| | 31,939 | | | J SAINSBURY PLC | | | 93,794 | | | | 107,880 | | | | | |
| | 103,122 | | | JOHN WOOD GROUP PLC | | | 976,639 | | | | 665,346 | | | | | |
| | 2,248 | | | JOHNSON MATTHEY PLC | | | 35,933 | | | | 80,200 | | | | | |
| | 44,251 | | | KINGFISHER PLC | | | 99,651 | | | | 117,035 | | | | | |
| | 13,578 | | | LAND SECURITIES GROUP PLC | | | 103,135 | | | | 139,214 | | | | | |
| | 17,003 | | | LEGAL & GENERAL GROUP PLC | | | 46,196 | | | | 50,062 | | | | | |
| | 1,273 | | | LINDE PLC | | | 190,696 | | | | 202,081 | | | | | |
| | 3,429,153 | | | LLOYDS BANKING GROUP PLC | | | 2,732,998 | | | | 2,266,259 | | | | | |
| | 6,030 | | | LONDON STOCK EXCHANGE GROUP PLC | | | 69,795 | | | | 312,199 | | | | | |
| | 1,149,786 | | | MAN GROUP PLC | | | 2,130,335 | | | | 1,949,138 | | | | | |
| | 11,529 | | | MARKS & SPENCER GROUP PLC | | | 43,186 | | | | 36,326 | | | | | |
| | 7,217 | | | MEGGITT PLC | | | 16,687 | | | | 43,326 | | | | | |
| | 72,235 | | | MELROSE INDUSTRIES PLC | | | 137,401 | | | | 150,858 | | | | | |
| | 2,193 | | | MICRO FOCUS INTERNATIONAL PLC | | | 43,705 | | | | 38,658 | | | | | |
| | 32,736 | | | NATIONAL GRID PLC | | | 240,586 | | | | 318,865 | | | | | |
| | 2,148 | | | NEXT PLC | | | 36,823 | | | | 109,267 | | | | | |
| | 34,908 | | | OXFORD INSTRUMENTS PLC | | | 539,512 | | | | 404,893 | | | | | |
| | 7,366 | | | PEARSON PLC | | | 69,206 | | | | 88,104 | | | | | |
| | 4,695 | | | PERSIMMON PLC | | | 113,796 | | | | 115,496 | | | | | |
| | 46,063 | | | PRUDENTIAL PLC | | | 714,750 | | | | 823,141 | | | | | |
| | 12,341 | | | RECKITT BENCKISER GROUP PLC | | | 519,685 | | | | 945,835 | | | | | |
| | 39,546 | | | RELX PLC(b) | | | 394,798 | | | | 814,218 | | | | | |
| | 172,986 | | | RELX PLC (LONDON EXCHANGE) | | | 1,996,575 | | | | 3,564,188 | | | | | |
| | 22,296 | | | RIO TINTO LTD. | | | 702,963 | | | | 1,232,308 | | | | | |
| | 35,826 | | | RIO TINTO PLC | | | 942,556 | | | | 1,703,261 | | | | | |
| | 4,955 | | | ROLLS-ROYCE HOLDINGS PLC(b) | | | 46,166 | | | | 52,420 | | | | | |
| | 851,444 | | | ROYAL BANK OF SCOTLAND GROUP PLC | | | 3,068,098 | | | | 2,351,738 | | | | | |
| | 20,657 | | | SAGE GROUP (THE) PLC | | | 74,323 | | | | 158,345 | | | | | |
| | 1,848 | | | SCHRODERS PLC | | | 61,181 | | | | 57,544 | | | | | |
| | 16,135 | | | SEGRO PLC | | | 67,053 | | | | 121,049 | | | | | |
| | 4,954 | | | SEVERN TRENT PLC | | | 76,220 | | | | 114,637 | | | | | |
| | 703,745 | | | SIG PLC | | | 1,511,381 | | | | 984,899 | | | | | |
| | 26,103 | | | SMITH & NEPHEW PLC | | | 251,030 | | | | 487,086 | | | | | |
| | 5,884 | | | SMITHS GROUP PLC | | | 91,297 | | | | 102,296 | | | | | |
| | 92,045 | | | STANDARD CHARTERED PLC | | | 654,783 | | | | 714,834 | | | | | |
| | 12,716 | | | STANDARD LIFE ABERDEEN PLC | | | 44,388 | | | | 41,614 | | | | | |
| | 72,176 | | | TAYLOR WIMPEY PLC | | | 122,883 | | | | 125,344 | | | | | |
| | 1,424 | | | TECHNIPFMC PLC | | | 35,975 | | | | 28,797 | | | | | |
| | 1,237,752 | | | TESCO PLC | | | 4,063,700 | | | | 2,999,091 | | | | | |
| | 3,749 | | | TRAVIS PERKINS PLC | | | 51,658 | | | | 51,130 | | | | | |
| | 11,442 | | | UNILEVER N.V. - CVA | | | 333,348 | | | | 621,661 | | | | | |
| | 24,244 | | | UNILEVER PLC | | | 545,189 | | | | 1,269,584 | | | | | |
| See accompanying notes to financial statements. | 80 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2018
| Shares | | | Security | | Cost | | | Fair value (a) | | | Percent of
net assets | |
| | United Kingdom (Cont’d): | | | | | | | | | | | | |
| | 10,230 | | | UNITED UTILITIES GROUP PLC | | $ | 76,454 | | | | 95,994 | | | | | |
