CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Common Stocks: | ||||||||
Communication Services: | ||||||||
18,873 | ACTIVISION BLIZZARD, INC. | $289,106 | 998,759 | |||||
6,317 | ALPHABET, INC., CLASS A(b) | 2,474,009 | 7,713,941 | |||||
4,479 | ALPHABET, INC., CLASS C(b) | 1,782,514 | 5,459,901 | |||||
5,717 | ALTICE U.S.A, INC., CLASS A(b) | 167,165 | 163,964 | |||||
12,933 | AMC NETWORKS, INC., CLASS A(b) | 697,233 | 635,786 | |||||
81,851 | AT&T, INC. | 1,588,090 | 3,097,242 | |||||
300 | CABLE ONE, INC. | 113,966 | 376,410 | |||||
1,900 | CARS.COM, INC.(b) | 14,708 | 17,062 | |||||
2,214 | CENTURYLINK, INC. | 32,921 | 27,631 | |||||
1,929 | CHARTER COMMUNICATIONS, INC., CLASS A(b) | 79,053 | 794,979 | |||||
100 | CLEAR CHANNEL OUTDOOR HOLDINGS, INC.(b) | 101 | 252 | |||||
78,722 | COMCAST CORP., CLASS A | 1,370,904 | 3,548,788 | |||||
1,000 | DISCOVERY, INC., CLASS A(b) | 28,210 | 26,630 | |||||
5,823 | DISH NETWORK CORP., CLASS A(b) | 226,086 | 198,390 | |||||
11,266 | ELECTRONIC ARTS, INC.(b) | 280,102 | 1,102,040 | |||||
31,804 | FACEBOOK, INC., CLASS A(b) | 1,885,863 | 5,663,656 | |||||
2,257 | FOX CORP., CLASS A | 93,778 | 71,175 | |||||
1,360 | GCI LIBERTY, INC., CLASS A(b) | 51,149 | 84,415 | |||||
1,972 | IAC/INTERACTIVECORP(b) | 156,820 | 429,837 | |||||
15,600 | INTERPUBLIC GROUP OF (THE) COS., INC. | 40,950 | 336,336 | |||||
5,832 | LIBERTY GLOBAL PLC, CLASS A(b)(c) | 42,377 | 144,342 | |||||
7,374 | LIBERTY GLOBAL PLC, CLASS C(b)(c) | 51,974 | 175,427 | |||||
1,500 | LIONS GATE ENTERTAINMENT CORP., CLASS A(b) | 27,387 | 13,875 | |||||
1,600 | LIVE NATION ENTERTAINMENT, INC.(b) | 88,717 | 106,144 | |||||
1,100 | MATCH GROUP, INC. | 30,570 | 78,584 | |||||
2,211 | NETFLIX, INC.(b) | 713,130 | 591,708 | |||||
2,375 | NEWS CORP., CLASS A | 7,170 | 33,060 | |||||
27,391 | OMNICOM GROUP, INC. | 1,946,173 | 2,144,715 | |||||
25,971 | SINCLAIR BROADCAST GROUP, INC., CLASS A | 1,197,731 | 1,110,001 | |||||
14,300 | SIRIUS XM HOLDINGS, INC. | 90,452 | 89,446 | |||||
9,840 | SPRINT CORP.(b) | 21,187 | 60,713 | |||||
724 | TAKE-TWO INTERACTIVE SOFTWARE, INC.(b) | 88,784 | 90,746 | |||||
1,544 | TEGNA, INC. | 7,743 | 23,978 | |||||
1,900 | TELEPHONE & DATA SYSTEMS, INC. | 50,350 | 49,020 | |||||
11,308 | T-MOBILE U.S., INC.(b) | 563,139 | 890,731 | |||||
11,575 | TRIPADVISOR, INC.(b) | 475,048 | 447,721 | |||||
19,514 | TWITTER, INC.(b) | 658,803 | 803,977 | |||||
79,188 | VERIZON COMMUNICATIONS, INC. | 3,698,307 | 4,779,788 | |||||
99,994 | VIACOM, INC., CLASS B | 3,128,008 | 2,402,856 | |||||
32,662 | WALT DISNEY (THE) CO. | 1,126,786 | 4,256,512 | |||||
800 | YELP, INC.(b) | 26,800 | 27,800 | |||||
1,000 | ZAYO GROUP HOLDINGS, INC.(b) | 26,680 | 33,900 | |||||
25,440,044 | 49,102,238 | 9.61% | ||||||
Consumer Discretionary: | ||||||||
1,800 | ADIENT PLC | 38,861 | 41,328 | |||||
1,500 | ADVANCE AUTO PARTS, INC. | 53,558 | 248,100 | |||||
4,880 | AMAZON.COM, INC.(b) | 1,645,127 | 8,471,241 | |||||
500 | APTIV PLC(c) | 30,790 | 43,710 | |||||
5,751 | ARAMARK | 246,182 | 250,629 | |||||
1,100 | AUTOLIV, INC.(c) | 13,982 | 86,768 | |||||
2,539 | AUTOZONE, INC.(b) | 2,185,068 | 2,753,850 | |||||
48,711 | BEST BUY CO., INC. | 1,665,845 | 3,360,572 | |||||
1,400 | BIG LOTS, INC. | 15,477 | 34,300 | |||||
279 | BOOKING HOLDINGS, INC.(b) | 188,278 | 547,568 | |||||
28,006 | BORGWARNER, INC. | 1,000,054 | 1,027,260 | |||||
831 | BURLINGTON STORES, INC.(b) | 85,265 | 166,050 | |||||
8,300 | CAESARS ENTERTAINMENT CORP.(b) | 66,994 | 96,778 | |||||
3,068 | CARMAX, INC.(b) | 33,093 | 269,984 | |||||
2,100 | CARVANA CO.(b) | 130,236 | 138,600 | |||||
126 | CHIPOTLE MEXICAN GRILL, INC.(b) | 100,702 | 105,899 | |||||
4,600 | D.R. HORTON, INC. | 22,057 | 242,466 | |||||
4,874 | DARDEN RESTAURANTS, INC. | 434,713 | 576,204 | |||||
5,977 | DICK'S SPORTING GOODS, INC. | 173,600 | 243,921 | |||||
3,089 | DOLLAR GENERAL CORP. | 207,226 | 490,966 | |||||
5,224 | DOLLAR TREE, INC.(b) | 52,773 | 596,372 | |||||
900 | DOMINO'S PIZZA, INC. | 90,041 | 220,131 |
1 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Discretionary (Cont'd): | ||||||||
51,633 | EBAY, INC. | $1,643,431 | 2,012,654 | |||||
3,267 | EXPEDIA GROUP, INC. | 232,465 | 439,118 | |||||
791 | FLOOR & DECOR HOLDINGS, INC., CLASS A(b) | 22,319 | 40,460 | |||||
19,421 | FOOT LOCKER, INC. | 725,543 | 838,210 | |||||
38,163 | FORD MOTOR CO. | 164,117 | 349,573 | |||||
1,300 | FRONTDOOR, INC.(b) | 30,172 | 63,141 | |||||
1,336 | GAMESTOP CORP., CLASS A | 5,383 | 7,375 | |||||
5,579 | GARMIN LTD.(c) | 202,757 | 472,486 | |||||
2,018 | GARRETT MOTION, INC.(b)(c) | 16,668 | 20,099 | |||||
6,433 | GENERAL MOTORS CO. | 211,146 | 241,109 | |||||
15,000 | GENTEX CORP. | 106,860 | 413,025 | |||||
4,856 | GENUINE PARTS CO. | 261,724 | 483,609 | |||||
322 | GRAHAM HOLDINGS CO., CLASS B | 215,889 | 213,631 | |||||
2,000 | HANESBRANDS, INC. | 10,095 | 30,640 | |||||
400 | HASBRO, INC. | 10,206 | 47,476 | |||||
900 | HILTON GRAND VACATIONS, INC.(b) | 23,760 | 28,800 | |||||
13,767 | HOME DEPOT (THE), INC. | 1,998,411 | 3,194,219 | |||||
27,540 | KOHL'S CORP. | 1,190,199 | 1,367,636 | |||||
971 | KONTOOR BRANDS, INC. | 5,113 | 34,082 | |||||
2,790 | L BRANDS, INC. | 31,188 | 54,656 | |||||
2,538 | LAS VEGAS SANDS CORP. | 25,413 | 146,595 | |||||
2,900 | LENNAR CORP., CLASS A | 37,613 | 161,965 | |||||
58 | LENNAR CORP., CLASS B | 652 | 2,574 | |||||
1,200 | LKQ CORP.(b) | 14,970 | 37,740 | |||||
400 | LOWE'S COS., INC. | 34,236 | 43,984 | |||||
10,317 | LULULEMON ATHLETICA, INC.(b)(c) | 1,402,521 | 1,986,332 | |||||
3,800 | MACY'S, INC. | 47,081 | 59,052 | |||||
3,038 | MARRIOTT INTERNATIONAL, INC., CLASS A | 63,603 | 377,836 | |||||
294 | MARRIOTT VACATIONS WORLDWIDE CORP. | 4,103 | 30,461 | |||||
10,620 | MCDONALD'S CORP. | 433,348 | 2,280,220 | |||||
7,000 | MGM RESORTS INTERNATIONAL | 64,629 | 194,040 | |||||
600 | MOHAWK INDUSTRIES, INC.(b) | 26,796 | 74,442 | |||||
600 | MURPHY USA, INC.(b) | 4,392 | 51,180 | |||||
5,915 | NEWELL BRANDS, INC. | 73,613 | 110,729 | |||||
17,800 | NIKE, INC., CLASS B | 268,854 | 1,671,776 | |||||
4,300 | NORDSTROM, INC. | 45,233 | 144,781 | |||||
17,903 | NORWEGIAN CRUISE LINE HOLDINGS LTD.(b) | 945,659 | 926,838 | |||||
503 | NVR, INC.(b) | 1,170,386 | 1,869,827 | |||||
2,300 | O'REILLY AUTOMOTIVE, INC.(b) | 511,946 | 916,573 | |||||
800 | PENSKE AUTOMOTIVE GROUP, INC. | 32,264 | 37,824 | |||||
300 | POLARIS, INC. | 23,007 | 26,403 | |||||
370 | POOL CORP. | 34,226 | 74,629 | |||||
40,115 | PULTEGROUP, INC. | 934,810 | 1,466,203 | |||||
600 | PVH CORP. | 22,503 | 52,938 | |||||
11,545 | QURATE RETAIL, INC.(b) | 86,458 | 119,087 | |||||
1,500 | RALPH LAUREN CORP. | 31,320 | 143,205 | |||||
625 | ROKU, INC.(b) | 93,606 | 63,600 | |||||
4,743 | ROSS STORES, INC. | 176,855 | 521,019 | |||||
3,870 | ROYAL CARIBBEAN CRUISES LTD. | 82,045 | 419,237 | |||||
24,469 | SKECHERS U.S.A., INC., CLASS A(b) | 854,529 | 913,917 | |||||
50,692 | STARBUCKS CORP. | 2,326,639 | 4,482,187 | |||||
5,000 | TAPESTRY, INC. | 19,161 | 130,250 | |||||
5,646 | TARGET CORP. | 539,608 | 603,614 | |||||
1,260 | TESLA, INC.(b) | 165,777 | 303,496 | |||||
1,900 | THOR INDUSTRIES, INC. | 22,316 | 107,616 | |||||
1,400 | TIFFANY & CO. | 35,210 | 129,682 | |||||
20,188 | TJX (THE) COS., INC. | 86,033 | 1,125,279 | |||||
12,618 | TOLL BROTHERS, INC. | 506,759 | 517,969 | |||||
1,466 | TOPBUILD CORP.(b) | 11,809 | 141,366 | |||||
753 | ULTA BEAUTY, INC.(b) | 117,541 | 188,740 | |||||
8,340 | URBAN OUTFITTERS, INC.(b) | 174,368 | 234,271 | |||||
200 | VAIL RESORTS, INC. | 42,166 | 45,512 | |||||
1,100 | VEONEER, INC.(b)(c) | 5,428 | 16,489 | |||||
6,800 | VF CORP. | 81,950 | 605,132 | |||||
400 | VISTEON CORP.(b) | 24,116 | 33,016 | |||||
600 | WAYFAIR, INC., CLASS A(b) | 49,325 | 67,272 | |||||
2,695 | WHIRLPOOL CORP. | 178,025 | 426,780 |
2 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Discretionary (Cont'd): | ||||||||
637 | WILLIAMS-SONOMA, INC. | $36,201 | 43,303 | |||||
1,800 | WYNN RESORTS LTD. | 52,106 | 195,696 | |||||
2,716 | YUM CHINA HOLDINGS, INC.(c) | 5,770 | 123,388 | |||||
12,654 | YUM! BRANDS, INC. | 1,086,679 | 1,435,343 | |||||
28,701,026 | 56,246,104 | 11.01% | ||||||
Consumer Staples: | ||||||||
8,800 | ALTRIA GROUP, INC. | 564,326 | 359,920 | |||||
10,300 | ARCHER-DANIELS-MIDLAND CO. | 188,618 | 423,021 | |||||
7,290 | BROWN-FORMAN CORP., CLASS B | 57,343 | 457,666 | |||||
17,733 | BUNGE LTD. | 984,741 | 1,004,042 | |||||
28,466 | CHURCH & DWIGHT CO., INC. | 1,479,914 | 2,141,782 | |||||
1,125 | CLOROX (THE) CO. | 173,791 | 170,854 | |||||
57,881 | COCA-COLA (THE) CO. | 869,464 | 3,151,042 | |||||
1,380 | COLGATE-PALMOLIVE CO. | 43,344 | 101,444 | |||||
1,900 | CONAGRA BRANDS, INC. | 26,152 | 58,292 | |||||
7,649 | COSTCO WHOLESALE CORP. | 612,726 | 2,203,753 | |||||
7,270 | ESTEE LAUDER (THE) COS., INC., CLASS A | 694,476 | 1,446,367 | |||||
12,400 | GENERAL MILLS, INC. | 277,055 | 683,488 | |||||
5,300 | HERBALIFE NUTRITION LTD.(b) | 36,401 | 200,658 | |||||
4,963 | HERSHEY (THE) CO. | 575,856 | 769,215 | |||||
4,800 | HORMEL FOODS CORP. | 43,206 | 209,904 | |||||
7,814 | INGREDION, INC. | 510,701 | 638,716 | |||||
1,300 | JM SMUCKER (THE) CO. | 60,305 | 143,026 | |||||
7,643 | KEURIG DR. PEPPER, INC. | 7,519 | 208,807 | |||||
3,336 | KIMBERLY-CLARK CORP. | 278,758 | 473,879 | |||||
3,714 | KRAFT HEINZ (THE) CO. | 26,692 | 103,751 | |||||
76,366 | KROGER (THE) CO. | 1,477,481 | 1,968,715 | |||||
633 | LAMB WESTON HOLDINGS, INC. | 7,452 | 46,032 | |||||
700 | MCCORMICK & CO., INC. (NON VOTING) | 21,613 | 109,410 | |||||
4,160 | MOLSON COORS BREWING CO., CLASS B | 192,976 | 239,200 | |||||
6,969 | MONDELEZ INTERNATIONAL, INC., CLASS A | 94,887 | 385,525 | |||||
8,354 | MONSTER BEVERAGE CORP.(b) | 258,761 | 485,033 | |||||
232 | NU SKIN ENTERPRISES, INC., CLASS A | 8,194 | 9,867 | |||||
32,023 | PEPSICO, INC. | 2,796,981 | 4,390,353 | |||||
14,929 | PHILIP MORRIS INTERNATIONAL, INC. | 519,854 | 1,133,559 | |||||
14,998 | PILGRIM'S PRIDE CORP.(b) | 464,732 | 480,611 | |||||
700 | POST HOLDINGS, INC.(b) | 43,421 | 74,088 | |||||
54,829 | PROCTER & GAMBLE (THE) CO. | 2,533,075 | 6,819,631 | |||||
500 | SPECTRUM BRANDS HOLDINGS, INC. | 24,845 | 26,360 | |||||
7,700 | SYSCO CORP. | 117,906 | 611,380 | |||||
36,014 | TYSON FOODS, INC., CLASS A | 1,913,693 | 3,102,246 | |||||
35,638 | WALGREENS BOOTS ALLIANCE, INC. | 1,324,826 | 1,971,138 | |||||
12,104 | WALMART, INC. | 905,704 | 1,436,503 | |||||
20,217,789 | 38,239,278 | 7.49% | ||||||
Energy: | ||||||||
1,162 | APERGY CORP.(b) | 18,689 | 31,432 | |||||
43,402 | CABOT OIL & GAS CORP. | 1,166,001 | 762,573 | |||||
32,927 | CHEVRON CORP. | 1,590,066 | 3,905,142 | |||||
500 | CIMAREX ENERGY CO. | 32,151 | 23,970 | |||||
3,600 | CNX RESOURCES CORP.(b) | 25,763 | 26,136 | |||||
2,200 | CONCHO RESOURCES, INC. | 101,031 | 149,380 | |||||
58,840 | CONOCOPHILLIPS | 2,758,298 | 3,352,703 | |||||
450 | CONSOL ENERGY, INC.(b) | 5,125 | 7,034 | |||||
2,000 | CONTINENTAL RESOURCES, INC.(b) | 20,765 | 61,580 | |||||
1,337 | DIAMONDBACK ENERGY, INC. | 80,335 | 120,210 | |||||
9,794 | ENBRIDGE, INC.(c) | 137,797 | 343,574 | |||||
1,400 | EOG RESOURCES, INC. | 89,751 | 103,908 | |||||
4,000 | EQT CORP. | 72,343 | 42,560 | |||||
40,851 | EXXON MOBIL CORP. | 1,591,403 | 2,884,489 | |||||
10,158 | HALLIBURTON CO. | 138,080 | 191,478 | |||||
3,100 | HELMERICH & PAYNE, INC. | 39,003 | 124,217 | |||||
29,864 | HOLLYFRONTIER CORP. | 1,828,955 | 1,601,905 | |||||
6,912 | KINDER MORGAN, INC. | 55,532 | 142,456 | |||||
3,652 | MARATHON PETROLEUM CORP. | 134,026 | 221,859 | |||||
3,000 | MURPHY OIL CORP. | 39,255 | 66,330 | |||||
4,022 | NATIONAL OILWELL VARCO, INC. | 51,730 | 85,266 | |||||
6,101 | OCCIDENTAL PETROLEUM CORP. | 58,993 | 271,311 |
3 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Energy (Cont'd): | ||||||||
2,000 | ONEOK, INC. | $19,065 | 147,380 | |||||
31,900 | PARSLEY ENERGY, INC., CLASS A | 509,926 | 535,920 | |||||
2,400 | PATTERSON-UTI ENERGY, INC. | 24,857 | 20,520 | |||||
8,722 | PHILLIPS 66 | 458,328 | 893,133 | |||||
1,960 | PIONEER NATURAL RESOURCES CO. | 135,788 | 246,509 | |||||
2,600 | RANGE RESOURCES CORP. | 24,900 | 9,932 | |||||
2,500 | RPC, INC. | 24,681 | 14,025 | |||||
13,336 | SCHLUMBERGER LTD. | 222,256 | 455,691 | |||||
1,000 | TARGA RESOURCES CORP. | 18,740 | 40,170 | |||||
17,219 | VALERO ENERGY CORP. | 752,442 | 1,467,748 | |||||
6,100 | WPX ENERGY, INC.(b) | 60,768 | 64,599 | |||||
12,286,843 | 18,415,140 | 3.61% | ||||||
Financials: | ||||||||
15,982 | AFLAC, INC. | 520,002 | 836,178 | |||||
500 | ALLEGHANY CORP.(b) | 140,685 | 398,880 | |||||
9,753 | ALLSTATE (THE) CORP. | 296,804 | 1,059,956 | |||||
19,826 | ALLY FINANCIAL, INC. | 404,611 | 657,430 | |||||
3,633 | AMERICAN EXPRESS CO. | 111,938 | 429,711 | |||||
3,400 | AMERICAN FINANCIAL GROUP, INC. | 210,306 | 366,690 | |||||
5,500 | AMERICAN INTERNATIONAL GROUP, INC. | 129,086 | 306,350 | |||||
26,690 | AMERIPRISE FINANCIAL, INC. | 2,655,512 | 3,926,099 | |||||
848 | AON PLC(c) | 32,575 | 164,147 | |||||
35,638 | ARCH CAPITAL GROUP LTD.(b)(c) | 916,635 | 1,496,083 | |||||
2,300 | ARTHUR J. GALLAGHER & CO. | 80,002 | 206,011 | |||||
4,900 | ASSURANT, INC. | 218,575 | 616,518 | |||||
30,441 | ASSURED GUARANTY LTD.(c) | 1,106,313 | 1,353,407 | |||||
4,149 | ATHENE HOLDING LTD., CLASS A(b)(c) | 181,572 | 174,507 | |||||
1,300 | AXIS CAPITAL HOLDINGS LTD.(c) | 43,361 | 86,736 | |||||
191,021 | BANK OF AMERICA CORP. | 3,039,174 | 5,572,083 | |||||
10,000 | BANK OF NEW YORK MELLON (THE) CORP. | 206,454 | 452,100 | |||||
7,900 | BB&T CORP. | 173,879 | 421,623 | |||||
27,906 | BERKSHIRE HATHAWAY, INC., CLASS B(b) | 3,620,611 | 5,805,006 | |||||
11,926 | BRIGHTHOUSE FINANCIAL, INC.(b) | 443,135 | 482,645 | |||||
620 | CANNAE HOLDINGS, INC.(b) | 2,893 | 17,031 | |||||
22,243 | CAPITAL ONE FINANCIAL CORP. | 1,525,515 | 2,023,668 | |||||
17,900 | CHARLES SCHWAB (THE) CORP. | 156,088 | 748,757 | |||||
6,250 | CHUBB LTD.(c) | 587,621 | 1,009,000 | |||||
50,559 | CITIGROUP, INC. | 2,887,173 | 3,492,616 | |||||
865 | CME GROUP, INC. | 31,878 | 182,809 | |||||
4,871 | COMERICA, INC. | 409,337 | 321,437 | |||||
500 | CREDIT ACCEPTANCE CORP.(b) | 86,421 | 230,655 | |||||
18,084 | DISCOVER FINANCIAL SERVICES | 813,653 | 1,466,432 | |||||
10,182 | E*TRADE FINANCIAL CORP. | 276,402 | 444,852 | |||||
469 | FAIRFAX FINANCIAL HOLDINGS LTD.(c) | 86,576 | 206,820 | |||||
1,863 | FIDELITY NATIONAL FINANCIAL, INC. | 15,560 | 82,736 | |||||
66,803 | FIFTH THIRD BANCORP | 1,622,842 | 1,829,066 | |||||
400 | FIRST CITIZENS BANCSHARES, INC., CLASS A | 57,523 | 188,620 | |||||
30,500 | FIRST HORIZON NATIONAL CORP. | 193,065 | 494,100 | |||||
47,824 | FRANKLIN RESOURCES, INC. | 1,452,675 | 1,380,201 | |||||
2,468 | GLOBE LIFE, INC. | 145,321 | 236,336 | |||||
8,500 | GOLDMAN SACHS GROUP (THE), INC. | 723,237 | 1,761,455 | |||||
3,000 | HANOVER INSURANCE GROUP (THE), INC. | 215,948 | 406,620 | |||||
34,960 | HARTFORD FINANCIAL SERVICES GROUP (THE), INC. | 1,663,573 | 2,118,926 | |||||
35,000 | HUNTINGTON BANCSHARES, INC. | 169,770 | 499,450 | |||||
505 | INTERCONTINENTAL EXCHANGE, INC. | 12,819 | 46,596 | |||||
2,700 | INVESCO LTD. | 32,171 | 45,738 | |||||
15,903 | JANUS HENDERSON GROUP PLC(c) | 222,792 | 357,181 | |||||
69,357 | JPMORGAN CHASE & CO. | 2,918,450 | 8,162,625 | |||||
5,904 | KEYCORP | 30,107 | 105,327 | |||||
1,852 | LEGG MASON, INC. | 25,956 | 70,728 | |||||
200 | MARKEL CORP.(b) | 67,789 | 236,380 | |||||
5,684 | MARSH & MCLENNAN COS., INC. | 240,120 | 568,684 | |||||
1,300 | MERCURY GENERAL CORP. | 38,018 | 72,644 | |||||
11,412 | METLIFE, INC. | 482,154 | 538,190 | |||||
40,278 | MGIC INVESTMENT CORP. | 530,550 | 506,697 | |||||
2,000 | MOODY'S CORP. | 70,550 | 409,660 | |||||
16,800 | MORGAN STANLEY | 240,305 | 716,856 |
4 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Financials (Cont'd): | ||||||||
3,900 | MSCI, INC. | $124,722 | 849,225 | |||||
5,900 | NASDAQ, INC. | 240,309 | 586,165 | |||||
1,700 | NEW RESIDENTIAL INVESTMENT CORP. | 23,886 | 26,656 | |||||
4,539 | PACWEST BANCORP | 65,912 | 164,947 | |||||
8,925 | PNC FINANCIAL SERVICES GROUP (THE), INC. | 328,223 | 1,250,928 | |||||
23,112 | POPULAR, INC. | 1,233,526 | 1,249,897 | |||||
5,628 | PRINCIPAL FINANCIAL GROUP, INC. | 175,248 | 321,584 | |||||
9,491 | PROGRESSIVE (THE) CORP. | 285,859 | 733,180 | |||||
5,900 | PRUDENTIAL FINANCIAL, INC. | 182,565 | 530,705 | |||||
17,302 | REGIONS FINANCIAL CORP. | 116,601 | 273,718 | |||||
3,371 | REINSURANCE GROUP OF AMERICA, INC. | 296,860 | 538,955 | |||||
800 | RENAISSANCERE HOLDINGS LTD.(c) | 81,779 | 154,760 | |||||
3,151 | ROYAL BANK OF CANADA(c) | 75,538 | 255,735 | |||||
735 | S&P GLOBAL, INC. | 24,183 | 180,060 | |||||
7,500 | SEI INVESTMENTS CO. | 108,537 | 444,413 | |||||
10,100 | SLM CORP. | 36,679 | 89,133 | |||||
5,825 | SUNTRUST BANKS, INC. | 141,999 | 400,760 | |||||
9,432 | SYNCHRONY FINANCIAL | 285,461 | 321,537 | |||||
3,657 | SYNOVUS FINANCIAL CORP. | 49,372 | 130,774 | |||||
3,549 | T. ROWE PRICE GROUP, INC. | 106,978 | 405,473 | |||||
2,946 | TCF FINANCIAL CORP. | 51,834 | 112,154 | |||||
2,600 | TFS FINANCIAL CORP. | 25,038 | 46,852 | |||||
8,514 | TRAVELERS (THE) COS., INC. | 814,739 | 1,265,947 | |||||
17,585 | US BANCORP | 318,503 | 973,154 | |||||
26,345 | VOYA FINANCIAL, INC. | 1,415,896 | 1,434,222 | |||||
9,159 | W.R. BERKLEY CORP. | 273,043 | 661,555 | |||||
1,800 | WASHINGTON FEDERAL, INC. | 23,535 | 66,582 | |||||
64,102 | WELLS FARGO & CO. | 1,227,804 | 3,233,305 | |||||
2,604 | WILLIS TOWERS WATSON PLC(c) | 454,330 | 502,494 | |||||
2,600 | ZIONS BANCORP N.A. | 49,361 | 115,752 | |||||
41,204,402 | 73,111,675 | 14.32% | ||||||
Health Care: | ||||||||
17,530 | ABBOTT LABORATORIES | 620,869 | 1,466,735 | |||||
21,711 | ABBVIE, INC. | 939,598 | 1,643,957 | |||||
1,000 | ACADIA HEALTHCARE CO., INC.(b) | 25,720 | 31,080 | |||||
4,120 | AGILENT TECHNOLOGIES, INC. | 181,587 | 315,716 | |||||
2,402 | ALEXION PHARMACEUTICALS, INC.(b) | 163,012 | 235,252 | |||||
1,391 | ALIGN TECHNOLOGY, INC.(b) | 181,009 | 251,660 | |||||
800 | ALKERMES PLC(b)(c) | 23,616 | 15,608 | |||||
2,233 | ALLERGAN PLC | 259,023 | 375,791 | |||||
34,879 | AMERISOURCEBERGEN CORP. | 2,476,727 | 2,871,588 | |||||
22,317 | AMGEN, INC. | 4,138,952 | 4,318,563 | |||||
7,050 | ANTHEM, INC. | 381,518 | 1,692,705 | |||||
193 | AVANOS MEDICAL, INC.(b) | 3,014 | 7,230 | |||||
11,819 | BAXTER INTERNATIONAL, INC. | 695,717 | 1,033,808 | |||||
3,965 | BECTON DICKINSON AND CO. | 492,312 | 1,002,986 | |||||
7,465 | BIOGEN, INC.(b) | 1,876,095 | 1,738,001 | |||||
400 | BIOMARIN PHARMACEUTICAL, INC.(b) | 34,064 | 26,960 | |||||
3,200 | BLUEBIRD BIO, INC.(b) | 414,307 | 293,824 | |||||
32,800 | BOSTON SCIENTIFIC CORP.(b) | 182,160 | 1,334,632 | |||||
26,348 | BRISTOL-MYERS SQUIBB CO. | 785,333 | 1,336,107 | |||||
2,145 | BRUKER CORP. | 43,219 | 94,230 | |||||
500 | CANTEL MEDICAL CORP. | 37,230 | 37,400 | |||||
39,916 | CARDINAL HEALTH, INC. | 1,824,313 | 1,883,636 | |||||
5,880 | CELGENE CORP.(b) | 324,200 | 583,884 | |||||
3,704 | CENTENE CORP.(b) | 106,465 | 160,235 | |||||
3,600 | CERNER CORP. | 40,604 | 245,412 | |||||
2,249 | CHARLES RIVER LABORATORIES INTERNATIONAL, INC.(b) | 312,774 | 297,700 | |||||
7,042 | CIGNA CORP. | 236,060 | 1,068,905 | |||||
200 | COOPER (THE) COS., INC. | 50,902 | 59,400 | |||||
1,520 | COVETRUS, INC.(b) | 18,619 | 18,073 | |||||
7,625 | CVS HEALTH CORP. | 236,748 | 480,909 | |||||
10,529 | DANAHER CORP. | 287,475 | 1,520,703 | |||||
5,632 | DENTSPLY SIRONA, INC. | 152,472 | 300,242 | |||||
1,500 | DEXCOM, INC.(b) | 87,312 | 223,860 | |||||
9,526 | EDWARDS LIFESCIENCES CORP.(b) | 248,804 | 2,094,863 | |||||
15,281 | ELI LILLY & CO. | 1,083,845 | 1,708,874 |
5 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Health Care (Cont'd): | ||||||||
1,400 | EXACT SCIENCES CORP.(b) | $111,825 | 126,518 | |||||
80,061 | EXELIXIS, INC.(b) | 1,655,671 | 1,415,879 | |||||
19,320 | GILEAD SCIENCES, INC. | 160,676 | 1,224,502 | |||||
2,237 | HCA HEALTHCARE, INC. | 238,333 | 269,379 | |||||
3,800 | HENRY SCHEIN, INC.(b) | 67,547 | 241,300 | |||||
6,608 | HOLOGIC, INC.(b) | 92,603 | 333,638 | |||||
5,942 | HORIZON THERAPEUTICS PLC(b) | 137,546 | 161,801 | |||||
200 | ICU MEDICAL, INC.(b) | 45,928 | 31,920 | |||||
2,299 | IDEXX LABORATORIES, INC.(b) | 98,745 | 625,167 | |||||
2,300 | ILLUMINA, INC.(b) | 98,233 | 699,706 | |||||
1,900 | INCYTE CORP.(b) | 120,836 | 141,037 | |||||
900 | INSULET CORP.(b) | 71,397 | 148,437 | |||||
6,500 | INTERCEPT PHARMACEUTICALS, INC.(b) | 416,369 | 431,340 | |||||
462 | INTUITIVE SURGICAL, INC.(b) | 100,629 | 249,448 | |||||
268 | IONIS PHARMACEUTICALS, INC.(b) | 12,689 | 16,056 | |||||
4,358 | IQVIA HOLDINGS, INC.(b) | 434,765 | 650,998 | |||||
2,501 | JAZZ PHARMACEUTICALS PLC(b)(c) | 318,044 | 320,478 | |||||
22,372 | JOHNSON & JOHNSON | 1,280,869 | 2,894,489 | |||||
842 | LABORATORY CORP. OF AMERICA HOLDINGS(b) | 53,269 | 141,456 | |||||
9,174 | MCKESSON CORP. | 696,055 | 1,253,719 | |||||
9,400 | MEDTRONIC PLC(c) | 790,465 | 1,021,028 | |||||
75,140 | MERCK & CO., INC. | 3,469,125 | 6,325,285 | |||||
1,317 | METTLER-TOLEDO INTERNATIONAL, INC.(b) | 123,051 | 927,695 | |||||
200 | MOLINA HEALTHCARE, INC.(b) | 23,246 | 21,944 | |||||
28,896 | MYLAN N.V.(b) | 548,148 | 571,563 | |||||
1,700 | NEKTAR THERAPEUTICS(b) | 55,893 | 30,965 | |||||
300 | PENUMBRA, INC.(b) | 36,663 | 40,347 | |||||
91,655 | PFIZER, INC. | 2,533,196 | 3,293,164 | |||||
4,791 | RESMED, INC. | 129,046 | 647,312 | |||||
200 | SAGE THERAPEUTICS, INC.(b) | 19,160 | 28,058 | |||||
12,763 | STERIS PLC | 1,598,760 | 1,844,126 | |||||
1,800 | TELEFLEX, INC. | 195,858 | 611,550 | |||||
11,147 | THERMO FISHER SCIENTIFIC, INC. | 1,195,862 | 3,246,787 | |||||
13,546 | UNITEDHEALTH GROUP, INC. | 1,342,430 | 2,943,817 | |||||
3,772 | UNIVERSAL HEALTH SERVICES, INC., CLASS B | 251,140 | 561,085 | |||||
1,880 | VAREX IMAGING CORP.(b) | 19,829 | 53,655 | |||||
5,199 | VARIAN MEDICAL SYSTEMS, INC.(b) | 193,000 | 619,149 | |||||
499 | VEEVA SYSTEMS, INC., CLASS A(b) | 19,015 | 76,192 | |||||
900 | VERTEX PHARMACEUTICALS, INC.(b) | 22,442 | 152,478 | |||||
2,600 | WATERS CORP.(b) | 60,997 | 580,398 | |||||
294 | WELLCARE HEALTH PLANS, INC.(b) | 80,065 | 76,196 | |||||
4,304 | ZIMMER BIOMET HOLDINGS, INC. | 233,961 | 590,810 | |||||
1,159 | ZOETIS, INC. | 110,713 | 144,400 | |||||
38,229,769 | 66,555,801 | 13.03% | ||||||
Industrials: | ||||||||
6,987 | 3M CO. | 417,187 | 1,148,663 | |||||
923 | ACCO BRANDS CORP. | 3,137 | 9,110 | |||||
300 | ACUITY BRANDS, INC. | 34,488 | 40,437 | |||||
4,642 | AGCO CORP. | 225,963 | 351,399 | |||||
900 | AIR LEASE CORP. | 17,685 | 37,638 | |||||
1,533 | ALLEGION PLC(c) | 40,913 | 158,895 | |||||
400 | AMERCO | 120,202 | 156,016 | |||||