| | 4,825 | | | WEIR GROUP (THE) PLC | | | 64,552 | | | | 79,826 | | | | | |
| | 5,178 | | | WHITBREAD PLC | | | 168,592 | | | | 302,208 | | | | | |
| | 9,098 | | | WILLIS TOWERS WATSON PLC | | | 1,345,985 | | | | 1,381,622 | | | | | |
| | 20,383 | | | WM MORRISON SUPERMARKETS PLC | | | 52,509 | | | | 55,403 | | | | | |
| | 25,243 | | | WPP PLC | | | 161,294 | | | | 272,391 | | | | | |
| | | | | | | | 52,513,855 | | | | 66,027,062 | | | | 12.58 | % |
| | United States: | | | | | | | | | | | | |
| | 13,109 | | | ALLERGAN PLC | | | 2,285,139 | | | | 1,752,149 | | | | | |
| | 141,547 | | | ARCH CAPITAL GROUP LTD.(b) | | | 1,987,381 | | | | 3,782,136 | | | | | |
| | 20,110 | | | AXIS CAPITAL HOLDINGS LTD. | | | 1,025,983 | | | | 1,038,480 | | | | | |
| | 1,794 | | | BAUSCH HEALTH COS., INC.(b) | | | 41,404 | | | | 33,181 | | | | | |
| | 4,351 | | | CARNIVAL PLC | | | 131,345 | | | | 208,688 | | | | | |
| | 5,665 | | | METTLER-TOLEDO INTERNATIONAL, INC.(b) | | | 3,294,538 | | | | 3,204,011 | | | | | |
| | 19,309 | | | RESMED, INC. | | | 2,126,446 | | | | 2,198,716 | | | | | |
| | 9,651 | | | SHIRE PLC | | | 287,444 | | | | 562,778 | | | | | |
| | 3,950 | | | WORLDPAY, INC., CLASS A(b) | | | 310,561 | | | | 301,898 | | | | | |
| | | | | | | | 11,490,241 | | | | 13,082,037 | | | | 2.49 | % |
| | | Sub-total Common Stocks: | | 404,753,366 | | | | 501,555,823 | | | | 95.59 | % |
| Preferred Stocks: | | | | | | | | | | |
| | Brazil: | | | | | | | | | | | | |
| | 187,700 | | | ALPARGATAS S.A., 1.30%(h) | | | 600,320 | | | | 824,267 | | | | | |
| | 242,140 | | | TELEFONICA BRASIL S.A. ADR, 2.88%(d)(h) | | | 3,060,637 | | | | 2,888,730 | | | | | |
| | | | | | | | 3,660,957 | | | | 3,712,997 | | | | 0.71 | % |
| | Germany: | | | | | | | | | | | | |
| | 1,521 | | | BAYERISCHE MOTOREN WERKE A.G., 6.49%(h) | | | 49,612 | | | | 108,221 | | | | | |
| | 1,217 | | | HENKEL A.G. & CO. KGAA, 1.89%(h) | | | 101,251 | | | | 133,024 | | | | | |
| | 1,443 | | | PORSCHE AUTOMOBIL HOLDING S.E., 3.42%(h) | | | 60,635 | | | | 85,377 | | | | | |
| | 770 | | | VOLKSWAGEN A.G., 2.87%(h) | | | 99,996 | | | | 122,559 | | | | | |
| | | | | | | | 311,494 | | | | 449,181 | | | | 0.09 | % |
| | South Korea: | | | | | | | | | | | | |
| | 1,888 | | | HYUNDAI MOTOR CO. LTD. (2ND PREFERRED), 5.57%(h) | | | 176,037 | | | | 130,289 | | | | | |
| | 16,100 | | | SAMSUNG ELECTRONICS CO. LTD., 4.72%(h) | | | 366,307 | | | | 458,124 | | | | | |
| | | | | | | | 542,344 | | | | 588,413 | | | | 0.11 | % |
| | | Sub-total Preferred Stocks: | | 4,514,795 | | | | 4,750,591 | | | | 0.91 | % |
| Rights: | | | | | | | | | | |
| | Spain: | | | | | | | | | | | | |
| | 46,787 | | | REPSOL S.A.(b) | | | 21,950 | | | | 21,443 | | | | | |
| | | | | | | | 21,950 | | | | 21,443 | | | | 0.00 | % |
| | | Sub-total Rights: | | 21,950 | | | | 21,443 | | | | 0.00 | % |
| Investment Companies: | | | | | | | | | | |
| | United States: | | | | | | | | | | | | |
| | 36,800 | | | ISHARES MSCI EAFE SMALL-CAP ETF | | | 2,448,008 | | | | 1,906,976 | | | | | |
| | | | | | | | 2,448,008 | | | | 1,906,976 | | | | 0.36 | % |
| | | Sub-total Investment Companies: | | 2,448,008 | | | | 1,906,976 | | | | 0.36 | % |
| Short-Term Investments: | | | | | | | | | | |
| | 2,201,300 | | | FIDELITY INVESTMENTS MONEY MARKET GOVERNMENT PORTFOLIO (i) | | | 2,201,300 | | | | 2,201,300 | | | | | |
| | 15,216,595 | | | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 2.25%(j) | | | 15,216,595 | | | | 15,216,595 | | | | | |
| | | Sub-total Short-Term Investments: | | 17,417,895 | | | | 17,417,895 | | | | 3.32 | % |
| | | | | Grand total | | $ | 429,156,014 | | | | 525,652,728 | | | | 100.18 | % |