1,700 | AMERICAN AIRLINES GROUP, INC. | 67,418 | 45,849 | |||||
5,175 | AMETEK, INC. | 73,220 | 475,168 | |||||
6,036 | BOEING (THE) CO. | 284,621 | 2,296,517 | |||||
1,200 | BWX TECHNOLOGIES, INC. | 54,215 | 68,652 | |||||
5,604 | CARLISLE COS., INC. | 470,886 | 815,606 | |||||
10,504 | CATERPILLAR, INC. | 272,491 | 1,326,760 | |||||
3,200 | CINTAS CORP. | 258,101 | 857,920 | |||||
5,739 | CRANE CO. | 189,222 | 462,736 | |||||
3,724 | CSX CORP. | 136,592 | 257,961 | |||||
11,778 | CUMMINS, INC. | 1,836,703 | 1,915,927 | |||||
7,300 | DEERE & CO. | 199,160 | 1,231,364 | |||||
10,100 | DELTA AIR LINES, INC. | 100,965 | 581,760 | |||||
16,994 | DOVER CORP. | 1,336,522 | 1,691,923 | |||||
16,254 | EATON CORP. PLC | 495,276 | 1,351,520 | |||||
2,280 | EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. | 112,692 | 169,381 |
6 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials (Cont'd): | ||||||||
5,753 | FEDEX CORP. | $113,466 | 837,464 | |||||
782 | FLUOR CORP. | 10,432 | 14,960 | |||||
3,953 | FORTIVE CORP. | 71,279 | 271,018 | |||||
4,300 | FORTUNE BRANDS HOME & SECURITY, INC. | 33,889 | 235,210 | |||||
1,400 | GATX CORP. | 24,276 | 108,542 | |||||
2,828 | GENERAL DYNAMICS CORP. | 423,356 | 516,760 | |||||
94,400 | GENERAL ELECTRIC CO. | 715,085 | 843,936 | |||||
2,836 | HEICO CORP. | 339,739 | 354,160 | |||||
2,156 | HEICO CORP., CLASS A | 109,365 | 209,800 | |||||
360 | HERC HOLDINGS, INC.(b) | 5,808 | 16,744 | |||||
9,188 | HONEYWELL INTERNATIONAL, INC. | 265,803 | 1,554,610 | |||||
1,200 | HUBBELL, INC. | 43,310 | 157,680 | |||||
1,423 | HUNTINGTON INGALLS INDUSTRIES, INC. | 192,370 | 301,377 | |||||
2,271 | IDEX CORP. | 140,770 | 372,171 | |||||
4,824 | ILLINOIS TOOL WORKS, INC. | 155,812 | 754,908 | |||||
10,505 | INGERSOLL-RAND PLC | 631,190 | 1,294,321 | |||||
1,468 | JACOBS ENGINEERING GROUP, INC. | 29,713 | 134,322 | |||||
2,100 | JB HUNT TRANSPORT SERVICES, INC. | 40,530 | 232,365 | |||||
13,203 | JETBLUE AIRWAYS CORP.(b) | 81,151 | 221,150 | |||||
859 | JOHNSON CONTROLS INTERNATIONAL PLC | 16,341 | 37,701 | |||||
1,200 | KANSAS CITY SOUTHERN | 19,170 | 159,612 | |||||
4,274 | L3HARRIS TECHNOLOGIES, INC. | 274,846 | 891,727 | |||||
5,697 | LENNOX INTERNATIONAL, INC. | 1,235,207 | 1,384,200 | |||||
1,400 | LINCOLN ELECTRIC HOLDINGS, INC. | 28,970 | 121,464 | |||||
1,990 | LOCKHEED MARTIN CORP. | 352,779 | 776,219 | |||||
1,200 | MANITOWOC (THE) CO., INC.(b) | 10,053 | 15,000 | |||||
3,458 | MANPOWERGROUP, INC. | 175,281 | 291,302 | |||||
15,263 | MASCO CORP. | 139,724 | 636,162 | |||||
200 | MIDDLEBY (THE) CORP.(b) | 20,548 | 23,380 | |||||
1,100 | NIELSEN HOLDINGS PLC | 29,762 | 23,375 | |||||
577 | NORDSON CORP. | 57,299 | 84,392 | |||||
1,702 | NORFOLK SOUTHERN CORP. | 117,419 | 305,781 | |||||
5,973 | NORTHROP GRUMMAN CORP. | 516,333 | 2,238,621 | |||||
2,519 | NVENT ELECTRIC PLC(c) | 24,113 | 55,519 | |||||
7,480 | OSHKOSH CORP. | 303,782 | 566,984 | |||||
1,100 | OWENS CORNING | 22,578 | 69,520 | |||||
1,067 | PACCAR, INC. | 47,468 | 74,701 | |||||
4,628 | PARKER-HANNIFIN CORP. | 350,966 | 835,863 | |||||
2,519 | PENTAIR PLC(c) | 49,295 | 95,218 | |||||
4,100 | QUANTA SERVICES, INC. | 52,131 | 154,980 | |||||
1,157 | RAYTHEON CO. | 32,516 | 226,992 | |||||
14,185 | REPUBLIC SERVICES, INC. | 880,819 | 1,227,712 | |||||
1,531 | RESIDEO TECHNOLOGIES, INC.(b) | 8,723 | 21,970 | |||||
9,210 | ROCKWELL AUTOMATION, INC. | 692,444 | 1,517,808 | |||||
2,580 | ROLLINS, INC. | 67,194 | 87,901 | |||||
700 | ROPER TECHNOLOGIES, INC. | 94,317 | 249,620 | |||||
2,015 | SNAP-ON, INC. | 191,097 | 315,428 | |||||
36,059 | SOUTHWEST AIRLINES CO. | 1,509,573 | 1,947,547 | |||||
10,578 | SPIRIT AEROSYSTEMS HOLDINGS, INC., CLASS A | 617,169 | 869,935 | |||||
2,557 | STANLEY BLACK & DECKER, INC. | 72,048 | 369,256 | |||||
600 | STERICYCLE, INC.(b) | 18,858 | 30,558 | |||||
47,961 | TEXTRON, INC. | 2,638,281 | 2,348,171 | |||||
5,162 | TIMKEN (THE) CO. | 171,352 | 224,599 | |||||
1,596 | TORO (THE) CO. | 76,510 | 116,987 | |||||
500 | TRANSDIGM GROUP, INC. | 176,409 | 260,335 | |||||
8,643 | UNION PACIFIC CORP. | 137,416 | 1,399,993 | |||||
7,361 | UNITED AIRLINES HOLDINGS, INC.(b) | 505,701 | 650,786 | |||||
3,540 | UNITED PARCEL SERVICE, INC., CLASS B | 166,527 | 424,163 | |||||
2,565 | UNITED RENTALS, INC.(b) | 196,251 | 319,702 | |||||
11,340 | UNITED TECHNOLOGIES CORP. | 444,920 | 1,548,137 | |||||
3,634 | VERISK ANALYTICS, INC. | 459,914 | 574,681 | |||||
180 | VERITIV CORP.(b) | 1,653 | 3,254 | |||||
700 | W.W. GRAINGER, INC. | 30,601 | 208,005 | |||||
1,707 | WABTEC CORP. | 60,644 | 122,665 | |||||
975 | WASTE CONNECTIONS, INC. | 42,575 | 89,700 | |||||
26,746 | WASTE MANAGEMENT, INC. | 1,728,843 | 3,075,790 | |||||
4,800 | WELBILT, INC.(b) | 37,515 | 80,928 |
7 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials (Cont'd): | ||||||||
1,600 | XYLEM, INC. | $30,618 | 127,392 | |||||
25,109,556 | 51,164,436 | 10.02% | ||||||
Information Technology: | ||||||||
6,512 | 2U, INC.(b) | 99,017 | 106,015 | |||||
4,949 | ACCENTURE PLC, CLASS A(c) | 304,426 | 951,940 | |||||
8,492 | ADOBE, INC.(b) | 643,139 | 2,345,915 | |||||
10,700 | ADVANCED MICRO DEVICES, INC.(b) | 115,242 | 310,193 | |||||
14,739 | AKAMAI TECHNOLOGIES, INC.(b) | 844,826 | 1,346,850 | |||||
1,600 | ALLIANCE DATA SYSTEMS CORP. | 75,650 | 205,008 | |||||
836 | ALTERYX, INC., CLASS A(b) | 96,023 | 89,811 | |||||
4,065 | AMDOCS LTD. | 200,086 | 268,737 | |||||
400 | AMPHENOL CORP., CLASS A | 35,916 | 38,600 | |||||
8,600 | ANALOG DEVICES, INC. | 120,368 | 960,878 | |||||
1,200 | ANSYS, INC.(b) | 30,630 | 265,632 | |||||
64,552 | APPLE, INC. | 3,135,046 | 14,457,711 | |||||
7,400 | APPLIED MATERIALS, INC. | 134,145 | 369,260 | |||||
1,109 | ARISTA NETWORKS, INC.(b) | 215,910 | 264,962 | |||||
4,877 | ARROW ELECTRONICS, INC.(b) | 267,343 | 363,727 | |||||
1,300 | ATLASSIAN CORP. PLC, CLASS A(b)(c) | 116,369 | 163,072 | |||||
2,586 | AUTODESK, INC.(b) | 163,995 | 381,952 | |||||
8,749 | AUTOMATIC DATA PROCESSING, INC. | 687,276 | 1,412,264 | |||||
7,371 | BLACK KNIGHT, INC.(b) | 272,636 | 450,073 | |||||
9,493 | BOOZ ALLEN HAMILTON HOLDING CORP. | 296,190 | 674,193 | |||||
5,291 | BROADCOM, INC. | 497,844 | 1,460,686 | |||||
3,413 | BROADRIDGE FINANCIAL SOLUTIONS, INC. | 106,898 | 424,680 | |||||
1,062 | CACI INTERNATIONAL, INC., CLASS A(b) | 224,187 | 245,598 | |||||
45,475 | CADENCE DESIGN SYSTEMS, INC.(b) | 2,416,925 | 3,004,988 | |||||
1,522 | CDK GLOBAL, INC. | 19,712 | 73,193 | |||||
7,000 | CDW CORP. | 292,424 | 862,680 | |||||
3,204 | CIENA CORP.(b) | 135,352 | 125,693 | |||||
95,434 | CISCO SYSTEMS, INC. | 2,057,712 | 4,715,394 | |||||
26,947 | CITRIX SYSTEMS, INC. | 2,745,411 | 2,600,924 | |||||
10,090 | COGNEX CORP. | 458,211 | 495,722 | |||||
6,073 | COGNIZANT TECHNOLOGY SOLUTIONS CORP., CLASS A | 232,761 | 365,989 | |||||
400 | COHERENT, INC.(b) | 51,825 | 61,488 | |||||
6,700 | CORELOGIC, INC.(b) | 76,313 | 310,009 | |||||
21,889 | CORNING, INC. | 229,346 | 624,274 | |||||
2,700 | CYPRESS SEMICONDUCTOR CORP. | 3,261 | 63,018 | |||||
1,635 | DELL TECHNOLOGIES, INC., CLASS C(b) | 75,203 | 84,791 | |||||
700 | DOCUSIGN, INC.(b) | 29,771 | 43,344 | |||||
2,000 | DOLBY LABORATORIES, INC., CLASS A | 43,420 | 129,280 | |||||
5,511 | DXC TECHNOLOGY CO. | 164,609 | 162,575 | |||||
1,640 | ECHOSTAR CORP., CLASS A(b) | 21,050 | 64,977 | |||||
400 | ELASTIC N.V.(b) | 28,596 | 32,936 | |||||
454 | EPAM SYSTEMS, INC.(b) | 75,613 | 82,773 | |||||
300 | EURONET WORLDWIDE, INC.(b) | 25,458 | 43,890 | |||||
1,706 | F5 NETWORKS, INC.(b) | 87,537 | 239,557 | |||||
15,038 | FIDELITY NATIONAL INFORMATION SERVICES, INC. | 811,732 | 1,996,445 | |||||
1,000 | FIRST SOLAR, INC.(b) | 46,410 | 58,010 | |||||
9,784 | FISERV, INC.(b) | 172,685 | 1,013,525 | |||||
2,135 | FLEETCOR TECHNOLOGIES, INC.(b) | 508,464 | 612,275 | |||||
5,523 | FORTINET, INC.(b) | 393,491 | 423,945 | |||||
200 | GARTNER, INC.(b) | 25,570 | 28,598 | |||||
5,709 | GLOBAL PAYMENTS, INC. | 297,587 | 907,667 | |||||
1,700 | GODADDY, INC., CLASS A(b) | 98,073 | 112,166 | |||||
18,800 | HEWLETT PACKARD ENTERPRISE CO. | 102,062 | 285,196 | |||||
27,110 | HP, INC. | 537,314 | 512,921 | |||||
78,531 | INTEL CORP. | 1,044,485 | 4,046,702 | |||||
4,878 | INTERNATIONAL BUSINESS MACHINES CORP. | 495,522 | 709,359 | |||||
8,888 | INTUIT, INC. | 740,106 | 2,363,675 | |||||
500 | IPG PHOTONICS CORP.(b) | 74,090 | 67,800 | |||||
8,167 | KEYSIGHT TECHNOLOGIES, INC.(b) | 500,288 | 794,241 | |||||
9,185 | LAM RESEARCH CORP. | 803,602 | 2,122,745 | |||||
25,718 | LEIDOS HOLDINGS, INC. | 2,073,203 | 2,208,662 | |||||
827 | LOGMEIN, INC. | 17,893 | 58,684 | |||||
2,240 | MANHATTAN ASSOCIATES, INC.(b) | 148,410 | 180,701 | |||||
3,770 | MARVELL TECHNOLOGY GROUP LTD. | 20,234 | 94,137 |
8 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Information Technology (Cont'd): | ||||||||
6,976 | MASTERCARD, INC., CLASS A | $1,370,547 | 1,894,472 | |||||
2,141 | MICRO FOCUS INTERNATIONAL PLC ADR(c)(d) | 76,184 | 30,295 | |||||
4,200 | MICROCHIP TECHNOLOGY, INC. | 38,962 | 390,222 | |||||
57,318 | MICRON TECHNOLOGY, INC.(b) | 1,429,930 | 2,456,076 | |||||
111,008 | MICROSOFT CORP. | 3,664,650 | 15,433,442 | |||||
500 | MKS INSTRUMENTS, INC. | 32,310 | 46,140 | |||||
3,000 | NETAPP, INC. | 209,810 | 157,530 | |||||
1,500 | NUTANIX, INC., CLASS A(b) | 63,843 | 39,375 | |||||
3,491 | NVIDIA CORP. | 68,182 | 607,678 | |||||
38,526 | NXP SEMICONDUCTORS N.V.(c) | 3,533,140 | 4,203,957 | |||||
597 | OKTA, INC.(b) | 55,185 | 58,781 | |||||
50,841 | ON SEMICONDUCTOR CORP.(b) | 1,131,101 | 976,656 | |||||
42,624 | ORACLE CORP. | 2,250,952 | 2,345,599 | |||||
2,800 | PALO ALTO NETWORKS, INC.(b) | 116,508 | 570,724 | |||||
1,952 | PAYCHEX, INC. | 139,107 | 161,567 | |||||
1,553 | PAYCOM SOFTWARE, INC.(b) | 217,948 | 325,338 | |||||
7,600 | PAYPAL HOLDINGS, INC.(b) | 595,521 | 787,284 | |||||
907 | PERSPECTA, INC. | 8,504 | 23,691 | |||||
600 | PROOFPOINT, INC.(b) | 56,232 | 77,430 | |||||
2,700 | PTC, INC.(b) | 107,547 | 184,086 | |||||
2,400 | PURE STORAGE, INC., CLASS A(b) | 43,850 | 40,656 | |||||
2,403 | QORVO, INC.(b) | 185,625 | 178,158 | |||||
5,641 | QUALCOMM, INC. | 437,723 | 430,296 | |||||
3,800 | RINGCENTRAL, INC., CLASS A(b) | 432,566 | 477,508 | |||||
3,100 | SABRE CORP. | 62,820 | 69,425 | |||||
8,372 | SALESFORCE.COM, INC.(b) | 147,727 | 1,242,740 | |||||
51,085 | SEAGATE TECHNOLOGY PLC | 1,775,211 | 2,747,862 | |||||
2,100 | SERVICENOW, INC.(b) | 273,110 | 533,085 | |||||
2,258 | SKYWORKS SOLUTIONS, INC. | 182,369 | 178,947 | |||||
500 | SPLUNK, INC.(b) | 40,835 | 58,930 | |||||
5,200 | SQUARE, INC., CLASS A(b) | 284,188 | 322,140 | |||||
1,938 | SS&C TECHNOLOGIES HOLDINGS, INC. | 86,602 | 99,943 | |||||
14,419 | SYMANTEC CORP. | 71,242 | 340,721 | |||||
7,159 | SYNOPSYS, INC.(b) | 532,601 | 982,573 | |||||
4,600 | TERADYNE, INC. | 82,730 | 266,386 | |||||
28,440 | TEXAS INSTRUMENTS, INC. | 952,040 | 3,675,586 | |||||
7,720 | TRIMBLE, INC.(b) | 113,413 | 299,613 | |||||
200 | VERISIGN, INC.(b) | 23,200 | 37,726 | |||||
787 | VERSUM MATERIALS, INC. | 4,722 | 41,656 | |||||
25,078 | VISA, INC., CLASS A | 657,962 | 4,313,667 | |||||
7,800 | VISHAY INTERTECHNOLOGY, INC. | 48,931 | 132,054 | |||||
3,772 | VMWARE, INC., CLASS A | 185,543 | 566,026 | |||||
6,045 | WESTERN DIGITAL CORP. | 99,733 | 360,524 | |||||
129,026 | WESTERN UNION (THE) CO. | 2,606,278 | 2,989,532 | |||||
300 | WEX, INC.(b) | 41,025 | 60,621 | |||||
1,700 | WORKDAY, INC., CLASS A(b) | 254,727 | 288,932 | |||||
1,184 | XEROX HOLDINGS CORP. | 33,188 | 35,413 | |||||
6,750 | XILINX, INC. | 47,180 | 647,325 | |||||
2,795 | ZEBRA TECHNOLOGIES CORP., CLASS A(b) | 414,834 | 576,804 | |||||
1,300 | ZENDESK, INC.(b) | 79,216 | 94,744 | |||||
52,232,247 | 113,202,642 | 22.17% | ||||||
Materials: | ||||||||
1,075 | AIR PRODUCTS & CHEMICALS, INC. | 43,205 | 238,499 | |||||
1,300 | ALBEMARLE CORP. | 29,152 | 90,376 | |||||
13,770 | AMCOR PLC(c) | 60,200 | 134,258 | |||||
700 | ASHLAND GLOBAL HOLDINGS, INC. | 12,006 | 53,935 | |||||
3,165 | AVERY DENNISON CORP. | 207,899 | 359,449 | |||||
2,592 | BALL CORP. | 140,020 | 188,724 | |||||
8,171 | CELANESE CORP. | 742,734 | 999,232 | |||||
23,053 | CF INDUSTRIES HOLDINGS, INC. | 1,111,919 | 1,134,208 | |||||
2,400 | CHEMOURS (THE) CO. | 69,007 | 35,856 | |||||
7,262 | CORTEVA, INC. | 88,857 | 203,336 | |||||
1,800 | CROWN HOLDINGS, INC.(b) | 57,831 | 118,908 | |||||
7,262 | DOW, INC. | 147,036 | 346,034 | |||||
7,262 | DUPONT DE NEMOURS, INC. | 212,802 | 517,853 | |||||
3,000 | EASTMAN CHEMICAL CO. | 58,011 | 221,490 | |||||
3,891 | ECOLAB, INC. | 133,579 | 770,574 |
9 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Materials (Cont'd): | ||||||||
4,400 | ELEMENT SOLUTIONS, INC.(b) | $42,294 | 44,792 | |||||
15,800 | FREEPORT-MCMORAN, INC. | 103,648 | 151,206 | |||||
238 | INTERNATIONAL FLAVORS & FRAGRANCES, INC. | 5,120 | 29,200 | |||||
30,628 | INTERNATIONAL PAPER CO. | 1,087,636 | 1,280,863 | |||||
4,450 | LINDE PLC(c) | 723,931 | 862,054 | |||||
2,601 | LYONDELLBASELL INDUSTRIES N.V., CLASS A | 218,118 | 232,711 | |||||
700 | MARTIN MARIETTA MATERIALS, INC. | 27,965 | 191,870 | |||||
3,200 | MOSAIC (THE) CO. | 54,200 | 65,600 | |||||
7,400 | NEWMONT GOLDCORP CORP. | 136,530 | 280,608 | |||||
5,844 | NUCOR CORP. | 99,312 | 297,518 | |||||
3,100 | OLIN CORP. | 65,390 | 58,032 | |||||
3,245 | PACKAGING CORP. OF AMERICA | 133,051 | 344,294 | |||||
5,172 | PPG INDUSTRIES, INC. | 123,888 | 612,934 | |||||
6,625 | RELIANCE STEEL & ALUMINUM CO. | 325,929 | 660,247 | |||||
600 | ROYAL GOLD, INC. | 22,314 | 73,926 | |||||
2,400 | RPM INTERNATIONAL, INC. | 24,657 | 165,144 | |||||
500 | SCOTTS MIRACLE-GRO (THE) CO. | 37,765 | 50,910 | |||||
1,400 | SEALED AIR CORP. | 24,528 | 58,114 | |||||
857 | SHERWIN-WILLIAMS (THE) CO. | 41,646 | 471,239 | |||||
3,600 | SONOCO PRODUCTS CO. | 74,519 | 209,556 | |||||
3,234 | SOUTHERN COPPER CORP.(c) | 38,445 | 110,376 | |||||
23,039 | STEEL DYNAMICS, INC. | 589,156 | 686,562 | |||||
4,392 | VALVOLINE, INC. | 24,184 | 96,756 | |||||
2,100 | VULCAN MATERIALS CO. | 63,441 | 317,604 | |||||
2,242 | WESTROCK CO. | 24,357 | 81,721 | |||||
7,226,282 | 12,846,569 | 2.52% | ||||||
Real Estate: | ||||||||
2,100 | ALEXANDRIA REAL ESTATE EQUITIES, INC. | 106,143 | 323,484 | |||||
9,673 | AMERICAN TOWER CORP. | 1,556,483 | 2,138,990 | |||||
3,629 | APARTMENT INVESTMENT & MANAGEMENT CO., CLASS A | 44,956 | 189,216 | |||||
1,734 | AVALONBAY COMMUNITIES, INC. | 193,548 | 373,382 | |||||
3,388 | BOSTON PROPERTIES, INC. | 171,468 | 439,288 | |||||
2,600 | BRANDYWINE REALTY TRUST | 27,832 | 39,390 | |||||
900 | CAMDEN PROPERTY TRUST | 24,065 | 99,909 | |||||
5,500 | COLONY CAPITAL, INC. | 29,068 | 33,110 | |||||
1,545 | CORECIVIC, INC. | 22,130 | 26,698 | |||||
500 | CORESITE REALTY CORP. | 43,409 | 60,925 | |||||
4,700 | CROWN CASTLE INTERNATIONAL CORP. | 193,063 | 653,347 | |||||
500 | DIGITAL REALTY TRUST, INC. | 26,734 | 64,905 | |||||
5,200 | DOUGLAS EMMETT, INC. | 45,222 | 222,716 | |||||
1,700 | DUKE REALTY CORP. | 28,435 | 57,749 | |||||
1,701 | EQUINIX, INC. | 563,657 | 981,137 | |||||
5,446 | EQUITY LIFESTYLE PROPERTIES, INC. | 574,160 | 727,586 | |||||
5,416 | EQUITY RESIDENTIAL | 174,162 | 467,184 | |||||
875 | ESSEX PROPERTY TRUST, INC. | 116,032 | 285,819 | |||||
1,500 | EXTRA SPACE STORAGE, INC. | 130,992 | 175,230 | |||||
900 | FEDERAL REALTY INVESTMENT TRUST | 48,326 | 122,526 | |||||
1,046 | FOUR CORNERS PROPERTY TRUST, INC. | 8,807 | 29,581 | |||||
7,000 | HCP, INC. | 75,334 | 249,410 | |||||
12,222 | HOST HOTELS & RESORTS, INC. | 93,479 | 211,318 | |||||
678 | HOWARD HUGHES (THE) CORP.(b) | 20,502 | 87,869 | |||||
700 | JBG SMITH PROPERTIES | 17,888 | 27,447 | |||||
700 | JONES LANG LASALLE, INC. | 39,951 | 97,342 | |||||
6,601 | KIMCO REALTY CORP. | 67,254 | 137,829 | |||||
3,900 | LAMAR ADVERTISING CO., CLASS A | 41,016 | 319,527 | |||||
1,100 | LIBERTY PROPERTY TRUST | 23,353 | 56,463 | |||||
600 | LIFE STORAGE, INC. | 48,946 | 63,246 | |||||
5,123 | MACERICH (THE) CO. | 111,630 | 161,836 | |||||
1,800 | MID-AMERICA APARTMENT COMMUNITIES, INC. | 132,698 | 234,018 | |||||
800 | OMEGA HEALTHCARE INVESTORS, INC. | 25,945 | 33,432 | |||||
10,169 | PROLOGIS, INC. | 257,893 | 866,602 | |||||
1,424 | PUBLIC STORAGE | 135,843 | 349,264 | |||||
6,972 | RAYONIER, INC. | 74,591 | 196,610 | |||||
2,700 | REALTY INCOME CORP. | 55,485 | 207,036 | |||||
3,900 | REGENCY CENTERS CORP. | 85,344 | 271,011 | |||||
9,800 | RETAIL PROPERTIES OF AMERICA, INC., CLASS A | 80,756 | 120,736 | |||||
1,224 | RETAIL VALUE, INC. | 33,005 | 45,337 |
10 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Real Estate (Cont'd): | ||||||||
5,372 | SBA COMMUNICATIONS CORP. | $903,150 | 1,295,458 | |||||
1,800 | SERVICE PROPERTIES TRUST | 23,967 | 46,422 | |||||
4,598 | SIMON PROPERTY GROUP, INC. | 555,000 | 715,679 | |||||
589 | SL GREEN REALTY CORP. | 29,460 | 48,151 | |||||
2,800 | STORE CAPITAL CORP. | 73,380 | 104,748 | |||||
1,100 | SUN COMMUNITIES, INC. | 83,590 | 163,295 | |||||
2,100 | TAUBMAN CENTERS, INC. | 52,545 | 85,743 | |||||
4,100 | UDR, INC. | 64,026 | 198,768 | |||||
1,300 | URBAN EDGE PROPERTIES | 18,730 | 25,727 | |||||
3,527 | VENTAS, INC. | 150,097 | 257,577 | |||||
800 | VORNADO REALTY TRUST | 29,237 | 50,936 | |||||
1,715 | WASHINGTON PRIME GROUP, INC. | 8,005 | 7,100 | |||||
2,100 | WEINGARTEN REALTY INVESTORS | 29,916 | 61,173 | |||||
4,600 | WELLTOWER, INC. | 273,029 | 416,990 | |||||
5,416 | WEYERHAEUSER CO. | 75,648 | 150,023 | |||||
7,919,385 | 14,876,295 | 2.91% | ||||||
Utilities: | ||||||||
3,000 | AES CORP. | 32,870 | 49,020 | |||||
2,000 | ALLIANT ENERGY CORP. | 24,835 | 107,860 | |||||
1,600 | AMEREN CORP. | 40,872 | 128,080 | |||||
8,554 | AMERICAN ELECTRIC POWER CO., INC. | 477,380 | 801,424 | |||||
1,735 | AQUA AMERICA, INC. | 22,973 | 77,780 | |||||
13,200 | AVANGRID, INC. | 502,113 | 689,700 | |||||
5,800 | CENTERPOINT ENERGY, INC. | 66,308 | 175,044 | |||||
13,300 | CMS ENERGY CORP. | 259,708 | 850,535 | |||||
4,989 | CONSOLIDATED EDISON, INC. | 319,712 | 471,311 | |||||
12,073 | DOMINION ENERGY, INC. | 450,978 | 978,396 | |||||
6,243 | DTE ENERGY CO. | 510,391 | 830,069 | |||||
12,617 | DUKE ENERGY CORP. | 620,162 | 1,209,466 | |||||
8,325 | EDISON INTERNATIONAL | 179,967 | 627,871 | |||||
3,164 | ENTERGY CORP. | 68,368 | 371,327 | |||||
2,974 | EVERGY, INC. | 67,407 | 197,949 | |||||
4,961 | EVERSOURCE ENERGY | 125,492 | 424,017 | |||||
38,749 | EXELON CORP. | 1,463,785 | 1,871,964 | |||||
5,500 | FIRSTENERGY CORP. | 176,693 | 265,265 | |||||
900 | NATIONAL FUEL GAS CO. | 20,790 | 42,228 | |||||
4,400 | NEXTERA ENERGY, INC. | 204,691 | 1,025,156 | |||||
6,900 | NISOURCE, INC. | 43,973 | 206,448 | |||||
1,200 | NRG ENERGY, INC. | 33,011 | 47,520 | |||||
10,933 | OGE ENERGY CORP. | 282,750 | 496,140 | |||||
12,719 | PINNACLE WEST CAPITAL CORP. | 1,016,510 | 1,234,633 | |||||
700 | PPL CORP. | 10,384 | 22,043 | |||||
1,200 | PUBLIC SERVICE ENTERPRISE GROUP, INC. | 51,552 | 74,496 | |||||
3,200 | SEMPRA ENERGY | 174,758 | 472,352 | |||||
8,600 | SOUTHERN (THE) CO. | 176,010 | 531,222 | |||||
5,426 | UGI CORP. | 80,112 | 272,765 | |||||
1,600 | WEC ENERGY GROUP, INC. | 91,440 | 152,160 | |||||
968 | XCEL ENERGY, INC. | 36,241 | 62,814 | |||||
7,632,236 | 14,767,055 | 2.89% | ||||||
Sub-total Common Stocks: | 266,199,579 | 508,527,233 | 99.58% | |||||
Short-Term Investments: | ||||||||
2,255,651 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 1.85%(e) | 2,255,651 | 2,255,651 | |||||
Sub-total Short-Term Investments: | 2,255,651 | 2,255,651 | 0.44% | |||||
Grand total | $268,455,230 | 510,782,884 | 100.02% |
Notes to Schedule of Investments: | |
(a) | 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 the securities are traded. Foreign security values are stated in U.S. dollars. |
(b) | Non-income producing assets. |
(c) | Foreign security values are stated in U.S. dollars. As of September 30, 2019, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 3.39% of net assets. |
11 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 2019 (unaudited)
(d) | Securities are American Depositary Receipts of companies based outside of the United States representing 0.01% of net assets as of September 30, 2019. |
(e) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2018, the value of the Clearwater Core Equity Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $4,473,835 with net sales of $2,218,184 during the nine months ended September 30, 2019. |
12 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 2019 (unaudited)
Fair value is an estimate of the price the Clearwater Core Equity Fund 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 Clearwater Core Equity Fund's investments, as described below. 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 measurements. 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. |
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 in which such securities are traded, with foreign security values 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. Security transactions are accounted for as of trade date. Wherever possible, the Clearwater Core Equity Fund uses independent pricing services approved by the Board of Trustees of Clearwater Investment Trust to value its investments. When prices are not readily available (including those for which trading has been suspended), are determined not to reflect fair value, or when the Adviser becomes aware that a significant event impacting the value of a security or group of securities has occurred after the closing of the exchange on which the security or securities principally trade, but before the calculation of the daily net asset value, the Clearwater Core Equity Fund may value these securities at fair value as determined in good faith using procedures established by the Board of Trustees.
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 the Clearwater Core Equity Fund’s investments and other financial instruments, if any, which are carried at fair value, as of September 30, 2019.
On August 28, 2018, the FASB issued Accounting Standards Update ("ASU") 2018-13, “Disclosure Framework -- Changes to the Disclosure Requirements for Fair Value 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 upon issuance of this ASU. The Fund has early adopted ASU 2018-13 for the period ended September 30, 2019.
Level 1 | Level 2 | Level 3 | Total | ||||
Common Stocks | $508,527,233 | $— | $— | $508,527,233 | |||
Short-Term Investments | 2,255,651 | — | — | 2,255,651 | |||
Total | $510,782,884 | $— | $— | $510,782,884 |
For the Clearwater Core Equity Fund, 100% of the investment value is comprised of equity securities and short-term investments. See the Clearwater Core Equity 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.
13 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
September 30, 2019 (unaudited)
Clearwater Core Equity Fund Portfolio Diversification
(as a percentage of net assets)
![](https://capedge.com/proxy/NPORT-P/0001145549-19-047680/img6f83e3771.jpg)
14 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Common Stocks: | ||||||||
Communication Services: | ||||||||
138,581 | ALASKA COMMUNICATIONS SYSTEMS GROUP, INC.(b) | $251,984 | 238,359 | |||||
30,343 | BEASLEY BROADCAST GROUP, INC., CLASS A | 98,075 | 94,063 | |||||
15,700 | CONSOLIDATED COMMUNICATIONS HOLDINGS, INC. | 67,461 | 74,732 | |||||
7,014 | CUMULUS MEDIA, INC., CLASS A(b) | 96,996 | 101,984 | |||||
75,249 | ENTERCOM COMMUNICATIONS CORP., CLASS A | 385,280 | 251,332 | |||||
32,156 | ENTRAVISION COMMUNICATIONS CORP., CLASS A | 106,704 | 102,256 | |||||
13,890 | EW SCRIPPS (THE) CO., CLASS A | 166,737 | 184,459 | |||||
17,474 | HEMISPHERE MEDIA GROUP, INC.(b) | 219,115 | 213,532 | |||||
29,286 | IMAX CORP.(b)(c) | 580,138 | 642,828 | |||||
135,556 | MARCHEX, INC., CLASS B(b) | 348,474 | 425,646 | |||||
24,716 | MEET GROUP (THE), INC.(b) | 85,076 | 80,945 | |||||
66,100 | READING INTERNATIONAL, INC., CLASS A(b) | 946,229 | 790,556 | |||||
25,266 | SAGA COMMUNICATIONS, INC., CLASS A | 777,440 | 751,664 | |||||
67,470 | VONAGE HOLDINGS CORP.(b) | 850,196 | 762,411 | |||||
11,765 | WIDEOPENWEST, INC.(b) | 67,184 | 72,472 | |||||
5,047,089 | 4,787,239 | 1.41% | ||||||
Consumer Discretionary: | ||||||||
120,500 | AMERICAN EAGLE OUTFITTERS, INC. | 2,323,314 | 1,954,510 | |||||
242,010 | BBX CAPITAL CORP. | 1,302,559 | 1,130,187 | |||||
47,685 | BED BATH & BEYOND, INC.(d) | 464,241 | 507,369 | |||||
75,451 | BLUEGREEN VACATIONS CORP. | 735,218 | 703,203 | |||||
84,990 | CALLAWAY GOLF CO. | 1,377,798 | 1,649,656 | |||||
49,624 | CARRIAGE SERVICES, INC. | 993,606 | 1,014,315 | |||||
10,942 | CHILDREN'S PLACE (THE), INC.(d) | 1,255,234 | 842,425 | |||||
232,506 | CLARUS CORP. | 1,303,697 | 2,726,133 | |||||
13,553 | CROWN CRAFTS, INC. | 64,648 | 84,706 | |||||
86,843 | CSS INDUSTRIES, INC. | 1,163,408 | 344,767 | |||||
13,952 | DRIVE SHACK, INC.(b) | 54,978 | 60,133 | |||||
68,800 | EXTENDED STAY AMERICA, INC. | 1,351,173 | 1,007,232 | |||||
106,209 | FIESTA RESTAURANT GROUP, INC.(b) | 1,475,322 | 1,106,698 | |||||
175,902 | FULL HOUSE RESORTS, INC.(b) | 396,501 | 379,948 | |||||
33,782 | G-III APPAREL GROUP LTD.(b) | 918,237 | 870,562 | |||||
60,300 | GILDAN ACTIVEWEAR, INC.(c) | 1,821,573 | 2,140,650 | |||||
12,801 | GROWGENERATION CORP.(b) | 61,268 | 54,404 | |||||
67,200 | HANESBRANDS, INC. | 921,601 | 1,029,504 | |||||
19,000 | HELEN OF TROY LTD.(b) | 1,922,619 | 2,995,540 | |||||
1,125 | HOOKER FURNITURE CORP. | 23,912 | 24,120 | |||||
11,036 | IROBOT CORP.(b)(d) | 821,346 | 680,590 | |||||
29,188 | J. ALEXANDER'S HOLDINGS, INC.(b) | 337,351 | 342,083 | |||||
26,032 | LAKELAND INDUSTRIES, INC.(b) | 293,501 | 316,549 | |||||
186,265 | LIFETIME BRANDS, INC. | 1,893,454 | 1,648,445 | |||||
5,871 | LITHIA MOTORS, INC., CLASS A | 316,256 | 777,203 | |||||
36,860 | MALIBU BOATS, INC., CLASS A(b) | 1,192,330 | 1,130,865 | |||||
8,267 | MARINEMAX, INC.(b) | 132,976 | 127,973 | |||||
18,490 | MARRIOTT VACATIONS WORLDWIDE CORP. | 1,534,212 | 1,915,749 | |||||
53,623 | MASTERCRAFT BOAT HOLDINGS, INC.(b) | 1,269,346 | 800,323 | |||||
56,991 | MOTORCAR PARTS OF AMERICA, INC.(b) | 1,032,026 | 963,148 | |||||
586,077 | OFFICE DEPOT, INC. | 1,236,286 | 1,028,565 | |||||
40,527 | PARTY CITY HOLDCO, INC.(b)(d) | 605,939 | 231,409 | |||||
105,569 | PENN NATIONAL GAMING, INC.(b) | 2,282,694 | 1,966,223 | |||||
136,676 | POTBELLY CORP.(b) | 1,245,912 | 595,907 | |||||
53,109 | RED LION HOTELS CORP.(b) | 378,257 | 344,146 | |||||
48,812 | SKYLINE CHAMPION CORP.(b) | 987,649 | 1,468,753 | |||||
90,878 | TWIN RIVER WORLDWIDE HOLDINGS, INC.(d) | 2,768,185 | 2,074,740 | |||||
4,382 | UNIFI, INC.(b) | 87,293 | 96,054 | |||||
16,700 | WILLIAMS-SONOMA, INC. | 825,821 | 1,135,266 | |||||
91,400 | WINNEBAGO INDUSTRIES, INC. | 2,935,774 | 3,505,190 | |||||
42,107,515 | 41,775,243 | 12.33% | ||||||
Consumer Staples: | ||||||||
32,059 | BJ'S WHOLESALE CLUB HOLDINGS, INC.(b) | 841,009 | 829,366 | |||||
14,333 | CALAVO GROWERS, INC. | 1,183,861 | 1,364,215 | |||||
67,962 | CENTRAL GARDEN & PET CO., CLASS A(b) | 2,126,426 | 1,884,247 | |||||
2,787 | COFFEE HOLDING CO., INC.(b) | 12,265 | 11,037 | |||||
39,441 | PERFORMANCE FOOD GROUP CO.(b) | 1,353,979 | 1,814,680 | |||||
47,575 | PRIMO WATER CORP.(b) | 575,026 | 584,221 | |||||
33,000 | SPECTRUM BRANDS HOLDINGS, INC. | 1,820,601 | 1,739,760 |
15 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Staples (Cont'd): | ||||||||
446,429 | SUNOPTA, INC.(b)(c) | $2,186,785 | 803,572 | |||||
39,757 | UNIVERSAL CORP. | 2,167,649 | 2,179,081 | |||||
12,267,601 | 11,210,179 | 3.31% | ||||||
Energy: | ||||||||
27,780 | BERRY PETROLEUM CORP. | 313,554 | 260,021 | |||||
178,135 | C&J ENERGY SERVICES, INC.(b) | 2,528,234 | 1,911,389 | |||||
81,486 | MURPHY OIL CORP. | 1,942,122 | 1,801,655 | |||||
45,544 | OIL STATES INTERNATIONAL, INC.(b) | 1,138,368 | 605,735 | |||||
15,090 | PROFIRE ENERGY, INC.(b) | 25,398 | 28,520 | |||||
31,728 | SOLARIS OILFIELD INFRASTRUCTURE, INC., CLASS A(d) | 568,859 | 425,790 | |||||
6,516,535 | 5,033,110 | 1.49% | ||||||
Financials: | ||||||||
12,257 | AMBAC FINANCIAL GROUP, INC.(b) | 211,027 | 239,624 | |||||
105,399 | AMERICAN EQUITY INVESTMENT LIFE HOLDING CO. | 2,735,795 | 2,550,656 | |||||
28,078 | AMERIS BANCORP | 855,284 | 1,129,859 | |||||
13,813 | ARGO GROUP INTERNATIONAL HOLDINGS LTD.(c) | 723,465 | 970,225 | |||||
107,251 | ASSOCIATED BANC-CORP | 2,470,813 | 2,171,833 | |||||
38,929 | AXIS CAPITAL HOLDINGS LTD.(c) | 2,042,958 | 2,597,343 | |||||
47,860 | BANCORP (THE), INC.(b) | 434,951 | 473,814 | |||||
7,086 | BANKWELL FINANCIAL GROUP, INC. | 192,580 | 194,865 | |||||
24,775 | BCB BANCORP, INC. | 303,494 | 318,111 | |||||
102,637 | BLACKROCK TCP CAPITAL CORP. | 1,453,475 | 1,391,245 | |||||
46,597 | CANNAE HOLDINGS, INC.(b) | 883,141 | 1,280,020 | |||||
22,437 | CAROLINA FINANCIAL CORP. | 795,621 | 797,411 | |||||
9,471 | CB FINANCIAL SERVICES, INC. | 255,287 | 262,915 | |||||
36,233 | CENTERSTATE BANK CORP. | 891,755 | 869,048 | |||||
1,879 | CENTRAL VALLEY COMMUNITY BANCORP | 37,299 | 38,238 | |||||
5,885 | CITIZENS HOLDING CO. | 123,675 | 119,171 | |||||
207,174 | CNO FINANCIAL GROUP, INC. | 3,755,220 | 3,279,564 | |||||
27,893 | COMMERCE BANCSHARES, INC. | 1,395,407 | 1,691,710 | |||||
65,883 | CRAWFORD & CO., CLASS A | 590,276 | 716,807 | |||||
6,782 | CRAWFORD & CO., CLASS B | 52,628 | 68,430 | |||||
101,211 | DONEGAL GROUP, INC., CLASS A | 1,520,565 | 1,483,753 | |||||
14,965 | EAGLE BANCORP MONTANA, INC. | 263,774 | 261,887 | |||||
19,339 | ENTERPRISE FINANCIAL SERVICES CORP. | 786,061 | 788,064 | |||||
39,665 | ESSENT GROUP LTD. | 1,683,937 | 1,890,831 | |||||
137,437 | EXANTAS CAPITAL CORP. | 1,191,984 | 1,562,659 | |||||
6,964 | FARMERS NATIONAL BANC CORP. | 73,057 | 100,839 | |||||
65,373 | FIDUS INVESTMENT CORP. | 918,492 | 969,482 | |||||
21,355 | FIRST HAWAIIAN, INC. | 547,717 | 570,178 | |||||
31,785 | FIRST MERCHANTS CORP. | 1,309,231 | 1,196,228 | |||||
77,252 | FIRST MIDWEST BANCORP, INC. | 1,720,204 | 1,504,869 | |||||
2,480 | FIRST NORTHWEST BANCORP | 39,736 | 42,954 | |||||
10,700 | FIRSTCASH, INC. | 636,540 | 980,869 | |||||
47,600 | GLACIER BANCORP, INC. | 2,014,105 | 1,925,896 | |||||
28,092 | HANCOCK WHITNEY CORP. | 1,360,465 | 1,075,783 | |||||
31,646 | HERITAGE COMMERCE CORP. | 351,821 | 371,999 | |||||
147,427 | HOPE BANCORP, INC. | 2,439,921 | 2,114,103 | |||||
52,522 | HUNT COS. FINANCE TRUST, INC. | 179,449 | 176,474 | |||||
73,744 | INVESTCORP CREDIT MANAGEMENT BDC, INC. | 534,879 | 490,398 | |||||
24,906 | LANDMARK BANCORP, INC. | 621,673 | 579,812 | |||||
2,621 | LCNB CORP. | 39,802 | 46,497 | |||||
5,280 | LENDINGTREE, INC.(b)(d) | 1,390,835 | 1,639,070 | |||||
23,292 | LUTHER BURBANK CORP. | 244,943 | 263,898 | |||||
24,167 | MACKINAC FINANCIAL CORP. | 339,858 | 373,622 | |||||
19,758 | MR COOPER GROUP, INC.(b) | 202,322 | 209,830 | |||||
31,662 | MVC CAPITAL, INC. | 286,618 | 281,792 | |||||
3,500 | NATIONAL WESTERN LIFE GROUP, INC., CLASS A | 1,164,873 | 939,295 | |||||
60,476 | NEW MOUNTAIN FINANCE CORP. | 823,750 | 824,288 | |||||
331,544 | OAKTREE SPECIALTY LENDING CORP. | 1,520,026 | 1,717,398 | |||||
163,263 | OAKTREE STRATEGIC INCOME CORP. | 1,373,924 | 1,346,920 | |||||
6,913 | OCEANFIRST FINANCIAL CORP. | 147,731 | 163,147 | |||||
1,581 | OCONEE FEDERAL FINANCIAL CORP. | 36,347 | 37,391 | |||||
20,619 | PENNANTPARK FLOATING RATE CAPITAL LTD. | 239,812 | 239,180 | |||||
157,608 | PENNANTPARK INVESTMENT CORP. | 1,058,307 | 988,202 | |||||
4,319 | PENNS WOODS BANCORP, INC. | 181,459 | 199,754 | |||||
14,779 | PEOPLES BANCORP OF NORTH CAROLINA, INC. | 339,412 | 439,084 |
16 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Financials (Cont'd): | ||||||||
29,331 | PIONEER BANCORP, INC.(b) | $400,762 | 366,344 | |||||
52,800 | PRA GROUP, INC.(b) | 1,491,319 | 1,784,112 | |||||
4,110 | RENAISSANCERE HOLDINGS LTD.(c) | 516,890 | 795,079 | |||||
3,636 | SALISBURY BANCORP, INC. | 137,808 | 142,568 | |||||
10,191 | SHORE BANCSHARES, INC. | 146,185 | 157,043 | |||||
2,336 | SIERRA BANCORP | 40,971 | 62,044 | |||||
48,816 | SIMMONS FIRST NATIONAL CORP., CLASS A | 1,470,729 | 1,215,518 | |||||
38,567 | SOLAR CAPITAL LTD. | 790,861 | 796,409 | |||||
20,344 | SOUTHERN NATIONAL BANCORP OF VIRGINIA, INC. | 322,319 | 313,094 | |||||
3,268 | SOUTHWEST GEORGIA FINANCIAL CORP. | 67,091 | 65,523 | |||||
27,690 | STIFEL FINANCIAL CORP. | 1,354,417 | 1,588,852 | |||||
27,147 | SUMMIT STATE BANK | 345,644 | 319,520 | |||||
48,613 | SYNOVUS FINANCIAL CORP. | 1,568,049 | 1,738,401 | |||||
90,160 | TCF FINANCIAL CORP. | 2,979,708 | 3,432,391 | |||||
125,700 | UMPQUA HOLDINGS CORP. | 2,227,631 | 2,069,022 | |||||
14,864 | UNITED BANCORP, INC. | 185,616 | 165,734 | |||||
5,918 | UNITED BANCSHARES, INC. | 128,716 | 118,478 | |||||
15,665 | UNITY BANCORP, INC. | 226,203 | 346,980 | |||||
43,503 | WALKER & DUNLOP, INC. | 984,090 | 2,433,123 | |||||
36,189 | WEBSTER FINANCIAL CORP. | 1,749,739 | 1,696,178 | |||||
18,716 | WEST BANCORPORATION, INC. | 392,649 | 406,886 | |||||
32,236 | WSFS FINANCIAL CORP. | 1,348,832 | 1,421,608 | |||||
66,664,010 | 70,392,242 | 20.78% | ||||||
Health Care: | ||||||||
31,480 | AMN HEALTHCARE SERVICES, INC.(b) | 1,588,056 | 1,811,989 | |||||
34,000 | BIOTELEMETRY, INC.(b) | 1,375,275 | 1,384,820 | |||||
22,377 | BRUKER CORP. | 619,164 | 983,021 | |||||
37,081 | CUTERA, INC.(b) | 778,093 | 1,083,878 | |||||
21,843 | EMERGENT BIOSOLUTIONS, INC.(b) | 695,870 | 1,141,952 | |||||
28,897 | GLOBUS MEDICAL, INC., CLASS A(b) | 1,395,919 | 1,477,215 | |||||
6,586 | HARROW HEALTH, INC.(b) | 31,441 | 37,013 | |||||
149,190 | HARVARD BIOSCIENCE, INC.(b) | 276,606 | 458,759 | |||||
16,080 | HILL-ROM HOLDINGS, INC. | 1,239,261 | 1,692,098 | |||||
4,485 | ICU MEDICAL, INC.(b) | 598,774 | 715,806 | |||||
56,996 | INFUSYSTEM HOLDINGS, INC.(b) | 248,414 | 301,509 | |||||
13,731 | INTEGRA LIFESCIENCES HOLDINGS CORP.(b) | 793,219 | 824,821 | |||||
15,708 | INVACARE CORP. | 88,213 | 117,810 | |||||
20,045 | LHC GROUP, INC.(b) | 1,314,827 | 2,276,310 | |||||
2,478 | LIGAND PHARMACEUTICALS, INC.(b) | 271,751 | 246,660 | |||||
17,287 | LIVANOVA PLC(b)(c) | 1,690,596 | 1,275,608 | |||||
8,181 | MAGELLAN HEALTH, INC.(b) | 502,977 | 508,040 | |||||
68,000 | MEDNAX, INC.(b) | 2,604,302 | 1,538,160 | |||||
27,231 | NANOVIBRONIX, INC.(b) | 132,728 | 73,524 | |||||
33,739 | OMNICELL, INC.(b) | 1,731,977 | 2,438,317 | |||||
11,666 | ORTHOFIX MEDICAL, INC.(b) | 593,050 | 618,531 | |||||
36,928 | PREMIER, INC., CLASS A(b) | 1,098,689 | 1,067,958 | |||||
33,683 | PROVIDENCE SERVICE (THE) CORP.(b) | 2,142,323 | 2,002,791 | |||||
49,116 | PSYCHEMEDICS CORP. | 693,751 | 447,447 | |||||
76,419 | STREAMLINE HEALTH SOLUTIONS, INC.(b) | 88,634 | 84,061 | |||||
37,600 | SYNEOS HEALTH, INC.(b) | 1,732,066 | 2,000,696 | |||||
43,209 | TIVITY HEALTH, INC.(b) | 1,223,896 | 718,566 | |||||
93,545 | TRIPLE-S MANAGEMENT CORP., CLASS B(b) | 2,136,298 | 1,253,503 | |||||
125,983 | VAREX IMAGING CORP.(b) | 3,562,696 | 3,595,555 | |||||
31,248,866 | 32,176,418 | 9.50% | ||||||
Industrials: | ||||||||
168,622 | ACTUANT CORP., CLASS A | 4,249,447 | 3,699,567 | |||||
5,969 | AEROVIRONMENT, INC.(b) | 319,576 | 319,700 | |||||
54,500 | AIR LEASE CORP. | 2,027,222 | 2,279,190 | |||||
7,235 | AIR TRANSPORT SERVICES GROUP, INC.(b) | 139,801 | 152,080 | |||||
15,008 | ALBANY INTERNATIONAL CORP., CLASS A | 579,755 | 1,353,121 | |||||
17,100 | AMERICAN WOODMARK CORP.(b) | 1,409,848 | 1,520,361 | |||||
5,989 | APOGEE ENTERPRISES, INC. | 218,344 | 233,511 | |||||
92,183 | ARC DOCUMENT SOLUTIONS, INC.(b) | 363,444 | 125,369 | |||||
66,313 | ARMSTRONG FLOORING, INC.(b) | 881,076 | 423,740 | |||||
33,838 | ASGN, INC.(b) | 1,487,593 | 2,127,057 | |||||
8,088 | ASTRONICS CORP.(b) | 194,326 | 237,625 | |||||
83,571 | AVIS BUDGET GROUP, INC.(b) | 2,864,798 | 2,361,716 |
17 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials (Cont'd): | ||||||||
25,026 | BRINK'S (THE) CO. | $1,673,767 | 2,075,907 | |||||
25,400 | BWX TECHNOLOGIES, INC. | 1,349,630 | 1,453,134 | |||||
4,415 | CBIZ, INC.(b) | 87,034 | 103,753 | |||||
18,023 | CECO ENVIRONMENTAL CORP.(b) | 134,702 | 125,891 | |||||
26,324 | CIRCOR INTERNATIONAL, INC.(b) | 947,316 | 988,466 | |||||
83,900 | COLFAX CORP.(b) | 2,455,343 | 2,438,134 | |||||
28,681 | COLUMBUS MCKINNON CORP. | 765,537 | 1,044,849 | |||||
4,771 | COVENANT TRANSPORTATION GROUP, INC., CLASS A(b) | 68,921 | 78,435 | |||||
27,600 | DONALDSON CO., INC. | 1,249,708 | 1,437,408 | |||||
1,746 | DUCOMMUN, INC.(b) | 62,048 | 74,030 | |||||
137,200 | GATES INDUSTRIAL CORP. PLC(b) | 2,001,472 | 1,381,604 | |||||
37,759 | GIBRALTAR INDUSTRIES, INC.(b) | 1,087,815 | 1,734,648 | |||||
11,900 | GORMAN-RUPP (THE) CO. | 360,214 | 414,001 | |||||
16,379 | GRAHAM CORP. | 317,881 | 325,287 | |||||
70,544 | HARSCO CORP.(b) | 1,303,697 | 1,337,514 | |||||
21,000 | HEXCEL CORP. | 1,276,724 | 1,724,730 | |||||
73,806 | INTERFACE, INC. | 1,409,300 | 1,065,759 | |||||
125,028 | JELD-WEN HOLDING, INC.(b) | 3,484,070 | 2,411,790 | |||||
16,945 | KADANT, INC. | 1,406,484 | 1,487,602 | |||||
22,249 | KENNAMETAL, INC. | 781,139 | 683,934 | |||||
204,796 | LSI INDUSTRIES, INC. | 1,099,213 | 1,069,035 | |||||
43,109 | MASONITE INTERNATIONAL CORP.(b) | 2,828,344 | 2,500,322 | |||||
25,888 | MERCURY SYSTEMS, INC.(b) | 1,057,167 | 2,101,329 | |||||
5,524 | MSA SAFETY, INC. | 493,438 | 602,724 | |||||
50,366 | NAVIGANT CONSULTING, INC. | 1,337,435 | 1,407,730 | |||||
126,200 | NOW, INC.(b) | 1,421,099 | 1,447,514 | |||||
171,760 | PGT INNOVATIONS, INC.(b) | 2,679,714 | 2,966,295 | |||||
106,190 | PIONEER POWER SOLUTIONS, INC.(b) | 627,210 | 573,426 | |||||
69,870 | QUANEX BUILDING PRODUCTS CORP. | 1,467,474 | 1,263,250 | |||||
154,047 | REV GROUP, INC. | 1,757,550 | 1,760,757 | |||||
33,000 | RUSH ENTERPRISES, INC., CLASS A | 1,376,111 | 1,273,140 | |||||
46,101 | RYDER SYSTEM, INC. | 2,779,246 | 2,386,649 | |||||
19,190 | SKYWEST, INC. | 742,469 | 1,101,506 | |||||
5,908 | SPX CORP.(b) | 118,270 | 236,379 | |||||
181,239 | STEELCASE, INC., CLASS A | 2,589,944 | 3,334,798 | |||||
87,936 | TEREX CORP. | 3,115,428 | 2,283,698 | |||||
22,527 | THERMON GROUP HOLDINGS, INC.(b) | 499,907 | 517,670 | |||||
51,329 | TITAN MACHINERY, INC.(b) | 777,589 | 736,058 | |||||
68,793 | TRIMAS CORP.(b) | 1,808,640 | 2,108,505 | |||||
2,180 | UNIVERSAL FOREST PRODUCTS, INC. | 87,180 | 86,938 | |||||
10,386 | VALMONT INDUSTRIES, INC. | 1,523,166 | 1,437,838 | |||||
32,741 | VIAD CORP. | 1,672,890 | 2,198,558 | |||||
28,427 | WOODWARD, INC. | 1,429,240 | 3,065,283 | |||||
70,246,756 | 73,679,315 | 21.75% | ||||||
Information Technology: | ||||||||
41,834 | ANIXTER INTERNATIONAL, INC.(b) | 2,898,060 | 2,891,566 | |||||
69,627 | AVIAT NETWORKS, INC.(b) | 1,229,827 | 950,409 | |||||
11,693 | AXT, INC.(b) | 50,256 | 41,627 | |||||
234,090 | CELESTICA, INC.(b)(c) | 2,491,392 | 1,678,425 | |||||
94,200 | COHU, INC. | 1,510,462 | 1,272,171 | |||||
11,247 | CYPRESS SEMICONDUCTOR CORP. | 148,711 | 262,505 | |||||
102,385 | DSP GROUP, INC.(b) | 1,306,291 | 1,442,093 | |||||
17,700 | ENTEGRIS, INC. | 475,456 | 832,962 | |||||
8,425 | EURONET WORLDWIDE, INC.(b) | 379,541 | 1,232,578 | |||||
8,993 | EVERBRIDGE, INC.(b) | 845,327 | 554,958 | |||||
35,311 | EVO PAYMENTS, INC., CLASS A(b) | 842,266 | 992,945 | |||||
19,414 | FARO TECHNOLOGIES, INC.(b) | 946,431 | 938,667 | |||||
77,753 | FIREEYE, INC.(b) | 1,265,004 | 1,037,225 | |||||
133,620 | FRANKLIN WIRELESS CORP.(b) | 287,454 | 297,973 | |||||
110,306 | FREQUENCY ELECTRONICS, INC.(b) | 1,011,141 | 1,340,218 | |||||
32,546 | IDENTIV, INC.(b) | 161,968 | 171,192 | |||||
68,828 | IMMERSION CORP.(b) | 531,048 | 526,534 | |||||
153,079 | INFINERA CORP.(b) | 830,211 | 834,281 | |||||
12,362 | INSIGHT ENTERPRISES, INC.(b) | 496,249 | 688,440 | |||||
66,624 | JABIL, INC. | 1,382,705 | 2,383,140 | |||||
50,964 | KBR, INC. | 941,817 | 1,250,657 | |||||
13,539 | KEMET CORP. | 230,805 | 246,139 |
18 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Information Technology (Cont'd): | ||||||||
19,181 | LUMENTUM HOLDINGS, INC.(b) | $1,039,951 | 1,027,334 | |||||
6,190 | MKS INSTRUMENTS, INC. | 444,669 | 571,213 | |||||
96,977 | MONOTYPE IMAGING HOLDINGS, INC. | 1,733,769 | 1,921,114 | |||||
16,889 | NOVANTA, INC.(b) | 471,353 | 1,380,169 | |||||
35,581 | PERFICIENT, INC.(b) | 562,867 | 1,372,715 | |||||
13,805 | PFSWEB, INC.(b) | 29,740 | 34,927 | |||||
42,920 | PLEXUS CORP.(b) | 2,401,659 | 2,682,929 | |||||
13,046 | PROS HOLDINGS, INC.(b) | 404,440 | 777,542 | |||||
86,656 | RIBBON COMMUNICATIONS, INC.(b) | 441,824 | 506,071 | |||||
3,444 | ROGERS CORP.(b) | 398,157 | 470,829 | |||||
65,846 | SCANSOURCE, INC.(b) | 2,514,326 | 2,011,595 | |||||
382,242 | SERVICESOURCE INTERNATIONAL, INC.(b) | 372,988 | 336,373 | |||||
258,208 | STEEL CONNECT, INC.(b) | 431,614 | 446,700 | |||||
33,900 | SUPER MICRO COMPUTER, INC.(b) | 708,973 | 650,880 | |||||
39,830 | SYKES ENTERPRISES, INC.(b) | 1,171,334 | 1,220,391 | |||||
22,511 | SYNNEX CORP. | 1,274,077 | 2,541,492 | |||||
286,837 | TIVO CORP. | 2,743,009 | 2,184,264 | |||||
63,759 | UNISYS CORP.(b) | 605,659 | 473,729 | |||||
111,480 | VERRA MOBILITY CORP.(b) | 1,512,770 | 1,599,738 | |||||
25,167 | VIRTUSA CORP.(b) | 1,188,166 | 906,515 | |||||
40,713,767 | 44,983,225 | 13.28% | ||||||
Materials: | ||||||||
12,352 | AMERICAN VANGUARD CORP. | 218,973 | 193,926 | |||||
40,000 | H.B. FULLER CO. | 2,190,810 | 1,862,400 | |||||
38,377 | INGEVITY CORP.(b) | 2,577,278 | 3,255,905 | |||||
7,487 | INNOPHOS HOLDINGS, INC. | 212,843 | 243,028 | |||||
29,795 | KOPPERS HOLDINGS, INC.(b) | 579,129 | 870,312 | |||||
6,778 | MATERION CORP. | 344,347 | 415,898 | |||||
3,564 | MERCER INTERNATIONAL, INC.(c) | 48,243 | 44,693 | |||||
1,667 | NORTHERN TECHNOLOGIES INTERNATIONAL CORP. | 18,495 | 21,071 | |||||
37,614 | PQ GROUP HOLDINGS, INC.(b) | 584,924 | 599,567 | |||||
24,300 | RELIANCE STEEL & ALUMINUM CO. | 1,847,591 | 2,421,738 | |||||
76,000 | SCHWEITZER-MAUDUIT INTERNATIONAL, INC. | 3,021,050 | 2,845,440 | |||||
11,643,683 | 12,773,978 | 3.77% | ||||||
Real Estate: | ||||||||
54,922 | BLUEROCK RESIDENTIAL GROWTH REIT, INC. | 471,193 | 646,432 | |||||
21,833 | CATCHMARK TIMBER TRUST, INC., CLASS A | 206,352 | 232,958 | |||||
8,057 | CITY OFFICE REIT, INC.(c) | 76,191 | 115,940 | |||||
70,348 | CONDOR HOSPITALITY TRUST, INC. | 772,926 | 777,345 | |||||
67,067 | DIAMONDROCK HOSPITALITY CO. | 728,909 | 687,437 | |||||
70,635 | EMPIRE STATE REALTY TRUST, INC., CLASS A | 1,095,355 | 1,007,961 | |||||
40,802 | ESSENTIAL PROPERTIES REALTY TRUST, INC. | 841,130 | 934,774 | |||||
38,732 | INDEPENDENCE REALTY TRUST, INC. | 556,760 | 554,255 | |||||
12,729 | INNOVATIVE INDUSTRIAL PROPERTIES, INC.(d) | 1,373,661 | 1,175,778 | |||||
5,738 | INVESTORS REAL ESTATE TRUST | 284,651 | 428,457 | |||||
30,340 | MARCUS & MILLICHAP, INC.(b) | 789,156 | 1,076,767 | |||||
101,573 | MONMOUTH REAL ESTATE INVESTMENT CORP. | 1,331,019 | 1,463,667 | |||||
6,550 | ONE LIBERTY PROPERTIES, INC. | 189,105 | 180,322 | |||||
61,402 | PHYSICIANS REALTY TRUST | 1,025,793 | 1,089,886 | |||||
4,893 | POWER REIT(b) | 47,172 | 49,615 | |||||
20,512 | QTS REALTY TRUST, INC., CLASS A | 930,609 | 1,054,522 | |||||
69,283 | REALOGY HOLDINGS CORP.(d) | 1,827,617 | 462,810 | |||||
36,692 | STAG INDUSTRIAL, INC. | 546,142 | 1,081,680 | |||||
50,236 | STRATUS PROPERTIES, INC.(b) | 1,383,951 | 1,475,431 | |||||
116,077 | UMH PROPERTIES, INC. | 1,523,680 | 1,634,364 | |||||
56,495 | XENIA HOTELS & RESORTS, INC. | 1,276,427 | 1,193,174 | |||||
17,277,799 | 17,323,575 | 5.12% | ||||||
Utilities: | ||||||||
7,344 | ALLETE, INC. | 218,367 | 641,939 | |||||
17,625 | EL PASO ELECTRIC CO. | 1,047,990 | 1,182,285 | |||||
170,761 | PURE CYCLE CORP.(b) | 1,216,968 | 1,755,423 | |||||
18,266 | SJW GROUP | 1,121,249 | 1,247,385 | |||||
12,735 | SPIRE, INC. | 612,564 | 1,111,002 | |||||
4,217,138 | 5,938,034 | 1.75% | ||||||
Sub-total Common Stocks: | 307,950,759 | 320,072,558 | 94.49% |
19 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Convertible Bonds: | ||||||||
Health Care: | ||||||||
340,000 | INVACARE CORP., 4.50%, 6/1/22 | $287,388 | 285,675 | |||||
287,388 | 285,675 | 0.08% | ||||||
Sub-total Convertible Bonds: | 287,388 | 285,675 | 0.08% | |||||
Convertible Preferred Stocks: | ||||||||
Real Estate: | ||||||||
6,660 | WHEELER REAL ESTATE INVESTMENT TRUST, INC. (Step to 10.75% on 9/21/2023), 8.75%(b)(e) | 64,211 | 94,439 | |||||
4,224 | WHEELER REAL ESTATE INVESTMENT TRUST, INC., 9.00%(b) | 47,126 | 48,787 | |||||
111,337 | 143,226 | 0.04% | ||||||
Sub-total Convertible Preferred Stocks: | 111,337 | 143,226 | 0.04% | |||||
Investment Companies: | ||||||||
Financials: | ||||||||
4,453 | ISHARES RUSSELL 2000 ETF | 673,018 | 673,917 | |||||
673,018 | 673,917 | 0.20% | ||||||
Sub-total Investment Companies: | 673,018 | 673,917 | 0.20% | |||||
Master Limited Partnerships: | ||||||||
Industrials: | ||||||||
25,818 | STEEL PARTNERS HOLDINGS L.P.(b) | 359,035 | 330,470 | |||||
359,035 | 330,470 | 0.10% | ||||||
Sub-total Master Limited Partnerships: | 359,035 | 330,470 | 0.10% | |||||
Preferred Stocks: | ||||||||
Industrials: | ||||||||
184,080 | STEEL PARTNERS HOLDINGS L.P., 6.00% | 3,199,053 | 3,896,974 | |||||
3,199,053 | 3,896,974 | 1.15% | ||||||
Sub-total Preferred Stocks: | 3,199,053 | 3,896,974 | 1.15% | |||||
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: | ||||||||
5,274,586 | FIDELITY INVESTMENTS MONEY MARKET GOVERNMENT PORTFOLIO(g) | 5,274,586 | 5,274,586 | |||||
14,607,895 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 1.85%(h) | 14,607,895 | 14,607,895 | |||||
Sub-total Short-Term Investments: | 19,882,481 | 19,882,481 | 5.87% | |||||
Grand total | $332,463,271 | 345,285,301 | 101.93% |
Notes to Schedule of Investments: | |
(a) | 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 the securities are traded. Foreign security values are stated in U.S. dollars. |
(b) | Non-income producing assets. |
(c) | Foreign security values are stated in U.S. dollars. As of September 30, 2019, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 3.27% 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. |
(h) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2018, the value of the Clearwater Small Companies Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $12,345,333 with net purchases of $2,262,562 during the nine months ended September 30, 2019. |
20 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund
September 30, 2019 (unaudited)
Fair value is an estimate of the price the Clearwater Small Companies Fund 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 Clearwater Small Companies Fund's investments, as described below. 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 measurements. 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. |
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 in which such securities are traded, with foreign security values 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. Security transactions are accounted for as of trade date. Wherever possible, the Clearwater Small Companies Fund uses independent pricing services approved by the Board of Trustees of Clearwater Investment Trust to value its investments. When prices are not readily available (including those for which trading has been suspended), are determined not to reflect fair value, or when the Adviser becomes aware that a significant event impacting the value of a security or group of securities has occurred after the closing of the exchange on which the security or securities principally trade, but before the calculation of the daily net asset value, the Clearwater Small Companies Fund may value these securities at fair value as determined in good faith using procedures established by the Board of Trustees.
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 the Clearwater Small Companies Fund’s investments and other financial instruments, if any, which are carried at fair value, as of September 30, 2019.
On August 28, 2018, the FASB issued Accounting Standards Update ("ASU") 2018-13, “Disclosure Framework -- Changes to the Disclosure Requirements for Fair Value 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 upon issuance of this ASU. The Fund has early adopted ASU 2018-13 for the period ended September 30, 2019.
Level 1 | Level 2 | Level 3 | Total | ||||
Common Stocks | $320,072,558 | $— | $— | $320,072,558 | |||
Convertible Bonds | — | 285,675 | — | 285,675 | |||
Convertible Preferred Stocks | 143,226 | — | — | 143,226 | |||
Investment Companies | 673,917 | — | — | 673,917 | |||
Master Limited Partnerships | 330,470 | — | — | 330,470 | |||
Preferred Stocks | 3,896,974 | — | — | 3,896,974 | |||
Rights | — | — | — | — | |||
Warrants | — | — | —* | —* | |||
Short-Term Investments | 19,882,481 | — | — | 19,882,481 | |||
Total | $344,999,626 | $285,675 | $—* | $345,285,301 |
* Security has been deemed worthless and is a Level 3 investment.
For the Clearwater Small Companies Fund, 100% of the investment value is comprised of equity securities, convertible bonds, investment companies, master limited partnerships, rights, warrants and short-term investments. See the Clearwater Small Companies Fund’s Schedule of Investments for industry classification. Investments in equity and short-term securities are valued at the last sales price or the regular trading session closing price on the principal exchange or market where the securities are traded.