Notes to Schedule of Investments:
| (a) | Investments are valued in accordance with procedures described in note 2 to the financial statements. |
| (b) | 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 2.74% of net assets as of December 31, 2018. |
| (e) | Security is either wholly or partially on loan. |
| See accompanying notes to financial statements. | 81 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2018
| (f) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees. |
| (g) | This is a Level 3 security. |
| (h) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
| (i) | Investment relates to cash collateral received from portfolio securities loaned. |
| (j) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2017, the value of the Clearwater International Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $28,399,890 with net sales of $13,183,295 during the fiscal year ended December 31, 2018. |
At December 31, 2018, the industry sectors for the Clearwater International Fund were:
| Industry Sector | | Percent of
Long-Term
Investments | |
| Communication Services | | | 5.39 | % |
| Consumer Discretionary | | | 16.60 | |
| Consumer Staples | | | 9.73 | |
| Energy | | | 4.19 | |
| Financials | | | 18.19 | |
| Health Care | | | 9.74 | |
| Industrials | | | 15.64 | |
| Information Technology | | | 11.24 | |
| Materials | | | 6.00 | |
| Real Estate | | | 1.85 | |
| Utilities | | | 1.43 | |
| | | | 100.00 | % |
At December 31, 2018, the Clearwater International Fund’s investments were denominated in the following currencies:
| Concentration by Currency | | Percent of
Long-Term
Investments | |
| Euro | | | 24.02 | % |
| Japanese Yen | | | 14.97 | |
| British Pound | | | 12.85 | |
| United States Dollar | | | 12.16 | |
| Swiss Franc | | | 9.22 | |
| Canadian Dollar | | | 6.09 | |
| Hong Kong Dollar | | | 5.10 | |
| Other currencies | | | 15.59 | |
| | | | 100.00 | % |
| See accompanying notes to financial statements. | 82 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2018
At December 31, 2018, the Clearwater International Fund had outstanding forward foreign currency exchange contracts as follows:
| | | Contract | | | | | | | | | | | | | | Unrealized | |
| | | Settlement | | Contract Amount | | | Appreciation | |
| Counterparty | | Date | | Deliver | | | Receive | | | (Depreciation) | |
| Northern Trust | | 01/24/2019 | | USD | | | | 249,943 | | | JPY | | | | 27,955,738 | | | $ | 5,619 | |
| | | | | | | | | | | | | | | | | | | $ | 5,619 | |
| Northern Trust | | 01/24/2019 | | JPY | | | | 132,399,319 | | | USD | | | | 1,188,690 | | | $ | (21,660 | ) |
| Northern Trust | | 05/09/2019 | | CNY | | | | 18,709,678 | | | USD | | | | 2,694,696 | | | $ | (28,664 | ) |
| | | | | | | | | | | | | | | | | | | $ | (50,324 | ) |
| | | | | | | | | | | | | | | | | | | $ | (44,705 | ) |
| See accompanying notes to financial statements. | 83 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2018
Clearwater International Fund Portfolio Diversification
(as a percentage of net assets)
| See accompanying notes to financial statements. | 84 | (Continued) |
Item 2. Code of Ethics
As of December 31, 2018, the Board of Trustees of Clearwater Investment Trust (the “Trust”) has adopted a code of ethics that applies to the Trust’s President/Principal Executive Officer and Treasurer/Principal Financial Officer (“Code of Ethics”). For the fiscal year ended December 31, 2018, there were no amendments to any provision of the Code of Ethics, nor were there any waivers granted from a provision of the Code of Ethics.
Item 3. Audit Committee Financial Expert