21 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund
September 30, 2019 (unaudited)
Clearwater Small Companies Fund Portfolio Diversification
(as a percentage of net assets)
![](https://capedge.com/proxy/NPORT-P/0001145549-19-047680/imge68989192.jpg)
22 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2019 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Closed-End Funds: | ||||||||||||
197,600 | BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST | $2,002,821 | 2,493,712 | |||||||||
54,180 | BLACKROCK MUNICIPAL INCOME QUALITY TRUST | 739,165 | 766,647 | |||||||||
19,200 | BLACKROCK MUNIENHANCED FUND INC | 201,815 | 217,728 | |||||||||
58,171 | BLACKROCK MUNIHOLDINGS FUND II INC | 822,153 | 877,219 | |||||||||
91,327 | BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND | 1,010,095 | 1,235,654 | |||||||||
77,015 | BLACKROCK MUNIHOLDINGS QUALITY FUND II INC | 972,439 | 983,482 | |||||||||
55,500 | BLACKROCK MUNIHOLDINGS QUALITY FUND INC | 723,238 | 709,845 | |||||||||
55,111 | BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND | 701,111 | 763,012 | |||||||||
142,461 | BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND INC | 1,846,525 | 2,001,577 | |||||||||
51,700 | BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND | 729,423 | 734,657 | |||||||||
102,096 | BLACKROCK MUNIYIELD QUALITY FUND II INC | 1,309,732 | 1,324,185 | |||||||||
118,472 | BLACKROCK MUNIYIELD QUALITY FUND III INC | 1,572,465 | 1,607,665 | |||||||||
135,114 | DWS MUNICIPAL INCOME TRUST | 1,545,887 | 1,565,971 | |||||||||
178,050 | INVESCO ADVANTAGE MUNICIPAL INCOME TRUST II | 1,985,371 | 2,001,282 | |||||||||
113,205 | INVESCO MUNICIPAL OPPORTUNITY TRUST | 1,410,253 | 1,416,195 | |||||||||
60,000 | INVESCO MUNICIPAL TRUST | 773,718 | 756,600 | |||||||||
134,886 | INVESCO QUALITY MUNICIPAL INCOME TRUST | 1,622,828 | 1,725,192 | |||||||||
60,000 | INVESCO TRUST FOR INVESTMENT GRADE MUNICIPALS | 774,122 | 772,200 | |||||||||
53,000 | NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND | 748,312 | 886,690 | |||||||||
280,875 | NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND | 3,781,767 | 4,019,321 | |||||||||
19,000 | NUVEEN CONNECTICUT QUALITY MUNICIPAL INCOME FUND | 247,059 | 254,980 | |||||||||
15,963 | NUVEEN MICHIGAN QUALITY MUNICIPAL INCOME FUND | 214,604 | 222,843 | |||||||||
52,779 | NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND | 723,142 | 738,906 | |||||||||
111,141 | NUVEEN QUALITY MUNICIPAL INCOME FUND | 1,565,947 | 1,595,985 | |||||||||
28,000 | PUTNAM MUNICIPAL OPPORTUNITIES TRUST | 371,050 | 365,960 | |||||||||
19,613 | WESTERN ASSET MUNICIPAL PARTNERS FUND INC | 246,036 | 300,471 | |||||||||
Sub-total Closed-End Funds: | 28,641,078 | 30,337,979 | 5.29% | |||||||||
Municipal Bonds: | ||||||||||||
500,000 | 9TH AVENUE MET DIST #2 CO | 12/1/2048 | 5.00 | 500,000 | 527,345 | |||||||
2,350,000 | ACALANES CA UNION HIGH SCH DIST (Step to 6.55% on 8/1/2024)(b) | 8/1/2039 | 0.00 | 1,723,456 | 2,516,920 | |||||||
1,000,000 | AEROTROPOLIS REGL TRANPRTN AUTH CO SPL REVENUE | 12/1/2051 | 5.00 | 1,015,267 | 1,033,360 | |||||||
1,000,000 | ALACHUA CNTY FL HLTH FACS AUTH CCRC | 10/1/2032 | 8.00 | 1,081,644 | 1,137,010 | |||||||
555,000 | ALASKA ST HSG FIN CORP MTGE REVENUE | 12/1/2037 | 4.13 | 546,261 | 570,501 | |||||||
450,000 | ALASKA ST HSG FIN CORP MTGE REVENUE | 12/1/2040 | 4.63 | 445,500 | 452,151 | |||||||
350,000 | ALASKA ST INDL DEV & EXPORT AUTH CMNTY PROVIDER REVENUE(c) | 12/1/2010 | 5.40 | 350,000 | 17,500 | |||||||
545,000 | ALLEGHENY CNTY PA INDL DEV AUTH CHRT SCH REVENUE | 8/15/2026 | 5.90 | 545,000 | 562,146 | |||||||
500,000 | ALTA LAKES CMNTY DEV DIST FL SPL ASSMNT | 5/1/2039 | 4.40 | 497,381 | 510,975 | |||||||
1,000,000 | ALVORD CA UNIF SCH DIST | 8/1/2036 | 5.25 | 1,013,808 | 1,144,400 | |||||||
1,000,000 | ALVORD CA UNIF SCH DIST (Step to 7.35% on 8/1/2026)(b) | 8/1/2046 | 0.00 | 613,551 | 1,158,630 | |||||||
1,000,000 | APPLE VLY MN SENIOR LIVING REVENUE | 1/1/2047 | 5.00 | 978,148 | 1,014,260 | |||||||
500,000 | ARIZONA ST INDL DEV AUTH EDU REVENUE(d) | 7/15/2038 | 5.75 | 522,798 | 569,020 | |||||||
1,000,000 | ARIZONA ST INDL DEV AUTH MF HSG REVENUE | 1/1/2038 | 5.38 | 1,000,000 | 1,039,150 | |||||||
1,750,000 | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE | 8/15/2028 | 7.00 | 1,719,183 | 1,832,950 | |||||||
500,000 | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE | 6/15/2036 | 5.00 | 505,068 | 512,020 | |||||||
650,000 | ARLINGTON TX SPL TAX REVENUE | 2/15/2041 | 5.00 | 697,318 | 730,210 | |||||||
400,000 | ASTURIA FL CMNTY DEV DIST SPL ASSMNT | 5/1/2034 | 5.75 | 400,000 | 418,392 | |||||||
500,000 | ATHENS-CLARKE CNTY GA UNIF GOVT DEV AUTH REVENUE | 6/15/2039 | 5.00 | 510,835 | 554,600 | |||||||
500,000 | ATLANTA GA ARPT REVENUE | 1/1/2030 | 6.00 | 503,278 | 528,810 | |||||||
1,265,000 | BAY CNTY FL EDUCTNL FACS REVENUE | 9/1/2030 | 5.25 | 1,178,140 | 1,298,851 | |||||||
1,000,000 | BELLALAGO FL EDUCTNL FACS BENEFIT DIST CAPITAL IMPT REVENUE | 5/1/2030 | 4.38 | 987,053 | 1,101,080 | |||||||
1,195,000 | BELLWOOD IL | 12/1/2027 | 5.88 | 1,187,737 | 1,343,001 | |||||||
850,000 | BEXAR CNTY TX HSG FIN CORP(e)(f) | 2/1/2035 | 3.75 | 850,000 | 888,088 | |||||||
2,000,000 | BEXAR CNTY TX REVENUE | 8/15/2039 | 5.00 | 2,057,567 | 2,185,020 |
23 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2019 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Municipal Bonds (Cont'd): | ||||||||||||
500,000 | BLACKBURN CREEK CMNTY DEV DISTFL CAP IMPT REVENUE | 5/1/2035 | 6.25 | $500,000 | 549,925 | |||||||
225,000 | BLACKBURN CREEK CMNTY DEV DISTFL CAP IMPT REVENUE | 5/1/2045 | 6.25 | 225,000 | 245,070 | |||||||
1,495,000 | BOLINGBROOK IL SPL SVC AREA SPL TAX | 3/1/2030 | 4.00 | 1,548,350 | 1,663,995 | |||||||
750,000 | BROADWAY STATION MET DIST #2 CO | 12/1/2048 | 5.13 | 750,000 | 793,508 | |||||||
650,000 | BUFFALO HIGHLANDS MET DIST | 12/1/2038 | 5.25 | 651,885 | 680,420 | |||||||
1,150,000 | BURBANK IL EDUCTNL FACS REVENUE(d) | 9/1/2035 | 6.00 | 1,150,000 | 1,281,548 | |||||||
1,000,000 | BUREAU CNTY TWP IL HIGH SCH DIST #502 | 10/1/2043 | 6.63 | 1,035,702 | 1,213,770 | |||||||
380,000 | BUTLER CNTY PA GEN AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.70%)(e) | 10/1/2034 | 2.11 | 380,000 | 363,820 | |||||||
500,000 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE | 8/15/2033 | 5.50 | 502,367 | 538,070 | |||||||
1,500,000 | CALIFORNIA ST SCH FACS FING AUTH REVENUE | 8/1/2029 | 6.00 | 1,492,220 | 1,947,300 | |||||||
1,370,000 | CAPITAL TRUST AGY FL CHRT SCH REVENUE | 2/1/2035 | 5.38 | 1,370,000 | 1,424,183 | |||||||
750,000 | CAPITAL TRUST AGY FL REVENUE | 4/1/2035 | 7.00 | 750,000 | 759,863 | |||||||
1,750,000 | CAPITAL TRUST AGY FL REVENUE(d) | 12/1/2035 | 6.75 | 1,746,228 | 1,814,785 | |||||||
750,000 | CAPITAL TRUST AGY FL REVENUE(d) | 7/1/2037 | 6.75 | 750,000 | 799,163 | |||||||
750,000 | CAPITAL TRUST AGY FL SENIOR LIVING REVENUE(d) | 8/1/2027 | 5.00 | 750,000 | 776,655 | |||||||
750,000 | CAPITAL TRUST AGY FL SENIOR LIVING REVENUE(d) | 8/1/2032 | 5.38 | 750,000 | 786,300 | |||||||
500,000 | CAPITAL TRUST AGY FL STUDENT HSG REVENUE(d) | 12/1/2043 | 5.25 | 515,369 | 530,960 | |||||||
1,000,000 | CARLSBAD CA UNIF SCH DIST (Step to 6.13% on 8/1/2021)(b) | 8/1/2031 | 0.00 | 893,699 | 1,263,180 | |||||||
274,895 | CARMEL IN REVENUE(c) | 11/15/2022 | 6.00 | 277,526 | 16,494 | |||||||
389,921 | CARMEL IN REVENUE(c) | 11/15/2027 | 7.00 | 384,603 | 23,395 | |||||||
750,000 | CELEBRATION POINTE CMNTY DEV DIST #1 FL SPL ASSMNT REVENUE(d) | 5/1/2032 | 5.00 | 754,682 | 818,865 | |||||||
1,000,000 | CENTRL BRADFORD PROGRESS AUTH PA | 12/1/2031 | 5.50 | 1,010,125 | 1,073,990 | |||||||
365,000 | CHANDLER PARK ACADEMY MI PUBLIC SCH ACADEMY REVENUE | 11/1/2022 | 5.00 | 330,954 | 365,591 | |||||||
1,000,000 | CHICAGO HEIGHTS IL | 12/1/2029 | 4.50 | 1,052,148 | 1,096,490 | |||||||
1,000,000 | CHICAGO IL MIDWAY ARPT REVENUE | 1/1/2035 | 5.25 | 1,001,164 | 1,107,520 | |||||||
1,000,000 | CHICAGO IL PARK DIST | 1/1/2028 | 5.00 | 1,088,393 | 1,119,570 | |||||||
1,000,000 | CLACKAMAS CNTY OR HOSP FAC AUTH REVENUE | 11/15/2052 | 5.00 | 1,043,567 | 1,135,070 | |||||||
1,500,000 | CLOVIS CA UNIF SCH DIST(g) | 8/1/2030 | 0.00 | 780,627 | 934,215 | |||||||
650,000 | CMWLTH FING AUTH PA TOBACCO MASTER SETTLEMENT PAYMENT REV | 6/1/2039 | 4.00 | 646,911 | 720,324 | |||||||
750,000 | COLLIER CNTY FL INDL DEV AUTH | 10/1/2039 | 6.25 | 737,387 | 800,018 | |||||||
750,000 | COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REV(d)(h) | 5/15/2026 | 7.25 | 750,000 | 716,273 | |||||||
1,750,000 | COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REV(d)(h) | 5/15/2044 | 8.13 | 1,913,765 | 1,676,535 | |||||||
500,000 | COLORADO SCIENCE AND TECH PARK MET DIST #1 | 12/1/2033 | 5.00 | 506,069 | 534,655 | |||||||
1,000,000 | COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE | 7/1/2034 | 5.60 | 994,973 | 1,021,410 | |||||||
1,000,000 | COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE(d) | 9/1/2046 | 5.00 | 1,005,431 | 1,014,530 | |||||||
1,250,000 | COLORADO ST HLTH FACS AUTH HOSP REVENUE | 12/1/2048 | 5.00 | 1,311,769 | 1,447,487 | |||||||
1,000,000 | COLORADO ST HLTH FACS AUTH REVENUE | 8/1/2033 | 7.63 | 989,414 | 1,132,980 | |||||||
1,000,000 | COLTON CA JT UNIF SCH DIST (Step to 5.80% on 8/1/2021)(b) | 8/1/2035 | 0.00 | 900,478 | 1,121,410 | |||||||
1,000,000 | CONNECTICUT ST HSG FIN AUTH HSG FIN MTGE PROGRAM | 11/15/2035 | 3.88 | 1,000,000 | 1,077,450 | |||||||
515,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 5/15/2038 | 3.95 | 515,000 | 539,617 | |||||||
2,000,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 5/15/2045 | 3.85 | 2,070,183 | 2,077,460 | |||||||
5,000,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 11/15/2047 | 3.65 | 5,000,000 | 5,067,450 |
24 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2019 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Municipal Bonds (Cont'd): | ||||||||||||
500,000 | COPPERLEAF CO MET DIST #2 | 12/1/2030 | 5.25 | $500,000 | 524,395 | |||||||
500,000 | COPPERLEAF CO MET DIST #2 | 12/1/2045 | 5.75 | 500,000 | 524,385 | |||||||
1,105,000 | CORONA-NORCO CA UNIF SCH DIST | 8/1/2039 | 6.80 | 1,104,160 | 1,513,386 | |||||||
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 | 502,441 | 532,020 | |||||||
1,000,000 | CREEKWALK MARKETPLACE BUSINESS IMPT DIST CO(d) | 12/1/2039 | 5.50 | 1,000,000 | 1,018,630 | |||||||
750,000 | CRYSTAL CO CROSSING MET DIST | 12/1/2040 | 5.25 | 750,000 | 787,380 | |||||||
1,000,000 | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE | 11/1/2037 | 5.25 | 1,005,830 | 1,136,240 | |||||||
2,000,000 | DAMON RUN IN CONSERVANCY DIST | 7/1/2025 | 6.10 | 2,000,000 | 2,008,340 | |||||||
1,000,000 | DAMON RUN IN CONSERVANCY DIST | 1/1/2027 | 6.38 | 1,000,000 | 1,004,380 | |||||||
800,000 | DAUPHIN CNTY PA GEN AUTH UNIV REVENUE(d) | 10/15/2022 | 4.00 | 798,789 | 815,024 | |||||||
1,000,000 | DAVIE FL EDUCTNL FACS REVENUE | 4/1/2042 | 6.00 | 1,013,780 | 1,123,050 | |||||||
500,000 | DAVIESS CNTY IN HOSP ASSN LEASE RENTAL REVENUE | 1/15/2029 | 5.25 | 492,758 | 518,225 | |||||||
1,000,000 | DAYTON-MONTGOMERY CNTY OH PORT AUTH PROJ REVENUE | 1/15/2040 | 7.00 | 1,000,000 | 1,032,290 | |||||||
500,000 | DECATUR IL | 3/1/2034 | 5.00 | 509,902 | 555,995 | |||||||
1,000,000 | DEKALB/KANE/LA SALLE CNTYS IL CMNTY CLG DIST #523(g) | 2/1/2029 | 0.00 | 603,338 | 586,000 | |||||||
1,000,000 | DENVER CO URBAN RENEWAL AUTH TAX INCR REVENUE(d) | 12/1/2039 | 5.25 | 985,260 | 1,070,090 | |||||||
1,000,000 | DIATC MET DIST CO(d) | 12/1/2049 | 5.00 | 1,067,294 | 1,061,660 | |||||||
500,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | 7/1/2033 | 5.45 | 500,000 | 527,060 | |||||||
1,000,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | 6/1/2040 | 4.90 | 1,000,000 | 1,065,530 | |||||||
1,000,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | 6/1/2041 | 5.00 | 1,000,000 | 1,075,820 | |||||||
1,200,000 | DIST OF COLUMBIA REVENUE | 7/1/2037 | 5.00 | 1,200,000 | 1,298,076 | |||||||
1,000,000 | DISTRICT OF COLUMBIA HSG FIN AGY | 9/1/2043 | 4.05 | 1,000,000 | 1,088,670 | |||||||
1,000,000 | DOUGLAS CNTY CO MF REVENUE | 10/1/2029 | 4.50 | 1,000,000 | 1,044,020 | |||||||
500,000 | DOWDEN WEST CMNTY DEV DIST FL SPL ASSMNT REVENUE(d) | 5/1/2039 | 5.40 | 500,000 | 536,705 | |||||||
1,000,000 | EAST CHICAGO IN SAN DIST REVENUE | 7/15/2035 | 4.00 | 993,270 | 1,076,590 | |||||||
1,500,000 | EAST MORGAN CNTY CO HOSP DIST COPS | 12/1/2038 | 5.88 | 1,500,000 | 1,504,650 | |||||||
2,045,000 | EDEN TWP CA HOSP DIST COPS | 6/1/2030 | 6.00 | 2,029,036 | 2,109,540 | |||||||
1,500,000 | EL PASO CNTY TX HOSP DIST | 8/15/2043 | 5.00 | 1,608,893 | 1,603,680 | |||||||
750,000 | EL PASO DE ROBLES CA REDEV AGY TAX ALLOCATION REVENUE | 7/1/2033 | 6.38 | 743,530 | 753,045 | |||||||
1,000,000 | EL PASO TX DOWNTOWN DEV CORP SPL REVENUE | 8/15/2038 | 7.25 | 1,044,357 | 1,218,180 | |||||||
1,000,000 | ENCINITAS CA UNION SCH DIST (Step to 6.75% on 8/1/2022)(b) | 8/1/2035 | 0.00 | 828,647 | 1,316,080 | |||||||
1,155,000 | ENTERPRISE CA ELEM SCH DIST (Step to 6.20% on 8/1/2021)(b) | 8/1/2035 | 0.00 | 1,032,672 | 1,465,510 | |||||||
1,000,000 | ERIE CNTY PA HOSP AUTH | 7/1/2027 | 7.00 | 1,000,000 | 1,041,530 | |||||||
1,000,000 | ESCAMBIA CNTY FL HSG FIN AUTH SF MTGE REVENUE | 10/1/2049 | 3.75 | 1,000,000 | 1,051,780 | |||||||
600,000 | ESCONDIDO CA SPL TAX | 9/1/2036 | 5.00 | 635,203 | 703,926 | |||||||
750,000 | EVANSVILLE IN MF HSG REVENUE | 1/1/2038 | 5.45 | 750,000 | 792,758 | |||||||
500,000 | FAIRFAX CNTY VA REDEV & HSG AUTH MF REVENUE | 8/1/2039 | 5.60 | 500,000 | 501,290 | |||||||
315,000 | FIDDLERS CREEK FL CDD #2 SPL ASSMNT REVENUE(c) | 5/1/2013 | 5.75 | 314,118 | 198,450 | |||||||
715,000 | FISHHAWK CCD IV FL SPL ASSMNT REVENUE | 5/1/2033 | 7.00 | 715,000 | 808,901 | |||||||
1,000,000 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE(d) | 6/15/2035 | 6.00 | 1,000,914 | 1,109,080 | |||||||
125,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2026 | 5.00 | 125,046 | 126,473 | |||||||
805,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2035 | 3.75 | 805,000 | 852,584 | |||||||
565,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2039 | 4.20 | 565,000 | 579,645 | |||||||
2,000,000 | FLORIDA ST HSG FIN CORP REVENUE | 1/1/2045 | 4.20 | 2,000,000 | 2,198,560 | |||||||
1,000,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2049 | 3.30 | 1,000,000 | 1,028,130 | |||||||
1,090,000 | FORT SILL APACHE TRIBE OK ECONDEV AUTH GAMING ENTERPRISE REV(d) | 8/25/2026 | 8.50 | 1,090,000 | 1,209,976 | |||||||
1,000,000 | FRANKLIN CNTY KS UNIF SCH DIST #290 | 9/1/2039 | 4.75 | 1,035,934 | 1,141,570 |
25 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2019 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Municipal Bonds (Cont'd): | ||||||||||||
1,000,000 | FRANKLIN TN HLTH & EDUCTNL FACS BRD REVENUE(d) | 6/1/2027 | 6.50 | $1,000,000 | 1,055,850 | |||||||
845,000 | FULTON CNTY GA DEV AUTH | 11/1/2028 | 5.25 | 737,104 | 845,237 | |||||||
3,500,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2037 | 3.80 | 3,500,000 | 3,628,765 | |||||||
2,000,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2037 | 4.00 | 2,000,000 | 2,056,320 | |||||||
925,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2038 | 3.85 | 925,000 | 1,004,060 | |||||||
675,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2039 | 4.00 | 675,000 | 728,926 | |||||||
2,500,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2040 | 3.80 | 2,500,000 | 2,636,350 | |||||||
1,000,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2041 | 3.85 | 1,003,200 | 1,034,560 | |||||||
1,950,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2043 | 3.90 | 1,942,073 | 2,011,756 | |||||||
1,100,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2048 | 4.00 | 1,100,000 | 1,180,718 | |||||||
2,000,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2048 | 4.20 | 2,013,799 | 2,188,680 | |||||||
1,750,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2049 | 3.25 | 1,750,000 | 1,772,382 | |||||||
700,000 | GLENDALE AZ INDL DEV AUTH | 11/15/2036 | 5.00 | 724,053 | 758,093 | |||||||
550,000 | GLENDALE AZ INDL DEV AUTH | 11/15/2046 | 5.25 | 558,121 | 585,541 | |||||||
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 | 1,206,477 | 1,617,840 | |||||||
950,000 | HAMILTON CNTY OH HLTH CARE REVENUE | 1/1/2031 | 6.13 | 931,106 | 1,004,340 | |||||||
650,000 | HARBOR BAY FL CDD CAPITAL IMPT REVENUE | 5/1/2048 | 4.10 | 645,632 | 641,355 | |||||||
1,500,000 | HARTNELL CA CMNTY CLG DIST (Step to 7.00% on 8/1/2022)(b) | 8/1/2034 | 0.00 | 1,234,310 | 1,749,375 | |||||||
3,500,000 | HEALDSBURG CA UNIF SCH DIST (Step to 4.60% on 8/1/2022)(b) | 8/1/2037 | 0.00 | 3,074,407 | 3,526,285 | |||||||
1,000,000 | HELENDALE CA SCH DIST | 8/1/2034 | 6.25 | 999,109 | 1,377,180 | |||||||
750,000 | HEMPSTEAD TOWN NY LOCAL DEV CORP REVENUE | 9/1/2038 | 5.00 | 753,415 | 838,065 | |||||||
800,000 | HERITAGE HARBOUR FL N CDD SPL ASSMNT | 5/1/2034 | 5.00 | 800,000 | 885,736 | |||||||
1,000,000 | HIDALGO CNTY TX REGL MOBILITY AUTH VEHICLE REGISTRATION FEE | 12/1/2038 | 5.25 | 1,017,179 | 1,150,720 | |||||||
1,500,000 | HOUSTON TX HGR EDU FIN CORP | 9/1/2038 | 5.50 | 1,520,081 | 1,671,135 | |||||||
500,000 | HUNTERS OVERLOOK METRO DIST #5 CO | 12/1/2049 | 5.00 | 529,337 | 529,785 | |||||||
750,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2024 | 7.00 | 750,000 | 832,372 | |||||||
750,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2029 | 7.38 | 743,395 | 829,650 | |||||||
1,000,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2044 | 8.00 | 1,045,749 | 1,128,860 | |||||||
1,500,000 | ILLINOIS ST | 2/1/2030 | 4.00 | 1,493,653 | 1,656,645 | |||||||
500,000 | ILLINOIS ST | 7/1/2033 | 5.50 | 498,790 | 545,245 | |||||||
1,000,000 | ILLINOIS ST EDUCTNL FACS AUTH | 11/1/2036 | 4.50 | 1,000,000 | 1,080,580 | |||||||
675,000 | ILLINOIS ST FIN AUTH EDUCTNL FAC REVENUE | 2/1/2034 | 6.00 | 680,074 | 742,223 | |||||||
460,000 | ILLINOIS ST FIN AUTH REVENUE | 8/15/2026 | 6.00 | 460,000 | 460,478 | |||||||
500,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2036 | 5.00 | 501,376 | 539,355 | |||||||
750,000 | ILLINOIS ST FIN AUTH REVENUE | 12/1/2037 | 5.00 | 766,726 | 813,120 | |||||||
500,000 | ILLINOIS ST FIN AUTH REVENUE | 5/1/2038 | 5.25 | 508,897 | 545,635 | |||||||
1,450,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2038 | 5.13 | 1,409,790 | 1,525,023 | |||||||
1,000,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2045 | 5.00 | 1,060,126 | 1,101,250 | |||||||
1,000,000 | ILLINOIS ST HSG DEV AUTH REVENUE | 4/1/2041 | 3.88 | 1,000,000 | 1,069,930 | |||||||
1,000,000 | ILLINOIS ST SALES TAX REVENUE | 6/15/2033 | 5.00 | 1,072,868 | 1,151,700 | |||||||
1,500,000 | ILLINOIS ST SPORTS FACS AUTH | 6/15/2031 | 5.25 | 1,572,426 | 1,698,360 | |||||||
1,000,000 | IMPERIAL CA CMNTY CLG DIST | 8/1/2040 | 6.75 | 1,007,514 | 1,316,230 | |||||||
3,000,000 | INDIANA ST FIN AUTH REVENUE | 9/15/2030 | 6.50 | 3,021,756 | 3,293,700 | |||||||
500,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2031 | 5.50 | 494,320 | 533,855 | |||||||
1,000,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2033 | 6.50 | 988,569 | 1,136,710 | |||||||
1,000,000 | INDIANA ST FIN AUTH REVENUE | 3/1/2041 | 5.00 | 1,022,812 | 1,063,780 | |||||||
500,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2041 | 5.88 | 525,600 | 565,415 | |||||||
1,000,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2041 | 6.00 | 987,838 | 1,137,790 | |||||||
1,000,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2046 | 5.25 | 1,031,706 | 1,141,700 | |||||||
1,500,000 | INDIANA ST HSG & CMNTY DEV AUTH MF HSG REVENUE | 1/1/2036 | 5.75 | 1,500,000 | 1,535,940 | |||||||
1,500,000 | IOWA ST FIN AUTH REVENUE | 5/15/2036 | 5.00 | 1,628,259 | 1,701,960 | |||||||
700,000 | KALISPEL TRIBE OF INDIANS PRIORITY DIST WA REVENUE(d) | 1/1/2038 | 5.25 | 686,279 | 777,525 | |||||||
485,000 | KANSAS CITY MO INDL DEV AUTH | 9/1/2023 | 5.45 | 485,000 | 494,074 | |||||||
1,000,000 | KANSAS CITY MO INDL DEV AUTH | 11/20/2039 | 5.10 | 1,000,000 | 1,005,390 |
26 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2019 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Municipal Bonds (Cont'd): | ||||||||||||
1,300,000 | KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE(d)(h) | 11/15/2036 | 5.75 | $1,300,000 | 1,195,038 | |||||||
885,000 | KENTUCKY ST HSG CORP HSG REVENUE | 7/1/2028 | 3.75 | 875,229 | 928,453 | |||||||
550,000 | KING CNTY WA HSG AUTH | 5/1/2028 | 5.20 | 550,000 | 551,689 | |||||||
1,000,000 | KIRKWOOD MO INDL DEV AUTH RETMNT CMNTY REVENUE | 5/15/2037 | 5.25 | 1,018,802 | 1,139,780 | |||||||
500,000 | LAKE CNTY IL SCH DIST #33 | 12/1/2040 | 5.00 | 518,764 | 550,760 | |||||||
750,000 | LAKE CNTY OH PORT & ECON DEV AUTH LEASE REVENUE(d) | 12/1/2037 | 6.50 | 750,000 | 785,175 | |||||||
240,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2025 | 4.25 | 239,640 | 248,498 | |||||||
1,600,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2030 | 7.40 | 1,588,396 | 1,725,904 | |||||||
730,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2033 | 6.70 | 730,000 | 795,627 | |||||||
1,000,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2034 | 5.35 | 1,000,000 | 1,110,890 | |||||||
1,300,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2036 | 5.00 | 1,300,000 | 1,380,613 | |||||||
750,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(d) | 5/1/2037 | 5.00 | 744,786 | 804,690 | |||||||
750,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2037 | 5.25 | 745,684 | 824,648 | |||||||
700,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2038 | 5.00 | 700,000 | 743,036 | |||||||
1,000,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2039 | 5.30 | 1,000,000 | 1,090,940 | |||||||
500,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2049 | 4.50 | 492,742 | 515,575 | |||||||
1,000,000 | LAMBERTSON FARMS CO MET DIST #1 REVENUE | 12/15/2025 | 5.00 | 991,140 | 1,033,430 | |||||||
500,000 | LAMBERTSON FARMS CO MET DIST #1 REVENUE | 12/15/2035 | 5.50 | 500,000 | 523,790 | |||||||
750,000 | LEWISVILLE TX COMB CONTRACT REVENUE | 9/1/2024 | 3.00 | 744,907 | 773,873 | |||||||
465,000 | LEXINGTON OAKS FL CDD SPL ASSMNT REVENUE | 5/1/2033 | 5.65 | 465,000 | 485,097 | |||||||
750,000 | LEYDEN ROCK MET DIST #10 | 12/1/2045 | 5.00 | 766,606 | 787,635 | |||||||
1,000,000 | LITTLETON VLG MET DIST #2 COLO SPL REV | 12/1/2045 | 5.38 | 996,482 | 1,040,520 | |||||||
315,000 | LONG LAKE RANCH CMNTY DEV DIST FLA CAP IMPT REV | 5/1/2024 | 5.63 | 315,000 | 326,976 | |||||||
225,000 | LONG LAKE RANCH CMNTY DEV DISTFLA CAP IMPT REV | 5/1/2026 | 4.00 | 224,741 | 230,162 | |||||||
500,000 | LONG LAKE RESERVE CMNTY DEV DIST SPL ASSMNT | 5/1/2038 | 5.00 | 498,775 | 529,290 | |||||||
1,000,000 | LOUISIANA ST ENERGY & PWR AUTH PWR PROJ REVENUE | 6/1/2038 | 5.25 | 1,009,918 | 1,123,800 | |||||||
650,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH | 11/15/2025 | 5.25 | 687,387 | 702,533 | |||||||
1,000,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH | 11/15/2030 | 6.00 | 1,012,689 | 1,126,040 | |||||||
700,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(d) | 11/1/2037 | 5.65 | 700,000 | 787,199 | |||||||
1,000,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(d) | 7/1/2039 | 5.00 | 1,068,368 | 1,098,640 | |||||||
1,100,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(d) | 11/1/2044 | 4.00 | 1,100,000 | 1,101,320 | |||||||
750,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(d) | 11/1/2044 | 4.40 | 750,000 | 765,338 | |||||||
700,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(d) | 11/1/2039 | 5.50 | 700,000 | 754,565 | |||||||
500,000 | LOUISIANA ST PUBLIC FACS AUTH HOSP REVENUE | 7/1/2035 | 5.00 | 531,234 | 574,019 | |||||||
750,000 | LOUISIANA ST PUBLIC FACS AUTH REVENUE | 5/1/2031 | 6.50 | 747,531 | 786,150 | |||||||
400,000 | LOUISIANA ST PUBLIC FACS AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.70%)(e) | 2/15/2036 | 2.15 | 400,000 | 386,468 | |||||||
500,000 | LUCAS CNTY OH HLTH CARE FACS REVENUE | 8/15/2030 | 5.50 | 493,932 | 530,235 |
27 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2019 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Municipal Bonds (Cont'd): | ||||||||||||
1,500,000 | LUCAS MET HSG AUTH OH COPS | 11/1/2036 | 5.00 | $1,555,641 | 1,661,400 | |||||||
1,480,000 | LUZERNE CNTY PA | 11/1/2026 | 7.00 | 1,481,237 | 1,486,320 | |||||||
1,000,000 | MACON & MOULTRIE CNTYS IL CMNTY SCH DIST #3 MOUNT ZION | 12/1/2041 | 5.50 | 1,017,065 | 1,118,970 | |||||||
1,000,000 | MACON CNTY IL SCH DIST #61 | 1/1/2037 | 5.25 | 1,005,624 | 1,042,890 | |||||||
1,080,000 | MACOUPIN SANGAMON & MONTGOMERY CNTYS IL CMNTY SCH DIST #34 | 12/1/2037 | 4.25 | 1,106,051 | 1,146,755 | |||||||
250,000 | MAGNOLIA CREEK FL CDD CAPITAL IMPT REVENUE(c) | 5/1/2014 | 5.60 | 250,000 | 45,000 | |||||||
1,000,000 | MAINE ST HSG AUTH MTGE PURCHASE | 11/15/2035 | 4.00 | 1,000,000 | 1,065,550 | |||||||
1,000,000 | MAINE ST HSG AUTH MTGE PURCHASE | 11/15/2036 | 3.90 | 1,000,000 | 1,074,170 | |||||||
1,500,000 | MAINE ST HSG AUTH MTGE PURCHASE | 11/15/2040 | 3.85 | 1,500,000 | 1,580,415 | |||||||
500,000 | MAINE ST HSG AUTH MTGE PURCHASE | 11/15/2042 | 4.05 | 500,000 | 534,610 | |||||||
900,000 | MAINE ST HSG AUTH MTGE PURCHASE | 11/15/2044 | 3.10 | 900,000 | 898,623 | |||||||
430,000 | MAINE ST HSG AUTH MTGE REVENUE | 11/15/2037 | 4.50 | 430,000 | 452,738 | |||||||
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 | 496,790 | 537,410 | |||||||
800,000 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE | 7/1/2035 | 5.00 | 843,554 | 867,496 | |||||||
750,000 | MARICOPA CNTY AZ INDL DEV AUTH SENIOR LIVING FACS REVENUE(d) | 1/1/2036 | 5.75 | 742,142 | 795,945 | |||||||
462,000 | MARQUIS VA CMNTY DEV AUTH REVENUE(g) | 9/1/2041 | 0.00 | 151,192 | 27,600 | |||||||
349,000 | MARQUIS VA CMNTY DEV AUTH REVENUE | 9/1/2041 | 5.63 | 374,423 | 225,555 | |||||||
745,000 | MARSHALL CREEK FL CDD SPL ASSMNT | 5/1/2032 | 5.00 | 757,671 | 773,601 | |||||||
750,000 | MARTINEZ CA UNIF SCH DIST | 8/1/2035 | 6.13 | 747,821 | 927,210 | |||||||
500,000 | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | 7/1/2031 | 4.50 | 500,000 | 524,775 | |||||||
568,716 | MASHANTUCKET WSTRN PEQUOT TRIBE CT | 7/1/2031 | 6.05 | 585,505 | 21,327 | |||||||
730,000 | MASSACHUSETTS ST DEV FIN AGY REVENUE | 7/1/2030 | 6.38 | 722,980 | 756,937 | |||||||
700,000 | MASSACHUSETTS ST DEV FIN AGY REVENUE(d) | 10/1/2047 | 5.00 | 746,856 | 771,638 | |||||||
1,500,000 | MASSACHUSETTS ST DEV FIN AGY REVENUE | 6/1/2049 | 4.00 | 1,517,999 | 1,609,170 | |||||||
375,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 1/1/2028 | 5.25 | 375,000 | 378,739 | |||||||
700,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2033 | 5.00 | 700,000 | 752,612 | |||||||
700,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2038 | 5.15 | 700,000 | 752,528 | |||||||
1,000,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2043 | 5.00 | 1,000,000 | 1,080,960 | |||||||
625,000 | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | 6/1/2040 | 5.05 | 625,000 | 625,600 | |||||||
2,770,000 | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | 12/1/2043 | 4.00 | 2,770,000 | 2,859,277 | |||||||
1,975,000 | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | 6/1/2046 | 4.20 | 1,975,000 | 2,133,908 | |||||||
160,000 | MEAD NE TAX INCR REVENUE(c) | 7/1/2012 | 5.13 | 160,000 | 6,640 | |||||||
1,000,000 | MEDFORD OR HOSP FACS AUTH REVENUE | 10/1/2042 | 5.00 | 1,023,620 | 1,088,170 | |||||||
600,000 | MERRILLVILLE IN ECON DEV REVENUE | 4/1/2036 | 5.75 | 600,000 | 602,256 | |||||||
500,000 | MET PIER & EXPOSITION AUTH IL REVENUE | 6/15/2057 | 5.00 | 519,771 | 555,310 | |||||||
135,000 | MIAMI-DADE CNTY FL HLTH FACS AUTH HOSP REVENUE | 8/1/2030 | 6.00 | 131,055 | 139,649 | |||||||
750,000 | MICHIGAN ST FIN AUTH REVENUE | 11/15/2035 | 5.25 | 745,926 | 807,458 | |||||||
1,850,000 | MICHIGAN ST HSG DEV AUTH | 10/1/2035 | 4.10 | 1,850,000 | 1,977,594 | |||||||
1,000,000 | MICHIGAN ST HSG DEV AUTH | 12/1/2036 | 3.70 | 1,000,000 | 1,060,970 | |||||||
600,000 | MICHIGAN ST HSG DEV AUTH | 10/1/2042 | 3.75 | 600,000 | 634,032 | |||||||
1,650,000 | MICHIGAN ST HSG DEV AUTH | 10/1/2043 | 4.00 | 1,650,000 | 1,782,049 | |||||||
230,000 | MICHIGAN ST HSG DEV AUTH | 12/1/2045 | 3.70 | 230,000 | 233,839 | |||||||
1,000,000 | MICHIGAN ST HSG DEV AUTH | 10/1/2054 | 3.50 | 1,000,000 | 1,024,360 | |||||||
2,500,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 12/1/2038 | 4.13 | 2,500,000 | 2,751,325 | |||||||
1,000,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 6/1/2049 | 4.00 | 1,003,596 | 1,076,450 | |||||||
500,000 | MICHIGAN ST PUBLIC EDUCTNL FACS AUTH | 11/1/2028 | 6.35 | 500,000 | 501,060 | |||||||
1,000,000 | MISHAWAKA IN MF HSG REVENUE(d) | 1/1/2038 | 5.38 | 1,000,000 | 1,038,700 |
28 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2019 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Municipal Bonds (Cont'd): | ||||||||||||
1,000,000 | MISSISSIPPI ST DEV BANK SPL OBLG | 10/1/2031 | 6.50 | $979,586 | 1,055,100 | |||||||
1,000,000 | MISSISSIPPI ST DEV BANK SPL OBLG(d) | 11/1/2039 | 4.55 | 1,000,000 | 1,038,420 | |||||||
2,000,000 | MISSOURI ST HLTH & EDUCTNL FACS AUTH | 2/1/2048 | 4.00 | 2,084,680 | 2,112,160 | |||||||
955,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2048 | 3.80 | 955,000 | 1,022,003 | |||||||
500,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2049 | 3.35 | 500,000 | 515,530 | |||||||
920,000 | MONTANA ST BRD OF HSG | 12/1/2038 | 3.75 | 920,000 | 944,509 | |||||||
600,000 | MONTANA ST BRD OF HSG | 12/1/2038 | 5.20 | 600,000 | 653,022 | |||||||
1,000,000 | MONTANA ST BRD OF HSG | 6/1/2045 | 4.00 | 1,000,000 | 1,086,330 | |||||||
935,000 | MONTANA ST BRD OF HSG SF MTGE | 12/1/2037 | 3.95 | 935,000 | 1,009,323 | |||||||
835,000 | MONTANA ST BRD OF HSG SF MTGE | 12/1/2038 | 4.00 | 837,086 | 895,638 | |||||||
500,000 | MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION MF REVENUE | 7/1/2037 | 5.13 | 500,000 | 511,355 | |||||||
890,000 | MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION SF MTGE REVENUE | 7/1/2038 | 4.00 | 890,000 | 904,436 | |||||||
700,000 | MORONGO BAND OF MISSION INDIANS CA REVENUE(d) | 10/1/2042 | 5.00 | 700,000 | 790,818 | |||||||
611,972 | MOUNT CARBON CO MET DIST REVENUE | 6/1/2043 | 7.00 | 611,972 | 611,972 | |||||||
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 | 514,725 | 538,970 | |||||||
615,000 | MUNSTER IN ECON DEV TAX INCR REVENUE | 7/15/2026 | 4.75 | 613,219 | 674,667 | |||||||
323,000 | N CENTRL TEXAS ST HLTH FAC DEV CORP | 2/15/2025 | 5.38 | 323,000 | 323,478 | |||||||
355,000 | N SPRINGS FL IMPT DIST | 5/1/2027 | 6.00 | 355,000 | 379,236 | |||||||
1,000,000 | N TX TOLLWAY AUTH REVENUE | 1/1/2034 | 6.00 | 1,000,000 | 1,057,420 | |||||||
1,000,000 | N TX TOLLWAY AUTH REVENUE | 1/1/2042 | 6.20 | 999,087 | 1,225,860 | |||||||
600,000 | NASHVILLE MET DEV & HSG AGY TN TAX INCR REVENUE(d) | 6/1/2036 | 5.13 | 600,000 | 663,324 | |||||||
1,000,000 | NATRONA CNTY WY HOSP REVENUE | 9/15/2031 | 6.35 | 1,000,000 | 1,071,830 | |||||||
500,000 | NAVAJO NATION AZ(d) | 12/1/2030 | 5.50 | 524,736 | 570,150 | |||||||
570,000 | NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE | 9/1/2035 | 3.75 | 570,000 | 614,517 | |||||||
970,000 | NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE | 9/1/2035 | 3.90 | 970,000 | 1,026,638 | |||||||
940,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 10/1/2039 | 3.85 | 940,000 | 978,982 | |||||||
1,000,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 10/1/2049 | 3.35 | 1,000,000 | 1,018,990 | |||||||
1,000,000 | NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE | 1/1/2034 | 6.00 | 975,626 | 1,057,420 | |||||||
1,000,000 | NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE | 7/1/2031 | 5.20 | 1,000,000 | 1,047,920 | |||||||
1,500,000 | NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE | 7/1/2052 | 4.00 | 1,500,000 | 1,595,595 | |||||||
245,000 | NEW HAMPSHIRE ST HSG FIN AUTH SF REVENUE | 7/1/2034 | 5.38 | 245,000 | 246,281 | |||||||
1,000,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 10/1/2034 | 5.00 | 1,006,457 | 1,111,810 | |||||||
750,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 1/1/2035 | 5.50 | 760,887 | 815,670 | |||||||
750,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX EDU REVENUE(d) | 8/15/2036 | 5.00 | 753,564 | 770,565 | |||||||
1,000,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX EDU REVENUE | 8/15/2036 | 5.50 | 1,002,950 | 1,045,080 | |||||||
1,000,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX EDU REVENUE(d) | 8/15/2037 | 6.00 | 1,016,209 | 1,079,800 | |||||||
670,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX EDU REVENUE(d) | 8/15/2049 | 5.00 | 699,388 | 705,711 | |||||||
1,100,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX STUDENT HSG REV | 4/1/2046 | 5.00 | 1,134,794 | 1,222,155 | |||||||
750,000 | NEW JERSEY ST ECON DEV AUTH | 6/15/2037 | 5.00 | 779,111 | 873,067 | |||||||
500,000 | NEW JERSEY ST ECON DEV AUTH | 6/15/2042 | 5.00 | 537,568 | 568,560 | |||||||
750,000 | NEW JERSEY ST ECON DEV AUTH REVENUE | 7/15/2047 | 5.00 | 798,171 | 852,195 | |||||||
1,000,000 | NEW JERSEY ST HSG & MTGE FIN AGY MF CONDUIT REVENUE | 1/1/2030 | 3.60 | 1,000,000 | 1,048,220 |
29 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2019 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Municipal Bonds (Cont'd): | ||||||||||||
1,000,000 | NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE | 5/1/2041 | 4.95 | $968,990 | 1,002,020 | |||||||
825,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 10/1/2030 | 4.50 | 825,000 | 863,239 | |||||||
3,425,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 10/1/2035 | 3.75 | 3,425,000 | 3,682,526 | |||||||
1,000,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 4/1/2049 | 4.00 | 1,002,852 | 1,077,720 | |||||||
500,000 | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH | 6/15/2041 | 5.25 | 508,112 | 564,425 | |||||||
655,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2042 | 3.90 | 655,000 | 672,646 | |||||||
970,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2042 | 4.13 | 970,000 | 1,004,183 | |||||||
1,530,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2043 | 3.85 | 1,530,000 | 1,626,099 | |||||||
880,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2046 | 3.80 | 880,000 | 915,411 | |||||||
770,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2048 | 3.90 | 770,000 | 824,862 | |||||||
1,000,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2048 | 4.00 | 1,002,047 | 1,076,540 | |||||||
1,000,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2049 | 3.35 | 1,000,000 | 1,031,920 | |||||||
995,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2049 | 4.00 | 995,000 | 1,086,013 | |||||||
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 | 1,029,790 | |||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2039 | 4.30 | 1,000,000 | 1,057,050 | |||||||
600,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2042 | 3.85 | 601,651 | 635,514 | |||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2047 | 3.65 | 1,000,000 | 1,040,640 | |||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2049 | 3.95 | 1,000,000 | 1,066,320 | |||||||
2,000,000 | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE | 6/15/2038 | 5.00 | 2,105,462 | 2,232,960 | |||||||
1,000,000 | NEW YORK ST HSG FIN AGY | 11/1/2041 | 4.10 | 1,000,000 | 1,087,000 | |||||||
1,000,000 | NEW YORK ST HSG FIN AGY | 11/1/2042 | 4.00 | 1,000,000 | 1,067,180 | |||||||
1,000,000 | NEW YORK ST HSG FIN AGY | 11/1/2048 | 3.95 | 1,000,000 | 1,065,880 | |||||||
1,500,000 | NEW YORK ST HSG FIN AGY REVENUE | 11/1/2034 | 3.65 | 1,500,000 | 1,567,995 | |||||||
500,000 | NEW YORK ST HSG FIN AGY REVENUE | 11/1/2045 | 5.10 | 500,000 | 545,255 | |||||||
4,000,000 | NEW YORK ST HSG FIN AGY REVENUE | 5/1/2048 | 4.10 | 4,000,000 | 4,120,000 | |||||||
930,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2036 | 3.90 | 930,000 | 996,030 | |||||||
435,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2042 | 3.75 | 435,000 | 443,739 | |||||||
1,000,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2043 | 4.20 | 1,000,000 | 1,097,230 | |||||||
1,490,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2048 | 3.80 | 1,490,000 | 1,568,344 | |||||||
2,000,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2049 | 2.95 | 2,000,000 | 2,000,580 | |||||||
1,000,000 | NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE | 7/1/2037 | 3.85 | 1,000,000 | 1,077,080 | |||||||
995,000 | NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE | 1/1/2041 | 3.95 | 1,007,513 | 1,061,774 | |||||||
990,000 | NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE | 1/1/2048 | 4.00 | 990,000 | 1,064,379 | |||||||
600,000 | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE | 10/1/2038 | 5.00 | 596,328 | 658,452 | |||||||
460,000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2048 | 4.00 | 487,731 | 493,980 | |||||||
565,000 | NORTH LAS VEGAS NV LOCAL IMPT(d) | 12/1/2027 | 4.00 | 552,666 | 589,583 | |||||||
565,000 | NORTH LAS VEGAS NV LOCAL IMPT(d) | 12/1/2037 | 5.00 | 566,122 | 616,432 | |||||||
500,000 | NORTH SPRINGS FL IMPT DIST | 5/1/2044 | 6.50 | 500,000 | 532,315 | |||||||
1,000,000 | NTHRN IL UNIV | 4/1/2026 | 5.50 | 1,001,163 | 1,017,960 | |||||||
1,400,000 | NTHRN PALM BEACH CNTY FL IMPT DIST | 8/1/2029 | 5.00 | 1,406,692 | 1,509,942 | |||||||
500,000 | NTHRN PALM BEACH CNTY FL IMPT DIST | 8/1/2037 | 5.00 | 509,712 | 542,750 | |||||||
2,000,000 | OAK PARK CA UNIF SCH DIST (Step to 7.10% on 8/1/2021)(b) | 8/1/2038 | 0.00 | 1,761,142 | 2,663,920 | |||||||
580,000 | OAKLAND CNTY MI ECON DEV CORP LTD OBLG REVENUE | 12/1/2020 | 6.50 | 579,417 | 587,952 | |||||||
910,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2039 | 3.35 | 817,666 | 940,367 |
30 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2019 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Municipal Bonds (Cont'd): | ||||||||||||
1,495,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2048 | 4.00 | $1,495,000 | 1,602,864 | |||||||
1,500,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 3/1/2049 | 4.00 | 1,500,000 | 1,620,330 | |||||||
1,000,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2049 | 3.35 | 1,000,000 | 1,028,350 | |||||||
1,000,000 | ORANGE CNTY FL HLTH FACS AUTH REVENUE | 8/1/2034 | 5.00 | 1,035,972 | 1,112,890 | |||||||
750,000 | ORANGE CNTY FL HLTH FACS AUTH REVENUE | 8/1/2035 | 5.00 | 777,588 | 849,720 | |||||||
1,000,000 | ORANGE CNTY FL HLTH FACS AUTH REVENUE | 8/1/2047 | 5.00 | 1,069,110 | 1,102,720 | |||||||
640,000 | ORANGE CNTY FL HSG FIN AUTH | 9/1/2035 | 3.80 | 640,000 | 675,648 | |||||||
2,000,000 | OREGON ST | 12/1/2039 | 3.90 | 2,000,000 | 2,090,460 | |||||||
645,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 7/1/2035 | 3.75 | 645,000 | 683,268 | |||||||
780,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 7/1/2038 | 4.00 | 780,000 | 796,411 | |||||||
1,280,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 7/1/2048 | 3.75 | 1,280,000 | 1,340,595 | |||||||
500,000 | PALISADE CO MET DIST #2 LIMITED TAX | 12/1/2046 | 5.00 | 511,001 | 518,195 | |||||||
500,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 6/1/2034 | 7.25 | 500,000 | 560,475 | |||||||
1,200,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 5/15/2036 | 5.00 | 1,302,607 | 1,361,568 | |||||||
500,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 6/1/2049 | 7.50 | 492,675 | 563,090 | |||||||
1,000,000 | PELL CITY AL SPL CARE FACS FING AUTH REVENUE | 12/1/2031 | 5.00 | 1,024,090 | 1,066,310 | |||||||
500,000 | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.65%)(e) | 7/1/2039 | 2.06 | 500,000 | 435,770 | |||||||
1,000,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2038 | 3.95 | 1,000,000 | 1,079,620 | |||||||
490,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2038 | 4.00 | 490,000 | 507,268 | |||||||
3,200,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2040 | 4.05 | 3,200,000 | 3,388,948 | |||||||
1,835,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2042 | 3.65 | 1,835,000 | 1,923,942 | |||||||
535,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2042 | 3.70 | 535,000 | 543,453 | |||||||
745,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2042 | 4.00 | 745,000 | 797,530 | |||||||
1,400,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2046 | 3.00 | 1,400,000 | 1,405,432 | |||||||
1,000,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2047 | 4.00 | 1,000,000 | 1,073,190 | |||||||
1,000,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2049 | 3.40 | 1,000,000 | 1,031,620 | |||||||
1,935,000 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE | 12/1/2035 | 5.13 | 1,929,003 | 2,020,643 | |||||||
1,500,000 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE (Step to 4.60% on 12/1/2021)(b) | 12/1/2037 | 0.00 | 1,355,606 | 1,561,920 | |||||||
1,000,000 | PEORIA AZ INDL DEV AUTH | 11/15/2029 | 5.25 | 1,000,000 | 1,019,700 | |||||||
300,000 | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES | 6/15/2023 | 6.13 | 300,000 | 320,133 | |||||||
750,000 | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES | 8/1/2036 | 5.63 | 739,924 | 795,473 | |||||||
750,000 | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES | 6/15/2049 | 5.00 | 782,471 | 793,658 | |||||||
1,000,000 | PHOENIX AZ INDL DEV AUTH EDU REVENUE(d) | 7/1/2036 | 5.13 | 986,112 | 1,089,950 | |||||||
750,000 | PHOENIX AZ INDL DEV AUTH EDU REVENUE | 7/1/2042 | 6.30 | 774,999 | 814,013 | |||||||
2,500,000 | PHOENIX AZ INDL DEV AUTH LEASE REVENUE | 6/1/2034 | 5.25 | 2,515,405 | 2,707,000 | |||||||
1,000,000 | PIKE PLACE MARKET WA PRESERVATION & DEV AUTH SPL OBLG | 12/1/2040 | 5.00 | 1,051,933 | 1,165,380 |
31 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2019 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Municipal Bonds (Cont'd): | ||||||||||||
900,000 | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE(d) | 12/1/2026 | 5.25 | $900,000 | 964,215 | |||||||
10,000 | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE | 7/1/2031 | 6.75 | 7,884 | 10,045 | |||||||
1,370,000 | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE(d) | 6/15/2035 | 5.38 | 1,461,466 | 1,506,890 | |||||||
750,000 | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE(d) | 6/15/2037 | 4.75 | 736,772 | 772,770 | |||||||
500,000 | PINELLAS CNTY FL INDL DEV AUTH INDL DEV REVENUE | 7/1/2039 | 5.00 | 556,020 | 582,570 | |||||||
2,625,000 | PITTSBURG CALIF UNI SCH DIST FING AUTH REV(g) | 9/1/2031 | 0.00 | 1,325,321 | 1,249,447 | |||||||
725,000 | POINCIANA FL W CDD SPL ASSMNT | 5/1/2030 | 5.38 | 717,740 | 774,510 | |||||||
1,500,000 | POLK CNTY OR HOSP FAC AUTH REVENUE | 7/1/2035 | 5.13 | 1,531,175 | 1,557,675 | |||||||
2,000,000 | PORT SAINT LUCIE FL RESEARCH FACS REVENUE | 5/1/2033 | 5.00 | 2,009,598 | 2,041,100 | |||||||
1,000,000 | PROMENADE CASTLE ROCK CO MET DIST #1 | 12/1/2025 | 5.13 | 1,000,000 | 1,051,880 | |||||||
200,000 | PUBLIC FIN AUTH WI CCRC REVENUE(d) | 6/1/2020 | 7.00 | 199,680 | 205,610 | |||||||
1,500,000 | PUBLIC FIN AUTH WI CCRC REVENUE(d) | 6/1/2046 | 8.25 | 1,538,716 | 1,656,645 | |||||||
16,520 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g) | 1/1/2046 | 0.00 | 906 | 583 | |||||||
18,299 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g) | 1/1/2047 | 0.00 | 980 | 642 | |||||||
17,930 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g) | 1/1/2048 | 0.00 | 943 | 624 | |||||||
17,786 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g) | 1/1/2049 | 0.00 | 919 | 615 | |||||||
17,496 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g) | 1/1/2050 | 0.00 | 888 | 600 | |||||||
18,980 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g) | 1/1/2051 | 0.00 | 947 | 647 | |||||||
451,406 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(e)(f) | 7/1/2051 | 3.75 | 449,050 | 405,218 | |||||||
19,357 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g) | 1/1/2052 | 0.00 | 949 | 656 | |||||||
19,095 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g) | 1/1/2053 | 0.00 | 921 | 643 | |||||||
18,909 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g) | 1/1/2054 | 0.00 | 898 | 633 | |||||||
18,634 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g) | 1/1/2055 | 0.00 | 870 | 621 | |||||||
18,360 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g) | 1/1/2056 | 0.00 | 845 | 609 | |||||||
97,028 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d) | 7/1/2056 | 5.50 | 96,856 | 94,155 | |||||||
18,454 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g) | 1/1/2057 | 0.00 | 1,621 | 610 | |||||||
18,165 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g) | 1/1/2058 | 0.00 | 808 | 596 | |||||||
17,992 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g) | 1/1/2059 | 0.00 | 790 | 588 | |||||||
17,834 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g) | 1/1/2060 | 0.00 | 773 | 581 | |||||||
17,573 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g) | 1/1/2061 | 0.00 | 752 | 570 | |||||||
17,400 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g) | 1/1/2062 | 0.00 | 736 | 562 | |||||||
17,125 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g) | 1/1/2063 | 0.00 | 716 | 551 | |||||||
16,967 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g) | 1/1/2064 | 0.00 | 701 | 544 | |||||||
16,823 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g) | 1/1/2065 | 0.00 | 686 | 537 | |||||||
16,731 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g) | 1/1/2066 | 0.00 | 675 | 532 | |||||||
215,987 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g) | 1/1/2067 | 0.00 | 8,340 | 6,847 | |||||||
535,000 | PUBLIC FIN AUTH WI REVENUE | 4/1/2025 | 5.00 | 537,546 | 572,279 | |||||||
1,250,000 | PUBLIC FIN AUTH WI REVENUE(d) | 11/1/2028 | 6.25 | 1,250,000 | 1,409,012 |
32 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2019 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Municipal Bonds (Cont'd): | ||||||||||||
600,000 | PUBLIC FIN AUTH WI REVENUE | 4/1/2032 | 5.50 | $600,000 | 634,794 | |||||||
1,000,000 | PUBLIC FIN AUTH WI REVENUE(d) | 1/1/2033 | 6.13 | 988,748 | 1,061,520 | |||||||
341,645 | PUBLIC FIN AUTH WI REVENUE(g) | 10/1/2042 | 0.00 | 377,090 | 66,292 | |||||||
515,000 | PUBLIC FIN AUTH WI REVENUE | 10/1/2042 | 7.00 | 534,226 | 525,032 | |||||||
450,000 | PUBLIC FIN AUTH WI REVENUE(d) | 12/1/2048 | 5.50 | 450,000 | 443,610 | |||||||
1,265,000 | PUBLIC FIN AUTH WI SENIOR LIVING REVENUE(d) | 11/15/2024 | 5.00 | 1,263,431 | 1,328,073 | |||||||
520,000 | PUBLIC FIN AUTH WIS ED REV(d) | 6/15/2049 | 5.00 | 527,363 | 551,221 | |||||||
1,500,000 | PUERTO RICO CMWLTH | 7/1/2035 | 5.00 | 1,500,000 | 1,574,565 | |||||||
930,000 | QUECHAN INDIAN TRIBE AZ FORT YUMA INDIAN RESERVATION | 5/1/2025 | 9.75 | 930,000 | 1,020,526 | |||||||
750,000 | RED RIVER TX HLTH FACS DEV CORP RETIREMENT FAC REVENUE | 11/15/2034 | 7.50 | 746,561 | 889,065 | |||||||
1,000,000 | REDONDO BEACH CA UNIF SCH DIST | 8/1/2034 | 6.38 | 997,695 | 1,318,130 | |||||||
750,000 | REEF-SUNSET CA UNIF SCH DIST (Step to 4.85% on 8/1/2021)(b) | 8/1/2038 | 0.00 | 686,919 | 788,805 | |||||||
665,000 | RHODE ISLAND ST HSG & MTGE FIN CORP | 10/1/2028 | 4.00 | 662,492 | 683,899 | |||||||
750,000 | RHODE ISLAND ST HSG & MTGE FIN CORP | 10/1/2037 | 3.90 | 750,000 | 775,403 | |||||||
1,000,000 | RIVERSIDE CA CMNTY PPTYS DEV INC LEASE REVENUE | 10/15/2038 | 6.00 | 1,012,828 | 1,194,230 | |||||||
1,000,000 | ROCHESTER MN | 9/1/2038 | 5.13 | 1,000,000 | 1,046,560 | |||||||
500,000 | ROWLEY MA | 5/1/2027 | 4.00 | 500,000 | 501,070 | |||||||
1,500,000 | S TAHOE CA JT PWRS FING AUTH LEASE REVENUE | 10/1/2030 | 5.00 | 1,591,042 | 1,737,150 | |||||||
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 | 2.00 | 350,000 | 323,680 | |||||||
750,000 | SAINT LOUIS CNTY MO INDL DEV AUTH SENIOR LIVING FACS | 9/1/2042 | 5.00 | 759,120 | 794,333 | |||||||
750,000 | SAINT TAMMANY LA PUBLIC TRUST FING AUTH | 11/15/2037 | 5.25 | 758,348 | 823,163 | |||||||
500,000 | SAN DIEGO CA HSG AUTH MF HSG REVENUE | 5/1/2029 | 5.00 | 500,000 | 524,395 | |||||||
1,500,000 | SAN GABRIEL CA UNIF SCH DIST | 8/1/2039 | 5.35 | 1,496,544 | 1,663,740 | |||||||
1,000,000 | SAN JOSE CA FING AUTH | 6/1/2039 | 5.00 | 1,029,651 | 1,125,490 | |||||||
500,000 | SANTA MONICA CA REDEV AGY | 7/1/2036 | 5.88 | 504,657 | 539,260 | |||||||
1,000,000 | SCHERERVILLE IN ECON DEV REVENUE | 1/15/2030 | 6.00 | 1,008,842 | 1,140,880 | |||||||
1,000,000 | SCOTTS BLUFF CNTY NE HOSP AUTH | 2/1/2037 | 5.25 | 1,043,814 | 1,120,430 | |||||||
770,000 | SEATTLE WA HSG AUTH POOLED HSG REVENUE | 9/15/2033 | 5.75 | 778,114 | 874,597 | |||||||
500,000 | SEVEN OAKS FL CMNTY DEV DIST SPL ASSMNT REVENUE | 5/1/2033 | 5.50 | 490,622 | 525,930 | |||||||
150,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(c) | 1/1/2019 | 5.35 | 134,965 | 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 | 533,060 | 541,076 | |||||||
180,000 | SILVERLEAF FL CDD CAPITAL IMPT REVENUE | 5/1/2044 | 6.75 | 176,800 | 196,533 | |||||||
500,000 | SNOHOMISH CNTY WA HSG AUTH | 4/1/2044 | 4.00 | 508,705 | 539,775 | |||||||
200,000 | SOUTH CAROLINA ST EDU ASSISTANCE AUTH | 10/1/2029 | 5.10 | 198,449 | 200,110 | |||||||
1,000,000 | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE | 12/1/2038 | 5.00 | 1,040,000 | 1,127,610 | |||||||
1,400,000 | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE | 12/1/2043 | 5.75 | 1,444,297 | 1,648,570 | |||||||
500,000 | SOUTH DAKOTA ST HLTH & EDUCTNL FACS AUTH | 9/1/2032 | 5.00 | 499,500 | 513,160 | |||||||
1,000,000 | SPRINGDALE AR SALES & USE REVENUE | 4/1/2041 | 3.60 | 972,196 | 1,036,020 | |||||||
500,000 | ST VRAIN LAKES MET DIST #2 | 12/1/2037 | 5.00 | 500,000 | 526,210 | |||||||
1,000,000 | STC MET DIST #2 CO | 12/1/2038 | 6.00 | 972,213 | 1,032,080 | |||||||
142,538 | STERLING HILL FL CDD CAPITAL IMPT REVENUE(c) | 11/1/2010 | 5.50 | 142,538 | 91,224 | |||||||
1,000,000 | SUGAR LAND TX DEV CORP SALES TAX REVENUE | 2/15/2033 | 5.00 | 1,052,175 | 1,101,200 |
33 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2019 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Municipal Bonds (Cont'd): | ||||||||||||
2,320,000 | SULPHUR SPRINGS CA UNION SCH DIST COPS | 12/1/2037 | 6.50 | $2,318,121 | 2,867,140 | |||||||
1,500,000 | SUTTER BUTTE CA FLOOD AGY ASSMNT REVENUE | 10/1/2038 | 4.00 | 1,484,176 | 1,591,140 | |||||||
1,100,000 | TALLAHASSEE FL HLTH FACS REVENUE | 12/1/2040 | 5.00 | 1,147,896 | 1,237,995 | |||||||
500,000 | TALLMAN GULCH MET DIST CO | 12/1/2047 | 5.25 | 500,000 | 514,805 | |||||||
1,000,000 | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE | 11/15/2038 | 5.00 | 1,045,407 | 1,102,810 | |||||||
1,000,000 | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENUE(c) | 11/15/2022 | 5.50 | 1,000,000 | 700,000 | |||||||
750,000 | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENUE | 11/15/2024 | 5.63 | 750,000 | 752,115 | |||||||
750,000 | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENUE | 11/15/2035 | 5.00 | 771,885 | 788,655 | |||||||
1,485,000 | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENUE | 11/15/2037 | 6.63 | 1,506,710 | 1,722,897 | |||||||
750,000 | TAYLOR MI BROWNFIELD REDEV AUTH | 5/1/2032 | 5.00 | 777,935 | 838,882 | |||||||
500,000 | TEMPE AZ INDL DEV AUTH REVENUE(d) | 10/1/2024 | 4.70 | 498,871 | 512,725 | |||||||
500,000 | TEMPE AZ INDL DEV AUTH REVENUE(d) | 10/1/2037 | 6.00 | 502,789 | 577,115 | |||||||
795,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 1/1/2031 | 3.60 | 801,299 | 810,232 | |||||||
985,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2042 | 3.85 | 985,000 | 1,051,970 | |||||||
985,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2042 | 3.90 | 985,000 | 1,055,368 | |||||||
2,000,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2044 | 4.00 | 2,014,602 | 2,177,980 | |||||||
990,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 1/1/2049 | 3.95 | 990,000 | 1,056,310 | |||||||
1,975,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 1/1/2049 | 4.05 | 1,975,000 | 2,114,237 | |||||||
2,250,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2049 | 2.95 | 2,250,000 | 2,239,920 | |||||||
510,000 | TENNESSEE ST HSG DEV AGY | 1/1/2035 | 3.85 | 510,000 | 535,826 | |||||||
1,000,000 | TEXAS ST AFFORDABLE HSG CORP SF MTGE REVENUE | 3/1/2050 | 4.00 | 1,025,230 | 1,082,270 | |||||||
2,000,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 9/1/2044 | 3.63 | 2,048,273 | 2,131,660 | |||||||
1,000,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 9/1/2048 | 4.25 | 1,018,849 | 1,089,660 | |||||||
1,000,000 | THOMPSON CROSSING MET DIST #4 CO | 12/1/2049 | 5.00 | 1,056,940 | 1,065,140 | |||||||
700,000 | TOBACCO SETTLEMENT FING CORP NJ | 6/1/2046 | 5.00 | 704,854 | 771,253 | |||||||
500,000 | TOLOMATO FL CDD | 5/1/2037 | 4.25 | 500,000 | 511,475 | |||||||
50,000 | TOLOMATO FL CDD (Step to 6.61% on 5/1/2022)(b) | 5/1/2040 | 0.00 | 47,101 | 43,001 | |||||||
115,000 | TOLOMATO FL CDD (Step to 6.61% on 11/1/2024)(b) | 5/1/2040 | 0.00 | 80,942 | 80,736 | |||||||
185,000 | TOLOMATO FL CDD (Step to 6.61% on 11/1/2021)(b) | 5/1/2040 | 0.00 | 162,618 | 157,729 | |||||||
1,500,000 | TOLOMATO FL CDD | 5/1/2040 | 3.75 | 1,441,582 | 1,602,675 | |||||||
125,000 | TOLOMATO FL CDD(c) | 5/1/2040 | 6.61 | - | 1 | |||||||
1,000,000 | TRACY CA JT UNIF SCH DIST (Step to 7.30% on 8/1/2027)(b) | 8/1/2041 | 0.00 | 663,830 | 1,000,180 | |||||||
600,000 | TRAVIS CNTY TX HLTH FACS DEV CORP | 1/1/2046 | 7.13 | 625,620 | 641,994 | |||||||
700,000 | TROUT CREEK CDD FL CAPITAL IMPT REVENUE | 5/1/2038 | 5.38 | 700,000 | 752,990 | |||||||
500,000 | TSR CDD FL SPL ASSMNT REVENUE | 11/1/2035 | 5.38 | 498,662 | 551,100 | |||||||
1,250,000 | TUSTIN CA UNIF SCH DIST | 8/1/2028 | 6.00 | 1,245,639 | 1,360,200 | |||||||
485,000 | UNIVERSAL ACADEMY MI PUBLIC SCH ACADEMY REVENUE | 12/1/2023 | 6.50 | 480,649 | 502,416 | |||||||
750,000 | UPPER IL RIVER VLY DEV AUTH(d) | 12/1/2022 | 4.00 | 745,585 | 756,255 | |||||||
750,000 | UPPER IL RIVER VLY DEV AUTH(d) | 12/1/2037 | 5.25 | 767,030 | 809,805 | |||||||
1,000,000 | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE(d) | 7/15/2033 | 4.65 | 989,923 | 1,018,800 | |||||||
1,000,000 | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE | 10/15/2033 | 6.50 | 1,000,000 | 1,002,910 | |||||||
1,000,000 | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE(d) | 4/15/2045 | 6.00 | 1,004,847 | 1,010,800 | |||||||
110,000 | UTAH ST HSG CORP SF MTGE REVENUE | 1/1/2033 | 5.75 | 110,000 | 110,933 | |||||||
490,000 | VANCOUVER WA HSG AUTH | 3/1/2025 | 5.00 | 481,862 | 497,492 | |||||||
1,000,000 | VANCOUVER WA HSG AUTH | 8/1/2034 | 3.75 | 983,216 | 1,076,040 |
34 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2019 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Municipal Bonds (Cont'd): | ||||||||||||
500,000 | VELOCITY MET DIST #3 CO | 12/1/2039 | 5.38 | $500,000 | 533,615 | |||||||
680,000 | VERMONT ST HSG FIN AGY | 5/1/2032 | 4.88 | 677,401 | 729,144 | |||||||
1,000,000 | VIRGINIA ST HSG DEV AUTH | 7/1/2033 | 4.13 | 1,000,000 | 1,060,920 | |||||||
3,500,000 | VIRGINIA ST HSG DEV AUTH CMWLTH MTGE | 1/1/2038 | 3.88 | 3,490,250 | 3,634,715 | |||||||
1,170,000 | VLG FL CDD #7 SPL ASSMNT REVENUE | 5/1/2036 | 4.00 | 1,162,981 | 1,250,250 | |||||||
530,000 | WASHINGTON ST HSG FIN COMMISSION(d) | 7/1/2025 | 6.00 | 532,529 | 574,849 | |||||||
1,000,000 | WASHINGTON ST HSG FIN COMMISSION(d) | 1/1/2031 | 5.00 | 1,001,464 | 1,131,790 | |||||||
750,000 | WASHINGTON ST HSG FIN COMMISSION(d) | 7/1/2031 | 5.00 | 794,232 | 828,900 | |||||||
675,000 | WASHINGTON ST HSG FIN COMMISSION(d) | 1/1/2035 | 5.75 | 675,000 | 697,424 | |||||||
600,000 | WASHINGTON ST HSG FIN COMMISSION(d) | 7/1/2036 | 5.00 | 632,257 | 651,762 | |||||||
500,000 | WASHINGTON ST HSG FIN COMMISSION(d) | 1/1/2038 | 5.00 | 541,866 | 567,520 | |||||||
1,000,000 | WASHINGTON ST HSG FIN COMMISSION(d) | 1/1/2044 | 5.00 | 1,091,540 | 1,094,040 | |||||||
955,000 | WASHINGTON ST HSG FIN COMMISSION | 12/1/2047 | 4.00 | 1,008,485 | 1,004,670 | |||||||
4,000 | WATERS EDGE FL CDD CAPITAL IMPT REVENUE | 5/1/2039 | 5.35 | 4,000 | 4,001 | |||||||
105,000 | WATERS EDGE FL CDD CAPITAL IMPT REVENUE | 5/1/2039 | 6.60 | 104,240 | 105,792 | |||||||
1,500,000 | WEST VIRGINIA ST HSG DEV FUND | 11/1/2032 | 3.75 | 1,500,000 | 1,597,605 | |||||||
450,000 | WEST VIRGINIA ST HSG DEV FUND | 11/1/2047 | 4.13 | 450,000 | 468,041 | |||||||
1,500,000 | WEST VLY CITY UT MUNI BLDG AUTH LEASE REVENUE | 2/1/2039 | 5.00 | 1,644,312 | 1,780,965 | |||||||
550,000 | WESTCHESTER CO NY LOCAL DEV CORP REVENUE | 1/1/2034 | 5.00 | 565,409 | 588,192 | |||||||
685,000 | WESTMONT IL PARK DIST(g) | 12/1/2031 | 0.00 | 336,052 | 386,326 | |||||||
685,000 | WESTMONT IL PARK DIST(g) | 12/1/2033 | 0.00 | 292,822 | 337,842 | |||||||
1,500,000 | WICHITA KS HLTH CARE FACS REVENUE | 5/15/2034 | 6.25 | 1,500,064 | 1,501,830 | |||||||
700,000 | WICHITA KS HLTH CARE FACS REVENUE | 12/1/2036 | 5.25 | 712,138 | 764,932 | |||||||
1,000,000 | WINDSHIRE PARK CO MET DIST #2 | 12/1/2047 | 6.50 | 1,083,063 | 1,127,440 | |||||||
740,000 | WIREGRASS FL CDD CAPITAL IMPT REVENUE | 5/1/2035 | 5.38 | 736,079 | 798,519 | |||||||
630,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 7/1/2030 | 5.75 | 631,733 | 650,620 | |||||||
1,300,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 8/15/2032 | 5.00 | 1,388,499 | 1,495,858 | |||||||
700,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 6/1/2037 | 5.00 | 733,343 | 758,625 | |||||||
500,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 9/15/2040 | 5.00 | 515,533 | 527,455 | |||||||
2,000,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 8/15/2043 | 5.00 | 2,060,259 | 2,177,100 | |||||||
1,400,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 9/15/2045 | 5.00 | 1,440,912 | 1,471,596 | |||||||
2,000,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 10/1/2048 | 5.13 | 1,962,961 | 2,143,420 | |||||||
500,000 | WISCONSIN ST HSG & ECON DEV AUTH | 11/1/2035 | 3.88 | 500,000 | 531,800 | |||||||
1,000,000 | WISCONSIN ST HSG & ECON DEV AUTH | 11/1/2040 | 4.00 | 1,000,000 | 1,060,500 | |||||||
1,000,000 | WISCONSIN ST HSG & ECON DEV AUTH | 11/1/2042 | 3.90 | 1,004,187 | 1,065,420 | |||||||
1,500,000 | WISCONSIN ST HSG & ECON DEV AUTH | 5/1/2055 | 4.15 | 1,500,000 | 1,605,090 | |||||||
935,000 | WYANDOTTE CNTY KS KANSAS CITY UNIF GOVT SPL OBLG REVENUE | 9/1/2032 | 5.75 | 929,084 | 1,028,640 | |||||||
750,000 | WYNNFIELD LAKES FL CDD | 5/1/2036 | 4.50 | 745,252 | 805,155 | |||||||
810,000 | WYOMING ST CMNTY DEV AUTH HSG REVENUE | 12/1/2038 | 3.90 | 810,000 | 864,602 | |||||||
1,645,000 | WYOMING ST CMNTY DEV AUTH HSG REVENUE | 12/1/2038 | 4.05 | 1,645,000 | 1,692,705 | |||||||
350,934 | ZEPHYR RIDGE FL CDD CAPITAL IMPT REVENUE(c) | 5/1/2013 | 5.25 | 351,276 | 294,784 | |||||||
Sub-total Municipal Bonds: | 491,274,153 | 521,349,554 | 90.97% |
35 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2019 (unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Short-Term Investments: | ||||||||||||
20,246,489 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 1.85%(i) | $20,246,489 | 20,246,489 | |||||||||
Sub-total Short-Term Investments: | 20,246,489 | 20,246,489 | 3.53% | |||||||||
Grand total | $540,161,720 | 571,934,022 | 99.79% |
Notes to Schedule of Investments: | |
(a) | Investments in U.S. and foreign securities generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market in which such securities are traded. Foreign security values are stated in U.S. dollars. Debt securities are valued at the market price supplied by an independent pricing vendor provided such prices are believed to reflect the fair value of such securities. |
(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 September 30, 2019 is disclosed. |
(f) | 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. |
(g) | Zero coupon bond. |
(h) | Restricted security that has been deemed illiquid. At September 30, 2019, the value of these restricted illiquid securities amounted to $3,587,846 or 0.63% of net assets. Additional information on these restricted illiquid securities is as follows: |
SECURITY | AQUISITION DATE | ACQUISITION COST |
COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REV, 7.25%, 5/15/26 | 12/16/13 | $ 750,000 |
COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REV, 8.13%, 5/15/44 | 6/27/17-4/12/18 | 1,961,290 |
KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE, 5.75%, 11/15/36 | 12/18/15 | 1,300,000 |
(i) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2018, the value of the Clearwater Tax-Exempt Bond Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $4,274,380 with net purchases of $15,972,109 for the nine months ended September 30, 2019. |
Diversification of investments representing geographic diversification, as a percentage of total investments at fair value, is as follows:
Geographical Diversification | Percent | |
Florida | 10.70% | |
Illinois | 10.59 | |
California | 8.41 | |
Texas | 6.41 | |
New York | 5.25 | |
Colorado | 4.66 | |
Pennsylvania | 4.15 | |
Georgia | 3.96 | |
Wisconsin | 3.93 | |
Indiana | 3.38 | |
Other | 38.56 | |
100.00% | ||
36 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2019 (unaudited)
At September 30, 2019, the Fund had open futures contracts as follows:
Type | Number of Contracts | Notional Amount | Contract Position | Contract Exp. | Value and Unrealized Appreciation (Depreciation) | |||||
10-Year U.S. Treasury Note | 74 | $(9,643,125) | Short | 12/19 | $81,852 | |||||
U.S. Treasury Long Bond | 30 | (4,869,375) | Short | 12/19 | 56,484 | |||||
5-Year U.S. Treasury Note | 61 | (7,268,055) | Short | 12/19 | 44,127 | |||||
$182,463 |
Fair value is an estimate of the price the Clearwater Tax-Exempt Bond Fund 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 Clearwater Tax-Exempt Bond Fund's investments and other financial instruments, as described below. 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 measurements. 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. |
Debt securities are valued at the market price supplied by an independent pricing vendor provided such prices are believed to reflect the fair value of such securities. Investments in closed-end funds are valued at the last sales price or the regular trading session closing price on the principal exchange or market in which the funds are traded. 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. Security transactions are accounted for as of trade date. Wherever possible, the Clearwater Tax-Exempt Bond Fund uses independent pricing services approved by the Board of Trustees of Clearwater Investment Trust to value its investments. When prices are not readily available (including those for which trading has been suspended), are determined not to reflect fair value, or when the Adviser becomes aware that a significant event impacting the value of a security or group of securities has occurred after the closing of the exchange on which the security or securities principally trade, but before the calculation of the daily net asset value, the Clearwater Tax-Exempt Bond Fund may value these securities at fair value as determined in good faith using procedures established by the Board of Trustees.