The Board of Trustees of the Trust consists of eight members, five of whom are Independent Trustees as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The Board of Trustees does not include an “audit committee financial expert” (as defined in Item 3 of Form N-CSR). Given the restrictive nature of the definition of an “audit committee financial expert,” the Board of Trustees has 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
| | 2018 | 2017 |
| (a) | Audit Fees | $108,700 | $105,900 |
| (b) | Audit-Related Fees | $0 | $0 |
| (c) | Tax Fees1 | $38,220 | $23,425 |
| (d) | All Other Fees | $0 | $0 |
1Tax Fees are the aggregate amount billed by the Trust’s principal accountant for tax compliance, tax advice, international tax reclaim filings and tax planning during the fiscal year.
(e)
| 1. | The audit committee has 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. |
The policies and procedures provide that, if pre-approval of non-audit services is requested other than at a regularly scheduled Audit Committee Meeting, Fund management shall present such request to the Audit Committee Chair, or committee member if a Chair is not designated, for review of the proposal and determination if a special session of the Audit Committee is required. If the Chair or member determines the request requires a special session, the Audit Committee Chair will call a session per standard protocols and invite non-members as required. If the request is deemed in adherence to the independence of the auditor and to the benefit of the Fund, the Chair or designee may grant the pre-approval without a special session.
The Chair, designee or Audit Committee shall review the purpose, terms and risks of the request in addition to assurances of maintaining auditor independence and adherence to Regulation S-X, paragraph (c)(7) of Rule 2-01. If the pre-approval request is approved, the request will be presented at the next regularly scheduled Audit Committee for ratification.
| 2. | No services were pre-approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (g) | Non-Audit Related Fees Provided to the Trust or to the Trust’s Investment Adviser. |
| | 2018= $15,600 | 2017= $43,150 |
| (h) | For the most recent fiscal year, the Audit Committee has determined that the provision of non-audit services to Clearwater Management Company and its affiliates was compatible with maintaining the principal accountant’s independence. |
Item 5. Audit Committee of Listed Registrants
Not applicable (the Funds are not listed issuers).
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. |
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 (the “1940 Act”)) are effective based on the principal executive officer and principal financial officer’s evaluation of these controls and procedures, as required by Rule 30a-3(b) under the 1940 Act, 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 control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable (the Trust is an open-end management investment company).
Item 13. Exhibits
| (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. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | Clearwater Investment Trust |
| | |
| | By | /s/ Justin H. Weyerhaeuser |
| | | Justin H. Weyerhaeuser |
| | | President (Principal Executive Officer) and |
| | | Treasurer (Principal Financial Officer) |
| | | |
| | | Date: March 6, 2019 |
| | |
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, 2019 |
| | Clearwater Investment Trust |
| | |
| | By | /s/ Justin H. Weyerhaeuser |
| | | Justin H. Weyerhaeuser |
| | | Treasurer (Principal Financial Officer) |
| | | |
| | | Date: March 6, 2019 |