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 the Clearwater Tax-Exempt Bond Fund’s investments and other financial instruments, if any, which are carried at fair value, as of September 30, 2019.
37 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2019 (unaudited)
On August 28, 2018, the FASB issued Accounting Standards Update ("ASU") 2018-13, “Disclosure Framework -- Changes to the Disclosure Requirements for Fair Value 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 upon issuance of this ASU. The Fund has early adopted ASU 2018-13 for the period ended September 30, 2019.
Tax-Exempt Bond Fund (a) | ||||
Level 1 | Level 2 | Level 3 | Total | |
Assets | ||||
Closed-End Funds | $30,337,979 | $— | $— | $30,337,979 |
Municipal Bonds | ||||
Airports | — | 2,772,570 | — | 2,772,570 |
Development | — | 44,723,295 | — | 44,723,295 |
Education | — | 39,853,588 | — | 39,853,588 |
Facilities | — | 2,779,024 | — | 2,779,024 |
General | — | 47,476,297 | — | 47,476,297 |
General Obligations | — | 21,043,016 | — | 21,043,016 |
Higher Education | — | 17,297,792 | — | 17,297,792 |
Housing | — | 23,501,532 | — | 23,501,532 |
Medical | — | 27,362,191 | — | 27,362,191 |
Mello-Roos | — | 703,926 | — | 703,926 |
Multifamily Housing | — | 45,155,055 | — | 45,155,055 |
Nursing Home | — | 75,639,684 | — | 75,639,684 |
Power | — | 3,899,980 | — | 3,899,980 |
School District | — | 34,347,192 | — | 34,347,192 |
Single Family Housing | — | 117,963,242 | — | 117,963,242 |
Student Loan | — | 578,849 | — | 578,849 |
Tobacco Settlement | — | 1,491,576 | — | 1,491,576 |
Transportation | — | 7,483,683 | — | 7,483,683 |
Water | — | 7,277,062 | — | 7,277,062 |
Short Term Investments | 20,246,489 | — | — | 20,246,489 |
Total Assets | $50,584,468 | $521,349,554 | $— | $571,934,022 |
For the Clearwater Tax-Exempt Bond Fund, 100% of the investment value is comprised of closed-end funds, municipal bonds, and short-term investments. Investments in closed-end funds and short-term securities generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. Investments in municipal bonds generally are based on valuations using adjusted evaluated prices provided by the primary pricing provider. The Board of Trustees has delegated to the Valuation Committee the responsibility to determine in good faith the fair value of securities for which no price quotation is available from an approved pricing service or broker-dealer at the time the Clearwater Tax-Exempt Bond Fund’s net asset value is calculated, including securities for which the prices do not represent fair value or for which a significant event occurs that materially affects the value of the security after the close of the market on which the security principally trades and before the time the Clearwater Tax-Exempt Bond Fund’s net asset value is calculated.
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Futures contracts | $182,463 | $— | $— | $182,463 |
38 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
September 30, 2019 (unaudited)
Clearwater Tax-Exempt Bond Fund Portfolio Diversification
(as a percentage of net assets)
![](https://capedge.com/proxy/NPORT-P/0001145549-19-047680/imgd2867d9f3.jpg)
39 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Common Stocks: | ||||||||
Australia: | ||||||||
275,180 | ADAIRS LTD. | $331,893 | 352,892 | |||||
79,351 | AFTERPAY TOUCH GROUP LTD.(b) | 1,755,206 | 1,921,124 | |||||
102,780 | ALLIANCE AVIATION SERVICES LTD. | 167,434 | 159,554 | |||||
23,329 | ALUMINA LTD. | 18,929 | 37,318 | |||||
41,047 | APA GROUP | 230,317 | 317,496 | |||||
2,724 | ARISTOCRAT LEISURE LTD. | 41,431 | 56,260 | |||||
2,554 | ASX LTD. | 51,631 | 139,750 | |||||
33,277 | AUSTRALIA & NEW ZEALAND BANKING GROUP LTD. | 459,190 | 640,568 | |||||
155,819 | AVENTUS GROUP | 289,289 | 278,701 | |||||
10,595 | BANK OF QUEENSLAND LTD. | 66,090 | 70,939 | |||||
250,708 | BEACH ENERGY LTD. | 466,720 | 428,115 | |||||
179,910 | BGP HOLDINGS PLC(b)(c) | - | - | |||||
11,117 | BHP GROUP LTD. | 128,168 | 275,526 | |||||
17,400 | BRAMBLES LTD. | 64,294 | 133,883 | |||||
49,542 | CEDAR WOODS PROPERTIES LTD. | 234,956 | 232,062 | |||||
7,457 | COCA-COLA AMATIL LTD. | 47,691 | 53,603 | |||||
971 | COCHLEAR LTD. | 35,893 | 136,417 | |||||
19,339 | COLES GROUP LTD. | 154,507 | 201,014 | |||||
20,406 | COMMONWEALTH BANK OF AUSTRALIA | 787,834 | 1,113,274 | |||||
42,437 | CSL LTD. | 2,788,771 | 6,693,549 | |||||
14,184 | DEXUS | 62,970 | 114,212 | |||||
97,180 | FORTESCUE METALS GROUP LTD. | 212,026 | 577,206 | |||||
18,737 | GOODMAN GROUP | 48,414 | 179,328 | |||||
17,655 | HARVEY NORMAN HOLDINGS LTD. | 46,984 | 53,981 | |||||
191,776 | HT&E LTD. | 241,003 | 239,463 | |||||
18,683 | INCITEC PIVOT LTD. | 30,152 | 42,748 | |||||
46,677 | INSURANCE AUSTRALIA GROUP LTD. | 120,292 | 248,887 | |||||
12,403 | LENDLEASE GROUP | 80,469 | 147,002 | |||||
7,617 | MACQUARIE GROUP LTD. | 165,840 | 673,895 | |||||
25,670 | MINERAL RESOURCES LTD. | 246,214 | 231,821 | |||||
265,148 | NANOSONICS LTD.(b) | 1,140,685 | 1,129,248 | |||||
21,604 | NATIONAL AUSTRALIA BANK LTD. | 339,956 | 433,074 | |||||
185,584 | NEW HOPE CORP. LTD. | 317,284 | 275,572 | |||||
10,055 | NEWCREST MINING LTD. | 111,010 | 235,835 | |||||
11,934 | ORIGIN ENERGY LTD. | 57,430 | 64,197 | |||||
16,330 | ORORA LTD. | 16,762 | 31,853 | |||||
416 | PERPETUAL LTD. | 7,027 | 10,512 | |||||
92,392 | QANTAS AIRWAYS LTD. | 401,744 | 392,244 | |||||
2,468 | RAMSAY HEALTH CARE LTD. | 49,765 | 108,059 | |||||
20,500 | SANTOS LTD. | 45,732 | 106,956 | |||||
51,054 | SCENTRE GROUP | 112,650 | 135,423 | |||||
5,884 | SEEK LTD. | 49,598 | 85,266 | |||||
9,824 | SONIC HEALTHCARE LTD. | 79,849 | 185,991 | |||||
101,955 | SOUTH32 LTD. | 70,421 | 180,294 | |||||
43,370 | STOCKLAND | 115,690 | 133,190 | |||||
59,531 | SUPER RETAIL GROUP LTD. | 404,224 | 398,590 | |||||
9,837 | SYDNEY AIRPORT | 33,263 | 53,315 | |||||
15,554 | TABCORP HOLDINGS LTD. | 31,536 | 50,916 | |||||
30,431 | TELSTRA CORP. LTD. | 66,394 | 72,093 | |||||
13,099 | TRANSURBAN GROUP | 79,000 | 129,877 | |||||
12,264 | TREASURY WINE ESTATES LTD. | 49,093 | 153,715 | |||||
33,315 | VICINITY CENTRES | 46,791 | 57,789 | |||||
4,676 | WASHINGTON H. SOUL PATTINSON & CO. LTD. | 66,506 | 66,372 | |||||
9,847 | WESFARMERS LTD. | 239,645 | 264,520 | |||||
78,500 | WESTPAC BANKING CORP. | 1,161,598 | 1,570,433 | |||||
2,163 | WOOLWORTHS GROUP LTD. | 49,401 | 54,426 | |||||
5,244 | WORLEYPARSONS LTD. | 41,881 | 46,048 | |||||
436,398 | ZIP CO. LTD.(b) | 1,080,151 | 1,369,643 | |||||
15,639,694 | 23,546,039 | 3.90% | ||||||
Austria: | ||||||||
1,388 | ANDRITZ A.G. | 48,521 | 56,732 | |||||
8,998 | BAWAG GROUP A.G.(b)(d) | 357,978 | 354,242 | |||||
3,566 | ERSTE GROUP BANK A.G.(b) | 63,769 | 117,924 | |||||
93 | IMMOFINANZ A.G.(b) | - | 2,590 | |||||
313 | STRABAG S.E. (BEARER) | 5,505 | 10,047 | |||||
34,691 | TELEKOM AUSTRIA A.G.(b) | 259,973 | 252,202 |
40 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Austria (Cont'd): | ||||||||
631 | UBM DEVELOPMENT A.G. | $28,972 | 28,955 | |||||
21,794 | VIENNA INSURANCE GROUP A.G. WIENER VERSICHERUNG GRUPPE | 595,919 | 567,730 | |||||
2,012 | VOESTALPINE A.G. | 45,304 | 46,228 | |||||
13,496 | WIENERBERGER A.G. | 337,601 | 328,621 | |||||
1,743,542 | 1,765,271 | 0.29% | ||||||
Belgium: | ||||||||
7,120 | AGEAS | 106,907 | 394,851 | |||||
13,180 | ANHEUSER-BUSCH INBEV S.A./N.V. | 452,184 | 1,255,836 | |||||
23,090 | GROUPE BRUXELLES LAMBERT S.A. | 2,015,631 | 2,217,208 | |||||
10,697 | KBC GROUP N.V. | 464,860 | 695,121 | |||||
21,394 | ONTEX GROUP N.V. | 501,601 | 384,987 | |||||
2,190 | PROXIMUS SADP | 49,577 | 65,046 | |||||
1,091 | UCB S.A. | 54,623 | 79,196 | |||||
1,545 | UMICORE S.A. | 45,694 | 58,316 | |||||
3,691,077 | 5,150,561 | 0.85% | ||||||
Brazil: | ||||||||
164,900 | GRUPO SBF S.A.(b) | 824,071 | 895,749 | |||||
85,700 | NOTRE DAME INTERMEDICA PARTICIPACOES S.A. | 1,172,732 | 1,118,961 | |||||
1,996,803 | 2,014,710 | 0.33% | ||||||
Canada: | ||||||||
2,489 | AGNICO EAGLE MINES LTD. | 77,836 | 133,388 | |||||
9,634 | ALIMENTATION COUCHE-TARD, INC., CLASS B | 138,408 | 295,234 | |||||
31,523 | ALTAGAS LTD. | 346,931 | 462,786 | |||||
1,550 | BANK OF MONTREAL | 72,773 | 114,163 | |||||
9,893 | BANK OF NOVA SCOTIA (THE) | 435,296 | 561,911 | |||||
40,918 | BARRICK GOLD CORP. | 384,639 | 707,884 | |||||
49,653 | BOMBARDIER, INC., CLASS B(b) | 48,169 | 67,086 | |||||
17,842 | BROOKFIELD ASSET MANAGEMENT, INC., CLASS A | 164,184 | 947,416 | |||||
11,000 | BRP, INC. (SUB VOTING) | 430,510 | 428,011 | |||||
75,440 | CAE, INC. | 1,709,693 | 1,916,678 | |||||
6,639 | CANADIAN IMPERIAL BANK OF COMMERCE | 268,953 | 547,767 | |||||
15,994 | CANADIAN NATIONAL RAILWAY CO. | 292,557 | 1,436,122 | |||||
12,304 | CANADIAN NATURAL RESOURCES LTD. | 244,423 | 327,370 | |||||
3,606 | CANADIAN PACIFIC RAILWAY LTD. | 112,878 | 801,358 | |||||
21,134 | CANADIAN PACIFIC RAILWAY LTD. (NEW YORK EXCHANGE) | 2,737,906 | 4,701,470 | |||||
6,144 | CANADIAN TIRE CORP. LTD., CLASS A | 632,301 | 689,458 | |||||
1,449 | CANADIAN UTILITIES LTD., CLASS A | 34,882 | 42,709 | |||||
710 | CANADIAN WESTERN BANK | 17,878 | 17,836 | |||||
13,500 | CARGOJET, INC. | 1,013,682 | 959,067 | |||||
1,570 | CCL INDUSTRIES, INC., CLASS B | 45,979 | 63,329 | |||||
16,298 | CENOVUS ENERGY, INC. | 138,777 | 152,911 | |||||
45,100 | CENTERRA GOLD, INC.(b) | 366,388 | 383,308 | |||||
6,978 | CGI, INC.(b) | 55,128 | 551,772 | |||||
167 | CONSTELLATION SOFTWARE, INC. | 49,226 | 166,786 | |||||
52,400 | CORUS ENTERTAINMENT, INC., CLASS B | 212,483 | 209,228 | |||||
29,300 | DESCARTES SYSTEMS GROUP (THE), INC.(b) | 1,157,640 | 1,182,748 | |||||
56,217 | DOLLARAMA, INC. | 2,132,424 | 2,012,584 | |||||
25,600 | DOREL INDUSTRIES, INC., CLASS B | 175,448 | 175,646 | |||||
49,655 | ECN CAPITAL CORP. | 166,380 | 171,282 | |||||
39,600 | ENERPLUS CORP. | 318,702 | 295,016 | |||||
211 | FAIRFAX FINANCIAL HOLDINGS LTD. | 52,589 | 93,010 | |||||
17,300 | FIRSTSERVICE CORP. | 1,775,155 | 1,773,679 | |||||
6,289 | FORTIS, INC. | 195,157 | 265,877 | |||||
2,389 | FRANCO-NEVADA CORP. | 109,265 | 217,685 | |||||
6,104 | GILDAN ACTIVEWEAR, INC. | 33,435 | 216,636 | |||||
19,500 | IA FINANCIAL CORP., INC. | 882,358 | 887,387 | |||||
95,627 | IMPERIAL OIL LTD. | 3,237,697 | 2,490,192 | |||||
3,057 | INTER PIPELINE LTD. | 44,071 | 53,648 | |||||
1,100 | INTERNATIONAL PETROLEUM CORP.(b) | 2,833 | 3,933 | |||||
1,988 | KEYERA CORP. | 40,155 | 48,273 | |||||
13,100 | KINAXIS, INC.(b) | 826,112 | 852,536 | |||||
33,281 | KINROSS GOLD CORP.(b) | 62,810 | 153,236 | |||||
85,700 | LEAGOLD MINING CORP.(b) | 177,524 | 165,598 | |||||
2,077 | LOBLAW COS. LTD. | 71,240 | 118,301 |
41 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Canada (Cont'd): | ||||||||
9,476 | MAGNA INTERNATIONAL, INC. | $61,549 | 505,110 | |||||
31,473 | MANULIFE FINANCIAL CORP. | 380,571 | 577,268 | |||||
2,029 | METHANEX CORP. | 37,552 | 71,996 | |||||
3,000 | METRO, INC. | 54,328 | 132,083 | |||||
18,700 | NFI GROUP, INC. | 423,076 | 396,908 | |||||
25,200 | NORTH AMERICAN PALLADIUM LTD. | 311,704 | 337,623 | |||||
13,432 | NUTRIEN LTD. | 376,707 | 669,141 | |||||
2,600 | ONEX CORP. | 105,376 | 161,179 | |||||
6,564 | OPEN TEXT CORP. | 72,477 | 267,742 | |||||
23,139 | PEMBINA PIPELINE CORP. | 537,455 | 857,725 | |||||
23,400 | PIZZA PIZZA ROYALTY CORP. | 181,786 | 181,393 | |||||
3,681 | RESTAURANT BRANDS INTERNATIONAL, INC. | 137,022 | 261,728 | |||||
2,701 | RITCHIE BROS. AUCTIONEERS, INC. | 50,064 | 107,665 | |||||
9,354 | ROGERS COMMUNICATIONS, INC., CLASS B | 221,766 | 455,609 | |||||
27,066 | ROYAL BANK OF CANADA | 909,444 | 2,195,557 | |||||
4,800 | SAPUTO, INC. | 103,951 | 147,531 | |||||
40,500 | SEVEN GENERATIONS ENERGY LTD., CLASS A(b) | 277,351 | 257,395 | |||||
6,379 | SHAW COMMUNICATIONS, INC., CLASS B | 97,657 | 125,331 | |||||
774 | SHOPIFY, INC., CLASS A(b) | 188,916 | 240,873 | |||||
15,234 | SHOPIFY, INC., CLASS A (NEW YORK EXCHANGE)(b) | 1,908,758 | 4,747,828 | |||||
11,810 | SUN LIFE FINANCIAL, INC. | 235,812 | 528,078 | |||||
18,690 | SUNCOR ENERGY, INC. | 425,552 | 589,542 | |||||
6,418 | TC ENERGY CORP. | 266,956 | 332,320 | |||||
19,201 | TECK RESOURCES LTD., CLASS B | 97,101 | 311,309 | |||||
4,548 | TELUS CORP. | 59,716 | 161,858 | |||||
10,700 | TFI INTERNATIONAL, INC. | 328,109 | 327,578 | |||||
8,041 | THOMSON REUTERS CORP. | 206,631 | 537,442 | |||||
30,016 | TORONTO-DOMINION BANK (THE) | 557,894 | 1,750,188 | |||||
104 | TRISURA GROUP LTD.(b) | 490 | 2,346 | |||||
16,800 | WAJAX CORP. | 206,860 | 204,413 | |||||
20,600 | WESTSHORE TERMINALS INVESTMENT CORP. | 319,282 | 317,976 | |||||
6,930 | WHEATON PRECIOUS METALS CORP. | 108,261 | 181,717 | |||||
25,967 | YAMANA GOLD, INC. | 47,753 | 82,320 | |||||
30,790,802 | 45,887,087 | 7.60% | ||||||
Chile: | ||||||||
5,893,187 | ENEL CHILE S.A. | 532,931 | 509,425 | |||||
532,931 | 509,425 | 0.08% | ||||||
China: | ||||||||
290,000 | AGILE GROUP HOLDINGS LTD. | 352,847 | 352,246 | |||||
225,500 | ASIA CEMENT CHINA HOLDINGS CORP. | 293,280 | 271,600 | |||||
25,807 | BAIDU, INC. ADR(b)(e) | 3,570,058 | 2,651,927 | |||||
656,000 | CHINA BLUECHEMICAL LTD., CLASS H | 177,444 | 158,189 | |||||
408,000 | CHINA MEDICAL SYSTEM HOLDINGS LTD. | 472,941 | 485,163 | |||||
1,191,000 | CHINA SUNTIEN GREEN ENERGY CORP. LTD., CLASS H | 329,834 | 326,710 | |||||
112,957 | HANGZHOU TIGERMED CONSULTING CO. LTD., CLASS A | 977,899 | 981,870 | |||||
91,355 | TENCENT HOLDINGS LTD. | 1,310,726 | 3,848,759 | |||||
302,000 | ZHEJIANG EXPRESSWAY CO. LTD., CLASS H | 271,689 | 261,245 | |||||
7,756,718 | 9,337,709 | 1.55% | ||||||
Czech Republic: | ||||||||
701 | PHILIP MORRIS CR A.S. | 402,293 | 404,660 | |||||
402,293 | 404,660 | 0.07% | ||||||
Denmark: | ||||||||
46 | AP MOLLER - MAERSK A/S, CLASS A | 41,214 | 49,089 | |||||
65 | AP MOLLER - MAERSK A/S, CLASS B | 56,058 | 73,503 | |||||
1,695 | CARLSBERG A/S, CLASS B | 101,602 | 250,540 | |||||
25,332 | CHR HANSEN HOLDING A/S | 1,029,359 | 2,150,092 | |||||
1,500 | COLOPLAST A/S, CLASS B | 27,666 | 180,658 | |||||
12,200 | DANSKE BANK A/S | 119,186 | 169,875 | |||||
3,896 | DEMANT A/S(b) | 70,444 | 99,790 | |||||
56,030 | DSV A/S | 4,815,544 | 5,331,478 | |||||
200 | FLSMIDTH & CO. A/S | 6,013 | 8,707 | |||||
808 | GENMAB A/S(b) | 101,229 | 164,019 | |||||
21,785 | NOVO NORDISK A/S, CLASS B | 271,361 | 1,119,948 | |||||
2,500 | NOVOZYMES A/S, CLASS B | 39,158 | 105,110 | |||||
864 | ORSTED A/S(d) | 68,168 | 80,296 | |||||
8,024 | PANDORA A/S | 255,675 | 322,017 |
42 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Denmark (Cont'd): | ||||||||
4,599 | RINGKJOEBING LANDBOBANK A/S | $289,425 | 288,698 | |||||
10,525 | SIMCORP A/S | 970,856 | 924,209 | |||||
2,699 | SOLAR A/S, CLASS B | 116,641 | 113,477 | |||||
3,250 | TOPDANMARK A/S | 33,362 | 156,855 | |||||
3,244 | VESTAS WIND SYSTEMS A/S | 150,564 | 251,850 | |||||
8,563,525 | 11,840,211 | 1.96% | ||||||
Finland: | ||||||||
23,294 | CRAMO OYJ | 240,704 | 249,323 | |||||
2,770 | ELISA OYJ | 86,574 | 142,806 | |||||
1,396 | KESKO OYJ, CLASS B | 30,705 | 88,190 | |||||
4,902 | KONE OYJ, CLASS B | 86,493 | 279,115 | |||||
21,225 | NESTE OYJ | 67,704 | 702,585 | |||||
61,900 | NOKIA OYJ | 217,571 | 313,726 | |||||
2,240 | NOKIAN RENKAAT OYJ | 31,307 | 63,186 | |||||
169 | NORDEA BANK ABP(b) | 1,068 | 1,198 | |||||
1,960 | ORION OYJ, CLASS B | 49,561 | 73,104 | |||||
1,554 | SAMPO OYJ, CLASS A | 51,771 | 61,789 | |||||
24,493 | SANOMA OYJ | 271,642 | 273,369 | |||||
17,680 | STORA ENSO OYJ (REGISTERED) | 95,532 | 213,033 | |||||
11,934 | UPM-KYMMENE OYJ | 99,929 | 352,762 | |||||
1,849 | VALMET OYJ | 14,443 | 35,893 | |||||
7,056 | WARTSILA OYJ ABP | 56,960 | 79,022 | |||||
1,401,964 | 2,929,101 | 0.48% | ||||||
France: | ||||||||
1,275 | ACCOR S.A. | 29,826 | 53,156 | |||||
3,443 | AEROPORTS DE PARIS | 334,974 | 612,440 | |||||
10,877 | AIRBUS S.E. | 357,319 | 1,413,162 | |||||
5,292 | ARKEMA S.A. | 464,611 | 493,281 | |||||
30,343 | AXA S.A. | 403,058 | 774,885 | |||||
6,665 | BNP PARIBAS S.A. | 275,249 | 324,506 | |||||
16,698 | BOLLORE S.A. | 52,911 | 69,196 | |||||
1,643 | BOUYGUES S.A. | 53,256 | 65,811 | |||||
3,068 | CAPGEMINI S.E. | 111,959 | 361,483 | |||||
1,844 | CASINO GUICHARD PERRACHON S.A.(f) | 69,882 | 88,012 | |||||
2,383 | CIE DE SAINT-GOBAIN | 76,214 | 93,505 | |||||
5,399 | CIE DES ALPES | 143,643 | 150,647 | |||||
3,404 | CIE GENERALE DES ETABLISSEMENTS MICHELIN S.C.A. | 180,725 | 379,923 | |||||
12,397 | CIE PLASTIC OMNIUM S.A. | 365,091 | 339,965 | |||||
37,390 | COFACE S.A. | 449,179 | 424,649 | |||||
397 | COVIVIO | 33,912 | 42,016 | |||||
26,672 | CREDIT AGRICOLE S.A. | 259,530 | 323,853 | |||||
9,359 | DANONE S.A. | 473,663 | 824,432 | |||||
1,781 | EDENRED | 26,435 | 85,471 | |||||
40,882 | ENGIE S.A. | 519,910 | 667,499 | |||||
15,893 | ESSILORLUXOTTICA S.A. | 1,815,129 | 2,297,840 | |||||
20,691 | ESSILORLUXOTTICA S.A. (EURONEXT PARIS EXCHANGE) | 2,550,674 | 2,982,523 | |||||
2,946 | EURAZEO S.E. | 77,882 | 219,150 | |||||
107 | EUROFINS SCIENTIFIC S.E. | 45,000 | 49,729 | |||||
1,185 | FAURECIA S.A. | 48,875 | 56,210 | |||||
711 | GECINA S.A. | 76,359 | 111,748 | |||||
9,468 | GETLINK S.E. | 72,457 | 142,205 | |||||
553 | ICADE | 43,277 | 49,455 | |||||
3,399 | INFOTEL S.A. | 145,404 | 135,594 | |||||
7,198 | KAUFMAN & BROAD S.A. | 285,637 | 286,673 | |||||
1,026 | KERING S.A. | 174,510 | 522,856 | |||||
2,335 | KLEPIERRE S.A. | 57,367 | 79,303 | |||||
4,882 | LEGRAND S.A. | 111,114 | 348,428 | |||||
6,266 | L'OREAL S.A. | 661,338 | 1,754,531 | |||||
15,573 | LVMH MOET HENNESSY LOUIS VUITTON S.E. | 2,305,540 | 6,189,494 | |||||
14,296 | MERSEN S.A. | 465,081 | 445,643 | |||||
15,891 | NATIXIS S.A. | 54,403 | 65,904 | |||||
8,798 | NEXITY S.A. | 431,993 | 418,864 | |||||
34,547 | ORANGE S.A. | 375,705 | 542,037 | |||||
21,791 | PERNOD RICARD S.A. | 3,358,181 | 3,880,930 | |||||
12,969 | PEUGEOT S.A. | 78,174 | 323,422 | |||||
4,895 | RENAULT S.A. | 144,347 | 280,957 | |||||
2,982 | SAFRAN S.A. | 175,546 | 469,496 |
43 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
France (Cont'd): | ||||||||
18,127 | SANOFI | $1,024,712 | 1,680,575 | |||||
278 | SCHNEIDER ELECTRIC S.E. | 8,838 | 24,313 | |||||
7,138 | SCHNEIDER ELECTRIC S.E. (EURONEXT PARIS EXCHANGE) | 267,356 | 626,295 | |||||
1,813 | SCOR S.E. | 36,441 | 74,874 | |||||
18,127 | SOCIETE GENERALE S.A. | 457,225 | 496,704 | |||||
3,699 | SOCIETE POUR L'INFORMATIQUE INDUSTRIELLE | 108,264 | 99,584 | |||||
26,477 | SODEXO S.A. | 2,414,908 | 2,972,437 | |||||
3,361 | SUEZ | 45,101 | 52,843 | |||||
1,413 | THALES S.A. | 81,763 | 162,481 | |||||
2,260 | TOTAL S.A. | 106,175 | 117,955 | |||||
30,503 | UBISOFT ENTERTAINMENT S.A.(b) | 2,772,337 | 2,205,589 | |||||
1,022 | UNIBAIL-RODAMCO-WESTFIELD | 120,405 | 148,988 | |||||
13,671 | VEOLIA ENVIRONNEMENT S.A. | 145,445 | 346,590 | |||||
5,698 | VICAT S.A. | 265,667 | 247,179 | |||||
7,810 | VINCI S.A. | 316,569 | 841,206 | |||||
85,664 | VIVENDI S.A. | 1,723,260 | 2,351,044 | |||||
1,345 | WENDEL S.A. | 91,561 | 185,593 | |||||
28,221,367 | 41,875,134 | 6.94% | ||||||
Georgia: | ||||||||
21,875 | BANK OF GEORGIA GROUP PLC | 355,261 | 359,336 | |||||
355,261 | 359,336 | 0.06% | ||||||
Germany: | ||||||||
18,757 | ADIDAS A.G. | 2,946,390 | 5,839,884 | |||||
8,277 | ALLIANZ S.E. (REGISTERED) | 727,077 | 1,929,251 | |||||
6,098 | AURUBIS A.G. | 286,000 | 271,776 | |||||
1,267 | AXEL SPRINGER S.E.(b) | 68,418 | 87,001 | |||||
13,539 | BASF S.E. | 488,452 | 946,208 | |||||
12,571 | BAYER A.G. (REGISTERED) | 658,242 | 886,367 | |||||
2,206 | BEIERSDORF A.G. | 146,950 | 260,159 | |||||
1,188 | BRENNTAG A.G. | 43,546 | 57,492 | |||||
1,082 | CONTINENTAL A.G. | 67,835 | 138,807 | |||||
13,593 | DAIMLER A.G. (REGISTERED) | 458,787 | 675,892 | |||||
24,618 | DELIVERY HERO S.E.(b)(d) | 1,160,687 | 1,093,688 | |||||
4,525 | DEUTSCHE BOERSE A.G. | 273,151 | 707,252 | |||||
15,996 | DEUTSCHE EUROSHOP A.G. | 435,440 | 451,214 | |||||
2,487 | DEUTSCHE LUFTHANSA A.G. (REGISTERED) | 29,539 | 39,522 | |||||
37,890 | DEUTSCHE PFANDBRIEFBANK A.G.(d) | 469,871 | 462,127 | |||||
17,828 | DEUTSCHE POST A.G. (REGISTERED) | 210,542 | 595,482 | |||||
42,716 | DEUTSCHE TELEKOM A.G. (REGISTERED) | 561,004 | 716,719 | |||||
3,463 | DEUTSCHE WOHNEN S.E. | 80,362 | 126,408 | |||||
9,361 | E.ON S.E. | 70,499 | 91,001 | |||||
50,911 | EVOTEC S.E.(b) | 1,164,048 | 1,133,115 | |||||
44,964 | FRESENIUS MEDICAL CARE A.G. & CO. KGAA | 3,513,082 | 3,023,825 | |||||
6,867 | FRESENIUS S.E. & CO. KGAA | 150,261 | 321,056 | |||||
1,723 | GEA GROUP A.G. | 45,727 | 46,518 | |||||
17,795 | HAMBURGER HAFEN UND LOGISTIK A.G. | 443,620 | 443,385 | |||||
2,246 | HANNOVER RUECK S.E. | 94,321 | 379,689 | |||||
3,952 | HEIDELBERGCEMENT A.G. | 143,515 | 285,672 | |||||
15,915 | HELLA GMBH & CO. KGAA | 721,220 | 711,556 | |||||
671 | HENKEL A.G. & CO. KGAA | 49,267 | 61,434 | |||||
2,600 | HOCHTIEF A.G. | 108,936 | 296,423 | |||||
21,437 | INFINEON TECHNOLOGIES A.G. | 117,250 | 385,807 | |||||
20,921 | ISRA VISION A.G. | 913,123 | 878,366 | |||||
6,898 | JOST WERKE A.G.(d) | 220,852 | 198,112 | |||||
877 | LANXESS A.G. | 49,066 | 53,530 | |||||
2,050 | MERCK KGAA | 86,079 | 230,925 | |||||
2,757 | METRO A.G. | 44,306 | 43,512 | |||||
206 | MTU AERO ENGINES A.G. | 46,193 | 54,740 | |||||
3,091 | MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT A.G. IN MUENCHEN (REGISTERED) | 382,823 | 799,809 | |||||
14,525 | NEMETSCHEK S.E. | 765,120 | 741,232 | |||||
2,170 | OSRAM LICHT A.G.(f) | 64,123 | 95,435 | |||||
19,095 | PROSIEBENSAT.1 MEDIA S.E. | 286,490 | 263,071 | |||||
5,998 | PUBLITY A.G. | 216,077 | 199,067 | |||||
3,999 | RHEINMETALL A.G. | 520,402 | 505,828 | |||||
33,035 | RIB SOFTWARE S.E. | 779,624 | 766,218 |
44 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Germany (Cont'd): | ||||||||
3,608 | RWE A.G. | $78,041 | 112,825 | |||||
17,103 | SAP S.E. | 683,559 | 2,011,036 | |||||
13,106 | SIEMENS A.G. (REGISTERED) | 795,701 | 1,403,490 | |||||
6,314 | THYSSENKRUPP A.G. | 74,443 | 87,435 | |||||
3,953 | TUI A.G. - CDI | 29,395 | 45,951 | |||||
4,249 | UNIPER S.E. | 47,803 | 139,353 | |||||
404 | VOLKSWAGEN A.G. | 40,235 | 69,442 | |||||
2,682 | VONOVIA S.E. | 98,410 | 136,077 | |||||
1,746 | WIRECARD A.G. | 227,274 | 279,273 | |||||
1,182 | ZALANDO S.E.(b)(d) | 46,492 | 53,955 | |||||
22,229,670 | 31,633,412 | 5.24% | ||||||
Greece: | ||||||||
6,746 | HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A. | 54,075 | 92,939 | |||||
54,075 | 92,939 | 0.02% | ||||||
Hong Kong: | ||||||||
638,800 | AIA GROUP LTD. | 3,518,736 | 6,035,334 | |||||
436,000 | AUSNUTRIA DAIRY CORP. LTD.(b) | 627,827 | 569,636 | |||||
181,500 | BOC HONG KONG HOLDINGS LTD. | 447,601 | 615,984 | |||||
720,000 | CITIC TELECOM INTERNATIONAL HOLDINGS LTD. | 272,186 | 261,812 | |||||
56,044 | CK ASSET HOLDINGS LTD. | 165,366 | 379,695 | |||||
44,544 | CK HUTCHISON HOLDINGS LTD. | 263,473 | 393,284 | |||||
10,000 | CK INFRASTRUCTURE HOLDINGS LTD. | 46,496 | 67,303 | |||||
34,500 | CLP HOLDINGS LTD. | 236,618 | 362,488 | |||||
722,000 | FIRST PACIFIC CO. LTD. | 288,855 | 276,357 | |||||
18,000 | GALAXY ENTERTAINMENT GROUP LTD. | 39,054 | 111,959 | |||||
15,300 | HANG SENG BANK LTD. | 183,683 | 329,905 | |||||
25,331 | HENDERSON LAND DEVELOPMENT CO. LTD. | 45,544 | 117,966 | |||||
113,364 | HONG KONG & CHINA GAS CO. LTD. | 169,115 | 221,009 | |||||
11,800 | HONG KONG EXCHANGES & CLEARING LTD. | 203,281 | 346,275 | |||||
40,500 | LINK REIT | 84,196 | 446,716 | |||||
30,500 | MTR CORP. LTD. | 88,703 | 171,224 | |||||
43,500 | NWS HOLDINGS LTD. | 52,824 | 67,378 | |||||
190,000 | PCCW LTD. | 77,805 | 106,664 | |||||
392,000 | PERFECT SHAPE MEDICAL LTD. | 140,251 | 134,539 | |||||
9,000 | POWER ASSETS HOLDINGS LTD. | 49,958 | 60,458 | |||||
133,000 | SHENZHEN INTERNATIONAL HOLDINGS LTD. | 256,636 | 255,557 | |||||
25,400 | SINO LAND CO. LTD. | 27,790 | 38,176 | |||||
8,000 | SUN HUNG KAI PROPERTIES LTD. | 65,036 | 115,136 | |||||
19,000 | SWIRE PACIFIC LTD., CLASS A | 127,857 | 176,844 | |||||
7,000 | TECHTRONIC INDUSTRIES CO. LTD. | 44,938 | 48,720 | |||||
600,000 | UNITED LABORATORIES INTERNATIONAL HOLDINGS (THE) LTD. | 352,686 | 315,399 | |||||
469,800 | VALUETRONICS HOLDINGS LTD. | 216,550 | 210,741 | |||||
196,000 | VITASOY INTERNATIONAL HOLDINGS LTD. | 902,434 | 793,983 | |||||
83,500 | WH GROUP LTD.(d) | 45,547 | 74,789 | |||||
19,000 | WHEELOCK & CO. LTD. | 30,489 | 108,240 | |||||
232,000 | XINYI GLASS HOLDINGS LTD. | 260,215 | 255,452 | |||||
15,000 | YUE YUEN INDUSTRIAL HOLDINGS LTD. | 30,233 | 41,052 | |||||
9,361,983 | 13,510,075 | 2.24% | ||||||
India: | ||||||||
397,373 | BHARTI INFRATEL LTD. | 1,811,864 | 1,442,724 | |||||
171,924 | HCL TECHNOLOGIES LTD. | 2,156,109 | 2,621,479 | |||||
70,864 | HDFC BANK LTD. ADR(e) | 2,199,524 | 4,042,791 | |||||
144,552 | SYNGENE INTERNATIONAL LTD.(d) | 641,639 | 632,413 | |||||
6,809,136 | 8,739,407 | 1.45% | ||||||
Ireland: | ||||||||
26,467 | ACCENTURE PLC, CLASS A | 3,151,523 | 5,090,928 | |||||
1,332 | AERCAP HOLDINGS N.V.(b) | 56,808 | 72,927 | |||||
87,692 | CRH PLC | 2,612,159 | 3,019,369 | |||||
65,382 | DALATA HOTEL GROUP PLC | 368,686 | 349,189 | |||||
164,390 | EXPERIAN PLC | 2,938,853 | 5,253,248 | |||||
618 | FLUTTER ENTERTAINMENT PLC | 48,168 | 57,767 | |||||
13,580 | ICON PLC(b) | 937,162 | 2,000,877 | |||||
11,673 | JAMES HARDIE INDUSTRIES PLC - CDI | 105,224 | 195,864 | |||||
3,255 | KERRY GROUP PLC, CLASS A | 222,800 | 380,678 |
45 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Ireland (Cont'd): | ||||||||
63,046 | KEYWORDS STUDIOS PLC | $1,072,035 | 889,134 | |||||
11,513,418 | 17,309,981 | 2.87% | ||||||
Isle of Man: | ||||||||
8,622 | GVC HOLDINGS PLC | 66,376 | 78,809 | |||||
66,376 | 78,809 | 0.01% | ||||||
Israel: | ||||||||
1,123 | AZRIELI GROUP LTD. | 65,459 | 88,192 | |||||
21,007 | BANK HAPOALIM B.M.(b) | 79,922 | 165,578 | |||||
2,094 | CHECK POINT SOFTWARE TECHNOLOGIES LTD.(b) | 161,340 | 229,293 | |||||
9,364 | CYBERARK SOFTWARE LTD.(b) | 967,959 | 934,715 | |||||
338 | ELBIT SYSTEMS LTD. | 43,582 | 56,005 | |||||
5,900 | MIZRAHI TEFAHOT BANK LTD. | 51,135 | 146,641 | |||||
2,937 | NICE LTD.(b) | 148,741 | 431,732 | |||||
8,756 | WIX.COM LTD.(b) | 1,102,322 | 1,022,175 | |||||
2,620,460 | 3,074,331 | 0.51% | ||||||
Italy: | ||||||||
53,386 | AMPLIFON S.P.A. | 1,334,050 | 1,309,232 | |||||
25,746 | ASSICURAZIONI GENERALI S.P.A. | 314,339 | 498,940 | |||||
2,238 | ATLANTIA S.P.A. | 39,082 | 54,128 | |||||
10,697 | AVIO S.P.A. | 142,834 | 138,744 | |||||
25,272 | BANCA MEDIOLANUM S.P.A. | 87,322 | 189,787 | |||||
11,397 | EL.EN. S.P.A. | 291,927 | 297,387 | |||||
85,116 | ENEL S.P.A. | 300,516 | 635,582 | |||||
1,022 | FERRARI N.V. | 7,568 | 157,480 | |||||
1,211 | FERRARI N.V. | 46,128 | 186,836 | |||||
38,594 | INTERPUMP GROUP S.P.A. | 548,535 | 1,219,900 | |||||
177,988 | INTESA SANPAOLO S.P.A. | 355,804 | 422,043 | |||||
173,553 | IREN S.P.A. | 474,559 | 506,203 | |||||
10,070 | LEONARDO S.P.A. | 50,331 | 118,429 | |||||
10,830 | MEDIOBANCA BANCA DI CREDITO FINANZIARIO S.P.A. | 90,763 | 118,278 | |||||
8,642 | PIRELLI & C S.P.A.(d) | 45,916 | 51,128 | |||||
3,764 | PRYSMIAN S.P.A. | 70,326 | 80,821 | |||||
695 | RIZZOLI CORRIERE DELLA SERA MEDIAGROUP S.P.A. | 460 | 719 | |||||
76,191 | SNAM S.P.A. | 276,534 | 384,828 | |||||
49,687 | SOCIETA CATTOLICA DI ASSICURAZIONI S.C. | 431,869 | 422,690 | |||||
99,406 | TELECOM ITALIA S.P.A. (RSP) | 46,425 | 54,347 | |||||
34,652 | TERNA RETE ELETTRICA NAZIONALE S.P.A. | 130,368 | 222,610 | |||||
71,681 | UNIPOL GRUPPO S.P.A. | 376,844 | 381,737 | |||||
95,230 | UNIPOLSAI ASSICURAZIONI S.P.A. | 153,826 | 253,262 | |||||
5,616,326 | 7,705,111 | 1.28% | ||||||
Japan: | ||||||||
1,400 | ABC-MART, INC. | 51,583 | 88,953 | |||||
30,600 | ADEKA CORP. | 390,224 | 379,228 | |||||
4,700 | AEON CO. LTD. | 52,433 | 86,089 | |||||
4,800 | AEON FINANCIAL SERVICE CO. LTD. | 49,903 | 72,183 | |||||
300 | AEON REIT INVESTMENT CORP. | 379,028 | 413,133 | |||||
1,600 | AGC, INC. | 44,893 | 49,572 | |||||
3,000 | AISIN SEIKI CO. LTD. | 57,864 | 94,197 | |||||
15,000 | AJINOMOTO CO., INC. | 116,767 | 283,006 | |||||
2,500 | ALFRESA HOLDINGS CORP. | 24,420 | 55,792 | |||||
2,000 | AMADA HOLDINGS CO. LTD. | 10,582 | 21,531 | |||||
1,400 | ANA HOLDINGS, INC. | 35,110 | 47,053 | |||||
15,600 | ARCS CO. LTD. | 325,913 | 325,923 | |||||
5,600 | ASAHI GROUP HOLDINGS LTD. | 85,235 | 277,087 | |||||
45,500 | ASAHI INTECC CO. LTD. | 1,121,786 | 1,193,836 | |||||
31,000 | ASAHI KASEI CORP. | 147,138 | 305,054 | |||||
22,100 | ASAHI YUKIZAI CORP. | 276,792 | 264,280 | |||||
9,300 | ASANUMA CORP. | 324,412 | 330,284 | |||||
37,000 | ASTELLAS PHARMA, INC. | 236,149 | 526,469 | |||||
1,900 | BANDAI NAMCO HOLDINGS, INC. | 33,289 | 118,261 | |||||
7,400 | BANK OF KYOTO (THE) LTD. | 250,528 | 289,156 | |||||
13,800 | BRIDGESTONE CORP. | 205,726 | 534,004 | |||||
18,700 | BROTHER INDUSTRIES LTD. | 287,805 | 338,286 | |||||
48,400 | BUNKA SHUTTER CO. LTD. | 363,296 | 413,610 | |||||
2,700 | CENTRAL JAPAN RAILWAY CO. | 229,516 | 554,858 | |||||
4,500 | CHUGAI PHARMACEUTICAL CO. LTD. | 82,278 | 349,595 |
46 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
7,900 | CITIZEN WATCH CO. LTD. | $31,581 | 38,578 | |||||
4,200 | CREDIT SAISON CO. LTD. | 45,547 | 56,285 | |||||
3,800 | DAI NIPPON PRINTING CO. LTD. | 75,182 | 98,088 | |||||
13,700 | DAI-ICHI LIFE HOLDINGS, INC. | 165,196 | 206,403 | |||||
9,700 | DAIICHI SANKYO CO. LTD. | 150,922 | 610,394 | |||||
4,500 | DAIKIN INDUSTRIES LTD. | 124,473 | 590,150 | |||||
1,200 | DAITO TRUST CONSTRUCTION CO. LTD. | 117,985 | 153,267 | |||||
13,600 | DAIWA HOUSE INDUSTRY CO. LTD. | 194,625 | 440,986 | |||||
38 | DAIWA HOUSE REIT INVESTMENT CORP. | 83,440 | 106,839 | |||||
15,000 | DAIWA SECURITIES GROUP, INC. | 58,756 | 66,784 | |||||
5,600 | DAIWABO HOLDINGS CO. LTD. | 223,879 | 232,028 | |||||
8,200 | DENSO CORP. | 185,234 | 360,155 | |||||
2,800 | DENTSU, INC. | 46,871 | 98,534 | |||||
7,000 | EAST JAPAN RAILWAY CO. | 392,789 | 667,468 | |||||
13,700 | ECO'S CO. LTD. | 210,388 | 213,372 | |||||
3,400 | EISAI CO. LTD. | 112,861 | 172,665 | |||||
17,900 | ELEMATEC CORP. | 175,861 | 164,390 | |||||
7,200 | FAMILYMART CO. LTD. | 52,590 | 175,330 | |||||
3,100 | FANUC CORP. | 243,447 | 583,158 | |||||
1,300 | FAST RETAILING CO. LTD. | 188,734 | 772,005 | |||||
97,300 | FEED ONE CO. LTD. | 148,765 | 145,781 | |||||
37,700 | FERROTEC HOLDINGS CORP. | 322,172 | 293,232 | |||||
34,200 | FJ NEXT CO. LTD. | 337,056 | 329,269 | |||||
4,200 | FUJI ELECTRIC CO. LTD. | 51,969 | 128,379 | |||||
10,400 | FUJIBO HOLDINGS, INC. | 287,084 | 289,517 | |||||
8,800 | FUJIFILM HOLDINGS CORP. | 165,274 | 385,776 | |||||
1,800 | FUJITSU LTD. | 64,886 | 144,083 | |||||
2,200 | FUKUOKA FINANCIAL GROUP, INC. | 36,285 | 41,528 | |||||
35,800 | FURUNO ELECTRIC CO. LTD. | 322,070 | 311,563 | |||||
12,500 | GMO PAYMENT GATEWAY, INC. | 823,316 | 835,838 | |||||
19,400 | HAKUTO CO. LTD. | 213,407 | 210,283 | |||||
3,000 | HAMAMATSU PHOTONICS K.K. | 52,686 | 111,260 | |||||
2,400 | HANKYU HANSHIN HOLDINGS, INC. | 57,098 | 92,449 | |||||
21,600 | HARMONIC DRIVE SYSTEMS, INC. | 918,405 | 938,913 | |||||
341 | HIROSE ELECTRIC CO. LTD. | 28,677 | 41,756 | |||||
19,000 | HITACHI LTD. | 295,895 | 706,932 | |||||
6,000 | HITACHI METALS LTD. | 45,940 | 64,703 | |||||
10,100 | HOKKAIDO GAS CO. LTD. | 146,367 | 140,863 | |||||
5,300 | HOYA CORP. | 112,594 | 432,284 | |||||
5,700 | HULIC CO. LTD. | 48,487 | 58,252 | |||||
3,700 | IDEMITSU KOSAN CO. LTD. | 96,779 | 104,541 | |||||
14,500 | INNOTECH CORP. | 120,909 | 116,536 | |||||
13,800 | INTAGE HOLDINGS, INC. | 121,039 | 119,206 | |||||
817 | INVINCIBLE INVESTMENT CORP. | 474,221 | 503,990 | |||||
18,200 | ITOCHU CORP. | 192,005 | 375,530 | |||||
47,800 | IWAKI & CO. LTD. | 220,919 | 211,757 | |||||
4,000 | J FRONT RETAILING CO. LTD. | 31,099 | 46,761 | |||||
21,900 | JACCS CO. LTD. | 467,646 | 461,799 | |||||
30,400 | JAPAN AVIATION ELECTRONICS INDUSTRY LTD. | 458,316 | 430,450 | |||||
39,800 | JAPAN ELEVATOR SERVICE HOLDINGS CO. LTD. | 977,135 | 1,032,867 | |||||
7,000 | JAPAN EXCHANGE GROUP, INC. | 56,090 | 109,993 | |||||
80,300 | JAPAN MATERIAL CO. LTD. | 978,477 | 987,736 | |||||
42,600 | JAPAN POST BANK CO. LTD. | 383,307 | 412,506 | |||||
10 | JAPAN REAL ESTATE INVESTMENT CORP. | 49,036 | 67,052 | |||||
6,600 | JFE HOLDINGS, INC. | 74,589 | 79,353 | |||||
5,000 | JTEKT CORP. | 36,670 | 57,295 | |||||
61,200 | JXTG HOLDINGS, INC. | 229,751 | 278,704 | |||||
6,500 | KAJIMA CORP. | 44,950 | 85,184 | |||||
12,300 | KANEKA CORP. | 387,968 | 382,793 | |||||
2,100 | KANSAI PAINT CO. LTD. | 12,205 | 48,769 | |||||
10,000 | KAO CORP. | 208,279 | 738,405 | |||||
21,500 | KAWASAKI HEAVY INDUSTRIES LTD. | 463,080 | 475,635 | |||||
29,862 | KDDI CORP. | 239,416 | 780,209 | |||||
1,200 | KEIO CORP. | 36,571 | 74,691 | |||||
2,500 | KEISEI ELECTRIC RAILWAY CO. LTD. | 23,110 | 102,775 | |||||
7,462 | KEYENCE CORP. | 1,577,676 | 4,616,951 | |||||
6,000 | KIKKOMAN CORP. | 52,867 | 286,335 |
47 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
1,200 | KINTETSU GROUP HOLDINGS CO. LTD. | $35,697 | 62,483 | |||||
10,000 | KIRIN HOLDINGS CO. LTD. | 103,112 | 211,607 | |||||
10,000 | KIRINDO HOLDINGS CO. LTD. | 194,672 | 195,052 | |||||
67,600 | KITZ CORP. | 466,295 | 449,520 | |||||
2,300 | KONAMI HOLDINGS CORP. | 50,313 | 111,038 | |||||
54,400 | KONICA MINOLTA, INC. | 394,011 | 378,347 | |||||
21,000 | KUBOTA CORP. | 129,773 | 317,452 | |||||
4,100 | KYOCERA CORP. | 137,688 | 254,247 | |||||
49,000 | KYOSAN ELECTRIC MANUFACTURING CO. LTD. | 177,172 | 166,770 | |||||
5,000 | KYOWA KIRIN CO. LTD. | 54,616 | 97,017 | |||||
24,000 | LASERTEC CORP. | 1,439,400 | 1,500,486 | |||||
800 | LAWSON, INC. | 36,610 | 40,916 | |||||
13,100 | LINTEC CORP. | 259,789 | 258,910 | |||||
9,600 | LIXIL GROUP CORP. | 116,603 | 168,694 | |||||
4,800 | M3, INC. | 51,468 | 115,511 | |||||
2,000 | MAKITA CORP. | 51,356 | 62,890 | |||||
32,000 | MARUBENI CORP. | 162,807 | 212,406 | |||||
6,500 | MARUI GROUP CO. LTD. | 32,287 | 137,184 | |||||
14,600 | MATSUMOTOKIYOSHI HOLDINGS CO. LTD. | 542,531 | 534,039 | |||||
6,200 | MAZDA MOTOR CORP. | 47,297 | 55,019 | |||||
2,400 | MEIJI HOLDINGS CO. LTD. | 38,749 | 174,909 | |||||
31,800 | MERCARI, INC.(b) | 779,670 | 789,669 | |||||
8,700 | MINEBEA MITSUMI, INC. | 84,406 | 137,671 | |||||
597 | MIRAI CORP. | 328,940 | 353,921 | |||||
11,900 | MIRAIAL CO. LTD. | 151,319 | 149,238 | |||||
36,800 | MITSUBISHI CHEMICAL HOLDINGS CORP. | 149,792 | 262,101 | |||||
17,500 | MITSUBISHI CORP. | 239,587 | 429,064 | |||||
40,000 | MITSUBISHI ELECTRIC CORP. | 322,860 | 529,942 | |||||
17,000 | MITSUBISHI ESTATE CO. LTD. | 203,338 | 327,658 | |||||
8,500 | MITSUBISHI GAS CHEMICAL CO., INC. | 75,149 | 113,360 | |||||
2,500 | MITSUBISHI HEAVY INDUSTRIES LTD. | 81,279 | 97,850 | |||||
104,100 | MITSUBISHI UFJ FINANCIAL GROUP, INC. | 488,734 | 527,986 | |||||
27,000 | MITSUBISHI UFJ LEASE & FINANCE CO. LTD. | 83,878 | 155,820 | |||||
15,300 | MITSUI & CO. LTD. | 155,208 | 250,177 | |||||
7,400 | MITSUI CHEMICALS, INC. | 87,469 | 165,349 | |||||
149,700 | MIZUHO FINANCIAL GROUP, INC. | 228,425 | 229,275 | |||||
35,900 | MONOTARO CO. LTD. | 955,289 | 938,297 | |||||
8,280 | MS&AD INSURANCE GROUP HOLDINGS, INC. | 177,615 | 268,023 | |||||
37,400 | MUGEN ESTATE CO. LTD. | 216,786 | 222,065 | |||||
10,800 | MURATA MANUFACTURING CO. LTD. | 162,615 | 517,901 | |||||
1,700 | NABTESCO CORP. | 45,449 | 52,592 | |||||
20,200 | NANTO BANK (THE) LTD. | 470,557 | 471,909 | |||||
3,000 | NGK SPARK PLUG CO. LTD. | 28,359 | 57,101 | |||||
3,000 | NH FOODS LTD. | 72,315 | 120,555 | |||||
16,700 | NICHIAS CORP. | 297,341 | 295,310 | |||||
3,900 | NIDEC CORP. | 129,234 | 523,727 | |||||
50,700 | NIHON M&A CENTER, INC. | 1,440,665 | 1,425,461 | |||||
2,600 | NINTENDO CO. LTD. | 285,625 | 962,331 | |||||
22 | NIPPON BUILDING FUND, INC. | 90,970 | 168,879 | |||||
2,200 | NIPPON ELECTRIC GLASS CO. LTD. | 44,793 | 48,914 | |||||
1,700 | NIPPON EXPRESS CO. LTD. | 60,747 | 86,631 | |||||
26 | NIPPON PROLOGIS REIT, INC. | 54,492 | 71,201 | |||||
15,200 | NIPPON TELEGRAPH & TELEPHONE CORP. | 342,697 | 724,820 | |||||
5,000 | NISSAN CHEMICAL CORP. | 50,851 | 207,861 | |||||
3,670 | NISSHIN SEIFUN GROUP, INC. | 31,991 | 67,816 | |||||
1,200 | NISSIN FOODS HOLDINGS CO. LTD. | 43,959 | 86,566 | |||||
2,700 | NITORI HOLDINGS CO. LTD. | 87,310 | 394,793 | |||||
3,200 | NITTO DENKO CORP. | 77,639 | 154,014 | |||||
1,800 | NITTO FUJI FLOUR MILLING CO. LTD. | 111,060 | 112,037 | |||||
67,300 | NOMURA HOLDINGS, INC. | 225,895 | 285,010 | |||||
33,200 | NOMURA REAL ESTATE HOLDINGS, INC. | 679,160 | 716,659 | |||||
46 | NOMURA REAL ESTATE MASTER FUND, INC. | 64,976 | 83,045 | |||||
9,801 | NOMURA RESEARCH INSTITUTE LTD. | 43,930 | 194,978 | |||||
7,000 | NSK LTD. | 50,459 | 58,913 | |||||
7,000 | NTT DATA CORP. | 36,520 | 90,247 | |||||
23,800 | NTT DOCOMO, INC. | 362,981 | 605,978 | |||||
12,000 | OBAYASHI CORP. | 48,665 | 119,417 |
48 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
33,200 | OLYMPUS CORP. | $211,415 | 447,068 | |||||
1,100 | OMRON CORP. | 31,828 | 60,125 | |||||
5,000 | ONO PHARMACEUTICAL CO. LTD. | 50,724 | 90,497 | |||||
4,800 | ORIENTAL LAND CO. LTD. | 113,097 | 729,822 | |||||
12,600 | ORIX CORP. | 150,758 | 187,733 | |||||
7,300 | OTSUKA HOLDINGS CO. LTD. | 217,894 | 272,758 | |||||
7,200 | PAN PACIFIC INTERNATIONAL HOLDINGS CORP. | 114,304 | 120,194 | |||||
21,600 | PANASONIC CORP. | 140,855 | 174,918 | |||||
14,700 | PKSHA TECHNOLOGY, INC.(b) | 614,103 | 636,264 | |||||
19,000 | RAKSUL, INC.(b) | 640,017 | 627,329 | |||||
85,000 | RAKUS CO. LTD. | 1,260,837 | 1,318,335 | |||||
8,400 | RAKUTEN, INC. | 40,327 | 82,738 | |||||
2,400 | RECRUIT HOLDINGS CO. LTD. | 60,342 | 72,938 | |||||
10,300 | RENESAS ELECTRONICS CORP.(b) | 48,441 | 66,873 | |||||
1,200 | RINNAI CORP. | 52,047 | 80,573 | |||||
4,200 | ROHM CO. LTD. | 166,807 | 320,462 | |||||
34,600 | SANKI ENGINEERING CO. LTD. | 423,298 | 409,600 | |||||
13,000 | SANTEN PHARMACEUTICAL CO. LTD. | 85,886 | 225,794 | |||||
13,720 | SBI HOLDINGS, INC. | 111,165 | 293,243 | |||||
3,400 | SECOM CO. LTD. | 133,812 | 309,986 | |||||
7,300 | SEGA SAMMY HOLDINGS, INC. | 68,324 | 102,082 | |||||
49,400 | SEIKITOKYU KOGYO CO. LTD. | 333,527 | 333,064 | |||||
3,300 | SEIKO EPSON CORP. | 46,990 | 46,391 | |||||
13,000 | SEKISUI CHEMICAL CO. LTD. | 66,177 | 201,147 | |||||
6,000 | SEKISUI HOUSE LTD. | 44,394 | 117,919 | |||||
29,200 | SEVEN & I HOLDINGS CO. LTD. | 846,066 | 1,115,879 | |||||
6,400 | SHARP CORP. | 61,105 | 70,733 | |||||
4,000 | SHIMADZU CORP. | 25,419 | 100,920 | |||||
1,000 | SHIMAMURA CO. LTD. | 61,206 | 79,168 | |||||
1,500 | SHIMANO, INC. | 58,204 | 225,850 | |||||
9,200 | SHIN-ETSU CHEMICAL CO. LTD. | 461,684 | 983,602 | |||||
4,000 | SHIONOGI & CO. LTD. | 67,679 | 221,928 | |||||
5,900 | SHISEIDO CO. LTD. | 88,706 | 470,854 | |||||
22,400 | SHOWA CORP. | 313,843 | 322,560 | |||||
20,200 | SK-ELECTRONICS CO. LTD. | 355,639 | 353,465 | |||||
900 | SMC CORP. | 106,941 | 383,723 | |||||
7,000 | SOFTBANK CORP. | 87,300 | 94,779 | |||||
36,800 | SOFTBANK GROUP CORP. | 412,233 | 1,443,070 | |||||
9,000 | SOMPO HOLDINGS, INC. | 202,248 | 375,981 | |||||
18,800 | SONY CORP. | 260,756 | 1,103,571 | |||||
2,700 | STANLEY ELECTRIC CO. LTD. | 30,745 | 71,317 | |||||
4,600 | STARZEN CO. LTD. | 186,228 | 182,724 | |||||
5,700 | SUBARU CORP. | 26,572 | 160,259 | |||||
9,300 | SUMCO CORP. | 108,434 | 124,717 | |||||
25,000 | SUMITOMO CHEMICAL CO. LTD. | 74,256 | 112,139 | |||||
17,500 | SUMITOMO CORP. | 207,148 | 273,202 | |||||
4,000 | SUMITOMO DAINIPPON PHARMA CO. LTD. | 45,511 | 65,665 | |||||
8,800 | SUMITOMO ELECTRIC INDUSTRIES LTD. | 75,679 | 111,582 | |||||
17,100 | SUMITOMO HEAVY INDUSTRIES LTD. | 494,606 | 506,081 | |||||
1,331 | SUMITOMO MITSUI TRUST HOLDINGS, INC. | 33,400 | 47,959 | |||||
4,000 | SUMITOMO REALTY & DEVELOPMENT CO. LTD. | 110,500 | 152,157 | |||||
9,300 | SUZUKI MOTOR CORP. | 199,522 | 394,535 | |||||
2,600 | SYSMEX CORP. | 51,707 | 173,902 | |||||
36,400 | T&D HOLDINGS, INC. | 381,317 | 385,461 | |||||
1,400 | TAIHEIYO CEMENT CORP. | 29,931 | 37,433 | |||||
3,400 | TAISEI CORP. | 55,809 | 131,598 | |||||
109,800 | TAKARA LEBEN CO. LTD. | 430,207 | 424,475 | |||||
14,197 | TAKEDA PHARMACEUTICAL CO. LTD. | 471,307 | 484,503 | |||||
74,100 | TATSUTA ELECTRIC WIRE AND CABLE CO. LTD. | 327,189 | 316,617 | |||||
1,100 | TDK CORP. | 52,815 | 98,377 | |||||
5,800 | TEIJIN LTD. | 67,529 | 111,360 | |||||
11,600 | TERUMO CORP. | 117,165 | 373,346 | |||||
2,800 | THK CO. LTD. | 48,191 | 73,363 | |||||
1,500 | TOHO CO. LTD. | 25,533 | 65,688 | |||||
3,400 | TOHO GAS CO. LTD. | 81,221 | 129,868 | |||||
7,200 | TOHOKU ELECTRIC POWER CO., INC. | 56,650 | 70,185 | |||||
14,400 | TOKIO MARINE HOLDINGS, INC. | 359,676 | 769,643 |
49 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
28,100 | TOKYO ELECTRIC POWER CO. HOLDINGS, INC.(b) | $104,659 | 137,479 | |||||
3,300 | TOKYO ELECTRON LTD. | 135,391 | 627,649 | |||||
6,000 | TOKYO GAS CO. LTD. | 103,615 | 151,186 | |||||
7,100 | TOKYO SEIMITSU CO. LTD. | 212,364 | 208,486 | |||||
12,500 | TOKYU CORP. | 103,448 | 234,451 | |||||
20,000 | TOKYU FUDOSAN HOLDINGS CORP. | 69,576 | 127,445 | |||||
3,000 | TOPPAN PRINTING CO. LTD. | 46,473 | 53,050 | |||||
17,000 | TORAY INDUSTRIES, INC. | 70,413 | 126,110 | |||||
3,000 | TOTO LTD. | 30,029 | 112,231 | |||||
75,200 | TOYO CONSTRUCTION CO. LTD. | 312,593 | 324,794 | |||||
3,000 | TOYO SUISAN KAISHA LTD. | 74,690 | 120,139 | |||||
4,000 | TOYOTA INDUSTRIES CORP. | 101,266 | 229,364 | |||||
46,662 | TOYOTA MOTOR CORP. | 1,594,403 | 3,114,109 | |||||
1,800 | TOYOTA TSUSHO CORP. | 14,973 | 58,016 | |||||
900 | TREND MICRO, INC. | 26,540 | 42,784 | |||||
19,200 | UBE INDUSTRIES LTD. | 387,205 | 386,930 | |||||
7,800 | UNICHARM CORP. | 68,794 | 246,714 | |||||
60 | UNITED URBAN INVESTMENT CORP. | 85,311 | 114,867 | |||||
4,900 | USS CO. LTD. | 56,003 | 95,032 | |||||
1,400 | WELCIA HOLDINGS CO. LTD. | 48,069 | 70,437 | |||||
4,100 | WEST JAPAN RAILWAY CO. | 134,756 | 346,239 | |||||
35,800 | YAHOO JAPAN CORP. | 96,442 | 100,654 | |||||
2,500 | YAKULT HONSHA CO. LTD. | 74,984 | 139,653 | |||||
16,300 | YAMADA DENKI CO. LTD. | 56,674 | 78,843 | |||||
46,400 | YAMAGUCHI FINANCIAL GROUP, INC. | 326,523 | 318,417 | |||||
4,800 | YAMAHA MOTOR CO. LTD. | 61,635 | 86,922 | |||||
4,000 | YAMAZAKI BAKING CO. LTD. | 44,679 | 71,325 | |||||
5,000 | YASKAWA ELECTRIC CORP. | 48,019 | 183,353 | |||||
10,100 | YUASA TRADING CO. LTD. | 293,394 | 287,704 | |||||
52,896,986 | 80,781,907 | 13.39% | ||||||
Jersey: | ||||||||
147,377 | SANNE GROUP PLC | 1,043,871 | 983,956 | |||||
1,043,871 | 983,956 | 0.16% | ||||||
Macau: | ||||||||
172,800 | SANDS CHINA LTD. | 551,191 | 782,679 | |||||
551,191 | 782,679 | 0.13% | ||||||
Mexico: | ||||||||
201,200 | BANCO DEL BAJIO S.A.(d) | 360,811 | 332,683 | |||||
64,700 | QUALITAS CONTROLADORA S.A.B. DE C.V. | 232,834 | 232,420 | |||||
197,000 | REGIONAL S.A.B. DE C.V. | 939,439 | 903,341 | |||||
986,434 | WAL-MART DE MEXICO S.A.B. DE C.V. | 2,487,934 | 2,923,212 | |||||
4,021,018 | 4,391,656 | 0.73% | ||||||
Netherlands: | ||||||||
3,857 | AKZO NOBEL N.V. | 184,366 | 343,840 | |||||
9,632 | ARCELORMITTAL | 100,358 | 135,492 | |||||
7,173 | ASML HOLDING N.V. | 106,863 | 1,776,689 | |||||
11,433 | ASML HOLDING N.V. (REGISTERED) | 1,982,049 | 2,840,186 | |||||
3,610 | EXOR N.V. | 90,616 | 241,907 | |||||
22,294 | FORFARMERS N.V. | 142,814 | 140,693 | |||||
2,765 | HEINEKEN HOLDING N.V. | 148,540 | 275,303 | |||||
3,662 | HEINEKEN N.V. | 128,663 | 395,787 | |||||
15,973 | IMCD N.V. | 1,216,929 | 1,181,253 | |||||
417,502 | ING GROEP N.V. | 4,351,890 | 4,370,361 | |||||
19,595 | INTERTRUST N.V.(d) | 321,331 | 383,155 | |||||
18,471 | KONINKLIJKE AHOLD DELHAIZE N.V. | 223,794 | 462,141 | |||||
3,281 | KONINKLIJKE DSM N.V. | 122,903 | 394,804 | |||||
51,375 | KONINKLIJKE KPN N.V. | 108,346 | 160,205 | |||||
20,095 | KONINKLIJKE PHILIPS N.V. | 343,642 | 930,858 | |||||
25,793 | KONINKLIJKE VOLKERWESSELS N.V. | 445,731 | 456,556 | |||||
28,024 | NXP SEMICONDUCTORS N.V. | 2,458,574 | 3,057,979 | |||||
8,117 | QIAGEN N.V.(b) | 119,394 | 265,768 | |||||
3,238 | RANDSTAD N.V. | 99,928 | 159,134 | |||||
30,151 | ROYAL DUTCH SHELL PLC, CLASS A | 711,091 | 883,800 | |||||
78,928 | ROYAL DUTCH SHELL PLC, CLASS B | 1,739,851 | 2,325,221 | |||||
12,197 | SIGNIFY N.V.(d) | 353,260 | 335,411 | |||||
14,415 | TAKEAWAY.COM N.V.(b)(d) | 1,190,885 | 1,150,091 |
50 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Netherlands (Cont'd): | ||||||||
6,193 | WOLTERS KLUWER N.V. | $101,075 | 452,119 | |||||
16,792,893 | 23,118,753 | 3.83% | ||||||
New Zealand: | ||||||||
16,545 | AUCKLAND INTERNATIONAL AIRPORT LTD. | 50,086 | 94,798 | |||||
31,147 | HALLENSTEIN GLASSON HOLDINGS LTD. | 115,879 | 113,905 | |||||
165,965 | 208,703 | 0.03% | ||||||
Norway: | ||||||||
1,208 | ADEVINTA ASA, CLASS B(b) | 11,661 | 13,969 | |||||
15,038 | DNB ASA | 107,736 | 264,886 | |||||
34,908 | EQUINOR ASA | 601,974 | 663,999 | |||||
74,772 | KITRON ASA | 79,048 | 76,106 | |||||
8,921 | ORKLA ASA | 66,357 | 81,153 | |||||
57,040 | STOREBRAND ASA | 364,067 | 360,134 | |||||
14,536 | TELENOR ASA | 215,137 | 291,674 | |||||
9,490 | TGS NOPEC GEOPHYSICAL CO. ASA | 257,799 | 240,858 | |||||
2,500 | YARA INTERNATIONAL ASA | 58,115 | 107,665 | |||||
1,761,894 | 2,100,444 | 0.35% | ||||||
Philippines: | ||||||||
573,800 | FIRST GEN CORP. | 286,157 | 272,342 | |||||
286,157 | 272,342 | 0.04% | ||||||
Portugal: | ||||||||
85,477 | ALTRI SGPS S.A. | 583,770 | 567,845 | |||||
20,567 | EDP - ENERGIAS DE PORTUGAL S.A. | 48,529 | 79,849 | |||||
9,417 | JERONIMO MARTINS SGPS S.A. | 105,676 | 158,888 | |||||
737,975 | 806,582 | 0.13% | ||||||
Russia: | ||||||||
47,640 | HEADHUNTER GROUP PLC ADR(e) | 981,898 | 918,976 | |||||
257,400 | RUSHYDRO PJSC ADR(e) | 218,665 | 208,494 | |||||
1,200,563 | 1,127,470 | 0.19% | ||||||
Singapore: | ||||||||
302,700 | AEM HOLDINGS LTD. | 265,969 | 247,478 | |||||
529,900 | ASCOTT RESIDENCE TRUST | 501,649 | 506,072 | |||||
124,600 | CAPITALAND LTD. | 251,085 | 318,227 | |||||
36,000 | CAPITALAND MALL TRUST | 41,887 | 68,502 | |||||
8,400 | CITY DEVELOPMENTS LTD. | 39,981 | 59,681 | |||||
28,300 | DBS GROUP HOLDINGS LTD. | 159,243 | 511,884 | |||||
21,000 | KEPPEL CORP. LTD. | 53,869 | 90,099 | |||||
7,840 | KEPPEL REIT | 3,183 | 7,147 | |||||
16,300 | OVERSEA-CHINESE BANKING CORP. LTD. | 115,663 | 128,074 | |||||
13,000 | SINGAPORE EXCHANGE LTD. | 40,226 | 79,666 | |||||
112,000 | SINGAPORE TELECOMMUNICATIONS LTD. | 197,881 | 251,203 | |||||
4,600 | UNITED OVERSEAS BANK LTD. | 68,124 | 85,400 | |||||
23,900 | UOL GROUP LTD. | 94,012 | 129,689 | |||||
35,400 | WILMAR INTERNATIONAL LTD. | 68,955 | 95,534 | |||||
1,901,727 | 2,578,656 | 0.43% | ||||||
South Africa: | ||||||||
33,591 | AFRICAN RAINBOW MINERALS LTD. | 339,096 | 312,156 | |||||
26,593 | BARLOWORLD LTD. | 218,512 | 202,981 | |||||
79,610 | INVESTEC PLC | 490,976 | 409,842 | |||||
117,469 | METAIR INVESTMENTS LTD. | 184,301 | 178,395 | |||||
83,378 | TELKOM S.A. SOC LTD. | 425,342 | 388,620 | |||||
1,658,227 | 1,491,994 | 0.25% | ||||||
South Korea: | ||||||||
3,487 | DAELIM INDUSTRIAL CO. LTD. | 294,468 | 303,179 | |||||
16,911 | DAEWON PHARMACEUTICAL CO. LTD. | 218,169 | 215,602 | |||||
20,489 | DB HITEK CO. LTD. | 270,468 | 274,066 | |||||
19,154 | DOUZONE BIZON CO. LTD. | 1,032,603 | 1,047,253 | |||||
5,830 | GS HOLDINGS CORP. | 245,188 | 245,161 | |||||
2,154 | HYUNDAI GLOVIS CO. LTD. | 274,512 | 280,921 | |||||
46,124 | HYUNDAI GREENFOOD CO. LTD. | 465,431 | 451,157 | |||||
11,161 | HYUNDAI MOTOR CO. | 1,387,243 | 1,250,323 | |||||
13,688 | KC TECH CO. LTD. | 209,922 | 202,548 | |||||
30,770 | LG UPLUS CORP. | 348,896 | 351,135 | |||||
10,183 | LOTTE FINE CHEMICAL CO. LTD. | 404,389 | 388,200 |
51 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
South Korea (Cont'd): | ||||||||
4,775 | MAEIL DAIRIES CO. LTD. | $380,764 | 367,661 | |||||
1,695 | MEDY-TOX, INC. | 520,181 | 510,278 | |||||
22,500 | NAVER CORP. | 2,777,857 | 2,953,225 | |||||
150,914 | SAMSUNG ELECTRONICS CO. LTD. | 4,713,544 | 6,188,464 | |||||
14,251 | SAMSUNG SECURITIES CO. LTD. | 434,059 | 421,162 | |||||
26,567 | SETTLE BANK, INC.(b) | 841,134 | 881,754 | |||||
21,239 | UNITEST, INC. | 237,890 | 249,474 | |||||
8,433 | VIEWORKS CO. LTD. | 182,467 | 174,490 | |||||
15,239,185 | 16,756,053 | 2.78% | ||||||
Spain: | ||||||||
1,260 | ACCIONA S.A. | 78,312 | 133,351 | |||||
1,731 | ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A. | 50,607 | 69,167 | |||||
583 | AENA S.M.E. S.A.(d) | 50,199 | 106,754 | |||||
46,506 | AMADEUS IT GROUP S.A. | 3,429,808 | 3,331,295 | |||||
280,357 | BANCO DE SABADELL S.A. | 262,573 | 272,023 | |||||
679,227 | BANKIA S.A. | 2,236,450 | 1,282,611 | |||||
294,605 | CAIXABANK S.A. | 694,880 | 773,862 | |||||
7,431 | ENAGAS S.A. | 139,323 | 172,194 | |||||
5,653 | FERROVIAL S.A. | 101,360 | 163,341 | |||||
15,282 | GRIFOLS S.A. | 273,864 | 450,395 | |||||
54,497 | IBERDROLA S.A. | 282,085 | 566,429 | |||||
2,187 | INDUSTRIA DE DISENO TEXTIL S.A. | 56,180 | 67,698 | |||||
53,086 | MEDIASET ESPANA COMUNICACION S.A. | 352,561 | 342,190 | |||||
13,196 | MIQUEL Y COSTAS & MIQUEL S.A. | 241,236 | 234,443 | |||||
16,489 | NATURGY ENERGY GROUP S.A. | 264,629 | 437,443 | |||||
11,356 | RED ELECTRICA CORP. S.A. | 166,671 | 230,654 | |||||
46,787 | REPSOL S.A. | 567,753 | 731,275 | |||||
9,248,491 | 9,365,125 | 1.55% | ||||||
Sweden: | ||||||||
22,200 | ASSA ABLOY AB, CLASS B | 89,466 | 494,108 | |||||
80,649 | ATLAS COPCO AB, CLASS A | 1,968,162 | 2,484,016 | |||||
4,000 | ATLAS COPCO AB, CLASS B | 22,805 | 108,411 | |||||
142,800 | AVANZA BANK HOLDING AB | 1,223,124 | 1,163,399 | |||||
51,741 | BEIJER REF AB | 1,244,097 | 1,176,308 | |||||
69,764 | BIOTAGE AB | 765,334 | 724,992 | |||||
18,403 | BOLIDEN AB | 471,820 | 422,964 | |||||
20,581 | CELLAVISION AB | 769,165 | 797,604 | |||||
7,501 | ELECTROLUX AB, CLASS B | 95,788 | 177,847 | |||||
10,502 | ENEA AB(b) | 149,095 | 153,091 | |||||
9,604 | EPIROC AB, CLASS A | 18,146 | 104,098 | |||||
4,000 | EPIROC AB, CLASS B | 7,248 | 41,324 | |||||
8,600 | ESSITY AB, CLASS B | 62,137 | 250,992 | |||||
14,726 | HENNES & MAURITZ AB, CLASS B | 222,503 | 285,483 | |||||
3,700 | HEXAGON AB, CLASS B | 56,830 | 178,384 | |||||
41,907 | HUMANA AB | 223,180 | 236,694 | |||||
17,500 | HUSQVARNA AB, CLASS B | 64,201 | 133,116 | |||||
8,270 | INDUSTRIVARDEN AB, CLASS C | 85,948 | 181,042 | |||||
38,109 | INDUTRADE AB | 1,155,421 | 1,068,471 | |||||
10,953 | INVESTOR AB, CLASS B | 150,033 | 535,297 | |||||
56,909 | INWIDO AB | 320,042 | 306,396 | |||||
100,477 | KARNOV GROUP AB(b) | 501,469 | 489,930 | |||||
3,000 | KINNEVIK AB, CLASS B | 56,578 | 78,900 | |||||
7,801 | KNOW IT AB | 144,665 | 145,654 | |||||
3,301 | LUNDIN PETROLEUM AB | 73,306 | 99,023 | |||||
45,425 | MEDICOVER AB(b) | 391,881 | 375,617 | |||||
77,913 | NOBIA AB | 452,973 | 451,931 | |||||
46,408 | NOBINA AB(d) | 300,038 | 290,166 | |||||
65,911 | RESURS HOLDING AB(d) | 404,333 | 390,683 | |||||
17,617 | SANDVIK AB | 137,705 | 274,437 | |||||
13,348 | SECURITAS AB, CLASS B | 106,689 | 204,477 | |||||
35,236 | SKANDINAVISKA ENSKILDA BANKEN AB, CLASS A | 139,725 | 323,866 | |||||
2,800 | SKANSKA AB, CLASS B | 23,703 | 56,717 | |||||
5,929 | SKF AB, CLASS B | 90,829 | 97,993 | |||||
8,600 | SVENSKA CELLULOSA AB S.C.A., CLASS B | 15,915 | 76,687 | |||||
26,700 | SVENSKA HANDELSBANKEN AB, CLASS A | 161,721 | 250,020 | |||||
59,340 | TELEFONAKTIEBOLAGET LM ERICSSON, CLASS B | 304,553 | 474,163 | |||||
35,506 | TETHYS OIL AB | 259,465 | 282,416 |
52 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Sweden (Cont'd): | ||||||||
25,108 | VOLVO AB, CLASS B | $162,740 | 352,617 | |||||
12,892,833 | 15,739,334 | 2.61% | ||||||
Switzerland: | ||||||||
276,629 | ABB LTD. (REGISTERED) | 5,463,653 | 5,435,294 | |||||
2,686 | ADECCO GROUP A.G. (REGISTERED) | 94,593 | 148,611 | |||||
66,860 | ALCON, INC.(b) | 3,660,205 | 3,898,855 | |||||
484 | BALOISE HOLDING A.G. (REGISTERED) | 26,452 | 86,708 | |||||
1,098 | BUCHER INDUSTRIES A.G. (REGISTERED) | 236,188 | 343,025 | |||||
35 | CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. (PARTICIPATION CERTIFICATE) | 50,308 | 258,454 | |||||
3 | CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. (REGISTERED) | 75,352 | 248,284 | |||||
26,917 | CHUBB LTD. | 2,457,960 | 4,345,480 | |||||
47,441 | CIE FINANCIERE RICHEMONT S.A. (REGISTERED) | 3,268,311 | 3,480,417 | |||||
17,276 | CREDIT SUISSE GROUP A.G. (REGISTERED)(b) | 197,275 | 211,785 | |||||
6,237 | GEBERIT A.G. (REGISTERED) | 2,120,803 | 2,978,362 | |||||
140 | GIVAUDAN S.A. (REGISTERED) | 76,496 | 390,522 | |||||
133,789 | GLENCORE PLC(b) | 298,759 | 402,614 | |||||
1,807 | IDORSIA LTD.(b) | 18,603 | 44,430 | |||||
4,134 | JULIUS BAER GROUP LTD.(b) | 87,890 | 183,163 | |||||
66,100 | LAFARGEHOLCIM LTD. (REGISTERED)(b) | 3,256,338 | 3,253,176 | |||||
8,089 | LANDIS+GYR GROUP A.G.(b) | 568,369 | 724,975 | |||||
897 | LONZA GROUP A.G. (REGISTERED)(b) | 50,452 | 303,239 | |||||
125,001 | NESTLE S.A. (REGISTERED) | 6,604,248 | 13,561,553 | |||||
63,383 | NOVARTIS A.G. (REGISTERED) | 3,102,623 | 5,495,882 | |||||
18,397 | PARGESA HOLDING S.A. (BEARER) | 1,294,079 | 1,414,728 | |||||
12,406 | ROCHE HOLDING A.G. (GENUSSCHEIN) | 1,614,189 | 3,610,363 | |||||
1,381 | SCHINDLER HOLDING A.G. (PARTICIPATION CERTIFICATE) | 108,493 | 308,841 | |||||
589 | SCHINDLER HOLDING A.G. (REGISTERED) | 68,597 | 131,368 | |||||
121 | SGS S.A. (REGISTERED) | 130,564 | 299,939 | |||||
20,624 | SIKA A.G. (REGISTERED) | 2,193,511 | 3,016,987 | |||||
1,300 | SONOVA HOLDING A.G. (REGISTERED) | 84,464 | 302,189 | |||||
7,867 | STMICROELECTRONICS N.V. | 36,286 | 152,028 | |||||
635 | SULZER A.G. (REGISTERED) | 30,609 | 62,447 | |||||
743 | SWISS LIFE HOLDING A.G. (REGISTERED) | 101,194 | 355,178 | |||||
777 | SWISS PRIME SITE A.G. (REGISTERED)(b) | 66,178 | 76,022 | |||||
404 | SWISS RE A.G. | 30,032 | 42,139 | |||||
196 | SWISSCOM A.G. (REGISTERED) | 49,924 | 96,679 | |||||
20,355 | TE CONNECTIVITY LTD. | 577,794 | 1,896,679 | |||||
4,374 | TECAN GROUP A.G. (REGISTERED) | 874,658 | 1,044,799 | |||||
394,747 | UBS GROUP A.G. (REGISTERED)(b) | 5,839,389 | 4,481,222 | |||||
10,781 | VAT GROUP A.G.(b)(d) | 1,459,561 | 1,359,440 | |||||
675 | VIFOR PHARMA A.G. | 92,698 | 107,839 | |||||
34,595 | WIZZ AIR HOLDINGS PLC(b)(d) | 1,513,814 | 1,537,687 | |||||
4,693 | ZEHNDER GROUP A.G. (REGISTERED) | 178,951 | 187,852 | |||||
4,668 | ZURICH INSURANCE GROUP A.G. | 912,788 | 1,786,660 | |||||
48,972,651 | 68,065,915 | 11.28% | ||||||
Taiwan: | ||||||||
62,000 | AIRTAC INTERNATIONAL GROUP | 745,910 | 738,416 | |||||
305,000 | ASIA CEMENT CORP. | 434,632 | 425,680 | |||||
125,000 | CHC HEALTHCARE GROUP | 178,135 | 174,862 | |||||
124,000 | CHIPBOND TECHNOLOGY CORP. | 239,179 | 229,818 | |||||
419,000 | CHIPMOS TECHINOLOGIES, INC. | 449,603 | 426,097 | |||||
179,000 | ESON PRECISION IND CO. LTD. | 236,267 | 229,343 | |||||
38,000 | GLOBALWAFERS CO. LTD. | 372,583 | 384,599 | |||||
145,000 | JARLLYTEC CO. LTD. | 327,630 | 316,411 | |||||
241,000 | MIRLE AUTOMATION CORP. | 311,936 | 300,624 | |||||
90,000 | RADIANT OPTO-ELECTRONICS CORP. | 361,908 | 343,761 | |||||
102,000 | SUNNY FRIEND ENVIRONMENTAL TECHNOLOGY CO. LTD. | 919,482 | 892,617 | |||||
89,557 | TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. ADR(e) | 1,705,108 | 4,162,609 | |||||
82,000 | TOPCO SCIENTIFIC CO. LTD. | 252,353 | 252,413 | |||||
644,000 | WISTRON CORP. | 522,109 | 519,983 | |||||
90,000 | ZHEN DING TECHNOLOGY HOLDING LTD. | 335,681 | 322,004 | |||||
7,392,516 | 9,719,237 | 1.61% | ||||||
United Arab Emirates: | ||||||||
172,617 | NETWORK INTERNATIONAL HOLDINGS PLC(b)(d) | 1,216,993 | 1,135,491 |
53 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
United Arab Emirates (Cont'd): | ||||||||
1,727 | NMC HEALTH PLC | $50,281 | 57,545 | |||||
1,267,274 | 1,193,036 | 0.20% | ||||||
United Kingdom: | ||||||||
25,248 | 3I GROUP PLC | 88,645 | 362,125 | |||||
51,400 | ABCAM PLC | 735,300 | 723,627 | |||||
30,720 | ACCESSO TECHNOLOGY GROUP PLC(b) | 315,687 | 332,392 | |||||
2,834 | ADMIRAL GROUP PLC | 35,119 | 73,803 | |||||
38,656 | AGGREKO PLC | 408,897 | 394,875 | |||||
53,800 | ANGLO AMERICAN PLC | 419,970 | 1,237,795 | |||||
1,885 | ASHTEAD GROUP PLC | 48,853 | 52,473 | |||||
26,375 | ASTRAZENECA PLC | 983,695 | 2,354,698 | |||||
14,221 | AUTO TRADER GROUP PLC(d) | 68,171 | 89,176 | |||||
44,043 | AVIVA PLC | 157,952 | 216,233 | |||||
43,051 | BABCOCK INTERNATIONAL GROUP PLC | 300,400 | 295,368 | |||||
49,840 | BAE SYSTEMS PLC | 250,267 | 349,300 | |||||
113,471 | BAKKAVOR GROUP PLC(d) | 166,389 | 157,098 | |||||
2,391 | BERKELEY GROUP HOLDINGS (THE) PLC | 71,739 | 122,856 | |||||
60,243 | BP PLC | 353,451 | 382,062 | |||||
15,241 | BRITISH AMERICAN TOBACCO PLC | 471,694 | 563,593 | |||||
10,909 | BRITISH LAND (THE) CO. PLC | 66,571 | 78,440 | |||||
5,069 | BUNZL PLC | 39,524 | 132,443 | |||||
8,202 | BURBERRY GROUP PLC | 40,549 | 219,243 | |||||
17,991 | CNH INDUSTRIAL N.V. | 97,871 | 183,151 | |||||
1,447 | COCA-COLA EUROPEAN PARTNERS PLC | 55,218 | 80,236 | |||||
412,157 | COMPASS GROUP PLC | 5,816,702 | 10,606,648 | |||||
1,000 | CRANEWARE PLC | 31,514 | 31,169 | |||||
2,276 | CRODA INTERNATIONAL PLC | 82,785 | 136,005 | |||||
43,850 | DART GROUP PLC | 437,802 | 493,329 | |||||
26,526 | DECHRA PHARMACEUTICALS PLC | 982,733 | 902,784 | |||||
41,623 | DIAGEO PLC | 507,983 | 1,705,748 | |||||
40,654 | EASYJET PLC | 523,562 | 574,840 | |||||
3,956 | FERGUSON PLC | 70,457 | 289,122 | |||||
10,222 | FIAT CHRYSLER AUTOMOBILES N.V. | 17,872 | 132,375 | |||||
24,413 | FIAT CHRYSLER AUTOMOBILES N.V. | 161,492 | 315,901 | |||||
24,212 | G4S PLC | 50,290 | 56,325 | |||||
129,900 | GB GROUP PLC | 914,605 | 865,675 | |||||
60,868 | GLAXOSMITHKLINE PLC | 943,970 | 1,305,663 | |||||
96,144 | HSBC HOLDINGS PLC | 599,923 | 738,364 | |||||
90,761 | IMI PLC | 1,193,168 | 1,071,537 | |||||
1,817 | IMPERIAL BRANDS PLC | 41,660 | 40,844 | |||||
1,271 | INTERCONTINENTAL HOTELS GROUP PLC | 52,040 | 79,310 | |||||
32,745 | INTERNATIONAL CONSOLIDATED AIRLINES GROUP S.A. - CDI | 90,834 | 190,730 | |||||
28,400 | ITV PLC | 34,359 | 43,963 | |||||
251,437 | J SAINSBURY PLC | 662,344 | 679,521 | |||||
123,221 | JOHN WOOD GROUP PLC | 1,091,562 | 575,573 | |||||
5,190 | JOHNSON MATTHEY PLC | 138,205 | 195,078 | |||||
219,571 | KINGFISHER PLC | 531,772 | 558,305 | |||||
9,726 | LAND SECURITIES GROUP PLC | 61,360 | 102,413 | |||||
3,736,767 | LLOYDS BANKING GROUP PLC | 2,859,823 | 2,486,566 | |||||
6,030 | LONDON STOCK EXCHANGE GROUP PLC | 69,795 | 541,829 | |||||
157,221 | MAN GROUP PLC | 205,784 | 337,811 | |||||
300,659 | MARSTON'S PLC | 477,602 | 456,549 | |||||
7,217 | MEGGITT PLC | 16,687 | 56,348 | |||||
35,540 | MELROSE INDUSTRIES PLC | 51,515 | 88,096 | |||||
145,235 | MORGAN ADVANCED MATERIALS PLC | 467,561 | 465,006 | |||||
21,838 | NATIONAL GRID PLC | 185,379 | 236,798 | |||||
2,148 | NEXT PLC | 36,823 | 163,377 | |||||
103,083 | ONESAVINGS BANK PLC | 483,067 | 468,199 | |||||
40,464 | PRUDENTIAL PLC | 589,846 | 733,850 | |||||
28,397 | RECKITT BENCKISER GROUP PLC | 1,777,161 | 2,215,041 | |||||
170,506 | REDDE PLC | 266,694 | 240,254 | |||||
57,235 | REDROW PLC | 447,916 | 434,907 | |||||
44,387 | RELX PLC | 508,063 | 1,056,127 | |||||
180,077 | RELX PLC (LONDON EXCHANGE) | 2,189,004 | 4,278,820 | |||||
19,426 | RIO TINTO LTD. | 611,119 | 1,215,050 | |||||
34,005 | RIO TINTO PLC | 893,598 | 1,759,819 |
54 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
United Kingdom (Cont'd): | ||||||||
26,955 | ROLLS-ROYCE HOLDINGS PLC(b) | $272,471 | 262,621 | |||||
841,561 | ROYAL BANK OF SCOTLAND GROUP PLC | 2,825,210 | 2,148,123 | |||||
77,712 | ROYAL MAIL PLC | 220,280 | 202,281 | |||||
20,657 | SAGE GROUP (THE) PLC | 74,323 | 175,607 | |||||
1,412 | SCHRODERS PLC | 46,641 | 53,386 | |||||
16,135 | SEGRO PLC | 67,053 | 160,853 | |||||
114,270 | SENIOR PLC | 287,158 | 263,579 | |||||
4,954 | SEVERN TRENT PLC | 76,220 | 131,874 | |||||
157,195 | SMITH & NEPHEW PLC | 3,356,530 | 3,786,338 | |||||
2,453 | SMITHS GROUP PLC | 39,755 | 47,353 | |||||
9,489 | SPECTRIS PLC | 300,454 | 285,146 | |||||
297,861 | SPEEDY HIRE PLC | 207,072 | 188,245 | |||||
12,053 | SPIRAX-SARCO ENGINEERING PLC | 1,227,677 | 1,162,611 | |||||
114,497 | STANDARD CHARTERED PLC | 832,701 | 963,215 | |||||
82,413 | STHREE PLC | 315,585 | 307,033 | |||||
62,229 | TATE & LYLE PLC | 582,881 | 563,141 | |||||
72,176 | TAYLOR WIMPEY PLC | 122,883 | 143,322 | |||||
1,335,223 | TESCO PLC | 4,281,454 | 3,956,554 | |||||
97,889 | TP ICAP PLC | 415,366 | 409,222 | |||||
3,749 | TRAVIS PERKINS PLC | 51,659 | 59,510 | |||||
66,425 | TYMAN PLC | 194,645 | 196,832 | |||||
9,489 | UNILEVER N.V. | 333,097 | 570,391 | |||||
24,244 | UNILEVER PLC | 545,189 | 1,457,670 | |||||
8,137 | UNITED UTILITIES GROUP PLC | 60,812 | 82,620 | |||||
418,658 | VODAFONE GROUP PLC | 697,213 | 833,913 | |||||
31,614 | WEIR GROUP (THE) PLC | 518,095 | 554,106 | |||||
4,755 | WHITBREAD PLC | 154,819 | 251,049 | |||||
9,983 | WILLIS TOWERS WATSON PLC | 1,546,323 | 1,926,419 | |||||
25,243 | WPP PLC | 161,294 | 315,962 | |||||
52,167,253 | 68,785,632 | 11.40% | ||||||
United States: | ||||||||
151,434 | ARCH CAPITAL GROUP LTD.(b) | 2,492,466 | 6,357,199 | |||||
4,351 | CARNIVAL PLC | 131,345 | 180,287 | |||||
183,492 | DIVERSIFIED GAS & OIL PLC | 265,564 | 248,174 | |||||
14,487 | ELASTIC N.V.(b) | 1,350,204 | 1,192,859 | |||||
3,424 | FIDELITY NATIONAL INFORMATION SERVICES, INC. | 289,873 | 454,570 | |||||
3,997 | METTLER-TOLEDO INTERNATIONAL, INC.(b) | 2,324,625 | 2,815,487 | |||||
3,157 | NEWMONT GOLDCORP CORP. | 101,845 | 119,384 | |||||
176,954 | ONESPAWORLD HOLDINGS LTD.(b) | 1,769,540 | 2,748,096 | |||||
30,125 | RESMED, INC. | 3,227,956 | 4,070,189 | |||||
11,953,418 | 18,186,245 | 3.01% | ||||||
Sub-total Common Stocks: | 401,519,509 | 554,219,028 | 91.83% | |||||
Preferred Stocks: | ||||||||
Brazil: | ||||||||
24,158 | AZUL S.A. ADR(b)(e) | 858,662 | 865,340 | |||||
278,703 | TELEFONICA BRASIL S.A. ADR, 3.00%(e)(g) | 3,528,183 | 3,670,518 | |||||
4,386,845 | 4,535,858 | 0.75% | ||||||
Germany: | ||||||||
1,521 | BAYERISCHE MOTOREN WERKE A.G., 6.84%(g) | 55,767 | 84,466 | |||||
1,217 | HENKEL A.G. & CO. KGAA, 2.04%(g) | 103,482 | 120,443 | |||||
10,197 | JUNGHEINRICH A.G., 2.52%(g) | 253,285 | 219,839 | |||||
1,443 | PORSCHE AUTOMOBIL HOLDING S.E., 3.67%(g) | 60,634 | 93,896 | |||||
272 | SARTORIUS A.G., 0.37%(g) | 45,992 | 49,629 | |||||
2,299 | STO S.E. & CO. KGAA, 0.32%(g) | 248,295 | 240,306 | |||||
770 | VOLKSWAGEN A.G., 3.11%(g) | 108,090 | 130,975 | |||||
875,545 | 939,554 | 0.16% | ||||||
South Korea: | ||||||||
2,204 | HYUNDAI MOTOR CO. LTD. (2ND PREFERRED), 4.83%(g) | 198,515 | 156,435 | |||||
48,493 | SAMSUNG ELECTRONICS CO. LTD., 3.59%(g) | 1,439,460 | 1,601,365 | |||||
1,637,975 | 1,757,800 | 0.29% | ||||||
Sub-total Preferred Stocks: | 6,900,365 | 7,233,212 | 1.20% |
55 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2019 (unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Warrants: | ||||||||
United States: | ||||||||
34,272 | ONESPAWORLD HOLDINGS LTD.(b) | $- | 166,562 | |||||
- | 166,562 | 0.03% | ||||||
Sub-total Warrants: | - | 166,562 | 0.03% | |||||
Short-Term Investments: | ||||||||
169,710 | FIDELITY INVESTMENTS MONEY MARKET GOVERNMENT PORTFOLIO(h) | 169,710 | 169,710 | |||||
38,612,319 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 1.85%(i) | 38,612,319 | 38,612,319 | |||||
Sub-total Short-Term Investments: | 38,782,029 | 38,782,029 | 6.43% | |||||
Grand total | $447,201,903 | 600,400,831 | 99.49% |
Notes to Schedule of Investments: | |
(a) | 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 the securities are traded. Foreign security values are stated in U.S. dollars. |
(b) | Non-income producing assets. |
(c) | Security has been deemed worthless and is a Level 3 investment. |
(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) | Securities are American Depositary Receipts of companies based outside of the United States representing 2.74% of net assets as of September 30, 2019. |
(f) | Security is either wholly or partially on loan. |
(g) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
(h) | Investment relates to cash collateral received from portfolio securities loaned. |
(i) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2018, the value of the Clearwater International Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $15,216,595 with net purchases of $23,395,724 during the nine months ended September 30, 2019. |
At September 30, 2019, the industry sectors for the Clearwater International Fund were:
Industry Sector | Percent of Long-Term Investments | |
Communication Services | 5.70% | |
Consumer Discretionary | 12.60 | |
Consumer Staples | 9.00 | |
Energy | 2.60 | |
Financials | 16.55 | |
Health Care | 11.81 | |
Industrials | 17.09 | |
Information Technology | 14.75 | |
Materials | 6.09 | |
Real Estate | 2.26 | |
Utilities | 1.55 | |
100.00% |
At September 30, 2019, the Clearwater International Fund’s investments were denominated in the following currencies:
Concentration by Currency | Percent of Long-Term Investments | |
Euro | 21.79% | |
Japanese Yen | 14.38 |
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CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2019 (unaudited)
Concentration by Currency | Percent of Long-Term Investments | |
British Pound | 13.86 | |
United States Dollar | 12.03 | |
Swiss Franc | 10.64 | |
Canadian Dollar | 6.51 | |
Other currencies | 20.79 | |
100.00% |
At September 30, 2019, the Clearwater International Fund had outstanding forward foreign currency exchange contracts as follows:
Counterparty | Contract Settlement Date | Contract Amount | Unrealized Appreciation (Depreciation) | ||||||
Deliver | Receive | ||||||||
Northern Trust | 11/13/2019 | CNH | 19,488,032 | USD | 2,865,164 | $139,072 | |||
Northern Trust | 10/23/2019 | JPY | 125,864,909 | USD | 1,176,264 | 10,216 | |||
Northern Trust | 10/23/2019 | JPY | 19,970,034 | USD | 189,526 | 4,518 | |||
Northern Trust | 10/23/2019 | USD | 166,978 | JPY | 18,064,478 | 376 | |||
$154,182 | |||||||||
Northern Trust | 10/23/2019 | USD | 135,347 | JPY | 14,585,528 | $(223) | |||
Northern Trust | 10/23/2019 | USD | 355,550 | JPY | 38,333,792 | (415) | |||
Northern Trust | 10/23/2019 | USD | 136,771 | JPY | 14,676,546 | (803) | |||
Northern Trust | 11/13/2019 | USD | 366,595 | CNH | 2,600,458 | (2,829) | |||
Northern Trust | 11/13/2019 | USD | 528,501 | CNH | 3,676,463 | (14,217) | |||
$(18,487) | |||||||||
$135,695 |
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CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2019 (unaudited)
Fair value is an estimate of the price the Clearwater International Fund 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 Clearwater International Fund's investments and other financial instruments, as described below. 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 measurements. 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. |
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 in which such securities are traded, with foreign security values 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. Security transactions are accounted for as of trade date. Wherever possible, the Clearwater Small Companies Fund uses independent pricing services approved by the Board of Trustees of Clearwater Investment Trust to value its investments. When prices are not readily available (including those for which trading has been suspended), are determined not to reflect fair value, or when the Adviser becomes aware that a significant event impacting the value of a security or group of securities has occurred after the closing of the exchange on which the security or securities principally trade, but before the calculation of the daily net asset value, the Clearwater Small Companies Fund may value these securities at fair value as determined in good faith using procedures established by the Board of Trustees.
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 the Clearwater International Fund’s investments and other financial instruments, if any, which are carried at fair value, as of September 30, 2019.
On August 28, 2018, the FASB issued Accounting Standards Update ("ASU") 2018-13, “Disclosure Framework -- Changes to the Disclosure Requirements for Fair Value 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 upon issuance of this ASU. The Fund has early adopted ASU 2018-13 for the period ended September 30, 2019.
Level 1 | Level 2 | Level 3 | Total | ||||
Common Stocks | $548,662,400 | $5,556,628 | $—* | $554,219,028 | |||
Preferred Stocks | 7,233,212 | — | — | 7,233,212 | |||
Warrants | 166,562 | — | — | 166,562 | |||
Short-Term Investments | 38,782,029 | — | — | 38,782,029 | |||
Total | $594,844,203 | $5,556,628 | $— | $600,400,831 |
* Security has been deemed worthless and is a Level 3 investment.
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CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2019 (unaudited)
For the Clearwater International Fund, 100% of the investment value is comprised of equity securities, warrants and short-term investments. See the Clearwater International Fund’s Schedule of Investments for additional information on industry sector and currency concentration information. Investments in equity securities 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 the securities are traded. Shares of open-end investment companies are valued at their daily net asset value.
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | |||
Assets | |||||||
Forward foreign currency exchange contracts | $— | $154,182 | $— | $154,182 | |||
Liabilities | |||||||
Forward foreign currency exchange contracts | — | (18,487) | — | (18,487) | |||
Net Other Financial Instruments | $— | $135,695 | $— | $135,695 |
The forward foreign currency exchange contracts outstanding at September 30, 2019 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.
59 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
September 30, 2019 (unaudited)
Clearwater International Fund Portfolio Diversification
(as a percentage of net assets)
![](https://capedge.com/proxy/NPORT-P/0001145549-19-047680/img70ebaad04.jpg)
60 | (Continued) |